PISMO TOWARZYSTWA MIŁOŚNIKÓW LWOWA I KRESÓW POŁUDNIOWO WSCHODNICH. WROCŁAW

Pełen tekst

(1)SEMPER FIDELIS. PL ISSN 008669414 KWIECIEŃ – WRZESIEŃ 2 – 3 (162 – 163) 2021. PISMO TOWARZYSTWA MIŁOŚNIKÓW LWOWA I KRESÓW POŁUDNIOWOWSCHODNICH. WROCŁAW. Fot. Krzysztof Mazur. Delegacja Politechniki Wrocławskiej – rektor prof. Arkadiusz Wójs (w środku z wieńcem) i korpus dziekański.

(2) Spis treści Andrzej Peszko – Dawne Gimnazjum Piastowskie zostanie przekazane na siedzibę Muzeum Kresów ..................1 Katarzyna Frankowiak – Stach z Zadwórza ..............................................................................................................3 Leszek Mulka – 80. rocznica mordu Profesorów Lwowskich .....................................................................................7 Leszek Mulka – Kwiaty pod obeliskiem poświęconym Antoniemu Cieszyńskiemu ...................................................9 Janusz Sekulski – W Hołdzie Pomordowanym ........................................................................................................10 Karol Liwirski – Obrona polskiego Lwowa przez Lwowskie Orlęta w 1918 r. ..........................................................10 Antoni Wilgusiewicz – Zaczęło się na Brajerowskiej... ............................................................................................12 Stanisław Lem (1921 – 2006) ..................................................................................................................................15 Śp. Kazmierz Górski (1921 – 2006) .........................................................................................................................23 Elżbieta Kuśmiderska – Polski opłatek na Kresach .................................................................................................25 Stanisław Ostrowski – Dnie pohańbienia. Wspomnienia z lat 1939 – 1941 (II) .......................................................26 Odznaczenia dla zasłużonych .................................................................................................................................33 Wiesław Bidziński – Wołyń 1943. Pamiętamy .........................................................................................................34 Danuta Śliwińska – „Tyligentne Batiary” ..................................................................................................................34 Danuta Śliwińska – „Wilno” – Piętnasty tom „Kresowej Atlantydy” – Prof. S. S. Niciei ............................................35 Kresowe losy ............................................................................................................................................................37 Wiesław Machnik – Aforyzmy Franza Kafki bałakiem ..............................................................................................38 Karol Liwirski – Historyczny rys powstawania Ukrainy ............................................................................................42 Jerzy Duda – Hinc itur ad astra (Stąd idzie się do gwiazd) .....................................................................................43 Jerzy Duda – Głubczyckie opisanie Kresów Wschodnich II Rzeczypospolitej ........................................................45 Jerzy i Roman Rokiccy – Janina Rokicka z Krasnodębskich – bogactwo życia ......................................................48 Krzysztof Kruszyński – Bieg Orląt ............................................................................................................................50 Arkadiusz Szymczyna – Janina Papierska – z Brześcia nad Bugiem przez Kazachstan do afrykańskiej Koji .......51 Barbara Smoleńska – Aktywność bolesławieckich kresowian w Polsce i na Ukrainie ............................................58 Z ŻAŁOBNEJ KARTY Hanna DobiasTelesińska – Śp. Jerzy Albrycht (1924 – 2021) ................................................................................60 Kazimierz Bielecki – Śp. Tadeusz Karczmar (1935 – 2020) ....................................................................................61 Śp. Edward Adles (1929 – 2020) .............................................................................................................................61 Adam Zagajewski (1945 – 2021) .............................................................................................................................62 Adam Zagajewski – Jechać do Lwowa – wiersz ......................................................................................................63 Śp. Elżbieta z Godlewskich Gromnicka (15 września 1928 r. – l2 czerwca 2021 r.) ...............................................64 Śp. Emilia Chmielowa (1948 – 2021) ......................................................................................................................64 Karol Liwirski – Śp. Szczepan Siekierka (1928 – 2021) ..........................................................................................65 Stanisław Czerny – Apel Oddziału Krakowskiego TMLiKPW ..................................................................................65 Errata do nr. 1 (161)/2021 ........................................................................................................................................65 Lista Ofiarodawców ..................................................................................................................................................65 Informacja o Kalendarzu Lwowskim 2022 ................................................................................................................65. Pismo dofinansowano ze środków Ministra Kultury i Dziedzictwa Narodowego pochodzących z Funduszu Promocji Kultury. Nakład: 500 egzemplarzy Andrzej KAMINSKI Danuta ŚLIWIŃSKA, Jolanta KOŁODZIEJSKA, Leszek MULKA Towarzystwo Miłośników Lwowa i Kresów PołudniowoWschodnich, 50011 Wrocław, ul. Kościuszki 35/B/E, druga oficyna; tel./fax 71/3448893; Adres email: tmlikpwzarzadglowny@wp.pl Konto: PKOBP O/Wrocław Nr 53 1020 5242 0000 2102 0131 9631 Materiałów niezamawianych redakcja niezwraca. W publikowanych tekstach zastrzegamy sobie prawo dokonywania skrótów, zman tytułów oraz poprawek stylistycznojęzykowych. Nie płacimy honorariów autorskich. Redaktor naczelny: Redaguje Klegium: Właściciel tytułu i adres redakcji:.

(3) B8EM9>)9FM?C. )=6- 156)?2<5 "1):;7=:31- ?7:;)61- 89?-3)?)6- 6):1-,?1*H<?-<59-:@= EM9;A=5FGCJDC^H8B=CJC M57<C8B=9>7Mad7=)C@ F?= GC JL>`G?CJ9 A=9>F79 B5 A5D=9 )C@F?= #9FG FJC =FGLA GL;@9A J ?GQELA A=9FM5>` F=a 6C;5G5 D=5FGCJ F?5DEM9FM^Cd_J=9@C?H@GHECJ5M^CgCB5<=FGCE=5c@`F?5 = DCJC>9BB9 @CFL A=9FM?5b7QJ )C@F?= c7=9g?= gL7=5 6EM9g5B F` C8MJ=9E7=98@9B=9A @CFQJ J=9@H )C@5?QJ ?GQEMLDCM5?Cb7M9B=H""/C>BLcJ=5GCJ9>>5?CC6LJ5 G9@9 85JBL7< $E9FQJ /F7<C8B=7< "" *M97MDCFDC@=G9> H7<C8e7LMAHFM9B=6L@=8CCDHFM7M9B=5FJL7<EC8M=B BL7< FGECB = 8C Ja8EQJ?= B5 M57<Q8 ?H B=9MB5BLA JF=CA=A=5FGCA /?J=9GB=H E DEML6L^58CEM9 ;H D=9EJFM5 ;EHD5 )C@5?QJ 6L DEML;CGCJ5_ A=9>F79 8@5 BCJL7< CF=98@9b7QJ &=9FM?5b7QJ ,5EBCDC@5 %JCJ5 /=@B5 +G5B=F^5JCJ5 )EHF C@=BL = J=9@H AB=9>FML7<A=9>F7CJCd7= /EM9;H=C?C@=757<MB5@9e@= BCJL8CAMCFG5J=5>`7M5FC6`DEM9FM^Cd_7MaFGCGE5 ;=7MB`C?GQE9>B=9ACgB56L^C;^CdBCAQJ=_ *M9FM9 H7<C8e7QJ M 85JBL7< M=9A JF7<C8B=7< M5F=98@=^C C6 FM5E 8M=F=9>FML7< JC>9JQ8MGJ 8C@BCd@`F?=9;C CDC@ F?=9;C @H6HF?=9;C /E5M M HD58?=9A J )C@F79 ?CAH B=MAHACgB56L^CDEMLMB5_F=a8CFJC=7<?CEM9B==;^C dBC AQJ=_ C DEM9FM^Cd7= G5?g9 G9> MJ=`M5B9> M GMJ [GE5;98=`JC^LbF?`X (8?=@?H8M=9F=a7=H@5GJ)C@F79DC 89>ACJ5BL 6L^ G9A5G A=9>F75 J ?GQELA ACg@=J9 6L^C 6L 6585B=9 = HD5A=aGB=9B=9 DCJC>9BBL7< @CFQJ GL7< )C@5?QJ ?GQEML AHF=9@= CDHd7=_ FJ9 EC8M=BB9 FGECBL = CF=98@=_ F=a B5 GMJ 2=9A=57< 257<C8B=7< /=9@9 dEC 8CJ=F? ?E9FCJL7< JF?5MLJ5^C EM9; >5?C =895@B9 A=9>F798CCE;5B=M57>=G5?=9>D@57QJ?=. (8DCJ=585>`7 B5 G5?=9 M5DCGEM96CJ5B=9 6a8`7 J^5d7=7=9@9A <=FGCEL7MB9;C C6=9?GH G> 85JB9> F=98M=6L E9B9F5BFCJ9;C8<=0A8C<;;CAB@4J^58M9EM9;HM5 DECDCBCJ5^L G9B J^5dB=9 C6=9?G C8 ?=@?HB5FGH @5G B=9 M5;CFDC85ECJ5BL >5?C F=98M=6a DEMLFM^9;C AHM9HA /F?5M5B=9 J^5dB=9 85JB9;C D=5FGCJF?=9;C 8<=0 A8C<;;CAB@4MJ5B9;CG9g =AB5M>HA)=5FGCJF?=AB=9 GL@?C 85J5^C FM5BFa B5 E5GCJ5B=9 J5gB9;C M DHB?GH J=8M9B=5 <=FGCE== EM9;H = c@`F?5 C6=9?GH A57< JMB=9F=CBL FG5E5B=9A ?F=a7=5 6EM9F?=9;C #9EM9;C "" J@5G57< V DEM9MJ^CF?=9;C5E7<=G9?G5#5?H 65 )5EE5 V GJQE7L G5? F=@B=9 MJ=`M5B9;C M EM9;=9A DEM9M FGH@97=5 D9^B=^ EC@a 98H?57L>B` L^ A=9>F79A J?GQELADCdEQ8>98B9;CMB5>6C;5GFML7<d@`F?=7<BC JCgLGBL7< M6=CEQJ 6=6@=CG97MBL7< DEM9M 8M=9F=`G?= @5GL DEM97<CJLJ5B5 6L^5 A =B dE98B=CJ=97MB5 Ea?CD= dA=9BB5 464=30 > TD 03D83G4 MJ5B5 >34:A4< ;C18RA:8< (6=9?G 65E8MC 8C6EM9 JD=FLJ5^ F=a J @C;=?a DEM98F=aJM=a7=5 ^`7ML^ D=5FGCJF?` DEM9FM^Cd_ EM9;H = c@`F?5 J=9@CJ=9?CJ` 98H?57L>B` EC@a 8@5 75^9> <= FGCEL7MB9> 8M=9@B=7L M DCJC>9BB` A=;E57>` CE5M 65;5. g9A 8CdJ=587M9b = 8M=98M=7GJ9A DEMLB=9F=CBLA JE5M M BCJLA= A=9FM?5b75A= EM9;H M G9E9BQJ ?GQE9 DC "" /C>B=9 cJ=5GCJ9> MB5@5M^L F=a DCM5 ;E5B=75A= 8M=F=9> FM9>)C@F?= (6=9?GM@C?5@=MCJ5BL>9FGJ79BGEHA<=FGC EL7MB9;C A=5FG5 J 69MDCdE98B=A F`F=98MGJ=9 M5A?H )=5FGQJ6EM9F?=7<V?GQELC8

(4) E DCF=585FG5GHFDC AB=?5<=FGCE==. *CMACJL 8CGL7M`79 585DG57>= 85JB9;C =AB5 M>HA)=5FGCJF?=9;C8CBCJL7<79@QJM5DC7M`G?CJ5BC DC8 ?CB=97

(5) E #Hg J @HGLA

(6) E A=B5 EM9; DC8D=F5^5HACJaMDE57CJB=`DEC>9?GCJ`"8G8>4A86= &=ECF^5J5'=M=C5HGCE5A =B &HM9HA)CJFG5B=5/5E FM5JF?=9;C 7ML &HM9HA )C@5?QJ *5GH>`7L7< fL8QJ DC87M5F""JC>BLdJ=5GCJ9>=A *C8M=BL-@AQJJ&5E ?CJ9> B5 DEML;CGCJ5B=9 ?CB79D7>= M5;CFDC85ECJ5B=5 ;A57<H 85JB9;C =AB5M>HA )=5FGCJF?=9;C JE5M M DEC;E5A9A A9ELGCEL7MBLA DEMLFM^9;C &HM9HA /5EGC DEML GLA M5MB57ML_ g9 M5DECDCBCJ5B5 DEM9M DE57CJB=a"8G8>4A86=?CB79D7>5B=9GL@?CF?HD=^5F=a B5 585DG57>= F5A9;C C6=9?GH /LMB57ML^5 G5?g9 BCJ9 :HB?7>9 8@5 D@57QJ?= J ?GQEL7< HJM;@a8B=CB5 MCFG5^5 ?J9FG=5 G5?=9;C DEML;CGCJ5B=5 C6=9?GH g96L FD9^B=5^ EC@a 79BGEHA J=98ML C DEM9FM^Cd7= 85JBL7< M=9A JF7<C8B=7< CdEC8?5 6585J7M9;C ;ECA58M`79;C M6=CEL DCDH@5ELM5GCEF?=9;C A=9>F75 HACg@=J=5>`79;C CE;5B=M57>a FLADCM>QJ ?CB:9E9B7>= 5 B5J9G A=9>F75 J5EFMG5GQJ DE5?GL7MBL7< J M5?E9F=9 BD ?E9FCJ9> ?H7<B=E9FG5HE57>57MLEa?C8M=9^5. / D5e8M=9EB=?H

(7) E *585 &=9>F?5 EM9;H DC8 >a^5H7<J5âBE00. M8B

(8)

(9) E JFDE5 J=9 JLE5g9B=5 DCD5E7=5 8@5 =89= HGJCEM9B=5 J EM9;H &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ ?GQE9;C F=98M= 6aA=5^6LFG5BCJ=_6H8LB9?85JB9;C =AB5M>HA)=5 FGCJF?=9;C. *QJBC@9;@9 M DE575A= ?CB79D7L>BLA= J^58M9 A= BL ECMDC7Ma^L 8M=5^5B=5 J 79@H HMLF?5B=5 >5? B5>FM9E.

