the ama disc survey™ - amacom books · introduction the ama disc survey the ama disc survey is a...

88
=HE /7/ 26<1 <SPTEWY 4ACIKIRARNPXQ 7AMSAK .82<60.9 8.9.42829> .==:06.>6:9 7Z[d]TRS_ f *((($ 7PY_P] QZ] 5[[WTPO FP^PL]NS$ =YN& 5WW FTRS_^ FP^P]aPO&

Upload: doanh

Post on 20-Sep-2018

231 views

Category:

Documents


0 download

TRANSCRIPT

=HE /7/ 26<1 <SPTEWY4ACIKIRARNPXQ 7AMSAK

. 8 2 < 6 0 . 9 8 . 9 . 4 2 8 2 9 > . = = : 0 6 . > 6 : 97Z[d]TRS_ f *((($ 7PY_P] QZ] 5[[WTPO FP^PL]NS$ =YN& 5WW FTRS_^ FP^P]aPO&

=HE /7/ 26<1 <SPvEWY5XP]TNLY ALYLRPXPY_ 5^^ZNTL_TZY&

7Z[d]TRS_ f *((( 7PY_P] QZ] 5[[WTPO FP^PL]NS$ =YN&

/85 "*" %).$ .B?C5D bL^ OPaPWZ[PO Md FZMP]_ 5& 7ZZVP$ DS&8& LYO T^ ML^PO ZY8]& JTWWTLX A& AL]^_ZYk^ 8&=&G&7& XZOPW ZQ [P]^ZYLW ^_dWP^&

’139;9A1A=?E@ *1<B1; OPaPWZ[PO Md >LYP_ @& Ge‘XLW$ DS&8&$ LYO FZMP]_ 5& 7ZZVP$ DS&8&

ISBN: 978-0-8144-7087-9

1NMREMRQ

<ECRINMQ

=Y_]ZO‘N_TZY &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)

5OXTYT^_P]TYR LYO GNZ]TYR _SP .B?C5D &&&&&&&&&&&&&&&&&&&&&&&&1

D]ZaTOTYR L 6L^TN 8PM]TPQTYR &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)+

D]ZaTOTYR LY 9c[LYOPO 8PM]TPQTYR &&&&&&&&&&&&&&&&&&&&&&&&&&&&)1

I^TYR _SP %52?9569<7 (B945 &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&*1

/OOEMDIVEQ

., G‘]aPd BZ]X^ LYO FPWTLMTWT_d &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+1

/, GLX[WP D]ZR]LX 8P^TRY^ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&,/

0, H]LY^[L]PYNd AL^_P]^ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&-/

1, :]P\‘PY_Wd 5^VPO E‘P^_TZY^ &&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/1

6MRPNDSCRINM

(.+ !&! #%’" ’213+4/85 "*" %).$ .B?C5D T^ L [P]^ZYLW ^_dWP^ ^‘]aPd _SL_ QZN‘^P^ZY _SP bLd^ TY bSTNS [PZ[WP L[[]ZLNS _SPT] bZ]V LYO ]PWL_P _ZZ_SP]^ bT_STY _SPT] Z]RLYTeL_TZY^& HSP ^‘]aPd T^ ML^PO ZY JTWWTLXAL]^_ZYk^ 8&=&G&7& Q]LXPbZ]V) LYO XPL^‘]P^ QZ‘] ML^TN ^_dWP^ ZQMPSLaTZ]2 8T]PN_TYR$ =YQW‘PYNTYR$ G‘[[Z]_TaP$ LYO 7ZY_PX[WL_TaP&

9LNS ZQ _SP ^_dWP^ XPL^‘]PO Md /85 "*" %).$ .B?C5D SL^ T_^^_]ZYR [ZTY_^ L^ bPWW L^ [Z^^TMWP bPLVYP^^P^& HS‘^$ YZYP ZQ _SP^_dWP^ XPL^‘]PO Md _SP ^‘]aPd L]P TYSP]PY_Wd MP__P] Z] bZ]^P_SLY _SP Z_SP]^& AZ]P TX[Z]_LY_Wd$ LWW ZQ _SP ^_dWP^ NLY NZY_]TM‘_P_Z "Z] [Z_PY_TLWWd OP_]LN_ Q]ZX# _SP PQQPN_TaP Q‘YN_TZYTYR ZQ R]Z‘[^LYO Z]RLYTeL_TZY^&

/85 "*" %).$ .B?C5D _LVP^ L[[]ZcTXL_PWd +( _Z ,( XTY‘_P^ _ZLOXTYT^_P]$ ^NZ]P$ LYO OPM]TPQ& 5 %52?9569<7 (B945 LNNZX[LYTP^_SP ^‘]aPd LYO NLY MP ‘^PO _Z QLNTWT_L_P XZ]P Pc_PY^TaP OT^N‘^%^TZY$ TY_P][]P_L_TZY$ LYO L[[WTNL_TZY ZQ _SP ^‘]aPd ]P^‘W_^&

%

& u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

=HE /DTAMRAGEQ NF >QIMG(.+ !&! #%’" ’213+4=Y LOOT_TZY _Z /85 "*" %).$ .B?C5D$ L Y‘XMP] ZQ [P]^ZYLW ^_dWPL^^P^^XPY_ ^d^_PX^ LYO ^‘]aPd^ SLaP MPPY OPaPWZ[PO ML^POZY AL]^_ZYk^ 8&=&G&7& Q]LXPbZ]V& HSP^P TYNW‘OP 8TG7n "7L]W^ZY@PL]YTYR Gd^_PX^#$ FPWL_TZY^ST[ =Y^TRS_^ "@TQPE‘P^_P#$ OT^N‘^g"5cTZX GZQ_bL]P#$ LYO D]ZQP^^TZYLW 8dYLXP_]TN D]ZR]LX^ ":Z‘]7Z]YP]^#& 5^ ^SZbY TY _SP _LMWP MPWZb$ _SP^P 8&=&G&7& ^d^_PX^LYO ^‘]aPd^ QZN‘^ ZY ^TXTWL] ^_dWP^$ _SZ‘RS _SP YLXP^ ZQ _SP^_dWP^ OTQQP]&

1 6 = 0@IKKIAL 8AQRSNM"=Y_PR]L_TaP D^dNSZWZRd$)1+)#

8ZXTYLYNP =YO‘NPXPY_ G‘MXT^^TZY 7ZX[WTLYNP

>HE .8. 16=0 =TQUEX\"5XP]TNLY ALYLRPXPY_5^^ZNTL_TZY#

8T]PN_TYR =YQW‘PYNTYR G‘[[Z]_TaP 7ZY_PX[WL_TaP

1I=0\"7L]W^ZY @PL]YTYRGd^_PX^#

8ZXTYLYNP =YQW‘PYNP G_PLOTYP^^ 7ZY^NTPY_TZ‘^%YP^^

<EKASINMRHIO 6MRIGHSR"@TQPE‘P^_P#

8ZXTYLY_’8]TaP]

=YQW‘PYNTYR’=Y^[T]TYR

G_PLOd’G_LMWP

7ZX[WTLY_’7Z]]PN_

DIRCTRZ"5cTZX GZQ_bL]P#

8ZXTYLYNP =YQW‘PYNP G_PLOTYP^^ 7ZX[WTLYNP

;QNFERRINMAK 1XMALESQIC;QNGQALR":Z‘] 7Z]YP]^#

8ZXTYLYNP 9c_]ZaP]^TZY DLNP’DL_TPYNP

G_]‘N_‘]P’8P_LTW

1%6%=%0% =XRSELR# =TQUEXR# AMD =SXKER

/85 "*" %).$ .B?C5D "5XP]TNLY ALYLRPXPY_ 5^^ZNTL_TZY# SL^^PaP]LW ‘YT\‘P QPL_‘]P^ _SL_ []ZaTOP OT^_TYN_ LOaLY_LRP^ ZaP]LW_P]YL_TaP [P]^ZYLW ^_dWP L^^P^^XPY_^& HSP^P TYNW‘OP2

>HE %.-/(0 IR EWOKICISKX NQIEMSED SNVAQD VNQJ$QEKASED BEHAU$INQR% HSP TY^_]‘N_TZY^ LYO _SP T_PX^ XLVP T_ NWPL] _SL_ ]P^[ZY%OPY_^ ^SZ‘WO QZN‘^ ZY _SPT] ZY%_SP%UZM MPSLaTZ] bT_STY _SPT]N‘]]PY_ Z]RLYTeL_TZY^& HST^ SPW[^ _Z PWTXTYL_P NZYQ‘^TZY LMZ‘_bSP_SP] _SPd ^SZ‘WO LY^bP] TY _P]X^ ZQ bZ]V Z] YZY%bZ]VMPSLaTZ]^&

>HE %.-/(0 IR DERIGMED SN EMHAMCE QEKIABIKISX AMD UAKIDISX%/85 "*" %).$ .B?C5D []P^PY_^ T_PX^ ZYP L_ L _TXP ^Z _SL_]P^[ZYOPY_^ NLY PaLW‘L_P PLNS T_PX TY L bLd _SL_ T^ YZ_ LQQPN_PO

%.-/(0 3EASTQERu JZ]V%]PWL_PO

u FPWTLMWP LYO aLWTO

u GPWQ%^NZ]TYRu 9QQTNTPY_

% u 6MRPNDSCRINM ’

Md _SP Z_SP] T_PX^& HST^ OP^TRY XTYTXTeP^ [Z_PY_TLW NZY_LXTYL_TZYTY ^‘]aPd ]P^[ZY^P^ LYO XPP_^ LNNP[_PO ^_LYOL]O^ ZQ TY^_]‘XPY_NZY^_]‘N_TZY LYO aLWTOL_TZY& =Y NZY_]L^_$ NP]_LTY Z_SP] [P]^ZYLW^_dWP ^‘]aPd^ []P^PY_ T_PX^ TY ^P_^ ZQ QZ‘] LYO L^V ]P^[ZYOPY_^_Z TYOTNL_P bSTNS ZQ _SP T_PX^ L]P XZ^_ LYO WPL^_ WTVP _SPX& G‘NSQZ]NPO%NSZTNP _PNSYT\‘P^ "]PQP]]PO _Z L^ IORASIUE XPL^‘]P^# L]_T%QTNTLWWd PWTXTYL_P TYQZ]XL_TZY LMZ‘_ _SP _]‘P ^_]PYR_S ZQ TYOTaTO‘LWNSL]LN_P]T^_TN^ LYO aTZWL_P L^^‘X[_TZY^ _SL_ X‘^_ MP XP_ _Z ^_L%_T^_TNLWWd _P^_ _SP XPL^‘]P&* HSP ]PWTLMTWT_d LYO aLWTOT_d ZQ /85 "*"%).$ .B?C5D T^ OP^N]TMPO TY 5[[PYOTc 5 ZQ _ST^ XLY‘LW LYO TY5[[PYOTc ) ZQ _SP %52?9569<7 (B945&

>HE %.-/(0 IR OQIMSED NM 90< !MN CAQBNM QEPTIQED" OAOEQ%HST^ _d[P ZQ [L[P] L‘_ZXL_TNLWWd _]LY^QP]^ [L]_TNT[LY_^k ]P^[ZY^P^_Z L ^SPP_ _SL_ OP^N]TMP^ SZb _Z ^NZ]P LYO []ZQTWP _SP ]P^‘W_^&GTYNP _SP ^NZ]TYR ^SPP_ T^ RW‘PO _Z _SP ^SPP_ ZY bSTNS _SP \‘P^%_TZY^ L[[PL]$ [L]_TNT[LY_^ OZ YZ_ VYZb _SP TX[WTNL_TZY^ ZQ _SPT]LY^bP]^ ‘Y_TW LQ_P] _SPd SLaP NZX[WP_PO _SP ^‘]aPd LYO SLaP^P[L]L_PO _SP ^NZ]TYR ^SPP_ Q]ZX _SP ]P^[ZY^P ^SPP_& HST^ QPL%_‘]P SPW[^ _Z XTYTXTeP NZY_LXTYL_TZY TY ]P^[ZY^P^ bSTWP$ L_ _SP^LXP _TXP$ PYLMWP^ ]P^[ZYOPY_^ _Z ^NZ]P LYO []ZQTWP _SPT] ]P^‘W_^&"=Y NZY_]L^_$ ^‘]aPd^ _SL_ ‘^P l^N]L_NS%ZQQm Z] lXLRTN [PYm _PNS%YT\‘P^ TYLOaP]_PY_Wd []ZaTOP ]P^[ZYOPY_^ bT_S TY^TRS_^ TY_Z _SPT]LY^bP]^ _SL_ NLY TYQW‘PYNP$ LYO$ _SP]PQZ]P$ _S]PL_PY _SP aLWTOT_dZQ$ _SPT] ^‘M^P\‘PY_ ]P^[ZY^P^&#

>HE %.-/(0 OQNUIDER AM EFFICIEMS VAX FNQ OENOKE SN KEAQMABNTS SHEIQ RSXKER% CY LaP]LRP$ T_ _LVP^ ]P^[ZYOPY_^ L _Z_LW ZQ*( _Z *- XTY‘_P^ _Z NZX[WP_P _SP ^‘]aPd$ NLWN‘WL_P _SPT] ^NZ]P^$LYO [WZ_ _SP ]P^‘W_^ ZY L ML] NSL]_& 5 ML^TN OPM]TPQTYR ZQ _SP]P^‘W_^ NLY MP []ZaTOPO TY L[[]ZcTXL_PWd )( _Z )- XTY‘_P^& 5XZ]P Pc_PY^TaP OPM]TPQTYR$ _SL_ TYNZ][Z]L_P^ _SP %52?9569<7 (B945LYO TYNW‘OP^ L XZ]P ^Z[ST^_TNL_PO [WZ__TYR XP_SZO _SL_ PYLMWP^[PZ[WP _Z ‘YOP]^_LYO _SPT] ‘YOP]WdTYR Z]TPY_L_TZY^$ NLY MP NZY%O‘N_PO TY )i _Z *h SZ‘]^&

(.+ !&! #%’" ’213+4#+)1/+,/0- $2/*+/85 "*" %).$ .B?C5D NZXP^ bT_S L %52?9569<7 (B945 _SL_TYNW‘OP^ ^PaPY XZO‘WP^$ PLNS ZQ bSTNS _LVP L[[]ZcTXL_PWd - _Z)( XTY‘_P^ _Z NZX[WP_P& HSP %52?9569<7 (B945 []ZaTOP^ QLNTWT_L%_Z]^ LYO ]P^[ZYOPY_^ bT_S L aL]TP_d ZQ Z[_TZY^ QZ] ‘YOP]^_LYOTYRLYO L[[WdTYR /85 "*" %).$ .B?C5D&

>HE #.+’( OQNUIDER IMSEQOQESASINMR NF DNLIMAMS RSXKER# ARVEKK AR RSXKE CNLBIMASINMR% /85 "*" %).$ .B?C5D %52?9569<7(B945 NZY_LTY^ TY_P][]P_L_TZY^ QZ] ^TYRWP ^_dWP^ LYO NZXMTYL%_TZY^ ZQ ^_dWP^& HS‘^$ [L]_TNT[LY_^ ^SZ‘WO MP LMWP _Z QTYO TYQZ]XL%

"(&-+()+,* #.+’(3EASTQERu =YQZ]XL_TaPu =Y_P]LN_TaP

u 8PaPWZ[XPY_LWu :WPcTMWP

( u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

_TZY _SL_ T^ ]PWPaLY_ _Z ‘YOP]^_LYOTYR _SPT] ZbY ‘YT\‘P ^P_ZQ ]P^‘W_^&

>HE #.+’( EMCNTQAGER OAQSICIOAMSR SN AOOKX SHE IMFNQLASINMOQEREMSED% 9LNS XZO‘WP R‘TOP^ [L]_TNT[LY_^ TY ‘^TYR _SP TYQZ]%XL_TZY _SPdkaP LN\‘T]PO _Z MP__P] ‘YOP]^_LYO _SPX^PWaP^ LYO _ZTOPY_TQd bLd^ ZQ PYSLYNTYR _SPT] [P]^ZYLW LYO TY_P][P]^ZYLW PQQPN%_TaPYP^^&

>HE #.+’( EMABKER OAQSICIOAMSR SN EWALIME SHE ONRISIUE AMDMEGASIUE AROECSR NF SHEIQ RSXKER% /85 "*" %).$ .B?C5DXPL^‘]P^ MZ_S []ZO‘N_TaP LYO NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ PLNS^_dWP& JSTWP ]P^‘W_^ LWZYR _SP^P L^[PN_^ L]P NZXMTYPO bSPY]P^[ZYOPY_^ TYT_TLWWd [WZ_ _SPT] ]P^‘W_^$ _SP %52?9569<7 (B945NZY_LTY^ ^NZ]TYR Z[_TZY^ _SL_ LWWZb ]P^[ZYOPY_^ _Z PcLXTYP _SP[]ZO‘N_TaP aP]^‘^ NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ _SPT] ^_dWP^&

>HE #.+’( IR NQIEMSED SNVAQD REKF$DEUEKNOLEMS% HSP TYT_TLWXZO‘WP^ ZQ _SP %52?9569<7 (B945 SPW[ [L]_TNT[LY_^ _Z MP__P] ‘YOP]%^_LYO _SPT] N‘]]PY_ ^_dWP^& G‘M^P\‘PY_ XZO‘WP^ R‘TOP _SPX TYOPaPWZ[TYR ^_]L_PRTP^ QZ] LOU‘^_TYR _SPT] ^_dWP^ LYO PYSLYNTYR_SPT] [P]^ZYLW LYO TY_P][P]^ZYLW PQQPN_TaPYP^^&

>HE #.+’( CAM BE TRED IM A MTLBEQ NF VAXR% :Z] PcLX[WP$_SP %52?9569<7 (B945 NLY MP ‘^PO O‘]TYR _SP _]LTYTYR []ZR]LX"L^ PcP]NT^P^ Z] L^ [L]_ ZQ _SP OPM]TPQTYR# Z] L^ L QZWWZb%‘[L^^TRYXPY_& 9LNS XZO‘WP NZY_LTY^ LY ZaP]aTPb LYO TY^_]‘N_TZY^LYO _SP]PQZ]P NLY MP NZX[WP_PO bT_SZ‘_ L QLNTWT_L_Z] []P^PY_&5W_P]YL_TaPWd$ _SP XZO‘WP^ NLY ^P]aP L^ _SP ML^T^ QZ] aL]TZ‘^R]Z‘[ LN_TaT_TP^$ L^ OP^N]TMPO TY GPN_TZY - ZQ _ST^ XLY‘LW&5OOT_TZYLWWd$ dZ‘ NLY Z[_ _Z SLaP [L]_TNT[LY_^ NZX[WP_P ZYWd L^‘M^P_ ZQ _SP XZO‘WP^ O‘]TYR dZ‘] []ZR]LX$ OP[PYOTYR ZY dZ‘]_TXP Q]LXP LYO _]LTYTYR ZMUPN_TaP^&

?HEM RN >QE (.+ !&! #%’"’213+4/85 "*" %).$ .B?C5D T^ OP^TRYPO LYO TY_PYOPO _Z MP ‘^POPcNW‘^TaPWd QZ] TYOTaTO‘LW$ R]Z‘[$ LYO Z]RLYTeL_TZYLW OPaPWZ[%XPY_& "HSP ^‘]aPd T^ YZ_ OP^TRYPO YZ] YZ]XPO QZ] PX[WZdPP^PWPN_TZY Z] L[[]LT^LW [‘][Z^P^&# HSP ^‘]aPd T^ P\‘LWWd ^‘T_LMWPQZ] XLYLRP]^$ bZ]V R]Z‘[ Z] _PLX XPXMP]^$ LYO TYOTaTO‘LW NZY%_]TM‘_Z]^& HSP [P]^ZYLW ^_dWP^ XPL^‘]PO Md _SP ^‘]aPd L]P ]PWP%aLY_ _Z []ZR]LX^ QZN‘^TYR ZY [P]^ZYLW OPaPWZ[XPY_$ []ZMWPX^ZWaTYR LYO OPNT^TZY XLVTYR$ _TXP XLYLRPXPY_$ TY_P][P]^ZYLW]PWL_TZY^$ NZYQWTN_ XLYLRPXPY_$ _PLX M‘TWOTYR$ LYO Z]RLYTeL_TZY%LW NSLYRP&

% u 6MRPNDSCRINM )

?RIMG SHE %.-/(0 SN 6LOQNUE ;EQRNMAK 2FFECSIUEMERR% /85"*" %).$ .B?C5D []ZaTOP^ TY^TRS_^ ZY [PZ[WPk^ Z]TPY_L_TZY^$ []T%Z]T_TP^$ LYO XZ_TaP^ TY NL]]dTYR Z‘_ _SPT] bZ]V& G‘NS TY^TRS_^ NLYSPW[ [L]_TNT[LY_^ _Z ‘YOP]^_LYO bSd _SPd L]P XZ]P PQQPN_TaP TYNL]]dTYR Z‘_ ^ZXP _L^V^ _SLY Z_SP]^& =Y _‘]Y$ [L]_TNT[LY_^ NLYTOPY_TQd ^T_‘L_TZY^ TY bSTNS _SPd NZ‘WO XZOTQd _SPT] [P]^ZYLW ^_dWP^_Z TX[]ZaP _SP bLd _SPd Z]RLYTeP LYO NL]]d Z‘_ _SPT] bZ]V$ XLY%LRP _TXP$ ^ZWaP []ZMWPX^$ LYO ^‘[P]aT^P _SP bZ]V ZQ Z_SP]^&

?RIMG SHE %.-/(0 SN 6LOQNUE 6MSEQOEQRNMAK AMD >EAL2FFECSIUEMERR% /85 "*" %).$ .B?C5D []ZaTOP^ TY^TRS_^ ]PRL]O%TYR ]ZWP^$ NZXX‘YTNL_TZY ^_dWP^$ LYO WTVPWd ^Z‘]NP^ ZQ Q]‘^_]L_TZYbSPY TY_P]LN_TYR bT_S Z_SP]^& =_ NLY LW^Z SPW[ [L]_TNT[LY_^ _Z‘YOP]^_LYO _SP [P]^ZYLW ^_dWP^ ZQ _SZ^P bT_S bSZX _SPd TY_P]LN_&G‘NS TY^TRS_^ PYLMWP [L]_TNT[LY_^ _Z ]PNZRYTeP bSd ^ZXP TY_P]%[P]^ZYLW LYO R]Z‘[ TY_P]LN_TZY^ L]P XZ]P ]PbL]OTYR _SLY Z_SP]^&DL]_TNT[LY_^ NLY ‘^P _SP^P TY^TRS_^ _Z TOPY_TQd SZb LYO bT_S bSZX_SPd NLY XZOTQd _SPT] [P]^ZYLW ^_dWP^ _Z ]P^ZWaP NZYQWTN_^ LYOTX[]ZaP TY_P][P]^ZYLW LYO _PLX PQQPN_TaPYP^^&

?RIMG SHE %.-/(0 SN 6LOQNUE :QGAMIYASINMAK 2FFECSIUEMERR%/85 "*" %).$ .B?C5D []ZaTOP^ TY^TRS_^ ]PRL]OTYR []ZMWPX ZWa%TYR LYO OPNT^TZY XLVTYR L[[]ZLNSP^$ []PQP]]PO bZ]V PYaT]ZY%XPY_^$ LYO L]PL^ QZ] OPaPWZ[XPY_& G‘NS TY^TRS_^ PYLMWP[L]_TNT[LY_^ _Z ]PNZRYTeP ^T_‘L_TZY^ TY bSTNS _SPT] N‘]]PY_ ^_dWP T^WTVPWd _Z MP LY L^^P_& DL]_TNT[LY_^ NLY LW^Z TOPY_TQd NZYOT_TZY^‘YOP] bSTNS _SPd ^SZ‘WO XZOTQd _SPT] ^_dWP^ "Z] ^PPV Z‘_ Z_SP]^bSZ SLaP L ^_dWP _SL_ bTWW NZX[WPXPY_ _SPT] ZbY#&

6MCNPONPARIMG (.+ !&! #%’"’213+4 IMRN @NSP =PAIMIMG :PNGPALHST^ XLY‘LW []ZaTOP^ dZ‘ bT_S _SP TYQZ]XL_TZY YPPOPO _Z [WLYLYO QLNTWT_L_P L _]LTYTYR LYO OPaPWZ[XPY_ []ZR]LX _SL_ TYNW‘OP^/85 "*" %).$ .B?C5D& HSP ML^TN LN_TaT_TP^ TYaZWaPO TY LOXTYT^%_P]TYR$ ^NZ]TYR$ LYO OPM]TPQTYR _SP ^‘]aPd L]P OP^N]TMPO$ LWZYRbT_S L[[]ZcTXL_P _TXP Q]LXP^ LYO ^‘RRP^_TZY^ QZ] []ZR]LXOP^TRY^& HSP ML^TN LN_TaT_TP^ LYO _TXP Q]LXP^ L]P WT^_PO ZY _SPYPc_ [LRP$ LWZYR bT_S _SP ^PN_TZY^ TY _ST^ XLY‘LW TY bSTNS _SPLN_TaT_TP^ L]P OT^N‘^^PO&

?RERu DP]^ZYLW

OPaPWZ[XPY_

u D]ZMWPX ^ZWaTYR LYOOPNT^TZY XLVTYR

u HTXP XLYLRPXPY_

u =Y_P][P]^ZYLW]PWL_TZY^

u 7ZYQWTN_ XLYLRPXPY_u HPLX M‘TWOTYRu C]RLYTeL_TZYLW

NSLYRP

* u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

>ILE .CSIUISX8AMTAK=ECSINM

)( _Z )-XTY‘_P^ 5OXTYT^_P] /85 "*" %).$ .B?C5D *

- _Z )(XTY‘_P^

GNZ]P LYO [WZ_ _SP ]P^‘W_^ *

)( _Z )-XTY‘_P^

D]ZaTOP L ML^TN OPM]TPQTYR ZQ _SP]P^‘W_^

+

+- _Z -(XTY‘_P^

D]ZaTOP LY Pc[LYOPO OPM]TPQTYR ZQ_SP ]P^‘W_^ "Z[_TZYLW#

,

- _Z )(XTY‘_P^ [P]XZO‘WP

7ZX[WP_P _SP XZO‘WP^ TY _SP%52?9569<7 (B945 "Z[_TZYLW#

-

/ARIC .CSIUISIER AMD >ILE 3QALER

/85 "*" %).$ .B?C5D NLY MP ‘^PO L^ L ,(%XTY‘_P TY_]ZO‘N_TZY_Z [P]^ZYLW ^_dWP^$ Z] T_ NLY MP ‘^PO L^ _SP ML^T^ QZ] L SLWQ%OLd^P^^TZY ZY [P]^ZYLW$ TY_P][P]^ZYLW$ _PLX$ Z] Z]RLYTeL_TZYLW OPaPW%Z[XPY_& 5[[PYOTc 6 []P^PY_^ L Y‘XMP] ZQ ^‘RRP^_PO []ZR]LXOP^TRY^ QZ] ‘^TYR /85 "*" %).$ .B?C5D _Z LNNZX[WT^S OTQQP]PY_ZMUPN_TaP^& 5 ^P_ ZQ _]LY^[L]PYNd XL^_P]^ T^ NZY_LTYPO TY5[[PYOTc 7&

