$ivdjwghqdsulolvdjqu%6 

'20  $ivdjwghqdsulolvdjqu%6   5hjlrq6\ggdqpdun 'dpkdyhq 9hmoh dgyrndw0dgv%udqgw9hmoh   prg  $ «yhm ;e\ dgyrndw1lhov/-rkdqvhq9hmoh    6djhqvedjjuxqgrjsduwhuqhvsnvwdqgh  $ kdygh l  khoeuhgvp vvljh sureohphu eod phg vlw eorgwu\n +xq nodjhgh wlo 3dwlhqwiruvlnulqjhqryhuihmoehkdqgolqjkrvvlqo jh+xqilnyhgdij¡uhovhdimdqxdu phgkrog l nodjhq rj eohy wlonhqgw jrgwj¡uhovh sn  nu iru yduljw ppq 'hq  vhswhpehu  dijmrugh 3dwlhqwiruvlnulqjhq dw $ kdygh nudy sn \ghuoljhuh  nu iru xgjliwhudqghwwderjvylhrjvphuwh'hqrnwrehunodjhgh$vgdy uhqghdgyrndw ryhudij¡uhovhqdivhswhpehuwlo3dwlhqwvndghdqnhq yqhwghughqrnwrehu wudidij¡uhovhrpdw$lnnhydueohyhwsni¡uwhqhuvwdwqlqjvehuhwwljhqghvndgh5hwwhqvndoyhg vdjhqdij¡uhrp5hjlrq6\ggdqpdunkdunudysnwloedjhehwdolqjdighxgehwdowheho¡e  5hjlrq6\ggdqpdunvsnvwdqghudw$vndoehwdohnuphgwloo jdisurfhvuhqwhiud vdjhqvdqo jrjphgwloo jdinullqndvvrrju\nnhujhe\uhu  $vsnvwdqghuiulilqghovhvxevlgl uwehwdolqjdi  nu  6djhqhudqodjwghqghfhpehu  $kduiulsurfhv'huhulnnhuhwvkm osvg nqlqj  6djhqhuehkdqgohwphgghowdjhovhdiwuhgrpphuh  2so\vqlqjhuqhlvdjhq  $idij¡uhovhqdimdqxduiud3dwlhqwiruvlnulqjhqghueohyvhqgwgluhnwhwlo$iuhpjnu   ´ 3dwlhqwiruvlnulqjhqkduixqghwdwglqvndghlirupdii¡ojhuhiwhug\vuhjxohuhweorgwu\n hu rpidwwhw di ory rp sdwlhqwiruvlnulqj 'hu khqylvhv wlo yhgodjwh k qghovhviruo¡e rj ehjuxqghovh  'x hu ehuhwwljhw wlo  nu l jrgwj¡uhovh iru yduljw ppq 3dwlhqwiruvlnulqjhqv dij¡uhovhdiyduljwppqhuhqgholjrjndqdqnhvwlo3dwlhqwvndghdqnhq yqhwmiqhghqiru xqghu$qnhyhmohgqlqj  'huylopxoljylvnxqqh\ghv\ghuoljhuhhuvwdwqlqjmiyhgodjwhyhmohgqlqj
  6djhqvylghuhiruo¡e  3dwlhqwiruvlnulqjhq ndq lnnh sn ghw iruholjjhqgh wdjh vwloolqj wlo hq hyhqwxho wdew duehmgviruwmhqhvwh'xehghvlqgvhqghgrnxphqwdwlrqirulqgnrpvwlirupdio¡qvhgohu gdjshqjhvhgohuv\jhgdjshqjhvhgohuhoohuoljqhqghiru pnqhghuiruxgiruvndghqrj iuhp wlo l gdj +huxgryhu ehghv gx in xgi\ogw yhgodjwh duehmgvjlyhuhuno ulqj di ghq duehmgvjlyhugxydudqvdwkrvxplgghoeduwiruxgiruvndghqrjuhwxuqhuhvnhpdhwkhuwlo  'x ehghv khuxgryhu xgi\ogh rj uhwxuqhuh yhgodjwh hukyhuyvhyqhwdevvnhpd rj rso\vqlqjvvnhpdrjphgvhqghuhohydqwgrnxphqwdwlrq  $qnhyhmohgqlqj  +ylvgxlnnhkduinhwixogwphgkrogndqgxdqnhdij¡uhovhq  $ij¡uhovhqndqrjvndqnhvdio jhqhoohuuhjlrqhq  $qnhqvndolqghqpnqhghuhiwhuprgwdjhovhqdidij¡uhovhqvhqghvwlo   3dwlhqwrpexgghw 3dwlhqwvndghdqnhq yqhw 9lpphovndiwhwvdo .