Fundraising 2.0 - Wirkliche soziale Netzwerke
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Fundraising 2.0 - Wirkliche soziale Netzwerke

on

  • 843 views

Eine Theoriearbeit zum Fundraising via Social Networks.

Eine Theoriearbeit zum Fundraising via Social Networks.

Statistics

Views

Total Views
843
Views on SlideShare
842
Embed Views
1

Actions

Likes
1
Downloads
37
Comments
1

1 Embed 1

http://www.online-fundraising.org 1

Accessibility

Categories

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…

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

Fundraising 2.0 - Wirkliche soziale Netzwerke Document Transcript

  • 1. ! ! ! "#$%&'()($*!+,-!.!/(&01(23!)45('16!768596&06! ! :($6!;364&(6'&<6(8!=<6&!%(6!>486$5('16!%6)!/6<!+,-!?=&!%')!<65(63#$*)4&(6$8(6&86! "#$%&'()($*!<6(!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$6$!($!C6#8)231'$%! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!D'23614&'&<6(8!@4$!E)6$('!C'$(14@'
  •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
  •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
  •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`6$,!C423!'$*6)(238)!%6&!@6&)23Y&?86$!/688<696&<))(8#'. 8(4$!'#?!%6J!UA6$%6&J'&08!)49(6!)86(*6$%6&!UA6$%6&'$)A&=236!04JJ6$!%(6!36&0ZJJ. 1(236$! <6)23'??#$*)4&(6$8(6&86$! "#$%&'()($*.I6834%6$! 5#! 0#&5,! aJ! ($! %6&! N#0#$?8! 9688. <696&<)?Y3(*!5#!)6($!#$%!6??608(@!'*(6&6$!5#!0Z$$6$O!J=))6$!*6J6($$=85(*6!B&*'$()'8(. 4$6$! %(6! M3'$26! %6)! V61'8(4$)3(A! "#$%&'()($*! $#856$! #$%! 1'$*?&()8(*6! D65(63#$*6$! 5#! (3&6$!V6))4#&26$<6&6(8)86116&$!'#?<'#6$,!! ! I(8! %6&! @4&1(6*6$%6$! "4&)23#$*)'&<6(8! 9#&%6! #$86&)#238O! 961236! >486$5('16! /6<! +,-. ;623$414*(6$!?=&!%')!<65(63#$*)4&(6$8(6&86!"#$%&'()($*!<(686$!#$%!961236!F#)9(&0#$*6$! (3&!:($)'85!?=&!%(6!01'))()236!UA6$%6&A&'b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c68586&6$! @6&)23(6<6$! 96&%6$,! B??6$! <16(<8! '116&%($*)! %(6! "&'*6O! 4<! 7>B)! <6&6(8! )($%O! %(6! W4&'#))685#$*6$! ?=&! 6($6! 6&. ?41*&6(236!aJ)685#$*!%6)!"#$%&'()($*!+,-!5#!6&?=116$L!UA6$%6&!'1)!*16(2396&8(*6!>'&8$6&! #$%!E4A&4%#56$86$!5#!'056A8(6&6$!)49(6!)(23!'#?!6($6!4??6$6!E4JJ#$(0'8(4$!J(8!(3$6$! 6($5#1'))6$O! %6$$! %')! 6&?4&%6&8! 6($(*6! *&#$%16*6$%6! W6&Y$%6&#$*6$! ($! (3&6&! <()36&(*6$! B&*'$()'8(4$)0#18#&,!!! !
  • 5. ! P$3'18)@6&56(23$()! i P7GFc;UW:VN:PMG7PU! ! FDDPcCa7XUW:VN:PMG7PU,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, ((( P,! :P7c:P;a7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,!>&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,R,!W6&Y$%6&86!V'3J6$<6%($*#$*6$!(J!%6#8)236$!7>B.U6084& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, R! R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d,,,,,,,,,, +! +,!N(61)685#$*!%6&!F&<6(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, e! f,!W4&*636$)96()6!#$%!F#?<'#!%6&!F&<6(8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, S! PP,! "BVUMGa7XUX:X:7U;F7C ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g! R,!;364&68()236!W4&=<6&16*#$*6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, g! R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&) ,,,,,,,,,,,,,, g! R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h! +,!F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08 ,,,,,,,,,,,,,,,,,,,,,, T! PPP,! IBC:ccDPcCa7X ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Rf! R,!"#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf! R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rf! R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Re! R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,Rg! +,!:&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*) ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh! +,R,!UA6$%6&5#?&(6%6$36(8 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+-! +,+,!W6&8&'#6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,++! +,f,!M4JJ(8J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+e! f,!P$86*&'8(4$!%6&!:&?41*)?'084&6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+g! PW,!!!/:D!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, +T! R,!U8'8#)!_#4!%6)!"#$%&'()($*)!(J!P$86&$6856(8'186& ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,+T! +,!/6<!+,-!.!:($6!04JJ#$(0'8(4$)9())6$)23'?81(236!F$$Y36&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR! +,R,!W4$!/6<!R,-!5#!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fR! +,+,!X&#$%16*6$%6!>&($5(A(6$!%6)!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ff! f,!7#85#$*!@4$!/6<!+,-!($!C6#8)231'$% ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fg! e,!76#6!E4$)#J6$86$*6$6&'8(4$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh! e,R,!M4$)#J6&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fh! e,+,!C4$4&!:JA496&J6$8,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,e-!
  • 6. ! P$3'18)@6&56(23$()! ii W,! "a7CVFPUP7X!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, eR! R,!F$'1[)6!%6&!>486$5('16!@4$!/6<!+,-!'$3'$%!@4$!D6)8!>&'28(26!D6()A(616$ ,,,,,,,,,,,,,,,,,,eR! R,R,!>&4'08(@6!#$%!A6&)4$'1()(6&86!P$?4&J'8(4$)A41(8(0 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eR! R,+,!E#18(@(6&#$*!%#&23!C('14*04JJ#$(0'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,ee! R,f,!P$86*&'8(4$!($!%6$!c6()8#$*)6&)8611#$*)A&456)),,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,eh! R,e,!D(1%#$*!%6&!X6J6($)23'?8!%6&!X16(23*6)($$86$ ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SR! +,!U[$836)6!%6&!:&*6<$())6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Se! f,!E&(8()236!:&?41*)?'084&6$!#$%!G=&%6$,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh! WP,! "FNP;,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gR! R,!"'5(8!#$%!F#)<1(20,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gR! +,!E&(8()236!D696&8#$*!%6&!F&<6(8!#$%!96(86&6!"4&)23#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,gf! cP;:VF;aVW:VN:PMG7PU ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, gS! F7GF7X,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, jh! :(%6))8'881(236!:&01Y&#$* ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,T-! ! ! !
  • 7. ! F<<(1%#$*)@6&56(23$()! iii FDDPcCa7XUW:VN:PMG7PU! ! F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6! F<*&6$5#$*!5#!U8''8O!!/(&8)23'?8!#$%!>&(@'8<6&6(23 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, h! F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$,,,,,,,,,,,,,,,,,,,,,,,,,, T! F<<(1%#$*!fL!UA6$%6&A[&'J(%6 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rg! F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6! '#?!UA6$%6&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Rh! F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*,,,,,,,,,,,,,,,,,,,,,,,,,RT! F<<(1%#$*!gL!W(6&!F08(4$)?61%6&!%6&!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$,,,,,,,+h! F<<(1%#$*!jL!:$89(201#$*!%6&!B$1($6.7#85#$*!($!C6#8)231'$%!RTTj.+--h,,,,,,,,,,,,,,,,,,,,,,,+T! F<<(1%#$*!hL!a$86&)23(6%6!59()236$!/6<!R,-!#$%!/6<!+,-!($!596(!C(J6$)(4$6$ ,,,,,,,,,,,f+! F<<(1%#$*!TL!/6<!+,-!.!7#85#$*!$'23!X6)2316238!#$%!F186&,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,fj! F<<(1%#$*!R-L!H"1(AA($*!836!?#$$61K!.!%6&!$6#6!I'&068($*.F$)'85!$'23!U683!X4%($ ,,,,,,,,,eT! F<<(1%#$*!RRL!;&'$)?4&J'8(4$!%6&!D65(63#$*6$!59()236$!6($6&!7>B!#$%!(3&6$!UA6$%6&$! %#&23!%6$!:($)'85!@4$!/6<!+,-,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,SS! F<<(1%#$*!R+L!;&'$)?4&J'8(4$!%6)!W(6&.F08(4$)?61%6&.I4%611)!%#&23!%6$!:($)'85!@4$!!!! /6<!+,- ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,Sh ! ! ! ! ! ! ! ! ! ! !
  • 8. ! P,!:($16(8#$*! 1 P, :P7c:P;a7X! R, >&4<16J)8611#$*!#$%!V616@'$5!%6)!"4&)23#$*)($86&6))6)!! HU23$6116! G(1?6! 9(&08KO! #$86&! %(6)6J! I4884! J'238! )(23! %(6! Z)86&&6(23()236! 74$A&4?(8. B&*'$()'8(4$!k&586!43$6!X&6$56$!$(238!$#&!?=&!(3&6$!:($)'85!($!E&(6*).!#$%!E'8')8&4A36$. *6<(686$O! )4$%6&$! '#23! ?=&! (3&6! ($$4@'8(@6! "#$%&'()($*.E'JA'*$6! <60'$$8,! F#?! 6($6&! I(2&4)(86RO! %(6! %')! G6&5)8=20! %6&! F08(4$! '#)J'238O! 1'))6$! )(23! :($)'850&Y?86! %6&! k&586! 43$6!X&6$56$!J(8!G(1?6!@4$!X44*16!:'&83!140'1()(6&6$,!aJ!6($6$!%(&6086&6$!:($<1(20!($!%(6! F&<6(8!%6&!7>B!5#!<604JJ6$O!96&%6$!&6*61JY`(*6!F#%(4.U6$%#$*6$!4%6&!%(*(8'16!;'*6. <=236&! %6&! I(8'&<6(86&! '$*6<486$O! %(6! %'&=<6&! 3($'#)! 6($6! E4JJ#$(0'8(4$! 59()236$! %6J! U23&6(<6$%6$! #$%! %6J! c6)6$%6$! 5#1'))6$,! :)! *(<8! D'$$6&! #$%! UA6$%6$<#884$)! 5#J!G6&#$86&1'%6$O!%(6!a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a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l!>&(116&O! +--j],! /Y3&6$%! ($! %6$! aUF! %6&! 7>B.U6084&! '#?! ?&6(9(11(*6&! D')()! 6$8)8'$%! #$%! )4J(8! )8'&0! @4$! A&(@'86$! X61%*6<6&$! '<3Y$*8O! )A(6186! ($! C6#8)231'$%! %(6! "($'$5(6&#$*! %#&23! Z??6$81(236!X61%6&!1'$*6!N6(8!6($6!6$8)236(%6$%6!V4116,!c'#8!U6(<61!RTTe]!?=3&86!%(6)6&! R!999,)23$61163(1?69(&08,'8!'<!I'(!+--T!()8!%(6!I(2&4)(86!$#&!($!6($6&!@6&6($?'2386$!"4&J!@4&5#?($%6$!]!
  • 9. ! P,!:($16(8#$*! 2 U'23@6&3'18!5#!6($6J!H?#$08(4$'16m$n!C(1688'$8()J#)K!5(8,!($!G'(<'23O!+--+O!U,!f-]O!9')! )(23!%'%#&23!Y#`6&8O!%'))!<()!36#86!@(616!*6J6($$=85(*6!B&*'$()'8(4$6$!J'$*61$%6!W6&. '$894&8#$*! <6(! %6&! W6&96$%#$*! (3&6&! ?($'$5(6116$! V6))4#&26$! '#?96()6$O! )(23! 5#$63. J6$%! ($! <=&40&'8()236! N9Y$*6$! @6&)8&(206$! #$%! %'&=<6&! 3($'#)! 6($6! 6&3Z386! X6?'3&! 1'#?6$O!%6$!E4$8'08!J(8!%6$!D=&*6&$!5#!@6&1(6&6$!@*1,!U'1'J4$!l!F$36(6&O!RTTT],!! ! C423! )6(8! 6($(*6$! Q'3&6$! 5(638! )(23! %6&! U8''8! 5#$63J6$%! '#)! %6J! /431?'3&8)<6&6(23! 5#&=20!@*1,!G'(<'23O!+--+],!c'#8!G'(<'23!+--+]!)86118!%(6!5#$63J6$%6!I(8861@6&0$'A. A#$*!'#?*&#$%!%6&!E=&5#$*!Z??6$81(236&!X61%6&!?=&!%6#8)236!7>B)!5#*16(23!6($6!G6&'#). ?4&%6&#$*!#$%!6($6!M3'$26!%'&,!N9'&!J=))6$!)(6!)(23!$#$!'#?!%(6!U#236!$'23!)8''8)#$. '<3Y$*(*6$!P$@6)84&6$!<6*6<6$!#$%!%'%#&23!@6&)8Y&08!%(6!UA6$%6$<6&6(8)23'?8!%6&!D=&. *6&! ($! F$)A&#23! $63J6$O! %423! %(6! E4$8'08'#?$'3J6! J(8! $6#6$! N#96$%6&*&#AA6$! @6&. )A&(238!'#23!@(616!W4&86(16!@*1,!>&(116&O!+--j],!C6&!?($'$5(6116$!76#'#)&(238#$*!@4$!7>B)! 04JJ8! %(6! )(23! )6(8! F$?'$*! %6&! T-6&! Q'3&6! 6$89(2061$%6! '08(@6! D=&*6&*6)611)23'?8! J(8! (3&6J!A3(1'$83&4A()236$!D69#))8)6($!)63&!*616*6$,!"')8!^6%6&!596(86!C6#8)236!6$*'*(6&8! )(23!1'#8!6($6&!6#&4A'96(86$!W6&*16(23))8#%(6!@4$!;7U!P$?&'86)8!+--j]!63&6$'J81(23,!:)! ()8!'1)4!H'$!%6&!N6(8O!%'))!>3(1'$83&4A(6!3(6&5#1'$%6!6($6!*&Z`6&6!#$%!Z??6$81(236&6!V4116! )A(618,!:)!*638!#J!%(6!W6&'$06&#$*!%6)!C&(886$!U6084&)!$(238!$#&!(J!)8''81(236$O!)4$%6&$! '#23!(J!5(@(16$!V'#JK!G'(<'23O!+--+O!U,f+],!! ! F116&%($*)! *6)8'1868! )(23! %')! V($*6$! #J! A&(@'86! "Z&%6&6&! '$*6)(238)! %6&! 5#$63J6$%6$! E4$0#&&6$5!(J!7>B.U6084&!$(238!6($?'23!@*1,!N(JJ6&!l!>&(116&O!+--j],!"')8!'116!UA6$%6$! )'JJ61$%6$!B&*'$()'8(4$6$!J'236$!%(6!:&?'3&#$*O!%'))!%(6!UA6$%6$<68&Y*6!($)*6)'J8! &=201Y#?(*! )($%O! %6&! <6)8636$%6! UA6$%6&.>441! =<6&'186&8! ()8! #$%! 6)! 0'#J! *61($*8O! $6#6! UA6$%6&*&#AA6$! 5#! *69($$6$! @*1,! "()236&O! +---'],! aJ! %(6! a$'<3Y$*(*06(8! @4$! U8''8! #$%! /(&8)23'?8! *69Y3&16()86$! 5#! 0Z$$6$O! )4116$! %6#8)236! 7>B)! 1'#8! U'1'J4$! #$%! F$36(6&!RTTT]!(3&6!<()36&(*6!"#$%&'()($*.>&'b()!=<6&%6$06$!#$%!%#&23!$6#6!($$4@'8(@6! I4%6116!'#)96(86$,!W(616!7>B.:bA6&86$!)($%!)(23!%'<6(!6($(*O!%'))!%(6!N#0#$?8!%6)!"#$%. &'()($*)!(J!P$86&$68!1(6*8O!%6$$!%4&8!@6&<(&*8!)(23!6($!$(238!5#!#$86&)23Y856$%6)!>486$5('1! ?=&!*6J6($9(&8)23'?81(236!B&*'$()'8(4$6$!@*1,!F#)8($O!+--jo!I'2c'#*31($O!+--j],! ! R,+,!U45('10'A(8'1!#$%!%(*(8'16!768596&0J6%(6$,!"#$%&'()($*!+,-!'1)!M3'$26d! KP$@6)8!($!U42('1!M'A(8'1,!P8!9(11!<6!836!4$1[!*&49($*!J'&068!($!+--Tp!E'$86&O!+--h'O!q!+],!! C')!'#)!%6&!U45(414*(6!<60'$$86!E4$56A8!%6)!U45('10'A(8'1)!*69($$8!*6&'%6!?=&!7>B)!@4&! %6J! G($86&*&#$%! %6)! )23&#JA?6$%6$! E'A(8'1)! '#)! %6$! "($'$5JY&086$! J'`*6<1(23! '$! D6%6#8#$*,! :)! 3'$%618! )(23! %'<6(! #J! H%(6! X6)'J836(8! %6&! '08#6116$! #$%! A486$5(6116$! V6))4#&26$!mJ'86&(6116&!#$%!(JJ'86&(6116&!F&8n!%(6!J(8!%6J!D6)(85!6($6)!%'#6&3'?86$!768.
  • 10. ! P,!:($16(8#$*! 3 56)!@4$!J63&!4%6&!96$(*6&!($)8(8#8(4$'1()(6&86$!D65(63#$*6$!*6*6$)6(8(*6$!E6$$6$)!#$%! F$6&06$$6$)!@6&<#$%6$!)($%K!D4&%(6#O!RThfO!U,!RTR],!P$!D65#*!'#?!%6$!/431?'3&8)<6. &6(23!#J?'))8!%')!U45('10'A(8'1!9(238(*6!V6))4#&26$!($!"4&J!@4$!X61%O!N6(8O!/())6$!)49(6! 96(86&6! "4&J6$! %6&! a$86&)8=85#$*O! %(6! =<6&! )45('16! D65(63#$*6$! 5#! 5(@(1*6)611)23'?81(. 236$!F086#&6$!J4<(1()(6&8!96&%6$!0Z$$6$,!aJ!%(6)6!V6))4#&26$!6&1'$*6$!#$%!'$3Y#?6$! 5#!0Z$$6$O!J=))6$!7>B)!7Y36!5#&!N(@(1*6)611)23'?8!)#236$O!)(23!J(8!%6$!D=&*6&$!@6&$68. 56$!#$%!6$8)A&6236$%!($!)45('16!D65(63#$*6$!($@6)8(6&6$,!! ! F#)! %6&! J6%(6$9())6$)23'?81(236$! >6&)A608(@6! 0'$$! %6&! F#?<'#! )45('16&! D65(63#$*6$! )49(6! )45('16$! E'A(8'1)! @4&! '116J! %#&23! $6#6! %(*(8'16! 768596&0J6%(6$O! %(6! )(23! #$86&! %6J! B<6&<6*&(??! /6<! +,-! 5#)'JJ6$?'))6$! 1'))6$O! <6)2316#$(*8O! @6&6($?'238! #$%! @6&. <6))6&8! 96&%6$,! PJ! E4$86b8! 6($6)! *69'$%6186$! *6)611)23'?81(236$! #$%! 8623$414*()236$! aJ?61%6)!6&JZ*1(236$!%(*(8'16!768596&0J6%(6$!%#&23!P$86&'08(@(8Y8!#$%!>'&8(5(A'8(4$!%6&! 7#856&! 6($6! 961896(86! W6&$685#$*! @4$! V6))4#&26$! @*1,! 7(6%6&J'(6&O! +--ho! BrV6(11[O! +--S],! C#&23! @6&$68586!E4JJ#$(0'8(4$)'$*6<486! )23'??6$!)(6! $(238! $#&! %(6! W4&'#))68. 5#$*!%'?=&O!<6)8636$%6!D65(63#$*6$!=<6&!C()8'$56$!3($96*!5#!6&3'186$!#$%!($86$)(@(6. &6$O!)4$%6&$!'#23!$6#6!)45('16!aJ?61%6&!5#!6&)231(6`6$,!PJ!/6<!+,-!0Z$$6$!)239'236! D($%#$*6$!'08(@(6&8!96&%6$O!%(6!636&!'J!V'$%6!6($6)!A6&)Z$1(236$!768596&06)!'$*6)(6. %618!)($%!#$%!=<6&!%(6!D&=206$!5#!'$%6&6$!)45('16$!/6186$!*6)231'*6$!)49(6!N#*'$*!5#! $6#6$! P$?4&J'8(4$)_#6116$! #$%! V6))4#&26$!5#J! N9620! %6&! E44A6&'8(4$O! %6)! P$?4&J'8(. 4$)'#)8'#)236)!)49(6!%6&!:($?1#))$'3J6!6&JZ*1(238!96&%6$!@*1,!X&'$4@6886&O!RTjf],!! ! W4$!)6($6&!U8&#08#&!36&!()8!%')!$6#6!/6<!J(8!<=&*6&)23'?81(236J!:$*'*6J6$8!43$6!96(. 86&6)! 04JA'8(<61,! N#J! 6($6$! 6&1'#<6$! %(*(8'16! 768596&0J6%(6$! (3&6$! 7#856&$! H)(23! 5#! ^6%6&!N6(8!'$!^6%6J!B&8!5#!@6&<($%6$K!/($86&O!+--gO!U,!+j]!#$%!<&($*6$!$6#6!04JJ#$(. 0'8(@.J6%('16!D65(63#$*6$!36&@4&O!%(6!@4&3'$%6$6!C()8'$56$!59()236$!%6$!E4JJ#$(0'. 8(4$)A'&8$6&$! @6&)239($%6$! 1'))6$,!N#J! '$%6&6$! 1Z)6$! )(6!%#&23! ($86&'08(@6! E4JJ#$(. 0'8(4$)?4&J6$!%(6!V4116$)[JJ68&(6!@4J!U6$%6&!#$%!:JA?Y$*6&!'#?!6<%,],!P$86&'08(@(8Y8! ()8!?=&!5(@(1*6)611)23'?81(236!>'&8(5(A'8(4$!<6)4$%6&)!&616@'$8O!%6$$!%'J(8!9(&%!%(6!A'))(@6! G'18#$*! %6&! <14`6$! P$?4&J'8(4$)'#?$'3J6! =<6&9#$%6$! #$%! %#&23! U61<)86&JY238(*#$*! 0Z$$6$!$6#6!G'$%1#$*)&Y#J6!?=&!%')!<=&*6&1(236!:$*'*6J6$8!*6)23'??6$!96&%6$,!H/(6! J'$!6($!s)8'&06&!D=&*6&t!9(&%!mun!0'$$!J'$!$(238!$#&!4??1($6!16&$6$O!)4$%6&$!'#23!4$1($6O! 94! J(8! "4&6$O! D14*)O! E'JA'*$6$! #$%! B$1($6.W41#$866&($*! *6$=*6$%! IZ*1(2306(86$! 5#&! W6&?=*#$*! )8636$O! #J! %6$! aJ*'$*! J(8! '$%6&6$! #$%! %6$! :($)'85! ?=&! '$%6&6! 5#! =<6$K! V6()6&O!+--T'O!U,!f],!! ! !
  • 11. ! P,!:($16(8#$*! 4 HU23$6116! G(1?6! 9(&08K! ()8! 6($! I#)86&<6()A(61! %'?=&O! 9(6! J'$236! 7>B)! /6<! +,-. ;623$414*(6$! ($)!"#$%&'()($*! ($86*&(6&6$! #$%!"Z&%6&6&! '1)!6<6$<=&8(*6! >'&8$6&!#$%! >&4. %#56$86$! %6)! P$3'18)! ($! %6$! W4&%6&*&#$%! )86116$! )49(6! 'J! /6&8)23ZA?#$*)A&456))! 86(1. $63J6$!1'))6$,!B<9431!)41236!D6()A(616!(JJ6&!$423!F#)$'3J6$!)($%O!)A&6236$!%(6!aU. 'J6&(0'$()236$! 7>B.:bA6&86$! @4$! 6($6&! H6V6@41#8(4$K! (J! C&(886$! U6084&O! <6(! %6&! $6#6! P$86&'08(4$).!#$%!>'&8(5(A'8(4$)JZ*1(2306(86$O!%(6!(J!7>B.D6&6(23!<()36&!@4&36&&)236$%6! 6($)6(8(*6! 84A.%49$! D65(63#$*! 8&'$)?4&J(6&6$! 96&%6$! @*1,! G'&8O! +--jo! I'2c'#*31($O! +--j],! G'&8! +--j]! ()8! ?6)8! %'@4$! =<6&56#*8O! %'))! %(6! 6&?41*&6(23)86$! 7>B)! %(6^6$(*6$! )6($!96&%6$O!%(6!)(23!J(8!(3&6$!"Z&%6&6&$!@6&$6856$O!%(6!:&9'&8#$*6$!#$%!F$)A&=236!%6&! $6#6$! E4$)#J6$86$*6$6&'8(4$! &623856(8(*! 9'3&$63J6$! #$%! ($! (3&6! E4JJ#$(0'8(4$).! #$%!F&<6(8)96()6!($86*&(6&6$!96&%6$L!H;36!8(J6!84!<6*($!()!$49K!U,!b@((],!! ! +,!N(61)685#$*!%6&!F&<6(8! W4&! %6J! G($86&*&#$%! %6&! (J! 7>B.U6084&! <6)8636$%6$! >&4<16J6! #$%! %6J! F#?)8(6*! %6&! $6#6$!P$86&$688623$414*(6$!)86118!)(23!%(6!"&'*6O!4<!%6&!:($)'85!@4$!/6<!+,-!F<3(1?6!?=&! %6$! A&4<16J<63'?8686$! C&(886$! U6084&! )23'??6$! )49(6! %(6! <()36&(*6! UA6$%6&A&'b()! 8'8. )Y231(23!8&'$)?4&J(6&6$!0'$$,! ! /Y3&6$%! %')! P$86&$68! 5#J! U23'#A1'85! 5'31&6(236&! C()0#))(4$6$! =<6&! "#$%&'()($*! +,-! 9(&%O! ?($%68! %(6)6)! ;36J'! ($! 9())6$)23'?81(236$! E&6()6$! $423! 96$(*! D6'238#$*,! W(616! "4&)236&!)6856$!)(23!J(8!%6J!:($?1#))!#$%!%6$!F#)9(&0#$*6$!%6)!/6<!+,-!'#?!/(&8)23'?8! #$%! X6)611)23'?8! '#)6($'$%6&O! '<6&! $#&! %(6! 96$(*)86$! 6&?4&)236$O! 9(6! )(23! %6&! C&(886! U6084&!#$%!%(6!"#$%&'()($*.>&'b()!($!%6$!N6(86$!%6)!*6)611)23'?81(236$!/'$%61)!3($!5#J!! %(*(8'16$! c6<6$))8(1! @6&Y$%6&$,! C'<6(! )A(616$! *6&'%6! 7>B)! 6($6! 9(238(*6! V4116! <6(J! :&. 3'18! 6($6)! ?#$08(4$(6&6$%6$! /431?'3&8))8''86)! @*1,! N(JJ6&! l! >&(116&O! +--j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
  • 12. ! P,!:($16(8#$*! 5 f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b8!%6)!<65(63#$*)4&(6$. 8(6&86$!I'&068($*)!%'&*6)86118!#$%!6($!>'&'%(*J6$9623)61!@4J!<6)23'??#$*)4&(6$8(6&86$! "#$%&'()($*.F$)'85!3($!5#J!"#$%&'()($*!'1)!)8&'86*()236!D65(63#$*)*6)8'18#$*!)0(55(6&8,! PJ! /6(86&6$! 96&%6$! %(6! >486$5('16! %6)! <65(63#$*)4&(6$8(6&86$! "#$%&'()($*)! <65=*1(23! )6($6&! Z04$4J()236$! ;&'*?Y3(*06(8! 6&1Y#86&8,! F#)*636$%! @4$! %6&! $6#6$! "#$%&'()($*. C6?($(8(4$! 9(&%! %'$$! %6&! "&'*6! $'23! %6$! U231=))61?'084&6$! $'23*6*'$*6$O! %(6! ?=&! %')! 6&?41*&6(236!D65(63#$*)J'$'*6J6$8!59()236$!7>B)!#$%!(3&6$!"Z&%6&6&$!06$$56(23$6$%! )($%,! F#?! %6&! X&#$%1'*6! %6&! 36&'#)*6'&<6(8686$! :&?41*)?'084&6$! 9(&%! 6($! I4%611! %6&! <6. 5(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$!6$89(20618,!! ! ;6(1!PW!<6)23Y?8(*8!)(23!J(8!%6J!D6*&(??!/6<!+,-,!F$!%(6)6&!U86116!6&?41*8!5#$Y23)8!6($!:b. 0#&)!($!%(6!'08#6116!U(8#'8(4$!%6&!"#$%&'()($*.>&'b()!(J!P$86&$68,!C'&'#?3($!9(&%!%(6!:@41#. 8(4$!%6)!P$86&$68)!@4$!/6<!R,-!5#!/6<!+,-!@6&'$)23'#1(238!#$%!%(6!*&#$%16*6$%6$!>&($. 5(A(6$!%6)!$6#6$!P$86&$68@6&)8Y$%$())6)!6&1Y#86&8,!N#J!U231#))!9(&%!%6&!(J!V'3J6$!%6)! /6<! +,-! 6$8)8'$%6$6! :J'$5(A'8(4$)A&456))! %6&! $6#6$! E4$)#J6$86$*6$6&'8(4$! #$86&! %(6! c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b()!$'23!)(23!5(638,!7(238!5#16858!9(&%!'#?!%(6!W4&'#))685#$*6$!?=&!%6$!:($)'85! 6($6&!6&?41*&6(236$!"#$%&'()($*!+,-.U8&'86*(6!)49(6!JZ*1(236!G=&%6$O!%6$6$!7>B)!%'<6(! <6*6*$6$! 0Z$$6$O! 6($*6*'$*6$,! PJ! "'5(8! ;6(1! WP]! 9(&%! %')! :&*6<$()! %6&! F&<6(8! 5#)'J. J6$*6?'))8O!($!6($6$!*&Z`6&6$!E4$86b8!6($*64&%$68!#$%!0&(8()23!&6?1608(6&8,!! ! D6(!%(6)6&!F&<6(8!3'$%618!)(23!#J!6($6!04$56A8(4$6116!F&<6(8,!P3&6!:&*6<$())6!3'<6$!6($6$! 3[A48368()236$!M3'&'086&!#$%!*6186$!$423!6JA(&()23!5#!@'1(%(6&6$,!
  • 13. ! PP,!"4&)23#$*)*6*6$)8'$%! 6 PP, "BVUMGa7XUX:X:7U;F7C! R,!;364&68()236!W4&=<6&16*#$*6$! R,R,!E'&(8'8(@6!74$A&4?(8.B&*'$()'8(4$6$!'1)!;6(1J6$*6!%6)!C&(886$!U6084&)!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 74$A&4?(8.B&*'$()'8(4$!()8!%6&!'#)!%6$!aUF!)8'JJ6$%6!B<6&<6*&(??!?=&!F$<(686&!@4$!*6. J6($$=85(*6$!X=86&$!#$%!C(6$)816()8#$*6$!@*1,!G'(<'23O!+--+],!F#?*&#$%!)6($6&!W(61)6(. 8(*06(8O! )A65(6116$! D6)4$%6&36(86$! #$%! V616@'$5! 3'8! )(23! %6&! 7>B.U6084&! )6(8! :$%6! %6&! h-6&!Q'3&6!6(*6$)8Y$%(*!68'<1(6&8!#$%!$(JJ8!04$8($#(6&1(23!'$!D6%6#8#$*!5#!@*1,!D'%618O! I6[6&!l!U(J)'O!+--j],!C(6)6!:$89(201#$*!6$8)A&(238!'#23!%6&!@4$!U'1'J4$!#$%!F$36(6&! RTTT]! *6)861186$! "4&%6&#$*L! HC')! W4&3'$%6$)6($! 6($6)! 16<6$%(*6$! 748.>&4?(8.U6084&)! 9(&%!961896(8!($!5#$63J6$%6J!I'`6!$(238!J63&!'1)!6($!c#b#)O!)4$%6&$!'1)!6($6!74896$. %(*06(8!*6)636$,!U41236!:($&(238#$*6$!0Z$$6$!U4&*6$!#$%!D61'$*6!%6&!D=&*6&!@6&8&686$O! @4J!U8''8!V6236$)23'?8!@6&1'$*6$O!%6$!*6)611)23'?81(236$!N#)'JJ6$3'18!?Z&%6&$O!($!%6&! 748!361?6$O!#$%!'11*6J6($!%(6!v#'1(8Y8!#$)6&6)!c6<6$)!@6&<6))6&$K!U,!fe],!! ! C6&!7>B.U6084&!9(&%!'#23!'1)!C&(886&!U6084&!<656(23$68O!%6&!%#&23!%(6!>416!U8''8O!I'&08! #$%!>&(@'8<6&6(23!<6*&6$58!()8!#$%!%6&6$!G'$%1#$*)14*(0!H6($6J!6(*6$6$!U86#6&#$*)J4. %#)! ?41*8K! >&(116&! l! N(JJ6&O! +--h'O! U,! Sj],! C6&! 8&'%(8(4$6116! %6?($(84&()236! N#*'$*! 5#! 7>B)!6&?41*8!=<6&!%(6!D6)4$%6&36(8!(3&6&!N(6104$56A8(4$!@*1,!U236#23O!+--j],!PJ!X6*6$. )'85!5#!6($6J!>&4?(8.a$86&$63J6$!()8!%')!N(61!6($6&!7>B!$(238!%')!:&5(616$!@4$!X69($$6$! (J! X#86$<6&*w)236$! U($$6O! )4$%6&$! %(6! C620#$*! 6($6)! 6&0'$$86$! D6%'&?)! #$%! %(6! :&. <&($*#$*! %6&! c6()8#$*6$! #$'<3Y$*(*! @4$! %6&! "&'*6! %6&! V6$8'<(1(8Y8! @*1,! c#836O! RTTj],! /Y3&6$%!6&96&<)9(&8)23'?81(236!a$86&$63J6$!3'#A8)Y231(23!>&4%#08(4$!#$%!F<)'85!@4$! X=86&$!#$%!C(6$)816()8#$*6$!<68&6(<6$O!1(6*8!%(6!G'#A8'#?*'<6!%6&!7>B)!#$%!)4J(8!%')! U'235(61O! H^6! $'23! %6J! )A65(6116$! F#?*'<6$*6<(68O! ($! %6&! D6&6(8)8611#$*! @4$! C(6$)816(). 8#$*6$!4%6&!)45('16$!P%66$!#$%!%6&!W6&9(&01(23#$*!)45('16$!W6&3'186$)K!M44A6&O!RTTeO! U,!RS],!C'!%(6!X69($$6&5(61#$*!$#&!'1)!6($!I(8861!5#J!B&*'$()'8(4$)59620!%(6$8O!#$86&1(6. *6$! <6%'&?)9(&8)23'?81(23! 3'$%61$%6! B&*'$()'8(4$6$! %6J! H$4$%()8&(<#8(4$! 24$)8&'($8K! N(JJ6&!l!>&(116&O!+--jO!U,!Rg]L!C(6!X69($$6!96&%6$!$(238!'$!I(8*1(6%6&!#$%!I(8'&<6(86&! '#)*6)23=8868O!)4$%6&$!($!%(6!B&*'$()'8(4$6$!&6($@6)8(6&8,!! ! 7>B)! 96&%6$! $(238! 16()8#$*)'<3Y$*(*! ?($'$5(6&8O! )4$%6&$! 5#! 6($6J! *69())6$! X&'%! @4$! ?&6(9(11(*6$! D6(8&Y*6$! #$%! N#96$%#$*6$! *68&'*6$O! 945#! ($! 6&)86&! c($(6! 63&6$'J81(236)! :$*'*6J6$8! #$%! ?&6(9(11(*6! I(8'&<6(8! *63Z&6$! @*1,! N(JJ6&! l! >&(116&O! +--j],! HP$)4?6&$! <(1%68!%6&!U6084&!($!%6&!J4%6&$6$!mun!'$!Z04$4J()236&!:??(5(6$5!4&(6$8(6&86$!X6)611)23'?8! 6($! V6?#*(#J! )45('16&! c4*(0O! %(6! $(238! ($! 6&)86&! c($(6! '#?! %6J! E'10=1! %6)! ($%(@(%#6116$! 7#856$)!<6&#38K!6<%,O!U,Rj],!