(10) J6H8LB?H85JB9;C =AB5M>HA)=5FGCJF?=9;C /JL B=?HECMAQJDECJ58MCBL7<DCA=a8MLJ^58M5A= A=BL EM9; 8LE9?7>` &HM9HA )=5FGQJ c@`F?=7< J EM9;H =BFGLGH7>5A= DECJ58M`7LA= &HM9HA )=5FGQJ c@`F?=7< G> &=B=FG9EFGJ9A $H@GHEL M=98M=7GJ5 '5EC8CJ9;C = +DCEGH -EMa89A &5EFM5^?CJF?=A /C>9JQ8MGJ5 (DC@F?=9;C CE5M +G5ECFGJ9A )CJ=5GCJLA J EM9;H HFG5@CBC g9 &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ ACg9 MCFG5_ DCJC^5B9 >5?C C88M=5^ &HM9HA )=5FGQJ c@`F?=7< J EM9;H <a_ E95@=M57>= BCJ9> D@57QJ?= >5 ?CC88M=5^H&HM9HA)=5FGQJc@`F?=7<JLE5M=^8LE9?GCE D 8E5E=HFML7M?CJF?= 2;C8aB5HGJCEM9B=9BCJ9 ;C C88M=5^H JLE5M=^L DC8A=CGL JFDQ^DECJ58M`79 &H M9HA )=5FGQJ c@`F?=7< G> -EM`8 &5EFM5^?CJF?= JC>9 JQ8MGJ5 (DC@F?=9;C CE5M +G5ECFGJC )CJ=5GCJ9 J EM9;H $CB79D7>5 &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ ?GQE9> DEML;CGCJ5B=9 J

(11) E M@97=^5 A=B5 EM9;MCFG5^5DEM9?5M5B5M5DCdE98B=7GJ9A6EM9F?=9 ;C &HM9HA )=5FGQJ c@`F?=7< 8C A=B=FG9EFGJ5 = G5A JFGaDB=9M55?79DGCJ5B5. (FG5G97MB=9?J=9GB=5

(12) E JD^LBa^CD=FAC/= 79DE9A=9E5 &=B=FGE5 $H@GHEL M=98M=7GJ5 '5EC8CJ9;C = +DCEGH DEC: )=CGE5 @=bF?=9;C ?GQEL >5?C ;^QJBL JFDQ^DECJ58M`7L 6EM9F?=9 &HM9HA )=5FGQJ c@`F?=7< JLE5M=^ 5?79DG57>a 8@5 DEM9>a7=5 DEM9M &HM9HA )=5 FGQJ c@`F?=7< J EM9;H C6=9?GH 85JB9;C 8<=0A8C< ;;CAB@4 B5 DCGEM96L D@5BCJ5B9;C C88M=5^H &HM9HA )=5FGQJc@`F?=7<CE5MCMC6CJ=`M5B=HF=aA=B=FG9EFGJ5 8C JFDQ^:=B5BFCJ5B=5 585DG57>= DEM98A=CGCJ9;C C6=9?GH B5 DCGEM96L &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ ,LA F5ALA HE95@B=^5 F=a ACg@=JCd_ E9ACBGH C6=9?GH = HGJCEM9B=5 J B=A D@57QJ?= C ?GQE9> DCJFG5 B=9 HEA=FGEM EM9;H #9EML /Ea6=5? =BG9BFLJB=9 M5 6=9;5^ C8 ?=@?H CFG5GB=7< @5G /5EHB?=9A DCJC^5B=5 DEM98A=CGCJ9>D@57QJ?=>9FGDEM9?5M5B=9A5>`G?H A= BLEM9;JDCFG57=6H8LB?H85JB9;C =AB5M>HA)=5 FGCJF?=9;C J EM9;H B5 EM97M &HM9HA )=5FGQJ c@` F?=7<JEM9;H. )C8>aG5?J=9GB=5

(13) E H7<J5^58CGL7ML^5DEM9 ?5M5B=5B5EM97M&HM9HA)=5FGQJc@`F?=7<JEM9;H J 8EC8M9 85ECJ=MBL M56H8CJ5BL7< 8M=5^9? ;EHBGH BE = C^`7MB9>DCJ

(14)

(15) <5DC^CgCBL7< J EM9;H DEML )@57H &CB=HFM?= = H@=7L C@9F^5J5 <EC6E9;C '=9EH7<CACd_ M56H8CJ5B5 >9FG A =B 6H 8LB?=9A 85JB9;C 8<=0A8C< ;;CAB@4 JD=F5B9;C 8C E9>9FGEH M56LG?QJ /C>9JQ8MGJ5 (DC@F?=9;C DC8 BH A9E9AE9>9FGEH . '5 85ECJ5B9> B=9EH7<CACd7= A5 DCJFG5_ &HM9HA $H@GHEL = M=98M=7GJ5 $E9FQJ >5?C C88M=5^ &HM9HA )=5FGQJ c@`F?=7< &=B=FG9EFGJC $H@GHEL M=98M=7GJ5 '5EC8CJ9;C=+DCEGHMC6CJ=`M5^CF=a8CJFDQ^:=B5BFC J5B=5 DEM98F=aJM=a7=5 DC@9;5>`79;C B5 HGJCEM9B=H B585ECJ5B9>B=9EH7<CACd7=D@5BCJ5B9;CAHM9HA. 2;C8B=9 M C6CJ=`MH>`7LA A=9>F7CJLA D@5B9A M5 ;CFDC85ECJ5B=5DEM9FGEM9BB9;CA=5FG5EM9;HDEM98 A=CGCJ5 B=9EH7<CACd_ DC^CgCB5 >9FG B5 G9E9B=9 CMB5 7MCBLA FLA6C@9A - V G9E9B M56H8CJL HF^H;CJ9> /5EGCd_ ?F=a;CJ5 B=9EH7<CACd7= 6EHGGC JLBCF=. FM9;C DCD5E7=5 M9 FGECBL dEC8CJ=F? ?E9FCJL7< B5 H?CJ7QJ M5>AH>`7L7< F=a $E9F5A= CE5M DCD5E7=5 M9 FGECBL J^58M F5ACEM`8CJL7< JC>9JQ8MGJ CDC@F?=9;C =8C@BCd@`F?=9;C "89aHGJCEM9B=5&HM9HADCD5E@=/C >9JC85 (DC@F?= /C>9JC85 C@BCd@`F?= MB5J75 ?E9 FQJDEC: 8E<56 +G5B=F^5J+^5JCA=E'=7=9>5BB5&5 E=5B89EF /=GC@8 %=FGCJF?= V DE9M9F +GCJ5EMLFM9B=5 $E9FCJ=5BJ$a8M=9EMLB=9 $Ce@H#5B+?5@F?=V)E9M9F cJ=5GCJ9;C $CB;E9FH $E9FCJ=5B@=7>5 26LELG V DE9 M9F ,CJ5EMLFGJ5 &=^CdB=?QJ %JCJ5 = $E9FQJ )C^H 8B=CJC /F7<C8B=7< C88M=5^ J EM9;H @=7MB9 ;ECBC D5E@5A9BG5EMLFGQJ)E5J5=+DE5J=98@=JCd7=CE5M$H?=M Y M G9E9BH JC>9JQ8MGJ CDC@F?=9;C = 8C@BCd@`F?=9;C M D5B9A DCF^9A )5J^9A $H?=M9A B5 7M9@9 "89a DC D5E@= DE9ML89BG (DC@5 DE9ML89BG /EC7^5J=5 FG5ECFGC J=9 6EM9F?= = C^5JF?= DEM98FG5J=7=9@9 AHM95@B=?QJ J GLA A =B 8E *CAH5@8 'CJ5? ?=9ECJB=? )5BCE5AL *57^5J=7?=9> M &HM9HA '5EC8CJ9;C J9 /EC7^5J=H CE5MJ^58M9+GCJ5EMLFM9B=5 A=B=)CJ=5GQJ;@CA9 E57>= /EC7^5JF?=9> ?GQE9 DC8>a^L J G9> FDE5J=9 FGCFCJ B` H7<J5â "B=7>5GLJ5 FDCG?5^5 F=a M J=9@?` DEML7<L@ BCd7=` M9 FGECBL 8H7<CJ=9bFGJ5 E7<=8=979M>= /EC 7^5JF?=9> /=9@?=A= CEa8CJB=?=9A DCJFG5B=5 J EM9;H &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ >9FG #9;C A= B9B7>5 ?F 6D #QM9: $HDBL V &9GECDC@=G5 /EC7^5JF?= / FDE5Ja M55B;5gCJ5BL >9FG EQJB=9g J=9@C@9GB= ?5D9 @5B dEC8CJ=F? ?E9FCJL7< ?F DE5^5G C@9F^5J *C65 7M9? )CD5E7=9 8@5 =89= DCJC^5B=5 J EM9;H &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ FGCFCJBLA= H7<J5^5A= JLE5M=^L CE;5B=M57>9 ?E9FCJ9 cJ=5GCJL $CB;E9F $E9 FCJ=5B V DC87M5F M>5M8H J MaFGC7<CJ=9 J @=D7H

(16) E 89@9;57= dEC8CJ=F? ?E9FCJL7< 6=CE`7L H8M=5^ J$E5>CJLA2>9e8M=9+DE5JCM85J7MC /L6CE7MLA9 @9;5GQJ ,CJ5EMLFGJ5 &=^CdB=?QJ %JCJ5 = $E9FQJ )C ^H8B=CJ /F7<C8B=7< J9 /EC7^5J=H J9 JEM9dB=H

(17) E CE5MDE9ML8=HA2>5M8H,5EBCDC@5B?GQE9DC8>a ^CFGCFCJB`H7<J5âDC87M5FM>5M8HMCE;5B=MCJ5B9;C J $E5?CJ=9 J

(18) E )C87M5F G9;C CFG5GB=9;C FJC>` DEML7<L@BCd_8@5=89=DCJC^5B=5JEM9;H'5EC8CJ9;C &HM9HA M=98M=7GJ5 = $H@GHEL $E9FQJ JLE5M=^ ?F ,5 89HFM "F5?CJ=7M 25@9F?= V ?5D9@5B dEC8CJ=F? ?E9FC JL7< ( M5A=9EM9B=57< ;A=BL J @=7MBL7< D=FA57< =B :CEACJ5B=6L@=)E9ML89BGB8EM9>H85)E9A=9E&5G9 HFM &CE5J=97?= /=79DE9A=9E &=B=FG9E M=98M=7GJ5 '5 EC8CJ9;CDEC: )=CGE @=bF?= /A=a8ML7M5F=9J8M=5^5 B=5MJ=`M5B9MHGEJ5@9B=9A8M=98M=7GJ585JBL7<M=9A "" *M97MDCFDC@=G9> J^`7ML^C F=a &HM9HA )=5FGQJ c@` F?=7< 7M9;C H?CECBCJ5B=9A 6L^C CGJ5E7=9 J

(19) E JLFG5JL FG5^9> M5GLGH^CJ5B9> @4AF >20;>=4 DA?> <=84=80 CE5M HEH7<CA=9B=9 M6=QE?= 5EG9:5?GQJ MJ=`M5 BL7<MFM9EC?CDC>aGLA=?E9F5A= =B5BFCJ9;CJFD5E 7=58@5DEML;CGCJ5B9>9?FDCML7>=H8M=9@=^5 A=B5EM9; CE5M-EM`8&5EFM5^?CJF?=/C>9JQ8MGJ5(DC@F?=9;C. )EM9^CA J 8`g9B=H 8C HGJCEM9B=5 J EM9;H &H M9HA M=98M=7GJ5 = $H@GHEL $E9FQJ B5FG`D=^ J @HGLA

(20) E 2;C8B=9 M9 JF?5M5B=9A &=B=FG9EFGJ5 $H@GHEL M=98M=7GJ5 '5EC8CJ9;C = +DCEGH D@57QJ?5 G5?5 AC ;^56L DCJFG5_ >5?C C88M=5^ &HM9HA )=5FGQJ c@`F?=7<. .

(21)

(22) M^ / ALd@ 5EG HFG 5 HFG5JL C ;C FDC85E79 B=9EH7<CACd7=5A= 85ECJ=MBL B=9EH7<CACd7= FG5BCJ=`79> J^5FBCd7= >98BCFG?= F5ACEM`8H G9ELGCE=5@ B9;C8C?CBH>9>9>CE;5BJL?CB5J7MLM5M;C8È58L. )EM98EH?M9FGECBL=BG9EB9GCJ9> <GGDF 6EM9; D@ 5E7<=JHA 5?GH5@BCF7= 85JB9 ;=AB5M>HA D=5 FGCJF?=9 MCFG5B=9 DEM9?5M5B9 B5 F=98M=69 AHM9HA ?E9FCJ. $5G5EMLB5E5B?CJ=5?. $;)+0?(),=@9?). ':87561-61-7$;)61:E)=1-'1;3< A . DEM9MAC>À5AaJ9%JCJ=9DC87M5FJC>BL )5B+G5 B=F^5J8CF?CB5@9D5A=aG5^%JQJMG5AGL7<8B= +=98M=9@=dAL J C;EC8M=9 DC8 J=5GÈCM?CFMH>`7 F=a D9^B=` @5G5 = F9E897MB` 5GACF:9E` C 7<J=@a F^L7<5_ 6L^C>5?JGE5JaFD585>ÈHA=5B98C>EM5^9>56^?5 +DC G?5B=96L^CC7MLJ=d7=9C?5M>`8CJFDCAB=9bC258JQ EMH%JCJ=9=DE57LB5?C@9= )5B+G5B=F^5JDC?5MLJ5^ B5A EQgB9 8C?HA9BGL B5 @5DGCD=9 V A=AC @5G 6L^ B585@M5D5B6E5GMB5>BCJFM`G97<B=?`5D5A=a7=AC ;@=dAL AH JFMLF7L M5M8ECd7=_ '5EM9?5^ B5 M8ECJ=9 A=5^ ?^CDCGL M 7<C8M9B=9A 5@9 B=7 B=9 JF?5MLJ5^C B5 GCg9DCMCFG5^CAHG5?B=9J=9@97M5FH. 2;ECA58MCB9 J=58CACd7= 8C?HA9BGL = D5A=`G?= MJ=`M5B9MgL7=9A+G5B=F^5J5/=G?5AC;`6L_DC8FG5 J`8CB5D=F5B=5C6FM9EB9>7=9?5J9>?F=`g?=CB=AF5 ALA = C JC>9BBL7< @CF57< @JCJ=5?QJ &5A B58M=9>a g9 H85 A= F=a 7<C7=5g M5ELFCJ5_ Ga B=9MJL?^` DCFG5_ (DCJ=9A C B5>J5gB=9>FML7< ACA9BG57< >9;C 65E8MC 6C;5G9;C gL7=5 = DEM98FG5J=a GL@?C B=9J=9@?` 7Mad_ M;ECA58MCBL7<D5A=`G9? C<5G9EB5FM9;CCDCJ=585B=5HEC8M=^F=a@=FGCD5 85 EC?HJ258JQEMHGEML8M=9d7=8J5?=@CA9GELB5 JF7<Q8 C8 %JCJ5 ,5A 7MG9EL @5G5 J7M9dB=9> V F=9EDB=5

