72
Wlh ihkh[b_ i_j\ZyihiuldZkbkl_fZlbabjh\Zlvj_amevlZluiylbe_lg_cjZ[hluk ^_lvfb^hrdhevgh]h\hajZklZ\hkiblZl_eyfb^_lkdbokZ^h\b mqZsbfbky i_^Z]h]bq_kdh]hdhee_^‘Z Ohq_lky\ujZablvbkdj_ggxxijbagZl_evghklv\k_f[eZ]h^ZjydhfmwlZdgb]Zihy\beZkv gZk\_l;hevrh_kiZkb[hfhbfi_j\ufmqbl_eyfih LJBAi_^Z]h]bd_ :ee_:e_dkZg^jh\g_ G_kl_j_gdhb Bg]jb^_ GbdheZ_\g_FmjZrdh\kdhc aZ \klj_qmk Qm^hfLZlvyg_ :e_dkZg^jh\g_Kb^hjqmd b GbdheZxGbdheZ_\bqmOhf_gdhaZfgh]he_lg__khljm^gbq_kl\h ih^^_j‘dmb \hafh‘ghklvbkihevah\ZgbygZjZ[hlZggh]hhiulZBdhg_qgh\uimkdgbdZf Fbgkdh]h]hkm^Zjkl\_ggh]hi_^Z]h]bq_kdh]hdhee_^‘ZbfFLZgdZ b ]h^Z ijbgy\rbfmqZklb_\ jZajZ[hld_ijZdlbq_kdh]hfZl_jbZeZ :ggZDhjamg <?K,E:Y >B>:DLBD: BKIHEVAH<:GB? WE?F?GLH<LJBAB JL<< J:;HL?K >HRDHEVGBD:FB Ihkh[b_ ^eyi_^Z]h]h\^hrdhevguomqj_‘^_gbc :ggZ<Ze_jv_\gZDhjamg (PDLODBNRU]XQ#WXWE\

<?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Embed Size (px)

Citation preview

Page 1: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Wlh ihkh[b_ ±�i_j\Zy�ihiuldZ�kbkl_fZlbabjh\Zlv�j_amevlZlu�iylbe_lg_c�jZ[hlu�k^_lvfb�^hrdhevgh]h�\hajZklZ��\hkiblZl_eyfb�^_lkdbo�kZ^h\�b mqZsbfbkyi_^Z]h]bq_kdh]h�dhee_^`Z�Ohq_lky�\ujZablv�bkdj_ggxx�ijbagZl_evghklv�\k_f��[eZ]h^Zjy�dhfm�wlZ�dgb]Z�ihy\beZkvgZ�k\_l��;hevrh_�kiZkb[h�fhbf�i_j\uf�mqbl_eyf�ih LJBA�i_^Z]h]bd_ :ee_�:e_dkZg^jh\g_G_kl_j_gdh�b Bg]jb^_ GbdheZ_\g_�FmjZrdh\kdhc aZ �\klj_qm�k Qm^hf���LZlvyg_:e_dkZg^jh\g_�Kb^hjqmd b GbdheZx�GbdheZ_\bqm�Ohf_gdh�aZ�fgh]he_lg__�khljm^gbq_kl\h�ih^^_j`dm�b \hafh`ghklv�bkihevah\Zgby�gZjZ[hlZggh]h�hiulZ��B��dhg_qgh��\uimkdgbdZfFbgkdh]h�]hkm^Zjkl\_ggh]h�i_^Z]h]bq_kdh]h�dhee_^`Z����bf��F�LZgdZ �����b �����]h^Z�ijbgy\rbf�mqZklb_�\ jZajZ[hld_�ijZdlbq_kdh]h�fZl_jbZeZ�:ggZ�Dhjamg

<?K,E:Y >B>:DLBD:BKIHEVAH<:GB? WE?F?GLH<�LJBA�B JL<�< J:;HL?�K>HRDHEVGBD:FB

Ihkh[b_ ^ey�i_^Z]h]h\�^hrdhevguo�mqj_`^_gbc���:ggZ�<Ze_jv_\gZ�Dhjamg������(�PDLO��DBNRU]XQ#WXW�E\

Page 2: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Hl�Z\lhjZ

HL�:<LHJ:Dlh�ba�gZk�\ ^_lkl\_�g_�f_qlZe�h qm^_��g_�ohl_e�klZlv�kbevguf�b \k_fh]msbf\her_[gbdhf"�Gh�dlh�ohlv�jZa�aZ^mfZeky��dh]^Z�b dm^Z�bkq_aeb�wlb�f_qlu"KlZgh\ykv�\ajhkeuf��q_eh\_d�gZqbgZ_l�fukeblv�b ^_ckl\h\Zlv�jZpbhgZevgh�jmdh\h^kl\mykv�ihemq_ggufb�agZgbyfb�b kh[kl\_gguf�hiulhf��ih^dexqZy\hh[jZ`_gb_�lhevdh�lh]^Z��dh]^Z�g_h[oh^bfh�ij_^klZ\blv�h`b^Z_fucj_amevlZl�^h�hkms_kl\e_gby�aZ^mfZggh]h��NZglZabjh\Zgb_�`_�kqblZxlm^_ehf�^_l_c�b qm^Zdh\�AZq_f�q_eh\_dm�\hh[jZ`_gb_"�Ihq_fm�qm\kl\_ggh_�\hkijbylb_�g_h[_ki_qb\Z_l�iheghc�dZjlbgu�hdjm`Zxs_]h�fbjZ"�DZdh_�agZq_gb_�bf__lwlhl�ijhp_kk�^ey�nhjfbjh\Zgby�gZ\udh\�kZfhklhyl_evgh]h�ihagZgby"Fh`gh�eb�mijZ\eylv�k\hbfb�nZglZabyfb"�?klv�eb�ijbzfu�klbfmebjh\Zgby\hh[jZ`_gby�b l\hjq_kdh]h�fure_gby"�>he`_g�eb�ijhp_kk�h[mq_gby�[ulvm\e_dZl_evguf��b \�dZdhc�f_j_">Z\Zcl_�ihjZkkm`^Z_f��DZd�ba\_klgh��^\b`ms_c�kbehc�ex[hc�^_yl_evghklby\ey_lky�fhlb\Zpby��: qlh�dZd�g_�bgl_j_k��m\e_q_gb_�aZklZ\ey_l�q_eh\_dZbkke_^h\Zlv�^_ckl\bl_evghklv">hrdhevgbd�\ kbem�k\h_c�\hajZklghc�ki_pbnbdb ±�bkdZl_ev��?]h�\gbfZgb_\k_]^Z�gZijZ\e_gh�gZ�lh��qlh�_fm�bgl_j_kgh��: bgl_j_k�khijh\h`^Z_lkyiheh`bl_evgufb�wfhpbyfb��I_^Z]h]b�^Z\gh�aZf_lbeb�wlm�hkh[_gghklv�Ihwlhfm�klj_fe_gb_�d ih\ur_gbx�dZq_kl\Z�ih^]hlh\db�^_l_c�d rdhe_ijb\_eh�d kha^Zgbx�m\e_dZl_evguo�^ey�fZeur_c�kj_^kl\�b nhjf�h[mq_gby�^b^Zdlbq_kdb_�b]ju��dhgkljmdlhju�b b]jmrdb�ljZgknhjf_ju��aZgylby�iml_r_kl\by«���DZd�gZclb�lm�]jZgv��]^_�aZdZgqb\Z_lky�b]jZ�b gZqbgZ_lkyk_jvzagZy�bgl_ee_dlmZevgZy�jZ[hlZ"�GZkdhevdh�kh\f_klbfu�wlb�ihgylby"Ihbkd�hl\_lh\�gZ�ihklZ\e_ggu_�\hijhku�ih[m`^Z_l�ijZdlbdh\�bkihevah\Zlvkj_^b�kh\j_f_gguo�bggh\Zpbc�\ ^hrdhevghf�h[jZah\Zgbb�bf_ggh�l_f_lh^bdb�b l_ogheh]bb��dhlhju_�g_�lhevdh�j_amevlZlb\gu��gh�bm\e_dZl_evgu��Wlbf�b h[tykgy_lky�\ ihke_^g__�\j_fy�\hajhkrbc�bgl_j_k�dLJBA��l_hjbb�j_r_gby�bah[j_lZl_evkdbo�aZ^Zq���b JL<��jZa\blb_l\hjq_kdh]h�\hh[jZ`_gby��±�l_ogheh]byf�\ ^hrdhevghc�^b^Zdlbd_�Ihkh[b_�kha^Zgh�\ ihfhsv�bsmsbf�\hkiblZl_eyf��< _]h�hkgh\m�iheh`_ghiul�jZ[hlu�k ^_lvfb�^hrdhevgh]h�\hajZklZ�ih�bkihevah\Zgbx�we_f_glh\LJBA�b JL<�l_ogheh]bc��Z lZd`_�ijZdlbq_kdb_�jZajZ[hldb�mqZsbokyFbgkdh]h�]hkm^Zjkl\_ggh]h�i_^Z]h]bq_kdh]h�dhee_^`Z����bf��F�LZgdZ�ijh\_^zggu_�\ jZfdZo�h[hagZq_gghc�ijh[e_fu��Hgh�khklhbl�ba�r_klb�]eZ\�< ]eZ\_ �<hh[jZ`_gb_�b ikboheh]bq_kdZy�bg_jpby��jZkdju\Z_lky�agZq_gb_\hh[jZ`_gb_�dZd�ikbobq_kdh]h�ijhp_kkZ�\ jZa\blbb�ihagZ\Zl_evguokihkh[ghkl_c�ebqghklb��QblZl_ev�ihagZdhfblky�k ihgylb_f�b kmsghklvxlZdh]h�y\e_gby��dZd�ikboheh]bq_kdZy�bg_jpby��kfh`_l�ijh\_jblv�k_[y�gZmjh\_gv�hjb]bgZevghklb�j_r_gbc�fukebl_evguo�aZ^Zq�=eZ\Z��=_gbc�±�ijbjh^guc�^Zj�beb�aZdhghf_jguc�j_amevlZl�\hkiblZgby"�agZdhfbl�k hkgh\gufb�gZijZ\e_gbyfb�l_hjbb�jZa\blby�l\hjq_kdhc

Page 3: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

ebqghklb��h[hkgh\u\Z_l�g_h[oh^bfhklv�kha^Zgby�ki_pbZevguo�mkeh\bc�^eynhjfbjh\Zgby�l\hjq_kdbo�kihkh[ghkl_c�\ ^hrdhevghf�\hajZkl_�< ]eZ\_��Fbj�qm\kl\_ggh]h�\hkijbylby��ijb\_^_gh�kbkl_fZlbabjh\Zggh_kh^_j`Zgb_�k_gkhjgh]h�\hkiblZgby�\ ^_lkdhf�kZ^m��l�d��bf_ggh�gZqm\kl\_gghf�\hkijbylbb�nhjfbjmxlky�hkgh\gu_�ij_^klZ\e_gby�\^hrdhevghf�\hajZkl_��B kha^Zgb_�gh\uo�h[jZah\�\ ijhp_kk_�j_r_gbyl\hjq_kdbo�aZ^Zq�[m^_l�aZ\bk_lv�hl�rbjhlu�wlbo�ij_^klZ\e_gbc�L_hj_lbq_kdb_�k\_^_gby�ih�Z^Zilbjh\Zgguf�^ey�^hrdhevgbdh\�ijbzfZfklbfmeypbb�\hh[jZ`_gby�b f_lh^Zf�nhjfbjh\Zgby�bgl_ee_dlZjZkdju\Zxlky�\ ]eZ\_��RdheZ�nZglZabb���Hgb�ihfh]Zxl�hkhagZlv�kmlvbgkljmf_glh\��e_`Zsbo�\ hkgh\_�b]j�b aZgylbc��b ijb\_^_gu�g_�\ iheghfh[tzf_��Z ba[bjZl_evgh�=eZ\Z��Kbkl_fgh_�fure_gb_��ihk\ys_gZ�ijhp_kkm�nhjfbjh\Zgbykbkl_fgh]h�fure_gby��h^gbf�ba�hkgh\guo�bgkljmf_glh\�dhlhjh]h�y\ey_lkykbkl_fguc�hi_jZlhj��=eZ\Z�kh^_j`bl�lZd`_�k_jbx�b]j�b lj_gbg]h\�^eyjZa\blby�m ^hrdhevgbdh\�kbkl_fgh]h�\hkijbylby�hdjm`Zxs_]h�fbjZ�=eZ\Z��AZgylby�k we_f_glZfb�LJBA�b JL<��khklhbl�ba�ieZgh\�±�dhgki_dlh\h[mqZxsbo�aZgylbc�^ey�^_l_c�jZaguo�\hajZklguo�]jmii��Hgb�ihkljh_gu�gZhkgh\_�jZkkfhlj_gguo�\ ij_^u^msbo�]eZ\Zo�bgkljmf_glh\�Ihkh[b_�kgZ[`_gh�ijbeh`_gbyfb��\ dhlhjuo�qblZl_ev�gZc^zl�hl\_lu�daZ^ZqZf�gZ�\uy\e_gb_�ikboheh]bq_kdhc�bg_jpbb��j_dhf_g^Zpbb�ihbkihevah\Zgbx�we_f_glh\�LJBA�b JL<�\ bg^b\b^mZevghc�ih\k_^g_\ghc�bih^]jmiih\hc�jZ[hl_��ijZdlbq_kdb_�kh\_lu�ih�dhgkljmbjh\Zgbx�gh\uonhjf�jZ[hlu��aZgylbc��b]j��jZa\e_q_gbc�b ij��< ihfhsv�f_lh^bq_kdhckem`[_�^_lkdh]h�kZ^Z�ij_^eZ]Z_lky�ijbf_jguc�ieZg�ihklhyggh]h�k_fbgZjZ^ey�\hkiblZl_e_c��Wlhl�ieZg�ij_^iheZ]Z_l�^hklZlhqgmx�kl_i_gvih^]hlh\e_gghklb�f_lh^bklZ�\ jZfdZo�LJBA�±�i_^Z]h]bdb�:\lhj�\ujZ`Z_l�[eZ]h^Zjghklv�aZ�hdZaZggmx�ihfhsv�b \hafh`ghklvbkihevah\Zgby�gZjZ[hlZggh]h�hiulZ�k\hbf�mqbl_eyf�ih�LJBA�±�i_^Z]h]bd_:�:�G_kl_j_gdh��B�G�FmjZrdh\kdhc��L�:�Kb^hjqmd��G�G�Ohf_gdh�i_^Z]h]bq_kdhfm�dhee_dlb\m�[Zah\h]h�^_lkdh]h�kZ^Z�� ����]�FbgkdZ�\uimkdgbdZf�i_j\h]h�b \lhjh]h�wdki_jbf_glZevguo�ihlhdh\�Fbgkdh]h]hkm^Zjkl\_ggh]h�i_^Z]h]bq_kdh]h�dhee_^`Z����bf��F�LZgdZ �����b ����]]��jZajZ[hlZ\rbf�b]ju��lj_gbg]b��ieZgu�dhgki_dlu�aZgylbc�ij_^klZ\e_ggu_�\ ihkh[bb�

Page 4: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

KH>?J@:GB?

KH>?J@:GB?HL�:<LHJ: ��������������������������������������������������������������������������������������������������������������� �=E:<: ���<HH;J:@?GB?�B IKBOHEH=BQ?KD:Y�BG?JPBY��������������������������� �LJ?GBG=B�G:�<UY<E?GB?�G:EBQBY�IKBOHEH=BQ?KDHC�BG?JPBBM >?L?C�B <AJHKEUO ������������������������������������������������������������������������������������������������� �=E:<:����=?GBC ±�IJBJH>GUC�>:J�BEB�A:DHGHF?JGUC�J?AMEVL:L<HKIBL:GBY" ������������������������������������������������������������������������������������������������������ ��=E:<: ���FBJ�QM<KL<?GGH=H�<HKIJBYLBY������������������������������������������������� ��=E:<: ���RDHE:�N:GL:ABB�������������������������������������������������������������������������������� ��FHA=H<HC�RLMJF ��������������������������������������������������������������������������������������������������� ��Ijbf_jgu_�l_fu�^ey�ijh\_^_gby�fha]h\h]h�rlmjfZ� ���������������������������������� ��F?LH>�FHJNHEH=BQ?KDH=H�:G:EBA:��F:� ������������������������������������������������������������� ��F?LH>�D:L:EH=:��FD� �������������������������������������������������������������������������������������������� ��KdZadZ�h fZe_gvdhc�im]h\d_� ���������������������������������������������������������������������������� ��F?LH>�NHD:EVGUO�H;T?DLH<��FNH� ��������������������������������������������������������������������� ��F?LH>�:G:EH=BC��KBG?DLBD:� ������������������������������������������������������������������������������� ��LBIH<U?�IJB,FU�N:GL:ABJH<:GBY ���������������������������������������������������������������������� ��=E:<: ���KBKL?FGH?�FURE?GB?��B=JU�B LJ?GBG=B�������������������������������� ��B=JU�B LJ?GBG=B�G:�NHJFBJH<:GB?�M >?L?C�KBKL?FGH=H�FURE?GBY� ����������������� ��;ehd����NmgdpbhgZevgh_�gZagZq_gb_�h[t_dlh\ ���������������������������������������������� ��;ehd����Hlke_`b\Zgb_�baf_g_gby�k\hckl\�b nmgdpbc�h[t_dlh\�\h�\j_f_gb���������������������������������������������������������������������������������������������������������������������������� ��;ehd����<ukljZb\Zgb_�gZ^kbkl_fguo�b ih^kbkl_fguo�k\ya_c��<u^_e_gb_k\hckl\��������������������������������������������������������������������������������������������������������������� ��Ijbf_jgZy�ihke_^h\Zl_evghklv�\hijhkh\�d ^_lyf�ijb�kbkl_fZlbaZpbbij_^klZ\e_gbc�h[�h[t_dl_�k ihfhsvx�kbkl_fgh]h�hi_jZlhjZ��������������������� ��AZ^Zqb�gZ�km`_gb_�ihey�ihbkdZ����������������������������������������������������������������������� ��=E:<:����A:GYLBY�K WE?F?GL:FB�LJBA�B JL< �������������������������������������������� ��IE:GU�±�DHGKI?DLU�A:GYLBC�>EY�>?L?C�>HRDHEVGH=H�<HAJ:KL:�KBKIHEVAH<:GB?F�WE?F?GLH<�LJBA�B JL<� ���������������������������������������������������������� ���Gh\u_�ijbdexq_gby�PZj_\gu�±�Ey]mrdb� ����������������������������������������������������� ���DmdZj_dm��I_lmrhd�� ����������������������������������������������������������������������������������������� ���<her_[guc�e_k� ���������������������������������������������������������������������������������������������� ���< KljZg_�KdZahd� ��������������������������������������������������������������������������������������������� ��

Page 5: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

�GZrb�fZe_gvdb_�ihfhsgbdb� ������������������������������������������������������������������������� ���Gh\u_�ijbdexq_gby�Dheh[dZ� ������������������������������������������������������������������������ ���H]hgv�±�^jm]�beb�\jZ]� ������������������������������������������������������������������������������������� ���>h[juf�[ulv�kh\k_f�g_�ijhklh� �������������������������������������������������������������������� ���<kz�h oe_[_� ����������������������������������������������������������������������������������������������������� ���Lbeb�±�lbeb��l_klh�� ����������������������������������������������������������������������������������������� ���>h`^bd�ijheb\ghc������������������������������������������������������������������������������������������� ���GZr�^jm]�Dm[bd� ����������������������������������������������������������������������������������������������� ���Fbj�p\_lh\������������������������������������������������������������������������������������������������������� ��Dhjhe_\Z�Am[gZy�SzldZ ����������������������������������������������������������������������������������� ��A:DEXQ?GB?��������������������������������������������������������������������������������������������������������� ��IJBEH@?GBY�������������������������������������������������������������������������������������������������������� ��IJBEH@?GB?����J?R?GB?�A:>:Q�G:�<UY<E?GB?�IKBOHEH=BQ?KDHC�BG?JPBB �� ��IJBEH@?GB?����I?J?Q?GV�IJB,FH<��B=J�B LJ?GBG=H<�>EY�BKIHEVAH<:GBY�<BG>B<B>M:EVGHC�J:;HL?�K >HRDHEVGBD:FB�G:�IJHLY@?GB?�>GY������������������������� �����Bkihevah\Zgb_�f_lh^h\�Zdlb\baZpbb�l\hjq_kdh]h�fure_gby�k p_evxjZa\blby�j_qb���������������������������������������������������������������������������������������������������� �����Bkihevah\Zgb_�f_lh^h\�Zdlb\baZpbb�l\hjq_kdh]h�fure_gby��b]j�blj_gbg]h\�k we_f_glZfb�bah[jZabl_evghc�^_yl_evghklb�\ bg^b\b^mZevghcjZ[hl_�k ^_lvfb�^hrdhevgh]h�\hajZklZ���������������������������������������������������������� �����Ijh\_^_gb_�b]j�b lj_gbg]h\�k we_f_glZfb�jbkh\Zgby� ���������������������������� ��IJBEH@?GB?����FHJNHEH=BQ?KDB?�L:;EBPU�>EY�BGL?=JBJH<:GBY�<:JB:GLH<J:AEBQGUO�<B>H<�>?YL?EVGHKLB�< I?>:=H=BQ?KDHC�IJ:DLBD?�<HKIBL:L?EY������� ��IJBEH@?GB?����IJBF?JGUC�IE:G�IHKLJH?GBY�K?FBG:JKDBO�A:GYLBC�>EY<HKIBL:L?E?C�< MKEH<BYO�>HRDHEVGH=H�MQJ?@>?GBY����������������������������������������� ��IJBEH@?GB?����A:>:QB�G:�KM@?GB?�IHEY�IHBKD:������������������������������������������� ��Ijbf_jguc�keh\Zjv�^ey�aZ^Zq��G_agZdhfh_�keh\h�� ������������������������������������ ��KblmZlb\gu_�aZ^Zqb�ih�kx`_lZf�kdZahd��������������������������������������������������������� ��IJBEH@?GB?����H IJH?DL?��>@HG:L:G�EB<BG=KLHG� �������������������������������������� ��EBL?J:LMJ: ���������������������������������������������������������������������������������������������������������� ��

Page 6: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����<HH;J:@?GB? �B IKBOHEH=BQ?KD:Y �BG?JPBY

=E:<: ���<HH;J:@?GB?�B IKBOHEH=BQ?KD:YBG?JPBYIjbjh^Z�gZ^_ebeZ�dZ`^h]h�q_eh\_dZ�kihkh[ghklvx�d \hh[jZ`_gbx��<aZ\bkbfhklb�hl�`bag_ggh]h�hiulZ��hkh[_gghkl_c�ikbobdb��kl_i_gbh^Zjzgghklb��gZebqby�gZ\udh\�`bag_^_yl_evghklb�m jZaguo�ex^_c\hh[jZ`_gb_�ijhy\ey_lky�ih�jZaghfm��Ij_^klZ\blv�h[jZa�gZ�hkgh\_�_]hhibkZgby��kha^Zlv�keh\_kguc�beb�bah[jZabl_evguc�ihjlj_l�h[t_dlZ�dhlhjuc�\klj_qZeky�\ hiul_��kihkh[_g�ijZdlbq_kdbc�dZ`^uc�fukeysbcq_eh\_d��WlZ�jZagh\b^ghklv�\hh[jZ`_gby��gZah\zf�_z j_ijh^mdlb\ghcnhjfhc��ihy\ey_lky�m`_�d ljzf�]h^Zf��dh]^Z�j_[zghd�e_]dh�ihgbfZ_l�j_qv\ajhkeh]h�[_a�gZ]ey^ghc�hihju��fh`_l�jZkkdZaZlv�h kh[ulbyo��bf_\rbof_klh�\ _]h�`bagb��kimkly�g_dhlhjh_�\j_fy��Kihkh[ghklv�d l\hjq_kdhfm\hh[jZ`_gbx��\ hkgh\_�dhlhjh]h�e_`bl�kha^Zgb_�gh\uo�h[jZah\��ihy\ey_lkyg_kdhevdh�iha^g__��\ kj_^g_f�b klZjr_f�^hrdhevghf�\hajZkl_�<hh[jZ`_gb_��dZd�nhjfZ�ikbobq_kdh]h�hljZ`_gby��kZfufg_ihkj_^kl\_gguf�h[jZahf�\eby_l�gZ�ijhp_kk�ihagZgby�hdjm`Zxs_]h�fbjZ�>_ckl\bl_evgh��dh]^Z�ebqghklv�ihemqZ_l�ev\bgmx�^hex�bgnhjfZpbb�q_j_ahj]Zgu�\hkijbylby��aj_gb_��kemo��lZdlbevgu_��h[hgyl_evgu_�b \dmkh\u_hsms_gby���Z ijb�ihfhsb�j_qb�b g_dhlhjuo�^jm]bo�agZdh\uo�kbkl_fmk\Zb\Z_l�k\_^_gby�\ [he__�h[h[szgghc�b hihkj_^h\Zgghc�nhjf_�\hh[jZ`_gb_�iha\hey_l�jZkrbjblv�b m]em[blv�ijhp_kk�ihagZgby��<h�i_j\uo�ijb�ihfhsb�\hh[jZ`_gby�\hafh`_g�fuke_gguc�i_j_oh^�aZ�ij_^_euqm\kl\_ggh�\hkijbgbfZ_fh]h��<h�\lhjuo��kms_kl\m_l�\hafh`ghklv�h`b\blv���\hkijhba\_klb�lh��qlh�[ueh�jZg__��Wlh�djZcg_�g_h[oh^bfh�ijbj_r_gbb�jy^Z�aZ^Zq��<�lj_lvbo��\hh[jZ`_gb_�kihkh[kl\m_l�ij_^\hkobs_gbx[m^ms_]h�<hh[jZ`_gb_�kZfuf�g_ihkj_^kl\_gguf�h[jZahf�k\yagh�k fure_gb_f�J_rZy�ijZdlbq_kdmx�beb�mfkl\_ggmx�aZ^Zqm��q_eh\_d�\uihegy_l�p_ihqdmhij_^_ezgguo�fukebl_evguo�hi_jZpbc��bkihevamy�ijb�wlhf�m`_bf_xsmxky�bgnhjfZpbx��Gh�_keb�k\_^_gbc�g_^hklZlhqgh��gZ�ihfhsvijboh^bl�\hh[jZ`_gb_��GZ�hkgh\_�ZgZeh]bc��gh\uo�kemqZcguo�k\ya_c�ZkkhpbZpbc�wlhl�ijh[_e�\hkihegy_lky�DZaZehkv�[u��q_f�[hevr_�[Zah\hc�bgnhjfZpbb��l_f�^he`gh�[ulv�[h]Zq_\hh[jZ`_gb_��Ihq_fm�`_�\ ^_lkl\_�\hh[jZ`_gb_�ghkbl�yjdh�\ujZ`_ggucl\hjq_kdbc�oZjZdl_j��g_^Zjhf�^hrdhevgbdh\�qZklh�gZau\Zxl�nZglZazjZfb��Z \�ijhp_kk_�\ajhke_gby�\kz�[he__�b [he__�^hfbgbjmxl�ijbagZdbj_ijh^mdlb\ghklb"H^ghc�ba�\hafh`guo�ijbqbg�y\ey_lky�ijb\uqdZ�fukeblv�ih�mklhy\rbfkydZghgZf��gZ�hkgh\_�m`_�hijh[h\Zggh]h�hiulZ��Q_f�klZjr_�q_eh\_d��l_f[h]Zq_�hiul��ke_^h\Zl_evgh��b knhjfbjh\Zgguo�kl_j_hlbih\�m g_]h�[hevr_�>_ckl\bl_evgh��\ j_amevlZl_�fgh]hdjZlgh]h�ih\lhj_gby�[ulh\hc�bebmq_[ghc�kblmZpbb�\ujZ[Zlu\Z_lky�mkeh\guc�j_ne_dk�ih\_^_gby��\ dhlhjhfaZ^ZqZ�\uklmiZ_l�dZd�jZa^jZ`bl_ev��Ijb\_^zf�g_kdhevdh�ijbf_jh\��FZeur�kf_gb\rbc�\Ze_gdb�gZ�^_fbk_ahggu_�kZih`db��aZ[u\Z_l�jZkkl_]gmlv

Page 7: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

fhegbx�ijb�jZam\Zgbb��Mqbl_ev�keh\_kghklb��dhlhjhfm�ij_^eh`bebihagZdhfblvky�k i_j\ufb�ihwlbq_kdbfb�ijh[Zfb�rdhevgbdZ��\ i_j\mxhq_j_^v�gZqbgZ_l�bkijZ\eylv�]jZffZlbq_kdb_�hrb[db�b gZjmr_gbyhjnh]jZnbq_kdh]h�j_`bfZ�<kz�wlh�±�ijhy\e_gb_�lZd�gZau\Z_fhc�ikboheh]bq_kdhc�bg_jpbb�\ih\k_^g_\ghc�`bagb��>h�l_o�ihj��ihdZ�^_yl_evghklv�q_eh\_dZh]jZgbqb\Z_lky�gZ[hjhf�\hkijhba\h^ysbo�^_ckl\bc��ikboheh]bq_kdZybg_jpby�\uklmiZ_l�dZd�[eZ]h��ba[Z\eyy�gZk�hl�g_h[oh^bfhklb�j_rZlvijh[e_fu�lZf��]^_�bo�m`_�g_l��GZ�wlhf�hkgh\Zg�ijhp_kk�nhjfbjh\Zgbykbkl_fu�dmevlmjgh�]b]b_gbq_kdbo�gZ\udh\��^_ckl\bc�ih�hij_^_ezggufijZ\beZf�b nhjfmeZf��Gh�_keb�mkeh\by�beb�hdjm`_gb_�baf_gylky�ikboheh]bq_kdZy�bg_jpby�klZg_l�f_rZlv�q_eh\_dm��<_^v�\kz�\ fbj_\aZbfhk\yaZgh��b ihy\e_gb_�gh\uo�mkeh\bc�beb�ijh[e_f�h[yaZl_evghihlj_[mxl�bguo�kihkh[h\�^_ckl\bc��lh]^Z�dZd�ikboheh]bq_kdZy�bg_jpbyaZklZ\ey_l�gZk�^_ckl\h\Zlv�ih�klZjhfm�^h�l_o�ihj��ihdZ�g_�knhjfbjm_lkygh\uc�j_ne_dk�Wlh�bf__l�f_klh�b \�ijhn_kkbhgZevghc�^_yl_evghklb��Qlh�^_eZlv��_kebj_[zghd�g_�kemrZ_lky"�QZs_�\k_]h�i_^Z]h]�hl\_lbl���Ih]h\hjbl_�k gbf�h[tykgbl_��qlh�lZd�^_eZlv�g_evay���< lh�`_�\j_fy�ex[hc�ijZdlbd�g_�jZam[_`^Zeky�gZ�ijZdlbd_��qlh��\au\Zgb_�d kh\_klb��^ey�^hrdhevgbdh\fZehwnn_dlb\gh��< ^jm]hf�kemqZ_�i_^Z]h]�ij_^eh`bl�gZdZaZlv�hahjgbdZ�ohly�rbjhdh�ba\_klgh��qlh�wlh�^_ckl\m_l�lhevdh�kbx�fbgmlm��gh�gbdZd�g_ihfh]Z_l�\ujZ[hld_�ijb\uqdb�d gjZ\kl\_gghfm�ih\_^_gbx��B wlh�\kblmZpbb��dh]^Z�ijZdlbq_kdb�dZ`^uc�\hkiblZl_ev�h[eZ^Z_l�ki_pbZevgufb[Zah\ufb�agZgbyfb�ih�ikboheh]bb�^hrdhevgbdh\��agZdhf�k hkgh\gufbaZdhghf_jghklyfb�nhjfbjh\Zgby�\he_\hc�b fhlb\Zpbhgghc�kn_j�ebqghklbfZeurZ�Ih^h[gZy�dZjlbgdZ�gZ[ex^Z_lky�b \�ijZdlbd_�h[mq_gby��^b^ZdlbdZ��dZghgudhlhjhc�[ueb�knhjfmebjh\Zgu�b \ha\_^_gu�\ ^h]fZl�_sz�\ ;9,,�\_d_�Yghf:fhkhf�Dhf_gkdbf��\_kvfZ�Z\lhjblZjgZ�b ^h�k_]h^gyrg_]h�^gynmgdpbhgbjm_l�ih�klZjuf�ijZ\beZf���mkeurZe��aZihfgbe��ih\lhjbe�������GZwlhf�[Zabjm_lky�b rdhevgh_��b ^hrdhevgh_�h[mq_gb_��< j_amevlZl_�m`_�\^_lkdhf�kZ^m�m j_[zgdZ�gZqbgZxl�nhjfbjh\Zlv�kl_j_hlbiu�fure_gby�bih\_^_gby��^_lb�h^bgZdh\h�jbkmxl��e_iyl��i_jbh^bq_kdb�kijZ\eyykv�m\ajhkeh]h���Y ijZ\bevgh�^_eZx"���h^bgZdh\h�kljhyl�njZau��^Z`_�]h\hjylihjhc�k h^bgZdh\hc�bglhgZpb_c��Ijb\uqdZ�d ohjh\uf�hl\_lZf�ijb\h^bl�dihl_j_�ihlj_[ghklb�fukeblv�b \ukdZau\Zlv�k\hx�kh[kl\_ggmx�lhqdmaj_gby��^hdZau\Zlv�b Zj]mf_glbjh\Zlv�k\hb�fukeb�b km`^_gby��l�_�ikboheh]bq_kdZy�bg_jpby�[ehdbjm_l�m`_�bf_xsbcky�aZiZk�agZgbc��_keb�wlbagZgby�g_�[ueb�aZ^_ckl\h\Zgu�\ nhjfbjh\Zgbb�hij_^_ezggh]h�kl_j_hlbiZ�HkhagZ\Zy�g_h[oh^bfhklv�i_j_kfhljZ�ih^oh^h\�d h[mq_gbx�^hrdhevgbdh\�fZkkh\Zy�ijZdlbdZ�g_�fh`_l�hldZaZlvky�hl�]eZ\_gkl\mxs_c�jheb�i_^Z]h]Z�dZd�hkgh\gh]h�ljZgkeylhjZ�bgnhjfZpbb�^ey�^_l_c��Wlh�agZqbl��qlh�d l_fkl_j_hlbiZf��dhlhju_�nhjfbjmxlky�klbobcgh��^h[Z\eyxlky�rZ[ehgu�kha^Zggu_�b aZdj_iezggu_�p_e_gZijZ\e_ggh��J_ijh^mdlb\gZy�^_yl_evghklvgZ�aZgylbyo�ij_^iheZ]Z_l�mk\h_gb_�[Zah\hc�kbkl_fu�agZgbc��Z \hkkha^Zgb_jZg__�mk\h_gguo�h[jZah\�ihfh]Z_l�\ukljZb\Zgbx�\gmlj_gg_c�eh]bdb

Page 8: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����<HH;J:@?GB? �B IKBOHEH=BQ?KD:Y �BG?JPBY

ij_^klZ\e_gbc��H^gZdh�dhg_qghc�p_evx�h[mq_gby�^he`gh�[ulvnhjfbjh\Zgb_�m ^_l_c�lZdbo�kihkh[h\�fure_gby��ijb�ihfhsb�dhlhjuo[Zah\u_�agZgby�\uklmiZxl�dZd��kljhbl_evguc�fZl_jbZe��\ ijhp_kk_j_r_gby�`bag_ggh�\Z`guo�aZ^Zq��Z g_�kms_kl\mxl�dZd�kZfhp_ev��< lZdhfkemqZ_�gZ�i_j\uc�ieZg�\u^\b]Z_lky�g_h[oh^bfhklv�kha^Zgby�ijbgpbibZevghgh\uo�h[jZah\��l�_��ihlj_[ghklv�\ l\hjq_kdhf�\hh[jZ`_gbb�DZd�h[_ki_qblv�^hklZlhqgh�\ukhdbc�mjh\_gv�hjb]bgZevghklb�ijb�j_r_gbbijh[e_fguo�kblmZpbc"�< i_j\mx�hq_j_^v�g_h[oh^bfh�gZmqblvky�kZfhfm�bgZmqblv�k\hbo�\hkiblZggbdh\�ij_h^he_\Zlv�ikboheh]bq_kdmx�bg_jpbx�hldZau\Zlvky�hl��kh[eZagZ��h]jZgbqb\Zlvky�\ k\h_c�fuke_^_yl_evghklbmkeh\gufb�j_ne_dkZfb�Ihijh[m_f�hp_gblv�k_[y�gZ�mjh\_gv�l\hjq_kl\Z��Z ihlhf�m[_^blvky�\ lhf�qlh�ex[hc�q_eh\_d��g_aZ\bkbfh�hl�k\hbo�kihkh[ghkl_c��e_]dh�ihiZ^Z_l�\k_lb�ikboheh]bq_kdhc�bg_jpbb��<uykgbf�gZ�ijbf_j_�k\hbo�^jma_c�bagZdhfuo��aZ\bkbl�eb�kl_i_gv�ijhy\e_gby�ikboheh]bq_kdhc�bg_jpbb�hl�jh^ZaZgylbc�b mjh\gy�h[jZah\Zgby�LJ?GBG=B G: <UY<E?GB?�G:EBQBY�IKBOHEH=BQ?KDHCBG?JPBB�M >?L?C�B <AJHKEUO�GZjbkmc�GZjbkmcl_�^hfbd��Z jy^hf�k gbf�^_j_\h��JZa^_eb�d\Z^jZl��GZq_jlbl_�����d\Z^jZlh\�b ihiulZcl_kv�gZclb�klhevdh�`_�kihkh[h\�^_e_gbyd\Z^jZlZ�h^ghc�ebgb_c�gZ�^\_�qZklb��JZa^_eb�ihjh\gm��< dhjabgd_�e_`Zl�ljb�y[ehdZ��Ijbreb�ljh_�j_[yl��dZ`^uc�\aye�ih�y[ehdm��Zh^gh�hklZehkv�\ dhjabg_��DZd�wlh�fh`_l�[ulv"��WlZ�aZ^ZqdZ�ohjhrh�ba\_klgZ\ajhkeuf��^ey�^_l_c�`_�wlh�ih\h^�^ey�jZa^mfbc���GZibrb��DZd�gZibkZlv�\ ^\mo�de_ldZo�keh\h��mlhqdZ���Z \�ljzo�de_ldZo�±�keh\h�dZimklZ���fgh]b_�agZxl�k ^_lkl\Z��: dZd�gZibkZlv�keh\h��fur_eh\dZ��\iylb�de_ldZo"�DZdb_�fhg_ldb"�Ij_^klZ\vl_�k_[_��qlh�m \Zk�\ dZjfZg_�^\_�fhg_ldb��khklZ\eyxsb_�h[smxkmffm�\ ���dhi__d��Gh�h^gZ�ba�fhg_l�±�g_�iylbdhi__qgZy��DZdb_�m \Zk

