DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc
'%%.Ä'%&%6ccjVaGZedgi
lll#DciVg^dCdgi]aVcY#XV '%%.Ä'%&%6ccjVaGZedgi
DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc ***DV`HigZZi:Vhi Cdgi]7Vn!DciVg^d E&7-A(
&#,%*#),'#)*%%dg&#-%%#(+(#,*&' ^c[d5DciVg^dCdgi]aVcY#XV lll#DciVg^dCdgi]aVcY#XV
'%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi IVWaZd[8dciZcih
BZhhV\Z[gdbi]Z8]V^g###############################################################################################################################################&
8dbeVcnDkZgk^Zl######################################################################################################################################################(
8dgedgViZ ;^cVcXZVcY6Yb^c^higVi^dc#######################################################################################################################################&( DciZgV IZaZXdbbjc^XVi^dchHZgk^XZh ####################################################################################################################&, EVhhZc\ZgHZgk^XZh#####################################################################################################################################################'% GV^aHZgk^XZh################################################################################################################################################################'+ GZ[jgW^h]bZciHZgk^XZh##############################################################################################################################################(% ;^cVcX^VaHiViZbZcih##################################################################################################################################################(' ;^cVcX^VaDkZgk^Zl########################################################################################################################################(' BVcV\ZbZciÉhGZhedch^W^a^in######################################################################################################################(( 6jY^idgÉhGZedgi############################################################################################################################################() 8dchda^YViZY;^cVcX^VaHiViZbZcih##############################################################################################################(* HjbbVgnd[H^\c^ÒXVci6XXdjci^c\Eda^X^Zh################################################################################################)' 7bb[Yedec_YWdZieY_Wb_cfWYj^_]^b_]^ji_dj^_ih[fehjWh[\hecj^[h[fehj0Ç;Yedec_YWdZIeY_Wb?cfWYje\EdjWh_eDehj^bWdZÈXo>:H9ehfehWj_edm_j^ :h$8Wa^j_WhCeWppWc_"CWhY^(&'&"kdb[iiej^[hm_i[dej[Z$ BZhhV\Z[gdbi]Z8]V^g DciVg^dCdgi]aVcYÉhbVcYViZ!VhVc6\ZcXnd[i]Z DkZgi]ZaVhinZVg!lZ]VkZbVYZh^\c^ÒXVcihig^YZh^cdjgZ[[dgihidZchjgZdjgdc\d^c\Xdcig^Wji^dcidi]Z hdX^VaVcYZXdcdb^XegdheZg^ind[Cdgi]ZVhiZgcDciVg^dVcYdjg[jaÒabZcid[djgbVcYViZdW_ZXi^kZh#>c'%%." '%&%!lZjcYZgidd`ild`Znegd_ZXihheZX^ÒXVaanV^bZYVifjVci^[n^c\djgXjggZciXdcig^Wji^dcidi]ZgZ\^dc VcYi]ZEgdk^cXZ!VcYeaVcc^c\idZchjgZdjghjXXZhhlZaa^cidi]Z[jijgZ# =9G8dgedgVi^dc!^cVhhdX^Vi^dcl^i]9g#7V`]i^VgBdVooVb^!XdbeaZiZYVhijYnidfjVci^iVi^kZanVcY fjVa^iVi^kZanVhhZhhi]ZZXdcdb^XVcYhdX^Va^beVXid[DciVg^dCdgi]aVcY#I]ZnYZiZgb^cZYi]Vi!XdchZgkVi^kZan! DciVg^dCdgi]aVcYVcYi]ZZXdcdb^XVXi^k^in^ihi^bjaViZhVXXdjci[dg'%.#)b^aa^dcd[i]Z<9E^ci]ZgZ\^dc# I]^higVchaViZhidVXdcig^Wji^dcd[VWdji&#%idi]ZZci^gZZXdcdbnd[Cdgi]ZVhiZgcDciVg^d VWdji&d[ <9EVcY%#.d[ZbeadnbZci #DciVg^dCdgi]aVcYÉh^beVXidc<9E^hYgVbVi^X^cXdbeVg^hdcidi]Vid[di]Zg ^cYjhig^Zh/^i]Vhi]ZhVbZÒcVcX^VaZ[[ZXidci]Z<9Ed[Cdgi]ZVhiZgcDciVg^dVhVaad[idjg^hbXdbW^cZYVcY dkZg]Va[VhbjX]Vh[dgZhignVcYad\\^c\# >cXddeZgVi^dcl^i]i]ZB^c^hignd[Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhign!lZ]VkZVahdYZkZadeZYV Adc\IZgbHjhiV^cVW^a^inEaVc AIHE !l]^X]]VhWZZchjWb^iiZY[dggZk^ZlVcYVeegdkVaWni]Z\dkZgcbZci# I]ZXgZVi^dcd[i]ZAIHE!l]^X]^hVcZmiZch^dcd[djghigViZ\^XeaVc!^ckdakZYVXg^i^XVaZmVb^cVi^dcd[Vaad[ djgdeZgVi^dchVcYZc\V\ZYWdi]^ciZgcVaVcYZmiZgcVahiV`Z]daYZgh#I]ZAIHEegdk^YZhVÒ[iZZcnZVgk^Zl d[i]Zdg\Vc^oVi^dc!]^\]a^\]i^c\djggZfj^gZYVhhZiVcY^c[gVhigjXijgZgZcZlVaXdhih!egdXZhh^begdkZbZci deedgijc^i^ZhVcYgZhjai^c\XjaijgVaX]Vc\Z# 6agZVYn!lZ]VkZWZ\jcidbdkZ[dglVgYl^i]hdbZZaZbZcihd[i]ZeaVc!l]^X]VgZZhhZci^VaiddjgXjggZci deZgVi^dchVcYl]^X]XdjaYWZ^beaZbZciZYl^i]^cdjgZm^hi^c\ÒcVcX^Va[gVbZldg`#BdhicdiVWan!lZ/ ]VkZ[dgbVa^oZYdjgeVgicZgh]^el^i]i]ZBjh]`Z\dlj`8djcX^a!l]^X]gZegZhZcihZ^\]iBjh]`Z\dlj` 8gZZXdbbjc^i^Zh^ci]Z?VbZh7VngZ\^dc^cdgYZgidXddeZgVi^kZanWZiiZgbZZii]Z^gcZZYhVcYejghjZ deedgijc^i^Zhl]^X]ldjaYWZcZÒiWdi]eVgi^Zh# VgZ^cXgZVh^c\an[dXjh^c\dci]ZZck^gdcbZciVaan[g^ZcYancVijgZd[djgdeZgVi^dchVcY!VhVXdbeVcn!VgZ egd\gZhh^kZanejghj^c\\gZZc^c^i^Vi^kZh# VgZ^beaZbZci^c\X]Vc\ZhidWjh^cZhhegdXZhhZh!XjaijgZ!hnhiZbhVcYaVWdjggZaVi^dchl^i]^cdjg GZ[jgW^h]bZci9^k^h^dc#GZ[jgW^h]bZci^hWZ^c\jhZYVhVc^cXjWVidg!l]ZgZlZXVc^cigdYjXZ!iZhiVcY bVcV\Zi]ZX]Vc\ZhdcVhbVaaZghXVaZ!WZ[dgZgdaa^c\i]Zbdjiidi]ZZci^gZ8dbeVcn# VgZ[dXjh^c\dcXdgedgViZhigjXijgZVcYegdXZhh^begdkZbZcihi]gdj\]djii]Zdg\Vc^oVi^dc# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi ' DjgZ[[dgihideaVc[dgi]ZhjhiV^cVW^a^ind[i]Z8dbeVcn]VkZWZXdbZ^cXgZVh^c\an^bedgiVci!\^kZci]Z X]VaaZc\^c\ZXdcdb^XaVcYhXVeZ^cl]^X]lZdeZgViZ/i]Zb^c^c\VcY[dgZhignhZXidgh!l]^X]Yg^kZdjggV^a [gZ^\]iWjh^cZhh!]VkZhj[[ZgZY0igVkZaVcYidjg^hbheZcY^c\]VkZYZXa^cZY^ci]Z[VXZd[i]ZgZXZhh^dc#LZ ]VkZldg`ZYidd[[hZii]Z^beVXidcgZkZcjZhWn^cXgZVh^c\Z[ÒX^ZcX^ZhVcYgZYjX^c\ZmeZchZh# DciVg^dCdgi]aVcY^cXjggZYVadhhd['*#-b^aa^dc[dgi]ZnZVg!&,#,b^aa^dcd[l]^X]gZaViZYidcdc"deZgVi^dcVa ZmeZchZh#LZXdci^cjZidldg`id^begdkZdjgÒcVcX^Vadjiadd`l]^aZVii]ZhVbZi^bZ!gZXd\c^o^c\djgYjVa bVcYViZVcYi]ZkVajVWaZZXdcdb^XVcYhdX^Va^beVXid[djgdg\Vc^oVi^dc^ci]ZgZ\^dc# LZWZa^ZkZ^cdjggdaZVcY^bedgiVcXZ^ci]ZgZ\^dcVcYgZbV^cXdbb^iiZYiddjgk^h^dcd[Æ8dccZXiZY Xdbbjc^i^Zh0VegdheZgdjhCdgi]#Ç H^cXZgZan! IZY=Vg\gZVkZh 8]V^g 8dbeVcnDkZgk^Zl ( I]ZDciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc DciVg^dCdgi]aVcY !Vc6\ZcXnd[i]ZEgdk^cXZd[DciVg^d! lVhZhiVWa^h]ZY^c&.%'VcY^hVgZXd\c^oZYaZVYZg^cegdbdi^c\hjhiV^cVWaZZXdcdb^X\gdli]WnZhiVWa^h]^c\ VcYdeZgVi^c\igVchedgiVi^dcVcYiZaZXdbbjc^XVi^dca^c`hi]gdj\]djiCdgi]ZgcDciVg^d# DjgK^h^dc 8dccZXiZYXdbbjc^i^Zh06egdheZgdjhCdgi]# DciVg^dCdgi]aVcY]VhVcZhi^bViZY LZ]VkZX]dhZci]Zk^h^dchiViZbZci/Æ8dccZXiZYXdbbjc^i^Zh0 idiVaZXdcdb^X^beVXid['%.#) VegdheZgdjhCdgi]Ç!Vh^ihjbbVg^oZhl]ViDciVg^dCdgi]aVcY b^aa^dc^cCdgi]ZVhiZgcDciVg^d#I]^h YdZhVcYi]ZgZVhdc[dg^ihZm^hiZcXZ#LZXdccZXii]ZXdbbjc^i^Zh ^cXajYZhi]ZY^gZXiZ[[ZXihd[DciVg^d lZhZgkZ^cbVcnlVnhVcY!i]gdj\]i]ZhZZ[[dgih!lZZbedlZg Cdgi]aVcYhdeZgVi^dch!i]Zhe^c"d[[ i]ZeZdeaZd[i]ZCdgi]id^begdkZi]ZfjVa^ind[i]Z^ga^kZh Z[[ZXihdcWjh^cZhhZhegdk^Y^c\\ddYh VcY^cXgZVhZi]ZegdheZg^ind[i]ZgZ\^dc#I]ZgdaZlZeaVn^hVh VcYhZgk^XZhidDciVg^dCdgi]aVcY!Vh ^bedgiVcicdl!VcY^cidi]Z[dgZhZZVWaZ[jijgZ!Vh^i]VhZkZgWZZc# lZaaVhi]ZZ[[ZXihd[gZ"heZcY^c\d[ ZbeadnZZlV\ZhVcYhVaVg^Zh#>cdi]Zg DjgB^hh^dc ldgYh!DciVg^dCdgi]aVcYVcYi]Z ZXdcdb^XVXi^k^in^ihi^bjaViZhVXXdjci LZl^aaVX]^ZkZdjgk^h^dcd[XdccZXiZYXdbbjc^i^ZhVcYV [dg'%.#)b^aa^dcd[i]Z<9E[dgi]Z egdheZgdjhCdgi]WneVgicZg^c\l^i]i]ZEgdk^cXZ!Xdbbjc^i^Zh! gZ\^dc#6XgdhhDciVg^d!lZVXXdjci[dg VcYWjh^cZhhidYZa^kZgV]^\]hiVcYVgYd[hV[Z!gZa^VWaZ!VcY (.+#'b^aa^dcd[Wjh^cZhhgZkZcjZVcY Zck^gdcbZciVaan"gZhedch^WaZigVchedgiVi^dcVcYiZaZXdbbjc^XVi^dc '&-#.b^aa^dcd[<9E# hZgk^XZh#L^i]djgYZY^XViZYVcYh`^aaZYldg`[dgXZ!lZl^aaYZa^kZg dcdjgbVcYViZVcYegdk^cX^VaXdbb^ibZciidXgZViZkVajZ i]gdj\]ZXdcdb^XYZkZadebZci!ÒcVcX^VagZijgc!VcYhjeZg^dghZgk^XZ# DjgKVajZh 8jhidbZg;dXjhEdh^i^kZIZVb$Ldg`:ck^gdcbZci HV[Zin8dci^cjdjhAZVgc^c\ >ccdkVi^dc 7nX]ddh^c\ida^kZi]ZhZkVajZh!DciVg^dCdgi]aVcYZbeadnZZhh]VgZVXXdjciVW^a^in[dg]Zae^c\idXdccZXi Xdbbjc^i^ZhVcYWj^aYVegdheZgdjhCdgi]# DjgHZgk^XZh DciVg^dCdgi]aVcYÉh^beVXidc<9E^h =ZVYfjVgiZgZY^cCdgi]7VnVcYdeZgVi^c\eg^bVg^an^c YgVbVi^X^cXdbeVg^hdcidi]Vid[di]Zg Cdgi]ZVhiZgcDciVg^d!DciVg^dCdgi]aVcYÉhcdc"XdbbZgX^Va ^cYjhig^Zh/^i]Vhi]ZhVbZÒcVcX^Va egdk^cX^Vaan"bVcYViZYVcYhjWh^Y^oZY hZgk^XZh^cXajYZ/ Z[[ZXidci]Z<9Ed[Cdgi]ZVhiZgc DciVg^dVhVaad[idjg^hbXdbW^cZYVcY I]ZCdgi]aVcYZg eVhhZc\ZgigV^chZgk^XZWZilZZc8dX]gVcZ dkZg]Va[VhbjX]Vh[dgZhign VcYIdgdcid 0 VcYad\\^c\# I]ZEdaVg7ZVg:megZhh eVhhZc\ZgigV^chZgk^XZWZilZZc 8dX]gVcZVcYBddhdcZZ!l^i]idjg^hiZmXjgh^dceVX`V\Zhd[[ZgZY Yjg^c\i]ZhjbbZgbdci]h 0 GV^a[gZ^\]ihZgk^XZhWZilZZc8dX]gVcZVcYBddhdcZZ0VcY ;dgZkZgnYdaaVgd[Y^gZXigZkZcjZ I]ZBddhdcZZ[Zggn [gZ^\]iigVchedgiVi^dcWZilZZcBddhdcZZ egdYjXZYWnDciVg^dCdgi]aVcY!i]Z VcYi]Z^haVcYd[BddhZ;VXidgn # kVajZidi]ZEgdk^cXZd[DciVg^dVhV Wjh^cZhhdjiejibjai^ea^Zg^h'#&&dkZg 'i^bZhi]ZkVajZd[&#%%d[gZkZcjZ# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi Attawapiskat Kaschechewan Fort Albany Moose Factory Moosonee Quebec Ontario Geraldton Calstock Hearst Kapuskasing Agrium KPO Cochrane Marathon Timmins Thunder Bay Rouyn-Noranda Wawa Kirkland Lake/Swastika Englehart Chapleau Temiskaming Shores (Haileybury, New Liskeard) Sherman MineCobalt Marten River Temagami Temiscaming QC Sault Sudbury Ste. Marie x North Bay Espanola Little Parry Current Sound Ottawa Huntsville Barrie Legend/Légende Région desservie par Ontera Autocars Polar Bear Express Navette du Polar Bear Express Train Northlander Navette du Northlander Train Dream Catcher Express Transport ferroviaire des march x Services de remise à neuf 8dbeVcnDkZgk^Zl * 8dbbZgX^Va cdc"hjWh^Y^oZY hZgk^XZh^cXajYZ/ DciZgViZaZXdbbjc^XVi^dchhZgk^XZh0 GV^a[gZ^\]ihZgk^XZh0 GZ[jgW^h]bZcihZgk^XZh0 HX]ZYjaZYVcYX]VgiZgbdidgXdVX]hZgk^XZhVcY7jhEVgXZa:megZhh0VcY I]Z9gZVb8ViX]Zg:megZhh [VaaZmXjgh^dcigV^cigVkZaa^c\WZilZZcCdgi]7VnVcYIZbV\Vb^ # ;dgZVX]_dWViDciVg^dCdgi]aVcY!i]ZgZ^hVcdi]Zg_dWhdbZl]ZgZ^cCdgi]ZVhiZgcDciVg^di]ViZm^hih WZXVjhZd[^ihWjh^cZhhegZhZcXZ^ci]ZgZ\^dc#'!&)%_dWh^cCdgi]ZVhiZgcDciVg^dVgZViig^WjiVWaZidi]Z dg\Vc^oVi^dc#Djg^beVXi\dZhWZndcYdjgdeZgVi^c\VgZV!VhlZXdcig^WjiZ'!,)-_dWh^ci]ZEgdk^cXZd[ DciVg^d &!%+%Y^gZXi_dWh!+)&^cY^gZXi_dWh!VcY&!%),^cYjXZY_dWh # Djg:beadnZZh Djg8dbeVcnWdVhihbdgZi]Vc&!%%%ZbeadnZZh!l]da^kZVcYldg`^cCdgi]ZgcDciVg^dVcY Cdgi]lZhiZgcFjZWZX# DciVg^dCdgi]aVcYXdcig^WjiZhVWdji%#.idi]ZZci^gZZbeadnbZci^cCdgi]ZVhiZgcDciVg^dVcY^hVaVg\Z ZbeadnZg^cbVcnd[i]ZgZ\^dcÉhXdbbjc^i^ZhÄ[dg^chiVcXZ!'#(d[i]ZaVWdjg[dgXZ^cCdgi]7Vn!*#*^c 8dX]gVcZVcY&)#.^c:c\aZ]Vgi#DciVg^dCdgi]aVcYÉhXdcig^Wji^dcidi]ZidiVa^cXdbZ^ci]ZXdbbjc^i^Zh ^cl]^X]^i]VhZbeadnZZhgVc\Zh[gdb'#(^c@^g`aVcYAV`Zid*#*^cCdgi]7Vn!&&#*^c8dX]gVcZVcY )-#)^c:c\aZ]Vgi# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 8dgedgViZ DciVg^dCdgi]aVcY^hVcV\ZcXnd[i]Z DciVg^dCdgi]aVcYdeZgViZhjcYZgi]ZDciVg^dCdgi]aVcY I]Z8dbeVcnhig^kZhid[jgi]ZgZmeVcY IgVchedgiVi^dc8dbb^hh^dc6XiVcYi]ZB^c^hiZgd[Cdgi]Zgc hZgk^XZhidjcYZghZgk^XZYVcYgZbdiZVgZVh 9ZkZadebZci!B^cZhVcY;dgZhign^hgZhedch^WaZ[dg hdVhid^begdkZi]ZaZkZad[hZgk^XZVcY VYb^c^higVi^dcd[i]Z6Xi#I]Z6XilVhZhiVWa^h]ZY^c&.%'! gZhedcYidXjhidbZgcZZYh# VcYlVhbdhigZXZciangZk^hZY^c'%%+# DciVg^dCdgi]aVcY^hVahd\dkZgcZYWnVBZbdgVcYjbd[JcYZghiVcY^c\ BDJ i]VilVhbdhigZXZcian jeYViZY^c'%%,#I]ZejgedhZd[i]^hBDJ^hidhZii]ZVXXdjciVW^a^ingZaVi^dch]^eWZilZZci]ZDciVg^d Cdgi]aVcYIgVchedgiVi^dc8dbb^hh^dcVcYi]ZB^c^hignd[Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhign BC9B; # HeZX^ÒXVaan!i]ZgZhedch^W^a^i^Zhd[i]ZB^c^hiZg!9ZejinB^c^hiZg!8]V^gd[i]ZDciVg^dCdgi]aVcYIgVchedgiVi^dc 8dbb^hh^dc!i]Z7dVgY!VcYi]Z8:DVgZdjia^cZYl^i]^ci]ZBDJ# DjgBVcYViZ DjgbVcYViZ^hidegdk^YZZ[ÒX^ZciigVchedgiVi^dcVcY DciVg^dCdgi]aVcYXdcig^WjiZhVWdji&#% iZaZXdbbjc^XVi^dchhZgk^XZh^cCdgi]ZgcDciVg^dVhY^gZXiZY idi]ZZci^gZZXdcdbnd[Cdgi]ZVhiZgc Wni]Z I]Z8dbb^hh^dc!^cijgc!gZedgihidi]ZB^c^hignd[Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhignVcY^ihB^c^hiZg! l]dVgZgZhedch^WaZ[dgdkZghZZ^c\i]Z8dbeVcndcWZ]Va[d[i]ZEgdk^cXZd[DciVg^d# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi - 8dbb^hh^dcBZbWZgh8]V^g IZY=Vg\gZVkZh!Cdgi]7Vn 6eg^a',!'%%)id6eg^a'+!'%%,06eg^a'&!'%%,id6eg^a'%!'%%.06eg^a'&!'%%.id 6eg^a'%!'%&% Bg#=Vg\gZVkZh^hi]ZDciVg^dAV`ZaVcYGZ\^dcVaBVcV\^c\EVgicZgl^i]79D9jclddYnAAE#>c VYY^i^dc!]Z^h;^cVcXZ8]V^g[dgi]ZEgd8Vi]ZYgVaEVg^h]VhlZaaVh;djcY^c\IgZVhjgZg[dgi]Z Cdgi]7VnHdje@^iX]Zc#=Z^hVahdVBZbWZgd[8VbeV^\c8VW^cZiVcY8d"8]V^gd[i]ZHeZX^Va GZfjZhi=dhe^iVa;jcYgV^h^c\8dbb^iiZZ[dgi]ZCdgi]7Vn 8dbb^hh^dcZgh 8Vghdc;dj\gZ!Cdgi]7Vn ?jan*!'