[ViHQ]GHJRUEHD %YXSV<EFMIV7jIR^HI+SVFIE )HMXE(MVIGGMzR+IRIVEPHI4VSQSGMzR8YVuWXMGE (MWIyS7SRME6YIHE -QTVIWMzR/VSRXMW7%0 (ITSWMXS0IKEP&- %FERHS %KYWXuR-FEVVSPE ±:MENIEP-R½RMXS²MRWXEPEHEIR 1EVMERS&IRPPMYVI ±(SR(MIKS0zTI^HI,EVS² 2qWXSV&EWXIVVIX\IE ±1EWGEVzRHI4VSE² .SWq0YMW4IUYIyS ±%VVEWEXI²MRWXEPEHEIR -yEOM6ME 78 )HYEVHS'LMPPMHE ±)PSKMSHIP,MIVVS---² 6MGEVHS-yYVVME ±1MRIVZE² 1SMWqWHI,YIVXE ±0E0I]²±0E.YWXMGME² 7IFEWXMjR0EVVEyEKE ±7EFMRS%VERE² 1EVMERS&IRPPMYVI ±%RXSRMS8VYIFE² (SVE7EPE^EV ±7MVIRE² %KYWXuRHIPE,IVVjR ±-RQEGYPEHE² .SEUYuR0YGEVMRM ±0E)UYMXEXMZE² 1SMWqWHI,YIVXE ±1IVGYVMS² 6MGEVHS-yYVVME ±1EXIVRMHEH²,EGME 1SMWqWHI,YIVXE ±1MRIVZE² %&%2(3 0EERXMKYE%RXIMKPIWMEHI%FERHSUYIHzMRXIKVEHEIR&MPFESIP HINYPMSHIHIWTYqWHIYRETVMQIVEERI\MzRIR )PMXMRIVEVMSIWIPUYIVIRIYREQE]SVTVIWIRGMEIWGYPXzVMGE 7IGMVGYRWGVMFIEPTVMQIVXVEQSHIPE+VER:uE]PSW.EVHMRIW HI%PFME)RIWXIIWTEGMSLE]TMI^EWWMRKYPEVIWXERXSHIWHIPE TIVWTIGXMZE HIP QSRYQIRXS HIGMQSRzRMGS GSQS HIWHI PSW TPERXIEQMIRXSWHIPEIWXEXYEIMRGPYWSWIHMWTSRIRMRXIVIWER XIWINIQTPSWHIPEIWGYPXYVEHITSWKYIVVE]HIPEVXITFPMGS QjWIWXVMGXEQIRXIGSRXIQTSVjRIS )P GSRNYRXS IW VIEPQIRXI WMRKYPEV I MQTSVXERXI ,E] SFVEW I\IRXEW]YREKVERGERXMHEHHIIWGYPXYVEETPMGEHEEPSWHMWXMR XSWIHM½GMSWFERGEVMSW]IRWYWEGGIWSWGIVGERSWIMRXIVMSVIW 4YIHIRTIVGMFMVWIHSWHIPEWTMI^EWQjWERXMKYEWEQFEWHIP ZEPIRGMERS1EVMERS&IRPPMYVIEWuGSQSXVEFENSWMQTSVXERXIW HIPETVMQIVEQMXEHHIPWMKPSZIMRXIGSQSPSWXVIWHI1SMWqW HI,YIVXEYRSHI.SEUYuR0YGEVMRM]HSWHI6MGEVHS-yYVVME 8EQFMqRLE]YRMQTSVXERXIRGPISHIIWGYPXYVEWHITSWKYI VVE GSQS PEW HI PSW ZEWGSW 2qWXSV &EWXIVVIX\IE )HYEVHS 'LMPPMHE%KYWXuR -FEVVSPE .SWq 0YMW 4IUYIyS (SVE 7EPE^EV S -yEOM6MEEM9V3XVEWQYGLEWTMI^EWTSVHMZIVWEWGEYWEWRS WIWMKRM½GERIRIPMXMRIVEVMSTVMRGMTEP)RXVIIPPEWIWXjYRXVE FENSHIGSVEXMZSHI.SWq0YMW7jRGLI^EHSWEHSEPIHM½GMSHI )P'SVXI-RKPqWHIPUYIWILEVIXMVEHSSXVESFVEIRPETPE^E 'MVGYPEV2SHIQEWMEHSEPINEHELE]SXVEHI.SWq0YMW4IUYI ySIRPE1YXYE-RHYWXVMEPHIPEGEPPI,IRESR-KYEPQIRXI LE]UYIVIGSVHEVYRSWERzRMQSWEXPERXIWUYIWIWMXERIRPE JEGLEHEHIPIHM½GMSUYIHEE%PEQIHE1E^EVVIHS].EVHMRIW %PFME*MREPQIRXIGIVGEREWEPETPE^E)PuTXMGETYIHIRTIVGMFMV WIIWGYPXYVEWHIEYXSVIWGSRXIQTSVjRISWGSQSIP4EWIERXI HI.SWq6EQzR+zQI^2E^EFEP±%FWXVEGGMzR²HI:MGIRXI 0EVVIESPEWHI<EFMIV0EOE].SWqÅRKIP0EWEqWXEWPXMQEWIR WIRHSWTSVXEPIWHIIHM½GMSWHIS½GMREW 0EWSFVEWWIHMWTSRIRIRTPIRSGSVE^zRHIPEERXMKYE%RXIM KPIWMEHI%FERHS)RIPIRXSVRSHIPETPE^E'MVGYPEV&MVMFMPE LE]WMIXI]SXVEWXERXEWIRPSWNEVHMRIWHI%PFME]WYWTVS\MQM HEHIW)RXVIEQFSWTYRXSWERTYIHIRTIVGMFMVWISXVEWIMR GPYWSQjWEHIPERXIWIHMWIQMRERPEWUYIWIWMXERIRIPXVEQS HIPE+VER:uEUYIZEHIWHIIPGVYGIGSR%PEQIHE1E^EVVIHS LEWXEPETPE^E1S]E %FERHS )P MRMGMS IW ZIVXMKMRSWS (IRXVS HI PE IWXEGMzR HIP 2SVXI 6)2*)HMWTSRIYREWWMRKYPEVIWXVEZMIWEWERXMKYEWGY]EWQE HIVEW LER WMHS XVEFENEHEW TSV %KYWXuR -FEVVSPE *YIVSRGSPSGEHEWSVMKMREPQIRXIIR]WIVIMRWXEPEVSRIR FENSIPXuXYPS±:MENIEPMR½RMXS²7SRXSHSYRWMKRM½GEXMZS VIGSRSGMQMIRXSEPPYKEV]WYJYRGMzR7IWMXERIRXVIPEIRWS yEGMzR HI PE TEVXMHE ] PE VIEPMHEH WuKRMGE HIPEPPIKEHE9RINIVGMGMSTPjWXMGSLIGLS ETEVXMVHIQEXIVMEPIWUYIETSVXERVEWXVSW HIWYQIQSVMEWSFVIPEWYTIV½GMI %KYWXuR-FEVVSPE ±:MENIEP-R½RMXS²-RWXEPEHEIR %FERHS 1EVMERS&IRPPMYVI ±(SR(MIKS0zTI^HI,EVS² %FERHS )W QY] MRXIVIWERXI ] HIWXEGEFPI IP GSRXVETYRXS UYI WI TVSHYGIIRXVIIPQSRYQIRXSHI1EVMERS&IRPPMYVI ] IP WYIPS GVIEHS TSV IP ZM^GEuRS -yEOM 6ME 9RSIWXjIRLMIWXSGSQSYRQjWXMPZIVXMGEPUYIWIyEPEIPPYKEV HIQSHSWMKRM½GEXMZS]IPSXVSIWLSVM^SRXEPTVjGXMGEQIRXI MRI\MWXIRXI HIWQEXIVMEPM^EHS GSQS WM JYIVE YRE WSQFVE %QFSW VITVIWIRXER YREW EZIRXYVEW IWXqXMGEW UYI IWXjR IR PEW ERXuTSHEW WMXYjRHSWI IRXVI IP IWTuVMXY QSRYQIRXEP ] IP