Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad

on

  • 1,030 views

 

Statistics

Views

Total Views
1,030
Views on SlideShare
1,030
Embed Views
0

Actions

Likes
0
Downloads
2
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Decisión Suprema Corte de Nueva Delhi donde se despenalizó la homosexualidad Document Transcript

  • 1. ! !"#$%&#%!'%#()*+$#),#-&.%!#/$#"&0#-&.%! " #$%&'()*+,-../0112 3 4567(*8(97:;<;*=(>(0=9(?@ABC(011D )5E(F*@=956;*=( (((((((((((((++++($76;6;*=7G HIG*@JI> KG+L=5=9(MG*N7GC(OG+L9N*:567(P;6I( KG+HG;977Q($5;<C(K<+OI;N5=J;(R5;(5=9( K<+K7I5S(O*6I;(5=9(K<+HG;Q6;( H5=9*=C(L9N*:567< ((((((((((((((((((((((((((((((N7G<@< M*N7G=T7=6(*8()&H(*8(47AI;( 5=9(U6I7G< (((((((((++++(R7<Q*=97=6< HIG*@JI(> KG+$+$+(K5AI*6G5C(LOM(P;6I( KG+&I765=(&I5PA5C(L9N*:567(8*G( VUW+ K<+K@S65(M@Q65C(O65=9;=J(&*@=<7A( %&GA+'(P;6I((KG+M5@G5N(OI5GT5(5=9( KG+OI5=S5G(&II5XG5C(L9N*:567<(8*G( M)&H(*8(47AI;+ KG+R5N;(OI5=S5G(Y@T5G(P;6I( KG+L<I@6*<I(4@X7BC(L9N*:567<(8*G( G7<Q*=97=6()*+Z/?*;=6(L:6;*=(&*@=:;A( Y5==@G+ KG+[+$+OI5GT5C(L9N*:567(8*G( G7<Q*=97=6()*+,/KG++$+(O;=JI5A+ KG+O+4;N5=C(OG+(L9N*:567(P;6I( KG+]+YI5=97AP5AC(KG+LGN;=9()5G5;=C( K<+O+()5=9;=;C(KG+K5B@G(O@G7<IC( K<+]G;=95(MG*N7G(5=9(KG+?5P5I5G( R5^5C(L9N*:567<(8*G(G7<Q*=97=6( )*+_`]*;:7<(5J5;=<6(a,,+ ()+/12 %)"34.&#$%&#(%!&,#5*6$!(& %)"34.&#-+7#5*6$!(&#671*+/.!-%/+ 2+#I76I7G(G7Q*G67G<(*8(6I7(A*:5A(=7P<(Q5Q7G<( ((( ((((X7(5AA*P79(6*(<77(6I7(^@9JT7=6b(c 0+H*(X7(G787GG79(6*(6I7(R7Q*G67G(*G(=*6(b(c a+(#I76I7G(6I7(^@9JT7=6(<I*@A9(X7(G7Q*G679(;=(6I7(4;J7<6bc d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!(*8(!"#
  • 2. /5!$#8+/9/6%#6%/%:#(%!&,#5*6$!(&2 2+ HI;<(PG;6(Q76;6;*=(I5<(X77=(QG787GG79(XB()5E(F*@=956;*=C(5( )*=(M*N7G=T7=65A(UGJ5=;<56;*=(%)MU'(5<(5($@XA;:(W=67G7<6( f;6;J56;*=(6*(:I5AA7=J7(6I7(:*=<6;6@6;*=5A(N5A;9;6B(*8(O7:6;*=( a,,(*8(6I7(W=9;5=($7=5A(&*97C(2_Z1(%W$&'C(PI;:I(:G;T;=5AAB( Q7=5A;E7<(PI56(;<(97<:G;X79(5<(g@==56@G5A(*887=:7<hC(6*(6I7( 7i67=6 ( 6I7 ( <5;9 ( QG*N;<;*= ( :G;T;=5A;<7< ( :*=<7=<@5A ( <7i@5A( 5:6<(X76P77=(59@A6<(;=(QG;N567+((HI7(:I5AA7=J7(;<(8*@=979(*=( 6I7 ( QA75 ( 6I56 ( O7:6;*= ( a,, ( W$&C ( *= ( 5::*@=6 ( *8 ( ;6 ( :*N7G;=J( <7i@5A(5:6<(X76P77=(:*=<7=6;=J(59@A6<(;=(QG;N567(;=8G;=J7<( 6I7(8@=95T7=65A(G;JI6<(J@5G5=6779(@=97G(LG6;:A7<(2-C(2.C(2D( j(02(*8(6I7(&*=<6;6@6;*=(*8 (W=9;5+( (f;T;6;=J(6I7;G(QA75C(6I7( Q76;6;*=7G<(<@XT;6(6I56(O7:6;*=(a,,(W$&(<I*@A9(5QQAB(*=AB(6*( =*=`:*=<7=<@5A ( Q7=;A7 ( =*=`N5J;=5A ( <7i ( 5=9 ( Q7=;A7 ( =*=` N5J;=5A ( <7i ( ;=N*AN;=J ( T;=*G<+ ( HI7 ( V=;*= ( *8 ( W=9;5 ( ;<( ;TQA75979 ( 5< ( G7<Q*=97=6 ( )*+. ( 6IG*@JI ( K;=;<6GB ( *8 ( [*T7( L885;G<(5=9(K;=;<6GB(*8([75A6I(j(F5T;AB(#7A85G7+((R7<Q*=97=6( )*+-(;<(6I7()56;*=5A(L;9<(&*=6G*A(UGJ5=;<56;*=(%I7G7;=5867G( G787GG79(6* (5<(g)L&Uh'(5(X*9B(8*GT79(@=97G(6I7(57J;<(*8( K;=;<6GB(*8([75A6I(j(F5T;AB(#7A85G7C(M*N7G=T7=6(*8(W=9;5+( )L&U ( ;< ( :I5GJ79 ( P;6I ( 8*GT@A56;=J ( 5=9 ( ;TQA7T7=6;=J( Q*A;:;7<(8*G(6I7(QG7N7=6;*=(*8([W]/LW4O(;=(W=9;5+((R7<Q*=97=6( )*+a ( ;< ( 6I7 ( 47AI; ( O6567 ( L;9< ( &*=6G*A ( O*:;76B+ ( ( R7<Q*=97=6( )*+0(;<(6I7(&*TT;<<;*=7G(*8($*A;:7C(47AI;+(R7<Q*=97=6<()*+Z( 6* ( _ ( 5G7 ( ;=9;N;9@5A< ( 5=9 ( )MU<C ( PI* ( P7G7 ( Q7GT;6679 ( 6*( ;=67GN7=7(*=(6I7;G(G7k@7<6+((HI7(PG;6(Q76;6;*=(P5<(9;<T;<<79( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($(*8(!"#
  • 3. XB(6I;<(&*@G6(;=(011-(*=(6I7(JG*@=9(6I56(6I7G7(;<(=*(:5@<7(*8( 5:6;*=(;= (85N*@G (*8( 6I7(Q76;6;*=7G( 5=9 ( 6I56(<@:I( 5( Q76;6;*=( :5==*6(X7(7=67G65;=79(6*(7i5T;=7(6I7(5:597T;:(:I5AA7=J7( 6* ( 6I7 ( :*=<6;6@6;*=5A;6B ( *8 ( 6I7 ( A7J;<A56;*=+ ( ( HI7 ( O@QG7T7( &*@G6 ( N;97 ( *G97G ( 95679 ( 1a+10+011Z ( ;= ( &;N;A ( LQQ75A( )*+D.0/011Z(<76(5<;97(6I7(<5;9(*G97G(*8(6I;<(&*@G6(*X<7GN;=J( 6I56(6I7(T5667G(9*7<(G7k@;G7(:*=<;97G56;*=(5=9(;<(=*6(*8(5( =56@G7 (PI;:I (:*@A9(I5N7( X77= (9;<T;<<79 (*= ( 6I7(58*G7<5;9( JG*@=9+ ( ( HI7 ( T5667G ( P5< ( G7T;6679 ( 6* ( 6I;< ( &*@G6 ( 8*G ( 8G7<I( 97:;<;*=+ !"#$%&'(%)($!*(+*,"#+-$"%. 0+ L6 ( 6I7 ( :*G7 ( *8 ( 6I7 ( :*=6G*N7G<B ( ;=N*AN79 ( I7G7 ( ;< ( 6I7 ( Q7=5A( QG*N;<;*=(O7:6;*=(a,,(W$&(PI;:I(:G;T;=5A;E7<(<7i(*6I7G(6I5=( I767G*<7i@5A ( Q7=;A7`N5J;=5A+ (HI7 ( A7J;<A56;N7 ( I;<6*GB ( *8 ( 6I7( <@X^7:6(;=9;:567<(6I56(6I7(8;G<6(G7:*G9<(*8(<*9*TB(5<(5(:G;T7( 56 ( &*TT*= ( f5P ( ;= ( l=JA5=9 ( P7G7 ( :IG*=;:A79 ( ;= ( 6I7 ( FA765C( 20D1C(5=9(A567G(;=(6I7(G;66*=C(2a11+(*6I(67i6<(QG7<:G;X79( 6I56(<*9*T;67<(<I*@A9(X7(X@G=6(5A;N7+(L:6<(*8(<*9*TB(A567G( X7:5T7 ( Q7=5A;E79 ( XB ( I5=J;=J ( @=97G ( 6I7 ( @JJ7GB ( L:6 ( *8( 2.aa(PI;:I(P5<(G7`7=5:679(;=(2.Za(XB(m@77=(lA;E5X76I(WC( 5867G ( PI;:I ( ;6 ( X7:5T7 ( 6I7 ( :I5G67G ( 8*G ( 6I7 ( <@X<7k@7=6( :G;T;=5A;<56;*= ( *8 ( <*9*TB ( ;= ( 6I7 ( G;6;<I ( &*A*=;7<+ ( UG5A` J7=;65A(<7i@5A(5:6<(P7G7(A567G(G7T*N79(8G*T(6I7(978;=;6;*=( *8 ( X@JJ7GB ( ;= ( 2_2,+ ( L=9 ( ;= ( 2_Z2C ( 6I7 ( 9756I ( Q7=5A6B ( 8*G( X@JJ7GB ( P5< ( 8*GT5AAB ( 5X*A;<I79 ( ;= ( l=JA5=9 ( 5=9 ( #5A7<+( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%(*8(!"#
  • 4. [*P7N7GC(<*9*TB(*G(X@JJ7GB(G7T5;=79(5<(5(:G;T7(n=*6(6*( X7(T7=6;*=79(XB(&IG;<6;5=<+n( a+ W=9;5= ( $7=5A ( &*97 ( P5< ( 9G58679 ( XB ( f*G9 ( K5:5@A5B ( 5=9( ;=6G*9@:79 ( ;= ( 2_Z2 ( ;= ( G;6;<I ( W=9;5+ ( ( O7:6;*= ( a,, ( W$& ( ;<( :*=65;=79 ( ;= ( &I5Q67G ( o]W ( *8 ( 6I7 ( W$& ( 6;6A79 ( gU8 ( U887=:7<( L887:6;=J ( 6I7 ( [@T5= ( *9Bh+ ( ( #;6I;= ( 6I;< ( &I5Q67G ( O7:6;*=( a,, ( W$& ( ;< ( :567J*G;<79 ( @=97G ( 6I7 ( <@X`:I5Q67G ( 6;6A79 ( gU8( V==56@G5A(U887=:7<h(5=9(G759<(5<(8*AA*P<> ga,,+(V==56@G5A(U887=:7<(`(#I*7N7G(N*A@=65G;AB(I5<( :5G=5A (;=67G:*@G<7 (5J5;=<6 ( 6I7(*G97G ( *8 (=56@G7 (P;6I( 5=B(T5=C(P*T5=(*G(5=;T5AC(<I5AA(X7(Q@=;<I79(P;6I( ;TQG;<*=T7=6(8*G(A;87C(*G(P;6I(;TQG;<*=T7=6(*8(7;6I7G( 97<:G;Q6;*= ( 8*G ( 5 ( 67GT ( PI;:I ( T5B ( 7i67=9 ( 6* ( 67=( B75G<C(5=9(<I5AA(5A<*(X7(A;5XA7(6*(8;=7+ liQA5=56;*= ( ` ( $7=76G56;*= ( ;< ( <@88;:;7=6 ( 6* ( :*=<6;6@67( 6I7 ( :5G=5A ( ;=67G:*@G<7 ( =7:7<<5GB ( 6* ( 6I7 ( *887=:7( 97<:G;X79(;=(6I;<(<7:6;*=+n /01"2"-+(".$*&3&*$-$"%. -+ HI7 ( T5GJ;=5A ( =*67 ( G787G< ( 6* ( 6I7 ( 5:6< ( QG*<:G;X79 ( 5<( g@==56@G5A(*887=:7<h+((HI;<(7iQG7<<;*=C(I*P7N7GC(;<(=*6(@<79( ;= ( 6I7 ( 67i6 ( *8 ( O7:6;*= ( a,, ( W$&+ ( ( HI7 ( 7iQG7<<;*= ( g:5G=5A( ;=67G:*@G<7h(;<(@<79(;=(O7:6;*=(a,,(W$&(5<(9;<6;=:6(8G*T(6I7( 7iQG7<<;*=(g<7i@5A(;=67G:*@G<7hC(PI;:I(5QQ75G<(;=(O7:6;*=<( a,. ( 5=9 ( -D, ( W$&+ ( ( L::*G9;=J ( 6* ( 6I7 ( &*=:;<7 ( Ui8*G9( 4;:6;*=5GB ( %=;=6I ( 79;6;*=C ( 2DD.'C ( 6I7 ( 67GT ( g:5G=5Ah ( T75=<( g*8 ( 6I7 ( X*9B ( *G ( 8A7<Ip ( P*GA9ABh ( 5=9 ( g<7=<@5AC ( <7i@5Ah+( &*=<7=6(;<(=*(9787=:7(6*(5=(*887=:7(@=97G(O7:6;*=(a,,(W$&( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&(*8(!"#
  • 5. 5=9(=*(9;<6;=:6;*=(G7J5G9;=J(5J7(;<(T597(;=(6I7(<7:6;*=+((W=( !"#$%&'(&)*+,-.-4(LWR(2D0.(O;=9(0_ZC(Y7==79B(L+?+&+(I7A9( 6I56 ( g<7:6;*= ( a,, ( W$& ( Q@=;<I7< ( :7G65;= ( Q7G<*=< ( PI* ( I5N7( :5G=5A(;=67G:*@G<7(5J5;=<6(6I7(*G97G(*8(=56@G7(P;6I(56789(:;5:( I@T5=(X7;=J<++++(d;8(6I7(*G5A(<7i(:*TT;6679(;=(6I;<(:5<7(;<( :5G=5A(;=67G:*@G<7eC(;6(;<(:A75GAB(5J5;=<6(6I7(*G97G(*8(=56@G7C( X7:5@<7 ( 6I7 ( =56@G5A ( *X^7:6 ( *8 ( :5G=5A ( ;=67G:*@G<7 ( ;< ( 6I56( 6I7G7 ( <I*@A9 ( X7 ( 6I7 ( Q*<<;X;A;6B ( *8 ( :*=:7Q6;*= ( *8 ( I@T5=( X7;=J<C ( PI;:I ( ;= ( 6I7 ( :5<7 ( *8 (<=57>? ( @89 ( =?( ;<( ;TQ*<<;XA7+hdQ5J7 ( 0_Ze (W6 ( 5QQ75G< ( 6I56 ( 6I7 ( :*@G6< ( I59( 75GA;7G(I7A9(;=(/(&0(&1#2.34(%2_2,' (/%44&5&/6(aa2(&+&+R+C( 5=9(7.'8$9#-#:%;##!;#<=+C(%2__Z'(2(#7;G(a_0C(6I56(;=<7G6;=J( 6I7 ( Q7=;< ( ;= ( 6I7 ( T*@6I ( P*@A9 ( =*6 ( 5T*@=6 ( 6* ( 5= ( *887=:7( @=97G (O7:6;*=(a,,(W$&+ ( (f567GC( (O7:6;*=(a,,(W$&(I5<(X77=( ;=67GQG7679(6*(:*N7G(*G5A(<7iC(5=5A(<7i(5=9(Q7=76G56;*=(*8( *6I7G(*G;8;:7<+( (W= (<."#$#&0#4#$=;#;&>,'2"#$9&'(&?=#=,C( LWR(2DZ_(M@^(0.0C(6I7(;<<@7(P5<(PI76I7G(*G5A(<7i(5T*@=679( 6*(5=(*887=:7(@=97G(O7:6;*=(a,,(W$&+( (W6(P5<(I7A9(6I56(6I7( g*G;8;:7(*8(6I7(T*@6I(;<(=*6C(5::*G9;=J(6*(=56@G7C(T75=6(8*G( <7i@5A(*G(:5G=5A(;=67G:*@G<7+h((W=(@#;'8$&A-#$284&'(&B-844#4( 2DD0 ( %0' ( &G;T7< ( -..C ( G7AB;=J ( *= (+=A:6:C ( ;6 ( P5< ( I7A9( 6I56( *G5A(<7i(87AA(P;6I;=(6I7(5TX;6(*8(O7:6;*=(a,,(W$&+((HI7(&*@G6( @<79(6I7(G787G7=:7<(6*(6I7(&*GQ@<(?@G;<(O7:@=9@T(G7A56;=J( 6*(<7i@5A(Q7GN7G<;6B(5=9(5X=*GT5A(<7i@5A(<56;<85:6;*=(5<(6I7( J@;9;=J ( :G;67G;5+ ( ( W= (A#C#; & /#3 & @".%9"#-6 & '( & ?=#=, & .D & E8"#-4( LWR(2D_a(O&(a0aC(;6(P5<(*X<7GN79(6I56(O7:6;*=(a,,( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#(*8(!"#
  • 6. W$&(;TQA;79(g<7i@5A(Q7GN7G<;6Bh+((W6(;<(7N;97=6(6I56(6I7(67<6<( 8*G(566G5:6;=J(6I7(Q7=5A(QG*N;<;*=<(I5N7(:I5=J79(8G*T(6I7( =*=`QG*:G756;N7(6*(;T;656;N7(6*(<7i@5A(Q7GN7G<;6B+(( .+ HI7 ( l=JA;<I ( A5P ( P5< ( G78*GT79 ( ;= ( G;65;= ( XB ( 6I7 ( O7i@5A( U887=:7< ( L:6C ( 2DZ,C ( PI;:I ( 97`:G;T;=5A;<79 ( I*T*<7i@5A;6B( 5=9(5:6<(*8(<*9*TB(X76P77=(:*=<7=6;=J(59@A6<(%5X*N7(5J7( *8(02'(Q@G<@5=6(6*(6I7(G7Q*G6(*8(#*A87=97=(&*TT;6677+(HI7( &*TT;6677 ( 59N;<;=J ( 6I7 ( $5GA;5T7=6 ( I59 ( G7:*TT7=979 ( ;=( 2D.,(G7Q75A(*8(A5P<(Q@=;<I;=J(I*T*<7i@5A(:*=9@:6+(( $!*(2!-++*.,* Z+ HI7(Q76;6;*=7G()MU(I5<(X77=(P*GS;=J(;=(6I7(8;7A9(*8([W]/LW4O( W=67GN7=6;*= ( 5=9 ( QG7N7=6;*=+ ( HI;< ( =7:7<<5G;AB ( ;=N*AN7<( ;=67G5:6;*=(P;6I(<@:I(<7:6;*=<(*8(<*:;76B(5<(5G7(N@A=7G5XA7(6*( :*=6G5:6;=J([W]/LW4O(5=9(PI;:I(;=:A@97(J5B(:*TT@=;6B(*G( ;=9;N;9@5A< ( 97<:G;X79 ( 5< ( gT7= ( PI* ( I5N7 ( <7i ( P;6I ( T7=h( %KOK'+ ( F*G ( <5S7 ( *8 ( :*=N7=;7=6 ( G787G7=:7C ( 6I7B ( P*@A9( I7G7;=5867G ( X7 ( G787GG79 ( 6* ( 5< ( gI*T*<7i@5A<h ( *G ( gJ5Bh( Q7G<*=<(*G(J5B(:*TT@=;6B+([*T*<7i@5A<C(5::*G9;=J(6*(6I7( Q76;6;*=7GC(G7QG7<7=6(5(Q*Q@A56;*=(<7JT7=6(6I56(;<(7i6G7T7AB( N@A=7G5XA7 ( 6* ( [W]/LW4O ( ;=87:6;*=+ ( ( HI7 ( Q76;6;*=7G ( :A5;T< ( 6*( I5N7(X77=(;TQ7AA79(6*(XG;=J(6I;<(A;6;J56;*=(;=(Q@XA;:(;=67G7<6( *=(6I7(JG*@=9(6I56([W]/LW4O(QG7N7=6;*=(788*G6<(P7G7(8*@=9( 6* ( X7 ( <7N7G7AB ( ;TQ5;G79 ( XB ( 9;<:G;T;=56*GB ( 566;6@97<( 7iI;X;679(XB(<6567(5J7=:;7<(6*P5G9<(J5B(:*TT@=;6BC(KOK( *G ( 6G5=<`J7=97G79 ( ;=9;N;9@5A<C ( @=97G ( 6I7 ( :*N7G ( *8( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('(*8(!"#
  • 7. 7=8*G:7T7=6(*8(O7:6;*=(a,,(W$&C(5<(5(G7<@A6(*8(PI;:I(X5<;:( 8@=95T7=65A ( I@T5= ( G;JI6< ( *8 ( <@:I ( ;=9;N;9@5A</JG*@Q< ( %;=( T;=*G;6B'(<6**9(97=;79(5=9(6I7B(P7G7(<@X^7:679(6*(5X@<7C( I5G5<<T7=6C(5<<5@A6(8G*T(Q@XA;:(5=9(Q@XA;:(5@6I*G;6;7<+(( ,+ L::*G9;=J(6*(6I7(Q76;6;*=7GC(O7:6;*=(a,,(W$&(;<(X5<79(@Q*=( 6G59;6;*=5A ( ?@97*`&IG;<6;5= ( T*G5A ( 5=9 ( 76I;:5A ( <65=95G9<C( PI;:I(:*=:7;N7(*8(<7i(;=(Q@G7AB(8@=:6;*=5A(67GT<C(;+7+C(8*G(6I7( Q@GQ*<7 ( *8 ( QG*:G756;*= ( *=AB+ ( ( L=B ( =*=`QG*:G756;N7 ( <7i@5A( 5:6;N;6B ( ;< ( 6I@< ( N;7P79 ( 5< ( X7;=J ( g5J5;=<6 ( 6I7 ( *G97G ( *8( =56@G7h+((HI7(<@XT;<<;*=(;<(6I56(6I7(A7J;<A56;*=(:G;T;=5A;<;=J( :*=<7=<@5A(*G5A(5=9(5=5A(<7i(;<(*@695679(5=9(I5<(=*(QA5:7(;=( T*97G= ( <*:;76B+ ( W= ( 85:6C ( <6@9;7< ( *8 ( O7:6;*= ( a,, ( W$&( ^@G;<QG@97=:7 ( G7N75A ( 6I56 ( A567AB ( ;6 ( I5< ( J7=7G5AAB ( X77=( 7TQA*B79 ( ;= ( :5<7< ( *8 ( :I;A9 ( <7i@5A ( 5<<5@A6 ( 5=9 ( 5X@<7+ ( ( B( :G;T;=5A;<;=J(QG;N567C(:*=<7=<@5A(<5T7`<7i(:*=9@:6C(O7:6;*=( a,, (W$& ( <7GN7< (5< ( 6I7( P75Q*= ( 8*G ( Q*A;:7( 5X@<7p ( 9765;=;=J( 5=9 ( k@7<6;*=;=JC ( 7i6*G6;*=C ( I5G5<<T7=6C ( 8*G:79 ( <7iC( Q5BT7=6 ( *8 ( I@<I ( T*=7Bp ( 5=9 ( Q7GQ76@567< ( =7J56;N7 ( 5=9( 9;<:G;T;=56*GB ( X7A;78< ( 6*P5G9< ( <5T7`<7i ( G7A56;*=< ( 5=9( <7i@5A;6B(T;=*G;6;7<p(PI;:I(:*=<7k@7=6AB(9G;N7(6I7(5:6;N;6;7<( *8 ( J5B ( T7= ( 5=9 ( KOKC ( 5< ( P7AA ( 5< ( <7i@5A;6B ( T;=*G;6;7<( @=97GJG*@=9(6I7G7XB(:G;QQA;=J([W]/LW4O(QG7N7=6;*=(788*G6<+( O7:6;*= ( a,, ( W$& ( 6I@< ( :G7567< ( 5 ( :A5<< ( *8 ( N@A=7G5XA7 ( Q7*QA7( 6I56 ( ;< ( :*=6;=@5AAB ( N;:6;T;<79 ( 5=9 ( 9;G7:6AB ( 5887:679 ( XB ( 6I7( QG*N;<;*=+ ( ( W6 ( I5< ( X77= ( <@XT;6679 ( 6I56 ( 6I7 ( 8;7A9< ( *8( Q<B:I;56GB(5=9(Q<B:I*A*JB(=*(A*=J7G(6G756(I*T*<7i@5A;6B(5<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(((*8(!"#
  • 8. 5(9;<75<7(5=9(G7J5G9(<7i@5A(*G;7=656;*=(6*(X7(5(977QAB(I7A9C( :*G7(Q5G6(*8(6I7(;97=6;6;7<(*8(;=9;N;9@5A<+ _+ HI7(Q76;6;*=7G(<@XT;6<(6I56(PI;A7(G;JI6(6*(QG;N5:B(;<(;TQA;:;6( ;=(6I7(G;JI6(6*(A;87(5=9(A;X7G6B(5=9(J@5G5=6779(6*(6I7(:;6;E7=<C( ;= ( *G97G ( 6* ( X7 ( T75=;=J8@AC ( 6I7 ( Q@G<@;6 ( *8 ( I5QQ;=7<<( 7=:*TQ5<<79(P;6I;=(6I7(:*=:7Q6<(*8(QG;N5:BC(I@T5=(9;J=;6BC( ;=9;N;9@5A ( 5@6*=*TB ( 5=9 ( 6I7 ( I@T5= ( =779 ( 8*G ( 5= ( ;=6;T567( Q7G<*=5A ( <QI7G7 ( G7k@;G7 ( 6I56 ( QG;N5:B ( q ( 9;J=;6B ( :A5;T( :*=:7G=;=J ( QG;N567C ( :*=<7=<@5AC ( <7i@5A ( G7A56;*=< ( 5G7 ( 5A<*( 588*G979(QG*67:6;*=(P;6I;=(6I7(5TX;6(*8(6I7(<5;9(8@=95T7=65A( G;JI6(6*(A;87(5=9(A;X7G6B(J;N7=(@=97G(LG6;:A7(02+((W6(;<(5N7GG79( 6I56(=*(5<Q7:6(*8(*=7r<(A;87(T5B(X7(<5;9(6*(X7(T*G7(QG;N567( *G(;=6;T567(6I5=(6I56(*8(<7i@5A(G7A56;*=<C(5=9(<;=:7(QG;N567C( :*=<7=<@5AC ( <7i@5A ( G7A56;*=< ( *G ( <7i@5A ( QG787G7=:7< ( 8;J@G7( QG*T;=7=6AB(P;6I;=(5=(;=9;N;9@5Ar<(Q7G<*=5A;6B(5=9(A;7(75<;AB( 56(6I7(:*G7(*8( (6I7(gQG;N567(<Q5:7hC(6I7B(5G7(5=(;=5A;7=5XA7( :*TQ*=7=6 ( *8 ( 6I7 ( G;JI6 ( *8 ( A;87+ ( ( 5<79 ( *= ( 6I;< ( A;=7 ( *8( G75<*=;=JC ( 5 ( :5<7 ( I5< ( X77= ( T597 ( 6* ( 6I7 ( 7887:6 ( 6I56 ( 6I7( QG*I;X;6;*= ( *8 ( :7G65;= ( QG;N567C ( :*=<7=<@5A ( <7i@5A ( G7A56;*=<( %I*T*<7i@5A' ( QG*N;979 ( XB ( O7:6;*= ( a,, ( W$& ( @=G75<*=5XAB( 5XG;9J7<(6I7(G;JI6(*8(QG;N5:B(5=9(9;J=;6B(P;6I;=(6I7(5TX;6(*8( G;JI6 ( 6* ( A;87 ( 5=9 ( A;X7G6B ( @=97G ( LG6;:A7 ( 02+ ( ( HI7 ( Q76;6;*=7G( 5GJ@7< ( 6I56 ( 8@=95T7=65A ( G;JI6 ( 6* ( QG;N5:B ( @=97G ( LG6;:A7 ( 02( :5=(X7(5XG;9J79(*=AB(8*G(5(:*TQ7AA;=J(<6567(;=67G7<6(PI;:IC( ;= ( ;6< ( <@XT;<<;*=C ( ;< ( 5T;<< ( I7G7+ ( ( LA<* ( X5<79 ( *= ( 6I7( 8@=95T7=65A ( G;JI6 ( 6* ( A;87 ( @=97G ( LG6;:A7 ( 02 ( ;< ( 6I7 ( 8@G6I7G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()(*8(!"#
  • 9. <@XT;<<;*= ( 6I56 ( O7:6;*= ( a,, ( W$& ( I5< ( 5 ( 95T5J;=J ( ;TQ5:6( @Q*= ( 6I7 ( A;N7< ( *8 ( I*T*<7i@5A< ( ;=5<T@:I ( 5< ( ;6 ( =*6 ( *=AB( Q7GQ76@567<(<*:;5A(<6;JT5(5=9(Q*A;:7/Q@XA;:(5X@<7(X@6(5A<*( 9G;N7< ( I*T*<7i@5A ( 5:6;N;6B ( @=97GJG*@=9 ( 6I7G7XB( ^7*Q5G9;E;=J ( [W]/LW4O ( QG7N7=6;*= ( 788*G6< ( 5=9C ( 6I@<C( G7=97G;=J ( J5B ( T7= ( 5=9 ( KOK ( ;=:G75<;=JAB ( N@A=7G5XA7 ( 6*( :*=6G5:6;=J([W]/LW4O+ D+ F@G6I7GC ( ;6( I5< ( X77= ( <@XT;6679 ( *= ( X7I5A8 ( *8 ( 6I7 ( Q76;6;*=7G( 6I56 ( O7:6;*= ( a,, ( W$&s< ( A7J;<A56;N7 ( *X^7:6;N7 ( *8 ( Q7=5A;E;=J( g@==56@G5A ( <7i@5A ( 5:6<h ( I5< ( =* ( G56;*=5A ( =7i@< ( 6* ( 6I7( :A5<<;8;:56;*= ( :G75679 ( X76P77= ( QG*:G756;N7 ( 5=9 ( =*=` QG*:G756;N7(<7i@5A(5:6<C(5=9(;<(6I@<(N;*A56;N7(*8(LG6;:A7(2-(*8( 6I7(&*=<6;6@6;*=(*8(W=9;5+((O7:6;*=(a,,s<(A7J;<A56;N7(*X^7:6;N7( ;< ( X5<79 ( @Q*= ( <67G7*6BQ7< ( 5=9 ( T;<@=97G<65=9;=J ( 6I56 ( 5G7( *@6T*979(5=9(7=^*B<(=*(I;<6*G;:5A(*G(A*J;:5A(G56;*=5A7(PI;:I( G7=97G(;6(5GX;6G5GB(5=9(@=G75<*=5XA7+(((W6(;<(8@G6I7G(6I7(:5<7( *8(6I7(Q76;6;*=7G(6I56(6I7(7iQG7<<;*=(g<7ih(5<(@<79(;=(LG6;:A7( 2. ( :5==*6 ( X7 ( G759 ( G7<6G;:6;N7 ( 6* ( gJ7=97Gh ( X@6 ( ;=:A@97<( g<7i@5A(*G;7=656;*=h(5=9C(6I@<(G759C(7k@5A;6B(*=(6I7(X5<;<(*8( <7i@5A(*G;7=656;*=(;<(;TQA;79(;=(6I7(<5;9(8@=95T7=65A(G;JI6( 5J5;=<6 ( 9;<:G;T;=56;*=+ ( HI7 ( Q76;6;*=7G ( 5GJ@7< ( 6I56( :G;T;=5A;E56;*= ( *8 ( QG79*T;=5=6AB ( I*T*<7i@5A ( 5:6;N;6B( 6IG*@JI ( O7:6;*= ( a,, ( W$& ( ;< ( 9;<:G;T;=56*GB ( *= ( 6I7 ( X5<;< ( *8( <7i@5A(*G;7=656;*=(5=9C(6I7G78*G7C(N;*A56;N7((*8(LG6;:A7(2.+((W6( ;< ( 8@G6I7G ( 6I7 ( :5<7 ( *8 ( 6I7 ( Q76;6;*=7G ( 6I56 ( 6I7 ( QG*I;X;6;*=( 5J5;=<6 ( I*T*<7i@5A;6B ( ;= ( O7:6;*= ( a,, ( W$& ( :@G65;A< ( *G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*(*8(!"#
  • 10. ;=8G;=J7<(6I7(X5<;:(8G779*T<(J@5G5=6779(@=97G(LG6;:A7(2D(%2'( %5' ( %X' ( %:' ( j ( %9'p ( ;= ( 6I56C ( 5= ( ;=9;N;9@5Ar< ( 5X;A;6B ( 6* ( T5S7( Q7G<*=5A(<6567T7=6(5X*@6(*=7r<(<7i@5A(QG787G7=:7<C(G;JI6(*8( 5<<*:;56;*=/5<<7TXAB ( 5=9 ( G;JI6 ( 6* ( T*N7 ( 8G77AB ( <* ( 5< ( 6*( 7=J5J7(;=(I*T*<7i@5A(:*=9@:6(5G7(G7<6G;:679(5=9(:@G65;A79+ 21+ G*59AB(*=(6I7(5X*N7(G75<*=;=JC(;6(I5<(X77=(<@XT;6679(6I56( 6I7G7(;<(5(:5<7(8*G(:*=<7=<@5A(<7i@5A(;=67G:*@G<7(%*8(6I7(S;=9( T7=6;*=79 ( 5X*N7p ( ;+7+ ( I*T*<7i@5A' ( X76P77= ( 6P* ( P;AA;=J( 59@A6<(;=(QG;N5:B(6*(X7(<5N79(5=9(7i:7Q679(8G*T(6I7(Q7=5A( QG*N;<;*=(:*=65;=79(;=(O7:6;*=(a,,(W$&+ &*3+'(B'(0."%.(%)(".1"-(C(2%.$&-1"2$%&' (#$-.1#(%)( D"."#$&' (%)( !%D*(-))-"&# (-.1(D"."#$&' (%)(!*-+$!(E ( )-D"+'(F*+)-&* 22+ L ( G56I7G ( Q7:@A;5G ( 8756@G7 ( *8 ( 6I;< ( :5<7 ( ;< ( 6I56 ( :*TQA767AB( :*=6G59;:6*GB ( 588;95N;6< ( I5N7 ( X77= ( 8;A79 ( XB ( 6P* ( P;=J< ( *8( V=;*=(*8(W=9;5+((HI7(K;=;<6GB(*8([*T7(L885;G<(%K[L'(<*@JI6(6*( ^@<6;8B(6I7(G767=6;*=(*8(O7:6;*=(a,,(W$&C(PI7G75<(6I7(K;=;<6GB( *8 ( [75A6I ( j ( F5T;AB ( #7A85G7 ( ;=<;<679 ( 6I56 ( :*=6;=@5=:7 ( *8( O7:6;*= ( a,, ( W$& ( I5< ( I5TQ7G79 ( 6I7 ( [W]/LW4O ( QG7N7=6;*=( 788*G6<+((#7(<I5AA(8;G<6(975A(P;6I(6I7(588;95N;6(*8(6I7(K;=;<6GB( *8 ( [*T7 ( L885;G<+ ( ( HI7 ( 4;G7:6*G ( %?@9;:;5A' ( ;= ( 6I7 ( K;=;<6GB ( *8( [*T7(L885;G<C(M*N7G=T7=6(*8(W=9;5C(;=(I;<(588;95N;6C(<77S<(6*( ^@<6;8B(6I7(G767=6;*=(*8(O7:6;*=(a,,(W$&(*=(6I7(<656@67(X**S( XG*59AB(*=(6I7(G75<*=(6I56(;6(I5<(X77=(J7=7G5AAB(;=N*S79(;=( :5<7< ( *8 ( 5AA7J56;*= ( *8 ( :I;A9 ( <7i@5A ( 5X@<7 ( 5=9 ( 8*G( :*TQA7T7=6;=J ( A5:@=57 ( ;= ( 6I7 ( G5Q7 ( A5P< ( 5=9 ( =*6 ( T7G7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"(*8(!"#
  • 11. I*T*<7i@5A;6B+((HI;<(Q7=5A(:A5@<7(I5<(X77=(@<79(Q5G6;:@A5GAB( ;= ( :5<7< ( *8 ( 5<<5@A6 ( PI7G7 ( X*9;AB ( I5GT ( ;< ( ;=67=979 ( 5=9/*G( :5@<79+((W6(I5<(X77=(<@XT;6679(6I56(6I7(;TQ@J=79(QG*N;<;*=( ;< ( =7:7<<5GB ( <;=:7 ( 6I7 ( 97A76;*= ( 6I7G7*8 ( P*@A9 ( P7AA ( *Q7=( 8A**9 ( J567< ( *8 ( 97A;=k@7=6 ( X7I5N;*@G ( 5=9 ( :5= ( Q*<<;XAB ( X7( T;<:*=<6G@79 ( 5< ( QG*N;9;=J ( @=87667G79 ( A;:7=:7 ( 8*G( I*T*<7i@5A;6B+ ( ( $G*:779;=J ( *= ( 6I7 ( 5<<@TQ6;*= ( 6I56( I*T*<7i@5A;6B ( ;< ( @=A5P8@AC ( ;6 ( I5< ( X77= ( <@XT;6679 ( ;= ( 6I7( 588;95N;6(6I56(<@:I(5:6<(:5==*6(X7(G7=97G79(A7J;6;T567(*=AB( X7:5@<7(6I7(Q7G<*=(6*(PI*<7(976G;T7=6(6I7B(5G7(:*TT;6679( I5<(J;N7=(:*=<7=6(6*(;6+((&*=:79;=J(JG*@=9(;=(85N*@G(*8(G;JI6( 6*(G7<Q7:6(8*G(QG;N567(5=9(85T;AB(A;87C(;=(6I7(<@XT;<<;*=(*8( V=;*= ( *8 ( W=9;5C ( ;=67G87G7=:7 ( XB ( Q@XA;: ( 5@6I*G;6;7< ( ;= ( 6I7( ;=67G7<6(*8(Q@XA;:(<5876B(5=9(QG*67:6;*=(*8(I75A6I(5<(P7AA(5<( T*G5A<(;<(7k@5AAB(Q7GT;<<;XA7+(( 20+ H7GT;=J ( 6I7 ( ;<<@7< ( G5;<79 ( ;= ( 6I7 ( Q76;6;*= ( 56 ( I5=9 ( 5< ( 5( <@X^7:6 ( G7A56;=J ( 6* ( Q*A;:B ( *8 ( A5P ( G56I7G ( 6I5= ( 6I56 ( *8 ( ;6<( A7J5A;6BC ( V=;*= ( *8 ( W=9;5 ( G7A;7< ( @Q*= ( 6I7 ( G7Q*G6< ( *8 ( f5P( &*TT;<<;*= ( *8 ( W=9;5 ( Q5G6;:@A5GAB ( *= ( 6I7 ( ;<<@7 ( PI76I7G ( 6*( G765;=(*G(=*6(6*(G765;=(O7:6;*=(a,,(W$&+((R787G7=:7(I5<(X77=( T597 ( 6* ( -0=9( G7Q*G6 ( *8 ( 6I7 ( &*TT;<<;*= ( PI7G7;= ( ;6 ( P5<( *X<7GN79 ( 6I56 ( W=9;5= ( <*:;76B ( XB ( 5=9 ( A5GJ7 ( 9;<5QQG*N79 ( *8( I*T*<7i@5A;6BC ( PI;:I ( 9;<5QQG*N5A ( P5< ( <6G*=J ( 7=*@JI ( 6*( ^@<6;8B(;6(X7;=J(6G75679(5<(5(:G;T;=5A(*887=:7(7N7=(PI7G7(6I7( 59@A6<(;=9@AJ7(;=(;6(;=(QG;N567+( (V=;*=(*8(W=9;5(<@XT;6<(6I56( A5P ( :5==*6 ( G@= ( <7Q5G567AB ( 8G*T ( 6I7 ( <*:;76B ( <;=:7 ( ;6 ( *=AB( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!!(*8(!"#
  • 12. G78A7:6<(6I7(Q7G:7Q6;*=(*8(6I7(<*:;76B+( (W6(:A5;T<(6I56(56(6I7( 6;T7(*8(;=;6;5A(7=5:6T7=6C(O7:6;*=(a,,(W$&(P5<(G7<Q*=9;=J(6*( 6I7(N5A@7<(5=9(T*G5A<(*8(6I7(6;T7(;=(6I7(W=9;5=(<*:;76B+(W6( I5<(X77=(<@XT;6679(6I56(;=(85:6(;=(5=B(Q5GA;5T7=65GB(<7:@A5G( 97T*:G5:BC ( 6I7 ( A7J5A ( :*=:7Q6;*= ( *8 ( :G;T7 ( 97Q7=9< ( @Q*=( Q*A;6;:5A ( 5< ( P7AA ( 5< ( T*G5A ( :*=<;97G56;*=< ( =*6P;6I<65=9;=J( :*=<;97G5XA7 ( *N7GA5Q ( 7i;<6;=J ( X76P77= ( A7J5A ( 5=9 ( <5876B( :*=:7Q6;*=(*8(:G;T7(;+7+(T*G5A(85:6*G<+ 2a+ L:S=*PA79J;=J(6I56(6I7G7(I5N7(X77=(A7J5A(G78*GT<(;=(5(A5GJ7( =@TX7G ( *8 ( :*@=6G;7< ( <* ( 5< ( 6* ( 97`:G;T;=5A;<7 ( I*T*<7i@5A( :*=9@:6C ( V=;*= ( *8 ( W=9;5 ( <77S< ( 6* ( 566G;X@67 ( 6I;< ( 6G7=9 ( *8( :I5=J7 (6* (;=:G75<79( 6*A7G5=:7 ( <I*P= (XB (<@:I(<*:;76;7< (6*( =7P ( <7i@5A ( X7I5N;*@G ( *G ( <7i@5A ( QG787G7=:7+ ( ( LGJ@;=J ( 6I56( Q@XA;: ( 6*A7G5=:7 ( *8 ( 9;887G7=6 ( 5:6;N;6;7< ( @=97GJ*7< ( :I5=J7( P;6I ( 6I7 ( 6;T7< ( ;= ( 6@G= ( ;=8A@7=:;=J ( :I5=J7< ( ;= ( A5P<C ( ;6 ( ;<( <*@JI6(6*(X7(Q*;=679(*@6(6I56(7N7=(6I7(G78*GT<(;=(6I7(=56@G7( *8 ( O7i@5A ( U887=:7< ( L:6C ( 2DZ, ( %PI7G7XB ( X@JJ7GB ( X76P77=( 6P*(:*=<7=6;=J(59@A6<(;=(QG;N567(:75<79(6*(X7(5=(*887=:7(;=( 6I7(V=;679(Y;=J9*T'(I59(;6<(*P=(<I5G7(*8(:G;6;:;<T(*=(6I7( JG*@=9 (6I56 ( 6I7 ( A7J;<A56;*= ( I59 ( =7J56;N79 (6I7 ( G;JI6 ( *8 (6I7( <6567(6*(<@QQG7<<(s<*:;5A(N;:7<s+( (V=;*=(*8(W=9;5(5GJ@7<(6I56( W=9;5=(<*:;76B(;<(B76(6*(97T*=<6G567(G759;=7<<(*G(P;AA;=J=7<<( 6* ( <I*P ( JG7567G ( 6*A7G5=:7 ( 6* ( QG5:6;:7< ( *8 ( I*T*<7i@5A;6B+( K5S;=J(*@6(5(:5<7(;=(85N*@G(*8(G767=6;*=(*8(O7:6;*=(a,,(W$&( ;=(6I7(<I5Q7(;6(<65=9<(56(QG7<7=6C(V=;*=(*8(W=9;5(G7A;7<(*=(6I7( 5GJ@T7=6< ( *8 ( Q@XA;: ( T*G5A;6BC ( Q@XA;: ( I75A6I ( 5=9 ( I75A6IB( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!$(*8(!"#
  • 13. 7=N;G*=T7=6 ( :A5;T;=J ( 6I56 ( O7:6;*= ( a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i@5A( :*TT@=;6B ( %KOK ( 76:+' ( ;< ( Q5G6;:@A5GAB ( <@<:7Q6;XA7 ( 6*( 566G5:6;=J ( [W]/LW4O ( ;= ( PI;:I ( N;7P ( 5 ( =@TX7G ( *8 ( ;=;6;56;N7<( I5N7 ( X77= ( 65S7= ( XB ( )L&U ( 6* ( 7=<@G7 ( 6I56 ( QG*Q7G ( [W]( ;=67GN7=6;*= ( 5=9 ( QG7N7=6;*= ( 788*G6< ( 5G7 ( T597 ( 5N5;A5XA7 ( 6*( 6I7 ( <5;9 ( <7:6;*= ( *8 ( 6I7 ( <*:;76B ( XBC ( 5T*=J<6 ( *6I7G ( 6I;=J<C( QG*67:6;=J(5=9(QG*T*6;=J(6I7;G(G;JI6<+((W=(6I7(G7QAB(588;95N;6C( )L&U(<6567<(6I56(6I7(JG*@Q<(;97=6;8;79(6*(X7(56(JG7567G(G;<S( *8 ( 5:k@;G;=J ( 5=9 ( 6G5=<T;66;=J ( [W] ( ;=87:6;*= ( 9@7 ( 6* ( 5 ( I;JI( A7N7A(*8(G;<SB( X7I5N;*@G(5=9( ;=<@88;:;7=6( :5Q5:;6B (*G (Q*P7G( 8*G ( 97:;<;*= ( T5S;=J ( 6* ( QG*67:6 ( 6I7T<7AN7< ( 8G*T ( ;=87:6;*=C( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!%(*8(!"#
  • 14. J7=7G5AAB ( 97<:G;X79 ( 5< ( s[;JI ( R;<S ( MG*@Q<s ( %[RM'C ( XG*59AB( ;=:A@97(T7=(PI*(I5N7(<7i(P;6I(T7=(%KOK'(5=9(87T5A7(<7i( P*GS7G<(5=9(;=^7:6;=J(9G@J(@<7G<+ 2Z+ )L&U ( I5< ( 59*Q679 ( 5 ( <6G567JB ( 8*G ( QG7N7=6;=J ( 5=9 ( 8@G6I7G( 6G5=<T;<<;*=(*8(;=87:6;*=C(PI;:I(;=:A@97(6I7(8*AA*P;=J(788*G6<> %5' HI7 ( <6G567JB ( 8*G ( QG7N7=6;=J ( 5=9 ( 6I7 ( 8@G6I7G( 6G5=<T;<<;*=(*8(;=87:6;*=(;=:A@97<> ;+ K5S;=J ( 6I7 ( M7=7G5A ( $*Q@A56;*= ( 5=9 ( [;JI ( R;<S( MG*@Q< ( 5P5G7 ( 6IG*@JI ( <6G567J;: ( Wl&( %W=8*GT56;*= ( l9@:56;*= ( &*TT@=;:56;*=' ( j ( &&( %7I5N;*@G ( &I5=J7 ( &*TT@=;:56;*=' ( QG*N;9;=J( 6I7T(P;6I(6I7(=7:7<<5GB(6**A<(5=9(;=8*GT56;*=( 8*G(QG*67:6;=J(6I7T<7AN7<(8G*T([W](;=87:6;*=+ ;;+ K*6;N56;=J ( <587G ( <7i@5A ( QG5:6;:7< ( XB ( G79@:;=J( <7i@5A ( Q5G6=7G<C ( X7;=J ( 85;6I8@A ( 6* ( 5 ( <;=JA7( Q5G6=7G ( 5X<65;=;=J ( 8G*T ( :5<@5A ( <7i ( 5=9 ( 6I7( :*GG7:6(5=9(:*=<;<67=6(@<7(*8(:*=9*T<+ ;;;+ &*=6G*AA;=J ( O7i@5AAB ( HG5=<T;6679 ( W=87:6;*=<( %OHW<' ( 5T*=J ( [;JI ( R;<S ( MG*@Q< ( 5A*=J ( P;6I( QG*T*6;=J ( @<7 ( *8 ( :*=9*T< ( 5< ( QG7N7=6;N7( T75<@G7+ ;N+ $77G ( 79@:56;*= ( 5=9 ( &*TT@=;6B ( Q5G6;:;Q56;*=( %X7;=J ( 6I7 ( 7<<7=6;5A ( :*TQ*=7=6 ( *8 ( $G;T5GB( [75A6I(&5G7'+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!&(*8(!"#
  • 15. N+ l=<@G;=J ( 5N5;A5X;A;6B ( *8 ( <587 ( XA**9 ( 5=9 ( XA**9( QG*9@:6<p(5=9 N;+ R7;=8*G:;=J ( 6I7 ( 6G59;6;*=5A ( W=9;5= ( T*G5A ( N5A@7<( *8 ( 5X<6;=7=:7C ( 97A5B79 ( <7i@5A ( 97X@6 ( 6;AA( T5GG;5J7 ( 5=9 ( 8;97A;6B ( 5T*=J ( B*@6I ( 5=9 ( *6I7G( ;TQG7<<;*=5XA7(JG*@Q<(*8(Q*Q@A56;*=+ %X' H* ( :G7567 ( 5= ( 7=5XA;=J ( <*:;*`7:*=*T;:( 7=N;G*=T7=6 ( <* ( 6I56 ( 5AA ( <7:6;*=< ( *8 ( Q*Q@A56;*= ( :5=( I5N7 ( 5::7<< ( 6* ( QG*Q7G ( ;=8*GT56;*=C ( I75A6I ( :5G7 ( j( :*@=<7A;=J ( <7GN;:7< ( 6* ( QG*67:6 ( 6I7T<7AN7< ( 8G*T ( 6I7( ;=87:6;*=(5=9(56(6I7(<5T7(6;T7(7TQ*P7G(85T;A;7<(5=9( :*TT@=;6;7< ( 6* ( QG*N;97 ( X7667G ( :5G7 ( j ( <@QQ*G6 ( 6*( Q7*QA7(A;N;=J(P;6I([W]/LW4O+ %:' WTQG*N;=J(<7GN;:7<(8*G(6I7(:5G7(*8(Q7*QA7(A;N;=J( P;6I ( LW4O ( X*6I ( ;= ( I*<Q;65A ( 5=9 ( 56 ( I*T7< ( 6IG*@JI( :*TT@=;6B(:5G7+ 2,+ W= ( 6I7 ( G7QAB ( 588;95N;6 ( 8;A79 ( *= ( X7I5A8 ( *8 ( )L&UC ( ;6 ( I5< ( X77=( <@XT;6679 ( 6I56 ( 6I7 ( G7Q*G6 ( *8 ( 6I7 ( liQ7G6 ( MG*@Q ( *= ( O;E7( l<6;T56;*=(*8($*Q@A56;*=(P;6I([;JI(R;<S(7I5N;*@G(8*G()L&$` WWW($A5==;=JC(?5=@5GB(011Z(7<6;T5679(6I56(6I7G7(5G7(5X*@6(0.( A5SI(KOK(%K7=(I5N;=J(<7i(P;6I(T7='+((HI7()56;*=5A(O7=6;=7A( O@GN7;AA5=:7 ( 4565 ( 011. ( <I*P< ( 6I56 ( T*G7 ( 6I5= ( _3 ( *8 ( 6I7( Q*Q@A56;*= ( *8 ( KOK ( ;< ( ;=87:679 ( XB ( [W] ( PI;A7 ( 6I7 ( [W]( QG7N5A7=:7(5T*=J(6I7(J7=7G5A(Q*Q@A56;*=(;<(7<6;T5679(6*(X7( A7<<7G(6I5=(23+( (M;N7=(6I7(I;JI(N@A=7G5X;A;6B(*8(KOK(6*([W]( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!#(*8(!"#
