%&4&15*&.#3&%&&-7*(Æ" *OGSBFTUSVDUVSBT &-Î$53*$"4 #3&7&4 (BT/BUVSBMF*CFSESPMB WFOEFOVOEFTV GJMJBMNFYJDBOBB.JUTVJ *CFSESPMBZ(BT/BUVSBM'FOPTB IBO GJSNBEP VO BDVFSEP DPO FM HSVQPKBQPOnT.JUTVJQBSBMBWFOUB DPOKVOUBEFMEF(BT/BUVSBM .nYJDP&ODPODSFUP(BT/BUVSBM WFOEFSgTVQBSUJDJQBDJwOEFM QPSNJMMPOFTEFFVSPTBVORVF TFHVJSgNBOUFOJFOEPFMDPOUSPMEFM BDDJPOBSJBEPZMBHFTUJwODPOVOB QBSUJDJQBDJwOEFM1PSTVQBSUF *CFSESPMBTFEFTQSFOEFSgEFM QPS NJMMPOFT EF FVSPT &TUB |MUJNBWFOUBTFFONBSDBFOFMQMBO EFEFTJOWFSTJPOFTEFOFHPDJPTFOFM RVFQSFWnWFOUBTEFNJMMPOFT EFFVSPTFOUSFZ (BNFTBBNQMrBTV DBSUFSBEFDMJFOUFT FOFMNFSDBEPJOEJP -BTJOGSBFTUSVDUVSBTEFUSBOTQPSUFZEJTUSJCVDJ§OFM±DUSJDBTVGSFOUBNCJ±OJNQPSUBOUFTSFDPSUFT3&& -BSFGPSNBºTDBMFOFSHnUJDBQBSBMJ[B MBDPOTUSVDDJwOEFJOGSBFTUSVDUVSBT -PTOVFWPTBKVTUFTUBNCJ±OBGFDUBS¸OBMNBOUFOJNJFOUPEFMBTPCSBT &EF+#BSDFMPOB -PTOVFWPTJNQVFTUPTFMnDUSJDPT BQSPCBEPTQPSFM(PCJFSOPDPNP QBSUF EF MB SFGPSNB FOFSHnUJDB IBOIFDIPTBMUBSDIJTQBTOPTwMP FOUSF NJOJTUSPT TJOP UBNCJnO FOUSFMPTQSPGFTJPOBMFTEFMTFDUPS RVFMPTDSJUJDBOUBOUPFOTVGPSNB DPNP FO TV DPOUFOJEP "VORVF QPS FM NPNFOUP BTPDJBDJPOFT Z DPNQBvrBTDPNP6OFTB*CFSESPMB "DDJPOB(BT/BUVSBM'FOPTB'PSP /VDMFBS&0/P4FEJHBTQSFGJFSFO OPIBDFSWBMPSBDJPOFTBMSFTQFDUP QBSFDFRVFMPTOVFWPTBKVTUFTIBO QVFTUPFOKBRVFMBDPOTUSVDDJwOEF OVFWBTJOGSBFTUSVDUVSBTFOFSHnUJDBT BTrDPNPBUPEPMPSFMBDJPOBEPDPO TVNBOUFOJNJFOUPZDPOTFSWBDJwO ®&MQSPCMFNBEFMEnGJDJUEFUBSJGBEF NJMMPOFTZEFMEJTQBSBUBEP GVODJPOBNJFOUPEFMTFDUPSFMnDUSJDP KVOUPDPOMBHSBWFTJUVBDJwOEFMBT DVFOUBTQ|CMJDBTTVQPOFMBQBSgMJTJT EFQSgDUJDBNFOUFDVBMRVJFSQSPZFDUP EFJOGSBFTUSVDUVSBQVFTUPRVFFTUP TVQPOFTFHVJSBMJNFOUBOEPFMEnGJDJU NJMMPOFT &ME±GJDJUUBSJGBSJPBTDJFOEFB NJMMPOFTEFFVSPTZQPES­BTVCJSDBEB B©PPUSPTNJMMPOFTEFFVSPT TFH¡OMBTQSFWJTJPOFTEFMBWJDFQSFTJ EFOUBEFM(PCJFSOP4PSBZB4¸FO[EF 4BOUBNBS­B EFUBSJGB¯BGJSNB"HVTUrO(PO[gMF[ EJSFDUPSHFSFOUFFOFM$M|TUFS&NQSF TBSJBMEFMBT&OFSHrBT3FOPWBCMFTFM .FEJP "NCJFOUF Z MPT 3FDVSTPT )rESJDPTEF$BOBSJBT3*$". &O FTUFTFOUJEPZUFOJFOEPFODVFOUB RVFTFH|OFMNJOJTUFSJP&TQBvBUJFOF VOFYDFTPEFDBQBDJEBEJOTUBMBEB FTUBSFGPSNBTwMPIBSgRVFBHSBWBSMB TJUVBDJwO®$VBMRVJFSJOJDJBUJWBUJFOF QPDBTQPTJCJMJEBEFTEFTBMJSBEFMBOUF TBMWPBRVFMMBTRVFMPHSFONFKPSBT FOFMBIPSSPZMBFGJDJFODJB¯EFUBMMB (PO[gMF[&OFMTFHNFOUPSFOPWB CMFTFH|OMBTQSFWJTJPOFTTFSgQSgD