%%)id?jan)!'%%,0?jan*!'%%,id?jan)!'%&% Bg#;dj\gZ^hi]ZgZi^gZY8]^Z[HjeZg^ciZcYZci"GZ\^dcVa8dbbVcYZg[dgi]ZDciVg^d Egdk^cX^VaEda^XZ"Cdgi]ZVhiGZ\^dc=ZVYfjVgiZgh^cCdgi]7Vn#=Z^h^ckdakZYl^i]i]Z6^g 8VYZiAZV\jZd[8VcVYVVh9^gZXidg"DciVg^dEgdk^cX^Va8dbb^iiZZ!VcY^hi]Z9^gZXidgd[ i]ZCdgi]ZgcDciVg^d BVi]^aYZ BVg\VgZi=V\jZ!Heg^c\7Vn ?jan*!'%%)id?jan)!'%%,0?jan*!'%%,id?jan)!'%&% Bh#=V\jZ]VhiVj\]i^chX]ddah^cDciVg^d! GVcYn@VeVh]Zh^i!BddhZ;VXidgn CdkZbWZg(!'%%)idCdkZbWZg'!'%%,0CdkZbWZg(!'%%,idCdkZbWZg'!'%%-0 CdkZbWZg(!'%%-idCdkZbWZg'!'%&% Bg#@VeVh]Zh^i]VhWZZc8]^Z[d[i]ZBd8gZZWZX8djcX^ad[i]Z8gZZCVi^dch^cXZ&.-,# Bg#@VeVh]Zh^i]Vh]ZaYedh^i^dchVh8ddgY^cVidgd[i]Z8gZZK^aaV\Z:XdadY\Z!Egd\gVb 8ddgY^cVidgd[i]ZFjZZcÉhJc^kZgh^inLZZcZZWVn`dEgd\gVb!VcY8dchjaiVcid[i]ZIgVY^i^dcVa BZY^X^cZHijYnVii]ZLZZcZZWVn`d ?ZVc"E^ZggZDjZaaZiiZ!8dX]gVcZ DXidWZg&!'%%-idHZeiZbWZg(%!'%&& Bg#DjZaaZiiZ^hi]Z8]^Z[6Yb^c^higVi^kZD[ÒXZgVcY8aZg`[dgi]ZIdlcd[8dX]gVcZVcYhiVgiZY ]^hXVgZZg^cbjc^X^eVa\dkZgcbZciVhV8djcX^aadg[dgi]Z[dgbZgIdlch]^ed[ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi &% 9Vk^YEadjgYZ!@Vejh`Vh^c\ ?jan*!'%%)id?jan)!'%%,0?jan*!'%%,id?jan)!'%&% Bg#EadjgYZ^hVhZa["ZbeadnZYdlcZg$deZgVidgd[Vcje]dahiZgn![jgc^ijgZgZeV^gVcYbVg^cZ [VWg^XVi^c\Wjh^cZhh#=Z]VhhZgkZYdci]Z@Vejh`Vh^c\8djcX^a[dgi]ZaVhi[djgiZZcnZVgh VcYXjggZcian]daYhi]Zedh^i^dcd[8]V^gd[i]ZGZXgZVi^dcVcY8jaijgZHiVcY^c\8dbb^iiZZ VcY^hVbZbWZgd[i]ZEjWa^XLdg`hHiVcY^c\8dbb^iiZZ#=Z^hVahd8]V^gd[i]Z@Vejh`Vh^c\ 8^i^oZchGZXgZVi^dc8dbb^iiZZ!7ZVji^ÒXVi^dc8dbb^iiZZ!8dX]gVcZ9^hig^XiHdX^VaHZgk^XZh 6Yb^c^higVi^dc7dVgY=djh^c\6ji]dg^in!@Vejh`Vh^c\"BddcWZVbAVcYÒaaH^iZBVcV\ZbZci7dVgY!@Vejh`Vh^c\ EjWa^XA^WgVgn7dVgY!A^WgVgnVcYEjWa^XLdg`h8dchigjXi^dc8dbb^iiZZh#Bg#EadjgYZ^hVahdEgZh^YZcid[i]Z 6\g^jb666;anZghb^Y\Zi]dX`ZnXajWVcYK^XZ8]V^gd[i]ZCdgi]Zgc8dgg^Ydg8]^aYgZcÉh;djcYVi^dc#>c VYY^i^dc!]Z]VhhZgkZYVhegZh^YZciVcY[djcY^c\bZbWZg[dghZkZgVadi]Zgdg\Vc^oVi^dch#Bg#EadjgYZ^h XjggZcian8]V^gd[i]Z8dbb^hh^dcÉh6jY^iVcY;^cVcXZ8dbb^iiZZVcYVcVXi^kZbZbWZgd[i]Z:mZXji^kZVcY 9dcVkdcEdgiZg!=V^aZnWjgn 6j\jhi&&!'%%)id6j\jhi&%!'%%,06j\jhi&&!'%%,id6j\jhi&%!'%&% Bg#EdgiZg^hVgZi^gZYEg^cX^eVa[gdbi]Z9^hig^XiHX]dda7dVgYDciVg^dCdgi]:Vhi#Eg^dgid gZi^gZbZci!]ZlVhEg^cX^eVad[8dWVaiEjWa^XHX]dda#=Z]VhegZk^djhanhZgkZYVhEg^cX^eVaVi IZbV\Vb^EjWa^XHX]dda!K^XZ"Eg^cX^eVaViCZlA^h`ZVgYEjWa^XHX]ddaVcYiVj\]iVkVg^Zin d[\gVYZhVcYheZX^VaVhh^\cbZcihVihX]ddah^ci]Zhdji]ZgcgZ\^dcd[i]Z7dVgY#=Z^hV bZbWZgd[i]ZDciVg^dEg^cX^eVahÉ8djcX^aVcY]VhhZgkZYdc^ihadXVaZmZXji^kZ!^hVbZbWZg d[i]ZDciVg^d8daaZ\Zd[iZVX]ZghVcY]VhWZZcVbZbWZgd[i]ZDciVg^dEjWa^XHX]ddaIZVX]ZghÉ;ZYZgVi^dc VcY:aZbZciVgnIZVX]ZghÉ;ZYZgVi^dcd[DciVg^d#=Z^hVcVk^YdjiYddgZci]jh^VhiVcYÒh]ZgbVcl]dkdajciZZgh Vii]ZadXVabjhZjbVcYWn]Zae^c\hZc^dghhdakZXdbejiZghd[ilVgZegdWaZbhVcYiZVX]^c\cZlXdbejiZg Veea^XVi^dch#Bg#EdgiZg^hVcVXi^kZbZbWZgd[i]Z8dbb^hh^dcÉh=jbVcGZhdjgXZh$HV[Zin!=ZVai]VcY :ck^gdcbZciVa6[[V^gh8dbb^iiZZVcYEZch^dc8dbb^iiZZ# AVYH]VWV!@^g`aVcYAV`Z ?jan*!'%%)id?jan)!'%%,0?jan*!'%%,id?jan)!'%&% Bg#H]VWV^hVegd[Zhhdgd[8^k^a:c\^cZZg^c\IZX]cdad\nViCdgi]Zgc8daaZ\Z^cI^bb^ch#=Z ^hVahdi]ZXddgY^cVidgd[8^k^a8dchigjXi^dcBVcV\ZbZciVcY7j^aY^c\>cheZXi^dcegd\gVbh Vii]Z8daaZ\Z#Bg#H]VWVhZgkZY[dgh^mnZVghVhV[VXjaingZegZhZciVi^kZdcCdgi]Zgc8daaZ\Z 7dVgYd[ 8dbb^hh^dc8dbb^iiZZh I]Z8dbb^hh^dc]Vh[djghiVcY^c\Xdbb^iiZZh/ 6jY^iVcY;^cVcXZ8dbb^iiZZ I]Z6jY^iVcY;^cVcXZ8dbb^iiZZ^hgZhedch^WaZ[dgZchjg^c\i]ViVeegdeg^ViZXdcigdahVcYVXXdjciVW^a^i^Zh Zm^hil^i]^ci]Z8dbb^hh^dcl^i]gZheZXiidVjY^i!ÒcVcXZVcYVgZVhd[bViZg^Vag^h`# 8]V^g/9Vk^YEadjgYZ BZbWZgh/IZY=Vg\gZVkZh!?ZVc"E^ZggZDjZaaZiiZ!AVYH]VWV :mZXji^kZVcY =jbVcGZhdjgXZh$HV[Zin!=ZVai]VcY:ck^gdcbZciVa6[[V^gh8dbb^iiZZ I]Z=jbVcGZhdjgXZh$HV[Zin!=ZVai]VcY:ck^gdcbZciVa6[[V^gh8dbb^iiZZ^hgZhedch^WaZ[dgegdk^Y^c\ eda^XnVhh^hiVcXZVcYbV`^c\gZXdbbZcYVi^dch!dcWZ]Va[d[i]Z8dbb^hh^dc!dcbViiZghgZaVi^c\id]jbVc gZhdjgXZh!hV[Zin!]ZVai]VcYZck^gdcbZciVaV[[V^gh# 8]V^g/BVg\VgZi=V\jZ BZbWZgh/GVcYn@VeVh]Zh^i!9Vk^YEadjgYZ!9dcVkdcEdgiZg EZch^dc8dbb^iiZZ I]ZEZch^dc8dbb^iiZZ]Vhi]ZVji]dg^inid\dkZgc!bVcV\ZVcYdeZgViZ!dcWZ]Va[d[i]Z8dbb^hh^dc!i]Z 8dcig^WjidgnEZch^dcEaVcd[i]ZDciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dcVcYVcnVhhdX^ViZYVhhZih# 8]V^g/8Vghdc;dj\gZ BZbWZgh/BVi]^aYZ7Vo^cZi!?ZVc"E^ZggZDjZaaZiiZ!9dcVkdcEdgiZg Eg^cX^eVaD[ÒXZgh HiZkZ8Vgb^X]VZaÄEgZh^YZciVcY8]^Z[:mZXji^kZD[ÒXZg EVja '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi ;^cVcXZVcY6Yb^c^higVi^dc I]Z8dgedgViZHZgk^XZh9^k^h^dcVcYi]ZD[ÒXZd[i]Z8]^Z[DeZgVi^c\D[ÒXZgegdk^YZXZcigVa^oZYÒcVcXZVcY VYb^c^higVi^dchZgk^XZhVcYhjeedgiidi]Z8dbeVcn# 8dgedgViZHZgk^XZh DciVg^dCdgi]aVcYZbeadnZZhVcY I]Z8dgedgViZHZgk^XZh9^k^h^dc^hXdbeg^hZYd[i]Z[daadl^c\ eZch^dcZgh!Vadc\l^i]i]Z^g[Vb^a^Zh! 9ZeVgibZcih/ Xdcig^WjiZidi]Zk^WgVcXnd[Cdgi]ZVhiZgc I]Z:mZXji^kZD[ÒXZ DciVg^di]gdj\]i]Z^gh^\c^ÒXVci kdajciZZg^hbVcYeVgi^X^eVi^dc^c 8dbbjc^XVi^dch BVg`Zi^c\VcYEjWa^XGZaVi^dch Xdbbjc^indg\Vc^oVi^dch!VXi^k^i^ZhVcY ZkZcih#:beadnZZhgZedgiZYkdajciZZg^c\! ;^cVcXZ dcVkZgV\Z!&%+]djgheZgnZVg!l]^aZ AZ\Va eZch^dcZghgZedgiZYVcVkZgV\Zd[&'- ]djgheZgnZVg# D[ÒXZd[i]Z8]^Z[DeZgVi^c\D[ÒXZg I]ZD[ÒXZd[i]Z8]^Z[DeZgVi^c\D[ÒXZg 8DD lVhZhiVWa^h]ZY^c'%%-VhVbZVchidegdk^YZVbdgZ Xdchda^YViZYVcYg^\dgdjh[dXjhdcdg\Vc^oVi^dcVaZ[[ZXi^kZcZhhVXgdhhDciVg^dCdgi]aVcYÉhdeZgVi^c\Y^k^h^dch# I]ZY^k^h^dc]VhiV`ZcdcVYjVa[jcXi^dcVa^in^ci]Vi^iZcXdbeVhhZhWdi]deZgVi^dcVaZ[[ZXi^kZcZhhVhlZaaVh hdbZd[DciVg^dCdgi]aVcYÉhWVX`d[ÒXZhjeedgiYZeVgibZcih# I]ZD[ÒXZd[i]Z8DD^hXdbeg^hZYd[i]Z[daadl^c\YZeVgibZcih/ ;VX^a^i^ZhBVcV\ZbZci =jbVcGZhdjgXZh >c[dgbVi^dcIZX]cdad\n EaVcc^c\VcYG^h`BVcV\ZbZci 6XXdbea^h]bZcih Adc\IZgbHjhiV^cVW^a^inEaVc GZedgi^c\idi]ZEgZh^YZciVcY8:D!dcZd[i]ZÒghijcYZgiV`^c\hd[i]Z8DDlVhidaZVYi]ZYZkZadebZci d[i]ZAdc\IZgbHjhiV^cVW^a^inEaVc AIHE #GZfjZhiZYWnBC9B;!i]ZeaVcdjia^cZhVhhZigZcZlVaXdhih WVhZYdchiVijhfjdWjh^cZhhdeZgVi^dchdkZgV&*nZVgeZg^dYXdbbZcX^c\^c'%%.# I]ZAIHEVahdYZhXg^WZYi]ZcZZY[dg^bedgiVciX]Vc\Zhl^i]^cDciVg^dCdgi]aVcY!VcYdjia^cZYeaVch[dg Vc^begdkZYdg\Vc^oVi^dcVahigjXijgZ!VhlZaaVh[dgji^a^o^c\i]ZGZ[jgW^h]bZci9^k^h^dcVhVc^cXjWVidg[dg bVcnd[i]ZegdXZhhVcYhnhiZbh^begdkZbZcihi]ViVgZgZfj^gZYid^begdkZdeZgVi^dcVaZ[[ZXi^kZcZhh# GZ[jgW^h]bZcilVhX]dhZcWZXVjhZd[^ihgZaVi^kZanhbVaah^oZ &%%eZdeaZ VcYWZXVjhZd[i]ZcZZYid ^begdkZldg`egdXZhhZhVcYegdÒiVW^a^in^cegZeVgVi^dc[dgi]ZcZmi 6[dgbVaX]Vc\ZbVcV\ZbZcieaVclVhYZkZadeZYVcY^cigdYjXZY^c'%%.id[VX^a^iViZi]Z^beaZbZciVi^dc d[aZVcbVcj[VXijg^c\!VegdXZhh^begdkZbZcibZi]dYdad\nYZh^\cZYid^cXgZVhZi]gdj\]ejiVcY Za^b^cViZlVhiZ^cbVcj[VXijg^c\VcYegdYjXi^dc#6GZ[jgW^h]bZciIgVch[dgbVi^dc8dbb^iiZZXdch^hi^c\ d[aVWdjgVcYbVcV\ZbZcilVhZhiVWa^h]ZYid\j^YZi]ZZ[[dgi!jcYZgi]ZY^gZXi^dcd[DciZgVÉhegd_ZXi bVcV\ZbZcid[ÒXZ EBD #6i]^gYeVginXdchjaiVci!9Zad^iiZ!lVhZc\V\ZYidVhh^hi^ci]Z^beaZbZciVi^dc '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi &) l]^X]ZVgan^cY^XVidghhj\\ZhiidWZVkZgnhjXXZhh[jaWZ\^cc^c\idV`ZnXdbedcZci^cDciVg^dCdgi]aVcYÉh igVch[dgbVi^dc# EVgicZgh]^el^i]Bjh]`Z\dlj`8djcX^a I]ZBjh]`Z\dlj`8djcX^aVcYDciVg^dCdgi]aVcY]VkZXgV[iZYVcYVeegdkZY[dgbVaiZgbhd[gZ[ZgZcXZ [dgVadc\iZgbeaVcc^c\eVgicZgh]^e#I]ZeVgicZg^c\l^aaXdch^YZgVkVg^Zind[_d^ci^c^i^Vi^kZhi]ViXdjaY ediZci^VaanWZcZÒiWdi]eVgi^ZhVcYegZhZcihigdc\ZXdcdb^XYZkZadebZciVcYhdX^Va^beVXideedgijc^i^Zh [dgi]Z[VgCdgi]hjX]Vh/ZbeadnbZci0hZgk^XZ^begdkZbZci0ediZci^Vadeedgijc^i^ZhVcYYZkZadebZcid[V YZZelViZgedgi[VX^a^in^ci]Zk^X^c^ind[BddhdcZZ0idjg^hb0VcYigVchedgiVi^dc^c[gVhigjXijgZ# :Xdcdb^XVcYHdX^Va>beVXiHijYn DciVg^dCdgi]aVcYZc\V\ZY=9G8dgedgVi^dc!^cVhhdX^Vi^dcl^i]9g#7V`]i^VgBdVooVb^!idXdcYjXiVc :Xdcdb^XVcYHdX^Va>beVXiHijYn^cdgYZgidfjVci^iVi^kZanVcYfjVa^iVi^kZanVhhZhhi]Z8dbeVcnÉhdkZgVaa ^beVXi^ci]ZXdbbjc^i^Zh^ihZgkZhl^i]^cDciVg^d#I]ZejgedhZd[i]^hhijYnlVhidegdk^YZhiV`Z]daYZgh l^i]VXgZY^WaZZkVajVi^dcd[DciVg^dCdgi]aVcYÉh^beVXi^c^ihXdbbjc^i^Zh^cdgYZgidgZ^c[dgXZ^ih ^bedgiVcigdaZ^cCdgi]ZgcDciVg^dVcYi]ZbVcnWZcZÒih^iWg^c\hidi]ZgZ\^dc I]ZegZhZciZYgZhjaih!l]^X]VgZXdchZgkVi^kZ^ccVijgZ!^cY^XViZi]ViDciVg^dCdgi]aVcY]VhVcZhi^bViZY idiVaZXdcdb^X^beVXid['%.#)b^aa^dc^cCdgi]ZVhiZgcDciVg^dVcY'&-#.b^aa^dcd[<9E^cVaad[DciVg^d# DciVg^dCdgi]aVcYÉh^beVXidc<9E^hYgVbVi^X^cXdbeVg^hdcidi]Vid[di]Zg^cYjhig^Zh/^i]Vhi]ZhVbZ ÒcVcX^VaZ[[ZXidci]Z<9Ed[Cdgi]ZVhiZgcDciVg^dVhVaad[idjg^hbXdbW^cZYVcYdkZg]Va[VhbjX]Vh [dgZhignVcYad\\^c\# >cVYY^i^dc!i]ZgZ^hVhigdc\V\gZZbZci^cadXVaXdbbjc^i^Zhi]Vii]ZegZhZcXZd[DciVg^dCdgi]aVcY ^begdkZhi]ZfjVa^ind[a^[Z^cCdgi]ZVhiZgcDciVg^d#I]Z`Zn[VXidgh^cÓjZcX^c\i]^h^beVXi^cXajYZ/]^\] fjVa^inZbeadnbZciVcYVeegZci^XZh]^edeedgijc^i^Zh0eVhhZc\ZgigVchedgiVi^dchZgk^XZh0VcYegdk^h^dcd[ di]Zg]^\]fjVa^inVcYgZVhdcVWaneg^XZYhZgk^XZh# DciVg^dCdgi]aVcYZbeadnZZhVcYeZch^dcZgh!Vadc\l^i]i]Z^g[Vb^a^Zh!Xdcig^WjiZidi]Zk^WgVcXnd[ Cdgi]ZVhiZgcDciVg^di]gdj\]i]Z^gh^\c^ÒXVcikdajciZZg^hbVcYeVgi^X^eVi^dc^cXdbbjc^indg\Vc^oVi^dch! VXi^k^i^ZhVcYZkZcih# ;VX^a^i^ZhBVcV\ZbZci:[ÒX^ZcX^Zh :[[dgihidXZcigVa^oZ[VX^a^inbVcV\ZbZci]VkZgZhjaiZY^ci]ZXgZVi^dcd[h^\c^ÒXVciZmeZgi^hZiddkZghZZ [VX^a^inVhhZih!VhlZaaVh^cgZYjXZYZmeZchZhWn/ZcVWa^c\ZXdcdb^Zhd[hXVaZ0gZYjX^c\VYb^c^higVi^dc VcYegdXZhh^c\Xdhih0VcY[VX^a^iVi^c\i]ZiZcYZg^c\d[a^`Z"hZgk^XZh^cbjai^eaZadXVi^dch#I]^hXZcigVa^oVi^dc egdXZhh^hXdci^cj^c\VhlZldg`idVX]^ZkZ\gZViZgZ[ÒX^ZcX^Zh# :cZg\nBVcV\ZbZci LZ]VkZXdci^cjZYid[dXjhdci]Z^beaZbZciVi^dcd[ZcZg\nbVcV\ZbZcihdaji^dch[dgXg^i^XVahigjXijgZh# >c^i^Vi^kZhgZaViZYida^\]i^c\gZigdÒiVjY^ih!VHlV\ZadX`hiZVbji^a^oVi^dcVjY^id[Cdgi]7VnH]de8dbeaZm! VcYXg^i^XVahigjXijgZhZcZg\njhZVhhZhhbZcih]VkZ^YZci^ÒZYhjWhiVci^VahVk^c\h# =jbVcGZhdjgXZh >cXgZVhZYdkZgVaaVXXdjciVW^a^inVcYigVcheVgZcXn]VkZgZhjaiZY[gdbdjg[dXjhdc/VcZc]VcXZYaZVYZgh]^e bdYZa0igV^c^c\0VY]ZgZcXZideda^X^ZhVcYXdaaZXi^kZV\gZZbZcih0VcYXaZVgVcYXdch^hiZcieZg[dgbVcXZ ^cY^XVidgh#DeZcXdbbjc^XVi^dci]gdj\]djii]Zdg\Vc^oVi^dc^hWZ^c\[dhiZgZYi]gdj\]VbjijVaan gZheZXi[jaldg`^c\gZaVi^dch]^el^i]VaaJc^dcaZVYZgh# ;^cVcXZVcY6Yb^c^higVi^dc &* =ZVai]VcYHV[Zin Edh^i^kZdjiXdbZhlZgZgZVa^oZY^c]ZVai]VcY hV[ZinVhlZVX]^ZkZYV'-gZYjXi^dc^ci]Z cjbWZgd[adhi"i^bZ^c_jg^Zhl]ZcXdbeVgZYid i]ZegZk^djhnZVg#I]^hYgVbVi^X^begdkZbZci XVcWZViig^WjiZYidi]ZgZdg\Vc^oVi^dcd[ hdbZd[djgLdg`eaVXZ=ZVai]VcYHV[Zin 8dbb^iiZZh!VYY^i^dcVaigV^c^c\[dgdjg ldg`Zgh!hjeZgk^hdghVcYXdbb^iiZZbZbWZgh! VcYVgZcZlZY[dXjhdc]ZVai]VcYhV[Zin# I]ZhZVYkVcXZbZcih]ZaeZYjhidgZVX]djg ^c_jgn[gZfjZcXn\dVa!l]^X]lZVgZXdci^cjVaan hig^k^c\id[jgi]Zg^begdkZjedc# >c[dgbVi^dcIZX]cdad\n 6cZl^cigVcZih^iZlVhaVjcX]ZYi]^hnZVg! V^bZYViegdk^Y^c\ZbeadnZZhl^i]^begdkZY dca^cZVXXZhhidXdgedgViZ^c[dgbVi^dc#>c VYY^i^dc!ZbeadnZZheVgi^X^eViZY^cd[ÒXZ egdYjXi^k^inigV^c^c\gZaVi^c\iddjgZbV^aVcY XdaaVWdgVi^dceaVi[dgbh#LZVahdZmeVcYZY deZgVi^c\hjeedgihnhiZb^c[gVhigjXijgZidi]Z Zci^gZZciZgeg^hZ![dgVeea^XVi^dchhjX]Vh egdWaZbVcYldg`dgYZgbVcV\ZbZci# 8]VaaZc\Zh 8Vh];adl8dcXZgch DciVg^dCdgi]aVcYXdci^cjZYid[VXZh^\c^ÒXVciXVh]ÓdlX]VaaZc\Zh^c'%%."'%&%#6hVgZhjai!XVe^iVa heZcY^c\lVhgZhig^XiZY# 8dhiHVk^c\BZVhjgZh BVcnd[djggV^a[gZ^\]iXjhidbZghlZgZh^\c^ÒXVcianV[[ZXiZYWni]ZlZV`cZhh^cXdbbdY^inbVg`Zih Vhi]ZgZhjaid[i]Z\adWVaZXdcdb^XXg^h^h#6hVgZhjai!djggV^a[gZ^\]igZkZcjZh[Zaah]dgid[WjY\Zi#8dhi hVk^c\bZVhjgZhlZgZ^beaZbZciZYi]gdj\]djii]Zdg\Vc^oVi^dcidd[[hZii]ZgZYjXZYgZkZcjZhigZVb# >cXgZVhZY:[ÒX^ZcX^Zh LZXdci^cjZidhZVgX][dg^cXgZVhZYZ[ÒX^ZcX^Zhl^i]^cdjgdeZgVi^dchVcYVhlZaa!idegdk^YZhjeedgiiddjg deZgVi^c\Y^k^h^dch^ci]Z^gZ[[dgihidhZgk^XZi]ZcZZYhd[djgcdgi]ZgcXjhidbZgh# ;VX^a^i^ZhBVcV\ZbZci DkZgi]ZaVhinZVg!lZ]VkZ[dXjhZYdcjeYVi^c\djgXdgedgViZVhhZi [VX^a^i^Zh ^ckZcidgnVcY^YZci^[n^c\ XdggZhedcY^c\a^[Z"XnXaZXdhigZfj^gZbZcih^cdgYZgidVhhZhhVcYeg^dg^i^oZ^ckZhibZciYZX^h^dch#7j^aY^c\ ZckZadeZVcVanh^hVcY^ciZgcVa bZX]Vc^XVa!=K68!hZXjg^in!]ZVai]VcYhV[Zin!VcYÒc^h]Zh VjY^ih]VkZ ^YZci^ÒZYh^\c^ÒXVciXdhihVhhdX^ViZYl^i]bV^ciV^c^c\djgXg^i^XVahigjXijgZhdkZgi]ZcZmi&*nZVgh# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi DciZgV IZaZXdbbjc^XVi^dchHZgk^XZh DciZgVd[[ZghV[jaagVc\Zd[iZaZXdbbjc^XVi^dchhdaji^dch^cXajY^c\>ciZgcZi!adc\Y^hiVcXZ!kd^XZVcYYViV hZgk^XZh^cCdgi]ZgcDciVg^d# LZ]VkZgZ[dXjhZYdjgZ[[dgihdcZc\^cZZg^c\d[djgÒWgZdei^XcZildg`h^cdgYZgidegdk^YZgdWjhi!gZa^VWaZ iZaZXdbbjc^XVi^dch^c[gVhigjXijgZ[dgi]ZWZcZÒid[gZh^YZcih!Wjh^cZhhZh!ejWa^XhZXidgVcYXVgg^ZgXjhidbZgh^c i]ZCdgi]# 6XXdbea^h]bZcih (%!