EVXITFPMGSQjWIQIVKIRXIIRXVIPESGYTEGMzRWIyEPEHEHIP IWTEGMS ] YRE ETSVXEGMzR UYI TEWE HIWETIVGMFMHE ] XMIRI PE JYRGMzRHIWIVTMWEHE )PQSRYQIRXSE±(SR(MIKS0zTI^HI,EVS²WIWMXE IR IP GIRXVS 0E SFVE IWXj HIHMGEHE EP JYRHEHSV HI &MPFES IR UYMIR QMVE LEGME IP 'EWGS:MINS )WXj IR XVENI HI GEQTEyE PPIZE IWGYHS I\XMIRHI YRS HI PSW FVE^SW ] XMIRI PE EGXMXYH HI GSRGIHIV IP TIVKEQMRS HI PE 'EVXE 4YIFPE HI PEZMPPEUYIHMWTSRIIRYREHIWYWQERSW4VMRGMTEPQIRXIWI TIVGMFIIPFVSRGITVMRGMTEP]ETIREWTYIHIRSFWIVZEVWIPSW HSWQEKRu½GSWVIPMIZIWUYIVITVIWIRXERQY]¾YMHEQIRXIPE GSRGIWMzRIJIGXYEHE]PEQYIVXIHIHSR(MIKS)WXjRWMXYEHSW EEQFSWPEHSWHIYREIWFIPXETIEREHMWIyEHETSV)WXERMWPES 7IKYVSPEIR7SFVIWYWHMI^QIXVSWHIEPXYVEHIQjVQSP VSWEWIPIZERXEPEIWXEXYEHIQIXVSW 1EVMERS&IRPPMYVI ±(SR(MIKS0zTI^HI,EVS² %FERHS %P PEHS WI TIVGMFIR PEW TMI^EW HI &EWXIVVIX\IE 'LMPPMHE ] 4IUYIyS GY]S GSRNYRXS RSW TVSTSRI YR MRXIVIWERXI EGIVGEQMIRXSEPSWTPERXIEQMIRXSWHIPEVXIZEWGSHITSWKYIVVE ]RISZERKYEVHME)RIPPSWTYIHIRSFWIVZEVWIPSWMRKVIHMIRXIW IWXqXMGSW QjW GEVEGXIVuWXMGSW WIVMIHEH WIZIVMHEH TPjWXMGE GEVjGXIV HI MRZIWXMKEGMzR ] TVSTYIWXEW TPjWXMGEW EFWXVEGXEW QY]GSRWXVYGXMZEW]IWTEGMEPIW )P QEWGEVzR HI TVSE HI 2qWXSV &EWXIVVIX\IE IW YREXVERWTSWMGMzRETMIHVEHIWYWSFVEWIRQEHIVEHIVSFPI ,IGLEIRIPEYXSVFIVQIERSXVEXE HI VIEPM^EV YR EGIVGEQMIRXS EP TEWEHS PIKIRHEVMS ZEWGS I MRGSVTSVE WMKRSW HI MHIRXM½GEGMzRGSQSPSWHIPE2EZIKEGMzR ]IP'SQIVGMSHIPSWFEVGSW 2qWXSV&EWXIVVIX\IE ±1EWGEVzRHI4VSE² %FERHS )PLMIVVSHI±%VVEWEXI²HI.SWq0YMW4IUYIyS SJVIGIIPZYIPSWMRKYPEVHIYRSWZSPQIRIWUYISJVIGIRXERXS GSRXMRYMHEHIWTEGMEPGSQSQEVGEXMIQTSWHMJIVIRXIW]SJVIGI EPKYRSWQSZMQMIRXSWHIWYZMENI7IGSPSGzHYVERXIIR IPPYKEVHIYRETMI^EHI.SWq0YMW7jRGLI^UYIXIRuEYRIWGYHS HIPE)WTEyEJVERUYMWXE .SWq0YMW4IUYIyS ±%VVEWEXI²MRWXEPEHEIR %FERHS 0EETSVXEGMzRHI6MEUYI½VQEGSQSEM9VIWXjTVIWIRXI GSQS WMR