Wlhl nZceojZgblky\ Bgl_jg_l_KWWSKDULNDWKDGDUX Bgl_j\vxk >`hj^`_fOZjjbkhghf]h^ KhgIjZ[omiZ^uh >`hg_E_gghg_ IbZgbghJZkkdZaBrZgu^ZkZh >`hg_E_gghg_ < ihbkdZoimlbd hk\h[h`^_gbx <klj_qZK\ZfbIjZ[omiZ^uk ;blea Bgl_j\vxk >`hj^`_fOZjjbkhghf]h^ ,I\RXRSHQXS\RXUKHDUW <RXZLOONQRZZKDW,PHDQ :H YHEHHQSROOXWHGVRORQJ %XWWKHUH VDZD\IRU\RXWRJHWFOHDQ %\FKDQWLQJWKHQDPHVRIWKH/RUGDQG\RX OOEHIUHH 7KH/RUGLVDZDLWLQJRQ\RXDOOWRDZDNHQDQGVHH ba i_kgb $ZDLWLQJRQ<RX$OOZev[hf $OO7KLQJV0XVW3DVV]h^Z E_lhf ]h^Z_s_^hjZkiZ^ZkZfhcihimeyjghc]jmiiu\k_o\j_f_gb gZjh^h\>`hj^`OZjjbkhg\uimklbe kbg]eklZ\rbcoblhfHggZau\ZekyOZj_DjbrgZfZgljZ>`hj^`aZibkZe_]h\f_kl_k ij_^Zggufbehg^hgkdh]h ojZfZ JZ^obDjbrgu<kdhj_wlZf_eh^byaZgyeZi_j\h_f_klh\ emqr_c^_kyld_\ :g]ebb?\jhi_b g_dhlhjuo qZklyo:abbKeh\ZOZj_DjbrgZ\hreblh]^Z\ h[boh^ hkh[_ggh\ :g]ebb;b[bkbihdZau\Zehij_^Zgguobeb OZj_DjbrgZqZgl_jkdZdbolZfgZau\Zebihq_luj_jZaZ\ kZfhcihimeyjghcl_e_\babhgghcijh]jZff_7RSRI WKH3RSV < lh`_\j_fyaZiylvlukyqfbevhllm^Z\ dhfgZl_fhgj_Zevkdh]hhl_eyg_kdhevdh[jblh]heh\uoex^_c\ rZnjZgh\uoh^_`^Zob g_kdhevdh`_gsbg\ kZjbi_eb\f_kl_k >`hghfE_gghghfb ChdhHghi_kgx*LYH3HDFH$ &KDQFH Ij_^Zggu_]hklbebm E_gghgZg_kdhevdh^g_cb jZa]h\Zjb\Zebh fbj_b kZfhihagZgbb;eZ]h^Zjywlhfmex^bih \k_fmfbjmklZebkqblZlvij_^ZgguoklhjhggbdZfb[he__ijhklh]hjZ^hklgh]hb fbjgh]hh[jZaZ`bagb >Z`_kimklyiylgZ^pZlve_l\ `bagb[u\r_]h[bleZ>`hj^`ZOZjjbkhgZfZoZfZgljZOZj_DjbrgZb]jZ_lg_ ihke_^gxxjhev WlZ[_k_^Z[ueZaZibkZgZ^hfZm >`hj^`Z\ :g]ebbk_gly[jy]h^Z>`hj^`ih^_ebeky lh]^Zk Fmdmg^hc =hk\Zfbk\hbfhiulhfih\lhj_gbyOZj_DjbrgZfZgljuHgih^jh[ghjZkkdZaZeh k\h_fihgbfZgbbwlh]hh lhf qlhih[m^beh_]h\uimklblvieZklbgdmOZj_DjbrgZFZgljZ0\6ZHHW/RUGb lZdb_Zev[hfudZd$OO7KLQJV 0XVW3DVVb /LYLQJLQWKH0DWHULDO:RUOGgZibkZggu_ih^\ebygb_ffZgljub nbehkhnbb>`hj^`k ijbagZl_evghklvxb ex[h\vx]h\hjblh k\h_fh[s_gbbk :Q;oZdlb\_^ZglhcK\ZfbIjZ[omiZ^hchkgh\Zl_e_f ZqZjv_c ^moh\gufmqbl_e_f^\b`_gbyOZj_DjbrgZ>`hj^`jZkkdZau\Z_lh k\h_f ihgbfZgbb^\b`_gbyOZj_ DjbrgZfmaudbch]bj_bgdZjgZpbbdZjfu^mrb;h]Zb ojbklbZgkl\Z< [_k_^_hg\kihfbgZ_lh k\h_cih_a^db\h <jbg^Z\Zg]^_jh^beky=hkih^vDjbrgZ\ Bg^bxjh^bgmfZoZfZgljuOZj_DjbrgZ: lZd`_h lhfdZdhlghkylky d fZglj_jZkijhkljZgb\r_cky\ gZrb^gbih\k_fmfbjmfgh]b__]h^jmavyagZf_gblhklb Fmdmg^Z =hk\ZfbQZklh\u]h\hjbl_h k_[_dZdh i_j_h^_lhfij_^ZgghfdZ[bg_lghfch]_< k\hboi_kgyo\u jZkkdZau\Z_l_ex^yfih\k_fmfbjmh ih\lhj_gbbfZgljuJZkkdZ`bl_qlh\u^mfZ_l_h[wlhf"DZd\u\i_j\u_ \klj_lbebkvk Djbrghc" >`hj^`OZjjbkhg<k_ijhbahreh[eZ]h^Zjyfh_cih_a^d_\ Bg^bxD lhfm\j_f_gbdZd>\b`_gb_khagZgby Djbrguihy\behkv\ :g]ebb\ ]h^mfuk >`hghfm`_agZebh[Zev[hf_IjZ[omiZ^uKhagZgb_Djbrgu Fufgh]hkemrZeb_]hb gZfhq_gvgjZ\behkvWlh[ueh\i_j\u_dh]^Zy mkeurZeOZj_DjbrgZfZoZfZgljm Fmdmg^Z=hk\Zfb<uk >`hghfkemrZebieZklbgdmRjbeuIjZ[omiZ^ub kZfbih\lhjyebfZgljmgh_s_g_ \klj_qZebij_^ZgguoDh]^Z=mjm^ZkZRvyfZkmg^ZjZb yi_j\u_ij_^Zggu_ba:f_jbdb\ :g]ebbijb_oZebqlh[u hldjulvojZf\ Ehg^hg_\uihfh]ebZj_g^h\Zlvi_j\ucojZf\ Ehg^hg_dmibeb^eygZkFwghj >;oZdlb\_^ZglZ Fwghjihf_klv_\ Zdjh\ih`_jl\h\ZghBKDDHGm>`hj^`_f\ ]h^m@Wlh^Zeh\hafh`ghklvkhlgyflukyq ex^_cmagZlvh khagZgbbDjbrguDjhf_lh]h\unbgZgkbjh\Zebi_j\h_ba^Zgb_dgb]bDjbrgZ<ukh\k_ffZeh gZkagZebDZdwlhgZ\Zkih\ebyeh" >`hj^`OZjjbkhgY \k_]^Zqm\kl\h\Zek_[yjy^hfk DjbrghcdZd^hfZWlh\k_]^Z[uehqZklvxf_gy>mfZxm f_gywlhk ijhrehc`bagb<Zrijb_a^\ :g]ebx[ueq_flh\jh^_^_lZeb\ fhaZbd_dhlhjhcg_o\ZlZehqlh[u dZjlbgdZklZeZaZdhgq_gghcIhg_fgh]mwlhfhaZbdZkh[bjZeZkvb dh]^Z\uijb_oZeb\ Ehg^hgy kjZamhldebdgmeky Gm`ghkfhlj_lvijZ\^_\ ]eZaZY ih^mfZeqlhemqr_fg_hklZ\Zlvkyk wlbfbex^vfbq_fk dZdbfblh^jm]bfb<hl lZdLh_klvy ij_^ihq_e[u[ulvij_^Zgguf;h]ZZ g_lZdgZau\Z_fufk\ylufbebghjfZevgufq_eh\_dhf dhlhjuckh\_jr_gghg_ihgbfZ_lqlhhg ^moh\gh_kms_kl\hqlhm g_]h_klv^mrZY k_[yhq_gvohjhrhqm\kl\h\Ze k ij_^ZggufbdZdkhklZjufbagZdhfufb<k_[uehlZd_kl_kl\_ggh Fmdmg^Z=hk\Zfb>`hj^`<u[uebh^gbfba;blea g_khfg_gghh^ghcba\_ebqZcrbo]jmii\ bklhjbb dhlhjZyih\ebyeZg_lhevdhgZfmaudmghb gZp_eh_ihdhe_gb_Ihke_jZkiZ^Z]jmiiu\u\urebgZkhevgmxkp_gmk lZdbfbZev[hfZfbdZd$OO7KLQJV0XVW3DVVdhlhjuc^_j`ZekygZi_j\hff_kl_\ l_q_gb_k_fbg_^_evKbg]e*LYH 0H/RYHgZoh^bekygZi_j\hff_kl_\ :f_jbd_\ l_q_gb_^\mof_kyp_\AZl_f[ueZev[hf/LYLQJ,Q7KH0DWHULDO :RUOGhgklZei_j\ufghf_jhf\ ;be[hj^_gZr_klvg_^_evN_ghf_gZevgucmki_obf_eb dhgp_jl^ey ;Zg]eZ^_rZ\ dhlhjhfijbgyebmqZklb_Jbg]hKlZjjWjbdDewilhg;h[>beZgE_hgJZkk_eb ;beebIj_klhg :ev[hfb nbevfklZebkZfufmki_rgufijh_dlhf\ bklhjbbjhdZM \Zk[uefZl_jbZevgucmki_o<uih[u\Zeb \_a^_b \k_ih\b^Zebghl_fg_f_g__\ugZoh^bebkv\ ^moh\ghfihbkd_QlhaZklZ\beh\ZkgZqZlv\Zr_^moh\gh_ iml_r_kl\b_" >`hj^`OZjjbkhgWlhijhbahrehm`_ihke_mki_oZ\ oFu\b^_ebkvkhfgh`_kl\hfex^_c\klj_qZk dhlhjufbkqblZeZkv\_kvfZp_gghcGhihlhf\uykgyehkvqlhgbq_]hp_ggh]h\ wlhfg_lM gZk[ueh[hevr_q_fm dh]heb[h_s_oblh\b ^_eZebfuwlhemqr_q_f^jm]b_<hl_kebaZe_alvgZ\ukhdmxkl_gmZ aZl_fihkfhlj_lv \gbab m\b^_lvqlhlZf\gbam]hjZa^h[hevr_ex^_cY ihqm\kl\h\Zeqlh\ wlhffhc^he] kdZaZlvFh`_l[ulv \u^mfZ_l_qlh\k_qlh\Zfgm`gh [ulv[h]Zlufb agZf_gblufghgZkZfhf^_e_wlhg_lZd Fmdmg^Z=hk\Zfb>`hj^`g_^Z\gh\ureZ\ZrZZ\lh[bh]jZnby,0H0LQHb \ujZkkdZau\Z_l_qlhi_kgy $ZDLWLQJ2Q<RX$OOihk\ys_gZ^`ZiZch]_ih\lhj_gbxfZgljugZq_ldZo<uh[tykgbebqlhfZgljZ wlh fbklbq_kdZywg_j]byaZdexq_ggZy\ h[hehqdma\mdZb qlhdZ`^ZyfZgljZkh^_j`blhij_^_e_ggmxkbem\ \b[jZpbbGhba\k_ofZglj\ wlhl\_dfZoZfZgljZhibku\Z_lkydZdgZb[he__ijhklhcb dhjhldbcimlvd hkhagZgbx ;h]Z<uijZdlbdh\Zeb[oZdlbch]mQlh\uhsmsZebijbih\lhj_gbbfZglju" >`hj^`OZjjbkhgIjZ[omiZ^Zh^gZ`^ukdZaZefg_qlhfu^he`guijhklhijh^he`Zlvih\lhjylvgZkdhevdh fh`gh[hevr_Dh]^Z\uk^_eZ_l_wlhh^bgjZa\uihcf_l_dZdh_[eZ]hihemqZ_l_Lhqlh\uihemqZ_l_ijb ih\lhj_gbbfZglju wlh[eZ`_gkl\hbeb^moh\gh_kqZklv_\dmkdhlhjh]hgZfgh]h\ur_ex[h]hkqZklvy\ wlhf fZl_jbZevghffbj_Ihwlhfmy ]h\hjxqlhq_f[hevr_^_eZ_rvwlhl_fkbevg__g_ohq_lkyhklZgZ\eb\Zlvky IhlhfmqlhwlhlZdaZf_qZl_evghb mfbjhl\hjyxs_ Fmdmg^Z=hk\ZfbQlhwlhaZfZgljZdhlhjZyijbghkbllZdh_qm\kl\hfbjZb kqZklvy" >`hj^`OZjjbkhgKeh\hOZj_hagZqZ_l\gmlj_ggxxwg_j]bx=hkih^ZFZgljZg_hlebqgZhlKZfh]h;h]Z ;h] wlh\k_kqZklv_\k_[eZ`_gkl\hIh\lhjyy?]hbf_gZfuk\yau\Z_fkyk gbfWlhijhp_kkdhlhjuc^Z_l \hafh`ghklvihgZklhys_fmihgylv;h]ZHghkgh\ZggZih\lhj_gbbfZgljuY gZibkZe\ ij_^bkeh\bbd dgb]_ IjZ[omiZ^uDjbrgZg_kdhevdhe_lgZaZ^?keb;h]kms_kl\m_llhy ohqmm\b^_lv?]hG_\hafh`gh[_a ^hdZaZl_evkl\ih\_jblv\hqlhlhIhwlhfmkhagZgb_Djbrguf_^blZpby kihkh[k ihfhsvxdhlhjh]hfh`gh ihbklbg_m\b^_lv;h]Z Fmdmg^Z=hk\ZfbB dZd[ukljhwlhfh`ghk^_eZlv" >`hj^`OZjjbkhgAZiylvfbgml\ugbq_]hg_^hklb]gbl_Gm`gh\j_fyGhwlhijyfhcimlvd ;h]mhg ihfh]Z_lhqbklblvkyb ihgylvqlhlZdh__kl_kl\_ggh_\_qgh_khklhygb_khagZgby Fmdmg^Z=hk\ZfbQlh\uqm\kl\m_l_ihke_^ebl_evgh]hih\lhj_gbyfZglju" >`hj^`OZjjbkhgIjbfh_fh[jZa_`bagbbgh]^Zihy\ey_lky\hafh`ghklvihgZklhys_fmaZgylvkywlhc ijZdlbdhcB q_f[hevr_ih\lhjy_rvl_fljm^g__hklZgh\blvkyB g_ohq_lkyl_jylv^Zjm_fh_hsms_gb_ GZijbf_jh^gZ`^uy ih\lhjyefZgljmih^hjh]_baNjZgpbb\ Ihjlm]ZebxY [ue\ imlbhdheh^\Z^pZlblj_o qZkh\b g_ij_ju\ghih\lhjyefZgljmHgZ^Z_lqm\kl\haZsbs_gghklbg_ih[_^bfhklbKZfh_aZ[Z\gh_qlhy g_agZe ^Z`_dm^ZgZijZ\eyxkvLh_klvohlym f_gy[ueZdZjlZb ijbf_jgh_ij_^klZ\e_gb_h lhfdm^Z_^mghgb njZgpmakdh]hgb bkiZgkdh]hgb ihjlm]Zevkdh]hy g_agZeGhlh]^Zgbqlhg_bf_eh^eyf_gy[hevrh]hagZq_gby Dh]^ZgZqbgZ_rvih\lhjylvfZgljm\k_klZgh\blkyljZgkp_g^_glguf Fmdmg^Z=hk\ZfbBa<_^fuagZ_fqlhihkdhevdm;h] Z[khexl_glhg_ljZagbpuf_`^mGbfb ?]hk\yluf bf_g_fBfyb _klv;h]<uhsmlbebwlhdh]^ZlhevdhgZqZebih\lhjylv" >`hj^`OZjjbkhgQlh[uihgylvbeb`_hkhagZlvqlhf_`^mGbfb ?]hbf_g_fg_ljZagbpugm`gh\j_fy qlh[uj_rblvaZ^Zqdm ]^_`_HgKgZqZeZ^mfZ_rvG_m`_ebHg]^_lhjy^hf": ihlhfihgbfZ_rvHgijyfh a^_kvWlh^_ehijZdlbdbIhwlhfmdh]^Zy ]h\hjxqlh\b`m;h]Zlhg_h[yaZl_evgh\b`mbagZqZevgmxnhjfm Djbrgu\ dhlhjhchgijboh^beiylvlukyqe_lgZaZ^lZgp_\Zeb b]jZegZne_cl_Dhg_qghwlh[ueh[ug_iehohb \ ijbgpbi_wlh\hafh`ghDh]^ZhqbsZ_rvkylhfh`_rvm\b^_lv?]hlZdbfEbqghGhfh`ghijhklhqm\kl\h\Zlv ?]hijbkmlkl\b_AgZlvqlhdh]^Zih\lhjy_rvk\ylu_bf_gZHgijbkmlkl\m_lebqgh Fmdmg^Z=hk\ZfbG_fh]eb[u\uijbihfgblvdZdhcgb[m^vkemqZcdh]^Z\uj_Zevghhkhagh\Zebijbkmlkl\b_ ;h]Z\h\j_fyih\lhj_gbyfZglju" >`hj^`OZjjbkhgH^gZ`^uy e_l_e\ kZfhe_l_b ihiZe\ kbevgmx]jhamFhegbyihiZ^ZeZ\ gZr;hbg] ljbjZaZKZfhe_l[ue]hlh\i_j_g_klbkv\ kibkdbijhiZ\rbo[_a\_klbFg_^Z`_dZaZehkvqlho\hklm kZfhe_lZ hl\ZebekyY ^h[bjZekylh]^ZbaEhk:g^`_e_kZ\ GvxChjdqlh[uhj]Zgbah\Zlvdhgp_jl^ey;Zg]eZ^_rZDh]^Z kZfhe_lgZqZehih^db^u\ZlvdZdijbihkZ^d_y klZeih\lhjylvOZj_DjbrgZOZj_DjbrgZDjbrgZDjbrgZOZj_ OZj_ OZj_JZfZOZj_JZfZJZfZJZfZOZj_OZj_<k_ijh^he`Zehkvijbf_jghihelhjZbeb^\ZqZkZKZfhe_l ijhr_e\gbalukyqmnmlh\b ihiZe\ kZfmx]jhamK\_lih]Zk;uebihklhyggu_\kiurdb\hdjm]<k_m`Zkgh i_j_im]ZebkvY mi_jkygh]Zfb\ i_j_^g__kb^_gv_aZlygmekyijbkly`gufj_fg_f\`Zeky\ dj_kehb gZqZe\hiblv OZj_DjbrgZOZj_DjbrgZDjbrgZDjbrgZOZj_OZj_\h\kx]ehldmIbl_jK_ee_jklh`_jZkkdZau\Zeh lhfdZd ih\lhj_gb_OZj_DjbrgZkiZkeh_]h\ \ha^mrghcdZlZkljhn_ >`hg E_gghgb OZj_DjbrgZ Fmdmg^Z=hk\Zfb Ih\lhjyeeb_s_dlhgb[m^vba;bleafZgljm" >`hj^`OZjjbkhg ?s_^h\klj_qbk IjZ[omiZ^hcb ij_^Zggufby dmibeZev[hfdhlhjucIjZ[omiZ^ZaZibkZe \ GvxChjd_Fuk >`hghfkemrZeb_]hIhfgxdZdfuk >`hghfg_kdjhevdh^g_cieZ\Zebkj_^b=j_q_kdbo hkljh\h\b]jZebgZ]Z\Zckdbo]blZjZo[Zg^`hb i_ebfZgljmFui_ebr_klvqZkh\ih^jy^gZqZ\fum`_g_fh]eb hklZgh\blvkyDh]^ZfuhklZgZ\eb\ZebkvlhdZaZehkvqlh\udexqZ_lkyk\_l>hoh^beh^Z`_^hlh]hqlhm gZk gZqbgZeh[he_lv]hjehihlhfmqlhfu\k_i_ebkgh\Zb kgh\ZFuhsmsZebih^v_fwlh^eygZk[uehkZfh_ kqZkleb\h_\j_fy Fmdmg^Z=hk\ZfbAgZ_l_g_^Z\ghy \b^_eaZibkvdhlhjmxgZfijbkeZebbaDZgZ^uLZf>`hgb ChdhHgh aZibku\Zxli_kgx*LYH3HDFH$&KDQFHLZf\ ghf_j_hl_eydhjhe_\u?ebaZ\_lu\ Fhgj_Ze_iylvr_klv ij_^Zgguoi_ebb b]jZebgZdZjZlZeZob fjb^Zg]Zo>`hgb Chdhi_eb\ lhci_kg_fZgljmOZj_DjrgZ;uehwlh\ fZ_]h^Z: ljbf_kypZkimklyRjbeZIjZ[omiZ^Zm`_]hklbep_eucf_kyp\ bo^hf_ih^Ehg^hghf < lh\j_fy>`hggZoh^beky\ ^moh\ghfihbkd_Z IjZ[omiZ^Zh[tykgyeimlvfbjZb hk\h[h`^_gbyHg]h\hjbeh \_qghcijbjh^_^mrbdZjf_i_j_\hiehs_gbb l_fZohibkZgguo\ <_^bq_kdhcebl_jZlmj_Ohly>`hggbdh]^Zg_ kqblZeOZj_DjbrgZ\Z`ghcqZklvxk\h_c`bagbhghljZabenbehkhnbxkhagZgbyDjbrgu\ k\h_ci_kg_,QVWDQW .DUPDq_j_a]h^ihke_[_k_^uk IjZ[omiZ^hc LZd\ q_f`_jZagbpZf_`^mih\lhj_gb_fOZj_Djbrgub f_^blZpb_c" >`hj^`OZjjbkhgGZkZfhf^_e_wlhlh`_qlhb f_^blZpbyghdZdfg_dZ`_lky[he__wnn_dlb\guckihkh[ Lh_klv^Z`__keb\uhldeZ^u\Z_l_q_ldblhfh`_l_ih\lhjylvbebi_lvfZgljm[_agboJZagbpZf_`^mfheqZeb\hc f_^blZpb_cb ih\lhj_gb_f\ lhfqlh[_afhe\gZyf_^blZpbyaZ\bkblhlkhkj_^hlhq_gghklbZ dh]^Z\uih\lhjy_l_ fZgljmwlh[he__[ebadZyk\yavk ;h]hf IjZdlbq_kdZyf_^blZpby Fmdmg^Z=hk\ZfbFZoZfZgljZij_^ibkZgZex^yfwlh]h\_dZlZddZdkh\j_f_ggucfbj[ukljhf_gy_lkyB ^Z`__kebq_eh\_dmm^Z_lkymkljhblvky\ lbohff_kl_mkihdhblvmfhq_gvkeh`gh >`hj^`OZjjbkhg>ZwlhlZdIh\lhj_gb_fZgljuwlhlZdZyf_^blZpbydhlhjmxfh`ghijZdlbdh\Zlv^Z`_ _kebmf[_kihdhcguc< wlhf\kyij_e_klv< fh_c`bagbfg_hq_gvqZklhihfh]Z_lfZgljZHgZihfh]Z_lg_moh^blv hlj_ZevghklbQ_f[hevr_\ukb^bl_gZh^ghff_kl_b ih\lhjy_l___q_f[hevr_ij_^eh`_gguo[eZ]h\hgbc\u aZ`b]Z_l_\ wlhcdhfgZl_l_f[hevr_\b[jZpbyhqbsZ_lkyl_fkdhj__\u^hklb]Z_l_p_eblh_klvihfgbl_h ;h]_ dZdfh`gh[hevr_Dh]^Zh[jZsZ_rvkyd G_fmk fZgljhcwlhihgZklhys_fmjZ[hlZ_l Fmdmg^Z=hk\ZfbQlh_s_ihfh]Z_l<Zfkhkj_^hlhqblvmfgZ;h]_" >`hj^`OZjjbkhgDZdb_lh\_sbdhlhju_gZihfbgZxlh G_fGZijbf_j[eZ]h\hgbybebdZjlbguG_^Z\ghgZ kl_g_k\h_cklm^bby m\b^_eg_[hevrh_nhlhgZdhlhjhc[ueb\u=mjm^ZkZb RvyfZkmg^ZjZY m\b^_eij_^Zgguob wlhaZklZ\behf_gy^mfZlvh Djbrg_>mfZxqlhlZdh\hij_^gZagZq_gb_ij_^Zgguo gZihfbgZlvex^yfh ;h]_ Fmdmg^Z=hk\ZfbDZdqZklh\uih\lhjy_l_fZgljm" >`hj^`OZjjbkhg<k_]^Zdh]^Z_klv\hafh`ghklv