Transcripción

1 F=FA AI,-64)*) A A JH IEJ A I)EHAI AIFA?E=

2 )5-/741,), )+17,),,-*7-5) ),), ) ),)5 - #,-)/ 56,- $,ABA I H=@A =+EK@=@@A*KA I)EHAI,H= ) E?E=2EAHE E )@ K J =I )HG )JE E ) E A = 2H B /KIJ=L AI>ACKAHEI 2H B /H=?EA = K E 5H= + =K@E=5AHE, ),- 27-*,- )+17,),,-*7-5)14-5 8A A KA =&" 6A "!!& "' &!!!!$%$ + HHA - A?JH E?? IK J=I(@ABA I HE= HC =H!

3 @E?A EA J I $ 7 JA =? A KAC = =LE@= 2 H =,H= ) E?E=2EAHE E A HE=@A = H =@= 2HAIA J=?E AIO@A>=JA " AI=@A)FAHJKH= " 1 JACH= JAI,H 5= HCA5= =HJE,H= ) E?E=2EAHE E 2HE AH= AI=@A6H=>= $ 1 JACH= JAI 5H ) J E / A E? =H =+HEIJE =1I >= O)HG 2=JHE?E=+ H? L= + H@E =?E E? 5KI= = =FIA I AI=@A6H=>= 1 JACH= JAI,H= =H =) C E?= =HJ O E? =KH=* IGKA + H@E =?E E? 5KI= = =FIA I 6AH?AH= AI=@A6H=>= & 1 JACH= JAI,H ) >AHJ ) ) L=HA I,H )@ B 2=I?K=,H.AH += O E? IJ H5A>=IJE + H@E =?E,H= =H = K E=/E HCA E ) -: =E B H =?E I >HAIE EAIJH ILE= AIA =?EK@=@@A *KA I)EHAI 2 H = E?. =LE= = F=HJ/ >>E &!%!& JAH =?E HEHA L?JE =I@A =??E@A JAI@AJH IEJ 2 H I,HAI =H =) C E?= =HJ, )HJAJ= /=H? =+=I= E, BEO-H AIJ 1>=HH=2KA JAI % )??E@A JAI@AJH IEJ A A HA=FH CH= JE?=@A D IKAL K?E A JHA''%O $ 2 H I,HAI =H =) C E?= =HJ, )HJAJ= /=H? =+=I= E, BEO-H AIJ 1>=HH=2KA JAI 1 AI I 2H CH= =? AIE AIO?=F=?EJ=?E A I? HHEI 2 H = E? =KH=* IGKA O)?=@ HCA AEH= 5ACKHE@=@A A JH IEJ ACEI =HF=H=FHALA EH 2 H I,HAI ) >AHJ ) ) L=HA IO)@ B 0 2=I?K= 0=?E= =? JE?=IF > E?=I@A?K JKH=?EK@=@= = 2 HA,H.AH )@ B += 7I =>E?E? AJ=? IF HJA A =+EK@=@)KJ =@A*KA I)EHAI 2 HA E? IJ IEJ=HA A JAHHEJ HE =HCA JE 2 HA + EI=HE =O H+=H I-IF = - J H E =??E@A JA = A?AIE@=@@AIKHAA F = 2 H = E? =KH=* IGKAOA )?=@ HCA) AEH= += I A KAL F=H=@EC =@AIACKHE@=@ A A JH IEJ 2 HA E? / = 0AHHAH=/= & && '" '' & $!!$ 2HALA?E O H@A = EA JH IEJ A =?EK@=@@A *KA I)EHAI 2 HA 5H ) J E / A #$ - I? JH AIOI=?E AIABE?=?AIA A ==??E C >= F=H==K A J=H =IACKHE@=@LE= A =?EK@=@@A>KA I=EHAI 2 H = E? =H =+HEIJE =1I >= $ 2 = AIJH=J 2 H =)HG 2=JHE?E=+ H? L= $% " #

4 EA J I HC= EI ICK>AH = A J= AIO HC= E =?E AI F=HJE?EF= JAI ))+)I?E=?E )HCA JE =@A+=HHAJAH=I )+))KJ LE + K>)HCA JE EIJ=I7H>= I )/ 1 JAH =JE = /H KF );)+)I?E=?E )??E@A J=@ +A AHCA J C =@A 0 IFEJ= K= 2H?KH=?E /A = =?E 4- )64ACEIJH =?E JA?A@A JAI@A6H IEJ 5A?HAJ=H =@A2 JE?=+HE E = E KIJE?E=@A = =?E 5?EA@=@)HCA JE =@A A@E?E =@A 6H=K = 5KFAHE I@A = =?E +A I+EK@=@0K = = A A J=?E O5ACKHE@=@8E= +2)+.+ ACE 2 > C=@ I@A+=FEJ=.A@AH= 1 I@A IHA?KHI I =JKH= AIO- AHC JE? I + IEJ O6H= IF HJA ACEI =JKH=@A =+EK@=@@A *KA I)EHAI + 27)+ 2 = 7H>= ) >EA J=,ABA I H =@A K KO,EFKJ=@ I@A = ACEI =JKH=@A =+EK@=@@A*KA I)EHAI,EHA??E /A I@A 6H= IF HJA /+*),EHA??E /A /+*),EHA??E /A IEJ /+*) - JA4ACK =@ H@A5AHLE?E I2 > E? I@A /+*).EI?= =+ JH=LA?E = =+)*). H 0K = I >HAA 5ACKH O =4AIF I=>E E@=@+ELE 1 IJEJKJ 7 ELAHIEJ=HE 2 E? =.A@AH= )HCA JE = E= K?DA IF H =8E@=)I?E=?E +ELE JH=J=?E AI+?AIE AI8E= AI 2 E? =.A@AH= )HCA JE = $ %

5 ' & 7 JA =? A KAC = =LE@= 2= =>H=I@A=FAHJKH=@A =,H= ) E?E=2EAHE E,ABA I H=@A =+EK@=@)KJ =@A*KA I)EHAI )? L?=H=AIJ= H =@= IFH FKIE ICA OFH FKAIJ=IGKA I=OK@A =? IJHKEH KAL=I DAHH= EA J=IF=H=A BHA J=HA B =E IACKHE@=@LE= GKAAIJ A KAC A =I KAHJAI AIE AIOIA?KA =I@A I = =@ I=??E@A JAI@AJH IEJ = =LE@= = = E JACHE@=@B IE?=O= =? LELA?E=I?E= -IF HAI GKAGKEAH K>E?=HA JA =GKAD O IHA AA A =@ABA = =LE@=? IE@AH=@? I@AHA?D IDK = I A J= AI )I BKAHA??E@ A =I? LA?E AIOJH=J=@ I E JAH =?E = AII >HA,AHA?D I0K = I OIAANFHAI=A A IJ=4E?= E? HF H=@ A =4AB H =@A =+ IJEJK?E =?E =+ I)EHAI@A''$ 2 HJH=J=HIA@AK JA =? F A O? JEF AI?=KI= AI? L?= I=@EIJE J I=?J HAI? FH AJE@ I? AIJ= FH > A JE?=GKAA IK?=H= ILEIE> A KAIJH= KAHJAI AIE AI O@= I =JAHE= AI 2AH J= =IA?KA =IB IE?=IOFIE? CE?=I OFH > A =I => H= AIOB= E E=HAIGKACA AH= K =E F HJ= E K?E A =?= E@=@@ALE@=F=H= K?D I@= EBE?=@ =I?K= AI IA@EIF A@AHACEIJH IGKAF IE>E EJA K =AL= K=?E O K?D A IK IACKE EA J = =C EJK@@A FH > A =AIJ= GKA = HC= E = 5= K@ AD=@=@ E=I?E= A J= J AI =?=KI=@A KAHJA= ELA O = LA =@A H>E E@=@ - AIJAAI?A =HE C >= OA HA =?E? A IF= IAI =JE = AHE?= I =)HCA JE =IAIEJ =A A JAH?AH KC=HHAIFA?J = =IJ=I=I@A HJ= E@=@O AIE AIA IE EAIJH I@AJH IEJ 5AC = 5 A KAIJH F= I KAHA A JHA %O!!FAHI =I F H@ = GKAIEC EBE?=GKA KAHA I@AK =FAHI =F HD H= =?EK@=@@A*KA I)EHAI FHAIA J=K =IEJK=?E I FH AJA@ H= IE>EA A HA =?E = JH I@EIJHEJ IFHAIA J=K A H KAHJ IJA AHA?KA J=GKA = HA@A@ H@A "#@A J E?E@E I?K F I IO@ I I FAHFAJH=@ IA EAIJH ILE= AI ;=GKAA AIJ= H =@= IL= I=HABAHEH= =IACKHE@=@LE= GKEAH FHAIA J=H= CK I@=J IGKAFAH EJA?=H=?JAHE =HA =I L?JE =IO= CK I=IFA?J I@A =I? EIE AIJ= KHEI@E??E I EI II F=HJA@A AIJK@E GKAA => H= IA AIJ=,ABA I H =A >=IA= =E B H =?E HACEIJH=@=F H =2 E? =.A@AH= F=H= # I@=J IHA AL= JAIGKAA? JH= IBKAGKA =E B H =?E J F= IGKA I KAIJH=? L?JE = FHE?EF= = HAI A =?EK@=@@A*KA I)EHAI I FA=J AI? IJEJKOA =FHE?EF= L?JE =@AIE EAIJH I@AJH IEJ )@A I A HA =?E = JH=IB H =I@A LE E@=@ IFA=J AI FHAIA J= =O HFH >=>E E@=@@A KAHJA + HAIFA?J = IAN IL=H AII =IL?JE =I IBHA?KA JAI 2 H?=@= K AHAIL?JE =I@A=??E@A JAIA? JH= I$" L?JE =ID >HAI 6= >E FK@E I >IAHL=HGKA IIA?J HAI I@= EBE?=@ I JEA A A JHA'O"'= I@AA@=@ - AIJ=BH= =@AA@=@IA@AIJ=?= =HAFHAIA I J?E? EIJ=IOKIK=HE I@A>E?E? AJ=I - AIJK@E J= >E KAIJH=GKAK =@A E@=@AI HAIFA?J = =E B H =?E AI =@EIF=HE@=@ =? JH=@E??E O K?D=ILA?AID=IJ= =?=HA?E=@A@=J IIK E EIJH=@ IF H J I HC= EI I =B= J=@AK IO = E?=F=?E@=@@AA JHA?HK = EA I@=J IA => H=@ IF J=I@AFA EJ=A = EIEI@AAIJ=FH > A JE?= O F H? IECKEA JA CK>AH = A FKAIJ=IO I K?E AI=@A?K=@=I= =HA= E@=@ 2=H=JAH E =H =IFA?J GKA IFHA?KF= K?D? HAIFA?J = =IL?JE =IOAI I=IA =L =F > E?=GKALA I? JE@E= = A JA OGKAIA=F O= A K =HACK =?K JKH=@A = JH=ICHAIE O =?AHJE@K >HA@A =E FK E@=@ 5EGKAHA I>= =HA =IO@EI E KEH =CH=LA@=@@A =I? IA?KA?E=IAI A?AI=HE A JA AIJ I? F HJ= EA J I 2=H=AIJ I I=?J HAI? FH AJE@ I? A JA =JA A IGKAJH=>= =H K J I =K AIBKAH IO? H@E HA?KHI I

6 KAIJH=E JA?E IJH=>= = AH=? H@E =@=A A E JAH?= FKAIJ=I? = I@EIJE J I=?J HAI? =LAIE JAHAI=@ IOGKA I FAH EJ= CH=H A HAIHAIK J=@ IA AIJ==H@K=J=HA=@A?KE@=H = LE@= A HE=@A = H =@= = H =@=@A2H FKAIJ=II >HA5ACKHE@=@A A 6H IEJ A = +EK@=@)KJ =@A*KA I)EHAI IA@AI=HH A #@A=C $A A 5= 2HAIE@A JA K=, E C = ACEI =JKH=F HJA = 2=HJE?EF=H '#FAHI =IFAHJA A?EA JAI= A?KJEL ACEI =JEL O = C >EAH IFH LE?E= AIO@A =?EK@=@ =I? HAFHAIA J= JAI@A HC= E =?E AI CK>AH = A J= AIO@A IA?J HFHEL=@ - JHAI AI=I@AJH=>= ANFKIEAH AIFA?E= EIJ=IA A JA =O= J H =@AA =IIA=>HE K F > E? -IJAE JAH?= >E FAH EJE A HEGKA?AH I??AFJ IF = JA=@ I I?=H=?JAHE =H@EIJE J I =IFA?J IHABAHE@ I= =IACKHE@=@A A JH= IEJ O= =I?=KI= AI@A IE EAIJH ILE= AIIE J= A@E@=IF IE> AI@A E F A A J=H=? HJ A@E= O =HC F = - AIJ= A HE=@A = H =@= IAE? KOAH I IJH=>= I FHAIA J=@ I = IGKA BKAH ANFKAIJ I = IA?KA?E= HECE = - JHA IA AIJA JE? I=> H@=@ IIA@AIJ=?= =E F HJ=?E=@A =A@K?=?E LE=? F =?A JH= E@=@GKA?KF=A B=?J HDK IIE EAIJH ILE= AI 5E>EA A AIJ=JA JE?=? B KOA JEF AI=IFA?J I AIA? F HJ= EA J E FHK@A JAOJH=ICHAI H@A =I H =I@A JH IEJ HA= E =@ J= J F HAI? F HFA=J AI IFHE?EF= AIB=?J HAI=JA AHA?KA J=F=H=A?=H=H =?JEL= A JA = K?D=? JH=AIJAB =CA =HA?KHHA?E=O HACK =HE@=@@AAIJ I? F HJ= EA J IA =I?= AI@A KAIJH=?EK@=@@=?KA J=@A =ANEIJA?E=@AK =?K JKH=JH= ICHAIEL= = J=@A=FAC = = AO - HA =?E =AIJAFK J IADE DE?=FE A JE?= FHALA JEL= HEA J=@== =JH= IB H I? F HJ= EA J AHA?KA J=GKA A J= J FH?JE?=II?E= AI I EI I IAA?KA JH= =HH=EC=@ II?E= O?K JKH= A JA 2 H J= J = J=HA=A@K?=JEL=A =JAHE=LE= =@EBKIE A E B H =?E I >HA = H =JEL=LECA JA IE J= >E =??EA JE =?E I >HA IHEAIC IF FH?JE?=IO =HAL= HE I? F HJ= EA J I H =@ IF H = AO? OI?E= A JA=@A?K=@ IO>A ABE?E I I 2 H JH =@ =IF JE?=I HEA J=@=I= =JH= IB H FH?JE?=I A J= J FH?AI F=K LEI K >H=H? L=HE=> A? =LA =? JE KE@=@,A =H? I AIA?E= AI =I?= F= =I@A@EBKIE =IEL= HEA =IB H =I@A LE E@=@@A =JAHE= AI A@K?=JEL IGKA? JA F A =IF=HJE?K =HE@=@AI@A I@EIJE J I CHKF I@AHEAIC =I? =E? HF =A@K?=?E LE= A =?KHH?K =AI? =H = A?AIE@=@@A=@A?K=H =E BH=AIJHK?JKH=LE= OFHE HE =HA HA H@A = EA JH IEJ 5AIA = GKAIE>EA A B=?J HDK = JEA AK = J E?E@A?E=A IIE EAIJH ILE= AI =I@ABE?EA?E=IA = E BH=AIJHK?JKH=LE= CA AI@AHEAIC GKAIAFKA@A ALEJ=H 6= >E DK>? IA I A GKAK H@A = EA J I H=?E JH IEJ A =?EK@=@ = A HAIO AI@A?EH?K =?E = A?AIE@=@@AE?HA A J=H I A?= EI I@A? JH - AIJAIA JE@ IAL= HE I A?= EI IHAIFA?J = =IFH?JE?=IHEAIC I=IHA= E =@=IJ= J =KJ LE EIJ=I? FA=J AI 6= >E IA@AIJ=? GKAA =K A I? JH AIA =L =F > E?= =I? ==CE E IJH=J=@ IA = KIJE?E=FKA@A=OK@=H=@EI E KEH = IA FK E@=@A =GKAIAIKIJA J=A CH= A@E@= =?K JKH=@A =JH=ICHAIE - HA =?E = IEIJA =@AI=?E AIIA A?E = E? HF I=?E AI@AJEF FA?K E=HE )I IA FH FKI ==@ IEIJA =@A=?K K J IGKA FAH EJEH = =FAH = = E?A?E=D=>E EJ= JA = A?AIE@=@@A? J=H? E B H =?E BAD=?EA JAOAND=KIJEL= - HA =?E =AIJAFK J IA@AJA?J? K FH > A =?A JH= =?= E@=@@A IHACEIJH II >HA =IL?JE =I@A IIE EAIJH ILE= AI =E B H =?E H I@EIJE J I HC= EI I =

7 ! K JEF E?E@=@@ABKA JAI =@EBAHA?E=@A?HEJAHE IA I@EBAHA JAI HC= EI =AIJ =@EBE?K J=@@AA JHA?HK = EA I@=J I KAIJH=K =E B H =?E BH=C A J=@ O? IEIJA?E=I 2=H=GKEA AIJEA A =HAIF I=>E =IF JE?=I =F IE>E E@=@@A? J=H? E B H =?E BAD=?EA JAOAND=KIJEL= AIK =?KAIJE A H E =H AL= K=?E AI?AHJAH=IB=?E EJ=H = =IA A@E@=I FHALA JEL=I IAIFA? BE?=I@EHECE@=I= ICHKF I ILK AH=> AI OFHE HE IJEF I@A=??E@A JAIAC IK H>E HJ= E@=@ =? H@E IOHA?KHI IA JHA I@EIJE J I =?J HAIE JAHAI=@ IF=H= CH=H=??E =HA? K J =? I I@A@E C A JHA =I HC= E =?E =I?EA@=@?ELE HC= EI IAIJ=J= AIOFHEL=@ I FAH EJA AI? JE K=I GKAA J= J J= AI CHA? I E@=H?= >E IIEC EBE?=JEL I 2H FKAIJ=IIKHCE@=I -@K?=?E 8E= + LE= =FA=J AIF HF=HJA@A = F E? =O =/K=H@E=7H>= = 1 F A A J=?E ABA?JEL=@A =A IA = =@A =I AOAI@AJH IEJ A A JAHHEJ HE =?E = OA I I ELA AIA@K?=JEL I!+= F= =I@A@EBKIE O??EA JE =?E I >HA = ACEI =?E LECA I? F HJ= EA J I H =I AI?HEJ=I =IBH= =IAJ=HE=I? A F H =IA@=@AI IJA FH= =I F IE> AI ")> H@=H =IACKHE@=@LE=? K FH > A =? F A A A GKA I IA@A>A?A JH=H = EH=@=A =I=?E A? JH O = A@K?=?E LE= IE J= >E A =?K JKH=@A =JH=ICHAIE = E= B= J=@A=FAC = =I AOAI #,AI=HH=EC=H@A KI? JE@E= O@A A CK= AJ? E? A J H E =??E@A JAF=H=HABAHEHIA= IDA?D I? IE AIE J= AI? =I? EIE AI@AJH= IF HJA =JH FA = EA J I?K= GKEAH=@A I A?= EI I AIE = AI@AI?HEFJ IF=H=A JH=K = E JA?E = ACEI IEIJA =@AI=?E AI=@ K IEIJA =@A =?K K J I =F E?=@ I= K C=HIA?=@=E BH=??E )IEC =H= 4- )6 K E?=H I? F HJ= EA J HAIE BH=?J HAI= =I? F= =I=IACKH=@ A I? IJ I@A IACKH!-IJ=> A?AHK KAL IEIJA =@AD=>E EJ=?E A JAHHEJ HE =?E = + 5ACKHE@=@8E= GKAB=?E EJA =E@ AE@=@@A HAI 4A H@A = EA J HC= E 6H= IEJ E EJ=HA JH A?JEL I= =I=LA E@=IOI A?=I A?AI=HE F H= CK =@A@A =I= C IJ=I?= AI@A?A JH -IJ=> A?AH =O H?= JE@=@@AF=H=@=I@AJ=NEI!2H LAHA?K F E EA J A?A =?EK@=@ =F FA = E@=@AIIALAH=I =?K F E EA J ",EIA =HO? IJHKEHK =HA@?E? LE=HE=??HEJAHE I@AIACKHE@=@ O? JE KE@=@ #4A@K?EH =ILA?E@=@AI NE =IA =IL =IF > E?=I $)F E?=HI=?E ABA?JEL== =LE =FHE HE@=@FA=J = O I EJAI@ALA?E@=@ %4A AL= EA J O? HHA??E IEIJA JE?=@A H=@E I@ACEH >?=?= AIO?=HHE AII >HA@E A IE =@ I A?= AIAE JAHIA??E AI &+ IFA=J = AIA =I=LA E@=IF=H= B=?E EJ=HA?HK?A=FAHI =I =O J=@AI@A LE E@=@ 1 B H =?E 4AB H K =HO H = E =H?EAHJ I?HEJAHE IOF=KJ=I CE?=IA A =@EI E KEHIKFAHF IE?E AI@AJ=HA=IA JHA J I HC= EI IE L K?H=@ I

8 # " -IJ=> A?AH A?= EI IFAH = A JAI@A=HJE?K =?E A JHA I HC= EI I@A@EIJE J=I KHEI@E??E AI!1? HF H=HK IEIJA =@AHACEIJH IEIJA =JE =@ GKAFAH EJ=?=FJ=HE B H E@=@=F=HJEH@A =IDEIJ HE=I? E?=I@A I,AF=HJ= A J I@A7HCA?E=I@A ID IFEJ= AI 2=H=A D=?A B= J= =E LAHIE A B H =?E JA? C =OHA?KHI IDK = I )+1-5;,-*)6- )? JE K=?E IA@AI=HH =K =>HALAHAIA =@A =IFHAIA J=?E AI? =JH= I? A J=HE I FHACK J=IOHAIFKAIJ=I HECE =@ I= BE = E IEJ HAI AI=@A=FAHJKH= 1 JACH= JAI,H 5= HCA5= =HJE,H= ) E?E=2EAHE E - FHAIE@A = ACEI =JKH=@A =+EK@=@)KJ =@A *KA =>EA LA E@== I F=HJE?EF= JAI@A = H =@= = JEA F GKA@AIJ=? =E F HJ=?E= O=?JK= E@=@@A JA ==JH=J=HOIA = =L K J=@@A =E FK I=H =IE E?E=JEL=I@EHECE@=I= A H=H =IACKHE@=@LE= A =?EK@=@ )? JE K=?E A FHAIE@A JA@A =+ IEJ O 6H= IF HJA@A = ACEI =JKH=@A =+EK@=@)KJ =@A*KA I H HCA5= =HJE ANFHAI = A?AIE@=@@A A? JH=HANFAHEA?E=I LA@ I=IGKAFAH E KEH I IE EAIJH ILE= AI A?E =E F HJ=?E=@A=L= =HA A A E? =OIA = GKA =IEJK=?E =?JK= IAFKA@AI K?E =HI = A JA? AOAI? =??E AI@A A@K?=?E AIF IAI IJEA A A A JEA F? K = KIJE?E= A J=GKAJH=>= =? AI?=I IHA?KHI I ) = EBAIJ=HGKAIAJH=J=@AK JH=>=? K J A A IAIJ=H? FH AJE@ I E LEJ = IFHAIA JAI==?AH?=H E GKEAJK@AIAE E?E=JEL=I= =? EIE GKA GKA A ==?JK= E@=@IAAIJ FH > A =IHABAHE@ I= H@A = EA JH IEJ FAI=@ I A =?EH?K =I =I@A =*?=O*=HH=?=I 2=H=BE = E =H =,ABA I H=@A =+EK@=@)KJ =@A *KA H=) E?E=2EAHE E A?K=@H A JA =A A =@ABA = =LE@=? IE@AH=@? IDK = I A J= AIOHA??E@? J= A =I+ LA?E AIO6H=J=@ I1 JAH =?E = AII >HA,AHA?D I 0K = I? ANFHAI=A IJ=4E?= E? HF H=@ A =4AB H =@A =+ IJEJK?E =?E =+ =+EK@=@@A*KA I)EHAI@A''$ )IE EI HA =H? GKA GKAAIJ A KAC A =I KAHJAI AIE AIOIA?KA =I@A I = =@ I=??E@A JAI@AJH IEJ = =LE@= = =E JACHE@=@B IE?=O= =? LELA?E=I?E= ) IE?E FHAIA J = CK I@=J IA => H=@ I A =,ABA I H =@A 2KA> HEA J=@ I=?=H=?JAHE =HA =IL?JE =I=I? J= >E = CK I=IFA?J I@A =I? EIE AI IA AIJ= KHEI@E??E O@AIJ=? GKA= HA@A@ H@A J E?E@E I?K F I IO@ I I FAHFAJH=@ IA EAIJH ILE= AIOGKA IFA=J AI? IJEJKOA =FHE?EF= L?JE =@AIE EAIJH I@AJH IEJ 6= K FH > A ==? IE@AH=H =IE F HJ= E@=@AI = EBAIJ=@=IHAIFA?J = =E B H E> A I >HA =JA JE?= O=GKA =BH=C A J=?E =@EIF=HE@=@@A?HEJAHE IO =E?=F=?E@=@@AA JHA?HK = EA I@=J I A => H=@ IF EJ=A = EIEI@AAIJ= FH > A JE?= OF H? IECKEA JA CK>AH = A FH FKAIJ=IOI K?E AI=@A?K=@=I= =HA= E@=@ 2 H JE IAHABEHE = I=IA = L =F > E?=GKAIA? FHKA>=? JE@E= = A JAOGKAIA=F O= A K =HACK =?K JKH=@A =JH=ICHAIE O =?AHJE@K >HA@A =E FK E@=@ 2=H=? A =H = => H@A = H =@= E LEJ I I=?J HAI? FH AJE@ I? A JA = =JH=>= =H K J I=K AIBKAH I O? H@E HA?KHI IF=H= CH=HA K BKJKH?AH?= I A HAIHAIK J=@ IF IE> AI

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

10 ' & OF=H=? JH=LA J HAI=I? J= >E FH CH= =I@AIJE =@ I= E? KEH =A@K?=?E LE= A I? JA E@ I > EC=J HE I@A = A@K?=?E B H = + HAIFA?J =? JH IA = GKAIE>EA A? =? D A HAI@ALAD?K IFHAIA J=@EBE?K J=@AI F=H=IK? H@E =?E IA A@E FHE H@E= E F HJ=?E== JA = E JA I FAH=JEL IGKAIAHA= E = A =+EK@=@ - A JA =@AI=?E AI IAF = JA=E F A A J=H?HEJAHE I@A HEJ A A J HC= EA J OFAH = A?E=@A E?A?E=ID=>E EJ= JAI =JH=L AI FA?K E=HE=I=E BH=?J HAI@AJH IEJ 2 H JE IA = GKA? =I=??E AIGKAIAFH F A E F E?= JH= IB H =?E AIA FH?JE?=II?E= AI=HH=EC=@=I FH A JAA =I?EA@=@ A I > AJEL I FAHIACKE@ F? IJ=?E=OA? FH EI J= =I?EA@=@A IK? K J 2HACK J=IO? A J=HE I 2HACK J= D=> J=ICH=LAI GK? FA ECH I= 1? KOA =LE =FHE HE@=@ FA=J = 4AIFKAIJ=2 + H? L= FA ECH AH=HE=IJEFEBE?=@=IGKA= K@A =@LEAHJA? FA ECH I=IF HGKA AIJ IKBE?EA JA A JA = K?E=@=I? F HA A F?HK =HIA@A?=HHE F=H=@ > =HIEIA = FHALE= 6= >E IAE? KOA =LE = 2HACK J= 3KEAH A?E =H@ I=IFA?J IGKAIAJ?=H A =I ANF IE?E AI 5A A?E GKA IJKHEIJ=IANJH= AH IIA=I >H= F H = B H =A GKAIA = A =A =?EK@=@O? IE@AH= FA ECH I 6= >E IA@E GKAA IF= IAIA GKA =?EH?K =?E LADE?K =HAI A IFA ECH I=ANEIJA? JH AI -IE F HJ= JA@AIJ=?=HGKAA AI IF= IAI HAI I?KE@=@ I I F HGKAAIJ A@K?=@ F=H=AI IE F HGKAANEIJA? JH AIFAH = A JAI - A 2 = -IJH=J CE? B= J=K E CHA@EA JA KOE F HJ= JAGKA AIA A H= EA =E BH=AIJHK?JKH=LE= 5A@E?AGKAA K '@A I=??E@A JAILE= AI HAII I HAIF I=> AI 5E A >=HC AIJ AI?EAHJ IE GKAD=OGKA? IE@AH=HK = K JEF E?E@=@@A?=KI=I 7IJA@AI?HAA GKA = E =?EK@=@@A*KA I)EHAIAIJ A >KA AI 3K AIJ IIEIJA =I@A =H?=?E O IA = E =?E A?E = =?KHL=@A = KAHJA?HAA GKAA FH > A =IAI K?E =? E F AHLA?E@=@AI NE =IO? JH AIFAH = A JAI D=OGKAFA = 4AIFKAIJ=2 + H? L= -IJ O@A=?KAH@ A =IIEJK=?E F = E JH= HA=O=FAI=H@AGKAIAE FK I= =LA?AI IJA AH E?E@A?E=@EHA?J=A =HAI FH > A =,AI@AAIJ= HA= GKAIA?KF=@A =5ACKHE@=@8E= J = I IHA?=K@ I F=H=I K?E =H IFH > A =IGKAAIJ = KAIJH =?=?A EA JH=I AIAIJHK?JKH= AI? IE@AH= I GKA A@E@=I? HA@K?EH =LA?E@=@O=K A J=H I? JH AI? JHE>KOA = A H=H AI@AIACKHE@=@ 4AIFKAIJ=) / = A + E?E@ F A = A JAA GKA IA FKA@A>= =H EAIJH= E@=@IE K =E BH=AIJHK?JKH= =@A?K=@= - $"@A I KAHJ IA =)HCA JE =?KHHAF H?D GKAIBH J= AIO IJ II IA@= A =IHKJ=I@AK =I =?= =@= - AIA?=I K =I K?E F=H=I= E= AIEH? HKJ=I@A@ > A?= =@=? IADE? =4KJ= = =H@A 2 =J= = =GKAIA = =>= =4KJ=@A = KAHJA OIA>= A '&@A =IE EAIJH= E@=@ 2AH A =?EK@=@@A*KA I)EHAI GKA AIA?=I GKA I?KF=D O IFHA?KF=A FH > A =KH>= GKA@EBEAHA@A FH > A = =?E =IHKJ=I? J= FH > A =HKH= - FH > A LAHCAD=?E= =+=FEJ=.A@AH= O=? IAFKA@A JEH=H=>= I IA@EBE?E IF=H=D=?AH AIJHK?JKH=IGKAFAH EJ= =?EH?K =?E 2AH D=O K?D=I? I=I GKAIAFKA@A D=?AHF=H= A H=H I? A?JEL IJEA A GKA?EH?K =HF H =I=LA E@=IOI A?=I I AN?AF?E = AIF H =I?= AI@A?A JH F H A ID=IJ= ==LA E@= 2KAOHHA@ CHA IGKAD=O= IF=H=@=I@AJ=NEI? A JH=I?EK@=@AI@A *= A I= =HA= E@=@ 6A A IGKAA GKAD=O H@A = EA J IGKAFKA@A HAI LAHFH > A =I@A?=H?JAH E A@E=J HAI@A?=>A = = EI JEA F GKAHAI LA I=??E AIAIJH=J CE?=IIE =I?K= AI IA FKA@A AC=H=I K?E 4AIFKAIJ= + 1I >= )?KAH@? A HAFHAIA J= JA@A = )I?E=?E )HCA JE =@A+=HHAJAH=II >HA =E F HJ=?E=@A = E BH=AIJHK?JKH=LE= A =FHALA?E 6A A JAA JA =@A

11 IF=I I= IBAHH?=HHE AI GKA? IJEJKOA K =BKA HJ= E@=@OGKA ANEIJA A?=IE E CK =?EK@=@@A F= IAI@AI=HH =@ I )AI D=OGKA= =@EH AA = =I?= AI =B= J=@AIA = E I?=HHE AIO@A I?HK?AI FA=J = AI A A A J IGKAJ= >E? JHE>KOA = =E IACKHE@=@ LE= 5E A >=HC =E BH=AIJHK?JKH= AI =I K?E =>I KJ= KIJ= A JAD O IAFK> E?=A FHE AH=F = A E?HA A I KAHJ IA JH IEJ A =HKJ=2= = AHE?= =?KO=? IJHK??E IEC EBE? K CH= FH CHAI F=H= = = 2AH JA C= IA?KA J=GKAIE CH= I@=HA A A J I@A IACKHE@=@ OA JHAA I HABAHA JA= L= I= IACKEHJA KAHJ I=FAI=H@A =I A H=IA E BH=AIJHK?JKH= 2HACK J= - 2 = -IJH=J CE? AIK F =@EHA??E CA AH= E JAH=?J =? JH=I HA=I@A / >EAH F HJA IA? A =E F A A J=HO? JEA A FHALEIJ A?H CH= = F=H=?K F EH > AJEL I AJ=IOAL= K=?E AI -NEIJA= CK = BECKH=GKABK?E A? =HJE?K =@ H@A =AIJHK?JKH=@A C =?EK@=@ 4AIFKAIJ=2 + H? L= -IK =@EHA??E CA AH= FAH IAJH=>= =? H@E =@= A JA? JH=>= GKAO=IA LA =HA= E =I=??E AI@A? H@E =?E GKAIA FH F A A A F = O=JEA A K =DEIJ HE=@AJH=>= A? I@=J IO I@E=C IJE? I 2HACK J= + IA = A = =AIJHK?JKH=@AC >EAH BHA JA=K JA =FK JK=? F HA A F A JA =GKAKIJA@ =?KHL=@A = KAHJAA =GKAF = JA= K =FH FKAIJ=FAH = FKA@A A A?KJ=H 4AIFKAIJ=2 + H? L= -?=I IA GKAAI A?AI=HE= = E JH= HA=? =?KHL=@A = KAHJA F=HJE?EF=?E = =,EHA??E /A IEJ AI? E BH=AIJHK?JKH= IA = E =?E =H?=?E D HE J= - JH I?=I IIAJH=>= =? A HA=@A A@K?=?E OIA? H@E =@AI@A =@EHA??E 2HACK J= 2 HGK D=OK =F=HJE?EF=?E IHAFHAIA / =?EK@=@A IK? K J A A F = I I=>A IGKA AI EI FA@EH? => H=?E =K HA= =HK F = AIJH=J CE?? A? K HA=IGKA I=>A IGKAL= =AIJ=HE L K?H=@=IA A A ==??E ;F H JE? F=HJE?EF= I@AI@A =I=I?E=?E AIO=GKA? E?E@E IA CK IJA =IFAH I D=?AH AC=HFH FKAIJ=I 4AIFKAIJ=2 + H? L= I JH I=@DAHE I= =FH FKAIJ=GKA B H K =,H= 2EAHE E OAIJ= IJH=>= = CK IJA =IA B H =? K JACH=HAIJ= AI=@A? H@E =?E FAH = =I HA=IE L K?H=@=I@A C >EAH O AIJ =I HC= E =?E AI@A =I?EA@=@?ELE =F FH FKAIJ=I F=H=A?=H=HFH > A =I??HAJ I + A J=HE 3KEAH HABAHEH A= I NEJ I CH=@ IA AIJAJA == ELA E JAH =?E = =AN?A A JA? H@E =?E 2 H A A F A ) A = E= K?D=IE IJEJK?E AIAIJ=>= FHA?KF=@=I F H =IACKHE@=@LE= OJKLEAH GKA? H@E =HIAF=H==K =H AIBKAH IO >JA AHHAIK J=@ I I JH ILA IK =?= JE@=@@A AIBKAH AI@EIFAHI IGKA IA=FH LA?D= F=H==J=?=H AIJAFH > A = K JEB=? JE?? AI =IACKHE@=@LE= = )I?E=?E )HCA JE =@A+=HHAJAH=IDE K F = FE LE= A K =?EK@=@@A =2H LE?E=@A*KA I)EHAI J JH=I?EK@=@AI? JAIJEC 5A CH K NEJ E F HJ= JA >=I=@ A J= A JAA A =? K E@=@ E F H =I I= J=I=KJ HE@=@AIGKA? A FH > A =OF HK A AC= ID=IJ= I= K ELA FHA AI? FK JE? IA F= =I? F HA A F A F=H= J?E? EIJ=I 7 BKAHJA? FH EI F JE?? A FH CH= = DE GKAIAHA@K AH= IA IE> A A JA I=??E@A JAI + A J=HE 3KEAH =CHAC=H= EE JAHLA?E = JAHE HA JA =@A =ILAHA@=I = A J=> A A JA =IAIJ=@ IJE?=I KAIJH= A =IGKAI ID IFEJ= AIF =I=?AH=I )? IA A?E =H LAHA@=I@A AJH I OAIE??A>E> AGKA? AIAJ= AIJ?KF=@=I F HA A F F HK GKE I - AI I?=I I =CA JAJEA AGKA>= IEJ=HOIEC EBE?=K HEAIC 2 H JE GKEAH A?E =HGKA =D H=GKAJAH E =A E LEAH A B = A@A I H> K?D IIA B H I F H J= J I E?EJ GKAD=O== C A?= EI F HA GKAIA? HJA =I H= =IF=H=ALEJ=HGKAA = CK =IE JAHIA??E AI HAI ACKA =JEA F =LAHA IA B H