(23) EC?H ECM9;E5^5 F=a 6=GJ5 A=a8ML 65G5@=C B9A D=97<CGL DC8 8CJQ8MGJ9A ?5D=G5B5 C@9F^5J5 25>`7M?CJF?=9;C 5 C88M=5^5A= $CBB9>EA== DC8 JC 8M` +=9A=CB5 H8=CBB9;C &=5^5 CB5 CDQeB=_ DC89> d7=9 JC>F? 6C@FM9J=7?=7< DC8 %JQJ =GJ5 M5?Cb7ML^5 F=a MJL7=aFGJ9A +CJ=9GQJ 5@9 J >9> JLB=?H H8=CBBL ME9ML;BCJ5^MJ5@?=C%JQJ (6ECb7L(>7MLMBLB5M5 JFM9DCMCFG5@=J[)C@F?=7<,9EACD=@57<X>5?DCG9AB5 MJ5BC 258JQEM9 '5 7M9d_ DC@9;^L7< gC^B=9EML HFLD5BL MCFG5^

(24) A9GECJL ?HE<5B 5 B5 >9;C J=9EM 7<C^?HJ DCFG5J=CBCDCAB=?DCdJ=a7CBL6C<5G9 ECA. +G5AG`8 H8=CBBL DCFM98^ B5 /5EFM5Ja [5 G5A >Hg)=^FH8F?=^58B=9=7<DC7MaFGCJ5^X >5?MHdA=97<9A 7MaFGC AQJ=^ D5B +G5B=F^5J &=9>F79 HEC8M9B=5 A=5^C B5 D9JBC C;ECABL JD^LJ B5 ?FMG5^GCJ5B=9 DCFG5JL D5GE=CGL7MB9> A^C89;C 7<^CD75 /ME5FG5^ J 7=9B=H M5 8JQEM5bF?=9;C?HE<5BH=6L^8HABLMDCFG5JL6C<5G9 EQJ6ECB=`7L7<(>7MLMBL )EMLFM98^B5dJ=5G>5?C>98L B98M=97?CA=@5/=G?5V?C@9>5EM5JGEM97=ADC?C@9B=H. 0?8B0=&B0=8AN0D*8B4: ,EH8BC D=F5_ J 7M5F=9 DEM9FM^LA C ?=Ad ?GC >9FM 7M98CB=985JB56L^JdEQ8B5F. /D5e8M=9EB=?HH6=9 ;^9;CEC?HC8FM98^+G5B=F^5J/=G9?V@JCJ=5?D5GE=CG5 gC^B=9EM ?C@9>5EM E57>CB5@=M5GCE 5@9 DEM989 JFMLFG?=A F9E897MBLCGJ5EGLM^CJ=9? +DC^97MBCd_C@FMGLbF?=7< @JCJ=5?QJMCFG5^5DC7Mad7=CF=9EC7CB5. '5FM9 CFG5GB=9 FDCG?5B=9 C86L^C F=a F=9EDB=5

(25)

(26) EJF9GBÈC7MB=7a6=GJLDC8258JQEM9A +DCG?5@=dAL F=a J C;EC8M=9 ?C^C 8CAH J ?GQELA EC8M=B5 /=G?QJ A=9FM?5^5 C8 DEML>5M8H 8C (@FMGLB5 J E CA9?DC^CgCBL>9FGDEMLGCE57<?C@9>CJL7< 7C8@5EC8M=BL?C@9>5EMLM8M=585DE58M=585A5JLA=5E FLA6C@=7MBL )5B+G5B=F^5J7M9?5^65E8MCB5G9B8M=9b = AC7BC DEM9gLJ5^ 8CB=CF^` EC7MB=7a $=@?5 8B= J7M9 dB=9> DC87M5F C:=7>5@BL7< HEC7MLFGCd7=

(27)

(28) *C7MB=7L =GJL/5EFM5JF?=9>DC8)CAB=?=9A/C@BCd7=(>7MLMBL B5 )@57H +C@=85EBCd7= J (@FMGLB=9 M^CgL@=dAL J >9;C =A=9B=H J=9B=97 ?GQEL M5JFM9 :HB8CJ5^ M C?5M>= ?C@9> BL7< F=9EDB=CJL7< EC7MB=7 )C87M5F B5FM9;C FDCG?5 B=5 CGEMLA5^ 6H?=9G 6=5^C 7M9EJCBL7< ;Ce8M=?QJ = ?F=`g?a M 898L?57>` B5J=`MH>`7` 8C G9> 8CB=CF^9> EC7MB=7L [M=9BB=7M9? *C?

(29) X V D5A=aGB=? D=F5BL. .

(30) MJ=98M5B=9 9@J989EH ,9 JLDE5JL 8CD9^B=5^L FG5E5B B9;CJL7<CJ5B=5J8H7<HD5GE=CGLMAH +G57< DC F?Cb7M9B=H ?@5FL D=`G9> FM?C^L DC JFM97<B9> J 258JQEMH DCFM98^ M;C8B=9 M EC8M=BB` GE58L7>` 8C +M?C^L $C@9>CJ9> BE

(31) =A &5EFM5^?5 )=^. =$5M=A=9ELM8CAH#HB=? +5;aEC8HM57MLB5DE58M=5 89? BGCB= 6H8CJB=7ML ?C@9= J=989bF?=9> ?GQEL ?^58^ DC8?^58LM,5ACJ58C*M9FMCJ5 M=589?DC?GQELA. &B027AB>83@C68G;4D49G6@C?P:>;46HD ?>3:C@70=4<D-03DH@GCA84@?84R @>:. %>3G8=0*8B:HDD@0:>D84?>3*0D4;4< ;0B0

(32) ++D. B5FM 6C<5G9E C8M=98M=7ML^ =A=a DE57CJ5^ >Hg B5 ?C@9= J9%JCJ=9 (g9B=^F=aMD5BB`BB`2=9@=bF?`=DCB=9 J5g F?=9ECJ5@= ;C 8C DE57L J C?C@=79 258JQEM5 G5A J^5dB=9 M5A=9FM?5^ JE5M M gCB` )CFG5J=^ 8CA 8E9J B=5BL M DC8?^58QJ ?C@9>CJL7< ?GQEL FD^CB`^ J 7M5F=9 " /C>BL cJ=5GCJ9> DC8D5@CBL DEM9M &CF?5@= (>7=97 +G5B=F^5J5 G9g ?C@9>5EM F^HgL^ J )H^?H )=97<CGL J2^C7MCJ=9 $C@9>5EM9A6L^G5?g9FGEL>$5M=A=9EMVB5 7M9@B=?EH7<HB5FG57>=J258JQEMH )C87M5F J5?57>= EC8M=B5 /=G?QJ JLEHFM5^5 ?C@9>` J DC8EQg DC )C@F79 '5 GE5F=9 6L^L C6CJ=`M?CJC $E5 ?QJ=MaFGC7<CJ5. )C87M5FJ5?57L>B9>DC8EQgLJ MMaFGC7<C JL DC>97<5@= 8C 8LB= &=5FGC 8CD=9EC DCJFG5J5^C V FG5^C M5@98J=9 ?=@?5 8CAQJ )5B +G5B=F^5J JFDCA=B5^ DC8EQg D5ECJ79A [/5B85X B5 !9@ &5A5 65^5 F=a = F=98M=5^5 DEML ?CA=B=9 5 CB 6=9;5^ = M5;@`85^ J9 JFMLFG?=9 M5?5A5E?= B5J9G 8C A5FMLBCJB= 2 !9@H JE575@= DC7=`;=9A DEM9M /5EFM5Ja 8C %JCJ5 )5B +G5B=F^5JJFJC=AA5^LAAHM9HAHA=9d7=^B5DC7M9 FBLAA=9>F7HD5A=`G?aM 8LB= #9FGB=`C6E5MDEM98 FG5J=5>`7L D=a?BL g5;@CJ=97 M B5D=F9A [&=^Cd_ ACEM5 J=BB5 6L_ eEQ8^9A M ?GQE9;C FJC6Q8 7M9ED5_ 6a8` JFMLFG?=9DC?C@9B=5)C@F?=X=DC8D=F9A)E9ML89BG5*) ";B579;C &Cd7=7?=9;C V 6L^5 GC 79;=9^?5 B5 6H8CJa 8LB=. '5@9gL G9g JFDCAB=9_ C H8M=5@9 +G5F=5 M A5G?` JC67<C857<

(33) EC7MB=7L6=GJLDC8/=98B=9AJ EC?H J (@9F?H = )C8<CE757< CE5M J B5FGaDBLA EC?H. FH8F?=9;CDEML@9=C7<5J9%JCJ=9;8M=98C>9g8g5^ 7C8M=9BB=9 DC7=`;=9A #Hg DEM98 JC>B` M57Ma^L F=a ECMEH7<L65B8LH?E5=bF?=9B5F=@=^LM57M9D?= (>7=97M5 ^5GJ=^+M?Câ=A )=E5ACJ=7M5B5)@57H+GEM9@97?=A?C ^C +GE5gL )Cg5EB9> 5 +G5d M5A=9FM?5^ H 7=CG?= B5 ]L 7M5?CJF?=9> J9 %JCJ=9 / EC?H M85^ 8C =AB5 M>HA !5B8@CJ9;C =A EB9FG5 85A5 A=9FM7M`79;C F=aDEMLH@=7LE5B7=FM?5bF?=9>?GQE9JFJL7<CDCJ=9 d7=57<B5MLJ5^$HD=97?=A C 2J=`M?H !5E79EFGJ5 )C@F?=9;C JFG`D=^ J 25 8JQEMH=JE5MM9FDCE`;EHD`@JCJF?=7<<5E79EML6E5^ H8M=5^ J DC;EM96=9 #QM9:5 )=^FH8F?=9;C J EC?H &=AC HD^LJH @5G JFDCAB=9B=9 G9;C JL85EM9B=5 6L^C J7=`ggLJ9JD5A=a7=)5B5+G5B=F^5J5. 2 <5E79EF?=9;C C?E9FH M57<CJ5^ F=a B5FGaDH>`7L 8C?HA9BG 8CGL7M`7L 25FGaDCJ9;C J M5FGaD=9 [+a DQJX L"8=849AGF<ABD84@3G0A8QW4C2G4R68<=0G9C<*8 B4: &B0=8AN0D 94AB 2GN>=:84< -$ ?4N=8P2 5C=:29Q G0 ABQ?>D46> 3@CWF=F 70@24@A:849 <84=80 >;4AN0D0 -0 9P2G:>DA:846>D-03DH@GCC=:294AD4DF:>=C943> 1@G4K ?>3?8A>?84:C=0%>3>DA:8 2G4@D20

(34) @>: '5FM 6C<5G9E A=5^ D=aGB5d7=9 @5G ?=98L JL6H7<^5 "" JC>B5 dJ=5GCJ5 = DEM9M D=9EJFM9 8J5 @5G5 8M=5^5^ >5?C <5E79EM C +M5EL7< +M9E9;QJ B5@9g5^ MJ=58 D=9@a. .

(35) 0@24@G47>@P6D8 D>DA:849'@G428G;4D49AB>8&B0=8AN0D*8B4: ;BCJ5B=9 D5GE=CGL7MBL7< GE58L7>= = 5?7>9 8LJ9EFL>B9 &=a8ML =BBLA= C8J=98M5@= E9;H@5EB=9 ?HE<5B J 258JQ EMHHFLD5BL8@5HD5A=aGB=9B=5DC@9;^L7<G5AgC^B=9EML 7M7M`7JG9BFDCFQ6DC@F?=9dJ=aG5=EC7MB=79 )CH?Cb7M9B=H @5G+G5B=F^5J/=G9?AQ;^JFG`D=_ JFM9E9;=2J=`M?H/5@?=26EC>B9>?GQEL @HG9;C EC?H DEM9?FMG5^7=^ F=a J$ /E9FM7=9 FD9^B=^C F=a >9;C A5EM9B=9 / E5A57< CD9E57>= -*+-+ """ C86L^ FM?C@9 B=9 HDE5JB=5>`79 8C DECJ58M9B=5 F5AC7<C8QJ = 7MC^ ;QJ C7MLJ=d7=9 J ?CBFD=E57>= C?HA9BGL JLFG5J=CB9 J >aML?H B=9A=97?=A HDCJ5gB=5^L 8C HMLF?5B=5 HEMa 8CJ9;C DE5J5 >5M8L +GEL> V ,589HFM /=G9? C:=79E J JC>F?H 5HFGE=57?=A 5 B5FGaDB=9 gC^B=9EM %9;=CBQJ M5^5GJ=ÂHDE57a?=9ECJ7LB5?C@9= /G9BFDCFQ6B5 FG`D=^5 ?CBGLBH57>5 EC8M=BB9> GE58L7>= )CM5 GLA DC H?Cb7M9B=H ?HEFH MCFG5^ F?=9ECJ5BL DEM9M 2!) 8C )H^?H-^5BQJ#5M^CJ=97?=7<. $=98L JFDCA=B5^ G9 7M5FL AQJ=^ M9 dA=97<9A [&C>` ?C6L^` 6L^ F5AC7<Q8X = 7MaFGC dD=9J5^ [!9>. 8M=9J7MLBLJ;QEa?=97?=>98M=9H^5B>5M^CJ=97?=X )C 7MH7=9<HACEHB=9C8FGaDCJ5^CD5B5+G5F=58C?Cb75 %H6=^ dD=9J5_ 8CJ7=DB9 D=CF9B?= DEML;ELJ5>`7 FC6=9 B5 H@H6=CB9> 65^5^5>79 ?GQE` 7MaFGC DEMLBCF=^ B5 FDC G?5B=5 C@FMGLbF?=7< @JCJ=5?QJ ?H B5FM9AH J=9@?=9AH M58CJC@9B=H /G98L E5M9A dD=9J5@=dAL @JCJF?=9 D=C F9B?= )5B+G5dB5B5FM9FDCG?5B=5DEMLBCF=^G9g?@=A5G DEM98JC>9BB9;C %JCJ5 ,EM965 JFDCAB=9_ g9 ;E5^ EQJB=9gB5F?EMLD757<=CE;5B?57< /CFG5GB=A9G5D=9JC>BLA=5^5A=9>F79FM9EC?CM5 ?EC>CB5 5?7>5 [HEM5X MCE;5B=MCJ5B5 = DEM9DECJ58MC B5DEM9MEA=a$E5>CJ`?GQE5A=5^5B579@HJLMJC@9 B=9JF7<C8B=7<M=9A""*M97MLDCFDC@=G9>F=^5A=DC@F?=A= = 6L^5 DEM97=J?C JL7C:H>`7LA F=a '=9A7CA 2585B=9 ;^QJB9 %JCJF?=9;C )CJFG5B=5 >5? B5MLJ5BC 5?7>a [HEM5XJ9%JCJ=96L^CCD5BCJ5B=9A=5FG5DEM9MDC@ F?=9 F=^L M6EC>B9 DEM98 J?EC7M9B=9AEA== M9EJCB9> $=98L +CJ=97= DC89FM@= DC8 %JQJ B=9 FDC8M=9J5@= F=a M5D9JB9 G5?=9;C CDCEH )5B +G5d CDCJ=585^ 7MaFGC M 89G5@5A= 8CGL7M`7LA= A=a8ML =BBLA= HM6EC>9B=5 C J5@?57< C8 8C @=D75 EC?H a8`7 B5 D=9EJFM9> @=B== MCFG5^ E5BBL J Ea?a E5A=a = ;^CJa DC8 7M5F CFGEM9@=J5B=5 )5E?H $Cd7=HFM?= C6C? -B=J9EFLG9 GH &=5^ @5G = FGCD=9b FM9E9;CJ9;C V >5? AQJ=^ 6L^ [+M5E5?=9AX !9Â D^Q7=9BBL 7<@965? = A5B=9E?5 GC B=9A=dJ=58?CJ=9G5AGL7<8B=. )C C?E9F=9 E9?CBJ5@9F79B7>= JEQ7=^ 8C DE57L V 6L^ ?=9ECJ7`>5?AQJ=^H*HF?=7<J%JCJF?=9>$C@9=f9@9 MBC8CECgB9> V JCM=^ B57M9@B=?5 '=9 6L^C AH e@9 5@9 A=5^ dJ=58CACd_ g9 GC DEM97=9g C?HD5BG '585@ 6E5^ H8M=5^ J D5GE=CGL7MBL7< A5B=:9FG57>57< = 5?7>57< 8L J9EFL>BL7< '5 A9BG5EMH (E@`G CA5@ B=9 DCD58^ J B=9JC@a DC87M5F HEC7MLFGCd7= @=FGCD585 EC ?H /=9@H)C@5?QJ5E9FMGCJ5@=5>9AHH85^CF=aH7=97 J?=9EHB?H)C<H@5B?= '=9A=5^>HgGL@9FM7Mad7=5DC8. &B027W>N=84@G $CN:C(N0=HD0GN>D842:827. .