  • 16. ;=87:6;*=C()L&U(I5<(97N7A*Q79(QG*JG5TT7<(8*G(@=97G65S;=J( 65GJ7679 ( ;=67GN7=6;*=< ( 5T*=J ( 6I7T+ ( ( HI7<7 ( QG*^7:6< ( 5G7( ;TQA7T7=679 ( XB ( )MU< ( P;6I ( 8;=5=:;5A ( <@QQ*G6 ( 8G*T ( )L&U+( $G7<7=6AB(2C-ZCaD,(KOK(%Z3'(5G7(X7;=J(:*N7G79(6IG*@JI(a1( 65GJ7679 ( ;=67GN7=6;*=<+ ( ( V=97G ( 6I7 ( 65GJ7679 ( ;=67GN7=6;*=( QG*^7:6<C(6I7(*X^7:6;N7<(5G7(6*> 5+ G79@:7 ( =@TX7G ( *8 ( Q5G6=7G< ( 5=9 ( XB ( XG;=J;=J( 5X*@6(5(:I5=J7(;=(6I7;G(X7I5N;*@Gp X+ G79@:7 ( 6I7;G ( A7N7A ( *8 ( G;<S ( XB ( ;=8*GT;=J ( 6I7T( 5X*@6(5=9(QG*N;9;=J(5::7<<(6*(:*=9*T<p :+ QG*N;9;=J(5::7<<(6*(OH4(<7GN;:7<+ 2_+ L::*G9;=J(6*(6I7(<@XT;<<;*=<(*8()L&UC(6I*<7(;=(6I7([;JI(R;<S( MG*@Q ( 5G7 ( T*<6AB ( G7A@:65=6 ( 6* ( G7N75A ( <5T7 ( <7i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aZ3(*8(6I7T( 5:6@5AAB ( @<7 ( :*=9*T<+ ( ( )L&U ( I5< ( 8@G6I7G ( <@XT;6679 ( 6I56( 7=8*G:7T7=6(*8(O7:6;*=(a,,(W$&(5J5;=<6(I*T*<7i@5A(JG*@Q<( G7=97G< ( G;<SB ( <7i@5A ( QG5:6;:7< ( 6* ( J* ( @==*6;:79 ( 5=9( @=599G7<<79 ( ;=5<T@:I ( 5< ( 6I7 ( 875G ( *8 ( I5G5<<T7=6 ( XB ( A5P( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!'(*8(!"#
  • 17. 7=8*G:7T7=6 ( 5J7=:;7< ( A759< ( 6* ( <7i ( X7;=J ( I@GG;79C( Q5G6;:@A5GAB ( X7:5@<7 ( 6I7<7 ( JG*@Q< ( A5:S ( s<587 ( QA5:7sC ( @6;A;<7( Q@XA;:(QA5:7<(8*G(6I7;G(;=9@AJ7=:7(5=9(9*(=*6(I5N7(6I7(*Q6;*=( 6*(:*=<;97G(*G(=7J*6;567(<587G(<7i(QG5:6;:7<+((W6(;<(<65679(6I56( 6I7 ( N7GB ( I;997= ( =56@G7 ( *8 ( <@:I ( JG*@Q< ( :*=<65=6AB( ;=I;X;6</;TQ797< ( ;=67GN7=6;*=< ( @=97G ( 6I7 ( )56;*=5A ( LW4O( &*=6G*A ( $G*JG5TT7 ( 5;T79 ( 56 ( QG7N7=6;*=+ ( ( HI@< ( )L&U( G7;=8*G:7<(6I7(QA75(G5;<79(XB(6I7(Q76;6;*=7G(8*G(6I7(=779(6*( I5N7(5=(7=5XA;=J(7=N;G*=T7=6(PI7G7(6I7(Q7*QA7(;=N*AN79(;=( G;<SB(X7I5N;*@G( 5G7( 7=:*@G5J79(=*6 (6*( :*=:75A(;=8*GT56;*=( <*(6I56(6I7B(:5=(X7(QG*N;979(6*65A(5::7<<(6*(6I7(<7GN;:7<(*8( <@:I(QG7N7=6;N7(788*G6<+(( &*#3%.#*#(%)(%$!*&(&*#3%.1*.$# 2D+ s]*;:7<(5J5;=<6(O7:6;*=(a,,(W$&s(%I7G7;=5867G(G787GG79(6*(5<( gG7<Q*=97=6 ( )*+_h' ( ;< ( 5 ( :*5A;6;*= ( *8 ( 20 ( *GJ5=;<56;*=< ( 6I56( G7QG7<7=6(:I;A9(G;JI6<C(P*T7=s<(G;JI6<C(I@T5=(G;JI6<C(I75A6I( :*=:7G=<(5<(P7AA(5<(6I7(G;JI6<(*8(<5T7(<7i(97<;G;=J(Q7*QA7( ;=:A@9;=J ( 6I*<7 ( PI* ( ;97=6;8B ( 5< ( f7<X;5=C ( M5BC ( ;<7i@5AC( HG5=<J7=97G<C(!5I9:(5=9(J=7A5(Q7G<*=<(%PI;:I(5G7(G787GG79(6*( ;= ( 6I7 ( 588;95N;6 ( 5< ( gfMHh'+ ( ( W6 ( I5< ( X77= ( <@XT;6679 ( *= ( ;6<( X7I5A8(6I56(*GJ5=;<56;*=<(6I56(:*=<6;6@67(G7<Q*=97=6()*+_(5G7( ;=N*AN79(;=(9;N7G<7(5G75<(*8(Q@XA;:(5=9(<*:;5A(;TQ*G65=:7(5=9( 6I56(;=(6I7(:*@G<7(*8(6I7;G(P*GS(6I7B(I5N7(G7Q75679AB(:*T7( 5:G*<< ( JG*<< ( N;*A56;*= ( *8 ( X5<;: ( I@T5= ( G;JI6< ( *8 ( gfMHh( Q7G<*=<C ( X*6I ( 5< ( 5 ( 9;G7:6 ( 5=9 ( ;=9;G7:6 ( :*=<7k@7=:7 ( *8 ( 6I7( 7=8*G:7T7=6 ( *8 ( O7:6;*= ( a,, ( W$&+ ( ( W6 ( G7A;7< ( @Q*= ( ;6< ( G7Q*G6( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!((*8(!"#
  • 18. 6;A679 ( sR;JI6< ( 8*G ( LAA ( > ( l=9;=J ( 4;<:G;T;=56;*= ( @=97G ( O7:6;*=( a,,s(Q@XA;<I79(;=(011-(6*(:G7567(5P5G7=7<<(5X*@6(=7J56;N7( ;TQ5:6(*8(6I;<(A5P(*=(<*:;76B(;=(J7=7G5A(5=9(f7<X;5=C(M5BC( ;<7i@5A(5=9(HG5=<J7=97G<(Q7*QA7(;=(Q5G6;:@A5G+(( 01+ R7<Q*=97=6 ( )*+_ ( <@QQ*G6< ( 6I7 ( :5@<7 ( 7<Q*@<79 ( XB ( 6I7( Q76;6;*=7G(;=(6I;<($Wf(5=9(5N7G<(6I56(O7:6;*=(a,,(W$&C(PI;:I( :G;T;=5A;<7< ( s:5G=5A ( ;=67G:*@G<7 ( 5J5;=<6 ( 6I7 ( *G97G ( *8 ( 6I7( =56@G7sC ( ;< ( 5= ( @=:*=<6;6@6;*=5A ( 5=9 ( 5GX;6G5GB ( A5P ( X5<79 ( *=( 5G:I5;: ( T*G5A ( 5=9 ( G7A;J;*@< ( =*6;*=< ( *8 ( <7i ( *=AB ( 8*G( QG*:G756;*=+ ( ( W6 ( 5<<7G6< ( 6I56 ( :G;T;=5A;<56;*= ( *8 ( 59@A6( :*=<7=<@5A ( <7i ( @=97G ( O7:6;*= ( a,, ( W$& ( 9*7< ( =*6 ( <7GN7( 5=B( X7=78;:;5A(Q@XA;:(Q@GQ*<7(*G(A7J;6;T567(<6567(;=67G7<6+((U=(6I7( :*=6G5GBC(5::*G9;=J(6*(G7<Q*=97=6()*+_C(O7:6;*=(a,,(W$&(XB( :G;T;=5A;<;=J ( 6I7 ( 58*G7T7=6;*=79 ( S;=9< ( *8 ( <7i@5A ( 5:6< ( I5<( :G75679 ( 5= ( 5<<*:;56;*= ( *8 ( :G;T;=5A;6B ( 6*P5G9< ( Q7*QA7 ( P;6I( <5T7(<7i(97<;G7<+(W6(QA759<(6I56(6I7(:*=6;=@79(7i;<67=:7(*8( 6I;< ( QG*N;<;*= ( *= ( 6I7 ( <656@67 ( X**S ( :G7567< ( 5=9 ( 8*<67G< ( 5( :A;T567 ( *8 ( 8@=95T7=65A ( G;JI6< ( N;*A56;*=< ( *8 ( 6I7 ( J5B( :*TT@=;6BC(6*(6I7(7i67=6(*8(X*A<67G;=J(6I7;G(7i6G7T7(<*:;5A( *<6G5:;<T+(( 02+ H* ( ;AA@<6G567 ( 6I7 ( T5J=;6@97 ( 5=9 ( G5=J7 ( *8 ( 7iQA*;656;*= ( 5=9( I5G<I ( 5=9 ( :G@7A ( 6G756T7=6 ( 7iQ7G;7=:79 ( 5< ( 5 ( 9;G7:6( :*=<7k@7=:7(*8(O7:6;*=(a,,(W$&C(G7<Q*=97=6()*+_(I5<(QA5:79( *=(G7:*G9(T567G;5A(;=(6I7(8*GT(*8(588;95N;6<C(FWR<C(^@9JT7=6<( 5=9 ( *G97G< ( P;6I ( *X^7:6;N7AB ( 9*:@T7=679 ( ;=<65=:7< ( *8( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!)(*8(!"#
  • 19. 7iQA*;656;*=C ( N;*A7=:7C ( G5Q7 ( 5=9 ( 6*G6@G7 ( <@887G79 ( XB ( fMH( Q7G<*=<+ ( ( HI7 ( Q5G6;:@A5G< ( *8 ( 6I7 ( ;=:;97=6< ( 5G7 ( 9G5P= ( 8G*T( 9;887G7=6(Q5G6<(*8(6I7(:*@=6GB+( (W=(5=(;=<65=:7(G787GG79(6*(5<( gf@:S=*P(;=:;97=6(q(0110h(;=(6I7(G7Q*G6(6;6A79(slQ;97T;:(*8( LX@<7(>($*A;:7([5G5<<T7=6(*8([W]/LW4O(U@6G75:I(#*GS7G<(;=( W=9;5s(Q@XA;<I79(XB([@T5=(R;JI6<(#56:IC(6I7(Q*A;:7(9@G;=J( ;=N7<6;J56;*=(*8(5(:*TQA5;=6(@=97G(O7:6;*=(a,,(W$&(Q;:S79(@Q( <*T7(;=8*GT56;*=(5X*@6(5(A*:5A()MU(%I5G*<5(HG@<6'(P*GS;=J( ;= ( 6I7 ( 5G75 ( *8 ( [W]/LW4O ( QG7N7=6;*= ( 5=9 ( <7i@5A ( I75A6I( 5T*=J<6 ( KOK< ( G5;979 ( ;6< ( *88;:7C ( <7;E79 ( <587 ( <7i ( 59N*:5:B( 5=9 ( ;=8*GT56;*= ( T567G;5A ( 5=9 ( 5GG7<679 ( 8*@G ( I75A6I ( :5G7( P*GS7G<+( (lN7=(;=(5X<7=:7(*8(5=B(QG;T5(85:;7(QG**8(A;=S;=J( 6I7T ( 6* ( 6I7 ( G7Q*G679 ( :G;T7 ( @=97G ( O7:6;*= ( a,, ( W$&C ( 5( QG*<7:@6;*= ( P5< ( A5@=:I79 ( 5J5;=<6 ( 6I7 ( <5;9 ( I75A6I ( :5G7( P*GS7G< ( *= ( :I5GJ7< ( 6I56( ;=:A@979 ( O7:6;*= ( 0D0 ( W$& ( 6G756;=J( 6I7(79@:56;*=5A(A;67G56@G7(5<(*X<:7=7(T567G;5A+( (HI7(I75A6I( P*GS7G< ( G7T5;=79 ( ;= ( :@<6*9B ( 8*G ( -, ( 95B< ( *=AB ( X7:5@<7( O7:6;*=(a,,(W$&(;<(5(=*=`X5;A5XA7(*887=:7+ 00+ HI7= ( 6I7G7 ( ;< ( 5 ( G787G7=:7 ( 6* ( s5=J5A*G7 ( ;=:;97=6C ( 011-s( XG;=J;=J(*@6(;=<65=:7<(*8(:@<6*9;5A(6*G6@G7(*8(fMH(Q7G<*=<+( HI7 ( N;:6;T ( *8 ( 6I7 ( 6*G6@G7 ( P5< ( 5 (A5I9:( %7@=@:I' ( 8G*T( 5=J5A*G7C ( PI* ( P5< ( 56 ( 5 ( Q@XA;: ( QA5:7 ( 9G7<<79 ( ;= ( 87T5A7( :A*6I;=J+((HI7(Q7G<*=(P5<(<@X^7:679(6*(J5=J(G5Q7C(8*G:79(6*( I5N7(*G5A(5=9(5=5A(<7i(XB(5(JG*@Q(*8(I**A;J5=<+(([7(P5<(A567G( 65S7= ( 6* ( Q*A;:7 ( <656;*= ( PI7G7 ( I7 ( P5< ( <6G;QQ79 ( =5S79C( I5=9:@8879 ( 6* ( 6I7 ( P;=9*PC ( JG*<<AB ( 5X@<79 ( 5=9 ( 6*G6@G79( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!*(*8(!"#
  • 20. T7G7AB(X7:5@<7(*8(I;<(<7i@5A(;97=6;6B+((R787G7=:7(P5<(T597( 6* ( 5 ( ^@9JT7=6 ( *8 ( 6I7 ( [;JI ( &*@G6 ( *8 ( K59G5< ( G7Q*G679 ( 5<( 1#6#;#F4"*8 &'( &G", & ?=#=,& .D &G#*8; &H#9%4( %011,' (- ( Kf?( _-DC(;=(PI;:I(5=(7@=@:I(I59(:*TT;6679(<@;:;97(9@7(6*(6I7( I5G5<<T7=6 (5=9 ( 6*G6@G7 (56 (6I7( I5=9< ( *8 (6I7 (Q*A;:7 (*88;:7G<( 5867G(I7(I59(X77=(Q;:S79(@Q(*=(6I7(5AA7J56;*=(*8(;=N*AN7T7=6( ;=(5(:5<7(*8(6I786+((HI7G7(P5<(7N;97=:7(;=9;:56;=J(6I56(9@G;=J( Q*A;:7(:@<6*9B(I7(P5<(<@X^7:679(6*(6*G6@G7(XB(5(P**97=(<6;:S( X7;=J ( ;=<7G679 ( ;=6* ( I;< ( 5=@< ( 5=9 ( <*T7 ( Q*A;:7 ( Q7G<*==7A( 8*G:;=J ( I;T ( 6* ( I5N7 ( *G5A ( <7i+ ( ( HI7 ( Q7G<*= ( ;= ( k@7<6;*=( ;TT*A5679(I;T<7A8(;=<;97(6I7(Q*A;:7(<656;*=(*=(20+Z+011Z(5=9( A567G ( <@::@TX79 ( 6* ( X@G= ( ;=^@G;7< ( *= ( 0D+Z+011Z+ ( ( HI7( :*TQ7=<56;*=(*8(R<+.C11C111/`(P5<(5P5G979(6*(6I7(85T;AB(*8( 6I7( N;:6;T+ ( ( L=*6I7G ( ;=<65=:7 (:;679 (;< ( *8( 5 ( :5<7 (PI7G7 (6I7( K5J;<6G567 ( ;= ( I;< ( *G97G ( *X<7GN79 ( 6I56 ( 6I7 ( :5<7 ( ;=N*AN79 ( 5( I;997= ( 5AA7J56;*= ( *8 ( 5= ( *887=:7 ( @=97G ( O7:6;*= ( a,, ( W$& ( 5<( P7AAC(6I7G7XB(<6G76:I;=J(6I7(G75:I(*8(O7:6;*=(a,,(W$&(6*(6P*( A7<X;5= ( 59@A6 ( P*T7= ( PI* ( P7G7 ( ;=N*AN79 ( ;= ( 5 ( G*T5=6;:( G7A56;*=<I;Q(P;6I(75:I(*6I7G(PI;A7(6I7(;=;6;5A(5::@<56;*=(P5<( *=AB(@=97G(O7:6;*=(aZZ(W$&+( (L=(588;95N;6(*8(5(J5B(Q7G<*=(;<( 5A<*(8;A79(*=(G7:*G9+(HI7(Q7G<*=(P5<(Q;:S79(@Q(8G*T(5(X@<( <65=9(56(5X*@6(21(Q+T+(XB(6I7(Q*A;:7C(PI*(5::@<79(I;T(*8( X7;=J ( 5 ( I*T*<7i@5A+ ( [7 ( P5< ( QIB<;:5AAB ( 5<<5@A679 ( P;6I( P**97=(<6;:S<C(65S7=(6*(Q*A;:7(Q*<6(PI7G7(I7(P5<(<@X^7:679( 6* ( <7i@5A ( 5=9 ( 97JG59;=J ( 5X@<;N7 ( A5=J@5J7+ ( ( 4@G;=J ( 6I7( ;=:5G:7G56;*= ( ;= ( 6I7 ( Q*A;:7 ( Q*<6 ( *N7G ( 6I7 ( =;JI6C ( 8*@G ( Q*A;:7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($"(*8(!"#
  • 21. T7= ( 5:6@5AAB ( G5Q79 ( 5=9 ( <7i@5AAB ( 5X@<79 ( I;T ( ;=:A@9;=J( 8*G:;=J(I;T(6*(I5N7(*G5A(5=9(5=5A(<7i+((HI7(G7<Q*=97=6()*+_( I5< ( G7A;79 ( @Q*= ( <7N7G5A ( *6I7G ( ;=<65=:7< ( *8 ( 8@=95T7=65A( G;JI6< ( N;*A56;*= ( *8 ( I*T*<7i@5A< ( 5=9 ( J5B ( Q7G<*=<+ ( ( HI7( T567G;5A(*=(G7:*G9C(5::*G9;=J(6*(6I7(G7<Q*=97=6()*+_C(:A75GAB( 7<65XA;<I7<(6I56(6I7(:*=6;=@5=:7(*8(O7:6;*=(a,,(W$&(*=(6I7( <656@67 ( X**S ( *Q7G567 ( 6* ( XG@65A;<7 ( 5 ( N@A=7G5XA7C ( T;=*G;6B( <7JT7=6 ( *8 ( 6I7 ( :;6;E7=GB ( 8*G ( =* ( 85@A6 ( *= ( ;6< ( Q5G6+ ( ( HI7( G7<Q*=97=6()*+_(:*=67=9<(6I56(5(<7:6;*=(*8(<*:;76B(I5<(X77=( 6I@< ( :G;T;=5A;<79 ( 5=9 ( <6;JT56;E79 ( 6* ( 5 ( Q*;=6 ( PI7G7( ;=9;N;9@5A<(5G7(8*G:79(6*(97=B(6I7(:*G7(*8(6I7;G(;97=6;6B(5=9( N;65A(9;T7=<;*=<(*8(6I7;G(Q7G<*=5A;6B+ 0a+ R7<Q*=97=6< ( )*+2 ( %M*N6+ ( *8 ( )&H ( *8 ( 47AI;'C ( )*+0( %&*TT;<<;*=7G ( *8 ( $*A;:7C ( 47AI;' ( 5=9 ( )*+a ( %47AI; ( O6567 ( L;9<( &*=6G*A(O*:;76B'(9;9(=*6(8;A7(5=B(:*@=67G(588;95N;6/QA759;=J<+( R7<Q*=97=6 ( )*+Z ( %?*;=6 ( L:6;*= ( &*@=:;A ( Y5==@G' ( 5=9( G7<Q*=97=6 ()*+, (%KG+(+Y+O;=JI5A'C(PI*(P7G7(;TQA75979(5<( ;=67GN7=*G<C ( 8;A79 ( :*@=67G ( 588;95N;6< ( T5;=AB ( 59*Q6;=J ( 6I7( N;7P<(/(<65=9(*8(6I7(K;=;<6GB(*8([*T7(L885;G<C(V=;*=(*8(W=9;5( *=(6I7(;<<@7+ -&,0D*.$# 0-+ f75G=79 ( :*@=<7A ( 5QQ75G;=J ( 8*G ( 6I7 ( Q5G6;7< ( I5N7 ( 599G7<<79( 6I7 ( &*@G6 ( 56 ( A7=J6I+ ( ( 4@G;=J ( 6I7 ( :*@G<7 ( *8 ( <@XT;<<;*=<C( 7i67=<;N7 ( G787G7=:7< ( P7G7 ( T597 ( 6* ( N*A@T;=*@< ( T567G;5A( PI;:I(;=:A@979(N5G;*@<(G7Q*G6<C(Q@XA;:56;*=<C(5G6;:A7<C(W=9;5=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($!(*8(!"#
  • 22. 5=9(8*G7;J=(^@9JT7=6<(;=:A@9;=J(6I*<7(*8(VO(O@QG7T7(&*@G6C( l@G*Q75= ( &*TT;<<;*= ( *8 ( [@T5= ( R;JI6<C ( [@T5= ( R;JI6<( &*TT;6677 ( 76:+ ( ( &*@=<7A ( 5A<* ( QG*N;979 ( :*TQG7I7=<;N7( PG;667= ( <@XT;<<;*=< ( <@QQ*G679 ( XB ( 5@6I*G;6;7< ( X@6 ( 5< ( P7( @=97G<65=9 ( ;6C ( 6I7 ( QG;T7 ( 5GJ@T7=6< ( :5= ( X7 ( J7=7G5AAB( <@TT5G;<79(;=(6I;<(P5B>` %;' HI7 ( <@XT;<<;*= ( *8 ( KG+ ( L=5=9 ( MG*N7GC ( OG+ ( L9N*:567C( 5QQ75G;=J ( 8*G ( 6I7 ( Q76;6;*=7GC ( 5=9 ( KG+ ( OIB5T ( 4;N5=C ( OG+( L9N*:567C(5QQ75G;=J(8*G(G7<Q*=97=6()*+_C(;<(6I56(O7:6;*=(a,,( W$& ( N;*A567< ( 6I7 ( :*=<6;6@6;*=5A ( QG*67:6;*=< ( 7TX*9;79 ( ;=( LG6;:A7< ( 2-C ( 2D ( 5=9 ( 02+ ( ( W6 ( <@887G< ( 8G*T ( 6I7 ( N;:7 ( *8( @=G75<*=5XA7 ( :A5<<;8;:56;*= ( 5=9 ( ;< ( 5GX;6G5GB ( ;= ( 6I7 ( P5B ( ;6( @=85;GAB(65GJ76<(6I7(I*T*<7i@5A<(*G(J5B(:*TT@=;6B+((W6(5A<*( @=G75<*=5XAB ( 5=9 ( @=^@<6AB ( ;=8G;=J7< ( @Q*= ( 6I7 ( G;JI6 ( *8( QG;N5:BC ( X*6I ( E*=5A ( 5=9 ( 97:;<;*=5A+ ( ( W6 ( 5A<* ( :*=N7B< ( 6I7( T7<<5J7 ( 6I56 ( I*T*<7i@5A< ( 5G7 ( *8 ( A7<< ( N5A@7 ( 6I5= ( *6I7G( Q7*QA7C(97T75=<(6I7T(5=9(@=:*=<6;6@6;*=5AAB(;=8G;=J7<(@Q*=( 6I7;G(G;JI6(6*(A;N7(P;6I(9;J=;6B+((O7:6;*=(a,,(W$&(5A<*(:G7567<( <6G@:6@G5A(;TQ79;T7=6<(6*(6I7(7i7G:;<7(*8(8G779*T(*8(<Q77:I( 5=9 ( 7iQG7<<;*= ( 5=9 ( *6I7G ( 8G779*T< ( @=97G ( LG6;:A7 ( 2D ( XB( I*T*<7i@5A< ( *G ( J5B< ( 5=9 ( ;< ( =*6 ( QG*67:679 ( XB ( 5=B ( *8 ( 6I7( G7<6G;:6;*=< ( :*=65;=79 ( 6I7G7;=+ ( ( F@G6I7GT*G7C ( T*G5A;6B ( XB( ;6<7A8(:5==*6(X7(5(N5A;9(JG*@=9(8*G(G7<6G;:6;=J(6I7(G;JI6(@=97G( LG6;:A7< ( 2- ( 5=9 ( 02+ ( ( $@XA;: ( 9;<5QQG*N5A ( *G ( 9;<J@<6 ( 8*G ( 5( :7G65;=(:A5<<(*8(Q7G<*=<(:5=(;=(=*(P5B(<7GN7(6*(@QI*A9(6I7( :*=<6;6@6;*=5A;6B ( *8 ( 5 ( <656@67+ ( ( W= ( 5=B ( 7N7=6C ( 5X@=95=6( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($$(*8(!"#
  • 23. T567G;5A ( I5< ( X77= ( QA5:79 ( *= ( G7:*G9 ( PI;:I ( <I*P< ( 6I56 ( 6I7( W=9;5= ( <*:;76B ( ;< ( N;XG5=6C ( 9;N7G<7 ( 5=9 ( 97T*:G56;: ( 5=9( I*T*<7i@5A<(I5N7(<;J=;8;:5=6(<@QQ*G6(;=(6I7(Q*Q@A56;*=+((W6(;<( <@XT;6679(6I56(:*@G6<(;=(*6I7G(^@G;<9;:6;*=<(I5N7(<6G@:S(9*P=( <;T;A5G(A5P<(6I56(:G;T;=5A;<7(<5T7`<7i(<7i@5A(:*=9@:6(*=(6I7( JG*@=9<(*8(N;*A56;*=(*8(G;JI6(6*(QG;N5:B(*G(9;J=;6B(*G(7k@5A;6B( *G(5AA(*8(6I7T+( (Y77Q;=J(;=(T;=9(6I56(O7:6;*=(a,,(W$&(;<(6I7( *=AB(A5P(6I56(Q@=;<I7<(:I;A9(<7i@5A(5X@<7(5=9(8;AA<(5(A5:@=5( ;= ( G5Q7 ( A5PC ( ;6 ( ;< ( QG5B79 ( 6I56 ( O7:6;*= ( a,, ( W$& ( T5B ( X7( 97:A5G79 ( 5< ( :*=<6;6@6;*=5AAB ( ;=N5A;9 ( ;=<*85G ( 5< ( ;6 ( 5887:6<( QG;N567 ( <7i@5A ( 5:6< ( X76P77= ( :*=<7=6;=J ( 59@A6< ( *G ( ;= ( 6I7( 5A67G=56;N7 ( 6* ( G759 ( 9*P= ( O7:6;*= ( a,, ( W$& ( 6* ( 7i:A@97( :*=<7=6;=J(<5T7`<7i(<7i@5A(5:6<(X76P77=(59@A6<+(( %;;' W= ( G7QABC ( A75G=79 ( LOM ( <@XT;6< ( 6I56 ( 6I7G7 ( ;< ( =*( 8@=95T7=65A(G;JI6(6*(7=J5J7(;=(6I7(<5T7(<7i(5:6;N;6;7<+( (W=( *@G ( :*@=6GBC ( I*T*<7i@5A;6B ( ;< ( 5XI*GG7=6 ( 5=9 ( :5= ( X7( :G;T;=5A;<79(XB(;TQ*<;=J(QG*Q*G6;*=5A(A;T;6<(*=(6I7(:;6;E7=<s( G;JI6 ( 6* ( QG;N5:B ( 5=9 ( 7k@5A;6B+ ( ( f75G=79 ( LOM ( <@XT;6< ( 6I56( G;JI6 ( 6* ( QG;N5:B ( ;< ( =*6 ( 5X<*A@67 ( 5=9 ( :5= ( X7 ( G7<6G;:679 ( 8*G( :*TQ7AA;=J ( <6567 ( ;=67G7<6+ ( LG6;:A7 ( 2D%0' ( 7iQG7<<AB ( Q7GT;6<( ;TQ*<;6;*= ( *8 ( G7<6G;:6;*=< ( ;= ( 6I7 ( ;=67G7<6 ( *8 ( 97:7=:B ( 5=9( T*G5A;6B+(O*:;5A(5=9(<7i@5A(T*G7<(;=(8*G7;J=(:*@=6G;7<(:5==*6( ^@<6;8B ( 97`:G;T;=5A;<56;*= ( *8 ( I*T*<7i@5A;6B ( ;= ( W=9;5+( L::*G9;=J ( 6* ( I;TC ( ;= ( 6I7 ( P7<67G= ( <*:;76;7< ( 6I7 ( T*G5A;6B( <65=95G9<(5G7(=*6(5<(I;JI(5<(;=(W=9;5+(f75G=79(LOM(8@G6I7G( <@XT;6< ( 6I56 ( O7:6;*= ( a,, ( W$& ( ;< ( =*6 ( 9;<:G;T;=56*GB ( 5< ( ;6 ( ;<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($%(*8(!"#
  • 24. J7=97G(=7@6G5A+(W8(O7:6;*=(a,,(W$&(;<(<6G@:S(9*P=(6I7G7(P;AA( X7 ( =* ( P5B ( 6I7 ( O6567 ( :5= ( QG*<7:@67 ( 5=B ( :G;T7 ( *8 ( =*=` :*=<7=<@5A(:5G=5A(;=67G:*@G<7(5J5;=<6(6I7(*G97G(*8(=56@G7(*G( JG*<<(T5A7(;=97:7=:B+( ([7(I5<67=<(6*(599(6I56(O7:6;*=(a,,( W$& ( ;< ( =*6 ( 7=8*G:79 ( 5J5;=<6 ( I*T*<7i@5A< ( 5=9 ( 6I7G7 ( ;< ( =*( =779 ( 6* ( gG759 ( 9*P=h ( 6I7 ( QG*N;<;*=< ( *8 ( O7:6;*= ( a,, ( W$&+( f75G=79 ( LOM ( 8@G6I7G ( :*=67=9< ( 6I56 ( <QG759 ( *8 ( LW4O ( ;<( :@G65;A79 ( XB ( O7:6;*= ( a,, ( W$& ( 5=9 ( 97`:G;T;=5A;<56;*= ( *8( :*=<7=<@5A(q(<5T7(q(<7i(5:6<(X76P77=(59@A6<(P*@A9(:5@<7(5( 97:A;=7 ( ;= ( Q@XA;: ( I75A6I ( 5:G*<< ( <*:;76B ( J7=7G5AAB ( <;=:7 ( ;6( P*@A9(8*<67G(6I7(<QG759(*8(LW4O+( ([7 (<@XT;6< (6I56(O7:6;*=( a,, ( W$& ( 9*7< ( =*6 ( ;TQ5:6 ( @Q*= ( 6I7 ( 8G779*T ( @=97G ( LG6;:A7( 2D%2'(5<(PI56(;<(:G;T;=5A;<79(;<(*=AB(5(<7i@5A(5:6+(($7*QA7(P;AA( I5N7 ( 6I7 ( 8G779*T ( 6* ( :5=N5<< ( 5=B ( *Q;=;*= ( *8 ( 6I7;G ( :I*;:7( ;=:A@9;=J ( 6I7 ( *Q;=;*= ( 6I56 ( I*T*<7i@5A;6B ( T@<6 ( X7 ( 97` :G;T;=5A;<79+(([7C(6I7G78*G7C(<@XT;6<(6I56(6I7(O7:6;*=(a,,(W$&( ;<(:*=<6;6@6;*=5AAB(N5A;9+ %;;;' KG+R5N; ( OI5=S5G ( Y@T5GC ( 5QQ75G;=J ( 8*G ( G7<Q*=97=6( )*+ZC ( 5=9 ( KG+[+$+ ( OI5GT5C ( 5QQ75G;=J ( 8*G ( G7<Q*=97=6 ( )*+,C( <@XT;6679 ( 6I56 ( 6I7 ( Q76;6;*=7Gs< ( 5GJ@T7=6< ( P;6I ( G7<Q7:6 ( 6*( 6I7(<QG759(*8([W](5=9(LW4O(5G7(8*@=979(*=(QG*Q5J5=95(5=9( 5G7(=*6(85:6@5AAB(:*GG7:6+( (O7:6;*=(a,,(W$&(QG7N7=6<([W](XB( 9;<:*@G5J;=J ( G5TQ5=6 ( I*T*<7i@5A;6B+ ( ( L::*G9;=J ( 6* ( 6I7TC( W=9;5= ( <*:;76B ( :*=<;97G< ( I*T*<7i@5A;6B ( 6* ( X7 ( G7Q@J=5=6C( ;TT*G5A(5=9(:*=6G5GB(6*(6I7(:@A6@G5A(=*GT<(*8(6I7(:*@=6GB+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($&(*8(!"#
  • 25. -&$"2+*(KL4($!*(&",!$($%(+")*(-.1(3&%$*2$"%.(%)(-(3*&#%.M# ( 1",."$'4(-0$%.%D'(-.1(3&"G-2'( 0.+ V=6;A(6I7(97:;<;*=(*8(6I7(O@QG7T7(&*@G6(;=(I#$,F#&7#$9"8& '(&J$8.$&.D&K$98#4( %2D,_'(2(O&&(0-_C(5(G56I7G(=5GG*P(5=9( :*=<6G;:679(T75=;=J(P5<(J;N7=(6*(6I7(J@5G5=677(7TX*9;79( ;=(LG6;:A7(02+((@6(;=(I#$,F#&7#$9"84(5(<7N7=`?@9J7(7=:I( 97:;<;*=C ( $+)+ ( I5JP56;C ( ?+ ( %5< ( I;< ( f*G9<I;Q ( 6I7= ( P5<' ( I7A9( 6I56(6I7(7iQG7<<;*=(gQ7G<*=5A(A;X7G6Bh(;=(LG6;:A7(02(;<(*8(6I7( P;97<6(5TQA;6@97(5=9(;6(:*N7G<(5(N5G;76B(*8(G;JI6<(PI;:I(J*(6*( :*=<6;6@67 ( 6I7 ( Q7G<*=5A ( A;X7G6B ( *8 ( T5= ( 5=9 ( <*T7 ( *8 ( 6I7T( I5N7(X77=(G5;<79(6*(6I7(<656@<(*8(9;<6;=:6(8@=95T7=65A(G;JI6<( 5=9 ( J;N7 ( 599;6;*=5A ( QG*67:6;*= ( @=97G ( LG6;:A7 ( 2D+ ( ( L=B ( A5P( ;=67G87G;=J(P;6I(Q7G<*=5A(A;X7G6B (*8(5(Q7G<*=(T@<6(<56;<8B(5( 6G;QA7 ( 67<6> ( %;' ( ;6 ( T@<6 ( QG7<:G;X7 ( 5 ( QG*:79@G7p ( %;;' ( 6I7( QG*:79@G7 ( T@<6 ( P;6I<65=9 ( 5 ( 67<6 ( *8 ( *=7 ( *G ( T*G7 ( *8 ( 6I7( 8@=95T7=65A(G;JI6<(:*=87GG79(@=97G(LG6;:A7(2D(PI;:I(T5B(X7( 5QQA;:5XA7(;=(5(J;N7=(<;6@56;*=p(5=9(%;;;'(;6(T@<6(5A<*(X7(A;5XA7( 6* ( X7 ( 67<679 ( P;6I ( G787G7=:7 ( 6* ( LG6;:A7 ( 2-+ ( ( L< ( 6I7 ( 67<6( QG*Q*@=979 ( XB ( LG6;:A7 ( 2- ( Q7GN597< ( LG6;:A7 ( 02 ( 5< ( P7AAC ( 6I7( A5P(5=9(QG*:79@G7(5@6I*G;<;=J(;=67G87G7=:7(P;6I(6I7(Q7G<*=5A( A;X7G6B(T@<6(5A<*(X7(G;JI6(5=9(^@<6(5=9(85;G(5=9(=*6(5GX;6G5GBC( 85=:;8@A(*G(*QQG7<<;N7+((W8(6I7(QG*:79@G7(QG7<:G;X79(9*7<(=*6( <56;<8B ( 6I7 ( G7k@;G7T7=6 ( *8 ( LG6;:A7 ( 2-C ( ;6 ( P*@A9 ( X7 ( =*( QG*:79@G7(56(5AA(P;6I;=(6I7(T75=;=J(*8(LG6;:A7(02+((HI7(&*@G6( 6I@<(7iQ5=979(6I7(<:*Q7(5=9(5TX;6(*8(6I7(G;JI6(6*(A;87(5=9( Q7G<*=5A(A;X7G6B(7=<IG;=79(;=(LG6;:A7(02(5=9(<*P79(6I7(<779( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($#(*8(!"#
  • 26. 8*G ( 8@6@G7 ( 97N7A*QT7=6 ( *8 ( 6I7 ( A5P ( 7=A5GJ;=J ( 6I;< ( T*<6( 8@=95T7=65A ( *8 ( 6I7 ( 8@=95T7=65A ( G;JI6<+ ( ( HI;< ( 97:;<;*= ( ;=( I#$,F# & 7#$9"8( X7:5T7 ( 6I7 ( <65G6;=J ( Q*;=6 ( 8*G ( 5 ( N7GB( <;J=;8;:5=6(7N*A@6;*=(*8(6I7(A5P(:@AT;=56;=J(;=(6I7(97:;<;*=<( ;= (I(L(&L.4F.=&'(&?=#=,&.D&I#"#-#4"=-#4( %2D,_'(a(O&&( .--C (L%44#8$#-#&!"#=..$&#$9&B-4(&'(&L.*,&?,2-,=#-6 & ?=#=, & .D &E8"#-4( %2D_1' ( 2 ( O&& ( _2C (?%$8; & E#=-# & '( & >,;"8 & M9*$(4(%2D,_'(-(O&&(-D-C(N-,*&?"#$F#-&?"%F;#&'(&>,;"8 & M9*$(4( %2D_1' ( a ( O&& ( .0ZC (A-#$284 & @.-#;8, & I%;;8$ & '(& M9*8$84=-#=.-O & J$8.$ & G,--8=.-6 & .D & >,;"8 & #$9 & .=",-44( %2D_2'(2(O&&(Z1_+ 1",."$' 0Z+ 4;J=;6B ( 5< ( *X<7GN79 ( XB ( fs[7@G7@i`4@X7C ( ? ( ;< ( 5 ( 9;88;:@A6( :*=:7Q6 ( 6* ( :5Q6@G7 ( ;= ( QG7:;<7 ( 67GT< ( d)P#$ & '( & @#$#9#O& %2DD.'(0D(&RR(%0=9'(,D(56(21Ze+( (L6(;6<(A75<6C(;6(;<(:A75G(6I56( 6I7 ( :*=<6;6@6;*=5A ( QG*67:6;*= ( *8 ( 9;J=;6B ( G7k@;G7< ( @< ( 6*( 5:S=*PA79J7 ( 6I7 ( N5A@7 ( 5=9 ( P*G6I ( *8 ( 5AA ( ;=9;N;9@5A< ( 5<( T7TX7G< ( *8( *@G (<*:;76B+( ( W6( G7:*J=;<7< ( 5 ( Q7G<*=( 5< ( 5 ( 8G77( X7;=J(PI*(97N7A*Q<(I;<(*G(I7G(X*9B(5=9(T;=9(5<(I7(*G(<I7( <77<(8;6+( (L6(6I7(G**6(*8(6I7(9;J=;6B(;<(6I7(5@6*=*TB(*8(6I7( QG;N567(P;AA(5=9(5(Q7G<*=s<(8G779*T(*8(:I*;:7(5=9(*8(5:6;*=(+( [@T5= ( 9;J=;6B ( G7<6< ( *= ( G7:*J=;6;*= ( *8 ( 6I7 ( QIB<;:5A ( 5=9( <Q;G;6@5A(;=67JG;6B(*8(6I7(I@T5=(X7;=JC(I;<(*G(I7G(I@T5=;6BC( 5=9(I;<(N5A@7(5<(5(Q7G<*=C(;GG7<Q7:6;N7(*8(6I7(@6;A;6B(I7(:5=( QG*N;97(6*(*6I7G<+((HI7(7iQG7<<;*=(g9;J=;6B(*8(6I7(;=9;N;9@5Ah( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($'(*8(!"#
  • 27. 8;=9<(<Q7:;8;:(T7=6;*=(;=(6I7($G75TXA7(6*(6I7(&*=<6;6@6;*=(*8( W=9;5+( (]+R+(YG;<I=5(WB7GC(?+(*X<7GN79(6I56(6I7(J@5G5=677(*8( I@T5=(9;J=;6B(8*GT<(Q5G6(*8(*@G(:*=<6;6@6;*=5A(:@A6@G7(dN-,* & ?"#$F#-&?"%F;#&'(&>,;"8&M9*$N(%<@QG5'CQ5J7(.0D(*8(O&&e+ 0,+ W= (A-#$284 & @.-#;8, & I%;;8$ & '( & M9*8$84=-#=.-O & J$8.$ & G,--8=.-6 & .D & >,;"8 & #$9 & .=",-4( %<@QG5'C ( ?@<6;:7 ( $+)+( I5JP56; ( 7iQA5;=79 ( 6I7 ( :*=:7Q6 ( *8 ( G;JI6 ( 6* ( 9;J=;6B ( ;= ( 6I7( 8*AA*P;=J(67GT<> +,,,-#7(6I;=S(6I56(6I7(G;JI6(6*(A;87(;=:A@97<(6I7(G;JI6(6*(A;N7( P;6I ( I@T5= ( 9;J=;6B ( 5=9 ( 5AA ( 6I56 ( J*7< ( 5A*=J ( P;6I ( ;6C( =5T7ABC(6I7(X5G7(=7:7<<5G;7<(*8(A;87(<@:I(5<(597k@567( =@6G;6;*=C(:A*6I;=J(5=9(<I7A67G(5=9(85:;A;6;7<(8*G(G759;=JC( PG;6;=J(5=9(7iQG7<<;=J(*=7<7A8(;=(9;N7G<7(8*GT<C(8G77AB( T*N;=J(5X*@6(5=9(T;i;=J(5=9(:*TT;=JA;=J(P;6I(87AA*P( I@T5=(X7;=J<+(+++++++++(lN7GB(5:6(PI;:I(*887=9<(5J5;=<6(*G( ;TQ5;G<(I@T5=(9;J=;6B(P*@A9(:*=<6;6@67(97QG;N56;*=(QG*( 65=6* ( *8 ( 6I;< ( G;JI6 ( 6* ( A;N7 ( 5=9 ( ;6 ( P*@A9 ( I5N7 ( 6* ( X7 ( ;=( 5::*G95=:7 ( P;6I ( G75<*=5XA7C ( 85;G ( 5=9 ( ^@<6 ( QG*:79@G7( 7<65XA;<I79 ( XB ( A5P ( PI;:I ( <65=9< ( 6I7 ( 67<6 ( *8 ( *6I7G( 8@=95T7=65A(G;JI6<+h(dQ5G5(_(*8(O&&e 0_+ HI7(&5=59;5=(O@QG7T7(&*@G6(;= (<#Q&'(&@#$#9#&RI8$84=-6 & .D & )*+;.6*,$= & #$9 & K**8P-#=8.$SC ( d2DDD ( 2 ( O+&+R+ ( -D,e( 5667TQ6<(6*(:5Q6@G7(6I7(:*=:7Q6(*8(9;J=;6B(;=(6I7<7(P*G9<(> g[@T5=(9;J=;6B(T75=<(6I56(5=(;=9;N;9@5A(*G(JG*@Q(877A<( <7A8`G7<Q7:6 ( 5=9 ( <7A8`P*G6I+ ( ( W6 ( ;< ( :*=:7G=79 ( P;6I( QIB<;:5A(5=9(Q<B:I*A*J;:5A(;=67JG;6B(5=9(7TQ*P7GT7=6+( [@T5=(9;J=;6B(;<(I5GT79(XB(@=85;G(6G756T7=6(QG7T;<79( @Q*= ( Q7G<*=5A ( 6G5;6< ( *G ( :;G:@T<65=:7< ( PI;:I ( 9* ( =*6( G7A567 ( 6* ( ;=9;N;9@5A ( =779<C ( :5Q5:;6;7<C ( *G ( T7G;6<+ ( ( W6 ( ;<( 7=I5=:79 ( XB ( A5P< ( PI;:I ( 5G7 ( <7=<;6;N7 ( 6* ( 6I7 ( =779<C( :5Q5:;6;7<C ( 5=9 ( T7G;6< ( *8 ( 9;887G7=6 ( ;=9;N;9@5A<C ( 65S;=J( ;=6* ( 5::*@=6 ( 6I7 ( :*=67i6 ( @=97GAB;=J ( 6I7;G ( 9;887G7=:7<+( [@T5=(9;J=;6B(;<(I5GT79(PI7=(;=9;N;9@5A<(5=9(JG*@Q<( 5G7(T5GJ;=5A;E79C(;J=*G79C(*G(97N5A@79C(5=9(;<(7=I5=:79( PI7=(A5P<(G7:*J=;<7(6I7(8@AA(QA5:7(*8(5AA(;=9;N;9@5A<(5=9( JG*@Q<(P;6I;=(&5=59;5=(<*:;76B+hd56(Q5G5(.ae d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($((*8(!"#
  • 28. 3&"G-2' 0D+ LG6;:A7 ( 20 ( *8 ( 6I7 ( V=;N7G<5A ( 47:A5G56;*= ( *8 ( [@T5= ( R;JI6<( %2D-_'(G787G<(6*(QG;N5:B(5=9(;6(<6567<> n)*(*=7(<I5AA(X7(<@X^7:679(6*(5GX;6G5GB(;=67G87G7=:7(P;6I( I;< ( QG;N5:BC ( 85T;ABC ( I*T7 ( *G ( :*GG7<Q*=97=:7 ( =*G ( 6*( 5665:S<(@Q*=(I;<(I*=*@G(5=9(G7Q@656;*=+( (lN7GB*=7(I5<( 6I7 ( G;JI6 ( 6* ( 6I7 ( QG*67:6;*= ( *8 ( 6I7 ( A5P ( 5J5;=<6 ( <@:I( ;=67G87G7=:7(*G(5665:S<+n LG6;:A7(2,(*8(6I7(W=67G=56;*=5A(&*N7=5=6(*8(&;N;A(5=9($*A;6;:5A( R;JI6<(%6*(PI;:I(W=9;5(;<(5(Q5G6B'C(G787G<(6*(QG;N5:B(5=9(<6567<( 6I56> n)* ( *=7 ( <I5AA ( X7 ( <@X^7:679 ( 6* ( 5GX;6G5GB ( *G ( @=A5P8@A( ;=67G87G7=:7 ( P;6I ( I;< ( QG;N5:BC ( 85T;ABC ( I*T7 ( 5=9( :*GG7<Q*=97=:7C(=*G(6*(@=A5P8@A(5665:S<(*=(I;<(I*=*@G( 5=9(G7Q@656;*=+n a1+ HI7(l@G*Q75=(&*=N7=6;*=(*=([@T5=(R;JI6<(5A<*(<6567<(6I56> n2+(lN7GB*=7(I5<(6I7(G;JI6(6*(G7<Q7:6(8*G(I;<(QG;N567(5=9( 85T;AB(A;87C(I;<(I*T7(5=9(I;<(:*GG7<Q*=97=:7+ 0+(HI7G7(<I5AA(X7(=*(;=67G87G7=:7(XB(5(Q@XA;:(5@6I*G;6B( 7i:7Q6 ( <@:I ( 5< ( ;< ( ;= ( 5::*G95=:7 ( P;6I ( A5P ( 5=9 ( ;<( =7:7<<5GB ( ;= ( 5 ( 97T*:G56;: ( <*:;76B ( ;= ( 6I7 ( ;=67G7<6< ( *8( =56;*=5A ( <7:@G;6BC ( Q@XA;: ( <5876B ( *G ( 6I7 ( 7:*=*T;: ( P7AA` X7;=J ( *8 ( 6I7 ( :*@=6GBC ( 8*G ( 6I7 ( QG*67:6;*= ( *8 ( I75A6I ( *G( T*G5A<(*G(8*G(6I7(QG*67:6;*=(*8(6I7(G;JI6<(5=9(8G779*T<( *8(*6I7G<+n a2+ W= ( W=9;5C ( *@G ( &*=<6;6@6;*= ( 9*7< ( =*6 ( :*=65;= ( 5 ( <Q7:;8;:( QG*N;<;*=(5<(6*(QG;N5:B(X@6(6I7(G;JI6(6*(QG;N5:B(I5<C(5<(P7( <I5AA(QG7<7=6AB(<I*PC(X77=(<Q7A6(*@6(XB(*@G(O@QG7T7(&*@G6( 8G*T(6I7(QG*N;<;*=<(*8(LG6;:A7(2D%2'%5'(975A;=J(P;6I(8G779*T( *8(<Q77:I(5=9(7iQG7<<;*=C(LG6;:A7(2D%2'%9'(975A;=J(P;6I(G;JI6( 6*( 8G779*T (*8(T*N7T7=6 (5=9( 8G*T (LG6;:A7( 02C(PI;:I (975A<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($)(*8(!"#
