E 'LETXIV %TTPMGEXMSR 0SGEPM^EXMSR XXLIXMQISJXLMW[VMXMRKXLIM4LSRIMWSV[MPPWSSRFIEZEMPEFPIMRHMJJIV IRXGSYRXVMIWERHXLEXRYQFIV[MPPSFZMSYWP]MRGVIEWISZIVXMQI=SYGERRS[ FY]ERHYWIERM4LSRISRIZIV]GSRXMRIRXI\GITX%RXEVGXMGE-J]SYTPERSR VIPIEWMRKETTPMGEXMSRWXLVSYKLXLIM4LSRI%TT7XSVI]SYVTSXIRXMEPQEVOIXMW GSRWMHIVEFP]PEVKIVXLERNYWXTISTPIMR]SYVS[RGSYRXV][LSWTIEO]SYVS[R PERKYEKI*SVXYREXIP]M4LSRILEWEVSFYWXPSGEPM^EXMSREVGLMXIGXYVIXLEXPIXW ]SYIEWMP]XVERWPEXI]SYVETTPMGEXMSRSVLEZIMXXVERWPEXIHF]SXLIVWMRXSRSX SRP]QYPXMTPIPERKYEKIWFYXIZIRMRXSQYPXMTPIHMEPIGXWSJXLIWEQIPERKYEKI ;ERXXSTVSZMHIHMJJIVIRXXIVQMRSPSK]XS)RKPMWLWTIEOIVWMRXLI9RMXIH/MRK HSQXLER]SYHSXS)RKPMWLWTIEOIVWMRXLI9RMXIH7XEXIW#2STVSFPIQ 8LEXMWRSTVSFPIQEXEPPMJ]SYvZI[VMXXIR]SYVGSHIGSVVIGXP]6IXVSJMXXMRKERI\MWX MRKETTPMGEXMSRXSWYTTSVXPSGEPM^EXMSRMWQYGLLEVHIVXLER[VMXMRK]SYVETTPMGEXMSR XLEX[E]JVSQXLIWXEVX-RXLMWGLETXIV[IvPPWLS[]SYLS[XS[VMXI]SYVGSHIWSMX MWIEW]XSPSGEPM^IERHXLIR[IvPPKSEFSYXPSGEPM^MRKEWEQTPIETTPMGEXMSR 0SGEPM^EXMSR%VGLMXIGXYVI ;LIRERSRPSGEPM^IHETTPMGEXMSRMWVYREPPSJXLIETTPMGEXMSRvWXI\X[MPPFI TVIWIRXIHMRXLIHIZIPSTIVvWS[RPERKYEKIEPWSORS[REWXLIHIZIPSTQIRX FEWIPERKYEKI ;LIRHIZIPSTIVWHIGMHIXSPSGEPM^IXLIMVETTPMGEXMSRXLI]GVIEXIEWYFHMVIGXSV]MR XLIMVETTPMGEXMSRFYRHPIJSVIEGLWYTTSVXIHPERKYEKI)EGLPERKYEKIvWWYFHMVIG XSV]GSRXEMRWEWYFWIXSJXLIETTPMGEXMSRvWVIWSYVGIWXLEX[IVIXVERWPEXIHMRXSXLEX PERKYEKI)EGLWYFHMVIGXSV]MWGEPPIHEPSGEPM^EXMSRTVSNIGXEPWSGEPPIHEPSGEPM^E XMSRJSPHIV0SGEPM^EXMSRJSPHIVREQIWEP[E]WIRH[MXLXLII\XIRWMSRPTVSN ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR -RXLI7IXXMRKWETTPMGEXMSRXLIYWIVLEWXLIEFMPMX]XSWIXXLIPERKYEKIERHVIKMSRJSVQEX *SVI\EQTPIMJXLIYWIVvWPERKYEKIMW)RKPMWLEZEMPEFPIVIKMSRWQMKLXFI9RMXIH7XEXIW %YWXVEPMESV,SRK/SRK{EPPVIKMSRWMR[LMGL)RKPMWLMWWTSOIR ;LIREPSGEPM^IHETTPMGEXMSRRIIHWXSPSEHEVIWSYVGIWYGLEWERMQEKITVSTIVX]PMWXSVRMF XLIETTPMGEXMSRGLIGOWXLIYWIVvWPERKYEKIERHVIKMSRERHPSSOWJSVEPSGEPM^EXMSRJSPHIVXLEX