B ]%@P 7#>X@ H#(G%@ @;2@ @;% 49C 2FF(#2:; 61 >#@ 2 :;%:M<61@ 15:; @;2@ 2<< 6@%&1 2'#$% >%%7 '% @#5:;%7 #> @# @;% 12&% 7%G(%%B 85@ F%(;2F1 @;% :%>@(2< 1M6<<1 H#( @;% -./ %1123 2(% &+&(2.#. 2>7 &6?*;'+/P H%2@5(%1 #H@%> &6116>G H(#& %11231 2::#(76>G @# @;% ?5'a%:@ g%F#(@B ]%2( 2H@%( 3%2( @;% 12&% (%H(26> 61 ;%2(7 ^ @## &2>3 1@57%>@1 7# >#@ G# '%3#>7 @;% 7%1:(6F@6$% 1@2G% ^ U;6:; <%2$%1 @;%& 1@5:M 6> @;% <#U%( <%$%<1 #H 2:;6%$%&%>@B %:7#@2 7 -./ 6> F2(@6:5<2(P 61 2<< 2'#5@ '%6>G #F%> @# #@;%( 67%21 2>7 :#>167%(6>G 76HH%(%>@ $6%UF#6>@1P 21 &5:; 21 6@ 61 2'#5@ H#(&6>G 2>7 #HH%(6>G #F6>6#>1 #H @;%6( #U>B -./ %11231 >%%7 @# (%H<%:@ @;61B 3 %Y2&F<% @;2@ 61 :;2(2:@%(6b%7 @;51 1;#5<7 '% 2$#67%7B O>%:7#@2< %Y2&F<%1 2(% 2<1# #>%1 @;2@ 1@57%>@1 51% @;%6( &%(3 2<#>% @# 7(2U #>P 2>7 7# >#@ >%:%116@2@% 2>3 H5(@;%( (%1%2(:; #( @;#5G;@B OG26>P @;%1% 1;#5<7 '% 2$#67%7 l &%(3P 21 U% M>#U H(#& -./P 61 #H@%> $%(3 5>(%<62'<%c N6>2<<3P 2>%:7#@2< %Y2&F<%1 #H@%> 7#>X@ <%27 #> @# F2(@6:5<2(<3 :#>$6>:6>G 6&F<6:2@6#>1B -;%3 2(% @(6$62< 6> >2@5(%P 2>7 7#>X@ @%<< 51 &5:; 2'#5@ @;% >2@5(% #H M>#U<%7G%B C>1@%27P %>15(% @;2@ 3#5( 1@57%>@1 1@6:M @# 1F%:6H6:P 1#<67 F%(1#>2< M>#U<%7G% @# 2$#67 F(%1%>@6>G 2>%:7#@%1P 1F%:6H6:2<<3P 21 &%>@6#>%7 2'#$%P @;%6( %YF%(6%>:%1 21 2 <%2(>%( 15:; 21 :;2<<%>G%1 @;%3X$% ;27 U6@; @;%6( %Y@%>7%7 %1123P 6>@%<<%:@52< :<21;%1 @;%3X$% ;27 U6@; :<211&2@%1 2>7 @%2:;%(1P 76HH6:5<@6%1 @;2@ @;%3X$% #$%(:#&% 6> @;%6( =6F<#&2 :#5(1%1B O>#@;%( U23 @# 2$#67 $%%(6>G 6>@# 2>%:7#@% 61 H#( @;%& @# M%%F @;%6( %Y2&F<%1 :#>@%&F#(2(3R 1@#(6%1 @;2@ @2M% @;%& '2:M @# %<%&%>@2(3 1:;##< 2(% 75'6#51 6> 2::5(2:3P 2>7 <2:M 6&&%762:3B -;%3 >%%7 @# '% F(%:61% 2'#5@ U;2@ @;%3X(% 1236>GP 2>7P 21 &5:; 21 F#116'<%P @(3 @# H6Y @;%6( %YF%(6%>:%1 U6@; 2 F<2:% 2>7 72@% @# &2M% @;%& (% :#>$6>:6>GB ###B H(#$%f4 'G&;5('. -;% -./ %1123 >%%71 @# '% #(6G6>2< 2>7 :#&F%<<6>GP 2>7 7%>1@(2@% 2> 6>76$6752< 2FF(#2:;P (2@;%( @;2> a51@ e(%F%2@6>G :#&>F<2:% :21%1 #( 1#5(:%1f _21 @;% C8 F5@ 6@ @;%&1%<$%1`B -;61 &%2>1P 21 &5:; 21 F#116'<%P 7(2U6>G #> (%2< <6H% 16@52@6#>1 @;2@ #@;%( F%#F<% ;2$% >#@ 51%7B -;%1% H#<<#U6>G %Y2&F<%1 2(% a51@ 2 H%U #H @;% @ :#&> #>%1 H#5>7 6> -./ %11231P 2>7 1;#5<7 '% 2$#67%7 6H 2@ 2<< F#116'<%R • • 7 -./ 6> F2(@6:5<2(P F<2:% &2116$% 6&F#(@2>:% #> :#>167%(6>G 76HH%(%>@ F%(1F%:@6$%1B 4%@ 3#5( 1@57%>@1 @# <##M 2@ @;% -./ 762G(2&P 2>7 @(3 @# (%:2<< U;2@ U21 1267 2'#5@ @;% 16G>6H6:2>:% #H @;% WT1X 2H@%( WM>#U%(XR U% 7#>X@ a51@ @;6>M 2'#5@ ;#U M>#U<%7G% (%<2@%7 @# ;'P U% @;6>M 2'#5@ ;#U M>#U<%7G% 61 (%<2@%7 @# ,## M>#U%(1B -;61 &%2>1 :#>167%(6>G 76HH%(%>@ F%(1F%:@6$%1P U;6:; 2G26> 1#5>71 (% :#&F<6:2@%7 @;2> 6@ 61B 8216:2<<3P 6@ &%2>1 @;%3 1;#5<7 16&F<3 @(3 @# :#>167%( ;#U @;#1% <##M6>G H(#& 2 76HH%(%>@ F%(1F%:@6$% &6G;@ $6%U @;% /Z1 6> @;%6( %1123B 83 WF%(1F%:@6$%XP U% 7#>X@ a51@ &%2> 2 76HH%(%>@ #F6>6#> _@;2@X1 U;2@ $.'3Q## '% 7#6>G U;%> @;%3 6>:<57% @;%6( :#5>@%(:<26&` U% &%2> 1#&%@;6>G (% H5>72&%>@2:<57% @;% H#<<#U6>GR • • • • • • • • • 7 &%(%<3 @##<1 6> #(7%( @# <%27 51 #> @# 7%%F%( 1@573d -;% &26> 6&F<6:2@6#> U6<< '% U;2@ ;2FF%>1 U;%> 3#5 16&F<6H3 M>#U<%7G% 2'#5@ @;% U#(<7 U6@;6> 2 %M6>G 2'#5@ U;2@ U% 7# @# M>#U<%7G% U;%> U% (%F(%1%>@ 6@ U6@; 2 % 7 @;% 72>G%(1 #H (%75:6>G %$%(3@;6>G @# 2 %
='+/ 0"# !#%&"#' ?7@@+'0 G%0#';%,H ?M6<<1 @;2@ 1@57%>@1 >%%7 @# '(6>G @# @;% @21M #H U(6@6>G @;%6( %11231 2(% 76(%:@<3 @;% @%2:;%(1X (%1F#>16'6<6@6%1 @# 7%$%<#F #$%( @;% :#5(1% #H @;% F(#G(2&
7B 0>:#5(2G6>G 2>2<3161 -;% -./ %1123 61 (% @;2> 2> #F6>6#> F2F%( U;%(% @;% U(6@%( 1231R e-;61 61 U;2@ C @;6>M 2>7 ;%(% 61 U;3fB -;% 2>2<3161 '%G6>1 U6@; @2M6>G 2F2(@ @;% E- (6G;@ H(#& @;% 1@2(@ @# H6>7 @;% M%3 67%21 5>7%( @;% 15(H2:% #H @;% @#F6:B O 7%@%:@6$% U;# 767>X@ F(#'%P '5@ U;# a5&F%7 @# 2 :#>:<516#> 6> 2 H<21;P U#5<7 F(#'2'<3 '% U(#>G >6>% @6&%1 #5@ #H @%>B -;% 12&% G#%1 H#( 1@57%>@1 U;%> @;%3 H2:% @;% <61@ #H E-1 H#( @;%
*
H6(1@ @6&% '%H#(% &2M6>G @;%6( :;#6:%B .( %$%> 2H@%( @;%3 ;2$% &27% 2 :;#6:% 2>7 '%G6> U(6@6>G @;%6( %1123B -;% &2>@(2 H#( @;% -./ 1@57%>@ ;21 @# '% H(#& @;% H6(1@ &%>@R 0%#+: I=7*/ D/R C> #@;%( U#(71P 3#5 ;2$% @# 21M :%(@26> h5%1@6#>1 #H @;% E-R • •
• • •
K;# U#5<7 '% 1236>G @;61 #( 21M6>G @;61 2>7 U;3d K;2@ 2(% @;% M%3 U#(71 ;%(% ^ 2>7 U;2@ 7# @;%3 ;2$% @# 7# U6@; -./ 2>7 @;% 76HH%(%>@ U231 #H M>#U6>G 1#&%@;6>Gd K;2@ 2(%21 #H M>#U<%7G% 1%%& @# '% (%<%$2>@ @# U;2@ @;% @#F6: 61 2'#5@d K;2@P 6> 1;#(@P 61 @;% @6@<% #( @#F6: G%@@6>G 2@d K;2@ 2(% @;% />#U<%7G% Z5%1@6#>1 @;2@ :2> '% F5<<%7 #5@ #H @;% E- 21 '56<76>G '<#:M1 H#( @;% %1123d
O> 2>2<3161 1;#U1 >#@ a51@ U;2@ 3#5 @;6>MP '5@%79 27* /%#+:B O> 2>2<3161 <##M1 2@ @;6>G1 6> 7%@26< 2>7 5>:#$%(1 @;% ;677%> &%2>6>G1 2>7 @;%> U#(M1 @;#1% 6>@# @;% U(6@6>G #H @;% F2F%(B ?#P 2>2<3161 7#%1>X@ 1@#F U6@; @;% E-j 6@ G#%1 #> @;(#5G;#5@ @;% F2F%(P %1F%:62<<3 21 3#5 '%G6> @# '56<7 3#5( 2(G5&%>@B
%B N#(&6>G 2(G5&%>@1 CH 3#5 :#5<7 7# 2 K#(7<% _U#(7 :<#57` #H @;% ?5'a%:@ g%F#(@ 3#5 &6G;@ H6>7 @;2@ ,*7";'1$ U#5<7 '% @;% '6GG%1@ U#(7 #> @;% 1:(%%> 2<#>G U6@; 6@1 13>#>3&^:#516>1R $.')%)K &0)%$%01K *',)01)K 'F%/'1-' ,1/ D")$%4%-,$%01 2>7 6@1 @U6> 5106#'/7' P"')$%01)I 9#(%#$%(P @;% :#>:%F@ #H &6?*;'+/ ^ 21 :%>@(2< @# #>% #H @;% @U# O1F%:@1 #H @;% (5'(6: ^ 1;#5<7 '% 2 <#7%1@2( _7%HR 2 1@2( @;2@ 61 51%7 @# G567% 3#5( U23 21 2 %< #( 6>1F6(2@6#>` 21 @;%3 '%G6> @# :#&F#1% @;%6( 15&&2@6$% %1123 @;2@ U6<< 7%>1@(2@% @;%6( -./ @;6>M6>GB ?#P 3%1P 2 -./ %1123 61 2> #F6>6#> F2F%( '%:251% 6@ ;21 2 F#6>@ #H $6%UP '5@ 6@ '%:#&%1 (% @;2> @;2@ U;%> 3#5 27$2>:% (%21#>1 H#( 3#5( #F6>6#> #( @;%161 U6@;6> @;% :#>@%Y@ #H U;2@ #@;%(1 @;6>MB ?@57%>@1 2(% H#>7 #H 1236>G @;2@ U% 2<< ;2$% 76HH%(%>@ 67%21 2'#5@ @;6>G1P 1# H#<<#U6>G @;2@ <%27 @;%3 1;#5<7 &2M% @;%1% #@;%( 67%21 F2(@ #H @;%6( %1123 @# 1;#U @;2@ @;%3 5>7%(1@2>7 @;% '6G F6:@5(% >#@ a51@ @;%6( <6@@<% F6%:% #H 6@B .>:% @;%3 5>7%(1@2>7 U;2@ #@;%(1 &6G;@ 123 U;# 7#>X@ 2G(%% U6@; @;%& _2 :#5>@%(:<26&`P #( U;# &6G;@ ;2$% 2 1<6G;@<3 76HH%(%>@ @2M% _#( F%(1F%:@6$%` #> @;6>G1P @;%> @;%3 :2> &2M% @;%6( $6%U 2<< @;% 1@(#>G%(B O>7 U;%> @;%3 %$2<52@% @;% $6%U1 #H 76HH%(%>@ F%#F<% :#&F2(%7 @# @;%6( #U> @;%3 1;#U @;2@ @;%3 (%2<<3 M>#U U;2@ @;%3 2(% @2
"+
"#@6:% @;% (5'(6: 2@ \%$%< ,P U;6:; 1231R e6>$%1@6G2@% 76HH%(%>@ F%(1F%:@6$%1nf U;6:;P '3 6&F<6:2@6#>P &%2>1 2> %1123 @;2@ 7#%1 >#@ @2M% >#@6:% #H #@;%( F%(1F%:@6$%1 U6<< >#@ G# '%3#>7 \ ) #( D