=Y []P[L]TYR _Z QLNTWT_L_P L []ZR]LX _SL_ TYNW‘OP^ /85 "*" %).$.B?C5D$ dZ‘ XLd QT]^_ bLY_ _Z NZX[WP_P _SP ^‘]aPd dZ‘]^PWQ& 8ZTYR^Z bTWW SPW[ dZ‘ _Z MP__P] ‘YOP]^_LYO _SP ^‘]aPd LYO LY_TNT[L_P^ZXP ZQ _SP \‘P^_TZY^ _SL_ [L]_TNT[LY_^ L]P WTVPWd _Z L^V& =Y LOOT%_TZY$ dZ‘ XLd bLY_ _Z ]PaTPb _SP L[[PYOTcP^ _SL_ LOO]P^^ _SP^‘]aPdk^ YZ]X^ LYO ]PWTLMTWT_d "5[[PYOTc 5# LYO []ZaTOP LY^bP]^_Z Q]P\‘PY_Wd L^VPO \‘P^_TZY^ "5[[PYOTc 8#&

% u 6MRPNDSCRINM +

<ECRINM % 8NREQ)& JTWWTLX AL]^_ZY$ )<A57?1A9C5 ,@D38=;=7D! " .AB4D =6 0<9A

-5@>=<@5 "@ZYOZY2 ?PRLY$ DL‘W$ H]PYNS$ H]‘MYP]$ ! 7Z&$)1+)#&

*& 5YYP 5YL^_L^T$ ,@D38=;=7931; /5@A9<7$ ._S PO& "BK2 ALNXTWWLY$)100#$ LYO :]PO ?P]WTYRP]$ ’=B<41A9=<@ =6 #581C9=?1;-5@51?38$ +]O PO& ":Z]_ JZ]_S2 <ZW_$ FTYPSL]_ LYO JTY^_ZY$)10.#&

/DLIMIQREPIMGAMD <CNPIMG RHE’213+4

6MRPNDSCIMG (.+ !&! #%’" ’213+46PQZ]P dZ‘ OT^_]TM‘_P /85 "*" %).$ .B?C5D$ dZ‘ XLd bLY_ _Z[]ZaTOP [L]_TNT[LY_^ bT_S ^ZXP MLNVR]Z‘YO ZY _SP ^‘]aPd LYOdZ‘] [‘][Z^P TY ‘^TYR T_& 6]TPQWd Pc[WLTY _SL_ _SP ^‘]aPd LWWZb^[L]_TNT[LY_^ _Z NZYO‘N_ L ^PWQ%L^^P^^XPY_ ZQ _SPT] [P]^ZYLW^_dWP^& HSP ]P^‘W_^ ZQ _SP ^‘]aPd bTWW OP^N]TMP _SP bLd _SPd aTPb_SPX^PWaP^ TY _P]X^ ZQ SZb _SPd L[[]ZLNS _SPT] bZ]V LYO ]PWL_P_Z Z_SP]^ bSPY _SPd L]P ZY _SP UZM&

=Y OP^N]TMTYR dZ‘] ]PL^ZY^ QZ] ‘^TYR _SP ^‘]aPd$ MP ^‘]P _ZPX[SL^TeP _SL_ T_ T^ OP^TRYPO ^_]TN_Wd QZ] ^PWQ%OPaPWZ[XPY_[‘][Z^P^j_Z []ZaTOP [L]_TNT[LY_^ bT_S L MP__P] ‘YOP]^_LYOTYRZQ _SPT] [P]^ZYLW ^_dWP^ LYO _SP TX[WTNL_TZY^ ZQ _SP^P ^_dWP^&5OOT_TZYLWWd$ dZ‘ XTRS_ XPY_TZY Z_SP]$ XZ]P ^[PNTQTN [‘][Z^P^QZ] ‘^TYR _SP ^‘]aPd ^‘NS L^ SPW[TYR [L]_TNT[LY_^ TOPY_TQd bLd^_Z TX[]ZaP _SPT] TYOTaTO‘LW$ TY_P][P]^ZYLW$ _PLX$ Z] Z]RLYTeL_TZYLWPQQPN_TaPYP^^ ML^PO ZY TY^TRS_^ ]PRL]OTYR _SPT] [P]^ZYLW ^_dWP^&

-

%$ u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

<REO %. 2EQCPIBIMG @NSP:EPQNMAK <RWKE’& SN ’+ LIMTSER

8T^_]TM‘_P ZYP NZ[d ZQ /85 "*" %).$ .B?C5D _Z PLNS [L]_TNT%[LY_& FPaTPb bT_S _SPX _SP TY_]ZO‘N_TZY "ZY _SP NZaP] ZQ _SP^‘]aPd#$ _SP TY^_]‘N_TZY^ "TY _SP ‘[[P] WPQ_ NZ]YP] ZQ _SP ]P^[ZY^P^SPP_#$ LYO _SP QTaP ]P^[ZY^P Z[_TZY^ "L_ _SP _Z[ ZQ _SP ]P^[ZY^P^SPP_#& =Q dZ‘ L]P NZWWPN_TYR NZX[WP_PO ^‘]aPd^ QZ] _SP L‘_SZ] Z]QZ] Z_SP] ]P^PL]NS [‘][Z^P^$ L^V ]P^[ZYOPY_^ _Z NZX[WP_P _SPOPXZR]L[STN LYO L__T_‘OTYLW \‘P^_TZY^ ZY _SP MLNV [LRP MPQZ]P_SPd MPRTY ^NZ]TYR _SP ^‘]aPd& "7ZX[WP_TZY ZQ _SP MLNV [LRP^PN_TZY^ T^ aZW‘Y_L]d$ M‘_ TX[Z]_LY_ _Z _SP OPaPWZ[XPY_ LYOZYRZTYR ]PQTYPXPY_ ZQ _SP ^‘]aPd&# AZ^_ [PZ[WP YPPO LMZ‘_)( XTY‘_P^ _Z NZX[WP_P _SP ^‘]aPd$ _SZ‘RS ^ZXP bTWW QTYT^S^ZZYP] LYO Z_SP]^ XTRS_ ]P\‘T]P ‘[ _Z )- XTY‘_P^&

/85 "*" %).$ .B?C5D T^ []TY_PO ZY B7F "YZ NL]MZY ]P\‘T]PO#[L[P]$ ^Z [L]_TNT[LY_^k LY^bP]^ L]P L‘_ZXL_TNLWWd NZ[TPO _Z _SP^NZ]TYR ^SPP_ ‘YOP]YPL_S& HZ PY^‘]P _SL_ _SPT] LY^bP]^ L]P_]LY^QP]]PO NWPL]Wd _Z _SP ^NZ]TYR ^SPP_ LYO _Z XTYTXTeP OT^]‘[%_TZY _Z Z_SP]^$ []ZaTOP [L]_TNT[LY_^ bT_S _SP R‘TOPWTYP^ WT^_PO ZYH]LY^[L]PYNd AL^_P] ) "5[[PYOTc 7#&

6PNL‘^P [L]_TNT[LY_^k ]P^[ZY^P^L]P L‘_ZXL_TNLWWd NZ[TPO _Z _SP^NZ]TYR ^SPP_ ‘YOP]YPL_S$ T_ T^TX[Z]_LY_ _SL_ _SPd VPP[ _SP ^‘]%aPd ‘YQZWOPO LYO QWL_ bSPY _SPdL]P b]T_TYR _SPT] ]P^[ZY^P^&5OOT_TZYLWWd$ _SPd ^SZ‘WO MP ^‘]P_Z []P^^ OZbY QT]XWd bSPY b]T_%TYR ^Z _SL_ _SPT] ]P^[ZY^P^ _]LY^%QP] NWPL]Wd _Z _SP ^SPP_‘YOP]YPL_S& HSPd ^SZ‘WO N]Z^^Z‘_ "]L_SP] _SLY P]L^P# LYdNSLYRP^ _Z _SPT] ]P^[ZY^P^&:TYLWWd$ ^Z L^ YZ_ _Z OT^_]LN_ _SPZ_SP] [L]_TNT[LY_^$ _SPd ^SZ‘WObLT_ QZ] Q‘]_SP] TY^_]‘N_TZY^MPQZ]P _SPd ^P[L]L_P _SP]P^[ZY^P ^SPP_ Q]ZX _SP ^NZ]TYR^SPP_ LYO MPRTY G_P[ *&

=SEO ’

u FPaTPb TY^_]‘N_TZY^u D]ZaTOP R‘TOPWTYP^

& u /DLIMIQREPIMG AMD <CNPIMG RHE <SPTEW %%

<REO &. 1AKCSKARIMG @NSP#%’" <CNPEQ) SN + LIMTSER

DL]_TNT[LY_^ ^SZ‘WO ^P[L]L_P _SP_bZ B7F ^SPP_^ "]‘YYTYR _SPPORP ZQ L [PY Z] [PYNTW MP_bPPY_SP _bZ ^SPP_^ bZ]V^ YTNPWd#&HSPY$ OT]PN_ _SPT] L__PY_TZY _Z _SPNLWN‘WL_TZY ^SPP_ "_SP ZYP WLMPWPOlG_P[ *m#& HSPd ^SZ‘WO LOO _SP)( Y‘XMP]^ bT_STY PLNS _]TLYRWP$L^ TYOTNL_PO ZY H]LY^[L]PYNdAL^_P] *$ LYO ]PNZ]O PLNS ^‘XTY _SP MZc bT_STY PLNS ZQ _SP _]T%LYRWP^& JSPY _SPd SLaP QTYT^SPO$_SPd bTWW SLaP NLWN‘WL_PO PTRS_^‘X^ "_bZ QZ] PLNS ^_dWP#&

<REO ’. 9BRAIMIMG @NSP=NRAK <CNPEQ( SN * LIMTSER

DL]_TNT[LY_^ ^SZ‘WO _]LY^QP] _SPPTRS_ ^‘X^ _Z _SP %).$ HLMWPWZNL_PO ZY _SP MLNV ZQ _SP]P^[ZY^P ^SPP_ TY _SP ^PN_TZYWLMPWPO lG_P[ +&m 5^ ^SZbY TYH]LY^[L]PYNd AL^_P] +$ _SPd^SZ‘WO LOO _SP MZcPO "£# LYONT]NWPO "�# ^NZ]P^ QZ] PLNS ^_dWP_Z ZM_LTY L _Z_LW ^NZ]P QZ] _SL_^_dWP&

=SEO (u =Y^_]‘N_ [L]_TNT[LY_^

_Z ^P[L]L_P B7F^SPP_^

u 8P^N]TMP NLWN‘WL_TZY^

=SEO )

u 8P^N]TMP NLWN‘WL_TZY^

%& u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

<REO (. :KNRRIMG @NSP =NRAKQ+ LIMTSER

HZ_LW ^NZ]P^ ^SZ‘WO MP _]LY^%QP]]PO _Z _SP %).$ 6L]NSL]_"WZNL_PO ZY _SP MLNV ZQ _SP]P^[ZY^P ^SPP_ TY _SP ^PN_TZYWLMPWPO lG_P[ ,m#& DL]_TNT[LY_^^SZ‘WO XL]V _SPT] ^NZ]P LWZYRPLNS ZQ _SP ^_dWP^ Md b]T_TYR LYlcm TY _SP ^[Z_ bSP]P _SPT] ^NZ]PQLWW^&

5Q_P] [L]_TNT[LY_^ SLaP [WZ__PO_SPT] ^NZ]P^$ _SPd ^SZ‘WO NZYYPN__SP lck^m bT_S ^_]LTRS_ WTYP^ "L^^SZbY TY H]LY^[L]PYNd AL^_P],#& HSP _LWWP^_ [PLV^ ]P[]P^PY__SPT] OZXTYLY_ %).$ ^_dWP^&":Z] PcLX[WP$ TY H]LY^[L]PYNd AL^_P] ,$ _SP 8T]PN_TYR ^_dWP]P[]P^PY_^ _SP ^_dWP _SL_ T^ XZ^_ OP^N]T[_TaP ZQ _SP ]P^[ZYOPY_&#

=SEO *u 9c[WLTY SZb _Z [WZ_

]P^‘W_^

u 8P^N]TMP SZb _Z TOPY%_TQd OZXTYLY_ ^_dWP

:PNTIDIMG A0AQIC2EBPIEFIMG

9TEPTIEUHST^ ^PN_TZY Z‘_WTYP^ L )( _Z )- XTY‘_P ZaP]aTPb ZQ _SP ^_dWP^XPL^‘]PO Md /85 "*" %).$ .B?C5D LYO _SPT] TX[WTNL_TZY^QZ] PQQPN_TaPYP^^& HST^ OPM]TPQTYR bTWW []ZaTOP [L]_TNT[LY_^ bT_SL ML^TN ‘YOP]^_LYOTYR ZQ _SP QZ‘] %).$ ^_dWP^ LYO _SPT] ^‘]aPd]P^‘W_^& :Z] XZ]P TY%OP[_S TYQZ]XL_TZY$ [L]_TNT[LY_^ NLY MP]PQP]]PO _Z _SP %52?9569<7 (B945 Z] dZ‘ NLY []ZaTOP L XZ]PPc_PY^TaP Pc[WLYL_TZY ZQ _SPT] ^‘]aPd ]P^‘W_^& GPN_TZY , ZQ _ST^XLY‘LW NZY_LTY^ ^‘RRP^_TZY^ QZ] Pc[LYOTYR dZ‘] OPM]TPQTYR _ZLW^Z TYNW‘OP _SP OTXPY^TZY^ ‘YOP]WdTYR _SP %).$ ^_dWP^$ %).$[]ZQTWP^$ NL‘^P^ LYO PQQPN_^ ZQ _SP %).$ ^_dWP^$ LYO TX[WTNL_TZY^QZ] ^PWQ%OPaPWZ[XPY_&

%’

%( u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

=HE <RWKEQ 7EAQSPED BW(.+ !&! #%’" ’213+4+ SN ’& LIMTSER

H]LY^[L]PYNd AL^_P]^ - _S]Z‘RS )( NLY MP ‘^PO _Z OP^N]TMP _SP^_dWP^ XPL^‘]PO Md /85 "*" %).$ .B?C5D& HSP _]LY^[L]PYNdXL^_P]^ L]P WZNL_PO TY 5[[PYOTc 7 ZQ _ST^ XLY‘LW&

6PRTYYTYR bT_S H]LY^[L]PYNdAL^_P] -$ Pc[WLTY _SL_ _SP [P]^ZYLW^_dWP^ XPL^‘]PO Md _SP ^‘]aPd L]PMPSLaTZ]LW LYO bZ]V%Z]TPY_PO& AZ]P^[PNTQTNLWWd$ _SPd OP^N]TMP _SP bLd^TY bSTNS [PZ[WP _PYO _Z L[[]ZLNS_SPT] bZ]V LYO ]PWL_P _Z Z_SP]^ bT_S%TY _SPT] Z]RLYTeL_TZY^& 5WW ZQ _SP%).$ ^_dWP^ L]P NZ‘Y_P]MLWLYNPO TY_SL_ _SPd SLaP MZ_S [Z^T_TaP LYOYPRL_TaP L^[PN_^& HSP ^_dWP^ L]PLW^Z NZ‘Y_P]MLWLYNPO TY _SL_ PLNSZQ _SP ^_dWP^ T^ WTVPWd _Z MP XZ]PPQQPN_TaP TY ^ZXP ^T_‘L_TZY^ _SLY TYZ_SP]^& :TYLWWd$ MPNL‘^P _SP ^_dWP^L]P MPSLaTZ]LW$ _SPd L]P ]PWL_TaPWdPL^d _Z NSLYRP&

KZ‘ NLY _SPY Pc[WLTY _SL_ /85 "*" %).$ .B?C5D XPL^‘]P^ QZ‘][P]^ZYLW ^_dWP^2 8T]PN_TYR$ =YQW‘PYNTYR$ G‘[[Z]_TaP$ LYO7ZY_PX[WL_TaP& HSP^P ^_dWP^ L]P M]TPQWd OP^N]TMPO TY G_P[ + ZQ_SP ^‘]aPd LYO L]P OP^N]TMPO TY OP_LTW TY AZO‘WP 5 ZQ _SP%52?9569<7 (B945&

G_L]_TYR bT_S _SP 8T]PN_TYR ^_dWP$M]TPQWd OP^N]TMP PLNS ZQ _SP %).$^_dWP^& KZ‘ NLY [‘_ H]LY^[L]PYNdAL^_P] . ZY _SP ZaP]SPLO []ZUPN_Z]_Z ^SZb L %).$ 6L]NSL]_ bSP]P_SP 8T]PN_TYR ^_dWP T^ []POZXTYLY_"_SL_ T^$ _SP 8T]PN_TYR ^_dWP SL^ _SPSTRSP^_ [PLV#& 9c[WLTY _SL_ [PZ[WPbSZ aTPb _SPX^PWaP^ L^ 8T]PN_TYRL]P Z]TPY_PO _ZbL]O NSLYRTYR _SPT]_L^V PYaT]ZYXPY_& HSPd _PYO _Z ^PP_SPX^PWaP^ L^ L^^P]_TaP$ PQQTNTPY_$LYO QZN‘^PO ZY ]P^‘W_^& HS‘^$ _SP8T]PN_TYR ^_dWP NLY MP LOaLY_L%RPZ‘^$ QZ] PcLX[WP$ TY ^T_‘L_TZY^NLWWTYR QZ] TX[WPXPY_L_TZY LYOLN_TZY&

1EBQIEFIMG SHE =SXKERu 9c[WLTY _SP YL_‘]P ZQ

_SP ^_dWP^

u 8P^N]TMP PLNS ZQ _SP%).$ ^_dWP^

’ u :PNTIDIMG A 0AQIC 2EBPIEFIMG %)

H]LY^[L]PYNd AL^_P] / NLY MP‘^PO _Z TWW‘^_]L_P L []POZXTYLY_%Wd =YQW‘PYNTYR ^_dWP& 9c[WLTY _SL_[PZ[WP bSZ aTPb _SPX^PWaP^ L^=YQW‘PYNTYR L]P Z]TPY_PO _ZbL]ONSLYRTYR Z_SP] [PZ[WP& HSPd_PYO _Z OP^N]TMP _SPX^PWaP^ L^PY_S‘^TL^_TN$ Z‘_RZTYR$ LYO TY_P]%P^_PO TY RP__TYR _STYR^ ^_L]_PO&HS‘^$ _SP =YQW‘PYNTYR ^_dWP NLYMP LOaLY_LRPZ‘^$ QZ] PcLX[WP$TY ^T_‘L_TZY^ _SL_ ]P\‘T]P TYT_TL_TYRNSLYRP LYO XZ_TaL_TYR [PZ[WP _Z_]d YPb _STYR^&

H]LY^[L]PYNd AL^_P] 0 NLY MP‘^PO _Z OP^N]TMP _SP G‘[[Z]_TaP^_dWP& 9c[WLTY _SL_ [PZ[WP bSZOP^N]TMP _SPX^PWaP^ L^G‘[[Z]_TaP L]P Z]TPY_PO _ZbL]O‘YOP]^_LYOTYR LYO LNNP[_TYRZ_SP] [PZ[WP& HSPd _PYO _Z aTPb_SPX^PWaP^ L^ NZZ[P]L_TaP$PX[L_SP_TN$ LYO QZN‘^PO ZYXLVTYR _PLX^ bZ]V& HS‘^$ _SPG‘[[Z]_TaP ^_dWP NLY MP LOaLY_L%RPZ‘^ TY ^T_‘L_TZY^ _SL_ NLWW QZ]NZWWLMZ]L_TZY$ TY_PR]L_TZY$ LYONZY^PY^‘^&

:TYLWWd$ _SP 7ZY_PX[WL_TaP ^_dWPT^ OP^N]TMPO Md H]LY^[L]PYNdAL^_P] 1& DPZ[WP bSZ ^PP _SPX%^PWaP^ L^ 7ZY_PX[WL_TaP L]P Z]T%PY_PO _ZbL]O ‘YOP]^_LYOTYR LYOLNNP[_TYR _SPT] _L^V PYaT]ZY%XPY_& HSPd _PYO _Z OP^N]TMP_SPX^PWaP^ L^ LYLWd_TNLW$]P^P]aPO$ LYO QZN‘^PO ZY RP__TYR_STYR^ ]TRS_& 5^ L ]P^‘W_$ _SP7ZY_PX[WL_TaP ^_dWP NLY MPLOaLY_LRPZ‘^$ QZ] PcLX[WP$ TY^T_‘L_TZY^ _SL_ ]P\‘T]P L__PY_TZY_Z OP_LTW LYO TOPY_TQTNL_TZY ZQ[]ZMWPX^ Z] OT^N]P[LYNTP^&

%* u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

6LOKICARINMQ NF RHE #%’" <RWKEQ+ LIMTSER

5^ TWW‘^_]L_PO Md H]LY^[L]PYNdAL^_P] )($ _SP [P]^ZYLW ^_dWP^XPL^‘]PO Md /85 "*" %).$.B?C5D NLY SLaP TX[WTNL_TZY^ QZ][L]_TNT[LY_^k UZM [P]QZ]XLYNP$TY_P][P]^ZYLW ]PWL_TZY^$ LYO [P]%^ZYLW ^L_T^QLN_TZY& HSL_k^MPNL‘^P _SP MPSLaTZ]^ L^^ZNTL_%PO bT_S PLNS ZQ _SP ^_dWP^ ]PQWPN_OTQQP]PY_ Z]TPY_L_TZY^$ TY_P]P^_^$LYO YPPO^& HS‘^$ TY ^ZXP ^T_‘L%_TZY^$ NP]_LTY ^_dWP^ L]P WTVPWd _ZMP XZ]P PQQPN_TaP "LYO ]P^‘W_ TYR]PL_P] [P]^ZYLW ^L_T^QLN_TZY#_SLY Z_SP]^&

KZ‘ NLY _SPY []ZaTOP [L]_TNT%[LY_^ bT_S ^ZXP PcLX[WP^ ZQ SZb [P]^ZYLW ^_dWP^ NLY TX[LN_UZM [P]QZ]XLYNP$ TY_P][P]^ZYLW ]PWL_TZY^$ LYO [P]^ZYLW ^L_T^QLN%_TZY& 5W_P]YL_TaPWd$ dZ‘ NLY L^V [L]_TNT[LY_^ _Z NZXP ‘[ bT_S _SPT]ZbY PcLX[WP^ ML^PO ZY _SP OP^N]T[_TZY^ dZ‘ []ZaTOPO "L^ bPWWL^ _SP OP^N]T[_TZY^ TYNW‘OPO TY G_P[ + ZQ _SP .B?C5D LYO TYAZO‘WP 5 ZQ _SP %52?9569<7 (B945#&

:Z] TY^_LYNP$ _SP 1IQECSIMG ^_dWP T^ WTVPWd _Z MP PQQPN_TaP LYO]P^‘W_ TY [P]^ZYLW ^L_T^QLN_TZY bSPY2

u HSP UZM Z] _L^V ]P\‘T]P^ PQQTNTPYNd LYO RP__TYR ]P^‘W_^&u HSP _PLX YPPO^ ^ZXPZYP _Z _LVP NZY_]ZW LYO L^^‘XP WPLO%

P]^ST[&

u HSP ^T_‘L_TZY T^ OdYLXTN LYO [P]^ZYLWWd NSLWWPYRTYR&

HSP 6MFKTEMCIMG ^_dWP$ ZY _SP Z_SP] SLYO$ T^ WTVPWd _Z MP PQQPN_TaPLYO ]P^‘W_ TY [P]^ZYLW ^L_T^QLN_TZY bSPY2

u HSP UZM Z] _L^V ]P\‘T]P^ YPb TOPL^ Z] TYT_TL_TYR NSLYRP&

u HSP _PLX YPPO^ L OT]PN_TZY$ aT^TZY$ Z] ^Z‘]NP ZQ XZ_TaL_TZYLYO PcNT_PXPY_&

u HSP ^T_‘L_TZY LWWZb^ QZ] N]PL_TaT_d LYO SLaTYR L [Z^T_TaPTX[LN_ ZY Z_SP] [PZ[WP&

HSP =TOONQSIUE ^_dWP T^ WTVPWd _Z MP PQQPN_TaP LYO ]P^‘W_ TY [P]%^ZYLW ^L_T^QLN_TZY bSPY2

u HSP UZM Z] _L^V ]P\‘T]P^ NZZ]OTYL_TYR Z] TY_PR]L_TYR _SP RZLW^LYO PQQZ]_^ ZQ OTQQP]PY_ TYOTaTO‘LW^ Z] R]Z‘[^&

u HSP _PLX YPPO^ _Z ]PLNS L NZY^PY^‘^&

1ERCQIBE ILOKICASINMRu :Z] UZM [P]QZ]XLYNP

u :Z] TY_P][P]^ZYLW]PWL_TZY^

u :Z] [P]^ZYLW^L_T^QLN_TZY

’ u :PNTIDIMG A 0AQIC 2EBPIEFIMG %+

u HSP ^T_‘L_TZY LWWZb^ QZ] TY_P]LN_TYR bT_S Z_SP] [PZ[WP LYOM‘TWOTYR ]PWL_TZY^ST[^&

HSP 0NMSELOKASIUE ^_dWP T^ WTVPWd _Z MP PQQPN_TaP LYO ]P^‘W_ TY[P]^ZYLW ^L_T^QLN_TZY bSPY2

u HSP UZM ]P\‘T]P^ []PNT^TZY$ LOSP]PYNP _Z ]‘WP^ LYO []ZNP%O‘]P^$ Z] L__PY_TZY _Z OP_LTW&

u HSP _PLX YPPO^ TYQZ]XL_TZY LYO QPPOMLNV&

u HSP ^T_‘L_TZY T^ ^_]‘N_‘]PO LYO NZYO‘NTaP _Z bZ]VTYR TYOP%[PYOPY_Wd&

HS‘^$ Md ‘YOP]^_LYOTYR _SP %).$ ^_dWP^ TY RPYP]LW LYO _SPT]ZbY [P]^ZYLW ^_dWP^ TY [L]_TN‘WL]$ [L]_TNT[LY_^ NLY TOPY_TQd _L^V^LYO ^T_‘L_TZY^ TY bSTNS _SPT] OZXTYLY_ ^_dWP^ L]P WTVPWd _Z bZ]VbPWW QZ] _SPX& 5^ TX[Z]_LY_$ [L]_TNT[LY_^ NLY LW^Z TOPY_TQd _L^V^LYO ^T_‘L_TZY^ TY bSTNS _SPd XTRS_ XZOTQd _SPT] ^_dWP _Z PYSLYNP_SPT] PQQPN_TaPYP^^&

DL]_TNT[LY_^ bSZ L]P TY_P]P^_PO TY WPL]YTYR XZ]P LMZ‘_ _SPT]^_dWP^ ^SZ‘WO bZ]V ZY _SPT] ZbY LYO NZX[WP_P _SP XZO‘WP^TYNW‘OPO TY _SP %52?9569<7 (B945& 5W_P]YL_TaPWd$ OP[PYOTYR ZYdZ‘] ZMUPN_TaP^ LYO _TXP Q]LXP$ dZ‘ XTRS_ TYNZ][Z]L_P ^ZXP ZQ_SP XZO‘WP^ TY_Z dZ‘] []ZR]LX$ L^ OT^N‘^^PO TY GPN_TZY - LYO5[[PYOTc 6 ZQ _ST^ XLY‘LW&