12 ! 1 JACH= JAI,H= =H =) C E?= =HJ O E? =KH=* IGKA + H@E =?E E? 5KI= = =FIA I )??E@A JAI@AJH IEJ A A HA=FH CH= JE?=@A D JAH =?E HEHA L?JE =I@A=??E@A JAI@AJH IEJ 2 A?E=@A =,H= ) C E?= =HJ O JH +A - AHCA J C = A@E?E =O+EHKC =@A 6H=K =@A 0 IFEJ= /A I K= =,H= =HJ? A IKANF IE?E F = =I@EBE?K J=@AI GKAIAFHAIA J= F=H=@EIA =H=??E AIFHALA JEL=IF H = BH=C A =E B H =?E A?AI=HE= 5A = GKAF H = B H =A GKAAIJ HC= E =@ A IEIJA IIAHLE?E I@AA AHCA?E=@A ID IFEJ= AI@A =?EK@=@ F IAA JAOL= E I=E B H =?E =IAHK =F HJA JE F=H= JH IIA?J HAI 2=H=A A F EBE?=HAIJ=F IE>E E@=@ IAHABEHE =? JE K=?E = = C =@AHACEIJH E F A A J=@=A A HA= A =GKAIA@AIA FA = =JH=L I@AK KHE=I@A +=KI=-NJAH =?KO=BKA JA@AE B H =?E I =IDEIJ HE=I? IF=?EA I )F=HJEH@A@E?EA >HA@A''% IA E? HF H=H =AIJAHACEIJH =IL?JE =I@A=??E@A JAI@A JH IEJ - ''' IA AL =?=> A FHE AH= EIEIGKA AIFAH EJE?=H=?JAHE =H= =F > =?E AIE =@= =I? =AIJHK?JKH=@A I JEF I@A=??E@A JAIGKA?KHHEAH A A HA=FH CH= JE?=@A = E IJEJK?E =HJ ANF E? GKAF=H=AL= K=H I?= >E IGKAFK@EAH= D=>AH?KHHE@ =JH=L I@A JEA F A A =IL?JE =I OAL K?E =I? A A JA IA? F=H=H I@=J IO=FK> E?=@ I@A ''& '''? I >JA E@ IF=H=A $ =IL=HE=> AIIA A??E =@=IBKAH = IAN A@=@ =??E@A IAC = >K =J HE E JAH =?E B= A?E EA J OA JEA = A?E=A CK=H@E= A D H=I =? F=H=?E A JHA I@ I IJH K E?HA A =FH F AIE =@ I@A IAN =I?K E OA HA =?E = JAIA = K =K A J IEC EIJ=IO L?JE =I@A=??E@A JAIA? A?JEL?= E 6= >E IA >IAHL K =O HF H?A J= A@AF=?EA JAI = >K =J HE IOK =@EI E = HJ= E@=@A CK=H@E= I@=J IHACEIJH=@ IA JHAA AH O =O $ AIFAH EJE AL= K=HA JAH A?AH@A =I L?JE A HA =?E = IAN A@=@O A?= EI AIE = )@A IFK@EAH >IAHL=HA E L K?H= EA I@EIJE J I? F A JAI@A IEIJA =@AI= K@ F > E? OFHEL=@ =FHAIA =IAHEA@A@=J IAIJ=@ IJE? I?? KO GKAF=H=A HA=FH CH= JE?=@A D =I FHE HE@=@AIA HA =?E = =I = HA??AH? F > =?E F=HJE?K =H A JA LK AH=> A= =IFAHI =I@A$= I I O =?=JAC H =@A FA=J? =@A =O H H>E HJ= E@=@ 6= >E FHAIA J K =F=? =?= E =?E CA CH BE?=@A =I? EIE AI@AJH IEJ A A HA=? IJHKE@? E B H =I DEIJ HE=I? E?=I ) HA =?E =H =?= JE@=@@AL?JE =I? =?= JE@=@@A AJH E =@ IFK J I A? JH=H GKAA =O HL= HA A HA= FH CH= JE?=IAA? JH=>=A ==LA E@='@A K E J= >E IEC EBE?=JEL I IL= HAI@A =I?AH?= =I@A =I AIJ=?E AI@ABAHH?=HHE O= CK IFK J I@AE JAHIA??E? =LA E@=I@AJH IEJ H FE@,=@ GKA I=??E@A JAI@AJH IEJ I K BA A GKA? FH AJA@EBAHA JAI=IFA?J C OA?E = =,H= GKAI FKA@A? IJHKEHIAK??E EA AIF H =E JAH=??E? K AH I=I@EI?EF E =I -NFHAI EA J HAIK J=E AF=H= AIJ=> A?AHFH CH= =I@AFHALA?E H=?E = AI O=GKAFAH EJEH = IA A??E =H A@E@=IFHALA JEL=I IAIFA? BE?=I@EHECE@=I= I CHKF I ILK AH=> AIOFHE HE IJEF I@A=??E@A JA IAC IK H>E HJ= E@=@ +EJ? A A F A IFA=J AI =O HAI@A$= I=F=HA?A? K CHKF = J= A JALK AH=> A J= LA D=>H =GKAFA I=HA HAE IJ= =H I HABKCE IF=H=FA=J AIA = CK =I=LA E@=IA =IGKAHAIK J= J I?HK =H? A JEA IA B H

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

14 % $ IAA IA A=D=?AHJH=GKA J IGKAAI D=?A I? IE@AH= GKAA?KHI AIF >HA F=H= IJH=HGKAD=O K?D FHA??AFJ HAIFA?J = GKA =? K E@=@JEA AGKAI=>AH,ADA?D A =FHALA?E F=H=A D C=H E CK =@A =IHA? AIF=H= = HC= E > JEGK E? KOA A@E?=?E 2HACK J=,AGK = AH=IAL= =?JK= E =IFAHI =IGKA D=?A HHEI 4AIFKAIJ= * IGKA =?=F=?EJ=?E JEA AIEA FHAK =F=HJA JA HE?= K =F=HJAANF E?=JEL=OK =F=HJAFH?JE?= -IJ HAGKEAHA IEA FHAK A JHA = EA J IKFAHLEI=@ =IHA? AI E JAH =?E = AIF = JA= GKA =FAHI =?JK= E =?E F H A IK =LA F H= GKAAIA JEA F GKA IA?=?K =F=H=GKAK =FAHI =GKA JKL GKAF AHA FH?JE?= I??E EA J I=@GKEHE@ IFKA@=HA? H@=H I =I H =IE JAH =?E = AIIAFK> E?=H? =I JE AIA A LECA?E=D=IJ=A = H =AIIE F EBE?=H =I =??E AI@A =? K E@=@ 2HACK J= 6 A A =FHALA?E FHE JHAI I@A=??E@A JAII >HA I?K= AI I JH I = IFA I=HA JH=>= =HF=H=FHALA EH I=??E@A IEJ GKAAIA GKAD O I? L?= I=??E@A JAI@A JH=>= IF H =GKE =HE=I A A A J IB IE? I GK E? IO!A =??E@A JAA A D C=H A =AI?KA = 0=O= C JH HK>H GKA=CHAC=H? AIJ = I?K>HEH = JAI 2HACK J= 7IJA@AID= JH=>= =@ A A 0 K = I= =GKAIACKH= A JA I@A=? H@=HK IEIJA =@AHACEIJH OGK I HACEIJH=H 5AH =F IE> AFA I=HA K IEIJA =IK E@=@AI@AA AHCA?E= 2 HGKAA =,ABA I H = = IA => H=HK =HA? = E K@=FH =ANFAHEA?E=@AKIJA@AI? DA IDA?D? JH=I?KAIJE AI 4AIFKAIJ= ) =HJ 0=O JH=I?KAIJE AIGKA =? K HF H=HA A JA =@A =FHALA?E 7 =AI =I AIE AI F HLE A?E=OIKE?E@E GKA I JH IDA ID=> =@ D O D= IE@ E KHE=IF H?=KI=IANJAH =I E JA?E = AI 2AH?HA GKAJ= >E AHA?A IAHJH=J=@=I =IGKAA JH= A A E JA?E = AI,A =I E JA?E = AI =FA I=HA =CHAC=HE KHE=I@AF HJEL=IOHA?HA=JEL=I HJACA AH= AIE AIGKAA = CK =I?=IE AII IAHE=IOI =BA?J= =FAHI =I LA AI - JE A A A J GKAD=>H =GKAE? HF H=H F HGKAAIJ FHAIA JAA K?D I@A IHK>H I@A=??E@A JAI I =I@H C=IGKAJAH E = B=L =FH AIE AI= LA?AICH=LAIA?DE? I@AA JHAO = I + HAIFA?J = = =JHE F H KAIJH =@ D=O E C E? LA EA JAA? F=HJEH = 3KE AIA? JH=HGKE D=C= 6= LA K =I= E@=IAH =GKA=GKA I,AF=HJ= A J IAHA?E>AK B K =O H@AAIJ IF=?EA JAIJA C= FAHI =I A?=HC=@=I@A =HA? I O=GKAA IAHLE?E AIJ A J= A JA@A@E?=@ = IF=?EA JAI - FH > A =@A HACEIJH AIIA?E D=OK AGKEF GKAIA@A@EGKA=D=?AH - KAIJH?=I? A = I F HE GKEAJK@AIFAHI = AI?K F =@A I? KAIJH=I J=HA=IAIFA? BE?=I 4A?E>E I? => -IJ=@ IJE?=IF=H= =5= K@ =B HJ= A =GKAJA A IAIA? =L?JE =? =JEA A =F E? = FAH? =??AI = =O HE B H =?E IAH =E F IE> AD=?AH 0=OGKAJH=>= =H? I I EA >H I@A AGKEF =? >EA GK E B H =DEIJ HE=? E?= A A E>H 4AIFKAIJ= * IGKA )?KAH@? =E? =LE A?E= GKAAIK AIE AI =FHALA?E JEA AAIJH=JACE=IAIFA? BE?=IAE AIFA? GKAIAFKA@= D=?AHA =AI?KA =OA JH=IE IJEJK?E AIL==? JHE>KEH=F H A I>= =H =CH=LA@=@@A =I AIE AI IEA FHA = E@A HEAIC > AJEL OIK A@E@=FHALA JEL=@EHA?J=AI GKAC=H= JE = =@EI E K?E AIJ=@ IJE?=IE J= >E >IAHL=H GK AI GKA? B JEL GKAL=CA A? E = A?AI=HE F=H=GKA = AIE?KHH= -IJ IAD=LEIJ A =I AI?KA =IO= CK =ID= E? HF H=@ A B H =AIJ=> A =B H A@E=@ HAIOAIJ A H= =?= E@=@@A =? LELA?E= 2 H J= J IAFKA@AD=> =H@AFHALA EH AIE AI F HGKAAIJ KO HA =?E =@=I? =?= E@=@@A =? LELA?E= I JH IJA A I K FH CH= =F=H=AI?KA =IGKAIA = =?J=LE 5KFAHD H A = JH=L I@A?K= IAE JA J=?HA=H? E =I IF=HJE?EF=JEL IA =? K E@=@AI? AI IA CH= =FHALA?E AI I B?E - =IA

15 ' =5KFAHE JA 6H=>= =FHALA?E AI IB?E F HGKAIE IA F A=@ IAIJ AC= A JAHACEIJH=@ I D=O? JH AIGKABK?E = -IJ II I@=J I I? BE=> AI GKAANEIJA I >HAA JA AIA?=H=H =FHALA?E A I?=I I@AJH=>= =@ HAIE AC= AI 6AH?AH= AI=@A6H=>= 1 JACH= JAI,H ) >AHJ ) ) L=HA I,H )@ B 2=I?K=,H.AH += O E? IJ H5A>=IJE + H@E =?E,H= =H = K E=/E HCA E 5ACKHE@=@A A JH IEJ ACEI =HF=H=FHALA EH 2 A?E=@A I,HAI ) >AHJ ) ) L=HA IO)@ B 0 I >HAA 5ACKH O =4AIF I=>E E@=@+ELE IANF IEJ HAIF = JA=H GKA =E IACKHE@=@A A JH IEJ? IJEJKOAK = E? E IAHJ A KAIJH=I?EA@=@ GKA HAGKEAHAA B H =KHCA JA? J=H? K =F =H I= J KAHJAIO AIE =@ IGKA HACEIJH= =IAIJ=@ IJE?=I GKA? IE@AH=H J= CH=LA@=@HAIE@AA =F H@E@=@A>EA AIOHA?KHI IGKACA AH= = E IACKHE@=@A A JH IEJ -NFHAI=H =KHCA?E=@AJH=>= =HA FH H =I ACEI =JEL=IGKAAIJ=> A?= K =F=KJ= =?E LE= =I? =E F A A IEIJA =@A E?A?E= H J HC=@=F HK HC= EI =?E = I@?J HAI) L=HA IO2=I?K= IA = =H GKA = ACEI =?E FK EJEL=LECA JAA =JAHE=@AE BH=??E AI@AJH IEJ >=I=@=A K J=I D=JA E@ IHAIK J=@ IAIFAH=@ I F IJK K HAF = =II=?E AIO = A?AIE@=@@AK =O H? F E EA J A =I H =IGKAHACK = A JH IEJ 2=H=AIJAHAF = JA IA>=I= A?K=JH A A A J A J= AI -@K?=?E LE= E JACH=?E? =JAHE=A =?KHH?K =@A I I ELA AI@AA IA = = E? KIELABKAH=@A =I=K =IO= JH=L I@A?= F= =I =IEL=I@AA@K?=?E H =BH=C A J=?E A A J HC= EA E?A?E=IO H =JEL=IA A JAHHEJ HE =?E = IE I@A>E@ I? JH AI D=F IE>E EJ=@ A = CK =I KHEI@E??E AIA J HC= EA E?A?E=IIE H?K F EAH= I HAGKEIEJ I > EC=J HE I ) HAIFA?J F IJK =H GKAIAAIJ=> A?= K KAL IEIJA =@AD=>E EJ=?E =I?= AIO?= E I@A =4AF > E?=? E + 5ACKHE@=@8E= -IJA KAL IEIJA =J= >E B=?E EJ=H =A?K F E EA =IBK?E AI AC= A JA=IEC =@=I= 4ACEIJH =?E JA?A@A JAI@A6H IEJ 4- )6!5=?E AI F=H= =IE BH=??E AI ICH=LAI FH FKIEAH = =@ IEIJA =@A=?K K J I=F E?=@ I= K C=HIA?=@=E BH=??E =CA AH=H =ALA JK= E HF HK JEA E =@ - J I@A?=@=E BH=?J HAIJ=H 4- )6 6= >E IAFH FKI GKAA 4- )6JA C= K E?=H = E B H =?E = =I? F= =I@AIACKH IE@AH=H E =H I? IJ I@A "+ JH F=H=GKAAIJ=IIKCAHA?E=IIA= ABA?JEL=I IAIJ=@ I FH LE?E= AIO =+EK@=@)KJ =@A*KA I)EHAI@A>AH = HC= E =H K J? =IF E? =I A@E= JA I AIFA?E= AI K =FH CH= =?E ABA?JEL=@A =IJ=HA=I@A? =?EH?K =?E LADE?K =H 0=?E= =? JE?=IF > E?=I@A?K JKH=?EK@=@= = 2 A?E=@A,H.AH =)I?E=?E +ELE )OK@= = )??E@A J=@ ) IE?E H+= I IJKL GKAA F=H=@EC =A GKAIAIKIJA J= =FH > A JE?=@A =IACKHE@=@LE= A KAIJH F= ID=FAH@E@ =?JK= E@=@OF H J= J HAIK J= E ABE?EA JAF=H==?JK=HI >HA =CH=LAHA= E@=@IE EAIJH= A = )HCA JE = = GKAA JA =@A =E IACKHE@=@@A>AH =IAH JH=J=@ A A I@AHA?D IDK = I -NFHAI GKA =E JA?E = E@=@@AIKJH=>=? IEIJ =A E IJ= =H >HAA JA =F=H=? A =H=@AI=HH =HF JE?=I F > E?=I@A?K JKH=?EK@=@= =OF=HJE?EF=?E? K EJ=HE=GKA H?E ANEIJA JAA JHA H = AC= O H = H= O?K JKH= A KAIJH=I?EA@=@ 6= >E IA = GKAAIJ=IF = GKA HEA J=HIAD=?E= =HAL= HE =I H =I@A? LELA?E= A?K F E EA

16 IOA HAIFAJ = = AO IJHKEHK IKIJA J=> A A I=CHAIEL=OA =GKAIKI?EK@=@= I HAI?=JA A L= H@ALELEHA A = A?E K =A?KAIJ=@AD >EJ O FE E HABAHE@== JH IEJ O= AIF=?E F > E? GKA);)+HA= E A A = I >HAK K JHALEIJ=@ I IHAIK J=@ I=HH =H?EBH=I GKA IJH=>= GKA K?D=I@A =IB= J=IGKAIA? AJA A =?EH?K =?E IA@A>A I=JH= ICHAIE AI= = H EA J + A A AIANEJ I=IA = =JAHE= IAHABEHE = = ANFAHEA?E=HA= E =@=A =+EK@=@@A* C J? A 2H CH= =@A +K JKH=+EK@=@= =@AI=HH JAA ''# ''% 7I =>E?E? AJ=? IF HJA 2HAIA E? IJ +E? EIJ=I7H>= I - E?A?E=@ 5A>=IJE F = JA GKAA =I?EK@=@AIGKAIA FH F A AIJH=JACE=ICK>AH = A J= AI@A@AI=HH KH>= IKIJA J=> A IAFH KALAA =>E?E? AJ=F HIAH? IE@AH=@=? K IF HJAA? E?? J= E = JAO= =LA K =DAHH= EA J= JE F=H= HJEL=O? JH=A IA@A J=HEI )? =H GKA =FH?E IA HABEAHA= =LA J=IE AI@A =O H IACKHE@=@F=H=IKKJE E =?E A =L =FK> E?= -NFHAI GKAA I JE I= I=K A J? IE@AH=> A A JAA I@A>E?E? AJ=A =?EK@=@ 5AHABEHE =K FHE AH IF H ==FAHJKH== = E F HJ=?E O= A H=IJA? CE?=IE? HF H=@=I= I?E? IO=K IF H IABA?J =?HEIEI@A 5E A >=HC O=FAI=H@A IHA? = IOFH FKAIJ=I?EK@=@= =I IA >IAHL K =E? HF A@E@=I=? H@AI= E?HA A IF HF=HJA@A I HC= EI I@A C >EAH =I=??E AIGKAIAA A?KJ=H BKAH F=H?E= AIO AIF - JHAA OA!IAHA= E =H = CK =I >H=IO =F=HJEH@A "AIJ F=H= E =@=I 5A = GKAIE>EA ANEIJAK = FE E CA AH= E =@=@AGKA I?E? EIJ=II E FHK@A JAIO?=IE = IEJK=?E AIHEAIC I=I AIJ? =H A IE B H AII >HA=??E@A JAI@AJH IEJ?K AIA F=FA GKA KC =>E?E? AJ= 6= >E ANFHAI GKAD=O= CK IE?E AIGKAIAAIJ JH=>= O? JEA A =IFA?J I AIF HIK? F A E@=@? F HA A F = > EC=J HEA@=@@A =H? GKAA =I?= F= HEAIC O = ALEJ=>E =??E@A JAA IKIK=HE I@A =L =F > E?=O E IEIJEHJ= J A A IEBKAH=A E? A A A J GKAFH L?=HEAIC A?E JHAI=IFA?J IE F HJ= JAIF=H=? JA F =HA A JA EIJ=I JH IEJ?=F=?EJ=?E GKA? JA F =I IEJK=?E ACEI =?E O H =JEL=!@EIA O? = HA@?E? LE=HE= =? GKAI >HAAIJAJA = =)+7FHAIA J K FH OA?J = JA = ACEI =JKH=@A =+)*) 2HACK J=IO? A J=HE I 2HACK J= -IJ O@A=?KAH@? K?D I@A IF = JA I@A E? 5A>=IJE IE A >=HC? HAIFA?J = GKAA F= IAI? )KIJH= E=O KAL= A L?=H AIBKAH IA??EA?E=H= =F > =?E I >HAA CH=H A K & J=H K =E F HJ= JA@EI E K?E A = HJ= E@=@@A?E? EIJ=IF H=??E@A JA I JH IA A 0 DA IHA?E>E@ F=?EA JAIODA IJA E@ KAHJAI?KO=?=KI=D=IE@ JH=K A 2 HAI AF=HA?A? LA EA JAE F = J=H =KJE E 2HACK J= - A JA =@A AF=HA?AGKAIA? =? K A I= A=LA?AI FHALA?E,ADA?D J= LA K =HA? F=H=D=?AHIAH =GKAA =I?= F= =I@AFHALA?E I A I= AIIA=? =H IO>EA? IJHKE@ I GKA AF=HA?A AIF CK =I AIJH=JACE=I@AFHALA?E GKAI ABA?JEL=IF=H= =@=I=FHALA EH -IJ= I@A=?KAH@ A GKAA AIA E? JA =FAH F=H=ALEJ=HA JH=K A E =@=B H IJH=@ 4AIFKAIJ= 5A>=IJE =FHACK J=HIAF HGK A '& F= IAI AI > EC=J HE A 0=OK JA =GKAJEA A!!

17 !!! GKALAH? JH =B= HAIFAJ F HA?E? EIJ=A =L =F > E?= IAI K?E = > =KI=H?=I? =?E? EIJ= 2HACK J= -IJ O@A=?KAH@? KIJA@@AGKAA?=I? AI = E?=FH > A JE?=@A?E? EIJ= 0=OK =A@EJ HE= KOE JAHAI= =HALEIJ=>HEJ E?=GKA@E?AGKAA HA= E@=@ IA@A>AH = IACKEHA EI?= IGKA A H=H =IACKHE@=@A A JH IEJ F HGKAA AIA?= E IAAGKEL?=H K?D=ILA?AI IE >KI?=H A?= EI I I LA@ I I A -KH F=AIIAF=H=H= JH IEJ O=GKAIKHEAIC AIJ= F H AIJ=HE IAHJ A A JH IEJ 5ACKH= A JAAI= A@E@=IAH = I ABA?JEL=GKA JH=IGKAIAAIJ JH=>= F AHK F=H=C FAIGKAIAA ALAF=H=GKAIEA FA=J C FA=I >HAA =KJ IA =IJE A A I =EH>=C= HA@A@ H@A =KJ 4AIFA?J =?=I? = E? JH IEJ A@= =IA I=?E GKAD=O?E? EIJ=I GKAD=?A GKA? =CH= =O H =GKA =D=?A OF A A HEAIC =LE@=@A FA=J O =IKO=FH FE=F IA AIE = IFH >=> AAIGKAIA A +HA AIJ JEA AGKALAH? OGKA = IGKAJH=>= =HI >HA@ I? I=IJ =H A@E@=IF=H= ALEJ=HA DA?D GKAJEA AGKALAH? = CK IFK J IGKAKIJA@ A?E? AIJ=> HAIFAJ=H=?E? EIJ=A = L =F > E?=O ALEJ=H =I AIE AI - I?=I I@A I?E? EIJ=I D=O AIE AIGKAI JEA A GKA? HAIFA?J =IK?KE@=@ GKAAIA?=I? 4AIFKAIJ= 5A>=IJE I JH I AC= IA IE IK > EC=J HEA@=@ 5E A=JH FA H=? D E =@ =& E AJH IF HD H= IE?=I? =@A =L= I= F=C=H I@ I +?=I? IA - HAIK J=@ L==IAHA EI J= LA A?=I? IEHL=F=H=E@A JEBE?=H A IB?E A I JH II AIJ= I FHE HE@=@AI GKAHA IGKA E? GKAIAAIJ=> A?=? A A A +EAHHA@A = H =@= 2= ) >AHJ 2 HA LE?AFHAIE@A JA@A = + IEJ O6H= IF HJA@A = ACEI =JKH=@A = +EK@=@@A*KA I)EHAI 2 =E F HJ=?E=@A@EI?KJEHOFH =H A A =I?EA@=@ K =FH > A JE?=GKA?=@=@ = IAJ H = IHA AL= JA? AI =IACKHE@=@A A JH IEJ OA JH= IF HJAO =A@K?=?E LE= -IJAAIK JA =?=@=LA I = =H = JA GKAIA? >H=LE@=IDK = =IOGKAHAGKEAHA =A A@E@=I? 5AHABEHE =@ IFH OA?J I@AIK=KJ H =GKAFHAIA J = JA = + IEJ O6H= IF HJA@A = ACEI =JKH= 7 AIJ HA =?E =@? A H@A = EA JH IEJ OA JH= IF HJAA = +EK@=@@A*KA I)EHAIAE JA J= =JH=L I@A?=HHE AIAN? KIEL I H@A =HA JH IEJ OA JH= IF HJAA A =?H O E?H?A JH 5A F = JA= =?EH?K A?JEL IOJ=NEI?KF=@ IF H =I =LA E@=I@A =I?= AI =JAH= AIF=H= =?EH?K =KJ LE AIF=HJE?K =HAI )? =H GKAA A FH OA?J IAAIJ=> A?A FH DE>E?E AIF=H=A JH= IF HJAF=HJE?K =H O=GKAA IK FE E =IANFAHEA?E=I = JAHE HAII >HAA JA =BH=?=I=H FAH IAE JA J=@AI= A J=H = JH=L I@A A H=HA BK?E = EA JH= IF HJAF > E?? AH@A=HJAHE=IO?=HHE AIAN? KIEL I GKA? FH AJA E F HJ= JAIHA?KHI IA? E? I 2AHA IA = GKAAIJ=I A@E@=I@A>A IAH =? F= =@=IF H JH=I? F HA A F A H@A = EA AIJ=?E = EA J A =L =F > E?=OA? JH=LA?E AI 4AIFA?J = FH OA?J F = JA GKA? IEIJAA K IEIJA HE CGKA=FK J===F E?=HE?A JEL I AC=JEL IF=H==GKA HAIGKA? AJA E BH=??E AIAE?A JEL IF IEJEL IF=H= =GKA IGKA?K F A? =I H =I@AJH IEJ - IEIJA = E JA J=HAA F = =H= =?JK= IEIJA =@AB= J=IIE? F A A J=H.K?E =H =A AH =!@A@E?EA >HA@A?=@==? K FK J= AGKAIAE E?E=@AI@AF=H=A GKA = A =? HHA?J= A JA D=IJ= )GKEA AC=IA= NE FK J= AA K EI = IA AHAJEH=JA F H=HE= A JAA?=H H 5E = JEA AAIA FK J= A@KH= JA!= IIA AHAJEH=A B H =FAH = A JA ) AC=H=

18 I#FK J IIA A > EC==J =@ AIFA?E= A HAIFA ECH I I 2=H==GKA HAIGKA =?K K A FK J I@KH= JAK = IA? JA F = K E?A JEL GKA? IEIJAA J A A E FKAIJ IOAIJAF H?A J= AIAE?HA A J=A = IIK?AIEL I 6= >E IA? JA F =? E?A JEL = HA = H =IJKL NEJ A JH IF= IAI? A.H=?E= O? A IA>KI?=CA AH=H??EA?E=@AA@K?=?E LE= A = F > =?E 1 JAHLA?E BE =@?J H=) E?E=2EAHE E,ABA I H=@A =+EK@=@@A*KA I)EHAI =@?J H=) E?E=2EAHE E?AHH A A?KA JH AIFA?E= A JA= = ACEI =JKH=F HD=>AHB=?E EJ=@ =F IE>E =H@KH= = H =@= = 5H ) J E / I >HAA 5ACKH O =4AIF I=>E E@=@+ELE F HD=>AH I@=@ A E FK I E E?E= F=H= =HA= E H =@= =)/ 1 JAH =JE = /H KFF HA =KIFE?E = I IBK?E =HE IGKAAIJKLEAH FHAIA JAIO= =I HC= E =?E AI I?E= AIOI?EA@=@AI?EA J BE?=IGKAF=HJE?EF=H =F IKI??E EA J IOANFAHEA?E=IOIK? FH EI = =LE@=A A AIF=?E F > E?!"!#

19 2=FA = AN

20 !'!& )1. 4 )+1 5 * ) -5 - )+17,),,-*7-5) H = E?. =LE= = F=HJ/ >>E + H@E =?E E? 5KI= = =FIA I 1 =E B H =?E O =IAIJ=@ IJE?=I - IK1 B H A I >HAJH=K =JEI I?=KI=@ IF HA JH IEJ = HC= E =5= K@ 5D= = =@ = =JA?E I >HAA =AI?=I=O@ELAHCA JAE B H =?E =?AH?=@A =I? EIE AI@AJH IEJ A?EAHJ IF= IAID=E FA@E@ =FKAIJ=A =H?D=@AF JE?=IABA?JEL=IO=? H@AI= = =C FH > A = 5AC AIJA HC= EI ANEIJAF?=??EA?E=@A = E F HJ=?E=@A IAIJK@E II >HAIE EAIJH I@AJH IEJ OIK KJE E@=@A =B H K JE?=I=@A?K=@=I - AIJAIA JE@ = 5IA = =GKA =IE LAIJEC=?E AI@A>AH = I?K= JEJ=JEL IO?K= EJ=JEL I =?= JE@=@@A FAHI =I KAHJ=IO AIE =@=I?? IA?KA?E=@A =? = E?E A JHALAD?K I IE J= >E,A =I?=H=?JAH IJE?=I@A =IFAHI =IE L K?H=@=I=F=HJEH@A L=HE=> CH BE?=I,A IJEF I@AJH=K =JEI I HJ= AIO HJ= AI I BHA?KA JAI,A IB=?J HAI@AHEAIC I? K AI,A =I? IA?KA?E=IF=@A?E@=IF H =L?JE =JH=IA DA?D AIE AIFAH = F =?= E@=@@ALE@=,A =IF=KJ=I?K JKH= AIGKAB=L IE EAIJH ILE= AIFAH K??E EA J I@AJ= = FH > A JE?=,A=?KAH@ = I?HEJAHE I@AABE?EA?E=OABE?=?E= =@EIF E>E =E B H =IAHE FK I=@=@A JH K =H? E H@E =?E A JHA I@EIJE J I HC= EI IE L K?H=@ I GKA FAH EJ=@EI E KEHIKFAHF IE?E AI@AJ=HA=IOA JHA?HK I I@=J IKJE E => AI 11 =E B H =?E O =IAIJ=@ IJE?=IA =?EK@=@ 5E>EA =+EK@=@)KJ =@A*KA I)EHAI?KA J=? K = =?JK= E =?E? IJ= JA@A =E B H =?E I >HA =FH > A JE?=@A IIE EAIJH I@AJH IEJ HA= E =@=J= J F H HC= EI IAIJ=J= AI BA@AH= AI??= AI D= CH=@ IKFAH=HA J H E I@A? BA??E OA => =E B H =?E =@EIF=HE@=@?=HA?E= O? JH=@E??E AI@A IHAIK J=@ I >JA E@ IA =JAHE= AIJ=@ IJE?= =E?=F=?E@=@@AA JHA?HK = EA IHACEIJH I A => H=@ IF H I@EIJE J I HC= EI IGKABK?E =? BKA JA@A@=J I =I? J= >E I@EIJE J I?HEJAHE IO C =IKJE E =@=IF H I HC= @=J JAI@A IBE AI@A?=@= HC= E =?E E EJ= A = EIEII >HAAIJ=FH > A EJ=H CK>AH = A FKAIJ=IO I K?E AI =F IE>E E@=@@A=??A@AH=E B H =?E AND=KIJEL=O BAD=?EA JAI >HA IIE EAIJH ILE= AIFAH EJEH =CA AH=HK =L=?A A IKFHALA?E O? =?EK@=@ F=H==JA K=H I HEAIC IO =I? IA?KA?E=I@AA IK =LA I - A 2H CH= =I >HAIE EAIJH I@AJH IEJ O JH=I LE A?E=IA A AIF=?E F > E? =,ABA I H =@A 2KA> D= FH LE@ =HA= E =ANF H=?E I >HA @=J OA => IJE?=IF HF=HJA@A I@EIJE J I HC= EI I? A > =IF IE> =HA? A??E O? I@=J II >HA IE EAIJH ILE= AIA IKI@EIJE J I=IFA?J I I HC= EI I HA AL=@ IBKAH 5KFAHE AJH F EJ= =@A =2 E? =.A@AH= )HCA JE 6H= IF HJA@A =2 E? =.A@AH= )HCA JE = -IJ=F A?E=AIK HAIK JH=>= =FH > A JE?=@A = IACKHE@=@LE= A =+EK@=@@A*KA I)EHAI =1 B H =?E O-IJ=@ IJE?=II >HAIE EAIJH ILE= AI # 2=HJA1 FHAIA J=@ A =I H A - EI FKA@AA? JH=HIAA DJJF I HE= HC =H E IJEJK?E HC= E =5= K@ 1 B H A I >HAJH=K =JEI I?=KI=@ IF HA JH IEJ = "A MMM F=D HC 5F= EID,, 27* 2+ #'' DJ 8AHJ= >E -IJH=JACE= GKE GKA = 5F=H= JAI@A AIE AI F H=??E@A JAI@AJH BE? A MMM MD E J LE A?A E KHO FHALA?E

21 JE?=+HE E E KIJE?E=O,AHA?D I0K = I@A = =?E 4ACEIJH =?E JA?A@A JAI@A6H IEJ 4- )6 HA IA@A = =?E,EHA??E -IJ=@ +ELE O@A =I2AHI =I 5EIJA AHCA?E=,AF=HJ= A 0 I A 0 I,H + )HCAHE?D 5A?HAJ=H =@A-IJ=@ IJE?=IO+A I I@A / I)EHAI -IJA= EIEI@A =IEJK=?E GKA?A JH= = EH=@=A =E?? IOA L=? AIJ=@ IJE? FAH EJEH =F HJ=HA A A J IF=H=? BA??E =HK =FA GKAFHA?EIA =IEJK=?E @AE B H =?E O=F=HJEH@A?K= IAFKA@=FA I=HO A => H=HF IE> AIFH FKAIJ=IGKAFAH EJ=? HHACEHOA HEGKA?AH = B H =@AA => I@A =?EK@=@ - AIJAIA JE@ AIJAFH OA?J >KI?=CA AH=HK =F HJAF=H= H = E =H IIEIJA =I@AE B H =?E A GKA=J= A= E?E AI BKA JAI@A@=J I I@AHA? A??E B H =I@A HACEIJH?HEJAHE IF=H= O = JEBE?=?E )HJE?K =HA JH=>= A JHA I@EIJE J I HC= EI I 0=?AH IAND=KIJEL= =HA? B H =?E I >HA = =JAHE= 2 H JH =@?HAA IGKAAIJA =FA I >HAA AIJ=@ =E B H =?E O =AIJ=@ IJE?=A HA =?E = =JA JE?=@A IACKHE@=@LE= A =+EK@=@)KJ =@A*KA I)EHAIFKA@A FAH EJEH I E@A JEBE?=H?EAHJ=IB= A?E=IOF IE> AII K?E AI IE J= >E I K AH I IKIK=HE I@A =IBKA I= = E =@ IE B H =?E JE F=H= A H=HIKKJE E =?E 111 -IFA?EBE?=?E AI CE?=I - = EIEII >HAA IJHK??E FAH EJE HA?=L=HE B H =?E I >HA =IDAHH= EA J=I@AHA AL F = E =I B H K =HE I AI@AHA= E AIJK@E FAHI = =?=HC I@AHACEIJH =IBKA JAI@AE B H =?E AI@A=??AI = = EI = I I@A? E?E AI@AL=HE=> AI?=JAC H =IAE B H AI A IGKAIA = = E = I@=J I =E B H =?E IA? IEC =F=HJEH@A 1 B H A J IOAIJ=@ IJE?=II >HA =FH > A JE?=@A = IACKHE@=@LE= O@A =I? EIE AIA => H=@ IF H K?D I@AA IBKAH HA EJE@ IF H =I@EIJE J=I HC= E =?E AI=I E?EJK@@AAIJ=,ABA I H = )@A I IAJKL I >HA=GKA IO=FK> E?=@ I FK> E?=> AIA 1 JAH AJ 2 = E =I@AHACEIJH O>=IA@A@=J IGKABKAH J= >E HA EJE@ I=AIJ=,ABA I H ==F=HJEH@AFA@E@ IAIFA? BE? I - JHALEIJ=I=BKA JAI? =LAI BK?E =HE IO FAHI = =?=HC A =I@EIJE GKABKAH A J= JHA GKA =IE IJEJK?E AIAIJ=> A?A? H =JEL= F=H= =HA? O GKAHA= A JAIK?A@AA =FH?JE?= =I? IL=? I@AE B H =?E ANEIJA JAII A I@EIJE J I HC= EI I 2=H=A = EIEI@A =A => IA ID JAI@A =?EK@=@IAJ =H? KAIJH=@ I@A IFEJ= AI@A=CK@ I A GKABKAH IA A??E =@ IF HK>E?=HIAA =I?AH?= =I@A =I =I? =O HBHA?KA?E=@A? EIE AI@AJH IEJ! 18 =IBKA JAIF E?E= AI )F=HJEH@A@EIJE =2 E? =.A@AH= )HCA JE = HACEIJH=E B H =?E HAIFA?J = IIE EAIJH ILE= IA =L =F > E?=GKAI KJE E =@ IF H@EIJE J I HC= EI I AIJ=J= AI > =E IJEJK?E F JEBE?=H I FHAIK J IDA?D I@A E?JEL I =E B H =?E AIHA AL=@=F=H= =? IJEF I@AIK?AI I? JH= =FH FEA@=@ =??E@A JAIGKA L?JE =IIE I =JAHE= AI OD E?E@E IO AIE AI! 8AH@?K =,ABA I H =@A 2KA> =2H > A JE?=@A =5ACKHE@=@8E= A =+EK@=@@A*KA I)EHAI =1 B H =?E O-IJ=@ IJE?=II >HA5E EAIJH I8E= AI # =F=IO F CE =I$O$,EIF E> AA DJJF I HE= HC =H E IJEJK?E " "

22 =2.)J =??E EA IIE EAIJH I@AJH IEJ =F=HJEH@A = FHAIA?E=OLECE =?E=F E?E= A A KC=H@A DA?D JEBE?=@ K =@=HIA= KC=H O@A =I@A K?E=I HA= E =@=IF H =IFAHI =I@= EBE?=@=IA =? EI=H = - JH=>=? =>=IA@A@=J IF E?E= D=FAH EJE@ A JHALAHGKA AI=E B H J=@A =J J= E@=@@A =IL?JE =IA? EIE AI@AJH IEJ - I KAHJ I AIJ HAFHAIA J=@=I K I EI IO=GKA =F E? = HACEIJH=? D E?E@E F HIE IEJ = =O HF=HJA@A I@A?AI IGKAIAD= K =LA D IFEJ= E =@= =L?JE = )@A I =? F=H=?E? JH I HC= EI IGKAHA AL= = L?JE =IB=J= AIE IEJKF AA ALE@A?E=?EAHJ=I@EBAHA?E=IA I J J= AI@A =E B H =?E F E?E= GKA KAIJH= K = J IK> JEBE?=?E F HF=HJA@A = EI = K?D I@A I@A?AI I IA A KC=H A A JH=I =@ IAA?KA JH= JEBE?=@ IA =IF = E =IA => H=@=IF H =2.) 2 H JH =@? IAANF E?EJ=H I=@A = JA =BKA JAF E?E= HA AL=?EAHJ=E B H =?E GKAGKA@=F HBKAH=@A HACEIJH ABA?JK=@ A A IEIJA =@AI= K@ 2 HA A F A L?JE =IGKA >KI?=H =JA?E D IFEJ= =HE= GKABKAH A IEIJA =FHEL=@ I FKA@A IAH= J=@=IF H = F E? =A A KC=H@A DA?D F IJAHE H A E?E= AI=ABA?JK=HK =@A K?E= 6= >E FKA@A EBE?=@ D=C=K =@A K?E= A?KO?=I J= >E AIJ=BKA JAFEAH@AAI=E B H =?E + A > =H =B H =@AA => = E B H =?E F HF=HJA@A =F E? = IA JAHLEA A A = EI = + EI=H =IO 5KFAHE AJH F EJ= =,EHA??E /A IF HJAO,ELEIE 1 CA EAH =8E=. HA IA + EI=H =IO5KFAHE AJH F EJ= = 5 >HA =>=IA@A IIK =HE IHACEIJH=@ IA =I? EI=H =I? AIE AI'"+2?=KI=H@= A A?KAHF =I= K@F H E FAHE?E= E FHK@A?E= AC ECA?E= E >IAHL=?E=@A O0 E?E@E I&"+2?=KI=H KAHJAF H I EI I JEL I A HABAHA?E== AIJ=> A?E@=F HA 2A = =I? EI=H =IA => H= K =F = E =I >HA=??E@A JAI@A JH IEJ +=@=? EI=H =HACEIJH== IIE EAIJH IA IK KHEI@E??E JAHHEJ HE=? J=>E E =?= JE@=@@AL?JE =IO IDA?D IA I =IF = E =I? BA??E =@=II A LE=@=I A IK= A JA= = 5KFAHE AJH F IAA?=HC=@A =?A JH= E =?E OHA H@A = EA = EI = - =IF = E =I? BA??E =@=IA =I? EI=H =IIAHACEIJH=?=KI= AIE K0 E?E@E =HE BA?D=OD H=@A DA?D =?=H=?JAH IJE?=I@A LAD?K KJE E =@ IAN A@=@OIEAI=? F= = H IJE?=I@A LAD?K KJE E =@ IAN OA@=@O KC=H@A DA?D CA AH= A JAAIFA?EBE?=@ F H ==HJAHE=?HK?A@A?= AI -IJ=E B H =?E FAH EJA=> H@=H?EAHJ=I?=H=?JAH IJE?=I> =FH > A JE?= = AI CH BE?=II >HA =IL?JE =IOF IE> AIE FKJ=@ IIAN OA@=@OLAD?K KJE E =@ =I? =CA I DA?D I@A = =+EK@=@ " 5E A >=HC IAD= FHAIA J=@ E? LA EA JAI= =D H=@AKJE E =H AIJ=IF = E =I? BKA JAFHE =HE= =B= J=@A?HEJAHE I AIFA? BE? IGKA H = E?A =B H =@A JEBE?=?E O KC=HAIA IGKAIAHA= E =A HACEIJH =I#!? EI=H =I@A = IA??E AJH F EJ= =CA =B H =@A A =F = E = GKAJ H =? F A =IKKJE E =?E F IJAHE HF JH I HC= EI IO AHAIJ= AN=?JEJK@= =E B H =?E ) HAIFA?J OFHALE =?KAH@ AIJ=> A?E@ A A AI@A $ IAA LE K BE?E = =2 E? =.A@AH= AJH F EJ= =@AJ= =IB= A?E=IA? JH=@=I=I? = CK =I IKCAHA?E=IF=H= A H=H =?= E@=@@A =E B H =?E,EHA??E /A 6H= IF HJA -IJ=@ELEIE?A JH= E = =E B H =?E I >HA IIE EAIJH ILE= AI? DAHE@ IO KAHJ IA =I HA=I@A BAHH?=HHE O@A " - A =FH > A JE?=@A =IACKHE@=@LE= A =+EK@=@@A*KA I)EHAI =1 B H =?E O-IJ=@ IJE?=I I >HAIE EAIJH ILE= AI # IAFHAIA JAIAIJ=@ IJE?=IHA= E =@=IF H AIJ=,ABA I H = =F=HJEH@A =E B H =?E H =5KFAHE AJH F EJ= =@A =2.) =JH=L I@A A L A =IF = E =I@A=??E@A IEJ A =IGKA@A? FKJ= D E?E@E IO AIE AI " "!

