 ;A?<1B0A6<; &<J J<IM@:<J >WFCF:8C@JWJ &- JFEK ;<JK@EWJ S ;WC@ MI<I ;< Co@E=FID8K@FE 8;WHL8K< 8LO LK@C@J8K<LIJ HL<CJ HL< JF@<EK C< K<DGJ <K Co<E;IF@K <K :<:@ <E J< 98J8EK JLI C<LI GIF=@C :FEK<OK< <K GFJ@K@FE >WF>I8G?@HL< LC@Q@8  g KI8M<IJ Eo@DGFIK< HL<CC< 8GGC@:8K@FE ;8EJ :< ;FD8@E< G8I <O<DGC< =KFLI@JD< C<J LK@C@J8K<LIJ JFL ?8@K<EK KFLAFLIJ I<:<MF@I LE< IWGFEJ< I8G@;< <K GIW:@J< <E J< ;WGC8V8EK <G<E;8EK C8 HL8C@KW ;< J<IM@:< GIF GFJW< G8I C<J =FLIE@JJ<LIJ :8IKF>I8G?@HL<J 8:KL<CJ @< !FF>C< ’8GJ @E> 38?FF ’8GJ ’8GGP FL 0@8 ’@:?<C@E ;WG<E; ;< C<LIJ ;FEEW<J >WF>I8G?@HL<J E >WEWI8C :<J ;FEEW<J JFEK JKF:BW<J ;8EJ GCLJ@<LIJ 98J<J ;< ;FEEW<J >WF>I8G?@HL<J ! 8L E@M<8L DFE;@8C o8LKI< G8IK C< EFD9I< :IF@JJ8EK ;<J ;@==W I<EK<J ! :FLMI8EK C8 DYD< QFE< >WF>I8G?@HL< <K C8 IW:LGWI8K@FE ;<J ;FEEW<JDWK8;FEEW<J EFE <IIFEW<J GFLI LE J<IM@:< HL<C:FEHL< @DGC@HL<EK ;< EFD9I<LO I8@JFEE<D<EKJ <K ;<J :FEKI]C<J ;o8::XJ 8LO ! 8=@E ;< IWJFL;I< C<J 8D9@>L\KWJ ;L<J S C8 GIWJ<E:< ;<J F9A<KJ ?FDFCF>L<J ;LGC@HLWJ JLI CoW:I8E DF9@C</E <O<DGC< KPG< EFLJ 8 @EJG@IW GFLI ;@I@><I EFKI< I<:?<I:?< M<IJ LE GIF9CXD< GCLJ @DGFIK8EK EW:<JJ@K8EK Co@EKW>I8K@FE :8IKF>I8G?@HL< GFLI C< DYD< J<IM@:< >WF CF:8C@JW GIFM<E8EK ;< GCLJ@<LIJ =FLIE@JJ<LIJ FEJ@;WIFEJ LE< I<HLYK< LK@C@J8K<LI GFLI KIFLM<I C<J I<JK8LI8EKJ C<J GCLJ GIF:?<J <K LK@C@J8K<LI GFLII8 IW:LGWI<I C8 IWGFEJ< ;oLE I<JK8LI8EK 8DWI@:8@E M@JL8 C@JW G8I ;<LO =FLIE@JJ<LIJ ;@==WI<EKJ ;FE: ;<LO @:]E<J ;@==WI<EK<J GC8:W<J S  DXKI<J CoLE< ;< Co8LKI< <K 8M<: ;<J EFDJ ;@==WI<EKJ &8 GI<D@XI< @:]E< GFIK< C< EFD d % e <K C8 J<:FE;< GFIK< C< EFD d %<EKL:BP I@<; ?@:B<E e < DYD< C<J =FE;J ;< :8IK<J JFEK ;@==W I<EKJ GIFM<E8EK ;< =FLIE@JJ<LIJ ;@==WI<EKJ <K C<J ;WK8@CJ JWD8EK@HL<J ;@==XI<EK CW>XI<D<EK <EKI< C<J ;<LO @:]E<J GFLI C< DYD< I<JK8LI8EK =@> /E< @EK<IGIWK8K@FE :C8JJ@HL< ;< :< G?WEFDXE< <JK HL< C<J =FLIE@JJ<LIJ ;< J<IM@:<J ;<M8@<EK J< J<IM@I ALJHLoS GIWJ<EK ;oLE< J<LC< 98J< ;< ;FEEW<J >WF >I8G?@HL< :FDD< C<J G8><J A8LE<J C<J G8><J 9C8E:?<J C< >L@;< ;<J I<JK8LI8EKJ ;8EJ C< DFE;< <K: &< I<=LJ ;o8::W;<I S GCLJ@<LIJ ! 8AFLK< ;< Co@E:F?WI<E:< <K ;< C8 I@>@;@KW 8LO IWJLCK8KJ !’H%’"! &H!’