UJDBNFOUFJNQPTJCMFJOTUBMBSOVFWB DBQBDJEBEEVSBOUFVOMBSHPQFSJPEP TBMWPFOFMDBTPEFMBCJPNBTB®&M SFTUP EF UFDOPMPHrBT SFOPWBCMFT EFQFOEFSgEFMBBQSPCBDJwOEFMB SFHVMBDJwOEFMBVUPDPOTVNP¯ 1BSBMBFwMJDBFTUFBKVTUFTVQPOF UFOTBSUPEBWrBNgTMBTJUVBDJwOFO VONPNFOUPFOFMRVFFTUBJOEVT USJBTFQMBOUFBTVTVQFSWJWFODJBFO &TQBvB"EFNgTTFUSBUBEFMTFDUPS RVFNBZPSQSFTJwOGJTDBMTPQPSUBZB RVFBMPTJNQVFTUPTDPNVOFTBMBT EFNgTUFDOPMPHrBTIBZRVFBvBEJS MPTDgOPOFTRVFTFBQMJDBOFOBMHV OBTDPNVOJEBEFTBVUwOPNBT4FH|O )FJLLJ8JMMTUFEUEJSFDUPSEFQPMrUJDBT FOFSHnUJDBTEFMB"TPDJBDJwO&NQSF TBSJBM&wMJDB"&& MPTGBCSJDBOUFT EFBFSPHFOFSBEPSFTOPIBOSFDJCJEP OVFWPTQFEJEPTEFBFSPHFOFSBEPSFT QBSBFMNFSDBEPEPNnTUJDPEVSBOUF FTUFBvPZ®DPOVOBNPSBUPSJBFO NBSDIBZTJOVOBTSFHMBTEFMKVFHP -BJOTUBMBDJ§OEFOVFWB DBQBDJEBESFOPWBCMF TFS¸QS¸DUJDBNFOUF JNQPTJCMFEVSBOUFVO MBSHPQFSJPEPEFUJFNQP EFDBSBBMGVUVSPOPQPESgOSFTJTUJS NVDIPNgT¯"MHPQBSFDJEPPDVSSJSg UBNCJnOTFH|O"HVTUrO(PO[gMF[ DPOMBTJOGSBFTUSVDUVSBTEFUSBOT QPSUFZEJTUSJCVDJwOFMnDUSJDBEPOEF MBTJOWFSTJPOFTEFMPQFSBEPSEFMTJT UFNB3FE&MnDUSJDBEF&TQBvB ZEF MBTDPNQBvrBTEJTUSJCVJEPSBTTFIBO WJTUPTFSJBNFOUFSFDPSUBEBT 1PSFMMPEFTEF3*$".FOUJFOEFO RVFBIPSBFTFMNPNFOUPEFSFBMJ[BS VODBNCJPEFDPODFQUPEFTJTUFNB QBTBOEPEFVONPEFMPDFOUSBMJ[BEP EFQSPEVDDJwODPODPTUPTBTJOGSBFT USVDUVSBTEFUSBOTQPSUFIBDJBVOP EFHFOFSBDJwOEJTUSJCVJEBFOFMRVF MBFOFSHrBTFHFOFSFBMMrEPOEFTF DPOTVNB (BNFTBIBGJSNBEPVOBDVFSEP QBSBTVNJOJTUSBSBFSPHFOFSBEPSFT DPOVOBQPUFODJBDPOKVOUBEF NFHBWBUJPT B MB FNQSFTB *OEP 3BNB3FOFXBCMFTGJMJBMEF*OEP 3BNB 4ZOUIFUJDT &TUF QSPZFDUP DPOTUJUVZF FM QSJNFSP EF WBSJPT QMBOFTEFJOWFSTJwOFOFTUFNFS DBEP®TFMFDDJPOBEPTDPODVJEBEP ZQPOJFOEPFMGPDPFOFMSFUPSOP EFOVFTUSBTJOWFSTJPOFT¯TFH|OIB FYQMJDBEPMBDPNQBvrB"EFNgTUBM ZDPNPNVFTUSBOMBTDJGSBTEFnTUB EVSBOUFFMQSJNFSTFNFTUSFEFMBvP *OEJBSFQSFTFOUwVOEF MBTWFOUBTUPUBMFTEF(BNFTB 5nDOJDBT3FVOJEBT DPOTUSVJSgVOBOVFWB QMBOUBEFHBTFO0NgO 1FUSPMFVN%FWFMPQNFOU0NBOMB QSJODJQBMDPNQBvrBEFFYQMPSBDJwO ZFYUSBDDJwOQFUSPMrGFSBEF0NgO IB BEKVEJDBEP SFDJFOUFNFOUF B MB FNQSFTB FTQBvPMB 5nDOJDBT 3FVOJEBTMBDPOTUSVDDJwOEFVOB OVFWBQMBOUBEFHBTFOMBSFHJwOEF ;BVMJZBIQPSVOWBMPSUPUBMEF NJMMPOFTEFFVSPT-BDPNQBvrB FTQBvPMBTFQSFTFOUwBMQSPDFTPEF MJDJUBDJwOKVOUPBMBFNQSFTBMPDBM "M)BTTBO&OHJOFFSJOH$PNQBOZ DSFBOEP VOB KPJOU WFOUVSF DPO SFQBSUP BDDJPOBSJBM EFM Z FM SFTQFDUJWBNFOUF