memoria memòria % NFNPSJB NFNxSJB FTUBUVUPT EFMBGVOEBDJwO HBMBTBMWBEPSEBMr 0CKFUP"SUrDVMP-B'VOEBDJwOUJFOF QPSPCKFUPQSPNPDJPOBSGPNFOUBSEJWVMHBS QSFTUJHJBSQSPUFHFSZEFGFOEFS FTUBUVUT EFMBGVOEBDJw HBMBTBMWBEPSEBMr 0CKFDUF"SUJDMFU-B'VOEBDJwUn QFSPCKFDUFQSPNPDJPOBSGPNFOUBSEJWVMHBS QSFTUJHJBSQSPUFHJSJEFGFOTBS º/%*$& 1SFTFOUBDJwO ¾SHBOPTEFHPCJFSOPZEJSFDDJwO 1BUSPOBUP $PNJTJPOFTEFM1BUSPOBUP 0USPTwSHBOPT 'PNFOUBS .VTFPT 5FBUSP.VTFP%BMr %BMr²+PZBT $BTB.VTFP$BTUJMMP(BMB%BMr $BTB.VTFP4BMWBEPS%BMr %JWVMHBS &YQPTJDJPOFTUFNQPSBMFT *OUFSDBNCJPEFPCSB 1SnTUBNPTEFPCSB %PDVNFOUBDJwOZDBUBMPHBDJwO *OWFTUJHBDJwO $POGFSFODJBTZTFNJOBSJPT 1VCMJDBDJPOFT 4FSWJDJP&EVDBUJWP 1SPNPDJPOBS $PNVOJDBDJwO 1SPNPDJwOZEJGVTJwO (FTUJwODPNFSDJBM (FTUJwOEFNBSLFUJOH 1SFTUJHJBS 7JTJUBTJMVTUSFT 1BUSPDJOJPT 1SFNJPTZHBMBSEPOFT $PNJTJwOEF"DSFEJUBDJwOZ$BUBMPHBDJwO "NJDTEFMT.VTFVT%BMr 0USBTBDUJWJEBEFTDVMUVSBMFT 1SPUFHFS *OGSBFTUSVDUVSBTZTFHVSJEBE $POTFSWBDJwOZSFTUBVSBDJwO %FGFOEFS &MQBUSJNPOJPJONBUFSJBM (FTUJwOEFMPTEFSFDIPT %FGFOTBEFMPTEFSFDIPT 3FDVSTPTIVNBOPT 'PSNBDJwO %FQBSUBNFOUPTZQMBOUJMMB "OFYPT "&TUVEJPTEFQ|CMJDP #*OGPSNFEFHFTUJwOFDPOwNJDB º/%*$&%&1035"%*--"4 $ ' " % & $ & ! ! !# !$ " "" "& #" #" #& $ $' % &" && '$ # $ $ & & # $ "% "& "& #$ $ $ $" % &% & º/%&9 1SFTFOUBDJw ÀSHBOTEFHPWFSOJEJSFDDJw 1BUSPOBU $PNJTTJPOTEFM1BUSPOBU "MUSFTxSHBOT 'PNFOUBS .VTFVT 5FBUSF.VTFV%BMr %BMr²+PJFT $BTB.VTFV$BTUFMM(BMB%BMr $BTB.VTFV4BMWBEPS%BMr %JWVMHBS &YQPTJDJPOTUFNQPSBMT *OUFSDBOWJEªPCSB 1SnTUFDTEªPCSB %PDVNFOUBDJwJDBUBMPHBDJw 3FDFSDB $POGFSoODJFTJTFNJOBSJT 1VCMJDBDJPOT 4FSWFJ&EVDBUJV 1SPNPDJPOBS $PNVOJDBDJw 1SPNPDJwJEJGVTJw (FTUJwDPNFSDJBM (FTUJwEFNhSRVFUJOH 1SFTUJHJBS 7JTJUFTJM²MVTUSFT 1BUSPDJOJT 1SFNJTJHVBSEPOT $PNJTTJwEª"DSFEJUBDJwJ$BUBMPHBDJw "NJDTEFMT.VTFVT%BMr "MUSFTBDUJWJUBUTDVMUVSBMT 1SPUFHJS *OGSBFTUSVDUVSFTJTFHVSFUBU $POTFSWBDJwJSFTUBVSBDJw %FGFOTBS &MQBUSJNPOJJNNBUFSJBM (FTUJwEFMTESFUT %FGFOTBEFMTESFUT 3FDVSTPTIVNBOT 'PSNBDJw %FQBSUBNFOUTJQMBOUJMMB "OOFYPT "&TUVEJTEFQ|CMJD #*OGPSNFEFHFTUJwFDPOxNJDB º/%&9%&1035"%&--&4 % ' ! # % ' % ' ! !! !# !% "! "# "' ## ## #' $! $' % &# &' '% # % % ' ' ! # % "% "' "' # % $ $ ! $ # % &% & 13&4&/5"$*¾/ -B'VOEBDJwO(BMB4BMWBEPS%BMrBDBCBEFDFSSBSFMFKFSDJDJPJOUFOTPZGSVDUrGFSPFOMPRVFBMEFTBSSPMMP EFTVTPCKFUJWPTGVOEBDJPOBMFTTFSF¯FSF$PNPZBFTIBCJUVBMRVJTJFSBTVCSBZBSMBEFDJTJWBMBCPSEFOVFTUSP 1BUSPOBUPBTrDPNPMBEFEJDBDJwOZQSPGFTJPOBMJEBEEFOVFTUSPFRVJQPIVNBOPTJOMBTDVBMFTFTUFOVFWP BvPEFnYJUPTOPIBCSrBTJEPQPTJCMF-B.FNPSJBRVFBIPSBQSFTFOUBNPTOPTPGSFDFVOBWJTJwOHFOFSBMEFMB BDUJWJEBEEFOVFTUSBJOTUJUVDJwOEVSBOUFFTUFQFSrPEPZIBDFFTQFDJBMIJODBQJnFOMPTIJUPTNgTEFTUBDBCMFT EFMNJTNP $PONgTEFWJTJUBOUFTMBBDUJWJEBEEFOVFTUSPTNVTFPTIBFYQFSJNFOUBEPVODSFDJNJFOUPEFM -BTBDUJWJEBEFTDVMUVSBMFTZMBTBDDJPOFTEFQSPNPDJwOZEJWVMHBDJwOMMFWBEBTBDBCPFOUPEPFMNVOEPEVSBOUFFM MBQPUFODJBDJwOEFOVFTUSPTJUJPXFCRVFIBDPOUBEPDPONgTEFVONJMMwOZNFEJPEFWJTJUBTZBMRVFTFIBO JODPSQPSBEPOVFWPTTFSWJDJPTEFBUFODJwOBMVTVBSJPFMEFTBSSPMMPEFMBTSFMBDJPOFTDPOFMTFDUPSUVSrTUJDPBEJGFSFOUFT OJWFMFTZFMJNQPSUBOUFFTGVFS[PJOWFSTPSEFMB'VOEBDJwOFOTFHVSJEBEDBMJEBEBNCJFOUBMZDBQBDJEBEEFHFTUJwO IBDFOQSFWFSRVFFOFMGVUVSPJONFEJBUPQPEBNPTTFHVJSSFDJCJFOEPVOBTDJGSBTTJNJMBSFTEFWJTJUBOUFT $ /VFTUSBJOTUJUVDJwOFOUBOUPRVFSFGFSFOUFNVOEJBMFOUPEPMPSFMBDJPOBEPDPOMBWJEBZMBPCSBEF4BMWBEPS %BMrIBWJTUPQPUFODJBEPTVQBQFMHSBDJBTBVOBNQMJPBCBOJDPEFBDUJWJEBEFTFOUSFMBTRVFDBCFEFTUBDBS MBBNQMJBDJwOEFOVFTUSBDPMFDDJwOBUSBWnTEFVOBQPMrUJDBEFQSnTUBNPTEFPCSBBJOTUJUVDJPOFTOBDJPOBMFT FJOUFSOBDJPOBMFTZMBPSHBOJ[BDJwOVOBvPNgTEFEJWFSTBTFJNQPSUBOUFTFYQPTJDJPOFTGVFSBEFOVFTUSPT DFOUSPT UBOUP FO &TQBvB DPNP FO FM FYUSBOKFSP &TUBT |MUJNBT NFSFDFO VOB NFODJwO FTQFDJBM FTUF BvP QVFTUPRVFFOTVDPOKVOUPIBOSFDJCJEPNgTEFNJMMPOFTEFWJTJUBOUFTFOTVSFDPSSJEPQPSQBrTFTDPNP +BQwO'JOMBOEJB3FJOP6OJEPZ&TUBEPT6OJEPT 1PSPUSPMBEPFMO|NFSPEFQSPZFDUPTEFJOWFTUJHBDJwOMMFWBEPTBDBCPQPSOVFTUSP$FOUSPEF&TUVEJPT%BMJOJBOPT PDPOTVBQPZPIBBVNFOUBEPIBTUBBCBSDBSVOBNQMJPFTQFDUSPEFgNCJUPTZEJTDJQMJOBTIFDIPRVFIBWJODVMBEP B MB 'VOEBDJwO DPO JOTUJUVDJPOFT Z FTUVEJPTPT EF UPEP FM NVOEP "EFNgT FM TFHVOEP WPMVNFO EFM DBUgMPHP SB[POBEPTFIBJODPSQPSBEPBMXFCDPOMPRVFTFIBDVNQMJEPVOPEFMPTQSJODJQBMFTPCKFUJWPTEFMFKFSDJDJP &MIBTJEPVOBvPQPTJUJWPFOMPRVFTFSF¯FSFBMBHFTUJwOZMBEFGFOTBEFMPTEFSFDIPTEF4BMWBEPS%BMr 4VQBQFMSFGFSFODJBMFOFMNFSDBEPJOUFSOBDJPOBMTFDPOTPMJEBZDPOTFDVFOUFNFOUFFMWPMVNFOEFBDUJWJEBE DSFDFBMUJFNQPRVFUBNCJnOMPIBDFOFMOJWFMEFDPOUSPMZOPSNBMJ[BDJwOEFMVTPEFMPTEFSFDIPTEFM.BFTUSP 1PS PUSB QBSUF EJDIB DPOTPMJEBDJwO IB JOUSPEVDJEP VO GBDUPS EF DMBSJEBE Z PSEFO RVF FTUg GBDJMJUBOEP MB SFBMJ[BDJwOEFOVNFSPTPTQSPZFDUPTFYQPTJUJWPTFEJUPSJBMFTZEFJOWFTUJHBDJwOEFQSJNFSPSEFO &OTVNJTJwOEFQSPUFDDJwOMB'VOEBDJwOIBNBOUFOJEPMBWJHJMBODJBZQSPTFHVJEPDPOTVMBCPSEFMVDIB DPOUSBFMGSBVEFUBOUPBUSBWnTEFTVBDUVBDJwOKVSrEJDBEJSFDUBDPNPNFEJBOUFMBDPMBCPSBDJwOEFOVFTUSPT FYQFSUPTDPOJOTUBODJBTQPMJDJBMFTZKVEJDJBMFTFTQBvPMBTFJOUFSOBDJPOBMFT 1BSBUFSNJOBSDBCFNFODJPOBSMPTCVFOPTSFTVMUBEPTFDPOwNJDPTEFMFKFSDJDJPSF°FKPEFVOBHFTUJwOgHJM ZF¯DJFOUFRVFQFSNJUFBTFHVSBSVOBvPNgTMBBVUPOPNrBZFMEJOBNJTNPEFMB'VOEBDJwOUBOUPFOFM EFTFNQFvPEFMJNQPSUBOUFQBQFMRVFEFTEFFMQVOUPEFWJTUBTPDJPFDPOwNJDPUJFOFFOTV[POBHFPHSg¯DB EFJO°VFODJBDPNPTPCSFUPEPFOMBDPOTFDVDJwOEFMPTPCKFUJWPTFTUJQVMBEPTQPSTV'VOEBEPS 3BNPO#PJYBEwT.BMn 1SFTJEFOUF 13&4&/5"$*¾ -B'VOEBDJw(BMB4BMWBEPS%BMrBDBCBEFUBODBSMªFYFSDJDJRVFIBFTUBUJOUFOTJGSVDUrGFSQFMRVFGBBM EFTFOWPMVQBNFOUEFMTTFVTPCKFDUJVTGVOEBDJPOBMT$PNKBnTIBCJUVBMWPMESJBTVCSBUMMBSMBUBTDBEFDJTJWBEFM OPTUSF1BUSPOBUBJYrDPNMBEFEJDBDJwJQSPGFTTJPOBMJUBUEFMOPTUSFFRVJQIVNhTFOTFMFTRVBMTBRVFTUOPV BOZEªoYJUTOPIBVSJBFTUBUQPTTJCMF-B.FNxSJBRVFBSBQSFTFOUFNPGFSFJYVOBWJTJwHFOFSBMEFMªBDUJWJUBU EVUBBUFSNFQFSMBOPTUSBJOTUJUVDJwEVSBOUBRVFTUQFSrPEFJGBVOoNGBTJFTQFDJBMFOMFTTFWFT¯UFTNnT SFNBSDBCMFT -ªBDUJWJUBU EFMT OPTUSFT NVTFVT IB FYQFSJNFOUBU BNC NnT EF WJTJUBOUT VO DSFJYFNFOU EFM -FT BDUJWJUBUT DVMUVSBMT J MFT BDDJPOT EF QSPNPDJw J EJWVMHBDJw SFBMJU[BEFT BSSFV EFM NwO EVSBOU FM MB QPUFODJBDJwEFMOPTUSFXFCRVFIBSFCVUNnTEªVONJMJwJNJHEFWJTJUFTJBMRVBMTªIBOJODPSQPSBUOPVTTFSWFJT EªBUFODJwBMªVTVBSJBJYrDPNFMEFTFOWPMVQBNFOUEFMFTSFMBDJPOTBNCFMTFDUPSUVSrTUJDBEJGFSFOUTOJWFMMTJ MªJNQPSUBOUFTGPSmJOWFSTPSEFTQMFHBUQFSMB'VOEBDJwFOTFHVSFUBURVBMJUBUBNCJFOUBMJDBQBDJUBUEFHFTUJwGBO QSFWFVSFRVFFOVOGVUVSJNNFEJBUQPESFNDPOUJOVBSSFHJTUSBOUVOFTYJGSFTTJNJMBSTEFWJTJUBOUT $PNBSFGFSFOUNVOEJBMFOUPUBMMxSFMBDJPOBUBNCMBWJEBJMªPCSBEF4BMWBEPS%BMrMBOPTUSBJOTUJUVDJwIB WJTUQPUFODJBUFMTFVQBQFSHShDJFTBVOBNQMJWFOUBMMEªBDUJWJUBUTFOUSFMFTRVBMTDBMEFTUBDBSMªBNQMJBDJw EFMBOPTUSBDPM²MFDDJwNJUKBOmBOUVOBQPMrUJDBEFQSnTUFDTEªPCSBBJOTUJUVDJPOTOBDJPOBMTJJOUFSOBDJPOBMTJ MªPSHBOJU[BDJwVOBOZNnTEFEJWFSTFTJJNQPSUBOUTFYQPTJDJPOTGPSBEFMTOPTUSFTDFOUSFTUBOUB&TQBOZBDPN BMªFTUSBOHFS"RVFTUFT|MUJNFTNBOJGFTUBDJPOTNFSFJYFOFOHVBOZVOBNFODJwFTQFDJBMKBRVFFODPOKVOU IBOSFHJTUSBUNnTEFNJMJPOTEFWJTJUBOUTBMMMBSHEFMTFVSFDPSSFHVUQFSQBuTPTDPNFM+BQw'JOMhOEJBFM 3FHOF6OJUJFMT&TUBUT6OJUT &MOPNCSFEFQSPKFDUFTEFSFDFSDBEVUTBUFSNFQFMOPTUSF$FOUSFEª&TUVEJT%BMJOJBOTPBNCFMTFVTVQPSU EªBMUSBCBOEBIBBVHNFOUBU¯OTBBCSBmBSVOBNQMJFTQFDUSFEªhNCJUTJEJTDJQMJOFTJIBGFURVFMB'VOEBDJw FTUBCMrT MMJHBNT BNC JOTUJUVDJPOT J FTUVEJPTPT EªBSSFV EFM NwO 1BSBM²MFMBNFOU TªIB JODPSQPSBU BM XFC FM TFHPOWPMVNEFMDBUhMFHSBPOBUDPNQMJOUBJYrVOEFMTQSJODJQBMTPCKFDUJVTEFMªFYFSDJDJ &M IB FTUBU VO BOZ QPTJUJV QFM RVF GB B MB HFTUJw J MB EFGFOTB EFMT ESFUT EF 4BMWBEPS %BMr &M QBQFS SFGFSFODJBMEFMB'VOEBDJwFOFMNFSDBUJOUFSOBDJPOBMFTDPOTPMJEBJQFSDPOTFHFOUDSFJYFMWPMVNEªBDUJWJUBU JUBNCnFMOJWFMMEFDPOUSPMJOPSNBMJU[BDJwEFMª|TEFMTESFUTEFM.FTUSF"RVFTUBDPOTPMJEBDJwBNnTIB JOUSPEVuUVOGBDUPSEFDMBSFEBUJPSESFRVFFTUhGBDJMJUBOUMBSFBMJU[BDJwEFOPNCSPTPTQSPKFDUFTFYQPTJUJVT FEJUPSJBMTJEFSFDFSDBEFQSJNFSB¯MB &OMBTFWBNJTTJwEFQSPUFDDJwMB'VOEBDJwIBNBOUJOHVUMBWJHJMhODJBJIBDPOUJOVBUBNCMBTFWBUBTDBEF MMVJUBDPOUSBFMGSBVUBOUBUSBWnTEFMªBDUVBDJwKVSrEJDBEJSFDUBDPNQFSNJUKhEFMBDPM²MBCPSBDJwEFMTOPTUSFT FYQFSUTBNCJOTUhODJFTQPMJDJBMTJKVEJDJBMTFTQBOZPMFTJJOUFSOBDJPOBMT +BQFSBDBCBSDBMFTNFOUBSFMTCPOTSFTVMUBUTFDPOxNJDTEFMªFYFSDJDJSF°FYEªVOBHFTUJwhHJMJF¯DJFOURVF QFSNFUBTTFHVSBSVOBOZNnTMªBVUPOPNJBJFMEJOBNJTNFEFMB'VOEBDJwFOMªBDPNQMJNFOUEFMªJNQPSUBOU QBQFSRVFEFTEFMQVOUEFWJTUBTPDJPFDPOxNJDUnFOMBTFWB[POBHFPHSh¯DBEªJO°VoODJBBJYrDPNTPCSFUPU FOMBDPOTFDVDJwEFMTPCKFDUJVTFTUJQVMBUTQFMTFV'VOEBEPS 3BNPO#PJYBEwT.BMn 1SFTJEFOU % wSHBOPT EFHPCJFSOP ZEJSFDDJwO xSHBOT EFHPWFSO JEJSFDDJw 1"530/"50 1SFTJEFOUFTEFIPOPS44..MPT3FZFTEF&TQBvB 1SFTJEFOUF%3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOUF%4BOUJ7JMB7JDFOUF 7JDFQSFTJEFOUF%"OUPOJ1JUYPU4PMFS 4"3MB*OGBOUB%$SJTUJOBEF#PSCwO %.POUTF"HVFS5FJYJEPS %&OSJRVF#BSwO$SFTQP %"OB#FSJTUBJO%rF[ %+PBO#PSSFMM#BTTPMT %.JHVFM%PNnOFDI.BSUrOF[ %$JSP-MVFDB'POPMMPTB %*SJB-PTBEB#BMUBS %"OB.BSUrOF[EF"HVJMBS %+VMJgO.BSUrOF[(BSDrB %+PSEJ.FSDBEFS.JSw %-MVrT.POSFBM"HVTUr %/BSDrT4FSSB4FSSB %ÁTDBS5VTRVFUT#MBODB %'SBODFTD7FSHnT#PTDI %+PTFQ7JMBSBTBV4BMBU 4FDSFUBSJPHFOFSBMOPQBUSPOP%-MVrT1FvVFMBT3FJYBDI -B DPNQPTJDJwO EFM 1BUSPOBUP EF MB 'VOEBDJwO FYQFSJNFOUw USFTDBNCJPTEVSBOUFFM &MHSVQPEFQBUSPOPTWJUBMJDJPTEFMB'VOEBDJwOEFTJHOwDPNP OVFWPNJFNCSPB%.POUTF"HVFS5FJYJEPSQSFWJPQMgDFUEF 44..MPT3FZFTQSFTJEFOUFTEFIPOPSEFMB'VOEBDJwO-B 4SB"HVFSBDFQUwTVDBSHPFOMBSFVOJwOEFM1BUSPOBUPEFGFDIB EFNBS[P &ODVBOUPBMPTSFQSFTFOUBOUFTEFM"ZVOUBNJFOUPEF'JHVFSFT % 4BOUJ7JMB7JDFOUF BMDBMEF EF 'JHVFSFT TVTUJUVZw B % +PBO "SNBOHVn3JCBTZ%$JSP-MVFDB'POPMMPTBDPODFKBMEF$VMUVSB TVTUJUVZw B % *TBCFM 1JOFEB -MBVSw "NCPT BDFQUBSPO TVT DBSHPTBOUFFM1BUSPOBUPFOTVSFVOJwOEFEFOPWJFNCSF -B (FOFSBMJUBU EF $BUBMVvB TVTUJUVZw B % $BUFSJOB .JFSBT #BSDFMwZB%'SBODFTD5BSSBUT#PVDPNPSFQSFTFOUBOUFTEFEJDIB JOTUJUVDJwO FO FM TFOP EF OVFTUSB 'VOEBDJwO Z OPNCSw FO TV MVHBSSFTQFDUJWBNFOUFB%'FSSBO.BTDBSFMM$BOBMEBZB%+PTFQ .$BSSFUn/BEBM-PTOVFWPTSFQSFTFOUBOUFTOPMMFHBSPOBUPNBS QPTFTJwOEFTVDBSHPEFQBUSPOPTEVSBOUFFMFKFSDJDJP &O TV SFVOJwO EF EF OPWJFNCSF FM 1BUSPOBUP SFWPDw MPT QPEFSFTEF%+PBO"SNBOHVn3JCBTEFGFDIBEFGFCSFSPEF ZPUPSHwQPEFSFTB%4BOUJ7JMBWJDFQSFTJEFOUFEFMB 'VOEBDJwOZB%.POUTF"HVFS 1"530/"5 1SFTJEFOUTEªIPOPS4.FMT3FJTEª&TQBOZB 1SFTJEFOU4S3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOUS4S4BOUJ7JMB7JDFOUF 7JDFQSFTJEFOUO4S"OUPOJ1JUYPU4PMFS 4"3MB*OGBOUB$SJTUJOBEF#PSCw 4SB.POUTF"HVFS5FJYJEPS 4S&OSJRVF#BSwO$SFTQP 4SB"OB#FSJTUBJO%rF[ 4S+PBO#PSSFMM#BTTPMT 4S.JHVFM%PNnOFDI.BSUrOF[ 4S$JSP-MVFDB'POPMMPTB 4SB*SJB-PTBEB#BMUBS 4SB"OB.BSUrOF[EF"HVJMBS 4S+VMJgO.BSUrOF[(BSDrB 4S+PSEJ.FSDBEFS.JSw 4S-MVrT.POSFBM"HVTUr 4S/BSDrT4FSSB4FSSB 4SÁTDBS5VTRVFUT#MBODB 4S'SBODFTD7FSHnT#PTDI 4S+PTFQ7JMBSBTBV4BMBU 4FDSFUBSJHFOFSBMOPQBUSw4S-MVrT1FvVFMBT3FJYBDI -BDPNQPTJDJwEFM1BUSPOBUEFMB'VOEBDJwWBFYQFSJNFOUBSUSFT DBOWJTBMMMBSHEFM &MHSVQEFQBUSPOTWJUBMJDJTEFMB'VOEBDJwEFTJHOhDPNBOPV NFNCSF MB 4SB .POUTF"HVFS5FJYJEPS QSFWJ QMhDFU EF 4 . FMT 3FJT QSFTJEFOUT EªIPOPS EF MB 'VOEBDJw -B 4SB"HVFS WB BDDFQUBSFMDhSSFDFOMBSFVOJwEFM1BUSPOBUEFMEFNBSm 1FM RVF GB BMT SFQSFTFOUBOUT EF Mª"KVOUBNFOU EF 'JHVFSFT FM 4S4BOUJ7JMB7JDFOUFBMDBMEFEF'JHVFSFTWBTVCTUJUVJSFM4S +PBO "SNBOHVn 3JCBT J FM 4S $JSP -MVFDB 'POPMMPTB SFHJEPS EF$VMUVSBTVCTUJUVrMB4SB*TBCFM1JOFEB-MBVSw5PUTEPTWBO BDDFQUBSFMTDhSSFDTEBWBOUFM1BUSPOBUFOMBTFWBSFVOJwEFM EFOPWFNCSF -B(FOFSBMJUBUEF$BUBMVOZBTVCTUJUVrMB4SB$BUFSJOB.JFSBT#BS DFMwJFM4S'SBODFTD5BSSBUT#PVDPNBSFQSFTFOUBOUTEªBRVFTUB JOTUJUVDJw BM TJ EF MB OPTUSB 'VOEBDJw J OPNFOh FO FM TFV MMPD SFTQFDUJWBNFOUFM4S'FSSBO.BTDBSFMM$BOBMEBJFM4S+PTFQ. $BSSFUn/BEBM&MTOPVTSFQSFTFOUBOUTOPWBOBSSJCBSBQSFOESF QPTTFTTJwEFMTFVDhSSFDEFQBUSPOTEVSBOUMªFYFSDJDJ &OMBTFWBSFVOJwEFMEFOPWFNCSFFM1BUSPOBUWBSFWPDBSFMT QPEFST EFM 4S +PBO "SNBOHVn 3JCBT EF EBUB EF GFCSFS EFM JBUPSHhOPVTQPEFSTBM4S4BOUJ7JMBWJDFQSFTJEFOUSEFMB 'VOEBDJwJBMB4SB.POUTF"HVFS $0.*4*0/&4%&-1"530/"50 $PNJTJwO"SUrTUJDB 1SFTJEFOUF%3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOUF%"OUPOJ1JUYPU4PMFS 7PDBMFT4"3MB*OGBOUB%$SJTUJOBEF#PSCwO %"OB#FSJTUBJO%rF[ %$JSP-MVFDB'POPMMPTB %"OB.BSUrOF[EF"HVJMBS %-MVrT.POSFBM"HVTUr %ÁTDBS5VTRVFUT#MBODB 4FDSFUBSJP%-MVrT1FvVFMBT3FJYBDI $PNJTJwO&DPOwNJDB 1SFTJEFOUF%3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOUF%4BOUJ7JMB7JDFOUF 7PDBMFT%+PBO#PSSFMM#BTTPMT %*SJB-PTBEB#BMUBS %+PSEJ.FSDBEFS.JSw %/BSDrT4FSSB4FSSB %'SBODFTD7FSHnT#PTDI 4FDSFUBSJP%-MVrT1FvVFMBT3FJYBDI $PNJTJwOEF3FMBDJPOFT&YUFSOBT 1SFTJEFOUF%3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOUF%+VMJgO.BSUrOF[(BSDrB 7PDBMFT%&OSJRVF#BSwO$SFTQP %.JHVFM%PNnOFDI.BSUrOF[ %+PTFQ7JMBSBTBV4BMBU 4FDSFUBSJP%-MVrT1FvVFMBT3FJYBDI 3&6/*0/&4%&-1"530/"50 :464$0.*4*0/&4 &M1BUSPOBUPTFSFVOJwFMErBEFNBS[PFOTFTJwOPSEJOBSJBZ FMEFOPWJFNCSFFOTFTJwOFYUSBPSEJOBSJB -B $PNJTJwO"SUrTUJDB TF SFVOJw MPT ErBT EF NBZP Z EF TFQUJFNCSF NJFOUSBT RVF MBT DPNJTJPOFT &DPOwNJDB Z EF 3FMBDJPOFT&YUFSOBTMPIJDJFSPOFOTFTJwODPOKVOUBMPTErBT EFKVOJPZEFTFQUJFNCSF -PTUFNBTUSBUBEPTZMPTBDVFSEPTBEPQUBEPTFOMBTSFVOJPOFT EFM 1BUSPOBUP Z EF TVT DPNJTJPOFT B MP MBSHP EFM BvP TF FODVFOUSBOSFDPHJEPTFOFMMJCSPEFBDUBTEFMBFOUJEBE $0.*44*0/4%&-1"530/"5 $PNJTTJw"SUrTUJDB 1SFTJEFOU4S3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOU4S"OUPOJ1JUYPU4PMFS 7PDBMT4"3MB*OGBOUB$SJTUJOBEF#PSCw 4SB"OB#FSJTUBJO%rF[ 4S$JSP-MVFDB'POPMMPTB 4SB"OB.BSUrOF[EF"HVJMBS 4S-MVrT.POSFBM"HVTUr 4SÁTDBS5VTRVFUT#MBODB 4FDSFUBSJ4S-MVrT1FvVFMBT3FJYBDI $PNJTTJw&DPOxNJDB 1SFTJEFOU4S3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOU4S4BOUJ7JMB7JDFOUF 7PDBMT4S+PBO#PSSFMM#BTTPMT 4SB*SJB-PTBEB#BMUBS 4S+PSEJ.FSDBEFS.JSw 4S/BSDrT4FSSB4FSSB 4S'SBODFTD7FSHnT#PTDI 4FDSFUBSJ4S-MVrT1FvVFMBT3FJYBDI $PNJTTJwEF3FMBDJPOT&YUFSOFT 1SFTJEFOU4S3BNPO#PJYBEwT.BMn 7JDFQSFTJEFOU4S+VMJgO.BSUrOF[(BSDrB 7PDBMT4S&OSJRVF#BSwO$SFTQP 4S.JHVFM%PNnOFDI.BSUrOF[ 4S+PTFQ7JMBSBTBV4BMBU 4FDSFUBSJ4S-MVrT1FvVFMBT3FJYBDI 3&6/*0/4%&-1"530/"5 *%&-&44&7&4$0.*44*0/4 &M1BUSPOBUFTWBSFVOJSFMTEJFTEFNBSmFOTFTTJwPSEJOhSJB JEFOPWFNCSFFOTFTTJwFYUSBPSEJOhSJB -B$PNJTTJw"SUrTUJDBFTWBSFVOJSFMTEJFTEFNBJHJEF TFUFNCSFNFOUSFRVFMFTDPNJTTJPOT&DPOxNJDBJEF3FMBDJPOT &YUFSOFTIPWBOGFSFOTFTTJwDPOKVOUBFMTEJFTEFKVOZJ EFTFUFNCSF &MT UFNFT USBDUBUT J FMT BDPSET BEPQUBUT FO MFT SFVOJPOT EFM 1BUSPOBUJEFMFTTFWFTDPNJTTJPOTBMMMBSHEFMªBOZ¯HVSFO SFDPMMJUTBMMMJCSFEªBDUFTEFMªFOUJUBU ! 05304¾3("/04 $PNJUnEF%JSFDDJwO %3BNPO#PJYBEwT.BMn QSFTJEFOUFEFMB'VOEBDJwO %"OUPOJ1JUYPU4PMFS EJSFDUPSEFM5FBUSP.VTFP %.POUTF"HVFS5FJYJEPS EJSFDUPSBEFM$FOUSPEF&TUVEJPT%BMJOJBOPT %-MVrT1FvVFMBT3FJYBDI TFDSFUBSJPHFOFSBMEFMB'VOEBDJwO %+PBO.BOVFM4FWJMMBOP$BNQBMBOT HFSFOUFEFMB'VOEBDJwO $PNJTJwOEF"DSFEJUBDJwOZ$BUBMPHBDJwO %"OUPOJ1JUYPU4PMFS EJSFDUPSEFM5FBUSP.VTFP%BMr %"OB#FSJTUBJO%rF[ QBUSPOBEFMB'VOEBDJwO %.POUTF"HVFS5FJYJEPS EJSFDUPSBEFM$FOUSPEF&TUVEJPT%BMJOJBOPT ZQBUSPOBEFMB'VOEBDJwO 4FDSFUBSJB%*NNB1BSBEB4PMFS " "TTPDJBDJwEª"NJDTEFMT.VTFVT%BMr 1SFTJEFOUB%-PMB.JUKBOT1FSFMMw 7JDFQSFTJEFOUB%1JMBS1VJH"EFMM 4FDSFUBSJP%+PTFQ.0SUFHB-wQF[ 5FTPSFSB%.JTTF$PMM.BDBV 7PDBMFT%&OSJD0MJWB1BQJPM %+PSEJ1BMNBEB-MPSFU %1BTDVBM1FTVEP$BTUJMMP %+PTFQ1MBZh.BTFU %JSFDUPSB%.%PMPST$PTUB'POU $PPSEJOBEPSB%'MPS.JTDPQFJO -B "TTPDJBDJw Eª"NJDT EFMT .VTFVT %BMr FT VOB FOUJEBE TJO gOJNP EF MVDSP Z DPO QFSTPOBMJEBE KVSrEJDB QSPQJB $PMBCPSB DPO OVFTUSB JOTUJUVDJwO FO MB QFSTFDVDJwO EF MPT PCKFUJWPT GVOEBDJPOBMFT "-53&4À3("/4 $PNJUoEF%JSFDDJw 4S3BNPO#PJYBEwT.BMn QSFTJEFOUEFMB'VOEBDJw 4S"OUPOJ1JUYPU4PMFS EJSFDUPSEFM5FBUSF.VTFV 4SB.POUTF"HVFS5FJYJEPS EJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOT 4S-MVrT1FvVFMBT3FJYBDI TFDSFUBSJHFOFSBMEFMB'VOEBDJw 4S+PBO.BOVFM4FWJMMBOP$BNQBMBOT HFSFOUEFMB'VOEBDJw $PNJTTJwEª"DSFEJUBDJwJ$BUBMPHBDJw 4S"OUPOJ1JUYPU4PMFS EJSFDUPSEFM5FBUSF.VTFV%BMr 4SB"OB#FSJTUBJO%rF[ QBUSPOBEFMB'VOEBDJw 4SB.POUTF"HVFS5FJYJEPS EJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOT JQBUSPOBEFMB'VOEBDJw 4FDSFUhSJB4SB*NNB1BSBEB4PMFS # "TTPDJBDJwEª"NJDTEFMT.VTFVT%BMr 1SFTJEFOUB4SB-PMB.JUKBOT1FSFMMw 7JDFQSFTJEFOUB4SB1JMBS1VJH"EFMM 4FDSFUBSJ4S+PTFQ.0SUFHB-wQF[ 5SFTPSFSB4SB.JTTF$PMM.BDBV 7PDBMT4S&OSJD0MJWB1BQJPM 4S+PSEJ1BMNBEB-MPSFU 4S1BTDVBM1FTVEP$BTUJMMP 4S+PTFQ1MBZh.BTFU %JSFDUPSB4SB.%PMPST$PTUB'POU $PPSEJOBEPSB4SB'MPS.JTDPQFJO -ª"TTPDJBDJwEª"NJDTEFMT.VTFVT%BMrnTVOBFOUJUBUKVSrEJDBTFOTF hOJNEFMVDSFJBNCQFSTPOBMJUBUKVSrEJDBQSxQJB$PM²MBCPSBBNC MBOPTUSBFOUJUBUFOMBQFSTFDVDJwEFMTPCKFDUJVTGVOEBDJPOBMT GPNFOUBS GPNFOUBS $BEJMMBDEF(BMB1|CPM $BEJMMBDEF(BMB1|CPM 3FDJCJEPSEFMPTP1PSUMMJHBU 3FCFEPSEFMªwT1PSUMMJHBU .BOJRVrEFMBGBDIBEBEFMB'VOEBDJwO%BMr .BOJRVrEFMBGBmBOBEFMB'VOEBDJw%BMr & .64&04 "MPMBSHPEFMPT|MUJNPTBvPTMB'VOEBDJwO(BMB4BMWBEPS%BMrIBMMFWBEPBDBCPVOB JNQPSUBOUF MBCPS NVTFPHSg¯DB RVF IB EF¯OJEP Z DPOTPMJEBEP FM QBQFM EFM 5FBUSP .VTFP %BMr KVOUP DPO TVT FYUFOTJPOFT EF 1|CPM 1PSUMMJHBU Z 'JHVFSFT DPNP FKF WFSUFCSBEPSEFMBEJWVMHBDJwOEFMBPCSBEFMQJOUPSBNQVSEBOnTBFTDBMBJOUFSOBDJPOBM 1BSBMFMBNFOUFMBDBQBDJEBEEFBUSBDDJwOEFMPTNVTFPT%BMrOPIBEFKBEPEFDSFDFSEF VOBNBOFSBQSPHSFTJWBZTPTUFOJEB4JHVJFOEPFTUBUwOJDBDPOTUBOUFEFDSFDJNJFOUP EVSBOUFFMFMBVNFOUPEFWJTJUBOUFTIBTJEPEFVOSFTQFDUPBMBvPBOUFSJPS %FM UPUBM EF WJTJUBOUFT DPSSFTQPOEFO BM 5FBUSP.VTFP %BMr EF 'JHVFSFTBMB$BTB.VTFP$BTUJMMP(BMB%BMrEF1|CPMBMB$BTB.VTFP 4BMWBEPS%BMrEF1PSUMMJHBUZBMBTBMBEFFYQPTJDJwO%BMr²+PZBTEF'JHVFSFT -PT JOHSFTPT HFOFSBEPT QPS MB WFOUB EF FOUSBEBT Z QPS MPT TFSWJDJPT EJSFDUBNFOUF SFMBDJPOBEPT DPO MPT NVTFPT IBO TVNBEP FVSPT DJGSB RVF FRVJWBMF B VOEFMPTJOHSFTPTUPUBMFTEFMB'VOEBDJwOFOFMFKFSDJDJP-BWBMPSBDJwO EFMPTWJTJUBOUFTUBOUPFOMPRVFTFSF¯FSFBMBPCSBFYQVFTUBDPNPBMPTTFSWJDJPTTF QVFEFDPOTUBUBSBOBMJ[BOEPMPTSFTVMUBEPTEFMBTFODVFTUBTSFBMJ[BEBTEVSBOUFFM "OFYP"&TUVEJPTEFQ|CMJDP 4FSWJDJPTEF"UFODJwOBM1|CMJDP -BHFTUJwOZPSHBOJ[BDJwOEFMPTEJGFSFOUFT4FSWJDJPTEF"UFODJwOBM1|CMJDPDPSSFTQPOEF BM %FQBSUBNFOUP EF .VTFPT 4V ¯OBMJEBE FT GBDJMJUBS Z PSEFOBS MB DJSDVMBDJwO EF MPT WJTJUBOUFT Z HBSBOUJ[BS FM CVFO GVODJPOBNJFOUP EF MBT BDUJWJEBEFT FYQPTJUJWBT Z EJWVMHBUJWBTEFMPTNVTFPT%BMr .64&64 "M MMBSH EFMT EBSSFST BOZT MB 'VOEBDJw (BMB4BMWBEPS %BMr IB QPSUBU B UFSNF VOB UBTDB NVTFPHSh¯DB JNQPSUBOU RVF IB EF¯OJU J DPOTPMJEBU FM QBQFS EFM 5FBUSF .VTFV %BMr KVOUBNFOU BNC MFT TFWFT FYUFOTJPOT EF 1|CPM 1PSUMMJHBU J 'JHVFSFT DPN B FJY WFSUFCSBEPS EF MB EJWVMHBDJw EF MªPCSB EFM QJOUPS FNQPSEBOoT B FTDBMB JOUFSOBDJPOBM1BSBM²MFMBNFOUMBDBQBDJUBUEªBUSBDDJwEFMTNVTFVT%BMrOPIBEFJYBU EFDSnJYFSEªVOBNBOFSBQSPHSFTTJWBJTPTUJOHVEB4FHVJOUBRVFTUBUxOJDBDPOTUBOU EFDSFJYFNFOUEVSBOUFMMªBVHNFOUEFWJTJUBOUTIBFTUBUEªVOSFTQFDUFB MªBOZBOUFSJPS%FMUPUBMEFWJTJUBOUTDPSSFTQPOFOBM5FBUSF.VTFV %BMrEF'JHVFSFTBMB$BTB.VTFV$BTUFMM(BMB%BMrEF1|CPMBMB $BTB.VTFV4BMWBEPS%BMrEF1PSUMMJHBUJBMBTBMBEªFYQPTJDJw%BMr²+PJFTEF 'JHVFSFT&MTJOHSFTTPTHFOFSBUTQFSMBWFOEBEªFOUSBEFTJQFMTTFSWFJTEJSFDUBNFOU SFMBDJPOBUT BNC FMT NVTFVT IBO TVNBU FVSPT JNQPSU RVF FRVJWBM B VO EFMT JOHSFTTPT UPUBMT EF MB 'VOEBDJw FO MªFYFSDJDJ -B WBMPSBDJw EFMTWJTJUBOUTUBOUBNCSFMBDJwBMªPCSBFYQPTBEBDPNQFMRVFGBBMTTFSWFJTFTQPU DPOTUBUBSBOBMJU[BOUFMTSFTVMUBUTEFMFTFORVFTUFTSFBMJU[BEFTEVSBOUFM"OOFY "&TUVEJTEFQ|CMJD 4FSWFJTEª"UFODJwBM1|CMJD -BHFTUJwJMªPSHBOJU[BDJwEFMTEJGFSFOUT4FSWFJTEª"UFODJwBM1|CMJDDPSSFTQPOBM%FQBSUBNFOU EF.VTFVT-BTFWB¯OBMJUBUnTGBDJMJUBSJPSEFOBSMBDJSDVMBDJwEFMTWJTJUBOUTJHBSBOUJSFM CPOGVODJPOBNFOUEFMFTBDUJWJUBUTFYQPTJUJWFTJEJWVMHBUJWFTEFMTNVTFVT%BMr ' %VSBOUF FM MB $FOUSBM EF 3FTFSWBT EF MPT .VTFPT %BMr IB HFTUJPOBEP HSVQPTFOFM5FBUSP.VTFPZFOFMFTQBDJP%BMr²+PZBTFO1|CPMZ FO1PSUMMJHBU&TUPTHSVQPTIBOSFQSFTFOUBEPFMEFMUPUBMEFWJTJUBOUFTEFHSVQPT SFHJTUSBEPEVSBOUFFTUFFKFSDJDJP-BTWJTJUBTHVJBEBTTVNBSPOVOUPUBMEFFO FM5FBUSP.VTFPZFOFM$BTUJMMPEF1|CPM &OUSFMBTBDUVBDJPOFTRVFFTUPTTFSWJDJPTIBOMMFWBEPBDBCPEVSBOUFFMEFTUBDBMB QPUFODJBDJwOEFMBTQPTJCJMJEBEFTEFMBXFCDPNPIFSSBNJFOUBQBSBBHJMJ[BSMBHFTUJwOEF FOUSBEBT&OFMNFTEFKVOJPTFQVTPFONBSDIBFMTFSWJDJPEFWFOUBBOUJDJQBEBEFFOUSBEBT FOMrOFBQBSBMPTWJTJUBOUFTEFHSVQPTEFM5FBUSP.VTFPFOIPSBSJPEJVSOPZQBSBMPTEFM $BTUJMMP EF 1|CPM %FTEF MB QVFTUB FO NBSDIB EFM OVFWP TFSWJDJP EF WFOUB IBO IFDIP VTPEFMNJTNPWJTJUBOUFTEFM5FBUSP.VTFP%BMrFOIPSBSJPEJVSOPZEF1|CPM 3FTQFDUPBMVTPEFMTFSWJDJPQPSMPTJOEJWJEVBMFTBDUJWBEPFOFMTFPCTFSWBRVFFTUF BvPWJTJUBOUFTIBOSFBMJ[BEPTVSFTFSWBQBSB1PSUMMJHBUFOMrOFBVOEFMUPUBM GSFOUFBMDPOUBCJMJ[BEPFOFM ZIBOVUJMJ[BEPFTUFNFEJPQBSBDPNQSBSMB FOUSBEBBM5FBUSP.VTFPEF/PDIFVOEFMUPUBMGSFOUFBMEFM WJTJUBOUFTBMPTNVTFPTEBMr 4BMBEFMBT1FTDBEFSrBT 4BMBEFMFT1FJYBUFSJFT 4BMB-PHJBT 4BMB-PHHJFT &GFDUPTwQUJDPT EFMB4BMB-PHJBT &GFDUFTxQUJDT EFMB4BMB-PHHJFT 5PDBEPSEF(BMB1|CPM 5PDBEPSEF(BMB1|CPM %VSBOUFMMB$FOUSBMEF3FTFSWFTEFMT.VTFVT%BMrIBHFTUJPOBUHSVQT BM5FBUSF.VTFVJBMªFTQBJ%BMr²+PJFTB1|CPMJB1PSUMMJHBU"RVFTUT HSVQTIBOSFQSFTFOUBUFMEFMBYJGSBUPUBMEFWJTJUBOUTEFHSVQTSFHJTUSBEBEVSBOU MªFYFSDJDJ-FTWJTJUFTHVJBEFTIBOTVNBUVOUPUBMEFBM5FBUSF.VTFVJBM $BTUFMMEF1|CPM &OUSFMFTBDUVBDJPOTRVFBRVFTUTTFSWFJTIBOEVUBUFSNFEVSBOUFMEFTUBDBMB QPUFODJBDJwEFMFTQPTTJCJMJUBUTEFMXFCDPNBFJOBQFSBHJMJUBSMBHFTUJwEªFOUSBEFT"M NFTEFKVOZFTWBQPTBSFONBSYBFMTFSWFJEFWFOEBBOUJDJQBEBEªFOUSBEFTFOMrOJBQFS BMTWJTJUBOUTEFHSVQTEFM5FBUSF.VTFVFOIPSBSJEJSOJQFSBMTEFM$BTUFMMEF1|CPM %FTEFMBQPTBEBFONBSYBEFMOPVTFSWFJEFWFOEBOªIBOGFU|TWJTJUBOUTEFM 5FBUSF.VTFV%BMrFOIPSBSJEJSOJEF1|CPM3FTQFDUFBMª|TEFMTFSWFJQFSBMT JOEJWJEVBMTFOEFHBUFMTªPCTFSWBRVFFOHVBOZWJTJUBOUTIBOGFUMBTFWB SFTFSWBB1PSUMMJHBUFOMrOJBVOEFMUPUBMSFTQFDUFFMDPNQUBCJMJU[BUFM J IBOVUJMJU[BUBRVFTUNJUKhQFSDPNQSBSMªFOUSBEBBM5FBUSF.VTFVEF/JUVO EFMUPUBMFOGSPOUEFMEFM WJTJUBOUTBMTNVTFVTEBMr $POMB¯OBMJEBEEFEFTDPOHFTUJPOBSFM°VKPEFWJTJUBTFM5FBUSP.VTFPEF'JHVFSFTZ MB$BTB.VTFP$BTUJMMP(BMB%BMrEF1|CPMIBOBNQMJBEPTVTIPSBSJPT&MQSJNFSPIB QSPMPOHBEPFMIPSBSJPEFBQFSUVSBVOBIPSBBMErBFOQFSrPEPEFNgYJNBB°VFODJBEF HSVQPTEFMEFNBS[PBMEFKVOJPZUPEPFMNFTEFPDUVCSF FMSFTVMUBEPIBOTJEP IPSBTNgTEFBQFSUVSBRVFFOFM-B$BTB.VTFP$BTUJMMP(BMB%BMrEF1|CPM QPSTVQBSUFIBBCJFSUPNFEJBIPSBNgTDBEBErBEVSBOUFUPEBMBUFNQPSBEBFTEFDJS EFNBS[PBEJDJFNCSF &O MP RVF TF SF¯FSF B 1PSUMMJHBU DBCF EFTUBDBS RVF FM %FQBSUBNFOUP EF .VTFPT IB QVFTUP FO NBSDIB Z DPPSEJOBEP MB BNQMJBDJwO EFM JUJOFSBSJP EF MB WJTJUB B MB $BTB .VTFP4BMWBEPS%BMr"TrEFTEFFMEFNBS[PFMWJTJUBOUFQVFEFEJTGSVUBSEFVO QBTFP QPS MB [POB EFM 0MJWBS VUJMJ[BEB B NFOVEP QPS 4BMWBEPS %BMr DPNP FTQBDJP BMUFSOBUJWP EF DSFBDJwO &M OVFWP gNCJUP BCJFSUP BM Q|CMJDP IB DPNQPSUBEP MB SFTUBVSBDJwO EF EJWFSTBT DSFBDJPOFT BSUrTUJDBT EFM QJOUPS BNQVSEBOnT DPNP FM $SJTUPEFMPTFTDPNCSPTMBSFIBCJMJUBDJwOEFMBFTUSVDUVSBQBJTBKrTUJDBEFM0MJWBSZFM BDPOEJDJPOBNJFOUPNVTFPHSg¯DPEFMBOVFWBgSFBDJSDVMBDJwOBEFDVBDJwOEFQMBOPT ZNBUFSJBMJOGPSNBUJWPZEFTFvBMJ[BDJwOPSHBOJ[BDJwOZQSFQBSBDJwOEFMQFSTPOBMEFM TFSWJDJPEFJOGPSNBEPSFTZWJHJMBOUFT 4BMBEFM5FTPSP'JHVFSFT 4BMBEFM5SFTPS'JHVFSFT 7JTUBEFM0MJWBSEF1PSUMMJHBU 7JTUBEFMª0MJWBSEF1PSUMMJHBU $BMFTNFOUBSBJYrNBUFJYRVFFM5FBUSF.VTFV%BMrEF'JHFVSFTJMB$BTB.VTFV$BTUFMM (BMB%BMrEF1|CPMIBOBNQMJBUMªIPSBSJBNCMB¯OBMJUBUEFEFTDPOHFTUJPOBSFM°VYEF WJTJUFT&M5FBUSF.VTFVIBBNQMJBUMªIPSBSJEªPCFSUVSBVOBIPSBBMEJBFOQFSrPEFEF NhYJNBB°VoODJBEFHSVQTEFMªEFNBSmBMEFKVOZJUPUFMNFTEªPDUVCSF ¯OT BPCSJSIPSFTNnTRVFFM-B$BTB.VTFV$BTUFMM(BMB%BMrEF1|CPMQFSMB TFWBCBOEBIBPCFSUNJUKBIPSBNnTDBEBEJBEVSBOUUPUBMBUFNQPSBEBnTBEJSEF NBSmBEFTFNCSF 1FM RVF GB B 1PSUMMJHBU DBM EFTUBDBS RVF FM %FQBSUBNFOU EF .VTFVT IB FOHFHBU J DPPSEJOBU MªBNQMJBDJw EF MªJUJOFSBSJ EF MB WJTJUB B MB $BTB.VTFV 4BMWBEPS %BMr "JYr EPODTEFTEFMEFNBSmFMWJTJUBOUQPUHBVEJSEªVOQBTTFJHQFSMBQBSUEFMª0MJWBS RVF4BMWBEPS%BMrWBVUJMJU[BSTPWJOUDPNBFTQBJBMUFSOBUJVEFDSFBDJw&MOPVhNCJU PCFSU BM Q|CMJD IB DPNQPSUBU MB SFTUBVSBDJw EF EJWFSTFT DSFBDJPOT BSUrTUJRVFT EFM QJOUPSFNQPSEBOoTDPNFM$SJTUEFMFTFTDPNCSBSJFTMBSFIBCJMJUBDJwEFMªFTUSVDUVSB QBJTBUHrTUJDBEFMª0MJWBSJFMDPOEJDJPOBNFOUNVTFPHSh¯DEFMBOPWBhSFBDJSDVMBDJw BEFRVBDJwEFQMhOPMTJNBUFSJBMJOGPSNBUJVJEFTFOZBMJU[BDJwPSHBOJU[BDJwJQSFQBSBDJw EFMQFSTPOBMEFMTFSWFJEªJOGPSNBEPSTJWJHJMBOUT ! &YUFSJPSEFM5FBUSP.VTFP &YUFSJPSEFM5FBUSF.VTFV 4BMB1JUYPU 4BMB1JUYPU 5PSSF(BMBUFB'JHVFSFT 5PSSF(BMBUFB'JHVFSFT " 4FSWJDJPEF*OGPSNBDJwOBM7JTJUBOUF &OUSFMBTBDUVBDJPOFTSFBMJ[BEBTFOFMQPSFM4FSWJDJPEF*OGPSNBDJwOBM7JTJUBOUF DBCFTFvBMBSMBTTJHVJFOUFT &M NBOUFOJNJFOUP MB BDUVBMJ[BDJwO Z MB FYQPTJDJwO EFM NBUFSJBM JOGPSNBUJWP EF MPT NVTFPT DPNP MB JOGPSNBDJwO EF MPT NVTFPT QVCMJDBEB FO MB XFC MB TBMB EF JOUFSQSFUBDJwOEF1PSUMMJHBUMPTQBOFMFTJOGPSNBUJWPTEFJOUSPEVDDJwOBMBTWJTJUBT EF1|CPMZFMgMCVNGPUPHSg¯DPEF(BMBFO1|CPM -BFEJDJwOEFMPTQMBOPTHVrBEFMPTNVTFPT%BMrRVFBEFNgTEFMPTFKFNQMBSFT FO DBUBMgO FTQBvPM GSBODnT F JOHMnT IBO BQBSFDJEP QPS QSJNFSB WF[ FO BMFNgO SVTPFJUBMJBOPFOBUFODJwOBMBVNFOUPEFWJTJUBOUFTEFFTUPTgNCJUPTMJOHrTUJDPT SFHJTUSBEPFOMPT|MUJNPTBvPT -BDPPSEJOBDJwOEFMBTWJTJUBTHVJBEBTBMB$BTB.VTFP$BTUJMMP(BMB%BMrEF1|CPM SFBMJ[BEBT QPS FM QFSTPOBM EFM .VTFP DPO VOB QSPHSBNBDJwO EJBSJB EF WJTJUBT HSBUVJUBT FO FTQBvPM Z DBUBMgO Z VO TFSWJDJP EF WJTJUBT DPOUSBUBEBT FO EJWFSTPT JEJPNBT%VSBOUFFMIBOEJTGSVUBEPEFFTUFUJQPEFWJTJUBTVOUPUBMEF QFSTPOBTFOWJTJUBTHSBUVJUBTZFOWJTJUBTDPOUSBUBEBT &MNBOUFOJNJFOUPZMBBDUVBMJ[BDJwOEFMBTFvBMJ[BDJwOEJSFDDJPOBMFJOGPSNBUJWB -BQSFQBSBDJwOZFMSFDJDMBKFEFMPTJOGPSNBEPSFTEFTBMBEFMPTNVTFPTZEFMQFSTPOBM BETDSJUPBM4FSWJDJPEF"UFODJwOBM1|CMJDP &ODPMBCPSBDJwODPOFM¸SFBEF1SPNPDJwOZ$PNVOJDBDJwOEFM%FQBSUBNFOUPEF (FSFODJBMBTBDUJWJEBEFTEFGPSNBDJwOZSFMBDJPOFTQ|CMJDBTEJSJHJEBTBQSPGFTJPOBMFT EFMTFDUPSUVSrTUJDPZBMPTNFEJPTJOGPSNBUJWPT -BDPOUFTUBDJwOZUSBNJUBDJwOEFMBTRVFKBTZTVHFSFODJBTEFMPTWJTJUBOUFT 4FSWFJEª*OGPSNBDJwBM7JTJUBOU &OUSF MFT BDUVBDJPOT SFBMJU[BEFT FM QFM 4FSWFJ Eª*OGPSNBDJw BM 7JTJUBOU DBM BTTFOZBMBSMFTTFHFOUT &MNBOUFOJNFOUMªBDUVBMJU[BDJwJMªFYQPTJDJwEFMNBUFSJBMJOGPSNBUJVEFMTNVTFVTDPN BSBMBJOGPSNBDJwEFMTNVTFVTQVCMJDBEBBMXFCMBTBMBEªJOUFSQSFUBDJwEF1PSUMMJHBU FMTQMBGPOTJOGPSNBUJVTEªJOUSPEVDDJwBMFTWJTJUFTEF1|CPMJMªhMCVNGPUPHSh¯DEF (BMBB1|CPM -ªFEJDJwEFMTQMhOPMTHVJBEFMTNVTFVT%BMrRVFBNnTEFMTFYFNQMBSTFODBUBMh DBTUFMMhGSBODoTJBOHMoTQFSQSJNFSDPQIBOFTUBUFEJUBUTFOBMFNBOZSVTJJUBMJh FO BUFODJw B MªBVHNFOU EF WJTJUBOUT EªBRVFTUT hNCJUT MJOHrTUJDT SFHJTUSBU FMT |MUJNTBOZT -BDPPSEJOBDJwEFMFTWJTJUFTHVJBEFTBMB$BTB.VTFV$BTUFMM(BMB%BMrEF1|CPM RVFSFBMJU[BFMQFSTPOBMEFM.VTFVBNCVOBQSPHSBNBDJwEJhSJBEFWJTJUFTHSBUVuUFT FODBTUFMMhJDBUBMhJVOTFSWFJEFWJTJUFTDPOUSBDUBEFTFOEJWFSTPTJEJPNFT%VSBOU FM IBO HBVEJU EªBRVFTU UJQVT EF WJTJUFT VO UPUBM EF QFSTPOFT DPSSFTQPOFOUTBWJTJUFTHSBUVuUFTJBWJTJUFTDPOUSBDUBEFT &MNBOUFOJNFOUJMªBDUVBMJU[BDJwEFMBTFOZBMJU[BDJwEJSFDDJPOBMJJOGPSNBUJWB -BQSFQBSBDJwJFMSFDJDMBUHFEFMTJOGPSNBEPSTEFTBMBEFMTNVTFVTJEFMQFSTPOBM BTTJHOBUBM4FSWFJEª"UFODJwBM1|CMJD &O DPM²MBCPSBDJw BNC Mª SFB EF 1SPNPDJw J $PNVOJDBDJw EFM %FQBSUBNFOU EF (FSoODJBMFTBDUJWJUBUTEFGPSNBDJwJSFMBDJPOTQ|CMJRVFTEJSJHJEFTBQSPGFTTJPOBMT EFMTFDUPSUVSrTUJDJBNJUKBOTJOGPSNBUJVT -BDPOUFTUBDJwJUSBNJUBDJwEFMFTRVFJYFTJFMTTVHHFSJNFOUTEFMTWJTJUBOUT # 5&"530.64&0%"-º &M5FBUSP.VTFP%BMrFKFDFOUSBMEFMDPOKVOUPNVTFPHSg¯DPEBMJOJBOPSFDJCJwEVSBOUF FMVOUPUBMEFWJTJUBOUFTNgTRVFFOFM-PTHSg¯DPTBEKVOUPT SF°FKBOMBFWPMVDJwOFOFMO|NFSPEFWJTJUBOUFTBOVBMFTO|N MBDPNQBSBDJwOEF MPTWJTJUBOUFTEFMDPOMPTEFMO|N MBFWPMVDJwONFOTVBMEFMO|N ZMPTEJGFSFOUFTUJQPTEFFOUSBEBTWFOEJEBTFOEJDIPFKFSDJDJPO|N &OUSFMPT NFTFTEFKVMJPZTFQUJFNCSFUFNQPSBEBBMUB TFSFHJTUSBSPOWJTJUBOUFTEFMPT RVFBDVEJFSPOBM5FBUSP.VTFPEF/PDIF&ODVBOUPBMPTQFSrPEPTEFFOFSP BKVOJPZEFPDUVCSFBEJDJFNCSFMBDJGSBEFWJTJUBOUFTGVFEF&MEFM Q|CMJDPRVFBDVEJwBM5FBUSP.VTFPMPIJ[PDPNPWJTJUBOUFJOEJWJEVBMNJFOUSBTRVF MPTHSVQPTPSHBOJ[BEPTSFQSFTFOUBSPOVO-PTJOHSFTPTQPSWFOUBEFFOUSBEBTFO FM5FBUSP.VTFP%BMrTVNBSPOFVSPT :B@2<@1.9Â:B@[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`2C<9B06Ð;=2?6<1<&$!$ ;<:/?212C6@6A.;A@R[ZVYR_`2C<9B06Ð=2?Ì<12&$!$ ;ZR_\QRcV`VaN[aR`P\__R`]\[QVR[aR`N$' !$ ;\ZO_RQRcV`VaN[a`P\__R`]\[R[a`N$' !$ # ! $ % # ! $! $" $# $$ $% $& % % % % %! %" %# %$ %% %& & & & & &! &" &# &$ &% && ! " # $ :B@2<@1.9Â:B@[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`A<A.92@=<?:B@2<@#$ ;<:/?212C6@6A.;A@R[ZVYR_`A<A.9@=2?:B@2B@#$ #$ & %#! &% % $ # " ! &## &$$!$ &$ !% &&# &&$$ 0.@A699<4.9.1.9Ì [email protected]Ì =O\Y 0.@[email protected]<?1.9Ì =\_aYYVTNa A2.A?<:B@2<1.9Ì A2.A?2:[email protected]Ì 3VTbR_R` 1.9Ì Ã 7<F.@ 1.9Ì Ã 7<62@ 3VTbR_R` 5&"53&.64&6%"-º %VSBOU FM FM 5FBUSF.VTFV %BMr FJY DFOUSBM EFM DPOKVOU NVTFPHSh¯D EBMJOJh IB SFCVU VO UPUBM EF WJTJUBOUT NnT RVF BM &MT HSh¯DT BEKVOUT SF°FDUFJYFOMªFWPMVDJwFOFMOPNCSFEFWJTJUBOUTBOVBMTO|N MBDPNQBSBDJwEFMT WJTJUBOUTEFMBNCFMTEFMO|N BNnTEFMªFWPMVDJwNFOTVBMEFM O|N JFMTEJGFSFOUTUJQVTEªFOUSBEFTWFOVEFTFOMªFTNFOUBUFYFSDJDJO|N &OUSF FMTNFTPTEFKVMJPMJTFUFNCSFUFNQPSBEBBMUB FTWBOFOSFHJTUSBSWJTJUBOUT EFMT RVBMT WBO DPSSFTQPOESF BM 5FBUSF.VTFV EF /JU 2VBOU BMT QFSrPEFT EF HFOFSKVOZJPDUVCSFEFTFNCSFMBYJGSBEFWJTJUBOUTDPNQUBCJMJU[BEBWBTFSEF &MEFMQ|CMJDRVFWBBDVEJSBM5FBUSF.VTFVIPWBGFSBUrUPMJOEJWJEVBMNFOUSF RVFFMTHSVQTPSHBOJU[BUTWBOSFQSFTFOUBSVO&MTJOHSFTTPTQFSWFOEBEªFOUSBEFT BM5FBUSF.VTFV%BMrWBOTVNBSFVSPT A2.A?<:B@2<1.9ÂA2.A?2:[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`2C<9B06Ð;:2;@B.9#$ ;<:/?212C6@6A.;A@R[ZVYR_`2C<9B06Ð:2;@B.9#$ #$ # ! % % # ! 32/ 32/ 2;2 42; :.? :.? ./? ./? :.F :.6 7B; 7B; 7B9 7B9 .4< .4< @2= @2A <0A <0A ;<C ;<C 160 12@ !A2.A?<:B@2<1.9ÂA2.A?2:[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`A6=<@122;A?.1.@#$ ;<:/?212C6@6A.;A@R[ZVYR_`A6=B@1¹2;A?.12@#$ #$ 6;C6A.06<;2@ 6;C6A.06<;@ ;<0AB?;.@ ;<0AB?;2@ 4?.AB6A.@ 4?.ABÎA2@ 4?B=<@ 4?B=@ ?21B061.@ ?21BÎ12@ ;<?:.92@ ;<?:.9@ " :R[\_R`QR&N\`Tb~N`f_R`]\[`NOYR`QRT_b]\` :R[\_`QR&N[f`TbVR`V_R`]\[`NOYR`QRT_b]` " " " ! !" %FUBMMFEFMBKPZB"SBvBEFMBOPDIF %FUBMMEFMBKPJB"SBOZBEFMBOJU &MBOJMMPDPSTnZ&MDPSB[wOEFQBOBMEFNJFM -ªBOFMMDPUJMMBJ&MDPSEFCSFTDBEFNFM & %"-º²+0:"4 &MO|NFSPEFWJTJUBOUFTDPOUBCJMJ[BEPFOFTUFFTQBDJPNVTFrTUJDPEVSBOUFFMIB TJEPEFQFSTPOBT%FCFEFTUBDBSTFRVFMBNBZPSQBSUFEFMBTWJTJUBTIBOTJEP JOEJWJEVBMFTDPODSFUBNFOUFZRVFVOEFMPTWJTJUBOUFTEFM5FBUSP.VTFP %BMr UBNCJnO IB EJTGSVUBEP EF FTUF FTQBDJP -PT JOHSFTPT PCUFOJEPT QPS WFOUB EF FOUSBEBTBMBTBMB%BMr²+PZBTFYDMVZFOEPMBTWFOUBTSFBMJ[BEBTFODPODFQUPEFFOUSBEB DPOKVOUB5FBUSP.VTFP%BMr%BMr²+PZBTTVNBSPOVOUPUBMEFFVSPT "1.9¹7<[email protected]¹7<62@ ;Ô:2?<12C6@6A.;A2@R[ZVYR`2C<9B06Ð;:2;@B.9#$ ;<:/?212C6@6A.;A@R[ZVYR_`2C<9B06Ð:2;@B.9#$ " #$ !" ! " " " " 2;2 42; 32/ 32/ :.? :.? ./? ./? :.F :.6 7B; 7B; 7B9 7B9 .4< .4< @2= @2A <0A <0A ;<C ;<C 160 12@ %"-º²+0*&4 ' &MOPNCSFEFWJTJUBOUTDPNQUBCJMJU[BUFOBRVFTUFTQBJNVTFrTUJDEVSBOUFMIB FTUBU EF QFSTPOFT $BM EFTUBDBS RVF MB NBKPS QBSU EF MFT WJTJUFT IBO FTUBU JOEJWJEVBMTDPODSFUBNFOUJRVFVOEFMTWJTJUBOUTEFM5FBUSF.VTFV%BMr UBNCn IB HBVEJU EªBRVFTU FTQBJ &MT JOHSFTTPT PCUJOHVUT QFS WFOEB EªFOUSBEFT B MB TBMB%BMr²+PJFTFYDMPTFTMFTWFOEFTSFBMJU[BEFTFODPODFQUFEªFOUSBEBDPOKVOUB5FBUSF .VTFV%BMr%BMr²+PJFTWBOTVNBSVOUPUBMEFFVSPT #1.9¹7<[email protected]¹7<62@ ;Ô:2?<12C6@6A.;A2@R[ZVYR`A6=<@122;A?.1.@#$ ;<:/?212C6@6A.;A@R[ZVYR_`A6=B@1¹2;A?.12@#$ #$ 6;C6A.06<;2@ 6;C6A.06<;@ 4?.AB6A.@ 4?.ABÎA2@ ;<?:.92@ ;<?:.9@ 4?B=<@ 4?B=@ ?21B061.@ ?21BÎ12@ ;<?:.92@ ;<?:.9@ ! :R[\_R`QR&N\`Tb~N`f_R`]\[`NOYR`QRT_b]\` :R[\_`QR&N[f`TbVR`V_R`]\[`NOYR`QRT_b]` 2[a_NQN`P\[Wb[aN`ARNa_\:b`R\f1NY~ à 7\fN` 2[a_NQR`P\[Wb[aR`ARNa_R:b`RbV1NY~ à 7\VR` # % ! # % ! $"4".64&0$"45*--0("-"%"-º %VSBOUFFMQFSrPEPEFBQFSUVSBEFMEFNBS[PBMEFEJDJFNCSFFMSFDJOUPNVTFrTUJDP EF1|CPMSFDJCJwMBWJTJUBEFQFSTPOBTDJGSBRVFTVQPOFVOJODSFNFOUPEFM SFTQFDUPBMBvPWnBTFFMHSg¯DPO|N &OMPTQFSrPEPTEFFOFSPKVOJP ZPDUVCSFEJDJFNCSFTFSFHJTUSBSPOWJTJUBTZEFKVMJPBTFQUJFNCSFUFNQPSBEB BMUB -BDJGSBEFWJTJUBOUFTNFOTVBMFTZMBDPNQBSBUJWBDPOFMTFQVFEFO BQSFDJBS FO FM HSg¯DP O|NFSP 1PS PUSB QBSUF PCTFSWBOEP FM HSg¯DP EF UJQPT EF FOUSBEBT O|N TF EFEVDF RVF VO EFM Q|CMJDP DPSSFTQPOEF B WJTJUBOUFT JOEJWJEVBMFTZVOBHSVQPT"MPMBSHPEFMFKFSDJDJPMB'VOEBDJwOPCUVWPVOPT JOHSFTPTEFFVSPTFODPODFQUPEFFOUSBEBT $0.@.:B@2<0.@A699<4.9.1.9Â0.@.:B@[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`2C<9B06Ð;:2;@B.9#$ ;<:/?212C6@6A.;A@R[ZVYR_`2C<9B06Ð:2;@B.9#$ #$ " " " 2;2 42; 32/ 32/ :.? :.? ./? ./? :.F :.6 9N0N`N:b`R\R`asPR__NQNNY]OYVP\QRYQRR[R_\NY%QRSRO_R_\ 9N0N`N:b`RbR`ataN[PNQNNY]OYVPQRY¹QRTR[R_NY%QRSRO_R_ 7B; 7B; 7B9 7B9 .4< .4< @2= @2A <0A <0A ;<C ;<C 160 12@ 'BDIBEBTVSEFM$BTUJMMP 'BmBOBTVEEFM$BTUFMM 5BMMFSEF%BMrFO1|CPM 5BMMFSEF%BMrB1|CPM 7JTUBEFMQVFCMPEF1|CPM 7JTUBEFMQPCMFEF1|CPM $"4".64&6$"45&--("-"%"-º ! %VSBOU FM QFSrPEF EªPCFSUVSB RVF WB EFM EF NBSm BM EF EFTFNCSF FM SFDJOUF NVTFrTUJD EF 1|CPM WB SFCSF QFSTPOFT YJGSB RVF TVQPTB VO JODSFNFOU EFM SFTQFDUFBMªBOZWFHFVFMHSh¯DO|N &OFMTQFSrPEFTEFHFOFSKVOZJ PDUVCSFEFTFNCSFFTWBOFOSFHJTUSBSWJTJUFTJEFKVMJPMBTFUFNCSFUFNQPSBEB BMUB -BYJGSBEFWJTJUBOUTNFOTVBMTJMBDPNQBSBUJWBBNCFMFTQPEFO BQSFDJBSBMHSh¯DO|NFSP0CTFSWBOUFMHSh¯DEFUJQVTEªFOUSBEFTO|N FTEFEVFJY RVFVOEFMQ|CMJDDPSSFTQPOBWJTJUBOUTJOEJWJEVBMTJVOBHSVQT"MMMBSHEF MªFYFSDJDJMB'VOEBDJwWBPCUFOJSFVSPTFODPODFQUFEªFOUSBEFT %0.@.:B@2<0.@A699<4.9.1.9Â0.@.:B@[email protected] ;Ô:2?<12C6@6A.;A2@R[ZVYR`A6=<@122;A?.1.@#$ ;<:/?212C6@6A.;A@R[ZVYR_`A6=B@1¹2;A?.12@#$ #$ 6;C6A.06<;2@ 6;C6A.06<;@ 4?.AB6A.@ 4?.ABÎA2@ 4?B=<@ 4?B=@ ?21B061.@ ?21BÎ12@ ;<?:.92@ ;<?:.9@ " " " :R[\_R`QR&N\`Tb~N`f_R`]\[`NOYR`QRT_b]\` :R[\_`QR&N[f`TbVR`V_R`]\[`NOYR`QRT_b]` " ! !" " "" # ! $"4".64&04"-7"%03%"-º "MPMBSHPEFMFKFSDJDJPMB$BTB.VTFP4BMWBEPS%BMrIBWJTUPBVNFOUBSFMO|NFSP EFWJTJUBOUFTFOVOSFTQFDUPBM-BMrOFBEFDSFDJNJFOUPEFFTUFNVTFPTF NBOUJFOFBTrBMBM[BBQFTBSEFMBTMJNJUBDJPOFTRVFJNQPOFOFMQSPQJPFEJ¯DJPZFM TJTUFNBEFWJTJUBT&MSFDJOUPNVTFrTUJDPRVFQFSNBOFDJwDFSSBEPEFMEFFOFSPBM EFNBS[PSFDJCJwVOUPUBMEFWJTJUBOUFTVOBNFEJBEFQPSErBHSg¯DP O|N &OMPTHSg¯DPTZTFQVFEFBQSFDJBSMBFWPMVDJwONFOTVBMEFMO|NFSP EF WJTJUBOUFT Z MPT EJGFSFOUFT UJQPT EF FOUSBEBT WFOEJEBT &O MPT QFSrPEPT NBS[P KVOJPZPDUVCSFEJDJFNCSFTFSFDJCJFSPOWJTJUBOUFTZEFKVMJPBTFQUJFNCSF -BBQFSUVSBEFMB$BTB.VTFP4BMWBEPS%BMrEF1PSUMMJHBUFOTVEnDJNBUFNQPSBEB DPNQMFUBIBBQPSUBEPBMB'VOEBDJwOVOUPUBMEFFVSPTFODPODFQUPEFWFOUB EFFOUSBEBT &0.@.:B@2<@.9C.1<?1.9Ì12=<?A9964.A0.@.:B@[email protected]<?1.9Ì12=<?A9964.A ;Ô:2?<12C6@6A.;A2@R[ZVYR`2C<9B06Ð;:2;@B.9#$ ;<:/?212C6@6A.;A@R[ZVYR_`2C<9B06Ð:2;@B.9#$ #$ % # ! % # ! 2;2 42; 32/ 32/ :.? :.? ./? ./? :.F :.6 9N0N`N:b`R\R`asPR__NQNNY]OYVP\QRY%QRR[R_\NY!QRZN_g\ 9N0N`N:b`RbR`ataN[PNQNNY]OYVPQRY%QRTR[R_NY!QRZN_y 7B; 7B; 7B9 7B9 .4< .4< @2= @2A <0A <0A ;<C ;<C 160 12@ 1JTDJOBEF1PSUMMJHBU 1JTDJOBEF1PSUMMJHBU %PSNJUPSJPEF(BMBZ%BMr1PSUMMJHBU %PSNJUPSJEF(BMBJ%BMr1PSUMMJHBU $"4".64&64"-7"%03%"-º !! &M OPNCSF EF WJTJUBOUT DPNQUBCJMJU[BU B MB $BTB.VTFV 4BMWBEPS %BMr EF 1PSUMMJHBU EVSBOUFMIBBVHNFOUBUVOSFTQFDUFBMFOVOBMrOJBEFDSFJYFNFOU RVFFTNBOUnBMªBMmBNBMHSBUMFTMJNJUBDJPOTRVFJNQPTFOFMNBUFJYFEJ¯DJJFMTJTUFNB EFWJTJUFT&MSFDJOUFNVTFrTUJDRVFWBSPNBOESFUBODBUEFMEFHFOFSBMEFNBSm IBSFCVUVOUPUBMEFWJTJUBOUTnTBEJSVOBNJUKBOBEFQFSEJBHSh¯DO|N "MT HSh¯DT J FT QPU BQSFDJBS MªFWPMVDJw NFOTVBM EFM OPNCSF EF WJTJUBOUT J FMTEJGFSFOUTUJQVTEªFOUSBEFTWFOVEFT%VSBOUFMTQFSrPEFTEFNBSmKVOZJPDUVCSF EFTFNCSFFTWBOSFCSFWJTJUBOUTJEFKVMJPMBTFUFNCSF-ªPCFSUVSBEF MB$BTB.VTFV4BMWBEPS%BMrEF1PSUMMJHBUFOMBTFWBEFTFOBUFNQPSBEBDPNQMFUBIB BQPSUBUBMB'VOEBDJwVOUPUBMEFFVSPTFODPODFQUFEFWFOEBEªFOUSBEFT ;Ô:2?<12C6@6A.;A2@R[ZVYR`A6=<@122;A?.1.@#$ ;<:/?212C6@6A.;A@R[ZVYR_`A6=B@1¹2;A?.12@#$ #$ 6;C6A.06<;2@ 6;C6A.06<;@ 4?.AB6A.@ 4?.ABÎA2@ 4?B=<@ 4?B=@ ?21B061.@ ?21BÎ12@ ;<?:.92@ ;<?:.9@ :R[\_R`QR&N\`Tb~N`f_R`]\[`NOYR`QRT_b]\` :R[\_`QR&N[f`TbVR`V_R`]\[`NOYR`QRT_b]` ! " # $ ! EJWVMHBS EJWVMHBS 5SFTGPUPHSBGrBTEF(BMB FYQVFTUBTFO1|CPM 5SFTGPUPHSB¯FTEF(BMB FYQPTBEFTB1|CPM !