(678',2 $QWHFDPELRVHQKiELWRVGHFRQVXPR\FRPSHWHQFLD /DQHFHVLGDGGHXQQXHYR SDUDGLJPDHVWUDWpJLFRRSHUDFLRQDO SDUDHOUHWDLOHQ&KLOH .WKU'.G[VQP,QJPU +PIGPKGTQ%QOGTEKCN/CUVGTQH5EKGPEGlKP /CTMGVKPI/CIÈUVGTGP#FOKPKUVTCEKÎP.QIÈUVKEC 'UVTCVÃIKEC&QEVQTCFQGP#FOKPKUVTCEKÎP [&KTGEEKÎPFG'ORTGUCU#ECFÃOKEQFG %CPCNGUFG&KUVTKDWEKÎP[4GVCKN/CPCIGOGPV FGNC(CEWNVCFFG#FOKPKUVTCEKÎP['EQPQOÈC 7PKXGTUKFCFFG5CPVKCIQFG%JKNG .VOEP3FUBJM 5KPFWFCGNTGVCKNGUWPCFGNCUCEVKXKFCFGUGORTGUCTKCNGUFGOC[QTKORQTVCPEKCGP%JKNG[GN OWPFQVCPVQCUÈSWGNCURTKPEKRCNGUEQORCÌÈCUFGNQTDGRGTVGPGEGPCGUVCKPFWUVTKC'P%JKNGGN TGVCKNGUOW[KORQTVCPVGTGURGEVQFGUWCRQTVGCFKXGTUQUKPFKECFQTGUENCXGURCTCNCUQEKGFCF[UW GEQPQOÈCGUCUÈEQOQFGCEWGTFQCFKXGTUCUEKHTCUGPVTGICFCURQTKPUVKVWEKQPGUIWDGTPCOGPVCNGU[ RTKXCFCUUCDGOQUSWGEQOQUGEVQTKPFWUVTKCNGUGNUGIWPFQOC[QTIGPGTCFQTFGN2TQFWEVQ+PVGTPQ $TWVQ CNCRQTVCGNFGNGORNGQEQPVTQNCNCKPƀCEKÎP XCTKCEKÎPTGNCVKXCFGRTGEKQU RGTKQFQQVQTICCEEGUQCNETÃFKVQCNQUEQPUWOKFQTGU OKNNQPGUFG VCTLGVCUCEVKXCUSWGGSWKXCNGPCNFGVQVCNFGNQURN¶UVKEQUGOKVKFQU[JCQVQTICFQOCU FG75OKNNQPGUFGUFGRTKPEKRKQUFGNQUŏU[RTGUGPVCWPNKFGTC\IQTGNCVKXQGPNC KPVGTPCEKQPCNK\CEKÎPFGNCKPXGTUKÎPEJKNGPCGPGNGZVTCPLGTQ RCT¶OGVTQSWGEQTTGURQPFG CWP 'NRTGUGPVGCTVÈEWNQRTGVGPFGGZRNKECTFGOCPGTCUKORNGGNEQPEGRVQFGTGVCKNNQU RTKPEKRCNGUHQTOCVQUSWGGZKUVGPNCUEKHTCUFGNCKPFWUVTKCGPPWGUVTQRCÈUNQUECODKQU SWG JC GZRGTKOGPVCFQ GN EQPUWOQ FWTCPVG NCU ÕNVKOCU FÃECFCU [ RTQRQPGT CNIWPCU RTG IWPVCU ENCXGU SWG PQU RGTOKVCP OGLQTCT NCU QRGTCEKQPGU FGUFG WPC RGTURGEVKXCGUVTCVÃIKEC 'NRTGUGPVGCTVÈEWNQRTGVGPFGGZRNKECTFGOCPGTCUKORNGGN EQPEGRVQFGTGVCKNNQURTKPEKRCNGUHQTOCVQUSWGGZKUVGPNCU EKHTCUFGNCKPFWUVTKCGPPWGUVTQRCÈUNQUECODKQUSWGJC GZRGTKOGPVCFQGNEQPUWOQFWTCPVGNCUÕNVKOCUFÃECFCU[ RTQRQPGTCNIWPCURTGIWPVCUENCXGUSWGPQURGTOKVCPOGLQTCT NCUQRGTCEKQPGUFGUFGWPCRGTURGEVKXCGUVTCVÃIKEC '.%10%'261&'4'6#+. 'NTGVCKNTGRTGUGPVCCWPUGEVQTFGNCGEQ PQOÈCSWGGPINQDCCVQFQUNQUVKRQUFGEQ OGTEKQ KPXQNWETCFQU GP NC EQOGTEKCNK\CEKÎP OCUKXCFGRTQFWEVQU[QUGTXKEKQUWPKHQTOGU CWPCECPVKFCFGNGXCFCFGENKGPVGU'NVÃTOKPQ KPINÃUJCEGTGHGTGPEKCCNQSWGGPGURCÌQNRQ FTÈCOQUFGPQOKPCTEQOQ%QOGTEKQ/KPQTKUVC Q%QOGTEKQ&GVCNNKUVC2QTUWRCTVGCSWKGPGU UGFGUGPXWGNXGPGPGUVGOGFKQUGNGUFGPQ OKPCOKPQTKUVCUFGVCNNKUVCUQTGVCKNGTU .C WVKNK\CEKÎP FGN VÃTOKPQ TGVCKN IGPGTCN OGPVG UG CUQEKC C UWRGTOGTECFQU [ VKGPFCU RQTFGRCTVCOGPVQF¶PFQNGWPEQPVGZVQHÈUKEQ CNEQPEGRVQGUFGEKTUGRKGPUCSWGGNTGVCKNGU NCXGPVCFGRTQFWEVQUGPWPGUVCDNGEKOKGPVQ 2GTQ GN TGVCKNKPI PQ GU UQNCOGPVG GUVQ RWGU KPENW[GWPCUGTKGFGRTGUVCEKQPGUKPVCPIKDNGU UGTXKEKQU [ ÃUVCU PQ PGEGUCTKCOGPVG UQP GPVTGICFCU GP VKGPFCU 2QT GLGORNQ NC CVGP EKÎPOÃFKECGUFKTKIKFCCEQPUWOKFQTGUſPC NGUVCODKÃPNQUQPNCGFWECEKÎPNCDCPECNQU UGTXKEKQU RÕDNKEQU GN GPVTGVGPKOKGPVQ [ QVTQU FKXGTUQUUGTXKEKQUSWGFÈCCFÈCUQPWVKNK\CFQU RQTNCURGTUQPCU 2CTCKPVGPVCTGUVCDNGEGTWPOCTEQEQPEGR VWCNSWGRGTOKVCEQORTGPFGTCNCUGORTGUCU SWGQRGTCPGPNCKPFWUVTKCFGNTGVCKNFGDGOQU RTKOGTQ SWG VQFQ RTQEGFGT C GPVTGICT WPC FGſPKEKÎP SWG RGTOKVC EQPVGZVWCNK\CT NQ SWG KORNKECGUVCCEVKXKFCF .GYKUQPFGſPGCNTGVCKNEQOQCNCCEVKXKFCF FGPGIQEKQUSWGEQPUKUVGGPXGPFGTRTQFWEVQU [UGTXKEKQUCNEQPUWOKFQTſPCN.GX[9GKV\ NQ UGÌCNCP EQOQ CN EQPLWPVQ FG CEVKXKFCFGU FGPGIQEKQUSWGCITGICPXCNQTCRTQFWEVQU[ UGTXKEKQUSWGUQPXGPFKFQUCNQUEQPUWOKFQ TGUſPCNGURCTCWUQRGTUQPCNQHCOKNKCT 'NRTGUGPVGCTVÈEWNQRTQRQPGSWGGNTGVCK NKPI GU GN EQPLWPVQ FG TGEWTUQU RTQEGUQU [ CEVKXKFCFGU SWG UCVKUHCEGP PGEGUKFCFGU FG EQPUWOKFQTGUſPCNGUOGFKCPVGNCHCEKNKVCEKÎP FGNCVTCPUHGTGPEKCFGRTQRKGFCFGPGNƀWLQFG RTQFWEVQU[UGTXKEKQU 'UVC ÕNVKOC FGſPKEKÎP PQU RGTOKVG EQO RTGPFGT GN HGPÎOGPQ FGN ő%JCPPGN $NWTTKPIŒ NCCRCTKEKÎPFGPWGXQUHQTOCVQUGN4GVCKNKPI ſPCPEKGTQ[GNEQPEGRVQFGTGVCKNKPVGITCFQ .156+215&'4'6#+.'45 'N TGVCKN GU WPC KPFWUVTKC FKP¶OKEC [ FG CNVCEQORGVGPEKCNCEWCNGPVÃTOKPQUFGNCU QTICPK\CEKQPGUSWGNCEQORQPGPRWGFGCPC NK\CTUGFGCEWGTFQCFKUVKPVQUOQFGNQU &GCEWGTFQCNCGUVTCVGIKCGPNCSWG UG DCUCP NQU QRGTCFQTGU RQFGOQU WVKNK \CT OQFGNQU EQOQ GN RTQRWGUVQ RQT .GX[ )TGYCN 2GVGTUQP [ %QPPQNN[ FG FQU FKOGP UKQPGURTGEKQUTGNCVKXQU[QHGTVCTGNCVKXCGP GNEWCNGPEQPVTCOQUEWCVTQUGIOGPVQUCNQU EWCNGURWGFGPRGTVGPGEGTNQUTGVCKNGTU CNQU őKPPQXCFQTGUŒ DNQUő$KI/KFNFNGŒ ENQUFG őRTGEKQDCLQŒ[ FNQUSWGGUV¶PGPRTQDNGOCU KPVTQWDNG .VOEP3FUBJM (678',2 1VTCENCUKſECEKÎP FG NQU TGVCKNGTU GU NC SWG RTQRQPGP <GPVGU /QTUEJGVV [ 5EJCTCOO -NGKPGPFQPFGUGRC TCCNQUTGVCKNGTUGP C TGVCKNGTUFGCNKOGPVCEKÎP [ DTGVCKNGTUFGPQCNK OGPVCEKÎP (KIWTC'N2CPQTCOCFGN4GVCKN (WGPVG.GX[)TGYCN2GVGTUQP[ %QPPQNN[ # .QU TGVCKNGTU SWG RGTVGPGEGP CN UGI OGPVQKPPQXCFQTUQPCSWGNNQUSWGGUV¶PGPWP CODKGPVGFGEQORGVGPEKCKPVGPUC[FGEQPUW OKFQTGU GZKIGPVGU NQ SWG NQU QDNKIC C KORNG OGPVCT HQTOCVQU SWG RGTOKVCP KPETGOGPVCT GN XCNQT FG NC GZRGTKGPEKC FG EQORTC [ ETGCT KOCIGPFGOCTECPÎVGUGSWGVKGPGPWPCQHGTVC TGNCVKXCCNVCCUQEKCFQCWPRTGEKQCNVQ $ .QU QRGTCFQTGU SWG KPVGITCP GN UGI OGPVQFGRTGEKQUDCLQUUQPCSWGNNQUSWGQHTG EGPXCNQTCUWUEQPUWOKFQTGUCVTCXÃUFGNQU RTGEKQU GLGORNQU FG GUVG UGIOGPVQ UQP NCU EQORCÌÈCUEQOQő&QNNCT)GPGTCNŒő(COKN[&Q NNCTŒ[ő%GPVU1PN[5VQTGUŒHQTOCVQUSWGPQ UQPEQPQEKFQUGP%JKNGFGDKFQCSWGGNPKEJQ FGőFÎNCTŒCÕPPQVKGPGRQVGPEKCNFGEQPUWOQ UWſEKGPVG % .QU SWG RGTVGPGEGP CN ő$KI /KFFNGŒ JCPNNGICFQőCNITCPEGPVTQŒFGDKFQCSWGJCP GPVTGICFQ WPC QHGTVC FKHGTGPEKCFQTC RTGEKQU DCLQUQCODQURTQRQTEKQPCPFQCUÈWPOC[QT XCNQTCUWUEQPUWOKFQTGU &.CUEQORCÌÈCUSWGUGGPEWGPVTCPGP RTQDNGOCUIGPGTCNOGPVGUQPCSWGNNCUSWGPQ JCPCFCRVCFQNQUHQTOCVQUSWGQHTGEGPCNQU ECODKQUGPGNEQPUWOQSWGFCPFQGPWPCRQ UKEKÎPFGDCLCQHGTVCTGNCVKXCCUQEKCFCCCNVQU RTGEKQU .VOEP3FUBJM #4GVCKNGTUFGCNKOGPVCEKÎPUQPCSWGNNCU EQORCÌÈCUOKPQTKUVCUEW[CQHGTVCRTKPEKRCNGU NCFKUVTKDWEKÎPFGCNKOGPVQUCEQPUWOKFQTſPCN OGFKCPVGNCOQFCNKFCFFGCWVQUGTXKEKQ &GPVTQFGNQUTGVCKNGTUFGCNKOGPVCEKÎPVG PGOQUNQUUKIWKGPVGUHQTOCVQU[UWUECTCEVG TÈUVKECU #FKEKQPCNOGPVGCNQUHQTOCVQUFGUETKVQUGP GNEWCFTQCPVGTKQTVCODKÃPRQFGOQUPQODTCT C NQU ő9CTGJQWUG %NWDUŒ SWG UQP HQTOCVQU RTGUGPVGUHWPFCOGPVCNOGPVGGP75#[EQP UKUVGP GP WP őENWD FG EQORTCUŒ GP FQPFG GN ENKGPVGRCICWPCOGODTGUÈCNQSWGNGFCFG TGEJQCKPITGUCTCNQUGUVCDNGEKOKGPVQU IGPG TCNOGPVGEQPCURGEVQFGDQFGICU[EQORTCT CRTGEKQURTGHGTGPEKCNGU 2QTÕNVKOQCNQUTGVCKNGTUUKPVKGPFCHÈUKEC FQPFG GPEQPVTCOQU NC VGNGXGPVC GN FGNKXGT[ GNXGPFKPIGPVTGQVTCUHQTOCUFGEQOGTEKQFG CNKOGPVCEKÎP $4GVCKNGTUFGPQCNKOGPVCEKÎPUQPCSWG NNCUEQORCÌÈCUOKPQTKUVCUEW[CQHGTVCRTKPEKRCN GUNCFKUVTKDWEKÎPFGRTQFWEVQUőPQEQOGUVKDNGUŒ VCNGUEQOQOGFKECOGPVQUXGUVWCTKQGNGOGP VQUFGJQOGKORTQ XGOGPVGNGOGPVQU FG RGTHWOGTÈC GNGEVTÎPKECGVE &GPVTQ FG NQU TGVCKNGTU FG PQ CNKOGPVCEKÎP VGPG OQUNQUUKIWKGPVGU HQTOCVQU (KIWTC %CTCEVGTÈUVKECU FG NQU HQTOC VQUFG4GVCKNFGCNKOGPVCEKÎP (WGPVG<GPVGU/QTUEJGVV[5EJCTCOO Ō-NGKP 5VTCVGIKE4GVCKN/CPCIGOGPV #FCRVCFQCRCTVKTFG$GTOCP'XCPU R.GX[9GKV\R K .QU %CVG IQT[ -KNNGTU .QU ECVGIQT[ MKNNGTU UQP OKPQTKUVCU GU RGEKCNKUVCU GP WPC ECVGIQTÈC FGVGTOK PCFCSWGOCPGLCP WPC ITCP RTQHWPFK FCF FG CTVÈEWNQU IGPGTCNOGPVG C RTGEKQU DC LQU[SWGEQOQEQPUGEWGPEKCRWGFGPőOCVCTŒ FKEJCECVGIQTÈCGPWPOKPQTKUVCEQORGVKFQT KK .CU (CTOCEKCU 2GTHWOGTÈCU 5QP CSWGNNCUVKGPFCUSWGUGEGPVTCPGPNCUECVGIQ TÈCUFGDGNNG\CJKIKGPGRGTUQPCN[UCNWF 'NTGVCKNGP%JKNGTGÕPGXGPVCU CRTQZKOCFCURQT75OKNNQPGU CPWCNGUEQPEGPVTCFCUGPRQEQO¶UFG WPFGFKEJCEKHTCGPNQUHQTOCVQU FGUWRGTOGTECFQUJQOGKORTQXGOGPV [VKGPFCURQTFGRCTVCOGPVQ KKK.CU6KGPFCURQT&GRCTVCOGPVQNCUVKGP FCU FGRCTVCOGPVCNGU UQP ITCPFGU UWRGTſEKGU SWG EWGPVCP EQP WP UWTVKFQ CORNKQ [ RTQHWPFQ [SWGUGCFOKPKUVTCRQTőFGRCTVCOGPVQUŒGURG EKCNK\CFQU NQU EWCNGU RQUGGP RGTUQPCN RTQRKQ KPHTCGUVTWEVWTC RTQRKC CN KPVGTKQT FG NC VKGPFC OGVCURNCPGU[RTGUWRWGUVQUGURGEÈſEQU KX.CU6KGPFCUFG'URGEKCNKFCF.CUVKGP FCUFGGURGEKCNKFCFUQPCSWGNNCUSWGUGGPHQ ECPQGURGEKCNK\CPGPEKGTVQITWRQFGRTQFWEVQU Q UGTXKEKQU RQT NQ EWCN VKGPGP WP UWTVKFQ RQEQ CORNKQ RGTQ OW[ RTQHWPFQ GPVTGICPFQ OC[QT ECPVKFCFFGCNVGTPCVKXCUSWGNCEQORGVGPEKCCN UGIOGPVQ QDLGVKXQ CN EWCN XC FKTKIKFQ #FGO¶U GUEQOÕPSWGGUVGVKRQFGVKGPFCUQHTG\ECECVG IQTÈCUFGCNKOGPVCEKÎPTGXKUVCURGTKÎFKEQUCT VÈEWNQUFGTGICNQULWIWGVGUGVE&GRGPFKGPFQ FGNCURQNÈVKECUIWDGTPCOGPVCNGUFGECFCRCÈU X .CU 6KGPFCU FG *QOG +ORTQXGOGPV GUVGVKRQFGEQOGTEKQCNFGVCNNGPCEGFGNCOCPQ FGNCRTGQEWRCEKÎPFGNQUEQPUWOKFQTGURQTGN OGLQTCOKGPVQ FGN JQICT CE¶ GPEQPVTCOQU HQT OCVQUFGITCPFGUUWRGTſEKGUEQPECVGIQTÈCUFG HGTTGVGTÈCHWPFCOGPVCNOGPVG XK.C8GPVCRQT%CVCNQIQ'UVGVKRQFGXGP VCCNFGVCNNGGUNCO¶UVTCFKEKQPCNHQTOCFGXGPVC UKPVKGPFCGPFQPFGGNOKZFGTGVCKNUGQHTGEG CNQURQVGPEKCNGUEQPUWOKFQTGUCVTCXÃUFGWP ECVCNQIQ[UGRWGFGEQPETGVCTWPCVTCPUCEEKÎP RQTEQTTGQVGNÃHQPQQHCZ XKK .C 8GPVC &KTGEVC EQPUKUVG GP GN EQP VCEVQRGTUQPCNGKPVGTCEVKXQGPVTGEQORTCFQTGU [XGPFGFQTGUGPWPNWICTHÈUKEQSWGPQEQTTGU RQPFGCWPCVKGPFCOKPQTKUVCRQTNQIGPGTCNNCU