(EW :SV[SVX (MIWI &IHMIRYRKWERPIMXYRK LMPJX -LRIR FIMQ FIWXMQQYRKWKIQÈÃIR YRH WMGLIVIR +IFVEYGL -LVIW 6EHMSW MQ JSPKIRHIR %RPEKI SHIV +IVÈX KIRERRX (MI +IWXEPXYRKWQIVOQEPI HMIWIV &I HMIRYRKWERPIMXYRK :IVWGLMIHIRI )PIQIRXI HIV &IHMIRYRKWERPIMXYRK WMRH QMX JIWXKIPIKXIR +IWXEPXYRKWQIVOQEPIR ZIVWILIR 7S OÚRRIR WMI PIMGLX JIWXWXIPPIR SF IW WMGL YQ RSVQEPIR 8I\X (MI >MIPKVYTTI HMIWIV &IHMIRYRKWER PIMXYRK (MI &IHMIRYRKWERPIMXYRK VMGLXIX WMGL ER NIHI 4IVWSR HMI HEW +IVÈX
-RLEPXWZIV^IMGLRMW ;MI 7MI HMI (MWTPE]ER^IMKIR EYJVYJIR 7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW 7MGLIVLIMX 9QKERK QMX &EXXIVMIR ;MI 7MI HEW +IVÈX MQ 9/; 1SHYW FIHMIRIR ;MI 7MI IMRIR 9/; *1 7IRHIV IMRWXIPPIR ;MI 7MI 1SRS 7XIVIS IMRWXIPPIR ;MI 7
7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW 7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW 0IWIR 7MI FMXXI EPPI 7MGLIVLIMXWLMR[IMWI WSVKJÈPXMK HYVGL YRH FI[ELVIR 7MI HMIWI JàV WTÈXIVI *VEKIR EYJ &IJSP KIR 7MI MQQIV EPPI ;EVRYRKIR YRH ,MR[IMWI MR HMIWIV &IHMIRYRKWERPIMXYRK YRH EYJ HIV 6àGOWIMXI HIW +IVÈXW 7MGLIVLIMX :SVWMGLX MQ 9QKERK QMX HIQ 2IX^EHETXIV (EW +IVÈX HEVJ RYV ER IMRI 2IX^WTERRYRK ZSR :b ,^ ERKIWGLPSWWIR [IVHIR :IVWY GLIR 7MI RMIQEPW HEW +IVÈX QMX IMRIV ERHIVIR 7TERRYRK ^Y
7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW ÀFIVPEWWIR 7MI ;EVXYRKWEVFIMXIR WXIXW UYEPMJM^MIV XIQ *EGLTIVWSREP %RHIVRJEPPW KIJÈLVHIR 7MI WMGL YRH ERHIVI (MI %RWGLPYWWOSRXEOXI EYJ HIV +IVÈXIVàGOWIMXI RMGLX QMX QIXEPPMWGLIR +IKIRWXÈRHIR SHIV HIR *MRKIVR FIVàLVIR (MI *SPKI OÚRRIR /YV^WGLPàWWI WIMR (EW +IVÈX FPIMFX EYGL MR EYWKIWGLEPXIXIQ >YWXERH 7XERHF] QMX HIQ 7XVSQRIX^ ZIVFYRHIR >MILIR 7MI HIR 7XIGOIV HIW 2IX^XIMPW EYW HIV 7XIGOHSWI JEPPW 7MI HEW +IVÈX àFIV IMRIR PÈRKIVIR >IM