:PNTIDIMG AM3VOAMDED2EBPIEFIMG

9TEPTIEUHST^ ^PN_TZY OP^N]TMP^ SZb dZ‘ NLY M‘TWO ZY _SP ML^TN OPM]TPQ%TYR Z‘_WTYPO TY GPN_TZY + _Z TYNW‘OP LY Pc[WLYL_TZY ZQ _SP OTXPY%^TZY^ ‘YOP]WdTYR _SP %).$ ^_dWP^$ %).$ []ZQTWP^$ _SP NL‘^P^ LYOPQQPN_^ ZQ [P]^ZYLW ^_dWP^$ LYO _SP TX[WTNL_TZY^ QZ] ^PWQ%OPaPWZ[%XPY_& HSP^P _Z[TN^ bTWW LOO L[[]ZcTXL_PWd +- _Z -( XTY‘_P^ _ZdZ‘] _Z_LW OPM]TPQTYR _TXP&

8P[PYOTYR ZY dZ‘] []ZR]LX ZMUPN_TaP^$ dZ‘ XLd bLY_ _Z NZaP]ZYWd L ^‘M^P_ ZQ _SP _Z[TN^ OP^N]TMPO TY _ST^ ^PN_TZY& KZ‘ ^SZ‘WO[TNV LYO NSZZ^P _SP _Z[TN^ _SL_ dZ‘ bTWW NZaP] LYO _SP Z]OP] TYbSTNS dZ‘ bTWW []P^PY_ _SPX _Z MP^_ QT_ dZ‘] ^_dWP LYO []ZR]LXZMUPN_TaP^&

5OOT_TZYLWWd$ dZ‘ XLd bLY_ _Z TYNZ][Z]L_P ^ZXP ZQ _SP XZO‘WP^TY _SP %52?9569<7 (B945 TY_Z dZ‘] []P^PY_L_TZY& 8ZTYR ^Z bTWWWPYR_SPY dZ‘] OPM]TPQTYR$ M‘_ bTWW LW^Z XLVP dZ‘] []ZR]LX XZ]PTY_P]LN_TaP& GPN_TZY - ZQ _ST^ XLY‘LW OP^N]TMP^ _SP %52?9569<7(B945 XZO‘WP^ LYO ^ZXP ZQ _SP bLd^ _SPd NLY MP TYNZ][Z]L_POTY_Z dZ‘] ^P^^TZY&

%-

&$ u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

#%’" 2ILEMQINMQ+ LIMTSER

IYOP]^_LYOTYR _SP OTXPY^TZY^‘YOP]WdTYR _SP %).$ ^_dWP^ T^‘^PQ‘W QZ] TY_P][]P_TYR OZXTYLY_^_dWP^ LYO _SP ^_dWP NZXMTYL%_TZY^& HSP %).$ OTXPY^TZY^ L]P[]P^PY_PO TY AZO‘WP 6 ZQ _SP%52?9569<7 (B945 "[L]_TNT[LY_^NLY ]PQP] _Z _SP QTR‘]P ZY _SP QT]^_[LRP ZQ _ST^ XZO‘WP L^ dZ‘OP^N]TMP _SP OTXPY^TZY^#&

HSP ^_dWP^ XPL^‘]PO Md /85"*" %).$ .B?C5D L]P OPQTYPOMd _bZ OTXPY^TZY^$ L^ ^SZbY TYH]LY^[L]PYNd AL^_P] ))& HSPQT]^_ OTXPY^TZY OT^_TYR‘T^SP^MP_bPPY [P]^ZYLW ^_dWP^ Z]TPY_PO _ZbL]O CHAMGE aP]^‘^ ^_dWP^Z]TPY_PO _ZbL]O ACCEOSAMCE& HSP ^PNZYO OTXPY^TZY OT^_TYR‘T^S%P^ MP_bPPY [P]^ZYLW ^_dWP^ Z]TPY_PO _ZbL]O SARJR aP]^‘^ ^_dWP^Z]TPY_PO _ZbL]O OENOKE& HLVPY _ZRP_SP]$ _SP^P OTXPY^TZY^OP^N]TMP _SP QZ‘] [P]^ZYLW ^_dWP^ XPL^‘]PO Md /85 "*" %).$.B?C5D&

HS‘^$ _SP 8T]PN_TYR ^_dWP ]PQWPN_^ LY Z]TPY_L_TZY _ZbL]O NSLYRPLYO _L^V^& HSP =YQW‘PYNTYR ^_dWP ]PQWPN_^ LY Z]TPY_L_TZY _ZbL]ONSLYRP LYO [PZ[WP& HSP G‘[[Z]_TaP ^_dWP ]PQWPN_^ LY Z]TPY_L_TZY_ZbL]O LNNP[_LYNP LYO [PZ[WP& 5YO _SP 7ZY_PX[WL_TaP ^_dWP]PQWPN_^ LY Z]TPY_L_TZY _ZbL]O LNNP[_LYNP LYO _L^V^&

GZXP [L]_TNT[LY_^ bTWW QTYO _SL_ ZYP ZQ _SP QZ‘] %).$ ^_dWP^ MP^_OP^N]TMP^ _SPT] ZbY [P]^ZYLW ^_dWP& C_SP] [L]_TNT[LY_^$ SZbPaP]$bTWW QTYO _SL_ L NZXMTYL_TZY ZQ _SP %).$ ^_dWP^ XZ^_ LNN‘]L_PWdOP^N]TMP^ _SPT] ZbY [P]^ZYLW ^_dWP& DP]^ZYLW ^_dWP^ _SL_ ]PQWPN_ LNZXMTYL_TZY ZQ %).$ ^_dWP^ XLd MP O]TaPY Md XZ]P RPYP]LW Z]T%PY_L_TZY^ _ZbL]O _L^V^$ [PZ[WP$ NSLYRP Z] LNNP[_LYNP& HSP^PRPYP]LW Z]TPY_L_TZY^ MPNZXP L[[L]PY_ bSPY [L]_TNT[LY_^ PcLX%TYP _SPT] %).$ []ZQTWP^&

1ERCQIBIMG SHE "$%!1ILEMRINMRu 7SLYRP aP]^‘^

5NNP[_LYNPu HL^V^ aP]^‘^

DPZ[WP

( u :PNTIDIMG AM 3VOAMDED 2EBPIEFIMG &%

#%’" :PNFIKEQ’& SN ’+ LIMTSER

HSP OTXPY^TZY^ ‘YOP]WdTYR _SP %).$ ^_dWP^ L]P ]PLOTWd aT^TMWPbSPY _SP ^‘]aPd ]P^‘W_^ L]P PcLXTYPO TY _SP NZY_Pc_ ZQ _SP%).$ D]ZQTWP "H]LY^[L]PYNd AL^_P] )*#& AZO‘WP 6 ZQ _SP%52?9569<7 (B945 TYNW‘OP^ L OTLXZYO%^SL[PO QTR‘]P ZY bSTNS[L]_TNT[LY_^ NLY NZY^_]‘N_ _SPT] []ZQTWP^& KZ‘ NLY PT_SP] SLaP [L]%_TNT[LY_^ NZY^_]‘N_ _SPT] %).$ []ZQTWP^ O‘]TYR dZ‘] OPM]TPQTYR Z]dZ‘ NLY U‘^_ OP^N]TMP _SP OTQQP]PY_ []ZQTWP^ LYO ]PNZXXPYO _SL_[L]_TNT[LY_^ NZX[WP_P AZO‘WP 6 LQ_P] dZ‘] ^P^^TZY& "BZ_P2 =Q dZ‘SLaP [L]_TNT[LY_^ NZX[WP_P AZO‘WP 6 O‘]TYR _SP OPM]TPQTYR$ T_bTWW LOO L[[]ZcTXL_PWd - XTY‘_P^ _Z dZ‘] OPM]TPQTYR _TXP#&

%).$ []ZQTWP^ L]P NZY^_]‘N_PO Md_]LY^QP]]TYR _SP 8$ =$ G$ LYO 7_Z_LW^ Q]ZX G_P[ + ZQ _SP ^‘]aPd_Z _SP OTLXZYO%^SL[PO QTR‘]P&CYNP _SP ^NZ]P^ QZ] PLNS ZQ _SP^_dWP^ L]P WZNL_PO ZY _SP OTL%XZYO$ _SP L]PL ‘YOP]YPL_S _SP^NZ]P^ T^ ^SLOPO TY _Z STRSWTRS__SP Pc_PY^TZY^ LWZYR PLNS ZQ _SP^_dWP^ "L^ ^SZbY TYH]LY^[L]PYNd AL^_P] )*#& G_dWP^_SL_ L]P XZ]P Pc_PYOPO LYO^SLOPO TY Q]ZX _SP NPY_P] ZQ _SPOTLXZYO L]P XZ]P OP^N]T[_TaP ZQ_SP ]P^[ZYOPY_& ":Z] PcLX[WP$ TYH]LY^[L]PYNd AL^_P] )* _SP=YQW‘PYNTYR ^_dWP T^ XZ^_ OP^N]T[_TaP ZQ _SP ]P^[ZYOPY_&#

7ZX[WP_PO %).$ []ZQTWP^ LWWZb]P^[ZYOPY_^ _Z ]PLOTWd OT^NP]YbSP_SP] _SPT] [P]^ZYLW ^_dWP T^OPQTYPO Md L ^TYRWP ^_dWP3 Md LXZ]P RPYP]LW Z]TPY_L_TZY _ZbL]O_L^V^$ [PZ[WP$ NSLYRP$ Z]LNNP[_LYNP3 Md X‘W_T[WP Z]TPY_L%_TZY^3 Z] Md NZX[P_TYR Z]TPY_L%_TZY^& KZ‘ NLY ‘^P H]LY^[L]PYNdAL^_P] )+ _Z TWW‘^_]L_P RIMGKE$RSXKE OQNFIKER% DZTY_ Z‘_ _SL__SP^P L]P ^TYRWP%^_dWP []ZQTWP^MPNL‘^P ZYP ^_dWP T^ NWPL]WdXZ]P Pc_PYOPO "LYO _SP]PQZ]PX‘NS XZ]P OP^N]T[_TaP ZQ _SP]P^[ZYOPY_# _SLY _SP Z_SP] _S]PP^_dWP^&

1ERCQIBIMG "$%!;QNFIKERu <Zb _Z NZY^_]‘N_

[]ZQTWP^

u GTYRWP%^_dWP []ZQTWP^u 8‘LW%^_dWP []ZQTWP^u A‘W_T[WP%^_dWP []ZQTWP^u 7ZX[P_TYR%^_dWP

[]ZQTWP^

&& u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

9cLX[WP^ ZQ DTAK$RSXKE OQNFIKERL]P ^SZbY TY H]LY^[L]PYNdAL^_P] ),& 8‘LW%^_dWP []ZQTWP^ L]P_SZ^P TY bSTNS _bZ ^_dWP^ bT_S LNZXXZY Z]TPY_L_TZY L]P MZ_SPc_PYOPO& HS‘^$ _SP]P L]P QZ‘][Z^^TMWP _d[P^ ZQ O‘LW%Z]TPY_PO[]ZQTWP^2

u 0HAMGE$NQIEMSED []ZQTWP^$bSP]P _SP ^_dWP^ L_ _SP _Z[ ZQ_SP OTLXZYO "8T]PN_TYR LYO=YQW‘PYNTYR# L]P Pc_PYOPO3

u .CCEOSAMCE$NQIEMSED []Z%QTWP^$ bSP]P _SP ^_dWP^ L_ _SPMZ__ZX ZQ _SP OTLXZYO"G‘[[Z]_TaP LYO7ZY_PX[WL_TaP# L]P Pc_PYOPO3

u >ARJ$NQIEMSED []ZQTWP^$ bSP]P _SP ^_dWP^ ZY _SP WPQ_ ^TOP ZQ _SPOTLXZYO "8T]PN_TYR LYO 7ZY_PX[WL_TaP# L]P Pc_PYOPO3 LYO

u ;ENOKE$NQIEMSED []ZQTWP^$ bSP]P _SP ^_dWP^ ZY _SP ]TRS_ ^TOPZQ _SP OTLXZYO "=YQW‘PYNTYR LYO G‘[[Z]_TaP# L]P Pc_PYOPO&

H]LY^[L]PYNd AL^_P] )- []P^%PY_^ PcLX[WP^ ZQ LTKSIOKE$RSXKEOQNFIKER% A‘W_T[WP ^_dWP^ "LYO Z]T%PY_L_TZY^# L]P PaTOPY_ bSPY LWWQZ‘] ZQ _SP %).$ ^_dWP^ ^SZbL[[]ZcTXL_PWd P\‘LW Pc_PY^TZY^&G‘NS []ZQTWP^ NLY MP LNDEQASE#CNLOQERRED# Z] EWOAMDED&

u 8NDEQASE OQNFIKER L]P _SZ^PTY bSTNS LWW QZ‘] ZQ _SP ^_dWP^L]P Pc_PYOPO LMZ‘_ SLWQ%bLdTY MP_bPPY _SP NPY_P] LYO _SPZ‘_P] PORP ZQ _SP OTLXZYO&

u 0NLOQERRED OQNFIKER L]P_SZ^P TY bSTNS LWW QZ‘] ^_dWP^L]P Pc_PYOPO NWZ^P _Z _SPNPY_P] ZQ _SP OTLXZYO&

u 2WOAMDED OQNFIKER L]P _SZ^P TY bSTNS LWW QZ‘] ^_dWP^ L]PPc_PYOPO NWZ^P _Z _SP Z‘_P] PORP ZQ _SP OTLXZYO&

HSP OTQQP]PYNP^ MP_bPPY _SP^P []ZQTWP^ XLd MP O‘P _Z _SP]P^[ZY^P MTL^P^ Z] _PYOPYNTP^ _SL_ NP]_LTY [PZ[WP PcSTMT_ bSPYLY^bP]TYR ^‘]aPd^& :Z] PcLX[WP$ 7ZX[]P^^PO []ZQTWP^ ZNN‘]bSPY ]P^[ZYOPY_^ LY^bP] NZY^P]aL_TaPWd LYO TYOTNL_P _SL_ XZ^_ZQ _SP [S]L^P^ L]P YZ_ aP]d OP^N]T[_TaP ZQ _SPX3 9c[LYOPO []Z%QTWP^ ZNN‘] bSPY ]P^[ZYOPY_^ LY^bP] XZ]P Q]PPWd LYO TYOTNL_P_SL_ LWXZ^_ LWW ZQ _SP [S]L^P^ L]P OP^N]T[_TaP ZQ _SPX&

( u :PNTIDIMG AM 3VOAMDED 2EBPIEFIMG &’

5W_P]YL_TaPWd$ _SP OTQQP]PY_ _d[P^ ZQ X‘W_T[WP%^_dWP []ZQTWP^ NLY]PQWPN_ OTQQP]PYNP^ TY [P]^ZYLW ^_dWP^& :Z] PcLX[WP$ _SP7ZX[]P^^PO []ZQTWP XLd MP L[[WTNLMWP _Z [PZ[WP bSZ L]P]P^P]aPO$ ]P_T]TYR$ LYO lXPL^‘]POm TY _SPT] ]PLN_TZY^ _Z _STYR^L]Z‘YO _SPX$ bSTWP _SP 9c[LYOPO []ZQTWP XLd MP ]PWPaLY_ _Z_SZ^P bSZ L]P Pc_]LaP]_PO$ PYP]RP_TN$ LYO ^[ZY_LYPZ‘^ TY _SPT]]PLN_TZY^&

A‘W_T[WP ^_dWP^ NLY MP MPYPQTNTLW bSPY _SP ^_dWP^ L]P ‘^PO _ZNZX[WPXPY_ Z] NZX[PY^L_P QZ] ZYP LYZ_SP]$ Z] bSPY _SPd L]P‘^PO L_ OTQQP]PY_ _TXP^ OP[PYOTYR ZY _SP OPXLYO^ ZQ _SP ^T_‘L%_TZY& <ZbPaP]$ X‘W_T[WP%^_dWP []ZQTWP^ NLY LW^Z MPNZXP L ^Z‘]NPZQ Q]‘^_]L_TZY bSPY XPP_TYR _SP OPXLYO^ ZQ ^ZXP ^_dWP^ NZY%QWTN_^ bT_S XPP_TYR _SP OPXLYO^ ZQ Z_SP] ^_dWP^&

:TYLWWd$ PcLX[WP^ ZQ CNLOESIMG$RSXKE OQNFIKER L]P ^SZbY TYH]LY^[L]PYNd AL^_P] ).&G[PNTQTNLWWd$ []ZQTWP^ bT_S ]PWL_TaP%Wd ^_]ZYR Pc_PY^TZY^ TY MZ_S _SP8T]PN_TYR LYO G‘[[Z]_TaP ^_dWP^"LYO ^XLWWP] Pc_PY^TZY^ TY _SPZ_SP] _bZ ^_dWP^# ]PQWPN_ Z]TPY_L%_TZY^ _ZbL]O _L^V^ LYO NSLYRP$ZY _SP ZYP SLYO$ LYO [PZ[WPLYO LNNP[_LYNP$ ZY _SP Z_SP]&GTXTWL]Wd$ []ZQTWP^ _SL_ SLaP ]PWL%_TaPWd ^_]ZYR Pc_PY^TZY^ TY MZ_S_SP =YQW‘PYNTYR LYO7ZY_PX[WL_TaP ^_dWP^ "LYO ^XLWW%P] Pc_PY^TZY^ TY _SP Z_SP] _bZ^_dWP^# ]PQWPN_ Z]TPY_L_TZY^ _ZbL]O [PZ[WP LYO NSLYRP$ ZY _SPZYP SLYO$ LYO _L^V^ LYO LNNP[_LYNP$ ZY _SP Z_SP]& 5^ bT_S X‘W%_T[WP%^_dWP []ZQTWP^$ NZX[P_TYR%^_dWP []ZQTWP^ NLY MP MPYPQTNTLWbSPY _SP ^_dWP^ NZX[WPXPY_ "L^ bPWW L^ NZX[PY^L_P QZ]# ZYPLYZ_SP]& <ZbPaP]$ _SPd NLY LW^Z MPNZXP L ^Z‘]NP ZQ _PY^TZY Z]Q]‘^_]L_TZY bSPY XPP_TYR _SP OPXLYO^ ZQ ZYP ^_dWP NZYQWTN_^ bT_SXPP_TYR _SP OPXLYO^ ZQ _SP Z_SP]&

8P^N]T[_TZY^ ZQ _SP ^TYRWP ^_dWP^ L]P []ZaTOPO TY AZO‘WP 5 ZQ _SP%52?9569<7 (B9453 OP^N]T[_TZY^ ZQ _SP ^_dWP NZXMTYL_TZY^ L]P []Z%aTOPO TY AZO‘WP 7& DL]_TNT[LY_^ ^SZ‘WO ]PQP] _Z _SP^P XZO‘WP^bSPY TY_P][]P_TYR _SPT] ZbY %).$ []ZQTWP^&

&( u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

1ASQEQ AMD 3FFECRQ NF :EPQNMAK<RWKEQ’& SN ’+ LIMTSER

CYNP [L]_TNT[LY_^ ‘YOP]^_LYO _SPT] %).$ ^_dWP^$ _SPd NZXXZYWdL^V \‘P^_TZY^ ^‘NS L^ lSZb OTO = OPaPWZ[ _ST^ ^_dWP4m lbSd L]P_SP^P ^_dWP^ TX[Z]_LY_4m LYO lbSL_ NLY = OZ TQ = bLY_ _Z NSLYRPXd ^_dWP4m JLWVTYR [L]_TNT[LY_^ _S]Z‘RS _SP [Z^^TMWP NL‘^P^ LYOPQQPN_^ ZQ _SPT] [P]^ZYLW ^_dWP^ []ZaTOP^ ^ZXP ZQ _SP LY^bP]^ _Z_SP^P \‘P^_TZY^&

5NV DID 6 DEUEKNO SHIR RSXKE- HZ LY^bP] _ST^ \‘P^_TZY$ [L]_TNT%[LY_^ YPPO _Z NZY^TOP] _SP L]]Ld ZQ QLN_Z]^ _SL_ NLY WPLO _Z _SPOPaPWZ[XPY_ ZQ [P]^ZYLW Z]TPY_L_TZY^& H]LY^[L]PYNd AL^_P] )/^‘XXL]TeP^ ^ZXP ZQ _SP QLN_Z]^ _SL_ NLY TYQW‘PYNP _SP %).$^_dWP^& HSP^P TYNW‘OP2

u ;ENOKE "^‘NS L^ [L]PY_^$^TMWTYR^$ ^[Z‘^P^$ ^TRYTQTNLY_Z_SP]^$ NSTWO]PY$ Z_SP] QLXTWdXPXMP]^$ Q]TPYO^$ _PLNSP]^$MZ^^P^$ NZbZ]VP]^$ PX[WZd%PP^# bSZ SLaP PcPX[WTQTPO Z]PYNZ‘]LRPO _SP OPaPWZ[XPY_ZQ NP]_LTY ^_dWP^3

u 2WOEQIEMCER "^‘NS L^^NSZZWTYR3 [L]_TNT[L_TZY TYNW‘M^$ ^[Z]_^$ ^ZNTLW R]Z‘[^$Z] Z_SP] LN_TaT_TP^3 _]LaPW^# _SL_SLaP ^SL[PO Z] []ZXZ_PO _SPOPaPWZ[XPY_ ZQ NP]_LTY ^_dWP^3LYO

u 2MUIQNMLEMSR "^‘NS L^ bZ]VPYaT]ZYXPY_^$ Z]RLYTeL_TZYLW N‘W_‘]P^$ ^_]‘N_‘]P^$ LYO _PNS%YZWZRTP^3 SZXP PYaT]ZYXPY_^3 ^ZNTP_LW PYaT]ZYXPY_^ LYON‘W_‘]P^# _SL_ SLaP ]PTYQZ]NPO _SP LOZ[_TZY ZQ NP]_LTY ^_dWP^&

HS‘^$ _SP [P]^ZYLW ^_dWP^ XPL^‘]PO Md /85 "*" %).$ .B?C5DL]P ^_dWP^ _SL_ [L]_TNT[LY_^ SLaP WPL]YPO LYO OPaPWZ[PO "L^Z[[Z^PO _Z MPTYR TYYL_P Z] _]LT_^ _SL_ _SPd bP]P MZ]Y bT_S#&DL]_TNT[LY_^ ^SZ‘WO _STYV LMZ‘_ _SP [PZ[WP$ Pc[P]TPYNP^$ LYOPYaT]ZYXPY_^ _Z bSTNS _SPd SLaP MPPY Pc[Z^PO _SL_ WTVPWd SLaP^SL[PO _SPT] N‘]]PY_ _STYVTYR LYO MPSLaTZ]$ LYO SLaP WPO _SPX_Z LOZ[_ NP]_LTY ^_dWP^& HSPd NLY ]PQP] _Z AZO‘WP 8 ZQ _SP%52?9569<7 (B945 bSPY LYLWdeTYR _SP ^[PNTQTN NL‘^P^ ZQ _SPT]^_dWP^&

@HX AQE SHERE RSXKER ILONQSAMS- HSP LY^bP] _Z _ST^ \‘P^_TZYNZXP^ Q]ZX LYLWdeTYR _SP PQQPN_^ ZQ ZYPk^ [P]^ZYLW ^_dWP

1ERCQIBIMG 0ATRER AMD2FFECSRu DZ_PY_TLW TYQW‘PYNP ZQ

[PZ[WP$ Pc[P]TPYNP^$LYO PYaT]ZYXPY_^

u DZ_PY_TLW PQQPN_^ZY [P]QZ]XLYNP$]PWL_TZY^ST[^$ LYO^L_T^QLN_TZY

u =X[WTNL_TZY^ QZ]NSLYRP

( u :PNTIDIMG AM 3VOAMDED 2EBPIEFIMG &)

"H]LY^[L]PYNd AL^_P] )( Q]ZX _SP ML^TN OPM]TPQTYR#& HS‘^$ [L]%_TNT[LY_^ ^SZ‘WO _STYV LMZ‘_ _SP TX[LN_ _SL_ _SPT] ^_dWP^ SLaP SLOZY _SPT]2

u 7NB OEQFNQLAMCE "QZ] PcLX%[WP$ SZb _SPT] [P]^ZYLW ^_dWP^PYSLYNPO Z] OP_]LN_PO Q]ZX_SPT] LMTWT_d _Z NL]]d Z‘_ _SPT]]ZWP^ LYO ]P^[ZY^TMTWT_TP^#3

u 6MSEQOEQRNMAK QEKASINMRHIOR"QZ] PcLX[WP$ SZb _SPT] [P]%^ZYLW ^_dWP^ SPW[PO Z] STY%OP]PO _SPT] LMTWT_d _Z bZ]V bT_SZ_SP] [PZ[WP$ bZ]V TY _PLX^$]P^ZWaP NZYQWTN_^$ LYO NZZ]OT%YL_P _SPT] PQQZ]_^ bT_S Z_SP]^#3LYO

u ;EQRNMAK RASIRFACSINM "QZ]PcLX[WP$ SZb _SPT] [P]^ZYLW^_dWP^ SLaP WPO _SPX _Z PT_SP]PYUZd Z] MPNZXP Q]‘^_]L_PO Md NP]_LTY VTYO^ ZQ bZ]V$ LN_TaT%_TP^$ ]P^[ZY^TMTWT_TP^$ ^T_‘L_TZY^$ LYO [PZ[WP#&

AZO‘WP 8 TY _SP %52?9569<7 (B945 TYNW‘OP^ L bZ]V^SPP_ _SL_R‘TOP^ [L]_TNT[LY_^ TY LYLWdeTYR _SP PQQPN_^ "L^ bPWW L^ _SP NL‘^%P^# ZQ _SPT] ^_dWP^& JZ]VTYR _S]Z‘RS ^‘NS LY LYLWd^T^ bTWW PYLMWP[L]_TNT[LY_^ _Z TOPY_TQd _SP ^T_‘L_TZY^ TY bSTNS _SPd L]P YZ_ SLa%TYR _SP TX[LN_ _SL_ _SPd bZ‘WO WTVP "LYO _SP]PQZ]P$ _SP ^T_‘L_TZY^TY bSTNS T_ XTRS_ MP L[[]Z[]TL_P _Z LOU‘^_ Z] XZOTQd _SPT] ^_dWP^#&

@HAS CAM 6 DN IF 6 VAMS SN CHAMGE LX RSXKE- HSP %).$ ^_dWP^L]P NSLYRPLMWP& =Q [L]_TNT[LY_^ _STYV LMZ‘_ T_$ _SPT] ^_dWP^ SLaP[]ZMLMWd NSLYRPO Q]ZX bSL_ _SPd bP]P - dPL]^ LRZ$ )( dPL]^LRZ$ )- dPL]^ LRZ$ LYO ^Z ZY& 7SLYRP^ TY [P]^ZYLW ^_dWP^ _PYO_Z ZNN‘] MPNL‘^P ZQ NSLYRP^ TY NL‘^LW QLN_Z]^ "^‘NS L^ Pc[Z%^‘]P _Z YPb [PZ[WP$ Pc[P]TPYNP^$ Z] PYaT]ZYXPY_^# Z] MPNL‘^PZQ _SP PQQPN_^ _SL_ L [P]^ZYLW ^_dWP SL^ SLO "QZ] PcLX[WP$ PcSTMT_%TYR XZ]P ZQ _SZ^P ^_dWP^ _SL_ SLaP []ZO‘NPO OP^T]PO PQQPN_^ LYOLaZTOTYR _SZ^P ^_dWP^ _SL_ SLaP YZ_ MPPY ‘^PQ‘W TY L__LTYTYR _SPOP^T]PO ]P^‘W_^#& =Y ^ZXP NL^P^$ [L]_TNT[LY_^ XLOP L NZY^NTZ‘^PQQZ]_ _Z NSLYRP _SPT] ^_dWP^ ML^PO ZY _SPT] NL‘^P^ Z] PQQPN_^3 TYZ_SP] NL^P^$ _SPT] ^_dWP^ NSLYRPO bT_SZ‘_ [L]_TNT[LY_^ MPTYR NZY%^NTZ‘^Wd LbL]P ZQ T_&