23 IIK>JAHH A I I EI I AIJ? IA =I F = E =I@A =5KFAHE AJH F EJ= = # - =IF = E =IKJE E =@=IA AIJ=,EHA??E IAHACEIJH= =IECKEA JA E B H =?E KC=H@A DA?D A=E L K?H=@= IEA?D GKA =JH FA = EA J A =>=HHAH= F=I FA=J = O =I?=H=?JAH IJE?=I@A AIE =@ K KAHJ IAN A@=@OB H =A = GKAIA LE E =>=,A>E@ = =@E=CH= =?E? BKI=@A =I EI =I K?D=@A = E B H =?E HA AL=@=IAFEAH@A = E =H?EAHJ=I?=H=?JAH IJE?=I@A I I GKAFAH@EAH =LE@==JH=L I@AK IKE?E@E 2 H JH =@ A = E B H =?E I >HAA GKA LAD?K IGKAE JAHLE EAH GKAIAHACEIJH=A K = E = AIJ A -IJ E FE@A@EI?HE E =H IDA?D I?KHHE@ IA A =?EK@=@@A IGKAIK?A@EAH A =FH LE?E= =F I? BE=> AII >HA IIE EAIJH IBAHH LE=HE IAI A J= = =D H=@A=> H@=HF E KEH =?= JE@=@@A KAHJ IO AIE =@ I,AK J =IB=J= JAA = # %@AA AH A =IBAHH LE=HE=I =?= JE@=@@AIE EAIJH ILE= AI? L?JE =IB=J= AI@A>E@ =? EIE AIBAHH LE=HE=IA HA =?E = J J= F AA ALE@A?E= = E F =J J= E@=@@AIE EAIJH I@A JH =?EK@=@ I?D GKAIGKAJEA A KC=HA AIJ=I =I IDA?D A =I@A KHEI@E??E BA@AH= D=OGKAJA AHA?KA J=GKA =I EI =I=JA = LE E@=@IACKH=A =?EK@=@!,ELEIE 1 CA EAH =8E=. HA IA -IJ=@ELEIE AI =A?=HC=@=@AHA= E =H =IFAHE?E=IJ? E?=I@A I?D GKAIO=JH FA = EA J I?KHHE@ I@A = KHEI@E??E AIF E?E= AI IDA?D I=?=A?E@ IF HBKAH=@AIK KHEI@E??E AIJ AH =O2HABA?JKH= =L= # - EIE GKAJA C= KC=HA =I =IBAHH LE=HE=I@A>AE JAHLA GKE JEA A=IK?=HC =HA= E IIK =HE I =E B H =?E I >HA AIE AI D E?E@E IOIKE?E@E I=?=A?E@ IIK =HE I O L?=@=A K =IF = E =I? BA??E =@=IF=H=J= BE E =A FAHEJ= A@AAIJ IIE EAIJH IE = JAK AHCA?E=??KHHAK LE F=H= HA= E =HA A KC=H =IFAHE?E=I? I@A?D GKA =? EI=H =@A = = - FAHEJ= AHA= E =@ FAH EJA >JA AHE B H DA?D GKA IAA?KA JH=@AJ= =@=A =IF = E =I@A=??E@A JAI@AJH IEJ? BA??E =@=IA =I? EI=H =I 5E>EA AIJ=E B H =?E IA A?KA JH=@A IK =HE?=KI=I@A I?D GKAIO =JH FA = EA J I BK?E = EA IIA B H I LA?E@=@ LE B H I IAHA= E = E CK = A => H=?E AIJ=@ IJE?=? JH?=I A A GKAIA FEAH@AE B H =?E L= E I= 8 HC= EI IGKAJH=>= =? BKA JAIF E?E= JE?=+HE E JA@A E KIJE?E=O,AHA?D I 0K = I@A = =?E HA= E =@EBAHA JAIAIJK@E II >HA O?=H=?JAH IJE?=I@A ID E?E@E I@ I IO?K F I I A A F= I )F=HJEH@A = AO # $$ I=?E =@=A A AIJA HC= EI F > E? AIA E? =? =IAIJ=@ IJE?=I BE?E= AII >HA =?HE E = E@=@ E? KE@=I =I AIJ=@ IJE?=IF E?E= AI $ =JEFEBE?=?E FA = =F=HJEH@A =?K= IA=> BA A I D E?E@E I?K F I IA JH IEJ FAH EJAALE@A?E=H IKCH=LA@=@@A =?EK@=@ A? F=H=?E = JH D E?E@E I 5AC A JE E B H $' D E?E@E I?KHHE@ I@KH= JAA = " A "# =IE EAIJH I@AJH IEJ % =E B H =?E I >HA IIE EAIJH ILE= AIA =+EK@=@AI >JA =2.) EJEH A IK= A JAF = E =I? BA??E =@=I $ IJ= /H=?EA = IJ=I =H =@A 2E =H =AJ=0AH 5 NE E KIJE?E=O,AHA?D I0K = I,EHA??E =?E JE?=+HE E = IJE? I >HA =5ACKHE@=@7H>= =A = +EK@=@@A*KA I)EHAI ) EIEI@A =I-IJ=@ IJE?=I2 E?E= AI A MMM F?HE KI C L =H % E KIJE?E=O,AHA?D I0K = I,EHA??E =?E JE?= +HE E = 4AF HJA) 5EIJA =@A) AHJ=6A FH= = 0 E?E@E I +EK@=@)KJ =@A*KA I)EHAI " A MMM F?HE KI C L =H "" "#

24 "% "$ F H =FH JE?=+HE E = A =IGKA@A>A AIFA?EBE?=HIA,=J I@A DA?D =HE BA?D=OD H= >HA@A =?= A HKJ= = JKH= A JHA?= AI IEIK?A@E A =E JAHIA??E A BK?E = EA IA DA?D AI? E JE?=I,=J I@A =L?JE = 5AN A@=@? =IAOLAD?K,=J I@A 1 FKJ=@ 5AN A@=@OLAD?K 4ACEIJH =?E JA?A@A JAI@AJH IEJ 4- )6 5AC A =HJ?K &@A = AO """' A 4- )6AIA HC= EI BE?E= JH= E =H I@=J I@A IFHAIK J IE BH=?J HAIFH BKC IO =II=?E AIA EJE@=I O@A =A => =I AIJ=@ IJE?=I=??E@A J CE?=I =AIJ=@ IJE?=FK> E?=@=F HA 4- )6 =@EBAHA?E=@A =A => H=@= F H JE?=+HE E = JEA AA?KA J== I AIE =@ I?= JE@=@ O I = I KAHJ I 5E>EA AIJA HC= EI FE@A= =I F E? =IFH LE?E= AI =@EI?HE E =?E A =IF = E =IA JHADAHE@ I CH=LAIO ALAI =@EBAHA?E=?E AIHA EJE@=F H =FH LE?E=@A + H@ >= EF H =+EK@=@)KJ =@A*KA I)EHAI - AIJ I?=I ANEIJA =F IE>E E@=@@A@EBAHA?E=?E I I AIE =@ II? FKJ=@ I? DAHE@ I ALAI 5E A >=HC D=OK == =E B H =?E O= GKA I JA E@=IA?KA J=L=HE=> AIGKAFAH EJ IJE?=I@A I@= EBE?=@ I 81 1 B H AC= AI HA IA@A = =?E = HCKA K@E?E= HA= E =E B H AII >HA =I?=KI=I@A@ABK?E =F=HJEH@A IFH J? I@A =I=KJ AC= AI CA AH=@=IA K K?E@=H =?= JE@=@O?=H=?JAH IJE?=I@A =I KAHJAI =JKH= AIOLE A J=I? BA??E =?EAHJ I@=J II >HA =I KAHJAI? JAI@A JH IEJ O=??E@A JAIBAHH LE=HE I E? KE@=I IJ=I? K =@A E@=@AI@A KAHJAILE A J=I B HA IA=??A@A= ECK= GKA =2 E? ==K =IB=J= AI - HAIFKAIJ==K =I E?EJK@@A E B H HA=@A,AHA?D = =5= K@A1 JACH=?E =,ABA I H = =LE?A@A?= B HA IA@A = KIJE?E= =?E = IA = GKAA I=??E@A JAI@A JH IEJ F HAIJ=?=KI=IA? FKJ= E?= A JAIEA FEAH@A =LE@=A A KC=H@A DA?D GKA JEL=IK E CHAI = = HCKA K@E?E= F=H=IAHHA= E =@= =? JA =KJ AC= 5 I KAHJ IA IEJKI? FKJ=@ I? KAHJ I? IE IEJ - A A J =BEH = GKA K?D=I?=KI=I@A KAHJAGKABECKH= A IFH J? I? F EJH=K =JEI IOJH=K =JEI IA? B=?H= A= IFKA@A? JAI@AJH IEJ GKA =K A J=H = =AIJ=@ IJE?=@A I EI I =FHE?EF= LA@=@@AAIJ IAIJK@E I A HA =?E = I@=J I =F HJ=@ II >HA =FH > A JE?=@A KAHJAIF H? EIE AI@A JH IEJ AI =?K= =I = =@=I=? D A E=I F IEJEL=IO=? D A E=I AC=JEL=I ==KJ FIE=FAH EJA E@A JEBE?=HIEDK> D A =L?JE = FAH B H =?E I >HAA =I=? D E =@=I =I? J= >E A D A E=,EHA??E /A -IJ=@ +ELE O@A =I FAHI =I -IJA HC= EI FAH EJA=??A@AH=E B H =?E I >HA IIE EAIJH IEJ =F=HJEH@A I?AHJEBE?=@ I@A@ABK?E? BA??E =@ IF I=KJ HE =@ I A IGKA? IJ= =I?=KI=I@A =I KAHJAI I?AHJEBE?=@ IIAJH= EJ= =I FAHI =IGKAD=O= B= A?E@ A A JA A JA@A KC=H@AHAIE@A?E=@A =L?JE = B H =?E I >HAA L?JE =IB=J= AIF H=??E@A JAI@AJH IJA AHA?KA J=GKA = ECK= GKA IHAF HJAI? BA??E =@ IF H =2.)O = HCKA JEA AA?KA J=A J KAHJ I ) A@E@=GKAA =FI A JHAA?D GKAO = KAHJA@A =L?JE =AI =O H A HAI =FH >=>E HACEIJHA??=KI=@A KAHJA A DA?D A I IB=?JE> AGKA=F=HA?= AIFA?EBE?=@ I JH=I?=KI= JAI

25 811 FH > A =@AI= K@F > E?= ) ELA A I JE I= IIAD=? I E@=@ = J IIA?J HAIHA =?E =@ I? A =I= K@ A => IGKA@=@AI K?E AIHAIFA?J = =E IACKHE@=@ LE= /H= F=HJA@A =E? I KAL I=?J HAIIAD= FH FE?E=@ =F=HJEH@A =HA??AFJK= E JE?=? K =FH > A JE?=GKA=BA?J=@EHA?J= A JA= =I= K@F > E?= 2 HA IAD=A B=JE =@ FHE?EF= A JA@AI@A I HC= EI I E JAH =?E = AI A JAGKA@A>EAH=?KF=H = I= K@F > E?=A =A => B H =?E E LAIJEC=?E O F = JE?=I I@=J IA => H=@ IF HA IA?J HI= K@ =@EBAHA?E=@A I FHAIA J=@ IF H JH=I HC= E =?E AI FAH EJA => H@=HAIJ= FH > A JE?=@AI@A JH=FAHIFA?JEL= )F=HJEH@A HA AL= EA J O A => I@AI@AA IA?J HI= K@AIF IE> AA JHALAH A JHA JH=I? I=I - AIE AI?=KI=@=I@AI@AA FK E? IK =C EJK@O =IF IE> AI? IA?KA?E=I@A =I EI =I =HA =?E A JHAJH=K =JEI I HJ= AIO HJ= AIA HA =?E = =A@=@O =L?JE = =? HHA =?E A JHA IJEF I@A? EIE O IJH=K =JEI I IB=?J HAIGKAHA@K?A A KAHJAO@EI?=F=?E@=@ - JEA F FH JAH =?E AI I? IJ ICA AH=@ IF H=JA?E AE JAH =?E F HF=HJA@A -IJ=@ )I FKA@A >IAHL=HIA =E F HJ=?E=GKA?K F AAIAIA?J = =?= = A A => H@= A@AAIJ= FH > A JE?==F=HJEH@A HA AL= EA =E B H =?E?A JH=@ A =I AIE AICA AH=@=I 6= J A 5) -? I@?AD IFEJ= JAI@A / =+EK@=@@A*KA I)EHAIHA?=L= E B H =?E I >HA I IE EAIJH ILE= AI 5KHA AL= EA J FHAIA J=B= A?E=I GKA CA AH= A JAIAA?KA JH= =I?E=@=I= =AI?=I= K = E B H =JE =?E A A IEIJA =D IFEJ= =HE =I? = =? IA?KA JA =KIA?E=@AK IEIJA =@AHACEIJH JAI FA = EA J IO?D GKAIA IGKAIALA E L K?H=@ I I@EIJE J ILAD?K I E? KE@ I I JHA AIOIK>JAI K IE EAIJH O JEBE?=@ = 5) - KC=H@A DA?D F=H= =FHE =L?JE =OIKJH=I =@ KAHJA@A>A@EHECEHIA= KC=H -?=I? =@=H= = EI == D I I?AH?= =E B H =?E HAGKAHE@=A =IF = E E =@=IL?JE =I F H=??E@A JAI@AJH IEJ I A =@=IF HA FAHI = H=@E A?JHE? K?E=@ A =I = E OF HA FAHI AHCA?E=GKAE JAHLEA AA A KC=H IJ=II? F AJ=@=I= = OFH?AI=@=I? K?D= F IJAHE HE@=@ - AIJ=IF = E =IIA? IEC = KC=H D H=OBA?D=@A DA?D IAN OA@=@@A =L?JE = IE KHE =?=KI=@A = AIE?=JAC H =@A =??E@A J=@ F=I= H FA=J JA =JH FA = EA J?D GKA D IFEJ= GKAHA= E =A =KNE E O= GKA AIJH=I =@=@= = EI = - A =I IAHACEIJH= =@=HA =?E =@ = IJH=K =JEI I =CH=LA@=@@A DAHE@ 2 H J= J A E B H =?E GKAIA>KI?=HA AL=H IA@EIJE CKA@A E B H =?E IK E EIJH=@=F HBKA JAIF E?E= AI =E B H =?E HA? FE =@=F HA 5) - KJ=IHAIFA?J = =?= JE@=@@A AIE =@ I? = F E? = 5E A >=HC KAIJH=@EBAHA?E=I = =IL?JE =IB=J= AI 5E>EA A 5) -HACEIJH= A H?= JE@=@@A KAHJ I K A JHA?HK = EA IFAH EJA >IAHL=HGKAANEIJA KAHJ IHACEIJH=@ IA =IF = E =I@A 5) -GKA D= IE@ JEBE?=@=IA =I@A =F E? =,KH= JA I AIAI@A =H =)C " & A IGKA =F E? =?KA J=# KAHJ I A =IF = E =I@A 5) -D=O L?JE =IB=J= AI? J=>E E =@=IF H =F E? = -IJA A JHA?HK = EA ILKA LA=F AH = EBEAIJ A = J IK> JEBE?=?E F HF=HJA@A =F E? == JAI A?E =@,AF=HJ= A J I@A7HCA?E=I@A ID IFEJ= AIF > E? I I@?AD IFEJ= AI@A=CK@ JAI@A /+)*)?KA J=? K HACEIJH A I,AF=HJ= A J I@A7HCA?E=IA IGKAAI 5) - - 5) -?KA J=? E B H =?E I >HA =IL?JE H &,ABA I H =@A 2KA>,H= 2=K =H =5ACKHE@=@A A -IF=?E 2 > E? O I)??E@A JAI@A6H IEJ 2 JE?=IF > E?=IO@AHA?D I" = # "& "'

26 F IE> JEBE?=H= IE JAH IGKAE CHAI=H = =ICK=H@E=IF H AIE AICA AH=@=IA K IE EAIJH LE= O=IA=JH=I =@=@ IF H = = >K =?E=I F HIKIFH FE I A@E I )F=HJEH@ALEIEJ=IOA JHALEIJ=I= ID IFEJ= FK@EAH LAHEBE?=HIA@ IFH?A@E EA J E B H =?E KO@EBAHA JAI =,AF=HJ= A 0 I,H + I A )HCAHE?D 5AC =IBKA JAIA JHALEIJ=@=I = =O H =@A ID IFEJ= AI E CHAI= I@=J =IA JH=@=I@AL?JE =I@A=??E@A JAI = I,AF=HJ= A J I@A7HCA?E=IA A JAI@A JH IEJ J= >E = =@ E>H - A D IFEJ= )HCAHE?D K =LA A F=?EA JA F AJ=H I@=J IFAHI = AI BA?D= D H= O KC=H@A IK?AI IA??E =F E? =E JAHLE EA JA B H =A =GKA IK?A@E A I@ABE E=?E HAIE@A?E= AL K?E FH >=> >IAHL=?E AIOJH=J= EA J IAIJ I JA I I A =@ IIE E =E B H =?E I E?EJ=@= -IJAFH?A@E EA J?KA J=??EAHJ=I?=H=?JAH IJE?=I GKACA AH= K = J A J= J K?D=I@A =IL?JE =IGKAE =IE EAIJH I@A JH IEJ I HACEIJH=@=I IA F A=@ I=@ E EIJH=JEL I@A D IFEJ= )HCAHE?D? A J=H GKA IJAAIK?=I H = = JA = FHAIA?E=@AK =L?JE =@ACH=LA@=@ - AI IHA AC= A A =F = E = = = IEC EBE?=HK =B= J=@A=JA?E I >HAK F=?EA JAA HEAIC JH=ILA?AII HACEIJH=@=IA I E>H I@A =I@EIJE J=I A O A A JAI@A JH IEJ 7?=I KO? AIGKAA F=?EA JAIA=HACEIJH=@ I = A JAA A JAI => H= AIO A =??E@A JAI@AJH IEJ - K?D I?=I IA IGKAIAHACEIJH=A E CHAI =,AF=HJ= A =?=HC? F =E B H =?E I E?EJ=@=A =F = E = )LA?AI =E B H =?E JEBE?=@=AI =HABAHA JA= IJH=K =JEI I 2 H J= J A B H =?E IA=@AJEF = K= =I? J= >E =ANEIJA?E=@A@EBE?K J=@AIF IF=H= A =H =IF = E =ICA AH= K = J IK>HACEIJH A >,AF=HJ= A 0 I =E B H =?E I >HA =IL?JE =I@A? EIE AI@AJH IEJ BA??E = A A E F=?EA JAA A,AF=HJ= A 7HCA?E=I A H=H =?= E@=@@A =E B H =?E HA AL=@= E =HA E>H ACH =F=HJEH@A''% OIA AIGKA I@A> = =L?JE =@A? IEJ =IL?JE =I@A IE EAIJH I@AJH IEJ I IAF=H=@=IO =E B H =?E AIHACEIJH=@= A K =F = E = + AIA@AF=HJ= A J?KA J=? K IEIJA = E B H JE? =E B H =?E AIFH?AI=@==F=HJEH@AK FH CH= = AIJ=@ IJE? GKAFAH EJA= EI D IFEJ= =A => H=?E O =?JK= E =?E FH FE=@AIKE B H =?E ' - =F = E =IAHA AL= I@=J IFAHI = AI@A =L?JE =O D H=@AE CHAI = = >K =J HE E JAH =?E KC=H@A@AHEL=?E = J= )46 F=IA@AIA?J =@A I= E@= KJE E A?E? EIJ=IO J?E? EIJ=I =EH>=C?=KI= A?= EI AIE = AIE -IJ I JE I=F=HJEH@A =JEFEBE?=?E GKAIAHA= E = +1- IJ=I JE =IIAA?KA AIE AI JEF AIOB?= E =@=I 5AJEA AA?KA J=I?=JAC H =IA JH=K A =E KHE=@A HC= I F EA J OBH=?JKH=I 6= >E IA>KI?=@EIJE CKEH =I AIE = CA AH=H= C H A A F =I A@K =HAI LAHJA>H= AIO= FKJ=?E AI E>H ACH =KJE E = F IJAHE HE B H =JE =?E D=FAH EJE@ = =/K=H@E=@A7HCA?E=I@A E KEH =IK> JEBE?=?E?=H=?JAH IJE?=@A I D IFEJ= AIGKA = JEA A A = JAHE HFH?A@E EA AL ' 8AHF A?E=)??E@A JAI@A6H IEJ A A HA=2H CH= JE?=@A 0 IKAL K?E A JHA''%O $ JAH =?E BAH A@=@AI FAH EJAA A K =JEFEBE?=?E =@== ELA I >HA IF IE> AI JH=K =JEI ICA AH=@ IA K =? = IEJ -FE@A E C =@A I=??E@A JAIA A HA=FH CH= JE?=@A D A ) >EA 4ALEIJ=@A 0 IFEJ= # #

27 #! # F = E =I I HA EJE@=I=AIJ=@EHA??E GKAIAA?=HC=@A = A => H=?E O= EIEI@A@=J I => II >HAA =JEI I I? K AIA =IL?JE =I F HIE EAIJH I@AJH IEJ -IJ=@EHA??E =??A@A=@A I=E B H =?E I E> AIA =,EHA??E /A -IJ=@ +ELE O+=F=?E@=@@A =I2AHI =IO =E B H =?E HA AL=@= A =IF = E =I@A=??E@A JAI@AJH IEJ F H =5KFAHE AJH F EJ= =@A =2.) 2=H=@AJA?J=HGK FH F =E B H =?E AI? F=HJE@=F H =BKA JAI@A@=J IFHE?EF= AI F E?E= O@AI= K@ =@EHA??E HA= E =K A JHA?HK = EA =IF = E =IA LE=@=IF H 2AH AIJ=IBKA JAI FAH EJA =GKA?=@=K =@AA =I=??A@A=@EIJE J I DA?D I L?JE =I?+=H=?JAH IJE?=I@A IHACEIJH I ID IFEJ= AIJ= >E =??A@A =K =IL?JE =IA? EIE AI@AJH IEJ FAH I ==GKA I AIE =@ IGKAD= IE@ JH=I =@=@ I A@E= JAK == >K =?E=== I@?A D IFEJ= AI@A =?EK@=@ GKAIAD= FHAIA J=@ F HIKIFH FE I A@E I IIAHLE?E I@AKHCA?E=?KA J=? E B H =?E I >HA =IFAHI =IGKAB= A?EAH A A KC=H@A DA?D 2 H J= J A KAHJ I@A>E@ =IE EAIJH I@AJH IEJ A =ICK=H@E=ID IFEJ= =HE=IANFHAI=I = A JA==GKA =I FAHI =IGKAD= B= A?E@ A A JH=I =@ OA I,AF=HJ= A J 7 =K =E IJEJK?E J= JH= HA=@A D IFEJ= IK@A?AI GKA@=HACEIJH=@ A I E>H I@AKHCA?E= - I,AF=HJ= A J I@A7HCA?E=I IIE EAIJH IBAHH LE=HE II HA AL=@ I? =??E@A JAI@AJH IEJ 2 H J= J AIJ E? KE@ IA =IAIJ=@ IJE?=IGKAKJE E =? >=IA@A@=J I HA AL=@ IA =II= =I@AA AHCA?E= 5E A >=HC ID IFEJ= AI = ECK= GKA I JH I HC= EI I = JAI= = E =@ I =??A@A = =J J= E@=@@AL?JE =IGKA B= IJHAE J=@ =IF IJAHE HAI= IE EAIJH - I AIE =@ I =ICK=H@E=I?KA J=? = E B H F=HJA =IL?JE =I K?D=I@AA =I = IAH AIJ=> A?E EA J IFHEL=@ I = E CHAI=H= ==JA?E F > E?==F=HJEH@A? IK GKA@= JEBE?=@=IA I,AF=HJ= A J I@A7HCA?E=I? AIE =@ IF H=??E@A IEJ 8111,EHA??E /A IJE?=IO+A I I +A JH= E =OA => H= =E B H =?E HA AL=@=F H I D IFEJ= AI CA AH= AI@A=CK@ JAI@A =5A?HAJ=H =@A5= K@@A /+)*) -IJA HC= EI? BA??E K =F = E =GKA@A>AIAH? F AJ=@=A I@EIJE J ID IFEJ= AI =E B H =?E O= = J=@=A I E>H I@A =CK=H@E=OA =IF = E =IE B H =JE =@=I A D - =F = E = A FAHI = =?=HC A?=@=D IEC =HA =FA E@ O >HA@A =L?JE = BA?D=OD H=@AE CHAI IAN A@=@ HAIE@A?E=?=JAC H =B H LE E@=@ E JAHIA??E IEB= A?E O AIE IE E CK =JEFEBE?=?E FHAAIJ=> A?E@= 7 =LA? F AJ=@=I =I

28 *E> E CH=B =/A AH=,ABA I H@A = =?E 1 B H AAIFA?E= I >HA IACKHE@=@LE= A =)HCA JE = + A??E *E> E JA?=,ABA I = =?E 8 # HC= E =5= K@ 1 B H A I >HA JH=K =JEI I?=KI=@ IF HA JH IEJ = "A MMM F=D HC 5F= EID,, 27* 2+ #'' DJ HC= E =5= K@ -IJH=JACE=GKE GKA = 5 F=H= JAI@A AIE AIF H=??E@A JAI@A JH BE? A MMM MD E J LE A?A E KHO FHALA?E )??E@A IEJ A =+EK@=@@A*KA I)EHAI 5EIJA =JE =?E O = EIEI@A@=J I +K=@AH I@A 1 IA 1 LAIJEC=?E AI@A =,ABA I H =@A =+EK@=@@A *KA I)EHAI ''& 1 B H A ) K= 2H CH= =IACKHE@=@F > E?=OHEAIC LE= +K=@AH 1 IA1 LAIJEC=?E AI =O!,H= 2=K = =H =5ACKHE@=@A A -IF=?E 2 > E? O I)??E@A IEJ 2 JE?=IF > E?=IO@AHA?D I " # IJ= /H=?EA = IJ=I =H =@A 2E =H =AJ=0AH 5 NE E KIJE?E=O,AHA?D I 0K = I,EHA??E =?E JE?=+HE E = IJE? I >HA =5ACKHE@=@7H>= =A =+EK@=@@A *KA I)EHAI ) EIEI@A =I-IJ=@ IJE?=I2 E?E= AI A MMM F?HE KI C L =H E KIJE?E=O,AHA?D I0K = I,EHA??E =?E 2 JE?=+HE E = 4AF HJA) 5EIJA =@A) AHJ=6A FH= = 0 E?E@E I +EK@=@@A*KA I)EHAI " A MMM F?HE KI C L =H =HJ =H =) CA = )HJAJ=,A E= /=H?LE=+=I= E H>AHJ A1>=HH= 2KA JAI -H AIJ -FE@A E C =@A I=??E@A JAIA A HA= FH CH= JE?=@A 0 A ) >EA 4ALEIJ=@A 0 IFEJ= HC= E =?E 2= = AHE?= =@A =5= K@ KAHJAILE A J=IA = +EK@=@)KJ =@A*KA I)EHAI K = EH=@=@AI@AA IA?J H I= K@ +K=@AH I@A 25 5 $ I K E?EF= AI@A =+EK@=@@A*KA I)EHAI )??E@A JAI@AJH IEJ O5= K@2 > E?= * AJ JA =I@A5= K@ " = # +A LAIJEC=?E AIA -IJ=@ IJE?=)F E?=@= D >EJ IO FE E A =)HCA JE = 7 # A MMM K JHAB A@K =H?E A= DJ " #" ##

29 #% #$ NEJ IA = HC= E JH IEJ =A@K?=?E IAIF=?E IF > E? I 4A?EA JA A JA =5KFAHE I@A = =?E =??AH =I?EBH=I@A IIE EAIJH I@A K?E=@ IA A = # - GKAIAHABEAHA= =+EK@=@@A*KA I)EHAI A A = "IA@A K?E=H #%!!E?E@A JAI? LAD?K IOA A # AI=?EBH=JHAF =% %"! I )@A I D=OK =?= JE@=@GKA IA@A K?E=F HGKAIKIFH J=C EIJ=I F IAA IACKH I GKAIEC EBE?=GKA =?EBH==HHE>=HAB A =@=AI= =O H -IJAAIK F= H= =GKA= AHEJ=GKAA C >EAH O =I?EA@=@=?JELA = =H = 0 O D=H =B= J=? J=H? K?D=IAIJ=@ IJE?=I *=IJ=?EH?K =HF H =?EK@=@ H FA=J J GKAH?E? EIJ= F=H=@=HIA?KA J=GKA= C D=OGKAD=?AHOFH J - A? CHAI? L?=@ F H I >HAA 5ACKH IO = 4AIF I=>E E@=@+ELE =7 ELAHIE@=@ KIA 5?E= 7 5)OA I ACEIJ=I@A =+=FEJ=.A@AH= A A = " A => H=H K FH JE =@A = 5ACKHE@=@8E= = EI =A IK? JA E@ AIA?E= HAB A =>= = A?AIE@=@@A=> H@=H? KHCA?E=K =IAHEA@A A@E@=I?KO? JA E@ IA=@ K J==? JE K=?E 5 AJE@ = = EIEIA > HH=@ HFH JE =@A =5ACKHE@=@8E= IE JACH= JAI@A 6= AH? IE@AH=H = )HCA JE IAI=LAH@=@AH= AFE@A E=?K J=@A I=??E@A JAI@AJH IEJ J=? =D= JEJK =@ A IKK JE E B H A = HC= E =5= K@ - A GKE GKA E '''!IAD= A KAIJH F= I KAHJAIO%& =??E@A B =CA A A =! =I' #FAHI =IB= A?E@=I F HAIJ=?=KI= =E -IJ=@ O A J= A JA =F JE?=C IJE?=GKAFAH EJ=A A K?E=@ OHA= E AIIKIJA J=> AI D=?AFHAIK EHK F= H= =BKJKH =@=FH EI HE =I FH OA??E AIGKA = EI = 5D=HA= E =@ F=H= IF= E?HA A J IKIJ=?E= A I=??E@A JAI@AJH IEJ OIKIIA?KA =I -I A? IA?KA?E= D H=@AIK =HAIBKAH I I IA?J HAIO@EI?EF E =IIA=IK = =IHAIF I=>E E@=@AIGKA??EK@=@= I I? FAJA O A J= A JA HA? = =H= -IJ=@ A?K F E EA H GKA A??EAH A B H K F JE?=I@A=?=?A =?E = A? EH=I= CH=HK = 2HALA?E O H@A = EA JH IEJ A = +EK@=@@A*KA I)EHAI 2 HA 5H ) J E / A EA + IA )@ E I >HAA 5ACKH O =4AIF I=>E E@=@+ELE H@A A A JH IEJ LADE?K =HOFA=J => H@=@ FA A? IAA E E IJE?= A JA I B=?J HAI@AHEAIC F=H==IFEH=HA A A@E= F = = IIE EAIJH IA A =+EK@=@@A*KA I)EHAI - / =?EK@=@O =I?EA@=@GKA =D=>EJ= GKA =? H@=H KAL=I H =I@A? F HJ= EA J A =L =F ==?JK=?K JKH=@A HEAIC OFHE HE K ==?JEJK@? A?JEL=@A?=H?JAHFHALA JEL 2=H=A A IGKA = A@K?=?E AIJ=HA?= EA J I D >EJ IO=?JEJK@AIGKA A HA A? F HJ= EA H FA=J JH= IF HJA F > E?? A BE =J=I=@AIE EAIJH= E@=@ =5K>IA?HAJ=H =@A6H= IF HJAO6H =+EK@=@@A*KA I )EHAIJA =A A => H=?E K H GKAFHAL A => H@= A@A@EIJE J=IJA JE?=IHABAHE@=I=? F HJ= EA J DK = =L =F > E?= =I H =I@AJH IEJ O =IACKHE@=@ F=IEL=O=?JEL= =E F HJ=?E=@AAIJAE IJHK?JEL HAIE@AA GKA FKA@AIAHK A@E F=H=D=?AHF=HJE?EF=H@AAIJ==?JELE@=@ = FHALA?E OA@K?=?E LE= I=GKA IFH BAIE = AIO K HC= E =?E AI? FH AJE@=I? =FH > A JE?=@A = IACKHE@=@LE= C AE JAH?= A HAIFH?JE?=I? HEA J=?E E JAH@EI?EF E =HE= -IJA =JAHE= GKAO=@A IJH IKABE?=?E=A JH IF= >=I=HIA=@A IA K = => H@AE LAIJEC=?E? IJ= JAF=H= A H=H IFH CH= =I@AA IA = =O I =JAHE= AI@E@?JE? I I=@A?K=@ I FAH AIFA?E= A JAFH =HA A??E EA =IFAHI =IGKA=??A@A H IKI FE E AII >HA =?EH?K =?E O =FH IFAH EI + =H GKA IE IJHK A J IF=H= A H=HOA AL=H =?K JKH=@AFHALA?E IA=C J= A = A => = K= E IJHK?JEL IAH E AE JA J=H A => H@= A@A? = E?E AIA JHAA / =+EK@=@O =I HC= E =?E AI@A =5?EA@=@+ELE F=H=A? K J CH=H