  • 14. ! PP,!"4&)23#$*)*6*6$)8'$%! 7 /Y3&6$%! '$%6&6! C6?($(8(4$)@6&)#236! 16%(*1(23! ;6(1')A6086! %6&! 7>B)! 6&?'))6$O! 3'8! )(23! ($86&$'8(4$'1! *6)636$! %(6! '#)! %6J! HQ43$! G4A0($)! >&4^628K! )8'JJ6$%6! C6?($(8(4$! 68'<. 1(6&8O! %(6! '#?! %6&! X&#$%1'*6! 6($6)!I6&0J'10'8'14*)! @6&)#238O! %6&! E4JA16b(8Y8! %6&! 7>B)! *6&6238! 5#! 96&%6$! @*1,! D'%618! 68! '1,O! +--j],! C6J$'23! )411! 6($6! B&*'$()'8(4$! ?41*6$%6! ?=$?!I6&0J'16!'#?96()6$O!#J!'1)!6($6!7>B!5#!*6186$!@*1,!U'1'J4$!l!F$36(6&O!RTTT]L!! o J-,7)(%! R,:)*'2)+'-*22+,1C+1,L! :b()86$5! @4$! W6&?'3&6$)&6*61$! #$%! @4$! @6&'$894&81(. 236$!>6&)4$6$!*&6$56$!7>B)!@4$!?'J(1(Y&6$!#$%!'$%6&6$!($?4&J6116$!X&#AA6$!'<o! o &,'0)+%! R,:)*'2)+'-*26-,7L! P$)8(8#8(4$611! )($%! 7>B)! *68&6$$8! @4J! U8''8O! 3'<6$! '<6&! 8&485%6J!%(6!IZ*1(2306(8O!)8''81(236!a$86&)8=85#$*!5#!6&3'186$o!! o L%(92+0%,5)(+1*:L!7>B)!04$8&411(6&6$!%(6!W6&?41*#$*!(3&6&!N(616!)61<)8)8Y$%(*o! o S%7%'*5',+28$)6+L!C(6!F&<6(8!%6&!7>B)!()8!$(238!'#?!X69($$.!#$%!W6&JZ*6$)J'b(J(6. &#$*!'#)*6&(23868o! o J,%'5'((':C%'+L! C6&! N#)'JJ6$)231#))! @4$! I6$)236$! <6(! 7>B)! J#))! '#?! ?&6(9(11(*6&! D')()!6&?41*6$O!06($6!N9'$*)J(8*1(6%)23'?8,! C6&!C&(886!U6084&!56(23$68!)(23!96(86&3($!%#&23!)6($6!G686&4*6$(8Y8!'#),!PJ!G($<1(20!'#?! ;Y8(*06(8)?61%6&! 0Z$$6$! ?41*6$%6! ($3'181(236! D6&6(236! #$86&)23(6%6$! 96&%6$L! ! U45('16)O! X6)#$%36(8O! E#18#&O! aJ9618O! UA4&8O! :$89(201#$*)3(1?6O! D(1%#$*! #$%! "4&)23#$*,! @*1! G'(. <'23O! +--+],! U239'&5! RTT+]! #$86&)236(%68! 96(86&3($! 59()236$! @(6&! B&*'$()'8(4$)8[A6$! %6&!A&(@'86$!7>B)L!! o 5',+28$)6+('8$%! B&*'$()'8(4$6$O! %(6! 9(&8)23'?81(236! P$86&6))6$! @6&8&686$! /(&8)23'?8). @6&<Y$%6O!W6&<&'#236&)23#854&*'$()'8(4$6$O!X696&0)23'?86$]o! o 2-E'-C1(+1,%((%!B&*'$()'8(4$6$O!%(6!0#18#&6116!#$%!*6)611)23'?81(236!F08(@(8Y86$!%#&23. ?=3&6$!UA4&8.!#$%!"&6(56(8@6&6($6O!E(&236$O!9())6$)23'?81(236!:($&(238#$*6$]o! o .-('+'28$%!B&*'$()'8(4$6$O!%(6!)(23!%6&!D6'&<6(8#$*!#$%!C#&23)685#$*!A41(8()236&!P$. 86&6))6$!#$%!/6&8@4&)8611#$*!9(%J6$!>'&86(6$O!D=&*6&($(8('8(@6$]o! o C),'+)+'0%!B&*'$()'8(4$6$O!%6&6$!N(61!%'&($!<6)8638O!0'&(8'8(@6!a$86&)8=85#$*)16()8#$*! '$!<6%=&?8(*6!C&(886!5#!6&<&($*6$!D6()A(616L!a7PM:"O!M'&(8')O!UBU!E($%6&%Z&?6&],! C(6! c68586&6$! <(1%6$! '1)! ;6(1J6$*6! %6)! C&(886$! U6084&)! %6$! X6*6$)8'$%! %(6)6&! F&<6(8+,! E'&(0'8(@6! 7>B)! 8&686$! '1)! F$9'18! ^6$6&! <6$'2386(1(*86$! X&#AA6$! '#?O! %(6! ($! %6&! i??6$8. 1(2306(8!$#&!6($6!)239'236!U8(JJ6!3'<6$O!#$%!$63J6$!@6&)23(6%6$6!"4&J6$!'$L!G(1?). 4&*'$()'8(4$6$!?=&!D68'*86O!D63($%6&86O!F&J6O!U61<)83(1?6*&#AA6$!)49(6!:$89(201#$*)3(1. ?64&*'$()'8(4$6$! @*1,! U239'&5O! RTT+],! X6J6))6$! '$! %6$! 9(&8)23'?81(236$! P$%(0'84&6$! 9(6!F#)*'<6$!#$%!D6)23Y?8(*#$*!)86116$!)(6!'#`6&%6J!%6$!E6&$<6&6(23!%6&!9431?'3&8). )8''81(236$!C(6$)816()8#$*)6&)8611#$*!($!C6#8)231'$%!%'&!@*1,!>&(116&!l!N(JJ6&O!+--h<],!! +!PJ!/6(86&6$!9(&%!%6&!'11*6J6($6!D6*&(??!7>B!'1)!k_#(@'16$8!5#!0'&(8'8(@6$!7>B)!@6&96$%68!
  • 15. ! PP,!"4&)23#$*)*6*6$)8'$%! 8 F<<(1%#$*!RL!E1'))(?(0'8(4$!%6&!B&*'$()'8(4$)8[A6$!%6)!C&(886$!U6084&)!#$%!)6($6!!!!!!!!!!!!!!!!!!!!! F<*&6$5#$*!5#!U8''8O!/(&8)23'?8!#$%!>&(@'8<6&6(23! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!N(JJ6&!l!>&(116&O!+--j! ! R,+,!"#$08(4$!%6)!"#$%&'()($*)!<6(!7>B)! 7>B)!)($%!($!%6&!V6*61!?($'$5(611!$(238!'#8'&0!#$%!3'<6$!6($6$!6$8)A&6236$%6$!D6%'&?O! 6&?4&%6&1(236! V6))4#&26$! '#)! 6b86&$6$! v#6116$! 5#! <6)23'??6$O! 9')! J(8861)! "#$%&'()($*! 6&?41*8,! C(6)6&! aU.'J6&(0'$()236! D6*&(??! )6858! )(23! '#)! %6J! U#<)8'$8(@!H?#$%K! #$%!%6J! W6&<!H84!&'()6K!5#)'JJ6$!#$%!<6%6#868!9Z&81(23!X61%.!4%6&!E'A(8'1<6)23'??#$*!@*1,!G'(. <'23O! +--h],! B<9431! )(23! 96%6&! ($! %6&! %6#8)23)A&'23(*6$! $423! ($! %6&! ($86&$'8(4$'16$! 9())6$)23'?81(236$! c(86&'8#&! 6($6! 6($36(81(236! C6?($(8(4$! %6)! "#$%&'()($*.D6*&(??)! ?($%68O! 9(&%!6)!($!%6&!V6*61!'1)!%(6!D6)23'??#$*!%6&!<6$Z8(*86$!V6))4#&26$!43$6!J'&08'%Y_#'86! J'86&(6116!X6*6$16()8#$*!@6&)8'$%6$!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!! ! 76<6$!%6$!"($'$516()8#$*6$!96&%6$!#$86&!%6$!5#!<6)23'??6$%6$!V6))4#&26$!96(86&3($! '#23!U'2316()8#$*6$!U'23)A6$%6$]O!C(6$)8.!4%6&!F&<6(8)16()8#$*6$!?&6(9(11(*6)!:$*'*6. J6$8]O!V62386!U23(&J36&&)23'?86$]!#$%!P$?4&J'8(4$6$!C'86$<'$06$]!5#)'JJ6$*6?'))8! @*1,!a&)61J'$$O!RTTh],!B<9431!UA6$%6&!?=&!%(6!=<6&1'))6$6$!V6))4#&26$!06($6!'%Y_#'. 86!J'86&(6116!c6()8#$*!6&3'186$O!1(6*8!%(6!*&#$%)Y851(236!F#?*'<6!%6)!"#$%&'()($*)!%'&($O! %6J!A486$5(6116$!"Z&%6&6&!'$*6J6))6$6!X&'8(?(0'8(4$6$!J'86&(6116&!#$%!(JJ'86&(6116&!F&8! (J!W6&3Y18$()!5#!)6($6$!J(8!%6&!UA6$%6!@6&<#$%6$6$!E4)86$!'$5#<(686$!@*1,!6<%,],!! ! D6(!0'&(8'8(@6$!7>B)!6&?41*8!%')!UA6$%6$!(J!V'3J6$!6($6&!C&6(620)<65(63#$*!59()236$! %6J!c6()8#$*)'$<(686&!UA6$%6&]O!c6()8#$*)6JA?Y$*6&!D6%=&?8(*6&]!#$%!c6()8#$*)8&Y*6&! 7>B]O! )4%'))! %6&! c68586&6! '1)! HI'016&! 59()236$! (%6$8(?(5(6&<'&6$! X6<6&$! #$%! $(238. (%6$8(?(5(6&<'&6$O!'$4$[J6$!:JA?Y$*6&$K!7Y3&1(23O!RTThO!U,!gg]!?#$*(6&8,!!
  • 16. ! PP,!"4&)23#$*)*6*6$)8'$%! 9 F<<(1%#$*!+L!"#$%&'()($*.I4%611!6($6&!0'&(8'8(@6$!74$A&4?(8.B&*'$()'8(4$! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!G'(<'23O!+--+o!E45(41!68!'1,O!+--go!a&)61J'$$O!RTTh! :)! 96&%6$! 96(86&3($! @(6&! X&#AA6$! %6&! V6))4#&26$<6&6(8)86116&! %(??6&6$5(6&8L! A&(@'86! UA6$%6&O! "(&J6$O! U8(?8#$*6$! #$%! )8''81(236! P$)8(8#8(4$6$! @*1,! G'(<'23O! +--+],! a$86&. )23(6%1(236!UA6$%6&0'86*4&(6$!3'<6$!(3&6!)A65(?()236$!W4&.!#$%!7'2386(16!@*1,!F$3,!R],! C'!A&(@'86!UA6$%6&!%6$!X6*6$)8'$%!%(6)6&!F&<6(8!<(1%6$O!96&%6$!%(6!=<&(*6$!E'86*4&(6$! ($!96(86&6$!F#)?=3&#$*6$!$(238!<6&=20)(238(*8,!! ! /Y3&6$%!($!%6$!aUF!2',!h-!>&456$8!%6)!UA6$%6$'#?04JJ6$)!'#)!A&(@'86&!G'$%!04JJ8! @*1,!F%14??O!+--S]O!)86116$!($!C6#8)231'$%!Z??6$81(236!G'#)3'186!(JJ6&!$423!%(6!9(238(*). 86! V6))4#&26$_#6116! %'&! @*1,! >&(116&! l! N(JJ6&O! +--h'],! C423! 9(6! )234$! 6($*'$*)! 6&. 9Y3$8O! *6&'86$! J4J6$8'$! (JJ6&! J63&! *6J6($$=85(*6! B&*'$()'8(4$6$! ($! ?($'$5(6116! U239(6&(*06(86$O! 96(1! )8''81(236! N#)23=))6! *60=&58! 4%6&! *6)8&(236$! 96&%6$,! P$! %(6)6J! N#)'JJ6$3'$*!$(JJ8!%(6!D6%6#8#$*!@4$!>&(@'8A6&)4$6$!'1)!V6))4#&26$_#6116!5#O!%(6! G'(<'23! +--+]! '1)! H%')! 9(238(*)86! U6*J6$8! %6)! UA6$%6$J'&08)! <656(23$68K! U,! Reh],! H/6$$! %(6! Z??6$81(236! G'$%! 166&! ()8O! J#))! J'$! 6<6$! A&(@'86! #J)4! 36?8(*6&! )23=8861$K! c#886&O!RTTfO!5(8,!($!c#836O!RTTjO!U,!R-],! ! +, F08#6116!:$89(201#$*6$!#$%!G6&'#)?4&%6&#$*6$!'#?!%6J!UA6$%6$J'&08! N#&!Q'3&8'#)6$%96$%6!3'8!)(23!%6&!86&8(Y&6!U6084&!<6'2381(23!)8'&0!6$89(20618O!9')!J'$! '$!%6&!9'23)6$%6$!F$5'31!%6&!D6)23Y?8(*86$!'<16)6$!0'$$O!%(6!($!%6$!168586$!Q'3&563$. 86$! =<6&A&4A4&8(4$'1! 5#! ^6%6J! /(&8)23'?8)<6&6(23! *69'23)6$! ()8! @*1,! N(JJ6&! l! >&(116&O! +--j],! C423! J4J6$8'$! )(638! )(23! %6&! C&(886! U6084&! 5#$63J6$%! $6#6$! :$89(201#$*6$! #$%!G6&'#)?4&%6&#$*6$!*6*6$=<6&*6)86118O!%(6!(J!/6(86&6$!'#)?=3&1(23!6&1Y#86&8!96&%6$,! !
  • 17. ! PP,!"4&)23#$*)*6*6$)8'$%! 10 T1*%$7%*4%,!D%++9%5%,924,18C<! x<6&! %(6! '08#6116! F$5'31! <6%'&?)9(&8)23'?81(236&! B&*'$()'8(4$6$! ($! C6#8)231'$%! *(<8! 6)! 06($6! *6$'#6$! C'86$O! %'! %6&! C&(886! U6084&! <()36&! @4J! D#$%6))8'8()8(0'J8! $(238! *6)4$. %6&8!6&?'))8!9#&%6!@*1,!G'(<'23O!+--+],!c'#8!F$*'<6$!%6)!C6#8)236$!N6$8&'1($)8(8#8)!?=&! )45('16! "&'*6$! )($%! 6)! 2',! +-,---! *6J6($$=85(*6! B&*'$()'8(4$6$O! %(6! '08(@! "#$%&'()($*! <68&6(<6$O!563$!>&456$8!%'@4$!'*(6&6$!=<6&&6*(4$'1!#$%!689'!+S-.f--!<#$%6)96(8!@*1,! CNPO! +--j],! W(616! "4&)236&! &6%6$! ($! %(6)6J! E4$86b8! @4$! 6($6J! *6)Y88(*86$! I'&08! @*1,! >&(116&! l! N(JJ6&O! +--h<o! a&)61J'$$O! RTTh],! N#J! 6($6$! 1(6*8! %(6! a&)'236! ?=&! %6$! )86(. *6$%6$!/688<696&<)%&#20!(J!C&(886$!U6084&!'$!%6$!($86&$'8(4$'16$!G(1?)4&*'$()'8(4$6$O! 9(6!<6()A(61)96()6!Bb?'JO!a7PM:"!4%6&!k&586!43$6!X&6$56$O!%(6!=<6&!6($!3436)!"#$%&'(. )($*.E$49.G49! @6&?=*6$! #$%! %6$! (JJ6&! $423! 1#0&'8(@6$! %6#8)236$! UA6$%6$J'&08! ?=&! )(23! 6&)231(6`6$! @*1,! a&)61J'$$O! +--g],! N#J! '$%6&6$! )231(6`6$! )(23! 5#$63J6$%! @(616! G(1?)4&*'$()'8(4$6$!5#!D=$%$())6$O!9')!%(6!/688<696&<)?Y3(*06(8!%6&!:($561$6$!)86(*6&8,! I4J6$8'$! 5Y316$! )41236! W6&<=$%6! 9(6! HF08(4$! C6#8)231'$%! G(1?6K! 4%6&! H:$89(201#$*! 3(1?8K!5#!%6$!<60'$$86)86$!UA6$%6$!)'JJ61$%6$!B&*'$()'8(4$6$!#$%!96&%6$!<6(!*&4`6$! UA6$%6$'#?&#?6$! <6)4$%6&)! )8'&0! @4$! %6$! I6%(6$! <6'23868! 6<%,],! C6&! 5#$63J6$%6! /688<696&<)%&#20!Y#`6&8!)(23!($!)86(*6$%6$!F0_#()(8(4$)04)86$!#$%!3436J!F#?9'$%!<6(! %6&!UA6$%6&<($%#$*!@*1,!"()236&O!+--g],!! L+%':%*4%2!.$'()*+$,-.'28$%2!Q%5122+2%'*!1*4!2+):*'%,%*4%2!L.%*4%*0-(17%*<!! c'$*6!N6(8!*'186$!%(6!C6#8)236$!'1)!96$(*!)A6$%6&?&6#%(*O!9')!'#?!%')!)8'&0!'#)*6<(1%6. 86!Z??6$81(236!U[)86J!%6&!)45('16$!/431?'3&8O!3436!6($04JJ6$)<654*6$6!F<*'<6$!)49(6! 6($6! *6&($*6! )86#6&1(236! F<)685<'&06(8! @4$! UA6$%6$! ($! C6#8)231'$%! 5#&=20*6?=3&8! 96&. %6$! 04$$86! @*1,! N(JJ6&! l! >&(116&O! +--j],! F116&%($*)! 0'$$! $'23! %6$! F$*'<6$! %6)! :#&4. A6'$!U42('1!U#&@6[!+--+y+--f!%6$!C6#8)236$!%#&23'#)!6($6!HE#18#&!%6)!X6<6$)K!>&(1. 16&O! +--jO! U,! R-+]! <6)236($(*8! 96&%6$O! %6$$! %(6! %6#8)236! UA6$%6$<686(1(*#$*)_#486! 1(6*8!=<6&!%6J!6#&4AY()236$!C#&23)23$(88!@*1,!C683O!+--e],!/6(86&3($!9(&%!%(6!;36)6!%6)! *6)611)23'?81(236$!D69#))8)6($)!%#&23!%(6!N'31!%6&!($!C6#8)231'$%!63&6$'J81(23!;Y8(*6$! *6)8=858O!%(6!)(23!)6(8!%6$!g-6&!Q'3&6$!@6&?=$??'2386,!C(6!>3(1'$83&4A(6!9(&%!J'`*6<1(23! %#&23! %(6! I6%(6$! *6?Z&%6&8! #$%! *638! J(8! %6J! /#$)23! $'23! J63&! >'&8(5(A'8(4$! <6(! %6&! X69Y3&16()8#$*!%6)!X6J6($9431)!6($36&!@*1,!>&(116&O!+--j],!>&(116&!#$%!N(JJ6&!+--h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
  • 18. ! PP,!"4&)23#$*)*6*6$)8'$%! 11 C423! <#$%6)96(8! *6)636$! )8'*$(6&8! %')! UA6$%6$@41#J6$! 1'#8! :&*6<$())6$! %6)! C6#8. )236$!UA6$%6$J4$(84&)!)6(8!Q'3&6$!@*1,!;7U!P$?&'86)8O!+--h],!C(6!*&4`6!UA6$%6$<6&6(8. )23'?8O! %(6! %')! HQ'3&! %6&! E'8')8&4A36$K! +--S]! J4<(1()(6&86O! )86118! %'<6(! 636&! %(6! F#). $'3J6! @4$! %6&! V6*61! %'&! @*1,! F$3,! +],! F#23! ($! '<)63<'&6&! N#0#$?8! ()8! @4&! %6J! G($86&. *&#$%! &6'1! 0'#J! $423! 9'23)6$%6&! :($04JJ6$! #$%! 3436&! F&<6(8)14)(*06(8! J(8! 06($6&! ;&6$%96$%6!5#!&623$6$O!%6$$!%(6!I6$)236$!)23&Y$06$!(3&6!F#)*'<6$!($!'116$!c6<6$). <6&6(236$!6($!@*1,!U23J(85!l!G=$%*6$O!+--S],!! A7):%0%,6)((<! :($!*&#$%16*6$%6)!>&4<16JO!J(8!%6J!%6#8)236!7>B)!5#!0YJA?6$!3'<6$O!()8!(3&!PJ'*6,!P$! %6$!aUF!*6186$!"#$%&'()6&!'1)!G61%6$O!96(1!)(6!HI6$)236$!'#??4&%6&$O!J63&!5#!)A6$%6$! #$%! J63&! 5#! &()0(6&6$,! mU(6n! ?($'$5(6&6$! B&*'$()'8(4$6$O! %(6! c6<6$! &6886$! #$%! W6&Y$%6. &#$*6$! ($! %6&! X6J6($)23'?8! <69(&06$K! "1'$'*'$O! RTTgO! 5(8,! ($! G'(<'23O! +--+O! U,! fe],! X&4`)A6$%6&! *6$(6`6$! %4&8! 6($! 3436)! F$)636$! #$%! 96&%6$! ($! V'$0($*)! %6&! HJ4)8! *6$6&4#)!A3(1'$83&4A()8)K!*6?6(6&8!I2E($)6[.U8#%(6O!+--hO!qR],!P$!C6#8)231'$%!3($*6*6$! 941186!%(6!GY1?86!'116&!X&4`)A6$%6&!#$%!U8(?86&O!%(6!'$!%6&!I2E($)6[.U8#%(6!HX6)611)23'?8. 1(236$!/'$%61!*6)8'186$K!86(1$'3J6$O!1(6<6&!'$4$[J!<16(<6$!6<%,],!! C(6!PJ'*6.>&4<16J'8(0!@6&)8Y&08!)(23!96(86&3($!%#&23!%(6!5#$63J6$%6!U06A)()!'#?*&#$%! %6&!J'$*613'?86$!;&'$)A'&6$5!(J!7>B.U6084&,!/Y3&6$%!($!%6$!a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h]!16%(*1(23!+f-!B&*'$()'8(4$6$!*61()868,! PJ! C656J<6&! +--j! 3'8! )(23! %(6! Z??6$81(236! E&(8(0! '$! %6#8)236$! 7>B)! 5#*6)A(858O! 9')! %#&23!%6$!#$)'23*6JY`6$!aJ*'$*!J(8!%6$!UA6$%6$*61%6&$!%6&!<60'$$86$!G(1?)4&*'$(. )'8(4$!a7PM:"!'#)*61Z)8!9#&%6,!U8'&0!0&(8()(6&8!9#&%6$!%6&!86#&6!aJ<'#!%6)!B&*'$()'8(. 4$))8'<_#'&8(6&)! ($! EZ1$! )49(6! %(6! F#)5'31#$*! 6($6)! D6&'86&34$4&'&)! ($! GZ36! @4$! +S-,---!:#&4!'$!%6$!636J'1(*6$!a7PM:".W4&)(856$%6$!@*1,!U23#J'236&!l!U'15O!+--h],! c'#8! 6($6&! V6A&Y)6$8'8(@)8#%(6! 5#J! P$?4&J'8(4$)<6%'&?! #$%! W6&8&'#6$! A&(@'86&! UA6$%6&! ()8!J'$*61$%6)!W6&8&'#6$!($!UA6$%6$4&*'$()'8(4$6$!%6&!'J!3Y#?(*)86$!*6$'$$86!X&#$%! ?=&!%(6!)($06$%6!UA6$%6$<6&6(8)23'?8!@*1,!>9MO!+--h],!! !
  • 19. ! PP,!"4&)23#$*)*6*6$)8'$%! 12 U%1%!L.%*4%,!;!*%1%!H*2.,I8$%<! I4J6$8'$!04JJ8!J63&!'1)!%(6!GY1?86!'116&!UA6$%6$!@4$!x<6&.g-.QY3&(*6$,!k186&6!UA6$. %6&!86$%(6&6$!$(238!$#&!%'5#O!&6*61JY`(*6&!'1)!Q=$*6&6!5#!)A6$%6$O!)(6!*6<6$!'#23!3Z. 36&6!UA6$%6$<6(8&Y*6!@*1,!>9MO!+--h],!>&(116&!#$%!U4JJ6&?61%!+--S]!?=3&6$!%(6!3Z36&6! UA6$%6$<6&6(8)23'?8!'#?!6($6!<6))6&6!9(&8)23'?81(236!U(8#'8(4$O!6($!3Z36&6)!:($04JJ6$! #$%! '$*6)'JJ6186)! W6&JZ*6$! )49(6! 6($6! 3Z36&6! D6?&(6%(*#$*! J'86&(6116&! D6%=&?$())6! 5#&=20O!%(6!J(8!?4&8)23&6(86$%6J!F186&!6($36&*636$,! ! F116&%($*)!9(&%!%(6)6!UA6$%6&*6$6&'8(4$!<'1%!'186&)<6%($*8!6$8?'116$O!9')!7>B)!5#!6($6&! 76#4&(6$8(6&#$*! (3&6&! E4JJ#$(0'8(4$! '$! ^=$*6&6$! N#96$%#$*)5(61*&#AA6$! 59($*8! @*1,! V6()6&O!+--h],!C(6!$6#6!X6$6&'8(4$!@4$!UA6$%6&$!56(23$68!)(23!%#&23!(3&6!0&(8()236!G'1. 8#$*!#$%!%')!5#$63J6$%6!D6%=&?$()!'#)O!%(6!@4$!7>B)!*61(6?6&86$!P$?4&J'8(4$6$!5#!3($. 86&?&'*6$!#$%!)(23!)61<)8!6($6!I6($#$*!=<6&!%(6!;Y8(*06(8!#$%!U8&#08#&6$!%6&!^696(1(*6$! :($&(238#$*6$!5#!<(1%6$!@*1,!>9MO!+--h],!U(6!6&9'&86$!J63&!;&'$)A'&6$5!#$%!B??6$36(8! )49(6!6($6!'08(@6&6!P$?4&J'8(4$)A41(8(0,!U23J(85!#$%!G=$%*6$!+--S]!)636$!%')!@4&&'$. *(*6! F$1(6*6$! %6&! $6#6$! UA6$%6&! %'&($O! '1)! >'&8$6&! %6&! *6J6($$=85(*6$! B&*'$()'8(4$! 9'3&*6$4JJ6$!5#!96&%6$,!G($5#!04JJ8!$423!6($!04$)#JA)[23414*()236)!>&4<16JL!P$! %6&!5#$63J6$%!&6(5=<6&?1#8686$!aJ9618!)23=858!)(23!%6&!E4$)#J6$8!@4&!x<6&?4&%6&#$*! %#&23!)61608(@6!P$?4&J'8(4$)'#?$'3J6,!C(6!;'8)'236O!%'))!Th!>&456$8!%6&!%#&23!%(6!I6. %(6$! @6&J(886186$! P$?4&J'8(4$6$! @4$! E4$)#J6$86$! $(238! <6'23868! 96&%6$O! )86118! 6($6! $6#6!G6&'#)?4&%6&#$*!?=&!7>B)!%'&!@*1,!E&46<6&.V(61!l!/6($<6&*O!RTTT]O!%(6!(3&6!E4J. J#$(0'8(4$! $#$! %#&23! 5(61*&#AA6$4&(6$8(6&86! F#?<6&6(8#$*O! J63&! X1'#<9=&%(*06(8! #$%! A6&)Z$1(236!D($%#$*!A&4?(1(6&6$!J=))6$!@*1,!G'(<'23O!+--+],!! ! "'5(8L!C(6!F$'1[)6!%6&!'08#6116$!:$89(201#$*6$!%6&!7>B.>&'b()!56(*8O!%'))!7>B)!@4&!@(616$! $6#6$! G6&'#)?4&%6&#$*6$! 9(6! I(8861@6&0$'AA#$*! %#&23! %(6! W6&Y$%6&#$*! %6&! "($'$5(6. &#$*))8&#08#&O!5#$63J6$%6&!P$?4&J'8(4$)<6%'&?!#$%!V6238?6&8(*#$*)%&#20O!)8Y&06&6!E4$. 0#&&6$5<65(63#$*6$! )49(6! &')236! 8623$414*()236! :$89(201#$*6$! )8636$,! C423! 9(6! )411! %')! "#$%&'()($*! *6)8'1868! 96&%6$O! #J! '$*6)(238)! %(6)6&! :$89(201#$*)86$%6$56$! 6&?41*. &6(23! 5#! )6($d! W(616! "4&)236&! )636$! %(6! M3'$26! %6&! *6J6($$=85(*6$! B&*'$()'8(4$6$! ($! 6($6&! aJ4&(6$8(6&#$*! %6&! "#$%&'()($*.F08(@(8Y86$! @4$! %6&! UA6$%6! '#?! %6$! UA6$%6&! @*1,! G'(<'23O!+--+o!c#836O!RTTjo!U23J(85!l!G=$%*6$O!+--S],!C(6)6!$6#6!"4&J!%6)!"#$%&'(. )($*)O!($!%6&6$!N6$8&#J!%6&!6&?41*&6(236!F#?<'#O!%(6!F#?&62386&3'18#$*!#$%!W6&<6))6&#$*! @4$!D65(63#$*6$!5#!&616@'$86$!D65#*)*&#AA6$!)8636$O!9(&%!'1)!V61'8(4$)3(A!"#$%&'()($*! <656(23$68!@*1,!c#836O!RTTj],!:($6!)8Y&06&6!B&(6$8(6&#$*!'J!UA6$%6&!)411!%6$!7>B)!6(. $6$! 6$8)236(%6$%6$! #$%! $'233'18(*6$! /688<696&<)@4&86(1! '#?! %6J! *6)Y88(*86$! UA6$. %6$J'&08!<(686$!#$%!%(6!:&&6(23#$*!(3&6&!U'235(616!'#?!6($6!6??608(@6!/6()6!6&JZ*1(236$,!
  • 20. ! PPP,!I4%611<(1%#$*! 13 PPP, IBC:ccDPcCa7X! R, "#$%&'()($*!(J!E4$86b8!%6)!D65(63#$*)J'&068($*)! R,R,!"#$%&'()($*!'1)!I'&068($*'#?*'<6!! F$*6)(238)! %6&! *6)23(1%6&86$! G6&'#)?4&%6&#$*6$! %6&! '08#6116$! UA6$%6$J'&08)(8#'8(4$! ?=316$!)(23!(JJ6&!J63&!7>B)!%'5#!*6$Z8(*8O!(3&6!"#$%&'()($*.;Y8(*06(86$!5#!A&4?6))(4$'. 1()(6&6$,!U236(<6.Q'6*6&!+--f]!<63'#A868O!%'J(8!)(23!"#$%&'()($*!@4J!H#$%(??6&6$5(6&86$! F1J4)6$)'JJ61$K!U,!f+S]!#$86&)236(%68!#$%!5#&!)[)86J'8()236$!:&?41*)6&5(61#$*!?=3&8O! J#))! 6)! '1)! 6($6! I'$'*6J6$8'#?*'<6! @6&)8'$%6$! 96&%6$O! %(6! $'23! X&#$%&6*61$! 6($6&! )[)86J'8()236$! #$%! *6A1'$86$! W4&*636$)96()6! 6&?41*8,! C'<6(! 04JJ8! %6J! I'&068($*. F$)'85!6($6!6$8)236(%6$%6!D6%6#8#$*!5#!@*1,!G'(<'23O!+--+o!a&)61J'$$O!RTTh],!X&#$%. )Y851(23!@6&)8638!J'$!#$86&!I'&068($*!HF$'1[)6O!>1'$#$*!#$%!E4$8&4116!'116&!'#?!'08#6116! #$%! A486$5(6116! IY&086! '#)*6&(238686$! a$86&$63J6$)'08(@(8Y86$O! %(6! 5#J! N(61! 3'<6$O! %#&23! %(6! %'#6&3'?86! D6?&(6%(*#$*! %6&! E#$%6$<6%=&?$())6! %(6! a$86&$63J6$)5(616! 5#! &6'1()(6&6$K! D&#3$! l! ;(1J6)O! RTTeO! U,! RS],! U4J(8! 6$8)A&(238! %(6! I'&068($*.B&(6$8(6&#$*! 6($6&!C6$03'18#$*O!%(6!%')!*6)'J86!a$86&$63J6$!'#?!%(6!D6%=&?$())6!%6&!E#$%6$!'#). &(23868!@*1,!>#&8)236&8O!+--S]O!9')!'#23!?=&!7>B)!@4$!D6%6#8#$*!()8,!H/6&!)6($6$!UA6$. %6&! $(238! 06$$8O! ?=&! %6$! ()8! "#$%&'()($*! 9(6! %(6! U231=))61)#236! 6($6)! D68&#$06$6$! #J! I(886&$'238K!U23#15O!+--fO!U,!RTR],!! ! /6$$! J'$! 23&()81(236! I())(4$(6&#$*)@6&)#236! (J! /688<696&<! J(8! '$%6&6$! V61(*(4$)*6. J6($)23'?86$! <68&'23868O! )4! )86118! %6&! I'&068($*.X6%'$06! 06($! @41104JJ6$! $6#'&8(*6)! E4$56A8!(J!C&(886$!U6084&!%'&!@*1,!D&#3$O!+--S],!C(6!9())6$)23'?81(23!?#$%(6&86!:&96(86. &#$*!%6)!I'&068($*.F$)'856)!'#?!%6$!*6J6($9(&8)23'?81(236$!U6084&!9#&%6!@4$!%6$!'J6. &(0'$()236$!I'&068($*.:bA6&86$!E4816&!#$%!c6@[!RTgT]!*6A&Y*8,!C(6!x<6&8&'*#$*!<6&#38! %'&'#?O! %'))! '#23! 7>B)! <6(! (3&6&! ;Y8(*06(8! D6%'&?)%620#$*).! #$%! D66($?1#))#$*)5(616! @6&?41*6$O!%(6!)(23!%#&23!6($6$!)8&'86*()236$!I'&068($*.F$)'85!6??(5(6$8!&6'1()(6&6$!1'))6$! @*1,! V'??66O! /(6%J'$$! l! F<61O! RThf],! P$! (3&6&! D64<'238#$*! )86116$! E4816&! #$%! c6@[! RTgT]! ?6)8O! %'))! 7>B)! 43$63($! I'&068($*.Y3$1(236! F08(@(8Y86$! 9(6! /6&<60'JA'*$6$! 4%6&!:@6$8)!5#&!D66($?1#))#$*!%6&!Z??6$81(236$!I6($#$*!%#&23?=3&6$O!#$%!5(636$!?41*6$. %6!U231#))?41*6&#$*L!H;36!234(26!?'2($*!834)6!934!J'$'*6!$4$<#)($6))!4&*'$()'8(4$)!()! $48! 936836&! 84! J'&068! 4&! $48! 84! J'&068O! ?4&! $4! 4&*'$()'8(4$! 2'$! '@4(%! J'&068($*,! ;36! 234(26!()!936836&!84!%4!(8!9611!4&!A44&1[K!U,!RS],!! ! P$!%6$!aUF!9(&%!"#$%&'()($*!)6(8!1'$*6J!'1)!6($6!#J?'))6$%6!I'&068($*.E4$56A8(4$!@6&. )8'$%6$,!F#23!%6&!%6#8)236!7>B."4&)236&!a&)61J'$$!RTTh]!<6)23&6(<8!"#$%&'()($*!'1)! 6($! ;6(1! %6)! D6)23'??#$*)J'&068($*)O! %6&6$! F#?*'<6! %'&($! <6)8638O! F#)8'#)23@4&*Y$*6!
  • 21. ! PPP,!I4%611<(1%#$*! 14 '#?! ?&6(9(11(*6&! D')()! A1'$@411! #$%! )[)86J'8()23! 36&<6(5#?=3&6$,! C(6! D6)23'??#$*))6(86! )86118!%6$!56$8&'16$!:$*A'))!6($6&!7>B!%'&O!%6$$!H'116!A486$5(6116!X61%*6<6&!@4$!7>B)! mun!&6A&Y)6$8(6&6$!IY&086O!'#?!%6$6$!6($6!W(61?'18!@4$!P%66$!#$%!F$1(6*6$!#J!m<6*&6$586n! "Z&%6&J(8861! 04$0#&&(6&6$K! G'(<'23O! +--hO! U,! T-]! #$%! %')! 6&?4&%6&8! %6$! :($)'85! @4$! I'&068($*.P$)8&#J6$86$! ($! <6)4$%6&6J! I'`6,! C'<6(! *638! 6)! %'&#JO! %')! ($! %6&! >&(@'8. 9(&8)23'?8! @6&<&6(8686! E4$56A8! %6&! E#$%6$4&(6$8(6&#$*! '#?! "Z&%6&6&! *6J6($9(&8)23'?81(. 236$!:($&(238#$*6$!'$5#96$%6$!@*1,!G'(<'23O!+--+],!C'!%(6!N#96$%6&6&!?=&!=<6&1'))6. $6! c6()8#$*6$! 5#J6()8! 06($6! J'86&(6116! X6*6$16()8#$*! 6&3'186$O! )411! %')! N(61! %6)! "#$%. &'()($*)!'1)!I'&068($*'#?*'<6!%'&($!<6)8636$O!%6$!UA6$%6&$!6($6$!7#856$<=$%61!'$5#. <(686$O!%6&!04$)6_#6$8!'$!(3&6$!D6%=&?$())6$!'#)*6&(23868!()8!@*1,!U23$6(%6&O!RTTg]O!#J! )(6!)4J(8!5#&!9(6%6&34186$!a$86&)8=85#$*!5#!<696*6$!@*1,!G'(<'23O!+--+],!! ! R,+,!>'&'%(*J6$9623)61!3($!5#J!V61'8(4$)3(A!"#$%&'()($*! C6&! :($)'85! @4$! I'&068($*.P$)8&#J6$86$! ($! *6J6($9(&8)23'?81(23! '#)*6&(238686$! B&*'$(. )'8(4$6$!()8!$(238!?&6(!@4$!%6&!c6*(8(J'8(4$)A&4<16J'8(0!#$%!9(&%!)49431!($!%6&!>&'b()!'1)! '#23! ($! %6&! /())6$)23'?8! 36?8(*! %()0#8(6&8! @*1,! D&#3$O! +--S],! P$! %6&! %6#8)236$! 7>B. >&'b()!0'$$!6($6!4?8!$6*'8(@6!X&#$%3'18#$*!*6*6$=<6&!%6J!I'&068($*.F$)'85!<6(J!"#$%. &'()($*! <64<'23868! 96&%6$! @*1,! U23$6(%6&O! RTTg],! "=&! 5'31&6(236! 7>B.I(8'&<6(86&! 6&. )236($8!6)!#$JZ*1(23O!H%')!C6$06$!#$%!G'$%61$!($!I'&068($*.E'86*4&(6$!J(8!(3&6&!)45('. 16$! F#?*'<6$)8611#$*! ($! :($01'$*! 5#! <&($*6$K!6<%,O! U,! +f],! D6?=&23868! 96&%6$! JZ*1(236! W4&9=&?6!)6(86$)!%6&!i??6$81(2306(8!<65=*1(23!%6&!UA6$%6&J'$(A#1'8(4$!)49(6!%6&!J(8!%6&! I'&068($*.F$96$%#$*!6($36&*636$%6$!:&3Z3#$*!%6&!W6&9'18#$*)04)86$,!! ! P$! %6&! /())6$)23'?8! 9(&%! @4&! '116J! %(6! >&'b()! %6)! <6)23'??#$*)4&(6$8(6&86$! I'&068($*. F$)'856)!04$8&4@6&)!%()0#8(6&8,!c#836!RTTj]!@6&*16(238!(3$!J(8!6($6&!J4%6&$6$!W'&('$86! %6)! D68861$)O! <6(! %6&! %(6! X61%<6)23'??#$*! J(83(1?6! 6($6)! 6($)6(8(*6$! ')[JJ68&()236$! ;&'$)?6&)!@4J!X6<6&!5#J!:JA?Y$*6&!(J!W4&%6&*&#$%!)8638,!F#23!;46A16&!RTTh]!3Y18!%')! <6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! ?=&! 6($6$! &6($! J623'$()236$! >&456))O! <6(! %6J! 6)! %'&#J!*638O!HA486$5(6116!UA6$%6&!J(8!%6$!^696(1)!A'))6$%6$!)45(4%6J4*&'?()236$!>&4?(. 16$!mun!5#!(%6$8(?(5(6&6$O!%(6!%#&23!6($?'236!I'$(A#1'8(4$!J(8!'$*6J6))6$6$!"#$%&'()($*. ;623$(06$!5#J!UA6$%6$!*6<&'238!96&%6$!0Z$$6$K!U,!STgO!5(8,!($!G43$O!+--RO!U,!ef],! !! W(616!7>B."4&)236&O!9(6!D#&$688!RTT+]!#$%!E611[!RTTh]!96()6$!($!%(6)6J!E4$86b8!%'&. '#?! 3($O! %'))! 04JJ6&5(6116! I'&068($*8623$(06$! $(238! %(&608! '#?! "#$%&'()($*.;Y8(*06(86$! %6&!7>B)!=<6&8&'*6$O!)4$%6&$!'%'A8(6&8!96&%6$!J=))6$,!N9'&!J=))6$!)(23!*6J6($9(&8. )23'?81(236! B&*'$()'8(4$6$O! %(6! '#?! 6($! 6&?41*&6(236)! "#$%&'()($*! '$*69(6)6$! )($%O! %6&! I6834%6$!#$%!;623$(06$!%6)!I'&068($*)!<6%(6$6$O!%423!$(6J'1)!%=&?6$!)(6!%'<6(!(3&6!
  • 22. ! PPP,!I4%611<(1%#$*! 15 683()236$! D696**&=$%6! @6&16856$! @*1,! D#&$688O! RTT+],! c483'&! U23#15O! 6($! %6#8)236&! "#$%&'()6&! J(8! 1'$*^Y3&(*6&! :&?'3&#$*O! A1Y%(6&8! %'?=&O! 6($6! '#836$8()236! D65(63#$*! 5#! UA6$%6&$!'#?5#<'#6$L!HP23!9(11!)(6!$(238!=<6&!6($6!I(816(%))23(6$6!5(636$!4%6&!J(8!J6(. $6$! D&(6?6$! =<6&&#JA61$,! P23! JZ2386O! %'))! %(6! I6$)236$! '#)! @4116J! G6&56$! *6<6$K! G'(<'23O!+--+O!U,!+f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p!U,!fj],! ! PJ!I(8861A#$08!%6)!V61'8(4$)3(A!"#$%&'()($*!)8638!06($6!X61%<6)23'??#$*O!)4$%6&$!H%(6! :$89(201#$*!%6)!@4116$!>486$5('1)!6($6&!6($5(*'&8(*6$!#$%!)A65(6116$!D65(63#$*O!%(6!59(. )236$!6($6&!94318Y8(*6$!B&*'$()'8(4$!#$%!(3&6&!"Z&%6&6&$!)8638p!U'$%6&)O!+--jO!U,!RR],! /Y3&6$%! %')! <6)23'??#$*)4&(6$8(6&86! "#$%&'()($*! 6($6! )8'8()236! >6&)A608(@6! 6($$(JJ8! #$%! '$! :($561)A6$%6$8&'$)'08(4$6$! '$)6858O! )8636$! UA6$%6&<65(63#$*6$! (J! N6$8&#J! %6)!V61'8(4$)3(A!"#$%&'()($*O!9')!6($6$!/623)61!5#&!%[$'J()236$!>6&)A608(@6!6&?4&%6&8,!! E611[!RTTh]!<63'#A868O!%'))!4<9431!%(6!A&(JY&6!"#$%&'()($*.F#?*'<6!4??6$)(2381(23!%(6! D6)23'??#$*!?($'$5(6116&!I(8861!()8O!%(6)6!F#?*'<6!%6$$423!$#&!%#&23!%(6!E#18(@(6&#$*!6(. $6&! "&6#$%)23'?8! 59()236$! %6&! B&*'$()'8(4$! #$%! (3&6$! UA6$%6&$! *6)23636$! 0'$$O! 94. %#&23! %(6! c68586&6$! ($! %(6! c'*6! @6&)6858! 96&%6$O! 6($6! ?($'$5(6116! )49(6! 6J48(4$'16! D($. %#$*!J(8!%6&!B&*'$()'8(4$!6($5#*636$,!I(8!%6J!U'85!H"#$%&'()($*!()!836!*6$816!'&8!4?!86'. 23($*!836!^4[!4?!*(@($*K!@6&%6#81(238!V4))4!RTTj]!%6$!X&#$%*6%'$06$!%6)!V61'8(4$)3(A! "#$%&'()($*O! %')! '#?! 6($6J! A'&8$6&)23'?81(236$! C('14*! 59()236$! X6<6&$! #$%! 763J6&$! <')(6&8!#$%!%')!P$86&6))6!%6)!a$86&)8=856&)!'$!%6&!B&*'$()'8(4$!0#18(@(6&8!5(8,!($!G'(<'23O!