%%%Cdgi]ZgcDciVg^dIZaZXdbbjc^XVi^dch8jhidbZgh DciZgV^hXdchiVcianje\gVY^c\VcY ^cXdgedgVi^c\cZliZX]cdad\^Zh DciZgVegdk^YZhiZaZXdbbjc^XVi^dchhZgk^XZhVcYhdaji^dchid idZchjgZi]ViXjhidbZghVcY bdgZi]Vc(%!%%%gZh^YZci^Va!Wjh^cZhh!ejWa^XhZXidgVcYXVgg^Zg Wjh^cZhhZh^cCdgi]ZVhiZgc XjhidbZgh^cXdbbjc^i^Zhi]gdj\]djiCdgi]ZgcDciVg^d# DciVg^dXVcXdbeZiZdcVcZkZc Xdbbjc^XVi^dceaVn^c\ÒZaY >ckZhi^c\^c>c[gVhigjXijgZ l^i]XjhidbZghVcYWjh^cZhhZh DkZgi]ZaVhii]gZZnZVgh!lZ]VkZ[dXjhZYdjgYZh^\cVcY VgdjcYi]ZldgaY#;dg^chiVcXZ!i]Z ^chiVaaVi^dcVXi^k^i^ZhdcZmiZcY^c\djgXdgZÒWgZdei^XcZildg` 8dbeVcn]VhXdchigjXiZYV ^c[gVhigjXijgZVcYZhiVWa^h]^c\hjgk^kVWaZÒWgZdei^XcZildg` hiViZ"d["i]Z"VgiÒWgZdei^XcZildg` gdji^c\VcYZaZXigdc^Xh#I]ZhZ^ckZhibZcih^cXajYZi]ZXdchigjXi^dc g^c\l]^X]egdk^YZh^cXgZVhZY d[VÒWgZdei^XcZildg`Èg^c\ÉZcXdbeVhh^c\Cdgi]7Vn!I^bb^ch! gZa^VW^a^inVcYegdiZXihXg^i^XVa ;daZnZi!8]VeaZVjVcYHjYWjgn#I]^hg^c\d[[ZghXdgZcZildg` hZgk^XZh!hjX]Vh.&&![gdb[V^ajgZ hZgk^XZegdiZXi^dcidXjhidbZgh^cXdbbjc^i^Zhh^ijViZYVadc\ dgdjiV\Z# i]Zg^c\[gdbhZgk^XZdjiV\Zhi]VidXXjgVhVgZhjaid[ÒWgZ dei^XcZildg`XjihVcY[V^ajgZh#IgV[ÒX^h^chiVciangZ"gdjiZY^c i]Zdeedh^iZY^gZXi^dcd[V[V^ajgZl^i]djiegdigVXiZYhZgk^XZ^ciZggjei^dchidXjhidbZgh#I]^hg^c\l^aa WZXdccZXiZYjedcXdbeaZi^dcidVh^b^aVgg^c\^ci]Zhdji]i]ViXdccZXihDciZgVÉhcZildg`hidIdgdcid i]gdj\]Wdi]HjYWjgnVcYCdgi]7Vn# DciZgVÉhXdgZcZildg`^hWZ^c\[jgi]ZgZc]VcXZYidegdk^YZ[jaaXVgg^ZgXaVhh!fjVa^in"d["hZgk^XZXVeVW^a^i^Zh# I]ZhZZc]VcXZbZcihl^aaWZcZÒi[jijgZegd_ZXihVcYVaad[Cdgi]ZgcDciVg^dVhDciZgV^cXgZVh^c\an WZXdbZhi]ZY^\^iVa\ViZlVnidi]ZCdgi]# >cigdYjXi^dcd[9^\^iVaBdW^aZHZgk^XZ^cBddhdcZZVcYBddhZ;VXidgn LZVgZldg`^c\idXdckZgidjgBddhdcZZXZaajaVgh^iZ[gdbVcVad\idY^\^iVa =ZVai]8VgZVcYEjWa^XHZXidgHdaji^dch Ldg`^c\l^i]=nYgdDcZIZaZXdb!DciZgV]VhXdbeaZiZYXdccZXi^k^inidbdgZi]Vc,*]ZVai]XVgZegdk^YZg h^iZh^cCdgi]ZVhiZgcDciVg^dÉhAdXVa=ZVai]>ciZ\gVi^dcCZildg`&( A=>C&( #>cVYY^i^dc!lZVgZi]Z hZgk^XZegdk^YZgd[X]d^XZ[dghZkZgVabjc^X^eVa^i^Zh!gZ\^dcVahX]ddaWdVgYhVcYedhihZXdcYVgn^chi^iji^dch ^cCdgi]ZgcDciVg^d# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi &- 7gdVYWVcY6XXZhh :^\]iZZcCdgi]ZVhiZgcDciVg^dXdbbjc^i^Zhcdl]VkZ I]Z8dbeVcn]Vh^ckZhiZY^c VXXZhhid]^\]"heZZY>ciZgcZiVhVgZhjaid[VcZVgan ^c[gVhigjXijgZi]ViWg^c\h]^\]fjVa^in ,#&b^aa^dc^ckZhibZci^c^c[dgbVi^dcVcYXdbbjc^XVi^dc hZgk^XZidgZbdiZVgZVhi]VildjaYcdi iZX]cdad\n >8I ^c[gVhigjXijgZ^ci]ZgZ\^dc#C:DcZi i]Z di]Zgl^hZ]VkZWZZchZgk^XZYVcYVi Cdgi]ZVhiZgcDciVg^d8dbbjc^XVi^dchCZildg` dkZghVli]Z i]ZhVbZi^bZ!egdk^YZhXdbeZi^idgh egd_ZXi!^ckZhiZY^cWnWdi]i]ZCdgi]ZgcDciVg^d=Zg^iV\Z l^i]VXXZhhidDciZgVÉh^c[gVhigjXijgZ! ;jcY8dgedgVi^dc CD=;8 VcY;ZYCdg!l]^aZDciZgVlVh gZhjai^c\^c[jgi]ZgWZcZÒiidi]ZgZ\^dc# gZhedch^WaZ[dgi]ZVXijVa^beaZbZciVi^dcd[i]Zegd_ZXi# I]ZildnZVgegd_ZXilVhXdbeaZiZY^c;ZWgjVgn'%&%!VcY]^\]heZZY>ciZgcZiVXXZhh^hcdlVkV^aVWaZ^c/ i]ZIdlcd[AViX][dgY!Cdgi]B^acZ!IZbV\Vb^Cdgi]! Kd^XZHZgk^XZh DciZgV]Vh^beaZbZciZY>E"WVhZYhd[ihl^iX] IZaZXdbbjc^XVi^dch^c[gVhigjXijgZ iZaZXdbbjc^XVi^dchkd^XZhl^iX]^c\^c[gVhigjXijgZi]Vil^aa Zc]VcXZbZcih]VkZ^begdkZY]ZVai] ZcVWaZjhidd[[ZgadXVaiZaZe]dcZhZgk^XZhidgZh^YZci^Va! XVgZVXXZhh^ci]ZgZ\^dc#>ckZhibZcih Wjh^cZhhVcYdi]ZgXVgg^ZgbVg`Zih^cVigVY^i^dcVaX^gXj^i ]VkZZcVWaZYZaZXigdc^XVXXZhhidbZY^XVa hl^iX]ZY[Vh]^dcdgji^a^o^c\>E"WVhZY VXXZhhhZgk^XZh#I]^h egVXi^i^dcZghVcYheZX^Va^hih!Z[ÒX^Zci ^ckZhibZcil^aaVahdVaadljhidd[[ZgXjhidbZghVYkVcXZY h]Vg^c\d[ÒaZhVcYgZhdjgXZh!VcY]VkZ kd^XZhZgk^XZhl^i]^begdkZYfjVa^inVcYZ[ÒX^ZcXn!Vi ^begdkZYi^bZanVcYXdckZc^ZciVXXZhh XdbeZi^i^kZeg^XZh# iddkZgVaabZY^XVaXVgZ# @ZZlVni^cddaDa^bV`VcV` @"CZiHZgk^XZh @"CZiHZgk^XZhVcYDciZgV]VkZldg`ZYidZmeVcYcZildg`hZgk^XZh^cidbVcn;^ghiCVi^dcXdbbjc^i^Zh VcY]ZVai]XZciZgh#DjgeVgicZgh]^eXdci^cjZhid\gdlVhcZlh^iZhVgZVYYZY[dgIZaZ]ZVai]VcY>ciZgcZi VXXZhh# >ciZgcVaHigjXijgZVcYEgdXZhhZh LZ]VkZhigZc\i]ZcZY^ciZgcVahigjXijgZVcYegdXZhhZhVhlZXdci^cjVaan^begdkZdcWjh^cZhhdeZgVi^dch# Djg9^k^h^dcXdci^cjZhid[daadlbZi]dYdad\^ZhegZhXg^WZY^ci]ZEgd_ZXiBVcV\ZbZci7dYnd[@cdlaZY\Z EB7d@ [dgVaaaVg\Zegd_ZXihl]Zi]ZgZchj^c\[gdb^ciZgcVacZildg`^begdkZbZcihdgVhVgZhjaid[ XjhidbZg"Yg^kZcegd_ZXih# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi DciZgV IZaZXdbbjc^XVi^dchHZgk^XZh '% 8]VaaZc\Zh 6\Z^c\>c[gVhigjXijgZ IZaZXdbbjc^XVi^dchXdccZXi^k^in I]ZiZaZXdbbjc^XVi^dch^cYjhign^hfj^X`anZkdak^c\VcY ZcVWaZhhijYZcihi]gdj\]djii]Z cZliZX]cdad\^ZhVgZZbZg\^c\ZkZgnYVn#BjX]d[DciZgVÉh Cdgi]idVXXZhhgZhdjgXZh ^#Z#dca^cZ ^c[gVhigjXijgZ!eVgi^XjaVganVh^igZaViZhidWj^aY^c\^begdkZbZcih! a^WgVg^Zh!>ciZgcZi!Y^hXjhh^dc\gdjeh ! adXVaZmX]Vc\ZXVWaZ[VX^a^i^ZhVcYdg^\^cVaÒWgZdei^XgdjiZh VcYeVgi^X^eViZ^cY^hiVcXZZYjXVi^dc WZilZZcCdgi]7VnVcYI^bb^ch!^h^ccZZYd[je\gVY^c\# VcYZ"aZVgc^c\egd\gVbh# 6X]^Zk^c\EgdÒiVW^a^in IdZchjgZdjgadc\"iZgbhjXXZhhVcYk^VW^a^in!^i^hZhhZci^Vai]VilZgZ\V^cegdÒiVW^a^in#DkZgi]ZeVhi i]gZZÒhXVanZVghlZ]VkZ[dXjhZYedh^i^kZÒcVcX^Va\V^chbZVhjgZYdcVc:7>96WVh^h#6hlZegd\gZhh VcYbV_dgegd_ZXiVXi^k^in^hbViX]ZYWndc\d^c\!gZhedch^kZXdhiXdciV^cbZcibZVhjgZhVcY^ciZgcVa igVch[dgbVi^dcVXi^k^i^Zh[dXjhZYdcVX]^Zk^c\V\gZViZgWVaVcXZd[XVgg^ZgVcYl]daZhVaZgZkZcjZh! egdÒiVW^a^inVhbZVhjgZYdcVcZi^cXdbZWVh^h^hZmeZXiZY^c'%&%"'%&&# IZX]cdad\nHjWhi^iji^dc DciZgV^hXdc[gdciZYl^i]^cXgZVh^c\Xgdhh"eaVi[dgbXdbeZi^i^dcVhXjhidbZghgZeaVXZigVY^i^dcVahZgk^XZh l^i]cZliZX]cdad\^Zh#I]ZhZcZlVaiZgcVi^kZhidaZ\VXnhZgk^XZhVahdgZhjai^cadlZggZkZcjZhVcY hZg^djhan^beVXii]ZZXdcdb^Zhd[hXVaZd[i]ZegdYjXihi]ZnY^heaVXZ#:mVbeaZhd[i]^hbVg`ZiigZcYVgZ ^chiVcibZhhV\^c\gZeaVX^c\adc\Y^hiVcXZXVaahVcY:i]ZgcZiVXXZhhVcY9HA"WVhZYhZgk^XZhgZeaVX^c\ eg^kViZa^cZVcY[gVbZgZaVnhZgk^XZh# :Xdcdb^X8dcY^i^dch 6hjhiV^cZYYdlcijgc^ci]ZZXdcdbnXdjaYegdbeigZh^YZci^VaVcYWjh^cZhhXjhidbZghidYZ[ZgejgX]VhZh d[cZlhZgk^XZh!gZYjXZjhZd[Zm^hi^c\hZgk^XZh!dgY^hXdci^cjZhZgk^XZhi]gdj\]jhZd[adlZgeg^XZY VaiZgcVi^kZh#8dbW^cZYl^i]i]ZhnhiZb^Xg^h`VhhdX^ViZYl^i]i]ZgZhdjgXZ"WVhZYZXdcdbnd[Cdgi]Zgc DciVg^d!DciZgVbVn[VXZgZYjXZYYZbVcY[dgdjgegdYjXihVcYhZgk^XZh# EVhhZc\ZgHZgk^XZh DciVg^dCdgi]aVcYÉhEVhhZc\ZgHZgk^XZh9^k^h^dchZgkZhi]ZcZZYh d[Vaad[djgeVhhZc\ZghVcYZcXdbeVhhZhWdi]djgBdidg8dVX] 6hbVcnVhdcZ^c[djggZh^YZcihd[ HZgk^XZhVcYGV^aEVhhZc\ZgHZgk^XZh9ZeVgibZcih# Cdgi]ZVhiZgcDciVg^dbVnWZjh^c\ i]ZbdidgXdVX]hZgk^XZhVccjVaan! VcYbVcnbdgZjhZeVhhZc\ZggV^a Bdidg8dVX]HZgk^XZh hZgk^XZh#I]ZhZhZgk^XZhVgZeVgi^XjaVgan ^bedgiVciidedhihZXdcYVgnhijYZcih! DjgBdidg8dVX]HZgk^XZh9ZeVgibZcideZgViZhVÓZZid['* hZc^dgh!^cY^k^YjVahViiZcY^c\bZY^XVa ]^\]lVnbdidgXdVX]Zhi]Viegdk^YZhX]ZYjaZYhZgk^XZWZilZZc Veed^cibZcih!eZdeaZl]dYdcdi]VkZ =ZVghiVcYIdgdcid!Vadc\i]Z=^\]lVn&&Xdgg^Ydgl]^X]eVhhZh VXXZhhidVXVg!dgl]dlVciidVkd^Y i]gdj\]8dX]gVcZVcYCdgi]7Vn!VcYVadc\i]Z=^\]lVn+. Yg^k^c\^c^cXaZbZcilZVi]Zg# Xdgg^Ydg!l]^X]eVhhZhi]gdj\]I^bb^chVcYHjYWjgn#Djg hX]ZYjaZYWjhhZgk^XZ^hVcV[[dgYVWaZVcYgZa^VWaZlVnidigVkZa idVcY[gdbCdgi]ZVhiZgcDciVg^d# LZVahdd[[ZgX]VgiZgVcYidjghZgk^XZh[dg\gdjehigVkZaa^c\i]gdj\]dji8VcVYV!Vadc\l^i]7jhEVgXZa:megZhh 7EM hZgk^XZh#7EM^hVh]^ee^c\hZgk^XZl]^X]d[[ZghhiVi^dc"id"hiVi^dcYZa^kZgnd[ZckZadeZhVcYeVgXZah!d[iZc dci]ZhVbZYVn#I]ZigVchedgiVi^dcd[i]ZhZeVgXZah^h]VcYaZYi]gdj\]hX]ZYjaZYbdidgXdVX]hZgk^XZgdjiZh! l^i]XdccZXi^dchVXgdhhi]ZXdci^cZcid[[ZgZYi]gdj\]eVgicZgh]^ehl^i]di]ZgXVgg^Zgh# GV^aEVhhZc\ZgHZgk^XZh DciVg^dCdgi]aVcYegdk^YZhV[[dgYVWaZ DjgGV^aEVhhZc\ZgHZgk^XZh9ZeVgibZci^hgZhedch^WaZ[dgi]Z VcY]^\]fjVa^ineVhhZc\ZgigVchedgiVi^dc deZgVi^dcd[djgi]gZZeVhhZc\ZgigV^ch/ hZgk^XZh^cWdi]jgWVcVcYgjgVaXZcigZh i]gdj\]djiCdgi]ZVhiZgcDciVg^d#Eg^kViZ I]ZCdgi]aVcYZg^hVeVhhZc\ZgigV^cl]^X]d[[ZghhZgk^XZ XdbeVc^ZhldjaYcdia^`Zanegdk^YZ WZilZZc8dX]gVcZVcYIdgdcid!l^i]XdccZXi^dchid=ZVghi! i]ZhZhZgk^XZh^ci]ZVWhZcXZd[DciVg^d @Vejh`Vh^c\!Hbddi]GdX`;Vaah!>gdfjd^h;VaahVcYI^bb^ch# Cdgi]aVcYYjZidadlegdÒiVW^a^in# I]ZigV^cdeZgViZhh^mYVnheZglZZ` HjcYVnid;g^YVn # I]ZEdaVg7ZVg:megZhh^hVeVhhZc\ZgigV^cl]^X]d[[Zgh hZgk^XZWZilZZc8dX]gVcZVcYBddhdcZZ!l^i]XdccZXi^dch id>gdfjd^h;Vaah!Hdji]EdgXje^cZVcYI^bb^ch#I]ZigV^c EVhhZc\ZgigV^chVcYbdidgXdVX]Zh deZgViZhÒkZYVnhVlZZ` BdcYVnid;g^YVn ^ci]Z[Vaa! VgZ^c]ZgZcianZck^gdcbZciVaan[g^ZcYan# l^ciZgVcYheg^c\!VcYh^mYVnhVlZZ` HjcYVnid;g^YVn >c[VXi!VXXdgY^c\idVgZXZciIgVchedgi Yjg^c\i]ZhjbbZg!l]Zcidjg^hiZmXjgh^dceVX`V\ZhVgZ 8VcVYVgZedgi!igVkZaWnbdidgXdVX]]Vh VahdVkV^aVWaZ# Veegdm^bViZandcZiZci]d[i]ZhdX^Va Xdhi l]^X]^cXajYZhVXX^YZcihVcY I]Z9gZVb8ViX]Zg:megZhh^hVcZmXjgh^dcigV^cigVkZaa^c\ Zck^gdcbZciVa^beVXi d[a^\]igdVY WZilZZcCdgi]7VnVcYIZbV\Vb^!l]^X]deZgViZhh^m kZ]^XaZh#& YVnhZVX][Vaa# I]ZEdaVg7ZVg:megZhhVcYCdgi]aVcYZgVgZdeZgViZYVhcdc"XdbbZgX^Va egdk^cX^Vaan"bVcYViZYVcY hjWh^Y^oZY hZgk^XZh#I]ZCdgi]aVcYZgVahdgZXZ^kZhV[ZYZgVahjWh^Yn# 6XXdbea^h]bZcih BdgZI]Vc'.*!%%%EVhhZc\Zgh:VX]NZVg >c'%%."'%&%!bdgZi]Vc'.*!%%%eVhhZc\ZghigVkZaaZYVWdVgYZ^i]ZgdcZd[DciVg^dCdgi]aVcYÉh'* ]^\]lVnbdidgXdVX]ZhdgdcdcZd[djgi]gZZeVhhZc\ZgigV^ch# 'JhWdifehj9WdWZW"Ç;ij_cWj[ie\j^[ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi '' 8jhidbZgHVi^h[VXi^dc 6?jan'%%.hijYndcEZgXZei^dchd[7jhVcYGV^aIgVkZa^c I]ZXdbeVcn^ciZgcVaanÆhjWh^Y^oZhÇ^ih Cdgi]ZVhiZgcDciVg^d!eZg[dgbZYWnDgVXaZedaaGZhZVgX] Cdgi]ZgcgdjiZh l]^X]VgZbdgZXdhian A^b^iZY!^cY^XViZYi]Vi++d[XjhidbZghlZgZhVi^hÒZYl^i] iddeZgViZYjZidheVghZgedejaVi^dc$ i]Z^gZmeZg^ZcXZigVkZaa^c\dcZ^i]ZgVcDciVg^dCdgi]aVcY g^YZgh]^eVcY\gZViZgY^hiVcXZhWZilZZc bdidgXdVX]dgeVhhZc\ZgigV^c!l^i]Vcdi]Zg''WZ^c\ Xdbbjc^i^Zh i]gdj\]gZkZcjZh[gdb cZ^i]ZghVi^hÒZYcdgY^hhVi^hÒZY# Hdji]ZgcgdjiZh gdjiZhhdji]d[ Cdgi]7VnVcYHjYWjgn!l]^X]Zc_dn >cVYY^i^dc!,)VcY,%^cY^XViZYi]ZnlZgZa^`Zanid higdc\Zgg^YZgh]^e # gZXdbbZcYDciVg^dCdgi]aVcYÉhbdidgXdVX]VcYeVhhZc\Zg igV^chZgk^XZh!gZheZXi^kZan l^i]&&VcY&(cZ^i]Zga^`Zan cdgjca^`Zan # L]^aZi]ZhZgZhjaihVgZZcXdjgV\^c\!lZXdci^cjZidldg` idlVgYh^begdkZbZcih^ci]ZVgZVhd[XjhidbZghZgk^XZ VcYhVi^h[VXi^dc# CZlBdidg8dVX]Zh >caViZ9ZXZbWZg!djgBdidg8dVX]HZgk^XZh9ZeVgibZci EVhhZc\ZgigVchedgiVi^dchZgk^XZhWg^c\ VXXZeiZYYZa^kZgnd[ildcZlbdidgXdVX]Zh#I]Zild ^cbVcnidjg^hihVcY]Zae^cXgZVhZ XdVX]Zh!XdjeaZYl^i]i]ZÆgZi^gZbZciÇd[VXdjeaZd[daYZg i]Zidjg^hbZmedhjgZd[i]ZgZ\^dc# XdVX]Zh!bV^ciV^cdjgÓZZid['*XdVX]Zh#I]ZhZcZlXdVX]Zh 6hbVcnVh,*id-*d[idjg^hih ]VkZhZkZgVacZl[ZVijgZh!^cXajY^c\/ k^h^i^c\hdbZVgZVh^cCdgi]ZVhiZgc DciVg^dVgZXdb^c\WZXVjhZd[i]Z VeaVhi^XÆWddi]ÇVgdjcYi]ZYg^kZgYZh^\cZYidegdk^YZ VkV^aVW^a^ind[DciVg^dCdgi]aVcY Zc]VcXZYhZXjg^in[dgdjgdeZgVidgh0 hZgk^XZh#H^cXZidjg^hbVXXdjcih[dgV VYY^i^dcVaaZ\gddb[dgeVhhZc\Zghl^i]*&hZVihdc aVg\Zh]VgZd[ZbeadnbZci^cbVcn WdVgY kZghjhdjgigVY^i^dcVaXdVX]Zhl]^X][ZVijgZ Xdbbjc^i^Zh!DciVg^dCdgi]aVcYXVc **hZVih 0 WZhZZcVh^cY^gZXianhjeedgi^c\i]ZhZ Zc]VcXZYl]ZZaX]V^gVXXZhh0VcY Xdbbjc^i^Zh# &%edlZgdjiaZih[dgeVhhZc\Zghl^h]^c\idldg`dc aVeideh!eaj\^cYkYeaVnZgh!ZiX# >begdkZbZcih^c8jhidbZgHZgk^XZ DkZgi]ZaVhihZkZgVanZVgh!lZ]VkZWZZcldg`^c\idXdci^cjVaan^begdkZi]ZaZkZahd[XjhidbZghZgk^XZ d[[ZgZYiddjgbdidgXdVX]VcYigV^ceVhhZc\Zgh#LZ]VkZgZ[gZh]ZYZm^hi^c\eda^X^ZhVcY]VkZZhiVWa^h]ZY hZkZgVacZldcZh!l^i]V[dXjhdcZmXZaaZcXZ^chZgk^XZ#LZ]VkZVahdWZZcldg`^c\idZc]VcXZdjg Xdbbjc^XVi^dcl^i]XjhidbZgh# >cXgZVhZ^cEdaVg7ZVg:megZhhG^YZgh]^e G^YZgh]^edci]ZEdaVg7ZVg:megZhh^cXgZVhZYWn)#*dkZg 7jhEVgXZa:megZhh 7EM VaadlhadXVa '%%-"'%%.#>cXgZVhZYhZgk^XZaZkZahVcYVc^begdkZbZciid gZh^YZcihVcYWjh^cZhhZhidhZcY i]ZVgZVZXdcdbnVgZX^iZYVh[VXidghXdcig^Wji^c\id eVX`V\Zh^cVi^bZanVcYXdhiZ[ÒX^Zci i]^h^cXgZVhZ# bVccZg#7EMgViZhVgZh^\c^ÒXVcianadlZg i]VcVcndi]ZgYZa^kZgn$Xdjg^Zgdei^dc VcY!^cbVcn^chiVcXZh!egdk^YZV[VhiZg igVchedgiVi^dcdei^dc# EVhhZc\ZgHZgk^XZh GZcZlVad[EVhhZc\Zg:fj^ebZci DjgGV^aHZgk^XZh9^k^h^dc^h^ci]Zb^Yhid[gZ[jgW^h]^c\dcZd[djgeVhhZc\ZgXdVX]Zh#I]^hgZ[jgW^h]ZY XdVX]l^aahZgkZVhVegdidineZ[dg[jijgZldg`VhlZVgZYZkZade^c\VegdedhVaidgZcZldjgZci^gZÓZZid[ eVhhZc\ZgXdVX]Zh!i]gdj\]gZ[jgW^h]bZciVcYi]ZejgX]VhZd[cZlZfj^ebZci#I]ZhZje\gVYZhVgZWZ^c\ bVYZl^i]VXXZhh^W^a^inVcYeVhhZc\ZgXdb[dgi^cb^cY# EVgicZg^c\;dg:Xdcdb^X9ZkZadebZci LZVgZXdbb^iiZYideVgicZgh]^ehi]VihjeedgiZXdcdb^XYZkZadebZciVcYegdheZg^in^ci]ZCdgi]#HdbZ d[i]ZgZXZci^c^i^Vi^kZh^cl]^X]lZ]VkZeVgicZgZYl^i]Xdbbjc^inVcYWjh^cZhhgZegZhZciVi^kZh^cXajYZ/ 7^`ZIgV^c >ci]ZhjbbZgd['%%.!DciVg^dCdgi]aVcY!^ceVgicZgh]^el^i]IgVchedgiVi^dcDei^dchVcYXdbbjc^in eVgicZgh!