1

2.RMHU@HHYC@U@QDUHID(YC@U@J@JT@&KHFNQHID#HI@J

&K@UM@HNCFNUNQM@TQDCMHB@2NMI@HU@KIDUH

/NLNMHB@TQDCMHBD9DQHM@@SNUH

#HY@IMHOQHOQDL@Y@S@LOT M@TQJNUH

1DC@JBHI@5TJNS@2S@MHH)NU@M-HJNKHNQDHU@KIDUH5DRM@5TJ@CHMNUH2MD@M@#Q@FHDUH M@TQJNUH KDJR@MC@Q @MHM#Q@F@M@@QH

,@QJDSHMF#@MHKN!NKIDUH

+DJSTQ@JNQDJSTQ@HI@J

S@LO@ QSFQ@J@

3HQ@OQHLIDQ@J@

!QNIIDS@LO@MTYONCQJT,HMHRS@QRSU@ONKINOQHUQDCDHQTQ@KMNFQ@YUNI@"QMD&NQD

/1(+/1(/1$, 9 !.)$-)$) ) ,(*.+.& ! -$/$1( 2 4-4*., -#1$.,

CQ@KNUHNCK@YDM@RIDUDQNJN2J@C@QRJNFIDYDQ@BUIDS@I@FNQDUHM@HCNJRDIDCMHINYHLRJHFQHITHSDJOK@MHQ@ITQ@CNUDTL@KHMI@JTCQTFHL@T!IDKNO@UKHHL@UDTA@SHBUIDS@ITADFNMHID

/K@MHM@QHL@IDRUDIDCMNNMHRIDCM@JNLUNKINLHCTTOK@MHMTTAHKNJNIDCNA@FNCHMD

/QNKIDDIDDUNCNMHIDKNH)TSQN-@C@LNRDC@DSDRDQ@CNU@SHHTHU@SHTMIDLTJ@NHLHJNIHRLNF@RSU@Q@KH9@IDCMNUDKHJHAQNIRSQTMI@J@HYQ@YMHGNAK@RSHONUQS@QRSUNUN@QRSUNODK@QRSUNRSN@QRSUNSDGMNKNFHI@GQ@MDTL@QRSUNANS@MHJ@LHJNKNFHI@YNNKNFHI@RODKDNKNFHI@@QGDNKNFHI@jLK@CHMNUHM@QHHCNOHRMHBHDMSTYHI@RSHHKITAHSDKIHOQHQNCDSDHRJTRMHQDC@JBHIRJHSHL

4ITSQTM@DF)TSQ@RSHY@KDRTQHIDHONCQJDNCLMNFHG@LHDLNRDSQTCHSHC@ONCQHLNRUDJNIHUNKDHONSTITOQHQNCTHUDTG@QLNMHIHRMINLHNCMIDSHSDIDHTU@IT

/QHJKITHSDRDATCHSDR@Q@CMHBH)TSQ@

/QNKIDDIDU@KI@RDCQTHSHHCHIDKHSHQ@CNRS

-DJ@RDNUNOQNKIDDON)TSQTONYM@ID

2QDCMINJNKRJ@/NCFNQHB@

QDUHI@ITSQNFL@HKBNL

2TFDRSHIDOQHKNFDHOHS@MI@M@HLRSQTMI@BHL@@KIHSDM@@CQDRTQDC@JBHID

"(/(22-)TSQN".!(22"&(#

3

NIDRDMHRU@JDRTANSDM@3QFTQDOTAKHJDT/NCFNQHBHLNFTRDJTOHSHNQF@MRJHOQNHYUNCHNCRDQSHJNU@MHGBQMNFNQRJHGOQNHYUN

@@,HMHRS@QRSUNONKINOQHUQDCDHQTQ@KMNFQ@YUNI@ CNMHQ@KNIDONKINOQHUQDCMHBHL@CQUDMDS@MCNUDM@JNIHL@DRDM@HOQNHYUNCHR@UHDGQ@MKIHUHGL@SDQHI@UHS@LHM@HLHMDQ@K@NCTNAH@IDMDGQ@MD.QF@MRJ@GQ@M@MDR@CQHODRSHBHCDNRS@SJDSDJHGLDS@K@@MSHAHNSHJDQDFTK@SNQDQ@RS@HHNRS@K@MDYCQ@U@RQDCRSU@9@R@C@IDT"QMNI&NQHRDQSHJNU@MNOQNHYUN@@NQF@MRJDGQ@MD@M@OHI@BHLNDSDM@HKIDJNUHSNAHKIDLDCAQ@MNUNDHOQDQ@DUHMDONOTSRNJNU@Q@JHIDHCDLNU@ONUQDRHQj/NSQN@HRTI@JNY@HMSDQDRNU@MHY@YCQ@UTGQ@MTHUDM@ONDSJTOQUNFOHI@MNFC@M@S@MCNUHRTAHKHHROQ@MIDMH(OQNHYUN@HRTS@JNDUDNL@Y@HMSDQDRNU@MHIDQNQF@MRJ@GQ@M@CNMNRHUDTY@Q@CT@KHTNOSDMHIDIDCMNRS@UMNONJQDMTSHNQF@MRJTOQNHYUNCMIT,HMHRS@QONKINOQHUQDCDHQTQ@KMNFQ@YUNI@/DS@Q(U@MNUHY@)TSQNHRSHDC@RDLNQ@Q@CHSHM@DCTJ@BHIHFQ@@M@HONSQN@@HOQNHYUN@@NJNMBDOSTNQF@MRJDGQ@MD3QDA@KNAHC@ONUD@LNAQNIRDQSHJ@S@@KHHAQNIOQNHYUNC@b,HMHRS@QNDJTIDC@TRJNQNM@SQHSTATCDHNQF@MRJNLDRNHY"QMD&NQDHC@TATCTMNRSHATCDLNLDTM@QNCMNOQDONYM@SHONJU@KHSDSMHLSQ@CHBHNM@KMHLHNQF@MRJHLOQNHYUNCHL@.TU@MIDYCQ@UHGOQNHYUNC@YM@HUDKHJTANQAT(MSDQDRHHONSQDADRS@MNUMHSU@RTUDKHJD"QM@&NQ@MHIDSNKHJNI@J@C@RUDRM@ACIDS@JNC@OQDNUK@C@U@FDMDSRJHLNCHJNU@M@GQ@M@9CQ@UTGQ@MTAHRTANSNLTONCMDSQDA@KNC@M@DSDT/NCFNQHBHTJNKHJNMDATCDUQDLDMRJHGMDONFNC@-@R@IST,NMSDNQF@MHBDVVVNQFBFNQFLNDSDOQNM@HCDS@KIDHR@UIDSDNNQF@MRJNIONKINOQHUQDCHY@JNMRJTQDFTK@SHUTROHR@JRDQSHJNU@MHGOQNHYUN@HTOTSRSU@J@JNOQNHYUDRSHHKHJTOHSHNQF@MRJTGQ@MT 9DQHM@@SNUH

4

5"M@P?QR?P?RCFLGI?MKMR?T?LH?H?H?L?HJMLQIMK?P?NMK,?H?HCBM@PMNPGRGQLCRC@GJHCATGHCCGJG@GJMIMHGBPSEGCJHCLGM@JGIN?M@KMR?RC?P?NMK+MCRCSXCRGGB?IGJGLCISGNISN?LHGKCM@KMR?RGH?H?NPGRMKCMQR?RGQNCAGL??P?RI?LGLC(MHCB?LNPMTHCPCLL?GLHCG?P?LHCH?H?SXNMKMQCJMRCHN?-D?P@?L?H?H?M@JGHCNGRCQCJMRCHNMKGNMRMNGRCSBPSES@MHSN?BM@GHCRCX?LGKJHGTCI?PGP?LCBCXCLC

?P?NS)ST?RGSCPNGQ?@MHMK

GQIMPGQRGRCRMGAMKX?QSBMTCGX

EPC@GRCHM

K?JMJHSQISGQR?TGRCH?HCSQTHCRJ

GHS@MHS

&-+ 0#((3KMGRCH?HCS?SB?M@MHGRCQ?KM

BGM+MCRCGM@KMR?RGH?H?RP?IGA?K?X?IMQSGJGJ?QRGI?K?N?@MH?LCCNPMBPGHCRGQTSB?GBM@GCRC

H?H?QNP?KCLMTGK?NMQRMHGGRCFLGI?B?LCIGH?G

IML?AGJGIMLMN?ASKMGRCS@MHSN?M@KMR?RCH?HC

(?H?QCKMESSIP?QGRGGSXNMKMIPCNN?NGP?)ST?L?

GHMRMNJ?H?H?QCM@JMCQ?IPCNN?NGPMKNPCRFMBLM

SKMCLGKSTMBGQ?K?JMQGPCR?-QR?TGRGB?QCK?JM

MFJ?BGN?QIGLSRGN?NGP+MCRCNMLMTGRGLCIMJGIMNSR?Q?

P?XJGGRGK@MH?K?iGL?IP?HSNPCK?GRCSJHCKP?BGQH?H?

3 +0c-D?P@?RGH?H?SCJHCLS@MHSL?H@MJHC

APTCLS3KSRGRGHCBLM@CJ?LACTGJHSIMKGCRIGAMK

NP?TGRGRSDLCL?MD?P@?LMKH?HCRSN?ST?JH?RGSK?I

,HQHRHBHSQTR@ONANKI@U@ITJNMBDMSQ@BHITHOQNCTJSHUMNRS/NIDCHSDHKHA@QDLONLHQHHSDKHLTMM@Q@MCTHKHFQDIOC@RSHLTKHDSDTLHONCRS@JMDSDJQD@SHUMNRSSUQCDRSQTMI@BHHY,DTM@QNCMNFTCQTDMI@@QNL@SDQ@ODTS@.UDNRUID@U@ITDMNSDTQ@CMNLOQNRSNQTHMDC@Q@CMHBHLHMHL@KMNFQHIDDONJ@Y@KNIDHRSQ@HU@MIDT)@O@MT

.UNIDKNODQHNCY@NMDJNIDLTD@KDQFHID*HI@UHBTJ@@KIHBTQDMIDRDJQDS@HYMNR@LNDSDTL@MIHSH@IDLNCL@IHMDCTHBD*@HJTNRTDMNFAHKI@OQDKHISDR@CU@CDBHKHSQ@OQNJKIT@KDUNCDOQNBHIDCHSDM@JNMONK@R@S@HOHISDSNJNLBHIDKNFC@M@9@INANKIHDEDJ@SJNQHRSHSDH@INCJNOQHUDJNIHI@@HLTMNKNJHRHRSDL

LMNFNJ@KNQHI@O@LNDLNADYFQHDR@UIDRSHTHU@SHTNUNLJNSTMH@UNLUNT)NIDC@MQ@YKNFC@TYLDSDJ@IRHITIDSNSNR@CQHADS@J@QNSDMJNIHSHSHRQBDHJQUMDRTCNUD.U@IAHKIMHOHFLDMSRL@MITIDGNKDRSDQNKHLNFTMNRSJ@QCHNU@RJTK@QMHGANKDRSH

HYQ@TM@KHC@CQUDDTSNIYDLKIHFNCHMIDONLNFMDKITCHC@NYCQ@UDNCANKDRSHQDROHQ@SNQMHGNQF@M@@YCQ@URSUNAHSNJNS@KNODSLHKHNM@CNK@Q@/QHQNC@TRHR@U@bOQ@HMT@OQKI@USHMTCHLHCQTFDSDSMDDRSHBDJNIDAHY@UQHKDTOKTHL@HSHLDCHQDJSMNRO@@U@HUNSD

!NQ@U@JTOQHQNCHMDONRQDCMNONANKI@U@LDMS@KMNYCQ@UKIDONJ@YTIDRSTCHI@$UQNORJNFBDMSQ@Y@NJNKHMTHYCQ@UKIDKITCH&QTO@HROHS@MHJ@JNI@RDOQDRDKHK@HYFQ@C@TQTQ@KMTRQDCHMTONJ@Y@K@IDMDNAHMNUHRNJMHUNUHS@KMNRSHHDMDQFHID(RSQ@HU@MIDIDONJ@Y@KNC@@JHJ@C@KITCHR@LNY@LHKI@ITC@RTM@NSUNQDMNLSHIDKNKTHRDQNSNMHMGNQLNMRQDDHY@CNUNKIRSU@

/@Q@C@IYHL@RUDF@J@KNQHI@@/@Q@C@IYHL@RUDF@J@KNQHI@@OTMIDFUN@UHS@LHM@"KHJNODM@@MSHNJRHC@M@S@J@KHITL@HCQTFHGLHMDQ@KMHGL@SDQHI@.UNUNDCIDKTIDOQDUDMSHUMNM@ANKDRSHRQB@HDKTB@J@MBDQ@MDTSQ@KHDHTLNQ3NYM@HC@IDUD@UQHIDCMNRSO@Q@C@IY@J@NKHIDJ@MDFNJ@NGQ@MD

(RSQ@HU@H LDQHJDRKTADY@TLDRT

MDFNJ@NGQ@MD

6

7IDUDNL@Q@HQDM@UNJ@TRUHIDSTONRSNIHNJNRNQSH(@JNIDM@K@SHMRJNLMIDMNHLDODQRHIRJ@KIHU@AQDRJU@IDY@OQ@UNONQHIDJKNLHY*HMDHRL@SQ@RDC@ITIDT$UQNOTCNMHN,@QJN/NKN+IDJNUHSHCIDKNUHAHKIJDRTOKNCBUHIDSHKHRS"UHIDSAQDRJUDRDADQDTL@QST@OQHKTHL@IT@OKNCNCONDSJ@ITM@CNRDOSDLAQ@

X?H??LHCHCRPCCJSA?GNJS?.P?TGQCR?IMRMQCEP?K?ATGHCR?NPCJGHCQNMJ?JGRP?IJHS?JCTMBCGJGKJGHCI?)?B?MBQRMHGKGLSR?NPMAGHCBGQCGNGHCRPGNSRL?B?LNMHCBL?MJH?

/($1 )*.&1.9# -(#(/+(-/.+)

5QHIDLDIDY@TJK@MI@IDRTUHGONKNLKIDMHGNSDDMHGHNANKIDKHGFQ@M@3@JNDMDNOGNCMNIDNCRSQ@MHSHHRUDFQ@MDJNIDRDNCQDDMHLLIDQ@L@ONUHI@MIDQ@YUNDMIDMDLNFTCNUDRSHTNOSHL@K@MONKN@IY@TYFNIMHNAKHJ

MHUDQY@KMNOQ@UHKNOQHQDYHCAHI@AT@RSHGUNMHGUQRS@IDC@RDIDCMNFNCHMIHKIDSNQ@RSHMHJ@C@MDOQDJQ@TITUDTJNKHJNHGHL@OQDUHDRTUHMDKIDSNQ@RSDQDYHCANLSQDA@TJKNMHSHCNNRMNUD-@IDDOH

S@MIDJNIDONRS@UKI@ITOQNHYUN@HIDJ@JNQ@YKHJNU@SHQNCMDOTONKIJD.MHRTJQTOMHY@NAKIDMHHNCUNIDMHNCFQ@MHB@CNJRTUDFDS@SHUMHOTONKIBHSQNTFK@RSHHKI@SHHOQHKITAKIDMHTYKIDSNQ@RSD*NCI@AT@RSHGUNMHGUQRS@I@ATJ@JQTJ@CTMI@LTLTK@NRJNQT@Q@YKHJTIDLNRKDCDDQNCMDDKDLDMSDQNCMHJNK@HM@ANQHSDOQRS@RSDUHSDHCTFDQNCMDFQ@MHBD1NCMHJNK@HRDUDNL@K@JNTN@U@ITM@UNJ@L@(L@ITHYFKDCJQ@SJHGY@CDAKI@KHGHYQ@S@I@M@JNIHL@RDM@K@YDBUIDSNUH.AQ@YTITRDTFK@UMNLM@LIDRSHL@M@JNIHL@IDTOQDSGNCMNIFNCHMHAHNOKNC*NCMDJHGRNQSHNMHRTFK@UMHMNRHNBHQNCMNRSH

1NCMHJNK@HRDUDNL@K@JNTN@U@ITM@UNJ@L@(L@ITHYFKDCJQ@SJHGY@CDAKI@KHGHYQ@S@I@M@JNIHL@RDM@K@YDBUIDSNUH.AQ@YTITRDTFK@UMNLM@LIDRSHL@M@JNIHL@IDTOQDSGNCMNIFNCHMHAHNOKNC*NCMDJHGRNQSHNMHRTFK@UMHMNRHNBHQNCMNRSH

-@ANQHSDQNCMDFQ@MHBDRTJQ@SJDCTHMDBL(LDRTCNAHKDONHYFKDCTJNQDM@MIHL@JNI@IDM@ANQ@M@-@K@YDRDM@CUNFNCHMIHLHSQNFNCHMIHLFQ@M@L@HOQDCRS@UKI@ITM@IQNCMHIDDKDLDMSDM@UNJ@L@JNIHC@ITM@IJU@KHSDSMHIDHM@IJQTOMHIDOKNCNUD

/QRS@RSDQNCMDFQ@MHBDRTCTHMDBLM@UQGTRDM@K@YHIDC@M@JNCMDJHGRNQSHHHRONCMIDF@INMDJNKHJNQNCMHGOTONKI@J@CNJRTNRS@KHOTONKIBHUDFDS@SHUMH*NCMDJHGRNQSHNUDFQ@MHBDRTFK@UMHDKDLDMSHQNCMNRSH

5HSDQNCMDFQ@MHBDRTMDSNCTDNCOQRS@RSHGHMIHGNU@CTHM@RDJQDDBL-@YHURTCNAHKDONSNLDSNRTCTFDHS@MJD-@RDAHNAHMNHL@ITUQMHOTONKI@JJNIHIDQNC@MCNJRTNRS@KHUDFDS@SHUMH*NCMDJHGRNQSHONQDCUQMNFINMDJNKHJ@OTONKI@J@HRONCMIDF@LNFTAHSHS@JNDQNCMH

#TFDQNCMDFQ@MHBDRTHLDCNAHKDONCTHMHIDQRTCTFDBL*NCMIHGIDUQMHOTONKI@JQNC@ML@C@JNCMDJHGRNQSHHRONCUQMNFRDLNDM@K@YHSHINMDJNKHJNQNCMHGOTONKI@J@

8

U@KHSDSM@HDJNMNLHM@OQNHYUNCMI@JTJTQTY@IDM@IUDHLCHIDKNLbONRKIDCHB@hCNAQNFOK@MHQ@MI@@MDNRK@MI@MI@M@HRSTRQDT9@SNM@UQHIDLDSQDA@NCKTHSHM@JNIHM@HMHJ@C@NA@UHSHOQHOQDLTYDLKIHS@Y@RIDSUTHJNIHGHAQHCONRHI@SH(YANQTGHAQHC@SQDA@ONRUDSHSHUDKHJTO@MITIDQHYANQGHAQHC@M@OQHMNRTSHDOQHLHIDMIDM@@FQNSDGMHJ@@UQDLDMRJHTRKNUH.C@AQ@MHGHAQHCSQDA@C@ATCDNM@IJNLDTRTSHMHM@IANKIDNCFNU@Q@ITTRKNUHO@QBDKDSISHOYDLKIHS@OKNCMNRSLNFTMNRSM@UNCMI@U@MI@HSC

)@JNJ@RMHGHAQHCHOQHMNRNLOQDU@YHK@YDQ@MHIDGHAQHCD@TONRKDCMIDUQHIDLDQ@MHHRQDCMIDJ@RMHRTHLRDOQHAKHHKHNRSU@QDMHLOQHMNRNL*@RMHGHAQHCHDRSNMDLNFTJU@KHSDSMNC@R@YQTSNNSD@U@TU@MIDYQM@HONUD@U@NO@RMNRSNCANKDRSHJKHO@@IDRDMI@NAQ@C@ONRKHIDMIHGNUDADQADJ@RMHHKHRDDRSNMDHYUDCDSNY@ONRKIDCHBTHL@RK@ANOQHOQDLKIDMNYDLKIHSDY@NYHL@HS@MIHGNUNRK@AHIDMHB@MIDTJNQIDMI@U@MID@R@LHLSHLHOQDYHLKI@U@MID(O@JOQHMNRRDONUD@U@J@JNRDONUD@U@HFQTO@YQDMI@4NOSDM@OQDONQTJ@AHAHK@MDRHISDR@LNIDC@MGHAQHC-DJM@U@HLO@QBDK@L@ATCTY@RSTOKIDMDA@QSQHFQTODYQDMI@HSNQ@MH% .RQDCMIH% .J@RMH% .

3@JNDSQDA@YM@SHC@M@IQ@MHIHGHAQHCHR@YQHIDU@ITY@C@M@@M@IJ@RMHIHY@C@M@*NCM@RIDS@IQ@RONMRTDMM@C@M@JNCM@IJ@RMHIHGJNIHRTTIDCMNHM@IOQHMNRMHIH9@SNM@IQ@MHIHGHAQHCHJNCM@RRDLNFTRHI@SHRUDCNONDSJ@ITK@@HJ@RMHID@JNONRSNIDTRKNUHY@M@UNCMI@U@MID9M@HOQUNRHISDJ@RMD@Y@SHLQ@MDGHAQHCD

UHRNJNLQNCMNTHRS@AKIHJNLJNI@RDMDKNLHJU@KHSDSMHLYQMNLJNIDTIDRDMAQYNNSOTS@UNCTHYYQM@CNAQNLOQHK@FNCKIHUNTM@KNDTRKNUD

GHAQHCJNIHDR@YQDSHM@UQHIDLDHNRS@UHSHUQDLDM@Y@NRMNUMTNAQ@CTTIDRDM

MHOQDQ@MN@KHMHOQDJ@RMNNC@OQHK@SDLOYDLKIHS@OQDJNtM@CTAHMHNCCNBL9QMNLNQ@KDHM@ONRSDKITJ@JNAHHL@KNCNCHQR@UK@FNLONSQDAMNLY@JKHI@MIDRHISDOQDONQTDMTFTRSHMTTRJKNOTONUQDLDMNJNMSQNKHHSDRHI@HBTSIFTRSHMTHQ@YL@JRIDSUDOQHK@FNCHSDAQYHMTQ@C@RHI@HBDY@C@SNLRJKNOT

!QYHM@Q@C@RHI@HBDK@JNRDTSUQTIDNAHKIDHSDLDS@Q@OQDHSDHGSQ@JSNQNLHLIDQHSDOQNQDC

(9,)$1$-.51()$,$ !19(- *1$3 -) RDJTMCH JLG@RDJTMCH JLG@RDJTMCH JLG@RDJTMCH JLG@RDJTMCH JLG@RDJTMCH JLG@

-@O@QBDKHTE@YHQ@YUHIDMHGKHRSNU@HYAQNISDMNQL@KMNQ@YUHIDMDAHKIJDM@LDS@Q@TQDCTHONLMNHSDR@HS@JNDSDCNAHSHAQNIAHKI@J@ONGDJS@QT-@OQHLIDQ@JNRLNM@Y@C@SNICTHMHQDC@HYAQNI@KHAHKI@J@SNYM@HC@ONGDJS@QTHL@LNAHKI@J@-@JQ@ITONSTISDOQDONQTJDOQNHYUN@@NFTRSHMHRJKNO@IDQDSDS@JNHL@SHL@JRHL@KMHOQHMNRM@O@QBDKH

/($(5 -) 4*.5((-/.+)2 5)$3.# 5- 2+4! 9 !(+)-4/1.(95.#-)4

9

.CRUHGUQRS@HMRDJ@S@HYQDC@NOMNJQHK@B@LDCNMNRMNIODKHOQHO@C@M@IU@MHI@TKNF@TNOQ@HU@MITONKINOQHUQDCMHGJTKSTQ@/DK@TDRSUTIDTONKHM@BHIHR@CNJNRS@KHGNSO@C@M@RUDNRS@KDUQRSDHMRDJ@S@ONRQDCMHJ@NOQ@HU@MI@ATLA@QHRNKHS@QMDODKDKDOSHQHHCQ-HIDCM@UQRS@HMRDJ@S@TODQHNCTNOQ@HU@MI@MDLNDONRIDSHSHUHDBUIDSNU@NCODKD JNRDTUNMI@JTM@K@YDI@J@ODKHMI@CQTSU@JNMHBDONG@S@C@RDLNDNADYAHIDCHSHAQYNHTROIDMNNOQ@HU@MIDUN@J@-@IANKIDIDJ@C@RTJNMHBDRLIDSDMDMDONRQDCMNTYUNMI@JM@CNL@L@JRHL@KMNNCRSNI@MIDIDCNL5QHIDCMNRSODKDJ@NNOQ@HU@@ONRDAMNIDYM@@IM@J@C@RDCD@U@DJROKNYHUMNBUIDS@MIDSNIDRUD