(36) )5B+G5B=F^5JM8HAÀQJ=^CFJC>9>DE57L5A=5^ DCJC8L 8C 8HAL L^ 5HGCE9A 5g 7MG9E97< CD5G9BGC J5BL7<JB=CF?QJE57>CB5@=M5GCEF?=7< )5G9BGL8CGL7ML ^L DEM989 JFMLFG?=A DC8B=9F=9B=5 69MD=97M9bFGJ5 B5 ?C@9= "BG9E9FCJ5^5;C9@9?GECB=?5=F5AC7MLBB9<5AC J5B=9@C?CACGLJL. -7ML^F=aB5J=9@H?HEF57<6LDCG9AFM?C@=_A^C89 ?58EL /79BGEHA>9;CM5JC8CJL7<M5=BG9E9FCJ5b6L ^LDE`8LF=@B9V[M=a?=AB=96L^DE`8B575^9>FG57>=XV CDCJ=585^ M 8HA` $=98L ECMDC7MLB5^ DE57a A=5^ @5G 5 JFDQ^DE57CJB=7L AC;@= 6L_ >9;C 8M=58?5A= )C B=9J5gA=5^F=@BL@JCJF?=5?79BGB5MLJ5@=;C,5>C> 2 HD^LJ9A @5G ;8M=9d G5 65G=5EF?5 ;J5E5 M5G5E^5 F=a 7<C7=5g JDE5JB9 H7<C AC;^C M^CJ=_ >5?=d >989B JLE5M @H6 =B57M9> DC^CgCBL 5?79BG J5E5 DCMCFG5^5 J >9;C J=9EFM57< )EML C?5M>= ?5g89;C FDCG?5B=5 89 ?@5ACJ5^ FJQ> J=9EFM ?GQEL 8@5 AB=9 6L^ ?J=BG9F9B7>` @CFHGH^57M5DCM65J=CB9;CFJ9;CH?C7<5B9;CA=5FG5 8C?GQE9;CGaF?B=^=?GQE9?C7<5^B58gL7=9. '09>9<8=0GFD09P090A>184G3@HD $><0NCAF8:0BC;0<B0=8<090:<H9 DHD !8909P;0B0=8<0< D>D0=8<0<G3@>D80 '0:094AB<>90@4A>D80:078AB>@80K. 7M5F A5B=:9FG57>= DC8 DCAB=?=9A &=7?=9J=7M5 M^5D5@= ;C=CF58M=@=JJ=aM=9B=H (DCJ=585^g9B5EL;=8?57< $5M=A=9EMCJF?=7< F=98M=5^5 7<L65 DC^CJ5 A=5FG5 (6C?F=96=9'=9A7L-?E5=b7L=)C@57L ,EM97=9;CA5>5 M5JC^5@= ;C = 9B?5JH8M=FG5 M5?CAHB=?CJ5^ 897LM>a [+G5B=F^5J A=@=5BCJ=7M /=G9? F=9JC8B=5 J5FM9 FJ=5 GC GC =8G= 85AC> X CFG5^ B5?5M CDHFM7M9B=5 %JCJ5 J DEM97=`;H A=9F=`75 ,C GL@?C 8J5 DEML?^58L D5GE=C GL7MB9> 8M=5^5@BCd7= +G5B=F^5J5 /=G?5 #9;C EC8M=79 >9FM7M9J EC?HH7=9?@=DEM98-?E5=b75A= [,C6L^L FGE5FMB9 7M5FL &L 6L@=dAL MCE;5B=MCJ5B= D9^B=@=dAL BC7B98LgHELJC6ECB=9DEM9865B85A= . (8JC>F?5 B=9A=97?=9;CV7CGCM5JC>F?C6L^C>5B=9J=9AVM5 8M=9F=a_ >5>9? ?HDCJ5@=dAL 8J5 ;E5B5GL (B= J=98M=9@= g9AL>9FG9dALDEM97=J?C-?E5=b7CA -?E5=b7LACE8C J5@= = )C@5?QJ = *CF>5B @5G9;C G9g >5? *HF7L J?EC 7ML@=GCM57Ma@==7<JF58M5_8CJ=aM=9B=5XVG5?JFDC A=B5^ G9B FGE5FMBL 7M5F )C8?E9d@5^ G9g g9 6L@= G5?g9 DEMLMJC=7=-?E5=b7L=DEMLG57M5^DEML?^58L56LG9B:5?G DCGJ=9E8M=_ +JC>` gCBa +G5B=F^5Ja DCMB5^ J 258JQEMH ,E5 ;=7MB5 <=FGCE=5 >9> EC8M=BL GC G9A5G B5 C88M=9@B` ?F=`g ?a Cd_ g9 J 7M5F=9 ;8L +G57< DEM96LJ5^ J J=aM=9 B=H MCFG5^5 M5ACE8CJ5B5 DEM9M -?E5=b7QJ >9> F=CFGE5 BB5 MJ5B5 'Hd?` 5 J7M9dB=9> J

(37) EC?H DE5J=9 75^ÈC8M=BaJLJ=9e@=B5+L69E=a +G5F=='HF=H85^CF=a JG98LH7=97 $=98LFDCG?5@=F=aDC@5G57<>HgJ)C@F79 C?5M5^C F=a g9 GL@?C 7Mad_ EC8M=BL C75@5^5 +G57< >5? JLFM98^ M J=aM=9B=5 DC>97<5^ 8C 8CAH +G5F= )C6E5@= F=a A5>5 E J D=9EJFM` EC7MB=7a M8C6L7=5 DEM9M B5FM` 5EA=a &CBG9 5FF=BC )C87M5F FD579EH J9FM@= 8C 2$+ H 7ML@= -EMa8H +G5BH LJ=@B9;C 56L GL@?C DC8DLG5_ 5 H8M=9@CBC =A d@H6H 7LJ=@B9;C >5? GC F=aAQJ=MA5EFMH /EC@=dJ=58?QJJLFG`D=@=HEMa8B=? =B57M9@B=?HEMa8H M=a?=G9AHAC;@=>HgJM=`_d@H6?C d7=9@BL ?GQEL C86L^ F=a A5>5 EC?H J ?Cd7=9@9 dJ BBLHM6=9;HH@=7 EQ897?=9>=#5BCJF?=9> '5AC7LDCECMHA=9B=5)C@F?=9;C+MG56H*9D5GE=5 7L>B9;CM9FMG569AE58M=97?=A*CF>5B=9>58`78C'=9 A=97M56=9E5@=M5CD^5G`DC@F?=7<E9D5GE=5BGQJGL7<?GQ EMLA=9@=8C?HA9BGL "G5?>5?CDCJ=585^D5B+G5B=F^5J JJ=;=@=adJ=aG9;C#5B57M9EJ75 EC?HM5^58C J5BC =7< = >9FM7M9 GEML EC8M=BL B5 7=ag5EQJ?a ?GQE5 DC8>97<5^5DC8F5A8CADEMLH@=7L$C^^`G5>5 &C;@=M5 6E5_ B=9J=9@9 EM97ML V ?CFM J=?@=BCJL = ?=@?5 J5@=M9? )^5?5@=>58`7C;C8M=B=98M=9F=`G9>DEM9MH@=7a EQ897?` M7=ag?=AF9E79ACDHFM7M5@=FJC>9H?C7<5B9A=5FGC. / (@FMGLB=9 DEML>97<5@= 8C 8CAH ?GQEL DEML8M=9@C BC C>7H D5B5 +G5F=5 A=@CJ= /=G?CJ= V JQJ7M5F >Hg B5FG5J7M9AHB5FG57>=J)5FLA=H /GLA8CAHJDC 6@=gH JCE75 257<C8B=9;C HD^LBa^C 75^9 gL7=9 D5B5 +G5F=5 *C8M=^LF=a?C@9>B98M=97= +5A>98LB5?8C7<C J5^F=a7MG9E97<7QE9?=>98B9;CFLB5 *CMDC7M`^DE57a B5?C@9=M;C8B=9MEC8M=BB`GE58L7>`=DEM9DE57CJ5^ @5G5JM5JC8M=9?C@9>5EM5 $CBGLBH5GCE?` EC8M=BB9> GE58L7>= >9FG B5>A^C8FM5 7QE?5D5B5+G5F=5V/9ECB=?5?GQE5EQJB=9gDE57CJ5 ^5J6=HEM9B5?C@9=VGC>HgD=`G9DC?C@9B=9?C@9>5EML . :E5;A9BGJ=9EFM5[,5>C>X+G5B=F^5J5/=G?5. )C87M5FB5FM9;CFDCG?5B=5MC?5M>=

(38)

(39) *C7MB=7L 6=GJLDC8258JQEM9AMD^57M9AJLE97LGCJ5^G9F^CJ5 F?5E;=B5FJQ>@CF. @9M5D5A=aG5AL+G5F=5/=G?5>5?C65E8MCDC;C8 B9;C F9E897MB9;C 7M^CJ=9?5 ?GQEL 8M=5^5^ FDC^97MB=9 =7MaFGCJFD=9E5^:=B5BFCJC)C@5?QJA=9FM?5>`7L7<J9 %JCJ=9865^C258JQEM5bF?=$HE<5B=A9BG5EM(E@`G %JCJF?=7< 5 G5?g9 :=B5BFCJ5^ 7Mad7=CJC DC7MLB5B=5 C@FMGLbF?=7<@JCJ=5?QJ C FJC>9> 8M=5^5@BCd7= J +M5EL7< +M9E9;57< =$ DEMLMB5^F=a8CD=9ECJ EC?H?=98L8C?CB5^G^HA5 7M9B=58C?HA9BGQJ '=9FG9GL GC JFD5B=5^9 D9^B9 DCdJ=a79B=5 8@5 (> 7MLMBLgL7=98C6=9;^C?Cb75. $=98L M58MJCB=^ 8C AB=9 M9 FMD=G5@5 65E8MC F^5 6LA;^CF9ADECF=^56LDCM8ECJ=_75^`'5FMÈHgLBa /=9Ag9A=5^B5ALd@=@JCJ=5?QJ=B=B=9>FMLADEM9?5 MH>aEQJB=9g)5bFGJHG9DCM8ECJ=9B=5 '5 EC8M=BBLA B5;EC6?H ;8M=9 FDC7MLJ5 G9g >9;C gCB5?5M5^JLEL_B5FGaDH>`79F^CJ5 [)EML6L@=dAL M9 %JCJ5 258JQEM5 = %H6=9B=5 6L FDC7M`_;8M=9J5EA=bF?5M=9A=5X. GC>989BM>9;CJ=9EFML > D>D0D@HO<H9#@;43@>68 &?H9@G=0<80AB>G&843<8C*G6H@G *A8P3UDB@0<D098943U=0MF2G0:HD FG>102GFO#@;PB D>DA:827@H1. .

(40) 25FG5B5J=5@=dALF=a7C6a8M=9MD5A=`G?5A=?GQE9 M;ECA58M=^D5B+G5B=F^5J /=9AL >Hg g9 >9;C DE5JBH? &5E7=B DCFG5BCJ=^ J FJC=A 8CAH J *HF= B=985@9?C (@FMGLB5 MCE;5B=MC J5_ =M6a D5A=a7= DCdJ=a7CB` )E58M=58?CJ= (@FMGLb F7L@JCJ=57LME58Cd7=`DEML>a@=GaJ=58CACd_ . "06@>1027?>NHW?>;A:84:D80BF (:;Q:=898?><>3;89A8Q -0#@;QB0:BH@GFD6@>1027;4WP -0#@;QB0G0:>270=F DHD 3>'4@<>?8;8943U<H9<8NF -03DH@G0RA:8C@70=AB>8B0< #=8>1@>=8;8AD>94<80AB> *AGFA2F@0G4<A?>2GFD09PD=8<. 0B0@GF=0@0=:>D80: D=C2G:0#1@>R2F D>D0 ? :E5B?CJ=5?JD D@. +G57<M258JQEM5. "9?>81:. /FMLFG?=97LG5GLM5A=9FM7MCB9JG9?d7=9DC7<C8M`M?F=`g?= #C5BBL/5b?CJF?=9> +C6=9F=5?['=9GHG5> '=9G9E5MX(@FMGLB

(41) 1*417/9).1). !9@9B5)=CGECJF?5[)5A=aG5>>9FG9d)C@5?=9AX !9@9B5 )=CGECJF?5 [MLg6L 8=569^ CFG5GB=` F?EMLB=a CGJCEML^ (DCJ=9d_CJ=97MBL7<J5@?57<C%JQJX