$( ’ %’"%#$( & &%)& "&H& (’"(%!&&(%& @1B ’?E<1 1B1= ’?25BD !1EB9>9 B1>; 1F5DD1 !’( #’( *"’  #( 45 !I?> *>9F5BC9DO 45 !I?>  +9<<5EB21>>5 B1>35 #1F1< 3145=I ’5C51B38 >CD9DED5 !1>F5?3%?E<=93 %   B5CD #1F1< B1>35 ’?E<1;1B1=9>C1<I?>6B  ’?E<1;1B1=53?<5>1F1<56B  B1>3;61F5DD19>C1<I?>6B ’?25BD<1EB9>99>C1<I?>6B ’9=1 9<1>I ( 13E<DO 4_>7O>95B95 *>9F5BC9DO (19>D ?C5@8 % 59BED !521>?> ’9=1;9<1>IEC:54E<2   (a  -<GK<D9I<  !_ED9<9C1D9?> 45 CICDP=5C @?BD12<5C OD1>D 1E:?EB4_8E9 DBPC BO@1>4E5 45 >?=2B5EC5C 1@@<931D9?>C 3?=@?BD1>D 45C C5BF935C <?31<9COC ?>D ODO 3?>NE5C @?EB 4O<9FB5B 45C 9>6?B=1D9?>C ED9<5C 1EH ED9<9C1D5EBC 5D 35 @1BD?ED L D?ED =?=5>D 5> C5 21C1>D CEB <5EBC @B?69<C 5D <5EBC @?C9D9?>C 7O?7B1@89AE5C 5 @<EC 1F53 <5 >?=2B5 3B?9C C1>D 45 4?>>O5C 5D 4_1@@<931D9?>C 7O?7B1@89AE5C 49CDB92EO5C 9CCE5C 45 21C5C 45 4?>>O5C 8ODOB?7P>5C 45 >?=2B5EH @B?2<P=5C @5EF5>D C5 @BOC5>D5B 3?>35B>1>D   <_1@@1B95=5>D 45C 21C5C 45 4?>>O5C 7O?7B1 @89AE5C  <_9>DO7B1D9?> 45C 4?>>O5C=OD14?>>O5C 7O?7B1@89AE5C 45 @<EC95EBC 6?EB>9CC5EBC 5D  <5 4OF5 <?@@5=5>D 45 @?BD19<C 3?>F9F91EH E>969OC CEB 45C CICDP=5C @?BD12<5C 45 DI@5 % <?BC AE5 45 >?=2B5EH CD1>41B4C D5< AE_$ 5D 45C 1@@<931D9?>C ,52 D5<C AE5 ??7<5 "1@C 5D 9>7 4O=?>DB5>D <1 619C129<9DO 45 @?B D19<C 9CCEC 4_E> C5E< 6?EB>9CC5EB <_?2:53D96 45 >?DB5 DB1F19< 5CD 4_1=O<9?B5B <_1@@B?385 AE9 7O>PB5 45C @?BD19<C F9CE5<C 1ED?B9C1>D @<EC95EBC 6?EB>9CC5EBC L 3?==5B391<9C5B <5EBC C5BF935C CE@5B@?COC CEB E>5 31BD5 E>969O5 > ?EDB5 @<EC95EBC 1<7?B9D8=5C 45 6EC9?> 45C B19C?>>5=5>DC @1B 9>D5<<975>35 1BD969395<<5 4?>D <5 3?>35@D 4_?>D? <?795 C5B?>D ED9<9COC 5D =?4969OC 1F53 4_1EDB5C @B?@?C9D9?>C )?ED 3539 C5B1 D5CDO @1B 45C @B?D?DI@5C 169> 45 BOC?E4B5 <1 @B?2<O=1D9AE5 4_9>DO7B1D9?> 45C ?2:5DC 8?=?<?7E5C 5D 4_OF9D5B <5EB 4E@<931D9?> CEB O3B1> 5C ?2:5DC X =E<D96?EB>9CC5EBC Y C5 BO6OB1>D 1E =Q=5 @?9>D 4_9>DOBQD =19C 1I1>D 45C 4?>>O5C C@1D91<5C>?> C@1 D91<5C <O7PB5=5>D 4966OB5>D5C C5B?>D 1@@1B9OC @1B <5EB >?=C 45 <95E <5EBC @?C9D9?>C 7O?7B1@89AE5C <5EBC 4OD19<C CO=1>D9AE5C 5D <5EBC CI=2?<5C 31BD?7B1@89AE5C CEB E> C5E< 6?>4 45 31BD5