TGWPKQPGUGPFQPFGUGVTCPUCUGFGUCTTQNNCPGP GNJQICTFGNQUEQPUWOKFQTGU XKKK .CU 8GPVCU 'NGEVTÎPKECU 'P GUVG VKRQ FGXGPVCNQUTGVCKNGTUQHTGEGPRTQFWEVQU[UGT XKEKQUCVTCXÃUFGNC+PVGTPGV[NCUVTCPUCEEKQPGU UGFGUCTTQNNCPCVTCXÃUFGGPVQTPQUXKTVWCNGU .VOEP3FUBJM (678',2 (O5HWDLO HQ&KLOH 'NTGVCKNGP%JKNGTGÕPG XGPVCUCRTQZKOCFCU RQT75 OKNNQPGUCPWCNGU EQPEGPVTCFCUGP RQEQO¶UFGWP FGFKEJCEKHTC GPNQUHQTOCVQUFG UWRGTOGTECFQU JQOGKORTQXGOGPV [VKGPFCURQT FGRCTVCOGPVQ .VOEP3FUBJM (KIWTC +ORQTVCPEKC FG NQU &KUVKPVQU (QTOCVQUFG4GVCKNGP%JKNG (WGPVG#E0KGNUGP2TGUGPVCEKÎPFG/GT ECFQ%JKNGPQ 'N TGVCKN CFGO¶U GU WPQ FG NQU UGEVQTGU O¶U KORQTVCPVGU GP NC GEQPQOÈC FG PWGUVTQ RCÈUPQUÎNQRQTUWUXGPVCUUKPQSWGCFGO¶U IGPGTCWPCECPVKFCFKORQTVCPVGFGGORNGQU[ QRQTVWPKFCFGU#DCTECPFQWPCCORNKCICOCFG ¶TGCUEQOQNCCNKOGPVCEKÎPXGUVWCTKQECN\CFQ GSWKRCOKGPVQRCTCGNJQICT[NCEQPUVTWEEKÎPG KPENWUKXGWPCUGTKGFGUGTXKEKQUVCNGUEQOQUG IWTQUXKCLGUKPOQDKNKCTKQRGNWSWGTÈCUGTXKEKQU ſPCPEKGTQUGVE 'PNCUÕNVKOCUFÃECFCUNCKPFWUVTKCFGNTGVCKN GPPWGUVTQRCÈUJCGZRGTKOGPVCFQITCPFGUECO DKQUVTCPUHQTOCEKÎPSWGUGGZRNKECRQTGNETGEK OKGPVQGEQPÎOKEQNCHQTOCNK\CEKÎPFGNOGTECFQ FGN VTCDCLQ [ RQT EQPUKIWKGPVG GN CWOGPVQ FGN EQPUWOQCFGO¶UFGNCWOGPVQFGNCRGPGVTCEKÎP FGNETÃFKVQFGEQPUWOQ .QU RTKPEKRCNGU QRGTCFQTGU FG NC KPFWUVTKC FGN TGVCKN UQP ITCPFGU EQORCÌÈCU PCEKQPCNGU SWG IGPGTCNOGPVG GUV¶P EQPUQNKFCFCU GP OWN VKHQTOCVQU GU CSWÈ FQPFG GPEQPVTCOQU C &5 .ÈFGT 2TGUVQ 'MQPQ 5ÕRGT $QFGIC #EWGPVC 5CKVGE %GPEQUWF #NOCEGPGU 2CTKU ,WODQ 'CU[$CPEQ2CTKU5CPVC+UCDGN#NVQNCU%QP FGU %QTR )TQWR 5WRGTOGTECFQU 7PKOCTE /QPUGTTCV $T[E &GEC -QTNCGV 4GPFKE GPVTG QVTQU/CNN2KGFTC4QLC )TCP*[CVV%QTR$CPEC %QTR8KFC%QRGUC[(CNCDGNNC 6KGPFCU(CNCDG NNC (CTOCEKCU #JWOCFC $CPEQ (CNCDGNNC *Q OGEGPVGT %QPUVTWOCTV 6QVVWU 5CP (TCPEKUEQ /CNN2NC\C 7PCECTCEVGTÈUVKECFKUVKPVKXCFGNQUFKUVKPVQU CEVQTGU FG NC KPFWUVTKC FGN TGVCKN GP %JKNG GU GN ETWEG FG NCU HTQPVGTCU EQOGTEKCNGU Q %JCPPGN $NWTTKPI GP FQPFG RQT GLGORNQ GN TGVCKN FG CNK OGPVQUECFCXG\O¶UKPEWTUKQPCGPXGUVWCTKQ GNGEVTQFQOÃUVKEQU [ GNGEVTÎPKEC NKDTGTÈC LWIWG VGURTQFWEVQUFGNJQICTGVEQGPGNECUQFGNCU (CTOCEKCUNCUSWGCNEQPHQTOCTUGGPGNHQTOCVQ &TWIUVQTG GUV¶P KPEWTUKQPCPFQ GP CNKOGPVQU LWIWGVGU GNGEVTÎPKEQU [ QVTQU RTQXQECPFQ WP CNGLCOKGPVQFGNCGURGEKCNK\CEKÎP[WPEQOKGP\Q CNCCRGTVWTCJCEKCQVTCUECVGIQTÈCURCTCTGURQP FGTCNQUTGSWGTKOKGPVQUSWGNQUEQPUWOKFQTGU GZKIGPFGGPEQPVTCTVQFQGPWPOKUOQNWICT[ FGT¶RKFQ CEEGUQ CVTCXÃU FGWP UWTVKFQSWG UGCNQO¶UCORNKQ[EQORNGVQRQUKDNG FGDGUWOCTUG2CTCNGNQCNQUITCPFGU%GPVTQU %QOGTEKCNGU GPEQPVTCOQU NCU )CNGTÈCU %Q OGTEKCNGU SWG EQPUKUVGP GP GUVCDNGEKOKGPVQU O¶U RGSWGÌQU SWG NQU CPVGTKQTGU GP NQU SWG UG CITWRC WP PÕOGTQ TGFWEKFQ FG RGSWGÌCU VKGPFCURTGUVCPFQUGTXKEKQUCWPDCTTKQQCWPC \QPCTGFWEKFC .15%'06415%1/'4%+#.'51/#..5 'U WP ITWRQ FG OKPQTKUVCU RNCPGCFQ FGUCTTQNNCFQ [ CFOK 8GPVCUGPGP%GPVTQU%QOGTEKCNGU PKUVTCFQ EQOQ WPC UQNC WPKFCF 4KRNG[ RQTWPUQNQFWGÌQ5QPGUVCDNG 5CKVGE EKOKGPVQUFGITCPFGUUWRGTſEKGU EQP WPC QHGTVC OG\ENCFC FG NQU FKUVKPVQU HQTOCVQU FG TGVCKN 'P 2CTSWG EQPVTCOQU GP GNNQU UWRGTOGTEC #TCWEQ FQUQJKRGTOGTECFQUHCTOCEKCU )TWRQ2NC\C TGUVQTCPGUHCUVHQQFHGTTGVGTÈCU OWNVKVKGPFCU VKGPFCU FG GURG EKCNKFCF GVE %WGPVC CFGO¶U EQP WP ITCP GURCEKQ IGPGTCNKUVC %GPEQUWF EQORWGUVQ RQT RCUKNNQU [ GUVC EKQPCOKGPVQU 5QP RCTVG FG NCU WTDGU [ RQUGGP GUVTCVGIKCU RTQ (WGPVG5CKVGE[.CTTCKP8KCN RKCUCNCUSWGECFCEQORQPGPVG (678',2 .CKPFWUVTKCFGNQUEGPVTQUEQOGTEKCNGUGU WPPGIQEKQKPOQDKNKCTKQNKICFQCNUGEVQTFGNEQ OGTEKQCNRQTOGPQTEQPVCPFQEQOQENKGPVGUC NQUCTTGPFCVCTKQUFGNQUNQECNGUEQOGTEKCNGUFGN OCNNCWPSWGNCDCUGFGNCCEVKXKFCFEQOGTEKCN NQ EQPUVKVW[G GN RÕDNKEQ SWG CUKUVG C GNNQU 'U CUÈ EQOQ UG FKUVKPIWGP FQU VKRQU FG ENKGPVGU NQUFKTGEVQU NQECVCTKQU[NQUKPFKTGEVQU ENKGPVGU SWGXKUKVCPGNEGPVTQEQOGTEKCN .QU RTKPEKRCNGU QRGTCFQTGU FG ITCPFGU EGPVTQUEQOGTEKCNGUGP%JKNGUQPGN)TWRQ/CNN 2NC\C%GPEQUWF[2CTSWG#TCWEQ'UVGUGEVQT UGJCXWGNVQO¶UEQORGVKVKXQCPVGGNCWOGPVQ GPGNFGUCTTQNNQFGRTQ[GEVQU[RQTNCRTGUGPEKC FGQRGTCFQTGUFGNEQOGTEKQSWGJCEGCÌQUFG EKFKGTQPGZVGPFGTUWPGIQEKQGPVTCPFQCNTWDTQ KPOQDKNKCTKQXKPEWNCFQCUWPGIQEKQRTKPEKRCN ,WPVQ EQP NC EQPUVTWEEKÎP FG ITCPFGU EGPVTQU EQOGTEKCNGU VCODKÃP UG JC KPKEKCFQ WP HWGTVG FGUCTTQNNQFGNQUHQTOCVQUO¶URG SWGÌQU NQ EWCN JC KPETGOGPVCFQ NC EQORGVGPEKC GP GUVC KPFWUVTKC .CRCTVKEKRCEKÎPFGNQURTKPEKRCNGU CEVQTGU EQPUKFGTCPFQ NC UWRGT ſEKG CTTGPFCDNG C VGTEGTQU GU NC %TW\8GTFG UKIWKGPVG .