Микроконтроллеры семейства MCS-51, страница 3
Описание файла
PDF-файл из архива "Микроконтроллеры семейства MCS-51", который расположен в категории "". Всё это находится в предмете "системы автоматического управления (сау) (мт-11)" из 7 семестр, которые можно найти в файловом архиве МГТУ им. Н.Э.Баумана. Не смотря на прямую связь этого архива с МГТУ им. Н.Э.Баумана, его также можно найти и в других разделах. Архив можно найти в разделе "книги и методические указания", в предмете "системы автоматического управления (сау)" в общих файлах.
Просмотр PDF-файла онлайн
Текст 3 страницы из PDF
^Z g_l(3$.. (3$^Z g_l.. ^Z g_l(3$.. (3$^Z g_l.. (3$^Z g_lDg_l (3$ g_lg_l ^Z g_l.g_l (3$ g_lg_l ^Z g_l.g_l (3$g_l ^Z g_l. (3$^Z g_l.^Z g_l(3$..^Z g_l(3$g_lg_l (3$g_l ^Z g_lg_lg_l (3$g_l ^Z ..g_l (3$g_l g_l IAMJ_]bkljuLZ[ebpZ Ghf_gdeZlmjZ0&6Ihq_fm&[uklj__ q_f "DjbklZeeu & ba]hlZ\eb\Zxlky ih [he__ kh\j_f_gghc l_ogheh]bb k f_gvrbf jZaf_jhfwe_f_glh\ gZ djbklZee_ ihwlhfm ^hklb]Zxlky [he__ \ukhdb_ lZdlh\u_ qZklhlu GZijbf_j djbklZee&18bf__llZdlh\mxqZklhlmF=pZ gZb[he__[ukljh^_ckl\mxsb_bak_f_ckl\Z F=p<k_\gmlj_ggboj_]bkljZ&bf_xlklZlmkZddmfmeylhjh\ d gbffh`ghg_ihkj_^kl\_gghijbf_gylv \k_ g_h[oh^bfu_ Zjbnf_lbq_kdb_ b eh]bq_kdb_ hi_jZpbb M ^ey ^hklb`_gby l_o `_j_amevlZlh\aZqZklmxg_h[oh^bfh\uihegylv^hihegbl_evgu_i_j_kuedb\ Zddmfmeylhjb bag_]hM & fh`gh bkihevah\Zlv jZajy^gmx \g_rgxx rbgm Djhf_ lh]h pbde rbgu & \ jZaZ dhjhq_ q_f m < j_amevlZl_ & \ jZa[uklj__jZ[hlZ_lk \g_rg_ciZfylvxHlf_lbfqlh ^ey lh]h qlh[u kgbablv klhbfhklv ba^_ebc fh`gh \\h^blv \ rbgm pbdeu h`b^Zgby b khdjZlblv __rbjbgm^hfb[blgh^Z`_\ wlhfkemqZ_&[m^_lbf_lvij_bfms_kl\h\ jZaZ< aZ^ZqZo lj_[mxsbo b jZajy^guo \uqbke_gbc & ijbf_jgh gZ ihjy^hd [uklj__ihkdhevdmbf__liheghp_ggucgZ[hjjZajy^guoZjbnf_lbq_kdbobgkljmdpbcH^gbf ba kZfuo wnn_dlb\guo kihkh[h\ khdjZs_gby \j_f_gb jZajZ[hldb ijh]jZff ^eyfbdjhdhgljhee_jh\y\ey_lkyijbf_g_gb_yaudZKbYaudKb[Zabjm_lkygZrbjhdhfbkihevah\Zgbbkl_dZb mdZaZl_e_c H^gZdh ^ey bkihevah\Zgb_ Kb aZljm^g_gh b \_^_l d [hevrbf gZdeZ^guf jZkoh^Zf b\hlihq_fmIhkdhevdmbf__lg_[hevrhckl_dKbdhfibeylhju^ey]_g_jbjmxl^hihegbl_evgucdh^ wfmebjmxsbc [hevrhc kl_d \h \g_rg_c iZfylb ^Zgguo <^h[Z\hd bf__l \k_]h h^bg jZajy^gucmdZaZl_ev '375b dhfibeylhjZflZd`_ijboh^blky]_g_jbjh\Zlv^hihegbl_evgucdh^qlh[udhfi_gkbjh\Zlv wlhl g_^hklZlhd <k_ wlh ijb\h^bl d aZf_^e_gbx ijh]jZff b m\_ebq_gbx bo jZaf_jZ M& lZdbo ijh[e_f g_l kl_d bf__l jZaf_j ^h D;Zcl Z \ dZq_kl\_ mdZaZl_ey fh`gh bkihevah\Zlvex[h_bakeh\\kljh_gghcj_]bkljh\hciZfylbHkh[_gghklbijh]jZffbjh\Zgbyfbdjhdhgljhee_jh\b ijhp_kkhjh\pbnjh\hch[jZ[hldbkb]gZeh\H[sb_hkh[_gghklbHkh[_gghklv gZibkZgby b hleZ^db ijh]jZffgh]h h[_ki_q_gby ^ey h^ghdjbklZevguo fbdjhW<Ffbdjhdhgljhee_jh\ b ijhp_kkhjh\ pbnjh\hc h[jZ[hldb kb]gZeh\ PIHK khklhbl \ lhf qlh ^ey wlh]hdZd ijZ\beh kh\_jr_ggh g_^hklZlhqgh bf_lv kbkl_fu khklhys_c lhevdh ba ijh]jZffbjm_fh]hfbdjhdhgljhee_jZbebPIHKWlhk\yaZghk l_fqlhxx\hi_j\uo dZd ijZ\beh j_kmjkh\ fbdjhdhgljhee_jZ h[t_fZ iZfylb [ukljh^_ckl\by g_^hklZlhqgh ^ey jZaf_s_gby b nmgdpbhgbjh\\Zgby ^Z`_ ijhkl_crbo k_j\bkguo ijh]jZffj_^ZdlhjZ l_dklZ ljZgkeylhjZ b hleZ^hqgh]h fhgblhjZ g_h[oh^bfuo ^ey gZibkZgby b hleZ^dbijh]jZffu_kebhgZ^Z`_[m^_lg\ibkZgZgZ:kk_f[e_j_\h \lhjuo g_dhlhju_ Zjobl_dlmjgu_ hkh[_gghklb jZa^_evgu_ h[eZklb iZfylb ^ey ojZg_gbyijh]jZff b ^Zgguo mkljhckl\Z aZsblu iZfylb ijh]jZff fbdjhdhgljhee_jh\ aZljm^gyxl beb^_eZxl ijhklh g_\hafh`guf j_^Zdlbjh\Zgb_ gZibkZgb_ hleZ^dm ijh]jZff ih dhlhjuf hgbjZ[hlZxl<k_ wlh aZklZ\ey_l ijb jZajZ[hld_ ijh]jZff ^ey fbdjhdhgljhee_jh\ bkihevah\Zlv ki_pbZevgu_kj_^kl\Z gZau\Z_fufbbgkljmf_glZevgufbkj_^kl\ZfbjZajZ[hldbb hleZ^db< kemqZ_ ihkljh_gby kj_^kl\ jZajZ[hldb b hleZ^db gZ [Za_ mgb\_jkZevgh]h dhfivxl_jZ klZgh\blky\hafh`guf kms_kl\_ggh h[e_]qblv jZajZ[hldm ijh]jZff bkihevah\Zlv yaudb \ukhdh]h mjh\gy &IZkdZev ihkljhblv ^jm`_kl\_gguc bgl_jn_ck bkihevah\Zlv ijbgpbiu h[t_dlgh]h b \bamZevgh]hijh]jZffbjh\Zgby b ij JZkkfhljbf jZaebqgu_ \ZjbZglu ihkljh_gby bgkljmf_glZevguo kj_^kl\jZajZ[hldbb hleZ^dbLbiubgkljmf_glZevguokj_^kl\jZajZ[hldbb hleZ^dbijh]jZff^eyfbdjhdhgljhee_jh\ bijhp_kkhjh\pbnjh\hch[jZ[hldbkb]gZeh\D qbkemhkgh\guobgkljmf_glZevguokj_^kl\hleZ^dbhlghkylkyxxxxx<gmljbko_fgu_wfmeylhjuIjh]jZffgu_kbfmeylhjuIeZlujZa\blbyFhgblhjuhleZ^dbWfmeylhjuIAM>Zgguckibkhdg_bkq_jiu\Z_l\k_olbih\kms_kl\mxsbobgkljmf_glZevguokj_^kl\hleZ^dbDjhf_mdZaZgguo kms_kl\mxl b dhf[bgbjh\Zggu_ mkljhckl\Z b gZ[hju dhlhju_ iha\heyxl dhfi_gkbjh\Zlvg_^hklZldbhkgh\guokj_^kl\\ayluoihjhagv<gmljbko_fgu_wfmeylhjuIjbgpbijZ[hlu<gmljbko_fguc wfmeylhj ijh]jZffgh ZiiZjZlgh_ kj_^kl\h kihkh[gh_ aZf_sZlv kh[hcwfmebjm_fuc fh^_ebjm_fuc ijhp_kkhj \ j_Zevghc ko_f_ <gmljbko_fguc wfmeylhj wlh gZb[he__fhsgh_b mgb\_jkZevgh_hleZ^hqgh_kj_^kl\hIh kmlb ^_eZ ©ohjhrbcª \gmljbko_fguc wfmeylhj ^_eZ_l ijhp_kk nmgdpbhgbjh\ZgbyhleZ`b\Z_fh]h dhgljhee_jZ ijhajZqguf l_ e_]dh dhgljhebjm_fuf ijhba\hevgh mijZ\ey_fuf bfh^bnbpbjm_fufih\he_jZajZ[hlqbdZH[uqgh kludh\dZ \gmljbko_fgh]h wfmeylhjZ k hleZ`b\Z_fhc kbkl_fhc ijhba\h^blky ijb ihfhsbwfmeypbhggh]hdZ[_eykhki_pbZevghcwfmeypbhgghc]heh\dhcWfmeypbhggZy]heh\dZ\klZ\ey_lky\f_klhfbdjhdhgljhee_jZ\ hleZ`b\Z_fmxkbkl_fm?kebfbdjhdhgljhee_jg_\hafh`ghm^ZeblvbahleZ`b\Z_fhckbkl_fu lh bkihevah\Zgb_ wfmeylhjZ \hafh`gh lhevdh _keb wlhl fbdjhdhgljhee_j bf__l hleZ^hqgucj_`bf ijb dhlhjhf \k_ _]h \u\h^u gZoh^ylky \ lj_lv_f khklhygbb < wlhf kemqZ_ ^ey ih^dexq_gbywfmeylhjZ bkihevamxl ki_pbZevguc Z^Zil_jdebikm dhlhjuc ih^dexqZ_lky g_ihkj_^kl\_ggh d \u\h^Zfwfmebjm_fh]hfbdjhdhgljhee_jZDeZkkbnbdZpby\gmljbko_fguowfmeylhjh\NmgdpbhgZevgh\gmljbko_fgu_wfmeylhju^_eylkygZxxkludm_fu_k \g_rg_c\uqbkebl_evghcfZrbghch[uqghwlh[u\Z_l,%03&bnmgdpbhgbjmxsb_Z\lhghfgh:\lhghfgu_ \gmljbko_fgu_ wfmeylhju bf_xl bg^b\b^mZevgu_ \uqbkebl_evgu_ j_kmjku kj_^kl\Z\\h^Z\u\h^Z g_ lj_[mxl ^ey k\h_c ghjfZevghc jZ[hlu kludh\db k dZdbfbeb[h \g_rgbfb\uqbkebl_evgufb kj_^kl\Zfb gh aZ wlh ihevah\Zl_ex ijboh^blky jZkieZqb\Zlvky eb[h kms_kl\_ggh[he__\ukhdhcp_ghceb[hihgb`_ggufbnmgdpbhgZevgufbb k_j\bkgufb\hafh`ghklyfbihkjZ\g_gbxkZgZeh]bqgufbfh^_eyfbkludm_fufbk ,%03&NmgdpbhgZevgu_\hafh`ghklb\gmljbko_fguowfmeylhjh\GZ[hj nmgdpbhgZevguo \hafh`ghkl_c dhlhju_ ij_^hklZ\eyxl jZajZ[hlqbdm \gmljbko_fgu_wfmeylhju \_kvfZ rbjhd b \dexqZ_l \ k_[y ijZdlbq_kdb \k_ jZaghh[jZab_ nmgdpbhgZevguo fh^me_ckj_^kl\jZajZ[hlhdLZd`_ kms_kl\_ggh h[e_]qblv jZ[hlm jZajZ[hlqbdZ fh`_l gZebqb_ \ ijh]jZffghc h[hehqd_wfmeylhjZ \kljh_ggh]h j_^ZdlhjZ \kljh_ggh]h f_g_^`_jZ ijh_dlh\ b kbkl_fu mijZ\e_gby Lh]^ZklbjZ_lky ]jZgv f_`^m gZibkZgb_f ijh]jZffu __ j_^Zdlbjh\Zgb_f b hleZ^dhc I_j_oh^ hlj_^Zdlbjh\Zgby bkoh^gh]h l_dklZ d hleZ^d_ gZqZem jZ[hlu kh[kl\_ggh wfmeylhjZ b h[jZlgh ijhbkoh^bl©ijhajZqghª b kbgojhggh k Zdlb\baZpb_c khhl\_lkl\mxsbo hdhg f_g_^`_j ijh_dlh\ Z\lhfZlbq_kdbaZimkdZ_l dhfibeypbx ih f_j_ g_h[oh^bfhklb b Zdlb\babjm_l khhl\_lkl\mxsb_ hdgZ ijh]jZffgh]hbgl_jn_ckZIjb jZ[hl_ \gmljbko_fgh]h wfmeylhjZ \ khklZ\_ bgl_]jbjh\Zgghc kj_^u klhev `_ ijhklh fh`ghhkms_kl\blvb i_j_oh^d hleZ^d_ijh_dlZk ihfhsvxbf_xs_]hkyhleZ^qbdZkbfmeylhjZbebijbklmiblvdaZg_k_gbx\ IAMfbdjhdhgljhee_jZhleZ`_gghcijh]jZffhcG_dhlhju_ fh^_eb \gmljbko_fguo wfmeylhjh\ fh]ml ij_^hklZ\eylv ihevah\Zl_eyf b ^jm]b_^hihegbl_evgu_ \hafh`ghklb Kj_^b gbo hlf_lbf h^gm ohly b ^hklZlhqgh ki_pbnbq_kdmx gh \ jy^_kemqZ_\ bf_xsmx ijbgpbibZevgh_ agZq_gb_ \hafh`ghklv ihkljh_gby fgh]hwfmeylhjguo dhfie_dkh\g_h[oh^bfuo ^ey hleZ^db fmevlbijhp_kkhjguo kbkl_f Hlebqbl_evghc hkh[_gghklvx lZdh]h dhfie_dkZy\ey_lky\hafh`ghklvkbgojhggh]hmijZ\e_gbyk h^gh]hdhfivxl_jZg_kdhevdbfbwfmeylhjZfb>hklhbgkl\Zb g_^hklZldb\gmljbko_fguowfmeylhjh\D ^hklhbgkl\Zf\gmljbko_fguowfmeylhjh\ke_^m_lhlg_klbxxxrbjhdbc gZ[hj nmgdpbhgZevguo \hafh`ghkl_c qlh ^_eZ_l \gmljbko_fgu_ wfmeylhju gZb[he__fhsgufb mgb\_jkZevgufkj_^kl\hfhleZ^dbjZ[hlm\gmljbko_fgh]hwfmeylhjZ\ j_Zevghcko_f_we_dljhggh]h[ehdZ\ dhlhjhfij_^iheZ]Z_lkyjh[hlZfbdjhdhgljhee_jZbebPIHK[hevrZy]b[dhklvfh^_ebjh\Zgby\j_f_gguob we_dljbq_kdbooZjZdl_jbklbdfbdjhdhgljhee_jZqlhk\yaZghk ij_bfms_kl\_gghijh]jZffguff_lh^hfbofh^_ebjh\ZgbyH^gZdh\gmljbko_fgu_wfmeylhjubf_xlb g_^hkldbxxHkgh\guf ba gbo y\ey_lky ljm^ghklv ijh]jZfgh]h fh^_ebjh\Zgby we_dljbq_kdbo kb]gZeh\ gZ\u\h^Zo fbdjhdhgljhee_jZ \ j_Zevghf fZkrlZ[_ \j_f_gb >ey Z^_d\Zlgh]h fh^_ebjh\Zgby[ukljh^_ckl\b_ fh^_ebjmxs_]h ijhp_kkhjZ beb dhfivxl_jZ ^he`gh [ulvkms_kl\_ggh\ur_q_fwfmebjm_fh]h fbdjhdhgljhee_jZ qlh ^hklb`bfh ^Ze_dh g_ \k_]^Z hkh[_ggh \ kemqZ_ wfmeypbbkh\j_f_gguo\ukhdhijhba\h^bl_evguo PIHKb fbdjhdhgljhee_jh\Djhf_ lh]h ^Z`_ \ kemqZ_ jZ[hlu \ aZf_^e_gghf fZkrlZ[_ \j_f_gb jZaebqgu_ fh^_eb\gmljbko_fguo wfmeylhjh\ fh]ml bf_lv jZagh]h jh^Z h]jZgbq_gby ih dhgljhex b mijZ\e_gbxnmgdpbhgbjh\Zgb_f hleZ`b\Z_fuo mkljhckl\ qlh k\yaZgh kljm^ghklvx bo fh^_ebjh\ZgbyGZijbf_j wlh fh`_l [ulv g_dhjj_dlgh_ h[jZ[Zlu\Zgb_ ij_ju\Zgbc \ ihrZ]h\hf j_`bf_ bebaZij_lgZbkihevah\Zgb_ihke_^h\Zl_evgh]hihjlZb li3,&(<hafh`ghklbj_Zevgh]h\gmljbko_fgh]hwfmeylhjZijhbeexkljbjh\ZgghgZ ijbf_j_fh^_eb3,&(<gmljbko_fgucwfmeylhjjZajy^guofbdjhdhgljhee_jh\k_f_ckl\Z3,&( wfmeylhj gh\h]h ihdhe_gby kha^Zgguc k ijbf_g_gb_f gh\uo l_ogheh]bc jZajZ[hldbZiiZjZlmjub ijh]jZffgh]hh[_ki_q_gbyJbk<gmljbko_fgucwfmeylhj3,&(Ijbf_g_gb_ ijh]jZffbjm_fuo fZljbp [hevrhc _fdhklb iha\hebeh j_adh khdjZlblv jZaf_juwfmeylhjZ [_a dZdh]heb[h ms_j[Z _]h nmgdpbhgZevguf \hafh`ghklyf fbgbfbabjh\Zlv hldehg_gbywe_dljbq_kdbo b qZklhlguo oZjZdl_jbklbd wfmeylhjZ hl oZjZdl_jbklbd wfmebjm_fh]h ijhp_kkhjZ b l_fkZfuf^h[blvkyfZdkbfZevghclhqghklbwfmeypbb gZqZklhlZo^hF]p ijbgZijy`_gbyoiblZgbyhl< ^h<I_j_aZ]jm`Z_fZy ZiiZjZlgZy kljmdlmjZ wfmeylhjZ h[_ki_qb\Z_l wfmeypbx ijZdlbq_kdb \k_ofbdjhdhgljhee_jh\ k_f_ckl\Z dZd hl_q_kl\_ggh]h ijhba\h^kl\Z lZd b nbjf ,QWHO3KLOLSV6LHPHQV$WPHO'DOODV7HPLF2.,$0'0+6 b ^jm]boFhsgucijh]jZffgucbgl_jn_ck\ kj_^_:LQGRZV\ij_^klZ\ey_lkh[hcbgl_]jbjh\Zggmxkj_^mjZajZ[hldb ih^^_j`b\Zxsmx \k_ wlZiu jZajZ[hldb ijh]jZffgh]h h[_ki_q_gby hl gZibkZgby bkoh^gh]hl_dklZ ijh]jZffu ^h __ dhfibeypbb b hleZ^db Ijh]jZffZ ih^^_j`db wfmeylhjZ hjb_glbjh\ZgZ gZhleZ^dmijh]jZffgZyaud_\ukhdh]hmjh\gyihbkoh^ghfml_dklmWfmeylhj khklhbl ba hkgh\ghc ieZlu jZaf_jhf off kf_ggh]h Z^Zil_jZ ih^ dhgdj_lgucijhp_kkhj b kf_gghc wfmeypbhgghc ]heh\db ih^ dhgdj_lguc lbi dhjimkZ GZ hkgh\ghc ieZl_j_Zebah\Zgu ljZkkbjh\sbd ijhp_kkhj lhq_d hklZgh\Z IeZlZ kf_ggh]h Z^Zil_jZ kh^_j`blwfmebjmxsbc ijhp_kkhj ih^ dhgdj_lguc lbi fbdjhdhgljhee_jZ Wfmeypbhggu_ ]heh\db h[_ki_qb\ZxlmklZgh\dmwfmeylhjZ\ dheh^db',3b 3/&&gZieZl_ihevah\Zl_eyIblZgb_wfmeylhjZhkms_kl\ey_lkyhl[ehdZ iblZgby < : beb g_ihkj_^kl\_ggh hl hleZ`b\Z_fh]h mkljhckl\Z K\yav k dhfivxl_jhf ih]Zev\Zgbq_kdbjZa\yaZgghfm dZgZem56& gZkdhjhklbD;h^OZjZdl_jbklbdZZiiZjZlmjuxxxxxxxxxxxxxxxLhqgZywfmeypby hlkmlkl\b_dZdboeb[hh]jZgbq_gbcgZbkihevah\Zgb_ijh]jZffhcihevah\Zl_eyj_kmjkh\fbdjhdhgljhee_jZ>h.wfmebjm_fhciZfylbijh]jZffb ^ZgguoIh^^_j`dZ[Zgdbjh\Zgghcfh^_ebiZfylbJZkij_^_e_gb_iZfylbf_`^mwfmeylhjhfb mkljhckl\hfihevah\Zl_eyk lhqghklvx^h]h[ZclZ>h.ZiiZjZlguolhq_dhklZgh\Zih^hklmimd iZfylbijh]jZffb ^Zgguo:iiZjZlgZyih^^_j`dZ^eyhleZ^db ijh]jZffgZyaudZo\ukhdh]hmjh\gyLjZkkbjh\dZijhba\hevguo\g_rgbokb]gZeh\\uoh^ZkbgojhgbaZpbbZiiZjZlmjuihevah\Zl_eyLjZkkbjh\sbdj_Zevgh]h\j_f_gbk [mn_jhfh[t_fhfhlD ^h.nj_cfh\ih[blZk^hklmihfgZe_lmLjZkkbjh\dZZ^j_kZ ^Zgguokb]gZeh\mijZ\e_gbylZcf_jZj_Zevgh]h\j_f_gbb fb\g_rgbokb]gZeh\ihevah\Zl_eyIjh]jZffbjm_fucnbevljljZkkbjh\db:iiZjZlgucijhp_kkhjlhq_dhklZgh\Zk \hafh`ghklvxaZ^Zgbykeh`gh]hmkeh\byhklZgh\Zwfmeypbbihdhf[bgZpbbkb]gZeh\Z^j_kZ ^ZgguomijZ\e_gbyfb\g_rgbokb]gZeh\lZcf_jZj_Zevgh]h\j_f_gbkq_lqbdh\kh[ulbcb lZcf_jZaZ^_j`dbQ_luj_dhfie_dkguolhqdbhklZgh\Zdhlhju_fh]ml[ulvbkihevah\Zgug_aZ\bkbfhbeb\dhf[bgZpbyoihmkeh\byf$1'25,)7+(1jZajy^guclZcf_jj_Zevgh]h\j_f_gbIjhajZqgZywfmeypby ^hklmigZe_lmd wfmebjm_fhciZfylblhqdZfhklZgh\Zijhp_kkhjmlhq_dhklZgh\Z[mn_jmljZkkbjh\dblZcf_jmj_Zevgh]h\j_f_gbMijZ\ey_fuc]_g_jZlhjlZdlh\hcqZklhlu^eywfmebjm_fh]hijhp_kkhjZ<hafh`ghklvieZ\gh]hbaf_g_gbylZdlh\hcqZklhluhld=p^hF=p=Zev\Zgbq_kdbjZa\yaZgguchldhfivxl_jZdZgZek\yab56&khkdhjhklvxh[f_gZD;h^<kljh_ggZykbkl_fZkZfh^bZ]ghklbdbZiiZjZlmjuwfmeylhjZOZjZdl_jbklbdbijh]jZffgh]hh[_ki_q_gbyxxxxxxIjh]jZffgh_h[_ki_q_gb_hjb_glbjh\ZghgZjZ[hlm\ kj_^_:LQGRZV\ gZ,%0khf_klbfuodhfivxl_jZok ijhp_kkhjZfblbiZ3HQWLXP<kljh_ggucfgh]hhdhggucj_^Zdlhj ij_^gZagZq_g^eygZibkZgbybkoh^guol_dklh\ijh]jZffJ_^Zdlhjih^^_j`b\Z_lhi_jZpbbk [ehdZfb l_dklZihbkdaZf_gmp\_lh\h_\u^_e_gb_kbglZdkbq_kdbodhgkljmdpbcyaudZZkk_f[e_jZb Kb<kljh_ggucf_g_^`_jijh_dlh\ h[_ki_qb\Z_lZ\lhfZlbq_kdmxdhfibeypbxijh]jZff<k_hipbbaZ^Zxlky\ ^bZeh]h\hcnhjf_I_j_oh^hlj_^Zdlbjh\Zgbybkoh^gh]hl_dklZd hleZ^d_b h[jZlghijhbkoh^blijhajZqghl_f_g_^`_jijh_dlh\Z\lhfZlbq_kdbaZimkdZ_ldhfibeypbxijh_dlZijbg_h[oh^bfhklb3,&(h[_ki_qb\Z_lkbf\hevgmxhleZ^dmb hleZ^dmihbkoh^ghfml_dklm^eyijh]jZffkha^Zgguok ihfhsvxke_^mxsbodhfibeylhjh\R Zkk_f[e_j$60 nbjfu,QWHOR Zkk_f[e_j0&$ nbjfuNblhgFbdjhDhkfR dhfibeylhj3/0 nbjfu,QWHOR Zkk_f[e_jb dhfibeylhjKb nbjfu,$56\VWHPVR Zkk_f[e_jb dhfibeylhjKb nbjfu$YRFHW6\VWHPV,QF+L7HFKR Zkk_f[e_jb dhfibeylhjKb nbjfu.HLO6RIWZDUH,QF:\lhfZlbq_kdh_khojZg_gb_b aZ]jmadZnZceh\dhgnb]mjZpbbZiiZjZlmjubgl_jn_ckZb hipbchleZ^dbH[_ki_qb\Z_lkykh\f_klbfhklvnZceh\dhgnb]mjZpbbk kbfmeylhjhf3'6H[_ki_q_gZi_j_ghkbfhklvijh_dlh\f_`^mwfmeylhjhf3,&(b kbfmeylhjhf3'6<hafh`ghklvgZkljhcdbp\_lh\rjbnlh\b ^jm]boiZjZf_ljh\^ey\k_ohdhgh^gh\j_f_gghb ^eydZ`^h]hhdgZ\ hl^_evghklbWfmeylhj kgZ[`_g i_qZlguf jmdh\h^kl\hf ih wdkiemZlZpbb b dhgl_dklguf we_dljhggufjmdh\h^kl\hf\ dhlhjuo^_lZevghhibkZgu_]hijbgpbiujZ[hludhfZg^uf_gx]hjyqb_deZ\brbKljmdlmjgZyko_fZwfmeylhjZ3,&(JbkKljmdlmjgZyko_fZwfmeylhjZ3,&(<ZjbZgludhfie_dlZpbbwfmeylhjZ3,&(Wfmebjm_fucfbdjhdhgljhee_j,QWHO&K/&)$&5$3KLOLSVK&&)$&5$&/&$WPHO&&&666LHPHQV6$%0+6&&&&&2NL&&&$0'&&&,QWHO&;K;/&)$)%)&;&5$5%5&3KLOLSVK;&;&)$)%)&;&5$5%5&5';&&$WPHO&&&6LHPHQV6$%0+6&;&&;&;&2NL&;&;&$0'&;&;&Dhfie_dlihklZ\dbWfmeypby\gmlj_gg_cHkgh\gZy Kf_gguciZfylbieZlZZ^Zil_jijh]jZff$WPHO&&&3KLOLSV&&&&3KLOLSV&&&3KLOLSV&&&&&&,QWHO&*%'DOODV'6&'6&'6;&'DOODV'6;&WfmeypbhggZy]heh\dZG_l3,&(32'$'3',3beb $'3/&&.3,&(32'5;$'3',3beb $'3/&&.3,&($'3.3,&(32'beb32'5;32'$'3/&&G_l3,&(32'*%$'3/&&$'3',3beb $'3/&&G_l.3,&(3,&(.3,&(.3,&(32'32'32''632''6$'3/&&$'3/&&$'3'6KjZ\gbl_evgu_oZjZdl_jbklbdbg_dhlhjuowfmeylhjh\^eyfbdjhdhgljhee_jh\k_f_ckl\ZFh^_evIhklZ\sbdWfmebjm_fu_fbdjhdhgljhee_juk_f_ckl\ZFZdkbfZevgZyqZklhlZwfmeypbbFZdkbfZevguch[t_fwfmebjm_fhciZfylb<hafh`ghklbi_j_jZkij_^_e_gbyiZfylbf_`^mwfmeylhjhfbmkljhckl\hfihevah\Zl_ey(08/1RKDX&RUSRUDWLRQ8636LJQXP6\VWHPVLFH0$67(50HWD/LQN3,&(Nblhg0+]0+]0+]0+]<k_ba\_klgu_jZagh\b^ghklb.;ehdZfbih.<k_hkgh\gu_jZagh\b^ghklb.;ehdZfbih[Zcl<k_hkgh\gu_jZagh\b^ghklb.;ehdZfbih[Zcl<k_hkgh\gu_jZagh\b^ghklb.K lhqghklvx^h]h[ZclZFh^_evIhklZ\sbd;mn_j ljZkkbjh\db>hklmigZe_lmdwfmebjm_fhciZfylbbljZkkbjh\sbdmBgl_jn_ckkdhfivxl_jhfDhgkljmdpbyb jZaf_ju(08/1RKDX&RUSRUDWLRQ>h.nj_cfh\ih[bl8636LJQXP6\VWHPV>h.nj_cfh\ih[blLFH0$67(50HWD/LQN>h.nj_cfh\ih[blDZjlZ\ ,6$kehl56&^h .EDXGH56&^h .EDXGHDhjimk[[PPdZ[_ev32'Dhjimk[[PPdZ[_ev32'>Z>\_dZjlu\ ,6$nhjfZl_dZ[_ebf_ljZ32'u>Z>Z3,&(Nblhg>hD nj_cfh\ih[blZ>ZBahebjh\Zgguc56&^h.EDXGH<_kvwfmeylhj\ wfmeypbhgghc]heh\d_jZaf_jhf[[PPP_gZaZkhihklZ\bfmxdhgnb]mjZpbxihklZ\db1RKDX6LJQXP0HWD/LQNih^^_j`dZKSULFHOLVWSULFHOLVW0+].5$0[mn_j SULFHOLVWljZkkbjh\dbh[t_fh.nj_cfh\f;he__ ihegZy bgnhjfZpby Z lZd `_ ^_fh\_jkby wfmeylhjZ ij_^klZ\e_gZ gZ :HEVLWHKWWSZZZSK\WRQUXDhg_qgh klhev rbjhdbc gZ[hj nmgdpbhgZevguo \hafh`ghkl_c ^_eZ_l \gmljbko_fgu_ wfmeylhjugZb[he__fhsgufb mgb\_jkZevgufkj_^kl\hfhleZ^dbIjh]jZffgu_kbfmeylhjuKbfmeylhj ijh]jZffgh_kj_^kl\hkihkh[gh_bfblbjh\ZlvjZ[hlmfbdjhdhgljhee_jZb _]hiZfylbDZdijZ\behkbfmeylhjkh^_j`bl\ k\h_fkhklZ\_xxHleZ^qbdFh^_evPIMb iZfylb;he__ ijh^\bgmlu_ kbfmeylhju kh^_j`Zl \ k\h_f khklZ\_ fh^_eb \kljh_gguo i_jbn_jbcguomkljhckl\lZdbodZdlZcf_juihjlu:PIkbkl_fuij_ju\ZgbcKbfmeylhj ^he`_g mf_lv aZ]jm`Zlv nZceu ijh]jZff \h \k_o ihimeyjguo nhjfZlZo fZdkbfZevghihegh hlh[jZ`Zlv bgnhjfZpbx h khklhygbb j_kmjkh\ kbfmebjm_fh]h fbdjhdhgljhee_jZ Z lZd`_ij_^hklZ\eylv \hafh`ghklb ih kbfmeypbb \uiheg_gby aZ]jm`_gghc ijh]jZffu \ jZaebqguo j_`bfZo <ijhp_kk_ hleZ^db fh^_ev ©\uihegy_lª ijh]jZffm b gZ wdjZg_ dhfivxl_jZ hlh[jZ`Z_lky l_dms__khklhygb_fh^_ebAZ]jmab\ ijh]jZffm \ kbfmeylhj ihevah\Zl_ev bf__l \hafh`ghklv aZimkdZlv __ \ ihrZ]h\hf bebg_ij_ju\ghf j_`bfZo aZ^Z\Zlv mkeh\gu_ b [_amkeh\gu_ lhqdb hklZgh\Z dhgljhebjh\Zlv b k\h[h^ghfh^bnbpbjh\Zlv kh^_j`bfh_ yq__d iZfylb b j_]bkljh\ kbfmebjm_fh]h fbdjhijhp_kkhjZ K ihfhsvxkbfmeylhjZ fh`gh [ukljh ijh\_jblv eh]bdm \uiheg_gby ijh]jZffu ijZ\bevghklv \uiheg_gbyZjbnf_lbq_kdbohi_jZpbc< aZ\bkbfhklb hl deZkkZ bkihevam_fh]h hleZ^qbdZ jZaebqgu_ kbfmeylhju fh]ml ih^^_j`b\Zlv\ukhdhmjh\g_\mxkbf\hevgmxhleZ^dmijh]jZffG_dhlhju_ fh^_eb kbfmeylhjh\ fh]ml kh^_j`Zlv jy^ ^hihegbl_evguo ijh]jZffguo kj_^kl\ lZdbogZijbf_jdZdbgl_jn_ck\g_rg_ckj_^u\kljh_ggmxbgl_]jbjh\Zggmxkj_^mjZajZ[hldb< j_Zevghc kbkl_f_ fbdjhdhgljhee_j h[uqgh aZgbfZ_lky kqblu\Zgb_f bgnhjfZpbb kih^dexq_gguo \g_rgbo mkljhckl\ ^Zlqbdh\ h[jZ[hldhc wlhc bgnhjfZpbb b \u^Zq_c mijZ\eyxsbo\ha^_ckl\bc gZ bkihegbl_evgu_ mkljhckl\Z Qlh[u \ kbfmeylhj_ g_ h[eZ^Zxs_f bgl_jn_ckhf \g_rg_ckj_^ukfh^_ebjh\ZlvjZ[hlm^ZlqbdZgm`gh\jmqgmxbaf_gylvl_dms__khklhygb_fh^_ebi_jbn_jbcgh]hmkljhckl\Z d dhlhjhfm \ j_Zevghc kbkl_f_ ih^dexq_g ^Zlqbd ?keb gZijbf_j ijb ijb_f_ [ZclZ q_j_aihke_^h\Zl_evguc ihjl \a\h^blky g_dhlhjuc neZ`hd Z kZf [Zcl ihiZ^Z_l \ hij_^_e_gguc j_]bklj lhh[Zwlb^_ckl\bygm`ghijhba\h^blv\ lZdhfkbfmeylhj_\jmqgmxGZebqb_`_bgl_jn_ckZ\g_rg_ckj_^uiha\hey_l ihevah\Zl_ex kha^Z\Zlv b ]b[dh bkihevah\Zlv fh^_ev \g_rg_c kj_^u fbdjhdhgljhee_jZnmgdpbhgbjmxsmxb \aZbfh^_ckl\mxsmxk hleZ`b\Z_fhcijh]jZffhcihaZ^ZgghfmZe]hjblfmHq_\b^ghc hkh[_gghklvx ijh]jZffguo kbfmeylhjh\ y\ey_lky lh h[klhyl_evkl\h qlh bkiheg_gb_ijh]jZff aZ]jm`_gguo \ kbfmeylhj ijhbkoh^bl \ fZkrlZ[_ \j_f_gb hlebqghf hl j_Zevgh]h H^gZdhgbadZy p_gZ\hafh`ghklv\_^_gbyhleZ^db^Z`_\ mkeh\byohlkmlkl\byfZd_lZhleZ`b\Z_fh]hmkljhckl\Z^_eZxl ijh]jZffgu_ kbfmeylhju \_kvfZ wnn_dlb\guf kj_^kl\hf hleZ^db Hl^_evgh g_h[oh^bfhih^q_jdgmlv qlh kms_kl\m_l p_euc deZkk hrb[hd dhlhju_ fh]ml [ulv h[gZjm`_gu lhevdh ijb ihfhsbkbfmeylhjZIeZlujZa\blbyIeZlu jZa\blby beb dZd ijbgylh bo gZau\Zlv \ aZjm[_`ghc ebl_jZlmj_ hp_ghqgu_ ieZlu(YDOXDWLRQ %RDUGV y\eyxlky k\h_h[jZagufb dhgkljmdlhjZfb ^ey fZd_lbjh\Zgby ijbdeZ^guo kbkl_f<ihke_^g__ \j_fy ijb \uimkd_ gh\hc fh^_eb djbklZeeZ fbdjhdhgljhee_jZ nbjfZijhba\h^bl_evh[yaZl_evgh \uimkdZ_l b khhl\_lkl\mxsmx ieZlm jZa\blby H[uqgh wlh i_qZlgZy ieZlZ k mklZgh\e_ggufgZ g_c fbdjhdhgljhee_jhf iexk \ky g_h[oh^bfZy _fm klZg^ZjlgZy h[\yadZ GZ wlhc ieZl_ lZd`_mklZgZ\eb\Zxl ko_fu k\yab k \g_rgbf dhfivxl_jhf DZd ijZ\beh lZf `_ bf__lky k\h[h^gh_ ihe_ ^eyfhglZ`Z ijbdeZ^guo ko_f ihevah\Zl_ey Bgh]^Z bf__lky m`_ ]hlh\Zy jZa\h^dZ ^ey mklZgh\db^hihegbl_evguomkljhckl\j_dhf_g^m_fuonbjfhcGZijbf_jIAMHAM@DB^bkie_cdeZ\bZlmjZ:PIb ^j Djhf_ mq_[guo beb fZd_lguo p_e_c lZdb_ ^hjZ[hlZggu_ ihevah\Zl_e_f ieZlu klZeh \u]h^ghwdhghfby \j_f_gb bkihevah\Zlv \ dZq_kl\_ h^ghieZlguo dhgljhee_jh\ \kljZb\Z_fuo \ fZeh k_jbcgmxijh^mdpbxrl>ey [hevr_]h m^h[kl\Z ieZlu jZa\blby dhfie_dlmxlky _s_ b ijhkl_crbf kj_^kl\hf hleZ^db gZ[Za_ fhgblhjZ hleZ^db H^gZdh a^_kv ijhy\bebkv ^\Z jZaguo ih^oh^Z h^bg bkihevam_lky ^eyfbdjhdhgljhee_jh\ bf_xsbo \g_rgxx rbgm Z \lhjhc ^ey fbdjhdhgljhee_jh\ g_ bf_xsbo \g_rg_crbgu< i_j\hf kemqZ_ hleZ^hqguc fhgblhj ihklZ\ey_lky nbjfhc \ \b^_ fbdjhko_fu IAM dhlhjZy\klZ\ey_lky \ ki_pbZevgmx jha_ldm gZ ieZl_ jZa\blby IeZlZ lZd`_ bf__l HAM ^ey ijh]jZffihevah\Zl_ey b dZgZe k\yab k \g_rgbf dhfivxl_jhf beb l_jfbgZehf Ijbf_jhf a^_kv fh`_l kem`blvieZlZjZa\blbynbjfu,QWHO^eyfbdjhdhgljhee_jZ<h \lhjhf kemqZ_ ieZlZ jZa\blby bf__l \kljh_ggu_ ko_fu ijh]jZffbjh\Zgby \gmlj_gg_]h IAMfbdjhdhgljhee_jZ dhlhju_ mijZ\eyxlky hl \g_rg_]h dhfivxl_jZ < wlhf kemqZ_ ijh]jZffZ fhgblhjZijhklh aZghkblky \ IAM fbdjhdhgljhee_jZ kh\f_klgh k ijbdeZ^gufb dh^Zfb ihevah\Zl_ey IjbdeZ^gZyijh]jZffZ ijb wlhf ki_pbZevgh ^he`gZ [ulv ih^]hlh\e_gZ \ gm`gu_ __ f_klZ \klZ\eyxl \uah\uhleZ^hqguo ih^ijh]jZff fhgblhjZ AZl_f hkms_kl\ey_lky ijh[guc ijh]hg Qlh[u \g_klb \ ijh]jZffmbkijZ\e_gby ihevah\Zl_ex gZ^h kl_j_lv IAM b ijhba\_klb ih\lhjgmx aZibkv =hlh\mx ijbdeZ^gmxijh]jZffmihemqZxlbahleZ`_gghciml_fm^Ze_gby\k_o\uah\h\fhgblhjguonmgdpbcb kZfh]hfhgblhjZhleZ^db<Z`gh hlf_lblv qlh iexk d fhgblhjm bgh]^Z ieZlu jZa\blby dhfie_dlmxlky _s_ b ijh]jZffZfbhleZ^dbdhlhju_aZimkdZxlkygZ\g_rg_fdhfivxl_j_\ k\yad_ kfhgblhjhfWlbijh]jZffu\ ihke_^g__\j_fy aZf_lgh mkeh`gbebkv b aZqZklmx bf_xl \ukhdhijhn_kkbhgZevguc gZ[hj hleZ^hqguo nmgdpbcgZijbf_j hleZ^qbdkbfmeylhj beb jZaebqgu_ we_f_glu ijbkmsb_ \ qbklhf \b^_ bgl_]jbjh\Zggufkj_^ZfjZajZ[hldb< khklZ\ihklZ\ey_fuodhfie_dlh\fh]ml\oh^blvb ijh]jZffuijbdeZ^gh]hoZjZdl_jZgZb[he__qZklh\klj_qZxsb_kygZijZdlbd_<hafh`ghklbihhleZ^d_ij_^hklZ\ey_fu_dhfie_dlhfieZlZjZa\blbyiexkfhgblhj[_amkeh\ghg_ klhev mgb\_jkZevgu dZd \hafh`ghklb \gmljbko_fgh]h wfmeylhjZ ^Z b g_dhlhjZy qZklv j_kmjkh\fbdjhijhp_kkhjZ \ ijhp_kk_ hleZ^db hl[bjZ_lky ^ey jZ[hlu fhgblhjZ L_f g_ f_g__ gZebqb_aZdhgq_ggh]h gZ[hjZ ]hlh\uo ijh]jZffghZiiZjZlguo kj_^kl\ iha\heyxsbo [_a ihl_jb \j_f_gbijbklmiblv d fhglZ`m b hleZ^d_ ijbdeZ^ghc kbkl_fu \h fgh]bo kemqZyo y\ey_lky j_rZxsbf nZdlhjhfHkh[_ggh _keb mq_klv qlh klhbfhklv lZdh]h dhfie_dlZ g_kdhevdh f_gvr_ q_f klhbfhklv [he__mgb\_jkZevgh]hwfmeylhjZHleZ^hqgu_fhgblhjuIjbgpbijZ[hluHleZ^hqguc fhgblhj ki_pbZevgZy ijh]jZffZ aZ]jm`Z_fZy \ iZfylv hleZ`b\Z_fhckbkl_fu HgZ \ugm`^Z_l ijhp_kkhj ihevah\Zl_ey ijhba\h^blv djhf_ ijbdeZ^ghc aZ^Zqb _s_ bhleZ^hqgu_nmgdpbbxxxxxAZ]jmadmijbdeZ^guodh^h\ihevah\Zl_ey\ k\h[h^gmxhlfhgblhjZiZfylvMklZgh\dmlhq_dhklZgh\ZAZimkdb hklZgh\aZ]jm`_gghcijh]jZffu\ j_Zevghf\j_f_gbIjhoh^ijh]jZffuihevah\Zl_eyihrZ]ZfqZklvnmgdpbcljZkkbjh\sbdZIjhkfhljj_^Zdlbjh\Zgb_kh^_j`bfh]hiZfylbb mijZ\eyxsboj_]bkljh\Ijh]jZffZfhgblhjZh[yaZl_evgh^he`gZjZ[hlZlv\ k\yad_k \g_rgbfdhfivxl_jhfbebiZkkb\gufl_jfbgZehf gZ dhlhjuo b ijhbkoh^bl \bamZebaZpby b mijZ\e_gb_ ijhp_kkhf hleZ^db Ih\lhjbf qlhhleZ^hqgu_fhgblhjubkihevamxllhlijhp_kkhjdhlhjucm`_klhblgZieZl_ihevah\Zl_ey>hklhbgkl\Zb g_^hklZldbhleZ^hqguofhgblhjh\>hklhbgkl\hf wlh]h ih^oh^Z y\eyxlky hq_gv fZeu_ aZljZlu ijb khojZg_gbb \hafh`ghklb \_klbhleZ^dm\ j_Zevghf\j_f_gb=eZ\guf g_^hklZldhf y\ey_lky hl\e_q_gb_ j_kmjkh\ fbdjhdhgljhee_jZ gZ hleZ^hqgu_ b k\yagu_ijhp_^mjugZijbf_jfhgblhj aZgbfZ_lg_dhlhjuch[t_fiZfylbij_ju\Zgbyihke_^h\Zl_evgucdZgZeH[t_fhl\e_dZ_fuoj_kmjkh\aZ\bkblhlbkdmkkl\ZjZajZ[hlqbdZfhgblhjZ< ihke_^g__\j_fyihy\bebkvba^_eby dhlhju_ ijZdlbq_kdb g_ aZgbfZxl ZiiZjZlguo j_kmjkh\ijhp_kkhjZh gbojZkkdZaZgh\ jZa^_e_wfmeylhjuIAMDZd ijZ\beh dZ`^Zy nbjfZjZajZ[hlqbd k_f_ckl\Z fbdjhdhgljhee_jh\ beb PIHK \uimkdZ_l b\ZjbZglhleZ^hqgh]hfhgblhjZhgh[uqghihklZ\ey_lky\f_kl_k ieZlZfbjZa\blbyWfmeylhjuIAMWfmeylhj IAM ijh]jZffgh ZiiZjZlgh_ kj_^kl\h iha\heyxs__ aZf_sZlv IAM gZ hleZ`b\Z_fhcieZl_b ih^klZ\eyxs__\f_klhg_]hHAM\ dhlhjh_fh`_l[ulvaZ]jm`_gZijh]jZffZk dhfivxl_jZq_j_ah^bg ba klZg^Zjlguo dZgZeh\ k\yab Wlh mkljhckl\h iha\hey_l ihevah\Zl_ex ba[_`Zlv fgh]hdjZlguopbdeh\i_j_ijh]jZffbjh\ZgbyIAMWfmeylhjIAMbf__lkfukelhevdh^eyfbdjhdhgljhee_jh\dhlhju_\khklhygbbh[jZsZlvkyd \g_rg_ciZfylbijh]jZffWlhmkljhckl\hkjZ\gbfhihkeh`ghklbb ihklhbfhklbk ieZlZfb jZa\blby Hgh bf__l h^gh [hevrh_ ^hklhbgkl\h mgb\_jkZevghklv Wfmeylhj IAM fh`_ljZ[hlZlvk ex[ufblbiZfbfbdjhdhgljhee_jh\JZggb_ wfmeylhju IAM iha\heyeb lhevdh aZ]jm`Zlv ijh]jZffm aZimkdZlv __ b hklZgZ\eb\Zlvbkihevamy h[sbc k[jhk AZl_f ihy\bebkv mkeh`g_ggu_ fh^_eb k ZiiZjZlghc \ujZ[hldhc kb]gZeh\ljZkkbjh\dbih ^hklb`_gbbhij_^_e_ggh]hZ^j_kZgZhkpbeeh]jZnWfmebjm_fZyiZfylv\ lZdboba^_ebyo[ueZ ^hklmigZ ^ey ijhkfhljZ b fh^bnbdZpbb gh hq_gv \Z`guc dhgljhev aZ \gmlj_ggbfb mijZ\eyxsbfbj_]bkljZfbfbdjhdhgljhee_jZ[ue^hg_^Z\g_]h\j_f_gbg_\hafh`_gH^gZdh ihy\bebkv fh^_eb bgl_ee_dlmZevguo wfmeylhjh\ IAM dhlhju_ iha\heyxl ©aZ]ey^u\Zlvª\gmljv fbdjhdhgljhee_jZ gZ ieZl_ ihevah\Zl_ey b \hh[s_ ih mijZ\e_gbx hleZ^dhc klZeb ihoh`bfb gZ\gmljbko_fguc wfmeylhj NbjfZ &DFWXV ^Z`_ ij_^klZ\ey_l k\hc nZdlbq_kdb bgl_ee_dlmZevguc wfmeylhjIAMdZd\gmljbko_fgucwfmeylhjjy^Zfbdjhijhp_kkhjh\gZklhevdhg_\hafh`ghhlebqblvjZ[hlmk l_fb^jm]bf < ^_ckl\bl_evghklb ijhp_kkhj a^_kv g_ aZf_sZ_lky Z bkihevam_lky lhl qlh klhbl gZ ieZl_ihevah\Zl_eyBgl_ee_dlmZevgu_ wfmeylhju IAM ij_^klZ\eyxl kh[hc ]b[jb^ ba h[uqgh]h wfmeylhjZ IAMfhgblhjZ hleZ^db b ko_f [ukljh]h i_j_dexq_gby rbgu k h^gh]h gZ ^jm]hc Wlbf kha^Z_lky wnn_dl dZd_keb [u fhgblhj hleZ^db [ue mklZgh\e_g gZ ieZl_ ihevah\Zl_ey b ijb wlhf hg g_ aZgbfZ_l mfbdjhdhgljhee_jZ gbdZdbo ZiiZjZlguo j_kmjkh\ djhf_ g_[hevrhc ahgu ijh]jZffguo rZ]h\ ijbf_jghD GZijbf_j lZdh_ mkljhckl\h jZajZ[hlZeZ nbjfZ ©Nblhgª ^ey \k_o kms_kl\mxsbo b [m^msbofbdjhdhgljhee_jh\ dhlhju_ bf_xl y^jh hl gh ^hihegbl_evgh gZkus_ggu jZaebqgufbmkljhckl\Zfb \\h^Z?