^cigdYjXZYi]Z7^`ZIgV^cidi]ZCdgi]#I]Z7^`ZIgV^c^c^i^Vi^kZ^cigdYjXZhW^`ZgVX`hdcWdVgY hZaZXieVhhZc\ZggV^aigV^chidYZhi^cVi^dchVXgdhhDciVg^d!bV`^c\XnXa^c\]da^YVnhZVhnVcYVXXZhh^WaZ#I]^h e^adi^c^i^Vi^kZ!l]^X]Wgdj\]iXnXa^c\idjg^hih[gdbIdgdcididCdgi]7Vn!lVh]^\]anhjXXZhh[jaVcYXgZViZh VcZlidjg^hibVg`Zi[dgi]ZgZ\^dc# >ciZgcVi^dcVaEadl^c\BViX] >ci]Z[Vaad['%%.!lZeVgicZgZYl^i]i]Zdg\Vc^oZghd[i]Z >ciZgcVi^dcVaEadl^c\BViX] >EB idegdk^YZigVchedgiVi^dc I]Z>7> 6XXZhh^W^a^in[dgDciVg^Vchl^i]9^hVW^a^i^Zh6Xi >c[jaÒaa^c\djgb^hh^dcd[Æ8dccZXiZYXdbbjc^i^Zh0VegdheZgdjhcdgi]Ç!DciVg^dCdgi]aVcYhig^kZhViVaa i^bZhidegdk^YZ^ih\ddYhVcYhZgk^XZh^cVlVni]VigZheZXihi]ZY^\c^inVcY^cYZeZcYZcXZd[eZdeaZ l^i]Y^hVW^a^i^Zh#LZidd`dcVaZVYZgh]^egdaZ^cZchjg^c\i]VidjgdeZgVi^dchlZgZXdbea^Vcil^i] 6XXZhh^W^a^inHiVcYVgYh[dg8jhidbZgHZgk^XZGZ\jaVi^dch!l]^X]XVbZ^cidZ[[ZXidc?VcjVgn&!'%&%# EVhhZc\ZgHiVi^dcJe\gVYZh LZjcYZgidd`hZkZgVaegd_ZXihidje\gVYZdjgeVhhZc\ZghiVi^dch#8dchigjXi^dcdci]ZBddhdcZZHiVi^dc VcY8dX]gVcZHiVi^dcGZhiVjgVcilZgZXdbeaZiZY^c'%%."'%&%id^begdkZXjhidbZghZgk^XZVcYXdb[dgi# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi Dc"I^bZEZg[dgbVcXZ LZXdci^cjZidbV^ciV^cV]^\]aZkZad[dc"i^bZeZg[dgbVcXZ^cdjgBdidg8dVX]HZgk^XZh9ZeVgibZci#I]^h Xdcig^WjiZhid]^\]XjhidbZghVi^h[VXi^dcVhlZVgZVWaZidegdk^YZVXdckZc^ZciVcYgZa^VWaZhZgk^XZ#I]Z dc"i^bZeZg[dgbVcXZd[djgeVhhZc\ZgigV^ch^begdkZYh^\c^ÒXVciani]^hÒhXVanZVg!Vhi]ZgZhjaid[VkVg^Zin d[[VXidghVcYZ[[dgih# 8]VaaZc\Zh I]Z8dbeVcnÉhigVchedgiVi^dc hdaji^dchVgZ]ZVk^anjhZYWn cdidcanhijYZcihl]dgZh^YZ^c 9ZXgZVhZ^cG^YZgh]^edcCdgi]aVcYZgVcYBdidg8dVX]G^YZgh]^e i]ZCdgi]WjiVahd!WnhijYZcih dcdjgCdgi]aVcYZgigV^cYZXgZVhZYWn,#,VcYigV[ÒXdcdjgBdidg [gdbdjih^YZi]ZgZ\^dcl]d 8dVX]ZhYZXgZVhZYWn&'#+^c'%%."'%&%#AdlZgg^YZgh]^e]VhWZZc ViiZcY^chi^iji^dchadXViZY^c Viig^WjiZYidi]ZhadlZgZXdcdbn^cCdgi]ZVhiZgcDciVg^d# Cdgi]ZVhiZgcDciVg^d# GV^aEVhhZc\Zg:fj^ebZci DjgeVhhZc\ZggV^aZfj^ebZci^hV\Z^c\#I]^hZfj^ebZcigZfj^gZhgZ[jgW^h]bZci^cdgYZgid^begdkZi]Z Xdb[dgiaZkZad[djgeVhhZc\Zgh!Zc]VcXZVXXZhh^W^a^inVcYbV`ZVYY^i^dcVaje\gVYZh#DjgAdc\IZgb HjhiV^cVW^a^inEaVcVYYgZhhZhdjggZfj^gZbZcih[dgi]ZgZcZlVa gZ[jgW^h]bZci VcY$dggZeaVXZbZcid[ Wdi]XdckZci^dcVaVcYjc^aZkZaeVhhZc\ZgZfj^ebZci# HZgk^XZidGjgVaVgZVh^cCdgi]ZgcDciVg^d DciVg^dCdgi]aVcYhZgkZhVcZildg`d[hbVaaXdbbjc^i^Zh^cCdgi]ZVhiZgcDciVg^dl^i]adledejaVi^dc YZch^i^Zh#BVcnd[i]Zig^ehidi]ZhZXdbbjc^i^ZhVgZcdiegdÒiVWaZ#I]ZEgdk^cXZd[DciVg^dYdZhcdi XjggZcianhjWh^Y^oZ^ciZgX^inbdidgXdVX]igVkZacdgi]d[7Vgg^ZDciVg^d#HZkZgVa^ciZgX^ingdjiZh^cHdji]Zgc DciVg^dVgZhjWh^Y^oZYi]gdj\] >c[dgbVi^dcHnhiZbh EVhhZc\ZgHZgk^XZh^h^ccZZYd[^begdkZY>I^c[gVhigjXijgZid]ZaeYg^kZegdXZhh^begdkZbZci!hjeedgi WZhiegVXi^XZhVcYZcVWaZ^begdkZYeZg[dgbVcXZbZVhjgZbZci#>ckZhibZci^c^begdkZYhnhiZbh[dghVaZh VcYi^X`Zi^c\!gZhZgkVi^dch!eVgXZaigVX`^c\!^ckZcidgnVcYbV^ciZcVcXZVgZgZfj^gZYid^begdkZXjhidbZg hZgk^XZVcYVX]^ZkZZ[ÒX^ZcX^Zh# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi GV^aHZgk^XZh '+ DciVg^dCdgi]aVcYÉhGV^aHZgk^XZh9^k^h^dc]VhVÓZZid['+ GV^a[gZ^\]ihZgk^XZheaVnVcZmigZbZan adXdbdi^kZhVcYegdk^YZhWdi]eVhhZc\ZgVcY[gZ^\]iigV^chZgk^XZ# ^bedgiVcigdaZ^ci]ZgZ\^dcVa LZdeZgViZV,%%b^aZgV^ahnhiZbl]^X]heVch[gdbBddhdcZZ ZXdcdbnWnegdk^Y^c\XdbeZi^i^kZ! ^ci]Zcdgi]idCdgi]7Vn^ci]Zhdji]![gdb8VahidX` _jhilZhi lZaaeg^XZYigVchedgiVi^dcdei^dch d[=ZVghi ^ci]ZlZhiidGdjnc"CdgVcYV!FjZWZX^ci]ZZVhi# [dgbVcnXdbeVc^ZhÉegdYjXih!i]jh I]^hhnhiZbZcXdbeVhhZhbdgZi]Vc'#*b^aa^dcgV^alVni^Zh!+%' ^begdk^c\i]Z^gZXdcdb^Xk^VW^a^in# Xgdhh^c\h!.%gV^alVnWg^Y\Zh!jcYZgeVhhZhVcYdkZgeVhhZh!'!'), GV^a[gZ^\]ihZgk^XZhVgZeVgi^XjaVgan XjakZgihVcY&&*Wj^aY^c\h# ^bedgiVci^c^cYjhig^ZhhjX]Vh DjggV^ahnhiZbXdccZXihl^i]8VcVYVÉhildigVchXdci^cZciVagV^a b^c^c\![dgZhign!hVlb^aa!VcYlddY XVgg^Zgh 8CVcY8E VikVg^djhadXVi^dch!Vaadl^c\jhidegdk^YZ egdYjXihbVcj[VXijg^c\#>c'%%*! hZVbaZhhigVchedgiVi^dchdaji^dchi]gdj\]djiCdgi]6bZg^XV^c DciVg^dCdgi]aVcYigVchedgiZY\ddYh XddeZgVi^dcl^i]djg^cYjhigneVgicZgh# kVajZYVicZVgan'#'W^aa^dc#>c i]ZVWhZcXZd[gV^aigVchedgiVi^dc 6aa[gZ^\]ideZgVi^dchWZilZZc8dX]gVcZVcYCdgi]7VnVgZ hZgk^XZh!^iXVcWZgZVhdcVWan XdbbZgX^Va^ccVijgZ!l]^aZi]ZCdgi]aVcYZgeVhhZc\ZgigV^cVcYVaa VhhjbZYi]Vii]^h\ZcZgVi^dcd[ deZgVi^dchWZilZZc8dX]gVcZVcYBddhdcZZVgZcdc"XdbbZgX^Va lZVai]l^i]^cCdgi]ZVhiZgcDciVg^d egdk^cX^Vaan"bVcYViZY VcYgZXZ^kZegdk^cX^Va\dkZgcbZci[jcY^c\# ldjaYWZhjWhiVci^VaangZYjXZY# EVhhZc\ZgIgV^ch DjgGV^aHZgk^XZh9^k^h^dc^hgZhedch^WaZ[dgi]ZbV^ciZcVcXZVcY HeZX^ÒXWZcZÒihd[gV^a[gZ^\]i e]nh^XVadeZgVi^dcd[djgi]gZZeVhhZc\ZgigV^ch!i]ZEdaVg7ZVg igVchedgiVi^dchZgk^XZh^cXajYZ/ :megZhh!i]ZCdgi]aVcYZgVcYi]Z9gZVb8ViX]Zg:megZhh# VXXZhhidbdgZbVg`Zih0edhh^W^a^in idgZbV^cXdbeZi^i^kZ^cbdgZ bVg`Zih0gZYjXi^dc^cY^gZXiXdhih0VcY ;gZ^\]iHZgk^XZh gVi^dcVa^oVi^dcd[ad\^hi^XhVcYeaVci I]ZGV^aHZgk^XZh9^k^h^dc^heg^bVg^anZc\V\ZY^cegdk^Y^c\gV^a deZgVi^dch# [gZ^\]ihZgk^XZh[dgi]ZigVchedgiVi^dcd[b^cZgVaVcY[dgZhi egdYjXih!X]Zb^XVah!eZigdaZjbVcYdi]ZgegdYjXihidVcY[gdb Cdgi]ZVhiZgcDciVg^dVcYCdgi]lZhiZgcFjZWZX#LZVahdegdk^YZ XVgadVYgV^a[gZ^\]iVcYZmegZhh[gZ^\]ihZgk^XZhWZilZZc8dX]gVcZ LZeg^YZdjghZakZhdci]Z[VXii]Vi VcYBddhdcZZ!VhVcdc"XdbbZgX^VadeZgVi^dc# lZegdk^YZWjh^cZhhZh^ci]ZgZ\^dc BdhiXVgadVY[gZ^\]ih]^ebZcihVgZbdkZYdcgZ\jaVganhX]ZYjaZY l^i]V (7iieY_Wj_ede\7c[h_YWdHW_bheWZi"ÇHW_bheWZi08k_bZ_d]W9b[Wd[h;dl_hedc[djÈ"CWo(&&.$ )9D"Ç:_Zoekademj^WjoekYWdÓjj^h[[jhkYabeWZi_djeed[hW_bYWh5J^_ic[WdiYeij#iWl_d]i\ehoekWdomWooekbeeaWj_j$J^_iWbiec[Wdij^Wj\ehj^[ bed]#^Wkb"hW_b_ij^[ceij[Yedec_YWb"[\ÓY_[djWdZ[dl_hedc[djWbbo\h_[dZbojhWdifehjWj_edY^e_Y[È"mmm$Yd$YW$ *JhWdifehj9WdWZW"Ç;ij_cWj[ie\j^[ 6XXdbea^h]bZcih Hjeedgi^c\Cdgi]ZgcDciVg^d7jh^cZhhZh HdbZd[i]ZgZ\^dcÉhaVg\ZhiZbeadnZghVgZYZeZcYZcidcdjg 6aVg\Zh]VgZd[ZbeadnbZci gV^a[gZ^\]ideZgVi^dch#LZVgZeg^bVg^anZc\V\ZY^cegdk^Y^c\gV^a ^cbVcnCdgi]ZVhiZgcDciVg^d [gZ^\]ihZgk^XZh[dgi]ZigVchedgiVi^dcd[b^cZgVaVcY[dgZhiegdYjXih! Xdbbjc^i^Zh^h^cgZhdjgXZh X]Zb^XVah!eZigdaZjbVcYdi]ZgegdYjXihidVcY[gdbCdgi]ZVhiZgc WVhZY^cYjhig^ZhVcYXdjaYWZ DciVg^dVcYCdgi]lZhiZgcFjZWZX#I]ZbV_dg^ind[i]Z[gZ^\]iXVgg^ZY Vig^h`d[Ydlch^o^c\VcYaVnd[[h ZVX]nZVg]VhYZhi^cVi^dced^cihlZaaWZndcYdjggV^ahnhiZb# h]djaYDciVg^dCdgi]aVcYgV^a [gZ^\]ihZgk^XZhcdiWZVkV^aVWaZ! dgh]djaYi]ZnWZhjWhiVci^Vaan EVhhZc\Zg:fj^ebZci gZYjXZY# LZVgZadd`^c\Vidjgdei^dch[dgi]ZgZ[jgW^h]bZciVcY$dg gZeaVXZbZcid[djgV\Z^c\eVhhZc\ZgZfj^ebZci!VhlZhig^kZid bZZii]ZcZZYhVcYZmeZXiVi^dchd[djgXjhidbZgh# Dc"I^bZEZg[dgbVcXZ I]Zdc"i^bZeZg[dgbVcXZd[djgeVhhZc\ZgigV^ch^begdkZYh^\c^ÒXVciani]^hÒhXVanZVg!Vhi]ZgZhjaid[V kVg^Zind[[VXidghVcYZ[[dgih#Dc\d^c\^ckZhibZci^cigVX`^c[gVhigjXijgZ]VhgZhjaiZY^c[ZlZghadldgYZgh [dgVaaeVhhZc\ZgigV^chVcY^begdkZYgZaVi^dchl^i]8C]VkZgZhjaiZY^c[ZlZgYZaVnhidi]ZCdgi]aVcYZg heZX^ÒXVaan# >ckZhibZci^cGV^a>c[gVhigjXijgZ :VX]nZVg!lZ^ckZhi^cdjggV^a^c[gVhigjXijgZidZchjgZ^ihhV[ZinVcY^ciZ\g^in#>ci]ZXjggZciÒhXVanZVg! lZ]VkZZc]VcXZYdjgZ[[dgihVcY]VkZ^ckZhiZY/)#,*b^aa^dc[dg&*#'b^aZhd[cZlVcYgZaVngV^a0 (#'b^aa^dc[dg',!*%%cZlgV^alVni^Zh0VcY(#''b^aa^dc^chjg[VX^c\!^chiVaa^c\VcX]dghVcYje\gVY^c\ _d^cih#>cVYY^i^dc!lZXdci^cjZid[dXjhdcdjgWg^Y\ZhVcYXjakZgih# BddhZG^kZg7g^Y\Z DkZgi]ZaVhiildnZVgh!lZ]VkZ^ckZhiZYh^\c^ÒXVcianidje\gVYZ IgVchedgiVi^dcXdccZXi^k^in djgBddhZG^kZg7g^Y\ZVheVgid[Vbjai^"nZVgegd_ZXiidZchjgZi]Z ^begdkZhi]ZgZ\^dcVaZXdcdb^X hV[Zind[i]^hhigjXijgZlZaa^cidi]Z[jijgZ#I]^hWg^Y\Z^hadXViZY lZaaWZ^c\0Xdbbjc^i^Zhi]Vi dcdjg>haVcY;VaahhjWY^k^h^dc i]ZigVX`WZilZZc8dX]gVcZVcY VgZa^c`ZYidDciVg^dCdgi]aVcY BddhdcZZ #I]ZWg^Y\Z!l]^X]^h&!*%%Éadc\!]VhWZZcVcYXdci^cjZh gV^ahZgk^XZhiZcYid]VkZ idWZ^cheZXiZYVXXdgY^c\iddjgg^\^Yeda^X^Zh!l]^X]]VkZWZZc ]^\]ZgVkZgV\ZZVgc^c\hi]Vc YZh^\cZYl^i]hV[Zin^cb^cYVcYl]^X]gZfj^gZgZ\jaVg^cheZXi^dch bdhidi]ZgXdbbjc^i^Zh^c idWZeZg[dgbZYWnfjVa^ÒZYWg^Y\Z^cheZXi^dceZghdccZa# Cdgi]ZVhiZgcDciVg^d# 6eegZci^XZh]^eDeedgijc^i^Zh H`^aaZYigVYZheZdeaZVgZZhhZci^Vaidi]ZhjXXZhhd[DciVg^dCdgi]aVcY#LZgZXd\c^oZi]ZkVajZd[ VeegZci^XZh]^eegd\gVbhVcYgZ\jaVganldg`l^i]i]ZB^c^hignd[IgV^c^c\8daaZ\ZhVcYJc^kZgh^i^Zh BI8J ! Vadc\l^i]Xdbbjc^indg\Vc^oVi^dch!idegdbdiZVeegZci^XZh]^ehVcYi]Zh`^aaZYigVYZh#DciVg^dCdgi]aVcY! l]^X]]Vhd[[ZgZYVeegZci^XZh]^eigV^c^c\deedgijc^i^Zh[dgbdgZi]Vc*%nZVgh!XjggZcianZbeadnh(- VeegZci^XZhl]dldg`^cCdgi]7Vn '. !8dX]gVcZ - VcY=ZVghi & # '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi '- GV^aHV[Zin LZXdci^cjZidldg`l^i]DeZgVi^dcA^[ZhVkZg!VcVi^dcVaejWa^XZYjXVi^dc DciVg^dCdgi]aVcYd[[Zgh egd\gVbhedchdgZYWni]ZGV^alVn6hhdX^Vi^dcd[8VcVYV G68 VcY ^cXgZVhZYXdbeZi^i^dc^c IgVchedgi8VcVYV!l]^X]ldg`h^cXddeZgVi^dcl^i]kVg^djhdi]Zg Cdgi]ZVhiZgcDciVg^d![dg hiV`Z]daYZghidXgZViZhV[Zin"XdchX^djhVii^ijYZhidlVgYgV^alVnhl^i] ZmVbeaZWnXdccZXi^c\ V\dVad[[ZlZgXdaa^h^dch![ViVa^i^ZhVcY^c_jg^Zh#LZ[gZfjZcianbV`Z Xa^ZcihidWdi]8CVcY8EÉh egZhZciVi^dchVihX]ddahVcYidZbZg\ZcXnhZgk^XZheZghdccZa!^c^i^ViZ gV^ahZgk^XZVcYWnegdk^Y^c\ ejWa^XhV[ZinVYkZgi^h^c\XVbeV^\chi]gdj\]djidjggZ\^dcVcY]daY iZaZXdbbjc^XVi^dchdei^dch# bdX`^cX^YZcihidWZiiZgegZeVgZWdi]ZbZg\ZcXnhZgk^XZhVcYdjgdlc eZghdccZa^ci]ZZkZcid[VcZbZg\ZcXn# 8]VaaZc\Zh 8]VaaZc\^c\Cdgi]ZVhiZgcDciVg^d:Xdcdbn I]Z^cYjhig^VaaVcYhXVeZd[Cdgi]ZVhiZgcDciVg^degdk^YZh[dgVa^b^iZYcjbWZgd[h^\c^ÒXVcigV^a[gZ^\]i Xa^Zcih[dgDciVg^dCdgi]aVcYVcYi]ZgZ[dgZ!lZVgZ]^\]anhjhXZei^WaZidi]ZWddbhVcYhajbehd[djg XjhidbZgh!l]dVgZegZYdb^cVciangddiZY^cgZhdjgXZZmigVXi^dc^cYjhig^Zh#>cVYY^i^dc!i]ZgZVgZ[Zl deedgijc^i^ZhidZmeVcYdjgXjhidbZgWVhZ# 9dlcijgc^c;dgZhignVcYB^c^c\HZXidgh I]ZZXdcdb^XYdlcijgc^ci]Z[dgZhignVcYb^c^c\hZXidgh]VhgZhjaiZY^cVXdch^YZgVWaZgZYjXi^dc^cdjg gV^a[gZ^\]iigV[ÒX#HZkZgVa[dgZhign"WVhZYXa^Zcih]VkZZ^i]ZgiZgb^cViZY!hjheZcYZYdg\gZViangZYjXZY deZgVi^dchl^i]^ci]Z^gb^aah!l]^X]]VhcZ\Vi^kZanV[[ZXiZYdjg[gZ^\]iidccV\Z#I]^h]VjaV\ZgZYjXi^dc! Vadc\l^i]gZYjXi^dch^ci]ZigVchedgiVi^dcd[b^c^c\"gZaViZYegdYjXih!]VhgZhjaiZY^cVhjWhiVci^VaYZXa^cZ ^cgZkZcjZh# ;jZa8dhih ;jZaXdhihh^\c^ÒXVcianV[[ZXidjgWdiidba^cZVcYgZegZhZciVh^\c^ÒXVciedgi^dcd[djg\gdl^c\deZgVi^c\ ZmeZchZh#6ai]dj\]VcVcX^aaVgn[jZaX]Vg\Z^hVeea^ZYiddjggViZh^cdgYZgidd[[hZii]ZhZ^cXgZVhZh!lZVgZ Xd\c^oVcii]VihjX][ZZhbVngZhjai^ci]Zedhh^WaZXjgiV^abZcid[hdbZd[djg[gZ^\]ih]^ebZcih# 8Ve^iVa>ckZhibZciGZfj^gZbZcih AdlZggZkZcjZhVadc\l^i]g^h^c\deZgVi^dcVaXdhihbV`Z^i^cXgZVh^c\anbdgZX]VaaZc\^c\id^ciZgcVaan ÒcVcXZ`ZnXVe^iVa^ckZhibZcih#6ai]dj\]lZgZbV^c[dXjhZYdcXdhiXdciV^cbZci!i]ZÒcVcX^c\d[hdbZ d[djg^c[gVhigjXijgZ^ckZhibZcih^hgZfj^gZY# :fj^ebZci I]ZGV^a9^k^h^dcXdci^cjZhidWZX]VaaZc\ZY^cbV^ciV^c^c\djgV\Z^c\eVhhZc\ZgXVgÓZZi#DjgAdc\IZgb HjhiV^cVW^a^inEaVcVYYgZhhZhi]ZgZfj^gZbZcih[dgi]ZgZcZlVa gZ[jgW^h]bZci VcY$dggZeaVXZbZcid[ Wdi]djgXdckZci^dcVaVcYjc^aZkZaeVhhZc\ZgZfj^ebZci#>cVYY^i^dc!i]ZAIHEVYYgZhhZhi]ZgZcZlVad[ djgadXdbdi^kZhVcYVjm^a^VgnedlZgjc^ih# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi GZ[jgW^h]bZciHZgk^XZh (% DciVg^dCdgi]aVcYd[[ZghgZ[jgW^h]bZcihZgk^XZhidi]ZeVhhZc\ZgVcY I]Z8dbeVcn]Vh!^cgZXZci [gZ^\]iXVg^cYjhignVcY!^c'%%+!i]ZGZ[jgW^h]bZci9^k^h^dclVhXgZViZY nZVgh!Y^kZgh^ÒZY^ihdeZgVi^dch idgZÓZXii]ZZmeZgi^hZi]VilZ]VkZYZkZadeZYVcYdjg^ciZciid\gdli]^h l^i]i]ZZhiVWa^h]bZcid[ VgZVd[Wjh^cZhh# VGZ[jgW^h]bZci9^k^h^dc# LZWdVhi]^\]an"h`^aaZYVcYZmeZg^ZcXZYeZghdccZa!VhlZaaVhdjihiVcY^c\ I]^h]VhWgdj\]icZl_dWh! gZhdjgXZhVcY[VX^a^i^Zhi]Vi^cXajYZV+&!%*%[i'XVgh]deVcYVhiViZ"d[" ^cXajY^c\VeegZci^XZh]^e i]Z"VgieV^ci[VX^a^in#>cVYY^i^dc!lZ]VkZVegdkZcigVX`gZXdgY[dgVc deedgijc^i^Zh!idi]Z ZmXZei^dcVaaZkZad[fjVa^ind[ldg`bVch]^e# 8dbeVcnVcYgZ\^dc! Y^kZgh^ÒZY^ihgZkZcjZWVhZ! DjgXVeVW^a^i^ZhheVc[gdbi]ZXdbeaZiZY^hVhhZbWand[XVgh!idgZWj^aY^c\ VcYYZbdchigViZYi]Vi i]Zb[gdbi]Z[gVbZje#LZ]VkZZmeZgi^hZ^cje\gVY^c\Wdi]ZaZXig^XVa bVcj[VXijg^c\deZgVi^dchXVc VcYbZX]Vc^XVahnhiZbh!XdbeaZi^c\igjX`dkZg]Vjah!VcYVahdd[[Zg^ciZg^dg i]g^kZ^cCdgi]ZgcDciVg^d# YZh^\cVcYaVndjihZgk^XZh# 6XXdbea^h]bZcih -*8VghHjXXZhh[jaan9Za^kZgZY 6hd[BVgX](&!'%&%!