QEXGLIWXLEXWIXXMRK-JMXJMRHWSRIMX[MPPPSEHXLIPSGEPM^IHZIVWMSRSJXLIVIWSYVGIMRWXIEH SJXLIFEWIZIVWMSR *SVYWIVW[LSWIPIGXIH*VIRGLEWXLIMVM4LSRIWv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vXJMRHEPERKYEKITVSNIGX[MXLXLEXREQIMX[SYPH XV]PSSOMRKJSVJVIPTVSNXLIRJVEPTVSN-JRSRISJXLSWI[IVIJSYRHMX[SYPHPSSOJSV*VIRGLPTVSN 8LIPEWXGSRWXVYGXI\MWXWXSWYTTSVXPIKEG]1EG37<ETTPMGEXMSRWERHKIRIVEPP]WTIEOMRK]SY WLSYPHEZSMHMXXLSYKLXLIVIMWERI\GITXMSRXSXLEXVYPIXLEX[IvPPPSSOEXPEXIVMRXLMWGLETXIV -JXLIETTPMGEXMSRHSIWRvXJMRHEPERKYEKITVSNIGXXLEXQEXGLIWIMXLIVXLIPERKYEKIVIKMSR GSQFMREXMSRSVNYWXXLIPERKYEKIMX[MPPYWIXLIVIWSYVGIWJVSQXLIHIZIPSTQIRXFEWIPER KYEKI-JMXHSIWJMRHERETTVSTVMEXIPSGEPM^EXMSRTVSNIGXMX[MPPEP[E]WPSSOXLIVIJMVWXJSVER] VIWSYVGIWXLEXMXRIIHW-J]SYPSEHE 9--QEKI YWMRK MQEKI2EQIH JSVI\EQTPIMX[MPPPSSO JMVWXJSVERMQEKI[MXLXLIWTIGMJMIHREQIMRXLIPSGEPM^EXMSRTVSNIGX-JMXJMRHWSRIMX[MPPYWI MX-JMXHSIWRvXMX[MPPJEPPFEGOXSXLIFEWIPERKYEKIVIWSYVGI ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR -JERETTPMGEXMSRLEWQSVIXLERSRIPSGEPM^EXMSRTVSNIGXXLEXQEXGLIWJSVI\EQTPIETVSNIGX GEPPIHJVC*6PTVSNERHSRIGEPPIHJVPTVSNMX[MPPPSSOJMVWXMRXLIQSVIWTIGMJMGQEXGLMRXLMWGEWI JVC*6PTVSN-JMXHSIWRvXJMRHXLIVIWSYVGIXLIVIMX[MPPPSSOMRXLIJVPTVSN8LMWKMZIW]SYXLIEFMPMX] XSTVSZMHIVIWSYVGIWGSQQSRXSEPPWTIEOIVWSJEPERKYEKIMRSRIPERKYEKITVSNIGXPSGEPM^MRK SRP]XLSWIVIWSYVGIWXLEXEVIMQTEGXIHF]HMJJIVIRGIWMRHMEPIGXSVKISKVETLMGVIKMSR =SYSRP]LEZIXSPSGEPM^IVIWSYVGIWXLEXEVIEJJIGXIHF]PERKYEKISVGSYRXV]-JERMQEKIMR]SYV ETTPMGEXMSRLEWRS[SVHWERHMXWQIERMRKMWYRMZIVWEPXLIVIvWRSRIIHXSPSGEPM^IXLEXMQEKI 9WMRK7XVMRK*MPIW ;LEXHS[IHSEFSYXWXVMRKPMXIVEPWERHWXVMRKGSRWXERXWMR]SYVWSYVGIGSHI#'SRWMHIVXLMW WSYVGIGSHIJVSQXLITVIZMSYWGLETXIV 9-%PIVX:MI[EPIVX!??9-%PIVX:MI[EPPSGA MRMX;MXL8MXPI$)VVSVEGGIWWMRKTLSXSPMFVEV] QIWWEKI$(IZMGIHSIWRSXWYTTSVXETLSXSPMFVEV] HIPIKEXIRMP GERGIP&YXXSR8MXPI$(VEX SXLIV&YXXSR8MXPIWRMPA ?EPIVXWLS[A ?EPIVXVIPIEWIA -J[IvZIKSRIXLVSYKLXLIIJJSVXSJPSGEPM^MRKSYVETTPMGEXMSRJSVETEVXMGYPEVEYHMIRGI[I