(42) #C5BB5 /5b?CJF?5 +C6=9F=5? ['=9 GHG5> '=9 G9E5M '=9MJL7M5>B= 7M X(@FMGLB

(43) . &B0=8AN0D*8B4:=0<4=B0@GC#@;PB D>DA:827. %9FM9?&H@?5. 97+?61+)579,<"97.-:79@==7=:31+0 @=D75 C67<C8M=@=dAL

(44) EC7MB=7a GE5;=7MBL7< JL 85EM9b ?GQE9 A=5^L A=9>F79 B5 /M;QEM57< /H@97?=7< J9%JCJ=9J E '58E5B9A@=D75 E '=9A7L M5ACE8CJ5@= DC@F?=7<DEC:9FCEQJ@JCJF?=7<H7M9@B= ;^QJB=9/L8M=5^H%9?5EF?=9;C-B=J9EFLG9GH#5B5$5M= A=9EM5 = )C@=G97<B=?= %JCJF?=9> CE5M 7M^CB?QJ =7< EC 8M=B = CFQ6 DEM96LJ5>`7L7< J =7< A=9FM?5B=57< *5 M9ACFQ6. 2;=Ba@=A =B DEC: BGCB==9FMLbF?=?=9ECJB=?$5 G98EL 9BGLFGL?= -#$ = D=CB=9E BCJC7M9FB9> FGCA5GC@C ;== DC@F?=9> DEC: *CA5B %CB;7<5ADF 89 9E=9E ?=9 ECJB=? $5G98EL )E5J5 LJ=@B9;C -#$ CFG5GB= DC@F?= E9?GCE -B=J9EFLG9GH #5B5 $5M=A=9EM5 DEC: $5M=A=9EM .9GH@5B=?=9ECJB=?$5G98EL&97<5B=?=,9CE9GL7MB9>)C @=G97<B=?= %JCJF?=9> DEC: $5FD9E /9=;9@ E9?GCE )C@= G97<B=?= %JCJF?=9> DEC: 8J5E8 !5A9EF?= ?=9ECJB=? $5G98EL <CEQ6 25?5eBL7< 2J=9EM`G CACJL7< ?5 89A== &98L7LBL /9G9ELB5EL>B9> DEC: !9BEL? !=@5EC J=7MM$@=B=?=<=EHE;==-#$ /FMLF7LGCC6ECb7L%JCJ5 J E *5M9A M *CA5B9A %CB;7<5ADF 89 9E=9E M5ACE8CJ5BC>9;CGEM97<FLBQJM?GQEL7<B5>A^C8FML A=5^ @5G 2;=B`^G5?g9MB5BLD=F5EM=G^HA57M@=G9E5GH EL:E5B7HF?=9>,589HFMCL f9@9bF?=?GQELDEMLD58?=9A ;Cd7=^H>98B9;CM@JCJF?=7<DEC:9FCEQJ . '=9A7L B5 GLA B=9 DCDEM9FG5@= '5FGaDB9;C 8B=5 @=D75ECMFGEM9@5BC?C@9>B98J=9CFC6L5 @=D758JQ7< DEC:9FCEQJ M?589A== !5B8@H 25;E5B=7MB9;C !9BEL ?5 $CECJ=7M5 = +G5B=F^5J5 *HM=9J=7M5 (FG5GB=` C:=5E` 6L^$5M=A=9EM5EG9@DC@F?=A5G9A5GL?E9?GCE)C@=G97< B=?= %JCJF?=9> (6ECb75 %JCJ5 = D=a7=C?ECGBL DE9A=9E ""*)?GQELM;=B`^@=D75 $5ebG5DEM9FM^58C<=FGCE==)C@F?=DC8B5MJÀCE 8HDEC:9FCEQJ@JCJF?=7<7<C7=5gC:=5E`G9>M6EC8B=D5 8@=EQJB=9g8C79B7=JLgFML7<H7M9@B=%JCJ5 (67<C8LEC7MB=7CJ9ECMDC7Ma^LF=aAFM`dJ J?C d7=9@9 DJ '5>dJ=aGFM9;C +9E75 #9MHFCJ9;C DEML D@5 7H EHBJ5@8M?=AJ9/EC7^5J=H ^QJB57Mad_HEC7ML FGCd7=C86L^5F=aM5E5MDCAFMLDC8)CAB=?=9A&5EGL EC@C;== )EC:9FCEQJ %JCJF?=7< B5 F?J9EM9 DEC: $5M= A=9EM5 "85FM9JF?=9;C DEML D@57H EHBJ5@8M?=A -EC 7MLFGCd_ A=5^5 7<5E5?G9E D5bFGJCJL M H8M=5^9A ?CA D5B== E9DE9M9BG57L>B9> ?589A== /C>F? %`8CJL7< =A ;9B ,589HFM5$Cd7=HFM?=J9/EC7^5J=HCE5MCE?=9FGEL JC>F?CJ9> /5EGa <CBCECJ` DEML DCAB=?H M57=`;Ba@= gC^B=9EM9 /C>F?5 )C@F?=9;C J 5FLd7=9 DC7MGQJ FMG5B 85ECJL7< )CC89;E5B=H<LABH)C@F?=?CAD5B=5C885^5F5@Ja <CBCECJ` DC 7MLA ;^CF M56E5@= E9?GCE )C@=G97<B=?=. .

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aDB=9 DEML 8eJ=a?57< J9E6@= DEM98FG5J=7=9@9 HEMa8QJ = =BFGLGH7>= D5bFGJCJL7< J^58M F5ACEM`8C JL7< /EC7^5J=5 = JC>9JQ8MGJ5 JEC7^5JF?=7< H7M9@B= FM?Q^ = FGCJ5EMLFM9b 8H7<CJ=9bFGJ5 CE5M C:=79ECJ=9 /C>F?5)C@F?=9;CC885@=<C^8M5ACE8CJ5BLA)EC:9FC ECA = M^CgL@= DC8 DCAB=?=9A J=9b79 = ?J=5GL /dEQ8 B=7< DEM98FG5J=7=9@9 25EM`8H ^QJB9;C = (88M=5^H /EC7^5JF?=9;C ,&%=$)/ CE5M A=9FM?5>`7L J9 /EC 7^5J=H@JCJ=5B=9 $J=5GLM^CgL@=G5?g97M^CB?CJ=9EC8M= BLDEC:9FCE5BGCB=9;C=9FMLbF?=9;C. / =A=9B=H E9?GCE5 )C@=G97<B=?= %JCJF?=9> J=`M5B?a ?J=5GQJ M^CgL@= E9?GCEML F9B=CEML )C@=G97<B=?= /EC7^5J F?=9> DEC:9FCECJ=9 B8EM9> &H@5? B8EM9> /=FMB=9J F?==,589HFM/=a7?CJF?=. @5 HD5A=aGB=9B=5 G9> GE5;=7MB9> EC7MB=7L J DC6@=gH DCAB=?5 &5EGLEC@C;== )EC:9FCEQJ %JCJF?=7< MCFG5^5 HA=9FM7MCB5C?C@=7MBCd7=CJ5JLFG5J5[$5eb)EC:9FC EQJ%JCJF?=7< /M;QEM5/H@97?=9 XDEML;CGCJ5 B5DEM9MJEC7^5JF?=C88M=5^"BFGLGHGH)5A=a7='5EC8C J9> )E9M9BGH>9CB5M8>a7=5=6=C;E5ALM5ACE8CJ5BL7< DEC:9FCEQJ . >B'><0AG*0NHD. *FAB0D0L0UR$@>54A>@HD D>DA:827K 2 HJ5;= B5 FLGH57>a 9D=89A=7MB` DEM98FG5J=7=9@9 J^58M F5ACEM`8CJL7< /EC7^5J=5 CE5M JLgFML7< H7M9@B=/EC7^5J=5=(DC@5B=9DC>97<5@=8C%JCJ5g9 6LM^CgL_<C^8)EC:9FCECAB5A=9>F7H?5eB= /MJ=`M ?HMGLAJEC7^5JF?=99BGEHA!=FGCE==25>9M8B=5MCE;5 B=MCJ5^C @=D75 M5 DCdE98B=7GJ9A =BG9EB9GH DC@F?C H?E5=bF?` ?CB:9E9B7>a DCdJ=a7CB` M6EC8B= = D5A=a7= C B=9> /M=a@= J B=9> H8M=5^ ?CBFH@ ;9B9E5@B5 *) J9 %JCJ=9 @=M5 MJCB?=9J=7M J^58M9 F5ACEM`8CJ9 %JCJ5 = /EC7^5J=5 E9?GCEML H7M9@B= @JCJF?=7< CE5M JEC7^5JF?=7<=CDC@F?=7<MEM9FMCBL7<J$C@9;=HA*9? GCEQJ-7M9@B=/EC7^5J=5=(DC@5 Cd7=9A<CBCECJLA 6L^8E#5B%CB;7<5ADF89NE=9EV>98LBLC75@5^LFLB. .

(46) CFG5GB=9;C DC@F?=9;C E9?GCE5 -B=J9EFLG9GH #5B5 $5M= A=9EM5 J9 %JCJ=9 DEC: *CA5B5 %CB;7<5ADF 89 NE=9E dJ=589? 5E9FMGCJ5B=5 C>75 = GEM97< FG5EFML7< 6E57= ,CJ5EMLFML^5 AH 7QE?5 BB5 f5EBCJ=97?5 JBH7M?5 M5ACE8CJ5B9;C DEC:9FCE5 / FJC=A JLFG` D=9B=H 8E #5B %CB;7<5ADF 89 NE=9E JFDCA=B5^ GE5 ;=7MB`BC7@=D75 E =DLG5^JGFB4@0G ;0B?> G1@>3=8 =0?8A L"0AG ;>A ?@G4AB@>6PK 94AB 0:BC0;=F J !FT;Q W4 10@3G> 63FW DF:>=0D2F G1@>3=8 =84 G>AB0;8 >AP3G4=80=8C:0@0=8VAQJ=^. /?Cb7CJLAJLFG`D=9B=H8E&5E9?&HGCE8LE9?GCE 9BGEHA !=FGCE== 25>9M8B=5 DCJ=98M=5^ J "0 *G6H @G027 *C;42:827 D4 D>D84 =84<8422F >:C?0=28 DF <>@3>D0;8 :8;:C3G84A8Q28C ?>;A:827 ?@>54A>@HD ;D>D A:827C2G4;=8'>1FN02GQTO=84<842:8490:2984:AB4@<8 =0298?>;A:8498=B4;864=298#B0:827DF30@G4=8027B@G410 ?0<8QB0O ?> B> W41F A8Q =84 DF30@GFNF =863F 4AB4 T<FB>B4WD8==8>580@><. %9FM9?&H@?5. =1);>87,7*-41:31-587K=1H+76>5 6;761-5<1-:?>I:31-5< A5>5

(47) E J(@9dB=7LJ EC7MB=7aHEC8M=B )EC:9FCE5BGCB=9;C =9FMLbF?=9;C H7M7MCBC D5A=a_ JL6=GB9;C C@9dB=7M5B=B5 D=CB=9E5 JFDQ^7M9FB9> FGC A5GC@C;== DC@F?=9> = JFDQ^GJQE7a FGCA5GC@C;== dJ=5GC J9> )EML DCAB=?H DCdJ=a7CBLA )EC:9FCECJ= M96E5@= F=a DEM98FG5J=7=9@9 C@BCd@`F?=9> "M6L %9?5EF?=9> M $CA=F>= !=FGCEL7MB9> = $CA=F>= +GCA5GC@C;=7MB9> CE5M $C^5 %9. 296E5B=JFDCA=B5@=JFD5B=5^`DCFG5_)EC:9FCE5>9 ;C 8EC;a gL7=CJ` = J=9@?=9 CF=`;B=97=5 B5H?CJ9 )C8 ?E9d@5BC #9;C D5GE=CGLMA = GE5;=7MB` dA=9E_ B5 /M;Q EM57</H@97?=7<J9%JCJ=9@=D75 E $J=5GL DEML DCAB=?H )EC:9FCE5BGCB=9;C =9FMLb F?=9;C M^CML@= 6HEA=FGEM #5B ECBd CE5M DE9M9F ,CJ5 EMLFGJ5&=^CdB=?QJ%JCJ5J(@9dB=7L%9FM9?&H@?5. '5FGaDB=9 H7M9FGB=7L HEC7MLFGCd7= H85@= F=a B5 C@9dB=7?= *LB9? DC8 8CA ;8M=9 HEC8M=^ F=a )EC:9FCE BGCB= =9FMLbF?= CE5M B5 H@ +^CJ57?=9;C ;8M=9 B5 F?J9E?H DEML " %=79HA (;Q@BC?FMG5^7`7LA ECdB=9 8EM9J?C [=9FMLbF?=9;CX M G56@=7M?` DCdJ=a7CB` )EC:9FCECJ=. /FDCA=B5BC JFD5B=5^` DCFG5_ )EC:9FCE5 #9;C 8EC;a gL7=CJ` FM7M9;Q@B=9 DC6LG J9 %JCJ=9 = CF=`;B=a7=5 B5H?CJ9 )C8?E9d@5BC #9;C D5GE=CGLMA H8M=5^ J (6ECB=9 %JCJ5 J @=FGCD58M=9 E =GE5;=7MB`dA=9E_B5/M;QEM57</H@97?=7<J9%JCJ=9 @=D75 E. BGCB==9FMLbF?=HEC8M=^F=aJ(@9dB=7L +GH8=CJ5^ A98L7LBa FGCA5GC@C;=a = :=@CMC:=a J 9E@=B=9 = &CB5 7<=HA / E MCFG5^ DEC:9FCE9A B58MJL7M5>BLA A6H@5GCE=HA 9BGLFGL7MB9;C /L8M=5^H %9?5EF?=9;C -B=J9EFLG9GH %JCJF?=9;C (DH6@=?CJ5^ F9G?= DE57 M 8M=98M=BL FGCA5GC@C;== 2CFG5^ ECMFGEM9@5BL DEM9M '=9A7QJ JE5M M ;EHD` DEC:9FCEQJ B5 /M;QEM57< /H@97?=7<. '5?^589A &=9>F?=9;C (dEC8?5 $H@GHEL = +MGH?= J (@9dB=7L H?5M5^C F=a JL85JB=7GJC DCdJ=a7CB9 >98 B9AH M B5>JL6=GB=9>FML7< C@9dB=7M5B "B:CEA57>9 M5 J5EG9 J GLA JL85JB=7GJ=9 HACg@=J=5>` 8C?^58B9 DC MB5B=96=C;E5:==J=9@?=9;CH7MCB9;C5G5?g9>9;CCF=` ;B=a_ B5H?CJL7< = J5EGCd7= ?GQELA= ?=9ECJ5^ J gL7=H Hg` 7Mad_ G9?FGH FG5BCJ=` FD=F5B9 JFDCAB=9B=5 = ECMALd@5B=5 =9FMLbF?=9;C V 69MDCdE98B=9 dJ=5897 GJC 9DC?= JM6C;57CB9 5E7<=J5@BLA= :CGC;E5:=5A= )H 6@=?57>5 M5J=9E5 G5?g9 =B:CEA57>9 C FDCFC657< HD5 A=aGB=5B=5DEC:9FCE5=>9;CFDHd7=MBLJ>9;CEC8M=BBLA A=9d7=9V(@9dB=7L. >B0<8;0#;490@G. (2G4AB=82FC@>2GFAB>T28DT@>3:C>3;4D49 3@701=<430@10@0@CG84D82G!8:N0AG4DA:0 1C@<8AB@G#;4T=82F0=@>=T?@4G4A;C1C'! D#;4T=82F 4AG4:!C;:0 ?5EML )ELJ5GB=9 )E5?GL?H>`7L7< DEM98FG5J=7=9@9 J^58M A=5FG5=A=9FM?5b7L(@9dB=7L. (697B=6L@=8E<56 5E65E5EHM=9J=7M &=?^5FM9J F?5 DEM9JC8B=7M`75 $CA=F>= !=FGCEL7MB9> @9? FGCA &5E9? +G9<@=? F9?E9G5EM $CA=F>= +GCA5GC@C;=7MB9> != FGCEL7MB9> = D9^BCAC7B=? 8F 9@9;5GHEL /EC7^5JF?=9> "%@9? FGCA ,9E9F5H>?CDEM9JC8B=7M`75$C^5%9 ?5EML )ELJ5GB=9 )E5?GL?H>`7L7< CE5M 8E B A98 J5 )HGCJF?5 "B8L?5. /^58M9 A=5FG5 E9DE9M9BGCJ5^ 6HEA=FGEM (@9dB=7L #5B ECBd 5 ,CJ5EMLFGJC &=^CdB=?QJ %JCJ5 DE9M9F ,&%J(@9dB=7L%9FM9?&H@?5. .