7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW ;MGLXMKIV ,MR[IMW ^YV )RXWSVKYRK &EXXIVMIR OÚRRIR +MJXWXSJJI IRXLEPXIR HMI HMI +IWYRHLIMX YRH HMI 9Q[IPX WGLÈHMKIR (EW 4VSHYOX IRXLÈPX &EXXIVMIR HMI HIV )YVSTÈMWGLIR 6MGLXPMRMI )+ YRXIVPMIKIR (MIWI HàVJIR RMGLX QMX HIQ RSVQEPIR ,EYWQàPP IRXWSVKX [IVHIR &MXXI MRJSVQMIVIR 7MI WMGL àFIV HMI ÚVXPMGLIR &IWXMQ QYRKIR ^Y KIWSRHIVXIR )RXWSVKYRK ZSR &EXXIVMIR HE HYVGL HMI OSVVIOXI )RXWSVKYRK 9Q[IPX YRH 1IR WGLIR ZSV QÚKPMGLIR RIKEXMZIR *SPKIR KIWGL
7MGLIVLIMX YRH %YJWXIPPIR HIW +IVÈXW 0IKIR 7MI IMRI VYXWGLJIWXI 9RXIVPEKI YRXIV HMI +I VÈXIJàÃI YQ %FHVàGOI EYJ 1ÚFIPSFIVJPÈGLIR ^Y ZIVQIMHIR ;IRR 7MI HEW +IVÈX ZSR IMRIV OEPXIR MR IMRI [EVQI 9QKIFYRK FVMRKIR OERR WMGL MQ -RRIVIR HIW +IVÈ XIW *IYGLXMKOIMX RMIHIVWGLPEKIR ;EVXIR 7MI MR HMI WIQ *EPP IX[E IMRI 7XYRHI FIZSV 7MI IW MR &IXVMIF RILQIR 7XIPPIR 7MI WMGLIV HEWW HEW 2IX^OEFIP SHIV HIV 7XIGOIV MQQIV PIMGLX ^YKÈRKPMGL WMRH WSHEWW 7MI HEW +IVÈX WGLRIPP ZSR HIV
(MI &IWGLVIMFYRK HIW +IVÈXW (MI &IWGLVIMFYRK HIW +IVÈXW (EW 6EHMS IQTJÈRKX EYJ HIR *VIUYIR^IR 9/; z 1,^ EREPSK YRH (%& z 1,^ HMKMXEP (EW +IVÈX ZIVJàKX àFIV NI 7IRHIVWTIMGLIVTPÈX^I ;IRR IMR 7IRHIV KIJYRHIR F^[ IMRKIWXIPPX MWX [MVH HMI 9LV^IMX YRH HEW (EXYQ EYXSQEXMWGL àFIV HEW (%& 7MKREP IMRKIWXIPPX (EW +IVÈX ZIVJàKX àFIV IMRI >IMX YRH (EXYQWER^IM KI WS[MI IMRI ;IGOJYROXMSR QMX ^[IM YREFLÈRKMKIR ;IGO^IMXIR (EW +IVÈX FIWMX^X IMRIR /STJLÚVIV %RWGLPYWW
;MI 7MI HEW +IVÈX ^YQ &IXVMIF ZSVFIVIMXIR ;MI 7MI HEW +IVÈX ^YQ &IXVMIF ZSVFIVIMXIR ;MI 7MI HMI &EXXIVMIR IMRPIKIR (VILIR 7MI HEW +IVÈX WS HEWW 7MI HEW &EXXIVMIJEGL ÚJJRIR OÚRRIR >YQ RIX^YREFLÈRKMKIR &IXVMIF FIRÚXMKIR 7MI EPOEPMWGLI &EXXIVMIR %% h1MKRSRw : RMGLX MQ 0MIJIVYQJERK IRXLEPXIR %GLXIR 7MI FIMQ )MRPIKIR EYJ HMI VMGLXMKI 4SPYRK 7MILI +VEJMO EQ &EXXIVMI JEGL 7GLPMIÃIR 7MI HIR &EXXIVMIJEGLHIGOIP [MIHIV WSVK JÈPXMK WS HEWW HMI ,EPXIPEWGLIR HIW (IGOIPW MQ +I LÈ
;MI 7MI HEW +IVÈX ^YQ &IXVMIF ZSVFIVIMXIR ;MI 7MI HIR %RXIRRIRIQTJERK ZIV FIWWIVR (MI %R^ELP YRH 5YEPMXÈX HIV ^Y IQTJERKIRHIR 7IRHIV LÈRKX ZSR HIR )QTJERKWZIVLÈPXRMWWIR EQ %YJWXIPPSVX EF 1MX HIV (%& 9/; 8IPIWOSTERXIRRI OERR IMR EYWKI ^IMGLRIXIV )QTJERK IV^MIPX [IVHIR (MIWI %RXIRRI QYWW MR ZSPPIV 0ÈRKI EYJ HIR KàRWXMKWXIR )QTJERK EYWKIVMGL XIX [IVHIR ,MR[IMW *àV HIR )QTJERK ZSR (MKMXEPVEHMSWXEXMSRIR (%& &IXVMIF WSPPXI HMI 8IPIWOSTERXIRRI YRFIHMRKX MR HIV ZSPPIR 0ÈRKI TSWMXMSRMIVX [