Fmdmg^Z=hk\ZfbH^gZ`^u\ukijhkbebIjZ[omiZ^mh klbo_ba<_^dhlhjuchgpblbjh\ZeH lhfqlhdh]^Z q_eh\_dih\lhjy_l k\ylh_bfyDjbrguDjbrgZlZgpm_lgZdhgqbd__]hyaudZb gm`ghbf_lvlukyqbmr_cb jlh\ qlh[uihgylvagZq_gb_k\ylh]hbf_gb >`hj^`OZjjbkhg>Zhg]h\hjbeh ihgbfZgbblh]hqlhg_ljZagbpuf_`^mGbfklhysbfijyfhi_j_^\Zfbb ?]hbf_g_f< wlhfbklbggZydjZkhlZih\lhj_gbyfZglju g_ihkj_^kl\_ggZyk\yavk ;h]hfY g_khfg_\Zxkvqlhhl ih\lhj_gbykeh\ZDjbrgZHgKZffh`_lijbclbb gZqZlvlZgp_\ZlvgZyaud_KZfh_]eZ\gh_ khojZgylvk\yavk ;h]hf Fmdmg^Z=hk\Zfb<uihevam_l_kvq_ldZfb" >`hj^` OZjjbkhg>ZM f_gy_klvq_ldbIhfgxdZd^hklZebohgb[uebijhklh]jm[uf[m]jbkluf^_j_\hfb y jZ^qlhk_cqZkhlih\lhj_gbyfZgljuhgbklZeb]eZ^dbfb Fmdmg^Z=hk\Zfb<u^_j`bl_bo\ f_rhqd_" >`hj^`OZjjbkhg>ZFg_hq_gvgjZ\blkydZkZlvkyq_lhdWlhihfh]Z_lm^_j`b\Zlv_s_h^ghbaqm\kl\\ k\yab k ;h]hfQ_ldb\ wlhfkfuke_ihfh]ZxlAgZ_l_m f_gy[uei_jbh^dh]^Zy m\e_dZekyih\lhj_gb_ffZgljub \k_ \j_fy^_j`Zejmdm\ f_rhqd_B mklZ\Zehl\hijhkh\lbiZLuqlhihjZgbejmdmbebkehfZe"< dhgp_dhgph\y klZehl\_qZlv>Z^ZY ihiZe\ Z\ZjbxIhlhfmqlhwlhijhs_q_f\k_h[tykgylv?s_q_ldbihfh]Zxlmkihdhblv g_j\u Fmdmg^Z=hk\ZfbG_dhlhju_]h\hjylqlh_keb\k_gZieZg_l_[m^mlih\lhjylvOZj_DjbrgZhgbg_kfh]ml khkj_^hlhqblvkygZk\h_cjZ[hl_>jm]bfbkeh\Zfb_keb\k_[m^mlih\lhjylvfZgljmfbjhklZgh\blkyB aZ\h^u ij_djZlyljZ[hlZlv >`hj^`OZjjbkhgG_lHlfZglju\ug_i_j_klZg_l_[ulvl\hjq_kdbfb g_klZg_l_f_g__ijhba\h^bl_evguf FZgljZihfh]Z_lkhkj_^hlZqb\Zlvky>mfZxqlhfh`gh^Z`_k^_eZlvlZdmxj_deZfm\k_jZ[hqb_nZ[jbdbNhj^Z\ >_ljhcl_ih\lhjyxlOZj_DjbrgZb ijbwlhfijbdjmqb\Zxldhe_kZWlh[ueh[uqm^_kghWlhihfh]eh[u Z\lhfh[bevghcijhfure_gghklbklZeh[u[hevr_ijbebqguofZrbg Fmdmg^Z=hk\ZfbFuhq_gvfgh]h]h\hjbebk lh[hch ^`Zi_bebbg^b\b^mZevghfih\lhj_gbbk\yluobf_gd dhlhjhfmh[jZsZ_lky[hevrbgkl\hex^_cijZdlbdmxsbowlhlf_lh^Ghkms_kl\m_lb ^jm]hc\b^ih\lhj_gby dbjlZg ijbdhlhjhfihxl\f_kl_ \ ojZf_bebgZmebp_DbjlZg[he__wnn_dlb\_g wlhqlhlh\jh^_ih^aZjy^db ^moh\guoZddmfmeylhjh\b \^h[Z\hdd wlhfmhg^Z_lb ^jm]bfex^yf\hafh`ghklvmkeurZlvk\ylu_bf_gZb hqbklblvkyY [uekhRjbehcIjZ[omiZ^hcdh]^Zhg\ ]h^mk ]jmiihcex^_cgZqZei_lvfZgljm\ iZjd_ LhfjdbgkKd\_jjZkiheh`_gghf\ Gb`g_fBklKZc^_GvxChjdZLm^Zh[uqghijboh^beihwl:eeZg=bgk[_j]hg ih^he]mi_ek gZfbb b]jZegZk\h_cnbk]ZjfhgbbFgh`_kl\hex^_cijboh^behihkemrZlvi_gb_: aZl_f \_jgm\rbkv\ ojZfIjZ[omiZ^ZqblZeh[uqghe_dpbbih;oZ]Z\Z^ ]bl_ >`hj^`>Zijbihk_s_gbbojZfZb kh\f_klghfi_gbb\b[jZpbyhdZau\Z_l[he__kbevgh_\ha^_ckl\b_H^gbf e_]q_gZqZlvih\lhjylvfZgljmgZq_ldZo\ lhei_Z ^jm]b_emqr_qm\kl\mxlk_[ydh]^ZihxlfZgljm\ ojZf_AZ^ZqZ h[s_kl\ZkhagZgbyDjbrgu gZkljhblvex^_clZdqlh[uhgbhsmsZeb;h]Z\k_fbk\hbfbqm\kl\ZfbZ g_lZd qlh[uhgbhsmsZeb?]hdhe_gyfbklhygZdhe_gyogZ`_kldhc^_j_\ygghckdZf__qd_\ p_jd\bih\hkdj_k_gvyf Dh]^Z\uijb^_l_\ ojZf\um\b^bl_bah[jZ`_gb_;h]Zm\b^bl_=hkih^Z\ \b^_fmjlbb mkeurbl_?]h\ fZglj_LZd ijboh^blihgbfZgb_lh]hdZd\k_qm\kl\Zfh`ghbkihevah\Zlv^eyihagZgby;h]Zb _s_[hevr_ijb\e_dZ_rvky wlbfdh]^ZkfhljbrvgZbah[jZ`_gbykeurbrvfZgljm\^uoZ_rvZjhfZl[eZ]h\hgbcb p\_lh\b l^<k_wlh^_eZ_l \Zr_^\b`_gb_hq_gvijb\e_dZl_evgufHgh\dexqZ_l\ k_[y\k_i_gb_lZgpunbehkhnbxijZkZ^wlh \_]_lZjbZgkdZyibsZij_^eh`_ggZy;h]mFmaudZb lZgpulZd`_hq_gv\Z`gudZdb \k_hklZevgh_wlhg_ijhklh hk\h[h`^_gb_hlebrg_cwg_j]bb Fmdmg^Z=hk\Zfb<k_]^Zdh]^Zfuih_fgZmebp_ex^blheiylky\hdjm]gZkb kemrZxlk [hevrbfbgl_j_khf Fgh]b_hl[b\Zxlgh]hclZdlbeblZgpmxl\f_kl_k gZfb >`hj^`A\mddZjZlZelZj_ehq_d wlh\_ebdhe_ighDh]^Zy keurm_]haZg_kdhevdhd\ZjlZeh\ wlhihoh`_gZ \her_[kl\h qlhlhijh[m`^Z_lky\hfg_Ex^bijh[m`^Zxlky\ ^moh\ghfhlghr_gbbkZfbg_ihgbfZyqlh ijhbkoh^blJZamf__lky\ ^jm]hf \ \Zr_f kfuke_dbjlZgZijh^he`Z_lky\k_]^Zg_aZ\bkbfhhllh]hkeurbffu __ bebg_lK_cqZk]jmiiZkZgdbjlZguklZeZh[uqgufaj_ebs_fgZaZiZ^_Y bkiulu\ZxjZ^hklvdh]^Z\b`m]jmiiu kZgdbjlZgulZddZdfg_gjZ\blkykZfZb^_yij_^Zggu_\uoh^ylgZmebpmb ihxl\ lhei_dZ`^hfm^Z\Zy \hafh`ghklv\k_\kihfgblvY gZibkZe\h\klmie_gbbd \Zr_cdgb]_Djbrgmbsml\k_G_dZ`^uchkhagZ_lwlhgh bsml\k_DjbrgZ ;h]bih\lhjyy?]hk\ylu_bf_gZij_^Zgguc[ukljhjZa\b\Z_l\ k_[_khagZgb_;h]Z Fmdmg^Z=hk\ZfbLuagZ_rvRjbeZIjZ[omiZ^ZqZklh]h\hjbeqlhihke_lh]hdZdhldjh_lkyfgh`_kl\h ojZfh\ex^bgZqgmli_lv OZj_DjbrgZm k_[y^hfZb k_cqZkfu\b^bfqlhwlhk[u\Z_lkyGZr_h[s_kl\hhq_gv fgh]hqbke_ggh hghgZkqblu\Z_lfbeebhguex^_c\h\k_ffbj_I_gb_gZmebpZodgb]bojZfu \k_wlh ij_^gZagZq_gh^eylh]hqlh[uihfhqvex^yfb ihagZdhfblvbok wlbff_lh^hf >`hj^`Ihfh_fmij_djZkghqlhex^bgZqbgZxli_lvOZj_DjbrgZ^hfZK_cqZk\hfgh]bo^hfZo ihdehgyxlkyDjbrg_Fgh`_kl\hex^_clhevdhb `^mlwlh]hb _kebwlhg_ijb^_ld gbfk_]h^gylhijb^_laZ\ljZ bebgZke_^mxs_cg_^_e_bebq_j_a]h^Fuke_ggh\ha\jZsZykv\ _ ]h^uy \kihfbgZxqlhfuklZjZebkv\h\_kv ]hehk]h\hjblvh lhfqlhgZkm\e_dehFg_lh]^Zhldjuebkvg_dhlhju_bklbgub [uei_jbh^dh]^Zy [ue\ lZdhf \hklhj]_hlk\hbohldjulbcqlhohl_edjbqZlvb jZkkdZau\Zlvh gbo\k_fb dZ`^hfmGh\k_fmk\h_\j_fy<j_fy djbqZlvb \j_fyfheqZlv< k_fb^_kylu_]h^ufgh]b_ihk\ylb\rb_k_[y^moh\ghc`bagbm_^bgbebkvhlh[s_kl\Z ghbofh`gh\klj_lblv\ dZdbogb[m^vaZdhmedZobeb\ k_evkdhcf_klghklbIhk\h_fmh[ebdmhgbgbq_fg_ hlebqZxlkyhlijhkluoh[u\Zl_e_cghgZkZfhf^_e_wlhex^baZgbfZxsb_kyf_^blZpb_cb ih\lhjyxsb_k\ylu_ bf_gZwlh ij_^Zggu_ihk\h_c\gmlj_gg_ckmlb>\b`_gb_IjZ[omiZ^uk_cqZkijhp\_lZ_lHghklZgh\blky\k_ [he__fZkkh\ufb dhebq_kl\hex^_cijbfudZxsbod g_fmjZkl_lkhkdhjhklvxih`ZjZY g_agZxdh]^ZgZklmibl Ahehlhc\_ddh]^Z\k_[m^ml`blv\ kh]eZkbbk \he_c;h]Zgh[eZ]h^ZjyIjZ[omiZ^_mq_gb_h khagZgbbDjbrgu jZkijhkljZgbehkvaZihke_^gb_r_klgZ^pZlve_l[uklj__q_faZ\_kvi_jbh^ihke_ijboh^Z=hkih^ZQZblZgvb\ \_d_DjbrgZijbr_egZA_fexdZd\_ebdbck\ylhchgijbh[sZeex^_cd i_gbxOZj_DjbrgZb hkgh\Ze^\b`_gb_ OZj_DjbrgZAZ[he__dhjhldbckjhdfZgljZklZeZba\_klgZ[hevr_fmdhebq_kl\mex^_cb \Zr_^\b`_gb_ klZgh\blky\k_[he__b [he__fgh]hqbke_gguf;ueh[uaZf_qZl_evgh_keb[u\k_gZqZebih\lhjylvk\ylu_bf_gZ Wlh^ey\k_o[ueh[u[eZ]hfKh\k_fg_\Z`ghkdhevdh^_g_]\uaZjZ[Zlu\Z_l_^_gv]bg_\k_]^ZijbghkylkqZklv_ <u^he`gu[ulvkqZkleb\ug_kfhljygZl_ijh[e_fudhlhju_klhyl i_j_^\ZfbG_gZ^hhq_gvi_j_`b\ZlvbaaZ gboijhklhih\lhjycl_OZj_DjbrgZOZj_DjbrgZDjbrgZDjbrgZOZj_OZj_ IeZklbgdZ OZj_DjbrgZfZgljZ Fmdmg^Z=hk\Zfb < ]h^mluaZibkZekbg]eOZj_DjbrgZFZgljZdhlhjuc\kdhj_klZehq_gvihimeyj_g \hfgh]bokljZgZoWlZi_kgyiha`_\hreZ\ Zev[hfij_^ZgguobaojZfZJZ^obDjbrgudhlhjucluaZibkZegZ klm^bbWiieZ nbjfZDwiblheJ_dhj^a\uimklbeZ_]h\ :f_jbd_Fgh]b_ex^bjZ[hlZ\rb_\ h[eZklb a\mdhaZibkb[uebm^b\e_gul_fqlhluibr_rvi_kgb^eydjbrgZblh\b ih_rvk gbfbIhq_fmluaZgyekywlbf" >`hj^`<k_wlh ijhklhh^bgba\b^h\kem`_gbyg_lZdeb">moh\gh]hkem`_gby dhlhjh_\ lhfb aZdexqZ_lkyihklZjZlvkyk^_eZlvlZdqlh[ufZgljZklZeZba\_klgZ\k_fmfbjmDjhf_lh]hy ohqmqlh[uiheh`_gb_ ij_^Zgguo\ :g]ebbb ^jm]bokljZgZo[ueh[he__ijhqguf Fmdmg^Z=hk\ZfbDZdlukhhlghkbrvk\hxjZ[hlmgZ^aZibkvxgZieZklbgdmij_^ZgguoihxsboOZj_ DjbrgZk jZ[hlhcgZ^ieZklbgdZfbaZibkZggufblh[hckh\f_klghk lZdbfbjhdfmaudZglZfb dZd>`_ddbEhfZdk Kiebgl_jb ;beebIj_klhg" >`hj^`Wlhkh\_jr_gghjZagu_\_sbdhlhju_g_bf_xl^jm]k ^jm]hfgbq_]hh[s_]h< jZ[hl_gZ^ ieZklbgdhcOZj_DjbrgZ[ueh]hjZa^h[hevr_kfukeZa^_kv[uehf_gvr_\hafh`ghkl_caZjZ[hlZlvgZwlhf ^_gv]bghwlZjZ[hlZijbghkbeZ[hevr__m^h\e_l\hj_gb_D lhfm`_y khagZ\ZedZdb_ijbwlhfhldju\Zxlky \hafh`ghklbb dZdb_ihke_^kl\by[m^_lbf_lvaZibkvfZglju^eysZykyljbk iheh\bghcfbgmluWlZjZ[hlZ[ueZ ]hjZa^hbgl_j_kg_clhcdh]^Zbadh`be_a_rv\hgqlh[u aZibkZlv^bkddhlhjucklZe[uihimeyj_gm ex[bl_e_c ihifmaudb;uehlZdh_qm\kl\hqlhlubkihevam_rv\k_ijhn_kkbhgZevgh_fZkl_jkl\h\ ^moh\ghfkem`_gbb Djbrg_ Fmdmg^Z=hk\ZfbDZdlukqblZ_rvdZdh\h[ueh\ha^_ckl\b_i_kgbOZj_DjbrgZFZgljZgZfbjh\h_ khagZgb_\_^v__ mkeurZebfbeebhguex^_c" >`hj^`OhqmgZ^_ylvkyqlh[uehij_^_e_ggucwnn_dl<_^v\ dhg_qghfkq_l_a\md wlh;h] Fmdmg^Z=hk\ZfbDh]^ZnbjfZa\mdhaZibkbWiiekha\ZeZij_kkdhgn_j_gpbxk p_evxj_deZfuwlhc ieZklbgdbihoh`_`mjgZebklu[uebrhdbjh\Zgul_fqlhlu]h\hjbrvh ^mr_b ;h]_dZdh[hq_gv\Z`guo\_sZo >`hj^`Fg_dZaZehkvqlhwlhhq_gv\Z`gh ]h\hjblvykghb g_^\mkfuke_gghb jZkkdZaZlvbfh[wlhf IhgbfZ_rv \uclbbaih^ihevyb gZkZfhf^_e_jZkkdZaZlvbfG_evay^_eZlv\b^qlhgbq_]hg_agZ_rvdh]^Z l_[_hldjueZkvbklbgZY ih^mfZek_cqZk dhkfbq_kdbc\_ddh]^Zkms_kl\mxlkZfhe_lub lhfmih^h[gh_ b _keb dZ`^ucfh`_lkh\_jrblvdjm]hk\_lgh_iml_r_kl\b_\ k\hchlimkdihq_fm`_fZgljZg_fh`_lij_h^he_\Zlv jZkklhygby"B b^_ykhklhyeZ\ lhfqlh[uihiulZlvky^Zlvh[s_kl\m^moh\gmxibsmIhke_lh]hdZdy m]h\hjbe nbjfmWiieaZibkZlv\Zkdh]^ZieZklbgdZ[ueZ\uims_gZb ihke_lh]hdZdfuihklZjZebkvk^_eZlv\k_ \hafh`gh_qlh[uhgZ[uklj__jZahreZkvfuihgyebqlhhgZklZg_lhq_gvihimeyjgZB fhf_gldh]^Zy m\b^_e\Zk \ i_j_^Zq_;b;bKb[ueihbklbg_h^gbfbakZfuo\Z`guob \hegmxsbo\ fh_c`bagbY g_fh]\ wlhih\_jblv IhiZklv\ wlmijh]jZffm^h\hevghljm^gh\ g__\dexqZxlebrvl_odlh\hr_e\ ^\Z^pZldmemqrboWlh[ueh ih^h[gh]ehldmk\_`_]h\ha^moZFhymeh\dZaZdexqZeZkv\ lhfqlh[uk^_eZlvaZibkvfZgljuijh^he`bl_evghklvx a\mqZgbyljbk iheh\bghcfbgmluk l_fqlh[uhgbijhb]jZeb__ ihjZ^bh b wlhkjZ[hlZehY aZibkZeiZjlbx ]blZjub nbk]Zjfhgbb^eywlhcieZklbgdbgZklm^bbW[[bJhm^i_j_^h^ghcbaj_i_lbpbc;bleab aZl_f gZeh`_gb_faZibkZeiZjlbx[Zk ]blZjuY ihfgxdZdgZklm^bxijb_oZebIheFZddZjlgbb _]h`_gZEbg^Zb hgbk m^h\hevkl\b_fkemrZebfZgljm Fmdmg^Z=hk\ZfbIheb k_cqZkhq_gvohjhrhhlghkblkyd gZf >`hj^`WlhaZf_qZl_evghHgZihoh`_b k_cqZka\mqblhq_gvg_iehohohlyijhrehklhevdhe_l Fmdmg^Z=hk\Zfb<kdhj_ihke_\uoh^ZieZklbgdb>`hgE_gghgkdZaZefg_qlh__ ijhb]jZeb\h\j_fy ZgljZdlZi_j_^gZqZehfdhgp_jlZ;h[Z>beZgZgZhkljh\_MZcldhlhjuckhklhyekye_lhf]h^Zb \dhlhjhf ijbgbfZebmqZklb_>`bfbO_g^jbdkFm^b;exab >`hDhd_j >`hj^`?_ijhb]jZebdh]^Z]hlh\beZkvkp_gZ^ey\uklmie_gby;h[Z>beZgZWlh[ueh\_ebdhe_ighIhfbfh \k_]hkZfZf_eh^by[ueZdjZkb\hcb ex^yfkh\k_fg_gm`gh[uehagZlvqlhwlhhagZqZ_lqlh[ugZkeZ`^Zlvky_c Fg_[uehhq_gvijbylghdh]^Zy mkeurZeqlhwlZi_kgybf__lmki_o Fmdmg^Z=hk\ZfbDZdh\hl\h_fg_gb_h l_ogbq_kdhcklhjhg_aZibkbb \hdZe_" >`hj^`M Yfmgui_\bp_bkihegyxs_c]eZ\gu_iZjlbbhlijbjh^uaZf_qZl_evguc]hehkFg_hq_gv ihgjZ\behkv__ i_gb_hgh[uehm[_^bl_evgufHgZi_eZlZddZd[m^lhm`_fgh]hjZai_eZwlhij_`^_G_[ueh ihoh`_gZlhqlhhgZ\i_j\u_i_eZgZwlmf_eh^bxLuagZ_rvy i_efZgljmaZ^he]h^h\klj_qbk ij_^Zggufbb IjZ[omiZ^hcihlhfmqlhihdjZcg_cf_j_aZ^\Z]h^Z^hwlh]hy ijbh[j_e_]hieZklbgdmDh]^Zq_flhhldju\Z_rv k\h_k_j^p_lhklZgh\brvkykeh\ghfZydhfb wlhqlhlhb^_ld l_[_ijb\e_q_ggh_l\hbfk\_lhfDh]^Zy \i_j\u_ mkeurZe\hki_\Zgb_k\ylh]hbf_gb\ fh_fih^khagZgbbkeh\ghjZkiZogmeZkvdZdZylh^\_jvFh`_l[ulvwlh k\yaZghk fh_cij_^u^ms_c`bagvx Fmdmg^Z=hk\Zfb< klboZoi_kgb$ZDLWLQJ2I<RX$OObaZev[hfZ$OO7KLQJV0XVW3DVVlu[_a h[bgydh\ ]h\hjbrvex^yfqlhih\lhjyybf_gZ;h]Zhgbfh]ml^hklbqvhk\h[h`^_gbyb mclbbafZl_jbZevgh]hfbjZQlh ih[m^behl_[yk^_eZlvwlh"B dZdhcihemqbehhldebd" >`hj^`< lh\j_fy\ fbj_ihifmaudbgbdlhg_h[jZsZekyd ih^h[gufl_fZfY qm\kl\h\Zeqlhex^b ^_ckl\bl_evghgm`^Zxlky\ wlhfihwlhfm\f_klhlh]hqlh[ukb^_lvkeh`Zjmdbb `^Zlvdh]^Zdlhgb[m^v_s_ k^_eZ_lwlhy j_rbek^_eZlvwlhkZfQZklhfu^mfZ_f>Zy kh]eZk_gghy g_kh[bjZxkvijyfhk_cqZk\klZ\Zlvb ijbgbfZlvkyaZ^_ehWlh kebrdhfjbkdh\Zggh<k_\k_]^ZklZjZxlkyaZgbfZlv[_ahiZkgh_iheh`_gb_aZ[hlZlvkyh k\h_c\u]h^_b yih^mfZeLh]^Zy k^_eZxwlhF_gyijhklhlhrgblhlwlbofheh^uoex^_cdhlhju_ijh`b]Zxl `bagvhlieyku\Zy[m]bDjhf_lh]hy ihgbfZeqlh_klvfgh`_kl\hex^_cgZdhlhjuowlhhdZaZeh[u\ebygb_Y ^h kboihjihemqZxibkvfZhlex^_cdhlhju_ibrml<hlm`_ljb]h^ZdZdy `b\m\ ojZf_Djbrgub ygbdh]^Z[ug_ magZeh Djbrg__keb[ug_ihy\beky\ZrZev[hf$OO7KLQJV0XVW3DVVB l_i_jvihfbehklb=hkih^Zy agZxqlhb y b]jZxk\hxfZe_gvdmxjhev Fmdmg^Z=hk\Zfb: qlhlukdZ`_rvh[hklZevguo;blea"DZdhgbhlg_kebkvd lhfmqlhluijbkh_^bgbekyd ^\b`_gbxkhagZgbyDjbrgu"DZdh\Z[ueZboj_Zdpby"D lhfm\j_f_gb\k_\um`_ih[u\Zeb\ Bg^bbb \k_\u hq_gvklj_fbebkvd ^moh\ghfmRvyfZkmg^ZjZ]h\hjbeqlhdh]^Zhgh^gZ`^uaZ\ljZdZek lh[hcb hklZevgufb ;bleab