\u\h^Z Wlh mkljhckl\h ih^^_j`b\Z_l fgh`_kl\h kZfuo jZaguo fbdjhdhgljhee_jh\nbjf3KLOLSV6LHPHQV2.,Lbibqgu_nmgdpbhgZevgu_fh^mebkj_^kl\jZajZ[hldbb hleZ^dbEx[h_ ba i_j_qbke_gguo bgkljmf_glZevguo kj_^kl\ khklhbl ba g_kdhevdbo \aZbfh^_ckl\mxsboijh]jZffguo eb[h ZiiZjZlguo nmgdpbhgZevguo fh^me_c DZ`^uc ba gbo h[_ki_qb\Z_l hij_^_e_ggucdjm]k_j\bkguomkem]ijbjZajZ[hld_b hleZ^d_ijh]jZffG_dhlhju_bafh^me_cki_pbnbqgu^eylh]hbebbgh]h lbiZ bgkljmf_glZevguo kj_^kl\jZajZ[hldb^jm]b_bkihevamxlky\hijZdlbq_kdb\h\k_o\ZjbZglZokbkl_fjZajZ[hldbijh]jZff^eyfbdjhdhgljhee_jh\DZdfbgbfmfkbkl_fZjZajZ[hldbkh^_j`blke_^mxsb_nmgdpbhgZevgu_[ehdbxxxxHleZ^qbdMa_ewfmeypbbfbdjhdhgljhee_jZWfmeypbhggZyiZfylvIh^kbkl_fZlhq_dhklZgh\Z;he__ijh^\bgmlu_fh^_ebfh]mlkh^_j`Zlv^hihegbl_evghxxxxxxxIjhp_kkhjlhq_dhklZgh\ZLjZkkbjh\sbdIjhnbebjh\sbdZgZebaZlhjwnn_dlb\ghklbijh]jZffgh]hdh^ZLZcf_jj_Zevgh]h\j_f_gbIjh]jZffghZiiZjZlgu_ kj_^kl\Z h[_ki_qb\Zxsb_ \hafh`ghklv ql_gby b fh^bnbdZpbb j_kmjkh\wfmebjm_fh]h ijhp_kkhjZ ©gZ e_lmª l_ \ ijhp_kk_ \uiheg_gby ijh]jZffu ihevah\Zl_ey \j_Zevghf\j_f_gbIjh]jZffghZiiZjZlgu_ kj_^kl\Z h[_ki_qb\Zxsb_ kbgojhggh_ mijZ\e_gb_ g_h[oh^bfh_ ^eywfmeypbb\ fmevlbijhp_kkhjguokbkl_fZoBgl_]jbjh\Zggmxkj_^mjZajZ[hldbHleZ^qbdHleZ^qbd y\ey_lky k\h_h[jZaguf fhklhf f_`^m jZajZ[hlqbdhf b hleZ^hqguf kj_^kl\hf KhklZ\ bh[t_f bgnhjfZpbbijhoh^ys_cq_j_akj_^kl\Z\\h^Z\u\h^Z^hklmighklv__ ^ey\hkijbylbydhgljheybijbg_h[oh^bfhklb^eydhjj_dpbbb fh^bnbdZpbbgZijyfmxaZ\bkylhlk\hckl\b dZq_kl\ZhleZ^qbdZOhjhrbchleZ^qbdiha\hey_lhkms_kl\eylvxxxAZ]jmadmhleZ`b\Z_fhcijh]jZffu\ iZfylvkbkl_fu<u\h^ gZ fhgblhj khklhygby b kh^_j`bfh]h \k_o j_]bkljh\ b iZfylb b ijb g_h[oh^bfhklb bofh^bnbdZpbxMijZ\e_gb_ijhp_kkhfwfmeypbb;he__ fhsgu_ hleZ^qbdb h[uqgh bo gZau\Zxl \ukhdhmjh\g_\ufb +LJK/HYHO 'HEXJJHUV ihfbfhwlh]hiha\heyxlxx<_klb kbf\hevgmx hleZ^dm [eZ]h^Zjy lhfm qlh hleZ^qbd agZ_l Z^j_kZ \k_o kbf\hevguoi_j_f_gguo fZkkb\h\ b kljmdlmj aZ kq_l bkihevah\Zgby ki_pbZevghc bgnhjfZpbb ihklZ\ey_fhcdhfibeylhjhf Ijb wlhf ihevah\Zl_ev fh`_l hi_jbjh\Zlv [he__ ijb_fe_fufb ^ey q_eh\_dZkbf\hevgufbbf_gZfbg_mljm`^Zyk_[yaZihfbgZgb_fboZ^j_kh\Dhgljhebjh\Zlv b ZgZebabjh\Zlv g_ lhevdh ^bkZkk_f[ebjh\Zgguc l_dkl gh b bkoh^guc l_dklijh]jZffugZibkZgghcgZyaud_\ukhdh]hmjh\gyb ^Z`_k kh[kl\_ggufbdhff_glZjbyfbLZdhc hleZ^qbd iha\hey_l ihevah\Zl_ex h^gh\j_f_ggh dhgljhebjh\Zlv oh^ \uiheg_gby ijh]jZffub \b^_lvkhhl\_lkl\b_f_`^mbkoh^gufl_dklhfh[jZahfijh]jZffu\ fZrbgguodh^Zob khklhygb_f\k_oj_kmjkh\wfmebjm_fh]hfbdjhdhgljhee_jZKe_^m_l hlf_lblv qlh \ukhdhmjh\g_\uc hleZ^qbd h[_ki_qb\Z_l \uiheg_gb_ \k_o k\hbo nmgdpbclhevdh \ lhf kemqZ_ _keb bkihevam_lky djhkkdhfibeylhj ihklZ\eyxsbc ihegmx b ijZ\bevgmxhleZ^hqgmx bgnhjfZpbx g_ \k_ dhfibeylhju hkh[_ggh bo ibjZlkdb_ \_jkbb ihklZ\eyxl lZdmxbgnhjfZpbxb ijbwlhfnhjfZl__ ij_^klZ\e_gby^he`_g[ulvagZdhfhleZ^qbdmMa_ewfmeypbb fbdjhdhgljhee_jZMa_ewfmeypbbfbdjhdhgljhee_jZ fh^meviha\heyxsbcfh^_ebjh\Zlvfbdjhdhgljhee_j>Zgguc[ehdg_h[oh^bf\ kbkl_fZojZajZ[hldbgZhkgh\_\gmljbko_fguowfmeylhjh\b kbfmeylhjh\\ ^jm]bo\ZjbZglZokj_^kl\jZajZ[hldb\ kbkl_fZoijbkmlkl\m_lj_Zevgucfbdjhdhgljhee_jbihwlhfm_]hwfmeypbyg_gm`gZDZdijZ\behijbwfmeypbbfbdjhdhgljhee_jZij_^mkfZljb\Z_lky\hafh`ghklvaZimkdZijh]jZffbohklZgh\Z b \uiheg_gby k jZaebqghc kdhjhklvx \ lhf qbke_ b \ ihrZ]h\hf j_`bf_ LZd`_ h[uqghcy\ey_lky nmgdpby ijhkfhljZ b baf_g_gb_ kh^_j`bfh]h \gmlj_ggbo j_]bkljh\ fbdjhdhgljhee_jZ bkhklhygby_]h\g_rgbo\u\h^h\WfmeypbhggZyiZfylvGZebqb_wfmeypbhgghciZfylb^Z_l\hafh`ghklvbkihevah\Zlv__ \ijhp_kk_hleZ^db\f_klhIAM\hleZ`b\Z_fhckbkl_f_b [he__lh]hhleZ`b\Zlvijh]jZffm[_abkihevah\Zgbyj_Zevghckbkl_fubeb__fZd_lZ Ijb g_h[oh^bfhklb \g_k_gby baf_g_gbc \ hleZ`b\Z_fmx ijh]jZffm ^hklZlhqgh aZ]jmablv gh\mxbeb fh^bnbpbjh\Zggmx ijh]jZffm \ iZfylv wfmeylhjZ \f_klh lh]h qlh[u aZgbfZlvkyi_j_ijh]jZffbjh\Zgb_fIAMKms_kl\mxl fh^_eb wfmeylhjh\ dhlhju_ iha\heyxl ihevah\Zl_ex ©ih^klZ\eylvª \f_klh IAMwfmeypbhggmxiZfylvg_lhevdhp_ebdhfghb ih[ehqgh\ g_dhlhjuofh^_eyofbgbfZevgucjZaf_j[ehdZfh`_l ^hklb]Zlv h^gh]h [ZclZ \ ihjy^d_ hij_^_e_gghf ihevah\Zl_e_f >ey wlh]h ihevah\Zl_ex^hklZlhqghaZ^ZlvjZkij_^_e_gb_iZfylb^Zgguob iZfylbijh]jZff\ khhl\_lkl\bbk dhlhjufijhp_kkhj[m^_l ihemqZlv ^hklmi b d kh^_j`bfhfm IAM \ hleZ`b\Z_fhc kbkl_f_ b d kh^_j`bfhfm wfmeypbhgghciZfylb\gmljbko_fgh]hwfmeylhjZLZdZyiZfylvh[uqghgZau\Z_lkyiZfylvxk \hafh`ghklvxfwiibg]ZIh^kbkl_fZlhq_dhklZgh\ZIh^kbkl_fZ lhq_d hklZgh\Z gZ[hj kj_^kl\ mijZ\eyxsbc ijhp_kkhf \uiheg_gby ijh]jZffu Hgiha\hey_l hklZgZ\eb\Zlv \uihegy_fmx \ j_Zevghf beb ijb[eb`_gghf d j_Zevghfm fZkrlZ[_ \j_f_gbijh]jZffmijb\uiheg_gbbdhfZg^ujZaf_s_gghcihaZ^ZgghfmZ^j_kmQZklguckemqZcjZ[hlukbkl_fulhq_d hklZgh\Z ihrZ]h\h_ \uiheg_gb_ >jm]b_ qZklh bkihevam_fu_ kemqZb hklZgh\ ijb ijh\_^_gbbhi_jZpbc\\h^Z\u\h^Z< lhf beb bghf \b^_ ^Zgguc fh^mev ijbkmlkl\m_l dZd \ kbkl_fZo k wfmeypb_c beb kbfmeypb_cfbdjhdhgljhee_jZlZdb \kbkl_fZok j_Zevguffbdjhdhgljhee_jhf< ihke_^g_fkemqZ_ijb^hklb`_gbblhqdb hklZgh\Z fbdjhdhgljhee_j hklZgZ\eb\Z_lky beb b i_j_\h^blky gZ \uiheg_gb_ ki_pbZevghcfhgblhjbg]h\hc ijh]jZffu ijb ihfhsb dhlhjhc fh`gh aZnbdkbjh\Zlv beb baf_gblv khklhygb_fbdjhdhgljhee_jZi_j_^ihke_^mxsbfklZjlhf;he__ jZa\bluc gZ[hj k_j\bkguo nmgdpbc ZgZeh]bqgh]h gZagZq_gby bf__l ijhp_kkhj lhq_dhklZgh\ZIjhp_kkhjlhq_dhklZgh\ZIjhp_kkhj lhq_d hklZgh\Z iha\hey_l hklZgZ\eb\Zlv \uiheg_gb_ ijh]jZffu beb \uihegylv bgu_^_ckl\bygZijbf_jaZimkdZlvbebhklZgZ\eb\ZlvljZkkbjh\sbdijb\uiheg_gbbaZ^Zgguoihevah\Zl_e_fmkeh\bc < hlebqb_ hl f_oZgbafZ h[uqguo lhq_d hklZgh\Z ijhp_kkhj lhq_d hklZgh\Z iha\hey_lnhjfbjh\Zlv b hlke_`b\Zlv mkeh\by ijZdlbq_kdb ex[hc kl_i_gb keh`ghklb b ijb wlhf wfmebjm_fucijhp_kkg_\u\h^blkybafZkrlZ[Zj_Zevgh]h\j_f_gbLjZkkbjh\sbd< kmsghklb ljZkkbjh\sbd ij_^klZ\ey_l kh[hc eh]bq_kdbc ZgZebaZlhj jZ[hlZxsbc kbgojhggh kijhp_kkhjhf b nbdkbjmxsbc ihlhd \uihegy_fuo bgkljmdpbc b khklhygby \u[jZgguo \g_rgbo kb]gZeh\Kms_kl\mxl fh^_eb \gmljbko_fguo wfmeylhjh\ dhlhju_ iha\heyxl ljZkkbjh\Zlv g_ lhevdh \g_rgb_kb]gZeu gh b khklhygby \gmlj_ggbo j_kmjkh\ fbdjhdhgljhee_jZ gZijbf_j j_]bkljh\ LZdb_ wfmeylhjubkihevamxlki_pbZevgu_\_jkbbfbdjhdhgljhee_jh\wfmeypbhggu_djbklZeeuIjhnbebjh\sbdIjhnbebjh\sbd