/>#U<%7G% 61 H#(&%7 6> @;61 762<%:@6: G6$% 2>7 @2M% 21 @;% ;61@#(3 #H 2>3 #H @;% O./1 #( 761:6F<6>%1 U6<< 1;#UB C@ ;21 1%<7#& '%%> @;% :21% @;2@ M>#U<%7G% U21 G%>%(2@%7 '3 1#&%#>% 1236>G 1#&%@;6>G @(5% 2>7 %$%(3#>% %<1% 6> @;% U#(<7 H2<<6>G 6>@# <6>% U6@;#5@ 2 &5(&5(B ?#P 6@ 61 2 G##7 67%2 @# 1;#U '3 3#5( #U> %Y2&F<% 6> U(6@6>G 3#5( %1123 @;2@ 3#5 5>7%(1@2>7 @;2@ _2@ <%21@` .%&6'4 :+79('4?' :#&%1 2'#5@ @;(#5G; @;% 73>2&6: #H 2(G5&%>@1 7(2U> H(#& 76$%(1% F%(1F%:@6$%1 2>7 15FF#(@%7 '3 :#>$6>:6>G 2>7 (%2<61@6: %Y2&F<%1B 1G&;5('.R O>3 2(G5&%>@ #( @;%161ll5152<<3 6>$#<$6>G 2 G%>%(2< 1@2@%&%>@ #( M>#U<%7G% :<26&ll >%%71 :#>:(%@% %Y2&F<%1 @# ;%
""
GB N(%h5%>@<3 21M%7 h5%1@6#>1 C%&/ .%7*(4 D 47 9%'+ ;7./ 7> ;2 ./*4'+/. &6' +7/ 96#/#+? #+ /%'#6 >#6./ (&+?*&?'E -;61 h5%1@6#> 61 21M%7 H(%h5%>@<3 '3 @%2:;%(1 U#(M6>G U6@; &5<@6^:5<@5(2< 1@57%>@1B -;%(% 61 ># 16&F<% 2>1U%(P '5@ @;% <2>G52G% 1M6<<1 6> -./ U(6@6>G 2(% &%2>@ @# '% e:#&&5>6:2@6$%f >#@ W<6@%(2(3fB O<1#P &2>3 @6&%1 @;% @;%( @#>G5% 1@57%>@1 7# >#@ U(6@% '%@@%( @;2> @;%6( 1%:#>7 <2>G52G% F%%(1B _-%2:;%(X1 >#@% @# ?%
G @;% '%@@%(B` I6' /%'6' .:#((. /%&/ #+>(*'+$' /%' ;&6:'6 /%&/ &6' +7/ 'G5(#$#/ #+ /%' 6*=6#$E -;%(% 61 2> 6&F(%116$% C8 6>@%(>2< :;%:M #> 15:; @%>7%>:6%1P '5@ 6@ 61 76HH6:5<@ @# M>#U %$%> H#( #>%1%
"#
DB E<2>>6>G @;% %1123 2B 'B :B 7B %B
-;% %1123 U(6@6>G F2@;U23 ?%<%:@6>G 2 EC7%>@6H36>G M>#U<%7G% h5%1@6#>1 N6(1@ 2>7 1%:#>7 #(7%( /Z1 E5@@6>G @;61 6>@# :#>@%Y@R 67%>@6H36>G 2 M>#U<%7G% h5%1@6#> H(#& 2 )*+D E-
2B -;% %1123^U(6@6>G F2@;U23 0%&/ 1@57%>@1 1;#5<7 F<2> @;%6( %1123 61 6>761F5@2'<%V %79 @;%3 1;#5<7 F<2> U6<< $2(3B ?#&% >%%7 @# #5@<6>% h56@% H#(&2<<3j H#( #@;%(1 @;61 7#%1 >#@ U#(Mj @;%3 >%%7 (% #H 2 &6>7 &2F 2FF(#2:; %6@;%( U6@; #( U6@;#5@ @;% 267 #H $6152< #(G2>6b6>G 1#H@U2(%B ?#&% 1@57%>@1 51% #$%(16b%7 1M%@:; F271 @# 7##7<% 2>7 (%:#(7 @;%6( @;#5G;@1j 2>#@;%( U(#@% :(6''%7 <6@@<% >#@%1 6> $%(@6:2< :#<5&>1 #> >#@% :2(71B E%(;2F1 #>% #H @;% 1@(2>G%1@ 1%
0'&$%'6 >67; ,7*/%'6+ I*./6&(#&T >.'1 8 40"1/ ;3 )$"/'1$) *')&01)' $0 $.' J2) 4#,$ #,)$ 3',*K 8 *',#%)'/ $.,$ $.'3 6'*' %1$%;%/,$'/ C3 $.' &*0)&'-$ 04 6*%$%17 ,1 ')),3 01 )0;'$.%17 6.'*' $.'3 *',##3 .,/ $0 $.%1BK 10$ D")$ *';';C'* 6.,$ $.'3 6'*' $,"7.$I =0 8 .,/ $.'; 26''$ ',-. 0$.'* %/',) C,-B ,1/ 40*$. 01 'F'*3 J2K "1$%# $.'3 40"1/ , *.3$.; ,1/ , -014%/'1-'I 9')$ C*,%1)$0*;%17 %/', 8 'F'* .,/I
"$
9#1@ &2@%(62< #> ;#U @# U(6@% @;% %1123 15GG%1@1 2 1%h5%>:% #H 1#&%@;6>G <6M% @;% H#<<#U6>GR U&/%9&2 I
E6:M 2 o@<%
Q>F2:M @;% o@<%
8(26>1@#(& @;% %1123
E<2> @;% %1123
K(6@% @;% %1123
U&/%9&2 -
Q>F2:M @;% o@<%1 0YF<#(% @;%6( F#116'6<6o%1 A;##1% #>%
E<2>
K(6@%
g%$6%U
U&/%9&2 H ?@573 @;% 211%11&%>@ 9%%@ U6@; @%2:;%( ?%<%:@ 2 E8(26>1@#(& 9%%@ U6@; @%2:;%( .(G2>6b% 3#5( 67%21 K(6@% 2 7(2p 9%%@ U6@; @%2:;%( g%$61% 2>7 15'&6@
"%
K;2@%$%( @;% 2FF%2< #H #>% #( @;% #@;%(P 6@X1 '%1@ @# :(%2@% 1#&% M6>7 #H F2@;U23 U6@; 16G>F#1@1 @# @(2:M F(#G(%11 2>7 1%@ 7%27<6>%1B ?@2(@6>G U6@; _:` 2'#$% U;6:; 6>:#(F#(2@%1 @;% >%U<3 (%h56(%7 EENP ;2$6>G 3#5( 1@57%>@1 ='$7;' >&;#(#&6 9#/% /%' &..'..;'+/ 61 2'1#<5@%<3 >%:%112(3P 6H @;%3 ;2$% >#@ '%%> U(6@6>G 2>7 516>G 6@ 2<< @;% U23 @;#(#5G; @;% :#5(1%B -%2:;%(1 ;2$% 1%>@ 6> @;% H#<<#U6>G @# ;%
"&:' & ./6'&;(#+'4 $%'$:(#./ #H @;% M%3 211%11&%>@ @%(&1 2>7 ;2$% 1@57%>@1 &2(M %Y%&F<2( %11231 H#5>7 #> @;% .AA @;2@ ;2$% &2(M1 2>7 :#&&%>@2(6%1 '3 @;% %Y2&6>%(1B Q1% @;61 <61@ #><3 2H@%( (%$6%U6>G @;% &%2>6>G #H @;% @%(&1B
)B
-;61 1;#5<7 >#@ '% >%U @%((6@#(3 6H 3#5 ;2$% '%%> @%2:;6>G 2<< 2<#>G U6@; @;% $#:2'5<2(3 #H -./ 15:; 21 />#U<%7G% Z5%1@6#>1P />#U<%7G% A<26&1P F%(1F%:@6$%1P :#5>@%(:<26&1P O(%21 #H />#U<%7G%P K231 #H />#U6>GP 2>7 1# H#(@;B
DB
?@57%>@1 #4'+/#>2 7+' /'6; H(#& @;% <61@ @;2@ @;%3 @;6>M U6<< '% @;%6( '6GG%1@ :;2<<%>G%P @;%> &%%@ U6@; <6M%^&6>7%7 U#((6%(1 2>7 761:511 1@(2@%G6%1 H#( #$%(:#&6>G @;61 #'1@2:<%B g%27 2>#@;%( %1123 2>7 :#>:%>@(2@% 2<@ @#@2<<3 #> @;2@ #>% H%2@5(% #H @;% %1123B ]#5 :2>X@ 7# %$%(3@;6>G 2@ #>:%c
JB
,'('$/ /%6'' 0@A /'6;. 2>7 U6@; @;(%% 76HH%(%>@ :#<#(%7 &2(M%(1
,B
A#<#5(^:#7% @;% %1123 <##M6>G H#(P 123P M>#U<%7G% :<26&1 _'<5%`P :#5>@%(:<26&1 _(%7`P 2>7 %Y2&F<%1 _G(%%>` l U% 51% @;61 :#<#5( :#76>G H#( #5( %1123 %< 6> 1%:@6#> JB
LB
E211 #5@ @;% 211%11&%>@ @##< 2>7 G6$% 1@57%>@1 @;(%% &6>5@%1 @# 1@573 6@P @;%> 21M H#( @U# $#<5>@%%(1 @# :#&% 5F 2>7 6'$#/' /%' 6*=6#$ W67*?%(2X >67; ;';762 6> @5(>1B CH #>% #H @;% F<23%(1 (%2:;%1 2> 6&F211% 2>#@;%( 1@57%>@ :#&%1 H#(U2(7P @2F1 ;6& #> @;% 1;#5<7%( 2>7 @2M% ;61 F<2:% 5>@6< '#@; O1F%:@1 ;2$% '%%> :#$%(%7B =#>X@ H#(G%@ @;% G%>%(2< h5%1@6#> 2@ @;% @#Fc
'B ?%<%:@6>G 2 E!''$%17 6%$. $.' $',-.'*K )'#'-$%17 $.' J2 2>7 C*,%1)$0*;%17 1%%& >#@ @# ;2$% 2 :<%2(^:5@ #(7%( 6> @;% F(%F2(2@6#> F<2> 2>7 @;% C8 7#%1 >#@ <%G61<2@% ;#U @%2:;%(1 :#>75:@ @;61 F2(@ #H @;%6( %1123 F(%F '%3#>7 U;2@ 61 21M%7 H#( #> @;% EENB K;2@%$%( U#(M1 61 @;% U23 @# G#c
?@(2U $#@%1 6> 1%$%(2< U#(M1;#F1 1;#U%7 @;2@ &2>3 @%2:;%(1 F(%H%( @# @2
"&
-%2:;%( H(#& @;% K%1@ A#21@P Q?O 8 /01Q$ B106 6.%-. %) 60*)' M .,F%17 , )$"/'1$ &,*,#3R'/ C3 %1/'-%)%01 ,$ $.' #%)$K 0* .,F%17 01' 7*,C , $%$#' ,1/ )$,*$ %1 01 , S7*%& %$ ,1/ *%& %$Q )$3#' 04 6*%$%17 $.,$ #',/) $0 /%),)$'*I 8$Q) ;3 D0C $0 )'$ $.' $01' ,1/ $.' &,-' %1 $.' *%7.$ 6,3 ,$ $.' *%7.$ $%;'I A1/ $.,$ ;',1) 7%F%17 0"*)'#F') , 700/ .',/ )$,*$I
O+5&$:#+? ^ U;%@;%( '%H#(% #( 2H@%( :;##16>G 2 E- ^ 61 2 U#(7 :#&><3 51%7 6> @;% 211%11&%>@ <6@%(2@5(%B 85@ U;6<1@ @;% 6>>%( :6(:<%1 #H -./ 51% @;% @%(& H(%h5%>@<3P 6@1 &%2>6>G 61 H2( H(#& 5>6$%(12 '(6%HP 6@ 1%%&1 21 6H @;% 5>F2:M6>G 6&F%(2@6$% 61 :<#1% @# U;2@ 61 &%2>@ '3 2> 2>2<3161 @;2@ 76G1 6>@# @;% '#YP 2>7 H6>71 #5@ U;2@ 61 @;%(% 2>7 U;2@ >%%71 1F%:62< 2@@%>@6#>B ?#&% @%2:;%(1 27$61% 5>F2:M6>G 2<< E-1 '%H#(% 2 :;#6:% 61 &27%j #@;%(1 %>:#5(2G% @;% :;#6:% H6(1@P $.'1 @;% 5>F2:M6>GB K;2@ @;% 1@57%>@ G#%1 @;(#5G; 6> 1%<%:@6>G 2 @6@<% 61 >#@ $%(3 76HH%(%>@ @# U;2@ @;% @%2:;%( U#5<7 %YF%(6%>:% U;%> H2:%7 U6@; @;% 12&% @21MB ?# <##M 2@ @;% <61@ 3#5(1%
•
K;# U#5<7 '% 1236>G @;61 #( 21M6>G @;61 2>7 U;3d K;2@ 2(% @;% M%3 U#(71 ;%(%d O>7 U;2@ 7#%1 6@ ;2$% @# 7# U6@; -./ 2>7 @;% 76HH%(%>@ U231 #H M>#U6>G 1#&%@;6>Gd K;2@ 2(%21 #H M>#U<%7G% 1%%& @# '% (%<%$2>@ @# U;2@ @;% @#F6: 61 2'#5@d K;2@P 6> 1;#(@P 61 @;% @6@<% #( @#F6: G%@@6>G 2@d K;2@ 2(% @;% />#U<%7G% Z5%1@6#>1 @;2@ :2> '% F5<<%7 #5@ #H @;% E- 21 '56<76>G '<#:M1 H#( @;% %1123df O>7P U;2@X1 (%P 7# C @;6>M C :2> 1;#U &3 '%1@ @;6>M6>G U6@; @;61 @6@<%d
-6+./76;#+? ^ @;6>M6>G H(%%<3 U6@;#5@ ;6>7(2>:% ^ 2<#>G U6@; @;% 15(G6:2< 2>2<3@6: U23 #H 277(%116>G @;% E- ^ (5>1 2<< @;% U23 @;(#5G; @;% 1%<%:@6#> 1@2G%B -;% 1@57%>@ >%%71 @# @#GG<% '2:M 2>7 H#(@; '%@U%%> @;% @U# 21 :2<<%7 H#(B -# @;6>M 5F 2> 67%2 2>7 @;%> :(6@6:6b% 6@ H#( U#(@;6>%11 61 :%>@(2< @# 2<@ %$%(3 M>#U<%7G%^ G%>%(2@6>G 761:6F<6>% _#( O./` M>#U> @# 1:;#<2(1;6FP 2 K./ :#&'6>6>G 6&2G6>2@6#> 2>7