DDONRKDCMIHGFNCHM@/NQDCCNAHI@MI@UDHGOQHMNR@UN@OKNCNUHRTKIDODFHYFKDC@OQ@UHKMHIDFNAKHJ@K@JDRDOQDMNRDHCTDSQ@ITR@CQDUHDDDQ@UHS@LHM@LHJQNDKDLDM@S@AIDK@MDUHM@LHMDQ@KMHGL@SDQHI@ONRSHTANKITBHIDMTM@SQHSTHCQ JSHUMNRSODK@J@NONRQDCMHJ@NOQ@HU@MI@M@IUHDY@UHRHNCLDSDNQNKNJHGHMHK@B@.MDM@IQ@CHIDHYKHIDTHONRIDTITBUIDSNUDUN@J@ONSHGNLSNOKNLRTM@MNLHUDCQNLUQDLDMTOQHSDLODQ@STQHNCM@IL@MIDRSDODMH/QHS@JUHLTRKNUHL@ODKDKDSDM@O@TCNJL*@C@IDNAK@MNNMDDL@RNUMNHYKHIDS@SHJ@C@IDSDLODQ@STQ@MDSNUD@NCRSDODMH/NKNDLUQDLDMTOQHUIDSQTJHHMHRJNISDLODQ@STQHODKDKDSDNCJNMHBDRUDF@L

,1 -$!.) 5$+(*.5(

10

4RUHIDSTLMNFHODK@QHFK@UMHOQNSNRSU@QTITS@JNSNRDKDODKDM@O@TNCQDDMHGAHKIMHGUQRS@HY@SNCNAHI@ITMNU@MTM@JM@CT3NIDM@QNHSNY@RSTOKIDMNT TRSQ@KHIH2 #@H9@O@CMNI$UQNOH/QNBIDMITIDRDC@RDFNCHMIDT2 #@HYM@ILHOQDJNLHKHNM@ODKHMIHGCQTS@U@Y@ONSQDADNOQ@HU@MI@4 *@KHENQMHIHONRSNIHONRDAM@TQDCA@NHYM@ILKIHU@MITODK@Y@NOQ@HU@MIDONKINOQHUQDCMHGAHKI@J@JNINLRDOQNOHRTITNCMNRHHYLDTODK@Q@HE@QLDQ@42QAHIHM@%QTJNIFNQHTUHRNJNHMSDMYHUMHLY@R@CHL@UN@ODK@QHCNAHI@ITCNONODKHMIDLCQTSUTY@CNRDKI@U@MIDODK@TUHIDLDBUIDS@MI@/NQDCS@JUDM@JM@CDODK@QHNRSU@QTITCNAQDOQHMNRDLDC@4MDJHLCHIDKNUHL@RUHIDS@BHIDM@HYM@ILKIHU@MI@ODKHMIHGCQTS@U@HYMNRHNCUQHIDCMNRSHOQNHYUNCMID

4ONSQDA@RQDCRS@U@Y@Y@SHSTAHKI@TUQHIDLDBUIDS@MI@RDJNRHR@QHSLNLHUKIDMI@ODKHMIHGCQTS@U@/NSNRTS@JU@RQDCRSU@MDLHMNUMNRSTR@UQDLDMNIONKINOQHUQDCMNIOQNHYUNCMIHMDNOGNCMNIDOQDCTYDSHRUDC@AHRDMIHGNUNSDSMNCDIRSUNRL@MIHKNM@M@IL@MITLIDQT4%Q@MBTRJNIIDC@UMNTSUQDMNC@SNJRHMNCDIRSUNM@ODKDONQDCHMRDJSHBHC@HL@ITHETMFHBHCHHGDQAHBHCH/NSUQDMNIDC@ETMFHBHCHM@A@YHRTLONQ@TJNMHBHFCIDRTUHDSDLODQ@STQDCIDKTITHMRDJSHBHCMNH@J@QHBHCMN4MDJHLYDLKI@L@K@MHB@L@$4Y@AQ@MIDMHRTONIDCHMHODRSHBHCH@M@MHUNT$4NCMNUDFNCHMDY@AQ@MIDM@IDTONSQDA@OQDO@Q@S@M@A@YHMDNMHJNSHMNHC@HLHC@JKNOQHCJKNSH@MHCHMSH@LDSNJR@LHOQNMHK/QDONQTJ@IDC@RDTUQHIDLDBUIDS@MI@MDTONSQDAKI@U@ITHMRDJSHBHCHM@QNHSNMDNMHHYFQTODM@INO@RMHIHGMDNMHJNSHMNHCH3QDA@JNQHRSHSHODRSHBHCDMHRJDSNJRHMNRSHHKHJQ@S

JNFQDYHCT@KMNFCDIRSU@*@C@RDNA@UKI@SQDSHQ@MIDUN@J@NA@UDYMNSQDA@ONJNRHSHSQ@UTIDQRDM@BUIDSNUHL@JNIHRDM@K@YDHRONCUN@J@M@K@YDODKD!DYJNDMI@CNK@YHCNUDKHJNFRSQ@C@MI@ODK@HMDRS@I@MI@BHIDKHGODKHMIHGCQTS@U@3QDSHQ@MI@SQDA@UQHSHR@LNTITSQNHKHTUDDJ@C@ODKDMDHYK@YDU@MJNMHBD@MHJ@JNMDOQHUIDSQTHUHRNJHLSDLODQ@STQ@L@2UHTDRMHBHTOQNHYUNCMIHHL@ITNA@UDYTONSNU@MI@Y@JNM@HOQ@UHKMHJ@9@JNMNRQDCRSUHL@Y@Y@SHSTAHKI@9@JNMNYCQ@URSUDMNIY@SHSHAHKI@4RUNIDMH@JSHOQNOHRTITNA@UDYDHYUN@@SQDSHQ@MI@C@OQ@UNUQDLDMNNA@UIDS@U@ITODK@QDNUQDLDMTHLIDRSTOQRJ@MI@AHKI@J@J@NHNUQRSHODRSHBHC@9@ODKDRTM@QNHSNNO@RMHODRSHBHCHJNIHM@O@JNU@MITHL@ITNYM@JT1NSQNU@MY@ODKDHNMHRDMDRLHITOQHLIDNSQNU@MY@ODKDHNMHRDMDRLHITOQHLIDMIHU@SHTUQHIDLDTRIDU@HY@R@C@MIHU@SHTUQHIDLDTRIDU@HY@R@C@4RJK@CTR@SHLODK@QHDOQDCTYDSHMDNOGNCMDLIDQDC@SHLODK@QHDOQDCTYDSHMDNOGNCMDLIDQDC@Y@SHSDODKDNCSQNU@MI@

11

12

KHIDJNHYYCQ@UNFUHLDM@LNDLNRL@SQ@SHFNSNUNRSDQHKMHL@RU@JNMS@LHM@BHI@S@JUNFLKHIDJ@QDYTKS@SIDONRSTO@J@M@JNMNSOTS@MI@HYUHLDM@

9@OQNHYUNCMITYCQ@UNFHGHFHIDMRJHHROQ@UMNFLKHIDJ@ONSQDAMNIDNADYAHIDCHSH@CDJU@S@MRLIDS@IFQK@CNUNKIMNOQNRSNQ@RUIDSKNRSHU@YCTG@CNAQDGHFHIDMRJDTRKNUDCQ@MI@HMIDFDOQ@UHKMNHYFQ@DM@KDHS@OQ@UHKMTHQDCNUMTLTTONSNU@MIDONRSTO@J@GHFHIDMRJDLTDHRSNTLTY@@AK@FNUQDLDMNNSJQHU@MIDHKHIDDMIDNANKIDMI@UHLDM@QDCNUMNNCQ@U@MID@O@Q@S@Y@LTTHYKTHU@MIDGQNMHMNNANKIDKHGHUNSHMI@#@AHRDCNAHKNLKHIDJNCNAQNFJU@KHSDS@R@OQHGU@SKIHUHLAQNIDLLHJQNNQF@MHY@L@HRNL@SRJHGDKHI@MDNOGNCMNIDOQDCTYDSHNCQDDMDLIDQDNCJNIHGIDOQ@UHKM@GHFHIDM@LTDM@IU@MHI@

#(/+(-&.)*.! !.5(2+4! 9 2$+$*"()423.*$

13

/QHIDLTDIDMDNOGNCMNRHRDNHRSHSHHCDYHMJNU@SHC@AHRDRL@MIHNLNFTHAQNILHJQNNQF@MHY@L@JNIHLNFTCNROIDSHTLKHIDJN3NRDROQNUNCHTONRSTOJTJNIHRDONOTK@QMNM@YHU@245 ,4 *NQHRSHRD@JSHUM@OIDM@ONLNTONRDAMHGONRTC@dCHODQ@@Y@SHLRHRDAQHTRTUNLJQONLONDKIMNJNQHRSHSHTAQTRDY@IDCMNJQ@SMTTONSQDAT.UNIDTIDCMNHL@R@@UHLDM@OQHIDLTD.RMNUMNIDC@RDMDTONSQDAKI@U@UNC@MHTJNLRKT@ITTSNJTOQHOQDLDRHR@Y@LTT3HLDRDYM@@IMNRL@MITIDQHYHJNCOQNCNQ@LHJQNNQF@MHY@L@TRHRMHJ@M@KHLKHIDJN

/DQHNCHYLDTCUHIDLTDIDJQHSH@MY@OQNCNQLHJQNNQF@MHY@L@HQ@YUNIO@SNKNJNFOQNBDR@TLKHIDMNIKHIDYCH2HRMHJ@M@KIDMDONRQDCMNM@JNMLTDNOTSDMHCIDKHLHMNNSUNQDMS@JNC@ONRSNIHLNFTMNRSOQNCNQ@LHJQNNQF@MHY@L@HYRONKIMDRQDCHMD#@AHRDSNROQHIDHKNONSQDAMNIDRHRDNCL@GM@JNMLTDCDYHMJNU@SHRQDCRSUNLJNIDHL@RONRNAMNRSY@SU@Q@MI@RHRMNFNSUNQ@!QNIM@HRSQ@HU@MI@ONJ@YTITC@CDYHMEDJBHI@M@JNMLTDLNDCNUDRSHCNRL@MIDMI@ONI@UDMNUHGL@RSHSHR@HOQDJN,KHIDJNSQDA@NGK@CHSHTSNJQ@DLUQDLDMRJNLODQHNCTM@JNMLTDM@SDLODQ@STQDHRONC

t"J@JNAHRDROQHIDHKNQ@YLMN@U@MIDA@JSDQHI@HJNMS@LHM@BHI@LKHIDJ@9@GK@DMIDLKHIDJ@RDJNQHRSDS@MJNUHY@GK@DMIDHKHK@JSNEQHYH+@JSNEQHYHY@LKHIDJNLNQ@ITAHSHHRSHNOQ@MHHCDYHMJNU@MH

d*NCQTMDLTDAHSMNIDC@RDNA@UKI@HRSNL@JNLHMHJ@JNR@UHIDMHLO@KBDL,T@LNQ@C@RDY@UQHY@L@JRHL@KMNLHMTS@@ONRTC@TJNITRDLTYDC@ATCDHRS@/NRTCDR@LKHIDJNLNCL@GHYMHIDSHHYS@KD@LKHIDJNMHJ@C@MDOQDKHU@SHTCQTFDONRTCDTMTS@QS@KD,@HMRJTLTTNA@UKI@SHHROQ@UMHL@O@Q@SHL@Y@LTTJNIHRTTQDCMNRDQUHRHQ@MH,T@RDLNQ@HYUDRSHCNJQ@I@IDQONRKIDCMIDLKHIDJNR@CQHM@IUHDLKHIDMDL@RSH@TIDCMNROQD@U@LNONI@UTTO@KDUHLDM@JNI@LNDM@RS@SHJ@NONRKIDCHB@Y@CQ@U@MI@LKHIDJ@TRHRHHRSU@Q@MITTRKNU@JNIHONFNCTITQ@YUNITA@JSDQHI@/QHKHJNLRJHC@MI@RHRMDF@QMHSTQDHRJKITHSHU@JTTL

d/QHIDLTDTONRDAMTONRTCTR@BQMNLONCKNFNLHYLTRSHOQUDLK@YDUDLKHIDJ@HYRU@JDRHRDC@AHRDOQNUIDQHKNYCQ@URSUDMNRS@MIDUHLDM@C@KHHL@TFQT@J@RKTYHRTJQUHBDHSCTLKHIDJT4JNKHJNTNHLNTFQTJDRKTYRTJQUHBTTOQUHLLK@YDUHL@LKHIDJ@S@JUNLKHIDJNRDMDRLHIDJNQHRSHSHMHSHOQDC@U@SHLKIDJ@QH/NRSTO@JIDJNQHRS@MIDQRDM@NU@IM@HMHYKTTITHLHJQNNQF@MHYLHJNIHGIDM@IUHDTOQ@UNTOQUHLLK@YDUHL@LKHIDJ@

14

4ATCTMNRSHMDDAHSHCUNIAHdC@KHC@R@C@TADQDLI@ATJDHKHR@DJ@LINJNIHC@MC@R@YQT3HLEQ@MBTRJHGM@TMHJ@MDC@UMNIDRUHIDSTOQHJ@Y@NRUNIHYTLK@RDQJNIHRDOQDBHYMNNCQDTIDC@KHIDUNDYQDKNY@ADQAT+@RDQRJ@RUIDSKNRSOQNCHQDTUNDMDNSDTITHF@HC@IDONC@SJDNMHUNTDSHKDM@TOKNCTSNIDHMCDJRR@YQHIDU@MI@,@HM@IDOQDBHYM@@KHHC@KIDMDOQ@JSHM@Y@ONKINOQHUQDCMHJDRKHJ@KHIDUN-NJQ@IMIHBHKIHRSQ@HU@MI@4MHUDQYHSDS@T!QDS@MIHIDJQDHQ@MIDK@JNOQDMNRHUNFK@RDQ@JNIHDNLNFTHSHKITCHL@C@NCQDCDNOSHL@KMNUQHIDLDY@DSUT3NDAHSHYM@@I@MONL@JTONKINOQHUQDCHIDQNU@JUHSDRSNUHY@R@C@ONCQ@YTLHIDU@ITHKHTMHSDMIDOKNC@HKHUHYTDKMTOQNBIDMTJNI@MDLNQ@AHSHLIDQNC@UM@ i u rB t ta a r t i a ra i a z

.UNIDUQHIDLDJ@CRDTUDKHJNR@CHUNDHONUQD-NMDDRU@J@R@CMHB@ONRS@SHCHU@MHRN@MOKNCIDQDMDJDONCTSHB@IDLA@JSDQHI@HYFTAHSHM@UDKHHMHHGQ@MKIHUNIUQHIDCMNRSH4MHUDQYHSDST,HRTQHIT2 #HRSQ@HNIDHLTMDRHRSDLDUN@HONUQ@J@JNAHTRS@MNUHKHYANFDF@RDMDJDUQRSDAQ@MDNCA@JSDQHI@ANKIDNCCQTFHG,HKHNMHCNK@Q@RDHYFTADRU@JDFNCHMDYANFNSDDMI@TRIDU@JNIDTYQNJTITO@SNFDMH LDQHJHM@TMHBHTNUNLHRSQ@HU@MITJNMJQDSMNONRL@SQ@KHRTTSHB@IA@JSDQHID/RDTCNLNM@RRXQHMF@DM@O@Q@C@IY.U@O@SNFDM@A@JSDQHI@ONF@@HCQTFDUQRSDONOTSQHDHRNID@KHHBUHIDDHTJQ@RMNAHKID/@Q@C@IYIDTENJTRTRNAYHQNLM@SNC@IDUNDJNIDRDM@JNMA@M@M@M@IUHDJNQHRSHTRUHIDST4M@DLHRSQ@HU@MITJNQHRSHKHRLN Q@AHCNORHRSG@KH@M@AHKIJTJNI@HL@HRSHHLTMHRHRSDLJ@NO@Q@C@IY@KHQ@RSDAQHLSDLONLO@IDONFNCMHI@bM@UNCHRDTRSTCHIH3@JNRTUDM@ONDSJTR@YM@KHC@J@C@A@JSDQHI@Y@GU@SHAHKIJTNM@MDQD@FTIDONRSTOMNJ@NSNRDUIDQNU@KN(LTMHRHRSDLO@Q@C@IY@Y@OQ@UN@JSHUHQ@SQHY@RDAM@LDG@MHYL@TANQAHOQNSHUSDSNHMD2U@JHLDG@MHY@LQD@FTIDM@HMEDJBHITONSOTMNMDY@UHRMNNCCQTF@CU@LDG@MHYL@2U@JHNCSHGLDG@MHY@L@HL@RODBHMTJNKHHMTOQNSDHM@SNRDM@YHU@HLTMNKNJHLQDBDOSNQHL@JNIHQD@FTITM@RODBH@MM@HM4JNKHJNRU@SQHQDBDOSNQ@HRSNUQDLDMNNCFNUNQDROQ@UNLJNKHHMNLOQNSDHM@AHKIJ@ONAIDTIDA@JSDQHIT#@JKDR@LNOQ@U@JNLAHM@BHI@OQT@THMJNUHSHLTMNKNJHNCFNUNQ.UNNSJQHDNLNFT@U@M@TMHBHL@C@M@OQ@UDMNUTRSQ@SDFHITJ@JNAHSNUHDAHKI@J@OQDHUIDKNANKDRS4JNKHJNRU@JNIUQRSHNLNFTDNCFNU@Q@ITTJNKHHMTOQNSDHM@TOQ@UNLSQDMTSJTCNAHDRDANKIHTRIDUH3HLDDONLNHAHKI@J@L@C@RDR@LDAQ@MDNCA@JSDQHI@ADYODRSHBHC@HCQTFHGRKHMHGRTORS@MBH5IDQTITC@DNRHLM@O@Q@C@IYTNUNR@YM@MIDTRJNQNHRJNQHRSHSHY@ANKIDJQTJDI@ATJDHONLDMTSDQHTHRNIT aa Bazt a ra i t a z az a i u rB t t a z r

15

DTSHLSTRDMHIDRS@KN3GD-DV8NQJ3HLDRNAI@UHNIDK@M@J-DV'HMSR2DDM3G@S1DC6HMD,@X2KNV FHMFTJNIDLIDNODSQHIDNQDRUDQ@SQNKTHMIDFNUNLTSHB@ITM@ROQD@U@MIDRS@QDMI@(CNJLMNFHM@TMHBHHRLHI@U@ITHCDITNDKHJRHQTY@OQNCTDMIDHUNS@MDJHUDTYHL@ITJ@ORTKDQDRUDQ@SQNK@UIDQTITHC@IDTMIDLTJKIT2STCHI@IDY@RMNU@M@M@SQDSL@MTLHDU@QDRUDQ@SQNKNLHONJ@Y@KNRDC@BQUDMNUHMNLNDHL@SHLMNFNUDHTSHB@IM@CTFNUIDMNRSMDFNSNRDLHRKHKN3NDRU@J@JNAHSHHMHBHI@KM@J@OHRK@Y@HRSQ@HU@MI@HONSQ@FTY@KHIDJNLOQNSHURS@QDMI@4LD

TUQDLDMTMDJNCHONOHSHON@TUHM@JNYM@LNC@HONLNFMD/N9@JNMTNUHMTUHMNIDONKINOQHUQDCMNOQDGQ@LADMHOQNHYUNCCNAHIDMONSOTMNLHKHCIDKHLHMNL@KJNGNKMNLEDQLDMS@BHINLJKITJ@HKHHQDNCRUIDDFHJKITJ@HKHHQDNCRUIDDFHFQN@ONFNCMNFY@OQDFQN@ONFNCMNFY@OQDQ@CTTUHMN/NQDCSNF@SNQ@CTTUHMN/NQDCSNF@SNR@CQHYM@@I@MOQNBDM@SR@CQHYM@@I@MOQNBDM@S

@KJNGNK@MDJK@RHJTIDRDJ@N@KJNGNKMNOHDHSNRQ@YKNFNL@KJNGNK@MDJK@RHJTIDRDJ@N@KJNGNKMNOHDHSNRQ@YKNFNL

,MNFNRDOQH@HNONKHEDMNKHL@HMIHGNUNLTSHB@ITM@YCQ@UKID,MNFNRDOQH@HNONKHEDMNKHL@HMIHGNUNLTSHB@ITM@YCQ@UKID,DTSHLTM@RS@UJTU@KI@M@UDRSHIDC@MU@@MM@TMHONC@S@J,DTSHLTM@RS@UJTU@KI@M@UDRSHIDC@MU@@MM@TMHONC@S@J@SNIDC@RTM@TMHBHNSJQHKHRODBHI@KHYNU@MDNQF@MDKDJNIDT@SNIDC@RTM@TMHBHNSJQHKHRODBHI@KHYNU@MDNQF@MDKDJNIDTAHKIJ@L@RSU@Q@ITS@MHMDdS@MNYNLDS@MMNRNLD2BHDMBD-DVRAHKIJ@L@RSU@Q@ITS@MHMDdS@MNYNLDS@MMNRNLD2BHDMBD-DVRIDNAI@UHNK@M@J3@MMNRNLDJ@NUQTTUHIDRSM@NRMNUTQ@C@JNIHIDNAI@UHNK@M@J3@MMNRNLDJ@NUQTTUHIDRSM@NRMNUTQ@C@JNIHIDNAI@UKIDMT MM@KRNE!NS@MXRUIDSRJHONYM@SNL@RNOHRTY@IDNAI@UKIDMT MM@KRNE!NS@MXRUIDSRJHONYM@SNL@RNOHRTY@ANS@MHJT3@MHMHRTUDNL@U@M@IDCHMIDMI@JNI@TSHTM@NRNAHMDANS@MHJT3@MHMHRTUDNL@U@M@IDCHMIDMI@JNI@TSHTM@NRNAHMDUHM@-@TMHBHRL@SQ@ITC@NUNNSJQHDHRGU@S@MIDLNKDJTK@QMHGUHM@-@TMHBHRL@SQ@ITC@NUNNSJQHDHRGU@S@MIDLNKDJTK@QMHGLDG@MHY@L@JNIHLM@RS@ITS@MHMHTAHKIJ@L@LNDC@RDHRJNQHRSHLDG@MHY@L@JNIHLM@RS@ITS@MHMHTAHKIJ@L@LNDC@RDHRJNQHRSHY@LNCHJNU@MIDS@MHM@HJNYM@Y@MDJNKHJNFNCHM@LNC@HY@LNCHJNU@MIDS@MHM@HJNYM@Y@MDJNKHJNFNCHM@LNC@HCNAHIDLNUHMNR@TM@OQHIDCOQNFQ@LHQ@MHLS@MHMRJHLR@RS@UNLCNAHIDLNUHMNR@TM@OQHIDCOQNFQ@LHQ@MHLS@MHMRJHLR@RS@UNL

/1(1$#(. ).5 - #(

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

16

DFHNM@KM@Q@YUNIM@@FDMBHI@Y@!IDK@RHBT*NLNUDH/QNJKDSHIDONQDCMHY@OQNIDJ@S@HIHRTQDYTKS@SHONCQJ@

OQNHYUN@HL@GQ@MDb-@IANKIDR@M@HGOK@MHM@hOID@JDHAHBHJKHRSHJDRS@YDLTH@QRJHQDUHQHTQDDMDRSHIDMDY@ODMI@MIDJTKSTQMDQTSDBDMSQHY@ONRIDSHNBDjTHMHK@IDLMNFNONRKDCMIHGFNCHM@C@OQH@NRDNRJNLSTQHYLTM@NUNLONCQTITONRS@MDRSU@QMNRS

/QUHJNQ@BHRTAHKHSDJHOQHRID@RD)DKDM@*QHUDUHDMDQFHM@CHQDJSNQJ@1DFHNM@KMD@FDMBHID-@HKITCHTRDKHL@SDJNC@RTLNFKHC@UHCDS@SNNMHHL@ITC@ONMTCDMDJHLS@LNSTQHRSHL@,HRKHKHRTC@IDSNSNNMHHL@ITRTUHDOQNRSNMDCNUNKIMN@SQ@JSHUMN,HRKHKHRTC@SQDA@C@HL@ITTRKNUDJNIDHL@

GNSDK!H@MB@C@AHAHKHJNMJTQDMSMH(QHIDSJHLDTMIHL@RTTUH@KHOQDCMNRSHSQ@CHBHNM@KMNFRSHK@FQ@CMIDHKHM@LIDS@MI@JT@9@SNM@LIDAHKNU@MNC@M@R@LNLONDSJTOQNM@DLNONQNCHBDJNIDUDUIDQTITC@HL@ITS@C@ONMTCDHJNIDHL@ITDMDQFHITC@TS@A@ITOTSNRS@KHL@3NIDOQHIDRUDF@AHK@ONQNCHB@/TKDSHHY+HONU@JNC*NK@HM@JNI@IDTR@Q@CMIHR@,HMHRS@QRSUNLU@MIRJHGONRKNU@(S@KHIDUDM@OQ@UHK@OQUDJNQ@JD@J@RMHIDAKHRJNR@M@L@R@Q@HU@K@ FDMBHI@RDA@UHK@HNATJNL

/QU@CNL@HMRSU@R@JNIHL@RLNR@Q@HU@KHJ@N/TKDSHHHKH*KI@IHHHY+TAMHB@JNC!DQ@M@RTLMNFNTHMHK@J@JNAHRDHCDI@NRDNRJNLSTQHYLTHQHK@TMIHGNUHLRDKHL@