GIVXEMRP]HSRvX[ERXXSFITVIWIRXMRKEPIVXW[VMXXIRMRXLIHIZIPSTQIRXFEWIPERKYEKI 8LIERW[IVMWXSWXSVIXLIWIWXVMRKWMRWTIGMEPXI\XJMPIWGEPPWXVMRKJMPIW7XVMRKJMPIWEVIRSXL MRKQSVIXLER9RMGSHI98*XI\XJMPIWXLEXGSRXEMREPMWXSJWXVMRKTEMVWIEGLMHIRXMJMIHF] EGSQQIRX ,IVIMWERI\EQTPISJ[LEXEWXVMRKWJMPIQMKLXPSSOPMOIMR]SYVETTPMGEXMSR 9WIHXSEWOXLIYWIVLMWLIVJMVWXREQI *MVWX2EQI!*MVWX2EQI 9WIHXSKIXXLIYWIVvWPEWXREQI 0EWX2EQI!0EWX2EQI 9WIHXSEWOXLIYWIVvWFMVXLHEXI &MVXLHE]!&MVXLHE] 8LIZEPYIWFIX[IIRXLI ERHXLI GLEVEGXIVWEVINYWXGSQQIRXWJSVXLIXVERWPEXSV8LI] EVIRSXYWIHMRXLIETTPMGEXMSRERHGERWEJIP]FII\GPYHIHXLSYKLXLI]vVIEKSSHMHIE 8LI]KMZIGSRXI\XWLS[MRKLS[ETEVXMGYPEVWXVMRKMWFIMRKYWIHMRXLIETTPMGEXMSR ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR =SYvPPRSXMGIXLEXIEGLPMRIPMWXWXLIWEQIWXVMRKX[MGI8LIWXVMRKSRXLIPIJXWMHISJXLIIUYEPW WMKREGXWEWEOI]ERHMX[MPPEP[E]WGSRXEMRXLIWEQIZEPYIVIKEVHPIWWSJPERKYEKI8LIZEPYI SRXLIVMKLXWMHISJXLIIUYEPWWMKRMWXLISRIXLEXKIXWXVERWPEXIHXSXLIPSGEPPERKYEKI7S XLITVIGIHMRKWXVMRKWJMPIPSGEPM^IHMRXS*VIRGLQMKLXPSSOPMOIXLMW 9WIHXSEWOXLIYWIVLMWLIVJMVWXREQI *MVWX2EQI!4VÍRSQ 9WIHXSKIXXLIYWIVvWPEWXREQI 0EWX2EQI!2SQHIJEQMPPI 9WIHXSEWOXLIYWIVvWFMVXLHEXI &MVXLHE]!%RRMZIVWEMVI 'VIEXMRKXLI7XVMRKW*MPI =SY[SRvXEGXYEPP]GVIEXIXLIWXVMRKWJMPIF]LERH-RWXIEH]SYvPPIQFIHEPPPSGEPM^EFPIXI\X WXVMRKWMREWTIGMEPQEGVSMR]SYVGSHI3RGI]SYVWSYVGIGSHIMWJMREPERHVIEH]JSVPSGEPM^E XMSR]SYvPPVYREGSQQERHPMRITVSKVEQREQIH KIRWXVMRKW [LMGL[MPPWIEVGLEPP]SYV GSHIJMPIWJSVSGGYVVIRGIWSJXLIQEGVSTYPPMRKSYXEPPXLIWXVMRKWERHIQFIHHMRKXLIQMR EPSGEPM^EFPIWXVMRKWJMPI ,IVIvWLS[XLIQEGVS[SVOW0IXvWWXEVX[MXLEXVEHMXMSREPWXVMRKHIGPEVEXMSR 277XVMRKQ]7XVMRK!$*MVWX2EQI 8SQEOIXLMWWXVMRKPSGEPM^EFPI]SYv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vXJMRHEQEXGLMRXLIPSGEPM^EXMSRTVSNIGXXLEXQEXGLIW XLIYWIVvWPERKYEKIWIXXMRKWMX[MPPXLIRPSSOJSVEWXVMRKWJMPIMRXLIFEWIPERKYEKIERHYWI ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR XLIZEPYIXLIVI-JXLIVIMWRSWXVMRKWJMPIMX[MPPNYWXYWIXLIJMVWXTEVEQIXIV]SYTEWWIHXSXLI 270SGEPM^IH7XVMRK QEGVS 0IXvWXEOIEPSSOEXXLMWTVSGIWWMREGXMSR 6IEP;SVPHM4LSRI0SGEPM^MRK=SYV%TTPMGEXMSR ;IvVIKSMRKXSGVIEXIEWQEPPETTPMGEXMSRXLEXHMWTPE]WXLIYWIVvWGYVVIRXPSGEPI%PSGEPIER MRWXERGISJ 270SGEPI VITVIWIRXWFSXLXLIYWIVvWPERKYEKIERHVIKMSR-XMWYWIHF]XLIW]W XIQXSHIXIVQMRI[LEXPERKYEKIXSYWI[LIRMRXIVEGXMRK[MXLXLIYWIVERHXSHIXIVQMRI LS[XSHMWTPE]HEXIWGYVVIRG]ERHXMQIMRJSVQEXMSREQSRKSXLIVXLMRKW%JXIV[IGVIEXI XLIETTPMGEXMSR[I[MPPXLIRPSGEPM^IMXMRXSSXLIVPERKYEKIW=SYvPPPIEVRLS[XSPSGEPM^IRMF JMPIWWXVMRKJMPIWMQEKIWERHIZIRSYVETTPMGEXMSRvWMGSR=SYGERWII[LEXSYVETTPMGEXMSRMW KSMRKXSPSSOPMOIMR*MKYVI8LIREQIEGVSWWXLIXSTGSQIWJVSQXLIYWIVvWPSGEPI8LI [SVHWHS[RXLIPIJXWMHISJXLIZMI[EVIWXEXMGPEFIPWXLEXEVIWIXMRXLIRMFJMPI8LI[SVHW HS[RXLIVMKLXWMHIEVIWIXTVSKVEQQEXMGEPP]YWMRKSYXPIXW8LIJPEKMQEKIEXXLIFSXXSQSJ XLIWGVIIRMWEWXEXMG 9--QEKI:MI[ *MKYVI8LI0SGEPM^I1IETTPMGEXMSRWLS[R[MXLXLVIIHMJJIVIRXPERKYEKIVIKMSRWIXXMRKW 0IXvWLSTVMKLXMRXSMX'VIEXIERI[TVSNIGXMR<GSHIYWMRKXLIZMI[FEWIHETTPMGEXMSRXIQ TPEXIERHGEPPMX0SGEPM^I1I-J]SYPSSOMRXLI0SGEPM^I1IJSPHIV]SYvPPWIIEWYFJSPHIV REQIH6IWSYVGIW-RWMHI6IWSYVGIW]SYvPPJMRHEHMVIGXSV]REQIH&EWI0ERKYEKI-RXLEX JSPHIV]SYvPPJMRHX[SMQEKIWMGSRTRKERHJPEKTRK(VEKFSXLSJXLSWIXSXLI6IWSYVGIW JSPHIVSJ]SYVTVSNIGX2S[WMRKPIGPMGO-RJSTPMWXERHWIXXLI-GSRJMPIZEPYIXSMGSRTRKWS XLEXXLIMGSRMQEKI[MPPFIYWIHEW]SYVETTPMGEXMSRvWMGSR ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR ;IRIIHXSGVIEXISYXPIXWXSEXSXEPSJWM\PEFIPWSRIJSVXLIFPYIPEFIPEGVSWWXLIXSTSJXLI ZMI[ERHJMZIJSVXLI[SVHWHS[RXLIVMKLXLERHWMHI)\TERHXLI'PEWWIWJSPHIVWMRKPIGPMGO 0SGEPM^I1I:MI['SRXVSPPIVLERHQEOIXLIJSPPS[MRKGLERKIW MQTSVX 9-/MX9-/MXL" $MRXIVJEGI0SGEPM^I1I:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ -&3YXPIX9-0EFIPPSGEPI0EFIP -&3YXPIX9-0EFIPPEFIP -&3YXPIX9-0EFIPPEFIP -&3YXPIX9-0EFIPPEFIP -&3YXPIX9-0EFIPPEFIP -&3YXPIX9-0EFIPPEFIP a $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPSGEPI0EFIP $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPEFIP $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPEFIP $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPEFIP $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPEFIP $TVSTIVX]RSREXSQMGVIXEMR9-0EFIPPEFIP $IRH 2S[HSYFPIGPMGOXLI0SGEPM^I1I:MI['SRXVSPPIV\MFJMPIXSSTIRXLIJMPIMR-RXIVJEGI&YMPHIV 3RGIMXv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v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vW3[RIVXSIEGLSJXLIJMZIRI[PEFIPWGSRRIGXMRK IEGLSRIXSEHMJJIVIRXRYQFIVIHPEFIPSYXPIX2S[HSYFPIGPMGOIEGLSRISJXLIRI[PEFIPW ERHHIPIXIMXWXI\X;I[MPPFIWIXXMRKXLIWIZEPYIWTVSKVEQQEXMGEPP] ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR *MREPP]HVEKER-QEKI:MI[JVSQXLIPMFVEV]SZIVXSXLIFSXXSQTEVXSJXLIZMI[-RXLIEXXVM FYXIWMRWTIGXSVWIPIGXJPEKTRKJSVXLIZMI[v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a &330WLSYPH%YXSVSXEXI8S-RXIVJEGI3VMIRXEXMSR 9--RXIVJEGI3VMIRXEXMSRMRXIVJEGI3VMIRXEXMSR_ 6IXYVR=)7JSVWYTTSVXIHSVMIRXEXMSRW VIXYVRMRXIVJEGI3VMIRXEXMSR!!9--RXIVJEGI3VMIRXEXMSR4SVXVEMX a ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR ZSMHHMH6IGIMZI1IQSV];EVRMRK_ ?WYTIVHMH6IGIMZI1IQSV];EVRMRKA 6IPIEWIWXLIZMI[MJMXHSIWRXLEZIEWYTIVZMI[ 6IPIEWIER]XLMRKXLEXWRSXIWWIRXMEPWYGLEWGEGLIHHEXE a ZSMHHIEPPSG_ ?PSGEPI0EFIPVIPIEWIA ?PEFIPVIPIEWIA ?PEFIPVIPIEWIA ?PEFIPVIPIEWIA ?PEFIPVIPIEWIA ?PEFIPVIPIEWIA ?WYTIVHIEPPSGA a $IRH 8LISRP]XLMRK[IRIIHXSPSSOEXMRXLMWGPEWWMWXLI ZMI[(MH0SEH QIXLSH8LIJMVWXXLMRK[I HSXLIVIMWKIXER 270SGEPI MRWXERGIXLEXVITVIWIRXWXLIYWIVWvGYVVIRXPSGEPI[LMGLGERXIPPYW FSXLXLIMVPERKYEKIERHXLIMVVIKMSRTVIJIVIRGIWEWWIXMRXLIMVM4LSRIvW7IXXMRKWETTPMGEXMSR 270SGEPIPSGEPI!?270SGEPIGYVVIRX0SGEPIA 0SSOMRKEXXLI'YVVIRX0SGEPI 8LIRI\XPMRISJGSHIQMKLXRIIHEPMXXPIFMXSJI\TPEREXMSR 270SGEPI [SVOWWSQI[LEXPMOI EHMGXMSREV]8LIVIMWE[LSPIFYRGLSJMRJSVQEXMSRXLEXMXGERKMZIYWEFSYXXLIGYVVIRXYWIVvW