hgb[ueb^h\hevghihqlbl_evguk gbf >`hj^`H^Z?keb[uagZf_gblZyq_l\_jdZg_^h[beZkvwlh]hlh_klv_keb[uhgbg_gZrebh[sbc yaudk [jblh]heh\ufbdjbrgZblZfb\k_[u[uehkh\_jr_ggh[_agZ^_`ghKf_oGhij_^Zggu_gZqZebh[sZlvkykhfghc b \j_amevlZl_dh]^Zihy\eyekydlhgb[m^v\ hjZg`_\hch^_`^_b k[jblhc]heh\hcex^bm`_g_^mfZeb: wlhdlh lZdb_" hgb]h\hjbeb:wlhagZdhfu_>`hj^`Z Fmdmg^Z=hk\ZfbLu\k_]^Zqm\kl\h\Zek_[yohjhrhkj_^bij_^Zgguo" >`hj^`RvyfZkmg^ZjZihgjZ\bekyfg_k i_j\hc`_\klj_qbFuih^jm`bebkvY ijhqblZeh ijb_a^_ IjZ[omiZ^ubaBg^bb\ ;hklhggZh[jZlghcklhjhg__]hieZklbgdbb yagZeqlhRvyfZkmg^ZjZb \k_\uh^gh]h \hajZklZkhfghcb qlh_^bgkl\_ggZyjZagbpZf_`^mgZfb\ lhfqlh\um`_ijbkh_^bgbebkvd ^\b`_gbxZ y g_lY [uemqZklgbdhfjhd]jmiiughy g_bkiulu\ZegbdZdh]hkljZoZihlhfmqlhm`_\b^_e\ Bg^bb^ohlbdhlhju_\u ghkbl_rZnjZgh\u_h^_`^ub [jblu_]heh\u>\b`_gb_khagZgbyDjbrguhkh[_gghijbrehkvfg_ih^mr_ihlhfm qlhy ihgyeqlhkh\k_fg_h[yaZl_evgh[jblv]heh\mi_j_k_eylvky\ ojZfb ihk\ysZlvwlhfm\k_k\h_\j_fyWlh [uehg_qlh^moh\gh_qlhkh]eZkh\u\Zehkvk fhbfklbe_f`bagbHklZ\ZykvfmaudZglhfy ijhklhbaf_gbek\h_ khagZgb_ \hlb \k_ Fmdmg^Z=hk\ZfbMkZ^v[ZLx^hjjZkiheh`_ggZy\ ijb]hjh^_Ehg^hgZdhlhjmxluih^ZjbegZfklZeZ h^gbfbakZfuodjmiguof_`^mgZjh^guop_gljh\gZr_]hh[s_kl\ZQlhlu^mfZ_rvh[mki_o_p_gljZ ;oZdlb\_^ZglZ\ lhc^_yl_evghklbp_evdhlhjhc k^_eZlvdZdfh`gh[hevr__qbkehex^_ckhagZxsbfbDjbrgm" >`hj^`Hhgh]jhf_gB wlhfmkihkh[kl\h\ZeZjZ[hlZgZ^ieZklbgdhcOZj_DjbrgZb \k_lhq_fy klZjZeky ihfhqv\ZfFukevh lhfqlhy bf_ekqZklv_hdZaZlvlh]^Zihfhsv^hklZ\ey_lfg_[hevrmxjZ^hklv<k_i_kgbgZ ^moh\gu_l_fulZdb_dZd0\6ZHHW/RUGb ^jm]b_[uebq_flh\jh^_g_[hevrhcj_deZfuB yagZxqlhex^b l_i_jvk [hevrbfm\Z`_gb_fb gZfgh]h[eZ]hkdehgg__hlghkylkyd ij_^Zggufdhlhjuohgb\klj_qZxlgZmebp_b dh\k_fmijhq_fmhgbg_kqblZxl[hevr_qlhwlbex^bijhklhg_\ k\h_fmf_Y jZa^Zeex^yffgh`_kl\hdgb] IjZ[omiZ^ubg_aZ\bkbfhhllh]hihemqmy \_klhqdmhlwlboex^_cex^_cbebg_lijbylghagZlvqlhm gbo_klvwlb dgb]bb_kebhgbijhqlmlbobo`bagvfh`_lbaf_gblvky Fmdmg^Z=hk\ZfbDh]^Zlu\klj_qZ_rvex^_cly]hl_xsbod ^moh\ghc`bagbghg_bf_xsbo^hklZlhqguo agZgbcqlhluhl\_qZ_rvbf" >`hj^`Y iulZxkvih^_eblvkyk gbfk\hbfebqgufhiulhfij_^eZ]ZxihqblZlvdZdb_gb[m^vdgb]bb ]h\hjx dm^Zfh`ghihclbgmluihgbfZ_rvB^bl_\ ojZfihijh[mcl_ih\lhjylvk\ylu_bf_gZ b lhfmih^h[gh_ Fmdmg^Z=hk\Zfb< ;ZeeZ^_h >`hg_b Chdh>`hgb Chdhhkm`^Zxlkj_^kl\ZfZkkh\hcbgnhjfZpbbaZlh qlhhgbfh]ml\uklZ\blv\Zk\ eh`ghfk\_l_b m\_dh\_qblvwlhlg_khhl\_lkl\mxsbc^_ckl\bl_evghklbh[jZaM gZk mrehfgh]h\j_f_gbb mkbebcgZlhqlh[um[_^blvboqlhlhj_eb]bhagh_mq_gb_dhlhjh_fuijhih\_^m_f bklbgghb \_]hhkgh\_e_`ZlibkZgbydhlhju_^j_\g__Gh\h]hAZ\_lZgZljblukyqbe_lIhkl_i_gghh^gZdh fgh]b_ex^bmq_gu_nbehkhnub l_heh]bbaf_gbebk\hb\a]ey^ub k_cqZkhgbk h]jhfgufm\Z`_gb_fhlghkylkyd ^j_\g_cljZ^bpbb\ZcrgZ\h\ >`hj^`Kj_^kl\ZfZkkh\hcbgnhjfZpbb\bgh\gu\ lhfqlhex^bbf_xlh ^\b`_gbbg_\_jgh_ij_^klZ\e_gb_ Gh\ g_dhlhjhfkfuke_g_bf__lgZkZfhf^_e_agZq_gbydZdhgbhlau\Zxlkyh g_fihlhfmqlhkhagZgb_Djbrgu ij_\ur_\k_oihf_oih^h[gh]hjh^Z \h\kydhfkemqZ_lZdh_kdeZ^u\Z_lky\i_qZle_gb_LhlnZdlqlhkj_^kl\Z fZkkh\hcbgnhjfZpbb^Zxl\hafh`ghklvex^yfmagZlvh Djbrg_kZfihk_[_\_kvfZiheh`bl_e_g Fmdmg^Z=hk\ZfbRjbeZIjZ[omiZ^Z\k_]^ZmqbegZkl\_j^hijb^_j`b\Zlvkyk\hboijbgpbih\Hg]h\hjbe qlhkZfh_om^r__qlhfufh`_f k^_eZlv wlhihclbgZdZdhceb[hdhfijhfbkkbebbkdZablvmq_gb_jZ^b^_r_\hc ihimeyjghklbFgh]b_bg^bckdb_k\Zfbb ch]bijb_a`ZebgZAZiZ^ghIjZ[omiZ^Z[ue_^bgkl\_ggufdlh [eZ]h^Zjyk\h_cqbklhl_b ij_^Zgghklbkfh]jZkijhkljZgblvih\k_fmfbjm^j_\g__mq_gb_khagZgbyDjbrgu\ bagZqZevghf\b^_gbdZdg_bkdZab\_]h >`hj^`Wlh\_jghHgkZfkh\_jr_ggufh[jZahfke_^h\Zelhfmqlhijhih\_^h\Ze Fmdmg^Z=hk\ZfbLunbgZgkbjh\Zeba^Zgb_dgb]bDjbrgZb gZibkZeij_^bkeh\b_d g_cQ_fwlh[ueh^ey l_[y" >`hj^`M f_gy[uehlZdh_qm\kl\hkeh\ghwlh\oh^bl\ djm]fhboh[yaZgghkl_c< dZdhc[ukljZg_y g_ hdZaZeky\klj_qZyij_^Zgguoy \k_]^Z]h\hjxbfOZj_DjbrgZb hgb\k_]^ZjZ^u\b^_lvf_gyWlhij_djZkgu_ hlghr_gby>Z`__kebfug_agZdhfubfdZ`_lkyqlhhgb^Z\ghagZxlf_gyB wlh^_ckl\bl_evghlZd Fmdmg^Z=hk\Zfb>ey\deZ^urZd k\h_fmZev[hfm/LYLQJ,Q7KH0DWHULDO:RUOGlubkihevah\Zenhlh]jZnbxk h[eh`db;oZ]Z\Z^]bluIjZ[omiZ^ugZdhlhjhcbah[jZ`_guDjbrgZb ?]hmq_gbd:j^`mgZIhq_fm" >`hj^`H ^ZGZ\deZ^ur__klvgZ^ibkvK h[eh`dbdgb]b;oZ]Z\Z^ ]blZdZdhgZ_klv:Q;oZdlb\_^Zglu K\ZfbJZamf__lkywlh[ueZj_deZfZ^ey\ZkY ohl_e\k_f^Zlv\hafh`ghklvm\b^_lvDjbrgmmagZlvh G_f<_^v wlhkZfh_]eZ\gh_g_lZdeb" >moh\gZyibsZ Fmdmg^Z=hk\ZfbK_]h^gyaZaZ\ljZdhffu]h\hjbebg_fgh]hh ijZkZ^_Hq_gvfgh]b_ijbfdgmebd ^\b`_gbx khagZgbyDjbrgu[eZ]h^ZjyijZkZ^mhkh[_ggh[eZ]h^ZjygZrbf\hkdj_kgufibjZfdhlhju_ijh\h^ylky\ ojZfZo ih\k_fmfbjmWlhih`Zemc_^bgkl\_gguc\b^ch]bdhlhjucfh`ghijZdlbdh\Zlv\h\j_fy_^u >`hj^`Fu^he`guklj_fblvky\h\k_f\b^_lv;h]Z^Z`_\ ibs_<_^v_keb;h]ijbkmlkl\m_l\h\k_flh ihq_fmfug_fh`_fihqm\kl\h\Zlv?]h\dmkdh]^Z_^bf"Ihfh_fmihwlhfmijZkZ^hq_gv\Z`_gDjbrgZ ;h]b HgZ[khexl_g?]hbfy?]hh[jZaijZkZ^ \k_wlhHg=h\hjylimlvd k_j^pmq_eh\_dZijhoh^blq_j_a_]h`_em^hd Z _keb^_ckl\bl_evghfh`ghgZclbimlvd ^mr_q_eh\_dZk ihfhsvxibsblhihq_fm[ug_k^_eZlvwlh"G_lgbq_]h emqr_lh]hfhf_glZdh]^Zihke_i_gbyb lZgp_\beb\h\j_fyh[km`^_gbynbehkhnkdbo\hijhkh\\g_aZighijboh^yl ij_^Zggu_b jZa^ZxlijZkZ^Wlh[eZ]hkeh\_gb_Djbrgub wlhbf__l]em[hdbc^moh\guckfukeNZdlbq_kdb \dmr_gb_ijZkZ^Zbf__llhl`_kfukeqlhb ijbqZs_gb_\ ojbklbZgkl\_k lhcjZagbp_cqlhwlhg_h^gZijhknhjZ wlhp_eucibjb wlhm^b\bl_evgh\dmkgh wlhg_hlfbjZk_]h< gZrf_jdZglbevguc\_dijZkZ^ fZe_gvdh_qm^h Dh]^Zex^bbsmlq_]hlhg_h[uqgh]hb ^bdh\bggh]hboh[yaZl_evghijb\e_q_lijZkZ^G_lkhfg_gbc\ lhfqlh [eZ]h^Zjy_fmgZfgh]h[hevr_ex^_cijb\e_dZ_lky^moh\ghc`bagvxB jmrZlkyij_^jZkm^dbEx^b^mfZxlH aZf_qZl_evghY g_ijhqvihijh[h\Zlv\k_wlhAZl_fkijZrb\Zxl: qlhwlhlZdh_"HijZkZ^LZdhgbagZdhfylky _s_k h^ghcklhjhghckhagZgbyDjbrguAZl_fhgb]h\hjylWlhkh\k_fg_iehohY [ukt_e_s_lZj_ehqdmY \b^_edZdwlh^_ckl\m_lgZex^_chkh[_ggh gZih`beuo<hafh`gh\gZqZe_hgbb bf_ebg_dhlhjh_ ij_^m[_`^_gb_ghihke_lh]hdZdhgbihijh[h\ZebijZkZ^b hgbflZdihgjZ\bekyhgb\uoh^ybaojZfZ^mfZxl < dhgp_dhgph\hgbg_lZdm`iehob Fmdmg^Z=hk\Zfb< \_^bq_kdhcebl_jZlmj_]h\hjblkyqlhijZkZ^kihkh[kl\m_l^moh\ghfmjZa\blbxlZd`_ dZdb ih\lhj_gb_k\ylh]hbf_gbohlvb g_lZdy\ghQ_eh\_d^moh\ghjZa\b\Z_lkyijhklhijbgbfZyibsm >`hj^`Y fh]mkdZaZlvihkh[kl\_gghfmhiulmqlhwlh^_ckl\bl_evghlZd< ojZf_beb\ h[s_kl\_IjZ[omiZ^u y ihemqZe]hjZa^h[hevr__gZkeZ`^_gb_hlijZkZ^Zq_flh]^Zdh]^Z_]hijbghkbebfg_ebqghBgh]^ZkemqZ_lkylZd qlh kb^brv\dmrZyijZkZ^Z ihlhfhdZau\Z_lkyqlhijhrehljbbebq_luj_qZkZZ lu^Z`_b g_aZf_lbedZd ijhe_l_eh\j_fyIjZkZ^^_ckl\bl_evghhq_gvihfh]fg_gZqbgZ_rvkhagZ\ZlvWlh \dmkDjbrguB \g_aZigh l_[_hdju\Z_lky_s_h^bgZki_dl;h]Zb lugZqbgZ_rvihgbfZlvqlhHg \ wlhcfZe_gvdhckZfhk_=eZ\gh_ ^moh\gucgZkljhcZ ijZkZ^ g_hlt_fe_fZyqZklv\k_]hijhp_kkZ Fmdmg^Z=hk\ZfbLuagZ_rvqlhfgh]b_jhd]jmiiulZdb_dZd=j_clnme>b^b Ihebki_j_^\uklmie_gb_f ijbgbfZxlijZkZ^b hgbfhq_gvgjZ\blkyWlhm`_klZehljZ^bpb_cY ihfgxdZdfuh^gZ`^uihkeZebijZkZ^gZ h^gmbaj_i_lbpbc;bleaB l\hyk_kljZk_]h^gyjZkkdZaZeZfg_qlhdh]^Z\u]hlh\bebkvd dhgp_jlm^ey;Zg]eZ^_r RvyfZkmg^ZjZqZklhijbghkbeijZkZ^gZj_i_lbpbb >`hj^`>Zfu^Z`_\ujZabeb_fm[eZ]h^ZjghklvgZh[eh`d_Zev[hfZ Fmdmg^Z=hk\ZfbDZdhc\b^ijZkZ^Zl_[_[hevr_\k_]hgjZ\blky>`hj^`" >`hj^`Fg_hq_gvgjZ\ylky`Zj_gucibjh`dbk p\_lghcdZimklhciZdhjZ^Z" Fmdmg^Z=hk\Zfb>Z >`hj^`?s_y hq_gvex[exjZkZfZeZbfhehqgu_keZ^hklbDjhf_lh]h_klvij_djZkgu_gZibldbnjmdlh\u_ khdbb eZkkb gZiblhdbach]mjlZk njmdlZfbdm^Zbgh]^Z^h[Z\eyxljhah\mx\h^m Fmdmg^Z=hk\ZfbIhfgbrvfuijb]eZkbebehg^hgkdboij_^klZ\bl_e_cij_kkugZ[hevrhcijZa^gbd\ q_klv ieZklbgdbOZj_DjbrgZfZgljZhgb[uebbamfe_gu \_^vlh]^Zgbdlhg_[ueagZdhfk gZr_cdmog_c^Zb k_cqZk fgh]b_ihij_`g_fm\kihfbgZxlgZkke_^mxsbfh[jZahf:wlhl_dhlhju_ihxlb lZgpmxlgZmebpZoGh\k_ [hevr_ex^_c\kihfbgZxl gZk\ k\yabk ijZkZ^hfWlhl_dhlhju_[_kieZlghjZa^Zxl\_]_lZjbZgkdb_[ex^Z >`hj^`=Za_lqbdb\_jhylgh^mfZebK_cqZkijb^_lkyihljm^blkyB \^jm]hdZaZehkvqlhhgbijhklhkb^ylb \dmrZxlbg^bckdb_[ex^Zij_\ahr_^rb_ih\dmkm\k_qlhbfijboh^behkvihijh[h\ZlvjZgvr_Wlhdhg_qgh ijhba\_ehgZgbo\i_qZle_gb_ Fmdmg^Z=hk\ZfbFum`_jZa^Zeb[_kieZlghfegihjpbcijZkZ^ZgZgZrboijZa^gbdZoijhoh^ysbo\h \k_ffbj_Y m`_g_]h\hjxh lhfkdhevdhijZkZ^Zijb]hlh\e_gh\ gZrboj_klhjZgZo >`hj^`<Zfklhbeh[uh[ty\blvh[wlhf\h\k_mkeurZgb_dZdwlh^_eZxlh[uqgu_j_klhjZguIj_^klZ\ey_rv fegihjpbcIhfh_fmwlhaZf_qZl_evgh@Zedhqlhm \Zkg_lj_klhjZgh\b ojZfh\gZ\k_o]eZ\guomebpZo fZe_gvdbo]hjh^h\b ^_j_\_gvgZih^h[b_l_oaZdmkhqguo]^_ijh^Zxlkyfykgu_[ex^Zb puieylZHgb[ug_ \u^_j`Zebdhgdmj_gpbbk \Zfb Fmdmg^Z=hk\ZfbLu[ue\ gZr_fehg^hgkdhfj_klhjZg_A^hjh\uc[h]Zlucfm^juc" >`hj^`Fgh]hjZaAZf_qZl_evghqlh_klvj_klhjZgu]^_kdjhfghh^_lu_ij_^Zggu_jZa^Zxlibsm Ihkl_i_gghex^bhkhagZxlqlhwlhh^ghbaemqrbof_kldhlhju_hgbdh]^Zeb[hihk_sZebb hgbijboh^ylkgh\Zb kgh\ZA^_kvhgbfh]ml\aylvdZdmxeb[hebl_jZlmjmbeb[mde_lbihqblZ\hgbkdZ`mlHlZdwlhlj_klhjZg kh^_j`Zlij_^Zggu_Djbrgu"Y ^mfZxlZd`_hq_gvp_g_g\ wlhf^_e_lhgdbcih^oh^Ijh^mdlu\ j_klhjZg_ A^hjh\uc[h]Zlucfm^jucijZ\bevghih^h[jZgub ohjhr_]hdZq_kl\ZjZpbhgiblZgbyk[ZeZgkbjh\Zgb \k_ k\_`__B qlhhq_gv\Z`gh\k_]hlh\blkyk ij_^ZgghklvxDh]^Zibsm ]hlh\yl\ jZa^jZ`_gbbhgZg_ihdZ`_lky \dmkghcgh^jm]h_^_ehdh]^ZibsZijb]hlh\e_gZk gZf_j_gb_f^hklZ\blvm^h\hevkl\b_=hkih^mb \i_j\mxhq_j_^v ij_^eZ]Z_lky?fm< wlhfkemqZ_hgZklZgh\blkygZfgh]h\dmkg__ Fmdmg^Z=hk\ZfbIheb Ebg^ZFZddZjlgbqZklhihemqZxlijZkZ^baj_klhjZgZA^hjh\uc[h]Zlucfm^juc G_^Z\ghIhe\klj_lbeh^gh]hij_^Zggh]hg_^Ze_dhhlk\h_cehg^hgkdhcklm^bbb gZibkZeh[wlhfi_kgx< bgl_j\vx>`_cfkm>`hgkhgm^eyh^ghcehg^hgkdhc]Za_luhgkdZaZeI_kgyH^bgbal_o^g_ch lhfdZdihimlb \ klm^bxy \klj_lbeh^gh]hbaij_^ZgguoOZj_DjbrgZb fu^he]h[_k_^h\Zebk gbfh `bagbb h[h\k_fijhq_f KZfy g_baij_^ZgguoOZj_DjbrgZghhq_gvkbfiZlbabjmxbf<um`_fgh]he_ly\ey_l_kv\_]_lZjbZgp_f >`hj^`M \Zk[uebdZdb_lhljm^ghklb\ k\yabk wlbf" >`hj^`G_lIhjZafukeb\y j_rbeqlh\iheg_fh]mdZ`^uc^_gv_klv^Zebebqlhgb[m^v_s_Q_q_\bpZ h^bgbakZfuo^_r_\uoijh^mdlh\d lhfm`_\ g_ckh^_j`blkyfgh]h[_edZGhex^b\f_klhwlh]hihdmiZxl [bnrl_dkbaaZdhlhjh]hhgbaZ[he_\ZxljZdhfbebkljZ^Zxl[he_agvxk_j^pZZ ihlhfmfbjZxlD lhfm`_hg ^hjh]hklhblFh`ghgZdhjfblvlukyqbex^_cq_q_\bqgufkmihfgZl_^_gv]bdhlhju_dlhlhieZlblaZ ihe^x`bgunbe_Ihfh_fmwlhg_ebr_gha^jZ\h]hkfukeZ Fmdmg^Z=hk\ZfbH^ghbakZfuo]em[hdbo\i_qZle_gbchklZxsbokym ex^_cihke_ihk_s_gbyojZfh\b ql_gbygZrbodgb] wlh\i_qZle_gbyhldZjlbgb kdmevilmjguobah[jZ`_gbckha^Zgguoom^h`gbdZfbij_^Zggufb b \hkkha^Zxsbokp_gub]jDjbrguy\b\r_]hkygZA_fexiylvlukyq e_llhfmgZaZ^IjZ[omiZ^ZkdZaZeh^gZ`^u qlhwlbdZjlbgu hdgZ\ ^moh\gucfbjHghkgh\Zeom^h`_kl\_ggmxZdZ^_fbx]^__]hmq_gbdbh[mqZxlkyl_ogbd_ kha^ZgbyljZgkp_g^_glZevguoijhba\_^_gbcbkdmkkl\ZB k_cqZklukyqbex^_cbf_xlwlbbah[jZ`_gbym k_[y^hfZ eb[hkZfbdZjlbgueb[hbodhibbeblh]jZnbbbebieZdZluLu[ue\ gZr_ffma__;oZ]Z\Z^]blu\ Ehk :g^`_e_k_"DZdh_\i_qZle_gb_hggZl_[yijhba\_e" >`hj^`Fg_hgihdZaZeky\_ebdhe_igufemqr_>bkg_ce_g^ZY ^mfZxhgbf__llZdh_`_agZq_gb_dZdb >bkg_ce_g^bebKfblkhgh\kdbcBgklblml\ <Zrbg]lhg_Kdmevilmjgu_^bZjZfu\u]ey^ylv\_ebdhe_ighb fmaudZ qm^_kgZWlh^Z_lj_Zevgh_ij_^klZ\e_gb_h lhfqlhlZdh_pZjkl\h;h]Zbqlh_s_\Z`g__\ q_fhlebqb_^mrbhl l_eZb ihq_fm^mrZlZd\Z`gZWlhklZgh\blkyihgylguf^Z`_j_[_gdmM f_gyk kh[hc\k_]^Zbf_xlkybah[jZ`_gby \jh^_lh]h]^_bah[jZ`_gDjbrgZgZdhe_kgbp_dhlhjh_y ihf_klbegZh[eh`d_Zev[hfZ/LYLQJ,Q7KH0DWHULDO :RUOGb \kZ^mm f_gyklhblnhglZg\ \b^_kdmevilmjgh]hbah[jZ`_gbyRb\u>m\b^_\^bhjZfu\ ehkZg^`_e_kkdhf fma__;oZ]Z\Z^]blu>`hj^`kijhkbeg_kfh]eb[uom^h`gbdbb kdmevilhju\uihegb\rb_^eyfma_y\k_jZ[hlu khhjm^blvnhglZg\ \b^_kdmevilmjgh]hbah[jZ`_gby=hkih^ZRb\uh^gh]hba]eZ\guoihem[h]h\b \_ebdh]h ij_^Zggh]h=hkih^ZDjbrgu\ gZlmjZevgmx\_ebqbgmKdmevilmjZ=hkih^ZRb\ukb^ys_]h\ f_^blZlb\ghciha_b ba]heh\udhlhjh]h[v_lkykljmy\h^uklhblk_cqZk\ iZjd_\ bf_gbb>`hj^`ZWlZkdmevilmjZkqblZ_lkyh^ghcba djZkb\_crbokdmevilmj:g]ebb@dhlhjucij_^Zggu_k^_eZeb^eyf_gyBah[jZ`_gbyhq_gvihfh]Zxlfg_dh]^Zy ih\lhjyxfZgljmIhfgbrvh^gmbabeexkljZpbcd ;oZ]Z\Z^]bl_]^_bah[jZ`_gZ<ukrZy^mrZijbkmlkl\mxsZy \ k_j^p_kh[Zdbdhjh\ukehgZ[_^gydZb [jZofZgZ"HgZihfh]Z_lhkhagZlvqlhDjbrgZijbkmlkl\m_l\ k_j^p_ dZ`^h]hG_\Z`ghdZdh_m \Zkl_eh=hkih^vgZoh^blky\ g_f\f_kl_k \Zfb< wlhfkfuke_fu\k_h^bgZdh\u <klj_qbkhRjbehcIjZ[omiZ^hc Fmdmg^Z=hk\Zfb>`hj^`lub >`hgE_gghg\klj_qZebkvkhRjbehcIjZ[omiZ^hcdh]^Zhg]hklbem >`hgZ \ k_gly[j_]h^Z >`hj^`>Zghdh]^Zy \i_j\u_m\b^_e_]hy g_kfh]^hdhgpZhkhagZlvqlhwlhaZebqghklvK_cqZky \b`mqlh [eZ]h^Zjy_fmaZwlbr_klgZ^pZlve_l]hjZa^h[hevr_ex^_cmagZehfZgljmq_faZihke_^gb_klhe_lbcghlh]^Zy g_ihgbfZewlh]hK_cqZkdZ`_lkyg__jhylguflhlnZdlqlhhg\ klhevih`behf\hajZkl_ihklhygghkha^Z\Zegh\u_ dgb]bLhevdhiha`_y ihgyeqlh\ g_f[ueh]hjZa^h[hevr_g_h[udgh\_ggh]hq_ffh`gh[uehm\b^_lvijbi_j\hc \klj_q_ Fmdmg^Z=hk\ZfbQlhl_[_hkh[_gghaZihfgbehkvihke_\klj_qbk gbf" >`hj^`Hkh[_gghfg_aZihfgbehkvlhqlhhg\k_\j_fyih\lhjyeY kem]Zkem]bkem]bFg_hq_gvgjZ\ylky wlbkeh\ZFgh]b_]h\hjylY lhy wlhY [h`_kl\_ggh_\hiehs_gb_<hly dZdh\B \Zf^Ze_dh^hf_gy IhgbfZ_rv"GhIjZ[omiZ^Zgbdh]^Zg_[uelZdbfFg_gjZ\beZkvkdjhfghklvIjZ[omiZ^uFg_\k_]^ZgjZ\behkv _]hkfbj_gb_b ijhklhlZKem]Zkem]bkem]b \hld_fhg[ueGbdlhbagZkg_y\ey_lky;h]hffuebrv?]hkem]b< ijbkmlkl\bbIjZ[omiZ^uy qm\kl\h\Zek_[yhq_gvkihdhcghdZd[m^lhy [uekhk\hbf^jm]hfY \b^_e\ g_f^h[jh]h ^jm]ZOhly_fm[ueh\ lh\j_fye_lhgjZ[hlZe^gbb ghqbgZijhe_lb hq_gvfZehkiZeB fg_hgg_dZaZeky \ukhdhh[jZah\Zggufbgl_ee_dlmZehfihlhfmqlh\ g_f[ueZdZdZylh^_lkdZyijhklhlZWlh[uehm^b\bl_evgh g_h[udgh\_gghB g_kfhljygZlhqlhhg[ue\_ebdbfmq_guf\ h[eZklbkZgkdjblkdhcebl_jZlmjub k\yluf q_eh\_dhfy gbdh]^Zg_bkiulu\Zejy^hfk gbfqm\kl\Zg_eh\dhklbb yhq_gvp_gbewlh\ g_fNZdlbq_kdbhg^_eZe \k_qlh[ufg_[uehohjhrhk gbfY \k_]^Z^mfZeh g_fdZdh qm^_kghf^jm]_b k_cqZkhghklZ_lkyfhbfqm^_kguf ^jm]hf Fmdmg^Z=hk\Zfb< h^ghcbak\hbodgb]IjZ[omiZ^Z]h\hjblqlhl\h_bkdj_gg__kem`_gb_p_gg__l_o ^_ckl\bcdhlhju_kh\_jrZebg_dhlhju_ex^b[he__l_kghk\yaZggu_\ ijhrehfk ^\b`_gb_fkhagZgbyDjbrgugh g_kmf_\rb_k^_j`Zlvk\hbh[yaZl_evkl\ZDZdb_qm\kl\Zwlhm l_[y\ua\Zeh" >`hj^`KZfu_ijbylgu_B wlh^Zehfg_gZ^_`^mihlhfmqlhdZd]h\hjyl_kebq_eh\_dohlvh^ghf]gh\_gb_ ijh\_e\ h[s_kl\_k\ylhcebqghklbqbklh]hij_^Zggh]hDjbrguwlhijbg_k_l_fmh]jhfgmxihevamB fg_ dZ`_lkyIjZ[omiZ^Z[uejZ^qlhdlhlhdlhg_`b\_l\ ojZf_ijbgbfZ_lmqZklb_\ aZibkbieZklbgdbEbrvh^bg lhlnZdlqlhhg[ue^h\he_gijb^Z\Zefg_kbeuY agZxqlh_fmihgjZ\beZkvieZklbgdZOZj_DjbrgZFZgljZb qlhhgijhkbeij_^Zgguobkihegylvi_kgx=h\bg^ZB hgb^hkboihjijhb]ju\ZxlwlmaZibkvg_ijZ\^Zeb" Fmdmg^Z=hk\Zfb< dZ`^hfojZf__klvaZibkv=h\bg^Zb fu\dexqZ_f__ dZ`^h_mljh i_j_^dbjlZghfdh]^Z ij_^Zggu_kh[bjZxlkym ZelZjyFh`ghkdZaZlvqlhwlhklZehh^ghcbaljZ^bpbc >`hj^`?keb[uy g_ihemqbeh^h[j_gbyhlIjZ[omiZ^u\ hl\_lgZk\hbi_kgbh Djbrg_b i_kgbhkgh\Zggu_ gZmq_gbbkhagZgbyDjbrguy [uihemqbe__ hlij_^ZgguoWlhbf_gghlZih^^_j`dZdhlhjZyfg_gm`gZY qm\kl\h\Zeqlhex[Zyfhy^moh\gZy^_yl_evghklv khqbg_gb_i_k_gihfhsv\ ba^Zgbbdgb]bebqlhlh_s_ ^hklZ\eyeZ_fmjZ^hklvFhyi_kgy@bagv\ fZl_jbZevghffbj_[ueZgZibkZgZih^\i_qZle_gb_fh[s_gbykh RjbehcIjZ[omiZ^hcY ibkZeh[wlhf\ dgb]_Yfg_fh_Bf_gghhgh[tykgbefg_qlhfu[m^mqb^moh\gufb ^mrZfbhlebqguhlgZrbol_eFuijhklhij_[u\Z_f\ wlbol_eZoDZdy kdZaZe\ k\h_ci_kg_wlhlfbjg_ _^bgkl\_g_gB fug_hlkx^Zfu ba^moh\gh]hfbjZFg_km`^_gh`blv\ fZl_jbZevghffbj_Ghy mklZe`blv\ fZl_jbZevghffbj_Qm\kl\Zgbdh]^Zg_m^h\e_l\hjyxlkyHgb[mrmxldZd\hegufhjkdb_<e_dmlf_gy\ imqbgm fZl_jbZevgh]hfbjZ<_kvkfukeij_[u\Zgbya^_kvaZdexqZ_lky\ lhfqlh[ugZclbimlvdhlhjuc\u\_^_lgZk hlkx^ZBf_ggh_]hb mdZau\ZeIjZ[omiZ^ZB hgg_lhevdh]h\hjbeh ex[\bd Djbrg_b hlhfqlhgZ^hihdbgmlv wlhlfZl_jbZevgucfbjk\hbkeh\Zhgih^l\_j`^Ze^_eZfbHg]h\hjbeh lhfqlh[ufuihklhygghih\lhjyebk\ylh_ bfyb kZfhgih\lhjye_]hihklhygghFg_dZ`_lkykZfihk_[_wlhlnZdl^Z\Zefg_\hh^mr_\e_gb_b ih^^_j`dm Wlh]h[ueh^hklZlhqghqlh[uy ijbdeZ^u\Ze\k_klZjZgby^eyk\h_]hijh^\b`_gbyHgkZfkh\_jr_ggufh[jZahf ke_^h\Ze\k_fmlhfmqlhijhih\_^h\Ze Fmdmg^Z=hk\ZfbQlh\ufh`_l_kdZaZlvh ^hklb`_gbyoRjbeuIjZ[omiZ^u" >`hj^`Ihfh_fmj_amevlZlu^_yl_evghklbIjZ[omiZ^u\_kvfZagZqbl_evguHgbh]jhfguH[t_f ebl_jZlmjguoljm^h\IjZ[omiZ^uihjZabl_e_g^Z`__kebkjZ\gblv_]hk lZdhcebqghklvxdZdR_dkibjWlhmfm g_ihklb`bfh;ueb^gbdh]^ZhgkiZe\k_]hebrvg_kdhevdhqZkh\>Z`_fheh^hciheguckbeq_eh\_dg_kfh][u k^_eZlvlh]hqlhhgk^_eZe\ k\hbe_l<ebygb_dhlhjh_RjbeZIjZ[omiZ^ZhdZaZegZfbjm^b\bl_evghb g_baf_jbfh?]hg_\hafh`ghi_j_hp_gblvH^gZ`^uy \^jm]ihgye;h`_wlhlq_eh\_dm^b\bl_e_gHgfh]kb^_lv ghqbgZijhe_li_j_\h^yk kZgkdjblZgZZg]ebckdbckhklZ\eyyki_pbZevguckeh\Zjv\ dhgp_dgb]bqlh[udZ`^uc fh]e_]dhihgylv__ b ijbwlhfhggbdh]^Zg_\ha\_ebqb\Zek_[yHgh[eZ^Ze^_lkdhcijhklhlhcbkZfh_ ihjZabl_evgh_lhqlhhgk^_eZe\k_k\hbi_j_\h^u\k_]haZg_kdhevdhe_l wlhlZdhcdhjhldbckjhdB g_bf_y gbq_]hdjhf_khagZgbyDjbrguhgih\_eaZkh[hclukyqbij_^Zgguob kha^Ze^\b`_gb_OZj_DjbrgZdhlhjh_ klZehlZdbffhsgufqlhijh^he`Z_ljZklb^Z`_ihke__]hmoh^Zghy[jy]h^ZQbkehex^_c ijbfudZxsbod ^\b`_gbxjZkl_lk g_\_jhylghc[ukljhlhcB hgh[m^_ljZklbb jZklb[eZ]h^ZjylhfmagZgbx dhlhjh_^ZeRjbeZIjZ[omiZ^ZHghfh`_llhevdhm\_ebqb\Zlvkyb m\_ebqb\ZlvkyIhf_j_k\h_]h^moh\gh]h ijh[m`^_gbyex^bgZqgml\k_[hevr_ihgbfZlv]em[bgmkeh\IjZ[omiZ^ub lhdZdfgh]hhg^Zebf Fmdmg^Z=hk\ZfbLuagZ_rvqlh\k_djmig_crb_dhee_^`bb mgb\_jkbl_lufbjZ\ lhfqbke_=Zj\Zj^ C_evkdbcIjbklhgkdbcHdknhj^kdbcD_f[jb^`kdbcb mgb\_jkbl_l\ Khj[hgg_bf_xl\k_dgb]bIjZ[omiZ^u" >`hj^`LZdb ^he`gh[ulvY h[jZlbe\gbfZgb_gZh^gmbaaZf_qZl_evg_crbokihkh[ghkl_cIjZ[omiZ^uhg fh]]h\hjblvk \ZfbihZg]ebckdbb \^jm]kdZaZlvlh`_kZfh_gZkZgkdjbl_b lml`_i_j_\_klbwlhkgh\ZgZ Zg]ebckdbc;ueh\b^ghgZkdhevdh]em[hdhhg\k_wlhagZ_l?]h\deZ^g_hp_gbflZd`_b kebl_jZlmjghclhqdb aj_gby\_^v\ _]hdgb]Zo\ p_glj_\gbfZgbygZoh^blky<_joh\gZyEbqghklvDjbrgZFgh]b_mq_gu_b ibkZl_eb agZxl=blmgh ebrvmfhajbl_evgh>Z`_dh]^ZhgbibrmlDjbrgZkdZaZehgbwlh^_eZxl[_a[oZdlb[_a ex[\bdhlhjZylZdg_h[oh^bfZ<_kvk_dj_l\ ex[\b< ^_ckl\bl_evghklbDjbrgZ wlhKZf=hkih^vdhlhjuc ijbkmlkl\m_l\ lhcdgb]_]^__klvwlZex[h\vwlZ[oZdlb;_aex[\bd ;h]mg_\hafh`ghihgylvkZfmxijhklmx\_sv h G_f<k_wlblZdgZau\Z_fu_djmigu_mq_gu_\ h[eZklb\_^bq_kdhcebl_jZlmjug_ex[ylDjbrgmihwlhfmhgbg_ kihkh[guihgylv?]hb ^Zlv?]hgZfGhIjZ[omiZ^Z[ue^jm]bf Fmdmg^Z=hk\Zfb<_^bq_kdb_ibkZgbykh^_j`Zlij_^kdZaZgbyh lhfqlhihke_ijboh^Z=hkih^ZQZblZgcbwlh ijhbahrehe_llhfmgZaZ^gZklmiblAhehlhc\_ddhlhjuc[m^_l^eblvkye_lih\lhj_gb_k\yluobf_g ;h]Ziheghklvxmgbqlh`blaehkh\j_f_ggh]hfbjZb \hbklbgm^moh\gh_[jZlkl\h\hpZjblkygZwlhcieZg_l_ >`hj^`<ebygb_IjZ[omiZ^ugZfbjhij_^_e_gghb g_khfg_gghKZfZy\ha\ur_ggZyebl_jZlmjZb \ukr__ agZgb_ \hlqlhhggZf^ZeG_lgbq_]h\ur_wlh]h Fmdmg^Z=hk\ZfbLuibkZe\ k\h_c[bh]jZnbbDZdbf[u ohjhrbf\ug_[ueb\u\k_jZ\ghgm`^Z_l_kv\ fbehklbqlh[u\u[jZlvkybawlh]hfZl_jbZevgh]hfbjZFh`gh[ulvch]hffhgZohfbebfhgZobg_cgh[_a fbehklb=hkih^g_c wlhg_m^ZklkyB \dhgp_i_kgb@bagv\ fZl_jbZevghffbj_]h\hjblkyIhjZfbehklvx =hkih^ZRjbDjbrguihdbgmlvwlhf_klhHg fhckiZkbl_evHg\ulZsblf_gybawlh]hfZl_jbZevgh]hfbjZGh _kebfuaZ\bkbfhlfbehklb;h]ZqlhhagZqZ_l\ujZ`_gb_;h]ihfh]Z_llhfmdlhihfh]Z_lkZfk_[_" >`hj^`Ihfh_fmwlhg_h^ghagZqghK h^ghcklhjhguebrv?]hfbehklvxy fh]mmclbhlkx^Zb gbdZdbgZq_ ghk ^jm]hcklhjhgu?]hfbehklvaZ\bkbllhevdhhlfh_]hkh[kl\_ggh]hklj_fe_gbyY ihemqZxhl;h]Zklhevdh fbehklbkdhevdhkihkh[_gijbgylvb kdhevdhaZkem`b\ZxKdhevdhy hl^Zxklhevdhy ihemqZx< i_kg_dhlhjmxy gZibkZeh IjZ[omiZ^_]h\hjblky=hkih^vex[bllh]hdlhex[bl=hkih^ZB lZdh\aZdhgqlh_keblug_hl^Z_rv Lub g_ihemqZ_rvex[\b=hkih^vihfh]Z_ll_fdlhihfh]Z_lkZfk_[_B lZdh\aZdhgqlh\k_k^_eZggh_lh[hc <gh\v\ha\jZlblvkyd l_[_=hkih^vex[bllh]hdlhex[bl=hkih^ZbaZev[hfZ@bagv\ fZl_jbZevghffbj_<u keurZebi_kgxLhqlhy ihl_jyebafh_]hgh\h]hZev[hfZ=^_lh\ :g]ebb"HgZ\aylZijyfhkhkljZgbp ;oZ]Z\Z^]blu< g_c]h\hjblkyh [hjv[_k kbeZfblvfuh]jZgbq_gghklvxeh`vxb kf_jlvx;h] Ebqghklv Fmdmg^Z=hk\Zfb>ZhgZhq_gvfg_gjZ\blky?kebex^bkfh]mlihgylvkeh\Z=hkih^Z\ ;oZ]Z\Z^]bl_hgb klZgml^_ckl\bl_evghkqZkleb\ufbFgh`_kl\hex^_c\ gZqZe_k\h_c^moh\ghc`bagbihqblZxl=hkih^ZdZdg_qlh [_aebqgh_< q_fjZagbpZf_`^mihdehg_gb_fDjbrg_;h]mdZdebqghklbb ihdehg_gb_f?]h[_aebqghcijbjh^_ ijhy\eyxs_cky\ \b^_wg_j]bbb k\_lZ" >`hj^`JZagbpZlZdZy`_dZdf_`^mh[s_gb_fk dhfivxl_jhfb h[s_gb_fk q_eh\_dhfY m`_]h\hjbe?keb _klv;h]y ohqmm\b^_lv?]hg_lhevdh?]hwg_j]bxbebk\_lghb ?]hKZfh]h Fmdmg^Z=hk\Zfb< q_fih\Zr_fmp_evq_eh\_q_kdhc`bagb" >`hj^`DZ`^uc^he`_gk`_qvk\hxdZjfmb hk\h[h^blvkyhlhdh\fZcbbeexabbi_j_\hiehs_gbcb \k_]h qlhk wlbfk\yaZghKhagZgb_;h]Z wlhemqr__qlhfh`gh^Zlvq_eh\_q_kl\mWlh^_ckl\bl_evghijbg_k_lj_Zevgmx ihevamGhkgZqZeZg_h[oh^bfhaZgylvkykh[kl\_gguf^moh\gufkh\_jr_gkl\h\Zgb_f< ba\_klghfkfuke_gm`gh klZlvw]hbklhfqlh[uihlhfklZlv[_kdhjuklguf Fmdmg^Z=hk\Zfb<hafh`ghebj_rblv`bag_ggu_ijh[e_fug_h[jZsZykvd ^moh\ghcijZdlbd_" >`hj^`@bagvgZihfbgZ_l\_j_\dmkhfgh`_kl\hfma_edh\Ma_edb wlhdZjfZk dhlhjhc\ujh^bebkvb dhlhjZyk\yaZgZk \Zrbfbij_`gbfbjh`^_gbyfbb p_evq_eh\_q_kdhc`bagb jZa\yaZlv\k_wlbma_edbWlhfh`gh k^_eZlvk ihfhsvxih\lhj_gbyk\yluobf_gb f_^blZpbbgZ;h]ZBgZq_iulZykvjZa\yaZlvh^bgma_ehd\uaZ\y`_l_ _s_^_kylvLZd^_ckl\m_laZdhgdZjfuY bf_x\ \b^mlhqlhfuih`bgZ_fieh^uk\hboijhreuo^_ckl\bcb \ [m^ms_ffu[m^_fbkiulu\Zlvihke_^kl\by^_ckl\bcdhlhju_fukh\_jrZebk_cqZkHq_gv\Z`ghohly[ug_fgh]h \gbdgmlv\ ih]h\hjdmQlhihk__rvlhb ih`g_rvihgy\\ q_f__ kfukegbdh]hm`_[hevr_g_[m^_rvh[\bgylv\ lhfqlhhdZaZeky\ ljm^ghfiheh`_gbbK\hbfbkh[kl\_ggufb^_ckl\byfbfueb[hgZ\e_dZ_fgZk_[y[_^meb[h hl\h^bf__ hlk_[yGZrb^_ckl\byeb[hhk\h[h`^ZxlgZkeb[hk\yau\Zxl Fmdmg^Z=hk\Zfb< RjbfZ^;oZ]Z\ZlZfwlhc`_fqm`bg_\_^bq_kdhcebl_jZlmjujZkkdZau\Z_lkyh lhfqlh qbklu_^mrbij_[u\Zxsb_k ;h]hf\ ^moh\ghffbj_gZoh^ylkyk Gbf\ jZaebqguo\b^ZojZkul_ \aZbfhhlghr_gbcdh]^Z^mrZgZoh^ysZyky\ aZ\bkbfhklbhlaZdhgh\fZl_jbZevghcijbjh^uhqbsZ_lkyhl\k_c kd\_jguhgZ\ha\jZsZ_lky^hfhc\ ^moh\gucfbj]^_ hgZfh`_l\klmiblv\ [ebadb_hlghr_gbyk ;h]hfoZjZdl_j dhlhjuoaZ\bkblhllh]hgZkdhevdhkbevgZ__ ex[h\vd Djbrg_HgZfh`_lklZlvkem]hc<k_\urg_]h?]h^jm]hf h^gbfbajh^bl_e_cbeb\haex[e_gguf<k_\aZbfhhlghr_gby\ pZjkl\_;h]ZZ[khexlgh^moh\gub hgbg_ hkd\_jg_gul_fbg_qbklufbfhlb\Zfbdhlhju_hdZau\Zxl\ebygb_gZhlghr_gbyf_`^mex^vfb\ fZl_jbZevghf fbj_?klvebm \ZkdZdh_eb[hhkh[h_hlghr_gb_d Djbrg_"DZd\u^mfZ_l_h G_f" >`hj^`Fg_gjZ\blky^mfZlvh Djbrg_dZdh j_[_gd_dZdbf?]hqZklhbah[jZ`Zxl\ Bg^bb: lZd`_dZdh =h\bg^_iZklmrd_Fg_gjZ\blkyqlhfh`ghhlghkblvkyd ;h]mdZdd ^jm]m]mjmgZklZ\gbdmbeb dZdd j_[_gdm kqblZyk_[yijbwlhf?]haZsblgbdhf Fmdmg^Z=hk\ZfbLjm^gh^Z`_ij_^klZ\blvkdhevdhex^_cijbfdgmehd ^\b`_gbxkhagZgbyDjbrgu [eZ]h^Zjyl\h_ci_kg_Fhc^hjh]hc=hkih^vGhlui_j_`beqlhlh]em[hdhebqgh_ij_`^_q_fj_rbekygZibkZlv wlmi_kgx< k\h_cdgb]_luibr_rvY fgh]h^mfZeke_^m_lebaZibku\ZlvFhc^hjh]hc=hkih^vb[hwlh hagZqZ_lhldjulvkyi_j_^\k_fbFgh]b_[hylkykeh\=hkih^vb ;h]Y ih^klZ\bek\hx]heh\mih^lhihjgh\ lh`_ kZfh_\j_fyy ^mfZeGbdlhg_]h\hjblh[wlhfihq_fm y ^he`_g[ulvg_bkdj_ggbfk kZfbfkh[hc"Y ijbr_ed fukebqlh_keblubkiulu\Z_rvdZdh_lhkbevgh_qm\kl\hlu^he`_gh[wlhfkdZaZlvb yihgyeqlhwlhhq_gv \Z`ghY ohl_eihdZaZlvqlh:eebemcZb OZj_DjbrgZ wlhh^ghb lh`_Y k^_eZelZdqlhohjih_l:eebemcZb aZl_fgZqbgZ_li_lvOZj_DjbrgZb [eZ]h^Zjywlhfmex^bklZeb[ui_lvfZoZfZgljmij_`^_q_fihgyebqlh ijhbkoh^blY m`_^h\hevgh^he]h_\j_fyih\lhjyeOZj_DjbrgZb wlh[ueZijhklhihiuldZk^_eZlvi_kgx\ klbe_ ihidhlhjZy[ueZ[uq_flh\jh^_fZglju i_kgx\ dhlhjhc[_kij_ju\ghih\lhjyxlkyk\ylu_bf_gZB yg_ qm\kl\mxk_[y\bgh\Zlufb g_kh`Ze_xh[wlhfb gZkZfhf^_e_ wlhi_kgyfgh]bokiZkeZhlgZjdhfZgbbIhq_fm luj_rbe\dexqblvOZj_DjbrgZ\ k\hcZev[hf"Fh`_l[ulv[ueh[u^hklZlhqghlhevdhh^gh]hijbi_\Z :eebemcy" >`hj^`>_eh\ lhfqlh:eebemcy wlhjZ^hklgh_\hkdebpZgb_m ojbklbZg\ hlebqb_hlg_]hfZgljZOZj_ DjbrgZbf__l_s_b kdjuluckfukeFZoZfZgljZ g_qlh[hevr__q_fijhklhijhkeZ\e_gb_;h]Zwlhh[jZs_gb_d ;h]mk ijhkv[hcklZlv?]hkem]hcFZgljZihkljh_gZhkh[ufh[jZahfZ __a\mdh[eZ^Z_lfbklbq_kdhc^moh\ghc kbehcb wlbfhgZgZfgh]h[eb`_d ;h]mq_fl_keh\ZdZdbfbojbklbZg_k_cqZkhibku\Zxl?]hFg_ij_^klZ\ey_lky qlhOjbklhk[uekh\_jr_gg_crbfch]hfh^gZdhihfh_fmk_]h^gyfgh]b_ojbklbZgkdb_mqbl_eyg_ijZ\bevgh ij_^klZ\eyxl OjbklZWlhboh[yaZgghklv ijhih\_^h\ZlvOjbklZghbfwlhg_hq_gvm^Z_lkyK\hbfbihklmidZfb hgb]jyagyl_]hbfyb wlhfgh]bohl\jZsZ_lhlgboY aZ^mfZe\aylvboobljhklvxihwlhfmFhc^hjh]hc=hkih^v a\mqbldZdh[uqgZyihimeyjgZyi_kgy: b^_y[ueZlZdZykeh\h:eebemcyg_\uau\Z_lm ex^_cjZa^jZ`_gbywlbf fub ihcfZebbogZm^hqdmd lhfm\j_f_gbdh]^Z^he`gZaZa\mqZlvfZgljZOZj_DjbrgZhgbm`_ijblhilu\Zxl gh]hcb ihxl:eebemcy wlhdZd[umkuiey_lbo[^bl_evghklvB \g_aZighgZqbgZ_la\mqZlvOZj_DjbrgZZ hgb \k_[m^mlijh^he`Zlvih^i_\ZlvihdZg_ihcfmlqlhijhbahrehb g_ih^mfZxlW^ZydZ`_lkyg_hkh[_ggh ex[bewlhOZj_DjbrgZFg_b k_cqZkibrmlibkvfZ\ dhlhjuokijZrb\Zxl\ dZdhfklbe_gZibkZgZwlZi_kgy Ijhrehe_lZ hgb\k__s_iulZxlkyihgylvqlhhagZqZxlwlbkeh\ZWlh[ueZijhklhfZe_gvdZyobljhklvB wlh g_[uehhkdhj[e_gb_fM f_gygbdh]^Zg_[uehlZdh]h\i_qZle_gbyqlhojbklbZg_bkiulu\Zxlqm\kl\hh[b^udh]^Z kijZrb\Zxl< dZdhclhkl_i_gbgZfwlhgjZ\blkyghqlhhagZqZ_lOZj_DjbrgZ"Keh\h:eebemcy\_jhylgh [uehi_j\hgZqZevghq_flh\jh^_fZgljughk_cqZk_]hagZq_gb_klZehjZkieu\qZlufb yg_agZxqlhhghhagZqZ_l \ ^_ckl\bl_evghklb=j_q_kdbcwd\b\Ze_glkeh\ZOjbklhk Djbklhkb wlhg_qlhbgh_dZdDjbrgZ Fmdmg^Z=hk\Zfb< q_fihl\h_fmjZagbpZf_`^mojbklbZgkdbfij_^klZ\e_gb_fh ;h]_b Djbrghc;oZ]Z\Z^ ]blu" >`hj^`Dh]^Zy \i_j\u_ihy\beky\ wlhf^hf_a^_kv`bebfhgZobgbY ijbg_kk kh[hcwlhlieZdZl bah[jZ`Zxsbc<brgmq_luj_ojmdmxnhjfmDjbrgu<hl?]h]heh\Zb ie_qbb ?]hq_luj_jmdb^_j`Zsb_ jZdh\bgmb ^jm]b_kbf\heuGZ^gbfb[hevrbfb[md\ZfbgZibkZghHFljZgkp_g^_glguckeh]dhlhjucy\ey_lky KZfbfDjbrghcb dhlhjucgZijhly`_gbb\k_cbklhjbbq_eh\_q_kl\Zfgh]b_ex^bih\lhjyebqlh[u^hklbqv ^moh\gh]hkh\_jr_gkl\Z<hdjm]G_]h[ueZqm^_kgZyZmjZY hklZ\beieZdZlm dZfbgZb \ur_eijh]meylvky\ kZ^ Dh]^Zfu\_jgmebkv\ ^hfhgbhdjm`bebf_gyb klZebkijZrb\ZlvDlhwlh"Qlhwlh" keh\ghwlh[uedZdhclh yauq_kdbc[h]B ykdZaZe?keb;h][_a]jZgbq_gHgfh`_lihy\blvky\ ex[hfh[jZa_\ dZdhf[uHgg_aZohl_e Wlh h^bgba?]hh[jZah\?]hbfy <brgmWlhg_fgh]hjZahaebehbogh_kebm`gZlhihrehlhihq_fm;h] ^he`_g[ulvq_flhh]jZgbq_g">Z`__keb\uijbgbfZ_l_?]hdZdDjbrgmHgg_fh`_l[ulvh]jZgbq_gebrvwlbf bah[jZ`_gb_fHgfh`_l[ulvj_[_gdhfbeb=h\bg^hcfh`_lijbgylvfgh`_kl\h^jm]bonhjfohjhrhba\_klguo <ufh`_l_ij_^klZ\blvk_[_DjbrgmdZdfZe_gvdh]hfZevqbdZb fg_hq_gvgjZ\blkybf_gghlZdbfij_^klZ\eylv k_[_DjbrgmLZdb_\aZbfhhlghr_gbyijbghkylfgh]hjZ^hklbGhwlhm`Zkgh lh\ dZdhfk\_l_fgh]b_k_cqZk ij_ih^ghkylojbklbZgkl\hg_evaymeu[Zlvky wlhhq_gvk_jv_aghg_evaygZ^_ylvkym\b^_lv;h]ZWlhlZdZyq_imoZ ?kebkms_kl\m_l;h]fu^he`gu\b^_lv?]hb yg_\_jx\ wlml_hjbxdhlhjZyjZkijhkljZg_gZ\hfgh]bop_jd\yo ]^_dZdijZ\behfh`ghmkeurZlvG_l?]hg_\hafh`ghm\b^_lvHg[_kdhg_qgh^Ze_dhlkx^ZIjhklh\_jvl_lhfm qlhfu]h\hjbfb ihfZedb\Zcl_LhagZgb_dhlhjh_kh^_j`Zldgb]bIjZ[omiZ^u wlh\_^bq_kdh_agZgb_^Zggh_ kZfufb^j_\gbfb\ fbj_ibkZgbyfb< gbo]h\hjblkyqlhq_eh\_dfh`_lhqbklblvkyhlkd\_jgub [eZ]h^Zjy [h`_kl\_gghfm\b^_gbxmaj_lv;h]ZHqbklb\rbkvhlkd\_jgukbehcih\lhj_gbyk\ylh]hbf_gb\ukfh`_l_maj_lv ;h]ZB kZgkdjbl yaudgZdhlhjhfgZibkZguwlbibkZgby wlhkZfuc^j_\gbcyaudba\k_oba\_klguoyaudh\fbjZ >_\ZgZ]ZjbZenZ\blkZgkdjblZhagZqZ_lyaud[h]h\ Fmdmg^Z=hk\ZfbDZ`^ucdlhbkdj_gg_klj_fblkyd ^moh\ghfmkh\_jr_gkl\mhkhagZ_l\Z`ghklvih\lhj_gby k\yluobf_gdZdmx[uj_eb]bxhgg_bkih\_^u\ZeJZamf__lkyy bf_x\ \b^mlh]hdlh^_ckl\bl_evghklj_fblky jZa\blv\ k_[_[h]hkhagZgb_b iulZ_lkybkdj_gg_ih\lhjylvk\ylu_bf_gZ >`hj^`>ZwlhlZd=eZ\gh_ [ulvhldjuluf<kydbcm dh]hhldjulh_k_j^p_fh`_lhkhagZlvwlh G_h[oh^bfhebrvih^hclbd wlhfmk hldjulufk_j^p_fb [_aij_^m[_`^_gbcGZ^hijhklhihijh[h\ZlvA^_kvg_l gbdZdhcihl_jbGhm bgl_ee_dlmZeh\\k_]^Z[m^mlijh[e_fuihlhfmqlhhgb\k_]^ZohlylagZlvHgblhqZs_ \k_]hb hdZau\Zxlky^moh\ghg_khklhyl_evgufbex^vfbihlhfmqlhhgbg_fh]mlhl[jhkblv\k_fukebhgbg_ agZxlqlhagZqbl\uclbaZij_^_eumfZGhijhklu_ex^bkdehggujZkkm`^ZlvlZdbfh[jZahfOhjhrhy ihijh[mxIhkfhljbf^_ckl\m_lebwlhD lhfm`_ih\lhj_gb_OZj_DjbrgZfh`_lihfhqvq_eh\_dmklZlv[he__ bkdj_ggbfojbklbZgbghfDZjfZb i_j_\hiehs_gb_ Fmdmg^Z=hk\Zfb< dgb]_Yfg_fh_lu]h\hjbrvh dZjf_b i_j_\hiehs_gbbb hlhfqlh_^bgkl\_gguc kihkh[\uj\Zlvkybadjm]Zi_j_jh`^_gbc ke_^h\Zlvbklbgghfmf_lh^m^moh\gh]hkh\_jr_gkl\h\Zgby< h^ghff_kl_ lu]h\hjbrv<k_[hylkykf_jlbghijbqbghckf_jlby\ey_lkyjh`^_gb_ihwlhfm_keb\ug_ohlbl_mfbjZlvg_ jh`^Zcl_kv<_jyleb\ i_j_\hiehs_gb_b dZjfmhklZevgu_;blea" >`hj^`>`hgg_khfg_ggh\_jbeY g_ohqmg_^hhp_gb\ZlvIheZb Jbg]hY [ug_[uem^b\e_gmagZ\qlhhgb \hkijbgbfZxlwlhdZdbklbgm<hafh`ghJbg]h ch]b]jZxsbcjhevm^ZjgbdZ Fmdmg^Z=hk\ZfbM IheZ_klvgZrZihke_^gyydgb]Z<ha\jZs_gb_Mq_gb_h i_j_\hiehs_gbbDZdlu ^mfZ_rv]^_k_cqZkgZoh^blky^mrZ>`hgZ" >`hj^`Y ohl_e[ugZ^_ylkyqlhhgZk_cqZk\ ohjhr_ff_kl_HgagZeqlhdZ`^Zy^mrZ\hiehsZ_lky\ jZaebqguol_eZo^hl_oihjihdZg_hqbklblkyhl\k_ckd\_jgub f_klhdm^ZhgZihiZ^Z_lhij_^_ey_lky__ ^_ckl\byfb\ wlhcb ij_^u^msbo`bagyo Fmdmg^Z=hk\Zfb;uei_jbh^dh]^Z;h[>beZggZqZeih\lhjylvk\ylu_bf_gZHgqZklh[u\Ze\ ehk Zg^`_e_kdhfojZf_b ihk_sZeojZfu\ >_ljhcl_b QbdZ]hHg^Z`_kh\_jrbeiml_r_kl\b_ihKR:k ^\mfy ij_^Zggufbb gZibkZeg_kdhevdhi_k_gh Djbrg_Hgbijh\_ebfgh]h\j_f_gb\f_kl_ih\lhjyybf_gZ=hkih^Z >`hj^`>ZwlhlZdHg]h\hjbeqlhgZkeZ`^Z_lkyih\lhj_gb_fk\ylh]hbf_gbb h[s_kl\hfij_^ZgguoB Klb\bMZg^_jlZd`_\dexqbefZgljm\ h^gmbak\hboieZklbghdI_kgy\ dhlhjhca\mqZlbf_gZ=hkih^Z B]ju\ jZx \_ebdhe_igZ Fmdmg^Z=hk\ZfbDh]^Zlu[ue\ Bg^bb\h<jbg^Z\Zg_f_kl_y\e_gby=hkih^ZDjbrgub \b^_elZflukyqb ex^_cihxsboOZj_DjbrgZb p_euc]hjh^^urZsbcfZgljhcOZj_DjbrgZmdj_ibeZkvebl\hy\_jZ\ g_h[oh^bfhklvih\lhj_gbyk\ylh]hbf_gb" >`hj^`>Zwlh\^hogh\ey_lG_khfg_gghwlhhdZau\Z_l[hevrmxihfhsvGZoh^blvky\ ]hjh^_]^_\k_ihxl bf_gZ=hkih^Z wlhnZglZklbqghFg_\g_aZighijbreh\ ]heh\mqlh\k_hgbbamfe_gum\b^_\_\jhi_cpZ ih\lhjyxs_]hbf_gZ=hkih^ZgZq_ldZo<jbg^Z\Zg h^ghbakZfuok\yluof_klBg^bbIh\kx^mihxlOZj_ DjbrgZWlhkZfh_nZglZklbqgh_ba\k_]hqlh[ueh\ fh_c`bagb Fmdmg^Z=hk\Zfb< k\h_cdgb]_luibr_rv;hevrbgkl\hex^_caZ[em`^Z_lky hkh[_gghl_dlhkqblZ_lk_[y \eZkl_ebghfb fbjZb h[s_kl\ZIj_ab^_gluiheblbdbb ]_g_jZeujZa\b\Zxl[mjgmx^_yl_evghklvb \_^mlk_[ylZd keh\ghhgbehj^uZ \k_\hdjm] bo\eZ^_gbyWlh\_ebqZcrZyijh[e_fZieZg_lu >`hj^`WlhijZ\^Z?kebm q_eh\_dZg_lkhagZgby;h]Z Z luagZ_rvqlh;h] _^bgkl\_ggucdlhklhbl\h ]eZ\_\k_]h hgebrvkha^Z_lgh\mxdZjfmg_ihfh]Zygb k_[_gb ^jm]bfFg_[he__q_f]jmklgh\b^_lv\ dZdhf khklhygbbkh\j_f_ggucfbj?]hij_\jZlbeb\ g_qlhqm^h\bsgh_Wlhm`ZkghB iheh`_gb_ijh^he`Z_l mom^rZlvkyIh\kx^mkiehrghc[_lhg\k_aZ]jyag_ghjZ^bZpbym\_ebqb\Z_lkyM`_g_gZc^_rvlZdh]hm]hedZ]^_ [uijbjh^Z[ueZhklZ\e_gZ\ i_j\ha^Zgghfkhklhygbb\ha^mohljZ\e_gE_kZ\ujm[ZxlkyHd_ZgugZihegyxlky ]jyavxY i_kkbfbklbq_kdbhp_gb\Zx[m^ms__ieZg_luL_hldh]hhghaZ\bkblg_ihgbfZxl\k_qlhhgb^_eZxl ijbghkblk\hbieh^uAZ\k_g_h[oh^bfhjZkieZqb\ZlvkyLZdh\aZdhgdZjfu Fmdmg^Z=hk\ZfbDZdlukqblZ_rv_klvebdZdZygb[m^vgZ^_`^Z" >`hj^`>ZH^bgaZ^jm]bfdZ`^uc^he`_g\uclbbafZcbDZ`^uc^he`_gk`_qvk\hxdZjfm\uj\Zlvkyba djm]Zi_j_jh`^_gbcb ba[Z\blvkyhl\k_]hqlhk wlbfk\yaZghI_j_klZgvl_lZd^mfZlv?kebfu [jblZgpu Zf_jbdZgpujmkkdb__\jhi_cpu ^h[v_fkyij_\hkoh^kl\Zfuih[_^bfbob lh]^Zfuh[j_l_fihdhcb [m^_f kqZkleb\u\kxhklZ\rmxky`bagvWlh]hg_[m^_lEmqr__qlhfh`gh^Zlvfbjm wlhkhagZgb_;h]Z<uy\bl_ ij_`^_\k_]hk\hx[h`_kl\_ggmxijbjh^mBklbgZa^_kvHgZ \ gZkkZfboIhcfbl_dlh\ulZdb_?kebex^b h[jZlylkyd bklbg_\ fbj_bkq_agml\k_[_^kl\byb kljZ^ZgbyY ^mfZxqlhemqr__gZqZehlZdh]himlb ih\lhj_gb_ k\yluobf_g Fmdmg^Z=hk\ZfbH]jhfgh_kiZkb[h>`hj^` >`hj^`<k_]hohjhr_]hOZj_DjbrgZ KhgIjZ[omiZ^uh >`hg_E_gghg_ < ]h^m\ [hevrhfihf_klv_>`hgZih^:kdhlhfjZg__ijbgZ^e_`Z\r_fk_fv_Dw^[_jb]hklbehkgh\Zl_ev ^\b`_gbyKhagZgbyDjbrguRjbeZIjZ[omiZ^Zb _]hmq_gbdbRjbeZIjZ[omiZ^Zijb[ue\ :g]ebxk_gly[jy < ZwjhihjlmObljhm_]hh`b^Ze[_eucjheekjhckij_^hklZ\e_gguc>`hghfE_gghghf Ihf_klv_>`hgZLbll_go_jklIZjdaZgbfZer_klgZ^pZlv]_dlZjh\em]h\b e_kZb khklhyeba[hevrh]hhkh[gydZ b fgh]hqbke_gguokem`_[guoijbkljh_d k_gly[jy>`hgChdhb >`hj^`ijbrebgZi_j\mx\klj_qmkhRjbehcIjZ[omiZ^hc;_k_^Z^ebeZkvhdheh ^\moqZkh\ Q_j_ag_kdhevdhf_kyp_\ihke_wlhc[_k_^uRjbeZIjZ[omiZ^ZgZibkZeh^ghfmbak\hbomq_gbdh\ ijbkmlkl\h\Z\rbogZ\klj_q_ke_^mxs__ibkvfh >hjh]hcRvyfZkm^Zj Ijbfbfhb[eZ]hkeh\_gbyY ihemqbel\h_ibkvfhhl]hZij_ey]b \gbfZl_evghijhq_e_]hLuijhkbrv f_gyjZkkdZaZlvfhckhgh >`hg_E_gghg_ Fg_kgbehkvqlhfu\ DZevdmll_b >`hgihdZau\Z_lfg_h]jhfguc^\hj_pijbgZ^e_`Z\rbcjZg__hq_gv [h]Zlhfmq_eh\_dmb dlhfm`_agZf_gblhfmfmaudZglmGZkZfhf^_e_>`hgE_gghgb [uel_f[h]Zlufbg^bckdbf fmaudZglhfZ l_i_jvjh^beky\ :g]ebb HgmgZke_^h\Zek\hcij_`gbcfmaudZevguclZeZglb lZddZd\ ijhrehc`bagb[ues_^jb ^_eZefgh]h ih`_jl\h\Zgbclh\ gug_rg_c`bagb[ukljhjZa[h]Zl_e?kebhg[m^_lbkihevah\Zlvk\hc lZeZglqlh[u^Zlvfbjm khagZgb_Djbrgulh^hklb]g_l\ukr_]hkh\_jr_gkl\Z GZ^_xkvwlhibkvfhaZklZg_ll_[y\ ^h[jhfa^jZ\bb <k_]^Z`_eZxsbcl_[_^h[jZ :Q;oZdlb\_^ZglZK\Zfb IbZgbghJZkkdZaBrZgu^ZkZh >`hg_E_gghg_ Ij_^Zggu_qZklh\klj_qZebkvk >`hghfb Chdh>`hgkh\j_f_g_fijhgbdkyd gbfkbfiZlb_cgh[ebadh]h h[s_gby\k_jZ\ghba[_]Ze ^jmavykh\_lh\Zeb_fm^_j`Zlvkyih^Zevr_hlK\Zfbb _]hmq_gbdh\H^bgbaij_^Zgguo BrZgZ^ZkjZkkdZaZelZdmxbklhjbx Y jZ[hlZegZdmog_Z >`hgkb^_eaZibZgbghM g_]hgZdmog_klhyehibZgbgh[hevrh_lZdh_ibZgbghk dhlhjh]hkhkdh[ebeb\_kveZdhklZ\b\ebrv]heh_^_j_\hLZd\hlhgkb^_eaZibZgbghbbfijh\babjmyi_efZgljm OZj_DjbrgZHg[ue^_ckl\bl_evgh\_ebdbffmaudZglhfb b]jZeOZj_DjbrgZ\ kZfuojZaguoklbeyo[em]jZkk deZkkbq_kdhfjhdgjheeb fgh]bo^jm]boHgkh\_jr_gghk\h[h^ghi_j_oh^behlh^ghcfZg_jud ^jm]hcM g_]h wlhihemqZehkvkh\_jr_ggh_kl_kl\_gghb \b^gh[uehqlh\ fmaud_hggZklhysbc]_gbcLZdbfh[jZahfhgf_gy jZa\e_dZe^Zb _fmkZfhfmwlh^hklZ\eyehh]jhfgh_m^h\hevkl\b_B lml\ kZfucjZa]Zjbfijh\baZpbbgZdmog_ ihy\beZkvChdh\ i_gvxZj_b fmq_gbq_kdbflhghfijhbag_keZJZ^b;h]Z>`hgm f_gyijhklhjZkdZeu\Z_lky ]heh\ZIh`ZemcklZij_djZlbb ihc^_fkhfghcgZ\_jo < ihbkdZoimlbd hk\h[h`^_gbx >`hgijb]eZrZeij_^ZgguogZ\k_]^Zihk_eblvky\ Lbll_go_jkl_b gZ_]hn_jf_<k_qlhm g_]h_klv]h\hjbe >`hghg]hlh\jZa^_eblvk gbfb;_k_^uk IjZ[omiZ^hc\ Lbll_go_jkl_gZrebhljZ`_gb_\ i_kg_>`hgZ,QVWDQW .DUPD >`hggZoh^beky\ ihbkdZokfukeZkms_kl\h\ZgbyHgijhqblZe;oZ]Z\Z^]blmGh\klj_qbk ex^vfbg_ h[eZ^Z\rbfbdZq_kl\Zfbbklbggh]h]mjmlbiZFZoZjbrbb KZc;Z[uhoeZ^beb_]hihbkdb?]hjZahqZjh\Zgb_\ FZoZjbrbhljZ`_gh\ i_kg_ 6H[\6DGLH >`hglZdb g_ijbgyegZklhys_]h]mjmohly;oZdlb\_^ZglZK\Zfbhq_gvgjZ\beky_fm?]hkhfg_gbygZlhl fhf_gl\ lhfqlhlZdh_\_jZ\hh[s_ \ i_kg_*RGHg[hevr_g_ohl_enZgZlbafZb ij_^ihq_eklhylv\ klhjhg_hl \k_]hb g_jZa[bjZlvkygb \q_fqlh[ug_jZahqZjh\Zlvky\gh\v <klj_qZK\ZfbIjZ[omiZ^uk ;blea J_ihjl_jHldm^Z\uq_jiZ_l_<Zrmkbem" >`hgHlOZj_DjbrgZ Chdh>ZfuihemqZ_f__ hllm^ZFug_hljbpZ_fwlh]h >`hgFufh`_fkihjblvk g_dhlhjufbmq_gbdZfbghijbq_flmlOZj_DjbrgZ"H[fZgu\Z_fkyfuih\lhjyy fZgljmbebg_lihdZ`_l\j_fyIhdZkm^blvjZghghfuiheghklvx\_jbf\ g__WlZ[_k_^Zf_`^m>`hghf E_gghghfChdhHghb ibkZl_e_fB\hfGhjlhghf[ueZhim[ebdh\ZgZ\ Fhgj_ZeKlZj\ bxg_]h^Z < oheh^gmx^_dZ[jvkdmxghqv]h^Zih`behcbg^bckdbck\Zfb\ hdjm`_gbbhdhehiylgZ^pZlbk\hbo ihke_^h\Zl_e_ck bgkljmf_glZfbmk_ebkv\ fbdjhZ\lh[mkb hlijZ\bebkv\ \_jogxxqZklvEhg^hgZgZklm^bx a\mdhaZibkb[ebaLZcfkKd\_jHgbg_[uebijhn_kkbhgZevgufbfmaudZglZfbgh\k_]haZg_kdhevdhqZkh\aZibkZeb ^he]hb]jZxsmxieZklbgdmhldhlhjhc^Z`_ijh^xkk_jijbr_e\ \heg_gb_Wlh[uehkh[ucZev[hfg_qlh[hevr__ q_fijhklhfmaudZWlh[uehb i_gb_b