$ &9104*$*0/&45&.103"-&4 %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO 4VOUPSZ.VTFVN0TBLBNBS[P¥NBZP /BHPZB$JUZ"SU.VTFVN/BHPZBNBZP¥KVMJP )PLLBJEP.VTFVNPG.PEFSO"SU4BQQPSPKVMJP¥TFQUJFNCSF &OTVJUJOFSBSJPQPSEJWFSTBTDJVEBEFTEF+BQwOFTUBFYQPTJDJwOIBBDFSDBEPBMQ|CMJDP B MBT EJGFSFOUFT WFSUJFOUFT BSUrTUJDBT EF 4BMWBEPS %BMr QSPQPSDJPOgOEPMF VOB NJSBEB DPNQMFUBBMBPCSBEFMQJOUPS"USBWnTEFMBTPCSBTFYIJCJEBTTFQVFEFEFTDVCSJSBVO BSUJTUBDPNQMFKPJODPOGPSNJTUBZDBQB[EFJOUFSWFOJSFOUPEPTMPTDBNQPTEFMBDSFBDJwO EFTEFMPTNgTDPOWFODJPOBMFTDPNPMBQJOUVSBMBFTDVMUVSBFMEJCVKPPFMHSBCBEPIBTUB MPTNgTJOOPWBEPSFTDPNPMBTJOTUBMBDJPOFTMPTIBQQFOJOHTZMBTQFSGPSNBODFT (BMB·MCVN $BTB.VTFP$BTUJMMP(BMB%BMr1|CPMNBS[P¥EJDJFNCSF &TUBFYQPTJDJwODPNJTBSJBEBQPS.POUTF"HVFSZDPPSEJOBEBQPSFM$FOUSPEF&TUVEJPT %BMJOJBOPTQSPQPOFVOSFDPSSJEPGPUPHSg¯DPQPSMBCJPHSBGrBEFMBNVTBEF4BMWBEPS %BMrEJWJEJEPFOgNCJUPT&MFOB*WBOPWOB%JBLPOPWB(BMBcMVBSE(BMB%BMrZ (BMBNVTB-BTGPUPHSBGrBTRVFJOUFHSBOMBNVFTUSBBMHVOBTEFFMMBTJOnEJUBTTPOEF BVUPSFTDPNP.BO3BZ#SBTTBu&SJD4DIBBM1IJMJQQF)BMTNBO$FDJM#FBUPO.FMJ+PBO 7FIr#BUMMFT$PNQUFZ+VBO(ZFOFTPEFBMH|OGPUwHSBGPPDBTJPOBMDPNP-VJT#VvVFM &OMBJOBVHVSBDJwOEFMBNVFTUSBFTUVWJFSPOQSFTFOUFT3BNPO#PJYBEwTQSFTJEFOUFEFMB 'VOEBDJwO(BMB4BMWBEPS%BMr"OUPOJ1JUYPUEJSFDUPSEFM5FBUSP.VTFP%BMr.POUTF"HVFS EJSFDUPSBEFM$FOUSPEF&TUVEJPT%BMJOJBOPTZ9BWJFS7JEBM'PMDIEJSFDUPSBEKVOUPEF&M1BrT &O+BQwOQVEJFSPOWFSTFPCSBTDPNP 4BOUB$FDJMJB"TDFOTJPOJTUB2VFVF EªBSPOEFP5SFTNVKFSFTJNJUBOEPFM NPWJNJFOUPEFVOWFMFSP "M+BQwFTWBOQPEFSWFVSFPCSFTDPN 4BOUB$FDrMJB"TDFOTJPOJTUB2VFVF EªBSPOEFP5SFTEPOFTJNJUBOUFM NPWJNFOUEªVOWFMFS &9104*$*0/45&.103"-4 %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO 4VOUPSZ.VTFVN0TBLBNBSm¥NBJH /BHPZB$JUZ"SU.VTFVN/BHPZBNBJH¥KVMJPM )PLLBJEP.VTFVNPG.PEFSO"SU4BQQPSPKVMJPM¥TFUFNCSF "RVFTUBFYQPTJDJwRVFIBJUJOFSBUQFSEJWFSTFTDJVUBUTEFM+BQwQFSNFUBDPTUBSTFBMT EJGFSFOUTWFTTBOUTBSUrTUJDTEF4BMWBEPS%BMrJGFSBJYrVOBNJSBEBDPNQMFUBBMBTFWB PCSB4ªIJQPUEFTDPCSJSVOBSUJTUBDPNQMFYJODPOGPSNJTUBJDBQBmEªJOUFSWFOJSFOUPUT FMT DBNQT EF MB DSFBDJw EFT EFMT NnT DPOWFODJPOBMT DPN MB QJOUVSB MªFTDVMUVSB FM EJCVJYPFMHSBWBU¯OTBMTNnTJOOPWBEPSTDPNMFTJOTUBM²MBDJPOTFMTIBQQFOJOHTJMFT QFSGPSNBODFT (BMB MCVN $BTB.VTFV$BTUFMM(BMB%BMr1|CPMNBSm¥EFTFNCSF $PNJTTBSJBEBQFS.POUTF"HVFSJDPPSEJOBEBQFM$FOUSFEª&TUVEJT%BMJOJBOTBRVFTUB FYQPTJDJwQSPQPTBVOSFDPSSFHVUGPUPHSh¯DQFSMBCJPHSB¯BEFMBNVTBEF4BMWBEPS%BMr EJWJEJUFORVBUSFhNCJUT&MFOB*WBOPWOB%JBLPOPWB(BMBcMVBSE(BMB%BMrJ(BMB NVTB-FTTFJYBOUBTFUGPUPHSB¯FTRVFJOUFHSFOMBNPTUSBFOBMHVOTDBTPTJOoEJUFTTwO EªBVUPSTDPN.BO3BZ#SBTTBu&SJD4DIBBM1IJMJQQF)BMTNBO$FDJM#FBUPO.FMJ+PBO 7FIr#BUMMFT$PNQUFJ+VBO(ZFOFTPEªBMHVOGPUxHSBGPDBTJPOBMDPN-VJT#VvVFM -B NPTUSB WB TFS JOBVHVSBEB BNC MB QSFToODJB EF 3BNPO #PJYBEwT QSFTJEFOU EF MB 'VOEBDJw(BMB4BMWBEPS%BMr"OUPOJ1JUYPUEJSFDUPSEFM5FBUSF.VTFV%BMr.POUTF"HVFS EJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOTJ9BWJFS7JEBM'PMDIEJSFDUPSBEKVOUEª&M1BrT !% 5SFTQJF[BTJODMVJEBTFOMBNVFTUSB EFEJDBEBB"OOB.BSJB 5SFTQFDFTJODMPTFTBMBNPTUSB EFEJDBEBB"OOB.BSJB &OUSBEBBMBFYQPTJDJwOEFM-"$." &OUSBEBBMªFYQPTJDJwEFM-"$." *OBVHVSBDJwOFOMB5BUF.PEFSO EF4"3MB*OGBOUB%B$SJTUJOB *OBVHVSBDJwBMB5BUF.PEFSO EF4"3MB*OGBOUB$SJTUJOB !& %BMr1BJOUJOH'JMN 5BUF.PEFSO-POESFTKVOJP¥TFQUJFNCSF -PT"OHFMFT$PVOUZ.VTFVNPG"SU-"$." -PT¸OHFMFTPDUVCSF¥FOFSP 5IF4BMWBEPS%BMr.VTFVN4BO1FUFSTCVSHP'MPSJEB GFCSFSP¥KVOJP 5IF.VTFVNPG.PEFSO"SU.0." /VFWB:PSLKVOJP¥TFQUJFNCSF -B WJODVMBDJwO EF %BMr DPO FM TnQUJNP BSUF DPOTUJUVZF FM FKF WFSUFCSBEPS EF FTUB FYQPTJDJwO JOUFHSBEB QPS QFMrDVMBT QJOUVSBT EJCVKPT GPUPHSBGrBT Z NBOVTDSJUPT Z IBTUBFMNPNFOUPMBNVFTUSBNgTEFTUBDBEBTPCSFMBSFMBDJwOEFMBSUJTUBEF'JHVFSFT DPOFMDJOF-BTPCSBTRVFMB'VOEBDJwOIBQSFTUBEPQBSBMBPDBTJwOTFBDPNQBvBOEF QJOUVSBTEFQSJNFSPSEFODPNP-BQFSTJTUFODJBEFMBNFNPSJB "EFNgTTFPGSFDF MBQPTJCJMJEBEEFWJTJPOBSMBTQFMrDVMBTFOMBTRVFQBSUJDJQw%BMrZBGVFSBJOUFSWJOJFOEP EJSFDUBNFOUFFOMBFMBCPSBDJwOEFMHVJwODPNPFOFMDBTPEFMBTSFBMJ[BEBTDPO-VJT #VvVFM¦6ODIJFOBOEBMPVZ-ªiHFEªPS¦PCJFOFODBMJEBEEFDPMBCPSBEPSDPNPQPS FKFNQMPFO 4QFMMCPVOEEF"MGSFE)JUDIDPDL-BFYQPTJDJwOSFWFMBIBTUBRVnQVOUP MBTQJOUVSBTZMPTEJCVKPTEF%BMrJO°VZFSPOFOTVTQFMrDVMBTZQPOFBMEFTDVCJFSUP MBJNQPSUBODJBEFMDJOFFOFMFTUVEJPEFMBPCSBEFMQJOUPS%FDBSgDUFSJUJOFSBOUFMB NVFTUSBWJTJUBBMHVOPTEFMPTHSBOEFTNVTFPTEFMBFTDFOBJOUFSOBDJPOBM &YQPTJDJwOEFEJDBEBB"OOB.BSJB 5FBUSP.VTFP%BMr'JHVFSFTKVMJP¥TFQUJFNCSF -B4BMBEFMBT1FTDBEFSrBTEFM5FBUSP.VTFPBDPHJwVOBNVFTUSBEFQFRVFvPGPSNBUP EFEJDBEB B MB IFSNBOB EFM BSUJTUB VOP EF MPT NPEFMPT QSFGFSJEPT EFM KPWFO %BMr 0SHBOJ[BEB QPS MB 'VOEBDJwO (BMB4BMWBEPS %BMr MB FYQPTJDJwO FTUBCB JOUFHSBEB QPS PODFSFUSBUPTEF"OOB.BSJBPCSBTEF%BMrQSPDFEFOUFTEFMGPOEPEFMB'VOEBDJwOZ QJF[BTNVZQPDPDPOPDJEBTVOBEFFMMBTJOnEJUBQSPDFEFOUFTEFDPMFDDJPOFTQSJWBEBT %BMr1BJOUJOH'JMN 5BUF.PEFSO-POESFTKVOZ¥TFUFNCSF -PT"OHFMFT$PVOUZ.VTFVNPG"SU-"$." -PT"OHFMFTPDUVCSF¥HFOFS 5IF4BMWBEPS%BMr.VTFVN4BOU1FUFSTCVSH'MPSJEB GFCSFS¥KVOZ 5IF.VTFVNPG.PEFSO"SU.0." /PWB:PSLKVOZ¥TFUFNCSF "RVFTUBFYQPTJDJw¯OTBMNPNFOUMBNnTEFTUBDBEBTPCSFMBSFMBDJwEF4BMWBEPS%BMr BNCFMDJOFNBFYQMPSBMBWJODVMBDJwEFMªBSUJTUBEF'JHVFSFTBNCFMTFUoBSUBUSBWnTEF QFM²MrDVMFTQJOUVSFTEJCVJYPTGPUPHSB¯FTJNBOVTDSJUT-FTPCSFTRVFMB'VOEBDJwIB QSFTUBUQFSBMªPDBTJwTªBDPNQBOZFOEFQJOUVSFTEFQSJNFSPSESFDPN-BQFSTJTUoODJB EFMBNFNxSJB "NnTTªPGFSFJYMBQPTTJCJMJUBUEFWJTJPOBSFMT¯MNTFORVo%BMr WB QBSUJDJQBS TJHVJ JOUFSWFOJOU EJSFDUBNFOU FO MªFMBCPSBDJw EFM HVJw DPN FO FM DBT EFMTSFBMJU[BUTBNC-VJT#VvVFM¦6ODIJFOBOEBMPVJ-ªiHFEªPS¦TJHVJFORVBMJUBU EF DPM²MBCPSBEPS DPN QFS FYFNQMF B 4QFMMCPVOE Eª"MGSFE )JUDIDPDL -ªFYQPTJDJw SFWFMB¯OTBRVJOQVOUMFTQJOUVSFTJFMTEJCVJYPTEF4BMWBEPS%BMrWBOJO°VJSFOMFT TFWFTQFM²MrDVMFTJQPTBBMEFTDPCFSUMBJNQPSUhODJBEFMDJOFNBFOMªFTUVEJEFMªPCSBEFM QJOUPS%FDBShDUFSJUJOFSBOUMBNPTUSBWJTJUB BMHVOT EFMT HSBOT NVTFVT EF MªFTDFOB JOUFSOBDJPOBM &YQPTJDJwEFEJDBEBB"OOB.BSJB 5FBUSF.VTFV%BMr'JHVFSFTKVMJPM¥TFUFNCSF -B 'VOEBDJw (BMB4BMWBEPS %BMr WB PSHBOJU[BS B MB 4BMB EF MFT 1FJYBUFSJFT EFM 5FBUSF .VTFV%BMrEF'JHVFSFTVOBNPTUSBEFQFUJUGPSNBUEFEJDBEBBMBHFSNBOBEFMªBSUJTUBVO EFMTNPEFMTQSFGFSJUTEFMKPWF%BMr-BNPTUSBJOUFHSBEBQFSPO[FSFUSBUTEª"OOB.BSJB QSFTFOUBWBTJTPCSFTEF4BMWBEPS%BMrQSPWJOFOUTEFMGPOTEFMB'VOEBDJw(BMB4BMWBEPS%BMr JDJODQFDFTNPMUQPDDPOFHVEFTVOBEªFMMFTJOoEJUBQSPDFEFOUTEFDPM²MFDDJPOTQSJWBEFT !' " 4BMWBEPS%BMr¥4VSSFBMJTUJ &TQPP.VTFVNPG.PEFSO"SU&.." &TQPP'JOMBOEJB PDUVCSF¥EJDJFNCSF 0SHBOJ[BEBFODPMBCPSBDJwODPOFM&.."BQBSUJSEFMPTGPOEPTEFMB'VOEBDJwO(BMB 4BMWBEPS%BMrEF'JHVFSFTFTUBNVFTUSBPGSFDFVOBNJSBEBDPNQMFUBBMBQFSTPOBZ MBPCSBEFMBSUJTUB-BFYQPTJDJwOFTUgJOUFHSBEBQPSQJOUVSBTEJCVKPTZBDVBSFMBTRVF BCBSDBOVOQFSrPEPEFNgTEFBvPTZFOUSFMPTRVFEFTUBDBMBTFSJFEFBDVBSFMBT SFBMJ[BEBFOQBSBJMVTUSBSMB"VUPCJPHSBGrBEF#FOWFOVUP$FMMJOJ "VUPSSFUSBUPT 5FBUSP.VTFP%BMr'JHVFSFTPDUVCSF¥GFCSFSP 1FRVFvBNVFTUSBEFEJDBEBBMPTBVUPSSFUSBUPTEF%BMrRVFMB'VOEBDJwO%BMrQSFTFOUB FO FM 5FBUSP.VTFP DPO NPUJWP EFM QSnTUBNP EFM "VUPSSFUSBUP D QSPDFEFOUF EFM4BMWBEPS%BMr.VTFVNEF4BO1FUFSTCVSHP'MPSJEB -BFYQPTJDJwORVFTFQVFEF DPOTJEFSBS FO Tr NJTNB DPNP VO BVUPSSFUSBUP TJHOJ¯DBUJWP Z SFWFMBEPS EFM BSUJTUB DPNQSFOEFVOBTFMFDDJwOEFwMFPTZEJCVKPTEFEJGFSFOUFTQFSrPEPT 5SFTEFMBTPCSBTRVFTF FYQVTJFSPOFO'JOMBOEJB 5SFTEFMFTPCSFTRVFFTWBO FYQPTBSB'JOMhOEJB 4BMWBEPS%BMr¥4VSSFBMJTUJ &TQPP.VTFVNPG.PEFSO"SU&.." &TQPP'JOMhOEJB PDUVCSF¥EFTFNCSF "RVFTUB NPTUSB PSHBOJU[BEB FO DPM²MBCPSBDJw BNC Mª&.." B QBSUJS EFMT GPOT EF MB 'VOEBDJw(BMB4BMWBEPS%BMrEF'JHVFSFTPGFSFJYVOBNJSBEBDPNQMFUBBMBQFSTPOBJB MªPCSBEF4BMWBEPS%BMr-ªFYQPTJDJwDPOUnQJOUVSFTEJCVJYPTJBRVBSFM²MFTRVFBCSBDFO VO QFSrPEF EF NnT EF TFJYBOUB BOZT J FOUSF FMT RVBMT EFTUBDB MB ToSJF EªBRVBSFM²MFT SFBMJU[BEBFMQFSJM²MVTUSBSMª"VUPCJPHSB¯BEF#FOWFOVUP$FMMJOJ "VUPSFUSBUT 5FBUSF.VTFV%BMr'JHVFSFTPDUVCSF¥GFCSFS "NCNPUJVEFMQSnTUFDEFMª"VUPSFUSBUD QSPDFEFOUEFM4BMWBEPS%BMr.VTFVN EF 4BOU 1FUFSTCVSH 'MPSJEB MB 'VOEBDJw %BMr QSFTFOUB BM5FBUSF.VTFV VOB QFUJUB NPTUSBEFEJDBEBBMTBVUPSFUSBUTEF%BMrRVFFTQPUDPOTJEFSBSBMIPSBVOBVUPSFUSBU TJHOJ¯DBUJVJSFWFMBEPSEFMªBSUJTUB-ªFYQPTJDJwDPNQSoOVOBTFMFDDJwEªPMJTJEJCVJYPT EFEJGFSFOUTQFSrPEFT " 'JHVSBTPCSFMBTSPDBTGVF QSFTUBEPQPSFMNVTFPEF'MPSJEB 'JHVSBEBNVOUMFTSPRVFTWBTFS QSFTUBUQFMNVTFVEF'MPSJEB &MwMFP(SBEJWBEFTDVCSFMBTSVJOBTBOUSPQPNPSGBT QSFTUBEPQPSFM5IZTTFO#PSOFNJT[B -ªPMJ(SBEJWBEFTDPCSFJYMFTSVuOFTBOUSPQPNPSGFT QSFTUBUQFM5IZTTFO#PSOFNJT[B " */5&3$".#*0%&0#3" $PO MB JOUFODJwO EF EJGVOEJS FO UPEP FM NVOEP MB PCSB EFM HFOJP BNQVSEBOnT Z BM NJTNPUJFNQPQSFTFOUBSMBFOFM5FBUSP.VTFPEF'JHVFSFTMB'VOEBDJwO(BMB4BMWBEPS %BMrIBJOJDJBEPVOBQPMrUJDBEFJOUFSDBNCJPEFPCSBTEFMBSUJTUBDPOPUSBTDPMFDDJPOFT .VTFP5IZTTFO#PSOFNJT[B.BESJEFOFSP¥NBZP &MwMFP3FUSBUPEF1BCMP1JDBTTPFOFMTJHMPYYJTFQSFTUBBMBFYQPTJDJwO&MFTQFKPZMB NgTDBSB&MSFUSBUPFOFMTJHMPEF1JDBTTPDFMFCSBEBFOFM.VTFP5IZTTFO#PSOFNJT[B EF.BESJE&ODPOUSBQBSUJEBMB'VOEBDJwO%BMrSFDJCFEFMBJOTUJUVDJwONBESJMFvBFM wMFP(SBEJWBEFTDVCSFMBTSVJOBTBOUSPQPNPSGBTGBOUBTrBSFUSPTQFDUJWB D 'VOEBDJwO4VvPM#BSDFMPOBKVOJP¥TFQUJFNCSF &M&TUVEJPQBSB-BJNBHFOEFTBQBSFDFSFBMJ[BEPFOTFQSFTUBBMBDPMFDDJwO4VvPM EF#BSDFMPOBBDBNCJPEFMEJCVKP&TUVEJPQBSBFMFTDFOBSJPQBSB-FT.ZTUoSFTTVSSnBMJTUFT EF/FX:PSLEFRVFQBSUJDJQBFOMBFYQPTJDJwO%BMr1BJOUJOH'JMNQSFTFOUBEB FOQSJNFSMVHBSFOMB5BUF.PEFSOEF-POESFTZNgTUBSEFFOPUSPTNVTFPT 4BMWBEPS%BMr.VTFVN4BO1FUFSTCVSHP'MPSJEB PDUVCSF¥GFCSFSP &M4BMWBEPS%BMr.VTFVNEF4BO1FUFSTCVSHP'MPSJEB SFDJCJwEFMB'VOEBDJwO(BMB 4BMWBEPS%BMrDPODBSgDUFSUFNQPSBMMPTwMFPT5SFTNVKFSFTJNJUBOEPMPTNPWJNJFOUPT EFVOWFMFSP 4BOUB$FDJMJBBTDFOTJPOJTUB Z4JOUrUVMP2VFVFEªBSPOEF ZWJPMPODIFMPT4FSJFEFMBTDBUgTUSPGFT "DBNCJPFMNVTFPBNFSJDBOPDFEJwB OVFTUSBFOUJEBEMBTPCSBT"VUPSSFUSBUPD 'JHVSBTPCSFMBTSPDBT Z%JPOJTJP FTDVQJFOEPMBJNBHFODPNQMFUBEF$BEBRVnTTPCSFMBQVOUBEFMBMFOHVBEFVOBNVKFS HBVEJOJBOBEFUSFTQJTPT */5&3$"/7*%ª0#3" -B'VOEBDJw(BMB4BMWBEPS%BMrIBJOJDJBUVOBQPMrUJDBEªJOUFSDBOWJEªPCSFTEFMªBSUJTUB BNCBMUSFTDPM²MFDDJPOTQFSUBMEFEJGPOESFBSSFVMªPCSBEFMHFOJFNQPSEBOoTJBMIPSB QSFTFOUBSMBBM5FBUSF.VTFVEF'JHVFSFT .VTFP5IZTTFO#PSOFNJT[B.BESJEHFOFS¥NBJH -ªPMJ3FUSBUEF1BCMP1JDBTTPBMTFHMFYYJFTQSFTUBBMªFYQPTJDJw&MFTQFKPZMBNgTDBSB &MSFUSBUPFOFMTJHMPEF1JDBTTPDFMFCSBEBBM.VTFP5IZTTFO#PSOFNJT[BEF.BESJE (ShDJFT B BRVFTU QSnTUFD MB 'VOEBDJw %BMr SFQ MªPMJ (SBEJWB EFTDPCSFJY MFT SVuOFT BOUSPQPNPSGFTGBOUBTJBSFUSPTQFDUJWB D EFMBJOTUJUVDJwNBESJMFOZB 'VOEBDJw4VvPM#BSDFMPOBKVOZ¥TFUFNCSF -ª&TUVEJQFSB-BJNBUHFEFTBQBSFJYSFBMJU[BUFMFTQSFTUBBMBDPM²MFDDJw4VvPM EF#BSDFMPOBBDBOWJEFMEJCVJY&TUVEJQFSBMªFTDFOBSJQFSB-FT.ZTUoSFTTVSSnBMJTUFT EF/FX:PSLEFMRVFQBSUJDJQBBMªFYQPTJDJw%BMr1BJOUJOH'JMNQSFTFOUBEBFO QSJNFSMMPDBMB5BUF.PEFSOEF-POESFTJNnTUBSEFOBMUSFTNVTFVT 4BMWBEPS%BMr.VTFVN4BOU1FUFSTCVSH'MPSJEB PDUVCSF¥GFCSFS -B'VOEBDJw(BMB4BMWBEPS%BMrWBDFEJSEFGPSNBUFNQPSBMFMTPMJT5SFTEPOFTJNJUBOU FMTNPWJNFOUTEªVOWFMFS 4BOUB$FDrMJBBTDFOTJPOJTUB J4FOTFUrUPM2VFVF EªBSPOEFJWJPMPODFMT4oSJFEFMFTDBUhTUSPGFT BM4BMWBEPS%BMr.VTFVNEF4BOU 1FUFSTCVSH'MPSJEB "DBOWJWBBDPMMJSQSPWJOFOUTEªBRVFTUNVTFVOPSEBNFSJDhMFT PCSFT"VUPSFUSBUD 'JHVSBEBNVOUMFTSPRVFT J%JPOrTFTDPQJOUMBJNBUHF DPNQMFUB EF $BEBRVnT TPCSF MB QVOUB EF MB MMFOHVB EªVOB EPOB HBVEJOJBOB EF USFT QJTPT "! 13c45".04%&0#3" -B 'VOEBDJwO IB QSFTUBEP PCSBT B TFJT FYQPTJDJPOFT PSHBOJ[BEBT QPS PUSBT UBOUBT FOUJEBEFTRVFTFDPNFOUBOCSFWFNFOUFBDPOUJOVBDJwO &MFTQFKPZMBNgTDBSB&MSFUSBUPFOFMTJHMPEF1JDBTTP .VTFP5IZTTFO#PSOFNJT[B.BESJE'FCSFSP¥NBZP 4FQSFTUwQJOUVSB &TUBFYQPTJDJwOQSPQPOrBVOBOgMJTJTEFMEFTBSSPMMPEFMSFUSBUPEVSBOUFMBNBZPSQBSUF EFMTJHMPYYQFSrPEPFOFMRVFTFWJWJwVOBSFWJTJwOZSFFMBCPSBDJwOEFMHnOFSPBSBr[ EFMPTOVFWPTQMBOUFBNJFOUPTFTUnUJDPTEFMBNPEFSOJEBE -PT $JOnUJDPT .VTFP/BDJPOBM$FOUSPEF"SUF3FJOB4PGrB.BESJE.BS[P¥BHPTUP 4FQSFTUwQJOUVSB "" -BNVFTUSBFYQMPSBCBMBWPMVOUBEEFJOUSPEVDJSFMNPWJNJFOUPZBTFBEFGPSNBSFBMPWJSUVBM DPNPFMFNFOUPQMgTUJDPFOMBPCSBEFBSUF"FTUF¯OSFBMJ[BCBVOSFDPSSJEPUSBOTWFSTBMQPS MPT|MUJNPTDBQrUVMPTEFMBIJTUPSJBEFMBSUFEFTEFMPTNPNFOUPTPSJHJOBSJPTEFMBNPEFSOJEBE IBTUBMBTNBOJGFTUBDJPOFTBSUrTUJDBTNgTSFDJFOUFTQBTBOEPQPSFMQFSrPEPFORVFEJGFSFOUFT HSVQPTEFBSUJTUBTDPOGPSNBSPOFMRVFTFEFOPNJOBSrBNPWJNJFOUPDJOnUJDP 3FDUP7FSTP-BDBSBPDVMUBEFMBTPCSBTEFMPTNVTFPT .VTFVEFMª&NQPSEh'JHVFSFT"CSJM¥TFQUJFNCSF 4FQSFTUwQJOUVSB -BFYQPTJDJwOUFOrBDPNPPCKFUJWPQPOFSBMEFTDVCJFSUPMBJOGPSNBDJwOBEJDJPOBMRVF FMSFWFSTPEFMBTPCSBTGBDJMJUBBMPTIJTUPSJBEPSFTZBQPSUBSEBUPTIBCJUVBMNFOUFPDVMUPT BMBNJSBEBEFMFTQFDUBEPS&TUPTEBUPTQSPQPSDJPOBOVOBJOGPSNBDJwOWBMJPTrTJNBBMB IPSBEFDPOPDFSMBIJTUPSJBEFMBTPCSBTTVTBVUPSFTFMNPNFOUPFORVFTFSFBMJ[BSPO TVUSBZFDUPSJBFUD 7JTVBMLVMUVSDBU .VTFVNGS"OHFXBOEUF,VOTU'SBOLGVSU4FQUJFNCSF¥FOFSP 4FQSFTUBSPOMJCSPPCKFUPZHSBCBEPT $PONPUJWPEFMB'FSJBEFM-JCSPRVFDFMFCSBBOVBMNFOUFMBDJVEBEBMFNBOBEF'SBOLGVSU BDPHJwFTUBFYQPTJDJwOEFMJCSPTEFBSUJTUBZPCSBTEFEJTFvPHSg¯DP&OMBNVFTUSBTF QSFTFOUBCBOBMHVOPTEFMPTDBQrUVMPTNgTTJHOJ¯DBUJWPTEFMQSPDFTPRVFJOJDJBSPOMPTBSUJTUBT TVSHJEPTEFMTVSSFBMJTNPZFMDVCJTNPRVFEFTQVnTDPOUJOVBSPOMPTQJPOFSPTEFMBBCTUSBDDJwO ZNgTSFDJFOUFNFOUFIBOQSPTFHVJEPMPTEJTFvBEPSFTZMPTBSUJTUBTNVMUJNFEJB 13c45&$4%ª0#3" -B'VOEBDJwIBQSFTUBUPCSFTBTJTFYQPTJDJPOTPSHBOJU[BEFTQFSBMUSFTFOUJUBUTRVFFT DPNFOUFOCSFVNFOUBDPOUJOVBDJw &MFTQFKPZMBNgTDBSB&MSFUSBUPFOFMTJHMPEF1JDBTTP .VTFP5IZTTFO#PSOFNJT[B.BESJE'FCSFS¥NBJH &TWBQSFTUBSQJOUVSB &OBRVFTUBFYQPTJDJwFTQSPQPTBWBVOBBOhMJTJEFMEFTFOWPMVQBNFOUEFMSFUSBUEVSBOU MBNBKPSQBSUEFMTFHMFYYVOQFSrPEFFORVoFTWJTRVnVOBSFWJTJwJSFFMBCPSBDJwEFM HoOFSFBSSBOEFMTOPVTQMBOUFKBNFOUTFTUoUJDTEFMBNPEFSOJUBU -PT $JOnUJDPT .VTFP/BDJPOBM$FOUSPEF"SUF3FJOB4PGrB.BESJE.BSm¥BHPTU &TWBQSFTUBSQJOUVSB -BNPTUSBFYQMPSBWBMBWPMVOUBUEªJOUSPEVJSFMNPWJNFOUTJHVJEFGPSNBSFBMPWJSUVBM DPNBFMFNFOUQMhTUJDFOMªPCSBEªBSUBUSBWnTEªVOSFDPSSFHVUUSBOTWFSTBMQFMTEBSSFST DBQrUPMTEFMBIJTUxSJBEFMªBSUEFTEFMTNPNFOUTPSJHJOBSJTEFMBNPEFSOJUBU¯OTBMFT NBOJGFTUBDJPOTBSUrTUJRVFTNnTSFDFOUTQBTTBOUQFMQFSrPEFFORVoEJGFSFOUTHSVQT EªBSUJTUFTWBODPOGPSNBSFMRVFFTWBEFOPNJOBSNPWJNFOUDJOoUJD 3FDUP7FSTP-BDBSBPDVMUBEFMFTPCSFTEFMTNVTFVT .VTFVEFMª&NQPSEh'JHVFSFT"CSJM¥TFUFNCSF &TWBQSFTUBSQJOUVSB -ªFYQPTJDJwWPMJBQPTBSBMEFTDPCFSUMBJOGPSNBDJwBEEJDJPOBMRVFFMSFWFSTEFMFTPCSFT GBDJMJUBBMTIJTUPSJBEPSTJSFTUBVSBEPSTJBQPSUBSEBEFTIBCJUVBMNFOUPDVMUFTBMBNJSBEB EF MªFTQFDUBEPS "RVFTUFT EBEFT QSPQPSDJPOFO EPDVNFOUBDJw JNQPSUBOU B MªIPSB EF DPOoJYFSMBIJTUxSJBEFMFTPCSFTFMTTFVTBVUPSTFMNPNFOUFORVoWBOTFSSFBMJU[BEFT MBTFWBUSBKFDUxSJBFUD 7JTVBMLVMUVSDBU .VTFVNGS"OHFXBOEUF,VOTU'SBOLGVSU4FUFNCSF¥HFOFS &TWBOQSFTUBSMMJCSFPCKFDUFJHSBWBUT &YQPTJDJw EF MMJCSFT EªBSUJTUB J PCSFT EF EJTTFOZ HSh¯D DFMFCSBEB B 'SBOLGVSU BNC NPUJVEFMB'JSBEFM-MJCSFRVFUnMMPDBOVBMNFOUFOBRVFTUBDJVUBU4ªIJQSFTFOUBWFO BMHVOTEFMTDBQrUPMTNnTTJHOJ¯DBUJVTEFMQSPDnTRVFWBOJOJDJBSFMTBSUJTUFTTPSHJUTEFM TVSSFBMJTNFJFMDVCJTNFRVFEFTQSnTWBODPOUJOVBSFMTQJPOFSTEFMªBCTUSBDDJwJNnT SFDFOUNFOUIBOQSPTTFHVJUFMTEJTTFOZBEPSTJFMTBSUJTUFTNVMUJNoEJB "# "$ 3JDIBSE8BHOFS7JTJPOTEªBSUJTUFT%ª"VHVTUF3FOPJSh"OTFMN,JFGFS .VTnFEFMB.VTJRVF1BSrT0DUVCSF¥FOFSP 4FQSFTUBSPOEJCVKPT -B NVFTUSB HJSBCB FO UPSOP B MB SFQFSDVTJwO RVF MB PCSB EF 3JDIBSE 8BHOFS IB UFOJEPBMPMBSHPEFMUJFNQPEFTEFMBQJOUVSBEFIBTUBFMBSUFDPOUFNQPSgOFPZ QSFTFOUBCBBMNJTNPUJFNQPMBEJWFSTJEBEEFJO°VFODJBTRVFUBOUPMBN|TJDBDPNPMBT QSPEVDDJPOFTFTDnOJDBTZMPTFTDSJUPTEFMDPNQPTJUPSIBOFKFSDJEPTPCSFMBTEJGFSFOUFT HFOFSBDJPOFTEFBSUJTUBTEFUPEPFMNVOEP &MNVOEPEFMPCKFUPDBUBMgOBMBMV[EFMTVSSFBMJTNP .VTFV/BDJPOBMEª"SUEF$BUBMVOZB#BSDFMPOB0DUVCSF¥FOFSP 4FQSFTUwFTDVMUVSBTVSSFBMJTUB &YQPTJDJwORVFUFOrBQPSPCKFUPNPTUSBSBMQ|CMJDPVOBTFMFDDJwOBMUBNFOUFTJHOJ¯DBUJWB EFMBTBQPSUBDJPOFTRVFEJWFSTPTBSUJTUBTDBUBMBOFTPFTUSFDIBNFOUFWJODVMBEPTB$BUBMVvB IJDJFSPOBMNVOEPEFMPCKFUPCBKPMBJO°VFODJBEFMTVSSFBMJTNPFOMBEnDBEBEF &M#VTUPEFNVKFSSFUSPTQFDUJWPGVF QSFTUBEPBM./"$ZFMFTUVEJPQBSB #BDDIBOBMFBM.VTnFEFMB.VTJRVF &M#VTUEFEPOBSFUSPTQFDUJVWBTFS QSFTUBUBM./"$JMªFTUVEJQFSB #BDDIBOBMFBM.VTnFEFMB.VTJRVF 3JDIBSE8BHOFS7JTJPOTEªBSUJTUFT%ª"VHVTUF3FOPJSh"OTFMN,JFGFS .VTnFEFMB.VTJRVF1BSrT0DUVCSF¥HFOFS &TWBOQSFTUBSEJCVJYPT -B NPTUSB EFTUBDBWB FM SFTTx RVF MªPCSB EF 3JDIBSE 8BHOFS IB UJOHVU BM MMBSH EFM UFNQTEFTEFMBQJOUVSBEF¯OTBMªBSUDPOUFNQPSBOJUPUQSFTFOUBOUMBEJWFSTJUBU EªJO°VoODJFT RVF UBOU MB N|TJDB DPN MFT QSPEVDDJPOT FTDoOJRVFT J FMT FTDSJUT EFM DPNQPTJUPSIBOFYFSDJUTPCSFMFTEJGFSFOUTHFOFSBDJPOTEªBSUJTUFTEªBSSFV &MNwOEFMªPCKFDUFDBUBMhBMBMMVNEFMTVSSFBMJTNF .VTFV/BDJPOBMEª"SUEF$BUBMVOZB#BSDFMPOB0DUVCSF¥HFOFS &TWBQSFTUBSFTDVMUVSBTVSSFBMJTUB &YQPTJDJwRVFUFOJBQFSPCKFDUFNPTUSBSBMQ|CMJDVOBTFMFDDJwBMUBNFOUTJHOJ¯DBUJWB EFMFTBQPSUBDJPOTRVFEJWFSTPTBSUJTUFTDBUBMBOTPFTUSFUBNFOUWJODVMBUTB$BUBMVOZB WBOGFSBMNwOEFMªPCKFDUFTPUBMBJO°VoODJBEFMTVSSFBMJTNFFOMBEoDBEBEFM "% -BJOWFTUJHBDJwOIBQFSNJUJEPEFTDVCSJSRVFFTUBTEPT PCSBTFSBOVOBTPMBQJF[B6OPEFMPTSFWFSTPTGVF VUJMJ[BEPQPS%BMrQBSBVOSFUSBUPEF-PSDB -BSFDFSDBIBQFSNoTEFTDPCSJSRVFBRVFTUFTEVFT PCSFTFSFOVOBTPMBQFmB6OEFMTSFWFSTPTWBTFS VUJMJU[BUQFS%BMrQFSBVOSFUSBUEF-PSDB "& %0$6.&/5"$*¾/:$"5"-0("$*¾/ -B QSFTFOUBDJwO EF MB TFHVOEB QBSUF EFM DBUgMPHP SB[POBEP EF QJOUVSBT BM wMFP EF 4BMWBEPS%BMrUVWPMVHBSFMEFFOFSPFOMB3FTJEFODJBEF&TUVEJBOUFT&MBDUPFTUVWP BDBSHPEF.POUTF"HVFSZ$BSNF3VJ[NJFOUSBTRVFFMDBUFESgUJDP'SBODJTDP$BMWP 4FSSBMMFSTFPDVQwEFQSFTFOUBSFMDPOUFOJEPEFMQSPZFDUP %VSBOUFFMZTJHVJFOEPFMQSPZFDUPJOJDJBMTFDPNFO[wBUSBCBKBSFOFMUFSDFSUSBNP EFMDBUgMPHPSB[POBEPEFMBPCSBEBMJOJBOBRVFBCBSDBFMQFSrPEP&MPCKFUJWP EF FTUF JNQPSUBOUF QSPZFDUP FT FTUBCMFDFS Z EFUFSNJOBS EF VOB NBOFSB EF¯OJUJWB FM DPSQVTEFMBQJOUVSBEBMJOJOBZEPDVNFOUBSMPDPOMBNgYJNBJOGPSNBDJwOQPTJCMF "MPMBSHPEFMFKFSDJDJPMBTSFTQPOTBCMFTEFMBSFBMJ[BDJwOEFMDBUgMPHPSB[POBEPWJTJUBSPO MPT BSDIJWPT EFM $FOUSP 1PNQJEPV EF 1BSrT EPOEF TF DPOTFSWB UPEB MB EPDVNFOUBDJwO HFOFSBEBDPONPUJWPEFMBFYQPTJDJwOBOUPMwHJDBEF%BMrDFMFCSBEBFOFOFTUBFOUJEBE 5BNCJnOBDDFEJFSPOBMGPOEPEFMB#JCMJPUFDB,BOEJOTLZEFM$FOUSP1PNQJEPVBMPCKFUP EFDPOTFHVJSMBNgYJNBJOGPSNBDJwOTPCSFMBTPCSBTEFFTUFQSwYJNPUSBNPEFMDBUgMPHP #|TRVFEBEPDVNFOUBM $POMBJOUFODJwOEFDPNQMFUBSFMGPOEPEPDVNFOUBMEFM$FOUSPEF&TUVEJPT%BMJOJBOPT ¦PCKFUJWPZBQMBOUFBEPFOBvPTBOUFSJPSFT¦ZEFSFDPQJMBSMPTBSUrDVMPTTPCSF4BMWBEPS %BMrBQBSFDJEPTIBTUBUBOUPFOMBQSFOTBOBDJPOBMDPNPFOMBJOUFSOBDJPOBMTFIBO WJTJUBEPEJWFSTBTCJCMJPUFDBTZIFNFSPUFDBTFOUSFFMMBTMB#JCMJPUFDBEFMB6OJWFSTJUBU EF#BSDFMPOBEPOEFTFIBMMFWBEPBDBCPVOWBDJBEPDPNQMFUPEFBSUrDVMPTFEJUBEPT FOQVCMJDBDJPOFTEFBSUF 0CSBUPUBMNFOUFJOnEJUBRVF MBJOWFTUJHBDJwOIBEFTWFMBEP 0CSBUPUBMNFOUJOoEJUBRVF MBSFDFSDBIBEFTWFMBU ¿MFPNVZEFTDPOPDJEPQFSUFOFDJFOUF BVOBDPMFDDJwOEFEJGrDJMBDDFTP 0MJNPMUEFTDPOFHVUQFSUBOZFOU BVOBDPM²MFDDJwEFEJGrDJMBDDnT %0$6.&/5"$*¾*$"5"-0("$*¾ &MEFHFOFSMB3FTJEFODJBEF&TUVEJBOUFTEF.BESJEWBBDPMMJSMªBDUFEFQSFTFOUBDJw EFMBTFHPOBQBSUEFMDBUhMFHSBPOBUEFQJOUVSFTBMªPMJEF4BMWBEPS%BMrRVFWBBOBS B DhSSFD EF .POUTF "HVFS J $BSNF 3VJ[ &M DBUFEShUJD 'SBODJTDP $BMWP 4FSSBMMFS WB QSFTFOUBSFMDPOUJOHVUEFMQSPKFDUF &OFMEFDVSTEFMJTFHVJOUFMQSPKFDUFJOJDJBMFTWBDPNFOmBSBUSFCBMMBSFOFM UFSDFSUSBNEFMDBUhMFHSBPOBUEFMªPCSBEBMJOJBOBRVFDPNQSoOFMTBOZTBJ RVFWPMFTUBCMJSJEFUFSNJOBSEªVOBNBOFSBEF¯OJUJWBFMDPSQVTEFMBQJOUVSBEBMJOJBOB BJYrDPNEPDVNFOUBSMPBNCMBNhYJNBJOGPSNBDJwQPTTJCMF %VSBOUBRVFTUBOZMFTSFTQPOTBCMFTEFMQSPKFDUFEFMDBUhMFHSBPOBUWBOWJTJUBSFMTBSYJVT EFM$FOUSF1PNQJEPVEF1BSrTFOFMTRVBMTFTDPOTFSWFOUPUTFMTEPDVNFOUTHFOFSBUT QFSMªFYQPTJDJwBOUPMxHJDBEF%BMrDFMFCSBEBFMFOBRVFTUBFOUJUBU"JYrNBUFJYWBO BDDFEJSBMGPOTEFMB#JCMJPUFDB,BOEJOTLZEFM$FOUSF1PNQJEPVQFSUBMEªBDPOTFHVJS UPUBMBJOGPSNBDJwQPTTJCMFTPCSFMFTPCSFTEªBRVFTUQSxYJNUSBNEFMDBUhMFH 3FDFSDBEPDVNFOUBM 4FHVJOU MªPCKFDUJV EªBOZT BOUFSJPST EF DPNQMFUBS FM GPOT EPDVNFOUBM EFM $FOUSF Eª&TUVEJT%BMJOJBOTJEFSFDPQJMBSFMTBSUJDMFTTPCSF4BMWBEPS%BMrBQBSFHVUT¯OTBM UBOUFOMBQSFNTBOBDJPOBMDPNFOMBJOUFSOBDJPOBMTªIBOWJTJUBUEJWFSTFTCJCMJPUFRVFT JIFNFSPUFRVFTDPNBSBMB#JCMJPUFDBEFMB6OJWFSTJUBUEF#BSDFMPOBPOTªIBGFUVO CVJEBUHFDPNQMFUEªBSUJDMFTFEJUBUTFOQVCMJDBDJPOTEªBSU "' /VFTUSBTJOWFTUJHBDJPOFTOPTIBOMMFWBEPBEFTDVCSJSRVFFTUPTEPTSFUSBUPTGPSNBCBOQBSUFEFVONJTNPUBCMFSPEFNBEFSBDPOUSBQMBDBEP -FTOPTUSFTJOWFTUJHBDJPOTFOTIBOQPSUBUBTBCFSRVFBRVFTUTEPTSFUSBUTGPSNBWFOQBSUEªVONBUFJYUBVMFSEFGVTUBDPOUSBQMBDBU # &OFMNBSDPEFFTUBBDDJwODBCFEFTUBDBSRVFMBWJTJUBBMB#JCMJPUFDB,BOEJOTLZEFM$FOUSP 1PNQJEPVEF1BSrTIBTFSWJEPUBNCJnOQBSBDPOTVMUBSMPTGPOEPTEFQSFOTBQFSJwEJDB HFOFSBEPTEVSBOUFMBC|TRVFEBQBSBMBFYQPTJDJwOBOUPMwHJDBEF4BMWBEPS%BMr "EFNgT TF IB UFOJEP BDDFTP B EJGFSFOUFT CBTFT EF EBUPT EF *OUFSOFU MP RVF IB QFSNJUJEP WBDJBS BSUrDVMPT BQBSFDJEPT FO EJWFSTPT NFEJPT UBOUP OBDJPOBMFT DPNP JOUFSOBDJPOBMFT F JODPSQPSBSMPT B OVFTUSP BSDIJWP 5PEP FM NBUFSJBM DPNQJMBEP TF DPOUJO|BJOUSPEVDJFOEPFOMBTCBTFTEFEBUPTBMNJTNPUJFNQPTFTJHVFOEJHJUBMJ[BOEP MPTBSUrDVMPTQFSUFOFDJFOUFTBOVFTUSPTGPOEPTIBTUBFMBvP 1PSPUSBQBSUFFTUFBvPTFIBQSPTFHVJEPDPOMBTMBCPSFTEFDBUBMPHBDJwOZDPOTFSWBDJwO EFMGPOEPGPUPHSg¯DPJOUFHSBEPQPSVOBTJNgHFOFTZVOPTOFHBUJWPTZ DPOUBDUPT&MPCKFUJWP FT BDUVBMJ[BS Z DPNQMFUBS MBT ¯DIBT EF MBTGPUPHSBGrBTRVF TF FTDBOFBONJEFOZGFDIBOZEFMBTRVFTFIBDFVOBEFTDSJQDJwOEFUBMMBEBEFNBOFSB RVFUBOUPFMQFSTPOBMEFM$&%DPNPMPTJOWFTUJHBEPSFTRVFBDVEBOBDPOTVMUBSTVT GPOEPTQVFEBOWJTJPOBSMBT¯DIBTFOMVHBSEFMBTGPUPHSBGrBTPSJHJOBMFT&TUBBDUVBDJwO IB QFSNJUJEP BEFNgT VCJDBS MBT GPUPHSBGrBT FO FM BMNBDnO RVF DVFOUB DPO VOBT DPOEJDJPOFTEFUFNQFSBUVSBZIVNFEBEwQUJNBTQBSBTVDPOTFSWBDJwO 1PSTVDBMJEBEFMGPOEPGPUPHSg¯DPEFMB'VOEBDJwOFTPCKFUPEFDPOTUBOUFTQFUJDJPOFTEF NBUFSJBMUBOUPQBSBFYQPTJDJPOFTDPNPQBSBUPEPUJQPEFQVCMJDBDJPOFTEPDVNFOUBMFTFUD &TUPDPNQPSUBRVFFOBMHVOPTDBTPTMPTJOUFSFTBEPTBDVEBOQFSTPOBMNFOUFBDPOTVMUBS MBTJNgHFOFTBMBCJCMJPUFDBEFM$&%NJFOUSBTRVFFOPUSPTFMQFSTPOBMFODBSHBEPEFM BSDIJWPGPUPHSg¯DPQSFTUBBTFTPSBNJFOUPBMPTTPMJDJUBOUFTPSFBMJ[BVOBQSFTFMFDDJwOEF MBTJNgHFOFTBDPOTVMUBSRVFQPTUFSJPSNFOUFTFUSBOTNJUFOBMPTJOUFSFTBEPTFOTPQPSUF $%ZFOBMUBSFTPMVDJwO&TUFBvPTFIBOBUFOEJEPVOBDJODVFOUFOBEFQFUJDJPOFT -BCPSFTEFDPOTVMUBEFMPTGPOEPT GPUPHSg¯DPTFOFM$FOUSP1PNQJEPV 5BTRVFTEFDPOTVMUBEFMTGPOT GPUPHSh¯DTBM$FOUSF1PNQJEPV $BM EFTUBDBS RVF MB WJTJUB B MB #JCMJPUFDB ,BOEJOTLZ EFM $FOUSF 1PNQJEPV EF 1BSrT UBNCnIBTFSWJUQFSDPOTVMUBSFMTGPOTEFQSFNTBQFSJxEJDBHFOFSBUTEVSBOUMBSFDFSDB QFSBMªFYQPTJDJwBOUPMxHJDBEF4BMWBEPS%BMr "NnTBNnTTªIBUJOHVUBDDnTBEJGFSFOUTCBTFTEFEBEFTEª*OUFSOFUGFURVFIBQFSNoT CVJEBSBSUJDMFTEFEJWFSTPTNJUKBOTUBOUOBDJPOBMTDPNJOUFSOBDJPOBMTJJODPSQPSBSMPT BMOPTUSFBSYJV5PUFMNBUFSJBMDPNQJMBUFTDPOUJOVBJOUSPEVJOUFOMFTCBTFTEFEBEFT BMNBUFJYUFNQTTFTFHVFJYFOEJHJUBMJU[BOUFMTBSUJDMFTQFSUBOZFOUTBMTOPTUSFTGPOT ¯OTBMªBOZ &OHVBOZTªIBDPOUJOVBUBNCMBDBUBMPHBDJwJDPOTFSWBDJwEFMGPOTGPUPHSh¯DJOUFHSBU QFSVOFTJNBUHFTJVOTOFHBUJVTJDPOUBDUFT"RVFTUBUBTDBFTUhEFTUJOBEB BBDUVBMJU[BSJDPNQMFUBSMFT¯UYFTEFMFTGPUPHSB¯FTFTDBOFKBOUMFTQFDFTNFTVSBOU MFTEBUBOUMFTJGFOUOFVOBEFTDSJQDJwBDVSBEBQFSUBMRVFFMQFSTPOBMEFM$&%JFMT JOWFTUJHBEPST RVF DPOTVMUJO FM GPOT QVHVJO WJTJPOBS MFT ¯UYFT FO DPNQUFT EF MFT GPUPHSB¯FTPSJHJOBMT"RVFTUBBDUVBDJwBNnTIBQFSNoTVCJDBSMFTBMNBHBU[FNPO MBUFNQFSBUVSBJMBIVNJUBUTwOxQUJNFTQFSBMBTFWBDPOTFSWBDJw -BRVBMJUBUEFMGPOTGPUPHSh¯DEFMB'VOEBDJwGBRVFMFTQFUJDJPOTUBOUQFSBFYQPTJDJPOT DPNQFSBUPUUJQVTEFQVCMJDBDJPOTJEPDVNFOUBMTTJHVJODPOTUBOUT&MTJOUFSFTTBUT WJTJUFO FM $&% QFS DPOTVMUBS MFT JNBUHFT EF MB CJCMJPUFDB P Cn FM NBUFJY QFSTPOBM FODBSSFHBUEFMªBSYJVGPUPHSh¯DEVBUFSNFVOBTTFTTPSBNFOUBMTQFUJDJPOBSJTPSFBMJU[B VOB QSFTFMFDDJw EªJNBUHFT RVF QPTUFSJPSNFOU TFªMT USBNFU FO TVQPSU $% J FO BMUB SFTPMVDJw&OHVBOZTªIBBUoTVOBDJORVBOUFOBEFQFUJDJPOT # $BUgMPHPEFMBFYQPTJDJwO %BMrNVMUJGBDFUFEDFMFCSBEBFO+BQwO $BUhMFHEFMªFYQPTJDJw %BMrNVMUJGBDFUFEDFMFCSBEBBM+BQw # "MPCKFUPEFFOSJRVFDFSMBDPMFDDJwOZFMGPOEPEFMBSDIJWPFM$&%IBDPOUJOVBEPTV MBCPSEFDPNQSBEFSFWJTUBTBOUJHVBTZEFMJCSPT"TJNJTNPMMFWBBDBCPVOTFHVJNJFOUP EFMBTBDUJWJEBEFTEFMBTDBTBTEFTVCBTUBTQBSUJDJQBOEPDVBOEPMPDPOTJEFSBOFDFTBSJP ZDPOUSPMBUPEPFMNBUFSJBMSFMBDJPOBEPDPO4BMWBEPS%BMr&TUFBvPTFIBBTJTUJEPB BMHVOBTVCBTUBZTFIBODPNQSBEPEJWFSTPTEPDVNFOUPT &O FM FM $FOUSP EF &TUVEJPT %BMJOJBOPT IB DPOUBEP DPO MB DPMBCPSBDJwO EF EPT CFDBSJBT +FOOJGFS $PIFO EFM $POOFDUJDVU $PMMFHF Z .JDIFMB 'SPOUJOP EF MB 6OJWFSTJUhEJ#PMPHOB"NCBTQBSUJDJQBSPOFOEJGFSFOUFTUSBCBKPTEFM$&%FOUSFFMMPT MBJODPSQPSBDJwOBMBCBTFEFEBUPTEFUPEBMBQSFOTBSFDPQJMBEBMBEJHJUBMJ[BDJwOEF BSUrDVMPTEFMPTBvPTBMBC|TRVFEBEFBSUrDVMPTBNFSJDBOPTFOCBTFTEF EBUPTEF*OUFSOFUMBEJHJUBMJ[BDJwOEFGPUPHSBGrBTEFMPTBvPTTFUFOUBZMBJOWFTUJHBDJwO QBSBFMDBUgMPHPSB[POBEP &KFNQMBSEF7PHVFEF BERVJSJEPQPSMB'VOEBDJwO &YFNQMBSEF7PHVFEFM BERVJSJUQFSMB'VOEBDJw &M$&%IBDPOUJOVBUMBTFWBUBTDBEFDPNQSBEFSFWJTUFTBOUJHVFTJEFMMJCSFTQFSUBM EªFOSJRVJSMBDPM²MFDDJwJFMGPOTEFMªBSYJV"JYrNBUFJYGBVOTFHVJNFOUEFMFTBDUJWJUBUT RVF EVFO B UFSNF MFT DBTFT EF TVCIBTUFT J DPOUSPMB UPU FM NBUFSJBM SFMBDJPOBU BNC 4BMWBEPS%BMrQBSUJDJQBOUIJRVBOFTDBV"RVFTUBOZTªIBBTTJTUJUBBMHVOBTVCIBTUBJ TªIBODPNQSBUEJWFSTPTEPDVNFOUT &OFMUSBOTDVSTEFMFM$FOUSFEª&TUVEJT%BMJOJBOTIBUJOHVUMBDPM²MBCPSBDJwEF EVFT CFDhSJFT +FOOJGFS $PIFO EFM $POOFDUJDVU $PMMFHF J .JDIFMB 'SPOUJOP EF MB 6OJWFSTJUhEJ#PMPHOB5PUFTEVFTWBOQBSUJDJQBSFOEJGFSFOUTUBTRVFTEFM$&%FOUSF MFTRVBMTEFTUBRVFOMBJODPSQPSBDJwBMBCBTFEFEBEFTEFUPUBMBQSFNTBSFDPQJMBEBMB EJHJUBMJU[BDJwEªBSUJDMFTEFMTBOZTBMBSFDFSDBEªBSUJDMFTBNFSJDBOTFOCBTFT EFEBEFTEª*OUFSOFUMBEJHJUBMJU[BDJwEFGPUPHSB¯FTEFMTBOZTTFUBOUBJMBSFDFSDBQFSBM DBUhMFHSBPOBU #! */7&45*("$*¾/ &TUF BvP JOWFTUJHBEPSFT QSPDFEFOUFT EF EJGFSFOUFT FOUJEBEFT ¦6OJWFSTJUh EJ #PMPHOB*OTUJUVUEFM5FBUSFEFMB%JQVUBDJwOEF#BSDFMPOB*OTUJUVUFGPS$PNQBSBUJWF 4UVEJFT JO -JUFSBUVSF "SU BOE $VMUVSF Eª0UUBXB %FVUTDIF 8FMMF 6OJWFSTJEBEF 1SFTCJUFSJBOB .BDLFO[JF EF 4kP 1BVMP Z #VFOB 7JTUB )PNF &OUFSUBJONFOU¦ IBO WJTJUBEP FM $FOUSP EF &TUVEJPT %BMJOJBOPT QBSB DPOTVMUBS FM GPOEP EPDVNFOUBM Z HSg¯DPDPOTFSWBEPFOOVFTUSPTBSDIJWPT4VTJOWFTUJHBDJPOFTHJSBCBOFOUPSOPBMPT UFNBTNgTEJWFSTPTEFTEFMPTNgTDPOPDJEPTDPNPMBSFMBDJwOEF%BMrDPOFMDJOF IBTUBPUSPTNgTJOOPWBEPSFTDPNPFMJOUFSnTEFM.BFTUSPQPSMBTOVFWBTUFDOPMPHrBT $0/'&3&/$*"4:4&.*/"3*04 #" %VSBOUFFMFMTFDSFUBSJPHFOFSBMEFMB'VOEBDJwO-MVrT1FvVFMBTJNQBSUJwDMBTFT FOMPTNgTUFSFTEF(FTUJwO$VMUVSBMEFMB6OJWFSTJUBU*OUFSOBDJPOBMEF$BUBMVOZBZEFM .gTUFSFO(FTUJwOEF1BUSJNPOJP$VMUVSBMEFMB6OJWFSTJEBEEF;BSBHP[B &MEFNBS[P.POUTF"HVFSQSPOVODJwFOFM5FBUSP.VTFP%BMrVOBDPOGFSFODJB TPCSFMB¯HVSBEF(SBEJWBZTVJO°VFODJBFOMBPCSBEF%BMrZFOMBEFMPTTVSSFBMJTUBT FOHFOFSBM-BDIBSMBTFSFBMJ[wBQFUJDJwOEF"NJDTEFMT.VTFVT%BMrZDPONPUJWP EFMQSnTUBNPUFNQPSBMEFMBPCSB(SBEJWBEFTDVCSFMBTSVJOBTBOUSPQPNPSGBTGBOUBTrB SFUSPTQFDUJWB D QFSUFOFDJFOUFBMBDPMFDDJwOEFM.VTFP5IZTTFO#PSOFNJT[B EF.BESJE-BNJTNB.POUTF"HVFSQVCMJDwVOBSUrDVMPTPCSFFTUFUFNBFOMBSFWJTUB #POBSUDPOFMUrUVMP(SBEJWBEF+FOTFOZ'SFVENJUPTVSSFBMJTUBZEBMJOJBOP &MEFNBZPFM$FOUSPEF&TUVEJPT%BMJOJBOPTGVFJOWJUBEPQPSMB6OJWFSTJUBUEF (JSPOBBEBSBDPOPDFSFMDBUgMPHPSB[POBEPEF4BMWBEPS%BMrBFTUVEJBOUFTEF)JTUPSJB EFM"SUFEFFTUBVOJWFSTJEBE-BQSFTFOUBDJwODPSSJwBDBSHPEFMBEJSFDUPSBEFM$&% .POUTF"HVFSZEFMBTSFTQPOTBCMFTEFMQSPZFDUP$BSNF3VJ[Z"OOB0UFSP &MEFKVOJPPSHBOJ[BEBQPSFM%FQBSUBNFOUPEF$VMUVSBZ.FEJPTEF$PNVOJDBDJwO EFMB(FOFSBMJUBUEF$BUBMVvBTFDFMFCSwFO#BSDFMPOBMBKPSOBEB-BBVUPSrBEFMBT PCSBT EF BSUF Z MBT SFTQPOTBCJMJEBEFT EF MPT FYQFSUPT Z EF MPT QSPGFTJPOBMFT EF MPT NVTFPTFOMBRVF-MVrT1FvVFMBTFKFSDJwDPNPDPPSEJOBEPSDJFOUr¯DPZQPOFOUF *SFOF$JWJMQSPOVODJwMBDPOGFSFODJB-PTSFWFSTPTEFMBTQJOUVSBTEF4BMWBEPS%BMrFOFM NBSDPEFMDVSTPEFBSUFDPOUFNQPSgOFP3FDUP7FSTP-BDBSBPDVMUBEFMBTPCSBTEFMPTNVTFPT &MFWFOUPTFDFMFCSwMPTErBTZEFKVOJPFO'JHVFSFTPSHBOJ[BEPQPSMB$gUFESBEF"SUFZ $VMUVSB$POUFNQPSgOFPTEFMB6OJWFSTJUBUEF(JSPOBZQPSFM.VTFVEFMª&NQPSEh &MEFTFQUJFNCSFZDPONPUJWPEFMBFYQPTJDJwOEFEJDBEBB"OOB.BSJB.POUTF "HVFSPGSFDJwFOFM5FBUSP.VTFPVOBDPOGFSFODJBTPCSFMBIFSNBOBEF4BMWBEPS%BMr &MQ|CMJDPEFTUJOBUBSJPGVFMBFOUJEBE"NJDTEFMT.VTFVT%BMr %VSBOUFMPTErBTZEFPDUVCSFTFDFMFCSwFO.BESJE#BSDFMPOBZ'JHVFSFTFM TJNQPTJP"SUFDJFODJBZ%BMr)BDFSWJTJCMFMPJOWJTJCMFPSHBOJ[BEPQPSMB4PDJFEBE &TUBUBMEF$PONFNPSBDJPOFT$VMUVSBMFTMB3FTJEFODJBEF&TUVEJBOUFTEF.BESJEMB 3FTJEoODJB Eª*OWFTUJHBEPST EF #BSDFMPOB Z MB 'VOEBDJwO %BMr &M DPOHSFTP EJSJHJEP QPS+PTFQ1FSFMMwZRVFDPOUwDPOFMBTFTPSBNJFOUPEF.POUTF"HVFSQSPQPOrBVO QFSJQMPEBMJOJBOPEF.BESJEB'JHVFSFTQBTBOEPQPS#BSDFMPOB%VSBOUFFMTJNQPTJP TFSFWJTBSPOEJWFSTPTBTQFDUPTEFMBSUFZMBDJFODJBDPOUFNQPSgOFPTDPO%BMrDPNP 3&$&3$" &OHVBOZ IBO WJTJUBU FM $FOUSF Eª&TUVEJT %BMJOJBOT WJOUJDJOD JOWFTUJHBEPST RVF IBO DPOTVMUBU FM GPOT EPDVNFOUBM J HSh¯D DPOTFSWBU BMT OPTUSFT BSYJVT 1SPDFEFOUT EFEJGFSFOUTFOUJUBUT¦6OJWFSTJUhEJ#PMPHOB*OTUJUVUEFM5FBUSFEFMB%JQVUBDJwEF #BSDFMPOB*OTUJUVUFGPS$PNQBSBUJWF4UVEJFTJO-JUFSBUVSF"SUBOE$VMUVSFEª0UUBXB %FVUTDIF8FMMF 6OJWFSTJEBEF 1SFTCJUFSJBOB .BDLFO[JF EF 4kP 1BVMP J #VFOB7JTUB )PNF&OUFSUBJONFOU¦IBOGFUSFDFSDBTPCSFNBUoSJFTNPMUEJWFSTFTEFTEFUFNFT NnTDPOFHVUTDPNBSBMBSFMBDJwEF%BMrBNCFMDJOFNB¯OTBBMUSFTEFNnTJOOPWBEPST DPNMªJOUFSoTEFM.FTUSFQFSMFTOPWFTUFDOPMPHJFT $0/'&3¹/$*&4*4&.*/"3*4 %VSBOUMªBOZFMTFDSFUBSJHFOFSBMEFMB'VOEBDJw-MVrT1FvVFMBTWBBDUVBSDPNB QSPGFTTPSEFMTNhTUFSTEF(FTUJw$VMUVSBMEFMB6OJWFSTJUBU*OUFSOBDJPOBMEF$BUBMVOZB JEFM.hTUFSFO(FTUJwEF1BUSJNPOJ$VMUVSBMEFMB6OJWFSTJEBEEF;BSBHP[B &MEFNBSmBQFUJDJwEFMT"NJDTEFMT.VTFVT%BMrJBNCNPUJVEFMQSnTUFDUFNQPSBM EFMªPCSB(SBEJWBEFTDPCSFJYMFTSVuOFTBOUSPQPNPSGFTGBOUBTJBSFUSPTQFDUJWB D QFSUBOZFOU B MB DPM²MFDDJw EFM .VTFP 5IZTTFO#PSOFNJT[B EF .BESJE .POUTF "HVFSWBQSPOVODJBSBM5FBUSF.VTFV%BMrVOBDPOGFSoODJBTPCSFMB¯HVSBEF(SBEJWB J MB TFWB JO°VoODJB FO MªPCSB EF %BMr J MB EFMT TVSSFBMJTUFT FO HFOFSBM -B NBUFJYB .POUTF"HVFSWBQVCMJDBSVOBSUJDMFTPCSFBRVFTUUFNBBMBSFWJTUB#POBSUBNCFMUrUPM (SBEJWBEF+FOTFOJ'SFVENJUFTVSSFBMJTUBJEBMJOJh &MEFNBJHFM$FOUSFEª&TUVEJT%BMJOJBOTWBTFSDPOWJEBUQFSMB6OJWFSTJUBUEF(JSPOBB EPOBSBDPOoJYFSFMDBUhMFHSBPOBUEF4BMWBEPS%BMrBFTUVEJBOUTEª)JTUxSJBEFMª"SUEªBRVFTUB VOJWFSTJUBU-BEJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOT.POUTF"HVFSJMFTSFTQPOTBCMFT EFMQSPKFDUF$BSNF3VJ[J"OOB0UFSPWBOTFSMFTFODBSSFHBEFTEFQSFTFOUBSMP &M EF KVOZ -MVrT 1FvVFMBT WB FYFSDJS DPN B DPPSEJOBEPS DJFOUr¯D J QPOFOU EF MB KPSOBEB-ªBVUPSJBEFMFTPCSFTEªBSUJSFTQPOTBCJMJUBUTEFMTFYQFSUTJEFMTQSPGFTTJPOBMT EFMT NVTFVT PSHBOJU[BEB B #BSDFMPOB QFM %FQBSUBNFOU EF $VMUVSB J .JUKBOT EF $PNVOJDBDJwEFMB(FOFSBMJUBUEF$BUBMVOZB *SFOF $JWJM WB PGFSJS MB DPOGFSoODJB &MT SFWFSTPT EF MFT QJOUVSFT EF 4BMWBEPS %BMr EJOT FM DVST EªBSU DPOUFNQPSBOJ 3FDUP7FSTP -B DBSB PDVMUB EF MFT PCSFT EFMT NVTFVTPSHBOJU[BUFMTEJFTJEFKVOZB'JHVFSFTQFSMB$hUFESBEª"SUJ$VMUVSB $POUFNQPSBOJTEFMB6OJWFSTJUBUEF(JSPOBJQFM.VTFVEFMª&NQPSEh &MEFTFUFNCSFJBNCNPUJVEFMªFYQPTJDJwEFEJDBEBB"OOB.BSJB.POUTF"HVFS WBPGFSJSBM5FBUSF.VTFVQFSBMT"NJDTEFMT.VTFVT%BMrVOBDPOGFSoODJBTPCSFMB HFSNBOBEF4BMWBEPS%BMr %VSBOUFMTEJFTJEªPDUVCSFFTWBDFMFCSBSB.BESJE#BSDFMPOBJ'JHVFSFT FMTJNQPTJ"SUDJoODJBJ%BMr'FSWJTJCMFBMMxJOWJTJCMFPSHBOJU[BUQFSMB4PDJFEBE &TUBUBMEF$PONFNPSBDJPOFT$VMUVSBMFTMB3FTJEFODJBEF&TUVEJBOUFTEF.BESJEMB 3FTJEoODJB Eª*OWFTUJHBEPST EF #BSDFMPOB J MB 'VOEBDJw %BMr &M DPOHSnT EJSJHJU QFS +PTFQ1FSFMMwJBNCMªBTTFTTPSBNFOUEF.POUTF"HVFSQSPQPTBWBVOQFSJQMFEBMJOJh EFTEF.BESJE¯OTB'JHVFSFTUPUQBTTBOUQFS#BSDFMPOB&OBRVFTUTJNQPTJFTWBO SFWJTBSEJWFSTPTBTQFDUFTEFMªBSUJMBDJoODJBDPOUFNQPSBOJTBNC%BMrDPNBUFTUJNPOJ ## -B'VOEBDJwOQBSUJDJQwFOFMDVSTP EFEJDBEPBMPTSFWFSTPTEFMBTPCSBT -B'VOEBDJwWBQBSUJDJQBSBMDVST EFEJDBUBMTSFWFSTPTEFMFTPCSFT $MBVTVSBEFMDPOHSFTPTPCSF%BMr ZMBDJFODJBFOFM5FBUSP.VTFP $MPFOEBEFMDPOHSnTTPCSF%BMr JMBDJoODJBBM5FBUSF.VTFV #$ UFTUJHP&MGPOEPEFMEFCBUFTFDPODSFUwFOUPSOPBMPTTJHVJFOUFTQMBOUFBNJFOUPTTJFM BSUJTUBFTUVWJFSBFOUSFOPTPUSPTRVnBSUFQSBDUJDBSrB RVnQVFOUFTUFOEFSrBFOUSFMB DJFODJBZFMBSUF RVnUFDOPMPHrBZDJFODJBDPOUFNQPSgOFBTMFGBTDJOBSrBO 1BSBEBS SFTQVFTUBBFTUBTZPUSBTQSFHVOUBTTF¯KwMBBUFODJwOFOQSgDUJDBTRVFIJDJFSBOWJTJCMFT MPTNJTUFSJPTEFMPJOWJTJCMFQSPWFOJFOUFTEFMBDJFODJBFMBSUFPMBUFDOPMPHrB&OUSF MPTQBSUJDJQBOUFTIBCrBIJTUPSJBEPSFTEFMBSUFDJFOUr¯DPTZBSUJTUBTEFQSFTUJHJPDPNP -ZOO (BNXFMM .JDIFMBOHFMP .BOHBOP (PO[BMP 4VgSF[ .JRVFM 4BMNFSwO "MCFSU %rB[(VJMFSB"OOB7FJHB .BSUB EF .FOF[FT +PBO 'POUDVCFSUB Z"EPMG5VCFvB -B DMBVTVSBEFMTJNQPTJPUVWPMVHBSCBKPMBD|QVMBEFM5FBUSP.VTFP%BMrFO'JHVFSFT &MEFPDUVCSFMBEJSFDUPSBEFM$FOUSPEF&TUVEJPT%BMJOJBOPT.POUTF"HVFSPGSFDJw VOBQPOFODJBTPCSF&MJNBHJOBSJPEF4BMWBEPS%BMr&MBDUPRVFUVWPMVHBSFOMB #JCMJPUFDB'BHFTEF$MJNFOUFO'JHVFSFTFTUVWPPSHBOJ[BEPQPSFM$POTFMM$PNBSDBM EFMª"MU&NQPSEh &MQSFTJEFOUFEFMB'VOEBDJwO3BNPO#PJYBEwTJOWJUBEPQPSFM$PMFHJPEF&DPOPNJTUBT EF$BUBMVvBQBSUJDJQwFOMBTFTJwO-BDVMUVSBDPNPNPUPSFDPOwNJDPFO(JSPOB&M BDUPUVWPMVHBSFOFMNBSDPEFMB+PSOBEBEFMPT&DPOPNJTUBTRVFTFDFMFCSwFMEF OPWJFNCSFFOMB'BDVMUBEEF&DPOwNJDBTEFMB6OJWFSTJUBUEF(JSPOB &M EF OPWJFNCSF .POUTF "HVFS QBSUJDJQw FO FM TJNQPTJP "SDIJWPT QBSB FM BSUF DPOUFNQPSgOFP DPO MB QPOFODJB &M BSDIJWP EF 4BMWBEPS %BMr IFUFSPHnOFP GSBHNFOUBSJP Z EVBM 0SHBOJ[BEP QPS FM %FQBSUBNFOUP EF )JTUPSJB EFM "SUF EF MB 6OJWFSTJEBEEF&YUSFNBEVSBFM$POTPSDJP.VTFP7PTUFMM.BMQBSUJEBZMB$POTFKFSrBEF $VMUVSBEFMB+VOUBEF&YUSFNBEVSBZDFMFCSBEPFOFM$PNQMFKP$VMUVSBM4BO'SBODJTDP EF$gDFSFTFMDPOHSFTPHJSBCBFOUPSOPBMPTUFNBTBSDIJWPTZBSUFDPOTFSWBDJwOF JOTUBMBDJwOEFGPOEPTJOWFTUJHBDJwOZEJGVTJwOJOGPSNBUJ[BDJwOZOVFWBTUFDOPMPHrBT ZFMBSDIJWPDPNPPCSBEFBSUF &MGPOTEFMEFCBUFTWBDPODSFUBSBMWPMUBOUEFMTQMBOUFKBNFOUTTFHFOUTTJMªBSUJTUB FTUJHVnTFOUSFOPTBMUSFTRVJOBSUQSBDUJDBSJB RVJOTQPOUTUSBmBSJBFOUSFMBDJoODJBJ MªBSU PRVJOBUFDOPMPHJBJDJoODJBDPOUFNQPShOJFTFMGBTDJOBSJFO 1FSEPOBSSFTQPTUB B BRVFTUFT J BMUSFT QSFHVOUFT FT WB ¯YBS MªBUFODJw FO QShDUJRVFT RVF GFTTJO WJTJCMFT FMT NJTUFSJT EªBMMx JOWJTJCMF QSPWJOFOUT EF MB DJoODJB MªBSU P MB UFDOPMPHJB &OUSF FMT QBSUJDJQBOUTIJWBIBWFSIJTUPSJBEPSTEFMªBSUDJFOUr¯DTJBSUJTUFTEFQSFTUJHJDPN-ZOO (BNXFMM .JDIFMBOHFMP .BOHBOP (PO[BMP 4VgSF[ .JRVFM 4BMNFSwO "MCFSU %rB[ (VJMFSB"OOB7FJHB.BSUBEF.FOF[FT+PBO'POUDVCFSUBJ"EPMG5VCFvB-BDMBVTVSB EFMTJNQPTJWBUFOJSMMPDTPUBMBD|QVMBEFM5FBUSF.VTFV%BMrB'JHVFSFT &MEªPDUVCSFMBEJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOT.POUTF"HVFSWBPGFSJSBMB #JCMJPUFDB'BHFTEF$MJNFOUB'JHVFSFTVOBQPOoODJBTPCSF-ªJNBHJOBSJEF4BMWBEPS %BMrPSHBOJU[BEBQFM$POTFMM$PNBSDBMEFMª"MU&NQPSEh &MQSFTJEFOUEFMB'VOEBDJw3BNPO#PJYBEwTWBTFSDPOWJEBUQFM$PM²MFHJEª&DPOPNJTUFT EF$BUBMVOZBBQBSUJDJQBSFOMBTFTTJw-BDVMUVSBDPNBNPUPSFDPOxNJDB(JSPOB EF MB +PSOBEB EFMT &DPOPNJTUFT RVF WB UFOJS MMPD FM EF OPWFNCSF B MB 'BDVMUBU Eª&DPOxNJRVFTEFMB6OJWFSTJUBUEF(JSPOB &M EF OPWFNCSF .POUTF "HVFS WB QBSUJDJQBS BNC MB QPOoODJB &M BSDIJWP EF 4BMWBEPS%BMrIFUFSPHnOFPGSBHNFOUBSJPZEVBMFOFMTJNQPTJ"SDIJWPTQBSBFMBSUF DPOUFNQPSgOFPDFMFCSBUBM$PNQMFKP$VMUVSBM4BO'SBODJTDPEF$hDFSFTJPSHBOJU[BU QFM%FQBSUBNFOUEª)JTUxSJBEFMª"SUEFMB6OJWFSTJEBEEF&YUSFNBEVSBFM$POTPSDJP .VTFP7PTUFMM.BMQBSUJEBJMB$POTFMMFSJBEF$VMUVSBEFMB+VOUBEª&YUSFNBEVSB&M DPOHSnTUSBDUBWBEªBSYJVTJBSUDPOTFSWBDJwJJOTUBM²MBDJwEFGPOTJOWFTUJHBDJwJEJGVTJw JOGPSNBUJU[BDJwJOPWFTUFDOPMPHJFTJMªBSYJVDPNBPCSBEªBSU #% #& 16#-*$"$*0/&4 &EJDJPOFTQSPQJBT (BMB·MCVN$BUgMPHPEFMBFYQPTJDJwOUFNQPSBMDFMFCSBEBFOMB$BTB.VTFP$BTUJMMP (BMB%BMrEF1|CPM-PTUFYUPTEF.POUTF"HVFSDPNJTBSJBEFMBNVFTUSBZ&TUSFMMB EF %JFHP DBUFESgUJDB EF "SUF $POUFNQPSgOFP EF MB 6OJWFSTJEBE $PNQMVUFOTF EF .BESJEBZVEBOBDPOPDFSNFKPSBMBNVTBEFMBSUJTUB%JTFvBEPQPS#JT%JYJUZDPOFM QBUSPDJOJPEF¨MB$BJYB¨FMDBUgMPHPIBTJEPFEJUBEPQPS%"4FOTFJTJEJPNBTDBUBMgO FTQBvPMJOHMnTGSBODnTSVTPZBMFNgO "ERVJTJDJPOFTEFMB'VOEBDJwO(BMB4BMWBEPS%BMrEFB1VCMJDBDJwORVFEBB DPOPDFSMBTPCSBTEF4BMWBEPS%BMrBERVJSJEBTQPSMB'VOEBDJwO%BMrFOUSFZ |OJDBNFOUFDPOGPOEPTHFOFSBEPTQPSMBQSPQJBFOUJEBE-BQPMrUJDBEFBERVJTJDJPOFT EFMB'VOEBDJwOUJFOFQPSPCKFUPDPNQMFUBSVOBDPMFDDJwO|OJDBZNFKPSBSMBQSFTFODJB EFMBPCSBEF4BMWBEPS%BMrFOFM5FBUSP.VTFPEF'JHVFSFT 'PUP(VrBEFM5FBUSP.VTFP%BMrEF'JHVFSFT(VrBEFGPSNBUPSFEVDJEPRVFQSPQPOF VOBWJTJUBEFUBMMBEBBM5FBUSP.VTFP%BMr*ODMVZFUFYUPTEF.POUTF"HVFSZ"OUPOJ 1JUYPUZGPUPHSBGrBTEF+PSEJ1VJHRVFNVFTUSBO¯FMNFOUFFTUFFTQBDJPUBOTJOHVMBS -BHVrBTFIBQVCMJDBEPFODVBUSPJEJPNBTDBUBMgOFTQBvPMJOHMnTZSVTP RVFTFJSgO BNQMJBOEPDPOPUSPTFOFMGVUVSP 5FYUPTPCSF&MHSBONBTUVSCBEPS &OSFTQVFTUBBMJOUFSnTEFNPTUSBEPQPSMPT BMVNOPTEFTFHVOEPEFCBDIJMMFSBUP¦MBPCSBGPSNBQBSUFEFMUFNBSJPEFTFMFDUJWJEBE¦ TFIBMMFWBEPBDBCPKVOUPDPOFM4FSWJDJP&EVDBUJWPVOFTUVEJPQSPGVOEPEFFTUFwMFP EF4BMWBEPS%BMr&MUFYUPFTUgEJTQPOJCMFFOMBXFCEFMB'VOEBDJwO 7FSTJwOJOHMFTBEFM7***WPMVNFO EFMB0CSB$PNQMFUB 7FSTJwBOHMFTBEFM7***WPMVN EFMª0CSB$PNQMFUB 1PSUBEBTEFMDBUgMPHPEFBERVJTJDJPOFT ZEF(BMB·MCVNEF1|CPM $PCFSUFTEFMDBUhMFHEªBERVJTJDJPOT JEF(BMB MCVNEF1|CPM 16#-*$"$*0/4 &EJDJPOTQSxQJFT (BMB MCVN$BUhMFHEFMªFYQPTJDJwUFNQPSBMDFMFCSBEBBMB$BTB.VTFV$BTUFMM(BMB %BMrEF1|CPM&MTUFYUPTEF.POUTF"HVFSDPNJTThSJBEFMBNPTUSBJ&TUSFMMBEF%JFHP DBUFEShUJDBEª"SU$POUFNQPSBOJEFMB6OJWFSTJEBE$PNQMVUFOTFEF.BESJEBKVEFOB