(48) #5BHFM+9?H@F?=. '7E,?1-"7579,7=)6>5 ,5?= B5D=F M 8C85B=9A [,CJ5EMLFGJC &=^CdB=?QJ %JCJ5 = $E9FQJ )C^H8B=CJC /F7<C8B=7< +GCJ5EML FM9B=9 $5GLb +9?7>5 B=9MBCX :=;HEH>9 B5 FM5E:=9 DEML ?J=5G57< ?GQE9 M^CgL@=dAL J 8B=H ?J=9GB=5 6E J *C7MB=7a &CE8H $5GLbF?=9;C DEML ,56@=7L $EMLgH $5. F=a ?=@?HB5FGH 7M^CB?QJ B5FM9;C C88M=5^H (8AQJ=@= dAL AC8@=GJa M5 DCACE8CJ5BL7< M^CgL@=dAL ?J=5GL = M5D5@=@=dAL MB=7M9 2B=7M M^CgL^ EQJB=9g )E9ML89BG B=9MB5,CA5FMH85FM Hg` HEC7MLFGCd_ ?GQE9> AFML dJ A=5^ DEM9JC8B= 7ML_?F 6D/C>7=97<)C@5?)ELA5F)C@F?=DEMLH8M=5 @9 A =B JC>F?5 5ML = +?EML8^5 %CGB=7GJ5 ,E5BFDCEGC J9;CJ)CJ=8MHC8JC^5@=dAL>Hg8JH?ECGB=9M?J=9G B=5

(49)

(50) EJ

(51) *C7MB=7a&CE8H$5GLbF?=9;CCE5MM ?J=9GB=56E +9?E9G5EM?F )ELA5F5?F 8E#5?H6$5D9 @5?F?J=GCJ5^M5=FGB=5^`FLGH57>a?EQG?C[DC7M9?5AL8C B5FGaDB9;C EC?HX '=9?GQEML 8C85>` [>5? 8CgL>9ALX 25D9JB9GEC7<aDE5J8LJGLA>9FG. / CFG5GB=A 7M5F=9 M C;ECABLA g5@9A DCg9;B5@= dAL ?=@?H 7M^CB?QJ B5FM9;C C88M=5^H = B5FML7< 85E 7MLb7QJ?GQEMLC89FM@=8C8CAH)5B5 /=9@9CFQ6>9FGJDC89FM^LAJ=9?H8J=9D5B=9 = @5G 5@6C F7<CECJ5BL7< $=@?H >98B5? >5? BD AC>5 CFC65GC?E9FCJ=57L@H8M=9F=@B=B=9DC885>`7LF=aB=9 @=7M`7L FJC=7< @5G ,5? M5A=5FG E9@57>= M HEC7MLFGCd7= [JLFM^LXE9:@9?F>9B5G9A5G9D=89A===M8ECJ=5 . >BMC:0AG&4:C;A:8JAF=. $@4G4A0=CAG&4:C;A:8?@GF'01;82FJ@GFWC 0BFRA:8<D %>2G=82Q!>@3C0BFRA:846>. ;0 8=5>@<0298 2GFB4;=8:HD &B>D0@GFAG4=84 L0BFRK &4:290 =84G=> B> AG4TO 2GN>=:HD 6=84U=84RA:846> >33G80NC'>D0@GFABD0!8N>T=8:HD D>D08@4AHD$> NC3=8>D>*A27>3=827. GLbF?=A B5 M56LG?CJLA AHEM9 C6C? $Cd7=C^5 cJ=aG9> ,EQ>7LJ B=9eB=9 29JM;@a8HB59D=89A=a=B5?5M5B9 C6CFGEM9B=5 HEC7MLFGCd_ 6L^5 65E8MC F?ECAB5 296E5^C. $5EC@%=J=EF?=. !*976)874:31-/7=7=)89?-?=7=:31-!94H;) =9 )EMLDCAB=9B=9 )C@F?5 DC ECM6=CE57< MCFG5^5 JL A5M5B5 M A5D HECDL B5 @5G5 @9;9B85 (E@`G %JCJF?=7< 8C 8M=d B5@9gL 8C A=GQJ D5GE=CGL7MBL7< JA=GC@C;==B5EC8CJ9> MLB;=AB5M>5@=FGQJ=FGH89BGQJ 6ECB=`7L7<?E9FCJ9>FGE5gB=7L:HB?7>CBH>9DC8C6B=9>5? C6ECB5MaFGC7<CJLDEM98+MJ985A=7ML.=?GCE=5+C 6=9F?=9;C DC8 /=98B=9A @H6 C6ECB5 258JQEM5 V DC@ F?=7<,9EACD=@JF=9EDB=H

(52) EC?H 9BCA9B@9;9B8L (E@`G%JCJF?=7<DEM9>5J=5F=a7<C_6LJ:5?7=9=gA= ACHD^LJH8M=9F=a7=C@97=DC@F7LGHELd7=J9%JCJ=9B5 85@HD5E7=9DCFMH?H>À9BG5EM5(E@`G=d@98M`>9;C@C FL7<C_ME9;H^LA5>À;@=FG9DC>a7=9?=98L=J>5?=7< C?C@=7MBCd7=57< D58@= = ?GQELA JMB=9F=CBC G5? B=9 MJL?^L)5BG9CB %9;9B85DEM9GEJ5^5JEC8M=B57<5@9G9EA=B[C6ECb 75%JCJ5HgLJ5BLDEM9M)C@5?QJ6H8M=JB=9?GQEL7<. ?Ea;57< H?E5=bF?=7< =ELG57>a 8@5G9;C JLA5;5 GC D9J BL7<JL>5dB=9b #5?C)C@57LA5AL>98B5?DE5JCAQ J=_ C C6ECB=9 %JCJ5 8B=5 @=FGCD585 EC?H ;8L %JQJ 6H8M= F=a M5>aGL DEM9M C679 JC>F?5 [+GEM9@7QJ +=7MCJL7< JLFM?C@CBL7< = HM6EC>CBL7< DEM9M 6L^9;C 5HFGE=57?=9;C M56CE7a HFGE=57L @=7ML@= g9 -?E5=b7L DEMLFG`D=` 8C -B== MHFGE=` = J G9B FDCFQ6 HE5GCJ5B9 MCFG5B=9 9F5EFGJC HFGE=57?=9 :=FM9 B5 H@ %JCJ5 =B:CEACJ5^L C DEC?@5ACJ5B=H J GLA A=9d7=9 D5bFGJ5 H?E5=bF?=9;C / FM?C@9 =A +=9B?=9J=7M5 B5GL7<A=5FG M6=9E5 F=a ;EHD5 A^C8M=9gL FM?C@B9> DC8 8CJQ8MGJ9A $5D=G5BQJ 2 ,5G5E5 = CEHGL +D=97<CJ=7M5 GJCEM`7 " M6EC>B` D@57QJ?a C6ECb7QJ %JCJ5 / d@58 M5 B=A= CE;5B=MCJ5^5 F=a A^C8M=9g 5?589A=7?5 JLFGaDH>`7 DEM97=J?C H?E5=bF?=9AH JC>F?CJ9AH M5A57<CJ= FG5 BH '=9 CB= M55G5?CJ5@= MCFG5@= MAHFM9B= 8C C6ECBL .

(53).

(54) '=9 F=a;5@= DC 7H8M` J^5FBCd_ @97M 6ECB=@= FJ9> (>7ML MBLFJC=7<8CAQJFM?Q^:56EL? )CJFG5@=8CJ5@?=B5 DC7M`G?H JEa7M M ;C^LA= Ea?5A= M FM56@5A= D=FGC@9G5 A=JL7=`;B=aGLA=M@5AHF5 27M5F9AM8C6LJ5@=BCJC 7M9FB` 6ECb A5FMLBCJ` B5 M5JC8CJLA JC>F?H DEM9 7=JB=?5 )C7M`G?CJC 6ECB=@= F=a F5ACGB=9 69M g58B9> DCAC7L )C@F?5 @98JC 8C gL7=5 DCJFG5^5 = g58B9> DC AC7LH8M=9@=_B=9AC;^5 2M=a6B=a7=@=FGCD58CJLA=CD5 85A=dB=9;H (?E`g9B=DCM65J=9B=dJ=5G^5JC8LgLJ BCd7= JL?5MH>`7 ?E5b7CJ` 89DE9F>a /dEQ8 C6ECb7QJ 6L@= EC6CGB=7L HEMa8B=7L ?F=ag5 F^LBB9 65G=5EL @JCJ F?=9 ?C6=9GL 8M=97= CE5M B5>65E8M=9> C:=5EB= ;=AB5M>5@= d7= FGH89B7= A^C8M=9g "A GC B585BC 8HABL DEML8C A9? [(E@aG5 %JCJF?=9X +9G?= FDCdEQ8 B=7< D58^C 6EC B=`7 C>7CJ=MBL = GCEH>`7 8EC;a C8F=97ML M ;â6= )C@F?= '5>A^C8F=C6ECb7L @9GB=BGCd)9EG?=9J=7M= @9GB= #HE9? =GF7<5B M5>a@= J )5BG9CB=9 %JCJF?=A DCML7>a 79BGE5@B` %9;@= DQeB=9> DCFDC^H B5 7A9BG5EMH ?GQEL 6L^>98B`MB5>J=a?FML7<dJ=aGCd7=)C@F?==CFC6@=JCd7= J dJ=97=9 25 =7< 7MLB A=a8ML =BBLA= D5bFGJC DC@F?=9 C8MB57ML^C %JQJ ?EMLg9A .=EGHG= &=@=G5E= MLB [%JCJ F?=7<(E@`GXFG5^F=aF^5JBL 8L8C6E5A%JCJ5@= FGCD585 E 8CG5E^L DC@F?=9 C88M=5^L M C8F=97M` A=5FGC 6L^C >Hg JC@B9 5@9> 6C>9 GC7ML^L F=a C 75^` /F7<C8B=` &5^CDC@F?a = CFG5G97MB=9 M5?Cb7ML^L F=a J @=D7H E 8L CFG5GB=9 C88M=5^L +GEM9@7QJ +=7MC JL7<MCFG5^LJLD5EG9M526EH7M ,EH8BCHJ=9EML_g9GLF +GEM9@7QJB=9M8C^5^CDC ?CB5_B=97CDCB58GLF C6ECb7QJM^CgCBL7<M8M=97= A^C8M=9gL FG5E7QJ = ?C6=9G =7< J=9@?=9> 89G9EA=B57>= J C6ECB=9 J^5FB9;C A=5FG5 $5g8L <9EC=7MBL 7MLB J 8M=9>57< B5EC8H C6E5FG5 M 7M5F9A J @9;9B8a /FDQ^7M9FBL D=F5EM H?E5=bF?= #HEL B8EH<CJ=7M JFJ9>GJQE7MCd7=D=F5^CH@=7MBL7<J5@?57<EC?H J9 %JCJ=9 [)C@57L JL;E5@= M -?E5=b75A= DEM989 JFMLFG?=A8@5G9;Cg96L^CGC=7<A=5FGCJ?CB?E9GBLA CFC6=FGLA JLA=5EM9 GC 6L^L =7< 6E5AL =7< M5H^?= DC 8JQEM5 V GC CB= MB5@= B5 D5A=a_X cJ=aGL 5E7L6=F?HD =@7M9JF?=D=F5^g9;8L6L-?E5=b7LMJL7=agL@=J7M5F=9 G9> JC>BL C %JQJ J EC?H GC B=9 6L^C6L ACJL C >5?=A?C@J=9? >Hg d@58M=9 7LJ=@=M57>= M57<C8B=9> B5 G5AGL7< M=9A=57< M=d 8M=9>9 F=a GC F5AC J B=9DC8@9 ;^9>-?E5=B=9VDC8C6B=9>5?DCM5>a7=H$E9FQJ=%JCJ5 DEM9M +CJ=9GQJ J E V JLFGaDH>9 M57=9E5B=9 d@5 8QJ DC@F?Cd7= DEM9M B=FM7M9B=9 ?Cd7=C^QJ HFHJ5B=9 DCAB=?QJ DC@F?=9> ?H@GHEL B5 ]L7M5?CJ=9 A=AC =g >9FG GC 7A9BG5EM C6>aGL FG5GHF9A AHM9HA 5@9> B5FGaDH>9 M>5J=F?C E56HB?H 89J5FG57>= ?E58M=9gL M57=9E5B=5 DC@F?=7<B5D=FQJ /L85>9 F=a g9 G9B FLA6C@ CE^5 6ECB=`79;C ;B=5M85 DCFM98^ B5 A5EB9 5 G9B MELJ 6C<5G9EFGJ5 EC85?QJ M EC?H 6L^ 69MDEML?^58BL 5 M5E5M9A B=9DCGEM96 BL6C=G5?JFMLFG?CDEM9D58^C >98B5?B=96CDEM9 7=9g=FGB=9>9JB5EC8M=9D5A=a_5B5EQ8?GQELGE57=D5 A=a_VGE57=gL7=9 +G`87<79ALB=9GL@?C?5EA=_F=a<=FGCE=`5@9MB=9> H7ML_ F=a B5 6â857< DEM9FM^Cd7= #5? 8M=F=5> ACg9AL ?CEMLFG5_M@9?7>=<=FGCE==)EM989JFMLFG?=AV?CB=97M. . BCd_ C8J=98M5B=5 G5AGL7< FGECB 8C?CBLJ5_ 7MaFGL7< J=MLGB5B5FML7<6L^L7<M=9A=57< '=9DCGC56LC8ML F?=J5_ >9 F=^` 5@9 56L D=9@a;BCJ5_ D5A=a_ C 8M=9>57< =C?H@GHEM9G5AGL7<A=9>F7 )CJ=BB=dALM56=9;5_56L DCJFG5^C AHM9HA HD5A=aGB=5>`79 ?H@GHEa $E9FQJ =%JCJ5 =ag?56L^5AC>58EC;5DEMLB585B=H=A=9B=5 *CB8H 9B *CA5B56E5<5A56L^9;C8CJQ87LC6EC BL%JCJ5?GQELJ@=FGCD58M=9 E MA=9B=5^:@5;=B5 @JCJF?=AE5GHFMHMF=BC gQ^G9>B56=5^C 7M9EJCB`. +9E897MB=98M=a?H>a8C8M=d/^58MCA&=5FG5=*5 8M=9 &=9>F?=9> M5 JFD5E7=9 AC=7< DCALF^QJ MJ=`M5 BL7< M9 M6@=g5>`7` F=a F9GB` EC7MB=7` HMLF?5B=5 B=9 DC8@9;^Cd7= B5FM9> (>7MLMBL CE5M J5@? %JQJ DEM9M %JCJF?=9 (E@aG5 ,C 69MJM;@a8B=9 B5@9gL M5D=F5_ B5 D=a?B9><=FGCEL7MB9>D5A=`G?CJ9>G56@=7L @9J5gB5G5 6@=75 JLA5;5 C8DCJ=98B=9;C A=9>F75 (E;5B=MH>a @JCJF?` ;EHDa EC6C7M` M D5B9A +G5B=F^5J9A $CG9^ ?C G5 ;EHD5 DECDCBH>9 ECMACJL M )5B=` DE9ML89BG A=5FG5 cJ=8B=7L / GE5?7=9 DECJ58MCBL7< ECMAQJ B5 G9A5G M6@=g5>`79> F=a F9GB9> EC7MB=7L HMLF?5B=5 B=9 DC8@9;^Cd7= )C@F?= M5DECDCBCJ5@=dAL D5B= )E9ML89BG G56@=7a C 8JQ7< G9A5G57< )C HM;C8B=9B=H GE9d7= = 8C ?CB5B=H JFM9@?=7< HM;C8B=9b M JLA5;5BLA= C88M=5 ^5A= -EM`8 &=9>F?= JL?CB5^ D=a?B` G56@=7a ?GQE5 DC8 7M5F HEC7MLFGCd7= @=FGCD585