-*XdbeaZiZangZ[jgW^h]ZYXdbbjiZgXVgh]VYWZZchjXXZhh[jaanYZa^kZgZYid >cigdYjXi^dcd[AZVcBVcj[VXijg^c\ DjgGZ[jgW^h]bZci9^k^h^dc^hXjggZcianldg`^c\id^beaZbZciAZVcBVcj[VXijg^c\!l]^X]^hV?VeVcZhZ egdXZhhbVcV\ZbZcie]^adhde]ni]ViXdch^YZghi]ZZmeZcY^ijgZd[gZhdjgXZh[dgVcn\dVadi]Zgi]Vc i]ZXgZVi^dcd[kVajZ[dgi]ZZcYXjhidbZgidWZlVhiZ[ja#I]^h^hVX]^ZkZY^cWn[dXjh^c\dci]gZZ`Zn ZaZbZcih/Za^b^cVi^c\lVhiZ0Zchjg^c\fjVa^in0VcYZbWgVX^c\ZbeadnZZ^ckdakZbZci# LZVgZ^beaZbZci^c\AZVc^cdgYZgid^YZci^[ndeedgijc^i^ZhidgZYjXZ^cZ[ÒX^ZcX^ZhVcYZcVWaZVXjaijgZd[ Xdci^cjdjh^begdkZbZciVhlZldg`idWZiiZgedh^i^dcdjghZakZhidhZXjgZ[jijgZgZ[jgW^h]bZciXdcigVXih# GZcZ\di^ViZYLdg`GjaZh Jc^dcVcYbVcV\ZbZcigZegZhZciVi^kZh]VkZXgZViZYVBZbdgVcYjbd[JcYZghiVcY^c\i]Viegdk^YZh \gZViZgaVWdjgÓZm^W^a^inidWZiiZg[VX^a^iViZdjgldg`l^i]^ci]Z9^k^h^dc#I]^hÓZm^W^a^in^hi]ZZhhZci^Va [djcYVi^dcidhjXXZhh[jaanXgZVi^c\VAZVcgZ[jgW^h]bZcideZgVi^dc#@ZnX]Vc\Zhegdk^YZYWni]^hBDJ ^cXajYZ/ I]ZXgZVi^dcd[VhZeVgVi^dcWZilZZcZbeadnZZhldg`^c\^cGZ[jgW^h]bZciVcYGV^aÄBZX]Vc^XVa0 7gdVYZg_dWYZhXg^ei^dch[dgGZ[jgW^h]bZciZbeadnZZhi]Viegdk^YZ[dg\gZViZgÓZm^W^a^in^ci]ZgVc\Zd[ ZbeadnZZhgZhedch^W^a^i^ZhVcYi]Z^gVW^a^inidVhh^hidcZVcdi]Zg# GZ[jgW^h]bZciHZgk^XZh 8]VaaZc\Zh 6X]^Zk^c\EgdÒiVW^a^in LZ]VkZcdinZiijgcZYi]ZXdgcZgidlVgYhVX]^Zk^c\egdÒiVW^a^inVcYXdci^cjZidldg`dcX]Vc\ZhVcY ^begdkZbZcihi]Vil^aaVaadljhiddWiV^ci]^hb^aZhidcZ# 8dbeZi^i^dcidL^c;jijgZ8dcigVXih LZZmeZXih^\c^ÒXVciXdbeZi^i^dcVhlZW^Ydc[jijgZ DciVg^dCdgi]aVcYÉhdeZgVi^dch gZ[jgW^h]bZciXdcigVXih#;dgi]^hgZVhdc!lZbjhi^begdkZdjg VcYegZhZcXZ^ci]ZCdgi] deZgVi^dchidZchjgZdjgVW^a^inidWZhjXXZhh[ja# ]ZaeidXdckZnVbZhhV\Zi]Vi Cdgi]ZgcDciVg^d]VhhjhiV^cVWaZ ^cYjhignVcYh`^aaZYigVYZh#BVcn 8]Vc\Z Xdbbjc^i^Zh^cCdgi]ZVhiZgc L]^aZX]Vc\Z^hZmX^i^c\!^iXVcVahdWZ^ci^b^YVi^c\VcY DciVg^dgZ[ZgidDciVg^dCdgi]aVcY jccZgk^c\[dgi]dhZV[[ZXiZYWn^i#LZVgZXdbb^iiZYidZc\V\^c\ VcY^ihhZgk^XZh^cegdbdi^dcVa ZbeadnZZhVcYi]Z^gaZVYZgh^cdjgX]Vc\ZegdXZhhVcYi]Z eVX`V\ZhidViigVXicZlWjh^cZhh ^beaZbZciVi^dcd[AZVcBVcj[VXijg^c\^cdgYZgidZchjgZi]Z ^ckZhibZciVcYgZh^YZcih# hjXXZhhd[djgXdaaVWdgVi^kZZ[[dgih# '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi ;^cVcX^VaDkZgk^Zl (' DciVg^dCdgi]aVcYhjhiV^cZYVadhh[dgi]ZnZVgZcYZYBVgX](&!'%&%^ci]ZVbdjcid['*#- b^aa^dc! XdbeVgZYidVadhhd[&)#,b^aa^dc[dgi]ZegZXZY^c\ÒhXVaeZg^dY# IdiVagZkZcjZh^cXgZVhZYWnVa^iiaZaZhhi]Vc'b^aa^dcnZVgdkZgnZVg#9ZXa^cZh^cGV^aHZgk^XZhXdbbZgX^Va gV^agZkZcjZd[,#%b^aa^dclZgZd[[hZiWndcZi^bZ^cXgZVhZ^c\dkZgcbZcigZ^bWjghZbZcid[+#-b^aa^dc# 6YZXa^cZ^cBdidg8dVX]hVaZhgZkZcjZd[,%%@Vadc\l^i]^cXgZVhZh^cDciZgVVcYGZ[jgW^h]bZcid[ &#(b^aa^dcVcY&#)b^aa^dc!gZheZXi^kZan!Xdcig^WjiZYidi]ZdkZgVaa^cXgZVhZ# GV^agZkZcjZhYZXa^cZYVhVgZhjaid[Xdci^cjZYlZV`YZbVcY^ci]Z[dgZhignVcYb^c^c\hZXidghVadc\l^i] cjbZgdjhXadhjgZhVcYh]jiYdlchd[XjhidbZg[VX^a^i^Zh#I]ZBdidg8dVX]gZkZcjZYZXa^cZ^hVXdci^cjVi^dcd[ lZV`YZbVcY[dgigVchedgiVi^dchZgk^XZhi]Vi]VYWZ\jc^ci]Zeg^dgÒhXVaeZg^dY#GZ[jgW^h]bZci^cXgZVhZY egdYjXi^dcaZkZahdkZgeg^dgnZVghVcYDciZgVgZkZcjZh^cXgZVhZYl^i]higZc\i]^cXVgg^ZghZgk^XZhd[[hZii^c\ lZV`cZhh^ckd^XZhZgk^XZegdYjXih# IdiVadeZgVi^c\ZmeZchZhYZXgZVhZYWn)#-b^aa^dcdkZgi]Zeg^dgnZVgl^i]GV^aHZgk^XZhXdhihYZXa^c^c\ ,#'b^aa^dcl^i]ZmeZchZXjgiV^abZcihVhVgZhedchZidYZXa^c^c\gZkZcjZh#D[[hZii^c\i]^hYZXa^cZlZgZ ^cXgZVhZh^cGZ[jgW^h]bZciVcYDciZgVl^i]ZmeZchZhigVX`^c\^ca^cZl^i]]^\]ZgegdYjXi^dcVcYgZkZcjZ aZkZah#DeZgVi^c\ZmeZchZh^ci]Zdi]ZgdeZgVi^c\Y^k^h^dclZgZgZaVi^kZanb^cdgVcYgZbV^cZYgZaVi^kZan XdchiVci# Cdc"deZgVi^c\ZmeZchZh^cXgZVhZYnZVgdkZgnZVgWn&,#,b^aa^dceg^bVg^anVhVgZhjaid[^cXgZVhZYeZch^dc VXXdjci^c\ZmeZchZh!VhVaZhiVmVhhZhhbZcil]^X]lVh^cXjggZYYjg^c\i]ZnZVgVcYi]Zlg^iZYdlcd[ ^ciVc\^WaZVhhZih#I]ZYgVbVi^X^cXgZVhZ^ceZch^dcVXXdjci^c\ZmeZchZhYjg^c\i]ZnZVgVgZViig^WjiVWaZ eg^bVg^anidYZXa^c^c\VhhZikVajZh[dgi]ZeZch^dc[jcYZmeZg^ZcXZYYjg^c\'%%-"'%%.!Vadc\l^i]YZXa^c^c\ Y^hXdjcigViZhZmeZg^ZcXZYYjg^c\i]ZXjggZciÒhXVaeZg^dY# Dci]ZWVaVcXZh]ZZi!idiVaVhhZihgZbV^cZYgZaVi^kZanXdchiVcil^i]^cXgZVhZh^cEgdeZgin!EaVciVcY:fj^ebZci WZ^c\d[[hZiWnYZXa^cZh^ci]Z6XXgjZYEZch^dc7ZcZÒi6hhZiVcYi]Zlg^iZYdlcd[>ciVc\^WaZ6hhZih# IdiVaa^VW^a^i^Zh^cXgZVhZY'+b^aa^dcl^i]^cXgZVhZh^cYZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcY Zfj^ebZci!adc\iZgbYZWiVcYi]ZVXXgjZYcdceZch^dcWZcZÒidWa^\Vi^dcVaaXdcig^Wji^c\#I]^h^cXgZVhZlVh d[[hZiWni]ZYZXa^cZ^cgZiV^cZYZVgc^c\hVhVgZhjaid[i]Zadhh[gdbdeZgVi^dchYjg^c\i]ZÒhXVaeZg^dY# @Zk^c9dccZaan K^XZEgZh^YZcid[;^cVcXZVcY6Yb^c^higVi^dc BVcV\ZbZciÉhGZhedch^W^a^in I]ZDciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dcÉhbVcV\ZbZci^hgZhedch^WaZ[dgi]Z^ciZ\g^inVcY[V^g egZhZciVi^dcd[i]ZXdchda^YViZYÒcVcX^VahiViZbZcihVcYdi]Zg^c[dgbVi^dc^cXajYZY^ci]ZVccjVagZedgi# I]ZXdchda^YViZYÒcVcX^VahiViZbZcih]VkZWZZcegZeVgZY^cVXXdgYVcXZl^i]8VcVY^Vc\ZcZgVaanVXXZeiZY VXXdjci^c\eg^cX^eaZh#I]ZegZeVgVi^dcd[ÒcVcX^VahiViZbZcihcZXZhhVg^an^ckdakZhi]ZjhZd[bVcV\ZbZciÉh _jY\bZciVcYWZhiZhi^bViZh!eVgi^XjaVganl]ZcigVchVXi^dchV[[ZXi^c\i]ZXjggZciVXXdjci^c\eZg^dYXVccdiWZ YZiZgb^cZYl^i]XZgiV^cinjci^a[jijgZeZg^dYh#6aaÒcVcX^Va^c[dgbVi^dc^ci]ZVccjVagZedgi^hXdch^hiZcil^i] i]ZXdchda^YViZYÒcVcX^VahiViZbZcih# I]Z8dbb^hh^dcbV^ciV^chhnhiZbhd[^ciZgcVaVXXdjci^c\XdcigdahYZh^\cZYidegdk^YZgZVhdcVWaZVhhjgVcXZ i]Vii]ZÒcVcX^Va^c[dgbVi^dc^hVXXjgViZVcYgZa^VWaZVcYi]ViXdbeVcnVhhZihVcYa^VW^a^i^ZhVgZVYZfjViZan VXXdjciZY[dgVcYVhhZihhV[Z\jVgYZY# I]ZXdchda^YViZYÒcVcX^VahiViZbZcih]VkZWZZcgZk^ZlZYWni]Z8dbb^hh^dcÉh6jY^iVcY;^cVcXZ8dbb^iiZZ VcY]VkZWZZcVeegdkZYWn^ih I#=Vg\gZVkZh 8]V^g E# Cdgi]7Vn!DciVg^d BVn'-!'%&% '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 6jY^idgÉhGZedgi () Auditor’s Report To the Ontario Northland Transportation Commission and the Minister of Northern Development and Mines I have audited the consolidated balance sheet of the Ontario Northland Transportation Commission as at March 31, 2010 and the consolidated statements of investment by the Province of Ontario, operations and retained earnings and cash flows for the year then ended. These consolidated financial statements are the responsibility of the Commission’s management. My responsibility is to express an opinion on these consolidated financial statements based on my audit. I conducted my audit in accordance with Canadian generally accepted auditing standards. Those standards require that I plan and perform an audit to obtain reasonable assurance whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statement presentation. In my opinion, these consolidated financial statements present fairly, in all material respects, the financial position of the Commission as at March 31, 2010 and the results of its operations and its cash flows for the year then ended in accordance with Canadian generally accepted accounting principles. Toronto, Ontario Jim McCarter, CA May 29, 2010 Auditor General Licensed Public Accountant 8dchda^YViZY7VaVcXZH]ZZi YdaaVgh^ci]djhVcYh BVgX](& BVgX](& '%&% '%%. 6hhZih 8jggZci 8Vh]VcYXVh]Zfj^kVaZcih CdiZ* )!-'( ,!),& 6XXdjcihgZXZ^kVWaZ CZid[VaadlVcXZ"(!+,,0'%%."(!&,' &-!)+- &,!&*+ >ckZcidgn &-!(&. &,!+') EgZeV^YZmeZchZh &!()- &!&+) )'!.*- )(!)&* >ciVc\^WaZVhhZih CdiZ+ " )!*-) >ckZhibZci^cegdeZgin!eaVciVcYZfj^ebZci HX]ZYjaZ& '.,!(-& '-%!',& 6XXgjZYeZch^dcWZcZÒiVhhZi CdiZ.V *-!+*% ,%!),* (.-!.-. (.-!,)* A^VW^a^i^ZhVcYEgdk^cXZd[DciVg^d:fj^in 8jggZci DeZgVi^c\a^cZd[XgZY^i CdiZ, &'!.'* &&!-,% 6XXdjciheVnVWaZVcYVXXgjZYa^VW^a^i^Zh '.!(-( '-!*+* 8jggZciedgi^dcd[adc\"iZgbYZWi CdiZ&%V )!(-( *!-%+ 8jggZciedgi^dcd[XVe^iVaaZVhZdWa^\Vi^dch CdiZ&%W && ,' 8jggZciedgi^dcd[YZ[ZggZYgZkZcjZ +&+ -%+ ),!(&- ),!&&. 9Z[ZggZYgZkZcjZ CdiZ&& -'- -., 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVci VcYZfj^ebZci CdiZ- -.!%,- ++!-%% Adc\"iZgbYZWi CdiZ&%V ()!(+. ((!&,' 8Ve^iVaaZVhZdWa^\Vi^dch CdiZ&%W ') (* 6XXgjZYCdc"EZch^dc7ZcZÒiDWa^\Vi^dc CdiZ.W +)!'(' +&!-'& '(*!-). '%.!-)) 8dci^c\ZcX^Zh CdiZ&+ $8dbb^ibZcih CdiZ&, :fj^in GZiV^cZY:Vgc^c\h &*-!+)* &-)!)&( GZhZgkZ[dgHZa[>chjgVcXZ )!).* )!)-- &+(!&)% &--!.%& (.-!.-. (.-!,)* 6eegdkZYdcWZ]Va[d[i]Z8dbb^hh^dc/ TTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTT 8]V^g TTTTTTTTTTTTTTTTTTTTTT6Xi^c\EgZh^YZciVcY8:D J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 8dchda^YViZYHiViZbZcid[:fj^in (+ YdaaVgh^ci]djhVcYh BVgX](& BVgX](& '%&% '%%. gZhiViZYCdiZ( GZiV^cZY:Vgc^c\h 7VaVcXZ!WZ\^cc^c\d[nZVg .,!,-, &&'!,'. Eg^dgnZVgÉhgZhiViZbZci CdiZ(X -+!+'+ -+!+'+ 7VaVcXZ!WZ\^cc^c\d[nZVgVhgZhiViZY&-)!)&( &..!(** CZiadhh[dgi]ZnZVg '*!,+& &)!,)' CZiigVch[ZgidGZhZgkZ[dgHZa[>chjgVcXZ , '%% 7VaVcXZ!ZcYd[nZVg &*-!+)* &-)!)&( GZhZgkZ[dgHZa[>chjgVcXZ CdiZ&) 7VaVcXZ!WZ\^cc^c\d[nZVg )!)-- )!'-- IgVch[Zgh id [gdbGZiV^cZY:Vgc^c\h >ciZgZhiZVgcZY '( &%% 6ccjVaegZb^jb &%% &%% 8aV^bh &&+ " , '%% 7VaVcXZ!ZcYd[nZVg )!).* )!)-- IdiVaGZiV^cZY:Vgc^c\hVcYGZhZgkZ[dgHZa[>chjgVcXZ &+(!&)% &--!.%& J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ 8dchda^YViZYHiViZbZcid[DeZgVi^dch YdaaVgh^ci]djhVcYh ;dgi]ZnZVgZcYZYBVgX](& '%&% '%%. gZhiViZYCdiZ( GZkZcjZh HX]ZYjaZ' &))!.') &)'!.-' :meZchZh HX]ZYjaZ' &((!,*. &(-!*)- >cXdbZ[gdbdeZgVi^dch!WZ[dgZdi]ZggZkZcjZhVcYZmeZchZh&&!&+* )!)() Di]ZggZkZcjZhVcYZmeZchZh 6bdgi^oVi^dc HX]ZYjaZ' &)!+,( &)!'-( 6bdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVci VcYZfj^ebZci CdiZ- '!('& '!(%& Lg^iZYdlcd[^ciVc\^WaZVhhZih CdiZ+ )!%(. " EZch^dcZmeZchZ HX]ZYjaZ'VcYCdiZ. &+!)&* *!.)+ HVaZhiVmVhhZhhbZci &!**+ " >ciZgZhiZmeZchZ HX]ZYjaZ' '!%+( '!&%) >ckZhibZciVcYdi]Zg^cXdbZ * ( >ckZhibZci^cXdbZdcGZhZgkZ[dgHZa[>chjgVcXZ CdiZ&) '( &%% 8aV^bhdcGZhZgkZ[dgHZa[>chjgVcXZ CdiZ&) &&+ " Adhh \V^c dchVaZd[egdeZgin!eaVciVcYZfj^ebZci HX]ZYjaZ' )&( ,*( CZiZmeZchZh(+!.'+ &.!&,+ CZiadhh[dgi]ZeZg^dY '*!,+& &)!,)' J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 8dchda^YViZYHiViZbZcid[8Vh];adlh (- YdaaVgh^ci]djhVcYh ;dgi]ZnZVgZcYZYBVgX](& '%&% '%%. gZhiViZYCdiZ( 8Vh]egdk^YZYWn jhZY^c DeZgVi^c\VXi^k^i^Zh Adhh '*!,+& &)!,)' >iZbhcdiV[[ZXi^c\XVh] 6bdgi^oVi^dc HX]ZYjaZ' &)!+,( &)!'-( 6bdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin! eaVciVcYZfj^ebZci CdiZ- '!('& '!(%& Adhh \V^c dcY^hedhVad[egdeZgin!eaVciVcYZfj^ebZci )&( ,*( Lg^iZYdlcd[^ciVc\^WaZVhhZih )!%(. " 6bdgi^oVi^dcd[^ciVc\^WaZVhhZih *)* *.) 9Z[ZggZYgZkZcjZ +) &'' EZch^dcZmeZchZ CdiZ. &+!)&* *!.)+ -!%+, (!&). 8]Vc\Zh^ccdc"XVh]ldg`^c\XVe^iVaWVaVcXZh 6XXdjcihgZXZ^kVWaZ &!(&' &!-'% >ckZcidgn +.* (,+ EgZeV^YZmeZchZh &-) '%) 6XXdjciheVnVWaZVcYVXXgjZYa^VW^a^i^Zh -&- '!,-+ 9Z[ZggZYgZkZcjZ ('( '!%-% +!(,& *!-), >ckZhi^c\VXi^k^i^Zh >ckZhibZci^cegdeZgin!eaVciVcYZfj^ebZci ('!.(* (%!-%. EgdXZZYh[gdbhVaZd[egdeZgin!eaVciVcYZfj^ebZci ,(. ,*( ;jcY^c\Xdcig^Wji^dcidVXXgjZYeZch^dcWZcZÒiVhhZi &)- &.& ('!()) (%!'), ;^cVcX^c\VXi^k^i^Zh DeZgVi^c\a^cZhd[XgZY^i &!%** (!&(% Adc\"iZgbYZWi CdiZ&%V ''+ *!'-, 8Ve^iVaaZVhZdWa^\Vi^dch CdiZ&%W ,' &.* 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZci ')!*.. '(!*,( ;jcY^c\Xdcig^Wji^dcidVXXgjZYcdc"eZch^dcWZcZÒidWa^\Vi^dc'!%(& '!)&. '(!('* '(!&&+ 8]Vc\Z^cXVh]VcYXVh]Zfj^kVaZcihYjg^c\i]ZnZVg '!+)- &!'-) 8Vh]VcYXVh]Zfj^kVaZcih!WZ\^cc^c\d[nZVg ,!),& -!,** 8Vh]VcYXVh]Zfj^kVaZcih!ZcYd[nZVg )!-'( ,!),& HjeeaZbZciVaY^hXadhjgZd[XVh]Ódl^c[dgbVi^dc/ >ciZgZhieV^YYjg^c\i]ZnZVgVcY^cXajYZY^ccZiadhh '!%+( '!&%) J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ 8dchda^YViZYHX]ZYjaZd[>ckZhibZci ^cEgdeZgin!EaVciVcY:fj^ebZci HX]ZYjaZ& YdaaVgh^ci]djhVcYh ;dgi]ZnZVgZcYZYBVgX](& '%&% '%%. 8dhi 6XXjbjaViZY CZi7dd` CZi7dd` 6bdgi^oVi^dc KVajZ KVajZ GV^aHZgk^XZh GdVYlVn ',*!(-- &&(!,)* &+&!+)( &*%!'** 7j^aY^c\h )'!(&* &-!',. ')!%(+ ')!'), :fj^ebZci ,*!-*, )-!)+. ',!(-- '.!%'. :fj^ebZcijcYZgXVe^iVaaZVhZ &!%'' &.- -') -,) JcYZgXdchigjXi^dc &,!%(* " &,!%(* &&!)-' IZaZXdbbjc^XVi^dch DciZgV :fj^ebZci &*)!.,% &&+!'*% (-!,'% (.!%(& 7j^aY^c\h +!**' )!%+' '!).% &!,+* JcYZgXdchigjXi^dc &&!)-& " &&!)-& &%!'.- Bdidg8dVX]HZgk^XZh 8dVX]Zh -!*-. *!))- (!&)& (!-%% 7j^aY^c\h '!,.+ '%& '!*.* '!*)- GZ[jgW^h]bZci :fj^ebZci *-* -* *%% *'& 7j^aY^c\h (!)%, ()+ (!%+& (!%') BVg^cZHZgk^XZh BddhdcZZ KZhhZah (-* (+* '% '- JcYZgXdchigjXi^dc '!.%- " '!.%- &!,.) 9ZkZadebZci AVcYVcYWj^aY^c\h '!-*& &!(&' &!*(. &!*,* +%+!&)& (%-!,+% '.,!(-& '-%!',& J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi 8dchda^YViZYHX]ZYjaZd[DeZgVi^c\ GZkZcjZhVcY:meZchZh HX]ZYjaZ' )% YdaaVgh^ci]djhVcYh ;dgi]ZnZVgZcYZYBVgX](& '%&% '%%. gZhiViZYCdiZ( GV^aHZgk^XZh HVaZhgZkZcjZ CdiZh&*VcY'& *(!)&* +%!&** Adhh[gdbdeZgVi^dch )!)). )!-,, IZaZXdbbjc^XVi^dch DciZgV HVaZhgZkZcjZ CdiZ&( ('!++' (&!(+* DeZgVi^c\ZmeZchZ '+!-+' '+!+)& DeZgVi^c\^cXdbZ *!-%% )!,') 6bdgi^oVi^dc )!.+. )!*'% 6bdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVci VcYZfj^ebZci CdiZ- --' &!