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C<= ?W@8 )U K?G L<@@?A OBA AHBEB CDBLBE ?GA ?U AHB IJ?LME WDAH?GA I=BAH <@> GEB AH=KD@O C=BC<=B AHB IBE3 <@> AHB@ OJGB AHBF ?@ A? AHB ED>BE8 )A WDJJ IB WBJJ A? U=?@AE A? JB3 E? AHB@AE F<>B WHB@ K?G ID@> AHB CDCBE GC WDAH EA=?@O ABA=DFB@A3 ?UU E8 %?W C=BC<=B AHB U=?@AE:WHDLH ?@JK B\AB@> >?W@ A? AHB A?C ?U  AHB IJ?LM:Q@> LGA AHB LH AHB ?CB@D@O  U?= AHB F?GAH3 =GJB A? LGA AHB LHB3 IGA AHB JDCE H<> IBAAB= @?A IB LGA A?? HDOH @?= A?? AHD@ WHB@ K?G <=B B@O D@ T?DLD@O <@> AG@D@O3 D@EA=GLAD?@E U?= WHDLH WDJJ IB ODTB@ D@ < EGIEB]GB@A LHDFB@ED?@E U?= AHB HBDOHAE ?U AHB F?GAHE3 AHB WD>AHE ?U AHB WD@>W UBBA:D@ UD U?= FB A? =BLB=B> D@ FGLH EF CDCBE DA DE BECBLD IB J<=OB B@?GOH A? A? C IB A?? J<=OB3 < EF CJGO DE D@EB=AB> 3 IGA DA W?GJ> IB A? =BFB>K DU  AHB H?JB W B@A AHB EFB ?U D=?@3 TB=K GEBUGJ U?= EF??AHD@O AHB LHOBE ?U AHB ED>BE3 <@> D@ ?=>B= A? EBLG=B AHDE DA DE IBEA A? EH??A AHB B>OBE WDAH AHB CJ<@B D@8 .HB U=?@A <@> I L?D@LD>B WDAH AHB

QS

9!!+ 2)2/08

JD@BE ?U AHB U=?@A <@> IOBE ?U AHB ED>BE8 #JGB ?@ AHB U=?@AE3 <@> ID@> AHBF GC ADOHAJK WDAH EA?GA AHB@ JB=K WHDJB K?G C=BC<=B AHB L WHDLH L?TB= AHB O IB F<>B ?U FDWOBk EH?GJ> IB F<>B WDAH < l? @?A FBBC3 IGA JB CDBLBE ?U W??> 8 .HBK L<@ IB CG=LH =B<>K F<>B B L?TB=B> WDAH E?UA EHBBCEMD@3 E? AH GC <@> >?W@8 .HB JB ?@ AHB O= ED>B3 <@> AHDE FGEA IB [=EA WBJJ =GIIB> ?TB= WDAH OJ8 $ FD\AG=B ?U A IJ EH?GJ> IB =GIIB> ?@ A? AHB ?GAED>B ?U AHB JB3 <@> AHBK WDJJ AHB@ EJDC GC <@> >?W@ BB K?G A? F WDAH < H<@>JB EAGLM D@ AHB FD>>JB3 U?=LB AHB EB HBCAH ?U IB<=V D@O EG=UE F D@ <>>DAD?@ A? OJGB U?= CGAAD@O AHB J<=OB= CDCBE A?OBAHB=3 IGA IB L<=BUGJ @?A A? >=DTB <@K @ @?A IB OJGB> D@ ADJJ DA DE ADFB A? CJ<@A AHBF D@ AHBD= CJOBE ?U AHB IJ?LME3 IGA JB
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Qg