4+HONUTM@OQHLIDQC@M@RHL@LNCDRDS@JONQNCHB@JNIDRTY@HMSDQDRNU@MDY@NUTCIDK@SMNRS@MDJNKHJNMIHGUDOQT@MDJDTRKTFD*QNYM@DOQNIDJSDRLNAHKHTLNFTMNRSHC@ROQNUDCDLNHOQUDNATJDHHL@KHRLNI@JNONYHSHUMDQD@JBHIDONK@YMHJ@.ATJDRTI@JNAHSMDMDR@LNYANFTRU@I@MI@MDJHGAHSMHGYM@MI@UDHYANFTONYM@U@MI@CQTFHGKITCHJNIHRDA@UDRDNRJHLSTQHYLNLHQ@YLIDMDMIHGNUHGHRJTRS@U@,HQDBHLNYM@LNC@RTLMNFDONQNCHBDJNIDRTTDRSUNU@KDTM@HLNATJ@L@M@RS@UHKDC@NCQ@U@ITJNMS@JSDIDCMHR@CQTFHL@C@RDNAHK@YDJNMRTKSTITCNFNU@Q@ITHRKHMN4OQ@UNONJT@U@ITC@TR@FK@RDBHIDMDC@MDAHAHKNUDKHJDQ@YKHJDHYLDTBHIDM@T+HONUTHT+TAMHB@L@M@OQHLIDQ

17

18

*NIDRTM@IUDDOQDOQDJDY@AQHQ@YUNI

/QDOQDJ@HL@LMNFNHSQTCHLNRDRU@JNFC@M@C@HGY@IDCMHJHOQDU@YHK@YHLN/QNAKDLIDTSNLDSNM@DNOSHMDDRSNR@LNCDJK@Q@SHUMNOQNO@FHQ@ITOQHTNSTQHYLTJ@NRSQ@SDJNLOQ@UBTQ@YUNI@@QHIDSJNHMDJNMJQDSMDJNQ@JDTSNLOQ@UBT-DC@UMNRLNHL@KHIDC@MYANQFQ@@M@T+TAMHB@L@IDQMIHGNUIDOQNAKDLMDQDFTKHR@MNNCK@F@MIDNSO@C@SNIDI@JNDRSRKT@ITQTQ@KMHLRQDCHM@L@/@HL@LNO@Q@CNJRC@M@HM@IKIDOHJQ@IDUHOK@MHMRJ@RDK@C@ITHQTMTRKHJTRLD@A@DMNFRUTC@ONONSNBHL@HQHIDJ@L@-@S@IYANQRLNONYU@KHHOQDCRS@UMHJDNOSHMD!DQ@MDHCNFNUNQHKHRDC@TJKITD+TAMHBDTSDQHSNQHITJNITTRKTF@L@ONJQHU@*NLTM@KMNOQDCTYDDC@RDCNMDRTJNMSDIMDQHHC@RDM@OQ@UH@JBHI@HDMI@/QNAKDLRTHMDTQDDM@CUNQHS@M@RDKT/QNAKDLIDDKNJRHQMDQ@YTLHIDU@MIDU@MNRSHNTU@MI@SQ@CHBHID@LAHIDMS@KMNFTJK@O@MI@-@D,HMHRS@QRSUNONKINOQHUQDCDHQTQ@KMNFQ@YUNI@UDSQDTFNCHMTJQNY@FQNATCDSNADYAIDTIDONCQJTY@CNL@HMRSU@JNI@DKDC@RDA@UDRDNRJHLSTQHYLNL@KHIDM@@KNRSI@JNL@KNHMSDQDRNU@MIDY@STUQRSTONCQJD2L@SQ@LNC@IDONSQDAMNQ@CHSHM@SNLDLNSHUHR@SHKITCDJQDHQ@SHHCQTFDO@JDSDONCQJDHM@KNJ@KMNLHM@CQ@UMNLMHUNTJ@JNAHRLNTM@OQHIDCHKHRHST@BHITTNUNLRDJSNQT/NCHY@MIDRUHIDRSHH@JNIDSNSDQLHMJNIHIDOQDDRSNTTONSQDAHIDI@JNU@MNDCTJ@BHI@RS@MNUMHSU@HSDJNMC@DAHSHUDDFHMSDQDRNU@MI@

#NAQNYM@LNC@STQHRSHNAN@U@ITM@TGQ@MT

-@@SQ@CHBHNM@KM@IDK@H@TSDMSHMNFNRSNOQHLRSUNJNIDMHIDM@TDMNM@MDJNINATBHUDIDCHNM@DFU@ROHS@MI@HSQ@CHBHIDRTNMNSNFNRSDONSOTMNHLOQDRHNMHQ@-DC@UMNR@LHS@K@AKNFIDCMNF LDQHJ@MB@JNIHIDNAH@NBHIDKHRUHIDSAHBHJKNLHJNIHIDNAH@NHM@TAHBHJKHRSHJTRS@YT@QNAMHHRSNJ-@IUDHCHNSDJRS@IDONRUDSHNRUNLHRJTRSUTTIDCMNLNCADQ@MRJHGJ@STM@M@*@KTC@QRJHLJ@O@L@FCIDIDR@OQHI@SDKIHL@OQDMNHNTIDCMNLNCJ@STMRJHGRS@MNU@M@IOQNRSHIHGLNFTHGADYHJ@JUHGKTJRTYMHGDKDLDM@S@)DKHRTGQ@MTJNI@RDTNAH@IDMNROQDL@TJ@STMHL@HOQNUDKHUQHIDLDR@ONQNCHBNLJNI@HGIDTFNRSHK@MDSQ@DHMHJ@JUTM@CNJM@CTY@SN.CBHIDKNFHRJTRSU@T"QMNI&NQHNMHRTOQHHNJ@STMTHCNL@HMHL@ONRUDSHKHBHIDKTONKNUHMTRUNIDOQHD(SNIDR@LNIDC@MOQHLIDQ@HL@HGLMNFNJNIHONJ@YTITC@RTTOQ@UNNUDRSU@QHM@ITOD@SKIHUHIDTRID@MITONRIDSHK@B@JNITANQ@UDTM@HLJQ@IDUHL@/QHIDO@QLIDRDBHM@RIDJNMS@JSHQ@K@IDCM@(S@KHI@MJ@JNI@IDQT@K@JNC/TKDSH@HSQ@HK@QDBDOSY@J@@L@J

*@JNQD@FTITSTQHRSHJD@FDMBHID

3TQHRSHJD@FDMBHIDNRHLMDJHGRUHIDSKHGOQHLIDQ@J@NSNID@FDMBHI@1 ,2HY!HIDKNF/NKI@I@JNRK@ANTRUNINIONMTCHHL@ITRDNRJHSTQHY@L,DTSHLHRONRS@UKI@RDC@NMHDRSNRUNIDFQTODJNIDUNCDJQNYM@QDFHNMRUQ@SDM@MDJHNCNAQNJ@TOQ@UNTRDNRJ@CNL@HMRSU@3@JNC@IDCNR@C@MIDHRJTRSUNS@JUNC@RDNRJ@CNL@HMRSU@M@IDDOQT@ITTRKTFDOQHOQDLDGQ@MD@KHUDNCOQNKDFNCHMDHL@LNHFNRSDJNIHNRS@ITC@OQDMND-@C@LNRDC@D@FDMBHIDOQDONYM@SHNUDSQDMCNUDHUQKNAQYNRDNRJHSTQHY@LTJKITHSHTRUNITONMTCTOQNLNUHR@SHF@M@NANRSQ@MTJNQHRSH@FDMBHI@HRDNRJHGCNL@HMRS@U@

5IDQTIDSDKHTM@FKHQ@YUNIRDNRJNFSTQHYL@JNCM@R

#@ONSOTMNUIDQTIDL/NCTRKNUNLC@RDM@NU@IRDJSNQYAHKI@NAQ@SHO@MI@HC@RDTRONRS@UHMHYLIDQ@J@JNAHNMY@HUHNNM@JNJ@JNAHGI@DKIDK@C@Y@HUH TRSQHI@HL@NFQNLMDOQHGNCDNCRDNRJNFSTQHYL@@UIDQTISDLHC@RTM@L@TRSQHIRJHDJRODQSHSUQCHKHC@RTM@HONSDMBHI@KHC@KDJNUDHNCMIHGNUHG/@@JNMDJNMDUIDQTIDC@LH

-@Q@CR@RDNRJHLCNL@HMRSUHL@IDMDSNSNRUDM@RT@FDMBHIHHROTMI@U@)@R@LCHQDJSMNR@Q@HU@K@R@RUHLM@HLCNL@HMRSUHL@HYFQ@CHKHRLNIDC@MOQHI@SDKIRJHNCMNRHM@SNR@LONRDAMNONMNRM@3NRTKITCHJNIHRTNCKTHKHC@NRS@MTTRDKHL@HHUDNCRUNFQ@C@HIHIDRHRSDLUQHIDCMNRSH

NRS@NMDONQDLDDMRUHLSTQATKDMBHI@L@JNIDRDTM@DLCQTSUTCD@U@ITSNRTYCQ@UDUQHIDCMDONQNCHBDJNIDLHRU@JNFOTS@TKHITMNUTDMDQFHITHDK@M/QHLHIDSHK@R@LC@RKH@MTSHR@JNRS@UKI@ITM@RUDFNRSDJNIHHLCNTHSNLDONRDAMNQ@CTID

19

LNDLNTQ@CHSHNMNSNQ@CH TRSQHI@NMC@MDJ@ONFKDC@S@RDCD@U@M@ONKITRDNRJNFSTQHYL@TRTRIDCMNI2QAHIHJNI@IDNCM@RC@KDJNNCL@JK@#DMHSHUMNUIDQTIDLC@LNDLNM@OQ@UHSHATLHUDKHJ@IDSDS@SNSNUDMHRLNTQ@CHKH

S@AHSQDA@KNTHMHSH

2L@SQ@LC@AHRDRDNRJHLSTQHYLNLM@MHUNTCQ@UDSQDA@KNNYAHKIMHIDONY@A@UHSH!HKNAHCNAQNNCQDCHSHYNMDNCONRDAMNFHMSDQDR@J@C@IDRDNRJHSTQHY@LTOHS@MITIDQMDL@A@RU@JNRDKNI@JONSDMBHI@KY@NUTCIDK@SMNRS3QDA@KNAHYM@@IMHIDONQ@CHSHM@SDQDMTR@KITCHL@JNIHHL@ITNU@HMSDQDRNU@MI@HSQDA@KNAHTJKITHSHRUD@JSDQDNCKNJ@KMHGR@LNTOQ@U@CNLHMHRS@QRS@U@TSTOQHT,HMDL@LNRSQ@SDFHITY@Q@YUNIRDNRJNFSTQHYL@HRUDSNRDCNR@CCD@U@KNAHKNID@CGNBHADYLMNFNS@JSHJD2L@SQ@LC@RTRDNRJHHOK@MHMRJHNTSCNNQSTQHY@LTAKHRJNIROQDYHHC@RDLNQ@ITO@Q@KDKMNQ@YUHI@SH,HRLNRDTNC@AHQTSQTCHKHC@RDK@R@JNIHL@Q@CHLNATCTTAKHYHMHOID@JHGHAHBHJKHRSHJHGRS@Y@/NSQDAMNIDS@JNDCNL@HMRSU@TUDYHU@SHJ@NSNIDSNTQ@DMNJNC/TSDU@RHQ@T*NK@HMTHKH/TSDU@UHM@TBDMSQ@KMNLCHIDKT"QMD&NQD 1)

KUPATILA PRVA STAVKAPo naem iskustvu do sada, moemo rei da su investicije u domainstvima najee potrebne za ureenje kua, ne toliko u graevinskom ve u kozmetikom smislu. Kupatila i kuhinje su prostori kojima je najee potrebna adaptacija, obnavljanje namjetaja, kao i ureenje dvorita.

2.-) (5 +)$5(%.3. )$+$- *1(5$5(

20

@RJ@MIDR,@INLSQDA@OQDOHRHU@SHJ@NSDQ@OHIT*@NOQNKIDMTDMDQ

FDSRJTANLAT JNRSDHRBQOHKHRUDY@KHGDDK@M@HCDI@HNRLHIDG@@JNU@LRDHMHC@IDBHNRUHIDSTLNQ@MNCR@LNF@RDADHITQMI@UDTJQTF

NU@LK@C@DM@L@IJ@DSUNQNCIDBDCIDKNU@DM@U@RONL@KN

NJ@MSMNHNSQDMITITD*@NHHS@U@ONQNCHB@*KI@IH@

21

3@JN,@I@TUHIDJM@OQHIDC4UHIDJRNFQNLMNLUNKINLHMDHYLIDQMNLKITA@UKIT

*KI@IHHOQNHYUNCDUQGTMRJHNQF@MRJHLDCLDCR@UNDLLDCNUHMTHQ@JHIDNCLDC@,HK@MIDNCRUNF@CIDC@M@THNRUDNODK@QRSUT(L@NJNRSNSHMTJNMHB@*@C@IDJQDMTK@OQH@NNQF@MRJNIOQNHYUNCMIHOQHGU@SHNIDMNUTOQ@JRTHC@M@RIDIDC@MNCSQHODK@Q@R@RDQSHJ@SNL.MIDHRSNK@QUQHIDC@MOQNMHBKIHUHCTGNUHS

4Q@CHNMHBH,HK@MTM@IUHDONL@DRHM,@QSHMIDTDMHJSQDDFQ@YQDC@ADQ@MRJDFHLM@YHID#NA@QIDL@SDL@SH@Q(LK@HTDRSUTITTONRKNUHL@M@HL@MIT)NU@M@Y@UQ@U@NRMNUMTJNKT

@M@ILK@@#Q@F@M@ONG@@SQDHQ@YQDC-@IRS@QHI@)DKDM@RSTCHQ@CDEDJSNKNFHITT!DNFQ@CT-NONDSJNLITK@J@C@TL@KHMI@JTONMDADQA@AHDHNM@LDTADQ@HL@2UHL@JNIHDKDC@ONMTMDJTOQNHYUNCMITOQDONQTTIDLL@KHMTJ@D,@I@-DR@LNYANFRHFTQMNFNSJTO@HKHIDONFONRK@@IDRSDLHKHM@AQ@SHdHRSNCNJMHIDI@JNRTMBD/QHIDRUDF@@JNDKHSDC@@MF@TIDSDCIDBTM@THSDHGC@Y@Q@TIT#DO@Q@BNCRU@JNFTAQ@MNFJHKNFQ@L@AHDHLRK@C@J@R@LONR@NMHIDOQDM@ONQ@M

2@NJN@QH*KI@IHHRTOQNKDFNCHMDTAQ@KHNJNCUHIDSNMDL@KHM@9@Q@CHKHRTHNC@QF@QDOD4YRUDNMNSNHL@ITY@RUNIDONSQDADdMDJNKHJNRUHMI@JQNLOHQUND

R@RUHLCNUNKIMNY@OQHRSNI@MHUNS#@HC@KIDHUHLNJ@JNR@C@HUHLNAHTOQDY@CNUNKIM@Y@JKITTID,@I@+HIDONIDNUNTSHY@QMD

, 13(-)$+$- ().5 -

22

*Q@IDLONQNCHB@*KI@IHIDCNAHK@6HKC!@DTSXONGU@KTY@TROIDGTONJQDS@MITRDNRJNFSTQHYL@M@RUNLHL@MIT.C1DFHNM@KMDQ@YUNIMD@FDMBHIDY@!IDK@RHBT*NLNUDH/QNJKDSHIDCNAHI@KHRTONCQJTTUHCTNATJ@OQNLNBHIDHTM@OQDDMITTRKNU@4OQ@UNY@NU@IOQNIDJ@S FQNSTQHY@LdNADYAIDDMIDRLIDS@I@Y@DJNSTQHRSDT@TSDMSHMNIRDNRJNIJTHhCNAHKHRT*KI@IHHOQUTM@FQ@CT%NMC@AQ@D1NJEDKDQM@%NQTLTYDKDMHGHCDI@M@9@O@CMNL!@KJ@MT-IHGNU@ONQNCHM@JT@RS@Q@OQDJNRSNSHMTFNCHM@Y@SHDM@AQCNL2STAHB@L@KHIDDSMNFQ@ERJHLTYDI2UDIDSTNCJNKHIDUJDOQDJNCQUDMNFONRT@HJ@KTO@Y@OQ@UKIDMID

23

NO@M@J@.RHLKHIDONFONFKDC@M@QHIDJT)DKNUHBTHOK@MHMDJT@OQT@ONSOTMHCNHUKI@ICQDUMNFM@HM@HUNS@TOK@MHMRJNLRDKT/QUDFNRSDNUDFNCHMDCNDJ@DJQ@IDLL@I@@Y@ONDS@JITM@M@I@UKIDM@IDUDFQTO@AHBHJKHRS@4HU@DT@TSDMSHMNL@LAHIDMSTODIY@TJ@NR@CIDIHGBQSD@TE@AQHBHYCQ@UDGQ@MD,@IHMHL@JNMHI@L@,@I@MDNSJQHU@S@IMTRUNIDTUDMDR@K@SDNC@QF@QDOD@KHY@SNHS@NBHL@OQUNFAQNI@)TSQ@ONJK@MI@QDBDOSY@NLHKIDMHIDCMNRS@UMHHAQYHJNK@NCL@KHM@4YM@JY@GU@KMNRSHNAD@KHRLNC@DLNCNHJ@CATCDADQA@C@ONLNFMDLN-DSNRDHTM@L@OQNATCHKNMDJ@I@J@DKI@C@ONMNUNONRIDSHLN+TAMHBD#@NRIDSHLNC@GCQDUMNFRS@LDMNFHCNAQNFC@M@RNOTRSHRLHQDMHCNL@HMHNY@QHUDRDK@CNL@HB@j

24

+TAMH@MHRTONRDAMHO@LDSMHHCTGNUHSHM@MDJHRUNIM@HM LNQ@ITAHSHS@JUHJ@CHLIDRDKNONRDAMNM@RS@KNIDC@UMNM@IDCMNLONRDAMNLTTJ@MNLLIDRSTFCIDSQHOK@MHMRJDQIDHBD)DKNUHB@&TMI@Q@H2TUNCNFQ@CDDSUQSTd!HRSQHBT-@Y@Q@UMHM@NJNLDS@Q@M@CLNQRJDUHRHMDNJQTDMNIUQGNUHL@J@JNIHL@C@M@RUNCDAQNIMDRS@YDHOTSDUHYDLKI@IDCNAQ@HOKNCM@@HSDKIHRTRDNRHLONKINOQHUQDCNLA@UHKHHCQUNCDKIRSUNL*@@QDMIDdOQ@UKIDMIDJ@B@dIDRS@QHKTAMHJHY@M@S3Q@CHBHNM@KM@@QGHSDJSTQ@IDNUCDNTU@M@CU@CDRDS@JRS@QHGCUDMHGJT@RTOQ@UHTJQ@RRDK@&NRSHL@+TAMH@QHOQDONQTTITC@NRHL)DKNUHBDONOTK@QMNFADQ@MRJNFHYKDSHS@ONRIDSDHJNIDYDQNM@!IDK@RHBH(ROQH@DHLHKDFDMCTNTO@MNUNIODHMHY@MHLKIHUDOQHDNCNRDKIDMHBHL@NOQDBHL@HONSNLBHL@+TAMHBDHL@ITSNKHJNSNF@@TSDMSHMNFHUQHIDCMNFC@LNFTONRS@SHAQDMCdQHIDJDIDYDQ@TLDKIDJNUHSNAHKIDHTLRJNUNDFKIHUDj(RI@IMDCNL@HMD/NRDAMDHONFNRSNOQHLRSUT

5DHM@RTODQM@LHQMHB@M@LIDCNRSTOM@J@NUNDHONUQDHQ@YKHHSDAHKIJDQ@ROQNRSQ@MIDMDM@M@DLSQHST/QHMIHGNUNISNOKNSMNINAQ@CHOQHLIDMITITRDSDLODQ@STQDMDUDDNCRSDODMH

26

!QY@GQ@M@HHMCTRSQHIRJHNAQ@DMDM@LHQMHBDJNIDRTUDHMNLHKHFDMDSRJHLNCHJNU@MDHKHR@CQDRHMSDSHJDCNC@SJDJNMYDQU@MRHDLTKF@SNQHHANIDMDF@SHUMNTSHTM@M@DYCQ@UKID9ANFSNF@IDMDNOGNCMNC@RDSNOQHIDNJQDMDLNYCQ@UHINIHRGQ@MHJNI@HL@ONOTK@Q@MM@YHUdRTODQGQ@M@2TODQGQ@M@IDGQ@M@JNI@IDNQF@MRJHF@IDM@MDRLHIDRDSQDSHQ@SHODRSHBHCHL@HCQTFHLGDLHIRJHLRQDCRSUHL@,@K@JNKHHM@RTODQGQ@MDC@IDNQF@MHYLTUDKHJTJNKHHMTGQ@MIHUHGMTSQHSHDM@S@.U@JUDM@LHQMHBDJNIDY@GSHIDU@ITNAQ@CTOQHOQHOQDLHU@MNIDLHMHL@KMNSQDSHQ@SHSDLODQ@STQNLAK@MHQ@MID2TODQM@LHQMHBDRDLHMHL@KMNNAQ@TITHMCTRSQHIRJH/QHMIHGNUNISNOKNSMNINAQ@CHOQHLIDMITITRDSDLODQ@STQDMDUDDNCt"IDQTRTOQNSMNLCNK@YHCNQ@Y@Q@MI@MTSQHSHDM@S@HKHMIHGNUDCDM@STQ@BHIDO@ONRS@ITADRJNQHRMH4JNKHJNRDRTHS@JU@GQ@M@SNRDHMHOQHQNCMNHKHRDRTHTRLQYMTSNLRS@MIT2TODQGQ@M@OQDCRS@UKI@M@LHQMHBDR@UDKHJNLJNMBDMSQ@BHINLGQ@MIHUHGR@RSNI@J@J@NSNRTLHMDQ@KHUHS@LHMHDRDMBHI@KMD@LHMNJHRDKHMDOQNSDHMHMDY@RHDMDL@RMDJHRDKHMDH.ddJHRDKHMD.UHR@RSNIBHRTM@LMDNOGNCMHJ@N@MSHNJRHC@MSHIDQM@RSHSDNCMDF@SHUMNFCIDKNU@MI@RKNANCMHGQ@CHJ@K@TM@DLNQF@MHYLT/NL@TM@LTNTU@MITLK@C@K@JNFHYFKDC@HTRONQ@U@ITRS@QDMIDJND,NDONLNHTKHIDDMITHOQDUDMBHIHLMNFHGANKDRSHONDUNCU@RJTK@QMHGCNLMNFN

SDHGNANKIDMI@J@NSNRTQ@J KBG@ILDQH/@QJHMRNM

2TODQGQ@M@IDQ@YKHHSNJNQDMIDRIDLDMJDKHDAHKI@J@@KFDANAHBDNQ@@RSHODKHMIHHCQTFHOQNHYUNCH5DHM@RTODQM@LHQMHB@M@LIDCNRSTOM@J@NUNDHONUQDHQ@YKHHSDAHKIJDJNIDRTQ@ROQNRSQ@MIDMDM@M@DLSQHST9DKDMDM@LHQMHBDRTANF@SDGKNQNKNLHI@IDLNKDJTKRJ@RSQTJSTQ@RKHM@RSQTJSTQHKITCRJDJQUH(RSQ@HU@MI@ONSUQTITC@GKNQNKONRODTIDOQNHYUNCMITBQUDMHGJQUMHGYQM@B@HRM@ACHIDU@JQUJHRDNMHJNL/NRDAMNRTYM@@IMDJTOTR@QJDJDKIOQNJDKIJTOTRJ@QNKAQNJNKH*DKIHOQNJDKIRDJNMYTLHQ@ITJ@NJTU@M@GQ@M@@KHY@CQ@U@ITUDKHJTJNKH

HMTGQ@MIHUHGL@SDQHI@HUHS@LHM@YANFR@LDRODBHMNRSHOQHOQDLDdAK@MHQ@ITRD/NRIDCTITUDKHJTJNKHHMTUHS@LHM@ "*J@NHL@FMDYHITL@HUK@JM@5HS@LHM*IDYM@@I@MIDQQDFTKHDJN@FTK@BHITJQUHHONL@DTROQD@U@MITRSU@Q@MI@JQUMHGTFQT@J@2UDJTOTR@QJDR@CQDUDKHJTJNKHHMTHMCNK@JNIHHL@@MSHJ@MBDQNFDMNCDIRSUN*@QNKHJTOTRIDM@IANKIDJNMYTLHQ@SHRUIDDJ@NR@K@STYANFUDKHJDJNKHHMDUHS@LHM@HUK@J@M@JNI@ONROIDTITU@QDMIDHOQNA@UT

2UDI@FNCH@RSNHANAH@RSNUNDHL@@MSHNJRHC@SHUM@H@MSHM@L@SNQM@RUNIRSU@2@CQHUDKHJTJNKHHMTUK@J@M@S@JNC@RUDF@

/($ ).5 - )$1$,(, 23$1/1$'1 ,!$-$3$'-.+.&()$

/NRSNIDHM@LHQMHBDJNIDRTRTODQGQ@M@@KHRTM@LMDCNUNKIMNHKHONSOTMNMDONYM@SDIDQ

ONSHTR@CQTFHGJNMSHMDM@S@3@JUDM@LHQMHBDSDJNRU@I@ITM@DSQHSD@LNFTRDM@HT

OQNC@UMHB@L@YCQ@UDGQ@MD5DHM@NUDGQ@MDQ@RSDM@MDOQHRSTO@MHLHC@KDJHLOQDCIDKHL@@DJRO@MYHINLHMSDQDRNU@MI@Y@YCQ@UHLM@HMNLHRGQ@MDONRS@IDONYM@S@KITCHL@HQNLRUHIDS@4RTODQGQ@MTRO@C@IT@QNMNMHI@@B@HANAHBDJTLJU@SJHMN@BQM@QH@ROHQNKHM@Q@YKHHSD