DPOoJYFSNJMMPSMBNVTBEFMªBSUJTUB&MDBUhMFHEJTTFOZBUQFS#JT%JYJUWBHBVEJSEFM QBUSPDJOJEF¨MB$BJYB¨JWBTFSFEJUBUQFS%"4FOTJTMMFOHFTDBUBMhDBTUFMMhBOHMoT GSBODoTSVTJBMFNBOZ "ERVJTJDJPOTEFMB'VOEBDJw(BMB4BMWBEPS%BMrEFB"RVFTUBQVCMJDBDJw EwOBBDPOoJYFSMFTPCSFTEF4BMWBEPS%BMrBERVJSJEFTQFSMB'VOEBDJw%BMrEFMBM OPNnTBNCGPOTHFOFSBUTQFSMBNBUFJYBFOUJUBU-BQPMrUJDBEªBERVJTJDJPOTEFMB 'VOEBDJwUnQFSPCKFDUFDPNQMFUBSVOBDPM²MFDDJw|OJDBJNJMMPSBSMBQSFToODJBEFMªPCSB EF4BMWBEPS%BMrBM5FBUSF.VTFVEF'JHVFSFT 'PUP(VJBEFM5FBUSF.VTFV%BMrEF'JHVFSFT(VJBEFGPSNBUSFEVuURVFQSPQPTBVOB WJTJUBEFUBMMBEBBM5FBUSF.VTFV%BMr*ODMPVUFYUPTEF.POUTF"HVFSJ"OUPOJ1JUYPU JGPUPHSB¯FTEF+PSEJ1VJHRVFNPTUSFO¯EFMNFOUBRVFTUFTQBJUBOTJOHVMBS-BHVJB TªIBQVCMJDBUFORVBUSFJEJPNFTDBUBMhDBTUFMMhBOHMoTJSVT RVFTªBOJSBOBNQMJBOU BNCBMUSFTFOFMGVUVS 5FYU TPCSF &M HSBO NBTUVSCBEPS +VOUBNFOU BNC FM 4FSWFJ &EVDBUJV FT WB SFBMJU[BS VO FTUVEJ BQSPGVOEJU EªBRVFTU PMJ EF 4BMWBEPS %BMr FO SFTQPTUB B MªJOUFSoT EFNPTUSBUQFMTBMVNOFTEFTFHPOEFCBUYJMMFSBUKBRVFMªPCSBGPSNBQBSUEFMUFNBSJEF TFMFDUJWJUBU"RVFTUUFYUFTQPUUSPCBSBMXFCEFMB'VOEBDJw #' 1PSUBEBTEFMPTDBUgMPHPTEFMBT FYQPTJDJPOFTEF'JOMBOEJBZ-POESFT $PCFSUFTEFMTDBUhMFHTEFMFT FYQPTJDJPOTEF'JOMhOEJBJ-POESFT $ 4BMWBEPS%BMr"O*MMVTUSBUFE-JGF$PONPUJWPEFMBFYQPTJDJwO%BMr1BJOUJOH'JMN DFMFCSBEBFOMB5BUF.PEFSOEF-POESFTTFUSBEVKPBMJOHMnT&MgMCVN%BMr&MUFYUP RVFDPOTUJUVZFFMPDUBWPWPMVNFOEFMB0CSB$PNQMFUBFTVOBDSPOPMPHrBEFMBWJEB EFM BSUJTUB FMBCPSBEB QPS FM $FOUSP EF &TUVEJPT %BMJOJBOPT Z BDUVBMJ[BEB BIPSB DPO OVFWPTEBUPT&TUBWFSTJwOJOHMFTBGVFFEJUBEBQPS5BUF1VCMJTIJOHMB'VOEBDJwO%BMr ZMB4PDJFEBE&TUBUBMEF$PONFNPSBDJPOFT$VMUVSBMFT $PONPUJWPEFMBFYQPTJDJwO%BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO.POUTF"HVFS QVCMJDwFOFMEJBSJPKBQPOnT$IVOJDIJ4IJNCVOVOBSUrDVMPTPCSFMBNVFTUSBZTPCSF MB¯HVSBEF%BMr &M BSUrDVMP -PT SFWFSTPT EF MBT QJOUVSBT EF 4BMWBEPS %BMr GVF MB DPOUSJCVDJwO EF *SFOF$JWJMBMDBUgMPHPEFMBFYQPTJDJwO3FDUP7FSTP-BDBSBPDVMUBEFMBTPCSBTEFMPT NVTFPTDFMFCSBEBFOFM.VTFVEFMª&NQPSEh $PFEJDJPOFT %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO&MDBUgMPHPEFMBFYQPTJDJwOQSFTFOUBEBFO +BQwOFTUVEJBMBTEJGFSFOUFTWFSUJFOUFTBSUrTUJDBTEFMNBFTUSPBNQVSEBOnTZEFEJDBVO DBQrUVMPBDBEBVOBEFFMMBT%BMrQJOUPSZDSFBEPSEFPCKFUPT%BMrFTDSJUPS%BMr JMVTUSBEPS%BMrHSB¯TUB%BMrZMBQVCMJDJEBEZ&M4VFvPEF7FOVT1SPMPHBEP DPOVOBQSFTFOUBDJwOEFMQSFTJEFOUFEFMB'VOEBDJwO3BNPO#PJYBEwTZFMQSFTJEFOUF EFM4BMWBEPS%BMr.VTFVNEF4BO1FUFSTCVSHP5IPNBT"+BNFTJODMVZFUFYUPTEF .POUTF"HVFSEJSFDUPSBEFM$FOUSPEF&TUVEJPT%BMJOJBOPTZEF1FUFS5VTIEJSFDUPS EFM%FQBSUBNFOUPEF&EVDBDJwOEFM4BMWBEPS%BMr.VTFVN 4BMWBEPS %BMr "O *MMVTUSBUFE -JGF "NC NPUJV EF MªFYQPTJDJw %BMr 1BJOUJOH 'JMN DFMFCSBEB B MB 5BUF .PEFSO EF -POESFT FT WB USBEVJS B MªBOHMoT -ªhMCVN %BMr FM WVJUoWPMVNEFMª0CSB$PNQMFUBVOBDSPOPMPHJBEFMBWJEBEFMªBSUJTUBFMBCPSBEBQFM $FOUSF Eª&TUVEJT %BMJOJBOT RVF FT WB BDUVBMJU[BS BNC OPWFT EBEFT "RVFTUB WFSTJw BOHMFTBWBTFSFEJUBEBQFS5BUF1VCMJTIJOHMB'VOEBDJw%BMrJMB4PDJFEBE&TUBUBMEF $PONFNPSBDJPOFT$VMUVSBMFT "NCNPUJVEFMªFYQPTJDJw%BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO.POUTF"HVFSWB QVCMJDBSVOBSUJDMFTPCSFMBNPTUSBJTPCSFMB¯HVSBEF4BMWBEPS%BMrBMEJBSJKBQPOoT $IVOJDIJ4IJNCVO *SFOF$JWJMWBDPOUSJCVJSBMDBUhMFHEFMªFYQPTJDJw3FDUP7FSTP-BDBSBPDVMUBEFMFT PCSFTEFMTNVTFVTDFMFCSBEBBM.VTFVEFMª&NQPSEhBNCMªBSUJDMF&MTSFWFSTPTEFMFT QJOUVSFTEF4BMWBEPS%BMr $PFEJDJPOT %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO&MDBUhMFHEFMªFYQPTJDJwQSFTFOUBEBBM+BQw FTUVEJBFMTEJGFSFOUTWFTTBOUTBSUrTUJDTEFMNFTUSFFNQPSEBOoTJEFEJDBVODBQrUPMB DBEBVOEªFMMT%BMrQJOUPSJDSFBEPSEªPCKFDUFT%BMrFTDSJQUPS%BMrJM²MVTUSBEPS %BMrHSB¯TUB%BMrJMBQVCMJDJUBUJ&M4PNOJEF7FOVT"NnTBNnTFTUhQSPMPHBU BNCVOBQSFTFOUBDJwEFMQSFTJEFOUEFMB'VOEBDJw3BNPO#PJYBEwTJFMQSFTJEFOU EFM4BMWBEPS%BMr.VTFVNEF4BOU1FUFSTCVSH5IPNBT"+BNFTJJODMPVUFYUPTEF .POUTF"HVFSEJSFDUPSBEFM$FOUSFEª&TUVEJT%BMJOJBOTJEF1FUFS5VTIEJSFDUPSEFM %FQBSUBNFOUEª&EVDBDJwEFM4BMWBEPS%BMr.VTFVN $ 7JTJUBGBNJMJBSB1|CPM 7JTJUBGBNJMJBSB1|CPM 7JTJUBQJMPUPDPOFTUVEJBOUFTB1PSUMMJHBU 7JTJUBQJMPUBNCFTUVEJBOUTB1PSUMMJHBU $ $BUgMPHPEFMBFYQPTJDJwO%BMr1BJOUJOH'JMN-BWJODVMBDJwOEF%BMrDPOFMDJOFFTFMFKF BSUJDVMBEPSEFFTUBQVCMJDBDJwOFEJUBEBQPS5BUF1VCMJTIJOHZRVFDVFOUBDPOUFYUPTEF %BXO"EFT'oMJY'BOnT.BUUIFX(BMF"HVTUrO4gODIF[7JEBM8JMMJBN+FGGFUU.JDIBFM3 5BZMPS*MFOF4VTBO'PSU4BSB$PDISBO.POUTF"HVFS)FMFO4BJOTCVSZZ&MMJPU),JOH 4BMWBEPS%BMr¥4VSSFBMJTUJ$BUgMPHPEFMBFYQPTJDJwOQSFTFOUBEBFOFM&TQPP.VTFVN PG.PEFSO"SUEF'JOMBOEJB*ODMVZFUFYUPTEF.POUTF"HVFSEJSFDUPSBEFM$FOUSPEF &TUVEJPT%BMJOJBOPTZEF5JNP,BJUBSPFOMPTRVFTFBOBMJ[BFM%BMrTVSSFBMJTUB 4FSWJDJP&EVDBUJWP -BPGFSUBFEVDBUJWBEFMB'VOEBDJwO%BMrIBBMDBO[BEPFOFMVOCVFOOJWFMEF BDFQUBDJwOHSBDJBTBVOBEJGVTJwODBEBWF[NgTDVJEBEBBUSJCVJCMFFOQBSUFBMBNJTNB TBUJTGBDDJwOEFMPTVTVBSJPTZFOQBSUFBMBQSFTFODJBEFMBFOUJEBEFO*OUFSOFUNFEJPB USBWnTEFMDVBMTFSFDJCFODPOTVMUBTEFUPEPFMNVOEP&OFMFKFSDJDJPTFSFBMJ[BSPO VOUPUBMEFWJTJUBTQFEBHwHJDBTQBSBVOPTFTUVEJBOUFTQSPDFEFOUFTEFUPEB &VSPQB 'SBODJB (SBO #SFUBvB )PMBOEB "MFNBOJB 4VFDJB 'JOMBOEJB %JOBNBSDB "VTUSJB 3VTJB 4VJ[B *SMBOEB *UBMJB FUD Z EF "NnSJDB EFM /PSUF -B BDUJWJEBE EFM 4FSWJDJP &EVDBUJWP IB FYQFSJNFOUBEP FO DPOKVOUP VO JODSFNFOUP EFM DPO SFMBDJwO BM $BCF EFTUBDBS FM DSFDJNJFOUP SFHJTUSBEP FO O|NFSP EF WJTJUBT BM $BTUJMMP(BMB%BMrEF1|CPMRVFIBOBVNFOUBEPVO &OMPT|MUJNPTBvPTTFIBQSPEVDJEPVOBVNFOUPFOMBEFNBOEBEFWJTJUBTFOEJGFSFOUFT JEJPNBTEFCJEPBMPSJHFOEJWFSTPEFMQ|CMJDPRVFBDVEFBMPTNVTFPT%BMrZFODPODSFUP EFMPTFTDPMBSFTGSVUPEFMJODSFNFOUPEFMPTJOUFSDBNCJPTFTDPMBSFTSFHJTUSBEPBFTDBMB FVSPQFB&TUPIBDFRVFMBUJQPMPHrBEFMPTHVrBTFEVDBEPSFTRVFGPSNBOQBSUFEFFTUF 4FSWJDJPTFBNgTFTQFDr¯DBZBMDBODFVOOJWFMRVFTVQFSBMPTFTUgOEBSFTIBCJUVBMFTZB RVFMBNBZPSrBTPOFTQFDJBMJTUBTFOFEVDBDJwOFONVTFPTZEPNJOBOVOBPEPTMFOHVBT $BUhMFHEFMªFYQPTJDJw%BMr1BJOUJOH'JMN"NCUFYUPTEF%BXO"EFT'oMJY'BOnT .BUUIFX(BMF"HVTUrO4gODIF[7JEBM8JMMJBN+FGGFUU.JDIBFM35BZMPS*MFOF4VTBO 'PSU4BSB$PDISBO.POUTF"HVFS)FMFO4BJOTCVSZJ&MMJPU),JOHFMDBUhMFHEFMB NPTUSBFEJUBUQFS5BUF1VCMJTIJOHBOBMJU[BMBWJODVMBDJwEF%BMrBNCFMDJOFNB 4BMWBEPS %BMr ¥ 4VSSFBMJTUJ $BUhMFH EF MªFYQPTJDJw QSFTFOUBEB B Mª&TQPP .VTFVN PG .PEFSO "SU EF 'JOMhOEJB *ODMPV UFYUPT EF .POUTF "HVFS EJSFDUPSB EFM $FOUSF Eª&TUVEJT%BMJOJBOTJEF5JNP,BJUBSPFORVoTªBOBMJU[BFM%BMrTVSSFBMJTUB 4FSWFJ&EVDBUJV %VSBOU MªBOZ MªPGFSUB FEVDBUJWB EF MB 'VOEBDJw %BMr IB BTTPMJU VO CPO OJWFMM EªBDDFQUBDJwHShDJFTBVOBEJGVTJwDBEBWFHBEBNnTBDVSBEBBUSJCVuCMFFOQBSUBMB NBUFJYBTBUJTGBDDJwEFMTVTVBSJTJFOQBSUBMBQSFToODJBEFMªFOUJUBUB*OUFSOFUNJUKhB USBWnTEFMRVBMFTSFCFODPOTVMUFTEªBSSFVEFMNwO&OHVBOZTªIBSFBMJU[BUVOUPUBMEF WJTJUFTQFEBHxHJRVFTBNCQSPQEFFTUVEJBOUTQSPWJOFOUTEªBSSFVEª&VSPQB 'SBOmB (SBO #SFUBOZB )PMBOEB"MFNBOZB 4VoDJB 'JOMhOEJB %JOBNBSDB VTUSJB 3|TTJB4VuTTB*SMBOEB*UhMJBFUD JEª"NoSJDBEFM/PSE-ªBDUJWJUBUEFM4FSWFJ&EVDBUJV IB FYQFSJNFOUBU FO DPOKVOU VO JODSFNFOU EFM BNC SFMBDJw BM %FTUBDB QSJODJQBMNFOUFMDSFJYFNFOUEFMOPNCSFEFWJTJUFTBM$BTUFMM(BMB%BMrEF1|CPMRVF IBOBVHNFOUBUVO -ªPSJHFO EJWFST EFMT WJTJUBOUT EFMT NVTFVT %BMr J FO DPODSFU EFMT FTDPMBST GSVJU EF MªJODSFNFOUEFMTJOUFSDBOWJTFTDPMBSTFOMªhNCJUFVSPQFVIBDPNQPSUBUVOBVHNFOU EF MB EFNBOEB EF WJTJUFT FO EJGFSFOUT JEJPNFT"JYx GB RVF MB UJQPMPHJB EFMT HVJFT FEVDBEPSTRVFGPSNFOQBSUEªBRVFTU4FSWFJTJHVJNnTFTQFDr¯DBJBTTPMFJYJVOOJWFMM TVQFSJPSBMTFTUhOEBSETIBCJUVBMTKBRVFMBNBKPSJBTwOFTQFDJBMJTUFTFOFEVDBDJwFO NVTFVT J EPNJOFO VOB P EVFT MMFOHFT FTUSBOHFSFT %VSBOU MªBOZ MFT WJTJUFT $! $" FYUSBOKFSBT%VSBOUFFMBvPMBTWJTJUBTQFEBHwHJDBTTFIBOPGSFDJEPFOJEJPNBT DBUBMgOFTQBvPMGSBODnTJOHMnTZBMFNgO$PNPOPWFEBEJNQPSUBOUFDBCFBQVOUBSRVF EVSBOUFFMDVSTPZBTFQVFEFOSFBMJ[BSWJTJUBTFOKBQPOnT -PTEBUPTDPODSFUPTEFMBvPTPOMPTRVFTFPCTFSWBOFOFMTJHVJFOUFHSg¯DP 616<:.@ 16@A?6/B06Æ;129<@4?B=<@2@0<9.?2@ SNZVYVN` .:=. b[VcR_`VaN_V\` "V[aR_PNZOV\` 22 $\a_\` V[SN[aVY $6;49o@ " 0.A.9É; &]_VZN_VN 3?.;0o@ !ONPUVYYR_Na\ !%2@< %2@=.p<9 &TUFBvPEFTUBDBFMJNQPSUBOUFJODSFNFOUPEFMO|NFSPEFHSVQPTEFCBDIJMMFSBUPRVF QBTBOEFMEFMBMSFHJTUSBEPFOFM&OFTUFBVNFOUPIBJO°VJEPTJO EVEBMBJODMVTJwOEFMBPCSBEF4BMWBEPS%BMr&MHSBONBTUVSCBEPSFOFMQSPHSBNB EF MBT QSVFCBT EF BDDFTP B MB VOJWFSTJEBE 1"6 &O FGFDUP BEFNgT EF BEFDVBS FM DPOUFOJEPEFMBWJTJUBEFNBOFSBRVFMPTFTUVEJBOUFTEFFTUFOJWFMBDBEnNJDPTBDBSBO FMNgYJNPQSPWFDIPEFMBNJTNBEFDBSBBMBQSVFCBFM$FOUSPEF&TUVEJPT%BMJOJBOPT IBMMFWBEPBDBCPVOUSBCBKPFTQFDJBMTPCSFFTUBPCSBRVFIBDPODSFUBEPFOVOBSUrDVMP NPOPHSg¯DPRVFTFGBDJMJUBBMPTFTUVEJBOUFTEFCBDIJMMFSBUP&MUFYUPUBNCJnOTFQVFEF .POJUPSFPTFOFM5FBUSP.VTFP .POJUPSBUHFTBM5FBUSF.VTFV 'PMMFUPEFM4FSWJDJP&EVDBUJWP 'VMMFUEFM4FSWFJ&EVDBUJV QFEBHxHJRVFTTªIBOPGFSUFODJODJEJPNFTDBUBMhDBTUFMMhGSBODoTBOHMoTJBMFNBOZ $PN B OPWFUBU JNQPSUBOU DBM BQVOUBS RVF EVSBOU FM DVST KB FT QPEFO GFS WJTJUFTFOKBQPOoT -FTEBEFTDPODSFUFTEFMªBOZTwOMFTRVFTªPCTFSWFOFOFMHSh¯DTFHFOU 616<:2@ 16@A?6/B06Æ129@4?B=@2@0<9.?@ SNZ~YVR` .:=. b[VcR_`VaN_V` "V[aR_PN[cV` 22 $NYa_R` V[SN[aVY $.;49Ë@ " 0.A.9¯ &]_VZt_VN 3?.;0Ë@ !ONaeVYYR_Na !%2@< %0.@A299¯ &OHVBOZEFTUBDBMªJNQPSUBOUJODSFNFOUEFMOPNCSFEFHSVQTEFCBUYJMMFSBURVFQBTTFO EªVOMªBOZBVOFM$BMQSFDJTBSRVFBRVFTUBVHNFOUTªIBEFHVUFO QBSUBMBJNQPSUhODJBRVFTªIBDPODFEJUBBRVFTUOJWFMMFEVDBUJVB¯RVFFMTBMVNOFT QPHVFTTJOQSFQBSBSBNCoYJUMªPCSBEF4BMWBEPS%BMr&MHSBONBTUVSCBEPSJODMPTBFO FMQSPHSBNBEFMFTQSPWFTEªBDDnTBMBVOJWFSTJUBU1"6 "NnTEªBEFRVBSFMDPOUJOHVU EF MB WJTJUB B BRVFTUB ¯OBMJUBU FM $FOUSF Eª&TUVEJT %BMJOJBOT IB SFBMJU[BU VO USFCBMM FTQFDJBMTPCSFMªPCSBBOBMJU[BEBDPODSFUBUFOVOBSUJDMFNPOPHSh¯DRVFFTGBDJMJUBBMT FTUVEJBOUTEFCBUYJMMFSBU-ªBSUJDMFUBNCnTªIBQFOKBUBMXFCEFMB'VOEBDJwQFSUBMEF $# $$ DPOTVMUBSFOMBXFCEFMB'VOEBDJwOTFDPOTJHVFBTrMBNgYJNBEJGVTJwOZTFQPOFBM BMDBODFEFUPEBTMBTQFSTPOBTJOUFSFTBEBTVOBFYIBVTUJWBJOGPSNBDJwOTPCSFMBPCSB FYQVFTUBFOFM$FOUSPEF"SUF3FJOB4PGrBEF.BESJE &ODVBOUPBMBnQPDBFORVFTFSFBMJ[BOMBTWJTJUBTTFDPOTUBUBRVFFMNFTEFNBS[P FT FM RVF DPODFOUSB VO NBZPS O|NFSP TFHVJEP EF BCSJM NBZP Z PDUVCSF -BTWJTJUBTQFEBHwHJDBTFOUFNQPSBEBCBKBEFOPWJFNCSFBGFCSFSPZ FOKVOJP SFQSFTFOUBOVOQPSDFOUBKFRVFIBJEPBVNFOUBOEPTFOTJCMFNFOUFB MPMBSHPEFMPTBvPTHSBDJBTBVOBDVJEBEBEJGVTJwORVFQSFUFOEFSFDPOEVDJSMBTWJTJUBT FTDPMBSFTIBDJBFTUPTNFTFTEFNFOPSB°VFODJBEFWJTJUBOUFTBMPCKFUPEFJODSFNFOUBS TV DBMJEBE /P PCTUBOUF MPT WJBKFT FTDPMBSFT TF DPODFOUSBO JOFWJUBCMFNFOUF FO MPT NFTFTEFNBS[PBNBZPFTQFDJBMNFOUFMPTEF¯OEFDVSTP &OFMNFTEFNBZPVOHSVQPEFBMVNOPTEFCBDIJMMFSBUPSFBMJ[wVOBWJTJUBHVJBEB QJMPUPBMB$BTB.VTFP4BMWBEPS%BMrEF1PSUMMJHBU-BTWJTJUBTFTDPMBSFTBFTUFDFOUSP TPOFTQFDJBMNFOUFDPNQMJDBEBTBVORVFMBBNQMJBDJwOEFMPTFTQBDJPTFYUFSJPSFTIB DPOUSJCVJEP B GBDJMJUBS TV PSHBOJ[BDJwO -BT DPODMVTJPOFT EF MB FYQFSJFODJB QJMPUP BZVEBSPOBFOGPDBSBEFDVBEBNFOUFFTUBTWJTJUBTB1PSUMMJHBUVOEFTUJOPJOEJTQFOTBCMF QBSBFOUFOEFSFMVOJWFSTPEBMJOJBOP &M4FSWJDJP&EVDBUJWPB¯OEFBUFOEFSMBDSFDJFOUFEFNBOEBEFWJTJUBTHVJBEBTEJSJHJEBT B VO Q|CMJDP GBNJMJBS PSHBOJ[w EJWFSTBT WJTJUBT BM $BTUJMMP EF 1|CPM DPJODJEJFOEP DPO QFSrPEPTEFWBDBDJPOFTDPNPMB4FNBOB4BOUBPFMWFSBOP"TJNJTNPTFSFBMJ[BSPOWJTJUBT FTQFDJBMFTFO1|CPMZBM5FBUSP.VTFP%BMrEF/PDIFQBSBMPTTPDJPTEFM$MVC534$DPO VOBHSBOQBSUJDJQBDJwOEFQ|CMJDP %VSBOUFFMIBDPOUJOVBEPWJHFOUFFMDPOWFOJPEFDPMBCPSBDJwOTVTDSJUPDPOFM $POTFMM$PNBSDBMEFMª"MU&NQPSEhQPSFMRVFTFTVCWFODJPOBOMBTWJTJUBTQFEBHwHJDBT BM5FBUSP.VTFP%BMrEF'JHVFSFTSFBMJ[BEBTQPSMBTFTDVFMBTEFMBDPNBSDB&MPCKFUJWP IBTJEPOVFWBNFOUFGBDJMJUBSFMDPOPDJNJFOUPEF4BMWBEPS%BMrBMPTFTDPMBSFT&OFTUF FKFSDJDJPTFCFOF¯DJBSPOEFFTUBBZVEBFTDVFMBTEFMBDPNBSDBNgTRVFFMBvP BOUFSJPS-BNBZPSQBSUFEFMPTDFOUSPTFSBOEFMBDJVEBEEF'JHVFSFTZQSFEPNJOBSPO MPTDJDMPTEFJOGBOUJMZQSJNBSJB $BCF SFDPSEBS RVF UPEPT MPT FTDPMBSFT EF 'JHVFSFT EJTGSVUBO EF MB FOUSBEB HSBUVJUB BM 5FBUSP.VTFP%BMrMPTFTDPMBSFTEF-B1FSBBM$BTUJMMPEF1|CPMMPTEF$BEBRVnTBMB$BTB 4BMWBEPS%BMrEF1PSUMMJHBUZMPTNFOPSFTEFBvPTBDVBMRVJFSBEFMPTNVTFPT%BMr &OVOBTFHVOEBGBTFEFQSgDUJDBTFM4FSWJDJP&EVDBUJWPBDPHJwBVOBFTUVEJBOUFEF 1TJDPQFEBHPHrB EF MB 60$ 6OJWFSTJUBU 0CFSUB EF $BUBMVOZB $oMJB +VODPTB RVF SFBMJ[wFOEJDIPTFSWJDJPTV1SgDUJDVN**EFIPSBT -B 'VOEBDJwO %BMr IB QBSUJDJQBEP OVFWBNFOUF FO FM $PODVSTP *OGBOUJM EF 1JOUVSB 3gQJEBEFM(&J&(EF(JSPOBRVFFOFMDFMFCSBCBTVBFEJDJwO"EFNgTEFMB JOUFSWFODJwOEFMBSFTQPOTBCMFEFM4FSWJDJP&EVDBUJWP/VSJ"MEFHVFSDPNPNJFNCSP EFMKVSBEPTFIBDPMBCPSBEPDPOFMDFSUBNFODPOFOUSBEBTBM5FBUSP.VTFP%BMrQBSB MPTHBOBEPSFTZDPOVOQSFNJPFTQFDJBMQBSBMBFTDVFMBRVFIVCJFSBBQPSUBEPVONBZPS O|NFSPEFQBSUJDJQBOUFT&TUBFTVOBDPMBCPSBDJwONVZFTQFDJBMQBSBMB'VOEBDJwO ZBRVFFOMPTBvPTZFMQSPQJP4BMWBEPS%BMrQBSUJDJQwFOFTUFDPODVSTP RVF EFTEF QSJODJQJPT EFM TJHMP YY PSHBOJ[B FM (SVQ &YDVSTJPOJTUB J &TQPSUJV (JSPOr (&J&( &OMFGVFDPODFEJEPFM1SFNJP&YUSBPSEJOBSJPZDPNPTFSFDPHFFOMB QSFOTBEFMBnQPDBTVQJOUVSBZBJNQSFTJPOwTPCSFNBOFSB EPOBSIJMBNhYJNBEJGVTJwJBMIPSBQFSQSPQPSDJPOBSVOBJOGPSNBDJwBDVSBEBTPCSF MªPCSBFYQPTBEBBM$FOUSPEF"SUF3FJOB4PGrBEF.BESJE 2VBOUBMªoQPDBFORVoFTSFBMJU[FOMFTWJTJUFTFTDPOTUBUBRVFFMNFTEFNBSmnTFM RVFFODPODFOUSBNnT TFHVJUEFMªBCSJM FMNBJH JMªPDUVCSF -FT WJTJUFTQFEBHxHJRVFTFOUFNQPSBEBCBJYBEFOPWFNCSFBGFCSFSJQFMKVOZ SFQSFTFOUFO VOQFSDFOUBUHFRVFBNCFMTBOZTIBBOBUBVHNFOUBOUTFOTJCMFNFOUHShDJFTB VOBUBTDBEFEJGVTJwRVFQSFUnOSFDPOEVJSMFTWJTJUFTFTDPMBSTDBQBBRVFTUTNFTPTEF NFOPS B°VoODJB EF WJTJUBOUT QFS UBM EªJODSFNFOUBSOF MB RVBMJUBU "JYx OP PCTUBOU FMTWJBUHFTFTDPMBSTFTDPODFOUSFOJOFWJUBCMFNFOUEVSBOUFMTNFTPTEFNBSmBNBJH FTQFDJBMNFOUFMTEF¯OBMEFDVST "M NBJH FT WB SFBMJU[BS VOB WJTJUB HVJBEB QJMPU B MB $BTB.VTFV 4BMWBEPS %BMr EF 1PSUMMJHBUBNCVOHSVQEªBMVNOFTEFCBUYJMMFSBU-FTWJTJUFTFTDPMBSTBBRVFTUDFOUSF TwOFTQFDJBMNFOUDPNQMJDBEFTUPUJRVFMªBNQMJBDJwEFMTFTQBJTFYUFSJPSTIBDPOUSJCVuU BGBDJMJUBSOFMªPSHBOJU[BDJw-FTDPODMVTJPOTEFMªFYQFSJoODJBQJMPUWBOBKVEBSBFOGPDBS NJMMPSBRVFTUFTWJTJUFTB1PSUMMJHBUVOBEFTUJOBDJwJOEJTQFOTBCMFQFSFOUFOESFMªVOJWFST EBMJOJh 1FSUBMEªBUFOESFMBEFNBOEBDBEBWFHBEBNnTHSBOEFWJTJUFTHVJBEFTBESFmBEFTBVO Q|CMJDGBNJMJBSFM4FSWFJ&EVDBUJVWBPSHBOJU[BSEJWFSTFTWJTJUFTBM$BTUFMMEF1|CPM DPJODJEJOUBNCQFSrPEFTEFWBDBODFTDPNMB4FUNBOB4BOUBPMªFTUJV"JYrNBUFJYFT WBOSFBMJU[BSWJTJUFTFTQFDJBMTB1|CPMJBM5FBUSF.VTFV%BMrEF/JUQFSBMTTPDJTEFM $MVC534$BNCVOBHSBOQBSUJDJQBDJwEFQ|CMJD "¯EFGBDJMJUBSFMDPOFJYFNFOUEF4BMWBEPS%BMrBMTFTDPMBSTEVSBOUFMWBDPOUJOVBS WJHFOUFMDPOWFOJEFDPM²MBCPSBDJwBNCFM$POTFMM$PNBSDBMEFMª"MU&NQPSEhQFMRVBM TFTVCWFODJPOFOWJTJUFTQFEBHxHJRVFTBM5FBUSF.VTFV%BMrEF'JHVFSFTBMFTFTDPMFT EFMBDPNBSDB&OHVBOZTªIBOCFOF¯DJBUEªBRVFTUBKVUEJTTFUFTDPMFTTJTNnTRVFMªBOZ BOUFSJPS -B NBKPS QBSU EFMT DFOUSFT TwO EF MB DJVUBU EF 'JHVFSFT J QSFEPNJOFO FMT DJDMFTEªJOGBOUJMJQSJNhSJB $BMSFDPSEBSRVFUPUTFMTFTDPMBSTEF'JHVFSFTEJTQPTFOEªFOUSBEBHSBUVuUBBM5FBUSF .VTFV %BMr FMT FTDPMBST EF MB 1FSB BM $BTUFMM EF 1|CPM FMT EF $BEBRVnT B MB $BTB 4BMWBEPS%BMrEF1PSUMMJHBUJFMTNFOPSTEFOPVBOZTBRVBMTFWPMEFMTNVTFVT%BMr &O VOB TFHPOB GBTF EF QShDUJRVFT FM 4FSWFJ &EVDBUJV WB BDPMMJS VOB FTUVEJBOU EF 1TJDPQFEBHPHJBEFMB60$6OJWFSTJUBU0CFSUBEF$BUBMVOZB $oMJB+VODPTBRVFIJWB SFBMJU[BSFMTFV1ShDUJDVN**EFDJORVBOUBIPSFT -B'VOEBDJw%BMrWBQBSUJDJQBSOPWBNFOUFOFM$PODVST*OGBOUJMEF1JOUVSB3hQJEB EFM (&J&( EF (JSPOB EFM RVBM TF DFMFCSBWB MB B FEJDJw " NnT EªJOUFSWFOJSIJ MB SFTQPOTBCMF EFM 4FSWFJ &EVDBUJV /VSJ "MEFHVFS DPN B NFNCSF EFM KVSBU FT WB DPM²MBCPSBSFOFMDFSUBNFOBNCFOUSBEFTBM5FBUSF.VTFV%BMrQFSBMTHVBOZBEPSTJ BNCVOQSFNJFTQFDJBMQFSBMªFTDPMBRVFBQPSUnTNnTQBSUJDJQBOUT"RVFTUBnTVOB DPM²MBCPSBDJwNPMUFTQFDJBMQFSBMB'VOEBDJwKBRVFFMTBOZTJFMNBUFJY 4BMWBEPS %BMr WB QBSUJDJQBS FO FM DPODVST RVF B QSJODJQJT EFM TFHMF YY PSHBOJU[BWB FM (SVQ &YDVSTJPOJTUB J &TQPSUJV (JSPOr (&J&( -ªBOZ MJ WB TFS DPODFEJU FM 1SFNJ &YUSBPSEJOBSJ J DPN TªBQSFDJB FO MB QSFNTB EF MªoQPDB MB TFWB QJOUVSB KB WB JNQSFTTJPOBSFOHSBONBOFSB $% " QSPNPDJPOBS QSPNPDJPOBS 4VQMFNFOUPEF5IF5JNFTEFEJDBEPBMB NVFTUSBDFMFCSBEBFOMB5BUF.PEFSO 4VQMFNFOUEF5IF5JNFTEFEJDBUBMB NPTUSBDFMFCSBEBBMB5BUF.PEFSO % $0.6/*$"$*¾/ -B ¯OBMJEBE EFM ¸SFB EF $PNVOJDBDJwO EF MB 'VOEBDJwO %BMr FT EBS B DPOPDFS MB JOGPSNBDJwOHFOFSBEBQPSMPTEJGFSFOUFTEFQBSUBNFOUPTEFMBJOTUJUVDJwOZMPTUSFT NVTFPTRVFHFTUJPOB-BTIFSSBNJFOUBTEFRVFEJTQPOFQBSBEFTBSSPMMBSFTUBMBCPSTPO FM4FSWJDJPEF1SFOTBMBXFCZMBNFNPSJBEFBDUJWJEBEFT 3FQPSUBKFT )BO SFBMJ[BEP SFQPSUBKFT FO MPT NVTFPT %BMr OVNFSPTPT NFEJPT UBOUP FTDSJUPT DPNP BVEJPWJTVBMFTFTUBUBMFTZFYUSBOKFSPTFOUSFFMMPTMB##$DPOFMQSPHSBNB"SUPG4QBJOMB QSPEVDUPSBEFMQSPHSBNBHBTUSPOwNJDP.BEFJO4QBJOEF+PTn"OESnTRVFTFFNJUFFO &&66MBQSPEVDUPSBCSJUgOJDB0DUPCFS'JMNTQBSBVOEPDVNFOUBMCJPHSg¯DPTPCSF%BMr MBUFMFWJTJwOKBQPOFTB5#4MBDPSFBOB,#4FMQSPHSBNB1SPKFDU$BUXBMLEFMBDBEFOB BNFSJDBOB4LZ0OFMBSFWJTUBHSJFHB7PZBHFSMBSVTB4UPSZZFMSPUBUJWP,PNTPNPMTLBKB 1SBWEB P FM EJBSJP EF 4JOHBQVS 5IF 4USBJUT 5JNFT -PT NFEJPT EF QSFOTB FTDSJUB QSJODJQBMNFOUFMPTFTQFDJBMJ[BEPTFOWJBKFTUBNCJnOTFIBOBDFSDBEPBMPTNVTFPT%BMr QBSBJMVTUSBSMPTJUJOFSBSJPTRVFQSPQPOFO%FOUSPEFFTUFBQBSUBEPDBCFNFODJPOBSFM TVQMFNFOUP2VoGFN EF-B7BOHVBSEJB-F(VJEFEV3PVUBSEZ-F.POEFRVFQSFQBSBCB VOUFNBTPCSF$PMMJVSF$FSFUZ$BEBRVnT$PONPUJWPEFMBTFYQPTJDJPOFTDFMFCSBEBTFO DFOUSPTNVTFrTUJDPTDPNPMB5BUF.PEFSOIBOBQBSFDJEPBNQMJPTSFQPSUBKFTFONFEJPT EFTUBDBEPTDPNP5IF*OEFQFOEFOU'JOBODJBM5JNFTFMTVQMFNFOUPEF5IF5JNFTBTrDPNP 5IF/FX:PSL5JNFTRVFSFDPNFOEBCBWJTJUBSFM5SJgOHVMP%BMJOJBOPDPOPDBTJwOEFMB FYQPTJDJwO#BSDFMPOBBOE.PEFSOJUZPSHBOJ[BEBFOFM.FUSPQPMJUBO.VTFVNPG"SU 3VFEBEFQSFOTBTPCSFFMJOUFSDBNCJP EFPCSBDPOFMNVTFP5IZTTFO 3PEBEFQSFNTBTPCSFMªJOUFSDBOWJ EªPCSBBNCFMNVTFV5IZTTFO $0.6/*$"$*¾ -ª SFB EF $PNVOJDBDJw Un DPN B ¯OBMJUBU EPOBS B DPOoJYFS MB JOGPSNBDJw HFOFSBEB QFMTEJGFSFOUTEFQBSUBNFOUTEFMBJOTUJUVDJwJFMTUSFTNVTFVTRVFHFTUJPOB-FTFJOFT EFRVoEJTQPTBQFSEFTFOWPMVQBSBRVFTUBUBTDBTwOFM4FSWFJEF1SFNTBFMMMPDXFCJ MBNFNxSJBEªBDUJWJUBUT 3FQPSUBUHFT )BO SFBMJU[BU SFQPSUBUHFT BMT NVTFVT %BMr OPNCSPTPT NJUKBOT UBOU FTDSJUT DPN BVEJPWJTVBMTFTUBUBMTJFTUSBOHFSTFOUSFFMTRVBMTEFTUBRVFOMB##$BNCFMQSPHSBNB"SU PG4QBJOMBQSPEVDUPSBEFMQSPHSBNBHBTUSPOxNJDEF+PTn"OESnT.BEFJO4QBJORVF TªFNFUBMT&6"MBQSPEVDUPSBCSJUhOJDB0DUPCFS'JMNTQFSBVOEPDVNFOUBMCJPHSh¯D TPCSF %BMr MB UFMFWJTJw KBQPOFTB 5#4 MB DPSFBOB ,#4 FM QSPHSBNB 1SPKFDU $BUXBML EF MB DBEFOB BNFSJDBOB 4LZ 0OF MB SFWJTUB HSFHB 7PZBHFS MB SVTTB 4UPSZ FM SPUBUJV ,PNTPNPMTLBKB1SBWEBJFMEJBSJEF4JOHBQVS5IF4USBJUT5JNFT&MTNJUKBOTEFQSFNTB FTDSJUBQSJODJQBMNFOUFMTFTQFDJBMJU[BUTFOWJBUHFTUBNCnTªIBOBQSPQBUBMTNVTFVT%BMr QFSJM²MVTUSBSFMTJUJOFSBSJTRVFQSPQPTFO%JOTBRVFTUBQBSUBUDBMFTNFOUBSFMTVQMFNFOU 2VoGFN EF-B7BOHVBSEJB-F(VJEFEV3PVUBSEJ-F.POEFRVFQSFQBSBWBVOUFNB TPCSF$PUMMJVSF$FSFUJ$BEBRVnT"NCNPUJVEFMFTFYQPTJDJPOTDFMFCSBEFTFODFOUSFT NVTFrTUJDT DPN MB 5BUF .PEFSO IBO BQBSFHVU BNQMJT SFQPSUBUHFT FO DBQmBMFSFT UBO EFTUBDBEFTDPN5IF*OEFQFOEFOU'JOBODJBM5JNFTFMTVQMFNFOUEF5IF5JNFTBJYrDPN 5IF/FX:PSL5JNFTRVFSFDPNBOBWBWJTJUBSFM5SJBOHMF%BMJOJhFOPDBTJwEFMªFYQPTJDJw #BSDFMPOBBOE.PEFSOJUZPSHBOJU[BEBBM.FUSPQPMJUBO.VTFVNPG"SU % )PKBEJWVMHBUJWBEFMTJNQPTJP"SUF$JFODJBZ%BMr 'VMMEJWVMHBUJVEFMTJNQPTJ"SUDJoODJBJ%BMr &RVJQPEFMQSPHSBNB4QBJOPOUIF3PBE"HBJO &RVJQEFMQSPHSBNB4QBJOPOUIF3PBE"HBJO % &ONVDIBTPDBTJPOFTMBTQFUJDJPOFTMMFHBOBUSBWnTEFMPTEJGFSFOUFTPSHBOJTNPTUVSrTUJDPT DPODSFUBNFOUF5VSFTQBvB5VSJTNFEF$BUBMVOZBZFM1BUSPOBUPEF5VSJTNP$PTUB#SBWB (JSPOBPSHBOJTNPFTUF|MUJNPRVFFOMBNBZPSrBEFMPTDBTPTTFPDVQBEFHFTUJPOBSMBT TPMJDJUVEFTFOOPNCSFEFMBTPUSBTJOTUJUVDJPOFT%FOUSPEFFTUPTQSPHSBNBTEFDPMBCPSBDJwO DBCFTFvBMBSMBTQFUJDJPOFTSFDJCJEBTEFEJWFSTBTUFMFWJTJPOFT SVTBTZVDSBOJBOBTEFMBT OBDJPOBMFT IPMBOEFTB CFMHB TVFDB Z FTMPWBDB EFM $BOBM cWBTJPO $BOBEg EF MB 3"* 4"5*UBMJB EFMQSPHSBNB5nMnNBUJOEF'SBODFZEF5JFNQPEFWJBKBSEF$BOBMEFMB UFMFWJTJwOBMFNBOB%FVUTDIF8FMMFRVFFNJUFJOUFSOBDJPOBMNFOUFDPONPUJWPEFMB'FSJB EFM-JCSPEF'SBOLGVSUEFMBTSFWJTUBT%F7JBKFTZ3VUBTEFM.VOEPEFVOBHVrBTPCSFMB $PTUB#SBWBRVFQVCMJDBSrBMB&EJUPSJBM4BMWBUEFMBFEJDJwODIFDBEFMBSFWJTUB5SBWFM%JHFTU EFMBSBEJPOBDJPOBMFTMPWBDBPEFMQSPHSBNB&VSPQFUISPVHIUIFCBDLEPPSEFMGBNPTP 3JDL4UFWFTRVFTFFNJUFFO&TUBEPT6OJEPT5BNCJnOTFHFTUJPOwMBWJTJUBEFQSFOTBEFVO HSVQPEFSFQPSUFSPTEFQPSUJWPTDPOPDBTJwOEFMBTQSVFCBTEFM$BNQFPOBUPEFM.VOEP EF8JOETVSGEJTQVUBEBTFOFMHPMGPEF3PTFTZMBEFEJWFSTPTQFSJPEJTUBTRVFBTJTUJFSPOBM 'wSVN(BTUSPOwNJDPDFMFCSBEPFOGFCSFSPFO(JSPOB%VSBOUFFMTFIBQBSUJDJQBEP FOEJWFSTBTDBNQBvBTEFQSPNPDJwOUVSrTUJDBFOBMHVOPTDBTPTSFMBDJPOBEBTDPOWVFMPTEF CBKPDPTUFQSJODJQBMNFOUFFODJVEBEFTJUBMJBOBTZBMFNBOBTQFSPUBNCJnOFOQPCMBDJPOFT FTQBvPMBT 'JOBMNFOUF 5VSJTNF EF $BUBMVOZB IB DPPSEJOBEP FM SPEBKF EFM QSPHSBNB DVMUVSBMZHBTUSPOwNJDP4QBJOPOUIFSPBEBHBJORVFUFOrBDPNP¯HVSBQSJODJQBMBMB BDUSJ[(XZOFUI1BMUSPXZRVFTFFNJUJSgBUSBWnTEFMBDBEFOBBNFSJDBOB1#4 4PWJOUMFTQFUJDJPOTBSSJCFOBUSBWnTEFMTEJGFSFOUTPSHBOJTNFTUVSrTUJDTDPODSFUBNFOU 5VSFTQBvB 5VSJTNF EF $BUBMVOZB J FM 1BUSPOBU EF 5VSJTNF $PTUB #SBWB (JSPOB FO MB NBKPSJB EF DBTPT nT BRVFTU |MUJN PSHBOJTNF RVJ TªFODBSSFHB EF HFTUJPOBS MFT TPM²MJDJUVETFOOPNEFMFTBMUSFTJOTUJUVDJPOT%JOTBRVFTUTQSPHSBNFTEFDPM²MBCPSBDJw DBMBTTFOZBMBSMFTQFUJDJPOTSFCVEFTEFEJWFSTFTUFMFWJTJPOTSVTTFTJVDSBuOFTFTEFMFT OBDJPOBMTIPMBOEFTBCFMHBTVFDBJFTMPWBDBEFM$BOBMcWBTJPO$BOBEh EFMB3"* 4"5*UhMJB EFMQSPHSBNB5nMnNBUJOEF'SBODFJEF5JFNQPEFWJBKBSEF$BOBMEF MBUFMFWJTJwBMFNBOZB%FVUTDIF8FMMFRVFFNFUJOUFSOBDJPOBMNFOUBNCNPUJVEFMB 'JSBEFM-MJCSFEF'SBOLGVSUEFMFTSFWJTUFT%F7JBKFTJ3VUBTEFM.VOEPEªVOBHVJB TPCSFMB$PTUB#SBWBRVFQVCMJDBSJBMª&EJUPSJBM4BMWBUEFMªFEJDJwUYFDBEFMBSFWJTUB 5SBWFM%JHFTUEFMBShEJPOBDJPOBMFTMPWBDBPEFMQSPHSBNB&VSPQF5ISPVHIUIF#BDL %PPSEFMGBNwT3JDL4UFWFTRVFTªFNFUBMT&TUBUT6OJUT5BNCnFTWBHFTUJPOBSMBWJTJUB EFQSFNTBEªVOHSVQEFSFQPSUFSTFTQPSUJVTFOPDBTJwEFMFTQSPWFTEFM$BNQJPOBU EFM.wOEF8JOETVSGEJTQVUBEFTBMHPMGEF3PTFTJMBEFEJWFSTPTQFSJPEJTUFTRVFWBO BTTJTUJSBM'xSVN(BTUSPOxNJDDFMFCSBUBMGFCSFSB(JSPOB%VSBOUFMTªIBQBSUJDJQBU FO EJWFSTFT DBNQBOZFT EF QSPNPDJw UVSrTUJDB ¦FO BMHVOT DBTPT SFMBDJPOBEFT BNC WPMT EF CBJY DPTU¦ QSJODJQBMNFOU FO DJVUBUT JUBMJBOFT J BMFNBOZFT QFSx UBNCn FO QPCMBDJPOTFTQBOZPMFT'JOBMNFOU5VSJTNFEF$BUBMVOZBWBDPPSEJOBSFMSPEBUHFEFM QSPHSBNBDVMUVSBMJHBTUSPOxNJD4QBJOPOUIF3PBE"HBJORVFUFOJBDPNB¯HVSB QSJODJQBMMªBDUSJV(XZOFUI1BMUSPXJRVFTªFNFUShQFSMBDBEFOBBNFSJDBOB1#4 %! %" &OUSFWJTUBT .POUTF"HVFSBUFOEJwOVNFSPTBTFOUSFWJTUBTFOUSFMBTRVFEFTUBDBOMBTDPODFEJEBT BMQSPHSBNB&MTNBUJOTEF+PTFQ$VOrZBM5FMFOPUrDJFTWFTQSFBNCPTEF57QBSB IBCMBSEFMBBQFSUVSBOPDUVSOBEFM5FBUSP.VTFP%BMrZEFMBFYQPTJDJwOTPCSF"OOB .BSJB-BEJSFDUPSBEFM$&%UBNCJnOQBSUJDJQwFOMPTQSPHSBNBT&MNwOB3"$EF FTUBFNJTPSB&MTVQMFNFOUZ5PSOBSFNBWoODFSEF$BUBMVOZB3hEJP6OFTUSBOZBM KBSErEF$0.3hEJP%wOBQBTEF3hEJPMPTJOGPSNBUJWPTEF'SBODFBSBr[EF MBFYQPTJDJwOEFBVUPSSFUSBUPTPSHBOJ[BEBFOMB4BMB%BMrEª0SEFM5FBUSP.VTFPDPO NPUJWPEFMJOUFSDBNCJPEFPCSBDPOFMNVTFPEF4BO1FUFSTCVSHPZ¯OBMNFOUFFO VOBTFSJFUJUVMBEB%JSTFPOPEJSTFRVFTFFNJUJSgQPSMBSFEEFUFMFWJTJPOFTMPDBMFT &MQSFTJEFOUFEFMB'VOEBDJwOQPSTVQBSUFPGSFDJwFOUSFWJTUBTBMB$BEFOB4&3BM QSPHSBNB&OUSFWJTUBBEPTKVOUPDPOFMDBUFESgUJDPEF&DPOPNrBEFMB6OJWFSTJUBUEF (JSPOB.PEFTU'MVWJhZBMBSFWJTUB'VFSBEF4FSJFEFMEJBSJP&YQBOTJwORVFEFEJDwVO BNQMJPSFQPSUBKFBMBBERVJTJDJwOEFMBTKPZBT"OUPOJ1JUYPUBUFOEJwBMBQSPEVDUPSB CSJUgOJDB 0DUPCFS 'JMNT B MB KBQPOFTB 5#4 Z B MPT EJWFSTPT TFSWJDJPT JOGPSNBUJWPT RVFBTJTUrBOBMBTSVFEBTEFQSFOTBDPOWPDBEBTQPSMB'VOEBDJwO%BMr+PBO.BOVFM 4FWJMMBOPIBCMwDPONFEJPTFYUSBOKFSPTDPNP3BEJP$BOBEBPMB##$3BEJPQBSB FMQSPHSBNBRVFQSFTFOUB4VTBO.BSMJOHFOVOBFOUSFWJTUBBEPTCBOEBTDPORVJFO GVFSBNgOBHFSEFMBGPSNBDJwO4FY1JTUPMT.BMDPMN.D-BSFO 1PSUBEBEFMBSFWJTUB'VFSBEF4FSJF EFMEJBSJP&YQBOTJwO 1PSUBEBEFMBSFWJTUB'VFSBEF4FSJF EFMEJBSJ&YQBOTJwO .POUTF"HVFSZ"OUPOJ1JUYPUDPNFOUBSPO MBNVFTUSBEFEJDBEBB"OOB.BSJB .POUTF"HVFSJ"OUPOJ1JUYPUWBODPNFOUBS MBNPTUSBEFEJDBEBB"OOB.BSJB &OUSFWJTUFT .POUTF "HVFS WB BUFOESF OPNCSPTFT FOUSFWJTUFT FOUSF MFT RVBMT EFTUBRVFO MFT DPODFEJEFTBMQSPHSBNB&MTNBUJOTEF+PTFQ$VOrJBM5FMFOPUrDJFTWFTQSFBNCEwTEF 57QFSQBSMBSEFMªPCFSUVSBOPDUVSOBEFM5FBUSF.VTFV%BMrJEFMªFYQPTJDJwTPCSF "OOB.BSJB-BEJSFDUPSBEFM$&%UBNCnWBQBSUJDJQBSFOFMQSPHSBNB&MNwOB3"$ EªBRVFTUBFNJTTPSB&MTVQMFNFOUJ5PSOBSFNBWoODFSEF$BUBMVOZB3hEJP6OFTUSBOZ BMKBSErEF$0.3hEJP%wOBQBTEF3hEJPFMTJOGPSNBUJVTEF'SBODFBSSBOEF MªFYQPTJDJwEªBVUPSFUSBUTPSHBOJU[BEBBMB4BMB%BMrEª0SEFM5FBUSF.VTFVFOPDBTJw EF MªJOUFSDBOWJ EªPCSB BNC FM NVTFV EF 4BOU 1FUFSTCVSH J ¯OBMNFOU FO VOB ToSJF UJUVMBEB%JSTFPOPEJSTFRVFTªFNFUShQFSMBYBSYBEFUFMFWJTJPOTMPDBMT&MQSFTJEFOU EFMB'VOEBDJwQFSMBTFWBCBOEBWBPGFSJSFOUSFWJTUFTBMB$BEFOB4&3DPODSFUBNFOU BMQSPHSBNB&OUSFWJTUBBEPTFOFMRVBMWB JOUFSWFOJS KVOUBNFOU BNC FM DBUFEShUJD Eª&DPOPNJBEFMB6OJWFSTJUBUEF(JSPOB.PEFTU'MVWJhJBMBSFWJTUB'VFSBEF4FSJFEFM EJBSJ&YQBOTJwORVFWBEFEJDBSVOBNQMJSFQPSUBUHFBMªBERVJTJDJwEFMFTKPJFT"OUPOJ 1JUYPUWBBUFOESFMBQSPEVDUPSBCSJUhOJDB0DUPCFS'JMNTMBKBQPOFTB5#4JFMTEJWFSTPT TFSWFJTJOGPSNBUJVTRVFBTTJTUJFOBMFTSPEFTEFQSFNTBDPOWPDBEFTQFSMB'VOEBDJw %BMr+PBO.BOVFM4FWJMMBOPWBQBSMBSBNCNJUKBOTFTUSBOHFSTDPN3BEJP$BOBEBPMB ##$¥3BEJPQFSBMQSPHSBNBRVFQSFTFOUB4VTBO.BSMJOHFOVOBFOUSFWJTUBBEVFT CBOEFTBNCRVJWBTFSNhOBHFSEFMBGPSNBDJw4FY1JTUPMT.BMDPMN.D-BSFO %# 9BWJFS7JEBM'PMDIJOBVHVSw MBFYQPTJDJwOEF1|CPM 9BWJFS7JEBM'PMDIWBJOBVHVSBS MªFYQPTJDJwEF1|CPM .POUTF"HVFSDPNFOUB MBNVFTUSBTPCSF(BMB .POUTF"HVFSDPNFOUB MBNPTUSBTPCSF(BMB "OUPOJ1JUYPUBDPNQBvwBMBQSFOTB QPSFMJUJOFSBSJPBNQMJBEPEF1PSUMMJHBU "OUPOJ1JUYPUWBBDPNQBOZBSMBQSFNTB QFSMªJUJOFSBSJBNQMJBUEF1PSUMMJHBU 1PSUBEBEFMEJBSJP&M1VOU 1PSUBEBEFMEJBSJ&M1VOU %$ 3VFEBTEFQSFOTB &MQSPHSBNBEFBDDJPOFTEFDPNVOJDBDJwOZSFMBDJPOFTQ|CMJDBTRVFTFFYUJFOEFEF GPSNBSFHVMBSEVSBOUFUPEPFMBvPQSFUFOEFMMFHBSOPTwMPBMBTTFDDJPOFTDVMUVSBMFT EFQSFOTBHFOFSBMZFTQFDJBMJ[BEBFOBSUFTJOPUBNCJnOBMBTQSPQJBTEFMPTTFDUPSFT UVSrTUJDPFDPOwNJDPFJODMVTPEFPDJPDPNPTFQVFEFBQSFDJBSQPSMBOBUVSBMF[BEFMBT SVFEBTEFQSFOTBZFMSFTUPEFBDDJPOFTRVFTFNFODJPOBOBDPOUJOVBDJwO EF FOFSP QSFTFOUBDJwO EFM TFHVOEP WPMVNFO EFM DBUgMPHP SB[POBEP B DBSHP EF .POUTF"HVFS'SBODJTDP$BMWP4FSSBMMFSZ"MJDJB(wNF[/BWBSSPFOMB3FTJEFODJBEF &TUVEJBOUFTEF.BESJE EF NBS[P JOBVHVSBDJwO EF MB FYQPTJDJwO UFNQPSBM EF 1|CPM B DBSHP EF 9BWJFS 7JEBM'PMDIEJSFDUPSBEKVOUPEFMEJBSJP&M1BrT3BNPO#PJYBEwTZ.POUTF"HVFS EF NBS[P QSFTFOUBDJwO EF MB NFNPSJB BOVBM Z BOVODJP EFM OPNCSBNJFOUP EF .POUTF"HVFSDPNPQBUSPOBWJUBMJDJB EFBCSJMSVFEBEFQSFOTBZWJTJUBHVJBEBQBSBQSFTFOUBSMBBNQMJBDJwOEFMJUJOFSBSJP FOMB$BTB.VTFP4BMWBEPS%BMrEF1PSUMMJHBU1BSUJDJQBSPO"OUPOJ1JUYPU.POUTF"HVFS -MVrT1FvVFMBTZ+PBO.BOVFM4FWJMMBOP&MBDUPTJSWJwBMNJTNPUJFNQPDPNPBDUJWJEBE EFSFMBDJPOFTQ|CMJDBTQBSBSFGPS[BSMPTWrODVMPTDPOMPTDPSSFTQPOTBMFTZEJSFDUPSFTEF MBQSFOTBUBOUPFTDSJUBDPNPBVEJPWJTVBM-BJOWJUBDJwOUVWPVOBBDPHJEBNVZCVFOB FOUSFSFEBDUPSFTZDgNBSBTZBMDBO[wVOBOPUBCMFSFQFSDVTJwOFOQPSUBEBTEFEJBSJPT TFDDJPOFTDVMUVSBMFTSFWJTUBTEFWJBKFTFJOGPSNBUJWPTEFUFMFWJTJPOFTZSBEJPT 3PEFTEFQSFNTB &MQSPHSBNBEªBDDJPOTEFDPNVOJDBDJwJSFMBDJPOTQ|CMJRVFTTªFTUnOEFGPSNBSFHVMBS EVSBOUUPUMªBOZJQSFUnOBSSJCBSOPUBOTPMTBMFTTFDDJPOTDVMUVSBMTEFQSFNTBHFOFSBMJ FTQFDJBMJU[BEBFOBSUTJOwUBNCnBMFTQSxQJFTEFMTTFDUPSTUVSrTUJDFDPOxNJDJ¯OTJUPU EªPDJDPNFTQPUBQSFDJBSQFSMBOBUVSBMFTBEFMFTSPEFTEFQSFNTBJMFTBMUSFTBDDJPOT RVFFTNFOUFNBDPOUJOVBDJw EFHFOFSQSFTFOUBDJwEFMTFHPOWPMVNEFMDBUhMFHSBPOBUBDhSSFDEF.POUTF"HVFS 'SBODJTDP$BMWP4FSSBMMFSJ"MJDJB(wNF[/BWBSSPBMB3FTJEFODJBEF&TUVEJBOUFTEF .BESJE EFNBSmJOBVHVSBDJwEFMªFYQPTJDJwUFNQPSBMEF1|CPMBDhSSFDEF9BWJFS7JEBM 'PMDIEJSFDUPSBEKVOUEFMEJBSJ&M1BrT3BNPO#PJYBEwTJ.POUTF"HVFS EFNBSmQSFTFOUBDJwEFMBNFNxSJBBOVBMJBOVODJEFMOPNFOBNFOUEF.POUTF "HVFSDPNBQBUSPOBWJUBMrDJB EªBCSJMSPEBEFQSFNTBJWJTJUBHVJBEBQFSQSFTFOUBSMªBNQMJBDJwEFMªJUJOFSBSJBMB $BTB.VTFV4BMWBEPS%BMrEF1PSUMMJHBU)JWBOQBSUJDJQBS"OUPOJ1JUYPU.POUTF"HVFS -MVrT1FvVFMBTJ+PBO.BOVFM4FWJMMBOP-ªBDUFWBTFSWJSDPNBBDUJWJUBUEFSFMBDJPOT Q|CMJRVFTQFSSFGPSmBSFMTMMJHBNTBNCFMTDPSSFTQPOTBMTJEJSFDUPSTEFMBQSFNTBUBOU FTDSJUBDPNBVEJPWJTVBM-BJOWJUBDJwWBUFOJSVOBBDPMMJEBNPMUCPOBFOUSFSFEBDUPSTJ DhNFSFTJBTTPMrVOSFTTxOPUBCMFFOQPSUBEFTEFEJBSJTTFDDJPOTDVMUVSBMTSFWJTUFTEF WJBUHFTJJOGPSNBUJVTEFUFMFWJTJPOTJShEJPT %% -PTFTQBDJPTEBMJOJBOPTEFTQJFSUBO VOHSBOJOUFSnTNFEJgUJDP &MTFTQBJTEBMJOJBOTEFTQFSUFO VOHSBOJOUFSoTNFEJhUJD %& EF NBZP DPNJEB EF QSFOTB DPO .POUTF "HVFS Z +PBO .BOVFM 4FWJMMBOP QBSB EJWFSTPTSFTQPOTBCMFTEFDVMUVSBEF#BSDFMPOB&MPCKFUJWPFSBQSFTFOUBSNBUFSJBMFTEF MBFYQPTJDJwO%BMr1BJOUJOH'JMNZUBNCJnOSFGPS[BSMBSFMBDJwODPOMPTKFGFTEFMPT TFSWJDJPTDVMUVSBMFTCBSDFMPOFTFT EFKVOJPQSFTFOUBDJwOEFMQSFNJPEFEJTFvPHSg¯DP0OF4IPXPUPSHBEPBMDBUgMPHP EF MB FYQPTJDJwO %BMMJCSFT B DBSHP EF .POUTF "HVFS "MFY (JGSFV 1FSF ¸MWBSP Z FM EFMFHBEPEF¨MB$BJYB¨FOFM"MU&NQPSEh+PSEJ/JDPMBV EF KVMJP JOBVHVSBDJwO EF MB FYQPTJDJwO TPCSF "OOB .BSJB FO MB 4BMB EF MBT 1FTDBEFSrBT $PO FTUB BDDJwO TF DPOGFSrB VO WBMPS BvBEJEP B MB WJTJUB OPDUVSOB EFM 5FBUSP.VTFPEF/PDIFRVFTFJOBVHVSBSrBB¯OBMFTEFFTFNFT EF TFQUJFNCSF DPNJEB EF QSFOTB FO .BESJE DPO NPUJWP EF MB QSFTFOUBDJwO EFM MJCSP TPCSF MBT BERVJTJDJPOFT EF PCSBT EF 4BMWBEPS %BMr SFBMJ[BEBT EVSBOUF MPT |MUJNPTRVJODFBvPTZBMNJTNPUJFNQPQBSBGPSUBMFDFSMBSFMBDJwODPOMPTQFSJPEJTUBT NBESJMFvPT-PTEJBSJPTFDPOwNJDPTTFIJDJFSPOFTQFDJBMFDPEFMUFNB EFPDUVCSFQSFTFOUBDJwOEFMJOUFSDBNCJPEFPCSBTDPOFMNVTFPEF4BO1FUFSTCVSHP 'MPSJEB ZEFMBFYQPTJDJwOEFBVUPSSFUSBUPTPSHBOJ[BEBDPOFTUFNPUJWP EFNBJHEJOBSEFQSFNTBBNC.POUTF"HVFSJ+PBO.BOVFM4FWJMMBOPQFSBEJWFSTPT SFTQPOTBCMFTEFDVMUVSBEF#BSDFMPOB-ªPCKFDUJVFSBQSFTFOUBSNBUFSJBMTEFMªFYQPTJDJw %BMr1BJOUJOH'JMNJUBNCnSFGPSmBSMBSFMBDJwBNCFMTDBQTEFMTTFSWFJTDVMUVSBMT CBSDFMPOJOT EFKVOZQSFTFOUBDJwEFMQSFNJEFEJTTFOZHSh¯D0OF4IPXBUPSHBUBMDBUhMFHEF MªFYQPTJDJw%BMMJCSFTBDhSSFDEF.POUTF"HVFS"MFY(JGSFV1FSF¸MWBSPJFMEFMFHBUEF ¨MB$BJYB¨BMª"MU&NQPSEh+PSEJ/JDPMBV EFKVMJPMJOBVHVSBDJwEFMªFYQPTJDJwTPCSF"OOB.BSJBBMB4BMBEFMFT1FJYBUFSJFT "NCBRVFTUBBDDJwFTEPOBWBVOWBMPSBGFHJUBMBWJTJUBOPDUVSOBEFM5FBUSF.VTFVEF /JURVFTªJOBVHVSBSJBB¯OBMTEFNFT EFTFUFNCSFEJOBSEFQSFNTBB.BESJEQFSQSFTFOUBSFMMMJCSFTPCSFMFTBERVJTJDJPOT EªPCSFTEF4BMWBEPS%BMrSFBMJU[BEFTEVSBOUFMT|MUJNTRVJO[FBOZTJEªBRVFTUBNBOFSB FOGPSUJSMBSFMBDJwBNCFMTQFSJPEJTUFTNBESJMFOZT&MTEJBSJTFDPOxNJDTTFªOWBOGFS FTQFDJBMSFTTx EªPDUVCSF QSFTFOUBDJw EF MªJOUFSDBOWJ EªPCSFT BNC FM NVTFV EF 4BOU 1FUFSTCVSH 'MPSJEB JEFMªFYQPTJDJwEªBVUPSFUSBUTPSHBOJU[BEBBNCBRVFTUNPUJV %' *OUFSJPSEFMDBUgMPHP %BMMJCSFTRVFSFDJCJwFMQSFTUJHJPTP QSFNJP0OF4IPXFJNBHFOEFMBQSFTFOUBDJwOBDBSHPEF +PSEJ/JDPMBV.POUTF"HVFS"MFY(JGSFVZ1FSF¸MWBSP *OUFSJPSEFMDBUhMFH%BMMJCSFTRVFWBSFCSFFMQSFTUJHJwTQSFNJ 0OF4IPXJJNBUHFEFMBQSFTFOUBDJwBDhSSFDEF +PSEJ/JDPMBV.POUTF"HVFS"MFY(JGSFVJ1FSF¸MWBSP & 0USBTBDDJPOFTEFDPNVOJDBDJwOMMFWBEBTBDBCPBMPMBSHPEFMBvPIBOTJEPMBTTJHVJFOUFT 1SFTTUSJQT -B 'VOEBDJwO BDPHJw USFT WJBKFT EF QSFOTB DPO NPUJWP EF MB DPMBCPSBDJwO DPO PSHBOJ[BEPSFTZQBUSPDJOBEPSFTQBSBFYQPTJDJPOFTDPNP4VSSFBM5IJOHTFOFM7JDUPSJB "MCFSU.VTFVN-POESFT %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPOFO+BQwOP%BMr 1BJOUJOH'JMNFOMB5BUF.PEFSO-POESFT -PTQBSUJDJQBOUFTQVEJFSPOEJTGSVUBSEF VOQSPHSBNBFYIBVTUJWPEFWJTJUBTBM5SJgOHVMP%BMJOJBOPZTVFOUPSOPDPOFOUSFWJTUBT B"OUPOJ1JUYPU.POUTF"HVFSZ+PBO.BOVFM4FWJMMBOP&TUBTBDDJPOFTUVWJFSPOVOB JNQPSUBOUFSFQFSDVTJwODPNPEFNVFTUSBMBDJGSBEFWJTJUBOUFTSFHJTUSBEB0USP QSFTT USJQ DPPSEJOBEPEFTEFFM¸SFBEF$PNVOJDBDJwOSFVOJwBEJWFSTPTQFSJPEJTUBTBMFNBOFT EFTQMB[BEPTB$BUBMVvBBOUFTEFMBDFMFCSBDJwOEFMB'FSJBEFM-JCSPEF'SBOLGVSU 0USBTBDDJPOFTEFQSFOTB %VSBOUF FM TF IBO FOWJBEP DPNVOJDBEPT EF QSFOTB SFMBUJWPT B MPT EJWFSTPT BDPOUFDJNJFOUPT Z BDUJWJEBEFT RVF IB HFOFSBEP MB 'VOEBDJwO P FO MPT RVF IB QBSUJDJQBEP &O FTUF BQBSUBEP EFTUBDBO DPNP DBEB BvP FM BOVODJP EFM O|NFSP EF WJTJUBOUFT EF MPT NVTFPT Z EFM JODSFNFOUP SFHJTUSBEP SFTQFDUP BM BvP BOUFSJPS MB DPNVOJDBDJwOQ|CMJDBEFMBDJGSBEFWJTJUBOUFTDPOUBCJMJ[BEBFOMBFYQPTJDJwOEF5PLJP +BQwO RVFGVFEFEFTEFFMEFTFQUJFNCSFIBTUBFMEFFOFSPEFFM BOVODJPEFMBSFBQFSUVSBEFMBTDBTBTNVTFPEF1|CPMZ1PSUMMJHBUFMErBEFNBS[P MBOVFWBFEJDJwOEFM5FBUSP.VTFP%BMrEF/PDIFEFMEFKVMJPBMEFTFQUJFNCSFMB JOBVHVSBDJwOFMEFPDUVCSFEFMBFYQPTJDJwO 4BMWBEPS%BMr¥4VSSFBMJTUJFOFM&TQPP .VTFVNPG.PEFSO"SU'JOMBOEJB FOMBRVFQBSUJDJQwFMHFSFOUFEFMB'VOEBDJwO %BMr+PBO.BOVFM4FWJMMBOP Z MBT JOBVHVSBDJPOFTEFMBFYQPTJDJwO %BMr 1BJOUJOH 'JMNFOMB5BUFZQPTUFSJPSNFOUFFMEFPDUVCSF FOFM-"$." %FTEFFM¸SFBEF$PNVOJDBDJwOTFFODBSHwVOSFQPSUBKFGPUPHSg¯DPBM%BMr²+PZBTBMPCKFUPEF BNQMJBSFMGPOEPEFJNgHFOFTQSPNPDJPOBMFTEFMPTSFDJOUPTNVTFrTUJDPTQBSBVTPJOUFSOP %PTPCSBTEFMNVTFPEF'MPSJEBDFEJEBTFO QSnTUBNPZVONPNFOUPEFMBQSFTFOUBDJwO %VFTPCSFTEFMNVTFVEF'MPSJEBEFJYBEFTFO QSnTUFDJVONPNFOUEFMBQSFTFOUBDJw "MUSFTBDDJPOTEFDPNVOJDBDJwEVUFTBUFSNFBMMMBSHEFMªBOZIBOFTUBUMFTTFHFOUT 1SFTTUSJQT -B'VOEBDJwWBBDPMMJSUSFTWJBUHFTEFQSFNTBBSSBOEFMBDPM²MBCPSBDJwBNCPSHBOJU[BEPST JQBUSPDJOBEPSTQFSBFYQPTJDJPOTDPNBSB4VSSFBM5IJOHTBM7JDUPSJB"MCFSU.VTFVN -POESFT %BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPOBM+BQwP%BMr1BJOUJOH'JMNBMB 5BUF.PEFSO-POESFT &MTQBSUJDJQBOUTWBOHBVEJSEªVOQSPHSBNBFYIBVTUJVEFWJTJUFT BM5SJBOHMF%BMJOJhJBMTFVFOUPSOBNCFOUSFWJTUFTB"OUPOJ1JUYPU.POUTF"HVFSJ +PBO.BOVFM4FWJMMBOP&MSFTTxBDPOTFHVJUBNCBRVFTUFTBDDJPOTWBTFSOPUBCMFDPN EFNPTUSBMBYJGSBEFWJTJUBOUTSFHJTUSBEB6OBMUSFQSFTTUSJQDPPSEJOBUEFTEFMª SFB EF$PNVOJDBDJwWBTFSFMRVFWBBQMFHBSEJWFSTPTQFSJPEJTUFTBMFNBOZTEFTQMBmBUTB $BUBMVOZBBCBOTEFMBDFMFCSBDJwEFMB'JSBEFM-MJCSFEF'SBOLGVSU "MUSFTBDDJPOTEFQSFNTB &O FM EFDVST EFM TªIBO FOWJBU EJGFSFOUT DPNVOJDBUT EF QSFNTB SFMBUJVT BMT FTEFWFOJNFOUT J BDUJWJUBUT RVF IB HFOFSBU MB NBUFJYB 'VOEBDJw P FO FMT RVBMT IB QBSUJDJQBUMªFOUJUBU%JOTBRVFTUBQBSUBUEFTUBRVFOMªBOVODJDPNDBEBBOZEFMOPNCSF EF WJTJUBOUT EFMT NVTFVT J EF MªJODSFNFOU SFHJTUSBU SFTQFDUF B MªBOZ BOUFSJPS MB DPNVOJDBDJwQ|CMJDBEFMBYJGSBEFWJTJUBOUTDPNQUBCJMJU[BEBBMªFYQPTJDJwEF5xRVJP +BQw RVFWBTFSEFEFMEFTFUFNCSFBMEFEFHFOFSEFMMªBOVODJ EFMBSFPCFSUVSBFMEJBEFNBSmEFMFTDBTFTNVTFVEF1|CPMJ1PSUMMJHBUMBOPWB FEJDJwEFM5FBUSF.VTFV%BMrEF/JUEFMEFKVMJPMBMEFTFUFNCSFMBJOBVHVSBDJw FMEªPDUVCSFEFMªFYQPTJDJw4BMWBEPS%BMr¥4VSSFBMJTUJBMª&TQPP.VTFVNPG.PEFSO "SU'JOMhOEJB FOMBRVBMWBQBSUJDJQBSFMHFSFOUEFMB'VOEBDJw%BMr+PBO.BOVFM 4FWJMMBOPJMFTJOBVHVSBDJPOTEFMªFYQPTJDJw%BMr1BJOUJOH'JMNQSJNFSBMB5BUFJ QPTUFSJPSNFOUFMEªPDUVCSF BM-"$." %FTEFMª SFBEF$PNVOJDBDJwFTWBFODBSSFHBSVOSFQPSUBUHFGPUPHSh¯DBM%BMr²+PJFTQFS UBMEªBNQMJBSFMGPOTEªJNBUHFTQSPNPDJPOBMTEFMTSFDJOUFTNVTFrTUJDTQFSB|TJOUFSO & & .FNPSJB -BNFNPSJBJOTUJUVDJPOBMFTVOBEFMBTQSJODJQBMFTIFSSBNJFOUBTDPNVOJDBUJWBTEFMB 'VOEBDJwOZTFEJTUJOHVFEFQVCMJDBDJPOFTTJNJMBSFTEFMTFDUPSDVMUVSBMQPSMBBNQMJB JOGPSNBDJwOFDPOwNJDBRVFDPOUJFOFFOTVBOFYP#$PNPDBEBBvPTFFEJUBFOEPT WFSTJPOFT CJMJOHFT DBUBMgOFTQBvPM Z GSBODnTJOHMnT -B WFSTJwO FO 1%' TF QVFEF DPOTVMUBSFOFTUPTDVBUSPJEJPNBTFOMBXFCXXXTBMWBEPSEBMJPSH *OUFSOFU -B MBCPS EF SFEJTFvP EF MB XFC IB DPNFO[BEP B EBS TVT GSVUPT FO FM DPO VO O|NFSP EF WJTJUBT SFHJTUSBEBT EF MP RVF SFQSFTFOUB VO JODSFNFOUP EFM 5BNCJnOFOFMTFIBQVFTUPFOQSgDUJDBVOPEFMPTQSJODJQBMFTPCKFUJWPT QFSTFHVJEPT DPO MB SFOPWBDJwO MB JODPSQPSBDJwO QSPHSFTJWB EF TFSWJDJPT PSJFOUBEPT BGBDJMJUBSMBBUFODJwOBMVTVBSJP-BTOPWFEBEFTJOUSPEVDJEBTEVSBOUFFTUFBvPIBO TJEPMBTFDDJwOEFQSFHVOUBTNgTGSFDVFOUFTMBDSFBDJwOEFVOBCPMTBEFUSBCBKPMB DBODFMBDJwOEFDPNQSBZSFTFSWBEFFOUSBEBTJOEJWJEVBMFTQBSB1PSUMMJHBUZFM5FBUSP .VTFP%BMrEF/PDIFZ¯OBMNFOUFMBSFTFSWBQBSBHSVQPTFO'JHVFSFTZ1|CPM&OUSF MBTBDDJPOFTEFPQUJNJ[BDJwODBCFEFTUBDBSFMMBO[BNJFOUPEFVOQMBOEFFTUVEJPZ NFKPSB EFM QPTJDJPOBNJFOUP FO *OUFSOFU RVF IB DPOTJTUJEP FO QSJNFS MVHBS FO MB SFBMJ[BDJwOEFVOBOgMJTJTEFMBTJUVBDJwOZTFHVJEBNFOUFFOMBFMBCPSBDJwOEFVOB QSPQVFTUBQBSBDPOTFHVJSNBZPSQPQVMBSJEBEJODSFNFOUBSMPTFOMBDFTDPOEJSFDUPSJPT EFDBMJEBEUBOUPFOUSBOUFTDPNPTBMJFOUFTZNFKPSBSFM1BHF3BOL 1PSUBEBEFMTJUJPXFC 1PSUBEBEFMMMPDXFC 1SFTFOUBDJwOEFMBNFNPSJBBOVBMQPS.POUTF "HVFS-MVrT1FvVFMBTZ+PBO.BOVFM4FWJMMBOP 1SFTFOUBDJwEFMBNFNxSJBBOVBMQFS.POUTF "HVFS-MVrT1FvVFMBTJ+PBO.BOVFM4FWJMMBOP .FNxSJB -BNFNxSJBJOTUJUVDJPOBMnTVOBEFMFTQSJODJQBMTFJOFTDPNVOJDBUJWFTEFMB'VOEBDJw JFTEJTUJOHFJYEªBMUSFTQVCMJDBDJPOTTJNJMBSTEFMTFDUPSDVMUVSBMQFSMªhNQMJBJOGPSNBDJw FDPOxNJDBRVFDPOUnFOMªBOOFY#$PNDBEBBOZTªFEJUBFOEVFTWFSTJPOTCJMJOHFT DBUBMhDBTUFMMhJGSBODoTBOHMoT-BWFSTJwFO1%'FTQPUDPOTVMUBSFOBRVFTUTRVBUSF JEJPNFTBMXFCXXXTBMWBEPSEBMJPSH *OUFSOFU %VSBOUFMTªIBOQPHVUDPNQSPWBSFMTGSVJUTEFMSFEJTTFOZEFMMMPDXFCFOHVBOZFM OPNCSFEFWJTJUFTFOSFHJTUSBEFTIBFTUBUEFYJGSBRVFSFQSFTFOUBVOJODSFNFOU EFM"MIPSBTªIBQPTBUFOQShDUJDBVOEFMTQSJODJQBMTPCKFDUJVTQFSTFHVJUTBNC MBSFOPWBDJwBOBSJODPSQPSBOUTFSWFJTQSPHSFTTJWBNFOUJEªBRVFTUBNBOFSBGBDJMJUBS MªBUFODJwBMªVTVBSJ-FTOPWFUBUTJOUSPEVuEFTEVSBOUBRVFTUBOZIBOFTUBUMBTFDDJwEF QSFHVOUFTNnTGSFRFOUTMBDSFBDJwEªVOBCPSTBEFUSFCBMMMBDBODFM²MBDJwEFDPNQSBJ SFTFSWBEªFOUSBEFTJOEJWJEVBMTQFSB1PSUMMJHBUJFM5FBUSF.VTFV%BMrEF/JUJ¯OBMNFOU MBSFTFSWBQFSBHSVQTB'JHVFSFTJ1|CPM&OUSFMFTBDDJPOTEªPQUJNJU[BDJwFOEFHBEFT DBMEFTUBDBSFMMMBOmBNFOUEªVOQMBEªFTUVEJJNJMMPSBEFMQPTJDJPOBNFOUB*OUFSOFURVF IBDPOTJTUJUBGFSVOBBOhMJTJEFMBTJUVBDJwJTFHVJEBNFOUBFMBCPSBSVOBQSPQPTUBQFS BDPOTFHVJSNnTQPQVMBSJUBUJODSFNFOUBSFMTFOMMBmPTBNCEJSFDUPSJTEFRVBMJUBUUBOU FOUSBOUTDPNTPSUJOUTJNJMMPSBSFM1BHF3BOL &! 