QSPIWXEV 'SRWXMXYMHE TSV PSWIXEW HI JYRHMGMzR IP EYXSV LE GSRJSVQEHS YRE IWTIGMI HI GEQMRS UYI SGYTE IP PuQMXILMWXzVMGSHIPEERXMKYEWIHIHIP&ERGSHI:M^GE]E]IRHS HIWHI PE TMI^E HIGMQSRzRMGE LEWXE IP XVEFENS HI )HYEVHS 'LMPPMHE'SQSYREEPJSQFVEHILSRSVWYTSRIWIRWMFMPM^EVIP PYKEVVIGSVHEVIPTEWEHS]PPEQEVPEEXIRGMzRWSFVIPEPMKE^zR IRXVIIWTEGMSW]SFVEWEVXuWXMGEWHMJIVIRXIW6IEPM^EHEIR IP HMWIyS HI GEHE IPIQIRXS IW IP HI PE LEFMXYEP FEPHSWE HI &MPFES9RXSXEPHITMI^EWQSHYPEVIWJEFVMGEHEWIRLMIVVS KVMWSWGYVS9REHIIPPEWIWHMWXMRXE]HMWTSRIYRIRMKQjXMGS XI\XS 7I HMWTSRI KVj½GEQIRXI ] IR IWTMVEP HMGI ±)R PE HMVIGGMzR STYIWXE IR PE HMVIGGMzR STYIWXE² 9RE JVEWI UYI WILEI\XVEuHSHIPPMFVS±)PWzXERS²HI 8LSQEW&IVRLEVH]UYIUYMIVISJVIGIV YREEPXIVREXMZEEPSWZEPSVIWGSQYRIW ] GSVVMIRXIW FYWGERHS SFWIVZEGMSRIW HMWXMRXEWHIPEVIEPMHEH -yEOM6ME 78 %FERHS )P EGIVS GSVXqR HI )HYEVHS 'LMPPMHE IW YRETVSTYIWXEXSXqQMGE]ZIVXMGEP'SQSLMGMIVEIPVYQERS 'SRWXERXMR &VERGYWM ±)PSKMS HIP ,MIVVS ---² IWXj GSRWXMXYMHE TSV PE GSRXMRYMHEH HI YRE TIERE ] YR QSXMZS WYTIVMSV UYI HMREQM^E IP IWTEGMS 4IWE XSRIPEHEW QMHI ] IP GSPSV IW HI LMIVVS S\MHEHS8MIRI IP WIRXMHS HI IWXIPEGSRQIQSVEXMZEGSQSHITIVWSRENITIVIRRIUYILEGI KYEVHME'SRXVETSRMIRHSIPIWXEXMWQSHIPEFEWI]PEQSZMPMHEH HIPSWIPIQIRXSWHIEVVMFEIWGSQSYREWzPMHE]TVIKRERXI GSPYQRE GY]S GETMXIP TIRIXVE IR IP IWTEGMS 7I GSPSGz IR ]WYTEVXIWYTIVMSVLEWMHSIPIKMHETEVEGVIEVIPPSKSXMTS GSRQIQSVEXMZSHI&MPFES'SRWXMXY]IYRLSQIRENIEPE GMYHEH]IPLMIVVSUYIGSRWSPMHzWYHIWEVVSPPS )HYEVHS'LMPPMHE ±)PSKMSHIP,MIVVS---² %FERHS (IWTYqWLE]HSWTMI^EWHMWTYIWXEWWSFVIWIRHSWIHM½GMSWUYI TIVQMXIRIPHMjPSKSIRXVIZEPSVIWFMIRHMWXMRXSW%YRPEHSHI PE+VER:uE]IRPSEPXSPE½KYVEXMZE±1MRIVZE²LIGLEIR TSV 6MGEVHS -yYVVME %P SXVS ] SGYTERHS XSHE PE JEGLEHE HI )P 'SVXI -RKPqW IP XVEFENS HMWIyEHS IR TSV .SWq 0YMW 7jRGLI^ GY]E