"'
(%21#>6>G 2@ @;% $%3 <%21@B -;61 &%2>1 %YF<#(6>G #>%X1 #U> @;6>M6>G 2'#5@ 2 E- '%3#>7 a51@ e<6M6>Gf 6@B -;% 12&% G#%1P #H :#5(1%P U6@; @;% U(6@6>G #H @;% %1123B
O H23 F;6<#1#F;%( #>:% (%&2(M%7 @;2@ @;%(% 2(% @U# F2(@1 @# 2>3 1%>@%>:% #( h5%1@6#>R K;2@ 61 ),%/ P 2>7 U;2@ 61 "1),%/ B Q>F2:M6>G @;#(#5G;<3 &%2>1 H6>76>G @;% 5>1267P 2>7 '%:#&6>G :<%2( #> U;2@ 6@ &%2>1B
:B C7%>@6H36>G M>#U<%7G% h5%1@6#>1 -;% ;%2(@ #H -;%#(3 #H />#U<%7G% @%2:;6>G 2>7 <%2(>6>G 61 &27% 5F #H h5%1@6#>1B -2M% 2U23 @;% 6>@%((#G2@6$% 2>7 @;% :#5(1% %11%>@62<<3 7612FF%2(1B "#@ #><3 61 @;61 @(5% #H h5%1@6#>6>G 21 2 &%@;#7P '5@ 6@ 61 a51@ 21 @(5% #H @;% '2:M'#>% #H @;% %1123 U;%> 1@(5:@5(6>G 3#5( F2F%( 6> @%(&1 #H @;% />#U<%7G% Z5%1@6#>1 _/Z1` @;2@ 3#5 %Y@(2:@ H(#& @;% E(%1:(6'%7 -6@<%B ?@57%>@1 G%@ :#>H51%7 2'#5@ /Z1 '%:251% @;%3 @;6>M @;%3 2(% (% @;2> U;2@ @;%3 2:@52<<3 2(%B -;% :#>:%F@ 61 2:@52<<3 H26(<3 16&F<%R 2 M>#U<%7G% h5%1@6#> 61 %Y2:@<3 @;2@ l 2 h5%1@6#> ^ #( 6115% ^ 2'#5@ M>#U<%7G%B />#U<%7G% h5%1@6#>1 1;#5<7 '% #F%> h5%1@6#>1P U;6:; &%2>1 @;2@ @;%3 7#>X@ ;2$% #'$6#51 2>7 :<%2(<3^7%H6>%7 2>1U%(1P 2>7 :2> '% 6>@%(F(%@%7 76HH%(%>@<3 7%F%>76>G #> @;% F%(1F%:@6$% 3#5 $6%U @;%& H(#&B -./ ;21 2
C&F<6:2@6#>1 #H M>#U<%7G% />#U<%7G% :#>@(#$%(16%1 />#U<%7G% 6115%1
?%%6>G /Z1 21 2 :#&'6>2@6#> #H 2<< @;%1% @;6>G1 61 F(#'2'<3 @;% '%1@ U23 @# 2FF(#2:; @;%&B q6(@52<<3 %$%(3@;6>G ;21 2 /Z 2@@2:;%7 @# 6@B -;% G(%2@ @;6>G 2'#5@ -./ 61 @;2@ 6@ F(#$67%1 1@57%>@1 _2>7 @%2:;%(1` U6@; @;% <2>G52G% 2>7 H(2&%U#(M @# 67%>@6H3 2>7 %YF(%11 2 /ZB -;61 <2>G52G% 2>7 H(2&%U#(M 2(% @;% U231 #H M>#U6>G 2>7 2(%21 #H M>#U<%7G%B \%@X1 F5@ @;61 2<< 6>@# :#>@%Y@ @# &2M% 6@ 2 <6@@<% :<%2(%(B CH U% F6:M 2 >%U1 1@#(3 H(#& (2>7#&P U% :2> @;%> 67%>@6H3 @;% M>#U<%7G% 6115% 6>;%(%>@ 6> 6@B O@ @;% @6&% #H U(6@6>G @;61 G567%P @; :#&&%(2@6#>1 2(% '%6>G ;%<7 2<< #$%( 05(#F% @# &2(M @;% +** 2>>6$%(12(3 #H @;% '%G6>>6>G #H K#(<7 K2( CP U;%> @;% O(:;75M% N(2>b N%(76>2>7 #H O51@(62 U21 2112116>2@%7 '3 2 ?%('62 1@57%>@P 42$(6<# E(6>:6FB N#( @ #H 05(#F% l F2(@6:5<2(<3 O51@(62 l E(6>:6F U21 2 @%((#(61@P
"(
U;#1% 2:@6#>1 ;%
7B N6(1@ 2>7 1%:#>7^#(7%( /Z1 -;%(% 2(% @U# @3F%1 #H /Z1 @;2@ U% 7%2< U6@; 6> -./B •
•
N6(1@^#(7%( M>#U<%7G% h5%1@6#>1B -;%1% 2(% /%*'-$ h5%1@6#>1 2'#5@ @;% U#(<7P <6>M%7 @# 1F%:6H6: 2(%2 #H M>#U<%7G%B ?%:#>7^#(7%( M>#U<%7G% h5%1@6#>1B -;%1% 2(% h5%1@6#>1 @;2@ 2(% :#>:%(>%7 U6@; .06 6' ,-N"%*' B106#'/7' 2'#5@ @;% U#(<7B
O<@;#5G; 75(6>G @;% :#5(1% 3#5X<< <##M 2@ '#@; @;%1% @3F%1 #H /Z1 U6@; 3#5( 1@57%>@1P 6> @;% %1123 @;%6( H#:51 1;#5<7 '% #> 1%:#>7^#(7%( /Z1B -;61 61 6&F#(@2>@ @# '%2( 6> &6>7P '%:251% 6@ U6<< ;%
")
OG26>P F5@@6>G @;61 6> :#>@%Y@P <%@X1 <##M 2@ @;% %Y2&F<% U%X$% 51%7 2'#$%B .5( 15'a%:@ &2@@%( 61 @;% (#<% #H 42$(6<# E(6>:6F 6> @;% 1@2(@ #H @;% N6(1@ K#(<7 K2(B O H6(1@^#(7%( /Z &6G;@ '%R C'6' 3&86#(7 U6#+$#5Z. &$/#7+. /%' 6'&.7+ >76 /%' ./&6/ 7> /%' [#6./ C76(4 C&6E -;61 61 2 $%(3 6>@%(%1@6>G h5%1@6#> @;2@ U#5<7 F(#&F@ 51 @# <##M 2@ @;% %$67%>:% H#( ;61 2:@6#>1 1@2(@6>G @;% U2(P 2>7 @;% %$67%>:% H#( #@;%( H2:@#(1 :2516>G @;% U2(B C@X1 2> #F%> h5%1@6#>B O>7 6@ :<%2(<3 7%2<1 U6@; #>% #H @;% 2(%21 #H M>#U<%7G% l ;61@#(3B 85@ @;61 61 >#@ 2 $2<67 /Z H#( -./P '%:251% 6@ 61 2 H6(1@^#(7%( /ZB -# %YF<#(% @;61 h5%1@6#>P U%X7 51% ;61@#(6:2< &%@;#71P (2@;%( @;2> @;6>M6>G 2'#5@ @;% >2@5(% #H M>#U<%7G% 6@1%
?@57%>@1 :#>H51% H6(1@ 2>7 1%:#>7 #(7%( M>#U<%7G% h5%1@6#>1 6> &2>3 2(%21 #H M>#U<%7G%B 961@2M%1 6> ;61@#(3 2(% F2(@6:5<2(<3 F(%$2<%>@P U6@; 1@57%>@1 5>2'<% @# 761@6>G561; '%@U%%> %$%>@1 H(#& @;% F21@P 2>7 #5( )$"/3 #H %$%>@1 H(#& @;% F21@B [#U%$%(P @;61 :2> F(#$67% 3#5 U6@; 2 G##7 U23 #H 6<<51@(2@6>G @;% 76HH%(%>:% '%@U%%> @;% @U# @3F%1 #H /ZB
%B E5@@6>G @;61 6>@# :#>@%Y@R 67%>@6H36>G M>#U<%7G% h5%1@6#>1 H(#& 2 )*+D E0YF%(6%>:% 1231 @;2@ 1;#U6>G (2@;%( @;2> @%<<6>G 61 @;% '%@@%( U23 @# '%:#&% 27(#6@ U6@; />#U<%7G% Z5%1@6#>1P 1# ;%(% 61 2> %Y2&F<% H(#& @;% -./ ?5'a%:@ g%F#(@ H#( @;% 923 )*+D %Y2& 1%116#>B E- J U21 @;% H#<<#U6>GR 0%' 57..'..#7+ 7> :+79('4?' $&66#'. &+ '/%#$&( 6'.57+.#=#(#/2B 18&(*&/' /%#. $(B CH @;% E- U%(% U(6@@%> 21 e=#%1 @;% F#11%116#> #H M>#U<%7G% :2((3 2> %@;6:2< (%1F#>16'6<6@3df 6@ 61 2 H26( G5%11 @;2@ @;% (%H<%Y #H 1#&% (%27%(1 U#5<7 '% 2 h56:M 3%1 #( >#P 15:; 61 #5( ;2'6@B 85@ @;% <%2(>%( 61 21M%7 H#( 2> %$2<52@6#> #H 2 M>#U<%7G% :<26&P U;6:; 61 1#&%@;6>G h56@% 76HH%(%>@
"*
-;% C7%2< -;6>M%( &6G;@ 123 (6G;@ #HH 6> 2 M6>7 #H 1@(%2& #H :#>1:6#51>%11 ^ e.M23P @;61 61 :<%2(<3 2 ;3F#@;%@6:2< WCHn@;%>X :<26&n CH OP @;%> 8n K;2@ 7# C @;6>M 2'#5@ @;61dBBB i51@ 6>@56@6$%<3n 85@ U26@n C 7#>X@ %$%> (%2<<3 M>#U U;2@ 6@ &%2>1n '5@ C M6>7 #H 7# 2G(%%P '%:251% &3 F%(1#>2< M>#U<%7G% (%&6>71 &% #H @;% @6&% C ;%2(7 2'#5@ @;% G53 U;# U21 G#6>G @# '<#U 5F 2> 26(F<2>%n 2>7 ;61 '(#@;%( H%<@ ;% 1;#5<7 '% 1@#FF%7 #>:% ;% H#5>7 #5@ 2'#5@ ;61 F<2>1n '5@P ;% :#5<7>X@ &2M% 5F ;61 &6>7 2@ H6(1@n 2>7 @;61 U21 2 (%2< <6H% :#>H<6:@n '5@ @;%> 2G26>P C (%&%&'%( @;6>M6>G 2'#5@ @;#1% G531 (%1%2(:;6>G @;% '#&' 2@ \#1 O<2 75(6>G KKCC 2>7 @ #H @;%& U%(% 6> @;% M>#U<%7G% H#( M>#U<%7G%X 12M% %n 2>7 @;2@ M6>7 #H 2FF%2<%7 @# &%n-;#1% 1:6%>@61@1 767>X@ (%2<<3 M>#U @;2@ U;2@ @;%3 U%(% U#(M6>G #> U#5<7 '% 51%7 @# '<#U F%#F<% 5Fn .( 767 @;%3n#( 1;#5<7 @;%3 ;2$% M>#U>dBBB ?# <%@ &% @;6>M @;61 @;(#5G;Bf O>7 6> @;6>M6>G 6@ @;(#5G; @;% C7%2< -;6>M%( '%G6>1 @# 21M h5%1@6#>1 #H @;% E- 2>G U;6:; :#5<7 '% 1#&%@;6>G <6M% @;#1% F2(2F;(21%7 H(#& @;% -./ ?5'a%:@ g%F#(@ #> F2G%1 +J 2>7 +,B • • •
C1 6@ %$%( F#116'<% @# &26>@26> 2 >%5@(2< (%<2@6#>1;6F U6@; U;2@ 61 5>7%( 6>$%1@6G2@6#>d C1 @;%(% 2>3 M>#U<%7G% :#&F<%@%<3 6>7%F%>7%>@ #H %@;6:2< (%1F#>16'6<6@6%1d [#U 7# U% M>#U @;2@ #5( M>#U<%7G% 61 @(51@U#(@;3d
-;% /Z1 2'#$% 2(% #><3 2 F2(@62< <61@ #H U;2@ 2 :(%2@6$% 5>F2:M6>G #H @;% E- :2> F(#75:%B 8%<#U 61 2 <#>G%( <61@ #H F#116'6<6@6%1 @;2@ 1@57%>@1 &6G;@ 761:511 U;6<% M%%F6>G 6> &6>7 @;%6( (%<%$2>:% @# @;% E-P @;%6( F#@%>@62< H#( G%>%(2@6>G %Y2&F<%1 H(#& 76$%(1% F%(1F%:@6$%1 21 U%<< 21 1;2(%7 2>7 F%(1#>2< M>#U<%7G%P @;%6( <6>M @# @U# #( (% O(%21 #H />#U<%7G% 2>7 K231 #H />#U6>GP 2>7 @;%6( <6M%<6;##7 #H H#(&6>G @;% '%1@ 1@(5:@5(% H#( 3#5( 2(G5&%>@B "#@ 2<< /Z1 2(% :(%2@%7 %h52