  • 29. P;6I(G;JI6(6*(A;87(5=9(A;X7G6B+((#7(<I5AA(8;G<6(G787G(6*(6I7(:5<7` A5P(;=(VO(G7A56;=J(6*(6I7(97N7A*QT7=6(*8(6I7(G;JI6(6*(QG;N5:B( 5<(6I7<7(:5<7<(I5N7(X77=(59N7G679(6*(;=(6I7(97:;<;*=<(*8(*@G( O@QG7T7(&*@G6+( (B;*4=,#9&'(&J$8=,9&?=#=,44( 0,,(VO(-a_( %2D0_'C(P5<(5(:5<7(*8(P;G7`65QQ;=J(*G(7A7:6G*=;:(<@GN7;AA5=:7( 5=9 ( PI7G7 ( 6I7G7 ( P5< ( =* ( 5:6@5A ( QIB<;:5A ( ;=N5<;*=C ( 6I7( T5^*G;6B ( I7A9 ( 6I56 ( 6I7 ( 5:6;*= ( P5< ( =*6 ( <@X^7:6 ( 6* ( F*@G6I( LT7=9T7=6 ( G7<6G;:6;*=<+ ( ( @6C ( ;= ( I;< ( 9;<<7=6C ( ?@<6;:7( G5=97;<C(<65679(6I56(6I7(5T7=9T7=6(QG*67:679(6I7(G;JI6(6*( QG;N5:B ( PI;:I ( T75=6 ( g6I7 ( G;JI6 ( 6* ( X7 ( A76 ( 5A*=7hC ( 5=9 ( ;6<( Q@GQ*<7(P5<(g6*(<7:@G7(:*=9;6;*=<(85N*@G5XA7(6*(6I7(Q@G<@;6( *8(I5QQ;=7<<hC(PI;A7(G7:*J=;<;=J(g6I7(<;J=;8;:5=:7(*8(T5=s<( <Q;G;6@5A(=56@G7C(*8(I;<(877A;=J<(5=9(;=67AA7:6>(6I7(G;JI6(<*@JI6( g6* (QG*67:6 ( LT7G;:5=< (;= (6I7;G ( X7A;78<C(6I7;G ( 6I*@JI6<C (6I7;G( 7T*6;*=< ( 5=9 ( 6I7;G ( <7=<56;*=<h ( %Q5J7 ( -,_'+ ( ( HI7 ( 9;<<7=6( :5T7(6*(X7(5::7Q679(5<(6I7(A5P(5867G(5=*6I7G(8*@G(97:597<+ OKN "6 (7-84Q.;9&'(&?=#=,&.D&@.$$,2=82%=4( a_2(VO(-,D(%2DZ.'C( 6I7(&*@G6(;=N5A;95679(5(<6567(A5P(QG*I;X;6;=J(6I7(@<7(*8(9G@J<( *G ( 97N;:7< ( *8 ( :*=6G5:7Q6;*= ( 5=9 ( :*@=<7A;=J ( *G ( 5;9;=J ( 5=9( 5X766;=J(6I7(@<7(*8(:*=6G5:7Q6;N7<+((HI7(&*@G6(97<:G;X79(6I7( QG*67:679(;=67G7<6(5<(5(G;JI6(6*(QG;N5:B(5=9(QA5:79(7TQI5<;<( *= ( 6I7 ( T5GG;5J7 ( G7A56;*= ( 5=9 ( 6I7 ( QG*67:679 ( <Q5:7 ( *8 ( 6I7( T5G;65A(X79G**T+(( aa+ L867G (7-84Q.;9( ;6 ( P5< ( 7<65XA;<I79 ( 6I56 ( 6I7 ( G;JI6 ( 6* ( T5S7( :7G65;=(97:;<;*=<(G7J5G9;=J(<7i@5A(:*=9@:6(7i67=9<(X7B*=9( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7($*(*8(!"#
  • 30. 6I7(T5G;65A(G7A56;*=<I;Q+( (W= ()84,$4=#9=&'(&E#8-,94( -1.(VO( -a_ ( %2D,0'C ( 6I7 ( &*@G6 ( ;=N5A;95679 ( 5 ( A5P ( QG*I;X;6;=J ( 6I7( 9;<6G;X@6;*= ( *8 ( :*=6G5:7Q6;N7< ( 6* ( @=T5GG;79 ( Q7G<*=<+ ( HI7( :5<7 ( P5< ( 97:;979 ( @=97G ( 6I7 ( lk@5A ( $G*67:6;*= ( &A5@<7p ( X@6( P;6I ( G7<Q7:6 ( 6* ( @=T5GG;79 ( Q7G<*=<C ( 6I7 ( &*@G6 ( P7=6 ( *= ( 6*( <6567(6I7(8@=95T7=65A(QG*Q*<;6;*=(6I56(6I7(A5P(;TQ5;G79(6I7( 7i7G:;<7 ( *8 ( 6I7;G ( Q7G<*=5A ( G;JI6<+ ( ( W6 ( k@*679 ( 8G*T ( 6I7( <6567T7=6(*8(6I7(&*@G6(*8(LQQ75A<(8;=9;=J(6I7(A5P(6*(X7(;=( :*=8A;:6(P;6I(8@=95T7=65A(I@T5=(G;JI6<C(5=9(;6(*X<7GN79> gW6 ( ;< ( 6G@7 ( 6I56 ( ;= ( MG;<P*A9 ( 6I7 ( G;JI6 ( *8 ( QG;N5:B ( ;=( k@7<6;*= ( ;=I7G79 ( ;= ( 6I7 ( T5G;65A ( G7A56;*=<I;Q+++++ ( W8 ( 6I7( G;JI6 ( *8 ( QG;N5:B ( T75=< ( 5=B6I;=JC ( ;6 ( ;< ( 6I7 ( G;JI6 ( *8 ( 6I7( ;=9;N;9@5A ( T5GG;79 ( *G ( <;=JA7C ( 6* ( X7 ( 8G77 ( 8G*T( @=P5GG5=679 ( J*N7G=T7=65A ( ;=6G@<;*= ( ;=6* ( T5667G< ( <*( 8@=95T7=65AAB ( 5887:6;=J ( 5 ( Q7G<*= ( 5< ( 6I7 ( 97:;<;*=( PI76I7G(6*(X75G(*G(X7J76(5(:I;A9+h(dQ5G5(-.ae a-+ 1#$,&/.,&'(&T#9,4(-21(VO(22a(%2D,a'C(P5<(5(:5<7(;=(PI;:I( 5=(@=T5GG;79(QG7J=5=6(P*T5=C(PI*(P;<I79(6*(67GT;=567(I7G( QG7J=5=:B(XB(5X*G6;*=(;=<6;6@679(5:6;*=(;=(6I7(V=;679(O6567<( 4;<6G;:6 ( &*@G6( 8*G (6I7 ( )*G6I7G= ( 4;<6G;:6 ( *8 ( H7i5<C( <77S;=J ( 5( 97:A5G56*GB ( ^@9JT7=6 ( 6I56 ( 6I7 ( H7i5< ( &G;T;=5A ( LX*G6;*=( O656@67<C(PI;:I(QG*I;X;679(5X*G6;*=<(7i:7Q6(P;6I(G7<Q7:6(6*( 6I*<7 ( QG*:@G79 ( *G ( 5667TQ679 ( XB ( T79;:5A ( 59N;:7 ( 8*G ( 6I7( Q@GQ*<7 ( *8 ( <5N;=J ( 6I7 ( A;87 ( *8 ( 6I7 ( T*6I7GC ( P7G7( @=:*=<6;6@6;*=5A+ ( ( HI7 ( &*@G6 ( <5;9 ( 6I56 ( 5A6I*@JI ( 6I7( &*=<6;6@6;*=(*8(6I7(VOL(9*7<(=*6(7iQA;:;6AB(T7=6;*=(5=B(G;JI6( *8(QG;N5:BC(6I7(V=;679(O6567<(O@QG7T7(&*@G6(G7:*J=;<79(6I56( 5(G;JI6(*8(Q7G<*=5A(QG;N5:B(*G(5(J@5G5=677(*8(:7G65;=(5G75<(*G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%"(*8(!"#
  • 31. E*=7<(*8(QG;N5:BC(9*7<(7i;<6(@=97G(6I7(&*=<6;6@6;*=C(5=9(6I56( 6I7(G**6<(*8(6I56(G;JI6(T5B(X7(8*@=9(;=(6I7(F;G<6(LT7=9T7=6C( ;= ( 6I7 ( F*@G6I ( 5=9 ( F;86I ( LT7=9T7=6<C ( ;= ( 6I7 ( Q7=@TXG5< ( *8( 6I7(;AA(*8(R;JI6<(;=(6I7();=6I(LT7=9T7=6(5=9(;=(6I7(:*=:7Q6( *8(A;X7G6B(J@5G5=6779(XB(6I7(8;G<6(<7:6;*=(*8(6I7(F*@G677=6I( LT7=9T7=6+ ( ( W= (N;#$$,9 & N#-,$="..9 & .D & ?.%=",#4=,-$ & N#&'(#@#4,64(.1.(VO(_aa(%2DD0'C(6I7(&*@G6(5J5;=(:*=8;GT79( 6I7(:*=<6;6@6;*=5A(QG*67:6;*=(6*(Q7G<*=5A(97:;<;*=<(G7A56;=J(6*( T5GG;5J7C ( QG*:G756;*=C ( :*=6G5:7Q6;*=C ( 85T;AB ( G7A56;*=<I;Q<C( :I;A9(G75G;=J(5=9(79@:56;*=+( (W=(7iQA5;=;=J(6I7(G7<Q7:6(6I7( &*=<6;6@6;*= ( 97T5=9< ( 8*G ( 6I7 ( ( 5@6*=*TB ( *8 ( 6I7 ( Q7G<*= ( ;=( T5S;=J(6I7<7(:I*;:7<C(6I7(&*@G6(<65679(5<(8*AA*P<> gHI7<7 ( T5667G<C ( ;=N*AN;=J ( 6I7 ( T*<6 ( ;=6;T567 ( 5=9( Q7G<*=5A(:I*;:7<(5(Q7G<*=(T5B(T5S7(;=(5(A;876;T7C( :I*;:7<(:7=6G5A(6*(Q7G<*=5A(9;J=;6B(5=9(5@6*=*TBC( 5G7 ( :7=6G5A ( 6* ( 6I7 ( A;X7G6B ( QG*67:679 ( XB ( 6I7( F*@G677=6I(LT7=9T7=6+((L6(6I7(I75G6(*8(A;X7G6B(;<( 6I7(G;JI6(6*(978;=7(*=7s<(*P=(:*=:7Q6(*8(7i;<67=:7C( *8(T75=;=JC(*8(6I7(@=;N7G<7C(5=9(*8(6I7(TB<67GB(*8( I@T5=(A;87+((7A;78<(5X*@6(6I7<7(T5667G<(:*@A9(=*6( 978;=7 ( 6I7 ( 566G;X@67< ( *8 ( Q7G<*=I**9 ( P7G7 ( 6I7B( 8*GT79 ( @=97G ( :*TQ@A<;*= ( *8 ( 6I7 ( O6567+h ( dQ5J7( _.2e 1*G*+%3D*.$(%)(+-F(%)(3&"G-2'(".(".1"- a.+ W=(!"#-#F&?8$P"&'(&G",&?=#=,&.D&J(NN4(%2DZ-'(2(O&R(aa0C( 6I7 ( V+$+ ( R7J@A56;*=< ( G7J5G9;=J ( 9*T;:;A;5GB ( N;<;6< ( P7G7 ( ;=( k@7<6;*=(5=9(6I7(T5^*G;6B(G787GG79(6* (I%$$&'(&K;;8$.844( D-( VO(22a(%2_,,'C(5=9(I7A9(6I56(6I*@JI(*@G(&*=<6;6@6;*=(9;9(=*6( G787G(6*(6I7(G;JI6(6*(QG;N5:B(7iQG7<<ABC(<6;AA(;6(:5=(X7(6G5:79( 8G*T ( 6I7 ( G;JI6 ( 6* ( gA;87h ( ;= ( LG6;:A7 ( 02+ ( ( L::*G9;=J ( 6* ( 6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%!(*8(!"#
  • 32. T5^*G;6BC(:A5@<7(0aZ(*8(6I7(G7A7N5=6(R7J@A56;*=<(;=(V+$+C(P5<( X59(;=(A5Pp(;6(*887=979(LG6;:A7(02(;=5<T@:I(5<(6I7G7(P5<(=*( A5P(Q7GT;66;=J(;=67G87G7=:7(XB(<@:I(N;<;6<+((HI7(T5^*G;6B(9;9( =*6 ( J* ( ;=6* ( 6I7 ( k@7<6;*= ( PI76I7G ( 6I7<7 ( N;<;6< ( N;*A5679 ( 6I7( gG;JI6(6*(QG;N5:Bh+(@6C(O@XX5(R5*C(?+(PI;A7(:*=:@GG;=J(6I56( 6I7 ( 8@=95T7=65A ( G;JI6 ( 6* ( QG;N5:B ( P5< ( Q5G6 ( *8 ( 6I7 ( G;JI6 ( 6*( A;X7G6B(;=(LG6;:A7(02C(Q5G6(*8(6I7(G;JI6(6*(8G779*T(*8(<Q77:I( 5=9 (7iQG7<<;*= (;=( LG6;:A7(2D%2'%5'C ( 5=9 ( 5A<* (*8 (6I7 (G;JI6 (*8( T*N7T7=6 ( ;= ( LG6;:A7 ( 2D%2'%9'C ( I7A9 ( 6I56 ( 6I7 ( R7J@A56;*=<( Q7GT;66;=J ( <@GN7;AA5=:7 ( N;*A5679 ( 6I7 ( 8@=95T7=65A ( G;JI6 ( 6*( QG;N5:B+((W=(7887:6C(5AA(6I7(<7N7=(A75G=79(?@9J7<(I7A9(6I56(6I7( gG;JI6(6*(QG;N5:Bh(P5<(Q5G6(*8(6I7(G;JI6(6*(gA;87h(;=(LG6;:A7(02+(( aZ+ #7 ( =*P ( :*T7 ( 6* ( 6I7 ( :7A7XG5679 ( ^@9JT7=6 ( ;= (7.38$9 & '(& ?=#=, & .D & I(NN4( %2D,.' ( 0 ( O&& ( 2-_C ( ;= ( PI;:I ( K56I7PC ( ?+( 97N7A*Q79 ( 6I7 ( A5P ( 5< ( 6* ( QG;N5:B ( 8G*T ( PI7G7 ( ;6( P5< ( A786 ( ;=( !"#-#F&?8$P"+((HI7(A75G=79(?@9J7(G787GG79(6*(7-84Q.;9&'(& @.$$,2=82%=(5=9(1#$,&/.,&'(&L,$-6&T#9,(5=9(*X<7GN79>( gHI7G7 ( :5= ( X7 ( =* ( 9*@X6 ( 6I56 ( 6I7 ( T5S7G< ( *8 ( *@G( &*=<6;6@6;*=(P5=679(6*(7=<@G7(:*=9;6;*=<(85N*@G5XA7(6*( 6I7 ( Q@G<@;6 ( *8 ( I5QQ;=7<<+ ( HI7B ( :7G65;=AB ( G75A;E79 ( 5<( G5=97;<C ( ?+ ( <5;9 ( ;= ( I;< ( 9;<<7=6 ( ;= (%;P?78:Q ( RN ( 06578Q( #7:78?4 ( KSS ( 0# ( TOU4 ( TSL( ( 6I7 ( <;J=;8;:5=:7 ( *8 ( T5=r<( <Q;G;6@5A(=56@G7C(*8(I;<(877A;=J<(5=9(*8(I;<(;=67AA7:6(5=9( 6I56(*=AB(5(Q5G6(*8(6I7(Q5;=C(QA75<@G7C(<56;<85:6;*=(*8(A;87( :5=(X7(8*@=9(;=(T567G;5A(6I;=J<(5=9(6I7G78*G7(6I7B(T@<6( X7 ( 977T79 ( 6* ( I5N7 ( :*=87GG79 ( @Q*= ( 6I7 ( ;=9;N;9@5A ( 5<( 5J5;=<6(6I7(M*N7G=T7=6(5(<QI7G7(PI7G7(I7(<I*@A9(X7( A76(5A*=7+h(dQ5G5(01(*8(O&&e a,+ K56I7PC(?+(I7A9(6I56(QG;N5:B(q(9;J=;6B(:A5;T<(97<7GN7(6*(X7( 7i5T;=79 ( P;6I ( :5G7 ( 5=9 ( 6* ( X7 ( 97=;79 ( *=AB ( PI7= ( 5=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%$(*8(!"#
  • 33. ;TQ*G65=6(:*@=67GN5;A;=J(;=67G7<6(;<(<I*P=(6*(X7(<@Q7G;*GC(*G( PI7G7(5(:*TQ7AA;=J(<6567(;=67G7<6(P5<(<I*P=+( (W8(6I7(:*@G6( 6I7=(8;=9<(6I56(5(:A5;T79(G;JI6(;<(7=6;6A79(6*(QG*67:6;*=(5<(5( 8@=95T7=65A(QG;N5:B(G;JI6C(5(A5P(;=8G;=J;=J(;6(T@<6(<56;<8B(6I7( :*TQ7AA;=J(<6567(;=67G7<6(67<6+( (HI7=(6I7(k@7<6;*=(P*@A9(X7( PI76I7G(6I7(<6567(;=67G7<6(;<(*8(<@:I(Q5G5T*@=6(;TQ*G65=:7( 5<(P*@A9(^@<6;8B(5=(;=8G;=J7T7=6(*8(6I7(G;JI6+( (HI7(A75G=79( ?@9J7 ( *X<7GN79 ( 6I56 ( 6I7 ( G;JI6 ( 6* ( QG;N5:B ( P;AA ( I5N7 ( 6* ( J*( 6IG*@JI ( 5 ( QG*:7<< ( *8 ( :5<7`XB`:5<7 ( 97N7A*QT7=6+ ( ( HI7( A75G=79(?@9J7(8@G6I7G(*X<7GN79(6I56(6I7(G;JI6(;<(=*6(5X<*A@67+( HI7 ( ;<<@7 ( PI76I7G ( 7=8*G:7T7=6 ( *8 ( T*G5A;6B ( ;< ( 5 ( O6567( ;=67G7<6 ( <@88;:;7=6 ( 6* ( ^@<6;8B ( ;=8G;=J7T7=6 ( *8 ( 8@=95T7=65A( gQG;N5:B(G;JI6h(P5<(I7A9(=*6(=7:7<<5GB(6*(X7(:*=<;97G79(8*G( Q@GQ*<7<(*8(6I7(:5<7+( (HI7(&*@G6(G78@<79(g6*(7=67G(;=6*(6I7( :*=6G*N7G<;5A ( 6I;:S76 ( PI76I7G ( 7=8*G:7T7=6 ( *8 ( T*G5A;6B ( ;< ( 5( 8@=:6;*=(*8(6I7(O6567+h(( a_+ L(6P*`?@9J7(7=:I(;=(/(&/#:#P.+#;&'(&?=#=,&.D&G(HN4(%2DD-'( Z(O&&(Za0C(I7A9(6I7(G;JI6(6*(QG;N5:B(6*(X7(;TQA;:;6(;=(6I7(G;JI6( 6* ( A;87 ( 5=9 ( A;X7G6B ( J@5G5=6779 ( 6* ( 6I7 ( :;6;E7=< ( *8 ( W=9;5 ( XB( LG6;:A7(02+((gW6(;<(6I7(G;JI6(6*(X7(A786(5A*=7h+((L(:;6;E7=(I5<(5( G;JI6 ( 6* ( <587J@5G9 ( 6I7 ( QG;N5:B ( *8 ( I;< ( *P=C ( I;< ( 85T;ABC( T5GG;5J7C ( QG*:G756;*=C ( T*6I7GI**9C ( :I;A9 ( X75G;=J ( 5=9( 79@:56;*=(5T*=J(T5=B(*6I7G(T5667G<+(( aD+ W= (>84=-82= & /,P84=-#- & #$9 & @.;;,2=.-O & L69,-#3#9 & #$9 & #$.=",-&'(&@#$#-#&E#$F&#$9&#$.=",-4(%011.'(2(O&&(-DZC( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%%(*8(!"#
  • 34. 5=*6I7G(6P*`?@9J7(7=:I(I7A9(6I56(6I7(G;JI6(6*(QG;N5:B(975A6( P;6I(Q7G<*=<(5=9(=*6(QA5:7<+((HI7(G;JI6(6*(QG;N5:B(I5<(X77=( 5::7Q679 ( 5< ( ;TQA;79 ( ;= ( *@G ( &*=<6;6@6;*=C ( ;= ( *6I7G ( :5<7<C( =5T7ABC (N,.+;,U4&J$8.$&D.-&@8'8;&<83,-=8,4 &'(&J$8.$&.D & K$98#4(%2DD,'(2(O&&(a12(5=9(?"#-9#&'(&>"#-#*+#;O(%011a'( -(O&&(-Da+ #*2$"%. ( OSS ( "32 ( -# ( -. ( ".)&".,*D*.$ ( %) ( $!* ( &",!$# ( $% ( 1",."$'(-.1(3&"G-2' -1+ HI7(G;JI6(6*(QG;N5:B(6I@<(I5<(X77=(I7A9(6*(QG*67:6(5(gQG;N567( <Q5:7(;=(PI;:I(T5=(T5B(X7:*T7(5=9(G7T5;=(I;T<7A8h+((HI7( 5X;A;6B ( 6* ( 9* ( <* ( ;< ( 7i7G:;<79 ( ;= ( 5::*G95=:7 ( P;6I ( ;=9;N;9@5A( 5@6*=*TB+( (K56I7P(?+(;= (7.38$9&'(&?=#=,&.D&I(N(( %<@QG5'( G787GG;=J ( 6* ( 6I7 ( 85T*@< ( LG6;:A7C ( gHI7 ( R;JI6 ( 6* ( $G;N5:Bh ( XB( &I5GA7<(#5GG7=(5=9(f*@;<(4+(G5=97;<C(%-([fR(2Da'C(<6G7<<79( 6I56(QG;N5:B(`(6I7(G;JI6(6*(X7(A76(5A*=7(q(P5<(5=(;=67G7<6(6I56( T5= (<I*@A9 (X7 (5XA7( 6* ( 5<<7G6 ( 9;G7:6AB(5=9 (=*6 ( 97G;N56;N7AB( 8G*T(I;<(788*G6<(6*(QG*67:6(*6I7G(;=67G7<6<+((A5:ST@=C(?+(;=(I;<( 9;<<7=6 ( ;= (E.Q,-4O & M==.-$,6 & 7,$,-#; & .D & 7,.-P8# & '(& L#-9Q82F&,=&#;O(-,_(VO(2_Z(%2D_Z'C(T597(;6(:A75G(6I56(6I7( T@:I ( ` ( k@*679 ( gG;JI6 ( 6* ( X7 ( A76 ( 5A*=7h ( <I*@A9 ( X7 ( <77= ( =*6( <;TQAB ( 5< ( 5 ( =7J56;N7 ( G;JI6 ( 6* ( *::@QB ( 5 ( QG;N567 ( <Q5:7 ( 8G77( 8G*T(J*N7G=T7=6(;=6G@<;*=C(X@6(5<(5(G;JI6(6*(J76(*=(P;6I(B*@G( A;87C(B*@G(Q7G<*=5A;6B(5=9(T5S7(8@=95T7=65A(97:;<;*=<(5X*@6( B*@G ( ;=6;T567 ( G7A56;*=< ( P;6I*@6 ( Q7=5A;<56;*=+ ( ( HI7 ( QG;N5:B( G7:*J=;<7< ( 6I56 ( P7 ( 5AA ( I5N7( 5 ( G;JI6 ( 6* ( 5 ( <QI7G7 ( *8 ( QG;N567( ;=6;T5:B ( 5=9 ( 5@6*=*TB ( PI;:I ( 5AA*P< ( @< ( 6* ( 7<65XA;<I ( 5=9( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%&(*8(!"#
  • 35. =@G6@G7 ( I@T5= ( G7A56;*=<I;Q< ( P;6I*@6 ( ;=67G87G7=:7 ( 8G*T ( 6I7( *@6<;97(:*TT@=;6B+((HI7(P5B(;=(PI;:I(*=7(J;N7<(7iQG7<<;*=( 6* ( *=7s< ( <7i@5A;6B ( ;< ( 56 ( 6I7 ( :*G7 ( *8 ( 6I;< ( 5G75 ( *8 ( QG;N567( ;=6;T5:B+ ( ( W8C ( ;= ( 7iQG7<<;=J ( *=7s< ( <7i@5A;6BC ( *=7 ( 5:6<( :*=<7=<@5AAB(5=9(P;6I*@6(I5GT;=J(6I7(*6I7GC(;=N5<;*=(*8(6I56( QG7:;=:6(P;AA(X7(5(XG75:I(*8(QG;N5:B+( (%L:S7GT5==(?+(;= (G",& H#=8.$#;&@.#;8=8.$&D.-&7#6&#$9&<,438#$&)V%#;8=6&'(&G", & I8$84=,- & .D & 1%4=82,4 (97:;979 ( XB ( &*=<6;6@6;*=5A ( &*@G6 ( *8( O*@6I(L8G;:5(*=(D6I(U:6*X7GC(2DD_'+ -2+ W= (E.Q,-4 & '( & L#-9Q82F( %<@QG5' ( A5:ST@=C ( ?+ ( :;679 ( 6I7( 8*AA*P;=J(Q5<<5J7(8G*T (8><?@#/ABCD #$E=>D<= #!#F7#6C>DG;C( d-2a(VO(-D(%2D,a'C(Q5J7(Zae(> gU=AB(6I7(T*<6(P;AA8@A(XA;=9=7<<(:*@A9(*X<:@G7(6I7(85:6( 6I56(<7i@5A (;=6;T5:B(;<(5(<7=<;6;N7C(S7B(G7A56;*=<I;Q(*8( I@T5= ( 7i;<67=:7C ( :7=6G5A ( 6* ( 85T;AB ( A;87C ( :*TT@=;6B( P7A85G7C ( 5=9 ( 6I7 ( 97N7A*QT7=6 ( *8 ( I@T5= ( Q7G<*=5A;6B+( HI7(P5B(;=(PI;:I(P7(J;N7(7iQG7<<;*=(6*(*@G(<7i@5A;6B(;<( 56 ( 6I7 ( :*G7 ( *8 ( 6I;< ( 5G75 ( *8 ( QG;N567 ( ;=6;T5:B+ ( ( W8C ( ;=( 7iQG7<<;=J ( *@G ( <7i@5A;6BC ( P7 ( 5:6 ( :*=<7=<@5AAB ( 5=9( P;6I*@6(I5GT;=J(*=7(5=*6I7GC(;=N5<;*=(*8(6I56(QG7:;=:6( P;AA(X7(5(XG75:I(*8(*@G(QG;N5:B+h #*V0-+"$'(-.1("1*.$"$' -0+ HI7G7 ( ;< ( 5 ( JG*P;=J ( ^@G;<QG@97=:7 ( 5=9 ( *6I7G ( A5P ( G7A5679( QG5:6;:7 ( 6I56 ( ;97=6;8;7< ( 5 ( <;J=;8;:5=6 ( 5QQA;:56;*= ( *8 ( I@T5=( G;JI6< ( A5P ( P;6I ( G7J5G9 ( 6* ( Q7*QA7 ( *8 ( 9;N7G<7 ( <7i@5A( *G;7=656;*=<(5=9(J7=97G(;97=6;6;7<+((HI;<(97N7A*QT7=6(:5=(X7( <77= ( 56 ( 6I7 ( ;=67G=56;*=5A ( A7N7AC ( QG;=:;Q5AAB ( ;= ( 6I7 ( 8*GT ( *8( QG5:6;:7 ( G7A5679 ( 6* ( 6I7 ( V=;679 ( )56;*=< ( q ( <Q*=<*G79 ( I@T5=( G;JI6<(6G756;7<C(5<(P7AA(5<(@=97G(6I7(l@G*Q75=(&*=N7=6;*=(*=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%#(*8(!"#
  • 36. [@T5=(R;JI6<+((HI7(<7i@5A(*G;7=656;*=(5=9(J7=97G(;97=6;6B(q( G7A5679 ( I@T5= ( G;JI6< ( A7J5A ( 9*:6G;=7 ( :5= ( X7 ( :567J*G;<79 ( 5<( 8*AA*P<>(%5'=*=`9;<:G;T;=56;*=p ( %X' ( QG*67:6;*= ( *8 ( QG;N567( G;JI6<p(5=9(%:'(6I7(7=<@G;=J(*8(<Q7:;5A(J7=7G5A(I@T5=(G;JI6<( QG*67:6;*=(6*(5AAC(G7J5G9A7<<(*8(<7i@5A(*G;7=656;*=(*G(J7=97G( ;97=6;6B+ -a+ U= ( 0Z6I( K5G:IC ( 011,C ( 5 ( JG*@Q ( *8 ( I@T5= ( G;JI6< ( 7iQ7G6<( A5@=:I79 ( 6I7 ( c*JB5S5G65 ( $G;=:;QA7< ( *= ( 6I7 ( LQQA;:56;*= ( *8( [@T5= ( R;JI6< ( f5P ( ;= ( R7A56;*= ( 6* ( O7i@5A ( UG;7=656;*= ( 5=9( M7=97G(W97=6;6B(%c*JB5S5G65($G;=:;QA7<'+( (HI7(QG;=:;QA7<(5G7( ;=67=979(5<(5(:*I7G7=6(5=9(:*TQG7I7=<;N7(;97=6;8;:56;*=(*8( 6I7 ( *XA;J56;*= ( *8 ( O6567< ( 6* ( G7<Q7:6C ( QG*67:6 ( 5=9 ( 8@A8;AA ( 6I7( I@T5= ( G;JI6< ( *8 ( 5AA ( Q7G<*=< ( G7J5G9A7<< ( *8 ( 6I7;G ( <7i@5A( *G;7=656;*=(*G (J7=97G( ;97=6;6B+( ( HI7(7iQ7G6<( :5T7(8G*T( 0.( :*@=6G;7< ( G7QG7<7=656;N7 ( *8 ( 5AA ( J7*JG5QI;:5A ( G7J;*=<+ ( ( HI7B( ;=:A@979 ( *=7 ( 8*GT7G ( V) ( [;JI ( &*TT;<<;*=7G ( 8*G ( [@T5=( R;JI6<C ( 2a ( :@GG7=6 ( *G ( 8*GT7G ( V) ( [@T5= ( R;JI6< ( OQ7:;5A( K7:I5=;<T ( U88;:7 ( [*A97G< ( *G ( HG756B ( *9B ( K7TX7G<C ( 6P*( <7GN;=J ( ?@9J7< ( *= ( 9*T7<6;: ( :*@G6< ( 5=9 ( 5 ( =@TX7G ( *8( 5:597T;:<(5=9(5:6;N;<6<+((LA6I*@JI(G7A56;N7AB(<I*G6(Q7G;*9(*8( 6;T7 ( I5< ( 7A5Q<79 ( <;=:7 ( 6I7 ( A5@=:I ( *8 ( 6I7 ( $G;=:;QA7<C ( 5( =@TX7G(*8(T7TX7G(5=9(*X<7GN7G(O6567<(I5N7(5AG759B(:;679( 6I7T ( ;= ( &*@=:;A ( QG*:779;=J<+ ( ( #;6I;= ( 95B< ( *8 ( 6I7 ( M7=7N5( A5@=:IC(T*G7(6I5=(a1(O6567<(T597(Q*<;6;N7(;=67GN7=6;*=<(*=( <7i@5A ( *G;7=656;*= ( 5=9 ( J7=97G ( ;97=6;6B ( ;<<@7<C ( P;6I ( <7N7=( O6567< ( <Q7:;8;:5AAB ( G787GG;=J ( 6* ( 6I7 ( c*JB5S5G65 ( $G;=:;QA7<+( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%'(*8(!"#
  • 37. dK;:I57A ( UsFA5I7G6B ( 5=9 ( ?*I= ( F;<I7GC ( gO7i@5A ( UG;7=656;*=C( M7=97G ( W97=6;6B ( 5=9 ( W=67G=56;*=5A ( [@T5= ( R;JI6< ( f5P>( &*=67i6@5A;<;=J ( 6I7 ( c*JB5S5G65 ( $G;=:;QA7<h ( ` ( [@T5= ( R;JI6<( f5P(R7N;7P(_>0(%011_'C(01,`0-_e+( --+ HI7 ( c*JB5S5G65 ( $G;=:;QA7< ( 978;=7 ( 6I7 ( 7iQG7<<;*= ( g<7i@5A( *G;7=656;*=h(5=9(gJ7=97G(;97=6;6Bh(5<(8*AA*P<> g#8W>:; ( %95867:75=6X (;< ( @=97G<6**9 (6* ( G787G ( 6* ( 75:I( Q7G<*=r< ( :5Q5:;6B ( 8*G ( QG*8*@=9 ( 7T*6;*=5AC ( 5887:6;*=5A( 5=9 ( <7i@5A ( 566G5:6;*= ( 6*C ( 5=9 ( ;=6;T567 ( 5=9 ( <7i@5A( G7A56;*=<( P;6IC( ;=9;N;9@5A< ( *8 ( 5 ( 9;887G7=6 ( J7=97G ( *G ( 6I7( <5T7(J7=97G(*G(T*G7(6I5=(*=7(J7=97Gph g,86Q89 ( "Q86757YX( ;< ( @=97G<6**9 ( 6* ( G787G ( 6* ( 75:I( Q7G<*=r<(977QAB(87A6(;=67G=5A(5=9 (;=9;N;9@5A (7iQ7G;7=:7( *8(J7=97GC(PI;:I(T5B(*G(T5B(=*6(:*GG7<Q*=9(P;6I(6I7( <7i ( 5<<;J=79 ( 56 ( X;G6IC ( ;=:A@9;=J( 6I7 ( Q7G<*=5A ( <7=<7 ( *8( 6I7 ( X*9B ( %PI;:I ( T5B ( ;=N*AN7C ( ;8 ( 8G77AB ( :I*<7=C( T*9;8;:56;*= ( *8 ( X*9;AB ( 5QQ75G5=:7 ( *G ( 8@=:6;*= ( XB( T79;:5AC(<@GJ;:5A(*G(*6I7G(T75=<'(5=9(*6I7G(7iQG7<<;*=<( *8(J7=97GC(;=:A@9;=J(9G7<<C(<Q77:I(5=9(T5==7G;<T<+h HI7($G;=:;QA7<(G7:*J=;<7> ! [@T5=(X7;=J<(*8(5AA(<7i@5A(*G;7=656;*=(5=9(J7=97G( ;97=6;6;7<(5G7(7=6;6A79(6*(6I7(8@AA(7=^*BT7=6(*8(5AA( I@T5=(G;JI6<p ! LAA ( Q7G<*=< ( 5G7 ( 7=6;6A79 ( 6* ( 7=^*B ( 6I7 ( G;JI6 ( 6*( QG;N5:BC(G7J5G9A7<<(*8(<7i@5A(*G;7=656;*=(*G(J7=97G( ;97=6;6Bp ! lN7GB ( :;6;E7= ( I5< ( 5 ( G;JI6 ( 6* ( 65S7 ( Q5G6 ( ;= ( 6I7( :*=9@:6 ( *8 ( Q@XA;: ( 5885;G< ( ;=:A@9;=J ( 6I7 ( G;JI6 ( 6*( <65=9 ( 8*G ( 7A7:679 ( *88;:7C ( 6* ( Q5G6;:;Q567 ( ;= ( 6I7( 8*GT@A56;*=(*8(Q*A;:;7<(5887:6;=J(6I7;G(P7A85G7C(5=9( 6*(I5N7(7k@5A(5::7<<(6*(5AA(A7N7A<(*8(Q@XA;:(<7GN;:7( 5=9 ( 7TQA*BT7=6 ( ;= ( Q@XA;: ( 8@=:6;*=<C ( P;6I*@6( 9;<:G;T;=56;*=(*=(6I7(X5<;<(*8(<7i@5A(*G;7=656;*=(*G( J7=97G(;97=6;6B+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%((*8(!"#
  • 38. -.+ $G*8 ( l9P;= ( &5T7G*= ( ;= ( I;< ( LG6;:A7 ( gO7i@5A ( UG;7=656;*= ( 5=9( 6I7(&*=<6;6@6;*=(>(L(H7<6(&5<7(8*G([@T5=(R;JI6<hC(%2DDa'(221( OLf?(-.1(978;=7<(<7i@5A(*G;7=656;*=> g++++(<7i@5A(*G;7=656;*=(;<(978;=79(XB(G787G7=:7(6*(7G*6;:( 566G5:6;*=>(;=(6I7(:5<7(*8(I767G*<7i@5A<C(6*(T7TX7G<(*8( 6I7(*QQ*<;67(<7ip(;=(6I7(:5<7(*8(J5B<(5=9(A7<X;5=<C(6*( T7TX7G<(*8(6I7(<5T7(<7i+(($*67=6;5AAB(5(I*T*<7i@5A(*G( J5B(*G(A7<X;5=(Q7G<*=(:5=(6I7G78*G7(X7(5=B*=7(PI*(;<( 7G*6;:5AAB(566G5:679(6*(T7TX7G<(*8(I;<(*G(I7G(*P=(<7i+h -Z+ W= (E,-$4=,8$ & #$9 & B=",-4 & '( & E,4=,- & #$9 & B=",-4# "")C( 2DDZ(%-'(&fR(--D(%&&'C(L:S7GT5==(?+(Q*;=679(*@6(6I56(6I7( <:*Q7(*8(QG;N5:B(I59(X77=(:A*<7AB(G7A5679(6*(6I7(:*=:7Q6(*8( ;97=6;6B ( 5=9 ( 6I56 ( gG;JI6<C ( A;S7 ( 6I7 ( G;JI6 ( 6* ( QG;N5:BC ( 5G7 ( =*6( X5<79 ( *= ( 5 ( =*6;*= ( *8 ( 6I7 ( @=7=:@TX7G79 ( <7A8C ( X@6 ( *= ( 6I7( =*6;*= ( *8 ( PI56 ( ;< ( =7:7<<5GB ( 6* ( I5N7 ( *=7r< ( 5@6*=*T*@<( ;97=6;6B(+++++(W=(6I7(:*=67i6(*8(QG;N5:B(6I;<(T75=<(6I56(;6(;<(+++++( 6I7(;==7G(<5=:6@T(*8(6I7(Q7G<*=(<@:I(5<(I;</I7G(85T;AB(A;87C( <7i@5A(QG787G7=:7(5=9(I*T7(7=N;G*=T7=6(PI;:I(;<(<I;7A979( 8G*T(7G*<;*=(XB(:*=8A;:6;=J(G;JI6<(*8(6I7(:*TT@=;6B+h(dQ5G5( 22,e -,+ HI7 ( O@QG7T7 ( &*@G6 ( I5< ( 5:S=*PA79J79 ( 6I56 ( 6I7 ( <QI7G7 ( *8( QG;N5:B(975A<(P;6I(Q7G<*=<(5=9(=*6(QA5:7<+( (liQA5;=;=J(6I;<( :*=:7Q6(;=(>84=-82=&/,P84=-#-&5&@.;;,2=.-O&L69,-#3#9&'(& @#$#-#&E#$F(%O@QG5'(f5I*6;C(&?+(G787GG79(6*(*X<7GN56;*=<(*8( O67N7=<C(?+(;=(G".-$3%-P"&'(&M*,-82#$&@.;;,P,&.D&B&#$9 & 74( -,Z ( VO ( ,-, ( %2D_Z'C ( 6I56 ( g6I7 ( :*=:7Q6 ( *8 ( QG;N5:B( 7TX*9;7< ( 6I7 ( T*G5A ( 85:6 ( 6I56 ( 5 ( Q7G<*= ( X7A*=J< ( 6* ( I;T<7A8( 5=9(=*6(6*(*6I7G<(=*G(6*(<*:;76B(5<(5(PI*A7h+(((f5I*6;C(&?+(5A<*( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%)(*8(!"#
  • 39. G787GG79 ( 6* ( 5= (*X<7GN56;*= (*8 ( 5 ( :*TT7=656*G ( ;= ( %2D,Z' (Z-( &5A+ ( f+ ( R7N ( 2--,C ( 6I56 ( QG;N5:B ( :7=67G< ( G*@=9 ( N5A@7< ( *8( G7Q*<7C(<5=:6@5GB(5=9(;=6;T567(97:;<;*=+( (R7Q*<7(G787G<(6*( 8G779*T ( 8G*T ( @=P5=679 ( <6;T@A;p ( <5=:6@5GB ( 6* ( QG*67:6;*=( 5J5;=<6 ( ;=6G@<;N7 ( *X<7GN56;*=p ( 5=9 ( ;=6;T567 ( 97:;<;*=C ( 6*( 5@6*=*TB(P;6I(G7<Q7:6(6*(6I7(T*<6(Q7G<*=5A(*8(A;87(:I*;:7<+( F*G(7N7GB(;=9;N;9@5AC(PI76I7G(I*T*<7i@5A(*G(=*6C(6I7(<7=<7( *8 ( J7=97G ( 5=9 ( <7i@5A ( *G;7=656;*= ( *8 ( 6I7 ( Q7G<*= ( 5G7 ( <*( 7TX79979 ( ;= ( 6I7 ( ;=9;N;9@5A ( 6I56 ( 6I7 ( ;=9;N;9@5A ( :5GG;7< ( 6I;<( 5<Q7:6 ( *8 ( I;< ( *G ( I7G ( ;97=6;6B ( PI7G7N7G ( I7 ( *G ( <I7 ( J*7<+ ( ( L( Q7G<*= ( :5==*6( A75N7 ( X7I;=9( I;< (<7=<7 ( *8( J7=97G ( *G ( <7i@5A( *G;7=656;*=(56(I*T7+((#I;A7(G7:*J=;<;=J(6I7(@=;k@7(P*G6I(*8( 75:I ( Q7G<*=C ( 6I7 ( &*=<6;6@6;*= ( 9*7< ( =*6 ( QG7<@QQ*<7 ( 6I56 ( 5( I*A97G(*8(G;JI6<(;<(5<(5=(;<*A5679C(A*=7AB(5=9(5X<6G5:6(8;J@G7( Q*<<7<<;=J(5(9;<7TX*9;79(5=9(<*:;5AAB(9;<:*==7:679(<7A8+((W6( 5:S=*PA79J7< ( 6I56 ( Q7*QA7 ( A;N7 ( ;= ( 6I7;G ( X*9;7<C ( 6I7;G( :*TT@=;6;7<C ( 6I7;G ( :@A6@G7<C ( 6I7;G ( QA5:7< ( 5=9 ( 6I7;G ( 6;T7<+( HI7 ( 7iQG7<<;*= ( *8 ( <7i@5A;6B ( G7k@;G7< ( 5 ( Q5G6=7GC ( G75A ( *G( ;T5J;=79+((W6(;<(=*6(8*G(6I7(<6567(6*(:I**<7(*G(6*(5GG5=J7(6I7( :I*;:7(*8(Q5G6=7GC(X@6(8*G(6I7(Q5G6=7G<(6*(:I**<7(6I7T<7AN7<+( dO5:I<C(?+(;=(G",&H#=8.$#;&@.#;8=8.$&D.-&7#6&#$9&<,438#$ & )V%#;8=6&'(&G",&I8$84=,-&.D&1%4=82,(%<@QG5'e+(( -_+ HI7 ( <QI7G7 ( *8 ( QG;N5:B ( 5AA*P< ( Q7G<*=< ( 6* ( 97N7A*Q ( I@T5=( G7A56;*=<(P;6I*@6(;=67G87G7=:7(8G*T(6I7(*@6<;97(:*TT@=;6B(*G( 8G*T ( 6I7 ( O6567+ ( ( HI7 ( 7i7G:;<7 ( *8 ( 5@6*=*TB ( 7=5XA7< ( 5=( ;=9;N;9@5A ( 6* ( 5665;= ( 8@A8;AAT7=6C ( JG*P ( ;= ( <7A8`7<677TC ( X@;A9( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(%*(*8(!"#
  • 40. G7A56;*=<I;Q< ( *8 ( I;< ( *G ( I7G ( :I*;:7 ( 5=9 ( 8@A8;AA ( 5AA ( A7J;6;T567( J*5A<(6I56(I7(*G(<I7(T5B(<76+((W=(6I7(W=9;5=(&*=<6;6@6;*=C(6I7( G;JI6 ( 6* ( A;N7( P;6I (9;J=;6B ( 5=9 ( 6I7 (G;JI6 ( *8 ( QG;N5:B ( X*6I ( 5G7( G7:*J=;<79 ( 5< ( 9;T7=<;*=< ( *8 ( LG6;:A7 ( 02+ ( ( O7:6;*= ( a,, ( W$&( 97=;7< ( 5 ( Q7G<*=s< ( 9;J=;6B ( 5=9 ( :G;T;=5A;<7< ( I;< ( *G ( I7G ( :*G7( ;97=6;6B( <*A7AB( *= ( 5::*@=6( *8 ( I;<( *G ( I7G (<7i@5A;6B ( 5=9 ( 6I@<( N;*A567<(LG6;:A7(02(*8(6I7(&*=<6;6@6;*=+( (L<(;6(<65=9<C(O7:6;*=( a,,(W$&(97=;7<(5(J5B(Q7G<*=(5(G;JI6(6*(8@AA(Q7G<*=I**9(PI;:I( ;< ( ;TQA;:;6 ( ;= ( =*6;*= ( *8 ( A;87 ( @=97G ( LG6;:A7 ( 02 ( *8 ( 6I7( &*=<6;6@6;*=+ "D3-2$(%)(2&"D".-+"#-$"%.(%.(!%D%#*V0-+# -D+ $G*8+(RB5=(M**9T5=(*8(6I7([5GN5G9(f5P(O:I**AC(;=(I;<(P7AA( G7<75G:I79 ( <6@9B ( *8 ( 6I7 ( ;TQ5:6 ( *8 ( 6I7 ( <*9*TB ( A5P< ( *=( I*T*<7i@5A< ( ;= ( O*@6I ( L8G;:5 ( 5GJ@7< ( 6I56 ( :*=97T=56;*=( 7iQG7<<79 ( 6IG*@JI ( 6I7 ( A5P ( <I5Q7< ( 5= ( ;=9;N;9@5As< ( ;97=6;6B( 5=9(<7A8`7<677T+((W=9;N;9@5A<(@A6;T567AB(9*(=*6(6GB(6*(:*=8*GT( 6* ( 6I7 ( A5Ps< ( 9;G7:6;N7C ( X@6 ( 6I7 ( 9;<5QQG*N5A ( :*TT@=;:5679( 6IG*@JI(;6C(=7N7G6I7A7<<C(<@X<65=6;N7AB(5887:6<(6I7;G(<7=<7(*8( <7A8`7<677TC ( Q7G<*=5A ( ;97=6;6B ( 5=9 ( 6I7;G ( G7A56;*=<I;Q ( 6* ( 6I7( P;97G ( <*:;76B+ ( ( 5<79 ( *= ( 8;7A9 ( G7<75G:IC ( I7 ( 5GJ@7< ( 6I56( <*9*TB(A5P<(QG*9@:7(G7J;T7<(*8(<@GN7;AA5=:7(6I56(*Q7G567(;=( 5 ( 9;<Q7G<79 ( T5==7GC ( 5=9 ( 6I56 ( <@:I ( A5P< ( <7GN7 ( 6* ( 7TX79( ;AA7J5A;6B(P;6I;=(6I7(;97=6;6B(*8(I*T*<7i@5A<+(([7(:567J*G;<7<( I*P ( <*9*TB ( A5P< ( G7;=8*G:7 ( Q@XA;: ( 5XI*GG7=:7 ( *8 ( A7<X;5=<( 5=9 ( J5B< ( G7<@A6;=J ( ;= ( 5= ( 7G*<;*= ( *8 ( <7A8`7<677T ( 5=9 ( <7A8` P*G6I ( ;= ( =@T7G*@< ( P5B<C ( ;=:A@9;=J ( %5' ( <7A8`G78A7:6;*=C ( %X'( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&"(*8(!"#
  • 41. G78A7:6;*=(*8(<7A8(6IG*@JI(85T;ABC(%:'(N7GX5A(5<<7<<T7=6(5=9( 9;<Q@67<C(%9'(G7<;97=6;5A(E*=7<(5=9(T;JG56;*=<C(%7'(G7<6G;:679( Q@XA;: ( QA5:7<C ( %8' ( G7<6G;:679 ( T*N7T7=6 ( 5=9 ( J7<6@G7<C ( %J'( g<587 ( QA5:7<h ( 5=9 ( %I' ( :*=8A;:6< ( P;6I ( A5P ( 7=8*G:7T7=6( 5J7=:;7<+((%7B*=9(6I7(l=8*G:7T7=6($G;=:;QA7>(O*9*TB(f5P<C( O*:;5A()*GT<(5=9(O*:;5A($5=*Q6;:<hC(_D(&5A+(f+(R7N+(Z-a'+ .1+ HI7 (<6@9;7<(:*=9@:679(;=(9;887G7=6(Q5G6< (*8(P*GA9(;=:A@9;=J( W=9;5(<I*P(6I56(6I7(:G;T;=5A;<56;*=(*8(<5T7`<7i(:*=9@:6(I5<( 5(=7J56;N7(;TQ5:6(*=(6I7(A;N7<(*8(6I7<7(Q7*QA7+((lN7=(PI7=( 6I7(Q7=5A(QG*N;<;*=<(5G7(=*6(7=8*G:79C(6I7B(G79@:7(J5B(T7=( *G ( P*T7= ( 6* ( PI56 ( *=7 ( 5@6I*G ( I5< ( G787GG79 ( 6* ( 5<( g@=5QQG7I7=979 ( 87A*=<hC ( 6I@< ( 7=6G7=:I;=J ( <6;JT5 ( 5=9( 7=:*@G5J;=J(9;<:G;T;=56;*=(;=(9;887G7=6(<QI7G7<(*8(A;87+((LQ5G6( 8G*T ( T;<7GB ( 5=9 ( 875GC ( 5 ( 87P ( *8 ( 6I7 ( T*G7 ( *XN;*@<( :*=<7k@7=:7< ( 5G7 ( I5G5<<T7=6C ( XA5:ST5;AC ( 7i6*G6;*= ( 5=9( 9;<:G;T;=56;*=+ ( ( HI7G7 ( ;< ( 7i67=<;N7 ( T567G;5A ( QA5:79 ( *= ( 6I7( G7:*G9(;=(6I7(8*GT(*8(588;95N;6<C(5@6I*G;656;N7(G7Q*G6<(XB(P7AA( S=*P=(5J7=:;7<(5=9(^@9JT7=6<(6I56(67<6;8B(6*(5(P;97<QG759( @<7(*8(O7:6;*=(a,,(W$&(6*(XG@65A;<7(KOK(5=9(J5B(:*TT@=;6B+( O*T7 ( *8 ( 6I7 ( ;=:;97=6< ( ;AA@<6G56;=J ( 6I7 ( ;TQ5:6 ( *8( :G;T;=5A;<56;*= ( *= ( I*T*<7i@5A;6B ( 5G7 ( 75GA;7G ( =*679 ( XB ( @<+( #7 ( T5B ( k@*67 ( 5=*6I7G ( JA5G;=J ( 7i5TQA7+ ( ( 4@G;=J ( &*A*=;5A( Q7G;*9(;=(W=9;5C(7@=@:I<(%A5I9:?'(P7G7(:G;T;=5A;<79(XB(N;G6@7( *8(6I7;G(;97=6;6B+((HI7(&G;T;=5A(HG;X7<(L:6C(2_,2(P5<(7=5:679( XB ( 6I7 ( G;6;<I ( ;= ( 5= ( 788*G6 ( 6* ( Q*A;:7 ( 6I*<7 ( 6G;X7< ( 5=9( :*TT@=;6;7< ( PI* ( sP7G7 ( 599;:679 ( 6* ( 6I7 ( <B<67T56;:( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&!(*8(!"#