f_^blZpbywlh[uehihdehg_gb_Kimklyg_kdhevdhf_kyp_\ \g_[hevrhc ojZf\ gb`g_cqZklb\hklhqgh]hGvxChjdZijbrehibkvfhDlhlhijhkemrZeZev[hfb jZkkdZaZeh g_f;blea HgbaZdZaZebklhwdka_fieyjh\ Iha`_\ ghy[jvkdhfbgl_j\vx]h^Z>`hj^`OZjjbkhg[m^_l\kihfbgZlvh \i_qZle_gbbdhlhjh_ijhba\_e gZgboZev[hfK\Zfb;oZdlb\_^ZgluKhagZgb_DjbrguY ihfgxdZdfui_eb__ OZj_DjbrgZfZgljm< l_q_gbbg_kdhevdbo^g_cdh]^Zfuieuebfbfh]j_q_kdbohkljh\h\>`hgb yk ]Z\Zckdbf[Zg^`hi_ebOZj_ DjbrgZFui_ebhdhehr_klbqZkh\ih^jy^ihlhfmqlhh^gZ`^ugZqZ\lum`_g_\ kbeZohklZgh\blvkyFuijhklh g_fh]ebhklZgh\blvky;uehlZdh_\i_qZle_gb_qlhdZdlhevdhluhklZgZ\eb\Z_rvkykjZam\k_f_jdg_l < k_gly[j_]h^ZK\Zfb;oZdlb\_^ZglZgug_mr_^rbcbawlh]hfbjZhkgh\Zl_ev^\b`_gbyOZj_DjbrgZ ijb_oZe\ ]hklb\ Lbll_goZjklIZjdij_djZkgh_bf_gb_iehsZ^vx\ \hk_f^_kylZdjh\ijbgZ^e_`Z\r__>`hgm E_gghgmLjbq_luj_jZaZ\ g_^_exK\Zfbdhlhjuciha^g__klZeba\_kl_gdZdRjbeZIjZ[omiZ^ZqblZeim[ebqgu_ e_dpbb\ \ukhdhfa^Zgbb\ k_\_jghc qZklbbf_gby\ klZyj^Zohlhkh[gydZ]^_ijh`b\Zeb>`hgb ChdhA^Zgb_ ij_`^_bkihevah\ZehkvdZdaZe^eydhgp_jlh\dZf_jghcfmaudbghl_i_jvg_kdhevdhmq_gbdh\RjbeuIjZ[omiZ^u ijh`b\Z\rb_\f_kl_k gbf\ ]hklbgguodhfgZlZobf_gbymklZgh\beblZff_e_gvdbcZelZjvk ;h`_kl\hfb ih^bmf ^eyRjbeuIjZ[omiZ^uA^Zgb_gbdh]^Zg_bf_ehgZa\Zgbyghihke_ijb[ulbyRjbeuIjZ[omiZ^u\k_klZeb gZau\Zlv_]hOjZfhfHgb^hk_]h^gyrg_]h^gygZau\Zxl_]hOjZfhfb g_kqblZyg_^Z\g_]h^hiheg_gby± h]jhfgh]hfZebgh\hahehlbklh]hhj]ZgZihqlbaZdju\Zxs_]h\ukhdmxaZiZ^gmxkl_gmhghklhblg_baf_gguf\ hdjm`_gbbdhfie_dkZklm^bba\mdhaZibkbijbgZ^e_`Zs_cJbg]hKlZjm R_klv^_kyluc^_\yluc]h^[ue^ey>`hgZ]h^hfbgl_gkb\guoihbkdh\khpbZevgh]hb ebqgh]hhk\h[h`^_gby Hgm`_ih[u\Zem FZoZjbrbb iha`_m\e_q_lky^j_\g_cl_jZib_cb e_\ufbiheblbq_kdbfbb^_yfbHgi_j_`b\Ze \Z`guci_j_oh^guci_jbh^\ fZjl_hgbk ChdhHghih`_gbebkvb ;blea[ue[ebahdd jZkiZ^m k_gly[jy>`hgChdhb >`hj^`OZjjbkhgihke_\dmr_gbybg^bckdhc\_]ZlZjbZgkdhcibsbijb]hlh\e_gghc ij_^Zggufb\ OjZf_hlijZ\bebkvgZd\ZjlbjmRjbeuIjZ[omiZ^uqlh[uihagZdhfblvkyk gbfAZljbf_kypZ^h wlh]h\ Fhgj_Ze_g_dhlhju_ij_^Zggu_baOZj_DjbrgZi_ebk >`hghfb Chdh\h\j_fyaZibkbieZklbgdb*LYH SHDFHDFKDQFH^Zcl_fbjmrZgkB \hll_i_jvhgb^he`gu[ueb\klj_lblvkyk ]mjmdhlhjucijbg_kOZj_DjbrgZ fZgljmgZaZiZ^Boh`b\e_ggZy[_k_^ZkhRjbehcIjZ[omiZ^hcdZkZeZkvimlb\_^ms_]hd fbjmb hk\h[h`^_gbx \_qghklb^mrbi_j_\hiehs_gbyijbjh^u;h]Zd\ZebnbdZpbb]mjmZ\lhjbl_lghklb;oZ]Z\Z^]blu JZa]h\hjbgh]^ZijbgbfZee_]dmxxfhjbklbq_kdmxhdjZkdmbgh]^ZklZgh\bekygZijy`_ggufb qblZl_ev[m^_l ihjZ`_gl_fdZdijhjhq_kdbbkihevah\ZeRjbeZIjZ[omiZ^ZnZdlm[bckl\Zij_ab^_glZD_gg_^b^ey^jZfZlbq_kdhc beexkljZpbbfbfhe_lghklbq_eh\_q_kdhc`bagbb lh]hdZd^mrZijh^he`Z_l`blvihke_kf_jlbl_eZ<k_wlh gZc^_lhldebd\ [m^msboi_kgyo>`hgZH[vykgyyqlh>`hgmgbq_]hg_ke_^m_l[hylvky gb \`bagbgb \kf_jlb RjbeZIjZ[omiZ^Zh[vykgy_lDh]^Zl_ehij_djZlblk\h_kms_kl\h\Zgb_<u[m^_l_ijh^he`Zlvkms_kl\h\Zlv ^mrZ\_qgZZ l_ehij_oh^ys_GhwlhfZe_gvdZyqZklbpZ:[khexlZ\gmljbgZk^mrZhq_gv\_ebdZihkjZ\g_gbxk ex[uffZl_jbZevgufagZgb_fIjZdlbq_kdbfZl_jbZevgh_agZgb_g_y\ey_lkyagZgb_f\hh[s_Hghkdju\Z_l bklbggh_agZgb_Ghdh]^Zq_eh\_dhk\h[h`^Z_lkyb ^hklb]Z_lhk\h[h`^_ggh]hagZgby_]hagZgb_g_kjZ\gbfh\ur_ kZfuokh\_jr_gguofZl_jbZevguoihagZgbc B \hl\ kZfmxljm^gmx^eyehg^hgkdboij_^Zgguoihjm\ k_j_^bg_abfu\ bo`bagbgZklmibe kqZkleb\uc i_j_ehfhgbihagZdhfbebkvk h^gbfba;blea >`hj^`_fOZjjbkhghfIj_^Zggu_m`_ ^Z\gh^mfZebh lhfdZd ijb\e_qv\gbfZgb_;blead fZglj_OZj_DjbrgZH^gZ`^uhgbhlijZ\beb\ klm^bxa\mdhaZibkb;bleaWiie >Y[ehdh@y[ehqgucibjh]gZdhlhjhf[uehgZibkZghOZj_DjbrgZ\ ^jm]hcjZaihkeZeblm^ZaZ\h^gh_ rZ]Zxs__y[ehdhk gZi_qZlZgghcgZg_ffZgljhcOZj_DjbrgZHgb^Z`_ihkeZebbffZ]gblhnhggmxaZibkv h^gh]hbak\hbodbjlZgh\b ihemqbebbaklm^bbWiieklZg^ZjlguchldZaIhwlhfmdh]^ZRvyfZkmg^ZjZ g_h`b^ZgghihagZdhfbekyk h^gbfbakZfuoihimeyjguojhdfmaudZglh\fbjZe_]_g^Zjguf>`hj^`_f OZjjbkhghfij_^Zggu_j_rbebqlhwlm\klj_qmmkljhbe^eygboKZfDjbrgZ RvyfZkmg^ZjZk h[jblhc]heh\hcb \\ZcrgZ\kdhch^_`^_kb^_e\ ijb_fghcklm^bbWiie]^_\k_\j_fy lheibekygZjh^HggZ^_yekyqlh_fmij_^klZ\blkykemqZci_j_]h\hjblvk d_fgb[m^vdlh[ueohlvdZdlhk\yaZgk ;blea< wlh\j_fyihe_klgbp_kimkdZeky>`hj^`OZjjbkhghk\h[h^b\rbckyihke_hq_j_^gh]hkh\_sZgby<hc^y \ dhfgZlmhgm\b^_eRvyfZkmg^ZjmIh^hc^yd g_fmb k_\jy^hf>`hj^`kijhkbe=^_`_\u[uebjZgvr_"Y m`_ p_euo^\Z]h^ZiulZxkv\klj_lblvkyk ex^vfbbaOZj_DjbrgZRvyfZkmg^ZjZb >`hj^`ijh]h\hjbebp_eucqZkZ \hdjm]gbo\k_\j_fykgh\Zebex^bY ^_ckl\bl_evghbkdZe\klj_qbk \Zfb kdZaZe>`hj^` Ohq_rvijboh^b aZ\ljZdhfg_^hfhc" GZke_^mxsbc^_gvRvyfZkmg^ZjZhlijZ\beky d >`hj^`mgZh[_^]^_\klj_lbekyk hklZevgufb;bleaJbg]h KlZjjhf>`hghfE_gghghfb IhehfFZddZjlgbM dZ`^h]hbagbo[ueb\hijhkughhkh[_ggucbgl_j_kijhy\eye >`hj^` >`hj^`M f_gy[ueZieZklbgdZOZj_DjbrgZgZdhlhjhcRjbeZIjZ[omiZ^Zk ij_^Zggufbi_efZgljmOZj_ DjbrgZIeZklbgdZwlZ[ueZm f_gym`_]h^Z^\Z: dmibey __\ lm`_g_^_exdh]^ZhgZ\ureZY [ue]hlh\d wlhfmLZd\k_]^Z[u\Z_l jZghbebiha^ghlugZludZ_rvkygZlhqlhg_hkhagZgghbs_rvY ijhb]ju\Ze__ kgh\Zb kgh\ZFukemrZeb__ \f_kl_k >`hghfIhfgxfup_eufb^gyfbi_ebfZgljm>`hgb yih^]Z\Zckdh_[Zg^`h dh]^ZieZ\Zebm ]j_q_kdbohkljh\h\ fui_ebOZj_DjbrgZLZdqlhy gZqZei_lvfZgljmOZj_DjbrgZaZ^he]h^h lh]hdZd\klj_lbeRvyfZkmg^Zjm=mjm^Zkmb Fmdmg^mFg_ijhklhgjZ\behkvkemrZlvfZgljmOZj_DjbrgZb y [uekqZkleb\hllh]hqlhm f_gy_klvwlZieZklbgdZ B ijhIjZ[omiZ^my lh`_agZeihlhfmqlh\gbfZl_evghijhq_e\k_qlh[uehgZibkZghgZdhg\_jl_Y [u\Ze\ Bg^bbb ihlhfmdZdij_^Zggu_[uebh^_luihbo[jbluf]heh\Zffh]kdZaZlvhldm^ZhgbijbrebY \b^_ebogZ mebpZoEhk:g^`_e_kZb GvxChjdZY ijhqblZefgh`_kl\hdgb]b \k_\j_fyiulZekygZclbch]h\lZdqlhy kfhlj_e gZij_^Zgguog_lZddZd^jm]b_G_ly \k_ihgbfZey agZeqlhwlhhq_gvg_e_]dhhgb]hjZa^hZkd_lbqg__q_f ^jm]b_]jmiiu hgbkh\k_fg_ivxldhn_b qZyg__^ylrhdheZ^Z RvyfZkmg^ZjZklZej_]meyjgh\klj_qZlvkyk >`hj^`_fb \kdhj_hgbih^jm`bebkv>`hj^`dhlhjuc\ lh\j_fy ih\lhjyefZgljmihemq_ggmxhlFZoZjbrbFZo_rCh]b\i_j\u_mkeurZehlRvyfZkmg^Zjuh [oZdlbch]_b \_^bq_kdhcnbehkhnbb;_k_^mykhRvyfZkmg^Zjhc=mjm^Zkhcb Fmdmg^hchghldjh\_ggh]h\hjbeh k\hbo ^moh\guoihbkdZob k\h_fihgbfZgbbdZjfu >`hj^`H^bgch]k dhlhjufy ihagZdhfbeky\ Bg^bbkdZaZefg_L_[_b \kZfhf^_e_ih\_aehm l_[y_klv\k_ fheh^hklvkeZ\Z[h]Zlkl\ha^hjh\v_b l_fg_f_g__l_[_wlh]hfZehLuohq_rvagZlvh q_flh_s_;hevrbgkl\h ex^_c^Z`_g_^hklb]Zxllh]hmjh\gyjZa\blbygZdhlhjhfq_eh\_dgZqbgZ_lihgbfZlvqlhaZ wlhckl_ghc_klvqlh lh_s_HgbebrvklZjZxlky\ah[jZlvkygZwlmkl_gmqlh[u\dmkgh_klvbf_lvmxlguc^hf\k_m^h[kl\Zb lZd^Ze__ Ghfg_ih\_aeh[hevr_y m`_h[j_e\k_wlhb hkhagZe`bagvg_k\h^blkylhevdhd wlhfm lh]^ZdZd[hevrbgkl\h ex^_c\kxk\hx`bagvijh\h^yl\ ih]hg_aZfZl_jbZevgufb[eZ]Zfb Ihke_ihk_s_gbyO_clWr[_jb\ ]h^m>`hj^`ihqm\kl\h\ZegZk_[_\bgmaZlmjhevdhlhjmxku]jZe\ jZkijhkljZg_gbbdmevlmjuEK>>hwlh]h_fmdZaZehkvqlhobiib\ O_clWr[_jb l\hjq_kdb_bsmsb_ex^bgh dh]^Zhgm\b^_eboh^mjfZg_gguogZjdhlbdZfb]jyaguob hlqZy\rboky nbebZe;ZmwjbgZAZiZ^ghfih[_j_`v_ hgihqm\kl\h\Zeqlh\h\k_fwlhf_klv^hey_]h\bguHgj_rbeqlhbkihevam_lk\h_\ebygb_gZfheh^_`vb [m^_l ibkZlvb bkihegylvi_kgbh q_flh[he__\ukhdhfg_`_ebikboh^_ebq_kdb_gZjdhlbdbb k_dk< g_flZd`_ijhkgmeky bgl_j_kd bg^bckdhc^moh\ghklbdhlhjucdZdhgqm\kl\h\Ze[uej_amevlZlhfdZjfugZdhie_gghcaZij_^u^msb_ `bagb >`hj^`K Djbrghcy qm\kl\mxk_[ydZd^hfZ>mfZxwlhb^_lbadZdhclhij_^u^ms_c`bagbDh]^Zy \i_j\u_mkeurZeh[wlhfm f_gy[uehlZdh_hsms_gb_keh\ghi_j_^hfghchldju\Z_lky^\_jvgh\k_wlh[ueh ihoh`_gZ]heh\hehfdmb fg_gZ^h[uehkeh`blvjZaj_aZggu_dmkhqdb\f_kl_qlh[uihemqblvaZdhgq_ggmx dZjlbgmBf_gghwlhb ijhbkoh^behdh]^Zy \klj_qZekyk ij_^Zggufbb khK\Zfb;oZdlb\_^Zglhcdh]^Zdlhlhba ij_^Zgguo^Z\Zefg_dgb]mb dh]^Zy kemrZewlhlZev[hfLZdihg_fgh]m\k_gZqZehkdeZ^u\Zlvky\h_^bgh <hlihq_fmy kjZaml_iehhlg_kkyd RvyfZkmg^Zj_b =mjm^Zk_dh]^Zhgb\i_j\u_ijb_oZeb\ Ehg^hgKdZ`_f ijyfh_kebfg_dh]^Zgb[m^vijb^_lky\u[bjZlvk d_f[ulvlhy m`emqr_[m^mk wlbfbj_[ylZfbq_fk d_flh ^jm]bf<hllZdY [m^mkdhj__k ij_^Zggufbq_fk lZdgZau\Z_fufb^h[jhihjy^hqgufbex^vfbdhlhju_lZd ]hj^ylkyk\h_cijZ\bevghklvx >`hj^`\ua\Zekyihfhqvij_^Zggufijbh[j_klb\ Ehg^hg_kh[kl\_ggh_a^Zgb_Hgb RvyfZkmg^ZjZ]h\hjbebh lhfqlhg_iehoh[ueh[uaZibkZlvieZklbgdmk fZgljhcOZj_DjbrgZGhRvyfZkmg^ZjZklZjZekyg_^Z\blvgZg_]h Dh]^ZIjZ[omiZ^ZmkeurZeh >`hj^`_hghq_gvk_jv_aghhlg_kkyd \hafh`ghklb_]hihegh]hh[jZs_gby\ khagZgb_Djbrgu>h\h^ywlh^heh]bq_kdh]hdhgpZIjZ[omiZ^Zm`_\b^_efbjh\mxj_\hexpbx\ khagZgbbex^_c \h]eZ\_k khagZxsbfbDjbrgm;blea Bal\h_]hibkvfZy ihgyeqlhfbkl_j>`hj^`OZjjbkhgkhqm\kl\m_lgZr_fm^\b`_gbxihwlhfm_kebDjbrgZb \ kZfhf^_e_^h\he_gbfhgkfh`_lijbkh_^bgblvkyd gZfb jZkijhkljZgylv^\b`_gb_kZgdbjlZguih\k_fmfbjm<h e_xkm^v[u;bleahdZaZebkv\ p_glj_\gbfZgby\k_oex^_ckhk_^gbo_\jhi_ckdbokljZgb :f_jbdb?]hijb\e_dZ_l gZr_^\b`_gb_kZgdbjlZgub_kebfbkl_j>`hj^`OZjjbkhg\havf_lkyhj]Zgbah\Zlv[hevrmx]jmiimkZgdbjlZgu \ dhlhjmx\hc^ml;bleab ij_^Zggu_baBKDDHGfug_khfg_gghkfh`_fbaf_gblvebphfbjZbafmq_ggh]h fZobgZpbyfbiheblbdZgh\ Ih^jm`b\rbkvk >`hj^`_fehg^hgkdb_ij_^Zggu_klZebk _s_[hevrbf\heg_gb_f`^Zlvijb_a^Z\ Ehg^hg IjZ[omiZ^uL_i_jvdh]^Zk gbfohl_e\klj_lblvkyq_eh\_dagZf_gbluc\h\k_ffbj_hgbqm\kl\h\Zebqlhm gbo _klv_s_h^gZ\hafh`ghklvm]h^blvIjZ[omiZ^_b qlhboijhih\_^v\ Ehg^hg_m\_gqZ_lkymki_ohf ;eZ]h^Zjyk\h_fmagZdhfkl\mk khagZgb_fDjbrguZ lZd`_kh[kl\_gghfm^moh\ghfmjZa\blbx>`hj^`klZe \ujZ`Zlvij_^Zgghklv=hkih^mDjbrg_\ k\hboi_kgyoQblZy;oZ]Z\Z^]blmdZdhgZ_klvk dhff_glZjbyfb IjZ[omiZ^uhghkhagZeij_\hkoh^kl\hebqghklghcdhgp_ipbb;h]ZgZ^[_aebqghc=mjm^ZkZihdZaZe>`hj^`mklbo \ =bl_]^_DjbrgZ]h\hjblh lhfqlhHgy\ey_lkyhkgh\hc[_aebqgh]h;jZofZgZ>`hj^`mgjZ\beZkvnbehkhnby khagZgbyDjbrgughbahklhjh`ghklbhgg_ki_rbe\udZau\Zlv[_ajZa^_evgmxij_^ZgghklvIjZ[omiZ^_b Djbrg_ Ij_^Zggu_\_ebk_[yk gbfkhhl\_lkl\_gghklZjZykvg_^hdmqZlv_fm yg\ZjyRjbeZIjZ[omiZ^ZgZibkZeij_^Zgguf\ Ehg^hg_s_h^ghibkvfh\ dhlhjhfih^_ebekygh\ufb fukeyfbh lhfdZd>`hj^`memqr_\k_]hkem`blvDjbrg_ Y hq_gvjZ^qlhfbkl_jOZjjbkhgkhqbgy_llZdb_i_kgbdZd=hkih^vdhlhjuffulZd^he]hij_g_[j_]ZebHg q_eh\_d\^mfqb\ucDh]^Zfu\klj_lbfkyy h[tykgx_fmqlhhagZqZ_ljZaemdZk Djbrghcb hgbkfh]mlkhqbgylv i_kgbdhlhju_gZ\_jgydZihgjZ\ylkyex^yfWlbi_kgbgm`gu\k_fb_kebhgb[m^mlgZibkZgub bkiheg_gulZdbfb dmfbjZfbim[ebdbdZd;bleaboh`b^Z_lh]jhfgucmki_o Iha^g__>`hj^`aZibr_lg_kdhevdhlZdboi_k_g?]hi_kgyFhcg_`guc=hkih^vp_euo^\Zf_kypZ eb^bjh\ZeZ\ :f_jbd_kj_^bkhjhdZiylhdZ Zev[hf@bagv\ fZl_jbZevghffbj_dhlhjucjZahr_ekyfbeebhgguf lbjZ`hf\ l_q_gb_iylbg_^_evm^_j`b\Zei_j\h_f_klh\ obliZjZ^_ijh\h^bfhfZg]ebckdbf `mjgZehf;be[hj^ IjZ[omiZ^Zij_^hkl_j_]Zeij_^Zgguokh\_lmybfg_iheZ]ZlvkylhevdhgZihfhsv>`hj^`ZZ ihijh[h\Zlv kZfbfgZclbb kgylv^hfH^gZdh>`hj^`bkdj_gg_ohl_eihfhqvij_^Zggufb kgh\Zij_^eh`bebfaZibkZlv ieZklbgdmgZklm^bbWiieEhg^hgkdb_ij_^Zggu_^Z\ghm`_f_qlZebh lhfqlh[u;bleaaZibkZebieZklbgdmk i_gb_ffZgljuOZj_DjbrgZ?keb[u;bleak^_eZebwlhfZgljZg_khfg_gghklZeZ[uba\_klgZ\h\k_ffbj_ B^_y>`hj^`mihgjZ\beZkvghhgij_^ihqblZeqlh[ufZgljmi_ebij_^Zggu_Z hg\uimklblieZklbgdmih^fZjdhc WiieImklvemqr_^_gv]b^hklZgmlky\Zfj_[ylZZ g_gZf kdZaZehg >Z\Zcl_^_eZlvieZklbgdm B \hlij_^Zggu_hlijZ\bebkvd >`hj^`m^hfhcqlh[uk^_eZlvijh[m>`hj^`aZibkZegZeh`_gb_f]blZjm Q_j_ag_kdhevdhg_^_evij_^Zggu_ijbrebkgh\Zb ijhkemrZebaZibkv>`hj^`[ue]hlh\k^_eZlvijh[m\ klm^bbb ij_^Zggu_^h]h\hjbebkv\klj_lblvkyk gbfb k_]h^jm]hffmaudZglhf;beebIj_klhghf\ klm^bbLjZc^_glgZ K_glWgaWeebIjh[Zijh^he`ZeZkvg_kdhevdhqZkh\b ijhreZmki_rgh>`hj^`b RvyfZkmg^ZjZgZagZqbeb^_gv gZklhys_caZibkb < ^_gvaZibkbhdheh^\_gZ^pZlbij_^Zgguo\ lhfqbke_g_kdhevdhgh\bqdh\Zg]ebqZgkh[jZebkv\ klm^bb a\mdhaZibkbnbjfuWFBgZW[[bJhm^Dh]^Zi_j\Zy]jmiiZij_^Zgguoih^t_oZeZd klm^bbgZf_jk_^_k_ >`hj^`ZlheiZih^jhkldh\aZi_eZfZgljmOZj_DjbrgZgZfhlb\klZ\rbcihimeyjguf[eZ]h^Zjyjhdfxabdem <hehkuIhdZYfmgZjbkh\ZeZgZe[Zom