  • 23. ! PPP,!I4%611<(1%#$*! 16 +--hO!U,!TR],!C'<6(!)86118!E4JJ#$(0'8(4$!%(6!D')()!?=&!%6$!D65(63#$*)'#?<'#!#$%!)4J(8! %(6!56$8&'16!F#?*'<6!%6)!V61'8(4$)3(A!"#$%&'()($*!%'&!@*1,!D#&$688O!RTT+o!c#836O!RTTj],!! R,f,!i04$4J()236!;&'*?Y3(*06(8!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)!! P$! %6&! /(&8)23'?8! ()8! %(6! Z04$4J()236! D6%6#8#$*! %6)! 6&?41*&6(236$! M#)84J6&! V61'8(4$. )3(A!I'$'*6J6$8!)6(8!1'$*6J!<60'$$8!@*1,!D&#3$O!+--S],!D&#3$!+--R]!96()8!'#?!)41236! A4)(8(@6$! /(&0#$*)6??6086! %6&! E#$%6$<($%#$*O! 9(6! U86(*6&#$*! %6&! E'#??&6_#6$5O! :&3Z. 3#$*! %6&! E#$%6$A6$68&'8(4$! )49(6! U8'<(1()(6&#$*! %6&! X6)23Y?8)<65(63#$*6$! %#&23! %(6! PJJ#$()(6&#$*! *6*6$=<6&! /688<696&<)'08(@(8Y86$O! 3($,! 7#$! *(18! 6)! 5#! #$86&)#236$O! 4<! 6($6!D65(63#$*)4&(6$8(6&#$*!'#23!<6(J!"#$%&'()($*!%6&!7>B)!?($'$5(6116!W4&86(16!<&($*8,! ! X&#$%)Y851(23! 1'))6$! )(23! <6(J! "#$%&'()($*! ($! F$163$#$*! '$! "()236&! +--h']! %&6(! Z04. $4J()236! N(61A6&)A608(@6$! #$86&)236(%6$,! :&)86$)! *638! 6)! #J! %')! /'23)8#J! #$%! %(6! U86(*6&#$*!%6&!:($$'3J6$!6($6&!B&*'$()'8(4$,!N96(86$)!)6858!:??(5(6$5)86(*6&#$*!'#?!%(6! BA8(J(6&#$*! %6&! %#&23! %')! "#$%&'()($*! @6&#&)'2386$! E4)86$,! U231(6`1(23! )411! %')! "#$%. &'()($*!%(6!Z04$4J()236!U8'<(1(8Y8!#$%!7'233'18(*06(8!%6&!B&*'$()'8(4$!)(236&$,!c'#8!W6&. ?62386&$! %6)! V61'8(4$)3(A! "#$%&'()($*! ()8! %6&! 6&?41*&6(236! D65(63#$*)'#?<'#! 6($6! 6$8. )236(%6$%6! W4&'#))685#$*! ?=&! %(6! V6'1()(6&#$*! %(6)6&! Z04$4J()236$! N(61A6&)A608(@6$! @*1,!"()236&O!+--h'o!E45(41O!+--g],!! 7'23! G=$%*6$! #$%! U23J(85! +--S]! )86118! %')! D65(63#$*)J'$'*6J6$8! 06($6$! U61<)8. 59620!%'&O!)4$%6&$!%(6$8!168581(23!%6&!U86(*6&#$*!%6&!UA6$%6$6($$'3J6$,!:&)8!%'%#&23! 9(&%!6)!JZ*1(23O!"Z&%6&6&!@4$!6($6&!$(6%&(*6$!'#?!6($6!$Y23)8!3Z36&6!U8#?6!%6&!c4['1(8Y8). 16(86&! '#?! %6&! UA6$%6&A[&'J(%6! 5#! <&($*6$! @*1,! D#&$688O! RTT+o! G'(<'23O! +--+],! F#)! 7(238)A6$%6&$! )4116$! %#&23! 76#)A6$%6&*69($$#$*! :&)8)A6$%6&! 96&%6$O! %(6! )(23! %#&23! %(6!P$86$)(@(6&#$*!%6&!D65(63#$*!5#!/(6%6&341#$*).!#$%!C'#6&)A6$%6&$!6$89(2061$,!C(6! E&Z$#$*!()8!6)O!96$$!%6&!UA6$%6&!%#&23!04$8($#(6&1(236!D68&6##$*!'116!U8#?6$!%6&!>[&'. J(%6!<()!5#&!UA(856!%#&231Y#?8!#$%!%(6!7>B!($!)6($6J!;6)8'J6$8!<6&=20)(238(*8,!!
  • 24. ! PPP,!I4%611<(1%#$*! 17 F<<(1%#$*!fL!UA6$%6&A[&'J(%6! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!a&)61J'$$O!+--gO!U,fj! I(8!^6%6&!U8#?6!%(6)6)!aA*&'%($*!.!>&456))6)!9(&%!%(6!D65(63#$*!5#&!:($&(238#$*!@6&)8Y&08! #$%! %(6! U#JJ6! %6&! 6&<&'2386$! UA6$%6<6(8&Y*6! 6&3Z38,! HC(6! GZ36! %6&! "Z&%6&#$*! 9(&%! %'<6(!5#!6($6J!P$%(0'84&!?=&!%(6!v#'1(8Y8!%6&!D65(63#$*K!"()236&O!+--S'O!U,RS],!N#%6J! ?Z&%6&8!%(6!UA6$%6&<($%#$*!6($6!6&3Z386!V6?6&6$5<6&6(8)23'?8!#$%!:JA?631#$*)$6(*#$*! %6&! <6)8636$%6$! "Z&%6&6&! #$%! 6&JZ*1(238! 6($6$! %(&6086$! N#*'$*! 5#! (3&6$! A6&)Z$1(236$! #$%!<6&#?1(236$!768596&06$O!9')!%(6!U8&6#@6&1#)86!<6(!%6&!76#)A6$%6&'0_#()(8(4$!6&36<. 1(23!J($(J(6&8!#$%!6($6$!W6&8&'#6$)@4&)A&#$*!)23'??8!@*1,!"()236&O!+--h'],!! ! C')! <65(63#$*)4&(6$8(6&86! "#$%&'()($*! ()8! '#`6&%6J! @4$! <6)4$%6&6J! P$86&6))6! '$*6. )(238)! %6&! '$*6)8&6<86$! :??(5(6$5)86(*6&#$*O! %6$$! 1'#8! "()236&! ()8! 6)! <()! 5#! )(6<6$! I'1! *=$)8(*6&!@4$!6($6J!@4&3'$%6$6$!UA6$%6&!6($6!$6#6!UA6$%6!5#!6&3'186$O!'1)!6($6$!$6#. 6$!UA6$%6&!5#!96&<6$!@*1,!"()236&O!+--h'],!/6(86&3($!9(&08!)(23!%')!D65(63#$*)J'$'. *6J6$8! A4)(8(@! '#?! %(6! Z04$4J()236! U8'<(1(8Y8! %6&! B&*'$()'8(4$! '#),! HC')! x<6&'$*6<48! '$! UA6$%6$JZ*1(2306(86$! J($%6&8! %(6! UA6$%6&14['1(8Y8O! UA6$%6&! @'*'<#$%(6&6$! Z?86&O! )A6$%6$!J'1!3(6&!J'1!%',!:($6!_#'1(8'8(@!*#86!UA6$%6&<68&6##$*!)23ZA?8!%')!@4&3'$%6$6! >486$5('1!'#)!#$%!)8'<(1()(6&8!UA6$%6$6&*6<$())6K!6<%,O!U,!+hg],!/6$$!%6&!UA6$%6&!)(23! '$!6($6!B&*'$()'8(4$!*6<#$%6$!?=318O!)(23!J(8!(3&!(%6$8(?(5(6&8!#$%!(3&6!N(616!1'$*?&()8(*!5#! )6($6J! A6&)Z$1(236$! F$1(6*6$! J'238O! )4! 3'<(8#'1()(6&8! )(23! )6($! UA6$%6$@6&3'186$! #$%! @6&&($*6&8! )(23! %(6! I48(@'8(4$! $'23!'186&$'8(@6$! UA6$%6$! )'JJ61$%6$! 7>B)! 5#! )#236$! @*1,! D#&$688O! RTT+],! 7(238! 5#16858! 96()8! U236(<6.Q'6*6&! +--f]! %'&'#?!3($O! %'))! %(6^6$(. *6$! B&*'$()'8(4$6$O! %(6! (3&6! "#$%&'()($*.;Y8(*06(86$! '#?! <65(63#$*)4&(6$8(6&86$! I'&06. 8($*.>&($5(A(6$! <')(6&6$O! ?16b(<61! #$%! )23$611! '#?! I'&08*6*6<6$36(86$! &6'*(6&6$! )49(6! ($$4@'8(@!'*(6&6$!0Z$$6$O!9')!)(6!'#?!C'#6&!5#0#$?8)?Y3(*!J'238,!! !
  • 25. ! PPP,!I4%611<(1%#$*! 18 U4J(8!*16(238!V61'8(4$)3(A!"#$%&'()($*!@(61!J63&!%6J!HF206&<'#!#$%!m%6&n!W(635#238K!#$%! $(238!%6J!HU'JJ61$!#$%!Q'*6$K!U23#15O!+--hO!U,!TT]O!%6$$!6)!%(6$8!06($6&!0#&5?&()8(*6$! X61%<6)23'??#$*O!)4$%6&$!6&JZ*1(238!6($!1'$*?&()8(*!'$*616*86)!D65(63#$*)J'$'*6J6$8O! %')!'#?!1'$*6!U(238!@(616!Z04$4J()236!W4&86(16!<&($*8,! F<<(1%#$*!eL!N#)'JJ6$3'$*!59()236$!Z04$4J()236&!N(61A6&)A608(@6!#$%!>6&)A608(@6!!!!!!!!!!!!!!! '#?!UA6$%6&! v#6116L!6(*6$6!C'&)8611#$*! ! +, :&?41*)?'084&6$!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)! 7'23%6J! %(6! )8&'86*()236$! W4&5=*6! )49(6! Z04$4J()236$! /(&0#$*)6??6086! %6)! <65(6. 3#$*)4&(6$8(6&86$! "#$%&'()($*)! '#?! 6($6&! 8364&68()236$! :<6$6! @4&*6)86118! 9#&%6$O! )86118! )(23!$#$!%(6!"&'*6O!9(6!6($!6&?41*&6(236&!D65(63#$*)'#?<'#!($!%6&!>&'b()!5#!@6&9(&01(236$! ()8,!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!()8!%(6!E6$$8$()!%6&!6$8)A&6236$%6$! :&?41*)?'084&6$!@4$!<6)4$%6&6&!D6%6#8#$*O!94&#$86&!%(6^6$(*6$!C686&J($'$86$!@6&)8'$. %6$! 96&%6$O! H%(6! 6($6&! B&*'$()'8(4$! %(6! @4116! F#))23ZA?#$*! %6&! (3&! '#?*&#$%! (3&6&! V6). )4#&26$'#))8'88#$*!*6*6<6$6$!>486$5('16!6&JZ*1(236$!#$%!%'J(8!%6&6$!:&?41*!$'233'1. 8(*!A4)(8(@!<66($?1#))6$K!"&(85O!RTT-O!U,!T+],!! ! P$!%6&!c(86&'8#&!5#J!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*!9(&%!$#&!'J!V'$%6!%'&'#?!6($*6. *'$*6$O! 961236! "'084&6$! 6($! 6&?41*&6(236)! D65(63#$*)J'$'*6J6$8! 06$$56(23$6$,! aJ! ^6%423! 6($6!*&=$%1(236! #$%! )[)86J'8()236! F$'1[)6! 5#! 6&JZ*1(236$O!9(&%! $#$! '#?! %(6!:&. 06$$8$())6! '#)! %6J! V61'8(4$)3(A! I'&068($*! 5#&=20*6*&(??6$! z! %')! "4&)23#$*)?61%O! %')!
  • 26. ! PPP,!I4%611<(1%#$*! 19 <()36&! 96(8'#)! ($86$)(@6&! '1)! V61'8(4$)3(A! "#$%&'()($*! 61'<4&(6&8! 9#&%6O! #$%! '#?! %6$! 74$A&4?(8.U6084&!#$86&!D6&=20)(238(*#$*!)6($6&!)A65(?()236$!I6&0J'16!=<6&8&'*6$,!! ! C')! 6$8)236(%6$%6! E4$)8&#08! (J! D65(63#$*)J'&068($*! )86118! E#$%6$<($%#$*! %'&O! %(6! G4J<#&*! #$%! D&#3$! +---]! 9(6! ?41*8! %6?($(6&6$L! HE#$%6$<($%#$*! #J?'))8! )YJ81(236! I'`$'3J6$! 6($6)! a$86&$63J6$)O! %(6! %'&'#?! '<5(616$O! )49431! %(6! <()36&(*6$! W6&3'1. 86$)96()6$! '1)! '#23! %(6! 5#0=$?8(*6$! W6&3'186$)'<)(2386$! 6($6)! E#$%6$! *6*6$=<6&! 6(. $6J!F$<(686&!4%6&!%6))6$!c6()8#$*6$!A4)(8(@!5#!*6)8'186$O!#J!%(6!D65(63#$*!5#!%(6)6J! E#$%6$! ?=&! %(6! N#0#$?8! 5#! )8'<(1()(6&6$! <59,! '#)5#96(86$K! U,! h],! P$! %6&! 9())6$)23'?81(. 236$!c(86&'8#&!?($%6$!)(23!5'31&6(236!"'084&6$O!%(6!6($6$!#$J(8861<'&6$!:($?1#))!'#?!%(6! E#$%6$<($%#$*!$63J6$!)4116$,!P$!%(6)6&!F&<6(8!9(&%!6($6!%&6(%(J6$)(4$'16!E4$56A8#'1(. )(6&#$*! 36&'$*654*6$O! J(8! %6&! %(6! E4$)8&#086! W6&8&'#6$O! E#$%6$5#?&(6%6$36(8! #$%! M4JJ(8J6$8!($!%')!E4$)8&#08!%6&!E#$%6$<($%#$*!6($*64&%$68!96&%6$!@*1,!D4&$6J'$$O! G6$$(*.;3#&'#! l! G'$)6$O! +--g],! C(6! %&6(! U231=))61*&Z`6$! )8636$! %'<6(! $(238! ()41(6&8! 5#6($'$%6&O!)4$%6&$!<66($?1#))6$!)(23!*6*6$)6(8(*,!! ! E#$%6$5#?&(6%6$36(8! ()8! %')! :&*6<$()! 6($6)! W6&*16(23).! #$%! D6#&86(1#$*)A&456))6)! 59(. )236$! %6$! ($%(@(%#6116$! c6()8#$*)6&9'&8#$*6$! #$%! .9'3&$63J#$*6$,! 7'23! %6J! :&01Y. &#$*))'85! %6)! M4$?(&J'8(4$.C()24$?(&J'8(4$.>'&'%(*J')! 6$8)8638! N#?&(6%6$36(8! %'$$O! 96$$! %(6! 9'3&*6$4JJ6$6! v#'1(8Y8! %6&! c6()8#$*6$! %(6! E#$%6$6&9'&8#$*6$! 6&?=118! 4%6&! =<6&)86(*8! @*1,! G4J<#&*! l! D&#3$O! +---],! W6&8&'#6$! ()8! %'*6*6$! 6($6! 636&! 5#0#$?8)*6. &(238686!X&Z`6O!%(6!)A65(?()236!:&9'&8#$*6$!%6)!E#$%6$!'$!%(6!E4JA686$5!)49(6!'$!%(6! 5#0=$?8(*6$! G'$%1#$*6$! 6($6)! F$<(686&)! (JA1(5(6&8! @*1,! G4J<#&*! l! D&#3$O! +---],! C(6! W6&8&'#6$)9=&%(*06(8!%6)!F$<(686&)!J48(@(6&8!%6$!E#$%6$!'#)!&'8(4$'16$!#$%!6J48(4$'. 16$!X&=$%6$O!9(6%6&!<6(!(3J!5#!0'#?6$!#$%!?=3&8!'#?!E#$%6$)6(86!5#!6($6&!($$6&6$O!6J4. 8(4$'1!'#?*61'%6$6$!W6&<#$%6$36(8!%6J!GY$%16&!#$%!%6&!X6)23Y?8)<65(63#$*!*6*6$=<6&! @*1,!D4&$6J'$$!68!'1O!+--g],!C(6)6)!W6&<#$%6$36(8)*6?=31O!'#23!M4JJ(8J6$8!*6$'$$8O! #J?'))8!%(6!D6&6(8)23'?8!%6)!E#$%6$O!5#&!D65(63#$*!#$'<3Y$*(*!@4$!%6&!Z04$4J()236$! D6%6#8#$*!#$%!%6J!N6(834&(54$8!5#!)8636$!@*1,!C(116&O!RTTg],!! ! PJ! /6(86&6$! )411! #$86&)#238! 96&%6$O! ($9(696(8! N#?&(6%6$36(8O! W6&8&'#6$! )49(6! M4JJ(8. J6$8! 5#J! F#?<'#! #$%! %6&! F#?&62386&3'18#$*! 6($6&! UA6$%6&<65(63#$*! (J! 74$A&4?(8. D6&6(23! <6(8&'*6$! #$%! 961236! E4$)6_#6$56$! )(23! %'&'#)! ?=&! %(6! X6)8'18#$*! %6)! <65(6. 3#$*)4&(6$8(6&86$!"#$%&'()($*)!6&*6<6$,!!
  • 27. ! PPP,!I4%611<(1%#$*! 20 F<<(1%#$*!SL!C&6(%(J6$)(4$'16!E4$56A8#'1()(6&#$*!%6&!UA6$%6&<($%#$*! v#6116L!6(*6$6!C'&)8611#$*! ! +,R,!UA6$%6&5#?&(6%6$36(8!! C(6! D6%6#8#$*! %6&! UA6$%6&5#?&(6%6$36(8! ?=&! 6($6$! 1'$*?&()8(*6$! "#$%&'()($*.:&?41*! 9(&%! <6(!@(616$!7>B."4&)236&$!<684$8,!D#&$688!RTT+]!96()8!%'&'#?!3($O!%'))!"Z&%6&5#?&(6%6$. 36(8!%(6!D')()!?=&!(3&6!c4['1(8Y8!5#!6($6&!7>B!#$%!?=&!A4)(8(@6!I#$%.>&4A'*'$%'!%'&)86118,! /6$$!UA6$%6&6&9'&8#$*6$!%'*6*6$!$(238!6&?=118!96&%6$O!)4!<6)8638!6($6!6&36<1(236!X6. ?'3&O!%'))!UA6$%6&!'<9'$%6&$O!(3&!*6J6($$=85(*6)!:$*'*6J6$8!&6%#5(6&6$!4%6&!*Y$51(23! 6($)86116$! #$%! (3&6! a$5#?&(6%6$36(8! *6*6$=<6&! (3&6J! )45('16$! aJ?61%! <60#$%6$! @*1,! U23$6(%6&O! RTTg],! C'! a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c#836O! RTTj],! F#23! 96$$! "Z&%6&6&! <6(! %6&! D6&6(8)8611#$*! (3&6&! V6))4#&26$! '#?!6($6!J'&08'%Y_#'86!X6*6$16()8#$*!@6&5(2386$O!36(`8!%')!$423!1'$*6!$(238O!%'))!)(6! *'&!06($6$!X6*6$96&8!6&3'186$!@*1,!a&)61J'$$O!RTTh],!C6J!X&'8(?(0'8(4$)A&($5(A!5#?41*6! =<6&1'))6$! UA6$%6&! (3&6! V6))4#&26$! 6&)8! %'$$O! 96$$! )(6! %'<6(! 6($6$! 7#856$! ?=&! )(23! '$8(5(A(6&6$!@*1,!V'??{6!68!'1,O!RThf],!C')!56$8&'16!7#856$<=$%61!<6)8638!'116&%($*)!96. $(*6&!($!6($6J!J'86&(6116$!N#*69($$fO!)4$%6&$!($!%6$!(JJ'86&(6116$!X&'8(?(0'8(4$)6&?'3. &#$*6$O!%(6!%#&23!6($6!UA6$%6$3'$%1#$*!6$8)8636$,!U23$6(%6&!RTTg]!<(6868!596(!:&01Y. &#$*)'$)Y856! 5#&! J48(@'8(4$'16$! U8&#08#&! %6&! UA6$%6$3'$%1#$*L! HF#)! %6&! >6&)A608(@6! %6)! Z04$4J()236$! F$)'856)! #$%! #$86&! G6&'$5(63#$*! @6&3'186$)9())6$)23'?81(236&! D6. ?#$%6!1Y))8!)(23!%(6!:$8)236(%#$*!?=&!A3(1'$83&4A()236)!W6&3'186$!%'J(8!<6*&=$%6$O!%'))! f!F1)!J'86&(6116!X&'8(?(0'8(4$6$!0Z$$6$!W6&J($%6&#$*!%6)!5#!@6&)86#6&$%6$!:($04JJ6$)O!P$26$8(@6)!($!"4&J!@4$! X6)236$06$O!P$?4&J'8(4$)<&4)23=&6$O!C(6$)816()8#$*6$!?#$*(6&6$!@*1,!U23$6(%6&O!RTTg],!
  • 28. ! PPP,!I4%611<(1%#$*! 21 %6&! A486$5(6116! UA6$%6&! 6($6! A6&)Z$1(236! X6*6$16()8#$*! ?=&! )6($6! N#96$%#$*! 6&9'&868! %:-'2+'28$%! V-+'0)+'-*]! #$%y4%6&! 'J! 7#856$5#9'23)! %6)! G(1?)<6%=&?8(*6$! A'&8(5(A(6&6$! JZ2386!)(+,1'2+'28$%!V-+'0)+'-*]K!U,!TTO!G6&@4&36<#$*!(J!B&(*($'1],!! +,R,R,!F18&#()8()236!I48(@6!! :($6!'18&#()8()236!G'$%1#$*!'1)!X6*6$A41!5#!6($6&!6*4()8()236$!1(6*8!%'$$!@4&O!96$$!G(1?6! 43$6!X6%'$06$!'$!%(6!D6143$#$*!%6)!G61?6&)!*616()868!9(&%!@*1,!U23$6(%6&O!RTTg]L!H:($! F18&#()8!6&?Y3&8!'1)4!$(238!$#&!%#&23!%6$!6(*6$6$!E4$)#J!6($6$!7#856$*69($$O!)4$%6&$! '#23!%'$$O!96$$!'$%6&6!I6$)236$!@4$!6($6J!<6)8(JJ86$!X#8!A&4?(8(6&6$K!U,!Tj],!C(6! J6()86$! U45(414*6$! )($%! '116&%($*)! %6&! I6($#$*O! %'))! %6J! F18&#()J#)! 6($6! 6*4()8()236! ;6(104JA4$6$86!5#*&#$%6!1(6*8!@*1,!c#836O!RTTj],!U4!9(&%!%6&!6JA'83(6.!)49(6!)23#1%($. %#5(6&86! F18&#()J#)! %#&23! %(6! V6%#08(4$! %6&! 6(*6$6$! 04*$(8(@6$! C())4$'$56$! '$*68&(6. <6$O! %(6! %#&23! %(6! /'3&$63J#$*! %6&! >&4<16J6! '$%6&6&! 6$8)8636$! #$%! A)[23414*()236! N6&&())6$36(8! @6&#&)'236$! @*1,! M44A6&O! RTTe],! W(616$! I6$)236$! <6&6(868! %(6! ;'8)'236O! %'))!6)!(3$6$!*#8!*638O!9Y3&6$%!'$%6&6!'J!:b()86$5J($(J#J!4%6&!%'&#$86&!16<6$!J=). )6$O! 6($! )23162386)! X69())6$,! C#&23! %(6! UA6$%6$3'$%1#$*! 0'$$! %(6)6&! UA'$$#$*)5#. )8'$%!@6&&($*6&8!4%6&!*'&!<6)6(8(*8!96&%6$!@*1,!G'(<'23O!+--+],!7(238)%6)848&485!9(&%!%6&! F18&#()8!($!6&)86&!c($(6!@4J!I48(@!*616(868O!%6$!N#)8'$%!%6)!74816(%6$%6$!5#!@6&<6))6&$O! #$%!A&4?(8(6&8!%'$$!@4$!%6&!;&'$)'08(4$O!96$$!^6$6J!%'%#&23!8'8)Y231(23!*6341?6$!9(&%! @*1,!U23$6(%6&O!RTTg],!"=&!%(6!X6)8'18#$*!%6&!"#$%&'()($*.I'`$'3J6$!<(686$!)(23!%(6). <65=*1(23!A6&)Z$1(23!*63'186$6!D&(6?6!(J!F$)231#))!'$!%(6!;&'$)'08(4$!'$O!($!%6$6$!'#?! JZ*1(236!>&4<16J6!#$%!:&?41*6!<6(!%6&!V6'1()'8(4$!%6)!*6?Z&%6&86$!>&4^608)!6($*6*'$*6$! 9(&%,!M44A6&!RTTe]!J6&08!($!%(6)6J!N#)'JJ6$3'$*!'$O!%')!%')!F#?56(*6$!@4$!:&?41*6$! J48(@(6&6$%6&!'#?!%')!96(86&6!UA6$%6&@6&3'186$!9(&08!'1)!)8Y$%(*6!E4$?&4$8'8(4$!J(8!748,!! ! +,R,+,!:*4()8()236!I48(@6!! L+%':%,1*:!4%2!L%(92+5%,+:%6I$(2!1*4!L-E')(.,%2+':%<! HW(616! I6$)236$! 6&3'186$! ($! (3&6J! c6<6$).! #$%! D6&#?)'118'*! 06($6! D6)8Y8(*#$*! (3&6)! U61<)896&8*6?=31)K!G'(<'23O!+--+O!U,!RSe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g],! C(6)6)! D6%=&?$()! $'23! :($?1#)). $'3J6!#$%!U86(*6&#$*!%6)!U61<)896&8*6?=31)!0'$$!4??6$)(2381(23!<6)4$%6&)!%'$$!<6?&(6. %(*8!96&%6$O!96$$!UA6$%6&!%')!X6?=31!3'<6$O!#$J(8861<'&!;6(1!'$!%6&!W6&9(&01(23#$*!%6&!
  • 29. ! PPP,!I4%611<(1%#$*! 22 W()(4$!6($6!7>B!5#!3'<6$,!/6(86&3($!3'<6$!UA6$%6$3'$%1#$*6$!6($6!PJ'*6!)86(*6&$%6! /(&0#$*O! @4$! %6&! $(238! $#&! a$86&$63J6$O! )4$%6&$! '#23! >&(@'8A6&)4$6$! A&4?(8(6&6$! 0Z$. $6$! @*1,! G'(<'23O! +--+],! C'?=&! )41186! '116&%($*)! %')! G'$%61$! %6&! UA6$%6&! %6&! ?=&! )(6! &616@'$86$!i??6$81(2306(8!<60'$$8!96&%6$!@*1,!M44A6&O!RTTe],!F#`6&%6J!)411!1'#8!M44A6&! RTTe]! HP%6$8(?(5(6&#$*! 59()236$! %6J! UA6$%6&! #$%! %6J! :JA?Y$*6&! %6&! UA6$%6! @4&1(6. *6$O!%(6!%6&!aJ9618!6($!<6)8(JJ86)!PJ'*6!<65=*1(23!%6)!UA6$%6&)!@6&J(88618O!%')!(3$!'1)! I(8*1(6%!6($6&!)A65(?()236$!X&#AA6!@4$!UA6$%6&$!(%6$8(?(5(6&8K!U,!Rg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c#836O! RTTjO! U,! RSf],! C')! <6)8Y8(*8! '#23! G'(<'23! +--+]L! /Y3&6$%!)(23!?&=36&!%')!D6%=&?$()!$'23!N#*63Z&(*06(8!5#!6($6&!X6J6($)23'?8!%#&23!*64. *&'?()236!X6*6<6$36(86$!#$%!c6<6$)*6943$36(86$!16(2386&!<6?&(6%(*6$!1(6`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x<6&16*#$*6$!6&9Y23)8!?=&!"#$%&'()6&!%(6!F#?. *'<6O!"Z&%6&6&$!?=&!(3&6!c6()8#$*6$!6($6!'%Y_#'86!X&'8(?(0'8(4$!($!F#))(238!5#!)86116$!#$%! )(6! %#&23! 6($6! )8&'86*()236! "#$%&'()($*.X6)8'18#$*! 5#! <6?&(6%(*6$,! C'! %(6! 4<6$! '#?*6. ?=3&86$! UA6$%6$J48(@6! #$86&)23(6%1(23! *6<=$%618! ($%(@(%#611! 9(&0)'J! 96&%6$O! ()8! %(6! :&?4&)23#$*!%6&!UA6$%6&A&Y?6&6$56$!#$%!P$%(@(%#'1()(6&#$*!%6)!"#$%&'()($*)!@4$!7Z86$,!! ! +,+,!W6&8&'#6$!! N96(!C&(8861!%6&!C6#8)236$!)A6$%6$!1'#8!6($6&!&6A&Y)6$8'8(@6$!aJ?&'*6O!96$$!)(6!)(236&! )($%O!%'))!(3&!X61%!&(238(*!'$04JJ8!@*1,!>9MO!+--h],!F#`6&%6J!*(18!%')!J'$*61$%6!W6&. 8&'#6$!($!7>B)!?=&!%&6(!@4$!@(6&!636J'1(*6$!UA6$%6&$!'1)!G'#A8*&#$%!?=&!06($!96(86&6)! :$*'*6J6$8L! HP23! )A6$%6! ^'! $(238! %'?=&O! %'))! G6&&! X6)23Y?8)?=3&6&! 6($! %(206)! X63'18!
  • 30. ! PPP,!I4%611<(1%#$*! 23 0&(6*8K!U,!Rj],!C(6)6!6JA(&()236$!:&*6<$())6!@6&%6#81(236$O!9(6!9(238(*!6)!?=&!6($6!"#$%. &'()($*! <68&6(<6$%6! 7>B! ()8O! 6($6! @6&8&'#6$)@4116! D65(63#$*! 5#! (3&6$! UA6$%6&$! '#?5#. <'#6$,! PJ! /6(86&6$! )411! %')! W6&8&'#6$! '1)! 6($! 04JA16b6)! )45('1A)[23414*()236)! E4$)8. &#08!'#?!%6&!D')()!@4$!7(01')!c#3J'$$)!F$)'85!RTjf]!6&1Y#86&8!#$%!%'&'#)!@6&8&'#6$). <(1%6$%6!"#$%&'()($*.I'`$'3J6$!'<*616(868!96&%6$,! ! c#3J'$$! RTjf]! 04$56A8#'1()(6&8! W6&8&'#6$! '1)! H)[J<41()23! @6&J(886186O! *6$6&'1()(6&86! G'18#$*6$O! %(6! $(238! J(8! )A65(?()23! '$*6<<'&6$! 4<^608(@6$! a&)'236$! @'&((6&6$O! )4$%6&$! %#&23! )#<^608(@6! >&456))6! %6&! @6&6($?'236$%6$! :&16<$()@6&'&<6(8#$*! *6)86#6&8! 96&%6$K! U,!hf]O!%6&6$!G'#A8?#$08(4$!%'&($!<6)8638O!E4JA16b(8Y8!5#!&6%#5(6&6$,!C')!*(18!(J!<6)4$. %6&6$! I'`6! ?=&! %(6! D65(63#$*! 59()236$! %6J! UA6$%6&! #$%! %6&! 7>BO! %(6! %#&23! 6($6! P$. ?4&J'8(4$)')[JJ68&(6! *606$$56(23$68! ()8! @*1,! M44A6&O! RTTe],! P$! %6&! V6*61! 0'$$! 6($! UA6$%6&O! %6&! <6()A(61)96()6! 6($6! E($%6&A'&8$6&)23'?8! ($! 6($6J! :$89(201#$*)1'$%! #$86&. 3Y18O! $(238!'#)&6(236$%!<6#&86(16$O!4<! )6($6! UA6$%6! ($! @4116&! GZ36! <6(J! :JA?Y$*6&! '$. 04JJ8!#$%!6??608(@!6($*6)6858!9(&%!@*1,!G6()86&O!RTTe],!C423!H#$'<3Y$*(*!@4$!%6&!GZ36! %6)!UA6$%6$<68&'*6)!JZ2386!%6&!UA6$%6&!)(236&!*636$KO!%'))!)6($6!N#96$%#$*!(3&!N(61! 6&&6(238! #$%! $(238! #$86&96*)! H@6&)'$%68K! M44A6&O! RTTeO! U,! ef],! C'! %(6! /(&01(2306(8! ?=&! 6($6!&6'16!E4$8&4116!5#!04JA16b!()8O!9(&%!W6&8&'#6$!HJ(83(1?6!mun!@4$!P$%(5(6$!m04$8&411(6&8nO! %(6!$'23!F&8!6($6&!V=2004AA1#$*))2316(?6!1'#?6$%!P$?4&J'8(4$6$!%'&=<6&!5#&=20J61%6$O! 4<! %(6! "4&8)685#$*! %6)! W6&8&'#6$)! *6&6238?6&8(*8! ()8K! c#3J'$$O! RTjfO! U,! fR],! "=&! %(6! W6&8&'#6$)9=&%(*06(8!6($6&!7>B!$6$$8!c#836!RTTj]!?41*6$%6!P$%(5(6$L!8&'$)A'&6$86!Q'3. &6)<6&(2386O! ;6)8'86! @4$! /(&8)23'?8)A&=?6&$O! %(6! :($)23Y85#$*6$! @4$! I(8'&<6(86&$! #$%! 7#856&$!)49(6!%(6!D6&(2386&)8'88#$*!($!%6$!I6%(6$,! ! /6(86&3($!()8!F??608(@(8Y8O!'1)4!6($6!I()23#$*!@4$!P$?4&J'8(4$6$!#$%!X6?=316$O!23'&'086. &()8()23!?=&!W6&8&'#6$!@*1,!c#3J'$$O!RTjf],!HN9'&!)($%!%(6!04$0&68!$'23A&=?<'&6$!c6(). 8#$*6$!%6&!B&*'$()'8(4$!&616@'$8o!?=&!6($6!@6&8&'#6$)@4116!D65(63#$*!)($%!^6%423!%(6!23'. &'086&()8()236$!|:(*6$)23'?86$r!%6&!B&*'$()'8(4$!%4J($'$8O!(3&!PJ'*6!munO!'<6&!'#23!%(6! >6&)Z$1(2306(86$! %6&! "#$%&'()6&K! c#836O! RTTjO! U,! +T+],! F#23! @(616! 7>B."4&)236&! <6. 3'#A86$O! %'))! %(6! W6&J(881#$*! 6($6)! A4)(8(@6$! PJ'*6)! 6($6! X&#$%@4&'#))685#$*! ?=&! %(6! G'$%1#$*)?Y3(*06(8! 6($6&! 7>B! ()8! @*1,! G'(<'23O! +--+o! a&)61J'$$O! RTTh],! aJ! @4$! %6&! i??6$81(2306(8! 3'&J4$()23! 9'3&*6$4JJ6$! 5#! 96&%6$! #$%! 6($6! D')()! ?=&! W6&8&'#6$! 5#! )23'??6$O! )($%! 1'#8! M44A6&! RTTe]! %6&! D60'$$836(8)*&'%! %6&! B&*'$()'8(4$O! %(6! ;&'$)A'. &6$5!(3&6)!G'$%61$)!<65=*1(23!%6&!>&4^608'&<6(8!)49(6!%(6!X1'#<9=&%(*06(8!($!D65#*!'#?! %(6! W6&96$%#$*! %6&! "($'$5J(8861! @4$! 56$8&'16&! D6%6#8#$*,! a$%! 4<! %(6! N(616! 6($6&! 7>B! <14`6! /4&83=1)6$! 4%6&! *616<86! /6&86! )($%O! J'$(?6)8(6&8! )(23! 'J! $'233'18(*)86$! (J! aJ. *'$*!J(8!(3&6$!UA6$%6&$!4%6&!63&6$'J81(236$!I(8'&<6(86&$O!)4!M44A6&!RTTe],! !
  • 31. ! PPP,!I4%611<(1%#$*! 24 B<9431!W6&8&'#6$!04$56A8#611!636&!5#0#$?8)4&(6$8(6&8!()8O!*(18!6)!96(86&3($!'1)!>&4%#08!@4$! c6&$A&456))6$! #$%! :&?'3&#$*6$! @*1,! c#836O! RTTj],! H/6&! '1)! >6&)4$! 4%6&! B&*'$()'8(4$! W6&8&'#6$! 6&96&<6$! 9(11O! J#))! ($! %6&! c'*6! )6($O! ?&6J%6! :&9'&8#$*6$! ($! %(6! 6(*6$6! U61<)8%'&)8611#$*)*6)23(2386! 6($5#<'#6$K! 6<%,O! U,! +TS],! C6J$'23! )4116$! 7>B)! '#?! :&. 9'&8#$*6$! #$%! V6'08(4$6$! %6&! "Z&%6&6&! 04$8($#(6&1(23! 6($*636$O! #J! H6($! 04$)()86$86)! D(1%!@4$!)(23!)61<)8!5#!6$896&?6$!#$%!5#!)45('16&!X618#$*!5#!<&($*6$K!c#3J'$$O!RTjfO!U,! +Tg],!/6(86&3($!()8!W6&8&'#6$!)63&!)8Z&'$?Y11(*!#$%!($)<6)4$%6&6!%#&23!a$01'&36(86$!#$%! I63&%6#8(*06(86$!*6?Y3&%68!@*1,!c#3J'$$O!RTjf],!C423!%'&($!1(6*8!$(238!$#&!6($6!X6?'3&O! )4$%6&$!'#23!6($6!M3'$26!?=&!7>B)O!%6$$!%#&23!%')!:($*6)8Y$%$()!#$%!%(6!8&'$)A'&6$86! F#)6($'$%6&)685#$*! J(8! %6$! "6316&$! 0'$$! '#23! 6($! 9(238(*6&! D6(8&'*! 5#J! W6&8&'#6$). '#?<'#!*616()868!96&%6$!@*1,!c#836O!RTTj],!! ! F#)!%6$!8364&68()236$!X&#$%1'*6$!()8!%6#81(236$!*694&%6$O!%'))!W6&8&'#6$!5#!6($6&!7>B! '#?! %6&! D')()! (3&6&! U61<)8%'&)8611#$*! 6$8)8638,! F116&%($*)! ()8! %(6! U61<)8%'&)8611#$*! 06($! 6($)6(8(*6&!F08O!)4$%6&$!0'$$!$#&!'1)!6($!?4&89Y3&6$%6&!>&456))!(J!E4$8'08!J(8!%6$!D6. 5(63#$*)A'&8$6&$!(3&6!@6&<($%6$%6!E&'?8!6$8?'186$!@*1,!c#836O!RTTj],! ! +,f,!M4JJ(8J6$8!! M4JJ(8J6$8!'1)!6J48(4$'16!W6&<#$%6$36(8!J(8!6($6&!7>B!()8!%(6!168586!E4JA4$6$86!%6)! %&6(%(J6$)(4$'16$!E4$)8&#08)!%6&!UA6$%6&<($%#$*,!PJ!E4$86b8!%6)!V61'8(4$)3(A!I'&06. 8($*! 9(&%! %(6! G6&'#)<(1%#$*! %6)! M4JJ(8J6$8)! %#&23! %(6! A)[23414*()236! C686&J($'$86! P$@41@6J6$8!6&01Y&8O!%(6!E&46<6&.V(61!#$%!/6($<6&*!RTTT]!'1)!6($!$(238!%(&608!<64<'238. <'&6)O!3[A48368()236)!E4$)8&#08!<6)23&6(<6$O!961236)!6($6$!($$6&6$!N#)8'$%!%6&!F08(@(6. &#$*!06$$56(23$68O!@4$!%6J!%')!*6%'$01(236!:$8)236(%#$*)6$*'*6J6$8!'<3Y$*8,!x<6&. 8&'*6$!'#?!%6$!7>B.D6&6(23!<6%6#868!P$@41@6J6$8!%6$!X&'%!9'3&*6$4JJ6$6&!A6&)Z$1(. 236&!/(238(*06(8!#$%!P$86&6))6)!%6&!UA6$%6&!'$!%6&!B&*'$()'8(4$!#$%!(3&6J!N9620!@*1,! G6()86&O! RTTe],! Q'&(85! +--h]! 04$)8'8(6&8O! %'))! 9Y3&6$%! D($%#$*6$! 43$6! P$@41@6J6$8! 636&!'#?!N#?'11!4%6&!0#&5?&()8(*6!N9620JY`(*06(8)=<6&16*#$*6$!5#&=205#?=3&6$!)($%O!1(6*8! 6($6J!3436$!P$@41@6J6$8!6($6!)8'&06O!4?8!6J48(4$'16!G($96$%#$*!5#*&#$%6O!%'!%6&!E#$. %6!6($!*69())6)!?($'$5(6116)O!)45('16)!#$%!A)[23414*()236)!V()(04!9'3&$(JJ8,!! ! C(6!x<6&8&'*<'&06(8!%(6)6&!:&06$$8$()!'#?!%6$!7>B.D6&6(23!<6)8Y8(*8!"()236&!+--h'],!:&! )86118!?6)8!#$%!)8=858!)(23!%'<6(!'#?!6JA(&()236!D6?#$%6O!%'))!%(6!%#&23!"#$%&'()($*!6$8. )8636$%6$!D65(63#$*6$!*6$6&611!#$86&)23(6%1(23!'#)*6)8'1868!96&%6$!0Z$$6$,!D6()A(61). 96()6!0Z$$6$!UA6$%6&!D65(63#$*6$!5#!:&6(*$())6$!3'<6$O!%(6!%#&23!J6%('1!@6&J(886186! E'8')8&4A36$<6&(2386!($%#5(6&8!96&%6$,!D6(!%(6)6&!F&8!%6&!D65(63#$*!04JJ8!%6&!7>B!$#&! 6($6!I(8816&&4116!5#!#$%!6)!6$8)8638!06($6&16(!D($%#$*O!%6$$!H6&)8!%(6!$Y23)8!)8'&06!6J4.
  • 32. ! PPP,!I4%611<(1%#$*! 25 8(4$'1! 6&16<86! E'8')8&4A36! 0'$$! %(6! "Z&%6&6&! 5#! 6($6&! 6&$6#86$! UA6$%6! &6'08(@(6&6$K! 6<%,O!U,+RS],!7(238!)6186$!04JJ8!96(86&3($!@4&O!%'))!I6$)236$!UA6$%6$!*6<6$O!96(1!)(6! )(23! 6($6&! )45('16$! U(8#'8(4$! $(238! 6$85(636$! 0Z$$6$,! P$! %(6)6J! "'11! <6&#38! %(6! UA6$%6! $#&!<6*&6$58!'#?!"&6(9(11(*06(8!@*1,!"()236&O!+--h']O!%(6!^6%423!6($6!9(238(*6!W4&'#))68. 5#$*!?=&!%6$!F#?<'#!6($6&!1'$*?&()8(*6$!D65(63#$*!()8!@*1,!C(116&O!RTTg],!/')!%(6!v#'1(8Y8! %6&!D65(63#$*!#$%!)4J(8!%(6!IZ*1(2306(8!%6&!UA6$%6&<($%#$*!'$*638O!)4!A1Y%(6&8!"()236&! +--h']!?=&!%(6!)4!*6$'$$86!HJ())(4$.<')6%K!D65(63#$*O!%(6!)(23!'#?!6($!*6J6($)'J6)! /6&86.! #$%! 74&J6$)[)86J! )49(6! 6($6! *6J6($)'J6! N(61@4&)8611#$*! *&=$%68O! 9')! H6($6! 6J48(4$'16!D')()!6($6&!1'$*?&()8(*6$!a$86&)8=856&<65(63#$*K!<(1%68!U,!+Rg],!"=&!%')!"4&. )23#$*)($86&6))6!6&*(<8!)(23!$#$!%(6!"&'*6O!9(6!"#$%&'()($*!*6)8'1868!96&%6$!J#))O!#J! 5#&!:$8?'18#$*!%6&!6J48(4$'16$!D65(63#$*)04JA4$6$86!<6(5#8&'*6$d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rJ!836!)#AA4&86&!4?!'!A'&8(2#1'&!23'&(8[!<#8!836[!9&(86!84! J6!'$%!(8!?661)!1(06!836[!%4$r8!0$49!P!6b()8!6@6$!834#*3!P!%4$'86!84!836J!&6*#1'&1[!mun!P8r)! '<4#8!<&($*($*!84*6836&!'11!836!A'&8)!4?!'$!4&*'$()'8(4$!83'8!'!)8'06341%6&!3')!84#236%!)4! 83'8!836!A6&)4$!?661)!@'1#6%!'$%!'20$4916%*6%p!X&(??(83O!+--jO!U,!RT],!! ! /6(86&3($!<63'#A868!D#&$688!RTT+]O!%'))!)(23!UA6$%6&!%'$$!J(8!6($6&!7>B!(%6$8(?(5(6&6$! #$%!6($6!6J48(4$'16!D65(63#$*!5#!(3&!6($*636$!0Z$$6$O!96$$!)(6!)(23!'1)!D686(1(*86!?=3. 16$,!"()236&!+--h<]!3Y18!F08(@(8Y86$O!<6(!%6$6$!H"Z&%6&6&!($!%(6!F&<6(8!%6&!B&*'$()'8(4$! ($86*&(6&8!mun!#$%!5#J!'08(@6$!;6(1!%6&!c6()8#$*)6&)8611#$*!96&%6$K!U,!Sge]O!?=&!6($6!)(*. $(?(0'$86! W4&'#))685#$*! ?=&! %(6! UA6$%6&<($%#$*,! F#23! E611[! RTTh]! 96()8! '#?! %(6! V616. @'$5!%6&!UA6$%6&($86*&'8(4$!<6(!%6&!:$8)863#$*!%6&!W6&<#$%6$36(8!J(8!%6&!7>B!3($L!KP?! 96! 9'$8! A64A16! 84! ($@6)8! 836(&! 8(J6! '$%! &6)4#&26)! ($! '! A&4*&'JO! 96! 3'@6! 84! *(@6! 836J! '#836$8(2!($@41@6J6$8!($!836!2'#)6!mun,!;36!23'$26!84!6bA&6))!?661($*)!4?!2'&($*!A1'[)!'$! ($86*&'1!A'&8!($!%6@614A($*!)6$)6!4?!24JJ(8J6$8p!U,!+T],!! ! 7(238! 5#16858! 0'$$! %6&! F#?<'#! 6($6&! HJ())(4$.<')6%K! D65(63#$*! %#&23! %')! X6J6($. )23'?8)*6?=31! *6?Z&%6&8! 96&%6$,! :($6&! 6JA(&()236$! U8#%(6! @4$! D3'88'23'&['O! V'4! #$%! X1[$$!RTTS]!5#?41*6!3'<6$!*6&'%6!%(6!E4$8'083Y#?(*06(8!)49(6!;6(1$'3J6!'$!W6&'$)8'1. 8#$*6$O! <6(! %6$6$! %(6! IZ*1(2306(86$! 5#&! D65(63#$*)A?16*6! #$%! 5#&! )45('16$! P$86&'08(4$!