#5(#4/#%+#5 #PVKIWCOGPVG GUVG HQTOC VQ GTC GN EQOÕPOGPVG EQPQEKFQ EQOQHCTOCEKCQDQVKECGNEWCNUG ECTCEVGTK\CDCGZENWUKXCOGPVGRQT CNOCEGPCT [ GZRGPFGT OGFKECOGPVQU [ RTQ FWEVQUCſPGUNCUEWCNGUGTCPENCUKſECFCURQT UWWDKECEKÎP[VKRQFGRTQFWEVQU'PGNNQURTQ HGUKQPCNGU NNCOCFQU HCTOCEÃWVKEQU RTQRQTEKQ PCDCPUGTXKEKQFGUCNWFCWPRCEKGPVGQHTGEKÃP FQNGEQPUGLQQFKURGPU¶PFQNGOGFKECOGPVQU HTWVQFGGUVGEQPUGLQQRQTTGEGVCFGNOÃFKEQ [ QVTQU RTQFWEVQU FG RCTCHCTOCEKC EQOQ RTQ FWEVQU FG EQUOÃVKEC CNKOGPVQU GURGEKCNGU RTQFWEVQUFGJKIKGPGRGTUQPCNQTVQRGFKCGVE 5KPGODCTIQNCGXQNWEKÎPFGNEQOGTEKQ[NC HQTOCGPSWGNQUEQPUWOKFQTGUKPVGTCEVÕCPEQP GNOGFKQJCNNGXCFQCSWGGPGUVQUEGPVTQUUG TQORCPNCUDCTTGTCU[[CPQUÎNQUGQHTG\ECP RTQFWEVQUGPGN¶TGCFGTGOGFKQUNKORKG\CG JKIKGPGUKPQSWGKPENWUKXGUGQHTG\ECPVCODKÃP CNKOGPVQULWIWGVGUCEEGUQTKQUDGDGUEQOKFC FGRGTTQ[QVTQUEQOQGNGEVTQFQOÃUVKEQUFG VCOCÌQ OGPQT GPVTG NQU SWG UG GPEWGPVTCP UGECFQTGU FG RGNQ [ JGTXKFQTGU FG CIWC 'N .VOEP3FUBJM HQTOCVQ &TWIUVQTG FGTKXC FG 'UVCFQU 7PKFQU FQPFG OWEJCU XGEGU NQU OGFKECOGPVQU PQ PGEGUKVCP RTGUETKREKÎP RCTC UW EQORTC [ UG GPEWGPVTCPFKURWGUVQUGPGUVCPVGURCTCGNCW VQUGTXKEKQFGNEQPUWOKFQT 'P NC CEVWCNKFCF NCU XGPVCU GP GN UGEVQT HCTOCEKCUCNECP\CPEGTECFG75OKNNQPGU EQPUKFGTCPFQUÎNQNCUXGPVCUHCTOCEÃWVKECU[ CNTGFGFQTFG75OKNNQPGUUKUGEQPUKFGTC GNOKZEQORNGVQFGXGPVCUGUFGEKTCITGICPFQ EQUOÃVKEQU CNKOGPVQU UWRNGOGPVQU FGRQTVK XQUGVE'UVGOGTECFQUGGPEWGPVTCCNVCOGPVG EQPUQNKFCFQEQPEGPVTCPFQNCUVTGURTKPEKRCNGU ECFGPCUWPFGNCUXGPVCU (CTOCEKCU 75// 8GPVCUGPGP(CTOCEKCU 1VTQU (CUC(CTO 5CNEQDTCPF (WGPVG'UVKOCEKQPGU(KVEJ 'NUGEVQTHCTOCEKCUJCGXQNWEKQPCFQFT¶UVK ECOGPVGGP%JKNGGPNCUFQUÕNVKOCUFÃECFCU GUCUÈEQOQGPNQUyGZKUVÈCPEGTECFG HCTOCEKCUNCUEWCNGURCUCTQPCEGTECFG GPNCFÃECFCFGNQUyEQPNCCRCTKEKÎPFGCE VQTGU O¶U CITGUKXQU SWG UG GZRCPFKGTQP XÈC CFSWKUKEKQPGU ,WPVQ EQP GN CODKGPVG EQORGVKVKXQ SWG RTGUGPVC GN UGEVQT GU KORQTVCPVG OGPEKQPCT SWG%JKNGEWGPVCEQPWPQFGNQURTQITCOCUFG UCNWFGUVCVCNEQPOC[QTEQDGTVWTCFGNCTGIKÎP [EQPWPOGTECFQFGIGPÃTKEQUCNVCOGPVGFG UCTTQNNCFQNQEWCNRTQXQECSWGNCTGPVCDKNKFCF FGNUGEVQTUGCOGPQTSWGGPQVTQURCÈUGUFGNC TGIKÎP'UVCFKP¶OKECJCRTQXQECFQSWGNCOC [QTÈCFGNQUNCDQTCVQTKQU[HCTOCEKCUDWUSWGP GZRCPFKTUWUQRGTCEKQPGUJCEKCQVTCUTGIKQPGU FGNRCÈU 7PHCEVQTHCXQTCDNGRCTCNCURGTURGEVKXCUFG GUVGUGEVQTGUNCVCUCFGGPXGLGEKOKGPVQFGNC RQDNCEKÎP[NCGHGEVKXKFCFFGNVTCVCOKGPVQHCTOC EQNÎIKEQNQEWCNCWOGPVCNQUKPEGPVKXQUFGNWUQ FGOGFKECOGPVQUXGTUWUNCJQURKVCNK\CEKÎP 8GPVCUGPGP*QOG+ORTQXGOGPV /',14#/+'061&'.*1)#4 1*1/'+/2418'/'06 .CUXGPVCUFGNUGEVQTFGOCVGTKC NGU FG EQPUVTWEEKÎP [ OGLQTCOKGPVQ FGN JQICT JQOG KORTQXGOGPV UG CRTQZKOCP C 75 OKNNQPGU GP WP OGTECFQ EQP CNVQU ETGEKOKGPVQU [ DCLQU PKXGNGU FG EQPUQNKFCEKÎP GP EQORCTCEKÎPCQVTQUUGEVQTGUFGNEQ OGTEKQ 5QFKOCE 1VTQU 'CU[ %QPUVTWOCTV /65 (WGPVG'UVKOCEKQPGU(KVEJ 'NHQTOCVQ&TWIUVQTGFGTKXCFG 'UVCFQU7PKFQUFQPFGOWEJCU XGEGUNQUOGFKECOGPVQUPQPGEGUKVCP RTGUETKREKÎPRCTCUWEQORTC[UG GPEWGPVTCPFKURWGUVQUGPGUVCPVGURCTCGN CWVQUGTXKEKQFGNEQPUWOKFQT 'UVGUGEVQTGUUGPUKDNGVCPVQCNQUEKENQU FGNCEQPUVTWEEKÎPEQOQCNQUFGNEQOGTEKQOK PQTKUVCFCFQGNOKZFGRTQFWEVQUSWGRTGUGP VCRQTNQSWGGURQUKDNGFKUVKPIWKTFQUVKRQUFG QRGTCFQTGU'NRTKOGTQHQECNK\CFQD¶UKECOGP VGGPNCFKUVTKDWEKÎPFGOCVGTKCNGUFGEQPUVTWE EKÎP C GORTGUCU GN SWG RTGUGPVC RTQFWEVQU EQPDCLCFKHGTGPEKCEKÎP[CNVQTKGUIQFGKORQT VCEKÎPFKTGEVCRQTRCTVGFGNCUITCPFGUGORTG UCU'PGUVGITWRQUGWDKEC%QPUVTWOCTVCUÈ EQOQVCODKÃPFQUCUQEKCEKQPGUSWGCITWRCP HGTTGVGTÈCUKPFGRGPFKGPVGU/65[%JKNGOCV[ VQFQ GN UGEVQT KPFGRGPFKGPVG FG HGTTGVGTÈCU [ DCTTCECU7PUGIWPFQITWRQRTGUGPVCWPOKZ FGRTQFWEVQUO¶UCORNKQKPENW[GPFQCFGO¶U FG NQU OCVGTKCNGU FG EQPUVTWEEKÎP RTQFWE VQU RCTC NC FGEQTCEKÎP [ GN GSWKRCOKGPVQ FGN JQICT RTQFWEVQU EQP OC[QT FKHGTGPEKCEKÎP [ OGLQTGU O¶TIGPGU #SWÈ UG FGUVCECP FQU ITCPFGUECFGPCU5QFKOCE['CU[NCUSWGCN QRGTCTCWPCOC[QTGUECNCCNECP\CPOC[QTGU PKXGNGU FG GſEKGPEKC #UÈ GUVCU ECFGPCU GP HTGPVCPNCEQORGVGPEKCFGNQUGURGEKCNKUVCUGP OCVGTKCNGU FG EQPUVTWEEKÎP [ VCODKÃP FG NCU VKGPFCU RQT FGRCTVCOGPVQ JKRGTOGTECFQU [ ECFGPCU FG GURGEKCNKFCF QTKGPVCFCU C NC FG EQTCEKÎP %CUCKFGCUQCNCUNÈPGCUGNGEVTQ JQICT'PGUVGEQPVGZVQGUFKHÈEKNFGVGTOKPCTGN VCOCÌQTGNGXCPVGFGGUVGOGTECFQFQPFGNQU HQTOCVQUEQOQ5QFKOCE['CU[GPHTGPVCPWP OGTECFQ O¶U CORNKQ &KXGTUCU CRTQZKOCEKQ PGUKPFKECPSWGWPFGNOGTECFQEQTTGU