(55) E MCFG5^5 HEC7ML d7=9 C8F^CB=aG5 DEML B5FMLA H8M=5@9 = J=9@?=9> EM9FML dJ=8B=7M5BCE5MA^C8M=9gLFM?C@B9> C8M=dD=a?B5<= FGCEL7MB5 G56@=75 M8C6= AHEL cJ=8B=7?=9;C *5GHFM5 M 8JCA5 <9E65A= %JCJ5 = cJ=8B=7L DEMLDCA=B5>`7 DEM97<C8B=CA J5gB9 JL85EM9B=5 = 85GL M <=FGCE== )C@ F?= / GLA 7M5F=9 ;EHD5 @JCJ=5?QJ ^`7MB=9 M D5B9A #QM9:9A %9AA` J^5d7=7=9@9A M5?^58H ?5A=9B=5EF?=9 ;C J cJ=8B=7L :HB8H>` V 8EH;` G56@=7a DCdJ=a7CB` %JCJF?=A (E@aGCA J F9GB` EC7MB=9 J5@? C %JQJ ,5 6@=75 JL?CB5B5 M 7M5EB9;C ;E5B=GH MCFG5^5 HA=9FM 7MCB5 B5 AHEM9 M9JBaGEMBLA ?Cd7=C^5 '&) $EQ@CJ9> )C@F?=B5(F=98@H&^C8L7<JcJ=8B=7L=HEC7MLd7=9DC dJ=a7CB5 J 8EH;` B=98M=9@a @=FGCD585

(56) E DC87M5F &FML dJ ?GQE` C8DE5J=^ # D ";B57L 97 = ?F "B: $5M=A=9EM #5B8M=FM5? '5GCA=5FG A5>5 E DEML 6LJ5>`7 B5 #5FB` QEa ;9B *CA5B6E5<5A ;8M=9 M^CgL^ &5G79 '5>dJ=aGEM9> JFMLFG?=9 FJC>9 B5>JLgFM9 JC>F?CJ9 C8MB57M9B=5 V GH DCJ=98M=5^ '5>A^C8FMLA gC^B=9EM9A C7<CGB=7MLA J AC=A C88M=5@9 QEL +GE5 79bJ@=FGCD58M=9 E 6L^H7M9b;=AB5M>HAVBGC B=)9GEL?=9J=7M@5G /J5@796L^C8J5gBL=B=9HFGa D@=JL )58^M6ECB=`JEa?HB5)9EF9B?QJ79 )C85^9A ;CJE5MM=BBLA=gC^B=9EM5A=8CC8MB57M9B=5$EMLg9A .=EGHG= &=@=G5E= &5EFM5^9? )=^FH8F?= 5?79DGCJ5^ G9B JB=CF9? C 8B=5 8M=F=9>FM9;CBGCd )9GEL?=9J=7M >9FG B5>A^C8FMLA?5J5@9E9AG9;CC8MB57M9B=5 $5g85 @=FGCD58CJ5 EC7MB=75 C67<C8MCB5 J )C@F79 DEMLDCA=B5 g9 J M8E58M=97?= FDCFQ6 M56E5BC B5A B5>H?C7<5bFM9 A=5FGC %JQJ M5 M;C8` B5FML7< ?C5@= 7>5BGQJ""JC>BLdJ=5GCJ9>*CCFJ9@G5<HE7<=@5=+G5@= B5 5@9 [%9CDC@=F +9AD9E =89@=F )C@CB=59X / EC?H M =B=7>5GLJL 9B /^58LF^5J5 +=?CEF?=9;C JL6H 8CJ5BC J /5EFM5J=9 EQ6 '=9MB5B9;C fC^B=9EM5 V.

(57) FLA6C@ DCdJ=a79B=5 ?EJ= = gL7=5 8@5 JC@B9> (>7MLMBL /JLB=?H@CFCJ5B=5J^5dB=9MA9BG5EM5(E@`G%JCJ F?=7<DC7<CJ5BLMCFG5^J/5EFM5J=9B=9MB5BLgC^B=9EM C6ECb75 %JCJ5 -EC7MLFGCd7=CA DC7<QJ?H B585BC B5>JLgFM` E5B;a 9B +=?CEF?= M^CgL^ 5?G 9E9?7L>BL JF=Q8AÈC7MB=7aDC8>a7=5J5@?=C75^Cd_;E5B=7MA5E GJL7<JFG5^9>*M97MLDCFDC@=G9>. a8`7 B5 7A9BG5EMH (6ECb7QJ %JCJ5 V B=9 FDC FQ6 B=9 JFDCAB=9_ C A9BG5EMH ]L7M5?CJF?=A ?GQEL >9FG >98BLA M B5>FG5EFML7< B9?ECDC@== J HECD=9 (:= 7>5@B585G5>9;C9EL;CJ5B=5GCEC? @5DEM9?^58H B5>F^LBB=9>FM9DC@F?=9B9?ECDC@=9DCM5?Cd7=9@B9GC)C J`M?CJF?5 J /5EFM5J=9 = *5?CJ=7?5 J $E5?CJ=9 DC JFG5^L?C@9>BCJ

(58) =

(59) 2B5BLJ=@9bF?=7A9BG5EM B5*CFF=9DCJFG5^J EC?H7A9BG5EM)9E9@57<5=F9 J )5ELgH M5=FGB=5^ J

(60) HGCE5A= B5>79BB=9>FML7< DCAB=?QJB5A9BG5EMH]L7M5?CJF?=A6L@=EM9e6=5EM9 = 5E7<=G9?7= EQgBL7< B5EC8CJCd7= A=a8ML =BBLA= !5EG A5B /=GJ9E #5B %9CDC@8 +7<=AF9E &5E=5 )9E=9E L DE=5B C896F?=+ %9J5B8CJF?=# +AAQ^?QJB5 '=; 8M=9CDEQ7M$E5?CJ5B=9CE;5B=MCJ5BCMG5?=ADCBH>` 7LA ECMA57<9A DC;EM96QJ D=F5EML 8CJQ87QJ JC> F?CJL7< = DC@=GL?QJ / J=9@?=9 A5B=:9FG57>9 B5EC8CJ9 MA=9B=^L F=a @JCJF?=9 DC;EM96L EGHE5 EC8;9E5 $ +M5>BC7<L +AC@?= #98B`MB5>J=a?FML7<HEC7MLFGC d7= g5^C6BL7< J9 %JCJ=9 6L^ DC;EM96 &5E== $CBCDB=7 ?=9> D5e8M=9EB=?5

(61) E /M=a^CJB=AH8M=5^

(62) GLF CFQ6 L^5GCA5B=:9FG57>5>98BCd7=B5EC8CJ9>=BG9;EH >`75 FDC^97M9bFGJC J 7M5F=9 M56CEQJ '5 @9JC C8. ;^QJB9;C J9>d7=5 @9gL DC@9 BE ?GQE9 C8 ?Cb75 0"0 J=9?H 6L^C D5BG9CB9A

(63) M5F^HgCBL7< C6LJ5G9@= %JCJ5 <5E5?G9E G9AH DC@H B585>9 DCAB=? #H@=5B5 (E8CB5 DCJFG5b7M9;C 6C<5G9E5 C6ECBL /5EFM5JL J EC?H ?GQE9;C DEC7<L MCFG5^L FDECJ58MCB9 8C %JCJ5 / DC6@=gH MB5>8H>` F=a AC;=^L @=G9E5GQJ &5E== $CBCDB=7?=9> 56E=9@= 25DC@F?=9> /^58LF^5J5 9^ML +9J9ELB5 CFM7MLbF?=9;C (E5M DEC: +?=6=bF?=9;C =+ 5B57<55B5DC@HBE VEGHE5 ECGG;9E5 '5]L 7M5?CJ=9 MB5>8H>` F=a 8J5 J=9@?=9 F?HD=F?5 ;EC6QJ JC>F?CJL7< )C@F?=7< )CJFG5b7QJ M @5G

(64) V = VCE5M7A9BG5EMJ9G9E5BQJDCJFG5bDC@F?=7< D5GE=CGQJ '5 JL8^HgCBLA D^5F?CJLgH J FM9E9;57< DC8 >98B5?CJLA= g9@5MBLA= ?EMLg5A= MB5@5M^C CFG5GB= FDC7MLB9?

(65) J9G9E5BQJDCJFG5B=5FGL7MB=CJ9;C ,H JLEQgB=5 F=a ?5A=9BB5 FG9@5 B5 ;EC6=9 9B98L?G5 L 6CJF?=9;C V

(66) H7MCB9;CMCC@C;5DEC: -B= J9EFLG9GH %JCJF?=9;C ?GQEL DEM9FM98^ FJC>` 8EC;a ?EMLgCJ`JDCJFG5B=H=B5+L69E== /F=9EDB=H

(67) EC?H(6ECb7L%JCJ5FGC7ML@=DC8 258JQEM9A MJ5BLA )C@F?=A= ,9EACD=@5A= 6C<5G9EF?` J5@?aMB5>5M89AFCJ=97?=A EA=5?CBB5H8=CBB9;C M?CA=F5EM9ADC@=GL7MBLA# +G5@=B9AB57M9@9MCFG5^5 F?HG97MB=9 DCJFGEMLA5B5 = MJ=`M5B5 M J=9@?` J5@?` 7C DCMJC@=^C 5EA== DC@F?=9> B5 F?HG97MB` C6ECBa /5E FM5JL=A5B9JEH89EM9B=5B5GL^L5EA==FCJ=97?=9>,H 7<57M9JF?=9;C 7C J CFG5G97MBCd7= DEML7MLB=^C F=a 8C DC;ECAHFCJ=97?=7<JC>F?V7<ECB=`7)C@F?a=HECDa . BGCB=/=@;HF=9J=7M. ()+?HE7:1H6)9)2-97=:31-2 %787/9).1)=7=)= $;)61:E)=)-5) @094@>DA:0 3G8T >730=0 M4?:>D> B> C;820 DT28ANF<24=B@C< D>D0BCW>1>:(=8D4@AFB4BC0=0 0G8<84@G0 NP2GP20 C;82Q HD2G4A=P !82:84D82G0 G0G8<84@G>DA:P3G8TDNP2G>=03>@H342:849 &=9FM?5@=dAL DEML H@=7L E5>9ECJF?=9> DC8 7MJ5E GLA BHA9E9A B5 8EH;=A D=aGEM9 ,5?=9 M85B=9 MB5> 8M=9AL J DCJ=9d7= +G5B=F^5J5 %9A5 *FA>:8 -0<4: DCJ=9d7= A5>`79> JL>`G?CJL 7<5E5?G9E C86=9;5>`7L C8 G9A5GL?= :5BG5FGL7MBC B5H?CJ9> M ?GQE9> D=F5EM MB5BL >9FGB575^LAdJ=97=9 #9FGGC6CJ=9ADCJ=9d_5HGC6=C ;E5:=7MB5 CD=FH>`75 @5G5 8M=97=a79 = J7M9FB` A^C8Cd_ 5HGCE5 >9;C @5G5 FM?C@B9 DEMLD585>`79 B5 C?E9F "" *) %5G5 G9 FDa8M=^ J9 %JCJ=9 B5 7C JF?5MH>9 F5A GLGH^ DCJ=9d7= C7MLJ=d7=9CFC6CAMCE=9BGCJ5BLAJ<=FGC E===?H@GHEM9%JCJ5 'CG569B9B5MJ5A=5FG5JDCJ=9 d7= B5D=F5B9> J EC?H 5 JL85B9> J EC? DQeB=9> D585 GL@?C 8J5 E5ML J GLA B5 CFG5GB=9> FGECB=9 6L_ ACg9 QJ7M9FBL 79BMCE B=9 8C7MLG5^ DCJ=9d7= 8C ?Cb 75)CA=>5>`7F5A`B5MJa%JCJ5>9;CGCDC;E5:=5>9FG. . CD=F5B5C6:=7=9=GC69Mg58B9;C?5AH:@5gH7CDCMJ5 @5 C86L_ Ja8EQJ?a FM@5?=9A %9A5 DC QJ7M9FBLA %JCJ=9 #5? F^HFMB=9 M5HJ5g5 /C>7=97< (E@=bF?= 5H GCEB5>BCJFM9>6=C;E5:==%9A5 4<VF284=84GB49G84 <8 *F3 G0@=4 *>N>D842 J C8EQgB=9B=H MJ^5FM7M5C8/5EFM5JLF=5G?5H@=7=6H8LB?=B=9MA=9 B=^LF=aGHDE5J=9J75@9C8

(68)

(69) @5GV8CFM^C>98LB=98C ;9B9E5@B9> JLA=5BL @H8BCd7= ,5? J=a7 Ja8EQJ?a DC dEQ8A=9d7=H %JCJ5 ACg9AL C86L_ = 8M=d DC8`g5>`7 d@585A=A^C89;C+G5B=F^5J5%9A5J5EGCDEMLGLA?C EMLFG5_ M D@5BH %JCJ5 HJM;@a8B=5>`79;C M5EQJBC DEM98JC>9BB9>5?=C697B9B5MJLH@=7 '=9MA=9B=^LF=a >98LB=9B=9@=7MB9>5?$CD9EB=?57ML+^CJ57?=9;CB5GC A=5FG &=7?=9J=7M5 DEM9B=9F=CBC M H@=7L >9;C =A=9B=5 V C697B=9 %=FGCD58CJ9;C MLBH V B5 D@57 85JB=9> &5 E=57?=;8M=9FGC=B=9MA=9BB=9>9;CDCAB=? )CFMH?H>`7 d@58QJ EC8M=BL J A=a8MLJC>9BBL7< DH6@=?57>57< B5@9 gL G5?g9 D5A=aG5_ g9 JLFGaDCJ5^5 CB5 DC8 B5MJ= F?=9A%!& .