6OBQVCMJDBDJwODBUBMBOPJUBMJBOBZGPMMFUP JOGPSNBUJWPEFMBFYQPTJDJwOEF1|CPM 6OBQVCMJDBDJwDBUBMBOPJUBMJBOBJGVMMFU JOGPSNBUJVEFMªFYQPTJDJwEF1|CPM &ODVFOUSPEFM'wSVNEF4rOEJDPT QSFTJEJEPQPSMBDPOTFMMFSBEF+VTUJDJB 5SPCBEBEFM'xSVNEF4rOEJDT QSFTJEJEBQFSMBDPOTFMMFSBEF+VTUrDJB &" 130.0$*¾/:%*'64*¾/ 6OPEFMPTQSJODJQBMFTPCKFUJWPTEFM¸SFBEF%JGVTJwOIBTJEPMBQSPNPDJwOEFM$BTUJMMPEF 1|CPMTJOEVEBFMFTQBDJPEBMJOJBOPNFOPTDPOPDJEPQPSFMHSBOQ|CMJDP&OQSJNFS BvPEFBQFSUVSBEFMSFDJOUPTFSFHJTUSBSPOWJTJUBTFOFMFODBNCJPGVFSPO NgTEFDJGSBTPMPTVQFSBEBQPSMBDPOTFHVJEBFOFM"vP%BMrRVFDPOTUJUVZw VOBDPOUFDJNJFOUPFYDFQDJPOBMFJSSFQFUJCMFQBSBMBEJGVTJwOZQSPNPDJwOEFMBPCSBEF 4BMWBEPS%BMrZTVTNVTFPTJODMVJEPFM$BTUJMMPEF1|CPM%FKBOEPBVOMBEPFTUBFYDFQDJwO WJTJUBOUFT FMIBTJEPFMBvPFORVFTFIBODPOUBCJMJ[BEPNgTWJTJUBTBM $BTUJMMPEF1|CPMFOUPUBMDJGSBRVFSFQSFTFOUBVOJODSFNFOUPEFMSFTQFDUP BM ZEFVODPOSFMBDJwOBMQSJNFSBvPEFBQFSUVSB %VSBOUFFTUPTBvPTTFIBOSFBMJ[BEPN|MUJQMFTBDDJPOFTEFQSPNPDJwOPSJFOUBEBT B VO PCKFUJWP DPN|O MB C|TRVFEB EF VOB EJWFSTJ¯DBDJwO NgYJNB QBSB MMFHBS B MB NBZPSWBSJFEBEEFQ|CMJDPTQPTJCMF"MSFTQFDUPFMDBNCJPJOJDJBMFOMBDPODFQDJwO EFMBEJGVTJwOEFMPTNVTFPT%BMrFOUFOEJnOEPMPTDPNPVOBTPMBFOUJEBEFOMVHBSEF USFTIBSFTVMUBEPEFUFSNJOBOUFQBSBBMDBO[BS¦ZFOFTUPTNPNFOUPTZBTVQFSBS¦FM PCKFUJWPEFWJTJUBTBMBvP 7BSJPTIBOTJEPMPTGBDUPSFTRVFIBODPOUSJCVJEPBQSPNPWFSDPOnYJUPFTUBNBHOr¯DBDBTB NVTFPTJUVBEBFOVOO|DMFPSVSBMQSJWJMFHJBEPEFM#BJY&NQPSEh&OUSFFMMPTQPEFNPT DJUBSMBSFMBDJwODPOEFUFSNJOBEPTPQFSBEPSFTUVSrTUJDPTMBHFTUJwOZQMBOJ¯DBDJwOEF HSVQPTMBDPMBCPSBDJwODPOMPTQSPGFTJPOBMFTUVSrTUJDPTMBFYUSBPSEJOBSJBPQPSUVOJEBE EJGVTPSBRVFSFQSFTFOUwFM"vP%BMr MBPSHBOJ[BDJwOQPSQBSUFEFM$FOUSPEF &TUVEJPT%BMJOJBOPTEFFYQPTJDJPOFTUFNQPSBMFTBOVBMFTFOFM$BTUJMMPMBTQSPQVFTUBT QFEBHwHJDBT DPODSFUBT PSJFOUBEBT B EJWVMHBS MB FTQFDJ¯DJEBE EBMJOJBOB EFM $BTUJMMP FOUSFFMQ|CMJDPFTDPMBSZMBEJGVTJwOBUSBWnTEFMBXFCEFMB'VOEBDJwO 130.0$*¾*%*'64*¾ 6O EFMT QSJODJQBMT PCKFDUJVT EF Mª SFB EF %JGVTJw IB FTUBU MB QSPNPDJw EFM $BTUFMM EF1|CPMTFOTEVCUFMªFTQBJEBMJOJhNFOZTDPOFHVUQFMHSBOQ|CMJD&MQSJNFS BOZEªPCFSUVSBEFMSFDJOUFFTWBOFOSFHJTUSBSWJTJUFTFMFODBOWJTªIB BDPOTFHVJUQBTTBSEFMFTJBTTPMJSBJYrVOOJWFMMTVQFSBUOPNnTQFSMBYJGSB EFMª"OZ%BMrFTEFWFOJNFOUFYDFQDJPOBMJJSSFQFUJCMFQFSBMBEJGVTJwJQSPNPDJwEF MªPCSBEF4BMWBEPS%BMrJFMTTFVTNVTFVTJODMxTFM$BTUFMMEF1|CPM%FJYBOUEFCBOEB BRVFTUBFYDFQDJwWJTJUBOUT FMnTMªBOZRVFTªIBODPNQUBCJMJU[BUNnT WJTJUFTBM$BTUFMMEF1|CPMFOUPUBMYJGSBRVFSFQSFTFOUBVOJODSFNFOUEFM SFTQFDUFBM JEFMBNCSFMBDJwBMQSJNFSBOZEªPCFSUVSB -FT BDDJPOT EF QSPNPDJw SFBMJU[BEFT EVSBOU BRVFTUT EFV BOZT IBO FTUBU N|MUJQMFT QFSxFTQPESJFOSFTVNJSFOMBSFDFSDBEªVOBEJWFSTJ¯DBDJwNhYJNBQFSUBMEªBSSJCBS BMBNBKPSWBSJFUBUEFQ|CMJDTQPTTJCMF&MDBOWJJOJDJBMFOMBDPODFQDJwEFMBEJGVTJw EFMTNVTFVT%BMrFOUFOFOUMPTDPNVOBTPMBFOUJUBUFODPNQUFTEFUSFTIBSFTVMUBU EFUFSNJOBOUQFSBUoOZFS¦JFOBRVFTUTNPNFOUTKBTVQFSBS¦MªPCKFDUJVEF WJTJUFTMªBOZ -BSFMBDJwBNCEFUFSNJOBUTPQFSBEPSTUVSrTUJDTMBHFTUJwJQMBOJ¯DBDJwEFHSVQTJMB DPM²MBCPSBDJw BNC FMT QSPGFTTJPOBMT UVSrTUJDT BGFHJEFT B MªFYUSBPSEJOhSJB PQPSUVOJUBU EJGVTPSBRVFWBSFQSFTFOUBSMª"OZ%BMr MªPSHBOJU[BDJwQFSQBSUEFM$FOUSFEª&TUVEJT %BMJOJBOT EªFYQPTJDJPOT UFNQPSBMT BOVBMT BM $BTUFMM MFT QSPQPTUFT QFEBHxHJRVFT DPODSFUFTQFSEJWVMHBSMªFTQFDJ¯DJUBUEBMJOJBOBEFM$BTUFMMFOUSFFMQ|CMJDFTDPMBSPMB EJGVTJwBUSBWnTEFMXFCEFMB'VOEBDJwIBODPOUSJCVuUBQSPNPVSFBNCoYJUBRVFTUB NBHOr¯DBDBTBNVTFVTJUVBEBFOVOOVDMJSVSBMQSJWJMFHJBUEFM#BJY&NQPSEh &# MBTFOUSBEBT BMUFBUSPNVTFPEBMrEFOPDIF ZBTFQVFEFODPNQSBSQPSJOUFSOFU &OMPRVFTFSF¯FSFBMTFDUPSUVSrTUJDPDBCFNFODJPOBSMBJNQPSUBOUFMBCPSEFQSPNPDJwO RVFBMPCKFUPEFQSPZFDUBSMPTNVTFPT%BMrFOFMFYUFSJPSTFSFBMJ[BDPOKVOUBNFOUFDPO 5VSFTQBvB5VSJTNFEF$BUBMVOZBZFM1BUSPOBUPEF5VSJTNP$PTUB#SBWB(JSPOB&OUSF MBT OVNFSPTBT BDDJPOFT SFBMJ[BEBT EFTUBDB MB QBSUJDJQBDJwO FO MBT QSJODJQBMFT GFSJBT UVSrTUJDBTFVSPQFBTMBPSHBOJ[BDJwOEFWJTJUBTQBSBPQFSBEPSFTUVSrTUJDPTZNFEJPTEF JOGPSNBDJwOEFgNCJUPNVOEJBMFUD$BCFTVCSBZBSUBNCJnOMPTBDVFSEPTTVTDSJUPT DPOFOUJEBEFTEFgNCJUPMPDBMDPNPFM(JSPOB$POWFOUJPO#VSFBVZ$PTUB#SBWB7FSE )PUFMTMBTDBNQBvBTEFgNCJUPFTUBUBMDPNPFM"SU5SBWFM1BTTPMBTRVFTFSFBMJ[BO B USBWnT EF MPT USFOFT JOUFSOBDJPOBMFT 1BV $BTBMT ;|SJDI 4BMWBEPS %BMr .JMgO Z +PBO.JSw1BSrT Z¯OBMNFOUFFMBDVFSEPFTUBCMFDJEPDPO#VT5VSrTUJDEFTUJOBEPB GBDJMJUBSFMBDDFTPEFWJTJUBOUFTQSPDFEFOUFTEF#BSDFMPOB &$ 6OB IFSSBNJFOUB NVZ JNQPSUBOUF FO MB QSPNPDJwO EFM 5FBUSP.VTFP DPOUJO|B TJFOEPMBWJTJUBOPDUVSOB&TUFBvPIBOPQUBEPQPSFTUBNPEBMJEBEQFSTPOBT MPRVFSFQSFTFOUBVOJODSFNFOUPEFMFOSFMBDJwODPOFM1BSBMBEJGVTJwOEF FTUBTWJTJUBTIBOTJEPGVOEBNFOUBMFTMBJOGPSNBDJwOZMBQPTJCJMJEBEEFBERVJSJSMBT FOUSBEBTBOUJDJQBEBNFOUFBUSBWnTEFMBXFCEFMB'VOEBDJwO&OFMQSJNFSBvPEF JNQMBOUBDJwOFMEFMPTWJTJUBOUFTIBOVUJMJ[BEPFTUFTFSWJDJP5BNCJnOSFTVMUBEF BZVEBMBDPMBCPSBDJwODPOFMTFNBOBSJP-ª&NQPSEhRVFTFIBJEPNBOUFOJFOEPBvP USBTBvP&MQMVTEFDBMJEBERVFTFPGSFDFDPOMBWJTJUBOPDUVSOBRVFJODMVZFVOBDPQB EFDBWBZQSPZFDDJPOFTEJWFSTBTFOFMQBUJPEFM5FBUSP.VTFPFTVOPEFMPTBUSBDUJWPT RVFQSPQPOFMB'VOEBDJwO%BMrQBSBMBTOPDIFTEFWFSBOP 0USPFMFNFOUPEFQSPNPDJwOEFTUBDBCMFIBTJEPFMDPOWFOJPTVTDSJUPDPO5VSJTNF+VWFOJM EF$BUBMVOZBBUSBWnTEFM$"3/&5+07&RVFPGSFDFEFTDVFOUPTBTVTUJUVMBSFT 7JTJUBTFTQFDJBMFT %VSBOUFFMBvPTFIBOPSHBOJ[BEPWJTJUBTQSJWBEBTBM5FBUSP.VTFPFOFMNBSDP EFSFVOJPOFTEFFNQSFTBDPOHSFTPTFUDDPOFMPCKFUJWPEFPGSFDFSVODPNQMFNFOUP DVMUVSBMEFDBMJEBE"MHVOPTEFMPTHSVQPTZBDPOUFDJNJFOUPTRVFTFIBOCFOF¯DJBEP EF FTUBT WJTJUBT IBO TJEP *9 &ODVFOUSP EFM 'wSVN EF 4rOEJDPT 4rOEJDBT %FGFOTPSFT Z%FGFOTPSBT-PDBMFTEF$BUBMVvBEFGFCSFSP BCPHBEPTEJSFDUPSFTEFFTDVFMBTEF QSgDUJDBKVSrEJDBEF&TQBvBEFNBZP EJSFDUPSFTEFMPTPSHBOJTNPTEFMB4FHVSJEBE 4PDJBMGSBODFTBEFNBZP *94FNJOBSJPTPCSF"VUPOPNrBZ+VTUJDJBFO$BUBMVvBDPO MBBTJTUFODJBEFVOBEFMFHBDJwOEFQSFTJEFOUFTNBHJTUSBEPTZNBHJTUSBEBTEFMBTDPSUFT TVQSFNBT EF KVTUJDJB EF "NnSJDB $FOUSBM .nYJDP Z MB 3FQ|CMJDB %PNJOJDBOB EF KVOJP 3JDIFNPOU*CFSJB¥HSVQP$BSUJFSEFTFQUJFNCSF $BSUPPO'PSVN$BUBMVOZB $BTUJMMPEF1|CPMEFTFQUJFNCSF &M$MBVTUSFEFTFQUJFNCSFZEFOPWJFNCSF 4&#*CnSJDBEFPDUVCSF ;"0.FEJB1MVT¥.PTD|EFOPWJFNCSF ZQBSBBDBCBSMB QSFTFOUBDJwOEFM&TUVEJPEFDPOUSPMEFMPTGBDUPSFTEFSJFTHPDBSEJPWBTDVMBSFO(JSPOBFO FMNBSDPEFVOBKPSOBEBPSHBOJ[BEBQPSFM)PTQJUBMEF'JHVFSFTEFOPWJFNCSF MFTFOUSBEFT BMUFBUSFNVTFVEBMrEFOJU KBFTQPEFODPNQSBSQFSJOUFSOFU 1FMRVFGBBMTFDUPSUVSrTUJDDBMEFTUBDBSMBJNQPSUBOUUBTDBEFQSPNPDJwRVFFTSFBMJU[B DPOKVOUBNFOUBNC5VSFTQBvB5VSJTNFEF$BUBMVOZBJFM1BUSPOBUEF5VSJTNF$PTUB #SBWB(JSPOBQFSUBMEFQSPKFDUBSFMTNVTFVT%BMrBMªFYUFSJPS-FTBDDJPOTEVUFTBUFSNF TwOOPNCSPTFTJJODMPVFOMBQBSUJDJQBDJwFOMFTQSJODJQBMT¯SFTUVSrTUJRVFTEª&VSPQB MªPSHBOJU[BDJwEFWJTJUFTQFSBPQFSBEPSTUVSrTUJDTJNJUKBOTEªJOGPSNBDJwEªBSSFVFUD 5BNCnDBMTVCSBUMMBSFMTBDPSETTVCTDSJUTBNCFOUJUBUTEªhNCJUMPDBMDPNFM(JSPOB $POWFOUJPO#VSFBVJ$PTUB#SBWB7FSE)PUFMTMFTDBNQBOZFTEªBCBTUFTUBUBMDPNBSB Mª"SU5SBWFM1BTT P MFT RVF FT SFBMJU[FO B USBWnTEFMTUSFOTIPUFM JOUFSOBDJPOBMT 1BV $BTBMT;VSJD 4BMWBEPS%BMr.JMh J+PBO.JSw1BSrT J¯OBMNFOUMªBDPSEFTUBCMFSU BNC#VT5VSrTUJDQFSUBMEFGBDJMJUBSMªBDDnTEFWJTJUBOUTQSPWJOFOUTEF#BSDFMPOB 6OB FJOB NPMU JNQPSUBOU FO MB QSPNPDJw EFM5FBUSF.VTFV %BMr DPOUJOVB FTTFOU MB WJTJUB OPDUVSOB &OHVBOZ TªIBO SFCVU WJTJUFT FO IPSBSJ OPDUVSO YJGSB RVF SFQSFTFOUBVOJODSFNFOUEFMBNCSFMBDJwBM-BJOGPSNBDJwJMBQPTTJCJMJUBU EªBERVJSJS MFT FOUSBEFT BOUJDJQBEBNFOU B USBWnT EFM XFC EF MB 'VOEBDJw IBO FTUBU FJOFTEFHSBOJNQPSUhODJBQFSBMBTFWBEJGVTJw&OFMQSJNFSBOZEªJNQMBOUBDJwFM EFMTWJTJUBOUTIBOVUJMJU[BUBRVFTUTFSWFJ5BNCnIJIBBKVEBUMBDPM²MBCPSBDJwBNC FMTFUNBOBSJ-ª&NQPSEhRVFTªIBBOBUNBOUFOJOUDBEBBOZ&MQMVTEFRVBMJUBURVF TªPGFSFJYBNCMBWJTJUBOPDUVSOBRVFJODMPVVOBDPQBEFDBWBJQSPKFDDJPOTEJWFSTFT BMQBUJEFM5FBUSF.VTFVnTVOEFMTBUSBDUJVTRVFQSPQPTBMB'VOEBDJw%BMrQFSBMFT OJUTEªFTUJV 6OBMUSFFMFNFOUEFQSPNPDJwIBFTUBUFMDPOWFOJBNC5VSJTNF+VWFOJMEF$BUBMVOZB BUSBWnTEFM$"3/&5+07&RVFPGFSFJYEFTDPNQUFTBMTTFVTUJUVMBST 7JTJUFTFTQFDJBMT %VSBOU MªBOZ TªIBO PSHBOJU[BU WJTJUFT QSJWBEFT BM 5FBUSF.VTFV FO FM NBSD EF SFVOJPOTEªFNQSFTBDPOHSFTTPTFUDBNCMªPCKFDUJVEªPGFSJSVODPNQMFNFOUDVMUVSBM EFRVBMJUBU&OUSFBMUSFTFMTFTEFWFOJNFOUTJHSVQTRVFIBOHBVEJUEªBRVFTUFTWJTJUFT IBO FTUBU FMT TFHFOUT *9 5SPCBEB EFM 'xSVN EFMT 4rOEJDT 4rOEJRVFT %FGFOTPST J %FGFOTPSFT -PDBMT EF $BUBMVOZB EF GFCSFS BEWPDBUT EJSFDUPST EªFTDPMFT EF QShDUJDBKVSrEJDBEª&TQBOZBEFNBJH EJSFDUPSTEFMTPSHBOJTNFTEFMB4FHVSFUBU 4PDJBM GSBODFTB EF NBJH *9 4FNJOBSJ TPCSF "VUPOPNJB J +VTUrDJB B $BUBMVOZB BNCMªBTTJTUoODJBEªVOBEFMFHBDJwEFQSFTJEFOUTNBHJTUSBUTJNBHJTUSBEFTEFMFTDPSUT TVQSFNFTEFKVTUrDJBEª"NoSJDB$FOUSBM.oYJDJMB3FQ|CMJDB%PNJOJDBOBEFKVOZ 3JDIFNPOU*CFSJB¥HSVQ$BSUJFSEFTFUFNCSF $BSUPPO'PSVN$BUBMVOZB$BTUFMM EF1|CPMEFTFUFNCSF &M$MBVTUSFEFTFUFNCSFJEFOPWFNCSF 4&#*CnSJDB EªPDUVCSF ;"0.FEJB1MVT¥.PTDPVEFOPWFNCSF JQFSBDBCBSMBQSFTFOUBDJw EFMª&TUVEJEFDPOUSPMEFMTGBDUPSTEFSJTDDBSEJPWBTDVMBSB(JSPOBFOFMNBSDEªVOB KPSOBEBPSHBOJU[BEBQFSMª)PTQJUBMEF'JHVFSFTEFOPWFNCSF &% (&45*¾/$0.&3$*" (FTUJwOEFMBTUJFOEBT -BBDUJWJEBEEFMBTUJFOEBTEFMB'VOEBDJwO%BMrIBFYQFSJNFOUBEPVODSFDJNJFOUP JNQPSUBOUFDPOVOWPMVNFOEFWFOUBTRVFFOFMIBTVQFSBEPBNQMJBNFOUFMPT NJMMPOFTEFFVSPTDJGSBTJNJMBSBMCPPNBMDBO[BEPDPONPUJWPEFMDFOUFOBSJP%FFTUB NBOFSBTFDPOTUBUBMBDPOTPMJEBDJwOEFMBUFOEFODJBNBSDBEBEFTEFRVFTFBTVNJwMB HFTUJwOEFMBTUJFOEBTQPSQBSUFEFMB'VOEBDJwO &M BOgMJTJT QPSNFOPSJ[BEP UJFOEB QPS UJFOEB DPO¯SNB FTUB UFOEFODJB QPTJUJWB FO NBHOJUVEFTTJNJMBSFTTJCJFOSFTVMUBFTQFDJBMNFOUFEFTUBDBCMFMBUJFOEBEF%BMr²+PZBT RVFIBBMDBO[BEPTVNgYJNPIJTUwSJDPEFTEFTVBQFSUVSBFOFMBvP&MDSFDJNJFOUP QSPNFEJPEFMBTWFOUBTBHSFHBEBTEFUPEBTMBTUJFOEBTGVFEVSBOUFFMFKFSDJDJP EFVODPOSFMBDJwOBMFKFSDJDJPZFMWPMVNFOEFWFOUBTTFIBTJUVBEPFO MPTFVSPTWPMVNFOEFWFOUBT|OJDBNFOUFTVQFSBEPFOFMFKFSDJDJP && 0_RPVZVR[a\QRaNYYNQ\]\_aVR[QN`#$ ARNa_\:b`R\1NY~ %%% 1NY~Ã7\fN` !! =O\Y # =\_aYYVTNa " # 2c\YbPV[QRYc\YbZR[QRcR[aN`QRY\`YaVZ\``VRaRN\`Rb_\` .\ C\YbZR[QRCR[aN` # " $$ $ ! " " &&" # &&# $ %! (&45*¾$0.&3$*" (FTUJwEFMFTCPUJHVFT -ªBDUJWJUBU EF MFT CPUJHVFT EF MB 'VOEBDJw %BMr IB FYQFSJNFOUBU VO DSFJYFNFOU JNQPSUBOUEFMFTWFOEFTRVFMJIBQFSNoTTVQFSBShNQMJBNFOUMBYJGSBEFEPTNJMJPOT EªFVSPTRVBOUJUBUTJNJMBSBMªBTTPMJEBBNCNPUJVEFMCPPNEFMDFOUFOBSJ%ªBRVFTUB NBOFSBFTDPOTUBUBMBDPOTPMJEBDJwEFMBUFOEoODJBJOJDJBEBEFTRVFMB'VOEBDJwWB BTTVNJSMBHFTUJwEFMFTCPUJHVFT 4JBOBMJU[FNCPUJHBQFSCPUJHBFOEFUBMMFTDPO¯SNBFONBHOJUVETTJNJMBSTBRVFTUB UFOEoODJB QPTJUJWB %FTUBDB FO QBSUJDVMBS MB CPUJHB EF %BMr²+PJFT RVF IB BTTPMJU FM TFVNhYJNIJTUxSJDEFTRVFMªBOZWBPCSJSMFTQPSUFTBMQ|CMJD&MDSFJYFNFOU NJUKh EF MFT WFOEFT BHSFHBEFT EF UPUFT MFT CPUJHVFT EVSBOU MªFYFSDJDJ IB FTUBU EªVOBNCSFMBDJwBMJFMWPMVNEFWFOEFTTªIBTJUVBUFOFVSPT WPMVNEFWFOEFT|OJDBNFOUTVQFSBUFOMªFYFSDJDJ 0_RVeRZR[aQRaNYYNa]R_O\aVTbR`#$ ARNa_R:b`Rb1NY~ %%% 1NY~Ã7\VR` !! =O\Y # =\_aYYVTNa " # 2c\YbPVQRYc\YbZQRcR[QR`QRY`YaVZ``RaN[f`Rb_\` .[f C\YbZQRcR[QR` # " $$ $ ! " " &&" # &&# $ %! &' 0<;A?6/B06Æ;=<?02;A?<$ =<?A9964.A &&! =Ô/<9 $! ' 364B2?2@ %#" $0/53*#6$*¾/103$&/530 &MSFQBSUPEFMBTWFOUBTQPSDFOUSPIBTJEPFMTJHVJFOUF CR[aNaVR[QN`Rb_\` .\ ! " # $ AVR[QN`3VTbR_R` %& ## $ %% #"% ##" %" AVR[QN=\_aYYVTNa $ $ && %# % & %% $ AVR[QN=O\Y &$ $ ! ! ! ! !" # 0<;A?6/B06Æ=2?02;A?2$ =<?A9964.A &&! =Ô/<9 $! 364B2?2@ %#" $0/53*#6$*¾1&3$&/53& ' &MSFQBSUJNFOUEFMFTWFOUFTQFSDFOUSFTIBFTUBUFMTFHFOU CR[QR`O\aVTbR`Rb_\` .[f /\aVTbR`3VTbR_R` %& ## $ ! %% " #"% # ##" $ %" /\aVTN=\_aYYVTNa $ $ && %# % & %% $ /\aVTN=O\Y &$ $ ! ! ! ! !" # ' 'JHVFSFTFM5FBUSP.VTFP%BMrZ%BMr²+PZBT &MBvPIBSFQSFTFOUBEPQBSBMBUJFOEBEFMBDPMFDDJwO%BMr²+PZBTVOBFYQBOTJwO FO MBT WFOUBT EFM MP RVF MB TJU|B DPNP FM FTUBCMFDJNJFOUP DPO VO NBZPS DSFDJNJFOUP&OFMQBTBEPFKFSDJDJPMBUJFOEBBMDBO[wTVNgYJNPIJTUwSJDPEFWFOUBT EFTEFTVBQFSUVSBFO -BWFOUBQPSWJTJUBOUFIBBVNFOUBEPOPUBCMFNFOUFFOFTUPTNPNFOUPTZBFTEF FVSPT 364B2?2@'C2;A.@A62;1.@Rb_\` .\ AVR[QNARNa_\:b`R\ AVR[QN1NY~Ã7\fN` %& " " ! " # # ! $ " !% " " % # " $ #!% "$ CR[aN`a\aNYR`3VTbR_R` %& ## $ %% #"% ##" %" *OUFSJPSEFMBUJFOEB EFM5FBUSP.VTFP *OUFSJPSEFMBCPUJHB EFM5FBUSF.VTFV 4N`a\]_\ZRQV\R[aVR[QN`364B2?2@1R`]R`NZVaWN[NR[O\aVTbR`364B2?2@ # ! % # ! ! 'JHVFSFTFM5FBUSF.VTFV%BMrJ%BMr²+PJFT # $ '! -ªBOZ IB SFQSFTFOUBU QFS B MB CPUJHB EF MB DPM²MFDDJw %BMr²+PJFT VOB FYQBOTJw FO MFTWFOEFT RVFMBDPOWFSUFJYFOMªFTUBCMJNFOUEFNBKPSDSFJYFNFOU"RVFTU JODSFNFOUMªIBTJUVBUFOFMTFVNhYJNIJTUxSJDEFTRVFWBFOUSBSFOTFSWFJMªBOZ -BWFOEBQFSWJTJUBOUIBBVHNFOUBUOPUBCMFNFOUFOBRVFTUTNPNFOUTKBnTEF FVSPT 364B2?2@'C2;12@/<A64B2@Rb_\` .[f /\aVTNARNa_R:b`Rb /\aVTN1NY~Ã7\VR` %& " " ! " # # ! $ " !% " " % # " $ #!% "$ " CR[QR`a\aNY`3VTbR_R` %& ## $ %% #"% ##" %" 4N`a\]_\ZRQV\R[aVR[QN`=Ô/<9=<?A9964.A1R`]R`NZVaWN[NR[O\aVTbR`=Ô/<9=<?A9964.A =Ô/<9=<?A9964.A # 5JFOEBEF1PSUMMJHBU #PUJHBEF1PSUMMJHBU *OUFSJPSEFMBUJFOEBEF1|CPM *OUFSJPSEFMBCPUJHBEF1|CPM ! % # ! '" ! " # $ -BTDBTBTNVTFP1|CPMZ1PSUMMJHBU %VSBOUF FM FKFSDJDJP MBT WFOUBT IBO FYQFSJNFOUBEP VO JODSFNFOUP NVZ TJHOJ¯DBUJWPFOSFMBDJwODPOFM =O\Y =\_aYYVTNa # " # %FTUBDBFMJODSFNFOUPNPTUSBEPQPS1PSUMMJHBURVFTVQFSBFMVNCSBMEFMPT FVSPTBOVBMFTFOWFOUBT -B WFOUB QSPNFEJP IB NBOUFOJEP UBNCJnO TV FWPMVDJwO BMDJTUB Z TF IB TJUVBEP ZB EF GPSNB DPOUJOVBEB QPS FODJNB EF MPT FVSPT FO 1|CPM Z EF MPT FVSPT FO 1PSUMMJHBU -FTDBTFTNVTFV1|CPMJ1PSUMMJHBU %VSBOUMªFYFSDJDJMFTWFOEFTIBOFYQFSJNFOUBUVOJODSFNFOUNPMUTJHOJ¯DBUJV BNCSFMBDJwBM =O\Y =\_aYYVTNa # " # %FTUBDBMªJODSFNFOUSFHJTUSBUQFS1PSUMMJHBU RVFTVQFSBFM OJWFMM EFMT FVSPT BOVBMTFOWFOEFT -BWFOEBNJUKBOBUBNCnIBNBOUJOHVUMBTFWBFWPMVDJwBMDJTUBJTFTJUVBKBEFGPSNB DPOUJOVBEBQFSTPCSFEFFVSPTB1|CPMJEFFVSPTB1PSUMMJHBU '# '$ (&45*¾/%&."3,&5*/( %VSBOUFFMFKFSDJDJPFM%FQBSUBNFOUPEF.BSLFUJOHIBDFOUSBEPTVTQSJODJQBMFT FTGVFS[PTZSFDVSTPTFODPOTPMJEBSMPTQSPDFTPTEFSFPSEFOBDJwOFTUSBUnHJDBJOJDJBEPT FO FM Z FO JODJEJS FTQFDJBMNFOUF FO MB SFFTUSVDUVSBDJwO EF MB QSJNFSB EF MBT DVBUSPgSFBTEFBDUVBDJwOFTUSBUnHJDBFMNFSDIBOEJTJOHDVMUVSBM 130%6$504%&.&3$)"/%*4*/($6-563"%FCF SFDPSEBSTF RVF MB TFHVOEB NJUBE EFM BvP GVF FTQFDJBMNFOUF EJGrDJM QPS MB SFQFOUJOBEFTBQBSJDJwOEFEPTEFMBTQSJODJQBMFTFNQSFTBTMJDFODJBUBSJBTEFQSPEVDUPDVMUVSBM EBMJOJBOP"NCBTFNQSFTBTFSBOBEFNgTMBTQSJODJQBMFTTVNJOJTUSBEPSBTEFMPTQSPEVDUPT RVFTFDPNFSDJBMJ[BCBOFOMBTUJFOEBTHFTUJPOBEBTEJSFDUBNFOUFQPSMB'VOEBDJwO &TUBEFMJDBEBTJUVBDJwOOPTMMFWwEVSBOUFMBQSJNFSBNJUBEEFMQSFTFOUFFKFSDJDJPB DPODFOUSBSOVFTUSPTFTGVFS[PTFOUSFTgSFBTEFBDUVBDJwOQSJODJQBMFT ¥ 3FBMJ[BSVOSgQJEPEFTBSSPMMPEFHBNBTEFQSPEVDUPTTVTUJUVUJWPTEFDBSgDUFS FYDMVTJWPDPOMB¯OBMJEBEEFFWJUBSSVQUVSBEFTUPDLT ¥ *OJDJBSVOQSPDFTPEFC|TRVFEBZTFMFDDJwOEFOVFWPTMJDFODJBUBSJPTQBSBMBT DBUFHPSrBTEFQSPEVDUPTBGFDUBEBT ¥ "QSPWFDIBSMBDPZVOUVSBQBSBSFFTUSVDUVSBSZSFOPWBSMBTHBNBTEFQSPEVDUPT FYJTUFOUFT $PMFDDJwOEFQSPEVDUPTJEFOUJ¯DBUJWPT EFM5FBUSP.VTFP%BMr $PM²MFDDJwEFQSPEVDUFTJEFOUJ¯DBUJVT EFM5FBUSF.VTFV%BMr /FDFTFSZNPOFEFSPJOTQJSBEPT FOMPTMBCJPTEF.BF8FTU /FDFTTFSJNPOFEFSJOTQJSBUTFO FMTMMBWJTEF.BF8FTU (&45*¾%&. 326&5*/( %VSBOUMªFYFSDJDJFM%FQBSUBNFOUEF.hSRVFUJOHIBDFOUSBUFMTTFVTFTGPSmPTJ SFDVSTPTQSJODJQBMTBDPOTPMJEBSFMTQSPDFTTPTEFSFPSEFOBDJwFTUSBUoHJDBFOEFHBUTFM JBJODJEJSFTQFDJBMNFOUFOMBSFFTUSVDUVSBDJwEFMBQSJNFSBEFMFTRVBUSFhSFFT EªBDUVBDJwFTUSBUoHJDBFMNBSYBOEBUHFDVMUVSBM 130%6$5&4%&."39"/%"5(&$6-563"$BMSFDPSEBSRVFMBTFHPOBNFJUBUEFMªBOZWBTFSFTQFDJBMNFOUQSPCMFNhUJDBQFSMB EFTBQBSJDJwTPCUBEBEFEVFTEFMFTQSJODJQBMTFNQSFTFTMMJDFODJBUhSJFTEFQSPEVDUFDVMUVSBM EBMJOJh"NCEVFTFNQSFTFTFSFOBNnTMFTQSJODJQBMTTVCNJOJTUSBEPSFTEFMTQSPEVDUFT RVFFTDPNFSDJBMJU[BWFOBMFTCPUJHVFTHFTUJPOBEFTEJSFDUBNFOUQFSMB'VOEBDJw "RVFTUBTJUVBDJwEFMJDBEBFOTWBQPSUBSEVSBOUMBQSJNFSBNFJUBUEFMªFYFSDJDJB DPODFOUSBSFMTOPTUSFTFTGPSmPTFOUSFThSFFTEªBDUVBDJwQSJODJQBMT ¥ %VSBUFSNFVOEFTFOWPMVQBNFOUShQJEEFHBNNFTEFQSPEVDUFTTVCTUJUVUJVT EFDBShDUFSFYDMVTJVB¯EªFWJUBSSVQUVSFTEªFTUPDT ¥ *OJDJBSVOQSPDnTEFDFSDBJTFMFDDJwEFOPVTMMJDFODJBUBSJTQFSBMFTDBUFHPSJFTEF QSPEVDUFTBGFDUBEFT ¥ "QSP¯UBSMBDPOKVOUVSBQFSSFFTUSVDUVSBSJSFOPWBSMFTHBNNFTEFQSPEVDUFT FYJTUFOUT '% nYJUPDPNFSDJBMEFMBT OVFWBTMrOFBTEFQSPEVDUP $PO FTUB SFFTUSVDUVSBDJwO TF QSFUFOErB DPOTFHVJS EPT PCKFUJWPT GVOEBNFOUBMFT FM SFQPTJDJPOBNJFOUPDPODFQUVBMEFMBTHBNBTZFMSFEJTFvPBOJWFMFTUnUJDPEFMBTNJTNBT%JDIP SFQPTJDJPOBNJFOUPIBQFSNJUJEPDSFBSEPTHBNBTEJGFSFODJBEBTFODVBOUPBTVQSFTFOUBDJwO ZDPODFQUPEFQSPEVDUPQPSVOMBEPVOBMrOFBCgTJDBTJUVBEBFOVOBCBOEBEFQSFDJPNFEJP CBKPDVZPTDPNQPOFOUFTHSg¯DPTZNPUJWPTJOTQJSBEPSFTFTUgOCBTBEPTFOFMFNFOUPTEFMB JDPOPHSBGrBEBMJOJBOBZRVFWBEJSJHJEBBVOQ|CMJDPRVFEFTFBDPNQSBSFTQFDJBMNFOUFVO SFDVFSEPEFMNVTFPRVFIBWJTJUBEPQPSFMPUSPVOBHBNBEFNBZPSDBMJEBEDPONgTWBMPS BvBEJEPZEFQSFDJPNgTFMFWBEPDPOVOBQSFTFOUBDJwONgTPSJFOUBEBBMDPODFQUPSFHBMP ZDVZPQSJODJQBMFMFNFOUPJOTQJSBEPSTPOMBTPCSBTZQJOUVSBTEF4BMWBEPS%BMr %FTBSSPMMPEFQSPEVDUPTFYDMVTJWPT '& 4F IB DSFBEP VOB MrOFB CgTJDB JEFOUJ¯DBUJWB EFM 5FBUSP.VTFP %BMr &M EFTBSSPMMP DPODFQUVBMZHSg¯DPTFIBCBTBEPFOMBHSBGrBSFBMJ[BEBQPSFMQSPQJP%BMrFO FOFMDBSUFMJOBVHVSBMEFM5FBUSP.VTFP&MSFTVMUBEPIBTJEPVOBDPMFDDJwODPMPSJTUBZ BUSBDUJWBRVFTFIBBQMJDBEPFOQSPEVDUPTUBMFTDPNPUB[BTDBNJTFUBTMJCSFUBTHPSSBT ZNPDIJMBT &TUF QSJNFS QBTP FO FM QSPDFTP EF EFTBSSPMMP EF HBNBT QSPQJBT QBSB DBEB VOP EF MPTNVTFPTFTUgPSJFOUBEPBGBWPSFDFSMBTWFOUBTHMPCBMFTEFMBTUJFOEBTHFTUJPOBEBT EJSFDUBNFOUF QPS MB 'VOEBDJwO Z UFOESg DPOUJOVJEBE EVSBOUF FM QSwYJNP FKFSDJDJP $POFMMPQSFUFOEFNPTRVFFTUBTHBNBTWBSJBEBTZEJGFSFODJBEBTFOUSFUJFOEBT FWJUFO MB SFQFUJDJwO EF SFGFSFODJBT FO MPT DVBUSP NVTFPT Z BZVEFO B QPUFODJBS MB JNBHFOEFDBEBVOPEFFMMPT3FGPS[BSMBJEFOUJEBEJOEJWJEVBMEFDBEBDFOUSPZBMBSHBS FMSFDVFSEPEFMNVTFPTPOPUSPTEFMPTPCKFUJWPTEFFTUFQSPZFDUP %FOUSPEFMQSPDFTPJOUFSOPEFSFEJTFvPEFQSPEVDUPTZHBNBTDBCFEFTUBDBSMBMBCPS SFBMJ[BEBDPOMPTQwTUFST4FIBOSFEJTFvBEPUSFTEFMBTSFGFSFODJBTFYJTUFOUFT%FTEF FMQVOUPEFWJTUBHSg¯DPTFIBCVTDBEPSFGPS[BSMBEJGFSFODJBDJwOFODVBOUPBEJTFvP UBNBvPDPMPSZHSBNBKFEFMQBQFMQBSBIVJSEFMDPODFQUPMgNJOBFOFMRVFTFCBTBCBO MPTBOUFSJPSFTNPEFMPTDPOFM¯OEFEBSMFTVOBBQBSJFODJBNgTBDUVBMZBUSBDUJWB&M SFTVMUBEPIBDPOUBEPDPOVOBFYUSBPSEJOBSJBBDFQUBDJwODPNFSDJBMRVFTFIBUSBEVDJEP FOVOJODSFNFOUPEFNgTEFMFOMBTWFOUBTEFFTUBTSFGFSFODJBT 4F IB SFDVQFSBEP FM DPOUBDUP EJSFDUP DPO BMHVOPT EF MPT QSPWFFEPSFT EF OVFTUSPT BOUJHVPT MJDFODJBUBSJPT MP RVF OPT IB QFSNJUJEP NFKPSBS MB SFOUBCJMJEBE EF DJFSUPT QSPEVDUPT4FIBJODJEJEPUBNCJnOFOFMDBNCJPFTUnUJDPEFMBTHBNBTZFOMBBEPQDJwO QBVMBUJOBEFMBTOVFWBTOPSNBTEFBQMJDBDJwOHSg¯DBEFMBNBSDBEFNFSDIBOEJTJOH ZFMTFMMPEFHBSBOUrB6OFKFNQMPEFFMMPMPFODPOUSBNPTFOMPTQVOUPTEFMJCSPDPO SFQSPEVDDJwOEFPCSBDVZPEJTFvPIBTJEPPCKFUPEFVOBUSBOTGPSNBDJwOEFBDVFSEP DPO MPT QBSgNFUSPT OPSNBUJWPT BDUVBMFT FM SFTVMUBEP IB TJEP VOB JNBHFO NgT IPNPHnOFBZDPIFSFOUFDPOFMSFTUPEFMBTHBNBT %FMBNJTNBNBOFSBTFIBTFHVJEPDPOFMQSPDFTPEFSBDJPOBMJ[BDJwOEFMBTHBNBTEFMBT RVFTFIBOFMJNJOBEPSFGFSFODJBTRVFIBCrBORVFEBEPPCTPMFUBTPFSBOQPDPSFOUBCMFT oYJUDPNFSDJBMEFMFT OPWFTMrOJFTEFQSPEVDUF "NCBRVFTUBSFFTUSVDUVSBDJwFTQSFUFOJBBTTPMJSEPTPCKFDUJVTSFQPTJDJPOBSMFTHBNNFTEFT EFMQVOUEFWJTUBDPODFQUVBMJSFEJTTFOZBSMFTFOMªBTQFDUFFTUoUJD"RVFTUSFQPTJDJPOBNFOU IBQFSNoTDSFBSEVFTHBNNFTEJGFSFODJBEFTRVBOUBQSFTFOUBDJwJDPODFQUFEFQSPEVDUF FO QSJNFS MMPD VOB MrOJB ChTJDB TJUVBEB FO VOB CBOEB EF QSFVNJUKhCBJY FMT FMFNFOUT HSh¯DTJNPUJVTJOTQJSBEPSTEFMBRVBMFTUBOCBTBUTFOFMFNFOUTEFMBJDPOPHSB¯BEBMJOJBOB JBESFmBEBBVOQ|CMJDRVFGPOBNFOUBMNFOUWPMDPNQSBSVOSFDPSEEFMNVTFVWJTJUBU*FO TFHPOMMPDVOBHBNNBEFNBKPSRVBMJUBUBNCVOWBMPSBGFHJUTVQFSJPSJVOQSFVNnTFMFWBU RVFEFTUBDBQFSVOBQSFTFOUBDJwPSJFOUBEBNnTBWJBUBMDPODFQUFEFSFHBMJFMQSJODJQBM FMFNFOUJOTQJSBEPSEFMBRVBMTwOMFTQJOUVSFTJMªPCSBFOHFOFSBMEF4BMWBEPS%BMr %FTFOWPMVQBNFOUEFQSPEVDUFTFYDMVTJVT &OHVBOZ TªIB DSFBU VOB MrOJB ChTJDB JEFOUJ¯DBEPSB EFM 5FBUSF.VTFV %BMr &M EFTFOWPMVQBNFOU DPODFQUVBM J HSh¯D TªIB CBTBU FO MB HSB¯B SFBMJU[BEB FM QFM NBUFJY%BMrBMDBSUFMMJOBVHVSBMEFM5FBUSF.VTFV&MSFTVMUBUIBFTUBUVOBDPM²MFDDJw DPMPSJTUBJBUSBDUJWBRVFTªIBBQMJDBUFOQSPEVDUFTDPNBSBUBTTFTTBNBSSFUFTMMJCSFUFT HPSSFTJNPUYJMMFT "RVFTUIBFTUBUFMQSJNFSQBTEFMQSPDnTEFEFTFOWPMVQBNFOUEªVOFTHBNNFTQSxQJFTQFS BDBEBTDVOEFMTOPTUSFTNVTFVTEFTUJOBUBFTUJNVMBSMFTWFOEFTHMPCBMTEFMFTCPUJHVFT HFTUJPOBEFT EJSFDUBNFOU QFS MB 'VOEBDJw J RVF UJOESh DPOUJOVuUBU EVSBOU FM QSPQFS FYFSDJDJ .JUKBOmBOU MB JOUSPEVDDJw EªBRVFTUFT HBNNFT WBSJBEFT J EJGFSFODJBEFT FOUSFCPUJHVFTQSFUFOFNFWJUBSMBSFQFUJDJwEFSFGFSoODJFTFOFMTUSFTNVTFVTJBKVEBSB QPUFODJBSMBJNBUHFEFDBEBTDVOEFMTDFOUSFT"MUSFTPCKFDUJVTEFMQSPKFDUFTwOFMSFGPSmEF MBJEFOUJUBUJOEJWJEVBMEFDBEBNVTFVJMBQSPMPOHBDJwEFMTFVSFDPSEFOUSFFMTWJTJUBOUT %JOT FM QSPDnT JOUFSO EF SFEJTTFOZ EF QSPEVDUFT J HBNNFT DBM EFTUBDBS MªBQBSUBU EFMT QxTUFST &O BRVFTU FYFSDJDJ FO FGFDUF TªIBO SFEJTTFOZBU USFT EF MFT SFGFSoODJFT FYJTUFOUT %FT EFM QVOU EF WJTUB HSh¯D TªIB QSPDVSBU SFGFSNBS MB EJGFSFODJBDJw FO EJTTFOZNJEBDPMPSJHSBNBUHFEFMQBQFSQFSUBMEFEFGVHJSFMDPODFQUFEFMhNJOBFO RVoFTCBTBWFOFMTNPEFMTBOUFSJPSTJQFSBUPSHBSMPTBJYrVOBBQBSFOmBNnTBDUVBMJ BUSBDUJWB&MSFTVMUBUIBUJOHVUVOBBDPMMJEBDPNFSDJBMFYUSBPSEJOhSJBRVFIBDPNQPSUBU VOJODSFNFOUEFNnTEFMFOMBWFOEBEªBRVFTUTBSUJDMFT &OHVBOZIFNSFDVQFSBUFMDPOUBDUFEJSFDUFBNCBMHVOTEFMTQSPWFuEPSTEFMTOPTUSFT BOUJDT MMJDFODJBUBSJT DPTB RVF FOT IB QFSNoT BVHNFOUBS MB SFOEJCJMJUBU EF DFSUT QSPEVDUFT"MIPSBIFNJODJEJUFOFMDBOWJFTUoUJDEFMFTHBNNFTJFOMBJNQMBOUBDJw QSPHSFTTJWBEFMFTOPWFTOPSNFTEªBQMJDBDJwHSh¯DBEFMBNBSDBEFNBSYBOEBUHFJEFM TFHFMMEFHBSBOUJB&OTwOVOFYFNQMFFMTQVOUTEFMMJCSFBNCSFQSPEVDDJPOTEªPCSFT TFHVJOU FMT QBShNFUSFT OPSNBUJVT BDUVBMT IBO FTUBU PCKFDUF EªVO DBOWJ EF EJTTFOZ RVFIBQFSNoTBDPOTFHVJSVOBJNBUHFNnTIPNPHoOJBJDPIFSFOUBNCMBSFTUBEFMFT HBNNFT %FMBNBUFJYBNBOFSBTªIBDPOUJOVBUBNCFMQSPDnTEFSBDJPOBMJU[BDJwEFMFTHBNNFT FMJNJOBOUSFGFSoODJFTRVFIBWJFORVFEBUPCTPMFUFTPRVFOPFSFOQSPVSFOEJCMFT '' 3FEJTFvPEFQwTUFSTEFMBDPMFDDJwO EFM5FBUSP.VTFP%BMr 3FEJTTFOZEFQxTUFSTEFMBDPM²MFDDJw EFM5FBUSF.VTFV%BMr 1VOUPTEFMJCSP"QMJDBDJwOEFMBOVFWB OPSNBUJWBHSg¯DBEFQSPEVDUP 1VOUTEFMMJCSF"QMJDBDJwEFMBOPWB OPSNBUJWBHSh¯DBEFQSPEVDUF &91-05"$*¾/%&%&3&$)04*/."5&3*"-&4 %FTBSSPMMPEFQSPEVDUPTMJDFODJBEPT -BQSJODJQBMOPWFEBEFOFMgSFBEFQSPEVDUPTMJDFODJBEPTIBTJEPFMBDVFSEPBMDBO[BEP DPOVOPEFOVFTUSPTQSJODJQBMFTMJDFODJBUBSJPTQBSBMMFWBSBDBCPFMEFTBSSPMMPEFVOB OVFWB MrOFB EF QSPEVDUPT UFYUJMFT Z EF DFSgNJDB &O EJDIP QSPZFDUP TF IB BQPTUBEP GVFSUFNFOUF QPS DSFBS VO OVFWP DPODFQUP EF QSPEVDUP DPO BQPSUBDJPOFT HSg¯DBT Z EF QSFTFOUBDJwO NgT BDUVBMFT Z NPEFSOBT Z EJSJHJEP FTQFDJBMNFOUF B VO TFDUPS EF Q|CMJDPRVFCVTDBVOUJQPEFBSUrDVMPNgTTFMFDUP-PTQSPDFTPTUnDOJDPTBQMJDBEPTFOMB QSPEVDDJwOBTrDPNPMBTNBUFSJBTQSJNBTVUJMJ[BEBTIBOQFSNJUJEPPCUFOFSVOQSPEVDUP EFNBZPSBUSBDUJWPDPNFSDJBM"TJNJTNPTFIBSFBMJ[BEPVOBDPMFDDJwOEFDBNJTFUBT DPOMPTNPUJWPTEFMBTKPZBTEFOVFTUSBDPMFDDJwO%BMr²+PZBTDPOSFTVMUBEPTFTUnUJDPTZ DPNFSDJBMFTNVZQPTJUJWPT&TUFQSPDFTPHFOFSBMEFUSBOTGPSNBDJwODPODFQUVBMTFIB USBEVDJEPFOVOJODSFNFOUPEFMBTWFOUBTQBSBFTUBTSFGFSFODJBTEFM 1SPHSBNBTEFMJDFODJBT %VSBOUFFMQSFTFOUFFKFSDJDJPTFIBDVMNJOBEPFMQSPDFTPEFFWBMVBDJwOZTFMFDDJwO EF MB FNQSFTB RVF BDUVBSg DPNP NPUPS EF EFTBSSPMMP EF MPT QSPHSBNBT EF MJDFODJB JEFOUJ¯DBOEPZTFMFDDJPOBOEPQPUFODJBMFTMJDFODJBUBSJPTBOJWFMJOUFSOBDJPOBM%JDIP QSPDFTPIB¯OBMJ[BEPDPOMB¯SNBEFVODPOUSBUPEFDPMBCPSBDJwOFOUSFMB'VOEBDJwO Z VOB EF MBT NgT JNQPSUBOUFT FNQSFTBT EFM TFDUPS EF MBT MJDFODJBT DVMUVSBMFT -PT SFTVMUBEPTEFTVBDUJWJEBETFIBOFNQF[BEPBOPUBSB¯OBMFTEFBvPDPOMBSFDFQDJwO QPS QBSUF EF MB 'VOEBDJwO EF WBSJBT QSPQVFTUBT EF DPMBCPSBDJwO DPNFSDJBM DPO QPUFODJBMFTFNQSFTBTMJDFODJBUBSJBT &91-05"$*¾%&%3&54*.."5&3*"-4 %FTFOWPMVQBNFOUEFQSPEVDUFTMMJDFODJBUT -BQSJODJQBMOPWFUBUFOMªhSFBEFQSPEVDUFTMMJDFODJBUTIBFTUBUMªBDPSEBTTPMJUBNCVO EFMT OPTUSFT QSJODJQBMT MMJDFODJBUBSJT QFS EFTFOWPMVQBS VOB OPWB MrOJB EF QSPEVDUFT UoYUJMT J EF DFShNJDB &O BRVFTU QSPKFDUF TªIB BQPTUBU EFDJEJEBNFOU QFS MB DSFBDJw EªVODPODFQUFEFQSPEVDUFOPVBNCVOFTBQPSUBDJPOTHSh¯RVFTJEFQSFTFOUBDJwNnT BDUVBMTJNPEFSOFTJFTQFDJBMNFOUBESFmBUBVOTFDUPSEFQ|CMJDRVFCVTDBVOUJQVT EFQSPEVDUFNnTTFMFDUF&MTQSPDFTTPTUoDOJDTBQMJDBUTFOMBQSPEVDDJwJMFTQSJNFSFT NBUoSJFTFNQSBEFTIBOQFSNoTPCUFOJSVOQSPEVDUFBNCVOBUSBDUJVDPNFSDJBMNnT HSBO5BNCn TªIB DSFBU VOB MrOJB EF TBNBSSFUFT RVF JODPSQPSB NPUJVT FYUSFUT EF MB DPM²MFDDJw%BMr²+PJFTBNCVOTSFTVMUBUTNPMUQPTJUJVTUBOUFOMªBTQFDUFFTUoUJDDPNFOFM QMBDPNFSDJBM"RVFTUQSPDnTHFOFSBMEFUSBOTGPSNBDJwDPODFQUVBMTªIBUSBEVuUFOVO JODSFNFOUEFMFOMFTWFOEFTEªBRVFTUFTSFGFSoODJFT 1SPHSBNFTEFMMJDoODJFT %VSBOUFMQSFTFOUFYFSDJDJTªIBFOMMFTUJUFMQSPDnTEªBWBMVBDJwJTFMFDDJwEFMªFNQSFTB RVF BDUVBSh B UBMM EF NPUPS EF EFTFOWPMVQBNFOU EFMT QSPHSBNFT EF MMJDoODJB JEFOUJ¯DBOU J TFMFDDJPOBOU MMJDFODJBUBSJT QPUFODJBMT FO MªhNCJU JOUFSOBDJPOBM "RVFTU QSPDnTIBDVMNJOBUBNCMBTJHOBUVSBEªVODPOUSBDUFEFDPM²MBCPSBDJwFOUSFMB'VOEBDJw JVOBEFMFTFNQSFTFTNnTJNQPSUBOUTEFMTFDUPSEFMFTMMJDoODJFTDVMUVSBMT&MTGSVJUT EFMBTFWBBDUJWJUBUTªIBODPNFOmBUBFOUSFWFVSFB¯OBMTEªBOZBNCMBSFDFQDJwQFS QBSUEFMB'VOEBDJwEFEJWFSTFTQSPQPTUFTEFDPM²MBCPSBDJwDPNFSDJBMBNCFNQSFTFT MMJDFODJBUhSJFTQPUFODJBMT "QMJDBDJwOEFMBTKPZBTEJTFvBEBTQPS%BMrFOQSPEVDUPTUFYUJMFT "QMJDBDJwEFMFTKPJFTEJTTFOZBEFTQFS%BMrFOQSPEVDUFTUoYUJMT 3FMBDJPOFTDPNFSDJBMFTDPOFM4BMWBEPS%BMr.VTFVN 6OPEFMPTPCKFUJWPTDPOTFHVJEPTEVSBOUFFMIBTJEPMBDPOTPMJEBDJwOEFMBTWrBTEF DPMBCPSBDJwODPOFM4BMWBEPS%BMr.VTFVNFTQFDJBMNFOUFBUSBWnTEFMPTSFTQFDUJWPT EFQBSUBNFOUPT$PNFSDJBMZEF.BSLFUJOH4FIBUSBCBKBEPFOMBC|TRVFEBEFTJOFSHJBT QBSB MB PQUJNJ[BDJwO EF MBT JOWFSTJPOFT FO MPT QSPDFTPT EF EFTBSSPMMP EF OVFWPT QSPEVDUPTFOFMBQSPWFDIBNJFOUPEFMBTFDPOPNrBTEFFTDBMBFOMBFTUBOEBSJ[BDJwO EFMBTOPSNBTEFBQMJDBDJwOHSg¯DBZFOFMEFTBSSPMMPEFOVFWBTHBNBTQPSQBSUFEFM NVTFPBNFSJDBOPBTrDPNPNVZFTQFDJBMNFOUFFOMBEF¯OJDJwOEFMPTNFDBOJTNPTZ MBTCBTFTEFUSBCBKPRVFIBOEFSFHJSMBPQFSBUJWBSFMBDJPOBMEFMErBBErB 130%6$504%&"-5"$"-*%"%."3$"4"-7"%03%"-º &MQSPZFDUPEFEFTBSSPMMPEFVOBHBNBEFQSPEVDUPTEFBMUBDBMJEBESFMBDJPOBEBDPOFM QJOUPSIBTFHVJEPTVDVSTPEVSBOUFFMFTQFDJBMNFOUFFOFMgSFBEFMBEF¯OJDJwO DPODFQUVBM EFM NPEFMP EF OFHPDJP Z EF TV FYQMPUBDJwO DPNFSDJBM GVUVSB 4F FTUgO FYQMPSBOEPEFNBOFSBTJTUFNgUJDBZQSFDJTBUPEBTMBTQPTJCJMJEBEFTZBMUFSOBUJWBTEF EFTBSSPMMPFNQSFTBSJBMEBEPRVFTFUSBUBEFVOgSFBEFHSBOJNQPSUBODJBFTUSBUnHJDB GVUVSBQBSBMB'VOEBDJwO /VFWBDPMFDDJwOEFQSPEVDUPTUFYUJMFTZEFDFSgNJDB DPOSFQSPEVDDJwOEFMBPCSB-PTFMFGBOUFT /PWBDPM²MFDDJwEFQSPEVDUFTUoYUJMTJEFDFShNJDB BNCSFQSPEVDDJwEFMªPCSB&MTFMFGBOUT /VFWPEJTFvPEFDBNJTFUBTDPOSFQSPEVDDJwO EFPCSBZOVFWPQBDLBHJOH /PVEJTTFOZEFTBNBSSFUFTBNCSFQSPEVDDJw EªPCSBJOPVQBDLBHJOH 3FMBDJPOTDPNFSDJBMTBNCFM4BMWBEPS%BMr.VTFVN 6O EFMT PCKFDUJVT DPNQMFSUT EVSBOU FM IB FTUBU MB DPOTPMJEBDJw EF MFT WJFT EF DPM²MBCPSBDJwBNCFM4BMWBEPS%BMr.VTFVNJFOQBSUJDVMBSBNCFMTTFVTEFQBSUBNFOUT $PNFSDJBMJEF.hSRVFUJOH4ªIBUSFCBMMBUFOMBSFDFSDBEFTJOFSHJFTQFSPQUJNJU[BSMFT JOWFSTJPOTFOFMTQSPDFTTPTEFEFTFOWPMVQBNFOUEFOPVTQSPEVDUFTFOMªBQSP¯UBNFOU EF MFT FDPOPNJFT EªFTDBMB FO MªFTUBOEBSEJU[BDJw EF MFT OPSNFT EªBQMJDBDJw HSh¯DB J FM EFTFOWPMVQBNFOU EF OPWFT HBNNFT QFS QBSU EFM NVTFV BNFSJDh BJYr DPN NPMU FTQFDJBMNFOUFOMBEF¯OJDJwEFMTNFDBOJTNFTJMFTCBTFTEFUSFCBMMRVFIBOEFSFHJS MªPQFSBUJWBSFMBDJPOBMEFMEJBBEJB 130%6$5&4%ª"-5"26"-*5"5."3$"4"-7"%03%"-º &MQSPKFDUFEFEFTFOWPMVQBSVOBNBSDBEFQSPEVDUFTEªBMUBRVBMJUBUSFMBDJPOBEBBNC FMQJOUPSIBDPOUJOVBUBWBOmBOUBMMMBSHEFMTPCSFUPUQFMRVFGBBMBEF¯OJDJw DPODFQUVBM EFM NPEFM EF OFHPDJ J EF MB TFWB FYQMPUBDJw DPNFSDJBM GVUVSB 4ªFTUBO FYQMPSBOU EF NBOFSB TJTUFNhUJDB J QSFDJTB UPUFT MFT QPTTJCJMJUBUT J BMUFSOBUJWFT EF EFTFOWPMVQBNFOU FNQSFTBSJBM BUoT RVF FT USBDUB EªVOB hSFB EF HSBO JNQPSUhODJB FTUSBUoHJDBQFSBMB'VOEBDJwBNCWJTUBBMGVUVS ! # QSFTUJHJBS QSFTUJHJBS &MQSFNJP/PCFMEF-JUFSBUVSB(BP9JOHKJBO &MQSFNJ/PCFMEFMJUFSBUVSB(BP9JOHKJBO 4PPO:JZTVIJKBBQSPWFDIBSPOFMSPEBKFEFMBQFMrDVMB EF8PPEZ"MMFOFO#BSDFMPOBQBSBWJTJUBSFM5FBUSP.VTFP 4PPO:JJMBTFWB¯MMBWBOBQSP¯UBSFMSPEBUHFEFMBQFM²MrDVMB EF8PPEZ"MMFOB#BSDFMPOBQFSWJTJUBSFM5FBUSF.VTFV $ -BTPQSBOP+FTTZF/PSNBO -BTPQSBOP+FTTZF/PSNBO 7JTJUBTJMVTUSFT &O FM IBO WJTJUBEP FM 5FBUSP.VTFP %BMr QFSTPOBMJEBEFT DPNP (BP 9JOHKJBO QSFNJP /PCFM EF -JUFSBUVSB MB FTQPTB EF 8PPEZ "MMFO DPO VOB EF TVT IJKBT Z MB IFSNBOB EFM EJSFDUPS Z FO PUSB PDBTJwO MB TPQSBOP +FTTZF /PSNBO &M ErB EF EJDJFNCSFFMDPOTFMMFSEF$VMUVSBEFMB(FOFSBMJUBUEF$BUBMVvB)OCMF+PBO.BOVFM 5SFTTFSSBTGVFSFDJCJEPQPSMBEJSFDDJwOEFMB'VOEBDJwO%BMr &MEFTFQUJFNCSFUVWPMVHBSFOFM$BTUJMMPEF1|CPMMBSFVOJwOBOVBMEFMB&VSPQFBO /FUXPSL PG 0NCVETQFPQMF GPS $IJMESFO &/0$ PSHBOJ[BEB QPS FM EFGFOTPS EFM QVFCMPEF$BUBMVvB 1BUSPDJOJPT .VTFVEFMª&NQPSEh -B 'VOEBDJwO (BMB4BMWBEPS %BMr SFBMJ[B DBEB BvP VOB BQPSUBDJwO FDPOwNJDB EF FVSPT BM $POTPSDJP EFM .VTFV EF Mª&NQPSEh EFTUJOBEB BM NBOUFOJNJFOUP Z MB QSPNPDJwOEFEJDIBJOTUJUVDJwOBTrDPNPBMB¯OBODJBDJwOEFTVTBDUJWJEBEFTDVMUVSBMFT -B'VOEBDJwODPOUSJCVZFBTrBMBEJWFSTJ¯DBDJwOEFMBPGFSUBNVTFrTUJDBEF'JHVFSFTZB MBDPOTFSWBDJwOZEJGVTJwOEFMQBUSJNPOJPDVMUVSBMEFMBDJVEBEZEFTVDPNBSDB "ZVOUBNJFOUPEF'JHVFSFT &M EF EJDJFNCSF MB 'VOEBDJwO %BMr ¯SNw VO DPOWFOJP DPO FM "ZVOUBNJFOUP EF 'JHVFSFTQBSBMB¯OBODJBDJwOEFMBJMVNJOBDJwOOBWJEFvBEFDBSgDUFSEBMJOJBOPDPOMB BQPSUBDJwOEFFVSPT &MDPOTFMMFSEF$VMUVSBBDPNQBvBEP QPSMPTEJSFDUJWPTEFMB'VOEBDJwO &MDPOTFMMFSEF$VMUVSBBDPNQBOZBU QFMTEJSFDUJVTEFMB'VOEBDJw &MFNCBKBEPSZFMDwOTVMEF"MFNBOJB -ªBNCBJYBEPSJFMDxOTPMEª"MFNBOZB 7JTJUFTJM²MVTUSFT &MIBOWJTJUBUFM5FBUSF.VTFV%BMrQFSTPOBMJUBUTDPN(BP9JOHKJBOQSFNJ/PCFM EFMJUFSBUVSBMªFTQPTBEF8PPEZ"MMFOBNCVOBEFMFT¯MMFTJMBHFSNBOBEFMEJSFDUPS JFOVOBBMUSBPDBTJwMBTPQSBOP+FTTZF/PSNBO&MEJBEFEFTFNCSFFMDPOTFMMFSEF $VMUVSBEFMB(FOFSBMJUBUEF$BUBMVOZB)OCMF4S+PBO.BOVFM5SFTTFSSBTWBTFSSFCVU QFSMBEJSFDDJwEFMB'VOEBDJw%BMr &M EF TFUFNCSF WB UFOJS MMPD BM $BTUFMM EF 1|CPM MB SFVOJw BOVBM EF MB &VSPQFBO /FUXPSLPG0NCVETQFPQMFGPS$IJMESFO&/0$ PSHBOJU[BEBQFMTrOEJDEFHSFVHFT EF$BUBMVOZB 1BUSPDJOJT .VTFVEFMª&NQPSEh -B'VOEBDJw(BMB4BMWBEPS%BMrSFBMJU[BDBEBBOZVOBBQPSUBDJwFDPOxNJDBEF FVSPTBM$POTPSDJEFM.VTFVEFMª&NQPSEhEFTUJOBEBBMNBOUFOJNFOUJMBQSPNPDJw EªBRVFTU NVTFV J BM ¯OBOmBNFOU EF MFT TFWFT BDUJWJUBUT DVMUVSBMT -B 'VOEBDJw DPOUSJCVFJYBJYrBMBEJWFSTJ¯DBDJwEFMªPGFSUBNVTFrTUJDBEF'JHVFSFTJBMBDPOTFSWBDJw JEJGVTJwEFMQBUSJNPOJDVMUVSBMEFMBDJVUBUJEFMBTFWBDPNBSDB "KVOUBNFOUEF'JHVFSFT &M EF EFTFNCSF MB 'VOEBDJw %BMr WB TJHOBS VO DPOWFOJ BNC Mª"KVOUBNFOU EF 'JHVFSFTQFSBM¯OBOmBNFOUEFMªFOMMVNFOBUOBEBMFODEFDBJSFEBMJOJhBNCMªBQPSUBDJw EFFVSPT % & 1SFNJPTZHBMBSEPOFT &MDBUgMPHP%BMMJCSFTEJTFvBEPQPS"MFY(JGSFVQBSBMBFYQPTJDJwOUFNQPSBMDFMFCSBEB FOFMFOFM$BTUJMMPEF1|CPMSFDJCJwFO&TUBEPT6OJEPTFMQSFTUJHJPTPQSFNJP EFEJTFvP0OF4IPX&OFMDFSUBNFOBMRVFDPODVSSrBOUSBCBKPTQSPDFEFOUFT EF QBrTFT FM DBUgMPHP EF MB FYQPTJDJwO RVFEw FO FM HSVQP EF MPT ¯OBMJTUBT Z ¯OBMNFOUFGVFQSPDMBNBEPHBOBEPS-PTQSFNJPT0OF4IPXMPTDPODFEF0OF$MVC VOB DPOPDJEB Z QSFTUJHJPTB PSHBOJ[BDJwO OP MVDSBUJWB EF BMDBODF NVOEJBM EFEJDBEB BMSFDPOPDJNJFOUPZMBQSPNPDJwOEFMPTNFKPSFTUSBCBKPTEFMBvPFOFMDBNQPEFMB QVCMJDJEBEZFMEJTFvP&TUFHBMBSEwOSVCSJDBMBBQVFTUBEFMB'VOEBDJwO%BMrQPSFM EJTFvPFYDFMFOUFZMBDBMJEBEHSg¯DBBMFEJUBSQVCMJDBDJPOFT $PNJTJwOEF"DSFEJUBDJwOZ$BUBMPHBDJwO -B$PNJTJwOEF"DSFEJUBDJwOZ$BUBMPHBDJwOTFIBSFVOJEPFOPDBTJPOFTFOFM " MP MBSHP EFM FKFSDJDJP TF TPNFUJFSPO B QFSJUBKF PCSBT EF MBT DVBMFT GVFSPO DPOTJEFSBEBTBVUnOUJDBTZRVFEwQFOEJFOUFQBSBQSwYJNBTDPOWPDBUPSJBT%FMUPUBM EFQFUJDJPOFTSFDJCJEBTGVFSPOEFTFTUJNBEBTQPSUSBUBSTFEFPCSBTFSJBEB6OP EFMPTQSPZFDUPTEFMPTRVFTFCFOF¯DJBSgQSwYJNBNFOUFFTUB$PNJTJwOFTFMEJTFvPEF VOBDPNQMFKBCBTFEFEBUPTRVFBSDIJWBSgUPEBTMBTQFUJDJPOFTTPNFUJEBTBFTUVEJPQPS MB$"$ZRVFQFSNJUJSgSFBMJ[BSDPOTVMUBTFJOGPSNFTDPOVOBNBZPSBHJMJEBE &TUVEJPTQSFWJPTQBSBBDSFEJUBSPCSB &TUVEJTQSFWJTQFSBDSFEJUBSPCSB 1SFNJTJHVBSEPOT &M DBUhMFH %BMMJCSFT EJTTFOZBU QFS"MFY (JGSFV QFS B MªFYQPTJDJw UFNQPSBM DFMFCSBEB FMBM$BTUFMMEF1|CPMWBTFSHVBSEPOBUBNCFMQSFTUJHJwTQSFNJEFEJTTFOZ0OF 4IPXBMT&TUBUT6OJUT&OUSFFMTUSFCBMMTQSFTFOUBUTQSPDFEFOUTEFTFJYBOUBEPT QBuTPT FM DBUhMFH EF MªFYQPTJDJw WB RVFEBS TJUVBU EJOT FM HSVQ EFMT WJOUJEPT MMJCSFT ¯OBMJTUFTJ¯OBMNFOUWBTPSUJSHVBOZBEPS&MTQSFNJT0OF4IPXTwOMMJVSBUTQFS0OF $MVCVOBDPOFHVEBJQSFTUJHJPTBPSHBOJU[BDJwOPMVDSBUJWBEªBCBTUNVOEJBMEFEJDBEBBM SFDPOFJYFNFOUJMBQSPNPDJwEFMTNJMMPSTUSFCBMMTBOVBMTEJOTFMDBNQEFMBQVCMJDJUBU JFMEJTTFOZ"RVFTUHVBSEwSVCSJDBMªBQPTUBEFMB'VOEBDJw%BMrQFMEJTTFOZFYDFM²MFOU JMBRVBMJUBUHSh¯DBBMªIPSBEªFEJUBSQVCMJDBDJPOT $PNJTTJwEª"DSFEJUBDJwJ$BUBMPHBDJw -B$PNJTTJwEª"DSFEJUBDJwJ$BUBMPHBDJwTªIBSFVOJUFOPDBTJPOT"MMMBSHEFMªFYFSDJDJ TªIBOTPUNoTBQFSJUBUHFPCSFTEFMFTRVBMTWBOTFSDPOTJEFSBEFTBVUoOUJRVFTJ FOWBRVFEBSQFOEFOUQFSBMFTQSPQFSFTDPOWPDBUxSJFT%FMUPUBMEFQFUJDJPOT SFCVEFTWBOTFSEFTFTUJNBEFTQFSUSBDUBSTFEªPCSBTFSJBEB6OEFMTQSPKFDUFTEFMT RVBMTFTCFOF¯DJBShQSPQFSBNFOUBRVFTUB$PNJTTJwnTFMEJTTFOZEªVOBDPNQMFYBCBTF EFEBEFTRVFBSYJWBShUPUFTMFTQFUJDJPOTTPUNFTFTBFTUVEJQFSQBSUEFMB$"$JRVF QFSNFUShSFBMJU[BSDPOTVMUFTJJOGPSNFTBNCVOBNBKPSBHJMJUBU ' ".*$4%&-4.64&64%"-º &M QSJODJQBM PCKFUJWP EF "NJDT EFMT .VTFVT %BMr FT EBS BQPZP DPMBCPSBS QSPNPWFS Z FTUJNVMBSDVBMRVJFSBDDJwODVMUVSBMRVFUFOHBSFMBDJwODPOMB'VOEBDJwO%BMrZTVTNVTFPT BTrDPNPPGSFDFSBUPEPTTVTTPDJPTMBQPTJCJMJEBEEFEFTDVCSJSZDPOPDFSMBSJDBIFSFODJB BSUrTUJDBEBMJOJBOB%VSBOUFFMTFIBMMFWBEPBDBCPFMQSPHSBNBZFMDBMFOEBSJPEF BDUJWJEBEFTTPDJPDVMUVSBMFTFTUBCMFDJEPBQSJODJQJPTEFMFKFSDJDJP6OBvPNgTMB"TPDJBDJwO IBNPTUSBEPTVTBUJTGBDDJwOQPSMBDPO¯BO[BZFMBQPZPEFTVTBTPDJBEPT "DUJWJEBEFT ZEFFOFSPUBMMFSEF/BWJEBEEJSJHJEPBOJvPTZOJvBT¯HVFSFOTFTZPSHBOJ[BEP FODPMBCPSBDJwODPOFM¸SFBEF+VWFOUVEEFM"ZVOUBNJFOUPEF'JHVFSFT-BBDUJWJEBE DPOTJTUrB FO SFBMJ[BS DPMMBHFT B QBSUJS EF EJGFSFOUFT JNgHFOFT EF PCSBT F JDPOPT EBMJOJBOPTDPOJMVTUSBDJPOFTSFDJDMBEBTEFSFWJTUBTDPNPDPOUSBQVOUP EFGFCSFSPFYDVSTJwOB#BSDFMPOBQBSBWJTJUBSMBTFYQPTJDJPOFT(SBOTNFTUSFTEFMB QJOUVSBFVSPQFBEF5IF.FUSPQPMJUBO.VTFVNPG"SU/PWB:PSL%ª&M(SFDPB$n[BOOF FOFM./"$Z+FBO)POPSn'SBHPOBSE 0SrHFOTJJO°VoODJFT%F3FNCSBOEU BMTFHMFYYJFOFM$BJYB'PSVN EFNBS[PUFSUVMJB)JTUPSJBEFMDVBESPBDBSHPEF.POUTF"HVFSEJSFDUPSBEFM $FOUSPEF&TUVEJPT%BMJOJBOPTZQBUSPOBEFMB'VOEBDJwO%BMrBQSPQwTJUPEFMBPCSB (SBEJWBEFTDVCSFMBTSVJOBTBOUSPQPNPSGBT EFNBS[PVOBvPNgTMB'VOEBDJwO%BMrJOWJUwBMPTTPDJPTBMDPODJFSUPBOVBM EFNBZPMBBHSVQBDJwO.FEJUFSShOJB%BOTBQSPQVTPBMPT"NJDTEFMT.VTFVT%BMr TVFTQFDUgDVMP)BWBOFSBRVFTFSFQSFTFOUwFOFM5FBUSP+BSErEF'JHVFSFT EF KVMJP JOBVHVSBDJwO EFM 5FBUSP.VTFP EF /PDIF FO FYDMVTJWB QBSB MPT TPDJPT -B WFMBEB FTUVWP BNFOJ[BEB QPS $PNQBOZ RVF PGSFDJw VO FTQFDUgDVMP EF CBJMF Z DBODJPOFTBMFTUJMPEFMDBCBSFU EFBHPTUPTBMJEBDVMUVSBMB#BSDFMPOBQBSBWJTJUBSMBDSJQUBEFMB$PMPOJB(FMMFO4BOUB $PMPNBEF$FSWFMMwZQBSBBTJTUJSDPNPQ|CMJDPBMNBHBDrOEFUBSEF&MDMVCEªFTUJVEF57 EFTFQUJFNCSFDPOGFSFODJBBDBSHPEF.POUTF"HVFSTPCSFMB¯HVSBEFMBIFSNBOB EFMBSUJTUBDPOPDBTJwOEFMBFYQPTJDJwOUFNQPSBMFOIPNFOBKFB"OOB.BSJB EFTFQUJFNCSFTBMJEBBQJFQPSFM1MBEFMª&TUBOZQBSBEFTDVCSJSMB3VUBEF4BMBNJOB 'VFVOSFDPSSJEPHVJBEPQPSMPTMVHBSFTEPOEFFMGBMBOHJTUB3BGBFM4gODIF[.B[BTTF FTDPOEJwUSBTFTDBQBSTFEFVOGVTJMBNJFOUPDPMFDUJWPTFH|OMPTIFDIPTRVFOBSSBMBGBNPTB OPWFMBEF+BWJFS$FSDBT"DPOUJOVBDJwOWJTJUBDPNFOUBEBBMBTDVFWBTQSFIJTUwSJDBTEF 4FSJOZhBM.VTFV"SRVFPMxHJD$PNBSDBMEF#BOZPMFTZBM.VTFV%BSEFS EFPDUVCSFTBMJEBQPSFMDBCPEF$SFVTQBSBBENJSBSMBTSPDBTRVFJOTQJSBSPOBM .BFTUSPTFHVJEBEFVOBWJTJUBBMB$BTB.VTFP4BMWBEPS%BMrEF1PSUMMJHBU ".