,MR[IMW 2EGL IMRIQ 7XVSQEYWJEPP [MVH QÚKPMGLIV[IMWI RMGLX HMI OSVVIOXI 9LV^IMX ERKI^IMKX :SVWMGLX 2IX^ERWGLPYWW IVWX REGL *IVXMKWXIPPYRK WÈQXPMGLIV %R WGLPàWWI LIVWXIPPIR &IEGLXIR 7MI HMI %RKEFIR EYJ HIQ 8]TIRWGLMPH ;IRR HEW +IVÈX ER HMI 2IX^WTERRYRK ERKIWGLPSWWIR MWX WMRH EYJKVYRH HIV 7XERHF] *YROXMSR 8IMPI HIW +IVÈ XIW MR &IXVMIF 9Q HEW +IVÈX KER^ EYW^YWGLEPXIR QYWW HIV 2IX^WXIGOIV KI^SKIR [IVHIR ;MI 7MI HEW +IVÈX ^YQ &IXVMIF ZSVFIVIMXIR ;MI 7MI IMRIR /STJLÚVIV FIRYX^IR +ILÚVWGL
;MI 7MI EPPKIQIMRI +IVÈXI *YROXMSRIR FIHMIRIR ;MI 7MI EPPKIQIMRI +IVÈXI *YROXMSRIR FIHMIRIR ;MI 7MI HEW +IVÈX IMRWGLEPXIR >MILIR 7MI ZSV HIV :IV[IRHYRK HIW +IVÈXIW HMI 8IPIWOSTERXIRRI EYJ ZSPPI 0ÈRKI EYW (VàGOIR 7MI HMI 8EWXI HEW +IVÈX [MVH OYV^ IMRKIWGLEPXIX YRH h;IPGSQI XS (MKMXEP 6EHMSw IV WGLIMRX (EW +IVÈX FIJMRHIX WMGL MR 7XERHF] (VàGOIR 7MI HMI 8EWXI IVRIYX HEW +IVÈX [MVH IMRKIWGLEPXIX ,MR[IMW 2EGL HIQ IVWXQEPMKIR )MRWGLEPXIR MWX HEW +IVÈX MQ (%& 6EHMSFIXVMIF
;EW MWX (%& (%& MWX IMR RIYIW HMKMXEPIW *SVQEX HYVGL [IPGLIW 7MI OVM WXEPPOPEVIR 7SYRH SLRI 6EYWGLIR LÚVIR OÚRRIR %RHIVW EPW FIM LIVOÚQQPMGLIR %REPSKVEHMSWIRHIVR [IVHIR FIM (%& QILVIVI 7IRHIV EYJ IMR YRH HIVWIPFIR *VIUYIR^ EYWKIWXVELPX (MIW RIRRX QER )RWIQFPI SHIV 1YPXMTPI\I )MR )RWIQFPI WIX^X WMGL EYW HIV 6EHMSWXEXMSR WS[MI QILVI VIR 7IVZMGIOSQTSRIRXIR SHIV (EXIRHMIRWXIR ^YWEQQIR [IPGLI MRHMZMHYIPP ZSR HIR 6EHMSWXEXMSRIR KIWIRHIX [IV HIR -RJSW ^ & YRXIV [[[ HMKMXEPVEHMS HI SHIV [[[ HMKM
:LH 6LH GDV *HUlW LP '$% 0RGXV EHGLHQHQ :LH 6LH GDV *HUlW LP '$% 0RGXV EHGLHQHQ :LH 6LH HLQHQ 6XFKODXI EHL '$% GXUFKIKUHQ 6LH N|QQHQ GHQ 6XFKODXI HQWZHGHU DOV Ä0DQXDO WXQH³ RGHU DOV Ä$XWRVFDQ³ GXUFKIKUHQ :LU HPSIHKOHQ VWHWV GHQ Ä$XWRVFDQ³ 6XFKODXI GXUFK]XIKUHQ GD GDEHL DOOH '$% ± .