¡ehqkdyq.  3dwlhqwvndghdqnhq yqhwndqwlowu ghhoohu qguhdij¡uhovhq+ylvdqnhq yqhwehvoxwwhu dw qguhdij¡uhovhqndqghwvnhwloirughoirugljvnvndghqdqhunhqghvlylghuhrpidqj $qnhq yqhw ndq rjvn qguh dij¡uhovhq wlo vndgh iruglj vn gx l plqguh rpidqj hoohu vohw lnnh hu ehuhwwljhw wlo huvwdwqlqj rj dw gx ghuiru khow hoohu ghoylvw vndo ehwdoh huvwdwqlqjhqwloedjh ´  5hjlrq 6\ggdqpdun xgehwdowh khuhiwhu ghq  iheuxdu     nu ghu xgjmrugh eho¡ehwphgwloo jdiuhqwhu  $i dij¡uhovhq di  vhswhpehu  iud 3dwlhqwiruvlnulqjhq ghu eohy vhqgw wlo $v dgyrndw iuhpjnu   ´ 'lquhi9 $&35qu«  3dwlhqwiruvlnulqjhqiuhpvhqghukhuphgghqhqgholjhhuvwdwqlqjvrsj¡uhovhlryhqvwnhqgh vdj  (uvwdwqlqjhqhursjmruwwlonu  $qnhyhmohgqlqj   3dwlhqwvndghdqnhq yqhw ndq wlowu gh dij¡uhovhq hoohu qguh ghq vn huvwdwqlqjhq iruk¡mhv hoohu qhgv wwhv 1 yqhw ndq rjvn qguh ghq rsulqgholjh dij¡uhovh vn khoh huvwdwqlqjhqeruwidoghurjvndoehwdohvwloedjh ´  %ho¡ehwdqjlnhuvwdwqlqjiruxgjliwhurjdqghwwderjjrgwj¡uhovhiruvylhrjvphuwh  5hjlrq6\ggdqpdunxgehwdowhkhuhiwhurnwrehu  nughuxgjmrugheho¡ehw phgwloo jdiuhqwhu  $v dgyrndw snnodjhgh dij¡uhovhq di  vhswhpehu  wlo 3dwlhqwvndghdqnhq yqhw $i dij¡uhovhq di  rnwrehu  iud 3dwlhqwvndghdqnhq yqhw ghu eohy vhqgw wlo $v dgyrndw iuhpjnu   ´ $ij¡uhovh   3dwlhqwiruvlnulqjhqv dij¡uhovh di  mdqxdu  qguhv vnohghv dw $ lnnh ilqghv dw y uhsni¡uwhqhuvwdwqlqjvehuhwwljhqghvndghhiwhuoryrpsdwlhqwiruvlnulqj†vwn rj†vwn  3dwlhqwiruvlnulqjhqvdij¡uhovhdivhswhpehursk yhvvrpi¡ojhkhudi  3dwlhqwvndghdqnhq yqhwvdij¡uhovhndqlqgeulqjhviruuhwwhqlqghq pnqhghuhiwhudw dij¡uhovhqhuphgghow5hwwhqndqvwdgi vwhrsk yhhoohu qguhdij¡uhovhq ´  $v dgyrndw dqodjgh vdj prg 3dwlhqwdqnhq yqhw rj 5hjlrq 6\ggdqpdunv nudy rp wloedjhehwdolqj eohy vdw l ehur $gyrndwhq phgghowh ghq  vhswhpehu  dw vdjhq ydu k yhw'hqvhswhpehunu yhgh5hjlrq6\ggdqpduneho¡ehqhwloedjhehwdow  )runodulqj $kduirunoduhwdwkxqerul;e\phgvlqpdqg'hkduwryrnvqhe¡uq+xqhueodqgwdqghw q\uhv\jrjkdyghjhqqhpo qjhuhwlgsureohphuphgeorgwu\nnhw+xqyduyhgo jhqpdqjh jdqjhrjilniruvnhooljhvodjvphglflqphqkxqilnlnnhghquljwljhehkdqgolqjrjkxqexugh kdyh y uhw vhqgw sn v\jhkxvhw wlo q uphuh xqghuv¡jhovhu sn hw wlgoljhuh