*$4%&-4.64&64%"-º "NJDTEFMT.VTFVT%BMrUnDPNBQSJODJQBMPCKFDUJVEPOBSTVQPSUDPM²MBCPSBSQSPNPVSF JFTUJNVMBSRVBMTFWPMBDDJwDVMUVSBMRVFUJOHVJSFMBDJwBNCMB'VOEBDJw%BMrJFMTTFVT NVTFVTBJYrDPNPGFSJSBUPUTFMTTFVTBTTPDJBUTMBQPTTJCJMJUBUEFEFTDPCSJSJDPOoJYFS MB SJDB IFSoODJB BSUrTUJDB EBMJOJBOB %VSBOU FM TªIBO FYFDVUBU FM QSPHSBNB J FM DBMFOEBSJEªBDUJWJUBUTTPDJPDVMUVSBMTQSFWJTUPTBMDPNFOmBNFOUEFMªFYFSDJDJ6OBOZ NnTMª"TTPDJBDJwFTUhTBUJTGFUBEFMBDPO¯BOmBJFMTVQPSURVFMJIBOBUPSHBUFMTTPDJT "DUJWJUBUT J EF HFOFS UBMMFS EF /BEBM BESFmBU BMT OFOT J OFOFT ¯HVFSFODT J PSHBOJU[BU FO DPM²MBCPSBDJw BNC Mª SFB EF +PWFOUVU EF Mª"KVOUBNFOU EF 'JHVFSFT &T USBDUBWB EF GFS DPMMBHFT B QBSUJS EF EJGFSFOUT JNBUHFT EªPCSFT J JDPOFT EBMJOJBOFT BNC JNBUHFT SFDJDMBEFTEFSFWJTUFTDPNBDPOUSBQVOU EF GFCSFS FYDVSTJw B #BSDFMPOB QFS WJTJUBS MFT FYQPTJDJPOT (SBOT NFTUSFT EF MB QJOUVSBFVSPQFBEF5IF.FUSPQPMJUBO.VTFVNPG"SU/PWB:PSL%ª&M(SFDPB$n[BOOF BM./"$J+FBO)POPSn'SBHPOBSE 0SrHFOTJJO°VoODJFT%F3FNCSBOEU BMTFHMFYYJBM$BJYB'PSVN EFNBSmUFSU|MJB)JTUxSJBEFMRVBESFBDhSSFDEF.POUTF"HVFSEJSFDUPSBEFM $FOUSFEª&TUVEJT%BMJOJBOTJQBUSPOBEFMB'VOEBDJw%BMrBQSPQxTJUEFMªPCSB(SBEJWB EFTDPCSFJYMFTSVuOFTBOUSPQPNPSGFT EFNBSmVOBOZNnTMB'VOEBDJw%BMrWBDPOWJEBSFMTTPDJTBMDPODFSUBOVBM EFNBJHMªBHSVQBDJw.FEJUFSShOJB%BOTBWBQSPQPTBSBMT"NJDTEFMT.VTFVT%BMr FMTFVFTQFDUBDMF)BWBOFSBRVFFTWBSFQSFTFOUBSBM5FBUSF+BSErEF'JHVFSFT EF KVMJPM JOBVHVSBDJw EFM 5FBUSF.VTFV EF /JU FO FYDMVTJWB QFS BMT "NJDT EFMT .VTFVT%BMr-BWFUMMBEBWBTFSBNFOJU[BEBQFS$PNQBOZRVFWBPGFSJSVOFTQFDUBDMF EFCBMMJDBOmPOTBMªFTUJMEFMDBCBSFU EªBHPTU TPSUJEB DVMUVSBM B #BSDFMPOB QFS WJTJUBS MB DSJQUB EF MB $PMxOJB (FMM B 4BOUB $PMPNBEF$FSWFMMwJQFSBTTJTUJSDPNBQ|CMJDBMNBHB[JOFEFUBSEB&MDMVCEªFTUJVEF57 EFTFUFNCSFDPOGFSoODJBBDhSSFDEF.POUTF"HVFSTPCSFMB¯HVSBEFMBHFSNBOBEF MªBSUJTUBFOPDBTJwEFMªFYQPTJDJwUFNQPSBMFOIPNFOBUHFB"OOB.BSJB EFTFUFNCSFTPSUJEBBQFVQFM1MBEFMª&TUBOZQFSEFTDPCSJSMB3VUBEF4BMBNJOBFT USBDUBWBEªVOSFDPSSFHVUHVJBUQFMTMMPDTPOFTWBBNBHBSFMGBMBOHJTUB3BGBFM4gODIF[ .B[BTEFTQSnTEªFTDBQBSTFEªVOBGVTFMMBNFOUDPM²MFDUJVTFHPOTFMTGFUTRVFOBSSBMBGBNPTB OPWFM²MBEF+BWJFS$FSDBT"DPOUJOVBDJwWJTJUBDPNFOUBEBBMFTDPWFTQSFIJTUxSJRVFTEF 4FSJOZhBM.VTFV"SRVFPMxHJD$PNBSDBMEF#BOZPMFTJBM.VTFV%BSEFS EªPDUVCSFTPSUJEBQFMDBQEF$SFVTQFSBENJSBSMFTSPRVFTRVFWBOJOTQJSBSFM.FTUSF TFHVJEBEªVOBWJTJUBBMB$BTB.VTFV4BMWBEPS%BMrEF1PSUMMJHBU $BSUFMEFM5FBUSP.VTFP%BMrEF/PDIF $BSUFMMEFM5FBUSF.VTFV%BMrEF/JU &TQFDUgDVMPEFDBCBSFU PGSFDJEPQPS$PNQBOZ &TQFDUBDMFEFDBCBSFU PGFSUQFS$PNQBOZ -B#JMCPLP,PSBM&MLBSUFBPGSFDJw FMDPODJFSUPBOVBM -B#JMCPLP,PSBM&MLBSUFBWBPGFSJS FMDPODFSUBOVBM 4BMJEBB1PSUMMJHBUZBM$BQEF$SFVT 4PSUJEBB1PSUMMJHBUJBMDBQEF$SFVT EFPDUVCSFWFMBEBEFwQFSBFOFM5FBUSP+BSErPSHBOJ[BEBFODPMBCPSBDJwODPOFM ¸SFB EF $VMUVSB EFM"ZVOUBNJFOUP EF 'JHVFSFT -B BTPDJBDJwO"NJDT EF MªÁQFSB EF 4BCBEFMMPGSFDJwMBPCSB6OCBMMPJONBTDIFSBEF(JVTFQQF7FSEJ EFOPWJFNCSFTBMJEBDVMUVSBMB#BSDFMPOBDPOWJTJUBBMBUPSSF"HCBSTFEFEF"JHFTEF #BSDFMPOBZBMBFYQPTJDJwO:WFT5BOHVZ-ªVOJWFSTTVSSFBMJTUBFOFM./"$1PSMBUBSEFTF BTJTUJwBMBSFQSFTFOUBDJwOEFMBPCSB&MMJCFSUJOPEF&4DINJUUFOFM5FBUSP1PMJPSBNB EFEJDJFNCSFDFMFCSBDJwOEFVODPODJFSUPCFOn¯DPPSHBOJ[BEPDPOKVOUBNFOUFQPS MPT"NJDTEFMT.VTFVT%BMrZMB$PSBM1PMJGwOJDBEF'JHVFSFT-BSFDBVEBDJwOTFEFTUJOw BMB.BSBUwOEF57"DPOUJOVBDJwOTFPGSFDJwVOBDFOBEF/BWJEBEBMPTTPDJPT &OMPRVFTFSF¯FSFBMBEJGVTJwODBCFEFTUBDBSMBFEJDJwOEFVOGPMMFUPEFTUJOBEPB DBQUBS OVFWPT TPDJPT 4F IJDJFSPO WFSTJPOFT FO DVBUSP JEJPNBT RVF TF EJTUSJCVZFO FOUSFFMQ|CMJDPEFMPTUSFTNVTFPT%BMr 053"4"$5*7*%"%&4$6-563"-&4 $PODJFSUP &MEFNBS[PEFMB'VOEBDJwOPSHBOJ[wTVEnDJNPRVJOUPDPODJFSUPEFEJDBEPB UPEBTMBTQFSTPOBTRVFDPMBCPSBODPOMBFOUJEBE&MFWFOUPRVFTFDFMFCSwFOFM5FBUSP +BSErEF'JHVFSFTFTUVWPBDBSHPEFMB4PDJFEBE$PSBMEF#JMCBP#JMCPLP,PSBM&MLBSUFB CBKPMBEJSFDDJwOEFMNBFTUSP*vBLJ.PSFOP/BWBSSPZDPOMBQBSUJDJQBDJwOEFMBTPQSBOP 0MBU[4BJUVB&MQSPHSBNBDPOTUBCBEFVOBQSJNFSBQBSUFDPOQJF[BTEF#BDI.P[BSU 3BDINBOJOPW%POJ[FUUJZ.POUTBMWBUHFZEFVOBTFHVOEBQBSUFDFOUSBEBFOMBDBODJwO USBEJDJPOBM DPO QJF[BT DPNP &M SPTTJOZPM &M DBOU EFMT PDFMMT .BJUFUYP QPMJUB P (PJLP NFOEJBO&MDPODJFSUPDPOUwDPOFMQBUSPDJOJPEF¨MB$BJYB¨ZDPOMBDPMBCPSBDJwOEFM¸SFB EF$VMUVSBEFM"ZVOUBNJFOUPEF'JHVFSFT EªPDUVCSFWFUMMBEBEªxQFSBBM5FBUSF+BSErPSHBOJU[BEBFODPM²MBCPSBDJwBNCMª SFB EF$VMUVSBEFMª"KVOUBNFOUEF'JHVFSFT&OBRVFTUBPDBTJwFTWBQPEFSHBVEJSEFMªPCSB 6OCBMMPJONBTDIFSBEF(JVTFQQF7FSEJBDhSSFDEFMT"NJDTEFMªÁQFSBEF4BCBEFMM EFOPWFNCSFTPSUJEBDVMUVSBMB#BSDFMPOBBNCWJTJUBBMBUPSSF"HCBSTFVEª"JHFT EF#BSDFMPOBJBMªFYQPTJDJw:WFT5BOHVZ-ªVOJWFSTTVSSFBMJTUBBM./"$"MBUBSEBFT WBBTTJTUJSBMBSFQSFTFOUBDJwEFMªPCSB&MMMJCFSUrEª&4DINJUUBM5FBUSF1PMJPSBNB EFEFTFNCSFDFMFCSBDJwEªVODPODFSUCFOo¯DPSHBOJU[BUDPOKVOUBNFOUQFMT"NJDT EFMT.VTFVT%BMrJMB$PSBM1PMJGxOJDBEF'JHVFSFT-BSFDBQUBDJwFTWBEFTUJOBSBMB .BSBUwEF57"DPOUJOVBDJwFTWBPGFSJSVOTPQBSEF/BEBMBMTTPDJT 2VBOUBEJGVTJwDBMEFTUBDBSMªFEJDJwEªVOGVMMFUEFTUJOBUBDBQUBSOPVTTPDJT4FªOWBO GFSWFSTJPOTFORVBUSFJEJPNFTRVFFTEJTUSJCVFJYFOFOUSFFMQ|CMJDEFMTUSFTNVTFVT %BMr "-53&4"$5*7*5"54$6-563"-4 $PODFSU &MEFNBSmEFMMB'VOEBDJwWBPSHBOJU[BSBM5FBUSF+BSErEF'JHVFSFTFMTFV RVJO[o DPODFSU EFEJDBU B UPUFT MFT QFSTPOFT RVF DPM²MBCPSFO BNC MªFOUJUBU -ªBDUVBDJw WBBOBSBDhSSFDEFMB4PDJFEBE$PSBMEF#JMCBP#JMCPLP,PSBM&MLBSUFBTPUBMBEJSFDDJw EFMNFTUSF*vBLJ.PSFOP/BWBSSPJBNCMBQBSUJDJQBDJwEFMBTPQSBOP0MBU[4BJUVB&M QSPHSBNB DPOTUBWB EªVOB QSJNFSB QBSU BNC QFDFT EF #BDI .P[BSU 3BLINBOJOPW %POJ[FUUJ J .POUTBMWBUHF J EªVOB TFHPOB QBSU DFOUSBEB FO MB DBOmw USBEJDJPOBM BNC QFDFTDPN&MSPTTJOZPM&MDBOUEFMTPDFMMT.BJUFUYPQPMJUBP(PJLPNFOEJBO&MDPODFSUWB TFSPSHBOJU[BUBNCFMQBUSPDJOJEF¨MB$BJYB¨JBNCMBDPM²MBCPSBDJwEFMª SFBEF$VMUVSB EFMª"KVOUBNFOUEF'JHVFSFT ! $ QSPUFHFS QSPUFHJS */'3"&4536$563"4$0/4&37"$*¾/:4&(63*%"% &M%FQBSUBNFOUPEF.VTFPTTFSFTQPOTBCJMJ[BEFMBNFKPSBZFMNBOUFOJNJFOUPEFMBT JOGSBFTUSVDUVSBTEFMPTNVTFPT%BMrZEFMBTFEFEFMB'VOEBDJwO"TJNJTNPBOBMJ[BZ QMBOJ¯DBEJGFSFOUFTBTQFDUPTSFMBUJWPTBMBDPOTFSWBDJwOQSFWFOUJWBEFMBTFYQPTJDJPOFT QFSNBOFOUFTZHFTUJPOBMBQPMrUJDBEFMB'VOEBDJwOTPCSFMBTFHVSJEBEEFMBTQFSTPOBT MPTFRVJQBNJFOUPTZMBTPCSBTEFBSUF *OWFSTJPOFTFOJOGSBFTUSVDUVSBT -BTJOWFSTJPOFTSFBMJ[BEBTEVSBOUFFMFKFSDJDJPFOJOGSBFTUSVDUVSBTEFMB'VOEBDJwO IBOBTDFOEJEPBVOUPUBMEFFVSPT $ &OUSF PUSBT BDUVBDJPOFT DBCF NFODJPOBS RVF TF IB NFKPSBEP EF GPSNB SBEJDBM FM TJTUFNB EF DMJNBUJ[BDJwO EF MBT TBMBT .BF8FTU Z EF MBT 1FTDBEFSrBT EF MPT DVBUSP QBTJMMPTZEFMBTFTDBMFSBTQSJODJQBMFTEFM5FBUSP.VTFP%BMr &O1|CPMTFIBJOTUBMBEPQPSQSJNFSBWF[BJSFBDPOEJDJPOBEPFOMBTBMBEFM1JBOP Z FO MB )BCJUBDJwO Z #BvP EF (BMB &TUB BDUVBDJwO IB QFSNJUJEP DPSSFHJS MBT BMUBT UFNQFSBUVSBTRVFTFBMDBO[BCBOFOWFSBOPFOFTUFSFDJOUP &M JODSFNFOUP EF MB TFHVSJEBE BOUJJOUSVTJwO IB TJEP PUSP EF MPT HSBOEFT PCKFUJWPT SFMBDJPOBEPT DPO MBT JOGSBFTUSVDUVSBT &OUSF MBT JOWFSTJPOFT SFBMJ[BEBT DPO FTUB ¯OBMJEBEEFTUBDBMBEJHJUBMJ[BDJwOEFMBTJNgHFOFTRVFHSBCBOMBDgNBSBTEFTFHVSJEBE EFMPTDFOUSPTNVTFrTUJDPTEF1|CPMZ1PSUMMJHBU &O1PSUMMJHBUFMFTQBDJPFYQPTJUJWPTFIBBNQMJBEPDPOEPTOVFWPTgNCJUPTFM1BMPNBSZ FM$SJTUPEFMPTFTDPNCSPT&OSFMBDJwODPOFTUBJOJDJBUJWBTFIBOMMFWBEPBDBCPVODPOKVOUP EF JOUFSWFODJPOFT EFTUJOBEBT B MB SFIBCJMJUBDJwO Z DPOTPMJEBDJwO EF MBT FTUSVDUVSBT BSRVJUFDUwOJDBT Z EFDPSBUJWBT EFM 0MJWBS EF MB DBTB Z B TV BEFDVBDJwO NVTFPHSg¯DB SFIBCJMJUBDJwOEFMBKBSEJOFSrBDPOTPMJEBDJwOEFMBTQBSFEFTTFDBTJNQFSNFBCJMJ[BDJwO EFM UFDIP EFM UBNCPS QBSB FM HMPCP IJODIBCMF SFIBCJMJUBDJwO EFM IVFWP QBSB MB UPNB EF GPUPHSBGrBT EFM 1BMPNBS Z EFM NJSBEPS EFM $SJTUP JOTUBMBDJwO EF MPT FMFNFOUPT EF TFHVSJEBEZQSPUFDDJwOTBOFBNJFOUPEFMBJMVNJOBDJwOFJOTUBMBDJwOZSFVCJDBDJwOEF MPTFMFNFOUPTJOGPSNBUJWPTEJSFDDJPOBMFT 0USBTJOWFSTJPOFTEFTUBDBEBTTPOMBTRVFIBOIFDIPQPTJCMFMBJOTUBMBDJwOEFOVFWBT QVFSUBT3'FOFM5FBUSP.VTFPMBDMJNBUJ[BDJwOEFMBTBMBEFM1BUSPOBUPMBNFKPSBEF MPTMBWBCPTEF1PSUMMJHBUUFDIPTQBSFEFTTJTUFNBEFFYUSBDDJwOEFBJSFZDBOBMJ[BDJPOFT EFEFTBHFTBTrDPNPTVDPOFYJwODPOMBSFEQ|CMJDB MBSFHFOFSBDJwOEFQMBOUBTFM DBNCJPEFJMVNJOBDJwOEFMB4BMBEFMBT1FTDBEFSrBTZEFEJWFSTPTEJCVKPTEFM5FBUSP .VTFPMBNPEFSOJ[BDJwOEFMTJTUFNBEFJMVNJOBDJwOEFMBTP¯DJOBTMBBNQMJBDJwOEF MBJMVNJOBDJwOQFSJNFUSBMEF1|CPMMBSFTUJUVDJwOEFMUPMEPEFM5FNQMFUFEFMBTSFEFT EFMBQJTDJOBZEFMBTFTUFSBTEFFTQBSUPBSUFTBOBMFTEFMBTTBMBTFO1PSUMMJHBUZQPS |MUJNPMBQSPUFDDJwOEFMPTFMFNFOUPTEFDPSBUJWPTEFMB[POBEFMB1JTDJOBFO1|CPM */'3"&4536$563&4*4&(63&5"5 &M%FQBSUBNFOUEF.VTFVTTªPDVQBEFMBNJMMPSBJFMNBOUFOJNFOUEFMFTJOGSBFTUSVDUVSFT EFMTNVTFVT%BMrJEFMBTFVEFMB'VOEBDJw"JYrNBUFJYBOBMJU[BJQMBOJ¯DBEJWFSTPT BTQFDUFT EF MB DPOTFSWBDJw QSFWFOUJWB EF MFT FYQPTJDJPOT QFSNBOFOUT J HFTUJPOB MB QPMrUJDBEFMB'VOEBDJwTPCSFMBTFHVSFUBUEFMFTQFSTPOFTFMTFRVJQTJMFTPCSFTEªBSU *OWFSTJPOTFOJOGSBFTUSVDUVSFT &OHVBOZTªIBJOWFSUJUVOUPUBMEFFVSPTFOJOGSBFTUSVDUVSFTEFMB'VOEBDJw "RVFTUFTJOWFSTJPOTIBOQFSNoTNJMMPSBSEFGPSNBSBEJDBMFMTJTUFNBEFDMJNBUJU[BDJw EF MFT TBMFT .BF 8FTU J EF MFT 1FJYBUFSJFT EFMT RVBUSF QBTTBEJTTPT J EF MFT FTDBMFT QSJODJQBMTEFM5FBUSF.VTFV%BMr " 1|CPM TªIB JOTUBM²MBU QFS QSJNFSB WFHBEB BJSF DPOEJDJPOBU B MB TBMB EFM 1JBOP J B Mª)BCJUBDJwJFM#BOZEF(BMB"RVFTUBBDUVBDJwIBQFSNoTDPSSFHJSMFTBMUFTUFNQFSBUVSFT RVFTªIJBTTPMJFOBMªFTUJV 6OBMUSFEFMTHSBOTPCKFDUJVTSFMBDJPOBUTBNCMFTJOGSBFTUSVDUVSFTIBFTUBUMªJODSFNFOU EF MB TFHVSFUBU BOUJJOUSVTJw &OUSF MFT JOWFSTJPOT SFBMJU[BEFT BNC BRVFTUB ¯OBMJUBU EFTUBDBMBEJHJUBMJ[BDJwEFMFTJNBUHFTRVFFOSFHJTUSFOMFTDhNFSFTEFTFHVSFUBUEFMT DFOUSFTNVTFrTUJDTEF1|CPMJ1PSUMMJHBU "1PSUMMJHBUMªFTQBJFYQPTJUJVTªIBBNQMJBUBNCEPTOPVThNCJUTFM$PMPNBSJFM$SJTU EF MFT FTDPNCSBSJFT "RVFTUB JOJDJBUJWB IB DPNQPSUBU VO DPOKVOU EªJOUFSWFODJPOT EFTUJOBEFT B MB SFIBCJMJUBDJw J DPOTPMJEBDJw EF MFT FTUSVDUVSFT BSRVJUFDUxOJRVFT J EFDPSBUJWFTEFMª0MJWBSEFMBDBTBJBMBTFWBBEFRVBDJwNVTFPHSh¯DBSFIBCJMJUBDJwEFMB KBSEJOFSJBDPOTPMJEBDJwEFMFTQBSFUTTFRVFTJNQFSNFBCJMJU[BDJwEFMTPTUSFEFMUBNCPS QFSBMHMPCVTJO°BCMFSFIBCJMJUBDJwEFMªPVQFSBMBQSFTBEFGPUPHSB¯FTEFM$PMPNBSJ EFMNJSBEPSEFM$SJTUJOTUBM²MBDJwEFMTFMFNFOUTEFTFHVSFUBUJQSPUFDDJwTBOFKBNFOU EFMBJM²MVNJOBDJwJJOTUBM²MBDJwJSFVCJDBDJwEFMTFMFNFOUTJOGPSNBUJVTEJSFDDJPOBMT "MUSFTJOWFSTJPOTEFTUBDBEFTTwOMFTRVFIBOGFUQPTTJCMFMBJOTUBM²MBDJwEFOPWFTQPSUFT 3'BM5FBUSF.VTFVMBDMJNBUJU[BDJwEFMBTBMBEFM1BUSPOBUMBNJMMPSBEFMTMBWBCPTEF 1PSUMMJHBU TPTUSFT QBSFUT TJTUFNB EªFYUSBDDJw EªBJSF J DBOBMJU[BDJPOT EF EFTHVBTTPT BJYrDPNMBTFWBDPOOFYJwBNCMBYBSYBQ|CMJDB MBSFHFOFSBDJwEFQMBOUFTFMDBOWJ EªJM²MVNJOBDJwEFMB4BMBEFMFT1FJYBUFSJFTJEFEJWFSTPTEJCVJYPTEFM5FBUSF.VTFVMB NPEFSOJU[BDJwEFMTJTUFNBEªJM²MVNJOBDJwEFMFTP¯DJOFTMªBNQMJBDJwEFMBJM²MVNJOBDJw QFSJNFUSBMEF1|CPMMBSFTUJUVDJwEFMUFOEBMEFM5FNQMFUEFMFTYBSYFTEFMB1JTDJOBJ EFMFTFTUPSFTEªFTQBSUBSUFTBOBMTEFMFTTBMFTB1PSUMMJHBUJMBQSPUFDDJwEFMTFMFNFOUT EFDPSBUJVTEFMB[POBEFMB1JTDJOBB1|CPM % & .BOUFOJNJFOUPEFJOTUBMBDJPOFT %FOUSPEFMBTPQFSBDJPOFTEFNBOUFOJNJFOUPEFMBTJOTUBMBDJPOFTZMPTJONVFCMFTEF MPTNVTFPT%BMrZEFMBTFEFDFOUSBMEFMB'VOEBDJwOTFJODMVZFOMBTRVFBGFDUBOBMPT TJTUFNBTEFTFHVSJEBEDPOUSPMBNCJFOUBMDMJNBUJ[BDJwOJMVNJOBDJwOZFYQPTJDJwO %VSBOUF FM FTUF TFSWJDJP IB TVCDPOUSBUBEP B UFSDFSPT USBCBKPT FTQFDr¯DPT EF NBOUFOJNJFOUP Z SFQBSBDJwO EF MBT JOGSBFTUSVDUVSBT NFODJPOBEBT QPS VO WBMPS EF FVSPT 4FHVSJEBE -B TFHVSJEBE BOUJJOUSVTJwO Z DPOUSB JODFOEJPT EF MPT DVBUSP NVTFPT %BMr Z EF MB 5PSSF (BMBUFB TF IB WJTUP JODSFNFOUBEB HSBDJBT B MBT JOWFSTJPOFT BOUFSJPSNFOUF DPNFOUBEBT -BDPOUSBUBDJwOEFVONBZPSO|NFSPEFHVBSEJBTZEFQFSTPOBMEFTBMBIBDPOUSJCVJEP BSFGPS[BSFTUBTFHVSJEBE 3FWJTJwONnEJDBZDVSTP TPCSFIJHJFOFQPTUVSBM 3FWJTJwNoEJDBJDVST TPCSFIJHJFOFQPTUVSBM "EFDVBDJwOEFMOVFWPFTQBDJP WJTJUBCMFFOFM0MJWBSEF1PSUMMJHBU "EFRVBDJwEFMOPVFTQBJ WJTJUBCMFBMª0MJWBSEF1PSUMMJHBU .BOUFOJNFOUEªJOTUBM²MBDJPOT &MNBOUFOJNFOUEFMFTJOTUBM²MBDJPOTJFMTJNNPCMFTEFMTNVTFVT%BMrJEFMBTFVDFOUSBM EF MB 'VOEBDJw JODMPV MFT UBTRVFT RVF BGFDUFO FMT TJTUFNFT EF TFHVSFUBU EF DPOUSPM BNCJFOUBMEFDMJNBUJU[BDJwEªJM²MVNJOBDJwJFYQPTJDJw %VSBOU FM BRVFTU TFSWFJ IB TVCDPOUSBDUBU B UFSDFST USFCBMMT FTQFDr¯DT EF NBOUFOJNFOU J SFQBSBDJw EF MFT JOGSBFTUSVDUVSFT FTNFOUBEFT QFS WBMPS EF FVSPT 4FHVSFUBU -BTFHVSFUBUBOUJJOUSVTJwJDPOUSBJODFOEJTEFMTNVTFVT%BMrJEFMB5PSSF(BMBUFBTªIB WJTUJODSFNFOUBEBHShDJFTBMFTJOWFSTJPOTBOUFSJPSNFOUDPNFOUBEFT "RVFTUBTFHVSFUBUUBNCnTªIBSFGPSmBUNJUKBOmBOUMBDPOUSBDUBDJwEªVONBKPSOPNCSF EFHVBSEFTJEFQFSTPOBMEFTBMB ' FMUFBUSPNVTFPDPNP DPOKVOUPEFJOTUBMBDJPOFT TVQPOFVOSFUPQBSB TVDPOTFSWBDJwO $0/4&37"$*¾/:3&45"63"$*¾/ -BQSJODJQBMUBSFBEFFTUF%FQBSUBNFOUPDPOTJTUFFOMBDPOTFSWBDJwOZSFTUBVSBDJwO EFMBTPCSBTEFMB'VOEBDJwO"MPCKFUPEFHBSBOUJ[BSMBQSFTFSWBDJwOGVUVSBEFMBPCSB EBMJOJBOBTFIBOMMFWBEPBDBCPJOUFSWFODJPOFTFODVBUSPgNCJUPTEFBDUVBDJwO DPOTFSWBDJwOQSFWFOUJWBJODMVZFMBDPOTFSWBDJwOBNCJFOUBMZFMNBOUFOJNJFOUPEF MPTNPOUBKFTZMBTJOTUBMBDJPOFT QSFWFODJwO Z DPOTFSWBDJwO EF MB DPMFDDJwO EVSBOUF TV NBOJQVMBDJwO USBTMBEP P FYIJCJDJwO SFTUBVSBDJwOEFQJOUVSBTPCSBTPCSFQBQFMZPCKFUPT EPDVNFOUBDJwOSFBMJ[BDJwOEFJOGPSNFTUnDOJDPTFJOWFTUJHBDJwOTPCSFMPTQSPDFEJNJFOUPT BSUrTUJDPTEF%BMrBTrDPNPBTFTPSBNJFOUPUnDOJDPBMPTEFNgTEFQBSUBNFOUPT " $0/4&37"$*¾/13&7&/5*7" -B DPOTFSWBDJwO EF MBT PCSBT EF MB 'VOEBDJwO FT EF OBUVSBMF[B QSJNPSEJBMNFOUF QSFWFOUJWBZUJFOFQPS¯OBMJEBEMBBEPQDJwOEFVOBTFSJFEFNFEJEBTFYUFSOBTPSJFOUBEBT BNJOJNJ[BSMPTQPTJCMFTEFUFSJPSPTEFMBTQJF[BTDBVTBEPTQPSFMFOWFKFDJNJFOUPEF MPT NBUFSJBMFT EFCJEP UBOUP B MB BDDJwO EFM UJFNQP DPNP B GBDUPSFT FYUFSJPSFT "Tr QPS FKFNQMP TF SFBMJ[B FM DPOUSPM Z TFHVJNJFOUP EF MBT DPOEJDJPOFT BNCJFOUBMFT EF UFNQFSBUVSBIVNFEBESFMBUJWBZMV[EFMBTTBMBTZEFMBTgSFBTEFBMNBDnO "vPUSBTBvPTFTJHVFVOSJHVSPTPQSPHSBNBEFNBOUFOJNJFOUPZDPOTFSWBDJwORVF JODMVZF MB NFKPSB DPOTUBOUF EF MBT DPOEJDJPOFT EF FYQPTJDJwO EF MBT PCSBT FM QMBO EF MJNQJF[B MBT JOUFSWFODJPOFT QVOUVBMFT EF DPOTPMJEBDJwO P MB QMBOJ¯DBDJwO EF MBT SFTUBVSBDJPOFT NgT JNQPSUBOUFT "TJNJTNP FM QSPHSBNB DPOUFNQMB FM DPOUSPM EF JODJEFODJBTZMBJODPSQPSBDJwOEFOVFWPTEBUPTUnDOJDPTBMPTJOWFOUBSJPTEFMB'VOEBDJwO %BMrDPODJCJwFM5FBUSP.VTFPDPNPVOBHSBOJOTUBMBDJwODPNPVOBTFSJFEFNPOUBKFT JOUFSSFMBDJPOBEPTMPDVBMOPTwMPTVQPOFVOFMFNFOUPEJTUJOUJWPQBSBMBJOTUJUVDJwO TJOPRVFDPOTUJUVZFBMNJTNPUJFNQPVOPEFMPTNBZPSFTSFUPTQBSBMPTDPOTFSWBEPSFT EBEBMBEJWFSTJEBEZIFUFSPEPYJBEFMPTFMFNFOUPTZNBUFSJBMFTVUJMJ[BEPT FMUFBUSFNVTFVDPNB DPOKVOUE¦JOTUBM¬MBDJPOT TVQPTBVOSFQUFQFSB MBTFWBDPOTFSWBDJw $0/4&37"$*¾*3&45"63"$*¾ -B UBTDB GPOBNFOUBM EªBRVFTU %FQBSUBNFOU DPOTJTUFJY FO MB DPOTFSWBDJw J SFTUBVSBDJw EFMFTPCSFTEFMB'VOEBDJw-FTTFWFTJOUFSWFODJPOTRVFUFOFOQFSPCKFDUFHBSBOUJSMB QSFTFSWBDJwGVUVSBEFMªPCSBEBMJOJBOBFTQPEFODMBTTJ¯DBSFORVBUSFhNCJUTEªBDUVBDJw DPOTFSWBDJw QSFWFOUJWB JODMPV MB DPOTFSWBDJw BNCJFOUBM J FM NBOUFOJNFOU EFMT NVOUBUHFTJMFTJOTUBM²MBDJPOT QSFWFODJw J DPOTFSWBDJw EF MB DPM²MFDDJw EVSBOU MB NBOJQVMBDJw FM USBTMMBU J MªFYIJCJDJw SFTUBVSBDJwEFQJOUVSFTEªPCSBTPCSFQBQFSJEªPCKFDUFT EPDVNFOUBDJw SFBMJU[BDJw EªJOGPSNFT UoDOJDT J SFDFSDB TPCSF FMT QSPDFEJNFOUT BSUrTUJDTEF%BMrBJYrDPNBTTFTTPSBNFOUUoDOJDBMBSFTUBEFEFQBSUBNFOUT " $0/4&37"$*¾13&7&/5*7" -BDPOTFSWBDJwEFMFTPCSFTEFMB'VOEBDJwnTEFOBUVSBMFTBQSJNPSEJBMNFOUQSFWFOUJWB JUnQFS¯OBMJUBUMªBEPQDJwEªVOBToSJFEFNFTVSFTFYUFSOFTBESFmBEFTBNJOJNJU[BSMFT QPTTJCMFTEFUFSJPSBDJPOTRVFQBUFJYFOMFTPCSFTBDBVTBEFMªFOWFMMJNFOUEFMTNBUFSJBMT TJHVJQFMQBTEFMUFNQTPQFSGBDUPSTFYUFSJPST"JYrQFSFYFNQMFFTSFBMJU[BVODPOUSPM JTFHVJNFOUEFMFTDPOEJDJPOTBNCJFOUBMTEFUFNQFSBUVSBEªIVNJUBUSFMBUJWBJEFMMVN EFMFTTBMFTJMFThSFFTEFNBHBU[FN "OZSFSFBOZTFTFHVFJYVOQSPHSBNBSJHPSwTEFNBOUFOJNFOUJEFDPOTFSWBDJwRVF JODMPVMBNJMMPSBDPOTUBOUEFMFTDPOEJDJPOTEªFYQPTJDJwEFMFTPCSFTFMQMBEFOFUFKB MFT JOUFSWFODJPOT QVOUVBMT EF DPOTPMJEBDJw P MB QMBOJ¯DBDJw EF MFT SFTUBVSBDJPOT NnT JNQPSUBOUT BJYr DPN FM DPOUSPM EªJODJEoODJFT J MB JODPSQPSBDJw EF OPWFT EBEFT UoDOJRVFT BMT JOWFOUBSJT EF MB 'VOEBDJw %BMr WB DPODFCSF FM 5FBUSF.VTFV DPN VOBHSBOJOTUBM²MBDJwnTBEJSDPNVOBToSJFEFNVOUBUHFTJOUFSSFMBDJPOBUTGFURVF SFQSFTFOUBVOFMFNFOUEJTUJOUJVQFSBMªFOUJUBUQFSxRVFBMIPSBQMBOUFKBVOHSBOSFQUF BMTDPOTFSWBEPSTBUFTBMBEJWFSTJUBUJIFUFSPExYJBEFMTFMFNFOUTJNBUFSJBMTFNQSBUT $POTFSWBDJwOEFPCKFUPTZNPOUBKFTBSUrTUJDPTFOFM5FBUSP.VTFP%BMr -BTJOUFSWFODJPOFTNgTSFMFWBOUFTFGFDUVBEBTFOFM5FBUSP.VTFP%BMrBMPMBSHPEFMTF IBODFOUSBEPFOMB4BMB.BF8FTU&OFTUFFTQBDJPBEFNgTEFDPNQMFUBSFMMFOUPQSPDFTP EFSFTUBVSBDJwOEFMPTEPTDVBESPTRVFSFQSFTFOUBOMPTPKPTEFMBJOTUBMBDJwOEFMSPTUSP EF.BF8FTUTFIBSFBMJ[BEPVOOVFWPTJTUFNBEFFONBSDBEPEFNBEFSBQBSBMBPCSB $BCF[BEF.JHVFM·OHFMVOwMFPTPCSFUBCMFSPTFIBDPOTPMJEBEPZSFTUBVSBEPMBFTDBMFSB EFNBEFSBRVFFTUBCBNVZEFUFSJPSBEBTFIBDPMPDBEPVOBQFBOBGPSSBEBQBSBNFKPSBS MBT DPOEJDJPOFT FYQPTJUJWBT EFM NPOUBKF QPQ EF QMgTUJDPT MVDFT Z ¯HVSBT KBQPOFTBT Z ¯OBMNFOUFTFIBNBUFSJBMJ[BEPMBQSPQVFTUBEFBQFSUVSBEFVOBQVFSUBFOMB[POBQPTUFSJPS EFM1BSBrTPB¯OEFQSPQPSDJPOBSVOBDDFTPZVOBWFOUJMBDJwOBEFDVBEBBMFTQBDJP 1PSPUSBQBSUFTFIBQVFTUPFONBSDIBMBQSJNFSBGBTFEFMBSFTUBVSBDJwOEFMPTDPMMBHFT EFMBTQVFSUBTEFMWFTUrCVMPEFM5FBUSP.VTFPSFBMJ[BEPTIBDJBQPS"NBOEB-FBS CBKPMBTVQFSWJTJwOEF%BMr-BJOUFSWFODJwODPOTJTUFFOJSEFTQFHBOEPMPTDPMMBHFTEF GPUPHSBGrBTZQBQFMFTEFMPTQBOFMFTEFNBEFSBEFMBTQVFSUBTBMPCKFUPEFFOWJBSMPTBM %FQBSUBNFOUPEF$POTFSWBDJwOQBSBTVSFTUBVSBDJwO.JFOUSBTEVSBMBJOUFSWFODJwO MPTPSJHJOBMFTTFTVTUJUVZFOQPSSFQSPEVDDJPOFTGPUPHSg¯DBT "¯OBMFTEFBvPZBQSPWFDIBOEPMBTPCSBTEFNFKPSBEFMBDMJNBUJ[BDJwORVFFYJHrBO FMDJFSSFEFMBFTDBMFSBEFMNVTFPTFIBOSFUJSBEPZSFWJTBEPUPEPTMPTPCKFUPTEFMB [POB&OUSFMBTBDUVBDJPOFTSFBMJ[BEBTEFTUBDBOMBTTJHVJFOUFTMBMJNQJF[BTJTUFNgUJDB EFUPEBTMBTQJF[BTFMEFTNPOUBKFZMBSFTUBVSBDJwOQPSQSJNFSBWF[EFMQFSTPOBKF TPCSFQPSFYQBORVFSFQSFTFOUBB)nSDVMFTRVFMMFWBVOBNgTDBSBEFQBQFMNBDInZ VOBDPODIBZRVFTPTUJFOFVOBDPMVNOBEFNBEFSBQPMJDSPNBEBDPOVOBUFMBEFTBDP ZMBSFTUBVSBDJwOEFMBDBCF[BFOSFMJFWFQMBUFBEBTPCSFQPSFYQBOOFHSP5BNCJnOTF IBSFUJSBEPEFTVMVHBSPSJHJOBMQPSQSJNFSBWF[FMgHVJMBEF7BMMTBMPCKFUPEF¯KBS BMH|OEFTHBSSwOSFTUBVSBSMBDPSPOBEFMDIJOPZNFKPSBSFMTJTUFNBEFJMVNJOBDJwO ¯OBMNFOUF TF IB BKVTUBEP FM rOEJDF MVNrOJDP BEFDVBEP B MBT PCSBT NFEJBOUF MB DPMPDBDJwOEF¯MUSPTQSPUFDUPSFTFOUPEBTMBTWFOUBOBTEFMBFTDBMFSB &TUF BvP FM %FQBSUBNFOUP IB DPOUBEP DPO MB DPMBCPSBDJwO FYUFSOB EF FTQFDJBMJTUBT FODPOTFSWBDJwOEFNBUFSJBMJOPSHgOJDPQBSBSFTUBVSBSMPTTFJT°PSPOFTEFBMBCBTUSP EFM QBUJP EFM $BEJMMBD "EFNgT TF IB DPOUBDUBEP DPO MB 'VOEBDJwO &EVBSEP $BQB EF .BESJE ¦RVF GVF RVJFO FO TV ErB SFBMJ[BSB MB FTDVMUVSB EF CSPODF )PNFOBKF B /FXUPOTJUVBEBFOFMFYUFSJPSEFMNVTFP¦QBSBFODBSHBSMFMBMJNQJF[BEFMBQgUJOB RVFMBDVCSFZRVFDPOMPTBvPTTFIBCrBEFHSBEBEPOPUBCMFNFOUF 3FTUBVSBDJwOEFMPTTFJT°PSPOFT EFBMBCBTUSPEFMQBUJPBOUFT ZEFTQVnTEFMBJOUFSWFODJwO 3FTUBVSBDJwEFMTTJT°PSPOT EªBMBCBTUSFEFMQBUJBCBOT JEFTQSnTEFMBJOUFSWFODJw 3FUPRVFTEFQJOUVSBFOFM WFTUrCVMPEFM5FBUSP.VTFP 3FUPDTEFQJOUVSBFOFM WFTUrCVMEFM5FBUSF.VTFV ! -BTJOUFSWFODJPOFTEFDPOTFSWBDJwONgT SFMFWBOUFTTFIBODFOUSBEPFOMB4BMB.BF8FTU -FTJOUFSWFODJPOTEFDPOTFSWBDJwNnT SFMMFWBOUTTªIBODFOUSBUBMB4BMB.BF8FTU $POTPMJEBDJwOEFMBFTDBMFSB EFNBEFSBQPMJDSPNBEBEFMB 4BMB.BF8FTU $POTPMJEBDJwEFMªFTDBMBEF GVTUBQPMJDSPNBEBEFMB4BMB .BF8FTU -JNQJF[BEFMBQJOUVSBEFMB DBCF[BFOSFMJFWFQMBUFBEBEF MBFTDBMFSBEFM5FBUSP.VTFP /FUFKBEFMBQJOUVSBEFMDBQ FOSFMMFVQMBUFKBUEFMªFTDBMB EFM5FBUSF.VTFV " .POUBKF)nSDVMFTRVFEJCVKBEP TPCSFQPSFYQBOOFHSPZDPOVOB NgTDBSBTPTUJFOFVOBDPMVNOB EFNBEFSBDPOUFMBEFTBDP .VOUBUHF)oSDVMFTRVFEJCVJYBU TPCSFQPSFYQBOOFHSFJBNCVOB NhTDBSBTPTUnVOBDPMVNOB EFGVTUBBNCUFMBEFTBD $POTPMJEBDJwOEFMPT EPSBEPTEFMPTDBQJUFMFT $POTPMJEBDJwEFMT EBVSBUTEFMTDBQJUFMMT -JNQJF[BZSFDVQFSBDJwOEFMBQgUJOBEFMBFTDVMUVSBEFCSPODF)PNFOBKFB/FXUPOTJUVBEBFOFMFYUFSJPSEFM.VTFP /FUFKBJSFDVQFSBDJwEFMBQhUJOBEFMªFTDVMUVSBEFCSPO[F)PNFOBUHFB/FXUPOTJUVBEBBMªFYUFSJPSEFM.VTFV $POTFSWBDJwEªPCKFDUFTJNVOUBUHFTBSUrTUJDTBM5FBUSF.VTFV%BMr %VSBOUMªBOZMFTJOUFSWFODJPOTNnTSFMMFWBOUTBM5FBUSF.VTFVTªIBODFOUSBUFO MB4BMB.BF8FTU&OBRVFTUFTQBJBNnTEFDPNQMFUBSFMMFOUQSPDnTEFSFTUBVSBDJw EFMTEPTRVBESFTRVFSFQSFTFOUFOFMTVMMTEFMBJOTUBM²MBDJwEFMSPTUSFEF.BF8FTUTªIB SFBMJU[BUVOOPVTJTUFNBEªFNNBSDBNFOUEFGVTUBQFSBVOPMJTPCSFUBVMFS$BQEF .JRVFM OHFMTªIBDPOTPMJEBUJSFTUBVSBUMªFTDBMBEFGVTUBRVFFTUBWBNPMUEFUFSJPSBEB TªIB DPM²MPDBU VOB QFBOZB GPMSBEB QFS UBM EF NJMMPSBS MFT DPOEJDJPOT FYQPTJUJWFT EFM NVOUBUHFQPQEFQMhTUJDTMMVNTJ¯HVSFTKBQPOFTFTJ¯OBMNFOUTªIBNBUFSJBMJU[BUMB QSPQPTUBEªPCFSUVSBEªVOBQPSUBBMB[POBQPTUFSJPSEFM1BSBErTQFSUBMEFQSPQPSDJPOBS VOBDDnTJVOBWFOUJMBDJwBEFRVBEBBMªFTQBJ %ªBMUSBCBOEBTªIBQPTBUFONBSYBMBQSJNFSBGBTFEFMBSFTUBVSBDJwEFMTDPMMBHFTEF MFT QPSUFT EFM WFTUrCVM EFM5FBUSF.VTFV RVF"NBOEB -FBS WB GFS DBQ BM TPUB MB TVQFSWJTJw EF %BMr -B JOUFSWFODJw DPOTJTUFJY B BOBS EFTFOHBOYBOU FMT DPMMBHFT EFGPUPHSB¯FTJQBQFSTEFMTQMBGPOTEFGVTUBEFMFTQPSUFTQFSUBMEFSFTUBVSBSMPTBM %FQBSUBNFOUEF$POTFSWBDJw.FOUSFEVSBMBJOUFSWFODJwFMTPSJHJOBMTTFTVCTUJUVFJYFO QFSSFQSPEVDDJPOTGPUPHSh¯RVFT " ¯OBMT EªBOZ J BQSP¯UBOU MFT PCSFT EF NJMMPSB EF MB DMJNBUJU[BDJw RVF FYJHJFO FM UBODBNFOU EF MªFTDBMB EFM .VTFV TªIBO SFUJSBU J SFWJTBU UPUT FMT PCKFDUFT EF MB [POB &OUSFMFTBDUVBDJPOTSFBMJU[BEFTEFTUBRVFOMFTTFHFOUTMBOFUFKBTJTUFNhUJDBEFUPUFTMFT QFDFTFMEFTNVOUBUHFJMBSFTUBVSBDJwQFSQSJNFSDPQEFMQFSTPOBUHFTPCSFQPSFYQBO RVFSFQSFTFOUB)oSDVMFTRVFQPSUBVOBNhTDBSBEFQBQFSNBJYnJVOBQFUYJOBJRVF TPTUnVOBDPMVNOBEFGVTUBQPMJDSPNBEBBNCVOBUFMBEFTBDJMBSFTUBVSBDJwEFMDBQFO SFMMFVQMBUFKBUTPCSFQPSFYQBOOFHSF5BNCnTªIBUSFUEFMTFVMMPDPSJHJOBMQFSQSJNFSB WFHBEBMªhMJHBEF7BMMTQFSUBMEF¯YBSBMHVOFTUSJQQFSSFTUBVSBSMBDPSPOBEFMYJOoTJ QFSNJMMPSBSOFFMTJTUFNBEªJM²MVNJOBDJw¯OBMNFOUTªIBBKVTUBUMªrOEFYMVNrOJDBEJFOUB MFTPCSFTNJUKBOmBOUMBDPM²MPDBDJwEF¯MUSFTQSPUFDUPSTBUPUFTMFT¯OFTUSFTEFMªFTDBMB "RVFTU BOZ FM %FQBSUBNFOU IB UJOHVU MB DPM²MBCPSBDJw FYUFSOB EªFTQFDJBMJTUFT FO DPOTFSWBDJwEFNBUFSJBMJOPSHhOJDQFSUBMEFSFTUBVSBSFMTTJT°PSPOTEªBMBCBTUSFEFM QBUJEFM$BEJMMBD"NnTTªIBDPOUBDUBUBNCMB'VOEBDJw&EVBSEP$BQBEF.BESJERVF WBTFSRVJBMTFVEJBWBSFBMJU[BSMªFTDVMUVSBEFCSPO[F)PNFOBUHFB/FXUPOTJUVBEBB MªFYUFSJPSEFM.VTFVQFSFODBSSFHBSMJMBOFUFKBEFMBQhUJOBRVFMBDPCSFJYKBRVFBNC FMQBTEFMTBOZTTªIBWJBEFHSBEBUOPUBCMFNFOU # 4FSFTUBVSBMBNgTDBSBEFQBQFM NBDInRVFDVCSFFMSPTUSPEFM QFSTPOBKFEF)nSDVMFT &TSFTUBVSBMBNhTDBSBEFQBQFS NBJYnRVFDPCSFJYFMSPTUSFEFM QFSTPOBUHFEª)oSDVMFT &MgHVJMBEF7BMMTTFUSBTMBEB QPSQSJNFSBWF[EFTVMVHBS IBCJUVBMQBSBTFSSFTUBVSBEB 1SPDFTPEF¯KBDJwOEFMBQJOUVSB -ªhMJHBEF7BMMTFTUSBTMMBEBQFS QSJNFSBWFHBEBEFMTFVMMPD PSJHJOBMQFSTFSSFTUBVSBEB 1SPDnTEF¯YBDJwEFMBQJOUVSB $ /VFWPTJTUFNBEFFONBSDBEPEF NBEFSBQBSB$BCF[BEF.JRVFM·OHFM /PVTJTUFNBEªFNNBSDBNFOUEF GVTUBQFSB$BQEF.JRVFM OHFM $POTPMJEBDJwOZMJNQJF[BEFMNBSDP EF"VUPSSFUSBUP $POTPMJEBDJwJOFUFKBEFMNBSD Eª"VUPSFUSBU .FKPSBTFOFMTJTUFNBEFFONBSDBEP .JMMPSFTFOFMTJTUFNBEªFNNBSDBNFOU &MFRVJQPEFNBOUFOJNJFOUPBZVEBB EFTDPMHBSMBPCSB0EBMJTDBDJCFSOnUJDB -ªFRVJQEFNBOUFOJNFOUBKVEBB EFTQFOKBSMªPCSB0EBMJTDBDJCFSOoUJDB -BCPSFTEFNBOUFOJNJFOUP QFSJwEJDPFOFMFTQBDJP%BMr²+PZBT 5BTRVFTEFNBOUFOJNFOU QFSJxEJDBMªFTQBJ%BMr²+PJFT % &MDSJTUBMEFM$BEJMMBDGVFSFTUJUVJEP &MWJESFEFM$BEJMMBDWBTFSSFTUJUVuU -JNQJF[BEFMJDPOPSVTPEF1PSUMMJHBURVFSFQSFTFOUBB4BO/JDPMgTDPOUSBCBKPEFSFQVKBEPEFMNFUBMBMSFEFEPSEFMBTDBSOBDJPOFTQJOUBEBTTPCSF MBNBEFSBBOUFTZEFTQVnTEFMBJOUFSWFODJwO %FUBMMFEFPUSPJDPOPFOFMRVFTFBQSFDJBDPORVnFTUgFTNBMUBEP /FUFKBEFMBJDPOBSVTTBEF1PSUMMJHBURVFSFQSFTFOUBTBOU/JDPMBVBNCUSFCBMMEFSFQVTTBUEFMNFUBMMBMWPMUBOUEFMFTDBSOBDJPOTQJOUBEFTTPCSF MBGVTUBBCBOTJEFTQSnTEFMBJOUFSWFODJw %FUBMMEªVOBBMUSBJDPOBPOTªBQSFDJBBNCRVoFTUhFTNBMUBEB & 1|CPMZ1PSUMMJHBU $PNP DBEB BvP MB DPOTFSWBDJwO Z FM NBOUFOJNJFOUP EF MBT DBTBTNVTFP EF 1|CPM Z 1PSUMMJHBU IB DPNQPSUBEP MB SFTUBVSBDJwO EF EJWFSTPT PCKFUPT MB SFDPMPDBDJwO EF MBTQJF[BTEFMJDBEBTFOMBTTBMBTVOBWF[BDBCBEBTMBTPCSBTBOVBMFTZFMDPOUSPMEFM NBOUFOJNJFOUPEFMBTUBYJEFSNJBTZEFMNPCJMJBSJPEFNBEFSB &O1|CPMTFIBMMFWBEPBDBCPMBSFTUBVSBDJwOEFMBQVFSUBBOUJHVBEFMBIBCJUBDJwO EF JOWJUBEPT MB SFTUBVSBDJwO EF EJWFSTPT PCKFUPT EF MB WJUSJOB EF MB NJTNB TBMB ¦ FOUSFPUSPTVOBQJOUVSBTPCSFDSJTUBMZFMDPMHBEPSDPOSFMPKCMBOEP¦MBNFKPSBEFM FONBSDBEPEFMBTGPUPHSBGrBTEF.BSD-BDSPJYZUBNCJnOMBDPOUJOVBDJwOEFMQMBOEF MJNQJF[BEFMPTUSBKFTZMPTDPNQMFNFOUPTEF%BMrZ(BMB"EFNgTFM%FQBSUBNFOUP TFIBIFDIPDBSHPEFMNPOUBKFEFMBFYQPTJDJwOBOVBMFOFTUBPDBTJwOJOUFHSBEBQPS GPUPHSBGrBTZUJUVMBEB(BMB·MCVN &O1PSUMMJHBUTFIBSFDVQFSBEPZSFTUBVSBEPFM$SJTUPEFMPTFTDPNCSPTVOBJOTUBMBDJwO SFBMJ[BEBQPS%BMrFOFM0MJWBSBQBSUJSEFVOBCBSDBEFQFTDBEPSFTWJFKBUSPODPTZ FTDPNCSPT 5BNCJnO TF QSPTJHVJw DPO MBT MBCPSFT EF NFKPSB EF MB DPOTFSWBDJwO EF MPTFMFNFOUPTEFMB[POBEFMB1JTDJOBEPOEFTF¯OBMJ[wMBSFTUBVSBDJwOEFMBNVKFS QF[EFZFTPZTFDPOTPMJEBSPOZQSPUFHJFSPOFMCVSSPEFNBEFSBZFMUSPODPEFPMJWP TJUVBEPTCBKPFMDPOUFOFEPSGVFOUF&OFMJOUFSJPSEFMBDBTBTFSFTUBVSBSPOEPTJDPOPT SVTPTEFMB4BMB0WBMRVFSFQSFTFOUBOB4BO/JDPMgTBTrDPNP&MDBCBMMPEFUSFJOUBZ DJODPLJMwNFUSPTVOBFTDVMUVSBSFBMJ[BEBBCBTFEFFTGFSBTEFQPSFYQBOSFDVCJFSUBTEF HBTBZZFTPRVFTFDPOTPMJEwZMJNQJwZDVZBQSFTFOUBDJwOTFNFKPSwDPOVOBQFBOBEF TVKFDJwONFUgMJDB'JOBMNFOUFFTQFDJBMJTUBTFOSFTUBVSBDJwOEFUFKJEPTTFFODBSHBSPO EFSFTUBVSBSFMQBSEFTTVTEFMPTBvPTTFTFOUBRVFTFFODPOUSBCBNVZEFUFSJPSBEP 3FTUBVSBDJwOEFVOQBSEFTTVT USBOTQBSFOUFDPO°PSFTEFDPMPSFT EFMPTBvPTTFTFOUB 3FTUBVSBDJwEªVOQBSEFTT| USBOTQBSFOUBNC°PSTEFDPMPST EFMTBOZTTFJYBOUB 1|CPMJ1PSUMMJHBU $PNDBEBBOZMBDPOTFSWBDJwJFMNBOUFOJNFOUEFMFTDBTFTNVTFVEF1|CPMJ1PSUMMJHBU IBDPNQPSUBUMBSFTUBVSBDJwEFEJWFSTPTPCKFDUFTMBSFDPM²MPDBDJwEFMFTQFDFTEFMJDBEFT B MFT TBMFT VO DPQ BDBCBEFT MFT PCSFT BOVBMT J FM DPOUSPM EFM NBOUFOJNFOU EF MFT UBYJEoSNJFTJEFMNPCJMJBSJEFGVTUB " 1|CPM DBM EFTUBDBS MB SFTUBVSBDJw EF MB QPSUB BOUJHB EF MªIBCJUBDJw EFMT DPOWJEBUT MB SFTUBVSBDJw EF EJWFSTPT PCKFDUFT EF MB WJUSJOB EF MB NBUFJYB TBMB DPN BSB VOB QJOUVSBTPCSFWJESFJFMQFOKBEPSBNCSFMMPUHFUPVMBNJMMPSBEFMªFNNBSDBNFOUEF MFTGPUPHSB¯FTEF.BSD-BDSPJYJUBNCnMBDPOUJOVBDJwEFMQMBEFOFUFKBEFMTWFTUJUTJ DPNQMFNFOUTEF%BMrJ(BMB"NnTFM%FQBSUBNFOUTªIBGFUDhSSFDEFMNVOUBUHFEF MªFYQPTJDJwBOVBM(BMB MCVNFOBRVFTUBPDBTJwJOUFHSBEBQFSGPUPHSB¯FT "1PSUMMJHBUFTWBSFDVQFSBSJSFTUBVSBSFM$SJTUEFMFTFTDPNCSBSJFTVOBJOTUBM²MBDJw SFBMJU[BEBQFS%BMrBMª0MJWBSBQBSUJSEªVOBCBSDBEFQFTDBEPSTWFMMBUSPODTJSVOB 5BNCnFTWBDPOUJOVBSNJMMPSBOUMBDPOTFSWBDJwEFMTFMFNFOUTEFMB[POBEFMB1JTDJOB POFTWBFOMMFTUJSMBSFTUBVSBDJwEFMBEPOBQFJYEFHVJYJFTWBODPOTPMJEBSJQSPUFHJS FM CVSSP EF GVTUB J FM USPOD EªPMJWFSB TJUVBUT TPUB FM DPOUFOJEPSGPOU " MªJOUFSJPS EF MB DBTB FT WBO SFTUBVSBS MFT QFDFT TFHFOUT EVFT JDPOFT SVTTFT EF MB 4BMB 0WBM RVF SFQSFTFOUFOTBOU/JDPMBVJ&MDBWBMMEFUSFOUBDJODRVJMxNFUSFTVOBFTDVMUVSBGFUBB CBTFEªFTGFSFTEFQPSFYQBOSFDPCFSUFTEFHBTBJHVJYRVFFTWBDPOTPMJEBSJOFUFKBSJMB QSFTFOUBDJwEFMBRVBMFTWBNJMMPSBSNJUKBOmBOUVOBQFBOZBEFTVCKFDDJwNFUhM²MJDB ¯OBMNFOU FTQFDJBMJTUFT FO SFTUBVSBDJw EF UFJYJUT FT WBO FODBSSFHBS EF SFTUBVSBS FM QBSEFTT|EFMTBOZTTFJYBOUBRVFFTUSPCBWBNPMUEFUFSJPSBU ' 4FHVOEBGBTFEFMBSFTUBVSBDJwO EFMBFTDVMUVSB.VKFSQF[RVF IBDPOTJTUJEPFOMBSFDVQFSBDJwO EFMPTQJFTDPMBBQBSUJSEFMB EPDVNFOUBDJwOFYJTUFOUF 4FHPOBGBTFEFMBSFTUBVSBDJw EFMªFTDVMUVSB%POBQFJY RVFIBDPOTJTUJUBSFDVQFSBS FMTQFVTDVBBQBSUJSEFMB EPDVNFOUBDJwFYJTUFOU ! $POTFSWBDJwOEFM$SJTUP EFMPTFTDPNCSPT1SPDFTPEF SFTUBVSBDJwOEFMBBOUJHVBCBSDB $POTFSWBDJwEFM$SJTU EFMFTFTDPNCSBSJFT1SPDnTEF SFTUBVSBDJwEFMªBOUJHBCBSDB -BTFTGFSBTEFQPSFYQBOHBTBZZFTP EF&MDBCBMMPEFUSFJOUBZDJODPLJMwNFUSPT TFIBODPOTPMJEBEPZMJNQJBEP -FTFTGFSFTEFQPSFYQBOHBTBJHVJY Eª&MDBWBMMEFUSFOUBDJODRVJMxNFUSFT TªIBODPOTPMJEBUJOFUFKBU 3FTUBVSBDJwOEFVOBQVFSUBBOUJHVBEF1|CPM 3FTUBVSBDJwEªVOBQPSUBBOUJHBEF1|CPM 3FDVQFSBDJwOEFMBDBQBEFQSPUFDDJwOEFMCVSSP RVFTFFODVFOUSBFOMBQJTDJOBEF1PSUMMJHBU 3FDVQFSBDJwEFMBDBQBEFQSPUFDDJwEFMCVSSP RVFFTUSPCBBMBQJTDJOBEF1PSUMMJHBU %FUBMMFEFVODPMHBEPSPCKFUPEF1|CPM BOUFTZEFTQVnTEFMBDPOTPMJEBDJwO %FUBMMEªVOQFOKBEPSPCKFDUFEF1|CPM BCBOTJEFTQSnTEFMBDPOTPMJEBDJw ! 4VQFSWJTJwOEFMBNBOJQVMBDJwOEFPCSBTZEFMBTDPOEJDJPOFTBNCJFOUBMFT EFMBTTBMBTEVSBOUFMBTFYQPTJDJPOFT%BMr.VMUJGBDFUFEZ(BMB·MCVN 4VQFSWJTJwEFMBNBOJQVMBDJwEªPCSFTJEFMFTDPOEJDJPOTBNCJFOUBMT EFMFTTBMFTEVSBOUMFTFYQPTJDJPOT%BMr.VMUJGBDFUFEJ(BMB MCVN ! .FKPSBEFMFONBSDBEPEFM&TQFDUSPEFM4FY"QQFBM .JMMPSBEFMªFNNBSDBNFOUEFMª&TQFDUSFEFM4FY"QQFBM $POTFSWBDJwOEFMBDPMFDDJwOEVSBOUFMBNBOJQVMBDJwOFMUSBTMBEPZMBFYIJCJDJwO &ODVNQMJNJFOUPEFMBTOPSNBTJOUFSOBDJPOBMFTEFDPOTFSWBDJwOZDPOFMPCKFUJWP EFNJOJNJ[BSBMNgYJNPMPTGBDUPSFTEFSJFTHPRVFDPOMMFWBFMNPWJNJFOUPEFPCSBT EFBSUFFM%FQBSUBNFOUPTFSFTQPOTBCJMJ[BEFMBTDVFTUJPOFTUnDOJDBTRVFTFEFSJWBO EFMBTFYQPTJDJPOFTZMPTQSnTUBNPTEFPCSB5PEPQSnTUBNPDPNQPSUBVOBTFSJFEF UBSFBTCgTJDBTDPNPMBSFWJTJwOEFMPTFONBSDBEPTEFMBTPCSBTMBSFBMJ[BDJwOEFWJBKFT DPNPDPSSFPTMBFMBCPSBDJwOEFJOGPSNFTTPCSFFMFTUBEPEFMBTQJF[BTBMBTBMJEBZBMB MMFHBEBMBTVQFSWJTJwOEFMPTFNCBMBKFTZFMEFTBSSPMMPEFMPTNnUPEPTQBSBHBSBOUJ[BS VOBMNBDFOBKFZVOBFYIJCJDJwOTFHVSPT %VSBOUF FM TF IBO SFBMJ[BEP HSBOEFT FYQPTJDJPOFT RVF IBO DPNQPSUBEP VO JNQPSUBOUFNPWJNJFOUPEFPCSBPCKFUPEFQSnTUBNP&OUSFFMMBT%BMr.VMUJGBDFUFE $FOUFOBSZ &YIJCJUJPO DPO USFT JUJOFSBODJBT B +BQwO %BMr 1BJOUJOH 'JMN B MB 5BUF .PEFSOEF-POESFTZB-PT¸OHFMFTZMBFYQPTJDJwOEF'JOMBOEJB"EFNgTMB'VOEBDJwO IBPSHBOJ[BEPEPTQFRVFvBTFYQPTJDJPOFTFOMBTTBMBTEFM5FBUSP.VTFPVOBEFEJDBEB B"OOB.BSJBZMBPUSBTPCSFBVUPSSFUSBUPTDPOPCSBTQSFTUBEBTEFPUSBTDPMFDDJPOFT 1PSPUSBQBSUFTFIBOBEFDVBEPNVDIPTEFMPTFONBSDBEPTEFQJOUVSBTEFTUBDBEBT RVFIBCJUVBMNFOUFTFFODVFOUSBOFYQVFTUBTFOFM5FBUSP.VTFPDPNP(BMBUFBEFMBT FTGFSBTP1PSU"MHVFS&OUSFMPTOVNFSPTPTEJCVKPTZGPUPHSBGrBTFONBSDBEPTQBSBMB PDBTJwODBCFEFTUBDBSMBTJMVTUSBDJPOFTQBSBMB"VUPCJPHSBGrBEF#FOWFOVUP$FMMJOJ "EFNgTMPTSFTUBVSBEPSFTIBOJEFBEPVOOVFWPTJTUFNBEFQSPUFDDJwODPODBSQFUBT EFDPOTFSWBDJwOQBSBMBNBOJQVMBDJwOFMUSBTMBEPZMBFYQPTJDJwOEFMPTEPDVNFOUPT 'JOBMNFOUF MPT EJPSBNBT #BCBPVP Z .BF 8FTU UBNCJnO IBO SFRVFSJEP BMHVOBT JOUFSWFODJPOFTEFDPOTFSWBDJwOQBSBTFSUSBOTQPSUBEPT 4VQFSWJTJwOEFFNCBMBKFTFJOGPSNFTEFDPOEJDJwOEFMBTPCSBTFOQSnTUBNP 4VQFSWJTJwEªFNCBMBUHFTJJOGPSNFTEFDPOEJDJwEFMFTPCSFTFOQSnTUFD $POTFSWBDJwEFMBDPM²MFDDJwEVSBOUMBNBOJQVMBDJwFMUSBTMMBUJMªFYIJCJDJw &O DPNQMJNFOU EF MFT OPSNFT JOUFSOBDJPOBMT EF DPOTFSWBDJw FM %FQBSUBNFOU FT SFTQPOTBCJMJU[BEFMFTRFTUJPOTUoDOJRVFTEFSJWBEFTEFMFTFYQPTJDJPOTJFMTQSnTUFDT EªPCSBQFSUBMEFNJOJNJU[BSFMTGBDUPSTEFSJTDRVFDPNQPSUBFMNPWJNFOUEªPCSFT EªBSU 5PU QSnTUFD SFRVFSFJY VO TFHVJU EF UBTRVFT ChTJRVFT DPN BSB MB SFWJTJw EFMT FNNBSDBNFOUT EF MFT PCSFT MB SFBMJU[BDJw EF WJBUHFT DPN B DPSSFVT MªFMBCPSBDJw EªJOGPSNFTTPCSFMªFTUBUEFTPSUJEBJBSSJCBEBEFMFTQFDFTMBTVQFSWJTJwEFMTFNCBMBUHFT JFMEFTFOWPMVQBNFOUEFNoUPEFTQFSBVOFNNBHBU[FNBUHFJVOBFYIJCJDJwTFHVST %VSBOU FM TªIBO SFBMJU[BU HSBOT FYQPTJDJPOT RVF IBO DPNQPSUBU NPMU EF NPWJNFOUEªPCSBPCKFDUFEFQSnTUFDDPNBSB%BMr.VMUJGBDFUFE$FOUFOBSZ&YIJCJUJPO BNC USFT JUJOFShODJFT BM +BQw %BMr 1BJOUJOH 'JMN B MB 5BUF .PEFSO EF -POESFT J B -PT "OHFMFT J MªFYQPTJDJw EF 'JOMhOEJB " NnT MB 'VOEBDJw IB PSHBOJU[BU EVFT QFUJUFTFYQPTJDJPOTBMFTNBUFJYFTTBMFTEFM5FBUSF.VTFVVOBEFEJDBEBB"OOB.BSJB JMªBMUSBTPCSFBVUPSFUSBUTBNCPCSFTQSFTUBEFTEªBMUSFTDPM²MFDDJPOT"JYrNBUFJYTªIBO BEFRVBUNPMUTEFMTFNNBSDBNFOUTEªBMHVOFTQJOUVSFTEFTUBDBEFTRVFIBCJUVBMNFOUFT USPCFOFYQPTBEFTBM5FBUSF.VTFVDPN(BMBUFBEFMFTFTGFSFTP1PSU"MHVFS&OUSFFMT OPNCSPTPTEJCVJYPTJGPUPHSB¯FTFNNBSDBUTQFSBMªPDBTJwDBMEFTUBDBSMFTUSFOUBDJOD JM²MVTUSBDJPOTQFSBMª"VUPCJPHSB¯BEF#FOWFOVUP$FMMJOJ"NnTFMTSFTUBVSBEPSTIBO JEFBUVOOPVTJTUFNBEFQSPUFDDJwBNCDBSQFUFTEFDPOTFSWBDJwQFSBMBNBOJQVMBDJw FM USBTMMBU J MªFYQPTJDJw EFMT EPDVNFOUT 'JOBMNFOU FMT EJPSBNFT #BCBPVP J .BF 8FTUUBNCnIBOSFRVFSJUBMHVOFTJOUFSWFODJPOTEFDPOTFSWBDJwQFSQPTTJCJMJUBSOFFM USBOTQPSU !! $BNCJPEFCBTUJEPSEFMwMFP -BIJMBOEFSBEF7FSNFFS $BOWJEFCBTUJEPSEFMªPMJ -B¯MBEPSBEF7FSNFFS # 3&45"63"$*¾/ 3FTUBVSBDJwOEFQJOUVSBT !" &OFMFKFSDJDJPTFIBOSFTUBVSBEPMBTEPTQJOUVSBTEFMBJOTUBMBDJwOEFMB4BMB.BF8FTU RVFSFQSFTFOUBOMPTPKPTEFMBBDUSJ[SFBMJ[BEPTBMwMFPIBDJBDPOQJODFMBEBTDPSUBTZ NVZHSVFTBTTPCSFGPUPHSBGrBFOCMBODPZOFHSPEFHSBOEFTEJNFOTJPOFT-PTQVFOUFTEF 1BSrTZ-BFTUBDJwOEF1FSQJvgOOPTFIBCrBOSFTUBVSBEPOVODBZQSFTFOUBCBOVOFMFWBEP HSBEPEFPTDVSFDJNJFOUPBDBVTBEFMBTVDJFEBEBDVNVMBEB&MQSPDFTPEFMJNQJF[BIBTJEP MBCPSJPTPZMFOUPQFSPIBTVQVFTUPVOBNFKPSBUPUBMEFMBWJTJwOFTUnUJDBHSBDJBTBMBVNFOUP EFMVNJOPTJEBEEFMPTDPMPSFTZEFMBQSPGVOEJEBEEFMBQFSTQFDUJWBEFMBPCSB%VSBOUFFM QSPDFTPEFSFTUBVSBDJwOMPTPSJHJOBMFTTFTVTUJUVZFSPOQPSSFQSPEVDDJPOFTGPUPHSg¯DBT $PONPUJWPEFMBTEJWFSTBTFYQPTJDJPOFTDFMFCSBEBTBMPMBSHPEFMFKFSDJDJPTFIBOMMFWBEPB DBCPUBNCJnOPUSBTJOUFSWFODJPOFTNFOPSFTEFDPOTFSWBDJwOZSFTUBVSBDJwOFOUSFFMMBTMBT FMJNJOBDJPOFTEFEFGPSNBDJPOFTEFMBUFMBMBTMJNQJF[BTFOTFDPEFMBTDBQBTEFTVQFS¯DJFP MBTDPOTPMJEBDJPOFTEFQJOUVSB"TrFO4JNCJPTJTZNVKFSBOJNBMVOwMFPNF[DMBEPDPOBSFOB DPODIBTZHSBWJMMBTPCSFDBSUwOQJFESBEBUBEPFOTF¯KwVOB[POBEFMBDBQBQJDUwSJDB RVFQSFTFOUBCBHSJFUBTZTFDPOTPMJEwFMTJTUFNBEFTVKFDJwOBMNBSDPFO(BMBDPOUFNQMBOEP FM$PSQVTIJQFSDVCVTVOwMFPTPCSFUFMBEFTF¯KwMBQJOUVSBRVFFTUBCBBHSJFUBEB BDBVTBEFVOBSBvB[PZFOMB/BUVSBMF[BNVFSUBEFUBNCJnOTF¯KwMBDBQBQJDUwSJDB RVFQVOUVBMNFOUFNPTUSBCB¯TVSBTMFWBOUBEBTBDBVTBEFBOUJHVBTSFTUBVSBDJPOFT"EFNgT TFDBNCJBSPOMPTCBTUJEPSFTWJFKPTZFONBMFTUBEPEFEJWFSTBTUFMBTDPNP&TUVEJPQBSB 3FUSBUPSJOPDFSwOUJDPEF§-BIJMBOEFSB¨EF7FSNFFS&OJHNBZ1FSTPOBKFJOTQJSBEPFOMB UVNCB.nEJDJTZDBMJHSBGrBDBUBTUSPGFJGPSNF'JOBMNFOUFTFDPOTPMJEBSPOMPTNgSHFOFTEFM TPQPSUFEFUBCMFYEFMPTUSFT1SPZFDUPTEFEFDPSBEPQBSBMBQFMrDVMB4QFMMCPVOE "¯OBMFTEFBvPTFJOJDJwFMQSPDFTPEFDPOTFSWBDJwOEF.VDIBDIBDPTJFOEPVOwMFP TPCSFUBCMBEFEFKBEPFOEFQwTJUPUFNQPSBMFOMB'VOEBDJwOQBSBTFSFYQVFTUPFO MBTTBMBTEVSBOUFFMWFSBOP$POFTUF¯OTFMMFWwBDBCPVOFTUVEJPDPNQMFUPEFMBPCSB RVFJODMVZwMBJOTQFDDJwOEFEFUBMMFTDPOMV[WJTJCMFMVQBCJOPDVMBSZSF°FDUwNFUSPEF JOGSBSSPKPTZEF°VPSFTDFODJBEFVMUSBWJPMFUBBTrDPNPMBUPNBEFNJDSPNVFTUSBTEF MBDBQBQJDUwSJDBZEFMCBSOJ[QBSBJEFOUJ¯DBSMPTNBUFSJBMFT-BMV[JOGSBSSPKBQFSNJUJw PCTFSWBS FM EJCVKP FO MgQJ[ TVCZBDFOUF B MB QJOUVSB Z DPNQBSBSMP DPO EPT EJCVKPT QSFQBSBUPSJPTEFMBPCSBRVFTFDPOTFSWBOFOMB'VOEBDJwO 'JOBMNFOUFDBCFEFTUBDBSMBDPOUJOVBDJwOEFMBTMBCPSFTEFNFKPSBEFMPTFONBSDBEPT EFMBTQJOUVSBTEF"OUPOJ1JUYPUFYQVFTUBTFOFMTFHVOEPQJTPEFM5FBUSP.VTFPBTr DPNPEFPUSBTPCSBTEFMDFOUSPDPNPMBFNCMFNgUJDB-BDFTUBEFQBOEFQBSB MBDVBMTFQSPZFDUwVOBWJUSJOBEFDPOUSPMDMJNgUJDP *OTQFDDJwOEFMBUnDOJDBQJDUwSJDBEF.VDIBDIBDPTJFOEPDPOMV[GSPOUBMSBTBOUFZSF°FDUPHSBGrB EFJOGSBSSPKPTRVFDPO¯SNBMBFYJTUFODJBEFVOEJCVKPQSFQBSBUPSJP *OTQFDDJwEFMBUoDOJDBQJDUxSJDBEF/PJBDPTJOUBNCMMVNGSPOUBMSBTBOUJSF°FDUPHSB¯B EªJOGSBSPJHTRVFFTDPO¯SNBMªFYJTUoODJBEªVOEJCVJYQSFQBSBUPSJ !# 3FTUBVSBDJwOEFMBTEPTQJOUVSBT DPONVDIPHSVFTPRVFSFQSFTFOUBO MPTPKPTEF.BF8FTU%FUBMMFTEF MBTQSVFCBTEFMJNQJF[B 3FTUBVSBDJwEFMFTEVFTQJOUVSFT BNCNPMUEFHSVJYRVFSFQSFTFOUFO FMTVMMTEF.BF8FTU%FUBMMTEF MFTQSPWFTEFOFUFKB 1SPDFTPEF¯KBDJwOEFMBQJOUVSB .VDIBDIBDPTJFOEP 1SPDnTEF¯YBDJwEFMBQJOUVSB /PJBDPTJOU 'JKBDJwOEFVOB[POBEF 4JNCJPTJTEFNVKFSBOJNBM 5FYUVSBEFMDPMMBHFEFQJFESBT 'JYBDJwEªVOB[POBEF 4JNCJPTJEFEPOBBOJNBM 5FYUVSBEFMDPMMBHFEFQFESFT !$ %JCVKPTQSFQBSBUPSJPTTPCSF QBQFMEF.VDIBDIBDPTJFOEP %JCVJYPTQSFQBSBUPSJTTPCSF QBQFSEF/PJBDPTJOU %FUBMMFEF4JNCJPTJTEFNVKFSBOJNBMDPOMV[ GSPOUBMZSBTBOUFQBSBPCTFSWBSFMSFMJFWF %FUBMMEF4JNCJPTJEFEPOBBOJNBMBNCMMVN GSPOUBMJSBTBOUQFSPCTFSWBSFMSFMMFV # 3&45"63"$*¾ 3FTUBVSBDJwEFQJOUVSFT "RVFTUTªIBOSFTUBVSBUFMTVMMTEF.BF8FTUFTUSBDUBEFMFTEVFTQJOUVSFTEFMB JOTUBM²MBDJw EF MB 4BMB .BF 8FTU RVF SFQSFTFOUFO FMT VMMT EF MªBDUSJV SFBMJU[BUT B MªPMJ DBQBMBNCQJO[FMMBEFTDVSUFTEFNPMUHSVJYTPCSFGPUPHSB¯BFOCMBODJOFHSFEF HSBOTEJNFOTJPOT&MTQPOUTEF1BSrTJ-ªFTUBDJwEF1FSQJOZhOPTªIBWJFOSFTUBVSBUNBJJ QSFTFOUBWFOVOHSBVFMFWBUEªFOGPTRVJNFOUBDBVTBEFMBCSVUrDJBBDVNVMBEB&MQSPDnTEF OFUFKBIBFTUBUMBCPSJwTJMFOUQFSxIBTVQPTBUVOBNJMMPSBUPUBMEFMBWJTJwFTUoUJDBHShDJFTB MªBVHNFOUEFMMVNJOPTJUBUEFMTDPMPSTJEFMBQSPGVOEJUBUEFMBQFSTQFDUJWBEFMªPCSB%VSBOU FMQSPDnTEFSFTUBVSBDJwFTWBOTVCTUJUVJSFMTPSJHJOBMTQFSSFQSPEVDDJPOTGPUPHSh¯RVFT "MUSFT JOUFSWFODJPOT NFOPST EF DPOTFSWBDJw J SFTUBVSBDJw IBO FTUBU MFT WJODVMBEFT B MFT FYQPTJDJPOTDPNBSBMFTFMJNJOBDJPOTEFEFGPSNBDJPOTEFMBUFMBMFTOFUFHFTFOTFDEFMFT DBQFTEFTVQFSGrDJFPMFTDPOTPMJEBDJPOTEFQJOUVSB"JYrB4JNCJPTJJEPOBBOJNBMVOPMJ CBSSFKBUBNCTPSSBDVSDVMMFTJHSBWFUBTPCSFDBSUSwQFESBEBUBUBMFTWB¯YBSVOB[POB EFMBDBQBQJDUxSJDBRVFQSFTFOUBWBDMJWFMMFTJFTWBDPOTPMJEBSFMTJTUFNBEFTVCKFDDJwBM NBSDB(BMBDPOUFNQMBOUFM$PSQVTIJQFSDVCVTVOPMJTPCSFUFMBEFMFTWB¯YBSMB QJOUVSBRVFFTUBWBDMJWFMMBEBBDBVTBEªVOBSBTDBEBJBMB/BUVSBNPSUBEFMUBNCnFT WB¯YBSMBDBQBQJDUxSJDBRVFQVOUVBMNFOUNPTUSBWBFTRVFSEFTBJYFDBEFTBDBVTBEªBOUJHVFT SFTUBVSBDJPOT"NnTFTWBODBOWJBSFMTCBTUJEPSTWFMMTJFONBMFTUBUEFEJWFSTFTUFMFTDPN BSB &TUVEJ QFS B 3FUSBU SJOPDFSxOUJD EF§-B ¯MBEPSB¨ EF7FSNFFS &OJHNB J 1FSTPOBUHF JOTQJSBUFOMBUPNCB.oEJDJJDBM²MJHSB¯BDBUBTUSPGFuGPSNFJ¯OBMNFOUFTWBODPOTPMJEBSFMT NBSHFTEFMTVQPSUEFUhCMFYEFMTUSFT1SPKFDUFTEFEFDPSBUQFSBMBQFM²MrDVMB4QFMMCPVOE %ªBMUSBCBOEBB¯OBMTEªBOZFTWBJOJDJBSFMQSPDnTEFDPOTFSWBDJwEF/PJBDPTJOUVO PMJTPCSFUBVMBEFMEFJYBUFOEJQxTJUUFNQPSBMBMB'VOEBDJwQFSTFSFYQPTBUB MFTTBMFTEVSBOUMªFTUJV"NCBRVFTU¯FTWBSFBMJU[BSVOFTUVEJDPNQMFUEFMªPCSBRVF WB JODMPVSF MB JOTQFDDJw EF EFUBMMT BNC MMVN WJTJCMF MVQB CJOPDVMBS J SF°FDUxNFUSF EªJOGSBSPJHT J EF °VPSFTDoODJB EªVMUSBWJPMBU BJYr DPN MB QSFTB EF NJDSPNPTUSFT EF MB DBQB QJDUxSJDB J EFM WFSOrT QFS JEFOUJ¯DBSOF FMT NBUFSJBMT -B MMVN JOGSBSPKB WB QFSNFUSF PCTFSWBS FM EJCVJY B MMBQJT TVCKBDFOU B MB QJOUVSB J DPNQBSBSMP BNC EPT EJCVJYPTQSFQBSBUPSJTEFMªPCSBRVFFTDPOTFSWFOBMB'VOEBDJw 'JOBMNFOUDBMEFTUBDBSMBDPOUJOVBDJwEFMFTUBTRVFTEFNJMMPSBEFMTFNNBSDBNFOUT EF MFT QJOUVSFT Eª"OUPOJ 1JUYPU FYQPTBEFT BM TFHPO QJT EFM 5FBUSF.VTFV J EªBMUSFT PCSFTEFMNBUFJYDFOUSFDPNBSBMªFNCMFNhUJDB1BOFSBEFMQB QFSBMBRVBMFT WBQSPKFDUBSVOBWJUSJOBEFDPOUSPMDMJNhUJD !