bgZq_ ZgZebaZlhj wnn_dlb\ghklb ijh]jZffgh]h dh^Z iha\hey_l ihemqblv ihj_amevlZlZfijh]hgZhleZ`b\Z_fhcijh]jZffuke_^mxsmxbgnhjfZpbxxxDhebq_kl\hh[jZs_gbcd jZaebqgufmqZkldZfijh]jZffu<j_fyaZljZq_ggh_gZ\uiheg_gb_jZaebqguomqZkldh\ijh]jZffu:gZeba klZlbklbq_kdhc bgnhjfZpbb ihklZ\ey_fhc ijhnbebjh\sbdhf iha\hey_l e_]dh \uy\eylvf_jl\u_ beb i_j_gZijy`_ggu_ mqZkldb ijh]jZff b \ j_amevlZl_ hilbfbabjh\Zlv kljmdlmjmhleZ`b\Z_fhcijh]jZffuBgl_]jbjh\ZggZykj_^ZjZajZ[hldbBgl_]jbjh\ZggZy kj_^Z jZajZ[hldb wlh kh\hdmighklv ijh]jZffguo kj_^kl\ ih^^_j`b\ZxsZy \k_wlZiujZajZ[hldbijh]jZffgh]hh[_ki_q_gbyhlgZibkZgbybkoh^gh]hl_dklZijh]jZffu^h__ dhfibeypbbb hleZ^db b h[_ki_qb\ZxsZy ijhklh_ b [ukljh_ \aZbfh^_ckl\b_ k ^jm]bfb bgkljmf_glZevgufbkj_^kl\Zfb ijh]jZffguf hleZ^qbdhfkbfmeylhjhf \gmljbko_fguf wfmeylhjhf wfmeylhjhf IAM bijh]jZffZlhjhfKljh]h ]h\hjy bgl_]jbjh\Zggu_ kj_^u jZajZ[hldb g_ hlghkylky d qbkem kj_^kl\ hleZ^db l_f g_f_g__ h[hclb \gbfZgb_f ^Zgguc deZkk ijh]jZffguo kj_^kl\ kms_kl\_ggh h[e_]qZxsbc b mkdhjyxsbcijhp_kk jZajZ[hldbb hleZ^dbfbdjhijhp_kkhjguokbkl_f[ueh[ug_ijZ\bevghIjbljZ^bpbhgghfih^oh^_gZqZevgucwlZigZibkZgbyijh]jZffukljhblkyke_^mxsbfh[jZahf Bkoh^guc l_dkl gZ[bjZ_lky ijb ihfhsb dZdh]heb[h l_dklh\h]h j_^ZdlhjZ Ih aZ\_jr_gbb gZ[hjZjZ[hlZ k l_dklh\uf j_^Zdlhjhf ij_djZsZ_lky b aZimkdZ_lky djhkk dhfibeylhj DZd ijZ\beh \gh\vgZibkZggZy ijh]jZffZ kh^_j`bl kbglZdkbq_kdb_ hrb[db b dhfibeylhj khh[sZ_l h gbo gZ dhgkhevhi_jZlhjZ <gh\v aZimkdZ_lky l_dklh\uc j_^Zdlhj b hi_jZlhj ^he`_g gZclb b mkljZgblv \uy\e_ggu_ hrb[dbijb wlhf khh[s_gby h oZjZdl_j_ hrb[hd \u\_^_ggu_ dhfibeylhjhf m`_ g_ \b^gu lZd dZd wdjZgaZgyll_dklh\ufj_^ZdlhjhfB wlhl pbde fh`_l ih\lhjylvky g_ h^bg jZa ?keb ijh]jZffZ bf__l [hevrhc h[t_f kh[bjZ_lky bajZaebqguo qZkl_c b ih^\_j]Z_lky ^ebl_evghfm j_^Zdlbjh\Zgbx beb fh^_jgbaZpbb lh ^Z`_ wlhlgZqZevgucwlZifh`_lihlj_[h\Zlvfgh]hkbeb \j_f_gbIhke_wlh]hgZklmiZ_lwlZihleZ^dbijh]jZffubd j_^Zdlhjm k dhfibeylhjhf ^h[Z\ey_lky wfmeylhj beb kbfmeylhj aZ jZ[hlhc dhlhjh]h ohl_ehkv [uke_^blvijyfhihl_dklmijh]jZffu\ l_dklh\hfj_^Zdlhj_Ba[_`Zlv [hevrh]h h[t_fZ h^ghh[jZaguo ^_ckl\bc b l_f kZfuf kms_kl\_ggh ih\ukblvwnn_dlb\ghklv ijhp_kkZ jZajZ[hldb b hleZ^db iha\heyxl lg bgl_]jbjh\Zggu_ kj_^u h[hehqdbjZajZ[hldb,QWHJUDWHG'HYHORSPHQW(QYLURQPHQW,'(JZ[hlZ\ bgl_]jbjh\Zgghckj_^_^Z_lijh]jZffbklmxx<hafh`ghklv bkihevah\Zgby \kljh_ggh]h fgh]hnZceh\h]h l_dklh\h]h j_^ZdlhjZ ki_pbZevghhjb_glbjh\Zggh]hgZjZ[hlmk bkoh^gufbl_dklZfbijh]jZff>bZ]ghklbdZ \uy\e_gguo ijb dhfibeypbb hrb[hd b bkoh^guc l_dkl ijh]jZffu ^hklmigucj_^Zdlbjh\Zgbx\u\h^ylkyh^gh\j_f_ggh\ fgh]hhdhgghfj_`bf_xxxx<hafh`ghklv hj]ZgbaZpbb b \_^_gby iZjZee_evghc jZ[hlu gZ^ g_kdhevdbfb ijh_dlZfb F_g_^`_jijh_dlh\ iha\hey_l bkihevah\Zlv ex[hc ijh_dl \ dZq_kl\_ rZ[ehgZ ^ey \gh\v kha^Z\Z_fh]hijh_dlZI_j_dhfibeypbbih^\_j]Zxlkylhevdhj_^Zdlbjh\Z\rb_kyfh^meb<hafh`ghklv aZ]jmadb hleZ`b\Z_fhc ijh]jZffu \ bf_xsb_ky kj_^kl\Z hleZ^db b jZ[hlu k gbfb[_a\uoh^Zbah[hehqdb<hafh`ghklvih^dexq_gbyd h[hehqd_ijZdlbq_kdbex[uoijh]jZffguokj_^kl\< ihke_^g__ \j_fy nmgdpbb bgl_]jbjh\Zgguo kj_^ jZajZ[hldb klZgh\ylky klZg^ZjlghcijbgZ^e_`ghklvxijh]jZffguobgl_jn_ckh\wfmeylhjh\b hleZ^qbdh\kbfmeylhjh\Ih^h[gu_ nmgdpbhgZevgu_ \hafh`ghklb \ khq_lZgbb k ^jm`_kl\_gguf bgl_jn_ckhf \ khklhygbbkms_kl\_ggh m\_ebqblv kdhjhklv jZajZ[hldb ijh]jZff ^ey fbdjhdhgljhee_jh\ b ijhp_kkhjh\ pbnjh\hch[jZ[hldbkb]gZeh\Ijh]jZffgu_kj_^kl\Z^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6xxxxxx>baZkk_f[e_ju^ey0&6Bgl_]jbjh\ZggZyhleZ^hqgZykj_^Z3UR9LHZ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;$Bgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQBgl_]jbjh\ZggZyhleZ^hqgZykj_^Z^ey$'X&Dhfibeylhjuk yaudZZkk_f[e_j ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;b[ebhl_dZ^eyjZ[hluk qbkeZfbk ieZ\Zxs_caZiylhc .E>baZkk_f[e_ju0&6>baZkk_f[e_j ij_^gZagZq_g ^ey ij_h[jZah\Zgby bkihegy_fh]h dh^Z fbdjhdhgljhee_jh\ 0&6\ l_dklijh]jZffugZyaud_Zkk_f[e_jZNhjfZlu\oh^guo^Zgguo+(;2%-%,1JZ[hlZijhba\h^blkyk ihfhsvxkbkl_fuf_gxIh^^_j`b\Zxlkyijhp_kkhjuxxxxxxxxx&&&&&$&$&$&$]Z lZd`_bofh^bnbdZpbbxxx>baZkk_f[e_j^ey0&6 .E>baZkk_f[e_j^ey ]k bkoh^gbdZfb .E>baZkk_f[e_j,17(/ .E<\_^_gb_\ bgl_]jbjh\ZggmxhleZ^hqgmxkj_^m3UR9LHZ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6;$3UR9LHZ9 .E3UR9LHZ nbjfu )UDQNOLQ 6RIWZDUH ,QF ± bgl_]jbjh\ZggZy kj_^Z jZajZ[hldb ijh]jZffgh]hh[_ki_q_gby ^ey h^ghdjbklZevguo fbdjhdhgljhee_jh\ k_f_ckl\Z ,QWHO b _]h dehgh\ HgZ \dexqZ_l \k_[y \kz qlh gm`gh ^ey kha^Zgby j_^Zdlbjh\Zgby dhfibeypbb ljZgkeypbb dhfihgh\db aZ]jmadb bhleZ^dbijh]jZff klZg^Zjlgucbgl_jn_ck:LQGRZV iheghnmgdpbhgZevgucj_^Zdlhjbkoh^guol_dklh\k \u^_e_gb_fkbglZdkbq_kdbowe_f_glh\p\_lhf hj]ZgbaZlhjijh_dlZ ljZgkeylhjk yaudZ& Zkk_f[e_j hleZ^qbd \kljh_ggmxkijZ\hqgmxkbkl_fmKj_^Z jZajZ[hldb ih^h[gZ 9LVXDO & 0LFURVRIW b %RUODQG & ^ey :LQGRZV Ihevah\Zl_ebagZdhfu_k ex[ufbawlboba^_ebc[m^mlqm\kl\h\Zlvk_[y\ 3UR9LHZdZd^hfZI_j\uc wlZi jZajZ[hldb ijh]jZffu ± aZibkv _z bkoh^gh]h l_dklZ gZ dZdhfeb[h yaud_ijh]jZffbjh\ZgbyAZl_f ijhba\h^blky dhfibeypby beb ljZgkeypby _]h \ dh^u ba kbkl_fu dhfZg^ fbdjhdhgljhee_jZbkihevamy ljZgkeylhj beb Zkk_f[e_j LjZgkeylhju b Zkk_f[e_ju ± ijbdeZ^gu_ ijh]jZffu dhlhju_bgl_jij_lbjmxl l_dklh\uc nZce kh^_j`Zsbc bkoh^guc l_dkl ijh]jZffu b kha^Zxl h[t_dlgu_ nZceukh^_j`Zsb_h[t_dlgucdh^Ihke_ dhfihgh\db h[t_dlguo fh^me_c gZklmiZ_l wlZi hleZ^db ijh]jZffu mkljZg_gby hrb[hdhilbfbaZpbbb l_klbjh\Zgbyijh]jZffu3UR9LHZ h[t_^bgy_l \k_ wlZiu jZajZ[hldb ijbdeZ^ghc ijh]jZffu \ _^bguc j_dmjkb\guc ijhp_kkdh]^Z\ ex[hcfhf_gl\j_f_gb\hafh`_g[ukljuc\ha\jZld ex[hfmij_^u^ms_fmwlZim3UR9LHZbf__lke_^mxsb_dhfihg_gluHilbfbabjmxsbcdjhkkdhfibeylhj&Yaud & mgb\_jkZevguc yaud ijh]jZffbjh\Zgby dhlhjuc h[_ki_qb\Z_l wnn_dlb\ghklv dh^Zwe_f_glukljmdlmjgh]hijh]jZffbjh\Zgbyb bf__l[h]ZlucgZ[hjhi_jZlhjh\Mgb\_jkZevghklvhlkmlkl\b_h]jZgbq_gbc j_ZebaZpbb ^_eZxl yaud & m^h[guf b wnn_dlb\guf kj_^kl\hf ijh]jZffbjh\Zgby ^eyrbjhdh]hjZaghh[jZabyaZ^ZqFgh`_kl\hijbdeZ^guoijh]jZfffh`_l[ulvgZibkZghe_]q_b wnn_dlb\g__gZ yaud_&q_fgZ^jm]bo[he__ki_pbZebabjh\ZgguoyaudZo& ihegZy j_ZebaZpby klZg^ZjlZ $16, :f_jbdZgkdh]h gZpbhgZevgh]h bgklblmlZ klZg^Zjlh\gZkdhevdh