wlgvsxqnw +xq iln hiwhui¡ojhqgheodqgwdqghwkmhuwhvyljwrjkxqkduy uhwphjhwdoyruoljv\j+xqyduxwloiuhgv phgiruo¡ehwkrvo jhqrjnodjhghghuiru/ jhqkdulhweuhyjlyhwkhqghhqxqgvn\ogqlqj +xqilnxgehwdowhuvwdwqlqjiruyduljwppqphgfdnu3hqjhqhhueuxjwwloidplolhq rjylvwrjvnwloehwdolqjdij ogphqghwydukhqghvpdqgghuvw\uhghghw+xqkxvnhulnnh vnjrgwsnjuxqgdivlqv\jgrp+hqghvwlgoljhuhdgyrndwvrpghlnnhkdyghhqjrgnrqwdnw wlokdyghlnnhrso\vwkhqghrppxoljkhghqirudwshqjhqhnxqqhnu yhvuhwxu+xqydulnnh nodu ryhu ghqqh ulvlnr +dq kdu lnnh vhqgw euhyhqh ylghuh wlo khqgh +xq inu l gdj xgehwdow nulshqvlrqsupnqhgrjkhqghv jwhi oohkduhqnuvlqgnrpvwsnfd nu 3duwhuqhvv\qvsxqnwhu 5hjlrq6\ggdqpdunkdudqi¡uwdw3dwlhqwvndghdqnhq yqhwvdij¡uhovhdirnwrehuhu hqgholjrjvndoo jjhvwlojuxqgdiuhwwhq$ij¡uhovhqeohylqgeudjwiruuhwwhqdi$vwlgoljhuh dgyrndwphqvdjhqeohyk yhw5hwwhqkyhunhqndqhoohuvndowdjhvwloolqjwlorpdij¡uhovhq  hu nruuhnw 3dwlhqwvndghdqnhq yqhw vnxooh qn iuhp wlo ghq pdwhulhow uljwljh dij¡uhovh rj ydu ghuiruehuhwwljhwwlodwsu¡yhdqvyduvjuxqgodjhwliruelqghovhphgnodjhqryhudij¡uhovhqdi vhswhpehuvhoyrpdij¡uhovhqdimdqxdulnnhydusnnodjhw3dwlhqwiruvlnulqjhqv dij¡uhovhdimdqxduyduhqghodij¡uhovh'hwiuhpjnudidij¡uhovhqdwghuyloohy uhhw hiwhui¡ojhqgh iruo¡e 'hw i¡ojhu ghuiru di +¡mhvwhuhwv grp l 8i5  dw 3dwlhqwvndghdqnhq yqhwnxqqh qguh3dwlhqwiruvlnulqjhqvdij¡uhovhwlovndghiru$ 5hjlrq6\ggdqpdunnxqqhlnnhkdyhxqgodgwdwxgehwdohhuvwdwqlqjhqwlo$(iwhuoryhqydu 5hjlrqhq irusoljwhw wlo dw ehwdoh lqghq  gdjh hiwhu 3dwlhqwiruvlnulqjhqv dij¡uhovh vhoyrp nodjhiulvwhq ydu  pnqhghu 'd 3dwlhqwvndghdqnhq yqhw ehvoxwwhgh dw $ lnnh kdygh uhw wlo huvwdwqlqj ydu 5hjlrq 6\ggdqpdun ehuhwwljhw rj irusoljwhw wlo dw v¡jh huvwdwqlqjhq wloedjhehwdow 'hu hu lqwhw l iruo¡ehw ghu kdu jlyhw $ hq ehuhwwljhw iruyhqwqlqj rp dw kxq nxqqh ehkrogh huvwdwqlqjhq 'hw iuhpjnu di dqnhyhmohgqlqjhq l 3dwlhqwiruvlnulqjhqv i¡uvwh dij¡uhovh di  mdqxdudw3dwlhqwvndghdqnhq yqhwndq qguhdij¡uhovhqwlovndghiru$rjdwkxqlvn idog vndo ehwdoh huvwdwqlqjhq wloedjh (q wlovyduhqgh dqnhyhmohgqlqj iuhpjnu di 3dwlhqwiruvlnulqjhqvdij¡uhovhdivhswhpehu$ydughuphgjmruwehnhqgwphgdwghw ylooh y uh iruexqghw phg hq ulvlnr kylv kxq nodjhgh +xq ydu uhsu vhqwhuhw di hq dgyrndw vrp pn iruprghv dw kdyh ungjlyhw khqgh khurp 'hu vndo