  • 33. ! PPP,!I4%611<(1%#$*! 26 J(8! '$%6&6$! "Z&%6&6&$! *6*6<6$! )($%O! 6($6$! A4)(8(@6$! :($?1#))! '#?! %(6! P%6$8(?(0'8(4$! %6&! "Z&%6&6&!J(8!%6&!7>B,!C(6!6J48(4$'16!E4JA4$6$86O!%(6!)(23!($!%6&!P%6$8(?(0'8(4$!J(8!%6&! X&#AA6! #$%! %6&! B&*'$()'8(4$! Y#`6&8O! 8&Y*8! (J! aJ063&)231#))! '#23! 5#&! U86(*6&#$*! %6)! )45('16$!:$*'*6J6$8)!%6&!6($561$6$!X&#AA6$J(8*1(6%6&!<6(!6<%,],!! ! N#)'JJ6$?'))6$%! 1Y))8! )(23! )'*6$O! %'))! 6)! @(616! IZ*1(2306(86$! *(<8O! 6($6! 6J48(4$'16! W6&<#$%6$36(8! J(8! %6&! 7>B! 36&<6(5#?=3&6$,! :)! 1(6*8! ^6%423! '#?! %6&! G'$%O! %'))! 6($! <6. '2381(236&! ;6(1! %6&! W'&('$5! (J! P$@41@6J6$8! '1)! G'#A8%686&J($'$86! %6)! M4JJ(8J6$8)! $(238!@4$!%6&!7>B!<66($?1#))8!96&%6$!0'$$O!%6$$!6)!*638!#J!A6&)4$6$)A65(?()236!"'084. &6$,! C6J5#?41*6! 0'$$! 06($6! D65(63#$*! 59()236$! 6($6&! 7>B! #$%! 6($6J! UA6$%6&! '#?*6. <'#8!96&%6$O!96$$!%6&!c68586&6!06($!*&#$%16*6$%6)!P$86&6))6!'J!F$1(6*6$!%6&!7>B!3'8,!! ! f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b(8Y8!&6%#5(6&8!96&%6$,!C'!6)!?=&!"Z&%6&6&!0'#J!JZ*1(23!()8O! D65(63#$*6$! 5#! '$4$[J6$! B&*'$()'8(4$6$! '#?5#<'#6$O! )41186! )(23! 6($6! 7>B! 5#J! N(61! )6856$O! P$86&6))6$86$! #$%! "Z&%6&6&$! 6($6$! 16(2386$! N#*'$*! 5#! P$?4&J'8(4$6$! =<6&! (3&6! N(616O! >&4^6086! #$%! F&<6(8)96()6! 5#! 6&JZ*1(236$,! C'&=<6&! 3($'#)! )411! %(6! P$?4&J'8(4$). %'&)8611#$*! %(6! C[$'J(0! #$%! %')! >486$5('1! %6&! 7>B! 9(%6&)A(6*61$O! 945#! &6*61JY`(*6! C40#J6$8'8(4$6$!=<6&!%(6!1'#?6$%6$!F08(@(8Y86$!#$%!(3&6!:&*6<$())6!*63Z&6$,!C')!W6&. )6$%6$! ^Y3&1(236&! "Z&%6&6&56(8)23&(?86$! 9(&%! %(6)6J! F$)A&#23! 4??6$)(2381(23! $(238! *6. &6238,!P$)<6)4$%6&6!(J!7'23?61%!6($6&!UA6$%6!)4116$!"Z&%6&6&!J(8!'#)?=3&1(236$!P$?4&J'. 8(4$6$!=<6&!%(6!04$0&686!W6&96$%#$*!(3&6&!V6))4#&26$!@6&)4&*8!96&%6$,!aJ!%')!6(*6$6! >&4?(1!5#!)8Y&06$!#$%!%6&!B&*'$()'8(4$!6($!'#836$8()236&6)!HX6)(238K!5#!*6<6$O!)411!96(. 86&3($!6($6!'??608(@6!E4JA4$6$86!<6(!%6&!P$?4&J'8(4$)%'&<(68#$*!$(238!?6316$,! ! C6$$423! 0'$$! %(6! D65(63#$*! $(238! ?#$08(4$(6&6$O! 96$$! 6($6! >'&86(! $#&! &6%68! #$%! $(238! 5#3Z&8,!:($6!96(86&6!9(238(*6!E4JA4$6$86!%6&!"#$%&'()($*.U8&'86*(6!<(1%68!)4J(8!C('14*. 04JJ#$(0'8(4$,!C#&23!%(6!D6&6(8)23'?8!%6&!7>B!P$86&6))6$!#$%!/=$)236!(3&6&!"Z&%6&6&! 5#!@6&)8636$O!96&%6$!'#23!%(6!c68586&6$!%'5#!6&J#8(*8O!)(23!)8Y&06&!J(8!%6&!B&*'$()'8(4$!
  • 34. ! PPP,!I4%611<(1%#$*! 27 #$%!(3&6$!P$86&6))6$!'#)6($'$%6&5#)6856$,!C#&23!%(6!E#18(@(6&#$*O!'1)4!%')!*6*6$)6(8(*6! E6$$6$16&$6$!@*1,!"()236&O!+--h<]O!0Z$$6$!)(23!H16&$6$%6K!B&*'$()'8(4$6$!6$89(2061$O! %(6!$(238!$#&!(3&6!UA6$%6&!<6))6&!06$$6$O!)4$%6&$!'#23!(3&6!F&<6(8)96()6!'$!%(6!W4&)861. 1#$*!#$%!/=$)236!%6&!N(61*&#AA6!'$A'))6$!@*1,!G43$O!+--R],!C(6!F#?*'<6!%6&!7>B)!()8! UA6$%6&!'08(@!%'5#!5#!<&($*6$O!(3&6!A'))(@6!V4116!'#?5#*6<6$O!($%6J!)(6!(3&6!I6($#$*6$! J(886(16$! )49(6! D6(8&Y*6! #$%! F$&6*#$*6$! 1(6?6&$,! E4JJ#$(0'8(4$! %'&?! )(23! '#`6&%6J! $(238! $#&! '#?! UA6$%6$'#?&#?6! 04$56$8&(6&6$L! KP?! %4$4&)! 4$1[! 36'&! ?&4J! #)! 936$! 96! '&6! ')0($*!?4&!J4$6[O!836[!9(11!<6!16))!1(061[!84!&6)A4$%K!E611[O!RTTh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a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`6&%6J! N(616! 6&&6(238! 96&%6$O! %(6! 43$6! %(6)6! V6))4#&26$<=$%61#$*! $(238! &6'1()(6&<'&! *696)6$! 9Y&6$,! F#)! %(6)6J! X&#$%! <6. )8638! %6&! 168586! U2396&A#$08! %6&! <65(63#$*)4&(6$8(6&86$! "#$%&'()($*.E4$56A8(4$! %'&($O! UA6$%6&! J(86($'$%6&! 5#! @6&$6856$O! )45('16! P$86&'08(4$6$! ($$6&3'1<! %6&!"Z&%6&6&*6J6($. )23'?8!5#!?Z&%6&$!)49(6!E411'<4&'8(4$)JZ*1(2306(86$!5#&!W6&?=*#$*!5#!)86116$,! ! !
  • 35. ! PPP,!I4%611<(1%#$*! 28 F<<(1%#$*!gL!W(6&!F08(4$)?61%6&!%6&!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*.E4$56A8(4$! v#6116L!6(*6$6!C'&)8611#$*! X&#$%16*6$%!?=&!'116!E4JA4$6$86$!()8!%(6!W6&9(&01(23#$*!%6&!UA6$%6&$Y36!%#&23!P$86$. )(@(6&#$*!#$%!P$%(@(%#'1()(6&#$*!%6&!E4JJ#$(0'8(4$!5#!%6$!"Z&%6&6&$O!9')!=<6&!%(6!36&. 0ZJJ1(236$! "#$%&'()($*.P$)8&#J6$86! 9(6! UA6$%6&<&(6?6! 4%6&! ;616J'&068($*! J(8! 3436$! E4)86$!@6&<#$%6$!<59,!*'&!$(238!JZ*1(23!()8,!C6&!96(86&6!"40#)!%(6)6&!F&<6(8!9(&%!%6J. $'23! %'&'#?! *6&(23868! )6($O! 961236! >486$5('16! %')! $6#6! P$86&$68! %#&23! )6($6! ($86&'08(@! '#)*6&(238686! E4JJ#$(0'8(4$)*6)8'18#$*! #$%! W6&$685#$*)JZ*1(2306(86$! ?=&! %')! <65(6. 3#$*)4&(6$8(6&86!"#$%&'()($*!#$86&!D65#*$'3J6!%6&!(%6$8(?(5(6&86$!F08(4$)?61%6&$!<(6868,!
  • 36. ! PW,!/6<!+,-! 29 PW,!!!/:D!+,-!! R, !U8'8#)!_#4!%6)!"#$%&'()($*)!(J!P$86&$6856(8'186&! +--R!6&)23(6$!6($!F&8(061!@4$!I=116&16(16!#$86&!%6J!;(861!KX61%!'#)!%6&!U8620%4)6L!B$1(. $6."#$%&'()($*! 3'8! N#0#$?8KO! ($! %6J! %6&! F#84&! %(6! IZ*1(2306(86$! %6&! UA6$%6$<6)23'?. ?#$*! (J! P$86&$68! <6)23&6(<8! #$%! 6($6! 5#$63J6$%6! D6%6#8#$*! %6)! P$86&$68)! ?=&! 7>B)! @4&36&)'*8,! U6($6! >&4*$4)6! 9(&%! '#23! %#&23! 6($6! U8#%(6! %6&! D#$%6)*6J6($)23'?8! U45(. '1J'&068($*!(J!Q'3&6!+---!#$86&)8=858!@*1,!"()236&O!+---<],!C(6!D6?&'*#$*!@4$!h-!"#$%. &'()($*.:bA6&86$!'#)!?=3&6$%6$!G(1?)4&*'$()'8(4$6$!6&*'<O!%'))!<()!5#J!Q'3&!+-R-!6($6! @Z11(*! $6#6! X69(238#$*! %6)! "#$%&'()($*).P$)8&#J6$8'&(#J)! 6&9'&868! #$%! %6J! P$86&$68! %'<6(!6($6!56$8&'16!V4116!5#*6)A&4236$!9(&%,!! ! D()! RTTT! @6&?=*86! 0'#J! 6($6! 7>B.:($&(238#$*! =<6&! 6($6! P$86&$68A&Y)6$5! @*1,! D46%6&O! +--+],! C423! %(6! N6(86$! Y$%6&$! )(23,! C(6! &')'$86! :$89(201#$*! %6)! P$86&$68)! ($! C6#8)23. 1'$%!<616*8!%(6!'08#6116!FVCyNC"!B$1($6.U8#%(6L!U6(8!RTTh!3'8!)(23!%6&!F$86(1!%6&!P$86&. $68$#856&!@6&)623)?'238!#$%!<68&Y*8!J4J6$8'$!gjOR!>&456$8!'$!%6&!X6)'J8<6@Z106&#$*! @*1,!@'$!:(J6&6$!l!"&66)O!+--h],!B??6$)(2381(23!0'$$!)(23!($!%6$!N6(86$!%6&!P$86&$68Z04. $4J(6!06($6!B&*'$()'8(4$!J63&!16()86$O!'#?!%')!P$86&$68!5#!@6&5(2386$!#$%!)4J(8!*(<8!6)! '#23!?=&!7>B)!06($6$!/6*!J63&!5#&=20!($)!($86&$6814)6!N6(8'186&,! F<<(1%#$*!jL!:$89(201#$*!%6&!B$1($6.7#85#$*!($!C6#8)231'$%!RTTj.+--h! ! v#6116L!FVCyNC"!B$1($6.U8#%(6!@*1,!@'$!:(J6&6$!l!"&66)O!+--h]! ! C')!P$86&$68!'1)!6($!*14<'1!@6&<&6(8686)!I'))6$J6%(#JO!%')!#$'<3Y$*(*!@4$!N6(8!#$%!B&8! )8Y$%(*!6&&6(23<'&!()8O!6($6!3436!P$?4&J'8(4$)8(6?6!#$%!F08#'1(8Y8!'#?96()8!#$%!%(6!IZ*. 1(2306(8! %6&! ($86&'08(@6$! E4JJ#$(0'8(4$! <(6868O! )236($8! A&Y%6)8($(6&8! ?=&! "#$%&'()($*! 5#! )6($,! /Y3&6$%! C(&608! I'(1! )49(6! ;616J'&068($*! )(23! '$*6)(238)! %6)! 9'23)6$%6$! E4J. J#$(0'8(4$)?1#))6)!'1)!#$9(&8)23'?81(23!6&96()6$O!04JJ8!%(6!@4&86(13'?86!E4)86$)8&#08#&! @4$! B$1($6.I'`$'3J6$! '#23! 7>B)! J(8! *6&($*6&6J! D#%*68! 5#*#86! "()236&O! +---'],! D3'*'8!+--e]!6&9Y3$8!6($6!B&*'$()'8(4$O!%(6!(3&6!*6)'J86!E4JJ#$(0'8(4$!J(8!%6$!U8'. 06341%6&$!($)!7685!@6&16*86!#$%!%'%#&23!h-,---!aU!C411'&!^Y3&1(23!6($)A'&6$!04$$86,!!
  • 37. ! PW,!/6<!+,-! 30 U234$!)6(8!J63&!'1)!563$!Q'3&6$!9(&%!B$1($6."#$%&'()($*!($!C6#8)231'$%!A&'08(5(6&8O!%423! %(6! <()36&(*6$! :&?'3&#$*6$! )636$! 636&! 6&$=2386&$%! '#),! D6(! %6$! J6()86$! 7>B)! J'238! %(6!B$1($6.UA6$%6!6($!<()!596(!>&456$8!%6)!X6)'J8@41#J6$)!'#)!@*1,!"()236&O!+--g]!#$%! %(6! <66($%&#206$%6$! :&?41*6! @4$! *&4`6$! G(1?)4&*'$()'8(4$6$O! 9(6! %')! C6#8)236! V486! E&6#5O! %')! 9Y3&6$%! %6&! :1<?1#80'8')8&4A36! +--+! 689'! ROS! I(4,! :#&4! =<6&! %')! P$86&$68! 6($8&6(<6$! 04$$86O! 96&%6$! %#&23! 6($6! @6&)8Y&086! I6%(6$<6&(2386&)8'88#$*! #$%! ($86$)(@6! /6&<#$*!($!'$%6&6$!I6%(6$!6&01Y&8!@*1,!G43$O!+--R],!! ! G43$! +--R]! )49(6! >'8411'! +--S]! 56(*6$! ($! (3&6$! ($3'18)'$'1[8()236$! a$86&)#23#$*6$! 5#J!B$1($6."#$%&'()($*O!%'))!%(6!=<1(236!P$86&$68A&Y)6$5!%6#8)236&!7>B)!6($6!)8'8()236! %(*(8'16!D&4)23=&6!%'&)86118O!%(6!0'#J!F$0$=A?#$*)A#$086!5#!7#856&$!#$%!06($6$!I63&. 96&8!)23'??8,!B??6$)(2381(23!0'$$!%')!>486$5('1!%6)!P$86&$68)!$(238!'#)*6)23ZA?8!96&%6$O! 96$$! 6($6! /6<)(86! '1)! P$?4&J'8(4$)<&4)23=&6! <6$#858! 9(&%O! %6$$! *6&'%6! (J! P$86&$68! 04JJ8!%6&!D65(63#$*)4&(6$8(6&#$*!6($6!6$8)236(%6$%6!V4116!5#L!H;36!4&*'$(5'8(4$)!83'8! 9(11!<6$6?(8!836!J4)8!?&4J!836!P$86&$68!'$%!/6<!8623$414*[!'&6!834)6!83'8!?42#)!4$!%4$4&! 8&6'8J6$8K!@*1,!D3'*'8O!+--eO!qh],!I(8!7'23%&#20!@6&96()8!"()236&!+--g]!'#?!%6$!>#11. M3'&'086&!%6&!P$86&$68.E4JJ#$(0'8(4$,!PJ!X6*6$)'85!5#!V#$%?#$0J6%(6$O!94!%6J!V65(. A(6$86$!6($6!636&!A'))(@6!V4116!5#04JJ8O!)6858!%(6!P$86&$68$#85#$*!6($6!/(116$)'<)(238! #$%! G'$%1#$*! @4&'#),! P$! %(6)6J! N#)'JJ6$3'$*! J'238! 6&! %6#81(23O! %'))! "Z&%6&6&! 6&)8! %'$$! 6($6! 7>B./6<)6(86! <6)#236$O! 96$$! )(6! 3(6&@4$! 6($6$! 7#856$! 3'<6$,! /6$$! %(6! P$86&$68A&Y)6$5! $(238! '#?! 6($! 04JJ#$(0'8(@6)! N(61! 3($! ?40#))(6&8O! 0'$$! %(6! /6<)6(86! )23$611!<61(6<(*!96&%6$!#$%!"Z&%6&6&$!96$(*!F$&6(56!<(686$O!)(6!9(6%6&3418!'#?5#)#236$,!! ! C(6!V616@'$5!%6)!<65(63#$*)4&(6$8(6&86$!F$)'856)!(J!P$86&$68!9(&%!96(86&3($!($!6($6&!<&(. 8()236$!U8#%(6!<684$8O!961236!%(6!168586$!563$!Q'3&6!%6&!:&?'3&#$*!J(8!B$1($6."#$%&'()($*! '$'1[)(6&8! #$%! <6)8Y8(*8O! %'))! (J! P$86&$68! 636&! %6&! D65(63#$*)'#?<'#! '1)! %')! %(&6086! :($96&<6$!@4$!X61%!*61($*8L!H"69!A64A16!*4!)8&'(*38!84!'!96<)(86!'$%!*(@6,!;36[!*4!84!'! 96<)(86O!)(*$!#A!?4&!'$!6J'(1!$69)16886&O!8'06!A'&8!($!)4J6!($86&'28(@6!8441)!mun!'$%!836$! 1(8816! <[! 1(8816! '&6!9446%!($84! *(@($*O!A6&3'A)! <[!J'0($*! '! %4$'8(4$! %(&6281[O! 4&! <[! 8'0($*! A'&8!($!'!?#$%&'()($*!6@6$8p!G#*36)O!c($241$!l!U'b84$O!+--hO!U,!e],!! ! C(6!N6(8!%6&!H6'&1[!'%4A86&)K!(J!P$86&$68!()8!@4&<6(,!:)!*638!$(238!J63&!%'&#JO!$#&!H%&($!5#! )6($K! @*1,! >'8411'O! +--SO! U,! RS],! C#&23! %(6! W6&)61<)8@6&)8Y$%1(23#$*! %6)! P$86&$68)! #$%! )86(*6$%6!v#'1(8Y8!%6&!F$*6<486!)86(*6$!%(6!:&9'&8#$*6$!%6&!7#856&!#$%!)4J(8!%6&!B$1(. $6.UA6$%6&! @*1,! X&(??(83O! +--j],! /6$$! )(23! 7>B)! ?=&! 6($6! P$86&$68A&Y)6$5! 6$8)236(%6$O! )4116$!)(6!'#23!3(6&!%6$!>&($5(A(6$!%6)!V61'8(4$)3(A!"#$%&'()($*!?41*6$L!C(6!M3'$26!%6&! P$86&'08(@(8Y8!#$%!P$%(@(%#'1()(6&#$*!6&*&6(?6$!)49(6!%')!7685!?=&!%(6!E4JJ#$(0'8(4$!59(. )236$!P$86&6))(6&86$O!UA6$%6&$!#$%!>&4^608@6&'$894&81(236$!$#856$,!:)!&6(238!$(238!'#)O!
  • 38. ! PW,!/6<!+,-! 31 $#&! 6($6$! UA6$%6$<#884$! '#?! %6&! /6<)(86! 6($5#&(2386$! #$%! %'&'#?! 5#! 9'&86$O! %'))! UA6$%6&!)(6!?($%6$,!C6'&%6$!+--j]!@6&#&86(18!%(6)6$!F$)'85!'1)!6($6$!)8&'86*()236$!"63. 16&L!HF!#)6?#1!J68'A34&!()!)8'$%($*!($!836!3(*3!)8&668!9(83!'!<#2068,!c48)!4?!A64A16!9(11!)66! [4#!'$%![4#&!<#2068O!<#8!J4)8!9(11!9'10!A')8p!5(8,!($!X&(??(83O!+--jO!U,!Rf],!:&?41*&6(236)! B$1($6."#$%&'()($*!<6&#38!'#?!6($6&!)[)86J'8()236$!D65(63#$*)'&<6(8,!B<!I6$)236$!8'8. )Y231(23!'$3'186$!#$%!)A6$%6$O!3Y$*8!$(238!@4$!%6&!X&Z`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c'$%)23'?8,!:($6!N6(8!1'$*!9#&%6$!%(6!$6#6$!:$89(201#$*6$!(J!/6<!'1)! 6($!@4&=<6&*636$%6&!G[A6!#$%!6($6!D1')6!*6*6(`618!@*1,!U6[?6&O!+--g],!C423!J(8816&96(16! 3'$%618!6)!)(23!<6(J!/6<!+,-!#J!06($6!V'$%6&)236($#$*!J63&O!H)4$%6&$!#J!6($!'#23!($! 7#856&5'316$!<68&'23868!&616@'$86)!>3Y$4J6$K!@*1,!G'')!l!I(%%61%4&?O!+--jO!U,!+-],!PJ! ?41*6$%6$!E'A(861!)411!@6&%6#81(23!96&%6$O!9(6!)(23!%')!$6#6!/6<!@4$!)6($6J!W4&*Y$*6&! #$86&)236(%68!#$%!961236!*&#$%16*6$%6$!>&($5(A(6$!6)!06$$56(23$6$,!! ! +,R,!W4$!/6<!R,-!5#!/6<!+,-! C6&! D6*&(??! /6<! +,-! 9#&%6! +--e! %#&23! ;(J! B}V6(11[! #$%! )6($6$! E4116*6$! *6A&Y*8! #$%! )41186! '#?! %(6! W6&Y$%6&#$*6$! (J! P$86&$68! )6(8! %6J! M&')3! %6&! 769! :24$4J[! 3($96()6$! @*1,!F1<[O!+--j],!C(6)6)!U231'*94&8!#J)23&6(<8!)49431!8623$()236!/6(86&6$89(201#$*6$! %6&! P$86&$688623$414*(6$! '1)! '#23! %(6! %'J(8! @6&<#$%6$6$! $6#6$! 9(&8)23'?81(236$! )49(6! )45('16$!>3Y$4J6$6!@*1,!GY#)16&O!+--j],!X6?Z&%6&8!9#&%6!%(6)6!$6#6!k&'!%6)!P$86&$68)! J'`*6<1(23!%#&23!%(6!96(86!C(??#)(4$!@4$!D&6(8<'$%'$)231=))6$O!94%#&23!J63&!G'#)3'1. 86!J(8!6($6J!)23$6116$O!04)86$*=$)8(*6$!P$86&$685#*'$*!'#)*6)8'8868!#$%!6($6!A&4<16J. 14)6!x<6&8&'*#$*!@4$!*&4`6$!C'86$J6$*6$O!($)<6)4$%6&6!@4$!W(%64.!#$%!F#%(4($3'186$! 6&JZ*1(238!9#&%6$!@*1,!E423!l!V(2386&O!+--j],!! ! I(8! )6($6&! W6&)(4$)$#JJ6&! +,-! <6)23&6(<8! 6)! %(6! :$89(201#$*! %6)! ///! H96*! @4J! &6(. $6$!F<&#?J6%(#J!3($!5#!6($6&!>1'88?4&JO!'#?!%6&!)(23!7#856&!'08(@!)61<)8!6($<&($*6$!0Z$. $6$,!m,,,n!C(6!7#856&!0Z$$6$!P$3'186!A&4%#5(6&6$O!)(23!#$86&6($'$%6&!@6&$6856$!4%6&!=<6&! 6($6! >1'88?4&J! 04JJ#$(5(6&6$! #$%! )(23! )61<)8! %'&)86116$K! "()23! l! X)236(%16O! +--gO! U,! efS],! C(6! %'?=&! $4896$%(*6$! ;623$414*(6$! 96&%6$! '1)! U42('1! U4?89'&6! <656(23$68O! %(6!
  • 39. ! PW,!/6<!+,-! 32 U23J(%8! +--g']! %6?($(6&8! '1)! H($86&$68<')(6&86! F$96$%#$*6$O! %(6! P$?4&J'8(4$).O! P%6$8(. 8Y8).!#$%!D65(63#$*)J'$'*6J6$8!($!%6$!;6(1.]!i??6$81(2306(86$!3[A6&86b8#6116&!#$%!)45(. '16&!768596&06!#$86&)8=856$K!U,!+],!E4$0&686!D6()A(616!?=&!%(6)6!F$96$%#$*6$!)($%!"4. &6$O!/6<14*)O!>4%2')8)O!/(0()O!U42('1!76894&0($*!U(86)!#$%!"(16.U3'&($*!>1'88?4&J6$!@*1,! F$3,! f],! PJ! V'3J6$! %(6)6&! F&<6(8! 96&%6$! &6($6! E4JJ#$(0'8(4$)%(6$)816()8#$*6$! 9(6! P$86&$68.;616?4$(6!4%6&!P$)8'$8!I6))'*($*!$(238!5#!U42('1!U4?89'&6!*65Y318O!%6$$!($!(3&6$! E6&$6(*6$)23'?86$!Y3$61$!)(6!%6$!8&'%(8(4$6116$!E4JJ#$(0'8(4$)?4&J6$,!! C(6! /6(86&6$89(201#$*! %6)! P$86&$68)! 6&JZ*1(238! %(6! :$8)863#$*! $6#6&! E4JJ#$(0'8(4$). ?4&J6$! #$%! 6($6&! $6#6$! v#'1(8Y8! %6&! P$86&$68$#85#$*,! C(6! 596(%(J6$)(4$'16! I'8&(bO! %(6! @4J!I'&0?4&)23#$*)($)8(8#8!V6)#18!V6)6'&23!'#?!%6&!X&#$%1'*6!6($6&!:bA6&86$<6?&'*#$*! 6$89(20618! 9#&%6O! @6&'$)23'#1(238! %(6! 6$8)236(%6$%6$! a$86&)23(6%6! 59()236$! /6<! R,-! #$%!/6<!+,-!@*1,!G'')!l!I(%%61%4&?O!+--j],! F<<(1%#$*!hL!a$86&)23(6%6!59()236$!/6<!R,-!#$%!/6<!+,-!($!596(!C(J6$)(4$6$! ! v#6116L!G'')!l!I(%%61%4&?O!+--jO!U,!T! !! C(6! 6&)86! C(J6$)(4$! HX6)8'18#$*)*&'%K! <6)23&6(<8! %(6! W6&Y$%6&#$*! @4$! 6($6&! &6($! <6. 8&'2386$%6$!7#85#$*O!<6(!%6&!/6<'$*6<486!5#J!*&Z`86$!;6(1!A'))(@!*6$#858!96&%6$O!<()! 3($!5#!6($6&!*6)8'186$%6$!7#85#$*,!/Y3&6$%!?&=36&!E4JJ#$(0'8(4$)($3'186!=<6&9(6*6$%! @4$! >&4@(%6&$O! a$86&$63J6$! #$%! Z??6$81(236$! P$)8(8#8(4$6$! 4%6&! 8623$()23! @6&)(6&86$! >&(@'8A6&)4$6$!5#&!W6&?=*#$*!*6)86118!9#&%6$O!6&JZ*1(238!6($6!6&3Z386!a)'<(1(8[!%6&!/6<! +,-.!F$96$%#$*6$!6($6!6($?'236!>'&8(5(A'8(4$!'#23!@4$!7#856&$!43$6!W4&06$$8$())6!@*1,! E(11('$O! G'))! l! /'1)3O! +--h],! F116$! /6<! +,-.FAA1(0'8(4$6$! 1(6*8! %6&! X6%'$06! 5#*&#$%6O! %'))!%6&!7#856&!(&*6$%961236!c6()8#$*!6&<&($*6$!J#))L!6($!E4JJ6$8'&!5#J!/6<14*!@6&. ?'))6$O! 6($6$! F&8(061! <6(! /(0(A6%('! )23&6(<6$! 4%6&! 6($! >&4?(1! <6(! U42('1! 76894&0($*! M4JJ#$(8(6)! '$16*6$,! HGY#?(*! @6&96$%686)! U231'*94&8!?=&! %(6)6!IZ*1(2306(86$! ()8!a)6&!
  • 40. ! PW,!/6<!+,-! 33 X6$6&'86%! M4$86$8"! G'')! l! I(%%61%4&?O! +--jO! U,! RR],! c'#8! E423! #$%! V(2386&! +--j]! )86118!%(6!?&6(9(11(*6!#$%!'08(@6!I(89(&0#$*!6($6&!*&4`6$!F$5'31!@4$!D6$#856&$!%(6!96)6$8. 1(23)86!:$89(201#$*!#$%!)4J(8!%6$!9(238(*)86$!a$86&)23(6%!5#J!/6<!R,-!%'&,!HC6&!7#856&! )8638!(J!W4&%6&*&#$%!<59,!(J!I(8861A#$08!%6)!X6)23636$)K!E423!l!V(2386&O!+--jO!U,!f]! #$%! 6$89(20618! )(23! @4J! A'))(@6$! V65(A(6$86$! 5#J! >&4)#J6$86$! .! 6($6&! I()23#$*! '#)! >&4%#56$8!#$%!E4$)#J6$8!@*1,!F1<[O!+--j],!! ! C(6! 596(86! C(J6$)(4$! HE4JJ#$(0'8(4$)*&'%K! 56(*8! %6$! /'$%61! @4$! ($%(@(%#6116&! E4J. J#$(0'8(4$O! <6(! %6&! P$86&$68$#856&! =<6&9(6*6$%! $(238.Z??6$81(236! E4JJ#$(0'8(4$)J(8861! 9(6!:.I'(1!@6&96$%6$O!<()!3($!5#J!>41!%6&!Z??6$81(236$!E4JJ#$(0'8(4$O!H<6(!%6&!7#856&! %')!P$86&$68!'1)!E4JJ#$(0'8(4$)A1'88?4&J!@6&96$%6$!#$%!)(23!($!6($6$!Z??6$81(236$!#$%! @6&$68586$! F#)8'#)23!J(8! '$%6&6$! 7#856&$! <6*6<6$K! @*1,! G'')! l!I(%%61%4&?O! +--jO! U,! R-],! /6$$! 6($! /6<! +,-.a)6&! 6($6$! D6(8&'*! @6&?'))8O! 04JJ#$(5(6&8! 6&! %(6)6! 7'23&(238! $(238!'$!6($6$!:JA?Y$*6&O!)4$%6&$!&(23868!)(6!'$!%(6!*6)'J86!M4JJ#$(8[O!94%#&23!%(6! 01'))()236! U6$%6&.:JA?Y$*6&.U8&#08#&! '#?*6<&4236$! #$%! %6&! 6($561$6! 7#856&! 5#J! D&4'%2')86&! 9(&%! @*1,! /($86&O! +--g],! C(6! 1($6'&6! I'))6$04JJ#$(0'8(4$! 9(&%! %#&23! %(6! <(%(&608(4$'16!E4JJ#$(0'8(4$!6&*Y$58!4%6&!*'&!'<*61Z)8,!C'!^6%6&!'J!$6#6$!/6<!86(13'. <6$!#$%!6($!A'))6$%6)!F$*6<48!?($%6$!0'$$O!?($%6$!)61<)8!)A65('1()(6&86!7()236$'$*6<4. 86!(3&6!P$86&6))6$86$!@*1,!F1<[O!+--j],!! ! F$3'$%!%6&!'#?*6?=3&86$!C(J6$)(4$6$!1Y))8!)(23!%')!/6<!+,-!5#)'JJ6$*6?'))8!'1)!6($! I(8J'23$685! %6?($(6&6$O! %')! 6($6! $6#6! v#'1(8Y8! %6&! 86(1$63J6$%6$! #$%! Z??6$81(23! @6&. $6858! 04JJ#$(5(6&6$%6$! P$86&$68$#85#$*! 36&@4&<&($*8,! C#&23! %(6! $6#6$! 8623$()236$! IZ*1(2306(86$!9(&%!%')!P$86&$68!A6&)Z$1(236&!#$%!J6$)231(236&L!HPJ!/6<!R,-!*($*!6)!#J! ;623$(0,! C(6! P;! D&'$236! 941186! 56(*6$O! 9')! )(6! 0'$$,! mun! PJ! /6<! +,-! *638! 6)! #J! I6$. )236$!m#$%!%'&#Jn!%')!7685!?=&!%6$!I6$)236$!($86&6))'$86&!5#!J'236$K!U5#*'8O!+--gO! U,! R-h! ?,],! W4$! )6($6J! W4&*Y$*6&! /6<! R,-! #$86&)236(%68! )(23! %')! /6<! +,-! 96(86&3($! %#&23!6($!'$%6&6)!U61<)8@6&)8Y$%$()O!%6$$!H(8!()!*4($*!<6[4$%!836!A'*6!J68'A34&!4?!/6<! R,-!84!%61(@6&!&(23!#)6&!6bA6&(6$26K!B}V6(11[O!+--SO!U,S],! ! +,+,!X&#$%16*6$%6!>&($5(A(6$!%6)!/6<!+,-! C'! %')! /6<! +,-! 06($6! 04$0&686$!I6&0J'16!'#?96()8O! 1Y))8!6)! )(23! @(61J63&! %#&23!6($6! V6(36!@4$!>&($5(A(6$!06$$56(23$6$!@*1,!B}V6(11[O!+--S],!PJ!?41*6$%6$!F<)23$(88!96&%6$! *&#$%16*6$%6! >&($5(A(6$! %6)! $6#6$! /6<)O! %(6! @4$! <6)4$%6&6&! V616@'$5! ?=&! %')! "4&. )23#$*)*6*6$)8'$%! )($%O! '#?*6*&(??6$! #$%! '#)! @6&)23(6%6$6$! D1(209($061$! $Y36&! <6. 16#23868,! C6&! U2396&A#$08! %6&! D68&'238#$*! 1(6*8! %'<6(! $(238! '#?! %6J! 8623$414*()236$!
  • 41. ! PW,!/6<!+,-! 34 /'$%61O! )4$%6&$! @(61! J63&! '#?! %6&! $6#6$! P$86&$68$#85#$*! (J! )45(414*()236$! #$%! 04J. J#$(0'8(4$)9())6$)23'?81(236$!U($$6,!! +,+,R,!C(*(8'16!P%6$8(8Y8!#$%!768596&0<(1%#$*! F116$!/6<!+,-.C(6$)86$!1(6*8!%(6!P%66!%6&!04JJ#$(0'8(@6$!W6&$685#$*!%6&!7#856&!%#&23! 6($! P$86&$68'$*6<48! 5#*&#$%6! @*1,! E(11('$! 68! '1,O! +--h],! U4! 6$8)8636$! @(&8#6116! )45('16! 768596&06O! %(6! '#)! 14)6! J(86($'$%6&! @6&0$=A?86$! ;6(1$63J6&$! )49(6! %6$! D65(63#$*6$! 59()236$!(3$6$!<6)8636$!@*1,!E$'AA6!#$%!E&'201'#6&O!+--j]!#$%!%(6!)(23!(J!&6'16$!c6. <6$! '#?*&#$%! @4$! &Y#J1(236&! #$%! )45('16&! :$8?6&$#$*! 4%6&! ?6316$%6&! 0&(8()236&! I'))6! $(238!3Y886$!<(1%6$!#$%!'#?&62386&3'186$!96&%6$!0Z$$6$!@*1,!M[*'$)0(!l!G'))O!+--h],!! ! U45('16!768596&06O!4<!4$1($6!4%6&!4??1($6O!<')(6&6$!'#?!%6&!E44A6&'8(4$!(3&6&!;6(1$63J6&! #$86&6($'$%6&! #$%! %6&! V65(A&45(8Y8! %6&! ($! %(6)6J! V'3J6$! 6&<&'2386$! c6()8#$*6$! @*1,! GY#)16&O! +--j],! X6?Z&%6&8! 9(&%! %6&! >&456))! %6&! 768596&0<(1%#$*! %#&23! %(6! ;'8)'236O! %'))!)(23!/6<!+,-!'1)!D=3$6!%6&!U61<)8%'&)8611#$*!68'<1(6&8O!'#?!%6&!P$86&$68$#856&!6($6&! *14<'16$! 7685Z??6$81(2306(8! 43$6! *&4`6$! 8623$()236$! #$%! Z04$4J()236$! F#?9'$%! A&Y. )6$8(6&6$!0Z$$6$,!Q6!J63&!F$*'<6$!6($!a)6&!=<6&!)(23!J'238O!%6)84!3Z36&!1(6*6$!)6($6! M3'$26$O!J(8!'$%6&6$!($!E4$8'08!5#!8&686$,!P$)<6)4$%6&6!<6(!U42('1!76894&0($*!U(86)O!9(6! "'26<440!4%6&!I[UA'26O!%6&6$!E6&$!($!I(8*1(6%6&A&4?(16$!#$%!(3&6&!W6&$685#$*!#$86&6($. '$%6&!<6)8638O!<604JJ8!^6%6&!;6(1$63J6&!%#&23!%(6!>&6()*'<6!)6($6&!P%6$8(8Y8!%(6!IZ*. 1(2306(8O! '#?! #$<6*&6$586! a$86&)8=85#$*)16()8#$*6$! ($$6&3'1<! )6($6)! )45('16$! 768596&0)! 5#&=205#*&6(?6$,! c'$*6! +--g]! )A&(238! ($! %(6)6J! N#)'JJ6$3'$*! @4$! 6($6J! ;&6$%! 3($! 5#&! %(*(8'16$! :$83=11#$*O! <6(! %6&! 6($6! *6&($*6! U6$)(<(1(8Y8! <65=*1(23! %6&! D6&6(8)8611#$*! A6&)4$6$<654*6$6&! A&(@'86&! C'86$! @4&36&&)238L! HI(8! /6<! +,-! ()8! %6&! *1Y)6&$6! 7#856&! 6$%*=18(*! V6'1(8Y8,! mun! 9Y3&6$%! 6)! <()36&! %'&#J! *($*O! )4! '$4$[J! 9(6! JZ*1(23! %#&23)! 7685!5#!)8&6(?6$O!*6<6$!/6<!+,-.a)6&!$#$!?&6(9(11(*!>6&)Z$1(236)!A&6()K!U,!Re],! ! C(6! 04JJ#$(0'8(@6! W6&$685#$*! @4$! /6<! +,-.a)6&$! 9(&%! $(238! 5#16858! %#&23! 6($6! V6(36! @4$!$6#6$!;623$(06$!6&JZ*1(238,!P$3'186!%6&!/6<!+,-.F$*6<486!)($%!5#J6()8!%'86$<'$0. *6)8=858! #$%! 0Z$$6$! )4J(8! =<6&! @6&)23(6%6$6! /6<)(86)! 3($96*! @6&0$=A?8! 96&%6$! @*1,! G'')!l!I(%%61%4&?O!+--j],!U4!)($%!'116!(J!7685!<6)8636$%6$!D14*)!J(86($'$%6&!@6&1($08! #$%! <(1%6$! 6($! 6($?1#))&6(236)! 768596&0! .! %(6! HD14*4)A3Y&6K! @*1,! F1<[O! +--j],! C(6! '#?! 4??6$6$! >&4*&'JJ(6&)23$(88)86116$! F>P)]! <')(6&6$%6$! I')3#A)O! 6&1'#<6$! 6)! %6$! 7#8. 56&$!96(86&3($O!P$3'186!@4$!'$%6&6$!C(6$)86$!($!(3&6!/6<)6(86$!4%6&!D14*)!5#!($86*&(6&6$! @*1,! G'')! l! I(%%61%4&?O! +--j],! U4! 0'$$! 6($! D14**6&! "484)! @4$! "1(20&! 4%6&! W(%64)! @4$! ~4#;#<6!($!)6($!/6<14*!6($<6886$!4%6&!6($6$!<6)8(JJ86$!B&8!'#?!c'$%0'&86$!@4$!X44*16! I'A)!140'1()(6&6$!)49(6!J(8!N#)'85($?4&J'8(4$6$!@6&)636$,!! !
  • 42. ! PW,!/6<!+,-! 35 +,+,+,!E411608(@6!P$8611(*6$5!#$%!E411'<4&'8(4$! a$86&!%6J!c6(8<6*&(??!%6&!HF&23(8608#&!%6&!>'&8(5(A'8(4$K!B}V6(11[O!+--SO!U,!R]!6&1'#<8!%')! /6<!+,-O!P$3'186O!B&86O!I6$)236$!#$%!I6($#$*6$!5#!@6&$6856$!#$%!)4J(8!%#&23!%(6!H($. 34J4*6$6! P$86*&'8(4$! @4$! W6&)23(6%6$6JK! /($86&O! +--gO! U,! +f]! 6($6$! *'$5! $6#6$! V'#J! ?=&! >&4%#08(@(8Y8O! P$86&'08(4$! #$%! I(86($'$%6&! '#?5#)A'$$6$,! C'3($86&! )8638! %(6! P%66O! %6&! H*6J6($)'J6$! I'b(J(6&#$*! 0411608(@6&! P$8611(*6$5! #$%! %6&! D6&6(8)8611#$*! @4$! 7#8596&86$!?=&!^6%6$!;6(1$63J6&!%#&23!?4&J'1()(6&86!#$%!%[$'J()236!P$?4&J'8(4$)86(1#$*! #$%! .36&)8611#$*K! I62061O! +--gO! U,! h],! G($86&! %6J! U231'*94&8! H0411608(@6! P$8611(*6$5K! )8638!6($6!)[)86J8364&68()23!<6*&=$%686!W4&)8611#$*O!%'))!6($6!X&#AA6!%#&23)23$(881(23! <6*'<86&!I6$)236$!#$86&!<6)8(JJ86$!D6%($*#$*6$!<6))6&6!:&*6<$())6!6&5(618!'1)!6($6! 6($561$6!>6&)4$O!)4*'&!96$$!%(6)6!($8611(*6$86&!'1)!^6%6)!'$%6&6!X&#AA6$J(8*1(6%!()8!@*1,! U5#*'8O!+--g],!/6<14*)O!/(0()O!U42('1!76894&0($*O!D440J'&0($*!4%6&!"(16)3'&($*!6&JZ*. 1(236$!6($6!%(2386!E4JJ#$(0'8(4$))8&#08#&O!=<6&!%(6!7#856&!N#*'$*!5#J!0411608(@6$!/(). )6$!)49(6!%(6!IZ*1(2306(8!6&3'186$O!(3&6$!($%(@(%#6116$!D6(8&'*!5#&!H/6()36(8!%6&!I'))6K! 5#!16()86$!@*1,!F1<[O!+--jo!B}V6(11[O!+--S],!/Y3&6$%!J'$!(J!N6(8'186&!%6)!/6<!R,-!@6&. J(88618!=<6&!%')!7685!044A6&(6&86O!H?($%68!E44A6&'8(4$!m(J!/6<!+,-n!$#$!(J!7685! )61<)8! )8'88K!@*1,!7(6%6&J'(6&O!+--hO!U,!g+],! ! I(8! $#856&*6$6&(6&86$! P$3'186$! <66($?1#))8! %(6! X6J6($)23'?8! %6&! /6<! +,-.a)6&! )49431! %6$! P$3'18! J4%6&$6&! FAA1(0'8(4$6$! '1)! '#23! %(6! P$?4&J'8(4$))8&#08#&,! C(6! #$6($*6. )23&Y$086!IZ*1(2306(8!%6&!>'&8(5(A'8(4$!6&JZ*1(238!%')!N#)'JJ6$8&'*6$!6($6&!a$J6$*6! '$! I'86&('1O! 94%#&23! )(23! ^6! $'23! P$86&$68%(6$)8! *&4`6! U'JJ1#$*6$! '$! "484)O! W(%64)! 4%6&!I#)(0)8=206!'$3Y#?6$L!HW(%64)'JJ1#$*6$!9(6!~4#;#<6!4%6&!"484'1<6$!9(6!"1(20&! 0Z$$6$!'1)!*14<'1!5#*Y$*1(236!W(%648360!<59,!D(1%6&'#))8611#$*!'$*6)636$!96&%6$K!@*1,! 7(6%6&J'(6&O! +--hO! U,! g+],! C')! >'&'%6<6()A(61! ?=&! *6J6($)23'?81(236! :&)8611#$*! #$%! U'JJ1#$*!@4$!/())6$!%#&23!%(6!P$86&$68$#856&!)86118!%(6!B$1($6.:$5[014AY%(6!/(0(A6%('! %'&,! /Y3&6$%! %(6! /6<)(86.D68&6(<6&!16%(*1(23! 6($6! 8623$()236! P$?&')8&#08#&! <6&6(8)86116$O! 96&%6$!%(6!6(*6$81(236$!:($8&Y*6!%6&!:$5[014AY%(6!@4$!/6<!+,-.7#856&$!*6$6&(6&8O!<6'&. <6(868!#$%!0411'<4&'8(@!96(86&6$89(20618!@*1,!E423!l!V(2386&O!+--j],!! ! x<6&! V'8($*.U[)86J6O! E4JJ6$8(6&#$*)?#$08(4$! 4%6&! ;'**($*O! %')! W6&)231'*94&86$! @4$! P$3'186$O!$63J6$!P$86&$68$#856&!96(86&3($!:($?1#))!'#?!%(6!F$4&%$#$*!#$%!F#??($%<'&06(8! %6&! P$?4&J'8(4$6$! @*1,! F1<[O! +--jo! B}V6(1[O! +--S],! C(6)6&! >&456))! %6&! )61<)8)8Y$%(*6$! E'86*4&()(6&#$*!#$%!B&%$#$*!@4$!P$3'186$!%#&23!7#856&!9(&%!'1)!H"410)4$4J[K!<656(23. $68!E$'AA6!l!E&'201'#6&O!+--hO!U,!+-],!C(6!P$3'186O!%(6!%#&23!V'8($*!#$%!E4JJ6$8'&6! <6)4$%6&)!*#8!<696&868!4%6&!4?8!@6&1($08!96&%6$O!6&&6(236$!6($6!3436!>4A#1'&(8Y8,!U49431! %(6!v#'1(8Y8!'1)!'#23!V616@'$5!%6&!/6<!+,-.F$*6<486!96&%6$!)4J(8!%#&23!%')!>&($5(A!%6)!