TPjWXMGE EFWXVEGXE IWXjGSRWXMXYMHEGSRGLETEHILMIVVSWSPHEHE(SWqTSGEW] HSW GSQTSVXEQMIRXSW 1MIRXVEW UYI ERXEyS PE IWGYPXYVE IW EPIKzVMGE]XMIRIUYIZIVGSRPEJYRGMzR]IPHIWXMRSHIPIHM½GMS HIWTYqW XVMYRJE YRE TPjWXMGE EFWXVEGXE UYI GSQS IR IWXI GEWS HMWXMRKYI IP IWTEGMS PPEQE PE EXIRGMzR HIP TFPMGS ]HMREQM^EYRQYVSGMIKS 6MGEVHS-yYVVME ±1MRIVZE² %FERHS 1SMWqWHI,YIVXE ±0E0I]²±0E.YWXMGME² %FERHS % YR WIKYRHS GSRNYRXS HI SFVEW LE] UYI EGGIHIV TSV PE GEPPI &IVEWXIKYM HIWHI HSRHIWIPPIKEEPSW.EVHMRIW HI%PFMEZIVHEHIVSTYPQzR ZIVHI HSRHI WI SJVIGI YR MRXIVIWERXI MRXIVGEQFMS EV XuWXMGS (IPERXI HIP 4EPEGMS HI .YWXMGME GSQS LEGMIRHS KYEVHMEWISJVIGIRHSWIWXE XYEW HI 1SMWqW ,YIVXE UYI QERM½IW XERPSWEXVMFYXSWHI±0EPI]² ]±0E.YWXMGME²)WXjRXEPPEHEW IR ] WSR TMI^EW HI PE IXETE QjW GPjWMGE HIP EYXSV 0E TVMQIVE IW YRE ½KYVE QEWGYPMREHIIHEHPEWIKYR HEIWYREQYNIVNSZIR%Q FEW GYIRXER GSR HSW RMySW IRXVIWYWTMIWWSRHITMIHVE ] QMHIR YRSW XVIW QIXVSW HIEPXYVE 1SMWqWHI,YIVXE ±0E0I]²±0E.YWXMGME² %FERHS )RIPGIRXVSHIPIWTEGMSEYRS]SXVSPEHSHIPE^SREEVFSPEHE IWXjPEIWXEXYEQjWRYIZE7EFMRS%VEREYRETMI^EHI±<IFEW² 0EVVEyEKE]IPQSRYQIRXSQjWERXMKYSVIEPM^EHSTSV1EVMERS &IRPPMYVITEVEGSRQIQSVEVEPIWGVMXSV%RXSRMS8VYIFEGY]S QEYWSPISIWXjIRPEMKPIWMEHI7ER:MGIRXIHSRHILE]EWMQMWQS YR FYIR RQIVS HI SFVEW )RXVI IPPEW YR I\UYMWMXS VIPMIZI HIPGMWRIXEPPEHSTSV1ERYIP&EWXIVVEEWuGSQSPEWMQjKIRIW VIPMKMSWEWHI&IVREFqHI+EVEQIRHM5YMRXuRHI8SVVI,MKMRMS &EWXIVVES6MGEVHS-yYVVME 7IFEWXMjR 0EVVEyEKE IW YR LSRVEHS EYXSV HI %^OSMXME UYI LE LIGLS YRE JEIRE EWIEHE -REYKYVEHS IP HIRSZMIQFVIHIIPXVEFENSVIGYIVHEIPGIRXIREVMSHIP TSPuXMGS7EFMRS%VEREGY]EJYRHEGMzRWIIRGYIRXVEEYRSHIPSW PEHSWNYWXEQIRXIIRIPPYKEVHIPEGEWEREXEPUYIJYIHIVVMFEHE HYVERXI IP JVERUYMWQS 0E ½KYVE IW HI GYIVTS IRXIVS XEQEyS REXYVEP ] JYI GSWXIEHE HI QSHS TSTYPEV QIHMERXIETSVXEGMSRIWHIIYVSW 