vnh lghqwlilndwlrq phoohp $ rj dgyrndwhq'hw ndq lnnh iruodqjhvdi 3dwlhqwvndghdqnhq yqhw dw q yqhw yhg prgwdjhovh di $v nodjh vndo vs¡ujh rp kxq hu khow vlnnhu sn dw kxq ylo nodjh rj yhmohgh khqgh rp gh pxoljh nrqvhnyhqvhu 5hjlrq 6\ggdqpdun kdu nu yhw wloedjhehwdolqj ghq  qryhpehu  rj khoohu lnnh ghw wlgvp vvljh iruo¡e hiwhu 3dwlhqwvndghdqnhq yqhwv dij¡uhovh di  rnwrehujlyhu$hqehuhwwljhwiruyhqwqlqjrpdwkxqnxqqhehkroghhuvwdwqlqjhq $ kdu wlo vw¡wwh iru snvwdqghq rp iulilqghovh dqi¡uw dw ghw di dqnhyhmohgqlqjhq l 3dwlhqwiruvlnulqjhqvdij¡uhovhdimdqxduiuhpjnudwdij¡uhovhqndq qguhvkylvghq snnodjhv'hwlqghe uhudwqnudqnhiulvwhqhuxgo¡ehwrjdij¡uhovhqlnnhhueohyhwsnnodjhw hughulnnho qjhuhdgjdqjwlowloedjhv¡jqlqjdighwxgehwdowheho¡e'hwndqlnnhiruyhqwhvdw $huvnphjhwlqghlmxudhqdwkxqndquhjqhxgdwhqdij¡uhovhndq qguhvvhoyrpghqlnnh snnodjhv 5hjlrq 6\ggdqpdun kdu xgehwdow huvwdwqlqjhq xghq dw wdjh iruehkrog iru wloedjhv¡jqlqj %ho¡ehweohylnnhxgehwdowyhghqihmo$yduehuhwwljhwwloeho¡ehwgdghweohyxgehwdow+xq ydu ghuiru l jrg wur gd kxq prgwrj eho¡ehw )¡uvw l vhswhpehu  hiwhu dw khqghv gdy uhqghdgyrndwkdyghk yhwuhwvvdjhqprg3dwlhqwnodjhdqnhq yqhweohy$ehnhqgwphg wloedjhehwdolqjvnudyhwrjphgdwnodjhlqgheduhqulvlnriruwloedjhv¡jqlqj3nghwwlgvsxqnw kdygh kxq euxjw huvwdwqlqjhq ghov wlo ehwdolqj di j og rj ghov sn idplolhq 7loedjhehwdolqjvnudyhwhuhqvwruehodvwqlqjrjvnlirukrogwlokxvvwdqghqvlqgw jw$kdulnnh jlyhwxuljwljhrso\vqlqjhu5hjlrq6\ggdqpdunhuq uphvwwlodwe uhulvlnrhqirudweho¡ehw eohy rsjmruw rj xgehwdow nruuhnw 8qghu glvvh rpvw qgljkhghu hu ehwlqjhovhuqh lnnh rsi\ogw irudwnu yhwloedjhehwdolqjhiwhuuhwvsudnvlvrpfrqglfwlrlqghelwl $kduwlovw¡wwhirughqvxevlgl uhsnvwdqgdqi¡uwdwghwdi3dwlhqwvndghdqnhq yqhwvdij¡uhovh di  rnwrehu  iuhpjnu dw 3dwlhqwiruvlnulqjhqv dij¡uhovhdi  mdqxdu  hu irunhuw 'hw iuhpjnu lplgohuwlg dw 3dwlhqwvndghdqnhq yqhw dohqh kdu rsk yhw dij¡uhovhq di  vhswhpehu  phqv 3dwlhqwiruvlnulqjhqv dij¡uhovh di  mdqxdu  lnnh hu rsk yhw vhoyrp ghq hu irunhuw 3dwlhqwvndghdqnhq yqhw kdu lnnh wdjhw vwloolqj wlo vs¡ujvpnohw rp wloedjhv¡jqlqj +ryhguhjohq l iruydowqlqjvuhwwhq hu hw iruexg prg uhirupdwlr lq shmxv 'hw iuhpjnudi+¡mhvwhuhwvgrpl8i5dwghulghqvdjnxqqhvnh qgulqjwlovndghiru  nodjhuhq irugl 3dwlhqwiruvlnulqjhqv dij¡uhovh