HSP]P L]P L_ WPL^_ _bZ L[[]ZLNSP^ _SL_ [PZ[WP NLY _LVP _Z TY_PY%_TZYLWWd NSLYRP _SPT] ^_dWP^& :T]^_$ [L]_TNT[LY_^ NLY WZZV MLNV L__SP NL‘^P^ ZQ _SPT] ^_dWP^ LYO XLVP ^ZXP NSLYRP^ Pc_P]YLWWd&G[PNTQTNLWWd$ _SPd NLY NZY^TOP] _SP VTYO^ ZQ [PZ[WP$ Pc[P]TPYNP^$LYO PYaT]ZYXPY_^ _SL_ _SPd ^SZ‘WO ^PPV Z‘_ TY Z]OP] _Z OPaPWZ[_SPT] ^_dWP^ TY LYZ_SP] OT]PN_TZY& HSPd ^SZ‘WO _SPY TYT_TL_P PQQZ]_^_Z Pc[Z^P _SPX^PWaP^ _Z _SZ^P VTYO^ ZQ [PZ[WP$ Pc[P]TPYNP^$LYO PYaT]ZYXPY_^&

&* u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

GPNZYO$ [L]_TNT[LY_^ NLY XLVP NSLYRP^ TY_P]YLWWd Md NZY^NTZ‘^%Wd bZ]VTYR _Z LOU‘^_ _SPT] MPSLaTZ] LYO ]P^[ZY^P^ TY [L]_TN‘WL]^T_‘L_TZY^ bSP]P$ Z] bT_S NP]_LTY [PZ[WP bSZX$ _SPd L]P YZ_ SLa%TYR _SP OP^T]PO TX[LN_& AZO‘WP^ 9$ :$ LYO ; ZQ _SP %52?9569<7(B945 ZQQP] ^PaP]LW ^‘RRP^_TZY^ LYO ^_]L_PRTP^ QZ] LOU‘^_TYRZYPk^ ^_dWP^ _Z PYSLYNP [P]^ZYLW LYO TY_P][P]^ZYLW PQQPN_TaP%YP^^& HS‘^$ [L]_TNT[LY_^ ^SZ‘WO ]PQP] _Z _SP^P XZO‘WP^ bSPYNZY^_]‘N_TYR _SPT] LN_TZY [WLY^&

6LOKICARINMQ FNP <EKF#2ETEKNOLEMR’& SN ’+ LIMTSER

DL]_TNT[LY_^ bSZ L]P TY_P]P^_PO TY OPaPWZ[TYR _SPX^PWaP^ ^SZ‘WONZY^TOP] _SP [Z^T_TaP LYO YPRL_TaP L^[PN_^ ZQ PLNS ZQ _SPT]^_dWP^$ L^ bPWW L^ _SP ^_dWP^ ZQ _SP [PZ[WP bT_S bSZX _SPd TY_P]%LN_& HST^ bTWW PYLMWP _SPX _Z _SPY XLVP NSLYRP^ _SL_ bTWW LNNPY%_‘L_P _SP [Z^T_TaP L^[PN_^ ZQ [L]_TN‘WL] ^_dWP^$ XTYTXTeP _SPL^[PN_^ _SL_ L]P XZ]P YPRL_TaP Z] WP^^ PQQPN_TaP$ LYO PYSLYNP_SP \‘LWT_d ZQ _SPT] TY_P]LN_TZY^ bT_S Z_SP]^&

6DEMSIFXIMG SHE OQNDTCSIUE AMD CNTMSEQOQNDTCSIUE AROECSR NFSHE RSXKER% <LWQ ZQ _SP T_PX^ TYNW‘OPO TY /85 "*" %).$ .B?C5DXPL^‘]P _SP [Z^T_TaP Z] []ZO‘N_TaP L^[PN_^ ZQ PLNS ^_dWP3 _SPZ_SP] SLWQ ZQ _SP T_PX^ XPL^‘]P _SP YPRL_TaP Z] NZ‘Y_P][]ZO‘N%_TaP L^[PN_^ ZQ PLNS ^_dWP& HS‘^$ [L]_TNT[LY_^ NLY PcLXTYP _SP[Z^T_TaP LYO YPRL_TaP L^[PN_^ ZQ _SPT] ^_dWP^ Md [WZ__TYR _SPT]^‘]aPd ]P^‘W_^ ZY _SP ^[PNTLW []ZQTWP^ []ZaTOPO TY AZO‘WP^ 9LYO :&

;ZTYR MLNV _Z G_P[ + ZQ _SP ^‘]%aPd "H]LY^[L]PYNd AL^_P] +#$_SP ^‘X^ TY _SP BNWER ]P[]P^PY_[L]_TNT[LY_^k ^NZ]P^ LWZYR _SPONRISIUE AROECSR ZQ PLNS ^_dWP&HSP^P _Z_LW^ NLY MP [WZ__PO ZY_SP %).$ D]ZQTWP TY AZO‘WP 9"H]LY^[L]PYNd AL^_P] )0# _ZTOPY_TQd _SP Pc_PY_ _Z bSTNS [L]%_TNT[LY_^ aTPb _SPX^PWaP^ L^PcSTMT_TYR _SP [Z^T_TaP L^[PN_^ ZQPLNS ZQ _SP ^_dWP^& HSP ^_dWP^bT_S _SP R]PL_P^_ Pc_PY^TZY^ ZY_ST^ []ZQTWP ]P[]P^PY_ [P]^ZYLWL^^P_^ Z] ^_]ZYR [ZTY_^& =Y NZY%_]L^_$ _SP ^_dWP^ _SL_ L]P _SP WPL^_Pc_PYOPO ]P[]P^PY_ NOONQSTMISIER FNQ DEUEKNOLEMS$ Z] L]PL^ZY bSTNS [L]_TNT[LY_^ XTRS_ bLY_ _Z bZ]V _Z ^_]PYR_SPY& AZO‘WP9 ZQ _SP %52?9569<7 (B945 []P^PY_^ L Y‘XMP] ZQ ^‘RRP^_TZY^ QZ]^_]PYR_SPYTYR _SP [Z^T_TaP L^[PN_^ ZQ PLNS ZQ _SP ^_dWP^&

1ERCQIBIMG6LOKICASINMR FNQ=EKF$1EUEKNOLEMSu 9cLXTYP []ZO‘N_TaP

L^[PN_^ ZQ ^_dWP^

u 5YLWdeP NZ‘Y_P]%[]ZO‘N_TaP L^[PN_^ZQ ^_dWP^

u =OPY_TQd Z[[Z]_‘YT_TP^QZ] OPaPWZ[XPY_ LYONSLYRP

u 5OL[_ _Z aP]^‘^NZX[WPXPY_ _SP^_dWP^ ZQ Z_SP][PZ[WP

( u :PNTIDIMG AM 3VOAMDED 2EBPIEFIMG &+

HZ PcLXTYP _SP CNTMSEQ$OQNDTCSIUE Z] WP^^ PQQPN_TaPL^[PN_^ ZQ _SPT] ^_dWP^$ [L]_TNT%[LY_^ ^SZ‘WO ]PQP] _Z _SP ^‘X^ TY_SP CIQCKER Q]ZX G_P[ + ZQ _SP^‘]aPd& HSP^P ^‘X^ NLY MP [WZ_%_PO ZY _SP %).$ D]ZQTWP TYAZO‘WP : "H]LY^[L]PYNd AL^_P])1# _Z TOPY_TQd _SP Pc_PY_ _ZbSTNS [L]_TNT[LY_^ aTPb _SPX%^PWaP^ L^ PcSTMT_TYR _SP YPRL_TaPL^[PN_^ ZQ PLNS ZQ _SP ^_dWP^&CY _ST^ []ZQTWP$ ]PWL_TaPWd XZOP^_Pc_PY^TZY^ L]P LOaLY_LRPZ‘^&HS‘^$ _SP ^_dWP^ _SL_ L]P _SPXZ^_ Pc_PYOPO ]P[]P^PY_ NOONQ$STMISIER FNQ CHAMGE# Z] L]PL^ TY bSTNS [L]_TNT[LY_^ XTRS_ bZ]V_Z XTYTXTeP TY Z]OP] _Z PYSLYNP _SPT] PQQPN_TaPYP^^ TY NP]_LTY ^T_%‘L_TZY^ Z] bT_S NP]_LTY [PZ[WP& AZO‘WP : NZY_LTY^ L Y‘XMP] ZQ^‘RRP^_TZY^ QZ] XTYTXTeTYR _SP YPRL_TaP L^[PN_^ ZQ PLNS ZQ _SP^_dWP^&

@NQJIMG VISH OENOKE VISH DIFFEQEMS RSXKER% DL]_TNT[LY_^ bSZL]P TY_P]P^_PO TY ^PWQ%OPaPWZ[XPY_ XTRS_ LW^Z NZY^TOP] _SP ^_dWP^ZQ _SP [PZ[WP bT_S bSZX _SPd bZ]V LYO TY_P]LN_& FPNZRYTeTYR_SP ^_dWP^ ZQ Z_SP]^ LYO WPL]YTYR _Z ]P^[ZYO L[[]Z[]TL_PWd NLYSPW[ [L]_TNT[LY_^ _Z TYN]PL^P _SPT] ZbY PQQPN_TaPYP^^$ L^ bPWW L^PYSLYNP _SP PQQPN_TaPYP^^ ZQ _SZ^P bT_S bSZX _SPd TY_P]LN_&

8P[PYOTYR ZY _SP OPXLYO^ ZQ_SP ^T_‘L_TZY$ [L]_TNT[LY_^^SZ‘WO PT_SP] LOL[_ _Z Z] NZX%[WPXPY_ _SP ^_dWP^ ZQ Z_SP]^"H]LY^[L]PYNd AL^_P] *(#&.DAOSIMG _Z _SP ^_dWP^ ZQ Z_SP][PZ[WP ]P\‘T]P^ [L]_TNT[LY_^ _ZLOU‘^_ _SPT] ZbY MPSLaTZ] _ZXZ]P NWZ^PWd XT]]Z] Z] ]PQWPN_ _SP^_dWP ZQ _SP [P]^ZY bT_S bSZX_SPd L]P TY_P]LN_TYR& :Z] PcLX%[WP$ TQ [L]_TNT[LY_^ bP]P _]dTYR _ZLOL[_ _Z ^ZXPZYP bT_S LY=YQW‘PYNTYR ^_dWP$ _SPd bZ‘WO _]d_Z PcSTMT_ ^ZXP ZQ _SP L^[PN_^ ZQ_SL_ ^_dWP& 5OL[_TYR T^ LY L[[]Z%[]TL_P ^_]L_PRd _Z ‘^P bSPY [L]_TNT[LY_^ L]P _]dTYR _Z XZ_TaL_P Z]TYQW‘PYNP ^ZXPZYP& 0NLOKELEMSIMG _SP ^_dWP^ ZQ Z_SP] [PZ[WP]P\‘T]P^ _SL_ [L]_TNT[LY_^ LOU‘^_ _SPT] ZbY MPSLaTZ] _Z NZY_]L^_ Z]MLWLYNP _SP ^_dWP ZQ _SP [P]^ZY bT_S bSZX _SPd L]P TY_P]LN_TYR&:Z] TY^_LYNP$ TQ [L]_TNT[LY_^ bP]P _]dTYR _Z NZX[WPXPY_ _SP ^_dWPZQ ^ZXPZYP bSZ T^ 8T]PN_TYR$ _SPd XTRS_ _]d _Z PcSTMT_ ^ZXP

&, u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

G‘[[Z]_TaP MPSLaTZ]^& 7ZX[WPXPY_TYR T^ LY L[[]Z[]TL_P ^_]L_PRd_Z ‘^P bSPY _SP ^_dWP^ ZQ Z_SP] [PZ[WP L]P PT_SP] ‘Y^‘T_LMWP Z]TYLOP\‘L_P _Z LNSTPaP _SP OP^T]PO ]P^‘W_^&

AZO‘WP ; ZQ _SP %52?9569<7 (B945 []P^PY_^ L Y‘XMP] ZQ PcLX%[WP^ ZQ SZb _Z LOL[_ _Z LYO NZX[WPXPY_ _SP ^_dWP^ ZQ Z_SP] [PZ%[WP& DL]_TNT[LY_^ NLY bZ]V _S]Z‘RS _ST^ XZO‘WP$ _STYVTYR LMZ‘_^ZXPZYP bT_S bSZX _SPd bZ]V LYO _SP L[[]ZLNSP^ _SL_ _SPd^SZ‘WO _LVP _Z PYSLYNP _SP PQQPN_TaPYP^^ ZQ _SPT] TY_P]LN_TZY^bT_S _ST^ [P]^ZY TY OTQQP]PY_ ^T_‘L_TZY^& DL]_TNT[LY_^ NLY _SPYNZX[L]P _SP L[[]ZLNSP^ _SL_ _SPd ^PWPN_PO _Z _SZ^P ^‘RRP^_POTY 5[[PYOTc * ZQ _SP %52?9569<7 (B945& HS‘^$ bSTWP /85 "*"%).$ .B?C5D []ZaTOP^ [L]_TNT[LY_^ bT_S L [TN_‘]P ZQ _SPT] N‘]]PY_^_dWP^$ T_ LW^Z []ZaTOP^ _SPX LY Z[[Z]_‘YT_d _Z TOPY_TQd bLd^ ZQPYSLYNTYR _SPT] PQQPN_TaPYP^^ LYO _SP PQQPN_TaPYP^^ ZQ Z_SP]^&

>QIMG RHE#+)1/+,/0-$2/*+

9TEPTIEU/85 "*" %).$ .B?C5D %52?9569<7 (B945 LNNZX[LYTP^ PLNS ^‘]%aPd LYO NLY MP ‘^PO PT_SP] O‘]TYR _SP _]LTYTYR ^P^^TZY Z] L^ LQZWWZb%‘[ L^^TRYXPY_ _SL_ [L]_TNT[LY_^ NLY NZX[WP_P ZY _SPT]ZbY& HSP %52?9569<7 (B945 NZY^T^_^ ZQ ^PaPY LN_TaT_TP^$ Z] lXZO%‘WP^$m OP^TRYPO _Z SPW[ [L]_TNT[LY_^ ‘YOP]^_LYO LYO L[[Wd _SPT]%).$ ^‘]aPd ]P^‘W_^& HST^ ^PN_TZY ZQ _SP XLY‘LW NZY_LTY^ ^‘RRP^%_TZY^ ZY SZb dZ‘ NLY TYNZ][Z]L_P _SP %52?9569<7 (B945 XZO‘WP^TY_Z dZ‘] _]LTYTYR ^P^^TZY& =_ LW^Z OP^N]TMP^ ^_]L_PRTP^ QZ] M‘TWOTYRR]Z‘[ LN_TaT_TP^ ZY_Z PLNS ZQ _SP %52?9569<7 (B945 XZO‘WP^&

I^TYR _SP %52?9569<7 (B945 O‘]TYR dZ‘] _]LTYTYR ^P^^TZY T^Z[_TZYLW$ SZbPaP]$ T_ NLY SPW[ _Z XLVP dZ‘] OPM]TPQTYR ZQ _SP ^‘]%aPd ]P^‘W_^ XZ]P TY_P]LN_TaP& KZ‘ ^SZ‘WO [TNV LYO NSZZ^P _SPXZO‘WP^ _SL_ dZ‘ bLY_ _Z QZN‘^ ZY LYO OPNTOP bSP_SP] dZ‘ bLY__Z ‘^P _SP XZO‘WP^ PcNW‘^TaPWd L^ TYOTaTO‘LW LN_TaT_TP^ Z] TQ dZ‘bLY_ _Z TYNW‘OP ^ZXP ZQ _SP R]Z‘[ LN_TaT_TP^ L^ bPWW& 5[[PYOTc 6ZQ _ST^ XLY‘LW []ZaTOP^ ^ZXP []ZR]LX OP^TRY^ TWW‘^_]L_TYR SZbdZ‘ NLY TYNZ][Z]L_P [L]_TN‘WL] XZO‘WP^ LYO R]Z‘[ LN_TaT_TP^ TY_ZdZ‘] []ZR]LX$ OP[PYOTYR ZY dZ‘] _]LTYTYR ZMUPN_TaP^&

&-

’$ u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

7NDSKE /. >MDEPQRAMDIMG RHE#%’" <RWKEQ+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’& SN ’+ LIMTSER FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP 5 T^ _Z SPW[ [L]_TNT[LY_^ _Z ‘YOP]^_LYO_SP QZ‘] %).$ ^_dWP^ LYO$ TY [L]_TN‘WL]$ _SZ^P ^_dWP^ _SL_ L]PXZ^_ LYO WPL^_ OP^N]T[_TaP ZQ _SPX "L^ TYOTNL_PO Md _SPT] %).$6L]NSL]_ ]P^‘W_^#& HSP XZO‘WP []P^PY_^ [L]_TNT[LY_^ bT_S ^‘X%XL]TP^ ZQ _SP QZ‘] ^_dWP^& 9LNS ZQ _SP ^‘XXL]TP^ OP^N]TMP^ _SPZ]TPY_L_TZY^$ MPSLaTZ]^$ LYO []PQP]PYNP^ _d[TNLWWd PcSTMT_PO Md[PZ[WP bT_S _SP^P ^_dWP^ bSPY _SPd bZ]V ZY LY TYOTaTO‘LWML^T^$ TY _PLX^ LYO R]Z‘[^$ LYO$ XZ]P RPYP]LWWd$ TY Z]RLYTeL%_TZY^& DL]_TNT[LY_^ ^SZ‘WO NZX[WP_P AZO‘WP 5 LQ_P] dZ‘ SLaP[]ZaTOPO L ML^TN OPM]TPQTYR ZQ _SP %).$ ^_dWP^ "GPN_TZY + ZQ_ST^ XLY‘LW#&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP 5 L]P []Z%aTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ [L]_TNT[LY_^ ^SZ‘WO]PaTPb _SP ^‘XXL]TP^ ZQ _SP ^_dWP^ XZ^_ LYO WPL^_ OP^N]T[_TaP ZQ_SPX$ L^ TYOTNL_PO Md _SPT] %).$ 6L]NSL]_ ]P^‘W_^& IYOP] _SP^‘XXL]TP^ ZQ _SPT] OZXTYLY_ ^_dWP^$ [L]_TNT[LY_^ ^SZ‘WO b]T_P L[W‘^ ^TRY YPc_ _Z LWW ZQ _SZ^P [S]L^P^ _SL_ L]P ]PWPaLY_ _Z _SPX[P]^ZYLWWd& IYOP] _SP ^‘XXL]TP^ ZQ _SP ^_dWP^ _SL_ L]P WPL^_OP^N]T[_TaP ZQ _SPX$ [L]_TNT[LY_^ ^SZ‘WO b]T_P L XTY‘^ ^TRY YPc__Z LWW ZQ _SZ^P [S]L^P^ _SL_ OZ YZ_ [P]_LTY _Z _SPX& 5Q_P] _SPdSLaP QTYT^SPO ]PaTPbTYR _SPT] XZ^_ LYO WPL^_ OP^N]T[_TaP ^_dWP^$[L]_TNT[LY_^ ^SZ‘WO ]PaTPb _SP ]PXLTYTYR ^_dWP ^‘XXL]TP^ ^Z_SL_ _SPd L]P QLXTWTL] bT_S LWW QZ‘] ZQ _SP %).$ ^_dWP^&

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO AZO‘WP 5$dZ‘ NLY SLaP _SPX [L]_TNT[L_P TY L R]Z‘[ LN_TaT_d _SL_ bTWW Q‘]_SP]]PTYQZ]NP _SPT] ‘YOP]^_LYOTYR ZQ _SP ^_dWP^& G[PNTQTNLWWd$ dZ‘ NLY2

u C]RLYTeP [L]_TNT[LY_^ TY_Z R]Z‘[^ NZY^T^_TYR ZQ QZ‘] _Z ^TcXPXMP]^&

u 5^^TRY _Z PLNS R]Z‘[ ZYP ZQ _SP QZ‘] %).$ ^_dWP^& 6P ^‘]P _ZOZ T_ TY ^‘NS L bLd _SL_ PLNS R]Z‘[ ZYWd VYZb^ bSTNS ^_dWP_SPd SLaP MPPY L^^TRYPO LYO OZP^ YZ_ VYZb _SP ^_dWP^L^^TRYPO _Z _SP Z_SP] R]Z‘[^& ":Z] PcLX[WP$ dZ‘ NZ‘WO b]T_P_SP ^_dWP YLXP^ ZY [TPNP^ ZQ [L[P] LYO OT^_]TM‘_P _SPX _Z_SP R]Z‘[^ Z] dZ‘ NZ‘WO bST^[P] _SP ^_dWP _Z ZYP ZQ _SPXPXMP]^ ZQ PLNS R]Z‘[&#

u 5WWZb R]Z‘[^ L QPb XTY‘_P^ _Z []P[L]P L ^SZ]_ ^VT_ ZQ SZb LR]Z‘[ ZQ [PZ[WP bT_S _SP L^^TRYPO ^_dWP bZ‘WO OPNTOP bSL_VTYO ZQ [TeeL _Z Z]OP] QZ] W‘YNS&

u <LaP PLNS R]Z‘[ []P^PY_ _SPT] ^VT_$ bSTWP _SP Z_SP] [L]_TNT%[LY_^ L__PX[_ _Z TOPY_TQd _SP ^_dWP PcPX[WTQTPO Md _SP ^VT_&

8NDTKE . =XMNORIRu FPaTPb ^_dWP

OP^N]T[_TZY^u =OPY_TQd [S]L^P^ XZ^_

LYO WPL^_ ]PWPaLY_

) u >QIMG RHE #+)1/+,/0- $2/*+ ’%

7NDSKE 0. 1NMQRPSCRIMG @NSP#%’" :PNFIKE+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ+ SN ’& LIMTSER FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP 6 T^ _Z SPW[ [L]_TNT[LY_^ _Z TOPY_TQd _SPT][L]_TN‘WL] NZXMTYL_TZY ZQ ^_dWP^ LYO ZaP]LWW [P]^ZYLW Z]TPY_L_TZYML^PO ZY _SP ]P^‘W_^ ZQ /85 "*" %).$ .B?C5D& HSP XZO‘WP NZY%_LTY^ L OTLXZYO%^SL[PO []ZQTWP ZY bSTNS [L]_TNT[LY_^ NLY [WZ__SPT] ^‘]aPd ]P^‘W_^ LYO OP_P]XTYP _SP Pc_PY_ _Z bSTNS _SPT] [P]%^ZYLW ^_dWP^ L]P Z]TPY_PO _ZbL]O NSLYRP aP]^‘^ LNNP[_LYNP LYO_L^V^ aP]^‘^ [PZ[WP& DL]_TNT[LY_^ ^SZ‘WO NZX[WP_P AZO‘WP 6 LQ_P]dZ‘ SLaP OP^N]TMPO _SP %).$ OTXPY^TZY^ LYO SZb _Z NZY^_]‘N_%).$ []ZQTWP^ "GPN_TZY , ZQ _ST^ XLY‘LW#& HSP PcLX[WP^ ZQ _SP OTQ%QP]PY_ _d[P^ ZQ %).$ []ZQTWP^ TYNW‘OPO TY GPN_TZY , NLY MP []P%^PY_PO PT_SP] MPQZ]P Z] LQ_P] [L]_TNT[LY_^ NZX[WP_P AZO‘WP 6&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP 6 L]P []Z%aTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ [L]_TNT[LY_^ ^SZ‘WO ]P%[WZ_ _SPT] $ $ $ LYO _Z_LW^ Q]ZX G_P[ + ZQ _SP ^‘]aPdTY _SP L[[]Z[]TL_P ^PN_Z]^ ZQ _SP %).$ D]ZQTWP []ZaTOPO TY AZO‘WP6 "PLNS ZQ _SP QZ‘] ^PN_Z]^ ZY _SP []ZQTWP NZ]]P^[ZYO^ _Z ZYP ZQ_SP %).$ ^_dWP^#& DL]_TNT[LY_^ ^SZ‘WO O]Lb L SPLad WTYP LN]Z^^_SP PY_T]P bTO_S ZQ PLNS ^PN_Z] _Z NWPL]Wd TYOTNL_P _SPT] _Z_LW^NZ]P^& HSPd ^SZ‘WO _SPY ^SLOP TY _SP L]PL ‘YOP] _SPT] ^NZ]P^ _ZSTRSWTRS_ _SP Pc_PY^TZY^ LWZYR PLNS ZQ _SP ^_dWP^& HSP ^PN_Z]^ ZQ_SP []ZQTWP _SL_ L]P XZ^_ ^SLOPO ]PaPLW [L]_TNT[LY_^k Z]TPY_L_TZY^_ZbL]O NSLYRP aP]^‘^ LNNP[_LYNP LYO _L^V^ aP]^‘^ [PZ[WP&

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO AZO‘WP 6$dZ‘ NLY SLaP _SPX bZ]V ZY LY LN_TaT_d _SL_ bTWW Q‘]_SP] _SPT]‘YOP]^_LYOTYR ZQ _SP Z]TPY_L_TZY^ L^^ZNTL_PO bT_S _SP OTQQP]PY_^_dWP^ LYO ^_dWP NZXMTYL_TZY^& G[PNTQTNLWWd$ dZ‘ NLY2

u C]RLYTeP [L]_TNT[LY_^ TY R]Z‘[^ NZY^T^_TYR ZQ QZ‘] _Z ^TcXPXMP]^&

u 8T^_]TM‘_P ZYP TYOPc NL]O _Z PLNS [L]_TNT[LY_&u 5^V [L]_TNT[LY_^ _Z b]T_P ZY _SP TYOPc NL]O _SP QT]^_ WP__P] ZQ

_SP ^_dWP Z] ^_dWP^ _SL_ L]P XZ^_ Pc_PYOPO TY _SPT] []ZQTWP^&u 5^V _SP _PLX XPXMP]^ _Z [‘_ _SPT] NL]O^ _ZRP_SP] LYO ^S‘Q%