bg`_g_jh\a\mdhaZibkb\ZcrgZ\kdb_lbeZdbFZeZlbijbgyeZkv jZkiZdh\u\Zlvdhjabguk ijZkZ^hf dhlhju_ijb\_aeZk kh[hcZ ^jm]b_ij_^Zggu_jZa\_kbebgZkl_gZobah[jZ`_gby Djbrgub aZ`]eb[eZ]h\hgbyKlm^bydjbrgZbabjh\ZeZkv IheFZddZjlgbb _]h`_gZEbg^Zk_ebaZimevlb aZibkvgZqZeZkvJZ[hlZkihjbeZkvb i_j\ZyklhjhgZ khjhdZiyldb[ueZ]hlh\Zf_gvr_q_faZqZk>`hj^`b]jZegZhj]Zg_Z Fmdmg^ZgZfjb^Zg]_YfmgZkhebjh\ZeZ RvyfZkmg^ZjZih^i_\ZeZ ]hehkZhklZevguokeb\Zebkv\ kljhcghfohj_Qlh[ug_k[blvkyij_^Zggu_f_^blbjh\Zeb gZIjZ[omiZ^mb ijhkbeb_]hihkeZlvbf^moh\gmxkbem GZq_l\_jlhcijh[_\k_ijhreh]eZ^dh< kZfhfdhgp_FZeZlbg_h`b^Zggh^eyk_[ym^ZjbeZ\ f_^guc]hg] AZl_fhgbaZibkZebh[jZlgmxklhjhgmieZklbgdb fhebl\uRjbe_IjZ[omiZ^_=hkih^mQZclZgv_b ?]hkimlgbdZf Z lZd`_fhebl\uh[jZs_ggu_d r_klb=hk\ZfbIha`_>`hj^`gZeh`_gb_faZibkZe[Zk]blZjmb ^jm]b_]hehkZ<k_ ij_^Zggu_b l_ogbdb hklZebkvhq_gv^h\hevguMki_oh[_ki_q_g ihh[_sZe>`hj^` IeZklbgdmaZimklbeb\ ijhba\h^kl\hZ ij_^Zggu_\_jgmebkvd k\hbfh[uqgufaZgylbyf@bebhgbih ij_`g_fm \jZaguojZchgZo]hjh^ZIjZ[omiZ^Zkh[bjZekyijb_oZlv\ gZqZe_k_gly[jyHgkdZaZeqlhkgZqZeZih_^_l \ =Zf[mj]Z hllm^Z\ Ehg^hgb h[_sZeijb_oZlv^Z`__kebm ij_^Zgguod lhfm\j_f_gb_s_g_[m^_lojZfZH^gZdh \k_]haZ^\Zf_kypZ^hijb_a^ZIjZ[omiZ^u^_ehqm^_kgufh[jZahfk^\bgmehkvk f_jl\hclhqdb =mjm^ZkZih\klj_qZeZ]_glZihijh^Z`_g_^\b`bfhklbdhlhjucij_^eh`bebfa^Zgb_gZ;_jbIe_ckg_^Ze_dh hl;jblZgkdh]hfma_yIj_^Zggu_fh]ebi_j__oZlvg_f_^e_gghB^_Zevgh_jZkiheh`_gb_khjhdh^bgnmgl\ g_^_ex b \hafh`ghklvg_f_^e_ggh]hi_j__a^Z keh\hfemqr_g_ijb^mfZ_rvFmdmg^ZihkeZeIjZ[omiZ^_ibkvfhk ijhkv[hc^Zlv^_gv]bgZi_j\hgZqZevguc\aghkIjZ[omiZ^Zkh]eZkbekyRvyfZkmg^ZjZihemqbeibkvfhhl>`hj^`Z gZ[eZgd_dhjihjZpbbWiiek aZ\_j_gb_f\ lhfqlhnbjfZWiie]ZjZglbjm_lieZl_`b\ lhfkemqZ__keb ij_^Zggu_g_kfh]ml\uihegblvk\hbnbgZgkh\u_h[yaZl_evkl\ZQ_j_ag_^_exm ij_^Zgguom`_[uehiylbwlZ`gh_ a^Zgb_\ kZfhfp_glj_Ehg^hgZ H^gZdhdh]^Zij_^Zggu_i_j__oZeb\ k\hcgh\ucp_gljgZ;_jbIe_ck]hjh^kdb_\eZklbaZy\bebqlhm gbo g_ijZ\bevghhnhjfe_gu^hdmf_glugZ\k_e_gb_;xjhdjZlbq_kdZy\hehdblZ]jhabeZaZlygmlvkygZg_^_ebZ lhb gZ f_kypuM ij_^Zgguokgh\Zg_[uehf_klZ]^_hgbfh]eb[u`blvb \f_kl_ihdehgylvkyDjbrg_GhRvyfZkmg^ZjZ m\_j_gguc\ lhfqlh\k_[m^_l\ ihjy^d_gZqZej_fhglbjh\Zlv\ bo[m^ms_f^hf_ojZfh\mxdhfgZlmh[rb\Zy__ dZebnhjgbckdhck_d\hc_c MagZ\h iheh`_gbbij_^Zgguo>`hgE_gghgkdZaZeRvyfZkmg^Zj_qlhij_^Zggu_fh]mljZkiheh`blvkym g_]h\ Lbll_go_jkl_[hevrhfihf_klv_ih^:kdhlhfdhlhjh_hgg_lZd^Z\ghijbh[j_eHgkh[bjZekylZfdh_qlh i_j_kljhblvb_kebij_^Zggu_ihfh]ml_fmk^_eZlvj_fhglhgiha\heblbf`blv\ k\h_fihf_klv_GZr]mjmlh`_ kfh`_lhklZgh\blkylZf" kijhkbeRvyfZkmg^ZjZ >`hgkh]eZkbekyb ij_^Zggu_\t_oZeb\ [u\rbcneb]_ev^eyijbkem]b\ mkZ^v[_>`hgZ <k_]haZg_kdhevdhg_^_ev^hijb_a^ZIjZ[omiZ^u\ureZieZklbgdZOZj_DjbrgZfZgljZNbjfZWiiekZfZ ihaZ[hlbeZkvh j_deZf_ijb\_aeZ`mjgZebklh\b nhlh]jZnh\< yjdhjZkdjZr_gghfZ\lh[mk_hgbih^dZlbebd [_eh ]hem[hfmiZ\bevhgm]^_kh[jZebkvij_^Zggu_\f_kl_k >`hj^`_f < i_j\uc`_^_gv[uehijh^Zghk_fv^_kyllukyqwda_fieyjh\Q_j_ag_kdhevdhg_^_evij_^Zggu_ihy\bebkv\ ihimeyjghfl_e_\babhgghfrhmLhihnawihikb bkihegbebk\hxi_kgx Ihf_klv_>`hgZE_gghgZjZg__ijbgZ^e_`Z\r__k_f_ckl\mDw^[_jbaZgbfZehr_klgZ^pZlv]_dlZjh\em]h\b e_kZb khklhyehba[hevrh]hhkh[gydZb fgh]hqbke_gguokem`_[guoihkljh_d>`hgkhk\h_c`_ghcChdh`be\ [hevrhf^hf_Z IjZ[omiZ^_b ij_^Zggufhgbhl\_ebmadh_a^Zgb_\ dhlhjhfjZgvr_`beZijbkem]Z< a^Zgbb[ueh q_luj_d\Zjlbjub \g_fihk_ebehkvhdhehiylgZ^pZlbij_^Zgguoh^gmd\ZjlbjmhgbhklZ\beb^eyIjZ[omiZ^ub _]hkem]bE_gghgum`_g_\ i_j\ucjZaijbgbfZebm k_[yij_^ZgguoG_kdhevdbfbf_kypZfbjZgvr_\ fZ_ ij_^Zggu_\f_kl_k >`hghfb Chdhi_ebOZj_DjbrgZ\ boghf_j_exdkfhgj_Zevkdh]hhl_eyDmbgWebaZ[_l >`hgohl_eqlh[uij_^Zggu_h[h^jZeb^m[h\u_iZg_ebkhkl_g\ [hevrhf^hf_b aZf_gbebbogZ gh\u_Z iheu \ueh`bebq_jgh[_ehcfjZfhjghciebldhcDh]^Zij_^Zggu_gZqZebj_fhglBrZgZdhlhjuclhevdhqlhijb_oZeba DZgZ^u\f_kl_k g_kdhevdbfbihfhsgbdZfbijbgyekyi_j_^_eu\ZlvklZjucdhgp_jlgucaZe\ ojZf]^_^he`gZ [ueZklhylv\vykZkZgZIjZ[omiZ^uGZ^d\ZjlbjhcIjZ[omiZ^uojZfh\hcdhfgZlhcb \vykZkZghcij_^Zggu_ ljm^bebkv^g_fb ghqvxHgbjZ[hlZebk lZdbfj\_gb_fqlh>`hgb Chdhg_fh]ebg_aZf_lblvdZdkbevghhgb ex[ylk\h_]h^moh\gh]hmqbl_eyDh]^Zij_^Zggu_hlijZ\eyebIjZ[omiZ^_\ =_jfZgbxfZ]gblhnhggmxaZibkv BrZgZkijhkbe>`hgZg_ohq_lebhgqlhgb[m^vkdZaZlvbo]mjmMeu[gm\rbkv>`hghl\_lbeqlhohl_e[umagZlv k_dj_lIjZ[omiZ^u dZd_fmm^ZehkvaZ\h_\ZlvlZdmxex[h\vk\hbomq_gbdh\ k_gly[jy]Kh\f_klghk nbjfhca\mdhaZibkbWiieb g_f_pdhcZ\bZdhfiZgb_cExnl]ZgaZij_^Zggu_ hj]Zgbah\Zeb\klj_qmIjZ[omiZ^u\ ehg^hgkdhfZwjhihjlmObljhmDh]^ZhgkimklbekyihljZimkZfhe_lZ_]h ihkZ^beb\ Z\lhfh[bevb ijh\_eb\ ihf_s_gb_^eyihq_lguo]hkl_cfbgmyih]jZgbqgu_b lZfh`_ggu_ nhjfZevghklb IjZ[omiZ^Z\ur_ebaa^ZgbyZwjhihjlZb gZijZ\bekyd k\_jdZxs_fm[_ehfmjheekjhckmdhlhjucex[_agh ij_^hklZ\be_fm>`hgE_gghgIjZ[omiZ^Zk_ekdj_klb\gh]bgZaZ^g_fkb^_gv_Ebfmabg[uek aZl_fg_ggufb kl_deZfbb l_e_\bahjhf\ kZehg_Ij_^Zggu_[ueblZd\ha[m`^_guqlhgbdlhbagbo^Z`_g_^h]Z^Zekyk_klv\ fZrbgm\f_kl_k IjZ[omiZ^hcb rhn_jih\_a_]h\ Lbll_go_jklh^gh]h<kx^hjh]mIjZ[omiZ^Zkb^_efheqZebrv \j_f_gZfb[uehkeurghdZdhgqblZ_lfZgljmZ rhn_jlZd `_fheqZ\_efZrbgmihba\bebklhc^hjh]_m\hay_]hba ZwjhihjlZ <hlhgb \:g]ebb?]hhl_p=hmjFhoZg\k_]^Zijhlb\bekylhfmqlh[uhg_oZe\ :g]ebxDZdlhh^bgba ^y^v_\IjZ[omiZ^ukdZaZe=hmjmFhoZgmqlh_]hkug^he`_gih_oZlv\ :g]ebxqlh[u\umqblvkygZZ^\hdZlZGh =hmjFhoZgg_kh]eZkbekyk gbf?keb_]hkugih_^_llm^Zwlbex^bdhlhju__^ylfykhivxl\bghb ihf_rZgugZ k_dk_fh]mlhdZaZlvgZg_]h^mjgh_\ebygb_H^gZdhl_i_jvk_fv^_kyle_lkimklyIjZ[omiZ^Z\k_`_ijb_oZe\ Ehg^hg gh g_^eylh]hqlh[ugZg_]hih\ebyebZg]ebqZg_Z qlh[ukZfhfmih\ebylvgZgboHgijb_oZegZmqblvbo lhfmh q_fhgbaZ[ueb GZqZeh[ueh[eZ]hijbylgufDjbrgZijhy\bed g_fmhkh[mx[eZ]hkdehgghklvDh]^Zhg`be\ GvxChjd_h^bg [_a]jhrZ\ dZjfZg_hgkqblZewlhfbehklvxDjbrgu: l_i_jvhg_oZeih:g]ebb\ jhkdhrghfebfmabg_k ebqguf rhn_jhfb wlhlh`_[uehfbehklvxDjbrgu<b^y\ wlhcih_a^d_qZklvieZgZDjbrguIjZ[omiZ^Zkhkj_^hlhqbe \k_k\hbfukebgZbkiheg_gbb\hebk\h_]h^moh\gh]hmqbl_eyg_aZ\bkbfhhllh]hdZdkeh`Zlkyh[klhyl_evkl\Z IjZ[omiZ^Zijb_oZe\ ihf_klv_jZgvr_k\hbomq_gbdh\Ghl_dlhhklZeky\ mkZ^v[_jZ^hklgh\klj_lbeb_]hb ijh\_eb\ dhfgZlmijb]hlh\e_ggmx^eyg_]hgZ\lhjhfwlZ`_neb]_ey^eykem]< g_[hevrhcdhfgZl_[ueh ijhoeZ^ghb kujhlZfklhyegbadbcjZ[hqbcklheb \_kvihe[ueaZkleZgdh\jZfbijbg_k_ggufbba^jm]bodhfgZl Kf_`gZydhfgZlZ[ueZ_s_f_gvr_b kh\k_fimklhcIjZ[omiZ^Zijbk_ed klhem: ]^_`_\k_" kijhkbehg Hldbgm\rbkvd kl_g_b \a]eygm\\ hdghhgm\b^_eqlhb^_l^h`^v Ihke_ihem^gy>`hj^`>`hgb ChdhaZ]eygmebd ij_^ZggufD lhfm\j_f_gbIjZ[omiZ^Zm`_ihh[_^Zeb RvyfZkmg^ZjZijb]eZkbebogZ\_klblv_]h>`hj^`h[_jgmekyd >`hgmb kijhkbeOhq_rvihclbd g_fm" ;hjh^Zluc\ hqdZok \hehkZfb^hie_qohaybgLbll_go_jklZkh]eZkbekyIjhy\beZex[hiulkl\hb Chdh<k_ljh_ ijhreb\ dhfgZlmIjZ[omiZ^u <klj_lb\]hkl_c[eZ]hkdehgghcmeu[dhcIjZ[omiZ^Zkb^_\rbcaZklhehfijb]eZkbebo\hclbb k_klvD g_fm ijbreb^\h_kZfuoagZf_gbluoex^_c:g]ebbb DjbrgZohl_eqlh[uhgih]h\hjbek gbfbIjZ[omiZ^Zkgyek k_[y]bjeyg^mb i_j_^ZeRvyfZkmg^Zj_mdZaZ\qlh[uhgih\_kbe__ >`hj^`mgZr_x KiZkb[h kdZaZe>`hj^` OZj_DjbrgZ IjZ[omiZ^Zmeu[gmeky Wlh[eZ]hkeh\_gb_Djbrgu OZj_DjbrgZ ih\lhjbe>`hj^` >Z kdZaZeIjZ[omiZ^Z < ;oZ]Z\Z^]bl__klvklbocZ^cZ^ZqZjZlbrj_rloZklZllZ^w\_lZjh^`ZgZokZ cZl ijZfZgZfdmjml_ehdZklZ^Zgm\ZjlZl_Kfukewlh]hklboZ\ lhfqlhh[udgh\_ggu_ex^b\k_]^Zke_^mxlijbf_jm \_ebdboebqghkl_cCZ^cZ^ZqZjZlbrj_rloZoRj_rloZoagZqbl\_ebdb_ex^b:qZjZlb ^_eZxlQlh[ugb ^_eZeb\_ebdb_ex^bhklZevgu_\k_]^Zih^jZ`Zxlbf?keb\_ebdbcq_eh\_d]h\hjblqlhwlhohjhrhlh\k_ hklZevgu_kh]eZrZxlkyk gbfb lh`_gZqbgZxlkqblZlvqlhwlhohjhrhIhfbehklb=hkih^Z\uklZebeb^_jZfbdm fbjZfblukyqfheh^uoex^_cHgbex[yl\ZkLZdqlh_keb\u^Z^bl_bfqlhgb[m^vihgZklhys_fmohjhr__fbj baf_gblkyd emqr_fm Ohly>`hj^`b >`hg[uebijb[ebabl_evghlh]h`_\hajZklZqlhb [hevrbgkl\hmq_gbdh\IjZ[omiZ^uhg kqblZeborj_rloZfbeb^_jZfbdhlhjuom\Z`Zxlb kdhlhjufbkqblZxlky\ h[s_kl\_<ulh`_klj_fbl_kv^Zlv fbjmfbj ijh^he`ZeIjZ[omiZ^Z <j_fyhl\j_f_gby qblZx\Zrb\ukdZau\Zgby<ulZd`_haZ[hq_gudZdb \k_DZ`^uc^h[jh^_l_evgucq_eh\_d^he`_gklj_fblvkyd lhfmqlh[u^ZlvfbjmfbjGm`ghlhevdhagZlvdZdwlh k^_eZlvHgh[tykgbebfnhjfmemfbjZbaeh`_ggmx\ ;oZ]Z\Z^ ]bl_h[j_klbih^ebggucfbjfh`_llhevdh lhldlhijbagZ_l<_joh\gmxEbqghklv;h]Z\eZ^_evp_f \k_]hkms_]hp_evx\k_o`_jl\hijbghr_gbcb ^jm]hf dZ`^h]h`b\h]hkms_kl\Z AZl_fkh\k_cijyfhlhcIjZ[omiZ^ZkdZaZelhgZqlhjZgvr_lhevdhgZf_dZebfke_^m_lbamqblvnbehkhnbx khagZgbyDjbrgub ihfhqvjZkijhkljZgblv__ \h\k_ffbj_Y ijhrm\ZkihdjZcg_cf_j_ihklZjZcl_kvdZdfh`gh ]em[`_\gbdgmlv\ wlmnbehkhnbx kdZaZehg ?kebhgZ\ZfihgjZ\blkyijbfbl___<u\_^vlh`_ohlbl_qlhlh ^ZlvfbjmIhijh[mcl_^ZlvfbjmwlhagZgb_<uqblZebgZrbdgb]b;oZ]Z\Z^]blmdZdhgZ_klv" >`hgY qblZehlju\dbba;oZ]Z\Z^]blughg_agZxq_cwlh[uei_j_\h^I_j_\h^h\lZdfgh]h IjZ[omiZ^Z>Z\k_i_j_\h^ujZagu_ihwlhfmfub ih^]hlh\bebwlhba^Zgb_ ;oZ]Z\Z^]blZdZdhgZ_klv IjZ[omiZ^ZkdZaZeqlhfZl_jbZevgucfbj wlhx^hevkljZ^ZgbcIjbjh^Z`_klhdZ< :f_jbd_ij_ab^_glZ D_gg_^bkqblZebkZfufm^Zqeb\ufb kqZkleb\ufq_eh\_dhf_]hm\Z`Zebb ihqblZeb\h\k_ffbj_Gh\ dZdmxlh ^hexk_dmg^u IjZ[omiZ^Z]jhfdhs_edgmeiZevpZfb _]hg_klZeh<k_a^_kv[j_ggh=^_hgl_i_jv"?keb`bagv \_qgZ_keb`b\h_kms_kl\h\_qghlhdm^ZhghlijZ\beky"Qlhhg^_eZ_l"KqZkleb\hgbebkljZ^Z_l"=^_hgjh^beky \ :f_jbd_beb\ DblZ_"Wlh]hg_agZ_lgbdlhG_khfg_gghlhevdhh^ghhg \_qgZy^mrZb ihlhfmijh^he`Z_l kms_kl\h\Zlv IjZ[omiZ^ZjZkkdZaZebfh i_j_k_e_gbb^mrB kgh\Zh[jZlbekyd gbfk ijhkv[hcIhklZjZcl_kvihgylvwlm nbehkhnbxb_kebhgZ\ZfihgjZ\blkyijbfbl___<u\_^vklj_fbl_kvd q_fmlhij_djZkghfmDZd\ugZoh^bl_ fh_ij_^eh`_gb_"H[Z[bleai_j_]eygmebkvghgbq_]h g_hl\_lbebIjZ[omiZ^Z^h\hevguclbohjZkkf_yeky<u mfgu_j_[ylZIhijh[mcl_jZah[jZlvkykZfb IjZ[omiZ^Zkijhkbe]hkl_cdZdhcnbehkhnbbhgbke_^mxl Ke_^m_f" i_j_kijhkbe>`hg Fugbq_fmg_ke_^m_f kdZaZeZChdh Fuijhklh`b\_f FuaZgbfZebkvf_^blZpb_c kdZaZe>`hj^` Lhqg__y aZgbfZxkvf_^blZpb_cfZgljZf_^blZpb_c HgbklZebaZ^Z\Zlv\hijhku lZdb_\hijhkuIjZ[omiZ^ZkeurZem`_fgh]hjZaIhke_lh]hdZdIjZ[omiZ^Z jZkkdZaZebfh ijbjh^_;jZofZgZ\k_ijhgbdZxs_c^moh\ghcwg_j]bb<_joh\ghcEbqghklb;h]ZChdh\ujZabeZ khfg_gb_\ lhfqlh;jZofZgfh`_lkhojZgylvqbklhlmb g_^_]jZ^bjh\Zlvkh\j_f_g_fIjZ[omiZ^Zihkh\_lh\Ze_c k_jv_aghbamqZlv\_^bq_kdmxnbehkhnbxqlh[u]em[`_ihgylv__ kfuke >`hgmb Chdhm[_`^_ggufwde_dlbdZfljm^gh[uehkh]eZkblvkyk l_fqlhIjZ[omiZ^Z]h\hjbeh[Z\lhjbl_l_ <_^ >`hgGZfgm`gh_s_\k_ijhk_ylvdZdi_khdqlh[um\b^_lvdlh`_\ dhgp_dhgph\ijZ\ IjZ[omiZ^ZG_lIhklZjZcl_kvihgylvh^ghIhq_fmwlbex^b _kebDjbrgZg_y\ey_lky \ukrbfZ\lhjbl_lhf ihq_fmhgb[_jmldgb]mDjbrgub i_j_\h^yl__"Ih^mfZcl_kZfb >`hj^`Y g_]h\hjbeqlhDjbrgZg_y\ey_lky<k_\urgbfY \_jx\ wlhA^_kvdZdh_lhg_^hjZamf_gb_ k\yaZggh_k i_j_\h^hf=bluk kZgkdjblZgZZg]ebckdbcY m`_]h\hjbeqlh_klvfgh]hi_j_\h^h\b y^mfZxfu ihgyeblZd[m^lh\uohlbl_kdZaZlvqlhlhevdh\ZrZ\_jkby\Zri_j_\h^y\ey_lkyZ\lhjbl_lgufZ ^jm]b_ g_lgh m gZkg_[uehjZkoh`^_gbcihih\h^mlh]hd_fy\ey_lkyDjbrgZ IjZ[omiZ^ZOhjhrh?keb\u\_jbl_qlhDjbrgZ <_joh\guc=hkih^v_keb\uijb^_j`b\Z_l_kvwlh]h fg_gbyagZqbl\ZfgZ^hihkfhlj_lvdlhkbevg__\k_oijb\yaZgd Djbrg_H^bgq_eh\_ddjm]eu_kmldbijhkeZ\ey_l DjbrgmZ ^jm]hcg_]h\hjblh G_fgb keh\ZJZa\_lZdhcq_eh\_dfh`_lkqblZlvkyij_^ZggufDjbrgu"JZa\_lhl dlhg_ohq_l^Z`_ijhbag_klbbfyDjbrgufh`_lgZau\Zlvk_[y?]hij_^klZ\bl_e_f"?kebDjbrgZ bklbgguc Z\lhjbl_lk q_f\ukh]eZkgulhl_dlhg_ihkj_^kl\_gghk\yaZgk DjbrghclZd`_y\eyxlkyZ\lhjbl_lZfb ;_k_^Z^ebeZkv[he__qZkZihke_q_]hIjZ[omiZ^ZjZa^Ze>`hgm>`hj^`mChdhb ij_^Zggufdhlhju_ gZoh^bebkv\ dhfgZl_ijZkZ^?kebwlbrj_rlobijbfmlkhagZgb_Djbrguwlhijbg_k_l[eZ]hbfb fgh]bf^jm]bf ex^yfHgbkihegbek\hc^he]^ZebflZdmx\hafh`ghklvHgjZkkdZaZebfh[mq_gbbDjbrguZ ijbgylv_]hbeb hl\_j]gmlv j_rZlvbfkZfbf >`hgkdZaZeqlh_]h`^ml^_eZba\bgbekyb