K;2@ 7#%1 6@ &%2> @# 123 @;% @(5@; U6<< 1%@ 3#5 H(%%d C1 M>#U<%7G% H#( M>#U<%7G%X1 12M% 2 7%H%>16'<% F#16@6#>d A#5<7 @;% a57G&%>@ '% 76HH%(%>@ U6@;6> 76HH%(%>@ %@;6:2< 131@%&1d A2> U;2@ 61 (6G;@ '% M>#U>d =# @;% %>71 %$%( a51@6H3 @;% &%2>1d C1 @;%(% 2 (%1F#>16'6<6@3 @# 1%%M #( 2:h56(% M>#U<%7G%d K;2@ 2(% @;% 72>G%(1 #H 1%
#+
JB K(6@6>G @;% %1123 2B 'B :B 7B
N(2&6>G M>#U<%7G% h5%1@6#>1 l :<26&1 r :#5>@%(:<26&1 0YF<#(6>G :<26&1 2>7 :#5>@%(:<26&1 =(2U6>G #> F%(1#>2< 2>7 1;2(%7 M>#U<%7G% 0$67%>:% @# 2$#67R ;3F#@;%@6:2
2B N(2&6>G M>#U<%7G% h5%1@6#>1 l :<26&1 r :#5>@%(:<26&1 -;% U23 @# 1%@ 5F 2 761:5116#> 2>7 a51@6H6:2@6#> #H /Z1 61 '3 1F<6@@6>G @;%& 5F 6>@# M>#U<%7G% :<26&1 2>7 :#5>@%(:<26&1B -;% M>#U<%7G% :<26& F(#F#1%1 @;% M>#U<%7G% h5%1@6#>P 2>7 @;% :#5>@%(:<26& #FF#1%1 @;% M>#U<%7G% h5%1@6#>P &5:; 6> @;% 12&% U23 21 2 7%'2@% 61 (5>B -;% (%21#> U;3 /Z %YF<#(2@6#> 1;#5<7 '% 1%@ 5F 6> @;61 U23 61 '%:251% @;% C8 =6F<#&2 6> G%>%(2
.>% #H @;% M%3 26&1 #H @;% C8P <61@%7 6> @;% \%2(>%( E(#H6<%P 61 @# %>:#5(2G% W#F%>^&6>7%7>%11X 6> 1@57%>@1B 83 :#>167%(6>G 2<@%(>2@6$% $6%UF#6>@1 _6% :#5>@%(:<26&1`P 1@57%>@1 U6<< 7%>1@(2@% @;2@ @;%3 F#11%11 6@B
E5@@6>G 2<< #H @;61 6>@# :#>@%Y@P U% :2> <##M 2@ #>% #H @;% E-1 H(#& 923 )*+JR KB \I .:'5/#$ #. 7+' 9%7 #. 9#((#+? /7 N*'./#7+ &+2 :+79('4?' $(< &.:#+? >76 $(&6#/2 #+ 4'>#+#/#7+< $7+.#./'+$2 #+ (7?#$ &+4 &4'N*&$2 7> '8#4'+$'] W&4&5/'4 >67; U&*( A*6/M< J^^_XB 18&(*&/' /%#. &5567&$% #+ /97 &6'&. 7> :+79('4?'B -;% h5%1@6#> 21M1 1@57%>@1 @# F6:M @;%6( #U> @U# 2(%21 #H M>#U<%7G%P 1# <%@X1 @;6>M6>G 2'#5@ @;% >2@5(2< 1:6%>:%1 2>7 ;61@#(3B -;% 1@2@%&%>@ 6> @;% @6@<% (%H%(1 @# @;% 1:%F@6:2< &%@;#7 _U;6:; 6@ ;%
#"
g2@;%( @;2> 1@2@% @;61 21 2 h5%1@6#>P @;#5G;P 3#5 U#5<7 >%%7 @# F(%1%>@ 3#5( M>#U<%7G% h5%1@6#> 6>6@62<<3 21 2 WM>#U<%7G% :<26&X l 2:@6>GP 21 U% ;2$% 1267P 21 2 U23 #H WF(#F#16>GX @;% /ZB 0%' .:'5/#$&( ;'/%74 #. & 8'62 '>>'$/#8' 9&2 7> &$N*#6#+? :+79('4?' #+ /%' +&/*6&( .$#'+$'.B -# 2$#67 :#>@(276:@6>G #5(1%<$%1 <2@%( #> 6> @;% %1123P @;#5G; _'%:251%P #H :#5(1%P U%X(% 2<1# G#6>G @# :#>167%( @;% :#5>@%(:<26&`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a51@ '%%> 761:5116>GB -;%1% :#5<7 6>:<57% @;% H#<<#U6>GR • • • • • • • • • • • •
K;6<% #@;%(1 &23 @;6>Mn A#>@(2(3 @# F#F5<2( #F6>6#>n O<@;#5G; @(276@6#>2<<3 6@ 61 '%<6%$%7n =%1F6@% U;2@ 61 '%<6%$%7n O<@;#5G; 6@ &23 '% @(5% @;2@n .> @;% #@;%( ;2>7n O 76HH%(%>@ $6%U 15GG%1@1n [#U%$%(P 6@ &6G;@ '% @;% :21% @;2@n C U#5<7 <6M% @# F#6>@ #5@ U;2@ 61 #$%(<##M%7n A#5<7 6@ '% @;% :21% @;2@n 9#1@ F%#F<% 2115&% @;% #FF#16@%P '5@n -;%1% (%21#>1 F#6>@ @# @;% :#>:<516#> @;2@n
'B 0YF<#(6>G :<26&1 2>7 :#5>@%(:<26&1 .'$6#51<3P @;% 761:5116#> #H @;% :<26&1 2>7 :#5>@%(:<26&1 U6<< 7%F%>7 #> @;% E- @;2@ ;21 '%%> :;#1%>P 2>7 @;% /Z1 67%>@6H6%7B 85@ 21 2 (5<% #H @;5&'P 1@57%>@1 1;#5<7 '% 26&6>G @# 7# 21 &2>3 #H @;% H#<<#U6>G 21 F#116'<%R • • •
0YF<26>6>G U;2@ @;% :<26&T:#5>@%(:<26& &%2>1 ?236>G ;#U 6@ (%<2@%1 @# @;% F(%1:(6'%7 @6@<% -;6>M6>G 2'#5@ 6@ 6> @;% :#>@%Y@ #H @;% 2(%21 #H M>#U<%7G% 2>7 U231 #H M>#U6>G
##
•
46$6>G @;%6( #U> #F6>6#>1 2>7 67%21
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`*./#>#$&/#7+< /%'+ $'6/+ %*+$%'. ;&2 +7/ %&8' =''+ >*((2 'G5(76'4V #+ &44#/#7+< 9%#(./ #/Z. /6*' /%&/ /%' (&9. 7> +&/*6' &6' ?'+'6&((2 *+4'6./774 /7 ='%&8' *+#>76;(2< /%' 7/%'6 /'+'/ 7> /%' +&/*6&( .$#'+$'. #. /%&/ :+79('4?' #. 7+(2 '8'6 5678#.#7+&(B D+ 7/%'6 9764.< 9' $7*(4 $(7.' 7*6.'(8'. 7>> >67; &$N*#.#/#7+ 7> >*6/%'6 :+79('4?' #> 9' &..*;' /%&/ '8'62/%#+? ='%&8'. &$$764#+? /7 /%' (7?#$ /%&/ 9' %&8' &(9&2. >7((79'4B "#@% @;2@ @;% 761:5116#> U#5<7 2<@ :%(@26><3 ;2$% @# '% (% %Y@%>16$% @;2> @;61P '5@ H#( @;% 12M% #H :<2(6@3 2>7 16&F<6:6@3P U%X<< M%%F #5( %< :#>:61%B
:B =(2U6>G #> F%(1#>2< 2>7 1;2(%7 M>#U<%7G%
-;% 15'a%:@ G567% 1@2@%1 @;2@ 2<@;#5G; @;% -./ %1123 61 >#@ &*%;,*%#3 2 (%1%2(:; F2F%(P e6@ 61 %YF%:@%7 @;2@ 1F%:6H6: 1#5(:%1 U6<<
'% 51%7Bf -;61 &%2>1 @;2@ %Y2&6>%(1 U6<< G%>%(2<<3 %YF%:@ @# 1%% %Y2&F<%1 7(2U> H(#& 1#5(:%1 #@;%( @;2> @;% 1@2>72(7 @%Y@'##M1B
?@57%>@1 &51@ a51@6H3 U;2@ @;%3 ;2$% 1267 6> @;%6( 761:5116#> U6@; %$67%>:%P 2>7 @;61 %$67%>:% 1;#5<7 '% @2M%> H(#& (%2< <6H%B C@ :#&%1 6> @U# H#(&1R
#$
•
•
E%(1#>2< M>#U<%7G%B -;61 61 M>#U<%7G% @;%3 ;2$% %YF%(6%>:%7 #( :(%2@%7 H6(1@ ;2>7P 15:; 21 %$%>@1 @;%3 ;2$% '%%> 2 F2(@ #HP @;6>G1 @;%3 ;2$% U6@>%11%7P %@6#>1 @;%3 ;2$% H%<@P 2>7 <%2(>6>G %YF%(6%>:%1 @;%3 ;2$% '56<@ 5FB ?;2(%7 M>#U<%7G%B -;61 61 M>#U<%7G% @;2@ :#&%1 H(#& 1%:#>7 ;2>7 %YF%(6%>:%1P G26>%7 H(#& 2 $2(6%@3 #H 1#5(:%1P 15:; 21 >%U1 (%F#(@1 _-qP F(6>@%7 >%U1P %@:B`P 7#:5&%>@2(3 H6<&1P '##M1P @;% 6>@%(>%@P 2>7 1# #>B
N#( F%(1#>2< M>#U<%7G%P @;%3 :#5<7 @;6>M 2'#5@ U;2@ @;%3X(% H#:516>G #> H#( @;%6( %Y@%>7%7 %1123P 2>7 ;#U 6@ ;21 7%$%<#F%7 @;%6( M>#U<%7G% #H 2 15'a%:@j #( 2'#5@ AO? %YF%(6%>:%1P 2>7 ;#U @;%3 ;2$% 6>@(#75:%7 @;%& @# 76HH%(%>@ F%(1F%:@6$%1j @;%3 :#5<7 7(2U #> 16G>6H6:2>@ &%>@1 6> @;%6( 1@573 #H #@;%( 15'a%:@1B -;%3 :2> 2<1# 7(2U #> @;%6( %YF%(6%>:%1 #5@167% #H 2 <%2(>6>G %>$6(#>&%>@ _#( %Y2&F<%P U#(M1 #H 2(@ @;%3X$% 1%%> #( (%27j ;#U @;%3X$% '%%> 2HH%:@%7 '3 1:6%>:%j %@;6:2< 7%:616#>1 @;2@ @;%3X$% ;27 @# &2M%`P '5@ @;%3 1;#5<7 '% :2(%H5< >#@ @# F(%1%>@ @;%1% %Y2&F<%1 6> 2> 2>%:7#@2< U23 l 1%% '%<#U H#( U;2@ U% &%2> '3 @;2@B -;%3 1;#5<7 2<1# 7(2U #> 1;2(%7 M>#U<%7G% 21 U%<#@ #><3 277 25@;#(6@3 @# U;2@ @;%3 2(% 1236>G _2115&6>G @;%3 2(% (%<62'<% 1#5(:%1 l >%U1F2F%(1 2>7 &%762 16@%1 (2>G% ;5G%<3 6> @%(&1 #H #'a%:@6$6@3`P '5@ 6@ U6<< 2<1# 2<<#U @;%& @# :#>167%( 76HH%(%>@ F%(1F%:@6$%1B -;% (% %Y2&F<%1 @;%3 :2> G6$%P @;% 1@(#>G%( @;%6( 2(G5&%>@ U6<< '%P 2>7 @;% (% @;%3 U6<< 7%>1@(2@% @;%6( %>G2G%&%>@ U6@; 2 @#F6:P 2>7 @;%6( :#&&6@&%>@ @# H5<<3 %YF<#(6>G 6@B -# F5@ @;61 6>@# @;% :#>@%Y@ #H @;% %Y2&F<% U%X(% 516>GP @;%3 &6G;@ a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`'$/ D 9&. #+87(8'4 #+ 7+ )67.75%#(&< 9' &(.7 %&4 /7 =&.' &(( 7> 7*6 &..'6/#7+. 7+ $&6'>*((2 7=.'68'4 '8#4'+$'< 9%#$% 9' /%'+ %&4 /7 6'5(#$&/' #+ 764'6 /7 5678' 9%&/ 9' %&4 ./&/'4B ,*$% &+ &5567&$% $&+ =' .''+ #+ 8#6/*&((2 '8'62 ;&`76 .$#'+/#>#$ =6'&:/%67*?%< .*$% &. /%' 4#.$78'62 7> )YI< 9%#$% 567?6'..'4 /%67*?% 8&6#7*. 4#>>'6'+/ ./&?'.< '&$% 7+' $%&6&$/'6#.'4 =2 &+ #+.#./'+$' 7+ /%' .$'5/#$&( ;'/%74B D> &/ &+2 57#+/ 4*6#+? /%' 567$'.. a .*$% &. 56757.#+? /%' %'(#$&( ./6*$/*6' 7> )YI< &55(2#+? ./6#$/ ;&/%';&/#$&( (7?#$ /7 /%' %'(#G /6&+.>76;< &+4 6'(2#+? 7+ 'G5'6#;'+/. /%&/ 5678#4'4 $('&6 ';5#6#$&( '8#4'+$'< .*$% &. /%' 976: 7> b7.&(#+4 [6&+:(#+ 7+ cdb&2 4#>>6&$/#7+ d /%' 4#.$78'62 ;&2 +7/ %&8' =''+ ;&4'B
#%