% $POTFSWBDJwOEFVOFKFNQMBSEFEFMBSFWJTUB"NFSJDBO'BCSJDT $POTFSWBDJwEªVOFYFNQMBSEFMEFMBSFWJTUB"NFSJDBO'BCSJDT !& 3FTUBVSBDJwOEFPCSBTTPCSFQBQFM -B SFTUBVSBDJwO EF EJCVKPT SFMBDJPOBEB DPO MBT FYQPTJDJPOFT EFM BvP DPOTJTUJw CgTJDBNFOUFFOSFBMJ[BSUBSFBTEFMJNQJF[BFOTFDPEFMBTVQFS¯DJFEFMBTPCSBTZEF NFKPSBEFMFONBSDBEPFOFMSFWFSTPEF-FQFSWFSTQPMZNPSQIFEF'SFVETFDPMPDBSPO CJTBHSBTEFQBQFM+BQwOMPTEPTEJCVKPTBUJOUB&TDFOBEFDBGnZ&MSPTUSPEFMBHVFSSB EFTFEFTQFHBSPOEFMTPQPSUFWJFKPBMRVFFTUBCBOBEIFSJEPTEJSFDUBNFOUFDPO DJOUBEFEPCMFDBSBMBBDVBSFMB.VDIBDIBDPOVOCPMEFGSVUBTEFZMB"DBEFNJB EPOBEB QPS + " 4BNBSBODI UBNCJnO TF EFTQFHBSPO EF VO DBSUwO PYJEBEP QBSB FONBSDBSMBTDPSSFDUBNFOUF0USBTPCSBTTPCSFQBQFMDPNPFMHPVBDIFEF&TUVEJPQBSB FMCBMMFU#BDDIBOBMFEFSFRVJSJFSPOMB¯KBDJwOEFMBDBQBQJDUwSJDBBHSJFUBEB $BCFEFTUBDBSMBJOTQFDDJwODPOMVQBCJOPDVMBSEFMPTEJCVKPTQBSBMB"VUPCJPHSBGrB EF #FOWFOVUP $FMMJOJ FO DBTPT TF SFBMJ[w VOB MJNQJF[B TVQFS¯DJBM DPO HPNB FO QPMWPZUBNCJnOTFSFJOUFHSwVOQFRVFvPEFTHBSSwOFOVOBPCSB 1PS|MUJNPTFSFTUBVSBSPOEJWFSTPTEPDVNFOUPTEFM$FOUSPEF&TUVEJPT%BMJOJBOPT -BT PQFSBDJPOFT SFBMJ[BEBT JODMVZFSPO MB MJNQJF[B EFTBDJEJ¯DBDJwO DPOTPMJEBDJwO Z SFJOUFHSBDJwO EF EFTHBSSPT EF NBOVTDSJUPT PSJHJOBMFT EF %BMr Z EF DVCJFSUBT EF EJWFSTPTMJCSPTZSFWJTUBTFOUSFMPTDVBMFTEFTUBDBOVOFKFNQMBSEFEF"NFSJDBO 'BCSJDTPMPTMJCSPT-BWJEBTFDSFUBEF4BMWBEPS%BMrZ-FNZUIFUSBHJRVFEF-ª"OHnMVT EF.JMMFU "OWFSTPZSFWFSTPEFMBBDVBSFMB.VDIBDIBDPOVOCPMEFGSVUBT "OWFSTJSFWFSTEFMªBRVBSFM²MB/PJBBNCVOCPMEFGSVJUFT 3FTUBVSBDJwEªPCSFTTPCSFQBQFS -B SFTUBVSBDJw EF EJCVJYPT SFMBDJPOBEB BNC MFT FYQPTJDJPOT EF MªBOZ WB DPOTJTUJS ChTJDBNFOUBSFBMJU[BSUBTRVFTEFOFUFKBFOTFDEFMBTVQFSGrDJFEFMFTPCSFTJEFNJMMPSB EF MªFNNBSDBNFOU BM SFWFST EF -F QFSWFST QPMZNPSQIF EF 'SFVE FT WBO DPM²MPDBS YBSOFSFTEFQBQFSKBQwFMTEPTEJCVJYPTBUJOUB&TDFOBEFDBGoJ&MSPTUSFEFMBHVFSSB EFM FT WBO EFTFOHBOYBS EFM TVQPSU WFMM BM RVBM FTUBWFO BEIFSJUT EJSFDUBNFOU BNCDJOUBEFEPCMFDBSBMªBRVBSFM²MB/PJBBNCVOCPMEFGSVJUFTEFMJMª"DBEoNJB EPOBEB QFS + " 4BNBSBODI UBNCn FT WBO EFTFOHBOYBS EªVO DBSUSw PYJEBU QFS UBM EªFNNBSDBSMFTDPSSFDUBNFOU"MUSFTPCSFTTPCSFQBQFSDPNFMHVBJYEFMª&TUVEJQFS BMCBMMFU#BDDIBOBMFEFMWBOSFRVFSJSMB¯YBDJwEFMBDBQBQJDUxSJDBDMJWFMMBEB $BMSFNBSDBSBJYrNBUFJYMBJOTQFDDJwBNCMVQBCJOPDVMBSEFMTRVBSBOUBVOEJCVJYPT QFS B Mª"VUPCJPHSB¯B EF #FOWFOVUP $FMMJOJ FO PO[F DBTPT FT WB SFBMJU[BS VOB OFUFKB TVQFS¯DJBMBNCHPNBFOQPMTJFOVOBPCSBFTWBSFJOUFHSBSVOQFUJUFTUSJQ %ªBMUSBCBOEBFTWBOSFTUBVSBSEJWFSTPTEPDVNFOUTEFM$FOUSFEª&TUVEJT%BMJOJBOT-FT PQFSBDJPOTSFBMJU[BEFTWBOJODMPVSFMBOFUFKBEFTBDJEJ¯DBDJwDPOTPMJEBDJwJSFJOUFHSBDJw EªFTUSJQT EF NBOVTDSJUT PSJHJOBMT EF %BMr J EF DPCFSUFT EF EJWFSTPT MMJCSFT J SFWJTUFT FOUSFFMTRVBMTEFTUBRVFOVOFYFNQMBSEFMEª"NFSJDBO'BCSJDTPFMTMMJCSFT-BWJEB TFDSFUBEF4BMWBEPS%BMrJ-FNZUIFUSBHJRVFEF-ª"OHnMVTEF.JMMFU !' 'JKBDJwOEFMBDBQBQJDUwSJDB DVBSUFBEBEFMHPVBDIF &TUVEJPQBSBFMCBMMFU #BDDIBOBMFZEFUBMMFT 'JYBDJwEFMBDBQBQJDUxSJDB DMJWFMMBEBEFMHVBJY &TUVEJQFSBMCBMMFU #BDDIBOBMFJEFUBMMT " -BQSJNFSBGBTFEFSFTUBVSBDJwO EFMPTDPMMBHFTEFMWFTUrCVMP DPOTJTUFFOSFUJSBSMPTEFMPT QBOFMFTEFNBEFSBEFMBTQVFSUBT -BQSJNFSBGBTFEFSFTUBVSBDJw EFMTDPMMBHFTEFMWFTUrCVM DPOTJTUFJYFOSFUJSBSMPTEFM QMBGPOTEFGVTUBEFMFTQPSUFT " &MJNJOBDJwOEFSFTUPTEFDPMBPYJEBEB FOFMSFWFSTPEFMQBQFM &MJNJOBDJwEFSFTUFTEFDPMBPYJEBEB BMSFWFSTEFMQBQFS $ %0$6.&/5"$*¾/&*/7&45*("$*¾/5c$/*$" -BT BDUJWJEBEFT EF FTUVEJP Z EF EPDVNFOUBDJwO EF SFBMJ[BDJwO EF JOGPSNFT Z EF JOWFTUJHBDJwO TPCSF MB UnDOJDB EF 4BMWBEPS %BMr UJFOFO DPNP PCKFUJWP FM DPOUJOVP FOSJRVFDJNJFOUPEFMBCBTFEFEBUPTTPCSFMPTQSPDFEJNJFOUPTBSUrTUJDPTEFMBSUJTUB BEFNgTEFQSPQPSDJPOBSBQPZPUnDOJDPUBOUPBMSFTUPEFEFQBSUBNFOUPTZTFSWJDJPTEF MB'VOEBDJwODPNPBMBTEJWFSTBTQFUJDJPOFTFYUFSOBT"DUVBMNFOUFFM%FQBSUBNFOUP MMFWB B DBCP EJWFSTPT QSPZFDUPT EF JOWFTUJHBDJwO RVF DVFOUBO DPO MB DPMBCPSBDJwO QSJODJQBM EF MPT MBCPSBUPSJPT DJFOUr¯DPT EFM %FQBSUBNFOUP EF $POTFSWBDJwO Z 3FTUBVSBDJwOZFM%FQBSUBNFOUPEF(SBCBEPEFMB6OJWFSTJUBUEF#BSDFMPOB "OgMJTJTEFPCSB|OJDB " %VSBOUFFMFM%FQBSUBNFOUPIBDPOUJOVBEPUSBCBKBOEPFOFMQSPZFDUPEFMFTUVEJP ZEPDVNFOUBDJwOEFMBUnDOJDBQJDUwSJDBEF4BMWBEPS%BMrRVFTFIBFOSJRVFDJEPDPOMB BERVJTJDJwO EF VO OVFWP NJDSPTDPQJP FTUFSFPTDwQJDP EF IBTUB BVNFOUPT 5PEB MB JOGPSNBDJwOUnDOJDBSFDPHJEBFTJOEJTQFOTBCMFQBSBHBSBOUJ[BSMBwQUJNBDBMJEBEZFMKVJDJP DPSSFDUPEFMPTJOGPSNFTEFSFTUBVSBDJwORVFTFFNJUFOQBSBMB$PNJTJwOEF"DSFEJUBDJwO Z $BUBMPHBDJwO ¦QPS FKFNQMP MPT WFJOUJDJODP JOGPSNFT TPCSF EJCVKP Z QJOUVSB RVF QFSNJUJFSPO FWBMVBS MB BVUFOUJDJEBE EF VOBT PCSBT QSFTFOUBEBT B MB $PNJTJwO¦ B ¯O EFFGFDUVBSMPTQFSJUBKFTFTQFDJBMFTTPMJDJUBEPTQPSMBTBVUPSJEBEFTKVEJDJBMFTZQPMJDJBMFT PQBSBEBSBQPZPBDVBMRVJFSPUSPQSPZFDUPDPNPMBBERVJTJDJwOEFOVFWBTPCSBT P FM DBUgMPHPSB[POBEPFOMrOFBEFQJOUVSBTEF4BMWBEPS%BMr0USBMrOFBEFJOWFTUJHBDJwORVF BWBO[BFTFMFTUVEJPEFMFYUFOTPNBUFSJBMJOnEJUPEFUBMMFSEFMBSUJTUBRVFTFDPOTFSWBFO MB 'VOEBDJwO"EFNgT TF IB DPOUJOVBEP DPO FM QSPHSBNB EF SFWJTJwO EF MPT EBUPT EF JOWFOUBSJPEFMBTPCSBTPSJHJOBMFTTPCSFQBQFMZDBSUwOEFMGPOEPEFMBDPMFDDJwOFYQVFTUB FOFM5FBUSP.VTFP 0CSBHSg¯DB &M%FQBSUBNFOUPIBJOJDJBEPFTUFBvPVOBOVFWBGBTFEFMQSPZFDUPEFJOWFTUJHBDJwO TPCSF NBUFSJBMFT Z UnDOJDBT RVF MMFWB B DBCP FO DPMBCPSBDJwO DPO FM %FQBSUBNFOUP EF$POTFSWBDJwOZ3FTUBVSBDJwOZFM%FQBSUBNFOUPEF(SBCBEPEFMB6OJWFSTJUBUEF #BSDFMPOBKVOUPDPOEPTCFDBSJBTEFEPDUPSBEP%VSBOUFFTUBRVJOUBGBTFMBJOWFTUJHBDJwO TFIB¯KBEPMPTTJHVJFOUFTPCKFUJWPTFMFYBNFOEFMBTFSJF-BWJEBFTTVFvPEFMB SFWJTJwOZMBEFUFSNJOBDJwOEFMFTUBEPEFMBDVFTUJwOEFUPEBMBJOGPSNBDJwOHFOFSBEB IBTUB FM NPNFOUP Z MB BNQMJBDJwO EFM FTUVEJP B QJF[BT SFMBDJPOBEBT DPO FM NPEVT PQFSBOEJEFMBSUJTUBFOMBSFBMJ[BDJwOEFMBPCSBHSg¯DBDPNPEJCVKPTQSFMJNJOBSFT NBUFSJBMFTEFDBMDPZQMBODIBT1PSPUSBQBSUFTFIBDPNQMFUBEPMBJOGPSNBDJwOUnDOJDB EFMPTJOWFOUBSJPTTPCSFMJCSPTEFBSUJTUBFOUSFMPTDVBMFTEFTUBDBO-FTQPoNFTTFDSFUT Eª"QPMMJOBJSFZ-FTQPoNFTEF.BP5Tn5PVOH &YBNFODPONJDSPTDPQJPFTUFSFPTDwQJDP &YBNFOBNCNJDSPTDPQJFTUFSFPTDxQJD 3FBMJ[BDJwOEFNJDSPGPUPHSBGrBT EFUnDOJDBQJDUwSJDB 3FBMJU[BDJwEFNJDSPGPUPHSB¯FT EFUoDOJDBQJDUxSJDB "! *OWFTUJHBDJwOTPCSFMPTNBUFSJBMFT ZMBTUnDOJDBTEFMBPCSBHSg¯DB *OWFTUJHBDJwTPCSFFMTNBUFSJBMT JMFTUoDOJRVFTEFMªPCSBHSh¯DB *OTQFDDJwODPOSF°FDUPHSBGrB EFJOGSBSSPKPTEFVOUFNQMF TPCSFDBSUwOQBSBWFSFMEJCVKP TVCZBDFOUF *OTQFDDJwBNCSF°FDUPHSB¯B EªJOGSBSPJHTEªVOUSFNQTPCSF DBSUSwQFSWFVSFªOFMEJCVJY TVCKBDFOU "" )PKBTEFDPOUSPMEFDBQUBDJwOEFJNgHFOFTFOMBPCSBHSg¯DB 'VMMTEFDPOUSPMEFDBQUBDJwEªJNBUHFTFOMªPCSBHSh¯DB %FUBMMFTEFMwMFP/BUVSBMF[BNVFSUBDPOMV[GSPOUBM ZSBTBOUFQBSBFYBNJOBSMBUFYUVSBZDPOMV[ VMUSBWJPMFUBRVFNVFTUSBBOUJHVPTSFUPRVFT %FUBMMTEFMªPMJ/BUVSBNPSUBBNCMMVNGSPOUBM JSBTBOUQFSFYBNJOBSOFMBUFYUVSBJBNCMMVN VMUSBWJPMBEBRVFNPTUSBBOUJDTSFUPDT $ %0$6.&/5"$*¾**/7&45*("$*¾5¹$/*$" -FTBDUJWJUBUTEFSFDFSDBJEFEPDVNFOUBDJwEFSFBMJU[BDJwEªJOGPSNFTJEªJOWFTUJHBDJw TPCSFMBUoDOJDBEF4BMWBEPS%BMrUFOFOQFSPCKFDUFFOSJRVJSEFNBOFSBDPOUJOVBEB MBCBTFEFEBEFTTPCSFFMTQSPDFEJNFOUTBSUrTUJDTEFMªBSUJTUBBJYrDPNEPOBSTVQPSU UoDOJDUBOUBMBSFTUBEFMTEFQBSUBNFOUTJTFSWFJTEFMB'VOEBDJwDPNBMFTEJWFSTFT QFUJDJPOTFYUFSOFT"DUVBMNFOUFM%FQBSUBNFOUQPSUBBUFSNFEJGFSFOUTQSPKFDUFTEF SFDFSDBBNCMBDPM²MBCPSBDJwQSJODJQBMEFMTMBCPSBUPSJTDJFOUr¯DTEFMTEFQBSUBNFOUTEF $POTFSWBDJwJ3FTUBVSBDJwJEF(SBWBUEFMB6OJWFSTJUBUEF#BSDFMPOB "OhMJTJEªPCSB|OJDB "# %VSBOU FM TªIB DPOUJOVBU USFCBMMBOU FO FM QSPKFDUF EªFTUVEJ J EPDVNFOUBDJw EF MB UoDOJDB QJDUxSJDB EF 4BMWBEPS %BMr RVF TªIB FOSJRVJU BNC MªBERVJTJDJw EªVO OPV NJDSPTDPQJFTUFSFPTDxQJDEF¯OTBBVHNFOUT5PUBMBJOGPSNBDJwUoDOJDBSFDPMMJEB nT JOEJTQFOTBCMF QFS HBSBOUJS MªxQUJNB RVBMJUBU J FM KVEJDJ DPSSFDUF EFMT JOGPSNFT EF SFTUBVSBDJwRVFTªFNFUFOQFSBMB$PNJTTJwEª"DSFEJUBDJwJ$BUBMPHBDJw¦QFSFYFNQMF FMT WJOUJDJOD JOGPSNFT EF EJCVJY J QJOUVSB RVF WBO QFSNFUSF BWBMVBS MªBVUFOUJDJUBU EªVOFT PCSFT QSFTFOUBEFT B MB $PNJTTJw¦ B ¯ EF SFBMJU[BS FMT QFSJUBUHFT FTQFDJBMT TPM²MJDJUBUTQFSMFTBVUPSJUBUTKVEJDJBMTJQPMJDJBMTJQFSEPOBSTVQPSUBRVBMTFWPMBMUSF QSPKFDUFDPNMªBERVJTJDJwEFOPWFTPCSFTPFMDBUhMFHSBPOBUFOMrOJBEFQJOUVSFTEF 4BMWBEPS%BMr6OBMUSFFJYEFSFDFSDBRVFBWBOmBnTMªFTUVEJEFMªFYUFOTNBUFSJBMJOoEJU EF UBMMFS EF MªBSUJTUB RVF FT DPOTFSWB B MB 'VOEBDJw " NnT TªIB DPOUJOVBU BNC FM QSPHSBNBEFSFWJTJwEFMFTEBEFTEªJOWFOUBSJEFMFTPCSFTPSJHJOBMTTPCSFQBQFSJDBSUSw EFMGPOTEFMBDPM²MFDDJwFYQPTBEBBM5FBUSF.VTFV 0CSBHSh¯DB &OHVBOZFM%FQBSUBNFOUIBJOJDJBUVOBOPWBGBTFEFMQSPKFDUFEªJOWFTUJHBDJwTPCSF NBUFSJBMT J UoDOJRVFT RVF EV B UFSNF FO DPM²MBCPSBDJw BNC FMT EFQBSUBNFOUT EF $POTFSWBDJwJ3FTUBVSBDJwJEF(SBWBUEFMB6OJWFSTJUBUEF#BSDFMPOBKVOUBNFOUBNC EVFT CFDhSJFT EF EPDUPSBU %VSBOU BRVFTUB DJORVFOB GBTF MB JOWFTUJHBDJw TªIB ¯YBU FMTPCKFDUJVTTFHFOUTMªFYBNFOEFMBToSJF-BWJEBFTTVFvPEFMMBSFWJTJwJMB EFUFSNJOBDJwEFMªFTUBUEFMBRFTUJwEFUPUBMBJOGPSNBDJwHFOFSBEB¯OTBMNPNFOU JMªBNQMJBDJwEFMªFTUVEJBQFDFTSFMBDJPOBEFTBNCFMNPEVTPQFSBOEJEFMªBSUJTUBFOMB SFBMJU[BDJwEFMªPCSBHSh¯DBDPNBSBEJCVJYPTQSFMJNJOBSTNBUFSJBMTEFDBMDJQMBOYFT %ªBMUSB CBOEB TªIB DPNQMFUBU MB JOGPSNBDJw UoDOJDB EFMT JOWFOUBSJT TPCSF MMJCSFT EªBSUJTUBFOUSFFMTRVBMTEFTUBRVFO-FTQPoNFTTFDSFUTEª"QPMMJOBJSFJ-FTQPoNFTEF .BP5Tn5PVOH % EFGFOEFS EFGFOTBS &-1"53*.0/*0*/."5&3*"- -"$0/4536$$*¾/%&-.&3$"%0%&%&3&$)04 "& 4VQBQFMEFHFTUPSBFOFYDMVTJWBEFMPTEFSFDIPTJONBUFSJBMFTWJODVMBEPTBMBPCSB Z B MB QFSTPOB EF 4BMWBEPS %BMr PUPSHB B MB 'VOEBDJwO VO JNQPSUBOUF gNCJUP EF DSFDJNJFOUPRVFOPFTDPNQBSBCMFBMEFOJOHVOBPUSBJOTUJUVDJwODVMUVSBMEFMNVOEP FMEFMPUPSHBNJFOUPEFMJDFODJBTEFFYQMPUBDJwOEFFTUPTEFSFDIPT&TUFFTQBDJPRVF UJFOFSFTFSWBEPMFQFSNJUFVODSFDJNJFOUPUSJQMF ¥ &DPOwNJDPGVOEBNFOUBMQBSBEPUBSBMBFOUJEBEEFNBZPSFTQPTJCJMJEBEFTBMB IPSBEFBERVJSJSPCSBTZEFTBSSPMMBSTVTPCKFUJWPTGVOEBDJPOBMFT ¥ %FQSFTUJHJPFOMBNFEJEBFORVFMB'VOEBDJwOTFDPOTPMJEBJOUFSOBDJPOBMNFOUF DPNPFM|OJDPSFGFSFOUFFOFMNFSDBEPEFMBSUFFOMPRVFTFSF¯FSFBMBPCSBZB MBWJEBEFM.BFTUSPZ ¥ %FQSPZFDDJwOZEFDBQBDJEBEEFJO°VFODJBQPSRVFMBNFODJwOBMB'VOEBDJwO FOMPTDPQZSJHIUTZFOMBTNBSDBTSFHJTUSBEBTMFEBVOBQSFTFODJBHMPCBMRVF DPOTUJUVZFVOBJONFKPSBCMFQVCMJDJUBDJwOEFTVQPTJDJPOBNJFOUPDPNPQJFESB BOHVMBSEFMNFSDBEPEBMJOJBOP &TUFNFSDBEPEFCFFTUSVDUVSBSTFEFVOBNBOFSBDPIFSFOUFDPOMBMBCPSGVOEBDJPOBM TFH|OMBDVBMMB'VOEBDJwOUJFOFMBNJTJwOEFWFMBSQPSFMSFTQFUPZFMSFDPOPDJNJFOUPEF MBUSBZFDUPSJBBSUrTUJDBZWJUBMEF4BMWBEPS%BMrBTrDPNPQPSMBNFNPSJBEFMBSUJTUB "GSPOUBSFMNFSDBEPEFMPTEFSFDIPTFOVOBTJUVBDJwOZBQBDJ¯DBEBSFRVJFSFEF¯OJSDPO FYUSFNPDVJEBEPTVNBSDPFTDPHFSPCKFUJWPTFTUBCMFDFSVOPTQBSgNFUSPTRVFTFBOSFGFSFODJB EFUPEBTMBTBDUVBDJPOFTBCPSEBSMBDPNQMFNFOUBSJFEBEEFMPTEJGFSFOUFTEFSFDIPTEFSFDIPT EFBVUPSNBSDBTEFSFDIPTEFJNBHFO ZFTDPHFSBMPTBHFOUFTEFMNFSDBEPJOUFSOBDJPOBM RVF QVFEFO DPMBCPSBS DPO MB 'VOEBDJwO FO FTUB MBCPS 5PEP FTUP UJFOF VO JNQPSUBOUF DPOUFOJEPKVSrEJDPRVFTFQMBTNBFOMBFMBCPSBDJwOEFQSPQVFTUBTDPOUSBDUVBMFTBEBQUBEBTB MPTEJGFSFOUFTEFSFDIPTZBMBTQFDVMJBSJEBEFTEFMPTBHFOUFTRVFQVFEFOJOUFSWFOJS &OMBFKFDVDJwOEFFTUBMBCPSMB'VOEBDJwOIBDPOUBEPVOBvPNgTDPOFMWBMJPTP BTFTPSBNJFOUPEFMHBCJOFUFKVSrEJDPFYUFSOP3PDB+VOZFOU"EWPDBUT"TTPDJBUT (&45*¾/%&-04%&3&$)04 &MBvPTFIBDBSBDUFSJ[BEPQPSVOBVNFOUPEFMJOUFSnTQPSMB¯HVSBZMBPCSBEF4BMWBEPS %BMrTPCSFUPEPBOJWFMJOUFSOBDJPOBMRVFIBRVFEBEPSF°FKBEPFOFMnYJUPDPOTFHVJEPFO MBTFYQPTJDJPOFTDFMFCSBEBTFO+BQwO3FJOP6OJEP&TUBEPT6OJEPTZ'JOMBOEJB &O FM gNCJUP EF MB HFTUJwO EF MPT EFSFDIPT JONBUFSJBMFT WJODVMBEPT B MB PCSB Z B MBQFSTPOBEF4BMWBEPS%BMrFMO|NFSPEFMJDFODJBTRVFPUPSHBMB'VOEBDJwOTFIB NBOUFOJEPBMBM[BEVSBOUFFTUFBvPTJCJFODBCFEFTUBDBSFMTJHOJ¯DBUJWPBVNFOUPEF MBTTPMJDJUVEFTEFMJDFODJBTQBSBFMVTPEFMBJNBHFOEFM.BFTUSP &-1"53*.0/**.."5&3*"- -"$0/4536$$*¾%&-.&3$"5%&%3&54 &M GFU RVF MB 'VOEBDJw (BMB4BMWBEPS %BMr TJHVJ MB HFTUPSB FO FYDMVTJWB EFMT ESFUT JNNBUFSJBMT MMJHBUT B MªPCSB J MB QFSTPOB EF 4BMWBEPS %BMr MJ BUPSHB VO hNCJU EF DSFJYFNFOUJNQPSUBOUJOPDPNQBSBCMFBMEFDBQBMUSBJOTUJUVDJwDVMUVSBMEFMNwOFM EFMªBUPSHBNFOUEFMMJDoODJFTEªFYQMPUBDJwEªBRVFTUTESFUT"RVFTUFTQBJRVFUnSFTFSWBU MJQFSNFUBTTFHVSBSTFVODSFJYFNFOUUSJQMF ¥ &DPOxNJD GPOBNFOUBM QFS EPUBS MB 'VOEBDJw EF NnT QPTTJCJMJUBUT B MªIPSB EªBERVJSJSPCSFTJEFTFOWPMVQBSFMTTFVTPCKFDUJVTGVOEBDJPOBMT ¥ %FQSFTUJHJFOMBNFTVSBRVFMB'VOEBDJwFTDPOTPMJEBJOUFSOBDJPOBMNFOUDPN Mª|OJDSFGFSFOUFOFMNFSDBUEFMªBSURVBOUBMªPCSBJMBWJEBEFM.FTUSFJ ¥ %F QSPKFDDJw J EF DBQBDJUBU EªJO°VoODJB QFSRVo MB NFODJw B MB 'VOEBDJw FO FMT DPQZSJHIUT J FO MFT NBSRVFT SFHJTUSBEFT MJ EwOB VOB QSFToODJB HMPCBM RVF DPOTUJUVFJYVOBQVCMJDJUBDJwJNNJMMPSBCMFEFMTFVQPTJDJPOBNFOUDPNBQFESB BOHVMBSEFMNFSDBUEBMJOJh -BGPSNBFORVoTªFTUSVDUVSJBRVFTUNFSDBUIBEFTFSDPIFSFOUBNCMBUBTDBGVOEBDJPOBM TFHPOTMBRVBMMB'VOEBDJwIBEFWFUMMBSQFMSFTQFDUFJFMSFDPOFJYFNFOUEFMBUSBKFDUxSJB BSUrTUJDBJWJUBMJMBNFNxSJBEF4BMWBEPS%BMr "GSPOUBSFMNFSDBUEFMTESFUTFOVOBTJUVBDJwKBQBDJ¯DBEBSFRVFSFJYEF¯OJSBNCNPMUB DVSBFMTFVNBSDFTDPMMJSPCKFDUJVTFTUBCMJSVOTQBShNFUSFTRVFTJHVJOSFGFSoODJBEF UPUFT MFT BDUVBDJPOT BCPSEBS FM UFNB EF MB DPNQMFNFOUBSJFUBU EFMT EJGFSFOUT ESFUT ESFUEªBVUPSNBSRVFTESFUTEªJNBUHF JFTDPMMJSFMTBHFOUTEFMNFSDBUJOUFSOBDJPOBM RVF QPEFO DPM²MBCPSBS BNC MB 'VOEBDJw FO BRVFTUB UBTDB 5PU BJYx Un VO DPOUJOHVU KVSrEJDJNQPSUBOURVFFTQMBTNBFOMªFMBCPSBDJwEFQSPQPTUFTDPOUSBDUVBMTBEBQUBEFT BMTEJGFSFOUTESFUTJBMFTQFDVMJBSJUBUTEFMTBHFOUTRVFQPEFOJOUFSWFOJS 6OBOZNnTQFSFYFDVUBSBRVFTUBUBTDBMB'VOEBDJwIBEJTQPTBUEFMWBMVwTBTTFTTPSBNFOU EFMHBCJOFUKVSrEJDFYUFSO3PDB+VOZFOU"EWPDBUT"TTPDJBUT (&45*¾%&-4%3&54 -ªBOZTªIBDBSBDUFSJU[BUQFSVOBVHNFOUEFMªJOUFSoTFOWFSTMB¯HVSBJMªPCSBEF 4BMWBEPS%BMrTPCSFUPUFOMªhNCJUJOUFSOBDJPOBMRVFTªIBGFUQBMoTFOMªoYJUPCUJOHVU BNCMFTFYQPTJDJPOTDFMFCSBEFTBM+BQwBM3FHOF6OJUBMT&TUBUT6OJUTJB'JOMhOEJB &OMªhNCJUEFMBHFTUJwEFMTESFUTJNNBUFSJBMTMMJHBUTBMªPCSBJBMBQFSTPOBEF4BMWBEPS %BMrFMOPNCSFEFMMJDoODJFTRVFBUPSHBMB'VOEBDJwTªIBNBOUJOHVUBMªBMmBEVSBOU BRVFTUBOZTJCnDBMEFTUBDBSVOJODSFNFOUTJHOJ¯DBUJVEFMFTTPM²MJDJUVETEFMMJDoODJFT QFSMª|TEFMBJNBUHFEF4BMWBEPS%BMr "' &MFNFOUPTQSPNPDJPOBMFTEFMB FYQPTJDJwOEFMB5BUF.PEFSO &MFNFOUTQSPNPDJPOBMTEF MªFYQPTJDJwEFMB5BUF.PEFSO # -PTEFSFDIPTEFBVUPS 4FUSBUBEFMgSFBRVFNgTTFIBEFTBSSPMMBEPIBTUBMBGFDIBZQPSMPUBOUPMBNFKPS FTUSVDUVSBEB &OFTUFBQBSUBEPMB'VOEBDJwODVFOUBDPOMBWBMJPTBBZVEBEFMBFOUJEBEEFHFTUJwO7&("1 RVFBUSBWnTEFMBSFEJOUFSOBDJPOBMEFMB$*4"$IBJEPBCSJFOEPZDPOTPMJEBOEPFMNFSDBEP EFMBTMJDFODJBTTPCSFFMVTPEFMBPCSBBSUrTUJDBEF4BMWBEPS%BMr&MIFDIPEFRVFFMNFSDBEP IBZBJEPDSFDJFOEPEFTEFFMNPNFOUPEFMB¯SNBEFMQSJNFSDPOWFOJPDPOFTUBFOUJEBEFO IBQSPWPDBEPBRVrUBNCJnOVOBTFSJFEFOVFWBTOFDFTJEBEFTFODVBOUPBMBFTUSVDUVSB EFMNFSDBEPEFMJDFODJBT6OBEFMBTUBSFBTJNQPSUBOUFTRVFTFFTUgOMMFWBOEPBDBCPFOFTUF DBNQPFTMBSFOFHPDJBDJwOEFMDPOWFOJPDPO7&("1B¯OEFGBWPSFDFSMBFTUSVDUVSBHMPCBM EFMB'VOEBDJwOFOMBDPOTUSVDDJwOEFMOVFWPNFSDBEPEFMPTEFSFDIPTWJODVMBEPTB%BMrZ BMNJTNPUJFNQPRVFTFQVFEBQSFTUBSVOUSBUBNJFOUPBEFDVBEPBBRVFMMBTJOJDJBUJWBTRVF TVQFSBOFMgNCJUPEFMBHFTUJwODPMFDUJWBFORVFFTUgFTQFDJBMJ[BEB7&("1 0USBEFMBTJOJDJBUJWBTRVFTFFTUgMMFWBOEPBDBCPFTMBFNJTJwOEFDJSDVMBSFTQBSBUPEBTMBT FOUJEBEFTEFHFTUJwOEFEFSFDIPTRVFBOJWFMJOUFSOBDJPOBMUSBCBKBOQBSBMB'VOEBDJwOBUSBWnT EFMB$*4"$EFNBOFSBRVFTFQVFEBDPPSEJOBSZVOJ¯DBSFOUPEPFMNVOEPFMUSBUBNJFOUP SFTQFDUPBEFUFSNJOBEBTQFUJDJPOFTFOUSFFMMBTMBTRVFBGFDUBOBMBJNBHFOEF4BMWBEPS%BMr -B'VOEBDJwOUBNCJnOMMFWBBDBCPMBJOTQFDDJwOEFMBTFYQMPUBDJPOFTOPBVUPSJ[BEBTEF EFSFDIPTEFBVUPSUBOUPEJSFDUBNFOUFDPNPBUSBWnTEF7&("1ZMBTPUSBTTPDJFEBEFT NJFNCSPTEFMB$*4"$ZFNQSFOEFMBTBDDJPOFTOFDFTBSJBTQBSBEFTBSUJDVMBSMBT 1BSBMFMBNFOUF MB 'VOEBDJwO CVTDB GwSNVMBT QBSB SFDVQFSBS BRVFMMPT EFSFDIPT EF BVUPSRVF%BMrDFEJwFOWJEBZRVFBDUVBMNFOUFTPOFYQMPUBEPTQPSUFSDFSPTGVFSBEF TVDPOUSPM&TUBMBCPSTFIBJEPDPODSFUBOEPFOMBBERVJTJDJwOQSPHSFTJWBZTFMFDUJWB EFEFUFSNJOBEPTDPOUSBUPT¯SNBEPTQPS%BMrFOTVErB &MTESFUTEªBVUPS "RVFTUBnTMªhSFBRVF¯OTBMBEBUBIBFTUBUNnTEFTFOWPMVQBEBJQFSUBOUMBRVFFTUh NnTCFOFTUSVDUVSBEB &OBRVFTUDBNQMB'VOEBDJwUnMªJNQPSUBOUBKVUEFMªFOUJUBUEFHFTUJw7&("1RVFB USBWnTEFMBYBSYBJOUFSOBDJPOBMEFMB$*4"$IBBOBUPCSJOUJDPOTPMJEBOUFMNFSDBUEF MFTMMJDoODJFTTPCSFMª|TEFMªPCSBBSUrTUJDBEF4BMWBEPS%BMr&MGFURVFFMNFSDBUIBHJ BOBUDSFJYFOUEFTRVFFTWBTJHOBSFMQSJNFSDPOWFOJBNCBRVFTUBFOUJUBUFMIB HFOFSBUBRVrUBNCnVOBToSJFEFOPWFTOFDFTTJUBUTRVBOUBMªFTUSVDUVSBEFMNFSDBUEF MMJDoODJFT6OBEFMFTUBTRVFTSFMMFWBOUTRVFTªFTUBOQPSUBOUBUFSNFFOBRVFTUTFOUJUnT MBSFOFHPDJBDJwEFMDPOWFOJBNC7&("1EFNBOFSBRVFTªBGBWPSFJYJMªFTUSVDUVSBHMPCBM EFMB'VOEBDJwFOMBDPOTUSVDDJwEFMOPVNFSDBUEFESFUTMMJHBUTB%BMrJRVFBMIPSBFT QVHVJEPOBSVOUSBDUBNFOUBEFRVBUBBRVFMMFTJOJDJBUJWFTRVFTVQFSFOMªhNCJUEFMB HFTUJwDPM²MFDUJWBFORVoFTUhFTQFDJBMJU[BEB7&("1 6OBBMUSBJOJDJBUJWBRVFTªFTUhEFTFOWPMVQBOUnTMªFNJTTJwEFDJSDVMBSTQFSBUPUFTMFT FOUJUBUT EF HFTUJw EF ESFUT RVF B FTDBMB JOUFSOBDJPOBM USFCBMMFO QFS B MB 'VOEBDJw B USBWnTEFMB$*4"$B¯JFGFDUFEFDPPSEJOBSJVOJ¯DBSBSSFVEFMNwOFMUSBDUBNFOUEF EFUFSNJOBEFTQFUJDJPOTDPNBSBMFTRVFBGFDUFOMBJNBUHFEF4BMWBEPS%BMr -B 'VOEBDJw UBNCn TªFODBSSFHB EªJOTQFDDJPOBS MFT FYQMPUBDJPOT OP BVUPSJU[BEFT EF ESFUTEªBVUPSUBOUEJSFDUBNFOUDPNBUSBWnTEF7&("1JEFMFTBMUSFTTPDJFUBUTNFNCSFT EFMB$*4"$JFNQSoOMFTBDDJPOTOFDFTThSJFTQFSEFTBSUJDVMBSMFT 1BSBM²MFMBNFOU MB'VOEBDJwDFSDBGwSNVMFTQFSSFDVQFSBSFMTESFUT EªBVUPS RVF %BMr WBDFEJSFOWJEBJRVFBDUVBMNFOUFYQMPUFOUFSDFSTGPSBEFMTFVDPOUSPM"RVFTUBUBTDB TªIBBOBUDPODSFUBOUFOMªBERVJTJDJwQSPHSFTTJWBJTFMFDUJWBEFDFSUTDPOUSBDUFTTJHOBUT QFS%BMrBMTFVEJB # .gTBMMgEFTVSFOUBCJMJEBEFTUBBDDJwOFTJNQPSUBOUFQPSRVFQFSNJUFQPOFS¯OBMBBUPNJ[BDJwO RVF QPESrB TFHVJS QSPEVDJnOEPTF FO MB UJUVMBSJEBE EF MPT DJUBEPT EFSFDIPT Z SFGVFS[B MB QPTJDJwOEFMB'VOEBDJwOBMBIPSBEFNBSDBSQBVUBTEFCVFOBTQSgDUJDBTFOFMDBNQPEFM NFSDIBOEJTJOHDVMUVSBMZEFMBQSPEVDDJwOZDPNFSDJBMJ[BDJwOEFQSPEVDUPTEBMJOJBOPT "TJNJTNP TF IBO TFHVJEP WJHJMBOEP MBT FYQMPUBDJPOFT EF EFSFDIPT QPS QBSUF EF UFSDFSPTQBSBFWJUBSFYQMPUBDJPOFTOPBVUPSJ[BEBTBTrDPNPBMPCKFUPEFWBMPSBSOVFWBT QPTJCJMJEBEFTEFBERVJTJDJwOEFEFSFDIPT %FOUSP EF FTUF gNCJUP FT JNQPSUBOUF EFTUBDBS RVF MB 'VOEBDJwO UBNCJnO HFTUJPOB EJSFDUBNFOUFMPTEFSFDIPTEFBVUPSWJODVMBEPTBMBQSPEVDDJwOMJUFSBSJBEF4BMWBEPS%BMr &OFTUFTFOUJEPTFFTUgDPOUJOVBOEPDPOMBMBCPSEFJEFOUJ¯DBDJwOZDBUBMPHBDJwOEFMBPCSB FTDSJUBZTVTEJWFSTBTFEJDJPOFTJOJDJBEBFOFM%FTEFFOUPODFTTFIBDPOTFHVJEPDPCSBS SFHBMrBTBUSBTBEBTRVFBMHVOBTFEJUPSJBMFTUFOrBOSFUFOJEBTZSFDVQFSBSMPTEFSFDIPTMJUFSBSJPT EFEJWFSTBTPCSBTNJFOUSBTRVFSFTQFDUPBPUSBTTFFTUgOFHPDJBOEPMBQVFTUBBMErBEFMPT DPOUSBUPTEFNBOFSBRVFMB'VOEBDJwOQVFEBHFTUJPOBSFTUPTEFSFDIPTBEFDVBEBNFOUF -BTNBSDBT # &OFMFKFSDJDJPMB'VOEBDJwOIBEJTFvBEPMBFTUSBUFHJBRVFQSFUFOEFTFHVJSFONBUFSJB EFNBSDBTZRVFBHSBOEFTSBTHPTTFQVFEFSFTVNJSFOEPTQVOUPTGVOEBNFOUBMFTQPS VOMBEPFMEFTBSSPMMPEFVOBNBSDBEFBMUBDBMJEBEQBSBQSPEVDUPTTFMFDUPTZQPSPUSPFM EFTBSSPMMPEFVOBNBSDBDPNFSDJBMQBSBMBDSFBDJwOEFVOBMrOFBEFQSPEVDUPTBVUPSJ[BEPT NFSDIBOEJTJOHDVMUVSBM RVFSF|OBODSJUFSJPTEFDBMJEBEZDPIFSFODJBDPOMBPCSBEF%BMr $PO FM PCKFUJWP EF DPOTPMJEBS MPT SFHJTUSPT EF NBSDB OFDFTBSJPT QBSB MB SFBMJ[BDJwO EFMBFTUSBUFHJBEFTDSJUBMBMBCPSEFMB'VOEBDJwOEVSBOUFFMIBDPOTJTUJEPFO JOUFOUBSSBDJPOBMJ[BSTVTSFHJTUSPTZMPTEF%FNBSUBFTDBMBNVOEJBMB¯OEFDPOUSPMBS BMNgYJNPFMOJWFMEFHBTUPZNBYJNJ[BSTVFGFDUJWJEBE -BTWFSUJFOUFTKVSrEJDBTEFFTUBMBCPSTPOEJWFSTBT &TUSVDUVSBDJwO Z EFGFOTB EF MBT NBSDBT FTUB BDUJWJEBE RVF TF MMFWB B DBCP FO DPMBCPSBDJwODPOMBBHFODJBEFQBUFOUFTZNBSDBT%63"/$033&5+&3TFDFOUSB OPTwMPFOMBDSFBDJwOEFVOBFTUSBUFHJBEFSFHJTUSPTZFOFMBTFTPSBNJFOUPTPCSF MPT SFHJTUSPT Z PQPTJDJPOFT EFTUJOBEPT B BTFHVSBS VOB NFKPS TBMWBHVBSEB EF MPT EFSFDIPTEFMB'VOEBDJwOTJOPUBNCJnOFOMBEFGFOTBKVEJDJBMEFMBTNBSDBT &OFTUFgNCJUPMB'VOEBDJwOFTUgUSBCBKBOEPUBNCJnOQBSBMBSFDVQFSBDJwOEFNBSDBTZ OPNCSFTEFEPNJOJPRVFTFIBMMBOFONBOPTEFUFSDFSPT"TrEVSBOUFFTUFFKFSDJDJPTF IBDPNQSPCBEPRVFMBUJUVMBSJEBEEFMB'VOEBDJwOSFTQFDUPBMBTNBSDBT4BMWBEPS%BMr FTDBEBWF[NgTDPOPDJEBUBMDPNPFWJEFODJBFMIFDIPEFRVFFOEJWFSTBTPDBTJPOFT MBTBVUPSJEBEFTEFBEVBOBTEFEJGFSFOUFTQBrTFTTFIBOEJSJHJEPBMB'VOEBDJwOQBSB SFTPMWFSEVEBTSFMBDJPOBEBTDPOQSPEVDUPTNBSDBEPTDPOMBNFODJwO4BMWBEPS%BMr 4FIBBWBO[BEPFOMBFTUSVDUVSBDJwOEFMBTSFMBDJPOFTDPOBHFOUFTEBEPRVFMPTSFDVSTPT EF MB 'VOEBDJwO OP TPO JMJNJUBEPT FT QSFDJTP FTUBCMFDFS SFMBDJPOFT DPO BHFOUFT RVF EFTEFVOBWFSUJFOUFNgTDPNFSDJBMZFOMBNgTFTUSFDIBDPMBCPSBDJwODPOMBJOTUJUVDJwO MBBZVEFOBMMFWBSBDBCPFMBNCJDJPTPQMBOEFEFTBSSPMMPEFNBSDBTFOFMBQBSUBEPEFM NFSDIBOEJTJOHDVMUVSBMTJFNQSFEFOUSPEFVOSFTQFUPBCTPMVUPIBDJBMBMBCPSGVOEBDJPOBM &OFTUFBvPTFIB¯SNBEPVODPOUSBUPDPO"SU.FSDIBOEJTJOH.FEJB -B SFDVQFSBDJw EF ESFUT EFJYBOU EF CBOEB MB TFWB SFOEJCJMJUBU QFSNFU QPTBS ¯ B MªBUPNJU[BDJwRVFFTQPESJBTFHVJSQSPEVJOUFOMBTFWBUJUVMBSJUBUBJYrDPNSFGPSmBSMB QPTJDJwEFMB'VOEBDJwBMªIPSBEFNBSDBSQBVUFTEFCPOFTQShDUJRVFTFOFMDBNQEFM NBSYBOEBUHFDVMUVSBMJEFMBQSPEVDDJwJDPNFSDJBMJU[BDJwEFQSPEVDUFTEBMJOJBOT *HVBMNFOU TªIBO DPOUJOVBU WJHJMBOU MFT FYQMPUBDJPOT EF ESFUT QFS QBSU EF UFSDFSFT QFSTPOFTQFSUBMEªFWJUBSFYQMPUBDJPOTOPBVUPSJU[BEFTJQFSBWBMVBSOPWFTQPTTJCJMJUBUT EªBERVJTJDJwEFESFUT %JOT MªhNCJU EFMT ESFUT EªBVUPS nT JNQPSUBOU EFTUBDBS RVF MB 'VOEBDJw EJSFDUBNFOU HFTUJPOBUBNCnFMTESFUTEªBVUPSMMJHBUTBMªPCSBMJUFShSJBEF4BMWBEPS%BMrJRVFFOBRVFTU TFOUJUTªFTUhDPOUJOVBOUBNCMBJEFOUJ¯DBDJwJDBUBMPHBDJwEFMªPCSBFTDSJUBJEFMFTTFWFT EJWFSTFTFEJDJPOTUBTDBRVFWBDPNFOmBSFM%FTEªBMFTIPSFTTªIBBDPOTFHVJUDPCSBS SFHBMJFT FOEBSSFSJEFT RVF BMHVOFT FEJUPSJBMT UFOJFO SFUJOHVEFT J SFDVQFSBS FMT ESFUT MJUFSBSJTEFEJWFSTFTPCSFTNFOUSFRVFSFTQFDUFEªBMUSFTTªFTUhOFHPDJBOUMBQPTBEBBM EJBEFMTDPOUSBDUFTB¯RVFMB'VOEBDJwQVHVJHFTUJPOBSBRVFTUTESFUTBEFRVBEBNFOU -FTNBSRVFT -ªBOZ MB 'VOEBDJw IB EJTTFOZBU MªFTUSBUoHJB RVF FT WPM TFHVJS FO NBUoSJB EF NBSRVFTJRVFBHSBOTUSFUTFTQPUSFTVNJSFOFMEFTFOWPMVQBNFOUEªVOBNBSDBEªBMUB RVBMJUBUQFSBQSPEVDUFTTFMFDUFTEªVOBCBOEBJEFMªBMUSBFMEFTFOWPMVQBNFOUEªVOB NBSDBDPNFSDJBMQFSBMBDSFBDJwEªVOBMrOJBEFQSPEVDUFTBVUPSJU[BUTNBSYBOEBUHF DVMUVSBM RVFSFVOFJYJOVOTDSJUFSJTEFRVBMJUBUJDPIFSoODJBBNCMªPCSBEF%BMr "RVFTUBOZJBNCMªPCKFDUJVEFDPOTPMJEBSFMTSFHJTUSFTEFNBSDBOFDFTTBSJTQFSEVSB UFSNFMªFTUSBUoHJBEFTDSJUBMBUBTDBEFMB'VOEBDJwIBDPOTJTUJUBJOUFOUBSSBDJPOBMJU[BS FMTTFVTSFHJTUSFTJFMTEF%FNBSUBFTDBMBNVOEJBMB¯EFDPOUSPMBSBMNhYJNFMOJWFMM EFEFTQFTBJNBYJNJU[BSOFMªFGFDUJWJUBU &MTWFTTBOUTKVSrEJDTEªBRVFTUBUBTDBTwOEJWFSTPT &TUSVDUVSBDJwJEFGFOTBEFMFTNBSRVFTFODPM²MBCPSBDJwBNCFMTBHFOUTEFQBUFOUT J NBSRVFT %63"/ $033&5+&3 BRVr MB UBTDB TF DFOUSB OP OPNnT B DSFBS VOB FTUSBUoHJBEFSFHJTUSFTJBBTTFTTPSBSTPCSFFMTSFHJTUSFTJMFTPQPTJDJPOTRVFBTTFHVSJO MBNJMMPSEFGFOTBEFMTESFUTEFMB'VOEBDJwTJOwUBNCnFOMBEFGFOTBKVEJDJBMEFMFT NBSRVFT &OBRVFTUhNCJUMB'VOEBDJwUBNCnFTUhUSFCBMMBOUQFSBMBSFDVQFSBDJwEFNBSRVFT JOPNTEFEPNJOJRVFFTUBOFONBOTEFUFSDFST%VSBOUBRVFTUBOZTªIBDPNQSPWBU DPNMBUJUVMBSJUBUEFMB'VOEBDJwSFTQFDUFBMFTNBSRVFT4BMWBEPS%BMrnTDBEBDPQ NnTDPOFHVEBUBMDPNFWJEFODJBFMGFURVFFOEJWFSTFTPDBTJPOTMFTBVUPSJUBUTEF EVBOFTEFEJGFSFOUTQBuTPTTªIBHJOBESFmBUBMB'VOEBDJwQFSSFTPMESFEVCUFTBNC SFMBDJwBQSPEVDUFTNBSDBUTBNCMBNFODJw4BMWBEPS%BMr 4ªIB BWBOmBU FO MªFTUSVDUVSBDJw EF MFT SFMBDJPOT BNC BHFOUT BUoT FM GFU RVF FMT SFDVSTPT EF MB 'VOEBDJw OP TwO JM²MJNJUBUT FT GB OFDFTTBSJ FTUBCMJS SFMBDJPOT BNC BHFOUTRVFEFTEªVOWFTTBOUNnTDPNFSDJBMJFODPM²MBCPSBDJwFTUSFUBBNCMB'VOEBDJw MªBKVEJOBEVSBUFSNFMªBNCJDJwTQMBEFEFTFOWPMVQBNFOUEFNBSRVFTFOMªBQBSUBU EFMNBSYBOEBUHFDVMUVSBMTFNQSFEJOTVOSFTQFDUFUPUBMFOWFSTMBUBTDBGVOEBDJPOBM "RVFTUBOZTªIBTJHOBUVODPOUSBDUFBNC"SU.FSDIBOEJTJOH.FEJB # ! &MEFSFDIPEFJNBHFO &MHSBEPEFEFTBSSPMMPEFMNFSDBEPEFMJDFODJBTFTB|OSFEVDJEPFOFMDBNQPEFMPTEFSFDIPT EFJNBHFOVOgNCJUPFOFMRVFMBEJWFSTJEBEEFSFHVMBDJPOFTFYJTUFOUFFOOVFTUSPFOUPSOP DVMUVSBMTFIBDFFTQFDJBMNFOUFQBUFOUFTPCSFUPEPEFTEFFMQVOUPEFWJTUBKVSrEJDP -BMBCPSKVSrEJDBTFDFOUSBFOEJGFSFOUFTBTQFDUPT "OgMJTJTEFMBMFHJTMBDJwOWJHFOUFTFIBOQSFQBSBEPEJWFSTPTJOGPSNFTQBSBQSPGVOEJ[BS FOMBOBUVSBMF[BEFFTUFEFSFDIPZFOTVTQPTJCJMJEBEFTEFFYQMPUBDJwO%VSBOUFFTUFBvP TFIBQFEJEPVOJOGPSNFKVSrEJDPBVOEFTQBDIPEFBCPHBEPTEF&TUBEPT6OJEPTZTFIB TPMJDJUBEPMBJOTDSJQDJwOEFMBUJUVMBSJEBEEFMB'VOEBDJwOBM$BMJGPSOJB4FDSFUBSZPG4UBUF #" -JDFODJBTFTUBCMFDJNJFOUPEFNPEFMPTEFMJDFODJBQBSBMBDFTJwOEFMPTEFSFDIPT EFJNBHFO $POUSBUPTSFEBDDJwOEFDPOUSBUPTRVFEFTBSSPMMBOMBDFTJwOEFFTUFEFSFDIPPEF DMgVTVMBTDPOUSBDUVBMFTEFDFTJwOEFFTUFEFSFDIPFODPOUSBUPTRVFDPNCJOBOTV DFTJwODPOPUSPTEFSFDIPTJONBUFSJBMFT "DUVBDJPOFT DPOUSB FM VTP OP BVUPSJ[BEP EF MB JNBHFO EF 4BMWBEPS %BMr MB 'VOEBDJwO IB JOJDJBEP BDUVBDJPOFT DPOUSB FTQBDJPT NVTFrTUJDPT RVF VUJMJ[BO FM OPNCSFZMBJNBHFOEF4BMWBEPS%BMrTJOBVUPSJ[BDJwOFO#BSDFMPOBZ.wOBDPZ FTUgJOWFTUJHBOEPFTQBDJPTFOPUSPTQBrTFTEFMPTRVFIBUFOJEPDPOPDJNJFOUP %VSBOUFFTUFBvPTFIBQSPEVDJEPVOBVNFOUPDPOTJEFSBCMFEFMBTQFUJDJPOFT EF VTP EF MB JNBHFO EF 4BMWBEPS %BMr UBOUP FO FM gNCJUP QVCMJDJUBSJP DPNP EF EPDVNFOUBMFTFJODMVTPEFQFMrDVMBT&ODVBMRVJFSDBTPTFUSBUBEFQSPZFDUPTB|OTJO NBUFSJBMJ[BS $BCF NFODJPOBS QPS |MUJNP RVF MBT EJWFSHFODJBT FO MB SFHVMBDJwO EFM EFSFDIP EF JNBHFO QPTU NwSUFN FYJTUFOUF FO MPT EJWFSTPT TJTUFNBT OPSNBUJWPT EJ¯DVMUB MB FYQMPUBDJwO EF FTUF EFSFDIP FO VO NFSDBEP HMPCBMJ[BEP &TUBT EJ¯DVMUBEFT TPO FTQFDJBMNFOUFNBOJ¯FTUBTDVBOEPTFBCPSEBVONFSDBEPUBOJNQPSUBOUFDPNPFMEF &TUBEPT6OJEPT $PNJTJwOEF4FHVJNJFOUP -BTSFMBDJPOFTDPOFM&TUBEPFTQBvPMFOMPRVFTFSF¯FSFBMPTEFSFDIPTJONBUFSJBMFT TFBSUJDVMBOBUSBWnTEFMB$PNJTJwOEF4FHVJNJFOUPRVFGVFDSFBEBFOFMNBSDPEFMB 0SEFO.JOJTUFSJBMEFEFFOFSPEFZRVFTFSF|OFQFSJwEJDBNFOUFQBSBMMFWBSB DBCPFMTFHVJNJFOUPEFMBBDUJWJEBEEFMB'VOEBDJwO &MESFUEªJNBUHF "RVFTUnTVOhNCJUPOFMEFTFOWPMVQBNFOUEFMNFSDBUEFMMJDoODJFTFODBSBnTSFEVuU J FO FM RVBM FT GB FTQFDJBMNFOU QBMFTB TPCSFUPU FO FM QMB KVSrEJD MB EJWFSTJUBU EF SFHVMBDJPOTFYJTUFOUFOFMOPTUSFFOUPSODVMUVSBM -BUBTDBKVSrEJDBTFDFOUSBFOEJGFSFOUTBTQFDUFT "OhMJTJEFMBMFHJTMBDJwWJHFOUTªIBOQSFQBSBUEJWFSTPTJOGPSNFTQFSBQSPGVOEJSFO MBOBUVSBMFTBEªBRVFTUESFUJFOMFTTFWFTQPTTJCJMJUBUTEªFYQMPUBDJw"RVFTUBOZTªIB EFNBOBUVOJOGPSNFKVSrEJDBVOEFTQBUYEªBEWPDBUTEFMT&6"JTªIBTPM²MJDJUBUMB JOTDSJQDJwEFMBUJUVMBSJUBUEFMB'VOEBDJwBM$BMJGPSOJB4FDSFUBSZPG4UBUF -MJDoODJFTFTUBCMJNFOUEFNPEFMTEFMMJDoODJBQFSBMBDFTTJwEFMTESFUTEªJNBUHF $POUSBDUFTSFEBDDJwEFDPOUSBDUFTRVFEFTFOWPMVQFOMBDFTTJwEªBRVFTUESFUPEF DMhVTVMFTDPOUSBDUVBMTEFDFTTJwEªBRVFTUESFUFODPOUSBDUFTRVFDPNCJOFOMBTFWB DFTTJwBNCBMUSFTESFUTJNNBUFSJBMT "DUVBDJPOTDPOUSBMª|TOPBVUPSJU[BUEFMBJNBUHFEF4BMWBEPS%BMrMB'VOEBDJw IBJOJDJBUBDUVBDJPOTDPOUSBFTQBJTNVTFrTUJDTRVFVUJMJU[FOFMOPNJMBJNBUHFEF 4BMWBEPS%BMrTFOTFBVUPSJU[BDJwB#BSDFMPOBJB.xOBDPJFTUhJOWFTUJHBOUFTQBJTFO BMUSFTQBuTPTEFMTRVBMTIBUJOHVUDPOFJYFNFOU %VSBOUBRVFTUBOZTªIBQSPEVuUVOBVHNFOUDPOTJEFSBCMFEFMFTQFUJDJPOTEª|TEF MBJNBUHFEF4BMWBEPS%BMrUBOUFOFMDBNQQVCMJDJUBSJDPNQFMRVFGBBEPDVNFOUBMTJ ¯OTJUPUQFM²MrDVMFTQSPKFDUFTRVFUBONBUFJYFODBSBOPTªIBONBUFSJBMJU[BU -FT EJWFSHoODJFT FO MB SFHVMBDJw EFM ESFU EªJNBUHF QPTU NPSUFN FYJTUFOUT FOUSF FMT EJGFSFOUT TJTUFNFT OPSNBUJVT EJ¯DVMUB MFT FYQMPUBDJPOT FO VO NFSDBU HMPCBMJU[BU "RVFTUFTEJ¯DVMUBUTTPSHFJYFOFTQFDJBMNFOURVBOTªBCPSEBVONFSDBUUBOJNQPSUBOU DPNFMEFMT&TUBUT6OJUT $PNJTTJwEF4FHVJNFOU -FTSFMBDJPOTBNCMª&TUBUFTQBOZPMQFMRVFGBBMTESFUTJNNBUFSJBMTTªBSUJDVMFOBUSBWnT EFMB$PNJTTJwEF4FHVJNFOURVFWBTFSDSFBEBEJOTFMNBSDEFMª0SESFNJOJTUFSJBMEF EFHFOFSEFJRVFFTSFVOFJYQFSJxEJDBNFOUQFSGFSFMTFHVJNFOUEFMªBDUJWJUBU EFMB'VOEBDJw # # +.4FWJMMBOPFOMBJOBVHVSBDJwOEFMB FYQPTJDJwO%BMr1BJOUJOH'JMNFO-PT"OHFMFT +.4FWJMMBOPBMBJOBVHVSBDJwEF MªFYQPTJDJw%BMr1BJOUJOH'JMNB-PT"OHFMFT -PT4FSWJDJPT+VSrEJDPTSFWJTBOUPEPVTPEF MBJNBHFOOPNCSFZPCSBEBMJOJBOPT &MT4FSWFJT+VSrEJDTSFWJTFOUPU|TEF MªJNBUHFOPNJPCSBEBMJOJBOT #$ 0USPT 1BSBMFMBNFOUFBMBHFTUJwOEFEFSFDIPTJONBUFSJBMFTWJODVMBEPTBMBPCSBZBMBQFSTPOB EF4BMWBEPS%BMrZDPNPMBCPSRVFMBSFGVFS[BMB'VOEBDJwOIBEFTBSSPMMBEPPUSBT MrOFBTEFBDUVBDJwOFOQBSUJDVMBSMBTTJHVJFOUFT 0CSBDJOFNBUPHSg¯DBBSBr[EFMBFYQPTJDJwO%BMr1BJOUJOH'JMNTFIBJOJDJBEP VOBMBCPSEFDBUBMPHBDJwOEFMBPCSBDJOFNBUPHSg¯DBEF4BMWBEPS%BMrBMPCKFUPEF EFUFSNJOBSMPTEFSFDIPTRVFDPSSFTQPOEFOBMBSUJTUBFODBEBVOBEFMBTQSPEVDDJPOFT FOMBTRVFJOUFSWJOP 3FMBDJPOFTDPOFM4BMWBEPS%BMr.VTFVNEF4BO1FUFSTCVSHP'MPSJEB EVSBOUFFTUF BvPTFIBJOJDJBEPTBUJTGBDUPSJBNFOUFMBFKFDVDJwOEFMDPOUSBUPFOUSFMB'VOEBDJwOZFM NVTFPOPSUFBNFSJDBOP¯SNBEPFOKVMJPEF%FTEFFMQVOUPEFWJTUBKVSrEJDPIBTJEP OFDFTBSJPFNJUJSVOBDJSDVMBSBMBTFOUJEBEFTEFHFTUJwOQBSBRVFUPEBTUFOHBODPOPDJNJFOUP EFFTUPTBDVFSEPTBFGFDUPTEFVOVTPBEFDVBEPEFMBSFTFSWBEFEFSFDIPTEFVOBZPUSB FOUJEBEBTrDPNPEFVOBMJRVJEBDJwODPSSFDUBEFMBTSFHBMrBTDPSSFTQPOEJFOUFT %&'&/4"%&-04%&3&$)04-"'6/%"$*¾/ $0.03&'&3&/5&Á/*$0&/&-.&3$"%0%&-"35& 1FSJUBKFT &OFMTFIBDPOUJOVBEPMBUSBZFDUPSJBTFHVJEBFOFMFKFSDJDJPBOUFSJPSZMB'VOEBDJwO IBJEPSFDJCJFOEPOVNFSPTBTDPOTVMUBTZTPMJDJUVEFTEFQFSJUBKFTUBOUPEFQBSUJDVMBSFT DPNPTPCSFUPEPEFQPMJDrBTZBHFOUFTEFBEVBOBTEFUPEPFMNVOEP&TUPEFNVFTUSB MBDPOTPMJEBDJwOEFMB'VOEBDJwODPNPSFGFSFOUFEFOUSPEFMNVOEPEBMJOJBOP "MUSFT 1BSBM²MFMBNFOUBMBHFTUJwEFESFUTJNNBUFSJBMTMMJHBUTBMªPCSBJBMBQFSTPOBEF4BMWBEPS %BMrJDPNBUBTDBRVFMBSFGPSmBMB'VOEBDJwIBEFTFOWPMVQBUBMUSFTMrOJFTEªBDUVBDJw FOQBSUJDVMBSMFTTFHFOUT 0CSBDJOFNBUPHSh¯DBBSSBOEFMªFYQPTJDJw%BMr1BJOUJOH'JMNTªIBJOJDJBUVOB UBTDBEFDBUBMPHBDJwEFMªPCSBDJOFNBUPHSh¯DBEF4BMWBEPS%BMrB¯EFEFUFSNJOBS FMT ESFUT RVF DPSSFTQPOFO B %BMr FO DBEBTDVOB EF MFT QSPEVDDJPOT FO RVo WB JOUFSWFOJS 3FMBDJPOTBNCFM4BMWBEPS%BMr.VTFVNEF4BOU1FUFSTCVSH'MPSJEB EVSBOU BRVFTUBOZTªIBJOJDJBUTBUJTGBDUxSJBNFOUMªFYFDVDJwEFMDPOUSBDUFFOUSFMB'VOEBDJwJ FMNVTFVOPSEBNFSJDhRVFFTWBTJHOBSBMKVMJPMEFM&OFMQMBKVSrEJDIBFTUBU OFDFTTBSJFOWJBSVOBDJSDVMBSBMFTFOUJUBUTEFHFTUJwB¯RVFUPUFTUJOHVJODPOFJYFNFOU EªBRVFTUTBDPSETBMªFGFDUFEFHBSBOUJSVO|TBEFRVBUEFMBSFTFSWBEFESFUTEªVOBJ BMUSBFOUJUBUBJYrDPNVOBMJRVJEBDJwDPSSFDUBEFMFTSFHBMJFTDPSSFTQPOFOUT %&'&/4"%&-4%3&54-"'6/%"$*¾ $0."3&'&3&/5Á/*$&/&-.&3$"5%&-ª"35 1FSJUBUHFT -BUSBKFDUxSJBTFHVJEBMªBOZQBTTBUIBDPOUJOVBUFOHVBOZJMB'VOEBDJwIBBOBUSFCFOU OPNCSPTFTDPOTVMUFTJTPM²MJDJUVETEFQFSJUBUHFTUBOUEFQBSUJDVMBSTDPNTPCSFUPUEF QPMJDJFTJBHFOUTEFEVBOFTEFUPUFMNwO"JYxEFNPTUSBMBDPOTPMJEBDJwEFMB'VOEBDJw DPNBSFGFSFOUEJOTFMNwOEBMJOJh # % -B'VOEBDJwOMMFWBBDBCPFYQFSUJ[BDJPOFTEFPCSBPSJHJOBMQBSBQBSUJDVMBSFTBUSBWnT EFMB$"$$PNJTJwOEF"DSFEJUBDJwOZ$BUBMPHBDJwO 5BNCJnOBDU|BDPNPQFSJUPQBSB UPEPUJQPEFPCSBQJDUwSJDBBTPMJDJUVEEFMBBVUPSJEBEKVEJDJBMPQPMJDJBM"DUVBMNFOUF UBNCJnO MB QPMJDrB FYUSBOKFSB TF EJSJHF B MB 'VOEBDJwO BM PCKFUP EF PCUFOFS TV BTFTPSBNJFOUPFODBTPTEFEFDPNJTPEFPCSBEFEVEPTBBUSJCVDJwO%VSBOUFFM FTUBTQFUJDJPOFTIBOBVNFOUBEPEFGPSNBTJHOJ¯DBUJWB 1PSPUSBQBSUFMB'VOEBDJwOTFIBQPTJDJPOBEPFODPOUSBEFMVTPEFM"%/EF4BMWBEPS%BMr QBSBMBSFBMJ[BDJwOEFFYQFSUJ[BDJPOFTVONnUPEPQSFDPOJ[BEPQPSVOBJOJDJBUJWBQSJWBEB &TDVMUVSBT %VSBOUFFTUFBvPMB'VOEBDJwOIBWJTUPDwNPFMNFSDBEPEFMBFTDVMUVSBEF%BMrP EBMJOJBOBFTUgBERVJSJFOEPDBEBWF[NgTGVFS[BZTFIBFODPOUSBEPBNFOVEPDPOJOJDJBUJWBT UBOUP OBDJPOBMFT DPNP JOUFSOBDJPOBMFT RVF QPOFO EF NBOJ¯FTUP MB OFDFTJEBE EF VO QPTJDJPOBNJFOUPDMBSPSFTQFDUPBMBMFHJUJNBDJwOEFMPTFEJUPSFTRVFMBTDPNFSDJBMJ[BO 4F USBUB FO FM FTUBEP BDUVBM EF VOB MBCPS FNJOFOUFNFOUF EF FTUVEJP EF DBEFOBT DPOUSBDUVBMFTEFDFTJPOFTEFEFSFDIPTBVORVFUBNCJnOTFIBOFTUVEJBEPZTFHVJEPEF DFSDBMBTBDUJWJEBEFTEFEJWFSTPTFEJUPSFT #& "DUVBDJPOFTKVEJDJBMFT 2VFEB VO gNCJUP EF BDUVBDJwO KVEJDJBM /P PCTUBOUF EFTEF FM BvP WJFOF PCTFSWgOEPTFVODBNCJPSBEJDBMFOMBOBUVSBMF[BEFMPTDPO°JDUPTRVFTFQMBOUFBOBOUF MBKVTUJDJB4JIBTUBFOUPODFTMPTGSFOUFTBCJFSUPTQPSMB'VOEBDJwOSFTQPOErBOBVOB FTUSBUFHJBDPOEJDJPOBEBQPSFMFOGSFOUBNJFOUPDPO%FNBSU1SP"SUF#7BDUVBMNFOUF TFDFOUSBOFOMBEFGFOTBEFMPTEFSFDIPTGSFOUFBBDUVBDJPOFTGSBVEVMFOUBT 1PSFMMPMBMBCPSEFMPTTFSWJDJPTKVSrEJDPTFOFTUFgNCJUPTFCBTBBDUVBMNFOUFFOMPT TJHVJFOUFTQVOUPT 4FHVJNJFOUPEFMBTBDUVBDJPOFTZBJOJDJBEBTTFUSBUBEFMBDPOUJOVBDJwOEFMPTQSPDFEJNJFOUPT ZBJOJDJBEPTDPOUSBUFSDFSPTJOGSBDUPSFTEFEFSFDIPTHFTUJPOBEPTQPSMB'VOEBDJwO 4FHVJNJFOUPEFOVFWBTBDUVBDJPOFTFOMBMVDIBDPOUSBFMGSBVEFVOQSJNFSHSVQPEF BDUVBDJPOFTTFEJSJHFODPOUSBUFSDFSPTRVFBQFTBSEFMBDPOTPMJEBDJwOEFMBGVODJwO HFTUPSBEFMB'VOEBDJwOOPDVNQMFOMPTUSgNJUFTEFTPMJDJUVEZPCUFODJwOEFMJDFODJBT QBSBMBFYQMPUBDJwOQBDr¯DBEFEFSFDIPT 6O TFHVOEP HSVQP EF BDUVBDJPOFT TF EJSJHFO DPOUSB UFSDFSPT RVF EVSBOUF NVDIPT BvPTIBOBQSPWFDIBEPMBTJUVBDJwOEFDPO°JDUPFYJTUFOUFFOUSFMBJOTUJUVDJwOZ%FNBSU QBSBIBDFSTFVOFTQBDJPFOFMNFSDBEPEFMBFYQMPUBDJwOEFMPTEFSFDIPTEBMJOJBOPT BWFDFTBMBNQBSPEFBMH|ODPOUSBUP¯SNBEPDPOFMNJTNPBVUPSQFSPTPCSFQBTBOEP BNQMJBNFOUFTVgNCJUP -B'VOEBDJwSFBMJU[BQFSJUBUHFTEªPCSBPSJHJOBMQFSBQBSUJDVMBSTBUSBWnTEFMB$"$ $PNJTTJw Eª"DSFEJUBDJw J $BUBMPHBDJw "JYr NBUFJY BDUVB DPN B QoSJU QFS B UPU UJQVT EªPCSB QJDUxSJDB B QFUJDJw EF MªBVUPSJUBU KVEJDJBM P QPMJDJBM "DUVBMNFOU UBNCn MB QPMJDJB FTUSBOHFSB TªBESFmB B MB 'VOEBDJw B ¯ EªPCUFOJS FM TFV BTTFTTPSBNFOU FO DBTPT EF EFDPNrT EªPCSB EªBUSJCVDJw EVCUPTB %VSBOU MªBOZ BRVFTUFT QFUJDJPOT IBOBVHNFOUBUEFNBOFSBTJHOJ¯DBUJWB *HVBMNFOUMB'VOEBDJwTªIBQPTJDJPOBUFODPOUSBEFMª|TEFMª"%/EF4BMWBEPS%BMrQFSB MBSFBMJU[BDJwEFQFSJUBUHFTNoUPEFRVFIBFTUBUQSFDPOJU[BUQFSVOBJOJDJBUJWBQSJWBEB &TDVMUVSFT %VSBOUBRVFTUBOZMB'VOEBDJwIBWJTUDPNFMNFSDBUEFMªFTDVMUVSBEF%BMrP EBMJOJBOBFTUhBHBGBOUDBEBWFHBEBNnTGPSmBJTªIBUSPCBUNPMUTPWJOUBNCJOJDJBUJWFT UBOU OBDJPOBMT DPN JOUFSOBDJPOBMT RVF QPTFO EF NBOJGFTU MB OFDFTTJUBU EªVO QPTJDJPOBNFOUDMBSSFTQFDUFEFMBMFHJUJNBDJwEFMTFEJUPSTRVFMFTDPNFSDJBMJU[FO &O MªFTUBU BDUVBM BRVFTUB UBTDB DPOUJOVB FTTFOU FNJOFOUNFOU EªFTUVEJ EF DBEFOFT DPOUSBDUVBMT EF DFTTJPOT EF ESFUT TJ Cn UBNCn TªIBO FTUVEJBU J TFHVJU EF QSPQ MFT BDUJWJUBUTEFEJWFSTPTFEJUPST "DUVBDJPOTKVEJDJBMT 2VFEB VO hNCJU EªBDUVBDJw KVEJDJBM /P PCTUBOU BJYx EFT EFM TªPCTFSWB VO DBOWJSBEJDBMFOMBOBUVSBMFTBEFMTDPO°JDUFTRVFFTQMBOUFHFOEBWBOUEFMBKVTUrDJB 4J ¯OT BMFTIPSFT FMT GSPOUT PCFSUT QFS MB 'VOEBDJw SFTQPOJFO B VOB FTUSBUoHJB DMBSB EªFOGSPOUBNFOUJEFCJMJUBDJwEF%FNBSU1SP"SUF#7BWVJTFDFOUSFOFOMBEFGFOTB EFMTESFUTEBWBOUEªBDUVBDJPOTGSBVEVMFOUFT 1FSUBOUMBUBTDBEFMTTFSWFJTKVSrEJDTFOBRVFTUTFDUPSFTDPODFOUSBBDUVBMNFOUFOFMT QVOUTTFHFOUT 4FHVJNFOUEFMFTBDUVBDJPOTKBJOJDJBEFTFTUSBDUBEFMBDPOUJOVBDJwEFMTQSPDFEJNFOUT KBJOJDJBUTDPOUSBUFSDFSTJOGSBDUPSTEFESFUTHFTUJPOBUTQFSMB'VOEBDJw 4FHVJNFOUEFOPWFTBDUVBDJPOTFOMBMMVJUBDPOUSBFMGSBVVOQSJNFSHSVQEªBDUVBDJPOT WBO BESFmBEFT DPOUSB UFSDFST RVF UPU J MB DPOTPMJEBDJw EF MB GVODJw HFTUPSB EF MB 'VOEBDJw PCWJFO DPNQMJS FMT UShNJUT EF TPM²MJDJUVE J PCUFODJw EF MMJDoODJFT QFS B MªFYQMPUBDJwQBDr¯DBEFESFUT 6OTFHPOHSVQEªBDUVBDJPOTFTEJSJHFJYBBRVFMMTUFSDFSTRVFEVSBOUNPMUTBOZTIBO BQSP¯UBU MB TJUVBDJw EF DPO°JDUF FYJTUFOU FOUSF MB 'VOEBDJw J %FNBSU QFS GFSTF VO FTQBJFOFMNFSDBUEFMªFYQMPUBDJwEFMTESFUTEBMJOJBOTBWFHBEFTBMªFNQBSBEªBMHVO DPOUSBDUFEFMNBUFJYBVUPSQFSxTPCSFQBTTBOUOFBCBTUBNFOUMªhNCJU # ' & SFDVSTPT IVNBOPT SFDVSTPT IVNBOT $ &M4FSWJDJPEF3FDVSTPT)VNBOPTEFM%FQBSUBNFOUPEF4FDSFUBSrB(FOFSBMDPPSEJOB MPTUFNBTEFQFSTPOBMEFMB'VOEBDJwOZTVTNVTFPTDPOGFDDJwOEFOwNJOBTTFHVSPT TPDJBMFT DPOUSBUBDJwO MBCPSBM BMUBT Z CBKBT QBHPT EF *31' GPSNBDJwO EFM QFSTPOBM QSPDFTPTEFTFMFDDJwOZQSFWFODJwOEFMPTSJFTHPTMBCPSBMFT %VSBOUF FM BvP MB QMBOUJMMB EF MB 'VOEBDJwO IB UFOJEP VOB NFEJB EF USBCBKBEPSFT '03."