UQRSDLNQRJDSQ@UDL@B@HINMDAQNI@MNLMNFNMIHG2U@J@NCNUHGM@LHQMHB@HL@RODBH@M

GDLHIRJHR@RS@UJNIHONLNDTNANF@DMITKITCRJDHRGQ@MDHNTU@MITYCQ@UKI@

27

FQ@L@CMDUMNNUNFUN@Y@CNUNKI@U@ONKNUHMTONSQDAMDCMDUMDCNYDUK@J@M@!QTRMHBDHNRS@KNBQUDMNANAH@RSNUNDNAHKTITUHS@LHMHL@"H**NMYTL@BHI@AQTRMHBDONL@DTRSU@Q@MITCNAQNFGNKDRSDQNK@3@JNDONRIDCTITYM@SMTJNKHHMTOQN@MSNBHI@MHCHM@JNIHCIDKTITOQDUDMSHUMNM@HMEDJBHIDTQHM@QMNFSQ@JS@(RSQ@HU@MI@ONJ@YTITC@NU@IDCHMIDMI@ROQD@U@ITUDYHU@MIDA@JSDQHI@Y@YHCLNJQ@MDADHJD@M@QNHSNDDQHGHI@BNKHJNI@IDNCFNUNQM@Y@NCRSNHMEDJBHI@3@LM@ANI@ANQNUMHBDHJTOHMDONSHDNCUDKHJDJNKHHMD@MSNBHI@M@JNITRTYM@@IMHTANQAHOQNSHURKNANCMHGQ@CHJ@K@!NF@SDRTUHS@LHMHL@"H$HQDRDQU@SQNKNL-@TMHBHHRSHTMIHGNUNAK@FNSUNQMNCDIRSUNM@UHCIDQRDJNMYTL@BHINLONANKI@U@ONJQDSKIHUNRSNJ@HNI@@U@RDLQDMI@@3@JNDROQD@U@ITJ@QCHNU@RJTK@QM@NANKIDMI@-@QR@CQHONKHEDMNKDS@LHMDH@MSNBHI@MDO@HL@OQNSHUTO@KMN@MSHA@JSDQHIRJNH@MSH@SDQNRJKDQNSHMNCDIRSUN!NAH@RSNUNDIDM@IANKIDJNMYTLHQ@SHRUIDDHKHM@OQ@UHSHL@KTONRK@RSHBTS@JNSNDSDCNC@SHINFTQSHL@KNLDC@3@JNDSDHRSNUQDLDMNAQHMTSHNRUNLNQF@MHYLTHOQHTSHSHRDAHRK@SJTONRK@RSHBT/QHHYANQTRTDMNFANAH@RSNUN@M@IONDKIMHIDIDC@IDRTDMNOQHQNCMNHKHC@IDRLQYMTSNRTDMNR@LNM@S@IM@HMLNDR@CQ@SHNUDJNQHRMDMTSQHSHDMSD

.Q@@RSHOKNCNUHRTANF@SH@MSHNJRHC@MSHL@HDRDMBHI@KMHLLHMDQ@KHL@J@NSNRTBHMJFUNDL@FMDYHITLA@J@QHJ@KHITL

(YUNQHRTUHS@LHM@$H!@KHRTANF@SHHNLDF@L@RMHLJHRDKHM@L@JNIDJNMSQNKHTUHRHMTGNQLNM@RSQDR@H@CQDM@KHM(L@ITCNRS@J@KNQHI@@KHLNFTRL@MIHSHQHYHJNCRQ@MNFHLNC@MNFTC@Q@!@CDLIDANF@SUHS@LHMHL@!H$@R@CQHHYM@SMTJNKHHMTJ@KBHITL@JNIHIDYM@@I@MY@YCQ@UKIDYTA@HJNRSHIT!@CDLHONUNKIMNTSHTM@MDQUMHRHRSDLYANFONRIDCNU@MI@R@RSNI@J@J@NSNRTJ@KHITLFUNDHL@FMDYHITL!Q@YHKRJHNQ@HIDANF@SRDKDMNLJNIHIDYM@@I@MTANQAHOQNSHULMNFHGANKDRSHHONROIDTIDY@Q@RS@MIDQ@M@!NF@SIDHJ@KHITLNLBHMJNLHUHS@LHMNL$JNIHONL@DTI@@MITJNRDHMNJSHIT2@LNIDC@MCMDUMNIDCNUNKI@MY@OQDONQTDMHTMNRRDKDM@JNIHONL@DTOQDUDMBHIHQ@J@OQNRS@SDFQTCHHJNRSHIT(MCHIRJHNQ@HR@CQHUHS@LHM!HJ@KHITLHOQDCRS@UKI@GQ@MTJNINLRDLNDNADYAHIDCHSHOQHQNCMNTMNDMIDENKMDJHRDKHMDTNQF@MHY@L3@JNDONRIDCTIDHNKDHMRJTJHRIDKHMTJNI@AK@FNSUNQMNCIDKTIDM@RQBD+IDMHBHLNFTONLNHTOQDUMBHIHCDLDMBHID2@CQDLHMDQ@K@JNIHRTDR@DMBHI@KMHY@KITCRJHNQF@MHY@LJ@NHUHS@LHM!H$/NRIDCTITHL@RSHJNIDCNAQNTSHTM@RQBDHJQU*HJHQHJHIDY@OQ@UNL@GTM@QJ@@KHF@UDHM@ONUDYTIDR@NQ@@RSHLOKNCNUHM@(L@YM@@IMTJNKHHMTUHS@LHM@!H!HENKMTJHRIDKHMTSDAK@FNSUNQMNTSHDM@RQBD/HRS@HNAHKTITLMNFHLLHMDQ@KHL@@JDRS@KHHUDKHJNLJNKHHMNLUHS@LHM@!JNIHONL@DTENQLHQ@ITGDLNFKNAHM@HONL@DDM@L@TGNQLNMRJNLA@K@MRT.Q@GIDM@IANKIHHYUNQ@MSHNJRHC@M@S@ONRIDCTIDBHMJHJ@KHITLJ@NHNLDF@L@RMDJHRIDKHMD2L@MITIDKNGNKDRSDQNKHCNA@QIDTOQDUDMBHIHRQ@MNFHLNC@MNFTC@Q@/QDONQTDM@CMDUM@CNY@TMNR@NQ@@RSHGOKNCNU@IDIDCM@@J@@KHIDU@MNC@ATCD

LID@UHM@UHDOKNCNU@-@IANKIDIDIDRSHHGRHQNUDMDODDMDHKHRNKIDMD

,DCHCQTFHODKHMIHOQNHYUNCHRTONYM@SHJ@NKIDJNUHSHUDGHKIC@L@FNCHM@IDQIDLDCUIDQNU@SMNIDC@MNCM@IANKIHGOQNHYUNC@OQHQNCD-IDFNUNONYHSHUMNCIDKNU@MIDM@NQF@MHY@LKITCHIDMDUIDQNU@SMN.U@ISDMHLDKDLR@CQHLMNSUNUHS@LHM@ONOTS!SH@LHM@MH@BHM@QHAN@UHM@O@MSNSDMRJDJHRIDKHMDJ@NHNCQDDMD@LHMNJHRDKHMDHLHMDQ@KDTJKITTITHHFUNDL@FMDYHITLJ@KBHITLENRENQBHMJL@MF@MA@J@QJ@KHITLHM@SQHITL)@@HLTMNKNJHRHRSDLHONL@DTOQDUDMBHIHNCFQHO@HTO@K@O@RUDCNJ@MBDQ@*@JNONRIDCTIDHUDKHJTJNKHHMT@MSHNJRHC@M@S@LDCM@RHMHLK@HL3@JNDHL@UDKHJTDMDQFDMRJTUQHIDCMNRSIDQHL@UDKHJTJNKHHMTTFKIDMHGGHCQ@S@S@JNC@TAK@@U@NRID@ITLNQ@HC@IDRM@FTSHIDKT,@SHMHLKHIDIDQHYMHB@MTSQHDM@S@JNI@R@CQHRUDSNIDONSQDAMNY@HUNS.U@M@LHQMHB@IDM@IANKIHHYUNQO@MSNSDMRJDJHRIDKHMDJNI@IDONYM@S@J@NUHS@LHM!/@MSNSDMRJ@JHRIDKHM@ROQD@U@RSQDRTLNQHMDR@MHBTHMDNOGNCM@IDY@YCQ@UKIDJNDHJNRD,@SHMHLKHIDIDONYM@SHHLTMNRSHLTK@MRY@RUDTYQ@RSDI@@MDQUMHRHRSDLNAM@UKI@HUNSMTDMDQFHITHC@IDUHS@KMNRS+ITCHUDNC@UMNJNQHRSDOQNONKHRJ@NOQHQNCMH@MSHAHNSHJJNIHSHSHNCA@JSDQHI@HI@@HLTMHSDS9@Q@YKHJTNCNAHMHG@MSHAHNSHJ@OQNONKHRCIDKTIDHM@UHQTRD(RSQ@HU@MI@ONJ@YTITC@TYHL@MIDOQNONKHR@TRDYNMHFQHO@HOQDGK@CDRL@MITIDQHYHJNCNANKHIDU@MI@NCNUHGANKDRSH@JY@NCRSN/QNONKHRIDNCKH@MHTKHIDDMITJ@KI@TO@KDFQK@RHMTR@HJQ@IMHJ@

/DKTCHKHBUIDSMHOQ@GIDM@IR@UQDMHI@GQ@M@JNITLNDSDOQNM@HTOQHQNCH2@CQHODSCNRDC@LOTS@UHDOQNSDHM@MDFNLDRN2@UQDMIDHYUNQUHS@LHM@ !"#$*R@CQHLHMDQ@K@HLHMDQ@KDTSQ@FNUHL@.CONYM@SD@LHMNJHRDKHMDRUDRTOQNM@DMDTODKTCT"UIDSMHOQ@GIDOQHQNC@MOQNSHUKHIDJ@KDQFHI@L@(RSQ@HU@MI@ONJ@YTITC@ODKTCROQD@U@RS@QDMIDHONUD@U@LDMS@KMDHYHJDRONRNAMNRSHNQF@MHYL@

28

29

(CD@K@MHUNSJ@J@URUHDKHLNAHNAHOQNUDCDMTYCQ@UKITHQ@CNRSH3@JNDDKHLNHTFNCMTRS@QNRSADYANKDRSH5NCDHRS@KMTAQHFTNM@DLCQ@FNBIDMNLSHIDKTNADYAHIDCHDLNYCQ@UTR@C@MINRSHATCTMNRS*U@KHSDSM@DFHUNS@Y@UHRHNCM@RR@LHG@R@LHLSHLH*U@KHSDSM@DFHUNS@Y@UHRHNCM@RR@LHG@R@LHLSHLH*M@DYCQ@UKID2ONDSJNLA@UKIDMI@INFNLOQHIDODSFNCHM@ONDK@RTLHRDNSU@Q@SHLMNF@UQ@S@JNI@RTCNOQHMHIDK@Q@YUNITLNIDKHMNRSH3@JNR@LRDRONMS@MNHYQ@CNYM@KNRSHRQDK@HR@RHQNUNLGQ@MNL!HKNLHIDMDUIDQNU@SMNC@ONRSNIDRHQGKDATDj@JHJNK@HJNIHRDROQDL@ITR@LNNCUN@ONUQ@HNQ@@RSHGOKNCNU@@OQHSNLRDMDNAQ@TITJTU@MIDLODDMIDLHOQDMIDL(RJQDMNI@TSNMHIDR@LUIDQNU@K@CNJMHIDR@LOQHRTRSUNU@K@Q@CHNMHBHYCQ@UDGQ@MDJNCCHUMD,@QF@QDSD1@CNLHQNUHHY!DNFQ@C@2UHRLNAHKHNCTDUKIDMHDJROKNYHINLEDMNLDM@KMHGTJTR@JNIDMHJ@C@Q@MHIDMHRLNHL@KHOQHKHJTC@NRIDSHLN9@SNR@LSNAHRDQDJKNOQDJNMNHOQDK@M@RHQNUHM@HMHRGQ@MD.RID@IC@IDCDLYCQ@UNTJTRMNHADYFQHDR@UIDRSHIDMDOQNBIDMIHU.RHLRUIDDFUN@HONUQ@R@K@S@RLNNSHI@HMDJTU@MHGNQAHIDKNUMHJLNDLNTONSOTMHSHHRHQNUNLOHYYNLJQDJDQHL@O@K@HMJ@L@3@JU@IDK@ONCQ@YTLHIDU@ITNAQ@CTCNRSDODM@IDQIDSNSDLODQ@STQ@JNITM@RSNL@JONRSHDOQHKHJNLU@QDMI@-@SNISDLODQ@STQHRUHDMYHLHNRS@ITR@TU@MH1@YMHLHRSQ@HU@MIHL@IDCNJ@Y@MNC@RDSDQLHJNLNAQ@CNLJTU@MIDLOQDMIDLHODDMIDLM@LHQMHBD CDM@STQHT3NYM@HC@RDMIHGNU@OQHQNCM@RSQTJSTQ@M@MHUNTLNKDJTK@HLHMDQ@K@CDENQLHDUDHM@UHS@LHM@RDM@SDLODQ@STQHUDNINCRSDODM@TMHS@U@JTU@MIDLRDFTAHJHRDNMHJHUNC@HYGQ@MD@NMNSNIDM@IUDHOQNAKDL IDONSOTMHFTAHS@JDMYHL@'Q@M@SQDA@C@M@LC@IDDMDQFHIT@DMDQFHI@RDM@K@YHTHUNIGQ@MHMDTJTU@MNI1@YLHRKHSDY@SNRDONRKHIDRU@JNFJTU@MNFNAQNJ@NRID@SDONRO@MNHTLNQMN9@SNONRKHIDQTJ@KDFMDSDC@NCLNQHSD .MNSNLHDRSNM@YHU@LNbU@QDMIDLGQ@MDhIDY@OQ@UNANQA@SHIDK@C@HYA@BHNSO@CJNIHIDOQHKHJNLJNMYTL@BHIDJTU@MDGQ@MDTMHIDSTNQF@MHY@L9ANFCNRSTOMNRSHOQDQ@DMDHHMCTRSQHIRJDbGQ@MDhHM@HM@OQHOQDLDY@ANQ@UHKHRLNS@IDM@@HRJNMRJ@OQHQNCM@GQ@M@NCJNIDRDNRID@LNYCQ@UNUHS@KMNDMDQFHMNRM@MNNCLNQMNHRJNMBDSQHR@MNDRSNTIDLNOQHDNYCQ@UNIHMDYCQ@UNIGQ@MH@HRSHM@FK@RH vai aB r u avi atvai a r i

/QDK@RJNLM@HRGQ@MTRHQNUNLGQ@MNLYCQ@URSUDMHOQNAKDLMDRS@IT(LTMHSDSI@@MDRS@IT@KDQFHIDQID@U@ITRDOQNA@UMHOQNAKDLMDL@MDOQHI@SMHGLHQHR@SHIDK@J@NMHMDQUNYDCDOQDRHIDFNQTHBDLHFQDM@L@RMHGM@RK@F@BDKTKHS@j/NOQ@UKI@RDJU@KHSDSJNDJNRDMNJSHITANKIDIDQ@RONKNDMIDAHRSQHIDRTLHRKHANKI@JNMBDMSQ@BHI@YM@SMNUD@OQNCTJSHUMNRSHQ@CM@RONRNAMNRS4MNRNLGQ@MDJNI@MHIDSDQLHJHNAQ@DM@CNAHI@SDUHDDMDQFHIDO@RDJU@KHSDSMHIDJNQHRSHUQHIDLD-@OQNRSNNRID@SDC@RSDK@JHJ@NODQBD*@CR@FKDC@SDOQDCMNRSHHL@MDTUHCIDDSDC@DSDR@NUHLM@HMNLHRGQ@MD5HRU@J@JNAHSHTOQDCMNRSH/QDCQ@RTCDC@IDRHQNU@GQ@M@JNLOKHJNU@M@Y@ROQDL@MIDSDC@NCTYHL@LMNFNUQDLDM@NCA@BHSD9M@SDHR@LHJNKHJNU@LUQDLDM@SQDA@C@ROQDLHSDR@K@ST2@K@S@IDRHQNUHNAQNJY@QMD(RUHIDIDCDLNYDKDMTR@JTOTRNLO@Q@C@IYDLJQ@RS@UBDLKTJNLL@RKHM@L@j2UHONIDCDLNI@ATJTA@M@MTHKHKTADMHBT9M@HRUHRDUDRHQNUNGQ@MHLNR@LNIDOHS@MIDJNTJNKHJNILIDQH2@L@OQHOQDL@OQDRMHGNAQNJ@SQ@HL@KNUQDLDM@UDNL@IDIDCMNRS@UM@@OQTHDU@LY@CNUNKIRSUNIDQONCRSHDJQD@SHUMNRSL@STHY@A@UT2@C@R@LTOQHKHBHC@OQDMDRDLRUNIDHRJTRSUN4Q@CHNMHB@L@Y@IDCMNTHLNC@ROQDL@LNQ@YM@IDK@GKIDAOHBTTDJQDJDQDRTHK@Y@MIDO@SDSTRHQQ@YMDSNQSDHJNK@DRK@CNKDCHSC9@R@C@IDNUNIDCHMNLIDRSNT"QMNI&NQHFCIDLNDSDOQNA@SHRU@NU@IDK@2UHJNIHRTONRIDSHKHQ@CHNMHBTNSJQHKHRTC@YCQ@UNLNDAHSHHTJTRMN2@UQDM@JNLAHM@BHI@RKNHDSDRD

8?NMCR?IJ?IBCQCPRIMHGQT?IMKMCB?L?NP?TG3ISQLGHGHCMB@GJMIMHCEGLBSQRPGHQIMEQJ?RIG??TGCQRPSIMIMPGQR?LGFP?LJHGTR?TGCRMJGIMFP?LJHGTB?E?L?XGT?HSRCLGKM@PMIMK2?IMXT?LGMIMJ?BLGQKMMRFGCLCQ?BPGMIMJ?BSG?IMHCNMBHCBL?IMSISQ?L3@JCLBCPS@?AGRCBTGHC@?L?LCBTGHCQTHCCSPKCGHCBLSQSNCLSI?GISMPE?LQIMEPME?? ?L?LCB?HSFP?LJHGTMQRSPKCTGR?KGLC?PME?HCX?KHCL?X?I?I?MSISQ

30

32

*@C@IDOQDCU@CDRDS@JFNCHM@2KNANC@M2HLHTOQ@UMHJ/QHQNCMNFQDYDQU@S@A@Q@9@R@UHB@bH@NON2QAHIHHJTONU@NL@F@Q@CT2QDLRJNI,HSQNUHBHRTRMIDFNUHLONRKNLYAHI@KH@KD#@M@RJ@CIDT9@R@UHBHbOQNHYUDCDMHCHLKIDMHRHQNCL@F@QDDFLKDJ@HJ@C@ID2HLHR@NOSHNC@JHKNFQ@LJNS@GHKI@CTDUQ@C@IDQDNUQGTMRJNLRODBHI@KHSDSTJNIHMHJNMDOQNHYUNCHM@!@KJ@MTMHJNRDUHDMDONCQTFTIDIDQRTKITCHRGU@SHKHC@HYNUNFQDYDQU@S@RSHTR@LNHYMDM@DMI@HC@MHIDC@MONR@NCNR@C@MHIDOQNL@DM2GU@SHNR@LUQDCMNRSNUHGHUNSHMI@J@C@R@LT(S@KHIH'NK@MCHIHH%Q@MBTRJNIUHCDNC@RTR@TU@KHQ@R@C@NMIHL@FNUNQDR

ONSNU@MIDLC@NCL@F@QDDFLKDJ@OQ@UDONL@CDY@KHBDHR@OTMY@QTJDC@!DKFHI@MBHNCL@F@QDDFLKDJ@OQ@UDKHJDQ.MC@R@LRDRDSHNOQH@C@RDNUCDT2QDLTLKDJNLNCL@F@QHBDKDHNL@F@QDHJ@@KIC@RTCDB@OQDYCQ@UKI@K@@C@RLNLHM@DFL@F@QB@NCA@BHKHJ@NFKTOTHKDMITHUNSHMIT@J@@KIM@LRUDDDOQDQ@RS@TAQNMGHSHRH@RSLTNCJNIHGRDM@QNHSNO@SHT5NIUNCHMHdJ@YTID2HLH

,@F@QDDLKDJNHL@QDUHS@KHYTITDCDIRSUNM@BDNNQF@MHY@L5DNL@IDDJ@RMNTNSJK@MI@MITOQNAKDL@M@JNHJ@NHY@I@@MIDHLTMNRHRSDL@Y@NONQ@U@JHOQNSHUGQNMHMNFTLNQ@-IDFNUHR@RSNIBHRTHYTYDSMNJNQHRMHY@RONQSHRSDSQTCMHBDADADH@RSL@SH@QD,@F@QDDLKDJNQDFDMDQHDBQDUMTNQT.MNIDM@KHJL@IHMNLLKDJTHYANFSNF@F@KITCRJHNQF@MHY@LI@JNCNAQNU@QH(@JNR@CQHTONK@L@MIDL@RSHNCJQ@UKIDFNMNR@CQHYM@SMTJNKHHMTGQ@MKIHUHGR@RSNI@J@HANF@SNIDUHS@LHMHL@"!H#(YTYDSMNIDANF@SNHLTMNFKNATKHMHL@JNIHF@HMDR@UQDMHLOHDLY@OQDUDMBHITHANQATOQNSHUUHQTRMHGHA@JSDQHNKNJHG@FQDRNQ@JNIHRDM@IDDI@UKI@ITYHLHOQDGK@CDAQNMGHSHR

,@F@QDDLKDJNRDOHIDADYONSQDADY@O@RSDQHY@BHINLIDQM@RTOQNSJQ@UKIDLL@F@QDDLKDJNMDR@CQHMHJ@JUDA@JSDQHIDADKIDIDHK@JDNCJQ@UKIDFHR@CQHMHHOQNBDM@SL@RSH,@F@QDDLKDJNR@CQHR@LNFQL@RSHTFQRUDDFLKDJ@SNIDYM@SMNL@MIDTNCMNRTM@FQJNKHJNOQNRDMNR@CQHJQ@UKIDLKDJN2@CQ@IOQNSDHM@IDNMNSNHMHYM@@IMTQ@YKHJTTNCMNRTM@JQ@UKIDLKDJN/QNRD@MR@CQ@IOQNSDHM@IDFQHJ@Q@JSDQHDF@L@KNTDDJ@YDHM@HMIDMHB@C@IDL@F@QDDLKDJNSNKHJNRKHMNKITCRJNLUDNL@IDYM@@IM@IDQRUNIHLR@RS@UNLMDHY@YHU@MHJ@JUD@KDQFHIDY@Q@YKHJTNCJQ@UKIDFJNIDJNCMNUNQNDMHGADA@HY@YHU@@KDQFHIDJNIDRDM@IDDOQDU@YHK@YDSDJTCNAHNCFNCHMD,@F@QDDLKDJNS@JNDR@CHOTS@UHDUHS@LHM@"MDFNJQ@UKIDHATCTHC@HL@UHS@LHM@ #H$HC@IDANF@SHYUNQJ@KBHITL@HENRENQ@LNDRDSQDSHQ@SHJ@NMTSQHBHNMHRSHJHYK@SMHQTCMHJ.UNLKDJNS@JNDR@CQHHLTMNFKNATKHMdOQNSDHMJNIHCDKTIDJ@N@MSHSDKNHNI@@U@HLTMNRHRSDL

4QDYDQU@STRDM@K@YHL@F@QHB@JNIDRDONCUQF@U@ITLTHSQHOTS@CMDUMNHSNQTMN

,(+() - ! 1) *3 1.5(

33

IDQY@S@JNL@K@UHLDM@INMHIDNRLHKIDM@LTYHKHB@*@C@RDY@UQHCMDUM@LT@CNAHIDRDSDJDRSRDC@LKHS@Q@LKDJ@J@DTU@QTQDYDQU@ST MCQHI@/@UKNUHHCNC@IDC@RTL@F@QBHHO@LDSMDHNRD@IMDHUNSHMIDHR@MIHL@IDKDONQ@CHSH+HS@QLKDJ@L@F@QHBDJNCM@RJNS@DUQ@@Y@R@LNIDC@MJHKNFQ@LRHQ@ONSQDAMNID@JKHS@Q@LKDJ@.STC@HBDM@NCGHKI@CTDUQ@Y@IDC@MJHKNFQ@LRHQ@2@NUHLAQNIDLL@F@QHB@FNCHMIDLNDLNC@OQNHYUDCDLNJHKNFQ@L@RHQ@SNRDRUDOQNC@TFK@UMNLRSQ@MHLSTQHRSHL@HONMDSNM@HL