N#( @;% :#5>@%(:<26&R F79'8'6< /%' .:'5/#$&( ;'/%74 ;&2 .7;'/#;'. (#;#/ *. >67; ?+#+? :+79('4?' &=7*/ /%' +&/*6&( .$#'+$'.B 0%#. #. 5&6/#$*(&6(2 /%' $&.' #+ /%' '&6(2 ./&?'. 7> /%' .$#'+/#>#$ ;'/%74 9%'6' .$#'+/#./. 7>/'+ 6'(2 7+ /%'#6 #+/*#/#7+ 76 '8'+ &$$#4'+/&( 4#.$78'6#'. #+ 764'6 /7 $7;' *5 9#/% & %257/%'.#. 976/%2 7> #+8'./#?&/#7+B D> '8'62 #4'& &/ /%#. ./&?' 6'N*#6'4 `*./#>#$&/#7+< /%'+ $'6/+ %*+$%'. ;&2 +7/ %&8' =''+ >*((2 'G5(76'4V #+ &44#/#7+< 9%#(./ #/Z. /6*' /%&/ /%' (&9. 7> +&/*6' &6' ?'+'6&((2 *+4'6./774 /7 ='%&8' *+#>76;(2< /%' 7/%'6 /'+'/ 7> /%' +&/*6&( .$#'+$'. #. /%&/ :+79('4?' #. 7+(2 '8'6 5678#.#7+&(B D+ 7/%'6 9764.< 9' $7*(4 $(7.' 7*6.'(8'. 7>> >67; &$N*#.#/#7+ 7> >*6/%'6 :+79('4?' #> 9' &..*;' /%&/ '8'62/%#+? ='%&8'. &$$764#+? /7 /%' (7?#$ /%&/ 9' %&8' &(9&2. >7((79'4B I. C#((#&; )'9'2 5*/ #/< \0%' #;576/&+/ /%#+? /7 6'&(#M' #. /%&/ /%' $7+`*6#+? *5 7> /%' #4'& #. +7/ & 4'(#='6&/'< 87(*+/&62 &$/B D/ #. .7;'/%#+? /%&/ %&55'+. /7 *. 6&/%'6 /%&+ .7;'/%#+? 9' 47B] 0%#. $&+ =' .''+ $('&6(2 #+ /%' 4#.$78'6#'. ;&4' =2 "&G U(&+$: &+4 I(='6/ 1#+./'#+< =7/% 7> 9%7; ./6'..'4 /%' #;576/&+$' 7> /%' 67(' 7> #+/*#/#7+ &+4 #;&?#+&/#7+B 0%'#6 4#.$78'6#'. ('4 7+ /7 /%' 4'8'(75;'+/ 7> N*&+/*; ;'$%&+#$.< 9%#$% >76$'. *. /7 $7;5('/'(2 6'd'8&(*&/' 7*6 $7+$'5/. 7> (7?#$ &+4 6&/#7+&(#.; 9#/%#+ 5%2.#$.< &+4 %&8' &+ 75'+ ;#+4 /7 >76$'. /%&/ 75'6&/' #+ & W&. 2'/X $7;5('/'(2 *+56'4#$/&=(' 9&2B )#.$78'6#'. .*$% &. 0'>(7+< e#&?6&< &+4 U'+#$#((#+ .%79 /%' /6*/% 7> U&./'*6Z. &4&?' /%&/ \$%&+$' >&87*6. /%' 56'5&6'4 ;#+4]< &. 9'(( &. .*??'./#+? /%&/ &5567&$%#+? .$#'+$' #+ &+ 78'6(2 .:'5/#$&( &+4 ;'/%74#$&( 9&2 a &((79#+? +7/%#+? /7 $%&+$' d #.+Z/ &(9&2. /%' ;7./ '>>'$/#8' 9&2 7> &$N*#6#+? .$#'+/#>#$ :+79('4?'B
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b2@6#>1B 8%:251% @;%3 2(% G%>%(2<<3 '21%7 #> H2&6<62( 211%(@6#>1 #( 1:%>2(6#1P 6@X1 1#&%@6&%1 @(6:M3 @# 761@6>G561; ;3F#@;%@6:2< %Y2&F<%1 H(#& (%2< #>%1B -;6>M 2'#5@ @;% O&%(6:2> ;61@#(62> U;# 61 U(6@6>G 2'#5@ @;% Q?P 2>7 61 @;%(%H#(% '621%7j @;% 7#:@#( U;# M>#U1 ;%( F2@6%>@ 61 736>GP '5@ 7%:67%1 @;2@ 6@ 61 %@;6:2<<3 a51@6H6%7 @# <6% @# @;%&j @;% 1:6%>@61@ U;# 7%:67%1 @# H2M% @;% %$67%>:% 6> #(7%( @# 15FF#(@ ;61 ;3F#@;%161B O(% @;%1% ;3F#@;%@6:2< #( (%2< <6H% %Y2&F<%1d E%(;2F1 @;%3 ;,3 ;2$% ;2FF%>%7P '5@ 5><%11 3#5 :2> F5@ 2 72@% 2>7 2 F<2:% #> @;%&P 2>7 123 U;%>P U;%(%P 2>7 @# U;#& @;%3 ;2FF%>%7P @;%3X(% ;3F#@;%@6:2@1 1;#5<7 1@6:M @# 6'&( (#>' %Y2&F<%1 l %$%> @;#5G; @;%3X(% ;2(7%( @# H6>7B
#&
##B I+'$47/&( 'G&;5('. -;%3 1;#5<7 2<1# '% $%(3 :2(%H5< @# 2$#67 2>%:7#@2< 2>7 6>H#(&2< F%(1#>2< %YF%(6%>:%1B ?@#(6%1 2'#5@ (%<2@6#>1;6F1 U6@; '#3H(6%>71 2>7 G6(
• •
•
A6@6>G [6@<%( 2>7 @;% "2b61 21 @;% 2(:;%@3F2< %Y2&F<% #H 2 1#:6%@3 G#>% U(#>G Q16>G @;% ;%<6#:%>@(6: $%(151 G%#:%>@(6: @;%#(6%1 21 2> %Y2&F<% #H 2 F2(276G& 1;6H@ 6> @;6>M6>G =(2U6>G #> =2(U6>X1 @;%#(3 #H %$#<5@6#> @# 1;#U ;#U 1:6%>@6H6: M>#U<%7G% F(#G(%11%1 ?@2@6>G @;2@ A#<5&'51 F(#$%7 @;2@ @;% %2(@; U21>X@ H<2@ _@;61 61>X@ @(5% 2>3U23c`P 2>7 516>G 6@ 21 2>#@;%( F2(276G& 1;6H@ Q16>G + S + 21 2> %Y2&F<% #H 2 H<2U<%11 &2@;%&2@6:2< 2Y6#&
0>:#5(2G% 3#5( 1@57%>@1 @# '% #(6G6>2
#'
,B E5<<6>G 6@ 2<< @#G%@;%( 2B 'B :B 7B %B
92M6>G <6>M1 K;2@ 2(% W76HH%(%>@ F%(1F%:@6$%1Xd OFF<36>G 76HH%(%>@ F%(1F%:@6$%1 [#U 7# 3#5 6>:<57% 2 :#>167%(2@6#> #H 6&F<6:2@6#>1d 92M6>G 15(% @;% %1123 61 :#;%(%>@
2B 92M6>G <6>M1 .>% #H @;% U231 6> U;6:; 1@57%>@1 U6<< '% 211%11%7 6> @;% H6(1@ :(6@%(6#> 61 @;% %Y@%>@ @# U;6:; @;%3 ;2$% %HH%:@6$%<3 <6>M%7 @;% 2(%21 #H M>#U<%7G% 2>7T#( U231 #H M>#U6>GB -;61 &%2>1 '(6>G6>G 6>@# @;%6( 2(G5&%>@1 (%H%(%>:%1 @# #@;%( F2(@1 #H @;% :#5(1%P 2>7 :#&F2(6>G 2>7 :#>@(21@6>G @;%& @# @;% #>% @;%3 2(% H#:516>G #>B 9#1@ E-1 (%h56(% @;%& @# H#:51 #> 2@ <%21@ @U# U231 #H M>#U6>G #( 2(%21 #H M>#U<%7G%P 1# @;%3 1;#5<7 '% <6>M6>G @;%1% @U#j &2M6>G (% <6>M1 @;2> @;61 U6<< :%(@26><3 @2M% @;%& %$%> H5(@;%(B \6>M6>G 76HH%(%>@ F2(@1 #H @;% :#5(1% &%2>1 @# 2FF(#2:; @;% 76HH%(%>@ U231 #H M>#U6>G 2>7 2(%21 #H M>#U<%7G% 6> 2 :#&F2(2@6$% U23P 1# @;2@ @;%3 :2> 67%>@6H3 @;%6( 16&6<2(6@6%1 2>7 @;% 76HH%(%>:%1B 46$%> @;2@ 3#5 :2> >%$%( F(#F%(<3 :#>167%( @;% U231 #H M>#U6>G 2>7 2(%21 #H M>#U<%7G% 6>7%F%>7%>@<3 _U;%> U% @2
#(
-;61 <6>M1 '#@; 2(%21 #H M>#U<%7G%P 2>7 '3 (%H%((6>G @# U;2@ U%X$% a51@ '%%> <##M6>G 2@B K%X(% 2<1# 2776>G :#>@6>56@3 2>7 :#;%(%>:%B K% :2> 7# @;% 12&% H#( @;% :#5>@%(:<26&P @2M6>G 6@ H(#&R @+ /%' 7/%'6 %&+4< /%' .:'5/#$&( ;'/%74 $&+ &(.7 $6'&/' 567=(';. >76 *. &. 9' /62 /7 &$N*#6' %#./76#$&( :+79('4?'B n@#R @+ /%' 7/%'6 %&+4< .#;#(&6(2 /7 /%' +&/*6&( .$#'+$'.< /%' .:'5/#$&( ;'/%74 $&+ &(.7 $6'&/' 567=(';. >76 *. &. 9' /62 /7 &$N*#6' %#./76#$&( :+79('4?'B g#:' .$#'+/#./.< %#./76#&+. 6'N*#6' 976:#+? %257/%'.'.< 9%#$% ;&2 =' =&.'4 7+ #+/*#/#7+ &+4 %*+$%'.B I+4 &(/%7*?% /%'.' 6'N*#6' #+8'./#?&/#7+ =&.'4 7+ $7+.#./'+/ (7?#$< +'9 %#./76#$&( #+.#?%/. ;&2 7+(2 =' &66#8'4 &/ &>/'6 (77:#+? &/ & 567=('; #+ %#./762 #+ & +'9 9&2B
'B K;2@ 2(% W76HH%(%>@ F%(1F%:@6$%1Xd -;% C8 6> G%>%(2
4%>7%( 4%#G(2F;6:2< <#:2@6#> g%<6G6#>TF;6<#1#F;6:2< F#16@6#> [61@#(6:2< %(2 \2>G52G% A5<@5(2< @(276@6#> ?#:6#^%:#>#&6: F#16@6#> 075:2@6#>2< 131@%& E(#H%116#> #( :2(%%(
:B OFF<36>G 76HH%(%>@ F%(1F%:@6$%1 C@X1 U#(@; F5@@6>G @;61 6&&%762@%<3 6>@# :#>@%Y@B Z5%1@6#> J H(#& 923 )*+, 21M%7R C#/% 6'>'6'+$' /7 /97 &6'&. 7> :+79('4?' 4#.$*.. /%' 9&2 #+ 9%#$% .%&6'4 :+79('4?' $&+ .%&5' 5'6.7+&( :+79('4?'B
#)
CH U% H6Y @;61 h5%1@6#> #>P 123P 6>76G%>#51 M>#U<%7G% 131@%&1P U% 2((6$% F(#&F@<3 2@ @;% /ZR F79 $&+ &+ *+4'6./&+4#+? 7> #+4#?'+7*. :+79('4?' .2./';. &>>'$/ 7*6 5'6.7+&( :+79('4?'E K;6:; F%(1F%:@6$%1 &6G;@ <%>7 @;%&1%<$%1 @# 2 761:5116#> #H @;61 /Zd O> 6>6@62< %>:#5>@%( U6@; C/? &23 <%27 51 @# @;6>M @;2@ @;% :51@#&1 2>7 @(276@6#>1 #H :%(@26> 6>76G%>#51 1#:6%@6%1 2(% (2@;%( 1@(2>G% 2>7 6<<#G6:2 H5(@;%( 1@573P 6@X1 ;6G;<3 F#116'<% @;2@ U% &23 %>7 5F :#>:<576>G @;2@ @;%3 ;2$% 2 <#@ @# @%2:; 51 l H#( %Y2&F<%P 6> @%(&1 #H @;%6( (%<2@6#>1;6F U6@; @;% %>$6(#>&%>@B -;61 :#5<7 %216<3 6&F2:@ #> #5( #U> #5@<##MP 2>7 %>:#5(2G% 51 @# 272F@ #5( '%;2$6#5( @#U2(71 @;% >2@5(2< U#(<7B A<%2(<3P @;61 U#5<7 6>$#<$% 51 :#>167%(6>G _2>7 27#F@6>G` 76HH%(%>@ :5<@5(2< F%(1F%:@6$%1B Z5%1@6#> D H(#& 923 )*+, 21M%7R \0%'6' #. +7 6'&.7+ 9%2 9' $&++7/ (#+: >&$/. &+4 /%'76#'. &$67.. 4#.$#5(#+'. &+4 $6'&/' & $7;;7+ ?67*+4976: 7> 'G5(&+&/#7+B] 07 9%&/ 'G/'+/ 47 27* &?6'' 9#/% /%#. ./&/';'+/E CH U% :;#1% @# <##M 2@ ;5&2> 1:6%>:%1 2>7 ;61@#(3P #5( M>#U<%7G% h5%1@6#> &23 '%R F79 47 /%' %*;&+ .