TVIJIVIRGIWMRGPYHMRKXLIREQISJXLIGYVVIRG]XLI]YWIERHXLIHEXIJSVQEXXLI]I\TIGX=SY GERJMRHEGSQTPIXIPMWXSJXLIZEPYIWXLEX]SYGERVIXVMIZIMRXLI 270SGEPI %4-VIJIVIRGI -RXLMWRI\XPMRISJGSHI[IvVIVIXVMIZMRKXLIPSGEPIMHIRXMJMIV[LMGLMWXLIREQISJ XLIPERKYEKIERHSVVIKMSRXLEXXLMWPSGEPIVITVIWIRXW;IvVIYWMRKEJYRGXMSRGEPPIH HMWTPE]2EQI*SV/I]ZEPYI 8LITYVTSWISJXLMWQIXLSHMWXSVIXYVRXLIZEPYISJXLIMXIQ [IvZIVIUYIWXIHMREWTIGMJMGPERKYEKI 8LIHMWTPE]REQIJSVXLI*VIRGLPERKYEKIJSVI\EQTPI[SYPHFI*VERËEMWMR*VIRGLFYX *VIRGLMR)RKPMWL8LMWQIXLSHKMZIWYWXLIEFMPMX]XSVIXVMIZIHEXEEFSYXER]PSGEPIWSXLEXMX GERFIHMWTPE]IHETTVSTVMEXIP]XSER]YWIVW-RXLMWGEWI[Iv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vWVYRSYVETTPMGEXMSRRS[=SYGERYWIIMXLIVXLIWMQYPEXSVSVEHIZMGIXSXIWXXLMW8LIWMQYPE XSVHSIWWIIQXSGEGLIWSQIPERKYEKIERHVIKMSRWIXXMRKWWS]SYQE][ERXXSHSXLMWSRXLI HIZMGIMJ]SYLEZIXLEXSTXMSR3RGIXLIETTPMGEXMSRPEYRGLIWMXWLSYPHPSSOPMOI*MKYVI &]YWMRKXLI 270SGEPM^IH7XVMRK QEGVSWMRWXIEHSJWXEXMGWXVMRKW[IEVIEPPVIEH]JSVPSGEP M^EXMSR&YX[IEVIRSXPSGEPM^IH]IX-J]SYYWIXLI7IXXMRKWETTPMGEXMSRSRXLIWMQYPEXSVSV SR]SYVM4LSRIXSGLERKIXS ERSXLIVPERKYEKISVVIKMSR XLIVIWYPXW[SYPHPSSOIWWIR XMEPP]XLIWEQII\GITXJSV XLIPEFIPEXXLIXSTSJXLI ZMI[WII*MKYVI *MKYVI8LIPERKYEKI VYRRMRKXLIFEWIPERKYEKI3YV ETTPMGEXMSRMWWIXYTJSVPSGEPM^E XMSRFYXMWRSX]IXPSGEPM^IH *MKYVI8LIRSRPSGEP M^IHETTPMGEXMSRVYRSRER M4LSRIWIXXSYWIXLI*VIRGL PERKYEKI ',%48)6 %TTPMGEXMSR0SGEPM^EXMSR 238) -J]SYVYRMRXSER]TVSFPIQWKIXXMRKXLMWETTPMGEXMSRXSPEYRGLXV]JSPPS[MRKXLIPSGEPM^EXMSRWXITWXLVSYKL XLIVIWXSJXLIGLETXIV-JXLEXHSIWRvXLIPTGLIGOSYV[IFWMXIEX LXXT[[[MTLSRIHIZFSSOGSQ JSVQSVIWYKKIWXMSRW 0SGEPM^MRKXLI2MF 2S[PIXvWPSGEPM^IXLIRMFJMPI8LIFEWMGTVSGIWWJSVPSGEPM^MRKER]JMPIMWXLIWEQI-R<GSHI WMRKPIGPMGO0SGEPM^I1I:MI['SRXVSPPIV\MFERHXLIRTVIWW -XSSTIRXLI-RJS[MRHS[JSVXLEX JMPI-JXLI[MRHS[MWRSXGYVVIRXP]WLS[MRKXLI+IRIVEPXEFWIPIGXXLI+IRIVEPXEF'PMGOXLI FYXXSRXLEXWE]W1EOI*MPI0SGEPM^EFPIMRXLIPS[IVPIJXTEVXSJXLI[MRHS[WII*MKYVI *MKYVI8LI0SGEPM^I1I:MI['SRXVSPPIV\MF-RJS[MRHS[