  • 43. ! PW,!/6<!+,-! 36 768596&06??6086)!<6%($*8L!Q6!J63&!a)6&!)(23!'$!6($6&!U6(86!<686(1(*6$!#$%!0411'<4&'8(@!'$! %6&!X6$6&(6&#$*!@4$!P$3'186$!86(1$63J6$O!%6)84!*&Z`6&!()8!%6&!7#856$!?=&!%6$!:($561$6$! #$%!)4J(8!3Z36&!%6&!F$&6(5O!%(6!U6(86!5#!$#856$!@*1,!F1<[O!+--j],! ! W(616! a$86&$63J6$! A&4?(8(6&6$! <6&6(8)! @4$! %6&! 7#85#$*! 0411608(@6&! P$8611(*6$5,! I(8! %6J! >&($5(A!%6)!M&49%)4#&2($*!9(&%!%(6!F#)1'*6&#$*!%6&!;Y8(*06(86$!6($6)!a$86&$63J6$)!'$! 6($6! I'))6! @4$! ?&6(9(11(*6$! H@(&8#6116$! I(8'&<6(86&$K! <6)23&(6<6$! @*1,! E$'AA6! l! E&'20. 1'#6&O!+--jO!U,!+f!?,],!U4!@6&%'$08!%')!D68&(6<))[)86J!c($#b!)6($6$!:&?41*!%6&!0411608(@6$! P$8611(*6$5! )6($6&! 7#856&L! HE6($! a$86&$63J6$! @6&?=*8! =<6&! ^6$6)! >486$5('1O! %')! '#)! %6&! ?&6(9(11(*6$!E44A6&'8(4$!@4$!6($(*6$!3#$%6&88'#)6$%!U4?89'&66$89(2016&$!=<6&!%')!P$86&. $68!m,,,n!6$8)8'$%6$!()8K!:(*$6&O!c6(8$6&O!7'#)$6&!l!U23$6(%6&O!+--fO!U,!RS],!! ! f,!7#85#$*!@4$!/6<!+,-!($!C6#8)231'$%!! C(6!7#85#$*!%6&!/6<!+,-.F$*6<486!@6&56(23$68!J4J6$8'$!3436!N#9Y23)6,!C'?=&!)A&(238! %')!:&*6<$()!%6&!'08#6116$!U8#%(6!%6)!I'&08?4&)23#$*)($)8(8#8)!7(61)6$!B$1($6!+--T],!P$! C6#8)231'$%! ?($%68! %'$'23! %6&! *&Z`86! F$)8(6*! %6&! >6$68&'8(4$! @4$! HI6J<6&! M4JJ#$(. 8(6)K!U,!R]!)8'88O!%(6!%6$!G'#A886(1!%6&!/6<!+,-.C(6$)86!'#)J'236$!#$%!U42('1!76894&. 0($*!>1'88?4&J6$!)49(6!D14*)!#J?'))6$L!W4$!fT!>&456$8!%6&!B$1($6.7#856&!($!C656J<6&! +--j!'#?!SR!>&456$8!($!C656J<6&!+--h!6&*(<8!)(23!6($6!/'23)8#J)&'86!@4$!J63&!'1)!R+! >&456$8A#$086$!@*1,!F$3,!e],! ! "()23! #$%! X)236(%16! +--h]! $63J6$! (J! V'3J6$! %6&! FVC.NC"! B$1($6.U8#%(6! +--h! %(6! /6<! +,-.7#85#$*! ($! C6#8)231'$%! *6$'#6&! #$86&! %(6! c#A6! #$%! 04JJ6$! %'<6(! 5#J! ?41. *6$%6$! :&*6<$()L! B<9431! %(6! *6$6&6116! 7'23?&'*6! $'23! /6<! +,-.F$96$%#$*6$! )6(8! %6&! 168586$!:&36<#$*!*6)8(6*6$!()8O!<6)8636$!(JJ6&3($!%6#81(236!a$86&)23(6%6!<65=*1(23!%6&! 7#85#$*! 6($561$6&! F$*6<486,! N#! %6$! J6()8! *6$#8586$! #$%! <60'$$86)86$! F$96$%#$*6$! *63Z&6$! %(6! B$1($66$5[014AY%(6! /(0(A6%('O! U42('1! 76894&0)! 9(6! I[UA'26! #$%! U8#%(WN! )49(6! %')! W(%64A4&8'1! ~4#;#<6,! /(0(A6%('! #$%! W(%64A4&8'16! 96&%6$! @4$! J63&! '1)! %6&! GY1?86! %6&! B$1($6&! 5#J($%6)8! *616*6$81(23! *6$#858! #$%! "484A1'88?4&J6$! )49(6! A&(@'86! 768596&0A1'88?4&J6$! @4$! 689'! 6($6J! W(6&861,! C(6! c68586&6$! @6&56(23$6$! '#`6&%6J! %(6! 3Z23)86$! N#9'23)&'86$! #$86&! %6$! F$96$%#$*6$! #$%! <(1%6$! <6&6(8)! ?=&! R-! >&456$8! %6&! B$1($6&! H%6$! ?6)86$! D6)8'$%86(1! %6&! 8Y*1(236$! U#&?&4#8($6$K! 6<%,O! U,fgR],! C(6! %#&23. )23$(881(236! W6&96(1%'#6&! %6&! ?=3&6$%6$! U42('1! 76894&0($*! U(86)O! 945#! /6&.E6$$8./6$O! "'26<440!#$%!)8#%(WN!*63Z&6$O!1(6*8!<6(!=<6&!R--!I($#86$!@*1,!U23J(%8O!+--T],!! ! C'&=<6&! 3($'#)! 96&%6$! %6#81(236! %6J4*&'A3()236! a$86&)23(6%6! <6(! %6&! /6<! +,-. 7#85#$*!6&J(88618!@*1,!F<<,!h],!U4!5Y316$!;66$'*6&!5#!%6$!'08(@)86$!/6<!+,-.a)6&$!#$%!
  • 44. ! PW,!/6<!+,-! 37 56(*6$!J(8!F#)$'3J6!%6&!<6&#?1(236$!768596&0A1'88?4&J6$!=<6&'11!%(6!3Z23)86$!7#856&. '$86(16!@*1,!"()23!l!X)236(%16O!+--h],!C423!9Y3&6$%!?&=36&!%')!$6#6!/6<!'1)!C4JY$6! %6&!Q#*6$%1(236$!*'18O!?($%6$!)(23!$#$!/6<!+,-.7#856&!_#6&!=<6&!'116!F186&)*&#AA6$!3($. 96*,!c'#8!%6&!_#'1(8'8(@6$!U8#%(6!H/6<!+,-!#$%!%(6!X6$6&'8(4$!S-K!'#)!%6J!Q'3&!+--j! )636$! )(23! %(6! x<6&.S-.^Y3&(*6$! %6$! $6#6$! :$89(201#$*6$! (J! /6<! '#?*6)2314))6$! *6. *6$=<6&O!H)41'$*6!)(6!($!(3&6$!F#*6$!6($6$!U($$!6&*6<6$K!@*1,!G'JJ6&'$O!+--jO!U,!e],! U4! 9(&%! %6&! /(0(A6%('! 689')! X6J6($$=85(*6)! 5#*6)23&(6<6$O! %6J! )(23! %(6! Y186&6$! B$. 1($6$#856&!$(238!@6&)231(6`6$!JZ2386$,! F<<(1%#$*!TL!/6<!+,-!.!7#85#$*!$'23!X6)2316238!#$%!F186&! v#6116L!FVCyNC"!B$1($6.U8#%(6!+--hO!"()23!l!X)236(%16O!+--hO!U,!fST! ! P$!U'236$!'08(@6&!7#85#$*!%6)!$6#6$!/6<)!)236($8!'116&%($*)!($!C6#8)231'$%!$423!06($! 6$8)236(%6$%6&!aJ%6$0A&456))!)8'88*6?#$%6$!5#!3'<6$!@*1,!"()23!l!X)236(%16O!+--h],! U4!<6)#236$!SR!>&456$8!%6&!P$86&$68$#856&!W(%64A4&8'16O!%6&6$!P$3'186!@4$!0$'AA!f!>&4. 56$8!%6&!B$1($6&!6&)86118!96&%6$,!c6%(*1(23!^6%6&!%&(886!P$86&$68$#856&!3'8!P$86&6))6!%'&'$O! 6(*6$6!P$3'186!(J!7685!<6&6(8!5#!)86116$!6<%,],! ! C')!I'&08?4&)23#$*)($)8(8#8!"4&&6)86&!V6)6'&23!#$86&)#2386!($!)6($6&!($86&$'8(4$'1!'$*6. 16*86$! U8#%(6! %')! U45('1@6&3'186$! %6&! /6<! +,-.7#856&! #$%! 6&)861186! '#?! %6&! X&#$%1'*6! )6($6&! :&36<#$*! %')! HU42('1! ;623$4*&'A3(2)! >&4?(16KO! 94$'23! P$86&$68$#856&! ($! )623)! E'86*4&(6$!6($*686(18!96&%6$!@*1,!c(O!+--j],!F$!6($6J!:$%6!)8638!%6&!U23ZA?6&O!'J!'$%6. &6$!%6&!P$'08(@6,!C(6!:&J(881#$*!6($6)!>&4?(1)!?=&!%(6!%6#8)236!B$1($6.X&#$%*6)'J836(8!'#?! %6&! X&#$%1'*6! %6&! &6A&Y)6$8'8(@6$! C'86$! '#)! %6J! Q'3&! +--h! ?=3&8! 5#! 6($6J! :&*6<$()O! %')!@(616!X6J6($)'J06(86$!J(8!%6$!V6)#18'86$!%6&!FVCyNC"!B$1($6.U8#%(6!'#?96()8!@*1,! F$3,!S],!U4!*63Z&6$!($!C6#8)231'$%!SR!>&456$8!%6&!B$1($6&!5#!P$'08(@6$!#$%!$#&!RR!>&4. 56$8!'*(6&6$!'1)!>&4%#56$86$!@4$!$#856&*6$6&(6&86$!P$3'186$,!C(6!*&Z`86$!E'86*4&(6$!%6&! F08(@6$! <(1%6$! HUA628'84&)KO! %(6! %')! 04$)#J(6&6$O! 9')! '$%6&6! A#<1(5(6&6$O! )49(6! HQ4(. $6&)KO! %(6! ($! )45('16$! 768596&06$! '08(@! )($%,! /6$$! %(6! >'&8(5(A'8(4$)16(86&! ($! F186&))6*. J6$86!*64&%$68!9(&%O!@6&)23(6<6$!)(23!%(6!/6&86,!U4!)($%!($!%6&!F186&)*&#AA6!%6&!Rh.+e.
  • 45. ! PW,!/6<!+,-! 38 QY3&(*6$!J63&!'1)!596(!C&(8861!%6&!P$86&$68$#856&!'08(@O!^6%6&!"=$?86!()8!%'<6(!6($!HM&6'84&K! #$%!^6%6&!C&(886!6($!768596&06&,!D6(!%6$!Y186&6$!X&#AA6$!()8!%(6!F$5'31!%6&!P$'08(@6$!%'. *6*6$!@(61!3Z36&,!! ! ;&485! %6&! 3686&4*6$6$! 7#85#$*! @4$! /6<! +,-.<')(6&86$! F$*6<486$! ()8! %6&! X6)'J86&?41*! %6)!I(8J'23$6856)!$(238!5#!=<6&)636$,!:($6!V6(36!@4$!;W.U6$%6&$!?=&23868!<6&6(8)!%(6! E4$0#&&6$5! @4$! ~4#;#<6! J(8! )6($6&! J(11(4$6$)8'&06$! 7#856&)23'?8! #$%! %6J! a$86&3'1. 8#$*)96&8O!%6&!6($)231Y*(*6!;W.>&4*&'JJ6!96(8'#)!=<6&)86(*8!@*1,!E(1('$O!G'))!l!/'1)3O! +--h],! PJ! G($<1(20! '#?! F056A8'$5! #$%! W6&<&6(8#$*! %6&! %(*(8'16$! 768596&0J6%(6$! )49(6! %(6! )(23! <6&6(8)! '<56(23$6$%6! G'<(8#'1()(6&#$*! (3&6&! V656A8(4$! )86118! %')! /6<! +,-! 6($! $'233'18(*6)!>3Y$4J6$!@4$!6$8)A&6236$%!3436&!V616@'$5!?=&!'116!c6<6$)<6&6(236!%'&,!! e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e,R,!M4$)#J6&!:JA496&J6$8! H/6<!+,-!()8!6($!U[$4$[J!?=&!6($6!@6&Y$%6&86!>6&)A608(@6L!7(238!%')!a$86&$63J6$!6$8. )236(%68!=<6&!%(6!E4JJ#$(0'8(4$!#$%!%')!/'&6$'$*6<48O!)4$%6&$!%6&!E4$)#J6$8,!N#J! 6&)86$!I'1!9(&%!%6&!E#$%6!9(&01(23!EZ$(*K!@*1,!U8&(6*1!5(8,!($!E$'AA6!l!E&'201'#6&O!+--hO! U,!h],!I(8!%(6)6&!F#))'*6!*&6(?8!U8&(6*1!%(6!%#&23!%(*(8'16!768596&0J6%(6$!'$*6&6*86!#$%! *6?Z&%6&86!*&#$%16*6$%6!W6&)23(6<#$*!%6&!I'23@6&3Y18$())6!5#*#$)86$!%6&!E4$)#J6$. 86$! '#?O! 961236! %(6! a$86&$63J6$)<6&'8#$*! F,;,! E6&$6[! J(8! %6$! D6*&(??6$! M#)84J6&! :$6&*[!4%6&!M4$)#J6&!:JA496&J6$8!6&?'))8!@*1,!"'<61O!U4$$6$)236($O!U6)86&!l!X416). 8'$O!+--h],!C(6!$'233'18(*6!M#)84J6&!:$6&*[!6$8?'1868!(3&6!U231'*0&'?8!($!@(&8#6116$!)45('. 16$!768596&06$L!HG6#86!#$%!($!%6&!N#0#$?8!96&%6$!%(6!U8(JJ6$!^6%6)!:($561$6$!JY238(. *6&!#$%!)6($6!P$86&6))6$!9(238(*6&K!E$'AA6!l!E&'201'#6&O!+--jO!U,!Sj],!! ! /(6! )(23! '116! :8'AA6$! %6)! E'#?6$8)236(%#$*)A&456))6)! @4J! P$?4&J'8(4$).! <()! 3($! 5#J! 7'230'#?A&456))!8&'$)?4&J(6&6$!1'))6$O!56(*6$!E$'AA6!#$%!E&'201'#6&!+--j]!($!(3&6J!
  • 46. ! PW,!/6<!+,-! 39 D#23! HW6&0'#?)23'$26! /6<! +,-K,! /Y3&6$%! ?&=36&! %(6! ($%(@(%#6116! /'3&$63J#$*! )49(6! J6%('16!D66($?1#))#$*!%(6!E'#?6$8)236(%#$*!<6)8(JJ86$O!*69($$6$!36#85#8'*6!@(&8#6116! )45('16! 768596&06! 04$)6_#6$8! '$! D6%6#8#$*,! :($6! &6A&Y)6$8'8(@6! X6J6($)23'?8))8#%(6! @4$! G489(&6! #$%! PA)4)! +--g]! %6J4$)8&(6&8O! %'))! ;6)8<6&(2386! '$%6&6&! EY#?6&! ($! D14*)! #$%! "4&6$! <6))6&! '<)23$6(%6$O! '1)! ;W./6&<6)A48)! #$%! @4$! a$86&$63J6$! *61(6?6&86! P$. ?4&J'8(4$6$,!U4!3'<6$!<6&6(8)!f-!>&456$8!%6&!%6#8)236$!P$86&$68$#856&!'#?!6($6$!E'#?! @6&5(23868O!$'23%6J!)(6!$6*'8(@6!E4JJ6$8'&6!(J!P$86&$68!*616)6$!3'<6$,!! ! C')!>'&'%6<6()A(61!%'?=&O!9(6!6($!6($5(*6&!#$5#?&(6%6$6&!E#$%6!%6$!9(&8)23'?81(236$!:&. ?41*! 6($6)! >&4%#08)! &#($(6&6$! 0'$$O!96$$! 6&! )6($! 768596&0! '08(@(6&8! #$%! )(23! '$! %(6! i?. ?6$81(2306(8!96$%68O!()8!%6&!"'11!%6)!aU."'3&&'%)231Z))6&36&)86116&)!E&[A84$(86!@*1,!F1A'&! l! D1')2306O! +--ho! E$'AA6! l! E&'201'#6&O! +--j],! 7'23%6J! 6($! V'%?'3&6&! 6$8%62086O! %'))!)(23!)6($!E&[A84$(86!"'3&&'%)2314))!J(8!G(1?6!6($6)!U8(?86)!Z??$6$!1(6`O!#$%!'#?!)6($6! 7'23?&'*6!<6(J!a$86&$63J6$!06($6!V=20J61%#$*!6&3(618O!($?4&J(6&86!6&!%'&=<6&!'$%6&6! V'%?'3&6&!($!6($6J!D(06&."4&#J!#$%!@6&Z??6$81(2386!($!6($6J!D14*!6($!W(%64O!'#?!%6J!6&! )6($6$!*6*1=2086$!W6&)#23O!%')!U2314))!5#!Z??$6$O!A&Y)6$8(6&86!@*1,!F$3,!g],!F1)!0#&5!%'. &'#?! ?=3&6$%6! >&($8J6%(6$! %')! ;36J'! '#?*6*&(??6$! 3'<6$O! )8(6*! %(6! N'31! %6&! =<6&! ;623$4&'8(! &6*()8&(6&86$!c6)6&! %6&! <68&4??6$6$!D14*6($8&Y*6! '#?! 2',! ROh! I(11(4$6$,! HE&[A. 84$(86!9#&%6!_#')(!=<6&!7'238!5#J!X6)AZ88!%6)!76856)K!E$'AA6!l!E&'201'#6&O!+--jO!U,! hf],! C(6! ?($'$5(6116$! "41*6$! %6)! a$86&$63J6$)! 9'&6$! )2396&9(6*6$%! #$%! 3'<6$! %6$! E4$56&$!<()!5#!563$!I(11(4$6$!aU!C411'&!*604)868!@*1,!F1A'&!l!D1')2306O!+--h],! ! P$! D65#*! '#?! %(6! $6#6! E4$)#J6$86$*6$6&'8(4$! )A&6236$! c(! #$%! D6&$4??! +--h]! @4$! 6(. $6J!)45('16$!>3Y$4J6$O!%')!)(6!'1)!HX&4#$%)9611K!<656(23$6$L!H'!)42('1!8&6$%!($!93(23! A64A16! #)6! 8623$414*(6)! 84! *68! 836! 83($*)! 836[! $66%! ?&4J! 6'23! 4836&O! &'836&! 83'$! ?&4J! 8&'%(8(4$'1!($)8(8#8(4$)!'$%!24&A4&'8(4$)K!U,!T],!C(6!<6(%6$!U8&'86*(6<6&'86&!96()6$!%'&. '#?!3($O!%'))!)(23!a$86&$63J6$!@4&!%(6)6&!)45('16$!E&'?8!$(238!@6&Y$*)8(*6$!1'))6$!)41. 16$,! C6&! /'$%61! 6$89(20618! 6($6! 6&36<1(236! U231'*0&'?8O! %(6O! 96$$! &(238(*! 6($*6)6858O! 6(. $6$! *&4`6$! 7#856$! ?=&! %(6! /6(86&6$89(201#$*! %6)! a$86&$63J6$)! )23'??8,! :$8)236(%6$%! %'<6(! ()8O! %6$! X&4#$%)9611! 5#! @6&)8636$! #$%! )(23! '#?! %(6! $6#6! :&9'&8#$*)3'18#$*! %6)! 6J'$5(A(6&86$!E4$)#J6$86$!6($5#1'))6$,!! ! /6(86&3($!#$86&)8&6(238!I6'%49).E1#6!+--h]O!%'))!%(6!/6<!+,-.k&'!$6#6!IZ*1(2306(86$! ?=&!%')!V61'8(4$)3(A!I'&068($*!)23'??8!#$%!6)!5#*16(23!36&'#?4&%6&8L!K/36$!<&'$%)!8'10! '<4#8! &61'8(4$)3(A)! ($! J'&068($*O! '$%! )6'&23($*! ?4&! 836! t14@6r! 836[! 9'$8! 2#)84J6&)! 84! )3'&6O!J4)8!%4!83()!83&4#*3!836!16$)!4?!'!&61'8(4$)3(A!<68966$!A'&6$8!'$%!($?'$8,!D#8!$49! 4#&!($?'$8!3')!*&49$!#AO!836!#$24$%(8(4$'1!<61(6?!836[!4$26!361%!3')!6@'A4&'86%!mun!836[! 3'@6!836!24$?(%6$26!84!_#6)8(4$O!'$%!0$49!836[!2'$!')0!836(&!?&(6$%)p!U,!+S-],!!
  • 47. ! PW,!/6<!+,-! 40 e,+,!C4$4&!:JA496&J6$8! C(6!6&36<1(236$!aJ9Y15#$*6$O!%(6!)(23!J4J6$8'$!(J!>&4?(8<6&6(23!'$<'3$6$O!)($%!'#23! (J! 74$A&4?(8.D6&6(23! @4$! D6%6#8#$*,! UA6$%6&! )($%! A'))(@O! 96$$! (3&6! IZ*1(2306(86$! '$! %(6! X&6$56$! %6&! ?6)8*6?=*86$! B&*'$()'8(4$))8&#08#&6$! )84`6$,! C423! %(6! >'&8(5(A'8(4$).O! P$86&'08(4$).!#$%!W6&$685#$*)JZ*1(2306(86$!%6)!$6#6$!/6<)!)236($6$!%(6!I'238@6&3Y18. $())6! ($! %6&! UA6$%6&A&'b()! Y$%6&$! 5#! 0Z$$6$,! HP$! '! 24$$6286%! 94&1%O! A496&! ()! %6?($6%! 6$8(&61[!%(??6&6$81[,!P8!24J6)!%(&6281[!?&4J!'$!4&*'$(5'8(4$w)!)#AA4&86&)o!836!J4&6!$#J6&. 4#)!'$%!J4&6!%(??#)6!836[!'&6O!836!J4&6!A496&!836[!*6$6&'86p!"($6O!+--jO!U,!he],!! ! /6<!+,-.;623$414*(6$!0Z$$6$!^6%6J!6$*'*(6&86$!P$86&$68$#856&!6($6!U8(JJ6!*6<6$!#$%! (3$! 5#J! D48)23'?86&! 6($6)! *6J6($$=85(*6$! >&4^608)! J'236$,! /(6! %')! >66&.84.>66&. "#$%&'()($*! (J! P$86&$68! A&'08(5(6&8! 9(&%! #$%! 7#856&! 5#! )4! *6$'$$86$! I(2&4."#$%&'()6&$! 96&%6$!@*1,!E'$86&O!+--T]O!56(*8!B16!U6(%6$<6&*O!%6&!6($6!A&(@'86!U'JJ61'08(4$!?=&!6(. $6$!B<%'2314)6$!$'J6$)!a96!J(83(1?6!%(*(8'16&!768596&0J6%(6$!6(*6$)8Y$%(*!'<9(20618! @*1,!U42('1D14**6&O!+--T],!U6(8!Q'$#'&!+--T!9(&<8!%6&!6$*'*(6&86!P$86&$68$#856&!'#?!)6(. $6$! >&4?(16$! ($! )45('16$! 768596&06$! 9(6! "'26<440O! ;9(886&! #$%! Ä($*! #J! X61%6&O! U'23. )A6$%6$!#$%!a$86&)8=856&O!#J!%6J!B<%'2314)6$!5#!361?6$O!)6($6$!;&'#J!6($6)!7'2382'. ?{)!?=&!'$%6&6!B<%'2314)6!5#!@6&9(&01(236$,!P$!)6($6J!D14*!@6&Z??6$81(238!U6(%6$<6&*!%6$! W6&1'#?! %6&! UA6$%6$'08(4$! #$%! %40#J6$8(6&8! )6($6! E4JJ#$(0'8(4$! J(8! a96! ($! )61<)8! *6%&6386$!W(%64)O!($!%6$6$!'#23!%6&!B<%'2314)6!)61<)8!5#!/4&8!04JJ8!@*1,!F$3,!j],!D(). 36&!6&&6(2386!%')!>&4^608!$(238!$#&!(J!P$86&$68!6($6!*&4`6)!>#<1(0#J,!F#23!'#`6&3'1<!%6&! D14*4)A3Y&6!)4&*86!%(6!HF08(4$!a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
  • 48. ! W,!"#$%&'()($*!+,-! 41 W, "a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`8! %(6! 36&0ZJJ1(236! '#?! V6236$. )23'?8)'<16*#$*! '#)*6&(238686! "Z&%6&6&.E4JJ#$(0'8(4$! '$! (3&6! X&6$56$,! 7#$! *(18! 5#! '$'1[)(6&6$O! 961236$! D6(8&'*! 5#&! D696&0)8611(*#$*! %6&! A&4'08(@6$! #$%! A6&)4$'1()(6&86$! P$?4&J'8(4$)A41(8(0!/6<!+,-.<')(6&86!;623$414*(6$!16()86$!0Z$$6$,!! ! 7'23!D#&$688!RTT+]!()8!%6&!E6&$!%6)!"#$%&'()($*)!H"&(6$%&'()($*K!z!'#)!UA6$%6&$!)4116$! "&6#$%6!%6&!B&*'$()'8(4$!96&%6$,!C(6!"&'*6!()8!'116&%($*)O!4<!I6$)236$!"&6#$%)23'?8!5#! 6($6&! 7>B! 6$89(2061$! 0Z$$6$O! %(6! )(6! J(8! C'86$! #$%! "'086$! 4%6&! 8&4206$6$! ;6b86$! ($! "4&J! 6($6&! >&6))6J(886(1#$*! =<6&3Y#?8O! %6$$! UA6$%6&! 94116$! '#23! c6<6$)*6)23(2386$! 3Z&6$!@*1,!D#&$688O!RTT+],!G6&<)8!+--S]O!%6&!)(23!J(8!%6&!D6%6#8#$*!%6)!U84&[8611($*)!($! #$86&$63J6&()236&! >&'b()! '#)6($'$%6&)6858O! 6&01Y&8! )6($6! V616@'$5! $(238! $#&! %#&23! %(6! 6J48(4$'1()(6&6$%6! /(&0#$*! #$%! <6))6&6! :($A&Y*)'J06(8! %6&! X6)23(2386$L! C#&23! %')! U84&[8611($*!0'$$!'#`6&%6J!6($!01'&6)O!'#836$8()236)!W4&)8611#$*)<(1%!@4$!%6&!B&*'$()'. 8(4$!#$%!(3&6$!c6()8#$*6$!'#?*6<'#8!#$%!%(6)6)!D(1%!1'$*?&()8(*!#$%!)[)86J'8()23!6$89(. 20618! 96&%6$,! /6(86&3($! #$86&)8&6(238! X&(??(83! +--j]L! HM3'&(8(6)! 3'@6! '19'[)! #)6%! t)84. &(6)r!4&!2')6!)8#%(6)!84!<&($*!84!1(?6!836!(JA'28!4?!836(&!94&0O!<#8!($!836!A')8!836)6!3'@6! 4?86$!<66$!A'))(@6O!'$%!J'($8'($6%!'!%()8'$26!<68966$!%4$4&)!'$%!&62(A(6$8)p!U,!+f],! C(6! '#?! $#856&*6$6&(6&86$! P$3'186$! <')(6&86$! /6<! +,-.F$96$%#$*6$! 0Z$$6$! %'<6(! 361. ?6$O!%(6)6!c=206!5#!)231(6`6$O!($%6J!@6&)23(6%6$6!U8'06341%6&!%6&!B&*'$()'8(4$O!)6(!6)! I(8'&<6(86&O! W414$8Y&6! 4%6&! "Z&%6&6&O! %(6! IZ*1(2306(8! <604JJ6$O! )61<)8! =<6&! %')! F$1(6. *6$!#$%!%(6!F&<6(8!%6&!^696(1(*6$!B&*'$()'8(4$!5#!<6&(2386$,!! ! /6<14*)O!'1)4!&6*61JY`(*!'08#'1()(6&86!7'23&(2386$%(6$)86O!H%6))6$!P$?4&J'8(4$6$!mun!($! "4&J!6($6)!;'*6<#23)!4%6&!6($6)!Q4#&$'1)!A&Y)6$8(6&8!96&%6$K!E423!l!V(2386&O!+--jO!U,! +f]O!)86116$!%'<6(!6($6!4A8(J'16!>1'88?4&J!?=&!U84&[8611($*!%'&,!PJ!X6*6$)'85!5#!)8'8()236$!
  •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g<],! /6(86&3($!)($%!D14*)!(J!W6&*16(23!5#!01'))()236$!/6<)6(86$!04)86$*=$)8(*6&!5#!6&)86116$O! 6&?4&%6&$!06($6!8623$()236$!W4&06$$8$())6!?=&!%6$!F#?<'#!#$%!%(6!/'&8#$*!)49(6!@6&?=. *6$!'#`6&%6J!=<6&!6($!3436)!I'`!'$!W6&$685#$*)JZ*1(2306(86$O!94%#&23!)(6!($!U#23. J')23($6$!<6))6&!'#??($%<'&!)($%!@*1,!U23J(%8O!+--g<],!! ! W(616! a$86&$63J6$! 6$8%6206$! D14*)! '1)! 6($6! 6??608(@6! I'`$'3J6! #J! %6&! B&*'$()'8(4$! %#&23!U84&[8611($*!6($!%(??6&6$5(6&86)!#$%!'#836$8()236&6)!HX6)(238K!5#!*6<6$!)49(6!%6$! E#$%6$!6($6$!D1(20!3($86&!%(6!E#1())6$!5#!6&JZ*1(236$!@*1,!:20O!+--jo!E423!l!V(2386&O! +--j],! C6&! W4&&6(86&! #$86&! M4&A4&'86! D14*)! ()8! %')! D14*! %6)! ;(6?0=3136&)86116&)! "&4)8'! @*1,! E$'AA6! l! E&'201'#6&O! +--h],! P$! 6($6J! /6<8'*6<#23e! <6&(2386$! I(8'&<6(86&! '#)! @6&)23(6%6$6$! F<86(1#$*6$! =<6&! %(6! I'&06! "&4)8'! )49(6! '08#6116! ;36J6$! '#)! %6J! D6. &6(23! :&$Y3&#$*! #$%! 6&5Y316$! A6&)Z$1(236! X6)23(2386$! '#)! %6J! F&<6(8)'118'*O! 9(6! )(6! <6()A(61)96()6! 5#)'JJ6$! I(88'*6))6$! 5#<6&6(86$! 4%6&! 9(6! /6&<6?(1J6! *6%&638! 96&%6$! @*1,!F$3,!h],!C(6!I'236&!%6&!>1'88?4&J!)(236&$!5#O!%'))!'116!D14*6($8&Y*6!#$56$)(6&8!#$%! #$*6?(186&8!@6&Z??6$81(238!96&%6$L!HC(6!D6(8&Y*6!96&%6$!96%6&!@4$!F*6$8#&6$!@4&?4&J#1(6&8! $423!@4&*6)231'*6$,!C6$$!9(&!JZ2386$!P3$6$!6($6$!Y3$1(23!%(&6086$!:($%&#20!@4$!#$)6. &6&!>3(14)4A3(6!@6&J(8861$O!'1)!96$$!U(6!#$)!*6*6$=<6&!)Y`6$K!"&4)8'!D14*O!4,Q,O!qR],!F#)! %6$! E4JJ6$8'&6$! %6&! D14*16)6&! 9(&%! 6&)(2381(23O! %'))! )(6! )(23! ($! %')! ;'*6)*6)23636$! %6)!a$86&$63J6$)!6($*6<#$%6$!?=316$!#$%!%(6!I'&06!%#&23!%(6)6!A6&)Z$1(236!>&Y)6$8'. 8(4$!'1)!*&6(?<'&!#$%!*1'#<9=&%(*!6JA?($%6$,! ! W4$! %6&! W6&J6$)231(23#$*! )49(6! U23'??#$*! 6($6)! %#&231Y))(*6$! a$86&$63J6$)'#?8&(88)! 0Z$$6$! '#23! 7>B)! A&4?(8(6&6$,! /(6! %')! ?#$08(4$(6&6$! 0'$$O! 56(*8! %(6! aU.'J6&(0'$()236! 7>B!c4@6!/(834#8!D4#$%'&(6)O!%(6!/'()6$0($%6&!($!M3($'!J(8!X6)#$%36(8).O!D(1%#$*)A&4. *&'JJ6$! )49(6! >?16*6#$86&<&($*#$*! #$86&)8=858,! P3&! Hc/DD14*KS! 9(&%! @4$! >&4*&'JJ04. 4&%($'84&6$!#$%!W414$8Y&6$!<68&(6<6$O!%(6!%(&608!@4&!B&8!J(8!E($%6&$!'&<6(86$O!#$%!56(*8! '#?!6($6!)63&!@()#6116!#$%!A6&)Z$1(236!F&8!#$%!/6()6!>&4^6086!)49(6!:&?41*6!#$%!D61'$*6! %6&!B&*'$()'8(4$,!H/4$%6&?#1!'$%!84#23($*!)84&(6)!'<4#8!836!0(%)!96!'&6!361A($*!($!6'23! 4?!4#&!A&4*&'J),!F!%(??6&6$26!()!<6($*!J'%6!($!6'23!4?!836(&!1(@6)!'$%!(8!()!)4!'J'5($*!84! 9'823pO!)4!9(&%!%6&!D14*!@4$!%6&!B&*'$()'8(4$!)61<)8!A&Y)6$8(6&8!c/D!D14*)O!4,Q,O!qR],!P$! e!999,?&4)8'<14*,%6! S!999,19<<14*,%6!
  •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j.^Y3&(*6!;(J!6($6!N#)'*6!?=&!%(6!F#)<(1%#$*!5#J!N'3$8623$(06&!<604JJ8,!F#. `6&%6J! *(<8! 6)! 6($6! 6(*6$)8Y$%(*6! V#<&(0! J(8! C'$0)'*#$*6$! '$! %(6! a$86&)8=856&O! 9')! %6&!UA6$%6&4&(6$8(6&#$*!%6)!D14*)!$423!J63&!F#)%&#20!@6&16(38!@*1,!F$3,!T],! ! C')!Hc/DD14*K!()8!6($!*61#$*6$6)!D6()A(61!6($6)!I#18(.a)6&.D14*)O!<6(!%6J!J63&6&6!<6. *6()86&86! F#84&6$! D6(8&Y*6! @6&?'))6$O! 9')! 5#! 6($6&! D=$%61#$*! @4$! I6($#$*6$! #$%! F$. )(2386$! ?=3&8! #$%! 5#*16(23! 6($! @6&&($*6&86&! N6(8'#?9'$%! ?=&! 6($561$6! D14**6&! <6%6#868,! HU#%%6$1[uU#%'$Kg! )86118! 6($! U($*16.F#84&.D14*! %'&O! ($! %6J! %6&! 0'$'%()236! F&58! Q'J6)! I')0'1[0!)6($6$!:($)'85!?=&!%(6!7>B!k&586!43$6!X&6$56$!($!U#%'$!<6)23&6(<8,!/(6!%(6)6)! D14*!<6(!%6$!c6)6&$!'$04JJ8O!'&8(0#1(6&8!)(23!($!%6&!?41*6$%6$!V656$)(4$L!HP8r)!8&#1[!($)A(. &'8(4$'1!)8#??o!A'&8(2#1'&1[!<62'#)6!(8!24J6)!%(&6281[!?&4J!3(J!($!&6'1!8(J6O!$48!($!'!)'$(. 8()6%!_#'&86&1[!23'&(8[!$69)16886&,!G6!)3'&6)!3()!%4#<8)O!3()!?6'&)O!3()!34A6)!'$%!3()!8&(. #JA3)p!X&(??(83O!+--jO!U,!+f],!F#23!%(6)6)!D6()A(61!%6J4$)8&(6&8O!%'))!/6<14*.<')(6&86! D6&(2386!%6&!P$@41@(6&86$!6($6!$6#6!C(J6$)(4$!%6&!>6&)4$'1()(6&#$*!36&@4&<&($*6$,!! ! :($6! 96(86&6! F$96$%#$*O! %(6! 5#! 6($6&! '#836$8()236&6$! B$1($6.>&Y)6$8'8(4$! <6(8&'*6$! 0'$$O!()8!%')!>4%2')8($*O!%')!(J!X6*6$)'85!5#J!D14**($*!'#?!6($6&!'#%(4.@()#6116$!C'&. )8611#$*!<')(6&8!@*1,!E423!l!V(2386&O!+--j],!:20!+--j]!#$86&)8&6(238O!%'))!H%(6!U6$%6&. GZ&6&.D($%#$*!mun!<6(!*#8!A&4%#5(6&86$!>4%2')8)!)4!($86$)(@!9(6!<6(!06($6J!'$%6&6$!B$. 1($6.I6%(#JK!()8!U,!Rjf],!UBU!E($%6&%Z&?6&!5Y318!5#!%6$!6&)86$!%6#8)236$!G(1?)4&*'$()'. 8(4$6$O!%(6!6($6$!>4%2')8j!'#?!(3&6$!/6<)6(86$!($86*&(6&86$,!P$!&6*61JY`(*6$!N6(8'<)8Y$. %6$!96&%6$!3(6&!X6)23(2386$O!P$86&@(69)!#$%!7'23&(2386$!'#)!E($%6&%Z&?6&$!A&Y)6$8(6&8! #$%! %6$! /6<)6(86$<6)#236&$! '#?! 6($6! 6J48(4$'16! #$%! %[$'J()236! /6()6! *656(*8O! 9(6! %')!c6<6$!($!6($6J!UBU.E($%6&%4&?!'<1Y#?8!#$%!943($!%(6!UA6$%6$!?1(6`6$!@*1,!F$3,!R-],!! ! F$*6)(238)! %6&! @4&36&&)236$%6$! P$?4&J'8(4$)=<6&1'%#$*! )A(618! 96(86&3($! $(238! $#&! %(6! P$?4&J'8(4$)'#?<6&6(8#$*O! )4$%6&$! '#23! %(6! F&8! %6&! P$?4&J'8(4$)5#)8611#$*! 6($6! (JJ6&! 9(238(*6&6!V4116!?=&!%')!<65(63#$*)4&(6$8(6&86!"#$%&'()($*!6($6&!7>BO!%6&6$!F#?*'<6!%'&. ($!<6)8638O!K84!(%6$8(?[!836!23'$$61!J4)8!A&6?6&&6%!<[!'!m%4$4&n!'$%!'AA1[!83'8!23'$$61!'8! g!999,J)?,2'y<14*)yQ'J6)I! j!999,)4).0($%6&%46&?6&,%6yP$?4&J'8(4$6$yF08#6116)yF#%(4y>'*6)y%6?'#18,')Ab!
  • 51. ! W,!"#$%&'()($*!+,-! 44 836! 'AA&4A&('86! J4J6$8! ($! m3()n! &61'8(4$)3(A! 9(83! 836! 4&*'$()'8(4$p! c4@6! l! V6'&%4$O! +--SO!U,!Rgf],!P$!%(6)6J!N#)'JJ6$3'$*!1(6*8!%6&!W4&86(1!@4$!D14*)!#$%!>4%2')8)!%'&($O! %'))!%6&!"Z&%6&6&!(3&6!7#85#$*!)61<)8!<6)8(JJ6$!0'$$,!U4!0Z$$6$!D14*)!^6!$'23!>&Y?6. &6$5!%6&!D14*.c6)6&!#$86&)23(6%1(23!*6$#858!96&%6$L!H76<6$!%6J!%(&6086$!N#*&(??!'#?!6($6! /6<)(86! *(<8! 6)! '#23! $423! %(6! IZ*1(2306(8O! %6$! D14*! '1)! VUU."66%! 5#! 16)6$O! (3$! '1)! :. I'(1.769)16886&!5#!<65(636$!4%6&!'#?!6($6&!F**&6*'8(4$)A1'88?4&J!'<5#&#?6$K!:20O!+--jO! U,!je],!PJ!"'116!%6)!>4%2')8($*)!0Z$$6$!6($561$6!D6(8&Y*6!'#)!%6J!P$86&$68!36&#$86&*6. 1'%6$!#$%!)AY86&!'#23!#$86&96*)!J(8861)!I>f.>1'[6&!'<*63Z&8!96&%6$,!/Y3&6$%!01'))(. )236!769)16886&)!$(238!)6186$!'1)!UA'J!'#))4&8(6&8!#$%!@4$!7#856&$!'1)!)8Z&6$%!6JA?#$. %6$! 96&%6$O! ?#$08(4$(6&6$! VUU! $'23! %6J! >#11.W6&?'3&6$! #$%! 6&JZ*1(236$! )4J(8! 6($6! 6??(5(6$86&6!c6)6&./6<)6(86.D($%#$*!@*1,!E423!l!V(2386&O!+--j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c(?6hO! %(6! "#$%&'()($*.:@6$8)! ?=&! %(6! E&6<).U8(?8#$*!M'$26&!V6)6'&23!aE!4&*'$()(6&8O!)86118!(3&6$!"Z&%6&6&$!#$%!U[JA'83()'$. 86$!@(6&!IZ*1(2306(86$!5#&!W6&?=*#$*O!=<6&!)45('16!768596&06!'J!c'#?6$%6$!*63'186$!5#! 96&%6$L!HQ4($!4#&!"'26<440!*&4#AKO!H<624J6!'!?'$!4$!"'26<440KO!H'%%!V'26!?4&!c(?6!')!'! I[UA'26!?&(6$%K!4%6&!H?41149!V'26!?4&!c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h!999,&'26?4&1(?6,4&*!
  •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a$86&$63J6$O!94&'#?!%(6!E#$%6$!<6(!>&4%#086$!'2386$O!961236! >&4<16J6!<6(!(3$6$!'#?8&686$!)49(6!9')!)(6!'$!%6&!I'&06!<6)4$%6&)!)23Y856$O!#$%!0'$$! %(6)6$!:&06$$8$()*69($$!($!%(6!96(86&6!>&4%#086$89(201#$*!)49(6!5#0=$?8(*6!I'&068($*. J'`$'3J6$!($86*&(6&6$!@*1,!G#<6&O!+--ho!E&'201'#6&!l!E$'AA6O!+--h],!! ! X6$'#)4! 9(6! a$86&$63J6$! 0Z$$6$! '#23! 7>B)! %#&23! %6$! :($)'85! @4$! ?66%<'20?Y3(*6$! D14*)! %(6!IZ*1(2306(8! 6&1'$*6$O!43$6! 59()236$*6)23'18686!I6%(6$! J(8!(3&6$! F$)A&#23). *&#AA6$! 5#! 04JJ#$(5(6&6$O! #$%! %'%#&23! %(6! E1#?8! 59()236$! %6$! E4JJ#$(0'8(4$)A'&8. $6&$!@6&&($*6&$!@*1,!U23J(%8O!+--g<],!/6$$!6($6!7>B!(3&6!D14*16)6&!5#J!E4JJ6$8(6&6$! '#??4&%6&8O!)4!)(*$'1()(6&8!)(6!(3&6J!X6*6$=<6&O!%'))!)6($!a&86(1!*6)23Y858!9(&%L!HC')!'1. 16($! )234$! )4&*8! ?=&! /43194116$! *6*6$=<6&! %6J! "&'*6$%6$K! G#<6&O! +--hO! U,! RRf],! U23J(%8!+--g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b()!%6)!M4&A4&'86!D14**($*!56(*8!'116&%($*)O!%'))!@(616!a$86&$63. J6$!($86$8(4$'1!'#?!6($6!E4JJ6$8'&?#$08(4$!@6&5(2386$O!96(1!)(6!F$*)8!@4&!#$1(6<)'J6$! k#`6&#$*6$!3'<6$!@*1,!:20O!+--j],!:20!+--j]!&Y8!a$86&$63J6$!^6%423!)8'&0!%'@4$!'<O! %(6)6)! 9(238(*6! P$)8&#J6$8! %6&! C('14*04JJ#$(0'8(4$! J(8! E#$%6$! 5#! @6&$'231Y))(*6$,! HU231(6`1(23!0'$$!(J!/4&1%!/(%6!/6<!^6%6&56(8!'$!'$%6&6&!U86116!76*'8(@6)!@6&Z??6$81(238! 96&%6$O!43$6!%'))!U(6!%(&608!%'&'#?!6($9(&06$!0Z$$6$K!6<%,O!U,!R-g!?,],!F#23!($!D65#*! '#?!7>B)!)41186!)41236!E4JJ6$8(6&#$*!636&!'1)!M3'$26!#$%!$(238!'1)!X6?'3&!'$*6)636$!