RQPFG C FGEQTCEKÎP FGN JQICT OKGPVTCU SWG GNTGUVCPVGEQTTGURQPFGCOCVGTKCNGUFG EQPUVTWEEKÎP 7PCFGNCURTKPEKRCNGUVGPFGPEKCUSWGUG CRTGEKCPGPGUVGUGEVQTGUGNECODKQGPGNHQEQ FGUFGGNő&QKV[QWTUGNHŒ *¶ICNQ7UVGF/KUOQ JCEKCGNő&QKVHQTOGŒ *¶ICPNQ2QT/ÈGNEWCN KPEQTRQTC PQ UÎNQ NC XGPVC FGN RTQFWEVQ UKPQ VCODKÃPGNUGTXKEKQCUQEKCFQCNFGURCEJQKPU VCNCEKÎP[OCPVGPEKÎP .CU GORTGUCU FG GUVG TWDTQ TGIKUVTCTQP HWGTVGU KPETGOGPVQU GP XGPVCU KORWNUCFCU VCPVQ RQT GN CWOGPVQ GP UWRGTſEKG FG XGPVC EQOQRQTWPTQDWUVQETGEKOKGPVQGPXGPVCUFG NQECNGUGSWKXCNGPVGU*CEKCCFGNCPVGUGGURG TCSWGUGRTQFW\ECWPCOC[QTEQPEGPVTCEKÎP GPGUVGUGEVQTFCFQGNGURCEKQSWGCÕPVKGPGP NCUITCPFGUECFGPCURCTCGZRCPFKTUGGNITCFQ FGCEGRVCEKÎPFGGUVGVKRQFGHQTOCVQRQTNQU EQPUWOKFQTGU[GNTGFWEKFQPÕOGTQFGNQECNGU RQTJCDKVCPVGFGGUVGHQTOCVQGP%JKNGXGTUWU ŌRQTGLGORNQC/ÃZKEQ''77[#TIGPVKPC .VOEP3FUBJM (678',2 8GPVCUGPGP5WRGTOGTECFKUVCU 572'4/'4%#&15' *+2'4/'4%#&15 $¶UKECOGPVG CODCU OQFCNKFCFGU CRWP VCPCNCOKUOCGUVTWEVWTCFGEQOGTEKQCODQU EWGPVCPEQPCORNKCUUWRGTſEKGUFGXGPVC[UG GPHQECPRTKPEKRCNOGPVGGPNCXGPVCFGRTQFWE VQU CNKOGPVKEKQU HTGUEQU [ RGTGEGFGTQU [ FG NKORKG\C FGN JQICT 6CODKÃP QHTGEGP CORNKC XCTKGFCFFGQVTQURTQFWEVQUFGEQORTCTGIWNCT NKDTGTÈCRCRGNGTÈCLCTFKPGTÈCHGTTGVGTÈCGVE CFGO¶U EWGPVCP EQP WP OQUVTCFQT RCTC NC ſCODTGTÈC ECTPKEGTÈC [ RGUECFGTÈC 'N UWRGT OGTECFQ UG GPEWGPVTC GUVCDNGEKFQ FG HQTOC RTÎZKOCCUWUENKGPVGUNQEWCNGUWPTGURCNFQ RCTCGUVGVKRQFGHQTOCVQSWGDCUCUWÃZKVQGP RCTVGCGUVCECTCEVGTÈUVKEC[CRTGEKQECNKFCF CNVC TQVCEKÎP FG UVQEM [ GN UGTXKEKQ QHTGEKFQ C NQUENKGPVGU 2QTQVTCRCTVGGUGNJKRGTOGTECFQGNSWG UWRGTCGPGNÈVGOFGOGVTQUEWCFTCFQUFGUW RGTſEKGCNQUUWRGTOGTECFQU[CSWGCÌCFGC NCUNÈPGCUFGRTQFWEVQUQVTCUECVGIQTÈCUVCNGU EQOQ GNGEVTQFQOÃUVKEQU FKUEQU OGPCLG JQ ICT LWIWGVGTÈC ECORKPI [ FGRQTVGU CFGO¶U CTVÈEWNQUFGXGUVWCTKQ[ECN\CFQ 'P%JKNGUGECTCEVGTK\CPRQTVGPGTWPJQ TCTKQCORNKQFGCVGPEKÎPFWTCPVGGNFÈC[UWRQ NÈVKECFGXGPVCUCNKIWCNSWGGPQVTQURCÈUGUUG DCUCGPFGUEWGPVQUGPRTGEKQU[O¶TIGPGUTG FWEKFQU DCLQOCTMWRFCFCNCCNVCTQVCEKÎPFG UVQEM CRQ[CFQU RQT WP CEVKXQ OGTEJCPFKUKPI SWGWVKNK\CRTQOQEKQPGU[QHGTVCURCTCCWOGP VCTNQUTGPFKOKGPVQUO¶USWGRQTRTQFWEVQRQT GNXQNWOGPVQVCNXGPFKFQ 2QFGOQU FGUVCECT CFGO¶U SWG RQT NC EQOQFKFCF SWG TGRTGUGPVC RCTC NQU EQPUWOK FQTGUGPEQPVTCTVQFQVKRQFGRTQFWEVQUGPWP OKUOQ GUVCDNGEKOKGPVQ UG FKEG SWG GUVG VKRQ FGEQOGTEKQOKPQTKUVCFQOKPCT¶NCFKUVTKDWEKÎP CNKOGPVKEKCGPGNHWVWTQ5WRTQZKOKFCFCNENKGP VGNCQHGTVCFGWPCORNKQUWTVKFQ[NCRTGUVCEKÎP FG UGTXKEKQU EQORNGOGPVCTKQU EQOQ ETÃFKVQ RGFKFQURQTKPVGTPGV[VGNÃHQPQ[TGRCTVQCFQ OKEKNKQCXCNCPGUVCCUGXGTCEKÎP2QTVCPVQGN JKRGTOGTECFQCEVWCNOGPVGGUV¶VGPFKGPFQJC EKCNCKFGCFGEGPVTQEQOGTEKCNKPETGOGPVCPFQ NQUUGTXKEKQUSWGQHTGEGCNEQPUWOKFQT 8GPVCU5WRGTOGTECFKUVCU//75 8GPVCUGPGP5WRGTOGTECFQU .VOEP3FUBJM &5 1VTQU (CNCDGNNC %GPEQUWF (WGPVG'UVKOCEKQPGU(KVEJ &CFQSWGNQUO¶TIGPGUFGNUGEVQTUWHTGP RTQFWEVQ FG NC KPVGPUC EQORGVGPEKC NCU GO RTGUCU DWUECP ICPCT GſEKGPEKCU C VTCXÃU FGN NQITQFGGEQPQOÈCUFGGUECNC[¶ODKVQCFG O¶UFGNCRQ[QFGVGEPQNQIÈC[NQIÈUVKEC,WPVQ C GUVQ GN UGEVQT UG JC HQECNK\CFQ GP CWOGP VCTGNOKZFGRTQFWEVQUQHTGEKFQURQVGPEKCTGN PGIQEKQſPCPEKGTQNCKPVTQFWEEKÎPFGOCTECU RTQRKCU FGETGEKGPVGECNKFCF[O¶TIGPGUO¶U CORNKQU[NCPGIQEKCEKÎPFGNQUVÃTOKPQUFG NQUEQPVTCVQUEQPNQURTQXGGFQTGU .CUOCTECURTQRKCUPCEGPEQPGNEQPEGRVQ FGCDCTECTUGIOGPVQUFGEQPUWOKFQTGUUGP UKDNGU CN RTGEKQ QDVGPEKÎP FG OC[QTGU TGP VCDKNKFCFGU XGTUWU NQU RTQFWEVQU FG OCTECU EQPXGPEKQPCNGU[GNKPETGOGPVQFGRQFGTRQT RCTVGFGNQUFKUVTKDWKFQTGUTGURGEVQCNQURTQ XGGFQTGUCNQSWGUGCITGICNCſFGNK\CEKÎPFG ENKGPVGU[NCFKHGTGPEKCEKÎPTGURGEVQCQVTQUFKU VTKDWKFQTGULWPVQEQPKPVGPVCTKIWCNCTNCECNKFCF FG NQU RTQFWEVQU EQPXGPEKQPCNGU C WP OGPQT RTGEKQ'P%JKNGNQUPKXGNGUFGRGPGVTCEKÎPFG NCUOCTECURTQRKCUUQPNKFGTCFQUCORNKCOGPVG RQT.