wlh \hafh`gh ^ey Zjobl_dlmju ,QWHO & ]_g_jbjm_l dh^ ^ey \k_]h k_f_ckl\Zfbdjhdhgljhee_jh\ ,QWHO LjZgkeylhj khq_lZ_l ]b[dhklv ijh]jZffbjh\Zgby gZ yaud_ & kwnn_dlb\ghklvxdh^Zb [ukljh^_ckl\b_fZkk_f[e_jZBkihevah\Zgb_ yaudZ \ukhdh]h mjh\gy & bf__l ke_^mxsb_ ij_bfms_kl\Z gZ^ ijh]jZffbjh\Zgb_fgZ Zkk_f[e_j_ ]em[hdh]h agZgby kbkl_fu dhfZg^ ijhp_kkhjZ g_ lj_[m_lky we_f_glZjgh_ agZgb_ Zjobl_dlmju ,QWHO`_eZl_evghghg_g_h[oh^bfh jZkij_^_e_gb_j_]bkljh\b kihkh[uZ^j_kZpbbmijZ\eyxlkyiheghklvxljZgkeylhjhfemqrZy qblZ_fhklv ijh]jZffu bkihevamxlky dexq_\u_ keh\Z b nmgdpbb dhlhju_ [he__k\hckl\_gguq_eh\_q_kdhcfukeb\j_fy jZajZ[hldb ijh]jZff b bo hleZ^db agZqbl_evgh dhjhq_ \ kjZ\g_gbb k ijh]jZffbjh\Zgb_f gZZkk_f[e_j_[b[ebhl_qgu_ nZceu kh^_j`Zl fgh]h klZg^Zjlguo ih^ijh]jZff dhlhju_ fh]ml [ulv \dexq_gu \ijbdeZ^gmxijh]jZffmkms_kl\mxsb_ ijh]jZffu fh]ml fgh]hdjZlgh bkihevah\Zlvky \ gh\uo ijh]jZffZo bkihevamyfh^mevgu_f_lh^uijh]jZffbjh\ZgbyFZdjhZkk_f[e_j$:kk_f[e_j $ kh\f_klbf k $60 ,QWHO ^ey \k_]h k_f_ckl\Z fbdjhdhgljhee_jh\ ,QWHO :kk_f[e_j ljZgkebjm_l kbf\hebq_kdmx fg_fhgbdm \ i_j_f_sZ_fuc h[t_dlguc dh^ bf_xsbc \ukhdh_[ukljh^_ckl\b_ b fZeuc jZaf_j FZdjhkj_^kl\Z mkdhjyxl jZajZ[hldm b wdhghfyl \j_fy ihkdhevdm h[sb_ihke_^h\Zl_evghklb fh]ml [ulv jZajZ[hlZgu lhevdh h^bg jZa :kk_f[e_j ih^^_j`b\Z_l kbf\hebq_kdbc^hklmi dh \k_f we_f_glZf fbdjhdhgljhee_jZ b i_j_kljZb\Z_l dhgnb]mjZpbx ^ey dZ`^hc jZagh\b^ghklb,QWHO $ljZgkebjm_lbkoh^gucnZceZkk_f[e_jZ\ i_j_f_sZ_fuch[t_dlgucfh^mevIjbhleZ^d_bebijb \dexq_gghc hipbb ³,QFOXGH GHEXJJLQJ LQIRUPDWLRQ´ wlhl h[t_dlguc nZce [m^_l kh^_j`Zlv ihegmxkbf\hebq_kdmxbgnhjfZpbx^eyhleZ^qbdZbfblZlhjZbeb\gmljbko_fgh]hwfmeylhjZDhfihgh\sbd/Dhfihgh\sbd h[t_^bgy_l h^bg beb g_kdhevdh h[t_dlguo fh^me_c \ h^gm bkihegy_fmx ijh]jZffmDhfihgh\sbd jZaf_sZ_l \g_rgb_ b h[sb_ kkuedb gZagZqZ_l Z[khexlgu_ Z^j_kZ i_j_f_sZ_fufk_]f_glZf ijh]jZff Hg fh`_l h[jZ[Zlu\Zlv h[t_dlgu_ fh^meb kha^Zggu_ ljZgkeylhjhf &Zkk_f[e_jhf$ljZgkeylhjhf3/0,QWHOb Zkk_f[e_jhf$60,QWHODhfihgh\sbdZ\lhfZlbq_kdb\u[bjZ_lkhhl\_lkl\mxsb_[b[ebhl_dbih^^_j`dbb k\yau\Z_llhevdhlj_[m_fu_fh^mebba[b[ebhl_dMklZgh\dbihmfheqZgbx^ey/\u[jZgulZdqlh[uhgbih^oh^beb^ey[hevrbgkl\ZijbdeZ^guoijh]jZffghfh`ghhij_^_eblvb aZdZagu_mklZgh\dbHleZ^qbdkbfmeylhj:LQ6LPHleZ^qbd bkoh^guo l_dklh\ bkihevam_lky k ljZgkeylhjhf & Zkk_f[e_jhf $ ljZgkeylhjhf3/0 ,QWHO b Zkk_f[e_jhf $60 ,QWHO HleZ^qbdkbfmeylhj iha\hey_l fh^_ebjh\Zlv [hevrbgkl\hhkh[_gghkl_c,QWHO [_agZebqbyZiiZjZlguokj_^kl\Fh`ghbkihevah\Zlv_]h^eyijh\_jdbb hleZ^dbijbdeZ^ghc ijh]jZffu ij_`^_ q_f [m^ml ba]hlh\e_gu ZiiZjZlgu_ kj_^kl\Z Ijb wlhf fh^_ebjm_lkyrbjhdh_jZaghh[jZab_i_jbn_jbcguomkljhckl\\dexqZyihke_^h\Zl_evgucihjl\g_rgbc\\h^ \u\h^blZcf_ju;ukljucklZjl³;ukljuc klZjl´ ± wlh h[uqguc ijbzf jZajZ[hlqbdh\ kh\j_f_gguo ijh]jZffguo kj_^kl\ P_evkhklhbl \ lhf qlh[u g_ m]em[eyykv ihdZ \ ih^jh[ghklb ^Zlv gh\bqdm beb ^hklZlhqgh hiulghfmihevah\Zl_ex i_j\h_ ij_^klZ\e_gb_ h ijh]jZffghf kj_^kl\_ ^Zlv \hafh`ghklv [ukljh ihemqblvdhgdj_lguc j_amevlZl Ihegh_ ij_^klZ\e_gb_ agZgby b mf_gby ihy\ylky iha`_ \ ijhp_kk_ jZ[hlu bbamq_gbykijZ\hqguofZl_jbZeh\< dZq_kl\_ ijbf_jZ \havfzf ijhkl_crmx ijh]jZffm k dhlhjhc gZqbgZxl bamq_gb_ yaudh\ijh]jZffbjh\Zgby fgh]b_ ihdhe_gby klm^_glh\ ³+HOOR :RUOG´ ijh]jZffZ ba iZidb ?)VL?([DPSOHV?+HOOR?dhlhjZy\u^Zzl\ ihke_^h\Zl_evgucihjl8$57fbdjhdhgljhee_jZkljhdmkbf\heh\³+HOOR :RUOG´³Ijb\_lFbj´<_kvbkoh^gucl_dklijh]jZffukh^_j`blky\ nZce_KHOORF<285),567352*5$0LQFOXGHUHJK!VSHFLDOIXQFWLRQUHJLVWHUGHFODUDWLRQVIRUWKHLQWHQGHGGHULYDWLYHLQFOXGHVWGLRK!SURWRW\SHGHFODUDWLRQVIRU,2IXQFWLRQVPDLQSURJUDPYRLG PDLQYRLG^H[HFXWLRQVWDUWVKHUHDIWHUVWDFNLQLW6&21 [6&21PRGHELW8$57HQDEOHUFYU702'_ [702'WLPHUPRGHELWUHORDG7+ [I7+UHORDGYDOXHIRUEDXG75 75WLPHUUXQ7, 7,VHW7,WRVHQGILUVWFKDURI8$57SULQWI+HOOR:RUOG?QWKHSULQWIIXQFWLRQFDOOZKLOH^$QHPEHGGHGSURJUDPGRHVQRWVWRSDQGQHYHUUHWXUQV:HYHXVHGDQHQGOHVV`ORRS<RXPD\ZLVKWRSXWLQ\RXURZQ`FRGHZHUHZHYHSULQWHGWKHGRWVIj_`^_ q_f gZqZlv jZajZ[hldm ijh_dlZ kdhibjmcl_ iZidm ?)VL?([DPSOHV?+HOOR? \ k\hx ebqgmx iZidm< wlhciZid_gZoh^blky\k_]hebrvh^bgnZceKHOORFAZimkd3UR9LHZb kha^Zgb_nZceZijh_dlZ3UR9LHZaZimkdZ_lkybaklZjlh\h]hf_gx:LQGRZVih^h[ghhklZevgufijbeh`_gbyf?kebg_h[oh^bfhaZimklblv ijh]jZffm ba dhfZg^ghc kljhdb _z kbglZdkbk bf__l \b^ 39 >SURMHFWILOH@ ]^_ SURMHFWILOH bfynZceZijh_dlZk jZkrbj_gb_f>35-@Ex[Zy gh\Zy jZ[hlZ \ 3UR9LHZ dZd b \h \k_o kh\j_f_gguo dhfibeylhjZo gZqbgZ_lky k kha^Zgbygh\h]hnZceZijh_dlZNZceijh_dlZkh^_j`blbf_gZ\k_obkoh^guonZceh\k\yaZgguok ijh_dlhfZ lZd`_mklZgh\dbdhfibeypbbljZgkeypbbb k\yau\ZgbynZceh\qlh[u]_g_jbjh\Zlv\uihegy_fmxijh]jZffm>ey lh]h qlh[u kha^Zlv gh\uc nZce ijh_dlZ \u[_jbl_ 1HZ ba f_gx 3URMHFW Hldjh_lky ^bZeh]h\h_hdgh 1HZ 3URMHFW Bkihevamcl_ dghidm %URZVH qlh[u \hclb \ k\hx iZidm GZc^bl_ iZidm ?+HOOR b gZ`fbl_dghidm>2.@AZl_f\u[_jbl_³´dZdlbiijh_dlZDh]^Z f_g_^`_j ijh_dlZ hldju\Z_l nZce ijh_dlZ hdgh ijh_dlZ ihdZau\Z_l \dexq_ggu_ bkoh^gu_nZceu< ^ZgghfkemqZ_ihdZg_lgbdZdbobkoh^guonZceh\Bf__lkylhevdhh^bgbkoh^gucnZcedhlhjucg_h[oh^bfhih^dexqblv KHOORF>h[Z\dZnZceZk bkoh^gufl_dklhf b_]hj_^Zdlbjh\Zgb_L_i_jv fh`gh ^h[Z\blv KHOORF d ijh_dlm <u[_jbl_ $GG ILOHba f_gx 3URMHFW Hldjh_lky ^bZeh]h\h_hdgh$GG)LOH<u[_jbl_KHOORFbakibkdZGZr ijh_dl bf__l lhevdh h^bg bkoh^guc nZce < ^Zevg_cr_f <Zrb ijh_dlu \hafh`gh [m^mlkhklhylv ba fgh`_kl\Z bkoh^guo nZceh\ >bZeh] $GG )LOH iha\hebl <Zf \u[jZlv b ^h[Z\blv g_kdhevdhnZceh\ kjZam >ey wlh]h bkihevamxl dhf[bgZpbx deZ\brb >&75/@ b mdZaZl_ey furb Dh]^Z <u gZ`fzl_>2SHQ@bkoh^gu_nZceu[m^ml^h[Z\e_gud ijh_dlm\ \u[jZgghfihjy^d_L_i_jv fh`gh j_^Zdlbjh\Zlv l_dkl ba nZceZ KHOORF <u[_jbl_ KHOORF ba hdgZ 3URMHFW jbk GZ`fbl_ _]h ijZ\hc dghidhc furb b \u[_jbl_ 9LHZ VRXUFH ILOH beb ijhklh ^\Z`^u szedgbl_ furvx ^eylh]hqlh[uijhkfZljb\ZlvnZce\ hdg_j_^Zdlbjh\ZgbyJbk>bZeh]h\h_hdgh 3URMHFW3UR9LHZ aZ]jm`Z_l b ihdZau\Z_l kh^_j`Zgb_ KHOORF \ hdg_ ]^_ fh`gh j_^Zdlbjh\Zlv nZce Hdghj_^Zdlbjh\Zgby jbk iheghnmgdpbhgZevguc j_^Zdlhj bkoh^gh]h l_dklZ ij_^eZ]Zxsbc lZdb_\hafh`ghklb dZd \uk\_qb\Zgb_ kbglZdkbq_kdbo we_f_glh\ b dhgl_dklguc ihbkd ?keb \u[jZlv ³SULQWI´ bgZ`ZlvdeZ\brm>)@3UR9LHZhldjh_lkbkl_fmkijZ\dbb i_j_c^zld jZa^_emkijZ\dbh ³SULQWI´JbkHdghj_^Zdlbjh\ZgbyDhfibeypbyb