&)& EZch^dcZmeZchZ CdiZ. '!++% &!%&* HVaZhiVmVhhZhhbZci &!**+ " >ciZgZhiZmeZchZ ++, )+) Adhh[gdbdeZgVi^dch (!&,% &() Bdidg8dVX]HZgk^XZh HVaZhgZkZcjZ &%!*-( &&!(&( DeZgVi^c\ZmeZchZ &%!)'. &%!+)& DeZgVi^c\^cXdbZ &*) +,' 6bdgi^oVi^dc *)' *-. EZch^dcZmeZchZ CdiZ. &!%), (,- AdhhdchVaZd[egdeZgin!eaVciVcYZfj^ebZci &,% " >ciZgZhiZmeZchZ &&& &%+ Adhh[gdbdeZgVi^dch &!,&+ )%& GZ[jgW^h]bZci HVaZhgZkZcjZ &,!%-. &*!,%- DeZgVi^c\ZmeZchZ &-!'). &,!%'* DeZgVi^c\adhh &!&+% &!(&, 6bdgi^oVi^dc -* -* Lg^iZYdlcd[^ciVc\^WaZVhhZih CdiZ+ )!%(. " EZch^dcZmeZchZ CdiZ. &!,%- +*( >ciZgZhiZmeZchZ '*% (&& Adhh[gdbdeZgVi^dch ,!')' '!(++ J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ EV\Z(% 8dchda^YViZYHX]ZYjaZd[DeZgVi^c\ GZkZcjZhVcY:meZchZh HX]ZYjaZ' Xdci^cjZY YdaaVgh^ci]djhVcYh ;dgi]ZnZVgZcYZYBVgX](& '%&% '%%. gZhiViZYCdiZ( BVg^cZHZgk^XZh BddhdcZZ HVaZhgZkZcjZ &*+ &'. DeZgVi^c\gZkZcjZ &., &+. DeZgVi^c\ZmeZchZ &-' '%* >cXdbZ adhh [gdbdeZgVi^dch &* (+ GZciVaEgdeZgi^Zh HVaZhgZkZcjZ *&. *&' DeZgVi^c\ZmeZchZ (+' ('( DeZgVi^c\^cXdbZ &*, &-. 6bdgi^oVi^dc (, (, >cXdbZ[gdbdeZgVi^dch &(. '.% 6Yb^c^higVi^dc DeZgVi^c\gZkZcjZ " " DeZgVi^c\ZmeZchZ ,!+)+ +!)'% DeZgVi^c\adhh ,!+)+ +!)'% 6bdgi^oVi^dc &)& '(( EZch^dcZmeZchZ CdiZ. &!(*( )%' >ciZgZhiZmeZchZ &&% '++ Adhh[gdbdeZgVi^dch .!'*% ,!('& IdiVaDeZgVi^dch HVaZhgZkZcjZ &&)!)') &&.!&-' IdiVagZkZcjZh &))!.') &)'!.-' :meZchZh &((!,*. &(-!*)- >cXdbZ[gdbdeZgVi^dch &&!&+* )!)() 6bdgi^oVi^dc &)!+,( &)!'-( 6bdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVci VcYZfj^ebZci CdiZ- '!('& '!(%& Lg^iZYdlcd[^ciVc\^WaZVhhZih CdiZ+ )!%(. " EZch^dcZmeZchZ CdiZ. &+!)&* *!.)+ HVaZhiVmVhhZhhbZci &!**+ " >ciZgZhiZmeZchZ '!%+( '!&%) Adhh \V^c dchVaZd[egdeZgin!eaVciVcYZfj^ebZci )&( ,*( Adhh[gdbdeZgVi^dch '*!+,( &)!-)* J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih )' BVgX](&!'%&% &# CVijgZd[7jh^cZhh I]ZDciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc!VcDeZgVi^dcVa:ciZgeg^hZd[i]ZDciVg^d\dkZgcbZci! YZa^kZghVkVg^Zind[XdbbZgX^VaVcYcdc"XdbbZgX^VahZgk^XZh!^cXajY^c\gV^a[gZ^\]i!eVhhZc\ZggV^a!bdidg XdVX]VcYiZaZXdbbjc^XVi^dcheg^bVg^an^ci]Zcdgi]ZVhiZgcedgi^dcd[Cdgi]ZgcDciVg^d# '# H^\c^ÒXVci6XXdjci^c\Eda^X^Zh I]ZhZXdchda^YViZYÒcVcX^VahiViZbZcihVgZegZeVgZY^cVXXdgYVcXZl^i]8VcVY^Vc\ZcZgVaanVXXZeiZY VXXdjci^c\eg^cX^eaZh#I]Zn^cXajYZi]ZVXXdjcihd[i]Z8dbb^hh^dcVcY^ihl]daan"dlcZYhjWh^Y^Vg^Zh! DciVg^dCdgi]aVcY>ciZgcVi^dcVa8dchjai^c\HZgk^XZh>cX!D#C#IZa>cX# d$VDciZgV !6^g"9VaZA^b^iZYVcY C^e^hh^c\8ZcigVaGV^alVn8dbeVcn# >ckZcidgn L^i]i]ZZmXZei^dcd[jhZYgV^a!VaabViZg^VahVcYhjeea^ZhVgZkVajZYVii]ZadlZgd[VkZgV\ZXdhidgcZi gZVa^oVWaZkVajZ#JhZYgV^a^hh]dlcVijcVbdgi^oZYWdd`kVajZYZiZgb^cZYVii]Zi^bZd[gZi^gZbZci# >ckZhibZci^cEgdeZgin!EaVciVcY:fj^ebZci EgdeZgin!eaVciVcYZfj^ebZciVgZhiViZYViVXfj^h^i^dcXdhi#6bdgi^oVi^dc^hXVaXjaViZYjh^c\i]ZhigV^\]i" a^cZbZi]dYdkZgi]ZZhi^bViZYhZgk^XZa^kZhd[i]ZVhhZih# I]ZZhi^bViZYhZgk^XZa^kZh[dgeg^cX^eVaXViZ\dg^Zhd[VhhZihVgZVh[daadlh/ GdVYlVn"bV^ca^cZVcYWgVcX]Zh################################################################################################'%id*%nZVgh GV^alVnY^ZhZaadXdbdi^kZh###################################################################################################################### '*nZVgh GV^alVnXVgh############################################################################################################################################### ((nZVgh 7j^aY^c\h#################################################################################################################################################### *%nZVgh IZaZXdbbjc^XVi^dchZfj^ebZci#####################################################################################################&*id'*nZVgh KZ]^XaZh######################################################################################################################################################## (nZVgh 8dbejiZgZfj^ebZci################################################################################################################################## *nZVgh 8dVX]Zh###################################################################################################################################################### &'nZVgh 9Z[ZggZYXdcig^Wji^dchgZaViZYidEgdeZgin!EaVciVcY:fj^ebZci I]ZEgdk^cXZd[DciVg^dgZ^bWjghZhi]Z8dbb^hh^dc[dgi]ZXdhid[XZgiV^cegdeZgin!eaVciVcYZfj^ebZci ejgX]VhZY[dgjhZ^cdeZgVi^dch#I]Z8dbb^hh^dcgZXdgYhi]ZhZVhhZihVii]Z^gdg^\^cVaXdhiid\Zi]Zgl^i]Vc d[[hZii^c\XgZY^iid9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZci#9Z[ZggZYXdcig^Wji^dch gZaViZYidegdeZgin!eaVciVcYZfj^ebZciVgZgZXd\c^oZYVhgZkZcjZdci]ZhVbZWVh^hVhi]ZVbdgi^oVi^dc d[i]ZgZaViZYVhhZih hZZCdiZ- # J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% '# H^\c^ÒXVci6XXdjci^c\Eda^X^Zh Xdci^cjZY :beadnZZ;jijgZ7ZcZÒih F[di_edFbWdi#I]Z8dbb^hh^dcbV^ciV^chVYZÒcZYWZcZÒieZch^dceaVc[dg^ihZbeadnZZh#>iegdk^YZh [dgeZch^dchWVhZYdcnZVghd[hZgk^XZVcYVkZgV\ZeZch^dcVWaZZVgc^c\hVcY^h\ZcZgVaanVeea^XVWaZ[gdb i]ZÒghiYVnd[i]Zbdci][daadl^c\ZbeadnbZci#6HjeeaZbZciVgn:beadnZZGZi^gZbZciEaVc H:GE VahdZm^hih[dgZbeadnZZhl]dZVgcVa^[Zi^bZeZch^dcVbdjci^cZmXZhhd[i]Z8VcVY^Vc>cXdbZIVm6XiÉh bVm^bjb#I]ZeaVchVgZcdi^cYZmZY0]dlZkZg!i]ZgZ]VkZWZZcVkVg^Zind[VY]dX^cXgZVhZhbVYZ ideZch^dcZgh# Ded#F[di_ed8[d[ÓjFbWdi#I]Z8dbb^hh^dcd[[Zghcdc"eZch^dcedhigZi^gZbZciWZcZÒihhjX]Vh\gdje a^[Z!]ZVai]XVgZVcYadc\"iZgbY^hVW^a^inidZbeadnZZhi]gdj\]YZÒcZYWZcZÒieaVch#I]ZXdhihVhhdX^ViZY l^i]i]ZhZ[jijgZWZcZÒihVgZVXijVg^VaanYZiZgb^cZYjh^c\i]Zegd_ZXiZYWZcZÒihbZi]dYegdgViZYdc hZgk^XZVcYWZhiZhi^bViZVhhjbei^dch#>cVYY^i^dc!VhVHX]ZYjaZ'ZbeadnZgjcYZgi]ZLdg`eaVXZHV[Zin VcY>chjgVcXZ7dVgY LH>7 !i]Z8dbb^hh^dcgZXd\c^oZhldg`ZghXdbeZchVi^dcWZcZÒihdcVcVXXgjVa WVh^hjh^c\VXijVg^VaXVaXjaVi^dchegdk^YZYWni]ZLH>7[dgWZcZÒih^c[dgXZ!WZcZÒihcdinZiVlVgYZYVcY VYb^c^higVi^kZadVY^c\Xdhih# 7di]EZch^dcVcYCdc"EZch^dcZmeZchZhXdch^hid[XjggZcihZgk^XZXdhih!^ciZgZhiVcYVY_jhibZcihVg^h^c\ [gdbeaVcVbZcYbZcih!X]Vc\Zh^cVhhjbei^dchVcYcZiVXijVg^Va\V^chdgadhhZh#CZiVXijVg^Va\V^ch dgadhhZhVgZVbdgi^oZYdcVhigV^\]i"a^cZWVh^hdkZgi]ZZmeZXiZYVkZgV\ZgZbV^c^c\hZgk^XZa^[Zd[i]Z ZbeadnZZhXdkZgZYWni]ZeaVch#I]ZhZZmeZchZhVgZgZXdgYZY^ci]ZnZVg^cl]^X]ZbeadnZZhgZcYZg hZgk^XZhidi]Z8dbb^hh^dc HZZCdiZ. # >ciVc\^WaZ6hhZih >ciVc\^WaZVhhZihgZegZhZcii]ZkVajZViig^WjiZYidi]ZYZkZadebZci ^ciZgcVaan\ZcZgViZY d[cZl egdXZhhZh[dgVcZla^cZd[Wjh^cZhh GZ[jgW^h]bZci ^c'%%+#>ciVc\^WaZVhhZihi]VibZZi\ZcZgVaan VXXZeiZYXg^iZg^V!^cXajY^c\gZVhdcVWaZVhhjgVcXZgZ\VgY^c\[jijgZWZcZÒih!VgZYZ[ZggZYVcYVbdgi^oZY WVhZYdci]ZidiVacjbWZgd[jc^ihidWZgZ[jgW^h]ZYdkZgi]Za^[Zd[i]ZZmeZXiZYWZcZÒi# GZkZcjZGZXd\c^i^dc IgVchedgiVi^dcgZkZcjZhVgZ\ZcZgVaangZXd\c^oZYdcXdbeaZi^dcd[bdkZbZcih!l^i]^ciZga^cZbdkZbZcih WZ^c\igZViZYVhXdbeaZiZl]Zci]Zh]^ebZci^hijgcZYdkZgidi]ZXdccZXi^c\XVgg^Zg#8dcigVXigZkZcjZh VgZ\ZcZgVaangZXdgYZYdcVeZgXZciV\Zd[XdbeaZi^dcWVh^h#GZkZcjZh[gdbdi]ZghdjgXZh^cXajY^c\ J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi )) BVgX](&!'%&% '# H^\c^ÒXVci6XXdjci^c\Eda^X^Zh Xdci^cjZY ;dgZ^\c8jggZcXnIgVchaVi^dc GZkZcjZhVcYZmeZchZhVg^h^c\[gdb[dgZ^\cXjggZcXnigVchVXi^dchVgZigVchaViZYidi]Z^g8VcVY^Vc Zfj^kVaZciVii]ZgViZhd[ZmX]Vc\Z^cZ[[ZXiVii]ZigVchVXi^dcYViZ#GZhjai^c\\V^chdgadhhZhdchZiiaZbZci dgigVchaVi^dcVgZ^cXajYZY^ci]ZYZiZgb^cVi^dcd[cZi^cXdbZ[dgi]ZXjggZcinZVg#>cXajYZY^cGV^agZkZcjZ ^hV[dgZ^\cXjggZcXn\V^cd[-*(!%%% '%%."&!'*-!%%% Vg^h^c\bV^can[gdbGV^aigV[ÒXhZiiaZbZcih WZilZZc8VcVYVVcYi]ZJ#H#6# 6XXdjci^c\:hi^bViZh I]ZegZeVgVi^dcd[i]ZÒcVcX^VahiViZbZcih^cXdc[dgb^inl^i]8VcVY^Vc\ZcZgVaanVXXZeiZYVXXdjci^c\ eg^cX^eaZhgZfj^gZhbVcV\ZbZciidbV`ZZhi^bViZhVcYVhhjbei^dchi]ViV[[ZXii]ZgZedgiZYVbdjcih d[VhhZihVcYa^VW^a^i^ZhVcYi]ZgZedgiZYVbdjcihd[gZkZcjZhVcYZmeZchZhYjg^c\i]ZgZedgi^c\eZg^dY# H^\c^ÒXVciVgZVhgZfj^g^c\i]ZjhZd[bVcV\ZbZciZhi^bViZhgZaViZidi]ZjhZ[jaa^kZhd[VhhZih[dg Vbdgi^oVi^dc#7ni]Z^gcVijgZ!i]ZhZZhi^bViZhVgZhjW_ZXiidbZVhjgZbZcijcXZgiV^cin#I]ZZ[[ZXid[X]Vc\Zh ^chjX]Zhi^bViZhdci]ZÒcVcX^VahiViZbZcih^c[jijgZeZg^dYhXdjaYWZh^\c^ÒXVci#6XXdjcihheZX^ÒXVaan V[[ZXiZYWnZhi^bViZh^ci]ZÒcVcX^VahiViZbZcihVgZegdeZgin!eaVciVcYZfj^ebZci!YZ[ZggZYXdcig^Wji^dch gZaViZYidegdeZgin!eaVciVcYZfj^ebZci!VXXgjZYeZch^dcWZcZÒiVhhZi!VXXgjZYa^VW^a^i^Zh VcYcdc"eZch^dcWZcZÒidWa^\Vi^dc# 8Vh]VcY8Vh]:fj^kVaZcih 8Vh]VcYXVh]Zfj^kVaZcih^cXajYZXVh]dc]VcY!WVaVcXZhl^i]WVc`h!VcYgZhig^XiZYXVh]# ;^cVcX^Va>chigjbZcih 6aaÒcVcX^Va^chigjbZcihVgZgZfj^gZYidWZbZVhjgZYVi[V^gkVajZdc^c^i^VagZXd\c^i^dc#BZVhjgZbZci^c hjWhZfjZcieZg^dYhYZeZcYhdcl]Zi]Zgi]ZÒcVcX^Va^chigjbZci]VhWZZcXaVhh^ÒZYVh]ZaY"[dg"igVY^c\! VkV^aVWaZ"[dg"hVaZ!]ZaY"id"bVijg^in!adVchVcYgZXZ^kVWaZh!dgdi]Zga^VW^a^i^Zh# ;^cVcX^VaVhhZihVcYa^VW^a^i^ZhXaVhh^ÒZYVh]ZaY"[dg"igVY^c\VgZgZfj^gZYidWZbZVhjgZYVi[V^gkVajZ!l^i] \V^chVcYadhhZhgZXd\c^oZY^ccZiZVgc^c\h# ;^cVcX^VaVhhZihXaVhh^ÒZYVh]ZaY"id"bVijg^in!adVchVcYgZXZ^kVWaZhVcYÒcVcX^Vaa^VW^a^i^Zh di]Zgi]Vci]dhZ ]ZaY"[dg"igVY^c\ VgZgZfj^gZYidWZbZVhjgZYViVbdgi^oZYXdhihjh^c\i]ZZ[[ZXi^kZ^ciZgZhibZi]dYd[ Vbdgi^oVi^dc# 6kV^aVWaZ"[dg"hVaZÒcVcX^VaVhhZihVgZgZfj^gZYidWZbZVhjgZYVi[V^gkVajZl^i]jcgZVa^oZY\V^chVcYadhhZh gZXd\c^oZY^cDi]Zg8dbegZ]Zch^kZ>cXdbZ#>ckZhibZcih^cZfj^in^chigjbZcihXaVhh^ÒZYVhVkV^aVWaZ"[dg" hVaZi]ViYdcdi]VkZVfjdiZYbVg`Zieg^XZ^cVcVXi^kZbVg`Zih]djaYWZbZVhjgZYViXdhi# I]Z8dbb^hh^dcjhZhi]Z[daadl^c\XaVhh^ÒXVi^dch/ 8Vh]VcYXVh]Zfj^kVaZcihVgZXaVhh^ÒZYVh]ZaY"[dg"igVY^c\# 6XXdjcihgZXZ^kVWaZhVgZXaVhh^ÒZYVhadVchVcYgZXZ^kVWaZh# 6XXdjciheVnVWaZVcYVXXgjZYa^VW^a^i^Zh!deZgVi^c\a^cZhd[XgZY^i!adc\"iZgbYZWiVcYXVe^iVaaZVhZ dWa^\Vi^dchVgZXaVhh^ÒZYVhdi]Zga^VW^a^i^Zh# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% '# H^\c^ÒXVci6XXdjci^c\Eda^X^Zh Xdci^cjZY 8dbegZ]Zch^kZ>cXdbZ 8dbegZ]Zch^kZ^cXdbZ^hYZÒcZYVhi]ZX]Vc\Z^cZfj^in[dgigVchVXi^dchVcYdi]ZgZkZcih[gdbcdc" dlcZghdjgXZh#Di]Zg8dbegZ]Zch^kZ>cXdbZgZ[Zghid^iZbhgZXd\c^oZY^cXdbegZ]Zch^kZ^cXdbZi]Vi VgZZmXajYZY[gdbcZiZVgc^c\h#I]Z8dbb^hh^dcYdZhcdi]VkZVcnigVchVXi^dchi]VildjaYV[[ZXi XdbegZ]Zch^kZ^cXdbZi]jhcd^beVXidcÒcVcX^VahiViZbZcih# (# 8]Vc\Zh^c6XXdjci^c\Eda^X^Zh W :[\[hh[Z9edjh_Xkj_edih[bWj[Zjefhef[hjo"fbWdjWdZ[gk_fc[dj >ceg^dgnZVgh!YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZcilZgZegZhZciZYVhVCZi >ckZhibZcih^cegdeZgin!eaVciVcYZfj^ebZci^ci]Z8dchda^YViZYHiViZbZcid[>ckZhibZciWni]ZEgdk^cXZ d[DciVg^d#I]Z8dbb^hh^dc]VhVYdeiZYVcZleda^XnidegZhZcii]ZXVe^iVaXdcig^Wji^dcVhYZ[ZggZY Xdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZci# 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZcigZegZhZcii]ZjcVbdgi^oZYXVe^iVa hjWh^Y^ZhgZXZ^kZY[gdbB^c^hignd[Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhignid[jcYVXfj^h^i^dchd[ egdeZgin!eaVciVcYZfj^ebZci#9Z[ZggZYXdcig^Wji^dchVgZgZXd\c^oZYVhgZkZcjZ^ci]ZXdchda^YViZY hiViZbZcid[deZgVi^dchdci]ZhVbZWVh^hVhi]ZVbdgi^oVi^dcd[i]ZgZaViZYVhhZih# I]^hVY_jhibZci]VhWZZcgZXdgYZYgZigdVXi^kZanVcYVXXdgY^c\an!i]ZXdbeVgVi^kZÒcVcX^VahiViZbZcih ]VkZWZZcgZhiViZYVh[daadlh/ '%&% '%%. 9ZXgZVhZ^cdeZc^c\WVaVcXZ>ckZhibZciWni]ZEgdk^cXZd[DciVg^d CZi^ckZhibZci^cegdeZgin!eaVciVcYZfj^ebZci ++!-%% )*!*,+ 9ZXgZVhZ^cZcY^c\WVaVcXZ>ckZhibZciWni]ZEgdk^cXZd[DciVg^d CZi^ckZhibZci^cegdeZgin!eaVciVcYZfj^ebZci " ++!-%% >cXgZVhZ^cdeZc^c\WVaVcXZYZ[ZggZYXdcig^Wji^dchgZaViZYid egdeZgin!eaVciVcYZfj^ebZci ++!-%% )*!*,+ >cXgZVhZ^cZcY^c\WVaVcXZYZ[ZggZYXdcig^Wji^dchgZaViZYid egdeZgin!eaVciVcYZfj^ebZci " ++!-%% >cXgZVhZ^cVbdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYid egdeZgin!eaVciVcYZfj^ebZci " '!(%& >cXgZVhZ^cVbdgi^oVi^dc " '!(%& X H[i[hl[\ehI[b\?dikhWdY[ >ceg^dgnZVgh!i]ZGZhZgkZ[dgHZa[>chjgVcXZlVhegZhZciZYVhVcVhhZiVcYVhVEgdk^h^dc[dgHZa[>chjgVcXZ dci]Z8dchda^YViZY7VaVcXZH]ZZi#>cVXXdgYVcXZid\ZcZgVaanVXXZeiZYVXXdjci^c\eg^cX^eaZh!i]^hgZhZgkZ ^hcdlegZhZciZYVhgZhig^XiZYXVh]jcYZgXVh]VcYXVh]Zfj^kVaZcihVcYegdk^h^dcd[GZhZgkZ[dgHZa[ >chjgVcXZ^cgZiV^cZYZVgc^c\h# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi )+ BVgX](&!'%&% (# 8]Vc\Zh^c6XXdjci^c\Eda^X^Zh Xdci^cjZY H[i[hl[\ehI[b\?dikhWdY[ Yedj_dk[Z I]^hVY_jhibZci]VhWZZcgZXdgYZYgZigdVXi^kZanVcYVXXdgY^c\an!i]ZXdbeVgVi^kZÒcVcX^VahiViZbZcih ]VkZWZZcgZhiViZYVh[daadlh/ '%&% '%%. 9ZXgZVhZ^cdeZc^c\WVaVcXZGZhZgkZ[dgHZa[>chjgVcXZ VhhZi )!)-- )!'