ÈFGTEQPWPOKGPVTCU%GPEQUWFTG IKUVTCPKXGNGUOGPQTGUCN'UVCUEKHTCUUQP CÕPDCLCUUKUGEQORCTCPEQPNQURCÈUGUSWG O¶UJCPCXCP\CFQGPGUVCGUVTCVGIKCEQOQGN 4GKPQ7PKFQ #NGOCPKC ['URCÌC 'P GUVG EQPVGZVQ GN HQTOCVQ UQHV FKU EQWPVFG&5DCLQNCOCTEC'MQPQFGDKGUG CWOGPVCT NC RCTVKEKRCEKÎP FG NCU OCTECU RTQ RKCUGPNCKPFWUVTKC .CCORNKCEKÎPFGNOKZFGRTQFWEVQUQHTGEK FQUDWUECCRTQXGEJCTGNƀWLQFGXKUKVCPVGUSWG TGEKDGP C FKCTKQ NQU UWRGTOGTECFQU G JKRGT OGTECFQU CWOGPVCPFQ CUÈ NC RCTVKEKRCEKÎP GP GNICUVQFGNCURGTUQPCU UJCTGQHYCNNGV 6+'0&#5&'2#46#/'06#.'5 .CUNNCOCFCUOWNVKVKGPFCUQHTGEGPRTKPEKRCN OGPVGCORNKCUNÈPGCUFGXGUVWCTKQ[RTQFWEVQU RCTC GN JQICT RQUGGP ITCPFGU UWRGTſEKGU FG XGPVCUQRGTCPFQEQPWPCCORNKCEQDGTVWTCIGQ IT¶ſEC [ EQP XCTKQU RWPVQU FG XGPVCU GP WPC OKUOC EKWFCF UGIÕP UGCP NCU ECTCEVGTÈUVKECU FGNCRQDNCEKÎPFGÃUVC#UWXG\NQUFGRCTVC OGPVQU UG GPEWGPVTCP QTICPK\CFQU GP UGEEKQ PGUNQSWGQVQTICWPOC[QTQTFGPCNOKPQTKUVC GPNCHQTOCFGRTGUGPVCTNQURTQFWEVQU[IGUVKQ PCTNCUXGPVCU.CECNKFCFFGNCOGTECPEÈCXCTÈC FGUFGOGFKCCOW[CNVC[GNRTGEKQXCFGUFGWP PKXGNOGFKQCCNVQ 'PVTG UWU RTKPEKRCNGU ECTCEVGTÈUVKECU GP EQPVTCOQUNCCWUGPEKCFGOQUVTCFQTRQTNQEWCN NQU ENKGPVGU GUEQIGP FKTGEVCOGPVG NQU RTQFWE VQUGPQECUKQPGUCUGUQTCFQURQTXGPFGFQTGUQ RTQOQVQTGU[NWGIQTGCNK\CPGNRCIQGPCNIWPCU FGNCUECLCUFGRCIQSWGUGGPEWGPVTCPGPNCU FKUVKPVCUUGEEKQPGUFGRTQFWEVQU2QTVCPVQGUVC HQTOCFGQRGTCTRGTOKVGCNEQPUWOKFQTNCNKDTG GNGEEKÎPFGNQUCTVÈEWNQUHCEKNKFCFFGEQORCTC EKÎPFGRTGEKQU[OCTECU[XCTKGFCFFGHQTOCU FGRCIQUFQOKPCPFQGNRCIQEQPETÃFKVQFGNC OKUOCECUCEQOGTEKCNQOWNVKVKGPFC[RQTQVTC RCTVGRGTOKVGCNOKPQTKUVCTGWPKTWPCITCPECP VKFCFFGENKGPVGUGPWPOKUOQGURCEKQ[VKGORQ UKPTGSWGTKTFGWPXGPFGFQTRCTCECFCENKGPVG RQT VCPVQ VKGPG NC RQUKDKNKFCF FG CWOGPVCT NC RTQFWEVKXKFCFRQTOGVTQEWCFTCFQEQOQEQPUG EWGPEKCFGNCUWUVKVWEKÎPFGGURCEKQFGCNOCEÃP ŌVTCUVKGPFC 2QTQVTCRCTVGRQTGNITCPXQNWOGPFGXGP VCUSWGCNECP\CPRQUGGPWPGNGXCFQRQFGTFG PGIQEKCEKÎPEQPUWURTQXGGFQTGURGTOKVKÃPFQ NGUQDVGPGTWPCUKIPKſECVKXCXGPVCLCGPEQUVQU 'PVTGNCUGORTGUCUSWGFGUVCECPGPGUVGUGE VQTRQFGOQUOGPEKQPCTC(CNCDGNNC#NOCEGPGU 2CTKU4KRNG[[.C2QNCT5GIWKFQURQTQRGTCFQ TGUOGPQTGU[EQPHQTOCVQUO¶URGSWGÌQU Q EQPWPOKZFGXGPVCO¶UCEQVCFQEQOQ*KVGU /GIC,QJPUQPŏU6TKEQV#DE&KP[%QTQPC .CU XGPVCU GP %JKNG FGN UGEVQT FG VKGPFCU FGRCTVCOGPVCNGUCNECP\CPCRTQZKOCFCOGPVG .VOEP3FUBJM (678',2 'NTGVCKNGUGNUGIWPFQOC[QT IGPGTCFQTFGN2TQFWEVQ+PVGTPQ $TWVQCRQTVCGNFGNGORNGQ EQPVTQNCNCKPƀCEKÎP[QVQTICCEEGUQ CNETÃFKVQCNQUEQPUWOKFQTGU OKNNQPGUFGVCTLGVCUCEVKXCUSWG GSWKXCNGPCNFGVQVCNFGNQU RN¶UVKEQUGOKVKFQU[JCQVQTICFQ OCUFG75OKNNQPGUFGUFG RTKPEKRKQUFGNQUŏU CNQU 75 OKNNQPGU GZENW[GPFQ PGIQEKQ ſPCPEKGTQ EQPEGP VT¶PFQUG ECUK VTGU EWCTVCU RCTVGU FG FKEJQ OQPVQ GP NCU EWCVTQ RTKPEKRCNGU ECFGPCU FGN RCÈUEQOQUGOWGUVTCCEQPVKPWCEKÎP RCTVG KORQTVCPVG FGN ƀWLQ QRGTCVKXQEQPUQNKFCFQFGNCUEQORCÌÈCU 'UVC EQORNGOGPVCEKÎP FGN PGIQEKQ TGVCKN EQP GN ſPCPEKGTQ JC UKFQ WPC ENCXG FGN ÃZKVQ 6KGPFCURQT&GRCTVCOGPVQ FGN OQFGNQ FG NCU VKGPFCU RQT FGRCTVCOGPVQ //75 GP %JKNG FQPFG GN TGVCKN IGPGTC NC HTG 8GPVCUGP6KGPFCURQT&GRCTVCOGPVQ EWGPEKC[NCTC\ÎPFGEQORTC[NCVCTLGVC FG ETÃFKVQ GN OGFKQ RCTC CFSWKTKT GN RTQ FWEVQLWPVQEQPRGTOKVKTNCſFGNK\CEKÎPFG .C2QNCT NQUENKGPVGU[RQVGPEKCTNCTGPVCDKNKFCFFGN PGIQEKQEQPUQNKFCFQ 4KRNG[ %1/'4%+164#&+%+10#. 'NPGIQEKQVTCFKEKQPCNGUWPEQOGTEKQ KPFGRGPFKGPVG PQ CUQEKCFQ PK XKPEWNCFQ C PKPIÕP VKRQ FG GUVCDNGEKOKGPVQ FG VC (CNCDGNNC OCÌQ RGSWGÌQ RQT GN PÕOGTQ FG RWPVQ FG XGPVCU EQP SWG EWGPVC NC EKHTC FG 2CTKU GORNGCFQU SWG FKURQPG [ NC FKOGPUKÎP FGN GUVCDNGEKOKGPVQ SWG CFGO¶U RQUGG GUECUCVGEPQNQIÈC 'NGLGTEKEKQFGNEQOGTEKQDCLQGNUKUVG (WGPVG'UVKOCEKQPGU(KVEJ OCVTCFKEKQPCNUGEQTTGURQPFGHWPFCOGP VCNOGPVGEQPEWGUVKQPGUFGCRCTKGPEKCGU FGEKTUGVTCVCFGWPCHQTOCFGEQORTCXGPVC 'UVGUGEVQTUGECTCEVGTK\CRQTNCCNVCRGPG GPNCSWGUGFCWPCKPVGPUCTGNCEKÎPGPVTGXGP VTCEKÎPFGNCUVCTLGVCUFGETÃFKVQRTQRKCUNCUSWG FGFQT[ENKGPVGFGHQTOCSWGÃUVGCNTGSWGTKT ECPCNK\CPO¶UFGNFGNCUXGPVCUFGUCTTQ FGCVGPEKÎPGUCUGUQTCFQFKTGEVCOGPVGRQTGN NNCPFQWPPGIQEKQſPCPEKGTQSWGIGPGTCWPC .VOEP3FUBJM XGP FGFQT'UVCTGNCEKÎPUWGNG RTQFWEKTUG GP NQECNGU FG RGSWGÌC FKOGPUKÎP WDKECFQUGPNQUGPVQTPQUTGUKFGPEKCNGUFGNCU RQDNCEKQPGUSWGGUV¶PCFOKPKUVTCFQUOW[FK TGEVCOGPVGRQTUWURTQRKGVCTKQU 'NVÃTOKPQFGEQOGTEKQVTCFKEKQPCNUGWVKNK\C GPNCCEVWCNKFCFGPEQPVTCRQUKEKÎPCNEQOGTEKQ OQFGTPQ [ NCU PWGXCU HÎTOWNCU EQOGTEKCNGU 'NEQPEGRVQFGEQOGTEKQVTCFKEKQPCNUGCUKOKNC GPOWEJCUQECUKQPGUCWPEQOGTEKQRTKOKVKXQ [CPVKIWQSWGUKIWGUWDUKUVKGPFQRTQHWUCOGPVG [EW[CECTCEVGTÈUVKECO¶UTGNGXCPVGEQPUKUVGGP NCKORQUKDKNKFCFFGNCEEGUQFKTGEVQCNCOGTECP EÈCRQTRCTVGFGNEQORTCFQT 6+'0&#5&'%108'0+'0%+# .CU VKGPFCU FG EQPXGPKGPEKC UQP WPC HQT OWNCEQOGTEKCNEW[CFKHWUKÎPJCGUVCFQXKPEW NCFCCITCPFGUEKWFCFGU'UVCUVKGPFCUUQPWP VKRQFGGUVCDNGEKOKGPVQSWGGUV¶PUKVWCFQUIG PGTCNOGPVGGP\QPCUFGITCPVT¶ſEQRGCVQPCN CDKGTVQUFWTCPVGJQTCTKQUGZVGPUQU[FKURQPGP FG WP PÕOGTQ OQFGTCFQ FG RTQFWEVQU RTKPEK RCNOGPVGFGCNKOGPVQU[DGDKFCU 5G WDKECP GP NQECNGU RGSWGÌQU