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

32 $! $ = JAFH OA?J FHAIA J=@ = =I=KJ HE@=@AIFAHJE A JAI? = JAHE =@ABE FAHBE H E@ A IACKH OHAIF I=> AO@AJAH E I??E EA J IO D=>E E@=@AI> IE? =H=@ HIACKH 5E>EA IAD= HA= E =@ =L=?AIA AIJAJA = HAIK J=E GKEAJ= JA GKA = E?==?JELE@=@ LA@ I=FH FKAIJ=O@AI=HH =@=F H I =? =IA@A??EA JE =?E OA@K?=?E LE= HAIGKA HA KAL= IK E?A?E=K I F H AIGKAD=JA E@ AN?A A JAHAFAH?KIE OHA??E EA J =?E = AE JAH =?E = IA A?KA JH=? IJ= JA A JAI AJE@==E?AHJE@K >HAIOFA ECH JE KE@=@ -@K?=?E I?E? EIJ=I,A>A?HA=HIA?A JH I@A??EA JE =?E OA@K?=?E LE= F=H=?E? =IA@=@AI 2 = EBE?=?E KH>= = -I A?AI=HE HAB H K =HA JH IEJ F HJA A =I A?AIE@=@AI@A =?EK@=@O AH=HGKE =H =IHA@LE= A A K F = E =?EK@=@FA I=@=D=?E=A BKJKH 4AIK J= E F HJ= = EBE?=?E 7H>= =? JA F A =I E F E?=?E=IGKA =I KAL=I EBE?=?E AIOA@EBE?=?E A A IEIJA =@A JH IEJ O =IACKHE@=@LE= A A FHAIA JAO? FH =I? =F = =?EH?K =?EK@=@,A>A? JA F =HIA 0=>E AIA B H =@A= E I@A?EH?K L= =?E J J= F=H?E= F=H=JH IEJ H FE@ EJ=H =? K E?=?E ABE?= OIACKH=A JHA I@EIJE J I>=HHE IOIA?J HAI@A =?EK@=@,A E =IHAIE@A?E= AIO =I@A=?JELE@=@ O? AH?E= H =? F A =OHEAIC I= =?EH?K =?E F H =? LELA?E=@ALAD?K I ECAH I? I@A?=HC= -I A?AI=HE= =A E E I >IJ?K IF=H= =?EH?K =?E FA=J = A =I=?AH=I E I? I AI=I@A? BEJAH =I A JH=@=I@AIK>JAI HAF=H=?E AI AJ? + =IL L =I H FE@=I@A?EH?K IJ=I =I K H@A =HIAF H = E =?E D HE J= OLAHJE?=? LE??E A A = "A HABAHA JA= IACKHE@=@OGKA >JKL AN?A A JAIHAIK J=@ I - = JE?EF=?E A = = EA =?= F= =@A? JH OA = BA?D== K?E=@=?JK>HA@AAIA=? A I? JH AIA B H =CA AH= E =@=O=? F= =@ I? K =BKAHJA?= F= F > E?= - HAIK J=@ IADE AIFAH=H +=IE@AE A@E=J A F HF=HJA@A HAI F=HJE?K =HAI IAA "= &$ ;=I?KHHE JAI FH F H?E AIFAH IEA FHA? E?HA A J IIEC EBE?=JEL I? A I?KF= JAI@ALAD?K I = A J=> A A JA?K=JH AIAI@AIFK I O= =HIA I? JH AI F HK?= =KJ HE@=@AI = %% ;A ==?JK= E@=@? JE = >= = JA =I KAL=I=KJ HE@=@AI@A =?EK@=@ )K GKA>HALA =ANFAHEA?E=D=FH >=@ ANEIJA? FH EI F JE? OIAA A?KJ= =??E AI? DAHA JAI AIF IE> A A H=H =IACKHE@=@LE= 2 H JH=F=HJA 0);+17,),- - 7, 37-0);) /4), )7-6)4 )5-/741,),81) ;, ,1+-5)++1,- 6 / ) , @K?=?E -@K?=?E LE= IEIJA JE?=@A E IO=@ AI?A JAI 4AIK J=E A =@ABE FH CH= =@A? JA E@ I E JACH=@ IJH= ILAHI= A JA= =?KHH?K =AI? =H? E =I HC= E =?E AIANFAHJ=I A I I ELA FHA AI? =H A A A J= JAA?K= J =? JA E@ IOHA?KHI I@E@?JE? I 2AIA=GKA = AO@AJH IEJ > EC= = IAA?=H=K =J=HA= E JACH=@=O? DAHA JA? =IAI H= EA J ANFAHJ?? FHKA>=@E=HE= A JA LEIEJ=? IKI AGKEF I@?A JAI LE AI =IAI?KA =I@A =?EK@=@@AI=HH J= AHAICH=JKEJ I@AA@K?=?E LE= -@K?=?E HAIFHALE== J HC= EA =I L=?E -I A?AI=HE HAAIJHK?JKH=HA HA=@A J HC= EA E?A?E=IA B H =C >= J=? D=FH FKAIJ KAIJH==I?E=?E A K

33 $# $" AIJ=> =?E F=H=A JH= IF HJAF > E? F=H=A JH= IF =H?=?E HIA E HA=IFA=J = AIO HAIJHE??E AI= =?EH?K =?E A =I?= AIAIJHA?D=I@A E?H O =?H?A JH,AJAH E =I?= AI@A?EH?K JH= IF HJA@A?=HC= A@E=?= E AJ=I JH=BE?IOFAI=@ L =I@A?EH?K =?E A JHA =I L =I@A?EH?K =?E E JH= IEJ F=H=HAIE@A K JH IEJ F H HAI@A HIA =I?DE?= =I AJ? L =IFHABAHA?E= AIF=H=A JH= IF HJAF DE>EH A AIJ=?E = EA J L =I@A?EH?K =?E F=H=?E? EIJ=I AJ? 4ABKAH OFAHBA??E = EA =IA = E =?E LAHJE?= OD HE J= D O?=IEE ANEIJA JA -I A?AI=HE? F AJ=H =E B H =I?= AIOIKIA =?E A =IAIGKE =I@A =?EK@=@ =I NE =ILA?E@=@AIA =IFHE?EF= AI =HJAHE=I E IJ= B H IFA=J = AIA =IFHE?EF= AI L =IIA =B HE =@=I = AI + JH I@AJH= IBAHA?E=@A?=HC=F=H=E FA@EH GKALAD?K I@ACH= F HJA?EH?K A F H =?EK@=@ 6H= IF HJAF > E?,A>AE?A JEL=HIAO A H=HIA =?= E@=@@A JH= IF HJAF > E? A H =I? AIFA?E= B=IEIA A IK>JAHH A O@AL =I B HHA=I A E E I I?HK?AI= ELA F H A AI FKA JAI ) A H=HA JH= IF HJAF > E? =KJ JE?= A JA@EI E KEH =?EH?K IF=HJE?K =HAI=GKEA AIIA AI@A>AB=?E EJ=H A AIJ=?E = EA J A HA=I@AJH= IBAHA?E=A =IAIJ=?E AI?A JH= AI@AJHA AI =??AI I@AIK>JAI AJ? 7HCA =? JH I@AJH= JAIJEF I@AJH= IF HJAIAA?KA JHA OHAIK JA IACKH I F=H= IFA=J AI 2HE HE =H =?EH?K JH= IF HJA? A?JEL??=HHE AIO?= AIAN? KIEL=I@A?EH?K =?E HA HC= E IHA? HHE@ IO =IF=H=@=I H@A = EA J H@A =HO E EJ=H ID H=HE I@A =IHAF=H=?E AI H JKH=I@A =LA E@=I?= AI? JHE?=I@A>= IAHDA?D=II >=@ E C I BAHE=@ IOA D "D H=I? JE K=I? A A A J I@AIA?=@ H FE@ 1 FA@EHA AIJ=?E = EA J A =LA E@=IO?= AI@A =O HJH IEJ A = >=I = I NE > A JHEF ABE = 1 FA@EHA B H =ABA?JEL= =?=HC=O@AI?=HC=A =LA E@=IO?= AI? =?E BKAH=@A ID H=HE I FAH EJE@ I -IJ= IAH? F A A J=@=F H = FH E AIO?= E AJ=IA A?A JH BKAH=@A ID H=HE AIF H JEL I@ELAHI IIAH? F = EBE?=?E FHALE= OAIFA?E=? JH AIJ=?E = EA J A =I?= IA AC=HE? KI = =IKIFA IE JA F AIJ=?E = EA J A =I EI =I,A>AHA@K?EHIA = E>HA?EH?K 8AHEBE?=?E J? E?=LADE?K =H,A>AF AHIAA A = AO@AJH IEJ FAH I? =D=>E IIEJE I@A? JH LADE?K =H IE?? JH AIFAH = A JAIA =L =F > E?=@A AI@A ILAD?K IGKA?EH?K = 4AIK J=@AF H=> AA K?D I? A?JEL IOJ=NEIGKAFKA> = =I?= AIOGKA IKFKAIJ= A JABKAH I AJE@ I=LAHEBE?=?E 1 LAIJEC=?E.E = A =F O=HIA =JAHE= A JA =IE E?E=JEL=I@A E LAIJEC=?E A A?= =I@ELAHI=I@EI?EF E =IGKA=F HJ= = =IACKHE@=@LE= A AIFA?E= AIJ=@ IJE?= FIE? C =AE CA EAH IEJ FHE HE@=@= =IGKAO=AIJ A =H?D= F H F=HJA@A HC= E =?E AI CK>AH = A J= AIGKA?K F A K = BK?E I?E= 5AH =E F HJ= JA? FH AJAHFH CHAIEL= A JA= I K E?EFE =HACE AJH F EJ= =F=H=GKA=? F= A O? H@E A =??E AI?= AIA = EI =@EHA??E

34 +? KIE =IJ=HA=IF=H= I K?D=IO K JE@EI?EF E =HE=I E F HJ=?E= IE A >=HC = CK =IHAIK J= E AIOKHCA JAI =@A I@A IA? E?=IF=H= E F A A J=H )B HJK =@= A JA I? JH AIOI=?E AIABE?=?AI O =A@K?=?E? E F HJ= JAIABA?J IA A? F HJ= EA J DK = A A JH IEJ I H FE@= A JA=F E?=> AIOA? E?=I ;I KHCA JAI 2 = AIJH=J 2 H ==HG 2=JHE?E=? H? CA IK>IA?HAJ=H =@AIACKHE@=@KH>= = E >EAH C?=>= 1 + =CH=LAIEJK=?E =?JK= LECA JAHA =?E =@=? = IACKHE@=@LE= HAIK J=E AA?=H=H@ABE EJEL= A JA I =IFA?J IHA =?E =@ I? A JH IEJ A CA AH= A C >EAH O? IE@AH=H =K =FHE HE@=@@AKHCA?E=@A =GKA =IF JE?=IO=??E AI=@AI=HH =H 2 HAIJ AI EH I E A= EA J IAIJH=J CE? IGKA HEA J=H =I=??E AI=@AI=HH =H JA A?KA J= =? OK JKH= FAH? GKAAIK =JA =CAIJE AIFA? BE?= -IJ=I=??E AI@A>AH HEA J=HIA=JH= IB H =HFH?JE?=II?E= AI O?K JKH= AI=HH=EC=@=IFH A JAA =I?EA@=@ = =JKH= A =@AAIJ I?= >E I@A? F HJ= EA J E F =HFH?AI IF=K =JE =I?EA@=@ HC= E =@= GKA@A>AH =IK EHAE JAH = E =H? FH FE IA => IGKA@=@A >EA? 2 HAIJ=H= AI GKA I > AJEL IFAHIACKE@ F O? IJ=?E= =IE EI HAIK J= A?AI=HE ABA?JK=H =HALEIE OF I@EIJE J I=IFA?J ILE?K =@ I= J HC= EA A AIJ=> A?E EA IEIJA =@AFK J= A FHAIA JA@?K A J IAD= JA E@ AIFA?E= A JAA?KA J==GKA I > AJEL I FH F IEJ IO AJ=I AIJ=> A?E@ IA A F = =?E A A GKAIAD= F=HJE?EF=@ =?JEL= A JAOGKAD=IE@ =FH >=@ F H =?EK@=@ A =NNNEE=I= > A=@A? IA GKAJKL KC=HA =?EK@=@@A>KA I=EHAI A $O%@A?JK>HA@A # I? JA E@ IAIJ=H HA =?E =@ IJHAI B=?J HAIFHE?EF= AI =??EA JE =?E >=I=@=A =A@K?=?E OA =I?= F= A? JH $$ $%

35 $' $& =I=?E 2 H JH =@ A = A J= A JA@A>A HEA J=HIA= IJHAI=IFA?J IGKA? F A?K= GKEAHE?E@A JA??AH EA JA= =IACKHE@=@A =L =F > E?=,A>A? IE@AH=HIAA B=?J HDK = A B=?J HJ? E? OA HA =?E =@? = JAI= >EA J= AI H= F H =?K= I I E A= EA J IGKAE JACHA I? JA E@ I@A F = AIJ=H HA =?E =@ I? AIJ I=IFA?J I E A= EA J IAIJH=J CE? I 4A@K?EH= NE F IE> A EAIJH= E@=@GKAIA HACEIJH= A =L =F > E?= HA =?E =@ I? =IFA?J I@AJH IEJ O IACKHE@=@LE= E E E =H =I? IA?KA?E=IJ= J DK = =I? =JAHE= AI GKAIACA AHA E?E@A JALE=! - => H=HFH JAI= CH=H =O HIACKHE@=@A = LE I I?EK@=@= I ",EIA =HFH CH= =I HEA J=@ I=CA =IACKHE@=@LE= A =F > =?E > AJEL I,AI=HH =HFH CH= =I? JE K IOI IJA E@ I@AA@K?=?E LE= J= J A A >EJ B H =? A A B H = GKAE? I=IFA?J IHA =?E =@ I? A JH IEJ O =IACKHE@=@ LE= A?= E =@ I=??EA?E=H= =F > =?E I >HA@E?D= FH > A JE?= 1 FK I=HA? FH I@EIJE J IIA?J HAI@A =I?EA@=@? A > E E E =H IHEAIC IO? JAILE= AI - => H=HK =F==??E@A J CE? CA HHABAHA?E=@? =?JK= E =?E FAH = A JA? A > I FK J I?H JE? = J EAIJH IO JH=>= =HI >HAIKI?=KI=IO? IA?KA?E=I CH=HBKA JAI@A E B H =?E GKAFAH EJ= HA?=>=H@=J IOAIJ=@ IJE?=IBAD=?EA JAI A F = IH= => AI! 1?HA A J=HOB HJ= A?AH I A?= EI I@A? JH = A =L =F > E?= + H@E =H? =IHAF=HJE?E AI GKAJEA A =IK?=HC A? F E EA H =I JAI? JH AIA =L =F > E?= " FH F AH=@A?K=?E AI@A =E BH=AIJHK?JKH=LE= CA =I =?JK=?E AI A?AI=HE=IF=H=AIABE A IACKE EA I=L=?AI # 1 FK I=H =LAHEBE?=?E J? E?= > EC=J HE=@A =J J= E@=@@A I LAD?K I $ =?JK= E =H = H =JEL=A =JAHE=@AJH IEJ JH= IF HJAO IACKHE@=@LE= OHACK =H=GKA =I?KAIJE AI? JA F =@=IA ==?JK= E@=@ /A AH=H =I@A HA=?? FAJA?E= %? JHE>KEH? IHAGKEIEJ IAIJ=> A?E@ IA A =HJ?K "@A = AO " ""' )??E AI 5AFH F AHAB H K =HAIJ==IEC FAJA?E=I? A =?EK@=@@A*KA I)EHAIHA?KFAHA E@? B H A=IK=KJ HAI +?EA JE =?E,AI=HH =H IFH CH= =IAIFA? BE? I@AA@K?=?E A J I ELA AI 6= J A A >EJ B H = A I@EIJE J I ELA AI E? I@?A JAI=JH=L I@A =AI?KA K=? A A >EJ B H =@= =?=F=?EJ=H= =F > =?E A CA AH= 2H F AHAE FK I=H?= F= =I@A??EA JE =?E I >HA =I H =?E =@=I? A JH IEJ O =IACKHE@=@LE= =HJE?K =H? HAI@AE B H =?E E@A JEBE?=@ IA A > AJEL E A? JA E@ A FH?A@E EA J O = E B H =?E >JA E@=GKAIAH > EIEI? A AIJ=> A?AH HAI A?AI=HE I - IK?=I BEH =H I =?KAH@ IGKA? + JH -IJ=> A?AH =IFHE HE@=@AI@A? JH O? H@E =H? =I HAF=HJE?E AIGKA??KHHA A AIA > AJEL HAGKAHEHIA =

36 % % E JAHLA?E? K J=@A HC= EI I@A AIJ=@ =?E = FH LE?E= O?= 5=?E 1 FK I=H AI FA?K E=HE=I= =IE BH=??E IEJ? F = J=H I?HEJAHE I@A HEJ A A J HC= EA J OFAH = A?E=@A =I E?A?E=ID=>E EJ= JAI )??E AIA? H@E =?E? JH=I=HA=IOIA?J HAI 2H FE?E=H =B H EIJ=IGKAE LAIJECKA =I?=KI=I@A I=??E@A JAI A IKI=IFA?J I = >EA J= AI H =JEL I? F HJ= EA I=?J HAIE L K?H=@ AIJ? E?=I@A ILAD?K I - => HAIGKA FAH EJ= AIJ=> A?AHF=H AJH I@A A H=IHAIK J= JAI -BA?JK=HK HA AL= EA J FAH = A JA@A AIB =I=HJAHE=I@A =?EK@=@ 4AC = A J=H =LAHEBE?=?E J? E?==KJ J H? H@E =HOA A?KJ=H=??E AI? K J=I@A? JH OFHALA?E? I K E?EFE IGKA E EJ=? =?EK@=@=KJ =@A>KA I=EHAI )HJE?K =H? =I@EIJE J=I HA=I@A C =?EK@=@ =I H =JEL=IGKAHAGKEAH= IAH=?JK= E A EJ=HIK@EBKIE O?K F E EA J?K F EH? A?AI=HE F=H==@A?K=H IFH?A@E EA J I@A 2H LAH I IA?J HAI HC= E =?E AI A FHAI=IE JAHAI=@ IA =FH > A JE?=? A => H=H FH OA?J I? K J I. A J=H LELA?E=GKAB=L HA?= = IACKHE@=@ -IJE K =H =I>KA =IFH?JE?=I A@E= JAFH CH= =I@A HA??E EA J OHA? FA I=IIE > E?=I 2H CH= =I +?EA JE =?E 2H CH= =F=H=E? KEHA I? JA E@ I > EC=J HE I@A = A@K?=?E B H = A IIECKEA JAI ELA AI E E?E= FHE =HE= 2H CH= =@AA@K?=?E LE= A AI?KA =I OA IACKHE@=@LE= 2H CH= =IAIFA? BE? I@A?=F=?EJ=?E HAI J?E? EIJ=I?E? EIJ=I AJ? 2H CH= =I@A?KHI HAI? JH=LA J F= =I@A??EA JE =?E =IEL= A@E= JA A@E ICH BE? I H=@E JA ALEIE B AJAH = AJ? + JH AI + JH AI@A=? D A E= 5AE?HA A J=H IA IE> A A JA = BHA?KA?E=@A I FAH=JEL I + JH AI? E@=@@A?K=@H?K = + JH AII HFHAIEL IA =IJAH E = AI@AJH= IF HJA + JH A@E= JAA IEIJA =@A@AJA??E =KJ E BH=??E AI + JH AI@AIJE =@ J=ICH=LAI? K H = = O?E 2H > A =I@A?EH?K =?E AIJ=?E = EA H=HE B= J=@AIACKHE@=@A I?HK?AI FA=J = AI AJ? + E?H IAI? =HAI IF HJA=KJ J H J=NEIOHA EIAI

37 JAH =?E HEHA L?JE IEJ 2 H I,HAI =H =) C E?= =HJ, )HJAJ= /=H? =+=I= E, BEO-H AIJ 1>=HH=2KA JAI +A AHCA J C = A@E?E =O+EHKC =@A 6H=K =,AF=HJ= A 0 IFEJ= K= 4AIK A I=??E@A JAI@AJH IEJ? IJEJKOA K BA A GKAE L K?H== =I?EA@=@ O =? FHA > A JE?=ANECA =E K AH I=I@EI?EF E =I,AI@AA IA?J H5= K@IA FKA@AHA??AH ICHKF I@A =? K E@=@ ILK AH=> AIO I B=?J HAIGKA=CH=L= =I? IA?KA?E=I@AK =??E@A JA - > K E?=?E AIAL= K=HA E JAH A?AH A HA =?E? A IAN A@=@O A?= EI AIE =I@A=??E@A JAI@AJH IEJ A +A AHCA J C =@A 0 - JHAA = $IAHA?E>EAH #%"L?JE =IGKAA %HAGKEHE E JAH =?E O "B= A?E A =CK=H@E= = =O HFH >=>E E@=@@AE JAH =?E IA >IAHL A =IFAHI =I@A $= I 4 '# % FA=J AI 4 '!#O =KJ LE EIJ=I 4!# "& - E?HA A E JAH =?E A FA=J AI =BA?J == > IIAN IOA =IA@=@AI - HEHF=H= =IL?JE =I@A$= I BKA$LA?AI =O H1+'#! ' OJKL A EI ABA?J A = > IIAN I - JAGKAIKBHAA FA=J J= >E IJH K F=H= HEH 4! $! # & 1 I=??E@A JAI@AJH IEJ? IJEJKOA K BA A GKAE L K?H= I EA >H I@A =I?EA@=@ E? KI? FH AJA@EBAHA JAI=IFA?J C A?E = AJ? ABA@A,AF=HJ= A 2 H J= J A??E EA I FKA@A >JA AHIA=JH=L I@A =E JAH=??E? K AH I=I@EI?EF E =IO AIJAI=>AHAIE AF=H=AIJ=> A?AHFH CH= =I@A FHALA?E H=?E = AI,AI@AA K@IAFKA@A=F HJ=HE B H =?E I >HA =I L?JE A GK =F > =?E IAA?KA JH= E@=@AII IBHA?KA JAI CA I I CH=LAI -IJ FAH EJEH =IA A??E =H A@E@=I IAIFA? ICHKF ILK AH=> AIOFHE HE =H IJEF I@A =??E@A JAIIAC IK H>E HJ= E@=@ - AIAIA JE@ IA@AI=HH =FHAIA JAE LAIJEC=?E )JH=L I@A K AIJK@E JH= ILAHI= HAFHAIA J=JEL? F=H=JEL IAJH=J=@A HA??AHA JAH A?AHA HA =?E? A IAN A@=@O A?= EI AIE =IL?JE =I@A =??E@A JAI@AJH IEJ JAH =@=IA A 0 A JHAA = $ =JAHE= O I@=J IIA KHE=I@A?=KI=ANJAH = GKAIA = IA A??E =IL?JE JAI@AJH IEJ JHAA = $ - AIJ= KAIJH=IAE? KOA =IFAHI =IGKA? IK J=H F H E?E@A JAI@AJH IEJ O=IA=GKAD=O= E CHAI=@ F HIKIFH FE I A@E I JH=I =@=@ IA = >K =?E=@AI@AA KC=H@A DA?D 5 BKAH AN? KE@ I=GKA IGKAO=D=> = HA?E>E@ =JA?E FHALE= A JAA JH?A JH 5AIA A??E =H? JAI A@=@ A@E@=A AI?= = H@E =? "?=JAC H =I '!' " #'O$ = I 5AN O A?= EI AIE = JA? &?=JAC H =I FA=J?E? EIJ= J?E? EIJ= =KJ LE EIJ= =??E@A JA? A?JEL?= E =??E@A JAJHA IK>JA IE AIFA?EBE?=HO JH I )??E@A JAIE AIFA?EBE?=H HAFHAIA J= I?=I IA GKAA =DEIJ HE=? E?=I? IJ==??E@A JA@AJH IEJ IE IE B H =?E =?=JAC H = JH I IAHA =?E =? =??E@A JAI? IE@AH=@ I@A JH IEJ A =+ =IEBE?=?E 1 JAH =?E BAH A@=@AI: HAL GKAI E BHA?KA A HJEL=O=??E@A JA KJE? % %!

38 J E?=II E JAH =?E OI >HALE@= - A = =?AE JAH =?E IA? IE@AH=H = J J= E@=@@AF=?EA JAI F=H=AL= K=HI >HALE@= IAAN? KOAH =I L?JE =I@AHEL=@=I= JH=IE IJEJK?E AIF=H=IKE JAH =?E F K?E BE = 4AIK J=@ I - +A AHCA J C =HA?E>E #%"L?JE =I@A=??E@A IEJ A A IA = =I?K= AI%$&%% % I@A?K F E A J=HIK=JA?E O >IAHL=?E A A 5AHLE?E - $ ' &"&BKAH E JAH =@ IO!' F=?EA JAI!%B= A?EAH A =CK=H@E= - =E JAH =?E F=HJE?EF=H I IIK>IEIJA =I@AI= K@ =AIJHK?JKH=@A JAIGKA?KHHA A A HA= FH CH= JE?=@A 0 IFEJ= AI =IECKEA JA 6=> = 8?JE =I@A=??E@A JAI@AJH IEJ IAC A?= EI AIE =,FJ - =O $ JA=BA?J =@EBAHA JAIIA?J HAI@A =? K E@=@ FH E J ICH=@ I@AIALAHE@=@ 6=> = A?= EI I AIE = AIIAC IKI?=H=?JAH IJE?=I@EBAHA?E= AI +=H=?JAH IJE?= 2A=J +E? EIJ= J )KJ + A?J 6HA?E? EIJ= LE EIJ=?= IK>JA 5AN =I?K E # % %% ' $'!$ # $" -@=@ A@E= "! %!% ""!% "! " & $ ' A@E= =!# $ #!" J J= ' #! ' % 1 JAH =?E " ' # %!! # & HJ= E@=@! $ # 0K> K FHA@ E E C IAN =I?K E $& # FAH IAC A JAAIJAF H?A J= AL=HE A JHAA ' =!$ # =A@=@ A@E=C >= BKA!# %= IO A@E= = '= I I?E? EIJ=IO J?E? EIJ=I? IJEJKOAH ICHKF I I LA AIOA A JH ANJHA IAA? JH=H =IL?JE =I@A=??E@A JAIA? A?JEL?= E - =IL?JE =IBKAE JAH =@ FAH AIJ=FH F H?E J= >E L=HE IAC A JA A JHAA "F=H= I FA=J AID=IJ=A! #F=H= AIE =@ IA? A?JEL?= E = HJ= E@=@C >= BKA '%#L?JE =I E =@ HF=H= AIJAF H?A J= ABKAH I IF=?EA JAI?KO=AL K?E IAFK@??AH %$&%= >K =J HE I!'B= A?E@ IA CK=H@E=O"'" E JAH =@ IA A 0 IFEJ= 2AH A JHA IFA=J AIAIJAF H?A J= = OA JHA =I L?JE =I@A=??E@A JAIA? A?JEL?= E I =?= =A 6=> =! 8?JE =I@A=??E@A JAI@AJH IEJ IAC AL K?E 0 - =O $ -@=@ KAHJ I 8EL I HJ= E@=@ ' # "'!'! "#' # " #' ' && # $ & % #! &$ 6 J= %# &"# ) A@E@=GKA=K A J= =A@=@ = HJ= E@=@IAE?HA A J= %" %#

39 4EAIC JAH =?E 4 1+'# F 5AN =I?K E " $= I I '# % 2A=J '!# )KJ LE EIJ=!# "& 0 >HAI '= I &!& "& 0 >HAI@A$ I= I! &" $' K AHAI@A$ I= I $!!& '! 2A=J '= I " & " 2A=J =!'= I!& & $ 2A=J "=#'= I %$ "# " 2A=J $ = I! '#! # " & +E? EIJ=$ = I "!! " & & J?E? EIJ=I" #'= I $ # "& )KJ LE EIJ=I '= I # '%! )KJ LE EIJ=I!'= I " " )KJ LE EIJ=I$ I &" "$! 2A=J =I? '= I %$!!&! 2A=J =I? " #'= I %&!$!! 2A=J =I? $ = I " &%! #! $ % 2A=J BA!'= I $ $! 2A=J BA " #'= I $' ' 2A=J BA $ = I!! $ " +E? EIJ= =I? $ = I! $ " $ & " J?E? =I? " #'= I %# " "% )KJ L =I? '= I %!!& )KJ LE EIJ= =I?!'!! "& )KJ LE EIJ= =I? $ %#!!#! HEH=? IA?KA?E=@A =??E@A JA 4 1+'# F -@=@$= I $! ' 2A=J! $! # & 0 >HA$= I % ' " "'! ' K AH$= I %"! # ## 2A=J =I?K E "!% #& %!' 2A=J " #'= I! $ $ #% # 2A=J $ = I " # %" % ' +E? EIJ=$ = I ' $! " & )KJ LE EIJ=$ = I "!# & ' ''! 2A=J =I " #'= I " && & 2A=J =I? $ = I & % ' #!$ ' 2A=J BA $ = I " " $" " " +E? EIJ= =I? $ = I " &"!! $$ $ )KJ LE EIJ=BA $ $ % # &,EI?KIE 5E>EA C >= A JA =F > =I@A=??E@A JAI@AJH IEJ AIFHA@ E = JA A JA =I?K E = D=O= CK IAN BA A E JEA A =O HFAI A JHA IFA=J AI"%!O A J= A JAA I=??E@A JAI@A? A?JEL?= E $! # 6= >E IA =A@=@@A I AIE =@ I I?E? EIJ=IO J?E? EIJ=II CHKF I@A A HA@=@ A@E=O A@E= = A J= J GKA IL= HAI =O HAI@AAIJ=I A@E@=IAIJ HAFHAIA J=@ IA =IL?JE =I@A=??E@A JAI@A? A?JEL?= E =BHA?KA?E=@AE JAH =?E O = HJ= E@=@HAIK J= IAH HAI@A =CH=LA@=@@A =I AIE AIF H>E HJ= E@=@@A =??E@A JAOA AID= IJH=@ A F H?A J= A =O HF=H== > I@AIA =?AI - JA@AFH >=>E E@=@AI@AHAGKAHEHE JAH =?E A? JH= I= IFA=J AI" =KJ LE EIJ=I! J?E? EIJ=I %?E? EIJ=I' # =?? JHA IK>JA&OF H JE =IL?JE =I@A=??E@A JAI@A? A?JEL?= E! # 2=H=AL= K=H = HJ= E@=@C >= IA? IE@AH=H I!'F=?EA JAI GKA KHEAH A =CK=H@E=O!$B= A?E@ IA JHA I"'"F=?EA JAI E JAH =@ IA A 0 IFEJ= A $@AA I IAFK@??AHIK AL K?E = HJ= E@=@A =IFHE AH=ID JA = E JAH =?E HAIK J % & = HJ= E@=@C >= BKA@A '? AN? IF=?EA JAI@AHEL=@ I 6= >E IA = HJ= E@=@IAC E@=@@A =??E@A F=H= I=??E@A J=@ IA? A?JEL?= E D=IJ= F=H= IFA=J AI %$ %%

40 - K =HA?EA JAFK> =,ABA I H =@A 2KA> IAIA = = =F=HJEH@A =E B H =2.) GKA@A?=@=FAHI =I A HAI@A&= I B= I B= A?A OA I =O HAI@A$$= IB= A?A!#L?JE =I = AH= I@=J I@A =F > =?E = = E =@= GKAAI =GKAD= AC=@ = D =I A HAI@A = I KAHA # A A ="'= I KAHA A I@A OA JHA =IL?JE =I@A$ = I KAHA!& -IALE@A JAGKAA IAN =A@=@OA A?= EI AIE = JEA E JAH=?J = F HA A F K =??E@A J=@ A? A?JEL AI IFH >=> AGKAIA=K = K AH@A =O HA@=@ OK L=H LA H@A IFAH EJA??AHA L=HE=> AO@A =I=I?E=?E AI@AA =IF=H=@AIA =?AI? E JAH =?E KAHJA 7 =L?JE =@A=??E@A JA@AJH IEJ IEAI@AIAN =I?K E JEA A K ECAH E?HA A J A =FH >=>E E@=@@AHAGKAHEHE JAH =?E AIJAL= H=?= ==!A AH$= I 5EAIJAD >HA@A$= I I D=IE@ K FA=J =JH FA =@ IKFH >=>E E@=@@AJAH E =HE JAH =@ AI?=IE#LA?AI =O H= I=??E@A J=@ I 2=H=A?=I A GKAA D >HA@A$= I IAD=O==??E@A J=@??E? EIJ= JEA AI!LA?AI IFH >=>E E@=@AI@AHAGKAHEH E JAH =?E - A IAN BA A E A =O HHEAIC IA >IAHL=A FA=J $= =FH >=>E E@=@@AJAH E =HE JAH =@=AI! LA?AI =O H + HAIFA?J = HEHF H =I AIE AI IA? FH > E CK =@EBAHA?E=HA =?E =@== =IL?JE =I I KAL= A JAIKHCA ==I?E=?E? =IA@=@AI I=L= =@=I ID >HAI@A$= I GKAD= IE@ =HH =@ IF HK LAD?K JEA A 'LA?AI IFH >=>E E@=@AI@AB= A?AH OF=H= EIJ=I A HEAIC AI#LA?AI =O H= I=??E@A J=@ I 2=H=A IAN BA A E J= >E =K A J=A HEH? = A@=@@A$= I O=?= =IK NE L= HA A JEF =KJ LE EIJ=? K = 4@A$ 5AC I@=J I@A =2.) GKAE? KOA =IL?JE =IB= A?E@=IA = L =F > E?= J= >E AIA FA=J A GKAFHAIA J= = =O H FH F H?E 0=O JH IB=?J HAIGKAFKA@A E? HF H=HIAA A = EIEI? =IE J NE?=?E AI! K =HAI KI E =@A?K=@ =KIA JA@A IA A A J I@AIACKHE@=@" AJ? GKA =K A J=H= = I IHEAIC I> IE? I =GK = = E =@ I +? KIE AI - =F > =?E GKAIKBHA=??E@A JAI@AJH IEJ A A HA= FH CH= JE?=@A 0 A IA?J H ILK AH=> A? =O JAH =?E =I =O HAI@A$= IOA?= E@=@@AFA=J AI -IJA@A>AH =IAHA FHE AH > KAL I=> H@= AI@AI@A =FHALA?E IAC =IL=HE=> AI= = E =@=I *E> E CH=B = = F=HJ. =FIA I 5 =FH > A JE?=@A =IACKHE@=@LE= A =+EK@=@@A*KA I)EHAI A@EJ=@ F HA HA=@A + K E?=?E A1 =,ABA I H =@A 2KA> K E $ - =? D 4ALEIJ=@A5ACKHE@=@8E= K E =C IJ IAFJEA >HA %" " 9= AH2. 5JAM=HJ 4 0= IA )4AJ= 6DAF JA JE=JE CABBA?JI B=? KHO ) )'&$ #$ "$ "$$ HC= E =5= K@ 1 B H A I >HA IJH=K =JEI I?=KI=@ IF HA JH IEJ /E A>H= " %& %'

41 IEJ A A HA= FH CH= JE?=@A D IFEJ= IK AL K?E A JHA''%O $ 2 H I,HAI =HJ =H =) C E?= )HJAJ=, /=H? =+=I= E )HE=I -H AIJ 1>=HH=2KA JAI +A AHCA J C = A@E?E =O+EHKC =@A 6H=K =@A,AF=HJ= A 0 IFEJ= K= 4AIK A - A,AF=HJ= A 0 D=OK KHE=I@A+=KI=-NJAH = A A GKAI E? HF H=@=I =IL?JE =I@A=??E@A JAI@AJH IEJ =HA? I IAE E?E >HA@A''% HAIJHE CE@==AIJ IE?E@A JAI? K J= A JA? =E B H =?E LE?K =@===??E@A JAI => H= AI - A = IAE? HF H=H =IE KHE=I@A?=KI=IANJAH =I - > K E?=?E AIAL= K=H I?= >E IGKA FK@EAH D=>AH?KHHE@ =JH=L I@A JEA F A A =I L?JE =I =I? A A JA IK@A OAL K?E - FH F IEJ AIANF AH I@=J IGKAFKA@A =F HJ=H I,AF=HJ= A J I@A7HCA?E= F=H=? JHE>KEH=HAI LAHA FH > A =@A= =HGK =OBH=C A =E B H =?E =JAHE= O E? KE@ I IF=?EA JAIGKAE CHAI=H F H =??E@A JAI@AJH IEJ = +A AHCA J C = A >HA@A''%= K = $ =IL=HE=> AIIA A??E =@=IBKAH = IAN A@=@ =??E@A IAC 1+, OJEA FAH = A?E=A =CK=H@E= 4AIK J=@ I - JHA= > I?KHHE K E?HA A J IEC =I?K E )K A E@=@@A?E? EIJ=IOL?JE JAIA? A?JEL?= E =O HF H?A J= A@AF=?EA JAI = >K =J HE IO@EI E = HJ= E@=@A CK=H@E= 1 - E B H AFK> E?=@ F H = HC= E =5= K@A A " IA = =GKA E AI@AFAHI =I KAHA A A F H?D GKAIA =IL =IF > E?=IOD=IJ=# E AIHAIK J= DAHE@=I )@LEAHJA=@A IGKAIAC =IFH OA??E AIAIJ=I?EBH=I IAE?HA A J=H A K $#A IFH NE I J= GKA I=??E@A JAI@AJH IEJ?KF=H = A JAH?AH KC=HA =I?=KI=I@A H>E E@=@F=H=A = + K E F=?J =O HA IF= IAI@A>= IO A@E= IE CHAI I O=GKAA I@A =O = =@EI E KEHA AIA F -IJ=FHA@E??E ANFHAI=K = AHJ==AI?= = I >HAK = FH > A JE?== HAIKA J=A KAIJH >EJ -I A?AI=HE HA??AHA GK IEJK=?E IAA?KA JH= KAIJH=? K E@=@ LA EA JAIF=H= CH=H AI =CH= BH=C A J=?E O= =HGK =@A =E B H =?E = HC= E =?E HACE = A AHCA?E=A =+EK@=@@A*KA I)EHAI FAH EJEH =HA? A?J=H E B H =?E L E@=? F A A J=HE=@A =GKAHA AL= =2 E? =.A@AH= O = KIJE?E= - FH F J=?E AI KIJ= A IJH=HA L= H@A I@=J I >JA E@ I=F=HJEH@A =IDEIJ HE=I? E?=I@AK,AF=HJ= A - HA=FH CH= JE?=@A 0 E EJ=@=A JHAA =2 =J= =LA E@= + H@ >=, HHAC KEI += F I =2= F=O KAL= A JAA H =IFAHI =IGKAIKBHA AIE AIA =??E@A JAI@AJH IEJ?KHHE@ I A AIJ= = I JH=I =@=@=IF H= >K =?E=I@A 5) -=@E?D D IFEJ= ) IAABA?J =IK=JA?E E IJE? OA K?D=I?=IE AIA JH=J= EA EJEL )GKA IF=?EA JAIGKA@A>A IAHE JAH =@ IO?KA J=? = CK =? IF=H=A = =IE IJEJK?E AI? JAI,A? JH=HE IAE JAH = A A 0 A JH I? =HA@@A C = +EK@=@@A*KA I)EHAI -IJ FAH EJA??A JH=H =E B H =?E??AH EA JA=E?E@A JAI@AJH IEJ O IFH J=C EIJ=IGKA E CHAI= = =E IJEJK?E >HA@A''%IAE E?E A JAI@AJH IEJ OA K A FHE AH = EIEIF=H=HA??AHA JHA JH I=IFA?J I GK F=HJA@A = F > =?E IKBHE AIJ IE?E@A JAI GK JAIO?K BKA IK@AIJE A J H E I@A= J= E JAH =@ I D=>AHB= A?E@ A =CK=H@E= )F=HJEH@A = A HACEIJH IA = F E =IE KHE=I@A?=KI=ANJAH = & &

42 - > K E?=?E AIAL= K=H I?= >E IA A =IL?JE =I@A=??E@A JAI@AJH IEJ GKABKAH A +A AHCA J C =@A 0 A A?= EI AIE = IK@A OAL K?E A JHA ''%='''O@A = $ =JAHE= O =F > =?E A AIJK@E E? KO =IL?JE =I@A=??E@A JAI@A JH IEJ GKAE CHAI=H = +A AHCA J C =F HIKIFH FE I A@E I JH=I =@=@=IA = >K =?E= K JH I LE AI 3KA@=H AN? KE@ I IF=?EA JAIJH=J=@ I HECE =HE= A JAA JH?A JH O JH=I =@=@ I= 0 A AL K?E =IL=HE=> AIIA A??E =@=IBKAH GKAIA A F A F=H=@EBAHA?E=H@ ICHKF I A FHE AH HA?E>E@ A >HA@A''%O K A JHAA = $ I@=J I@A FHE AH BKAH FK> E?=@ IA A OIAKJE E?=?E F=H= =I? F=H=?E AI 5AN A@=@ JA A?= EI AIE =? &?=JAC H =IFA=J?E? EIJ= J?E? EIJ= =KJ LE EIJ= =??E@A JA? A?JEL?= E =??E@A JAJHA IK>JA IE AIFA?EBE?=H JH IIAC = + =IEBE?=?E 1 JAH =?E BAH A@=@AI: LAHIE =?=JAC H = IE AIFA?EBE?=HHAFHAIA J= ==KIA?E=@AE B H =?E A =DEIJ HE=? E?= I >HAAIJA=IFA?J A CA AH= IAJH=J=@AF=?EA I F HA AIFA?E= EIJ=JH=K =J C?EHK =? AIE AI ALAI JH I? BHA?KA JAI? E AJAI=?=>= GKA?=OAH A =L =F > E?= IA@AK HJEL= >EA =??E@A JAI KJE? I 2 H JE 6EA FAH = A?E=A CK=H@E=A D H =I = >K =J HE E JAH =?E B= A?E EA J 4AIK J=@ I - +A AHCA J C =HA?E>E A ''& %'#L?JE =I@A =??E@A JAI@AJH IEJ 6=?EBH=IABKAE?HA A A A '= = K= A JAD=IJ=A = A GKA? A A = AIE =@ IF HAIA JEL )F=HJEH@A! KAL= A JA?HA?A =?= JE@=@@A L?JE =I= K= AID=IJ==?= =HA A #L= HAIIKFAHE HAI= I JE I&= I "F=?EA JAI - JHAA = $E CHAI=H #%"L?JE JAI@AJH I?K= AIA % BKAH JH=I =@=@ I F H= >K =?E=@AI@AA KC=H@A E?E@A JA $& =I?K E? K =A@=@ A@E=@A!#! %O A@E= =@A! = I!@AA IIKBHEAH =E HAI F=I= AH I@A=KJ LE AI #? J?E? EIJ=I ' FA=J AI?E? EIJ=I HAI F=I= AH I@A? A?JEL?= E %A JHA IK>JA - A %@A I?=I IA A?= EI AIE =? IJ A =DEIJ HE=? E?=O '? = JH=I?=KI=I 7 =LA IA A,AF=HJ= A %$&%F=?EA JAI% % J=F=H=? JE K=HIK? JH A B H == >K =J HE= &"& $ 'IAE JAH =H O!'B= A?EAH A =CK=H@E= - H= JEA = A?E=A A +A JH BKA@A= D H=I? K = A@E=@A#O A@E= =@A D H=I + F=H=?E? =I?=H=?JAH IJE?=I@A =F > =?E AIE =@=A JHA@E?EA >HA@A ''%O K $# IAN =I?K E A@=@ A@E=!" $ % #O A@E= =@A '= I - E?HA A =FH F JAI@AIAN =I?K E BKA IEC EBE?=JEL F=H=F # & &!