-- 9ZXgZVhZ^cZcY^c\WVaVcXZGZhZgkZ[dgHZa[>chjgVcXZ VhhZi " )!)-- >cXgZVhZ^cdeZc^c\WVaVcXZXVh]VcYXVh]Zfj^kVaZcih )!)-- )!'-- >cXgZVhZ^cZcY^c\WVaVcXZXVh]VcYXVh]Zfj^kVaZcih " )!)-- >cXgZVhZ^cdeZc^c\WVaVcXZGZhZgkZ[dgHZa[>chjgVcXZ )!)-- )!'-- >cXgZVhZ^cZcY^c\WVaVcXZGZhZgkZ[dgHZa[>chjgVcXZ " )!)-- 9ZXgZVhZ^cdeZc^c\WVaVcXZEgdk^h^dc[dgHZa[>chjgVcXZ )!)-- )!'-- 9ZXgZVhZ^cZcY^c\WVaVcXZEgdk^h^dc[dgHZa[>chjgVcXZ " )!)-- 9ZXgZVhZ^cGV^aZmeZchZ " &%% >cXgZVhZ^c>ckZhibZci^cXdbZdcGZhZgkZ[dgHZa[>chjgVcXZ " &%% >cXgZVhZ^cigVch[ZgidGZhZgkZ[dgHZa[>chjgVcXZ " '%% X CZi^ckZhibZcidi]Zgi]Vch]VgZXVe^iVa 9jZidi]ZX]Vc\Z^ceda^Xn[dg9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZciVcYi]Z gZaViZYX]Vc\Z^ci]ZegZhZciVi^dc^ci]ZÒcVcX^VahiViZbZcih!i]ZgZbV^c^c\^ckZhibZciWni]ZEgdk^cXZ d[DciVg^d!gZ[ZggZYidVhCZi^ckZhibZcidi]Zgi]Vch]VgZXVe^iVa!]VhWZZcgZXaVhh^ÒZYVhgZiV^cZY ZVgc^c\h#I]^hX]Vc\Z]VhWZZcVeea^ZYgZigdVXi^kZani]gdj\]gZiV^cZYZVgc^c\h# I]^hVY_jhibZci]VhWZZcgZXdgYZYgZigdVXi^kZanVcYVXXdgY^c\an!i]ZXdbeVgVi^kZÒcVcX^VahiViZbZcih ]VkZWZZcgZhiViZYVh[daadlh/ '%&% '%%. 9ZXgZVhZ^cdeZc^c\WVaVcXZCZi>ckZhibZcidi]Zgi]Vc h]VgZXVe^iVa -+!+'+ -+!+'+ 9ZXgZVhZ^cXadh^c\WVaVcXZCZi>ckZhibZcidi]Zgi]Vc h]VgZXVe^iVa " -+!+'+ >cXgZVhZ^cdeZc^c\WVaVcXZGZiV^cZY:Vgc^c\h -+!+'+ -+!+'+ >cXgZVhZ^cZcY^c\WVaVcXZGZiV^cZY:Vgc^c\h " -+!+'+ J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% )# ;jijgZ6XXdjci^c\8]Vc\Zh <_dWdY_WbijWj[c[djijWdZWhZi0 I]ZEgdk^cXZ]Vh^YZci^ÒZYi]Z8dbb^hh^dcVhVcDi]Zg 8ki_d[iiYecX_dWj_edi0 I]^hhZXi^dcgZeaVXZhi]Z[dgbZgHZXi^dc&*-&Æ7jh^cZhhXdbW^cVi^dchÇVcYegdk^YZhi]Z8VcVY^Vc Zfj^kVaZciid>;GH(Æ7jh^cZhh8dbW^cVi^dchÇ ?VcjVgn'%%- #I]ZcZlhiVcYVgYgZfj^gZhi]ZVXfj^g^c\ Zci^in^cVWjh^cZhhXdbW^cVi^dcidgZXd\c^oZbdhid[i]ZVhhZihVXfj^gZYVcYa^VW^a^i^ZhVhhjbZY^ci]Z igVchVXi^dcVi[V^gkVajZ^cXajY^c\Xdci^c\ZciVhhZihVcYa^VW^a^i^ZhVcYidgZXd\c^oZVcYbZVhjgZi]Z \ddYl^aadg\V^c[gdbVWVg\V^cejgX]VhZVXfj^gZY^ci]ZWjh^cZhhXdbW^cVi^dc#6Xfj^h^i^dc"gZaViZYXdhih VgZVahdidWZZmeZchZY#I]^hhiVcYVgY^hZ[[ZXi^kZ^cÒhXVa'%&&VcY^hcdiZmeZXiZYid]VkZVh^\c^ÒXVci ^beVXidci]Z8dbb^hh^dcÉhÒcVcX^VahiViZbZcih# 9edieb_ZWj[ZÓdWdY_WbijWj[c[dji"I[Yj_ed',&'WdZDed#Yedjhebb_d]_dj[h[iji"I[Yj_ed',&(0 I]ZhZildhZXi^dchgZeaVXZHZXi^dc&+%%Æ8dchda^YViZYÒcVcX^VahiViZbZcihÇ#HZXi^dc&+%&Æ8dchda^YViZY ÒcVcX^VahiViZbZcihÇXVgg^Zh[dglVgY\j^YVcXZ[gdbHZXi^dc&+%%Æ8dchda^YViZYÒcVcX^VahiViZbZcihÇl^i] i]ZZmXZei^dcd[cdc"Xdcigdaa^c\^ciZgZhihl]^X]VgZVYYgZhhZY^cVhZeVgViZhZXi^dc#HZXi^dc&+%'ÆCdc" Xdcigdaa^c\^ciZgZhihÇ!gZfj^gZhi]Z8dbb^hh^dcidgZedgicdc"Xdcigdaa^c\^ciZgZhihl^i]^cZfj^in!hZeVgViZan [gdbi]ZZfj^ind[i]ZdlcZghd[i]ZeVgZci!VcYigVchVXi^dchWZilZZcVcZci^inVcYcdc"Xdcigdaa^c\ ^ciZgZhihVhZfj^inigVchVXi^dch#I]^hhiVcYVgY^hZ[[ZXi^kZ^cÒhXVa'%&&VcY^hcdiZmeZXiZYid]VkZV h^\c^ÒXVci^beVXidci]Z8dbb^hh^dcÉhÒcVcX^VahiViZbZcih# *# 8Vh]VcYXVh]Zfj^kVaZcih '%&% '%%. 8Vh] ('-!%%% '!.-(!%%% 8Vh]gZaViZYidGZhZgkZ[dgHZa[>chjgVcXZ CdiZ&) )!).*!%%% )!)--!%%% 8Vh]VcYXVh]Zfj^kVaZcih )!-'(!%%% ,!),&!%%% J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi )- BVgX](&!'%&% +# >ciVc\^WaZ6hhZih '%&% '%%. 7VaVcXZ"WZ\^cc^c\d[nZVg )!*-)!%%% *!&,-!%%% 6bdgi^oVi^dc *)*!%%% *.)!%%% Lg^iZYdlcd[^ciVc\^WaZVhhZih )!%(.!%%% " 7VaVcXZ"ZcYd[nZVg " )!*-)!%%% >ciVc\^WaZVhhZihgZegZhZcii]ZjcVbdgi^oZYedgi^dcd[i]ZYZkZadebZciXdhih[dgi]ZigVch^iXVg gZ[jgW^h]bZciegd\gVb#I]ZhZXdhih]VkZWZZclg^iiZcYdlc^ci]ZXjggZciÒhXVanZVgVhi]ZWZcZÒih i]Znegdk^YZVgZcdiVci^X^eViZYidZmiZcYWZndcYi]ZZcYd[i]ZXjggZciXdcigVXil]^X]^hZmeZXiZYidWZ XdbeaZiZY^cÒhXVa'%&&# ,# DeZgVi^c\A^cZhd[8gZY^i I]Z8dbb^hh^dcXjggZcian]daYhVcdeZgVi^c\a^cZd[XgZY^il^i]i]ZDciVg^d;^cVcX^c\6ji]dg^in D;6 ^ci]Z Vbdjcid[-!%%%!%%%!d[l]^X]-!%%%!%%%lVhWZ^c\ji^a^oZYVhViBVgX](&!'%&% '%%."-!%%%!%%% l]^X]WZVgh^ciZgZhiVii]ZEgdk^cXZd[DciVg^dÉhXdhid[Wdggdl^c\eajh*WVh^hed^cihdci]ZYViZd[ZVX] VYkVcXZ#>cVYY^i^dc!i]Z8dbb^hh^dc]VhVgZkdak^c\deZgVi^c\a^cZd[XgZY^il^i]i]ZD;6^ci]ZVbdjci d[,!%%%!%%%!d[l]^X])!.'*!%%%lVhWZ^c\ji^a^oZYVhViBVgX](&!'%&% '%%."(!-,%!%%% l]^X] WZVgh^ciZgZhiVii]ZEgdk^cXZd[DciVg^dÉhXdhid[Wdggdl^c\eajh)%WVh^hed^cihWVhZYdci]ZYViZd[ZVX] VYkVcXZ# I]Z8dbb^hh^dcVahd]daYhVYZbVcYdeZgVi^c\a^cZd[XgZY^il^i]i]Z8VcVY^Vc>beZg^Va7Vc`d[ 8dbbZgXZ^ci]ZVbdjcid[&!*%%!%%%l]^X]^hVkV^aVWaZ[dgaZiiZghd[\jVgVciZZVcY^hhZXjgZYWni]Z 8dbb^hh^dcÉhVXXdjcihgZXZ^kVWaZ#6hd[BVgX](&!'%&%!ildaZiiZghd[\jVgVciZZidiVaa^c\&!)'-!%%% '%%."&!)'-!%%% ]VkZWZZc^hhjZYl^i]VcVccjVagZcZlVaXdbb^hh^dcd[%#(,*# -# 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZci 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZcigZegZhZcii]ZjcVbdgi^oZYXVe^iVa hjWh^Y^ZhgZXZ^kZY[gdbB^c^hignd[Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhignid[jcYVXfj^h^i^dchd[ egdeZgin!eaVciVcYZfj^ebZci#I]ZVbdgi^oVi^dcd[YZ[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcY Zfj^ebZci^hgZXdgYZYVhgZkZcjZ^ci]ZXdchda^YViZYhiViZbZcid[deZgVi^dchViVgViZZfjVaidi]Z Vbdgi^oVi^dcd[i]ZgZaViZYVhhZih# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% -# 9Z[ZggZYXdcig^Wji^dchgZaViZYidegdeZgin!eaVciVcYZfj^ebZci Xdci^cjZY I]ZX]Vc\Zh^ci]ZjcVbdgi^oZYYZ[ZggZYXVe^iVaXdcig^Wji^dchWVaVcXZVgZVh[daadlh/ '%&% '%%. gZhiViZYCdiZ( 7VaVcXZ"WZ\^cc^c\d[nZVg ++!-%%!%%% )*!*,+!%%% 8dcig^Wji^dch[gdbi]ZEgdk^cXZ ')!*..!%%% '(!*,(!%%% GZi^gZbZcih " )-!%%% 6bdgi^oVi^dcidgZkZcjZ '!('&!%%% '!(%&!%%% 7VaVcXZ"ZcYd[nZVg -.!%,-!%%% ++!-%%!%%% .# :beadnZZ;jijgZ7ZcZÒih I]Z8dbb^hh^dc^hi]ZVYb^c^higVidgd[^ihXdcig^WjidgneZch^dceaVcl]^X]XdkZghVaaeZgbVcZcihiV[[#I]Z eZch^dc[jcYVhhZiheg^bVg^an^cXajYZbVg`ZiVWaZhZXjg^i^Zh!gZVaZhiViZVcYXdgedgViZVcY\dkZgcbZci WdcYh!l]^X]VgZ^ckZhiZYWnegd[Zhh^dcVa^ckZhibZcibVcV\Zgh#I]ZDCI8eZch^dceaVc]VhVcVccjVa bZVhjgZbZciYViZd[9ZXZbWZg(&hi# I]ZdWa^\Vi^dchjcYZgi]ZeaVcVgZYZiZgb^cZYjh^c\i]ZVXXgjZYWZcZÒibZi]dYgZÓZXi^c\egd_ZXiZY WZcZÒih[dghZgk^XZhgZcYZgZYidYViZ#EZch^dc[jcYVhhZihVgZkVajZYjh^c\XjggZcibVg`ZikVajZh#I]Z 6XXgjZYEZch^dc7ZcZÒi6hhZidgDWa^\Vi^dcVcYZmeZchZhVgZYZiZgb^cZYVccjVaanWn^cYZeZcYZci VXijVg^Zh^cVXXdgYVcXZl^i]VXXZeiZYVXijVg^VaegVXi^XZhVcY8VcVY^Vc I]ZeZch^dc[jcYÉhiVg\ZieZgXZciV\ZVaadXVi^dcVcYVkZgV\ZVhhZiVaadXVi^dchVhViBVgX](&!'%&%VcY BVgX](&!'%%.!WnVhhZiXViZ\dgnVgZVh[daadlh/ IVg\Zi '%&% '%%. :fj^inhZXjg^i^ZhÄ9dbZhi^X '%"(% '(#) &.#, Ä;dgZ^\c &%"(% &,#* &,#) 9ZWihZXjg^i^Zh (*"** **#. +%#* GZVaZhiViZ %"&* &#. &#+ H]dgiiZgbVcYdi]Zg %"&* &#( %#- IdiVa &%% &%% J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi *% BVgX](&!'%&% .# :beadnZZ;jijgZ7ZcZÒih Xdci^cjZY V# GZXdcX^a^Vi^dcd[VXXgjZYWZcZÒiVhhZiidVXXgjZYWZcZÒia^VW^a^in EZch^dc H:GE '%&% '%%. 6XXgjZYWZcZÒidWa^\Vi^dcÄZcYd[nZVg *%*!&*'!%%% '!(.-!%%% *%,!**%!%%% )&-!,..!%%% EaVcVhhZihVi[V^gkVajZÄZcYd[nZVg )''!-+*!%%% " )''!-+*!%%% )%.!&(.!%%% ;jcYZYhiVijhÄeaVc YZÒX^i hjgeajh -'!'-,!%%% '!(.-!%%% -)!+-*!%%% .!++%!%%% JcVbdgi^oZY^c^i^Vaa^VW^a^in " (.'!%%% (.'!%%% *.%!%%% JcVbdgi^oZYeVhihZgk^XZXdhih &'!*&+!%%% ,%!%%% &'!*-+!%%% &)!),,!%%% JcVbdgi^oZYcZiVXijVg^Va \V^c adhh &(&!&+*!%%% -%-!%%% &(%!(*,!%%% +*!%+-!%%% 6XXgjZYWZcZÒiVhhZi a^VW^a^in cZid[ kVajVi^dcVaadlVcXZÄZcYd[nZVg +&!(.)!%%% '!,))!%%% *-!+*%!%%% ,%!),*!%%% EZch^dc H:GE '%&% '%%. 6XXgjZYWZcZÒiVhhZiÄWZ\^cc^c\d[nZVg ,(!%&&!%%% '!*(+!%%% ,%!),*!%%% ,(!&+,!%%% :meZchZ &&!+&,!%%% (*+!%%% &&!.,(!%%% '!--(!%%% ;jcY^c\Xdcig^Wji^dch WnZbeadnZZh " &)-!%%% &)-!%%% &.&!%%% 6XXgjZYWZcZÒiVhhZiÄZcYd[nZVg +&!(.)!%%% '!,))!%%% *-!+*%!%%% ,%!),*!%%% W# 6XXgjZYCdc"EZch^dc7ZcZÒiDWa^\Vi^dc '%&% '%%. 6XXgjZYWZcZÒidWa^\Vi^dc"WZ\^cc^c\d[nZVg +&!-'&!%%% **!-(.!%%% JcVbdgi^oZYcZiVXijVg^Va \V^c '!)&&!%%% *!.-'!%%% 6XXgjZYWZcZÒia^VW^a^in"ZcYd[nZVg +)!'('!%%% +&!-'&!%%% 6XXgjZYWZcZÒia^VW^a^in"WZ\^cc^c\d[nZVg +&!-'&!%%% +&!&,,!%%% :meZchZÄCdc"LH>7 (!+,&!%%% (!,,%!%%% :meZchZ gZXdkZgn ÄLH>7 ')%!%%% ,%,!%%% ;jcY^c\Xdcig^Wji^dchÄCdc"LH>7 '!%(&!%%% '!)&.!%%% 6Y_jhibZciidbViX]Wdd`ZYedh^i^dcÄCdc"LH>7 *(&!%%% " 6XXgjZYWZcZÒia^VW^a^in"ZcYd[nZVg +)!'('!%%% +&!-'&!%%% >cXajYZY^ci]ZVXXgjZYcdc"eZch^dcWZcZÒia^VW^a^inVgZldg`ZghÉXdbeZchVi^dcWZcZÒih^ci]ZVbdjcid[&'!)+,!%%% '%%."&'!'',!%%% #I]^hVbdjci]VhWZZcYZiZgb^cZY[gdbi]ZbdhigZXZciVkV^aVWaZVXijVg^VaXVaXjaVi^dchegdk^YZY Wni]ZLdg`eaVXZHV[ZinVcY>chjgVcXZ7dVgYVhVi9ZXZbWZg(&!'%%.# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% .# :beadnZZ;jijgZ7ZcZÒih Xdci^cjZY X# 8dbedcZcihd[CZiEZg^dY^XEZch^dc7ZcZÒi:meZchZ '%&% '%%. 8jggZcihZgk^XZXdhiaZhhZbeadnZZXdcig^Wji^dch ,!,'.!%%% -!,,-!%%% >ciZgZhiXdhidcVXXgjZYWZcZÒidWa^\Vi^dc ',!-')!%%% '+!'*'!%%% :meZXiZYgZijgcdceaVcVhhZih ',!+)(!%%% ()!'&.!%%% 6bdgi^oVi^dcd[^c^i^VadWa^\Vi^dc &.,!%%% &.,!%%% 6bdgi^oVi^dcd[eVhihZgk^XZXdhih &!-.'!%%% &!-.'!%%% 6bdgi^oVi^dcd[cZiVXijVg^Vaadhh \V^c &!.,)!%%% &,!%%% &&!.,(!%%% '!--(!%%% Y# 8dbedcZcihd[CZiEZg^dY^XCdc"EZch^dc7ZcZÒi:meZchZ '%&% '%%. 8jggZcihZgk^XZXdhi &!&(+!%%% (&-!%%% >ciZgZhidcVXXgjZYWZcZÒidWa^\Vi^dc '!.'%!%%% '!,)*!%%% 6bdgi^oVi^dcd[cZiVXijVg^Va\V^c &)*!%%% " 6Y_jhibZciidbViX]Wdd`ZYedh^i^dc *(&!%%% " )!))'!%%% (!%+(!%%% Z# LZ^\]iZY6kZgV\Z6hhjbei^dch 9^hXdjcigViZ"eZch^dc *#%% +#,* 9^hXdjcigViZ"cdceZch^dc *#,* +#,* :meZXiZYadc\"iZgbgViZd[gZijgcdceaVcVhhZih ,#%% ,#%% GViZd[XdbeZchVi^dc^cXgZVhZ )#%% )#%% 6kZgV\ZgZbV^c^c\hZgk^XZeZg^dY"eZch^dc nZVgh &' &' BZY^XVaXdhi^cXgZVhZh )#*id-#*)#*id-#* J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi *' BVgX](&!'%&% &%# Adc\"iZgb9ZWiVcY8Ve^iVaAZVhZDWa^\Vi^dch '%&% '%%. V# AdVc[gdbDciVg^d;^cVcX^c\6ji]dg^in!WZVg^c\^ciZgZhiVi *#''eZgVccjb!gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcih d[(%!%%%[dg&*nZVghWZ\^cc^c\;ZWgjVgn&!'%%*# '!-%.!%%% (!%''!%%% AdVc[gdbDciVg^d;^cVcX^c\6ji]dg^in!WZVg^c\^ciZgZhiVi *#+%eZgVccjb!gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcih d[&*+!%%%[dg&*nZVghWZ\^cc^c\?VcjVgn&!'%%%# ,!,-.!%%% .!&-)!%%% AdVc[gdbDciVg^d;^cVcX^c\6ji]dg^in!WZVg^c\^ciZgZhiVi +#(,eZgVccjb!gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcih d[&%.!%%%[dg&*nZVghWZ\^cc^c\HZeiZbWZg&!&...# *!%)%!%%% +!%%%!%%% AdVc[gdbDciVg^d;^cVcX^c\6ji]dg^in!WZVg^c\^ciZgZhiVi )#.%eZgVccjb!gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcih d[&(!%%%[dg'*nZVghWZ\^cc^c\;ZWgjVgn&!'%%+# '!%-(!%%% '!&(.!%%% AdVc[gdbDciVg^d;^cVcX^c\6ji]dg^in!WZVg^c\^ciZgZhiVi )#,&,eZgVccjb!gZeVnVWaZ^cWaZcYZYVccjVaeVnbZcih d[&!+-&!%%%[dg)nZVghWZ\^cc^c\BVgX](&!'%%,# " &!+%*!%%% AdVc[gdb7Vc`d[BdcigZVa!WZVg^c\^ciZgZhiVi*#&&eZg Vccjb!gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcihd[+)!%%% [dg&%nZVghWZ\^cc^c\6eg^a(%!'%%-#HZXjgZYWnVhhZih d[DciZgV# *!%(&!%%% *!*'-!%%% 8dchigjXi^dcVYkVcXZ[gdbi]Z7Vc`d[BdcigZVa!WZVg^c\ ^ciZgZhiVii]ZWVc`Éheg^bZgViZaZhh#,*#;jgi]ZgVYkVcXZh l^aaWZbVYZjeid&,!%%%!%%%i]ZcXdckZgiZYidVÒmZYiZgb adVc!iZgbcdiidZmXZZY&%nZVgh!WZVg^c\^ciZgZhiViWVc` Xdhid[[jcYheajh)%WVh^hed^cih#HZXjgZYWnVhhZihd[DciZgV# &+!%%%!%%% &&!*%%!%%% (-!,*'!%%% (-!.,-!%%% AZhhXjggZciedgi^dc )!(-(!%%% *!-%+!%%% ()!(+.!%%% ((!&,'!%%% J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% &%# Adc\"iZgb9ZWiVcY8Ve^iVaAZVhZDWa^\Vi^dch Xdci^cjZY EVnbZcihgZfj^gZY^ci]ZcZmiÒkZnZVghVcYi]ZgZV[iZgVgZVh[daadlh/ '%&%"'%&& )!(-(!%%% '%&&"'%&' )!*,*!%%% '%&'"'%&( )!,,-!%%% '%&("'%&) )!..)!%%% '%&)"'%&* (!.,+!%%% I]ZgZV[iZg &+!%)+!%%% (-!,*'!%%% '%&% '%%. W# 8Ve^iVaaZVhZWZVg^c\^ciZgZhiVi,eZgVccjb! gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcihd[&!%%% [dg*nZVghWZ\^cc^c\HZeiZbWZg''!'%%+# (*!%%% )+!%%% 8Ve^iVaaZVhZWZVg^c\^ciZgZhiVi*#.(eZgVccjb! gZeVnVWaZ^cWaZcYZYbdci]aneVnbZcihd[,!%%% [dg)nZVghWZ\^cc^c\?VcjVgn')!'%%+ " +&!%%% (*!%%% &%,!%%% AZhhXjggZciedgi^dc &&!%%% ,'!%%% ')!%%% (*!%%% EVnbZcihjcYZgXVe^iVaaZVhZh^cXajYZYVWdkZVgZVh[daadlh/ '%&%"'%&& &(!%%% '%&&"'%&' '*!%%% IdiVab^c^bjbeVnbZcih (-!%%% AZhh/VbdjcigZegZhZci^c\^ciZgZhi (!%%% DWa^\Vi^dchjcYZgXVe^iVaaZVhZ (*!%%% J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi *) BVgX](&!'%&% &&# 9Z[ZggZYGZkZcjZ >cXajYZY^c9Z[ZggZYGZkZcjZVgZi]Z[daadl^c\ildh^\c^ÒXVci^iZbh/ >c'%%(!i]Z8dbb^hh^dcZciZgZY^cidV'%"nZVgV\gZZbZcil^i]=nYgdDcZ[dg^ihjhZd[i]Z 8dbb^hh^dcÉhÒWgZdei^XXVWaZ!Zme^g^c\^cBVgX]'%''#I]ZidiVaXdcigVXikVajZ^h&!(-%!%%%#I]Z gZbV^c^c\WVaVcXZd[-.,!%%%]VhWZZc^cXajYZYVhYZ[ZggZYgZkZcjZ!d[l]^X]-'-!%%%gZaViZhid eZg^dYhV[iZgBVgX](&!'%&&#I]ZYZ[ZggZYgZkZcjZl^aaWZgZXd\c^oZYdcVhigV^\]ia^cZWVh^hdkZgi]Z a^[Zd[i]ZV\gZZbZci#9jg^c\'%&%!