DKHSMHLQDRSNQ@MHL@NAI@MI@U@ 2HLH.CM@HGKITCHM@IDHJTOBHRTM@LONYM@SHAHYMHRLDMHJNIHL@MHID@NC@C@ITMDJNKHJNRSNSHM@DUQ@Y@LKDJNHRHQYANFMIHGNUHGHYTYDSMHG@EQNCHYHI@MHGRUNIRS@U@.RHLSNF@LKDJNL@F@QHBDJNHC@IDA@QTM@RSHYFKDC@ONYM@SNIDC@RTRD*KDNO@SQ@H,DR@KHM@JTO@KDTMIDLT/QDMDJNKHJNFNCHM@FNRONCHMJNIHIDY@GSDU@N@MNMHLMNRSNLNFTHN

IDRUNINIKDONIONKNUHMHJTO@MIDTJ@CHOTMNIL@F@QDDFLKDJ@UDKH2HLH

9@R@UHB@RDM@K@YHTITFNHRSNMNLCDKT$UQNODT2QAHIHM@ONCQTITITMD5NIUNCHMDHRDUDQMD,@UDHRSNMNNCQDJD#QHMDHITMNNCQDJD2@UDM@SDQHSNQHIHNOSHM@2QDLRJ@,HSQNUHB@H!NF@SH/QNRSNQNLCNLHMHQ@QDMHAHNSNOJNF@HMHQDHB@9@R@UHB@HOQHSNJ@!@S@QTTJTOMNICTHMHNCJL4DJNKNJNLMHYTRLDMITITRDUNCDMHHLNU@QMHDJNRHRSDLHR@EQ@FLDMSHL@ONOK@UMHGKHU@C@HTL@4JTOM@ONUQHM@QDYDQU@S@IDG@NCDF@IDG@TOQUNIJ@SDFNQHIHY@SHSD*HLTQDYDQU@S@HMDUNCDM@ONUQHM@J@M@Kw)NU@BH/QDJNO@BJ@M@KHR@MHOQHQNCMHSNJONSNJ@!@S@QJ@NHR@L@QDHB@9@R@UHB@JNI@OQDJNJ@M@K@!NF@YHL@CHQDJSMTUDYTR@QDJNL2@UNL9@R@UHB@RDONCYDLMHLOTSDLM@O@I@HUNCNLHYQDJD#QHMDHFQ@UHS@BHNMNR@OK@MHMD"DQ/QHO@C@BQMNLNQRJNLRKHUTHIDCMNIDNCNCONRKDCMIHGHYUNQMNNTU@MHGLNU@QMHGONCQTI@2QAHID,HQM@HOHSNL@J@NQDJ@Q@UMHBDNLNFTHK@IDNORS@M@JAQNIMNLHQ@YMNUQRMNLAHKIMNLHHUNSHMIRJNLRUDST#@AHS@IRUDSAHNNTU@MR@L@9@R@UHB@HMIDMNOQHNA@KIDRS@UKIDMNIDONCY@SHSTCQ@UDFNCHMDJ@NOQHQNCMNCNAQNOQUDJ@SDFNQHIDNCHYTYDSMNFYM@@I@

)MLMNJH?QCIMPGQRGTCCQRFGJH?B?EMBGL?2MHC@GMNPTGSQHCTIMHGQCSXE?H?MGNPCP?GT?MX?LCISBPSESQTPFSMQGKNPCFP?K@CLC2?IMQCTJ?IL?IMLMNJHCIMPGQRCTHCIMTGK?X?TPCCIMLMNAC@PMBQI?HCBP?PG@?PQICKPCCNPCIPGT?C?MBLCB?TL?GX?MBHCS)MLMNJH?QCIMPGQRGTCCQRFGJH?B?EMBGL?2MHC@GMNPTGSQHCTIMHGQCSXE?H?MGNPCP?GT?MX?LCISBPSESQTPFSMQGKNPCFP?K@CLC2?IMQCTJ?IL?IMLMNJHCIMPGQRCTHCIMTGK?X?TPCCIMLMNAC@PMBQI?HCBP?PG@?PQICKPCCNPCIPGT?C?MBLCB?TL?GX?MBHCS

34

35

SQTMI@BHRL@SQ@ITC@IDJNMNOKI@AHKIJ@M@JNINIAHRDLNFK@HYFQ@CHSHBIDKNJTOM@DJNMNLHI@#Q$MCQIT

*@SDK@QHIDONRS@NONYM@SONUHYHIHRUHIDS@TJNLDAHRDYFQ@CDOQ@UHKDNCJNMNOKIHMNFBDLDMS@KITCHNCHIDU@KHL@SDQ@KHL@NCJNMNOKIDGQ@MHKHJNMNOKIHMHLRIDLDMJ@L@HUNYHKHT@TSNLNAHKHL@NCJNMNOKIHMHGUK@J@M@)NJ@CAHJNQHRSHKHNMTUQRSTANF@ST3'"NLAHNAHSNA@UDRDNRUHIDS3NIDY@OQ@UNHQ@YKNFRSHFL@SHY@BHIDNUDAHKIJDH@JNHMCTRSQHIRJ@JNMNOKI@R@CQHMDYM@S@MMHUNORHGN@JSHUMDRTORS@MBD3'"@M@ROQ@LTHU@K@JDUQRSDHIHMHUNCNRSHDH.UCIDHO@JENJTRHQ@LNM@IK@JHHM@IADYAIDCMHIHM@HMY@JNMS@JSRJNMNOKINL@SNIDSJ@MHM@*@C@IDNSJQHUDMNJ@JNHYJNMNOKIHMHGUK@J@M@TJKNMHSHKHFMHMJNIHHGHMHFQTAHLNSJQHUDMIDHMNUHRI@IMHOQHQNCMHL@SDQH

I@KY@NCIDT,DJIDONOTSO@LTJ@@KHYM@SMNHYCQKIHUHIH/NC@S@MONOTSRUHKD@KHNSONQMHIH#NJRDTYF@I@JNMNOKIHMDSQDA@ITMHJ@JUHODRSHBHCHHRKHMDRTORS@MBDS@JNC@F@Q@MSNU@MNCNCHQTIDSDOQHQNCTCNJMNRHSDNCIDTNCJNMNOKID/QDCMNRSHJNMNOKIDTNCMNRTM@CQTFDL@SDQHI@KDLNDSDM@AQ@I@SHTMDCNFKDCHYCQKIHU@@JHRDRSHLOQ@MIHL@FNSNUNMDTMHSHU@MDQ@RSDDRDNSONQM@M@45YQ@DMIDA@JSDQHIDHFKIHUHBD

SNDQDHF@QCDQNA@NCJNMNOKIDIDTUHIDJTLNCH KHTUHIDJONRSNIH@KH4OQJNRRUHLNUHLCNAQNAHSHL@NCID@NCJNMNOKIDHKHJTCDKIDMHIDM@QNHSNY@RSTOKIDM@IDQAHSNTMHSHKNSDJRSHKMTHMCTRSQHIT*NMNOKIHMTL@IHBTbAHRSDLNFKHC@MNRHSDFNCHM@L@@C@HYFKDC@MDOQNLHIDMIDMNSNAHNADRLHRKHKNDJNMNLHITSDJRSHK@2SNF@@JNM@HDSDM@MDJH

JNL@CNCJNMNOKIDYFQ@AHSDF@2UDUHDCHY@IMDQ@OQ@SHSQDMCS@JNYU@MNFDJNNAK@DMI@HJQDHQ@RSU@QHNCJTCDKIDA@LATR@HCQTFHGNQF@MRJHGL@SDQHI@K@RSU@Q@ITHS@K@RYDKDMDHKHDSHJDLNCDb)NIDCMN@KH JNDKHSDC@MNRHSDYDKDMNbLNQ@DSDC@HYCUNIHSDUHDMNUB@MDFNKHY@NAHMTF@QCDQNAT1NCHSDKIHC@M@RQ@CNJTOTITS@JUDNCIDUMDJNL@CDY@RUNITCIDBT/QHI@SDKIHYDLKIDbS@JNDMD@KDMNU@BY@RSU@QHNCJNMNOKIHMHGUK@J@M@IDQY@Q@YKHJTNCCQTFHGAHKI@J@JNIDLNFTC@M@RNATJTJNMNOKI@TNOSDMDJNCHSKT-@OQNSHUKHDJNMNOKIDNAM@UKI@YDLKITHHMHIDOKNCMHINL-@ONRKHIDSJT@JNA@MDDKHSDNCIDTRU@J@JNLNDSDJNQHRSHSHBDFDQDHSNQADNCJNMNOKIDTLIDRSNOK@RSHMHGJDR@3HLDHMHSDTRKTFTRUNLYCQ@UKITJ@NHBHIDKNIOK@MDSH 9

36

4YLHSDUDTR@JRHITHKHSDFKT-@CMNRS@UHSDCQDM@T@RIDLDTA@BHSDODSBDMSHLDS@Q@CTANJNTYDLKITHK@F@MNY@KHISD,NDHC@RDOQHGQ@MH@KHHRJKITHUNNQF@MRJHLTAQHUNL#NC@ISDC@JKDTRHSMIDMTJNQTA@M@MDKITRJDI@IDS@S@KNFJ@EDHRK 2IDLDMTSQDA@UQDLDM@C@OQNJKHI@RSNF@ATCHSDRSQOKIHUHHMDAQHMHSDTJNKHJNTOQUHLC@MHL@MDTUH@SDOQNLIDMD!NRHKI@JSQDA@Y@KHU@SHDRSN@KHTL@KHLJNKHHM@L@#NUNKIMNUNCDIDONRDAMNU@MNY@UQHIDLDJKHI@MI@HMHB@MI@!NRHKI@JLMNFNUNKHRTMBDRSNF@LTM@HSDMDJNRTM@MNLIDRSNY@SHDMNNCUIDSQ@/NOQ@UHKTANRHKI@JJNIHRDCQHTJTHAHSQDA@KNCDRDS@JR@SHCMDUMNC@ATCDHYKNDMOQHQNCMNIRUIDSKNRSH9ANFSNF@RDR@CHT@OQHKTHL@ITHCNAQNTROHIDU@TM@HLJQ@IDUHL@9@NUTAHKIJTM@IMH@ONSQDAM@SDLODQ@STQ@IDt"@NOSHL@KM@NCCNt",K@CDHYC@MJDHBUIDSNUDJHC@ISDJ@JNAHRDAHKIJ@ANKIDQ@YUHI@K@.BHLTLA@RHKHBTLJ@JNIDM@YHUM@K@SHMRJNLHM@DQ@RSDAQYHLSDLONLJ@C@JNM@MNJQDMDC@JKHI@-@Q@RSDCNBDMSHLDS@Q@HROQDL@MIDY@AQ@MIDDRSRDCLHB@M@JNMR@CMID 9

37

38

+ITCHRTC@M@RNOSDQDDMHL@SDQHI@KMHLRSU@QHL@ KHR@LNIDC@MY@K@Y@J2TMB@J@CRDONHFQ@R@QTHMHLNAQHRHL@dSNIDMDSNSNR@LNOQHQNC@LNDbOQH@M@L!HKI@M@1@RONONUH.M@IDCHOKNLHQ@MHHMDMIDQ@FQNMNLHIDHDE2KTADY@ONKINOQHUQDCTT.OSHMH#@MHKNUFQ@C@KHJ@DC@INIONMDJ@CATCD@NSNMHIDRSTCHQ@K@GNQSHJTKSTQT(O@JONFKDCM@MIDMNCUNQHSDTUIDQHNM@RIDC@INIS@CHOKNL@HMHIDONSQDAM@IDQIDUDL@IRSNQY@TQDDMIDOQNRSNQ@4RUNLJTSJTJNIHR@UDKHJNLO@MINLMIDFTIDF@IHTJQ@RMNHAKIDQ@YMDUQRSDSTI@OTY@UHBDQTDNKD@MCDQQTYL@QHMU@IFDKTHMCHIRJHINQFNU@MGNQSDMYHIT@KHHR@JRHIRJNBUHIDDdADFNMHIDHLTJ@SKD-@OHS@MIDJNI@INIIDAHKIJ@M@ICQ@@Y@

LHRKHK@RDHNCFNUNQHK@C@IDRU@JHBUHIDSHMHRQDMNL*@DC@MDAHAHKNEDQC@AHQ@bJ@NC@MDDKHC@TUQHIDCHbMDJTNCRUNIHGAHKI@J@.CL@GRLNNRIDSHKHC@NMIHL@FNUNQHJ@NNKITCHL@@RUNINLOQHNLTUIDQHK@M@RIDC@SNY@HRS@HLHRKHdBUHIDDIDIDCM@JNHUNbJ@NLH2U@J@AHKIJ@HL@RUNITRODBHMNRS.CFNROND!HKI@MDRLNM@THKHC@RTSDJNL@HFKHBHMHI@OTY@UHBDC@ONRSNIHUHDUQRS@QT@MOQLIDRD@QJDHKH@IDUJDC@IDOQTMNRHKHHU@NFQ@C@TM@QNCTONYM@SHJ@NKNUNQUHMI@'HAHRJTRRDINYNUDI@O@MRJ@QT@@AQKIDMGDCDQ@.RHLSNHGF@IHM@@R@FNUNQMHB@YM@HRUDONIDCHMNRSHNMIHL@

"UHIDDY@GSHIDU@CNRS@O@MIDHQ@C@+IDS@RTT#@MHKNUFQ@CTUDNL@SNOK@O@

S@C!HKI@M@TU@RUNIDKITAHLBDbNCRTD4SNJTKIDSMIHGLIDRDBHY@KHU@HGONCU@HKHSQHOTS@CMDUMN(RJKITHUNRS@I@NLUNCNLbM@FK@@U@DKDHC@M@LRJQDMDO@MITNONSQDA@L@RU@JNFBUHIDS@,NC@IDJ@DM@INRIDSKIHUHI@GNQSDMYHI@JNINIM@RTMBTUDMTHBUIDSNUHHKHRSNUH,TJ@SKDTROHIDU@C@NCQHbHSNJNLYHLD3@CHGRDKHbTY@SUNQDMOQNRSNQRO@R@U@ITHHGNCLQ@YDU@#Q@FNINIIDOQH@M@LSNSNJNLBHIDKDFNCHMDHL@BUHID@.MNIDSTODQHNCHMN2U@J@LDUQRS@HMHRQDMNLb!DFNMHIDRTINIONRDAMNCQ@FDIDQBUID

=@H,HO0= BDH '%,=@:0:0O

#1 & - 1(

!(+) - 1 2/./.5(

39

/@MITM@LIDOQHUTJK@MDNAHM@OK@UJ@RS@AHKIJ@!HKI@M@NCL@GNAI@MI@U@dSNIDFKHBHMHI@HKHOK@U@JH@KHRSNO@CM@OTY@UHB@ONUHIT@CNRSHD(CDRDSLDS@Q@CTHMD@LNDY@TYDSH@JLDS@Q@JU@CQ@SMHGOQNRSNQ@3Q@HCNA@QNRKNM@BONFNCM@IDY@NAKHJNU@MIDHL@BUIDSNUDRKHMDA@FQDLTUHRDDTFQNYCNUHL@

M@RS@UKI@!HKI@M@DKDHC@M@LJ@DRUDNRUNINIFKHBHMHIH/NYHU@M@RC@CNDLNTL@ITHNRIDSHLNLHQHRSUQCDHC@KIDODFO@QEDL@MDL@

S@ITCNOQUHGLQ@YDU@@Q@YMHGRTANI@O@ININLNFT@U@ITC@NCIDCMDR@JRHIDM@OQ@UH@QDMHJTS@JHONHFQ@RDMHI@MR@L@2@JRHIRJNBUHIDDIDHO@JY@GSIDUMHIDY@NCQ@U@MID4NUNLJQ@ITDRSNCTU@HI@JUIDS@QO@FNRON@!HKI@M@S@CONTQHC@RJKNMHRUNIDBUHIDDTF@Q@T-@SQDMTSJDRDJ@DHHYMDQUHQ@5IDS@QIDMDOQHI@SDKIBUHID@HJ@CRKNLHMDJTFQ@MHBTONLHRKHLdL@MDTUHDNUNR@CHSH KHHLRSHFMDOQNKIDDI@TRGHDMNONMNUNR@CHLHRSTUQRSTHNCL@GY@ANQ@UHLS@R@LQDJK@b-HIDINIJ@DSDJNC@ONUHDOTS@OQDLIDRSHR@JRHIDM@RJQNUHSNLIDRSN4YNRLHIDGOQH@C@SDKDO@SRJHJNLTMHBHQ@bR@BUHIDDL3UQCHC@NMNTYUQ@@KITA@UQDFDMDQHDNUIDJ@HCIDKTIDJ@NKHIDJ!TCTHC@YANFOQHQNCDRUNIDOQNEDRHIDDRSNQ@CHM@SDQDMTFNRON@1@RONONUHOQDMNRHM@LTSHRJDNCUNQHSHL@TC@MHKNUFQ@CRJNINOSHMH#UNQHS@RTJ@DRUDKIDO@HOK@MRJHTQDDM@-@OHS@MIDdC@KHIDM@SDQDMRJNLQ@CTTNHK@MDJTMDNAHMTAHKIJTR@FNUNQMHB@M@LNCFNU@Q@C@INIRDUDNL@CNO@C@ANFTLHK@JNITIDUHCIDK@M@OQHLNQITHRIDSMNM@LNAI@MI@U@C@T!IDKNO@UKHHL@S@AHKIJ@UIDQNU@SMNMDAHTROIDK@4NRS@KNLC@LNDC@Q@RSDT#@MHKNUFQ@CTdRHFTQMHRLNC@AHIDFNRON@!HKI@M@UDHL@K@2UNITRSQ@RSIDOQDMHIDK@HM@RTOQTF@JNIHIDY@CTDMC@ONLNFMDOQHNJNO@U@MITTAQDMITNAKHJNU@MITHU@NFQ@C@J@DY@GSHIDU@CNRS@UNCD KHMHIDLH@NMNUB@JNIHC@IDLY@Q@TMDbRNRLHIDGNLJ@D!HKI@M@/NJ@YTIDM@LU@YTR@FDQADQHL@HOQH@C@CIDB@TUHIDJYM@ITS@C@INIONJKNMDY@QNDMC@M-@RS@UKI@NMC@ROK@MNUHL@dSQDA@TR@CHSHFK@CHNKDQ@R@CHSHLTJ@SKDM@A@UHSHINMDJTANITQT@JQ@KIHB@BUHID@b

(LNFKHAHRLNU@LOQDMHIDSHINLMNFNTSHR@J@R@NUDONRIDSD@KHUIDQTIDLNC@RSDUDY@JKITHKHC@IDJKITM@QHIDM@DOQHDdKITA@U

4OQHFQ@CRJNLM@RDKIT.U@JQ@I!DNFQ@C@OQDSOQNKDIDRDMH2@MCQ@5DMCKDQH,HKTSHM2SNI@MNUHNCKTHKHRTC@Y@ONMTY@IDCMHJHAHYMHRdOQNHYUNCMITKDJNUHSNFAHKI@-IHGNUHYANQbO@NhIDM@TYF@I@MIDMDUDM@AHKIJDJNI@NCKHMNTRODU@M@A@KJ@MRJHLOQNRSNQHL@HJNI@IDMDY@NAHK@YMHR@RSNI@JLMNFHG@IMHGLD@UHM@@KHHR@RS@UMHCDNLDKDL@H

KDJNUHSHGTKI@Y@R@MHQ@MIDAQNIMHGYCQ@URSUDMHGOQNAKDL@4NU@IONR@NTKHRLNY@GU@

KITITHOQNEDRNQJH+ITAHBH2SNI@MNUHOQDCRDCMHBH4CQTDMI@b+TMBTQ@hJNITRLNTONYM@KHM@2@ILTGNQSHJTKSTQDHKDJNUHSNFAHKI@dJ@D,HKTSHM2SNI@MNUHY@b)TSQNhd/NSNRDFNCHM@L@UDA@UHLROQ@UKI@MIDLLDKDL@TKI@HJQDL@NSJTOKIHU@NR@LMDUDMTUDHLJNKHHM@L@*QNYQ@YFNUNQR@OQNEDRNQJNL2SNI@MNUHR@YM@NR@LC@TYF@I@MIDMDUDM@MDSQ@HUDKHJ@M@MRHIRJ@TK@F@MI@@J@JNIDLNI@OQHI@SDKIHB@2@MCQ@HL@K@Y@O@QKNDMTMIHUTCNFNUNQHKHRLNRDC@Y@IDCMHJHY@ONMDLNONR@N(L@KHRLNRQDDSNRLNTONYM@KHUQRMNF

RSQTMI@J@Y@KDJNUHSNAHKIDO@M@LIDAHKNK@JDC@RDTOTRSHLNTONR@NNJNLDCNS@C@MHRLNMHS@YM@KH#.!1 1 4-(" 2@MCQ@H,HKTSHMJQDMTKHRT@LAHBHNYMNdOQNKDFNCHMDHL@KHRT@J@QHONCMDUDMNL/QDSGNCMNRTLNQ@KHC@OQHOQDLDYDLKIHSDJNIDMHIDNAQ@HU@MN@JFNCHM@4IDRDMRLNOQHOQDLHKHMIHUT@J@JNMDL@LNONKINOQHUQDCMDL@HMDHMHRLNUHMHONKINOQHUQDCMHLQ@CNUHL@RUDRLNLNQ@KHC@OK@SHLN,DTSHLOQHOQDL@YDLKIHS@MHIDAHK@RJTO@C@KHRLNR@LNDUQ@Y@@QHJNIDIDSQDA@KNOQDNQ@SHHNKITSHSHTIDRDM@HYCQKI@SHHONQ@UM@SHTOQNKDDMDONRQDCMNOQDRDSUD*TONUHM@RDLDM@AHK@IDRKDCD@M@MRHIRJ@RS@UJ@C@KHRLNDUQ@Y@JU@KHSDSMNRDLD9AHQMNC@AHRLNY@ONDKHTYFNIMDUDM@TKNHKHRLNR@LNDUQ@SNMHIDOQDUDKHJHTC@QM@JTMHATCDSdOQH@,HKTSHM-HNMMH2@MCQ@MHRTRDNA@YHQ@KHM@JNLDMS@QDC@ID@QHOQDUDKHJ@ONUQHM@Y@TYF@I@MIDMDUDM@/QHCQ@U@KHRTRDR@UDS@OQNEDRNQJD2SNI@MNUHTRU@JNLRDFLDMSTONDUNCOQHOQDLDYDLKIHS@HJTONUHMDRDLDM@OQDJNM@HM@RDSUDAQ@MI@HRTDMI@(MHRTONFQDHKH4KNFIDAHNLHMHL@K@M@CNAHSdUHDRSQTJ@

KDJNUHSHGTKI@Y@R@MHQ@MIDAQNIMHGYCQ@URSUDMHGOQNAKDL@KITITHOQNEDRNQJH+ITAHBH2SNI@MNUHOQDCRDCMHBHb+TMBTQ@hJNITRLNTONYM@KHM@2@ILTGNQSHJTKSTQDHKDJNUHSNFAHKI@dJ@D,HKTSHM2SNI@MNUHY@b)TSQNhd/NSNRDFNCHM@L@UDA@UHLROQ@UKI@MIDLLDKDL@TKI@HJQDL@NSJTOKIHU@NR@LMDUDMT

#4(" 1 #.5 -.5(

2 -#1 5$-#+$1 (,(+43(-23.) -.5(

40

3 )-$49& ) -) 2U@JNJNDKHC@RDA@UHTYF@I@MIDLMDUDM@LNQ@C@YM@MDJNKHJNRSU@QH9DLKIHSDLNQ@C@ATCDOQHOQDLKIDMNY@RDSUT@Q@YL@JHYLDTCU@RDLDM@LNQ@C@ATCDA@QDLBDMSHLDS@Q@R@CNUNKIMHLOQNRSNQNLNCQDC@CNQDC@A@QDLCNBDMSHLDS@Q@-@HLDMDUDMTIDONSQDAM@HQHM@C@AHLNF@NC@Q@RSD4JNKHJNIDQ@YL@JHYLDTRDLDM@HQDCNU@L@MIHAHKIJDIDCM@CQTFTbFTDhO@IDQ@R@CJNIHRSHDTITMTOQDCOQUTQTMTADQATBU@RSHRK@AHIDFJU@KHSDS@-DUDMAHSQDA@KNR@CHSHM@CTAHMTNCSQHCNDSHQHBDMSHLDSQ@M@IANKIDJQ@IDLEDAQT@Q@HKHONDSJNLL@QS@@KHLNDHJ@RMHIDIDQIDNU@CUNFNCHMI@AHKIJ@UDNL@NSONQM@M@Q@YKHHSDUQDLDMRJDTRKNUDONFNSNUNM@LQ@YDUDdNAI@MI@U@R@FNUNQMHJb)TSQ@h/QNKNFOQNKD@SDJSNRTONRDI@KHMDUDM2@MCQ@H,HKTSHMCNAHKHRTONMTCDY@NSJTO/QU@IDRSHFK@HY(MRSHSTS@Y@KDJNUHSNAHKID)NRHE/@MHbR@JNIHLRTM@RS@UHKHR@Q@CMITHNUDFNCHMD)DC@MCDNKDJNUHSNFAHKI@,HKTSHMIDNRS@UHNY@RNORSUDMDONSQDADY@ROQ@UKI@MID@IDU@TKI@HLDKDL@SNLTIDHAHK@OQUNAHSM@HCDI@,@MIHCDNOQNC@KHRTUK@RMHBHL@OQHU@SMHGAHKIMHG@ONSDJ@/QNK@FNCHM@AHK@IDUDNL@JHM@SNID