$#'+$'. #+>76; 7*6 ./*42 7> %#./762E OFF<36>G @;% F%(1F%:@6$% #H @6&%P U% &6G;@ @;6>M 2'#5@ ;#U 2:27%&6: ;61@#(3 61 >#U 2 &5:; (% &5<@6^761:6F<6>% 15'a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`*./#>#$&/#7+< /%'+ $'6/+ %*+$%'. ;&2 +7/ %&8' =''+ >*((2 'G5(76'4V #+ &44#/#7+< 9%#(./ #/Z. /6*' /%&/ /%' (&9. 7> +&/*6' &6' ?'+'6&((2 *+4'6./774 /7 ='%&8' *+#>76;(2< /%' 7/%'6 /'+'/ 7> /%' +&/*6&( .$#'+$'. #. /%&/ :+79('4?' #. 7+(2 '8'6 5678#.#7+&(B D+ 7/%'6 9764.< 9' $7*(4 $(7.' 7*6.'(8'. 7>> >67; &$N*#.#/#7+ 7> >*6/%'6 :+79('4?' #> 9' &..*;' /%&/ '8'62/%#+? ='%&8'. &$$764#+? /7 /%' (7?#$ /%&/ 9' %&8' &(9&2. >7((79'4B I. C#((#&; )'9'2 5*/ #/< \0%' #;576/&+/ /%#+? /7 6'&(#M' #. /%&/ /%' $7+`*6#+? *5 7> /%' #4'& #. +7/ & 4'(#='6&/'< 87(*+/&62 &$/B D/ #. .7;'/%#+? /%&/ %&55'+. /7 *. 6&/%'6 /%&+ .7;'/%#+? 9' 47B] 0%#. $&+ =' .''+ $('&6(2 #+ /%' 4#.$78'6#'. ;&4' =2 "&G U(&+$: &+4 I(='6/ 1#+./'#+< =7/% 7> 9%7; ./6'..'4 /%' #;576/&+$' 7> /%' 67(' 7> #+/*#/#7+ &+4 #;&?#+&/#7+B 0%'#6 4#.$78'6#'. ('4 7+ /7 /%' 4'8'(75;'+/ 7> N*&+/*; ;'$%&+#$.< 9%#$% >76$'. *. /7 $7;5('/'(2 6'd'8&(*&/' 7*6 $7+$'5/. 7> (7?#$ &+4 6&/#7+&(#.; 9#/%#+ 5%2.#$.< &+4 %&8' &+ 75'+ ;#+4 /7 >76$'. /%&/
#*
75'6&/' #+ & W&. 2'/X $7;5('/'(2 *+56'4#$/&=(' 9&2B )#.$78'6#'. .*$% &. 0'>(7+< e#&?6&< &+4 U'+#$#((#+ .%79 /%' /6*/% 7> U&./'*6Z. &4&?' /%&/ \$%&+$' >&87*6. /%' 56'5&6'4 ;#+4]< &. 9'(( &. .*??'./#+? /%&/ &5567&$%#+? .$#'+$' #+ &+ 78'6(2 .:'5/#$&( &+4 ;'/%74#$&( 9&2 a &((79#+? +7/%#+? /7 $%&+$' d #.+Z/ &(9&2. /%' ;7./ '>>'$/#8' 9&2 7> &$N*#6#+? .$#'+/#>#$ :+79('4?'B D+ &44#/#7+< .7;' $*(/*6&( &+4 5%#(7.75%#$&( /6&4#/#7+. 47 +7/ ';5(72 .:'5/#$#.; #+ /%' .&;' 9&2 /7 *+4'6./&+4 /%' +&/*6&( 976(4B Y&/#8' I;'6#$&+. ./6'.. /%' #4'& 7> >76;#+? ';7/#7+&( &+4 '8'+ (#+?*#./#$ =7+4. 9#/% >&*+& &+4 >(76& #+ 764'6 /7 *+4'6./&+4 /%';< & ;'/%74 /%&/ %&64(2 ./&+4. *5 /7 .:'5/#$&( .$6*/#+2< =*/ 9%#$% #. >7*+4 #+ 8#6/*&((2 &(( #+4#?'+7*. .7$#'/#'.B H%#'> )&+ 3'76?' 7> /%' 0.('#(dC&*/*/% Y&/#7+ ='(#'8'4 /%&/ \#> 27* 47+Z/ /&(: /7 /%' &+#;&(.< /%'2 97+Z/ /&(: =&$: /7 27*< /%'+ 27* 97+Z/ *+4'6./&+4B] 3#8'+ /%' 567>7*+4 6'(&/#7+.%#5 /%&/ #+4#?'+7*. 5'75('. %&8' 9#/% /%' +&/*6&( 976(4< #/Z. %&64 /7 &6?*' /%&/ 9 ' $&+Z/ ('&6+ .7;'/%#+? >67; /%'#6 &5567&$%B O776>G @;61 F%(1F%:@6$% 2<1# ;21 @;% '%>%H6@ #H '(6>G6>G 6> (% U231 #H M>#U<%7G% 2>7 2(%21 #H M>#U<%7G%B
7B [#U 7# 3#5 6>:<57% 2 :#>167%(2@6#> #H 6&F<6:2@6#>1d C>@%G(2< @# 2 G##7 &2(M 6> @;% 1%:#>7 :(6@%(6#> 61 2 :#>167%(2@6#> #H @;% 6&F<6:2@6#>1 #H @;% %1123X1 2(G5&%>@1B K;2@ @;61 &%2>1 61 @;2@ >#@ #><3 1;#5<7 3#5( 1@57%>@1X /Z1 '% &%2>6>GH5< 2>7 6&F#(@2>@P 2>7 @;%6( (%2< <6H% 16@52@6#>1 16G>6H6:2>@P @;%3 1;#5<7 2<1# '% %YF<6:6@ 2'#5@ U;3 @;61 61 @;% :21%B CH @;%3X$% :;#1%> 2FF(#F(62@% /Z1P @;61 1;#5<7 H#<<#U >2@5(2<<3B O1 U% ;2$% 1%%>P /Z1 1;#5<7 '% '6GP #F%> h5%1@6#>1P 2>7 '6G #F%> h5%1@6#>1 2(% G%>%(2<<3 16G>6H6:2>@ #>%1B 85@ @;%3 >%%7 @# &2M% 15(% @;%3 %&F;216b% @;%6( 16G>6H6:2>:%P 2>7 7%>1@(2@% @;%6( 2U2(%>%11 #H @;61B -# F5@ @;61 6> :#>@%Y@P <##M 2@ @;% @%Y@ 6> F5(F<%P 6>76:2@6>G 6&F<6:2@6#>1R F79'8'6< /%' .:'5/#$&( ;'/%74 ;&2 .7;'/#;'. (#;#/ *. >67; ?+#+? :+79('4?' &=7*/ /%' +&/*6&( .$#'+$'.B 0%#. #. 5&6/#$*(&6(2 /%' $&.' #+ /%' '&6(2 ./&?'. 7> /%' .$#'+/#>#$ ;'/%74 9%'6' .$#'+/#./. 7>/'+ 6'(2 7+ /%'#6 #+/*#/#7+ 76 '8'+ &$$#4'+/&( 4#.$78'6#'. #+ 764'6 /7 $7;' *5 9#/% & %257/%'.#. 976/%2 7> #+8'./#?&/#7+B D> '8'62 #4'& &/ /%#. ./&?' 6'N*#6'4 `*./#>#$&/#7+< /%'+ $'6/+ %*+$%'. ;&2 +7/ %&8' =''+ >*((2 'G5(76'4V #+ &44#/#7+< 9%#(./ #/Z. /6*' /%&/ /%' (&9. 7> +&/*6' &6' ?'+'6&((2 *+4'6./774 /7 ='%&8' *+#>76;(2< /%' 7/%'6 /'+'/ 7> /%' +&/*6&( .$#'+$'. #. /%&/ :+79('4?' #. 7+(2 '8'6 5678#.#7+&(B D+ 7/%'6 9764.< 9' $7*(4 $(7.' 7*6.'(8'. 7>> >67; &$N*#.#/#7+ 7> >*6/%'6 :+79('4?' #> 9' &..*;' /%&/ '8'62/%#+? ='%&8'. &$$764#+? /7 /%' (7?#$ /%&/ 9' %&8' &(9&2. >7((79'4B I. C#((#&; )'9'2 5*/ #/< \0%' #;576/&+/ /%#+? /7 6'&(#M' #. /%&/ /%' $7+`*6#+? *5 7> /%' #4'& #. +7/ & 4'(#='6&/'< 87(*+/&62 &$/B D/ #. .7;'/%#+? /%&/ %&55'+. /7 *. 6&/%'6 /%&+ .7;'/%#+? 9' 47B] 0%#. $&+ =' .''+ $('&6(2 #+ /%' 4#.$78'6#'. ;&4' =2 "&G U(&+$: &+4 I(='6/ 1#+./'#+< =7/% 7> 9%7; ./6'..'4 /%' #;576/&+$' 7> /%' 67(' 7> #+/*#/#7+ &+4 #;&?#+&/#7+B 0%'#6 4#.$78'6#'. ('4 7+ /7 /%' 4'8'(75;'+/ 7> N*&+/*; ;'$%&+#$.< 9%#$% >76$'. *. /7 $7;5('/'(2 6'd'8&(*&/' 7*6 $7+$'5/. 7> (7?#$ &+4 6&/#7+&(#.; 9#/%#+ 5%2.#$.< &+4 %&8' &+ 75'+ ;#+4 /7 >76$'. /%&/ 75'6&/' #+ & W&. 2'/X $7;5('/'(2 *+56'4#$/&=(' 9&2B )#.$78'6#'. .*$% &. 0'>(7+< e#&?6&<
$+
&+4 U'+#$#((#+ .%79 /%' /6*/% 7> U&./'*6Z. &4&?' /%&/ \$%&+$' >&87*6. /%' 56'5&6'4 ;#+4]< &. 9'(( &. .*??'./#+? /%&/ &5567&$%#+? .$#'+$' #+ &+ 78'6(2 .:'5/#$&( &+4 ;'/%74#$&( 9&2 a &((79#+? +7/%#+? /7 $%&+$' d #.+Z/ &(9&2. /%' ;7./ '>>'$/#8' 9&2 7> &$N*#6#+? .$#'+/#>#$ :+79('4?'B D+ &44#/#7+< .7;' $*(/*6&( &+4 5%#(7.75%#$&( /6&4#/#7+. 47 +7/ ';5(72 .:'5/#$#.; #+ /%' .&;' 9&2 /7 *+4'6./&+4 /%' +&/*6&( 976(4B Y&/#8' I;'6#$&+. ./6'.. /%' #4'& 7> >76;#+? ';7/#7+&( &+4 '8'+ (#+?*#./#$ =7+4. 9#/% >&*+& &+4 >(76& #+ 764'6 /7 *+4'6./&+4 /%';< & ;'/%74 /%&/ %&64(2 ./&+4. *5 /7 .:'5/#$&( .$6*/#+2< =*/ 9%#$% #. >7*+4 #+ 8#6/*&((2 &(( #+4#?'+7*. .7$#'/#'.B H%#'> )&+ 3'76?' 7> /%' 0.('#(d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
GB 92M6>G 15(% @;% %1123 61 :#;%(%>@ .>% :;2(2:@%(61@6: 2<< G##7 %11231 1;#5<7 ;2$% l 6>:<576>G -./ %11231 ^ 61 :#>@6>56@3 2>7 :#;%(%>:%B -;61 &%2>1 %>15(6>G @;2@ 2<< @;% 1%:@6#>1 WH<#UX @#G%@;%(P '56<7 #> %2:; #@;%(X1 67%21P 2>7 (%<2@% @# @;% F(%1:(6'%7 @6@<%B •
•
•
•
g%<%$2>:3R 0$%(3 F2(2G(2F; 3#5( 1@57%>@1 U(6@% 1;#5<7 (%<2@% @# @;% h5%1@6#>B O1 @;%3 2(% U(6@6>G l 2>7 U;%> @;%3 (%27 '2:M @;%6( %1123 2H@%( @;%3 ;2$% U(6@@%> 6@ l @;%3 1;#5<7 21M @;%&1%<$%1 W7#%1 @;61 76(%:@<3 277(%11 @;% h5%1@6#>dX CH @;%3 ;2$% @# @;6>M @## ;2(7 2'#5@ @;61P @;%> @;% :;2>:%1 2(% @;2@ 6@ 7#%1 >#@ 7# 1# 15HH6:6%>@<3B \6>M6>G 1%>@%>:%1R O 16&F<% U23 @# %>15(% @;2@ @;%6( %1123 WH<#U1X 61 @# 6>:<57% <6>M6>G 1%>@%>:%1 2>7 F;(21%1B -;%1% '%G6> 2 >%U 1%:@6#> '3 2:M>#U<%7G6>G U;2@ @;%3 ;2$% a51@ U(6@@%>P %6@;%( 6> @%(&1 #H '56<76>G #> U;2@ ;21 a51@ '%%> 1267P #( F(%1%>@6>G 2 F#6>@ #H $6%U @;2@ &23 '% 76HH%(%>@B -;% 16&F<%1@ %Y2&F<%1 6>:<57% @;6>G1 <6M%R W6> 2776@6#>PX WH5(@;%((%XP W;2$6>G 1267 @;2@XP W#> @;% #@;%( ;2>7XB 9#(% #H @;%1% 2(% &%>@6#>%7 %<1%U;%(% 6> @;% G567%B 92M6>G <6>M1R K% ;2$% 2<(%273 7%2<@ U6@; @;61P '5@ 6@X1 U#(@; %&F;216b6>G @;2@ '3 :#&F2(6>G 2>7 :#>@(21@6>G @;% 76HH%(%>@ U231 #H M>#U6>G 2>7 2(%21 #H M>#U<%7G%P 2>7 #@;%( %<%&%>@1 #H -./P 3#5( 1@57%>@1 U6<< '% G#6>G 2 <#>G U23 @# %>15(6>G :#>@6>56@3 2>7 :#;%(%>:% 6> @;%6( %11231B E(##H(%276>GR C@X1 $6@2< H#( 1@57%>@1 @# F(#F%(<3 F(##H(%27 @;%6( %11231B -;%3 1;#5<7 7# @;61 @;%&1%<$%1 2H@%( @;%3 ;2$% :#&F<%@%<3 H6>61;%7 @;% <21@ $%(16#> _F(##H(%276>G :2>X@ '% 7#>% 21 @;%3 G# 2<#>GP 21 @;% F(#:%11 #H %76@6>G :#>1@2>@<3 :;2>G%1 @;% 1%>1% #H U;2@ @;%3X(% U(6@6>G`B