QWP _SPX& 6PRTYYTYR bT_S _SP _Z[ NL]O$ _SP _PLX XPXMP]^^SZ‘WO bZ]V _ZRP_SP] _Z NZ]]PN_Wd OP^N]TMP _SP [P]^ZYLW Z]T%PY_L_TZY"^# ]PQWPN_PO Md _SP ^_dWP Z] NZXMTYL_TZY^ ZQ ^_dWP^b]T__PY ZY PLNS NL]O&

u 5W_P]YL_TaPWd$ dZ‘ NLY XLVP ‘[ L OPNV ZQ NL]O^ QZ] PLNS _PLX_SL_ ZY ZYP ^TOP TOPY_TQTP^ L ^_dWP Z] NZXMTYL_TZY ZQ ^_dWP^LYO ZY _SP Z_SP] ^TOP TOPY_TQTP^ _SP Z]TPY_L_TZY"^# ]PQWPN_PO MdPLNS ^_dWP Z] ^_dWP NZXMTYL_TZY& DL]_TNT[LY_^ NLY []ZNPPO L^

7G=8

8NDTKE / =XMNORIRu FP[WZ_ ^‘]aPd ]P^‘W_^

ZY_Z %).$ D]ZQTWP

u =OPY_TQd Z]TPY_L_TZY^]PaPLWPO Md _SP[]ZQTWP

’& u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

LMZaP$ TOPY_TQdTYR _SP Z]TPY_L_TZY"^# TYOTNL_PO Md PLNS ^_dWP Z]^_dWP NZXMTYL_TZY& HSPd NLY _SPY NSPNV _SPT] LY^bP]^ LRLTY^__SP ZYP^ _SL_ dZ‘kaP []ZaTOPO ZY _SP MLNV ZQ _SP NL]O^&

7NDSKE 1. 6MREPOPERIMG @NSP#%’" <RWKE!Q"+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’& SN ’+ LIMTSER FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP 7 T^ _Z R‘TOP [L]_TNT[LY_^ TY TY_P][]P_TYR_SPT] [P]^ZYLW ^_dWP^ Z] NZXMTYL_TZY ZQ ^_dWP^$ L^ ]PQWPN_PO TY _SP[]ZQTWP^ _SL_ _SPd NZY^_]‘N_PO TY AZO‘WP 6& HSP XZO‘WP []P^PY_^[L]_TNT[LY_^ bT_S ^‘XXL]TP^ ZQ O‘LW%^_dWP []ZQTWP^$ X‘W_T[WP%^_dWP[]ZQTWP^$ LYO NZX[P_TYR%^_dWP []ZQTWP^ "^‘XXL]TP^ ZQ ^TYRWP%^_dWP[]ZQTWP^ L]P []P^PY_PO TY AZO‘WP 5#& 9LNS ^‘XXL]d OP^N]TMP^_SP Z]TPY_L_TZY^$ MPSLaTZ]^$ LYO []PQP]PYNP^ _d[TNLWWd PcSTMT_POMd [PZ[WP bT_S L [L]_TN‘WL] _d[P ZQ []ZQTWP bSPY _SPd bZ]V ZY LYTYOTaTO‘LW ML^T^$ TY _PLX^ LYO R]Z‘[^$ LYO$ XZ]P RPYP]LWWd$ TYZ]RLYTeL_TZY^& DL]_TNT[LY_^ ^SZ‘WO NZX[WP_P AZO‘WP 7 LQ_P] _SPdSLaP NZX[WP_PO AZO‘WP 9+ LYO LQ_P] dZ‘ SLaP OP^N]TMPO _SP%).$ OTXPY^TZY^ LYO []ZQTWP^ "GPN_TZY , ZQ _ST^ XLY‘LW#&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP 7 L]P []Z%aTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ [L]_TNT[LY_^ ^SZ‘WOPcLXTYP _SP PcLX[WP^ ZQ _SP OTQQP]PY_ _d[P^ ZQ []ZQTWP^ LYO TOPY%_TQd _SP ZYP bT_S L [L__P]Y _SL_ T^ XZ^_ ^TXTWL] _Z _SPT] ZbY& HSPd^SZ‘WO _SPY ]PQP] _Z _SP RPYP]TN OP^N]T[_TZY ZQ _SPT] []ZQTWP LYONSPNV _SZ^P [S]L^P^ _SL_ ^PPX _Z L[[Wd _Z _SPX [P]^ZYLWWd&6L^PO ZY _SP [S]L^P^ _SPd SLaP NSPNVPO$ [L]_TNT[LY_^ ^SZ‘WOb]T_P L [P]^ZYLWTePO OP^N]T[_TZY ZQ _SPT] []ZQTWP&

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO AZO‘WP 7$dZ‘ NLY WPLO _SPX _S]Z‘RS L R]Z‘[ LN_TaT_d _SL_ bTWW Q‘]_SP] ]PTY%QZ]NP _SPT] ‘YOP]^_LYOTYR ZQ ^_dWP NZXMTYL_TZY^& G[PNTQTNLWWd$ dZ‘NLY2

u ALVP ‘[ ^WT[^ ZQ [L[P] _SL_ PLNS TOPY_TQd "Md YLXP# ZYP ZQ_SP []ZQTWP^ OP^N]TMPO TY AZO‘WP 7& HSP ^WT[^ ZQ [L[P] ^SZ‘WOPLNS TOPY_TQd L OTQQP]PY_ []ZQTWP$ ^‘NS L^ lNSLYRP%Z]TPY_POm ZYZYP ^WT[$ lLNNP[_LYNP%Z]TPY_POm ZY LYZ_SP] ^WT[$ LYO ^Z ZY&

u C]RLYTeP [L]_TNT[LY_^ TY_Z R]Z‘[^ NZY^T^_TYR ZQ QZ‘] _Z ^TcXPXMP]^ LYO RTaP PLNS R]Z‘[ ZYP ZQ _SP ^WT[^ ZQ [L[P] TYOT%NL_TYR _SPT] L^^TRYPO []ZQTWP&

u ;]Z‘[^ bTWW MP L__PX[_TYR _Z QTR‘]P Z‘_ _SP []ZQTWP^ L^^TRYPO_Z _SP Z_SP] R]Z‘[^ Md L^VTYR L ^P]TP^ ZQ \‘P^_TZY^ _SL_ NLYZYWd MP LY^bP]PO bT_S L ldP^m Z] lYZm "QZ] PcLX[WP$ l5]P dZ‘Z]TPY_PO _ZbL]O _L^V^4m l8Z dZ‘ NZXP LN]Z^^ L^ QWPcTMWP$

8NDTKE 0 =XMNORIRu FPaTPb RPYP]TN

[]ZQTWP OP^N]T[_TZY^u =OPY_TQd ]PWPaLY_

[S]L^P^u J]T_P L [P]^ZYLWTePO

[]ZQTWP OP^N]T[_TZY

) u >QIMG RHE #+)1/+,/0- $2/*+ ’’

^ZXP_TXP^ SL]O _Z ]PLO4m P_N&#& HSP]PQZ]P$ MPQZ]P _SP ]Z‘YO^ZQ \‘P^_TZYTYR MPRTY$ PLNS R]Z‘[ ^SZ‘WO MP RTaPY L QPb XTY%‘_P^ _Z OP_P]XTYP2

A% JSTNS XPXMP] bTWW MP LY^bP]TYR _SP \‘P^_TZY^ OT]PN_PO_ZbL]O _SPT] R]Z‘[&

B% JSTNS XPXMP] bTWW MP L^VTYR \‘P^_TZY^ ZQ _SP Z_SP]R]Z‘[^ "_SL_ T^$ L OTQQP]PY_ XPXMP] ^SZ‘WO MP L^^TRYPO _ZPLNS ZQ _SP OTQQP]PY_ R]Z‘[^#&

C% JSL_ \‘P^_TZY^ _SPd bTWW MP L^VTYR _SP Z_SP] R]Z‘[^ _ZTOPY_TQd _SPT] []ZQTWP^&

D% <Zb _SPd bZ‘WO LY^bP] _SZ^P ^LXP \‘P^_TZY^ LMZ‘_ _SPT]ZbY R]Z‘[k^ []ZQTWP&

u DTNV ZYP R]Z‘[ _Z MP _SP QT]^_ _Z SLaP T_^ ^_dWP TOPY_TQTPO Md_SP Z_SP] [L]_TNT[LY_^& 5WWZb _SP Z_SP] R]Z‘[^ _Z _LVP _‘]Y^PT_SP] L^VTYR _SP QZNLW R]Z‘[ L \‘P^_TZY Z] L__PX[_TYR _Z NZ]%]PN_Wd TOPY_TQd _SP QZNLW R]Z‘[k^ []ZQTWP "R]Z‘[ XPXMP]^ NLY\‘TNVWd NZY^‘W_ bT_S ZYP LYZ_SP] MPQZ]P _SPT] ^[ZVP^[P]^ZYL^V^ L \‘P^_TZY Z] L__PX[_^ _Z YLXP _SP []ZQTWP#&

u 7ZY_TY‘P _SP \‘P^_TZYTYR ‘Y_TW ZYP ZQ _SP R]Z‘[^ NZ]]PN_WdTOPY_TQTP^ _SP []ZQTWP ZQ _SP QZNLW R]Z‘[& HSPY ^PWPN_ L YPbQZNLW R]Z‘[ LYO NZY_TY‘P _SP []ZNP^^ ‘Y_TW LWW ZQ _SP R]Z‘[^k[]ZQTWP^ SLaP MPPY NZ]]PN_Wd TOPY_TQTPO&

7NDSKE 2. >MCNTEPIMG RHE 1ASQEQAMD 3FFECRQ NF @NSP <RWKE!Q"+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’+ SN (& LIMTSER FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP 8 T^ _Z SPW[ [L]_TNT[LY_^ TOPY_TQd _SZ^PQLN_Z]^ _SL_ SLaP ^SL[PO _SPT] [P]^ZYLW ^_dWP^$ L^ bPWW L^ LYL%WdeP _SP [Z^T_TaP LYO YPRL_TaP PQQPN_^ ZQ _SPT] ^_dWP^ TY NL]]dTYRZ‘_ aL]TZ‘^ ]ZWP^& DL]_ ) ZQ AZO‘WP 8 QZN‘^P^ ZY _SP LYLWd^T^ ZQNL‘^P^ LYO DL]_ * QZN‘^P^ ZY _SP LYLWd^T^ ZQ PQQPN_^& =OPLWWd$AZO‘WP 8 ^SZ‘WO MP NZX[WP_PO LQ_P] AZO‘WP 73 SZbPaP]$ T_ T^LW^Z [Z^^TMWP _Z NZX[WP_P AZO‘WP 8 LQ_P] AZO‘WP 5 "bSTNS []Z%aTOP^ [L]_TNT[LY_^ bT_S L_ WPL^_ L ML^TN ‘YOP]^_LYOTYR ZQ _SPT]^_dWP^#& =Y PT_SP] NL^P$ dZ‘ ^SZ‘WO OP^N]TMP _SP RPYP]LW NL‘^P^LYO PQQPN_^ ZQ _SP %).$ ^_dWP^ "GPN_TZY , ZQ _ST^ XLY‘LW# MPQZ]P[L]_TNT[LY_^ MPRTY _SPT] TYOTaTO‘LW bZ]V ZY AZO‘WP 8&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP 8 L]P[]ZaTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ [L]_TNT[LY_^ MPRTYDL]_ ) Md ]PaTPbTYR L WT^_ ZQ [PZ[WP$ Pc[P]TPYNP^$ LYO PYaT]ZY%XPY_^ _SL_ XLd SLaP ^SL[PO _SPT] ^_dWP^& HSPd ^SZ‘WO _SPY XL]VL NSPNV YPc_ _Z _SZ^P QLN_Z]^ _SL_ SLaP MPPY TX[Z]_LY_ TY ^SL[%TYR _SPT] ZbY [P]^ZYLW ^_dWP^$ LOOTYR YZ_P^ _SL_ PWLMZ]L_P ZY Z]

8NDTKE 1 =XMNORIRu =OPY_TQd NL‘^LW QLN_Z]^

u 8P^N]TMP [Z^T_TaP LYOYPRL_TaP PQQPN_^ ZQ^_dWP^

’( u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

NWL]TQd _SP^P QLN_Z]^ L^ YPNP^^L]d& =Y DL]_ *$ [L]_TNT[LY_^ TOPY_TQdMZ_S _SP [Z^T_TaP LYO YPRL_TaP PQQPN_^ ZQ _SPT] ^_dWP^ ZY _SPT] [P]%QZ]XLYNP$ TY_P][P]^ZYLW ]PWL_TZY^ST[^$ LYO [P]^ZYLW ^L_T^QLN_TZYTY NL]]dTYR Z‘_ _SPT] aL]TZ‘^ bZ]V LYO YZYbZ]V ]ZWP^& "9cLX[WP^ZQ OTQQP]PY_ ]ZWP^ L]P []ZaTOPO ZY _SP bZ]V^SPP_ NZY_LTYPO TYDL]_ *&#

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO DL]_ ) ZQAZO‘WP 8$ M‘_ MPQZ]P _SPd MPRTY DL]_ *$ dZ‘ NLY PYRLRP _SPX TYL R]Z‘[ LN_TaT_d _SL_ bTWW SPW[ _SPX TOPY_TQd ^ZXP ZQ _SP [Z^T_TaPLYO YPRL_TaP PQQPN_^ ZQ _SPT] ^_dWP^& G[PNTQTNLWWd2u C]RLYTeP [L]_TNT[LY_^ TY_Z R]Z‘[^ ZQ QZ‘] _Z ^Tc XPXMP]^&

u 8T^_]TM‘_P _bZ ^SPP_^ ZQ YPb^[]TY_ _Z PLNS R]Z‘[$ LWZYR bT_SXL]VP]^&

u 5^^TRY PLNS R]Z‘[ ZYP ZQ _SP QZ‘] %).$ ^_dWP^&

u 5^V _SP R]Z‘[^ _Z b]T_P _SP YLXP ZQ _SPT] L^^TRYPO ^_dWP LYO_SP bZ]O l5OaLY_LRP^m L_ _SP _Z[ ZQ ZYP ZQ _SP ^SPP_^ LYO$ L__SP _Z[ ZQ _SP Z_SP] ^SPP_$ _SPT] L^^TRYPO ^_dWP LYO _SP bZ]Ol8T^LOaLY_LRP^&m

u <LaP _SP R]Z‘[^ ‘^P _SP ^SPP_^ _Z NZY^_]‘N_ _bZ WT^_^2 ZYP_SL_ OP^N]TMP^ _SP []ZMLMWP LOaLY_LRP^ ZQ PcSTMT_TYR _SP ^_dWPLYO ZYP _SL_ OP^N]TMP^ _SP []ZMLMWP OT^LOaLY_LRP^&

u <LaP _SP R]Z‘[^ SLYR _SPT] WT^_^ ZY _SP bLWW& =Q _bZ Z] XZ]PR]Z‘[^ QZN‘^ ZY _SP ^LXP ^_dWP$ L^V _SPX SLYR _SPT] OP^N]T[%_TZY^ YPL] ZYP LYZ_SP] "PT_SP] LMZaP$ MPWZb$ Z] YPc_ _Z ZYPLYZ_SP]#&

u 5WWZb [L]_TNT[LY_^ L QPb XTY‘_P^ _Z bLWV L]Z‘YO LYO ]PaTPb_SP OTQQP]PY_ OP^N]T[_TZY^& ;TaP _SPX LY Z[[Z]_‘YT_d _Z L^V\‘P^_TZY^ ]PRL]OTYR LYd ZQ _SP OP^N]T[_TZY^ LYO WP_ _SPR]Z‘[^ _SL_ b]Z_P _SP OP^N]T[_TZY^ ]P^[ZYO _Z _SP \‘P^_TZY^&

u <LaP [L]_TNT[LY_^ NZX[WP_P DL]_ * ZQ AZO‘WP 8 ZY LY TYOTaTO%‘LW ML^T^&

) u >QIMG RHE #+)1/+,/0- $2/*+ ’)

7NDSKE 3. 2ETEKNOIMG RHE:PNDSCRITE /QOECRQ NF @NSP <RWKE!Q"+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’[ SN ( HNTQR FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP 9 T^ _Z R‘TOP [L]_TNT[LY_^ TY OPaPWZ[TYR_SP []ZO‘N_TaP L^[PN_^ ZQ _SPT] ^_dWP^& HSP XZO‘WP TYNW‘OP^ L ^[P%NTLW []ZQTWP ZY bSTNS [L]_TNT[LY_^ NLY [WZ_ _SP Pc_PY_ _Z bSTNS _SPdPcSTMT_ _SP [Z^T_TaP L^[PN_^ ZQ PLNS ZQ _SP ^_dWP^& 6L^PO ZY _SP^P]P^‘W_^$ [L]_TNT[LY_^ NLY _SPY TOPY_TQd _SP ^_dWP^ bT_S _SP R]PL_P^_Z[[Z]_‘YT_d QZ] OPaPWZ[XPY_ LYO NZY^_]‘N_ [WLY^ QZ] ^_]PYR_SPYTYR_SZ^P ^_dWP^& =OPLWWd$ _ST^ XZO‘WP ^SZ‘WO MP NZX[WP_PO LQ_P]AZO‘WP 8$ LW_SZ‘RS T_ T^ [Z^^TMWP QZ] [L]_TNT[LY_^ _Z NZX[WP_P T_LQ_P] _SPd SLaP QTYT^SPO AZO‘WP 5 Z] AZO‘WP 7& =Y PT_SP] NL^P$ dZ‘bTWW bLY_ _Z OP^N]TMP SZb _Z TOPY_TQd _SP []ZO‘N_TaP L^[PN_^ ZQ _SP^_dWP^ "GPN_TZY , ZQ _ST^ XLY‘LW# MPQZ]P _SPd MPRTY _ST^ XZO‘WP&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP 9 L]P []ZaTO%PO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ TY DL]_ )$ [L]_TNT[LY_^ [WZ__SPT] $ $ $ LYO ^‘X^ Q]ZX G_P[ + ZQ _SP ^‘]aPd ZY_Z_SP []ZQTWP []P^PY_PO TY AZO‘WP 9& HSPd ^SZ‘WO O]Lb L SPLad WTYPLN]Z^^ _SP bTO_S ZQ PLNS ^PN_Z] _Z TYOTNL_P _SPT] ^_dWP ^NZ]P^$ LYO_SPY ^SLOP TY _SP L]PL MPYPL_S _SP WTYP& HSP Pc_PY^TZY^ ZY _SP[]ZQTWP ]P[]P^PY_ _SP Pc_PY_ _Z bSTNS [L]_TNT[LY_^ MPWTPaP _SP []Z%O‘N_TaP L^[PN_^ ZQ _SP ^_dWP^ L]P OP^N]T[_TaP ZQ _SPX& HSP ^_dWP^_SL_ L]P _SP KEARS Pc_PYOPO ZY _SPT] []ZQTWP^ ]P[]P^PY_ [L]_TNT[LY_^kR]PL_P^_ Z[[Z]_‘YT_TP^ QZ] OPaPWZ[XPY_& =Y DL]_ *$ [L]_TNT[LY_^]PaTPb aL]TZ‘^ ^_]L_PRTP^ QZ] OPaPWZ[TYR _SPT] WPL^_ Pc_PYOPO^_dWP^ LYO TOPY_TQd ‘[ _Z _S]PP ^_]L_PRTP^ _SL_ _SPd NLY TX[WPXPY_TXXPOTL_PWd& HSPd ^SZ‘WO _SPY TOPY_TQd [Z_PY_TLW ZM^_LNWP^ _Z ^‘N%NP^^Q‘W TX[WPXPY_L_TZY LYO bLd^ ZQ OPLWTYR bT_S _SP^P ZM^_LNWP^&

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO AZO‘WP 9"LYO AZO‘WP :$ TQ dZ‘ L]P TYNZ][Z]L_TYR T_ TY_Z dZ‘] []ZR]LX#$ dZ‘NLY []ZaTOP _SPX bT_S LY Z[[Z]_‘YT_d _Z []LN_TNP TX[WPXPY_TYR^ZXP ZQ _SPT] ^_]L_PRTP^& G[PNTQTNLWWd$ dZ‘ NLY2u C]RLYTeP [L]_TNT[LY_^ TY_Z R]Z‘[^ ZQ QZ‘] _Z ^Tc XPXMP]^&u 5OXTYT^_P] L R]Z‘[ []ZMWPX%^ZWaTYR PcP]NT^P$ ^‘NS L^ ZYP

ZQ _SP PcP]NT^P^ Q]ZX _SP 5A5k^ 7SLWWPYRP GP]TP^ "LaLTWLMWP_S]Z‘RS _SP 5XP]TNLY ALYLRPXPY_ 5^^ZNTL_TZY#& :Z]PcLX[WP$ _SP $=<@A?B3A9C5 +57=A91A9=<@ $81;;5<75$ $?9A931;/89<:9<7 $81;;5<75$ LYO &A8931; %539@9=< $81;;5<75 L]P[L]_TN‘WL]Wd L[[]Z[]TL_P QZ] _ST^ LN_TaT_d MPNL‘^P ZQ _SPT]]PWPaLYNP _Z L M]ZLO L‘OTPYNP&

u 5^V [L]_TNT[LY_^ _Z []LN_TNP TX[WPXPY_TYR L^ XLYd ZQ _SPT]^_]L_PRTP^ L^ [Z^^TMWP _S]Z‘RSZ‘_ _SP PcP]NT^P&

u <LaP [L]_TNT[LY_^ NZX[WP_P _SP TYOTaTO‘LW LYO R]Z‘[ [Z]_TZY^ZQ _SP PcP]NT^P&

CRID

8NDTKE 2 =XMNORIRu DWZ_ ^‘]aPd ^‘M_Z_LW^

ZY_Z %).$ D]ZQTWP

u =OPY_TQd Z[[Z]_‘YT_TP^QZ] OPaPWZ[XPY_

u 7ZY^_]‘N_ L [WLY QZ]OPaPWZ[XPY_

’* u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

u D]ZaTOP [L]_TNT[LY_^ bT_S L \‘TNV OPM]TPQTYR ZQ _SP LY^bP]^ _Z_SP PcP]NT^P LYO LWWZb _SPX _Z ^NZ]P _SPT] [P]QZ]XLYNP&

u @PLO L OT^N‘^^TZY ZY _SP R]Z‘[ []ZMWPX%^ZWaTYR Pc[P]TPYNP&GZXP \‘P^_TZY^ dZ‘ NLY L^V _Z ^_TX‘WL_P OT^N‘^^TZY LYO [L]%_TNT[L_TZY TYNW‘OP2

A% <Zb OTQQTN‘W_ bL^ T_ QZ] dZ‘ _Z TX[WPXPY_ dZ‘] ^_]L_PRTP^4B% JSL_ OTO dZ‘ QTYO XZ^_ NSLWWPYRTYR LMZ‘_ _]dTYR _Z TX[WP%

XPY_ dZ‘] ^_]L_PRTP^4

C% 8TO dZ‘ QTYO _SL_ dZ‘] ^_]L_PRTP^ SPW[PO$ STYOP]PO$ Z] SLOYZ TX[LN_ ZY dZ‘] TYOTaTO‘LW LYO R]Z‘[ [P]QZ]XLYNP4

7NDSKE 4. ;EDSCIMG RHE1NSMREPOPNDSCRITE /QOECRQ NF@NSP <RWKE!Q"+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’[ SN ( HNTQR FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP : T^ _Z R‘TOP [L]_TNT[LY_^ TY XTYTXTeTYR_SP NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ _SPT] ^_dWP^& HSP XZO‘WPTYNW‘OP^ L ^[PNTLW []ZQTWP ZY bSTNS [L]_TNT[LY_^ NLY [WZ_ _SPPc_PY_ _Z bSTNS _SPd PcSTMT_ _SP NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQPLNS ZQ _SP ^_dWP^& 6L^PO ZY _SP^P ]P^‘W_^$ [L]_TNT[LY_^ NLY _SPYTOPY_TQd _SP ^_dWP^ _SL_ []P^PY_ _SP R]PL_P^_ Z[[Z]_‘YT_d QZ] OPaPW%Z[XPY_ LYO NZY^_]‘N_ [WLY^ QZ] ]PO‘NTYR _SP YPRL_TaP L^[PN_^ ZQ_SZ^P ^_dWP^& =OPLWWd$ _ST^ XZO‘WP ^SZ‘WO MP NZX[WP_PO LWZYRbT_S AZO‘WP 9& 5OOT_TZYLWWd$ dZ‘ ^SZ‘WO OP^N]TMP SZb _Z TOPY_TQd_SP NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ _SP ^_dWP^ "GPN_TZY , ZQ _ST^XLY‘LW# MPQZ]P [L]_TNT[LY_^ MPRTY _ST^ XZO‘WP&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP : L]P []Z%aTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ TY DL]_ )$ [L]_TNT[LY_^[WZ_ _SPT] $ $ $ LYO ^‘X^ Q]ZX G_P[ + ZQ _SP ^‘]aPdZY_Z _SP []ZQTWP []P^PY_PO TY AZO‘WP :& HSPd ^SZ‘WO O]Lb LSPLad WTYP LN]Z^^ _SP bTO_S ZQ PLNS ^PN_Z] _Z TYOTNL_P _SPT] ^_dWP^NZ]P^ LYO _SPY ^SLOP TY _SP L]PL MPYPL_S _SP WTYP& HSP WPYR_SZQ _SP Pc_PY^TZY^ ]P[]P^PY_ _SP Pc_PY_ _Z bSTNS [L]_TNT[LY_^MPWTPaP _SP NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ _SP ^_dWP^ L]P OP^N]T[%_TaP ZQ _SPX& HSP ^_dWP^ _SL_ L]P _SP LNRS Pc_PYOPO TY _SPT][]ZQTWP^ ]P[]P^PY_ [L]_TNT[LY_^k R]PL_P^_ Z[[Z]_‘YT_TP^ QZ] OPaPW%Z[XPY_ TY _P]X^ ZQ XTYTXTeTYR _SP NZ‘Y_P][]ZO‘N_TaP L^[PN_^ ZQ_SPT] ^_dWP^& =Y DL]_ *$ [L]_TNT[LY_^ ]PaTPb aL]TZ‘^ ^_]L_PRTP^ QZ]]PO‘NTYR _SP YPRL_TaP L^[PN_^ ZQ _SPT] XZ^_ Pc_PYOPO ^_dWP^ LYOTOPY_TQd ‘[ _Z _S]PP ^_]L_PRTP^ _SL_ _SPd NLY TX[WPXPY_ TXXPOT%L_PWd& HSPd ^SZ‘WO _SPY TOPY_TQd [Z_PY_TLW ZM^_LNWP^ _Z ^‘NNP^^Q‘WTX[WPXPY_L_TZY LYO bLd^ ZQ OPLWTYR bT_S _SP^P ZM^_LNWP^&