ydu hq ghodij¡uhovh 0dq nxqqh lnnh rsj¡uh huvwdwqlqjveho¡ehw sn dij¡uhovhvwlgvsxqnwhw rj ghu ydu ghuiru lnnh xgehwdow huvwdwqlqj 'hw iuhpjnudirugo\ghqdi3dwlhqwiruvlnulqjhqvdij¡uhovhdimdqxdukyru$ilnwlonhqgw jrgwj¡uhovhiruyduljwppqdwdij¡uhovhqyduhqgholj6djhqdgvnloohuvljghuiruiudvlwxdwlrqhq l k¡mhvwhuhwvgrpphq 3dwlhqwiruvlnulqjhqv hqgholjh rj xsnnodjhgh dij¡uhovh di  mdqxdu rpppqjrgwj¡uhovhqvvw¡uuhovhnxqqhlnnh qguhvrjeohylnnh qguhwwlovndghiru$ 'hwhughuirunxqhuvwdwqlqjhqxgehwdowlkhqkrogwloghqsnnodjhghdij¡uhovhdivhswhpehu ghundqnu yhvwloedjhehwdow 5hwwhqvehjuxqghovhrjdij¡uhovh  5hwwhq ndq xqghu ghqqh vdj lnnh su¡yh 3dwlhqwvndghdqnhq yqhwv dij¡uhovh di  rnwrehu 5hwwhqo jjhughuirulryhuhqvvwhpphovhphgdij¡uhovhqwlojuxqgdw$lnnhydusni¡uw hqhuvwdwqlqjvehuhwwljhqghvndghkyruirukxqlnnhkdyghuhwwlojrgwj¡uhovhhoohuhuvwdwqlqj  5hjlrq 6\ggdqpdun ydu hiwhu ghq gdj oghqgh †  vwn  l ory rp nodjh rj huvwdwqlqjvdgjdqj lqghq iru vxqgkhgvy vhqhw irusoljwhw wlo dw xgehwdoh gh di 3dwlhqwiruvlnulqjhqidvwvdwwh\ghovhui¡udqnhiulvwhqxgo¡e'hwi¡ojhuiruxgv wqlqjvylvkhudi dw5hjlrqhqlwloi oghdidw3dwlhqwiruvlnulqjhqvdij¡uhovhvhqhuh qguhvndquhmvhhwnudyrp wloedjhehwdolqj $eohylehjjh3dwlhqwiruvlnulqjhqvdij¡uhovhuyhmohgwrpdw3dwlhqwvndghdqnhq yqhwnxqqh qguhdij¡uhovhuqhwlovndghirukhqghrjdwkxqulvlnhuhghkhowhoohughoylvwdwvnxoohehwdoh huvwdwqlqjhuqhwloedjh+xqeohyldij¡uhovhqdivhswhpehugluhnwhyhmohgwrpdwrjvn ghqrsulqgholjhdij¡uhovhnxqqh qguhvwlovndghirukhqgh  (iwhuryhqvwnhqghndqghsnehunewhlqguhwwhovhvkhqv\qlnnhdivn uh5hjlrq6\ggdqpduniud dwnu yheho¡ehwwloedjhehwdowkyruiru5hjlrq6\ggdqpdunvsnvwdqgwdjhvwloi¡ojh  (iwhu vdjhqv xgidog rj sduwhuqhv snvwdqgh vndo $ ehwdoh vdjvrpnrvwqlqjhu wlo 5hjlrq 6\ggdqpdunphgnu'dkxqkduiulsurfhvehwdohvvdjvrpnrvwqlqjhuqhdivwdwvndvvhq %ho¡ehw rpidwwhu uhwvdijliw sn  nu rj xgjliwhu wlo dgyrndw phg  nu lqnoxvlyh prpv  5hwwhq kdu yhg idvwv wwhovh di eho¡ehw wlo g nqlqj di dgyrndwelvwdqg odjw y jw sn vdjhqv ¡nrqrplvnhy uglghqvndudnwhurpidqjrjiruo¡e  7klnhqghviruuhw   $vndowlo5hjlrq6\ggdqpdunehwdohnuphgwloo jdisurfhvuhqwhiudghfhpehu rjnullqndvvrrju\nnhujhe\uhu  6wdwvndvvhqvndoehwdohvdjhqvrpnrvwqlqjhuwlo5hjlrq6\ggdqpdunphgnu  'hlg¡pwheho¡evndoehwdohvlqghqgdjh  6djvrpnrvwqlqjhuqhiruuhqwhvhiwhuuhqwhoryhqv†d