dhfihgh\dZWlhl ijhp_kk dhfibebjm_l k\yau\Z_l KHOORF k [b[ebhl_dZfb b kha^Z_l Z[khexlguc h[t_dlgucfh^mevdhlhjucfukfh`_fijh\_jblv\ hleZ^qbd_:LQ6LP<u[_jbl_ 0DNH ba f_gx 3URMHFW 3UR9LHZhlh[jZ`Z_l hdgh ihdZau\Zy l_dms__ khklhygb_ijhp_kkZ Dh]^Z ijhp_kk dhfibeypbb aZdhgqblky\ hdg_0HVVDJH jbkhlh[jZ`Z_lkykhh[s_gb_aZ\_jr_gby ?keb [ueb h[gZjm`_gu dZdb_gb[m^vhrb[dbh gbokhh[sZ_lkya^_kv`_L_klbjh\Zgb_b hleZ^dZJbkHdgh khh[s_gbc<uihegbf hleZ^dm ijh]jZffu ?keb ijh_dlgh\uchldjh_lky^bZeh]h\h_hdgh'HEXJ2SWLRQVjbk ]^_ <u fh`_l_ baf_gylv mklZgh\db hleZ^qbdZ < ^Zevg_cr_f fh`gh mklZgh\blv hipbb hleZ^qbdZ\u[jZ\'HEXJbaf_gx2SWLRQVGZrijh_dlbkihevam_lagZq_gbyihmfheqZgbxJbkHdgh^bZeh]ZhipbchleZ^qbdZ<u[_jbl_6WDUWbaf_gx'HEXJ<u[_jbl_ +DUGZDUH ZiiZjZlgu_ kj_^kl\Z ba f_gx 9LHZ <u[_jbl_ 8$57 hldjh_lky hdghihke_^h\Zl_evgh]h ihjlZ jbk < ^Zevg_cr_f ijb jZ[hl_ ijh]jZffu a^_kv fh`gh [m^_l m\b^_lv \kzqlh\u\h^blfbdjhdhgljhee_j\ ihke_^h\Zl_evgucihjlJbkHdghihke_^h\Zl_evgh]hihjlZ<u[_jbl_5XQbaf_gx'HEXJbebgZ`fbl_dghidmJbk ihdZau\Z_l dZd \u]ey^bl wdjZg hleZ^qbdZ :LQ6LP ijb \uiheg_gbb ijh]jZffu H[jZlbl_\gbfZgb_qlh\ hdgh8$57\u\_^_gl_dkl³+HOOR:RUOG´JbkWdjZghleZ^qbdZijb\uiheg_gbbijh]jZffuIjb \u\h^_ kbf\heh\ \ ihjl gZqbgZ_lky \uiheg_gb_ [_kdhg_qgh]h pbdeZ <u fh`_l_ hklZgh\blv\uiheg_gb_ijh]jZffu\u[jZ\6WRSbaf_gx'HEXJK ihfhsvxj_]meylhjZijbgZ`Zlhcdghid_gZ iZg_eb bgkljmf_glh\ fh`gh f_gylv kdhjhklv jZ[hlu hleZ^qbdZ KljhdZ khklhygbyihdZau\Z_ll_dms__j_Zevgh_\j_fyIhrZ]h\ucj_`bfb \uoh^ bahleZ^qbdZ<u fh`_l_ bkihevah\Zlv hleZ^qbd qlh[u i_j_f_sZlvky ih ijh]jZff_ <u[_jbl_ 5HVHW ba f_gx'HEXJwlZdhfZg^Zk[jhkblfh^_ebjm_fucijhp_kkhjb \u[_jbl_6WHS,QWRb 6WHS2YHUbaf_gx'HEXJDhfZg^u 6WHS iha\heyxl ³rZ]Zlv´ ih dZ`^hc kljhd_ bkoh^gh]h l_dklZ L_dmsZy dhfZg^Z\uk\_qb\Z_lkygZdZ`^hfrZ]_6WHS,QWRiha\hey_l\hclb\ \uau\Z_fmxnmgdpbx6WHS2YHU± i_j_rZ]gmlvq_j_ag_zg_\oh^y\h\gmljv>ey aZ\_jr_gby jZ[hlu k hleZ^qbdhf \ ex[hc fhf_gl \j_f_gb <u fh`_l_ \u[jZlv 7HUPLQDWH baf_gx 'HEXJb \ha\jZlblvky\ j_`bfj_^Zdlbjh\ZgbyKe_^mxsbcrZ]H[jZlbl_\gbfZgb_qlh\ j_`bf_hleZ^dbgZwdjZg_\b^gu_sz^\ZhdgZI_j\h_± hdghdh^Zjbk ]^_ \ ihrZ]h\hf j_`bf_ iZjZee_evgh k bkoh^guf l_dklhf gZ yaud_ & b^zl ljZkkbjh\dZ l_dklZ gZZkk_f[e_j_JbkHdghdh^ZIjhdjmlbl_hdghdh^Zb bamqbl_Zkk_f[e_jgucZgZeh]bkoh^gh]hl_dklZK kbf\heh\³´gZqbgZxlkykljhdbk ihfhsvxdhlhjuoe_]dhkhihklZ\blvZkk_f[e_jgucl_dklb l_dklgZyaud_&H[jZlbl_\gbfZgb_gZlhkdhevdhdh^Zijbrehkv[ugZibkZlv_kebijh_dlbjh\Zlvijh]jZffmgZZkk_f[e_j_:kk_f[e_jguc ZgZeh] l_dklZ khojZgy_lky \ nZce_ KHOOROVW _keb \ hipbyo ijh_dlZ 3URMHFW ba f_gx2SWLRQV hlf_q_gh *HQHUDWH /LVWLQJ jbk A^_kv `_ fh`gh mdZaZlv dZdmx bgnhjfZpbx \dexqZlv \ebklbg]Jbk>bZeh]hipbcijh_dlZBamqbl_ kfuke ^jm]bo hipbc ijh_dlZ \ jZa^_eZo (QYLURQPHQW & $ / Hldjhcl_ nZceebklbg]Z jbkk ihfhsvx9LHZOLVWLQJba f_gx 9LHZJbkHdghnZceZebklbg]Z<lhjh_ hdgh dhlhjh_ ijbkmlkl\m_l gZ wdjZg_\h\j_fyhleZ^db± 0DLQ5HJLVWHUVjbk< wlhf hdg_ ihklhyggh hlh[jZ`Z_lky l_dms__khklhygb_ \k_o ijh]jZffgh^hklmiguo j_]bkljh\fbdjhdhgljhee_jZ ;he__ lh]h kh^_j`bfh_ j_]bkljh\fh`ghf_gylv\h\j_fyhleZ^dbK ihfhsvx imgdlZ 'DWD GXPS ba f_gx 9LHZfh`gh ihkfhlj_lv kh^_j`bfh_ iZfylb jZaebqgh]hlbiZ\ j_`bf_hleZ^dbIhijh[mcl_wlhk^_eZlvJbkHdghj_]bkljh\Bgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQP9LVLRQ gh\ZyhleZ^hqgZykj_^Znbjfu.HLO6RIWZDUH ^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6 HgZ \dexqZ_l kj_^kl\Z mijZ\e_gby ijh_dlZfb fhsguc l_dklh\uc j_^Zdlhj b fgh]hnmgdpbhgZevguchleZ^qbd \ m^h[ghc ijh]jZffghc h[hehqd_ < dhfie_dl \oh^bl ih^jh[gh_ jmdh\h^kl\h \ dhlhjhf _klvkijZ\hqgZybgnhjfZpbyih\k_f\hijhkZfb jZa^_e^ey[ukljh]hhk\h_gbyijh]jZffuIh^^_j`b\Zxlky fbdjhdhgljhee_ju nbjf $QDORJ 'HYLFHV $0' $WPHO 'DOODV 6HPLFRQGXFWRU,QILQHRQ,QWHO2.,3KLOLSV7HPLF:LQERQGxBgl_]jbjh\ZggZyhleZ^hqgZykj_^ZP9LVLRQ .EDhfibeylhjuk yaudZZkk_f[e_j^eyfbdjhdhgljhee_jh\k_f_ckl\Z0&6:jobl_dlmjZfbdjhdhgljhee_jh\[ueZjZajZ[hlZgZhdhehe_lgZaZ^b \gZklhys__\j_fygZ jugd_ ij_^eZ]Z_lky g_kdhevdh khl_g fbdjhdhgljhee_jh\ dhlhju_ \uimkdZxlky jZagufb nbjfZfb bkh\f_klbfu k < ^Zgghf jZa^_e_ gZoh^ylky dhfibeylhju k Zkk_f[e_jZ ^ey lZdbofbdjhdhgljhee_jh\Dhfibeylhj iha\hey_l ij_h[jZah\u\Zlv bkoh^guc l_dkl ijh]jZffu gZ yaud_ Zkk_f[e_jZ \h[t_dlgucdh^b dh^fbdjhdhgljhee_jZ^eyIAMIjh]jZffu^eyjZaguofh^bnbdZpbcfbdjhdhgljhee_jh\ke_^m_l ibkZlv k mq_lhf hkh[_gghkl_c dhgdj_lgh]h djbklZeeZ b _]h i_jbn_jbcguo fh^me_c Wlh fh`gh\uykgblvih^hdmf_glZpbbgZfbdjhdhgljhee_jFu j_dhf_g^m_f bkihevah\Zlv Zkk_f[e_j $' k ^hdmf_glZpb_c gZ jmkkdhf yaud_ _keb g_lki_pbZebabjh\Zggh]hdhfibeylhjZ^ey\u[jZggh]hfbdjhdhgljhee_jZxxxxxx:kk_f[e_j$' .E:kk_f[e_j^ey0&6 .E:kk_f[e_j^ey0&6 .E,QWHOdjhkkZkk_f[e_j .E:kk_f[e_j^eyk bkoh^gbdZfb .EDjhkkZkk_f[e_j^ey .E$+$++%+...g_l520(3520273520$+$+%+..g_l520273(3520 &%+&%+ .&.g_l520273(3520 &&&&&&&.g_l520273(3520g_l273(3520g_l273(3520......520273520520273520520273520g_l273(3520 //////&)$...&)$.&)%.&)$&)%&)&&)&/)$/)$/)$/)%/)%/)&.........520520520g_l520273520520273520520273(3520 273(3520 K_dj_lghklvLbidhjimkZLZdlh\ZyqZklhlZQbkehebgbc<<:gZeh]\oh^uijh]jZffIhke_^ihjlJ_ab^_glgZyiZfylvLZcf_jukq_lqbdJ_ab^_glgh_HAMH[hagZq_gbyHkgh\gu_oZjZdl_jbklbdbfbdjhdhgljhee_jh\0&6 0&6 Dexq_\u_hkh[_gghklbK_jby G_j_dhf_g^m_lkyd bkihevah\Zgbx\ gh\uojZajZ[hldZo'13'13'13g_l3//Ijhp_kkhj[me_\uonmgdpbcIjhp_kkhj[me_\uonmgdpbcH^bgmjh\gv[ehdbjh\dbAM>\Zmjh\gy[ehdbjh\dbAM'13'13'13g_lg_l/LjblZcf_jZkq_lqbdZLjblZcf_jZkq_lqbdZ>\Zmjh\gy[ehdbjh\dbAM '136 '136 L '136g_l3/J_`bfumijZ\e_gbyihlj_[e_gb_fJ_`bfumijZ\e_gbyihlj_[e_gb_fLjbmjh\gy[ehdbjh\dbAMg_l//////J_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdJ_\_jkb\guclZcf_jkq_lqbdK_jby G_j_dhf_g^m_lkyd bkihevah\Zgbx\ gh\uojZajZ[hldZoK_jby &K_jby ;L 136L 136L '136L 136L '136L 136L '136K_jby ;/ K_jby ;&)$ )% )&161616161616//////136g_l FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$/ FZljbpZijh]jZffbjm_fuokq_lqbdh\3&$ L '136 L136 L136 L '136 L '136K_jby ;/)$ )% )&136161616161616g_l/////9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$9&& hl< ^h<3&$ L13 L13&5$g_l&5$ .273520&5$ .&5% .&5% .&5& .&5& .520520273520520273520&*%g_l&*% .520&*% .273520&-$g_l&-$ .520&-%&6/$+&6/$+&6/$+&6/$+&6/$/&6/$/&6/$/&6/$/&6%&6%&6%........g_lg_l520520273g_l520520273g_l520273520...