  • 42. :*TT;<<;*= ( *8 ( =*=`X5;A5XA7 ( *887=:7<+s ( HI7<7 ( :*TT@=;6;7<( 5=9(6G;X7<(P7G7(977T79(:G;T;=5A(XB(6I7;G(;97=6;6BC(5=9(T7G7( X7A*=J;=J ( 6* ( *=7 ( *8 ( 6I*<7 ( :*TT@=;6;7< ( G7=97G79 ( 6I7( ;=9;N;9@5A ( :G;T;=5A+ ( ( W= ( 2_D,C ( 6I;< ( L:6 ( P5< ( 5T7=979 ( 6*( ;=:A@97 ( 7@=@:I<+ ( ( L::*G9;=J ( 6* ( 6I7 ( 5T7=9T7=6 ( 6I7 ( A*:5A( J*N7G=T7=6 (P5<( G7k@;G79( 6* (S77Q( 5(G7J;<67G(*8(6I7(=5T7<( 5=9 ( G7<;97=:7< ( *8 ( 5AA ( 7@=@:I< ( PI* ( 5G7 ( gG75<*=5XAB( <@<Q7:679 ( *8 ( S;9=5QQ;=J ( *G ( :5<6G56;=J ( :I;A9G7= ( *G ( *8( :*TT;66;=J(*887=:7<(@=97G(O7:6;*=(a,,(W$&+( ( ( (&*TT7=6;=J( *= ( 6I7 ( &G;T;=5A ( HG;X7< ( L:6 ( ;= ( 5 ( <Q77:I ( T597 ( ;= ( 2DaZC ( $6+( ?5P5I5GA5A()7IG@(<5;9> gW(5T(5P5G7(*8(6I7(T*=<6G*@<(QG*N;<;*=<(*8(6I7(&G;T;=5A( HG;X7<(L:6(PI;:I(:*=<6;6@67(5(=7J56;*=(*8(:;N;A(A;X7G6B+++( 5=( 5667TQ6(<I*@A9 (X7 (T597 (6* (I5N7(6I7(L:6( G7T*N79( 8G*T ( 6I7 ( <656@67 ( X**S+ ( ( )* ( 6G;X7 ( :5= ( X7 ( :A5<<79 ( 5<( :G;T;=5A(5<(<@:I(5=9(6I7(PI*A7(QG;=:;QA7(5<(<@:I(;<(*@6( *8(:*=<*=5=:7(P;6I(:;N;A;E79(QG;=:;QA7<(*8(:G;T;=5A(^@<6;:7( 5=9(6G756T7=6(*8(*887=97G<+++h(d45A;Q(4sO*@E5C(G5=979( XB ( A5P> ( f**S;=J ( 56 ( W=9;5s< ( 47=*6;8;79 ( HG;X7<C ( $7=J@;=C( )7P(47AI;C(0112>(Q5J7(.,e #I;A7 ( 6I;< ( L:6 ( I5< ( X77= ( G7Q75A79C ( 6I7 ( 5665:IT7=6 ( *8( :G;T;=5A;6B(6*(6I7(A5I9:(:*TT@=;6B(<6;AA(:*=6;=@7<+ .2+ W= ( 011ZC ( 6I7 ( O6567 ( *8 ( H5T;A ( )59@ ( N;97 ( M+U+ ( %K<' ( )*+2DD( 95679 ( 02+20+011Z ( G7:*J=;<;=J ( 6I56 ( g5G5N5=;< ( %A5I9:?' ( 5G7( 9;<:G;T;=5679 ( XB ( 6I7 ( <*:;76B ( 5=9 ( G7T5;= ( ;<*A5679h ( ;<<@79( 9;G7:6;*=<(6I@<> gW+ :*@=<7A;=J ( X7 ( J;N7= ( 6* ( :I;A9G7= ( PI* ( T5B ( 877A( 9;887G7=6(8G*T(*6I7G(;=9;N;9@5A<(;=(67GT<(*8(6I7;G(J7=97G( ;97=6;6B+ WW+ F5T;AB(:*@=<7A;=J(XB(6I7(675:I7G<(P;6I(6I7(I7AQ(*8( )MU<(<7=<;6;E79(;=(6I56(5G75(<I*@A9(X7(T597(T5=956*GB( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&$(*8(!"#
  • 43. <*(6I56(<@:I(:I;A9G7=(5G7(=*6(9;<*P=79(XB(6I7;G(85T;A;7<+( HI7(&+l+U+<C(4+l+U+<C(4;<6G;:6(O*:;5A(#7A85G7(U88;:7G<(5=9( U88;:7G< ( *8 ( O*:;5A ( 4787=:7 ( 5G7 ( G7k@7<679 ( 6* ( 5GG5=J7( :*TQ@A<*GB ( :*@=<7A;=J ( P;6I ( 6I7 ( I7AQ ( *8 ( 675:I7G< ( 5=9( )MU<(;=(6I7(4;<6G;:6<(PI7G7N7G(;6(;<(G7k@;G79+ WWW+ L9T;<<;*= ( ;= ( O:I**A ( 5=9 ( &*AA7J7< ( <I*@A9 ( =*6 ( X7( 97=;79 ( X5<79 ( *= ( 6I7;G ( <7i ( ;97=6;6B+ ( ( W8 ( 5=B ( G7Q*G6 ( ;<( G7:7;N79 ( *8 ( 97=B;=J ( 59T;<<;*= ( *8 ( 5G5N5=;s< ( <@;65XA7( 9;<:;QA;=5GB ( 5:6;*= ( <I*@A9 ( X7 ( 65S7= ( XB ( 6I7 ( 5@6I*G;6;7<( :*=:7G=79+h .0+ HI7(:G;T;=5A;<56;*=(*8(I*T*<7i@5A;6B(:*=97T=<(;=(Q7GQ76@;6B( 5(<;E5XA7(<7:6;*=(*8(<*:;76B(5=9(8*G:7<(6I7T(6*(A;N7(6I7;G(A;N7<( ;=(6I7(<I59*P(*8(I5G5<<T7=6C(7iQA*;656;*=C(I@T;A;56;*=C(:G@7A( 5=9 ( 97JG59;=J ( 6G756T7=6 ( 56 ( 6I7 ( I5=9< ( *8 ( 6I7 ( A5P( 7=8*G:7T7=6(T5:I;=7GB+((HI7(M*N7G=T7=6(*8(W=9;5(7<6;T567<( 6I7(KOK(=@TX7G(56(5G*@=9(0.(A5:<+((HI7(=@TX7G(*8(A7<X;5=<( 5=9(6G5=<J7=97G<(;<(<5;9(6*(X7(<7N7G5A(A5:<(5<(P7AA+((HI;<(N5<6( T5^*G;6B ( %X*GG*P;=J ( 6I7 ( A5=J@5J7 ( *8 ( 6I7 ( O*@6I ( L8G;:5=( &*=<6;6@6;*=5A ( &*@G6' ( ;< ( 97=;79 ( gT*G5A ( 8@AA ( :;6;E7=<I;Qh+( O7:6;*= ( a,, ( W$& ( JG*<<AB ( N;*A567< ( 6I7;G ( G;JI6 ( 6* ( QG;N5:B ( 5=9( A;X7G6B ( 7TX*9;79 ( ;= ( LG6;:A7 ( 02 ( ;=<*85G ( 5< ( ;6 ( :G;T;=5A;<7<( :*=<7=<@5A ( <7i@5A ( 5:6< ( X76P77= ( 59@A6< ( ;= ( QG;N567+ ( ( HI7<7( 8@=95T7=65A(G;JI6<(I59(6I7;G(G**6<(977Q(;=(6I7(<6G@JJA7(8*G( ;=97Q7=97=:7 ( 5=9C ( 5< ( Q*;=679 ( *@6 ( XB ( MG5=N;AA7 ( L@<6;= ( ;=( gHI7(W=9;5=(&*=<6;6@6;*=(q(&*G=7G<6*=7(*8(L()56;*=hC(g6I7B( P7G7 ( ;=:A@979 ( ;= ( 6I7 ( &*=<6;6@6;*= ( ;= ( 6I7 ( I*Q7 ( 5=9( 7iQ7:656;*= ( 6I56 ( *=7 ( 95B ( 6I7 ( 6G77 ( *8 ( 6G@7 ( A;X7G6B ( P*@A9( XA**T ( ;= ( W=9;5h+ ( ( W= ( 6I7 ( P*G9< ( *8 ( ?@<6;:7 ( ]+R+ ( YG;<I=5 ( WB7G( 6I7<7 ( G;JI6< ( 5G7 ( :5G9;=5A ( 6* ( 5 ( 97:7=6 ( I@T5= ( *G97G ( 5=9( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&%(*8(!"#
  • 44. QG*67:679(XB(:*=<6;6@6;*=5A(5GT*@G+( (HI7(<Q;G;6(*8(K5=(;<(56( 6I7 ( G**6 ( *8 ( LG6;:A7 ( 02C ( 5X<7=6 ( A;X7G6BC ( *6I7G ( 8G779*T< ( 5G7( 8G*E7=+(dI#$,F#&7#$9"8(%<@QG5'(56(Q5G5(,Z(O&&e ,+%B-+($&*.1#(".(3&%$*2$"%.(%)(3&"G-2'(1",."$'(&",!$#(%)( !%D%#*V0-+# .a+ HI7 ( 8;G<6 ( <@::7<<8@A ( ;=67G=56;*=5A ( I@T5= ( G;JI6< ( :5<7<( :*=:7G=;=J ( 6I7 ( QG;N5:B ( *= ( <5T7`<7i ( G7A56;*=< ( P7G7 ( 65S7=( @=97G(6I7(l&[R+((W=(>%9P,.$&'(&G",&J$8=,9&!8$P9.*4(-.( l@G+ ( &6+ ( [+R+ ( %<7G+ ( L' ( %2D_2'C ( 5=9 (H.--84 & '( & /,+%3;82 & .D & K-,;#$94(2-0(l@G+(&6+([+R+(%<7G+(L'(%2D__'C(6I7(:G;T;=5A;<56;*=( *8 ( <@:I ( QG5:6;:7< ( P5< ( 977T79 ( 5 ( N;*A56;*= ( *8 ( 6I7 ( QG;N5:B( QG*67:6;*= ( ;= (LG6;:A7 ( _ ( *8 ( 6I7 ( l&[R+ ( ( W= (>%9P,.$ & '( & G",& J$8=,9&!8$P9.*4(6I7(l@G*Q75=(&*@G6(*8([@T5=(R;JI6<(I7A9( 6I56 ( gT5;=67=5=:7 ( ;= ( 8*G:7 ( *8 ( 6I7 ( ;TQ@J=79 ( A7J;<A56;*=( :*=<6;6@67< ( 5 ( :*=6;=@;=J ( ;=67G87G7=:7 ( P;6I ( 6I7 ( 5QQA;:5=6s<( G;JI6(6*(G7<Q7:6(8*G(I;<(QG;N567(A;87(%PI;:I(;=:A@97<(I;<(<7i@5A( A;87'(P;6I;=(6I7(T75=;=J(*8(LG6;:A7(_(Q5G5(2(%5G6+_`2'+(W=(6I7( Q7G<*=5A(:;G:@T<65=:7<(*8(6I7(5QQA;:5=6C(6I7(N7GB(7i;<67=:7( *8(6I;<(A7J;<A56;*=(:*=6;=@*@<AB(5=9(9;G7:6AB(5887:6(I;<(QG;N567( A;87+((W=(H.--84&'(&/,+%3;82&.D&K-,;#$94(6I7(l@G*Q75=(&*@G6( *8([@T5=(R;JI6<(G@A79(6I56(WG7A5=9s<(XA5=S76(QG*I;X;6;*=(*=( J5B(<7i(XG75:I79(6I7(l&[R+(HI7(&*@G6(k@*679(P;6I(5QQG*N5A( 6I7(8;=9;=J(*8(5=(WG;<I(?@9J7(6I56>( gd*e=7 ( *8 ( 6I7 ( 7887:6< ( *8 ( :G;T;=5A ( <5=:6;*=< ( 5J5;=<6( I*T*<7i@5A ( 5:6< ( ;< ( 6* ( G7;=8*G:7 ( 6I7 ( T;<5QQG7I7=<;*=( 5=9 ( J7=7G5A ( QG7^@9;:7 ( *8 ( 6I7 ( Q@XA;: ( 5=9 ( ;=:G75<7 ( 6I7( 5=i;76B ( 5=9 ( J@;A6 ( 877A;=J< ( *8 ( I*T*<7i@5A< ( A759;=JC ( *=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&&(*8(!"#
  • 45. *::5<;*=C (6*(97QG7<<;*= (5=9 (6I7(<7G;*@< (:*=<7k@7=:7<( PI;:I(:5=(8*AA*P(+++h(dQ5G5(02e .-+ W=(I.98$.4&'(&@6+-%44(KZD(l@G+(&6+([+R+(%<7G+(L'(%2DDa'C(6I7( l@G*Q75=(&*@G6(*8([@T5=(R;JI6<(5J5;=(I7A9(6I56(<@:I(5(A5P( N;*A5679 ( 6I7 ( G;JI6 ( 6* ( QG;N5:BC ( 5=9 ( T5;=65;=79 ( 6I56 ( 7N7= ( 5( g:*=<;<67=6 ( Q*A;:Bh ( *8 ( =*6 ( XG;=J;=J ( QG*<7:@6;*=< ( @=97G ( 6I7( A5P(P5<(=*(<@X<6;6@67(8*G(8@AA(G7Q75A+ ..+ W= (G..$,$ & '( & M%4=-#;8#4 (%)*+-__/2DD0 ( &&$R/&/ ( .1/4/-__( /2DD0C(K5G:I(a2C(2DD-'C(6I7([@T5=(R;JI6<(&*TT;6677(I7A9( 6I56 ( 6I7 ( :*=6;=@*@< ( 7i;<67=:7 ( *8 ( H5<T5=;5= ( <*9*TB ( A5P<( N;*A567< ( LG6;:A7 ( 2, ( *8 ( W=67G=56;*=5A ( &*N7=5=6 ( *8 ( &;N;A ( 5=9( $*A;6;:5A(R;JI6<+((HI7(&*TT;6677(*X<7GN79> gHI7(&*TT;6677(:*=<;97G<(6I56(<7:6;*=<(200%5'(5=9(%:'( 5=9 ( 20a ( *8 ( 6I7 ( H5<T5=;5= ( &G;T;=5A ( &*97 ( n;=67G87G7n( P;6I(6I7(5@6I*Gs<(QG;N5:BC(7N7=(;8(6I7<7(QG*N;<;*=<(I5N7( =*6(X77=(7=8*G:79(8*G(5(97:597+((W=(6I;<(:*=67i6C(;6(=*67<( 6I56(6I7(Q*A;:B(*8(6I7(47Q5G6T7=6(*8($@XA;:($G*<7:@6;*=<( =*6(6*(;=;6;567(:G;T;=5A(QG*:779;=J<(;=(G7<Q7:6(*8(QG;N567( I*T*<7i@5A ( :*=9@:6 ( 9*7< ( =*6 ( 5T*@=6 ( 6* ( 5 ( J@5G5=677( 6I56(=*(5:6;*=<(P;AA(X7(XG*@JI6(5J5;=<6(I*T*<7i@5A<(;=( 6I7 ( 8@6@G7C ( Q5G6;:@A5GAB ( ;= ( 6I7 ( A;JI6 ( *8 ( @=9;<Q@679( <6567T7=6< ( *8 ( 6I7 ( 4;G7:6*G ( *8 ( $@XA;: ( $G*<7:@6;*=< ( *8( H5<T5=;5 ( ;= ( 2D__ ( 5=9 ( 6I*<7 ( *8 ( T7TX7G< ( *8 ( 6I7( H5<T5=;5=($5GA;5T7=6+( (HI7(:*=6;=@79(7i;<67=:7(*8(6I7( :I5AA7=J79 ( QG*N;<;*=< ( 6I7G78*G7 ( :*=6;=@*@<AB ( 5=9( 9;G7:6AB(n;=67G87G7<n(P;6I(6I7(5@6I*Gs<(QG;N5:B+hdQ5G5(_+0e .Z+ W=(G",&H#=8.$#;&@.#;8=8.$&D.-&7#6&#$9&<,438#$&)V%#;8=6 & '(&G",&I8$84=,-&.D&1%4=82,(%<@QG5'C(6I7(&*=<6;6@6;*=5A(&*@G6( *8(O*@6I(L8G;:5(<6G@:S(9*P=(6I7(<*9*TB(A5P<(*=(6I7(JG*@=9( *8 ( N;*A56;*= ( *8 ( G;JI6< ( 6* ( QG;N5:BC ( 9;J=;6B ( 5=9 ( 7k@5A;6B+( L:S7GT5==(?+(=5GG5679(6I7(Q5AQ5XA7(;=N5<;*=(*8(6I7;G(G;JI6<>( gHI7(:*TT*=`A5P(QG*I;X;6;*=(*=(<*9*TB(:G;T;=5A;<7<(5AA( <7i@5A(;=67G:*@G<7(Q7G(5=@T(X76P77=(T7=>(G7J5G9A7<<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&#(*8(!"#
  • 46. *8(6I7(G7A56;*=<I;Q(*8(6I7(:*@QA7(PI*(7=J5J7(6I7G7;=C(*8( 6I7(5J7(*8(<@:I(:*@QA7C(*8(6I7(QA5:7(PI7G7(;6(*::@G<C(*G( ;=9779 ( *8 ( 5=B ( *6I7G ( :;G:@T<65=:7< ( PI56<*7N7G+ ( W= ( <*( 9*;=JC ( ;6 ( Q@=;<I7< ( 5 ( 8*GT ( *8 ( <7i@5A ( :*=9@:6 ( PI;:I ( ;<( ;97=6;8;79(XB(*@G(XG*597G(<*:;76B(P;6I(I*T*<7i@5A<+(W6<( <BTX*A;:(7887:6(;<(6*(<6567(6I56(;=(6I7(7B7<(*8(*@G(A7J5A( <B<67T ( 5AA ( J5B ( T7= ( 5G7 ( :G;T;=5A<+ ( HI7 ( <6;JT5 ( 6I@<( 5665:I79(6*(5(<;J=;8;:5=6(QG*Q*G6;*=(*8(*@G(Q*Q@A56;*=(;<( T5=;87<6+(@6(6I7(I5GT(;TQ*<79(XB(6I7(:G;T;=5A(A5P(;<( 85G ( T*G7 ( 6I5= ( <BTX*A;:+ ( L< ( 5 ( G7<@A6 ( *8 ( 6I7 ( :G;T;=5A( *887=:7C(J5B(T7=(5G7(56(G;<S(*8(5GG7<6C(QG*<7:@6;*=(5=9( :*=N;:6;*= ( *8 ( 6I7 ( *887=:7 ( *8 ( <*9*TB ( <;TQAB ( X7:5@<7( 6I7B(<77S(6*(7=J5J7(;=(<7i@5A(:*=9@:6(PI;:I(;<(Q5G6(*8( 6I7;G ( 7iQ7G;7=:7 ( *8 ( X7;=J ( I@T5=+ ( ?@<6 ( 5< ( 5Q5G6I7;9( A7J;<A56;*= ( G7=97G79 ( 6I7 ( A;N7< ( *8 ( :*@QA7< ( *8 ( 9;887G7=6( G5:;5A ( JG*@Q< ( Q7GQ76@5AAB ( 56 ( G;<SC ( 6I7 ( <*9*TB ( *887=:7( X@;A9<(;=<7:@G;6B(5=9(N@A=7G5X;A;6B(;=6*(6I7(95;AB(A;N7<(*8( J5B(T7=+(HI7G7(:5=(X7(=*(9*@X6(6I56(6I7(7i;<67=:7(*8(5( A5P(PI;:I(Q@=;<I7<(5(8*GT(*8(<7i@5A(7iQG7<<;*=(8*G(J5B( T7= ( 97JG597< ( 5=9 ( 97N5A@7< ( J5B ( T7= ( ;= ( *@G ( XG*597G( <*:;76B+((L<(<@:I(;6(;<(5(Q5AQ5XA7(;=N5<;*=(*8(6I7;G(9;J=;6B( 5=9(5(XG75:I(*8(<7:6;*=(21(*8(6I7(&*=<6;6@6;*=+h(dQ5G5( 0_e .,+ W= (<#Q-,$2, & '( & G,W#44( .aD ( VO ( .._ ( %011a'C ( I*A9;=J ( 6I7( H7i5< ( <*9*TB ( A5P< ( 5< ( @=:*=<6;6@6;*=5AC ( 6I7 ( VO ( O@QG7T7( &*@G6(G7N7G<79(;6<(75GA;7G(97:;<;*=(;= (E.Q,-4 &'(&L#-9Q82F& %<@QG5'+((Y7==79BC(?+C(PI*(97A;N7G79(6I7(*Q;=;*=(*8(6I7(&*@G6C( <5;9>( g++++ ( W6 ( <@88;:7< ( 8*G ( @< ( 6* ( 5:S=*PA79J7 ( 6I56 ( 59@A6< ( T5B( :I**<7(6*(7=67G(@Q*=(6I;<(G7A56;*=<I;Q(;=(6I7(:*=8;=7<(*8( 6I7;G(I*T7<(5=9(6I7;G(*P=(QG;N567(A;N7<(5=9(<6;AA(G765;=( 6I7;G(9;J=;6B(5<(8G77(Q7G<*=<+(#I7=(<7i@5A;6B(8;=9<(*N7G6( 7iQG7<<;*=(;=(;=6;T567(:*=9@:6(P;6I(5=*6I7G(Q7G<*=C(6I7( :*=9@:6(:5=(X7(X@6(*=7(7A7T7=6(;=(5(Q7G<*=5A(X*=9(6I56( ;< ( T*G7 ( 7=9@G;=J+ ( ( HI7 ( A;X7G6B ( QG*67:679 ( XB ( 6I7( &*=<6;6@6;*= ( 5AA*P< ( I*T*<7i@5A ( Q7G<*=< ( 6I7 ( G;JI6 ( 6*( T5S7(6I;<(:I*;:7+(++++++((dQ5J7(.Z,e ++++++HI7 ( ;<<@7 ( ;< ( PI76I7G ( 6I7 ( T5^*G;6B ( T5B ( @<7 ( 6I7( Q*P7G(*8(6I7(O6567(6*(7=8*G:7(6I7<7(N;7P<(*=(6I7(PI*A7( <*:;76B ( 6IG*@JI ( *Q7G56;*= ( *8 ( 6I7 ( :G;T;=5A ( A5P+ ( ( gU@G( *XA;J56;*=(;<(6*(978;=7(6I7(A;X7G6B(*8(5AAC(=*6(6*(T5=9567( *@G(*P=(T*G5A(:*97+h((dQ5J7(.,2e d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&'(*8(!"#
  • 47. +++++#I7=(I*T*<7i@5A(:*=9@:6(;<(T597(:G;T;=5A(XB(6I7( A5P(*8(6I7(O6567C(6I56(97:A5G56;*=(;=(5=9(*8(;6<7A8(;<(5=( ;=N;656;*= ( 6* ( <@X^7:6 ( I*T*<7i@5A ( Q7G<*=< ( 6*( 9;<:G;T;=56;*= ( X*6I ( ;= ( 6I7 ( Q@XA;: ( 5=9 ( ;= ( 6I7 ( QG;N567( <QI7G7<+(+++h(dQ5J7(.,.e ._+ O;=:7 ( 2DZ, ( 6I7 ( QG*:7<< ( *8 ( :I5=J7 ( I5< ( ;=8*GT79 ( A7J5A( 566;6@97 ( 6*P5G9< ( <7i@5A ( *G;7=656;*=+ ( HI;< ( QG*:7<< ( I5<( :@AT;=5679 ( ;= ( 6I7 ( 97`:G;T;=5A;<56;*= ( *8 ( <*9*TB ( ;= ( QG;N567( X76P77= ( :*=<7=6;=J ( 59@A6<C ( ;= ( <7N7G5A ( ^@G;<9;:6;*=<+ ( ( HI7( <@Q7G;*G ( :*@G6< ( ;= ( <*T7 ( *8 ( 6I7<7 ( ^@G;<9;:6;*=< ( I5N7 ( <6G@:S( 9*P= ( 5=6;`<*9*TB ( A5P<C ( PI7G7 ( <@:I ( A5P< ( G7T5;= ( *= ( 6I7( <656@67(X**S+((W=(2DZ,(;=(l=JA5=9(5=9(#5A7<(5=9(;=(2D_1(;=( O:*6A5=9(<*9*TB(X76P77=(:*=<7=6;=J(59@A6(T5A7<(;=(QG;N567( P5< ( 97`:G;T;=5A;<79+ ( ( [*P7N7GC ( ;= ( )*G6I7G= ( WG7A5=9 ( 6I7( :G;T;=5A ( A5P ( G7A56;=J ( 6* ( <*9*TB ( G7T5;=79 ( @=:I5=J79+ ( ( W=( 2D_0C(;=(Q@G<@5=:7(*8(6I7(97:;<;*=(*8(6I7(l&[R(;=(>%9P,.$ & '( & J$8=,9 & !8$P9.*( %<@QG5'C ( <*9*TB ( X76P77= ( 59@A6( :*=<7=6;=J(T5A7<(;=(QG;N567(P5<(97`:G;T;=5A;<79(;=()*G6I7G=( WG7A5=9+((HI7(<5T7(:*=:A@<;*=(P5<(G75:I79(;=(2D__(;=()*GG;<( N+(WG7A5=9(%<@QG5'(5=9(WG7A5=9(G7Q75A79(<*9*TB(A5P<(;=(2DDa+( f5P< ( QG*I;X;6;=J ( I*T*<7i@5A ( 5:6;N;6B ( X76P77= ( :*=<7=6;=J( 59@A6<(;=(QG;N567(I5N;=J(7G59;:5679(P;6I;=((0a(T7TX7G`<6567<( 6I56(I59(^*;=79(6I7(&*@=:;A(*8(l@G*Q7(;=(2D_D(5=9(*8(6I7(21( l@G*Q75= ( :*@=6G;7< ( 6I56 ( ( I59 ( ^*;=79 ( <;=:7 ( %5< ( 56 ( 216I( F7XG@5GBC ( 2DD.'C ( =;=7 ( I59 ( 97`:G;T;=5A;<79 ( <*9*TB ( A5P<( 7;6I7G(X78*G7(*G(<I*G6AB(5867G(6I7;G(T7TX7G<I;Q(5QQA;:56;*=<( P7G7(JG5=679+((W=(L@<6G5A;5C(5AA(6I7(O6567<(P;6I(6I7(7i:7Q6;*=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&((*8(!"#
  • 48. *8 ( H5<T5=;5C ( I59 ( XB ( 2D_0 ( 97`:G;T;=5A;<79 ( <7i@5A ( 5:6< ( ;=( QG;N567(X76P77=(:*=<7=6;=J(59@A6<(5=9(I59(5A<*(Q5<<79(5=6;` 9;<:G;T;=56;*= ( A5P< ( PI;:I ( QG*I;X;679 ( 9;<:G;T;=56;*= ( *= ( 6I7( JG*@=9C ( 5T*=J<6 ( *6I7G<C ( *8 ( <7i@5A ( *G;7=656;*=+ ( H5<T5=;5( G7Q75A79(*887=9;=J(<7:6;*=<(;=(;6<(&G;T;=5A(&*97(;=(2DD,(;=( N;7P ( *8 ( 6I7 ( 97:;<;*= ( *8 ( V=;679 ( )56;*=< ( [@T5= ( R;JI6<( &*TT;6677 ( ;= (G..$,$ & '( & M%4=-#;8#+ ( &*=<7=<@5A ( <7i@5A( G7A56;*=<(X76P77=(59@A6(T5A7<(I5N7(X77=(97`:G;T;=5A;<79(;=( )7P ( t75A5=9+ ( ( W= ( &5=595C ( :*=<7=<@5A ( 59@A6 ( <*9*TB( %g@JJ7GBh' ( 5=9 ( <*`:5AA79 ( gJG*<< ( ;=97:7=:Bh ( P7G7 ( 97` :G;T;=5A;<79 ( XB ( <656@67 ( ;= ( 2D_D ( ;= ( G7<Q7:6 ( *8 ( <@:I ( 5:6<( :*TT;6679(;=(QG;N567(X76P77=(02(B75G<(5=9(*A97G(PI;:I(P5<( <@X<7k@7=6AB(XG*@JI6(9*P=(6*(5J7(*8(2_(B75G<(*G(T*G7+( (W=( V=;679 ( O6567< ( *8 ( LT7G;:5 ( 6I*@JI ( 6I7 ( :I5AA7=J7 ( 6* ( <*9*TB( A5P<(P5<(6@G=79(9*P=(;=(E.Q,-4&'(&L#-9Q82F(%<@QG5'C(X@6( <@X<7k@7=6AB ( ;= (<#Q-,$2, & '(G,W#4C ( 6I7 ( <*9*TB ( A5P<( ;=<*85G(5<(X76P77=(:*=<7=6;=J(59@A6<(;=(QG;N567(P7G7(<6G@:S( 9*P=+(L(=@TX7G(*8(*Q7=(97T*:G56;:(<*:;76;7<(I5N7(6@G=79( 6I7;G ( X5:S< ( 6* ( :G;T;=5A;<56;*= ( *8 ( <*9*TB ( A5P< ( ;= ( QG;N567( X76P77= ( :*=<7=6;=J ( 59@A6< ( 97<Q;67 ( 6I7 ( 85:6 ( 6I56 ( <7i@5A( *G;7=656;*= ( ( ;< ( =*6 ( 7iQG7<<AB ( QG*67:679 ( ;= ( 6I7 ( 7k@5A;6B( QG*N;<;*=< ( *8 ( 6I7;G ( :*=<6;6@6;*=<+ ( ( [*T*<7i@5A;6B ( I5< ( X77=( 97`:G;T;=5A;<79(;=(<7N7G5A(:*@=6G;7<(*8(L<;5C(L8G;:5(5=9(O*@6I( LT7G;:5+ ( (HI7( [;JI (&*@G6(*8([*=JS*=J (;=(;6< (^@9JT7=6< (;=( <,%$P & G(@(T8;;8#* & /.6 & '( & ?,26 & D.- & 1%4=82,C ( 95679 ( 0-6I( L@J@<6C(011.(5=9(016I(O7Q67TX7GC(011Z(<6G@:S(9*P=(<;T;A5G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&)(*8(!"#
  • 49. <*9*TB ( A5P<+ ( ( H* ( 6I7 ( <5T7 ( 7887:6 ( ;< ( 6I7 ( ^@9JT7=6 ( *8 ( 6I7( [;JI ( &*@G6 ( *8 ( F;^; ( ;= (>"8-,$9-# & H#$9#$ & 5 & M$.=",- & '( & ?=#=,C ( &G;T;=5A ( LQQ75A ( &5<7 ( )*+ ( [LL ( _. ( j ( _Z ( *8 ( 011.C( 97:;979(*=(0Z6I(L@J@<6C(011.+(()7Q5A7<7(O@QG7T7(&*@G6(I5<( 5A<* ( <6G@:S ( 9*P= ( 6I7 ( A5P< ( :G;T;=5A;<;=J ( I*T*<7i@5A;6B ( ;=( 011_(dO@QG7T7(&*@G6(*8()7Q5AC(4;N;<;*=(7=:IC(W=;6;5A()*67(*8( 6I7(47:;<;*=(02+20+011,e+ .D+ U= ( 2_6I( g47:7TX7GC ( 011_C ( ;= ( )7P ( c*GSC ( 6I7 ( V) ( M7=7G5A( L<<7TXAB(P5<(QG7<7=679(P;6I(5(<6567T7=6(7=9*G<79(XB(ZZ( O6567< ( 8G*T ( 5G*@=9 ( 6I7 ( P*GA9 ( :5AA;=J ( 8*G ( 5= ( 7=9 ( 6*( 9;<:G;T;=56;*= ( X5<79 ( *= ( <7i@5A ( *G;7=656;*= ( 5=9 ( J7=97G( ;97=6;6B+((HI7(<6567T7=6C(G759(*@6(XB(6I7(V)(R7QG7<7=656;N7( 8*G ( LGJ7=6;=5 ( ?*GJ7 ( LGJ@7AA5C ( :*=97T=< ( N;*A7=:7C( I5G5<<T7=6C ( 9;<:G;T;=56;*=C ( 7i:A@<;*=C ( <6;JT56;<56;*=C ( 5=9( QG7^@9;:7(X5<79(*=(<7i@5A(*G;7=656;*=(5=9(J7=97G(;97=6;6B+((W6( 5A<* ( :*=97T=< ( S;AA;=J< ( 5=9 ( 7i7:@6;*=<C ( 6*G6@G7C ( 5GX;6G5GB( 5GG7<6C ( 5=9 ( 97QG;N56;*= ( *8 ( 7:*=*T;:C ( <*:;5AC ( 5=9 ( :@A6@G5A( G;JI6<(*=(6I*<7(JG*@=9<+((HI7(<6567T7=6(G759(56(6I7(M7=7G5A( L<<7TXAB(G7588;GT<(7i;<6;=J(QG*67:6;*=<(8*G(I@T5=(G;JI6<(;=( ;=67G=56;*=5A ( A5P+ ( ( W6 ( X@;A9< ( *= ( 5 ( QG7N;*@< ( ^*;=6 ( <6567T7=6( <@QQ*G679 ( XB ( .- ( :*@=6G;7<C ( PI;:I ( )*GP5B ( 97A;N7G79 ( 56 ( 6I7( V)([@T5=(R;JI6<(&*@=:;A(;=(011Z+( (V)([;JI(&*TT;<<;*=7G( 8*G([@T5=(R;JI6<C(PI*(599G7<<79(6I7(M7=7G5A(L<<7TXAB(N;5( 5(N;97*(65Q79(T7<<5J7(<65679> gWG*=;:5AAB(T5=B(*8(6I7<7(A5P<C(A;S7(LQ5G6I7;9(A5P<(6I56( :G;T;=5A;<79(<7i@5A(G7A56;*=<(X76P77=(:*=<7=6;=J(59@A6<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(&*(*8(!"#
  • 50. *8 ( 9;887G7=6 ( G5:7<C ( 5G7 ( G7A;:< ( *8 ( 6I7 ( :*A*=;5A ( 5=9 ( 5G7( ;=:G75<;=JAB ( G7:*J=;<79 ( 5< ( 5=5:IG*=;<6;: ( 5=9 ( 5<( ;=:*=<;<67=6 ( X*6I ( P;6I ( ;=67G=56;*=5A ( A5P ( 5=9 ( P;6I( 6G59;6;*=5A ( N5A@7< ( *8 ( 9;J=;6BC ( ;=:A@<;*= ( 5=9 ( G7<Q7:6 ( 8*G( 5AA+h 2%D3*++".,(#$-$*(".$*&*#$ Z1+ HI7(V=;*=(K;=;<6GB(*8([*T7(L885;G<(I5<(*QQ*<79(6I7(Q76;6;*=( :A5;T;=JC ( ;=67G ( 5A;5C ( 6I56 ( O7:6;*= ( a,, ( W$& ( ;< ( 5 ( ^@<6;8;79( ;=67G87G7=:7 ( XB ( gQ@XA;: ( 5@6I*G;6;7< ( ;= ( 6I7 ( ;=67G7<6 ( *8 ( Q@XA;:( <5876B(5=9(QG*67:6;*=(*8(I75A6I(5=9(T*G5A<+h( (U=(6I7(*6I7G( I5=9C ( V=;*= ( K;=;<6GB ( *8 ( [75A6I ( 5=9 ( F5T;AB ( #7A85G7 ( I5<( <@QQ*G679(6I7(Q76;6;*=(5=9(59T;6679(6I56(O7:6;*=(a,,(W$&C(XB( :G;T;=5A;<;=J ( :*=<7=<@5A ( <7i ( X76P77= ( 59@A6< ( *8 ( 6I7 ( <5T7( <7iC ( I5TQ7G< ( [W] ( ;=67GN7=6;*= ( 788*G6< ( 5;T79 ( 56 ( <7i@5A( T;=*G;6;7<+((W=9779(;6(;<(6I7(QA75(*8(6I7(Q76;6;*=7G(6I56(O7:6;*=( a,,(W$&(;=8G;=J7<(G;JI6(6*(I75A6I(5<(7TX*9;79(;=(LG6;:A7(02(*8( 6I7(&*=<6;6@6;*=(*8(W=9;5+((#7(<I5AA(65S7(@Q(6I7(;<<@7(*8(Q@XA;:( <5876B(5=9(I75A6I(8;G<6+ #*2$"%.(OSS("32((-#(-.("D3*1"D*.$($%(30B+"2(!*-+$! Z2+ LG6;:A7(20(*8(6I7(W=67G=56;*=5A(&*N7=5=6(*=(l:*=*T;:C(O*:;5A( 5=9(&@A6@G5A(R;JI6<(T5S7<(;6(*XA;J56*GB(*=(6I7(gO6567(6*(8@A8;AA( 7N7GB*=7s< ( G;JI6 ( 6* ( 6I7 ( I;JI7<6 ( 5665;=5XA7 ( <65=95G9 ( *8( I75A6I+h( (HI7(O@QG7T7(&*@G6(*8(W=9;5(;=67GQG76;=J(LG6;:A7(02( *8 ( 6I7 ( W=9;5= ( &*=<6;6@6;*= ( ;= ( 6I7 ( A;JI6 ( *8 ( LG6;:A7 ( 20 ( *8 ( 6I7( &*N7=5=6 ( I7A9 ( 6I56 ( 6I7 ( G;JI6 ( 6* ( I75A6I ( ;=I7G79 ( ;= ( 6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#"(*8(!"#
  • 51. 8@=95T7=65A(G;JI6(6*(A;87(@=97G(LG6;:A7(02+((dN#42"8*&E#$P# & !",=&I#C9..-&?#*8=6&'(&?=#=,&.D&T(EN4(%2DDZ'(-(O&&(a,e+ Z0+ W6(;<(<@XT;6679(XB()L&U(6I56(O7:6;*=(a,,(5:6<(5<(5(<7G;*@<( ;TQ79;T7=6 ( 6* ( <@::7<<8@A ( Q@XA;: ( I75A6I ( ;=67GN7=6;*=<+( L::*G9;=J(6*()L&UC(6I*<7(;=(6I7([;JI(R;<S(MG*@Q(5G7(T*<6AB( G7A@:65=6 ( 6* ( G7N75A ( <5T7`<7i ( X7I5N;*@G ( 9@7 ( 6* ( 875G ( *8 ( A5P( 7=8*G:7T7=6(5J7=:;7<C(S77Q;=J(5(A5GJ7(<7:6;*=(;=N;<;XA7(5=9( @=G75:I5XA7 ( 5=9 ( 6I7G7XB ( Q@<I;=J ( 6I7 ( :5<7< ( *8 ( ;=87:6;*=( @=97GJG*@=9 ( T5S;=J ( ;6 ( N7GB ( 9;88;:@A6 ( 8*G ( 6I7 ( Q@XA;: ( I75A6I( P*GS7G<(6*(7N7=(5::7<<(6I7T+( (HI7(<;6@56;*=(;<(5JJG5N5679( XB(6I7(<6G*=J(67=97=:;7<(:G75679(P;6I;=(6I7(:*TT@=;6B(PI*( 97=B(KOK(X7I5N;*@G(;6<7A8+((O;=:7(T5=B(KOK(5G7(T5GG;79(*G( I5N7 ( <7i ( P;6I ( P*T7=C ( 6I7;G ( 87T5A7 ( <7i@5A ( Q5G6=7G< ( 5G7( :*=<7k@7=6AB(5A<*(56(G;<S(8*G([W]/;=87:6;*=+((HI7()L&U(N;7P<( ;6 ( ;TQ7G56;N7 ( 6I56 ( 6I7 ( KOK ( 5=9 ( J5B ( :*TT@=;6B ( I5N7 ( 6I7( 5X;A;6B(6*(X7(<587AB(N;<;XA7(6IG*@JI(PI;:I([W]/LW4O(QG7N7=6;*=( T5B ( X7 ( <@::7<<8@AAB ( :*=9@:679+ ( &A75GABC ( 6I7 ( T5;=( ;TQ79;T7=6(;<(6I56(6I7(<7i@5A(QG5:6;:7<(*8(6I7(KOK(5=9(J5B( :*TT@=;6B(5G7(I;997=(X7:5@<7(6I7B(5G7(<@X^7:6(6*(:G;T;=5A( <5=:6;*=+(( Za+ M7=7G5A (&*TT7=6 ( )*+2- ( %0111' ( dl/&+20/0111/-p (22 ( L@J@<6( 0111e ( *= ( LG6;:A7 ( 20 ( *8 ( 6I7 ( W=67G=56;*=5A ( &*N7=5=6 ( *=( l:*=*T;:C ( O*:;5A ( 5=9 ( &@A6@G5A ( R;JI6< ( <6567< ( 6I56 ( G;JI6 ( 6*( I75A6I(;<(=*6(6*(X7(@=97G<6**9(5<(5(G;JI6(6*(X7(I75A6IB+((HI7( G;JI6 ( 6* ( I75A6I ( :*=65;=< ( X*6I ( 8G779*T< ( 5=9 ( 7=6;6A7T7=6<+( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#!(*8(!"#
  • 52. HI7(8G779*T<(;=:A@97(6I7(G;JI6(6*(:*=6G*A(*=7s<(I75A6I(5=9( X*9BC(;=:A@9;=J(<7i@5A(G7QG*9@:6;N7(8G779*TC(5=9(6I7(G;JI6( 6* ( X7 ( 8G77 ( 8G*T ( ;=67G87G7=:7C ( <@:I ( 5< ( 6I7 ( G;JI6 ( 6* ( X7 ( 8G77( 8G*T ( 6*G6@G7C ( =*=`:*=<7=<@5A ( T79;:5A ( 6G756T7=6 ( 5=9( 7iQ7G;T7=656;*=+( (B(:*=6G5<6C(6I7(7=6;6A7T7=6<(;=:A@97(6I7( G;JI6 ( 6* ( 5 ( <B<67T ( *8 ( I75A6IC ( QG*67:6;*= ( PI;:I ( QG*N;97<( 7k@5A;6B ( *8 ( *QQ*G6@=;6B ( 8*G ( Q7*QA7 ( 6* ( 7=^*B ( 6I7 ( I;JI7<6( 5665;=5XA7(A7N7A(*8(I75A6I+((W6(8@G6I7G(<6567<>( g)*=`9;<:G;T;=56;*=(5=9(7k@5A(6G756T7=6 B ( N;G6@7 ( *8 ( 5G6;:A7 ( 0+0 ( 5=9 ( 5G6;:A7 ( aC ( 6I7 ( &*N7=5=6( QG*<:G;X7< ( 5=B ( 9;<:G;T;=56;*= ( ;= ( 5::7<< ( 6* ( I75A6I ( :5G7( 5=9 ( @=97GAB;=J ( 9767GT;=5=6< ( *8 ( I75A6IC ( 5< ( P7AA ( 5< ( 6*( T75=<(5=9(7=6;6A7T7=6<(8*G(6I7;G(QG*:@G7T7=6C(*=(6I7( JG*@=9<(*8(G5:7C(:*A*@GC(<7iC(A5=J@5J7C(G7A;J;*=C(Q*A;6;:5A( *G ( *6I7G ( *Q;=;*=C ( =56;*=5A ( *G ( <*:;5A ( *G;J;=C ( QG*Q7G6BC( X;G6IC ( QIB<;:5A ( *G ( T7=65A ( 9;<5X;A;6BC ( I75A6I ( <656@<( %;=:A@9;=J ( [W]/LW4O'C ( <7i@5A ( *G;7=656;*= ( 5=9 ( :;N;AC( Q*A;6;:5AC(<*:;5A(*G(*6I7G(<656@<C(PI;:I(I5<(6I7(;=67=6;*=( *G(7887:6(*8(=@AA;8B;=J(*G(;TQ5;G;=J(6I7(7k@5A(7=^*BT7=6( *G ( 7i7G:;<7 ( *8 ( 6I7 ( G;JI6 ( 6* ( I75A6I+ ( HI7 ( &*TT;6677( <6G7<<7<(6I56(T5=B(T75<@G7<C(<@:I(5<(T*<6(<6G567J;7<( 5=9 ( QG*JG5TT7< ( 97<;J=79 ( 6* ( 7A;T;=567 ( I75A6I`G7A5679( 9;<:G;T;=56;*=C(:5=(X7(Q@G<@79(P;6I(T;=;T@T(G7<*@G:7( ;TQA;:56;*=< ( 6IG*@JI ( 6I7 ( 59*Q6;*=C ( T*9;8;:56;*= ( *G( 5XG*J56;*= ( *8 ( A7J;<A56;*= ( *G ( 6I7 ( 9;<<7T;=56;*= ( *8( ;=8*GT56;*=+++h(dQ5G5(2_e Z-+ HI7 ( 0112 ( V) ( M7=7G5A ( L<<7TXAB ( OQ7:;5A ( O7<<;*= ( %V)MLOO'( 47:A5G56;*= ( *8 ( &*TT;6T7=6 ( *= ( [W]/LW4OC ( I7A9 ( *= ( ( 0.`0,( ?@=7C ( 0112C ( 59*Q679 ( XB ( 5AA ( V) ( K7TX7G ( O6567< ( 7TQI5<;<79( 6I7 ( ;TQ*G65=:7 ( *8 ( g599G7<<;=J ( 6I7 ( =779< ( *8 ( 6I*<7 ( 56 ( 6I7( JG7567<6 ( G;<S ( *8C ( 5=9 ( T*<6 ( N@A=7G5XA7 ( 6*C ( =7P ( ;=87:6;*= ( 5<( ;=9;:5679(XB(<@:I(85:6*G<(5<(+++(<7i@5A(QG5:6;:7<+h((W=(011.C(00( J*N7G=T7=6< ( 8G*T ( 9;887G7=6 ( G7J;*=< ( 5A*=J ( P;6I( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#$(*8(!"#
  • 53. G7QG7<7=656;N7< ( *8 ( =*=`J*N7G=T7=65A ( *GJ5=;<56;*=< ( 5=9( Q7*QA7(A;N;=J(P;6I([W](5<(T7TX7G<(*8(6I7(V)LW4O(J*N7G=;=J( X*5G9C(:5AA79(8*G(6I7(97N7A*QT7=6(*8(QG*JG5TT7<(65GJ7679( 56(S7B(5887:679(JG*@Q<(5=9(Q*Q@A56;*=<C(;=:A@9;=J(T7=(PI*( I5N7(<7i(P;6I(T7=C(97<:G;X;=J(6I;<(5<(g*=7(*8(6I7(7<<7=6;5A( Q*A;:B ( 5:6;*=< ( 8*G ( [W] ( QG7N7=6;*=h+ ( dV)LW4O ( %011.'( W=67=<;8B;=J ( [W] ( $G7N7=6;*=C ( M7=7N5C ( ?*;=6 ( V=;679 ( )56;*=<( $G*JG5TT7(*=([W]/LW4Oe+( (O;=:7(6I7=C(:*@=6GB(5=9(G7J;*=5A( :*=<@A656;*=<(I5N7(:*=8;GT79(6I56(6I7(<6;JT5C(9;<:G;T;=56;*=( 5=9(:G;T;=5A;<56;*=(85:79(XB(T7=(PI*(I5N7(<7i(P;6I(T7=(5G7( T5^*G(X5GG;7G<(6*(6I7(T*N7T7=6(8*G(@=;N7G<5A(5::7<<(6*([W]( QG7N7=6;*=C ( 6G756T7=6C ( :5G7 ( 5=9 ( <@QQ*G6+ ( dV=;679 ( )56;*=<( L/Z1/,a,(L<<7<<T7=6(XB(V)LW4O(6*(6I7(M7=7G5A(L<<7TXAB(*=( O:5A;=J ( @Q ( [W] ( $G7N7=6;*=C ( HG756T7=6C ( &5G7 ( 5=9 ( O@QQ*G6C( K5G:I(0-C(011Ze+(L6(6I7(011Z([;JI(f7N7A(K776;=J(*=(LW4OC( 6I7(K7TX7G(O6567<(5=9(:;N;A(<*:;76B(T7TX7G<(G7;67G5679(6I7( :*TT;6T7=6 ( @=97GA;=;=J ( 6I7 ( =779 ( 8*G ( g8@AA ( 5=9 ( 5:6;N7( Q5G6;:;Q56;*= ( *8 ( N@A=7G5XA7 ( JG*@Q< ( +++ ( 5=9 ( 6* ( 7A;T;=567 ( 5AA( 8*GT< ( *8 ( 9;<:G;T;=56;*= ( 5J5;=<6 ( 6I7T ( ++++ ( PI;A7 ( G7<Q7:6;=J( 6I7;G ( QG;N5:B ( 5=9 ( :*=8;97=6;5A;6Bh+ ( d$5G5JG5QI ( Z- ( *8 ( 0112( 47:A5G56;*=(*8(&*TT;6T7=6(*=([W]/LW4O(5=9($5G5JG5QI<(01( 5=9(0D(*8(6I7(011Z($*A;6;:5A(47:A5G56;*=(*=([W]/LW4Oe+(W=(6I;<( :*=67i6(V)LW4OC(;=67G(5A;5C(G7:*TT7=979(6I7(8*AA*P;=J> gR7<Q7:6C(QG*67:6(5=9(8@A8;AA(6I7(G;JI6<(*8(T7=(PI*(I5N7( <7i(P;6I(T7=(5=9(599G7<<(<6;JT5(5=9(9;<:G;T;=56;*=(;=( <*:;76B ( 5=9 ( ;= ( 6I7 ( P*GSQA5:7 ( XB ( 5T7=9;=J ( A5P<( QG*I;X;6;=J ( <7i@5A ( 5:6< ( X76P77= ( :*=<7=6;=J ( 59@A6< ( ;=( QG;N567p ( 7=8*G:;=J ( 5=6;`9;<:G;T;=56;*=p ( QG*N;9;=J ( A7J5A( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#%(*8(!"#
  • 54. 5;9 ( <7GN;:7<C ( 5=9 ( QG*T*6;=J ( :5TQ5;J=< ( 6I56 ( 599G7<<( I*T*QI*X;5+h(d[W](5=9(O7i(X76P77=(K7=(>(V)LW4Oe Z.+ L ( G7Q*G6 ( *8 ( 6I7 ( )56;*=5A ( &*=87G7=:7 ( *= ( [@T5= ( R;JI6< ( 5=9( [W]/LW4OC(I7A9(*=(0-`0.()*N7TX7GC(0111(;=()7P(47AI;(5=9( *GJ5=;<79 ( XB ( 6I7 ( )56;*=5A ( [@T5= ( R;JI6< ( &*TT;<<;*=C ( ;=( :*AA5X*G56;*=(P;6I(*6I7G(*GJ5=;<56;*=<C(:*=:A@97<> gHI7G78*G7C ( 6* ( T*G7 ( <@::7<<8@AAB ( QG7N7=6 ( 5=9 ( T5=5J7( [W]/LW4O ( 5T*=J ( 6I7<7 ( T5GJ;=5A;E79 ( Q*Q@A56;*=<C( %;=6G5N7=*@< ( 9G@J ( @<7G< ( 5=9 ( KOL'C ( 5 ( G7N;<;*= ( *8 ( 6I7( 7i;<6;=J ( A5P< ( 5=9 ( QG*:7<<7< ( ;< ( <6G*=JAB( G7:*TT7=979++++++++ ( W= ( 67GT< ( *8 ( QG7N7=6;=J ( [W]/LW4O( 5T*=J(T7=(PI*(I5N7(<7i(P;6I(T7=C(;6(P*@A9(X7(T*<6( @<78@A ( 6* ( T5S7 ( <7:6;*= ( a,, ( W$& ( *X<*A767C ( 5=9 ( ;=<6759( G7N;7P ( 6I7 ( A7J;<A56;*= ( 5=9 ( 7=975N*@G ( 6* ( 978;=7 ( T*G7( :A75GAB(6I7(5J7(*8(<7i@5A(:*=<7=6+ ( ++++ ++++ ++++ ++++ ++++( W=(5 (=@6<I7AAC(6I7(QG*67:6;*=(*8([@T5= (R;JI6<(5=9(6I7( 7TQ*P7GT7=6(*8(T5GJ;=5A;E79(Q*Q@A56;*=<(P*@A9C(;=(6I7( :*=67i6(*8([W]/LW4O(QG7N7=6;*=C(:G7567(5=(7=N;G*=T7=6( 6I56 ( P*@A9 ( 7=5XA7 ( W=9;5 ( 6* ( G75:I ( 6I7 ( T*<6 ( N@A=7G5XA7( P;6I([W]/LW4O(T7<<5J7<(5=9(<@QQ*G6;=J(T7:I5=;<T<+h ( dR7Q*G6 ( *8 ( 6I7 ( )56;*=5A ( &*=87G7=:7 ( *= ( [@T5= ( R;JI6<( 5=9([W]/LW4O(>(I66Q>//=IG:+=;:+;=/$@XA;:56;*=</G7Q*G6uI;N` 5;9<+I6Te ZZ+ HI7 ( g47AI; ( 47:A5G56;*= ( *8 ( &*AA5X*G56;*=C ( 011Zh ( ;<<@79( Q@G<@5=6(6*(W=67G=56;*=5A(&*=<@A656;*=(*=(K5A7(O7i@5A([75A6I( 5=9([W]C(:*`I*<679(XB(6I7(M*N7G=T7=6(*8(W=9;5C(V)LW4O(5=9( &;N;A(O*:;76B(UGJ5=;<56;*=<C(G7:*J=;<79(6I56>(g+++(6I7(<6;JT5C( 9;<:G;T;=56;*= ( 5=9 ( :G;T;=5A;<56;*= ( 85:79 ( XB ( T7= ( PI* ( I5N7( <7i(P;6I(T7=C(J5B(T7=(5=9(6G5=<J7=97G(Q7*QA7(5G7(T5^*G( X5GG;7G< ( 6* ( @=;N7G<5A ( 5::7<< ( 6* ( [W] ( QG7N7=6;*= ( 5=9( 6G756T7=6h ( d47AI; ( 47:A5G56;*= ( *8 ( &*AA5X*G56;*= ( > ( 0Z6I( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#&(*8(!"#