TSHB@KNM@JNM@MTCNAHSNCRDSUDMDUDM@9ANFJHDIDAHKNHOTMNSQ@UDO@RLNLNQ@KHC@TKNHLNLMNFNUHDUQDLDM@TNCQ@U@MIDMIHUDMDFNC@RTUQDLDMRJHTRKNUHAHKHONUNKIMHIH KHMD@KHLNRDY@Q@C@IDAHK@NCKHM@OTS@UD@NCTKNF@J@JNJQNYNSJTOS@JNHJQNYOQNHYUNCDTJNIHL@JNQHRSHLMDUDMdNSJQHU@,HKTSHM-.5(/.#4'5 3(.UDFNCHMD2@MCQ@H,HKTSHMNCKTHKHRTC@TYF@I@ITMDUDMM@CNC@SMHG@QH.C@AQ@KHRTOK@BM@ U@KHFCDIDO@CYDLKIHS@UDHNCNMNFT.UH3NIDNAI@MI@U@R@FNUNQ

MHJb)TSQ@hNCKHM@OQDUDMBHI@TJNKHJNHNU@FNCHM@ATCDAHK@JHM@J@NOQDSGNCM@/NQDCMDUDM@TYF@I@DLNHDGHM@BDTHUQ@MHKNUTSQ@UT*TOHKHRLNLNSNJTKSHU@SNQJNIHIDMDNOGNC@MY@SQDSHQ@MIDYDLKIHS@CU@CNSQHOTS@ONRKDRDSUD-@OQ@UHKHRLNRT@QTJTOHKHCDRSHK@SNQ

2@MCQHM@HLNI@M@LDQ@IDC@M@DONQNCHBDIDCMNFC@M@HUDR@LNNCNUNFONRK@3NIDTIDCMNHM@@ONQTJ@KITCHL@T"QMNI&NQHJNI@IDM@C@KDJNTUDM@ONTYF@I@MITKDJNUHSNFAHKI@TYF@I@ISDMDUDMIDQRTTK@F@MI@L@K@@Y@Q@C@NCKHM@dY@JKITTIDR@FNUNQMHJb)TSQ@h

41

42

"QM@&NQ@RDM@K@YHM@OQUNLLIDRSTT$UQNOHOQDL@Y@RSTOKIDMNRSHKIDJNUHSHGAHKI@J@M@IDCHMHBHONUQHMD-@L@KNIONUQHMHJNI@Y@TYHL@R@LNTJTOMDONUQHMDRUIDSRJNFJNOM@HL@TJTOMDRUIDSRJDNQD2L@SQ@RDC@IDTNQH"QMD&NQDY@RSTOKIDMNNJNAHKIMHGUQRS@NCDF@NJNKIDJNUHSHGHNJNDMCDLHMHG2@LNMDJDRTODKHMJKDJ@HOTQ@JOK@MHMRJH@IKHO@J@MS@QHNMUQHIDR@JTU@QTYL@QHMRLHKIDKNUNQ

-DJDAHKIMDUQRSDRTS@JNL@RNUMNY@RSTOKIDMDC@OQDCRS@UKI@ITOQHQNCMDOK@MS@DJNIDRDLNFTUDNL@OK@MRJHDJROKN@SHR@SHHONRKTHSHJ@NFDMDSRJHL@SDQHI@KY@OK@MS@MNF@IDMID/QDO@Q@SHHYQ@DMHNCNUNFAHKI@JNQHRSDRDOQHIDRUDF@TLDCHBHMRJDRUQGD@KHIDUDKHJ@OQHLIDM@HTOQDGQ@LADMNIHMCTRSQHIHJNYLDSHJNIJNQHRSDRDY@HYQ@CTOH@RK@SJH@TOQNHYUNCMIHODBHU@Y@JNMYDQUHQ@MIDGQ@MDTJNYLDSHBHY@HYQ@CT@LONM@Y@JNRTJTOJHO@RSHY@YTADj,DCHBHMRJ@OQHLIDM@KIDJNUHSNFAHKI@HL@CTFTSQ@CHBHIT@ONFNSNUTIDC@M@RTDJRO@MYHIHIDQRDM@RSNIHC@RDTRU@JNLLNFTDLRKT@ITRHMSDSRJHKHIDJ

Y@LHIDMHSNE@QL@JNL!HKIJDM@LRKTDUDRDKDM@RHTKIDO@U@IT/QDJNMIHGONRSHDLNOQHRMHIHNCMNRR@OQHQNCNL,MNFDKIDJNUHSDAHKIJDJNIDRTUIDJNUHL@TROIDMNJNQHDMDTSQ@CHBHNM@KMNISDQ@OHIH@Q@YUNIDLMNUHG@M@KHSHJHGLDSNC@TSUQDMIDMIHGNUR@CQ@IJNLONMDMSDRUDUHDM@K@YDLIDRSNTR@UQDLDMNILDCHBHMH9@RU@JNE@QL@JNKNJNONCQTIDHYQ@DMHRTAHKIMHOQDO@Q@SHHKHONOTK@QMNM@YU@MHSNOQDO@Q@SHHKHSNE@QL@BHJNIHTYOQDONQTJTRSQTMDNRNADLNFTC@RDTONSQHIDADTOQDUDMSHUHHKHIDDMITTYRHMSDSRJTSDQ@OHIT-NJ@NSNRDTM@QNCTJ@DANKIDROQHIDHSHMDFNKHIDHSHb#@AHRLNSNL@MIDNANKHIDU@KHMDNOGNCMNIDUNCHSHQ@TM@NOQDUDMSHUH2SNF@IDM@M@L@C@TONYM@IDLNKIDJNUHSNAHKIDTU@LNF@HM@JQ@ITTONSQHIDAHLNTJNQHRMDRUQGD9M@MIDNOQHQNCMHLOQNHYUNCHL@TJNIDRDTAQ@I@ITHSNOQDO@Q@SHIDUDNL@U@MNHMDNOGNCMNY@NCQ@U@MIDM@DFYCQ@UKI@@TYSNHDCTJ@BHI@TRLHRKTONANKI@MI@YCQ@URSUDMDJTKSTQD@QL@BHINLAHKIMNFANF@SRSU@

#1 &(" !.).5(#1 2"(,1/'2/$"+)$*.5(3.&!(+)

44

-BEMBGLCLCIMJGIMKCSL?PMBLGFGL?AGML?JLGFLCTJ?BGLGFMPE?LGX?AGH?SPCEGMLS.PMEP?KX?MNMP?T?INMNSJ?AGHC ?JI?LQIMEPGQ?*WLVJWLV@?JA?LGASQQNPMTMBG-TMKNPMEP?KSQSQCNPGHCBTGHCEMBGLCNPGIJHSGJCGBTGHCMPE?LGX?AGHCGX!PLC%MPC+?PGL?SPMTGQRPSLGQ?P?BLGIX?X?RGRSD?SLCS,?AGML?JLGKN?PIMTGK?!PLC%MPCGJCIQ?LB?P.CPMTG@GMJMEGX!CLRP?X?X?RGRSGNPMS?T?LHCNRGA?QNPMTMBCNPTC?IRGTLMQRGBCLGQ?LCNPMEP?KMKX?X?RGRS@?JI?LQIMEPGQ?.MQJHCBLHGNSRHCPGQS!PLMH%MPGTGCLL?.PMIJCRGH?K?NPGHCNMJ?TGHCI?

, 1(- 41.5( +$*2 -# 1/$1.5(

%.3. , *$#.-2*.$*.+.*.#1435.

45

HRMDL@OQHQNCMHGMDOQHI@SDKI@@M@ITFQNDMHIHIDJQTOMHRHR@QT"QMNI&NQH9ANFMDYM@MI@IDHYKNDMQ@YKHHSHLOQHIDSMI@L@JNIDM@IDDOQNHYHK@YDNCCHQDJSMDNUIDJNUD@JSHUMNRSH

&K@UMHOQHSHRBHHOQHIDSMIDONOTK@BHIHQHR@RTTMHS@U@MIDEQ@FLDMS@BHI@HMDNCQHUNJNQHDMIDMIDFNUHGOQHQNCMHGRS@MHS@TL@MIDM@AQNIMNRSUQRS@JNIHL@RDGQ@MHHJQHUNKNU-DJNKHJNLDTM@QNCMHGJNMUDMBHI@ONOTS!DQMRJD$UQNORJDCHQDJSHUDY@Y@SHSTOSHB@HG@AHS@SHKH*NMUDMBHIDNLDTM@QNCMNISQFNUHMHTFQNDMHGHUNSHMI@NA@UDYTIT"QMT&NQTC@SHSHNUTUQRSTHMIDM@RS@MHS@3NYM@HC@TJNKHJNHRSQ@HU@HTNUNLOQNIDJSTMDTROHITLNMHSNQHMFNLCNJ@Y@SHC@QHRM@RDKI@U@M@OQNRSNQCTMHRLNC@RSUNQHLNTRKNUY@MIDFNUONUQ@S@J/NOTK@BHI@A@KJ@MRJNFQHR@IDM@ITFQNDMHI@RTAONOTK@BHI@DUQN@YHIRJNFQHR@T$UQNOH2@C@MIDQ@ROQNRSQ@MIDMIDIDNFQ@MHDMNM@ITFNY@O@CMH!@KJ@MTFK@UMNLTFQ@MHB@L@HYLDT,@JDCNMHIDH KA@MHIDHQDHRDJ@RIDUDQTJ@"QMNI&NQHH*NRNUT4FNCHMHCNKNRDCNY@JKITJ@C@IDM@OQNRSNQTNUDDSHQHYDLKIDTM@IANKIDLRKT@ITNRS@KNRUDF@NCCNNCQ@RKHGIDCHMJH.UHLOQNIDJSNLAHSQDA@KNC@NONQ@UHLNONOTK@BHITQHR@TM@NIYDLKIH5DKHJHOQNAKDLIDHHYTYDSM@RLQSMNRSLK@CHGDMJ@M@IDDMNRHCU@SQHLK@CTMDS@@TOQNRIDJTSDJIDCMNLK@CTMDCNHUHFNCHMTC@M@3HL/QNFQ@L@Y@NONQ@U@JONOTK@BHIDQHR@T"QMNI&NQH@MJDSHQ@NIDKNJ@KMNRS@MNUMHSUNTNMHLJQ@IDUHL@YDLKIDFCIDIDA@KJ@MRJHQHRAHNOQHRTS@MONKHSDQ@STQMHLONC@BHL@(MSDQUITHROQDJNCUHIDRSNSHMDKITCHJNIHRTTRJNUDY@MHY@ONSDMBHI@KM@ONCQTI@JNIDNU@HUNSHMI@M@RS@MITIDTL@QHM@CYNQMHBHTM@BHNM@KMHLO@QJNUHL@KNUBHE@QLDQHOK@MHM@QHKITCHM@J@STMHL@UDSDQHM@QHKITAHSDKIHOQHQNCDjCNUDKHRTCNY@JKITJ@C@IDM@IUD@LNFTMNRSY@OQHRTRSUNA@KJ@MRJNFQHR@THRSNMHLCIDKNUHL@"QMD&NQDOQDBHYMHIDM@/QNJKDSHI@L@/NRKIDCMIHQHRT"QMNI&NQHIDUHDMS@LNOQHIDONK@UHIDJ@3@RS@SHRSHJ@RDLNQ@ONANKI@SH@SNRDQ@CHRL@MIDMIDLKITCRJNFCIDKNU@MI@M@TLDNTU@MIDLOKHIDM@QHR@TM@OQDDMIDLY@SHDMHGONCQTI@HSNIDM@IYM@@IMHIDRL@MIDMIDLJQHUNKNU@ #1435.9 9 3(34(.45 -)$/1(1.#-$21$#(-$4 +! -()(

#TFIDBLUHRNJNJNBL@SD@JJHKNFQ@L@,TI@BHRTJQTOMHIHHY@NJNSDHNCDMJH!NI@JQYM@IDTSNJ@EDMJ@RS@CNBQUDMJ@RSNRHU@R@BQMHLSTEM@L@L@C@ONRSNIDOQHLIDQBHHADYMIHG(L@JQ@S@JQDOHCTFDMNFDR@HQNJHL@O@L@JQ@S@JUQ@SNJQTFKTFK@UTJ@NHSQNTFK@RSDTHJNIDRDY@UQ@U@ITBQMHLCK@J@L@CTFHLCNBL3DCK@JDS@JNYU@MDJHDMJDRTRDMYNQHJNIHQHRTNLNFT@U@ITC@RDNCKHMNRM@K@YHTQ@YMHLTRKNUHL@(YE@LHKHIDL@@J@JNINIQHROQHO@C@M@SDQHSNQHIH"QMD&NQDRTRQHIDDLNHCHUKITL@JT.M@IDL@MI@NCQHR@HMDL@CTF@JDBQMDTODQJDM@THL@1HRRDGQ@MHRQMNLCHUNJNYNLYDBNLTRKIDCMDCNRS@SJ@GQ@MDHOSHB@L@HL@KHLFKNC@QHL@.U@HUNSHMI@BHIDMHR@LNTO@OQHK@YHCQTFHLQHRDUHL@R@LNTCNA@O@QDMI@4FK@UMNLID@JSHU@MMNT@JNQHRSHOQHKHMNUDKHJTSDQHSNQHITNCJLTOQDMHJTJNITNAHKID@U@TQHMNLHKHKIDYC@RSHLRDJQDSNL9@IDCMTMNLNDC@OQDDCNJHKNLDS@Q@$JNKNFHI@ONM@@MI@NUDE@RBHM@MSMDL@JDM@IUHDONCRID@M@KDNO@QC@HUNSMHUHIDJQHR@IDFNCHM@

U toku viegodinjeg istraivanja na podruju ju parka Mavrovo u Makedoniji i Munella planine u Albaniji potvreno je prisustvo risa uz pomofoto-zamki. Ista metoda se sada koristi i u Crnoj Gori. Do sada su zabiljeene skoro sve umske ivotinje, osim risa. Ali, nalaenje ovakvih dokaza o njegovoj prisutnosti u Crnoj Gori je kompleksno i trai dosta iskustva, portvovanja i strpljenja.

46

@UDHMTONI@UKIHU@MIDK@RSHIDYM@JCNK@RJ@OQNKID@9@NMDJNIHUNCDMNMHHUNSTFQ@CNUHL@SNIDUIDQNU@SMNNFK@@U@MIDTJNU@ Y@NMD

O@JJNIHUDHMTUQDLDM@OQNUNCDM@MIHU@L@HA@S@L@HOQHOQDL@ITRDY@OQUTRIDSUTOQNKIDDNYM@@U@ITJQHBHCQ@KNU@JNIHTI@SHL@MDTLNQMNKDSDOQDJNM@HGONKI@SQ@DHONFNCMNLIDRSNY@NCLNQ,K@HM@Q@S@IHUIDQNU@SMNMDYM@ITY@NU@IEDMNLDM@RS@QHIHOQHLIDTITC@RDCQ@KNUHUHDMDROTS@ITM@MIHGNUDMIHUD-DSNRDOQNLHIDMHKN*NQHCNQDCTNA@K@CDKSD!NI@MD2J@C@QRJNFIDYDQ@H!IDKNO@UKHJDQ@UMHBDY@TYDKDRTFQ@DUHMDHL@FHRSQ@KD.RS@KDRTR@LNL@KDN@YDLHQ@T-HJHJNLONKITFCIDC@M@RLNDLNUHCIDSHI@S@CQ@KNU@M@NCLNQT(@JNMIHGNUNDKDF@MSMNSHIDKNCNRS@ONCRID@M@QNCDH@OKIDMDLNISDHGY@LHIDMHSHMHRIDCMNLCQTFNLOSHBNL.U@OQDJQ@RM@RHU@OSHB@BQMNAHIDKNFUQ@S@HBQUDMNFSIDLDM@UHRHMDIDCNOQDJNLDS@Q@R@Q@RONMNLJQHK@NCOQDJNCU@LDSQ@&MHIDYCDTOKHSJHLLNU@Q@L@A@Q@L@HNJNIDYDQ@2J@MCHM@UHID!@KSHJNFLNQ@H2HAHQ@5NKDUDKHJDHYNKNU@MDSDQHSNQHIDC@KDJNNCNUIDJNUNFTSHB@I@4ONRKIDCMIDUQHIDLDJ@JNAHLNFKHC@OQDHUDDRSNRDM@K@YDHTJTKSHUHR@MHLONCQTIHL@9HLHRDRDKDT2IDUDQMT EQHJTITMT YHITHITMT$UQNOT4UQHIDLDJNIDOQDSGNCHO@QDMITCQ@KNUHRTUQKNFK@RMHHOQHSNLHYUNCDRU@CADMHOKDRJNIHRDDRSNM@YHU@bCQ@KNUOKDRh-@S@IM@HMHRJ@YTITQ@RONKNDMIDNAHKID@U@ITSDQHSNQHITHLDTRNAMNJNLTMHBHQ@IT/KDTHHLTI@BHHDMJDRJ@TTYQ@JQ@HQDMHGJQHK@HFK@RMNSQTAD4O@QTRDJQDTQ@UMNHTY@UNIHL@OQHAKH@U@ITHHTC@KI@U@ITHRDONRJ@JTITGNC@ITTJNDMHGMNFT

,(' (+.).5($5(

47

HKHR@UHI@ITHbJNKIDM@hJKHL@ITFK@U@L@JK@MI@ITRDHYUNCDOHQTDSDHCHTRSK@HA@B@ITJKITMNUHL@TYQ@JQ@YKHHSL@SDQHI@K4ROQ@UKI@ITHFNQMIHCHNSHIDK@HROTS@ITHQ@HQDM@JQHK@DMJ@FQFTS@UHLFK@R@MIDLONYHU@LTI@J@M@O@QDMID-@JNMO@QDMI@LTI@JM@IDDRJ@DOQDJNDMJDOQDL@M@OQHIDC(Y@SNF@RKHIDCHFK@R@MIDDDRJ@DOQDJNDMJDOQDL@M@OQHIDC(Y@SNF@RKHIDCHFK@R@MIDTCTDSTO@Q@YCNAKIDHDMI@HTQDHU@MI@ODQI@#TDSONUQDLDMNTCTDSTO@Q@YCNAKIDHDMI@HTQDHU@MI@ODQI@#TDSONUQDLDMNNCYU@MI@JQNYHS@UNQ@YCNAKIDFMHIDDMI@@HJ@RMHIDJ@NYM@JNCYU@MI@JQNYHS@UNQ@YCNAKIDFMHIDDMI@@HJ@RMHIDJ@NYM@JY@IDCMHSU@O@Q@(OQHIDMDFNSNLNFTKDSIDSHLK@CTMBHM@TDRUDY@IDCMHSU@O@Q@(OQHIDMDFNSNLNFTKDSIDSHLK@CTMBHM@TDRUDQ@YMNUQRMDONJQDSDCQ@KNUNFOKDR@/NSNNU@OSHB@MDFMHIDYCHT"QMNI&NQHMDDLNLNHC@THU@LN/NSNNU@OSHB@MDFMHIDYCHT"QMNI&NQHMDDLNLNHC@THU@LNTMIHGNUNLRU@CADMNLOKDRT9@SNIDMDRU@JHC@MI@@SQ@JBHI@FKDTMIHGNUNLRU@CADMNLOKDRT9@SNIDMDRU@JHC@MI@@SQ@JBHI@FKDC@SHHGJ@JNRDGQ@MDM@MDJNINCM@HGN@Y@LHQ@TNJNKHMH-HJH@C@SHHGJ@JNRDGQ@MDM@MDJNINCM@HGN@Y@LHQ@TNJNKHMH-HJH@H4KBHMI@DJ@ITHONFNCMDUQDLDMRJDTRKNUDC@M@RS@UDCTF@@JKBHMI@DJ@ITHONFNCMDUQDLDMRJDTRKNUDC@M@RS@UDCTF@@JOTSJ@Y@CMINICDRSHM@BHIHFCIDDNRS@UHSHONSNLNRSUN-DSNOTSJ@Y@CMINICDRSHM@BHIHFCIDDNRS@UHSHONSNLNRSUN-DSNLNDLNC@THMHLNY@MIHGC@HLNLNFTHLNC@HL@ITNUNL@KNLNDLNC@THMHLNY@MIHGC@HLNLNFTHLNC@HL@ITNUNL@KNOQNRSNQ@Y@OQDC@GSNIDNRS@KN"QM@&NQ@IDUIDQNU@SMNOQU@OQNRSNQ@Y@OQDC@GSNIDNRS@KN"QM@&NQ@IDUIDQNU@SMNOQU@RS@MHB@Y@NCLNQM@JNMSNOQDKDSDHQNJN2QDCNYDLMNLLNQTRS@MHB@Y@NCLNQM@JNMSNOQDKDSDHQNJN2QDCNYDLMNLLNQT

48

#12-$ - #1 &($5(

JNM@9DLKIHONRSNIHQ@ILMNFHDQDHC@IDSN#TQLHSNQ.U@IOK@MHMRJHCHUANF@SIDTL@L@YDKDMHLO@MI@BHL@IDYDQHL@jOQ@UNLIDRSNY@NCLNQRUHGKITAHSDKI@OQHQNCD

9@M@TMHJDSNIDL@FMDSJNIHUTDIDQIDHC@KIDUDKHJ@MDONYM@MHB@/QU@AQHNKNJ@HRSQ@HU@MI@NUNFONCQTI@AHK@RTONDSJNL77UHIDJ@1@CNUDNL@GNUHM@L@#TQLHSNQ@NAI@UKITIT'NQ@J5DKDMNURJH,@SNTRBGDBJ,@QSHMHj(C@M@RRU@JHHYK@Y@JM@NU@ISDQDMCNMNRHMDJ@MNU@R@YM@MI@MDJDMNUDUQRSD.UCIDM@M@CLNQRJNIUHRHMHOQDJNLDS@Q@UK@C@GK@CM@OK@MHMRJ@JKHL@-INICNAQNNCNKHIDU@ITIDKDRLQDATJUDj@KHHL@GNUHMD(YQ@YMHGQ@YKNF@NMDRTTRIDMBHCQTFHGUHHGAHKI@J@@KHNUCIDM@OK@MHM@L@NMDB@QTIT3TQ@RSTHQDRDHCQTDR@KH@IDUHL@JNIHONCIDCM@JNCNAQNNCNKIDU@ITNUHLRTQNUHLTRKNUHL@HUNS@/NMDJ@CRTTRKNUHHUNS@RTQNUHIHNCNMHGJ@JNHGLHUHCHLN!@QMNIDYDQNR@RUNINLNJNKHMNLOQDCRS@UKI@IDCMNS@JUNLIDRSN(O@JRKHJ@M@SDQDMTSNHMDJ@YTIDIDQIDRUDKHIDONH@QDMN*@CY@F@YHSDOQDL@IDYDQTM@Q@UMNMDLNISDRDOTMNY@MNRHSHHSNHMHSHTUDKHJNILIDQHIDQF@YHSDAHKIJDJNIDRTOQDCKNDMDY@Y@SHSTT"QMNI&NQHHL@DSDNRID@IC@F@YHSDONM@ILDJDLSDOHGTR@SJ@MNLNCQ@YKHHSHGAHKI@J@*@CL@KNANKIDONFKDC@SDUHCIDDSDC@NA@KTNUNFIDYDQ@IDYDQ@JNIDMDRS@IDTUDKHJNLAQNITNAQ@RS@ITL@GNUHMD3NRTRU@FMTLRJD

L@GNUHMD,MNFNRDQ@YKHJTITL@GNUHM@JNIDQ@RSTNJN"QMNFIDYDQ@HKHM@2@UHMNLJTJT

9NUTRDINHSQDRDSMHBDHKHAHIDKDL@GNUHMD(L@HGM@@QJSHJTHRTA@QJSHJT@KHHM@OK@MHM@L@SQNORJHGOQDCIDK@*NCM@RRDLNFTUHCIDSHM@#TQLHSNQT!IDK@RHBH/QNJKDSHI@L@3QDRDSMHBDQ@RSTM@I@JNUK@MHLRS@MHSHL@dSQDRDSHSHL@-IHGNUNRS@AKNIDTROQ@UMNHUDNL@FQ@M@SN+HRSNUHRS@AK@RTKNOS@RSNFHKHSQNTF@NMNFNAKHJ@CNJRTKHRSNUHFQ@M@RHSMHIHHDKHOSHMNFHYFKDC@*@JNTKHRSNUHL@HL@L@KNGKNQNOK@RS@ANI@NUHGL@GNUHM@IDAKHIDCNYDKDM@HKHAIDKH@RS@YANFDF@RDYNUTAHIDKDL@GNUHMDH@JNLNFTAHSHHLQJDHKHBQUDMJ@RSDANID#NMIHLHRQDCHMIHLCHIDKNLRS@AKNHLIDONSNOKIDMNTUNCHCNJIDFNQMIHCHNHYM@CUNCDMDONUQHMD.U@AHKIJ@Q@RSDR@LNTUHRHMTIDQMIDMHCNMIHCIDKNUHNCTLHQTHNCU@I@ITRDNCNRS@KNFCHIDK@SIHUDAHKIJDb-@HLDSQDRDSMHBDMDL@ITQHYNHCD5NCDM@RQDCHM@TJNINIRDM@K@YDY@MIHGIDbRTU@hIDQTRKDCMHRJHGSDLODQ@STQ@HNCRTRSU@JHRDNMHJ@HYONCKNFDNCRTSMDRTHFKIHUDHA@JSDQHIDQ@YK@F@HS@JNC@RTSQDRDSHS@LIDRS@R@UHRNJHLR@CQ@IDLNQF@MRJHGL@SDQHI@JNIDONSHTNCM@S@KNDMHGHMDQ@YKNDMHGCIDKNU@RU@FMTLRJHGHCQTFHGL@GNUHM@2NAYHQNLM@NU@JUDTRKNUDHUNS@AHIDKDL@GNUHMDOQDJNKHRSNU@@MDOQDJNJNQIDMI@CNAHI@ITUNCTHLHMDQ@KDHY@SLNREDQDM@Q@UMN2SNF@RDLNDQDHC@IDFQ@@NUHGL@GNUHM@UDNL@OQNRS@OQNRSHI@TNCMNRTM@CQTFDL@GNUHMDJNIDOQHO@C@ITHRSNIJK@RHIDQIDBHIDK@AHKIJ@OQDSUNQDM@TRHRSDLY@TOHI@MIDUNCD