4QNTO ACSIUISX% GPP OP^N]T[_TZY ZQ R]Z‘[ LN_TaT_d QZ] AZO‘WP 9&

csid

8NDTKE 3 =XMNORIRu DWZ_ ^‘]aPd ^‘M_Z_LW^

ZY_Z %).$ D]ZQTWP

u =OPY_TQd Z[[Z]_‘YT_TP^QZ] OPaPWZ[XPY_

u 7ZY^_]‘N_ L [WLY QZ]OPaPWZ[XPY_

) u >QIMG RHE #+)1/+,/0- $2/*+ ’+

7NDSKE 5. ?NPJIMG UIRH :ENOKEUIRH 2IFFEPEMR <RWKEQ+ SN ’& LIMTSER FNQ IMDIUIDTAK VNQJ’+ SN (& LIMTSER FNQ GQNTO ACSIUISX

HSP [‘][Z^P ZQ AZO‘WP ; T^ _Z R‘TOP [L]_TNT[LY_^ TY XLcTXTeTYR_SPT] PQQPN_TaPYP^^ bT_S Z_SP] [PZ[WP& HSP XZO‘WP OP^N]TMP^ _bZRPYP]LW _d[P^ ZQ ^_]L_PRTP^ _SL_ [L]_TNT[LY_^ NLY ‘^P bSPY TY_P]%LN_TYR bT_S Z_SP]^jLOL[_TYR LYO NZX[WPXPY_TYR& HSP XZO‘WP_SPY []P^PY_^ _PY OTQQP]PY_ ^T_‘L_TZY^ LYO$ QZ] PLNS ^T_‘L_TZY$ QZ‘][Z^^TMWP ^_]L_PRTP^ _SL_ [L]_TNT[LY_^ XTRS_ TX[WPXPY_ OP[PYOTYRZY _SP ^_dWP ZQ _SP [P]^ZY bT_S bSZX _SPd L]P TY_P]LN_TYR&AZO‘WP ; ]P\‘T]P^ QLXTWTL]T_d bT_S LWW QZ‘] ZQ _SP %).$ ^_dWP^ LYO_SP]PQZ]P ^SZ‘WO MP NZX[WP_PO LQ_P] [L]_TNT[LY_^ SLaP NZX[WP_POAZO‘WP 5& 5OOT_TZYLWWd$ dZ‘ ^SZ‘WO OP^N]TMP _SP RPYP]LW ^_]L_P%RTP^ QZ] bZ]VTYR bT_S [PZ[WP bT_S OTQQP]PY_ ^_dWP^ "GPN_TZY , ZQ_ST^ XLY‘LW# MPQZ]P [L]_TNT[LY_^ MPRTY _SPT] TYOTaTO‘LW bZ]V ZY_ST^ XZO‘WP&

6MDIUIDTAK VNQJ% =Y^_]‘N_TZY^ QZ] NZX[WP_TYR AZO‘WP ; L]P[]ZaTOPO TY _SP %52?9569<7 (B945& G[PNTQTNLWWd$ PLNS [L]_TNT[LY_^SZ‘WO _STYV ZQ ^ZXPZYP L_ bZ]V bT_S bSZX SP Z] ^SP bZ‘WOWTVP _Z TX[]ZaP _SPT] TY_P][P]^ZYLW TY_P]LN_TZY^& 6L^PO ZY _SP^_dWP ZQ _SL_ [P]^ZY$ _SP [L]_TNT[LY_ ^SZ‘WO ^PWPN_ _SP MP^_^_]L_PRd _Z TX[WPXPY_ QZ] PLNS ZQ _SP _PY ^T_‘L_TZY^ OP^N]TMPOTY AZO‘WP ;& 5Q_P] _SPd SLaP QTYT^SPO$ [L]_TNT[LY_^ NLY bZ]VZY _SP R]Z‘[ LN_TaT_d OP^N]TMPO MPWZb$ Z] _SPd NLY NZX[L]P_SPT] LY^bP]^ _Z _SZ^P ^‘RRP^_PO TY 5[[PYOTc * ZQ _SP%52?9569<7 (B945&

4QNTO ACSIUISX% 5Q_P] [L]_TNT[LY_^ SLaP NZX[WP_PO AZO‘WP ;$M‘_ MPQZ]P _SPd SLaP NZX[L]PO _SPT] LY^bP]^ _Z _SZ^P ^‘RRP^_%PO TY 5[[PYOTc * ZQ _SP %52?9569<7 (B945$ dZ‘ NLY SLaP _SPXOT^N‘^^ _SPT] LY^bP]^ _Z RLTY TY^TRS_^ Q]ZX ZYP LYZ_SP]&G[PNTQTNLWWd$ dZ‘ NLY2u =Y^_]‘N_ [L]_TNT[LY_^ _Z RZ _Z ZYP ZQ _SP QZ‘] NZ]YP]^ ZQ _SP

]ZZX$ OP[PYOTYR ZY _SP ^_dWP ZQ _SP [P]^ZY _SL_ _SPd bP]P_STYVTYR ZQ QZ] AZO‘WP ;& "HS‘^$ PaP]dZYP bSZ QZN‘^PO ZY^ZXPZYP bT_S L 8T]PN_TYR ^_dWP ^SZ‘WO RZ _Z ZYP NZ]YP]$PaP]dZYP bSZ QZN‘^PO ZY ^ZXPZYP bT_S LY =YQW‘PYNTYR ^_dWP^SZ‘WO RZ _Z LYZ_SP] NZ]YP]$ LYO ^Z ZY#&

u 5^V [L]_TNT[LY_^ _Z OT^N‘^^ _SP ^_]L_PRTP^ _SL_ _SPd ^PWPN_POQZ] PLNS ZQ _SP _PY ^T_‘L_TZY^& JSP]P _SPd SLaP OTQQP]PYNP^ ZQZ[TYTZY$ _SPd ^SZ‘WO ^SL]P bT_S ZYP LYZ_SP] _SP ]PL^ZYTYRMPSTYO _SPT] LY^bP]^&

u <LaP [L]_TNT[LY_^ NZX[L]P _SPT] LY^bP]^ _Z _SZ^P ^‘RRP^_POTY 5[[PYOTc * ZQ _SP %52?9569<7 (B945& HSPd ^SZ‘WO OT^N‘^^$LYO _]d _Z ‘YOP]^_LYO$ LYd OT^N]P[LYNTP^ MP_bPPY _SPT]

8NDTKE 4 =XMNORIRu HSTYV ZQ ^ZXPZYP

dZ‘ bZ]V bT_S

u =OPY_TQd _SP MP^_^_]L_PRTP^ _ZTX[WPXPY_

u 7ZX[L]P LY^bP]^ _Z_SZ^P ^‘RRP^_PO TY5[[PYOTc *

’, u =HE /7/ 26<1 <SPTEW 4ACIKIRARNPXQ 7AMSAK

LY^bP]^ LYO _SZ^P ^‘RRP^_PO TY 5[[PYOTc *& FPQP]]TYR _Z _SP^_dWP OP^N]T[_TZY^ []ZaTOPO TY AZO‘WP 5 bTWW SPW[ _SPX _Z‘YOP]^_LYO _SP ]L_TZYLWP MPSTYO _SP LY^bP]^ ^‘RRP^_PO TY_SP %52?9569<7 (B945&

2DAE9H /?A=B5>8 19<;56;<;CH0E9AE;9F(/, !&! #%’" ’647,8 RK] LOOX NO]SQXON KXN ^O]^ON ^Y WOO^ ^RO]^KXNK\N] PY\ WOK]_\OWOX^ O]^KLVS]RON Lc ]_MR Y\QKXSdK^SYX] K]^RO 7WO\SMKX D]cMRYVYQSMKV 7]]YMSK^SYX KXN ^RO 7WO\SMKX;N_MK^SYXKV EO]OK\MR 7]]YMSK^SYX’ GRO]O ]^KXNK\N] ]ZOMSPc ^RK^]_\‘Oc] YP ^RS] ^cZO ]RY_VN LO XY\WON% \OVSKLVO% KXN ‘KVSN’

GRS] KZZOXNSb NO]M\SLO] ^RO XY\W]% \OVSKLSVS^c% KXN ‘KVSNS^c YP (/,!&! #%’" ’647,8 "aRSMR K\O KV]Y ]_WWK\SdON SX 7ZZOXNSb ) YP^RO #,*40,-02. $60+,#’ EO‘SOaSXQ ^RS] KZZOXNSb aSVV P_\^RO\ cY_\_XNO\]^KXNSXQ YP ^RO ]_\‘Oc% K] aOVV K] SXM\OK]O cY_\ MYXPSNOXMOSX _]SXQ S^’ <Y\ ObKWZVO% ^RO NO]M\SZ^SYX YP ^RO F_\‘Oc XY\W] aSVVOXKLVO cY_ ^Y SX^O\Z\O^ ^RO WOKXSXQ YP ]^cVO] ^RK^ K\O NO]M\SZ^S‘OYP ZOYZVO f^Y K ‘O\c Q\OK^ Ob^OX^%g ‘O\]_] ^RY]O ^RK^ K\O NO]M\SZ&^S‘O YP ZOYZVO f^Y K Q\OK^ Ob^OX^%g f^Y K WYNO\K^O Ob^OX^%g f^Y K]VSQR^ Ob^OX^%g Y\ fXY^ K^ KVV’g ?XPY\WK^SYX YX ^RO \OVSKLSVS^c YP ^ROF_\‘Oc aSVV Z\Y‘SNO cY_ aS^R KX _XNO\]^KXNSXQ YP ^RO ]^KLSVS^c YP^RO ]^cVO ]MY\O]’ GRO NO]M\SZ^SYX YP ^RO F_\‘Oce] ‘KVSNS^c Z\Y‘SNO]K L\YKN ZSM^_\O YP ^RO \OVK^SYX]RSZ LO^aOOX ^RO #%’" ]^cVO] KXNTYL ]OX^SWOX^] KXN K^^S^_NO]’ <SXKVVc% ^RO ‘KVSNS c \O]_V^] Z\Y‘SNO]_ZZY\^ ^RK^ ^RO F_\‘Oc OPPOM^S‘OVc WOK]_\O] ^RO ZO\]YXKV ]^cVO]^RK^ S^ aK] NO]SQXON ^Y K]]O]]’

$(

%! u 3:9 ).) +-2* 2DAE9H ,57;<;C5C?AIB .5>D5<

2DAE9H /?A=BJROX ZK\^SMSZKX^] ZVY^ ^ROS\ ^Y^KV ]MY\O] YX ^RO #%’" 8K\MRK\^KXN D\YPSVO% ^ROc K_^YWK^SMKVVc MYX‘O\^ ^ROS\ f\Kag X_WO\SMKV]MY\O] ^Y XY\WON Y\ ZO\MOX^SVO ]MY\O]’ GRS] MYX‘O\]SYX OXKLVO]ZK\^SMSZKX^] ^Y MYWZK\O ^ROS\ ]MY\O] KVYXQ OKMR YP ^RO ]^cVO] ^Y^RO ]MY\O] YP KZZ\YbSWK^OVc *)-( Y^RO\ \O]ZYXNOX^] aRY RK‘OKV]Y MYWZVO^ON (/, !&! #%’" ’647,8’ GRO XY\WSXQ Z\YMO]]KV]Y OXKLVO] ZK\^SMSZKX^] ^Y MYXPSNOX^Vc MYWZK\O ^ROS\ \O]_V^]KVYXQ OKMR ]^cVO ^Y ^ROS\ \O]_V^] KVYXQ ^RO Y^RO\ ]^cVO]’

GRO XY\W] _]ON PY\ ^RO ’647,8 K\O Z\O]OX^ON LOVYa SX ^O\W] YPZO\MOX^SVO ]MY\O]’ GRO MVY]O\ ZK\^SMSZKX^]e ]MY\O] K\O ^Y ^RO ^YZYP ^RO 8K\MRK\^% ^RO WY\O NO]M\SZ^S‘O ^RO ]^cVO] K\O YP ^ROW\OVK^S‘O ^Y ^RO ]OVP&NO]M\SZ^SYX] YP Y^RO\]’ FSWSVK\Vc% ^RO P_\^RO\KaKc ZK\^SMSZKX^]e ]MY\O] K\O P\YW ^RO MOX^O\ YP ^RO NSKWYXNZ\YPSVO% ^RO WY\O NO]M\SZ^S‘O ^RO ]^cVO] K\O YP ^ROW \OVK^S‘O ^Y ^RO]OVP&NO]M\SZ^SYX] Y^RO\]’

’)( !%! #$&" &+*,(- /?A=B

)@@9>8;G ) u 2DAE9H /?A=B 5>8 19<;56;<;CH %"

<Y\ ObKWZVO% SP K ZK\^SMSZKX^e] ^Y^KV PY\ ^RO F_ZZY\^S‘O ]^cVO S] /1%^RS] ]MY\O aY_VN LO ZVY^^ON XOK\ ^RO ^YZ YP ^RO F MYV_WX SX ^RO8K\MRK\^’ GRS] X_WO\SMKVVc RSQR ]MY\O PKVV] K^ ^RO 1(^R ZO\MOX^SVO%WOKXSXQ ^RK^ ^RO ZK\^SMSZKX^ NO]M\SLON RSW]OVP Y\ RO\]OVP K] WY\OF_ZZY\^S‘O ^RKX KZZ\YbSWK^OVc 1(! YP ^RO \O]ZYXNOX^] SX Y_\]KWZVO’ ?X ^_\X% ^RS] SXNSMK^O] ^RK^ ^RO \O]ZYXNOX^ ‘SOaON ^ROF_ZZY\^S‘O ]^cVO K] NO]M\SZ^S‘O YP RSW]OVP Y\ RO\]OVP f^Y K ‘O\cQ\OK^ Ob^OX^%g \OVK^S‘O ^Y Y^RO\ ZOYZVO’ ?X MYX^\K]^% K ]MY\O YP .(KVYXQ ^RO :S\OM^SXQ ]^cVO aY_VN ZVKMO ^RO ZK\^SMSZKX^ XOK\ ^RO LY^&^YW YP ^RO 8K\MRK\^ "KXN XOK\ ^RO MOX^O\ YP ^RO Z\YPSVO#’ FSXMO ^RO]MY\O S] RSQRO\ ^RKX YXVc +(! YP ^RO Y^RO\ \O]ZYXNOX^]% ^RO ZK\&^SMSZKX^ ‘SOa] RSW]OVP Y\ RO\]OVP K] :S\OM^SXQ YXVc f^Y K ]VSQR^Ob^OX^’g <_\^RO\WY\O% ^RO ZK\^SMSZKX^ MKX ]KPOVc MYXMV_NO P\YW^RO]O ]MY\O] ^RK^ RO Y\ ]RO ‘SOa] ^RO F_ZZY\^S‘O ]^cVO K] W_MRWY\O NO]M\SZ^S‘O YP RSW Y\ RO\ ^RKX ^RO :S\OM^SXQ ]^cVO’

GRO \O]ZYXNOX^] aRY Z\Y‘SNON NK^K PY\ ^RO NO‘OVYZWOX^ YP (/,!&! #%’" ’647,8 XY\W] aO\O ZK\^SMSZKX^] SX ‘K\SY_] ]OWSXK\]KXN ^\KSXSXQ Z\YQ\KW] YPPO\ON Lc ^RO 7A7’ GRO ]KWZVO YP KZZ\Yb&SWK^OVc *)-( \O]ZYXNOX^] MYX]S]^ON YP2

u .(! POWKVO]

u ,(! WKVO]

?X ^O\W] YP Y\QKXSdK^SYXKV \YVO]% KZZ\YbSWK^OVc2

u *-! ROVN XYXWKXKQO\SKV ZY]S^SYX]’

u *1! aO\O ^OKW VOKNO\] Y\ ]_ZO\‘S]Y\]’

u +*! aO\O OX^\c&VO‘OV Y\ WSNNVO WKXKQO\]’

u ),! aO\O RSQRO\&VO‘OV WKXKQO\]’

GR_]% ^RO XY\WSXQ ]KWZVO SXMV_NO] ]VSQR^Vc WY\O POWKVO] ^RKXWKVO] KXN WY\O WKXKQO\SKV KXN ]_ZO\‘S]Y\c ^RKX XYXWKXKQO\SKV\O]ZYXNOX^]’

19<;56;<;CHEOVSKLSVS^c \OPVOM^] ^RO NOQ\OO ^Y aRSMR K ]_\‘Oc Y\ ^O]^ S] MYX]S]&^OX^ SX WOK]_\SXQ aRK^ S^ S] LOSXQ _]ON ^Y WOK]_\O’ CXO YP ^ROWY]^ SWZY\^KX^ ^cZO] YP \OVSKLSVS^c S] ADI=GD9B ;EDHAHI=D;M% aRSMRPYM_]O] YX ^RO NOQ\OO ^Y aRSMR ^RO SXNS‘SN_KV ]_\‘Oc S^OW] K]]Y&MSK^ON aS^R K ]^cVO K\O ^\_Vc WOK]_\SXQ ^RO ]KWO ]^cVO’ ?X Y^RO\aY\N]% NY SXNS‘SN_KV \O]ZYXNOX^] KX]aO\ ^RO ‘K\SY_] [_O]^SYX]NO]SQXON ^Y WOK]_\O% PY\ ObKWZVO% ^RO :S\OM^SXQ ]^cVO SX K MYX]S]&^OX^ WKXXO\6

?X^O\XKV MYX]S]^OXMc \OVSKLSVS^c S] WY]^ P\O[_OXMc O]^SWK^ON LcWOKX] YP ^RO )13/) MYOPPSMSOX^’ @YY]OVc ]ZOKUSXQ% ^RO )13/) MYOP&PSMSOX^ \OPVOM^] ^RO NOQ\OO ^Y aRSMR \O]ZYX]O] ^Y ^RO ‘K\SY_] S^OW]K]]YMSK^ON aS^R K ZK\^SM_VK\ ]^cVO K\O MY\\OVK^ON’ !13/) MYOPPS&MSOX^] MKX ZY^OX^SKVVc \KXQO P\YW ’(( ^Y )’((3 WOK]_\O] QOXO\KVVc

%# u 3:9 ).) +-2* 2DAE9H ,57;<;C5C?AIB .5>D5<

K\O MYX]SNO\ON \OVSKLVO SP ^ROS\ )13/) MYOPPSMSOX^] K\O ’/( Y\Q\OK^O\’ GRO MYOPPSMSOX^] PY\ ^RO #%’" ]^cVO "^Y^KV# KXN ]_L]^cVO"Z\YN_M^S‘O ‘O\]_] MY_X^O\Z\YN_M^S‘O K]ZOM^]# WOK]_\O] K\O]RYaX SX GKLVO )’

2=9HJG=

6IMB=

D\YN_M^S‘OK]ZOM^]

9Y_X^O\&Z\YN_M^S‘O

K]ZOM^]

GY^KV"LY^R K]ZOM^]#

. :S\OM^SXQ ’0) ’/. ’/1

0?XPV_OXMSXQ ’00 ’/0 ’0*

6F_ZZY\^S‘O ’0/ ’/0 ’0+

-9YX^OWZVK^S‘O ’0* ’/* ’0(

3EI=+ 9\YXLKMR )13/) MYOPPSMSOX^] "2 5 )).+#’

79:B= %# 5=BA9:ABAIM E> I@= !"# 6IMB= 9D< 6J:HIMB= 2=9HJG=H

GRO MYOPPSMSOX^] PY\ KVV ^RO #%’" ]^cVO] KXN ]_L]^cVO] K\O Q\OK^O\^RKX ^RO KMMOZ^ON WSXSW_W’ GRS] SXNSMK^O] ^RK^ ^RO ]_\‘Oc S^OW]K]]YMSK^ON aS^R OKMR ]^cVO K\O ^KZZSXQ ^RO ]KWO QOXO\KV WYNO YPLORK‘SY\ KXN ^RK^ ^RO \O]ZYX]O] K]]SQXON ^Y ^RY]O S^OW] MKX LOKNNON ^YQO^RO\ ^Y YL^KSX WOKXSXQP_V ]^cVO ]MY\O]’

45<;8;CH7 ]_\‘Oc S] MYX]SNO\ON ^Y LO ‘KVSN YXVc SP S^ OPPOM^S‘OVc WOK]_\O]aRK^ S^ S] LOSXQ _]ON ^Y WOK]_\O’ JRSVO ^RO\O K\O ‘K\SY_] ^cZO]YP ‘KVSNS^c% ^aY YP ^RO WY]^ SWZY\^KX^ K\O MYX]^\_M^ ‘KVSNS^c KXNM\S^O\SYX&\OVK^ON ‘KVSNS^c’

-EDHIGJ;I K9BA<AIM PYM_]O] YX aRO^RO\ Y\ XY^ K ]_\‘Oc \OKVVcWOK]_\O] ^RO NSPPO\OX^ ^RSXQ] S^ S] NO]SQXON ^Y WOK]_\O’ (/, !&!#%’" ’647,8 S] NO]SQXON ^Y WOK]_\O PY_\ NSPPO\OX^ LORK‘SY\KV]^cVO] N\S‘OX Lc ZO\]YXKV Y\SOX^K^SYX] ^YaK\N MRKXQO ‘O\]_]KMMOZ^KXMO KXN ^YaK\N ZOYZVO ‘O\]_] ^K]U]’ GO]^] PY\ MYX]^\_M^‘KVSNS^c ]RY_VN MYXPS\W ^RK^ \O]ZYXNOX^]e ]MY\O] KVYXQ ^RO PY_\]^cVO] \OPVOM^ YXO Y\ LY^R YP ^RO]O NS]^SXM^SYX]’ 7 ]^K^S]^SMKV ^OMR&XS[_O UXYaX K] PKM^Y\ KXKVc]S] MYXPS\W] ^RK^ ^RO ]^cVO ]MY\O] YP\O]ZYXNOX^] \OPVOM^ ^RO MRKXQO ‘O\]_] KMMOZ^KXMO NS]^SXM^SYX’GKLVO * Z\O]OX^] ^RO PKM^Y\ VYKNSXQ] YP ^RO #%’" ]^cVO] KP^O\\Y^K^SYX "PKM^Y\ VYKNSXQ] \OZ\O]OX^ ^RO Ob^OX^ ^Y aRSMR K WOK]_\O

)@@9>8;G ) u 2DAE9H /?A=B 5>8 19<;56;<;CH %$

S] ObZVKSXON Lc% Y\ K]]YMSK^ON aS^R% KX _XNO\VcSXQ PY\MO% NSWOX&]SYX% Y\ Y\SOX^K^SYX#’ GRO :S\OM^SXQ KXN ?XPV_OXMSXQ ]^cVO] LY^RRK‘O VYKNSXQ] KLY‘O ’,( YX ^RO PS\]^ PKM^Y\ KXN VYKNSXQ] LOVYa’,( YX ^RO ]OMYXN’ GR_]% ^RO PS\]^ PKM^Y\ \OZ\O]OX^] Y\SOX^K^SYX]^YaK\N MRKXQO’ FSWSVK\Vc% ^RO F_ZZY\^S‘O KXN 9YX^OWZVK^S‘O]^cVO] LY^R ]RYa VYKNSXQ] KLY‘O ’,( YX ^RO ]OMYXN PKM^Y\% SXNS&MK^SXQ ^RK^ ^RO ]OMYXN PKM^Y\ \OPVOM^] Y\SOX^K^SYX] ^YaK\N KMMOZ^&KXMO’ JRSVO ^RO 9YX^OWZVK^S‘O ]^cVO KV]Y VYKN] YX ^RO PS\]^ PKM^Y\%S^ VYKNON WY\O ]^\YXQVc YX ^RO ]OMYXN PKM^Y\’ GKUOX ^YQO^RO\%^RO]O \O]_V^] ]_ZZY\^ ^RO MYX]^\_M^ ‘KVSNS^c YP ^RO #%’" ]MKVO]’

79:B= &# -EDHIGJ;I 89BA<AIM E> I@= !"# 6;9B=H

GRO MYX]^\_M^ ‘KVSNS c YP ^RO #%’" ]MKVO] S] P_\^RO\ ]_ZZY\^ON LcMY\\OVK^SYX] LO^aOOX ^RO Z\YN_M^S‘O KXN MY_X^O\Z\YN_M^S‘OK]ZOM^] YP ^RO ]^cVO]’ 7] ]RYaX SX GKLVO + YX ^RO XOb^ ZKQO% ^ROZ\YN_M^S‘O K]ZOM^] YP OKMR ]^cVO K\O WY\O ]^\YXQVc MY\\OVK^ONaS^R ^ROS\ XOQK^S‘O MY_X^O\ZK\^] "LYVN&PKMON \O]_V^] YX ^RO NSKQY&XKV# ^RKX ^ROc K\O aS^R WY]^ YP ^RO Z\YN_M^S‘O Y\ MY_X^O\Z\YN_M&^S‘O K]ZOM^] YP ^RO Y^RO\ ]^cVO] "\O]_V^] YPP ^RO NSKQYXKV#’ GRO]O\O]_V^] XY^ YXVc VOXN ]_ZZY\^ ^Y ^RO MYX]^\_M^ ‘KVSNS^c YP ^RO #%’"]MKVO]% L_^ KV]Y Z\Y‘SNO T_]^SPSMK^SYX PY\ MYWLSXSXQ ^RO Z\YN_M^S‘OKXN MY_X^O\Z\YN_M^S‘O ]_W] SX YL^KSXSXQ ^Y^KV ]MY\O] PY\ OKMR]^cVO’

/9;IEG

6IMB= 9RKXQO 7MMOZ^KXMO

. :S\OM^SXQ ’1) ’(/

0 ?XPV_OXMSXQ ’// ’(/

6 F_ZZY\^S‘O &’)( ’01

- 9YX^OWZVK^S‘O ’,) ’.-

IK\SKXMO ObZVKSXON "!# ,,’( *.’/

9_WW_VK^S‘O ‘K\SKXMO ObZVKSXON "!# ,,’( /(’/

2 5)).+’

%% u 3:9 ).) +-2* 2DAE9H ,57;<;C5C?AIB .5>D5<

79:B= ’# -EGG=B9IAEDH :=IL==D 4GE<J;IAK= 9D< -EJDI=GFGE<J;IAK= ,HF=;IH

-GAI=GAED"G=B9I=< K9BA<AIM PYM_]O] YX aRO^RO\ \O]ZYXNOX^]e]MY\O] YX K ]_\‘Oc K\O \OVK^ON ^Y LORK‘SY\]% K^^S^_NO]% Y\ Y^RO\Y_^MYWO] SX K WOKXSXQP_V aKc’ =S‘OX ^RO NSPPO\OX^ Y\SOX^K^SYX]N\S‘SXQ ^RO #%’" ]^cVO]% S^ aY_VN LO ObZOM^ON ^RK^ ^RO PY_\ ]^cVO]aY_VN VOKN ^Y K X_WLO\ YP NSPPO\OX^ TYL&\OVK^ON K^^S^_NO] KXNLORK‘SY\]’ 9Y\\OVK^SYXKV KXKVc]O] MK\\SON Y_^ YX NK^K Z\Y‘SNON LcY‘O\ K ^RY_]KXN \O]ZYXNOX^] MYXPS\W ^RK^ ^RO ]^cVO] K\O% SX PKM^%\OVK^ON ^Y NSPPO\OX^ ]OX^SWOX^] KXN POOVSXQ] KLY_^ YXOe] TYL]’ 7]]RYaX SX GKLVO , YX ^RO XOb^ ZKQO2

u GRY]O aS^R K .AG=;IAD? HIMB= ^OXN ^Y NO]M\SLO ^ROS\ TYL]K] ]K^S]PcSXQ% K_^YXYWY_]% SXXY‘K^S‘O% P_VV YP YZZY\^_XS^SO]%PK]^&ZKMON% NcXKWSM KXN MRKXQSXQ% ]^SW_VK^SXQ% KXN Q\Ya^R&Y\SOX^ON’

u GRY]O aS^R KX 0D>BJ=D;AD? HIMB= ^OXN ^Y ‘SOa ^ROS\ TYL] K] ]K^&S]PcSXQ% K_^YXYWY_]% SXXY‘K^S‘O% _X]^\_M^_\ON% ZOYZVO&Y\SOX^ON%P_VV YP YZZY\^_XS^SO]% ]^SW_VK^SXQ% KXN NcXKWSM KXN MRKXQSXQ’

u GRY]O aS^R K 6JFFEGIAK= HIMB= ^OXN ^Y \OZY\^ ^RK^ ^ROS\ TYL]K\O ]K^S]PcSXQ% ZOYZVO&Y\SOX^ON% ]^OKNc KXN \Y_^SXO% KXNP\SOXNVc’

u GRY]O aS^R K -EDI=CFB9IAK= HIMB= ^OXN ^Y ‘SOa ^ROS\ TYL] K]NSPPSM_V^% SXNOZOXNOX^% ]^\_M^_\ON% ^K]U&Y\SOX^ON% KXN ]^SW_VK^SXQ’

-EJDI=GFGE<J;IAK= ,HF=;IH

. 0 6 -

4GE<J;IAK= ,HF=;IH :S\OM^SXQ ?XPV_OXMSXQ F_ZZY\^S‘O 9YX^OWZVK^S‘O

. :S\OM^SXQ #&$!!! &’() &’)/$$$ ’)0$$$

0 ?XPV_OXMSXQ ’)+$$$ #%*!!! &’(, &’((

6 F_ZZY\^S‘O &’*($$$ &’*)$$$ #&(!!! ’))$$$

- 9YX^OWZVK^S‘O ’)*$$$ &’)*$$$ &’(1$$ #&)!!!