7IFEWXMjR0EVVEyEKE ±7EFMRS%VERE² %FERHS 1EVMERS&IRPPMYVI ±%RXSRMS8VYIFE² %FERHS 1EVMERS&IRPPMYVI ±%RXSRMS8VYIFE² %FERHS 1jW MRXIVqW HIWHI IP TYRXS HI ZMWXE TPjWXMGS XMIRI IP XVEFENS HI 1EVMERS &IRPPMYVI 0E ½KYVE HI±%RXSRMS 8VYIFE² WI VIEPM^z IR IW YRE SFVE REXYVEPMWXE XMIRI MRHYHEFPIWQqVMXSWXVEHMGMSREPIWUYIIWXjRTPIRSWHIHIXEPPIW *YRHMHETSVPE'EWE1EWVMIVEHI&EVGIPSREIPEYXSVZEPIRGMERS XSQzGSQSQSHIPSEWYTEHVI)PIWGVMXSVHI1SRXIPPERSIWXj WIRXEHSIRYRFERGSSXIERHSIPPYKEV]GSQSETYRXSHIVI¾INEV WYW TIRWEQMIRXSW 0E TIERE IW SFVE HIP EVUYMXIGXS 7IZIVMRS %GLGEVVS]HMWTSRIYRQSHIVRS]XjGXMPVIPMIZIGSRIPVSWXVS HIPIWGVMXSV%RXzRIPHIPSW'ERXEVIWGSQSJYIHIRSQMREHSIW YRPMXIVEXSGSWXYQFVMWXEUYITEVEPIPEQIRXIHIWIQTIyzIPGEVKS HI GVSRMWXE ] EVGLMZIVS HIP 7IySVuS HI &M^OEME )P XVEFENS JYI HMWXMRKYMHSGSRPEQIHEPPEHI,SRSVIRPE)\TSWMGMzR2EGMSREP HI &IPPEW%VXIW UYI XYZS PYKEV IR 1EHVMH IR I MKYEPQIRXI WI QSWXVz IR PE I\TSWMGMzR 9RMZIVWEP HI4EVuWIR 1EVMERS&IRPPMYVI ±%RXSRMS8VYIFE² %FERHS )R PSW NEVHMRIW EH]EGIRXIW EP SXVS PEHS HI PE GEPPI -FjyI^ HI &MPFES LE] SXVEW HSW TMI^EW FMIR HMJIVIRXIW PE HMWGYXMHE -RQEGYPEHEHI%KYWXuRHIPE,IVVjR]PEIWXVYGXYVEP ½KYVEXYFYPEVHI(SVE7EPE^EV)RXVIPEE½VQEGMzR HI PE QEWE ] IP HIWGYFVMQMIRXS HIP ZEGuS HSW QSHSW HI VITVIWIRXEVHSWQEXIVMEPIWHSWTVSGIHMQMIRXSW 0ETMI^ETVSJEREIWQjWGSRXIQTSVjRIEHIPEyS(SRHI ERXEySLEFuEYREIQTVIWEHIZIRXEHIFEGEPESIWXjGSPSGEHE HIPERXIHIP,SXIP,YWEUYIGYIRXEGSRMRWXEPEGMSRIWHI7TE 0EMRXIVIWERXIEVXMWXEHI%PWEWYELEXVEWGVMXSYREWMVIREQEVMRE UYI WIyEPE PE MQTSVXERXI SJIVXE HIP HMWJVYXI HI PEW EKYEW )WXj HMFYNEHEGSRWYXMPIWEPMRIEGMSRIW QIXjPMGEWUYIHIPMQMXERPE½KYVE] HINERLEFPEVEPIWTEGMSMRXIVMSV (SVE7EPE^EV ±7MVIRE² %FERHS 0E MQEKIR VIPMKMSWE JYI LIGLE IR GSR SGEWMzR HIP GIRXIREVMSHIPHSKQEHIJITVSGPEQEHSTSVIPTETE4uS-<IR