  • 53. ! W,!"#$%&'()($*!+,-! 46 96&%6$,!N#J!6($6$!)86116$!$6*'8(@6!V=20J61%#$*6$!6($6!F&8!"&=39'&$)[)86J!%'&O!=<6&! %')!7>B)!96&8@4116!G($96()6!'#?!6(*6$6!U239'23)86116$!<604JJ6$!0Z$$6$,!N#J!'$%6. &6$!0Z$$6$!%(6!B&*'$()'8(4$6$O!%(6!($%(@(%#611!'#?!D6)2396&%6$!(3&6&!UA6$%6&!6($*636$O! cZ)#$*)@4&)231Y*6!'$<(686$!)49(6!Z??6$81(23!U8611#$*!5#!(3&6$!"6316&$!$63J6$O!6($6!F8. J4)A3Y&6!%6&!B??6$36(8!#$%!;&'$)A'&6$5!)23'??6$,!! ! C(6! aU.'J6&(0'$()236! 7>B! c4@6! /(834#8! D4#$%'&(6)O! %(6! )234$! (J! @4&(*6$! E'A(861! :&. 9Y3$#$*!?'$%O!*638!'#23!3(6&!J(8!(3&6J!D6()A(61!@4&'$,!PJ!IY&5!+--T!&(238686!%(6!7>B! %')!D14*!Hc(?6!4?!X(@($*pT!@*1,!F$3,!R+]!J(8!%6J!01'&6$!N(61!6($O!%(6!E4JJ#$(0'8(4$!J(8! (3&6$!"Z&%6&6&$!@4&'$5#8&6(<6$L!HB#&!($86&'28(@6!<14*!)68!#A!?4&![4#!84!*(@6!#)![4#&!24J. J6$8)!'$%!?66%<'20,!/6!9(11!<6!%()2#))($*!())#6)!'&4#$%!&#$$($*!'!23'&(8[O!'%4A8(4$!'$%! A'&6$8($*O! ')! 9611! ')! )84&(6)! 83'8! ($)A(&6! #),! >16')6! ^4($! #)! '$%! 168! #)! 0$49! 93'8! [4#! 83($0p!c/D!D14*)O!4,Q,O!q+],!C')!D14*!6&?&6#8!)(23!6($6&!&6*6$!D686(1(*#$*!)6(86$)!%6&!"Z&. %6&6&! #$%! U[JA'83()'$86$! %6&! 7>BL! 7#&! %(6! 96$(*)86$! %6&! '116! 596(! <()! %&6(! ;'*6! 6&. )236($6$%6$!D14*6($8&Y*6$!<16(<6$!#$04JJ6$8(6&8!#$%!@(616!*6$6&(6&6$!J63&!'1)!59'$. 5(*! E4JJ6$8'&6,! /6(86&3($! )86118! %(6! 7>B! %6$! D14*.c6)6&$! J63&6&6! IZ*1(2306(86$! 5#&! W6&?=*#$*O! J(8! %6J! E4JJ6$8'&! 6($6$! c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aJ*6<#$*K! 5#5#3Z&6$! #$%! J(8! (3$6$! 5#! 04JJ#$(5(6&6$! @*1,!c(!l!D6&$4??O!+--h]O!%6$$!#$'<3Y$*(*!%'@4$O!9(6!)A65(?()23!6($!;36J'!4%6&!6($!>&4. %#08!()8O!?($%68!)(23!(J!P$86&$68!(JJ6&!6($6!7()236$*&#AA6O!%(6!)(23!%'?=&!($86&6))(6&8!#$%! %'&=<6&! )A&(238L! KB$! @(&8#'11[! '$[! ())#6! .! ?&4J! '$(J'1! &(*38)! '$%! 23(1%344%! 4<6)(8[O! 84! 21(J'86!23'$*6!'$%!*14<'1!%6@614AJ6$8!.!836&6!'&6!/6<!24JJ#$(8(6)O!?4&#J)!'$%!@(&8#'1! *'836&($*!A1'26)!936&6!1(@61[!%()2#))(4$)!A1'[!4#8!4$!'!%'(1[!<')()p!U8($6&O!+--hO!U,!T],! C6J5#?41*6! 6JA?(6318! %(6! 7>B.:bA6&8($! 7'$2[! U239'&85! +--T]L! Hc()86$! 84! 93'8w)! <6($*! )'(%!'$%!mun!^#JA!($!')!'AA&4A&('86K!qS],!aJ!&616@'$86!C()0#))(4$6$!(J!/6<!'#?5#)A=. &6$O!)8638!7>B)!(J!P$86&$68!6($6!*'$56!>'16886!'$!;441)!5#&!W6&?=*#$*,!PJ!V'3J6$!%6)!)4! *6$'$$86$! /6<J4$(84&($*)! 0Z$$6$! *6J6($9(&8)23'?81(236! B&*'$()'8(4$6$! J(83(1?6! @4$! /6<14*.U#23J')23($6$! 9(6! ;623$4&'8(! 4%6&! X44*16! D14*! U6'&23! *65(618! $'23! %6$! D14. *6($8&Y*6$!)#236$O!%(6!)(23!J(8!?=&!)(6!&616@'$86$!;36J6$!<6)23Y?8(*6$,!a$%!#J!%'&=<6&! T!999,1(?64?*(@($*,<14*)A48,24J!
  • 54. ! W,!"#$%&'()($*!+,-! 47 3($'#)!'#23!($!%6&!N#0#$?8!J(8!$6#6$!&616@'$86$!D6(8&Y*6$!@6&)4&*8!5#!96&%6$O!0Z$$6$! /6<'16&8.<')(6&86!C(6$)86!9(6!D14*1($6)!4%6&!X441*6!F16&8)!'<4$$(6&8!96&%6$,!/6(86&3($! 0Z$$6$! 7>B)! @4$! %6&! U#23?#$08(4$! %6)! I(2&4.D14**($*.C(6$)86)! ;9(886&! X6<&'#23! J'. 236$! @*1,! F$3,! Rf],! H/3'86@6&! [4#&! 2'#)6! ()O! [4#! 2'$! )6'&23! 4$! 84! )66! 934r)! 8'10($*! '<4#8! [4#&! 2'#)6,! U(JA1[! ?41149! 834)6! [4#! ?($%! ($86&6)8($*! '$%! ^4($! ($! 836! 24$@6&)'8(4$! 83'8r)!'1&6'%[!*4($*!4$p!>(8J'$O!+--h],! ! 7>B)!J=))6$!'<6&!$(238!%'&'#?!9'&86$O!<()!C()0#))(4$!=<6&!(3&!F$1(6*6$!(J!/6<!+,-!'$. *6)84`6$!96&%6$O!%6$$!)(6!0Z$$6$!)(23!'#23!'#?!6($6$!)61<)8!($(8((6&86$!C('14*!J(8!%6J! X&4#$%)9611!6($1'))6$,!C(6!D=3$6!?=&!)41236!E4$@6&)'8(4$6$!0Z$$6$!<6()A(61)96()6!$#8. 56&)8'&06!"(16.U3'&($*.>1'88?4&J6$!4??6&(6&6$,!/(6!6&?41*&6(23!%(6!D(1%6&.M4JJ#$(8[!"1(20&! 5#! %(6)6J! N9620! *6$#858! 96&%6$! 0'$$O! 56(*8! %(6! 7>B! M3(1%&6$! '8! V()0! "4#$%'8(4$O! %(6! +--j! %(6!F08(4$! HV6'23($*! ?4&!'! U8'&KR-! ($)! c6<6$! *6&#?6$!3'8O! %6&6$! :&1Z)! %6$!V()(04. 0($%6&$!($!D&')(1(6$!5#*#86!04JJ6$!)41186!@*1,!F$3,!Re],!C'!%(6!7>B!N#*'$*!5#J!$(238. '118Y*1(236$!D(1%J'86&('1!3'8O!)861186!)(6!5#!D6*($$!%6&!E'JA'*$6!"484)!'#?!%(6!>1'88?4&J! 6($O! %(6! %')! c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`6&3'1<!(3&6&!$4&J'. 16$!V6(2396(86!5#!6&&6(236$!#$%!=<6&!%(6!"484*&'?(6!6($6!96(86&6!*6J6($)'J6!D')()!J(8! (3$6$! 5#! )23'??6$,! PJ! :$%6??608! 1Z)86$! %(6! D(1%6&! 6($6! 3436! E4JJ#$(0'8(4$)%[$'J(0! '#)O!%(6!)(23!($!%6&!W(615'31!%6&!'<*6*6<6$6$!E4JJ6$8'&6!#$%!C()0#))(4$)<6(8&Y*6!Y#. `6&86,!B??6$)(2381(23!0'$$!%(6!7>B!$(238!^6%6)!I(8*1(6%!(3&6&!J4J6$8'$!J63&!'1)!+,g--. 0ZA?(*6$!"1(20&.X&#AA6!'1)!6($6$!1'$*?&()8(*6$!"Z&%6&6&!*69($$6$O!%423!)(6!0'$$!5#!J($. %6)86$)!J(8!(3&6$!A486$5(6116$!UA6$%6&$!'#?!F#*6$3Z36!($!(3&6&!H$'8=&1(236$K!aJ*6<#$*! 04JJ#$(5(6&6$!#$%!)(23!($!(3&6!/618!3($6($@6&)6856$,! ! C('14*?Z&%6&$%6!U8&#08#&6$!%6&!/6<!+,-.F$96$%#$*6$!0Z$$6$!6($6$!*&4`6$!D6(8&'*!5#J! E#18(@(6&#$*)A&456))!16()86$O!%6$$!K($86&'28(@(8[!3')!836!A486$8('1!84!6$*'*6!A64A16O!%&'9! 836J!%66A6&!'$%!%66A6&!($84![4#&!)84&[O!'$%!($%66%!*(@6!836J!'!?1'@4#&!4?!836!@6&[!6). )6$26! 4?! [4#&! 4&*'$()'8(4$p! D'06&O! +--SO! U,! R-j],! 76<6$! %6&! '#)! 6($6&! %(&6086$! #$%! #$*6?(186&86$! E4JJ#$(0'8(4$! &6)#18(6&86$! P$86$)(@(6&#$*6$! %6&! D65(63#$*6$! 5#! <6)86. 36$%6$!#$%!A486$5(6116$!"Z&%6&6&$!0Z$$6$!7>B)!%'%#&23!96(86&3($!@4$!(3&6J!D1'20<4b. R-!999,?1(20&,24Jy*&4#A)y3#JJ($*<(&%ÅbJ')Å+--gyA441!
  • 55. ! W,!"#$%&'()($*!+,-! 48 PJ'*6! '<04JJ6$! #$%! )(23! '1)! ($86*6&6! B&*'$()'8(4$6$! A&Y)6$8(6&6$O! %(6! E&(8(0?Y3(*06(8! <6)(856$!#$%!@4&!(3&6$!UA6$%6&$!$(238)!5#!@6&36(J1(236$!3'<6$,! ! R,f,!P$86*&'8(4$!($!%6$!c6()8#$*)6&)8611#$*)A&456))! C')!%&(886!F08(4$)?61%!%6)!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*)!z!P$86*&'8(4$!($!%6$!c6(). 8#$*)6&)8611#$*)A&456))! .! ?Y118! *6&'%6! (J! /6<!+,-.D6&6(23! '#?! ?&#238<'&6$! D4%6$O! %6$$! %#&23!%6$!:($)'85!@4$!U42('1!I6%('!9(&%!6($6!%(*(8'16!P$?&')8&#08#&!?=&!96(8&6(236$%6!>'&. 8(5(A'8(4$)JZ*1(2306(86$!%6&!5(@(1*6)611)23'?81(236$!F086#&6!*6)23'??6$,!C6&!6$8)236(%6$. %6! W4&86(1! )41236&! "Z&%6&6&($86*&'8(4$! 1(6*8! 1'#8! U8($6&! +--h]! @4&! '116J! %'&($O! %'))! %(6! X6$6&'8(4$! @4$! "'26<440! #$%! ~4#;#<6! *6&'%65#! A&Y%6)8($(6&8! %'?=&! ()8O! '1)! 6$*'*(6&86! W414$8Y&6! #$%! "=&)A&6236&! %6&! *6J6($9(&8)23'?81(23! 8Y8(*6$! B&*'$()'8(4$6$! 5#! '*(6&6$L! H;36[!9'$8!84!<6!($@41@6%O!836[!9'$8!84!@41#$866&O!6(836&!3'$%).4$!4&!@(&8#'11[!mun!'11!93(16! <6($*!($@41@6%!9(83!836(&!?&(6$%)p!U8($6&O!+--hO!U,!+R],! ! :($6!%6&!<()36&!<60'$$86)86$!/6<!+,-.:&?41*)*6)23(2386$!()8!%(6!U42('1!I6%('!E'JA'*$6! %6)!%'J'1(*6$!>&Y)(%6$8)23'?8)0'$%(%'86$!D'&'20!B<'J'O!($!%6&6$!I(8861A#$08!%(6!P$86. *&'8(4$!@4$!B<'J'."=&)A&6236&$!)8'$%!@*1,!U23J(%8O!+--h],!C#&23!6($6$!)8&'86*()236$! :($)'85!%6&!/6<!+,-.<')(6&86$!;623$414*(6$!)23'??86!6)!)6($!;6'J!J(8!6($6J!@6&3Y18$(). JY`(*!*6&($*6$!E4)86$'#?9'$%O!J63&!'1)!f!I(11(4$6$!U[JA'83()'$86$!5#!*69($$6$O!hj! >&456$8! @4$! ($)*6)'J8! f+! I(11(4$6$! aU! C411'&! '$! UA6$%6$! 6($5#3416$O! )49(6! fS,---! X&#AA6$! @4$! ?&6(9(11(*6$! G61?6&$! 5#! &60&#8(6&6$O! %(6! (J! :$%6??608! =<6&! +-,---! /'31@6&. '$)8'18#$*6$! %#&23?=3&86$,! C(6! <66($%&#206$%6$! :&?41*6! %6&! E'JA'*$6! 1'))6$! )(23! %#&23! %')! @4J! I'&068($*.:bA6&86$! U683! X4%($! '#?*6)861186! H"1(AA($*! 836! "#$$61K. >'&'%(*J'! H%6$! ;&(2386&! #J%&636$K]! 6&01Y&6$,! /Y3&6$%! (J! 01'))()236$! I'&068($*! @6&. )#238!9(&%O!J(8!6($6J!JZ*1(23)8!*&4`6$!;&(2386&!JZ*1(23)8!@(616!E#$%6$!5#!6&&6(236$O!9')! 6($6$!*&4`6$!?($'$5(6116$!#$%!A6&)4$6116$!F#?9'$%!J(8!)(23!<&($*8O!A1Y%(6&8!X4%($!+--g]! %'?=&O! %6$! ;&(2386&! #J5#%&636$O! (3$! )4J(8! ($! 6($! I6*'A34$! 5#! @6&9'$%61$! #$%! '$! %(6! D6?=&94&86&! %6&! B&*'$()'8(4$! 5#! *6<6$O! %(6! <6&6(8)! (J! ;&(2386&! )($%,! C#&23! %(6! 7#85#$*! @4$! U42('1! I6%('! 6&*6<6$! )(23! ?=&! 7>B)! @(61?Y18(*6! IZ*1(2306(86$O! X4%($)! >&($5(A! '$5#. 96$%6$! #$%! (3&6! "Z&%6&6&! )49(6! U[JA'83()'$86$! ($! %6$! c6()8#$*)6&)8611#$*)A&456))! 6($5#<65(636$L!HF!$69!)68!4?!4$1($6!8441)!J'06)!83()!'AA&4'23!$48!^#)8!'!A4))(<(1(8[O!<#8! '1)4!'$!(JA6&'8(@6!?4&!'$[!4&*'$(5'8(4$!34A($*!84!*&49,!X(@6![4#&!?'$!21#<!'!J6*'A34$6! '$%!*68!4#8!4?!836!9'[!X4%($O!+--gO!U,!g]p,! ! ! !
  • 56. ! W,!"#$%&'()($*!+,-! 49 F<<(1%#$*!R-L!H"1(AA($*!836!?#$$61K!.!%6&!$6#6!I'&068($*.F$)'85!$'23!U683!X4%($! ! v#6116L!G'[%4$O!+--h! ! /(6!7>B)!(3&6!a$86&)8=856&!($!6($6!"#$%&'()($*.F08(4$!6($<($%6$!#$%!5#&!/4&%.4?.I4#83. E4JJ#$(0'8(4$! <696*6$! 0Z$$6$O! 56(*8! %(6! ($! %6&! :($16(8#$*! 6&9Y3$86! E'JA'*$6! HU23$6116! G(1?6! 9(&08K! %6&! Z)86&&6(23()236$! 7>B! k&586! 43$6! X&6$56$! @*1,! F$3,! RS],! C')! E6&$)8=20! %6&! F08(4$! )86118! 6($! I(0&4@(%64! %'&O! %')! A486$5(6116$! UA6$%6&$! %6$! 0#&56$! /6*!5#&!a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r&6!<#(1%($*!4$!8&#)8!mun!/6r&6!J'0($*!4#&!)#A. A4&86&)!J6))6$*6&)!?4&!4#&!2'#)6!($)86'%!4?!836!4&*'$()'8(4$!A&4J48($*!4#&!2'#)6,!F$%! (8r)!J4&6!A6&)4$'1!'$%!(8!94&0)p!5(8,!($!X&(??(83O!+--jO!U,!+g],!N9'&!3'$%618!)(23!<6(!%6$! J6()86$!@4$!%6$!'#?!%(6)6!/6()6!6&<&'2386$!UA6$%6$!#J!016($6!D6(8&Y*6O!$(238)%6)84. 8&485!?=3&8!%')!@(&8#6116!>66&.84.>66&."#$%&'()($*!5#&!D6)2316#$(*#$*!%6)!UA6$%6$A&456). )6)!#$%!X6$6&(6&#$*!@4$!6($6&!*&Z`6&6$!F$5'31!@4$!UA6$%6$<6(8&Y*6$,!! ! 76<6$! %6&! I#18(A1(0'84&."#$08(4$! 0Z$$6$! 7>B.a$86&)8=856&! 96(86&3($! '$! %6&! W6&9(&01(. 23#$*!%6&!"#$%&'()($*.I'`$'3J6$!%#&23!%(6!:&)8611#$*!$#856&*6$6&(6&86&!P$3'186!86(13'. <6$,!U4!0Z$$6$!)(6!(3&6!6(*6$6$!D14*)!A&4%#5(6&6$!4%6&!D14*6($8&Y*6!)23&6(<6$O!($!%6$6$! )(6!=<6&!(3&6!:&?'3&#$*!J(8!%6&!7>B!<6&(2386$O!"484)!#$%!W(%64)!6&)86116$O!%(6!5#J!UA6$. %6$! '$(J(6&6$! 4%6&! (3&! A6&)Z$1(236)! :$*'*6J6$8! ?=&! %(6! 7>B! %6J4$)8&(6&6$,! D(%%'&! +--T]!3Y18!%(6!7#85#$*!@4$!$#856&6&)861186$!P$3'186$!<6(J!P$86&$68'#?8&(88!6($6&!7>B!?=&! RR!999,)23$61163(1?69(&08,'8
  • 57. ! W,!"#$%&'()($*!+,-! 50 Y#`6&)8!6&?41*@6&)A&6236$%L!!Ha)6&!X6$6&'86%!M4$86$8!()!836!06[!84!$4$A&4?(8)r!)#226)),! mP8n!()!?&6)3O!&616@'$8!24$86$8!83'8!4836&!1(06.J($%6%!($%(@(%#'1)!9(11!9'$8!84!6$*'*6!9(83! 4$!'!&6*#1'&!<')(),!;36!(2($*!4$!836!2'06!()!836!&6J4@'1!4?!836!<#&%6$!J'$[!)J'11!'$%! J(%)(56%!7>Br)!3'@6!($!24$8($#'11[!*6$6&'8($*!83'8!24$86$8p!qR+],! /(6! %')! ($! %6&! >&'b()! ?#$08(4$(6&6$! 0'$$O! 56(*8! %(6! aJ96184&*'$()'8(4$! X&66$A6'26! (J! V'3J6$!(3&6&!HX&66$!I[!FAA16K!E'JA'*$6R+,!C')!F$1(6*6$!%6&!aU.'J6&(0'$()236$!7>B! <6)8'$%!%'&($O!%6$!P;.G6&)86116&!FAA16!%'5#!5#!<696*6$O!'#?!#J9618)23Y%1(236!U#<)8'$. 56$!<6(!)6($6&!>&4%#08(4$!5#!@6&5(2386$!)49(6!6($!V=20$'3J6)[)86J!?=&!:1608&4)23&488!5#! 68'<1(6&6$! @*1,! X&66$A6'26! P$86&$'8(4$'1O! +--g],! 7'23%6J! %(6! 36&0ZJJ1(236$! I'`. $'3J6$! '#)! %6J! V6A6&84(&6! @4$! X&66$A6'26! )236(86&86$O! 6$89(206186! %(6! 7>B! (J! U6A. 86J<6&!+--g!6($6!($$4@'8(@6!E'JA'*$6O!%6&6$!96)6$81(236&!U8=85A?6(16&!%(6!>'&8(5(A'8(4$! %6&!FAA16.M4JJ#$(8[!J(83(1?6!%(*(8'16&!768596&0J6%(6$!9'&O!=<6&!%(6!($%(&608!C&#20!'#?! %6$! E4$56&$! '#)*6=<8! 96&%6$! )41186,! X&66$A6'26! &(6?! #J9618?&6#$%1(236! FAA16.7#856&! <69#))8!5#J!I(8J'236$!'#?L!H/6!9'$8![4#!84!&#$!83()!2'JA'(*$!mun!;36!X&66$!J[!FAA16! 96<)(86! 3')! '11! 836! ($?4&J'8(4$! '$%! 836! &'9! J'86&('1)! [4#! $66%! 84! *68! [4#! )8'&86%,! P?! [4#w&6! 2&6'8(@6O! 2&6'86,! P?! [4#w&6! $6894&06%O! $6894&0,! ;36&6w)! A16$8[! 84! %4O! '$%! J'$[! 3'$%)!J'06!1(*38!94&0p!X&66$A6'26!P$86&$'8(4$'1O!+--gO!qT],!C(6!a$86&)8=856&!9#&%6$! $(238! $#&! '#?*6?4&%6&8O! (3&6! )45('16$! 768596&06! '#?! %(6! F08(4$! '#?J6&0)'J! 5#! J'236$! #$%!5#!J4<(1()(6&6$O!)4$%6&$!'#23!(3&!6(*6$6)!0&6'8(@6)!>486$5('1!($!%6$!C(6$)8!%6&!E'J. A'*$6! 5#! )86116$L! %')! E'JA'*$6$%6)(*$! 5#! 6$896&?6$! @*1,! F$3,! Rg]O! 6($6$! /(0(A6%('. :($8&'*!5#!@6&?'))6$!4%6&!6($!/6&<6@(%64!5#!A&4%#5(6&6$,!C(6!F#?&#?5'316$!#$%!%(6!A4)(. 8(@6!D696&8#$*!%6&!$#856&*6$6&(6&86$!/6&<6@(%64)!<6(!~4#;#<6!@6&%6#81(236$O!%'))!%6&! :&?41*!@4$!B$1($6.W(%64)!96$(*6&!@4$!(3&6&!8623$()236$!>6&?608(4$O!)4$%6&$!@(61!J63&!@4$! (3&6&!F#836$8(5(8Y8!#$%!%6&!6J48(4$'16$!U8Y&06!%6&!D48)23'?8!'<3Y$*8!@*1,!F$3,!Rj],! P$)*6)'J8!$#8586!X&66$A6'26!J63&!'1)!6($!G#$%6&8!/6<!+,-.<')(6&86!C(6$)86!#$%!)861186! (3&6$! a$86&)8=856&$! )4J(8! 6($6! W(61?'18! '$! >'&8(5(A'8(4$)JZ*1(2306(86$! 5#&! W6&?=*#$*,! C#&23!6($6!%(&6086!F$)A&'236!#$%!'08(@6!:($<($%#$*!%6&!N(61*&#AA6!($!%6$!c6()8#$*)6&. )8611#$*)A&456))!()8!%6&!7>B!*61#$*6$O!%')!a$86&$63J6$!FAA16!5#!6($6&!@6&'$894&8#$*). @4116$! aJ9618A41(8(0! 5#! <696*6$,! D6&6(8)! (J! I'(1! +--j! 0=$%(*86! FAA16.M:B! Q4<)! 6($6$! $6#6$!a$86&$63J6$)0#&)!($!V(238#$*!J63&!aJ9618@6&8&Y*1(2306(8!'$!@*1,!Q4<)O!+--j],!! ! /(6!%(6!'#?*6?=3&86$!D6()A(616!56(*6$O!<(6868!%6&!:($)'85!@4$!/6<!+,-.;623$414*(6$!5'31. &6(236!>'&8(5(A'8(4$).!#$%!P$86*&'8(4$)JZ*1(2306(86$O!%(6!=<6&!6($6!6($?'236!>68(8(4$)#$. 86&)23&(?8! 3($'#)*636$! #$%! 5#! 6($6&! /($./($.U(8#'8(4$! ?=&! <6(%6! >'&86(6$! ?=3&6$,! :($6! '08(@6!I(89(&0#$*!#$%!#$J(8861<'&6!;6(13'<6!'$!:&?41*6$!6($6&!7>B!6&56#*6$!<6(!"Z&%6. &6&$!6($6!*6)86(*6&86!N#?&(6%6$36(8!#$%!6J48(4$'16!W6&<#$%6$36(8!J(8!%6J!F$1(6*6$!%6&! R+!999,)23$61163(1?69(&08,'8
  • 58. ! W,!"#$%&'()($*!+,-! 51 7>B,!a$%!%(6!B&*'$()'8(4$!A&4?(8(6&8!@4$!6($6&!&6)#18(6&6$%6$!UA6$%6&<($%#$*O!%6&!:??(5(. 6$5)86(*6&#$*!%#&23!%(6!x<6&8&'*#$*!@4$!F#?*'<6$!'$!%(6!"Z&%6&6&!#$%!@4$!%6&!(J!/6<! +,-! '08(@(6&86$! U231'*0&'?8! (3&6&! a$86&)8=856&O! %(6! %(6! 6(*6$6$! B&*'$()'8(4$)0'A'5(8Y86$! =<6&)86(*6$!0'$$,!! ! R,e,!D(1%#$*!%6&!X6J6($)23'?8!%6&!X16(23*6)($$86$! PJ! 01'))()236$! "#$%&'()($*! *63Z&6$! J(8*1(6%)23'?81(236! U8&#08#&6$O! 9(6! UA6$%6$21#<)! 4%6&!"Z&%6&@6&6($6!5#!%6$!9(238(*)86$!D($%#$*))8&'86*(6$O!%(6!%'&'#?!'<5(616$O!"Z&%6&6&! %#&23!6($!?4&J6116)!D6(8&686$!#$%!&6*61JY`(*6!E4$8'086!J(8!%6&!B&*'$()'8(4$!5#J!%'#. 6&3'?86$!)45('16$!:$*'*6J6$8!5#!<696*6$!#$%!)4J(8!6($6!1'$*?&()8(*6!:b()86$5)(236&#$*! %6&! D65(63#$*)$6856! 5#! 68'<1(6&6$! @*1,! G'(<'23O! +--+],! PJ! P$86&$68! 0Z$$6$! &'#J.! #$%! 56(8#$'<3Y$*(*6! B$1($6.M4JJ#$(8(6)! %(6! V4116! @4$! )41236$! I(8*1(6%)*6J6($)23'?86$! =<6&$63J6$,! D()36&! <6)8'$%! %(6! M4JJ#$(8[.U8&'86*(6! ($! %6&! :($&(238#$*! @4$! C()0#))(. 4$)?4&6$!#$%!M3'8)!@*1,!G43$O!+--R],!C(6!C6#8)236!;($(8#).c(*'!<(6868!<6()A(61)96()6!'#?! (3&6&!/6<)6(86!6($!"4&#J!'$O!($!%6J!)(23!D68&4??6$6!#$86&6($'$%6&!'#)8'#)236$!0Z$$6$,! F116&%($*)!()8!%(6)6!C()0#))(4$)A1'88?4&JRf!$#&!?=&!B&*'$()'8(4$)J(8*1(6%6&O!%(6!6($6!6$8. )A&6236$%6!F#?$'3J6*6<=3&!6&&(2386$O!5#*Y$*1(23!#$%!<16(<8!?=&!$4&J'16!/6<)6(86$<6. )#236&!#$)(238<'&,!! ! /Y3&6$%! <()36&(*6! B$1($6.X6J6($)23'?86$! *6)2314))6$6! X&#AA6$! %'&)861186$O! %6&6$! P$. 86&'08(4$)JZ*1(2306(86$! )(23! *&Z`86$86(1)! '#?! 6($6$! ($86&$6$! P$?4&J'8(4$)'#)8'#)23! <6. )23&Y$086$! #$%! %#&23! %(6! B&*'$()'8(4$! 96(8*636$%! 04$8&411(6&8! 9#&%6$! @*1,! >'8411'O! +--So! G43$O! +--R]O! 6&JZ*1(236$! /6<! +,-.<')(6&86! ;623$414*(6$! %(6! U23'??#$*! @4$! M4JJ#$(8(6)O!%(6!'#?!A'&8(5(A'8(@6&!7#856&<686(1(*#$*!#$%!U61<)8&6*#1(6&#$*!<')(6&6$,!PJ! X&#$%6!*6$4JJ6$!)8638!%(6!P%66!%6&!04JJ#$(0'8(@6$!W6&$685#$*!#$86&!7#856&$!(J!I(8. 861A#$08!$'365#!'116&!/6<!+,-.C(6$)86!@*1,!E(1('$O!G'))!l!/'1)3O!+--h],!U4!9(&%!6($!D14*! %#&23! %(6! >'&8(5(A'8(4$! %6&! D14*16)6&! 5#! 6($6J! *6J6($)23'?81(236$! >&4%#08! #$%! %6&! M4JJ#$(8[.X6%'$06!%6&!"(16.U3'&($*.>1'88?4&J6$!9(&%!%'%#&23!<69'3&8O!%'))!6($*6)8611. 86! $#856&*6$6&(6&86! P$3'186! 04JJ6$8(6&8! #$%! <696&868! 96&%6$! 0Z$$6$,! P$)<6)4$%6&6! U42('1!76894&0($*!U(86)O!%6&6$!U2396&A#$08!'#?!P%6$8(8Y8).!#$%!D65(63#$*)J'$'*6J6$8! 1(6*8! @*1,! E423! l! V(2386&O! +--j]O! <(686$! 3(6&<6(! %(6! IZ*1(2306(8O! 6($6! 6(*6$6! B$1($6. X6J6($)23'?8! ($! "4&J! 6($6&! X&#AA6! 4%6&! "'$.X6J6($%6! ($$6&3'1<! %6&! <6)8636$%6$! 768596&06! 5#! *&=$%6$! #$%! 6($6! $6#6! N(61*&#AA6! %4&8! 5#! 6&&6(236$O! 94!)(6! )(23! '#?3Y18,! C6&!W4&86(1!%(6)6&!F&8!%6)!M4JJ#$(8[.D#(1%($*)!1(6*8!%'&($O!%'))!'#?!%6&!^696(1(*6$!>1'88. ?4&J!&6*()8&(6&86!7#856&!06($!$6#6)!>&4?(1!'$16*6$!J=))6$O!)4$%6&$!6($?'23!%6&!X&#AA6! Rf!999,8($(8#).1(*',%6!
  • 59. ! W,!"#$%&'()($*!+,-! 52 J(8!(3&6J!A6&)Z$1(236$!F224#$8!<6(8&686$!0Z$$6$O!9')!5#&!V6%#08(4$!%6&!I(8J'233=&%6! ?=3&6$!)411,!! ! C(6! U42('1! 76894&0($*! >1'88?4&J! "'26<440! 9(&%! 6($6&! @4$! 7;:7! %#&23*6?=3&86$! U8#%(6! +--T]!5#?41*6!<6&6(8)!@4$!@(616$!aU.'J6&(0'$()236$!7>B)!($86$)(@!*6$#858,!c'#8!U8($6&! +--h]!<(6868!"'26<440!6($!*&4`6)!>486$5('1!?=&!%6$!F#?<'#!%6&!D65(63#$*6$!59()236$! 6($6&!7>B!#$%!(3&6&!"'$.X6J6($%6O!%6$$!K(8!'1149)!'$!4&*'$(5'8(4$!84!6')(1[!'226))!3#*6! $#J<6&)! 4?! 24$)8(8#6$8)! '$%! A486$8('1! 24$)8(8#6$8)! '8! 1(8816! 4&! 149.24)8p! U,+-],! P$86&6))'$8! ()8! ($! %(6)6J! N#)'JJ6$3'$*! %')! :&*6<$())6! %6&! U8#%(6! HC(*(8'1! "#8#&6KL! :($6! I(8*1(6%)23'?8! ($! )45('16$! 768596&06$! 3'8! 6($6$! A4)(8(@6$! :($?1#))! '#?! %')! )45('16! :$*'*6J6$8!%6&!7#856&,!U4!*'<6$!hj!>&456$8!%6&!D6?&'*86$!'$O!%'))!)(6!($!)45('16$!>&4. ^6086$!A'&8(5(A(6&6$O!@4$!%6$6$!)(6!%#&23!(3&6!I(8*1(6%)23'?8!6&?#3&6$!@*1,!FUMO!+--h],! ! C(6!>486$5('16!%6)!D65(63#$*)J'$'*6J6$8)!<6(!"'26<440!0Z$$6$!'J!D6()A(61!%6&!%(*(. 8'16$! >&Y)6$5! %6&! 7>B! FJ6&(2'$! V6%! M&4))! %6J4$)8&(6&8! 96&%6$,! C(6! 74$A&4?(8. B&*'$()'8(4$!3'8!<6(!"'26<440!6($6!A6&)4$'1()(6&86!>&4?(1)6(86!H"'$!>'*6K]O!!%(6!J4J6$. 8'$!=<6&!j-,---!"'$)!<6)(858!@*1,!F$3,!Rh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qR],! C(6! D6)4$%6&36(8! %6&! ($! %(6)6J! N#)'JJ6$3'$*! )8'88?($%6$%6$! "#$%&'()($*. I'`$'3J6$! 1(6*8! ($! %6&! B??6$16*#$*! %6&! 6(*6$6$! F08(@(8Y86$O! %6$$! ^6%6! G'$%1#$*O! 4<! V60&#8(6&#$*!$6#6&!a$86&)8=856&!4%6&!X6$6&(6&#$*!@4$!UA6$%6$O!6&?41*8!$(238!(J!W6&<4&. *6$6$O!)4$%6&$!9(&%!($!%(6!*6)'J86!>&Y)6$8'8(4$!%6&!6(*6$6$!%(*(8'16$!P%6$8(8Y8!($86*&(6&8! @*1,! F$3,! RT],! C'! A3(1'$83&4A()236)! W6&3'186$! 5#&! )45('16$! F$6&06$$#$*! <6(8&Y*8O! 0'$$! J'$! %'@4$! '#)*636$O! %'))! )(23! %(6! U(238<'&06(8! %6&! "#$%&'()($*.F08(@(8Y86$! 6($6)! 7#8. 56&)!A4)(8(@!'#?!)6($6!U61<)8%'&)8611#$*!<6(!"'26<440!'#)9(&08!#$%!(J!:$%6??608!5#&!@6&. )8Y&086$!:($)'85<6&6(8)23'?8!?=3&6$!0'$$,!!
  • 60. ! W,!"#$%&'()($*!+,-! 53 ;&485! @(616&! IZ*1(2306(86$O! %(6! "'26<440! 7>B)! <6(J! F#?<'#! 6($6&! B$1($6.X6J6($)23'?8! <6&6(8)86118O!#$%!%6&!;'8)'236O!%'))!)(23!%(6!>1'88?4&J!($!6($6&!D68'.>3')6!<6?($%68O!'1)4! )(23! A6&J'$6$8! 96(86&6$89(20618! #$%! $6#6! FAA1(0'8(4$6$! 36&@4&<&($*8O! ()8! %6&! 6$8)A&6. 236$%6!F08(4$)&'#J!?=&!6($6!7>B!%6$$423!6($*6)23&Y$08,!c6'J'$!+--T]!Y#`6&8!3(6&5#! ?41*6$%6! I6($#$*L! H:J<&'26! 836! ?6'8#&6)! 4?! "'26<440! ?4&! mun! 93'8! 836[! 2'$! %4O! <#8! J'06![4#&!96<)(86!836!3#<!4?![4#&!4$1($6!24JJ#$(8[,!P8w)!836&6O!4$![4#&!49$!8#&?O!936&6! [4#! 2'$! 6$24#&'*6! '! 3(*36&! 16@61! 4?! 6$*'*6J6$8O! )#<)2&(A8(4$)! 84! [4#&! <14*! 4&! 6J'(1! $69)16886&O! '28(@6! J6J<6&)3(A! ($! [4#&! 4&*'$(5'8(4$! mun! 83'8! 16'%)! 84! J4&6! 1')8($*! 24J. J(8J6$8!84![4#&!2'#)6p!q+j],! ! /(6!c6'J'$)!:JA?631#$*!($!%6&!>&'b()!#J*6)6858!96&%6$!0'$$O!%6J4$)8&(6&8!%')!/431. 8Y8(*06(8)A&4^608! HU8'$%! aA! ;4! M'$26&KReO! %6&6$! N(61! ($! %6&! F#?01Y&#$*! #$%! UA6$%6$. )'JJ1#$*! ?=&! %(6! "4&)23#$*! ($! %6&! 8&'$)$'8(4$'16$! I6%(5($! 5#&! E&6<)<60YJA?#$*! <6. )8638!#$%!%')!6($6!/6<)6(86$.<')(6&86!B$1($6.M4JJ#$(8[!J(8!%6$!IZ*1(2306(86$!%6&!*14. <'16$!W6&$685#$*!=<6&!U42('1!76894&0($*!>1'88?4&J6$!04J<($(6&8,!c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`6$!@*1,!F$3,!+-]L!H~4#!%4$w8!3'@6!84!<6!'!&6)6'&236&O!'!%4284&O!4&!'!J(1. 1(4$'(&6!84!J'06!'!24$8&(<#8(4$!84!2'$26&!&6)6'&23,!D[!)8'&8($*![4#&!49$!?#$%&'()($*!86'J! 4&!J'0($*!'!%4$'8(4$!84!4$6!4?!836!J'$[!86'J)!<6149O![4#w&6!361A($*!84!A&4@6!83'8!6@6&[! 1(8816!<(8!'%%)!#A!84!J'06!'!<(*!%(??6&6$26p!U8'$%!aA!;4!M'$26&O!+--h'O!qR],!B<9431!%')! *6)'JJ6186!X61%!%6J!E&6<)?4&)23#$*)A&4^608!5#*#86!04JJ8O!9(&%!^6%6)!;6'J!?=&!)6($! 6(*6$6)!A6&)Z$1(236)!F$1(6*6$O!9(6!%6&!;4%!6($6)!'$!E&6<)!6&0&'$086$!"'J(1(6$J(8*1(6%)O! '08(@,! :($6$! 5#)Y851(236$! F$)A4&$! <(6868! %6&! /688<696&<! 59()236$! %6$! ;6'J)! #$%! %(6! F#))(238!'#?!6($6$!6$8)A&6236$%6$!>&6()L!K;36!86'J!83'8!&'()6)!836!J4)8!J4$6[!mun!9(11! <6!'$$4#$26%!4$!$6894&0!8616@()(4$!($!+--T!'$%!9(11!3'@6!836!4AA4&8#$(8[!84!3'@6!'!14@. ($*!%6%(2'8(4$!84!836!86'Jw)!34$4&66!&6'%!4$!836!'(&p!U8'$%!aA!;4!M'$26&O!+--h<O!qg],! aJ!?=&!(3&!;6'J!$6#6!UA6$%6&!5#!*69($$6$O!0Z$$6$!;6(1$63J6&!'#?!%(6!J(8!%6&!/6<)6(86! @6&0$=A?86$! U42('1! 76894&0($*! >1'88?4&J6$! 5#&=20*&6(?6$! #$%! (3&6! )45('16$! 768596&06! J4<(1()(6&6$,!N#&!U8Y&0#$*!%6)!N#)'JJ6$*63Z&(*06(8)*6?=31)!<6(!%6$!7#856&$!8&Y*8!96(. 86&3($!6($6!($86&'08(@6!"'26<440.FAA1(0'8(4$!H;36!U8'$%K!<6(,!U(6!@()#'1()(6&8O!961236!JZ*. 1(236$!W6&<($%#$*6$!59()236$!%6J!7#856&!#$%!%6$!I6$)236$!6b()8(6&6$O!%(6!J(8!E&6<)!($! D6&=3&#$*!*604JJ6$!)($%!@*1,!F$3,!+R],!! Re!999,)8'$%#A+2'$26&,4&*!
  • 61. ! W,!"#$%&'()($*!+,-! 54 7423! 6($6$! 96(86&6$! U23&(88! (J! U($$6! %6)! M4JJ#$(8[! :JA496&J6$8! *638! %(6! a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aJ9618. )23#85.E'JA'*$6$O!&60&#8(6&8!;6'J)O!?=3&8!)6($6!F08(4$6$!%#&23!#$%!<6&(23868!=<6&!(3&6$! W6&1'#?!)49(6!6&5(6186!:&?41*6!($!6($6J!E'JA'*$6$.D14*!@*1,!F$3,!++],!C#&23!%(6!0411608(. @6!P$$4@'8(4$)0&'?8!%6&!D686(1(*86$O!%(6!($!6($6J!768596&0'$)'85!@6&6($8!)($%O!6&1'$*8!%6&! 6($561$6! J63&! I48(@'8(4$O! P$$4@'8(4$! #$%! )23$6116! :$8)236(%#$*)?($%#$*! @*1,! B}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b(8Y8!%6&!P$86&'08(4$6$!(J!:$%6??608!6($6!1'$*?&()8(*6&6!D65(63#$*! 5#!%6&!7>B!6($5#*636$,!7(238!5#!#$86&)23Y856$!()8!'#`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`$'3J6$O!%(6!)(23!'#?!%(6! RS!999,*&66$'28(4$,%6y!C(6!>1'88?4&J!<6?($%68!)(23!$423!(J!F#?<'#]!
  • 62. ! W,!"#$%&'()($*!+,-! 55 :&?4&)23#$*! )6($6&! ($%(@(%#6116$! >&Y?6&6$56$! #$%! %')! B??6&(6&6$! 6($6)! 6$8)A&6236$%6$! 7#856$<=$%61)! '#)&(238686$O! %423! %(6! 8&'*6$%6! E&'?8! %(6)6&! D65(63#$*)'&<6(8! 9'&! %(6! 7>B! )61<)8,! I(8! %6J! :($)'85! %6&! /6<! +,-.;623$414*(6$O! %(6! 6($6! $6#6! v#'1(8Y8! %6&! 86(1. $63J6$%6$! #$%! Z??6$81(23! @6&$6858! 04JJ#$(5(6&6$%6$! P$86&$68$#85#$*! 36&@4&<&($*6$O! *638!%6&!>&456))!%6)!C4$4&!:JA496&J6$8!6($36&O!)4%'))!)(23!$#$!%(6!D65(63#$*)'&<6(8! 5#!6($6J!>&456))!6$89(20618O!%6&!@4$!596(!*16(23<6&6238(*86$!>'&86(6$O!%6&!7>B!#$%!%6&! X6J6($)23'?8! %6&! UA6$%6&O! *68&'*6$! 9(&%,! C6&! <()36&! 636&! J'23814)6! UA6$%6&! *69($$8! %#&23!%6$!N#)'JJ6$)231#))!J(8!'$%6&6$!7#856&$!'$!I'238!#$%!:($?1#)),!! F<<(1%#$*!RRL!;&'$)?4&J'8(4$!%6&!D65(63#$*6$!59()236$!6($6&!7>B!#$%!(3&6$!UA6$%6&$! %#&23!%6$!:($)'85!@4$!/6<!+,-! Web 2.0 ! v#6116L!6(*6$6!C'&)8611#$*Rg W4&! %6J! G($86&*&#$%! %6&! Z??6$81(236$! E4JJ#$(0'8(4$! #$%! %6&! '08(@6$! *6)8'186&()236$! ;6(1$'3J6!5'31&6(236&!7#856&!(J!V'3J6$!%6)!/6<!+,-!9(&%!%(6!aJ)685#$*!%6&!"#$%&'(. )($*.I'`$'3J6$! J'`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`6!($!)45('16!768596&06!4&*'$()(6&6$,! N#)'JJ6$!J(8!%6J!C4$4&!:JA496&J6$8!9(&06$!)(23!%(6)6!<6(%6$!C(J6$)(4$6$!#$J(8. 861<'&!'#?! %(6! "4&J! #$%! F#)A&Y*#$*! @4$! @(6&! F08(4$)?61%6&$! %6)! <65(63#$*)4&(6$8(6&86$! "#$%&'()($*)!'#),!! C(6!P$?4&J'8(4$)A41(8(0!9(&%!%'3($*636$%!8&'$)?4&J(6&8O!%'))!"Z&%6&6&!%(6!F&8!#$%!/6()6! %6&!P$?4&J'8(4$)5#)8611#$*!)8Y&06&!J(8<6)8(JJ6$!#$%!J(8*6)8'186$!0Z$$6$,!C(6!@4$!%6&! 7>B!($(8((6&86!A#)3.'&8(*6!N#)8611#$*!%6&!P$?4&J'8(4$6$!9(&%!@4$!%6$!A#11.'&8(*!'*(6&6$%6$! Rg!C6&!596()6(8(*6!>?6(1!($!%6&!&62386$!F<<(1%#$*!)411!)236J'8()23!%(6!D65(63#$*!)49431!5#J!UA6$%6&$68596&0!'1)! '#23!5#!^6%6J!6($561$6$!UA6$%6&!($!%(6)6J!768596&0!%'&)86116$!