43 6=> = 8?JE =I@A=??E@A JAI@AJH IEJ IAC A@=@O = I 7HCA?E=0 6=> = " 8?JE =I@A=??E@A JAI@AJH IEJ IAC =??E@A JA,FJ 7HCA?E=0 - =O $ D=O@EBAHA?E=IIEC EBE?=JEL=IA =I A@E@=I@AHAIK AIJ=L=HE=> A 2AH A =@EIJHE>K?E IA >IAHL= =@EI E =BHA?KA?E=HA =JEL=@A? IK J=IA JHA= '= I OA E?HA A J A A E IF # 6=> =! 8?JE =I@A=??E@A JAI@AJH IEJ IAC =??E@A JA,FJ 7HCA?E=0 '% K '' -?K= J = JAIA >IAHL=A E?HA A J IEC EIJ=IOF=I= AH HAI@A? A?JEL?= E AIE =@ I =@EI E I?=I IIE AIFA?EBE?=HI JH=@K?A A =O A?= EI AIE = F HF=HJA@A I@A,AF=HJ= A J 6=> = # 8?JE =I@A=??E@A JAI@AJH IEJ 7HCA?E=0 - JHAA = $ IA? FH > =@EI E F H?A J= JAIGKAHAGKEHEAH E JAH =?E O =@A=GKA IGKA B= A?EAH A =CK=H@E=IEC EBE?=JEL=F=H=F #,EI?KIE =ANEIJA?E=@A IHACEIJH IHABAHE@ I ID=FAH EJE@ AL= K=H A JHA K?D I=IFA?J I =IL=HE=?E AIA =BHA?KA?E=@A L?JE =IHA?E>E@=I I GKA?KHHE A O =BA?J =?EK@=@ OJEA AIKANF E?=?E A =?HEIEIA? E?=OA =@EI E IGKAJH= IEJ=>= F H =?EK@=@ AIJE =@=A =!! " =F > =?E FHA@ E = JA A JA =I?K E = DK>?= >E IIKIJ=?E= AI? HA =?E = =A@=@ &" &#

44 FAH I IDK> HAIFA?J = JA )K A J=H IEC EBE?=JEL= A JA I?E? EIJ=I=??E@A J=@ I OAIJ FKA@AIAH? IA?KA?E=@A?= >E IA =? K E@=@ IF= IAIIA >IAHL=A =O @A =I A BAH A@=@AI?=H@E L=I?K =HAI F H JH =@ AIA =??AIE> A= I I LA AIO CA AH=? J= E A@E = >EA JA - E?HA A =IL?JE JAIA? A?JEL?= E FKA@AJA AHIK HECA A = JH IEJ LADE?K =H?= JE? AI?=I=FH BAIE = I?D BAHAIOB= J=@A? FH =IA FHAI=I? = IACKHE@=@@A IKIK=HE I 6= >E A =IEJK=?E A? E?= GKA D= AL=@ = =IFAHI =I =O HAI@A$#= I=A ACEH IJA? IF HJA - A F H?A J= A@AE JAH =?E O@A B= A?E EA J IA KC=H= =DEF JAIEIGKA I=??E@A JAI D= IE@ I =A AHC =O A H? FH = E JACHE@=@B IE?=@A I=?J HAI JH=DEF =IAHGKA=JH=L JEA F A K@IA?=F=?EJ=H= I GKA =I A H=I JA? CE?=I CH=H= K IABE?EA JA IE A >=HC KAIJH BAIE = AI J= =AJ=F= FHAD IFEJ= =HE=? =D IFEJ= =HE=IA = JKL AIJ=> A =FHE AH=AJ=F== = E =@=O=AH== J HACEIJH =FH FE=@ OI I IJA E> AA A JEA F J=@AIF=H= CH=H? AH=H FH?AI I@ACAIJE =@A?K=@ I B=?JE> AIOLE=> AI? A =?KAH@ O=F IE JACH= JAI@AAIJ IIAHLE?E I 4ABAHA?E=I>E> E CH BE?=I 90 1 B H AI KHE=IFH L?=@=IF H =??E@A JAI@AJH IEJ /E A>H= " =HJ ) )HJAJ=, /=H? =+=I= E 1>=HH=2KA JAI- -FE@A E C I=??E@A JAIA A HA=FH CH= JE?=@A 0 4ALEIJ=) >EA =H!# " " / =+EK@=@)KJ =@A*KA I)EHAI 1 B H A 5A AIJH= 2H CH= =@A+ D A E=- AH K E 1 B H A@A -IJK@E IA1 LAIJEC=?E AI )??E@A JAI@AJH IEJ A *KA I )EHAI =E B KA?E=@A =E BH=AIJHK?JKH=O IFK J I@A??A JAI =C IJ +? KIE + ALA J AFE@A E CE? I=??E@A JAI@AJH IAHAL= K=@ IFAH = A JA A JAO=JH=L I@A JEA F >E IGKAAI A?AI=HE??AH= =D H=@A F = EBE?=H=?JELE@=@AI@EHECE@=I=IKFHALA?E 5E>EA A I JE I= I IAD= HAC = A J=@ A@E@=I? AIJAIA JE@ D= B= J=@ =AL= =JH=L I@A = HAI=@D? - FH F K E?=?E BKA@A IJH=HA L= HGKA FKA@A=IK EHK 4ACEIJH IEIJA =JE =@ =F A I,AF=HJ= A J I@A7HCA?E=@A I0 IFEJ= AI@A / =+EK@=@@A*KA I)EHAI FKA@A?=FJ=HE B H A JA@AI@A I FH J=C EIJ=I@AAIJ I=??E@A JAI 2AH AI A?AI=HE E LAHJEHA B H =?E JA? C =OFAHI = F=H=@AI=HH =HK IEIJA =@A &$ &%

45 1 AI I 2H CH= =? AIE AIO?=F=?EJ=?E A I? HHEI 2 H = E? =KH=* IGKA O)?=@ HCA AEH= 5?EA@=@ )HCA JE =@A A@E?E =O+EHKC =@A 6H=K = =5?EA@=@)HCA JE =@A A@E?E =O+EHKC =@A 6H=K A 2H CH= =+ AIE AI 1 AI I - > AJEL CA FH CH= =AI E B H =?E O?=F=?EJ=?E A JH=K = F H?K= IA AI@A FH CH= =I B H =?E = F > E? CA AH= =?=F=?EJ=?E? K EJ=HE= =?=F=?EJ=?E FH BAIE = O =? L?=J HE=F=H= =+ = E?E F=H= =2HALA?E OA + =I AIE AI B H =?E = F > E? CA AH=? IJ=@A@ELAHI=I AIJH=JACE=I@A? K E?=?E A@E= JAHA?KHI ICH BE? AI C=?AJE =I > AJE AI AJ? =?=F=?EJ=?E? K EJ=HE= IA AL==?=> A@E= JAA 2H AIE AI +6) F=H= I = K I@A ELA E E?E= OFHE =HE A * 51+ F=H== K I@A ELA JAI O?D=H =IE B H =JEL=I =?=F=?EJ=?E FH BAIE = IA AL=H I +KHI I)6 5A16 5F=H= IFH BAIE = AIFAHJA A?EA JAI= =I HA=I2H CH= JE?=IAE L K?H=@=I? A 2H CH= =E AI I =? L?=J HE== =? = E?E F=H= =FHALA?E OA? =I AIE AI =F=HJE?EF=?E HAFHAIA =IA JE@=@AI?EA J BE?=I /O /=BE AI= =JA JE?= F=H= CA AH=HK? IA JA E@ IGKAFAH EJ=@ABE EHK =H? JA HE? OF => H=?E - 2H CH= =1 AI I? E?E@A? =I HA=I 2H CH= JE?=I@A I0 IFEJ= AI@A / =I+EK@=@ )KJ =@A*KA I)EHAI A F=HJE?K =H@A I0 IFEJ= AI/A AH= I K= =?E.H=?EI? 5= J = E + I A)HCAHE?DOA 0 E I4E?=H@ /KJE HHA?A JH I@A F=?EA JAJH=K =JE =@ - 2H CH= =@A+=F=?EJ=?E + K EJ=HE=E AI I>KI?= AH=HGKE =H = A?AIE@=@@A?=F=?EJ=H= =? K E@=@F=H==?JK=HA IEJK=?E AI@AA AHCA?E= -IJA2H CH= F IEJEL= A JAA I@EIJE J I ELA AI@AFHALA?E A F=HJE?K =H =FHALA?E JAH?E=HE=? IEIJAA CH=HGKA =FAHI = AIE =@= = AH=ABE?EA JAOABE?= F=H=FAH EJEH = NE = I >HALE@=? A =IF IE> AI B=?E IK HAE IAH?E I?E= O => H= - AIJAFK J HAIK J=F IE> A =@A JH=H IA = A?AIE@=@OA =E F HJ=?E=@A =? K E@=@A I@EBAHA JAI ELA AI@A AIE AIOAIFA?E= A JAA =FHALA?E JAH?E=HE= IHACEIJH IAIJ=@ IJE? GKA =I AIE AII =?=KI=@A = =O H =@A =I A =AJ=F= FHAD IFEJ= =HE= A =IFHE AH=ID H=I E CHAI =K?A JH =IEIJA?E= A K J = IEIJA AHCA?E=FHAD IFEJ= =HE I IA?=HC=@ ECK=? F A E@=@= =IFAHI =IL?JE =I@AK =A AHCA?E= 2AH = =I GKA@=K JEA A JHA =?KHHA?E=@A A AHCA?E=O = AC=@=@A == >K =?E= -IJ=I JAIEIAIJ=@ = = HC= E IEIJA =@A I= K@ GKA@A>AFH OA?J=HIAF=H=@=HHAIFKAIJ== =?HA?EA = = JH=K = F=H=?K= =IFH FE=I A?AIE@=@AI@A HC= E IA?J H -IJ=FAHIFA?JEL=HAGKEAHA =E? A A A J IOHA?KHI I? LA?E = AI EB H = AI 2 H J= J = HC= E -IJ=@ AI@AHAI LAH =I IEJK=?E AI@AA L?JE =IA =I=@A>A? JA F =H =E? KIE F=HJE?EF=JEL=@AIA?J HAI? K EJ=HE I -IJ=CHEAJ=A ==JA?E FKA@AHA A@E=HIAE? HF HC= E =@= A JA= =? K E@=@,AAIJ= = AH=A IEIJA =@A E? A 2IE? C =,EHA?J H=@A =5?EA@=@ )HCA JE =@A A@E?E =O+EHKC =@A 6H=K = EA =)I?E=?E =?E A@E?E 1 JA IELEIJ=.++ + H@E =@ H@A =4A@@A6H=K =O- AHCA?E=@A = 5A?HAJ=H =@A5= K@ / + ) * ) I@A HC= E AIJ=HFA I=@ IO@EIA =@ I@A =?KAH@ = =I A?AIE@=@AIOF IE>E E@=@AI?= AI - AIJ= EI =FK> E?=?E O>= A J FKAIJ=@A4ACE = E =?E F=H= 2=?EA JA6H=K =JE =@ A,H HCA AEH=FHAIA >E> E CH BE? I >HAA JA F IE> A@AHACE = E =?E F=H= KAIJH F= J= GKAA AIJAFK J AHA EJ = =E B H =?E = LAHJE@= && &'

46 A =F IE>E E@=@@A? J=H? K FHE AH AI => GKA=?J AA A A J? A JHA DA?D O ==IEIJA?E=E IEIJA =@AA AHCA?E= =E F HJ=?E=@A =?=F=?EJ=?E O@A A JHA = EA =? K E@=@IA@A>A=GKA =? K E@=@FKA@A? A A JHA = EA J =@A?K=@ = JE?EF=H =F IE>E E@=@@A? F E?=?E AIA K =FAHI = L?JE =@AK =A AHCA?E=GKA= FHAIA JAF? II J =IFAH? =H I =?JEL=HFHA? A JA= IEIJA =@AA = =IEIJA?E=E A@E=J==? H@A= =F=J C = =IFAHI =IAIJ F JA?E= A AI@AIAH?=F=?EJ=@=I D=?AHA IEJK=?E AI@A?KHHA?E=BHA?KA JAF=H= =I?K= AI AIJ= I FHAF=H=@ I -IJ=HAIFKAIJ=JEA AK =LAHJEA O JH= I?E=? A?JEL= =FHE AH= =FK J==I=>AH? =?JK=HA IEJK=?E AI@AA LAH =I = LAHJEA JAI?E= IKHCA@A = A?AIE@=@@AB H = E =H =JH=L I@A =?=F=?EJ=?E =? K E@=@A A IEIJA =@A I= K@ - AIJAIA JE@ AIHA AL= JAA H GKA =IFAHI =IOIKI? K E@=@AIJEA A A =J=HA=@A?=F=?EJ=H IAF=H==?JK=HA IEJK=?E AI@AA AHCA?E=O EJEL= A ACEHI= L=HLE@=I! - 5? HHEI? JEA A I?HEJAHE I=@A?K=@ I@A HC= E =?E O@A?=F=?EJ=?E =HIA 5? HHEI AI = HC= E =?E OA =@EAIJH= EA J =JEI A BAH A@=@ 2 H I? HHEIJ=AIA AI => A JHA =L?JE =OA IEIJA =@AA AHCA?E= - = A@E@=A GKA =? K E@=@?KA JA?=@=LA? I I? HHEIJ=I =HAIFKAIJ=E A@E=J== =IFAHI =IL?JE =I@AK = A AHCA?E=IAH ABE?EA JAOFAH EJEH A IE>E E@=@AI@A I >HALE@= =? K E@=@A JHA =@= O =E JAHLA?E IIEIJA =II= EJ=HE IO@AHAI?=JA@AJAH E = = F IE>E E@=@@AK ==@A?K=@=I >HALE@=OFAH EJA EJEC=H =I? =I AIE AI 2H HCA AEH=F=H=A = HHEI * IE? F=H=-I?KA =I E = =?E 5?EA@=@)HCA JE =@A6AH=FE=1 JA IEL= '''! /A FE. 7IJA@ I=>AGK D=?AH 0JJF MMM I=?J? =H FHALA?E JH=>OFK> KIGD=?AH DJ " = HHEI * IE? F=H=-I?KA =I F?EJ - K AHCA?E= = JAI@AGKAIA HC= E?A = = EI = =FHE HFAHI =IGKA IAA?KA JH=?=IE = A JAA A KC=H + = AC=@=@A = F E? = I> >AH I = ==OK@=GKAIAD= I E?EJ=@? EA = = HC= E ==JA?E 2 IJAHE H A JA = AC=@=@A == >K =?E=C=H= JE = E?E= OA JH=I =IL?JE =I=K?A JH =IEIJA?E= =? H@A= =F=J C = 2 H ANFKAIJ AIGKA =IFAHI =I@A =? K E@=@GKA?=IE = A JAI F=HJA@A = AIJ=HA JHA =@=I A 5? HHEI * IE? AI@A?EH??AH =IJ? E?=IO = E >H=I > IE?=I@AHAIK?EJ=?E?=H@E FK =H =?=@A =LE@= ==@ E IFHE AH I=KNE E IO =B H =@A? F HJ=HIAA IEJK=?E AI@A@AI=IJHA -IE F HJ= JA@AIJ=?=HGKA =?=F=?EJ=?E A 5? J=H? J BE?=IO =?=@ E?=IGKA =L= A I? JA E@ I=I? = C =KJE E =@=A IKI =IFA?J IJA HE? OFH?JE? - AIJAIA JE@ =5?EA@=@)HCA JE A@E?E =O+EHKC =@A 6H=K =O +=H@E CE?= )HCA JE =D= IKI?HEFJ K + LA FAH=?E +EA J BE?=? A FH F =+=F=?EJ=?E A 5? HHEI * IE? =L= IKF=HJE?EF=?E =?= E@=@@A =?=F=?EJ=?E OFH A? IA JA E@ IOA?K F E EA B H =J FA@=C CE? FAHJE A JA -IJA=?KAH@? IJEJKOAK =L=?A IEC EBE?=JEL =?=F=?EJ=?E? K EJ=HE= GKA =IFEH==E?E@EHF IEJEL= A JAA HAI@A H>E HJ= =IA BAH A@=@AI?=H@E?AHA>H L=I?K =HAIOA JH=K = - F=HJE?K =H A >EJ K E@=@GKA FKA@A HC= E =HIAF=H=FHALA =IA AHCA?E=IF HGKA FAH EJAJH=>= =HJ= J A =FHALA?E OA =AL= K=?E E =A AHCA?E=? A =IFHE AH=I=??E AI@A=JA?E = +=F=?EJ=?E A 5? HHEI * IE? F=H=-I?KA =I = HC= E J= GKAC=H= JE?AK = AI?KA = IIACKH= )@A IFAH EJAB A J=HA =KJ?KE@=@ I JH IAIJ=> = II E@=HE IAE? HF =JA JE?=@A = AH= CE O=JH=?JEL= )IE EI = HC= E =? K E@=@A@K?=JEL=FAH EJA A@E= JA =AL= K=?E J= FH?AI IHAIK J=@ I >JA E@ I A@EHA E FH CH= =A = F > =?E > AJEL E@A JEBE?=HO? HHACEHFH > A =I@A E F A A J=?E >JA AH@=J IGKAFAH EJ= HA= E =HAIJK@E I ' '

47 ? F=H=JEL I KIJEBE?=H I? IJ I@A FH CH= =O@A IJH=H?= >E IAIJ=@ IJE?= A JAIEC EBE?=JEL I =?=F=?EJ=?E A 5? HHEI * IE? FAH EJA= =IFAHI =IIAH F=HJA@AK =? K E@=@ HC= E =@=F=H=B HJ= A?AH = AJ=F=FHAD IFEJ= =HE= >JA =@A I > A>A ABE?E F HK =@ FAH EJA= =IFAHI ACEH=OK@=H OAIJ=> A?AH?= = AI HA= AI@AF=HJE?EF=?E OF H JH FH OA?J=A FH F AH=H? K E@=@AI?=@=LA IBKAHJAIO II= =I,AAIJ=B H = I IAHABKAH =A IA?J HI= K@ GKAIK =B H = A JAK HA?KHI A?AI=HE OL= E I IE GKA =H?= =@EBAHA?E=A =AIA?E=@A GKAGKAHA I? GKEIJ=H I ELA AI@A H>E HJ= E@=@@A>E@ = =A BAH A@=@JH=K =O?=H@E?AHA>H L=I?K =HAI 2H?E =HF JE?=I@AI= K@?=@=LA IF=HJE?EF=JEL=IAI FH LAH? K E@=@AIHAIF I=> AI@AIK@E E?=@ALE@=O??EA JAI@AIKIFH FE=I A?AIE@=@AIO=IFEH=?E AI *E> E CH=B = *= AH 5 JKHAIE 6H=K =2HALA JE 6H=K =''% "!!$'!%! * IGKA 2= H E?=@A 6H=K = 0JJF MMM I=?J? =H FHALA?E FHAIA J= F= H= DJ * IGKA AEH= - 6 H E )??E@A JA 0JJF MMM I=?J? =H FHALA?E FHALA?E JAH =?? DJ * IGKA AEH= AIE AIA 2HE HE@=@AIA 6H=K = -@EJ HE= 2= = AHE?= = A FHA I= +=HJ=@A JJ=M=F=H= =5= K@ HC= E =5= K@ 5= K@O*EA AIJ=H5?E= += =@ O)I?E=?E += =@EA IA@A5= K@2 > E?= JJ=M= J=HE += =@ '&$ - 2 CE =9A>@A =5?EA@=@)HCA JE =@A A@E?E =O+EHKC =@A 6H=K = =@ F HA + 0JJF MMM I=?J? =H FHALA?E -L= I A@E?= )??E@A JI 5K?D6DE C * /''!!% "!& '.HA@AHE? *EN>O - H A 5JAM=HJ *H M 5 9E AJJ ) AL= K=JE BJDAABBA?JELA AII BJDA1 KHO E E E =JE 2H CH= AB H5?D I KHO2HALA JE $ ' '# 0JJF MMM I=?J? =H FHALA?E JH=>OFK> KIGD=?AH DJ /EH=IA,+ 0 M A >AHI B6DA2K> E?1 JAHFHAJ6DA9 H@ )??E@A JI 1 KHO2HALA JE ''' # ' # 1 KHOE ) AHE?= =? JE KE CFK> E?DA= JDFH > A + EJJAA 6H=K =4AIA=H?D+ EIIE B EBA5?EA?AI =JE = )?=@A O B5?EA?AI =JE = 4AIA=H?D+ K?E 1 IJEJKJA B2HALA JELA A@E?E A 9=IDE CJ, + =JE = )?=@A E?2HAII '&# E AH 0,HEKH /K=H EAHE )??E@A )0EIJ HO B6DA6AH I ) 2K> E?0A= JD''$ &$ % AEH= +=F=?EJ=?E A 6H=K =A 2HE HE@=@AIA 6H=K = -@EJ HE= 2= = AHE?= = A FHA I= AEH= * IGKA /A FE. AEH= 2 = HHEI * IE? F=H=-I?KA =I E = =?E 5?EA@=@)HCA JE =@A6AH=FE=1 JA IEL= ''' AEH= * IGKA A C JEJ= 5 1 B H A-IJ=@ IJE? I >HA6H=K = ) 5?EA@=@)HCA JE =@A A@E?E =O+EHKC =@A 6H=K = 5A?HAJ=H =@A5= K@@A / =+EK@=@@A*KA I)EHAI AEH= 2H FKAIJ=@A4ACE = E =?E F=H= 2=?EA JA6H=K =JE =@ A@E?E =1 JA IEL= & ' & 75+A JAHI. H,EIA=IA+ JH JE [email protected]= AM H B-NJAH = +=KIA B1 KFE CI. H2HAIA JE C1 KHO HJ= H>E@EJO,=J= - MMM?@? C L?EF? MD=JI AM =JHEN DJ O MMM?@? C L?EF? MD=JI AM =JHEN DJ =??AIIA@% = K=HO ' '!

48 '# JA,E?D HAF = JA? IAANF E?=H? IHAC A AILECA JAIA =JAHE=@A B= J=I IEC A =FH?JE?= K EA =I I=?E AIFHALEIJ=IA A I + IE@AH= I IE A >=HC = ACEI =?E A AIAIA JE@ HAIK J=H E IKBE?EA JA OJ= F? I=JEIB=H A > AJEL >KI?=@ IE =@A I IA E F A A J= =A@K?=?E LE=? =JAHE=E JACH= JA@A J I?KHH?K = A I I ELA AI@AA IA = = -IGKA A IGKAIAH E IKBE?EA JAA AIJ= =JAHE==CH=L=H I=?E AIOHA@ > =H =IJ=HA=I@A? JH OFHALA?E A =L = F > E?=IE?? EJ= JA A JA IAE F A A J= =@A?K=@ I IEIJA =I@AA@K?=?E LE= 1? KIELA BKAH=@A =I=K =IO=JH=L F= =I =IEL=I@A@EBKIE F HA A F ) B H K =HAIJ=I=FHA?E=?E AI LE@= IGKA =I@ I AOAI GKAHACK = =?EH?K =O H IA KAIJH F= I = =?E = H " ""' O =@A =2H LE?E=@A *KA I)EHAI H "! AIJ=> IE?E AIA AIJ= =JAHE= =FHE AH=@AA =I BE =A JHA =IFHE AH=IBK?E AI@A + = A J=HO@AI=HH =H = A@K?=?E LE= OA K = H =AIFA? BE?== A = E F A A JAI=??E AIA AIJAFK J - IE FAH A?E =HGKAK =AIFA? BE?= AO =?E = = = '&$ F=HJEH =A IA = =@A = A@K?=?E LE= F HJ= >EJ IGKA FAH EJ= = F HJ= EA J = =I H =I HAC =IOFHE?EFE I@AJH IEJ LECA JAI -IJ= AO GKAA I IAA?KA JH=LECA AA E =A I AIJ=> A?E EA J IA@K?=?E = JAI@A A J?AI E O KIJE?E=@A = =?E O@A == JECK= K E?EF= E@=@@A =+EK@=@@A*KA I )EHAI E = IC >EAH IFH LE?E= AI==@DAHEHIA=A = - A =FH LE?E=@A*KA I)EHAI =O=?EJ=@= AO "! =HA?=K@=?E F H K J=I= =IE BH=??E AI@AJH IEJ IA@AIJE A= =,EHA??E 2H = =IACKHE@=@OA@K?=?E LE= OGKA JH #@AAIAJ J= L=O== =,EHA??E /A JKH= = =B H =?E OA@K?=?E LE= 5E E IE?E AI? JEA A JH=I H =II >HA = =JAHE= + LA I A ACEI =@ HIAD=?KF=@ F HE? KEH= =A@K?=?E LE= A =A IA = = FAH A =HA= E@=@IAJH=J=@AK =@EI?EF E = '" 5ACKHE@=@A A JH IEJ ACEI =HF=H=FHALA EH 2 H I,HAI ) >AHJ ) ) L=HA IO)@ B 0 2=I?K= EA >H I@A I >HAA 5ACKH O =4AIF I=>E E@=@ +ELE I= J IACKHE@=@LE= A =4AF > E?=)HCA JE = HAGKEAHA =KHCA JA A?AIE@=@@A? J=H? K =F JE?=@A -IJ=@ GKAIEHL=F=H=F= E=HAIJA = E? E IAHJ A KAIJH= I?EA@=@ KAIJH E FAHBA?J IEIJA =@AAIJ=@ IJE?== =?KA J=@AK FH A@E IA = I?EA J=I KAHJAI? B =CA )AI=?EBH== =H = JA@A>A =CHAC=HIAK E =@ FAH ECK= A JA= AIE =@ ICH=LAIO KJE =@ I =K GKAA JH F = J= >E CH=LA? AI =F H@E@= A >EA AIOA HA?KHI IGKACA AH= =E IACKHE@=@A A JH IEJ -I=I?EBH=II BH=?=I 5AE F A F H J= J =KHCA JA A?AIE@=@@AJH=>= =HA FH H =I ACEI =JEL=I GKAAIJ=> A?= K =F=KJ= =?E = A JAHHEJ F= LE= O = EI JEA F =E F A A K IEIJA =GKAAIJ=> A?= = H J HC=@=F HK HC= EI =?E = = ACEI =?E FK EJEL=D=IJ==D H=LECA JAA =JAHE=@AJH IEJ =I K J=I D=@=@ = = =IEJK=?E LECA JA IBHKJ IAIFAH=@ I EIEGKEAH=IAD==FH NE =@ =A -? =?JK= H CE A I=?E =J HE =? IA= =I KAL=I H =IGKAIA@E?JA = = FJE E =?E A I A@E I@AIJE =@ I=? JH IEJ A =L =F > E?= 2 IJK = I A IK = K HAF = =II=?E AIO = A?AIE@=@@AK =O H? F E EA J A =I H =I GKAHACK = A JH IEJ D=?A I@AIF =@ I@A?K= GKEAH E JAH IF JE? IA?J HE=? =? E= AH?K= J = JAI A?HA?EA JA =I?=KI=@=I F H =E IACKHE@=@A A JH =>=IA =A@K?=?E LE= 2 = JA= IA AIJAJH=>= A HAF = =II=?E AIF H LE =?E = =I H =I@AJH IEJ J=? JH=J=HA IA A

49 HIE A?K F E EA = CK F HF=HJA@A I >A ABE?E=HE I )J= FK J AIJ AI=I GKA E? KIELAA = EI = AO =?E IEJ A A =HJ?K! JE F HH=B IAD= E? KE@ K JAFAH? A E? EH= =I=KJ HE@=@AI?= AII >HA =E F =A = H,E?A = H = - J HC= EA HA E BH=??E = =I H AOOIKHAC = A J=?E D=H F=IE> A= = IBK?E =HE I =IHAIF I=>E E@=@AI? JA F =@=IA A +ELE IE FAH =II=?E AI FA = AIO=@ E EIJH=JEL=IGKA? 6A A I=I GKAA J HC= EA = HF H F=HJA@AK =FAGKA IE = K E?EF= E@=@A F = =@=A K? =4AF > E?=D=>E A JAHHEJ = =?E F H GKAA EJ=?E A J= IA JE@ AL=@ =?=> F H IBK?E =HE I@AAI=+ K =E = I?EA@=@=HCA JE =A =ICH=LAI? IA?KA?E=IGKA EI 5E GKAAIJ? IJEJKO= A == CK = = = HC= E =?E KAIJH F= I A IGKAA J HC= EA = H@A>A? LAHJEHIAA K =? FAJA?E=F H A I??KHHA JAA JHAA AIJ=@ BA@AH= O =I=KJ HE@=@AI?= AI )J= BE F IJK = IGKA? = E + IAAIJ=> A?= K KAL IEIJA =@AD=>E EJ=?E =I?= AIO?= E I@A =4AF > E?= -IJA KAL IEIJA = =@A I@A FJE E =H = E@ AE@=@@A HAI FAH EJEH B=?E EJ=HA?K F E EA =IBK?E AI AC= A JA=IEC =@=I= 4ACEIJH =?E ) JA?A@A JAI@A 6H IEJ =II=?E AI - =?JK= IEIJA =I=?E =J HE A =JAHE=@A=??E@A JAI@AJH IEJ FHE HEJ=HE= A JAA =I K J=I? JH=IJ=@? =HA= =?EH?K =?E A KAIJH F= ID= IJH=@ IKBH=?=I 2 HJ= JEL FH F A IF=H= =IE BH=??E AI ICH=LAI LE K H >= IABA?J I@A =? D = K?E CA I B= J=@ALAHEBE?=?E J? E?=LADE?K =H AJ? IEIJA =D=IJ==D H=LECA JA - I =FH FE=@= ==@ IEIJA =@A=?K K J I '$ =KIA JA@A I? ACE I 2 HA I IJA A I = A?AIE@=@@AK = F JE?=@A-IJ=@ A =JAHE=@AIACKHE@=@LE= OIKFHAIKFKAIJ E A =A@K?=?E LE= ; A J= IA JE@? IE@AH= I GKAA A + JKH=O-@K?=?E =IK AIJ=?KAIJE? =E F HJ=?E=O =CH=LA@=@GKAA = JEA =E F A A J=HIA =A IA = =@AAIJ=@EI?EF E =A A JAHHEJ HE =?E = OA I I ELA AIA@K?=JEL I + E IO LA AIB H =@ IA AIJ= IBKJKH=I CA AH=?E AI@AD >HAIO K AHAI=@K J IGKAFH JACAH IK E JACHE@=@? HF H= OHAIFAJ=H = FH E = H - =KJ LE I IE F HJ= JAIE LA J I@A D D==?A AH=@ A JH= IF HJAOA? AH?E OD O = IE =CE =H KAIJH=LE@=? JE@E= =IE IKFHAIA?E= 5E A >=HC K J =? ABE?E IGKA =DK = E@=@? IJEJKOAK =BKA JA@ADA?D I? CH=L IE =IIA?KA =IF=H= IOF=H= = I?EA@=@A IK? K J 6=?=H?JAH@A? I=HEAIC I= A?K= J IKI?AFJE> A@A?=KI=H@= FAHIA? =D=?= EBE?=@ = KHEIFHK@A?E=@A KAIJH IJHE>K = AIE F A = A?AIE@=@@AGKA @ IAA?KA JHAK =FAHI =E@ A= GKA I IAF==?JEL=H I A?= EI I@ABK?E = EA IE GKA =@A I?KA JA? K =E A?K J=@A IA I=JA OHAIF I=>E AI O I F H A =FHAJ=@= I JAIEIANFKAIJ K ==??E IAHE=O@A E?=@= FAIA=GKAA = LE@=? JE@E= = =@LEHJ= I=I KIJ= A JAF A AH?E?E GKAD=?A I@AA = 4AIFAJK I=I@A = HC= E =?E -IJ=@ =?E = =I AOAI@E?J=@=ID=IJ==D H=A =JAHE=@AJH IEJ =@ A = I@A =IFH LE?E=I IA@AK = AC=@= F H IJ=IA A / >EAH =?E =I H =IF=H= A J HC= EA =I HO =@A I =I? JAI= EI J HC= EA E?A?E=I GKA D=>E EJ= A JAHHEJ HE =HCA JE?B =HJ?K! AO =?E IEJ = A J=> A A JA A K AH I=I F HJK GKA E =@=I KHEI@E??E AIIAD= A JHAC=@ E?A?E=I@A

50 '' '& =F I= K C=HIA?=@=E BH=??E CA AH=H = ALA JK= E HF HK JEA E =@ AC=JEL=IA A JH IEJ? =IIA = =@=I FHA?A@A JA A JA I?=F=?AI@ACA AH=H@= I@AJ= A LAHC=@KH= GKA F=HA?A=FH FE=@ EH= => AGKAFKA@= IAHI=?E =@=I? A IE F AJH EJA@A = K J= 5AE F A F HA? JH=HE GKAGKEA IA? IJEJKOAA K LAH@=@AH HEAIC F=H=IKI IA A = JAIF HIK = IAF=GKA = JA IK =?JEJK@@AI=FHA L = JA AC=H=LAHIA E?A?E= - IFK J I=?K K =@ IF H?=@= E BH=?J HAIJ=H 4ACEIJH =?E JA?A@A JAI@A 6H IEJ A JA IJA= GKA =@A I =A? HIA A K E?=H= =IA JE@=@AI=IACKH=@ H=I I? F HJ= EA J HF=H=GKA@E?D=E B H =?E IA=@A>E@= A JA FH?AI=@=F H IJ=I= =D H=@A@AJAH E =H I? IJ I@A I IACKH I@A=KJ LE AI,AAIJ=B H = IACA AH=H > A JEL F=H= =?KE@=@ =IALAHE@=@@A =I=?E A?K= J = GKA IJ=E F E?=H A FK J = =IKIFA = E?A?E= OA A?=HA?E EA IACKH -? JH E CK =@A =IIKCAHA?E=I=FK A ABA?J AIFAH=@ IE L= =? F= =@=IF HK ABA?JEL? JH IEJ A =L =F > E?= - J= IA JE@ AI A?AI=HE GKA I AIJ=@ IFH LE?E= AIO =+EK@=@)KJ =@A*KA I)EHAI HC= E?A? =IF E? =I A@E= JA IAIFA?E= AI =IJ=HA=I@A? =?EH?K =?E LADE?K =H =IA I?EK@=@= IAIGKAD OA JH IEJ IA? JH =,AGK IEHLAGKAANEIJ= =I H =IIE IA LAHEBE?=A =?= AIK?K F E EA J -I CE? E? I >HA KAL=IF=KJ=IA =JAHE=I=?E =J HE= = JH=J=HIA HABAHE@ =?? JH =H =?EH?K =?E =I A HAI AOAIBH=?=I= IE =@EA? JH =GKAIA?K F = HA? = = IGKAIA E F A A JAK =F JE?=@A-IJ=@ A =JAHE=@AIACKHE@=@LE= D=?A I? =? = EI J=HIAA A IE F H =I IE GKAHAGKEAHA? K IE AGK= F=H=?=AHA A = E F A A =ABA?JEL=O FJE =J=HA=@A? JH 0=?E= =? JE?=IF > JKH=?EK@=@= = 2 HA,H.AH )@ B += )I?E=?E +ELE )OK@== )??E@A J=@ );)+ 1 + AII=>E@ =)HCA JE = A CA AH= O =+EK@=@)KJ =@A *KA I)EHAI A F=HJE?K =H FHAIA EAIJH= AI = =H = JAI I@A?A =I@AFAHI =I HEH OA JHEF A@A A =I F H A I IKBHEH AIE AI?? IA?KA?E=@A =??E@A JAI@AJH= IEJ A =L =FK> E?= 5=>E@ AI J= >E GKA F=H= = 5 I=??E@A JAI@AJH= IEJ? IJEJKOA K E= I?E= OGKAA IF= IAIIK>@AI=HH =@ I= AC=H= = IAD=>H E?HA A J=@ A K &@A =I?EBH=I=?JK= AI = I=CHAC=H JH IJ= J I@=J IAE B H =?E AIHABAHE@=I= JA IGKAAI?K?D= IOLA IA B H =? JE@E= =A I A@E I@A? K E?=?E OGKA IE A =F IJKH=GKAA -IJ=@ O =I?EA@=@?ELE JEA A? HA =?E =AIJACH=LAB =CA FH =I -IJ=F A?E=JEA BE => H@=H??AFJ I??E@ IOAIJK@E=@ IA A =IACKHE@=@LE= IE GKA A?KA JH=A A =IF JE?=IFK> E?=I@A KAIJH F= IO@A =+EK@=@@A*KA I)EHAI 6H=J= IJE? GKACH=BEGKA =I?=KI=I@A AIJ=HA= E@=@ IE GKA@=H IA A > =IE EAIJH= E@=@LE= >=I=@ IA =E@A=@AGKA =JH=ICHAIE OLK AH=?E FAH = A = AO? IJEJKOA =?=KI= EI =@AAIJAO JH ICH=LAI FH > A =II?E= AIGKA=BA?J= A B H =? JE@E= =OFAH = A JA =?= E@=@@ALE@=@A E AI@A?EK@=@= IOIK A@E = >EA JA N= = HAE AH I=??E@A JAI=KJ LE IJE? I IA ANF E?= I O A J= A JAF H =B= J=@A A@K?=?E LE= EF H IE IKBE?EA JAI? JH AIA?= AIOHKJ=I EF H ==CHAIELE@=@@A JH= IEJ