  • 55. O7Q67TX7GC ( 011Ze+ ( ( U= ( ?@=7 ( a1C ( 011_C ( 6I7 ( $G;T7 ( K;=;<67G( KG+K5=T*I5=(O;=JI(;=(5(<Q77:I(97A;N7G79(56(6I7(G7A75<7(*8( 6I7( R7Q*G6 ( *8 ( 6I7( &*TT;<<;*= ( *= ( LW4O (;= ( L<;5 ( <65679 ( g6I7( 85:6(6I56(T5=B(*8(6I7(N@A=7G5XA7(<*:;5A(JG*@Q<C(X7(6I7B(<7i( P*GS7G< ( *G ( I*T*<7i@5A< ( *G ( 9G@J ( @<7G<C ( 85:7 ( JG756 ( <*:;5A( QG7^@9;:7(I5<(T597(6I7(65<S(*8(;97=6;8B;=J(LW4O(N;:6;T<(5=9( 6G756;=J(6I7T(N7GB(9;88;:@A6h(d$G;T7(K;=;<67Gs<(599G7<<(*=(6I7( G7A75<7 ( *8 ( 6I7 ( R7Q*G6 ( *8 ( 6I7 ( &*TT;<<;*= ( *= ( LW4O ( ;= ( L<;5>( ?@=7(a1C(011Ze+(U=(L@J@<6(1_C(011_C(6I7(V=;*=(K;=;<67G(*8( [75A6I ( 5=9 ( F5T;AB ( #7A85G7C ( 4G+ ( LTX@T5=; ( R5T59*<<( <Q75S;=J ( 56 ( 6I7 ( 2,6I( W=67G=56;*=5A ( &*=87G7=:7 ( *= ( L;9< ( ;=( K7i;:* ( &;6B ( ;< ( G7Q*G679 ( 6* ( I5N7 ( <65679 ( g++++<6G@:6@G5A( 9;<:G;T;=56;*=(5J5;=<6(6I*<7(PI*(5G7(N@A=7G5XA7(6*([W](<@:I( 5<(<7i(P*GS7G<(5=9(KOK(T@<6(X7(G7T*N79(;8(*@G(QG7N7=6;*=C( :5G7(5=9(6G756T7=6 (QG*JG5TT7< (5G7(6*(<@::779h+([7(<5;9C( gO7:6;*= ( a,, ( *8 ( 6I7 ( W=9;5= ( $7=5A ( &*97C ( PI;:I ( :G;T;=5A;<7<( T7=(PI*(I5N7(<7i(P;6I(T7=C(T@<6(J*h(dR7Q*G679(;=(W=9;5=( liQG7<<>(L@J@<6(DC011Z(I66Q>//PPP+;=9;5=7iQG7<<+:*T/<6*GB/( a-ZZ-D+I6TAe+( (V=;*=(K;=;<67G(*8([75A6I(;<(5A<*(G7Q*G679(6*( I5N7 ( <65679 ( 56 ( 6I7 ( W=67G=56;*=5A ( [W]/LW4O ( &*=87G7=:7 ( ;=( H*G*=6*C(011Z(6I56(O7:6;*=(a,,(W$&(P5<(6*(X7(5T7=979(5<( Q5G6(*8(6I7(J*N7G=T7=6s<(T75<@G7<(6*(QG7N7=6([W]/LW4O+dHI7( [;=9@>(L@J@<6(2ZC011Ze Z,+ HI7G7(;<(5AT*<6(@=5=;T*@<(T79;:5A(5=9(Q<B:I;56G;:(*Q;=;*=( 6I56(I*T*<7i@5A;6B(;<(=*6(5(9;<75<7(*G(5(9;<*G97G(5=9(;<(^@<6( 5=*6I7G(7iQG7<<;*=(*8(I@T5=(<7i@5A;6B+([*T*<7i@5A;6B(P5<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(##(*8(!"#
  • 56. G7T*N79 ( 8G*T ( 6I7 ( 4;5J=*<6;: ( 5=9 ( O656;<6;:5A ( K5=@5A ( *8( K7=65A ( 4;<*G97G< ( %4OK' ( ;= ( 2D,a ( 5867G ( G7N;7P;=J ( 7N;97=:7( 6I56(I*T*<7i@5A;6B(;<(=*6(5(T7=65A(9;<*G97G+( (W=(2D_,C(7J*` 9B<6*=;:(I*T*<7i@5A;6B(P5<(=*6(;=:A@979(;=(6I7(G7N;<79(6I;G9( 79;6;*=(*8(6I7(4OK(5867G(5(<;T;A5G(G7N;7P+((W=(2DD0C(6I7(#*GA9( [75A6I(UGJ5=;<56;*=(G7T*N79(I*T*<7i@5A;6B(8G*T(;6<(A;<6(*8( T7=65A ( ;AA=7<<7< ( ;= ( 6I7 ( W=67G=56;*=5A ( &A5<<;8;:56;*= ( *8( 4;<75<7< ( %W&4 ( 21'+ ( ( M@;97A;=7< ( *8 ( 6I7 ( W&4 ( 21 ( G759<>( g9;<*G97G< ( *8 ( <7i@5A ( QG787G7=:7 ( 5G7 ( :A75GAB ( 9;887G7=6;5679( 8G*T(9;<*G97G<(*8(J7=97G(;97=6;6B(5=9(I*T*<7i@5A;6B(;=(;6<7A8( ;<(=*(A*=J7G(;=:A@979(5<(5(:567J*GB+h Z_+ L::*G9;=J(6*(6I7(LT;:@<(XG;78(8;A79(;=(0110(XB(6I7(LT7G;:5=( $<B:I;56G;: ( L<<*:;56;*= ( X78*G7 ( 6I7 ( V=;679 ( O6567< ( O@QG7T7( &*@G6(;=(6I7(:5<7(*8(<#Q-,$2,&'(&G,W#4>( gL::*G9;=J ( 6* ( :@GG7=6 ( <:;7=6;8;: ( 5=9 ( QG*87<<;*=5A( @=97G<65=9;=JC ( I*P7N7GC ( 6I7 ( :*G7 ( 877A;=J< ( 5=9( 566G5:6;*=< ( 6I56 ( 8*GT ( 6I7 ( X5<;< ( 8*G ( 59@A6 ( <7i@5A( *G;7=656;*=(6BQ;:5AAB(7T7GJ7(X76P77=(T;99A7(:I;A9I**9( 5=9 ( 75GAB ( 59*A7<:7=:7+ ( ( K*G7*N7GC ( 6I7<7 ( Q5667G=< ( *8( <7i@5A ( 566G5:6;*= ( J7=7G5AAB ( 5G;<7 ( P;6I*@6 ( 5=B ( QG;*G( <7i@5A(7iQ7G;7=:7+h(dQ5J7(,(*8(LT;:@<(XG;78e HI@<C(I*T*<7i@5A;6B(;<(=*6(5(9;<75<7(*G(T7=65A(;AA=7<<(6I56( =779<(6*(X7C(*G(:5=(X7C(s:@G79s(*G(s5A67G79sC(;6(;<(^@<6(5=*6I7G( 7iQG7<<;*=(*8(I@T5=(<7i@5A;6B+ ZD+ f75G=79 ( L99;6;*=5A ( O*A;:;6*G ( M7=7G5A ( T597 ( 5= ( 5667TQ6 ( 56( :5=N5<<;=J(6I7(;=67G7<6(*8(Q@XA;:(I75A6I(6*(^@<6;8B(G767=6;*=(*8( O7:6;*=(a,,(W$&(*=(6I7(<656@67(X**S+(([7(G787GG79(6*(6I7(V)( R7Q*G6 ( *= ( MA*X5A ( LW4O ( lQ;97T;:C ( 011_C ( Q5G6;:@A5GAB ( 6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#'(*8(!"#
  • 57. <7:6;*= ( 975A;=J ( P;6I ( L<;5 ( 6* ( I;JIA;JI6 ( 6I56 ( [W] ( /LW4O ( ;<( 6G5=<T;6679(6IG*@JI(6I7(G*@67(*8(<7i(5=9(<Q7:;8;:5AAB(6I56(*8( <7i(XB(T7=`P;6I`T7=+( (R7A;5=:7(P5<(QA5:79(*=(6I7(8;=9;=J<( ;=9;:5679(56(Q5J7<(-,`.1(*8(6I7(R7Q*G6(6*(6I7(7887:6(6I56(;=( L<;5(5=(7<6;T5679(.+1(T;AA;*=(Q7*QA7(P7G7(A;N;=J(P;6I([W](;=( 011,(*@6(*8(PI;:I(aC_1C111(Q7*QA7(P7G7(6I*<7(PI*(I59(X77=( =7PAB(;=87:679(;=(6I56(B75G(5A*=7+((HI7(V)(R7Q*G6(566G;X@67<( 6I;<(5A5GT;=J(;=:G75<7(;=(6I7([W](;=87:6;*=C(5T*=J<6(*6I7G<C( 6*(g@=QG*67:679(<7ih(;=(PI;:I(@=QG*67:679(5=5A(<7i(X76P77=( T7=(;<(<65679(6*(X7(5(Q*67=6;5A(<;J=;8;:5=6(85:6*G+( ( (f75G=79( LOM ( QA5:79 ( G7A;5=:7 ( *= ( 5 ( =@TX7G ( *8 ( 5G6;:A7<C ( Q5Q7G< ( 5=9( G7Q*G6<C(;=:A@9;=J(Q@XA;:56;*=<(*8(&7=6G7(8*G(4;<75<7(&*=6G*A( 5=9($G7N7=6;*=(%&4&'+((HI7(*X^7:6;N7(*8(LOMC(;=(G7AB;=J(@Q*=( 6I;<(T567G;5AC(;<(6*(<I*P(6I56([W]/LW4O(;<(<QG759(6IG*@JI(<7i( 5=9(6I56(T7=`6*`T7=(<7i(:5GG;7<(I;JI7G(G;<S(*8(7iQ*<@G7(5<( :*TQ5G79 ( 6* ( 87T5A7`6*`T5A7 ( *G ( T5A7`6*`87T5A7+ ( W= ( I;<( <@XT;<<;*=C(97`:G;T;=5A;<56;*=(*8(O7:6;*=(a,,(W$&(:5==*6(X7( 6I7 ( :@G7 ( 5< ( I*T*<7i@5A< ( ;=<6759 ( =779 ( T79;:5A ( 6G756T7=6( 5=9 ( 8@G6I7G ( 6I56 ( LW4O ( :5= ( X7 ( QG7N7=679 ( XB ( 5QQG*QG;567( 79@:56;*=C(@<7(*8(:*=9*T<(5=9(59N*:5:B(*8(*6I7G(<587(<7i( QG5:6;:7<+ ,1+ #7(5G7(@=5XA7(6*(5::797(6*(6I7(<@XT;<<;*=<(*8(A75G=79(LOM+( HI7(@=97G<65=9;=J(*8(I*T*<7i@5A;6BC(5<(QG*^7:679(XB(I;TC(;<( 56 ( *99< ( P;6I ( 6I7 ( :@GG7=6 ( <:;7=6;8;: ( 5=9 ( QG*87<<;*=5A( @=97G<65=9;=J+ ( ( L< ( 5AG759B ( =*6;:79 ( P;6I ( G787G7=:7 ( 6*( 4;5J=*<6;:(5=9(O656;<6;:5A(K5=@5A(*8(K7=65A(4;<*G97G<(%4OK'C( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#((*8(!"#
  • 58. 5<(G7N;<79(;=(2D_,(%aG9(79;6;*='C(gI*T*<7i@5A;6Bh(;<(=*(A*=J7G( 6G75679 ( 5< ( 5 ( 9;<75<7 ( *G ( 9;<*G97G ( 5=9 ( =*P( =75G ( @=5=;T*@<( T79;:5A ( 5=9 ( Q<B:I;56G;: ( 7iQ7G6 ( *Q;=;*= ( 6G756< ( ;6 ( 5< ( ^@<6( 5=*6I7G(7iQG7<<;*=(*8(I@T5=(<7i@5A;6B+(( ,2+ HI7(<@XT;<<;*=(*8(LOM(6I56(O7:6;*=(a,,(W$&(9*7<(=*6(;=(5=B( T5==7G ( :*T7 ( ;= ( 6I7 ( P5B ( *8 ( KOK ( 5::7<<;=J ( [W]/LW4O( QG7N7=6;*=(T567G;5A(*G(I75A6I(:5G7(;=67GN7=6;*=(;<(;=(:*=6G5<6( 6* ( 6I56 ( *8 ( )L&UC ( 5 ( <Q7:;5A;E79 ( 5J7=:B ( *8 ( 6I7 ( J*N7G=T7=6( 7=6G@<679(P;6I(6I7(9@6B(6*(8*GT@A567(5=9(;TQA7T7=6(Q*A;:;7<( 8*G(QG7N7=6;*=(*8(<QG759(*8([W]/LW4O+( (L<(T7=6;*=79(75GA;7GC( )L&U(:*=8;GT<(6I7(:5<7(*8(6I7(Q76;6;*=7G(6I56(7=8*G:7T7=6( *8(O7:6;*=(a,,(W$&(:*=6G;X@67<(59N7G<7ABp(;=(6I56C(;6(A759<(6*( :*=<65=6AB(;=I;X;6;=J(;=67GN7=6;*=<(6IG*@JI(6I7()56;*=5A(LW4O( &*=6G*A($G*JG5TT7(@=97G65S7=(XB(6I7(<5;9(5J7=:B+((W6(=779<( 6*(X7(=*679(I7G7(6I56(M*N7G=T7=6(*8(W=9;5(;<(5(Q5G6B(6*(6I7( 97:A5G79 ( :*TT;6T7=6 ( 6* ( 599G7<< ( 6I7 ( =779< ( *8 ( 6I*<7 ( 56( JG7567G(G;<S(*8([W](;=:A@9;=J(5T*=J<6([;JI(R;<S(MG*@Q<C(<@:I( 5<(KOK(dO77 (06578Q(.:75=6?(,8689:;(-??8P[;Y(18<;:9:75=6( = ( 2=PP57P867 ( =6 ( !"GH-"1#4 ( K]]L4 (56 ( Q5G5 ( Z-p ( )L&UC( K*[F#C (.:75=6:;(-"1#(2=679=;(39=^9:PP8(3A:?8("""(_K]]S` K]LKa(#79:78^Y(:6Q("P@;8P867:75=6(3;:64()*N7TX7G(011ZC(56( Q5J7<(2_`a0e+(HI@<C(6I7(<@XT;<<;*=<(T597(*G5AAB(*=(X7I5A8( *8(6I7(V=;*=(*8(W=9;5(5G7(=*6(X*G=7(*@6(XB(6I7(G7:*G9<+( (U=( *=7 ( I5=9C ( 6I7 ( 588;95N;6 ( *8 ( )L&U ( :567J*G;:5AAB ( <6567< ( 6I56( O7:6;*=(a,,(W$&(Q@<I7<(J5B<(5=9(KOK(@=97GJG*@=9C(A75N7<( 6I7T ( N@A=7G5XA7 ( 6* ( Q*A;:7 ( I5G5<<T7=6 ( 5=9 ( G7=97G< ( 6I7T( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#)(*8(!"#
  • 59. @=5XA7 ( 6* ( 5::7<< ( [W]/LW4O ( QG7N7=6;*= ( T567G;5A ( 5=9( 6G756T7=6+ ( ( U= ( 6I7 ( *6I7GC ( 6I7 ( 7i67=<;N7AB ( 9*:@T7=679( ;=<65=:7< ( *8 ( )MU< ( P*GS;=J ( ;= ( 6I7 ( 8;7A9 ( *8 ( [W]/LW4O( QG7N7=6;*= ( 5=9 ( I75A6I ( :5G7 ( X7;=J ( 65GJ7679 ( 5=9 ( 6I7;G ( <6588( 5GG7<679 ( @=97G ( O7:6;*= ( a,, ( W$& ( 5TQAB ( 97T*=<6G567 ( 6I7( ;TQ5:6(*8(:G;T;=5A;E56;*=(*8(I*T*<7i@5A(:*=9@:6+(( ,0+ HI7(<@XT;<<;*=(*8(LOM(6I56(O7:6;*=(a,,(W$&(I7AQ<(;=(Q@66;=J( 5(XG5S7 (;=(6I7( <QG759 (*8(LW4O (5=9(;8 (:*=<7=<@5A(<5T7`<7i( 5:6< ( X76P77= ( 59@A6< ( P7G7 ( 6* ( X7 ( 97`:G;T;=5A;<79C ( ;6 ( P*@A9( 7G*97 ( 6I7 ( 7887:6 ( *8 ( Q@XA;: ( I75A6I ( <7GN;:7< ( XB ( 8*<67G;=J ( 6I7( <QG759(*8(LW4O(;<(:*TQA767AB(@=8*@=979(<;=:7(;6(;<(X5<79(*=( ;=:*GG7:6 ( 5=9 ( PG*=J ( =*6;*=<+ ( ( ( O7i@5A ( 6G5=<T;<<;*= ( ;< ( *=AB( *=7 ( *8 ( 6I7 ( <7N7G5A ( 85:6*G< ( 8*G ( 6I7 ( <QG759 ( *8 ( [W] ( 5=9 ( 6I7( 9;<75<7 ( <QG759< ( 6IG*@JI ( X*6I ( I*T*<7i@5A ( 5< ( P7AA ( 5<( I767G*<7i@5A ( :*=9@:6+ ( ( HI7G7 ( ;< ( =* ( <:;7=6;8;: ( <6@9B ( *G( G7<75G:I(P*GS(XB(5=B(G7:*J=;<79(<:;7=6;8;:(*G(T79;:5A(X*9BC( *G ( 8*G ( 6I56 ( T5667G ( 5=B ( *6I7G ( T567G;5AC ( 6* ( <I*P ( 5=B ( :5@<5A( :*==7:6;*= ( 7i;<6;=J ( X76P77= ( 97:G;T;=5A;<56;*= ( *8( I*T*<7i@5A;6B(5=9(6I7(<QG759(*8([W]/LW4O+(HI7(5GJ@T7=6C(;=( 85:6C(G@=<(:*@=67G(6*(6I7(Q*A;:B(8*AA*P79(XB(6I7(K;=;<6GB(*8( [75A6I(5=9(F5T;AB(#7A85G7(;=(:*TX56;=J(6I7(<QG759(*8(6I;<( 9;<75<7+(( ,a+ L(<;T;A5G(A;=7(*8(5GJ@T7=6(59N5=:79(;=(6I7(:5<7(*8 (G..$,$ & '( & ?=#=, & .D & M%4=-#;8#( %<@QG5' ( X78*G7 ( [@T5= ( R;JI6<( &*TT;6677(P5<(G7^7:679(P;6I(6I7(8*AA*P;=J(*X<7GN56;*=<>( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(#*(*8(!"#
  • 60. gL< ( 85G ( 5< ( 6I7 ( Q@XA;: ( I75A6I ( 5GJ@T7=6 ( *8 ( 6I7( H5<T5=;5= ( 5@6I*G;6;7< ( ;< ( :*=:7G=79C ( 6I7( &*TT;6677 ( =*67< ( 6I56 ( 6I7 ( :G;T;=5A;E56;*= ( *8( I*T*<7i@5A ( QG5:6;:7< ( :5==*6 ( X7 ( :*=<;97G79 ( 5( G75<*=5XA7 ( T75=< ( *G ( QG*Q*G6;*=567 ( T75<@G7 ( 6*( 5:I;7N7 ( 6I7 ( 5;T ( *8 ( QG7N7=6;=J ( 6I7 ( <QG759 ( *8( LW4O/[W]+( HI7( M*N7G=T7=6 (*8( L@<6G5A;5(*X<7GN7<( 6I56 ( <656@67< ( :G;T;=5A;E;=J ( I*T*<7i@5A ( 5:6;N;6B( 67=9 ( 6* ( ;TQ797 ( Q@XA;: ( I75A6I ( QG*JG5TT7< ( nXB( 9G;N;=J ( @=97GJG*@=9 ( T5=B ( *8 ( 6I7 ( Q7*QA7 ( 56 ( 6I7( G;<S ( *8 ( ;=87:6;*=n+ ( &G;T;=5A;E56;*= ( *8 ( I*T*<7i@5A( 5:6;N;6B(6I@<(P*@A9(5QQ75G(6*(G@=(:*@=67G(6*(6I7( ;TQA7T7=656;*= ( *8 ( 7887:6;N7 ( 79@:56;*=( QG*JG5TT7< ( ;= ( G7<Q7:6 ( *8 ( 6I7 ( [W]/LW4O( QG7N7=6;*=+ ( O7:*=9ABC ( 6I7 ( &*TT;6677 ( =*67< ( 6I56( =* ( A;=S ( I5< ( X77= ( <I*P= ( X76P77= ( 6I7 ( :*=6;=@79( :G;T;=5A;E56;*= ( *8 ( I*T*<7i@5A ( 5:6;N;6B ( 5=9 ( 6I7( 7887:6;N7 ( :*=6G*A ( *8 ( 6I7 ( <QG759 ( *8 ( 6I7 ( [W]/LW4O( N;G@<+hdQ5G5(_+.e ,-+ f75G=79(LOM(P5<(56(Q5;=<(6*(5GJ@7(6I56(O7:6;*=(a,,(W$&(;<( =*6 ( QG*=7 ( 6* ( T;<@<7 ( 5< ( ;6 ( ;< ( =*6 ( 7=8*G:79 ( 5J5;=<6( I*T*<7i@5A< ( X@6 ( J7=7G5AAB ( @<79 ( ;= ( :5<7< ( ;=N*AN;=J ( :I;A9( 5X@<7(*G(<7i@5A(5X@<7+((LJ5;=C(6I7(<@XT;<<;*=(;<(5J5;=<6(6I7( 85:6<+( (L(=@TX7G(*8(9*:@T7=6<C(588;95N;6<(5=9(5@6I*G;656;N7( G7Q*G6< ( *8 ( ;=97Q7=97=6 ( 5J7=:;7< ( 5=9 ( 7N7= ( ^@9JT7=6< ( *8( N5G;*@<(:*@G6<(I5N7(X77=(XG*@JI6(*=(G7:*G9(6*(97T*=<6G567( 6I7(P;97<QG759(5X@<7(*8(O7:6;*=(a,,(W$&(8*G(XG@65A;<;=J(KOK( 5=9(J5B(:*TT@=;6B(Q7G<*=<C(<*T7(*8(6I7T (*8(N7GB(G7:7=6( N;=65J7+ ( (W8( 6I7( Q7=5A( :A5@<7(;< (=*6 ( X7;=J( 7=8*G:79 (5J5;=<6( I*T*<7i@5A< (7=J5J79( ;=(:*=<7=<@5A(5:6< (P;6I;=(QG;N5:BC(;6( *=AB(;TQA;7<(6I56(6I;<(QG*N;<;*=(;<(=*6(977T79(7<<7=6;5A(8*G( 6I7 ( QG*67:6;*= ( *8 ( T*G5A< ( *G ( Q@XA;: ( I75A6I ( N;<`5`N;< ( <5;9( <7:6;*= ( *8 ( <*:;76B+ ( ( HI7 ( QG*N;<;*=C ( 8G*T ( 6I;< ( Q7G<Q7:6;N7C( <I*@A9(85;A(6I7(gG75<*=5XA7=7<<h(67<6+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('"(*8(!"#
  • 61. D%&-+"$' ( -# ( - ( ,&%0.1 ( %) ( - ( &*#$&"2$"%. ( $%( )0.1-D*.$-+(&",!$# ,.+ L< ( I7A9 ( ;= (7.38$9( %<@QG5'C ( ;8 ( 6I7 ( :*@G6 ( 9*7< ( 8;=9 ( 6I56 ( 5( :A5;T79 ( G;JI6 ( ;< ( 7=6;6A79 ( 6* ( QG*67:6;*= ( 5< ( 5 ( 8@=95T7=65A( QG;N5:B ( G;JI6C ( 6I7 ( A5P ( ;=8G;=J;=J ( ;6 ( T@<6 ( <56;<8B ( 6I7( :*TQ7AA;=J ( <6567 ( ;=67G7<6 ( 67<6+ ( ( #I;A7 ( ;6 ( :*@A9 ( X7 ( g5( :*TQ7AA;=J ( <6567 ( ;=67G7<6h ( 6* ( G7J@A567 ( XB ( A5PC ( 6I7 ( 5G75 ( 8*G( 6I7(QG*67:6;*=(*8(:I;A9G7=(5=9(*6I7G<(;=:5Q5XA7(*8(J;N;=J(5( N5A;9 ( :*=<7=6 ( *G ( 6I7 ( 5G75 ( *8 ( =*=`:*=<7=<@5A ( <7iC( 7=8*G:7T7=6 ( *8 ( Q@XA;: ( T*G5A;6B ( 9*7< ( =*6 ( 5T*@=6 ( 6* ( 5( g:*TQ7AA;=J(<6567(;=67G7<6h(6*(^@<6;8B(;=N5<;*=(*8(6I7(E*=7(*8( QG;N5:B(*8(59@A6(I*T*<7i@5A<(7=J5J79(;=(:*=<7=<@5A(<7i(;=( QG;N567 ( P;6I*@6 ( ;=67=9;=J ( 6* ( :5@<7 ( I5GT ( 6* ( 75:I ( *6I7G ( *G( *6I7G<+((W= (<#Q-,$2,&'(&G,W#4(%<@QG5'C(6I7(&*@G6(I7A9(6I56( T*G5A(9;<5QQG*N5A(;<(=*6(XB(;6<7A8(5(A7J;6;T567(<6567(;=67G7<6( 6* (^@<6;8B(5(<656@67 (6I56(X5=<(I*T*<7i@5A (<*9*TB+ ( (?@<6;:7( Y7==79B(*X<7GN79>( gHI7 ( QG7<7=6 ( :5<7 ( 9*7< ( =*6 ( ;=N*AN7 ( T;=*G<+ ( W6( 9*7<(=*6(;=N*AN7(Q7G<*=<(PI*(T;JI6(X7(;=^@G79(*G( :*7G:79 ( *G ( PI* ( 5G7 ( <;6@5679 ( ;= ( G7A56;*=<I;Q<( PI7G7 ( :*=<7=6 ( T;JI6 ( =*6 ( 75<;AB ( X7 ( G78@<79+ ( W6( 9*7<(=*6(;=N*AN7(Q@XA;:(:*=9@:6(*G(QG*<6;6@6;*=+(W6( 9*7< ( =*6 ( ;=N*AN7 ( PI76I7G ( 6I7 ( J*N7G=T7=6 ( T@<6( J;N7 ( 8*GT5A ( G7:*J=;6;*= ( 6* ( 5=B ( G7A56;*=<I;Q ( 6I56( I*T*<7i@5A(Q7G<*=<(<77S(6*(7=67G+(HI7(:5<7(9*7<( ;=N*AN7 ( 6P* ( 59@A6< ( PI*C ( P;6I ( 8@AA ( 5=9 ( T@6@5A( :*=<7=6 ( 8G*T ( 75:I ( *6I7GC ( 7=J5J79 ( ;= ( <7i@5A( QG5:6;:7<(:*TT*=(6*(5(I*T*<7i@5A(A;87<6BA7+(HI7( Q76;6;*=7G<(5G7(7=6;6A79(6*(G7<Q7:6(8*G(6I7;G(QG;N567( A;N7<+(HI7(O6567(:5==*6(97T75=(6I7;G(7i;<67=:7(*G( :*=6G*A ( 6I7;G ( 97<6;=B ( XB ( T5S;=J ( 6I7;G ( QG;N567( <7i@5A ( :*=9@:6 ( 5 ( :G;T7+ ( HI7;G ( G;JI6 ( 6* ( A;X7G6B( @=97G(6I7(4@7($G*:7<<(&A5@<7(J;N7<(6I7T(6I7(8@AA( G;JI6 ( 6* ( 7=J5J7 ( ;= ( 6I7;G ( :*=9@:6 ( P;6I*@6( ;=67GN7=6;*=(*8(6I7(J*N7G=T7=6+(gW6(;<(5(QG*T;<7(*8( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('!(*8(!"#
  • 62. 6I7(&*=<6;6@6;*=(6I56(6I7G7(;<(5(G75AT(*8(Q7G<*=5A( A;X7G6B(PI;:I(6I7(J*N7G=T7=6(T5B(=*6(7=67G+h(++++( HI7 ( H7i5< ( <656@67 ( 8@G6I7G< ( =* ( A7J;6;T567 ( <6567( ;=67G7<6 ( PI;:I ( :5= ( ^@<6;8B ( ;6< ( ;=6G@<;*= ( ;=6* ( 6I7( Q7G<*=5A(5=9(QG;N567(A;87(*8(6I7(;=9;N;9@5A+hdQ5J7( .,_e ,Z+ F@G6I7GC ( ?@<6;:7 ( Us&*==*G ( PI;A7 ( :*=:@GG;=J ( ;= ( 6I7 ( T5^*G;6B( ^@9JT7=6(59979(6I56>( gW=9779C ( P7 ( I5N7 ( =7N7G ( I7A9 ( 6I56 ( T*G5A( 9;<5QQG*N5AC ( P;6I*@6 ( 5=B ( *6I7G ( 5<<7G679 ( <6567( ;=67G7<6C(;<(5(<@88;:;7=6(G56;*=5A7(@=97G(6I7(lk@5A( $G*67:6;*= ( &A5@<7 ( 6* ( ^@<6;8B ( 5 ( A5P ( 6I56( 9;<:G;T;=567< ( 5T*=J ( JG*@Q< ( *8 ( Q7G<*=<+hdQ5J7( ._0e ,,+ W= (>%9P,.$ & '( & J$8=,9 & !8$P9.*( %<@QG5'C ( 6I7 ( VY( M*N7G=T7=6(@GJ79(6I56(6I7G7(;<(877A;=J(;=()*G6I7G=(WG7A5=9( 5J5;=<6 ( 6I7 ( QG*Q*<79 ( :I5=J7C ( 5< ( ;6 ( P*@A9 ( X7 ( <7G;*@<AB( 95T5J;=J(6*(6I7(T*G5A(85XG;:(*8()*G6I7G=(WG;<I(<*:;76B+( (HI7( ;<<@7 ( X78*G7 ( 6I7 ( &*@G6 ( P5< ( 6* ( PI56 ( 7i67=6C ( ;8 ( 56 ( 5AAC ( 6I7( T5;=67=5=:7 ( ;= ( 8*G:7 ( *8 ( 6I7 ( A7J;<A56;*= ( ;< ( g=7:7<<5GB ( ;= ( 5( 97T*:G56;:(<*:;76Bh(8*G(6I7<7(5;T<+((HI7(&*@G6(5867G(G787GG;=J( 6*(#*A87=97=(G7Q*G6(*X<7GN79(6I56(*N7G5AA(8@=:6;*=(<7GN79(XB( 6I7(:G;T;=5A(A5P(;=(6I;<(8;7A9(;<(6*(QG7<7GN7(Q@XA;:(*G97G(5=9( 97:7=:B(5=9(6*(QG*67:6(6I7(:;6;E7=(8G*T(PI56(;<(*887=<;N7(*G( ;=^@G;*@<+ ( F@G6I7GT*G7C ( 6I7 ( =7:7<<;6B ( 8*G ( <*T7 ( 97JG77 ( *8( :*=6G*A ( T5B ( 7N7= ( 7i67=9 ( 6* ( :*=<7=<@5A ( 5:6< ( :*TT;6679 ( ;=( QG;N567C ( PI7G7 ( 6I7G7 ( ;< ( :5AA ( 6* ( QG*N;97 ( <*:;5A ( <587J@5G9<( 5J5;=<6 ( 7iQA*;656;*= ( 5=9 ( :*GG@Q6;*= ( *8 ( *6I7G<C ( Q5G6;:@A5GAB( 6I*<7(PI*(5G7(<Q7:;5AAB(N@A=7G5XA7(X7:5@<7(6I7B(5G7(B*@=JC( P75S(;=(X*9B(*G(T;=9C(;=7iQ7G;7=:79C(*G(;=(5(<6567(*8(<Q7:;5A( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('$(*8(!"#
  • 63. QIB<;:5AC ( *88;:;5AC ( *G ( 7:*=*T;: ( 97Q7=97=:7+ ( ( HI7 ( &*@G6( :*=:A@979(5<(8*AA*P<>( gL<(:*TQ5G79(P;6I(6I7(7G5(PI7=(6I56(A7J;<A56;*=( P5<(7=5:679C(6I7G7(;<(=*P(5(X7667G(@=97G<65=9;=JC( 5=9 ( ;= ( :*=<7k@7=:7 ( 5= ( ;=:G75<79 ( 6*A7G5=:7C ( *8( I*T*<7i@5A ( X7I5N;*@G ( 6* ( 6I7 ( 7i67=6 ( 6I56 ( ;= ( 6I7( JG756 ( T5^*G;6B ( *8 ( 6I7 ( T7TX7G ( O6567< ( *8 ( 6I7( &*@=:;A(*8(l@G*Q7(;6(;<(=*(A*=J7G(:*=<;97G79(6*(X7( =7:7<<5GB ( *G ( 5QQG*QG;567 ( 6* ( 6G756 ( I*T*<7i@5A( QG5:6;:7< ( *8 ( 6I7 ( S;=9 ( =*P ( ;= ( k@7<6;*= ( 5< ( ;=( 6I7T<7AN7<(5(T5667G(6*(PI;:I(6I7(<5=:6;*=<(*8(6I7( :G;T;=5A(A5P(<I*@A9(X7(5QQA;79p(6I7(&*@G6(:5==*6( *N7GA**S ( 6I7 ( T5GS79 ( :I5=J7< ( PI;:I ( I5N7( *::@GG79(;=(6I;<(G7J5G9(;=(6I7(9*T7<6;:(A5P(*8(6I7( T7TX7G(O6567<(+++++(W=()*G6I7G=(WG7A5=9(;6<7A8C(6I7( 5@6I*G;6;7< ( I5N7 ( G78G5;=79 ( ;= ( G7:7=6 ( B75G< ( 8G*T( 7=8*G:;=J ( 6I7 ( A5P ( ;= ( G7<Q7:6 ( *8 ( QG;N567( I*T*<7i@5A(5:6<(X76P77=(:*=<7=6;=J(T5A7<(*N7G( 6I7(5J7(*8(02(B75G<(:5Q5XA7(*8(N5A;9(:*=<7=6+(()*( 7N;97=:7(I5<(X77=(599@:79(6*(<I*P(6I56(6I;<(I5<( X77= ( ;=^@G;*@< ( 6* ( T*G5A ( <65=95G9< ( ;= ( )*G6I7G=( WG7A5=9(*G(6I56(6I7G7(I5<(X77=(5=B(Q@XA;:(97T5=9( 8*G(<6G;:67G(7=8*G:7T7=6(*8(6I7(A5P+ W6 ( :5==*6 ( X7 ( T5;=65;=79 ( ;= ( 6I7<7 ( :;G:@T<65=:7<( 6I56 ( 6I7G7 ( ;< ( 5 ( gQG7<<;=J ( <*:;5A ( =779h ( 6* ( T5S7( <@:I ( 5:6< ( :G;T;=5A ( *887=:7<C ( 6I7G7 ( X7;=J ( =*( <@88;:;7=6(^@<6;8;:56;*=(QG*N;979(XB(6I7(G;<S(*8(I5GT( 6* ( N@A=7G5XA7 ( <7:6;*=< ( *8 ( <*:;76B ( G7k@;G;=J( QG*67:6;*=(*G(XB(6I7(7887:6<(*=(6I7(Q@XA;:+++h(dQ5G5( Z1e ,_+ W=(H.--84&'(&/,+%3;82&.D&K-,;#$9(%<@QG5'C(6I7(&*@G6(9G7P(5( :*TQ5G;<*= ( P;6I ( 6I7 (>%9P,.$( :5<7 ( 5=9 ( G7A;79 ( *= ( 6I7( G75<*=;=J(;=(6I7(A5667G(:5<7(6*(I*A9(6I56>( gW6(:5==*6(X7(T5;=65;=79(6I56(6I7G7(;<(5(gQG7<<;=J( <*:;5A(=779h(6*(T5S7(<@:I(5:6<(:G;T;=5A(*887=:7<+( U=(6I7(<Q7:;8;:(;<<@7(*8($G*Q*G6;*=5A;6BC(6I7(&*@G6( ;<(*8(6I7(*Q;=;*=(6I56(g<@:I(^@<6;8;:56;*=<(5<(6I7G7( 5G7(8*G(G765;=;=J(6I7(A5P(;=(8*G:7(@=5T7=979(5G7( *@6P7;JI79(XB(6I7(976G;T7=65A(7887:6<(PI;:I(6I7( N7GB ( 7i;<67=:7 ( *8 ( 6I7 ( A7J;<A56;N7 ( QG*N;<;*=< ( ;=( k@7<6;*= ( :5= ( I5N7 ( *= ( 6I7 ( A;87 ( *8 ( 5 ( Q7G<*= ( *8( I*T*<7i@5A ( *G;7=656;*= ( A;S7 ( 6I7 ( 5QQA;:5=6+( LA6I*@JI ( T7TX7G< ( *8 ( 6I7 ( Q@XA;: ( PI* ( G7J5G9( I*T*<7i@5A;6B ( 5< ( ;TT*G5A ( T5B ( X7 ( <I*:S79C( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('%(*8(!"#
  • 64. *887=979 ( *G ( 9;<6@GX79 ( XB ( 6I7 ( :*TT;<<;*= ( XB( *6I7G<(*8(QG;N567(I*T*<7i@5A(5:6<C(6I;<(:5==*6(*=( ;6<(*P=(P5GG5=6(6I7(5QQA;:56;*=(*8(Q7=5A(<5=:6;*=<( PI7= ( ;6 ( ;< ( :*=<7=6;=J ( 59@A6< ( 5A*=7 ( PI* ( 5G7( ;=N*AN79+h(dQ5G5(-Ze ,D+ HI@<(Q*Q@A5G(T*G5A;6B(*G(Q@XA;:(9;<5QQG*N5A(*8(:7G65;=(5:6<(;<( =*6 ( 5 ( N5A;9 ( ^@<6;8;:56;*= ( 8*G ( G7<6G;:6;*= ( *8 ( 6I7 ( 8@=95T7=65A( G;JI6<(@=97G(LG6;:A7(02+( ($*Q@A5G(T*G5A;6BC(5<(9;<6;=:6(8G*T(5( :*=<6;6@6;*=5A(T*G5A;6B(97G;N79(8G*T(:*=<6;6@6;*=5A(N5A@7<C(;<( X5<79(*=(<I;86;=J(5=9(<@X^7:6;=J(=*6;*=<(*8(G;JI6(5=9(PG*=J+( W8(6I7G7(;<(5=B(6BQ7(*8(gT*G5A;6Bh(6I56(:5=(Q5<<(6I7(67<6(*8( :*TQ7AA;=J ( <6567 ( ;=67G7<6C ( ;6 ( T@<6 ( X7 ( g:*=<6;6@6;*=5Ah( T*G5A;6B ( 5=9 ( =*6 ( Q@XA;: ( T*G5A;6B+ ( HI;< ( 5<Q7:6 ( *8( :*=<6;6@6;*=5A ( T*G5A;6B ( P5< ( <6G*=JAB ( ;=<;<679 ( @Q*= ( XB ( 4G+( LTX79S5G(;=(6I7(&*=<6;6@7=6(L<<7TXAB+ ( (#I;A7(T*N;=J(6I7( 4G586(&*=<6;6@6;*=(;=(6I7(L<<7TXAB(d&*=<6;6@6;*=5A(L<<7TXAB( 47X567<(>(U88;:;5A(R7Q*G6<(]*A+]WW>()*N7TX7G(-C(2D-_C(Q5J7( a_eC ( 4G+ ( LTX79S5G ( k@*679 ( MG*67C ( 6I7 ( I;<6*G;5= ( *8 ( MG77:7C( PI*(I59(<5;9>(( nHI7 ( 9;88@<;*= ( *8 ( :*=<6;6@6;*=5A ( T*G5A;6BC ( =*6( T7G7AB(5T*=J(6I7(T5^*G;6B(*8(5=B(:*TT@=;6B(X@6( 6IG*@JI*@6 ( 6I7 ( PI*A7C ( ;< ( 5= ( ;=9;<Q7=<5XA7( :*=9;6;*= ( *8 ( J*N7G=T7=6 ( 56 ( *=:7 ( 8G77 ( 5=9( Q75:75XA7p(<;=:7(7N7=(5=B(Q*P7G8@A(5=9(*X<6;=567( T;=*G;6B ( T5B ( G7=97G ( 6I7 ( P*GS;=J ( *8 ( 5 ( 8G77( ;=<6;6@6;*= ( ;TQG5:6;:5XA7 ( P;6I*@6 ( X7;=J ( <6G*=J( 7=*@JI ( 6* ( :*=k@7G ( 6I7 ( 5<:7=95=:B ( 8*G( 6I7T<7AN7<+n(( L867G(k@*6;=J(MG*67C(4G+(LTX79S5G(59979>( n#I;A7 ( 7N7GBX*9B ( G7:*J=;<79 ( 6I7 ( =7:7<<;6B ( *8( 9;88@<;*= ( *8 ( :*=<6;6@6;*=5A ( T*G5A;6B ( 8*G ( 6I7( Q75:78@A ( P*GS;=J (*8 ( 6I7 ( 97T*:G56;: ( :*=<6;6@6;*=C( 6I7G7(5G7(6P*(6I;=J<(;=67G:*==7:679(P;6I(;6(PI;:I( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('&(*8(!"#
  • 65. 5G7(=*6C(@=8*G6@=567ABC(J7=7G5AAB(G7:*J=;<79+(U=7( ;< ( 6I56 ( 6I7 ( 8*GT ( *8 ( 59T;=;<6G56;*= ( T@<6 ( X7( 5QQG*QG;567(6*(5=9(;=(6I7(<5T7(<7=<7(5<(6I7(8*GT( *8(6I7(&*=<6;6@6;*=+(HI7(*6I7G(;<(6I56(;6(;<(Q7G87:6AB( Q*<<;XA7 ( 6* ( Q7GN7G6 ( 6I7 ( &*=<6;6@6;*=C ( P;6I*@6( :I5=J;=J(;6<(8*GT(XB(T7G7AB(:I5=J;=J(;6<(8*GT(*8( 59T;=;<6G56;*= ( 5=9 ( 6* ( T5S7 ( ;6 ( ;=:*=<;<67=6 ( 5=9( *QQ*<79(6*(6I7(<Q;G;6(*8(6I7(&*=<6;6@6;*=+(++++++HI7( k@7<6;*=(;<C(:5=(P7(QG7<@T7 (<@:I(5(9;88@<;*= (*8( :*=<6;6@6;*=5A(T*G5A;6Bb(&*=<6;6@6;*=5A(T*G5A;6B(;<( =*6 ( 5 ( =56@G5A( <7=6;T7=6+ ( W6( I5< (6* ( X7 ( :@A6;N5679+( #7(T@<6(G75A;<7(6I56(*@G(Q7*QA7(I5N7(B76(6*(A75G=( ;6+( (47T*:G5:B(;=(W=9;5(;<(*=AB(5(6*Q(9G7<<;=J(*=( 5=(W=9;5=(<*;A(PI;:I(;<(7<<7=6;5AAB(@=97T*:G56;:+h _1+ MG5=N;AA7 ( L@<6;= ( ;= ( I;< ( 6G756;<7 ( gHI7 ( W=9;5= ( &*=<6;6@6;*= ( q( &*G=7G<6*=7 ( *8 ( L ( )56;*=h ( I59 ( <5;9 ( 6I56 ( 6I7 ( W=9;5=( &*=<6;6@6;*= ( ;< ( 8;G<6 ( 5=9 ( 8*G7T*<6 ( 5 ( <*:;5A ( 9*:@T7=6+ ( ( HI7( T5^*G;6B ( *8 ( ;6< ( QG*N;<;*=< ( 5G7 ( 7;6I7G ( 9;G7:6AB ( 5;T79 ( 56( 8@G6I7G;=J ( 6I7 ( J*5A< ( *8 ( 6I7 ( <*:;5A ( G7N*A@6;*= ( *G ( 5667TQ6 ( 6*( 8*<67G ( 6I;< ( G7N*A@6;*= ( XB ( 7<65XA;<I;=J ( 6I7 ( :*=9;6;*=<( =7:7<<5GB ( 8*G ( ;6< ( 5:I;7N7T7=6+ ( ( HI7 ( :*G7 ( *8 ( 6I7( :*TT;6T7=6<(6*(6I7(<*:;5A(G7N*A@6;*=(A;7<(;=($5G6<(WWW(5=9(W]C( ;=(6I7(F@=95T7=65A(R;JI6<(5=9(;=(6I7(4;G7:6;N7($G;=:;QA7<(*8( O6567($*A;:B+( (HI7<7(5G7(6I7(:*=<:;7=:7(*8(6I7(&*=<6;6@6;*=+( HI7(F@=95T7=65A(R;JI6<C(6I7G78*G7C(P7G7(6*(8*<67G(6I7(<*:;5A( G7N*A@6;*=(XB(:G756;=J(5(<*:;76B(7J5A;65G;5=(6*(6I7(7i67=6(6I56( 5AA ( :;6;E7=< ( P7G7 ( 6* ( X7 ( 7k@5AAB ( 8G77 ( 8G*T ( :*7G:;*= ( *G( G7<6G;:6;*=(XB(6I7(<6567C(*G(XB(<*:;76B(QG;N567ABp(A;X7G6B(P5<( =*(A*=J7G(6*(X7(6I7(QG;N;A7J7(*8(6I7(87P+((HI7(&*=<6;6@6;*=(*8( W=9;5 ( G7:*J=;<7<C ( QG*67:6< ( 5=9 ( :7A7XG567< ( 9;N7G<;6B+ ( ( H*( <6;JT56;<7(*G(6*(:G;T;=5A;<7(I*T*<7i@5A<(*=AB(*=(5::*@=6(*8( 6I7;G(<7i@5A(*G;7=656;*=(P*@A9(X7(5J5;=<6(6I7(:*=<6;6@6;*=5A( T*G5A;6B+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('#(*8(!"#
  • 66. _2+ HI7 ( k@7<6;*= ( *8 ( 6I7 ( O6567 ( ;= ( 85:6 ( X7;=J ( 5 ( QG*67:6*G ( *8( :*=<6;6@6;*=5A ( T*G5A;6B ( P5< ( 5A<* ( :5=N5<<79 ( XB ( 6I7( &*=<6;6@6;*=5A ( &*@G6 ( *8 ( O*@6I ( L8G;:5 ( ;= (G", & H#=8.$#; & @.#;8=8.$&D.-&7#6&#$9&<,438#$&)V%#;8=6&'(&G",&I8$84=,- & .D&1%4=82,(%<@QG5'> g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i6(5=9(<Q;G;6(*8(6I7(&*=<6;6@6;*=( ;6<7A8+h((dQ5G5(2aZe _0+ HI7 ( #*A87=97= ( &*TT;6677 ( ;= ( :*=<;97G;=J ( PI76I7G( I*T*<7i@5A ( 5:6< ( X76P77= ( :*=<7=6;=J ( 59@A6< ( ;= ( QG;N567( <I*@A9 ( :75<7 ( 6* ( X7 ( :G;T;=5A ( *887=:7< ( 7i5T;=79 ( 5 ( <;T;A5G( 5GJ@T7=6(*8(T*G5A;6B(;=(85N*@G(*8(G765;=;=J(6I7T(5<(<@:I+((W6( P5< ( @GJ79 ( 6I56 ( :*=9@:6 ( *8 ( 6I;< ( S;=9 ( ;< ( 5 ( :5@<7 ( *8 ( 6I7( 97T*G5A;<56;*=(5=9(97:5B(*8(:;N;A;<56;*=<C(5=9(6I56C(6I7G78*G7C( @=A7<<(6I7(&*TT;6677(P;<I79(6*(<77(6I7(=56;*=(97J7=7G567( 5=9(97:5BC(<@:I(:*=9@:6(T@<6(X7(<6*QQ79C(XB(7N7GB(Q*<<;XA7( T75=<+( (R7^7:6;=J(6I;<(5GJ@T7=6C(6I7(&*TT;6677(*X<7GN79>( g#7(I5N7(8*@=9(=*(7N;97=:7(6*(<@QQ*G6(6I;<(N;7PC(5=9(P7( :5==*6(877A(;6(G;JI6(6*(8G5T7(6I7(A5P<(PI;:I(<I*@A9(J*N7G=( 6I;<(:*@=6GB(;=(6I7(QG7<7=6(5J7(XB(G787G7=:7(6*(IBQ*6I76;:5A( 7iQA5=56;*=<(*8(6I7(I;<6*GB(*8(*6I7G(Q7*QA7<(;=(5J7<(9;<65=6(;=( 6;T7(5=9(9;887G7=6(;=(:;G:@T<65=:7<(8G*T(*@G(*P=+((W=(<*(85G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(''(*8(!"#
  • 67. 5<(6I7(X5<;<(*8(6I;<(5GJ@T7=6(:5=(X7(QG7:;<7AB(8*GT@A5679C(;6( ;< ( *867= ( =* ( T*G7 ( 6I5= ( 6I7 ( 7iQG7<<;*= ( *8 ( G7N@A<;*= ( 5J5;=<6( PI56 ( ;< ( G7J5G979 ( 5< ( @==56@G5AC ( <;=8@A ( *G ( 9;<J@<6;=J+ ( ( K5=B( Q7*QA7(877A(6I;<(G7N@A<;*=C(8*G(*=7(*G(T*G7(*8(6I7<7(G75<*=<+( @6(T*G5A(:*=N;:6;*=(*G(;=<6;=:6;N7(877A;=JC(I*P7N7G(<6G*=JC(;<( =*6(5(N5A;9(X5<;<(8*G(*N7GG;9;=J(6I7(;=9;N;9@5As<(QG;N5:B(5=9( 8*G ( XG;=J;=J ( P;6I;= ( 6I7 ( 5TX;6 ( *8 ( 6I7 ( :G;T;=5A ( A5P ( QG;N567( <7i@5A ( X7I5N;*@G ( *8 ( 6I;< ( S;=9+h ( dQ5G5 ( .-e ( HI7 ( &*TT;6677( G7J5G979(6I7(8@=:6;*=(*8(6I7(:G;T;=5A(A5P(;=(6I;<(8;7A9(5<> g6* ( QG7<7GN7 ( Q@XA;: ( *G97G ( 5=9 ( 97:7=:BC ( 6*( QG*67:6(6I7(:;6;E7=(8G*T(PI56(;<(*887=<;N7(*G( ;=^@G;*@<C ( 5=9 ( 6* ( QG*N;97 ( <@88;:;7=6( <587J@5G9< ( 5J5;=<6 ( 7iQA*;656;*= ( 5=9( :*GG@Q6;*= ( *8 ( *6I7G<C ( Q5G6;:@A5GAB ( 6I*<7 ( PI*( 5G7 ( <Q7:;5AAB ( N@A=7G5XA7 ( X7:5@<7 ( 6I7B ( 5G7( B*@=JC(P75S(;=(X*9B(*G(T;=9C(;=7iQ7G;7=:79C( *G ( ;= ( 5 ( <6567 ( *8 ( <Q7:;5A ( QIB<;:5AC ( *88;:;5AC ( *G( 7:*=*T;:(97Q7=97=:7C(X@6(=*6(6*(;=67GN7=7( ;=(6I7(QG;N567(A;N7<(*8(:;6;E7=<C(*G(6*(<77S(6*( 7=8*G:7(5=B(Q5G6;:@A5G(Q5667G=(*8(X7I5N;*@GC( 8@G6I7G ( 6I5= ( ;< ( =7:7<<5GB ( 6* ( :5GGB ( *@6 ( 6I7( Q@GQ*<7< ( P7 ( I5N7 ( *@6A;=79+h (dQ5G5 ( 2a ( 5=9( 2-e _a+ W=(6I7(2,0=9( G7Q*G6C(6I7(f5P(&*TT;<<;*=(I5<(G7:*TT7=979( 97A76;*=( *8 (O7:6;*=( a,, (W$&C (6I*@JI (;=( ;6< (75GA;7G (G7Q*G6< (;6( I59 ( G7:*TT7=979 ( 6I7 ( G767=6;*= ( *8 ( 6I7 ( QG*N;<;*=+ ( W= ( 6I7( 2,0=9( G7Q*G6C(6I7(f5P(&*TT;<<;*=(*8(W=9;5C(8*:@<79(*=(6I7( =779 ( 6* ( G7N;7P ( 6I7 ( <7i@5A ( *887=:7< ( A5P< ( ;= ( 6I7 ( A;JI6 ( *8( ;=:G75<79 ( ;=:;97=6< ( *8 ( :@<6*9;5A ( G5Q7 ( 5=9 ( :G;T7 ( *8 ( <7i@5A( 5X@<7 ( 5J5;=<6 ( B*@=J<67G<C ( 5=9 ( ;=67G ( 5A;5C ( G7:*TT7=979( 97A76;=J(6I7(<7:6;*=(a,,(W$&(XB(7887:6;=J(6I7(G7:*TT7=979( 5T7=9T7=6< ( ;= ( O7:6;*=< ( a,. ( 6* ( a,Zl ( *8 ( W$&+ ( HI7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('((*8(!"#