$*¾/ &OQSJNFSMVHBSDBCFEFTUBDBSVODVSTPTPCSFIJHJFOFQPTUVSBMEJSJHJEPBNJUJHBSMPT SJFTHPTMBCPSBMFTBMPTRVFFTUgFYQVFTUPFMQFSTPOBMEFMB'VOEBDJwOBDPOTFDVFODJB EFMBTNBMBTQPTUVSBT $PO MB ¯OBMJEBE EF NFKPSBS MB DPOTFSWBDJwO EFM QBUSJNPOJP TF PSHBOJ[w VO DVSTP EF SFDJDMBKF DPO FM QFSTPOBM EF MJNQJF[B EF MB DBTB Z DPO FM %FQBSUBNFOUP EF 3FTUBVSBDJwO $PNPDBEBBvPTFJNQBSUJwVODVSTPTPCSFFM1MBOEFFNFSHFODJBTBUPEPFMOVFWP QFSTPOBMDPOUSBUBEP &MSFTQPOTBCMFEFM5FBUSP.VTFPZKFGFEF1FSTPOBMQBSUJDJQwFOMB+PSOBEBEF3FTQPOTBCMFT EF4FHVSJEBEFOMPT.VTFPTPSHBOJ[BEBQPSFM.VTFV1JDBTTPEF#BSDFMPOB 1PS |MUJNP MB KFGB EFM ¸SFB EF $POUBCJMJEBE BTJTUJw B EPT TFNJOBSJPT &M QSPDFTP EF BSNPOJ[BDJwO NFSDBOUJM Z DPOUBCMF PGSFDJEP QPS 1,' "VEJFD Z MBT +PSOBEBT *OGPSNBUJWBT TPCSF FM OVFWP 1MBO HFOFSBM EF DPOUBCJMJEBE PSHBOJ[BEBT QPS MB $PPSEJOBEPSB$BUBMBOBEF'VOEBDJPOFT &M4FSWFJEF3FDVSTPT)VNBOTEFM%FQBSUBNFOUEF4FDSFUBSJB(FOFSBMDPPSEJOBFMT UFNFTEFQFSTPOBMEFMB'VOEBDJwJFMTTFVTNVTFVTDPOGFDDJwEFOxNJOFTBTTFHVSBODFT TPDJBMTDPOUSBDUBDJwMBCPSBMBMUFTJCBJYFTQBHBNFOUTEª*31'GPSNBDJwEFMQFSTPOBM QSPDFTTPTEFTFMFDDJwJQSFWFODJwEFSJTDTMBCPSBMT %VSBOUBRVFTUBOZMBQMBOUJMMBEFMB'VOEBDJwIBUJOHVUVOBNJUKBOBEF USFCBMMBEPST '03."$*¾ &OQSJNFSMMPDDBMEFTUBDBSVODVSTTPCSFIJHJFOFQPTUVSBMBESFmBUBNJUJHBSFMTSJTDPT MBCPSBMTBRVoFTUhFYQPTBUFMQFSTPOBMEFMB'VOEBDJwBDPOTFRoODJBEFMFTNBMFT QPTUVSFT "NCMB¯OBMJUBUEFNJMMPSBSMBDPOTFSWBDJwEFMQBUSJNPOJFTWBPSHBOJU[BSVODVSTEF SFDJDMBUHFBNCFMQFSTPOBMEFOFUFKBEFMBDBTBJBNCFM%FQBSUBNFOUEF3FTUBVSBDJw $PNDBEBBOZFTWBJNQBSUJSVODVSTTPCSFFM1MBEªFNFSHoODJFTBUPUFMOPVQFSTPOBM DPOUSBDUBU &M SFTQPOTBCMF EFM 5FBUSF.VTFV J DBQ EF 1FSTPOBM WB QBSUJDJQBS FO MB +PSOBEB EF 3FTQPOTBCMFTEF4FHVSFUBUBMT.VTFVTPSHBOJU[BEBQFM.VTFV1JDBTTPEF#BSDFMPOB 1FS |MUJN MB DBQ EF Mª SFB EF $PNQUBCJMJUBU WB BTTJTUJS B EPT TFNJOBSJT &M QSPDnT EªIBSNPOJU[BDJwNFSDBOUJMJDPNQUBCMFPGFSUQFS1,'"VEJFDJMFT+PSOBEFT*OGPSNBUJWFT TPCSFFMOPV1MBHFOFSBMEFDPNQUBCJMJUBUPSHBOJU[BEFTQFSMB$PPSEJOBEPSB$BUBMBOB EF'VOEBDJPOT $ ! %&1"35".&/504:1-"/5*--" -B'VOEBDJwOTFFTUSVDUVSBFOMPTEFQBSUBNFOUPTTJHVJFOUFT 1BUSPOBUPZ4FDSFUBSrB(FOFSBM 1SFTJEFOUF3BNPO#PJYBEwT.BMn 4FDSFUBSJPHFOFSBM-MVrT1FvVFMBT3FJYBDI 4FDSFUBSJB.5FSFTB#SVHVnT3PTU $POUBCJMJEBEZ¯OBO[BT OHFMT1BJSw(JNnOF[ +VEJU1BJSw(JNnOF[Z&YQJ1PSSBT3PNBO "NJDTEFMT.VTFVT%BMrZBENJOJTUSBDJwO.%PMPST$PTUB'POUZ'MPS.JTDPQFJO %FQBSUBNFOUPEF.VTFPT %JSFDUPS"OUPOJ1JUYPU4PMFS "ENJOJTUSBDJwOZDPPSEJOBDJwO-MVrT1FvVFMBT3FJYBDI 5FBUSP.VTFP%BMr²+PZBTZKFGFEF1FSTPOBM.JRVFM4BODIF[%VSBO 1|CPM1PSUMMJHBUZQSPZFDUPTNVTFPMwHJDPT+PSEJ"SUJHBT$BEFOB 1FSTPOBMZSFTFSWBTEFHSVQPT*TBCFM$BTUFMM1VKPM *OTUBMBDJPOFTZNBOUFOJNJFOUP3PHFS'FSSn1VJHZ'FSSBO0SUFHB-wQF[ $" %FQBSUBNFOUPEF$POTFSWBDJwOZ3FTUBVSBDJwO %JSFDUPS"OUPOJ1JUYPU4PMFS $PPSEJOBEPSB.POUTF"HVFS5FJYJEPS +FGBEFDPOTFSWBDJwOZSFTUBVSBDJwO*SFOF$JWJM1MBOT $POTFSWBEPSFTSFTUBVSBEPSFT&MJTFOEB"SBHPOoT.JRVFM+PTFQ.(VJMMBNFU -MPWFSBT:WPOOF)FJOFSU$PNBT+VMJFUUF.VSQIZZ%PMPST7FMBTDP3PESrHVF[ 3FHJTUSP 3PTB"HVFS5FJYJEPS $FOUSPEF&TUVEJPT%BMJOJBOPT %JSFDUPSB.POUTF"HVFS5FJYJEPS $PPSEJOBEPSFT3PTB..BVSFMM$POTUBOT$BSNF3VJ[(PO[gMF[ 'BOOZ&TUFMB1FvBZ"OOB0UFSP*CgvF[ %FQBSUBNFOUPEF(FSFODJB (FSFOUF+PBO.BOVFM4FWJMMBOP$BNQBMBOT %JGVTJwOZ4FSWJDJP&EVDBUJWP/VSJ"MEFHVFS$PSPNJOBT $PNFSDJBMJ[BDJwO$BSMFT$FSWFSB3VDBCBEP .BSLFUJOH4JMWJB/FMMP.BMEJOFZ $PNVOJDBDJwO*NNB1BSBEB4PMFS 4FDSFUBSrBZBENJOJTUSBDJwO.FSDFEFT"[OBS-BrO %&1"35".&/54*1-"/5*--" -B'VOEBDJwTªFTUSVDUVSBFOFMTEFQBSUBNFOUTTFHFOUT 1BUSPOBUJ4FDSFUBSJB(FOFSBM 1SFTJEFOU3BNPO#PJYBEwT.BMn 4FDSFUBSJHFOFSBM-MVrT1FvVFMBT3FJYBDI 4FDSFUhSJB.5FSFTB#SVHVnT3PTU $PNQUBCJMJUBUJ¯OBODFT OHFMT1BJSw(JNnOF[ +VEJU1BJSw(JNnOF[J&YQJ1PSSBT3PNBO "NJDTEFMT.VTFVT%BMrJBENJOJTUSBDJw.%PMPST$PTUB'POUJ'MPS.JTDPQFJO %FQBSUBNFOUEF.VTFVT %JSFDUPS"OUPOJ1JUYPU4PMFS "ENJOJTUSBDJwJDPPSEJOBDJw-MVrT1FvVFMBT3FJYBDI 5FBUSF.VTFV%BMr²+PJFTJDBQEF1FSTPOBM.JRVFM4BODIF[%VSBO 1|CPM1PSUMMJHBUJQSPKFDUFTNVTFPMxHJDT+PSEJ"SUJHBT$BEFOB 1FSTPOBMJSFTFSWFTEFHSVQT*TBCFM$BTUFMM1VKPM *OTUBM²MBDJPOTJNBOUFOJNFOU3PHFS'FSSn1VJHJ'FSSBO0SUFHB-wQF[ %FQBSUBNFOUEF$POTFSWBDJwJ3FTUBVSBDJw %JSFDUPS"OUPOJ1JUYPU4PMFS $PPSEJOBEPSB.POUTF"HVFS5FJYJEPS $BQEFDPOTFSWBDJwJSFTUBVSBDJw*SFOF$JWJM1MBOT $POTFSWBEPSTSFTUBVSBEPST&MJTFOEB"SBHPOoT.JRVFM+PTFQ.(VJMMBNFU-MPWFSBT :WPOOF)FJOFSU$PNBT+VMJFUUF.VSQIZJ%PMPST7FMBTDP3PESrHVF[ 3FHJTUSF 3PTB"HVFS5FJYJEPS $FOUSFEª&TUVEJT%BMJOJBOT %JSFDUPSB.POUTF"HVFS5FJYJEPS $PPSEJOBEPSFT3PTB..BVSFMM$POTUBOT$BSNF3VJ[(PO[gMF[ 'BOOZ&TUFMB1FvBJ"OOB0UFSP*CgvF[ %FQBSUBNFOUEF(FSoODJB (FSFOU+PBO.BOVFM4FWJMMBOP$BNQBMBOT %JGVTJwJ4FSWFJ&EVDBUJV/VSJ"MEFHVFS$PSPNJOBT $PNFSDJBMJU[BDJw$BSMFT$FSWFSB3VDBCBEP .hSRVFUJOH4JMWJB/FMMP.BMEJOFZ $PNVOJDBDJw*NNB1BSBEB4PMFS 4FDSFUBSJBJBENJOJTUSBDJw.FSDFEFT"[OBS-BrO $ # 5FBUSP.VTFP%BMr $$ 3FTQPOTBCMFTBEKVOUPT $BSMFT/|vF['FMJQ $BSMFT'POU(BSDJB 4FSWJDJPTEFBDDFTP BUFODJwOBMWJTJUBOUFJOGPSNBDJwO MJNQJF[BNBOUFOJNJFOUPZUJFOEB .BOFM"MCSFEB7JDFOUF 7JDUPS¸MWBSF[4FSSB "TTVNQDJw"SOBMM'JHVFSFT *OnT"ZBUT9BSHBZ 0MHB"ZBUT1JOFEB .BSJOB#BUBMMn4FSSB 4BSB#FM"NBEPS -BVSB#PTDI$BTBNPOU 'JOB$BSCFMP3PESrHVF[ .BSJB7JDUxSJB$BSCFSPM-MBVSBEw 4xOJB$BSCw(BSSJHB /|SJB$FSWFSB7JMB "OJTB$IBFS:FNMBIJ4FSSPVLI .JSFJB$PMM#BSEnT -BVSB$PMM#MBTJ "OOB$SJBEPEF-PQF +PBO$SVBvBT4BSPMB "OOJF$VCJ[PMMFT3PNBO +PSEJ%PNoOFDIEF3PT 3BDIJE&M0VBSJBDIJ "OOB&OSJRVF3FOP /|SJB&TUnWF[3PESrHVF[ "MCB'FJYB$VCJ[PMMFT 7FSxOJDB'FSOgOEF["HVJSSF .FSJUYFMM'FSOgOEF[%PNoOFDI -BVSB'FSOgOEF[4gODIF[ +PTFQ'FSSFJSB7JMBMMPOHB (FSBMEJOF'FSSFS.BSUZ $BSMB'FSSFSwT1BHoT /PoMJB(BSDJB7BMoODJB 5POJ(JGSFV'POU $MBVEJB(zQFM4FSSB 4BOESB(VFSSFSP3FZFT 0MHB,ZMZNOZL -VJTB-wQF[$POUSFSBT +PTFQ.-PSDB7JEBM 3VCnO.BODFSB$BSSJMMP ¸OHFMFT.BSDPT4FSSBOP /PoMJB.BSUrO/BWFT #FSOBSEP+FT|T.FODIwO¸MWBSF[ +PTF¯OB.PSFOP.POUJMMB 1BUSrDJB.PSFOUF+VBOPMB 5FBUSF.VTFV%BMr 3FTQPOTBCMFTBEKVOUT $BSMFT/|vF['FMJQ $BSMFT'POU(BSDJB 4FSWFJTEªBDDnT BUFODJwBMWJTJUBOUJOGPSNBDJw OFUFKBNBOUFOJNFOUJCPUJHB .BOFM"MCSFEB7JDFOUF 7JDUPS¸MWBSF[4FSSB "TTVNQDJw"SOBMM'JHVFSFT *OnT"ZBUT9BSHBZ 0MHB"ZBUT1JOFEB .BSJOB#BUBMMn4FSSB 4BSB#FM"NBEPS -BVSB#PTDI$BTBNPOU 'JOB$BSCFMP3PESrHVF[ .BSJB7JDUxSJB$BSCFSPM-MBVSBEw 4xOJB$BSCw(BSSJHB /|SJB$FSWFSB7JMB "OJTB$IBFS:FNMBIJ4FSSPVLI .JSFJB$PMM#BSEnT -BVSB$PMM#MBTJ "OOB$SJBEPEF-PQF +PBO$SVBvBT4BSPMB "OOJF$VCJ[PMMFT3PNBO +PSEJ%PNoOFDIEF3PT 3BDIJE&M0VBSJBDIJ "OOB&OSJRVF3FOP /|SJB&TUnWF[3PESrHVF[ "MCB'FJYB$VCJ[PMMFT 7FSxOJDB'FSOgOEF["HVJSSF .FSJUYFMM'FSOgOEF[%PNoOFDI -BVSB'FSOgOEF[4gODIF[ +PTFQ'FSSFJSB7JMBMMPOHB (FSBMEJOF'FSSFS.BSUZ $BSMB'FSSFSwT1BHoT /PoMJB(BSDJB7BMoODJB 5POJ(JGSFV'POU $MBVEJB(zQFM4FSSB 4BOESB(VFSSFSP3FZFT 0MHB,ZMZNOZL -VJTB-wQF[$POUSFSBT +PTFQ.-PSDB7JEBM 3VCnO.BODFSB$BSSJMMP ¸OHFMFT.BSDPT4FSSBOP /PoMJB.BSUrO/BWFT #FSOBSEP+FT|T.FODIwO¸MWBSF[ +PTF¯OB.PSFOP.POUJMMB 1BUSrDJB.PSFOUF+VBOPMB $% $& +PTF¯OB.VSJMMP.PSFOP $oMJB/BWFT3PMEgO $BSNFO/BWFT3PMEgO "MCB/FCPU4FSSB .BSUB1BJSw.BHgO &TUFS1BTUPSFU.BSUrO 4FSHJ1FMgF['VSFTU 4IFJMB1nSF[;BS[B 3BZOB)SJTUPWB1FUSPWB +PSEJ1PDI5BSSnT .BSJB1VKPM.PSFU .BOFM2VFS$MBWBHVFSB -BVSB2VFS(VJDI /|SJB3BCFSU4BZw .xOJDB3FJYBDI#PBEB %PMPSFT3PESrHVF["OBZB .BSHBSJUB3PESrHVF[)FSBT 5FSFTB3PWJSB'FSOgOEF[ .BSrB+PTn3VJ[/JvP .POUTFSSBU4BHVn.BUw "OESFB4BOKPTn/|vF[ &VEBME4FSSB'POU "TTVNQDJw5hQJBT$BSCw 3PTB5BSSBEBT"MCBUBOB $BSNF5BSSBHw.BVSJ VSFB5FUJMMB*HMFTJBT $BUIZ5JMMFU-BHJoSSF .BSrB3FNFEJPT5PSSFT%VSgO &WB5PSSFT3rTRVF[ 7FSxOJDB6JUUP -FUJDJB7BMFO[VFMB(JM -JTB8VZUT $BTB.VTFP$BTUJMMP(BMB%BMr 3FTQPOTBCMFTBEKVOUPT /|SJB'FSSFS$BSCw +PBOB1MBOFU$BSOJDn 4FSWJDJPTEFBDDFTP BUFODJwOBMWJTJUBOUFJOGPSNBDJwO MJNQJF[BNBOUFOJNJFOUPZUJFOEB &OSJRVFUB#FSOBM;PNFvP %PMPST'BCSFMMBT7JMB $BSNFO'FSOgOEF["NBEPS .BSJB5FSFTB'FSSFS1MBOB &NNB-MFOTB'JUB 0MHB1SFTBT2VJOUBOB .BSJCFM3BCBvB.BZOBV +PTF¯OB4BMBWFESB$PSOFMMh +PTF¯OB.VSJMMP.PSFOP $oMJB/BWFT3PMEgO $BSNFO/BWFT3PMEgO "MCB/FCPU4FSSB .BSUB1BJSw.BHgO &TUFS1BTUPSFU.BSUrO 4FSHJ1FMgF['VSFTU 4IFJMB1nSF[;BS[B 3BZOB)SJTUPWB1FUSPWB +PSEJ1PDI5BSSnT .BSJB1VKPM.PSFU .BOFM2VFS$MBWBHVFSB -BVSB2VFS(VJDI /|SJB3BCFSU4BZw .xOJDB3FJYBDI#PBEB %PMPSFT3PESrHVF["OBZB .BSHBSJUB3PESrHVF[)FSBT 5FSFTB3PWJSB'FSOgOEF[ .BSrB+PTn3VJ[/JvP .POUTFSSBU4BHVn.BUw "OESFB4BOKPTn/|vF[ &VEBME4FSSB'POU "TTVNQDJw5hQJBT$BSCw 3PTB5BSSBEBT"MCBUBOB $BSNF5BSSBHw.BVSJ VSFB5FUJMMB*HMFTJBT $BUIZ5JMMFU-BHJoSSF .BSrB3FNFEJPT5PSSFT%VSgO &WB5PSSFT3rTRVF[ 7FSxOJDB6JUUP -FUJDJB7BMFO[VFMB(JM -JTB8VZUT $BTB.VTFV$BTUFMM(BMB%BMr 3FTQPOTBCMFTBEKVOUT /|SJB'FSSFS$BSCw +PBOB1MBOFU$BSOJDn 4FSWFJTEªBDDnT BUFODJwBMWJTJUBOUJOGPSNBDJw OFUFKBNBOUFOJNFOUJCPUJHB &OSJRVFUB#FSOBM;PNFvP %PMPST'BCSFMMBT7JMB $BSNFO'FSOgOEF["NBEPS .BSJB5FSFTB'FSSFS1MBOB &NNB-MFOTB'JUB 0MHB1SFTBT2VJOUBOB .BSJCFM3BCBvB.BZOBV +PTF¯OB4BMBWFESB$PSOFMMh $ ' $BTB.VTFP4BMWBEPS%BMr % 3FTQPOTBCMFTBEKVOUPT +FT|T$VBESPT.VHFS[B "OOB.%FTDBNQT1PNnT 4FSWJDJPTEFBDDFTP BUFODJwOBMWJTJUBOUFJOGPSNBDJwO MJNQJF[BNBOUFOJNJFOUPZUJFOEB 7rDUPS"QF[UFHVJB;BSBHP[B .rSJBN#BMMFTUB.BSUrOF[ "OOB.$BNJOBEB-MPSFOT $BSMFT%FTDBNQT3JCBT "OUxOJB%FTDBNQT0SJPM $POYJ%PNrOHVF[1nSF[ /|SJB%VSBO%FTDBNQT &MTB&HFB$BSNPOB 4rMWJB'FSSFS.FOB :PMBOEB(BSDJB.POUPSP 3PCFSU(FOPWnT/|vF[ 7BOFTTB(wNF[4FSJvBOB 1FUSPOFMMB(SPFOFOEBBM "OOBCFM+BFO'BVT "SBDFMJ+VgSF[.BSUrOF[ .BOFM-wQF[#BSSJPT 3PHFS-P[BOP4FSSFU .BSUB.BSUr5SJBE| /PFNr.FSDBEw'FSOgOEF[ 3BRVFM.FSDBEw'FSOgOEF[ &MJTB1PSUBCBMFT'FSOgOEF[ 4VTBOB"IJEFF2VJUP 3VUI4gODIF[#BMMFTUFSPT )FMFOB5IPNBT$PSUBEB .BSUB7JMBOPWB+PV $BTB.VTFV4BMWBEPS%BMr 3FTQPOTBCMFTBEKVOUT +FT|T$VBESPT.VHFS[B "OOB.%FTDBNQT1PNnT 4FSWFJTEªBDDnT BUFODJwBMWJTJUBOUJOGPSNBDJw OFUFKBNBOUFOJNFOUJCPUJHB 7rDUPS"QF[UFHVJB;BSBHP[B .rSJBN#BMMFTUB.BSUrOF[ "OOB.$BNJOBEB-MPSFOT $BSMFT%FTDBNQT3JCBT "OUxOJB%FTDBNQT0SJPM $POYJ%PNrOHVF[1nSF[ /|SJB%VSBO%FTDBNQT &MTB&HFB$BSNPOB 4rMWJB'FSSFS.FOB :PMBOEB(BSDJB.POUPSP 3PCFSU(FOPWnT/|vF[ 7BOFTTB(wNF[4FSJvBOB 1FUSPOFMMB(SPFOFOEBBM "OOBCFM+BFO'BVT "SBDFMJ+VgSF[.BSUrOF[ .BOFM-wQF[#BSSJPT 3PHFS-P[BOP4FSSFU .BSUB.BSUr5SJBE| /PFNr.FSDBEw'FSOgOEF[ 3BRVFM.FSDBEw'FSOgOEF[ &MJTB1PSUBCBMFT'FSOgOEF[ 4VTBOB"IJEFF2VJUP 3VUI4gODIF[#BMMFTUFSPT )FMFOB5IPNBT$PSUBEB .BSUB7JMBOPWB+PV % / FTUVEJPT EFQ|CMJDP FTUVEJT EFQ|CMJD -B 'VOEBDJwO (BMB4BMWBEPS %BMr SFBMJ[B IBCJUVBMNFOUF FTUVEJPT EF Q|CMJDP DVZB HFTUJwOZFWBMVBDJwOQSPQPSDJPOBOJOGPSNBDJwOEFHSBOJOUFSnTTPCSFMBUJQPMPHrBEFM WJTJUBOUF UFOEFODJBT WBMPSBDJwO EF MPT NVTFPT OJWFMFT EF TBUJTGBDDJwO FUDnUFSB &M QSPDFEJNJFOUPEFSFDPHJEBEFEBUPTTFSFBMJ[BBQBSUJSEFVOPTDVFTUJPOBSJPTRVFDBSB BDBSBSFBMJ[BVOFOUSFWJTUBEPSBQFSTPOBMEF"UFODJwOBM7JTJUBOUFEFMPTEJTUJOUPT NVTFPT DPOVOBGSFDVFODJBEFUFSNJOBEBZFTQFDJBMNFOUFFOUSFFMQ|CMJDPJOEJWJEVBM %VSBOUF MPT NFTFT EF UFNQPSBEB BMUB EF KVMJP B TFQUJFNCSF QBSB FM 5FBUSP.VTFP Z EF NFEJBEPT EF KVOJP B NFEJBEPT EF TFQUJFNCSF QBSB MBT DBTBTNVTFP EF 1|CPM Z 1PSUMMJHBU FM O|NFSP EF FODVFTUBT TF JODSFNFOUB BEFDVgOEPTF B MPT IPSBSJPT EF BQFSUVSBZBMJODSFNFOUPEFWJTJUBOUFT %VSBOUFFMBvPTFIBOSFBMJ[BEPVOUPUBMEFFODVFTUBTFOFM5FBUSP .VTFP%BMrEF'JHVFSFTFOFM$BTUJMMP(BMB%BMrEF1|CPMZFOMB$BTB4BMWBEPS %BMr EF 1PSUMMJHBU &O FM 5FBUSP.VTFV %BMr EF 'JHVFSFT TF IBO SFBMJ[BEP FODVFTUBT EFFOFSPBEJDJFNCSFFOFM$BTUJMMPEF1|CPMEFNBS[PBEJDJFNCSFZFOMB$BTBEF 1PSUMMJHBUEFNBS[PBPDUVCSF %" $PNPOPWFEBETFIBJOUSPEVDJEPVOBQSFHVOUBRVFTFIBCrBSFDMBNBEPEFTEFEJTUJOUPT TFDUPSFTBQSPQwTJUPEFMBQPTJCMFJODJEFODJBEFM"FSPQVFSUP$PTUB#SBWB(JSPOBEF 7JMPCrEª0OZBSFOMBB°VFODJBEFWJTJUBOUFTBMPT.VTFPT%BMr-BSFTQVFTUBFTRVF FMEFMTWJTJUBOUFTFODVFTUBEPTFOFM5FBUSP.VTFPFMEFMPTEFM$BTUJMMPEF 1|CPMZFMEFMPTEFMB$BTBEF1PSUMMJHBUIBOMMFHBEPBOVFTUSBTUJFSSBTBUSBWnTEF FTUFBFSPQVFSUPÂOJDBNFOUFFOFM$BTUJMMPEF1|CPMTPONBZPSJUBSJPTMPTFODVFTUBEPT QSPWFOJFOUFTEFMBFSPQVFSUPEF(JSPOB RVFEFMBFSPQVFSUPEF#BSDFMPOB IFDIPRVFQPESrBFYQMJDBSTFQPSMBNBZPSQSPYJNJEBEHFPHSg¯DB-BNBZPSrBEFMPT DVFTUJPOBEPTBTFHVSBOMMFHBSB$BUBMVvBQPSDBSSFUFSBFMFOFM5FBUSP.VTFPFM FOFM$BTUJMMPEF1|CPMZFMFOMB$BTBEF1PSUMMJHBU "OBMJ[BOEPMPTSFTVMUBEPTPCUFOJEPTVOPEFMPTEBUPTRVFDPOUJO|BEFTUBDBOEPFTFM JODSFNFOUPTPTUFOJEPFOFMVTPEFJOUFSOFUDPNPGVFOUFEFJOGPSNBDJwOZHFTUJwOEFMBT WJTJUBTQBTBOEPEFM BM FOFM5FBUSP.VTFP$POMBJOUSPEVDDJwO EF MB WFOUB EF FOUSBEBT B USBWnT EFM XFC EF MB 'VOEBDJwO XXXTBMWBEPSEBMJPSH FTUFJODSFNFOUPTFSgDBEBWF[NgTJNQPSUBOUFZBRVFTFUSBUBEFVOTFSWJDJPNVZ WBMPSBEPQPSMPTJOUFSOBVUBT1PSDPOUSBUBNCJnOEFGPSNBTPTUFOJEBTFBQSFDJBVOB EJTNJOVDJwOFOFMVTPEFMBTIFSSBNJFOUBTUSBEJDJPOBMFTEFJOGPSNBDJwOTPCSFUPEP EFMgNCJUPUVSrTUJDPP¯DJOBTEFUVSJTNPBHFODJBTEFWJBKFTIPUFMFTFUD &ODVBOUPBMQFS¯MEFMPTFODVFTUBEPTEFM5FBUSP.VTFP%BMrEF'JHVFSFTUJFOFOFOUSF ZBvPT DPOUJO|BOTJFOEPFOTVNBZPSrBGSBODFTFT RVFTFBMPKBOFO VOIPUFM EF#BSDFMPOB WJBKBOFOGBNJMJB ZWJTJUBOQPSQSJNFSBWF[ FM.VTFP%BMr 4FQSFTFOUBOBDPOUJOVBDJwOMPTSFTVMUBEPTEFMBTFODVFTUBTSFBMJ[BEBTFODBEBVOPEF MPTNVTFPTFOGPSNBEFHSg¯DPT -B 'VOEBDJw (BMB4BMWBEPS %BMr SFBMJU[B IBCJUVBMNFOU FTUVEJT EF Q|CMJD MB HFTUJw J BWBMVBDJw EFMT RVBMT QSPQPSDJPOFO JOGPSNBDJw EF HSBO JOUFSoT TPCSF MB UJQPMPHJB EFM WJTJUBOU UFOEoODJFT WBMPSBDJw EFMT NVTFVT OJWFMMT EF TBUJTGBDDJw FUDoUFSB &M QSPDFEJNFOU EF SFDPMMJEB EF EBEFT FT SFBMJU[B B QBSUJS EªVOT RFTUJPOBSJT RVF DBSB B DBSB SFBMJU[B VO FOUSFWJTUBEPSB QFSTPOBM Eª"UFODJw BM 7JTJUBOU EFMT EJGFSFOUT NVTFVT BNCVOBGSFRoODJBEFUFSNJOBEBJFTQFDJBMNFOUFOUSFFMQ|CMJDJOEJWJEVBM %VSBOUFMTNFTPTEFUFNQPSBEBBMUBEFKVMJPMBTFUFNCSFQFSBM5FBUSF.VTFVJEF NJUKBOTEFKVOZBNJUKBOTEFTFUFNCSFQFSBMFTDBTFTNVTFVEF1|CPMJ1PSUMMJHBU FM OPNCSFEªFORVFTUFTTªJODSFNFOUBBEFRVBOUTFBMTIPSBSJTEªPCFSUVSBJBMªJODSFNFOU EFWJTJUBOUT %VSBOUMªBOZTªIBOSFBMJU[BUVOUPUBMEFFORVFTUFTBM5FBUSF.VTFV %BMrEF'JHVFSFTBM$BTUFMM(BMB%BMrEF1|CPMJBMB$BTB4BMWBEPS%BMrEF 1PSUMMJHBU "M 5FBUSF.VTFV %BMr EF 'JHVFSFT TªIBO SFBMJU[BU FORVFTUFT EF HFOFS B EFTFNCSFBM$BTUFMMEF1|CPMEFNBSmBEFTFNCSFJBMB$BTBEF1PSUMMJHBUEFNBSmB PDUVCSF $PN B OPWFUBU TªIB JOUSPEVuU VOB QSFHVOUB RVF TªIBWJB SFDMBNBU EFT EF EJWFSTPT TFDUPSTBQSPQxTJUEFMBQPTTJCMFJODJEoODJBEFMª"FSPQPSU$PTUB#SBWB(JSPOBEF7JMPCr Eª0OZBS FO MªB°VoODJB EF WJTJUBOUT BMT .VTFVT %BMr -B SFTQPTUB nT RVF FM EFMT WJTJUBOUTFORVFTUBUTBM5FBUSF.VTFVFMEFMTEFM$BTUFMMEF1|CPMJFMEFMT EFMB$BTBEF1PSUMMJHBUIBOBSSJCBUBMFTOPTUSFTUFSSFTQFSBRVFTUBFSPQPSU/PNnT BM$BTUFMMEF1|CPMTwONBKPSJUBSJTFMTFORVFTUBUTQSPWJOFOUTEFMªBFSPQPSUEF(JSPOB RVFEFMªBFSPQPSUEF#BSDFMPOB GFURVFFTQPESJBFYQMJDBSQFSMBNBKPS QSPYJNJUBUHFPHSh¯DB-BNBKPSQBSUEFMTRFTUJPOBUTBTTFHVSFOBSSJCBSB$BUBMVOZB QFSDBSSFUFSBFMBM5FBUSF.VTFVFMBM$BTUFMMEF1|CPMJFMBMB$BTBEF 1PSUMMJHBU "OBMJU[BOU FMT SFTVMUBUT PCUJOHVUT VOB EF MFT EBEFT RVF DPOUJOVB EFTUBDBOU nT MªJODSFNFOU TPTUJOHVU FO Mª|T EªJOUFSOFU DPN B GPOU EªJOGPSNBDJw J HFTUJw EF MFT WJTJUFTQBTTBOUEFM BM BM5FBUSF.VTFV"NCMBJOUSPEVDDJwEF MB WFOEB EªFOUSBEFT B USBWnT EFM XFC EF MB 'VOEBDJw XXXTBMWBEPSEBMJPSH BRVFTU JODSFNFOUTFShDBEBWFHBEBNnTJNQPSUBOUKBRVFFTUSBDUBEªVOTFSWFJNPMUWBMPSBU QFMTJOUFSOBVUFT1FSDPOUSBUBNCnEFNBOFSBTPTUJOHVEBTªBQSFDJBVOBEJTNJOVDJw FOMª|TEFMFTFJOFTUSBEJDJPOBMTEªJOGPSNBDJwTPCSFUPUEFMªhNCJUUVSrTUJDP¯DJOFTEF UVSJTNFBHoODJFTEFWJBUHFTIPUFMTFUD 2VBOUBMQFS¯MEFMTFORVFTUBUTEFM5FBUSF.VTFV%BMrEF'JHVFSFTUFOFOFOUSFJ BOZT DPOUJOVFOFTTFOUFOMBTFWBNBKPSJBGSBODFTPT RVFTªBMMPUHFOFO VOIPUFM B#BSDFMPOB WJBUHFOBNCMBGBNrMJB JWJTJUFOQFSQSJNFSB WFHBEBFM.VTFV%BMr &TQSFTFOUFOBDPOUJOVBDJwFMTSFTVMUBUTEFMFTFORVFTUFTSFBMJU[BEFTBDBEBVOEFMT NVTFVTFOGPSNBEFHSh¯DT %# &/$6&45".64&04%"-»5&"530.64&0%"-» &/26&45".64&64%"-»5&"53&.64&6%"-» 1&3'*-%&-7*4*5"/5& 1&3'*-%&-7*4*5"/5 21.121.A :R[\_QR%N\` :R[\_QR%N[f` =?<32@6Æ;=?<32@@6Æ % 7bOVYNQ\ 7bOVYNa ":Nf\_QR#"N\` :NW\_QR#"N[f` #!N#"N\` !N#"N[f` $ &N"N\` &N"N[f` .ba[\Z\ .ba[\Z ! <a_\` .Ya_R` =_\SR`V[YVOR_NY =_\SR``VYVOR_NY # 2Z]_R`N_V\ 2Z]_R`N_V 1\PR[aR 1\PR[a .`NYN_VNQ\ .``NYN_VNa &#N!N\` #N!N[f` 616<:.BA696G.1<616<:.BA696AG.A %$ $ 0NaNYs[ 0NaNYt "<a_\` .Ya_R` !3b[PV\[N_V\ 3b[PV\[N_V %2`abQVN[aR 2`abQVN[a .9<7.:62;A<9<0.961.1.99<A7.:2;A9<0.96A.A #<a_\`1R]N`\ .Ya_R`1R]N` 0N`aRYYN[\ 0N`aRYYt /N_PRY\[N % .YRZs[ .YRZN[f #3VTbR_R` ! 3_N[Pz` 3_N[P{` # 6[TYz` .[TY{` &0\`aN/_NcN .9<7.:62;A<2@A./9206:62;A< .99<A7.:2;A2@A./96:2;A &0NZ]V[T 0tZ]V[T $4V_\[N 0NQN^bz` A?.;@=<?A2A?.;@=<?A %<a_\` .Ya_R` <a_\` .Ya_R` !%5\aRY $.YOR_TbR =R[`V[ .YOR_T =R[`V &A_R[ " 0N`N =N_aVPbYN_ .]N_aNZR[a\ .]N_aNZR[a !/b`Y~[RN /b`Y~[VN 0\PURNY^bVYR_ 0\aeRYY\TbR_ ""0\PUR]N_aVPbYN_ 0\aeR]N_aVPbYN_ =?<0212;06.=?<021Á;06. 0NaNYbN 0NaNYb[fN ?R`a\2`aNQ\ R`]N\Y ?R`aN2`aNa R`]N[f\Y 3_N[PVN 3_N[yN .YRZN[VN .YRZN[fN $ 4_N[/_RaNN 4_N[/_RaN[fN " <a_\`2b_\]N .Ya_R`2b_\]N ! .Zz_VPN QRY;\_aR .Z{_VPN QRY;\_Q % .Zz_VPN 0R[a_\@b_ .Z{_VPN 0R[a_R@bQ # ! " <a_\` .Ya_R` # $ # " 9924..0.A.9B;F.=<?.??6/..0.A.9B;F.=2? "A_R[ <a_\` .Ya_R` $.R_\]bR_a\4V_\[N .R_\]\_a4V_\[N "0N__RaR_N .R_\]bR_a\/0; .R_\]\_a/0; " [email protected]:B@2B0<;[email protected]:B@2B.:/ 4_b]\ 4_b] #.ZVT\`N` .ZVP` <a_\` .Ya_R` $@\Y\N @\Y "3NZVYVN 3NZ~YVN % % %*'64*¾/ %*'64*¾ 292:2;A<@12163B@6Æ;292:2;A@12163B@6Æ "<SVPV[NQRab_V`Z\ <SVPV[NQRab_V`ZR !.TR[PVNQRcVNWR` .T{[PVNQRcVNaTR` %=_R[`NAC?NQV\ =_RZ`NAC?tQV\ %.ZVT\`N` .ZVP` # 4b~N`QR cVNWR` 4bVR`QR cVNaTR` 5\aRY & <a_\` .Ya_R` % 6[aR_[Ra '3&$6&/$*":%63"%"%&-"7*4*5" '3&2f¹/$*"*%63"%"%&-"7*4*5" %& [email protected]:B@2B=<[email protected]:B@2B=2? A62:=<12160.1<.9.C6@6A. A2:[email protected]@6A. ! ¡cRg ¡cRTNQN ¡cRg ¡cRTNQN # :s`QRU\_N` :z`QRU\_R` % ¡cRg ¡cRTNQN "U\_N <A?.@C6@6A.@?29.06<;.1.@0<;1.9 .9A?2@C6@6A2@?29.06<;.12@.:/1.9 :R[\`QRU\_N :R[f`Q¹U\_N U\_N` U\_R` ¡[email protected]<<=62;@.C6@6A.?364B2?2@, [email protected]<=2;@.C6@6A.?364B2?2@, !0N`aVYY\QR=O\Y 0N`aRYYQR=O\Y &0N`NQR=\_aYYVTNa 1NY~Ã7\fN` 1NY~Ã7\VR` # ;V[Tb[N 0N] 1NY~ :b`RbZ 3Y\_VQN <a_N` Re]\`VPV\[R` .Ya_R` Re]\`VPV\[` !" ;\ ""@~ @V <=6;6Æ;49</.9129:B@2< <=6;6Æ49</.9129:B@2B ;\P\[aR`aN :NY:NYNZR[a % /VR[ /z ! 2ePR]PV\[NY !#:bfOVR[ :\YaOz </[email protected];@A.9.06Æ;>[email protected].?Â.</[email protected];@A.9¹9.06Æ>[email protected].?6. 9RQN.aZVPN 9RQN.aZVPN >bN[0Nb0Nb =\R`~NQR.Zz_VPN =\R`VNQ¹.Z{_VPN 2Y=N[2Y=N @NYN=NYNPV\QRYCVR[a\ @NYN=NYNbQRYCR[a 5\Y\T_NZN`5\Y\T_NZR` 2YRQVSVPV\9¹RQVSVPV @NYN:NRDR`a @NYN=Vae\a 4NYN_V[N 1VObW\`1VObVe\` ;\`NOR;\`N] &<a_N`.Ya_R` % A\Q\ A\a @NYN=R`PNQR_~N` @NYN=RVeNaR_VR` 0_V]aN 4NYNaRNQRYN`2`SR_N` 4NYNaRNQRYR`2`SR_R` @NYN2`aR_R\`P\]~N` @NYN2`aR_R\`P]VR` @NYNAR`\_\ @NYNA_R`\_ =NaV\0NQVYYNP =NaV0NQVYYNP %9V[P\Y[ $2`PR[N_V\0]bYN 2`PR[N_V0]bYN %' $"4".64&0$"45*--0("-"%"-»1Â#0- $"4".64&6$"45&--("-"%"-»1Â#0- 1&3'*-%&-7*4*5"/5& 1&3'*-%&-7*4*5"/5 21.121.A :R[\_QR%N\` :R[\_QR%N[f` =?<32@6Æ;=?<32@@6Æ %:Nf\_QR#"N\` :NW\_QR#"N[f` &N"N\` &N"N[f` !<a_N` .Ya_R` =_\SR`V[YVOR_NY =_\SR``VYVOR_NY !.ZNQRPN`N :R`a_R``N QRPN`N 7bOVYNQ\ 7bOVYNa 1\PR[aR 1\PR[a $ .`NYN_VNQ\ .``NYN_VNa " !N#"N\` !N#"N[f` !#N!N\` #N!N[f` !3b[PV\[N_V\ 3b[PV\[N_V !2`abQVN[aR 2`abQVN[a 616<:.BA696G.1<5./6AB.9:2;A2 616<:.BA696AG.A5./6AB.9:2;A & 6aNYVN[\ 6aNYVt 3VTbR_R` !/N_PRY\[NPVbQNQ /N_PRY\[NPVbaNa %6[TYz` .[TY{` 0\ZR_PVN[aR 0\ZR_PVN[a $ .QZV[V`a_NaVc\ .QZV[V`a_NaVb .ba[\Z\ .ba[\Z .9<7.:62;A<9<0.961.1.99<A7.:2;A9<0.96A.A "<a_\` .Ya_R` !.YRZs[ .YRZN[f 4V_\[NV[aR_V\_ 4V_\[NPVbaNa 4V_\[NPVbQNQ 0NQN^bz` $0NaNYs[ 0NaNYt $3_N[Pz` 3_N[P{` .Ya_R` QR]N` <a_\` 1R]N`\ !&0\`aN/_NcN %0N`aRYYN[\ 0N`aRYYt .9<7.:62;A<2@A./9206:62;A< .99<A7.:2;A2@A./96:2;A A?.;@=<?A2A?.;@=<?A A_R[ &<a_\` .Ya_R` "<a_\`.Ya_R` /b`Y~[RN/b`Y~[VN &0NZ]V[T 0tZ]V[T $5\aRY 0\PURNY^bVYR_ 0\aeRYY\TbR_ &0N`N =N_aVPbYN_ %0\PUR]N_aVPbYN_ 0\aeR]N_aVPbYN_ .]N_aNZR[a\ .]N_aNZR[a =?<0212;06.=?<021Á;06. 0NaNYbN 0NaNYb[fN ?R`a\2`aNQ\ R`]N\Y ?R`aN2`aNa R`]N[f\Y 3_N[PVN 3_N[yN .YRZN[VN .YRZN[fN 4_N[/_RaNN 4_N[/_RaN[fN /R[RYbe /R[RYbe 6aNYVN 6atYVN <a_\`2b_\]N .Ya_R`2b_\]N & .Zz_VPN QRY;\_aR .Z{_VPN QRY;\_Q .Zz_VPN 0R[a_\@b_ .Z{_VPN 0R[a_R@bQ ! " <a_\` .Ya_R` # $ [email protected]:B@2<[email protected]:B@2B 9924..0.A.9Bo.=<?.??6/..0.A.9B;F.=2? #.R_\]bR_a\QR4V_\[N .R_\]\_aQR4V_\[N A_R[ .R_\]bR_a\ QR/N_PRY\[N .R_\]\_a QR/N_PRY\[N #&0N__RaR_N ! 0\[.ZVT\`N` .ZO.ZVP` !<a_\` .Ya_R` @\Y\N @\Y %0\[YNSNZVYVN .ZOYNSNZ~YVN %*'64*¾/ %*'64*¾ 292:2;A<@12163B@6Æ;292:2;A@12163B@6Æ &<SVPV[NQRab_V`Z\ <SVPV[NQRab_V`ZR # <a_\` FNY\P\[\P~N[ .Ya_R` 7NRYP\[RVeVR[ .TR[PVNQRcVNWR` .T{[PVNQRcVNaTR` =_R[`NAC?NQV\ =_RZ`NAC?tQV\ %4b~N` QRcVNWR` 4bVR` QRcVNaTR` .ZVT\`N` .ZVP` 2[RYARNa_\:b`R\ .YARNa_R:b`Rb 2[=\_aYYVTNa .=\_aYYVTNa !5\aRY "6[aR_[Ra '3&$6&/$*":%63"%"%&-"7*4*5" '3&2f¹/$*"*%63"%"%&-"7*4*5" [email protected]:B@2<=<[email protected]:B@2<=2? & ¡cRg ¡cRTNQN A62:=<12160.1<.9.C6@6A. A2:[email protected]@6A. ! ¡cRg\Zs` ¡cRTNQN\Zz` "U\_N` U\_R` !:R[\`QRU\_N :R[f`Q¹U\_N " U\_N %#¡cRg ¡cRTNQN <=6;6Æ;49</.9129:B@2< <=6;6Æ49</.9129:B@2B <A?.@C6@6A.@?29.06<;.1.@0<;1.9 .9A?2@C6@6A2@?29.06<;.12@.:/1.9 "<a_N`Re]\`VPV\[R` .Ya_R`Re]\`VPV\[` $;V[Tb[N 0N] ! ARNa_\:b`R\1NY~ ARNa_R:b`Rb1NY~ /VR[ /z #2ePR]PV\[NY 0N`NQR =\_aYYVTNa !1NY~Ã7\fN` 1NY~Ã7\VR` # :bfOVR[ :\YaOz </[email protected];@A.9.06Æ;>[email protected].?Â.</[email protected];@A.9¹9.06Æ>[email protected].?6. $ <a_\` .Ya_R` A\Q\ A\a 9NP_V]aN 2YR[a\_[\ 9¹R[a\_[ "9\`cR`aVQ\` 2Y`cR`aVa` !2YRQVSVPV\ 9¹RQVSVPV !2YP\ZRQ\_ 2YZR[WNQ\_ "9N`NYNQRY\`R`PbQ\` 9N`NYNQRY`R`Pba` 9NRe]\`VPVaRZ]\_NY 9¹Re]\`VPVaRZ]\_NY "9N`NYNQRY]VN[\ 9N`UNOVaNPV\[R` 9R`UNOVaNPV\[` 2Y7N_Q~[ 2Y7N_Q~ !9NUNOVaNPVQR4NYN 9¹UNOVaNPVQR4NYN 2YON\QR4NYN 2YON[fQR4NYN &! $"4"4"-7"%03%"-»1035--*("5 $"4"4"-7"%03%"-»1035--*("5 1&3'*-%&-7*4*5"/5& 1&3'*-%&-7*4*5"/5 21.121.A #:R[\_QR%N\` :R[\_QR%N[f` !N#"N\` !N#"N[f` #:Nf\_QR#"N\` :NW\_QR#"N[f` &N"N\` &N"N[f` =?<32@6Æ;=?<32@@6Æ ._aV`aN $ .ZNQRPN`N :R`a_R``NQRPN`N $ <a_N` .Ya_R` =_\SR`V[YVOR_NY =_\SR``VYVOR_NY #3b[PV\[N_V\ 3b[PV\[N_V 1\PR[aR 1\PR[a 7bOVYNQ\ 7bOVYNa !0\ZR_PVN[aR 0\ZR_PVN[a .`NYN_VNQ\ .``NYN_VNa !#N!N\` #N!N[f` 2`abQVN[aR 2`abQVN[a 616<:.BA696G.1<5./6AB.9:2;A2 616<:.BA696AG.A5./6AB.9:2;A &" #6aNYVN[\ 6aNYVt ".YRZs[ .YRZN[f .9<7.:62;A<9<0.961.1.99<A7.:2;A9<0.96A.A !<a_\` .Ya_R` &<a_\` .Ya_R` 0NaNYs[ 0NaNYt #1R]N`\ 1R]N` &/N_PRY\[N #3VTbR_R` 4V_\[N %6[TYz` .[TY{` $.QZV[V`a_NaVc\ .QZV[V`a_NaVb #0N`aRYYN[\ 0N`aRYYt 3_N[Pz` 3_N[P{` 0\`aN/_NcN .9<7.:62;A<2@A./9206:62;A< .99<A7.:2;A2@A./96:2;A $ <a_\`1R]N`\ .Ya_R`QR]N` "0NZ]V[T 0tZ]V[T $.YOR_TbR =R[`V[ .YOR_T =R[`V 0N`N=N_aVPbYN_ #.]N_aNZR[a\ .]N_aNZR[a A?.;@=<?A2A?.;@=<?A #/b`T_b]\a\b_ /b`T_b]a\b_ !!5\aRY "0NQN^bz` !<a_\` .Ya_R` $ /b`Y~[RN /b`Y~[VN "0\PUR NY^bVYR_ 0\aeR YY\TbR_ #%0\PUR]N_aVPbYN_ 0\aeR]N_aVPbYN_ =?<0212;06.=?<021Á;06. 0NaNYbN 0NaNYb[fN ?R`a\2`aNQ\ R`]N\Y ?R`aN2`aNa R`]N[f\Y 3_N[PVN 3_N[yN .YRZN[VN .YRZN[fN 4_N[/_RaNN 4_N[/_RaN[fN 6aNYVN 6atYVN /R[RYbe /R[RYbe <a_\`2b_\]N .Ya_R`2b_\]N &# .Zz_VPNQRY ;\_aR@b_ .Z{_VPNQRY ;\_Q@bQ ! " <a_\` .Ya_R` # $ 9924..0.A.9Bo.=<?.??6/..0.A.9B;F.=2? "<a_\`.Ya_R` A_R[ $ 0N__RaR_N [email protected]:B@2<[email protected]:B@2B #.R_\]bR_a\QR4V_\[N .R_\]\_aQR4V_\[N ".R_\]bR_a\ QR/N_PRY\[N .R_\]\_a QR/N_PRY\[N ! 4_b]\ 4_b] #@\Y\N @\Y $.ZVT\`N` .ZVP` #!3NZVYVN 3NZ~YVN %*'64*¾/ %*'64*¾ 292:2;A<@12163B@6Æ;292:2;A@12163B@6Æ $<a_\`FNY\P\[\P~N[ .Ya_R`7NRYP\[RVeVR[ <SVPV[NQRab_V`Z\ <SVPV[NQRab_V`ZR .TR[PVNQRcVNWR` .T{[PVNQRcVNaTR` =_R[`NAC?NQV\ =_RZ`NAC?tQV\ $ 4b~N` QRcVNWR` 4bVR` QRcVNaTR` 5\aRY .ZVT\`N` .ZVP` 6[aR_[Ra '3&$6&/$*":%63"%"%&-"7*4*5" '3&2f¹/$*"*%63"%"%&-"7*4*5" &$ [email protected]:B@2<=<[email protected]:B@2B=2? "¡cRg ¡cRTNQN ¡cRg\Zs` ¡cRTNQN\Zz` 1RZN`VNQ\YN_T\ :N``NYYN_T &!¡cRg ¡cRTNQN <A?.@C6@6A.@?29.06<;.1.@0<;1.9 .9A?2@C6@6A2@?29.06<;.12@.:/1.9 :b`R\1NY~QR @N[=RaR_`Ob_T\ :b`Rb1NY~QR @N[a=RaR_`Ob_T $<a_N`Re]\`VPV\[R` .Ya_R`Re]\`VPV\[` C.9<?.06Æ;129A62:=<=?<4?.:.1<12C6@6A. C.9<?.06Æ129A2:=@=?<4?.:.A12C6@6A. &0N`aVYY\QR=O\Y 0N`aRYYQR=O\Y <a_\`.Ya_R` !%2`PN`\ 2`Pt` !&.QRPbNQ\ .QR^bNa ¡[email protected]<<=62;@.C6@6A.?0.1.>Bn@, [email protected]<=2;@.C6@6A.?0.1.>Bn@, ;\ &1NY~Ã7\fN` 1NY~Ã7\VR` &%@~@~ " ARNa_\:b`R\1NY~3VTbR_R` ARNa_R:b`Rb1NY~3VTbR_R` <=6;6Æ;49</.9129:B@2< <=6;6Æ49</.9129:B@2B :NY:NYNZR[a ;\`NOR;\`N] "2ePR]PV\[NY /VR[ /z !:bfOVR[ </[email protected];@A.9.06Æ;>[email protected].?Â.</[email protected];@A.9¹9.06Æ>[email protected].?6. #0_V`a\QRY\`R`P\ZO_\` 0_V`aQRYR`R`P\ZO_N_VR` <a_\` .Ya_R` &ANYYR_ %=NY\ZN_ 0\Y\ZN_ " 1\_ZVa\_V\ 1\_ZVa\_V A\QNYNPN`N A\aNYNPN`N CR`aVQ\_ $ @NYN<cNY $0N_NP\Y 0N_T\Y =V`PV[N $=NaV\QRYN`aNgN` =NaVQRYR`aN``R` "@NYNNZN_VYYN @NYNT_\TN &% 0 JOGPSNF EFHFTUJwO FDPOwNJDB JOGPSNF EFHFTUJw FDPOxNJDB .&.03*"&$0/¾.*$"$033&410/%*&/5& "-&+&3$*$*0 "$5*7*%"%%&-"'6/%"$*¾/ -B'VOEBDJwOUJFOFQPSPCKFUPQSPNPDJPOBSGPNFOUBSEJWVMHBSQSFTUJHJBSQSPUFHFS Z EFGFOEFS FO FM UFSSJUPSJP EFM &TUBEP FTQBvPM Z FO FM EF DVBMRVJFS PUSP &TUBEP MB PCSBBSUrTUJDBDVMUVSBMFJOUFMFDUVBMEFMQJOUPSFTQBvPM4BMWBEPS%BMr%PNoOFDITVT CJFOFTZEFSFDIPTEFDVBMRVJFSOBUVSBMF[BTVFYQFSJFODJBWJUBMTVQFOTBNJFOUPZTVT JORVJFUVEFTQSPZFDUPTFJEFBTZPCSBTBSUrTUJDBTJOUFMFDUVBMFTZDVMUVSBMFTTVNFNPSJB ZFMSFDPOPDJNJFOUPVOJWFSTBMEFTVHFOJBMBQPSUBDJwOBMBTCFMMBTBSUFTBMBDVMUVSBZ BMQFOTBNJFOUPDPOUFNQPSgOFPBSUEFMPT&TUBUVUPT 1BSBDVNQMJSFTUPTPCKFUJWPTMB'VOEBDJwOIBSFBMJ[BEPMBTBDUJWJEBEFTEFTDSJUBTBMP MBSHPEFFTUBNFNPSJB #"4&4%&13&4&/5"$*¾/%&-"4$6&/5"4"/6"-&4 ' -BTDVFOUBTBOVBMFTTFIBOQSFQBSBEPBQBSUJSEFMPTSFHJTUSPTDPOUBCMFTEFMB'VOEBDJwO IBCJnOEPTFBQMJDBEPMBTEJTQPTJDJPOFTMFHBMFTWJHFOUFTFONBUFSJBDPOUBCMFBMPCKFUP EFNPTUSBSMBJNBHFO¯FMEFMQBUSJNPOJPMBTJUVBDJwO¯OBODJFSBZMPTSFTVMUBEPTEF MBTPQFSBDJPOFT -BT DVFOUBT BOVBMFT BEKVOUBT TF IBO GPSNVMBEP BQMJDBOEP MPT QSJODJQJPT DPOUBCMFT FTUBCMFDJEPT FO FM $wEJHP EF $PNFSDJP FM 1MBO (FOFSBM EF $POUBCJMJEBE BQSPCBEP QPS 3FBM %FDSFUP EF EF EJDJFNCSF Z MBT /PSNBT EF BEBQUBDJwO EFM 1MBO(FOFSBMEF$POUBCJMJEBEBMBTFOUJEBEFTTJO¯OFTMVDSBUJWPTBQSPCBEBTQPS3FBM %FDSFUPEFEFBCSJM %FBDVFSEPDPOMBMFHJTMBDJwONFSDBOUJMTFQSFTFOUBOBFGFDUPTDPNQBSBUJWPTQBSBDBEB VOBEFMBTQBSUJEBTEFMCBMBODFEFMBDVFOUBEFSFTVMUBEPTZEFMDVBESPEF¯OBODJBDJwO BEFNgTEFMBTDJGSBTEFMFKFSDJDJPMBTDPSSFTQPOEJFOUFTBMFKFSDJDJPBOUFSJPS &M CBMBODF P¯DJBM QSFTFOUBEP BQBSUBEP #BMBODF TJO BDUVBMJ[BDJwO EFM WBMPS EFM QBUSJNPOJP BSUrTUJDP DPOUBCJMJ[B FM QBUSJNPOJP BSUrTUJDP FO GVODJwO EF TV QSFDJP EF BERVJTJDJwO $PO FMMP TF BQMJDB MB JOUFSQSFUBDJwO FGFDUVBEB QPS FM 1SPUFDUPSBEP EF'VOEBDJPOFTEFMB/PSNBTFYUBEFWBMPSBDJwOEFMBRVJOUBQBSUFEFMDJUBEP3FBM %FDSFUP3FTPMVDJwOEFEFBCSJMEF +VOUPBMCBMBODFP¯DJBMTFQSFTFOUBPUSPEFDBSgDUFSJOGPSNBUJWP¦BQBSUBEP#BMBODF DPO BDUVBMJ[BDJwO EFM WBMPS EFM QBUSJNPOJP BSUrTUJDP¦ FO FM RVF TF DPOUBCJMJ[B FM QBUSJNPOJPBSUrTUJDPEFMB'VOEBDJwOFOGVODJwOEFTVWBMPSEFNFSDBEP(SBDJBTB FTUF DSJUFSJP EF WBMPS FM CBMBODF JOGPSNBUJWP QSFTFOUBEP FYQSFTB MB JNBHFO ¯FM EFM QBUSJNPOJP EF OVFTUSB FOUJEBE UBM DPNP FYJHFO MBT EJTQPTJDJPOFT DPOUFOJEBT FO MB QSJNFSBQBSUF1SJODJQJPTDPOUBCMFT ZFOMBDVBSUBQBSUF$POUFOJEPEFMBNFNPSJB EFM 3FBM %FDSFUP QPS FM RVF TF BQSVFCBO MBT /PSNBT EF BEBQUBDJwO EFM 1MBO (FOFSBM EF $POUBCJMJEBE B MBT FOUJEBEFT TJO ¯OFT MVDSBUJWPT Z MBT /PSNBT EF JOGPSNBDJwOQSFTVQVFTUBSJBEFFTUBTFOUJEBEFT .&.À3*"&$0/À.*$"$033&410/&/5 "-ª&9&3$*$* "$5*7*5"5%&-"'6/%"$*¾ -B 'VOEBDJw Un QFS PCKFDUF QSPNPDJPOBS GPNFOUBS EJWVMHBS QSFTUJHJBS QSPUFHJS J EFGFOTBS FO FM UFSSJUPSJ EF Mª&TUBU FTQBOZPM J FO FM EF RVBMTFWPM BMUSF FTUBU MªPCSB BSUrTUJDBDVMUVSBMJJOUFM²MFDUVBMEFMQJOUPSFTQBOZPM4BMWBEPS%BMr%PNoOFDIFMTTFVT CnOTJESFUTEFRVBMTFWPMOBUVSBMFTBMBTFWBFYQFSJoODJBWJUBMFMTFVQFOTBNFOUJMFT TFWFTJORVJFUVETQSPKFDUFTJEFFTJPCSFTBSUrTUJRVFTJOUFM²MFDUVBMTJDVMUVSBMTMBTFWB NFNxSJBJFMSFDPOFJYFNFOUVOJWFSTBMEFMBTFWBHFOJBMBQPSUBDJwBMFTCFMMFTBSUTBMB DVMUVSBJBMQFOTBNFOUDPOUFNQPSBOJBSUEFMTFTUBUVUT 1FSDPNQMJSBRVFTUTPCKFDUJVTMB'VOEBDJwIBSFBMJU[BUMFTBDUJWJUBUTRVFFTEFTDSJVFO FOBRVFTUB.FNxSJB #"4&4%&13&4&/5"$*¾%&-4$0.15&4"/6"-4 &MTDPNQUFTBOVBMTTªIBOQSFQBSBUBQBSUJSEFMTSFHJTUSFTDPNQUBCMFTEFMB'VOEBDJwUPU BQMJDBOUMFTEJTQPTJDJPOTMFHBMTWJHFOUTFONBUoSJBDPNQUBCMFB¯JFGFDUFEFNPTUSBS MBJNBUHF¯EFMEFMQBUSJNPOJMBTJUVBDJw¯OBODFSBJFMTSFTVMUBUTEFMFTPQFSBDJPOT &MTDPNQUFTBOVBMTBEKVOUTTªIBOPCUJOHVUBQMJDBOUFMTQSJODJQJTDPNQUBCMFTFTUBCMFSUT BM$PEJEFDPNFSmBM1MBHFOFSBMEFDPNQUBCJMJUBUBQSPWBUQFS3FJBMEFDSFU EFEFEFTFNCSFJBMFT/PSNFTEªBEBQUBDJwEFM1MBHFOFSBMEFDPNQUBCJMJUBUBMFT FOUJUBUTTFOTF¯OBMJUBUTMVDSBUJWFTBQSPWBEFTQFS3FJBMEFDSFUEFEªBCSJM %ªBDPSEBNCMBMFHJTMBDJwNFSDBOUJMFTQSFTFOUFOBFGFDUFTDPNQBSBUJVTQFSBDBEBTDVOB EFMFTQBSUJEFTEFMCBMBOmEFMDPNQUFEFSFTVMUBUTJEFMRVBESFEF¯OBOmBNFOUBNnT EFMFTYJGSFTEFMªFYFSDJDJMFTDPSSFTQPOFOUTBMªFYFSDJDJBOUFSJPS &MCBMBOmP¯DJBMQSFTFOUBUBQBSUBU#BMBOmTFOTFBDUVBMJU[BDJwEFMWBMPSEFMQBUSJNPOJ BSUrTUJD DPNQUBCJMJU[B FM QBUSJNPOJ BSUrTUJD FO GVODJw EFM TFV QSFV EªBERVJTJDJw %ªBRVFTUBNBOFSBTªBQMJDBMBJOUFSQSFUBDJwFGFDUVBEBQFM1SPUFDUPSBUEF'VOEBDJPOTEF MBOPSNBBEFWBMPSBDJwEFMBDJORVFOBQBSUEFM3FJBMEFDSFUFTNFOUBU3FTPMVDJwEF EªBCSJMEF +VOUBNFOU BNC FM CBMBOm P¯DJBM TFªO QSFTFOUB VO BMUSF EF DBShDUFS JOGPSNBUJV ¦ BQBSUBU #BMBOm BNC BDUVBMJU[BDJw EFM WBMPS EFM QBUSJNPOJ BSUrTUJD¦ FO FM RVBM FT DPNQUBCJMJU[B FM QBUSJNPOJ BSUrTUJD EF MB 'VOEBDJw TFHPOT FM TFV WBMPS EF NFSDBU (ShDJFT B BRVFTU DSJUFSJ EF WBMPS FM CBMBOm JOGPSNBUJV QSFTFOUBU FYQSFTTB MB JNBUHF ¯EFMEFMQBUSJNPOJEFMBOPTUSBFOUJUBUUBMDPNFYJHFJYFOMFTEJTQPTJDJPOTDPOUJOHVEFT FOMBQSJNFSBQBSU1SJODJQJTDPNQUBCMFT JFOMBRVBSUBQBSU$POUJOHVUEFMB.FNxSJB EFM3FJBMEFDSFUQFMRVBMTªBQSPWFOMFT/PSNFTEªBEBQUBDJwEFM1MBHFOFSBM EF DPNQUBCJMJUBU B MFT FOUJUBUT TFOTF ¯OBMJUBUT MVDSBUJWFT J MFT /PSNFT EªJOGPSNBDJw QSFTTVQPTUhSJBEªBRVFTUFTFOUJUBUT ' &9$&%&/5&%&-&+&3$*$*0 -B %JSFDDJwO QSPQPOESg B MB +VOUB 0SEJOBSJB EFM 1BUSPOBUP MB BQSPCBDJwO EF MB BQMJDBDJwOEFMFYDFEFOUFRVFFYQSFTBEPFOFVSPTTFEFUBMMBBDPOUJOVBDJwO /N`RQR_R]N_a\' 2ePRQR[aR]\`VaVc\QRYRWR_PVPV\ "$" $ "$" $ .]YVPNPV[' ._R`R_cN`c\Yb[aN_VN` /03."4%&7"-03"$*¾/ ' -PTQSJODJQJPTZDSJUFSJPTEFDPOUBCJMJEBENgTTJHOJ¯DBUJWPTBQMJDBEPTFOMBQSFQBSBDJwO EFMBTDVFOUBTBOVBMFTTPOMPTTJHVJFOUFT *ONPWJMJ[BDJPOFTJONBUFSJBMFT (BTUPT EF JOWFTUJHBDJwO Z EFTBSSPMMP Z DPODFTJPOFT QBUFOUFT MJDFODJBT NBSDBT Z TJNJMBSFT TF WBMPSBO B QSFDJP EF BERVJTJDJwO P QSPEVDDJwO BNPSUJ[gOEPTF TJTUFNgUJDBNFOUFFOVOQMB[POPTVQFSJPSBDJODPBvPT "QMJDBDJPOFTJOGPSNgUJDBTTFWBMPSBOBTVQSFDJPEFBERVJTJDJwOPQSPEVDDJwOZTF BNPSUJ[BOTJTUFNgUJDBNFOUFFOVOQMB[POPTVQFSJPSBDJODPBvPT #JFOFTEFMQBUSJNPOJPIJTUwSJDP &OFMCBMBODFTJOBDUVBMJ[BDJwOEFMWBMPSEFMQBUSJNPOJPBSUrTUJDPTFWBMPSBOBTVQSFDJP EFBERVJTJDJwO &O FM CBMBODF DPO BDUVBMJ[BDJwO EFM WBMPS EF QBUSJNPOJP BSUrTUJDP ¯HVSBO MBT SFWBMPSJ[BDJPOFTSFBMJ[BEBTFOMPTFKFSDJDJPTZEFMBUPUBMJEBEEFMBT PCSBTEFBSUFRVFDPOTUJUVZFSPOMBBQPSUBDJwOJOJDJBMEFM'VOEBEPSZEFMBTEPOBDJPOFT ZBERVJTJDJPOFTEFPCSBTEFBSUFQPTUFSJPSFTQPSWBMPSEFZNJMFT EF FVSPT SFTQFDUJWBNFOUF &TUBT SFWBMPSJ[BDJPOFT TF SFBMJ[BSPO DPO MB ¯OBMJEBE EF SF°FKBSFMQBUSJNPOJPBSUrTUJDPEFMB'VOEBDJwOFOGVODJwOEFTVWBMPSEFNFSDBEP *ONPWJMJ[BDJPOFTNBUFSJBMFT &M JONPWJMJ[BEP NBUFSJBM FTUg SFHJTUSBEP BM DPTUF EF BERVJTJDJwO -BT SFQBSBDJPOFT RVFOPTVQPOFOVOBBNQMJBDJwOEFMBWJEB|UJMZMPTHBTUPTEFNBOUFOJNJFOUPTPO DBSHBEPTEJSFDUBNFOUFFOMBDVFOUBEFSFTVMUBEPT-PTDPTUFTEFBNQMJBDJwOPNFKPSB RVFEBOMVHBSBVOBNBZPSEVSBDJwOEFMCJFOTPODBQJUBMJ[BEPTDPNPNBZPSWBMPS EFMNJTNP-BEPUBDJwOBOVBMBMBBNPSUJ[BDJwOTFDBMDVMBNFEJBOUFMBBQMJDBDJwOEFM NnUPEPMJOFBMEFBDVFSEPDPOMPTTJHVJFOUFTQPSDFOUBKFTBOVBMFT # $ 0\[`a_bPPV\[R` ! ! " " " " 6[`aNYNPV\[R`azP[VPN`fZN^bV[N_VN <a_N`V[`aNYNPV\[R`baVYYNWRfZ\OVYVN_V\ <a_\V[Z\cVYVgNQ\ &9$&%&/5%&-ª&9&3$*$* -B%JSFDDJwQSPQPTBShBMBKVOUBPSEJOhSJBEFM1BUSPOBUMªBQSPWBDJwEFMªBQMJDBDJwEF MªFYDFEFOURVFFYQSFTTBUFOFVSPTFTEFUBMMBBDPOUJOVBDJw /N`RQR_R]N_aVZR[a' 2ePRQR[a]\`VaVbQRY¹ReR_PVPV "$" $ "$" $ .]YVPNPV' ._R`R_cR`c\Yb[at_VR` /03.&4%&7"-03"$*¾ &MTQSJODJQJTJDSJUFSJTEFDPNQUBCJMJUBUNnTTJHOJ¯DBUJVTBQMJDBUTFOMBQSFQBSBDJwEFMT DPNQUFTBOVBMTTwOFMTTFHFOUT *NNPCJMJU[BDJPOTJNNBUFSJBMT %FTQFTFTEFSFDFSDBJEFTFOWPMVQBNFOUJDPODFTTJPOTQBUFOUTMMJDoODJFTNBSRVFTJ TJNJMBSTFTWBMPSFOBMQSFVEªBERVJTJDJwPQSPEVDDJwJTªBNPSUJU[FOTJTUFNhUJDBNFOU FOVOUFSNJOJOPTVQFSJPSBDJODBOZT "QMJDBDJPOT JOGPSNhUJRVFT FT WBMPSFO BM TFV QSFV EªBERVJTJDJw P QSPEVDDJw J TªBNPSUJU[FOTJTUFNhUJDBNFOUFOVOUFSNJOJOPTVQFSJPSBDJODBOZT '! #nOTEFMQBUSJNPOJIJTUxSJD "MCBMBOmTFOTFBDUVBMJU[BDJwEFMWBMPSEFMQBUSJNPOJBSUrTUJDFTWBMPSFOBMTFVQSFV EªBERVJTJDJw "MCBMBOmBNCBDUVBMJU[BDJwEFMWBMPSEFMQBUSJNPOJBSUrTUJD¯HVSFOMFTSFWBMPSBDJPOT SFBMJU[BEFTFOFMTFYFSDJDJTJEFMBUPUBMJUBUEFMFTPCSFTEªBSURVFWBO DPOTUJUVJSMªBQPSUBDJwJOJDJBMEFM'VOEBEPSJEFMFTEPOBDJPOTJBERVJTJDJPOTEªPCSFT EªBSUQPTUFSJPSTQFSWBMPSEFJNJMFSTEªFVSPTSFTQFDUJWBNFOU "RVFTUFTSFWBMPSBDJPOTFTWBOSFBMJU[BSBNCMB¯OBMJUBUEFSF°FDUJSFMQBUSJNPOJBSUrTUJD EFMB'VOEBDJwFOGVODJwEFMTFVWBMPSEFNFSDBU *NNPCJMJU[BDJPOTNBUFSJBMT -ªJNNPCJMJU[BU NBUFSJBM FTUh SFHJTUSBU BM DPTU EªBERVJTJDJw -FT SFQBSBDJPOT RVF OP TVQPTFOVOBBNQMJBDJwEFMBWJEB|UJMJMFTEFTQFTFTEFNBOUFOJNFOUFTDBSSFHVFO EJSFDUBNFOUBMDPNQUFEFSFTVMUBUT&MTDPTUPTEªBNQMJBDJwPNJMMPSBRVFEPOFOMMPDB VOBEVSBEBNnTQSPMPOHBEBEFMCnFTDBQJUBMJU[FODPNBWBMPSNnTHSBOEªBRVFTUCn -BEPUBDJwBOVBMBMªBNPSUJU[BDJwFTDBMDVMBNJUKBOmBOUMªBQMJDBDJwEFMNoUPEFMJOFBM EªBDPSEBNCFMTQFSDFOUBUHFTBOVBMTTFHFOUT # $ 0\[`a_bPPV\[` ! ! " " " " 6[`aNYÃYNPV\[`a{P[V^bR`VZN^bV[t_VN .Ya_R`V[`aNYÃYNPV\[`baVYYNaTRVZ\OVYVN_V .Ya_RVZZ\OVYVagNa '" *ONPWJMJ[BDJPOFT¯OBODJFSBT -PTWBMPSFTOFHPDJBCMFTEFSFOUB¯KBPWBSJBCMFTFWBMPSBOQPSTVQSFDJPEFBERVJTJDJwO BMBTVTDSJQDJwOPDPNQSB -PTWBMPSFTOFHPDJBCMFTBENJUJEPTBDPUJ[BDJwOFOVONFSDBEPTFDVOEBSJPPSHBOJ[BEPTF DPOUBCJMJ[BOQPSFMQSFDJPEFBERVJTJDJwOPFMWBMPSEFNFSDBEPTJnTUFGVFSBJOGFSJPSB BRVnMEPUgOEPTFMBTQSPWJTJPOFTOFDFTBSJBTQBSBSF°FKBSMBEFQSFDJBDJwOFYQFSJNFOUBEB -BQBSUJDJQBDJwOFO%"4TFDPOUBCJMJ[BQPSFMQSFDJPEFBERVJTJDJwOZMBQBSUJDJQBDJwO FO %&."35 #7 TF SFHJTUSB QPS VO WBMPS TJNCwMJDP QPS IBCFSTF SFDJCJEP TJO DPOUSBQSFTUBDJwOFDPOwNJDB &YJTUFODJBT -BTFYJTUFODJBTTFQSFTFOUBOWBMPSBEBTBTVQSFDJPEFDPTUFPBMWBMPSOFUPEFSFBMJ[BDJwO TJ nTUF GVFSB JOGFSJPS B BRVnM EPUgOEPTF MBT QSPWJTJPOFT OFDFTBSJBT DPO DBSHP B MPT SFTVMUBEPTEFMFKFSDJDJP 4VCWFODJPOFTBQPSUBDJPOFTEPOBDJPOFTZMFHBEPTEFDBQJUBM"QPSUBDJPOFTEFCJFOFT -BT TVCWFODJPOFT BQPSUBDJPOFT EPOBDJPOFT Z MFHBEPT EF DBQJUBM OP SFJOUFHSBCMFT BQPSUBDJPOFTEFCJFOFT TFWBMPSBOQPSFMJNQPSUFDPODFEJEPZTFJNQVUBOBSFTVMUBEPT FO QSPQPSDJwO B MB EFQSFDJBDJwO EF MPT BDUJWPT ¯OBODJBEPT QPS UBMFT TVCWFODJPOFT BQPSUBDJPOFTEPOBDJPOFTPMFHBEPT &ODBTPEFBDUJWPTOPEFQSFDJBCMFTMBTVCWFODJwOBQPSUBDJwOEPOBDJwOPMFHBEPTFJNQVUB BMSFTVMUBEPEFMFKFSDJDJPFOFMNPNFOUPFORVFTFQSPEVDFMBFOBKFOBDJwOPCBKBEFMPT NJTNPT %FVEBTOPDPNFSDJBMFT 'JHVSBO QPS TV WBMPS EF PCUFODJwO -B EJGFSFODJB FOUSF EJDIP WBMPS Z MB DBOUJEBE SFFNCPMTBEBTFJNQVUBBOVBMNFOUFBSFTVMUBEPTEFBDVFSEPDPOVODSJUFSJP¯OBODJFSP $MJFOUFTQSPWFFEPSFTEFVEPSFTZBDSFFEPSFTEFUSg¯DP -BTDPSSFDDJPOFTWBMPSBUJWBTTFJODPSQPSBOEPUBOEPDPOUSBMPTSFTVMUBEPTMBTQSPWJTJPOFT OFDFTBSJBTFOGVODJwOEFMSJFTHPRVFQSFTFOUFOMBTQPTJCMFTJOTPMWFODJBTDPOSFTQFDUP BMDPCSPPSFDVQFSBDJwOEFMPTBDUJWPTEFRVFTFUSBUF $MBTJ¯DBDJwOEFMBTEFVEBT -BTEFVEBTDPOWFODJNJFOUP JOGFSJPS B EPDF NFTFT TF DMBTJ¯DBO FO DVFOUBT B DPSUP QMB[PDPOTJEFSgOEPTFDPNPMBSHPQMB[PMBTRVFTVQFSFOEJDIPNBSDPUFNQPSBM *NQVFTUPTPCSF4PDJFEBEFT -B'VOEBDJwODVNQMFMPTSFRVJTJUPTQBSBBDPHFSTFBMPTCFOF¯DJPT¯TDBMFTRVFQSFWn MB -FZ EF EF EJDJFNCSF EF 3nHJNFO 'JTDBM EF MBT &OUJEBEFT TJO 'JOFT -VDSBUJWPTZEFMPT*ODFOUJWPT'JTDBMFTBM.FDFOB[HP -BUPUBMJEBEEFMBTSFOUBTEFMB'VOEBDJwOFTUgOFYFOUBTEFM*NQVFTUPTPCSF4PDJFEBEFT ZBRVFMBTSFOUBTPCUFOJEBTTFDPSSFTQPOEFODPOMBTBDUJWJEBEFTFYFOUBTEFTDSJUBTFO MPTQVOUPTBDZEFMBSUrDVMPZFOMPTQVOUPTZEFMBSUrDVMPEFMB-FZ EFEFEJDJFNCSFEF3nHJNFO'JTDBMEFMBT&OUJEBEFTTJO'JOFT-VDSBUJWPT ZEFMPT*ODFOUJWPT'JTDBMFTBM.FDFOB[HP *NNPCJMJU[BDJPOT¯OBODFSFT &MTWBMPSTOFHPDJBCMFTEFSFOEB¯YBPWBSJBCMFFTWBMPSFOQFMTFVQSFVEªBERVJTJDJwFO FMNPNFOUEFMBTVCTDSJQDJwPDPNQSB &MT WBMPST OFHPDJBCMFT BENFTPT B DPUJU[BDJw FO VO NFSDBU TFDVOEBSJ PSHBOJU[BU FT DPNQUBCJMJU[FOQFMQSFVEªBERVJTJDJwPFMWBMPSEFNFSDBUTJBRVFTUEBSSFSnTJOGFSJPSBM QSJNFSEPUBOUMFTQSPWJTJPOTOFDFTThSJFTQFSSF°FDUJSMBEFQSFDJBDJwFYQFSJNFOUBEB -B QBSUJDJQBDJw B %"4 FT DPNQUBCJMJU[B QFM QSFV EªBERVJTJDJw J MB QBSUJDJQBDJw FO %&."35#7FTSFHJTUSBQFSVOWBMPSTJNCxMJDQFSIBWFSTFSFCVUTFOTFDPOUSBQSFTUBDJw FDPOxNJDB &YJTUoODJFT -FTFYJTUoODJFTFTQSFTFOUFOWBMPSBEFTBMTFVQSFVEFDPTUPBMWBMPSOFUEFSFBMJU[BDJw TJBRVFTUEBSSFSnTJOGFSJPSBMQSJNFSEPUBOUMFTQSPWJTJPOTOFDFTThSJFTBNCDhSSFDBMT SFTVMUBUTEFMªFYFSDJDJ 4VCWFODJPOTBQPSUBDJPOTEPOBDJPOTJMMFHBUTEFDBQJUBM"QPSUBDJPOTEFCnOT -FT TVCWFODJPOT BQPSUBDJPOT EPOBDJPOT J MMFHBUT EF DBQJUBM OP SFJOUFHSBCMFT BQPSUBDJPOT EF CnOT FT WBMPSFO QFS MªJNQPSU DPODFEJU J TªJNQVUFO B SFTVMUBUT FO QSPQPSDJw B MB EFQSFDJBDJw EFMT BDUJVT ¯OBOmBUT QFS MFT FTNFOUBEFT TVCWFODJPOT BQPSUBDJPOTEPOBDJPOTPMMFHBUT &OFMDBTEFMTBDUJVTOPEFQSFDJBCMFTMBTVCWFODJwBQPSUBDJwEPOBDJwPMMFHBUTªJNQVUB BMSFTVMUBUEFMªFYFSDJDJFOFMNPNFOUFORVoFTQSPEVFJYMªBMJFOBDJwPCBJYB %FVUFTOPDPNFSDJBMT 'JHVSFOSFHJTUSBUTQFMTFVWBMPSEªPCUFODJw-BEJGFSoODJBFOUSFBRVFTUWBMPSJMBRVBOUJUBU SFFNCPSTBEBTªJNQVUBBOVBMNFOUBSFTVMUBUTEªBDPSEBNCVODSJUFSJ¯OBODFS $MJFOUTQSPWFuEPSTEFVUPSTJDSFEJUPSTEFUSh¯D -FT DPSSFDDJPOT WBMPSBUJWFT TªJODPSQPSFO EPUBOU DPOUSB FMT SFTVMUBUT MFT QSPWJTJPOT OFDFTThSJFT FO GVODJw EFM SJTD RVF QSFTFOUFO MFT QPTTJCMFT JOTPMWoODJFT SFTQFDUF BM DPCSBNFOUPMBSFDVQFSBDJwEFMTBDUJVTEFRVoFTUSBDUJ $MBTTJ¯DBDJwEFMTEFVUFT &MTEFVUFTBNCVOWFODJNFOUJOGFSJPSBEPU[FNFTPTFTDMBTTJ¯RVFOFODPNQUFTBDVSU UFSNJOJJFTDPOTJEFSFOEFMMBSHUFSNJOJFMTRVFTVQFSJOBRVFTUNBSDUFNQPSBM *NQPTUTPCSFTPDJFUBUT -B'VOEBDJwDPNQMFJYFMTSFRVJTJUTQFSBDPMMJSTFBMTCFOF¯DJT¯TDBMTRVFQSFWFVMB-MFJ EFEFEFTFNCSFEFSoHJN¯TDBMEFMFTFOUJUBUTTFOTF¯OBMJUBUTMVDSBUJWFTJ EFMTJODFOUJVT¯TDBMTBMNFDFOBUHF -BUPUBMJUBUEFMFTSFOEFTEFMB'VOEBDJwFTUBOFYFNQUFTEFMªJNQPTUTPCSFTPDJFUBUT KBRVFMFTSFOEFTPCUJOHVEFTFTDPSSFTQPOFOBNCMFTBDUJWJUBUTFYFNQUFTEFTDSJUFTBMT QVOUTBDJEFMªBSUJDMFJBMTQVOUTJEFMªBSUJDMFEFMB-MFJ EF EF EFTFNCSF EF SoHJN ¯TDBM EF MFT FOUJUBUT TFOTF ¯OBMJUBUT MVDSBUJWFT J EFMT JODFOUJVT¯TDBMTBMNFDFOBUHF '# *OHSFTPTZHBTUPT -PTJOHSFTPTZHBTUPTTFJNQVUBOFOGVODJwOEFMQSJODJQJPEFMEFWFOHPFTEFDJSDVBOEP TFQSPEVDFMBDPSSJFOUFSFBMEFMPTCJFOFTZTFSWJDJPTRVFMPTNJTNPTSFQSFTFOUBODPO JOEFQFOEFODJBEFMNPNFOUPFORVFTFQSPEVDFMBDPSSJFOUFNPOFUBSJBP¯OBODJFSBEFSJWBEB EF FMMPT /P PCTUBOUF TJHVJFOEP FM QSJODJQJP EF QSVEFODJB MB 'VOEBDJwO |OJDBNFOUF DPOUBCJMJ[B DPNP SFHMB HFOFSBM MPT CFOF¯DJPT SFBMJ[BEPT FO UBOUP RVF MBT QnSEJEBT Z SJFTHPTQSFWJTJCMFTBVOMPTFWFOUVBMFTTFDPOUBCJMJ[BOUBOQSPOUPTPODPOPDJEPT */.07*-*;"$*0/&4*/."5&3*"-&4 -BDPNQPTJDJwOZFWPMVDJwOEFFTUBTDVFOUBTFOFMUSBOTDVSTPEFMFKFSDJDJPDPSSFTQPOEF BMTJHVJFOUFEFUBMMFFYQSFTBEPFOFVSPT 4N`a\`QRV[cR`aVTNPV[ fQR`N__\YY\ =_\]VRQNQV[aRYRPabNY RV[Qb`a_VNYfP\[PR`V\[R` ".]YVPNPV\[R`V[S\_ZsaVPN` %.Z\_aVgNPV\[R` A\aNY6[Z\cVYVgNQ\V[ZNaR_VNY[Ra\ # !"