49

#NMIHCIDKNUHRU@FMTLRJHGL@GNUHM@JNIHRDNCU@I@ITNCAHKIJDHFNCHM@L@S@KNDENQLHQ@ITUHDL@MIDCDADNRKNIMIDFNU@CDAKIHM@M@ONIDCHMHLLIDRSHL@LIDQHRDRSNSHM@L@LDS@Q@NCJNIDFM@RS@IDSQDRDS

3QDRDSHL@HQNJTOQHLIDMT2KTHJ@NbRTORSQ@ShY@NAQ@YNU@MIDYDLKIHS@4MDJHLYDLKI@L@RDDJNMNLRJHDJROKN@SHDUHDNCFNCHM@J@NHYUNQF@R@HKHRDJNQHRSHJ@NDEDJSHU@M@FDMRY@KSQHQ@MIDNSO@CMHGUNC@HYE@AQHJ@.CENRHKMNFOK@MHMRJNFHQ@UMH@QRJNFSQDRDS@CNAHI@RDTAQHUNJNIDRDJNQHRSHY@ONUD@MIDGQ@MKIHUNRSHHYHJNGDLHIRJHGRUNIRS@U@YDLKIHS@3QDRDSRDJNQHRSHSHTHYQ@CH@LA@K@DTJNINIRDO@JTIDRUIDDONUQDHUNDJ@NHBUHIDD*NQHRSHRDHJ@NRHQNUHM@Y@OQ@UKIDMIDODKDM@Y@ADADYANFRUNIHG@ORNQOSHUMHGNRNAHM@-@%HKHOHMHL@M@E@QL@L@JQNJNCHK@I@I@NUHGHUNSHMI@RTRLIDSDM@THMJTA@SNQDR@RE@FMTLRJHLL@GNUHM@L@Y@JNIDRDUIDQTIDC@NCQ@U@ITONUNKIMTSDLODQ@STQT

KIHUDRTUDKHJ@FQTO@NQF@MHY@L@R@HQNJHLQ@ROQNRSQ@MIDMIDL#NR@C@IDNOHR@MNOQDJNUQRS@@KHRDRL@SQ@C@IDS@IAQNIYM@SMNUDH/QDSONRS@UKI@RDC@RTRDONI@UHKDOQHIDCUHID

LHKHI@QCDFNCHM@&NSNUNC@MDL@LIDRS@M@OK@MDSHJNIHMHIDM@RS@MIDMFKIHU@L@/QHRTSMDRTM@CQUDTYDLKIHCNANJNTYDLKIHUNCHU@YCTGTAHKIJ@L@HUNSHMI@L@KITCHL@j/QHKHMNRT@C@OSHAHKMDHLNFTONCMHIDSHDJRSQDLMNMHRJDHUHRNJDSDLODQ@STQD/QUDNOHRDFKIHU@C@NIDFQJHKNYNE QHRSNSDKJNIHRDTIDCMNRL@SQ@QNCNM@DKMHJNLLHJNKNFHIDM@TJDNFKIHU@L@LXBNFKIHU@KNFNRM@TJ@

(CNJIDT2S@QNI&QJNIUK@C@KNLHKIDMIDC@HGSQDA@HYAIDF@U@SHRS@QH1HLKI@MHRTHL@KHONSOTMNCQTF@HIHRS@U9U@KHRTHGGQ@MNLANFNU@HKHB@QRJNLGQ@MNL-@QHLRJNLCUNQTRTAHKDUDNL@BHIDMIDMDHHQNJNJNQHDMDTHRGQ@MH3@JNIDHTUDM@AK@FU@ n i t a B r CNAHK@M@YHUONQHLRJNLHLODQ@SNQT)TKHIT"DY@QTIDQIDAHK@MDY@NAHK@Y@MCDKHJ@SDRM@MIDFNUNISQODYH#@RDNUIDJNC@UMHM@bCQTHNhR@FKIHU@L@ONSUQTIDNSJQHDLTLHIDT@TRSQHIRJNLFKDDQTRS@QDNJNFNCHM@4SNQAH+DCDMNF

NUIDJ@HKH.HI@J@JNRTF@M@TMHBHM@YU@KHONQDCNCIDDHNQTI@OQNM@DMDRTCUHIDFKIHUD vn za vn i t r zSQTCH etvevr za t Ui zAQDYHMJNOHSMI@J-@TMHBHRTNSJQHKHC@IDAHNY@Q@DMO@Q@YHSNL3QHBGTQHRSQTBGHTQ@HC@IDONKHONQDMNU@JHRIDKHM@JNI@RDM@K@YHTAQDYHMNLJNOHSMI@JTNSQNUM@Y@SNFO@Q@YHS@5IDQNU@SMNTONSQDANLSDFKIHUDTHRGQ@MH.HIDRL@MIHU@NSDFNADTYQNJNU@MDNUHLO@Q@YHSNLCNJID%NLDRENLDMS@QHTRHKHSQTCJNQHRSHNY@O@KIDMIDU@SQD

#NRDC@LCDRDSHGFNCHM@OQNKNFUHIDJ@FKIHUDRTRL@SQ@MDAHKIJ@L@ KHYANFRODBHMDJNLAHM@BHIDNRNAHM@NMDMHIDRTMHAHKIJDMHHUNSHMIDUDRTHYCUNIDMDTONRDAMNB@QRSUN(RSQ@HU@MIDLIDTSUQDMNC@R@CQDHNRNAHMDJNIDHGOQHAKH@U@ITHUNSHMI@L@-@HLDTRUNLDKHIRJNLYHCTHL@ITGHSHMJNIHRDM@K@YHHTNJKNOTHMRDJ@S@HHL@Y@SHSMTTKNFT/NQDCGHSHM@CNJ@Y@MNIDOQHRTRSUNLDK@MHM@OHFLDMS@SHOHMNFY@HUNSHMIRJDDKHIDSNIDINIDCM@J@Q@JSDQHRSHJ@JNI@HGNCU@I@NCAHKI@J@9@Q@YKHJTNCAHKI@J@JNIDLNQ@ITR@LDRSU@Q@SHNQF@MRJTL@SDQHITGQ@MTENSNRHMSDYNLFKIHUDRDGQ@MDS@JNSNHYA@BTITCHFDRSHUMDDMYHLDTONCKNFT-@S@IM@HMQ@YK@TRKNDMTNQF@MRJTL@SDQHITTOQNRSHIT@Y@SHLIDTOHI@IT3@JNRDROQD@U@S@KNDMIDNQF@MRJDL@SDQHIDAHKIMNFONQHIDJK@9@IDCMNR@LHJQNNQF@MHYLHL@HA@JSDQHI@L@FKIHUDRTHRS@HOQHQNCDIDQC@MHIDMIHGTLDAHRDAQYNM@KDY@SQO@MDTRNORSUDMNLNSO@CT

,1 (+(-* $3*.5(

50

51

,1 +$*2 -# 123().5(%.3. #4*.,(+) -(

-@OTSTHYLDT,NIJNUB@H/KIDU@KI@MDFCIDM@RQDCHMH3@QHMNFSNJ@M@HK@YHLNM@"QM@ONC@"QM@YANFDSHM@Q@JNIHRDBQMDJ@C@RDFKDC@ITHYC@KDJ@ONC@IDQRTQ@UMHI@NCNJNKMNFSDQDM@-@K@YDRDM@LIDRSTFCDID3@Q@RSUNQHK@J@MINMR@KHSHB@L@UHHLNCLJNIHRDRL@SQ@IDCMHLNCM@IYM@@IMHIHGRUIDSRJHGOQHQNCMHGYM@LDMHSNRSH JNIDJ@MINM3@QDTCNOQHQNCD"QM@ONC@RTTCNTTCT3NKHJ@LNHKIDONS@NANF@DM@GTJNL

AQNIMHGHYUNQ@HUNCNO@C@CNAHI@ONRDAMTCHLDMYHITJ@C@RDFKDC@R@UHCHJNUB@J@J@UIDTQDU@BR@UHDNCLUHRHMD@JHR@SDUHRHMDHLONY@MSM@RS@AK@BQMNFANQ@CNLHMHQ@ITOQDCIDKNL!NQLNDC@HUHFNCHM@,NDC@ONQ@RSDLHC@CNRSHFMDOQDMHJNCLY@OQDLHMDOQDJNLONGDJS@QT KHNSJTC@NMST9DLKIHSDIDOQDUHDCTANJNSDQDMIDR@AK@FHLM@FHANL3NIDHM@DJQ@KIDURSUNATJUD

52

"QMHANQ/HMTRMHFQ@IDOHNMHQRJ@UQRS@.MQ@RSDS@LNFCIDMHJNCQTFHMDLND/NOTSHYFM@MHJ@KHSHBDRTIDCHMNLIDRSNJNIDIDLNF@NHY@AQ@SHY@RUNICNL/NSQDAMNLTIDR@LNL@KNTCTAKIDMIDM@RSHIDMHLQUHB@YDLKIDHJ@OUNCDC@RUNIHLRM@MHLHK@L@NAFQKHJ@LDMHONMDC@F@KNLHBQODHCQ@FNBIDMDGQ@MIHUDL@SDQHID-IDFNUDHKDTONQMNSQ@DHYUNQHUNS@TRHQNL@MNIONCKNYH*@JNQ@RSDS@JNNCA@BTIDRUNIDDSHMDRSU@Q@ITHR@LRDAHGQ@MT!NQRDRUNLRM@FNLANQHY@HUNSR@LK@HL@HAHNKNJHI@HL@!TJU@%@FTR,NDRH@B@IDNUCIDANF@SHQ@YL@DMHRKNICQTSU@JNIDLIDONSQDAMNLMNFNANF@SNYDLKIHSDCNRS@UK@FDHCNRS@RUIDSK@!TJU@DHC@SHLMNFN.ANF@SHDHONOQ@UHDRDAHRS@MHSD!HNKNJHIDLK@@UHS@KMHI@Q@YLMN@U@RDHUDFDS@SHUMNHFDMDQ@SHUMN!TJU@TLK@CNRSHAQYNQ@RSDNSHL@RDY@RUIDSKNRSHGQ@MIHUDL@SDQHID4FTHDLK@CDANQNUDTANQAHY@OQNRSNQHGQ@MT/NSHRMTDCQTFDUQRSDC@RDANQDY@KHSHBDHOQNU@KHIDS@LNFCIDMINIMHIDOQHL@LKIHUN.UNIDMIDMNJQ@KIDURSUN2U@NU@RS@AK@ANQ@RS@Q@RTFNCHM@#@JKDOQHIDODSUIDJNU@IDC@MFNRONC@QIDTRSTOHNSQNMCQTFNLD#NFNCHNRDUDKHJHTLRJHON@Q/N@QJNIHIDTMHSHNATJUT5@SQ@IDUDKHJHMDOQHI@SDKITLD@KHIDANQTS@C@AHK@OQHI@SDKI-@RS@NIDODQHNCADYUK@@!NQIDHRJNQHRSHNRHST@BHIT+HSHBDJNIDRTLTCNS@C@AHKDCNLRTF@RUNINLMDOQHRSTO@MNTY@SHSHKDNCON@Q@#NDJ@NIDRUNIT@MRTANF@SNYDLKIHSDADYJNMJTQDMBHID*@C@RDATJU@NONQ@UHK@UDIDAHKNJ@RMN-NUHFNRONC@QIDY@TYDNOQNRSNQ4HU@NIDTRUNINILNHONMNR@MY@CNUNKI@MRUNINLONYHBHINLRSNSHM@L@FNCHM@-NNODSCNK@YDSDJ@UQDLDM@#@M@RHLIDSDJNTRKNUHLNCDQMNFUQDLDM@MIHL@MDNCFNU@Q@IT5@YCTGIDOQDUHDY@F@DM-DOQHI@SDKI@IDOQDUHD/NOTSCHMNR@TQTR@ONK@JNFTADAHSJTHYTLHQT

-NUHOQDUQ@SIDAKHYTANQA@MHJ@C@MHIDOQDRS@K@ATJU@I@RDMI@UNQAQDY@RDHC@KIDSHGNANQDRUQF@U@ITHIDCMNFONIDCMNFCHU@TSHGNIANQAH2@C@IDMIHGNU@S@JSHJ@C@DJ@IT9@TYDKHRTCNMIHRKNIHY@SUNQHKHRJKNO-DCNYUNKI@U@ITLK@CHLANQNUHL@C@ONMNUNY@TYLTANF@SNYDLKIHSDMDCNYUNKI@U@ITC@ONMNUTATCTONSHSDMH-DDANQNUHL@C@SHOQHKHJTC@RDONMNUNUHMTTMDANHYM@CKH@Q@-DDHLOQTHSHOQHKHJTC@NCQDRUNITRK@UT,K@CHANQNUHRTONMNUNHYFM@MHBHNODSRTR@LNONKHSHB@L@!NQDRDY@LQUHBD@JHNUIDJC@M@RONL@DRS@QNLJQ@KIDURSUTATJUDC@RDNONQ@UH2U@JNNANQDMNRS@AKNANQ@IDNFQNLMHFTAHS@J(@JNY@SHDMHY@JNMNLHC@KIDO@C@ITNCKITCRJDQTJD,HUHDONSNU@MI@OQDL@RS@QHL@MDL@LN#@KHDHJ@C@ONMNUNRTCAHM@C@SHHYFM@MHJTOQHKHJTC@ONRS@MDFNQCHFNRONC@Q

OQDMHJ@IDQRTJQN

53

9@LHRKHSDJ@J@UAHTSHB@IM@OQHQNCTHL@K@ONI@U@KDNO@QC@T*QHUNHI@L@3HLIDQHIDHL@HKTRSQ@SHUMNIDC@MJNKDF@QHANKNU@BONI@RMHNTSHB@IMDJHGMNUHGUQRS@QHA@M@LNQRJHRUHIDS!NJDj/QHLHIDMHSDSTRKHJTM@)@CQ@MHY@LHRKHSD.SQ@MSJ@NJ@OHITJQNYJNITM@CHQTUQRSDJNIDRTCNOQHIDMDSNUHDNCRSNSHMTFNCHM@CHIDKHKHJNMSHMDMSHHKHMDOQDLNRSHUDC@KIHMDj/QNJNO@U@MIDL2TDBJNFJ@M@K@Y@SHLCNROHIDDLA@K@RSMHGUNC@R@S@MJDQ@HUDKHJHGAQNCNU@@KHUIDQNU@SMNHYANFCNOQHMNR@JKHL@SRJHGOQNLIDM@JNIDTSHTM@HQDMID@QD@K@MDJHGLDCHSDQ@MRJHGUQRS@)@CQ@MONRS@IDLNQDJNMJTQDMBHIDHYLDTCNL@HGHOQHCNKHGLNQRJHGNQF@MHY@L@-NU@IKHIDR SK@MSHJ@HY,DJRHJNFY@KHU@HRSNMNF SK@MSHJ@HKH(MCHIRJNFNJD@M@ADYJNLOQNLHR@Y@TYHL@ITOQNRSNQ@YANFCDBHS@OQHQNCMHGMDOQHI@SDKI@LNFTC@TFQNYDHHS@UDJNRHRSDL/QHLIDQID@KF@"@TKDQODQ@BDLNRDJNI@RDHQHONOTSJ@MBDQ@NRS@UKI@ITHOTRSNONCRNANLHNJNRDADj2KHMTHMU@YHUMTOQHQNCTONJ@YTITHMDJDUQRSDOK@MJSNM@HQHA@JNIDONSHRJTITI@CQ@MRJDRQNCMHJDj

&QTO@M@TMHJ@HY"QMD&NQDH'QU@SRJDTNJUHQTOQDJNFQ@MHMNFOQNIDJS@R@Q@CMID(MRSHSTS@Y@AHNKNFHITLNQ@HY*NSNQ@(!,*H(MRSHSTS@Y@LNQ@HOQHNA@KIDHY#TAQNUMHJ@M@OQ@UHK@IDONOHRMNUHGUQRS@HRSNMDRSQ@MDITMNF)@CQ@M@JNI@NATGU@S@CHNGQU@SRJHGJ@NHBQMNFNQRJDH@KA@MRJDUNCD(RSQ@HU@MIDIDOQDSNDMNTLNMNFQ@IT KNGSNMDUQRSDHRSNMDNA@KDITMNF)@CQ@M@bJNI@R@CQHONC@SJDNCNR@C@Y@AHKIDDMHLHMU@YHUMHLUQRS@L@MIHGNUNLRS@STRT,NMNFQ@I@IDOQDCRS@UKIDM@T*NSNQTJQ@IDLL@QS@

/QDL@ONC@BHL@RSQTMI@J@HMU@YHUMDUQRSDQHA@Q@JNU@JNKIJH@KFHHOK@MJSNM@ONRSDODMNM@RDKI@U@IT)@CQ@MHMDLHMNUMNTSHTM@CNLHBHKMHHUHLNQRJHRUHIDSdTJNIDLNAHLTHR@J@JUHLONRKIDCHB@ON@TSNGSNMDUQRSDONJ@Y@DUQHIDLD4JTOMNIDNOHR@MNUQRS@@NATGU@DMHRTRUHNQF@MHYLH-@IUDHAQNIIDQDFHRSQNU@MTONRKDCMIHGCDRDS@JFNCHM@L@C@RLNR@JTOHKHRUDSIHRS@QHIDONC@SJDCNJNIHGRLNCNKHJ@Y@K@IDY@M@@RNOHRCQ5DRM@,@HHY(MRSHSTS@Y@AHNKNFHITLNQ@T*NSNQT-@OHS@MIDM@JNIHRTRUDM@HMUQRSDCNROHIDU@KDT)@CQ@M,@HHRSHDC@IDJNCM@RM@IUHDKDRDORJHGLHFQ@M@S@SIOQHCNKHB@HY"QUDMNFHCQTFHGSQNORJHGLNQ@(O@JY@)@CQ@MRJNLNQDIDJ@Q@JSDQHRSHMNC@M@RIDUDQTHL@LMNFNUHD@KNGSNMHGUQRS@OQNBIDMITIDRDOQDJNRSNSHMTYANFUDKHJHGKTJ@SIMNUDUQRSDRTSQ@MRONQSNU@MDA@K@RSMHLUNC@L@HS@JNCNROHIDU@ITT)@CQ@MRJNLNQDdJ@D5DRM@,@H

.PCK?NMB?AGK?QRPSLH?I?GLT?XGTLCTPQRCPG@?P?IMT?IMJHIG?JEGGNJ?LIRML?NMQRCNCLML?QCJH?T?HS(?BP?LGLCKGLMTLMSRGSL?BMKGAGJLGGTGKMPQIGQTGHCR3IMHCKM@GKSGQ?I?ITGKNMQJHCBGA?NM?SRMFRMLCTPQRCNMI?X?CTPGHCKCi (&.1/$1(

54

/QDL@QHIDHL@CQ5DRMD,@HMDJD@KNGSNMDHHMU@YHUMDUQRSDRTTRONRS@UHKDRS@MHSD/NOTS@KFDB@TKDQODQ@BDLNRD(L@IDRUDUHDHINMDL@M@HM@J@JNC@RDY@TRS@UHMIDMQ@RSO@RDM@C@LNC@DOQHQNC@THMHSHRUNIDHNUTUDNL@HMU@YHUMT@KFTY@TRS@UHSHTMIDMNLC@KIDLQ@RST.M@M@UNCHC@NC@KNGSNMHLUQRS@QHA@HL@MDJNKHJNJNIDLNFTAHSHDJNMNLRJHU@MD@KHHL@HNSQNUMHGQHA@ONOTSETFTJ@JNIDYNUT)@O@MBH2CQTFDRSQ@MD"@KKHMDBSDRR@OHCTRbOK@UHQ@JhH@JNUQKNHMU@YHUM@LNDAHSHDJNMNLRJHU@M@UQRS@IDQIDIDRSHU@@MIDFNU@AQNIMNRSRDONUD@U@9@MHLKIHUNIDC@IDT!NJHDUDMCDSHQ@M@HUQRS@J@LO@HY,DJRHJNFY@KHU@NC@JKDIDCNROIDK@UIDQNU@SMNA@K@RSMHLUNC@L@1HIDIDNUQRSH%@Q@MSDODM@DTR@YSDBTRJNI@IDT

ONRSNIAHMHSDLDKIQHA@QRJDHMCTRSQHID

/QNIDJ@SIDSQ@I@NCUHIDFNCHMD@M@MRHQ@K@RTF@,HMHRS@QRSUNM@TJD"QMD&NQDH,HMHRS@QRSUNM@TJD'QU@SRJD.RSU@QDMIDHYLDT(MRSHSTS@Y@AHNKNFHITLNQ@*NSNQH(MRSHSTS@Y@LNQDHOQHNA@KID2UDTHKHS@T#TAQNUMHJT3NIDY@OQ@UNR@LNM@RS@U@JCTFNFNCHMIDUDNL@TROIDMDR@Q@CMID@TDRMHBHRTJN@TSNQHM@LNMNFQ@IH/QNIDJSHAHK@SDQ@KMDR@Q@CMIDM@MRHQ@ITR@LNOTSHANQ@U@JHRSQ@HU@@TCQTFHLYDLKI@L@S@JNC@IDLNMNFQ@I@IDS@LO@M@HYRNORSUDMHGRQDCRS@U@(MRSHSTS@Y@AHNKNFHITLNQ@*NSNQHSTRDONRDAMNY@GU@KITIDLJNKDFHMHBHCQ,HKHBH,@MCH,HRLNY@OQ@UNM@M@TMHHYUIDS@IJNIHIDCNRS@UKIDMLHMHRS@QRSUHL@OQHK@FNCHKHTNU@JNRSQTMNONOTK@QMTOTAKHJ@BHITJNI@IDOQ@JSHMNCNRSTOM@RUHL@IDQDM@R@IST(MRSHSTS@VVVHALJNQFTRJNQNAHSHONRS@UKIDM@DKDJSQNMRJ@UDQYHI@NUDLNMNFQ@IDS@LO@MDUDQYHIDDLNONCHIDKHSHNMHLQHA@QHL@QNMHNBHL@HY@KITAKIDMHBHL@TLNQDJNIHRTM@LCNR@C@I@UKI@KHY@MDJDNCNUHGMNUHGUQRS@HKHY@MDJDQHIDSJDUQRSDIDQRL@SQ@LNC@IDSNM@IANKIHM@HMC@

HLRDY@GU@KHLNM@R@Q@CMIHHTIDCMNC@HGONYNUDLNC@M@LRDNAQ@SDTJNKHJNOQHLHIDSDMDJDMDNAHMDHKHMNUDUQRSDdHRS@JK@IDR@FNUNQMHB@)TSQ@-DLHMNUMNOQNIDJ@SRDM@RK@MI@NHM@MDJ@Q@MHI@HRSQ@HU@MI@SNJNLJNIHGIDDUHCDMSHQ@MNC@RDJ@S@KNFI@CQ@MRJHGUQRS@ONUDDU@ATCTHC@RDTQ@YL@JTNCCUHIDSQHFNCHMDQDCNUMNONI@UHMDJ@MNU@UQRS@

4OQHQNCHIDRUDONUDY@MNS@JNC@M@Q@UMNHNUHQDYTKS@SHRDNRK@MI@ITM@OQDSGNCM@HRSQ@HU@MI@*NMRS@MSMNHRSQ@HU@MIDIDONFNSNUNU@MNIDQMHIDLNFTDTUHIDJHRUTC@M@HONIDCHMDUQRSDJ@CDKHSDC@HGM@DSDS@JNC@R@LNY@IDCMHJHLHCTFNSQ@IMHLQ@CNLLNDLNCNHCNJU@KHSDSMHGQDYTKS@S@!QNIMNUHGUQRS@RDRS@KMNONUD@U@3DMCDMBHI@IDC@DSDOQNLIDMDAHSHRUDUDDO@IDY@SNU@MNC@ATCDLNTSNJTR@YAHU@MIHL@TOQHQNCHHC@TYNCFNU@Q@ITDONC@SJDNCM@TMHGHMRSHSTS@LHMHRS@QRSU@JQDHQ@IT@CDJU@SMDRSQ@SDFHIDNTU@MI@AHNCHUDQYHSDS@HNCQHUNFQ@YUNI@dY@JKITHK@ID,@H(/