;MI 7MI HMI (MWTPE]ER^IMKIR EYJVYJIR ;MI 7MI MREOXMZI 7XEXMSRIR PÚWGLIR (%& &IXVMIF 7MI OÚRRIR RMGLX QILV WIRHIRHI 7XEXMSRIR EYW HIV 7XE XMSRWPMWXI IRXJIVRIR (07 HYVGLPEYJIRHIV 8I\X QMX ^Y WÈX^PMGLIR -RJSVQEXMSRIR HMI HMI 7IRHIV Y 9 FIVIMXWXIPPIR (VàGOIR 7MI HMI 8EWXI -2*3 YRH LEPXIR 7MI HMIWI KIHVàGOX (EW 1IRà ÚJJRIX WMGL (VàGOIR 7MI YQ " 4VYRI ^Y [ÈLPIR &IWXÈXMKIR 7MI HYVGL (VàGOIR ZSR 7)0)'8 h6IQSZMRK MREGXMZI WXEXMSRWw IVWGLIMRX HMI MREOXMZIR 7XEXMSRI
;MI 7MI HEW +IVÈX MQ 9/; 1SHYW FIHMIRIR ;MI 7MI HEW +IVÈX MQ 9/; 1SHYW FIHMIRIR ;MI 7MI IMRIR 9/; *1 7IRHIV IMR WXIPPIR 9Q ^Y 9/; *1 ^Y WGLEPXIR (%& *1 HVàGOIR -Q (MWTPE] IVWGLIMRX OYV^ h7[MXGL XS *1w HEREGL HMI *VIUYIR^ YRH h6EHMS 8I\Xw [IRR IMR 7IRHIV IQTJERKIR [MVH ;MVH IMR 6(7 7MKREP IQTJERKIR IVWGLIMRX HIV 7IRHIV REQI YRH KKJ HIV 6EHMSXI\X 1ERYIPPI 7IRHIV[ELP (VàGOIR 7MI MQ 9/; &IXVMIF YQ HIR KI[àRWGLXIR 7IRHIV IMR^YWXIPPIR (EW (MWTPE] ^IMKX HMI *VIUYIR^ ER
;IMXIVI 1IRàSTXMSRIR IMRWXIPPIR ;IMXIVI 1IRàSTXMSRIR IMRWXIPPIR ,MR[IMW ÀFIVTVàJIR 7MI REGL HIV -RFIXVMIFRELQI YRH HIV IVWX QEPMKIR 2YX^YRK HIW 6EHMSW HMI 9LV^IMX (MI 9LV^IMX YRH HEW (EXYQ [MVH EYXSQEXMWGL àFIV HEW (%& 7MKREP IMRKIWXIPPX ;MI 7MI HMI ;IGO^IMX IMRWXIPPIR (VàGOIR 7MI HMI 8EWXI -2*3 YRH LEPXIR 7MI HMIWI KIHVàGOX (EW 1IRà ÚJJRIX WMGL (VàGOIR 7MI YQ " %PEVQ WIX ^Y [ÈLPIR &IWXÈXMKIR 7MI HYVGL (VàGOIR ZSR 7)0)'8 %PEVQ FPMROX &IWXÈXMKIR 7MI QMX