  •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b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x<6&! %('14*<')(6&86! /6<! +,-. U8&#08#&6$!9(&%!$(238!$#&!6($6!E4$@6&)'8(4$!J(8!%6$!6($561$6$!"Z&%6&6&$!'#)*61Z)8O!)4$. %6&$!6($6!C()0#))(4$O!'$!%6&!)(23!J63&6&6!P$%(@(%#6$!<686(1(*6$!0Z$$6$!#$%!%(6!'#23!?=&! %(6!*14<'16!7685Z??6$81(2306(8!)(238<'&!#$%!5#*Y$*1(23!()8,!/6(86&3($!)23'??8!%(6!IZ*1(23. 06(8!%6)!)45('16$!F#)8'#)236)!J(8!X16(23*6)($$86$!6($6$!5#)Y851(236$!F$&6(5!?=&!"Z&%6&6&O! )(23!($!%6&!P$86&'08(4$!J(8!%6$!'$%6&6$!$423!)8Y&06&!5#!4??6$<'&6$,!C')!@6&$68586!/6<! 6&1'#<8!7>B)!'#`6&%6JO!%6$!836J6$&616@'$86$!C()0#))(4$6$!5#5#3Z&6$O!%(6!'#?!4&*'$(. )'8(4$)6b86&$6$! >1'88?4&J6$! '<1'#?6$O! #$%! %#&23! 6($6! '08(@6! ;6(1$'3J6! %(6^6$(*6! C(). 0#))(4$)86(1$63J6&!5#!0#18(@(6&6$O!%(6!<6&6(8)!6($!P$86&6))6!'J!F$1(6*6$!%6&!7>B!)(*$'1(. )(6&6$O!'<6&!$423!06($6$!E4$8'08!J(8!%6&!B&*'$()'8(4$!'#?$63J6$!04$$86$,!! /')!%(6!P$86*&'8(4$!%6&!"Z&%6&6&!($!%6$!c6()8#$*)6&)8611#$*)A&456))!%6&!7>B)!'$*638O!)4! 04JJ6$!%(6!(J!/6<!+,-!*6)23'??6$6$!A'&8(5(A'8(@6$!U8&#08#&6$!#$%!%')!@6&Y$%6&86!7#8. 56&@6&3'186$O!%(6)6J!F08(4$)?61%!($!<6)4$%6&6J!I'`6!6$8*6*6$,!F#?*&#$%!%6&!56(81(236$! #$%! &Y#J1(236$! a$'<3Y$*(*06(8! %6&! P$86&$6804JJ#$(0'8(4$! )49(6! %6&! 6($?'236$! G'$%. 3'<#$*!%6&!$6#6$!;623$414*(6$!)8636$!$#$!5'31&6(236!>'&8(5(A'8(4$)JZ*1(2306(86$!'116$! P$86&6))6$86$!5#&!W6&?=*#$*,!U4!0'$$!6($!"Z&%6&6&!*6JY`!)6($6$!>&Y?6&6$56$!#$%!%6J! X&'%!)6($6)!P$@41@6J6$8)!'1)!I#18(A1(0'84&O!P%66$6$89(2016&O!6($!'08(@6&!"=&)A&6236&!4%6&!
  •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a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aJ)685#$*)_#'1(8Y8! *6*6$)6(8(*!<66($?1#))6$,!N#J!'$%6&6$!?=3&8!%')!W6&Y$%6&#$*)A486$5('1O!%')!%(6!PJA16. J6$8(6&#$*!%6&!/6<!+,-.;623$414*(6$!J(8!)(23!<&($*8O!%'5#O!%'))!%(6!6(*6$81(236$!:&?41*). ?'084&6$! %6&! UA6$%6&<($%#$*! 8&'$)?4&J(6&8! 96&%6$,! aJ! UA6$%6&5#?&(6%6$36(8! 5#! 6&56#. *6$O!J=))6$!D6%=&?$())6!%6&!6($561$6$!"Z&%6&6&!$(238!J63&!'<*6?&'*8O!($86&A&68(6&8!#$%! <6?&(6%(*8! 96&%6$O! %6$$! %(6! 7#856&! 96&%6$! )61<)8! '08(@,! U(6! *6)8'186$! >&456))6! #$%! C(6$)816()8#$*6$! J(8! #$%! <6?&(6%(*6$! (3&6! D6%=&?$())6! (J! @4&*6*6<6$6$! V'3J6$! ($! *6. 9())6&!/6()6!6(*6$)8Y$%(*,!a$%!9')!%')!W6&8&'#6$!'$*638O!)4!9(&%!%(6!V6236$)23'?8)'<. 16*#$*!'1)!@6&8&'#6$)<(1%6$%6!I'`$'3J6!%#&23!;&'$)A'&6$5!#$%!N6#*6$)23'?8!6&)6858,! /6$$!)(23!6($6!B&*'$()'8(4$!$'23!'#`6$!3($!Z??$68O!(3&6!"Z&%6&6&!($!%6$!c6()8#$*)6&)861. 1#$*)A&456))!($86*&(6&8!#$%!)(23!'#?!6($6$!4??6$6$!C('14*!J(8!(3$6$!6($1Y))8O!6&56#*8!)(6! 96(8'#)!J63&!W6&8&'#6$!'1)!%')O!9')!6($!UA6$%6$)(6*61!<69(&06$!0'$$,!! ! !
  • 65. ! W,!"#$%&'()($*!+,-! 58 F<<(1%#$*!R+L!;&'$)?4&J'8(4$!%6)!W(6&.F08(4$)?61%6&.I4%611)!%#&23!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! %6$!:($)'85!@4$!/6<!+,-! ! v#6116L!6(*6$6!C'&)8611#$*! ! f, E&(8()236!:&?41*)?'084&6$!#$%!G=&%6$!! C6&!:($)'85!@4$!/6<!+,-.;623$414*(6$!()8!$(238!%')!N(61O!)4$%6&$!6&)8!%6&!D6*($$!%6&!G6. &'#)?4&%6&#$*O!<6(!%6&!6)!#J!%(6!i??$#$*!%6&!B&*'$()'8(4$!#$%!%(6!E44A6&'8(4$!J(8!U8'. 06341%6&$! *638,! CZ<16&! +--h]! #$86&)8&6(238O! %'))! H%6&! :&?41*! @4$! U42('1! U4?89'&6. U[)86J6$!A&(JY&!%#&23!$(238.8623$()236!"'084&6$O!9(6!<6()A(61)96()6!%6&!>'&8(5(A'8(4$). 0#18#&O!%6&!G(6&'&23(6.!4%6&!E4JJ#$(0'8(4$))8&#08#&!*68&(6<6$!9(&%K!U,!Rfe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
  • 66. ! W,!"#$%&'()($*!+,-! 59 >&4<16J!<68&(??8!96$(*6&!%(6!W6&?'))#$*!@4$!D14*6($8&Y*6$!4%6&!F#?$'3J6!@4$!>4%2')8)O! )4$%6&$!8&(88!<6)4$%6&)!%'$$!'#?O!96$$!6)!#J!%(6!D6'$894&8#$*!@4$!E4JJ6$8'&6$!4%6&! D686(1(*#$*! '$! C()0#))(4$! ($! U42('1! 76894&0)! *638,! C6J! I(8'&<6(86&O! %6&! U42('1! I6%('! I'`$'3J6$! '#)?=3&8O! J#))! @(61! W6&8&'#6$! 6$8*6*6$! *6<&'238! 96&%6$,! C6J5#?41*6! 6&. ?4&%6&8!#$%!<6*=$)8(*8!%6&!:($)'85!@4$!/6<!+,-!?1'236!G(6&'&23(6$!#$%!6($6!5#$63J6$%6! U61<)84&*'$()'8(4$! %6&! I(8'&<6(86&! @*1,! M440O! +--h],! C#&23! @6&)8Y&086! P$86&'08(4$! J(8! "Z&%6&6&$! J=))6$! )(23! I(8'&<6(86&! 96(86&3($! 5#! D65(63#$*)J'$'*6&$! #$%! 768596&06&$! 6$89(2061$O! %(6! 6($6! 6&3Z386! U45('104JA686$5! #$%! E4JA686$5! (J! aJ*'$*! J(8! $6#6$! I6%(6$!<6)(856$!@*1,!M[*'$)0(O!+--h],!/6(86&3($!J=))6$!)(23!7>B)!'#?!6($!$6#6)!E4J. J#$(0'8(4$)86JA4!6($)86116$O!%6$$!/6<!+,-.7#856&!6&9'&86$!@4$!(3$6$!)8Y$%(*!'08#6116! D6&(2386!=<6&!>&4^6086!#$%!)23$6116!V6'08(4$!'#?!$6#6!7'23&(2386$,! ! :($!96(86&6&!0&(8()236&!:&?41*)?'084&!<6(!%6&!7#85#$*!@4$!U42('1!I6%('!()8!%(6!F#?)8611#$*! 6($6&!01'&6$!U8&'86*(6O!%(6!)(23!'$!N(616$!%6&!B&*'$()'8(4$!#$%!%6&6$!I())(4$!4&(6$8(6&8,! H"#6116%! <[! $69)! '224#$8)! 4?! 836! )#226))6)! $4$A&4?(8)! mun! J'$[! 4&*'$()'8(4$)! 3'@6! <66$!_#(20!84!^#JA!9(834#8!?(&)8!2&6'8($*!'$!6??628(@6!)8&'86*(2!A1'$,!C4$r8!^#)8!<6!'$4836&! ?441!9(83!'!8441K!M4$$4&)O!+--jO!U,!RTf],!/6$$!6($561$6!;441)!6($?'23!#J!%6&6$!/(116$! 6($*6)6858! 96&%6$O! 43$6! %'))! 6($! 5(614&(6$8(6&86)! E4$56A8! ($! F<)8(JJ#$*! J(8! '$%6&6$! "#$%&'()($*.I'`$'3J6$!@4&3'$%6$!()8O!0'$$!%(6)!($!M3'4)!'#)'&86$!#$%!%'&=<6&!3($'#)! %6J!6(*6$81(236$!PJ'*6!%6&!B&*'$()'8(4$!)23'%6$!@*1,!V6()6&O!+--T<],!! ! /6(86&3($!#$86&)8&6(236$!c(!#$%!D6&$4??!+--h]!)49(6!U8($6&!+--h]O!%'))!%(6!:$89(201#$*! 6($6&!U42('1!I6%('!U8&'86*(6!($!x<6&6($)8(JJ#$*!J(8!%6&!N(61*&#AA6!#$%!(3&6J!P$86&$68. $#85#$*)@6&3'186$! 6&?41*6$! )411L! K~4#! J#)8! ?($%! '! 1($0! <68966$! [4#&! A&(4&(8(6)! '$%! [4#&! '#%(6$26)! 4$1($6! #)6! A'886&$),! D6?4&6! '%4A8($*! $69! 8441)O! (8w)! 2&(8(2'1! 84! '))6))! 836! ($. 86$%6%! &62(A(6$8)! 4?! [4#&! J6))'*6p! U8($6&O! +--hO! U,! +e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h<]! %'&'#?! 3($O! %'))! )(23! 7>B)! $(238! '#?!6($6!N(61*&#AA6!?6)816*6$! )41186$,! W(61! J63&! J=))6$! )(6! )(23! <6J=36$O! J63&6&6! F186&)*&#AA6$! '$5#)A&6236$O! #J! 6($6$! 1'$*?&()8(*6$!V6))4#&26$5#?1#))!5#!)(236&$,!X6&'%6!^=$*6&6!c6#86!1'))6$!)(23!36#85#8'*6! =<6&!/6<!+,-.C(6$)86!*#8!6&&6(236$!#$%!J4<(1()(6&6$,!V6()6&!+--T<]!A1Y%(6&8!%'?=&O!%'))! 7>B)!(3&6!E1(6$861!)4*'&!%'5#!<6?Y3(*6$!J=))6$O!%')!P$86&$68!'08(@!5#!$#856$O!%'J(8!)(6! <6))6&! '#?! $6#6! C(6$)86! 5#*&6(?6$! 0Z$$6$! #$%! @4$! %(6)6$! $(238! J63&! '#)*6)2314))6$! 96&%6$,!H:)!*(<8!?=&!74$A&4?(8)!mun!06($6$!/6*!5#&=20!($!6($6!($86&$6814)6!N6(8O!)4$%6&$!
  • 67. ! W,!"#$%&'()($*!+,-! 60 $#&! %6$! /6*! @4&'$O! %6$! )(6! *6J6($)'J! J(8! (3&6$! U8'06341%6&$! *636$! )41186$K! V6()6&O! +--T<O! qRe],! :($6! 96(86&6! G6&'#)?4&%6&#$*! <6)8638! %'&($O! )41236! U8&'86*(6$! 5#! 6$89(. 2061$O! %(6! "Z&%6&6&! 5#J! I(8J'236$! J48(@(6&6$O! %6$$! 9(6! %(6! :&*6<$())6! %6)! HU42('1! ;623$4*&'A3(2)K!V6A4&8)!@4$!"4&&6)86&!V6)6'&23!56(*6$O!J'236$!/6<!+,-.F$96$%#$*6$! '#)!A'))(@6$!V65(A(6$86$!$(238!'#84J'8()23!'08(@6!>&4%#56$86$!@*1,!F$3,!S],! ! /6<! +,-.<')(6&86! C(6$)86O! %(6! 04)86$14)! )($%! #$%! 6($! *&4`6)! >486$5('1! ?=&! %')! D65(6. 3#$*)J'$'*6J6$8!<(686$O!0Z$$6$!@(616!B&*'$()'8(4$6$!5#J!<1($%6$!F08(4$()J#)!@6&14. 206$!#$%!)(6!%'<6(!)236(86&$!1'))6$,!C6$$!6)!*6$=*8!$(238O!16%(*1(23!%')!c4*4!%6&!B&*'$(. )'8(4$! '1)! "'26<440.>&4?(1! 6($5#)86116$! #$%! %'&'#?! 5#! 9'&86$O! @4$! UA6$%6&$! '#?*6)#238! 5#! 96&%6$,! F#23! J(8! %6J! U23&6(<6$! %6&! D14*<6(8&Y*6! ()8! $#&! 6($! ;6(1! %6&! F&<6(8! *68'$,! /6$$! %(6! B&*'$()'8(4$! J(8! (3&6$! "Z&%6&6&$! ($! 6($6$! C('14*! 8&686$! 9(11O! J#))! )(6! ($! %6&! c'*6! )6($O! E4JJ6$8'&6! 56(8$'3! 5#! <6'$894&86$,! C'5#! J=))6$! D14*<68&6(<6&! 689')! 5#! )'*6$!3'<6$!#$%!=<6&!6($6$!6$8)A&6236$%6$!U8(1!@6&?=*6$O!%'J(8!%(6!D6(8&Y*6!$(238!9(6! )86&(16! >V.;6b86! 9(&06$,! :)! ()8! '1)4! $(238! %(6! ;623$(0O! %(6! 56(8'#?9Y$%(*! ()8O! )4$%6&$! %(6! D65(63#$*6$O!%(6!J'$!=<6&!/6<!+,-!'#?<'#6$!9(11,!:($!D1(20!'#?!%(6!U8#$%6$5'316$O!961. 236!%(6!7>B.:bA6&8($!D683!E'$86&!+--h<]!?=&!%(6!D68&6##$*!%6&!U42('1!I6%('!F08(@(8Y86$! 0'10#1(6&8O!56(*8L!/6&!@4J!I(8J'23$685!A&4?(8(6&6$!9(11O!J#))!<6&6(8!)6($O!@(61!N6(8!5#!($@6). 8(6&6$!@*1,!F$3,!+f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c(! l! D6&$4??O!+--h],!C6&!>&4^60816(86&!@4J!BA6$!M'JA'(*$!HX&66$'28(4$K!)(638!($!%6&!:($&(23. 8#$*!%6&!Z??6$81(236$!C()0#))(4$)A1'88?4&J!636&!%(6!M3'$26!6($6)!N#*69($$)!'1)!%(6!X6. ?'3&!%6)!E4$8&411@6&1#)86)O!%6$$!)4!96&%6$!0&(8()236!U8(JJ6$O!%(6!<()36&!(J!W6&<4&*6$6$! <1(6<6$O! )(238<'&! #$%! 5#)'JJ6$! J(8! %6&! M4JJ#$(8[! %6&! a$86&)8=856&! 0'$$! J'$! %6$6$! )8'&06!X6*6$'&*#J6$86!1(6?6&$!@*1,!G(AAO!+--T],!!
  • 68. ! WP,!"'5(8! 61 WP, "FNP;! R, "'5(8!#$%!F#)<1(20! C(6! F$'1[)6! %6&! '08#6116$! U(8#'8(4$! '#?! %6J! %6#8)236$! UA6$%6$J'&08O! %(6! %6$! F#). *'$*)A#$08!%6&!@4&1(6*6$%6$!"4&)23#$*)'&<6(8!<(1%686O!%6J4$)8&(6&8O!%'))!)(23!0'&(8'8(@6! 7>B)!5#&56(8!(J!UA'$$#$*)?61%!@6&)23(6%6$6&O!)(23!@6&)23Y&?6$%6&!V'3J6$<6%($*#$*6$! <696*6$L! i??6$81(236! I(8861! 96&%6$! 0$'AA6&O! %6&! /688<696&<! )86(*8O! %')! UA6$%6$@41#. J6$! )8'*$(6&8O! %')! Z??6$81(236! PJ'*6! )49(6! %(6! W6&8&'#6$)9=&%(*06(8! %6&! 7>B)! 16(%6$! #$86&! J'))(@6$! :($<&=236$! #$%! 3($5#! 04JJ6$! '#`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b()86$5)(236&#$*! %6&! B&*'$()'8(4$6$! '#?! %6J! *6)Y88(*86$! UA6$%6$. J'&08O!)4$%6&$!@6&)23'??8!%6$!7>B)!'#23!$6#6!G'$%1#$*)JZ*1(2306(86$!#$%!H%(6!M3'$. 26O!'#)!6($6J!'<*6*&6$586$!U#<)[)86J!9(6%6&!($!%(6!I(886!%6&!X6)611)23'?8!5#&=205#?($. %6$K!V6()6&O!+--T'O!U,!f],!! F#?! %6&! X&#$%1'*6! 6($6&! '$'1[8()236$! F#)6($'$%6&)685#$*! J(8! %6$! :&?41*)?'084&6$! %6)! V61'8(4$)3(A!"#$%&'()($*!9#&%6!96(86&3($!36&'#)*6)86118O!%'))!7>B)!%6$!"Z&%6&6&!($!%6$! I(8861A#$08!(3&6&!F&<6(8!)86116$!)41186$,!aJ!D65(63#$*6$!5#!UA6$%6&$!'#?!1'$*6!U(238!6&. ?41*&6(23!5#!*6)8'186$O!)41186$!7>B)!(3&6!"#$%&'()($*.I'`$'3J6$!%'&'#?!'#)&(2386$O!<6(! A&(@'86$!a$86&)8=856&$!N#?&(6%6$36(8O!W6&8&'#6$!($!%(6!7>B!#$%!6($6!6J48(4$'16!W6&<#$. %6$36(8! J(8! (3&! 5#! 96206$! #$%! 04$)6_#6$8! '#)5#<'#6$,! "=&! %(6! "#$%&'()($*.>&'b()! <6. %6#868! %(6)O! 6($6! '08(@6O! A6&)4$'1()(6&86! #$%! ($%(@(%#'1()(6&86! P$?4&J'8(4$)A41(8(0! '#?5#. <'#6$O!%#&23!6($6!@6&8&'#6$)@4116!#$%!A'&8$6&)23'?81(236!C('14*04JJ#$(0'8(4$!%')!P$86. &6))6!%6&!a$86&)8=856&!'$!%6&!B&*'$()'8(4$!5#!0#18(@(6&6$!)49(6!6($6!16&$6$%6!D65(63#$*! J(8! (3$6$! 6($5#*636$! #$%! $(238! 5#16858! %#&23! %(6! P$86*&'8(4$! %6&! UA6$%6&! ($! %6$! c6(). 8#$*)6&)8611#$*)A&456))!#$%!%#&23!%(6!D(1%#$*!%6&!"Z&%6&6&*6J6($)23'?86$!(3&6!P%6$8(?(. 0'8(4$!#$%!W6&<#$%6$36(8!J(8!%6&!7>B!5#!?4&2(6&6$,!! F#)!%6&!F#)6($'$%6&)685#$*!J(8!%6J!8623$414*()236$!#$%!)45('16$!>3Y$4J6$!%6)!/6<! +,-! ()8! 6&)(2381(23! *694&%6$O! %'))! %#&23! %')! F#?04JJ6$! %6&! %(*(8'16$!768596&0J6%(6$! #$%!%6&!$6#6$!6J'$5(A(6&86$!7#856&*6$6&'8(4$!%6&!"&'*6!$'23!;&'$)?4&J'8(4$!%6&!01'). )()236$!UA6$%6&A&'b()!#$%!%6&!PJA16J6$8(6&#$*!%6&!<65(63#$*)4&(6$8(6&86$!"#$%&'()($*.
  • 69. ! WP,!"'5(8! 62 E4$56A8(4$! 6($6! 5#$63J6$%6! D6%6#8#$*! 5#04JJ8,! PJ! N6(8'186&! %6&! /6<! +,-. ;623$414*(6$! 9(&%! %(6! I'238A4)(8(4$! %6&! 7>B)O! %(6! (J! N6$8&#J! %6&! "#$%&'()($*. D65(63#$*6$!)8636$!94116$O!(JJ6&!)239Y236&,!D6&6(8)!^6858!0Z$$6$!)(23!7>B."Z&%6&6&!($! D14*)!4%6&!'#?!U42('1!76894&0($*!U(86)!J(8!(3&6$!F$)(2386$!=<6&!%(6!B&*'$()'8(4$!#$%!(3&6! >&4^6086! '$! %(6! <&6(86! i??6$81(2306(8! 96$%6$! #$%! %')! UA6$%6$@6&3'186$! '$%6&6&! P$86&. $68$#856&! <66($?1#))6$,! C'&=<6&! 3($'#)! ?Z&%6&8! %')! I(8J'23$685! %(6! :$89(201#$*! %6)! >66&.84.>66&."#$%&'()($*)O! <6(! %6J! A&(@'86! *6J6($$=85(*6! F08(4$6$! 43$6! A&4?6))(4$6116! a$86&)8=85#$*!%#&23!G(1?)6($&(238#$*6$!)8'88?($%6$!#$%!6($!6&3Z386)!I'`!'$!;&'$)A'&6$5! #$%! >6&)4$'1()(6&#$*! '#?96()6$,! a$86&)8=858! 9(&%! %(6)6&! >&456))! %#&23! %(6! :$8)863#$*! @4$!)45('16$!P$86&$68A1'88?4&J6$!9(6!D6886&A1'26,4&*!4%6&!G61A6%(',%6O!%(6!G(1?)'08(4$6$! 6$*'*(6&86&!D=&*6&!#$%!)A6$%6$9(11(*6!P$86&$68$#856&!5#)'JJ6$?=3&6$,!HPJ!a$86&)23(6%! 5#! *&4`6$! G(1?)4&*'$()'8(4$6$O! <6(! %6$6$! J'$! $(6! 96(`O! 9(6! @(61! @4J! UA6$%6$*61%! 8'8. )Y231(23!'$04JJ8!#$%!9(6!@(61!($!%(6!W6&9'18#$*!4%6&!/6&<#$*!*636$O!9(&%!3(6&!%(&608!'$! %(6! >&4^6086! @4&! B&8! *6)A6$%68ÇO! <6&(23868! I4&(85! :206&8O! 6($6&! %6&! I(8<6*&=$%6&! @4$! D6886&A1'26! D#&23'&%O! +--TO! qe],! C(6! W4&<(1%6&! '#)! %6J! '$*61)Y23)()236$! V'#J! @6&. 56(23$6$! <6&6(8)! *&4`6! :&?41*6! #$%! )(*$'1()(6&6$! 6($6$! JZ*1(236$! /'$%61! ($! %6&! UA6$. %6&)56$6,!C(6!*&Z`86!M3'&(8[.>1'88?4&J!H76894&0!?4&!X44%K!<($%68!<6&6(8)!563$!I(11(4$6$! 7#856&!'$!)(23!#$%!)'JJ6186!)6(8!(3&6&!X&=$%#$*!(J!Q'3&!+--R!J63&!'1)!+j-!I(11(4$6$! aU.C411'&!@*1,!76894&0!?4&!X44%O!+--h],!/6$$!*&4`6!7>B)!'#?!%(6!:&9'&8#$*6$!%6&!$6#. 6$! UA6$%6&*6$6&'8(4$! $(238! '%Y_#'8! &6'*(6&6$O! ($%6J! )(6! P$86&'08(4$).! #$%! >'&8(5(A'8(. 4$)JZ*1(2306(86$!<6&6(8)86116$!)49(6!%6$!UA6$%6&$!*6*6$=<6&!8&'$)A'&6$8!'*(6&6$O!1'#. ?6$!)(6!%(6!X6?'3&O!(3&6!<6)8636$%6$!#$%!A486$5(6116$!"Z&%6&6&!#$86&!'$%6&6J!'$!>&(@'8. ($(8('8(@6$!5#!@6&1(6&6$!#$%!(3&6!6(*6$81(236!:b()86$5<6&6238(*#$*!'1)!5#@6&1Y))(*6!W6&J(88. 16&!59()236$!V6))4#&26$<6&6(8)86116&$!#$%!c6()8#$*)6JA?Y$*6&$!($!"&'*6!5#!)86116$,!! C423!%')!/6<!+,-!)86118!%6$!7>B.U6084&!$(238!$#&!@4&!$6#6!G6&'#)?4&%6&#$*6$O!)4$%6&$! <(6868!'#23!$(6!%'!*696)6$6!M3'$26$!?=&!%(6!a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a$86&)8=856&$! #$%! P%66$6$89(2016&$! %6&! >&4^6086! 5#! J'236$! )49(6! W6&$685#$*! #$%! E411'<4&'8(4$! %6&! "Z&%6&6&! #$86&6($'$%6&! 5#! 6&JZ*1(236$,! C'<6(! 9(&%!%6&!"Z&%6&6&!$(238!'1)!6($!6b86&$6&!V6))4#&26$<6&6(8)86116&O!)4$%6&$!'1)!6($!6<6$<=&. 8(*6&! >'&8$6&! #$%! E4A&4%#56$8! <63'$%618O! 9')! (J! :$%6??608! 6($6! $6#6! v#'1(8Y8! %6&! UA6$%6&$Y36!#$%!;&'$)A'&6$5!6$8)8636$!1Y))8,!F#)!6($6&!'#?!)(23!)61<)8!<654*6$6$!7>B! 6$89(20618!)(23!6($6!4??6$6!M4JJ#$(8[O!%6&6$!U2396&A#$08!'#?!%6&!:8'<1(6&#$*!#$%!"6).
  • 70. ! WP,!"'5(8! 63 8(*#$*!@4$!D65(63#$*6$!5#!"Z&%6&6&$!#$%!%6&!F#))23ZA?#$*!%6)!%'%#&23!6$8)8636$%6$! U45('10'A(8'1)! 1(6*8,! /6(8*636$%! A&4?(8(6&6$! 0Z$$6$! 7>B)! 5#J! 6($6$! %'%#&23O! %'))! )(6! N#*'$*!5#!%6$!N(61*&#AA6$!'#`6&3'1<!(3&6&!$4&J'16$!V6(2396(86$!6&3'186$!#$%!5#J!'$. %6&6$!%#&23!%(6!7#85#$*!%6&!%#&23!%')!/6<!+,-!'08(@(6&86$!I'238A486$5('16!%6&!6($561. $6$!"Z&%6&6&!#$%!%6&!0411608(@6$!P$8611(*6$5!%6&!"Z&%6&6&*6J6($)23'?86$,! aJ!%(6!>486$5('16!%6)!/6<!+,-!'116&%($*)!6??608(@!$#856$!5#!0Z$$6$O!J=))6$!7>B)!%6$! /(116$!5#J!C('14*O!5#&!W6&$685#$*!J(8!%6$!D=&*6&$!#$%!i??$#$*!$'23!'#`6$!6$89(2061$! )49(6!<6&6(8!)6($O!%(6!#$6$8<63&1(236!W6&)23(6<#$*!%6&!I'238@6&3Y18$())6!5#*#$)86$!%6&! UA6$%6&! 5#5#1'))6$,! C(6! ;'8)'236O! %'))! )(23! ($86&'08(@6! E4JJ#$(0'8(4$)'$*6<486! @4$! 7>B)!<()36&!(J!%6#8)23)A&'23(*6$!V'#J!$423!0'#J!%#&23*6)6858!3'<6$O!%6#868!^6%423! %'&'#?!3($O!%'))!<6(!@(616$!7>B)!$423!H'$!%6&!E4$8&4116!'#)*6&(238686!U86#6&#$*)'$)Y8. 56!#$%!%(6!F$*)8!@4&!6($6&!i??$#$*!%6&!B&*'$()'8(4$!$'23!'#`6$!3($K!V6()6&O!+--TO!U,!e]! %4J($(6&6$,!U41'$*6!6($!*&#$%16*6$%6&!/'$%61!($!%6&!B&*'$()'8(4$)0#18#&!$(238!)8'88?($. %68O!0Z$$6$!7>B)!@4$!%6$!>486$5('16$!@4$!U42('1!I6%('!$(238!A&4?(8(6&6$,!! B??6$)(2381(23!()8!%')!"#$%&'()($*!+,-!($!C6#8)231'$%!$423!$(238!'$*604JJ6$,!I'$!0'$$! %'@4$!'#)*636$O!%'))!6)!$(238!$#&!'$!6$8)A&6236$%6$!B&*'$()'8(4$))8&#08#&6$O!)4$%6&$! '#23!'$!%6&!:&?'3&#$*!(J!a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~4#!2'$$48!(*$4&6!83()!8&6$%!mun!~4#!J'[!*4!'!1(8816!)1496&! 4&!'!1(8816!?')86&O!<#8![4#!3'@6!84!J4@6!?4&9'&%!Y!c(!l!D6&$4??O!+--hO!U,!j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b()! <6%6#868,! ;&485! %6)! 8364&68()236$! N#*69($$)! 1(6*8! 3(6&<6(! 96(86&6&! "4&. )23#$*)<6%'&?!@4&,!C(6!($!%6&!;364&(6'&<6(8!<6*&=$%686$!G[A4836)6$!#$%!8364&(6*616(86. 86$!I4%6116!)41186$!96(86&3($!6($6&!6JA(&()236$!>&=?#$*!#$86&54*6$!96&%6$,!"=&!%6$!*6. *6<6$6$! "4&)23#$*)*6*6$)8'$%! <(6868! )(23! <6()A(61)96()6! %(6! E4J<($'8(4$! @4$! 6($6&!
  • 71. ! WP,!"'5(8! 64 ($3'18)'$'1[8()236$!a$86&)#23#$*!%6&!@4$!7>B)!<6&6(8)!@6&96$%686$!/6<!+,-.<')(6&86$! ;623$414*(6$! #$%! 6($6&! D6?&'*#$*!%6&! <68&4??6$6$! 7>B)! '$,! C'&'#)! 0Z$$6$!A&'b()&616. @'$86! #$%! 6JA(&(6*6)8=8586! :&06$$8$())6! %'&=<6&! *694$$6$! 96&%6$O! 961236! :&?41*6! 7>B)! %#&23! %(6! PJA16J6$8(6&#$*! @4$! /6<! +,-.;441)! 8'8)Y231(23! 6&5(616$! 0Z$$6$! #$%! 961236!G=&%6$!(3$6$!%'<6(!(J!/6*!)8636$,!F#?*&#$%!%6&!A&'08()236$!V616@'$5!%6)!;36. J')! #$%! %6&! J'$*61$%6$! :&?'3&#$*! J(8! %6$! $6#6$! ;623$414*(6$! )6(86$)! %6&! 7>B)! <6. )8638! '#`6&%6J! 6($! 3436&! D6%'&?! $'23! ?#$%(6&86$! X6)8'18#$*)6JA?631#$*6$! ?=&! %')! "#$%&'()($*!+,-,!7(238!5#16858!)41186!($!%6&!96(86&6$!"4&)23#$*!%')!>3Y$4J6$!%6&!UA6$. %6&.>1'88?4&J6$! $Y36&! <616#23868! #$%! (3&6! F056A8'$5O! 7#85#$*! )49(6! %(6! N#0#$?8)A6&). A608(@6$!6@'1#(6&8!96&%6$,!!
  • 72. ! c(86&'8#&@6&56(23$()! 65 cP;:VF;aVW:VN:PMG7PU! ! F<4#8!M'#)6)!4,Q,],!W6&?=*<'&!#$86&L!388ALyy'AA),?'26<440,24Jy2'#)6)y'<4#8! mR-,-j,-Tn,! ! F%14??O!",!+--S],!;364&(6$!%6)!X6<6$).!7#856$J'b(J(6&#$*O!F18&#()J#)!#$%!V65(A&45(8Y8,! P$!E,!Q,!G4A8!G&)*,]O!U-*.,-6'+;R,:)*'2)+'-*%*!'*!W%8$+3!D',+28$)6+!1*4!S%2%((28$)6+Z! #$%-,'%*!;!H*)(/2%*!;!=-,.-,)+%!S-0%,*)*8%!U,!RfT.RST],!;=<($*6$L!I43&!U(6<620,! ! F1<[O!;,!+--j],!D%9!F<G<![-*E%.+%3!H*5%*41*:%*,!I=$236$L!G'$)6&!W6&1'*,! ! F$$6$<6&*!U23441!?4&!M4JJ#$(2'8(4$!FUM]!+--h],!L%0%*+$!H**1)(!L+14/!9/!+$%!=%*+%,! 6-,!+$%!':'+)(!J1+1,%<!W6&?=*<'&!#$86&L!388ALyy999,%(*(8'126$86&,4&*yA%?y+--h.C(*(8'1. "#8#&6.V6A4&8."($'1.V616')6,A%?!mR-,-j,-Tn,! ! F#)8($O!Q,!:,!+--j],!"4&694&%,!P$!;,!G'&8!G&)*,]O!&%-.(%!+-!.%-.(%!61*4,)'2'*:Z!2-8')(!*%+; 5-,C'*:!)*4!D%9!F<G!6-,!8$),'+'%2!U,!b(.b(((],!G4<406$L!/(16[,! ! D'%618O!M,O!I6[6&O!I,!l!U(J)'O!V,!+--j],!C(6!/(6$6&!U23#16!%6&!7>B."4&)23#$*,!P$!M,! D'%618!l!I,!l,!U,!V,!I6[6&!G&)*,]O!K)*4918$!4%,!U-*.,-6'+!R,:)*'2)+'-*<!L+,1C+1,%*! 1*4!V)*):%7%*+!U,!f.Rj],!U8#88*'&8L!U23Y??6&.>46)2361!W6&1'*,! ! D'06&O!;,!+--S],!P$)A(&($*!C4$4&)!B$1($6L!G49!~4#&!I6))'*6!M'$!I'06!>64A16!"661!:b. 8&'4%($'&[,!P$!;,!G'&8O!Q,!I,!X&66$?(61%!l!I,!/,!Q43$)84$!G&)*,]O!U-*.,-6'+!'*+%,*%+! 2+,)+%:'%2Z!9%2+!.,)8+'8%2!6-,!7),C%+'*:3!8-771*'8)+'-*23!)*4!61*4,)'2'*:!2188%22!U,! RRR.RRT],!G4<406$O!7QL!/(16[,! ! D3'*'8O!W,!+--eO!+e,!U6A86J<6&],!#$%!W%)(!A7.)8+!-6!+$%!A*+%,*%+<!W6&?=*<'&!#$86&L! 388ALyy999,%J$69),24Jy"#$%&'()($*.X46).D6[4$%.C4$'8(4$)y'&8(216yh-hjTy! mR-,-j,-Tn,! ! D3'88'23'&['O!M,!D,O!V'4O!G,!l!X1[$$O!I,!F,!RTTS],!a$%6&)8'$%($*!836!D4$%!4?!P%6$8(?(2'. 8(4$L!F$!P$@6)8(*'8(4$!4?!P8)!M4&&61'86)!FJ4$*!F&8!I#)6#J!I6J<6&),!]-1,*)(!-6!V),C%+; '*:!3!^_O!eg.Sj,! !
  • 73. ! c(86&'8#&@6&56(23$()! 66 D(%%'&O!F,!+--TO!R-,!I'(],!A*2'4%!#$%!U-*!&,-6'+!L-8')(!U%+5-,C'*:!L1,0%/<!W6&?=*<'&! #$86&L!388ALyy&43(8<3'&*'@',8[A6A'%,24Jy96<14*y+--Ty-Sy($)(%6.836.$4$.A&4?(8.)42('1. $6894&0($*.)#&@6[,38J1!mR-,-j,-Tn,! ! D46%6&O!>,!+--+],!U-*;&,-6'+2!-*!PZ!K-5!U-*;&,-6'+!R,:)*'2)+'-*2!),%!`2'*:!+$%!A*+%,*%+! 6-,!=-771*'8)+'-*3!J1*4,)'2'*:3!)*4!=-771*'+/!Q1'(4'*:<!W6&?=*<'&!#$86&L! 388ALyy?(&)8J4$%'[,4&*y())#6)y())#6jÅjy<46%6&y($%6b,38J1!mR-,-j,-Tn,! ! D4&$6J'$$O!C,O!G6$$(*.;3#&'#O!;,!l!G'$)6$O!a,!+--g],!C')!E4$)8&#08!%6&!D65(63#$*). _#'1(8Y8!(J!N6(8'186&!%6)!P$86&$68)!.!:($!W6&*16(23!@4$!P$86&$683'$%61!#$%!)8'8(4$Y&6J! G'$%61,!P$!G,!D'#6&O!I,!76#J'$$!l!F,!U23=16!G&)*,]O![-*217%*+%*0%,+,)1%*<![-*E%.; +%!1*4!H*5%*41*:%*!6I,!%'*!*)8$$)(+':%2![1*4%*9'*41*:27)*):%7%*+!U,!f+h.ffT],! I=$236$L!W'316$,! ! D4#&%(6#O!>,!RThf],!i04$4J()236)!E'A(8'1!.!E#18#&6116)!E'A(8'1!.!U45('16)!E'A(8'1,!P$!V,! E&62061!G&)*,]O!L-E')(%!`*:(%'8$$%'+%*3!+!!U,!Rhf.RTh],!XZ88($*6$L!U45('16!/618,! ! D&#3$O!I,!l!;(1J6)O!Q,!RTTe],!L-8')(!V),C%+'*:Z!P'*2)+E!4%2!V),C%+'*:!6I,!*'8$+!C-77%,; E'%((%!R,:)*'2)+'-*%*,!U8#88*'&8L!E4313'JJ6&,! ! D&#3$O!I,!+--R],!W%()+'-*2$'.!V),C%+'*:<!)2!V)*):%7%*+!0-*![1*4%*9%E'%$1*:%*,! I=$236$L!W'316$!"&'$5,! ! D&#3$O!I,!+--S],!V),C%+'*:!6I,!U-*.,-6'+;R,:)*'2)+'-*%*,!U8#88*'&8L!E4313'JJ6&,! ! D#&23'&%O!G,!+--TO!+e,!IY&5],!/(6!%')!/6<!UA6$%6&!#$%!G(1?)A&4^6086!@6&<($%68<!D%(+! m4$1($6n,!W6&?=*<'&!#$86&L!388ALyy999,9618,%6y96<9618y'&8(216fefSThgy/(6.%')./6<. UA6$%6&.#$%.G(1?)A&4^6086.@6&<($%68,38J1!mR-,-j,-Tn,! ! D#&$688O!E,!RTT+],!W%()+'-*2$'.!61*4,)'2'*:!Z!)!4-*-,;9)2%4!)..,-)8$!+-!+$%!912'*%22!-6! ,)'2'*:!7-*%/,!c4$%4$L!;36!/3(86!c(4$!>&6)),! ! M4$$4&)O!I,!+--j],!P$86*&'8($*!B$1($6!'$%!B??1($6!F28(@(8(6)!84!D#(1%!U8&4$*6&!V61'8(4$. )3(A),!P$!;,!G'&8!G&)*,]O!&%-.(%!+-!.%-.(%!61*4,)'2'*:Z!2-8')(!*%+5-,C'*:!)*4!D%9!F<G! 6-,!8$),'+'%2<!G4<406$L!/(16[,! ! M440O!7,!+--h],!P*+%,.,'2%!F<GZ!$-5!2-8')(!2-6+5),%!5'((!8$)*:%!+$%!61+1,%!-6!5-,C,!F1. %6&)348!m#,',nL!X496&,!
  • 74. ! c(86&'8#&@6&56(23$()! 67 M44A6&O!E,!RTTe],!U-*.,-6'+;V),C%+'*:!0-*!P*+5'8C(1*:2$'(6%;R,:)*'2)+'-*%*,!/(6)<'. %6$L!C6#8)236&!a$(@6&)(8Y8)@6&1'*,! ! M[*'$)0(O!>,!+--h],!U45('16!768596&06!(J!/6<!+,-!z!M3'$26$O!V()(06$!#$%!W6&Y$%6&#$. *6$!?=&!B&*'$()'8(4$6$,!P$!D,!G,!G'))O!;,!E(1('$!l!X,!/'1)3!G&)*,]O!D%9!F<GZ!U%1%!&%,2; .%C+'0%*!6I,!V),C%+'*:!1*4!V%4'%*!U,!f-S.f+e],!D6&1($O!G6(%61<6&*L!UA&($*6&.W6&1'*! D6&1($!G6(%61<6&*,! ! M[*'$)0(O!>,!l!G'))O!D,!G,!+--h],!>486$5('16!)45('16&!768596&06!?=&!a$86&$63J6$,!P$!D,! G,!G'))O!;,!E(1('$!l!X,!/'1)3!G&)*,]O!D%9!F<GZ!U%1%!&%,2.%C+'0%*!6I,!V),C%+'*:!1*4! V%4'%*!U,!R-R.R+R],!D6&1($O!G6(%61<6&*L!UA&($*6&.W6&1'*!D6&1($!G6(%61<6&*,! ! C683O!Q,!/,!@,!+--e],!C6#8)231'$%!($!:#&4A',!:&*6<$())6!%6)!:#&4A6'$!U42('1!U#&@6[! +--+y+--f,!P$!Q,!/,!@,!C683!G&)*,]O!L-E')(%!&),+'E'.)+'-*!U,!+TS.fRS],!/(6)<'%6$L!WU! W6&1'*!?=&!U45('19())6$)23'?86$,! ! C6#8)236&!UA6$%6$&'8!l!X6)611)23'?8!?=&!E4$)#J?4&)23#$*!X?E]!+--h],!L+14'%!Q'()*E! 4%2!K%(6%*2<!W6&?=*<'&!#$86&L!388ALyy999,)A6$%6$&'8,%6y%49$14'%,A3Ad?É2g-<TR?eT! T<S+%e<6%TfS<'<2S6Rg'RR!mR-,-j,+--Tn!,! ! C(116&O!G,!RTTg],!E#$%6$<($%#$*!'1)!I'&068($*5(61,!V),C%+'*:!TJ&!3!ab+]O!hR.Te,! ! CZ<16&O!;,!+--h],!N#J!:($)'85!@4$!U42('1!U4?89'&6!($!a$86&$63J6$!N#J!:($)'85!@4$!U4. 2('1!U4?89'&6!($!a$86&$63J6$,!P$!M,!U86*<'#6&!l!I,!QY2061!G&)*,]O!L-8')(!L-6+5),%Z! J-,7%*!4%,![--.%,)+'-*!'*!8-7.1+%,9)2'%,+%*!U%+E5%,C%*!U,!R+-.Rfg],!/(6)<'%6$L! WU!W6&1'*!?=&!U45('19())6$)23'?86$!y!X/W!"'23@6&1'*6!XJ<GO!/(6)<'%6$,! ! C6#8)236)!N6$8&'1($)8(8#8!?=&!)45('16!"&'*6$!CNP]!+--jO!+j,Q#1(],!P`!6X,4%,+!)+%*9)*C! 6I,!4%*!:%7%'**I+E':%*!L%C+-,<!W6&?=*<'&!#$86&Z!!388ALyy999,%5(,%6y>I+g83Q#1,A%?! mR-,-j,-Tn!,! ! C6#8)236)!N6$8&'1($)8(8#8!?=&!)45('16!"&'*6$!CNP]!+--h],!`UA=PJ!%1+28$()*4!0%,('%,+! 4)2!TA!L.%*4%*;L'%:%(<!W6&?=*<'&!#$86&Z!!999,%5(,%6yCNP.>I.a7PM:"+--+-h,A%?! +-,?6<#&'#&!mR-,-j,-Tn!,! ! :20O!E,!+--j],!=-,.-,)+%!9(-:2Z!`*+%,*%$7%*!'7!R*('*%;')(-:!E17![1*4%*,!N=&(23L! B&611!"=))1(,! !