.HB I?G=>?@ DE EDFCJK < EA?CA >D DE F<>B D@ B\B WDAH J<@OGD>E D@EAB<> ?U < E?JD> IJ?LM3 IK LGAAD@O AW? CDBLBE ?U W??>3 <@> [AAD@O AHBF D@A? AHB CDCB AHBK F WDAH OJGB3 <@> EFE8 .HB J<=OBEA CDCB 1113 WHDLH FB ?U YVD@LH CD@B3 DE c UBBA J?@O3 g %   D@LHBE >BBC3 <@> S #  D@LHBE WD>B _ AHB EFBBC3 <@> Q D@LHBE WD>B8 .HB I?G=>?@E EH?GJ> WDAH B<=E DE WDAH AHB I?G=V >?@E DU AHBK >? @?A TB=K J?G>8 1J?EB A? AHB ?=O<@ < FB=B =GEH ?U WD@> FDOHA IB HB<=>3 IGA E?FB >DEA<@LB W?GJ> IB ?TB=C?WB=D@O3 D@ AHB @B\A H?GEB3 ?= AW? ?= AH=BB H?GEBE ?UU3 DA W?GJ>3 F?EA JDMBJK3 IB T?AB> < @GDE<@LB8 ) FB= A? C=BTB@A FDETDEV >DAD?@ D@ JDBG ?U < YhVUBBA CB>BEL=DIB> D@ AHB @B\A LH CDCBk DE EDFCJK < EA?CA >DD AHB F BEL=DIB> A? IB GEB> D@ AHB EWBJJ ?=O<@ ?U AHB AW?VF<@G U?= AHB EA?CA >DE8 .HB EA?CCB=E <=B F<>B D@ AHB ED ?GA3 ,DO8 fR DE <@ D@ED>B TDBW ?U < EDFDJ<= L IB EJDOHAJK IBJ?W AHB B>OB ?U AHB F 1+2   D@LH D@ AHB EFD >?W@ A? AB@?= 13 WHDLH3 H?WBTB=3 IBD@O <@ ?CB@ CDCB3 DE S UBBA J?@O3 AHB EAH ?U DA DE Q $   D@LHBE <@> AHB >BCAH Q %  D@LHBE8 )A H <@?AHB= TDBW ?U DA DE ODTB@ D@ ,DO8 fQ8 .HB GCCB= C<=A ?U AHDE H?JJ?W EH?GJ>

Qh

9!!+ 2)2/08

@?A IB F<>B WDAH AHB LHDEBJ3 IGA WDAH < lBBC < WD@>W AHB@ K?G W?GJ> HGLB AHB AHDLM@BEE ?U AHB LB= A? =BFB>K AHB >BUBLA8 $JJ H?JJ?W L IB EJDOHAJK AHDLMB= AH<@ AHB U=?@AE ?U AHB CDCBE3 <@> C=?^BLA IBJ?W AHB IJ?LM E? IB =B]GD=B>3 <@> AHB L [A E? @DLBJK AH L<@ BELWB D@ < =DUUB=B@A F<@@B=3 <@ D@TB=AB> F?GAH3 AH ,DO8 QZ8o,=?@A 5DBW ED>B ?U AHB JDC DE AG=@B> A? AHB D@ED>B ?U AHB CDCB E? ?U )@@B= 1< 8 AH ?W@3 WDAH FB=BJK AHB F?GAH LGA D@ DA8 6?G FGEA @?A CJ<@B AHB U=?@A ?U AHDE EA?C ?@B IBU?=B DA DE OJGB> ?@8 .HDE CDCB WDJJ =B]GD=B AW? L H H?JB I?=B> ?CC?EDAB A? AHB AH=? L?G@AB=V EG@M ?@ AHB ?GAED>B8 .HDE LOB ?U AHB IJ?LM B\?BE AHB F ?GA B\ IB JBTBJ WDAH AHB A?C B>OB ?U AHB D@@B= LBBC <@> Q !  D@LHBE WD>B8 $@?AHB= EA?C3 WHDLH FB ?U C3 <@> DE L AHB #BFEH?=@ j#B=F<@3 ,DO8 fR8o5DBW ?U )@ED>B O? U?= AHB lGAB8 )A ?U !GAB= 1 DE FGLH GEB> D@ EFD ?U AHD
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Qd