$Z4’(-’ $$Z4’()’ $$$Z4’(()’ 2 5 ))00 ^Y ))10’

)@@9>8;G ) u 2DAE9H /?A=B 5>8 19<;56;<;CH %&

79:B= (# -GAI=GAED"5=B9I=< 89BA<AIM E> I@= !"# 6;9B=H

6IMB=

. 0 6 -

4=G;=FIAED 9:EJI 1E: :S\OM^SXQ ?XPV_OXMSXQ F_ZZY\^S‘O 9YX^OWZVK^S‘O

:SPPSM_V^ "7,4565 ;K]c# ’(* &’(* &’(. ’(0$$

FK^S]PcSXQ "7,4565 BY^ ]K^S]PcSXQ# ’)*$$$ ’(/$ ’(.$ ’(-

7_^YXYWY_] "7,4565 9YX]^\KSXON# ’),$$$ ’),$$$ ’(( ’(+

?X^O\NOZOXNOX^ aS^R Y^RO\]"7,4565 ?XNOZOXNOX^ YP Y^RO\]# &’(, ’(( ’(( &’(0$$

?XXY‘K^S‘O "7,4565 G\KNS^SYXKV# ’),$$$ ’*($$$ ’(( ’(*

F^\_M^_\ON "7,4565 HX]^\_M^_\ON# &’() &’),$$$ &’() ’(0$$

DOYZVO&Y\SOX^ON"7,4565 GK]U&Y\SOX^ON# &’(. ’(1$$ ’)+$$$ &’(1$$

<_VV YP YZZY\^_XS SO]"7,4565 <_VV YP ^R\OK^]# ’))$$$ ’))$$ ’(- ’((

<K]^&ZKMON "7,4565 FVYa&ZKMON# ’(0$$ ’(, &’(* ’(-

F^SW_VK^SXQ "7,4565 8Y\SXQ# ’))$$$ ’(0$$ ’(, ’(/$

:cXKWSM KXN MRKXQSXQ"7,4565 F^OKNc KXN \Y_^SXO# ’).$$$ ’).$$$ &’(/$ ’(,

<\SOXNVc "7,4565 >Y]^SVO# &’(* ’(( ’(1$$ ’(-

=\Ya^R&Y\SOX^ON"7,4565 F^KQXK^SXQ# ’(0$$ ’(, &’(* ’(+

$Z4’(-’ $$Z4’()’ $$$Z4’(()’ 25 )(-/ ^Y )))1’

%’ u 3:9 ).) +-2* 2DAE9H ,57;<;C5C?AIB .5>D5<

GRO]O PSXNSXQ] K\O MYX]S]^OX^ aS^R aRK^ aO aY_VN ObZOM^ QS‘OX^RO XK^_\O YP ^RO ]^cVO] KXN ^ROS\ _XNO\VcSXQ NSWOX]SYX]’ GRO]^cVO] ]RY_VN LO K]]YMSK^ON aS^R K^^S^_NO] ^YaK\N TYL] LOMK_]O^ROc VOKN ZOYZVO ^Y ZO\MOS‘O TYL&\OVK^ON PKM^Y\] NSPPO\OX^Vc KXN% SX^_\X% ]OVOM^ KXN \OWKSX SX NSPPO\OX^ ^cZO] YP TYL]’

GR_]% ^RO OWZS\SMKV ^O]^] MYXN_M^ON YX (/, !&! #%’" ’647,8Z\Y‘SNO ]_ZZY\^ PY\ ^RO \OVSKLSVS^c KXN ‘KVSNS^c YP S^] WOK]_\O]’AY\O QOXO\KVVc% ^RO]O PSXNSXQ] SXNSMK^O ^RK^ aROX ZK\^SMSZKX^] K\OYZOX KXN RYXO]^ SX ^ROS\ \O]ZYX]O] ^Y ^RO ]_\‘Oc% ROS\ \O]_V^]]RY_VN Z\Y‘SNO ^ROW aS^R _]OP_V SX]SQR^] KLY_^ ^ROS\ ZO\]YXKV]^cVO] YX ^RO TYL’

9<GJF@6LIBL<G/@MDBHM

5P@LPD@QEOPZ 4WWLUKP_ PSS\Z[YH[LZ ZVTL VM [OL ^H‘Z ‘V\ JHU \ZL )1. !’!#&(" (96:.;% [OL #.+62./240 %92-.% HUK [OL NYV\W HJ[P]P[PLZKLZJYPILK PU DLJ[PVU - [V HJJVTWSPZO KPMMLYLU[ [YHPUPUN VIQLJ[P]LZ’DWLJPMPJHSS‘% ZHTWSL KLZPNUZ HYL V\[SPULK MVY [OL #&(" WVY[PVU VMWYVNYHTZ MVJ\ZPUN VU WLYZVUHS KL]LSVWTLU[% WYVISLT ZVS]PUNHUK KLJPZPVU THRPUN% [PTL THUHNLTLU[% PU[LYWLYZVUHS YLSH[PVUZ%JVUMSPJ[ THUHNLTLU[% [LHT I\PSKPUN% HUK VYNHUPaH[PVUHS JOHUNL’

EOL ZHTWSL KLZPNUZ HYL TLHU[ [V IL PSS\Z[YH[P]L3 [OLYL HYL THU‘^H‘Z PU ^OPJO ‘V\ JHU TP_ HUK TH[JO KLIYPLMPUN [VWPJZ% [OL#.+62./240 %92-. TVK\SLZ% HUK NYV\W HJ[P]P[PLZ [V HJJVTWSPZO HNP]LU VIQLJ[P]L’ 4KKP[PVUHSS‘% V[OLY [VWPJZ% TH[LYPHSZ% VY HJ[P]P[PLZJHU IL LTILKKLK PU[V [OLZL KLZPNUZ VY PUJS\KLK ILMVYL VY HM[LY[OL #&(" WVY[PVU VM ‘V\Y WYVNYHT’

&)

&* u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

9<GJF@ /@MDBH AIL 6@LMIH<F/@P@FIJG@HN 6LIBL<G4QQSPYKNCUGMZ ) UP * JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)( [V )-TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 4

-

)- [V *(TPU\[LZ

7LZJYPIL #&(" KPTLUZPVUZ HUKWYVMPSLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 5 HUK 6 -

)( [V )-TPU\[LZ

7LZJYPIL JH\ZLZ HUK LMMLJ[Z VMWLYZVUHS Z[‘SLZ

,

- TPU\[LZ 6VTWSL[L BHY[ ) VM ?VK\SL 7 -

)- [V *(TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 7

-

- TPU\[LZ 6VTWSL[L BHY[ * VM ?VK\SL 7 -

- [V )(TPU\[LZ

7LZJYPIL OV^ [V PKLU[PM‘ WYVK\J[P]LHUK JV\U[LYWYVK\J[P]L HZWLJ[Z VM[OL Z[‘SLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 8 HUK 9 -

,JJ@H?DR - u 9<GJF@ 6LIBL<G /@MDBHM &+

9<GJF@ /@MDBH AIL 6LI=F@G!9IFPDHB <H? /@>DMDIH!3<EDHB6LIBL<G4QQSPYKNCUGMZ )\ UP *] JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)- [V *(TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 7 MVJ\ZPUN VU HK]HU[HNLZHUK KPZHK]HU[HNLZ VM [OL Z[‘SLZPU [LYTZ VM WYVISLT ZVS]PUN HUKKLJPZPVU THRPUN

-

- [V )(TPU\[LZ

7LZJYPIL OV^ [V PKLU[PM‘ WYVK\J[P]LHUK JV\U[LYWYVK\J[P]L HZWLJ[Z VM[OL Z[‘SLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 8 HUK 9 -

)c [V *OV\YZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SLZ 8 HUK 9

-

’" u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

9<GJF@ /@MDBH AIL :DG@3<H<B@G@HN 6LIBL<G4QQSPYKNCUGMZ ([ UP (] JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)( [V )-TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 4

-

)( [V )-TPU\[LZ

7LZJYPIL JH\ZLZ HUK LMMLJ[Z VMWLYZVUHS Z[‘SLZ

,

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 7 -

- [V )(TPU\[LZ

7LZJYPIL OV^ [V PKLU[PM‘WYVK\J[P]L HUK JV\U[LYWYVK\J[P]LHZWLJ[Z VM [OL Z[‘SLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 8 HUK 9 -

,JJ@H?DR - u 9<GJF@ 6LIBL<G /@MDBHM ’#

9<GJF@ /@MDBH AIL 6LIBL<G IH2HN@LJ@LMIH<F 8@F<NDIHM4QQSPYKNCUGMZ (] UP )] JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL)1. !’! #&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUNVM [OL YLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)- [V *(TPU\[LZ

7LZJYPIL #&(" KPTLUZPVUZ HUKWYVMPSLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 5 HUK 6 -

)( [V )-TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 6

-

)( [V )-TPU\[LZ

7LZJYPIL JH\ZLZ HUK LMMLJ[Z VMWLYZVUHS Z[‘SLZ

,

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 7 -

- TPU\[LZ 7LZJYPIL Z[YH[LNPLZ MVY ^VYRPUN^P[O WLVWSL ^P[O KPMMLYLU[ Z[‘SLZ

,

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL : -

)- [V *(TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL :

-

’$ u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

9<GJF@ /@MDBH AIL .IHAFD>N3<H<B@G@HN 6LIBL<G4QQSPYKNCUGMZ ([ UP (] JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)( [V )-TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 4

-

- TPU\[LZ 7LZJYPIL Z[YH[LNPLZ MVY ^VYRPUN^P[O WLVWSL ^P[O KPMMLYLU[ Z[‘SLZ

,

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL : -

)- [V *(TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL :

-

,JJ@H?DR - u 9<GJF@ 6LIBL<G /@MDBHM ’%

9<GJF@ /@MDBH AIL :@<G -ODF?DHB6LIBL<G4QQSPYKNCUGMZ * UP + JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

)- [V *(TPU\[LZ

7LZJYPIL #&(" KPTLUZPVUZ HUKWYVMPSLZ

,

)( [V *(TPU\[LZ

6VTWSL[L ?VK\SLZ 5 HUK 6 -

- TPU\[LZ AYNHUPaL WHY[PJPWHU[Z PU[V [LHTZHUK OH]L [OLT NLULYH[L H [LHTWYVMPSL \ZPUN ^VYRZOLL[ HUK WYVMPSLVU [OL MVSSV^PUN WHNLZ

- [V )(TPU\[LZ

;H]L [LHTZ SPZ[ [OL HK]HU[HNLZHUK KPZHK]HU[HNLZ VM [OLPY [LHTZdWYVMPSLZ

- [V )(TPU\[LZ

4ZR [LHTZ [V PKLU[PM‘ ZVTLZ[YH[LNPLZ MVY TVKPM‘PUN [OLPYWYVMPSLZ PU ZP[\H[PVUZ ^OLYL [OL‘HYL KPZHK]HU[HNLV\Z

)c [V *OV\YZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 8

-

’& u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

2HMNLO>NDIHM AIL .IHMNLO>NDHB#%(" :@<G 6LIADF@u FYP[L PU LHJO [LHT TLTILYdZ [V[HS 7% <% D% HUK 6 ZJVYLZ

ILSV^’

u 4KK [OL ZJVYLZ PU LHJO JVS\TU’

u 7P]PKL [OL Z\TZ I‘ [OL [V[HS U\TILY VM [LHT TLTILYZ’

u BSV[ [OL [LHTdZ H]LYHNL Z[‘SL ZJVYLZ VU [OL #&(" ELHTBYVMPSL’

AGCN <GNDGST^ APUCM @EPSGT

7 ; @ 6

AGCN NGNDGS (

AGCN NGNDGS )

AGCN NGNDGS *

AGCN NGNDGS +

AGCN NGNDGS ,

AGCN NGNDGS -

4FF UJG UPUCMT KO GCEJ EPMVNO1

7KWKFG UJG TVN DZ UJGUPUCM OVNDGS PH NGNDGSTPO UJG UGCN1

,JJ@H?DR - u 9<GJF@ 6LIBL<G /@MDBHM ’’

#%(" :@<G 6LIADF@

’( u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

9<GJF@ /@MDBH AIL5LB<HDT<NDIH<F .C<HB@ 6LIBL<G4QQSPYKNCUGMZ (\ UP ) JPVST

AKNG 4EUKWKUZ<COVCM@GEUKPO

)- [V *-TPU\[LZ

4KTPUPZ[LY HUK ZJVYL )1. !’!#&(" (96:.;

*

)( [V )-TPU\[LZ

BYV]PKL H IHZPJ KLIYPLMPUN VM [OLYLZ\S[Z

+

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 4 -

- TPU\[LZ ;H]L WHY[PJPWHU[Z PKLU[PM‘ [OLZ[‘SLZ TVZ[ Z[YVUNS‘ LUJV\YHNLKI‘ [OLPY VYNHUPaH[PVUZ$

)- [V *(TPU\[LZ

7LZJYPIL #&(" KPTLUZPVUZ HUKWYVMPSLZ

,

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 5 -

- [V )(TPU\[LZ

9HJPSP[H[L NYV\W HJ[P]P[‘ MVY?VK\SL 5

-

- [V )(TPU\[LZ

6VTWSL[L ?VK\SL 6 -

- [V )(TPU\[LZ

;H]L WHY[PJPWHU[Z PKLU[PM‘ H Z[‘SL[OH[ ^V\SK JVTWSLTLU[ "IHSHUJL#[OL Z[‘SLZ TVZ[ Z[YVUNS‘ LUJV\YHNLKI‘ [OLPY VYNHUPaH[PVUZ’ 4ZR [OLT[V SPZ[ ZVTL ^H‘Z PU ^OPJO [OLPYVYNHUPaH[PVUZ JV\SK LUJV\YHNL[OLZL Z[‘SLZ’$

$SM WHY[PJPWHU[Z ^VYR MVY [OL ZHTL VYNHUPaH[PVU% OH]L [OLTJVTWSL[L [OLZL HJ[P]P[PLZ PU [LHTZ’

:L<HMJ<L@H>S3<MN@LMASCOTQCSGOEZ=VNDGS AKUMG ) D[LW )2 7LZJYPIPUN GV\Y BLYZVUHS D[‘SL * D[LW *2 6HSJ\SH[PUN GV\Y #&(" DJVYLZ + D[LW +2 AI[HPUPUN GV\Y EV[HS DJVYLZ , D[LW ,2 BSV[[PUN GV\Y EV[HSZ - @H[\YL VM [OL #&(" D[‘SLZ . 7PYLJ[PUN / <UMS\LUJPUN 0 D\WWVY[P]L 1 6VU[LTWSH[P]L )( 8MMLJ[Z VM [OL #&(" D[‘SLZ )) #&(" 7PTLUZPVUZ )* #&(" BYVMPSL )+ DPUNSL&D[‘SL BYVMPSLZ ), 7\HS&D[‘SL BYVMPSLZ )- ?\S[PWSL&D[‘SL BYVMPSLZ ). 6VTWL[PUN&D[‘SL BYVMPSLZ )/ 6H\ZLZ VM [OL #&(" D[‘SLZ )0 #&(" BYVMPSL2 BYVK\J[P]L 4ZWLJ[Z )1 #&(" BYVMPSL2 6V\U[LYWYVK\J[P]L 4ZWLJ[Z *( FVYRPUN ^P[O A[OLYZ2 D[YH[LNPLZ MVY 8MMLJ[P]L

<U[LYHJ[PVUZ

’)

9N@J #

#/8-72,241 *5:7 ’/7854+3 (9<3/

u =LLW [OL Z\Y]L‘ \UMVSKLK’

u BYLZZ KV^U MPYTS‘ ^OLU ^YP[PUN’

u 6YVZZ V\[ HU‘ JOHUNLZ’

u FHP[ ILMVYL ILNPUUPUN D[LW *’

:C@ ,3, /29. 9OLP@SV (6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

9N@J $

"+3-:3+9241 *5:7 /29. (-57/8

u 4KK [OL U\TILYZ ^P[OPU LHJO[YPHUNSL’

u FYP[L [OL Z\TZ PU [OL ZWHJLZWYV]PKLK’

:C@ ,3, /29. 9OLP@SV )6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

9N@J %

&,9+24241 *5:7 )59+3 (-57/8

/29. :<=F@7KSGEUKOI1 EOPZ Z[‘SL PZ VYPLU[LK [V^HYK JOHUNPUN VULdZ LU]PYVUTLU[% [HRPUN VU[HZRZ ^P[O KLJPZP]LULZZ HUK KL[LYTPUH[PVU% HUK V]LYJVTPUN IHYYPLYZ [V NL[[OPUNZ KVUL’ EOL 7PYLJ[PUN Z[‘SL PZ JYP[PJHS MVY NVHS HJJVTWSPZOTLU[ I\[% ^OLUL_JLZZP]L% TPNO[ IL ]PL^LK HZ HNNYLZZP]L VY JVTWL[P[P]L’

# 2

;OHMVGOEKOI1 EOPZ Z[‘SL PZ VYPLU[LK [V^HYK JOHUNPUN V[OLY WLVWSL% JVTT\UPJH[PUN^P[O HUK WLYZ\HKPUN [OLT% HUK TV[P]H[PUN HUK PUZWPYPUN [OLT [V NL[ [OPUNZ KVUL’EOL <UMS\LUJPUN Z[‘SL PZ JYP[PJHS MVY TV]PUN WLVWSL PU UL^ KPYLJ[PVUZ I\[% ^OLUL_JLZZP]L% TPNO[ IL ]PL^LK HZ PU[Y\ZP]L VY PTW\SZP]L’

# 2

@VQQPSUKWG1 EOPZ Z[‘SL PZ VYPLU[LK [V^HYK \UKLYZ[HUKPUN HUK HJJLW[PUN V[OLY WLVWSL%WYV]PKPUN [OLT ^P[O LUJV\YHNLTLU[% HUK JVVWLYH[PUN ^P[O [OLT [V NL[ [OPUNZ KVUL’EOL D\WWVY[P]L Z[‘SL PZ JYP[PJHS MVY WYVTV[PUN JVVWLYH[PVU HUK [LHT^VYR I\[% ^OLUL_JLZZP]L% TPNO[ IL ]PL^LK HZ Z\ITPZZP]L VY V]LYS‘ SLUPLU[’

# 2

6POUGNQMCUKWG1 EOPZ Z[‘SL PZ VYPLU[LK [V^HYK \UKLYZ[HUKPUN HUK HJJLW[PUNVULdZ LU]PYVUTLU[% HWWYVHJOPUN [HZRZ ^P[O JHYL HUK H[[LU[PVU% HUK HWWS‘PUNYH[PVUHSP[‘ [V NL[ [OPUNZ KVUL’ EOL 6VU[LTWSH[P]L Z[‘SL PZ JYP[PJHS MVY JVTWSL[PUN[HZRZ ^P[O WYLJPZPVU HUK HJJ\YHJ‘ I\[% ^OLU L_JLZZP]L% TPNO[ IL ]PL^LK HZWLYMLJ[PVUPZ[PJ VY V]LYS‘ JH\[PV\Z’

# 2 1 ’%!UPUCM"

c 1 %#!TVN"

E 1 ##!TVN"

1 &(!UPUCM"

s 1 "’!TVN"

T 1 %"!TVN"

1 ’#!UPUCM"

i 1 %!!TVN"

K 1 ##!TVN"

7 1 ($!UPUCM"

d 1 $&!TVN"

F 1 $)!TVN"

u 9VY LHJOZ[‘SL% HKK‘V\Y ZX\HYLKHUK JPYJSLKZ\TZ’

u CLJVYK ‘V\Y[V[HSZ PU [OLZWHJLZWYV]PKLK’

:C@ ,3, /29. 9OLP@SV *6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

9N@J &

’3599241 *5:7 )59+38

u ?HYR ‘V\Y [V[HSZ^P[O HU e_’f

u 7YH^ SPULZ [VJVUULJ[ [OL _dZ’

u EOL JVS\TU ^P[O[OL OPNOLZ[ WLHRPZ ‘V\Y KVTPUHU[Z[‘SL’

:C@ ,3, /29. 9OLP@SV +6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

4<NOL@ IA NC@ #%("9NSF@M

u 5LOH]PVYHS

u FVYR&VYPLU[LK

u 6V\U[LYIHSHUJLK

u 6OHUNLHISL

:C@ ,3, /29. 9OLP@SV ,6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

/DL@>NDHB

u AYPLU[LK [V^HYK[HZRZ HUK JOHUNL

u 4ZZLY[P]L

u 8MMPJPLU[

u 9VJ\ZLK VU YLZ\S[Z

:C@ ,3, /29. 9OLP@SV -6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

2HAFO@H>DHB

u AYPLU[LK [V^HYKWLVWSL HUK JOHUNL

u 8U[O\ZPHZ[PJ

u A\[NVPUN

u 9VJ\ZLK VU NL[[PUN[OPUNZ Z[HY[LK

:C@ ,3, /29. 9OLP@SV .6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

9OJJILNDP@

u AYPLU[LK [V^HYKWLVWSL HUKHJJLW[HUJL

u 6VVWLYH[P]L

u 8TWH[OL[PJ

u 9VJ\ZLK VU THRPUN[LHTZ ^VYR

:C@ ,3, /29. 9OLP@SV /6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

.IHN@GJF<NDP@

u AYPLU[LK [V^HYK[HZRZ HUKHJJLW[HUJL

u 4UHS‘[PJHS

u CLZLY]LK

u 9VJ\ZLK VU NL[[PUN[OPUNZ YPNO[

:C@ ,3, /29. 9OLP@SV 06VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

0AA@>N IA NC@ #%("9NSF@M

:C@ ,3, /29. 9OLP@SV (’6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

#%(" /DG@HMDIHM

:C@ ,3, /29. 9OLP@SV ((6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

#%(" 6LIADF@

:C@ ,3, /29. 9OLP@SV ()6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

9DHBF@!9NSF@ 6LIADF@M

6JCOIG COF ACTL>SKGOUGF !7"

6JCOIG COF ?GPQMG>SKGOUGF !;"

4EEGQUCOEG COF?GPQMG >SKGOUGF !@"

4EEGQUCOEG COF ACTL>SKGOUGF !6"

:C@ ,3, /29. 9OLP@SV (*6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

/O<F!9NSF@ 6LIADF@M

6JCOIG >SKGOUGF!7 & M"

4EEGQUCOEG >SKGOUGF!@ & 6"

ACTL >SKGOUGF!7 & 6"

?GPQMG >SKGOUGF!M & @"

:C@ ,3, /29. 9OLP@SV (+6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

3ONDJF@!9NSF@6LIADF@M

<PFGSCUG!7 & ; & @ & 6"

6PNQSGTTGF!7 & ; & @ & 6"

8YQCOFGF!7 & ; & @ & 6"

:C@ ,3, /29. 9OLP@SV (,6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

.IGJ@NDHB!9NSF@6LIADF@M

7KSGEUKOI&@VQQPSUKWG !7 & @"

;OHMVGOEKOI&6POUGNQMCUKWG !; & 6"

:C@ ,3, /29. 9OLP@SV (-6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

.<OM@M IA NC@ #%("9NSF@M

:C@ ,3, /29. 9OLP@SV (.6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

#%(" 6LIADF@

’75.:-92;/ !86/-98

:C@ ,3, /29. 9OLP@SV (/6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

#%(" 6LIADF@

"5:49/7675.:-92;/ !86/-98

:C@ ,3, /29. 9OLP@SV (06VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

;ILEDHB QDNC 5NC@LM

(97+9/12/8 057 $00/-92;/ %49/7+-92548

u 4KHW[ [V% VY TPYYVY% [OLPY Z[‘SLZ’

u 6VTWSLTLU[% VY IHSHUJL% [OLPY Z[‘SLZ’

EOL 4?4 7<D6 D\Y]L‘g )’6VW‘YPNO[ b *((( 6LU[LY MVY 4WWSPLK CLZLHYJO% <UJ’4SS CPNO[Z CLZLY]LK’

1L@KO@HNFS,ME@?7O@MNDIHM

9OLP@S ,?GDHDMNL<NDIHu 7P HCEKMKUCUPST COF USCKOGST JCWG UP DG EGSUKHKGF UP VTG

174 */* ,.0+ 0;:<4=3@V% WLVWSL KV UV[ OH]L [V IL JLY[PMPLK [V \ZL [OL Z\Y]L‘’ 4 [OVY&V\NO YL]PL^ VM [OL $*,2328*856<7 ’*49*3 ZOV\SK HKLX\H[LS‘ WYLWHYLMHJPSP[H[VYZ HUK [YHPULYZ PU \ZPUN [OL (96:.; PU [OLPY WYVNYHTZ’4KKP[PVUHSS‘% [OVZL ^OV HYL \ZPUN )1. !’! #&(" (96:.; MVY [OLMPYZ[ [PTL TPNO[ [Y‘ [V ZP[ PU VU V[OLY WYVNYHTZ PU ^OPJO [OL Z\Y]L‘PZ ILPUN \ZLK’ 4 U\TILY VM Z\JO WYVNYHTZ HUK ZLTPUHYZ J\YYLU[&S‘ HYL VMMLYLK I‘ [OL 4TLYPJHU ?HUHNLTLU[ 4ZZVJPH[PVU’

u ;T 174 */* ,.0+ 0;:<4= GCTZ HPS QCSUKEKQCOUT UPCFNKOKTUGS UJGNTGMWGT3

)1. !’! #&(" (96:.; PZ KLZPNULK [V IL HZ LHZ‘ HZ WVZZPISL MVYWLVWSL [V HKTPUPZ[LY’ EOL Z[LW&I‘&Z[LW PUZ[Y\J[PVUZ PUJS\KLK PU [OLZ\Y]L‘ N\PKL WLVWSL PU YLZWVUKPUN [V [OL X\LZ[PVUZ HUK PU ZJVY&PUN HUK WSV[[PUN [OLPY YLZ\S[Z’ EOL #.+62./240 %92-.% ^OPJO HJJVT&

)+

*" u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

WHUPLZ [OL Z\Y]L‘% WYV]PKLZ L_[LUZP]L PUMVYTH[PVU VU PU[LYWYL[PUNHUK HWWS‘PUN [OL YLZ\S[Z’