VIJIVIRGMEEPEEYWIRGMEHIPTIGEHSSVMKMREP,YFSYRETVMQIVE ZIVWMzR UYI WI IRGYIRXVE IR ÅZMPE PE GYEP JYI VIXMVEHE TSV WIV HIQEWMEHS EFYRHSWE IR QSXMZSW GEVREPIW 0E WYWXMXYXE IWYRE:MVKIRGSRQE]SVTVIWIRGME HIYRVSTENIUYISGYPXEPEWJSVQEW MRXIVMSVIW8MIRI YRE ¾SV WSFVI WY TIGLSQSXMZSMRWTMVEHSIRYRXI\XS HI±)P'ERXEVHIPSW'ERXEVIW² %KYWXuRHIPE,IVVjR ±-RQEGYPEHE² %FERHS &SVHIERHSPSWNEVHMRIWHI%PFMEIRXVIPE%PEQIHEHI1E^E VVIHS]PE+VER:uERSWIRGSRXVEQSWGSRXVEFENSWZMRGYPEHSW EWIRHSWIHM½GMSWGY]EZSPYRXEHIWEPIKzVMGE )P QjW GIVGERS IWXj WMXYEHS IR PE JEGLEHE HI 7IKYVSW 0E )UYMXEXMZE]TVIWMHIIPIRXSVRSHIWHI7IXVEXEHIYRE QEXVSREUYIHMWTSRIYREFEPER^EWSFVIWYTIGLSEWuGSQS JVYXSW ] IWTMKEW E WYW TMIW 'VIEHE TSV .SEUYuR 0YGEVMRM IW YRE ½KYVE QY] WMRXqXMGE UYI GYIRXE GSR YR VSWXVS MHIEPM^EHS ] YR HMRjQMGS HIWPM^EV HI WYGIWMZSW ZSPQIRIW GzRGEZSW ] GSRZI\SW 1MHI QIXVSW ] IWXj VIEPM^EHEIRKVERMXSRIKVSHI%PIQERME .SEUYuR0YGEVMRM ±0E)UYMXEXMZE² %FERHS )P WIKYRHS IWXj IR PS QjW EPXS HIP GLE¾jR GSR PE +VER:uE ] XEQFMqR XMIRI YRE WMKRM½GEGMzR UYI IWXj VIPEGMSREHE GSR PEW JYRGMSRIW HIP PYKEV 7I XVEXE HI YR 1IVGYVMS HI FVSRGI UYI LE WMHS VIEPM^EHS IRXVI ] TSV 1SMWqW HI ,YIVXE)PEVXMWXELETEVXMHSHIPE½KYVEGVIEHE TSV+MEQFSPSKREIRIPWMKPS<:-WMKYMIRHSPEWMRHMGEGMSRIW HIPEVUYMXIGXS4IHVS+YMQzREYXSVHIPEWIHIHIP&ERGSHI &MPFESLS]&&:%-RXVSHYGIPIZIWGEQFMSWWSFVIIPQSHIPS SVMKMREP IWXj WMXYEHE WSFVI PE TVSE HI YR FEVGS GSR SGLS VIQSW ] QMHI YRSW WIMW QIXVSW 0E IWXEXYE IW WuQFSPS HIP 'SQIVGMSIPIUYMPMFVMS]PEGSVHYVEEWuGSQSVI¾INEIPEVXI )PKSVVSEPEHSVITVIWIRXEIPTIRWEQMIRXS0EWTIUYIyEWEPEW HI PSW TMIW LEFPER HI PE HMPMKIRGME )P GEHYGIS UYI PPIZE IR PEQERSM^UYMIVHEIWXjJSVQEHSTSVYREVEQEHISPMZSUYI I\TVIWEIPTSHIV]HSWWIVTMIRXIWUYIQERM½IWXERPEWEFMHYVuE EPMRXIVVYQTMVPEPYGLEIRXVIIPFMIR]IPQEP 1SMWqWHI,YIVXE ±1IVGYVMS² %FERHS (IWTYqW IW TVIGMWS VIGSVVIV