  • 68. &*TT;<<;*= ( 9;<:@<<79 ( N5G;*@< ( QG*N;<;*=< ( G7A5679 ( 6* ( <7i@5A( *887=:7<(5=9(P5<(*8(:*=<;97G79(*Q;=;*=(6*(5T7=9(QG*N;<;*=<( ;= ( 6I7 ( W=9;5= ( $7=5A ( &*97C ( 2_Z1p ( 6I7 ( &*97 ( *8 ( &G;T;=5A( $G*:79@G7C ( 2D,ap ( 5=9 ( W=9;5= ( lN;97=:7 ( L:6C ( 2_,0+ ( W= ( 6I7( W=9;5= ( Q7=5A ( &*97C ( G7:5<6;=J ( *8 ( a,. ( W$& ( I5< ( X77=( G7:*TT7=979 ( XB ( G7978;=;=J ( ;6 ( @=97G ( 6I7 ( I759 ( *8 ( vO7i@5A( L<<5@A6r(7=:*TQ5<<;=J(5AA(G5=J7<(*8(=*=(:*=<7=<@5A(<7i@5A( *887=:7</5<<5@A6<C ( PI;:I( ;= (Q5G6;:@A5G ( Q7=5A;E7( =*6 ( *=AB(6I7( <7i@5A(;=67G:*@G<7(P;6I(5(P*T5=(5<(;=(5::*G95=:7(P;6I(6I7( :@GG7=6(vR5Q7(f5P<rp(X@6(5=B(=*=`:*=<7=<@5A(*G(=*=`P;AA;=J( Q7=76G56;*= ( P;6I ( X*9;AB ( Q5G6 ( *G ( *X^7:6 ( T5=;Q@A5679 ( XB ( 6I7( 5=*6I7G ( Q7G<*= ( 7i:7Q6 ( :5GG;79 ( *@6 ( 8*G ( QG*Q7G ( IBJ;7=;: ( *G( T79;:;=5A(Q@GQ*<7<+( ( ( ( ( HI7 ( G7:*TT7=979 ( QG*N;<;*= ( 6* ( <@X<6;6@67 ( 6I7 ( 7i;<6;=J( <7:6;*=(a,.(W$&(G759<(6I@<>( ga,.+O7i@5A(L<<5@A6>(O7i@5A(5<<5@A6(T75=<(` %5'(Q7=76G56;=J(6I7((N5J;=5(%PI;:I(67GT(<I5AA(;=:A@97( 6I7(A5X;5(T5^*G5'C( (6I7(5=@<(*G(@G76IG5(*8(5=B(Q7G<*=(P;6I(` (;'(5=B(Q5G6(*8(6I7(X*9B(*8(5=*6I7G(Q7G<*=(*G (;;'(5=(*X^7:6(T5=;Q@A5679(XB(5=*6I7G(Q7G<*= 7i:7Q6( (PI7G7( (<@:I(Q7=76G56;*=(;<(:5GG;79(*@6(8*G( QG*Q7G(IBJ;7=;:(*G(T79;:5A(Q@GQ*<7<p %X' ( T5=;Q@A56;=J ( 5=B ( Q5G6 ( *8 ( 6I7 ( X*9B ( *8 ( 5=*6I7G( Q7G<*= ( <* ( 5< ( 6* ( :5@<7 ( Q7=76G56;*= ( *8 ( 6I7 ( N5J;=5( %PI;:I ( 67GT ( <I5AA ( ;=:A@97 ( 6I7 ( A5X;5 ( T5^*G5'C ( 6I7( 5=@<(*G(6I7(@G76IG5(*8(6I7(*887=97G(XB(5=B(Q5G6(*8( 6I7(*6I7G(Q7G<*=s<(X*9Bp d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(')(*8(!"#
  • 69. %:'(;=6G*9@:;=J(5=B(Q5G6(*8(6I7(Q7=;<(*8(5(Q7G<*=(;=6*( 6I7(T*@6I(*8(5=*6I7G(Q7G<*=p %9'(7=J5J;=J(;=(:@==;A;=J@<(*G(87AA56;*p(*G %7'(:*=6;=@;=J(<7i@5A(5<<5@A6(5<(978;=79(;=(:A5@<7<( %5'(6*(%9'(5X*N7 ;=(:;G:@T<65=:7<(85AA;=J(@=97G(5=B(*8(6I7(<;i( 8*AA*P;=J(97<:G;Q6;*=<> F;G<6`(LJ5;=<6(6I7(*6I7G(Q7G<*=s<(P;AA+ O7:*=9AB`(((#;6I*@6(6I7(*6I7G(Q7G<*=s<(:*=<7=6+ HI;G9AB` ( ( ( #;6I ( 6I7 ( *6I7G ( Q7G<*=s< ( :*=<7=6 ( PI7=( <@:I ( :*=<7=6 ( I5< ( X77= ( *X65;=79 ( XB ( Q@66;=J ( <@:I( *6I7G ( Q7G<*= ( *G ( 5=B ( Q7G<*= ( ;= ( PI*T ( <@:I ( *6I7G( Q7G<*=(;<(;=67G7<679C(;=(875G(*8(9756I(*G(I@G6+ F*@G6IAB`(((#I7G7(6I7(*6I7G(Q7G<*=(;<(5(87T5A7C(P;6I( I7G(:*=<7=6C(PI7=(6I7(T5=(S=*P<(6I56(I7(;<(=*6(6I7( I@<X5=9(*8(<@:I(*6I7G(Q7G<*=(5=9(6I56(I7G(:*=<7=6( ;<(J;N7=(X7:5@<7 (<I7(X7A;7N7< (6I56(6I7(*887=97G (;<( 5=*6I7G(T5=(6*(PI*T(<I7(;<(*G(X7A;7N7<(I7G<7A8(6*( X7(A5P8@AAB(T5GG;79+ F;86IAB` ( ( ( #;6I ( 6I7 ( :*=<7=6 ( *8 ( 6I7 ( *6I7G ( Q7G<*=C( PI7=C(56(6I7(6;T7(*8(J;N;=J(<@:I(:*=<7=6C(XB(G75<*=( *8 ( @=<*@=9=7<< ( *8 ( T;=9 ( *G ( ;=6*i;:56;*= ( *G ( 6I7( 59T;=;<6G56;*=(XB(6I7(*887=97G(Q7G<*=5AAB(*G(6IG*@JI( 5=*6I7G ( *8 ( 5=B ( <6@Q78B;=J ( *G ( @=PI*A7<*T7( <@X<65=:7C(6I7(*6I7G(Q7G<*=(;<(@=5XA7(6*(@=97G<65=9( 6I7(=56@G7(5=9(:*=<7k@7=:7<(*8(6I56(6*(PI;:I(<@:I( *6I7G(Q7G<*=(J;N7<(:*=<7=6+ O;i6IAB`((#;6I(*G(P;6I*@6(6I7(*6I7G(Q7G<*=s<(:*=<7=6C( PI7=( <@:I( *6I7G ( Q7G<*= ( ;< ( @=97G ( <;i677= ( B75G< ( *8( 5J7+ liQA5=56;*=> ( ( $7=76G56;*= ( 6* ( 5=B ( 7i67=6 ( ;<( Q7=76G56;*=(8*G(6I7(Q@GQ*<7<(*8(6I;<(<7:6;*=+ li:7Q6;*=> ( ( (O7i@5A(;=67G:*@G<7(XB(5(T5=(P;6I(I;<( *P=(P;87C(6I7(P;87(=*6(X7;=J(@=97G(<;i677=(B75G<(*8( 5J7C(;<(=*6(<7i@5A(5<<5@A6+n( ((((($7G6;=7=6ABC(6I7(T5^*G(6IG@<6(*8(6I7(G7:*TT7=956;*=(;<(*=( 6I7(P*G9(v$7G<*=r(PI;:I(T5S7<(6I7(<7i@5A(*887=:7<(J7=97G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7('*(*8(!"#
  • 70. =7@6G5A ( @=A;S7 ( J7=97G ( <Q7:;8;: ( 5< ( @=97G ( 6I7 ( vR5Q7 ( f5P<r( PI;:I(;<(6I7(:@GG7=6(Q*<;6;*=(;=(<656@67(X**S+(LT7=9T7=6<(;=( <7:6;*=(a,Z(LC(a,ZC(a,Z&C(a,Z4(I5N7(X77=(G7:*TT7=979( *= ( 6I7 ( <5T7 ( A;=7< ( P;6I ( 7=I5=:79 ( Q@=;<IT7=6<+ ( L= ( 59979( 7iQA5=56;*= ( 978;=;=J ( <7i@5A ( ;=67G:*@G<7 ( ;< ( <*@JI6 ( 6* ( X7( ;=6G*9@:79(J*N7G=;=J(<7:6;*=(a,ZC(a,Z&C(a,Z4+(W=<7G6;*=(*8( =7P(<7:6;*=(a,Z(l(I5<(X77=(G7:*TT7=979(6*(Q7=5A;E7(=*=( :*=<7=<@5AC ( 9;G7:6 ( *G ( ;=9;G7:6C ( ;=67=6;*=5A ( @=A5P8@A ( <7i@5A( :*=65:6(P;6I(Q5G6(*8(X*9B(*G(P;6I(5=(*X^7:6C(5=B(Q5G6(*8(X*9B( *8 ( 5=*6I7G ( Q7G<*=+ ( HI;< ( <7:6;*= ( <Q7:;8;:5AAB ( Q7=5A;E7< ( 6I7( Q7G<*= ( :*TT;66;=J ( @=A5P8@A ( <7i@5A ( :*=65:6 ( PI* ( ;< ( ;= ( 5( Q*<;6;*=(*8(6G@<6(*G(5@6I*G;6B(6*P5G9<(5(B*@=J(Q7G<*=(%X7A*P( 6I7 ( 5J7 ( *8 ( <;i677= ( B75G<'C ( 6I7G7XB ( QG*67:6;=J ( :I;A9G7=+( &*=:A@<;N7AB ( 6I7 ( O7:6;*= ( a,, ( W$& ( ;= ( 6I7 ( *Q;=;*= ( *8 ( 6I7( &*TT;<<;*=C ( 97<7GN7< ( 6* ( X7 ( 97A7679 ( ;= ( 6I7 ( A;JI6 ( *8( G7:*TT7=979 ( 5T7=9T7=6<+ ( [*P7N7G ( Q7G<*=<C ( I5N;=J( :5G=5A(;=67G:*@G<7(P;6I(5=B(5=;T5AC(P7G7(6*(X7(A786(6*(6I7;G( ^@<6(97<7G6<+(HI*@JI(6I7(f5P(&*TT;<<;*=(G7Q*G6(P*@A9(=*6( 7iQG7<<AB(<5B(<*C(;6(;<(;TQA;:;6(;=(6I7(<@JJ7<679(5T7=9T7=6<( 6I56(7A7T7=6<(*8(gP;AAh(5=9(g:*=<7=6h(P;AA(X7:*T7(G7A7N5=6(6*( 9767GT;=7(;8(6I7(<7i@5A(:*=65:6(%I*T*<7i@5A(8*G(6I7(Q@GQ*<7( 56(I5=9'(:*=<6;6@67(5=(*887=:7(*G(=*6+( _-+ U@G(5667=6;*=(P5<(5A<*(9G5P=(6*(5(<6567T7=6(*8(6I7(O*A;:;6*G( M7=7G5A(*8(W=9;5(5QQ75G;=J(*=(X7I5A8(*8(W=9;5(56(6I7($7G;*9;:( R7N;7P(X78*G7(6I7(V=;679()56;*=<([@T5=(R;JI6<(&*@=:;A(6I56( W=9;5= ( <*:;76B ( P5< ( 5::7Q6;=J ( *8 ( <7i@5A ( 9;887G7=:7<+ ( ( W=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(("(*8(!"#
  • 71. G7<Q*=<7(6*(5(k@7<6;*=(8G*T(6I7(97A7J567(8G*T(OP797=(*=( 6I7(<6567(*8(I*T*<7i@5A(G;JI6<(;=(W=9;5C(I7(<65679> gLG*@=9 ( 6I7 ( 75GAB ( 2D6I( &7=6@GBC ( B*@ ( QG*X5XAB( S=*P ( 6I56 ( ;= ( l=JA5=9 ( 6I7B ( 8G*P=79 ( *=( I*T*<7i@5A;6BC(5=9(6I7G78*G7(6I7G7(5G7(I;<6*G;:5A( G7Q*G6<(6I56(N5G;*@<(Q7*QA7(:5T7(6*(W=9;5(6*(65S7( 59N5=65J7 ( *8 ( ;6< ( T*G7 ( A;X7G5A ( 56T*<QI7G7 ( P;6I( G7J5G9(6*(9;887G7=6(S;=9<(*8(<7i@5A(:*=9@:6+(+++(L<( 5 ( G7<@A6C ( ;= ( 2_Z1 ( PI7= ( P7 ( J*6 ( 6I7 ( W=9;5= ( $7=5A( &*97C(PI;:I(P5<(9G58679(XB(f*G9(K5:5@A5BC(6I7B( ;=<7G679 ( <+a,, ( ;= ( 6I7 ( W=9;5= ( $7=5A ( &*97C ( PI;:I( XG*@JI6 ( ;= ( 6I7 ( :*=:7Q6 ( *8 ( g<7i@5A ( *887=:7<( 5J5;=<6 ( 6I7 ( *G97G ( *8 ( =56@G7h+ ( ( )*P ( ;= ( W=9;5 ( P7( 9;9=s6 ( I5N7 ( 6I;< ( :*=:7Q6 ( *8 ( <*T76I;=J ( X7;=J( g5J5;=<6(6I7(*G97G(*8(=56@G7h+((W6(P5<(7<<7=6;5AAB(5( #7<67G= ( :*=:7Q6 ( PI;:I ( I5< ( G7T5;=79 ( *N7G ( 6I7( B75G<+(()*P(I*T*<7i@5A;6B(5<(<@:I(;<(=*6(978;=79( ;=(6I7(W=9;5=($7=5A(&*97C(5=9(;6(P;AA(X7(5(T5667G(*8( JG756(5GJ@T7=6(PI76I7G(;6s<(g5J5;=<6(6I7(*G97G(*8( =56@G7h+ dHI7 ( 599G7<< ( *8 ( 6I7 ( O*A;:;6*G ( M7=7G5A ( *8 ( W=9;5 ( X78*G7 ( V=;679( )56;*=<([@T5=(R;JI6<(&*@=:;A>(G6<Q>//P7X:5<6+@=+*GJ/*=97T5=9/( :*=87G7=:7</@=IG:/@QG/2<6/IG:1_1-21QT`=J+GTb<65G6w10>2_>a0j( 7=9w10>a,>-0(56(6;T7(;=97i(2Z+a1e _.+ ?@<6;:7 ( K;:I57A ( Y;GXBC ( 5 ( 9;<6;=J@;<I79 ( 8*GT7G ( ?@9J7 ( *8( L@<6G5A;5= ( [;JI ( &*@G6C ( 7iQG7<<;=J ( ;= ( <;T;A5G ( N7;= ( <5;9 ( 6I56( :G;T;=5A;<56;*=(*8(QG;N567C(:*=<7=<@5A(I*T*<7i@5A(5:6<(;<(5( A7J5:B ( *8 ( *=7 ( *8 ( 6IG77 ( N7GB ( <;T;A5G ( :G;T;=5A ( :*97< ( %*8( K5:5@A5BC(O67QI7=(5=9(MG;8;6I'C(;TQ*<79(*=(:*A*=;5A(Q7*QA7( XB ( 6I7 ( ;TQ7G;5A ( G@A7< ( *8 ( 6I7 ( G;6;<I ( &G*P=+ ( ( O@:I ( A5P< ( 5G7( PG*=J> " #G*=J ( ;= ( A7J5A ( QG;=:;QA7 ( X7:5@<7 ( 6I7B( 7i:779(6I7(QG*Q7G(5TX;6(5=9(8@=:6;*=(*8(6I7( :G;T;=5A(A5P(;=(5(T*97G=(<*:;76Bp " #G*=J ( X7:5@<7 ( 6I7B ( *QQG7<< ( 5 ( T;=*G;6B ( ;=( 6I7 ( :*TT@=;6B ( 5=9 ( 65GJ76 ( 6I7T ( 8*G ( 5=( 566G;X@67 ( *8 ( 6I7;G ( =56@G7 ( 6I56 ( 6I7B ( 9* ( =*6( :I**<7(5=9(:5==*6(:I5=J7+( (W=(6I;<(G7<Q7:6( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((!(*8(!"#
  • 72. 6I7B ( 5G7 ( A;S7 ( *6I7G ( A5P< ( *8 ( :*A*=;5A ( 6;T7<( 6I56(9;<59N5=65J7<(Q7*QA7(*=(6I7(JG*@=9(*8( 6I7;G(G5:7(*G(<7ip " #G*=J ( X7:5@<7 ( 6I7B ( 8AB ( ;= ( 6I7 ( 85:7 ( *8( T*97G= ( <:;7=6;8;: ( S=*PA79J7 ( 5X*@6 ( 6I7( ;=:;97=:7 ( 5=9 ( N5G;76B ( *8 ( I@T5= ( <7i@5A;6Bp( 5=9( " #G*=J(X7:5@<7(6I7B(Q@6(5(:*I*G6(*8(:;6;E7=<( ;=6* ( 5 ( Q*<;6;*= ( *8 ( <6;JT5 ( 5=9 ( <I5T7 ( 6I56( T5S7< ( ;6 ( I5G9 ( 6* ( G75:I ( 6I7T ( P;6I ( N;65A( T7<<5J7< ( 5X*@6 ( <587 ( <7i@5A ( :*=9@:6C( 7<<7=6;5A(;=(6I7(5J7(*8([W]/LW4O+ d[*T*<7i@5A(f5P(R78*GT(>(L=(U=J*;=J(A;=9(OQ*6( *8(6I7(&*TT*=P75A6I(*8()56;*=<(XB(6I7([*=sXA7( K;:I57A ( Y;GXB ( L& ( &KMC ( 2Z6I( )56;*=5A( &*TT*=P75A6I ( f5P ( &*=87G7=:7C ( [*=J ( Y*=JC ( _6I( LQG;AC(011De+ _Z+ HI7 ( 5GJ@T7=6 ( *8 ( 6I7 ( A75G=79 ( LOM ( 6I56 ( Q@XA;: ( T*G5A;6B ( *8( I*T*<7i@5A ( :*=9@:6 ( T;JI6 ( *Q7= ( 8A**9J567< ( *8 ( 97A;=k@7=6( X7I5N;*@G ( ;< ( =*6 ( 8*@=979 ( @Q*= ( 5=B ( <@X<65=6;N7 ( T567G;5AC( 7N7=(8G*T(<@:I(^@G;<9;:6;*=<(PI7G7(<*9*TB(A5P<(I5N7(X77=( 5X*A;<I79+((W=<*85G(5<(X5<;<(*8(6I;<(5GJ@T7=6(;<(:*=:7G=79C(5<( Q*;=679 ( *@6 ( XB ( #*A87=97= ( &*TT;6677C ( ;6 ( ;< ( *867= ( =* ( T*G7( 6I5=(6I7(7iQG7<<;*=(*8(G7N@A<;*=(5J5;=<6(PI56(;<(G7J5G979(5<( @==56@G5AC(<;=8@A(*G(9;<J@<6;=J+(K*G5A(;=9;J=56;*=C(I*P<*7N7G( <6G*=JC ( ;< ( =*6 ( 5 ( N5A;9 ( X5<;< ( 8*G ( *N7GG;9;=J ( ;=9;N;9@5A<s<( 8@=95T7=65A(G;JI6<(*8(9;J=;6B(5=9(QG;N5:B+W=(*@G(<:I7T7(*8( 6I;=J<C(:*=<6;6@6;*=5A(T*G5A;6B(T@<6(*@6P7;JI(6I7(5GJ@T7=6( *8 ( Q@XA;: ( T*G5A;6BC ( 7N7= ( ;8 ( ;6 ( X7 ( 6I7 ( T5^*G;65G;5= ( N;7P+ ( ( W=( W=9;5=(:*=67i6C(6I7(A567<6(G7Q*G6(%2,0=9'(*8(f5P(&*TT;<<;*=( *= ( 6I7 ( <@X^7:6 ( ;=<6759 ( <I*P< ( I7;JI67=79 ( G75A;<56;*= ( 5X*@6( @GJ7=6 (=779( 6* (8*AA*P (JA*X5A (6G7=9<(*= (6I7(;<<@7 (*8 (<7i@5A( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(($(*8(!"#
  • 73. *887=:7<+( (W=(85:6C(6I7(59T;6679(:5<7(*8(V=;*=(*8(W=9;5(6I56( O7:6;*=(a,,(W$&(I5<(J7=7G5AAB(X77=(@<79(;=(:5<7<(*8(<7i@5A( 5X@<7(*G(:I;A9(5X@<7C(5=9(:*=N7G<7AB(6I56(;6(I5<(I5G9AB(7N7G( X77= ( @<79 ( ;= ( :5<7< ( *8 ( :*=<7=6;=J ( 59@A6<C ( <I*P< ( 6I56( :G;T;=5A;<56;*= ( *8 ( 59@A6 ( <5T7` ( <7i ( :*=9@:6 ( 9*7< ( =*6 ( <7GN7( 5=B ( Q@XA;: ( ;=67G7<6+ ( HI7 ( :*TQ7AA;=J ( <6567 ( ;=67G7<6 ( G56I7G( 97T5=9<(6I56(Q@XA;:(I75A6I(T75<@G7<(5G7(<6G7=J6I7=79(XB( 97`:G;T;=5A;<56;*= ( *8 ( <@:I ( 5:6;N;6BC ( <* ( 6I56 ( 6I7B ( :5= ( X7( ;97=6;8;79(5=9(X7667G(8*:@<79(@Q*=+ _,+ F*G(6I7(5X*N7(G75<*=<(P7(5G7(@=5XA7(6*(5::7Q6(6I7(<65=9(*8( 6I7 ( V=;*= ( *8 ( W=9;5 ( 6I56 ( 6I7G7 ( ;< ( 5 ( =779 ( 8*G ( G767=6;*= ( *8( O7:6;*= ( a,, ( W$& ( 6* ( :*N7G ( :*=<7=<@5A ( <7i@5A ( 5:6< ( X76P77=( 59@A6<(;=(QG;N567(*=(6I7(JG*@=9(*8(Q@XA;:(T*G5A;6B+ F!*$!*& ( #*2$"%. ( OSS ( "32 ( G"%+-$*# ( 2%.#$"$0$"%.-+ ( ,0-&-.$** ( %) ( *b0-+"$' ( 0.1*& ( -&$"2+* ( LT ( %) ( $!*( 2%.#$"$0$"%. __+ HI7 ( <:*Q7C ( :*=67=6 ( 5=9 ( T75=;=J ( *8 ( LG6;:A7 ( 2- ( *8 ( 6I7( &*=<6;6@6;*= ( I5< ( X77= ( 6I7 ( <@X^7:6 ( T5667G ( *8 ( ;=67=<;N7( 7i5T;=56;*=(XB(6I7(O@QG7T7(&*@G6(;=(5(:567=5(*8(97:;<;*=<+( HI7(97:;<;*=<(A5B(9*P=(6I56(6I*@JI(LG6;:A7(2-(8*GX;9<(:A5<<( A7J;<A56;*=C(;6(9*7<(=*6(8*GX;9(G75<*=5XA7(:A5<<;8;:56;*=(8*G(6I7( Q@GQ*<7(*8(A7J;<A56;*=+((W=(*G97GC(I*P7N7GC(6*(Q5<<(6I7(67<6(*8( Q7GT;<<;XA7 ( :A5<<;8;:56;*=C ( 6P* ( :*=9;6;*=< ( T@<6 ( X7 ( 8@A8;AA79C( =5T7ABC ( %;' ( 6I56 ( 6I7 ( :A5<<;8;:56;*= ( T@<6 ( X7 ( 8*@=979 ( *= ( 5=( ;=67AA;J;XA7(9;887G7=6;5(PI;:I(9;<6;=J@;<I7<(Q7G<*=<(*G(6I;=J<( 6I56(5G7(JG*@Q79(6*J76I7G(8G*T(6I*<7(6I56(5G7(A786(*@6(*8(6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((%(*8(!"#
  • 74. JG*@Qp ( 5=9 ( %;;' ( 6I56 ( 6I7 ( 9;887G7=6;5 ( T@<6 ( I5N7 ( 5 ( G56;*=5A( G7A56;*= ( 6* ( 6I7 ( *X^7:6;N7 ( <*@JI6 ( 6* ( X7 ( 5:I;7N79 ( XB ( 6I7( <656@67 (;=(k@7<6;*=+( (HI7(:A5<<;8;:56;*=(T5B(X7 (8*@=979(*=( 9;887G7=6;5A(X5<;<(5::*G9;=J(6*(*X^7:6<(<*@JI6(6*(X7(5:I;7N79( X@6(PI56(;<(;TQA;:;6(;=(;6(;<(6I56(6I7G7(*@JI6(6*(X7(5(=7i@<C( ;+7+C ( :5@<5A ( :*==7:6;*= ( X76P77= ( 6I7 ( X5<;< ( *8 ( :A5<<;8;:56;*=( 5=9 ( *X^7:6 ( *8 ( 6I7 ( <656@67 ( @=97G ( :*=<;97G56;*=+ ( ( dE%9"#$& @".%9"-6 & '( & ?=#=, & .D & E8"#-C ( LWR ( 2D.. ( O& ( 2D2e+ ( ( W=( :*=<;97G;=J(G75<*=5XA7=7<<(8G*T(6I7(Q*;=6(*8(N;7P(*8(LG6;:A7( 2-C ( 6I7 ( &*@G6 ( I5< ( 5A<* ( 6* ( :*=<;97G ( 6I7 ( *X^7:6;N7 ( 8*G ( <@:I( :A5<<;8;:56;*=+((W8(6I7(*X^7:6;N7(X7(;AA*J;:5AC(@=85;G(5=9(@=^@<6C( =7:7<<5G;AB ( 6I7 ( :A5<<;8;:56;*= ( P;AA ( I5N7 ( 6* ( X7 ( I7A9 ( 5<( @=G75<*=5XA7+ ( d>,,+#F & ?83#; & '( & N%$:#3 & J$8',-48=6C( %2D_D'(0(O&&(2-.e _D+ HI7(*6I7G(;TQ*G65=6(85:76(*8(LG6;:A7(2-(PI;:I(P5<(<6G7<<79(;=( I#$,F#&7#$9"8(;<(6I56(;6(7<:I7P<(5GX;6G5G;=7<<(;=(5=B(8*GT+( HI7(&*@G6(G7;67G5679(PI56(P5<(Q*;=679(*@6(XB(6I7(T5^*G;6B(;=( )(N( & /.6#++# & '( & ?=#=, & .D & G#*8; & H#9%C ( %2D,-' ( - ( O&& ( a( 6I56(g8G*T(5(Q*<;6;N;<6;:(Q*;=6(*8(N;7PC(7k@5A;6B(;<(5=6;6I76;:(6*( 5GX;6G5G;=7<<h+ D1+ L88;GT;=J(5=9(7iQA5;=;=J(6I;<(N;7PC(6I7(&*=<6;6@6;*=(7=:I(;=( M:#6&L#48#&'(&!"#;89&I%:83&?,"-#'#-98C(%2D_2'(2(O&&(,00( I7A9(6I56(;6(T@<6C(6I7G78*G7C(=*P(X7(65S7=(6*(X7(P7AA(<766A79( 6I56(PI56(LG6;:A7(2-(<6G;S7<(56(;<(5GX;6G5G;=7<<(X7:5@<7(5=B( 5:6;*=(6I56(;<(5GX;6G5GB(T@<6(=7:7<<5G;AB(;=N*AN7(=7J56;*=(*8( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((&(*8(!"#
  • 75. 7k@5A;6B+ ( ( HI7 ( &*@G6 ( T597 ( ;6 ( 7iQA;:;6 ( 6I56 ( PI7G7 ( 5= ( L:6 ( ;<( 5GX;6G5GBC(;6(;<(;TQA;:;6(;=(;6(6I56(;6(;<(@=7k@5A(X*6I(5::*G9;=J( 6* ( Q*A;6;:5A ( A*J;: ( 5=9 ( :*=<6;6@6;*=5A ( A5P ( 5=9 ( ;<C ( 6I7G78*G7C( N;*A56;N7(*8(LG6;:A7(2-+ $!* ( 2+-##")"2-$"%. ( B*-&# ( .% ( &-$"%.-+ ( .*V0# ( $% ( $!*( %B/*2$"G*(#%0,!$($%(B*(-2!"*G*1 D2+ HI7 ( Q76;6;*=7Gs< ( :5<7 ( ;< ( 6I56 ( Q@XA;: ( T*G5A;6B ( ;< ( =*6 ( 6I7( QG*N;=:7(*8(:G;T;=5A(A5P(5=9(O7:6;*=(a,,(W$&(9*7<(=*6(I5N7( 5=B(A7J;6;T567(Q@GQ*<7+(O7:6;*=(a,,(W$&(T5S7<(=*(9;<6;=:6;*=( X76P77= ( 5:6< ( 7=J5J79 ( ;= ( 6I7 ( Q@XA;: ( <QI7G7 ( 5=9 ( 5:6<( 7=J5J79(;=(6I7(QG;N567(<QI7G7+((W6(5A<*(T5S7<(=*(9;<6;=:6;*=( X76P77= (6I7 ( :*=<7=<@5A( 5=9 (=*=`:*=<7=<@5A( 5:6< ( X76P77=( 59@A6<+ (&*=<7=<@5A (<7i (X76P77=(59@A6< (;=(QG;N567 (9*7< (=*6( :5@<7 ( 5=B ( I5GT ( 6* ( 5=BX*9B+ ( ( HI@< ( ;6 ( ;< ( 7N;97=6 ( 6I56 ( 6I7( 9;<Q5G567 ( JG*@Q;=J ( ;= ( O7:6;*= ( a,, ( W$& ( 9*7< ( =*6 ( 65S7 ( ;=6*( 5::*@=6 ( G7A7N5=6 ( 85:6*G< ( <@:I ( 5< ( :*=<7=6C ( 5J7 ( 5=9 ( 6I7( =56@G7(*8(6I7(5:6(*G(6I7(5X<7=:7(*8(I5GT(:5@<79(6*(5=BX*9B+( $@XA;:(5=;T@<(5=9(9;<J@<6(6*P5G9<(5(Q5G6;:@A5G(<*:;5A(JG*@Q( *G(N@A=7G5XA7(T;=*G;6B(;<(=*6(5(N5A;9(JG*@=9(8*G(:A5<<;8;:56;*=( @=97G(LG6;:A7(2-+( (O7:6;*=(a,,(W$&(65GJ76<(6I7(I*T*<7i@5A( :*TT@=;6B ( 5< ( 5 ( :A5<< ( 5=9 ( ;< ( T*6;N5679 ( XB ( 5= ( 5=;T@<( 6*P5G9<(6I;<(N@A=7G5XA7(:A5<<(*8(Q7*QA7+( D0+ L::*G9;=J(6*(V=;*=(*8(W=9;5C(6I7(<65679(*X^7:6(*8(O7:6;*=(a,,( W$&(;<(6*(QG*67:6(P*T7=(5=9(:I;A9G7=C(QG7N7=6(6I7(<QG759(*8( [W]/LW4O ( 5=9 ( 7=8*G:7 ( <*:;765A ( T*G5A;6B ( 5J5;=<6( I*T*<7i@5A;6B+((W6(;<(:A75G(6I56(O7:6;*=(a,,(W$&C(PI567N7G(;6<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((#(*8(!"#
  • 76. QG7<7=6(QG5JT56;: (5QQA;:56;*=C(P5<(=*6(7=5:679(S77Q;=J(;=( T;=9(;=<65=:7<(*8(:I;A9(<7i@5A(5X@<7(*G(6*(8;AA(6I7(A5:@=5(;=(5( G5Q7(A5P+( (W6(P5<(X5<79(*=(5(:*=:7Q6;*=(*8(<7i@5A(T*G5A;6B( <Q7:;8;:(6*(];:6*G;5=(7G5(9G5P;=J(*=(=*6;*=<(*8(:5G=5A;6B(5=9( <;=8@A=7<<+ ( W= ( 5=B ( P5BC ( 6I7 ( A7J;<A56;N7 ( *X^7:6 ( *8 ( QG*67:6;=J( P*T7=(5=9(:I;A9G7=(I5<(=*(X75G;=J(;=(G7J5G9(6*(:*=<7=<@5A( <7i@5A ( 5:6< ( X76P77= ( 59@A6< ( ;= ( QG;N567+ ( ( HI7 ( <7:*=9( A7J;<A56;N7(Q@GQ*<7(7A@:;95679(;<(6I56(O7:6;*=(a,,(W$&(<7GN7<( 6I7(:5@<7(*8(Q@XA;:(I75A6I(XB(:G;T;=5A;<;=J(6I7(I*T*<7i@5A( X7I5N;*@G+ ( ( L< ( 5AG759B ( I7A9C ( 6I;< ( Q@GQ*G679 ( A7J;<A56;N7( Q@GQ*<7(;<(;=(:*TQA767(:*=6G5<6(6*(6I7(5N7GT7=6<(;=()L&Us<( 588;95N;6+( ()L&U(I5<(<Q7:;8;:5AAB(<65679(6I56(7=8*G:7T7=6(*8( O7:6;*= ( a,, ( W$& ( 59N7G<7AB ( :*=6G;X@67< ( 6* ( Q@<I;=J ( 6I7( ;=8A;:6;*= ( @=97GJG*@=9C ( T5S7 ( G;<SB ( <7i@5A ( QG5:6;:7< ( J*( @==*6;:79(5=9(@=599G7<<79+( (O7:6;*=(a,,(W$&(6I@<(I5TQ7G<( [W]/LW4O(QG7N7=6;*=(788*G6<+((f5<6ABC(5<(I7A9(75GA;7GC(;6(;<(=*6( P;6I;=(6I7(:*=<6;6@6;*=5A(:*TQ767=:7(*8(6I7(O6567(6*(;=N597( 6I7(QG;N5:B(*8(:;6;E7=<(A;N7<(*G(G7J@A567(:*=9@:6(6*(PI;:I(6I7( :;6;E7= ( 5A*=7 ( ;< ( :*=:7G=79 ( <*A7AB ( *= ( 6I7 ( X5<;< ( *8 ( Q@XA;:( T*G5A<+ ( ( HI7 ( :G;T;=5A;<56;*= ( *8 ( QG;N567 ( <7i@5A ( G7A56;*=<( X76P77=(:*=<7=6;=J( 59@A6< (5X<7=6(5=B(7N;97=:7(*8(<7G;*@<( I5GT ( 977T< ( 6I7 ( QG*N;<;*=s< ( *X^7:6;N7 ( X*6I ( 5GX;6G5GB ( 5=9( @=G75<*=5XA7+ ( ( HI7 ( <6567 ( ;=67G7<6 ( gT@<6 ( X7 (A7J;6;T567 ( 5=9( G7A7N5=6h(8*G(6I7(A7J;<A56;*=(6*(X7(=*=`5GX;6G5GB(5=9(T@<6(X7( QG*Q*G6;*=567 ( 6*P5G9< ( 5:I;7N;=J ( 6I7 ( <6567 ( ;=67G7<6+ ( ( W8 ( 6I7( *X^7:6;N7 ( ;< ( ;GG56;*=5AC ( @=^@<6 ( 5=9 ( @=85;GC ( =7:7<<5G;AB( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(('(*8(!"#
  • 77. :A5<<;8;:56;*= ( P;AA ( I5N7 ( 6* ( X7 ( I7A9 ( 5< ( @=G75<*=5XA7+ ( ( HI7( =56@G7(*8(6I7(QG*N;<;*=(*8(O7:6;*=(a,,(W$&(5=9(;6<(Q@GQ*<7(;<( 6* ( :G;T;=5A;<7 ( QG;N567 ( :*=9@:6 ( *8 ( :*=<7=6;=J ( 59@A6< ( PI;:I( :5@<7< ( =* ( I5GT ( 6* ( 5=B*=7 ( 7A<7+ ( ( W6 ( I5< ( =* ( *6I7G ( Q@GQ*<7( 6I5=(6*(:G;T;=5A;<7(:*=9@:6(PI;:I(85;A<(6*(:*=8*GT(P;6I(6I7( T*G5A ( *G ( G7A;J;*@< ( N;7P< ( *8 ( 5 ( <7:6;*= ( *8 ( <*:;76B+ ( ( HI7( 9;<:G;T;=56;*= ( <7N7G7AB ( 5887:6< ( 6I7 ( G;JI6< ( 5=9 ( ;=67G7<6< ( *8( I*T*<7i@5A<(5=9(977QAB(;TQ5;G<(6I7;G(9;J=;6B+ Da+ #7 ( T5B ( 5A<* ( G787G ( 6* ( 47:A5G56;*= ( *8 ( $G;=:;QA7< ( *8 ( lk@5A;6B( ;<<@79(XB(6I7(lk@5A(R;JI6<(HG@<6(;=(LQG;AC(011_C(PI;:I(:5=(X7( 97<:G;X79 ( 5< ( :@GG7=6 ( ;=67G=56;*=5A ( @=97G<65=9;=J ( *8( $G;=:;QA7<(*=(lk@5A;6B+((HI;<(97:A5G56;*=(P5<(5JG779(@Q*=(XB( 5 ( JG*@Q ( *8 ( 7iQ7G6< ( 56 ( 5 ( :*=87G7=:7 ( 7=6;6A79 ( g$G;=:;QA7< ( *=( lk@5A;6B ( 5=9 ( 6I7 ( 47N7A*QT7=6 ( *8 ( f7J5A ( O65=95G9 ( *=( lk@5A;6Bh(I7A9(*=(a`.(LQG;AC(011_(;=(f*=9*=+( ($5G6;:;Q5=6<(*8( 9;887G7=6 ( X5:SJG*@=9<C ( ;=:A@9;=J ( 5:597T;:<C ( A7J5A( QG5:6;6;*=7G<C(I@T5=(G;JI6<(5:6;N;<6<(8G*T(5AA(G7J;*=<(*8(6I7( P*GA9 ( 6**S ( Q5G6 ( ;= ( 6I7 ( &*=87G7=:7+ ( ( HI7 ( 47:A5G56;*= ( *8( $G;=:;QA7< ( *= ( lk@5A;6B ( G78A7:6< ( 5 ( T*G5A ( 5=9 ( QG*87<<;*=5A( :*=<7=<@< ( 5T*=J ( I@T5= ( G;JI6< ( 5=9 ( 7k@5A;6B ( 7iQ7G6<+ ( HI7( 97:A5G56;*= ( 978;=7< ( 6I7 ( 67GT< ( s7k@5A;6Bs ( 5=9 ( s7k@5A( 6G756T7=6s(5<(8*AA*P<> gH[l(RWM[H(HU(lmVLfWHc HI7(G;JI6(6*(7k@5A;6B(;<(6I7(G;JI6(*8(5AA(I@T5=(X7;=J<(6*( X7 ( 7k@5A ( ;= ( 9;J=;6BC ( 6* ( X7 ( 6G75679 ( P;6I ( G7<Q7:6 ( 5=9( :*=<;97G56;*=(5=9(6*(Q5G6;:;Q567(*=(5=(7k@5A(X5<;<(P;6I( *6I7G<(;=(5=B(5G75(*8(7:*=*T;:C(<*:;5AC(Q*A;6;:5AC(:@A6@G5A( *G(:;N;A(A;87+(LAA(I@T5=(X7;=J<(5G7(7k@5A(X78*G7(6I7(A5P( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((((*8(!"#
  • 78. 5=9(I5N7(6I7(G;JI6(6*(7k@5A (QG*67:6;*=(5=9(X7=78;6(*8( 6I7(A5P+ lmVLf(HRlLHKl)H lk@5A ( 6G756T7=6C ( 5< ( 5= ( 5<Q7:6 ( *8 ( 7k@5A;6BC ( ;< ( =*6( 7k@;N5A7=6 ( 6* ( ;97=6;:5A ( 6G756T7=6+ ( H* ( G75A;<7 ( 8@AA ( 5=9( 7887:6;N7 ( 7k@5A;6BC ( ;6 ( ;< ( =7:7<<5GB ( 6* ( 6G756 ( Q7*QA7( 9;887G7=6AB(5::*G9;=J(6*(6I7;G(9;887G7=6(:;G:@T<65=:7<C(6*( 5<<7G6 ( 6I7;G ( 7k@5A ( P*G6I ( 5=9 ( 6* ( 7=I5=:7 ( 6I7;G( :5Q5X;A;6;7<(6*(Q5G6;:;Q567(;=(<*:;76B(5<(7k@5A<+h $5G6`WW ( *8 ( 6I7 ( 47:A5G56;*= ( A5B< ( 9*P= ( 6I7 ( G;JI6 ( 6* ( =*=` 9;<:G;T;=56;*=+ ( HI7 ( G;JI6 ( 6* ( =*=`9;<:G;T;=56;*= ( ;< ( <65679 ( 6*( X7(5(8G77`<65=9;=J(8@=95T7=65A(G;JI6C(<@X<@T79(;=(6I7(G;JI6( 6*(7k@5A;6B+(4;<:G;T;=56;*=(;<(978;=79(5<(8*AA*P<> g4;<:G;T;=56;*= ( T@<6 ( X7 ( QG*I;X;679 ( PI7G7 ( ;6 ( ;< ( *=( JG*@=9< ( *8 ( G5:7C ( :*A*@GC ( 76I=;:;6BC ( 97<:7=6C ( <7iC( QG7J=5=:BC ( T567G=;6BC ( :;N;AC ( 85T;AB ( *G ( :5G7G ( <656@<C( A5=J@5J7C ( G7A;J;*=( *G ( X7A;78C (Q*A;6;:5A ( *G ( *6I7G ( *Q;=;*=C( X;G6IC ( =56;*=5A ( *G ( <*:;5A ( *G;J;=C ( =56;*=5A;6BC ( 7:*=*T;:( <656@<C ( 5<<*:;56;*= ( P;6I ( 5 ( =56;*=5A ( T;=*G;6BC (<7i@5A( *G;7=656;*=C ( J7=97G ( ;97=6;6BC ( 5J7C ( 9;<5X;A;6BC ( I75A6I( <656@<C(J7=76;:(*G(*6I7G(QG79;<Q*<;6;*=(6*P5G9(;AA=7<<(*G( 5(:*TX;=56;*=(*8(5=B(*8(6I7<7(JG*@=9<C(*G(*=(6I7(X5<;<( *8(:I5G5:67G;<6;:<(5<<*:;5679(P;6I(5=B(*8(6I7<7(JG*@=9<+( %8P@A:?5?(?>@@;58Q' 4;<:G;T;=56;*= ( X5<79 ( *= ( 5=B ( *6I7G ( JG*@=9 ( T@<6 ( X7( QG*I;X;679 ( PI7G7 ( <@:I ( 9;<:G;T;=56;*= ( %;' ( :5@<7< ( *G( Q7GQ76@567< ( <B<67T;: ( 9;<59N5=65J7p ( %;;' ( @=97GT;=7<( I@T5= ( 9;J=;6Bp ( *G ( %;;;' ( 59N7G<7AB ( 5887:6< ( 6I7 ( 7k@5A( 7=^*BT7=6 ( *8 ( 5 ( Q7G<*=r< ( G;JI6< ( 5=9 ( 8G779*T< ( ;= ( 5( <7G;*@<(T5==7G(6I56(;<(:*TQ5G5XA7(6*(9;<:G;T;=56;*=(*=( 6I7(QG*I;X;679(JG*@=9<(<65679(5X*N7+ 4;<:G;T;=56;*=(T@<6(5A<*(X7(QG*I;X;679(PI7=(;6(;<(*=(6I7( JG*@=9 ( *8 ( 6I7 ( 5<<*:;56;*= ( *8 ( 5 ( Q7G<*= ( P;6I ( *6I7G( Q7G<*=< ( 6* ( PI*T ( 5 ( QG*I;X;679 ( JG*@=9 ( 5QQA;79 ( *G ( 6I7( Q7G:7Q6;*=C(PI76I7G(5::@G567(*G(*6I7GP;<7C(*8(5(Q7G<*=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(()(*8(!"#
  • 79. 5<(I5N;=J(5(:I5G5:67G;<6;:(5<<*:;5679(P;6I(5(QG*I;X;679( JG*@=9+ 4;<:G;T;=56;*=(T5B(X7(9;G7:6(*G(;=9;G7:6+ 4;G7:6(9;<:G;T;=56;*=(*::@G<(PI7=(8*G(5(G75<*=(G7A5679( 6*(*=7(*G(T*G7(QG*I;X;679(JG*@=9<(5(Q7G<*=(*G(JG*@Q(*8( Q7G<*=<(;<(6G75679(A7<<(85N*@G5XAB(6I5=(5=*6I7G(Q7G<*=( *G(5=*6I7G(JG*@Q(*8(Q7G<*=<(;<C(I5<(X77=C(*G(P*@A9(X7( 6G75679(;=(5(:*TQ5G5XA7(<;6@56;*=p(*G(PI7=(8*G(5(G75<*=( G7A5679(6*(*=7(*G(T*G7(QG*I;X;679(JG*@=9<(5(Q7G<*=(*G( JG*@Q ( *8 ( Q7G<*=< ( ;< ( <@X^7:679 ( 6* ( 5 ( 976G;T7=6+ ( 4;G7:6( 9;<:G;T;=56;*= ( T5B ( X7 ( Q7GT;6679 ( *=AB ( N7GB( 7i:7Q6;*=5AABC(PI7=(;6(:5=(X7 (^@<6;8;79 (5J5;=<6(<6G;:6AB( 978;=79(:G;67G;5+ W=9;G7:6 ( 9;<:G;T;=56;*= ( *::@G< ( PI7= ( 5 ( QG*N;<;*=C( :G;67G;*=(*G(QG5:6;:7(P*@A9(Q@6(Q7G<*=<(I5N;=J(5(<656@<( *G ( 5 ( :I5G5:67G;<6;: ( 5<<*:;5679 ( P;6I ( *=7 ( *G ( T*G7( QG*I;X;679 ( JG*@=9< ( 56 ( 5 ( Q5G6;:@A5G ( 9;<59N5=65J7( :*TQ5G79 ( P;6I ( *6I7G ( Q7G<*=<C ( @=A7<< ( 6I56 ( QG*N;<;*=C( :G;67G;*= ( *G ( QG5:6;:7 ( ;< ( *X^7:6;N7AB ( ^@<6;8;79 ( XB ( 5( A7J;6;T567 ( 5;TC ( 5=9 ( 6I7 ( T75=< ( *8 ( 5:I;7N;=J ( 6I56( 5;T( 5G7(5QQG*QG;567(5=9(=7:7<<5GB+ [5G5<<T7=6(:*=<6;6@67<(9;<:G;T;=56;*=(PI7=(@=P5=679( :*=9@:6(G7A5679(6* (5=B(QG*I;X;679 (JG*@=9 (65S7< (QA5:7( P;6I(6I7(Q@GQ*<7(*G(7887:6(*8(N;*A56;=J(6I7(9;J=;6B(*8(5( Q7G<*= ( *G ( *8 ( :G756;=J ( 5= ( ;=6;T;956;=JC ( I*<6;A7C( 97JG59;=JC ( I@T;A;56;=J ( *G ( *887=<;N7 ( 7=N;G*=T7=6+( %8P@A:?5?(?>@@;58Q' d47:A5G56;*=(*8($G;=:;QA7<(*=(lk@5A;6B(011_(`(HI7(lk@5A( R;JI6<(HG@<6e #*2$"%.(OSS("32($-&,*$#(!%D%#*V0-+#(-#(-(2+-##( D-+ O7:6;*=(a,,(W$&(;<(85:;5AAB(=7@6G5A(5=9(;6(5QQ5G7=6AB(65GJ76<( =*6 ( ;97=6;6;7< ( X@6 ( 5:6<C ( X@6 (;= ( ;6< (*Q7G56;*= ( ;6( 9*7< ( 7=9 ( @Q( @=85;GAB(65GJ76;=J(5(Q5G6;:@A5G(:*TT@=;6B+( (HI7(85:6(;<(6I56( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7((*(*8(!"#
  • 80. 6I7<7(<7i@5A(5:6<(PI;:I(5G7(:G;T;=5A;<79(5G7(5<<*:;5679(T*G7( :A*<7AB(P;6I(*=7(:A5<<(*8(Q7G<*=<C(=5T7ABC(6I7(I*T*<7i@5A<( 5<(5(:A5<<+((O7:6;*=(a,,(W$&(I5<(6I7(7887:6(*8(N;7P;=J(5AA(J5B( T7= ( 5< ( :G;T;=5A<+ ( ( #I7= ( 7N7GB6I;=J ( 5<<*:;5679 ( P;6I( I*T*<7i@5A;6B ( ;< ( 6G75679 ( 5< ( X7=6C ( k@77GC ( G7Q@J=5=6C ( 6I7( PI*A7(J5B(5=9(A7<X;5=(:*TT@=;6B(;<(T5GS79(P;6I(97N;5=:7( 5=9 ( Q7GN7G<;6B+ ( ( HI7B ( 5G7 ( <@X^7:6 ( 6* ( 7i67=<;N7 ( QG7^@9;:7( X7:5@<7(PI56(6I7B(5G7(*G(PI56(6I7B(5G7(Q7G:7;N79(6*(X7C(=*6( X7:5@<7 ( *8 ( PI56 ( 6I7B ( 9*+ ( ( HI7 ( G7<@A6 ( ;< ( 6I56 ( 5 ( <;J=;8;:5=6( JG*@Q ( *8 ( 6I7 ( Q*Q@A56;*= ( ;<C ( X7:5@<7 ( *8 ( ;6< ( <7i@5A ( =*=` :*=8*GT;6BC(Q7G<7:@679C(T5GJ;=5A;<79(5=9(6@G=79(;=(*=(;6<7A8+( dO5:I<C(?+(;=(G",&H#=8.$#;&@.#;8=8.$&D.-&7#6&#$9&<,438#$ & )V%#;8=6&'(&G",&I8$84=,-&.D&1%4=82,C(Q5G5(21_e+ D.+ L< ( ?@<6;:7 ( Us&*==*G ( <@::;=:6AB ( <65679 ( ;= ( I7G ( :*=:@GG;=J( *Q;=;*=(;=(<#Q-,$2,&'(&G,W#4(%<@QG5'> g#I;A7 ( ;6 ( ;< ( 6G@7 ( 6I56 ( 6I7 ( A5P ( 5QQA;7< ( *=AB ( 6*( :*=9@:6C ( 6I7 ( :*=9@:6 ( 65GJ7679 ( XB ( 6I;< ( A5P ( ;<( :*=9@:6 ( 6I56 ( ;< ( :A*<7AB ( :*GG7A5679 ( P;6I ( X7;=J( I*T*<7i@5A+( (V=97G(<@:I(:;G:@T<65=:7<C(H7i5<s<( <*9*TB(A5P(;<(65GJ7679(56(T*G7(6I5=(:*=9@:6+((W6( ;< ( ;=<6759 ( 9;G7:679 ( 6*P5G9< ( J5B ( Q7G<*=< ( 5< ( 5( :A5<<+h(dQ5J7(._ae DZ+ W=(/.*,-&'(&)'#$4C(.2,(V+O+(Z01(%2DDZ'C(6I7(:I5AA7=J7(P5<( 6*(5=(5T7=9T7=6(6*(&*A*G59*s<(&*=<6;6@6;*=(PI;:I(=5T79(5<( 5(<*A;65GB(:A5<<(Q7G<*=<(PI*(P7G7(I*T*<7i@5A<C(A7<X;5=<C(*G( X;<7i@5A ( 7;6I7G ( XB ( n*G;7=656;*=C ( :*=9@:6C ( QG5:6;:7< ( *G( G7A56;*=<I;Q<n ( 5=9 ( 97QG;N79 ( 6I7T ( *8 ( QG*67:6;*= ( @=97G ( 6I7( <6567 ( 5=6;`9;<:G;T;=56;*= ( A5P<+ ( HI7 ( VO ( O@QG7T7 ( &*@G6( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()"(*8(!"#