#%(" -<L>C<LNM <H? 6LIADF@Mu BJZ FP UJG OVNDGST PO UJG ,.0+ 5CSEJCSU EJCOIG

FGQGOFKOI PO XJKEJ TUZMG ZPV CSG QMPUUKOI3FOLU WHY[PJPWHU[Z [YHUZMLY [OLPY Z[‘SL [V[HSZ [V [OL #&(" 5HYJOHY[%[OLPY YH^ ZJVYLZ HYL JVU]LY[LK [V WLYJLU[PSL ZJVYLZ’ EOPZ JVU]LY&ZPVU LUHISLZ WHY[PJPWHU[Z [V JVTWHYL [OL L_[LU[ [V ^OPJO [OL‘ILSPL]L [OL #&(" Z[‘SLZ HYL KLZJYPW[P]L VM [OLT [V [OL ZLSM&KLZJYPW[PVUZ VM HWWYV_PTH[LS‘ *)-( V[OLY YLZWVUKLU[Z’ EOL KPZ[YP&I\[PVU VM YH^ ZJVYLZ KPMMLYZ MYVT Z[‘SL [V Z[‘SL ILJH\ZL WLVWSL%VU H]LYHNL% ]PL^ JLY[HPU Z[‘SLZ HZ ILPUN TVYL KLZJYPW[P]L VM [OLT[OHU V[OLY Z[‘SLZ’ 4SZV% [OL KPZ[YPI\[PVUZ KPMMLY K\L [V ZVJPHS KLZPY&HIPSP[‘ LMMLJ[Z "[OH[ PZ% [OL P[LTZ TLHZ\YPUN JLY[HPU Z[‘SLZ TH‘ IL]PL^LK HZ YLSH[P]LS‘ MH]VYHISL HUK LSPJP[ Z[YVUNLY YLZWVUZLZ#’EOLZL KPMMLYLUJLZ HJYVZZ Z[‘SLZ THRL P[ ULJLZZHY‘ [V JVU]LY[ [OLZ[‘SL [V[HSZ [V WLYJLU[PSL ZJVYLZ’ ?VYL PUMVYTH[PVU VU [OL Z\Y]L‘UVYTZ JHU IL MV\UK PU 4WWLUKP_ 4 VM [OPZ THU\HS HUK PU4WWLUKP_ ) VM [OL #.+62./240 %92-.’

u :PX FP ZPV LOPX KH NPSG UJCO POG TUZMG KT FGTESKQUKWG PHC SGTQPOFGOU3

EOL Z\Y]L‘ UVYTZ HUK #&(" BYVMPSL WYV]PKLK PU 4WWLUKP_ 4 VM[OPZ THU\HS "HUK PU 4WWLUKP_ ) VM [OL #.+62./240 %92-.# HYL \ZL&M\S PU HUZ^LYPUN [OPZ X\LZ[PVU’ E^V VY TVYL Z[‘SLZ HYL KLZJYPW[P]LVM H YLZWVUKLU[ PM [OL ZJVYLZ MVY [OVZL Z[‘SLZ MHSS ^P[OPU )( WLY&JLU[PSL WVPU[Z VM LHJO V[OLY’ AU [OL #&(" BYVMPSL% )( WLYJLU[PSLWVPU[Z PZ YLWYLZLU[LK I‘ [OL KPZ[HUJL IL[^LLU HU‘ [^V VM [OLJVUJLU[YPJ KPHTVUKZ’ EO\Z% PM H YLZWVUKLU[ OHZ [^V VY TVYLL_[LUZPVUZ ^P[OPU [OPZ YHUNL% VUL VM [OL K\HS&Z[‘SL WYVMPSLZ ^PSS ILYLSL]HU[’

E^V VY TVYL Z[‘SLZ TH‘ WVZZPIS‘ IL KLZJYPW[P]L VM H YLZWVUKLU[ PM[OL ZJVYLZ MVY [OVZL Z[‘SLZ MHSS ^P[OPU *( WLYJLU[PSL WVPU[Z VM LHJOV[OLY’ ;V^L]LY [OL LX\P]HSLUJL VM [OLZL Z[‘SLZ PZ ZVTL^OH[\UJLY[HPU HUK TH‘ YLX\PYL H Q\KNTLU[ JHSS’ CLZWVUKLU[Z JHUYL]PL^ [OL KLZJYPW[PVUZ MVY [OL Z[‘SLZ "HUK [OL T\S[PWSL&Z[‘SL WYV&MPSLZ# HUK KLJPKL VU [OLPY YLSL]HUJL’ <M [OL YLZWVUKLU[ PZ \UJLY&[HPU% OL VY ZOL ZOV\SK KL]LSVW H WLYZVUHSPaLK WYVMPSL KLZJYPW[PVU"?VK\SL 6 VM [OL #.+62./240 %92-.# I‘ JOVVZPUN HWWYVWYPH[LKLZJYPW[PVUZ MYVT [OL YLSL]HU[ ZPUNSL&Z[‘SL HUK K\HS&Z[‘SL WYVMPSLZ’

u BJCU KH UJSGG TUZMGT CSG GRVCMMZ FGTESKQUKWG PH CSGTQPOFGOU3

<M [OYLL Z[‘SLZ HYL HWWYV_PTH[LS‘ LX\HSS‘ L_[LUKLK% [OL YLZWVU&KLU[ ZOV\SK YLMLY MPYZ[ [V LP[OLY [OL K\HS& VY JVTWL[PUN&Z[‘SL WYVMPSLJVYYLZWVUKPUN [V [OL [^V TVZ[ L_[LUKLK Z[‘SLZ’ <U THU‘ Z\JOJHZLZ% [OL YLSL]HU[ WYVMPSL ^PSS IL [OL 6OHUNL& VY 4JJLW[HUJL&

,JJ@H?DR / u 1L@KO@HNFS ,ME@? 7O@MNDIHM *#

AYPLU[LK BYVMPSL’ <M [OL KLZJYPW[PVUZ HJJVTWHU‘PUN [OLZL WYVMPSLZZLLT PUHKLX\H[L% [OL YLZWVUKLU[ ZOV\SK YLMLY [V VUL VM [OL T\S[P&WSL&Z[‘SL WYVMPSLZ’

<U L_[YLTL JHZLZ% H YLZWVUKLU[ TH‘ ZOV^ ]LY‘ NYLH[ L_[LUZPVUZHSVUN [OYLL Z[‘SLZ HUK H ]LY‘ ^LHR L_[LUZPVU HSVUN [OL MV\Y[O’D\JO YLZWVUKLU[Z JHU YLMLY [V [OL T\S[PWSL&Z[‘SL WYVMPSLZ [V WYL&WHYL H WLYZVUHSPaLK KLZJYPW[PVU PU ?VK\SL 6 VM [OL #.+62./240%92-.% I\[ ZOV\SK HSZV YLMLY [V [OL ZPUNSL&Z[‘SL WYVMPSL MVY [OL Z[‘SL[OH[ PZ UV[ KLZJYPW[P]L VM [OLT’ EOL NLULYPJ [L_[ VU [OL Z[‘SL [OH[PZ UV[ KLZJYPW[P]L VM [OLT ^PSS IL \ZLM\S PU [OH[ P[ KLZJYPILZ ILOH]&PVYZ [OH[ [OL‘ KV UV[ LUNHNL PU’ 9\Y[OLYTVYL% [OL KLZJYPW[VYZ JHUIL [\YULK HYV\UK VY YL]LYZLK [V NLULYH[L Z[H[LTLU[Z YLSL]HU[ [V[OL YLZWVUKLU[’

u BJCU FPGT KU NGCO XJGO UJG EPVOUGSQSPFVEUKWG CTQGEUTPH C SGTQPOFGOU^T TUZMGT !<PFVMG 9 PH UJG ,42:845896-;834" CSG NPSG GYUGOFGF UJCO UJG QSPFVEUKWG CTQGEUT PHJKT PS JGS TUZMGT !<PFVMG 8"3

FOLU [OL L_[LUZPVU HSVUN [OL JV\U[LYWYVK\J[P]L HZWLJ[ VM HJLY[HPU Z[‘SL PZ NYLH[LY [OHU [OH[ HSVUN [OL WYVK\J[P]L HZWLJ[ VM[OL Z[‘SL% [OL YLZ\S[Z PUKPJH[L [OH[ [OL YLZWVUKLU[ ]PL^Z OPZ VYOLY [LUKLUJPLZ HSVUN [OH[ Z[‘SL [V IL TVYL ULNH[P]L [OHU WVZP[P]L’;V^L]LY% ^OLU H YLZWVUKLU[ ]PL^Z OPTZLSM VY OLYZLSM [V IL TVYLJV\U[LYWYVK\J[P]L [OHU WYVK\J[P]L HSVUN HSS MV\Y VM [OL #&("Z[‘SLZ% [OL YLZWVUKLU[ TH‘ OH]L KLZJYPILK OPTZLSM VY OLYZLSMTVYL JYP[PJHSS‘ [OHU V[OLY KLZJYPILZ [OLTZLS]LZ’ EOPZ YLZWVUZL[LUKLUJ‘ JV\SK SLHK JVTWHYPZVUZ IL[^LLU YLZ\S[Z HSVUN [OL WYV&K\J[P]L HUK JV\U[LYWYVK\J[P]L HZWLJ[Z [V IL \UK\S‘ ULNH[P]L’

?VYL NLULYHSS‘% Z[‘SLZ [OH[ HYL TVYL JV\U[LYWYVK\J[P]L [OHU WYV&K\J[P]L YLWYLZLU[ VWWVY[\UP[PLZ MVY KL]LSVWTLU[’ ;V^L]LY% ^OLUHSS MV\Y Z[‘SLZ HYL TVYL JV\U[LYWYVK\J[P]L [OHU WYVK\J[P]L%YLZWVUKLU[Z ZOV\SK MPYZ[ JVUZPKLY ^OL[OLY [OL‘ ^LYL V]LYS‘&JYP[P&JHS PU KLZJYPIPUN [OLPY Z[‘SLZ ILMVYL [OL‘ ILNPU JVUZ[Y\J[PUNPTWYV]LTLU[ WSHUZ’

u BJZ FP SGTQPOFGOUT QMPU UJGKS SGTVMUT PO DPUJ C DCSEJCSUCOF C FKCNPOF QSPHKMG3

EOL #&(" 5HYJOHY[ HSSV^Z YLZWVUKLU[Z [V X\PJRS‘ KPZJLYU ^OPJOVM [OL Z[‘SLZ PZ TVZ[ KLZJYPW[P]L VM [OLT’ EOL #&(" BYVMPSL% VU [OLV[OLY OHUK% LUHISLZ YLZWVUKLU[Z [V YLHKPS‘ KL[LYTPUL PM [OLPY WLY&ZVUHS Z[‘SLZ YLMSLJ[ H TVYL NLULYHS VYPLU[H[PVU [V^HYK JOHUNL ]LY&Z\Z HJJLW[HUJL VY [V^HYK [HZRZ ]LYZ\Z WLVWSL’ 5LJH\ZL [OL#&(" Z[‘SLZ HYL KLMPULK I‘ T\S[PWSL KPTLUZPVUZ% ]PZ\HSS‘ PKLU[PM‘&PUN NLULYHS VYPLU[H[PVUZ PZ LHZPLY ^OLU [OL Z[‘SLZ HYL WSHJLKHYV\UK H KPHTVUK [OHU ^OLU [OL Z[‘SLZ HYL SPULK \W UL_[ [V VULHUV[OLY PU H IHYJOHY[’ 7LWLUKPUN VU ^OPJO HYLH VM [OLPY WYVMPSLOHZ [OL TVZ[ ZOHKPUN% WLVWSL JHU X\PJRS‘ KL[LYTPUL ^OL[OLY [OL‘HYL TVYL NLULYHSS‘ VYPLU[LK [V^HYK [HZRZ ]LYZ\Z WLVWSL VY [V^HYKJOHUNL ]LYZ\Z HJJLW[HUJL’ AU [OL V[OLY OHUK% [OL IHYJOHY[

*$ u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

ZLLTZ [V WYV]PKL H TVYL LMMPJPLU[ ^H‘ MVY WLVWSL [V X\PJRS‘ ZJHU[OLPY Z[‘SLZ HUK PKLU[PM‘ [OL VUL [OH[ PZ [OL TVZ[ KVTPUHU[ "[OH[ PZ%[OL VUL ^P[O [OL OPNOLZ[ WLHR#’

u 6CO QCSUKEKQCOUT EJCOIG UJGKS ,.0+ QSPHKMGT34IZVS\[LS‘’ #&(" WYVMPSLZ JHU JOHUNL ^OLU WHY[PJPWHU[Z PU[LYHJ[^P[O UL^ WLVWSL ^OV LUJV\YHNL VY TVKLS KPMMLYLU[ Z[‘SLZ% ^OLU[OL‘ HYL L_WVZLK [V UL^ L_WLYPLUJLZ HUK LU]PYVUTLU[Z% VY^OLU [OL‘ THRL H KLJPZPVU [V JOHUNL [OLPY ILOH]PVY PU JLY[HPUZP[\H[PVUZ VY ^OLU PU[LYHJ[PUN ^P[O JLY[HPU WLVWSL’ ?VK\SLZ 8[OYV\NO : VM [OL #.+62./240 %92-. ZWLJPMPJHSS‘ MVJ\Z VU OLSWPUNWHY[PJPWHU[Z [V KL]LSVW WSHUZ MVY LUOHUJPUN [OL LMMLJ[P]LULZZ VM[OLPY Z[‘SLZ’ "EOLZL TVK\SLZ HYL KLZJYPILK PU DLJ[PVU - VM [OPZTHU\HS’#

u ;T UJGSG CO _KFGCM‘ ,.0+ QSPHKMG UJCU QGPQMG TJPVMF TUSKWGUPXCSFT3

5LJH\ZL HSS VM [OL #&(" Z[‘SLZ JHU IL HK]HU[HNLV\Z VY KPZHK&]HU[HNLV\Z% KLWLUKPUN VU [OL ZP[\H[PVU% [OLYL YLHSS‘ PZUd[ H ZPU&NSL WYVMPSL [OH[ WLVWSL ZOV\SK PKLHSS‘ Z[YP]L [V^HYK’ 8]LU [OLT\S[PWSL&Z[‘SL WYVMPSLZ% ^P[O L_[LUZPVUZ HSVUN HSS MV\Y VM [OL #&("Z[‘SLZ% HYL UV[ ULJLZZHYPS‘ PKLHS HZ HSS MV\Y Z[‘SLZ TH‘ UV[ ILHWWYVWYPH[L PU HSS ZP[\H[PVUZ’ 9\Y[OLYTVYL% PU ZVTL ZP[\H[PVUZ%TLL[PUN [OL WYLMLYLUJLZ HUK KLZPYLZ HZZVJPH[LK P[O JLY[HPUZ[‘SLZ JHU KPYLJ[S‘ JVUMSPJ[ ^P[O TLL[PUN [OL WYLMLYLUJLZ HUKKLTHUKZ HZZVJPH[LK ^P[O V[OLY Z[‘SLZ’ D\JO ZP[\H[PVUZ JHU ILWHY[PJ\SHYS‘ KPMMPJ\S[ "HUK MY\Z[YH[PUN# MVY [OVZL ^P[O T\S[PWSL&Z[‘SLWYVMPSLZ’ EO\Z% WLVWSL ZOV\SK PUZ[LHK Z[YP]L [V \UKLYZ[HUK ^OLU[OLPY J\YYLU[ Z[‘SLZ HYL SPRLS‘ [V IL LMMLJ[P]L HUK ^OLU [OL‘dYL UV[HUK SLHYU OV^ [V TVKPM‘ [OLPY Z[‘SLZ [V TH_PTPaL [OLPY LMMLJ[P]L&ULZZ PU KPMMLYLU[ ZP[\H[PVUZ HUK ^P[O KPMMLYLU[ [‘WLZ VM WLVWSL’

,JJFD><NDIHMu AP XJCU FKTEKQMKOGT COF UPQKET FPGT ,.0+ CQQMZ3)1. !’! #&(" (96:.; PZ WHY[PJ\SHYS‘ YLSL]HU[ [V WLYZVUHS HUKPU[LYWLYZVUHS KL]LSVWTLU[ WYVNYHTZ% Z\JO HZ [OVZL MVJ\ZPUN VU[PTL THUHNLTLU[% WYVISLT ZVS]PUN HUK KLJPZPVU THRPUN% JVUMSPJ[THUHNLTLU[% PU[LYWLYZVUHS YLSH[PVUZ% JVTT\UPJH[PVU% HUK Z[YLZZTHUHNLTLU[’ EOLYLMVYL% [OL Z\Y]L‘ PZ YLSL]HU[ [V WLVWSL PU THU‘KPMMLYLU[ VJJ\WH[PVUZ "THUHNLTLU[% ZHSLZ% J\Z[VTLY ZLY]PJL% W\Y&JOHZPUN% L[J’#’ )1. !’! #&(" (96:.; JHU HSZV IL \ZLK PU WYV&NYHTZ MVJ\ZPUN VU NYV\W KL]LSVWTLU[% [LHT I\PSKPUN% HUKVYNHUPaH[PVU KL]LSVWTLU[’ 4WWLUKP_ 5 VM [OPZ THU\HS JVU[HPUZZVTL L_HTWSLZ VM OV^ [OL Z\Y]L‘ JHU IL \ZLK MVY KPMMLYLU[ W\Y&WVZLZ’

u 6CO 174 */* ,.0+ 0;:<4= DG VTGF HPS TGMGEUKPO COFQMCEGNGOU3

)1. !’! #&(" (96:.; PZ UV[ KLZPNULK% VY UVYTLK MVY ZLSLJ[PVU

,JJ@H?DR / u 1L@KO@HNFS ,ME@? 7O@MNDIHM *%

HUK WSHJLTLU[ W\YWVZLZ’ ?VYL ZWLJPMPJHSS‘% [OVZL PU [OL UVYTPUNZHTWSL JVTWSL[LK [OL Z\Y]L‘ ^P[O [OL \UKLYZ[HUKPUN [OH[ [OLYLZ\S[Z ^LYL [V IL \ZLK MVY ZLSM&KL]LSVWTLU[ W\YWVZLZ’ ;HKYLZWVUKLU[Z ILLU [VSK [OH[ [OLPY UL_[ WYVTV[PVU VY QVI ^V\SK ILIHZLK VU [OLPY Z\Y]L‘ YLZ\S[Z% [OL‘ ^V\SK OH]L SPRLS‘ HUZ^LYLK[OL X\LZ[PVUZ KPMMLYLU[S‘’ <U [\YU% [OPZ ^V\SK JOHUNL [OL UVYTZ MVYLHJO VM [OL Z[‘SLZ’ 9\Y[OLYTVYL% ILJH\ZL [OL Z\Y]L‘ ^HZ UV[KL]LSVWLK MVY ZLSLJ[PVU HUK WSHJLTLU[ W\YWVZLZ% UV LTWPYPJHSZ[\KPLZ OH]L ILLU JVUK\J[LK [V Z\WWVY[ [OL ]HSPKP[‘ VM \ZPUN [OLZ\Y]L‘ PU [OPZ ^H‘’

9OLP@S 4ILGM <H? 8@FD<=DFDNSu AP JPX NCOZ QGPQMG CSG QCSUKEKQCOUT EPNQCSKOI UJGN%

TGMWGT XJGO UJGZ QMPU UJGKS SGTVMUT3BHY[PJPWHU[Z HYL JVTWHYPUN [OLTZLS]LZ [V HWWYV_PTH[LS‘ *)-(V[OLY WLVWSL ^OV OH]L JVTWSL[LK )1. !’! #&(" (96:.;’?VYL PUMVYTH[PVU VU [OL UVYTPUN ZHTWSL JHU IL MV\UK PU4WWLUKP_ 4 VM [OPZ THU\HS HUK PU 4WWLUKP_ ) VM [OL #.+62./240%92-.’

u BJCU UZQGT PH QGPQMG CSG QCSUKEKQCOUT EPNQCSKOI UJGN%TGMWGT UP XJGO UJGZ QMPU UJGKS SGTVMUT3

EOL UVYTPUN ZHTWSL PZ THKL \W VM HWWYV_PTH[LS‘ .(! MLTHSLZHUK ,(! THSLZ’ <U [LYTZ VM VYNHUPaH[PVUHS YVSLZ% HWWYV_PTH[LS‘*-! OLSK UVUTHUHNLYPHS WVZP[PVUZ% *1! ^LYL [LHT SLHKLYZ VYZ\WLY]PZVYZ% +*! ^LYL LU[Y‘&SL]LS VY TPKKSL THUHNLYZ% HUK ),!^LYL OPNOLY&SL]LS THUHNLYZ’ 4KKP[PVUHS PUMVYTH[PVU VU [OL UVYT&PUN ZHTWSL JHU IL MV\UK PU 4WWLUKP_ 4 VM [OPZ THU\HS HUK PU4WWLUKP_ ) VM [OL #.+62./240 %92-.’

u ;T 174 */* ,.0+ 0;:<4= WCMKF COF SGMKCDMG38TWPYPJHS L]PKLUJL PZ H]HPSHISL [OH[ Z\WWVY[Z [OL PU[LYUHS JVUZPZ&[LUJ‘ YLSPHIPSP[‘% JVUZ[Y\J[ ]HSPKP[‘% HUK JYP[LYPVU&YLSH[LK ]HSPKP[‘ VM)1. !’! #&(" (96:.;’ CLZ\S[Z VM YLSPHIPSP[‘ HUK ]HSPKP[‘ HUHS‘ZLZJVUK\J[LK VU [OL #&(" (96:.; HYL YLWVY[LK PU 4WWLUKP_ 4 VM [OLTHU\HS HUK PU 4WWLUKP_ ) VM [OL #.+62./240 %92-.’

5NC@L #%(" 9OLP@SMu :PX FPGT 174 */* ,.0+ 0;:<4= EPNQCSG UP PUJGS

7;@6 TVSWGZT3AUL VM [OL THQVY KPMMLYLUJLZ IL[^LLU )1. !’! #&(" (96:.; HUKV[OLY #&(" Z\Y]L‘Z PZ [OL LTWOHZPZ VM [OL MVYTLY VU TH_PTPaPUNYLSPHIPSP[‘ HUK ]HSPKP[‘ HUK TPUPTPaPUN JVU[HTPUH[PVU PU YLZWVUZLZ[V [OL Z\Y]L‘’ EO\Z% )1. !’! #&(" (96:.; \ZLZ H >PRLY[&[‘WLZJHSL YH[OLY [OHU HU PWZH[P]L ZJHSL% ZV [OH[ YLZWVUZLZ [V P[LTZHYL PUKLWLUKLU[ VM VUL HUV[OLY% [OL [Y\L Z[YLUN[O VMPUKP]PK\HS JOHYHJ[LYPZ[PJZ JHU IL TLHZ\YLK% HUK HZZ\TW[PVUZ

*& u :C@ ,3, /29. 9OLP@S 1<>DFDN<NILUM 3<HO<F

YLX\PYLK MVY Z[H[PZ[PJHS [LZ[PUN VM [OL TLHZ\YLZ HYL TL[’ DPTPSHYS‘%)1. !’! #&(" (96:.; PZ KLZPNULK ZV [OH[ YLZWVUKLU[Z KV UV[RUV^ [OL PTWSPJH[PVUZ VM [OLPY HUZ^LYZ \U[PS HM[LY [OL‘ OH]L JVT&WSL[LK [OL Z\Y]L‘ "eZJYH[JO&VMMf HUK eTHNPJ&WLUf [LJOUPX\LZ PUHK&]LY[LU[S‘ WYV]PKL YLZWVUKLU[Z ^P[O PUZPNO[Z PU[V [OLPY HUZ^LYZ^OPSL [OL‘ HYL PU [OL WYVJLZZ VM JVTWSL[PUN [OL Z\Y]L‘#’

4KKP[PVUHSS‘% )1. !’! #&(" (96:.; TLHZ\YLZ [OL JV\U[LYWYVK\J&[P]L% HZ ^LSS HZ [OL WYVK\J[P]L% HZWLJ[Z VM LHJO VM [OL Z[‘SLZ’ EOPZPZ JVUZPZ[LU[ ^P[O ?HYZ[VUdZ VYPNPUHS JVUJLW[\HSPaH[PVU VM [OL#&(" Z[‘SLZ HUK PZ LZZLU[PHS PM [OL Z\Y]L‘ PZ \ZLK MVY ZLSM&KL]LSVW&TLU[ W\YWVZLZ’ A[OLY #&(" Z\Y]L‘Z MVJ\Z VUS‘ VU WVZP[P]L HUKZVJPHSS‘ KLZPYHISL ILOH]PVYZ VY [HUNSL [OL WYVK\J[P]L HUK JV\U[LY&WYVK\J[P]L HZWLJ[Z VM [OL Z[‘SLZ’ )1. !’! #&(" (96:.; HSZVJVTLZ ^P[O H #.+62./240 %92-. [OH[ UV[ VUS‘ OLSWZ WHY[PJPWHU[Z[V PU[LYWYL[ [OLPY YLZ\S[Z% I\[ HSZV N\PKLZ [OLT PU HWWS‘PUN [OLPYYLZ\S[Z PU ^H‘Z [OH[ ^PSS LUHISL [OLT [V LUOHUJL [OLPY WLYZVUHSHUK PU[LYWLYZVUHS LMMLJ[P]LULZZ’ ?VYL PUMVYTH[PVU HIV\[ [OL\UPX\L MLH[\YLZ VM )1. !’! #&(" (96:.; JHU IL MV\UK PUDLJ[PVU ) VM [OPZ THU\HS’

u ;H QCSUKEKQCOUT JCWG EPNQMGUGF PUJGS ,.0+ TVSWGZT KO UJGQCTU$ TJPVMF UJGZ EPNQMGUG 174 */* ,.0+ 0;:<4=3

GLZ% MVY [^V YLHZVUZ’ 9PYZ[% THU‘ #&(" Z\Y]L‘Z HYL IHZLK VUMVYJLK&JOVPJL YLZWVUZLZ [OH[ JHU THRL H WHY[PJPWHU[dZ WYVMPSLTVYL L_[YLTL HUK \UPKPTLUZPVUHS [OHU OPZ VY OLY [Y\L WLYZVUHSZ[‘SL ^V\SK ^HYYHU[’ )1. !’! #&(" (96:.; PZ TVYL SPRLS‘ [VYL]LHS [OL [Y\L Z[YLUN[OZ VM WHY[PJPWHU[Zd Z[‘SLZ HUK YLWYLZLU[ [OLT\S[PMHJL[LK UH[\YL VM [OLPY ILOH]PVYZ’

DLJVUK% HZ UV[LK HIV]L% )1. !’! #&(" (96:.; HSSV^Z WHY[PJP&WHU[Z [V HUHS‘aL [OLPY WYVK\J[P]L HUK JV\U[LYWYVK\J[P]L [LUKLU&JPLZ HSVUN LHJO Z[‘SL’ EOPZ [‘WL VM MLLKIHJR WLYTP[Z H IL[[LY\UKLYZ[HUKPUN VM [OL Z[‘SLZ HUK WYVTV[LZ TVYL MVJ\ZLK WLYZVUHSKL]LSVWTLU[ LMMVY[Z’