& .YaN` /NWN` !"& ""%!%&" % ! $%$"%%$ ## &# %!" &% !%"#%"$& %$""#" " &!!!!! ! ### $ "$#""&" %$& '$ #*&/&4%&-1"53*.0/*0)*45¾3*$0 -BDPNQPTJDJwOZFWPMVDJwOEFFTUBTDVFOUBTFOFMUSBOTDVSTPEFMFKFSDJDJPDPSSFTQPOEF BMTJHVJFOUFEFUBMMFFYQSFTBEPFOFVSPT # .YaN` /NWN` $ <O_N`QRN_aR fQ\PbZR[aNPV[OVOYV\T_sÀPN "!$! A\aNYOVR[R`QRY]Na_VZ\[V\ UV`a_VP\<O_N`QRN_aR fQ\PbZR[aNPV[OVOYV\T_sÀPN "!$! "&$## "&&&!%& "&&&!%& &O FM CBMBODF DPO BDUVBMJ[BDJwO EFM WBMPS EFM QBUSJNPOJP BSUrTUJDP ¯HVSBO MBT SFWBMPSJ[BDJPOFTSFBMJ[BEBTFOMPTFKFSDJDJPTZEFMBUPUBMJEBEEFMBT PCSBTEFBSUFRVFDPOTUJUVZFSPOMBBQPSUBDJwOJOJDJBMEFM'VOEBEPSZEFMBTEPOBDJPOFT ZBERVJTJDJPOFTEFPCSBTEFBSUFQPTUFSJPSFTQPSWBMPSEFZNJMFT EF FVSPT SFTQFDUJWBNFOUF &TUBT SFWBMPSJ[BDJPOFT TF SFBMJ[BSPO DPO MB ¯OBMJEBE EF SF°FKBSFMQBUSJNPOJPBSUrTUJDPEFMB'VOEBDJwOFOGVODJwOEFTVWBMPSEFNFSDBEP *OHSFTTPTJEFTQFTFT &MTJOHSFTTPTJEFTQFTFTTªJNQVUFOFOGVODJwEFMQSJODJQJEFNFSJUBDJwnTBEJSRVBO FTQSPEVFJYFMDPSSFOUSFBMEFMTCnOTJTFSWFJTRVFSFQSFTFOUFOBNCJOEFQFOEoODJBEFM NPNFOUFORVoFTQSPEVFJYFMDPSSFOUNPOFUBSJP¯OBODFSRVFTFªOEFSJWB"JYxOP PCTUBOUJTFHVJOUFMQSJODJQJEFQSVEoODJBMB'VOEBDJw|OJDBNFOUDPNQUBCJMJU[BQFS SFHMBHFOFSBMFMTCFOF¯DJTSFBMJU[BUTNFOUSFRVFMFTQoSEVFTJSJTDTQSFWJTJCMFT¯OTJ UPUFMTFWFOUVBMTFTDPNQUBCJMJU[FOUBOCPOQVOUTwODPOFHVUT *..0#*-*5;"$*0/4*.."5&3*"-4 -B DPNQPTJDJw J FWPMVDJw EªBRVFTUT DPNQUFT FO FM EFDVST EF MªFYFSDJDJ DPSSFTQPO BM EFUBMMTFHFOUFYQSFTTBUFOFVSPT 1R`]R`R`QR_RPR_PN VQR`R[c\Yb]NZR[a =_\]VRaNaV[aRYÃYRPabNY VV[Qb`a_VNYVP\[PR``V\[` ".]YVPNPV\[`V[S\_ZtaV^bR` %.Z\_aVagNPV\[` A\aNY6ZZ\OVYVagNaVZZNaR_VNY[Ra # .YaR` !"& /NVeR` !"& ""%!%&" % ! $%$"%%$ ## &# %!" &% !%"#%"$& %$""#" " &!!!!! ! ### $ "$#""&" %$& '% #c/4%&-1"53*.0/*)*45À3*$ -B DPNQPTJDJw J FWPMVDJw EªBRVFTUT DPNQUFT FO FM EFDVST EF MªFYFSDJDJ DPSSFTQPO BM EFUBMMTFHFOUFYQSFTTBUFOFVSPT # .YaR` /NVeR` $ <O_R`Q¹N_a VQ\PbZR[aNPVOVOYV\T_tÀPN "!$! A\aNYOz[`QRY]Na_VZ\[V UV`a_VP<O_R`Q¹N_a VQ\PbZR[aNPVOVOYV\T_tÀPN "!$! "&$## "&&&!%& "&&&!%& "MCBMBOmBNCBDUVBMJU[BDJwEFMWBMPSEFMQBUSJNPOJBSUrTUJDIJ¯HVSFOMFTSFWBMPSBDJPOT SFBMJU[BEFTFOFMTFYFSDJDJTJEFMBUPUBMJUBUEFMFTPCSFTEªBSURVFWBO DPOTUJUVJSMªBQPSUBDJwJOJDJBMEFM'VOEBEPSJEFMFTEPOBDJPOTJBERVJTJDJPOTEªPCSFT EªBSUQPTUFSJPSTQFSWBMPSEFJNJMFSTEªFVSPTSFTQFDUJWBNFOU "RVFTUFTSFWBMPSBDJPOTFTWBOQSBDUJDBSBNCMªPCKFDUJVEFSF°FDUJSFMQBUSJNPOJBSUrTUJD EFMB'VOEBDJwFOGVODJwEFMTFVWBMPSEFNFSDBU */.07*-*;"$*0/&4."5&3*"-&4 -BDPNQPTJDJwOZFWPMVDJwOEFFTUBTDVFOUBTFOFMUSBOTDVSTPEFMFKFSDJDJPFYQSFTBEB FOFVSPTDPSSFTQPOEFBMTJHVJFOUFEFUBMMF # .YaN` /NWN` $ AR__R[\`fP\[`a_bPPV\[R` !%&$! #$ ""#&! 6[`aNYNPV\[R`azP[VPN` ZN^bV[N_VNf]_\fRPa\` #"!&"!% "! #$"!"%% "<a_N`V[`aNYNPV\[R` baVYYNWRfZ\OVYVN_V\ !"!&$ !%%$" % !!$! !#"&%! %%$!$ %#! "" %"%%$ "%$" "#&!&$ #2^bV]\`V[S\_ZsaVP\` f\a_\V[Z\cVYVgNQ\ %.Z\_aVgNPV\[R` A\aNY6[Z\cVYVgNQ\ZNaR_VNY[Ra\ ""&$ ! %#! ""$ !%! "! &$!""" &MJNQPSUFEFMPTCJFOFTDPNQMFUBNFOUFBNPSUJ[BEPTBMDJFSSFEFMFKFSDJDJPFYQSFTBEP FOFVSPTFTFMTJHVJFOUF '& $ AR__R[\`fP\[`a_bPPV\[R` $$#% 6[`aNYNPV\[R`azP[VPN`ZN^bV[N_VNf]_\fRPa\` $$! $ "<a_N`V[`aNYNPV\[R`baVYYNWRfZ\OVYVN_V\ " $% #2^bV]\`V[S\_ZsaVP\`f\a_\V[Z\cVYVgNQ\ $ &!# A\aNYOVR[R`P\Z]YRaNZR[aRNZ\_aVgNQ\` #& &"& */7&34*0/&4'*/"/$*&3"4 -PT NPWJNJFOUPT EF MBT JONPWJMJ[BDJPOFT ¯OBODJFSBT IBCJEPT FO FM USBOTDVSTP EFM FKFSDJDJPFYQSFTBEPTFOFVSPTDPSSFTQPOEFOBMTJHVJFOUFEFUBMMF # .YaN` /NWN` "=N_aVPV]NPV\[R`R[R[aVQNQR`QRYT_b]\ 6[cR_`V\[R`À[N[PVR_N`]R_ZN[R[aR` ! !" #1R]`Va\`fÀN[gN` P\[`aVabVQ\`NYN_T\]YNg\ # A\aNY6[Z\cVYVgNQ\À[N[PVR_\ $# # %#$$% $ ! !" # # #$$% -PTNPWJNJFOUPTEFMBTJOWFSTJPOFT¯OBODJFSBTUFNQPSBMFTIBCJEPTFOFMUSBOTDVSTP EFMFKFSDJDJPFYQSFTBEPTFOFVSPTDPSSFTQPOEFOBMTJHVJFOUFEFUBMMF " !0_zQVa\`NR[aVQNQR`QRYT_b]\ "!1R]`Va\`N]YNg\ fcNY\_R`QR_R[aNÀWN A\aNY6[cR_`V\[R`À[N[PVR_N`aRZ]\_NYR` # %# $ .YaN` $"$ /NWN` $ !$ # % !# ! "%%!"!& "$" &%&# !#$!"!& %#%#$% !""!$% *..0#*-*5;"$*0/4."5&3*"-4 -BDPNQPTJDJwJFWPMVDJwEªBRVFTUTDPNQUFTFOFMEFDVSTEFMªFYFSDJDJFYQSFTTBEBFO FVSPTDPSSFTQPOBMEFUBMMTFHFOU # .YaR` /NVeR` $ AR__R[f`VP\[`a_bPPV\[` !%&$! #$ ""#&! 6[`aNYa{P[V^bR` ZN^bV[t_VNV]_\WRPaR` #"!&"!% "! #$"!"%% ".Ya_R`V[`aNYÃYNPV\[` baVYYNaTRVZ\OVYVN_V !"!&$ !%%$" % !!$! !#"&%! %%$!$ %#! "" %"%%$ "%$" "#&!&$ #2^bV]`V[S\_ZtaVP` VNYa_RVZZ\OVYVagNa %.Z\_aVagNPV\[` A\aNY6ZZ\OVYVagNaZNaR_VNY[Ra ""&$ ! %#! ""$ !%! "! &$!""" -ªJNQPSUEFMTCnOTDPNQMFUBNFOUBNPSUJU[BUTBMUBODBNFOUEFMªFYFSDJDJFYQSFTTBUFO FVSPTnTFMTFHFOU AR__R[f`VP\[`a_bPPV\[` $$#% 6[`aNYa{P[V^bR`ZN^bV[t_VNV]_\WRPaR` $$! $ ".Ya_R`V[`aNYbaVYYNaTRVZ\OVYVN_V " $% #2^bV]`V[S\_ZtaVP`VNYa_RVZZ\OVYVagNa $ &!# A\aNYOz[`P\Z]YRaNZR[aNZ\_aVagNa` $ #& &"& */7&34*0/4'*/"/$&3&4 &MTNPWJNFOUTEFMFTJNNPCJMJU[BDJPOT¯OBODFSFTRVFIBOUJOHVUMMPDFOFMEFDVSTEF MªFYFSDJDJFYQSFTTBUTFOFVSPTDPSSFTQPOFOBMEFUBMMTFHFOU "=N_aVPV]NPV\[`R[R[aVaNa`QRYT_b] 6[cR_`V\[`À[N[PR_R`]R_ZN[R[a` #1V]`Va`VÀN[PR` P\[`aVaba`NYYN_TaR_ZV[V A\aNY6ZZ\OVYVagNaÀ[N[PR_ # .YaR` /NVeR` ! !" $# # # %#$$% $ ! !" # # #$$% &MTNPWJNFOUTEFMFTJOWFSTJPOT¯OBODFSFTUFNQPSBMTRVFIBOUJOHVUMMPDFOFMEFDVST EFMªFYFSDJDJFYQSFTTBUTFOFVSPTDPSSFTQPOFOBMEFUBMMTFHFOU " !0_{QVa`NR[aVaNa`QRYT_b] "!1V]`Va`NaR_ZV[V VcNY\_`QR_R[QNÀeN A\aNY6[cR_`V\[`À[N[PR_R`aRZ]\_NY` # %# $ "%%!"!& %#%#$% .YaR` $"$ /NVeR` $ !$ # % !# ! "$" &%&# !#$!"!& !""!$% '' &MEFUBMMFEFMBTFOUJEBEFTDPOQBSUJDJQBDJwOEFMB'VOEBDJwOFTFMTJHVJFOUF CNY\_YVO_\` 3\[Q\`=_\]V\`# 1V`a_VObPV\[` Q¹._a@b__RNYV`aN@. A\__R4NYNaRN =bWNQNQRY0N`aRYY% $#3VTbR_R`4V_\[N ;63'.$#! 1RZN_a=_\._aR/C 3_RQR_VPX?\R`XR`a_NNa $#22.Z`aR_QNZ5\YN[QN ]N_aVP .PaVcVQNQ ! !! !$##&! 0\ZR_PV\ ZV[\_V`aN &$## 2e]Y\aNPV[ ZN_PN` "UFOEJFOEPBMPFTUBCMFDJEPFOFM"DVFSEPEFEFOPWJFNCSFEFEFM$POTFKP EF MB $PNJTJwO /BDJPOBM EFM .FSDBEP EF7BMPSFT QPS FM RVF TF BQSVFCB FM $wEJHP EFDPOEVDUBEFMBTFOUJEBEFTTJOgOJNPEFMVDSPQBSBMBSFBMJ[BDJwOEFJOWFSTJPOFT UFNQPSBMFTTFJOGPSNBEFRVFMB'VOEBDJwOOPIBSFBMJ[BEPJOWFSTJPOFTUFNQPSBMFT EVSBOUFFMFOWBMPSFTNPCJMJBSJPTFJOTUSVNFOUPT¯OBODJFSPTFOFMgNCJUPEF TVQFSWJTJwOEFMB$PNJTJwO/BDJPOBMEFM.FSDBEPEF7BMPSFT &9*45&/$*"4 -BDPNQPTJDJwOEFMBTFYJTUFODJBTEFMB'VOEBDJwOBMDJFSSFEFMFKFSDJDJPFYQSFTBEBFO FVSPTFTMBTJHVJFOUF 2eV`aR[PVN`P\ZR_PVNYR` &=_\cV`V\[R` # %## ! " A\aNY #$$% 646"3*04:05304%&6%03&4%&-""$5*7*%"%1301*" -B'VOEBDJwOOPNBOUJFOFTBMEPTEFVEPSFTDPOVTVBSJPTQBUSPDJOBEPSFTPB¯MJBEPT BMDJFSSFEFMFKFSDJDJP -BFWPMVDJwOEFMPTTBMEPTQSPDFEFOUFTEFDMJFOUFTZPUSPTEFVEPSFTEFMBBDUJWJEBE QSPQJBFOFMUSBOTDVSTPEFMFKFSDJDJPFYQSFTBEBFOFVSPTIBTJEPMBTJHVJFOUF ! 0YVR[aR` !!!%<a_\`QRbQ\_R`1RbQ\_R` cN_V\`fTN`a\`N[aVPV]NQ\` A\aNY # .YaN` /NWN` $ #" ! #$ $& !! !" !"% #!"#&& &%$&&%% &# &#" # "$" $!& " %# $ &MEFUBMMEFMFTFOUJUBUTBNCQBSUJDJQBDJwEFMB'VOEBDJwnTFMTFHFOU CNY\_YYVO_R` 1V`a_VObPV\[` Q¹._a@b__RNYV`aN@. A\__R4NYNaRN =bWNQNQRY0N`aRYY% $#3VTbR_R`4V_\[N ;63'.$#! 1RZN_a=_\._aR/C 3_RQR_VPX?\R`XR`a_NNa $#22.Z`aR_QNZ5\YN[QN 3\[`=_\]V`# ]N_aVP .PaVcVaNa ! !! !$##&! 0\ZR_y ZV[\_V`aN &$## 2e]Y\aNPV ZN_^bR` &ODPNQMJNFOUEFMRVFFTUBCMFJYMª"DPSEEFEFOPWFNCSFEFEFM$POTFMMEFMB $PNJTTJw/BDJPOBMEFM.FSDBUEF7BMPSTQFMRVBMTªBQSPWBFM$PEJEFDPOEVDUBEFMFT FOUJUBUTTFOTFhOJNEFMVDSFQFSBMBSFBMJU[BDJwEªJOWFSTJPOTUFNQPSBMTTªJOGPSNBRVF MB'VOEBDJwOPIBSFBMJU[BUJOWFSTJPOTUFNQPSBMTEVSBOUFMFOWBMPSTNPCJMJBSJT JJOTUSVNFOUT¯OBODFSTFOMªhNCJUEFTVQFSWJTJwEFMB$PNJTTJw/BDJPOBMEFM.FSDBU EF7BMPST &9*45¹/$*&4 -BDPNQPTJDJwEFMFTFYJTUoODJFTEFMB'VOEBDJwBMUBODBNFOUEFMªFYFSDJDJFYQSFTTBEB FOFVSPTnTMBTFHFOU 2eV`a{[PVR`P\ZR_PVNY` &=_\cV`V\[` # %## ! " A\aNY #$$% 646"3*4*"-53&4%&65034%&-ª"$5*7*5"513À1*" -B'VOEBDJwOPNBOUnTBMEPTEFVUPSTBNCVTVBSJTQBUSPDJOBEPSTPB¯MJBUTBMUBODBNFOU EFMªFYFSDJDJ -ªFWPMVDJwEFMTTBMEPTQSPDFEFOUTEFDMJFOUTJBMUSFTEFVUPSTEFMªBDUJWJUBUQSxQJBFOFM EFDVSTEFMªFYFSDJDJFYQSFTTBEBFOFVSPTIBFTUBUMBTFHFOU ! 0YVR[a` !!!%.Ya_R`QRba\_`1Rba\_` QVcR_`\`VQR`]R`R`N[aVPV]NQR` A\aNY # .YaR` /NVeR` $ #" ! #$ $& !! !" !"% #!"#&& &%$&&%% &# &#" # "$" $!& " %# $ '0/%041301*04 -BFWPMVDJwOEFMPTGPOEPTQSPQJPTFOFMUSBOTDVSTPEFMFKFSDJDJPFYQSFTBEBFOFVSPT IBTJEPMBTJHVJFOUF .]YVPNPV[ RePRQR[aR 2ePRQR[aR $ $ 1\aNPV[Sb[QNPV\[NY .]\_aNPV[3b[QNQ\_f\a_\` #"%&"! #"%&"! $?R`R_cN`c\Yb[aN_VN` ?R`R_cN`PN]VaNYVgNQN` ""$& "!!##$! $"&# "!!##$! "!!##$! "$" $ &2ePRQR[aRQRYRWR_PVPV\ # A\aNY3\[Q\`=_\]V\` "$ #%!&$ "$" $ #& &&!%$ %PUBDJwOGVOEBDJPOBM"QPSUBDJwO'VOEBEPSZPUSPT -BEPUBDJwOJOJDJBMZMBTVNBEFMBTEPOBDJPOFTSFDJCJEBTTVQPOFOVOQBUSJNPOJPEF FVSPT 3FWBMPSJ[BDJwOQBUSJNPOJPBSUrTUJDP -BSFTFSWBEFSFWBMPSJ[BDJwOSF°FKBEBFOFMCBMBODFSFDPHJEPBM¯OBMEFFTUB.FNPSJB TFSFHJTUSwFOMPTFKFSDJDJPTZBNQBSgOEPTFFOJOGPSNFTQFSJDJBMFT TPCSF MB UPUBMJEBE EF MBT PCSBT EF BSUF RVF DPOTUJUVZFSPO MB BQPSUBDJwO JOJDJBM EFM 'VOEBEPSZMBTBERVJTJDJPOFTHSBUVJUBTZPOFSPTBTQPTUFSJPSFTQPSWBMPSEF ZNJMFTEFFVSPTSFTQFDUJWBNFOUF 3FTFSWBTWPMVOUBSJBT3FTFSWBTDBQJUBMJ[BEBT &MTBMEPEFMBDVFOUBEFSFTFSWBTWPMVOUBSJBTZEFDBQJUBMJ[BDJwOBEFEJDJFNCSFEF DPSSFTQPOEFBMBBQMJDBDJwOEFMPTFYDFEFOUFTQPTJUJWPTEFFKFSDJDJPTBOUFSJPSFT 46#7&/$*0/&4"1035"$*0/&4%0/"$*0/&4 :-&("%04%&$"1*5"-"1035"$*0/&4#*&/&4 -PT NPWJNJFOUPT IBCJEPT FO FM USBOTDVSTP EFM FKFSDJDJP FYQSFTBEPT FO FVSPT DPSSFTQPOEFOBMTJHVJFOUFEFUBMMF # .YaN` @N[RNZ $ !#!"% " && " && <a_N``bOcR[PV\[R` N]\_aNPV\[R`Q\[NPV\[R`fYRTNQ\` .]\_aNPV\[R`OVR[R` @bOcR[PV\[R`N]\_aNPV\[R` Q\[NPV\[R`fYRTNQ\` .]\_aNPV\[R`OVR[R` "!!##&% "!!##&% %&6%"4/0$0.&3$*"-&4 %FVEBTDPOFOUJEBEFTEFDSnEJUP%FVEBTMBSHPZDPSUPQMB[PDPOFOUJEBEFTEFDSnEJUP -BDPNQPTJDJwOEFMBTEFVEBTDPOFOUJEBEFTEFDSnEJUPEFMB'VOEBDJwOBMDJFSSFEFM FKFSDJDJPFYQSFTBEBFOFVSPTFTMBTJHVJFOUF '0/41301*4 -ªFWPMVDJwEFMTGPOTQSPQJTFOFMEFDVSTEFMªFYFSDJDJFYQSFTTBEBFOFVSPTIBFTUBUMB TFHFOU .]YVPNPV RePRQR[a 2ePRQR[a $ 1\aNPVSb[QNPV\[NY .]\_aNPV3b[QNQ\_VNYa_R` #"%&"! $?R`R_cR`c\Yb[at_VR` ?R`R_cR`PN]VaNYVagNQR` ""$& "!!##$! "!!##$! "!!##$! "$" $ &2ePRQR[aQRY¹ReR_PVPV # A\aNY3\[`=_\]V` "$ #%!&$ $ #"%&"! $"&# "$" $ #& &&!%$ %PUBDJwGVOEBDJPOBM"QPSUBDJw'VOEBEPSJBMUSFT -B EPUBDJw JOJDJBM J MB TVNB EF MFT EPOBDJPOT SFCVEFT TVQPTFO VO QBUSJNPOJ EF FVSPT 3FWBMPSBDJwEFMQBUSJNPOJBSUrTUJD -BSFTFSWBEFSFWBMPSBDJwSF°FDUJEBFOFMCBMBOmSFDPMMJUBM¯OBMEªBRVFTUB.FNxSJB FTWBSFHJTUSBSFOFMTFYFSDJDJTJBMªFNQBSBEFMTJOGPSNFTQFSJDJBMT FNFTPTTPCSFMBUPUBMJUBUEFMFTPCSFTEªBSURVFWBODPOTUJUVJSMªBQPSUBDJwJOJDJBMEFM 'VOEBEPSJMFTBERVJTJDJPOTHSBUVuUFTJPOFSPTFTQPTUFSJPSTQFSWBMPSEF JNJMFSTEªFVSPTSFTQFDUJWBNFOU 3FTFSWFTWPMVOUhSJFT3FTFSWFTDBQJUBMJU[BEFT &MTBMEPEFMDPNQUFEFSFTFSWFTWPMVOUhSJFTJEFDBQJUBMJU[BDJwBEFEFTFNCSFEF DPSSFTQPOBMªBQMJDBDJwEFMTFYDFEFOUTQPTJUJVTEªFYFSDJDJTBOUFSJPST 46#7&/$*0/4"1035"$*0/4%0/"$*0/4 *--&("54%&$"1*5"-"1035"$*0/4#c/4 &MT NPWJNFOUT RVF IBO UJOHVU MMPD FO FM EFDVST EF MªFYFSDJDJ FYQSFTTBUT FO FVSPT DPSSFTQPOFOBMEFUBMMTFHFOU # .YaR` @N[RWNZ $ .Ya_R``bOcR[PV\[` N]\_aNPV\[`Q\[NPV\[`VYYRTNa` .]\_aNPV\[`Oz[` @bOcR[PV\[`N]\_aNPV\[` Q\[NPV\[`VYYRTNa` .]\_aNPV\[`Oz[` "!!##&% "!!##&% !#!"% " && " && %&65&4/0$0.&3$*"-4 %FVUFTBNCFOUJUBUTEFDSoEJU%FVUFTBMMBSHJDVSUUFSNJOJBNCFOUJUBUTEFDSoEJU -B DPNQPTJDJw EFMT EFVUFT BNC FOUJUBUT EF DSoEJU EF MB 'VOEBDJw BM UBODBNFOU EF MªFYFSDJDJFYQSFTTBEBFOFVSPTnTMBTFHFOU ! $"=_z`aNZ\` f\a_N`QRbQN` 0\_a\]YNg\ & CR[PVZVR[a\QRYN`QRbQN`NYN_T\]YNg\ =\`aR_V\_ ##&"% ##&"$ "!&%& "!&%& A\aNY1RbQN`R[aVQNQR` QRP_zQVa\ ##&"% ##&"$ "!&%& "!&%& 9N_T\]YNg\ %%"$" %%"$" 0USBTEFVEBTOPDPNFSDJBMFT -BDPNQPTJDJwOBEFEJDJFNCSFEFZEFFYQSFTBEBFOFVSPTFTMBTJHVJFOUF !$"5NPVR[QN=OYVPNNP_RRQ\_N]\_6C. 0\_a\]YNg\ # 9N_T\]YNg\ # 0\_a\]YNg\ $ 9N_T\]YNg\ $ %$!!$ !!#& !$"5NPVR[QN=OYVPNNP_RRQ\_N]\_6?=3 &# &%% "!% !$#<_TN[V`Z\@RTb_VQNQ@\PVNY.P_RRQ\_N &!#$$ $# &! "&&"! $! &! !&" $! $ " <a_N`QRbQN` =_\cRRQ\_R`V[Z\cVYVgNQ\ " ##% A\aNY\a_N`QRbQN`[\P\ZR_PVNYR` $ %% 4*56"$*¾/'*4$"" -B'VOEBDJwOOPIBTJEPJOTQFDDJPOBEBQPSMBTBVUPSJEBEFT¯TDBMFTEVSBOUFTVTDVBUSP |MUJNPT FKFSDJDJPT %F BDVFSEP DPO MB MFHJTMBDJwO WJHFOUF MPT JNQVFTUPT OP QVFEFO DPOTJEFSBSTF EF¯OJUJWBNFOUF MJRVJEBEPT IBTUB RVF MBT EFDMBSBDJPOFT QSFTFOUBEBT IBZBOTJEPJOTQFDDJPOBEBTQPSMBTBVUPSJEBEFT¯TDBMFTPIBZBUSBOTDVSSJEPFMQMB[PEF QSFTDSJQDJwO ("3"/5º"4$0.130.*404:$0/5*/(&/$*"4 -BT¯BO[BTBWBMFTPHBSBOUrBTQSFTUBEPTBUFSDFSPTBMDJFSSFEFMFKFSDJDJPFOFVSPTTPO MBTTJHVJFOUFT 2[aVQNQÀ[N[PVR_N 6Z]\_aR 3RPUNP\[`aVabPV[ ·YN0NVeN· # ZN_ ·YN0NVeN· #&# " %`R]$ */(3&404:("4504 $POTVNPEFNBUFSJBTQSJNBTZPUSPTBQSPWJTJPOBNJFOUPT -PT DPOTVNPT EF FYJTUFODJBT DPSSFTQPOEJFOUFT BM FKFSDJDJP FYQSFTBEPT FO FVSPT TF JOEJDBOFOFMTJHVJFOUFEFUBMMF #0\Z]_N`QROVR[R` &"$$ " #CN_VNPV[QRReV`aR[PVN` #%"# 0\[`bZ\QRRe]Y\aNPV[ %"&" 0b_aaR_ZV[V & CR[PVZR[aQRY`QRbaR`NYYN_TaR_ZV[V =\`aR_V\_ 9YN_TaR_ZV[V $"=_z`aRP` VNYa_R`QRbaR` ##&"% ##&"$ "!&%& "!&%& %%"$" A\aNY1RbaR`R[aVaNa` QRP_{QVa ##&"% ##&"$ "!&%& "!&%& %%"$" "MUSFTEFVUFTOPDPNFSDJBMT -BDPNQPTJDJwBEFEFTFNCSFEFJEFFYQSFTTBEBFOFVSPTnTMBTFHFOU !$"5V`R[QN]OYVPNP_RQVa\_N]R_6C. !$"5V`R[QN]OYVPNP_RQVa\_N]R_6?=3 !$#<_TN[V`ZR@RTb_RaNa@\PVNYP_RQVa\_N 0b_aaR_ZV[V # 9YN_TaR_ZV[V # 0b_aaR_ZV[V $ 9YN_TaR_ZV[V $ %$!!$ !!#& &# &%% "!% &!#$$ $# &! "&&"! $! &! !&" $! $ " .Ya_R`QRbaR` =_\cRQ\_`VZZ\OVYVagNa " ##% A\aNYNYa_R`QRbaR`[\P\ZR_PVNY` $ %% 4*56"$*¾'*4$"# -B 'VOEBDJw OP IB FTUBU JOTQFDDJPOBEB QFS MFT BVUPSJUBUT ¯TDBMT EVSBOU FMT RVBUSF |MUJNTFYFSDJDJT%ªBDPSEBNCMBMFHJTMBDJwWJHFOUFMTJNQPTUPTOPFTQPEFODPOTJEFSBS EF¯OJUJWBNFOU MJRVJEBUT ¯OT RVF MFT EFDMBSBDJPOT QSFTFOUBEFT OP IBHJO FTUBU JOTQFDDJPOBEFTQFSMFTBVUPSJUBUT¯TDBMTP¯OTRVFOPIBHJUSBOTDPSSFHVUFMUFSNJOJEF QSFTDSJQDJw ("3"/5*&4$0.130.*404*$0/5*/(¹/$*&4 -FT¯BODFTBWBMTPHBSBOUJFTQSFTUBUTBUFSDFSTBMUBODBNFOUEFMªFYFSDJDJFYQSFTTBUT FOFVSPTTwOFMTTFHFOUT 2[aVaNaÀ[N[PR_N 6Z]\_a 1NaNP\[`aVabPV ·YN0NVeN· # ZN_ ·YN0NVeN· #&# " %`Ra$ */(3&4404*%&41&4&4 $POTVNEFQSJNFSFTNBUoSJFTJBMUSFTBQSPWJTJPOBNFOUT &MTDPOTVNTEªFYJTUoODJFTDPSSFTQPOFOUTBMªFYFSDJDJFYQSFTTBUTFOFVSPTTªJOEJRVFO BMEFUBMMTFHFOU #0\Z]_R`QROz[` &"$$ " #CN_VNPVQ¹ReV`a{[PVR` #%"# 0\[`bZQ¹Re]Y\aNPV %"&" (BTUPTEFQFSTPOBM &MEFUBMMFEFFTUFFQrHSBGFBMDJFSSFEFMFKFSDJDJPFYQSFTBEPFOFVSPTFTFMTJHVJFOUF #!@bRYQ\`f`NYN_V\` %""$!"# #!@RTb_VQNQ`\PVNYNPN_T\QRYNRZ]_R`N "$!&&$% #!&<a_\`TN`a\``\PVNYR` #!#!&A\aNY0N_TN``\PVNYR` & !#% #%!#"& -B QMBOUJMMB NFEJB EF QFSTPOBM B UJFNQP DPNQMFUP FO FM USBOTDVSTP EFM FKFSDJDJP EJTUSJCVJEBQPSgSFBTEFUSBCBKPIBTJEPMBTJHVJFOUF @RP_RaN_~N4R[R_NYf:b`R\` "&%% 4R_R[PVNfaVR[QN` $ 0R[a_\QR2`abQV\` " ?R`aNb_NPV[f?RTV`a_\ !%" A\aNY %#$$ 7BSJBDJwOEFMBTQSPWJTJPOFT -BWBSJBDJwOEFMBTQSPWJTJPOFTFOFMUSBOTDVSTPEFMFKFSDJDJPDPSSFTQPOEFBMTJHVJFOUF EFUBMMFFYQSFTBEPFOFVSPT $ #& 1\aNPV[NYN]_\cV`V[QRReV`aR[PVN` # %## $& =_\cV`V[QRReV`aR[PVN`N]YVPNQN #!! #& CN_VNPV[QRYN`]_\cV`V\[R`QRa_sÀP\ " 5SBOTBDDJPOFTFGFDUVBEBTDPOFNQSFTBTEFMHSVQPZBTPDJBEBT -BTUSBOTBDDJPOFTFGFDUVBEBTDPOFNQSFTBTEFMHSVQPZBTPDJBEBTFOFVSPTTPOMBT TJHVJFOUFT 0\Z]_N`QRYRWR_PVPV\ &# $ 4N`a\`\a_\``R_cVPV\` $$& 6[T_R`\`\a_\``R_cVPV\` % 6[T_R`\`À[N[PVR_\` 4N`a\` 6[T_R`\` $$".]\_aNPV\[R`@bOcR[PV\[R` QRPN]VaNYa_N`]N`NQN`NY_R`bYaNQ\ !#!"% *OHSFTPTZHBTUPTFYUSBPSEJOBSJPT #$%$$%?R`bYaNQ\`Rea_N\_QV[N_V\` $%"! A\aNY "$ " ?R`bYaNQ\`Rea_N\_QV[N_V\`]\`VaVc\` "$ " %FTQFTFTEFQFSTPOBM &MEFUBMMEªBRVFTUFQrHSBGBMUBODBNFOUEFMªFYFSDJDJFYQSFTTBUFOFVSPTnTFMTFHFOU #!@\b`V`NYN_V` %""$!"# #!@RTb_RaNa`\PVNYNPt__RPQRY¹RZ]_R`N "$!&&$% #!&.Ya_R`QR`]R`R``\PVNY` #!#!&A\aNY0t__RTbR``\PVNY` & !#% #%!#"& -BQMBOUJMMBNJUKBOBEFQFSTPOBMBUFNQTDPNQMFUFOFMEFDVSTEFMªFYFSDJDJEJTUSJCVuEB QFShSFFTEFUSFCBMMIBFTUBUMBTFHFOU @RP_RaN_VN4R[R_NYV:b`Rb` "&%% 4R_{[PVNVO\aVTbR` $ 0R[a_RQ¹2`abQV` " ?R`aNb_NPVV?RTV`a_R !%" A\aNY %#$$ 7BSJBDJwEFMFTQSPWJTJPOT -B WBSJBDJw EF MFT QSPWJTJPOT FO FM EFDVST EF MªFYFSDJDJ DPSSFTQPO BM EFUBMM TFHFOU FYQSFTTBUFOFVSPT #& 1\aNPVNYN]_\cV`VQ¹ReV`a{[PVR` # %## $& =_\cV`VQ¹ReV`a{[PVR`N]YVPNQN #!! #& CN_VNPVQRYR`]_\cV`V\[`QRa_tÀP " 5SBOTBDDJPOTFGFDUVBEFTBNCFNQSFTFTEFMHSVQJBTTPDJBEFT -FT USBOTBDDJPOT FGFDUVBEFT BNC FNQSFTFT EFM HSVQ J BTTPDJBEFT FO FVSPT TwO MFT TFHFOUT 0\Z]_R`QRY¹ReR_PVPV &# $ 1R`]R`R`NYa_R``R_cRV` $$& 6[T_R``\`NYa_R``R_cRV` % 6[T_R``\`À[N[PR_` 1R`]R`R` 6[T_R``\` $$".]\_aNPV\[`@bOcR[PV\[` QRPN]VaNYa_N`]N``NQR`NY_R`bYaNa !#!"% *OHSFTTPTJEFTQFTFTFYUSBPSEJOBSJT #$%$$%?R`bYaNa`Rea_N\_QV[N_V` $%"! A\aNY "$ " ?R`bYaNa`Rea_N\_QV[N_V`]\`VaVb` "$ " % "1-*$"$*¾/%&&-&.&/5041"53*.0/*"-&4 "'*/&41301*04 &MEFTUJOPEFMBTSFOUBTFJOHSFTPTFYQSFTBEPFOFVSPTDPSSFTQPOEFBMTJHVJFOUFEFUBMMF 6Z]\_aRQR`aV[NQ\NÀ[R`]_\]V\` 6[T_R`\` 4N`a\` 2WR_PVPV\ O_ba\` [RPR`N_V\` 6Z]a\` 1VS ! &! & &$&% #$ 1R`aV[NQ\R[RYRWR_PVPV\ 6Z]\_aR [ [ [ [ " &! & $&!# % & &$%#& && &$%#& # $%#&$ %$!%# "#&!%# "!!##$ && "!!##$ $ !&%!! %& "&# "$" && 2WR_PVPV\ #!&! &&! #!&! 6Z]\_aRQR`aV[NQ\NQ\aNPV[Sb[QNPV\[NY 4N`a\`QRNQZV[V`a_NPV[ 6Z]\_aR ! $%$ " # $ "$" 1R`aV[NQ\R[RYRWR_PVPV\ A\aNY 6Z]\_aR [ [ [ [ ! !%& !"&& & "$0/5&$*.*&/5041045&3*03&4"-$*&33& /PTFIBOQSPEVDJEPIFDIPTQPTUFSJPSFTRVFQVFEBOBGFDUBSTJHOJ¯DBUJWBNFOUFBMBT DVFOUBTBOVBMFTEFMB'VOEBDJwO $6"%30%&'*/"/$*"$*¾/ .]YVPNPV\[R` # $ ?RPb_`\`]_\PRQR[aR` QRYN`\]R_NPV\[R` "$%##"$ "#"#$&% .Q^bV`VPV\[R`QRV[Z\cVYVgNQ\ 3\[Q\`=_\]V\` ?RPb_`\`N]YVPNQ\` R[YN`\]R_NPV\[R` <_~TR[R` # 6[ZNaR_VNY $!!%" &#& #&# 1RbQN`NYN_T\]YNg\ =Na_VZ\[V\5V`a_VP\ & 2[NWR[NPV[QRV[Z\cVYVgNQ\ :NaR_VNY !#"#& !&! % $#!# 3V[N[PVR_\ "&$## :NaR_VNY 6[ZNaR_VNY 0N[PRYNPV[\a_N`]N`\ NP\_a\]YNg\QRQRbQN NYN_T\]YNg\ ##&"% ##&"% 3V[N[PVR_\ .]\_aNPV\[R` A_N`]N`\V[cR_`V\[R` NP\_a\]YNg\ A\aNYN]YVPNPV\[R` # #%$"& !!" !#! A\aNY\_~TR[R` 2ePR`\QR\_~TR[R` `\O_RN]YVPNPV\[R` # %% %$$"# 2ePR`\QRN]YVPNPV\[R` `\O_R\_~TR[R` "#&%&%$ " "#$&% $ !& # & "#&%&%$ " "#$&% "#&%&%$ " "#$&% "1-*$"$*¾%ª&-&.&/541"53*.0/*"-4 "'*/41301*4 -BEFTUJOBDJwEFMFTSFOEFTJJOHSFTTPTFYQSFTTBEBFOFVSPTDPSSFTQPOBMEFUBMMTFHFOU 6Z]\_aQR`aV[NaNÀ[`]_\]V` 1R`aV[NaR[Y¹ReR_PVPV 6[T_R``\` 1R`]R`R` 2eR_PVPV O_ba` [RPR``t_VR` 6Z]a\` 1VS ! &! & &$&% #$ 6Z]\_a [ [ [ [ #!&! &&! #!&! " &! & $&!# % & &$%#& && &$%#& # $%#&$ %$!%# "#&!%# "!!##$ && "!!##$ $ !&%!! %& "&# "$" && 2eR_PVPV 6Z]\_aQR`aV[NaNQ\aNPVSb[QNPV\[NY 1R`]R`R`Q¹NQZV[V`a_NPV 6Z]\_a "$" 1R`aV[NaR[Y¹ReR_PVPV A\aNY 6Z]\_a [ [ [ [ ! $%$ " ! # !%& $ !"&& ' &4%&7&/*.&/541045&3*034"-5"/$".&/5 /P TªIBO QSPEVuU GFUT QPTUFSJPST RVF QVHVJO BGFDUBS TJHOJ¯DBUJWBNFOU FMT DPNQUFT BOVBMTEFMB'VOEBDJw 26"%3&%&'*/"/b".&/5 .]YVPNPV\[` # $ ?RPb_`\`]_\P QRYR`\]R_NPV\[` .Q^bV`VPV\[`Q¹VZZ\OVYVagNa 3\[`=_\]V` :NaR_VNY 6ZZNaR_VNY ?RPb_`\`N]YVPNa` R[YR`\]R_NPV\[` <_~TR[` # "$%##"$ "#"#$&% 6ZZNaR_VNY $!!%" &#& #&# 1RbaR`NYYN_TaR_ZV[V =Na_VZ\[V5V`a_VP & .YVR[NPQ¹VZZ\OVYVagNa :NaR_VNY !#"#& !&! % 3V[N[PR_ $#!# "&$## 0N[PRYÃYNPV\a_N`]t` NPb_aaR_ZV[VQRQRbaR NYYN_TaR_ZV[V ##&"% ##&"% 3V[N[PR_ .]\_aNPV\[` A_N`]t`V[cR_`V\[` NPb_aaR_ZV[V A\aNYN]YVPNPV\[` # #%$"& !!" !#! A\aNY\_~TR[` 2ePz`Q¹\_~TR[` `\O_RN]YVPNPV\[` # %% %$$"# 2ePz`Q¹N]YVPNPV\[` `\O_R\_~TR[` "#&%&%$ " "#$&% $ !& # & "#&%&%$ " "#$&% "#&%&%$ " "#$&% # .bZR[a\ 1V`ZV[bPV[ $ "! 2eV`aR[PVN` .bZR[a\ " &# .P_RRQ\_R` &$&% AR`\_R_~N $#"%& $ # $ & !&! .bZR[a\QRYPN]VaNYPV_PbYN[aR # %% ?RQbPPV[QRYPN]VaNYPV_PbYN[aR 1V`ZV[bPV[ 1RbQ\_R` 6[cR_`V\[R`À[N[PVR_N`aRZ]\_NYR` #!#&!! $ " ""& %%& & &% #%$& # "#$ .Wb`aR`]\_]R_V\QVÀPNPV[ "% $ # $ " "%"$ $ # $ %$$"# "% "% -BDPODJMJBDJwOFOUSFFMTBMEPEFMBDVFOUBEFSFTVMUBEPTZMPTSFDVSTPTQSPDFEFOUFTEFMBT PQFSBDJPOFTNPTUSBEPTFOFMDVBESPEF¯OBODJBDJwOFYQSFTBEBFOFVSPTFTMBTJHVJFOUF # $ 2ePRQR[aRQRYRWR_PVPV\ "!!##$! "$" $ #"%# & ! $"#%# !#!"% !#!"% "$%##"$ .bZR[a\`' 1\aNPV\[R`NZ\_aVgNPV[ 1V`ZV[bPV\[R`' .]\_aNP@bOcR[PQRPN]VaNYa_N`]N`NQN`NY_R`bYaNQ\ /R[RÀPV\R[NWR[NPV[QRV[Z\cVYVgNQ\` ?RPb_`\`]_\PRQR[aR`QRYN`\]R_NPV\[R` "#"#$&% $6&/5"%&3&46-5"%04"/"-º5*$" -BTDVFOUBTEFSFTVMUBEPTBOBMrUJDBTEFMPTFKFSDJDJPTZFYQSFTBEBTFOFVSPT TPOMBTTJHVJFOUFT 2WR_PVPV\$ 2WR_PVPV\# 0\[PR]a\` 6Z]\_aR 6Z]\_aR 6[T_R`\`QRYNR[aVQNQ]\_YNNPaVcVQNQ]_\]VN #%% ! 0\[`bZ\QRRe]Y\aNPV[ %"&" <a_\`TN`a\`QRRe]Y\aNPV[ $ %#% $" <a_\`V[T_R`\` 4N`a\`QR]R_`\[NY #%##$& %$"!#! $" %"& #! !"#"&& !$%%% & ?R`bYaNQ\O_ba\QRRe]Y\aNPV[ "$!! !" "!$" " !!& 1\aNPV\[R`NZ\_aVgNPV\[R`V[Z\cVYVgNQ\ $"#%# ! #"%# & ! ! " "% "!% %" "%&&!! ! $ $$%%#" ! !$##&&& ! !"#! CN_VNPV[QRYN`]_\cV`V\[R`QRa_sÀP\ ?R`bYaNQ\[Ra\QRRe]Y\aNPV[ 6[T_R`\`À[N[PVR_\` 4N`a\`À[N[PVR_\` #!%& " ?R`bYaNQ\QRYN`NPaVcVQNQR`\_QV[N_VN` "&% %$ !#!"% !#!"% %&! ?R`bYaNQ\`]_\PRQR[aR`QRYV[Z\cVYVgNQ\ @bOcR[PV\[R`QRPN]VaNYa_N`]N`NQN`NY_R`bYaNQ\ ?R`bYaNQ\`Rea_N\_QV[N_V\` $%"! ?R`bYaNQ\N[aR`QRVZ]bR`a\` "$" & 6Z]bR`a\`\O_R`\PVRQNQR` 2ePRQR[aRQRYRWR_PVPV\ "$" $ $ & !&&&& && "!!##$! "!!##$! # .bTZR[a 1V`ZV[bPV $ "! 2eV`a{[PVR` .bTZR[a " &# 0_RQVa\_` &$&% #!#&!! A_R`\_R_VN $#"%& $ # $ & !&! # %% 1V`ZV[bPV 1Rba\_` 6[cR_`V\[`À[N[PR_R`aRZ]\_NY` $ " ""& %%& & &% #%$& # "#$ .Wb`a`]R_]R_V\QVÀPNPV .bTZR[aQRYPN]VaNYPV_PbYN[a ?RQbPPVQRYPN]VaNYPV_PbYN[a "% $ # $ " "%"$ $ # $ %$$"# "% "% -BDPODJMJBDJwFOUSFFMTBMEPEFMDPNQUFEFSFTVMUBUTJFMTSFDVSTPTQSPDFEFOUTEFMFT PQFSBDJPOTNPTUSBUTBMRVBESFEF¯OBOmBNFOUFYQSFTTBEBFOFVSPTnTMBTFHFOU # $ 2ePRQR[aQRY¹ReR_PVPV "!!##$! "$" $ #"%# & ! $"#%# !#!"% !#!"% "$%##"$ .bTZR[a`' 1\aNPV\[`NZ\_aVagNPV 1V`ZV[bPV\[`' .]\_aNP@bOcR[PQRPN]VaNYa_N`]N``NQR`NY_R`bYaNa /R[RÀPVNYVR[NPVQ¹VZZ\OVYVagNa` ?RPb_`\`]_\PRQR[a`QRYR`\]R_NPV\[` "#"#$&% $0.15&%&3&46-5"54"/"-º5*$ &MTDPNQUFTBOBMrUJDTEFSFTVMUBUTEFMTFYFSDJDJTJFYQSFTTBUTFOFVSPTTwO FMTTFHFOUT 2eR_PVPV$ 2eR_PVPV# 0\[PR]aR` 6Z]\_a 6Z]\_a 6[T_R``\`QRY¹R[aVaNa]R_Y¹NPaVcVaNa]_]VN #%% ! 0\[`bZQ¹Re]Y\aNPV %"&" .Ya_R`QR`]R`R`Q¹Re]Y\aNPV $ %#% $" .Ya_R`V[T_R``\` 1R`]R`R`QR]R_`\[NY #%##$& %$"!#! $" %"& #! !"#"&& !$%%% & ?R`bYaNaO_baQ±Re]Y\aNPV "$!! !" "!$" " !!& 1\aNPV\[`NZ\_aVagNPV\[`VZZ\OVYVagNa $"#%# ! #"%# & ! ! " "% "!% %" "%&&!! ! $ $$%%#" ! !$##&&& ! !"#! CN_VNPVQRYR`]_\cV`V\[`QRa_tÀP ?R`bYaNa[RaQ±Re]Y\aNPV 6[T_R``\`À[N[PR_` 1R`]R`R`À[N[PR_R` #!%& " ?R`bYaNaQRYR`NPaVcVaNa`\_QV[s_VR` "&% %$ !#!"% !#!"% %&! ?R`bYaNa`]_\PRQR[a`QRY¹VZZ\OVYVagNa @bOcR[PV\[`QRPN]VaNYa_N`]N``NQR`NY_R`bYaNa ?R`bYaNa`Rea_N\_QV[N_V` ?R`bYaNaNON[`Q±VZ]\`a\` 6Z]\`a`\O_R`\PVRaNa` 2ePRQR[aQRY±ReR_PVPV $%"! "$" "$" $ & $ & !&&&& && "!!##$! "!!##$! #"-"/$&4%&4*56"$*¾/4*/"$56"-*;"$*¾/ %&-1"53*.0/*0"35º45*$0 -PTCBMBODFTEFTJUVBDJwOTJOBDUVBMJ[BDJwOEFMWBMPSEFMQBUSJNPOJPBSUrTUJDPBEF EJDJFNCSFEFMZFYQSFTBEPTFOFVSPTTPO /NYN[PR`QR@VabNPV[`V[.PabNYVgNPV[QRYCNY\_QRY=Na_VZ\[V\._a~`aVP\N QR1VPVRZO_RQR$f# .0A6C< 6;:<C696G.1< 6[Z\cVYVgNPV\[R`V[ZNaR_VNYR` # "&%&$&" "&!%$!! %$& ! ### 4N`a\`QRV[cR`aVTNPV[fQR`N__\YY\ !"& !"& =_\]VRQNQV[aRYRPabNYfP\[PR`V\[R` "$#""&" ""%!%&" .]YVPNPV\[R`V[S\_ZsaVPN` .Z\_aVgNPV\[R` /VR[R`QRY=Na_VZ\[V\5V`a_VP\ $ %!" &% $%$"%%$ " &!!!!! !%"#%"$& "&&&!%& "!$! 6[Z\cVYVgNPV\[R`ZNaR_VNYR` "! &$!""" ""&$ ! AR__R[\`fP\[`a_bPPV\[R` ""#&! !%&$! 6[`aNYNPV\[R`azP[VPN`fZN^bV[N_VN #$"!"%% #"!&"!% <a_N`V[`aNYNPV\[R`baVYYNWRfZ\OVYVN_V\ % !!$! !"!&$ 2^bV]\`V[S\_ZsaVP\`f\a_\V[Z\cVYVgNQ\ "" %"%%$ !#"&%! .Z\_aVgNPV\[R` ""$ !%! "%$" #$$% %#$$% ! !" ! !" # # $# # 6[Z\cVYVgNPV\[R`SV[N[PVR_N` =N_aVPV]NPV\[R`R[R[aVQNQR`QRYT_b]\ 1R]`Va\`fÀN[gN`P\[`aVabVQ\`NYN_T\]YNg\ .0A6C<06?0B9.;A2 #!!"$!& 2eV`aR[PVN` ! !!# &#" " & $$ 2eV`aR[PVN`P\ZR_PVNYR` #$$% & %#% =_\cV`V\[R` # %## #!! #& <a_\`QRbQ\_R` %#!$ &$&&!%% 0YVR[aR`]\_cR[aN`f]_R`aNPV\[R`QR`R_cVPV\` 1RbQ\_R`cN_V\` .QZV[V`a_NPV\[R`]OYVPN` 6[cR_`V\[R`SV[N[PVR_N`aRZ]\_NYR` 0_zQVa\`NR[aVQNQR`QRYT_b]\ 0N_aR_NQRcNY\_R`NP\_a\]YNg\ AR`\_R_|N !"% #" "$" #!"#&& $#&" $" $ !""!$% %#%#$% % !# ! %# $ !#$!"!& "%%!"!& &&""&$ ##&%"%" A<A.9.0A6C< ## %"! # %&$$% /NYN[PR`QR@VabNPV[`V[.PabNYVgNPV[QRYCNY\_QRY=Na_VZ\[V\._a~`aVP\N QR1VPVRZO_RQR$f# =.@6C< $ # 3<;1<@=?<=6<@ #& &&!%$ "$ #%!&$ 1\aNPV[Sb[QNPV\[NY3\[Q\`\PVNY #"%&"! #"%&"! ?R`R_cN` $"&# ?R`R_cN`c\Yb[aN_VN` $"&# 2ePRQR[aR`QRYRWR_PVPV\ "$" $ ""$& ""$& "!!##$! 6;4?2@<@.16@A?6/B6?2;C.?6<@272?0606<@ " && "!!##&% @bOcR[PV\[R`N]\_aNPV\[R`Q\[NPV\[R`fYRTNQ\`QRPN]VaNY " && "!!##&% .0?221<[email protected].?4<=9.G< %%"$" ! " 1RbQN`P\[R[aVQNQR`QRP_xQVa\ %%"$" &" 1RbQN`P\[R[aVQNQR`QRP_zQVa\ %%"$" &" $! &! $! &! .0?221<[email protected]<?A<=9.G< ! % &! !$%" 1RbQN`P\[R[aVQNQR`QRP_xQVa\ ##&"% ##&"% ##&"% ##&"% #$"&!% "##$!!$ <a_\`NP_RRQ\_R` <a_N`QRbQN` =_z`aNZ\`f\a_N`QRbQN` .P_RRQ\_R`0\ZR_PVNYR` 1RbQN`]\_P\Z]_N`f]_R`aNP`R_cVPV\` #$#"$& <a_N`1RbQN`[\0\ZR_PVNYR` "##$!!$ !&" $ %% .QZV[V`a_NPV\[R`=OYVPN` "$""#& "!#$$ <a_N`QRbQN` "&&"! " ##% %"! # %&$$% A<A.9=.@6C< ## ! #"-"/b%&4*56"$*¾4&/4&"$56"-*5;"$*¾ %&-1"53*.0/*"35º45*$ &MT#BMBOmPTEFTJUVBDJwTFOTFBDUVBMJU[BDJwEFMWBMPSEFMQBUSJNPOJBSUrTUJDBEF EFTFNCSFEFJFYQSFTTBUTFOFVSPTTwO /NYN[y\`QR@VabNPV`R[`R.PabNYVagNPVQRYCNY\_QRY=Na_VZ\[V._a~`aVPN QR1R`RZO_RQR$V# .0A6B 6::</696AG.A 6ZZ\OVYVagNPV\[`VZZNaR_VNY` " 1R`]R`R`QR_RPR_PNVQR`R[c\Yb]NZR[a =_\]VRaNaV[aRYÃYRPabNYVP\[PR``V\[` .]YVPNPV\[`V[S\_ZtaV^bR` .Z\_aVagNPV\[` $ # "&%&$&" "&!%$!! %$& ! ### !"& !"& "$#""&" ""%!%&" %!" &% $%$"%%$ " &!!!!! !%"#%"$& /x[`QRY=Na_VZ\[V5V`a_VP "&&&!%& "!$! 6ZZ\OVYVagNPV\[`ZNaR_VNY` "! &$!""" ""&$ ! AR__R[f`VP\[`a_bPPV\[` ""#&! !%&$! 6[`aNYÃYNPV\[`a{P[V^bR`VZN^bV[t_VN #$"!"%% #"!&"!% .Ya_R`V[`aNYÃYNPV\[`baVYYNaTRVZ\OVYVN_V % !!$! !"!&$ 2^bV]`V[S\_ZtaVP`VNYa_RVZZ\OVYVagNa "" %"%%$ !#"&%! .Z\_aVagNPV\[` ""$ !%! "%$" #$$% %#$$% ! !" ! !" # # $# # 6ZZ\OVYVagNPV\[`SV[N[PR_R` =N_aVPV]NPV\[`R[R[aVaNa`QRYT_b] 1V]`Va`VÀN[PR`P\[`aVaba`NYYN_TaR_ZV[V .0A6B06?0B9.;A #!!"$!& 2eV`ay[PVR` ! !!# &#" " & $$ 2eV`a{[PVR`P\ZR_PVNY` #$$% & %#% =_\cV`V\[` # %## #!! #& %#!$ &$&&!%% .Ya_R`QRba\_` 0YVR[a`]R_cR[QR`V]_R`aNPV\[`QR`R_cRV` 1Rba\_`QVcR_`\` .QZV[V`a_NPV\[`]OYV^bR` 6[cR_`V\[`SV[N[PR_R`aRZ]\_NY` 0_{QVa`NR[aVaNa`QRYT_b] 0N_aR_NQRcNY\_`NPb_aaR_ZV[V A_R`\_R_VN !"% #" "$" #!"#&& $#&" $" $ !""!$% %#%#$% % !# ! %# $ !#$!"!& "%%!"!& &&""&$ ##&%"%" A<A.9.0A6B ## %"! # %&$$% /NYN[y\`QR@VabNPV`R[`R.PabNYVagNPVQRYCNY\_QRY=Na_VZ\[V._a~`aVPN QR1R`RZO_RQR$V# =.@@6B $ # 3<;@=?<=6@ #& &&!%$ "$ #%!&$ 1\aNPVSb[QNPV\[NY3\[``\PVNY #"%&"! #"%&"! ?R`R_cR` $"&# ?R`R_cR`c\Yb[at_VR` $"&# 2ePRQR[a`QRY±ReR_PVPV "$" $ ""$& ""$& "!!##$! 6;4?2@@<@.16@A?6/B6?2;16C2?@<@2E2?0606@ " && "!!##&% @bOcR[PV\[`N]\_aNPV\[`Q\[NPV\[`VYYRTNa`QRPN]VaNY " && "!!##&% 0?216A<[email protected].?4A2?:6;6 %%"$" ! " 1RbaR`NZOR[aVaNa`QRP_yQVa %%"$" &" 1RbaR`NZOR[aVaNa`QRP_{QVa %%"$" &" $! &! $! &! 0?216A<[email protected]?AA2?:6;6 ! % &! !$%" 1RbaR`NZOR[aVaNa`QRP_yQVa ##&"% ##&"% ##&"% ##&"% #$"&!% "##$!!$ .Ya_R`P_RQVa\_` .Ya_R`QRbaR` =_z`aRP`VNYa_R`QRbaR` 0_RQVa\_`0\ZR_PVNY` 1RbaR`]R_P\Z]_R`V]_R`aNP`R_cRV` #$#"$& .Ya_R`1RbaR`[\0\ZR_PVNY` .QZV[V`a_NPV\[`=OYV^bR` .Ya_R`QRbaR` A<A.9=.@@6B ## "##$!!$ !&" $ %% "$""#& "!#$$ "&&"! " ##% %"! # %&$$% # #"-"/$&%&4*56"$*¾/$0/"$56"-*;"$*¾/ %&-1"53*.0/*0"35º45*$0 $PNPTFIBJOEJDBEPFOFMUFYUPEFMB.FNPSJBTFBEKVOUBFM#BMBODFDPOBDUVBMJ[BDJwO EFMQBUSJNPOJPBSUrTUJDPBEFEJDJFNCSFFYQSFTBEPFOFVSPT $ /NYN[PRP\[.PabNYVgNPV[QRYCNY\_QRY=Na_VZ\[V\._a~`aVP\N QR1VPVRZO_RQR$ 0aN 0\[PR]a\ .PaVc\ =N`Vc\ .]\_aNPV[3b[QNQ\_f\a_\` #"%&"! ?R`R_cN`c\Yb[aN_VN`fPN]VaNYVgNQN` ""$& ?RcNY\_VgNPV[]Na_VZ\[V\N_a~`aVP\ %&# !&% & 2ePRQR[aRRWR_PVPV\N[aR_V\_ "!!##$! .]\_aNPV\[R`OVR[R` " && A<A.93<;1<@=?<=6<@ &#%"%# " 6[cR`aVTNPV[fQR`N__\YY\ !"& 0\[PR`V[=O\Y=\_aYYVTNa #$&"%% =_\]VRQNQV[aRYRPabNYRV[Qb`a_VNY " .]YVPNPV\[R`V[S\_ZsaVPN` A<A.96;:<C696G.1<6;:.A2?6.9 ###!& $ 0\[`a_bPPV\[R` ""#&! 6[`aNYNPV\[R` #%#$ !% =_\fRPa\[bRcN`V[`aNYNPV\[R` " :\OVYVN_V\ % !!$! # 2^bV]\`V[S\_ZsaVP\` "" %"%%$ 1\PbZR[aNPV[OVOYV\T_sÀPN <O_N`QRN_aR A<A.96;:<C696G.1<:.A2?6.9 " 6[cR_`V\[R`À[N[PVR_N`]R_ZN[R[aR` # 3VN[gN`P\[`aVabVQN`NYN_T\]YNg\ ""&#$ %!" &% ##$ %$ %!&!""& & !&!! & % ! !" # # A<A.96;:<C696G.1<36;.;062?< % .Z\_aNPbZbYV[cR_P\[PR`=O\Y=\_aYYVTNa % .Z\_aNPbZbY]_\]VRQNQV[aRYRPabNY % .Z\_aNPbZbYN]YVPNPV\[R`V[S\_ZsaVPN` % .Z\_aNPbZbYTN`a\`61 % .Z\_aNPbZbYP\[`a_bPPV\[R` % .Z\_aNPbZbYV[`aNYNPV\[R` % .Z\_aNPbZbY]_\fRPa\[bRcN`V[`aNYNPV\[R` "%$#%& % .Z\_aNPbZbYZ\OVYVN_V\ %$#&""$ % .Z\_aNPbZbYR^bV]\`V[S\_ZsaVP\` A<A.9.:<?A6G.06<;2@ #$$% #$&!$%$ !# #" "#&%!#& &#!! &$ #$" && &"%# !$%"! &$%&#% 2eV`aR[PVN` #$$% & =_\cV`V[QR]_RPVNPV[ReV`aR[PVN` # %## A<A.92E6@A2;06.@ ! " 0aN /NYN[PRP\[.PabNYVgNPV[QRYCNY\_QRY=Na_VZ\[V\._a~`aVP\N QR1VPVRZO_RQR$ 0\[PR]a\ ! 0YVR[aR` !! 1RbQ\_R`cN_V\` .PaVc\ =N`Vc\ !"% "$" !$ 5=?RaR[PV\[R`f]NT\`NPbR[aN " ! 0_zQVa\`NP\_a\]YNg\ $#&" $ 1RbQN`9N_T\=YNg\R[aVQNQR`P_zQVa\ %%"$" $ =_\cRRQ\_R`6[Z\cVYVgNQ\YN_T\]YNg\ $! ! .P_RRQ\_R` % !# ! #$"&!% !#" ?RZb[R_NPV\[R`]R[QVR[aR`QR]NT\ && !$" 5=.P_RRQ\_N]\_6C. !!#& !$" 5=.P_RRQ\_N]\_6?=3 "!% !$# <_TN[V`Z\`@@NP_RRQ\_R` $# " 1RbQN`0\_a\=YNg\R[aVQNQR`P_zQVa\ ##&"% " =_\cRRQ\_R`V[Z\cVYVgNQ\ "% " A<A.912B1<[email protected]?221<?2@ "! CNY\_R`QR_R[aNÀWN "$ 0NWN3b[QNPV[ "$ /N[P\`RV[`aP_zQVa\PP A<A.90B2;A.@36;.;062?.@ [email protected]<=2?6<1< A<A.92@ ##&#!# !%$ %% !#$!"!& &&%"% &&$ $#& !"##"&%!# "&"$!&# "$" $ "&"$!&# % #"-"/b%&4*56"$*¾".#"$56"-*5;"$*¾ %&-1"53*.0/*"35º45*$ $PNTªIBJOEJDBUFOFMUFYUEFMB.FNxSJBTªBEKVOUBFMCBMBOmBNCBDUVBMJU[BDJwEFM QBUSJNPOJBSUrTUJDBEFEFTFNCSFFYQSFTTBUFOFVSPT & /NYN[yNZO.PabNYVagNPVQRYCNY\_QRY=Na_VZ\[V._a~`aVPN QRQR`RZO_RQR$ 0aN 0\[PR]aR .PaVb =N``Vb .]\_aNPV3b[QNQ\_VNYa_R` #"%&"! ?R`R_cR`c\Yb[at_VR`VPN]VaNYVagNQR` ""$& ?RcNY\_NPV]Na_VZ\[VN_a~`aVP %&# !&% & 2ePRQR[aReR_PVPVN[aR_V\_ "!!##$! .]\_aNPV\[`Oz[` " && A<A.93<;@=?<=6@ &#%"%# " ?RPR_PNVQR`R[c\Yb]NZR[a !"& 0\[PR``V=O\Y=\_aYYVTNa #$&"%% =_\]VRaNaV[aRYÃYRPabNYVV[Qb`a_VNY " .]YVPNPV\[`V[S\_ZtaV^bR` ""&#$ %!" &% A<A.96::</696AG.A6::.A2?6.9 ###!& $ 0\[`a_bPPV\[` ""#&! 6[`aNYÃYNPV\[` #%#$ !% =_\WRPaR[\cR`V[`aNYÃYNPV\[` " :\OVYVN_V % !!$! # 2^bV]`V[S\_ZtaVP` "" %"%%$ 1\PbZR[aNPVOVOYV\T_tÀPN <O_R`Q¹N_a A<A.96::</696AG.A:.A2?6.9 & % " 6[cR_`V\[`À[N[PR_R`]R_ZN[R[a` ! !" # 3VN[PR`P\[`aVabQR`NYYN_TaR_ZV[V ##$ %$ %!&!""& & !&!! # # A<A.96::</696AG.A36;.;02? % .Z\_aNPbZbYV[cR_P\[PR`=O\Y=\_aYYVTNa % .Z\_aNPbZbY]_\]VRaNaV[aRYÃYRPabNY % .Z\_aNPbZbYN]YVPNPV\[`V[S\_ZtaV^bR` % .Z\_aNPbZbYQR`]R`R`?1 % .Z\_aNPbZbYP\[`a_bPPV\[` % .Z\_aNPbZbYV[`aNYÃYNPV\[` % .Z\_aNPbZbY]_\WRPaR[\cR`V[`aNYÃYNPV\[` "%$#%& % .Z\_aNPbZbYZ\OVYVN_V %$#&""$ % .Z\_aNPbZbYR^bV]`V[S\_ZtaVP` A<A.9.:<?A6AG.06<;@ #$$% #$&!$%$ !# #" "#&%!#& &#!! &$ #$" && &"%# !$%"! &$%&#% 2eV`a{[PVR` #$$% & =_\cV`VQR]_RPVNPVReV`a{[PVR` # %## A<A.92E6@AË;062@ ! " 0aN /NYN[yNZO.PabNYVagNPVQRYCNY\_QRY=Na_VZ\[V._a~`aVPN QRQR`RZO_RQR$ 0\[PR]aR ! 0YVR[a` !! 1Rba\_`QVcR_`\` .PaVb =N``Vb !"% "$" !$ 5=?RaR[PV\[`V]NTNZR[a`NP\Z]aR " ! 0_{QVa`NPb_aaR_ZV[V $#&" $ 1RbaR`9YN_TAR_ZV[VR[aVaNa`P_{QVa %%"$" $ =_\cRQ\_`6ZZ\OVYVagNaYYN_TaR_ZV[V $! ! 0_RQVa\_` % !# ! #$"&!% !#" ?RZb[R_NPV\[`]R[QR[a`QR]NTNZR[a && !$" 5=0_RQVa\_N]R_6C. !!#& !$" 5=0_RQVa\_N]R_6?=3 "!% !$# <_TN[V`ZR`@@P_RQVa\_` $# " 1RbaR`0b_aAR_ZV[VR[aVaNa`P_{QVa ##&"% " =_\cRQ\_`6ZZ\OVYVagNa "% " A<A.912BA<?@0?216A<?@ "! CNY\_`QR_R[QNÀeN "$ 0NVeN3b[QNPV "$ /N[P`VV[`aP_{QVaPP A<A.90<:=A2@36;.;02?@ [email protected]=2?Ì<12 A<A.9@ ##&#!# !%$ %% !#$!"!& &&%"% &&$ $#& !"##"&%!# "&"$!&# "$" $ "&"$!&# ' º/%*$&%&1035"%*--"4 º/%&9%&1035"%&--&4 )PNFOBKFB/FXUPO 1MB[B(BMB%BMr'JHVFSFT )PNFOBUHFB/FXUPO 1MBmB(BMB%BMr'JHVFSFT /|N*OW 'VFOUFEFUPSFSPTZNBOPMBT 'POUEFUPSFSPTJNBOPMFT ;POB1JTDJOB $BTBNVTFV4BMWBEPS%BMr1PSUMMJHBU #VTUPNPEFSOJTUB 1BUJP$FOUSBM5FBUSP.VTFP%BMr'JHVFSFT #VTUNPEFSOJTUB 1BUJDFOUSBM5FBUSF.VTFV%BMr'JHVFSFT /|N*OW .POVNFOUPB'SBODFTD1VKPMT 1MB[B(BMB%BMr'JHVFSFT .POVNFOUB'SBODFTD1VKPMT 1MBmB(BMB%BMr'JHVFSFT /|N*OW $gTUPSZ1wMVY $hTUPSJ1xM²MVY ;POB1JTDJOB $BTBNVTFV4BMWBEPS%BMr1PSUMMJHBU 7FOVTEF.JMPBVYUJSPJST 5FBUSP.VTFP%BMr'JHVFSFT 5FBUSF.VTFV%BMr'JHVFSFT /|N*OW .BOJRVrFT 'BDIBEBEF5PSSF(BMBUFBZFM5FBUSP.VTFP%BMr'JHVFSFT .BOJRVJOT 'BmBOBEF5PSSF(BMBUFBJFM5FBUSF.VTFV%BMr'JHVFSFT /|N*OW &MFGBOUF +BSErO$BTUJMMP(BMB%BMr1|CPM &MFGBOU +BSEr$BTUFMM(BMB%BMr1|CPM /|N*OW1 $BCF[BEF7FOVTPUPSSJOPMwHJDB 4BMB.BF8FTU5FBUSP.VTFP%BMr'JHVFSFT $BQEF7FOVTPUPSSJOPMxHJD 4BMB.BF8FTU5FBUSF.VTFV%BMr'JHVFSFT /|N*OW -FPOB 4BMBEFMPTFTDVEPT$BTUJMMP(BMB%BMr1|CPM -MFPOB 4BMBEFMTFTDVUT$BTUFMM(BMB%BMr1|CPM /|N*OW1 .FEBMMB&MNVOEPTBOHSBOUF &TQBDJP%BMr²+PZBT'JHVFSFT .FEBMMB&MNwOTBHOBOU &TQBJ%BMr²+PJFT'JHVFSFT /|N*OW $3c%*504 4FQVFEFPCUFOFSVOBDPQJBEFFTUB.FNPSJBFOGPSNBUP1%' FOFMTJUJPXFCEFMB'VOEBDJwO IUUQXXXTBMWBEPSEBMJPSH 3FEBDDJwO'VOEBDJw(BMB4BMWBEPS%BMr $PPSEJOBDJwO*NNB1BSBEB4PMFS 'PUPHSBGrBT#MBDL8IJUF-UE%BGZEE+POFT5BUF.PEFSO &M1VOU-"$.".BSUr(BTVMM.VTFVEFMª&NQPSEh 3FWJTUB'VFSBEF4FSJF4LZMJHIU5IF5JNFT5PSOFS %JTFvPCJTEJYJUDPN 5SBEVDDJPOFT-JOL 'PUPNFDgOJDBFJNQSFTJwO(Sh¯RVFT5SFNB 0CSBTEF4BMWBEPS%BMr 4BMWBEPS%BMr'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT 0CSBTEF4BMWBEPS%BMrEFMB$PMFDDJwOEFM4BMWBEPS%BMr.VTFVN 4BMWBEPS%BMr'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT &OMPT&&664BMWBEPS%BMr.VTFVN*OD4U1FUFSTCVSH'- %FMBFEJDJwO 'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT 1PSUBEB 5PSSF(BMBUFBTFEFEFMB'VOEBDJw(BMB4BMWBEPS%BMr 5PEPTMPTEFSFDIPTSFTFSWBEPT %FQwTJUPMFHBM(* 'VOEBDJw(BMB4BMWBEPS%BMr 5PSSF(BMBUFB 1VKBEBEFM$BTUFMM 'JHVFSFT IUUQXXXTBMWBEPSEBMJPSH $3¹%*54 &TQPUPCUFOJSVOBDxQJBEªBRVFTUB.FNxSJBFOGPSNBU1%' FOFMMMPDXFCEFMB'VOEBDJw IUUQXXXTBMWBEPSEBMJPSH 3FEBDDJw'VOEBDJw(BMB4BMWBEPS%BMr $PPSEJOBDJw*NNB1BSBEB4PMFS 'PUPHSB¯FT#MBDL8IJUF-UE%BGZEE+POFT5BUF.PEFSO &M1VOU-"$.".BSUr(BTVMM.VTFVEFMª&NQPSEh 3FWJTUB'VFSBEF4FSJF4LZMJHIU5IF5JNFT5PSOFS %JTTFOZCJTEJYJUDPN 5SBEVDDJPOT-JOL 'PUPNFDhOJDBJJNQSFTTJw(Sh¯RVFT5SFNB 0CSFTEF4BMWBEPS%BMr 4BMWBEPS%BMr'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT 0CSFTEF4BMWBEPS%BMrEFMB$PM²MFDDJwEFM4BMWBEPS%BMr.VTFVN 4BMWBEPS%BMr'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT "MT&6"4BMWBEPS%BMr.VTFVN*OD4U1FUFSTCVSH'- %FMªFEJDJw 'VOEBDJw(BMB4BMWBEPS%BMr'JHVFSFT 1PSUBEB 5PSSF(BMBUFBTFVEFMB'VOEBDJw(BMB4BMWBEPS%BMr 5PUTFMTESFUTSFTFSWBUT %JQxTJUMFHBM(* 'VOEBDJw(BMB4BMWBEPS%BMr 5PSSF(BMBUFB 1VKBEBEFM$BTUFMM 'JHVFSFT IUUQXXXTBMWBEPSEBMJPSH !