;IMXIVI 1IRàSTXMSRIR IMRWXIPPIR *SPKIRHI %FJVEKI IVWGLIMRX h4VIWW 7)0)'8 XS GSRJMQ VIWIXw &IWXÈXMKIR 7MI HYVGL (VàGOIR ZSR 7)0)'8 ;IGOIV REGL %PEVQ EYWWGLEPXIR (VàGOIR 7MI HMI 8EWXI 78%2(&= YQ HIR ;IGOIV EYW^YWGLEPXIR ,MR[IMW (MI ;IGOJYROXMSR WGLEPXIX HEW +IVÈX EQ RÈGLWXIR 8EK ^YV IMRKIWXIPPXIR ;IGO^IMX [MIHIV IMR -Q (MWTPE] MWX [IM XIVLMR HEW ;IGOW]QFSP IMRKIFPIRHIX ,MR[IMW %PPI ^YZSV KIWTIMGLIVXIR 7IRHIV [IVHIR KIPÚWGLX ;MI 7MI HMI 7SJX[EVI :IVWMSR JMRHIR (VàGOIR 7
;MI 7MI HEW +IVÈX VIMRMKIR ;MI 7MI HEW +IVÈX VIMRMKIR 4VSFPIQI QMX HIQ +IVÈX 7XVSQWGLPEK 9Q HMI +IJELV IMRIW IPIOXVMWGLIR 7GLPEKW ^Y ZIVQIMHIR HàVJIR 7MI HEW +IVÈX RMGLX QMX IMRIQ REWWIR 8YGL SHIV YRXIV JPMIÃIRHIQ ;EWWIV VIMRMKIR :SV HIQ 6IMRMKIR 2IX^WXIGOIV ^MILIR 7]QTXSQ 1ÚKPMGLI 9VWEGLI %FLMPJI +IVÈX PÈWWX WMGL RMGLX IMRWGLEPXIR (EW +IVÈX [MVH RMGLX QMX 7XVSQ ZIVWSVKX 7GLPMIÃIR 7MI HIR 2IX^WXIGOIV VMGLXMK ER HMI 2IX^WXIGOHSWI ER +KJ ERHIVI 7XIGOHSWI [ÈLPIR &EXXIVMI
;MI 7MI *ILPIV FIWIMXMKIR 7]QTXSQ 1ÚKPMGLI 9VWEGLI %FLMPJI )W MWX IMR 7XÚVVEYWGLIR ^Y LÚVIR -R HIV 2ÈLI HIW +IVÈXW WIR HIX IMR 1SFMPXIPIJSR SHIV IMR ERHIVIW +IVÈX WXÚVIRHI 6E HMS[IPPIR EYW 4VSFPIQI QMX HIQ 6EHMS (EW (MWTPE] WGLEPXIX WMGL RMGLX IMR )W [MVH OIMR 6EHMS WIRHIV IQTJERKIR (EW +IVÈX FIJMRHIX WMGL RMGLX MQ 6E HMS 1SHYW )W [MVH OIMR (%& 7MKREP IQTJERKIR )PIOXVSRMWGLI &EYXIMPI HIW +IVÈXW WMRH KIWXÚVX ÀFIVTVàJIR 7MI SF MR HIV 6IKMSR (%& )QTJERK QÚKPMGL
8IGLRMWGLI (EXIR 8IGLRMWGLI (EXIR %FQIWWYRKIR +IVÈX &VIMXI \ ,ÚLI \ 8MIJI QQ \ QQ \ QQ +I[MGLX GE OK 7TERRYRKWZIVWSVKYRK z : ;IGLWIPWXVSQ ,^ % : (' % 0IMWXYRKWEYJRELQI 7XERHF] ; &EXXIVMIR 8]TMWGLI &IXVMIFW^IMX \ : %% 1MKRSR 06 GE 7XYRHIR FIM LEPFIV 0EYXWXÈVOI %YWKERKWPIMWXYRK ; 617 9QKIFYRKWFIHMRKYRKIR ' FMW ' FMW VIPEXMZI 0YJXJIYGLXI RMGLX OSRHIRWMIVIRH (MKMXEP 6EHMS )QTJERKWJVIUY