A=?GIJB A? FB D@ C=BJ U?= BTB=K AH=BB CDCBE WDJJ IB ?W@ A? OBA AHBF A? AHB C=?CB= EDaB3 <@> K?G W?GJ> FB ^?D@ D@ < EA=?W@ AHB CDCB8 .HB F?GAH DE LGA GC ?@BVAHD=> ?U DAE >D3 DU F<>B ?U W??>3 AHB IJ?LM <@> LDBED=B jEBB ,DO8 fSk8 .HB MB=K EA3 EH?GJ> @?A IB F<>B ?U W??>8 .HB lB WDAH < IJ?LM EH H F?GAH JDMB AHB lGAB8 .HB J<=OBEA CDCB DE ?@JK Q UBBA J?@O <@> AHB ELBBC IK Y&'(   D@LH WD>B8 .HDE EA?C WDJJ @BB> O=B K?G FGEA IB TB=K L<=BUGJ @?A A? JBA DA IB A?? J?G> <@> EH=DJJ8 )U K?G L<@ C?EEDIJK DA3 F<= ?= FDEL ?U AHD@ F AHB@ >=DJJ < TB=K [@B H?JB AH=?GOH DA8 .HDE3 ?U L?G=EB3 WDJJ IB @B<=JK AHB E CDCBE ?U <@K EA?C3 IGA K?G F AHB UGJJB= <@> =?G@>B= DE AHB A?@B8 !CB@ ,DO8 fQ8o5DBW ?U )@ED>B CDCBE <=B AG@B> IK < JD> ?U E?UA AD@ ?= aD@L 1?W@ <@> JBA D@A? < EB D@ AHB AHDLM@BEE ?U AHB I EH?GJ> IB = @BTB= IB EHGA =DOHA >?W@ _ = LJ?ED@O DA J?WB=E AHB A?@B8

Qc

9!!+ 2)2/08

.HB CDCBE <=B B D@O A? AHB JB@OAHE ODTB@ D@ AHB EL>DAD?@ ?U AHB JB@OAH ?U AHB IJ?LM8 .HBK WDJJ B= A? U?= LGAAD@O >?W@ A? AHB =DOHA @?AB D@ AHB ?CB@ CDCBE8 .HB E?W@ ?@JK TB=K @<==?W CDBLBE EH?GJ> IB A3 IGA DA IBL?FBE <@ FK DU K?G LGA AHB CDCB A?? EH?=A8 .HB ELBEL=DIB> <=B EF IB FGLH J<=OB=8 .HB JDCE ?U AHB J<=OB I?G=>?@E FB ?U  F A?@OGB> ?@ A? AHB U=?@AE3 AHB ED@MD@OE D@ AHB L EH?GJ> IB O=<>G U?= ,DO8 ff8o!CB@ BDFB@ED?@E ?U AHB AH=? IB EBA ?GA WDAH F3 EH?GJ> IB L<=BUGJJK C =K CJ EBAAJB >?W@3 <@> EH?GJ> AHB=B IB <@K >BUBLAE D@ AHB ^?D@AE AHBK WDJJ HBF?@EA= ?GA AHBEB >BUBLAE
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QZ

HB=3 <@> AHGE HK AHB FDELHDBU8 $E =BO<=>E CT?L3 U?= AHB B\LBJJB@A =B A? HD>B I<> F W?=EB W?=MF<@EHDC8 .HDE3 H?WV BTB=3 DE @? =B @?A IB GEB> ?@ F W?=MF<@EHDC M@?W@ A? IB O??>3 <@> FK ?W@ B\CB=DB@LB ^GEAD[BE FB D@ E G@>?GIAB>JK C=BEB=TBE AHB F U?= CDCBE AHD@O LH < UBW ECBV LD[L F?@BK DEC?E G=OB AHB W?GJ>VIB ?=V O<@VIGDJ>B=3 IBU?=B EA<=AD@O ?@ AHB W?=M3 A? L?@ED>B= AHB EDaB ?U AHB 3 E? AH A? AHB EG==?G@>D@OE8 )A FGEA IB =BFBFIB=B> AH?BE @?A E?G@> TB=K J?G>3 < UGJJ LH?=> ?@ ?@B EA?C ODTBE < L?@ED>B= ,DO8 fS8o  WHB@ AHB L?GCJB=E D@ IB EDFCJK G@IB<= A? MBBC >?W@ AHB C?WB= ?U AHB CDCBE WHB@ D@ L?G=EB ?U L?@EA=GLAD?@8 ,?= AHDE =BT?LB A? ECB KBA @?A HB @?DEK8

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