EQP RTG EKQUUKVWCFQUGPWPPKXGNOGFKQCNVQEQPWPITC FQOGFKQFGUGTXKEKQUCNEQPUWOKFQT'NJQTCTKQ NCHCEKNKFCFFGEQORTCUWRTQZKOKFCF[GNVTCVQ RGTUQPCNNQUJCEGPCVTCEVKXQUCUWUENKGPVGUNQU EWCNGUUQPOGPQUUGPUKDNGUCNRTGEKQSWGEWCN SWKGTQVTQPGIQEKQQTKGPVCFQCNCCNKOGPVCEKÎP RQTGUQUWUO¶TIGPGUUQPOWEJQO¶UGNGXCFQU SWGNCFGNQUUWRGTOGTECFQUEQPXGPEKQPCNGU 'P%JKNGRQFGOQUOGPEKQPCTFQUVKRQUFG HQTOCVQU Ŗ7DKECFQUGP'UVCEKQPGUFG5GTXKEKQUQP NQUNQECNGUFKURWGUVQUGPNCU$QODCUFG$GP EKPCSWGGPWPEQOKGP\QCDCUVGEÈCPFGUGTXK EKQUD¶UKEQUFGCUGQEQOQDCÌQU[FGCNKOGP VCEKÎP EQOQ JQV FQI RCRCU HTKVCU [ DGDKFC [ SWGUKPGODCTIQHWGTQPGXQNWEKQPCPFQJCUVC VTCUHQTOCTUGGPWPPGIQEKQEQORNGLQSWGQHTG EG WPC CORNKC ICOC FG RTQFWEVQU FG JKIKGPG CNKOGPVCEKÎP[UGTXKEKQUEQOQKPVGTPGVHQVQEQ RKCFQTC KORTGUKÎP ECLGTQ CWVQO¶VKEQ GVE 5W RWPVQHWGTVGGUV¶GPSWGCFGO¶UFGCVGPFGTCN RÕDNKEQ SWG XC C NNGPCT GN GUVCPSWG FG UW XG JÈEWNQRWGFGCVGPFGTCEWCNSWKGTRGCVÎPSWG PGEGUKVG FG UWU UGTXKEKQU CFGO¶U FG RQUGGT NCXGPVCLCFGGUVCTCDKGTVCNCUJQTCUFGNFÈC 'PPWGUVTQRCÈUUQPEWCVTQNCUEQORCÌÈCUSWG FGUVCECP EQP UWU VKGPFCU 5JGNN %QRGE 'UUQ GPVTGQVTCU Ŗ 4GUKFGPEKCNGU .C KFGC FG GUVG VKRQ FG HQTOCVQ GUV¶ QTKGPVCFQ C DCTTKQU SWG EQPUGT XCP WP ECT¶EVGT TGUKFGPEKCN GP FQPFG NC KFGC FGKTCEQORTCTCNIWPCUEQUCURCTCNCECUCGP őGN PGIQEKQ FG NC GUSWKPCŒ GU CNIQ TGEWTTGPVG [ UG GUV¶ FKURWGUVQ C RCICT WP RQEQ O¶U RQT WPCNKUVCFGRTQFWEVQU RQTNQIGPGTCNWPCNKUVC CEQVCFCCECODKQFGPQVGPGTSWGFGURNC\CTUG XCTKCUEWCFTCUGPCWVQQOKETQDÕUJCUVCNNGICT C WP UWRGTOGTECFQ GPQTOG G KORGTUQPCN NQ SWGGUO¶UEQPXGPKGPVGUKNCNKUVCFGEQORTCU GU NCTIC 2QT QVTQ NCFQ GUVG PGIQEKQ GPVTC GP FKTGEVC EQORGVGPEKC EQP NQU CNOCEGPGU VTCFK EKQPCNGUCPVGNQUEWCNGURTGUGPVCNCXGPVCLCFG RQUGGTWPCOC[QTICOCFGRTQFWEVQUSWGUQP FGECNKFCF[CRTGEKQUEQORGVKVKXQU'PVTGGNNCU RQFGOQUOGPEKQPCTC$KI,QJP[1-/CTMGV 6+'0&#5&'&'5%7'061 'UVC GU WPC HÎTOWNC EQOGTEKCN FGUCTTQNNC FC QTKIKPCNOGPVG GP #NGOCPKC FGUFG FQPFG ITCEKCUCUWÃZKVQUGHWGKPVTQFWEKGPFQRTQITG UKXCOGPVGRQTVQFC'WTQRC[NWGIQGPVQFQGN OWPFQ .C ſNQUQHÈC UG VTCFWEG GP WP VKRQ FG XGPVCFGCWVQUGTXKEKQDCUCFCGPNCTGFWEEKÎP FGRTGEKQUFGUWURTQFWEVQUEQOQEQPUGEWGP EKCFGNCGNKOKPCEKÎPGPICUVQUFGCFOKPKUVTC EKÎPRGTUQPCNQTPCOGPVCEKÎPRWDNKEKFCFGVE 'UVG HQTOCVQ EWGPVC EQP WP UWTVKFQ FG RTQ FWEVQU NKOKVCFQU RTGHGTGPVGOGPVG GPHQECFQU GPNCCNKOGPVCEKÎP[SWGCFGO¶URQUGGWPC KORQTVCPVGRTGUGPEKCFGNCUNNCOCFCUOCTECU RTQRKCU RTQFWEVQUXGPFKFQUDCLQNCOCTECFGN GUVCDNGEKOKGPVQSWGNCURTQOQEKQPC[GPNQEC NGUEW[CUWRGTſEKGPQUWRGTCNQUOVU'P VTGGNNCURQFGOQUOGPEKQPCTC5WRGT$QFGIC #EWGPVC['MQPQ %1/'4%+1#/$7.#06' 'U WP VKRQ FG EQOGTEKQ EQOÕPOGPVG NNC OCFQKPHQTOCNSWGPQUGTGCNK\CGPWPGUVCDNG EKOKGPVQEQOGTEKCNRGTOCPGPVGUGUKVÕCGPEC NNGUFGCNVCCƀWGPEKCFGRGTUQPCUKPVGTXKPKGPFQ GPNQUGURCEKQURÕDNKEQURCTCQHTGEGTFKXGTUQU RTQFWEVQUFGCNVCTQVCEKÎP1TKIKPCNOGPVGSWKG PGUGLGTEÈCPGNEQOGTEKQCODWNCPVGNQJCEÈCP RCTC GPHTGPVCT GN FGUGORNGQ UKP GODCTIQ JQ[ GP FÈC GZKUVGP ITWRQU QTICPK\CFQU EQOQ FKXGTUQU ITGOKQU FG XGPFGFQTGU CODWNCPVGU SWGCFGO¶UGUV¶PQHTGEKGPFQICTCPVÈCUCNQU EQPUWOKFQTGU[RQUGGPTGFGUFGFKUVTKDWEKÎP 'P%JKNG5CPVKCIQGUNCEKWFCFEQPOC[QT RTQRQTEKÎPFGXGPFGFQTGUFGNVKRQCODWNCPVGU EQPWPGPUGIWPFQNWICTUGGPEWGPVTC 8CNRCTCÈUQEQP[NWGIQ4CPECIWCEQP 2QTNQIGPGTCNGUVGVKRQFGEQOGTEKQ QHTGEG RTQFWEVQU SWG UQP CVTCEVKXQU RCTC NCU RGTUQPCU CN RCUCT RGTQ SWG UKP GODCTIQ PQ XCP RTGEKUCOGPVG C DWUECT GU RQT GUVQ SWG ITCPRCTVGFGNEQOGTEKQCODWNCPVGXGPFGCTVÈ EWNQUFGNCVGORQTCFC[CDCLQURTGEKQUNQEWCN UGFGDGGPRCTVGCNCGXCUKÎPFGKORWGUVQUG KNGICNKFCF SWG TGRTGUGPVC [ SWG UKGORTG JC UKFQGNITCPVGOCFGFKUEWUKÎP[RTGQEWRCEKÎP FGNCUCWVQTKFCFGU[GORTGUCTKQU 1VTCECTCEVGTÈUVKECFGGUVGVKRQFGEQOGT EKQGUSWGIGPGTCNOGPVGGUGNRTQRKGVCTKQFGN őPGIQEKQŒSWKGPXGPFGUWOGTECFGTÈCRQTVCPVQ GNVTCVQEQPGNENKGPVGGUFKTGEVQNQSWGPQQEW TTGGPQVTQUVKRQUFGHQTOCVQUFGTGVCKN5GIÕP GUVWFKQUTGEKGPVGUNQURTQFWEVQUO¶UXGPFKFQU GP %JKNG DCLQ GUVG HQTOCVQ FG TGVCKN UQP NQU %&BU NKDTQU &8&ŏU EQOKFC TQRC RTKPEKRCN OGPVGFGOWLGTGU[CEEGUQTKQURCTCGNJQICT 0QQDUVCPVGFGDGOQUUGÌCNCTSWGHQTOCPRCT VGFGGUVGVKRQFGEQOGTEKQNCUNNCOCFCU(GTKCU .KDTGUEW[CUXGPVCUPQUQPQECUKQPCNGU[NCU EWCNGUUKUGTKIGPRQTPQTOCVKXCUNGICNGUSWG NGURGTOKVGPQRGTCTGPNWICTGUFGſPKFQU .#'81.7%+¦0&'.%1057/1 '.