  • 75. ! c(86&'8#&@6&56(23$()! 68 :(*$6&O!M,O!c6(8$6&O!G,O!7'#)$6&O!>,!l!U23$6(%6&O!a,!+--f],!R*('*%;=-771*'+'%23!D%9(-:2! 1*4!4'%!2-E')(%!WI8C%,-9%,1*:!4%2!U%+E%2,!X&'5L!7'#)$6&!l!7'#)$6&,! ! "'<61O!I,O!U4$$6$)236($O!I,!l!U6)86&O!F,!l,!X416)8'$O!c,!+--h],!=12+-7%,!P*%,:/!#$%! %7.-5%,%4!8-*217%,!'2!,%0-(1+'-*'E'*:!812+-7%,!,%()+'-*2$'.2<!W6&?=*<'&!#$86&L! 388ALyy999,2#)84J6&.6$6&*[,%6y?(16)y%6Å%6yM#)84J6&Å:$6&*[,A%?!mR-,-j,-Tn,! ! "($6O!F,!+--j],!U42('1!M3'$*6!'$%!836!M4$$6286%!F*6,!#$%!A*+%,*)+'-*)(!]-1,*)(!-6!U-+; 6-,;&,-6'+!c)5!3!_+]O!he.hg,! ! "()23O!I,!l!X)236(%16O!M,!+--g],!B$1($6&!+--gL!N9()236$!D&6(8<'$%!#$%!/6<!+,-!z!F#). )8'88#$*!#$%!7#85#$*)($$4@'8(4$,!V%4')!&%,2.%C+'0%*!3!bO!efR.ee-,! ! "()23O!I,!l!X)236(%16O!M,!+--h],!I(8J'23$685!/6<!+,-L!V6*6!D686(1(*#$*!$#&!($!M4JJ#. $(8[),!V%4')!&%,2.%C+'0%*!3!dO!fSg.fge,! ! "()236&O!E,!+---'],!c-$*+!2'8$!R*('*%;J1*4,)'2'*:M!W6&?=*<'&!#$86&L! 999,?#$%&'()($*,%6y24$86$8y4$?#$%y'&23(@y'Å-g--<),38J!mR-,-j,-Tn,! ! "()236&O!E,!+---<],!QLV;L+14'%!FGGGZ!A*+%,*%+!)(2!J1*4,)'2'*:!;!A*2+,17%*+!4%,!T1C1*6+<! W6&?=*<'&!#$86&L!388ALyy999,?#$%&'()($*,%6y24$86$8y4$?#$%y($%6b,38J1d'&23(@y!8Å<)J! Å)8,38JÑ%'8'!mR-,-j,-Tn,! ! "()236&O!E,!+--S'],"#$%&'()($*!_#4!@'%()d!.!;&6$%)!#$%!/'23)8#J)JY&086,!%.4!+]O!!!!!!!!!! Re.Rj,! ! "()236&O!E,!+--g],!:&?41*)?'084&6$!?=&!%')!B$1($6."#$%&'()($*,!P$!D,!G43$!G&)*,]O!!!!!!!!!!!!!!! H,9%'+2918$!J'*)*E%*!6I,!4%*!2-E')(%*!Q%,%'8$<!W6&?=*<'&!#$86&L!!999,<#)($6)). 9())6$,%6y?(16'%J($y%42y"#$%&'()($*C')346?6&"($'$56$,A%?!mR-,-j,-Tn,! ! "()236&O!E,!+--h'],!U8&'86*()236!>1'$#$*!(J!"#$%&'()($*,!P$!I,!y,!"#$%&'()($*.F0'%6J(6! "&'$0?#&8!G&)*,]O!J1*4,)'2'*:Z!K)*4918$!6I,!S,1*4():%*3!L+,)+%:'%*!1*4!V%+$-4%*!U,! +RR.++S],!/(6)<'%6$L!X'<16&,! ! "()236&O!E,!+--h<],!I#18(.M3'$$61!."#$%&'()($*,!P$!I,!y,!"#$%&'()($*.F0'%6J(6!"&'$0?#&8! G&)*,]O!J1*4,)'2'*:Z!K)*4918$!6I,!S,1*4():%*3!L+,)+%:'%*!1*4!V%+$-4%*!U,!SSj.SgT],! /(6)<'%6$L!X'<16&,! !
  • 76. ! c(86&'8#&@6&56(23$()! 69 "&(85O!/,!RTT-],!I'&068($*!z!6($!U231=))61?'084&!%6)!a$86&$63J6$)6&?41*),!V),C%+'*:! TJ&!3!aF+]O!TR.RR-,! ! "&4)8'!D14*,!4,!Q,],!Q(-:;A*6-<!!W6&?=*<'&!#$86&L!!!388ALyy999,?&4)8'<14*,%6y<14*y<14*.($?4! mR-,-j,-Tn,! ! X4%($O!U,!+--g],!J('..'*:!+$%!J1**%(<!S'0%!e-1,!J)*2!+$%!&-5%,!+-!L.%)C!`.<!W6&?=*<'&! #$86&L!!388ALyy)683*4%($,8[A6A'%,24Jy)683)Å<14*y?(16)y?1(AA($*?#$$61>VB,A%?! mR-,-j,-Tn,! ! X&'$4@6886&O!I,!U,!RTjf],!;36!U8&6$*83!4?!/6'0!;(6),!H7%,'8)*!]-1,*)(!-6!L-8'-(-:/3!dbO! Rfg-zRfh-,! ! X&66$A6'26!P$86&$'8(4$'1!+--gO!+g,!U6A86J<6&],!S,%%*!7/!H..(%3!L+%0%<!W6&?=*<'&!#$. 86&L!!!388ALyy999,*&66$A6'26,4&*y($86&$'8(4$'1y$69)y*&66$.J[.'AA16.+g-T-g! mR-,-j,-Tn,! ! X&(??(83O!I,!+--j],!A=#!J-,%2':$+Z!=$),'+)9(%!:'0'*:!)*4!61*4,)'2'*:!'*!)!4':'+)(!5-,(4<!W6&. ?=*<'&!#$86&L!!!388ALyy999,$2@4.@41,4&*,#0yA#<1(2'8(4$)yA#<1(2'8(4$,')Ad(%ÉjShh! mR-,-j,-Tn,! ! G'')O!U,!l,!I(%%61%4&?O!C,!+--j],!D%9!F<G<!Q%:,'6624%6'*'+'-*!1*4!%'*%!H*)(/2%!4%,!H12; 5',C1*:%*!)16!4)2!)((:%7%'*%!V%4'%**1+E1*:20%,$)(+%*<!W6&?=*<'&!#$86&L! 388ALyy999,&6)#18,%6y'))68)yA#<1(2y%42y96<.+,-.)8#%(6Å&6)#18Å)9&Å?6<&#'&Å+--j,A%?! mR-,-j,-Tn,! ! G'(<'23O!I,!+--+],!K)*4918$!J1*4,)'2'*:Z!L.%*4%*3!L.-*2-,'*:3!L+'6+1*:%*!'*!4%,!&,); f'2,!"&'$0?#&8yI'($!m#,',nL!M'JA#).W6&1,! ! G'(<'23O!I,!+--h],!"#$%&'()($*.!C6?($(8(4$6$O!F<*&6$5#$*!#$%!:($4&%$#$*,!P$!"#$%&'(. )($*!F0'%6J(6!G&)*,]O!J1*4,)'2'*:!K)*4918$!6I,!S,1*4():%*3!L+,)+%:'%*!1*4!V%+$-; 4%*3!g!U,!hh.Tf],!/(6)<'%6$L!X'<16&,! ! G'JJ6&'$O!V,!+--j],!P,:%9*'29%,'8$+!E1,!L+14'%!D%9!F<G!1*4!4'%!S%*%,)+'-*!^Gh<!W6&. ?=*<'&!#$86&L!!!388ALyy999,&6)#18,%6y'))68)yA#<1(2y%42y6&*6<$()<6&(238Å5#&Å)8#%(6! Å96<Å+,-Å#$%Å%(6Å*6$6&'8(4$ÅS-,A%?!mR-,-j,-Tn,! !
  • 77. ! c(86&'8#&@6&56(23$()! 70 G'&8O!;,!+--j],!P$8&4%#28(4$,!P$!;,!G'&8!G&)*,]O!&%-.(%!+-!.%-.(%!61*4,)'2'*:Z!2-8')(!*%+; 5-,C'*:!)*4!D%9!F<G!6-,!8$),'+'%2O!U,!b@.b(b],!G4<406$L!/(16[,! ! G'[%4$!+--g],!L%+$!S-4'*!R*!=,%)+'*:!H!U-*;&,-6'+!#$)+B2!W%7),C)9(%<!W6&?=*<'&!#$86&L! 388ALyy^43$3'[%4$,24Jy+--hy-Ty)683.*4%($.4$.2&6'8($*.'.$4$.A&4?(8.83'8). &6J'&0'<16y!mR-,-j,-Tn,! ! GY#)16&O!U,!+--j],!L-E')(%!U%+E5%,C%!'7!A*+%,*%+Z!P*+5'8C(1*:3!J-,7%*!1*4!&-+%*E')(%! E1!C-77%,E'%((%,!U1+E1*:,!U''&<&=206$L!WCIO!W6&1,!C&,!I=116&,! ! G6()86&O!/,!RTTe],!)2!V),C%+'*:!2.%*4%*2)77%(*4%,!R,:)*'2)+'-*%*,!EZ1$L!D486&. J'$$!#$%!D486&J'$$,! ! G6&<)8O!C,!+--h],!L+-,/+%(('*:,!E4$)8'$5L!aWE,! ! G(AAO!V,!+--TO!+S,!I'(],!R.%*!=)7.)':*'*:!;!.-5%,%4!9/!S,%%*.%)8%!W(%64!@4$!%6&! 76b8!M4$?6&6$26!]<!W6&?=*<'&!#$86&L!!388ALyy<14*,*&66$'28(4$,%6ydAÉ+j!mR-,-j,-Tn,! ! G43$O!D,!+--R],!A*+%,*%+;V),C%+'*:,!/(6)<'%6$L!C6#8)236&!a$(@6&)(8Y8)@6&1'*,! ! G4J<#&*O!M,!l!D&#3$O!I,!+---],!E#$%6$<($%#$*)J'$'*6J6$8.!:($6!:($?=3&#$*,!P$!I,! D&#3$!l!M,!G4J<#&*!G&)*,]O!K)*4918$![1*4%*9'*41*:27)*):%7%*+Z!S,1*4():%*; [-*E%.+%;P,6)$,1*:%*<!/(6)<'%6$L!X'<16&!W6&1'*,! ! G489(&6!l!PA)4)!+--gO!Rf,!74@6J<6&],!K-+5',%!A.2-2!L+14'%Z!Q(-:2!9%%'*6(122%*![)16; %*+28$%'41*:%*,!W6&?=*<'&!#$86&L!388ALyy0$4916%*626$86&,(A)4),%6y%49$14'%)! yE$4916%*6M6$86&ygj"gDRMe.MMeF.egfg.FTeh.Rhg-MDjF--DRy>P.G489(&6Ö! +-P>UBUÅD14*)Ö+-<66($?1#))6$Ö+-E'#?6$8)236(%#$*6$Ö+-74@.+-S,A%?!mR-,-j,-Tn,! ! G#<6&O!I,!+--h],![-771*'C)+'-*!'7!D%9!F<G,!E4$)8'$5L!aWE!W6&1,.X6),! ! G#*36)O!U,O!c($241$O!U,!l,!U'b84$O!Q,!+--h],!&)22'-*3!.%,2'2+%*8%3!)*4!.),+*%,2$'.Z!+$%! 2%8,%+2!-6!%),*'*:!7-,%!-*('*%<!W6&?=*<'&!#$86&L!388ALyy999,J())(4$?()3,4&*,#0! y%49$14'%)yA%?y>>>Å&6)6'&23Å?#11V6A4&8,A%?!mR-,-j,-Tn,! ! Q'&(85O!U,!+--h],![1*4%*9'*41*:!1*4!A*0-(0%7%*+Z!P'*%!%7.','28$%!H*)(/2%!1*+%,!9%; 2-*4%,%,!Q%,I8C2'8$+':1*:!0-*!c-5!A*0-(0%7%*+,!/(6)<'%6$L!X'<16&!W6&1'*,!
  • 78. ! c(86&'8#&@6&56(23$()! 71 Q4<)O!U,!+--jO!I'(],!H!S,%%*%,!H..(%<!W6&?=*<'&!#$86&L! 388ALyy999,'AA16,24Jy348$69)y'*&66$6&'AA16y!mR-,-j,-Tn,! ! E'$86&O!D,!+--TO!+S,!Q'$#'&],!#5%2+'0)(Z!K%,%!=-7%2!P0%,/-*%!#-!W)'2%!V-*%/!R*!#5'+; +%,!6-,!=$),'+/ZD)+%,<!N%&?=*<'&!#$86&L!388ALyy<683,8[A6A'%,24Jy<683)Å<14*y+--Ty-R! y896)8(@'1.36&6,38J1!mR-,-j,-Tn,! ! E'$86&O!D,!+--h<O!R,!B084<6&],!K-5!V18$!#'7%!-%2!A+!#)C%!#-!-!L-8')(!V%4')M!W6&. ?=*<'&!#$86&L!388ALyy<683,8[A6A'%,24Jy<683)Å<14*y+--hyR-y349.J#23.8(J6.%,38J1! mR-,-j,-Tn,! ! E'$86&O!D,!+--h'O!RS,!C656J<6&],!=-(()9-,)+'0%!&).%,Z!D$)+!+-!4-!'*!+$%!*-*.,-6'+!2%8; +-,!+-!-662%+!+$%!%8-*-7'8!8,'2'2<!W6&?=*<'&!#$86&L!388ALyy<683,8[A6A'%,24Jy<683)Å<14*! y+--hyR+y2411'<4&'8(@6.A'A6&.93'8.84.%4.($.836.$4$A&4?(8.)6284&.84.4??)68.836. 624$4J(2.2&')3.38J1!mR-,-j,-Tn,! ! E611[O!E,!RTTh],!P66%8+'0%!J1*4;W)'2'*:!V)*):%7%*+,!c4$%4$L!c'9&6$26!:&1<'#J!F))4. 2('86),! ! E(1('$O!;,O!G'))O!D,!G,!l!/'1)3O!X,!+--h],!X&#$%1'*6$!%6)!/6<!+,-,!P$!D,!G,!G'))O!;,!E(1(. '$!l!X,!/'1)3!G&)*,]O!D%9!F<GZ!U%1%!&%,2.%C+'0%*!6I,!V),C%+'*:!1*4!V%4'%*!iU,!e.RT],! D6&1($O!G6(%61<6&*L!UA&($*6&.W6&1'*!D6&1($!G6(%61<6&*,! ! E$'AA6O!I,!l!E&'201'#6&O!F,!+--j],!N%,C)1628$)*8%!D%9!F<GZ!')(-:%!6X,4%,*3!H92O+E%! 2+%':%,*3!*%1%!VO,C+%!%,28$('%j%*<!/(6)<'%6$L!X'<16&!W6&1'*,! ! E423O!I,!l!V(2386&O!F,!+--j],!P*+%,.,'2%!F<GZ!&()*1*:3!P'*6I$,1*:!1*4!%,6-(:,%'8$%,!P'*; 2)+E!0-*!L-8')(!L-6+5),%!'*!`*+%,*%$7%*,!I=$236$!m#,',nL!B1%6$<4#&*,! ! E4816&O!>,!l!c6@[O!U,!RTgT],!D&4'%6$($*!836!M4$26A8!4?!I'&068($*,!]-1,*)(!-6!V),C%+'*:! R]O!R-.RS,! ! E45(41O!E,O!>?Z&8)23O!/,!F,O!G6(1O!U,!l!F1<&6238O!E,!+--g],!L-8')(!V),C%+'*:Z!%,6-(:,%'8$%! V),C%+'*:C-*E%.+%!6I,!U-*;&,-6'+;R,:)*'2)+'-*%*,!U8#88*'&8L!U23Y??6&.>46)2361,! ! E&46<6&.V(61O!/,!l!/6($<6&*O!>,!RTTT],![-*217%*+%*0%,$)(+%*,!I=$236$L!W'316$,! !
  • 79. ! c(86&'8#&@6&56(23$()! 72 c'$*6O!M,!+--g],!D%9!F<G!E17!V'+7)8$%*<!'%!9%('%9+%2+%*!H*5%*41*:%*,!W6&?=*<'&! #$86&L!388ALyy999,4&6(11[,%6y84A(2)y96<+-Å'<4#8,38J1!mR-,-j,-Tn,! ! c6'J'$O!V,!+--TO!f-,!Q'$#'&],!J)8%9--C!&,-6'(%2!)*4!&):%2!)*4!S,-1.23!-$!7/k!W6&?=*. <'&!#$86&L!388ALyy999,9(1%'A&(248,24Jy<14*)y$69)<14*y'&23(@6y+--Ty-Ryf-y!?'26. <440.A&4?(16).'$%.A'*6).'$%.*&4#A).43.J[,')Ab!mR-,-j,-Tn,! ! c(O!M,!l!D6&$4??O!Q,!+--h],!S,-1*425%((Z!D'**'*:!'*!)!5-,(4!+,)*26-,7%4!9/!2-8')(!+%8$; *-(-:'%2,!D4)84$O!I')),L!G'&@'&%!D#)($6))!U23441!>&6)),! ! c(O!M,!+--jO!+f,!FA&(1],!J-,,%2+%,B2!*%5!L-8')(!#%8$*-:,).$'82!,%.-,+<!W6&?=&*<'&!#$86&L! 388ALyy<14*),?4&&6)86&,24Jy*&4#$%)9611y+--jy-ey?4&&6)86&)Å$69Å,38J1!mR-,-j,-Tn,! ! c4@6O!U,!l!V6'&%4$O!U,!+--S],!P$8&4%#28(4$!84!D#(1%($*!'$!P$86*&'86%!"#$%&'()($*!U8&'8. 6*[,!P$!;,!G'&8O!Q,!I,!X&66$?(61%!l!I,!/,!Q43$)84$!G&)*,]O!U-*.,-6'+!'*+%,*%+!2+,)+%:'%2Z! 9%2+!.,)8+'8%2!6-,!7),C%+'*:3!8-771*'8)+'-*23!)*4!61*4,)'2'*:!2188%22!U,!Rg+.Rjg],! G4<406$O!7QL!/(16[,! ! c#3J'$$O!7,!RTjf],!N%,+,)1%*<!P'*!V%8$)*'2712!4%,!W%41C+'-*!2-E')(%,![-7.(%f'+O+,! U8#88*'&8L!:$06,! ! c#836O!C,!RTTj],!J1*4,)'2'*:!)(2!9%E'%$1*:2-,'%*+'%,+%2!V),C%+'*:!l!P*+5'8C(1*:2)16:); 9%*!6I,!U-*.,-6'+;R,:)*'2)+'-*%*,!F#*)<#&*L!I'&4!W6&1'*,! ! c/D!D14*)!4,!Q,],!W6&?=*<'&!#$86&L!!388ALyy999,14@69(834#8<4#$%'&(6),24Jy<14*),2?J! mR-,-j,-Tn,! ! I'2c'#*31($O!U,!V,!+--j],!;36!M3'$*($*!7'8#&6!4?!M4JJ#$(8[L!c6@6&'*($*!836!P$86&$68! 84!D#(1%!V61'8(4$)3(A)!'$%!:bA'$%!836!V6'23!4?!~4#&!B&*'$()'8(4$,!P$!;,!G'&8!G&)*,]O! &%-.(%!+-!.%-.(%!61*4,)'2'*:Z!2-8')(!*%+5-,C'*:!)*4!D%9!F<G!6-,!8$),'+'%2!U,!f.RT!f. RT],!G4<406$L!/(16[,! ! I2E($)6[!+--hO!+f,!C656J<6&],!L.%*4%*)16C-77%*!'*!%1+28$()*4!(O22+!2'8$!17!^G! &,-E%*+!%,$X$%*<!W6&?=*<'&!#$86&L!388ALyy999,&6*()86&4$1($6,%6y'&23(@yC6?'#18,')Ad! <(%ÉRfR+!mR-,-j,-Tn,! ! I6'%49).E1#6O!C,!+--j],!"'11($*!($!c4@6!+,-L!V61'8(4$)3(A!J'&068($*!?4&!836!"'26<440! *6$6&'8(4$,!]-1,*)(!-6!',%8+3!)+)!)*4!':'+)(!VC+:!&,)8+'8%!3!_f]O!+eS.+S-,!
  • 80. ! c(86&'8#&@6&56(23$()! 73 I62061O!I,!+--g],!/(&!)($%!%')!/6<Ü!V),C%+'*:!]-1,*)(3!L-*4%,$%6+!D%9!F<GO!h.T,! ! I=116&16(16O!M,!+--R],!X61%!'#)!%6&!U8620%4)6L!B$1($6."#$%&'()($*!3'8!N#0#$?8,!L+'6+1*:!m! L.-*2-,'*:!f]O!fR.ff,! ! 7Y3&1(23O!U,!RTTh],!A**%,9%+,'%9('8$%!W%6-,7%*!'*!U-*.,-6'+;R,:)*'2)+'-*%*!l!)2!%1+; 28$%!W-+%![,%1E!'7!V-4%,*'2'%,1*:2.,-E%22,!/(6)<'%6$L!WU!W6&1'*,!! ! 76894&0!?4&!X44%!+--h],!H**1)(!W%.-,+,!W6&?=*<'&!#$86&L!388ALyy999,$6894&0?4&*44%,! 4&*y!%49$14'%)yA%?y>&6))y7"XÅF$$#'1ÅV6A4&8Å+--h,A%?!mR-,-j,-Tn,! ! 7(6%6&J'(6&O!G,!+--h],!EZ$$6$!($86&'08(@6!I6%(6$!i??6$81(2306(8!36&)86116$d!N#J!>4. 86$5('1!Z??6$81(236&!E44A6&'8(4$!(J!P$86&$68,!P$!M,!U86*<'#6&!l!I,!QY2061!G&)*,]O!L-8')(! L-6+5),%Z!J-,7%*!4%,![--.%,)+'-*!'*!8-7.1+%,9)2'%,+%*!U%+E5%,C%*!U,!eT.gT],!/(6). <'%6$L!WU!W6&1'*,! ! 7(61)6$!B$1($6!+--T],!S(-9)(!J)8%2!)*4!U%+5-,C%4!&()8%2<!W6&?=*<'&!#$86&L! <14*,$(61)6$,24Jy$(61)6$9(&6y9A.24$86$8y#A14'%)y+--Ty-fy$(61)6$Å*14<'1?'26)Å! J'&-T,A%?!mR-,-j,-Tn,! ! 7;:7!+--T],!U-*.,-6'+!L-8')(!U%+5-,C!L1,0%/!W%.-,+<!W6&?=*<'&!#$86&L! 388ALyy999,$4$A&4?(8)42('1$6894&0)#&@6[,24Jy%49$14'%,A3A!mR-,-j,-Tn,! ! BrV6(11[O!;,!+--S],!D)$+!'2!+$%!D%9!F<GM<!W6&?=*<'&!#$86&L! 388ALyy999,4&6(11[,%6y'&8(061y96<+-,38J1!mR-,-j,-Tn,! ! >'8411'O!D,!+--S],!J1*4,)'2'*:!'7!A*+%,*%+<!&-+%*+')(%3!A*$)(+%3!L.%*4%,5I*28$%,!F#*). <#&*L!I'&4!W6&1'*,! ! >(8J'$O!I,!+--hO!g,!C656J<6&],!#5'++%,!6-,!U-*.,-6'+2!)*4!J1*4,)'2'*:<!W6&?=*<'&!#$86&L! 388ALyy?#$%&'()($*24'23,24Jy'&8(216)y89(886&.?4&.$4$A&4?(8).'$%.?#$%&'()($*y!!! mR-,-j,-Tn,! ! >&(269'86&34#)6M44A6&)!>9M]!+--h],!A*6-,7)+'-*29%4),6!1*4!N%,+,)1%*!.,'0)+%,!L.%*; 4%,<!W6&?=*<'&!#$86&L!!388ALyy999,)8(?8#$*.)A4$)4&($*,%6y#A14'%)yÅA%?yU8#%(6Å!>&(@'. 86Ö+-UA6$%6&Å+--h.R,A%?!mR-,-j,-Tn,! !
  • 81. ! c(86&'8#&@6&56(23$()! 74 >&(116&O!:,!l!U4JJ6&?61%O!Q,!+--S],!D%,!2.%*4%+!'*!%1+28$()*4M!P'*%!2-E')(2+,1C+1,%((%! H*)(/2%3!/ND!C()2#))(4$!>'A6&O!D6&1($,!! ! >&(116&O!:,!l!N(JJ6&O!F,!+--h'],!X6)611)23'?81(236!#$%!A41(8()236!D6%6#8#$*!%6)!74$A&4. ?(8.!U6084&),!P$!"#$%&'()($*!F0'%6J(6!G&)*,]O!J1*4,)'2'*:!K)*4918$!6I,!S,1*4():%*3! L+,)+%:'%*!1*4!V%+$-4%*3!g!U,!Sg.gS],!/(6)<'%6$L!X'<16&,! ! >&(116&O!:,!l!N(JJ6&O!F,!+--h<],!C6&!74$A&4?(8!.U6084&!4%6&!C&(886!U6084&!($!C6#8)231'$%,! P$!I,!y,!"#$%&'()($*.F0'%6J(6!"&'$0?#&8!G&)*,]O!J1*4,)'2'*:Z!K)*4918$!6I,!S,1*4(); :%*3!L+,)+%:'%*!1*4!V%+$-4%*<!/(6)<'%6$L!X'<16&,! ! >&(116&O!:,!+--j],!UA6$%6$!($!74$A&4?(8.B&*'$()'8(4$6$L!I'&08!4%6&!X6)8'18#$*)616J6$8! %6&!N(@(1*6)611)23'?8,!P$!D,!G61J(*O!V,!>#&8)236&O!V,!U23'#6&!l!C,!/(88!G&)*,]O!U-*.,-6'+; R,:)*'2)+'-*%*!1*4!VO,C+%<!d<!A*+%,*)+'-*)(%2!=-((-n1'17!4%,!U&R;J-,28$%,!'7!VO,E! FGGo!)*!4%,!`*'0%,2'+O+!J,%'91,:pL8$5%'E!U,!TS.R-T],! ! >#&8)236&8O!V,!+--S],!V),C%+'*:!6I,!N%,9O*4%!1*4!5%'+%,%!U-*.,-6'+;R,:)*'2)+'-*%*,! D6&$L!G'#A8!W6&1'*,! ! V'??{6O!G,O!/(6%J'$$O!E,!l!F<61O!D,!RThf],!U45(4.I'&068($*,!P$!I,!P&16!G&)*,]O!K)*4918$! 4%,!&2/8$-(-:'%O!+,!G'1<<'$%!U,!gjS.jgh],!!XZ88($*6$!m#,',nL!G4*&6?6,!! ! V6()6&O!D,!+--hO!g,!74@6J<6&],!U&R;Q(-:.),)4%Z!J'*)*EC,'2%!1*4!4'%!J-(:%*!6I,!U-*.,-; 6'+2<!W6&?=*<'&!#$86&L!!!388ALyy<14*,$4$A&4?(8).@6&$6858,%6y($%6b,A3Ay$A4.<14*A'&'%6. ?($'$50&()6.#$%.%(6.?41*6$.?#&.$4$A&4?(8)y!mR-,-j,-Tn,! ! V6()6&O!D,!+--T'],!L-8')(!V%4')!1*4!4'%!QI,:%,:%2%((28$)6+!l!5'%!CX**%*!:%7%'**I+E':%! R,:)*'2)+'-*%*!0-7!V'+7)8$;A*+%,*%+!.,-6'+'%,%*M!W6&?=*<'&!#$86&L!!<.<.6,%6y#A14'%)! yJ6%('y$1-+Å&6()6&,A%?!mR-,-j,-Tn,! ! V6()6&O!D,!+--T<O!RT,!Q'$#'&],!D%9!F<G!1*4!4)2!TX:%,*!:%7%'**I+E':%,!R,:)*'2)+'-*%*<! W6&?=*<'&!#$86&L!!!388ALyy<14*,$4$A&4?(8).@6&$6858,%6y($%6b,A3Ay96<.+-.#$%.%').54*6&$. *6J6($$#85(*6&.4&*'$()'8(4$6$y!mR-,-j,-Tn,! ! U'1'J4$O!c,!l!F$36(6&O!G,!E,!RTTT],!%,!,'++%!L%C+-,<!HC+1%((%!'*+%,*)+'-*)(%!#,%*42;! P'*%!T12)77%*6)221*:<!X=86&)143L!E'()6&,!! ! U'$%6&)O!X,!+--j],!J1*4,)'2'*:Z!4'%!9%E'%$1*:2-,'%*+'%,+%!V%+$-4%,!F))6$L!@'$!X4&2#J,!
  • 82. ! c(86&'8#&@6&56(23$()! 75 U236(<6.Q'6*6&O!F,!+--f],!"#$%&'()($*!'1)!I'$'*6J6$8'#?*'<6,!P$!"#$%&'()($*!F0'%6. J(6!G&)*,]O!J1*4,)'2'*:!K)*4918$!6I,!S,1*4():%*3!L+,)+%:'%*!1*4!V%+$-4%*3!g!U,! f+S.ffe],!/(6)<'%6$L!X'<16&,! ! U236#23O!",!+--j],!I'&068($*!?=&!7>B),!P$!M,!D'%618!l!I,!l,!U,!V,!I6[6&!G&)*,]O!K)*4; 918$!4%,!U-*.,-6'+!R,:)*'2)+'-*<!L+,1C+1,%*!1*4!V)*):%7%*+!U,!+Sh.+jf],!U8#88*'&8L! U23Y??6&.>46)2361!W6&1'*,! ! U23J(%8O!Q,!+--g'],!U42('1!U4?89'&6L!!B$1($6*6)8=8586)!P$?4&J'8(4$).O!P%6$8(8Y8).!#$%!D6. 5(63#$*)J'$'*6J6$8,!J-,28$1*:2q-1,*)(!U%1%!L-E')(%!Q%5%:1*:%*!3!FO!fj.eg,! ! U23J(%8O!U,!+--h],!'%!Q%4%1+1*:!4%2!A*+%,*%+2!'7!`L;&,O2'4%*+28$)6+25)$(C)7.6! FGGb<!W6&?=*<'&!#$86&L!999,<#$%6)8'*,%6y9())6$y'$'1[)6$y+--Ty($86&$68Å(JÅ#). 9'310'JA?,A%?!mR-,-j,-Tn,! ! U23J(%8O!G,!+--TO!+-,!FA&(1],!X44*16!#$%!/6<!+,-!8&6(<6$!01'))()236!>4&8'16!($!%(6!:$*6<! JHT!m4$1($6n,!W6&?=*<'&!#$86&L!!388ALyy?'5.24JJ#$(8[,?'5,$68yReeTSyA&($8,')Ab! mR-,-j,-Tn,! ! U23J(85O!U,!l!G=$%*6$O!X,!+--S],!V61'8(4$)3(A!"#$%&'()($*L!UA6$%6&<($%#$*!%#&23!D6. 5(63#$*)'#?<'#,!P$!D,!G43$!G&)*,]O!H,9%'+2$)*4918$!J'*)*E%*!6I,!4%*!2-E')(%*!Q%,%'8$! G'J<#&*L!W6&1'*!C')3Z?6&,! ! U23$6(%6&O!/,!RTTg],!'%!HCn1'2'+'-*!0-*!L.%*4%*!)(2!%'*%!E%*+,)(%!K%,)126-,4%,1*:!6I,! 4)2!V),C%+'*:,!D6&1($L!C#$206&!l!G#J<148,! ! U23#15O!c,!+--f],!I48(@'8(4$!#$%!UA6$%6$@6&3'186$!@4$!:($561A6&)4$6$!#$%!X&#AA6$,!P$! "#$%&'()($*!F0'%6J(6!G&)*,]O!J1*4,)'2'*:<!K)*4918$!6I,!S,1*4():%*3!L+,)+%:'%*!1*4! A*2+,17%*+%!U,!eeR.eSR],!/(6)<'%6$L!X'<16&,! ! U23#J'236&O!G,!l!U'15O!Q,!+--hO!RT,!"6<#&'&],!UA6$%6$!6($8&6(<6$!()8!1Y$*)8!6($!X6. )23Y?8!?=&!>&4?(),!D',+28$)6+2D-8$%!m4$1($6n,!W6&?=*<'&!#$86&L!!388ALyy999,9(94,%6y!#$. 86&$63J6&.J'6&086y)A6$%6$.6($8&6(<6$.()8.1'6$*)8.6($.*6)23'6?8.?#6&.A&4?().+gSTeey! mR-,-j,-Tn,! ! U239'&85O!7,!+--TO!RR,!Q#$(],!J',2+!L+%.2!'*!D-,C'*:!L-8')(!V%4')!6-,!e-1,!R,:Z!W%.-,+! 6,-7!U-,6-(C<!W6&?=*<'&!#$86&L!!388ALyy999,*688($*'886$8(4$,4&*yJ[Å96<14*y!)42(. '1Å$6894&0($*y!mR-,-j,-Tn,!
  • 83. ! c(86&'8#&@6&56(23$()! 76 U239'&5O!>,!RTT+],!V)*):%7%*+!'*!U-*.,-6'+!R,:)*'2)+'-*%*,!D6&$L!G'#A8,!! ! U6[?6&OU,!+--gO!+S,!F#*#)8],!F$*)8!@4&!%6&!C4824J.D1')6,!J-812!m4$1($6n,!W6&?=*<'&!#$. 86&L!n388ALyy999,?42#),%6y%(*(8'1y($86&$68y96<.+.-Å'(%ÅRRe+hf,38J1!mR-,-j,-Tn,! ! U42('1D14**6&!4,!Q,!],!W6&?=*<'&!#$86&L!388ALyy)42('1'28(4$+-,94&%A&6)),24Jy!mR-,-j,-Tn,! ! U8'$%!#A!84!2'$26&!+--h'],!S%+!A*0-(0%4<!H9-1+!#%)72<!W6&?=*<'&!#$86&L! 388ALyy999,)8'$%#A+2'$26&,4&*y86'J)!mR-,-j,-Tn,! ! U8'$%!aA!;4!M'$26&!+--h<],!=)(('*:!)((!L`F=!#%)7!=).+)'*23!*%5!)*4!-(4k<!W6&?=*<'&! #$86&L!388ALyy)#+2,)8'$%#A+2'$26&,4&*y$4%6yf+j+!mR-,-j,-Tn,! ! U8($6&O!F,!+--h],!U-*.,-6'+!F<G<!W6&?=*<'&!#$86&L!388ALyy999,)2&(<%,24Jy%42! yjjTSRRRy74$A&4?(8.+-.D14*).4$1($6.@(%64).'$%."'26<440.84.A&4J486.[4#&.J())(4$! mR-,-j,-Tn,! ! U5#*'8O!I,!+--g],!L-8')(!L-6+5),%!;!Q(-:23!D'C'2!m!=-,!>'%6<4&$L!:$89(2016&!>&6)),! ! ;7U!P$?&'86)8!+--jO!e,!FA&(1],!,%'!0-*!E%$*!P1,-.O%,*!(%'2+%*!%$,%*)7+('8$%!H,9%'+<!W6&. ?=*<'&!#$86&L!388ALyy999,8$).($?&'86)8,24JyA&6))6yA&6))6($?4&J'8(4$,!')AdA&PCÉSRh! mR-,-j,-Tn,! ! ;7U!P$?&'86)8!+--h],!ag!])$,%!4%1+28$%,!L.%*4%*7-*'+-,<!J)C+%*!1*4!#,%*42!'7!T%'+; 0%,()16<!W6&?=*<'&!#$86&L!$++.Zpp555<+*2;'*6,)+%2+<8-7p7),C%+'*:r+--(2p.46p2-8')(r! 7),C%+'*:!pagr])$,%r%1+28$%,rL.%*4%*7-*'+-,<.46!mR-,-j,-Tn,! ! a&)61J'$$O!I,!RTTh],!J1*4,)'2'*:Z!%,6-(:,%'8$%!L+,)+%:'%*!6I$,%*4%,!U-*.,-6'+; R,:)*'2)+'-*%*,!D6&$!m#,',nL!G'#A8,! ! a&)61J'$$O!I,!+--g],!P,6-(:26)C+-,%*!'7!J1*4,)'2'*:!0-*!U-*.,-6'+;R,:)*'2)+'-*%*,! /(6)<'%6$L!C8,!a$(@,.W6&1,!m#,',n,! ! W'$!:(J6&6$O!D,!l!"&66)O!D,!+--h],!:&*6<$())6!%6&!FVCyNC".B$1($6)8#%(6!+--h!P$86&. $68@6&<&6(8#$*L!X&Z`86&!N#9'23)!<6(!U(1@6&.U#&?6&$<!V%4')!&%,2.%C+'0%*3!d3!ff-.fee,!! !
  • 84. ! c(86&'8#&@6&56(23$()! 77 /($86&O!M,!+--g],!;PI:.E4$@6&*6$5!'1)!G6&'#)?4&%6&#$*!?=&!I'$'*6J6$8!#$%!I6%(6$. 6$89(201#$*!.!:($16(8#$*,!P$!I,!E'&J')($!l!M,!/($86&!G&)*,]O![-*0%,:%*E7)*):%7%*+! 1*4!V%4'%*5',+28$)6+!U,!Rf.SS],!>'%6<4&$L!a8<,! ! N(JJ6&O!F,!l!>&(116&O!:,!+--j],!S%7%'**I+E':%!R,:)*'2)+'-*%*!'7!:%2%((28$)6+('8$%*! D)*4%(Z!P,:%9*'22%!4%,!,'++%;L%C+-,;J-,28$1*:<!/(6)<'%6$L!WU!W6&1,!?=&!U45('19()),! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !
  • 85. ! F$3'$*! 78 F7GF7X! F$3'$*!RL!W4&.!#$%!7'2386(16!@4$!@(6&!UA6$%6&8[A6$! UA6$%6&8[A! W4&86(16! 7'2386(16! ! ! ! >&(@'86!UA6$. E6($6!:($)23&Y$0#$*6$!<6(!%6&!UA6$. X&4`6&!F#?9'$%!?=&!:&)8.!#$%! %6&! %6$$#85#$*!! "41*6)A6$%6$! ! G436!P%6$8(?(0'8(4$!J(8!%6&!B&*'$()'8(4$! G436&!UA6$%6$9688<696&<! ! IZ*1(2306(8!5#&!:($<($%#$*!($!"&6(9(11(. E16($6!UA6$%6$<68&Y*6! ! *6$'&<6(8! ! ! GY#?(*!04$8($#(6&1(236!N#96$%#$*6$! ! ! P$)*6)'J8!*&4`6)!W41#J6$! ! ! ! a$86&$63J6$! GZ36&6!:($561)A6$%6$! U239(6&(*6&!:&)804$8'08! GY#?(*!1'$*?&()8(*6)!UA6$%6$6$*'*6. GY#?(*6!"1#08#'8(4$!%6&!3'$%61$. ! J6$8! %6$!>6&)4$6$! ! ! ! >&4?6))(4$6116)!I'$'*6J6$8! :@6$8#611!:($?1#))$'3J6!#$%! ! D6&6(8)23'?8!5#&!a$86&)8=85#$*!($$4@'8(. E4$8&4116! @6&!>&4^6086! ! U8(?8#$*6$! U23$6116!V6'08(4$)*6)239($%(*06(8! ! ! ! ! ! ! ! ! X&4`6!UA6$%6$@41#J($'! X6&($*6!>1'$<'&06(8!%6&!:($0=$?86! U8''81(236! P$)8(8#8(4$6$! >&4?6))(4$6116!F<9(201#$*! W6&Y$%6&<'&06(8!%6&!A41(8()236$! ! V'3J6$<6%($*#$*6$! :($?1#))$'3J6! ! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!D&[26O!RTT+O!U,!ffS! ! ! F$3'$*!+L!UA6$%6$_#486$!(J!N6(8@6&1'#?!RTTg.+--h! ! v#6116L!Re!Q'3&6!%6#8)236&!UA6$%6$J4$(84&O!;7U!P$?&'86)8O!+--hO!!U,!f! D')()L!D#$%6)<6@Z106&#$*!'<!Re! !
  • 86. ! F$3'$*! 79 F$3'$*!fL!C6?($(8(4$6$!%6&!J6()8!<6$#8586$!U42('1!U4?89'&6! ! U42('1!U4?89'&6! D6)23&6(<#$*! D6()A(616! ! ! ! /6<14*!0#&5!D14*]! :($! ! %(*(8'16)! ;'*6<#23O! %')! D6(8&Y*6! ($! #J*6063&8! 23&4$4. ! ! 14*()236&! V6(36$?41*6! 6$83Y18! ! #$%! %(6! IZ*1(2306(8! <(6868O! J(8! ! '$%6&6$!D14*)!5#!@6&1($06$!#$%! ! E4JJ6$8'&6! @4$! 7#856&$! 6($. ! 5#3416$! ! ! ! >4%2')8yW4%2')8! :($6! F#%(4.! 4%6&! W(%64%'86(O! %(6!=<6&!%')!P$86&$68!@6&<&6(868! 9(&%!#$%!@4$!%6$!P$86&6))6$86$! '1)! &6*61JY`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a)6&!J(8!6($6J! ! ! %(*(8'16$! >&4?(1! A&Y)6$8(6&6$! #$%! @(61?Y18(*6! "#$08(4$6$! 5#&! W6&$685#$*O! E4$8'08A?16*6! #$%! ! E4JJ#$(0'8(4$! J(8! '$%6&6$! I(8*1(6%6&$!$#856$!0'$$! ! v#6116L!6(*6$6!C'&)8611#$*!($!F$1,!'$!F1<[O!+--jo!"()23!l!X)236(%16O!+--ho!G#<6&O!+--h! ! ! ! !
  • 87. ! F$3'$*! 80 F$3'$*!eL!P$86&$'8(4$'16&!W6&*16(23!%6&!7#85#$*!@4$!HI6J<6&!M4JJ#$(8(6)K!! ! v#6116L!7(61)6$!B$1($6!U8#%(6!HX14<'1!"'26)!'$%!76894&06%!>1'26)KO!+--TO!U,!+! ! ! F$3'$*!SL!U42('1!;623$4*&'A3(2)!>&4?(16!?=&!C6#8)231'$%!+--h! ! v#6116L!6(*6$6!C'&)8611#$*!6&)86118!J(83(1?6!@4$!M4$)#J6&!>&4?(16!;441O!@6&?=*<'&!#$86&! 999,?4&&6)86&,24JyX&4#$%)9611yA&4?(16Å8441,38J1]!
  • 88. ! F$3'$*! 81 F$3'$*!gL!C')!U0'$%'1.W(%64!KE&[A84$(86!:@41#8(4$!+---!a.c420!3'206%!<[!'!D(2!A6$p! ! v#6116L!999,6$*'%*68,24Jy+--ey-TyRey0&[A84$(86.6@41#8(4$.+---.#.1420.3'206%.<[.'.<(2.A6$yf! ! ! F$3'$*!jL!HF08(4$!a96K!(J!D14*!@4$!B16!U6(%6$<6&*! ! v#6116L!388ALyy)42('1'28(4$+-,94&%A&6)),24Jy'08(4$.#96! ! ! !
  • 89. ! F$3'$*! 82 F$3'$*!hL!"&4)8'!D14*!! ! v#6116L!388ALyy999,?&4)8'<14*,%6y<14*y! ! ! F$3'$*!TL!c4@6!/(834#8!D4#$%'&(6).D14*! ! v#6116L!388ALyy19<<14*,24JydAÉSj- ! ! ! !
  • 90. ! F$3'$*! 83 F$3'$*!R-L!>4%2')8!@4$!UBU.E($%6&%Z&?6&$! !! v#6116L!388ALyy999,)4).0($%6&%46&?6&,%6y($?4&J'8(4$6$y'08#6116)y'#%(4y>'*6)y%6?'#18,')Ab! ! ! F$3'$*!RRL!/4&%.4?.I4#83!U8&'86*(6!%6&!7>B!V'26!?4&!c(?6!! ! v#6116L!388ALyy999,&'26?4&1(?6,4&*y24JJ#$(8[y8'10.'<4#8.&'26.?4&.1(?6,')Ab! ! !
  • 91. ! F$3'$*! 84 F$3'$*!R+L!KF!c(?6!4?!X(@($*p!z!D14*!%6&!7>B!c4@6!/(834#8!D4#$%'&(6)! ! v#6116L!388ALyy999,1(?64?*(@($*,<14*)A48,24J ! ! F$3'$*!RfL!U#236&*6<$())6!5#&!7>B!a7PM:"!<6(J!I(2&4.D14**($*.C(6$)8!;9(886&! ! v#6116L!388ALyy)6'&23,89(886&,24Jy)6'&23d_É#$(26?! ! ! !
  • 92. ! F$3'$*! 85 F$3'$*!ReL!"1(20&.E'JA'*$6!HV6'23($*!?4&!'!U8'&K! ! v#6116L!388ALyy999,?1(20&,24JyA3484)y<6(^'.?14&yf+j-eSTTTRy($yA441.3#JJ($*<(&%ÅbJ')Å+--g ! ! F$3'$*!RSL!I(2&4)(86!%6&!E'JA'*$6!HU23$6116!G(1?6!9(&08K! ! v#6116L!388ALyy999,)23$61163(1?69(&08,'8y)3'&6,38J1á%4$'86! !
  • 93. ! F$3'$*! 86 F$3'$*!RgL!X'116&(6!@4$!$#856&*6$(6&86$!C6)(*$)!%6&!HX&66$!I[!FAA16K.!E'JA'*$6! ! v#6116L!388ALyy999,*&66$J['AA16,4&*yA&42&6'86.)#<J())(4$)! ! ! F$3'$*!RjL!:($!$#856&*6$6&(6&86)!W(%64!%6&!HX&66$!I[!FAA16K.!E'JA'*$6! ! v#6116L!388ALyy999,[4#8#<6,24Jy9'823d@ÉS+3j/>4>$F0l7VÉR! ! ! !
  • 94. ! F$3'$*! 87 F$3'$*!RhL!"'$.>'*6!%6&!7>B!FJ6&(2'$!V6%!M&4))!<6(!"'26<440! ! v#6116L!388ALyy999,?'26<440,24Jy34J6,A3Aáy&6%2&4))d@É9'11l@(69')Ég+gR+efRR ! ! F$3'$*!RTL!H"6'8#&6!;3()!M'#)6K.!"#$08(4$!<6(!"'26<440! ! v#6116L!388ALyy'AA),?'26<440,24Jy2'#)6)y2'#)6)yfTjy?6'8#&6d?149É^4($ !
  • 95. ! F$3'$*! 88 F$3'$*!+-L!"#$%&'()($*.;6'J)!(J!V'3J6$!%6&!HU8'$%!aA!;4!M'$26&K.!E'JA'*$6! ! v#6116L!388ALyy999,)8'$%#A+2'$26&,4&*yJ[)#+2y86'Jy@(69yfReedA'*6)(56ÉR- ! ! ! F$3'$*!+RL!H;36!U8'$%K!z!FAA1(0'8(4$!<6(!"'26<440! !! v#6116L!388ALyy'AA),?'26<440,24Jy)8'$%#A842'$26&yd'28(4$É34J6! !
  • 96. ! F$3'$*! 89 F$3'$*!++L!C6J4@6&)(4$!%6&!X&66$A6'26.>1'88?4&J!HX&66$!F28(4$K! ! v#6116L!388ALyy999,)1(%6)3'&6,$68y2)4JJ6&y*&66$'28(4$!U1(%6!Rh]! ! ! F$3'$*!+fL!/(6!@(61!N6(8!<6'$)A&#236$!U42('1!I6%('!F08(@(8Y86$d! ! v#6116L!E'$86&O!+--h!
  • 97. ! 90 :(%6))8'881(236!:&01Y&#$*! ! P23!@6&)(236&6O!%'))!(23!%(6!@4&1(6*6$%6!D'23614&.F&<6(8!)61<)8)8Y$%(*!@6&?'))8O!'$%6&6!'1)! %(6!'$*6*6<6$6$!v#6116$!#$%!G(1?)J(8861!$(238!<6$#858!#$%!J(23!'#23!)4$)8!06($6&!#$6&. 1'#<86$!G(1?)J(8861!<6%(6$8!3'<6,!! ! P23!3'<6!%(6)6)!D'23614&.F&<6(8)836J'!<()36&!96%6&!(J!P$.!$423!(J!F#)1'$%!6($6J!D6#&. 86(16&! <65(63#$*)96()6! 6($6&! D6#&86(16&($! 5#&! D6*#8'238#$*! ($! (&*6$%6($6&! "4&J! '1)! >&=. ?#$*)@4&<6&6(8#$*!@4&*616*8,!! ! C(6)6!F&<6(8!)8(JJ8!J(8!%6&!@4J!D6*#8'2386&!<6#&86(186$!F&<6(8!=<6&6($,! ! ! ÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅÅ! E)6$('!C'$(14@'O!RS,!Q#1(!+--T! !