51 = =HA= HLE = = K H =@A IA B H JH IA@AJEA AA = = AE FE@AA IO E I I=? D=> =F H?A K =H EA =GKA FA=J?HK =K ==LA =?E F H EJ=@@A?K=@H= -IJ=I A JHA JH=IJ= IAFKA@A I I@ =IA =I?= I)EHAI >IJ= JA?K= =@EAFKA@AI IJA AHA B H = IAHE=GKAAIJ=IFAHI =I@AI??=?K= AI@A?EH IE@AH=@=I AC= AIOANECE> AI )OK@== )??E@A J=@ )I?E=?E +ELE A JE@=@@A =GKAI O 2HAIE@A JA ABA?JK A A = K =A?KAIJ=@AD >EJ O FE E HABAHE@== JH= IEJ O= AIF=?E FK> E? I >HAK K =H = CK I@A =I IECKEA JAI?? KIE AI - &&@A IA JHALEIJ=@ II=> = GKAA > EC=J HE A HKJ=IO?EK@=@AI - '%I=>E=GKAA JA B?A K =HIAA?KA JH= FH DE>E@ - %&? IE@AH=GKA =J=I=IE EAIJH= AI KO= J=A KAIJH F= I -IJ=I?? KIE AIGKAI I K = KAIJH=@AK? K J K?D =I= F KAIJH= A B H =? JAGKAA EA J H =JEL AI? IE@AH=> AO =? F A E@=@@A =JA JE?=AIJ=HABAHE@== = E? CHKA?E=A JHA A JAA A?KJ=@=F HA IK AJ O H = H = 5E A >=HC GKAAI GKAD=?AGKA =@A?KA IAH 4AIK J=A J?AI A?AI=HE => H@=H =FH > A JE?=@AI@A = ANEIJA?E=@AK E?=A =I?EA@=@=HCA JE =O@A H?E A JHA =I H =I AC= AI H= AIO?K JKH= AI +HEIEIO= E= - K =A?KAIJ=HA= E =@=F H =).12F=H=AL= K=H ==?JEJK@@A I =HCA JE I= =IA@A H =I IAFK> E?=H A JHA JH I IIECKEA JAIHAIK J=@ I - &$ '@A IA JHALEIJ=@ IFEA I=GKAAIBHA?KA JA =? = A ACH A & $ FE@AB=?JKH=A IKI? FH=IOA $$ %FEA I=GKA I=HCA JE I EA JA A IKI@A? =H=?E AI KH=@=I - ' $=@ EJA? BHA?KA JA =LE H =I@A JH= IEJ OA %$ =@ EJAGKA=HHAC =H =? K F E? =F=H= ALEJ=HK = K J=! - $ %@E?AIAHF? =@=? I?EA JA@AIKI@A>AHAIO > EC=?E AIOA &% "=BEH =GKA I=HCA JE II IF? =@=?K F E@ HAI@A =I AOAI -IJ ICK=HEI IE@A JEBE?=? =H= A JA =FH > A JE?=@A JH=ICHAIE A B H ==?=>=@= =??EA?E=@A?EK@=@= =HCA JE A HA =?E? =?E H =JEL=IEIJA JE?= =E AC= E@=@? B=?J H@ E = JAA =I HA =?E AII?E= AI? E ABE?EA JAOCH=L I GKA =BA?J= =LE@=? JE@E= =@A =IFAHI =I LK IK?= E@=@@A A AIF=?E FK> E? 2=H=@ E?= A JA = I?EA@=@?ELE HA??AIKHAIF I=>E E@=@ I=>E E@=@AI IE GKA KIK= A JA =?D=?= =?K F=@AIKI = AI=K =@EHECA?E=F JE?=GKAF=HA?EAH=IAH E FKAIJ=O A BEA HAB =I?EA@=@GKAHAFHAIA J= FKA@A@A =HIA@A =@ =DEIJ HE=@AE FK E@=@AIGKAI =HA= E@=@F JE?=@A KAIJH F= I *=IJ= A?E =H? JHEIJAA A F =@E?J=@KH=CA?E@=GKAE F A A J K JAHH F=H=E F A? IBAHA?E=@A E CHAI I =?K JKH=@A =J= OA B=?E EI GKAE FAH A I'? KAIJH=I@AF=H=@EC =I@AE FK E@=@O@ACH=@=?E E IJEJK?E = GKA?= =H A =I?EA@=@=HCA JE = 5E A >=HC AIJ F HIEI FKA@AANF E?=HA B=I?E =?E F H =E AC= E@=@GKAFHE =A =I?EA@=@?ELE OA I IK?AIEL IC >EAH I=HCA JE I@A?K= == E=AI@ABE E@=? =KIA?E=@A AOIAC =4A= )?=@A E=-IF= = -,H +=H I A= =E AC= E@=@FH FE=@A KAIJH=I?EA@=@? = E=> >= IA =K = AH=E >IAHL=?E=@A H =I IE GKA= K@A= =E >IAHL=?E=@A H K =?EAHJ=@EIBK?E = E@=@A I > AJEL I E JAHAIAI FHABAHA?E=I 5E>EA A A E>H HABAHE@ A =KJ H D=?AK = == E=? IB=?J HAI??=KI= AIA A KAIJH F= I AI A I E JAHAI= JAIA = =HGKAF=HJAIE F HJ= JAI@AIK >H=AIJ

52 KAIJH=B H =@A@AIA L LAH IA JH= =? =ANFHAIE =I? =H=OALE@A JA@A == E= > >= = =GKA II AJA I@E=HE= A JA I=HCA JE I =E >IAHL=?E=@A =I H =I A A IA JE@ A >A E C CHKF IA?J H IA IE> A A JA = LE@=? JE@E= =@A IO@AJAHE A B H =? IE@AH=> A =E JAH=??E ANEIJA JAA CHKF I?E= CA A A?=I JH= IEJ OA AIF=?E FK> E? K =?EK@=@LE A = J JAIO=CHAIEL=A AIFA?E= F=H=FA=J AI E IO=?E= I 5A@=A KAIJH=I?EA@=@ GKA? =H= A JA) J= =I? KID=@ABE H?E A JHA = H = AC= H= O?K JKH= AIJ AIK =@EI?E=?E A JHA = L= = H = AC= O =L= = H = H= O?K JKH= - AIAIA JE@ AIJ=> A?AGKAD=OJHAIB H =IHACK =HACK =?E AC= A =GKAIAAIJ=> A E FAH=JEL AC= JEA AK =? IA?KA?E= I=?E E FKAIJ=F HA -IJ=@ = JAA E?K F E EA = HACK =?E?K JKH= HABAHE@== =I H =I@A A?E= B H =I@ALAIJEH F HA A F O= =HACK =?E H= HAIAHL=@== =??EA?E=O= ==KJ =FAHI = ) =O HE? CHKA?E=A JHAAIJ=IHACK =?E AI =O HAIA H?E A JHA AO H= O?K JKH= H ==H =@A AO H= O?K EHIA? =? K?E A JHA =@AI=FH >=?E H=?K F HJ= EA J IE AC= AI O ==FH >=?E H= O?K =I > EC=?E AI AC= AI 2 H JH =@ D=O@EL F HJ= EA J IE AC= AII =FH >=@ IF H = H= =?K =I > EC=?E AI AC= AII?A IKH=@=IF H = H= =?K JKH=,A =I?? KIE AILAHJE@=I? JAI= =A?KAIJ= HA= E =@=F H =).12OJH= I?HEFJ=I=GK AIB?E A JA=@LAHJE> AGKA ANEIJAK ==FH AC= AI O=IALE?K A AIJ=I= JH= IEJ = =I > EC=?E AIJHE>KJ=HE=IO ==IFA?J I@A JH= AO =JKH= A = -I@AFK> E???E EA J =?K JKH=I?E= =HCA JE =@A =J= LE?K =@=AIJ== BE GKAHE@ F HA?= E =I? HJ O IE?K F E A J=H IHAGKEIEJ IFH?A@E A J= AI AC= AI@AGKAIA JH=JA O=IA=F=H=AL=@EHK =I=?E A =I?D=F=IF=JA JA@A ILAD?K IF=H=ALEJ=H K J=IF H = AIJ=?E = EA J F=H= CH=HK >A GKEAH JH= =JKH= A =- - B=L H@A = EC F=H=ALEJ=H =I? =IA IJH EJAI! =IB= I=IHA? AI -? IA?KA?E= HAIK J= A?AI=HE E=> >= E IJHK A F JE?=I FK> E?=IGKACA AHA K?= >E =L= H=?E F H =I H =I@AF=HJA@A =I?EA@=@?ELE O@A IBK?E =HE IF > E? I GKAA?K F E EA = AOE F HJ= K = A H=A AI@ALE@=GKA>A ABE?E= =? K J +K JKH=?EK@=@= = 6= J A -IJ=@ =?E =? A / =+EK@=@)KJ I)EHAI JE?=IF > E?=II IJA E@=IA =JAHE=@AIACKHE@=@LE= 2 H JH =@ =I?EA@=@?ELE HA??A = =FH > A JE?=@A =IACKHE@=@LE= O =I= J=IJ=I=IIE EAIJH= AI? K AI@A?EH? K =JA = FHE HEJ=HE A GKA IBK?E =HE IF > E? I? D H I=IAN?AF?E AI??= A JHA =IFHE HE@=@AI@AIKI F = EBE?=?E AIF JE?=I >IJ= JAGKAAI =?=KI=@A =O HAI KAHJAILE A J=IA KAIJH F= IO@A ICH=LAIFAH KE?E II?E= AI OA? E? IGKAAIJ CA AH=A A JA E@ I?E= 5E>EA HABAHE@ = =IACKHE@=@FK> E?=A CA AH= HAIK J= AI? =HA?A@ HAI IIECKEA JAI??AFJ ILAHJE@ IF HA,H =H?A.=>E 5= GKEA ANFHAI=GKA I=IK J I@A = IACKHE@=@FK> E?=D=O= JA K?D JEA F I =IE F HJ= JAIFH > A =II?E= AI@A =)HCA JE = BKA IKBE?EA JAF=H= = =H =? =IAF JE?=?= *=IJ GKA=F=HJEH@A = ''%A FA@E@ CA AH= E K?E = =K A =@A E?KA?E=F=I=H==?KF=HA KC=HA =I@A F A F=H=GKA = IACKHE@=@FK> E?=IA? LEHJEAH=A I=IK J IFHE HEJ=HE JE? E IJEJK?E = =HCA JE = EA JH=I =I?EA@=@?ELE? IE@AHA? FHE HEJ=HE B H =H ==F JE?=IFK> E?=IA J= IA JE@ IE A >=HC HAIK J=E AANECEHK =F JE?=FK> E?=@A?K JKH=?EK@=@= =A B H =FHALE== =E IJHK A GKEAH JH JE?=AIFA?EBE?= O=IA=A JH= IEJ A =JAHE=E F IEJEL= A =JAHE=@AHA?E? I AJ? FKAI FHALE = =E F A A GKEAH=@AAIJ=I=??E AIIA HAGKEAHAH FAHO@AIJHKEH == E=ANEIJA E@=HE=OHAIFAJK I=@A = AO

53 # " IAIFA?E= EIJ=IA =BEH = HAEJAH=@= A JAGKAIA A?AIEJ= E IJHK A J=H?= F= =I@AE B H =?E GKAIA@A>A E F A A J=H =A@K?=?E LE= A =IAI?KA =IO=F E?=HI=?E AI A A F EBE?=@ H=IF=H=@EI E KEHA?= IA JH= IEJ 5E A >=HC AIJ=II I LAH@=@AI= A@E=I 6=? IALE A =A?KAIJ= HA= E =@=F H)O=A B H =?E AI?=IE FJE A = I?EA@=@=HCA JE = F H GKAA FH > A =H=@E?=A =B= J=@A =@A?K=?E = = H =F HF=HJA@A IK AJ =?JK= JA -I= EI =? IE@AH=?E =A@K?=?E LE= FKAIIAAI?K?D= HAEJAH=@= A JAGKAAIJ HAGKEAHAF H A I = =?K JKH=@A@AIFHA?E H =JEL AIJ AID=IJ=GKA I E I@AD OIA= IE =@LAHJEHGKA =A@K?=?E LE= AI A?AI=HE=FAH IKBE?EA JAIE IAA =H?=A K =F JE?=C JKH=?EK@=@= = 2 C= IA A A E GKAHA?E>AK =? =IA@A A@K?=?E LE= =AI?KA =F HIKF=@HA AIJAAIJ=?E > ABE = =?= =@= BHA =A = = OJEH=I IF=FA AIF H =LA J= E = -I@=> A? A =AI?KA =I I?E= = E? A A GKAIA@AIA LKA LA 4AIK J= A J?AI A?AI=HE H FAH?EAHJ I F=H=@EC =IFH FE I@A =IACKHE@=@LE= F=H=A =H?=HAIJ=CH=LA FH > A JE?=A K??AFJ =>=H?=JEL O= F JKH=?EK@=@= =OF=HJE?EF=?E? K EJ=HE=,A =@=IAHLEH D=?AH?= F= =I@AE B H =?E A@K?=?E LE=?=F=?EJ=H= I?D BAHAI@AJH= IF HJAF > E? A H=HA IEIJA =@AA JHAC=@A E?A?E=IIE I?=L= I =I>=IAI@A EI A E IJ= = I??AFJ I@AHAIFAJ OI E@=HE@=@A =H?=@ IA K =HAL= HE = AC= E@=@? HJA@AIA=> A 4AIK J=E JAHAI= JA =ANFAHEA?E=@A =+EK@=@@A* C J A = GKAIAJH=>= A H H?E A JHA AO H= O?K JKH= E=? L= HHA AL= JAA =I?EA@=@FHALE = =E F A A FH CH= =@A?K JKH=?EK@=@= = ANFAHEA?E=GKA@A KAIJH= =F IE>E E I=@A =? K E@=@=JH=L I@A = E F A A =F JE?=FK> E?=FH =?JEL= )I A A FH CH= =@A+K JKH=+EK@=@= ==F E?=@ A =+EK@=@@A * C J= A A ''# ''% KAHJAIF H D E?E@E IBKA@A% =#F H?=@= D=>EJ= JAI =I KAHJAI F H=??E@A K =GKE J=F=HJA@A #= F H?=@= D=>EJ= JAI OA E?HA A J A =I@A@ IJAH?E I@A HAI 5AD=@ABE E@ =?K JKH=?EK@=@= =? A? K IJK >HAI =??E AIOHAC =I E =I? F=HJE@=IGKACA AH= IA A?E= B=?E EJ= =? LELA?E=KH>= = F=JHE E? O= HA??E EA IO@A>AHAI?EK@=@= I - AIJA??AFJ HAIK J= E AHA??AH=?EK@=@=? IK I FAH J= > EC=?E AIOHAIF I=>E E@=@AI JA F A =??EA?E=GKAA -IJ=@ AI EFHAIA JAO FKA@A? JH =H =I=??E = =I A A J?AI A? FH A?K F E EA =I H =I J= J F H =ANEIJA?E=@AI=?E IE F HA? LA?E EA =?=J= EA = EI = A H=IKIJ=?E= A JAIKLE@= O =@A =? K E@=@ -I@A?EH =?AH?=H =L= H=?E AC=? = L= H=?E?K JKH= =F=HJE?K =HE@=@AIFH JKH=@EBAHA JA FAH A =@AA =IA K??AFJ =O H@AHAIFAJ F H = AC= E@=@LECA JA IAIFA?E= FA = =BEH = IAKJE E FA = AIF I IHA A@E IFHALE ID= B= =@ A B H == = CE?= =I=?E? JH=HE IA IK@A GKAFHE HE = = =F= I I = KJE E =@=? FHE AH==??E IE? K JE = I=??E AI@AF JE?=FK> E?=D= BH=?=I=@ 5AHAGKEAHAK = F JE?=FK> E?=GKAFHE HE?A I=?KAH@ IOIK?K F E A J ABA?JEL A I EI IA K = =? LELA?E= = =J AH=?E=O= =@ELAHIE@=@FH FE=@A =IO =L= =@=I ) J= =I? KIA = >H=?EJ=@= A?E = I > AJEL I? JAI= =F JE?=@A?K JKH=?EK@=@= = )K A J=HA?K F E EA H =I@A? LELA?E= )K A J=H =?=F=?E@=@@AK I?EK@=@= IF=H=GKA ALA = JH I=?K F E EA J F=?EBE?=@A H =I! )K A J=H =?=F=?E@=@@A??AHJ=?E O@AI K?E F=?EBE?=@A? B E?J IA JHA?EK@=@= I " )K A J=H =?=F=?E@=@@A? K I?EK@=@= I =JH=L I@A =HJA =?K JKH= =HA?HA=?E HJA =E IJHK A =F JE?=@A?K JKH=?EK@=@= HE =H =

54 % $ F=HJE?EF=?E I?E= A =CAIJE OA? JH F =?EK@=@=? IK AJ =?JEL A =F=HJE?EF=?E FK> E?= A I@A? EA JEI IA A?J H= EIJ=IFH FE I@A?EAHJ=IFH=?JE?=I@A A => =F JE?=@A KAIJH F= I 2H FKAIJ=I =FH FKAIJ=?A A?E=AI = A?AIE@=@@A@EI?KJEH O@A>=JEH =A => 2H CH= =@A+K JKH=+EK@=@= =O 2=HJE?EF=?E + K H?E A JHA H =I AC= AI H= AIO?K JKH= AIANEIJA JAIA KAIJH=I?EA@=@ A =CH= =O H =@A I = AI@A I)EHAI AIJ AI == E=O =?K JKH=@A =JH=ICHAIE = I = I@AI E@=HE@=@FAH@E@ IJH=IK A E>AH= EI GKA=I KAIJH F= I I? JE =FH > A JE?=@AIACKHE@=@ LE= IE >IAHL=HAIJ=? F A =HA= E@=@@A =I?EA@=@=HCA JE = FKAI =I?= F= =I FH CH= =IGKAIAE IJHK A JA IACKEH JA A EI HAIK J=@ GKA IE F A A J=@ I= =BA?D= F=H?DAIA AHCA JAI@AFH?AI IIE > AJEL E@ IO= A I=K =F = EBE?=?E KH>= =E JACH= GKAJA C=? AJ= =?EK@=@? IKIJA J=> A A =GKAIAFHAIAHLAA A@E = >EA JAO =LE@=O I= K@@AIKID=>EJ= JAI +HAA IF H JH =@ GKA? I IJKL ==?JK=,ABA I H=@A =+EK@=@@A*KA I)EHAI,H= ) E?E=2EAHE EGKA =FH JA??E = =LE@=A IAIF=?E I F > E? IAI J= >E K =?KAIJE GKAE JAHAI== I@AHA?D I DK = I -I A?AI=HE? A =H=JH=>= =HF=H=GKAAIJ=CH=LA FH > A JE?=IAE? HF HA@A =JA JE?=@A I@AHA?D I DK = I =HJE?K =??E AI? I HC= EI IFAHJE A JAIA B H = K JEIA?J HE= H A? =IACKHE@=@LE= A E = =FH > A JE?==I?E C I FA@=C C I = JH F C I O@A IAIFA?E= EIJ=I@A =I?EA?E=II?E= AI )B=L H@A =E? HF I@AHA?D I@A = F IDK = IOA K JH=>= GKA= = E = =I KAL=I HC= E =?E AIGKAHA? = = F H@EIJE J I@AHA?D I =??E@A JAI@AJH= IEJ O = HA I LE?JE =I@A =LE A?E=A A B J> =I?E=?E AIGKA K?D=? JH= ==FH FE=?E O? AH?E= E E I AJ? IAD=I IJA E@ GKA = E? HF H=?E = LE EA J I?E= F H I@AHA?D I@A D >HA J= = EIEIJA HE? AIIE K ==?JEJK@? DAHA JA? = KIJEBE?=@=E IEIJA?E=A = E@=@@A I@AHA?D IDK = I GKA ICHKF IHA? = =@ HAIIAH CA KE = A I=@A I@AHA?D IDK = I>= =E A GKA = AN?A@AIKI AC JE IFAHI = AI@AHAF=H=?E O@AGKA HEA JA FAH = A JA A JAIK=??E D=?E= =IE IJ=?E=IAIJ=J= AI E L K?H=@=IA A JA E I OF=J CE? F=H=? =HAIK J=K E FAH=JEL E F IJAHC=> A I >HA =C AIEI@A =?KAIJE F=H=@AHHE>=H =?K JKH=@A JH=ICHAIE FH FE=@A KAIJH=I?EA@=@O KAIJH IC >AH = JAI EA IAIJAJA =O=IK = I =I HAIF I=>E E@=@AIGKA? I?EA@=@ I? IACKEHA I? KAHJ IO AIE =@ IA A JH= IEJ? IE BKAH=K KAC GKA JEA ABE

55 ' & 7I =>E?E? IF HJAA *KA I)EHAI 2 HA E? IJ H5A>=IJE 2HAIE@A JA@A +E? EIJ=I7H>= I)+7 +=H=?JAH IJE?=I =>E?E? AJ=AIK LAD?K? J= E = JA ECA AH=@ H@A F K?E I H= GKAJEA AK >= B=?J IKA OIKKI AI?=I=F IE>E E@=@@ACA AH=H@= IO AIE AI= JAH?AH I -BE?EA JAF H =F A = =I =IEA J? GKAIA@EIA = HAGKEAHA E IFHAIKFKAIJ IA =? IJHK??E O = JA E EA BH=AIJHK?JKH=F=H=IK?EH?K =?E -IJ=I?=H=?JAH IJE?=I>A ABE?E= I =GKEA AI =KJE E = J= >E =? K =? K E@=@ I=L=?AI A? E? IE? HF H=@ I= I?E? I A >=? HAF=H=?E AIOHAFKAIJ I IK =@ =IK LAHI=JE E@=@A >EJ IKH>= I= FAH EJEHJH=I =@ IFKAHJ== FKAHJ=D=F IE>E EJ=@ A BA =>E?E? AJ=? IF HJAODAHH= EA J= => H=,AI@AA HJEL A?E? EI AIJ=A JHA IFHE AH IA E F HJ=?E=A KAIJH F= IIEL= H= IA JAI -?E? JKHEI IK =@A?A =I@A E AI@A=@AFJ I= ELA =?E = 2K> E?=?E AIOFH BAIE = AI@A =I= K@HA? IKKI F=H= FHALA?E OJH=J= EA AI?=H@E L=I?K =HAI >AIE@=@OIA@A J=HEI 2 HAIJ=IH= F = EBE?=?E KH>= =A?K= GKEAH?EK@=@@A>A? IE@AH=HFHE HEJ=HE A KI O = =>E?E? AJ=? IF HJAOC=H= =?E =IKIKIK=HE I - KAIJH=?EK@=@ )@EBAHA?E=@A?KHHE@ A K?D F= IAIAKH FA I A ANFAHEA?E=I =JE = AHE?= =I? +KHEJE>= * C J + >EAH I?A JH= AI?= AIE IJHK A J=H F = AIO >H=I A =?EK@=@@A*KA I)EHAI =E IJ= JA =@A =>E?E? AJ=? A@E IF HJAJKL? E FK I HAI= I KIK=HE IOIKICHKF IHAFHAIA J=JEL I.=L IJ=?E= = HA =JEL=> = =A? E?=@AFHE?EFE I@A I ' GKA? LAHJE>E E@=@ A@E= JA FAH EJE =??A@AH= A H=I A? E?=IA I?E? I I A HABAHE@ =BHA I?= >E IO IKIFA IE AI A H=IGKA=?JK=H? E?A JEL = = >E?E? AJ= O=GKADE?EAH IABE?EA =?EH?K =?E IE A =E F HJ=?E OLA J= =F=HA?A =I = =@=IF =OAH=I >E?E@AIKFAH AH?=@ =??AIE> AIF HFHA?E =E K AH=> AI? FH=@ =?= E@=@O?=HA JAI@AA A A J I@AIACKHE@=@ KAL=IB H =I@A? IK FH KALA ELAHOO = A I= AH = GKACA AH= KAL=IFH?JE?=I => H= AI? JH=>= =@ HAIGKAH FE@= A JA =@ FJ= A E F HJ= JAF H?A J= A =>E?E? AJ=? DAHH= EA OA? E?= 6= >E OF=H= = EI = F?= K =FH CHAIEL=E GKEAJK@@A = F > =?E F H IJA =I= >EA J= AIO =IBKA JAI@A? J= E =?E F = JA= = I@A??E = JAH =JEL I= =KJ LE F=HJE?K =H = =O HF IE>E E@=@@ALE= =H= ANJH= JAH AJ DE GKA K?D=IFAHI =I??EAH= =I ANFAHEA?E=E JAH =?E = A = =JAHE= E@AH=@=F H0 =IJAH2 = )I? A I LA J=IA K JEF E? A >E?E? AJ=IO?E? EIJ=I = =O H =F H F?E L K J=HE= =?HEIEI I?E A? E?=@A CA AH KIK=HE IF H > EC=?E =GKA I GKAE F IE>E EJ=@ I@A=??A@AHF HIK? IJ = JH= IF HJAF > E? JEA A A IKI>E?EI = E?= IF HJALADE?K =H - IE E =HFH F H?E?HA?E =? B E?JELE@=@OLK AH=>E E@=@@A JH IEJ?E? EIJ= F H?= JE@=@>E?E? AJ=IOF HJEA IE?E = HEAIC -IJ JE A F?=I F HJK E@=@AICA AH=@ F H I?E? EIJ=I FAH = =O H =@A =ILA?AIFH LA EA JA@A I=@A ILAD?K I=KJ J HAIO@AIKIFA ECH I=I LA?E@=@AI@A?EH?K =?E A K = >EA JA@AAI?=I=?=F=?EJ=?E F=H=A =L =FK> E?= O E? JH O =I H =JEL=ILECA JAI =IH= AIA K AH=@=I I JEL=H K IEC EBE?=JEL =K A EIJ=I IE K = =O HANECA?E==IAHE? KE@ IOHA??E@ I? =?J HAI@A JH IEJ KH>= HA? = ANFHAI=@ A =I K AH I=IO =IEL=I =H?D=I@A =*E?E GKA@AI@A''$OD=IJ= =BA?D=HA A = GKEA AIFH KALA =??E AI=B=L H@A =>E?E OA JHAA =I? FHE O? LE=HE=I

56 JA=AIJ I?= >E IO =IANECA?E=IF = JA=@=I - A?KJEL F HJA BKAH AI I >IJ= JA@EIJE CKEHJHAIAJ=F=I ''$ IAHA= E = IFHE AH IJH= I@A >H=LE= > IE?= A JA 2= AH O+ IJ= AH= GKA K J? =I?E? L =I2=@E =O+AHAJJE I F=HJA@A =JH= = 1 JAHF=HGKAI JE =@=II F H?= AI F=HGKAI =@=IIE HAI LAH I? B E?J I? JH I@AJH= IF HJAO? B= A?E=IA?K= J = =IACKHE@=@@A I?E? EIJ=I -? JH=F=HJE@= D=O= EA J = =IANFHAIE JA =IJ? E? IO AC= AI)K@EA?E=2 > E?= AH + CHAI =*E?E? AJ=A A 6H IEJ AJ? IAHA= E = IFHE AH I HA AL= EA J I@AL K IEJ?E? EIJ=OB=?JE>E E@=@@A KAL IJH= I O= =AJ=F=IAE F A A J= IAF=H=?E AI B IE?=IA = CK IJH= I@A?E? L =I "?=H=?JAHE ==AIJ=AJ=F= =HA= E I +=HHE AI2HABAHA?E= AIA = CK =I@A =IFHE?EF= AI=LA E@=I HECE =@ IA = A?AIE@=@@A@=HHAIFKAIJ== ANF A?E= =K A =>E?E? AJ=F H?KAIJE AIA? =?HEIEI@A IA@EIA = KJE E =H?=?E D HE I?=HHE AIJH=@E?E = AI A IACKHE@=@O J AK I >HA=?D E A?AI=HE 2AIA=A O = =B= J==>I KJ=@A@EBKIE = >H= CH H@A =HA JH IEJ?E? EIJ=A A > H@AE E@=I 6= >E =FKAIJ=A =H?D=@A =+ *1+1+ EIE 2H J H=@A =*E?E? AJ=A A 6H IEJ O =A => FHAIKFKAIJ F=H= >H=I@A = "! " 0 ;,AI@A A@E=@ I@A! IAD=HA= E =@ >H= = CK =HA =?E =@=? =>E?E? AJ=O ANF?EJ= A JA IAA A?KJ A FHAIKFKAIJ "$ A A H=H =IACKHE@=@@A?E? EIJ=IE? 0K> =@A I E JA J I@AHA@K?EH =4A@+E? LE=HE= OAIJAF= H= = IACKH= A JA L=HE=H A A $ % A =B= J=@A FHAIKFKAIJ A >H= EA HA=@A6H =?EK@=@ GKA HECE =GKA = >H=?E? LE=H = JA C= E EIJAHE HC= EI O HAF=HJE?E CK>AH = A J= GKA =? JA F A + HAIA =A J?AI@A =??E =HCK>AH = A J= A = =JAHE= I@A?EHGKA =IHAIFKAIJ=ID=?E= =? K E@=@O I KIK=HE IBKAH F IJAHE HAI= =@A AN=I -IJ JH=I K?A =B= J=@AF = EBE?=?E HA@OGKA E CK =@A =I >H=I?E? LE=HE=I@AI=HH =@=ID=@=@ HAI K?E = I? B E?J I? JH I@AJH= IF HJA IEA =IACKHE@=@ JH IEJ?E? EIJ= BE?EJ@A?K=@H IJ? E? I?=F=?EJ=@ IOFAH =I?E? EIJ=I@A?= E@=@ IK =@ = =B= J=@AFHAIKFKAIJ? B H = K IEJK=?E GKA =H?= = A?AIE@=@@AK?= >E IKIJ=?E= A =I FHE HE@=@AI J HC=@=I= JH IEJ?E? EIJ= = EA J I =IHAIFKAIJ=IE? F K =I = =I >H=?E? LE=HE= E F A AI@AE IACKHE@=@A =I GKAJH= IEJ= I?E? EIJ=I = JAIGKA =IF=HJE?K =HE@=@AI@A = =?JELE@=@ F HI >HA =I@AIJHA AIJ IKIK=HE I )A IAIK = EJ I? =>E?E? AJ=AI FA ECH I=OAI C= I@A JEF =I?EK@=@AI I F=H= = >E?E? AJ= E JAH?= =@ IA AIJ HE AI@EI?KIE AI HAF HJ= AII >HA IE =I =HIAF HE BKAH= I >HA =?= =@= F H=LA E@=I?= AI AJ? GKA? B H = A >=C= A@ABA I A J HAI@A =IACKHE@=@LE=? IE?= A?K>HEHIKBH=?=I A IFH > A =IO?= = IF H =AN?AIEL= J HE =?E LADE?K =H =? BKIE IA JE?=A JHAFA ECH IEJK=?E E E A OHEAIC F IE>E E@=@? JE D=?AI >HAL= H=HA JH IEJ =KJ J H K ==?JELE@=@IK = A JA FA ECH I=O@AAI?=I HEAIC =?EH?K =?E A >E?E? AJ= GKAFKA@AIAHHEAIC I= FAH I CA AH= BE FA ECH KAIJHA IO AIJ=@ IJE?=IFHE =HE=IGKAHAB A = A A A H@A I?=I I KC=H@A?KHHA?E= KIK=HE F=HJE?EF= JA D H=HE AJ? HECE = K?D=ILA?AI E JAHFHAJ=?E AIIK> AJEL=I D=>E EJ=@=IF H =HAJE?A?E=@A = 2 E? =.A@AH=? HC= EI =?JK= JA =A JHAC=H F > E?= A =E B H =?E =??E@A J CE?=@A A OF H = H=@A / =+EK@=@A HA= E =H AIJK@E I@A HECA O@AIJE -IJ CA AH=E ANEIJA?E=@AAIJK@E I?EA J BE? I>=I=@ IA =?=KI= E@=@@A =I? EIE AI F=JHE E

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email protected]>HAH - 2H OA?J =?H?A JH AIJ F = JA=@? = JAH =JEL== HA H@A = EA JH= IF HJAF > E? A A IAA I? FH EI I=IK E@ I? =BEH =@A = LE E@=@ + JA F = =? LE=ILAH@AA F = O =? B H )4-)!CHEI? LA?E@=@ NE =@A?EH?K =?E E BAHE H= I! D IJA =IHA =?E =@ I? = CK=H@=OAIJ=?E = EA AJ=I =>=H?=@ HAI@A K AH I IE JAHAIAI H =JEL=IAE L K?H=@ I E L= E@== A A?KJEL =D=>E =IA AIF=?E I K E?EF= AI GKA?KA JA? AIJ=?E = EA I 2 H JE = 2H L HIA AK = E F HJ=?E=?=FEJ= =I= JAHE HAI A@E@=I O? =4A@@A+E? L JA F =HIACKHE@=@?= E@=@? JE KE@=@O=>=H?=H = J J= E@=@@A A JH= =@ =+EK@=@)KJ = I?A JH JH IEJ?E? EIJ= O IKE JAHHA =?E? KAL= >H=LE= 6H IEJ AI??AFJK= A JA FA I=H =?= A =J AI@A IACKHE@=@A IKIK=HE I ILK AH=> AI NE =I2AH EJE@=I 2HE HE@=@= =?EH?K 6H= IF HJA2 > E? I=KJ J HAI 2=?EBE?=HA JH IEJ AI> IE?= A JAHA@K?EHA I =KJ J HAIOIKILA?E@=@AI@A?EH?K =?E + HAIFA?J = =I LA?E@=@AIFH F A IK =HA@K??E =# DA =LA E@=IO! DA?= AI A?? H@=?E=? H F HJ= JAI?EK@=@AIA? K E@=@AIGKAD= A H=@ IKI

58 # " AIJ A JH IEJ =>= =A =I LA?E@=@AIFAH EJE@=I A H= =B JH IEJ =BA?J= = LA?E@=@FH A@E OB=L HA?A ==??AIE>E I I KIK=HE I AIFA?E= A JA E I =?E= IO@EI?=F=?EJ=@ I + HAIFA?J = =?= JE@=@@ALAD?K I@A>AH =E F A A J=HIA = LAHEBE?=?E J? E?=LADE?K =H868 HAIJHE CEHIK?EH?K =?E I A A HA= =?H?A JH A E E =H>A ABE?E IE F IEJEL JE?=I@AAIJ=?E = EA J 5E K J A= A HE@=@= =?EH?K JH= IF HJAF > E? AN? KOA J=NEIF H AI-N? KIEL I GKA=K A J= =LA?E@=@? =IA FHAI=I >= =LA?E@=@FH =IK E@=@AI?+=F=?EJ=?E A AIJA=IFA?J AI K?D A JH=>= =HA= E =H O=GKA =>E?E? AJ=? IF E F HJ= JA?= >E?K JKH=,A 7IK=HE +E? EIJ=,A H@A=KJ J HAI,A I2H BAIE = AI@A JH IEJ O@A =F JE?= )I FKAI EIJ=@A>A? JA F =HA FHE AH J H E =I@AIJHA =I> IE?=I@A = E EJ=?E AIFH FE=IO@A =IFHAIJ=?E AI=ANECEH=IKLAD?K KAC IE E B H IHEAIC IGKA=IK A=F=HJE?EF=H@A JH IEJ OA F H?A J= A@A I EI OI E@=HE=I 2 HBE E IJHKEH A =I H =I@A?EH?K =?E IA = AI JA - IAH?=F=?EJ=@ II >HA I HEAIC AIE AI= IKIK=HE I ILK AH=> AIO@A HA??E @A?EH?K I EI I 2H BAIE = AILE= AIO@AJH =@A?K=HIKCAIJE O =?JK= E =HIKI??E EA J IA IOKIK=HE I? JA F =@ IA I@ C =I@AJH BE?? IE? I ACEI =@ HAIO=IAI HAI@A@EBAHA JAI KHEI@E??E AI IA?=F=?EJ=H A E@=@AIOKI I?E? EIJ=I F=H=C=H= JE =H? E>HA?EH?K =?E A >E?E? AJ=? IF HJAODAHH= EA J=@AJH=>= HA?D= E JA DE>E?E? IKFKAIJ= A@E@=@AIACKHE@=@ )@A II=?E I@AB= J=IGKA?=IJECKA =I E BH=??E AI IFA ECH I=IF=H= =F > =?E E EJAI@A LA?E@=@ =?=J= EA J FHE HE@=@@AF=I BE?E =@A =*E?E? A AIJAE B H A ID=> =@AK E F HJ= JA@ BE?EJA =>E?E? AJ=? IF HJA -IJ AI >IJ?K F=H=GKAGKEA AIAIJ= I EC=@ I= ==?JELE@=@ D=C= IFH FKAIJ=IOHA= E?A I=??E AIF=H=HALAHJEHAIJ= IEJK=?E 2AH A I A?AI=HE= =AIJHK?JKH=@A A =+EK@=@)KJ = = BE?E =@A =*E?E? AJ= GKA? H@E A =I=??E AI@A JAI HC= EI IOIA?J HAIE L K?H=@ I =K@EJA =I >H=IA =H?D= FH F AI A =?A? = ACEI =JKH=?HAA K = A ==?JELE@=@ OIA AN? IKIK=HE I ) JA?A@A JAIAKH FA IO@A =?= + 6H IEJ HC= E =?E 5AH HAGKEIEJ I=> A@AIKI EA >H I KJE E =H =>E?E? AJ==IE@K= A JA EIJ=I7H>= I EIJ=I7H>= I)+7 =I?E=?E?ELE? B H =@=@A = AH=L K J=HE=O@A?H JE?=F HK ILE?K =@ IA JHAIEF HA =>E?E? AJ=OIK FH?E? IF HJA HABAHA JA@A KIK=HE?E? EIJ=O HA??E@=A >EJ I@ACAIJE O ACEI JH IEJ =F HJ=IK ANFAHEA?E=E IJEJK?E = F HK?= >E?K JKH= GKAD=C=@A KAIJH=?EK@=@K AIF=?E A? CE?=OI?E= A JAI IJA E> A -I@AI@AAIJ=F IE?E O@AI@A KAIJH=ANFAHEA?E= GKA HA??A I =E F HJ=?E=@A =? OK JKH= IEC =@=F H=EHAI@A?= >E F=H=E FK I=HAIJ=IFH FKAIJ=I 2AH =@LAHJE II >HA F=HJE?K =HE@=@AII?E= AI#@A =F > I?EK@=@= I> IE? I?AH?A =@ IOA? E?=I?HEIEIA AHC JE?= IK>IE@E I= >KIJE> AIO= JH= IF HJAF > E? GKA =IACKH= IGKAA ACE I =>E?EF H F?E K I IJA E@?HA?E EA LAD?K JH= IF HJA@AFAHI =IO?=HC= 2 H J= J =??E =HA IA I >EJ IGKA? F=H=GKAIA=@ FJA A@E@=IGKA B=L HA?= O A HA AI@A?EH?K I KIK=HE I J =IFHALEIE AIFHAIKFKAIJ=HE=I A?AI=HE=I