%1057/1ő'/'4)'06'Œ 5GIÕPGNő*QOGUECPŒ[GNő0KGNUGP4GVCKN +PFGZŒNCRKT¶OKFGUQEKCNGP%JKNGGUV¶EQPHQT OCFCFGNCUKIWKGPVGOCPGTCFGCEWGTFQCGU VTCVQUQEKQGEQPÎOKEQ[RCTVKEKRCEKÎPGPGNICU VQGPRTQFWEVQUFGEQPUWOQOCUKXQ HCOKNKCU FG 5GIOGPVQ #$% SWG CRQTVCP WP GPGNICUVQFGEQPUWOQOCUKXQ HCOKNKCUFG5GIOGPVQ%SWGCRQTVCPFGN ICUVQHCOKNKCUFG5GIOGPVQ%SWG CRQTVCP GN FGN ICUVQ HCOKNKCU FGN5GIOGPVQ&'SWGCRQTVCPFGNICUVQ 5GFGURTGPFGFGNR¶TTCHQCPVGTKQTSWGGN ITCP RQTEGPVCLG FG HCOKNKCU FG PWGUVTQ RCÈU EQTTGURQPFGCGUVTCVQUOGFKQUDCLQU FG NCU HCOKNKCU SWG CRQTVCP WP FGN ICU VQ[SWGFGCEWGTFQCFKXGTUCUKPXGUVKICEKQ PGUFGOGTECFQRCTVKEKRCPHWGTVGOGPVGGPGN ETGEKOKGPVQ FG ECVGIQTÈCU EQOQ TQP XQFMC OCUEQVCU CIWCU OKPGTCNGU FGUQFQTCPVGU CODKGPVCNGU[EQTRQTCNGUGPVTGQVTCUECVGIQ TÈCUIGPGTCPFQRQTEQPUKIWKGPVGSWGECFCXG\ O¶UNCUEQORCÌÈCUFKTKLCPUWUGUVTCVGIKCUFG OCTMGVKPIJCEKCNCUPGEGUKFCFGUCURKTCEKQPC NGU FG GUVQU UGIOGPVQU 'UVQU GUVTCVQU OG FKQU DCLQU UG GUV¶P EQPXKTVKGPFQ GP GN OQVQT FGN ETGEKOKGPVQ FGN TGVCKN [ FG UW GUVTCVGIKC KPVGITCFC 'UVG PWGXQ EQPUWOKFQT GU RTQFWEVQ FG HGPÎOGPQU VCNGU EQOQ NC HCNVC FG VKGORQ GN GPXGLGEKOKGPVQ[NCOC[QTGURGTCP\CFGXKFC GNOC[QTCEEGUQCNEQPUWOQIGPGTCNOGPVGXÈC ETÃFKVQNCRGPGVTCEKÎPFGNCUPWGXCUVGEPQNQ IÈCUFGEQOWPKECEKÎPNCUVGPFGPEKCUGPHQEC FCUCNCXKFCUCPCNCHTCIOGPVCEKÎPGNKPITGUQ OCUKXQFGNCOWLGTCNVTCDCLQGPVTGQVTQUHGPÎ OGPQUSWGUGVTCPUHQTOCPGPFGOCPFCFGCT VÈEWNQUCUQEKCFQUCNEQPUWOQHWGTCFGNJQICT CNOGLQTCOKGPVQFGNJQICTCNQEKQNCEQORWVC EKÎP+PVGTPGVVGNGHQPÈCGVE*Q[PQUGRWGFG CPCNK\CTGNRQVGPEKCNFGEQPUWOQFGWPCRGT UQPC Q HCOKNKC GZENWUKXCOGPVG FG CEWGTFQ C UWKPITGUQFKURQPKDNGUKPQSWGCFGO¶UFGDG UWOCTUGGUVGKPITGUQCNCECRCEKFCFSWGVGP ICFGUWUVKVWKTEQPUWOQRTGUGPVGRQTEQPUWOQ HWVWTQ GPFGWFCOKGPVQ 2QTVQFQNQUGÌCNCFQCPVGTKQTOGPVGGUPG EGUCTKQTGRNCPVGCTUGNCENWUVGTK\CEKÎPWVKNK\CFC RQTNQUFKUVKPVQUTGVCKNGTUGP%JKNGEWCPFQCRNK .VOEP3FUBJM (678',2 ECPUWTGVCKNOKZ UWTVKFQRTKEKPINC[QWVRTQOQEKQPGU GPFQPFGUWRQPGPSWGGPNWICTGUIGQIT¶ſEQUFQPFGUG GPEWGPVTGPOC[QTKVCTKCOGPVGGUVQUEQPUWOKFQTGUGOGT IGPVGUUQNQGUVCT¶PKPVGTGUCFQUGUVQUGPWPCRTQRWGUVC FG XCNQT GPHQECFC JCEKC NC EQDGTVWTC FG PGEGUKFCFGU D¶UKECU *#%+#7007'812#4#&+)/# '564#6)+%112'4#%+10#. &GURWÃUFGCPCNK\CTEQPFGVGPEKÎPVQFQUNQUCPVGEG FGPVGUGZRWGUVQUJCUVCCJQTCGUXCNKFQRNCPVGCTUGXC TKCUKPVGTTQICPVGUSWGPQURGTOKVCPRTQRQPGTWPPWGXQ RCTCFKIOCGUVTCVÃIKEQQRGTCEKQPCNRCTCOGLQTCTNCRGT HQTOCPEGFGNQUFKUVKPVQUQRGTCFQTGUFGTGVCKNGP%JKNG 'UNÎIKEQGNFKUGÌQFGPWGUVTCVKGPFCFGCEWGTFQC NCGUECUG\FGVKGORQFGPWGUVTQUEQPUWOKFQTGU! 5QPNÎIKECUNCUFKOGPUKQPGUFGPWGUVTCUGUVCPVG TÈCU[RCUKNNQUFGCEWGTFQCPWGUVTCTGCNKFCFFGXGPVCU! *CEKCSWÃUGEVQTFGNCEKWFCFFGDGTÈCOQUETGEGT CORNKCPFQPWGUVTCTGCNKFCFFGVKGPFCU!5GIWKOQUETG [GPFQGPNCSWKOGTCFGNQU#$%! 'UEQTTGEVQGNVCOCÌQFGNCUVKGPFCUSWGVGPGOQU GPNCECTRGVCFGCRGTVWTCU!%QTTGNCEKQPCOQUGNVCOC ÌQFGNCVKGPFCEQPGNUWTVKFQSWGQHTGEGOQU!#ÕPQRG TCOQUEQPGNUWRWGUVQFGNQUCPCSWGNGUőƀGZKDNGUŒ! *Q[PQUGRWGFGCPCNK\CTGNRQVGPEKCNFGEQPUWOQ FGWPCRGTUQPCQHCOKNKCGZENWUKXCOGPVGFGCEWGTFQC UWKPITGUQFKURQPKDNGUKPQSWGCFGO¶UFGDGUWOCTUG GUVGKPITGUQCNCECRCEKFCFSWGVGPICFGUWUVKVWKT EQPUWOQRTGUGPVGRQTEQPUWOQHWVWTQ %W¶N FGDG UGT NC TGNCEKÎP CORNKVWF [ RTQHWPFKFCF GPGNUWTVKFQ! %W¶PVQU ECODKQU FG RTGEKQU GLGEWVCOQU FKCTKC OGPVG JCEKC NCU VKGPFCU! 'UV¶U UGT¶P ECRCEGU FG TGURQPFGTCPVGGUVGTKVOQ!0WGUVTQUEQPUWOKFQTGUNQ VQNGTCT¶P! %W¶N GU GN XCNQT RGTEKDKFQ FG PWGUVTQU GUHWGT\QU RTQOQEKQPCNGU! %W¶N GU GN CRQTVG KPETGOGPVCN C NCU XGPVCU! %W¶NGUPWGUVTQPKXGNFGUGTXKEKQTGCNGPNQUCPC SWGNGU! 5K WUVGF VKGPG TGURWGUVCU PGICVKXCU C CNIWPCU FG GUVCU RTGIWPVCU Q RGQT CÕP PQ VKGPG WPC TGURWGUVC EQPETGVCRCTCCNIWPCFGGUVCURTGIWPVCUFGVÃPICUG[ OGFKVG5WPGIQEKQPGEGUKVCWTIGPVGOGPVGRGPUCTGPGN RCTCFKIOCCEVWCNEQPNCSWGQRGTCUWEQORCÌÈC[CPC NK\CTUKCSWGNGUV¶GPUKPVQPÈCEQPNCPWGXCTGCNKFCFFGN EQPUWOQ[NCEQORGVGPEKC .VOEP3FUBJM .GEVWTCU4GEQOGPFCFCU #%0+'.5'0 'N/GTECFQ%JKNGPQ $#0%1%'064#.&'%*+.'+0'#%0+'.5'0 +ORQTVCPEKCFG%CPCNGUFGPVTQFGN2TQFWEVQ+PVGTPQ$TWVQ -16.'42*+.+2#4/56410))#4;'5%#.10# )#4% #41$'4614#51#4%#76'+8100' ő(WPFC OGPVQUFG/CTMGVKPIŒ'FKEKQPGU2GCTUQP'FWECVKQP%CRKVWNQ 8GPVCCNFGVCNNG[CNRQTOGPQT 'FKEKÎP2¶I .'8;/+%*#'.9'+6<$#4610 4GVCKNKPI/CPCIG OGPV/E)TCY*KNN+TYKP .'8;/)4'9#.&2'6'45104#;%1001..; $ ő6JGEQPEGRVQHVJGő$KI/KFFNGŒ,QWTPCNQH4GVCKNKPI XQNPRR .'9+510&#.'/ 4GVCKNKPI2TGPVKEG*CNN .';610,1*05.7+5 &GſPKEKÎPFG4GVCKN/CPCIG OGPV7PKXGTUKFCFFG5CPVKCIQFG%JKNG <'06'5/145%*'66[5%*#4#//Ō-.'+0 5VTCVGIKE4GVCKN/CPCIGOGPV$GVTKGDUYKTVUEJCHVNKEJGT8GTNCI&T 6J)CDNGT^)98(CEJXGTNCIG)OD*9KGUDCFGP