$"
CH 3#5 ;2$% 2>3 (%&26>6>G h5%1@6#>1 2'#5@ @;% %1123 2H@%( (%276>G @;61 G567%P F<%21% :#>15<@ @;% @;%#(3#HM>#U<%7G%B>%@ U%'16@%P #( %&26< 51 2@ 6>H#t@;%#(3#HM>#U<%7G%B>%@
$#
+*B -2:M<6>G @;% "#$%&'%( )*+, E-1 -;% H#<<#U6>G @;#5G;@1 2(% F(#$67%7 21 .*??'./#7+. 7+(2 #H ;#U 3#5( 1@57%>@1 :#5<7 2FF(#2:; @;% F(%1:(6'%7 @6@<%1B -;% >2@5(% #H -./ &%2>1 @;2@ @;%(% 2(% &2>3 U231 #H 6>@%(F(%@6>G @;% 12&% h5%1@6#>j @;% 6&F#(@2>@ @;6>G 61 @;2@ @;%3 67%>@6H3 2>7 %YF<#(% @;%6( 79+ :+79('4?' N*'./#7+.P 2>7 15FF#(@ @;%6( 2(G5&%>@1 U6@; %Y2&F<%1 @;2@ @;%3 ;2$% @2M%> H(#& @;%6(79+ 'G5'6#'+$'. 21 <%2(>%(1 2>7 (%2< <6H% 16@52@6#>1 @;2@ @;%3 ;2$% (%27 2'#5@B C> @;% 6>@%(%1@1 #H 2$#676>G F<2G62(61&P @;%3 1;#5<7 >#@ (%F(#75:% 2>3 #H @;% @%Y@ '%<#UB O<@;#5G; U% ;2$% ;6>@%7 2@ @;% M6>7 #H (%2< <6H% 16@52@6#>1 @;%3 :2> 7(2U #> H#( %2:; F(%1:(6'%7 @6@<%P U% #'$6#51<3 :2>>#@ F(#$67% 1F%:6H6: %Y2&F<%1B [#U%$%(P @;% H#<<#U6>G (%1#5(:%1 &23 '% 5@6<61%7 H#( @;% %1123P F(%1%>@2@6#>P 2>7 @;% -./ :<211(##&P @# %>2'<% 1@57%>@1 @# 15FF#(@ @;%6( 67%21 2>7 2(G5&%>@1 U6@; :#>@%&F#(2(3 %$%>@1 2>7 6115%1R /%'7627>:+79('4?'B+'/ [&$'=77: 5&?' O<@^726<3 <6>M1 @# :#&F%<<6>G (%2< <6H% 16@52@6#>1P 2::#&F2>6%7 '3 2 15GG%1@%7 1%:#>7^#(7%( M>#U<%7G% h5%1@6#>B _H2:%'##MB:#&T@;%#(3#HM>#U<%7G%B>%@`
/%'7627>:+79('4?'B+'/ 09#//'6 5&?' -;% 12&% 6>H#(&2@6#> 21 H#5>7 #> N2:%'##MP H#( @;#1% U;# F(%H%( @# G%@ @;%6( 1#:62< &%762 H6Y H(#& -U6@@%(B _t-./15FF#(@`
/%'7627>:+79('4?'B+'/ ,$775BD/ 5&?' -;% 12&% 6>H#(&2@6#> 21 H#5>7 #> N2:%'##MP 7%16G>%7 H#( @;#1% U;# 7#>X@ ;2$%TF(%H%( >#@ @# 2::%11 N2:%'##M #( -U6@@%(B _1:##FB6@T@T2(%21^#H^M>#U<%7G%`
[6'' ;7+/%(2 0@A +'9.('//'6 +* #H @;% '%1@ g\?1 H(#& N2:%'##MP U6@; '2:MG(#5>7 F(#$67%7 @# @;% 1@#(3P 21 U%<< 21 2 15GG%1@%7 /ZB _?6G> 5F 2@ @;%#(3#HM>#U<%7G%B>%@`
U6';#*; ;7+/%(2 0@A +'9.('//'6 +, g\?1P H6(1@ 2>7 1%:#>7 #(7%( /Z1P 2 :#>167%(2@6#> #H @;% 6&F<6:2@6#>1 2>7 76HH%(%>@ F%(1F%:@6$%1 @;2@ 2FF<3 @# @;% 1@#(3P @6F1 #> @;% %1123 2>7 F(%1%>@2@6#>P 2 H#:51 #> 2> O./TK./P $67%# <6>M #H 2 M%3 @;6>M%(P 2>7 h5#@%1 2>7 M%3 -./ $#:2'5<2(3B _?5'1:(6'% 6> @;% @;%#(3#HM>#U<%7G%B>%@ Wg%1#5(:%1 ?;#FX`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
$$
+B e-;% &26> (%21#> M>#U<%7G% 61 F(#75:%7 61 @# 1#<$% F(#'<%&1Bf -# U;2@ %Y@%>@ 7# 3#5 2G(%% U6@; @;61 1@2@%&%>@d %I J"%0 %'# 0"# K#E L+'<) M 0#'/) 0"%0 B##< @;BB;B: <+LB ;B E+7' ;B0'+<7&0;+BN -;% E- 51%1 @;% F;(21% W;,%1 (%21#>X H#( @;% F(#75:@6#> #H M>#U<%7G%P U;6:; &%2>1 @;2@ 3#5 7#>X@ ;2$% @# @;6>M 6> 2'1#<5@% @%(&1 ^ @;%(%X1 1:#F% @# 2(G5% @;%(%X1 (% @;2> #>% (%21#> H#( @;% F(#75:@6#> #H M>#U<%7G% _'5@ @;% )0#"$%01 #H F(#'<%&1 61 @;% @ 6&F#(@2>@ #>%`B W-# 1#<$% F(#'<%&1X 2<1# >%%71 1#&% :#>167%(2@6#>R U;2@P H#( %Y2&F<%P 2(% 3#5 G#6>G @# 7%H6>% 21 2 F(#'<%&d N#( 76HH%(%>@ O./1P F(#'<%&1 :#&% 6> 76HH%(%>@ H#(&1B N#( &2@;%&2@6:1P 2 F(#'<%& &23 '% F5(%<3 2'1@(2:@B N#( %@;6:1P 6@ &23 6>$#<$% @;% 76HH6:5<@6%1 6> 2FF<36>G (2< F(6>:6F<%1B N#( ;5&2> 1:6%>:%1P 2 F(#'<%& &23 (%1%&'<% 2 :;2<<%>G% @# 1#:6%@3 @;2@ ;21 @# '% #$%(:#&%B •
•
8I J"%0 %'# 0"# <;..;&7,0;#) +. 0"# D7#)0;+BN -;61 61 2 '(#27 h5%1@6#>P '%:251% #H @;% 76HH%(%>@ U231 6> U;6:; W1#<$6>G F(#'<%&1X :2> '% 6>@%(F(%@%7B -;% W1#<$6>G #H F(#'<%&1X :#5<7 %216<3 <%27 3#5 2U23 H(#& 2 :#>167%(2@6#> #H M>#U<%7G%P 2>7 #>@# (% F(2:@6:2< 6115%1 %<2@%7 @# @;% 2(%21 #H M>#U<%7G%B -;61 U#5<7 :(%2@% 2> %1123 '21%7 #> H6(1@ (2@;%( @;2> 1%:#>7 #(7%( M>#U<%7G%B C@ &23 2<1# '% ;2(7 @# %1@2'<61; 2 ;6%(2(:;3 #H (%21#>1 H#( M>#U<%7G% F(#75:@6#> l 15(%P #>% #H @;% (%21#>1 H#( M>#U<%7G% 61 @# 1#<$% F(#'<%&1P '5@ ;#U :2> U% &%2>6>GH5<<3 &%215(% 6@1 6&F#(@2>:% 2<#>G167% #@;%( (%21#>1 H#( 6@1 F(#75:@6#>d •
•
•
&I J"%0 KB+L,#<:# D7#)0;+B) M %))+&;%0#< J56)OP56) &+7,< 8# #Q@,+'# (%21#> H#( M>#U<%7G%P 1# 2 :#>167%(2@6#> #H 2<< #H @;%1% (%21#>1 H#( M>#U<%7G% :#5<7 '% 6>:<57%7 6> @;% %1123B • •
•
•
1 U6<< 6>$#<$% 3#5 <##M6>G 2@ @;% U23 M>#U<%7G% 61 51%7 U6@;6> @;% 76HH%(%>@ 2(%21 #H M>#U<%7G%B ]#5 U6<< >%%7 @# &2M% 15(% @;2@ 3#5 ;2$% :<%2(<3 7%H6>%7 U;2@ 2 WF(#'<%&X 61P 2>7 @;2@ 3#5 ;2$% <6>M%7 6@ @# M>#U<%7G%P 1# @;2@ 3#5 2(% F(#F%(<3 6<<51@(2@6>G 2 1%:#>7 #(7%( /Z l @;61 U#5<7 '% 2 U23 @# %>15(% 3#5 2$#67 @;% 76HH6:5<@3 &%>@6#>%7 2'#$%B N#( %Y2&F<%P &2>3 :2>7672@%1 &23 :#>167%( ;#U 1:6%>@6H6: M>#U<%7G% 61 >%%7%7 6> #(7%( @# 1#<$% &%76:2< F(#'<%&1 _F%(;2F1 7(2U6>G #> @;%6( #U> %YF%(6%>:%1`P '5@ @;61 &23 U%<< (%15<@ 6> 2 (2@;%( 15F%(H6:62< %YF<#(2@6#> #H 67%21B •
•
#I J";&" @#')@#&0;R#) %B< ;/@,;&%0;+B) &+7,< 8# &+B);<#'#
•
%$ )B O11%11 @;% 27$2>@2G%1 2>7 76127$2>@2G%1 #H 516>G %<1 @# F(#75:% M>#U<%7G% #H @;% U#(<7B %I J"%0 %'# 0"# K#E L+'<) M 0#'/) 0"%0 B##< @;BB;B: <+LB ;B E+7' ;B0'+<7&0;+BN -;61 61 2> %1123 2'#5@ @;% 51% #H W%<1XP 1# @;61 61 @;% M%3 @%(& @# 7%H6>% 6> 3#5( 6>@(#75:@6#>B ]#5 1;#5<7 >#@ '% 6>@%(F(%@6>G @;61 U#(7 <6@%(2<<3 _6> 2 F(%$6#51 F(%1:(6'%7 @6@<% @;2@ (%H%((%7 @# W%<1XP &2>3 :2>7672@%1 &27% @;61 &61@2M% `B ]#5X<< 2<1# >%%7 @# :#>167%( W27$2>@2G%X 2>7 W76127$2>@2G%XP %YF<26>6>G ;#U 3#5 U6<< 2FF<3 @;%1% @%(&1 @# 211%11 ;#U %<1 6&F2:@ #> ;#U U% 2:h56(% 2>7 51% M>#U<%7G%B -;% U#(7 WF(#75:@6#>X &%2>1 3#5( %1123 1;#5<7 <##M 2@ @;% U23 M>#U<%7G% 61 W2:@6$%<3X 2:h56(%7P (2@;%( @;2> F2116$%<3 #'1%($%7 l 6> #@;%( U#(71P 3#5X(% >#@ a51@ <##M6>G 2@ ;#U U% &2M% 1%>1% #H F(%^%Y61@6>G M>#U<%7G%P '5@ 2<1# 2'#5@ ;#U U% G%>%(2@% >%U M>#U<%7G%B •
•
•
8I J"%0 %'# 0"# <;..;&7,0;#) %B< &"%,,#B:#) +. 0"# D7#)0;+BN WO7$2>@2G%1X 2>7 W76127$2>@2G%1X 2(% '(#27 @%(&1P 2>7 6H @;%3 2(% >#@ H(2&%7 %HH%:@6$%<3 6> 3#5( 6>@(#75:@6#>P U6<< '% ;2(7 @# 211%11 6> @;% &26> '#73 #H 3#5( %1123B -;% U23 %<1 2(% %&F<#3%7 6> @;% 76HH%(%>@ 2(%21 #H M>#U<%7G% 61 2<1# $%(3 76$%(1%B N#( 1#&% O./1 _%G >2@5(2< 1:6%>:%1` @;% 51% #H %<1 61 :%>@(2< @# @;% 2:h5616@6#> #H M>#U<%7G%B C> #@;%(1 _<6M% %@;6:1` 6@ &23 '% ;2(7%( @# 7%H6>% ;#U %<1 2(% 51%7P #( %$%> U;2@ &6G;@ (%F(%1%>@ 2 W%
•
•
&I J"%0 KB+L,#<:# D7#)0;+B) M %))+&;%0#< J56)OP56) &+7,< 8# #Q@,+'#
•
•
1R 6H 3#5 ;2$% :;#1%> @# 2>1U%( @;61 h5%1@6#>P @;%> 3#5 U6<< 2<@ :%(@26><3 ;2$% :%(@26> %<1 6> &6>7P @2M%> H(#& @;% 76HH%(%>@ 2(%21 #H M>#U<%7G%P @# H#:51 #> 2>7 211%11B -;%(% 2(% F<%>@3 @# :;##1% H(#& l 3#5 U6<< ;2$% :#&% 2:(#11 @;%& 75(6>G 3#5( =E 1@576%1B [#U%$%(P 21 2