(70) -@=75 E5>9ECJF?5 GC 9@9;5B7?5 H@=75 7<5E5?G9EL FGL7MB5 8@5 7Mad7= dEQ8A=9d7=5 B5 M57<Q8 C8 +G5E9;C &=5FG5DCJFG5^5J

(71) EC?HB5;EHBG57<B5@9g`7L7< 8C E5>9E5 FG`8 B5MJ5 / C6FM9EBL7< A=9FM?5 B=57< @C?CJ5@= F=a GH FM5BCJ5B= M5ACgB= A=9FM?5b7L A=5FG5 >5?BDJL6=GBL<=FGCEL?+MLACBF?9B5ML L@= JdEQ8 B=7< MB5B= @9?5EM9 8C ?GQEL7< B5@9g5^ +5AH9@ %9<A C>7=97 +G5B=F^5J5 @5ELB;C@C; DECJ58M`7L GH DELJ5GB`DE5?GL?a CABEMB5>8H>9F=aB5DC7M`G?H H@=7L;8LJL>8M=9ALMB=9;C=F?=9EH>9ALF=aJDE5JC. DCG9A >Hg F5AC8M=9@B=9 #5? JFDCA=B5 B5 8^HgFML FD579EH85J5BCF=a8C)5E?H+GEL>F?=9;CB5GL@9C8@9 ;^9;Cg9GEM9656L^C8C>97<5_G5A8CECg?` #9;CHJ5 ;a DEML?HJ5^5 MJ^5FM7M5 JLFC?5 J=9g5 57M9JF?=9 ;CC6^CgCB56HG9@?5A=E9?@5A5F^LBB9>JLGJQEB=FD=EL GH5@=QJ L^5 GC 7Mad_ 9?FDCML7>= ,5E;QJ /F7<C8B=7< DEML@9;5>`75 8C )5E?H ;8M=9 ;ECA58MCBC F=a M ?C@9= JC?Q^ DCAB=?5 #5B5 $=@=bF?=9;C FGC= G5A 8C 8M=d 2B5>8CJ5^5 F=a G5A G5?g9 J=9@C?ECGB=9 C8J=98M5B5 DEM9M ?5g89;C @JCJF?=9;C H7MB=5 )5BCE5A5 *57^5 J=7?5 V 8M=d J M57<CJ5B9> ECGHB8M=9 A=9d7= F=a F5@5 ;=AB5FGL7MB5 )C@=G97<B=?= %JCJF?=9> "BB5 JL7=97M?5 8CECg?`6L^5CE;5B=MCJ5B58CC;EQ8?5D5B5*H7?=9;C M5 *C;5G?` +GEL>F?` ;8M=9 8CECd@= DEML D=J=9 5 8M=97= 65J=`7F=aA=@9FDa8M5^L7M5FVDEML^58B9>DC;C8M=9 C7MLJ=d7=9 / G9> F5A9> DC^H8B=CJ9> 7Mad7= A=5FG5 MB5>8CJ5^CF=aG9gC8J=98M5B9DEM9M@=7MBL7<@JCJ=5B VG5?g9=+G5B=F^5J5V?`D=9@=F?Cf9@5MB5/C85. )EM9FGEM9b A=5FG5 H7MaFM7M5B5 DEM9M +G5B=F^5J5 MJ=a?FML^5 F=a MB57MB=9 ?=98L J J=9?H

(72) @5G MCFG5^ H7MB=9A ;=AB5M>HA L^C GC "" =AB5M>HA =A $5EC@5 +M5>BC7<L B=9;8Ld H7MaFM7M5B9 DEM9M FLBQJ 5H. ><@094@>DA:0 8C>8M=9AL J?EQG79 8C J=a?FM9> EH7<@=J9> H@=7L &=7?=9 J=7M5HgLJ5AB5MJM7M5FQJ""*) )C@9J9>A5AL DEM9D=a?BL 6H8LB9? 85JB9;C $5FLB5 +M@57<97?=9;C C697B=9CA-7MCBL7<M>9FM7M9D=a?B=9>FMLA=F7<C 85A= J9JB`GEM DC DE5J9> B=97C J ;â6= 85JBL D5^57 C^H7<CJF?=7<5M5B=AJLFC?=6H8LB9?LE9?7>=$C @9=B=9;8Ld=C697B=97<C_C7MLJ=d7=9DC8GEC7<a=BB` B5MJ` %9A >5?C 8M=97?C JL7<C8M=^ Ga8L B5 FD579E M C>79A DC DEM9?EC7M9B=H H@=7L &=7?=9J=7M5 J7<C8M=@= 8C )5E?H $Cd7=HFM?= MJ5B9;C 85JB=9> V = G5 B5MJ5 >9FG DCGC7MB=9 HgLJ5B5 DEM9M )C@5?QJ = 8M=d (;EC 89A #9MH=7?=A B=9;8Ld C>7CJ=9 >9MH=7= A=9@= GH FJC>9 C;EC8LJ5EMLJB9 /M=A=9;8L(;EQ8#9MH=7?=6L^M5 FLD5BL dB=9;=9A DEM97<58M5@= F=a B5 JDECFG JM8^Hg :ECBGCBH -B=J9EFLG9GH J7M9dB=9> +9>AH 5@=7L>F?=9;C H@=7`&5EFM5^?CJF?` 25-B=J9EFLG9G9AM?C@9=EQJBC @9;@9MB5>8H>9F=aH@=75$Cd7=HFM?=G5B5MJ5DCMCFG5^5 8C8M=d;8M=9B=97CFG5EFML+G5B=F^5JC8J=98M5^FJ9 ;C JH>5 EL75 EL89EL?5 58JC?5G5 $Cd7=HFM?= $5B79@5E=5 JH>5 A=9d7=^5 F=a DEML H@=7L 9EBFG9=B5 J 8M=9@B=7L gL8CJF?=9> 2 8CAH M5A=9FM?5B9;C DEM9M %9AQJ GEM965 6L^C F?Ea7=_ J @9JC ;8M=9 CGJ=9E5^5 F=a D9EFD9?GLJ5?Cd7=C^5dJ BBLVDC@9J9>CE5MDCBHEL ;A57<J=aM=9BBLMJ5BL8C8M=dEL;=8?=DCM5?CBB= 757<8C?GQELdB=9;8LdB5@9g5^VDCDE5J9> )CDEM9 ?EC7M9B=H FM9EC?=9> H@=7L $5M=A=9EMCJF?=9> J7<C8M=^C F=a B5 H@=7a 9EBFG9=B5 8M=d +MC@9A@9>7<9A5 ACg B56L^CB=`8C>d_8C+MD=G5@5fL8CJF?=9;C5B5FGaDB=9 +G5E9;CA9BG5EM5fL8CJF?=9;C (D=F5BL G9E9B GC B5>6@=gFM5 C?C@=75 H7MaFM7M5B5 DEM9MA^C89;C+G5B=F^5J5VB5>D=9EJM5Ea?aMC>79A. 0D=F1C3F=4:8<=0G9C< FGE=57?=7<HEMa8B=?QJDC?GQEL7<DCMCFG5^5V8C8M=dV DCFM9EMCB5B5H?5>aML?5B=9A=97?=9;C /7M9dB=9>A5 ^L +G5B=F^5J H7MaFM7M5^ 8C FM?C^L DCJFM97<B9> =A fQ^?=9JF?=9;CGL@?C8@57<^CD7QJDEMLH@=7L$E5F=7?=7< B5FGaDB5 DEM97MB=75 EQ897?=9> 5 J=a7 DC^CgCB9> 65E8MC6@=F?C8CAH 6L8C>d_8CBCJ9>FM?C^LMH@=7L E5>9ECJF?=9>GEM9656L^C8C>d_B5>D=9EJ8C/5^QJ!9G A5bF?=7< )ECFD9?G +JC6C8L ?=98Ld = 8M=d E9DE9M9B G57L>B9>H@=7L%JCJ5 +G5B=F^5JFM98^B5>D=9EJ6C7MBL A= H@=75A= &CB=HFM?= +MCD9B5 B5MJ5 M57<CJ5B5 )C8@9JF?=9;C56LJL>d_B5D@57+AC@?=MDCAB=?=9A G9;CF^LBB9;CDC@=GL?5A=9FM?5^CBME9FMG`J9EM9;5 @=7L>F?=9> DEML GLA D@57H M=d >9FG GC D@57 !EL<CE9B?= MDCAB=?=9AdJ #9EM9;CM56Q>7LFAC?57CB5J=`MH>9 8C C6ECb7QJ JC@BCd7= = DE5J5 B5 -?E5=B=9 FGC= CB DEM98?CA9B8`DC@=7>=?GQE58M=dF=aGHA=9d7= "8`785 @9> J7<C8M=^ J >98B` M B5>65E8M=9> E9DE9M9BG57L>BL7< H@=7 A=5FG5 #5;=9@@CbF?` !B5G=H?5 '5 EC;H D@57H +AC@?= = #5;=9@@CbF?=9> A=9d7=^C F=a JFDCA=B5B9 DEM9M +G5B=F^5J5?=BC&5ELF=9b?5B5H@=7LG9>A=9FM?5^5G5?. .

(73) g9 7=CG?5 +G5B=F^5J5 B5 8EH;=A ?Cb7H H@=7` #5;=9@@Cb F?=9> 8C7<C8M=^C F=a 8C 8JQ7< ACBHA9BG5@BL7< ;A5 7<QJ 65B?CJL7< DC @9J9> 5B? )E5F?= DC DE5J9> F^LBB5 5@=7L>F?5 $5F5 (FM7Ma8BCd7= 8M=d &HM9HA GBC;E5:== = )EM9ALF^HEGLFGL7MB9;C +G`8 JFD5B=5^L J=8C? B5 DCAB=? #5B5 +C6=9F?=9;C 8M=d J 85bF?H B5 >9;C A=9>F7H DCAB=? ,5E5F5 +M9J7M9B?= = D@57 cJ=aG9;CH7<5. %H6C;82F&G>?4=08$>3;4DA:846> -J5;a8M=97?5?GQELA6L^JQJ7M5FJ7=`g>9FM7M9 +G5B=F^5J DEML7=`;5^L >98B5? B=9 JFD5B=5^9 M56LG?= 5 6H8?5 J ?GQE9> FDEM985J5BC 7<5^Ja H@H6=CBL DEML FA5? 8L 6E5?^C ?=9FMCB?CJ9;C FM98^ 65E8M=9> J DE5JC C6C? $5J=5EB= /=989bF?=9> G5A MB5>8CJ5^ F=aM9;5E9@9?GEL7MBLB5?GQELAACgB56L^CFDE5J8M=_ =@9 7M5FH DCMCFG5^C >9FM7M9 8C ECMDC7Ma7=5 @9?7>= 2 D@57H cJ H7<5 8M=d "J5B5 )=8?CJL F^LBB9;C DEMLJQ87L $CM5?QJ V DCFG5J=CBC GH >9;C DCAB=? B5 *LB9?ACgB5DEM9>d_B5JDECFGDEM9M)5F5gB8E=C@@9 ;C @H6 J DE5JC 8C $=@=bF?=9;C = 85@9> C6C? $5G98EL = $5D@=7L C=AQJ ,H DEM97<C8M=^ C6C? :=;HEL )CF9>8C B5 >989B M 7MG9E97< B5J=`MH>`7L7< 8C 5BGL?H DCF` ;QJB5EC;57<@JCJF?=9;C*LB?H*5GHFM556LJ9>d_ J H@=7a *HF?` '5 >9> ?Cb7H DC @9J9> >989B M FLA6C@= %JCJ5 9E?=9J /C^CF?5 M J=9g` $CEB=5?G5 = >Hg H@=75 )C8J5@9 ;8M=9 DC8 BHA9E9A B=985@9?C 85JB9;C '5A=9FGB=7GJ5 J "" *) -EM`8 /C>9JQ8M?= 8M=d >9;C H?E5=bF?=C8DCJ=98B=?A=9d7=^CF=a"" =AB5M>HA. 2 C6=9?GQJ J 79BGEHA %JCJ5 J D5A=a_ 8M=97?5 ?GQELA 6L^ JQJ7M5F +G5B=F^5J M5D58^5 H@=75 ?589 A=7?5 5 GC M9 JM;@a8H B5 F^LBB` B5 75^` )C@F?a 7H ?=9EB=a 25@9JF?=9;C ;8M=9 DEM98 J=GELB` ;ECA58M=^L. F=9 G^HAL B=9 GL@9 8@5 M5?HDH F^C8L7ML 65E8MC GH 8EC ;=7< 5@9 8@5 C;@`85B=5 89?CE57>= MJ^5FM7M5 dJ=`G97M B9> CE5M F?@9D M M565J?5A= $@5:G9B5 6@=F?C <CG9@H 9CE;95 2 ?C@9= >5?C ;=AB5M>5@=FG5 JE5M M ?C@9;5A= ?=9ECJ5^ F=a B5 /LFC?= 25A9? C8 ?GQE9;C GLGH^ ?F=`g ?= B5 ?GQEL >9FM7M9 DC "" JC>B=9 dJ=5GCJ9> 8C>9g8g5^ GE5AJ5> H@=7` ,95GLbF?` V G` DC ?GQE9> A=5^ FD579EC J5_ 9@=7>5B H@F?= J6E9J DCMCECA B=9 ?E5?CJ=5B=B 5 @JCJ=5B=B @5 ;=AB5M>5@=FGQJ GE5AJ5> 6L^ >98B5? M6LG 8EC;= 8@5G9;C 7<C8M=@= G5A B5 D=97<CGa >9FM7M9 85@9> B5 $5=F9EJ5@8 = M6C7M5 QEL )=5F?CJ9> H85J5@= F=aJ5;5ECJ=7M96LG5AM85@5C8C7MH7MH>BL7<DEC :9FCEQJ D5@=_ D5D=9ECFL /E575>`7 >98B5? 8C /5^QJ !9GA5bF?=7< B5=7<DC^H8B=CJLA?Cb7HD@57&5E=57?= M ?C@HAB` &=7?=9J=7M5 B5 8EH;=A DQ^BC7BLA ,95GE &=9>F?= DCG9A MJ5BL /=9@?=A 8M=d (D9E` %JCJF?` ,H M ?C@9= B5>@9D=9> M5D5A=aG5^ F^LBB` ?HEGLBa +=9A= E58M?=9;CCE5M6H:9G;8M=9C>7=97?HDCJ5^>9AH=A5G 79DEM9DLFMB9FMG5B;@9MFMLB?`DC<CEE9B85@B9>79B=9

(74) ;ECFML. / EC?H

(75)