59 % IEJ=HA A JAHHEJ HE =HCA JE 2 HA + EI=HE =O H+=H I-IFE = 2 E? =+ K EJ=HE= 2 E? =.A@AH= )HCA JE =,E?D A J IAA?KA JH==L= =@ A FHE AH=E IJ=?E=F H A )HJ?K "@A =+ IJEJK?E =?E = GKAAIJ=> A?A JANJK= A I ID=>EJ= JAI@A = =?E C I IECKEA JAI@AHA?D I? B H A= =I AOAIGKAHAC = A JA IK A AH?E?E =I=>AH JH= IEJ=H )I EI AI= E>AHJ=@@AJH IEJ IAFKA@A? JA F =H@AI@A = EI = AO =?E IEJ " ""' O=GKAAIK? K H =I@AIJE =@=I=HACK =HA =L =F > E?= =F E?=> AI= =?EH?K =I = E = AIOLAD?K IJAHHAIJHAI A > AJEL =FH I EI I + A? HHAH@A I= I IABKA IEJA A IA?KA J= AIJ=@ IJE? I@A I=??E@A JAI@AJH IEJ A IGKAIAA?KA JH= E F E?=@ IJ= J FA=J HAI@A?K= =?HA?A IA@AB H =J= GKA AC= I=? IE@AH=H I? K =?=J IJH BAFAH = A JA IA >IJ= JAA? CH= FHA?KF=?E GKAA A I?EK@=@= I IA AHA??A =CH=LA@=@GKAHALEIJA - =FH > A JE?=@A I=??E@A JAI@AJH IEJ ANEIJAK FK F=HJE@= - JHE CK =??E@A J CE? GKA??A JH=IE K J A= A JA JHAIB=?J HAI.) ).)+6 4) *1-6)!.)+6 4) ) ) - =O I=??E@A JAI@A JH IEJ JEA A GKALAH? AHH HAIDK = I GKE I=JHE>KE@== =?HA?EA JAH=FE@A? GKAIA AL= =?=> =IJ=HA=I? JE@E= JEA F K A A A J FHA?E I GKAGKEAHA =FH LA?D=HIAD=IJ=A EJA IANJHA 2 HAIJA JEL IAD=?HA=@ B H =I IH FE@=I@A@AIF = = EA J I GKAFAH EJA =?= JEA F I?=@=LA A HAI FH IAA A =K A =LA?E@=@@A?EH?K =?E OA =@EI E =FHK@A?E= CA A E?HA A I =??E@A JAI@AJH IEJ HAIK J=@ GKAIA=CH=L=IEIAHAF=H=A JH IB=?J HAIE JAH I? =LEIE ==K@E?E A IEIJA = AHLE I OB=?J HAIANJAH I? A =? D IFIE? B H =? I IAIJKFAB=?EA JAI =I@H C=I A?= I=?E OA AIJH I.)+6 4) JH=E F HJ= I =??E@A JAI@AJH IEJ JEA AGKALAH? =I@ABE?EA?E=I@A I IEIJA =I A? E? I@A ILAD?K I? =E K E =?E I BHA I =@EHA??E I AK JE? IO =A A?JHE?E@=@ IAH=JHE>KE@=I= = AC ECA?E=@A IKIK=HE I? =IEJ= >E F H =IEJK=?E A? E?=C >= GKAE?E@AA I? IJ I@A? JH OHALEIE A? E?= =CK@E =@ =IKLA F H A E?HA A =@A IA?EH?K =?E F=H=K = E BH=AIJHK?JKH=LE= GKA E =HIAA B H =F=H= A =!.)+6 4) *1-6),A?EIEL= A JA AI AJA H CE?=IJ= AI? = EA> = = KLE= A DK = EALA A DEA O = K E IE@=@ E?E@A A = FK E FA@EH IKBE?EA JA JEA F OAIF=?E F=H= = E >H=H 6= >E =BA?J= A E@ JE? IA JE@ =I?=H=?JAH IJE?=I@A =L =@A?EH?K =?E +K AII =I A@E@=I==@ FJ=H ) B=?J HDK A B?=HIA =I?= F= =I@AFHALA?E O??EA JE =?E E? HAIFH BAIE = AIO F=HJE?K =HAI?E? EIJ=I J?E? EIJ=IOFA=J AI O=GKAI J =H??EA?E=O? =E F HJ=?E=@A H GKA AIJ?=?K F EHA =L =FK> E?= I@AI?=HJ= = KO HA AL= JAF IE>E E@=@@AIAHL?JE =I FH J=C EIJ=I@AK =??E@A JA? IE@AH=? K =IE F AF IE>E E@=@GKA A?KHH== JH = AO =?E IEJ " ""'AIJ=> A?A =I F=KJ=IAIA?E= AIF=H=A =L =F IA=? JE K=?E IFK J I=JA AHA?KA J= =-,7+)+1 81) 2HALA EH I=??E@A JAI@AJH IEJ AIK =J=HA=? JE K=GKA HAGKEAHA@A? I IIA?J =-,7+)+1 81) AIK =DAHH= EA A J= - =HJ?K H =JEL=E? KOA =-@K?=?E 8E= A I I ELA AI@AA IA = FHAAI? =HD=IJ=A K ELAHIEJ=HE 2=H=AIJABE =2 1+1).-,-4) )4/- 61 )

60 ' &?KA J=? =5A??E A J ),-64) =,EHA??E /A 1+1)+ 7 16)41)?KO I > AJEL II. H =HK =??EA?E=LE= A B H =FH CHAIEL= KIK=HE =L =F > E?=@EI?EF E =@ IOIACKH I 2HALA EH I=??E@A JAI@AJH IEJ! CH=HK??E EA = =JAHE=-@K?=?E 8E= A@E= JA E B H =?E AIJA HE? FH?JE?=I =FK =?HA=H =??EA?E=LE= "1? HF H=HA =B H E D >EJ II?E= AI@A? HJAI =O??EA?E=@AKH>= E =?E #)FK J=H=GKAA E =IK ==?JEJK@AIHAIF I=> AIBHA JA= JH IEJ $ CH=HK >KA? F HJ= EA J A I?= E IO?= AI@A F= I 2=H=A A FAHI = =@ FJ=A IECKEA JA?HEJAHE 5A@A>AIEJK=HA A ELA =?K= IAL==@EHECEHJA A?KA J=IKI?=H=?JAH IJE?=I = A H = AH=@A CH=H = CHKF AI =F=HJEH@A =HA= E@=@ - =?= AANEIJA JEF AIFH > A =IGKA O= =F E?=H IHA?KHI I J? E?=IO FH?A@E EA J I 2 HAI AI KOE F HJ= JAAIJ=HIEA =@A =IE B H =?E AIJA ALEIEL=IOCH BE?=I I >HA FH > A =I? A JH IEJ =??E@A = =B= J=@A-@K?=?E 8E= OD=?AH J=H =I LA J= =I@A??E EA J O=?=J= EA =I H =I@AJH IEJ = D=>AHALEJ=@ AIJ IE? LA EA JAI >+14+7 )+1 -IJAAIK FK J E F HJ= JAF=H=D=?AH?K F EH =I@AJAH E =@=I H F=HJA@ A IEJ A =?EK@=@ > 2A=J =GKAIA@AIF = =F H =L =F > E?= KJE E IKIFH FE I EA >H IOAIJ IK AJ =@AJAH E =@=I H =I? JA F =@=I@A = AO@A6H IEJ 4AC =I@A >KA FA=J,A>AH?EH?K =HF H =I=?AH=I IF > E? =@ I= KI AN? I EI I,A>A I AJAHIA ECK= GKA ILAD?K I = =HAC =+ A =LAHA@=A K =I =@EHA??E K = EJ=@? =? JH= =!+= E =HA A=HA?J=? F=I BEH AOHACK =H "-?HK?A@A =?= =@=@A>AD=?AHIAF H =I5-,)5,- 5-/741,),IA = =@=I=J= ABA?J,A AIJ=H =H?=@=I = FH =LAHA@=A IA JE@ CEJK@E = AI = =HAIAHL=@= AHIAA =?= D=O=E E?E=@ A?HK?A E =JH=LAI=H =? A JH IIA=E JA AIFAH=H= B H =HCHKF IF=H=?HK =H %5ED=OLAD?K IAIJ=?E =@ I JA AHFHK@A?E=O?HK D=O=? IJ=J=@ GKA IA=?AH?= JH ILAD?K I &5EA JH IEJ AIE JA I O =H?=@=I IFA=J AID=H IA =I? K >H= C= ILAD?K I '- FA=J JEA AFHE HE@=@@AF=I AIJ IEA FHAGKA D=C=F H =IAIGKE =I - FA=J >A@A?AH AI@A )CA JA@AJH HA= E =@=F H IJA = K = =IIA = AI@A IA B H - JH IEJ AIJ HACE@ F HIA = AI K E I=I A FA=J = KIJ=H IKI LE EA J I= I? HAI@A =I K?AI ) JH= IF AHK FKA JA?=HHAJAH D=H F H =I =I LAHA@=IGKAIA AID=O=HAIAHL=@ )B= J=@A IJ=I =I D=H =HHE =@ F IE> AF HA =@ E GKEAH@!-?= E I HKJ=I@A>AH?= E =HF HA? IJ=@ E JA= =L=?A@A ILAD?K I "5EL= A CHKF?= E =H I@A JH A BE IE?KF=HF=HJA@A =?= =@= #5EA FHA@A>AH?EH?K =HF H =>= GKE = IE IJ=BKAH= E JH= IEJ=> A KI=H =?= =@=J =I FHA?=K?E AI@A?=I $-?HK?A@A IF=I I= ABA?JK=HIA? ANJHA = =JA?E 2=H=D=?AH =I>=HHAH=I@A>AH A? JH=HIA AL= J=@=I IALEIK= O=K@EJEL= A JAGKA ANEIJA E C FA ECH >IAHL=?E O=JA?E I IHAGKEIEJ I I=> AIF=H==JH=LAI=H =IL =I@A BAHH?=HHE

61 %- IEJ=HF H =L =F > E?==CK@E IKI IA JE@ ILEIK= AIO=K@EJEL I KJE E =H I=K@ B I@A I M= = AJ? > +, B H A AIJ=> A?AA )HJ?K!'@A = AO =?E IEJ HAI@A>A ) JAI@AE CHAI=H= =L =F > E?= LAHEBE?=HGKAJ= J? IK LAD?K IAA?KA JHA A IHAGKEIEJ I AC= AI >= IKHAIF I=>E E@=@ - =L =F > E?=?EH?K =H??KE@=@ OFHALA?E? A A J E E LAD?K = E = JA A?KA J= IHEAIC IFH FE I@A =?EH?K =?E I?EH?K IJ=?E=I@A JH IEJ +K= GKEAH = E >H=@A>A =@LAHJEH =FHALE= A JAOHA= E =H =? FHA?=K?E IE?HA=HHEAIC E=BA?J=H =B JH IEJ 7JE E =H E?= A JA =?= =@= I >HA =@AHA?D=OA A IA JE@ IA = E =@ =IL =I?=HHE AIAN? KIEL IO ID H=HE IEJ AIJ=> A?E@ I 4AGKEIEJ IF=H=?EH?K =H HAIJ D=>E LAD?K OGKA ALA? IEC = E?A?E=? JA >3KAF HJA =@AE@A EI?3KA ALAA? FH >= JA@AIACKH A LAD?K E? =? F =@ IOIA EHHA GKAIJA C=??=@=I =IF =?=I@AE@A E E =I EI IAH ACE> AI@AJEF I H = E =@ IOIE =@EJ= A J I A3KA IA@AK IF HJA =GKE =HE=AIFA?E=?K F = AIHAGKAHE@=IF=H=?=@= HF HJA =@?K A J=?E AIFA?E= FHALEIJ=I A =FHAIA JA AO B3KAF IA= =J=BKAC O>= E =IF HJ JE AI H = E =@ I AN?AFJ =I J?E? AJ=I C3KAA JAICK=H@AHA =?E? =?=F=?E@=@ F=H= =GKABKA? IJHKE@ O AIJ H>A H I A HAI@A= I@A>A LE= =HA A =IEA J JH=IAH D3KAA LAD?K O GKAJH= IF HJ=JA C= =I@E A IE AI FAI OF JA?E==@A?K=@ I= =L =JH= IEJ=@=O= =IHAIJHE??E AI AIJ=> A?E@=IF H ==KJ HE@=@? FAJA JA F=H=@AJAH E =@ I IA?J HAI@A?= E E3KAF IA= IIEIJA =I@AIACKHE@=@ HECE = AIA >KA = EA J IA@AK = J?E? AJ= IKI?KF= JAI ALA FKAIJ I?=I? I H = E =@ I OIE = EI = JEA AF=H=>HEI=I HKIA= JA I 3KAIKI?KF= JAIKIA I? HHA= AI@AIACKHE@=@A I LAD?K IGKAF HHAC = A F IAAH I,AGK IFH JACAA?E 612, , )5) -4 AIE AI?AHA>H= AI!! #$.H=?JKH=I?H= A= AI & & 0AHE@=I.=?E= AI "# $" AIE AI?K =HAI!& ".H=?JKH=IB=?E= AI $ $ AIE AIFK =HAI!! #& 2 HGK AIE F HJ= JA I?KF= JAIIA@AIF = = =ECK= LA?E@=@GKAA LAD?K - K =BHA =@= A LAD?K IA@AJEA A FAH I?KF= = = K?D GKA=# DAI??=AH@AI@AK FEI - =?EK@=@ =F IE>E E@=@@AHAIK J=HDAHE@ CH=LA KAHJ AI#LA?AI A HIEIA AL=FKAIJ A?E JKH 2HE H@A>A?A@AHIEA FHAA F=I A =IA?HK?E =@=I= GKA?HK =@AI@AIK@AHA?D= -IJ=FHE HE@=@@A GKALEA AF H KJ= OI IAFEAH@A= JA =IA = E =?E AIFA? BE?=A? JH=HE ILAD?K IBAHH LE=HE I! ILAD?K I@A IAHLE?E F > A?K F E EA EIE " ILAD?K IGKA?EH?K = F HK =IA E=KJ FEIJ= ) JAI@A E CHAI=H?HK =H =IA@A>AIEA FHA@AJA AH = =H?D=

62 ! # IFA=J AIGKA?HK =?EJ= A JA =?= =@=F H FA=J = A =FA ECH I=IA = E H@AJA AHA LAD?K IEF AA FA ECH = FA=J $ =IHAC =IAIFA?E= AIF=H=H %+K= GKEAH?EH?K =5A@AIA > GKA@AI@AK =L =@AJEAHH==K =F=LE A J=@= >5A?EH?K A=? =IB HHA=I GKAI= F=I = ELA?5AD=O=@AJA E@ = =H?D= IAL=O==CEH=HF=H=E CHAI=H= = E = AI LAD?K I@AJH=??E =I= CHA 5EIA@= K J=IL=HE=IAN?AF?E AI =FHE HE@=@AIIAC A 2=H=?K= GKEAH JH= = E >H= C =@AFHE HE@=@ GKEA? IAHL=IK@AHA?D= - =I?KAIJ=IAIJHA?D=I@A>A HAJH?A@AHA I= L GKA IJA ALA=? F =@ OA GKA )@A = J= EA J - =@A = J= EA J = JH H =E GKEAH@=? B H A =IIECKEA JAIHAC =I =- GKAI >HAF=IA@A>A? IJ=J=HFHALE= A JAGKA=IK E GKEAH@= =L =AIJ E>HAA K =@EIJ=?E=IKBE?EA JAF=H=ALEJ=H HEAIC OGKA E HGKA AIECKA AIJ =IKLA I >,A>AJA AH =LEIE>E E@=@IKBE?EA JAO E E?E=H = = E >H=IEIA =FH NE ==K =A?HK?E =@=?KHL= FKA JA?E =@A =L = KC=H FA ECH I?,A>A=@LAHJEH= GKA AFHA?A@AIKE >HAF=I=H F H I@A =I K?AIBH J= AI =>?E =A =HKH= - I I?=I E =HA H@ACEH E GKEAH@ D=IJ=?? KEHIK@AIF = = EA J I >HAF=I H FE@= A JA@AB H HAJ =HIK KC=H= =@AHA?D= IE E JAHBAHEH = =H?D=@A LAD?K I >HAF=I=@ AIJ= JE E =HIA? A H A BK?E = EA J A- LAD?K GKAD=@AIAHI K =LA =@LAHJE@= =E >HAF=I J =H =I A@E@=I A?AI=HE=I F=H=F IE>E EJ=H?EH?K =HF H =@AHA?D=@A =?= =@=O = JA AHIA OALA JK= A JAHA@K?EHIKLA?E@=@ ILAD?K IF IJAHE HAI =E? LA EA?E=@A =@A = J=HIA = E GKEAH@= = JA =?K= I I >HAF=I C I?= E AIO =GKE =HE=AIFA?E= B=?E EJ=H A =@A = J= EA J A?= E I= C IJ I? IA= =>= GKE = A JA D-N?AF?E = A JAIAFKA@A=@A = J=HF H - = JAHE AHIA =IKE GKEAH@= - K A > JA = EA J =BE =@A =E GKEAH@= =L= = AI I A J= /EH IOH 2=H=HA= E =HK =IA = E =?E O >IAHL=H =I IECKEA JAIHAC =I )@LAHJEH = = E >H=? IKBE?EA JA= JA =?E A@E= JA =IA = K E I=? JA GKAIA = D=IJ= =I= E@=@A = A?HK?E =@= +EH?K =H@AI@AJHAE J= AJH I= JAIF HA? IJ=@ IFH NE = CEH =ABA?JK=H!4A@K?EH =LA?E@=@F=K =JE = A JA =K = "4AB H =H? =IA = = A CEH IAHA= E?AF=H= E CHAI=HA K =L =@AF?=E F HJ=?E= A K FHA@E BHA JEIJ= #5EIAJH=J=@AK =H =?EH?K =?E =IK= HA@A@ HIAH E E JAHHK AIO@A = =?A JH= JH= IEJ=> A@A = EI = = =E GKEAH@= 6EA AFHE HE@=@@AF=I A GKA?EH?K =F HA =I >HAA GKAE JA J=E = = GKAACHAI= I= L IA = E =?E A? JH=HE 2H DE>E?E AI -IJ FH DE>E@ A =L =F > E?= =3KA@=FH E FA@E A J IB IE? I FI GKE? I IE = E?A?E=AIFA?E=? JA

63 # "? IK AIJKFAB=?EA JAI A J IGKA@EI E KO= = I? K ==? D A E=IKFAHE H=# E ECH= IF H CHA 2=H=GKEA J?E? AJ=I?E? J HAIGKA@= FH DE>E@ D=?AH? K ==? D A E=IKFAHE H= E ECH= I F H CHA 2=H=LAD?K I@AIJE =@ I= JH= IF HJA@A F=I= AH A HAIO@A?=HC= GKA@=FH DE>E@ D=?AH?K= GKEAH=IA= =??A JH=?E F H CHA ==KJ HE@=@? FAJA JAHA= E =H A HAIFA?JEL? JH A@E= JAA =@A?K=@ =FH >=@ =J= BE F HA HC= EI I= EJ=HE >+A@AH FAH EJEH =FAHI =IIE D=>E EJ=?E F=H= A?) ILAD?K I?EH?K =H=? JH= = I >HA IIAF=H=@ HAI@A JH IEJ BKAH=@A =?= =@= I= L I >HA =>= GKE A E KEH=H>EJH=HE=O>HKI?= A JA =LA?E@=@ HA= E =H LE EA J I EC =CKA= JAI = E >H=I?=FHE?D I=IA E JA FAIJEL=I A) I A HAI@A&= J HAIA =I? I L =IH FE@=I B >IJHKEHA F=I AC AIK JH ILAD?K IA K = >?=?= A =L= I >HAA = =D=?AH IE@A JH =A?HK?E =@= D=OAIF=?E IKBE?EA JAGKAFAH EJ= IK@AIFA A =@EIJ=?E=@A LAD?K GKA FHA?A@A A H@A =FHK@A = =LA?E@=@@A =H?D= D+EH?K =H =H?D==JH I AN?AFJ F=H=AIJ=?E =H ACHAI=H@AK =?= AIE I= E@= E =@AJA?E EHHACK =HI >HA =?= =@= A AIJ=?E = EA J I >HA =>= GKE =O =@AJA?E A A =IE?KHHEHA AHCA?E= -?KHL=I A?HK?E =@=IO JH=I =IFA ECH I=I?= >E=H@A?=HHE BE = =@A = J=HIA HAIFAJ=H =LA?E@=@FHA?=KJ AHIA +HK =HK F=I = ELA IEIAFAH?E>EAH= =FH NE E@=@@AK LAD?K BAHH LE=HE IE@AI@AA?HK?AIAAIJKLEAH= IA = AI@A=@LAHJA?E= IE =I>=HHAH=IAIJKLEAIA >= =I A LE EA J =I= E@= AIJKLEAHAANFA@EJ= 6= >E AIJ FH AHIAI >HA IHEA AI = A I@A?E? AJH I@A A DK>EAHA>=HHAH=I GKA@=HIAA F IE?E GKA FK@EAHA >IJ=?K E =HA E>HA LE EA =I>=HHAH=I +EH?K =H??K>EAHJ=I? B= =I IE =FH I?= = EA J ) HAI@ALA? FA@ J HAIO J?E? AJ=I?EH?K =H=IE@ I@A JH ILAD?K I A BE =@ I E A@E=J= A JAJH=I JH I=KJ J HAI ) I E>KIO?= E AIJH= IEJ=HA I?= E I = JA A JHAI K =@EIJ=?E= A H=?EA AJH I I= JA C= I@A@ I?=HHE AIF H = F=H=HA= E =HK = = E >H=@A =@A = J= EA J 4A?=H=KJ J HAI I= L F=H= ILAD?K I@AIJE =@ I=J= BE I@A ILAD?K D=?AH = =O H KJE E A A A J IH CE@ I@A=? F AO? =@A>E@=FHA?=K?E F+EH?K =H? K IE JACH=@? I@AK =? F =@ I= F=H= = =GKE =HE=AIFA?E= O=CH? = G6H= IF HJ=HHAIE@K I AI? >H I JEAHH= =HA = CH=L= =IAHH JH=?=HC==CH= A F L HEA J=I H@AI=CH=@=> A A = =?E AI?EL=I IA=E I= K>HAA LAD?K I? JE A =@ I=AIABE =IK E@=@AIF=H=JH= IF HJA@A= E = AI IKIJ=?E=I IAH =L=@=IA A I= L =IAN?AF?E AIHAC = A J=HE=I F=H= = =HKH= H6H= IF HJ=H?K= GKEAH?=HC= A A A J GKAFAHJKH>A =LEIE>E E@=@ =BA?JAFA ECH I= A JA E?=I@A LAD?K?K JA K?AI HAI I >HAI= C=@A I EJAIFAH EJE@ I I-BA?JK=HHAF=H=?E AIA =IKH>= =I I= L =HHAC I@A?EH?K IJ=?E= A?K= J,A =H= E = AIIKA J I= L A AIJA JE?=I F H?= E I@AJEAHH=OBKAH=@A =?= =@= K-IJ H>=HK >IJ=?K E =H@A?K= GKEAHB H = =?= =@= = >= GKE =OD=?AH? IJHK??E AI E IJ= =HIA HA= E =HLA J=@A IA == CK =@A?= E L+EH?K =HA LAD?K EA J AJ E?=I? CH=F=I JAJ AI?=@A =I K =I K JH A A A J GKA@= A =?= =@= I= L I >HAA >=HH EALA DEA OJ= >E I@AJH=??E = E = A?= E I@AJEAHH= 6= F? F H IJ D=?AH I E?H > I E>KI?= E AI =GKE =HE=AIFA?E= EA JH=IAIJ

64 % $ I - AIJA JE?=I ==KJ HE@=@?= FAH EJEH =?EH?K =?E IEA FHAGKA=IACKHA =JH= IEJ=>E E@=@@A =L = M7I=H =>?E = IA = AI=? IJE?=I I= L ECH A =HKH= OJA AHA LAD?K IEHA = >?E = =KJ HE =@=I N+EH?K =H? LAD?K IGKAA EJ= C=IAI DK I HKE@ I H=@E=?E AIK JH=IA = =?E AI? J= E = JAI@A = >EA JA GKA AN?A@= I EJAIHAC = A J=HE I E =KHE?K =HAIOIEIJA =I@A? K FAH=?E = K=? JE K= +EH?K =H? LAD?K IGKAF I=I@A = JAH=IO JH=IAH=I A C=?DAII >HAI= EA JAI?K= GKEAH JH A A A J GKA I EJAI@A IF=H=C FAI =JAH= AI@A =?=HH?AH = FKA@A IAHF JA?E= A JAFA ECH I IF=H=A IKIK=HE I@A =L =F > E?= AGKEIEJ IF=H==KJ J HAI I=KJ J HAI@A>A JA AH IIECKEA JAI@EIF IEJEL I E =+ HHA= AIO?=>A = AI H = E =@ IEJEL IGKA I HAA F =?A A =IF = =IOLAD?K IGKA@AJAH E = = HAC = A J=?E >2=H=C FAIOCK=H@=>=HH I?=HH?AH =GKA?K F =J= AI BK?E AI =HAC = A J=?E AIJ=> A?A =K EB H E@=@@A A IE AIO= JKH=I@A IF=H=C FAI?5EIJA E FEA = =L=@ O@AIA F= =HAJH LEI H= F E FAH = A JAOABA?JEL A*?E =@AI HE@=@HAC = A J=@= B8E@HE I@AIACKHE@=@ A A A J IJH= IF=HA JAIIE E =HAI H = E =@ IO? A = E@=@@A?K=@ I C2H JA??E? = EA J I =H D,EIF IEJEL F=H=? HJAH AHC = E5EIJA = 4AJH HHAB A?J= JAIK>E?=@ I??HEJAHE IE E =H= =I K?AI@A F IE?E - IF=H=A AHIAA E EJA IFAH AJH I =JAH= AIOJH=IAH 5EIJA =@AHA JAHE H IE F IE>E E@=@@AE = =?E AI@A FH FE LAD?K IIEIJA =IGKAE FE@= ==FAHJKH=E AIFAH=@=@AIKI FKAHJ=I >= O?=F 6H=>=@AIACKHE@=@F=H= E IA FKAHJ=IJH=IAH=I 5EIJA =@A IAE IJHK =@ = =HIA = A F=H==??E =H I + 6=> LEIK= E =?E? E@A CH= =I H = E =@ I 8A? AJH O?KA J= E AJH I! HAI@A " 6AIJEC I@A K?AI= J=O@AF IE?E.KIE> AIE JAHHKFJ HAI=KJ JE? I K>E?=@ IA B H ==??AIE> AO A?= JE@=@IKBE?EA JA? F=H=GKA?=@=K?K>H=@EIJE J J= GKAIKE JAHHKF?E = K K IEIJA = F-IJ=H@EIA =@ I? IJHKE@ IOAGKEF=@ JA HAJ=H@A =E E?E=?E I = A = FKAIJ IJ NE? IOIA=IACKHAK =H FE@=O =I 5EIJA =@AE K E =?E I=KJ J HAIF=H=FAHI =IO?=HC=@A>A JA AH IIECKEA JAI IEIJA =IOA A A J I@AE K E =?E =.=H I@A = JAH K > =?= = =HE =A I@A@ I F=HAI? = J=O>= = IJ=@AFH OA??E =IE JHE?= > K?AI@AF IE?E K J? =I= JAHE A IE OIA =H?D=@AI@A IFK J I@A >IAHL=?E HAC = A J=@ I? K?AI@ACEH E JAH EJA JAI@A? H= = JAO=JH I - I LAD?K =HAC = A J=?E AL=H JH=I= I? IJ=@ K?AI@ABHA HH = =??E =HIA I= JAI@A=?JK=H IJA A K F=H= =F=JA JAJH=IAH= B > =?= C K?AIE JAH EJA JAI@AA AHCA?E= GKAE? I I HAI@ACEH

65 ' & K?AIBH J= AI E ILAD?K I@A JH JEF IA= KIJ=H = FHA?A@A JA A GKA? I@AJH=??E = E = AL=H K =HJAB=?J K E I A?=@=? IJ=@ GKAFH OA?JA K > =?=D=?E==@A = JAOH = D=?E==JH I ILA? FA@ I AL=H K = K > =?=D=?E==@A = JAO JH= H =D=?E==JH I! =I J?E? AJ=I?K F EH A FAHJE A JA? IE?I = = AOC " I=? F =@ I?K F EH A FAHJE A A IE?EI A BOC # = =GKE B H E@=@= GKAAIJ=> A?AA =HJ?K $ O =HAC = A J=?E? JA 3KA@=FH DE>E@ =?K= GKEAHLAD?K??=H KI=H JH IB=H I K?AIGKA IA= IJ=N=JEL= A JAAIJ=> A?E@ IA AIJ= AO I= L A I K?AIH FA EA> =O I A L =I@AJEAHH= A I>KI?=DKA =I >IJ= JA =I H =IAI?HEJ=II >HA??EH?K =HA =L =F > E?= ANEIJA JH=I H =I AI?HEJ=I?KO?K F E EA J A H= =@A I@A =IACKHE@=@ =? LELA?E= +.1) ) + BE=HA GKAJ= J I JH HAI? FA=J AIHAIFAJA =KI=HO?KF=H =I?= AIO?=HHAJAH=I I@A I=KJE E =HAIA EI AIF=?E *5-48)+1 ;2)461+12)+1 + F=HJEH? JH I KIK=HE I =L =F =?=F=?E@=@F=H= FHALAH I LE EA J IO = E >H=I@A I@A I IAH I H ==@A?K=@=OIACKH=!247,- +1) + CKEH = O=IA= F=H=IACKEH DKEH@AA - K FHK@A JAAI=GKA =GKAL= H= =I?EH?K H A LAD?K O =L =OA =I=@=FJ=IK? F HJ= EA J " IA IA = B H K = A H=H =IACKHE@=@LE= =@AI@A = E F I?EK@=@= IHAIFA?J =IK? H?K B= E E=H FH BAIE = O@A= EIJ=@AI #) AHA = I IIA JE@ I O=GKA AIK ==?JELE@=@? F A = GKAHAGKEAHA# =??E AIF IE> = EI = $ )>H?D=HIAA?E KJE E =HA?=I? AL=H= I E IA A =IEA J JH=IAH I IACKH I@ALE@= CH=JKEJ IGKAFKA@A AC=H=@EI E KEHA JHAK "O$A KAHJ IODAHE@ IA =??E@A JAI@AJH IEJ % JH=IK L = JA A = E =J =E FK AC=H?K= J = JAI ID=?A LE@=HGKA?EH?K =?E AI? FAJE?E =I>KA =I = AH=I=K A J= =IACKHE@=@O A H= I ELA AI@AKH>= E@=@A JHA I?EK@=@= I & ) HA?D= =H ==CHAIELE@=@? IAHH I@A I? => H=HO = JA AH =?= = + AL=H=?=>?= F= =I@A@EBKIE + H@E =H =I=??E AI@A I HC= EI IE JAHLE EA >JA AHK E@=@@A?HEJAHE OABA?JELE@=@ HC= E I I A@E I A?AI=HE A FH CH= = E =AIJ=> A?E EA J I A@K?=?E = AI?A JH I@A K>E =@ I I?EA@=@AI@AB A J?A OF=HJE?EF=?E? =I J= >E =A JAI FHEL=@ I==@DAHEHIA F=HJE?EF=H@A FH OA?J 7JE E I IAIF=?E IA I A@E I@A? K E?=?E I?E= = CH=HK =?=?A @EH = F E= A JA =I H =I@AJH= IEJ O? LE= A@E I I >HA CH= =? =I J= >E??AFJ I=JE A JAI= EI =@EBKIE IAH IE KIJH=JEL=? ==OK@=@A F HA= E =HIA=HCK A J=?E AII >HA IEJK=?E AI? B E?JEL=I A JHALEIJ=IA FH CH= IJE? I@A E JAH ICA AH= OFH CH= =IAIFA?E= AII >HAA JA =? EIJ=I 24-5)/4).1+) 1@A 27* 1+1,),- 81)2 * 1+) 4A= E => A A@E= JA =KJE E AC=> AI?=? = =I AJ?

66 - J H E =??E@A JA = A?AIE@=@@AIK HAA F = 2 H = E? =KH=* IGKA OA )?=@ HCA) AEH= 5?EA@=@ )HCA JE =@A A@E?E =O+EHKC =@A 6H=K = EFH > A =? =F= =>H==??E@A JAAIGKAE F E?=GKAA = =L=HEA@=@@AIB=L H=> A KAC=K F=FA =O HA =?=KI=@A AIJ IALA J I -IJ IKCEAHAGKA =I? EIE AIGKAE L K?H= LAD?K I= J H?KHHA A K =>=IA= A=J HE=OI A J?AI? F AJ= A JAE FHA@A?E> AIOA JAH= A JA FHALA E> AI /= A 2 A - FH F J=?E A J=H = A?AIE@=@@A KJE E =HA J H E =??E@A JA F=H=@A E =H= IDA?D I? IE AIE J= AI? =I? EIE AI@AJH= IF HJA =JH FA = EA J I?K= GKEAH=@A I A?= EI I AIE = IF=H=A JH=K = E JA?E =! - J H E =??E@A JA AI= F E= A JAKI=@ J= J A A >EJ F FK =H? J? E? 5E A =HALEIE I >HAA KI F FK =H@A =F= =>H==??E@A JA O =I? IA?KA?E=IGKA@E?D KI =?=HHA=IKHCA = A?AIE@=@@AIKHAA F = +=@=LA GKA KI= IA J H E =??E@A JA =@A I@A AIJ=H@A E HHA?J= A JA= DA?D A I AIJ= GKAAIA L= JH=>= =HA GKAHAIK J=E FH >=> I? JH =H =IL=HE=> AIGKA@ABE A = J H E =??E@A JA =I=>AH A = =H A AHH IGKA AEH= - J H E =??E@A JA - 6H=K =2HE HE@=@AI 5= 4 - AEH= 6EI E AJ O / -@I -@EJ HE= 2= = AHE?= = *I )I FF' E? A 2IE? C =,EHA?J H=@A =5?EA@=@ )HCA JE =@A A@E?E =O+EHKC =@A 6H=K 1 JA IELEIJ=.++ + H@E =@ H@A =4A@@A6H=K =O - AHCA?E=@A =5A?HAJ=H =@A5= K@ / + ) * ) 2 A / )F A=B HFHALA JE 6H=K = ''& "#!'"! =I?=KI=I@A IJH=K =JEI IFKA@A? =IEBE?=HIAA E JA?E = AIO E JA?E = AI =IE JA?E = AI=CHKF= = ID E?E@E I IIKE?E@E IO JH=I LE A?E=I =I?=KI=IE JA?E = AI J= E =@=I=??E@A J= AI E? KOA = =I? EIE AI@ALAD?K I= J H =I AIE AI >EJ I => H= AI A AIF=?E I@ IJE? IO =IGKAIA A >EJ IHA?HA=JEL IOAI? =HAI 5AC IK=?AF?E I? HHEA JA A =??E@A JA HABEAHA=K IK?AI E FHALEIJ CA AH= A JA@AICH=?E=@ GKA= JAH= = =H?D= H =I? I=I ) IKCAHEHGKAIAJH=J=@AK IK?AI E AIFAH=@ A =F= =>H==??E@A JA >IJ=?K E =A =FH > A GKAK =??E@A = =H E@A =B=J= E@=@ EJ= F? E JA?E = A A IA I?EA JA =F= =>H==??E@A JA J= >E IAKJE E =F=H=@AI?HE>EHA AHH H DK = -IJ=KJE E =?E JEA A? HAIK J=@ =AN? IK =IA?KA?E=GKA@AHEL=A K = AIE E JA?E = E F IE> A= = E =H =I=??E = =FH =??E@A JA J= >E IKA -IJ=?HAA?E= = BK?E =H? FHA EI= E FE@A =J =@A??EA?E=@A IB=?J E = JAI@A DA?D O@EBE?K J= =E F A A AIJH=JACE=IF=H=FHALA EHIK?KHHA?E= " =? J H E =??E@A JA D=?AGKAIKKI IA=A FHE AH E = JA= GKA@A>= IA BHA J=H I 7JE E =HK =@A E =?E AHH A=AE AN=?J=F=H=@ABE EH= JH=K = # E JA?E = AIK AHH H??AFJK= GKAAIJ= AI@AHAF=H=H =FHALA?E HAGKEAHAGKA=?JKA IA >H=@ 5E@A?E I=??E@A JA >H= I = HAFHAIA J=?E GKA@A J H E HAIK J= AI=?AHJ=@ IK>AIJE =H = A?AIE@=@@AHAA F = =HA J H E 6= F? AIHABAHEHIA= K JA =IE = =H F HIK >HA 5=>A I@A =HH=EC GKAA J H E =??E@A JA JEA AA KAIJH L?=>K =HE OJ= >E A =? KAIJH E =CE =HE I?E= I A?= EI = IJH=K JE? I -IJA??E EA J AIA GKAFHA?EI= A JA I AL==I E?EJ=H ==@DAIE A?AI=HE=F=H= KI=HA J H E " E AH 0,H 1KH /K=H EAHE )??E@A )0EIJ HO BJDA6AH I ) 2K> E?0A= JD ''$ &$ " 5A@ABE A= JH=K = JH=K =JEI AIE? E JA?E = E JA?E =?=KI=@ = HC= EI F HIK>HKI?=ANF IE?E =BKA JAI@A A AHC = A? E?= GK E?= J H E?= A?JHE?= H=@E= JAGKAI >HAF=I= IK AH=?E= = ==KIA?E=@AA A A J IAIA?E= AIF=H= =LE@=? A?= HOA >AHJI 5 1 KHEAI +=KIAI? JH E?F E?O =II=?DKIAJJI ANE CJ * I '&!!!