gZijZ\bekyd \uoh^mDh]^Z\k_\urebChdhkimkdZykvih e_klgbp_ih\_jgmeZkvd >`hgmb kdZaZeZIhkfhljbdZdijhklhhg`b\_l: lu[ulZdkfh]" Ij_^Zggu_qZklh\klj_qZebkvk >`hghfb Chdh>`hgdhlhjucihgZqZem[ueaZbgl_j_kh\Zglhevdh\ ^_eh\hf iZjlg_jkl\_k ij_^Zggufbkh\j_f_g_fijhgbdkyd gbfkbfiZlb_ch^gZdh_]h^jmavykh\_lh\Zeb_fm^_j`Zlvky ih^Zevr_hlK\Zfbb _]hmq_gbdh\Ihwlhfmhgba[_]Ze[ebadh]hh[s_gbyk gbfb BrZgZ^Zk Y jZ[hlZegZdmog_Z >`hgkb^_eaZibZgbghM g_]hgZdmog_klhyehibZgbgh[hevrh_lZdh_ ibZgbghk dhlhjh]hkhkdh[ebeb\_kveZdhklZ\b\ebrv]heh_^_j_\hLZd\hlhgkb^_eaZibZgbgh bbfijh\babjmy i_efZgljmOZj_DjbrgZHg[ue^_ckl\bl_evgh\_ebdbffmaudZglhfb b]jZeOZj_DjbrgZ\ kZfuojZaguoklbeyo [em]jZkkdeZkkbq_kdhf\ klbe_jhdgjheeb fgh]bo^jm]boHgkh\_jr_gghk\h[h^ghi_j_oh^behlh^ghcfZg_ju d ^jm]hc\k_\j_fygZi_\ZyOZj_DjbrgZM g_]hwlhihemqZehkvkh\_jr_ggh_kl_kl\_gghb \b^gh[uehqlh\ fmaud_hggZklhysbc]_gbcLZdbfh[jZahfhgf_gyjZa\e_dZe^Zb _fmkZfhfmwlh^hklZ\eyehh]jhfgh_ m^h\hevkl\b_B lml\ kZfucjZa]Zjwlhc\^hogh\_gghcfmaudZevghcbfijh\baZpbbwlh]hi_gbyOZj_DjbrgZgZ dmog_ihy\beZkv_]h`_gZChdhHgh\ i_gvxZj_bebdZdhglZfgZau\Z_lkyb kljZ^Zevq_kdbflhghfijhbag_keZ JZ^b;h]Z>`hgm f_gyijhklhjZkdZeu\Z_lky]heh\ZIh`ZemcklZij_djZlbb ihc^_fkhfghcgZ\_jo >`hj^`[ue^jm]bf?]h\e_dehd IjZ[omiZ^_Dh]^Zh^bgbaij_^Zgguokijhkbe_]hIhq_fmba\k_o[blea lhevdh\uaZbgl_j_kh\ZebkvkhagZgb_fDjbrgu" >`hj^`hl\_lbeWlhfhydZjfZ>moh\ghklv h^gZba hkh[_gghkl_cfh_]hagZdZAh^bZdZ >`hj^`OZjjbkhgIjZ[omiZ^Z\u]ey^_ebf_gghlZddZdy _]hk_[_ij_^klZ\eyeI_j_^\klj_q_ck gbfy bkiulu\Zekf_rZggh_qm\kl\hkljZoZb [eZ]h]h\_gbyGhqlhfg_ihgjZ\behkv\ g_fiha^g__dh]^Zy klZeqZs_ \klj_qZlvkyk gbf wlhlhqlhhghlghkbekydhfg_kdhj__dZdd ^jm]mY qm\kl\h\Zek_[yk gbfe_]dhb k\h[h^gh ]hjZa^hemqr_q_f\gZqZe_ihlhfmqlh\h\j_fygZr_ci_j\hc\klj_qby g_ihgbfZeh q_fhg]h\hjblb fg_ dZaZehkvqlhy kebrdhffbjkdhc^Z`_^eylh]hqlh[uijhklhgZoh^blvkyjy^hfk gbfGhihlhfy jZkkeZ[bekyb fg_k gbfklZeh]hjZa^he_]q_Hg`_\k_]^Z[uehq_gvk_j^_q_gkhfghcG_evaykdZaZlvqlhhgjZa]h\Zjb\Zekh fghcdZdlhihhkh[hfmg_lZddZdk ^jm]bfbHg\k_]^Z]h\hjbelhevdhh Djbrg_g_\Z`ghdlh[uei_j_^gbf\ ^Zggucfhf_glDh]^Z[ufugb \klj_lbebkvk gbfhg\k_]^ZhklZ\ZekykZfbfkh[hcG_lZdqlhh^bgjZahgkdZ`_l \Zfih\lhjylvfZgljmOZj_DjbrgZZ \ke_^mxsbcjZa]h\hjbl:og_ly hrb[ky g_lhg\k_]^ZhklZ\Zeky kZfbfkh[hc<b^_lv_]h\k_]^Z[ueh^eyf_gym^h\hevkl\b_fBgh]^Z yaZ[_]Zed g_fm^Z`__kebg_kh[bjZekywlh]h ^_eZlvy \k_jZ\ghaZoh^beiheZ]Zyqlhijhklh^he`_gaZclbb \k_]^Zihke_\klj_qbk gbfm f_gy[uehhq_gv ohjhrhgZ^mr_Y qm\kl\h\Zeqlhhgijhy\ey_ldhfg_ebqgucbgl_j_kDZ`^Zy\klj_qZk gbf^hklZ\eyeZfg_ m^h\hevkl\b_ >`hj^`Z\e_dehd Djbrg_b hgex[bei_lvOZj_DjbrgZ?s_^h\klj_qbk IjZ[omiZ^hchgdh_qlhmagZeh Djbrg_hlFZoZjbrbFZo_rCh]bbaZ\lh[bh]jZnbbIZjZfZoZfkuCh]ZgZg^ub bak\h_]himl_r_kl\byihBg^bb H^gZdhlhevdhihke_[_k_^k IjZ[omiZ^hchgkfh]ihgylvqlh=hkih^vDjbrgZy\ey_lky:[khexlghcBklbghcb gZqZehf\k_ogZqZe >`hj^`IjZ[omiZ^Zihfh]fg_ihgylvwlhljZaghklhjhggbcf_lh^^Zxsbcq_eh\_dm\hafh`ghklv ijb[ebablvkyd Djbrg_GZijbf_jijZkZ^Y ^mfZxijZkZ^ hq_gv\Z`gZy\_sv^Z`__kebwlh\k_]hebrv lZdlbq_kdbcijb_fDZd\ lhcihkeh\bp_imlvd k_j^pmfm`qbgue_`blq_j_a_]h`_em^hdGmqlh`^Z`__kebwlh imlvd ^moh\ghc^mr_q_eh\_dZ lZdbebbgZq_f_lh^^_ckl\m_lQlhfh`_l[ulvemqr_\ui_ebb lZgp_\Zebbeb ijhklhkb^_ebb jZa]h\Zjb\Zebb \^jm]\Zfih^ghkylm]hs_gb_"WlhdZd[eZ]hkeh\_gb_: ihlhf\umqbl_kvdZkZlvky ?]hbeb\dmrZlv?]hb wlhlh`_hq_gv\Z`gh DjbrgZ[_a]jZgbq_gY [ue[eZ]h^Zj_gIjZ[omiZ^_m`_aZlhqlhhg[_k_^m_lkhfghcb h[jmrb\Z_lgZf_gy \_kvwlhlihlhdgh\hcbgnhjfZpbb>Z`_dh]^Zkhijhlb\ey_lkymf\k_wlh lh`_DjbrgZ;hevr_gbq_]hb g_ gm`ghagZlv^hklZlhqghagZlvqlh\k__klvDjbrgZWlhlfbj lh`_?]hfZl_jbZevgZywg_j]by?]h\k_e_gkdZy nhjfZ< dgb]ZoIjZ[omiZ^u_klvbeexkljZpbb DjbrgZ\ k_j^p_kh[Zdbdhjh\ub q_eh\_dZWlhihfh]Z_l\Zf hkhagZlvqlhDjbrgZgZoh^blky\ k_j^p_dZ`^h]h`b\h]hkms_kl\Z OhlyIjZ[omiZ^Z\_jhylghmqbeb g_dbf\ukrbfZki_dlZfnbehkhnbbghba\k_]hqlhhg]h\hjbeebqghy \u g_k[he__]em[hdh_ihgbfZgb_lh]hqlhDjbrgZij_[u\Z_l\_a^_b \h\k_fIjZ[omiZ^ZjZkkdZau\Zeh jZaebqguo Zki_dlZoDjbrgub ^Z\Zeq_eh\_dm\hafh`ghklv\_a^_b \kx^m\b^_lvDjbrgmdZdebqghklvY bf_x\ \b^mqlhgZ k\_l_g_lgbq_]hqlhg_[ueh[uDjbrghc IjZ[omiZ^ZkqblZe>`hj^`ZkeZ\gufxghr_cb ij_^ZggufDjbrguKh]eZkgh;oZ]Z\ZlZfdZdh_[u iheh`_gb_gb aZgbfZeq_eh\_d\ fZl_jbZevghffbj__kebhgg_y\ey_lkyij_^Zgguf=hkih^Zb gbdh]^Zg_ ijhbaghkblk\yluobf_g;h]Zm g_]hg_fh`_l[ulvgbdZdbo^hklhbgkl\Fgh]b_k\Zfbb ch]b\ Bg^bb^Z`_l_dlh kqblZ_lk_[y\ZcrgZ\Zfbg_\_jbeb\ k\ylu_bf_gZDjbrgub g_ihgbfZebbo\Z`ghklbH^gZdh>`hj^`ex[be i_lvfZgljmOZj_DjbrgZb \dexqZek\ylh_bfyDjbrgu\ k\hbi_kgbdhlhju_ihevah\Zebkvh]jhfghc ihimeyjghklvx\h\k_ffbj_LZdbfh[jZahfkhqbgyyfmaudmhgkem`beDjbrg_b wlhhlebqZeh_]hhlhklZevguo Fbkl_j>`hj^`OZjjbkhgijhba\h^bl\i_qZle_gb_hq_gvmfgh]hxghrbb dlhfm`_FbehklvxDjbrguhq_gv m^Zqeb\h]h< i_j\uc^_gvhgijbr_edhfg_\f_kl_k >`hghfE_gghghfb fu[_k_^h\Zebhdheh^\moqZkh\Hg ohl_eih]h\hjblvkhfghc_s_ghk_cqZkm_oZed k\h_c[hevghcfZl_jb\ Eb\_jimev IjZ[omiZ^Zg_fh]g_\b^_lvqlh>`hj^`[h]ZlZ =hkih^vQZclZgvykljh]hgZdZau\Zeij_^Zgguf\_^msbf `bagv\ hlj_q_gbbba[_]Zlvh[s_gbyk fbjkdbfbex^vfbGh\f_kl_k l_f=hkih^vQZclZgvymqbeqlhij_^Zgguc ^he`_gihevah\Zlvkyex[hc\hafh`ghklvx^eylh]hqlh[ujZkijhkljZgblvkhagZgb_Djbrgu ?kebwlhlxghrZ[m^_lihfh]ZlvgZr_fm^\b`_gbxwlhfh`_lklZlv^eygZkohjhrbfih^kihjv_f\_^v\ dhgp_ dhgph\hgq_eh\_dkhkj_^kl\Zfb< ^moh\ghc`bagbk [h]Zlufbex^vfbke_^m_lh[jZsZlvkydjZcg_hklhjh`gh Bgh]^ZgZfijboh^blkybf_lvk gbfb^_eh\ bgl_j_kZoijhih\_^bKljh]h]h\hjy=hkih^vQZclZgvyFZoZijZ[om aZij_sZeij_^Zgguf\ khagZgbbDjbrguh[sZlvkyk ih^h[gufbex^vfbh^gZdhm gZk_klvmdZaZgb_Jmiu=hk\Zfbh lhfqlh^eyjZkijhkljZg_gbykhagZgbyDjbrgufu^he`guihevah\Zlvkyex[hc[eZ]hijbylghc\hafh`ghklvx IjZ[omiZ^Z\_ek_[yk >`hj^`_fhkfhljbl_evghb \f_kl_k l_fijhkbe_]hih\lhjylvk\ylh_bfyijbgbfZlv ijZkZ^=hkih^Zb ihk\ylblv?fm\k_k\h_l\hjq_kl\h >`hj^`IjZ[omiZ^Zgbdh]^Zg_]h\hjbeqlhy ^he`_gi_j_klZlvaZgbfZlvkyl_fq_fy aZgbfZxkvY keurZe qlh\j_fyhl\j_f_gbhg]h\hjbek\hbfmq_gbdZfqlhy ohjhrbcij_^Zgguc_fmgjZ\bebkvfhbi_kgbb fgh]h_ ^jm]h_balh]hqlhy ^_eZeFg_hgwlh]hgbdh]^Zg_]h\hjbeghy qZklhkeurZeh[wlhfhl^jm]boFg_lZd`_hq_gv gjZ\behkvlhqlhy g_qm\kl\h\Zek _]hklhjhgugbdZdh]h^Z\e_gbyhggbdh]^Zg_lj_[h\Zeqlh[uy ijbkh_^bgbekyd ^\b`_gbxb ihk\ylbekhagZgbxDjbrgu\k_k\h_\j_fy>mfZx_keb[uhg\k_\j_fy^Z\begZf_gyb ]h\hjbe Ihq_fm[ul_[_g_[jhkblv\k_qlhlu^_eZ_rvb g_ihk_eblvky\ h^ghfbagZrboojZfh\" wlhlhevdh\k_ bkihjlbeh[uHggb jZamg_^Zefg_ihgylvqlhy ^jm]hcqlhy g_babodjm]ZGbdh]^Zhgg_]h\hjbegbq_]h ih^h[gh]h Y kqblZxk_[ylZdkdZaZlvij_^Zgguf\ rlZlkdhfWlhnZdlK\hbhlghr_gbyk gbfy \b^_elZdy ^he`_g ihfh]Zlvdh]^Zb q_ffh]mihkdhevdmy agZdhfkhfgh]bfb\ebyl_evgufbex^vfbLZdh[sZxlkyf_`^mkh[hc\k_ \hkiblZggu_ex^b \uijhklhqlhlhiulZ_l_kvk^_eZlvb q_ffh`_l_ihfh]Z_l_^jm]^jm]m Hg\k_]^Z[ue^h\he_gfghcihlhfmqlhy \k_]^ZklZjZekyq_fgb[m^vihfhqv_fmY bf_x\ \b^mg_ihfhsv ojZfm DjbrgudZdlZdh\hfmZ \hh[s_\k_^moh\gh_qlhy ^_eZe fhbi_kgbbebqlhlh_s_ \k_wlhjZ^h\Zeh IjZ[omiZ^mHghlghkbekydhfg_hq_gv^jm`_ex[ghHg\k_]^Zih\lhjyebfyDjbrgubgh]^Zhgb f_gyijhkbewlh ^_eZlv \k_\j_fybebdZdfh`ghqZs_ih\lhjylvOZj_DjbrgZ>mfZxdZdlhevdhq_eh\_dgZqbgZ_lihklhyggh ih\lhjylvfZgljmhgkjZamhsmsZ_lgZk_[___ [eZ]hl\hjgh_\ha^_ckl\b_ ?klvlZdb_]mjmdhlhju_\k_f^ZxlihgylvdZdb_hgb\Z`gu_ghIjZ[omiZ^Z]h\hjbeY kem]Zkem]bkem]b Djbrgu b wlh[ueh^_ckl\bl_evghlZdHggbdh]^Zg_]h\hjbeY kZfuc\_ebdbcbebY =hkih^v;h]b lhfm ih^h[gh_Hg\k_]^ZkqblZek_[ykem]hcb fg_wlhhq_gvgjZ\behkvY ^mfZxwlhijbagZd^moh\ghklbQ_f[hevr_ agZ_lq_eh\_dl_f]em[`_hgihgbfZ_lqlhhgkem]Z: q_ff_gvr_hgagZ_ll_fe_]q__fm\hahfgblvk_[y^Zjhf ;h`vbf\k_fmq_eh\_q_kl\m LZdqlhohlyhg[uehq_gvkbevghcb ^moh\ghjZa\blhcebqghklvx\ g_f\k_]^Z`behg_h[udgh\_ggh_kfbj_gb_ b kdjhfghklvB y^mfZxqlhwlh kZfh_\Z`gh_ihlhfm qlh\klj_qZykvk gbfq_eh\_dmqbekyg_klhevdhkemrZylh qlhhg]h\hjblkdhevdhgZ_]hijbf_j_]ey^ygZlhdZdhg`b\_lb qlh^_eZ_l IjZ[omiZ^Zkhk\hbfhdjm`_gb_fb >`hgb Chdhkhk\hbfij_^klZ\eyebkh[hcihbklbg_kljZggh_khq_lZgb_ Q_j_a^\Z^gyihke_ijb_a^ZIjZ[omiZ^u\ Lbll_go_jkl>`hgb Chdhme_l_eb\ DZgZ^m\uklmiZlvk IewklbdHgh ;wg^gZn_klb\Ze_<hajh`^_gb_jhdgjheeZgZklZ^bhg_<Zjkblb\ Lhjhglh< hdly[j_>`hgb ChdhaZibkZeb K\Z^_[gucZev[hfb gZqZebjZ[hlmgZ^nbevfhfPbjd jhdgjheeZZ >`hgaZibkZeDhe^lmjdbLZdgZ `Zj]hg_gZau\Z_lkyhkh[h_ikbobq_kdh_b nbabq_kdh_khklhygb_gZjdhfZgh\ihke_\g_aZigh]hb ihegh]h ij_djZs_gbymihlj_[e_gbybfbijb\uqgh]hgZjdhlbdZIjbfi_j_\h^qbdZ>`hgihijbjh^_k\h_c[ue q_eh\_dhfaZkl_gqb\ufghij_^Zggu_jZ[hlZ\rb_\ mkZ^v[_kdhjhihgyebqlhm g_]h^h[jh_b s_^jh_k_j^p_Hg ijb]eZrZeij_^ZgguogZ\k_]^Zihk_eblvky\ Lbll_go_jkl_b gZ_]hn_jf_<k_qlhm g_]h_klv]h\hjbe>`hghg ]hlh\jZa^_eblvk gbfb< dhgp_dhgph\IjZ[omiZ^Zb _]hmq_gbdbm_oZebbaihf_klvyghbo[_k_^uk >`hghf\ Lbll_go_jkl_gZrebhljZ`_gb_\ i_kg_F]gh\_ggZydZjfZgZibkZgghc>`hghfijb[ebabl_evgh\ wlh\j_fy >`hj^`OZjjbkhgh[sZykvk IjZ[omiZ^hc\k_]^Z\_ek_[yhq_gvkfbj_gghlZd`_dZdmq_gbdbIjZ[omiZ^u IjZ[omiZ^Zk >`hj^`_f\f_kl_ijbgbfZebijZkZ^ h[_^k kZfhkZfboZeZ\hch\hsZfbkf_lZghcb imjb ijb]hlh\e_ggucki_pbZevgh^eygbo<h\j_fyijZkZ^ZIjZ[omiZ^ZjZkkdZaZeqlhg_dhlhju_\jbg^Z\Zgkdb_iZg^u ijhn_kkbhgZevgu_]b^uihdZau\Zxsb_iZehfgbdZfk\ylu_f_klZex[ylih_klvH^bgbagboh^gZ`^ulZd h[t_ekyqlhqmlvg_mf_jghkugZk\h_]hihmqZe<h\kydhfkemqZ_y mfbjZxhli_j__^ZgbyZ g_hl]heh^ZKf_jlv hl]heh^Z [_kkeZ\gZykf_jlvJZa]h\Zjb\Zyk >`hj^`_fIjZ[omiZ^Zmeu[Zekyhgih[eZ]h^Zjbe_]haZih^Zj_ggh_ ihf_klv_ <u\b^_ebfhxdhfgZlm" kijhkbeIjZ[omiZ^Z >hflhgZkZfhf^_e_\ZrghdhfgZlZ fhy G_lg_l aZijhl_klh\Ze>`hj^`ij_^ihqblZyb]jZlvjhevkfbj_ggh]hmq_gbdZ Wlh^hfDjbrgub \ZrZ dhfgZlZ Dh]^Z>`hj^`ijbagZekyIjZ[omiZ^_qlhijbgy\khagZgb_DjbrguhgklZel_jylv^jma_cIjZ[omiZ^ZkdZaZe _fmqlhbaaZwlh]hg_klhbl[_kihdhblvkyHgijhq_e>`hj^`mhlju\hdba=blu]^_DjbrgZ]h\hjblh lhfqlh ihklbqv?]hfh`ghlhevdhaZgbfZykvij_^Zggufkem`_gb_f< [m^ms_f kdZaZe>`hj^` BKDDHGlZd jZajZkl_lkyqlh_fmihgZ^h[blkyk\hcmijZ\e_gq_kdbcZiiZjZl IjZ[omiZ^ZY jZa^_ebefbjgZ^\_gZ^pZlvahg\ dZ`^hcbadhlhjuom f_gy_klvk\hcij_^klZ\bl_ev>hl_o ihjihdZhgb[m^mlke_^h\Zlv^moh\gufijbgpbiZfDjbrgZ[m^_lihfh]Zlvbf I_j_^moh^hf>`hj^`ihh[_sZeIjZ[omiZ^_qlhhdZ`_l_fmkh^_ckl\b_\ ijbh[j_l_gbbgh\uoojZfh\Iha`_ IjZ[omiZ^ZaZf_lbeGZ>`hj^`ZgbahreZfbehklvDjbrgu>`hj^`OZjjbkhgm[_^be^jm]h]hba\_klgh]hihi i_\pZb fmaudZglZ>hgh\ZgZ\klj_lblvkyk ijhkeZ\e_ggufeb^_jhf^\b`_gbyOZj_DjbrgZ>hgh\Zgijbr_ek ^jm]hflh`_fmaudZglhfHgbijbo\Zlbebk kh[hc^\mok\hboih^jm`_d\ fbgbx[dZo< g_eh\dhffheqZgbb >hgh\Zgkb^_ei_j_^IjZ[omiZ^hcIjZ[omiZ^ZaZ]h\hjbe< <_^Zo_klvklbo]^_kdZaZghqlhfmaudZy\ey_lky \ukr_cnhjfhc\hkiblZgbyHgklZeh[tykgylvdZdfmaudZglfh`_lkem`blvDjbrg_ <u^he`gu^_eZlvlh`_qlhb \Zr^jm]>`hj^` kdZaZeIjZ[omiZ^Z Fu[m^_f^Z\Zlv\Zfl_fuZ \u khqbgylvi_kgbIjZ[omiZ^ZkdZaZeqlh\ kem`_gbbDjbrg_fh`ghbkihevah\Zlv\k_^Z`_^_gv]b Gh^_gv]bfZl_jbZevgu \f_rZeZkv\ jZa]h\hjih^jm]Z>hgh\ZgZ Hldm^Z\uagZ_l_qlhfZl_jbZevghZ qlh^moh\gh" hl\_lbeIjZ[omiZ^ZHgh[_jgmekyd >hgh\Zgm <uihgbfZ_l_h q_fy ]h\hjx" >hgh\Zgkfms_gghhl\_lbeqlhhglmih\ZlghklZjZ_lkyIh^jm]Z>hgh\ZgZgZdehgbeZkvb qlhlhijhr_ilZeZ _fmgZmohihke_q_]h>hgh\Zg\klZeb kdZaZeGZfihjZIjZ[omiZ^ZklZegZklZb\Zlvqlh[uhgbkgZqZeZohly[u ihijh[h\ZebijZkZ^ZDZdlhevdhaZ]hklyfbaZdjueZkv^\_jvjZa^Zeky\aju\ohohlZIjZ[omiZ^ZkdZaZeHgZ ih^mfZeZ bg_^h]h\hjb\^Ze\hafh`ghklvaZdhgqblvnjZammq_gbdZf >Z kdZaZeCh]_r\ZjZ hgZih^mfZeZqlh_keb_]hijb\e_q_lDjbrgZlhhgZ_]hihl_jy_lIjZ[omiZ^ZlZd ex[beijhih\_^h\Zlvbf_gbluf]hklyfqlhklj_fbeky^_eZlvwlhih\kx^m< dZdh_[uf_klhy gbijb_oZe ibkZe hg\ ibkvf_d h^ghfmbak\hbomq_gbdh\ fhbmq_gbdb^he`gumkljZb\Zlv^eyf_gy\klj_qbk \ebyl_evgufb ex^vfbb y[m^mjZkkdZau\Zlvbfh ^\b`_gbbkhagZgbyDjbrgu WlhlnZceojZgblky\ ,QWHUQHWih Z^j_kmKWWSKDULNDWKDGDUX