•
#I J";&" @#')@#&0;R#) %B< ;/@,;&%0;+B) &+7,< 8# &+B);<#'#
•
•
$&
DB eK6@;#5@ @;% G(#5F @# $%(6H3 6@P M>#U<%7G% 61 >#@ F#116'<%Bf =61:511B %I J"%0 %'# 0"# K#E L+'<) M 0#'/) 0"%0 B##< @;BB;B: <+LB ;B E+7' ;B0'+<7&0;+BN -;61 E- 61 '21%7 #> @;% :#>:%F@ #H W@;% G(#5FXP 2>7 @;% %Y@%>@ @# U;6:; @;%6( W$%(6H6:2@6#>X 61 >%%7%7 6> #(7%( H#( 2> 67%2 #( ;5>:; @# '% :#>H6(&%7 21 (%2<6@3B -;% U#(76>G #H @;% 1%:#>7 ;2
•
8I J"%0 %'# 0"# <;..;&7,0;#) %B< &"%,,#B:#) +. 0"# D7#)0;+BN -;61 61 2>#@;%( '(#27 @6@<%P 516>G 1%$%(2< U#(71 @;2@ :2> '% 6>@%(F(%@%7 6> &2>3 76HH%(%>@ U231B C@X1 21M6>G 2 '6GP F;6<#1#F;6:2< h5%1@6#>P $2G5%<3 (%&6>61:%>@ #H @;% 2G%^#<7 F;6<#1#F;6:2< h5%1@6#> WCH 2 @(%% H2<<1 6> @;% U##71P 2>7 @;%(% 61 ># #>% 2(#5>7 @# ;%2( 6@P 7#%1 6@ &2M% 2 1#5>7dX 46$%> @;2@ @;61 7#%1>X@ (%2<<3 ;2$% 2> 2>1U%(P @;% %1123 @;2@ :#5<7 @6% 3#5 6> M>#@1B C@ 2<1# (%h56(%1 3#5 @# :#>167%( U231 #H M>#U6>G 6> 21 &5:; 7%@26< 21 2(%21 #H M>#U<%7G%P 21 3#5X<< >%%7 @# :#>167%( @;% %Y@%>@ @# U;6:; $%(6H6:2@6#> '3 W@;% G(#5FX 61 2> 6>@%G(2< F2(@ #H (%21#>P 6>@56@6#>P 1%>1% F%(:%F@6#>P 2>7 1# #>B •
•
&I J"%0 KB+L,#<:# D7#)0;+B) M %))+&;%0#< J56)OP56) &+7,< 8# #Q@,+'#7 15::%11H5< %YF(%116#> #H 2(@61@6: M>#U<%7G%`P 2>7 ;#U &2>3 #F6>6#>1 7#%1 6@ @2M% @# %1@2'<61; 2(@ 21 15:;d •
•
4B C%&/ .76/ 7> 6'&( (#>' .#/*&/#7+. $7*(4 =' 46&9+ 7+E O1 &%>@6#>%7 '%<#UP #>% 6&F#(@2>@ F%(1F%:@6$% @# %YF<#(% 6> @;61 E- U#5<7 '% 3#5( #U> %YF%(6%>:%1 21 2 M>#U%( l 1# 7(2U6>G #> g\?1 @# 6<<51@(2@% ;#U 3#5 6>@%(2:@ U6@; #@;%( M>#U%(1 _W@;% G(#5FX` U#5<7 U#(M >6:%<3 H#( @;61 %1123B -;6>M 2'#5@ 1:6%>@6H6: @;%#(6%1P 2>7 @;% %Y@%>@ @# U;6:; @;%3 (%h56(% :#>H6(&2@6#> '3 F%%( (%$6%U _7#%1 @;61 ,#6,3) :(%2@% M>#U<%7G%d`B -;6>M 2'#5@ M>#U<%7G% 6> @;% 2(@1 l :2> 6@ %Y61@ U6@;#5@ 2::%F@2>:% '3 @;% W2(@61@6: :#&&5>6@3Xd -;% O./1 5>7%( 6>$%1@6G2@6#> U6<< 1;2F% 3#5( g\?1B •
•
'B C%#$% 5'6.5'$/#8'. &+4 #;5(#$&/#7+. $7*(4 =' $7+.#4'6'4E -;61 E- %>2'<%1 3#5 @# @;6>M 2'#5@ F%(1#>2< $%(151 1;2(%7 M>#U<%7G% F%(1F%:@6$%1P 2>7 @;% (%<2@6#>1;6F @;2@ %Y61@1 '%@U%%> @;%&B A2> F%(1#>2< M>#U<%7G% %Y61@ 6> 6@1 #U> (6G;@P #( 7#%1 6@ 2
•
•
$'
JB eC> 1#&% 2(%21 #H M>#U<%7G% U% @(3 @# (%75:% 2 :#&F<%Y U;#<% @# 16&F<% :#&F#>%>@1P '5@ 6> #@;%(1 U% @(3 @# 6>@%G(2@% 16&F<% :#&F#>%>@1 6>@# 2 :#&F<%Y U;#<%Bf =61:511 @;61 761@6>:@6#> U6@; (%H%(%>:% @# @U# 2(%21 #H M>#U<%7G%B %I J"%0 %'# 0"# K#E L+'<) M 0#'/) 0"%0 B##< @;BB;B: <+LB ;B E+7' ;B0'+<7&0;+BN -;61 E-P F%(;2F1 2'#$% 2<< @;% #@;%(1P (%H%(1 @# :#>:%F@1 2>7 67%21 @;2@ (%h56(% $%(3 :2(%H5< 6>@%(F(%@2@6#>B -;% @U# M%3 @%(&1 @# H#:51 #> 2(% W:#&F<%Y U;#<%X 2>7 W16&F<% :#&F#>%>@1XP 2>7 @;% (%<2@6#>1;6F @;2@ %Y61@1 '%@U%%> @;%&B -;% 211%(@6#>1 1@2@%1 @;2@ 6> 1#&% O./1P 6@X1 2 h5%1@6#> #H W(%75:6>GX _#( W'#6<6>G 7#U>X` @;% H6(1@ 6>@# @;% 1%:#>7 _F%(;2F1 '3 516>G %<1P 21 @#5:;%7 #> E- )`P U;%(%21 6> #@;%(1P 6@X1 2'#5@ W6>@%G(2@6>GX _#( W6>:#(F#(2@6>GX` @;% <2@@%( 6>@# @;% H#(&%(B •
8I J"%0 %'# 0"# <;..;&7,0;#) %B< &"%,,#B:#) +. 0"# D7#)0;+BN -;61 1%%&1 <6M% 2 >%2@ U23 #H 76$676>G 5F @;% 76HH%(%>@ O./1P '5@ 6@ 1;#5<7 '%:#&% 2FF2(%>@ H26(<3 h56:M<3 @;2@ 6@ 61 2 $%(3 :;2<<%>G6>G h5%1@6#>B -;% F(#75:@6#> #H M>#U<%7G% 6> 2<< @;% O./1 6>$#<$%1 76$%(1% 2>7 :#&F<6:2@%7 F(#:%11%1P 1# @# $6%U 6@ 6> '6>2(3 @%(&1 ^ 2<#>G @;% <6>%1 #H 6>75:@6#> $%(151 7%75:@6#> ^ 61 H(25G;@ U6@; F(#'<%&1B -;%(%X1 2<1# @;% F(#'<%& #H 7%H6>6>G W:#&F<%Y U;#<%XB =#%1 @;61 &%2> 2> %>@6(% O./ _%GP >2@5(2< 1:6%>:%1`d .( #>% 1F%:6H6: 4%'#/ U6@;6> @;2@ O./ _<6M% F;316:1`d .( #>% ,)&'-$ #H @;2@ H6%<7 _15:; 21 @;%#(%@6:2< F;316:1`d -;% 12&% :#>167%(2@6#>1 2FF<3 @# W16&F<% :#&F#>%>@1X l U;2@ (%F(%1%>@1 2 W16&F<% :#&F#>%>@Xd C1 2>3@;6>GP (%2<<3P 16&F<%d O1 1##> 21 3#5 1@2(@ @# @;6>M 2'#5@ ;#U @# H(2&% 3#5( %1123P @;% 76HH6:5<@6%1 1;#5<7 '%:#&% 2FF2(%>@B [2$6>G 1267 2<< @;2@P @;%(%X1 2 <#@ #H F#@%>@62< @# :;2<<%>G% @;% h5%1@6#>P 21 @;61 61 #'$6#51<3 2 (2@;%( :#>@(6$%7 U23 #H $6%U6>G @;% F(#:%11 #H M>#U<%7G% F(#75:@6#> 2>7 ;#U @;% :#>@%>@1 #H @;% 76HH%(%>@ O./1 2(% :2@%G#(61%7B •
•
•
•
&I J"%0 KB+L,#<:# D7#)0;+B) M %))+&;%0#< J56)OP56) &+7,< 8# #Q@,+'#
•
G @# '% @(6:M3 @# H6>7 g\?1 H#( @;61 %1123 '%:251% #H @;% U23 6@ (%H%(1 @# W:#&F<%Y U;#<%XB =%F%>76>G #> ;#U 3#5 :;##1% @# 6>@%(F(%@ @;61 F2(@ #H @;% @6@<% U6<< 7%@%(&6>% ;#U W'6GX 3#5( %Y2&F<%1 2(%B C@ &23 '% U#(@; 1@2(@6>G U6@; %Y2&F<%1 #H W16&F<% :#&F#>%>@1X _(%&%&'%( @# 7%H6>% 16&F<% 6> 3#5( 6>@(#75:@6#>`P 2>7 @(36>G @# 6<<51@(2@% @;%6( (%<2@6#>1;6F U6@; @;% U67%( O./ 6> @;% :#>@%Y@ #H @;% h5%1@6#>B •
#I J";&" @#')@#&0;R#) %B< ;/@,;&%0;+B) &+7,< 8# &+B);<#'#
•
$(
,B e"# M>#U<%7G% :2> '% F(#75:%7 '3 2 16>G<% U23 #H M>#U6>GBf =61:511B %I J"%0 %'# 0"# K#E L+'<) M 0#'/) 0"%0 B##< @;BB;B: <+LB ;B E+7' ;B0'+<7&0;+BN -;% h5%1@6#> 1@2@%1 S10 M>#U<%7G%X :2> '% F(#75:%7 '3 2 16>G<% U23 #H M>#U6>GP 1# 6@X1 6&F#(@2>@ @;2@ @# 2:M>#U<%7G% @;2@ 3#5X(% >#@ '%6>G 21M%7 2 W@# U;2@ %Y@%>@X H#(&B -;% W16>G<% U23 #H M>#U6>GX (%H%(1 @# K./1 U#(M6>G 6> 61#<2@6#>P 2<@;#5G; 21 &%>@6#>%7 6> W:X '%<#UP 3#5 U6<< >%%7 (% :#>@%Y@ 6> #(7%( @# %YF<#(% @;61B •
•
8I J"%0 %'# 0"# <;..;&7,0;#) %B< &"%,,#B:#) +. 0"# D7#)0;+BN -;% K./1 U#(M 6> :#&'6>2@6#>P U;6:; 61 U;3 6@ U6<< '% ;2(7 @# 211%11 ;#U @;%3 U#(M 6> 61#<2@6#>B -;6>M #H ;#U 1:%>@ :2> F(#75:% 2> %@6#>j @;% U23 (%21#> #H@%> (%h56(%1 6&2G6>2@6#>j ;#U <2>G52G% H#( @;% '<6>7 61 H%<@j @;% U23 &%(3 1;2F%1 6>@56@6#>B 0$%> @;% 7%H6>6@6#> #H @;% K./1 2(% ;2(7 @# %1@2'<61; 6> :#>:(%@% @%(&1 ^ U;%(% 7#%1 6>@56@6#> %>7P 2>7 (%21#> '%G6>j U;%(% 61 @;% <6>% '%@U%%> 6&2G6>2@6#> 2>7 &%(3j 2@ U;2@ F#6>@ 7#%1 1%>1#(3 M>#U<%7G% @5(> 6>@# %@6#>d ?5:; h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g\?1B •
•
•
•
•
&I J"%0 KB+L,#<:# D7#)0;+B) M %))+&;%0#< J56)OP56) &+7,< 8# #Q@,+'#
4B C%&/ .76/ 7> 6'&( (#>' .#/*&/#7+. $7*(4 =' 46&9+ 7+E ]#5 :2> 7(2U U67%<3 #> 3#5( #U> <%2(>6>G %YF%(6%>:%1 l ;2$% 3#5 H#5>7P H#( %Y2&F<%P @;2@ 3#5 :2> 51% #>% &%@;#7 #H M>#U<%7G% 2:h5616@6#> 6> #(7%( @# 5>7%(1@2>7 @;% =Ed .( 7#%1 6@ 2
•
'B C%#$% 5'6.5'$/#8'. &+4 #;5(#$&/#7+. $7*(4 =' $7+.#4'6'4E ]#5 :#5<7 :#>167%( ;#U M>#U<%7G% 1%%&1 (% &5<@6^761:6F<6>2(3 >#U @;2> 6@ 51%7 @# '%j :%(@26><3 O./1 1%%& @# 6>@%(2:@ (% @;2> %$%( '%H#(% _@;6>M 2'#5@ ;#U F13:;#<#G3 F%($27%1 ;61@#(3P ;#U 1:6%>:% 2>7 F;6<#1#F;3 &%(G%P ;#U 6>76G%>#51 M>#U<%7G% 61 '%6>G 7(2U> #> '3 K%1@%(> 1#:6%@6%1 6>:(%216>G<3P %@:B` l 61 @;61 2<1# @;% :21% U6@; K./1d E%(;2F1 3#5 :#5<7 @;6>M 2'#5@ @;% 6&F2:@ #H @;61 h5%1@6#> #> -./ 6@1%
•
$)