67 ?K= EHA JH=K J=@AIKI A?= EI I AIE = AIIAJH=JA = A?AIE@=@@AIKIJEJKEHA J H E J= >E HA =F= =>H==??E@A JA JEA AA?KA AIE AIE JA?E = AI O=IA= =KJ E B E CE@=I E B E CE@=I=JAH?AH I IKE?E@E I D E?E@E IO JH=ILE A?E=I? A JAHH HEI A IKI L=HE=@=IB H =IO =ICKAHH=I - J?AI =FHALA?E OA? AIE AIAN?A@A= J H E =??E@A JA O=GKA =I AIE AIE JA?E = AI I J= >E FHALA E> AI A@E= JAAIJH=JACE=I@AE JAHLA?E IKI=IFA?J IAFE@A E CE? I - I JE I= I DA I=L= =@ A =HAI FK J?HK?E= =F=HJEH@A? IA I HAIFA?J = J H E =??E@A JA -IJA CH? E?E@A? A HA??E EA J H E =??E@A JA? A >IJ?K FHE H@E= F=H=JH=>= =HA FHALA?E,AA =? IA?KA E =HK =JAH E C = I=@A?K=@=GKAIK>H=OA = =BEH IDA?D I I =??E@A JAIO F H J= J =I AIE AI I =??E@A J= AI IIECKEA JAI=HJ?K I@A = EJAH=JKH=E JAH =?E =? IJEJKOA? =H IA A F I@A A?E =@ A =HJ?K A?D= E?= = = OIEI BIKHLEL= E B= IBH DAECDJI BBEBJOJ F H1 KHO2HALA JE? K + =I AIE AI@=@ GKAA EI E A '" =I AIE AI I KC=H= JH=>= I >HA =FHALA?E OA? JH=K = E JA?E = O E JA?E = - A =HJ?K * *= I)??E@A J )??E@A JI=HA JK FHA@E?J=> A $ IA@EJ HAI@A *HEJEID A@E?= KH = FHAIA J= DE>EHA J H E =??E@A JA A IKFK> E?=?E? A > =?AH?=@A = A?AIE@=@@AE?E@EHA AIE AI - A =HJ?K 7F@=JE CJDAALE@A?A )IOIJA =JE?HALEAM BMD=J M H IE FHALA E JA JE = E KHEAI 2=HJ FK> E?=@ A 1 KHO2HALA JE IAJH=J=@AK =HALEIE E E?E=@=A '' O=?JK= E =@=A I= I''! ''$O JH=I FK> E?=?E AIHA=BEH = AIJ=F IJKH= 7 =E KHE= AIK $ * >= I=??E@A JI )??E@A JI=HA JK FHA@E?J=> A,=LEI 4 2 AII * * K A!! =??E@A JA '%& % )??E@A I D=OJ=? I= ''! & =??E@A JAI ''' ' + I EA >H I@A F > E? E JAHFHAJ= =F= =>H==??E@A JA ''' O6AH E C =A A 4AE 7 E@ AIJEA IACKEH *= A =?AHJ=@ J JK 7 =I E?EJK@=B=L H@A =FHALA?E /= A 2 A IAHABEAHA= =@A E =?E =??E@A = J H )8 A A A = EJAH=JKH=AIFA?E= E =@=OA =+ =IEBE?=?E 1 JAH =?E BAH A@=@AI 5KI E?EJK@B HJ= A?A A =HCK A J HA =JEL = =@EBE?K J=@GKAA J H E =??E@A JA =?=HHA=F=H=GKEA AIHA??A = A?AIE@=@@AJH=>= =HA = FHALA?E OA? =I AIE AI - ''%HA? IF HFHE AH=LA A HAA F J H E =??E@A JA A A =HJ?K 1 LAIJEC=?E I >HA = =C EJK@@A I =??E@A JAIO AHCA?E=A =?EK@=@@A *KA I)EHAI!,AI@AA J?AI A?=@= F HJK E@=@F=H= JH=K =DA I HAA F = =@ A J H E OHA? IK@AIA F A F H JH I =@A?K=@ )@A I =F= =>H==??E@A JA >H= E@AI?HE>AA DA?D A IE = HC= E =5= K@ A K E B H AFK> E?=@ AIJA = IA = =GKA =I? EIE AIA =IL =I@AJH IEJ =IFHE?EF= AI?=KI=I@A KAHJA= ELA A JHA I LA AI@A?E? = '= I@AA@=@ O =JAH?AH=A JHA =F > I -I=I? EIE AI@A =?=@== E AI@A KAHJ IO@AD=IJ=# E AI I@AFAHI =I U E AI@AFAHI =I KAHA?=@=@ = A =IL =I@AJH A JAH IHABAHE I= %, ACA 6 + ) E KHOEI =??E@A J - C A@ '%& '& #' & -L= I A@E?= =??E@A JI IK?DJDE C * ''!!% "!& ' ', ACA 6 + -I?DAME C=??E@A JI ) )''' & " % /EH=IA, + 0 M A >AHI BJDAFK> E?E JAHFHAJJDAM H@=??E@A J 1 KHO2HALA JE ''' # ' # 4AE@ + +D= - AHCA?O A@E?E AJAH E COE JDA7 EJA@ E C@ JE AJ B - AHC A@ & %' & 2 A / )F A=B HFHALA JE 6H=K = ''& "#!'"! AEH= * IGKA A1K E= 84ALEIJ=5) - L #! *KA I)EHAI!!!

68 !#!" IK?AI I= = =H =??E@A JAI IHABAHE I= =I? EIE AIA =IL =I@AJH IEJ IHEAIC IIAFKA@A? IA?KA?E=FHALA EH IA = A,H AA C M,EHA?J H/A = HC= E =5= K@ = IACKHE@=@LE= AI=??E@A J= 6A A I I??E EA J I A?AI=HE IF=H==?JK=HO= -IK K J=@F JE?= )D H=>EA?K AIA IA =@=A F J H E 3K >A ABE?E I? AL=F=H= =I= =IFAHI =IA HAA F =F= =>H= =KJE E = JAH E C =FAHJE A DA?D? IE AIE IA= A =? IA?KA?E=@AK =?=@A I O?EH?K IJ=?E=IA =GKAA IK AJ IEA FHAFKA@AE JAHLA EHF=H= ALEJ=H = EJEC=HIKI? IA?KA?E=I -I@A?EH? K DA?D FHALA E> AOFHALEIE> A 5EA FHAOA I I?=I I -IJAF IE?E = EA J =OK@=H ==L= =HA =E F A A AIJH=JACE=I@AFHALA?E O? =A BAH A@=@JH=K = GKA? IJEJKOAA KAIJH F= IO= ELA =FHE AH=?=KI=@A KAHJAF=H= =IFAHI =I A HAI@A"#= I@AA@=@O =JAH?AH=?=KI=@A IA? IE@AH= I ICHKF I@AA@=@ + I = = =@ I=??E@A JAIJEA A?=KI=IAGKEL= A =@=HK CH= F=I A =E F A A A@E@=I@AIJE =@=I= ALEJ=HGKA IDA?D IF JA?E= A JAJH=K JE? I FHALA?E FHE =HE= ==IACKH=HGKA EA A DA?D =FAHI =IAA?KA JHAFH JACE@=F=H=@EI E KEH=I IK H>E E@=@OIK HJ= E@=@FHALA?E K =LA = AIE?? IA?KA?E=@A DA?D =FAHI =HA?E>= K ==JA?E FHA? H FE@==??AIE>E E@=@= IEIJA =@AI= K@ H =IHA??E@=I=?=@ E?=O BE?E= A JA I IF=?EA HA?E>EHA EI E JA A JA@AIK K@OABE?EA JAF=H=FAH EJEHGKAIAHAE JACHA= =I?EA@=@? A A H =IB IE?=IOBK?E = AI GKAAI EI? = A H?= E@=@@ALE@=F IE> A 5E A >=HC =B= J=@AHA??E EA JH=K =? K = A BAH A@=@D=?AGKA JH IFH > A =I@AI= K@IA= FAH?E>E@ =O HE F=?J ICH=LAI I -IJ?KHHA= FAI=H@AGKA =IAIJ=@ IJE?=I@A KAIJH= GKAA JH=K =FH L?= I KAHJAIO@EI?=F=?E@=@AIGKA =ICA AH=@=IF H =IK =J 51,) EJEL= HA? IHAA F = =HA J H E =??E@A JA FHE >EJ AIFA?E= E =@ F=H=@AIFK IJH= I EJEH = F > E? CA AH= 2 AFH F AF HA A F GKAIAHAA F =?A A J H E =??E@A = J HF EIE?D GKA@ALAD?K = J H +8 I IDA?D IGKAHAIK JA A AIE AI= =IFAHI =I I= =FH FEA@=@@A>AH = IAH HA@A E =@ I 2 HA A F? = J HLAHIKI FA@AIJHA?D GKA@A J?E? AJ=IF=H=IKCAHEH= CK I I J H E I? EIE?D GKA F IAA = EI =? J=?E GKA JA -IF HA GKAFKA@A HA@K?EH ==IK?E E F?EJ= O= F E= A IDA?D I?KHHA F H= =H I E FHA@A?E> AIO FHALA E> AI 2 H? IECKEA JA A E E =H =F= =>H==??E@A KAIJH L?=>K =HE JEA A? > AJEL GKA IDA?D IF JA?E= A JA JH=K JE? IO= IA= =I?E=@ I= =IE@A=I@A= =H AHH 5E IA??A =?=KI=@A IBA A I =I? I=IIA = EBEAIJ= IA?HAJ=I I?KH=I O@EI?KJE> AI FAH IA? =I?=KI=IIAD=?A ALE@A JAI KEI2=IJAKH

69 += I A KAL F=H=@EC A JH IEJ,A = ==?? K LE= 2 HA E? / = 0AHHAH=/=,EHA?J H@A+EK@=@0K = = +A II >HA LE E@=@7H>= =O,AHA?D I0K = I 1 =I KAHJAIO AIE HA JH IEJ J HE =@ I =? IA?KA?E= ILEIE> A@AK IEIJA =@A LE E@=@GKAF AIK?A JH A A =KJ J H =HCE =I A?AIE@=@AIO =IFAHI =I A AIFA?E= =I ILK AH=> AI =ABA?JEL=C=H= = =LE@=O F HJK E@=@AIHAGKEAHAK?= =I >HAA JH IEJ O =IACKHE@=@LE= )F=HJEH@A 1 B H A I I JH=K =JEI I?=KI=@ IF HA JH IEJ FK> E?=@ F H = HC= E =5= K@ =E IACKHE@=@LE= K BA A =??E@A J= =FA =I EJEC=> A =IAH? IE@AH=@=K =AFE@A E=GKA@A>AIAHAHH=@E?=@= -IJA?= =E F E?=A HA??E EA = LK AH=>E E@=@@A?KAHF DK =? FHE?EFE >E @A IIEIJA =I@AJH IEJ =ANEIJA?E=@AK = E IACKHE@=@E DAHA JA= IIEIJA =I@A LE =?K= I HAIF I=> AI IF = EBE?=@ HAI O =E FAHE I= A?AIE@=@@A? HHACEHIK@EIA FH = IKIK=HE I ILK AH=> AI@A =L =F > E?= = =@ EJEHIK@AHA?D IK@AHA?D =K A J H =FJ - =FHE AH=F=HJA@AAIJAJH=>= IAFHAIA J= A J I??AFJK= AI@A KAL F=H=@EC = - H@=A JA =@A =II K?E AI??HAJ=I? K =DAHH= EA IJE? =JEF C =@A1? IEIJA?E=I@A,EIA 8E= O = CK =IFH FKAIJ=I@A=F E?=?E E AI IIEIJA =I@AJH = =OK@=H= I KIK=HE I=A BHA J=H=EH I= A JAIEJK=?E AI?=@=LA I@EB?E AI 5 " 6H=@E?E = A JAIA? IE@AH O= AIK GKA IFA=J AIIKBH = =JH FA IF HGKA IACK = K >KA? F HJ= EA J = JH= IEJ=H AIJ=??AF?E = I K?E GKAGKA@=>=AH=A J?AI A@K?=H E =H IO A JHA =H IF=H=GKAIA=@=FJ=H= =K IEIJA =@AJH ECH?KO A A@AHABAHA?E=AH=A =KJ LE,AAIJ=??AF?E IKHCE A B=IEID=>EJK= A JA J HC=@ = =IB= =I DK = =IO =D H=@AANF E?=H = E IACKHE@=@@A JH IEJ E =IACKHE@=@A A JH IEJ BKA IKFAH=@=F HA A B GKA@A =IACKHE@=@I IJA E> A = 5 IA = = =I E EJ=?E AI@A=GKA =??AF?E IAD=? IE@AH=@ JH=@E?E = A JAGKA =I? EIE AIIKA A IAHHAIF I=>E E@=@ AN? KIEL=@A IKIK=HE AI@A =L =F > E?=FAIA=GKA FKA@A D=>AHE JAHLA E@ K?D I JH IB=?J HAII >HA IGKA A I JEA A? JH UFAH A AHH HDK = IEA FHA=?=HHA=? IA?KA?E=I@AI=IJH I=I -? F HJ= EA =FAHI = AIJ HACE@ I F HIKI??E EA J IO?=F=?E@=@AI IE J= >E F HA A J H )?JK= A JA IE A >=HC D=O? IA I A JHA IE LAIJEC=@ HAI A GKAIE>EA IAIBKAH IF HHA@K?EHA AHH HDK = =JH=L LE= A = CK I?=I I? JHE>KOA F HJ= EA J I ANEIJAALE@A?E== CK =GKA KAIJHAGKA BKAH ABA?JEL IA HA@K?EH =IJ=I=I@A? EIE AIO=JH FA I! ) HAIFA?J =4AI K J I >HA =+EH?K =I =?E AI7 E@=II IJEA AGKAFKAIJ GKA IFA=J AI B H = K CHKF DAJAH I@ J=@ I@AB=?K O? J= I KOLK AH=> AI =IAIJH=JACE=I A?= E =@=I==@=FJ=HD O@ =IK? F HJ= EA J = =I AIJHK?JKH=ILE= AII KO E EJ=@=I -?= = A J I??AFJK= AI,A =?K = IIEIJA =IIACKH I IAHH HAI? HHEA OA? F HJ= EA IFA=J =?=IE =HJH=K =JEI ICH=LAI E 7 A A F @AF JE?=I@AAIJ=@ I >HAAIJA E A= EA IJA E> I2= IAI*= I 5 "! 5 "!$!%

70 - I JAIEI A?= =E F E?=? HHAHA = =FJEJK@@A IFA=J HAI= ==FJEJK@@A A J H =I GKA IKIK=HE IJEA =K A J H =FJ F=H=A I GKAJA C=A?KA J=IKI E EJ=?E AIO A?AIE@=@AI -I=I GKA?EAHJ HDK = IA? IE@AH= E ALEJ=> AOGKA A?AI=HE= A JA@A>EAH==?=HHA=H? IA?KA?E=ICH=LAI = KAL=FAHIFA?JEL==FK J==HA??AH = ANEIJA?E=@AAHH AIAE FHALEIJ IO =I@AJH IEJ IACKH I ALEJ=HGKAJA C=? IA?KA?E=ICH=LAI 5AFH F =H=I E = JAA =FH?JE?=@A = JA AHIEIJA =I E DAHA JA A JA FA ECH I I EA JH=IIE K J A= A JAIA@A@E?= =IA AHC =I=FAHIECKEHE BHK?JK I= A JAA > AJEL F? HA= " - A HA?K=@H IACH=BE?= 4A?K=@H 5ACKHE@=@@A JH IEJ A?= = - A B GKAJH=@E?E = 4A@K?EH =IJ=I=I@A=??E@A JAI +EK@=@AIF=H= I=KJ I - AA A =KJ J H B=IEIA 5AE JA J=? HHACEHA AHH HDK =,EI?EF E =H= IFA=J AI 2H DE>E?E AIF=H=FA=J AIO >E?E? AJ=I - JHA =H= I E A J H FA ECH I - KAL F=H=@EC = -HH=@E?=H =AFE@A E=@A AIE AI?=KI=@=IF HA JH IEJ +EK@=@AIF=H= =IFAHI =I - AA IKIK=HE ILK AH=> AI B=IEIA A A J H 5A=IK A =I E EJ=?E AIDK = =I =I?= AIA =I += =HA JH IEJ HA@K?EHLA?E@=@ OL K JH IEJ = J H.=?E E@=@AIF=H=?= E >E?E? AJ= )@=FJ=HA A J H = =IF IE>E E@=@AI O A?AIE@=@AI@A I E I.KA JA A => H=?E FH FE=A >=IA=1 B H A I IJH=K =JEI I?=KI=@ IF HA JH IEJ 5 " AIGKA JE?= A JA= CK =I@EBAHA?E=IA JHAA A B GKAJH=@E?E = OA KAL F=H=@EC =@AIACKHE@=@A A JH IEJ -IJA?= E F E?= JH =I HAIF I=>E E@=@AI D=IJ==D H=?=HC=@=II >HA IKIK=HE I AIO A K?D I?=I I?K F=>E E = =I EI =I L?JE =I )F=HJEH@A =? FA ECH E DAHA JA = I IEIJA =I@AJH IEJ A FEA ==JA AHK =O HHA AL=?E= =HAIF I=>E E@=@@A IF = EBE?=@ HAIO@EIA =@ HAI@A =IL =I F > E?=IO@A ILAD?K IGKAIAKJE E = A A =I # 7 FHE F=H= =IACKHE@=@LE= AI A J?AI =F IE>E J=I= IF = EBE?=@ HAI AI@A?EH =F IE>E E@=@@A A AH?AH ==?? K J=>E EJO I LE= 2=H=A AI A?AI=HE = = E =H GK?=H=?JAH AIJ IIEIJA =I@AJH IEJ E DAHA JA A JAIACKH I GKA CH= ALEJ=HGKA IAHH HAIDK = IJA C=? IA?KA?E=ICH=LAI 3K? I=II ANECE> AI= I@EIA =@ HAI@A =IL =IF > E?=IA >HA@A I@AHA?D IDK = IO =AGKE@=@ + IA HA??AA =K A J H =FJ -?KAHF DK =? F=H - FH > A =@A =LA?E@=@ =LK AH=>E E@=@@A?KAHF DK =IAHK F=H E IIEIJA =I@AJH IEJ OA IJ IA? =LA?E@=@AIAIA?E= 5 " IIEIJA =I@AJH IEJ IACKH IIA>=I= A A HA??E EA =LK AH=>E E@=@@A?KAHF DK = O I@A I B=?J HAIA AH=>E E@=@ =JKH= - =FH?JE?= AIJ IEC EBE?=A E E =H =ANF =IFAHI =I=IAH A >AIJE@=IF H =I=I@AIJHK?JEL=I = E?= = AH=@AHA@K?EH = =I=@A ILAD?K I=K ELA J AH=> AF HA?KAHF AI IKLA?E@=@@A@AIF = = EA J 2 H J= J A JE?=@AIACKHE@=@I IJA E> A AI = LA?E@=@@A JH IEJ J HE =@ " 2=H=K = EIEI@A F=H=@EC =@EI?EF E =HE OIKE F IE>E E@=@@A=F E?=?E L =IA0AHHAH=/= " #,=@=I =I E EJ=?E AI@AAIF=?E A AIJAJH=>= IA=> H@= AIFA? BE?= A JA =IL =IF > E?=I!&!'

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

72 "! " $ 8 =IA5= ''$ E? AI OB=?E EJ=IK@AJA??E O? HHA??E IEIJA JE?= +=@=FH > A =IA? K IE> AII K?E AI@A@EIA LE= 1? IEIJA?E=IJ FE?=I.= J=@A?HK?AI D=>E EJ=@ IA?= E =?E = 1 =@A?K=@= IF=H= FA=J AIGKALE = I?HEJAHE I@A? JE KE@=@O A?= E JACE@ I 2=I FH JA??E A JH= I@A= J=I LA?E@=@AIOB K LADE?K =H "+= =@= I >HA@E A IE =@= ),A =IE=@ I?=HHE AI *+=HHE AI E A?AI=HE= A JA =?D I 4A?K=@H! 1? AI@AJA?J=@=IA =?EK@=@@A*KA I)EHAI +=H=?JAH IJE?=I@A@EIA GKAB=L HA?A A =LE =FHE HE@=@ FA=J = F IE>E EJ= A AIJ=?E = EA J I J= = KJK=LEIE>E E@=@ = >EC A@=@O? JH=@E??E AI=?AH?=@A =FHE HE@=@@AF=I +=H=?JAH IJE?=ICA AH= IEJEL I@EIA =@ IF=H=B=L HA?AHK B K? JE LAD?K I = LE E@=@FA=J = AI? IE@AH=@=A =IE?H E B H I A = EA =IA = E =?E A FHAIA J=HIA? >E =@=I -BA?J I??E@ I /H=?= JE@=@@AFA=J AIIALA > EC=@ I=?HK =HIE FH JA??E EA JH=I?EH?K =? IJ= JA A JALAD?K I 5 F=H=@EC JE? I I?=I I= A@= I= F=HGKAI =??AI I=AIJ=?E AI@A JH= IBAHA?E= FHA@E IHA?HA=JEL I 5A =CH=L=A?= E =?E AI? = J=@A FA=J = - = =O H =@A I?=I I > EC= =D=?AH IAN?AIEL I@AI@A#D=IJ= I@A AJH I,=@ GKA @ I=?HK =HF HA?= E I? HJ GKA@= ANFKAIJ I= FA JH BE? J HE =@,A>E@ =GKAA B K LADE?K =HAIA AL=@ O =ILA?E@=@AII = J=I IFA=J AI GKA@= ANFKAIJ I= FA ECH =FAI=H@A?HK =HF H = = C=H= JE =GKA HAIHAIFAJA = FHE HE@=@FA=J = 5 A E IJE IKFAHLELA?E=@A IFA=J AI? FA I=A FA ECH GKAAIJ=E? O= GKAKIK= A =EC H=H =I =H?=I GKADEF J JE?= A JA AI@=H = FHE HE@=@O F A =JA?E A A JH IEJ HA= LAD?K I GKAIA=FH NE = IFA=J AIIAA?KA JH= ANFKAIJ I= FA ECH F ILAD?K I@KH= JA IJEA F GKAA A?AI=HE I FA=J AI ILK AH=> AI E IO =?E= =GKA@=HA A =?= AIE HABKCE 0=?AF IE> AA 5 K?E AI@A@EIA = ANFAHEA?E=E JAH =?E = 1 IJ= FH IA= A?AI=HE I I?HEJAHE I@A? JE KE@=@OA?= E I@EHA?J )@A?K=H I?HK?AI F=H= I=JEIB=?AH =? JE KE@=@ OA?= E I@EHA?J. K OLA?E@=@= J I IA B H HABKCE I FA=J = AI 8A?E@=@AI= J=IOB K >= H EC =CI =?AH=? JE K= ) F = 1I =IE JAH A@E=I > K AL=HAI HABKCE I #)?AH== C IJ= $) F E IH=@E I@A CEH FAH EJA CEH LA %.= J=@A=?AH= &)?AH=E JAHHK FE@= F H=??AI I=C=H=CAI '5A = AI? JH=@E?J HE=I FHE HE@=@@AF=I = >ECK= 5A B H I@A CEH LADE?K =H? JH=@E?J HE I? = FHE HE@=@OIA = AI FA=J = AI 6EA FA=J = >HALA AIJ=?E = EA IA = AIGKE = > = O =LEIE>E E@=@A HAIOFA=J AI - =IAIGKE =I > EC== IFA=J AI= AIFAH=HA =?= =@=F=H= > GKA=HA JH IEJ FA=J = - IJH= I > EC== IFA=J AI=?= E =HF H =?= =@= ILAD?K =CEH=HLA A JAO LE =FHE HE@=@@A IFA=J AIGKA @AF=I I FA=J AIIKA A FH JACAHIA >EA? IA=>HKFJ= A =HF=I=HA LAD?K -IFA?E= A JAA =I@E=C = AI HAIFAH?E>A GKAJEA A FHE E JAHFHAJ=? K CEH IE? K =? JE KE@=@ IAJH=J=@ACEH I@AI@A =LA E@=I@A>E@ = = =O HLA?E@=@ -NF A= IFA=J AI=?= E =HF H =?= =@= 1 JAHHK FA =? JE KE@=@@A AIF=?E FA=J HK =AHH A= JE KE@=@@A =?= =@= GKAE?A JEL= =LA?E@=@O =E =JH=OA?J HE=FA=J = IFA=J AIGKA?HK =? K LAH@AIA A?KA JH=? LAD?K IGKACEH= LA A JA@A>E@ =K =AHH A= HE@=@GKA AI@= = CEH LAH@A= HAI 6A HE?= A JA IAJH=J=@AK = K LAH@A? HAIFA?J = JH ILAD?K I FAH B?JE?= A JA FAH=? K =IA HE@=@J = IEC EBE?=@ E AGK =IA = B A?D= LAH@A =ANEIJA?E=@AJH IEJ FA=J = BKA? =H =IA = E KC=H K?D IFA=J AI A F=HJE?K =H I I LK AH=> AI AC= =?HK =H? K ) F = - I=?D= EA =?AH= 4A@E A IE = EA =@=O=?AH=F=H= HA@K?EH IH=@E I@ACEH = I E I=@ EIE> AI = =LA GKAIAHA@K?A F H = F AIGKE =I?= = E =@ AIJHA?D= EA J I FK JK= AI.=IAFA=J = AN? KIEL= E C LAD?K FKA@A CEH=H EA JH=I?HK = FA=J AI.=IAFA=J = IA E AN? KIEL= FAH EJAE E?E=H A?HK?A= JAI@AGKA? EA?A =CEH=H LAD?K I + C=H= JE =? JE KE@=@@A AIF=?E FA=J = 4AAIJ=> A?AH =? JE KE@=@@A = =?AH= =@ = =HE JEJE = HAI ) F = += = E =@ HAI@ACEH.=IAFA=J = AN? KIEL= E C LAD?K FKA@A CEH=H EA JH=I?HK = FA=J AI JEA I A?AI=HE I

73 "# "" 6EA F I@AAIFAH= FA=J = ANJA I I,A>E@ =GKA I IA B H IAIJ IE?H E =@ IA IB K ILADE?K =HAI A JEA FKA@AHAIK J=H KO =HC 8AH@AAN?A@A JA F=H=LAD?K I,A>E@ =GKA ANEIJAK = FH CH= IAC B K ILADE?K =HAI HA= JAK CK I KIK= A JA@A=$A IA B H GKA@=A LAH@A=FAI=H@AO= D=>AHLAD?K I FH NE I=?HK?A!+=HA?E=@A IA B H FA=J = LEIE> A IA =B HE =?E E? F AJ= I F=H= LAD?K I =@ ".= J=@AIA B H A E JAHIA??E AI@A = J L K A LADE?K =H?=I F=HJE?K =H@A FK J! #.= IEJEL HAI@A = LA?E@=@A E JAHIA??E AIIE IA B H I LAH@AOGKA@= ANFKAIJ I= JH BE? J HE =@ 7 F H?A J= A =O AIIA?= =HIE CKE=HIAF HA IA B H - CA AH= IA? >E =? K JEA HAGKEAHAK ==JA?E ANJHA GK A J IAFKA@A?HK =H IFA=J AIFAH?E>A GKA D=O LAD?K IFH NE I=?HK?A? EA = =?HK =HA FA J FAH A AN?A@A JA@A LAH@AE?A HAI A = I=?HK?A = LA?E@=@F=H==?= =H=?HK =H=JEA F B E?J A JHALAD?K =LA?E@=@ AN?AIEL=OFA J AI@AFA=J AI 5A=CH=L= A?HK?AI@A= J=L K A FA=J = D=OIA B H FA=J = LEIE> AFK J!F HGKAAI =O H =FAH?AF?E FA=J =HIE FA ECH K?D IFA=J AI?HK = A H IE I=>AH 5AFHAIA J=? >E =@? 8AH@A AN?A@A JAF=H=LAD?K I 5A=CH=L= A?HK?AI KO=?D D=OA AL=@ L K A LADE?K =HOFA=J = 4AGKEAHA =O HAI ELA AI@A=JA?E =B IE?= H= F H =?K= A?HK?A HAIK J=E IACKH OA K?D I?=I I E F IE> A HAIE L=@A IEIJA JE?= A JA = F=H= EH=HIELEA A LAD?K IF H = JH=?= A -IJE K =LA?E@=@AIE AC= AI B=?E EJ= = LE =FHE HE@=@FA=J = F=H=FAHI =I@A LE E@=@HA@K?E@= A I?=@= JI,A?HK?A IAC AKH FA I =I IIA B H I F=H= CH=HK = H= => A? JE KE@=@@A = LE E@=@FA=J = 5A B H I=> J =@A?K=@= A JA IA = E =@ I 2H CH= IA B H I=@A?K=@= = B K ILADE?K =HAIHA= AI O= =@A FA=J = 1 IJ= B H I FA=J = AI B= J= JAI 1 IJ= B H I 5A B H => J A?=I I@A>= B K FA=J = ) F AIGKE = EC =C-IJHA?D= EA =@=- =? >= B K LADE?K =H.KA JA A => H=?E FH FE=I >HAHA AL= EA LE= A?EK@=@@A*KA I)EHAIO HALEIE >E> E CH BE?=I >HA?=I I@A-IF= =.H=?E= 0 = =H?= 5KA?E= += =@ *H=IE + >E= +DE A NE? -IJ=@ I7 E@ I 4AE 7 E@ O KAL= A D=OIACKHE@=@LE= IE E BH=AIJHK?JKH==@A?K=@=,A=?KAH@ = ANFKAIJ A KAL F=H=@EC =HAGKEAHAGKA F = EBE?=@ HAIO@EIA =@ HAI@A =E BH=AIJHK?JKH=LE= IA= K =F=HJA A =IF JE?=I@AIACKHE@=@A A JH IEJ AIJ?=F=?EJ=@ J=IF H =IL =I F > E?=I,AI@AA FK ==@ E EIJH=?E F > E?= A F=HJE?K =HA =?EK@=@@A*KA I)EHAI AIJ IEC EBE?=A E E =H = BH JAH=BE?JE?E=A JHA IBK?E =HE IOJ? E? IA?=HC=@ I@A JH I=@EIA =HOA A?KJ=H >H=ILE= AIO I A?=HC=@ I@A =IACKHE@=@LE= HEA J=@ I=? 2H JAIEI F=H=JA AHAIFAH= =I@AIKFAH=H =?HEIEI@A I= K@F > E?=GKAHAFHAIA J= =E IACKHE@=@@A JH IEJ IAHAGKEAHA E F A A J=HA KAL F=H=@EC =@AA J H =FJ F=H= =I FAHI =ILK AH=> AI =JH=L I@A =IIECKEA JAIE E?E=JEL=I 4A AL= EA J O? HHA??E IEIJA JE?=@A =IE? H=@E I@ACEH >?=?= AIO?=HHE AII >HA@E A IE =@ I JH= F=IF=H=FA=J AI AJ? -?= AIAE JAHIA??E AI -IK IE AGK= F=H=IKFAH=H =FA ECH IE@=@E DAHA JA= IEIJA =@AJH IEJ 4A@K??E IFE? I@ALA?E@=@=JH=L I@AE CA EAH =@A >=? IJ =F IFHE?EFE JH IEJ =ILA?E@=@AI NE =IA =IL =IF > HA=I!O HA=I@A? ANEIJA?E=@AJH =HA@@A?E? L =I??HEJAHE I@AIACKHE@=@O? JE KE@=@ "5=?E ABA?JEL=@A =LE =FHE HE@=@FA=J = O I EJAI@ALA?E@=@ 5AJH=J=@A IFH > A =IFHE?EF= A JAHA =?E =@ I= =FA ECH IE@=@@A IEIJA =@AJH IEJ #1 F A A IEIJA =@AFK J= AF=H= = H 4AFHAIA J=K =DAHH= EA J=J? E?=F=H=HAIF I=>E E =H = HAIA =F=HJAGKA AI? HAIOJ? E? I,=@ GKA =IDAHH= @A JH IEJ I J? E?= A JA=??AIE> AIO@A>=? IJ A FHE?EF= >IJ?K GKAA?KA JH==?JK= A JAA?= CE? FHE?EF= A JA@A>E@ = =B H =?E JH=@E?E = O =B= J=@A=?JK= E IJ? E? HAIA A KAL F=H=@EC =@AIACKHE@=@LE=

74 "% "$ ) AN I@ IF=H=@EC =II >HAA AIF=?E FK> E? O =IACKHE@=@,ABE AIF=?E F > E? 1 =CA F=H=@EC JE?=,ABE = E IACKHE@=@LE= B=IEI 5 K?E AI - A F I@A A@E@=I - J H 5=?E HEA J=?E FHE HEJ=HE= LAD?K I ),1+1 ) =?EK@=@F=H=A =KJ LE =?E J HE =HKJ= ==KJ FEIJ= 8AD?K I@EIA =@ IF=H= =HKJ= += AI@EIA =@=IF=H=AI ILAD?K I +EH?K =?E 8 = =HJAHE= 2=I=H =NE E =LA?E@=@ 2H > A A =IL?JE =IGKA=IK ECH I=I 7IK=HE ID=>E E@=@AI 4EAIC =IK E@ F H IKIK=HE HAIO FA=J AI? HAIF I=> AIA F=HJAIECK= AI =NE E =H?=F=?E@=@@A =IL =I -@K?=H= =IL?JE =I = I E I = IFA=J AI,EI?KHI?KE@ JA 8AD?K IIACKH IF=H=IKI?KF= JAI HKJ=IIACKH=I )K A J=H =?=F=?E@=@LADE?K =IL =I - I=?D=H?= =@=I +=HHE AI= F E I 3KEJ=H >IJ?K I 5E?H E =HIA B H IA K B K? IJ= JA@ALAD?K I 2H = =H?HK?AI FA=J = AI -IJ=?E = EA J F HGKA >IJHKOA +KE@ JA= IKIK=HE I LK AH=> AI-@K?=?E AI? =H 2H JACAH=?KF= JAA? IK E@ IEJEL I@AIACKHE@=@F=IEL= 7-8 2)4),1/ ) +EK@=@AIF=H= =IFAHI =I K E?=?E?= E =H AIJ=H KAC )KJ J HF=HJE?K =H? FHELE ACE =?= AF > =@= 7H>= E@=@ += A ECK= = LA?E@=@ 1 JACH=?E? LELA?E= IA J H I I =FJ I IKIK=HE I AN? KOA = IKIK=HE I LK AH=> AI 5EIJA = A J H 2 = EBE?=@ =@ HAI =?? K J=> AI 2A ECH E DAHA JA= IEIJA = 4AIF =@ K A OLA?E@=@@A JH IEJ 5EIJA =I=@=FJ=@ I= =I?=F=?E@=@AIDK = =IO= = LK AH=>E E@=@@A?KAHF DK = 4A@K?EHLA?E@=@OL K A )?DE?=H@EIJ=?E=I JH=BBE??= E C JH= IF HJAF > E? =NE E =H =? LELA?E=O = = AI -IJHA?D=H?= =@=I A I?=HHE AI )BE =H?=HHE AI 2 AH >IJ?K I@EIF IEJEL 5A B H IA I LK AH=> AI 8E =FHE HE@=@FA=J = I+?EA JE J I 2H JACAH= FA=J 4ABAHA?E=I 0AHHAH=/= / = " 9D I=JB=K J 6 M=H@I=JOF CO BIJHAAJ@AIEC E? IEIJA?EAI 2HAIA J=@ A 9= 8+EJEAI B H2A F A 6DA.EBJD1 JAH =JE = + BAHA?A 9= E CE JDA IJ +A JKHO K A' " + FA D=CA,A =H DAIEC EBE?=?A B J HEIA@JH= IF HJB FE C? K JHEAI 5JH=JACEAIB HF E?O@ALA F A J 1 JAHB=?AB H+O? E C-NFAHJEIA 7JHA?DJ JDA AJDAH +,-''& 5=BAJO B8K AH=> A4 =@7IAHI 5?EA JEBE?-NFAHJ /H KF JDA5=BAJO B8K AH=> A4 =@7IAHI45%,EHA?J H=JA B H5?EA?A 2H CH= A B+ FAH=JE 1 B4AIA=H?D 4 =@6H= IF 1 E =CAI -+, 5= ''$ ) B I += =HA JH BE? E A J =@HE@ 6EI? H E=5 0AHHAH=/= / E.AHH=HE/ 6=E= =,! 6H IEJ 1 B H A) 8E= 1 1 IA1 LAIJEC=?E AI O.=?K J=@@A.E I B =O AJH=I7*) *KA I)EHAI HC= E =5= K@ *=? " 1 B H A I IJH=K =JEI I?=KI=@ IF H A JH IEJ 5 * 5AC A 1 JAHIA?JE 5=BAJO*HEABA => H=@ F HA 7 5,AF=HJ= A J B 6H= IF HJ=JE OA 1 IJEJKJA B6H= IF HJ=JE - CE AAHI I@=J I KAIJH=? IEIJA JA A JAGKA I=JH FA II I I BHA?KA JA A JAF HLAD?K IGKACEH= 1 IKH=?A1 IJEJKJAB H0ECDM=O 5=BAJO 3) 2A@AIJHE= I.KA JA A => H=?E FH FE=

75 2=FA -IFA?E= $ 2K> =,ABA I H =@A =+EK@=@)KJ =@A *KA I)EHAI,EHA?J H=4AIF I=> A,H= ) E?E=2EAHE E + H@E =?E -@EJ HE=,H I?=H4 / A -@E?E E? 2=> E?.H=?EI? +=FKHH 4 > AI 2=FA AI@A6H=>= AIK =FK> E?=?E GKA>KI?==F =?EH?K >HA@AHA?D IDK = I?KAIJE AIKH>= OCAIJE E IJEJK?E = -? IA?KA?E= I=HJ?K IFK> E?=@ II HAIF I=>E E@=@ AN? KIEL=OHAB A = = E>HA FE HAI = 2H FEA@=@1 JA A?JK= A JH EJA "&

76 -IFA?E= )5-/741,), )+17,),,-*7-5) ),), ) ),)5 - #,-)/ 56,- $ 8A A KA =&" +EK@=@)KJ =@A*KA I)EHAI 6A B I "!!& "' &!!!!$%$? IK J=I(@ABA I HE= HC =H I HE= HC =H