Page 9: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

fhg_ldb"��GZihfgbf��qlh�\ k\hz�\j_fy�bf_eb�f_klh�fhg_lu�^hklhbgkl\hf�\���������������������������dhi���

� >Zggu_�aZ^Zqb�aZbfkl\h\Zgu�ba�dgb]��B\Zgh\�=�B��NhjfmeZ�l\hjq_kl\Z��beb�dZd�gZmqblvkybah[j_lZlv��F������]���=bg�K�B��Fbj�nZglZabb��=hf_ev������������Hl\_lu�d ij_^eh`_ggufaZ^ZqZf�kf��\ ijbe����

Page 10: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����=_gbc�±�ijbjh^guc �^Zj�beb�aZdhghf_jguc �j_amevlZl�\hkiblZgby"

��

=E:<: ���=?GBC ±�IJBJH>GUC�>:J�BEBA:DHGHF?JGUC�J?AMEVL:L�<HKIBL:GBY"< [hevrbgkl\_�kemqZ_\�mjh\_gv�l\hjq_kl\Z�hq_gv�fZeh�aZ\bkbl�hl�kl_i_gbh[jZah\Zgghklb�b ijhn_kkbhgZevghc�dhfi_l_gpbb��< qzf�`_�ijbqbgZ]_gbZevghklb�hl^_evguo�ex^_c"�NhjfZ�ihbkdZ�ex[Zy��hl�khqbg_gby�wkk_�bfbgb�±�^bkimlZ�^h��Djm]eh]h�klheZ���Fh`gh�kha^Zlv��Dhibedm�=_gb_\��kh[jZ\�wdkij_kk�bgnhjfZpbx�h \_ebdbo�ex^yo��J_amevlZlu�lZdh]h�ihbkdZfh`gh�hnhjfblv�\ \b^_�kl_gghc�]Za_lu�beb�jmdhibkgh]h�`mjgZeZ��dhlhjuc\k_]^Z�[m^_l�gZoh^blvky�\ f_lh^bq_kdhf�dZ[bg_l_�gZ�^hklmighf�f_kl_�Ihbs_f�nZdlu��kh[ulby�\ wlbo�[bh]jZnbyo��dhlhju_�q_f�lh�ihoh`b�Fh`_l��_klv�dZdb_�lh�h[yaZl_evgu_�mkeh\by�^ey�ihy\e_gby�]_gbZevgh]hq_eh\_dZ";_amkeh\gh��wlh�lZd��@KLE�±�`bag_ggZy�kljZl_]by�L\hjq_kdhc�Ebqghklb�bLJLE�±�l_hjby�jZa\blby�L\hjq_kdhc�Ebqghklb�±�m`_�kha^Zggu_�bkms_kl\mxsb_�kbkl_fu��Bo�Z\lhj�±�=_gjbo�KZmeh\bq�:evlrmee_j��I_j_qbkebf�ebrv�hkgh\gu_�dZq_kl\Z�L\hjq_kdhc�Ebqghklb�� gZebqb_�^hklhcghc�p_eb�� jZ[hlhkihkh[ghklv�� mf_gb_�ieZgbjh\Zlv�� mf_gb_�j_rZlv�aZ^Zqb�l\hjq_kdh]h�oZjZdl_jZ�� mf_gb_��^_j`Zlv�m^Zj���dZd�j_amevlZl�g_ijbgylby�ebqghklbh[s_kl\_gguf�fg_gb_f�� mf_gb_�hlke_`b\Zlv�ijhf_`mlhqgu_�j_amevlZlu�<hkiblZl_eyf�ihkh\_lm_f�h[jZlblv�\gbfZgb_�gZ�lh��dZd�ijhy\eyxlkydZq_kl\Z�l\hjq_kdhc�ebqghklb�m bo�\hkiblZggbdh\��Dhg_qgh��\ ^hrdhevghf\hajZkl_�_sz�jZgh�]h\hjblv�h[�wlhf�\ iheghf�kfuke_�keh\Z��H^gZdh�\kblmZpbyo��dh]^Z�j_[zghd��]em[hdh�ih]jm`_g��\ ijhp_kk�jbkh\Zgby�dhgkljmbjh\Zgby��fh`gh�]h\hjblv�h _]h�[hevrhc�jZ[hlhkihkh[ghklb�bp_e_mklj_fezgghklb��<ajhkeuf�klhbl�aZ^mfZlvky��dZd�\ mkeh\byo�^_lkdh]hkZ^Z�hj]Zgbah\Zlv�\hafh`ghklv�\klj_qb�k Qm^hf��dhlhjZy�fh`_l�klZlv�^ey^_l_c�gZqZehf�bo�l\hjq_kdh]h�imlb���Qm^hf��fh]ml�ihkem`blv�yjdb_�dgb]b�g_h[uqgu_�b]jmrdb��]b]Zglkdbc�dhjZee��wdahlbq_kdb_�jZdh\bgu�b fgh]h_^jm]h_��: ^ey�dh]h�lh�jhev�Qm^Z�ku]jZxl�deZkkbq_kdZy�fmaudZ�blZbgkl\_gguc�k\_l��khijh\h`^Zxsb_�ql_gb_�kdZahd��jZkkdZa�h[m^b\bl_evguo�ex^yo�b bo�ijbdexq_gbyo��B g_�qm^h�eb�^h[juc�\gbfZl_evguc��we_]Zglguc�b mfguc�\hkiblZl_ev"���� Kf��=�K�:evlrmee_j��B�F�<zjldbg��DZd�klZlv�]_gb_f«�Fg��������� Ih^jh[g__�h ^_lkl\_�l\hjq_kdhc�ebqghklb�kf��\ dg���;_j_abgZ�<�=���<bd_glv_\�B�E��Fh^_klh\�K�X��>_lkl\h�l\hjq_kdhc�ebqghklb��\klj_qZ�k qm^hf��GZklZ\gbdb��>hklhcgZyp_ev��KI[��������

Page 11: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

=E:<: ���FBJ�QM<KL<?GGH=H�<HKIJBYLBYIjhp_kk�ihagZgby�hdjm`Zxs_]h�fbjZ��dZd�ba\_klgh��[Zabjm_lky�gZqm\kl\_gghf�\hkijbylbb��Bf_ggh�dhfie_dk�hsms_gbc�b k\yaZgguo�k gbfbmkeh\guo�b [_amkeh\guo�j_ne_dkh\�\ ikboheh]bb�gZau\Z_lky�i_j\hckb]gZevghc�kbkl_fhc�?sz�\ feZ^_gq_kl\_�m j_[zgdZ�ijhy\ey_lky�kihkh[ghklv�d h[ke_^h\Zgbxh[t_dlh\�hdjm`Zxs_]h�fbjZ��Hg�fZgbimebjm_l�ij_^f_lZfb��ljykzl�bo�lZsbl�\ jhl��<kz�wlh�gb qlh�bgh_��dZd�klj_fe_gb_�d ihagZgbx�y\guo�bkdjuluo�k\hckl\�h[t_dlh\��WlZ�^_yl_evghklv�g_hkhagZggZ��DZ`msZykyieZghf_jghklv�^_ckl\bc�ijhy\ey_lky�gZ�ih^khagZl_evghf�mjh\g_�Ih�f_j_�lh]h��dZd�fZeur�jZklzl��\ajhkeu_�\kz�qZs_�h]jZgbqb\Zxl�_]h�\h[ke_^h\Zl_evkdhc�^_yl_evghklb��Jmdh\h^kl\mykv�khh[jZ`_gbyfb[_ahiZkghklb�b ]b]b_gu��_fm�aZij_sZxl�[jZlv�\ jhl�b ljh]Zlv�g_agZdhfu_ij_^f_lu��K h^ghc�klhjhgu�wlh�jZamfgh��H^gZdh�\hklhqgZy�fm^jhklv]eZkbl����Mfgu_�jh^bl_eb�bgh]^Z�jZaj_rZxl�j_[zgdm�h[`b]Zlv�iZevpu���B_keb�h[t_dl�g_evay�j_Zevgh�h[ke_^h\Zlv�ihkj_^kl\hf�\k_o�dZgZeh\\hkijbylby��wlh�gZ^h�k^_eZlv�gZ�mjh\g_�\hh[jZ`_gby�GZijbf_j���Qlh�ihqm\kl\h\Ze�[u�l\hc�ghkbd��yauqhd�b l�^����_keb�[uihgxoZe��ihijh[h\Ze��wlhl�h[t_dl"��B \�wlhl�fhf_gl�\klZzl�g_h[oh^bfhklvqzldh]h�hij_^_e_gby�kh^_j`Zgby�k_gkhjgh]h�\hkiblZgby�Bkoh^y�ba�_]h�hkgh\guo�aZ^Zq��kh^_j`Zgb_�jZ[hlu�^he`gh�\dexqZlv�ljbgZijZ\e_gby��� nhjfbjh\Zgb_�kbkl_fu�h[ke_^h\Zl_evkdbo�^_ckl\bc��� nhjfbjh\Zgb_�kbkl_fu�k_gkhjguo�wlZehgh\��� nhjfbjh\Zgb_�mf_gby�bkihevah\Zlv�wlb�wlZehgu�b ^_ckl\by�\ih\k_^g_\ghc�ijZdlbd_�DZd�\b^gh��wlb�gZijZ\e_gby�\aZbfhk\yaZgu��Hj]Zgu�\hkijbylbyhkms_kl\eyxl�h[ke_^h\Zl_evkdb_�^_ckl\by�\ hij_^_ezgghc�kbkl_f_��gZmjh\g_�dZd�h[uqgh]h�hljZ`_gby��lZd�b ^_lZevgh]h�bkke_^h\Zgby��J_amevlZlu\hkijbylby�nbdkbjmxlky�\ khagZgbb�\ \b^_�h[s_ijbgyluo�wlZehgh\�b^hihegbl_evguo�ihgylbc��Bkoh^y�ba�wlh]h�b jZajZ[hlZgh�kh^_j`Zgb_k_gkhjgh]h�\hkiblZgby��lZ[e�����JZ[hlZ�ih�nhjfbjh\Zgbx�k_gkhjguo�ij_^klZ\e_gbc�g_�^he`gZh]jZgbqb\Zlvky�dZdbf�lh�hij_^_ezgguf�\b^hf�aZgylbc��< ijhp_kk_gZ[ex^_gbc�gZ�ijh]med_��\ h[s_gb_�\h�\j_fy�j_`bfguo�fhf_glh\�dhjfe_gby��h^_\Zgby��ih^]hlh\dm�dh�kgm��`_eZl_evgh�\dexqblv�kbkl_fmkhhl\_lkl\mxsbo�\hijhkh\��jZkkfhlj_lv�\ wlhc�k\yab�dZjlbgdb�\ gh\hcdgb`d_��H[yaZl_evgh�gm`gh�\kihfbgZlv�h[�wlhf�\h�\j_fy�jbkh\Zgby�bebkhklZ\e_gby�jZkkdZah\�b kdZahd��Kihkh[ghklv�\u^_eylv�[hevrh_�dhebq_kl\hijbagZdh\�h[t_dlh\�fZl_jbZevgh]h�fbjZ��g_�lhevdh�y\guo��gh�b kdjuluo�klZg_l�^ey�gZk�h^gbf�ba�ihdZaZl_e_c�mjh\gy�l\hjq_kdh]h�\hh[jZ`_gbyj_[zgdZ�

Page 12: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Fbj�qm\kl\_ggh]h �\hkijbylby

��

Ijbf_qZgb_�Ihegh_�ij_^klZ\e_gb_�h[�h[t_dl_�b _]h�k_gkhjguo�oZjZdl_jbklbdZoihemqZ_lky�ijb�kbgl_a_�bf_xs_]hky�hiulZ�k g_ihkj_^kl\_gguf\hkijbylb_f�< ijhlb\ghf�kemqZ_�nZdlhju�aZ\bkbfhklb�\uau\Zxl�bkdZ`zggh_�hljZ`_gb_\ khagZgbb�k_gkhjguo�ijbagZdh\�h[t_dlh\�fZl_jbZevgh]h�fbjZ�

Page 13: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y >B>:DLBD:

��

LZ[e����Kh^_j`Zgb_�k_gkhjgh]h�\hkiblZgby�\ ^hrdhevghf�\hajZkl_��:gZebaZlhju J_amevlZl\hkijbylby i_jp_ilb\gu_^_ckl\by ijbagZdb nZdlhjaZ\bkbfhklb WlZehgu�agZq_gby ijbagZdh\� \u\h^u� � � � � � �Aj_gb_ Ajbl_evguch[jZa� H[uqguc�\a]ey^�jZkkfZljb\Zgb_�\kfZljb\Zgb_�hkfZljb\Zgb_�

P\_l��nhjfZ�jZaf_j�dhebq_kl\h�ijhkljZgkl\_ggh_jZkiheh`_gb_�qZklb�h[t_dlZ�>\b`_gb_��_]hkdhjhklv�\_ebqbgZ�jZafZoZ�^ebl_evghklv�bgZijZ\e_gb_hlghkbl_evgh^jm]bo�h[t_dlh\�

Hk\_s_gb_�kj_^Z �lmfZg�\h^Z��\ha^mo��i_jki_dlb\Z�^\b`_gb_�jZdmjk�

GZa\Zgby�p\_lh\�b hll_gdh\�Ihgylby��k\_leuc��lzfguc��yjdbc�[e_^guc��ijhajZqguc�fZlh\uc�[e_klysbc�GZa\Zgby�]_hf_ljbq_kdbo�nhjf�iehkdbo�b h[tzfguo�Ihgylb_��[_knhjf_gguc�g_ihgylghc�nhjfu�bebbaf_gyxsbc�_z \h�\j_f_gb��H[hagZq_gb_�jZaf_jZ��[hevrhc�fZe_gvdbc��\ukhdbc��gbadbc�rbjhdbc��madbc��lhekluc��lhgdbcKjZ\gbl_evgu_�kl_i_gb�wlboihgylbc�Ihgylby�dhebq_kl\Z��fgh]h��fZeh�qbkeh\u_�wlZehgu��[hevr_��f_gvr_�ihjh\gm�WlZehgu�\_ebqbg��ihgylb_mkeh\ghc�f_jdb��Ihgylby�ijhkljZgkl\_ggh]hjZkiheh`_gby��kaZ^b��ki_j_^b�ke_\Z��kijZ\Z��f_`^m��gZijhlb\��ihp_gljm��k\_jom��kgbam��gZ�mjh\g_]eZa��^Ze_dh��[ebadh�

Ex[hc�h[t_dl�bf__l�p\_l��G_�\k_gZa\Zgby�p\_lZ�fu�agZ_f��gh�fh`ghh[hagZqblv�bo�q_j_a�kjZ\g_gb_��G_\k_�h[t_dlu�bf_xl�dhgdj_lgmxnhjfm�JZaf_j ±�hlghkbl_evgh_�ihgylb_��hg\k_]^Z�hij_^_ey_lky�q_j_a�kjZ\g_gb_k jZaf_jhf�q_]h�eb[h�IjhkljZgkl\_ggh_�jZkiheh`_gb_hij_^_ey_lky�hlghkbl_evghhij_^_ezgghc�lhqdb�QZklb�h[t_dlh\�h[eZ^Zxl�l_fb�`_ijbagZdZfb��qlh�b kZfb�h[t_dlu�bgufb�y\eyxlky�agZq_gby�wlboijbagZdh\�

� >ZggZy�lZ[ebpZ�khklZ\e_gZ�gZ�hkgh\_�ZgZebaZ�aZ^Zq�b kh^_j`Zgby�k_gkhjgh]h�\hkiblZgby�\ ^_lkdhf�kZ^m�b fZl_jbZeh\�k_fbgZjZ�^ey�\hkiblZl_e_c^hrdhevguo�mqj_`^_gbc�Kb^hjqmd L�:���]��Mevygh\kd��Jhkkby�

Page 14: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Fbj�qm\kl\_ggh]h �\hkijbylby

��

Ihgylby��k\yaZggu_�k ^\b`_gb_f�[ukljh��f_^e_ggh��ieZ\gh�kdZqdhh[jZagh��klj_fbl_evgh�g_ih^\b`gh��m^Ze_gb_�ijb[eb`_gb_��KjZ\gbl_evgu_kl_i_gb�wlbo�ihgylbc�H[hgygb_ AZiZo <^uoZgb_�ijbgxob\Zgb_ GZebqb_�aZiZoZ�_]h�kbeZ��kl_i_gvh^ghjh^ghklb�k\hckl\Z�ijhbkoh`^_gb_�JZkklhygb_�kj_^Z� Ihgylby��iZog_l��g_�iZog_l�keZ^dbc��l_jidbc��j_adbc��keZ[uc�ijbylguc��g_ijbylguc�h^ghjh^guc��kf_rZgguc�agZdhfuc��g_agZdhfuc��ihgylguc�g_ihgylguc��ijbjh^gh]h�bebjmdhl\hjgh]h�ijhbkoh`^_gby�

AZiZo�_klv�\k_]^Z��M q_eh\_dZ�gbadbcihjh]�\hkijbylby�aZiZoh\��M`b\hlguo�hg�\ur_��AZiZo�g_\hkijbgbfZ_lky�ijb�gZkfhjd_�AZiZob�iehoh�jZaebqbfu�\ iehlghckj_^_��<eZ`ghklv�aZiZo�mkbeb\Z_l�Kemo A\mdb Ijhklh_\hkijbylb_�ijbkemrb\Zgb_�\kemrb\Zgb_�ijh]h\Zjb\Zgb_�^ey�j_q_\uoa\mdh\��ijhi_\Zgb_��^eyfmaudZevguoa\mdh\��

GZebqb_�a\mdZ�_klv�beb�g_l��L_f[j��l_fi��jblf�\j_f_ggZyihke_^h\Zl_evghklv KbeZ�a\mdZ�h^ghjh^ghklv�±kf_rZgghklv�ijhbkoh`^_gb_�

JZkklhygb_�iehlghklvkj_^u�Ihgylby��a\mqbl�±�g_�a\mqbl�]jhfdh��lboh��j_adbc��fy]dbc�qzldbc��a\hgdbc��]emohc�ijhly`guc��hlju\bkluc��\ukhdbc�gbadbc���lj_\h`guc�kihdhcguc�Ijbjh^gu_�a\mdb��j_qv��s_[_l�r_e_kl���Jmdhl\hjgu_�a\mdb��m^Zj��a\hg�]jhohl��klmd��kdj_`_l���FmaudZevgu_�a\mdb��\ukhdbc�gbadbc��_^bgbqguc��Zddhj^�

G_�\k_�h[t_dlu�kZfb�ba^Zxl�a\mdb�G_�\kz�fh`gh�mkeurZlv��_klv�ihjh]\hkijbylby��G_dhlhju_�h[t_dlua\mdh\�g_�ba^Zxl��gh�a\mqZl�ijb\aZbfh^_ckl\bb�k ^jm]bfbh[t_dlZfb��GZ�nhg_�]jhfdbo�a\mdh\lbobo�g_�keurgh��IehlgZy�kj_^Z�\h^Z��a\mdb�ijb]emrZ_l�M fmaudZevguo�b j_q_\uo�a\mdh\jZaebqgZy�oZjZdl_jbklbdZ��kf�lj_[h\Zgby�ijh]jZffu�ihfmaudZevghfm�\hkiblZgbx�bh[mq_gbx�]jZfhl_��<dmkh\hc <dmk�lZdlbevgu_hsms_gby�Ijhklh_�bkdhgp_gljbjh\Zggh_�\hkijbylb_�^hljZ]b\Zgb_yaudhf�h[ebau\Zgb_�bl�^�

GZebqb_�\dmkZ�\dmkh\u_�blZdlbevgu_oZjZl_jbklbdb�kbeZ�ijhbkoh`^_gb_�h^ghjh^ghklv�

AZiZo� Ihgylby��\dmkguc���g_\dmkguc�\y`msbc��keZ^dbc��]hjvdbc�dbkeuc��khezguc��ij_kguc�[_a\dmkguc��lzieuc��]hjyqbc�oheh^guc��l\zj^uc��fy]dbc�`b^dbc��\yadbc��j_adbc��keZ[uc�H^ghjh^guc��kf_rZgguc�AgZdhfuc��g_agZdhfuc��Ihgylguc�g_ihgylguc�Ijbjh^gh]h�beb�jmdhl\hjgh]hijhbkoh`^_gby�

<dmk�bf_xl�\k_�h[t_dlu��<dmk�g_\hkijbgbfZ_lky�[_a�aZiZoZ�LjZ\fbjh\Zgguc�yaud�\dmk�g_^bnn_j_gpbjm_l��M kf_rZgghcibsb�\dmk�g_�yk_g�

Page 15: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

OZjZdl_jbklbdb�^ey�\dmkZjmdhl\hjgh]h�ijhbkoh`^_gby�\Zjzguc��iZj_guc��`Zj_guc�lmr_gguc��i_qzguc��fhjh`_gguc�aZkhe_gguc��fZjbgh\ZggucLZdlbevguc LZdlbevgu_hsms_gby ih]eZ`b\Zgb_�^hljZ]b\Zgb_�hsmiu\Zgb_�\a\_rb\Zgb_�gZ^Z\eb\Zgb_�L_fi_jZlmjZ�\eZ`ghklv�ly`_klv��dZq_kl\Zih\_joghklb�bfZl_jbZeZ��nhjfZ�jZaf_j�dhebq_kl\h��qZklb�ijhbkoh`^_gb_�h^ghjh^ghklv�±kf_rZgghklv�

L_fi_jZlmjZhdjm`Zxs_ckj_^u�bebkZfhc�dh`b�\eZ`ghklvdh`b��nbabq_k�dh_�khklhygb_q_eh\_dZ�iehlghklvkj_^u�

Lzieuc��oheh^guc��]hjyqbc�ijhoeZ^guc��<eZ`guc��kujhc��fhdjuc��kmohc�Ez]dbc��ly`zeuc��kjZ\gbl_evgZykl_i_gv�wlbo�ihgylbc���g_\_khfuc�R_jhoh\Zluc��]eZ^dbc��j_[jbkluc�dhexqbc��\hegbkluc�Fy]dbc��l\zj^uc��`zkldbc�Kuimqbc��`b^dbc��\yadbc��iehlguc�GZa\Zgby�fZl_jbZeh\��Z lZd�`_wlZehgu�nhjfu�b jZaf_jZ��kf�jZa^_e �Aj_gb_��

Ihgylb_�ly`_klb�hlghkbl_evgh�hij_^_ey_lky�\ kjZ\g_gbb�k ^jm]bfbh[t_dlZfb�Ly`_klv�aZ\bkbl�hl�iehlghklbkj_^u��\ \h^_�\k_�ij_^f_lu�e_]q_�MklZehfm�q_eh\_dm�\kz�dZ`_lkyly`_e__�

Page 16: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

We_dljhggZy \_jkby��� P_glj�HLKF�LJBA�l_ogheh]bc��Fbgkd������

=E:<: ���RDHE:�N:GL:ABBBlZd��\i_jz^�aZ�gh\ufb�h[jZaZfb�b m^b\bl_evgufb�bklhjbyfb�Fh`gh�eb�gZmqblky�nZglZabjh\Zlv"�;_amkeh\gh��ihlhfm�qlh�dZd�b ex[hc^jm]hc�ikbobq_kdbc�ijhp_kk��\hh[jZ`_gb_�ih^^Zzlky�p_e_gZijZ\e_gghfmmijZ\e_gbx��< ikboheh]bb�ba\_klgh�g_kdhevdh�ljZ^bpbhgguo�kihkh[h\kha^Zgby�gh\uo�h[jZah\����:]]exlbgZpby �kha^Zgb_�gh\h]h�h[jZaZ�imlzf�kh_^bg_gby�qZkl_cbf_xsboky�ij_^klZ\e_gbc�beb�h[jZah\�Bf_ggh�[eZ]h^Zjy�Z]]exlbgZpbb��ihy\bebkv�lZdb_�fbnheh]bq_kdb_�]_jhbdZd�jmkZedZ �`_gsbgZ�k ju[vbf�o\hklhf�\f_klh�gh]���d_glZ\j��dhgv�kq_eh\_q_kdbf�lhjkhf���kbj_gZ��ihxsZy�ilbpZ�k `_gkdhc�]heh\hc���Wlhlijbzf�ihfh]�D��Qmdh\kdhfm�ijb^mfZlv�h[Zyl_evgh]h�Lygb�LhedZy��Z^j_\g_jmkkdbf�kdZabl_eyf ±�Af_y�=hjuguqZ�h ljzo�]heh\Zo�< jZ[hl_�k ^hrdhevgbdZfb�[hevrhc�ihimeyjghklvx�ihevam_lky�b]jh\hclj_gbg] �Nhlhjh[hl���\ hkgh\_�dhlhjh]h�e_`bl�Z]]exlbgZpby��Ij_^eh`bl_^_lyf�gZjbkh\Zlv�lZdh_�Qm^h�X^h��H^bg�j_[zghd�gZjbkm_l�]heh\m�ex[h]h`b\hlgh]h��^jm]hc�±�lmeh\bs_��lj_lbc�±�gh]b�beb�o\hkl��Fh`gh�jbkh\Zlv�gZh^ghf�ebkl_��aZdju\Zy�hl�ihklhjhggbo�gZ[ex^Zl_e_c�]hlh\u_�qZklb��fh`gh\uj_aZlv�^_lZeb�ba�^_lkdbo�jbkmgdh\�b kh_^bgblv�bo�ZiiebdZlb\gh�Bgl_j_kgu_�jZ[hlu�ihemqZxlky�ba�dmkhqdh\�hldjulhd�beb�`mjgZevguobeexkljZpbc��H[yaZl_evgh�h[km^bl_�j_amevlZl��dlh�wlh��dZd�_]h�gZau\Zxl�]^_�`b\zl��q_f�iblZ_lky�b l�^����:dp_glbjh\Zgb_��kha^Zgb_�gh\uo�h[jZah\�imlzf�ih^qzjdb\Zgby�l_o�bebbguo�q_jl��Hl^_evgu_�^_lZeb�h[jZaZ�fh`gh�m\_ebqb\Zlv�beb�mf_gvrZlv�^hex[uo�ij_^_eh\��ih^qzjdb\Zlv�l_�beb�bgu_�hkh[_gghklb�nhjfu�Ijbzf�Zdp_glbjh\Zgby�e_`bl�\ hkgh\_�kha^Zgby�rZj`_c�b dZjbdZlmj����=bi_j[hebaZpby ±�baf_g_gb_�ij_^f_lZ�\ jZaf_jZo��\u^_e_gb_�_]hhl^_evguo�qZkl_c��<kihfgbf�FZe_gvdh]h�FmdZ��m dhlhjh]h�\ujhkebg_bfh\_jgh�[hevrb_�mrb��DZjebdZ�GhkZ��kljZ^Z\r_]h�hl�mjh^eb\h]h�]hj[Zb h]jhfgh]h�ghkZ��:ebkm�\ KljZg_�Qm^_k��lh�\ujZklZxsmx�^h�ihlhedZ��lhmf_gvrZxsmxky�^h�jZaf_jh\�[mdZrdb�F_`^m�\k_fb�ijbzfZfb�klbfmeypbb�\hh[jZ`_gby�_klv�koh^kl\h�±klj_fe_gb_�d fZdkbfZevghfm�baf_g_gbx�j_Zevghc�kblmZpbb��B ijhba\h^blvwlb�baf_g_gby�gm`gh�mf_lv��Bf_ggh�lh]^Z��dh]^Z�ij_^eZ]Z_lky�ijb^mfZlvijbgpbibZevgh�gh\uc�h[jZa��bg_jpby�fure_gby�klZgh\blky�gZ�gZr_f�imlb�Kbkl_fZ�jZa\blby�l\hjq_kdh]h�\hh[jZ`_gby��JL<��ij_^eZ]Z_l�g_kdhevdhZevl_jgZlb\guo�ijbzfh\��\ hkgh\_�dhlhjuo�e_`Zl�mihfygmlu_�kihkh[u�Djhf_�ij_h^he_gby�kl_j_hlbighklb�fure_gby��wlb�ijbzfu�iha\heyxlm\_ebqblv�dhebq_kl\h�ij_^eZ]Z_fuo�\ZjbZglh\�imlzf�p_e_gZijZ\e_ggh]hi_j_[hjZ��G_kfhljy�gZ�lh��qlh�^Zggu_�bgkljmf_glu�m`_�[ueb�hibkZgu�\ebl_jZlmj_��h[jZlbfky�d gbf�_sz�jZa�

Page 17: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

FHA=H<HC RLMJF<i_j\u_�dhee_dlb\gh_�h[km`^_gb_�ijh[e_fghc�kblmZpbb��gZa\Zggh_\ihke_^kl\bb�fha]h\uf�rlmjfhf�beb�fha]h\hc�ZlZdhc�[ueh�ij_^eh`_gh�:�Hk[hjghf��Wlh�g_�klhevdh�f_lh^�Zdlb\baZpbb�\hh[jZ`_gby��kdhevdh�kihkh[]_g_jZpbb�kZfuo�jZaghh[jZaguo�b^_c�\ ]jmii_��GZ�i_j\uc�\a]ey^�m wlh]hf_lh^Z�fgh]h�h[s_]h�k h[uqghc�[_k_^hc��Gh�_klv�b kms_kl\_ggu_�hlebqby��� fha]h\hc�rlmjf��g_h[oh^bf�lh]^Z��dh]^Z�h[km`^Z_lky�kblmZpby��badhlhjhc��gZ�i_j\uc�\a]ey^��g_l�j_Zevgh]h�\uoh^Z��� dZ`^uc�mqZklgbd�h[km`^_gby�g_�lhevdh�bf__l�ijZ\h�gZ�\ukdZau\Zgb_�gh�b ^he`_g�ij_^eh`blv�k\hc�\ZjbZgl�j_r_gby�ijh[e_fu��� ijbgbfZxlky�Z[khexlgh�ex[u_�b^_b��^Z`_�_keb�hgb�dZ`mlkyZ[kmj^gufb��DjblbdZ�b hp_gdb�ijZ\bevgh��g_ijZ\bevgh�bkdexqZxlky��� ba�fgh`_kl\Z�b^_c�\u[bjZ_lky�h^gZ�b h[km`^Z_lky�[he__�^_lZevgh��� j_amevlZlu�h[km`^_gby�h[yaZl_evgh�j_ne_dkbjmxlky�\ ijh^mdlb\ghc^_yl_evghklb��khqbg_gb_�kdZadb��jbkh\Zgb_��dheeZ`���K ^_lvfb�^hrdhevgh]h�\hajZklZ�h[km`^Zxlky�l_�\hijhku��dhlhju_�bf_ebf_klh�\ bo�hiul_��Ihwlhfm�[hevrh_�agZq_gb_�bf__l�jZ[hlZ�ih�jZkrbj_gbx^_lkdh]h�djm]hahjZ�Fha]h\hc�rlmjf�fh`_l�[ulv�bkihevah\Zg�dZd�hkgh\ghc�f_lh^�ijbhj]ZgbaZpbb�aZgylby��< wlhf�kemqZ_�^_lyf�ij_^klZ\eyxl�ijh[e_fgmxkblmZpbx��aZkemrb\Zxl�^_lkdb_�hl\_lu��KZfu_�hjb]bgZevgu_�bg_h`b^Zggu_�j_r_gby�ihhsjyxl��>ey�^_lZevghc�ijhjZ[hldb�ijh[e_fufh`gh�aZ^Z\Zlv�mlhqgyxsb_�\hijhku���DZd�bf_ggh�wlh�k^_eZlv"����DZdb_ijh[e_fu�ijb�wlhf�\hagbdgml"����Fh`gh�eb�j_rblv�ijh[e_fm�k f_gvrbfbaZljZlZfb"�J_amevlZl�j_ne_dkbjm_lky�\ ijh^mdlb\ghc�^_yl_evghklb��jbkmgdZo��ko_fZobeb�\ l\hjq_kdhf�khqbgbl_evkl\_��Ke_^m_l�ihfgblv��qlh�aZqZklmx�\l\hjq_kdhf�ijhp_kk_�m ^_l_c��[ehdbjmxlky��mf_gby��k\yaZggu_�k l_ogbdhcjbkh\Zgby��Ihwlhfm�jbkmgdb�fh]ml�\u]ey^_lv�ijbfblb\gh��< wlhf�kemqZ_\Z`gh�g_�dZq_kl\h�jbkmgdZ��Z kh^_j`Zgb_�jZkkdZaZ�h gzf�<hafh`gh�bkihevah\Zgb_�fha]h\h]h�rlmjfZ�dZd�we_f_glZ��< wlhf�kemqZ_^_lb�ij_^eZ]Zxl�jy^�j_r_gbc�aZ^Zgghc�kblmZpbb�[_a�^_lZevghc�boijhjZ[hldb��Wlh�fh`_l�ihgZ^h[blvky�ijb�khqbg_gbb�kdZahd��Gh�\ lZdhfkemqZ_�ihe_agh�\_jgmlvky�d aZ^Zq_�\ k\h[h^gh_�b \j_fy�b ijhjZ[hlZlv�_zhkgh\Zl_evgh�k ih^]jmiiZfb�^_l_c�beb�bg^b\b^mZevgh�IjZdlbdZ�ihdZau\Z_l��qlh�gZ�i_j\uo�ihjZo�h[mq_gby�^_l_c�dhee_dlb\ghfmh[km`^_gbx�ijh[e_fu�\hafh`_g�jy^�g_`_eZl_evguo�wnn_dlh\�\ ih\_^_gbbb ijhy\e_gbb�Zdlb\ghklb�^_l_c��GZ�wlhl�kemqZc�jZajZ[hlZg�jy^j_dhf_g^Zpbc�

Page 18: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

LZ[e�����J_dhf_g^Zpbb�ih kgylbx�hljbpZl_evguo�wnn_dlh\�\ ijhp_kk_\_^_gby�fha]h\h]h�rlmjfZ��HljbpZl_evguc wnn_dl ijbzfu�kgylby�wnn_dlZ����>_lb�hl\_qZxl�ohjhf�Gbdlh�gbdh]h�g_�kemrZ_l� Z��Kljhblv�kbkl_fm�jZ[hlu�ih�h[mq_gbx�j_[zgdZmf_gbx�kemrZlv�^jm]h]h�[��;he__�ijhklhc��gh�f_g__�p_gguc�ijbzf�±�ih^gylZyjmdZ�dZd�\g_rgbc�lhjfha�\��<\_^_gb_�ijZ\beZ��kdZ`_rv��dh]^Z�\ukemrZ_rv^jm]h]h�����>_lb�ih\lhjyxl�b^_x��\u^\bgmlmx�d_f�lh� Z��G_�nbdkbjh\Zlv�\gbfZgby�gZ�hl\_lZoih\lhjyxs_]hky�ieZgZ�[��GZclb�ijhlb\hj_qb_��IhdZaZlv�g_kh\_jr_gkl\h\u^\b]Z_fhc�b^_b����Ijh[e_fgZy�kblmZpby�aZ^ZgZ��gh�^_lb�fheqZl�B^_c�g_l� Z��<hijhk�h[jZlblv�d dhgdj_lghfm��gZb[he__Zdlb\ghfm�j_[zgdm�[��<g_klb�ij_^f_l�beb�dZjlbgdm�ih�l_f_�h[km`^_gby�\��AZjZg__�ih^]hlh\blv��ijh\hdZlhjZ��±�wlh�fh`_l[ulv�[he__�klZjrbc�j_[zghd�beb�\lhjhc�\ajhkeuc��<kihj�f_`^m�\_^msbf�b �ijh\hdZlhjhf��ih^dexqblv^_l_c�\ dZq_kl\_�km^_c����B^_c�fgh]h��>_lb�ih^jh[gh�h gbo�jZkkdZau\Zxl�<j_f_gb�\k_o�\ukemrZlv�g_l� Z��Ij_^eh`blv�^_lyf�kZfhklhyl_evgmx�jZajZ[hldmb^_b�\ ijh^mdlb\ghc�^_yl_evghklb�[��Bg^b\b^mZevgh_�h[km`^_gb_�dZ`^hc�b^_b�\^jm]b_�ijhf_`mldb�\j_f_gb�;eZ]h^Zjy�fha]h\hfm�rlmjfm�j_[zghd�ihgbfZ_l��qlh�\ j_r_gbb�ex[hckblmZpbb�_klv�Zevl_jgZlb\u��<Z`gh�gZmqblv�^_l_c�ZgZebabjh\Zlv�k\hb�bqm`b_�b^_b�ih�aZljZq_gghfm�\j_f_gb��klhbfhklb�b jZaf_jm��LZdbf�h[jZahfijhbkoh^bl�\uoh^�gZ�BDJ���b^_Zevguc�dhg_qguc�j_amevlZl����p_ev�dhlhjh]hihemqblv�fZdkbfZevgh�\u]h^gh_�j_r_gb_�ijb�fbgbfZevguo�aZljZlZo�Bgufb�keh\Zfb��nhjfbjmxlky�hkgh\u�jZpbhgZevgh]h�fure_gby�L_fu�^ey�fha]h\h]h�rlmjfZ�aZ\bkyl�hl�\hajZklZ�^_l_c��FZeurZfij_^eZ]Zxlky�ohjhrh�agZdhfu_�[ulh\u_�beb�kdZahqgu_�kblmZpbb��K ^_lvfbklZjr_]h�^hrdhevgh]h�\hajZklZ�h[km`^Zxlky�nZglZklbq_kdb_ij_h[jZah\Zgby�^_ckl\bl_evghklb�

IJBF?JGU?�L?FU�>EY�IJH<?>?GBY�FHA=H<H=H�RLMJF:����KiZk_gb_�kdZahqguo�]_jh_\�Dheh[dZ�hl�Ebku��feZ^rbc�b kj_^gbc�\hajZkl���DjZkghc�RZihqdb�hl�<hedZ�kj_^gbc�b klZjrbc�\hajZkl���<Zkbebku�Ij_djZkghc�hl�DZs_y�;_kkf_jlgh]h�klZjrbc�\hajZkl��

� Kf��Kb^hjqmd�L�:��<k_�gZ�rlmjf ���I_^Z]h]bdZ ��LJBA�Fg���������<ui��

Page 19: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

���J_r_gb_�[ulh\uo�ijh[e_f�Z��dZd�\u[jZlvky�ba�aZdjulhc�dhfgZlu��_keb�bkihjlbeky�aZfhd�beb�g_ldexqZ"��ex[Zy�\hajZklgZy�]jmiiZ��[��m gZk�aZdhgqbeZkv�[mfZ]Z��Q_f�b gZ�qzf�jbkh\Zlv"��kj_^gyy�]jmiiZ��\��\ ]hjh^_�hldexqbehkv�we_dljbq_kl\h��G_�jZ[hlZxl�we_dljhijb[hju�oheh^bevgbdb��we_dljhieblu��l_e_\bahju�b ij��G_l�hk\_s_gby��DZd�j_rZlv\hagbdrb_�ijh[e_fu"��klZjrbc�\hajZkl�����NZglZklbq_kdb_�kblmZpbb�Z��ijb�ihfhsb�fZrbgu�\j_f_gb�fu�ihiZeb�\ i_j\h[ulguc�\_d��DZd�\u`blv\ wlbo�mkeh\byo�kh\j_f_gghfm�q_eh\_dm"��klZjrbc�\hajZkl��[��a_feyg_�ihkljhbeb�^ey�k\hbo�^_l_c�dhkfbq_kdbc��ih^\h^guc��g_[_kguc�bij���^_lkdbc�kZ^��DZd�hg�\u]ey^bl"�DZdb_�ijh[e_fu�\hagbdgml�ijb�wlhf�m^_l_c�b \ajhkeuo"��klZjrbc�\hajZkl��< aZ^Zgguo�kblmZpbyo�ijhke_`b\Z_lky�g_�h^gZ�aZ^ZqZ��GZijbf_j��ijbh[km`^_gbb�\ZjbZglh\�\u`b\Zgby�\ mkeh\byo�^bdhc�ijbjh^u�h[km`^Zxlky\hijhku�iblZgby��khojZg_gby�l_fi_jZlmju�l_eZ��h[mkljhckl\Z�`bebsZ�h[_ki_q_gby�ebqghc�[_ahiZkghklb�L_fu�^ey�mq_[gh]h�fha]h\h]h�rlmjfZ�fh`gh�gZclb�\ kx`_lZo�kdZahd��

F?LH>�FHJNHEH=BQ?KDH=H�:G:EBA: �F:�Kmlv�f_lh^Z�aZdexqZ_lky�\ i_j_[hj_�\ZjbZglh\�kh_^bg_gby�hij_^_ezgguooZjZdl_jbklbd�ijb�kha^Zgbb�gh\h]h�h[jZaZ��F_lh^�F:�ihy\beky�\ k_j_^bg_���o ]h^h\�gZr_]h�klhe_lby��[eZ]h^Zjy�r\_cpZjkdhfm�Zkljhnbabdm�N�P\bddb��dhlhjuc�bkihevah\Ze�_]h�bkdexqbl_evgh�^ey�j_r_gbyZkljhnbabq_kdbo�aZ^Zq�>ey�m^h[kl\Z�\k_�ij_^eZ]Z_fu_�oZjZdl_jbklbdb�aZghkylky�\ lZ[ebpm�GZijbf_j��fu�j_rbeb�ijb^mfZlv�gh\uc��g_h[uqguc�h[jZa�;Z[u�Y]b�BagZqZevgh�gZr_�\hh[jZ`_gb_�jbkm_l�gZf�ijb\uqgmx�kdjxq_ggmx�kljZrgh�haeh[e_ggmx�klZjmom�\ klmi_�b k�ihf_ehf��G_�klZg_f�gZ�i_j\uoihjZo�hl�wlh]h�hldZau\Zlvky��<u^_ebf�hkgh\gu_�djbl_jbb��ih�dhlhjuffh`gh�hoZjZdl_jbah\Zlv�wlhl�kdZahqguc�i_jkhgZ`��b aZg_kzf�bo�\ lZ[ebpmih�\_jlbdZeb���AZf_q_gh��qlh�\ jZ[hl_�k \hkiblZl_eyfb�kdZahqgu_�h[jZau�\jZa[hj_�wlh]h�f_lh^Z�jZ[hlZxl�emqr_��q_f�j_Zevgu_��\_^v�lZd`_�fh`ghkijh_dlbjh\Zlv�ex[hc�jmdhl\hjguc�h[t_dl��gh\uc�^hf��nZkhg�ieZlvy�beb^Z`_�\ZjbZgl�hnhjfe_gby�bgl_jv_jZ��Gh�bf_ggh�g_h[uqghklv�ijb\uqguokdZahqguo�i_jkhgZ`_c�\uau\Z_l�m \ajhkeh]h�iheh`bl_evgu_�wfhpbb��

� Q_jgboh\bq�?��<bggb�Imo�j_rZ_l�\kemo��=hf_ev�������

Page 20: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

Dhebq_kl\h�oZjZdl_jbklbd�\u[bjZ_lky�ijhba\hevgh��q_f�bo�[hevr_��l_fih^jh[g__�kl_i_gv�hibkZgby�h[jZaZ��< qbkeh�wlbo�ijbagZdh\�fh`gh�\g_klbqZklb�l_eZ��hkh[_gghklb�]hehkZ��^Z`_�yaud�h[s_gby�L_i_jv�aZ[m^_f�gZ�\j_fy�h ;Z[_�Y]_�b \g_kzf�\ lZ[ebpm�\hafh`gu_\ZjbZglu�\u[jZgguo�oZjZdl_jbklbd��lZ[e������A^_kv�]eZ\gh_�aZklZ\blv�k_[yij_h^he_lv�ikboheh]bq_kdmx�bg_jpbx��lZd�dZd�aZ^Zgguc�\gZqZe_�h[jZa[m^_l�\kz�\j_fy��klZedb\Zlv��gZk�gZ�klZg^Zjlgu_�ijbagZdb�LZ[ebpZ����<hafh`gu_�\ZjbZglu�oZjZdl_jbklbd�<hajZkl FeZ^_g_p Ih^jhklhd Fheh^Zy^ZfZ @_gsbgZkj_^gbo�e_l Klhe_lgyyklZjmoZKlbev�h^_`^u iheamgu \h^heZagh_kgZjy`_gb_ Kihjlb\gucdhklxf deZkkbq_kdbcdhklxf nhjfZfbebpbhg_jZKj_^kl\hi_j_^\b`_gby klmiZ Oh^meb Fhlhpbde jhebdh\u_dhgvdb HkebdOZjZdl_j kdZg^Zevguc ihdeZ^bkluc F_qlZl_ev�ihgZlmj_ ieZdkZ JhfZglbdF_klh`bl_evkl\Z ba[mrdZ�gZdmjvbo�gh`dZo G_[hkdjz[�\Gvx�Chjd_ Dheh^_p l_e_nhggZy[m^dZ =jmiiZ^_lkdh]hkZ^Z�

: l_i_jv�ijbklmiZ_f�d kZfhfm�]eZ\ghfm��kh\_jr_ggh�ijhba\hevgh�\u[_j_fba�dZ`^h]h�jy^Z�ih�h^ghc�oZjZdl_jbklbd_�b ihiulZ_fky�kh_^bgblv�bo\h_^bgh��GZijbf_j��;Z[Z�Y]Z�±�fheh^Zy�^_\mrdZ�\ kihjlb\ghf�dhklxf_��IhoZjZdl_jm�hgZ�m`Zkgh�dZijbagZ��>hfhf�_c�kem`bl�Gvx�±�Chjdkdbcg_[hkdjz[��Z \f_klh�klmiu�hgZ�i_j_^\b]Z_lky�gZ�oh^meyo�Beb��feZ^_g_p��h^_luc�\ \h^heZagh_�kgZjy`_gb_��kdZg^Zevguc��`b\msbc�\^hfbd_�gZ�dmjvbo�gh`dZo�b i_j_^\b]Zxsbcky�\_johf�gZ�hkebd_��±�wlh�gZrZ;Z[Z�Y]Z�\ jZgg_f�^_lkl\_��HklZzlky�lhevdh�ijb^mfZlv�bklhjbx�k mqZklb_fwlh]h�]_jhy�:gZeh]bqgh�fh`gh�jZ[hlZlv�b k�jmdhl\hjgufb�ij_^f_lZfb��ihijh[mcl_ijb^mfZlv�k j_[ylZfb�gh\uc�\ZjbZgl�[m^bevgbdZ�beb�Z\lhfh[bey��beb�khl\e_qzggufb�ihgylbyfb��g_fZl_jbZevgufb�h[t_dlZfb��gh\u_�b]ju�kihkh[u�mq_gby��ljm^h\u_�^_ckl\by�b l�^���Q_f�fheh`_�^_lb��l_f�f_gvr_�oZjZdl_jbklbd�bagZqZevgh�aZ^Zzlky��l�d�gh\uc�h[jZa�kha^Zzlky�\ keh\_kghf�hibkZgbb��ihwlhfm�fZeurb�g_�\k_]^Zfh]ml�m^_j`Zlv�_]h�\ iheghf�h[tzf_�\ ]heh\_��H^gZdh�ijb�`_eZgbb�i_^Z]h]fh`_l�ko_fZlbqgh�bah[jZ`Zlv�lh��qlh�jh`^Z_lky�\ dhee_dlb\ghfh[km`^_gbb�?keb�\ fhjnheh]bq_kdmx�lZ[ebpm�\g_klb�]_jh_\�kdZahd�b hibkZgb_�f_klZkh[ulbc��lh�\hafh`gh�khqbg_gb_�\her_[guo�bklhjbc��< wlhf�kemqZ_h[yaZl_evgh�gm`gh�hij_^_eblv��dlh�[m^_l�^h[juf�b aeuf�]_jh_f��dlh�k d_f^jm`bl��k dZdbf�aehf�beb�g_kijZ\_^eb\hklvx�b^zl�[hjv[Z��dZdb_�\her_[gu_kbeu�ijb�wlhf�ihfh]Zxl��lZ[e�����

Page 21: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

LZ[ebpZ ���Fhjnheh]bq_kdZy�lZ[ebpZ �Dhgkljmbjh\Zgb_�kx`_lZkdZadb�gZa\Zgb_ ]_jhb qm^h F_klhAhemrdZ Ijbgp FZq_oZ AhemrdZ ;ZrfZqhd >\hj_pJ_idZ >_^ DhrdZ FurdZ J_idZ H]hjh^L_j_fhd Ey]mrdZ AZcqbd F_^\_^v � Ihe_GZ�hkgh\_�fhjnheh]bq_kdh]h�ZgZebaZ�fh`gh�g_�lhevdh�kha^Z\Zlv�gh\u_h[jZau��gh�b mqblv�^_l_c�ij_h[jZah\Zgbx�h[t_dlh\�gZ�hkgh\_�\u[jZggh]hijbagZdZ��< wlhf�kemqZ_�ih�\_jlbdZeb�\ lZ[ebp_�jZaf_klylky�h[t_dlu��Z ih]hjbahglZeb�agZq_gby�\u[jZggh]h�ijbagZdZ��k_gkhjgu_�wlZehgu���Fhjnheh]bq_kdbc�ZgZeba�ihe_a_g�b dZd�bgkljmf_gl�klbfmeypbb\hh[jZ`_gby�^_l_c��M \hkiblZl_e_c�ijZdlbdh\�qZklh�\hagbdZ_l�ijh[e_fZijb^mfu\Zgby�gh\uo��bgl_j_kguo�nhjf�jZ[hlu��aZgylbc��b]j��lj_gbg]h\�f_jhijbylbc�^ey�jh^bl_e_c��\ZjbZglh\�ieZgbjh\Zgby�\hkiblZl_evgh�h[jZah\Zl_evghc�jZ[hlu��Ihbsbl_�bgl_j_kgu_�khq_lZgby�iZjZf_ljh\��gZh^ghc�hkb�±�f_lh^u�b ijbzfu�jZ[hlu��gZ�^jm]hc�±�kihkh[u�beb�nhjfu�_zhj]ZgbaZpbb���ih^mfZcl_��dZd�wlh�j_Zebah\Zlv�gZ�ijZdlbd_��ijbe����

F?LH>�D:L:EH=:��FD�L\hjq_kdh_�jZkkdZau\Zgb_�\ p_ehf�b khqbg_gb_�kdZahd�\ qZklghklb��dZdihdZau\Z_l�fZkkh\Zy�ijZdlbdZ��^Zxlky�^hrdhevgbdZf�hq_gv�ljm^gh�Ijh[e_fZ�aZdexqZ_lky�\ ke_^mxs_f��\h�i_j\uo��m ^_l_c�^hrdhevgh]h\hajZklZ�hq_gv�fZe�hiul�fhgheh]bq_kdhc�j_qb��\h�\lhjuo��k_jvzaghcij_]jZ^hc�y\ey_lky�[_^ghklv�Zdlb\gh]h�keh\Zjy��\�lj_lvbo��^_lb�g_�\eZ^_xldZdbf�[u�lh�gb [ueh�Ze]hjblfhf�khklZ\e_gby�k\yagh]h�jZkkdZaZ��kdZadb���Zij_^eZ]Z_fuc�\hkiblZl_e_f�ieZg�lhevdh�mkm]m[ey_l�^_ckl\b_ikboheh]bq_kdhc�bg_jpbb��\ua\Zgghc�\ebygb_f�kx`_lh\�agZdhfuo�kdZahdbeb�fmevlnbevfh\��< j_amevlZl_��^hrdhevgbdb�eb[h�ih\lhjyxl�jZkkdZau^jm]�^jm]Z��ijbqzf�k dZ`^uf�jZahf�kh^_j`Zgb_�klZgh\blky�\kz�[he__ijbfblb\guf��eb[h�\ ba\_klgu_�kdZahqgu_�beb�fmevlbiebdZpbhggu_kx`_lu�\klZ\eyxl�gh\uo�]_jh_\�H^gbf�ba�f_lh^h\��iha\heyxsbo�j_rblv�ijh[e_fm�l\hjq_kdh]hkhqbgbl_evkl\Z��y\ey_lky�FD��jZajZ[hlZgguc�\ ���o ]h^Zo�gZr_]h�klhe_lbyijhn_kkhjhf�;_jebgkdh]h�mgb\_jkbl_lZ�W�Dmgp_�b Z^Zilbjh\Zgguc�^eyjZ[hlu�k ^_lvfb�>ey�jZ[hlu�ihgZ^h[blky�ex[Zy�dgb]Z��emqr_�oj_klhfZlby�beb�k[hjgbdkdZahd��@_eZl_evgh��qlh[u�wlh�[ue�\ hkgh\ghf�ijhaZbq_kdbc�l_dkl��Zdhebq_kl\h�beexkljZpbc�\ dgb]_�k\h^behkv�d fbgbfmfm�� Bklhjbb�ijh«��Ihkh[b_�^ey�\hkiblZl_e_c�^_lkdbo�^hrdhevguo�mqj_`^_gbc�b mqbl_e_cgZqZevguo�deZkkh\���Kb^hjqmd�L�:��b ^j���KZfZjZ�������

Page 22: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

<ajhkeuc�aZ^Zzl�^_lyf�\hijhku��gZ�hkgh\_�dhlhjuo�[m^_l�kljhblvky�kx`_l�Z hl\_l�^_lb�bsml�\ dgb]_��ijhba\hevgh�mdZau\Zy�iZevqbdhf�gZ�ex[h_�f_klh\ l_dkl_��Ihkdhevdm�^_lb�g_�mf_xl�qblZlv��keh\Z�ihiZ^Zxlky�kZfu_jZaebqgu_��gbdZd�f_`^m�kh[hc�g_�k\yaZggu_��Kx`_lu�ihemqZxlky�hq_gvbgl_j_kgufb��l�d��khq_lZgb_�ijhba\hevgh�\u[jZgguo�keh\�b ij_^eh`_gbcjh`^Z_l�kh\_jr_ggh�g_h`b^Zggu_�oZjZdl_jbklbdb�b kjZ\g_gby�KljmdlmjZ�^hklZlhqgh�[hevrhc�]jmiiu�kdZahd�\oh^yl�ke_^mxsb_khklZ\eyxsb_��iheh`bl_evguc�b hljbpZl_evguc�]_jhc��aeh��ijbqbgzggh_hljbpZl_evguf�]_jh_f��[hjv[Z�iheh`bl_evgh]h�]_jhy�k wlbf�aehf��GZihfhsv�b h^ghfm�b \lhjhfm�]_jhx�fh]ml�ijboh^blv�^jmavy�beb�\her_[kl\Z�Ihwlhfm�m^h[gh�bkihevah\Zlv�ke_^mxsmx�ijb[ebabl_evgmxihke_^h\Zl_evghklv�\hijhkh\��� H dhf�khqbgy_f�kdZadm"�� Wlh�^h[juc�beb�aehc�]_jhc"�DZdh_�^h[jh��aeh��hg�^_eZe"�� K d_f�hg�^jm`be"�� Dlh�bf�f_rZe"�DZdbf�h[jZahf"�� Q_f�\kz�aZdhgqbehkv"�DZd�[ueh�gZdZaZgh�aeh"< aZ\bkbfhklb�hl�\hajZklZ�kl_i_gv�ih^jh[ghklb�\hijhkh\�fh`_lm\_ebqb\Zlvky��]_jhyf�^Zxlky�[he__�^_lZevgu_�oZjZdl_jbklbdb��\\h^ylkygh\u_�^_ckl\mxsb_�ebpZ��?keb�\ jZ[hl_�k l_dklhf�ihiZ^Z_lky�g_�h^ghkeh\h��Z p_eZy�njZaZ��ih^oh^ysZy�ih�kfukem��lh�_z fh`gh�bkihevah\Zlviheghklvx��?keb�`_�j_[zghd�mdZaZe�gZ�kem`_[gmx�qZklv�j_qb��g_�bf_xsmxkZfhklhyl_evgh]h�e_dkbq_kdh]h�agZq_gby��ij_^eh]�beb�khxa���lh�\u[bjZ_lkyjy^hf�klhys__�keh\h�>Zgguc�f_lh^�wnn_dlb\_g�\ jZ[hl_�k g_[hevrbf�dhebq_kl\hf�^_l_c��hl^\mo�^h�iylb�< dZq_kl\_�ijbf_jZ�ijb\_^zf�kdZadm��khklZ\e_ggmx�ijb�ihfhsb�FD��\ijhp_kk_�dhee_dlb\gh]h�khqbgbl_evkl\Z��Ijhba\hevgh�\u[jZggu_�keh\Z\u^_e_gu�\ l_dkl_�KD:AD:�H F:E?GVDHC�IM=H<D?�< h^ghc�fZe_gvdhc�\her_[ghc�kljZg_�`beZ�lZdZy�`_�fZe_gvdZy��gh��m\u�kh\k_f�g_�\her_[gZy�Ihahehq_ggZy�Im]h\dZ� HgZ�[ueZ�hq_gv�eZkdh\Zy�^h[jZy��b _z�\k_�ex[beb��;hevr_�\k_]h�gZ�k\_l_�Im]h\dZ�ex[beZ�lZgp_\Zlv�Ihkfhlj_lv�gZ�_z lZgpu�kh[bjZebkv�`bl_eb�kh�\k_o�dhgph\�kljZgu�Im]h\dZ�lZgp_\ZeZ�lZd�ij_djZkgh��qlh�\k_��dlh�gZ�g_z�\ wlh�\j_fy�kfhlj_e�klZgh\bebkv�fy]q_�b ^h[j__�KZfuf�emqrbf�^jm]hf�m Im]h\db�[ueZ�DZiey� HgZ�h[eZ^ZeZ�m^b\bl_evghckihkh[ghklvx��^hklZlhqgh�[ueh�h^gh]h�_z ez]dh]h�ijbdhkgh\_gby�d p\_ldm�dZd�wlhl�p\_lhd�jZkimkdZeky��Ihwlhfm�\k_�`bl_eb�kdZahqghc�kljZgu�_zhq_gv�ex[beb�b gZau\Zeb�^h[jhc�\her_[gbp_c�

Page 23: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

B \kz�[ueh�[u�ohjhrh��_keb�[u�g_�^\Z�[jZlpZ��^\Z�;ZrfZdZ� M gbo�[ueZiehoZy�q_jlZ��hgb�hq_gv�ex[beb \kydb_�iZdhklb��Z qlh[u�bo�kh\_jrZlv�klZgh\bebkv�g_\b^bfufb�H^gZ`^u�;ZrfZdb�aZ^mfZeb�[hevrh_�aeh��hgb�k^_eZebkv�g_\b^bfufb�bijbgyebkv�lhilZlv�p\_lu� ijhba\h^y�[hevrb_�jZajmr_gby� B gbdlh�g_�fh]k gbfb�kijZ\blvky�M\b^ZeZ�Im]h\dZ��qlh�ijhbkoh^bl��b lml�`_�ih[_`ZeZ�d ih^jm`d_�DZie_ihkh\_lh\Zlvky��DZiey�^ZeZ�Im]h\d_ \her_[gh_�dhe_qdh��k\_l�dhlhjh]h�fh]hklZgh\blv�ex[h_�aeh��B Im]h\dZ�hlijZ\beZkv�gZ�ihbkdb�;ZrfZdh\�>he]h�hgZ�oh^beZ��ihdZ�g_�gZreZ�bo�ih^�^_j_\hf�gZ�[hevrhc�iheyg_��]^_hgb�hl^uoZeb�ihke_�k\hbo�aeh^_ygbc��M\b^Z\�Im]h\dm��jZa[hcgbdbgZ[jhkbebkv�gZ�g_z�b ohl_eb�aZlhilZlv��Gh�Im]h\dZ�^hklZeZ�\her_[gh_dhe_qdh��b _]h�kbygb_�lml�`_�ebrbeh�;ZrfZdb�\kydhc�kbeu�@bl_eb�\her_[ghc�kljZgu�^he]h�^mfZeb��dZd�gZdZaZlv�jZa[hcgbdh\��Bj_rbeb�bo�k ihahjhf�\u]gZlv�\hg�H ojZ[jhc�Im]h\d_�lh`_�g_�aZ[ueb��;eZ]h^Zjgu_�`bl_eb�j_rbeb�ijbk\hblv_z bfy�k\h_c�kljZg_��K l_o�ihj�hgZ�lZd�b gZau\Z_lky�±�KljZgZ�<her_[ghcIm]h\db��F?LH>�NHD:EVGUO�H;T?DLH<��FNH�FNH�y\ey_lky�Zevl_jgZlb\hc�f_lh^Z�dZlZeh]Z��ij_^eh`_gghc�Zf_jbdZgkdbfikboheh]hf�Q�<Zclbg]hf��F_lh^�FNH�aZdexqZ_lky�\ lhf��qlhkh\_jr_gkl\m_fuc�h[jZa�^_j`blky�\ ihe_�\gbfZgby��dZd�\ nhdmk_nhlhh[t_dlb\Z��Z d�g_fm��ijbf_jyxlky��k\hckl\Z�^jm]bo��kh\_jr_ggh�g_k\yaZgguo�k bagZqZevguf�h[t_dlhf��ij_^f_lh\��Khq_lZgby�k\hckl\hdZau\Zxlky�bgh]^Z�kh\_jr_ggh�g_h`b^Zggufb��gh�bf_ggh�wlh�b \uau\Z_lbgl_j_k�Ij_^eh`bl_�^_lyf�gZa\Zlv�ljb�ex[uo�h[t_dlZ��G_iehoh��_keb�h^bg�ba�gbo[m^_l�ij_^klZ\bl_e_f�ijbjh^gh]h�fbjZ��\lhjhc�±�jmdhl\hjgh]h��lj_lbc�±\hh[s_�g_fZl_jbZevgh_�ihgylb_��Gh�wlh�g_h[yaZl_evgh_�mkeh\b_��AZl_fj_[ylZ�gZau\Zxl�dZd�fh`gh�[hevr_�k\hckl\�\u[jZgguo�ij_^f_lh\�GZb[he__�m^Zqgu�dZq_kl\_ggu_�oZjZdl_jbklbdb��>Ze__�i_^Z]h]�\u[bjZ_lh[t_dl��dhlhjuc�[m^_l�fh^bnbpbjh\Zlvky�b ihhq_jz^gh�ijbibku\Z_l�_fm\u[jZggu_�k\hckl\Z��Z ^_lb�h[tykgyxl��dZd�wlh�\u]ey^bl��b dh]^Z�lZdh_[u\Z_l�GZijbf_j��bkoh^guf�h[t_dlhf�\havfzf�dheu[_ev�^ey�fZeurZ��DZq_kl\Z�^eyg_z�gZf��ih^Zjyl��� q_eh\_d �lhekluc��dmq_jy\uc��e_gb\uc��^jm`_ex[guc��� [_edZ �imrbklZy��o\hklZlZy��iju]ZxsZy��

� >ey�khqbg_gby�kdZadb�bkihevah\Zg�Z dgb]Z��Lhedbg�>`�J��Ebkl�jZ[hlu�F_edbgZ�b ^jm]b_\her_[gu_�kdZadb��F��JBN�������Fbgkdbc�]hkm^Zjkl\_gguc�i_^Z]h]bq_kdbc�dhee_^`���bf��F LZgdZ���dmjk�������

Page 24: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

� ^hf �dbjibqguc��jZajmr_gguc��djZkb\uc��Gh\uc�h[jZa�fh`_l�ihemqblvky�lZdbf��lheklZy dheu[_ev�±�agZqbl�]em[hdZyb rbjhdZy��\ g_c�fgh]h�f_klZ��fZeurm�ijhklhjgh��Dmq_jy\Zy hgZ�hl[hevrh]h�dhebq_kl\Z�ih^\_r_gguo�b]jmr_d�b ih]j_fmr_d��M dheu[_eb�g_lgb ]gmluo�ihehav_\��gb dhezkbdh\��hgZ�ijhklh�klhbl�gZ�ihem�g_ih^\b`gh��\g_c�g_evay�mdZqZlv�j_[zgdZ��ihwlhfm�_z gZau\Zxl�e_gb\hc��: ^jm`_ex[gZyhgZ�ihlhfm��qlh�\ g_c�lZd�fgh]h�f_klZ��qlh�fZeur�fh`_l�ijb]eZkblv�d k_[_\ ]hklb�^jm]h]h�feZ^_gpZ��b hgb�lZf�ij_djZkgh�jZaf_klylky�b ihb]jZxl\f_kl_��Qlh[u�fZeur�g_�mrb[ky��kl_gdb�dheu[_eb�bagmljb�h[bluimrbkluf f_ohf��Z ehkdmldb�f_oZ��dhlhju_�k\_rb\Zxlky�ih�djZyf�gZihfbgZxl�o\hklbdb��FZljZp�bf_xl�\gmljb�ijm`bgu��ihwlhfmdheu[_evdZ�iju]ZxsZy��Dbjibqguc hll_ghd�^_eZ_l�_z hq_gv djZkb\hc��ZjZajmr_gguc \b^�hgZ�bf__l�lhevdh�lh]^Z��dh]^Z�j_[zghd�lZd�jZkiju]Z_lkygZ�ijm`bgbklhf�fZljZp_��qlh�\kz�kh^_j`bfh_�dheu[_evdb�ihe_lbl�\h�\k_klhjhgu��JZ[hlZy�k ^hrdhevgbdZfb�ih�FNH��g_�ke_^m_l�klj_fblvky�d lhfm��qlh[u^_lb�kjZam�khklZ\beb�\Zf�k\yaguc�jZkkdZa�hibkZgb_�ih�\k_f�ijbagZdZf��GZi_j\uo�ihjZo�^hklZlhqgh�lhevdh�e_dkbq_kdh]h�h[tykg_gby�ihemq_gguokeh\hkhq_lZgbc��Z ^ey�aZdj_ie_gby�b h[h[s_gby�ij_^eh`bl_�^_lyfgZjbkh\Zlv�lh��qlh�ihemqbehkv�\ j_amevlZl_�dhee_dlb\gh]h�nZglZabjh\Zgby�FNH�m^h[_g�\ jZ[hl_�k ih^]jmiiZfb�^_l_c�beb�\ bg^b\b^mZevghc�jZ[hl_�Gh�\f_kl_�k l_f�fh`_l�[ulv�bkihevah\Zg�b dZd�hl^_evguc�ijbzf�gZdhee_dlb\ghf�aZgylbb��GZijbf_j��ijb�khqbg_gbb�kdZahd�fh`gh��ihkljhblv�h[jZa�]eZ\gh]h�]_jhy��\ aZgylbyo�ih�jbkh\Zgbx�ijb^mfZlv�g_h[uqguc�\b^agZdhfh]h�h[t_dlZ��Ijb�wlhf�jbkmgdb�^_l_c�[m^ml�hlebqZlvkybg^b\b^mZevghklvx��lZd�dZd�dZ`^uc�[m^_l�bah[jZ`Zlv�h[t_dl�k h^ghc�bebg_kdhevdbfb�oZjZdl_jbklbdZfb�F?LH>�:G:EH=BC��KBG?DLBD:�K^_eZlv�ZgZeh]bqgh�±�agZqbl�k^_eZlv�qlh�lh�ih�l_f�`_�ijZ\beZf��:gZeh]bbba^Z\gZ�bkihevamxlky�\ l\hjq_kdhc�^_yl_evghklb�q_eh\_dZ��Q_eh\_d�j_rZek\hb�aZ^Zqb�imlzf�ijh\_^_gby�ZgZeh]bc�ih�k\hckl\Zf��lZdhc�`_��dZd������ihnmgdpbyf��^_eZ_l�lZd�`_��dZd������ih�f_klm��gZoh^blky�\ lZdbo�`_�mkeh\byo����b l�^��Fgh]b_�h[t_dlu�l_ogbdb�ihy\bebkv�bf_ggh�[eZ]h^Zjy�i_j_ghkmhkh[_gghkl_c�\g_rg_]h�\b^Z�beb�ijbgpbiZ�^_ckl\by�dZdbo�lh�ijbjh^guoh[t_dlh\��[bhgbdZ���yjdb_�h[jZagu_�kjZ\g_gby�b \ukdZau\Zgby�\nhevdehjguo�ijhba\_^_gbyo�±�gb qlh�bgh_��dZd�kjZ\g_gb_�k\hckl\�ihZgZeh]bb��>Z`_�gZ^_e_gb_�kdZahqguo�i_jkhgZ`_c�\her_[ghc�kbehchkgh\Zgh�gZ�wlhf�ijbzf_��F_lh^�ZgZeh]bc�m\b^_e�k\_l�\ ���o ]h^Zo�OOklhe_lby��[eZ]h^Zjy�Zf_jbdZgpm�M��=hj^hgm�< jZ[hl_�k ^_lvfb�^hrdhevgh]h�\hajZklZ�bkihevam_lky���hkgh\guo�\b^ZZgZeh]bc�

� Ijbf_j�\ayl�ba�hiulZ�jZ[hlu�Z\lhjZ�gZ�k_fbgZjkdbo�aZgylbyo�k \hkiblZl_eyfb ^�k ����]�FbgkdZ�����]�

Page 25: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

�� IjyfZy�ZgZeh]byIjyfZy�ZgZeh]by ±�ihbkd�koh^guo�y\e_gbc��ijhp_kkh\��ijbagZdh\�\ ^jm]boh[eZklyo�^_ckl\bl_evghklb��Ijyfhc�ZgZeh]b_c�qZklh�ihevamxlky�^_lb�\kx`_lguo�b]jZo��ijbf_gyy�\ dZq_kl\_�Zljb[mlbdb�ij_^f_lu�±�aZf_klbl_eb�IjyfZy�ZgZeh]by�bkihevam_lky�\ hkgh\ghf�\ jZ[hl_�kh�klZjrbfb^hrdhevgbdZfb��l�d��^ey�wlh]h�g_h[oh^bfh�gZebqb_�^hklZlhqgh]h�aZiZkZagZgbc�\ jZaebqguo�h[eZklyo��K ^_lvfb�fh`gh�h[km^blv��dZdb_�ZgZeh]bb�baijbjh^gh]h�fbjZ�e_]eZ�\ hkgh\m�kha^Zgby�g_dhlhjuo�jmdhl\hjguo�h[t_dlh\�\_jlhezl�±�klj_dhaZ��lhgg_ev�±�ih^a_fguc�oh^u��\ujulu_�djhlhf��lZgd�±]mk_gbpZ�b q_j_iZoZ��^mr�±�^h`^v��\_keh�^ey�eh^db�±�eZklu�\h^hieZ\Zxsboilbp�b l�^����EbqghklgZy�ZgZeh]by �wfiZlby�< ikboheh]bb�wfiZlb_c�gZau\Zxl�kihkh[ghklv�ebqghklb�d khi_j_`b\Zgbx�d ihgbfZgbx�ikbobq_kdh]h�khklhygby�^jm]bo�ex^_c�< hkgh\_�wfiZlbb�dZd�f_lh^Z�nZglZabjh\Zgby�e_`bl�ij_^klZ\e_gb_�k_[ydZdbf�lh�dhgdj_lguf�h[jZahf�b i_j_^ZqZ�qm\kl\��i_j_`b\Zgbc��gZkljh_gbywlh]h�h[jZaZ�\ kblmZpbb�gZebqby�hij_^_ezgghc�ijh[e_fu��Wlh�^_eZ_lkyihkj_^kl\hf�j_q_\hc�\ujZabl_evghklb��fbfbdb�b ieZklbdb��Q_f�klZjr_j_[zghd��l_f�keh`g__�aZ^Zgby�^he`gu�ij_^eZ]Zlvky��FZeurb�\ hkgh\ghfh]jZgbqb\Zxlky�bfblZpbhggufb�^\b`_gbyfb��e_lZxl��dZd�ilbqdb��kdZqml�dZd�aZcdb��]m^yl��dZd�fZrbgZ�b l�^����ihwlhfm�ke_^m_l�qzldh�ij_^klZ\eylvk_[_�jZaebqb_�\ ihgylbyo�wfiZlby��khi_j_`b\Zgb_��b fh^_ev�^_ckl\by�bfblZpby���Q_lujzo���iylbe_lgb_�^_lb�kihkh[gu�ij_^klZ\blv�b i_j_^Zlvbeb�hibkZlv�j_qvx�khklhygb_�g_dhlhjuo�jmdhl\hjguo�h[t_dlh\���Lu�±fyqbd��dhlhjuf�b]jZxl�\ nml[he��Qlh�lu�qm\kl\m_rv"���< klZjr_f�\hajZkl_�k ^_lvfb�gZ�hkgh\_�ebqghklghc�ZgZeh]bb�fh`ghhljZ[Zlu\Zlv�kihkh[u�ih\_^_gby�\ hij_^_ezgguo�kblmZpbyo���Ij_^klZ\vk_[_��qlh�lu�klZj_gvdbc�±�klZj_gvdbc�^_^mrdZ��_^\Z�ih^gyeky�gZ�djuevph��Zebnl�aZgyl�±�^_lb�dZlZxlky�\\_jo�b \gba��Qlh�lu�ihqm\kl\m_rv��_keb�[m^_rvih^gbfZlvky�ih�klmi_gvdZf�gZ���wlZ`"��H[jZa�fh`gh�aZ^Z\Zlv�b ba�h[eZklbkdZahd��b ba�jmdhl\hjgh]h�fbjZ�Q_j_a�ihkljh_gb_�ZgZeh]bc�^_lb�hk\Zb\Zxl�lZdhc�om^h`_kl\_gguc�ijbzf�dZd�lhqdZ�aj_gby��dhlhjuc�e_`bl�\ hkgh\_�h^ghc�ba�jZagh\b^ghkl_cl\hjq_kdh]h�khqbgbl_evkl\Z����NZglZklbq_kdZy�ZgZeh]by�Ijb�ihkljh_gbb�nZglZklbq_kdbo�ZgZeh]bc�ijhbkoh^bl�hldZa�hl�j_Zevguoijbjh^guo�aZdhgh\�b i_j_ghk�kblmZpbb�\ kdZahqguc�fbj�< hkgh\_�ihkljh_gby�nZglZklbq_kdbo�ZgZeh]bc�e_`Zl�lbih\u_�ijbzfunZglZabjh\Zgby��m\_ebq_gb_��mf_gvr_gb_��mkdhj_gb_��aZf_^e_gb_�h`b\e_gb_��hdZf_g_gb_��^jh[e_gb_��h[t_^bg_gb_�b ^j�

Page 26: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

���Kbf\hebq_kdZy�ZgZeh]by�DZd�ba\_klgh��\ ebl_jZlmj_��hkh[_ggh�\ ijhba\_^_gbyo�gZjh^gh]hl\hjq_kl\Z��qZklh�\klj_qZxlky�ijbf_ju�wlh]h�lbiZ�ZgZeh]bc��g_[_kgucdgyav��pZjv�fhj_c�b l�^�;_amkeh\gh��^hrdhevgbdb�g_�gZmqZlky�kZfb�ih�k_[_�\ukljZb\Zlv�klhevh[jZagu_�ZgZeh]bb��GZ�i_j\uo�ihjZo�gm`gh�mijZ`gylv�bo�\ kZfuowe_f_glZjguo�kjZ\g_gbyo�ij_^f_lh\�ih�bo�k\hckl\Zf�� ih�nhjf_��djm]euc��dZd������ ih�p\_lm��`_eluc��dZd������ ih�jZaf_jm��[hevrmsbc��dZd����� ih�lZdlbevguf�oZjZdl_jbklbdZf��lzie_gvdbc��dZd������ ih�\dmkh\uf�hsms_gbyf��keZ^dbc��dZd�����Q_f�[hevr_�kjZ\g_gbc�ih�dZ`^hfm�ijbagZdm�ih^[_jml�^_lb��l_f�emqr_�?keb�\ ijhp_kk_�lZdh]h�lj_gbg]Z�^_lb��aZ\bkZxl��\ jZfdZo�dZdh]h�±�lhdeZkkZ�ij_^f_lh\��fh`gh�gZ�wlhl�deZkk�gZeh`blv�aZij_l��GZijbf_j��Imrbkluc��dZd�puiezghd��dhlzghd��ilbqdZ��s_ghd������AZij_l�±�a\_j_c�bilbp�[hevr_�g_�gZau\Zlv�G_iehobf�ih^kihjv_f�\ wlhc�jZ[hl_�kem`Zl�b]jh\u_�lj_gbg]b�gZ�\u^_e_gb_k\hckl\��kf���Kbkl_fgh_�fure_gb_���< ^Zevg_cr_f��gZ�hkgh\_�kjZ\g_gbc�fh`gh�khklZ\eylv�aZ]Z^db��kj_^gyy]jmiiu��b f_lZnhju��klZjrZy�]jmiiZ����LBIH<U?�IJB,FU�N:GL:ABJH<:GBYK ^_lkl\Z��qblZy�b i_j_qblu\Zy�ex[bfu_�kdZadb��Z \�rdhevghf�\hajZkl_�±gZmqgh�nZglZklbq_kdb_�ijhba\_^_gby��fu�g_�i_j_klZzf�m^b\eylvky�ihezlml\hjq_kdhc�fukeb�Z\lhjh\��H^gZdh�ijbzfh\��gZ�dhlhjuo�kljhylky�lbih\u_nZglZklbq_kdb_�ij_h[jZah\Zgby�kh\k_f�g_�fgh]h��Hkgh\Zgu�hgb�gZnbabq_kdbo�ij_h[jZah\Zgbyo�h[t_dlh\��bo�qZkl_c��ijbagZdh\��f_klZ�kh[ulbc�lZ[e�����LZ[ebpZ����Bkihevah\Zgb_�lbih\uo�ijbzfh\�nZglZabjh\Zgby�\ jZ[hl_k ^hrdhevgbdZfb�Lbih\u_�ijbzfunZglZabjh\Zgby Ijbf_ju�ba�ebl_jZlmjguoijhba\_^_gbc J_dhf_g^Zpbb�ihhj]ZgbaZpbb�jZ[hlu�k^_lvfb�Baf_g_gb_�jZaf_jZ��mf_gvr_gb_�m\_ebq_gb_� J_idZ��>xcfh\hqdZ��DZjebd�Ghk�FZe_gvdbc�Fmd��KljZgZ�Ebebimlh\� Ijb�ij_h[jZah\Zgbb�h[t_dlZaZ^Z\Zlv�djbl_jbb�jZaf_jZ�[hevrhc��dZd�����H[km`^Zlv�

�� G_kl_j_gdh�:�:��KljZgZ�aZ]Z^hd��Jhklh\g�>�������]���Z lZd�`_�`�e �IZqZldh\Zy�rdheZ��������� �����Kb^hjqmd�L�:��Ivzf�ih�mljZf�hklZlhd�qzjghc�ghqb��I_^Z]h]bdZ���LJBA�F���������<ui���

Page 27: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

dZdb_�ijh[e_fu�b \u]h^uijbghkbl�wlh�baf_g_gb_�Baf_g_gb_�kljh_gby�^jh[e_gb_��h[t_^bg_gb_� EhrZjbd��Djhdhdhl��Lygb�LhedZc�kdZl_jlv�±�kZfh[jZgdZ� H[km`^Zlv��dZdb_�h[t_dlubagZqZevgh�aZ^Zgu��bo�qZklb�\hafh`gu_�dhf[bgZpbb��>ey]hlh\h]h�h[jZaZ�ijh^mfZlvh[jZa�`bagb�beb�kn_jmijbf_g_gby�Baf_g_gb_�ih^\b`ghklb�h`b\e_gb_��hdZf_g_gb_� I_qdZ�b \z^jZ�m ?f_eb��dZf_ggucp\_lhd J_r_gb_�ijh[e_fguokblmZpbc��k dhlhjufbklhedgmebkv�]_jhb�\ k\yab�kbaf_g_gbyfb�Ki_pbZevgh_��K��b mgb\_jkZevgh_�M��\her_[kl\h K ±�kZih]b�kdhjhoh^u��dh\zj�kZfhezl�M ±�\her_[gZy�iZehqdZ��ahehlZyju[dZMgb\_jkZevgh_�\her_[kl\hh[tykgylv��g_�ijhklh�bkihegy_l�`_eZgby���Z kijbf_jZfb��<her_[kl\h\k_]^Z�^he`gh�bf_lvh]jZgbq_ggh_�dhebq_kl\h��ljb`_eZgby�b l�^�Ij_h[jZah\Zgb_�k\hckl\�\j_f_gb KdZadZ�h ihl_jygghf�\j_f_gb�FZe_gvdbc�Ijbgp��DZjekhg��\hajZklg_�f_gy_lky�H[km`^Zlv�\hafh`gu_hi_jZpbb�ij_h[jZah\Zgbyh[t_dlZ�\h�\j_f_gb�

Ijbzf��GZh[hjhl�� D�B��Qmdh\kdbc��ImlZgbpZ��±�\kzijhbkoh^bl�gZh[hjhl� M h[t_dlZ�jZkkfZljb\Zxlkyijhlb\hiheh`gu_�nmgdpbbbeb�ijbagZdb��Wlh�^ZzlijbgpbibZevgh�gh\uc�h[t_dl�H ij_h[jZah\Zgbb�h[t_dlZ�\h�\j_f_gb�ke_^m_l�kdZaZlv�hkh[h��< wlhf�ijbzf_kms_kl\m_l�g_kdhevdh�hkgh\guo�hi_jZpbc��� Baf_g_gb_�kdhjhklb�ijhl_dZgby�\j_f_gb��mkdhj_gb_�beb�aZf_^e_gb_���<�KdZad_�h pZj_�KZelZg_��:�K��ImrdbgZ�pZj_\bq��ihkZ`_gguc�\ [hqdm\f_kl_�k fZl_jvx��klZgh\blky�\ajhkeuf�\ l_q_gb_�g_kdhevdbo�qZkh\��� H[jZlguc�oh^�\j_f_gb��< kdZad_�h fheh^bevguo�y[ehdZo�klZjbdbij_\jZsZxlky�\ fheh^p_\��� �FZrbgZ�\j_f_gb��±�iml_r_kl\b_�ba�h^ghc�bklhjbq_kdhc�wihob�\^jm]mx��� I_j_imlu\Zgb_�\j_f_gb�±�oZhk�\ h[u^_gghf�ihjy^d_�kh[ulbc�b ^_e��� HklZgh\dZ�\h�\j_f_gb��M fgh]bo�kdZahqguo�b nZglZklbq_kdbo�]_jh_\�g_baf_gy_lky�\hajZkl��Kh[ulby�fh]ml�hklZgh\blvky�\h�\j_f_gb���M gZk�\kz\j_fy�ihjZ�iblv�qZc���±�]h\hjbe�Djhebd�\ dgb]_�E�DwjjheZ��:ebkZ�\KljZg_�Qm^_k���� �A_jdZeh�\j_f_gb��±�ZgZeba�ihke_^h\Zl_evghklb�kh[ulbc�hlghkbl_evghk\h_c�`bag_gghc�ebgbb�GZ^h�aZf_lblv��qlh�ex[hc�h[t_dl��\u[jZgguc�ijhba\hevgh�beb�ih�`_eZgbx^_l_c��fh`gh��ijhlZsblv��q_j_a�\k_�lbih\u_�ijbzfu�nZglZabjh\Zgby�

Page 28: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����RdheZ�nZglZabb

��

Ihemqblky�fZkkZ�gh\uo�h[jZah\��Z g_dhlhju_�gZoh^db�ih^lhedgml�d �fbgb�bah[j_l_gbx���F_lh^u�klbfmeypbb�\hh[jZ`_gby�g_�h]jZgbqb\Zxlky�^Zgguf�i_j_qg_f��GZk_]h^gyrgbc�^_gv�ba\_klgh�hdheh����f_lh^h\�jZa\blby�l\hjq_kdh]h\hh[jZ`_gby��A^_kv�jZkkfZljb\Zxlky�lhevdh�l_��dhlhju_�e_]eb�\ hkgh\maZgylbc��ij_^eZ]Z_fuo�\ ^Zgghf�ihkh[bb�

�� Bkihevah\Zgu�fZl_jbZeu�Kb^hjqmd�L�:��d k_fbgZjm�^ey�\hkiblZl_e_c�^_lkdbo�kZ^h\������

Page 29: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

=E:<: ���KBKL?FGH?�FURE?GB?��B=JU�B LJ?GBG=BB]jh\hc�fhlb\�^_yl_evghklb�^ey�^_l_c�^hrdhevgh]h�\hajZklZ��dZd�ba\_klgh�y\ey_lky�[he__�__ ^_ckl\_gguf��q_f�\k_�hklZevgu_��Wlh�h[tykgy_lkyk\h[h^hc�b g_aZ\bkbfhklvx��dhlhjmx�^_lb�ihemqZxl�\ b]j_��\hafh`ghklvxbfijh\babjh\Zlv�b ^h[jh\hevghklvx�ijbgylby�gZ�k_[y�hij_^_ezgguoijZ\be�b aZdhgh\��Ihwlhfm�l_�agZgby��dhlhju_�^_lb�ihemqZxl��dZd�ijZ\beh�\ ijhp_kk_�Zdlb\gh]h�ihagZgby�hdjm`Zxs_]h�fbjZ��aZdj_ieyxlky�b\u\h^ylky�gZ�mjh\_gv�gZ\udZ�bf_ggh�\ b]jZo�b mijZ`g_gbyo�H^ghc�ba�kZfuo�jZkijhkljZgzgguo�hrb[hd�\ ijZdlbd_�h[mq_gby^hrdhevgbdh\�y\ey_lky�klj_fe_gb_�^Zlv�dZd�fh`gh�[hevr_kbkl_fZlbabjh\Zgghc�bgnhjfZpbb��IjhZgZebabjm_f�ijh]jZffgh_kh^_j`Zgb_�aZgylbc�ih�hagZdhfe_gbx�k hdjm`Zxsbf�ohly�[u�aZ�h^bgijhba\hevgh�\u[jZgguc�d\ZjlZe��< h[yaZl_evghf�ihjy^d_�fu�\klj_qZ_fijZdlbq_kdb�\ dZ`^hf�aZgylbb�aZ^Zqm���gZmqblv����knhjfbjh\Zlv�agZgbyh�������ihagZdhfblv�k �����b l�^��Ijb�wlhf�k [hevrbgkl\hf�ij_^klZ\e_gbc�^_lbm`_�agZdhfu�klbobcgh��Ihwlhfm�h^ghc�ba�\Z`g_crbo�aZ^Zq�h[mq_gby�\^hrdhevghf�\hajZkl_�^he`gh�[ulv�g_�klhevdh�nhjfbjh\Zgb_�gh\uo�agZgbc�kdhevdh�bo�kbkl_fZlbaZpby�b aZdj_ie_gb_��hljZ[hldZ�mf_gbykZfhklhyl_evgh]h�^h[u\Zgby�b k\h[h^gh]h�bkihevah\Zgby�bgnhjfZpb_c�\ijhp_kk_�ihagZ\Zl_evghc�^_yl_evghklb�Hq_\b^_g�b ^jm]hc�nZdl��ij_djZkgh�hkhagZ\Zy��qlh�ijhp_kku��ijhbkoh^ysb_\ hdjm`Zxs_f�fbj_��ih^qbgyxlky�hkgh\guf�aZdhgZf�^bZe_dlbdb��\ajhkeu_�dZd�ijZ\beh��fukeyl�f_lZnbabq_kdb��g_�aZf_qZxl��beb�g_�ohlyl�aZf_qZlv�ijhlb\hj_qby�\ y\e_gbyo�b kh[ulbyo��g_�mqblu\Zxl�mkeh\bc�hdjm`Zxs_c^_ckl\bl_evghklb�ijb�jZkkfhlj_gbb�dZdbo�eb[h�ijhp_kkh\��Bgufb�keh\Zfb�jZkkfZljb\Zxl�ex[mx�ijh[e_fm��j_rZxl�[ulh\mx�beb�mfkl\_ggmx�aZ^Zqm �bahebjmy�_z hl�\k_]h�fZl_jbZevgh]h�fbjZ�>_lb�[he__�qm\kl\bl_evgu�d \hkijbylbx�fbjZ�\ _^bghc�kbkl_f_�Hkh[_gghklvx�^_lkdh]h�fure_gby�y\ey_lky�klj_fe_gb_�k\yau\Zlv�\kz�b \h\kzf��Bf_ggh�\ wlhf�djh_lky�lZcgZy�ijbqbgZ�g_ijZ\bevguo�\u\h^h\�bmfhaZdexq_gbc�^hrdhevgbdh\��a^_kv�gZoh^ylky�bklhdb�^_lkdh]hkeh\hl\hjq_kl\Z��Gh�\ajhkeu_��g_�hkhagZ\Zy�lh]h��^_eZxl�\kz�\hafh`gh_�qlh[u�wlh�klj_fe_gb_�ih]Zkblv��Nhjfbjmy�fZl_jbZebklbq_kdh_fbjh\haaj_gb_��fu�gZklhevdh�jZklhedh\u\Z_f�k\hbf�iblhfpZf�ijhibkgu_bklbgu��qlh�bf�hklZzlky�lhevdh�bo�aZihfgblv�b ijb�g_h[oh^bfhklb\hkijhba\_klb��< j_amevlZl_�ihy\ey_lky�ijb\uqdZ�d mk\h_gbx�lhevdh�lh]h�qlh�hq_\b^gh�< l_hjbb�nhjfbjh\Zgby�kbevgh]h�fure_gby��h^gh�ba�gZijZ\e_gbc�LJBA�_klv�lZdh_�ihgylb_��kbkl_fguc�hi_jZlhj��Hg�ij_^klZ\ey_l�kh[hc�^_\ylbwdjZggmx�ko_fm�kbevgh]h�fure_gby�

Page 30: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_��b]ju�b lj_gbg]b

��

G�k g�k g�kK k kI�k i�k i�kijhreh_ gZklhys__ [m^ms__< wlhc�ko_f_�dZ`^Zy�de_ldZ�bf__l�k\hz�agZq_gb_�K ±�kbkl_fZ��l�_��h[t_dl��dhlhjuc�gZoh^blky�\ p_glj_�jZkkfhlj_gby�DZ`^Zy�kbkl_fZ�bf__l�k\hz�ijhreh_�b [m^ms__��bf__l�hij_^_ezggmxnmgdpbx��l�_��lh��^ey�q_]h�wlhl�h[t_dl�[ue�kha^Zg��lZ�jZ[hlZ��dhlhjmx�hg\uihegy_l����M dZ`^hc�kbkl_fu�_klv�gZ[hj�k\hckl\��gh�wlb�k\hckl\Z�fh]mlbaf_gylvky�ih�f_j_�jZa\blby�kbkl_fu�G�K ±�gZ^kbkl_fZ��[eb`Zcr__�hdjm`_gb_�h[t_dlZ�M dZ`^hc�kbkl_fu�fZkkZ�gZ^kbkl_f��< aZ\bkbfhklb�hl�lh]h��dZdknhjfmebjh\ZgZ�aZ^ZqZ��\ dZq_kl\_�gZ^kbkl_fu�fh`gh�jZkkfZljb\Zlv�deZkkh[t_dlh\��d dhlhjuf�wlZ�kbkl_fZ�ijbgZ^e_`bl��gZijbf_j��K ±�:\lh[mk��G�K±�]hjh^kdhc�ljZgkihjl���f_klh�gZoh`^_gby��^ey�Z\lh[mkZ�±�mebpZ�bebZ\lhiZjd��beb�ihedZ�\ rdZnm��_keb�Z\lh[mk�b]jmr_qguc���fZl_jbZe��badhlhjh]h�wlZ�kbkl_fZ�ba]hlh\e_gZ�b l�^�I�K ±�ih^kbkl_fZ��kljmdlmjgZy�_^bgbpZ�kbkl_fu�<u^_e_gb_�ih^kbkl_f��qZkl_c��lZd`_�aZ\bkbl�hl�mkeh\bc�aZ^Zqb��GZijbf_j�\ kbkl_f_��q_eh\_d��fh`gh�\ dZq_kl\_�ih^kbkl_f�jZkkfhlj_lv�� qZklb�l_eZ��_keb�j_qv�b^zl�h[�ZgZlhfbq_kdhf�kljh_gbb�� qm\kl\Z�b wfhpbb�� q_jlu�oZjZdl_jZ��dh]^Z�h[km`^Zxlky�\hijhku�gjZ\kl\_gghklb�bebdmevlmju�h[s_gby�L�_��ih^kbkl_fZ�\u^_ey_lky�gZ�hkgh\_�lh]h�ijbagZdZ��dhlhjuc�bf__lagZq_gb_�\ dhgdj_lghc�kblmZpbb�JZ[hlZ�k kbkl_fguf�hi_jZlhjhf�ij_^iheZ]Z_l�nhjfbjh\Zgb_�m j_[zgdZmf_gby�ZgZebabjh\Zlv�b hibku\Zlv�kbkl_fm�k\ya_c�ex[h]h�h[t_dlZfZl_jbZevgh]h�fbjZ��gZagZq_gb_��nmgdpbx���^bgZfbdm�jZa\blby�\hij_^_ezgguc�i_jbh^�\j_f_gb��_]h�ijbagZdb�b kljh_gb_��ihlj_[ghklv�\baf_g_gbb�b mkh\_jr_gkl\h\Zgbb��^ey�h[t_dlh\�jmdhl\hjgh]hijhbkoh`^_gby���DZd�^hihegbl_evguc�wnn_dl�gZ�hkgh\_�jZ[hlu�ihnhjfbjh\Zgbx�kbkl_fgh]h�fure_gby�ihy\blky�gZ\ud�ihkljh_gbyjZaebqgh]h�jh^Z�deZkkbnbdZpbc�ih�\u^_e_gghfm�ijbagZdm�Mf_gb_�ijhba\h^blv�kbkl_fgu_�jZkdeZ^db�hljZ[Zlu\Zxlky�\ b]jZo�blj_gbg]Zo�

Page 31: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

B=JU�B LJ?GBG=B�G: NHJFBJH<:GB?�M >?L?CKBKL?FGH=H�FURE?GBY���;EHD����NMGDPBHG:EVGH?�G:AG:Q?GB?�H;T?DLH<P_ev� gZmqblv�^_l_c�hij_^_eylv�gZagZq_gb_�ij_^f_lh\��\b^_lv�\hafh`ghklbbo�bkihevah\Zgby�\ hdjm`Zxs_f�fbj_��Qvy�wlh�jZ[hlZ"�DZ`^uc�j_[zghd�\u[bjZ_l�k_[_�h[jZa��@_eZl_evgh��qlh[u�\u[bjZebkvh[jZau�k g_kh\iZ^Zxsbfb�nmgdpbyfb��H[jZa�fh`gh�h[hagZqblvf_^Zevhghf��<_^msbc�k fyqhf�\ jmdZo�klZgh\blky�\ p_glj�djm]Z�Ih^[jZku\Zy�\\_jo�fyq��\_^msbc�gZau\Z_l�dZdmx�eb[h�nmgdpbx�lh]h�bebbgh]h�h[jZaZ��Lhl�ba�^_l_c��^ey�dh]h�oZjZdl_jgZ�wlZ�nmgdpby��eh\bl�fyq�bklZgh\blky�\_^msbf��< b]j_�mqZkl\mxl�g_�[he__�����^_l_c��M]Z^Zc��dlh�y"�>_lb�kb^yl�beb�klhyl�\ djm]m��DZ`^uc�aZ]Z^u\Z_l�k_[_�h[jZa��gh�g_�gZau\Z_l_]h��H^bg�ba�mqZklgbdh\�\uoh^bl�\ p_glj�b ]h\hjbl���Y mf_x�����>_ckl\b_bah[jZ`Z_lky�ijb�ihfhsb�ieZklbdb��>_lb�gZau\Zxl�bah[jZ`zggh_^_ckl\b_���: _sz�y mf_x�����±�]h\hjbl�j_[zghd�b ihdZau\Z_l�ke_^mxs__^\b`_gb_��Ihke_�����bah[jZ`zgguo�^_ckl\bc�^_lb�hl]Z^u\Zxl�h[t_dl�GZijbf_j��iju]Zlv��dZlblvky��e_`Zlv����fyqbd��?keb�^_lb�gZa\Zeb�h[t_dl�ih�aZ]Z^Zgguf�nmgdpbyf��gh�g_�lhl��dhlhjucbagZqZevgh�aZ^mfZg��ij_^eZ]Z_lky�\kihfgblv��^ey�dh]h�wlb�nmgdpbboZjZdl_jgu��Dhebq_kl\h�mqZklgbdh\�±�^h����q_eh\_d���F_l_ev�>_lb�djm`Zlky�ih�dhfgZl_��bah[jZ`Zy�kg_]hiZ^��kh�keh\Zfb�AZdjm`beZ�f_l_ev��keh\gh�qm^h�dZjmk_ev�<k_�^hjh`db�aZf_eZ��GZf�\ ih^Zjhd�ijbg_keZ���B \hkiblZl_ev�gZau\Z_l�ex[hc�h[t_dl��<k_�gZ�ihke_^g_f�keh\_�aZfbjZxl�gZf_kl_��Lhl��gZ�dh]h�mdZ`_l�i_^Z]h]��^he`_g�bah[jZablv�^Zgguc�h[t_dl�\^_ckl\bb���H[]hgyedb�DZ`^uc�ijb^mfu\Z_l�k_[_�h[jZa��>_lb�klZgh\ylky�\ djm]�b ih�hq_j_^b�k_[ygZau\Zxl��AZl_f�lZd�`_�ih�hq_j_^b�gZau\Zxl�k\hb�nmgdpbb��gh�g_�]eZ]hehf�

�� B]ju�jZajZ[hlZgu�\ ��������mq_[��]��mqZsbfbky���]h�dmjkZ�Fbgkdh]h�]hkm^Zjkl\_ggh]hi_^Z]h]bq_kdh]h�dhee_^`Z���bf��F��LZgdZ�gZ�hkgh\_�b^_b�b ijbf_jh\�bgl_ee_dlmZevguolj_gbg]h\�GFP�� �����Mevygh\kd��Jhkkby�

Page 32: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_��b]ju�b lj_gbg]b

��

Z kms_kl\bl_evguf��h[jZah\Zgguf�hl�]eZ]heZ�ijb�ihfhsb�mf_gvrbl_evgh�eZkdZl_evguo�kmnnbdkh\���kdZdmgqbd����iheb\ZedZ��b l�^��Dlh�g_�fh`_l[ukljh�gZa\Zlv�k\hz�ijha\bs_��\uoh^bl�ba�b]ju�gZ�h^bg�djm]�Dhebq_kl\h�mqZklgbdh\�^he`gh�[ulv�g_�f_g__�����lh]^Z�m dZ`^h]h�j_[zgdZ[m^_l�\hafh`ghklv�ih^mfZlv��ihdZ�^h�g_]h�^hc^zl�hq_j_^v��B]jZ�ijhoh^bl�\����djm]h\��ihwlhfm�dZ`^uc�ba�^_l_c�^he`_g�[m^_l�gZclb�g_�f_g__���jZaguonmgdpbc�k\h_]h�h[jZaZ��Dlh�`_�wlh�^_eZ_l"���jZagh\b^ghklv�b]ju��>Z�G_l��H^bg�ba�mqZklgbdh\�aZ]Z^u\Z_l�ij_^f_l��hklZevgu_�ih�hq_j_^b�aZ^Zxl�_fm\hijhku��gZ�dhlhju_�fh`gh�hl\_lblv�ml\_j^bl_evgh�beb�hljbpZl_evgh��<k_\hijhku�^he`gu�dZkZlvky�nmgdpbhgZevgh]h�gZagZq_gby�ij_^f_lZ���Wlhe_lZ_l"�J_`_lky"�Gm`gh�^ey�ibkvfZ"��b l�^��AZ�ijZ\bevgmx�hl]Z^dm�fh`ghij_^eZ]Zlv�nbrdm�beb�i_j_^Z\Zlv�ijZ\h�\_^ms_]h��G_mf_cdZ�<_^msbc�gZqbgZ_l�b]jm��gZau\Zy�ij_^f_l�b g_k\hckl\_ggmx�_fm�nmgdpbx�Ke_^mxsbc�j_[zghd�gZau\Z_l�lhl��h[t_dl��dhlhjuc�^Zggmx�nmgdpbx\uihegy_l��Z aZl_f�gZau\Z_l�gh\mx��g_k\hckl\_ggmx�m`_�\lhjhfm�h[t_dlmnmgdpbx��GZijbf_j���Y \hjh[_c��y g_�mf_x�lZgp_\Zlv�����: y�±�[Ze_jbgZ��ymf_x�lZgp_\Zlv��gh�g_�mf_x�i_j_\hablv�]jmau���B l�^��Y _^m�\ ^_j_\gx�>ey�b]ju�ihgZ^h[blky�gZ[hj�ij_^f_lguo�dZjlbghd��dhlhju_�kdeZ^u\Zxlkyklhidhc�bah[jZ`_gb_f�\gba��J_[zghd�h[ty\ey_l���Y _^m�\ ^_j_\gx�b [_jm�kkh[hc�����b \ulZkdb\Z_l�ba�klhidb�ex[mx�dZjlbgdm��>Ze__�hg�^he`_gh[tykgblv��aZq_f�_fm�^Zgguc�h[t_dl�\ ^_j_\g_��< b]j_�mqZkl\mxl����j_[zgdZ��Dhg_qguc�imgdl�iml_r_kl\by�i_jbh^bq_kdb�f_gy_lky��\ ^_j_\gx��\]hklb�d h[_avygdZf��gZ�k_\_jguc�ihexk��gZ�fhj_�hl^uoZlv�b l�^��Ih\lhjydZ�>_lb�\u[bjZxl�k_[_�h[jZau�beb�ihemqZxl�bo�hl�\_^ms_]h��AZl_f�\_^msbcgZau\Z_l�k\hc�h[jZa�b k\hckl\_ggmx�_fm�nmgdpbx��Z hklZevgu_�^_lb�ijbf_jyxl��wlm�nmgdpbx�gZ�k_[y�� Y ±�ey]mrdZ��Y mf_x�iju]Zlv�� Y ±�fZrbgdZ��Y lh`_�iju]Zx��dh]^Z�_^m�ih�dhqdZf�� Y ±�DZjZg^Zr��y lh`_�iju]Zx��dh]^Z�jbkmx�lhq_qdb��B l�^�Hkgh\gZy�keh`ghklv�^Zggh]h�lj_gbg]Z�\ lhf��qlh�g_h[oh^bfh�gZclb�mkeh\byijhy\e_gby�^Zgghc�g_k\hckl\_gghc�nmgdpbb���JZkkdZ`b�kdZadm�>_lb�ih�jheyf�i_j_kdZau\Zxl�ohjhrh�agZdhfmx�kdZadm��gh�]_jhbgZau\Zxlky�g_�bf_gZfb�b gZa\Zgbyfb��Z ijhba\h^gufb�hl�nmgdpbc�

Page 33: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

GZijbf_j��kdZadZ��L_j_fhd��;_`bl�IbsZedZ����Ih^hreZ < ;hehl_�Kb^_edZ�d l_j_fdm���;EHD����HLKE?@B<:GB?�BAF?G?GBY�K<HCKL<�B NMGDPBC�H;T?DLH<�<H<J?F?GBP_ev��mijZ`gylv�^_l_c�\ mf_gbb�aZf_qZlv�aZ\bkbfhklv�ijhy\e_gby�jZaguok\hckl\�h^gh]h�b lh]h�`_�h[t_dlZ�hl�klZ^bb��wlZiZ��jZa\blby���DZd�wlh�[ueh"�>_lyf�ij_^eZ]Zxlky�gZ[hju�dZjlbghd��gZ�dhlhjuo�bah[jZ`_gu�h[t_dluijbjh^gh]h�b jmdhl\hjgh]h�fbjZ�gZ�jZaguo�klZ^byo�bo�jZa\blby�bebkha^Zgby��b ij_^eZ]Z_lky�\ueh`blv�bo�\ ijZ\bevghc�ihke_^h\Zl_evghklb�?keb�mkeh\b_�kh[ex^_gh��dZjlbgdb�kdeZ^u\Zxlky�\ _^bgmx�kiehrgmxebgbx�

�J_idZ� AZ^Zzlky�h[t_dl��<hkiblZl_ev�ij_^eZ]Z_l��ihlygmlv�j_idm���>_lb�klZgh\ylkyiZjh\habdhf�b ih�hq_j_^b�gZau\Zxl�klZ^bb�jZa\blby�wlh]h�h[t_dlZ��?keb\kz�gZa\Zgh�ijZ\bevgh��lh�\ajhkeuc�h[ty\ey_l��qlh�j_idZ�\ulygmlZ��Z _keb^_lb�hrb[ebkv��lh�j_idZ��hklZzlky��gZ�]jy^d_�GZijbf_j��bdjbgdZ�aZ�j_idm��]heh\Zklbd�aZ�bdjbgdm��ey]mrhghd�aZ]heh\ZklbdZ��ey]mrdZ�aZ�ey]mrhgdZ��lyg_f�ihlyg_f����\ulZsbeb�j_idm��JhfZrdZ�< b]j_�bkihevam_lky�\heqhd��<hdjm]�g_]h�jZkdeZ^u\Zxlky�ij_^f_lgu_dZjlbgdb��<heqhd�jZkdjmqb\Z_lky��Dh]^Z�klj_edZ�mdZ`_l�gZ�h^bg�bah[t_dlh\�dlh�lh�ba�^_l_c��beb�\ dhee_dlb\ghf�ijhp_kk_��^he`_g�jZkkdZaZlvh klZ^byo�jZa\blby�wlh]h�h[t_dlZ��q_f�hg�klZg_l�\ kdhjhf�b ^Zezdhf[m^ms_f�B]jZ�Z^j_kh\ZgZ�klZjrbf�^hrdhevgbdZf��;ue��?klv��;m^_l�<hkiblZl_ev�gZau\Z_l�h[t_dl��>_lb�i_j_qbkeyxl�_]h�k\hckl\Z�\ ijhrehf�gZklhys_f��[m^ms_f��GZijbf_j�y[ehdh�k_cqZk�±�keZ^dh_��khqgh_��djZkgh_���[ueh�±�a_ezgh_��dbkeh_��l_jidh_���[m^_l�±�kmoh_��kfhjs_ggh_��q_j\b\h_�

Page 34: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_��b]ju�b lj_gbg]b

��

:gZeh]bqgh�fh`gh�ihb]jZlv�k nmgdpbyfb�wlh]h�h[t_dlZ��Qlh�[ueh"�Qlh�[m^_l"�>ey�b]ju�ihgZ^h[ylky�dZjlbgdb�d ohjhrh�agZdhfuf�kdZadZf��Fh`ghbkihevah\Zlv�g_�lhevdh�beexkljZpbb��gh�b ko_fZlbq_kdb_��dZ^jbdb��dkx`_lm��gZjbkh\Zggu_�\f_kl_�k ^_lvfb��DZ`^uc�ihemqZ_l�h^gm�dZjlbgdm�bih�kb]gZem�^he`_g�[ukljh�aZgylv�k\hz�f_klh�\ h[s_c�r_j_g]_��AZl_f�b^zlh[km`^_gb_��dZ`^uc�j_[zghd�gZau\Z_l��qlh�bah[jZ`_gh�gZ�dZjlbgd_��[uehwlh�ih�kx`_lm�beb�_s_�[m^_l��ih�hlghr_gbx�d ij_^u^ms_fm�\uklmie_gbx��GZijbf_j��Dheh[hd�\klj_lbeky�k aZcp_f�b ihzl�_fm�i_k_gdm��Wlh�k_cqZk�Dheh[hd�m[_]Z_l ba�^hfZ��Wlh�[ueh�Dheh[hd�kb^bl�gZ�ghkm�m ebku��Wlh�[m^_l�;EHD����<UKLJ:B<:GB?�G:>KBKL?FGUO�B IH>KBKL?FGUO�K<YA?C�<U>?E?GB?�K<HCKL<P_ev��ZgZeba�kljmdlmjguo�_^bgbp�h[t_dlh\�hdjm`Zxs_]h�fbjZ��mijZ`g_gb_\ \u^_e_gbb�k\hckl\���<her_[guc�f_rhq_d�< f_rhq_d�ba�g_ijhajZqgh]h�fZl_jbZeZ�kdeZ^u\Z_lky�g_dhlhjh_�dhebq_kl\hij_^f_lh\�beb�b]jmr_d��<ua\Zgguc�j_[zghd�himkdZ_l�jmdm�\ f_rhq_d�hsmiu\Z_l�ij_^f_l�b \kemo�i_j_qbkey_l�l_�k\hckl\Z��dhlhju_�ih^kdZau\Zxl_fm�lZdlbevgu_�hsms_gby��HklZevgu_�^_lb�ih�i_j_qbke_gguf�k\hckl\Zfhl]Z^u\Zxl�wlhl�h[t_dl��@_eZl_evgh�[jZlv�h^gh\j_f_ggh�g_�[he__����ij_^f_lh\��ba]hlh\e_gguo�ba�jZaguo�fZl_jbZeh\�b g_�bf_xsbo�yjdh\ujZ`_gguo�qZkl_c��l�d��\f_klh�k\hckl\�j_[zghd�gZau\Z_l�qZklb��b hl\_lklZgh\blky�hq_\b^guf��Lu�fhc�dmkhq_d�>_lb�kb^yl�\ djm]m��H^bg�ba�gbo�gZau\Z_l�h[jZa��Z hklZevgu_�±�_]h�qZklb��y ±fZrbgZ��Z lu�fhc�dmkhq_d��Y ±�l\hc�jmev��dhe_kh��nZjZ�b l�^�< dZq_kl\_�mkeh`g_gby�ij_^eZ]Z_lky�\ukljhblv�p_emx�ih^�kbkl_fgmxp_ihqdm���Y ±�fZrbgZ��Z lu�±�fhc�dmkhq_d�Y ±�l\hy�nZjZ��Z lu�fhc�dmkhq_d��Y±�eZfihqdZ�\ nZj_��Z lu�±�fhc�dmkhq_d�����M]Z^Zc�dZ�J_[zghd�aZ]Z^u\Z_l�k_[_�h[jZa�b _]h�hibku\Z_l��g_�gZau\Zy��HklZevgu_�ihhibkZgbx�^he`gu�m]Z^Zlv��dh]h�j_[zghd�aZ]Z^Ze��Fh`gh�\\_klb�mkeh\b_�\f_klh�hibkZgby�k\hckl\�j_[zghd�fh`_l�gZa\Zlv�g_kdhevdh�gZ^kbkl_fh[t_dlZ��y [u\Zx�\ e_km��\ de_ld_��\ ahhiZjd_�b l�^���Lh]^Z�ijb�hl]Z^u\Zgbb^_lb�fh]ml�aZ^Zlv�g_kdhevdh�mlhqgyxsbo�\hijhkh\��gZ�dhlhju_�fh`ghhl\_lblv�lhevdh��^Z��b �g_l��

Page 35: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

�Qlh�lh ±�qZklv�q_]h�lh�Ijbgpbi�wlhc�b]ju�\ayl�ba�b]jh\hc�l_e_i_j_^Zqb�>ey�b]ju�ihgZ^h[blky�jZaj_agZy�ij_^f_lgZy�dZjlbgdZ�ba�������qZkl_c�DZjlbgdZ�e_`bl�gZ�klhe_�bah[jZ`_gb_f�\gba��GZm]Z^�ih�`_eZgbx�^_l_chldju\Z_lky�h^bg�d\Z^jZl��>_lb�jZkkfZljb\Zxl�_]h��ij_^iheZ]Zxl��gZ�qlhihoh`_�hldju\r__ky�bah[jZ`_gb_��m dZdbo�ij_^f_lh\�_sz�[u\Zxl�lZdb_qZklb��Dh]^Z�\ZjbZglu�bkq_jiZgu��hldju\Z_lky�ke_^mxsbc�d\Z^jZl��B lZd^h�l_o�ihj��ihdZ�g_�[m^_l�hl]Z^Zgh�bah[jZ`zggh_�gZ�dZjlbgd_��Ih_^_f�dZlZlvky�DZ`^uc�j_[zghd�ihemqZ_l�dZjlbgdm�beb�f_^Zevhg�k bah[jZ`_gb_f�dZdh]h�±lh�ij_^f_lZ��< jZaguo�m]hedZo�dhfgZlu�hlf_qZxlky��klZgpbb��ijb�ihfhsbdZjlbgdb�beb�ij_^f_lZ��>_lb��iZjh\habdhf��^\b`mlky�ih�]jmii_��<hae_klZgpbb�^Zzlky�kb]gZe���ijb_oZeb����<hkiblZl_ev�h[ty\ey_l�gZa\Zgb_klZgpbb�ih�deZkkm��klZgpby�ihkm^u���ih�fZl_jbZem��klZgpby�^_j_\ygguoba^_ebc���ih�k\hckl\m��klZgpby�lZdh]h�±�lh�p\_lZ��b l�^��< aZ\bkbfhklb�hlgZa\Zggh]h�ijbagZdZ�^_lb�j_rZxl��\uoh^blv�bf�beb�g_l��L_��dlh�\ur_e�^he`_g�Zj]mf_glbjh\Zlv�k\hz�j_r_gb_��<u[_jb�gm`gh_�>ZggZy�b]jZ�ijZdlbdm_l�gZ\ud�deZkkbnbdZpbb��GZ�klhe�\i_j_f_`dm\ukuiZxlky�ij_^f_lgu_�dZjlbgdb��<hkiblZl_ev�gZau\Z_l�dZdh_�±�eb[hk\hckl\h�ih�ex[hfm�ijbagZdm���Z ^_lb�^he`gu�\u[jZlv�fZdkbfmfij_^f_lh\��m dhlhjuo�wlh�k\hckl\h�gZ[ex^Z_lky���Qm^h�±�X^h�>_lyf�ihdZau\Zxl�dZjlbgdm��khklZ\e_ggmx�ih�ijbgpbim��Nhlhjh[hl��nZglZklbq_kdh_�`b\hlgh_��kha^Zggh_�imlzf�kh_^bg_gby�qZkl_c�jZaguo`b\hlguo���AZ^ZqZ�^_l_c�±�dZd�fh`gh�[uklj__�hij_^_eblv�\k_�h[t_dlu��badhlhjuo�khklZ\e_g�h[jZa��DZjlbgdb�^ey�wlh]h�lj_gbg]Z�fh`gh�aZjZg__ba]hlh\blv�k ih^]jmiiZfb�^_l_c�\ ijhp_kk_�bg^b\b^mZevghc�jZ[hlu�\k\h[h^gh_�\j_fy��>hfbgh�Ih�kb]gZem�^_lb�klZgh\ylky�\ iZju�ebphf�^jm]�d ^jm]m��AZl_f�ih�hq_j_^bdZ`^Zy�iZjZ�^he`gZ�gZa\Zlv�k\hc�h[sbc�ijbagZd��p\_l�beb�^_lZeb�h^_`^u�iheh\Zy�ijbgZ^e_`ghklv��f_klh�b l�^��<her_[gZy�^hjh`dZ�B]jZ�gZqbgZ_lky�k lj_gbg]Z�gZ�khjlbjh\dm�h[t_dlh\�ih�deZkkm��@_eZl_evgh[jZlv�g_�[he__���o deZkkh\�gZ�h^gm�b]jm��gZijbf_j��ih�����dZjlbghd�badeZkkh\�ihkm^u��f_[_eb��h^_`^u��jZkl_gbc��AZl_f�\ h^bg�jy^�\udeZ^u\Z_lky����ijhba\hevgh�\u[jZgguo�dZjlbghd�ih�h^ghc�ba�dZ`^h]h�deZkkZ��>_lb^he`gu�gZclb�h[sbc�^ey�\ueh`_gguo�ij_^f_lh\�ijbagZd�

Page 36: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_��b]ju�b lj_gbg]b

��

�JZa\_^qbdb�>ey�b]ju�ihgZ^h[blky�[hevrZy�kx`_lgZy�beb�i_caZ`gZy�dZjlbgZ�b gZ[hjij_^f_lguo�dZjlbghd��Ih�dhfZg^_���JZa\_^qbdb��\i_jz^���^_lb�^he`gu\u[jZlv�ba�fgh`_kl\Z�ij_^f_lguo�bah[jZ`_gbc�l_��dhlhju_�oZjZdl_jgu�^eyf_klZ��bah[jZ`zggh]h�gZ�[hevrhc�dZjlbg_��qlh�fh`gh�\klj_lblv�gZ�em]m��\e_km��\ dhfgZl_�b l�^��?keb�j_[zghd�hrb[Z_lky��lh�\f_kl_�k hklZevgufbmqZklgbdZfb�b]ju�gm`gh�ijb^mfZlv�kblmZpbx��hijZ\^u\Zxsmxhrb[hqguc�\u[hj��GZijbf_j��j_[zghd�g_�fh`_l�h[tykgblv��ihq_fm�ddZjlbg_�k bah[jZ`_gb_f�n_jfu�hg�\u[jZe�Z\lh[mk��< Z\lh[mk_�fh]ebijb_oZlv�^hyjdb��ijb\_alb�dhjf�^ey�kdhlZ�b l�^��Qlh�ba�q_]h�<hkiblZl_ev�gZau\Z_l�fZl_jbZe��f_lZee��^j_\_kbgZ��ieZklfZkkZ�b l�^����Z^_lb�±�dZd�fh`gh�[hevr_�h[t_dlh\��khklhysbo�ba�wlh]h�fZl_jbZeZ��Khkj_^g_c�]jmiiu�\\h^blky�ijZ\beh��fh`gh�gZau\Zlv�ij_^f_lu��m dhlhjuolhevdh�h^gZ�beb�g_kdhevdh�qZkl_c�ba�^Zggh]h�fZl_jbZeZ��Fhz�gZkljh_gb_�<hkiblZl_ev�aZ^Zzl�kblmZpbx��Z ^_lb�gZau\Zxl�\hafh`gu_�wfhpbhgZevgu_i_j_`b\Zgby��k\yaZggu_�k wlhc�kblmZpb_c�GZijbf_j��Gh\h]h^gbc�mlj_ggbd�\ ^_lkdhf�kZ^m�±�jZ^hklv��h`b^Zgb_�\_k_ev_���B^zl�^h`^v�±�]jmklv��kdmdZ��lhkdZ����P_ihqdZ�I_j\uc�j_[zghd�gZau\Z_l�h[t_dl��\lhjhc�±�_]h�k\hckl\h��lj_lbc�±�h[t_dl�kgZa\Zgguf�k\hckl\hf��q_l\zjluc�±�^jm]h_�k\hckl\h�gh\h]h�h[t_dlZ�b l�^�GZijbf_j����Fhjdh\v�����Fhjdh\v�keZ^dZy�����KeZ^dbf�[u\Z_l�kZoZj���KZoZj�[_euc�����;_euf�[u\Z_l�kg_]�b l�^��Dmi_p� �fh^bnbdZpby�gZjh^ghc�b]ju��DjZkdb���<u[bjZxlky�dmi_p��ijh^Z\_p�b ihdmiZl_ev��HklZevgu_�mqZklgbdb�b]ju�±lh\Zj��DZ`^hfm��lh\Zjm��ijh^Z\_p�gZau\Z_l�_]h�h[jZa��gh�lZd��qlh[u�keurZedmi_p��AZl_f�dmi_p�h[jZsZ_lky�d ijh^Z\pm����Ijh^Z\_p��ijh^Z\_p��ijh^Zcfg_�lh\Zj����: qlh�l_[_�ijh^Zlv"��Dmi_p�hibku\Z_l�k\hckl\Z�lh\ZjZ���Ijh^Zc�fg_�djm]eh_��imrbklh_��lzie_gvdh_������g_h[oh^bfh�gZa\Zlv�g_�f_g__ljzo�ijbagZdh\��l�d��_klv�\_jhylghklv��qlh�m ^\mo�h[t_dlh\�hdZ`mlkyh^bgZdh\u_�k\hckl\Z���Lhl�j_[zghd��h[jZam�dhlhjh]h�khhl\_lkl\mxl�^Zggu_k\hckl\Z��m[_]Z_l��Z dmi_p�_]h�^h]hgy_l��?keb�^h]gZe��lh�aZ[bjZ_l�\mkeh\e_ggh_�f_klh�b \u[bjZ_l�ke_^mxsbc�lh\Zj��?keb�g_l��lh�lh\ZjklZgh\blky�dmiphf��dmi_p�±�ijh^Z\phf��Z ijh^Z\_p�aZgbfZ_l�f_klh�lh\ZjZ��< ih^\b`ghc�qZklb�b]ju�\hafh`gu�\ZjbZglu��

Page 37: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

�Af_y� < b]j_�mqZkl\mxl�����^_l_c��DZ`^hfm�ba�gbo�\hkiblZl_ev�gZau\Z_l�keh\h�ba_^bghc�gZ^�kbkl_fghc�p_ihqdb��mebpZ��d\ZjlZe��jZchg��]hjh^�����Beb�fhjdh\v��]jy^dZ��h]hjh^��^_j_\gy����Keh\Z�gZau\Zxlky�g_�ih�ihjy^dm��AZl_f^_lb�jZa[_]Zxlky�\ jZagu_�klhjhgu��Z ih�kb]gZem���Af_y��kljhcky���^he`gu\ukljhblvky�\ dhehggm��kh[ex^Zy�gZ^�kbkl_fguc�ihjy^hd��hl�kZfh]h�fZeh]h^h�kZfh]h�rbjhdh]h�ihgylby��GZc^zf�^jm]Z�<u[bjZ_lky�ex[hc�h[t_dl�ba�^_lkdh]h�hdjm`_gby��>_lb�\u^_eyxl�_]hk\hckl\Z��nmgdpbhgZevgh_�gZagZq_gb_��Z aZl_f�dZ`^uc�^he`_g�gZclb�\]jmii_�lZdhc�h[t_dl��dhlhjuc�bf_e�[u�g_qlh�h[s__�k aZ^Zgguf��k\hckl\h�h[smx�gZ^kbkl_fm�beb�koh^gmx�nmgdpbx���Fhz�±�g_�fhz��Fh^bnbdZpby�gZjh^ghc�b]ju��Kt_^h[gh_�±�g_kt_^h[gh_��B]jZlv�fh`gh�gZ�klmi_gvdZo�djuevpZ�beb�gZ�iehsZ^d_��DZ`^uc�j_[zghdihemqZ_l�f_^Zevhg�k dhgdj_lguf�h[jZahf��\ klZjr_f�\hajZkl_�^hklZlhqghwlhl�h[jZa�gZa\Zlv���<_^msbc�ih�hq_j_^b�[jhkZ_l�^_lyf�fyq�b gZau\Z_ldZdh_�±�lh�k\hckl\h��?keb�^ey�^Zggh]h�h[jZaZ�wlh�k\hckl\h�oZjZdl_jgh��lhj_[zghd�]h\hjbl���Fhz��b eh\bl�fyq��?keb�g_l��lh�hl[jZku\Z_l�kh�keh\Zfb���G_�fhz���?keb�`_�j_[zghd�ih�hrb[d_��ijbk\hbe��qm`h_�k\hckl\h��_fmij_^eZ]Z_lky�hijZ\^Zlvky��gZijbf_j��fyqbd�keZ^dbc"�Dh]^Z"�?keb�hgfZjf_eZ^guc��_keb�wlh�dhgn_ldZ�±�^jZ`_�b l�^���Ba�q_]h�ijb]hlh\e_gh"�<_^msbc�gZau\Z_l�dZdh_�±�lh�dmrZgv_��Z ^_lb�i_j_qbkeyxl�ijh^mdlu�g_h[oh^bfu_�^ey�_]h�ijb]hlh\e_gby�:gZeh]bqgh�fh`gh�b]jZlv�k ij_^f_lZfb�jmdhl\hjgufb��^_lb�i_j_qbkeyxlfZl_jbZeu��dhlhju_�g_h[oh^bfu�^ey�kha^Zgby�wlh]h�ij_^f_lZ�Ke_^m_l�h[jZlblv�\gbfZgb_�gZ�lh��qlh�bgh]^Z�fZl_jbZe�bkihevah\Zg�\ hq_gvg_[hevrhf�dhebq_kl\_��gh�_]h�bkihevah\Zgb_�djZcg_�\Z`gh��DZd�ijZ\beh�^_lb�aZ[u\Zxl�h lZdbo�fZl_jbZeZo��dZd�djZkdZ��de_c�b l�^�Kbkl_fZlbaZpby�mf_gbc�ijhba\h^blv�kbkl_fguc�ZgZeba�\hafh`gZ�gZaZgylbb�k bkihevah\Zgb_f�iheghc�^_\ylb�wdjZgghc�ko_fu�

IJBF?JG:Y�IHKE?>H<:L?EVGHKLV�<HIJHKH<�D >?LYF�IJBKBKL?F:LBA:PBB�IJ?>KL:<E?GBC�H;�H;T?DL?�K IHFHSVX�KBKL?FGH=HHI?J:LHJ:>ey�ijbjh^guo�h[t_dlh\��� Qlh�wlh"��gZau\Z_lky�h[t_dl�b h[hagZqZ_lky�ko_fhc��

Page 38: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_� b]ju�b lj_gbg]b

��

�� Qlh�hg�mf__l�^_eZlv"�� Ba�dZdbo�qZkl_c�hg�khklhbl"�>ey�q_]h�dZ`^Zy�qZklv"�DZd�dZ`^Zy�qZklvihfh]Z_l�\uihegylv��]eZ\gh_�^_eh��h[t_dlZ"�� =^_�gZoh^blky��`b\zl��gZr�h[t_dl"�Dlh�_]h��^jmavy�"�ij_^klZ\bl_eblh]h�`_�deZkkZ���� DZdbf�wlhl�h[t_dl�[ue�jZgvr_"�Hldm^Z�hg�ihy\beky"�� DZdb_�m g_]h�[ueb�qZklb"�Q_f�hgb�hlebqZebkv�hl�lh]h��qlh�_klv�k_cqZk"�� Mf_e�eb�hg�lh]^Z�\uihegylv�k\hz�]eZ\gh_�^_eh"�� DZd�baf_gblky�wlhl�h[t_dl��dh]^Z�\ujZkl_l"�DZdb_�gh\u_��^_eZ��m g_]hihy\ylky"�� Qlh�gm`gh��qlh[u�lZd�ijhbahreh">ey�h[t_dlh\�jmdhl\hjgh]h�ijhbkoh`^_gby��� Qlh�wlh"��gZau\Z_lky�h[t_dl�b h[hagZqZ_lky�ko_fhc���� >ey�q_]h�ex^b�_]h�ijb^mfZeb"�� DZdb_�_sz�\u�agZ_l_�h[t_dlu�k lZdbf�`_�gZagZq_gb_f"�� DZdb_�qZklb�_klv�m h[t_dlZ"�DZd�dZ`^Zy�ba�gbo�ihfh]Z_l�\uiheg_gbxgZagZq_gby"�� DZd�jZgvr_�ex^b�j_rZeb�k\hx�ijh[e_fm��dh]^Z�wlh]h�h[t_dlZ�g_�[ueh"�� DZdbf�[ue��ij_^r_kl\_ggbd�"�� Qlh�g_�mkljhbeh�ex^_c"�AZq_f�hgb�klZeb�ijb^mfu\Zlv�wlhl�h[t_dl"�� Qlh�k_cqZk�gZk�g_�mkljZb\Z_l"�Qlh�ohl_ehkv�[u�baf_gblv"<h�\j_f_gghc�ebgbb�fh`gh�b^lb�ih�k_ahgZf��\j_f_gZf�]h^Z���gZ^kbkl_fmhij_^_eylv�g_�ih�nmgdpbb��Z ih�ijbagZdZf��<kz�aZ\bkbl�hl�aZ^Zq��dhlhju_klZ\bl�i_j_^�kh[hc�\hkiblZl_ev�

A:>:QB�G:�KM@?GB?�IHEY�IHBKD:Hl^_evguf�[ehdhf�ke_^m_l�\u^_eblv�lj_gbg]b�ih�h[mq_gbx�^_l_c�km`_gbxihey�ihbkdZ�hl\_lZ�gZ�aZ^Zqm��Wlb�lZd�gZau\Z_fu_��>Z�g_ldb��±�aZ^Zqb�dhlhju_�j_rZxlky�ijb�ihfhsb�hl\_lh\�gZ�\hijhku��<hijhku�aZ^ZxlkylZdbf�h[jZahf��qlh[u�gZ�gbo�fh`gh�[ueh�hl\_lblv�ml\_j^bl_evgh�bebhljbpZl_evgh�Lj_gbg]b�^hklZlhqgh�ba\_klgu_�b bf_xl�[hevrh_�dhebq_kl\h�\ZjbZglh\�Mkeh\gh�bo�fh`gh�jZa^_eblv�gZ�ke_^mxsb_�]jmiiu����H[t_dlgu_�aZ^Zqb�±�ihbkd�aZ]Z^Zggh]h�h[t_dlZ������AZ]Z^Zgguc�h[t_dl��Nhjfmebjh\dZ���DZdhc�h[t_dl�y aZ]Z^ZeZ"�

Page 39: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

������G_agZdhfh_�keh\h���Nhjfmebjh\dZ���Qlh�hagZqZ_l�keh\h���"�H[t_dlu�^ey�ihbkdZ�fh`gh�gZclb�\ kijZ\hqghc�ebl_jZlmj_��Keh\Z�^he`gu[ulv�g_agZdhfu�^_lyf��gh]�hlghkblvky�d deZkkm�h[t_dlh\��dhlhjuc�[ue�\^_lkdhf�hiul_��GZijbf_j��Z]Z�±�y^h\blZy�`Z[Z��\ZjZg�±�[hevrZy�ys_jbpZ�mglu�±�f_oh\u_�kZih]b�gZjh^h\�k_\_jZ�b l�^�Wlhl�lbi�aZ^Zq�j_rZ_lky�gZ�hkgh\_�deZkkbnbdZpbb�h[t_dlh\�hdjm`Zxs_]hfbjZ�ih�dhgdj_lguf�ijbagZdZf��>_l_c�gZ^h�mqblv�aZ^Z\Zlv�\hijhku�lZdbfh[jZahf��qlh[u�kjZam�hlk_dZeky�p_euc�deZkk�Z��Wlh�ba�fbjZ�ijbjh^u"[��Wlh�jZkl_gby"\��Wlh�^_j_\vy"�B l�^����IjhkljZgkl\_ggu_�aZ^Zqb�±�ihbkd�aZ]Z^Zggh]h�h[t_dlZ�\hij_^_ezgghf�ijhkljZgkl\_�Nhjfmebjh\dZ���Y aZ]Z^ZeZ�h[t_dl��dhlhjuc�lml�gZoh^blky�������Ebg_cgu_�aZ^Zqb��H[t_dlu�jZkiheh`_gu�\ h^bg�jy^�<hijhku�^he`gu�aZ^Z\Zlvky�lZd��qlh[u�jy^�\kz�\j_fy�^_ebeky�ihiheZf�Z��Wlh�\ p_glj_"[��Wlh�ke_\Z�hl�p_gljZevgh]h�h[t_dlZ"��Hkgh\gu_�ijbagZdb��\ p_glj_��ke_\Z��kijZ\Z�GZoh`^_gb_�p_gljZevgh]h�h[t_dlZ�fh`_l�\ua\Zlv�m ^_l_c�aZljm^g_gby�Ihwlhfm�gZqbgZlv�jZ[hlm�gZ^h�k g_qzlguf�dhebq_kl\hf�h[t_dlh\������Qbkeh\Zy�aZ^ZqZ�±�ihbkd�aZ]Z^Zggh]h�qbkeZ��Wlh�lZd`_�ebg_cgZy�aZ^ZqZ�lhevdh�jZ[hlZ�ijh\h^blky�gZ�qbklh\hc�ijyfhc�Hkgh\gu_�ihgylby��qbkeZ�i_j\h]h�beb�\lhjh]h�^_kyldZ��\hafh`gZ�jZ[hlZ�\ij_^_eZo�khlgb���[hevr_�q_f��f_gvr_�q_f������Iehkdhklgu_�aZ^Zqb�±�ihbkd�h[t_dlZ�gZ�iehkdhklb�kj_^b�ijhba\hevghjZkiheh`_gguo�h[t_dlh\�Hkgh\gu_�ihgylby��e_\Zy�qZklv��klheZ�beb�dZjlbgu���ijZ\Zy�qZklv��klheZ�bebdZjlbgu���[eb`_�d gZf��^Zevr_�hl�gZk��gZ�klhe_���\ \_jog_c�qZklb��\ gb`g_cqZklb��dZjlbgu��Ijb�jZ[hl_�k wlbf�lbihf�aZ^Zq�g_h[oh^bfh�gZmqblv�^_l_c�bagZqZevgh^_eblv�iehkdhklv�gZ�^\_�qZklb�mkeh\ghc�ebgb_c�����H[tzfgu_�aZ^Zqb�±�ihbkd�h[t_dlZ�\ ijhkljZgkl\_��gZijbf_j��\ dhfgZl_��Hkgh\gu_�ihgylby��\ p_glj_�dhfgZlu��ke_\Z�hl�����kijZ\Z�hl�����\i_j_^b�kaZ^b��gZ�mjh\g_�]eZa��\ur_�beb�gb`_�mjh\gy�]eZa�

Page 40: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=eZ\Z����Kbkl_fgh_�fure_gb_��b]ju�b lj_gbg]b

��

���KblmZlb\gu_�aZ^Zqb�±�h[tykg_gb_�kblmZpbb��\ mkeh\bb�dhlhjhc�g_o\ZlZ_l�bgnhjfZpbb���

�� Ih^jh[gh�h lj_gbg]Zo�gZ�km`_gb_�ihey�ihbkdZ�kf���Kb^hjqmd�L�:��L_ogheh]by�h[mq_gby^hrdhevgbdh\�mf_gbx�j_rZlv�l\hjq_kdb_�aZ^Zqb��Mevygh\kd� �����

Page 41: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

=E:<: ���A:GYLBY�K WE?F?GL:FB�LJBA�B JL<H^ghc�ba�kZfuo�jZkijhkljZgzgguo�nhjf�h[mq_gby�\ ^_lkdhf�kZ^m�y\ey_lkyaZgylb_��WlZ�nhjfZ�ijb\uqgZ�b m^h[gZ�l_f��qlh�ho\Zlu\Z_l�p_emx�]jmiim^_l_c��iha\hey_l�g_�lhevdh�knhjfbjh\Zlv�kbkl_fm�ij_^klZ\e_gbc��gh�bgZmqblv�jZ[hlZlv�\ _^bghf�l_fi_��Wlh��[_amkeh\gh��ihgZ^h[blky�j_[zgdm�dh]^Z�hg�ihc^zl�\ rdhem��H^gZdh�g_evay�g_�kh]eZkblvky��qlh�ljZ^bpbhggu_ih^oh^u�d hj]ZgbaZpbb�aZgylbc�m^h\e_l\hjyxl�ijZdlbdh\�k_]h^gy�lhevdhhlqZklb��<hkiblZl_eb�bsml�gh\u_�\ZjbZglu��ijh[mxl�k_[y�\ bkihevah\ZgbbgZjZ[hlhd�i_j_^h\h]h�hiulZ�QZs_�\k_]h�\ ijZdlbd_�\klj_qZxlky�bfijh\baZpbhggu_�fhf_glu��dhlhju_dZkZxlky�nhjfu�hj]ZgbaZpbb�lh]h�beb�bgh]h�aZgylby��b]ju�±�iml_r_kl\by�\_kzeu_�\bdlhjbgu�b l�^��Gh�gh\Zy�nhjfZ�kh�klZjuf�kh^_j`Zgb_f�g_�^ZzldZq_kl\_ggh�gh\h]h�wnn_dlZ��Ih\urZ_lky�bgl_j_k��fhlb\Zpby�^_l_c��gh^Ze_dh�g_�\k_]^Z�klbfmebjm_lky�fukebl_evgZy�Zdlb\ghklv�;_kkihjgh��i_^Z]h]�±�ijZdlbd�gZ�hij_^_ezgghf�mjh\g_�k\h_]h�l\hjq_kdh]hjZa\blby�ijboh^bl�d lhfm��qlh�gZqbgZ_l�kZf�kha^Z\Zlv�i_^Z]h]bq_kdb_bgkljmf_glu��Gh�wlhl�imlv�lj_[m_l�[hevrbo�\j_f_gguo�b fhjZevguo�aZljZl�B dZd��ijhqm\kl\h\Zlv�\dmk��l\hjq_kdhc�^_yl_evghklb��_keb�b^lb�d g_clhevdh�gZ�mjh\g_�bglmbpbb"�Gh�l\hjq_kl\m�fh`gh�gZmqblvky�>Z`_�kZfu_�h[uqgu_�l_fu�fh`gh�k^_eZlv�bgl_j_kgufb�b m\e_dZl_evgufb�_keb�ijb^Zlv�bf�ijbgpbibZevgh�gh\uc�\b^��>_lb�kdmqZxl�gZ�aZgylbb�\ lhfkemqZ_��dh]^Z�bo�\ugm`^Zxl�d iZkkb\ghklb��kb^b�b kemrZc��beb�dh]^Z�\ij_^eZ]Z_fhf�fZl_jbZe_�g_l�gh\bagu��wlh�y m`_�agZx���Ihwlhfm�hkgh\ghcaZ^Zq_c��dhlhjmx�klZ\bl�i_j_^�kh[hc�i_^Z]h]��y\ey_lky�g_�khh[s_gb_�gh\uoagZgbc��Z h[mq_gb_�kihkh[Zf�kZfhklhyl_evgh]h�^h[u\Zgby�bgnhjfZpbb��qlh\hafh`gh�b q_j_a�ihbkdh\mx�^_yl_evghklv��b q_j_a�]jZfhlghhj]Zgbah\Zggh_�dhee_dlb\gh_�jZkkm`^_gb_��b q_j_a�b]ju�b lj_gbg]b�AZgylby��dhlhju_�fu�ij_^eZ]Z_f�\ ^Zgghc�]eZ\_��ihkljh_gu�ih�ke_^mxsbfijZ\beZf��� Fbgbfmf�khh[s_gby�bgnhjfZpbb��fZdkbfmf�jZkkm`^_gbc��� HilbfZevgZy�nhjfZ�hj]ZgbaZpbb�h[km`^_gby�ijh[e_fguo�kblmZpbc�±fha]h\hc�rlmjf��� Kbkl_fguc�ih^oh^��\kz�\ fbj_�\aZbfhk\yaZgh��b ex[h_�y\e_gb_�^he`ghjZkkfZljb\Zlvky�\ jZa\blbb���� <dexq_gb_�\ ijhp_kk�ihagZgby�\k_o�^hklmiguo�^ey�j_[zgdZfukebl_evguo�hi_jZpbc�b kj_^kl\�\hkijbylby��ZgZebaZlhjh\��ijbqbggh�ke_^kl\_gguo�\u\h^h\�b aZdexq_gbc��k^_eZgguo�kZfhklhyl_evgh�ij_^f_lgh�±�ko_fZlbqghc�gZ]ey^ghklb�b l�^���� H[yaZl_evgZy�Zdlb\baZpby�l\hjq_kdh]h�\hh[jZ`_gby�< ijhp_kk_�ijh_dlbjh\Zgby�aZgylbc�k ^hrdhevgbdZfb�j_dhf_g^m_lkyijb^_j`b\Zlvky�ke_^mxs_c�ihke_^h\Zl_evghklb�

Page 42: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

Z��\u[hj�l_fu�aZgylby�gZ�hkgh\_��Ijh]jZffu�\hkiblZgby�b h[mq_gby�\^_lkdhf�kZ^m���Ijb�wlhf�g_�bf__l�agZq_gby��dZdZy�bf_ggh�ijh]jZffZe_`bl�\ hkgh\_�^_yl_evghklb�i_^Z]h]Z�[��hij_^_e_gb_�\b^Z�aZgylby��\u[hj�hij_^_ezgghc�f_lh^bdb�bebdhfie_dkguc�\ZjbZgl���AZf_lbf��qlh�dhfie_dkguc�ih^oh^�±�lZ�nhjfZjZ[hlu��dhlhjZy�h[_ki_qb\Z_l�gZb[hevrmx�Zdlb\ghklv�^_l_c�b k\h[h^mbo�\u[hjZ��Djhf_�lh]h��\ ijh^mdlb\ghc�^_yl_evghklb��[_a�dhlhjhcdhfie_dkgh_�aZgylb_�g_�h[oh^blky��ijhbkoh^bl�aZdj_ie_gb_�fZl_jbZeZb j_ne_dkby�\��nhjfmebjh\dZ�ijh]jZffgh]h�kh^_j`Zgby�]��\u[hj�jZaghh[jZaguo�bgkljmf_glh\�h[mq_gby�^��khklZ\e_gb_�dhgki_dlZ�Kms_kl\mxl�jZaebqgu_�ih^oh^u�d ihkljh_gbx�aZgylbc�k bkihevah\Zgb_fLJBA�b JL<�l_ogheh]bc��ihkljh_gb_�aZgylby�gZ�hkgh\_�h^ghcZe]hjblfbq_kdhc�p_ihqdb��\ wlhf�kemqZ_�gZ�aZgylbb�hkgh\guf�kh^_j`Zgb_fy\ey_lky�j_r_gb_�l\hjq_kdhc�aZ^Zqb��beb�bkihevah\Zgb_�gZ�ljZ^bpbhgghfkh^_j`Zgbb�hl^_evguo�bgkljmf_glh\��I_j\uc�\ZjbZgl�[he__�l_ogheh]bq_g�\lhjhc�±�^hklmig__�gZqbgZxs_fm�ijZdlbdm�IE:GU�±�DHGKI?DLU�A:GYLBC�>EY�>?L?C�>HRDHEVGH=H<HAJ:KL:�K BKIHEVAH<:GB?F�WE?F?GLH<�LJBA�B JL<����GH<U?�IJBDEXQ?GBY�P:J?<GU�±�EY=MRDB��dhgki_dl�dhfie_dkgh]h�aZgylby�ih�JL<�^ey�klZjr_c�]jmiiu�^�k��Ijh]jZffgh_�kh^_j`Zgb_��� Ijh^he`Zlv�h[mq_gb_�khklZ\e_gbx�l\hjq_kdbo�jZkkdZah\�gZ�hkgh\_agZdhfh]h�kx`_lZ��� Ijh^he`Zlv�hljZ[Zlu\Zlv�gZ\udb�bkihevah\Zgby�ijbzfh\�lbih\h]hnZglZabjh\Zgby��� Ih[m`^Zlv�d bkihevah\Zgbx�\ j_qb�k ihfhsvx�i_^Z]h]Z�bkZfhklhyl_evgh�jZaguo�lbih\�ij_^eh`_gbc��� Nhjfbjh\Zlv�mf_gby�dhee_dlb\gh]h�h[km`^_gby�h[s_c�ijh[e_fu�ijhy\eyy�ijb�wlhf�\gbfZgb_�b lZdl�ih�hlghr_gbx�d k\_jklgbdZf�

�� <k_�dhgki_dlu�aZgylbc�jZajZ[hlZgu�mqZsbfbky�Fbgkdh]h�i_^Z]h]bq_kdh]h�dhee_^`Z�bf�F�LZgdZ�������±������]��

Page 43: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

IeZg�aZgylby���y qZklv�Ij_^eh`blv�^_lyf�ihkemrZlv�agZdhfmx�kdZadm��qblZeZkv�gZdZgmg_���Ql_gb_ijh^he`Z_lky�^h�fhf_glZ�\klj_qb�B\ZgZ�±�PZj_\bqZ�k ey]mrdhc��M\b^Ze�B\Zg�±�PZj_\bq��qlh�^_j`bl�_]h�klj_em�ey]mrdZ��M^b\beky�bjZkl_jyeky��qlh�^_eZlv"�: ey]mrdZ�b ]h\hjbl����LZdZy�km^v[Z�m l_[y��B\Zg�G_kb�f_gy�d k\h_fm�[Zlxrd_���B \^jm]�klZeZ�ey]mrdZ�jZklb��< qzf�ijbqbgZ"�<ukemrZlv�ij_^iheh`_gby�^_l_c��Ih^\_klb�d lhfm��qlh�klj_eZ�hdZaZeZkv\her_[ghc���< qzf�_z \her_[kl\h"�HgZ�fh`_l�m\_ebqb\Zlv�b mf_gvrZlvex[u_�ij_^f_lu�b `b\u_�kms_kl\Z��KlZeZ�ey]mrdZ�h]jhfghc��dZd�kehg��DZd`_�pZj_\bqm�^hklZ\blv�_z \h�^\hj_p"��<ukemrb\Zxlky�ij_^eh`_gby�^_l_c�ih\_alb�_z gZ�fZrbg_��\ujZklb�kZfhfm�b g_klb�ey]mrdm�gZ�jmdZo��ih_oZlv\_johf�gZ�ey]mrd_�b l�^���DZ`^h_�ba�gbo�h[km`^Z_lky�k ihabpbb��ohjhrh�±iehoh���ZgZebabjm_lky�gZ�kl_i_gv�jZpbhgZevghklb�wlh]h�kihkh[Z�HlijZ\beky�PZj_\bq�k ey]mrdhc�\ pZjkdbc�^\hj_p��: ^hjh]Z�^ZezdZy�ljm^gZy���GZ�^hkd_�\u\_rb\Z_lky��fhjnheh]bq_kdZy�^hjh`dZ���gZ�dhlhjhc^\Z�]hjbahglZevguo�b q_luj_�\_jlbdZevguo�ihdZaZl_ey�=_jhb�b f_klZkh[ulbc�\ lZ[ebp_�h[hagZqZxlky�ko_fZlbqgh�beb�k ihfhsvx�gZqZevguo[md\��Ey]mrdZPZj_\bq E?K EM= ;HEHLH HA?JHGZ�dZ`^hf�mqZkld_�hlf_qZ_lky��k dZdhc�ijh[e_fhc�\klj_lbebkv�]_jhb��\ e_kmhgb�i_j_eZabeb�q_j_a�[mj_ehf��\ [hehl_�\yagml�gh]b�b l�^��Ke_^m_l�hlf_lblv�qlh�^ey�B\ZgZ�±�PZj_\bqZ�b ^ey�ey]mrdb�ijh[e_fu�[m^ml�jZaebqgu_�GZihfgbf�^_lyf��qlh�m ]_jh_\�_klv�\her_[gZy�klj_eZ��dhlhjZy�fh`_l�bfihfhqv��>\b]Zl_evgZy�iZmaZ��^_lb�bah[jZ`Zxl��dZd�]_jhb�kdZadbij_h^he_\Zxl�mdZaZggu_�hlj_adb�imlb���y qZklv�J_rbe�pZjv�bkiulZlv�g_\_klhd��ijbdZaZe�\uldZlv�dh\zj�aZ�h^gm�ghqv��>_lb�\udeZ^u\Zxl�hjgZf_gl�ba�]_hf_ljbq_kdbo�nb]mj�gZ�iehkdhklbjZaebqghc�]_hf_ljbq_kdhc�nhjfu��MkeuoZe�pZjv��qlh�aZ�]hjZfb ��aZ�e_kZfb�jZklzl�qm^h�±�p\_lhd��djZkhlug_hibkm_fhc�IjbdZaZe�pZjv�g_\_kldZf�jZa^h[ulv�wlh�qm^h��>Z�lhevdh�dZd�`_�i_j_[jZlvkyq_j_a�]hju�±�e_kZ"�DZd�ihklmibeZ�Ey]mrdZ�±�PZj_\gZ"�DZd�klZjrb_g_\_kldb�\uihegbeb�wlh�aZ^Zgb_"�Q_f�bo�p\_lu�hlebqZebkv�hl�lh]h�dhlhjuc�ijbg_keZ�ey]mrdZ"�>Z\Zcl_�ijb^mfZ_f�\her_[guc�p\_lhd��NZglZabjh\Zgb_�k bkihevah\Zgb_f�f_lh^Z�nhdZevguo�h[t_dlh\��Ijbf_j��gZr_fm�p\_ldm�ih^Zjyl�k\hb�k\hckl\Z�lZdb_�h[t_dlu��dZd�kehg�\_ehkbi_^�b khegurdh�

Page 44: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

Kehg <_ehkbi_^ KhegurdhLheklucG_mdex`bc�MrZkluc�«KdeZ^ghc>\modhezkguc�AZj`Z\_euc«