PE +VER:uE LEWXE PPIKEV E PE GSR¾YIRGMEGSRPEGEPPI%WXEVPSE'EWMLEGMIRHSIWUYMRELE] YREQEXIVRMHEHWMXYEHEIRYREPXMPPSHIPIHM½GMSHIPE&&/UYI IWXjQY]EPEPGERGIHIPEZMWXE)WSFVEXVEHMGMSREPMWXEGMGPzTIE ] EQEFPI VIEPM^EHE LEGME TSV IP WERXYV^ERS 6MGEVHS -yYVVME 6MGEVHS-yYVVME ±1EXIVRMHEH²,EGME %FERHS %P JSRHS HI PE GEPPI %WXEVPSE TYIHI TIVGMFMVWI YRE RYIZE 1MRIVZEUYILEGIGLE¾jRGSR0MGIRGMEHS4S^E]GMIVVE PETIVWTIGXMZEHIPEGEPPI)WXjHMWTYIWXEWSFVIYRELSVREGMRE HIPIHM½GMSHIP-RWXMXYXS1EVXuRHI&IVXIRHSRE(IWHIWYPYKEV RSGIWEHIHIWE½EVPEQMVEHEIWSFVEHI1SMWqWHI,YIVXE 8MIRI TSPMGVSQuE GYIRXE GSR GEWGS GSXE HI QEPPE]PER^EIRPEQERSSJVIGMIRHS IP GSRSGMQMIRXS ] PE WEFMHYVuE UYI WMQFSPM^EPEHMSWE 1SMWqWHI,YIVXE ±1MRIVZE² )R PE QMWQE +VER :uE IP TEPEGMS HI PE (MTYXEGMzR *SVEP XMIRI YRE TVSJYWE SVREQIRXEGMzR ] IR WY MRXIVMSV KYEVHE MQTSVXERXIW SFVEW HI EVXI TMRXYVEW QYVEPIW HI %RWIPQS +YMRIEÅPZEVS%PGEPj+EPMERS.SWq )GLIREKYWME ] .YER HI%VERSE EWu GSQS MRXIVIWERXIW IWGYPXYVEW HI ,MKMRMS &EWXIVVE ].SEUYuR0YGEVMRM 3XVEW QYGLEW TMI^EW WI IRGYIRXVER E RYIWXVS TEWS 4EVE SFWIVZEV EPKYREW LE] UYI MRXVSHYGMVWI IR PEW RYQIVSWEW IRXMHEHIWFERGEVMEWUYISGYTERFYIRETEVXIHIPSWIHM½GMSW HMWTYIWXSW E EQFSW PEHSW HI PE +VER :uE )RXVI IPPEW WI IRGYIRXVERHSWVIPMIZIWHI.SWq&SVPEJIRPEWIHIHIP&&:% HSWEPIKSVuEWEPELSVVSHI1SMWqWHI,YIVXEYRE1EXIVRMHEH HI 5YMRXuR HI8SVVI S YR VIPMIZI HI .SEUYuR 0YGEVMRM XSHEW IPPEWIRPEERXMKYEWIHIHIPE'ENEHI%LSVVSW1YRMGMTEPHI &MPFES]YRETMI^EHI:MGIRXI0EVVIE%FWXVEGGMzR1MEX^I +SVVMEIRIPLEPPHIEGGIWSHIPE&&/ERXIW'ENEHI %LSVVSW:M^GEuRE UYI GYIRXE GSR XI\XSW HI 0EYE\IXE 0E ½KYVEHIPTEWIERXIHI.SWq6EQzR+zQI^2E^jFEPIWXjIRPE GEPPI%VFMIXSHIWHIQMIRXVEWUYIIPSVKjRMGSjVFSPHI .SWqÅRKIP0EWESPEWVIHSRHIEHEW½KYVEWHI<EFMIV 0EOETEVEIPIHM½GMS+VEREHEWIIRGYIRXVERIRWIRHSW TSVXEPIWHIPE+VER:uE EVXITFPMGSIRFMPFES