  • 81. :*=:A@979(6I56(6I7(QG*N;<;*=(P5<(nX*G=(*8(5=;T*<;6B(6*P5G9<( 6I7 ( :A5<< ( *8 ( Q7G<*=< ( 5887:679n ( 5=9 ( 8@G6I7G ( 6I56 ( ;6 ( I59 ( =*( G56;*=5A ( G7A56;*= ( 6* ( 5 ( A7J;6;T567 ( J*N7G=T7=65A ( Q@GQ*<7+( ?@<6;:7(Y7==79B(<Q75S;=J(8*G(6I7(T5^*G;6B(*X<7GN79> gW6 ( ;< ( =*6 ( P;6I;= ( *@G ( :*=<6;6@6;*=5A ( 6G59;6;*= ( 6*( 7=5:6(A5P<(*8(6I;<(<*G6+((&7=6G5A(X*6I(6*(6I7(;975(*8( 6I7 ( G@A7 ( *8 ( A5P ( 5=9 ( 6* ( *@G ( *P= ( &*=<6;6@6;*=r<( J@5G5=677(*8(7k@5A(QG*67:6;*=(;<(6I7(QG;=:;QA7(6I56( J*N7G=T7=6(5=9(75:I(*8(;6<(Q5G6<(G7T5;=(*Q7=(*=( ;TQ5G6;5A ( 67GT< ( 6* ( 5AA ( PI* ( <77S ( ;6< ( 5<<;<65=:7+( glk@5A ( QG*67:6;*= ( *8 ( 6I7 ( A5P< ( ;< ( =*6 ( 5:I;7N79( 6IG*@JI(;=9;<:G;T;=567(;TQ*<;6;*=(*8(;=7k@5A;6;7<h+( #c8:77 ( RN ( 3:56789C ( aaD ( V+O+ ( Z0DC ( Za. ( %2D.1'( %k@*6;=J (#A8;;8Y ( RN ( J9:8P89C ( aa-C ( V+O+ ( 2C ( 00( %2D-_'+ ( R7<Q7:6 ( 8*G ( 6I;< ( QG;=:;QA7 ( 7iQA5;=< ( PIB( A5P< ( <;=JA;=J ( *@6 ( 5 ( :7G65;= ( :A5<< ( *8 ( :;6;E7=< ( 8*G( 9;<85N*@G79(A7J5A(<656@<(*G(J7=7G5A(I5G9<I;Q<(5G7( G5G7+ ( L ( A5P ( 97:A5G;=J ( 6I56 ( ;= ( J7=7G5A ( ;6 ( <I5AA ( X7( T*G7(9;88;:@A6(8*G(*=7(JG*@Q(*8(:;6;E7=<(6I5=(8*G(5AA( *6I7G<(6*(<77S(5;9(8G*T(6I7(J*N7G=T7=6(;<(;6<7A8(5( 97=;5A(*8(7k@5A(QG*67:6;*=(*8(6I7(A5P<(;=(6I7(T*<6( A;67G5A(<7=<7+(gHI7(J@5G5=6B(*8(7k@5A(QG*67:6;*=(*8( 6I7 ( A5P< ( ;< ( 5 ( QA79J7 ( *8 ( 6I7 ( QG*67:6;*= ( *8 ( 7k@5A( A5P<++++h(d$5J7(Zaae +L ( <7:*=9 ( 5=9 ( G7A5679 ( Q*;=6 ( ;< ( 6I56 ( A5P< ( *8 ( 6I7( S;=9(=*P(X78*G7(@<(G5;<7(6I7(;=7N;65XA7(;=87G7=:7( 6I56 ( 6I7 ( 9;<59N5=65J7 ( ;TQ*<79 ( ;< ( X*G= ( *8( 5=;T*<;6B(6*P5G9<(6I7(:A5<<(*8(Q7G<*=<(5887:679+( gdWe8 ( 6I7 ( :*=<6;6@6;*=5A ( :*=:7Q6;*= ( *8 ( v7k@5A( QG*67:6;*=(*8(6I7(A5P<r(T75=<(5=B6I;=JC(;6(T@<6( 56 ( 6I7 ( N7GB ( A75<6 ( T75= ( 6I56 ( 5 ( X5G7+++++97<;G7 ( 6*( I5GT ( 5 ( Q*A;6;:5AAB ( @=Q*Q@A5G ( JG*@Q ( :5==*6( :*=<6;6@67(5(A7J;6;T567(J*N7G=T7=65A(;=67G7<6++++h( d$5J7(Za-e+- D,+ HI7(O@QG7T7(&*@G6(*8(&5=595(;=(0-8,$9&'(&M;3,-=#C((%2DD_'( 2(O+&+R+(-DaC((I7A9> g$7GI5Q< ( T*<6 ( ;TQ*G65=6 ( ;< ( 6I7 ( Q<B:I*A*J;:5A( I5GT(PI;:I(T5B(7=<@7(8G*T(6I;<(<6567(*8(5885;G<+( F75G ( *8 ( 9;<:G;T;=56;*= ( P;AA ( A*J;:5AAB ( A759 ( 6*( :*=:75AT7=6 ( *8 ( 6G@7 ( ;97=6;6B ( 5=9 ( 6I;< ( T@<6 ( X7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()!(*8(!"#
  • 82. I5GT8@A(6*(Q7G<*=5A(:*=8;97=:7(5=9(<7A8`7<677T+( &*TQ*@=9;=J(6I56(7887:6(;<(6I7(;TQA;:;6(T7<<5J7( :*=N7B79 ( XB ( 6I7 ( 7i:A@<;*=C ( 6I56 ( J5B< ( 5=9( A7<X;5=<C(@=A;S7(*6I7G(;=9;N;9@5A<C(5G7(=*6(P*G6IB( *8 ( QG*67:6;*=+ ( HI;< ( ;< ( :A75GAB ( 5= ( 7i5TQA7 ( *8 ( 5( 9;<6;=:6;*= ( PI;:I ( 97T75=< ( 6I7 ( ;=9;N;9@5A ( 5=9( <6G7=J6I7=< ( 5=9 ( Q7GQ76G567< ( d<;:e ( 6I7 ( N;7P ( 6I56( J5B<(5=9(A7<X;5=<(5G7(A7<<(P*G6IB(*8(QG*67:6;*=(5<( ;=9;N;9@5A< ( ;= ( &5=595r< ( <*:;76B+ ( HI7 ( Q*67=6;5A( I5GT(6*(6I7(9;J=;6B(5=9(Q7G:7;N79(P*G6I(*8(J5B( 5=9 ( A7<X;5= ( ;=9;N;9@5A< ( :*=<6;6@67<( 5 ( Q5G6;:@A5GAB( :G@7A(8*GT(*8(9;<:G;T;=56;*=+hdQ5G5(210e HI7<7 ( *X<7GN56;*=< ( P7G7 ( T597 ( ;= ( 6I7 ( :*=67i6 ( *8( 9;<:G;T;=56;*= ( *= ( JG*@=9< ( *8 ( <7i@5A ( *G;7=656;*= ( ;= ( 6I7( 7TQA*BT7=6(8;7A9(5=9(P*@A9(5QQAB(P;6I(7N7=(JG7567G(8*G:7(6*( 6I7 ( :G;T;=5A;<56;*= ( *8 ( :*=<7=<@5A ( <7i ( ;= ( QG;N567 ( X76P77=( 59@A6(T5A7<+ D_+ HI7(;=7N;65XA7(:*=:A@<;*=(;<(6I56(6I7(9;<:G;T;=56;*=(:5@<79(6*( KOK ( 5=9 ( J5B ( :*TT@=;6B ( ;< ( @=85;G ( 5=9 ( @=G75<*=5XA7 ( 5=9C( 6I7G78*G7C(;=(XG75:I(*8(LG6;:A7(2-(*8(6I7(&*=<6;6@6;*=(*8(W=9;5+ ".)&".,*D*.$ ( %) ( -&$"2+* ( LZ ( C ( F!*$!*& ( M#*V0-+ ( %&"*.$-$"%.M("#(-(,&%0.1(-.-+%,%0#($%(M#*VM DD+ LG6;:A7 ( 2. ( ;< ( 5= ( ;=<65=:7 ( 5=9 ( Q5G6;:@A5G ( 5QQA;:56;*= ( *8 ( 6I7( G;JI6 ( *8 ( 7k@5A;6B ( PI;:I ( ;< ( J7=7G5AAB ( <65679 ( ;= ( LG6;:A7 ( 2-+( LG6;:A7(2-(;<(J7=@<(PI;A7(LG6;:A7(2.(5A*=J(P;6I(LG6;:A7(2Z(5G7( <Q7:;7< ( 5A6I*@JI ( 5AA ( *8 ( 6I7T ( *::@QB ( <5T7 ( 8;7A9 ( 5=9 ( 6I7( 9*:6G;=7(*8(g7k@5A;6Bh(7TX*9;79(;=(6I7<7(LG6;:A7<(I5<(T5=B( 85:76<+ ( ( LG6;:A7 ( 2. ( QG*I;X;6< ( 9;<:G;T;=56;*= ( *= ( <7N7G5A( 7=@T7G5679(JG*@=9<C(PI;:I(;=:A@97(s<7is+( (HI7(5GJ@T7=6(*8( 6I7 ( Q76;6;*=7G ( ;< ( 6I56 ( s<7is ( ;= ( LG6;:A7 ( 2.%2' ( T@<6 ( X7 ( G759( 7iQ5=<;N7AB(6*(;=:A@97(5(QG*I;X;6;*=(*8(9;<:G;T;=56;*=(*=(6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()$(*8(!"#
  • 83. JG*@=9(*8(<7i@5A(*G;7=656;*=(5<(6I7(QG*I;X;679(JG*@=9(*8(<7i` 9;<:G;T;=56;*= ( :5==*6 ( X7 ( G759 ( 5< ( 5QQAB;=J ( 6* ( J7=97G( ?5P@;5<5789N( (HI7 ( Q@GQ*<7 ( @=97GAB;=J ( 6I7 ( 8@=95T7=65A ( G;JI6( 5J5;=<6(<7i(9;<:G;T;=56;*=(;<(6*(QG7N7=6(X7I5N;*@G(6I56(6G756<( Q7*QA7(9;887G7=6AB(8*G(G75<*=(*8(=*6(X7;=J(;=(:*=8*GT;6B(P;6I( J7=7G5A;E56;*= ( :*=:7G=;=J ( g=*GT5Ah ( *G ( g=56@G5Ah ( J7=97G( G*A7<+ ( ( 4;<:G;T;=56;*= ( *= ( 6I7 ( X5<;< ( *8 ( <7i@5A ( *G;7=656;*= ( ;<( ;6<7A8 ( JG*@=979 ( ;= ( <67G7*6BQ;:5A ( ^@9JT7=6< ( 5=9( J7=7G5A;E56;*=(5X*@6(6I7(:*=9@:6(*8(7;6I7G(<7i+((HI;<(;<(<65679( 6*(X7(6I7(A7J5A(Q*<;6;*=(;=(W=67G=56;*=5A(f5P(5=9(:*TQ5G56;N7( ^@G;<QG@97=:7+((R7A;5=:7(P5<(QA5:79(*=(^@9JT7=6<(*8([@T5=( R;JI6< ( &*TT;6677 ( 5=9 ( 5A<* ( *= ( 6I7 ( ^@9JT7=6< ( *8 ( &5=59;5=( 5=9(O*@6I(L8G;:5=(:*@G6<+(( 211+ W=67G=56;*=5A(&*N7=5=6( *=(&;N;A(5=9( $*A;6;:5A( R;JI6<( %W&&$R'( G7:*J=;<7< ( 6I7 ( G;JI6 ( 6* ( 7k@5A;6B ( 5=9 ( <6567< ( 6I56C ( g6I7 ( A5P( <I5AA(QG*I;X;6(5=B(9;<:G;T;=56;*=(*=(5=B(JG*@=9(<@:I(5<(G5:7C( :*A*@GC ( <7iC ( A5=J@5J7C ( G7A;J;*=C ( Q*A;6;:5A ( *G ( *6I7G ( *Q;=;*=C( =56;*=5A(*G(<*:;5A(G7J;*=C(QG*Q7G6BC(X;G6I(*G(*6I7G(<656@<h+((W=( $==686(RN(->?79:;5: (%<@QG5'C( 6I7([@T5=( R;JI6<( &*TT;6677C( PI;A7 ( I*A9;=J ( 6I56 ( :7G65;= ( QG*N;<;*=< ( *8 ( 6I7 ( H5<T5=;5=( &G;T;=5A ( &*97 ( PI;:I ( :G;T;=5A;<7 ( N5G;*@< ( 8*GT< ( *8 ( <7i@5A( :*=9@:6(X76P77=(T7=(N;*A5679(6I7(W&&$RC(*X<7GN79(6I56(6I7( G787G7=:7(6*(s<7is(;=(LG6;:A7(0C(Q5G5JG5QI<(2(5=9(0Z(%*8(6I7( W&&$R'(;<(6*(X7(65S7=(5<(;=:A@9;=J(s<7i@5A(*G;7=656;*=s+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()%(*8(!"#
  • 84. 212+ 47<Q;67(6I7(85:6(6I56(O7:6;*=(2.%2'(*8(6I7(&5=59;5=(&I5G67G( 9*7<(=*6(7iQG7<<AB(;=:A@97(<7i@5A(*G;7=656;*=(5<(5(QG*I;X;679( JG*@=9(*8(9;<:G;T;=56;*=C(6I7(&5=59;5=(O@QG7T7 (&*@G6(I5<( I7A9(6I56(<7i@5A(*G;7=656;*=(;<(5(JG*@=9(5=5A*J*@<(6*(6I*<7( A;<679(;=(O7:6;*=(2.%2'> gW=(lJ5=C(;6(P5<(I7A9C(*=(6I7(X5<;<(*8(gI;<6*G;:5AC( <*:;5AC ( Q*A;6;:5A ( 5=9 ( 7:*=*T;: ( 9;<59N5=65J7( <@887G79 ( XB ( I*T*<7i@5A<h ( 5=9 ( 6I7 ( 7T7GJ;=J( :*=<7=<@< ( 5T*=J ( A7J;<A56@G7< ( %56 ( Q5G5 ( 2,Z'C ( 5<( P7AA(5<(QG7N;*@<(^@9;:;5A(97:;<;*=<(%56(Q5G5(2,,'C( 6I56(<7i@5A(*G;7=656;*=(;<(5(JG*@=9(5=5A*J*@<(6*( 6I*<7(A;<679(;=(<+2.%2'+(d]G;7=9(N+(LAX7G65(%<@QG5'( Q7G(&*GB(?+(Q5G5(D1e+ 210+ O;T;A5GABC(;= (@.-38,-,&'(&@#$#9#C(d2DDDe(0(O+&+R+(01aC(6I7( &5=59;5= ( O@QG7T7 ( &*@G6 ( ;97=6;8;79 ( 6I7 ( 6IG759 ( G@==;=J( 6IG*@JI ( 6I7<7 ( 5=5A*J*@< ( JG*@=9< ( q ( gPI56 ( 6I7<7 ( JG*@=9<( I5N7 ( ;= ( :*TT*= ( ;< ( 6I7 ( 85:6 ( 6I56 ( 6I7B ( *867= ( <7GN7 ( 5< ( 6I7( X5<;< ( 8*G ( <67G7*6BQ;:5A ( 97:;<;*=< ( T597 ( =*6 ( *= ( 6I7 ( X5<;< ( *8( T7G;6 ( X@6 ( *= ( 6I7 ( X5<;< ( *8 ( 5 ( Q7G<*=5A ( :I5G5:67G;<6;: ( 6I56 ( ;<( ;TT@65XA7 ( *G ( :I5=J75XA7 ( *=AB ( 56 ( @=5::7Q65XA7 ( :*<6 ( 6*( Q7G<*=5A(;97=6;6B+h(dQ5G5(2ae+ 21a+ HI7 ( O*@6I ( L8G;:5= ( &*=<6;6@6;*=5A ( &*@G6 ( G7:*J=;<79 ( ;=( N-8$4;.. & '( & 0#$ & >,- & <8$9,C ( 2DD, ( %a' ( OL ( 2120 ( %&&' ( 6I56( 9;<:G;T;=56;*= ( *= ( @=<Q7:;8;79 ( JG*@=9< ( ;< ( @<@5AAB ( sX5<79 ( *=( 566G;X@67< (5=9 (:I5G5:67G;<6;:<s (5665:I;=J( 6* ( Q7*QA7C (6I7G7XB( ;TQ5;G;=J ( 6I7;G ( s8@=95T7=65A ( 9;J=;6B ( 5< ( I@T5= ( X7;=J<sh+ ( W=( L#-F4,$&'(&<#$,C(2DD_(%2'(OL(a11(%&&'C(6I7(&*@G6(8@G6I7G( 97N7A*Q79(6I7(;975(6*(<5B(6I56(6I7G7(P;AA(X7(9;<:G;T;=56;*=( *= ( 5= ( @=<Q7:;8;79 ( JG*@=9 ( ;8 ( ;6 ( ;< ( X5<79 ( *= ( 566G;X@67< ( *G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()&(*8(!"#
  • 85. :I5G5:67G;<6;:< ( PI;:I ( I5N7 ( 6I7 ( Q*67=6;5A ( 6* ( ;TQ5;G ( 6I7( 8@=95T7=65A(9;J=;6B(*8(Q7G<*=<(5<(I@T5=(X7;=J<C(*G(6*(5887:6( 6I7T ( 59N7G<7AB ( ;= ( 5 ( :*TQ5G5XAB ( <7G;*@< ( T5==7G+( lA5X*G56;=J ( *= ( PI56 ( ;6 ( T75=< ( XB ( Q*67=6;5A ( ;TQ5;GT7=6 ( *8( 9;J=;6BC(6I7(&*@G6(G7<;<679(6I7(67TQ656;*=(*8(A5B;=J(9*P=(5=B( <@:I(s67<6s(8*G(9;<:7G=;=J(s@=<Q7:;8;79s(JG*@=9<C(X@6(I5<(6I;<( 6*(<5B(XB(P5B(*8(J@;97A;=7<C(gW=(<*T7(:5<7<(6I7B(G7A567(6*( ;TT@65XA7(X;*A*J;:5A(566G;X@67<(*G(:I5G5:67G;<6;:<C(;=(<*T7(6*( 6I7(5<<*:;56;*=5A(A;87(*8(I@T5=<C(;=(<*T7(6*(6I7(;=67AA7:6@5AC( 7iQG7<<;N7 ( 5=9 ( G7A;J;*@< ( 9;T7=<;*=< ( *8 ( I@T5=;6B ( 5=9 ( ;=( <*T7 ( :5<7< ( 6* ( 5 ( :*TX;=56;*= ( *8 ( *=7 ( *G ( T*G7 ( *8 ( 6I7<7( 8756@G7<h+ (W6 ( =779< ( 6* ( X7 ( =*679 ( 6I56 ( *= ( 5::*@=6 ( *8 ( 6I7( QG7N5A7=6(P;97G(S=*PA79J7(*8(6I7(9;<:G;T;=56;*=(*=(5::*@=6( *8(<7i@5A(*G;7=656;*=C(6I7(O*@6I(L8G;:5=(:*=<6;6@6;*=C(PI7=(;6( P5<(9G58679C(<Q7:;8;:5AAB(;=:A@979(6I56(5<(5(JG*@=9+( 21-+ #7(I*A9(6I56(<7i@5A(*G;7=656;*=(;<(5(JG*@=9(5=5A*J*@<(6*(<7i( 5=9(6I56(9;<:G;T;=56;*=(*=(6I7(X5<;<(*8(<7i@5A(*G;7=656;*=(;<( =*6 ( Q7GT;6679 ( XB ( LG6;:A7 ( 2.+ ( ( F@G6I7GC ( LG6;:A7 ( 2.%0'( ;=:*GQ*G567<(6I7(=*6;*=(*8(I*G;E*=65A(5QQA;:56;*=(*8(G;JI6<+(W=( *6I7G(P*G9<C(;6(7N7=(QG*I;X;6<(9;<:G;T;=56;*=(*8(*=7(:;6;E7=(XB( 5=*6I7G(;=(T5667G<(*8(5::7<<(6*(Q@XA;:(<Q5:7<+( (W=(*@G(N;7PC( 9;<:G;T;=56;*= ( *= ( 6I7 ( JG*@=9 ( *8 ( <7i@5A ( *G;7=656;*= ( ;<( ;TQ7GT;<<;XA7(7N7=(*=(6I7(I*G;E*=65A(5QQA;:56;*=(*8(6I7(G;JI6( 7=<IG;=79(@=97G(LG6;:A7(2.+( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()#(*8(!"#
  • 86. d#$&"2$ ( #2&0$".'X ( -.1 ( d3&%3%&$"%.-+"$' ( &*G"*FX ( C ( -.-+'#"#(%)(-.0/(,-&,(GN(!%$*+(-##%2"-$"%.(%)(".1"-4 ( _K]]Ua(O(#22(L 21.+ #7(T5B(=*P(7i5T;=7(;=(<*T7(9765;A(6I7(G7:7=6(97:;<;*=(*8( 6I7(O@QG7T7(&*@G6(;= (M$%:&7#-P&'(&L.=,;&M44.28#=8.$&.D& K$98#C(%011_'(a(O&&(2C(PI;:I(I5<(;TQ*G65=6(X75G;=J(*=(6I7( QG7<7=6 ( :5<7+ ( (W= (M$%: & 7#-PC ( :*=<6;6@6;*=5A ( N5A;9;6B ( *8( O7:6;*= ( a1 ( *8 ( 6I7 ( $@=^5X ( li:;<7 ( L:6C ( 2D2- ( QG*I;X;6;=J( 7TQA*BT7=6(*8(g5=B(T5=(@=97G(6I7(5J7(*8(0.(B75G<h(*G(g5=B( P*T5=h ( ;= ( 5=B ( Q5G6 ( *8 ( <@:I ( QG7T;<7< ( ;= ( PI;:I ( A;k@*G ( *G( ;=6*i;:56;=J(9G@J(;<(:*=<@T79(XB(6I7(Q@XA;:(P5<(:I5AA7=J79( X78*G7 ( 6I7 ( [;JI ( &*@G6 ( *8 ( 47AI;+ ( ( HI7 ( [;JI ( &*@G6 ( 97:A5G79( O7:6;*=(a1(*8(6I7(L:6(5<(@A6G5(N;G7<(LG6;:A7<(2D%2'%J'C(2-(5=9( 2. ( *8 ( 6I7 ( &*=<6;6@6;*= ( *8 ( W=9;5 ( 6* ( 6I7 ( 7i67=6 ( ;6 ( QG*I;X;6<( 7TQA*BT7=6(*8(5=B(P*T5=(;=(5=B(Q5G6(*8(<@:I(QG7T;<7<C(;=( PI;:I ( A;k@*G ( *G ( ;=6*i;:56;=J ( 9G@J< ( 5G7 ( :*=<@T79 ( XB ( 6I7( Q@XA;:+(()56;*=5A(&5Q;65A(H7GG;6*GB(*8(47AI;(5::7Q679(6I7(<5;9( ^@9JT7=6(X@6(5=(5QQ75A(P5<(8;A79(XB(87P(:;6;E7=<(*8(47AI;+( HI7(5QQ75A(P5<(@A6;T567AB(9;<T;<<79(XB(6I7(O@QG7T7(&*@G6C( X@6 ( 6I7 ( QG;=:;QA7< ( A5;9 ( 9*P= ( XB ( 6I7 ( &*@G6 ( G7A56;=J ( 6* ( 6I7( <:*Q7(*8(6I7(G;JI6(6*(7k@5A;6B(7=@=:;5679(;=(LG6;:A7<(2-(5=9( 2.(5G7(T567G;5A(8*G(6I7(Q@GQ*<7(*8(6I7(QG7<7=6(:5<7+((L6(6I7( *@6<76C(6I7(&*@G6(*X<7GN79(6I56(6I7(L:6(;=(k@7<6;*=(;<(5(QG7` :*=<6;6@6;*=5A(A7J;<A56;*=(5=9(5A6I*@JI(;6(;<(<5N79(;=(67GT<(*8( LG6;:A7 ( a,0 ( *8 ( 6I7 ( &*=<6;6@6;*=C ( :I5AA7=J7 ( 6* ( ;6< ( N5A;9;6B ( *=( 6I7(6*@:I<6*=7(*8(LG6;:A7<(2-C(2.(5=9(2D(*8(6I7(&*=<6;6@6;*=( *8(W=9;5C(;<(Q7GT;<<;XA7(;=(A5P+((HI7G7(;<(6I@<(=*(QG7<@TQ6;*=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()'(*8(!"#
  • 87. *8 ( :*=<6;6@6;*=5A;6B ( *8 ( 5 ( :*A*=;5A ( A7J;<A56;*=+ ( ( HI7G78*G7C( 6I*@JI(6I7(<656@67(:*@A9(I5N7(X77=(I7A9(6*(X7(5(N5A;9(Q;7:7( *8(A7J;<A56;*=(S77Q;=J(;=(N;7P(6I7(<*:;765A(:*=9;6;*=(*8(6I*<7( 6;T7<C ( X@6 ( P;6I ( 6I7 ( :I5=J7< ( *::@GG;=J ( 6I7G7;= ( X*6I ( ;= ( 6I7( 9*T7<6;:(5<(5A<*(;=67G=56;*=5A(5G7=5C(<@:I(5(A5P(:5=(5A<*(X7( 97:A5G79(;=N5A;9+((W=(6I;<(:*==7:6;*=C(6I7(&*@G6(G787GG79(6*(6I7( 8*AA*P;=J ( *X<7GN56;*=< ( T597 ( ;= (1."$ & 0#;;#*#==.* & '(& J$8.$&.D&K$98#C(%011a'(Z(O&&(Z22> gHI7(:*=<6;6@6;*=5A;6B(*8(5(QG*N;<;*=C(;6(;<(6G;67C(P;AA( I5N7 ( 6* ( X7 ( ^@9J79 ( S77Q;=J ( ;= ( N;7P ( 6I7( ;=67GQG7656;N7( :I5=J7<( *8( 6I7(<656@67 ( 5887:679( XB( Q5<<5J7 ( *8 ( 6;T7+++++++6I7 ( A5P ( 5A6I*@JI ( T5B ( X7( :*=<6;6@6;*=5A ( PI7= ( 7=5:679 ( X@6 ( P;6I ( Q5<<5J7 ( *8( 6;T7(6I7(<5T7(T5B(X7(I7A9(6*(X7(@=:*=<6;6@6;*=5A( ;=(N;7P(*8(6I7(:I5=J79(<;6@56;*=+h(dQ5G5<(0_(j(aa( *8(O&&e 21Z+ HI7(&*@G6(8@G6I7G(I7A9(6I56(PI7=(6I7(N5A;9;6B(*8(5(A7J;<A56;*=( ;<(67<679(*=(6I7(5=N;A(*8(7k@5A;6B(:A5@<7<(:*=65;=79(;=(LG6;:A7<( 2-(5=9(2.C(6I7(X@G97=(6I7G78*G(P*@A9(X7(*=(6I7(O6567+(( g#I7=(6I7(*G;J;=5A(L:6(P5<(7=5:679C(6I7(:*=:7Q6( *8(7k@5A;6B(X76P77=(6P*(<7i7<(P5<(@=S=*P=+(HI7( T5S7G< ( *8 ( 6I7 ( &*=<6;6@6;*= ( ;=67=979 ( 6* ( 5QQAB( 7k@5A;6B(5T*=J<6(T7=(5=9(P*T7=(;=(5AA(<QI7G7<( *8 ( A;87+ ( W= ( 8G5T;=J ( LG6;:A7< ( 2- ( 5=9 ( 2. ( *8 ( 6I7( &*=<6;6@6;*=C(6I7(:*=<6;6@6;*=5A(J*5A(;=(6I56(X7I5A8( P5< ( <*@JI6 ( 6* ( X7 ( 5:I;7N79+ ( LA6I*@JI ( 6I7 ( <5T7( P*@A9 ( =*6 ( T75= ( 6I56 ( @=97G ( =* ( :;G:@T<65=:7C( :A5<<;8;:56;*=C ( ;=67G ( 5A;5C ( *= ( 6I7 ( JG*@=9 ( *8 ( <7i( P*@A9(X7(PI*AAB(;TQ7GT;<<;XA7(X@6(;6(;<(6G;67(6I56( PI7=(6I7(N5A;9;6B(*8(5(A7J;<A56;*=(;<(67<679(*=(6I7( 5=N;A(*8(7k@5A;6B(:A5@<7<(:*=65;=79(;=(LG6;:A7<(2-( 5=9 ( 2.C ( 6I7 ( X@G97= ( 6I7G78*G ( P*@A9 ( X7 ( *= ( 6I7( O6567+(#I;A7(:*=<;97G;=J(N5A;9;6B(*8(5(A7J;<A56;*=(*8( 6I;< ( =56@G7C ( 6I7 ( :*@G6 ( P5< ( 6* ( 65S7 ( =*6;:7 ( *8 ( 6I7( *6I7G ( QG*N;<;*=< ( *8 ( 6I7 ( &*=<6;6@6;*= ( ;=:A@9;=J( 6I*<7(:*=65;=79(;=($5G6(W]`(L(*8(6I7(&*=<6;6@6;*=+h( dQ5G5(02*8(O&&e+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()((*8(!"#
  • 88. 21,+ HI7(&*@G6(9;<:@<<79(6P*(9;<6;=:6(:*=:7Q6<(q(g<6G;:6(<:G@6;=Bh( X*GG*P79 ( 8G*T ( 6I7 ( VO ( ^@G;<QG@97=:7C ( 5=9 ( gQG*Q*G6;*=5A;6B( G7N;7Ph(PI;:I(I5<(;6<(*G;J;=(;=(6I7(^@G;<QG@97=:7(*8(&5=59;5=( 5=9(l@G*Q75=(:*@G6<+( (HI7(&*@G6(I7A9(6I56(6I7(;=67G87G7=:7( QG7<:G;X79(XB(6I7(O6567(8*G(Q@G<@;=J(6I7(7=9<(*8(QG*67:6;*=( <I*@A9(X7(QG*Q*G6;*=567(6*(6I7(A7J;6;T567(5;T<+(HI7(<65=95G9( 8*G(^@9J;=J(6I7(QG*Q*G6;*=5A;6B(<I*@A9(X7(5(<65=95G9(:5Q5XA7( *8(X7;=J(:5AA79(G75<*=5XA7(;=(5(T*97G=(97T*:G56;:(<*:;76B+( HI7 ( &*@G6 ( 8@G6I7G ( I7A9 ( 6I56 ( A7J;<A56;*=< ( P;6I ( QG*=*@=:79( gQG*67:6;N7 ( 9;<:G;T;=56;*=h ( 5;T<C ( <@:I ( 5< ( O7:6;*= ( a1C( Q*67=6;5AAB ( <7GN7 ( 5< ( 9*@XA7 ( 79J79 ( <P*G9<+ ( ( O6G;:6 ( <:G@6;=B( <I*@A9(X7(7TQA*B79(PI;A7(5<<7<<;=J(6I7(;TQA;:56;*=<(*8(6I;<( N5G;76B ( *8 ( A7J;<A56;*=<+ ( ( f7J;<A56;*= ( <I*@A9 ( =*6 ( X7 ( *=AB( 5<<7<<79(*=(;6<(QG*Q*<79(5;T<(X@6(G56I7G(*=(6I7(;TQA;:56;*=<( 5=9 ( 6I7 ( 7887:6<+ ( ( HI7 ( &*@G6 ( 6I7= ( P7=6 ( *= ( 6* ( <6567 ( 6I7( QG;=:;QA7 ( *8 ( Q7G<*=5A ( 5@6*=*TB ( P;6I ( 5 ( <Q7:;5A ( ^@9;:;5A ( G*A7( PI7=(975A;=J(P;6I(A5P<(G78A7:6;=J(*QQG7<<;N7(:@A6@G5A(=*GT<( 6I56(7<Q7:;5AAB(65GJ76(T;=*G;6;7<(5=9(N@A=7G5XA7(JG*@Q<+((( g+++++6I7 ( ;<<@7 ( *8 ([5=;=^5<:; ( Q58986<8 ( [87c886 ( ?8W8?(J56I7G<(5=(*N7G6*=7(*8(<*:;765A(:*=9;6;*=<(<*( T@:I(<*(6I56(6I7(G75A(9;887G7=:7<(5G7(QG*=*@=:79( XB(6I7(*QQG7<<;N7(:@A6@G5A(=*GT<(*8(6I7(6;T7+((HI;<( :*TX;=56;*=(*8(X;*A*J;:5A(5=9(<*:;5A(9767GT;=5=6<( T5B ( 8;=9 ( 7iQG7<<;*= ( ;= ( Q*Q@A5G ( A7J;<A56;N7( T5=9567+ ( ( O@:I ( A7J;<A56;*=< ( 978;=;67AB ( 97<7GN7( 977Q7G ( ^@9;:;5A ( <:G@6;=B+ ( ( W6 ( ;< ( 8*G ( 6I7 ( :*@G6 ( 6*( G7N;7P ( 6I56 ( 6I7 ( T5^*G;65G;5= ( ;TQ@A<7< ( G**679 ( ;=( T*G5A;<6;:(6G59;6;*=(9*(=*6(;TQ;=J7(@Q*=(;=9;N;9@5A( 5@6*=*TB+((HI;<(;<(6I7(X5:S9G*Q(*8(977Q7G(^@9;:;5A( <:G@6;=B(*8(<@:I(A7J;<A56;*=<(P*GA9(*N7G+h(dQ5G5(-2( *8(O&&e d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7())(*8(!"#
  • 89. 21_+ HI7 ( &*@G6 ( I7A9 ( 6I56 ( LG6;:A7 ( 2.s< ( QG*I;X;6;*= ( *8 ( <7i( 9;<:G;T;=56;*= ( ;TQA;7< ( 6I7 ( G;JI6 ( 6* ( 5@6*=*TB ( 5=9 ( <7A8` 9767GT;=56;*=C(PI;:I(QA5:7<(7TQI5<;<(*=(;=9;N;9@5A(:I*;:7+( HI7G78*G7C(5(T75<@G7(6I56(9;<59N5=65J7<(5(N@A=7G5XA7(JG*@Q( 978;=79 ( *= ( 6I7 ( X5<;< ( *8 ( 5 ( :I5G5:67G;<6;: ( 6I56 ( G7A567< ( 6*( Q7G<*=5A(5@6*=*TB(T@<6(X7(<@X^7:6(6*(<6G;:6(<:G@6;=B+( g-Z+ ( ++++HI7 ( ;TQ@J=79 ( A7J;<A56;*= ( <@887G< ( 8G*T( ;=:@G5XA7 ( 8;i56;*=< ( *8 ( <67G7*6BQ7 ( T*G5A;6B ( 5=9( :*=:7Q6;*=(*8(<7i@5A(G*A7+( (HI7(Q7G<Q7:6;N7(6I@<( 5GG;N79(56(;<(*@6T*979(;=(:*=67=6(5=9(<6;8A;=J(;=( T75=<+( -,+( ()*(A5P(;=(;6<(@A6;T567(7887:6(<I*@A9(7=9(@Q( Q7GQ76@56;=J(6I7(*QQG7<<;*=(*8(P*T7=+($7G<*=5A( 8G779*T(;<(5(8@=95T7=65A(67=76(PI;:I(:5==*6(X7( :*TQG*T;<79(;=(6I7(=5T7(*8(7iQ79;7=:B(@=6;A(5=9( @=A7<< ( 6I7G7 ( ;< ( 5 (<=P@8;;56^ ( ?7:78 ( @>9@=?8+( [7;JI67=79 ( A7N7A ( *8 ( <:G@6;=B ( ;< ( 6I7 ( =*GT56;N7( 6IG7<I*A9(8*G(^@9;:;5A(G7N;7P(;=(<@:I(:5<7<+( ++++++ ++++++ ++++++( .1+ ( HI7 ( 67<6 ( 6* ( G7N;7P ( <@:I ( 5 ( $G*67:6;N7( 4;<:G;T;=56;*=(<656@67(P*@A9(7=65;A(5(6P*`QG*=J79( <:G@6;=B> %5' ( 6I7 ( A7J;<A56;N7 ( ;=67G87G7=:7 ( %;=9@:79 ( XB ( <7i( 9;<:G;T;=56*GB ( A7J;<A56;*= ( ;= ( 6I7 ( ;=<65=6 ( :5<7'( <I*@A9(X7(^@<6;8;79(;=(QG;=:;QA7C( %X'(6I7(<5T7(<I*@A9(X7(QG*Q*G6;*=567(;=(T75<@G7+ .2+((HI7(&*@G6r<(65<S(;<(6*(9767GT;=7(PI76I7G(6I7( T75<@G7< ( 8@G6I7G79 ( XB ( 6I7 ( O6567 ( ;= ( 8*GT ( *8( A7J;<A56;N7 ( T5=9567C ( 6* ( 5@JT7=6 ( 6I7 ( A7J;6;T567( 5;T ( *8 ( QG*67:6;=J ( 6I7 ( ;=67G7<6< ( *8 ( P*T7= ( 5G7( QG*Q*G6;*=567 ( 6* ( 6I7 ( *6I7G ( X@AS ( *8 ( P7AA`<766A79( J7=97G ( =*GT< ( <@:I ( 5< ( 5@6*=*TBC ( 7k@5A;6B ( *8( *QQ*G6@=;6BC(G;JI6(6*(QG;N5:B(76(5A+(HI7(X*66*T(A;=7( ;= ( 6I;< ( X7I5A8 ( P*@A9 ( X7 ( 5 ( 8@=:6;*=;=J ( T*97G=( 97T*:G56;: ( <*:;76B ( PI;:I ( 7=<@G7< ( 8G779*T ( 6*( Q@G<@7 ( N5G;79 ( *QQ*G6@=;6;7< ( 5=9 ( *Q6;*=< ( P;6I*@6( 9;<:G;T;=56;=J(*=(6I7(X5<;<(*8(<7iC(G5:7C(:5<67(*G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7()*(*8(!"#
  • 90. 5=B ( *6I7G ( A;S7 ( X5<;<+ ( W= ( 8;=7C ( 6I7G7 ( <I*@A9 ( X7 ( 5( G75<*=5XA7 ( G7A56;*=<I;Q ( *8 ( QG*Q*G6;*=5A;6B( X76P77=(6I7(T75=<(@<79(5=9(6I7(5;T(Q@G<@79+h( %8P@A:?5?(?>@@;58Q'( (( 21D+ W= (M$%: & 7#-PC ( 6I7 ( &*@G6C ( I*P7N7GC ( :A5G;8;79 ( 6I56 ( 6I7( I7;JI67=79(G7N;7P(<65=95G9(9*7<(=*6(T5S7(<7i(5(QG*<:G;X79( :A5<<;8;:56;*=C ( g+++?8W ( <;:??55<:75=6?h ( T5B ( X7 ( @<79 ( 6*( :*TQ7=<567 ( P*T7= ( g8*G ( Q5G6;:@A5G ( 7:*=*T;: ( 9;<5X;A;6;7<( %6I7B ( I5N7' ( <@887G79hC ( g6* ( QG*T*67 ( 7k@5A ( 7TQA*BT7=6( *QQ*G6@=;6BhC(6*(59N5=:7(8@AA(97N7A*QT7=6(*8(6I7(65A7=6(5=9( :5Q5:;6;7<(*8(*@G(=56;*=s<(Q7*QA7+( (O@:I(:A5<<;8;:56;*=<(T5B( =*6(X7(@<79C(5<(6I7B(*=:7(P7G7C(6*(:G7567(*G(Q7GQ76@567(6I7( A7J5AC(<*:;5AC(5=9(7:*=*T;:(;=87G;*G;6B(*8(P*T7=+h 221+ W=(M4".F&!%*#-&G"#F%-&'(&J$8.$&.D&K$98#C(%011_'(Z(O&&( 2C(6I7(O@QG7T7(&*@G6(G78@<79(6*(5QQAB(<6G;:6(<:G@6;=B(6*(5=( 588;GT56;N7 ( 5:6;*= ( T75<@G7+ ( ( HI7 ( &*@G6 ( I7A9 ( 6I56 ( 6I7( QG;=:;QA7< ( A5;9 ( 9*P= ( XB ( 6I7 ( V=;679 ( O6567< ( O@QG7T7 ( &*@G6( <@:I(5<(s<@<Q7:6(A7J;<A56;*=sC(s<6G;:6(<:G@6;=Bs(5=9(s:*TQ7AA;=J( <6567 ( =7:7<<;6Bs ( 5G7 ( =*6 ( 5QQA;:5XA7 ( 8*G ( :I5AA7=J;=J ( 6I7( N5A;9;6B ( *8 ( G7<7GN56;*=< ( *G ( *6I7G ( 588;GT56;N7 ( 5:6;*=( :*=67TQA5679 ( @=97G ( LG6;:A7 ( 2.%.' ( *8 ( 6I7 ( &*=<6;6@6;*=+ ( dQ7G( 5A5SG;<I=5=C(&+?+C(O@TT5GB(Q*;=6(D(>(Q5J7(.0Z(*8(O&&e(( 222+ U= ( 5 ( I5GT*=;*@< ( :*=<6G@:6;*= ( *8 ( 6I7 ( 6P* ( ^@9JT7=6<C ( 6I7( O@QG7T7(&*@G6(T@<6(X7(;=67GQG7679(6*(I5N7(A5;9(9*P=(6I56( 6I7(QG;=:;QA7(*8(s<6G;:6(<:G@6;=Bs(P*@A9(=*6(5QQAB(6*(588;GT56;N7( 5:6;*=(@=97G(LG6;:A7(2.%.'(X@6(5(T75<@G7(6I56(9;<59N5=65J7<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*"(*8(!"#
  • 91. 5(N@A=7G5XA7(JG*@Q(978;=79(*=(6I7(X5<;<(*8(5(:I5G5:67G;<6;:( 6I56(G7A567<(6*(Q7G<*=5A(5@6*=*TB(T@<6(X7(<@X^7:6(6*(<6G;:6( <:G@6;=B+ 220+ HI@< ( Q7G<*=5A ( 5@6*=*TB ( ;< ( ;=I7G7=6 (;= ( 6I7 ( JG*@=9<( T7=6;*=79(;=(LG6;:A7(2.+( (HI7(JG*@=9<(6I56(5G7(=*6(<Q7:;8;79( ;=(LG6;:A7(2.(X@6(5G7(5=5A*J*@<(6*(6I*<7(<Q7:;8;79(6I7G7;=C(P;AA( X7 ( 6I*<7 ( PI;:I ( I5N7 ( 6I7 ( Q*67=6;5A ( 6* ( ;TQ5;G ( 6I7 ( Q7G<*=5A( 5@6*=*TB(*8(5=(;=9;N;9@5A+(HI;<(N;7P(P5<(75GA;7G(;=9;:5679(;=( K$9-# & ?#Q"$,6 & '( & J$8.$ & .D & K$98#C ( %2DD0' ( O@QQ+ ( a ( O&&( 02,+ ( W= (M$%: & 7#-PC ( O++ ( O;=I5C ( ?+ ( 7TQI5<;<79 ( 6I;< ( 5<Q7:6( P;6I(JG756(:A5G;6B> g+++++HI7 ( X*66*T ( A;=7 ( ;= ( 6I;< ( X7I5A8 ( P*@A9 ( X7 ( 5( 8@=:6;*=;=J ( T*97G= ( 97T*:G56;: ( <*:;76B ( PI;:I( 7=<@G7< ( 8G779*T ( 6* ( Q@G<@7 ( N5G;79 ( *QQ*G6@=;6;7<( 5=9(*Q6;*=<(P;6I*@6(9;<:G;T;=56;=J(*=(6I7(X5<;<(*8( <7iC ( G5:7C ( :5<67 ( *G (5=B ( *6I7G ( A;S7 ( X5<;<++++h( %7TQI5<;<(<@QQA;79'(dQ5G5(.2(*8(O&&e( 22a+ L<(I7A9(;= (M$%:&7#-PC(;8(5(A5P(9;<:G;T;=567<(*=(5=B(*8(6I7( QG*I;X;679(JG*@=9<C(;6(=779<(6*(X7(67<679(=*6(T7G7AB(5J5;=<6( gG75<*=5XA7=7<<h(@=97G(LG6;:A7(2-(X@6(X7(<@X^7:6(6*(g<6G;:6( <:G@6;=Bh+ ( ( HI7 ( ;TQ@J=79 ( QG*N;<;*= ( ;= ( O7:6;*= ( a,, ( W$&( :G;T;=5A;<7< ( 6I7 ( 5:6< ( *8 ( <7i@5A ( T;=*G;6;7< ( Q5G6;:@A5GAB ( T7=( PI*(I5N7(<7i(P;6I(T7=(5=9(J5B(T7=+((W6(9;<QG*Q*G6;*=567AB( ;TQ5:6<(6I7T(<*A7AB(*=(6I7(X5<;<(*8(6I7;G(<7i@5A(*G;7=656;*=+( HI7(QG*N;<;*=(G@=<(:*@=67G(6*(6I7(:*=<6;6@6;*=5A(N5A@7<(5=9( 6I7(=*6;*=(*8(I@T5=(9;J=;6B(PI;:I(;<(:*=<;97G79(6*(X7(6I7( :*G=7G<6*=7 ( *8 ( *@G ( &*=<6;6@6;*=+ ( ( O7:6;*= ( a,, ( W$& ( ;= ( ;6<( 5QQA;:56;*= ( 6* ( <7i@5A ( 5:6< ( *8 ( :*=<7=6;=J ( 59@A6< ( ;= ( QG;N5:B( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*!(*8(!"#
  • 92. 9;<:G;T;=567< ( 5 ( <7:6;*= ( *8 ( Q7*QA7 ( <*A7AB ( *= ( 6I7 ( JG*@=9 ( *8( 6I7;G ( <7i@5A ( *G;7=656;*= ( PI;:I ( ;< ( 5=5A*J*@< ( 6* ( QG*I;X;679( JG*@=9(*8(<7i+( (L(QG*N;<;*=(*8(A5P(XG5=9;=J(*=7(<7:6;*=(*8( Q7*QA7 ( 5< ( :G;T;=5A ( X5<79 ( PI*AAB ( *= ( 6I7 ( O6567r< ( T*G5A( 9;<5QQG*N5A ( *8 ( 6I56 ( :A5<< ( J*7< ( :*@=67G ( 6* ( 6I7 ( 7k@5A;6B( J@5G5=6779(@=97G(LG6;:A7<(2-(5=9(2.(@=97G(5=B(<65=95G9(*8( G7N;7P+ 22-+ L(:*=<6;6@6;*=5A(QG*N;<;*=(T@<6(X7(:*=<6G@79C(=*6(;=(5(=5GG*P( 5=9(:*=<6G;:679(<7=<7C(X@6(;=(5(P;97(5=9(A;X7G5A(T5==7G(<*( 5<(6*(5=6;:;Q567(5=9(65S7(5::*@=6(*8(:I5=J;=J(:*=9;6;*=<(5=9( Q@GQ*<7< ( <* ( 6I56 ( 6I7 ( :*=<6;6@6;*=5A ( QG*N;<;*= ( 9*7< ( =*6 ( J76( 56G*QI;79(*G(8*<<;A;E79(X@6(G7T5;=<(8A7i;XA7(7=*@JI(6*(T776( 6I7(=7PAB(7T7GJ;=J(QG*XA7T<+( (dA-#$284&@.-#;8,&I%;;8$&'(& J$8.$ & G,--8=.-6 & .D & >,;"8( %<@QG5'C ( Q5G5 ( Z ( *8 ( O&&e+( W= (I(& H#P-#: & '( & J$8.$ & .D & K$98#C ( %011Z' ( _ ( O&& ( 020C6I7( &*=<6;6@6;*=(7=:I(=*679(6I56> g&*=<6;6@6;*=(;<(=*6(5=(7QI7T7G5A(A7J5A(9*:@T7=6( 7TX*9B;=J ( 5 ( <76 ( *8 ( A7J5A ( G@A7< ( 8*G ( 6I7 ( Q5<<;=J( I*@G+ ( ( W6 ( <76< ( *@6 ( QG;=:;QA7< ( 8*G ( 5= ( 7iQ5=9;=J( 8@6@G7(5=9(;<(;=67=979(6*(7=9@G7(8*G(5J7<(6*(:*T7( 5=9 ( :*=<7k@7=6AB ( 6* ( X7 ( 595Q679 ( 6* ( 6I7 ( N5G;*@<( :G;<;< ( *8 ( I@T5= ( 5885;G<+ ( ( HI7G78*G7C ( 5 ( Q@GQ*<;N7( G56I7G ( 6I5= ( 5 ( <6G;:6 ( A;67G5A ( 5QQG*5:I ( 6* ( 6I7( ;=67GQG7656;*=(<I*@A9(X7(59*Q679+(L(&*=<6;6@6;*=5A( QG*N;<;*=(T@<6(X7(:*=<6G@79(=*6(;=(5(=5GG*P(5=9( :*=<6G;:679 ( <7=<7 ( X@6 ( ;= ( 5 ( P;97 ( 5=9 ( A;X7G5A( T5==7G ( <* ( 5< ( 6* ( 5=6;:;Q567 ( 5=9 ( 65S7 ( 5::*@=6( *8( :I5=J;=J ( :*=9;6;*=< ( 5=9 ( Q@GQ*<7< ( <* ( 6I56( :*=<6;6@6;*=5A(QG*N;<;*=(9*7<(=*6(J76(8*<<;A;E79(X@6( G7T5;=< ( 8A7i;XA7 ( 7=*@JI ( 6* ( T776 ( 6I7 ( =7PAB( 7T7GJ;=J ( QG*XA7T< ( 5=9 ( :I5AA7=J7<h+dQ5G5 ( 2D ( *8( O&&e d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*$(*8(!"#
  • 93. 22.+ O;T;A5G ( ;< ( 6I7 ( <7=6;T7=6 ( 7iQG7<<79 ( XB (Y7==79BC ( ?+ ( ;=( <#Q-,$2,&'(&G,W#4(%<@QG5'> g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h+(d56(Q5J7(.Zae #2%3* ( %) ( $!* ( 2%0&$M# ( 3%F*& ( $% ( 1*2+-&* ( - ( #$-$0$%&'(3&%G"#"%.(".G-+"1 22Z+ f75G=79 ( LOM ( <6G7=@*@<AB ( :*=67=979 ( 6I56 ( 6I7 ( ?@9J7< ( T@<6( T5;=65;=(^@9;:;5A(<7A8`G7<6G5;=6(PI;A7(7i7G:;<;=J(6I7(Q*P7G(*8( ^@9;:;5A(G7N;7P(*8(A7J;<A56;*=+((HI7G7(;<(5(XG*59(<7Q5G56;*=(*8( Q*P7G<(@=97G(6I7(&*=<6;6@6;*=C(5=9(6I7(6IG77(*GJ5=<(*8(6I7( O6567(q(6I7(A7J;<A56@G7C(6I7(7i7:@6;N7(5=9(6I7(^@9;:;5GBC(T@<6( G7<Q7:6 ( 75:I ( *6I7G ( 5=9 ( T@<6 ( =*6 ( *G9;=5G;AB ( 7=:G*5:I ( ;=6*( 75:I ( *6I7G<s ( 9*T5;=+ ( ( HI7 ( A7J;<A56@G7 ( ;< ( 5 ( 97T*:G56;:5AAB( 7A7:679(X*9B(PI;:I(7iQG7<<7<(6I7(P;AA(*8(6I7(Q7*QA7C(5=9(;=(5( 97T*:G5:BC ( 6I;< ( P;AA ( ;< ( =*6 ( 6* ( X7 ( A;JI6AB ( 8G@<6G5679 ( *G( *X<6G@:679+( (HI7(&*@G6(<I*@A9C(6I7G78*G7C(*G9;=5G;AB(9787G(6*( 6I7(97:;<;*=(*8(6I7(A7J;<A56@G7(5<(;6(;<(6I7(X7<6(^@9J7(*8(PI56( ;<(J**9(8*G(6I7(:*TT@=;6B+( ([7(QA5:79(G7A;5=:7(*=(5(G7:7=6( ^@9JT7=6(*8(6I7(O@QG7T7(&*@G6(;=(6I7(:5<7(*8(M*N7G=T7=6( *8 (M$9"-#&N-#9,4"&'(&N(&<#W*8&>,'8O( %011_'(-(O&&(,01C( PI7G7 ( 6I7 ( &*@G6 ( 5867G ( G787GG;=J ( 6* ( 6I7 ( :A5<<;: ( 7<<5B ( *8( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*%(*8(!"#