Emqbklh_�EZkdh\h_�AZoh^ys__«H[tykgbl_��dZd�\u]ey^bl�g_mdex`bc�p\_lhd"�Dh]^Z�p\_lhd�fh`gh�gZa\ZlvmrZkluf"�B l�^��<hkiblZl_ev�ko_fZlbqgh�bah[jZ`Z_l�p\_lhd�ih�hibkZgbx�^_l_c��Gm`ghmlhqgblv��dZd�bah[jZablv�lh�beb�bgh_�k\hckl\h��KlZeZ�kh[bjZlvky�PZj_\gZ�±�Ey]mrdZ�gZ�[Ze��Z [mku�m g_z�b jZkkuiZebkv�>Z\Zcl_�ihfh`_f�_c��k^_eZ_f�g_h[udgh\_ggu_�[mku���Dhgkljmbjh\Zgb_�ba[jhkh\h]h�b ijbjh^gh]h�fZl_jbZeZ�b gbl_c��GZ^_eZ�Ey]mrdZ�\her_[gu_�[mku�b ij_\jZlbeZkv�\ ij_djZkgmx�^_\mrdm�M\b^Ze�_z B\Zg�b ihex[be�k i_j\h]h�\a]ey^Z��Ku]jZeb�hgb�k\Z^v[m�b klZeb`blv�±�ih`b\Zlv�b ^h[jZ�gZ`b\Zlv��Ko_fZlbaZpby�kdZadb�^_lvfb��<h�\lhjhc�iheh\bg_�^gy�k hl^_evgufb�^_lvfbih�]hlh\uf�ko_fZf�ijh\h^blky�jZkkdZau\Zgb_�ihemq_gghc�kdZadb�k p_evxjZa\blby�fhgheh]bq_kdhc�j_qb���DMD:J?DM��I?LMRHD���dhgki_dl�ih�JL<�^ey�\lhjhc�feZ^r_c�]jmiiu�^�k��Ijh]jZffgh_�kh^_j`Zgb_��� Ijh^he`Zlv�jZa\b\Zlv�kihkh[ghklv�aZf_qZlv�ijhlb\hj_qby�\ y\e_gbyohdjm`Zxs_c�`bagb��ijhy\eylv�ihiuldb�d bo�j_r_gbx��� JZa\b\Zlv�\hh[jZ`_gb_�q_j_a�bkihevah\Zgb_�f_lh^Z�fhjnhZgZebaZ��� AZdj_ieylv�gZ\udb�jZkdjZrb\Zgby�\ ij_^_eZo�dhglmjZ��� Ih[m`^Zlv�d bkihevah\Zgbx�\ jbkh\Zgbb�rbjhdhc�]Zffu�p\_lh\h]hki_dljZ�IeZg�aZgylby�Ih\lhj_gb_�k ^_lvfb�\umq_gghc�gZdZgmg_�gZbamklv�jmkkdhc�gZjh^ghcihl_rdb��I_lmrhd���Ihkfhlj_e�I_lmrhd�gZ�k_[y�\ a_jdZeh�b \b^bl��qlh�hgkh\k_f�[e_^guc��g_�p\_lghc��Wlh�om^h`gbd�aZ[ue�_]h�jZkdjZkblv��GZ�^hkd_�kbemwl�i_lmrdZ�b �\her_[gZy�^hjh`dZ���gZ�dhlhjhc�ih�f_j_h[km`^_gby�\uklZ\eyxlky�dZjlhqdb�k h[hagZq_gb_f�jZaebqguo�djZkhd��DjZkguc Kbgbc @zeluc A_ezguc Jhah\uc ;_euc QzjgucIhrze�i_lmrhd�ih�^hjh`d_���DZ`^uf�p\_lhf�ijb�ihfhsb�f_edh\�bebdjZkhd�^_lb�jZkdjZrb\Zxl�qZklb�kbemwlZ�i_lmrdZ��Ijb�wlhf�hlf_qZ_lky�ihq_fm�i_lmrdm�gjZ\blky�beb�g_�gjZ\blky��dh]^Z�\kz�\hdjm]�b hg�kZfh^ghp\_lguc��B]jZ��Ohjhrh�±�iehoh���

Page 45: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

<hafh`gu_�\ZjbZglu�\hijhkh\�GZ�djZkghf�p\_l_��GZ�qlh�ihoh`�djZkguc�i_lmrhd"GZ�`zelhf�p\_l_��;u\Z_l�eb�lZd��qlh[u�i_lmrhd�[ue�\_kv�`zeluf"�Dh]^Z"�puiezghd��GZ�qzjghf�p\_l_��Fh`_l�eb�[ulv��qlh[u�i_lmrhd�h^gh\j_f_ggh�[ue�bp\_lguf��b qzjguf"��l_gv�i_lmrdZ��i_lmrhd�\ l_fghl_��dh]^Z�i_lmrhdbkiZqdZ_lky�b l�^���:gZeh]bqgh�h[km`^Z_lky�dZ`^uc�p\_l��< dZq_kl\_nbadmevlfbgmldb�^_lb�bfblbjmxl�^\b`_gby�i_lmrdZ��< dhgp_�aZgylbydZ`^uc�ba�^_l_c�jZkdjZrb\Z_l�k\hc�kbemwl�i_lmrdZ�ih�kh[kl\_gghfm`_eZgbx��Ijb�wlhf�[hevrhc�]hlh\uc�kbemwl�gZ�^hkd_�aZdju\Z_lky��<HER?;GUC�E?K��aZgylb_�ih�JL<�^ey�kj_^g_c�]jmiiu�^�k��Ijh]jZffgh_�kh^_j`Zgb_��� JZa\b\Zlv�a\mdh�\ukhlguc�kemo��� Nhjfbjh\Zlv�gZ\udb�k\yaghc�j_qb��� Mqblv�i_j_^Z\Zlv�gZkljh_gb_�q_j_a�p\_lh\mx�]Zffm�\ jbkmgd_��� JZa\b\Zlv�l\hjq_kdh_�\hh[jZ`_gb_�IeZg�aZgylby��AZ]Z^Zlv�aZ]Z^dm�ijh�aZcpZ�beb�jZkkdZaZlv�bklhjbx�ijh�km]jh[�kg_]Z�dhlhjuc�hdZaZeky�aZcp_f��Q_f�aZyp�ihoh`�gZ�km]jh[�kg_]Z"Ihq_fm�abfhc�m aZcpZ�[_eZy�rm[dZ"Qlh�[ueh�[u��_keb�[u�aZyp�g_�mf_e�f_gylv�hdjZkdm"�DZd�[u�hg�kiZkZeky�hlebku"�Bklhjby�h lhf��dZd�aZyp�ihiZe�gZ��\her_[gmx�^hjh`dm��Qzjguc K_juc DjZkguc A_ezgucHdZaZeky�aZcdZ�\ qzjghf�e_km��DZd�fh`gh�gZa\Zlv�lZdhc�e_k"��KljZrguc�lzfguc��kmjh\uc��aehc�b l�^��>_j_\vy�rmf_eb�kmjh\h��Kihzf�bo�i_kgx����R�r�r�r����gbadbf�]hehkhf��DZd�kdjbi_e�kg_]"��Kdjbi�±�Kdjbi�±�Kdjbi�±�Kdjbi���AZcdZ�kZf�\ lZdhf�e_kmklZe�kmjh\uf��DZd�kdZq_l�kmjh\uc�aZyp"��BfblZpby��IhgjZ\behkv�ebaZcqbdm�[ulv�lZdbf"�Ihq_fm"���Ohjhrh�±�iehoh��>Ze__�ZgZeh]bqgh�jZ[hlZ_f�k dZ`^uf�p\_lhf��GZa\Zgby�k_jhfm��djZkghfm�a_ezghfm�e_km�^Zxl�kZfb�^_lb��Ijb�i_j_oh^_�k h^gh]h�gZ�^jm]hc�p\_l��^_lbijb]h\Zjb\Zxl���iju]�±�kdhd���baf_gyy�l_f[j�]hehkZ��< dhgp_�aZgylbyij_^eZ]Z_lky�gZ�\u[hj�gZjbkh\Zlv�aZcdm�\ h^ghp\_lghf�beb�jZaghp\_lghfe_km�beb�i_j_^Zlv�\ jbkmgd_�gZkljh_gb_�aZcdb�\ lhc�beb�bghc�kblmZpbb�

Page 46: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

�< KLJ:G?�KD:AHD��jZa\b\Zxsbc�dhfie_dk�^ey�kj_^g_c�]jmiiu��Ijh]jZffgh_�kh^_j`Zgb_��� AZdj_ieylv�mf_gby�hlebqZlv�ij_^f_lu�ih�\_ebqbg_��hljZ`Zy�\u\h^u�\j_qb��[hevrhc��kj_^gbc��fZe_gvdbc��[hevr_�q_f��f_gvr_�q_f�b l�^���� JZa\b\Zlv�kihkh[ghklb�d nZglZabjh\Zgbx�gZ�hkgh\_�kx`_lZ�agZdhfhckdZadb��� JZa\b\Zlv�gZ\udb�k\yaghc�j_qb��� :dlb\babjh\Zlv�keh\Zjv��� JZa\b\Zlv�we_f_glu�^bZe_dlbq_kdh]h�fure_gby�q_j_a�bkihevah\Zgb_b]j�gZ�ijhlb\hj_qby���ohjhrh�±�iehoh���IeZg�aZgylby�Ij_^eh`blv�^_lyf�hlijZ\blvky�\ iml_r_kl\b_�\ kdZahqgmx�kljZgm�Mlhqgblv�ijZ\beZ�ih\_^_gby��g_�rmf_lv��g_�lhedZlvky��g_�ljh]Zlv�gbq_]hjmdZfb�[_a�jZaj_r_gby��l��d��< kdZad_�fh`_l�ijhbahclb�\kz��qlh�m]h^gh��Ih\_jz\hqghc�ljhibgd_�ih^hreb�d klhem��]^_�klhyl�b]jmrdb��ijbdjulu_ieZldhf� �Lbr_��^_lb��g_�rmfbl_�Qm^h�±�kdZadm�g_�[m^bl_�JZa��^\Z��ljb��q_luj_��iylv ±;m^_f�kdZadm�gZqbgZlv��IeZlhd�kgbfZ_lky��>_lb�gZau\Zxl�b]jmrdb��[Z[dZ��^_^��\hed��aZyp��f_^\_^v�ebkZ��b kdZadb�k bo�mqZklb_f��Hij_^_ebeb��qlh�^ey�kdZadb��Dheh[hd��g_o\ZlZ_l�h^gh]h�]_jhy��A\mqbl�i_k_gdZ�dheh[dZ��\ ]jZfaZibkb���>_lb�bsmlDheh[dZ�b gZoh^yl�_]h�gZ�neZg_e_]jZn_�Bklhjby�h lhf��dZd�Dheh[hd�ihiZe�gZ��<her_[gmx�^hjh`dm���gZ�dhlhjhcihk_ebeky�jZaf_j�JZaf_jhf�k rZjbd^ey�ibg] ±�ihg]Z JZaf_jhf�kieZlyghc�rdZn JZaf_jhf�kh^ghwlZ`guc�^hf H[uqguc�jZaf_j^ey�Dheh[dZDZdbf�ih�jZaf_jm�klZe�Dheh[hd"��ihdZaZlv�l_ggbkguc�rZjbd���DZdbfb�_szkeh\Zfb�fh`gh�kdZaZlv�ijh�jZaf_j�dheh[dZ"��FZe_gvdbc��fZexk_gvdbc�kZfuc�fZe_gvdbc��djhohlguc���Ohjhrh�wlh�beb�iehoh"�>ey�dh]h"�Ihq_fm"�:gZeh]bqgh�kblmZpby�ZgZebabjm_lky�\ hklZevguo�d\Z^jZlZo�:dlb\babjmxlky�keh\Z��h[hagZqZxsb_�jZaf_j��[hevrhc��h]jhfguc�]jhfZ^guc�b l�^��DZ`^Zy�kblmZpby�h[km`^Z_lky�k ihabpbb���Ohjhrh�±iehoh���

Page 47: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

Ijh[e_fgu_�kblmZpbb�� dZd�bki_qv�dheh[hd�jZaf_jhf�k ^hf"� dZd�Ebk_�kt_klv�Dheh[dZ�jZaf_jhf�kh�rdZn"� qlh�kdZaZe�[u�AZyp��ih\klj_qZ\�lZdh]h�Dheh[dZ"NbadmevlfbgmldZ��ijh\h^blky�\ k_j_^bg_�aZgylby�ih�f_j_�lh]h��dZd�m^_l_c�ijhy\eyxlky�ijbagZdb�kgb`_gby�\gbfZgby���\ khhl\_lkl\bb�k l_dklhf^_lb�\uihegyxl�bfblZpbhggu_�^\b`_gby�@be�^Z�[ue�Dheh[hd�GZ�i_qb�hg�kiZlv�g_�fh]�B gZ�f_kl_�g_�kb^_e ±M g_]h�\_^v�fgh]h�^_e�Iju]Zlv�k aZcdhc�ih�^hjh`dZfMghkblv�hl�\hedZ�gh`db�K fbrdhc�ih�e_km�[jh^blv�< qZs_�kj_^v�\_l\_c�djm`blv�Lh�ljhibgdZ�madZy�Lh�ljhiZ�rbjhdZy�Dheh[hd�aZ�fbrdhxGh`dZ�\ gh`dm�lhiZ_l�;_]Zlv��iju]Zlv��dm\ujdZlvky�K [hdm�gZ�[hd�ihdZqZlvky�AZ�^_gv�gZ^h�\kz�mki_lvB ebkm�g_�ijh]ey^_lv��Dhjhev�<��< dhgp_�aZgylby�ij_^eZ]Z_lky�\u[jZlv�lhl�jZaf_j�Dheh[dZ��dhlhjuc�[hevr_\k_]h�ihgjZ\beky�b gZjbkh\Zlv�beexkljZpbx�d gh\hc�kdZad_�

�G:RB�F:E?GVDB?�IHFHSGBDB��jZa\b\Zxsbc�dhfie_dk�^ey�^_l_c���c feZ^r_c�]jmiiu���dhgki_dl�khklZ\e_g�gZ�hkgh\_�f_l��jZajZ[hlhd�aZgylbc�GFP�����]�Mevygh\kdZ��Ijh]jZffgh_�kh^_j`Zgb_��� H[jZlblv�\gbfZgb_�^_l_c�gZ�kljh_gb_�q_eh\_dZ��gZ�koh^kl\hZgZlhfbq_kdhc�kljmdlmju�ex^_c��� Mqblv�ijhke_`b\Zlv�baf_g_gb_�kbkl_f�b bo�kljmdlmjguo�dhfihg_glh\\h�\j_f_gb�gZ�dhebq_kl\_gghf�b dZq_kl\_gghf�mjh\gyo�q_j_a�\\_^_gb_���lbwdjZggh]h�kbkl_fgh]h�hi_jZlhjZ��� MijZ`gylv�^_l_c�\ ohjh\uo�b bg^b\b^mZevguo�hl\_lZo�gZ�\hijhku\ajhkeh]h��bkihevamy�jZkijhkljZgzggu_�ijhklu_�ij_^eh`_gby�

Page 48: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

�� JZa\b\Zlv�mf_gby�^\b]Zl_evghc�b fbfbq_kdhc�\ujZabl_evghklb�q_j_abkihevah\Zgb_�bfblZpbb��� Ijh^he`Zlv�agZdhfblv�k g_ljZ^bpbhgguf�kihkh[hf�jbkh\Zgby�iZevp_]jZnby���hljZ[Zlu\Zlv�l_ogbdm�jbkh\Zgby�q_j_a�kZfhklhyl_evguc\u[hj�l_fu�b kj_^kl\��djZkhd��IeZg�aZgylby����B]jZ���>Z\Zcl_�ihagZdhfbfky���Ij_^eh`blv�^_lyf�ohjhf�gZa\Zlv�bfy�bhlq_kl\h�\hkiblZl_ey��AZl_f�ke_^m_l�h[jZs_gb_�d dZ`^hfm�j_[zgdm�k\hijhkhf��DZd�l_[y�ah\ml"���>h[b\Zlvky�hl\_lh\�jZa\zjgmlufij_^eh`_gb_f���F_gy�ah\ml������< ]jmii_�fgh]h�^_l_c��^_\hq_d�b fZevqbdh\��=^_�gZrb�^_\hqdb"Ih^gbfbl_kv�gZ�ghkhqdb��Jmqdb�\\_jo��KdZ`bl_���Fu�a^_kv���: ]^_�gZrbfZevqbdb"��B]jZ�ih\lhjy_lky�����jZaZ�����< ]jmii_�dlh�±�lh�_sz�g_�kdZaZe��dZd�_]h�ah\ml��Dlh�wlh"�>Z\Zcl_�hl]Z^Z_f��J_r_gb_�ebg_cghc�^Zg_ldb��< dZq_kl\_�h[t_dlh\�±�\u\_r_ggu_�\ jy^nhlh]jZnbb�^_l_c�]jmiiu��AZ]Z^u\Z_lky�nhlh]jZnby�j_[zgdZ��dhlhjuc�gZaZgylbb�hlkmlkl\m_l��Ihq_fm�\u�j_rbeb��qlh�wlh�fZevqbd"��Khjb_glbjh\Zlv�^_l_c�gZ�\g_rgbc\b^��rhjlu��jm[ZrdZ��ijbqzkdZ���;u\Z_l�eb��qlh[u�m ^_\hq_d�[ueb�dhjhldb_\hehku"�Ghkyl�eb�^_\hqdb�rhjlu"�DZd�ah\ml�wlh]h�fZevqbdZ"I_ly�`b\zl�gZ��<her_[ghf�wdjZgqbd_�FeZ^_g_p >hrdhevgbd <ajhkeucQZklb�l_eZhlf_qZxlky�i_j\ufb[md\ZfbQZklb�l_eZhlf_qZxlky�i_j\ufb[md\Zfb

QZklb�l_eZhlf_qZxlky�i_j\ufb[md\ZfbJZkkfZljb\Zgb_�ko_fu�I_ly�\b^bl�gZk"�Q_f�hg�kfhljbl"�: m�gZk�_klv�]eZadb"�=^_�hgb"�: keurbleb�I_ly��h qzf�fu�]h\hjbf"�Q_f�hg�kemrZ_l"�=^_�\Zrb�mrdb"�: _sz�I_lyex[bl�i_lv�b jZa]h\Zjb\Zlv��Q_f�hg�]h\hjbl"�: m�\Zk�_klv�jhlbd"GZrb�]eZadb�b jhlbd�mf_xl�kf_ylvky��IhdZ`bl_��dZdb_�\u�\_kzeu_��: dZdb_m \Zk�ebpZ��dh]^Z�\u�ieZq_l_"�K_j^bl_kv"��Fbfbq_kdb_�mijZ`g_gby���DZdfgh]h�mf_xl�ebpZ�=^_�gZoh^blky�ebph"�AZq_f�I_l_�]heh\Z"��Ih^\_klb�d \u\h^m��qlh[u^mfZlv��<u�kb^bl_��Z I_ly"�Klhbl�gZ�gh]Zo��IhdZ`bl_��dZd�klhbl�I_ly��>ey�q_]hgm`gu�gh`db"��Klhylv��oh^blv��[_]Zlv�b l�^����IhdZ`_f��dZd�fu�wlh�mf__f�NbadmevlfbgmldZ�ih^�fmaudm��>_lb�^\b]Zxlky�\ jZaghf�l_fi_��bah[jZ`ZyjZagh_�gZkljh_gb_�±�]jmklgh��\_k_eh��kdmqgh��JZagufb�^\b`_gbyfb��rZ]hf�[_]hf��ih^iju]b\Zgb_f�b l�^�: _sz�m I_lb�_klv�����jmqdb��>ey�q_]h�I_l_�jmqdb"�Jmqdb�[m^ml�mf_eufb�_keb�fu�gZmqbf�gZrb�iZevqbdb�jZ[hlZlv���IZevqbdh\Zy�]bfgZklbdZ�beb

Page 49: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

gZjh^gZy�b]jZ�k iZevqbdZfb���<hl�dZd�fgh]h�mf__l�I_ly��: jZgvr_�I_ly�[uefZe_gvdbf��\hl�lZdbf���DZjlbgdZ�±�ko_fZ�feZ^_gpZ�gZ�wdjZgZo���H[km`^_gb_�ZgZeh]bqgh��hij_^_e_gb_��qlh�mf_eb�]eZadb��jmqdb�b l�^�Fh`gh�ij_^eh`blv�ihdZaZlv��dZd�fZeur�iheaZe��^ju]Ze�gh`dZfb�b l�^�<\_klb�\ Zdlb\guc�keh\Zjv�keh\Z���djhr_qguc����djhohlguc���: ihlhf�I_ly�\ujZkl_l�b klZg_l�\hl�lZdbf�[hevrbf�\ajhkeuf�^y^_c��DZd_]h�[m^ml�a\Zlv"�DZdbf�[m^_l�_]h�ebph��jmdb��gh]b"�Qlh�hg�[m^_l�mf_lv"HdZau\Z_lky��m q_eh\_dZ�lZd�fgh]h�ihfhsgbdh\�� kfhlj_lv�ihfh]Zxl�±�]eZaZ�� ]h\hjblv�ihfh]Z_l����� oh^yl����� jZ[hlm�^_eZxl����� ^mfZ_l«=heh\Z�g_�ijhklh�^mfZ_l��HgZ�ihfh]Z_l�\k_f�hklZevguf�ihfhsgbdZf�DhfZg^m_l��qlh�gZ^h�^_eZlv����Qlh[u�jmdb�[ueb�mf_eufb��bo�gm`gh�gZmqblv���<kihfgblv��qlh�b dh]^Z^_lb�m`_�jbkh\Zeb�iZevp_]jZnb_c��GZihfgblv�ijZ\beZ�jZ[hlu�k djZkdZfb�h[km^blv�kh^_j`Zgb_�jbkmgdh\��>ey�jbkh\Zgby�^_lyf�ij_^eZ]ZxlkyZev[hfgu_�ebklu�[mfZ]b��gZ�dhlhjuo�gZjbkh\Zgu�we_f_glu�[m^msbodZjlbghd��lmqdZ��^_j_\p_�[_a�ebkl\u��\_ldZ�jy[bgu�[_a�y]h^�b l�^��Ihke_�jbkh\Zgby�ij_^eh`blv�jZkkfhlj_lv�jZ[hlu�b jZkkdZaZlv��qlhjbkh\Zeb����dZdb_�ihfhsgbdb��ijb�wlhf�ihfh]Zeb��<u\_klb�^_l_c�gZ�lh��qlhjZ[hlZeb�\k_�ZgZebaZlhju�

�GH<U?�IJBDEXQ?GBY�DHEH;D:��jZa\b\Zxsbc�dhfie_dk�^ey�kj_^g_c�]jmiiu�Ijh]jZffgh_�kh^_j`Zgb_��� Ijh^he`Zlv�jZa\b\Zlv�kihkh[ghklv�d mijZ\e_gbx�ijhp_kkhf\hh[jZ`_gby�q_j_a�bgl_jij_lZpbx�agZdhfh]h�ebl_jZlmjgh]h�kx`_lZ��� IjZdlbdh\Zlv�\ bkihevah\Zgbb�ijbzfh\�lbih\h]h�nZglZabjh\Zgby��� MijZ`gylv�\ ihkljh_gbb�keh`ghih^qbg_gguo�ij_^eh`_gbc��ijbmqZlv\ukemrb\Zlv�b^_b�jh\_kgbdh\�b h[km`^Zlv�bo�\ dhee_dlb\ghf�ijhp_kk_�Oh^�aZgylby�>_lyf�ij_^eZ]Z_lky�ebg_cgZy�aZ^ZqZ��>Z ±�G_l���hl]Z^Zlv��dZdZy�ba������b]jmr_d��\uklZ\e_gguo�\ jy^��aZ]Z^ZgZ��Hl]Z^dZ�±�j_abgh\uc�Dheh[hd�: k_]h^gy�m gZk�\ ]hklyo�gh\uc�Dheh[hd��?]h�gZ^h�gZclb���>_lbi_j_^\b]Zxlky�ih�]jmii_��Z \hkiblZl_ev�ih�f_j_�bo�ihbkdZ�^Zzl�hjb_glbjukeh\Zfb��Oheh^gh��±��=hjyqh���

Page 50: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

JZ^�eb�Dheh[hd�\klj_q_�k \Zfb"�Ihq_fm�\u�lZd�j_rbeb"�: \u�mf__l_meu[Zlvky"�Ihkfhljbl_�gZ�Dheh[dZ�h[jZ^h\Zgh��H[jZ^mcl_kv�^jm]�^jm]m�;u\Z_l�eb�Dheh[dm�]jmklgh"�Dh]^Z"�=jmklblv�b [hylvky�±�wlh�h^gh�b lh�`_"Y ±�EbkZ��Z \u�±�bkim]Zggu_�Dheh[db��DZd�ihkfhljbl_"�Qlh�ijb�wlhfqm\kl\mxl�\Zrb�gh`db��jmqdb��yauqhd"EbkZ�ohq_l�kt_klv�Dheh[dZ��_fm�kljZrgh��: Ebk_�lh`_�\ wlhl�fhf_glkljZrgh"�?keb�EbkZ�kt_kl�Dheh[dZ��[m^_l�ohjhrh�beb�iehoh"�Dhfmohjhrh"�>ey�dh]h�iehoh"GZr�Dheh[hd�mfguc��j_rbe�Ebkm�i_j_obljblv��DZd�hg�wlh�k^_eZe"�GZ�qlhihoh`�Dheh[hd"��ijbagZdb��\k_�\hafh`gu_�j_amevlZlu�k_gkhjgh]h\hkijbylby���GZijbf_j��gZ�khegurdh��gZ�fyqbd����: _sz�hg�j_rbeijbl\hjblvky�d_f�lh�ba�a\_jyl��Dlh�`b\zl�\ e_km"�DZd�Dheh[dm�klZlvihoh`bf�gZ�aZcpZ"�Ba�q_]h�k^_eZlv�mrb"�: b]hedb�^ey�_`Z": fh`gh�eb�k^_eZlv�lZd��qlh[u�EbkZ�kZfZ�g_�aZohl_eZ�_klv�Dheh[hd"�Dh]^ZlZdh_�[u\Z_l��Dheh[hd�_klv��Z dmrZlv�_]h�g_�ohq_lky"�DZd�k^_eZlv�lZd��qlh[uDheh[hd�klZe�g_\dmkguf"M[_`Ze�Dheh[hd�hl�Ebku�b ihdZlbeky�\ e_k��B ihiZe�gZ�\her_[gmx�p\_lgmx^hjh`dm��: ^hjh`dZ�g_h[uqgZ�[ueZ�b l_f��qlh�gZ�g_c�`beb�\her_[gbdb���Kbgbc @zeluc DjZkguc A_ezguc> ±�> A ±�H F\�±�Fl < ±�D�DZ`^uc�p\_l�h[km`^Z_lky�hl^_evgh��Ihke_�h[km`^_gby�p\_lZ�gZau\Z_lky\her_[gbd��>_lb�ij_^eZ]Zxl�k\hb�\ZjbZglu��dZd�wlhl�\her_[gbd�fh`_lihfhqv�Dheh[dm�kiZklbkv�hl�Ebku��KlZe�Dheh[hd�\_kv�kbgbf��GZ�qlh�hg�l_i_jv�ihoh`"�B \kz�\hdjm]�kbg_]hp\_lZ��b ^_j_\vy��b p\_lu��b ^Z`_�EbkZ��Ohjhrh�wlh�beb�iehoh"�DZdh_gZkljh_gb_�\ lZdhf�e_km"�Dlh�\h^blky�\ lZdhf�e_km"�DZdb_�^_j_\vy�lZfjZklml"�@be�gZ�wlhc�^hjh`d_�\her_[gbd�>_eb ±�>Z\Zc��Qlh�hg�mf__l^_eZlv"�DZd�hg�fh]�ihfhqv�Dheh[dm�kiZklbkv�hl�ju`_c�iemlh\db"�:gZeh]bqgh�h[km`^Z_lky�dZ`^uc�p\_l��Kh[jZe�Dheh[hd�\k_�p\_lZ�b jZkdjZkbeky���GZ�fhev[_jl�\u\_rb\Z_lky�kbemwlDheh[dZ��\hkiblZl_ev�_]h�jZkdjZrb\Z_l��Z ^_lb�ih^kdZau\Zxl��dZdh]h�p\_lZ_]h�qZklb��< aZdexq_gb_�aZgylby�^_lyf�ij_^eZ]Z_lky�gZjbkh\Zlv�\her_[guc�e_k�<ZjbZglu�fh]ml�[ulv�ex[u_��Ijbf_j��dZ`^uc�j_[zghd�jbkm_l�e_k�]mZrvxh^gh]h�p\_lZ��Z dh]^Z�jbkmgdb�g_fgh]h�ih^khogml��hgb�gZdeZ^u\Zxlky�h^bggZ�h^bg��Ijb�hli_qZlu\Zgbb�ihemqZxlky�^\mop\_lgu_�i_caZ`b��<hafh`_g\ZjbZgl��dh]^Z�^_lb�\f_klh�h[uqguo�bgkljmf_glh\�^ey�jbkh\Zgbyihevamxlky�rlZfiZfb�beb�ihjhehghf��beb�^jm]hc�l_ogbdhc��<k_�jbkmgdb�� JZkrbnjh\dZ�Z[[j_\bZlmj��> ±�>��>_eb��>Z\Zc��ijbzf�^jh[e_gby�h[t_^bg_gby��A ±�H�AZfjb�±�Hlhfjb��ijbzf�h`b\e_gby�±�hdZf_g_gby��F\�±�Fl��Fh]m�<kz�±�Fh]m�Lhevdh��ijbzfki_pbZevgh]h�b mgb\_jkZevgh]h�\her_[kl\Z��< ±�D��<_ebdZg�±�DjhoZ ��ijbzf�m\_ebq_gby�±mf_gvr_gby��Bf_gZ�\her_[gbdh\�fh]ml�f_gylvky��< ^Zgghc�kemqZ_�bkihevah\Zgu�fh^_ebB�FmjZrdh\kdb�

Page 51: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

kde_b\Zxlky�\ _^bgh_�ihehlgh��gZ�dhlhjh_�fh`gh�gZde_blv�kbemwl�Dheh[dZb ^jm]bo�kdZahqguo�]_jh_\��H=HGV�±�>JM=�BEB�<J:=��jZa\b\Zxsbc�dhfie_dk�^ey�^_l_c�klZjr_c�]jmiiu��Dhgki_dl�khklZ\e_g�gZ�hkgh\_�f_l��jZajZ[hlhd�aZgylbc�GFP�����]�Mevygh\kdZ��Ijh]jZffgh_�kh^_j`Zgb_��� Kbkl_fZlbaZpby�b aZdj_ie_gb_�agZgbc�h[�h^ghc�ba�ijbjh^guo�klbobc�h]g_���\hafh`ghkl_c�bkihevah\Zgby�_]h�q_eh\_dhf��� HljZ[hldZ�gZ\udh\�ih\_^_gby�\ wdklj_fZevghc�kblmZpbb��ih`Zj��aZdj_ie_gb_�agZgby�^hfZrg_]h�Z^j_kZ��� Ijh^he`_gb_�nhjfbjh\Zgby�mf_gbc�j_rZlv�aZ^Zqb�gZ�deZkkbnbdZpbxij_^f_lh\�fZl_jbZevgh]h�hdjm`_gby��� HljZ[hldZ�l_ogbq_kdbo�gZ\udh\�fgh]hkehcgh]h�b kbff_ljbqgh]h\uj_aZgby�b gZde_b\Zgby�\ dhee_dlb\ghc�^_yl_evghklb�IeZg�aZgylby��NZglZabjh\Zgb_�ih^�fmaudm��>_lyf�ij_^eZ]Z_lky�hlju\hd�kihdhcghcbgkljmf_glZevghc�iv_ku��dhlhjuc�ijhkemrb\Z_lky�\ iheghc�lbrbg_�kaZdjulufb�]eZaZfb��AZl_f�^_lb�jZkkdZau\Zxl�h k\hbo�ij_^klZ\e_gbyo��<hkiblZl_ev��: fg_�ij_^klZ\beky�lbobc�kmfjZqguc�\_q_j��ih�dhfgZl_f_^e_ggh�jZkiheaZ_lky�l_fghlZ��Z gZ�klhe_����Ohlbl_�magZlv��qlh�y m\b^_eZ�gZklhe_"�Hl]Z^Zcl_ ��J_r_gb_�^Zg_ldb��AZ]Z^Zgguc�h[t_dl�±�k\_qZ��Wlh�k\_qZ���<g_klb�]hjysmx�k\_qm�\ ih^k\_qgbd_��K\_l�\ dhfgZl_�]Zkblky�^_lb�djm`hqdhf�kb^yl�gZ�dh\j_�\hdjm]�k\_qb��gZ[ex^Zxl�aZ�h]hgvdhf�ijbkemrb\Zxlky�d ihlj_kdb\Zgbx�nblbey��Ij_^eh`blv�g_kdhevdbfbkeh\Zfb�hij_^_eblv�k\hz�\gmlj_gg__�khklhygb_�\ wlhl�fhf_gl��DZdh]h�p\_lZ�h]hgzd�k\_qb"�Fh`gh�eb�hij_^_eblv�h^gbf�p\_lhf"�DZd�bgZq_fh`gh�gZa\Zlv�h]hgzd"Fh`gh�eb�hij_^_eblv�nhjfm�ieZf_gb"��Ihgylb_�hlghkbl_evghklb��b �^Z��b�g_l����Ihq_fm�bgh]^Z�]h\hjyl�lZd��yaudb�ieZf_gb"�Qlh�agZqbl�\ujZ`_gb_��H]hgv�eb`_l�^jh\Z�"

NbadmevlfbgmldZ�ih^�fmaudm�>_lb�bah[jZ`Zxl�k\_qm�\ fhf_gl�]hj_gby��lZxsbc�h[l_dZxsbc�]hjyqbc\hkd��dhe_[exs__ky�ieZfy���Ij_^eh`blv�ih^g_klb�d ieZf_gb�eZ^hgv��H]hgv�``zlky��Wlh�ohjhrh�bebiehoh"��B]jZ��Ohjhrh�±�iehoh���=^_�`b\zl�h]hgv"�DZd�_]h�fh]ml�bkihevah\Zlv�ex^b"

Page 52: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

JZgvr_�ex^b�g_�mf_eb�^h[u\Zlv�h]hgv��Hgb�\b^_eb�e_kgu_�ih`Zju�\h\j_fy�]jhau�beb�aZkmob��gh�[hyebkv�h]gy��Ihlhf�ihkl_i_ggh�ex^bijbjmqbeb�h]hgv��kb^_eb�\hdjm]�dhkljZ��=j_ebkv�b ]hlh\beb�_^m��: l_i_jv"�>_lb�i_j_oh^yl�d kl_g^m�k beexkljZpbyfb�khhl\_lkl\mxs_]h�kh^_j`Zgby�dmagbpZ��^hf_ggZy�i_qv��\aezl�dhkfbq_kdhc�jZd_lu�b l�^��DZ`^ZybeexkljZpby�h[km`^Z_lky��Qlh�[ueh�[u��_keb�[ q_eh\_d�lZd�b g_�gZmqbeky�mijZ\eylv�h]gzf"�: qlhfh`_l�kemqblvky��_keb�k h]gzf�h[jZsZlvky�g_hklhjh`gh"�Ihq_fm�jh^bl_ebg_�jZaj_rZxl�\Zf�[jZlv�kibqdb"�Ih`Zj�±�wlh�ohjhrh�beb�iehoh"�Q_]h[hevr_��ohjhr_]h"�G_l��iehoh]h���Ql_gb_�hlju\dZ�kl��Y��FZjrZdZ��Ih`Zj��AZdjhcl_�]eZaZ�b ihklZjZcl_kv�ij_^klZ\blv�k_[_�lh��h qzf�y qblZeZ�NbadmevlfbgmldZ�ih^�fmaudm��LZg_p�h]gy��±�k e_glhqdZfb�Fh`gh�eb�kijZ\blvky�k ih`Zjhf"�Dlh�ihfh]Z_l�[hjhlvky�k h]gzf"�Q_fih`Zjgu_�]Zkyl�ieZfy��\h^hc�b i_ghc��Qlh�^_eZlv��_keb�\^jm]�\g_aZigh�gZqZeky�ih`Zj"��<u[_`Zlv�gZ�mebpm�\ukdhqblv�\ hdgh��_keb�g_�hq_gv�\ukhdh��\u[_`Zlv�gZ�[Zedhg�b iha\Zlv�gZihfhsv� Gb�\ dh_f�kemqZ_�g_�ijylZlvky�ih^�djh\Zlv�beb�\ rdZn�H[yaZl_evgh�\ua\Zlv�ih`Zjgmx�dhfZg^m��>b^Zdlbq_kdh_�mijZ`g_gb_��L_e_nhg���>_lb�ih�hq_j_^b�gZ[bjZxl�gZb]jmr_qghf�l_e_nhg_�� ���b ijhb]ju\Zxl�kblmZpbx�\uah\Z�dhfZg^u�gZau\Zy�iheguc�^hfZrgbc�Z^j_k��mebpZ��^hf��dhjimk��d\ZjlbjZ��ih^t_a^�bwlZ`�AZgylb_�aZdZgqb\Z_lky�\uiheg_gb_f�dhee_dlb\ghc�jZ[hlu�gZ�l_fm��Ih`Zj��Nhg�]hlh\blky�aZjZg__�ijbzfhf���fhghlbiby���>hfZ�b nb]mjdb�ih`Zjguo\uj_aZxlky�ba�qzjghc�[mfZ]b�kbff_ljbqguf�fgh]hkehcguf�\uj_au\Zgb_f�ih`Zjgu_�fZrbgu�±�kbemwlguf�\uj_au\Zgb_f��^uf�bah[jZ`Z_lky�kihfhsvx�\Zlu��Ijb�ih^\_^_gbb�blh]h\�aZgylby�aZdj_iey_lky�l_abk��Hklhjh`gh�k h]gzf��

�>H;JUF�;ULV�KH<K?F�G?�IJHKLH��jZa\b\Zxsbc�dhfie_dk�^ey�^_l_c�klZjr_c�]jmiiu�^�k��Ijh]jZffgh_�kh^_j`Zgb_��� Nhjfbjh\Zgb_�m ^_l_c�ij_^klZ\e_gby�h[�Z[kljZdlghf�ihgylbb�^h[jhlZ���� Ijh^he`Zlv�nhjfbjh\Zlv�mf_gby�dhee_dlb\gh]h�h[km`^_gby�ijh[e_f��� JZa\b\Zlv�hkgh\u�eh]bq_kdh]h�fure_gby��� Ih[m`^Zlv�d hljZ`_gbx�Z[kljZdlguo�ihgylbc�q_j_a�bah[jZabl_evgu_kj_^kl\Z��jZa\b\Zlv�\hh[jZ`_gb_�

Page 53: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

IeZg�aZgylby�MijZ`g_gb_��LbrbgZ���^_lb�klhyl�\ djm]m��M \hkiblZl_ey�\ jmdZojZaghp\_lgu_�e_glu��k\yaZggu_�h^gbf�dhgphf��<lhjhc�dhg_p�dZ`^ucj_[zghd�^_j`bl�\ jmdZo�<hkiblZl_ev� Lboh�±�lboh��lbrbgZ��Ih�qm^_kguf�e_glhqdZf�ihkueZx�\Zfih^Zjdb��@_g_�±�k_j^_qghklv��He_qd_�±�kihdhckl\b_��KZr_�����dZ`^hfmj_[zgdm�ihkueZ_lky�ohjhr__�gjZ\kl\_ggh_�qm\kl\h���LbrbgZ��keurgh��dZdfmoZ�[vzlky�\ kl_deh��dZd�dZiZ_l�ba�djZgZ�\h^Z��Qlh�_sz�\u�keurbl_"�:fh`gh�eb�mkeurZlv�kZfh]h�k_[y"�Ijbeh`bl_�ijZ\mx�jmdm�d ]jm^b��Qlh�\uqm\kl\m_l_"�K_j^p_�[vzlky�\ ]jm^b�dZ`^h]h�q_eh\_dZ��Ijb^mfZcl_hij_^_e_gby��dhlhjufb�fh`gh�hl\_lblv�gZ�\hijhk��dZdh_�k_j^p_"��a^hjh\h_�]hjyq__��^h[jh_��aeh_��eZkdh\h_�����: fh`gh�eb�kdZaZlv��^h[jh_�m q_eh\_dZk_j^p_�beb�aeh_"�DZd�\u�^mfZ_l_"�DZdh_�k_j^p_�emqr_�bf_lv��^h[jh_�bebaeh_"B]jZ��Ohjhrh�±�iehoh��� Dh]^Z�m q_eh\_dZ�^h[jh_�k_j^p_��wlh�ohjhrh��ihq_fm"� Dh]^Z�m q_eh\_dZ�aeh_�k_j^p_��wlh�iehoh��ihq_fm"� Dh]^Z�m q_eh\_dZ�^h[jh_�k_j^p_��wlh�iehoh��ihq_fm"� Dh]^Z�m q_eh\_dZ�aeh_�k_j^p_��wlh�ohjhrh��ihq_fm"K_j^p_�[u\Z_l�^h[juf�b aeuf��Z ex^b�kh\_jrZxl�jZagu_�ihklmidb�ohjhrb_�b iehob_��>Z\Zcl_�hlijZ\bfky�\ \her_[gmx�kljZgm�^h[jhlu�b aeZ��FbgmldZ�jZkkeZ[e_gby��^_lb�kb^yl�gZ�dh\j_�k aZdjulufb�]eZaZfb��keurgZfmaudZ��\hkiblZl_ev�deZ^zl�i_j_^�dZ`^uf�j_[zgdhf�ih���dZjlhqdb�jZagh]hp\_lZ��<hkiblZl_ev� M dZ`^h]h�ba�\Zk�\her_[gu_�dZjlhqdb��kbgyy�±�aeh��iehob_ihklmidb��DjZkgZy�±�^h[jhlZ��ohjhrb_�ihklmidb�B]jZ��Hp_gb�ihklmihd��KblmZpbb�fh]ml�[ulv�ex[u_��ba�`bagb�^_l_c�]jmiiu��ba�om^h`_kl\_gghcebl_jZlmju��Z[kljZdlgu_��Ij_^eZ]Z_lky���±���kblmZpbc�JZ[hlZ�k kbkl_fguf�hi_jZlhjhf��jZa[bjZ_lky�\hijhk�±�dh]^Z�q_eh\_dklZgh\blky�^h[juf�beb�aeuf��hl�q_]h�wlh�aZ\bkbl"Ijhreh_ GZklhys__ ;m^ms__>h[jhlZ��aehklv�`_klhdhklv�jh^bl_e_c

>h[jhlZ��aehklv�`_klhdhklv�hdjm`Zxsbo�ex^_c^h[ju_��aeu_�ihklmidbhdjm`Zxsbo�ex^_cFZe_gvdbcq_eh\_d�j_[zghd�

^h[juc��aehc��q_eh\_d ^h[juc��aehc��q_eh\_dk_j^p_�j_[zgdZ ^h[jh_��aeh_��k_j^p_\ajhkeh]h�q_eh\_dZ ^h[ju_��aeu_�ihklmidb�

Page 54: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

Ijb�h[km`^_gbb�fh`gh�bkihevah\Zlv�ko_fZlbaZpbx�beb�ijhklh�h]h\hjblvdZ`^uc�\ZjbZgl�<u\h^��q_eh\_d�g_�jh`^Z_lky�^h[juf�beb�aeuf��?]h�ih\_^_gb_��\a]ey^uaZ\bkyl�hl�lh]h��dZdb_�ex^b�_]h�hdjm`Zxl�Jbkh\Zgb_� ^h[jhlm�fh`gh�i_j_^Zlv�\ p\_l_�beb�ijb^mfZlv�ih�f_lh^mfhjnheh]bq_kdh]h�ZgZebaZ��<K,�H OE?;?��aZgylb_�ih�hagZdhfe_gbx�k hdjm`Zxsbf�b jZa\blbx�j_qb�^ey�klZjr_c]jmiiu��Ijh]jZffgh_�kh^_j`Zgb_��� H[h[sblv�b kbkl_fZlbabjh\Zlv�ij_^klZ\e_gby�^_l_c�h oe_[_�dZdijh^mdl_�^ebl_evgh]h�h g_ez]dh]h�dhee_dlb\gh]h�ljm^Z��� Ijh^he`Zlv�mijZ`gylv�\ \ukljZb\Zgbb�\j_f_gguo�aZ\bkbfhkl_c�boZjZdl_jbklbd��ijhreh_��gZklhys__��[m^ms__���� Ijh^he`Zlv�mqblv�kbkl_fgh�aZ^Z\Zlv�\hijhku�ijb�j_r_gbb�aZ^Zq�gZkm`_gb_�ihey�ihbkdZ��� <hkiblu\Zlv�m\Z`_gb_�d oe_[m�b ex^yf��_]h�kha^Zxsbf�IeZg�aZgylby�>_lyf�ij_^eZ]Z_lky�hl]Z^Zlv�^Zg_ldm��qlh�y aZ]Z^ZeZ"��hl]Z^dZ��oe_[�<hkiblZl_ev�\ghkbl�\ ]jmiim�^\_�dhjabgu��\ dhlhjuo�e_`Zl�j`Zghc�oe_[�bir_gbqguc�[Zlhg��<hijhk��dZd�magZlv��qlh�e_`bl�\ dhjabg_�ih^�kZen_ldhc�g_�aZ]ey^u\Zy�\gmljv"�< jZ[hlm�\dexqZxlky�\k_�ZgZebaZlhju��^_lb�\^uoZxloe_[guc�ZjhfZl��fh]ml�ihsmiZlv��qlh�ih^�kZen_ldhc�b l�^��K\hb�hsms_gbydZ`^uc�gZ�moh�khh[sZ_l�\hkiblZl_ex��<ajhkeuc�aZibku\Z_l�^_lkdb_hl\_lu��AZl_f�hl\_lu�aZqblu\Zxlky��IjZdlbq_kdb�\k_�ijZ\bevgh�gZa\Zebkh^_j`bfh_��oe_[��Gh�gZ�klhe_���dhjabgdb��< qzf�`_�jZagbpZ"�Hiylvih^dexqZxlky�ZgZebaZlhju��gh�m`_�gZ�mjh\g_�kjZ\g_gby�hsms_gbc��<u\h^�\ h^ghc�dhjabgd_�oe_[�j`Zghc��\ ^jm]hc�±�ir_gbqguc�<u�ijbreb�\ fZ]Zabg�aZ�oe_[hf��Fh`gh�eb�hij_^_eblv�k\_`_klv�oe_[Z"DZdbf�h[jZahf"�KjZ\gbl_�gZ�hsmiv�oe_[�b [Zlhg��qlh�fy]q_"�: dZd�magZlvk\_`�eb�oe_[��g_�^hljZ]b\Zykv�^h�dZjZ\Zy"�H^bgZdh\u_�eb�ih�nhjf_�oe_[�b[Zlhg"�DZdhc�nhjfu�oe_["�;u\Z_l�eb�^jm]hc"�: [Zlhg"��Fh`gh�\\_klbihgylb_��nhjfh\hc��b �ih^h\uc��oe_[��h[tykgblv�ijhbkoh`^_gb_�wlbokeh\���Fh`gh�eb�hij_^_eblv�khjl�oe_[Z�gZ�\dmk"���MagZc�gZ�\dmk���DhfmdZdhc�oe_[�[hevr_�gjZ\blky"�Ihq_fm�h^bg�dZjZ\Zc�lzfguc��Z ^jm]hck\_leuc"��<\_klb�ihgylby��jh`v��b �ir_gbpZ���Ijb�\hafh`ghklb�fh`ghjZkkfhlj_lv�b kjZ\gblv�dhehkvy�b nhjfm�a_jgZ���DZd�jZa^_eblv�dZjZ\Zc�gZ\k_o"�: _keb�m f_gy�g_l�gh`Z"�DZdZy�jZagbpZ�f_`^m�dmkhqdhf�ba�k_j_^bgdbb ]hj[mrdhc"�L_i_jv�dZ`^uc�fh`_l�kt_klv�k\hc�dmkhq_d��Z ihlhfjZkkdZaZlv��qlh�\ wlhl�fhf_gl�ij_^klZ\eye��DZjZ\Zc�oe_[Z�jZkkfZljb\Z_lky�q_j_a�kbkl_fguc�hi_jZlhj��

Page 55: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

Oe_[haZ\h^ Oe_[�gZ�klhe_�\ ]jmii_�^_lkdh]h�kZ^Z IlbqdZL_klhFmdZ�>jh``b�YcpZ�<h^Z�Khev�

DZjZ\Zc=hj[mrdZK_j_^bgdZFydbrDhjhqdZ<_jogyy�b gb`gyy�qZklb�

Djhrdb<dmk�b ZjhfZl�

Hlf_qZxlky�qZklb��\u^_eyxlky�k\hckl\Z�dZ`^hc�ba�ih^kbkl_f�Hldm^Z�oe_[�\ayeky�\ ^�k"�: \�fZ]Zabg_"�Qlh�ijhbkoh^beh�k oe_[hf�gZoe_[haZ\h^_"�Ba�dZdbo�ijh^mdlh\�i_dml�oe_["�DZd�ihemqZxlky�[moZgdbjZaghc�nhjfu"�Q_f�hlebqZ_lky�l_klh�^ey�[_eh]h�b qzjgh]h�oe_[Z"�Dh]^Zoe_[�klZe�^mrbkluf�b gha^j_\Zluf"�Dh]^Z�b hl�q_]h�h[jZah\ZeZkv�l\zj^ZydhjhqdZ"��< ijhp_kk_�h[km`^_gby�\u\h^ylky�ihgylby���hiZjZ����dbkeh_�bk^h[gh_�l_klh����DZd�gZau\Zxlky�ex^b��\ui_dZxsb_�oe_["�Hldm^Z�gZoe_[haZ\h^_�\ayebkv�ijh^mdlu��g_h[oh^bfu_�^ey�l_klZ"�DZd�gZ�aZ\h^�ihiZeZfmdZ"��JZkkfZljb\Zxlky�ij_^u^msb_�\h�\j_f_gb�fhf_glu��f_evgbd�f_e_la_jgh�gZ�fmdm��Oe_[hjh[�m[bjZ_l�mjh`Zc�b l�i��Ih^\h^blky�\u\h^�h lhf��qlh\ ijhp_kk_�ijhba\h^kl\Z�oe_[Z�aZgylh�hq_gv�fgh]h�ex^_c��=^_�jZklml�jh`v�b ir_gbpZ"�Ij_^klZ\bf�k_[_��qlh�fu�±�dhehkdb�\ ihe_�NbadmevlfbgmldZ�

Ba�djhr_qgh]h�azjgurdZJZklzl��jZklzl�jhklhd�Dheur_lky�hl�\_ljZIr_gbqguc�dhehkhd��>\b`_gby�^_lb�\uihegyxl�ijhba\hevgh��B]jZ��Q_f�[ue��q_f�klZe"�>_lb�ihemqZxl�dZjlhqdb�kh�ko_fZlbqguf�bah[jZ`_gb_f�jZaguo�klZ^bcba]hlh\e_gby�oe_[Z��Ih�kb]gZem�\ajhkeh]h�g_h[oh^bfh�\ukljhblvky�\ijZ\bevghc�ihke_^h\Zl_evghklb��HklZevgu_�^_lb�gZ[ex^Zxl�aZijZ\bevghklvx�\uiheg_gby��^hihegyy�l_�fhf_glu��dhlhju_�g_�hljZ`_gu�gZdZjlhqdZo�Ez]dZy�beb�ly`zeZy�jZ[hlZ�ih�ijhba\h^kl\m�oe_[Z"�Ihq_fm�wlh�ly`_eh"�:hlq_]h�wlZ�jZ[hlZ�dZ`_lky�ez]dhc"�HgZ�^_eZ_lky�k jZ^hklvx��k [hevrhcex[h\vx�d ex^yf��Qlh�[m^_l��dh]^Z�fu�kt_^bf�\_kv�dZjZ\Zc"�Qlh�k^_eZ_f�kdjhrdZfb"�Ihq_fm�g_�\u[jhkbf"�Qlh�^_eZlv��_keb�dmibeb�kebrdhf�fgh]hoe_[Z��b hg�\ukho"�DZd�k^_eZlv��qlh[u�oe_[�g_�q_jkl\_e"��Ih^\_klb�dihgbfZgbx�lh]h��qlh�g_�klhbl�ihdmiZlv�ebrg__���H qzf�\_q_jhf�\ujZkkdZ`_l_�jh^bl_eyf"< aZdexq_gb_�^_lb�jbkmxl�\ dhee_dlb\ghf�ijhp_kk_�ieZdZl�gZ�l_fm�;_j_]bl_�oe_[���<ZjbZglu�jbkh\Zgby�±�ex[u_�

Page 56: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

�LBEB�±�LBEB��L?KLH���aZgylb_�ih�hagZdhfe_gbx�k hdjm`Zxsbf�^ey�kj_^g_c�]jmiiu ��Ijh]jZffgh_�kh^_j`Zgb_��� Mlhqgblv�ij_^klZ\e_gby�^_l_c�h l_kl_�b ba^_ebyo�ba�g_]hijb]hlh\ey_fuo��knhjfbjh\Zlv�we_f_glZjgu_�ij_^klZ\e_gby�hl_ogheh]bb�\ui_qdb��� Ijh^he`Zlv�nhjfbjh\Zlv�mf_gby�^_l_c�kbkl_fZlbabjh\Zlv�b h[h[sZlvih�aZ^Zgguf�ijbagZdZf��� <hkiblu\Zlv�bgl_j_k�d ljm^m�dmebgZjZ��i_dZjy��IeZg�aZgylby�<hkiblZl_ev�jZkkdZau\Z_l�^_lyf�k\hc�khg�h oe_[ghf�^_j_\_��gZ�dhlhjhfjZklml�[medb�b dZjZ\Zb��Z mjh`Zc�k wlh]h�^_j_\Z�kgbfZxl�fZe_gvdb_q_eh\_qdb�±�i_dZjb��<uykgy_lky��lZd�eb�wlh�gZ�kZfhf�^_e_�Ba�q_]h�`_�^_eZxl�oe_["�Fh`_l�ba�imoZ��\_^v�hg�lZdhc�fy]dbc��JZ[hlZ�k kbkl_fguf�hi_jZlhjhf��� � �� � �� � ����Wlh�^_ckl\bl_evgh�l_klh�>ey�q_]h�hgh�gm`gh"�Ij_^klZ\bf�k_[_��qlh�fu�±�l_klh��Hgh�[u\Z_l�dbkeh_�bkeZ^dh_��;u\Z_l�ij_kgh_�b k^h[gh_��Ij_^klZ\bf�k_[_��dZd�hgh�jZklzl��Qlhijhbkoh^bl�\gmljb�l_klZ"�Qlh�hgh�qm\kl\m_l"��We_f_glu�wfiZlbb��B]jZ��Qlh�qZklv�q_]h"�GZau\Zxlky�qZklb�oe_[gh]h�dZjZ\Zy�beb�[medb��]hj[mrdZ�±�qZklv�����dhjhqdZ±�qZklv����b l�^�����Hl]Z^u\Zgb_�aZ]Z^hd�Z��M [hqdb�gb ^gZ��gb ]eZa���Ycph��[��@b^dh_��Z g_�\h^Z��[_eh_��Z g_�kg_]���Fhehdh��\��;_euc��dZd�kg_]��keZ^dbc��dZd�fz^���KZoZj��]��< \h^_�jh^blky��Z \h^u�[hblky���Khev��DZ`^Zy�hl]Z^dZ�gZ�wdjZg_����hlf_qZ_lky�[mdh\dhc��>ey�q_]h�gm`gu�wlbijh^mdlu"�Qlh[u�ijb]hlh\blv�l_klh��<f_kl_�k ^_lvfb�\ [hevrhc�fbkd_�aZf_rb\Z_lky�l_klh��

Page 57: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

���Qlh�gm`gh��qlh[u�l_klh�ij_\jZlbehkv�\h�\dmkgmx�[medm"��GZ�wdjZg_\uklZ\ey_lky�ko_fZlbq_kdh_�bah[jZ`_gb_�i_qb�beb�ieblu�������Qlh�[ueh�k l_klhf�^h�lh]h��dZd�_]h�ihklZ\beb�\ i_qv"�Qlh�klZg_lihke_"�����=^_�klhyeh�l_klh�^h�\ui_qdb"�Dm^Z�ihf_klbf�]hlh\mx�[medm"����Ba�q_]h�aZf_rb\Zehkv�l_klh"�DZdb_�khklZ\eyxsb_�[m^ml�m [medb"Ijb�`_eZgbb�fh`gh�h[km^blv�kblmZpbb�� Qlh�[ueh�[u��_keb�[u�m l_klZ�\ujhkeb�djuevy"� ?keb�[u�\f_klh�fmdb�\ l_klh�\kuiZeb�fZggmx�djmim"� ?keb�[u�g_�[ueh�gb ieblu��gb i_qdb��gh�[ueh�l_klh��DZd�_]h�_klv"�<ZjbZgl�^ey�ih^]hlh\e_gguo�^_l_c�beb�klZjr_c�]jmiiu��ba�l_klZ�fh`ghgZj_aZlv�eZirb�b \ukmrblv�gZ�khegp_��?klv�g_evay�b \�kujhf�\b^_��gh�aZlhg_�bkihjlblky��Ihke_�aZgylby�]hlh\h_�l_klh�hlijZ\ey_lky�gZ�dmogx�k ijhkv[hc�d ih\Zjmbki_qv�ba�g_]h�[medm��<_q_jhf��dh]^Z�[medZ�]hlh\Z��hgZ�^_eblky�gZ�\k_o^_l_c�]jmiiu��Fh`gh�h[km^blv�_sz�kblmZpbb��dZd�\her_[gbd�>_eb ±�>Z\ZcjZa^_ebe�[u�wlm�[medm�jZagufb�kihkh[Zfb��: qlh�ihemqbehkv�[u��_keb�[u�hg_z h[t_^bgbe�\ kujhf�beb�dhe[Zkhc��[ml_j[jh^���k dj_fhf�beb�njmdlZfb�ibjh`gh_���k dhlhf�beb�ilbqdhc��nb]mjgZy�k^h[Z��

�>H@>BD�IJHEB<GHC��jZa\b\Zxsbc�dhfie_dk�^ey�kj_^g_c�]jmiiu��Ijh]jZffgh_�kh^_j`Zgb_��� MijZ`gylv�^_l_c�\ j_r_gbb�aZ^Zq�gZ�deZkkbnbdZpbx�h[t_dlh\hdjm`Zxs_]h�fbjZ�b km`_gb_�ihey�ihbkdZ��� HljZ[Zlu\Zlv�l_ogheh]bx�ihevah\Zgby�FNH��� IhagZdhfblv�k g_ljZ^bpbhgguf�ijbzfhf�bah^_yl_evghklb��\hkdh\hc]jZnbdhc��� MijZ`gylv�\ khklZ\e_gbb�jZa\zjgmluo�\ukdZau\Zgbc�\ jZfdZo�aZ^Zgghcl_fu��� <hkiblu\Zlv�bgl_j_k�d kh\f_klghfm�h[km`^_gbx�ijh[e_fu�IeZg�aZgylby�AZgylb_�gZqbgZ_lky�k gZ[ex^_gby�ba�hdgZ�dhfgZlu��hij_^_ey_lky�khklhygb_ih]h^u��ijbqzf�^_lb�^he`gu�Zj]mf_glbjh\Zlv�k\hb�\ukdZau\Zgby�<u^_eyxlky�gZb[he__�lbibqgu_�ijbf_lu�^Zggh]h�\j_f_gb�]h^Z�ij_^iheh`bl_evgh��hk_gv��

Page 58: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

B]jZ��Dh]^Z�wlh�[u\Z_l"�GZ�gZ[hjgh_�ihehlgh�ihhq_jz^gh�\uklZ\eyxlky�dZjlbgdb�kh�ko_fZlbqgufbah[jZ`_gb_f�ijbf_l�jZaebqguo�\j_fzg�]h^Z��>_lb�gZau\Zxl�ijbf_lm�b\j_fy�]h^Z��Fh`gh�ihimlgh�\kihfgblv�gZa\Zgby�f_kyp_\�^Zgghc�k_ahgZ��>Zg_ldZ���hl\_l��^h`^v��Ijhkemrb\Zgb_��D Weba_��<��FhpZjlZ��>_lb�kemrZxl��aZdju\�]eZaZ�bij_^klZ\eyy�^h`^v��Ih�hdhgqZgbb�fmaudb�jZkkdZau\Zxl�h k\hboij_^klZ\e_gbyo��FNH�� ^_lyf�ij_^eZ]Z_lky�ijb^mfZlv�\her_[guc�^h`^v��>ey�wlh]h�dg_fm��ijbf_jyxlky��k\hckl\Z�ex[uo�^jm]bo�h[t_dlh\�Jbkh\Zgb_�^h`^y�ijb�ihfhsb�\hkdh\hc�]jZnbdb��>_lb�jbkmxl�ih^fmaudm��Ihke_�jbkh\Zgby�h[km`^Z_lky��qlh�ohjhr_]h��Z qlh�iehoh]h�\g_\b^bfhf�^h`^bd_�AZl_f�^_lb�lhgbjmxl�k\hb�jbkmgdb��^_eZy�^h`^bd�\b^bfuf��P\_l�^eylhgbjh\Zgby�dZ`^uc�\u[bjZ_l�kZfhklhyl_evgh��\ aZ\bkbfhklb�hl�`_eZgby�bgZkljh_gby��AZl_f�dZ`^uc�ih^[bjZ_l�g_kdhevdh�hij_^_e_gbc�k\h_fm^h`^bdm��G:R�>JM=�DM;BD��aZgylb_�ih�fZl_fZlbd_�^ey�kj_^g_c�]jmiiu�Ijh]jZffgh_�kh^_j`Zgb_��� Kbkl_fZlbaZpby�ij_^klZ\e_gbc�h nhjf_�dm[Z��� Ijh^he`_gb_�jZ[hlu�k aZ^ZqZfb�gZ�km`_gb_�ihey�ihbkdZ�\ ebg_cghfijhkljZgkl\_��� JZa\blb_�\hh[jZ`_gby�gZ�hkgh\_�ij_h[jZah\Zgby�h[t_dlZ�q_j_a�i_j_[hjagZq_gby�ijbagZdZ�p\_lZ�Oh^�aZgylby�>_lyf�ij_^eZ]Z_lky�ebg_cgZy�aZ^ZqZ��>Z ±�G_l��ba�jy^Z�\ ���±����we_f_glh\�Kj_^b�b]jmr_d�_klv�dm[bd�±�hdhgqZl_evguc�hl\_l�Ihq_fm�wlZ�b]jmrdZ�gZau\Z_lky�dm[bd"�: y�kqblZx��qlh�wlh�rZj��Dlh^hdZ`_l��qlh�y g_�ijZ\Z��Ihq_fm�`_�wlh�dm[bd��Z g_�dbjibqbd"��>_lb^hdZau\Zxl��ijbihfbgZy�b gZau\Zy�ijbagZdb�^jm]bo�h[tzfguo�nhjf����M gZr_]h�dm[bdZ�\ ]jmii_�_klv�fgh]h�^jma_c��<k_�hgb�lZdhc�`_��dZd�hgnhjfu��GZc^bl_�bo���>_lb�gZau\Zxl�h[t_dlu��gZoh^ysb_ky�\ ]jmii_�bbf_xsb_�dm[bq_kdmx�nhjfm��?keb�h[t_dl�bf__l�d\Z^jZlgmx�nhjfm�mlhqgy_f���Wlhl�h[t_dl�ihoh`�gZ�]jZgv�dm[bdZ��Z g_�gZ�\_kv�dm[bd���Dm[bd�hlijZ\ey_lky�iml_r_kl\h\Zlv�ih�p\_lghc�\her_[ghc�^hjh`d_�

�� Ke_^m_l�ihfgblv��qlh�m h[tzfguo�b iehkdhklguo�nhjf�gZa\Zgby�khklZ\eyxsbo�we_f_glh\jZaebqgu��m dm[bdZ�±�]jZgb��jz[jZ��Z m�d\Z^jZlZ�±�klhjhgu�

Page 59: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

kbgbc hjZg`_�\uc `zeluc nbhe_�lh\uc a_ezguc [_euc djZkguc jhah\ucGZ�dZ`^hf�mqZkld_�^hjh`db�dm[bd�f_gy_l�p\_l��GZ�qlh�hg�klZe�ihoh`"�=^_lu�\b^_e�lZdhc�h[t_dl"J_rbe�dm[bd�hdjZkblvky�ihg_fgh`dm�\ dZ`^uc�p\_l��Gh�\hl�[_^Z��qbkeh]jZg_c�b qbkeh�p\_lh\�g_�kh\iZ^Z_l��IhkqblZcl_��q_]h�[hevr_��q_]h�f_gvr_�p\_lh\�beb�]jZg_c�m dm[bdZ��DZd�`_�[ulv��]jZg_c����Z p\_lh\��"��>_lbij_^eZ]Zxl�k\hb�\ZjbZglu��Fh`gh�khclbkv�gZ�lhf��qlh�gZ�^\mo�]jZgyobkihevam_lky�ih���p\_lZ��]jZgv�hdjZrb\Z_lky�ih�^bZ]hgZeb�beb�ex[uf^jm]bf�kihkh[hf��<b^Zeb�eb�\u�jZgvr_�lZdb_�`_�dm[bdb"�=^_"��>_lb�\kihfbgZxl�b]jm�Keh`b�mahj��b �Mgbdm[��ba�k_jbb�jZa\b\Zxsbo�b]j�;�I�GbdblbgZ��<aZ\_jr_gb_�ij_^eZ]Zxlky�aZ^Zgby�ba�wlbo�b]j��

�FBJ�P<?LH<��aZgylb_�ih�hagZdhfe_gbx�k ijbjh^hc�^ey�kj_^g_c�]jmiiu��Ijh]jZffgh_�kh^_j`Zgb_��� Kbkl_fZlbabjh\Zlv�ij_^klZ\e_gby�h fgh]hh[jZabb�p\_lh\��ijhp_kk_jhklZ�b jZafgh`_gby�jZkl_gbc��� Ijh^he`Zlv�ZgZebabjh\Zlv�ijbagZdb�h[t_dlh\�hdjm`Zxs_]h�fbjZ�b boagZq_gby��\u^_eylv�hkgh\gu_�b \lhjhkl_i_ggu_�oZjZdl_jbklbdb��� Ijh^he`Zlv�mqblv�kemrZlv�b keurZlv�lh\Zjbs_c�\ ijhp_kk_dhee_dlb\gh]h�h[km`^_gby�Oh^�aZgylby�H[t_dlgZy�^Zg_ldZ��AZ]Z^Zgguc�h[t_dl�±�jhfZrdZ�JhfZrdZ�hlijZ\ey_lky�]meylv�ih��>hjh`d_�\j_f_gb��K_f_qdh Jhklhd Jhklhd�k [mlhghf JZkimklb\rZyky�jhfZrdZ�<_kgZ�Dhg_p�\_kgu�GZqZeh�e_lZ�K_j_^bgZ�e_lZJZkimklbeZkv�gZrZ�jhfZrdZ��jZkdjueZ�k\hb�e_i_klhqdb��ih\_jgmeZ�]heh\dmd khegurdm�b gZkeZ`^ZeZkv�e_lgbf�l_iehf��Gh�h^gZ`^u�ijbreb�^_lb�bkhj\Zeb�p\_lhd��DZd�\u�^mfZ_l_��aZq_f"��Ijhklh�lZd��\ [md_l��^ey�\_ghqdZ�aZkmrblv�^ey�dhee_dpbb��aZ\Zjb\Zlv�\ qZc�b l�^��Ohjhrh�beb�iehoh�lh��qlh�jhfZrdm�khj\Zeb"�Qlh�ohjhr_]h�b ^ey�dh]h"Ihq_fm�b ^ey�dh]h�wlh�iehoh"��H[km`^Z_lky�dZ`^Zy�ijbqbgZ��<u�kdZaZeb��qlh�jhfZrdZ�±�p\_lhd��: dZdb_�_sz�p\_lu�\u�agZ_l_"�Q_fihoh`b�\k_�p\_lu��ih�kljmdlmj_��ih�f_klm�ijhbajZklZgby��ih�kihkh[ZfjZafgh`_gby�b l�^��"

Page 60: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

=E:<:����AZgylby�k we_f_glZfb�LJBA�b JL<

��

B]jZ��=^_�jZklzl��<hkiblZl_ev�gZau\Z_l�p\_lhd��Z ^_lb�hij_^_eyxl�f_klh�_]h�ijhbajZklZgby�Fh`gh�bkihevah\Zlv�dZjlbgdb�k bah[jZ`_gb_f�p\_lh\�<u\h^��p\_lu�fh`gh�jZa^_eblv�gZ�deZkku�ih�ijbagZdm�f_klZ�±�kZ^h\u_�em]h\u_��e_kgu_��ihe_\u_��hjZg`_j_cgu_�>\b]Zl_evgZy�iZmaZ�DZ`^uc�j_[zghd�\u[bjZ_l�k_[_�h[jZa�±�p\_lhd��h[ty\ey_l�_]h�gZa\Zgb_�>Ze__�^_lb�lZgpmxl�ih^�fmaudm��I�B��QZcdh\kdbc��<Zevk�p\_lh\��Qlh�g_h[oh^bfh�p\_lZf��qlh[u�\ujZklb�b jZkimklblvky�\h�\k_c�k\h_c�djZk_"�Gm`gZ�a_fey��[h]ZlZy�iblZl_evgufb�\_s_kl\Zfb��\h^Z��kheg_qgh_�l_ieh�gZk_dhfu_��dhlhju_�[m^ml�hiueylv�p\_lu��KZ^h\uf�b hjZg`_j_cguf�p\_lZfgm`gZ�ijhihedZ���< ijhp_kk_�h[km`^_gby�^_lyf�ij_^eZ]Zxlky�gZ\h^ysb_\hijhku���P\_lhd�wlh�`b\Zy�beb�g_`b\Zy�ijbjh^Z"�DZdb_�ijbagZdb�_klv�m\k_o�`b\uo�h[t_dlh\"�Q_f�iblZ_lky�p\_lhd"�DZd�^urbl"�B l�^�B]jZ��Qlh�[m^_l"��<hkiblZl_ev�gZau\Z_l�mkeh\b_��Z ^_lb�\ j_qb�b ieZklbd_�hlh[jZ`Zxlke_^kl\b_��GZijbf_j��qlh�[m^_l�k p\_ldhf��_keb�gbdh]^Z�g_�ihc^zl�^h`^v"Qlh�kemqblky�k p\_lZfb��_keb�khegurdh�\kz�\j_fy�[m^_l�kijylZgh�\ lmqb"��Jbkh\Zgb_��ij_^eZ]Z_lky�gZjbkh\Zlv�p\_lhqgmx�em`Zcdm��Nhg�]hlh\blky�kihfhsvx�ijbzfZ�fhghlbiby��L_ogbdm�jbkh\Zgby�b fZl_jbZeu�^_lb\u[bjZxl�kZfb��Fh`gh�\f_kl_�k jbkh\Zgb_f�ij_^eh`blv�ZiiebdZpbxjZaebqgufb�kihkh[Zfb�Ijbf_qZgb_��gZ�^Zgghf�aZgylbb�wnn_dlgh�[m^_l�\u]ey^_lv�ke_^mxsbchiul��Ba�iehlghc�[mfZ]b�\uj_aZ_lky�kbemwl�p\_ldZ�jhfZrdb��E_i_kldbkdeZ^u\Zxlky�d k_j_^bgd_��< lZdhf�\b^_�p\_lhd�deZ^zlky�gZ�ih\_joghklv\h^u��gZeblhc�\ lZj_edm��Q_j_a�h^gm�±�^\_�fbgmlu�p\_lhd�jZkijZ\ble_i_kldb�

DHJHE?<:�AM;G:Y�S,LD:�jZa\b\Zxsbc�dhfie_dk�^ey�klZjr_c�]jmiiu�Ijh]jZffgh_ kh^_j`Zgb_��� Ijh^he`Zlv�mqblv�^_l_c�p_e_gZijZ\e_gghfm�\hkijbylbx�agZdhfuoh[t_dlh\��ZgZebam�bo�ijbagZdh\��gZagZq_gby��� MijZ`gylv�\ jZaj_r_gbb�ijh[e_fguo�kblmZpbc�Oh^�aZgylby�>_lb�j_rZxl�ijhkljZgkl\_ggmx�^Zg_ldm��gZ�klhe_�\ ijhba\hevghf�ihjy^d_jZaeh`_gu�jZaebqgu_�\b^u�szlhd��am[gZy��^ey�h^_`^u��^ey�h[m\b�fZkkZ`gZy�szldZ��^ey�kf_lZgby�djhr_d�kh�klheZ��g_kdhevdh�\b^h\�dbkl_c��AZ]Z^Zgguc�h[t_dl�±�am[gZy�szldZ�

Page 61: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

JZ[hlZ�k kbkl_fguf�hi_jZlhjhf�� � �� � �� � �GZrZ�am[gZy�szldZ�hlijZ\ey_lky�gZ��<her_[guc�wdjZg���WdjZg�����Ihq_fmwlZ�szldZ�lZd�gZau\Z_lky"�DZdh_�_z ]eZ\gh_�^_eh"�>ey�q_]h�q_eh\_dm�qbklblvam[u"B]jZ��I_j_\zjlur���Qbklblv�am[u�±�wlh�ohjhrh��ihq_fm"�Qlh[u�am[u�[ueb�[_eufb��Dh]^Z�am[u[_eu_��wlh�iehoh��ihq_fm"����b l�^��: fh`_l�eb�am[gZy�szldZ�^_eZlv�^jm]b_^_eZ"��Ij_^eh`blv�h[km^blv��dZd�am[gZy�szldZ�[m^_l�\uihegylv�nmgdpbbhklZevguo�ij_^f_lh\��jZaeh`_gguo�gZ�klhe_��jbkh\Zlv��qbklblv�h[m\v�bh^_`^m��jZkq_ku\Zlv�\hehku�b l�^���Ohjhrh�beb�iehoh�hgZ�\uihegy_ldZ`^h_�^_eh"�< dZdbo�kemqZyo��^ey�dh]h��ohjhrh��\ dZdbo�g_�hq_gv"GZijbf_j��ohjhrh�jZkq_r_l�\hehku�dmde_�;Zj[b��ihlhfm�qlh�dmdeZfZe_gvdZy��gh�iehoh�q_eh\_dm�Ba�dZdbo�qZkl_c�khklhbl�am[gZy�szldZ"��WdjZg������>ey�q_]h�gm`gu\hjkbgdb"�DZdb_�hgb�gZ�hsmiv"�Ba�q_]h�bo�^_eZxl"�Ih^[_jzf�d \hjkbgdZfhij_^_e_gby��\hjkbgdb��dZdb_"��>_lb�hij_^_eyxl�lZdlbevgu_oZjZdl_jbklbdb��p\_l��^ebgm�ih�kjZ\g_gbx�k q_f�±�lh��>ey�q_]h�m szldbjmqdZ"�Ij_^klZ\bf�k_[_��qlh�m am[guo�szlhd�jmq_d�g_l��DZdb_�g_m^h[kl\Z[m^ml�ijb�qbkld_�am[h\"�Y kdZ`m��qlh�m jmqdb�lZdb_�`_�ijbagZdb��dZd�b m\hjkbghd��ih�dZ`^hfm�ijbagZdm���Y ijZ\Z"�: dh]^Z�lZd�[u\Z_l��qlhjmqdZ����fy]dZy��dhjhldZy��dZd�\hjkbgdb��qmlv�qmlv�dhexqZy����"G_�kemqZcgh�gZrZ�szldZ�e_`ZeZ�\ wlhf�fgh`_kl\_�\_s_c���WdjZg�����DZdb_�_sz�[u\Zxl�szldb"�>ey�q_]h�hgb�ij_^gZagZq_gu"�AZq_f�q_eh\_dijb^mfZe�lZd�fgh]h�szlhd"�Ihq_fm�g_evay�h^ghc�b lhc�`_�szldhc�qbklblvh^_`^m�b h[m\v"�Q_f�szldZ�hlebqZ_lky�hl�dbklhqdb"�: q_f�ihoh`Z"DZd�\u�^mfZ_l_��q_f�q_eh\_d�qbklbe�am[u��dh]^Z�_sz�g_�ijb^mfZe�lZdhcm^h[ghc�am[ghc�szldb"��WdjZg�����DZd�\u]ey^_eh�wlh�ijbkihkh[e_gb_"�BadZdbo�qZkl_c�khklhyeh"��wdjZg�����;ueb�eb�m g_]h�jmqdZ�b \hjkbgdb"�Q_fq_eh\_d�qbklbe�hklZevgu_�\_sb��h^_`^m��h[m\v��`bebs_"��WdjZg�����Qlh�g_mkljhbeh�q_eh\_dZ"�AZq_f�hg�klZe�ijb^mfu\Zlv�gh\mx�am[gmx�szldm"Qlh�\ gZr_c�szld_�ohjhr_]h��m^h[gh]h"��WdjZg�����: qlh�g_m^h[gh"�DZdwlh�bkijZ\blv��qlh�gZ^h�baf_gblv"�Ba�dZdbo�qZkl_c�[m^_l�khklhylv�gh\ZyszldZ"��WdjZg�����Qlh�\ g_c�[m^_l�emqr_��q_f�\ wlhc"Baf_gylky�eb�hklZevgu_�ijbkihkh[e_gby�^ey�qbkldb"��WdjZg����NbadmevlfbgmldZ�Bah^_yl_evghklv� fh`gh�ij_^eh`blv�^_lyf�ba]hlh\bl�gh\mxmkh\_jr_gkl\h\Zggmx�szldm�ba�ex[h]h�fZl_jbZeZ�±�ieZklbebgZ��[jhkh\h]hb l�i�

Page 62: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

AZdexq_gb_

��

A:DEXQ?GB?Mqblvky�^he`gh�[ulv�bgl_j_kgh��K_]h^gy�wlh�ml\_j`^_gb_�g_�lj_[m_l^hdZaZl_evkl\��H^gbf�ba�kj_^kl\Z��h[_ki_qb\Zxsbo�g_�lhevdhdZq_kl\_gguc��gh�b m\e_dZl_evguc�ijhp_kk�h[mq_gby��y\ey_lky�kbkl_fZl\hjq_kdbo�aZ^Zgbc�gZ�hkgh\_�f_lh^h\�LJBA��b JL<�l_ogheh]bc��< ihkh[bbk^_eZg�djZldbc�h[ahj�hl^_evguo��kZfuo�ba\_klguo�\ i_^Z]h]bq_kdhcijZdlbd_��bgkljmf_glh\�JL<��Kx^Z�g_�\hrze�fZl_jbZe��bf_xsbc�\ k\h_chkgh\_�^_ckl\b_�ih�Ze]hjblfm�j_r_gby�ijhlb\hj_qbc��f_lh^bdZ�jZ[hlu�kl\hjq_kdbfb�aZ^ZqZfb�jZaebqgh]h�ieZgZ��lZd�dZd�hg�[he__�\ukhdh]h�mjh\gykeh`ghklb�P_ev�ihkh[by�±�ihfhqv�i_^Z]h]Zf�\a]eygmlv�gZ�ijb\uqgu_�Zki_dlu�k\h_cjZ[hlu�k gh\hc�lhqdb�aj_gby��gZqZlv�k\hc�kh[kl\_gguc�imlv�l\hjq_kl\Z�\i_^Z]h]bd_�FZl_jbZe�^hklmi_g�ex[hfm�ijZdlbdm��dZd�ijhr_^r_fm�ki_pbZevgmxih^]hlh\dm��lZd�b [_a�g_z�JZ[hlZ�ijh^he`Z_lky��M`_�[he__�^_kylb�e_l�ijh\h^ylky�k_fbgZju�^ey\hkiblZl_e_c�^hrdhevguo�mqj_`^_gbc�b rdhevguo�mqbl_e_c��LJBA�±i_^Z]h]b�klj_fylky�ih^_eblvky�k dhee_]Zfb�k\hbfb�jZajZ[hldZfb��qlh[uk^_eZlv�ijhp_kk�\hkiblZgby�b h[mq_gby�gZrbo�^_l_c�g_�lhevdhj_amevlZlb\guf��gh�b m^h\e_l\hjyxsbf�l\hjq_kdb_�ihlj_[ghklb�bfZeur_c��b \ajhkeuo�:\lhj�[m^_l�[eZ]h^ZjgZ�\k_f��dlh�ijbrezl�k\hb�aZf_qZgby��ih`_eZgby�bj_amevlZlu�ijbf_g_gby�^Zgguo�bgkljmf_glh\�\ jZ[hl_�ih�Z^j_km��;_eZjmkv���������]�Fbgkd����c i_j��;Z]jZlbhgZ���������Dhjamg�:�<��beb�(�PDLO�DBNRU]XQ#WXW�E\Ihke_^gxx�bgnhjfZpbx�h jZajZ[hldZo�\ h[eZklb�LJBA�±�i_^Z]h]bdbfh`gh�magZlv�ih�wlhfm�`_�Z^j_km��(�PDLO��DQQDBPQVN#PDLO�UX�beb�gZ�kZcl_�\,QWHUQHW��KWWS���ZZZ�WUL]PLQVN�RUJImklv�klZgml�^ey�gZk�^_\bahf�keh\Z�<_ebdhc�QZcdb�ba�ih\_klb�±�ijblqbJ�;ZoZ��QZcdZ�ih�bf_gb�>`hgZlZg�Eb\bg]klhg����Q_f�\ur_�e_lZ_l�qZcdZ�l_f�^Zevr_�hgZ�\b^bl���>Z\Zcl_�[m^_f�mqblvky�e_lZlv�\f_kl_�

Page 63: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

IJBEH@?GBY�IJBEH@?GB?����J?R?GB?�A:>:Q�G: <UY<E?GB?IKBOHEH=BQ?KDHC�BG?JPBBIjhZgZebabjmcl_�\uiheg_gb_�aZ^Zgbc�gZ�\uy\e_gb_�ikboheh]bq_kdhcbg_jpbb��������klZjrbo�^hrdhevgbdh\�\uihegyxl�aZ^Zgb_�bf_ggh�lZd�

?keb�\u�gZjbkh\Zeb�^uf�ba�ljm[u��e_lysbc�\ ijhlb\hiheh`ghfgZijZ\e_gbb��^hf�\ dZdhf�eb[h�^jm]hf�jZdmjk_�beb�_ev�\f_klh�ebkl\_ggh]h^_j_\Z��\Zk�fh`gh�iha^jZ\blv�±�\kz�g_�lZd�iehoh��Ohly�^hf�\h\k_g_h[yaZl_evgh�^he`_g�[ulv�h^ghwlZ`guc�^_j_\ygguc��^Z�b \hh[s_�wlh�g_\k_]^Z�`bevz�ex^_c��^ey�ilbpu��]g_a^h��^ey�ebku�±�ghjZ��^ey�]heh\u�±reyiZ�b l�^��Klhbl�aZ^mfZlvky���Kihkh[u�^_e_gby�ih�^bZ]hgZeb�beb�q_j_a�p_glj�klhjhg�±�[he__��q_fbg_jlgu��Fu�\_^v�g_�klZ\beb�mkeh\by�^_e_gby�ijyfhc�ebgb_c�b gZjZ\gu_�qZklb��Ijb\_^zf�ebrv�g_kdhevdh�\ZjbZglh\�

���>\h_�j_[yl�\ayeb�ih�y[ehdm��Z lj_lbc�aZ[jZe�y[ehdh�\f_kl_�k dhjabgdhc����K_dj_l�^Zggh]h�aZ^Zgby�aZdexqZ_lky�\ lhf��qlh�qZklv�i_j\uo�^\mo�keh\aZf_g_gZ�kbf\hehf��m�lhqdZ��dZ�imklZ��Lj_lv_�`_�keh\h�±�h[t_dl�khhl\_lkl\mxsbc�h^ghfm�ba�e_dkbq_kdbo�agZq_gbc�keh\Z��fur_eh\dZ��

Page 64: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Ijbeh`_gby�

��

���M \Zk�\ dZjfZg_�^\_�fhg_ldb��h^gZ�ba�gbo�^hklhbgkl\hf�\ ���dhi__d�bf_ggh�hgZ�b g_�iylZd���Z \lhjZy�±�iylZqhd��<_^v�ijh�\lhjmx�fhg_ldmgbdZdbo�mkeh\bc�g_�aZ^Z\Zehkv�IJBEH@?GB?����I?J?Q?GV�IJB,FH<��B=J�B LJ?GBG=H<�>EYBKIHEVAH<:GBY�< BG>B<B>M:EVGHC�J:;HL?�K>HRDHEVGBD:FB�G: IJHLY@?GB?�>GY��

�Mlj_ggbc�ijbzf��\j_fy�ijh]medb��i_j_ju\u�f_`^m�hkgh\gufb�j_`bfgufbfhf_glZfb��\_q_j�����BKIHEVAH<:GB?�F?LH>H<�:DLB<BA:PBB�L<HJQ?KDH=H�FURE?GBY�KP?EVX�J:A<BLBY�J?QB�� khqbg_gb_�kdZahd�ih�f_lh^m�dZlZeh]Z��^ey�\k_o�\hajZklguo�]jmii��� ijh\_^_gb_�b]j�b lj_gbg]h\�j_q_\h]h�oZjZdl_jZ�ih�mk\h_gbx�ihgylbc�hk\hckl\Zo�b kljmdlmj_�kbkl_f�� ijh\_^_gb_�b]j�b lj_gbg]h\�ih�mk\h_gbx�kmsghklb�^bZe_dlbq_kdboaZdhgh\�� keh\_kgh_�hibkZgb_�nZglZklbq_kdbo�h[jZah\��kha^Zgguo�gZ�hkgh\_�FNH�� keh\_kgh_�ij_h[jZah\Zgby�h[t_dlZ�fZl_jbZevgh]h�fbjZ�k ihfhsxlbih\uo�ijbzfh\�nZglZabjh\Zgby�� lj_gbg]b�k fZe_gvdbfb�ih^]jmiiZfb�^_l_c�ih�h[mq_gbx�j_r_gbx�aZ^ZqgZ�km`_gb_�ihey�ihbkdZ����BKIHEVAH<:GB?�F?LH>H<�:DLB<BA:PBB�L<HJQ?KDH=H�FURE?GBY�B=J�B LJ?GBG=H<�K WE?F?GL:FB�BAH;J:ABL?EVGHC�>?YL?EVGHKLB�<BG>B<B>M:EVGHC�J:;HL?�K >?LVFB�>HRDHEVGH=H�<HAJ:KL:�� deydkh]jZnby�� gbldh]jZnby�� iZevp_]jZnby�� jbkh\Zgb_�rlZfiZfb�b rZ[ehgZfb�� Ih�dZ`^hfm�jbkmgdm�ijh\_klb�[_k_^m�k ^_lvfb��qlh�gZjbkh\Zgh��gZ�qlhihoh`_�� kha^Zgb_�dheeZ`_c�� jbkh\Zgb_�nZglZklbq_kdbo�]_jh_\�k bkihevah\Zgb_f�f_lh^ZfhjnhZgZebaZ���< feZ^r_c�]jmii_�^_lb�ihfh]Zxl�ijb^mfZlv�

�� >Zgguc�i_j_q_gv�kf��lZd`_��:��Dhjamg��Ijbeh`_gb_�d ijh]jZff_�ih�^hrdhevghci_^Z]h]bd_���KWWS���ZZZ�WUL]PLQVN�RUJ�H��������KWP

Page 65: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

<hkiblZl_ev�jbkm_l��>_lb�ihfh]Zxl�jZkdjZkblv��< klZjr_f�\hajZkl_^_lb�kZfb�jbkmxl�beb�ko_fZlbabjmxl�����IJH<?>?GB?�B=J�B LJ?GBG=H<�K WE?F?GL:FB�JBKH<:GBY�� �KiZkb�[md\m�hl�;md\h_^Z���^hjbkh\dZ�[md\�b pbnj�^h�kx`_lgh]hbah[jZ`_gby��� �Nhlhjh[hl��±�kha^Zgb_�h[jZaZ�nZglZklbq_kdh]h�]_jhy�ba�dhf[bgZpbbqZkl_c�^jm]bo�]_jh_\��^ey�kj_^g_c�b klZjr_c�]jmii��� �Q_c�ke_^"���±�ZkkhpbZlb\gu_�p_ihqdb�gZ�hkgh\_�kemqZcguo�bah[jZ`_gbc�� �DZeydZ��±�^hjbkh\dZ�ebgbb�beb�nb]mju�k ihke_^mxsbf�jZkkdZau\Zgb_fih�kh^_j`Zgbx�IJBEH@?GB?����FHJNHEH=BQ?KDB?�L:;EBPU�>EYBGL?=JBJH<:GBY�<:JB:GLH<�J:AEBQGUO�<B>H<>?YL?EVGHKLB�< I?>:=H=BQ?KDHC�IJ:DLBD?<HKIBL:L?EYLZ[ebpZ����KhklZ\e_gb_�dhgki_dlZ�aZgylby�ijbagZd agZq_gb_ IjbagZdZ\b^�aZgylby FZl_fZlbdZ JZa\blb_�j_qb bah^_yl_evghklv hagZdhfe_�gb_k ijbjh^hc ���lbi�aZgylby ih�bamq_gbxgh\h]hfZl_jbZeZ

Ih�kbkl_fZlb�aZpbb�baZdj_ie_gbxfZl_jbZeZDhgljhevgh�mqzlgh_�aZgylb_ Dhf[bgbjh\Zggh_�aZgylb_�j_rZxlkyg_kdhevdhaZ^Zq�

���

nhjfZhj]ZgbaZpbb deZkbq_kdZy D<G \bdlhjbgZ b]jZ�±iml_r_kl\b_ ���hkgh\ghc�f_lh^ [_k_^Z >_fhgkljZpby fh^_ebjh\Zgb_ mijZ`g_gb_ «:evl_jgZlb\gu_f_lh^u fhjnhZgZeba aZ^ZqZ���>Z�±G_l� dZlZeh] kbg_d�lbdZ «kihkh[hj]ZgbaZpbb�^_l_c njhglZevgh Ih�ih^]jmiiZf bg^b\b^mZevgh lhevdh�kfZevqbdZfb «f_klh�ijh\_^_gby \ ]jmii_�aZklhehf Kb^yihemdjm]hf gZ�ijh]med_ \fmaudZevghfaZe_

«

Page 66: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Ijbeh`_gby�

��

LZ[ebpZ�����Fh^bnbdZpby�^b^Zdlbq_kdbo�b]j�b kha^Zgb_bgl_ee_dlmZevguo�lj_gbg]h\IjbagZd AgZq_gb_ ijbagZdZP_eb MijZ`g_gb_�\deZkkbnbdZpbb hij_^_e_gb_k\hckl\ hjb_glZpby�\p\_l_ Zdlb\baZpbykeh\Zjy ���IjZ\beZ hl\_lu�gZ\hijhku kjZ\g_gb_��ihhibkZgbx�bebbah[jZ`_gbx�

gZau\Zgb_�q_]h�eb[h h[f_gbgnhjfZpb_c ���FZl_jbZe DZjlbgdb b]jmrdb fh^_eb g_l�gZ]ey^ghklb ���F_klh aZ�klhehf gZ�dh\j_ gZ�iehsZ^d_ klhy�\hdjm]\_^ms_]h ���Dhebq_kl\hb]jhdh\ Bg^b\b^mZevgh k ih^]jmiihc�\ ����q_eh\_d kh�\k_c�]jmiihc lhevdh�k^_\hqdZfb ���<hajZkl ����]h^Z ����]h^Z ��e_l �����e_l ���LZ[ebpZ����Kha^Zgb_�kp_gZjby�jZa\e_q_gby�IjbagZd AgZq_gb_ ijbagZdZL_fZ Gh\uc�]h^ FZfbgijZa^gbd L\hjq_kl\hD�B�Qmdh\kdh]h Fu�ex[bffmaudm «f_klhijh\_^_gby ]jmiiZ fmaudZevgucaZe ]hjh^kdhc�iZjd rdheZ «nhjfZhj]ZgbaZpbb ZlljZdpbhg D<G deZkkbq_kdbcmlj_ggbd fZkdZjZ^ «hl\_lkl\_gguc \hkiblZl_eb]jmiiu f_lh^bkl�^��k fmaudZevgucjmdh\h^bl_ev \hkiblZl_ebkh\f_klgh�khrdhevgufmqbl_e_f

«mqZklgbdb ^_lb�±^hrdhevgbdb kh\f_klgh�^_lbk jh^bl_eyfb kh\f_klgh^hrdhevgbdb�ki_j\hdeZkkgbdZfb

^hrdhevgbdb�±ajbl_eb�rdhevgbdb�±mqZklgbdb«

Page 67: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

LZ[ebpZ����Ijh_dlbjh\Zgb_�^b^Zdlbq_kdbo�ihkh[bc�b b]jmr_d���IjbagZd AgZq_gb_�ijbagZdZIjhlhlbi FZrbgdZ dmdeZ ij_^f_lihkm^db fyqbd «Kihkh[ij_h[jZah\Zgby Dhgkljmdlhj ljZgknhjf_j Kx`_lgucb]jh\hcdhfie_dk

ijbzf��rb\hjhlgZ\u\hjhl� «FZl_jbZeu ;mfZ]Z ldZgv i_ghieZkl ihjhehg «Kihkh[udj_ie_gby de_c dghidb �ebimqdZ� fZ]gbl «Kl_i_gvih^\b`ghklb G_ih^\b`gZy ^\b`_gb_�\h^ghfgZijZ\e_gbb

^\b`_gb_�\jZaebqguogZijZ\e_�gbyokZfZ�klZlbqgZ��ghih^\b`gu�^_lZeb «

Kihkh[^\b`_gby F_oZgbq_kdZy�nba��KbeZ� f_oZgbq_kdZy�kbeZ�\_ljZ� bg_jpbhggZy we_dljhf_oZgbq_kdZy «J_kmjku NhjfZ kljmdlmjZ dZq_kl\ZfZl_jbZeZ kl_i_gv�ijhajZqghklb «

IJBEH@?GB?����IJBF?JGUC�IE:G�IHKLJH?GBYK?FBG:JKDBO�A:GYLBC�>EY�<HKIBL:L?E?C�< MKEH<BYO>HRDHEVGH=H�MQJ?@>?GBY�Ij_^eZ]Z_fuc�ieZg�jZkkqblZg�gZ�jZ[hlm�k \hkiblZl_eyfb�^hrdhevgh]hmqj_`^_gby�\ l_q_gb_�\k_]h�mq_[gh]h�]h^Z��AZgylby�ijh\h^ylky�h^bg�jZa�\g_^_ex�ih���±���qZkZ��DZ`^h_�aZgylb_�ij_^iheZ]Z_l�agZdhfkl\h�kdhgdj_lgufb�bgkljmf_glZfb��dhlhju_�^Ze__�\\h^ylky�\ ijZdlbdm�jZ[hlu�DZ`^h_�gh\h_�aZgylb_�gZqbgZ_lky�k h[km`^_gby�j_amevlZlh\�b hl\_lh\�gZ\hijhku��Kh^_j`Zgb_�ieZgZ�ij_^iheZ]Z_l�ki_pbZevgmx�ih^]hlh\dmf_lh^bklZ�beb�e_dlhjZ����� IhklZgh\dZ�ijh[e_fu��OZjZdl_jbklbdZ�iZjZf_ljh\�l\hjq_kdh]h\hh[jZ`_gby�e_dpby��q��� Ijbzfu�JL<�\ jZ[hl_�k ^hrdhevgbdZfb��±�lj_gbg]���q��� <hafh`ghklb�bkihevah\Zgby�ijbzfh\�JL<�gZ�aZgylbyo�\ jZfdZoh[jZah\Zl_evghc�ijh]jZffu��±�lj_gbg]��q��� OZjZdl_jbklbdZ�kbevgh]h�fure_gby��Ihgylb_�h \b^Zo�fure_gby�\^hrdhevghf�\hajZkl_��Kbkl_fgh_��ZkkhpbZlb\gh�b ^bZe_dlbq_kdh_fure_gb_��±�e_dpby��q���lj_gbg]��q��� Ih^jh[g__�h f_lh^bd_�ijh_dlbjh\Zgby�fgh]hnmgdpbhgZevguo�b]jmr_d�kf��:��Dhjamg�;hevrb_�\hafh`ghklb�fZe_gvdbo�b]jmr_d���KWWS���ZZZ�WUL]PLQVN�RUJ�H�SUV��������KWP�� IeZg�hijh[h\Zg�\ ijZdlbd_�jZ[hlu�k dhee_dlb\Zfb�^�k ������b ����]��FbgkdZ�������������

Page 68: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Ijbeh`_gby�

��

�� Kbkl_fgh_�fure_gb_�\ ^hrdhevghf�\hajZkl_��Kbkl_fguc�hi_jZlhj�B]ju�b lj_gbg]b�gZ�hljZ[hldm�we_f_glh\�kbkl_fgh]h�fure_gby��±e_dpby��q���lj_gbg]��q��� >bZe_dlbq_kdbc�kihkh[�fure_gby�\ ^hrdhevghf�\hajZkl_��B]ju�blj_gbg]b�ih�mk\h_gbx�kmsghklb�^bZe_dlbq_kdbo�aZdhgh\��±�e_dpby��q��lj_gbg]��q��� Ihgylb_�h ijhlb\hj_qbyo��Kihkh[u�jZaj_r_gb_�ijhlb\hj_qbc��AZ^Zqb^ey�^_l_c�^hrdhevgh]h�\hajZklZ���e_dpby���q���lj_gbg]��q��� AgZdhfkl\h�k :JBA�\ \ZjbZgl_�Z^Zilbjh\Zgghf�^ey�^hrdhevgbdh\�Lj_gbg]�ih�ijbf_g_gbx�Ze]hjblfZ�j_r_gby�bah[j_lZl_evkdbo�aZ^Zq�gZijbf_j_�kdZahqguo�kblmZpbc��±��q��� F_lh^bdZ�:�G_kl_j_gdh��KljZgZ�aZ]Z^hd��±�lj_gbg]��q����F_lh^bdZ�B�FmjZrdh\kdhc���KdZadZ��hl\hjbkv��±�lj_gbg]���q����F_lh^bdZ�h[mq_gby�l\hjq_kdhfm�jZkkdZau\Zgbx�ih�dZjlbg_��gZ�hkgh\_f_lh^bdb�B��FmjZrdh\kdhc��DZjlbgdZ�[_a�aZibgdb���e_dpby��q���lj_gbg]�q���� Lj_gbg]�ih�ZgZebam�kfukeZ�ebl_jZlmjguo�ijhba\_^_gbc��ba�hiulZL�Kb^hjqmd��±�lj_gbg]��q���� Lj_gbg]�ih�j_r_gbx�aZ^Zq�gZ�km`_gb_�ihey�ihbkdZ��Bkihevah\Zgb_aZ^Zq��>Z�G_l��\ jZ[hl_�k ^hrdhevgbdZfb�±�lj_gbg]���q����F_lh^bdZ�h[mq_gby�^_l_c�^hrdhevgh]h�\hajZklZ�khqbg_gbx�kdZahd��±e_dpby��q���� Bkihevah\Zgb_�fh^_e_c�\ jZ[hl_�k ^hrdhevgbdZfb��F_lh^��FZe_gvdboQ_eh\_qdh\���±�e_dpby��q���lj_gbg]���q�Ijbf_qZgb_� gZ�[Za_�f_lh^bq_kdh]h�dZ[bg_lZ�h[yaZl_evgh�hj]Zgbam_lkykem`[Z�bg^b\b^mZevgh]h�dhgkmevlbjh\Zgby�IJBEH@?GB?����A:>:QB�G: KM@?GB?�IHEY�IHBKD:�IJBF?JGUC�KEH<:JV�>EY�A:>:Q��G?AG:DHFH?�KEH<H����:[Zd ±�^hkdZ�^ey�Zjbnf_lbq_kdbo�\uqbke_gbc�\ >j_\g_c�=j_pbb�;Zg^`h ±�kljmgguc�sbidh\uc�fmaudZevguc�bgkljmf_gl�<_jrhd ±�jmkkdZy�f_jZ�^ebgu��hdheh�����kf�A_e_gmrdZ ±�ju[Z�hljy^Z�hdmg_h[jZaguo�Bj[bk ±�kg_`guc�[Zjk��fe_dhiblZxs__�k_f_ckl\Z�dhrZqvbo�Dbfhgh ±�ljZ^bpbhggZy�fm`kdZy�b `_gkdZy�h^_`^Z�yihgp_\�

�� ;hevrhc�wgpbdehi_^bq_kdbc�keh\Zjv��F��������

Page 69: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

Dm]mZj ±�lh�`_��qlh�imfZ�E_gb\dZ ±�ij_^klZ\bl_ev�hljy^Z�^ylehh[jZaguo�Ehjb ±�ih^k_f_ckl\h�hljy^Z�ihim]Z_\�GZj\Ze ±�fhjkdh_�fe_dhiblZxs__�k_f_ckl\Z�^_evnbgh\uo�Hjeyd ±�jh^�fgh]he_lgbo�iZihjhlgbdh\�IjZsZ ±�^j_\g__�hjm`b_�^ey�f_lZgby�dZfg_c�JZlbg ±�iehlgZy�fy]dZy�r_jklygZy�ldZgv�KZ[h ±�[ZrfZdb��\u^he[e_ggu_�ba�^_j_\Z�L_jjZjbmf ±�ihf_s_gb_�^ey�kh^_j`Zgby�g_[hevrbo�gZa_fguo�`b\hlguo�]eZ\guf�h[jZahf�ij_kfudZxsboky�b a_fgh\h^guo�QZ^jZ ±�ez]dh_�`_gkdh_�ihdju\Zeh�m fmkmevfZg��AZdju\Zxs__�nb]mjm�k]heh\u�^h�gh]�Q_jlh] ±�\_ebdhe_igh_�a^Zgb_��^\hj_p�R_ex]Z ±�\b^�^_j_\v_\�b dmklZjgbdh\�jh^Z�b\Z�Xgbhj ±�kihjlkf_g�\ \hajZkl_�k������e_l�Y]_ev ±�ebrZcgbdb��ibsZ�k_\_jguo�he_g_c�KBLM:LB<GU?�A:>:QB�IH�KX@?L:F�KD:AHD���G_dlh�ihkljZ^Ze�ba�aZ�kh[kl\_gghc�s_^jhklb���AZxrdbgZ�ba[mrdZ��±�jmkkdZy�gZjh^gZy�kdZadZ�Hg�fgh]h�o\Zebeky��aZ�qlh�b ihieZlbeky���Dheh[hd��±�jmkkdZy�gZjh^gZy�kdZadZ�Hg�d g_c�ijbrze��h[fZgme�b mrze���DZrZ�ba�lhihjZ��±�jmkkdZy�gZjh^gZy�kdZadZ�Hg�ihkljZ^Ze�hl�_z [_ahl\_lkl\_gghklb���=mkb�e_[_^b��±�jmkkdZy�gZjh^gZy�kdZadZ�Hgb�\_jgmeb�lh��q_]h�g_dlh�g_�kfh]�m^_j`Zlv���Ba�jh]Z�\k_]h�fgh]h��±�[_ehjmkkdZy�gZjh^gZy�kdZadZ�Hg�[ue�kmjh\�b kijZ\_^eb\��hgZ�±�^h[jZ�b [_aaZsblgZ��ihwlhfm�hg�_zgZ]jZ^be���Fhjhadh��±�jmkkdZy�gZjh^gZy�kdZadZ�Hg�_z hk\h[h^be��ihlhfm�qlh�ihex[be���PZj_\gZ�±�ey]mrdZ��±�jmkkdZy�gZjh^gZy�kdZadZ�

�� I_j\mx�j_^Zdpbx�ih^[hjdb�kdZahqguo�aZ^Zq�gZ�km`_gb_�ihey�ihbkdZ�kf��:�Dhjamg�AZ^Zqb�^ey�b]ju��^Z�g_l��ih�kx`_lZf�kdZahd���KWWS���ZZZ�WUL]PLQVN�RUJ�H��������KWP

Page 70: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Ijbeh`_gby�

��

Ihex[b\��hgZ�k^_eZeZ�g_\hafh`gh_��:�:dkZdh\��:e_gvdbc�p\_lhq_d��HgZ�fheqZeZ��ihlhfm�qlh�ex[beZ��=�O�:g^_jk_g��>bdb_�e_[_^b��HgZ�[ueZ�\hh[jZ`Zehc��aZ�wlh�\hl�b ihkljZ^ZeZ��=�O�:g^_jk_g��K\bghiZk��Hg�_z ihl_jye��ihlhfm�qlh�hgZ�lhjhibeZkv��gh�bf_ggh�ihwlhfm�hg�_z bgZrze��R�I_jjh��AhemrdZ��HgZ�[ueZ�kebrdhf�^h\_jqb\hc��ihwlhfm�ijhbahreh�g_kqZklv_��R�I_jjh��DjZkgZy�RZihqdZ��G_dlh�ih�a_fe_�oh^be�b k�ijbjh^hc�]h\hjbe���KdZadZ�h fzjl\hc�pZj_\g_�b k_fb�[h]Zlujyo��:�K�Imrdbg��Hgb�mreb��hgZ�ijbreZ��Hgb�ijbreb��_z gZreb���Ljb�f_^\_^y��±�E�G�Lheklhc�Hg�[ue�^h[juf��ihwlhfm�bf_e�fgh]h�^jma_c��W�Mki_gkdbc��Djhdh^be�=_gZ�b _]h�^jmavy��IJBEH@?GB? ���H IJH?DL?��>@HG:L:G�EB<BG=KLHG��djZldZy�kijZ\dZ����G_dhff_jq_kdbc�ijh_dl��>`hgZlZg�Eb\bg]klhg��kms_kl\m_l�m`_�hdheh���e_l��Hg�ihk\yszg�kh^_ckl\bx�j_hj]ZgbaZpbb�kbkl_fu�h[jZah\Zgby�bi_j_\h^m�_z \�jmkeh�jZa\blby�l\hjq_kdbo�kihkh[ghkl_c�ebqghklb��gZqbgZy�k^hrdhevgh]h�\hajZklZ�>Zevgyy�p_ev�ijh_dlZ�±�ihkljh_gb_�kbkl_fu�jZa\blby�l\hjq_kdhc�ebqghklb�;eb`Zcrb_�aZ^Zqb�� h[mq_gb_�^_l_c�f_lh^Zf�kbevgh]h�fure_gby�� ihimeyjbaZpby�LJBA�±�LJLE��l_hjby�jZa\blby�l\hjq_kdhc�ebqghklb��±HLKF�kj_^b�i_^Z]h]h\��jh^bl_e_c��^_l_c�� ih^]hlh\dZ�i_^Z]h]h\��bkihevamxsbo�we_f_glu�LJBA�±�LJLE�±�HLKF�\ijZdlbq_kdhc�jZ[hl_�� ih^]hlh\dZ�i_^Z]h]h\�±�bkke_^h\Zl_e_c�±�ijZdlbdh\��kihkh[guokZfhklhyl_evgh�jZajZ[Zlu\Zlv�b j_Zebah\u\Zlv�dhfie_dku�ijh]jZffbgl_]jbjh\Zggh]h�h[mq_gby�gZ�hkgh\_�f_lh^heh]bb�kbevgh]h�fure_gbyIjh_dl�jZa\b\Z_lky�gZ�hkgh\_�kihgkhjkdbo�kj_^kl\�

�� KijZ\dZ�khklZ\e_gZ�gZ�hkgh\_�djZldhc�bgnhjfZpbb�h ijh_dl_��ij_^klZ\e_gghf�FbgkdbfP_gljhf�HLKF�LJBA�±�l_ogheh]bc�b fZl_jbZeh\�G�G�Ohf_gdh��ij_^klZ\e_guo�d gZmqgh�ijZdlbq_kdhc�dhgn_j_gpbb�ih�LJBA��Bxev������]�

Page 71: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

<?K,E:Y�>B>:DLBD:

��

AZgylby�k ^_lvfb�\_^mlky�\ b]jh\hc�nhjf_�b dZkZxlky�kZfuo�jZaebqguoZki_dlh\�`bagb��< ijhp_kk_�aZgylbc�^_lb�hk\Zb\Zxl�we_f_glu�HLKF�mqZlky�j_rZlv�mq_[gu_�aZ^Zqb��\ lhf�qbke_�ihkljh_ggu_�gZ�nZdlZo�ba�`bagbb ^_yl_evghklb�ba\_klguo�^_yl_e_c�gZmdb�b bkdmkkl\Z�AZgylby�k i_^Z]h]Zfb�hj]Zgbamxlky�\ nhjf_�k_fbgZjkdbo�aZgylbc��;hevrmxihfhsv�\ wlhf�hdZau\Zxl�ki_pbZebklu�ih�LJBA�±�i_^Z]h]bd_�ba�jZaebqguoj_]bhgh\�KG=��L�:�Kb^hjqmd��Mevygh\kd�Jhkkby���:�:�G_kl_j_gdh�I_ljhaZ\h^kd��Jhkkby���B�G��b X�K�FmjZrdh\kdb_��?e]Z\Z��EZl\by���:�:��bK�B��=bg��<�B�Lbfhoh\��=hf_ev��;_eZjmkv��b ^j�Dhhj^bgZlhj�ijh_dlZ��>`hgZlZg�Eb\bg]klhg���qe_g�kh\_lZ�F_`^mgZjh^ghcZkkhpbZpbb�LJBAG�G�Ohf_gdh

Page 72: <?K,E:Y >B>:DLBD?K,E:Y >B>:DLBD: ˘ GZrb fZe_gvdb_ ihfhsgbdb ˆ Gh\u_ ijbdexq_gby Dheh[dZ ˝ H]hgv – ^jm] beb \jZ

Ebl_jZlmjZ

��

EBL?J:LMJ:�� :evlrmee_j�=�K���<zjldbg�B�F���DZd�klZlv�]_gb_f��`bag_ggZy�kljZl_]byl\hjq_kdhc�ebqghklb���±�FG���;_eZjmkv������]��� ;_j_abgZ�<�=���<bd_glv_\�B�E���Fh^_klh\�K�X���>_lkl\h�l\hjq_kdhcebqghklb��\klj_qZ�k qm^hf��GZklZ\gbdb��>hklhcgZy�p_ev���±�KI[�Ba^Zl_evkl\h�;mdh\kdh]h�������]��� ;mo\Zeh\�<�:���:e]hjblfu�i_^Z]h]bq_kdh]h�l\hjq_kl\Z���F��Ijhk\_s_gb_�������]��� >vyq_gdh�H�F���<hh[jZ`_gb_�^hrdhevgbdZ���±�F���AgZgb_�������]��� B\Zgh\�=�B���Nhjfmeu�l\hjq_kl\Z��beb�dZd�gZmqblvky�bah[j_lZlv���dgb]Z^ey�mqZsboky�klZjrbo�deZkkh\��±�F���Ijhk\_s_gb_�������]��� =bg�K�B���Fbj�nZglZabb���q����b ���=hf_ev�������±�����]��� �Bklhjbb�ijh������ihkh[b_�^ey�\hkiblZl_e_c�^_lkdbo�^hrdhevguomqj_`^_gbc�b mqbl_e_c�gZqZevguo�deZkkh\���Kb^hjqmd�L�:��b ^j��±KZfZjZ��BID�������]��� FmjZrdh\kdZ�B�G���Dh]^Z�y klZgm�\her_[gbdhf���F_lh^bdZ�^eyjZa\blby�l\hjq_kdh]h�\hh[jZ`_gby�^_l_c�feZ^r_]h�\hajZklZ��Jb]Z�i_^Z]h]bq_kdbc�p_glj��Wdki_jbf_gl��������]��� G_kl_j_gdh�:�:���KljZgZ�aZ]Z^hd���Jhklh\�gZ�>hgm��ba^Zl_evkl\h�Jhklh\�mgb\_jkbl_lZ�������]���� �Ijh]jZffZ�ih�jZa\blbx�l\hjq_kdh]h�\hh[jZ`_gby�b h[mq_gbx^bZe_dlbq_kdhfm�kihkh[m�fure_gby�k ihfhsvx�we_f_glh\�LJBA���KhklZ\bl_ev�=mldh\bq�B�Y���DhkljZdh\Z�B�F���Kb^hjqmd�L�:��±Mevyghk\d�������]���� Jh^Zjb�>���=jZffZlbdZ�nZglZabb���<\_^_gb_�\ bkdmkkl\h�ijb^mfu\Zgbybklhjbc��±�F���Ijh]j_kk�������]���� Kb^hjqmd�L�:��<k_�gZ�rlmjf���\ k[���I_^Z]h]bdZ���LJBA���\ui����Fbgkd��ID�HHH Iheb�;b]�������]���� Kb^hjqmd�L�:���D \hijhkm�h[�bkihevah\Zgbb�LJBA�\ jZ[hl_�k ^_lvfb^hrdhevgh]h�\hajZklZ���Ihkh[b_�^ey�\hkiblZl_e_c��Mevygh\kd���� �����]���� Kb^hjqmd�L�:���L_ogheh]by�h[mq_gby�^hrdhevgbdh\�mf_gbx�j_rZlvl\hjq_kdb_�aZ^Zqb���Mevygh\kd�������]���� LZf[_j]�X�=���DZd�gZmqblv�j_[zgdZ�^mfZlv���Mq_[gh_�ihkh[b_�^eyjh^bl_e_c ��\hkiblZl_e_c��mqbl_e_c��K�I�������]����Rmkl_jfZg�A�=���Gh\u_�ijbdexq_gby�Dheh[dZ�beb�gZmdZ�^mfZlv�^ey[hevrbo�b fZe_gvdbo���±�F���I_^Z]h]bdZ�������]