+.!%%% '%%."+.!%%% lVh^cXajYZYVhgZkZcjZ# >c'%%)!i]Z8dbb^hh^dcZciZgZY^cidVbjai^"nZVgXdcigVXiidgZ[jgW^h]XdbbjiZgXVgh#JcYZgi]ZiZgbh d[i]ZXdcigVXi!i]Z8dbb^hh^dcgZXZ^kZYVcVYkVcXZ[gdbi]ZXjhidbZgd[)!%(%!%%%^c'%%*"'%%+^c VYY^i^dcidi]Z'!+',!%%%gZXZ^kZY^c'%%)idYZ[gVnXdcigVXiXdhih#6cVbdjcid[C>A '%%."'*)!%%% ]VhWZZc^cXajYZYVhYZ[ZggZYgZkZcjZ#I]ZYZ[ZggZYgZkZcjZlVhgZXd\c^oZYWVhZYdci]ZeZgXZciV\Z d[XdbeaZi^dcbZi]dY#9jg^c\'%&%!'*)!%%% '%%."'!%&&!%%% d[i]ZVYkVcXZlVhgZXd\c^oZYVh gZkZcjZ# &'# >cVXXdgYVcXZl^i]VBZbdgVcYjbd[JcYZghiVcY^c\WZilZZci]Z8dbb^hh^dcVcYi]ZB^c^hignd[ Cdgi]Zgc9ZkZadebZci!B^cZhVcY;dgZhign!XZgiV^cdeZgVi^dchd[i]Z8dbb^hh^dc]VkZWZZcYZh^\cViZY Vhcdc"XdbbZgX^Va#I]Z8dbb^hh^dcVcYi]ZB^c^hign]VkZZciZgZY^cidVccjVaXdcig^Wji^dcV\gZZbZcih l]^X]YZÒcZi]ZVbdjcid[XdbeZchVi^dcl]^X]i]ZEgdk^cXZd[DciVg^dldjaYegdk^YZ^cZVX]ÒhXVanZVg# 6edgi^dcd[i]ZdeZgVi^c\adhhd[i]ZlZZ`YVneVhhZc\ZgigV^chZgk^XZWZilZZcCdgi]7VnVcYIdgdcid^h gZ^bWjghZYWni]ZCVi^dcVaIgVchedgiVi^dc6\ZcXnd[8VcVYVjcYZgHZXi^dc',%d[i]ZGV^alVn6Xi#I]Z [ZYZgVa\dkZgcbZcigZkd`ZYi]ZGV^alVn6XiYjg^c\&..+VcYgZeaVXZY^il^i]i]Z8VcVYVIgVchedgiVi^dc 6Xi#6gZ^bWjghZbZcid['!*%%!%%%lVhgZXZ^kZY[dgi]ZnZVgZcYZYBVgX](&!'%&%# 9ZiV^ahd[ (%!*%%!%%% '(!-%%!%%% I]Z8dbb^hh^dc^hYZeZcYZcidci]ZhZgZ^bWjghZbZcihidXVggndji^ihcdc"XdbbZgX^VadeZgVi^dch# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% &(# IZaZXdbbjc^XVi^dchGZkZcjZ I]Z8dbb^hh^dcÉhIZaZXdbbjc^XVi^dch9^k^h^dc]VhiZaZXdbbjc^XVi^dch^ciZgXdccZXi^dcVcYigV[ÒX hZiiaZbZciV\gZZbZcihl^i]7Zaa8VcVYVi]VieZgb^ihi]ZildXdbeVc^ZhidZmX]Vc\ZVcYhZiiaZdc idaaigV[ÒXVcYYViVX^gXj^ihi]ViigVkZghZi]Z^ggZheZXi^kZcZildg`h#I]Z6XXZhhIVg^[[hX]Vg\ZYWnAdXVa :mX]Vc\Z8Vgg^ZghVgZgZ\jaVgangZk^ZlZYWni]Z8GI8VcYVgZcdihjW_ZXiidVcngZigdVXi^kZVY_jhibZcih# >c`ZZe^c\l^i]i]Z8dbb^hh^dcÉhVXXdjci^c\eda^Xn!VcngZkZcjZdgXdhiVY_jhibZcihl]Zi]Zgedh^i^kZdg cZ\Vi^kZVgZgZXd\c^oZY^ci]ZnZVg^cl]^X]i]ZnWZXdbZ`cdlcVcYZhi^bVWaZ# &)# GZhZgkZ[dgHZa[>chjgVcXZ I]Z8dbb^hh^dc[daadlhi]Zeda^Xnd[hZa["^chjg^c\[dgYVbV\Zh[gdbgdaa^c\hidX`YZgV^abZcihVcY[dg XVg\dYVbV\Z#6ccjVaani]Z8dbb^hh^dcigVch[Zgh&%%!%%%[gdbgZiV^cZYZVgc^c\hidi]ZGZhZgkZ[dg HZa[>chjgVcXZidÒcVcXZhjX]Xdhih#>ciZgZhiZVgcZYdci]ZgZhZgkZWVaVcXZVcYXaV^bhZmeZchZY^c i]ZgZhZgkZWVaVcXZVgZgZXdgYZYVhgZkZcjZVcYZmeZchZh^cdeZgVi^dchi]ZcigVch[ZggZYid$[gdbi]Z gZhZgkZ# GZhZgkZVhhZih^cXajYZXVh]^ci]ZVbdjcid[)!)&&!%%% '%%.")!(--!%%% eajh-)!%%% '%%."&%%!%%% gZXZ^kVWaZ[gdbi]Z8dbb^hh^dc# EZg^dY^XVaan!i]Z8dbb^hh^dcWdggdlhXVh][gdbi]Z[jcY[dg^ihiZbedgVgnjhZ#I]Z8dbb^hh^dceVnh ^ciZgZhiidi]ZGZhZgkZVii]ZWVc`Éheg^bZgViZaZhh&#,*dci]ZhZiZbedgVgnWdggdl^c\h# &*# EVhhZc\ZgGZkZcjZ >cXdbea^VcXZl^i]i]ZIgVkZa>cYjhign6Xi!i]Z'%&%\gdhhgZiV^ahVaZhlZgZ'',!%%% '%%."'&+!%%% VcYi]Z'%&%\gdhhl]daZhVaZhVaZhlZgZ-(!%%% '%%."-(!%%% # &+# 8dci^c\ZcX^Zh V#DciZgV6hhZih D#C#IZa>cX# deZgVi^c\VhDciZgV ]VhhjhiV^cZYadhhZh[gdbdeZgVi^dchdkZgi]ZXjggZciVcYi]ZeVhi h^meZg^dYh hZZHX]ZYjaZ' #>cgZhedchZidi]Zh^ijVi^dc!bVcV\ZbZciYZkZadeZYVWjh^cZhheaVc ^c'%%,i]VigZfj^gZYVh^\c^ÒXVci^ckZhibZci^cDciZgVÉhegdeZgin!eaVciVcYZfj^ebZciVadc\l^i] VhhdX^ViZYÒcVcX^c\#I]ZEgdk^cXZVeegdkZYi]ZeaVc^c'%%,^cXajY^c\i]ZjcYZgan^c\XVe^iVa^ckZhibZci XdbedcZci#;^cVcX^c\d['(!%%%!%%%[gdbi]Z7Vc`d[BdcigZVaidhjeedgii]ZeaVclVhdWiV^cZY^c '%%-0d[l]^X]!''!%%%!%%%]VhWZZcYgVlcWnBVgX](&!'%&% hZZCdiZ&%V # W#HiViZbZcid[8aV^b KVg^djhhiViZbZcihd[XaV^b]VkZWZZc^hhjZYV\V^chii]Z8dbb^hh^dcXaV^b^c\YVbV\Zh#9VbV\Zh! ^[Vcn!XVccdiWZZhi^bViZYVii]^hi^bZVcY^cVcnZkZcii]Z8dbb^hh^dc^hd[i]Zde^c^dci]Vii]ZhZ XaV^bhldjaYWZjc[djcYZYdgXdkZgZYWn^chjgVcXZV[iZgVeea^XVi^dcd[V'!%%%!%%%YZYjXi^WaZ#H]djaY VcnadhhgZhjai!^ildjaYWZX]Vg\ZYiddeZgVi^dchl]Zci]ZVbdjci^hVhXZgiV^cZY# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi *+ BVgX](&!'%&% &,# 8dbb^ibZcih I]Z8dbb^hh^dc]VhXdcigVXijVadWa^\Vi^dchdcVcjbWZgd[deZgVi^c\aZVhZh[dghjX]^iZbhVhgV^aXVgh! XdbejiZgZfj^ebZci!Vjidbdi^kZZfj^ebZciVcYdi]Zg#>i^hbVcV\ZbZciÉhde^c^dci]Vi^cV\\gZ\ViZi]Z VccjVaXdhid[i]ZhZaZVhZh^hcdih^\c^ÒXVciidi]Z8dbb^hh^dcVhVl]daZ# I]Z8dbb^hh^dc^hVahddWa^\ViZYidXZgiV^c_dW\jVgVciZZV\gZZbZcihl^i]Vh^\c^ÒXVcicjbWZgd[^ih jc^dc^oZYZbeadnZZh#Idi]ZZmiZcid[VcnVXijVaXaV^bhjcYZgi]ZhZV\gZZbZcih!i]Z8dbb^hh^dcldjaY bV^ciV^cegdk^h^dch[dghjX]^iZbh#9jZidi]ZcVijgZd[i]ZhZV\gZZbZcih!i]ZbVm^bjbZmedhjgZ[dg [jijgZeVnbZcihbVnWZbViZg^Va#=dlZkZg!hjX]ZmedhjgZXVccdiWZgZVhdcVWanYZiZgb^cZYVcYcd egdk^h^dc]VhWZZcbVYZVhVii]ZnZVg"ZcYYViZ# &-# ;^cVcX^Va>chigjbZcih I]Z8dbb^hh^dcÉhÒcVcX^Va^chigjbZcihXdch^hid[XVh]VcYXVh]Zfj^kVaZcih!VXXdjcihgZXZ^kVWaZ! deZgVi^c\a^cZhd[XgZY^i!VXXdjciheVnVWaZVcYVXXgjZYa^VW^a^i^Zh!adc\"iZgbYZWi!VcYXVe^iVaaZVhZ dWa^\Vi^dch# ;V^gKVajZ I]Z[V^gkVajZd[XVh]VcYXVh]Zfj^kVaZcih!VXXdjcihgZXZ^kVWaZ!HZa[>chjgVcXZ;jcY!deZgVi^c\a^cZhd[ XgZY^i!VcYVXXdjciheVnVWaZVcYVXXgjZYa^VW^a^i^Zh!VgZXdbeVgVWaZidi]Z^gXVggn^c\kVajZYjZidi]Z^g h]dgi"iZgbbVijg^inYViZ#I]Z[V^gkVajZd[adc\"iZgbYZWiVcYXVe^iVaaZVhZdWa^\Vi^dch^hVeegdm^bViZan ZfjVaid^ihXVggn^c\kVajZh^cXZi]ZVeea^XVWaZ^ciZgZhigViZhVgZXdbeVgVWaZidi]ZbVg`ZigViZh# ;^cVcX^VaG^h`BVcV\ZbZci >ci]ZcdgbVaXdjghZd[deZgVi^dch!i]Z8dbb^hh^dc^hZmedhZYidkVg^djhg^h`hhjX]VhXdbbdY^ing^h`! XgZY^ig^h`!XjggZcXng^h`!^ciZgZhigViZg^h`VcYa^fj^Y^ing^h`#IdbVcV\Zi]ZhZg^h`h!i]Z8dbb^hh^dc [daadlhVÒcVcX^Vag^h`bVcV\ZbZci[gVbZldg`!l]^X]^hbdc^idgZYVcYVeegdkZYWnhZc^dg bVcV\ZbZcil^i]V\dVad[bV^ciV^c^c\Vhigdc\WVaVcXZh]ZZiVcYdei^b^o^c\[gZZXVh]Ódl# 8dbbdY^inG^h` I]Z8dbb^hh^dc^hZmedhZYidXdbbdY^ing^h`gZaViZYidejgX]VhZhd[Y^ZhZa[jZaVcYi]ZediZci^Va gZYjXi^dc^ccZi^cXdbZYjZid^cXgZVhZ^ci]Zeg^XZd[Y^ZhZa#7ZXVjhZ[jZaZmeZchZhXdchi^ijiZVaVg\Z edgi^dcd[i]Z8dbb^hh^dcÉhdeZgVi^c\Xdhih!kdaVi^a^in^cY^ZhZa[jZaeg^XZhXVc]VkZh^\c^ÒXVci^beVXi dci]Z8dbb^hh^dcÉh^cXdbZ#>iZbhV[[ZXi^c\kdaVi^a^in^cY^ZhZa[jZa^cXajYZ!WjiVgZcdia^b^iZYid! ÓjXijVi^dch^cldgaYbVg`Zih[dgXgjYZd^aVcYY^hi^aaViZ[jZah!l]^X]XVcWZV[[ZXiZYWnhjeeanY^hgjei^dch VcY\Zdeda^i^XVaZkZcih#I]Z^beVXiidcZi^cXdbZ^[Y^ZhZa[jZaeg^XZh^cXgZVhZWndcZXZcieZga^igZldjaY WZVYZXgZVhZ^ccZi^cXdbZWn&%'!%%%#I]Z^beVXid[kVg^VWaZ[jZaZmeZchZh^hb^i^\ViZYhjWhiVci^Vaan i]gdj\]V[jZahjgX]Vg\Zegd\gVbl]^X]Veedgi^dch^cXgZbZciVaX]Vc\Zh^c[jZaeg^XZhidh]^eeZghl^i]^c V\gZZYjedc\j^YZa^cZh# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih BVgX](&!'%&% &-# ;^cVcX^Va>chigjbZcih Xdci^cjZY 8gZY^iG^h` I]Z8dbb^hh^dc^hZmedhZYidXgZY^ig^h`YjZidi]ZXdcXZcigVi^dcd[aVg\ZXjhidbZgh hZZ:Xdcdb^X 9ZeZcYZcXZ"CdiZ'&[dg[jgi]ZgYZiV^ah # 8gZY^ig^h`VhhdX^ViZYl^i]XVh]VcYXVh]Zfj^kVaZcih^hb^c^b^oZYhjWhiVci^VaanWnZchjg^c\i]Vii]ZhZ ÒcVcX^VaVhhZihVgZeaVXZYl^i]/\dkZgcbZcih0bV_dgÒcVcX^Va^chi^iji^dchi]Vi]VkZWZZcVXXdgYZYhigdc\ ^ckZhibZci\gVYZgVi^c\hWnVeg^bVgngVi^c\V\ZcXn0VcY$dgdi]ZgXgZY^ildgi]nXdjciZgeVgi^Zh#6c dc\d^c\gZk^Zl^heZg[dgbZYidZkVajViZX]Vc\Zh^ci]ZhiVijhd[XdjciZgeVgi^Zh# 8gZY^ig^h`VhhdX^ViZYl^i]VXXdjcihgZXZ^kVWaZ^hb^c^b^oZYWni]Z8dbb^hh^dcÉhegd\gVbd[XgZY^i ZkVajVi^dchd[XjhidbZghVcYa^b^ihi]ZVbdjcid[XgZY^iZmiZcYZYl]ZcYZZbZYcZXZhhVgn#I]Z 8dbb^hh^dcbV^ciV^chVaadlVcXZh[dgediZci^VaXgZY^iadhhZh!VcYVcnadhhZhidYViZ]VkZWZZcl^i]^c bVcV\ZbZciÉhZmeZXiVi^dch# I]Z[daadl^c\iVWaZegZhZcihVcVcVanh^hd[i]ZV\Zd[XjhidbZghVXXdjcihgZXZ^kVWaZcZid[VaadlVcXZVh Vii]ZYViZd[i]ZÒcVcX^VahiViZbZcih# 6hViBVgX](&!'%&% 8jhidbZgVXXdjcihgZXZ^kVWaZhcZid[VaadlVcXZ d[YdjWi[jaVXXdjcih ^ci]djhVcYh 8jggZci &+!*+) (%"+%YVnheVhiW^aa^c\YViZ ..% +%".%YVnheVhiW^aa^c\YViZ '.- .%"&'%YVnheVhiW^aa^c\YViZ '*& HZkZcineZgXZcid[i]ZWVaVcXZ^ci]Z\gZViZgi]Vc&'%YVnheVhiW^aa^c\YViZ '*+!%%% ^hYjZ[gdbdcZ aVg\ZXjhidbZg# I]Z[daadl^c\iVWaZegZhZcihVhjbbVgnd[i]ZVXi^k^ingZaViZYidi]Z8dbb^hh^dcÉhVaadlVcXZ[dg YdjWi[jaVXXdjcih# NZVghZcYZYBVgX](& i]djhVcYh '%&% '%%. 7VaVcXZ!WZ\^cc^c\d[nZVg (!&,' &!*'* 6YY^i^dch egdk^h^dc[dgYdjWi[jaVXXdjcih +&) &!+-' CZijhZ &%. (* 7VaVcXZ!ZcYd[nZVg (!+,, (!&,' J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi *- BVgX](&!'%&% &-# ;^cVcX^Va>chigjbZcih Xdci^cjZY 8gZY^iG^h` Xdci^cjZY I]Z8dbb^hh^dcbjhibV`Zh^\c^ÒXVciZhi^bViZh^cgZheZXid[i]ZVaadlVcXZ[dgYdjWi[jaVXXdjcih# 8jggZciZXdcdb^XXdcY^i^dch!]^hidg^XVa^c[dgbVi^dc!l]ni]ZVXXdjcihVgZeVhi"YjZVcYa^cZd[Wjh^cZhh [gdbl]^X]i]ZXjhidbZgVXXdjcihgZXZ^kVWaZVgdhZVgZVaaXdch^YZgZYl]ZcYZiZgb^c^c\l]Zi]ZgeVhi" YjZVXXdjcihh]djaYWZVaadlZY[dg0i]ZhVbZ[VXidghVgZXdch^YZgZYl]ZcYZiZgb^c^c\l]Zi]Zgid lg^iZd[[VbdjcihX]Vg\ZYidVaadlVcXZVXXdjciV\V^chiXjhidbZgVXXdjcigZXZ^kVWaZ#I]Zegdk^h^dc[dg YdjWi[jaVXXdjcih^hXVaXjaViZYdcVheZX^ÒX"^YZci^ÒXVi^dcWVh^h[dgXjhidbZgVXXdjcihgZXZ^kVWaZdkZgV heZX^ÒXWVaVcXZi]gZh]daYVcY[dgi]ZiZaZXdbbjc^XVi^dcY^k^h^dc^i^hYZiZgb^cZYdcVeZgXZciV\Zd[ djihiVcY^c\XjhidbZgWVaVcXZh# 8jggZcXnG^h` I]Z8dbb^hh^dcjcYZgiV`ZhigVchVXi^dchYZcdb^cViZY^cJc^iZYHiViZhYdaaVghVcYVhhjX]^hZmedhZY idÓjXijVi^dch^c[dgZ^\cZmX]Vc\ZgViZh#I]Z8dbb^hh^dc\ZcZgViZhgZkZcjZhVcY^cXjghZmeZchZh^c 8VcVY^VcVcYJc^iZYHiViZhYdaaVgh#L]Zci]Z8VcVY^VcYdaaVgX]Vc\ZhgZaVi^kZidi]ZJ#H#YdaaVg!^cXdbZ gZedgiZY^c8VcVY^VcYdaaVghl^aaX]Vc\Z#I]Z^beVXid[VhigZc\i]Zc^c\8VcVY^VcYdaaVgdcJ#H#YdaaVg gZkZcjZhVcYZmeZchZhl^aagZYjXZcZi^cXdbZWZXVjhZi]Z8dbb^hh^dc]VhbdgZJ#H#YdaaVggZkZcjZh i]VcJ#H#YdaaVgZmeZchZh#I]Z^beVXiidcZi^cXdbZ^[i]Z8VcVY^VcYdaaVghigZc\i]ZchWndcZXZcildjaY WZVYZXgZVhZ^ccZi^cXdbZWn))!%%%#I]Z^beVXid[XjggZcXnÓjXijVi^dch^hb^i^\ViZYhjWhiVci^VaanWn i]ZhZiiaZbZcid[^ihbdci]angV^ahZiiaZbZcil^i]XjhidbZggZXZ^eih^cJ#H#YdaaVgh#I]Z8dbb^hh^dcYdZh cdijhZYZg^kVi^kZ^chigjbZcihidgZYjXZ^ihZmedhjgZid[dgZ^\cXjggZcXng^h`# >ciZgZhiGViZG^h` I]Z8dbb^hh^dcbVcV\Zh^ihXVh]VXXdgY^c\id^ihdeZgVi^dcVacZZYh#I]Z8dbb^hh^dc^hZmedhZYid ^ciZgZhigViZXVh]Ódlg^h`idi]ZZmiZcii]Vii]ZdeZgVi^c\a^cZhd[XgZY^iVcYXdchigjXi^dcVYkVcXZh]VkZ VÓdVi^c\gViZd[^ciZgZhi# I]ZXdchigjXi^dcadVc]VhVWVaVcXZVinZVgZcYd[&+!%%%!%%%l^i]VÓdVi^c\^ciZgZhigViZd[eg^bZ aZhh#,*#I]Z^beVXiidcZi^cXdbZ^[^ciZgZhigViZh^cXgZVhZWndcZeZgXZciV\ZldjaYWZVYZXgZVhZ^c cZi^cXdbZWn&+%!%%%#I]Z8dbb^hh^dceaVchidXdckZgii]^hXdchigjXi^dcadVc^cidVÒmZYadVc^ci]Z ÒghifjVgiZgd[ÒhXVa'%&&# I]Z8dbb^hh^dcÉhadc\"iZgbYZWiVcYXVe^iVaaZVhZdWa^\Vi^dch]VkZÒmZY^ciZgZhigViZh#6ahd!i]Z 8dbb^hh^dcl^aagZeVn^ihadc\"iZgbYZWiVcYXVe^iVaaZVhZdWa^\Vi^dchVibVijg^in#6hVgZhjai! bVcV\ZbZci^hd[i]Zde^c^dci]Vii]Zg^h`hVhhdX^ViZYl^i]adc\"iZgbYZWiVcYXVe^iVaaZVhZdWa^\Vi^dch VgZb^c^bVa# A^fj^Y^inG^h` I]Z8dbb^hh^dcbdc^idgh^iha^fj^Y^ing^h`idZchjgZVXXZhhidhj[ÒX^Zci[jcYhidbZZideZgVi^dcVa gZfj^gZbZcih#I]Z8dbb^hh^dcbVcV\Zha^fj^Y^ing^h`Wnbdc^idg^c\[dgZXVhihVcYVXijVaXVh]ÓdlhVcY WnbVcV\^c\bVijg^inegdÒaZhd[ÒcVcX^VaVhhZihVcYÒcVcX^Vaa^VW^a^i^Zh#BVcV\ZbZciegdk^YZhi]ZhZ gZedgihidi]Z8dbb^hh^dcVcYi]ZEgdk^cXZdcVgZ\jaVgWVh^h#I]Z8dbb^hh^dcYdZhcdijhZYZg^kVi^kZ ^chigjbZcihidgZYjXZ^ihZmedhjgZida^fj^Y^ing^h`# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ CdiZhid8dchda^YViZY;^cVcX^VaHiViZbZcih *. BVgX](&!'%&% &.# 8Ve^iVa9^hXadhjgZh BVcV\ZbZciÉhdW_ZXi^kZhl]ZcbVcV\^c\XVe^iVaVgZidhV[Z\jVgYi]Z8dbb^hh^dcÉhVW^a^inidXdci^cjZ VhV\d^c\XdcXZgc!hdi]Vi^iXVcXdci^cjZidegdk^YZWZcZÒihidi]ZEgdk^cXZd[DciVg^dVcYidbV^ciV^c Vcdei^bVaXVe^iVahigjXijgZidgZYjXZi]ZXdhid[XVe^iVa# I]Z8dbb^hh^dcÉhdW_ZXi^kZhl]ZcbVcV\^c\XVe^iVaVgZ/ IdhjeedgiVcYegdbdiZcdgi]ZVhiZgcDciVg^dZXdcdb^XYZkZadebZci!_dWXgZVi^dcVcYXdbbjc^in hjhiV^cVW^a^in0 Idhjeedgi!egdbdiZVcYZc]VcXZigVchedgiVi^dcVcYiZaZXdbbjc^XVi^dcha^c`V\ZhVcYXajhiZg^c\ WZilZZcXdbbjc^i^Zhl^i]^ci]ZgZ\^dcVcYWZilZZccdgi]ZVhiZgcDciVg^dVcYdi]ZggZ\^dch# I]Z8dbb^hh^dcYZÒcZh^ihXVe^iVaVh[daadlh/ Adc\iZgbYZWiVcYXVe^iVaaZVhZh!^cXajY^c\i]ZXjggZciedgi^dci]ZgZd[! H]dgiiZgbWdggdl^c\!VcY GZiV^cZYZVgc^c\h# I]Z8dbb^hh^dcbVcV\Zhi]ZXVe^iVahigjXijgZVcYbV`ZhVY_jhibZcihid^i^ci]Za^\]id[X]Vc\Zh ^cZXdcdb^XXdcY^i^dchVcYi]Zg^h`X]VgVXiZg^hi^Xhd[i]ZjcYZgan^c\VhhZih#I]Z8dbb^hh^dcgZfj^gZh VeegdkVah[gdbi]ZEgdk^cXZidbV^ciV^cdgVY_jhi^ihXVe^iVahigjXijgZ#I]Z8dbb^hh^dc^hcdihjW_ZXiid VcnZmiZgcVaan^bedhZYXVe^iVagZfj^gZbZcih# '%# GZaViZYEVginIgVchVXi^dch 9jg^c\i]ZnZVg!i]Z8dbb^hh^dcX]Vg\ZYi]ZDCI88dcig^WjidgnEZch^dc;jcY&(-!%%% '%%."&)'!%%% [dgÒcVcX^VaVcYVYb^c^higVi^kZhjeedgi# '&# :Xdcdb^X9ZeZcYZcXZ 9jg^c\'%&%!i]ZGV^aHZgk^XZh9^k^h^dcYZg^kZY). '%%.")) d[^ihgZkZcjZ[gdbi]gZZbV_dg XjhidbZgh# ''# 8dbeVgVi^kZ;^\jgZh Eg^dgnZVgÉhÒ\jgZh]VkZWZZcgZXaVhh^ÒZYl]ZgZcZXZhhVgnidXdc[dgbidXjggZcinZVgÉhegZhZciVi^dc# J^[WYYecfWdo_d]ikccWhoe\i_]d_ÓYWdjWYYekdj_d]feb_Y_[iWdZdej[iWh[Wd_dj[]hWbfWhje\j^[i[Yedieb_ZWj[ZÓdWdY_WbijWj[c[dji$ '%%.Ä'%&%DciVg^dCdgi]aVcYIgVchedgiVi^dc8dbb^hh^dc6ccjVaGZedgi