  • 94. $G*87<<*G ( ?5T7< ( G59A7B ( HI5B7G ( 7=6;6A79 ( gHI7 ( UG;J;= ( 5=9( O:*Q7(*8(6I7(LT7G;:5=(4*:6G;=7(*8(&*=<6;6@6;*=5A(f5Ph(5=9( :7G65;= ( *X<7GN56;*=< ( *8 ( ?@<6;:7 ( F7A;i ( FG5=S8@G67GC ( I7A9 ( 5<( 8*AA*P<>( g-Z+ ( W= ( *@G ( *Q;=;*=C ( 6I7G7 ( ;< ( *=7 ( 5=9 ( *=AB ( *=7( JG*@=9(8*G(97:A5G;=J(5=(L:6(*8(6I7(A7J;<A56@G7(%*G(5( QG*N;<;*=(;=(6I7(L:6'(6*(X7(;=N5A;9C(5=9(6I56(;<(;8(;6( :A75GAB(N;*A567<(<*T7(QG*N;<;*=(*8(6I7(&*=<6;6@6;*=( ;=(<*(7N;97=6(5(T5==7G(5<(6*(A75N7(=*(T5==7G(*8( 9*@X6+ ( ( HI;< ( N;*A56;*= ( :5=C ( *8 ( :*@G<7C ( X7 ( ;=( 9;887G7=6(P5B<C(7+J+(;8(5(O6567(A7J;<A56@G7(T5S7<(5( A5P ( PI;:I ( *=AB ( 6I7 ( $5GA;5T=76 ( :5= ( T5S7 ( @=97G( f;<6(W(6*(6I7(O7N7=6I(O:I79@A7C(;=(PI;:I(:5<7(;6(P;AA( N;*A567 ( LG6;:A7 ( 0-Z%2' ( *8 ( 6I7 ( &*=<6;6@6;*=C ( *G ( 6I7( A5P ( N;*A567< ( <*T7 ( <Q7:;8;: ( QG*N;<;*= ( *8 ( 6I7( &*=<6;6@6;*=(%*6I7G(6I5=(6I7(9;G7:6;N7(QG;=:;QA7<'+( @6 ( X78*G7 ( 97:A5G;=J ( 6I7 ( <656@67 ( 6* ( X7( @=:*=<6;6@6;*=5AC ( 6I7 ( &*@G6 ( T@<6 ( X7 ( 5X<*A@67AB( <@G7(6I56(6I7G7(:5=(X7(=*(T5==7G(*8(9*@X6(6I56(;6( N;*A567< ( 5 ( QG*N;<;*= ( *8 ( 6I7 ( &*=<6;6@6;*=+ ( ( W8 ( 6P*( N;7P< ( 5G7 ( Q*<<;XA7C ( *=7 ( T5S;=J ( 6I7 ( <656@67( :*=<6;6@6;*=5A ( 5=9 ( 6I7 ( *6I7G ( T5S;=J ( ;6( @=:*=<6;6@6;*=5AC(6I7(8*GT7G(N;7P(T@<6(5AP5B<(X7( QG787GG79+((LA<*C(6I7(&*@G6(T@<6(T5S7(7N7GB(788*G6( 6*(@QI*A9(6I7(:*=<6;6@6;*=5A(N5A;9;6B(*8(5(<656@67C( 7N7= ( ;8 ( 6I56 ( G7k@G;7< ( J;N;=J ( 5 ( <6G5;=79( :*=<6G@:6;*= ( *G ( =5GG*P;=J ( 9*P= ( ;6< ( <:*Q7 ( N;97( K5GS()766* (N+(O6567 (*8 (Y7G5A5(5=9 (UG<+(%2D,D' (2( O&& ( 0aC ( Q5G5 ( Z ( *8 ( O&&+ ( ( LA<*C ( ;6 ( ;< ( =*=7 ( *8 ( 6I7( :*=:7G=(*8(6I7(&*@G6(PI76I7G(6I7(A7J;<A56;*=(;=(;6<( *Q;=;*=(;<(P;<7(*G(@=P;<7+ +++++++ +++++++ .1+( (W=(*@G(*Q;=;*=(^@9J7<(T@<6(T5;=65;=(^@9;:;5A( <7A8`G7<6G5;=6(PI;A7(7i7G:;<;=J(6I7(Q*P7G(*8(^@9;:;5A( G7N;7P(*8(A7J;<A56;*=++++ .2+( (W=(*@G(*Q;=;*=(6I7(A7J;<A56@G7(T@<6(X7(J;N7=( 8G779*T(6*(9*(7iQ7GT;7=656;*=<(;=(7i7G:;<;=J(;6<( Q*P7G<C(QG*N;979(*8(:*@G<7(;6(9*7<(=*6(:A75GAB(5=9( 8A5JG5=6AB(N;*A567(;6<(:*=<6;6@6;*=5A(A;T;6<+ +++++++ +++++++ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*&(*8(!"#
  • 95. .,+( ( (W=(*@G(*Q;=;*=C(6I7(:*@G6(<I*@A9C(6I7G78*G7C( *G9;=5G;AB ( 9787G ( 6* ( 6I7( P;<9*T ( *8 ( 6I7( A7J;<A56@G7( @=A7<<(;6(7=5:6<(5(A5P(5X*@6(PI;:I(6I7G7(:5=(X7( =*(T5==7G(*8(9*@X6(5X*@6(;6<(@=:*=<6;6@6;*=5A;6B+h 22,+ HI7 ( A75G=79 ( LOM ( 5A<* ( G787GG79 ( 6* ( 6I7 ( A*:@< ( :A5<<;:@<( ^@9JT7=6 ( *8 ( 6I7 ( O@QG7T7 ( &*@G6 ( ;= (?=#=, & .D & I#9-#4 & '( & 0(7(&/.QO( LWR(2D.0(O&(2DZC(PI7G7;=(Q5G5(2.(975A;=J(P;6I( 67<6(*8(G75<*=5XA7=7<<(G759<(5<(8*AA*P<> gLZ+ ( x ( W6 ( ;< ( ;TQ*G65=6 ( ;= ( 6I;< ( :*=67i6 ( 6* ( X75G ( ;=( T;=9 ( 6I56 ( 6I7 ( 67<6 ( *8 ( G75<*=5XA7=7<<C ( PI7G7N7G( QG7<:G;X79C ( <I*@A9 ( X7 ( 5QQA;79 ( 6* ( 75:I ( ;=9;N;9@5A( <656@67 ( ;TQ@J=79C ( 5=9 ( =* ( 5X<6G5:6 ( <65=95G9C ( *G( J7=7G5A ( Q5667G= ( *8 ( G75<*=5XA7=7<< ( :5= ( X7 ( A5;9( 9*P=(5<(5QQA;:5XA7(6*(5AA(:5<7<+(HI7(=56@G7(*8(6I7( G;JI6 ( 5AA7J79 ( 6* ( I5N7 ( X77= ( ;=8G;=J79C ( 6I7( @=97GAB;=J(Q@GQ*<7(*8(6I7(G7<6G;:6;*=<(;TQ*<79C(6I7( 7i67=6 ( 5=9 ( @GJ7=:B ( *8 ( 6I7 ( 7N;A ( <*@JI6 ( 6* ( X7( G7T79;79 ( 6I7G7XBC ( 6I7 ( 9;<QG*Q*G6;*= ( *8 ( 6I7( ;TQ*<;6;*=C ( 6I7 ( QG7N5;A;=J ( :*=9;6;*=< ( 56 ( 6I7 ( 6;T7C( <I*@A9 ( 5AA ( 7=67G ( ;=6* ( 6I7 ( ^@9;:;5A ( N7G9;:6+ ( W=( 7N5A@56;=J (<@:I( 7A@<;N7 (85:6*G< ( 5=9 ( 8*GT;=J (6I7;G( *P= ( :*=:7Q6;*= ( *8 ( PI56 ( ;< ( G75<*=5XA7C ( ;= ( 5AA ( 6I7( :;G:@T<65=:7<(*8(5(J;N7=(:5<7C(;6(;<(;=7N;65XA7(6I56( 6I7(<*:;5A(QI;A*<*QIB(5=9(6I7(<:5A7(*8(N5A@7<(*8(6I7( ?@9J7<(Q5G6;:;Q56;=J(;=(6I7(97:;<;*=(<I*@A9(QA5B(5=( ;TQ*G65=6(Q5G6C(5=9(6I7(A;T;6(6*(6I7;G(;=67G87G7=:7( P;6I(A7J;<A56;N7(^@9JT7=6(;=(<@:I(:5<7<(:5=(*=AB(X7( 9;:65679 (XB (6I7;G (<7=<7 ( *8 (G7<Q*=<;X;A;6B ( 5=9 ( <7A8` G7<6G5;=6 ( 5=9 ( 6I7 ( <*X7G;=J ( G78A7:6;*= ( 6I56 ( 6I7( &*=<6;6@6;*=(;<(T75=6(=*6(*=AB(8*G(Q7*QA7(*8(6I7;G( P5B(*8(6I;=S;=J(X@6(8*G(5AAC(5=9(6I56(6I7(T5^*G;6B(*8( 6I7(7A7:679(G7QG7<7=656;N7<(*8(6I7(Q7*QA7(I5N7C(;=( 5@6I*G;<;=J ( 6I7 ( ;TQ*<;6;*= ( *8 ( 6I7 ( G7<6G;:6;*=<C( :*=<;97G79(6I7T(6*(X7(G75<*=5XA7+h 22_+ W6 ( ;< ( 6G@7 ( 6I56 ( 6I7 ( :*@G6< ( <I*@A9 ( *G9;=5G;AB ( 9787G ( 6* ( 6I7( P;<9*T ( *8 ( 6I7 ( A7J;<A56@G7 ( PI;A7 ( 7i7G:;<;=J ( 6I7 ( Q*P7G ( *8( ^@9;:;5A(G7N;7P(*8(A7J;<A56;*=+( (@6(;6(;<(7k@5AAB(P7AA(<766A79( 6I56(6I7(97JG77(*8(9787G7=:7(6*(X7(J;N7=(6*(6I7(A7J;<A56@G7(;<( 97Q7=97=6 ( *= ( 6I7 ( <@X^7:6 ( T5667G ( @=97G ( :*=<;97G56;*=+( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*#(*8(!"#
  • 96. #I7= (T5667G< ( *8 (gI;JI (:*=<6;6@6;*=5A (;TQ*G65=:7h ( <@:I(5<( :*=<6;6@6;*=5AAB ( 7=6G5=:I79 ( I@T5= ( G;JI6< ( q ( 5G7 ( @=97G( :*=<;97G56;*=C ( 6I7 ( :*@G6< ( 5G7 ( *XA;J79 ( ;= ( 9;<:I5GJ;=J ( 6I7;G( *P= ( <*N7G7;J= ( ^@G;<9;:6;*=C ( 6* ( J;N7 ( :*=<;97G5XAB ( A7<<( 9787G7=:7 ( 6* ( 6I7 ( A7J;<A56@G7 ( 6I5= ( P*@A9 ( *6I7GP;<7 ( X7 ( 6I7( :5<7+ ( ( W= (?=#=, & .D & I#9-#4 & '( & 0(7(/.Q( %<@QG5'C ( PI;A7( ;TQA;79AB(7iQA;:56;=J(6I7(<:*Q7((*8(Q*P7G(@=97G(LG6;:A7(2a(;6( P5< ( I7A9 ( 6I56 ( ;8 ( 6I7 ( A7J;<A56;*= ( ;= ( k@7<6;*= ( N;*A5679 ( 5( 8@=95T7=65A ( G;JI6C ( ;6 ( P*@A9 ( I5N7 ( 6* ( X7 ( <6G@:S ( 9*P= ( g;=( 9;<:I5GJ7 ( *8 ( 5 ( 9@6B ( QA5;=AB ( A5;9 ( @Q*= ( 6I7 ( :*@G6< ( XB ( 6I7( &*=<6;6@6;*=h(dQ5G5(2a(*8(LWRe+ 22D+ W=(/(&RM;2.$3%-6&<=9(S&'(&)$'8-.$*,$=&?,2-,=#-6C(d0112e( 0(#fR(2a_DC(f*G9([*88T5==(<Q*S7(*8(6I7(5QQG*5:I(;=(<@:I( :5<7<> gHI7G7 ( ;< ( =* ( :*=8A;:6 ( X76P77= ( I@T5= ( G;JI6<( 5=9( 6I7 ( 97T*:G56;: ( QG;=:;QA7+ ( R7<Q7:6 ( 8*G ( I@T5=( G;JI6< ( G7k@;G7< ( 6I56 ( :7G65;= ( X5<;: ( G;JI6< ( *8( ;=9;N;9@5A< ( <I*@A9 ( =*6 ( X7 ( :5Q5XA7 ( ;= ( 5=B( :;G:@T<65=:7< ( *8 ( X7;=J ( *N7GG;997= ( XB ( 6I7( T5^*G;6BC ( 7N7= ( ;8 ( 6I7B ( 6I;=S ( 6I56 ( 6I7 ( Q@XA;:( ;=67G7<6 ( <* ( G7k@;G7<+ ( U6I7G ( G;JI6< ( <I*@A9 ( X7( :5Q5XA7 ( *8 ( X7;=J ( *N7GG;997= ( *=AB ( ;= ( N7GB( G7<6G;:679(:;G:@T<65=:7<+ (HI7<7( 5G7(G;JI6<(PI;:I( X7A*=J ( 6* ( ;=9;N;9@5A< ( <;TQAB ( XB ( N;G6@7 ( *8 ( 6I7;G( I@T5=;6BC ( ;=97Q7=97=6AB ( *8 ( 5=B ( @6;A;65G;5=( :5A:@A56;*=+ ( HI7 ( QG*67:6;*= ( *8 ( 6I7<7 ( X5<;: ( G;JI6<( 8G*T(T5^*G;6B(97:;<;*=(G7k@;G7<(6I56(;=97Q7=97=6( 5=9(;TQ5G6;5A(6G;X@=5A<(<I*@A9(I5N7(6I7(Q*P7G(6*( 97:;97 ( PI76I7G ( A7J;<A56;*= ( ;=8G;=J7< ( 6I7T ( 5=9( 7;6I7G ( %5< ( ;= ( 6I7 ( V=;679 ( O6567<' ( 6* ( 97:A5G7 ( <@:I( A7J;<A56;*=(;=N5A;9(*G(%5<(;=(6I7(V=;679(Y;=J9*T'(6*( 97:A5G7(6I56(;6(;<(;=:*TQ56;XA7(P;6I(6I7(J*N7G=;=J( I@T5=(G;JI6<(;=<6G@T7=6+(@6(*@6<;97(6I7<7(X5<;:( G;JI6<C(6I7G7(5G7(T5=B(97:;<;*=<(PI;:I(I5N7(6*(X7( T597 ( 7N7GB ( 95B ( %8*G ( 7i5TQA7C ( 5X*@6 ( 6I7( 5AA*:56;*= ( *8 ( G7<*@G:7<' ( ;= ( PI;:I ( 6I7 ( *=AB ( 85;G( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*'(*8(!"#
  • 97. T76I*9 ( *8 ( 97:;<;*= ( ;< ( XB ( <*T7 ( Q7G<*= ( *G ( X*9B( 5::*@=65XA7(6*(6I7(7A7:6*G567+(d&N(_-;<=6[>9Y(+7QNa ( RN(*6R59=6P867(#8<987:9Y( d0112e(0(#fR(2a_DC(56( 2-22eh 201+ W=(6I;<(G7J5G9C(6I7(G*A7(*8(6I7(^@9;:;5GB(:5=(X7(97<:G;X79(5<( *=7 ( *8 ( QG*67:6;=J ( 6I7 ( :*@=67G ( T5^*G;65G;5= ( <587J@5G9<( 7=@T7G5679 ( ;= ( 6I7 ( &*=<6;6@6;*=+ ( ( W6 ( ;< ( 5Q6 ( 6* ( G787G ( 6* ( 6I7( *X<7GN56;*=< ( *8 ( ?@<6;:7 ( R*X7G6 ( ?5:S<*= ( ;= (T,4= & 08-P8$8# & ?=#=, & E.#-9 & .D & )9%2#=8.$ & '( & E#-$,==,O( a2D ( VO ( Z0-( %2D-a'> gHI7 ( N7GB ( Q@GQ*<7 ( *8 ( 6I7 ( X;AA ( *8 ( G;JI6< ( P5< ( 6*( P;6I9G5P(:7G65;=(<@X^7:6<(8G*T(6I7(N;:;<<;6@97<(*8( Q*A;6;:5A ( :*=6G*N7G<BC ( 6* ( QA5:7 ( 6I7T ( X7B*=9 ( 6I7( G75:I ( *8 ( T5^*G;6;7< ( 5=9 ( *88;:;5A< ( 5=9 ( 6* ( 7<65XA;<I( 6I7T ( 5< ( A7J5A ( QG;=:;QA7< ( 6* ( X7 ( 5QQA;79 ( XB ( 6I7( &*@G6<+((U=7s<(G;JI6(6*(A;87C(A;X7G6BC(5=9(QG*Q7G6BC(6*( 8G77(<Q77:IC(5(8G77(QG7<<C(8G779*T(*8(P*G<I;Q(5=9( 5<<7TXABC ( 5=9 ( *6I7G ( 8@=95T7=65A ( G;JI6< ( T5B ( =*6( X7(<@XT;6679(6*(N*67>(6I7B(97Q7=9(*=(6I7(*@6:*T7( *8(=*(7A7:6;*=<+h(dQ5J7(Za_e 202+ #7 ( T5B ( 5A<* ( G787G ( 6* ( 6I7 ( 6P* ( G7:7=6 ( 97:;<;*=< ( *8 ( 6I7( O@QG7T7(&*@G6(;=N*AN;=J(6I7(Q*P7G(*8(6I7(:*@G6<(6*(G7N;7P( $5GA;5T7=6s< ( A7J;<A56;N7 ( 5=9 ( =*=`A7J;<A56;N7 ( 8@=:6;*=< ( q ( ;+7+( 6I7(^@9JT7=6<(;= (K(/(&@.,;".&R>,#9S&36&</4&'(&?=#=,&.D & G#*8;&H#9%&5&B-4(C(%011,'(0(O&&(2(5=9(/#:#&/#*&N#;&'(& L.$U3;,&?+,#F,-O&<.F&?#3"#&5&B-4(C(%011,'(a(O&&(2_-+( W=(@.,;".C(6I7(O@QG7T7(&*@G6(I7A9(6I56(;6(:*@A9(<6G;S7(9*P=( 5=B(A5P(;=<7G679(;=6*(6I7();=6I(O:I79@A7(;8(;6(P7G7(:*=6G5GB( 6*(&*=<6;6@6;*=5A(QG*N;<;*=<+((W6(P5<(*X<7GN79> g++++6I7 ( ^@G;<QG@97=:7 ( 5=9 ( 97N7A*QT7=6 ( 5G*@=9( 8@=95T7=65A(G;JI6<(I5<(T597(;6(:A75G(6I56(6I7B(5G7( =*6 ( A;T;679C ( =5GG*P ( G;JI6< ( X@6 ( QG*N;97 ( 5 ( XG*59( :I7:S ( 5J5;=<6 ( 6I7 ( N;*A56;*=< ( *G ( 7i:7<<7< ( XB ( 6I7( O6567 ( 5@6I*G;6;7<+( HI7 ( 8@=95T7=65A (G;JI6< (I5N7( ;=( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*((*8(!"#
  • 98. 85:6 ( QG*N79 ( 6* ( X7 ( 6I7 ( T*<6 ( <;J=;8;:5=6( :*=<6;6@6;*=5A ( :*=6G*A ( *= ( 6I7 ( M*N7G=T7=6C( Q5G6;:@A5GAB ( A7J;<A56;N7 ( Q*P7G++++++W6 ( :5==*6 ( X7 ( <5;9( 6I56 ( 6I7 ( <5T7 ( &*=<6;6@6;*= ( 6I56 ( QG*N;97< ( 8*G ( 5( :I7:S ( *= ( A7J;<A56;N7 ( Q*P7GC ( P;AA ( 97:;97 ( PI76I7G( <@:I ( 5 ( :I7:S ( ;< ( =7:7<<5GB ( *G ( =*6+ ( W6 ( P*@A9 ( X7 ( 5( =7J56;*=(*8(6I7(&*=<6;6@6;*=+h(dQ5G5<(.Z(j(210e 200+ W=(/#:#&/#*&N#;(:5<7C(6I7(&*@G6(9;<Q*<79(*8(6I7(5GJ@T7=6<( G7J5G9;=J ( 6I7 ( @=:*=<6;6@6;*=5A;6B ( *8 ( 6I7 ( 7iQ@A<;*= ( *8( K7TX7G<(*8($5GA;5T7=6(PI;A7(<;T@A65=7*@<AB(@QI*A9;=J(6I7( QG;=:;QA7< ( *8 ( ^@9;:;5A ( G7N;7P+ ( ( HI7 ( &*@G6 ( X7J5= ( XB ( <656;=J( 6I56(6I7(&*=<6;6@6;*=(P5<(6I7(g?>@98P8(;8W(;=(6I;<(:*@=6GBh( 5=9(P7=6(*=(6*(<5B(6I56> g$5GA;5T7=6(;=9779(;<(5(:**G9;=567(*GJ5=(5=9(;6<( N;7P< ( 9* ( 97<7GN7 ( 9787G7=:7 ( 7N7= ( PI;A7 ( ;6< ( 5:6<( 5G7 ( 5T7=5XA7 ( 6* ( ^@9;:;5A ( <:G@6;=B+++++T7G7( :**G9;=567 ( :*=<6;6@6;*=5A ( <656@<++++9*7< ( =*6( 9;<7=6;6A7(6I;<(&*@G6(8G*T(7i7G:;<;=J(;6<(^@G;<9;:6;*=( *8(^@9;:;5A(G7N;7P++++h(dQ5G5<(aD2(5=9(-a2(*8(O&&e 20a+ W=(6I7(QG7<7=6(:5<7C(6I7(6P*(:*=<6;6@6;*=5A(G;JI6<(G7A;79(@Q*=( ;+7+ ( sG;JI6 ( 6* ( Q7G<*=5A ( A;X7G6Bs ( 5=9 ( sG;JI6 ( 6* ( 7k@5A;6Bs ( 5G7( 8@=95T7=65A ( I@T5= ( G;JI6< ( PI;:I ( X7A*=J ( 6* ( ;=9;N;9@5A<( <;TQAB ( XB ( N;G6@7 ( *8 ( 6I7;G ( I@T5=;6BC ( ;=97Q7=97=6 ( *8 ( 5=B( @6;A;65G;5=(:*=<;97G56;*=+ ( (L( ;AA(*8 (R;JI6<(9*7<(=*6 (s:*=87Gs( 8@=95T7=65A(I@T5=(G;JI6<+( (W6(:*=8;GT<(6I7;G(7i;<67=:7(5=9( 5::*G9<(6I7T(QG*67:6;*=+(( 20-+ W= (N,,-;,44 & 7,$,-#; & A8$#$2, & K$',4=*,$= & @.( & <=9( & '(& /,4,-', & E#$F & .D & K$98#4 (%2DD0' ( 0 ( O&& ( a-aC ( 6I7 ( &*@G6( I;JIA;JI679 ( 6I7 ( G*A7 ( *8 ( 6I7 ( ^@9;:;5GB ( 5< ( QG*67:6*G ( *8( 8@=95T7=65A(G;JI6<(;=(8*AA*P;=J(P*G9<>( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(*)(*8(!"#
  • 99. g#I7G7N7G(5(<656@67(;<(:I5AA7=J79(5<(N;*A56;N7(*8( 6I7 ( 8@=95T7=65A ( G;JI6<C ( ;6< ( G75A ( 7887:6 ( *G( *Q7G56;*=(*=(6I7(8@=95T7=65A(G;JI6<(;<(*8(QG;T5GB( ;TQ*G65=:7+ ( W6 ( ;< ( 6I7 ( 9@6B ( *8 ( 6I7 ( :*@G6 ( 6* ( X7( P56:I8@A(6*(QG*67:6(6I7(:*=<6;6@6;*=5A(G;JI6<(*8(5( :;6;E7=(5<(5J5;=<6(5=B(7=:G*5:IT7=6(JG59@5AAB(*G( <675A6I;AB ( 6I7G7*=+ ( #I7= ( 5 ( A5P ( I5< ( ;TQ*<79( G7<6G;:6;*=<(*=(6I7(8@=95T7=65A(G;JI6<C(PI56(6I7( :*@G6 ( I5< ( 6* ( 7i5T;=7 ( ;< ( 6I7 ( <@X<65=:7 ( *8 ( 6I7( A7J;<A56;*= ( P;6I*@6 ( X7;=J ( X7J@;A79 ( XB ( 6I7 ( T7G7( 5QQ75G5=:7 ( *8 ( 6I7 ( A7J;<A56;*=+ ( HI7 ( f7J;<A56@G7( :5==*6 ( 9;<*X7B ( 6I7 ( :*=<6;6@6;*=5A ( T5=9567 ( XB( 7TQA*B;=J ( 5= ( ;=9;G7:6 ( T76I*9+ ( HI7 ( :*@G6 ( T@<6( :*=<;97G(=*6(T7G7AB(6I7(Q@GQ*<7(*8(6I7(A5P(X@6( 5A<*(6I7(T75=<(I*P(;6(;<(<*@JI6(6*(X7(<7:@G79(*G( I*P ( ;6 ( ;< ( 6* ( X7 ( 59T;=;<67G79+ ( HI7 ( *X^7:6 ( *8 ( 6I7( A7J;<A56;*=(;<(=*6(:*=:A@<;N7(5<(6*(6I7(N5A;9;6B(*8( 6I7(A7J;<A56;*=++++++(HI7(:*@G6(T@<6(A;86(6I7(N7;A(*8( 6I7 ( 8*GT ( 5=9 ( 5QQ75G5=:7 ( 6* ( 9;<:*N7G ( 6I7 ( 6G@7( :I5G5:67G(5=9(6I7(=56@G7(*8(6I7(A7J;<A56;*=C(5=9( 7N7GB ( 7=975N*@G ( <I*@A9 ( X7 ( T597 ( 6* ( I5N7 ( 6I7( 788;:5:B(*8(8@=95T7=65A(G;JI6(T5;=65;=79(5=9(6I7( A7J;<A56@G7 ( ;< ( =*6 ( ;=N7<679 ( P;6I ( @=X*@=979( Q*P7G+(HI7(:*@G6(I5<C(6I7G78*G7C(5AP5B<(6*(J@5G9( 5J5;=<6 ( 6I7 ( JG59@5A ( 7=:G*5:IT7=6< ( 5=9 ( <6G;S7( 9*P= ( 5 ( G7<6G;:6;*= ( 5< ( <**= ( 5< ( ;6 ( G75:I7< ( 6I56( T5J=;6@97 ( *8 ( 6*65A ( 5==;I;A56;*= ( *8 ( 6I7 ( G;JI6+h( dQ5G5(-_(*8(O&&e 20.+ L867G( 6I7 (:*=:A@<;*= (*8 ( *G5A( I75G;=JC ( A75G=79 ( LOM ( 8;A79 ( I;<( PG;667= ( <@XT;<<;*=< ( ;= ( PI;:I ( I7 ( :A5;T79 ( 6I56 ( 6I7 ( :*@G6<( I5N7(*=AB(6*(;=67GQG76(6I7(A5P(5<(;6(;<(5=9(I5N7(=*(Q*P7G(6*( 97:A5G7(6I7(A5P(;=N5A;9+( (L::*G9;=J(6*(I;TC(6I7G78*G7C(;8(P7( P7G7 ( 6* ( 5JG77 ( P;6I ( 6I7 ( Q76;6;*=7GC ( P7 ( :*@A9 ( *=AB ( T5S7( G7:*TT7=956;*= ( 6* ( $5GA;5T7=6 ( 5=9 ( ;6 ( ;< ( 8*G ( $5GA;5T7=6 ( 6*( 5T7=9 ( 6I7 ( A5P+ ( ( #7 ( 5G7 ( :*=<6G5;=79 ( 6* ( *X<7GN7 ( 6I56 ( 6I7( <@XT;<<;*= ( *8 ( A75G=79 ( LOM ( G78A7:6< ( G56I7G ( Q**GAB ( *= ( I;<( @=97G<65=9;=J ( *8 ( 6I7 ( :*=<6;6@6;*=5A ( <:I7T7+ ( ( W6 ( ;< ( 5( 8@=95T7=65A ( QG;=:;QA7 ( *8 ( *@G ( :*=<6;6@6;*=5A ( <:I7T7 ( 6I56( 7N7GB ( *GJ5= ( *8 ( 6I7 ( O6567C ( 7N7GB ( 5@6I*G;6B ( @=97G ( 6I7( &*=<6;6@6;*= ( 97G;N7< ( ;6< ( Q*P7G ( *G ( 5@6I*G;6B ( @=97G ( 6I7( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(**(*8(!"#
  • 100. &*=<6;6@6;*=(5=9(I5<(6*(5:6(P;6I;=(6I7(A;T;6<(*8(Q*P7G<+((HI7( ^@9;:;5GB ( ;< ( :*=<6;6@679 ( 5< ( 6I7 ( @A6;T567 ( ;=67GQG767G ( *8 ( 6I7( &*=<6;6@6;*= ( 5=9 ( 6* ( ;6 ( ;< ( 5<<;J=79 ( 6I7 ( 97A;:567 ( 65<S ( *8( 9767GT;=;=J ( PI56 ( ;< ( 6I7 ( 7i67=6 ( 5=9 ( <:*Q7 ( *8 ( 6I7 ( Q*P7G( :*=87GG79 ( *= ( 75:I ( XG5=:I ( *8 ( J*N7G=T7=6C ( PI56 ( 5G7 ( 6I7( A;T;6<(*=(6I7(7i7G:;<7(*8(<@:I(Q*P7G(@=97G(6I7(&*=<6;6@6;*=( 5=9 ( PI76I7G ( 5=B ( 5:6;*= ( *8 ( 5=B ( XG5=:I ( 6G5=<JG7<<7< ( <@:I( A;T;6<+((HI7(G*A7(*8(6I7(^@9;:;5GB(;<(6*(QG*67:6(6I7(8@=95T7=65A( G;JI6<+((L(T*97G=(97T*:G5:B(PI;A7(X5<79(*=(6I7(QG;=:;QA7(*8( T5^*G;6B ( G@A7 ( ;TQA;:;6AB ( G7:*J=;E7< ( 6I7 ( =779 ( 6* ( QG*67:6 (6I7( 8@=95T7=65A ( G;JI6< ( *8 ( 6I*<7 ( PI* ( T5B ( 9;<<7=6 ( *G ( 97N;567( 8G*T(6I7(T5^*G;65G;5=(N;7P+( (W6(;<(6I7(^*X(*8(6I7(^@9;:;5GB(6*( X5A5=:7(6I7(QG;=:;QA7<(7=<@G;=J(6I56(6I7(J*N7G=T7=6(*=(6I7( X5<;<(*8(=@TX7G(9*7<(=*6(*N7GG;97(8@=95T7=65A(G;JI6<+((L867G( 6I7(7=@=:;56;*=(*8(6I7(X5<;:(<6G@:6@G7(9*:6G;=7C(8@AA(^@9;:;5A( G7N;7P(;<(5=(;=67JG5A(Q5G6(*8(6I7(:*=<6;6@6;*=5A(<:I7T7+( (H*( k@*67 ( 6I7 ( P*G9< ( *8 ( YG;<I=5 ( WB7GC ( ?+ ( g+++ ( HI7 ( :*TQ@A<;*= ( *8( :*=<6;6@6;*=5A(I@T5=;<T(5=9(6I7(5<<@TQ6;*=(*8(8@AA(85;6I(;=( A;87(5=9(A;X7G6B(:5==*6(X7(<*(8@6;A7(*G(8G5JT7=65GB(6I56(5=B( 6G5=<;7=6 ( A7J;<A56;N7 ( T5^*G;6B ( ;= ( 65=6G@T< ( 5J5;=<6 ( 5=B( T;=*G;6B(XB(6IG77(k@;:S(G759;=J<(*8(5(;AA(P;6I(6I7(G7k@;<;67( k@*G@TC ( :5= ( QG7<:G;X7 ( 5=B ( @=G75<*=5XA7 ( T*95A;6B ( 5=9( 6I7G7XB ( <67G;A;<7 ( 6I7 ( JG5=9;A*k@7=6 ( T5=9567+h ( dI#$,F# & 7#$9"8&'(&J$8.$&.D&K$98#(%<@QG5'C(Q5G5(_2(*8(O&&e+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!""(*8(!"#
  • 101. ".)&".,*D*.$(%)(-&$2"+*(Le_La_:a(7=(_Qa 20Z+ W=(6I7(A;JI6(*8(*@G(8;=9;=J<(*=(6I7(;=8G;=J7T7=6(*8(LG6;:A7<(02C( 2-(5=9(2.C(P7(877A(;6(@==7:7<<5GB(6*(975A(P;6I(6I7(;<<@7(*8( N;*A56;*=(*8(LG6;:A7(2D%2'%5'(6*(%9'+(HI;<(;<<@7(;<(A786(*Q7=+ 1%2$&".*(%)(#*G*&-B"+"$' 20,+ HI7(QG5B7G(*8(6I7(Q76;6;*=7G(;<(6*(97:A5G7(O7:6;*=(a,,(W$&(5<( @=:*=<6;6@6;*=5A ( 6* ( 6I7 ( 7i67=6 ( 6I7 ( <5;9 ( QG*N;<;*= ( 5887:6<( QG;N567 ( <7i@5A ( 5:6< ( X76P77= ( :*=<7=6;=J ( 59@A6< ( ;= ( QG;N567+( HI7 ( G7A;78 ( I5< ( X77= ( <*@JI6 ( ;= ( 6I;< ( T5==7G ( 6* ( 7=<@G7 ( 6I7( :*=6;=@5=:7 ( *8 ( 5QQA;:5X;A;6B ( *8 ( O7:6;*= ( a,, ( W$& ( 6* ( :5<7<( ;=N*AN;=J(=*=`:*=<7=<@5A(<7i+((U@G(5667=6;*=(P5<(9G5P=(6*(5( Q5<<5J7 ( 8G*T ( &*=<6;6@6;*=5A ( f5P ( *8 ( W=9;5 ( %F*@G6I ( l9;6;*=C( ]*A+ ( 2' ( XB ( [+K+ ( O77GN5;C ( PI7G7;= ( 6I7 ( A75G=79 ( 5@6I*G ( I5<( 7iQA5;=79(6I7(4*:6G;=7(*8(O7N7G5X;A;6B(;=(6I7(8*AA*P;=J(P*G9<> ga+, O7N7G5X;A;6B ( P7 ( I5N7 ( <77= ( 6I56 ( PI7G7 ( 6P*( ;=67GQG7656;*=< ( 5G7 ( Q*<<;XA7C ( 5 ( &*@G6 ( P;AA ( 5::7Q6( 6I56 ( ;=67GQG7656;*= ( PI;:I ( P;AA ( @QI*A9 ( 6I7 ( N5A;9;6B( *8 ( A5P+ ( ( W8C ( I*P7N7GC ( 6I;< ( ;< ( =*6 ( Q*<<;XA7C ( ;6( X7:*T7<(=7:7<<5GB(6*(97:;97(PI76I7G(6I7(A5P(;<( X59(5<(5(PI*A7C(*G(PI76I7G(6I7(X59(Q5G6(:5=(X7( <7N7G79 ( 8G*T ( 6I7 ( J**9 ( Q5G6+ ( ( HI7 ( k@7<6;*= ( *8( :*=<6G@:6;*=C(5=9(6I7(k@7<6;*=(*8(<7N7G5X;A;6B(5G7( 6I@<(6P*(9;<6;=:6(k@7<6;*=<h ++++ a+D HI7G7 ( 5G7 ( 6P* ( S;=9< ( *8 ( <7N7G5X;A;6B ( > ( 5( <656@6*GB ( QG*N;<;*= ( T5B ( :*=65;= ( 9;<6;=:6 ( 5=9( <7Q5G567(P*G9<(975A;=J(P;6I(9;<6;=:6(5=9(<7Q5G567( 6*Q;:<C(5<(8*G(7i5TQA7C(*=7(<@X`<7:6;*=(T5B(5QQAB( ;6 ( G76G*<Q7:6;N7AB+ ( ( HI7 ( 8;G<6 ( <@X`<7:6;*= ( T5B ( X7( N5A;9 ( 5=9 ( 6I7 ( <7:*=9 ( N*;9+ ( ( W= ( <@:I ( 5 ( :5<7C ( 6I7( &*@G6 ( T5B ( 97A767 ( 6I7 ( <7:*=9 ( <@X`<7:6;*= ( XB( 6G756;=J(;6(5<(<7N7G5XA7+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"!(*8(!"#
  • 102. a+21 HI7G7 ( ;< ( I*P7N7G ( 5=*6I7G ( S;=9 ( *8( <7N7G5X;A;6B(=5T7AB(<7N7G5X;A;6B(;=(5QQA;:56;*=C(*G( <7N7G5X;A;6B(;=(7=8*G:7T7=6+(HI7(k@7<6;*=(*8(6I;<( *6I7G ( S;=9 ( *8 ( <7N7G5X;A;6B ( 5G;<7< ( PI7= ( 5=( ;TQ@J=79(QG*N;<;*=(;<(*=7(;=9;N;<;XA7(PI*A7C(5<(8*G( ;=<65=:7C ( 6I7 ( 978;=;6;*= ( *8 ( 5 ( P*G9+ ( ( [7G7( <7N7G5X;A;6B ( :5==*6 ( X7 ( 5QQA;79 ( XB ( 97A76;=J ( 5=( *887=9;=J(QG*N;<;*=(5=9(A75N;=J(6I7(G7<6(<65=9;=J+( W6 ( X7:*T7< ( =7:7<<5GB ( 6I7G78*G7 ( 6* ( 7=k@;G7( PI76I7G ( 6I7 ( ;TQ@J=79 ( 978;=;6;*= ( 7TXG5:7<( 9;<6;=:6(:A5<<7<(5=9(:567J*G;7<(*8(<@X^7:6(T5667G( ;=(G7<Q7:6(6*(<*T7(*8(PI;:I(6I7(f7J;<A56@G7(I5<(=*( Q*P7G ( 6* ( A7J;<A567 ( *G ( ;< ( *6I7GP;<7 ( <@X^7:6 ( 6* ( 5( &*=<6;6@6;*=5A ( A;T;6+ ( ( W8 ( ;6 ( ;< ( 8*@=9 ( 6I56 ( 6I7( 978;=;6;*=(9*7<(:*N7G(9;<6;=:6(5=9(<7Q5G567(:A5<<7<( 5=9 ( :567J*G;7<C ( 6I7 ( &*@G6 ( P;AA ( G7<6G5;= ( 6I7( 7=8*G:7T7=6(*8(6I7(A5P(;=(G7<Q7:6(*8(6I56(:A5<<(*8( <@X^7:6< ( ;= ( G7<Q7:6 ( *8 ( PI;:I ( 6I7 ( A5P ( ;< ( ;=N5A;9+( HI;< ( T;JI6 ( X7 ( 9*=7 ( XB ( JG5=6;=J ( Q7GQ76@5A( ;=^@=:6;*= (G7<6G5;=;=J(6I7(7=8*G:7T7=6 (*8(A5P(*=( 6I7 ( 8*GX;997= ( 8;7A9C ( 5< ( I7A9 ( ;=( 2A:P:9[:>^Ac:;;:M?(2:?8(%2D.,'(O+&+R+(Da1+ a+22 HI7 ( QG;=:;QA7 ( *8 ( <7N7G5X;A;6B ( ;= ( 5QQA;:56;*=( P5< ( 8;G<6 ( 59*Q679 ( XB ( *@G ( O@Q+ ( &6+ ( PI7= ( 975A;=J( P;6I ( 6I7 ( :*=67=6;*= ( 6I56 ( 5 ( 65i ( A5P ( T@<6 ( X7( 97:A5G79 ( PI*AAB ( N*;9 ( ;8 ( ;6 ( P5< ( X59 ( ;= ( Q5G6 ( 5<( 6G5=<JG7<<;=J ( &*=<6;6@6;*=5A ( A;T;656;*=<+ ( ( O5<6G;( &+?+C( 97A;N7G;=J (6I7( T5^*G;6B (^@9JT7=6C ( *X<7GN79>( gW6 ( ;< ( 5 ( <*@=9 ( G@A7 ( 6* ( 7i67=9 ( <7N7G5X;A;6B ( 6*( ;=:A@97(<7Q5G5X;A;6B(;=(7=8*G:7T7=6++++5=9(P7(5G7( *8(6I7(*Q;=;*=(6I56(6I7(QG;=:;QA7(<I*@A9(X7(5QQA;79( ;=(975A;=J(P;6I(65i;=J(<656@67<+++++h+(([7(G787GG79(6*( 6I7 ( 97:;<;*= ( ;= (B=cP:6 ( RN ( 2=6756867:; ( %5; ( 2=N4( %2D01'(0.Z(VO(Z-0+((W=(&I5T5GX5@JIP5AA5s<(:5<7C( ;6(P5<(5GJ@79(6I56(6I;<(G@A7(P5<(7i:7Q6;*=5A(5=9( 5QQA;79(*=AB(6*(65i;=J(<656@67<+((@6(]7=S565G5T5( L;B5G(?+(G7^7:679(6I;<(:*=67=6;*=+h 20_+ W=(/(I(>(&@"#*#-3#%PQ#;;#&'(&J$8.$&.D&K$98#C(LWR(2D.,( O&(Z0_C(6I7(&*=<6;6@6;*=(7=:I(A5;9(9*P=> g#I7=(5(A7J;<A56@G7(PI*<7(5@6I*G;6BC(;<(<@X^7:6(6*( A;T;656;*=<(58*G7<5;9(7=5:6<(5(A5P(PI;:I(;<(PI*AAB( ;= ( 7i:7<< ( *8 ( ;6< ( Q*P7G<C ( ;6 ( ;< ( 7=6;G7AB ( N*;9 ( 5=9( T@<6 ( X7 ( :*TQA767AB ( ;J=*G79+ ( @6 ( PI7G7 ( 6I7( A7J;<A56;*=(85AA<(;=(Q5G6(P;6I;=(6I7(5G75(5AA*6679(6*( ;6(5=9(;=(Q5G6(*@6<;97(;6C(;6(;<(@=9*@X679AB(N*;9(5<( 6*(6I7(A5667Gp(X@6(9*7<(;6(*=(6I56(5::*@=6(X7:*T7( =7:7<<5G;AB(N*;9(;=(;6<(7=6;G76Bb(HI7(5=<P7G(6*(6I;<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"$(*8(!"#
  • 103. k@7<6;*= ( T@<6 ( 97Q7=9 ( *= ( PI76I7G ( PI56 ( ;< ( N5A;9( :*@A9(X7(<7Q5G5679(8G*T(PI56(;<(;=N5A;9C(5=9(6I56( ;< ( 5 ( k@7<6;*= ( PI;:I ( I5< ( 6* ( X7 ( 97:;979 ( XB ( 6I7( &*@G6(*=(5(:*=<;97G56;*=(*8(6I7(QG*N;<;*=<(*8(6I7( L:6+ ( HI;< ( ;< ( 5 ( QG;=:;QA7 ( P7AA ( 7<65XA;<I79 ( ;=( LT7G;:5= ( ?@G;<QG@97=:7C ( ];97 ( &**A7Bs<( &*=<6;6@6;*=5A ( f;T;656;*=<C ( ]*A+ ( WC ( &I5Q+ ( ]WWC( &G5P8*G9(*=(O656@6*GB(&*=<6G@:6;*=C(&I5Q+(2Z(5=9( O@6I7GA5=9 ( *= ( O656@6*GB ( &*=<6G@:6;*=C ( aG9 ( l9=+C( ]*A+(0C(&I5Q+(0-+h(dQ5G5(20(*8(LWRe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a+ 2%.2+0#"%. 20D+ HI7(=*6;*=(*8(7k@5A;6B(;=(6I7(W=9;5=(&*=<6;6@6;*=(8A*P<(8G*T( 6I7(vUX^7:6;N7(R7<*A@6;*=r(T*N79(XB($5=9;6(?5P5I5GA5A()7IG@( *=(47:7TX7G(2aC(2D-Z+( ()7IG@C(;=(I;<(<Q77:IC(T*N;=J(6I;<( R7<*A@6;*= ( P;<I79 ( 6I56 ( 6I7 ( [*@<7 ( <I*@A9 ( :*=<;97G ( 6I7( R7<*A@6;*=(=*6(;=(5(<Q;G;6(*8(=5GG*P(A7J5A(P*G9;=JC(X@6(G56I7G( A**S(56(6I7(<Q;G;6(X7I;=9(6I56(R7<*A@6;*=+([7(<5;9C(h#*G9<(5G7( T5J;: ( 6I;=J< ( *867= ( 7=*@JIC ( X@6 ( 7N7= ( 6I7 ( T5J;: ( *8 ( P*G9<( d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"%(*8(!"#
  • 104. <*T76;T7<(:5==*6(:*=N7B(6I7(T5J;:(*8(6I7(I@T5=(<Q;G;6(5=9( *8 ( 5 ( )56;*=r< ( Q5<<;*=xx++ ( %HI7 ( R7<*A@6;*=' ( <77S< ( N7GB( 877XAB(6*(67AA(6I7(P*GA9(*8(PI56(P7(I5N7(6I*@JI6(*G(9G75T6( *8(<*(A*=JC(5=9(PI56(P7(=*P(I*Q7(6*(5:I;7N7(;=(6I7(=75G( 8@6@G7+h ( d&*=<6;6@7=6 ( L<<7TXAB ( 47X567<> ( f*S ( O5XI5( O7:G765G;56C()7P(47AI;>(2DDDC(]*A+(WC(Q5J7<(.,`Z.e+ 2a1+ W8 ( 6I7G7 ( ;< ( *=7 ( :*=<6;6@6;*=5A ( 67=76 ( 6I56( :5= ( X7 ( <5;9 ( 6* ( X7( @=97GAB;=J ( 6I7T7 ( *8 ( 6I7 ( W=9;5= ( &*=<6;6@6;*=C ( ;6 ( ;< ( 6I56 ( *8( s;=:A@<;N7=7<<s+(HI;<(&*@G6(X7A;7N7<(6I56(W=9;5=(&*=<6;6@6;*=( G78A7:6< ( 6I;< ( N5A@7 ( 977QAB ( ;=JG5;=79 ( ;= ( W=9;5= ( <*:;76BC( =@G6@G79 ( *N7G ( <7N7G5A ( J7=7G56;*=<+ ( HI7 ( ;=:A@<;N7=7<< ( 6I56( W=9;5= ( <*:;76B ( 6G59;6;*=5AAB ( 9;<QA5B79C ( A;67G5AAB ( ;= ( 7N7GB( 5<Q7:6(*8(A;87C(;<(T5=;87<6(;=(G7:*J=;<;=J(5(G*A7(;=(<*:;76B(8*G( 7N7GB*=7+((HI*<7(Q7G:7;N79(XB(6I7(T5^*G;6B(5<(g97N;5=6<s(*G( s9;887G7=6s(5G7(=*6(*=(6I56(<:*G7(7i:A@979(*G(*<6G5:;<79+( 2a2+ (#I7G7(<*:;76B(:5=(9;<QA5B(;=:A@<;N7=7<<(5=9(@=97G<65=9;=JC( <@:I( Q7G<*=< (:5= (X7 (5<<@G79 (*8 ( 5( A;87 ( *8 (9;J=;6B (5=9 (=*=` 9;<:G;T;=56;*=+(HI;<(P5<(6I7(s<Q;G;6(X7I;=9(6I7(R7<*A@6;*=s(*8( PI;:I ( )7IG@ ( <Q*S7 ( <* ( Q5<<;*=567AB+ ( W= ( *@G ( N;7PC ( W=9;5=( &*=<6;6@6;*=5A(A5P(9*7<(=*6(Q7GT;6(6I7(<656@6*GB(:G;T;=5A(A5P( 6*(X7(I7A9(:5Q6;N7(XB(6I7(Q*Q@A5G(T;<:*=:7Q6;*=<(*8(PI*(6I7( fMH<(5G7+((W6(:5==*6(X7(8*GJ*667=(6I56(9;<:G;T;=56;*=(;<(5=6;` 6I7<;<(*8(7k@5A;6B(5=9(6I56(;6(;<(6I7(G7:*J=;6;*=(*8(7k@5A;6B( PI;:I(P;AA(8*<67G(6I7(9;J=;6B(*8(7N7GB(;=9;N;9@5A+ d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"&(*8(!"#
  • 105. 2a0+ #7 ( 97:A5G7 ( 6I56 ( O7:6;*= ( a,, ( W$&C ( ;=<*85G ( ;6 ( :G;T;=5A;<7<( :*=<7=<@5A ( <7i@5A ( 5:6< ( *8 ( 59@A6< ( ;= ( QG;N567C ( ;< ( N;*A56;N7 ( *8( LG6;:A7<(02C(2-(5=9(2.(*8(6I7(&*=<6;6@6;*=+((HI7(QG*N;<;*=<(*8( O7:6;*= ( a,, ( W$& ( P;AA ( :*=6;=@7 ( 6* ( J*N7G= ( =*=`:*=<7=<@5A( Q7=;A7(=*=`N5J;=5A(<7i(5=9(Q7=;A7(=*=`N5J;=5A(<7i(;=N*AN;=J( T;=*G<+((B(s59@A6s(P7(T75=(7N7GB*=7(PI*(;<(2_(B75G<(*8(5J7( 5=9(5X*N7+((L(Q7G<*=(X7A*P(2_(P*@A9(X7(QG7<@T79(=*6(6*(X7( 5XA7(6*(:*=<7=6(6*(5(<7i@5A(5:6+(HI;<(:A5G;8;:56;*=(P;AA(I*A9(6;AAC( *8 ( :*@G<7C ( $5GA;5T7=6 ( :I**<7< ( 6* ( 5T7=9 ( 6I7 ( A5P ( 6*( 7887:6@567 ( 6I7(G7:*TT7=956;*= (*8( 6I7(f5P (&*TT;<<;*= ( *8( W=9;5(;=(;6<(2,0=9( R7Q*G6(PI;:I(P7(X7A;7N7(G7T*N7<(5(JG756( 975A(*8(:*=8@<;*=+( (O7:*=9ABC(P7(:A5G;8B(6I56(*@G(^@9JT7=6( P;AA(=*6(G7<@A6(;=(6I7(G7`*Q7=;=J(*8(:G;T;=5A(:5<7<(;=N*AN;=J( O7:6;*=(a,,(W$&(6I56(I5N7(5AG759B(5665;=79(8;=5A;6B+ #7(5AA*P(6I7(PG;6(Q76;6;*=(;=(6I7(5X*N7(67GT<+ ((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((&[WlF(?VOHW&l ?Vfc(0C(011D(((((((((((((((((((((((((((((((((((((((((((((((((O+KVRLfW4[LRC(? g=T/N/QSh d#$%&',-../0112e((((((((((((((((((((((((((((((((((((((((((((((($5J7(!"#(*8(!"#