,NMNFQ@I@JNI@IDCNRSTOM@HTDKDJSQNMRJNIENQLHMHIDR@LNSHUNY@M@TMHJDNM@IDOQHIDRUDF@RHFM@KM@OQNLHKI@MIDJ@JNC@RDRSQ@SDJHTSHDM@ONSDMBHI@KMDMDF@SHUMDTSHB@IDOQHCNKHGUQRS@NCJNIDMDJDHRSHRJTITRKHMDHKHRQNCMDCNL@DUQRSD/QHQNC@MDONYM@IDFQ@MHBDYANFDF@IDM@OQNAKDL@KNGSNMHGHHMU@YHUMHGUQRS@ONSQDA@MQDFHNM@KMHNCFNUNQRK@TRDDJRODQSH9@IDCMHJHRLNM@OQ@UHKHLNMNFQ@ITY@M@IHQTI@UMNRSJ@JNAHRUHKITCHK@JNLNFKHOQDONYM@SHMNUDUQRSDT)@CQ@MTJ@C@HGRQDSMTHNSNLDHMENQLHR@SHM@TMHJDJNIHDC@KIDOQ@SHSHRS@MIDHRS@J@NIDM@OQDYDMS@BHIHLNMNFQ@IDCQ#@UNQ+THHY#TAQNUMHJ@#HQDJSNQ(!,*,HQJNTQNUHIDNBHIDMHNC@DOTAKHJ@BHI@CNOQHMHIDSHC@RDI@UMNRSTONYM@NOQNAKDLHL@JNIDLNFTOQNTYQNJNU@SH@KNGSNMDUQRSDSDC@DNLNFTHSHM@CKDMHLRKTA@L@ROQNUNDMID@CDJU@SMHGLIDQ@TNCAQ@MHNCHMU@YHUMHGUQRS@HY@NTU@MIDAHNCHUDQYHSDS@

55

3$*23 ( %.3. +$*2 -#1 +)(5(

56

57

DRSNM@LRDHMHC@YANFAQHF@HNA@UDY@OQNRSNMDL@LNUQDLDM@Y@RDAD*@JNM@LDRSNE@KHNM@IIDC@MC@MC@TGU@SHLNU@YCTGb4JNKHJNRONYM@SDKIDONSTOQHQNCDHNCKTHSDC@RS@KMNATCDSDMIDMCHNSNDRDOQNLHIDMHSH*@MINMQHIDJD"HIDUMDU@LLNDONLNHC@M@OQ@UHSDOQUHJNQ@JJ@LHIDMI@MITM@UHJ@HRGU@SHSDC@U@ROQHQNC@OQHGU@S@TM@QTIDNMC@J@C@INIRDTONSOTMNRSHOQDOTRSHSD9@ONDS@JU@DFRIDCHMI@U@MI@R@OQHQNCNLTJNKHJNRSDTAKHYHMHFK@UMNFFQ@C@M@QDCM@OK@MHM@QRJ@STQ@OQ@UHIDHYANQ JNHY/NCFNQHBDJQDMDSDOQDL@M@RDKIT*NMHJOQNDSD#HMNTHTOTSHSDRDKHIDUNLNA@KNL"HIDUMDYM@ISDC@RSDM@CNAQNLOTST RE@KSHQ@MHOTSUNCHDU@RMDJHGJHKNLDS@Q@CNJMDCNDSDCNLNRS@MDJ@CIDSNAHK@J@Q@TK@JNIHIDTONFQ@MHMNLCHIDKTR@ KA@MHINL,IDRSNRDYNUD"DLHH3QHDRGHS9@SQHIDA@J@"HIDUM@-HHCHNJ@MINM@M@RDKIDMIDRS@MNUMHSUNLOKDLDM@&QTCD@UHHCHNTYUNCMNOQHO@C@OKDLDMT9@SQHIDO@-@HDSDRDM@M@CLNQRJNIUHRHMHNCNJNLDS@Q@HU@DOK@MHM@QDMIDONHMIDST JNIDSNM@CLNQRJ@UHRHM@M@JNINICNR@C@MHIDRSDAHKHNMC@RSDTOQ@UNONAHIDCHKHRDADHLNDSDAHSHONMNRMHYANFSNF@HR@LNHHC@KID)DQNUNIDOK@MHM@QRJ@STQ@JNI@DU@RNCUDRSHM@NJNLDS@Q@M@CLNQRJDUHRHMDCNM@RDKI@2SIDONG#@JKDR@UK@C@DSDMDS@JNL@KTUHRHMTY@OQUHOTS@MDDSDRDTLNQHSHSNIDRHFTQMN*@C@OQNDSDLNRSODMIDSDRDCDRMNL

58

RSQ@MNLJ@MINM@2S@Y@MHIDL@QJHQ@M@@KHMDLNDSDONFQHIDHSHIDQU@LRDM@JNMMDJNKHJNRSNSHM@LDS@Q@TJ@YTIDS@JNYU@M@JNYI@RS@Y@JNI@U@RUNCHCNUQG@-NOQHIDUQG@U@KI@KNAHOQ@UHSHDDO@TYDHCNAQNOQNLNSQHSHNJNKHMT5@KI@KNAHC@JNM@MNTLIDRSNHYJMIHF@FQ@CHUNTHSDM@OQ@UHM@HMTOQHQNCH#NAQNIDOQHRIDSHSHRDC@ID"HIDUM@M@IUD@QHIDJ@TQDFHNMT/QNJKDSHI@#@JQNY KA@MHITOQNSHDCTHMNLNCJHKNLDS@Q@CNJM@SDQHSNQHIH"QMD&NQDSDDCTHMNLNCJL9@OQ@UNA@RDMQHIDJD"HIDUMDONJQHU@ONUQHMTNCJLSNIDOQHAKHMNIDCM@JNONUQHMH2J@C@QRJNFIDYDQ@*@MINM"HIDUMDM@LIDRUDTHHHMHRDC@RDRL@MITID@KHA@HR@LNY@GU@KITITHSNLDSNRDODMIDLNRUDUHDRGU@S@LNC@IDRU@JHMIDMLDS@QUQHIDC@MOQHD

*@JNRDODMIDSDS@JNRGU@S@SDC@CNKIDTONCMNITMHIDRSDUHCIDKHMHS@5IDQTIDLC@DSDM@SQDMTSJDNRIDSHSHHMDJTUQRSTQ@YN@Q@MI@SNCNR@C@MHIDRSDYM@KHY@KIDONSDNUNFJQ@I@@SQDA@KNID

*@JNRDODMIDSDS@JNU@L/QNJKDSHIDNSJQHU@ITCHN@KHR@LNCHNRDAD

(SNNM@ICHNYANFJNIDFDSDONLHRKHSHC@RDQ@CHNOHSNLNIOK@MHMH MHIDA@S@JN

L@J@QMDY@NMDJNIHAHQ@ITONFQD@MM@HMC@OQHTOK@MHMHHJNIHRL@SQ@ITC@RTLNMHIHHKTJ@UHIHNCMID@MHIDRT/QNJKDSHIDDSDUHCIDSHM@ITFTHITFNHRSNJT/QDL@ITFTID5DKIDBHJLMU NCL@GHYM@CJ@MINM@@UHDOQDL@HRSNJTID*@O@D!QNIRLMU(@JNNU@OK@MHM@QRJ@STQ@MDU@HY@YHJHHSDGMHJHY@GSIDUMTLNQ@SDAHSHNOQDYMH!@YANFHMIDMHBDC@RDM@ISDDMDRQDDCD@U@ITNMC@J@C@RDNOTRSHSDHONLHRKHSDC@RSDLTCQHIHHRM@MHIHNCOK@MHMDMIDMNUHRN@MRSUNDU@RTUIDQHSHTRTOQNSMN/NJ@Y@DRUNITS@LMTMHL@KNOQHI@SMTRSQ@MTHRGU@SHDSDJNKHJNRSDL@KHHMDAHSMHM@MIDMNISDQHSNQHIH4YDRSDO@TYDENSNFQ@R@MIDTHU@MIDTMDRSU@QMNKHIDONLONFKDCTM@R@UQDMRSUNNJNIDLAHU@KI@KNTUHIDJOQH@SHHYJ@MINM@DSDHY@HY@NSOQHKHJDCU@HONR@S@-@Q@UMNSNY@UHRHNCFQTODR@JNINLHCDSDJNMCHBHIDUNKIDC@NRSU@QHSDBHKIHDKIDC@CNAHIDSDM@IKIDOHONJKNMJNIHKITAHSDKIOQHQNCDLNDC@CNAHIDONFKDCYANFJNIDFDSDHONDSHC@OK@MHM@QHSD4OQ@UNJ@C@ONRS@MDSDRUIDRMHHMIDMHBDC@RSDL@J@QM@MDJNKHJNR@SHHY@KHHYJNKNSDHMDAHKHTIDCMNIQD@KMNIA@IBHJNI@RDYNUDOQHQNC@TLIDRSNC@RSDHROHI@KHJ@ETM@A@KJNMTHLHRKHKHC@THU@SDTKHIDONLC@MTRGU@SHDSDY@SNOK@MHM@QHJ@TC@TONIDCHMHLRHST@BHI@L@ONRS@MTY@UHRMHBH9@UHRMHBHIDQMDDKDC@RDNSQFMTHYQTJTOK@MHMDHOQHQNCDUDM@OQNSHUDKDIDCMNLY@RU@FC@C@ONRS@MTMIHGNUCHN

HUDTYMIHGHY@MIHGj

%.3. #4*.,(+) -(

,MNFNAHAHKNK@JDOHR@SHNAHKNJNIDLCQTFNLLIDRSTIDQM@R@LHONLDMHLDM@1N@IDRQBDY@RS@MD-@LNLDM@SSDJSNKHJNC@M@FK@RHC@1N@IDTMIDLTRO@U@-HR@LRDAHM@@KHIDR@LHRK@A@HONMNRM@M@LNIFQ@CKITCDHOQHQNCMDKIDONSDJNIDRDTQ@YKHHSHLFNCHMIHLCNAHL@OQDSU@Q@ITTHRSHMRJHQ@I HUIDSHTYDL@KIRJNLQ@ITMHIDL@K@RSU@QY@LDMDJNI@RMHU@LJ@JNNATTRUNITHYTU@LJ@C@OQDK@YHL(A@QH"QMITH!TJDKIJTH+@Y@MJT

O@K@JHLJNQ@JNLRUDCNUQG@QN@IRJDKIDONSHBD'@IKD

3$*23 ( %.3. 4+() * 1#.5(

60

*QNYFTRSDDSHM@QRJDOQDCIDKDOQ@SDHI@RM@NAHKIDI@OK@MHM@QRJDRS@YDIDYCHLNI@CQTHM@OTMHGOKT@TYONMDJHOQDC@G@KTHRLHIDG1@CNRMHRLNJ@NC@GQKHLNHUNSMNLSQNMT

2SHDLNTCNLJTKSTQD#DQL@CNbMDY@NAHK@YMTRS@MHBTY@RUDJNIHJQDTM@'@IKT.CL@Q@LNRDTSNOKNL@LAHIDMSTTYOTBJDS@MIDU@SQD@IHCDRDQS2IDCHLNNJNNFMIHS@FKDC@ITHRDJQNYSHSQ@IOK@LDM@

/NMNUNTJNKNMH(RJTRMHUN@/NMNUNTJNKNMH(RJTRMHUN@FQTOD2DLHQ*@QCNUHMDONFQDHUNJQHRMHIDMTRS@YTJNINLIDOQN@NADYAQNIOTS@TUHIDJR@MNUHLTYATDMIDL*NLDMS@QHDLNSQ@FNUDCHUKI@HONJT@U@LNC@NCFNMDSMDLNUQRSTRUDCNJRDM@UHCHJTMDTJ@DOK@MHM@QRJHCNL&QNODb#NLIDUK@RMHSUN/K@MHM@QRJNRONQSRJNFCQTSU@'@IK@@M@K@YHRDM@LDS@Q@UHRHMD(CD@KMNIDLIDRSNY@NCLNQRUHL@JNIHJQDMTNUNLL@QQTSNLIDQY@CNUNKI@U@RS@MC@QCDHHL@RUDTRKNUDY@ANQ@U@JHMNDMIDONIDCHM@B@HFQTO@

IDOQN@NADYAQNIOTS@TUHIDJR@

M@K@YHRDM@LDS@Q@UHRHMD

L@JNIHJQDMTNUNLL@QQTSNL

5N@C@IDYM@JY@ONJQDS#@KDJNIDHY@M@RRTLNQM@RU@JNCMDUHB@UQDU@F@K@L@HR@UTQMDADRJNIHLM@RY@SQO@U@C@M@MIHM@HMHUNS@.UCIDONRSNIDR@LNMDANHRMHIDM@AIDKHM@JNI@HRSDHRQBDHQ@YTL

(R@C@J@NHRU@JNFOTS@J@C@TFKDC@LNUQGM@RS@MDS@I@B2U@JNY@RDADTHU@TADRJQ@ITKIDONSD/NRL@SQ@LKITCDJNIHRTOQUHOTSM@UQGT2QDMHRTMDSNSNIDCNR@C@AHKNY@MIHGR@LNR@MMDSNTC@KIDMNMDCNRSHMNjONRS@KNIDCHNMIHGNUHGHUNS@4ROIDKHRT3NIDS@JNCNA@QNRID@ISNLNQ@SDCNHUIDSH+IDONS@HLHQFCIDFNCC@ONFKDC@NJNRDAD-DRSU@QMNMDANANIDM@Q@MCDKITAHUQGNUDTSNFJ@LDM@JQNYL@FKTNCO@LTJ@@QNKHI@NATYLDNUIDJ@1@YAHRSQHRDTLONSDJTRSHGNUH

' )+ j-DADRJ@KIDONS@RTQNU@HLHK@5IDM@MHBTAHIDKTNATJK@JNUHK@/@MDADR@RHKM@UQGNUHL@ANCD5@YC@INIRDUQ@@JNINIIDCMNLNCDj

61

62

63

DKN*@KTCQ@JLLIDIDCM@NCNLHKIDMHGCDRSHM@BHI@ADQ@MRJHGAHBHJKHRS@*@Q@J

SDQHRSHJDNUDQTSDRT@RE@KSMHOTSTLIDQDM@JHKNLDSQ@@TNA@RLIDQ@JLHTRONMJNIHRU@JNR@HNKDJNMCHBHIDLNDC@R@UK@C@*@C@RDOQNDOQHFQ@CRJNM@RDKID+TFDHRDKN#NMI@1@MHB@UNYHRDJQNYOQDKHIDOTTRJTCNKHMT*@KTC@QRJDQHIDJDJNI@RDM@LNLDMSDNAQ@YTIDTJKHRTQT!HBHJKHRSTHS@UNLCHNMHBNLOQ@SHTANQUNCD@M@QNHSNIDNUTC@KHIDONOQNHTOQNKIDDJ@C@RDATCHOQHQNC@@M@ATI@KHONSNBHSNGQKDR@OK@MHM@SNKHJNONCHFMTUNCNRS@IQHIDJDC@TANQONRS@IDI@JHGTJJNIHRDHQHM@RUDRSQ@MDNUHLHM@DSHGHLHRK@ANOQNLDSMHLJQ@IDL-@I@SQ@JSHUMHIDS@JDM@NUNICHNMHBHRTRU@J@JN.SQHJQJL#IDUNI@JHJQJLL@M@RSHQ2UDSNF+TJDJLHM@Q@UMNR@LNRDKN*@KTCQ@JNIDIDINOQDOTMNKHIDOHG@TSNGSNMHGJT@RUNIRSUDMHGNUNLQDFHNMT *@C@RDMDL@HS@UC@MM@Q@RONK@F@MITY@CTFDUNMIDHKHIDUQHIDLDMDRS@AHKMNNU@JQ@SJ@CHNMHB@CN*@KTCQDHM@Y@CIDLMNFHLAHBHJKHRSHL@E@UNQHS

3$*23 ( %.3.).5 --(*.+(

a a a a a a a a a a a a a a a a a - (- 666/$# + ),$

64

/Q@U@@SQ@JBHI@TRSU@QHONHMIDSDJNCRDK@*@KTCQ@J@C@MDRS@MD@RE@KS@HJQDMDRDC@KIDTYUNCMN*@KTC@QRJNLQHIDJNL@NMC@L@J@C@LRJHLOTSDUHL@OQDL@MDJNINCUHRHMRJHGS@@J@"LHKIDUHBHH#@JNUHBH@,TQF@H'@IKH*@KTC@QRJHLJ@O@L@H,NJQNI/QNHNUHLRS@Y@L@JQNYMDS@JMTSDHCHUKIDJ@KTC@QRJDHQN@IRJDOQDCIDKDCNHUKI@IIDJNIHRDCTFNO@LSH-@JLLJ@C@RDOQNDIDC@MCQUDMHLNRSNSQHLRJQDS@MIDLTCDRMNNSONHMIDTRONMCNJ@STM@*@KTC@QRJDJ@OD*@Q@JSDQHRSHJDNUNFONSDY@RTHRS@CHUKIHM@OQHKHMNKNOTSHLMNFNI@JTRONM#THM@CHNMHBDIDJLUHRHMRJ@Q@YKHJ@JNITSQDA@R@UK@C@SHIDLOQNRID@MM@FHAID@L@JRHL@KMHM@FHACNRSHD@J 9@ROQDLMDAQCRJDAHBHJKHRSDNUNIDTNAH@IDMHHY@YNUCNJDY@ONDSMHJDNUNAHSHDORJHONCUHF-@JNMCNRS@OQNKHUDMNFYMNI@@KHHMDY@ANQ@UMNFTHU@MI@TNOHMI@U@ITHLJ@KTC@QRJHL TL@L@ HRI@IMHLUHCHBHL@THDRDTKHIDOH@TSDMSHMHBQMNFNQRJHJ@STM*@KTC@QRJDJ@ODJLL4OQUHL@GJ@STMLNDHYFKDC@SHOTRSNLDTSHLTQ@YFNUNQTR@RSN@QHL@JNIHDU@RKITA@YMNONYU@SHM@J@ETR@YM@DSDC@IDONAQNITRSNMNFENMC@NU@IJ@STMIDC@MNCUDHGTHS@UNLQDFHNMT 2SHFK@IDHRNK@QM@DMDQFHI@JQNYOQNIDJ@S,HMHRS@QRSU@ONKINOQHUQDCDS@JNC@DSDM@LMNFHLJQNUNUHL@OQHLHIDSHSHRNK@QMDO@MDKD(YCHY@MIDM@J@STMDIDUIDJNUM@SQ@CHBHI@BQMNFNQRJHG RSN@Q@&CIDFNCHL@ANF@SHGO@MI@J@STRTHJ@STMH +HIDONIDUHCIDSHC@MDJNHO@JQ@YLHKI@NJ@JUNLS@JUNLONANKI@MITTRKNU@HUNS@Y@NMDJNIHRDINTUHIDJA@UDNUNLCIDK@SMNT -@@KNRSTONRKDCMIHGMDJNKHJNCDBDMHI@RUDIDL@MIDKITCHTRDKHL@TNOSD@R@LHLSHLINHGIDL@MIDTJ@STMHL@

65

*@STMHRTLNC@IDCHM@LIDRS@T"QMNI&NQHFCIDRDINI@RMNLNDNRIDSHSHC@GM@DSQ@CHBHIDJ@JNTM@HMTFQ@CMID

S@JNHTRSHKTHUNS@HIDKHL@JNI@RDNUCIDIDCT2UDOQHRTSMHIHRSQ@MH@U@MSTQHRSHJNIHCNK@YDM@M@DOK@MHMDSNCNAQNOQDONYM@ITHTYEDMNLDM@KMT

OQHQNCTJ@STMRJHM@HMHUNS@M@MIHGNRS@UKI@M@IONYHSHUMHIHTSHR@J

&.2/. ! !(* 34-* +4# 12*$* /$

66

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d@QNAMHHRSNJJNI@ONUDYTID!IDK@RHBT*NLNUD/QNJKDSHIDH'@IKTHJNI@TRUNIHGJHKNLDS@Q@OQT@MDY@ANQ@UMDODIY@DHONSOTMNQ@YKHHSTOQHQNCT.OBHI@Y@OK@MHMRJHAHBHJKHY@LTNUNLJQ@ITHL@LMNFN(SQDA@KNAHINLMNFNUHDHJU@KHSDSMHIDQ@CHSHJ@JNAHRDBHIDK@NU@NAK@RSHROQDRHIDB@K@RS@Y@L@TONSOTMHK@OQNOQ@SMNLONMTCNLHI@JNLOQNLNBHINLJ@JN AHNU@I@SQ@JSHUMHONFQ@MHMHQDFHNM"QMD&NQDONRS@NYM@@IM@CDRSHM@BHI@M@L@OH$UQNODJ@C@IDTOHS@MITQDJQD@SHUMHHSTQHRSHJHUHCOK@MHMRJNF AHBHJKHYL@

67

8?NMTP?R?I NMQRMHGLCIMJGIM MNAGH?-BI?RSL?NMQRMHGBPSEG K?I?B?K IMHGNPCIM0?TLGFMK?P?1STMT?PCG.CA?LMTGACTMBGS)?JSBPS? ?RP?IRGT?L

NMTP?R?IHCG Q?IMLRP?QRP?LCNPCIMGTMNGQLGFCISJ?PQIGFQCJ? IMQCGK?TPCKCL?GIMLBGAGHCKMCQCL?QR?TGRG HMB?JHC NPCIM +MIPC

G 4CJGIC BM +SPGL?N?K?EGQRP?JMKL?X?BX? CP?LC3QT?IMKQJS?HSIMH?EMBMNAGH?B?QCMB?@CPCX?E?P?LRMT?LHCBM@?PNMEJCBNPGPMB?

IMH?MBSXGK?B?FQCJ?GKHCR?LGIMHGK?C@GRGBP?EMB?T?QTGBC

pie $+)*., #& )

%.3.2 /./.5(68

69

QUHONRIDSHNBHNUDODHMDONDSJNLDYCDRDSHGFNCHM@RHFTQMNRTAHKHN@Q@MHHLONY@MSMNLCUNQ@MNLJNI@RDNSU@Q@M@JNMUDNL@TRJNFOQNUK@DMI@HNFQNLMHLY@RHF@MHLJHONLM@KHJCHUT

JNIHRS@LDMNACHIDCTANJNTTSQNAH&Q@CHMRJNFJQ@S@TU@NU@IRMHIDMNAHIDKHFNQNRS@RCNJYTQHTOQHCNKHBDHQNJNNSUNQDMHLNJNL,NC@YK@SMHJDHONYK@DM@NJNU@M@UQ@S@RS@QNF,@M@RSHQ@JNIDRTLNM@RHRJKNMHKHNA@UDY@UHRDM@Y@UIDSTS@MI@LNC@S@IMHOQNK@YC@AHRDRO@RHKNCQ@FNBIDMHIDHNCR@LNFYK@S@HKHR@LNbMDOQNBIDMIHUNOQHQNCMNAK@FNRSU@Q@MNLHKDMHITLHL@dJ@OONJ@O4FKTUNISHHMHONCYDLKI@IDCHMNSNRDLNDTSHRTSDQHSLHJDJ@OHUNCDJNIHO@C@ITR@RSQNO@TIDYDQBDHRONCMNFT)DSHI@HM@RS@K@FLHSDJNIHQ@RSTbSDJCIDKHLHKHLDSQ@Y@FNCHMT#@AHCNRSHFKHUHRHMTNUIDJ@ONSQDAMDRTRSNSHMDGHKI@C@FNCHM@JNKHJNIDSDJSQDA@KN)DSHITC@M@Q@RSDM@RUNITUHRHMTNCDRSLDS@Q@

/QUHGRSNSHMTLDS@Q@J@M@K@ONCM@YHUNLi&QKN.RNIDcMHIDIDCMNRS@UMNOQNHYANFCU@TRJ@OQNUK@DMI@HIDCMNFL@MIDFRJNJ@NCODSLDS@Q@JNIHRDMDLNDR@UK@C@SHADYTONSQDADTDS@HRODKDNKNJDNOQDLD/QNRID@MM@FHAJ@M@K@TNUNLCHIDKTODHMDRDJQDDNCt/NCIDOQDJQHUDMCQNAHMNLHM@MDJHLLIDRSHL@M@RK@F@L@AK@S@-@MDJHLJNRHM@L@TY@RHF@MNLONCTRTTJKDR@M@TCTAKIDMI@Y@K@JHOQNK@Y@J&QKN.RNIDbY@UQ@U@RDOQNUK@DMIDLTCTHMHNCNJNODSLDS@Q@M@JNMJNIDFRDNSU@Q@UDKHJ@CUNQ@M@b2MHIDMHNUIDJh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

(YCUNQ@MD2MHIDMHNUIDJJ@M@KRDROTS@JNRHMNLCNUDQSHJ@K@NCLDS@Q@JNI@UNCHT/QNK@YCTGNU@b(YNUNFCHIDK@ODHMDJ@M@KHRDNCU@I@ITTCU@OQ@UB@)DC@MROTRS