Submit Search
Upload
5 y6. gollás mexico, historia y capital 1
•
0 likes
•
115 views
M
Miguel Ángel García Pedraza
Follow
La historia del desarrollo económico en México.
Read less
Read more
News & Politics
Report
Share
Report
Share
1 of 117
Download now
Download to read offline
Recommended
RFM - Année 2004-2005
RFM - Année 2004-2005
Hervé Piglowski
Dureza vickers 1
Dureza vickers 1
Arpus Supra
Giaotring corel draw-20050617_124103
Giaotring corel draw-20050617_124103
lekytho
Atps 2014 1_adm_5_estrutura_e_analise_demonstracoes_financeiras-libre
Atps 2014 1_adm_5_estrutura_e_analise_demonstracoes_financeiras-libre
Eduardo Eduardo
Mode demploi le-guide-pedagogique-v2014
Mode demploi le-guide-pedagogique-v2014
Association Fréquence écoles
Hxc14
Hxc14
rubenroa
Climate change on agriculture, water and environment
Climate change on agriculture, water and environment
ICARDA
Resume for the 1st class of Financial Advisory Research Association. Crowdfun...
Resume for the 1st class of Financial Advisory Research Association. Crowdfun...
DAN Venture Capital
Recommended
RFM - Année 2004-2005
RFM - Année 2004-2005
Hervé Piglowski
Dureza vickers 1
Dureza vickers 1
Arpus Supra
Giaotring corel draw-20050617_124103
Giaotring corel draw-20050617_124103
lekytho
Atps 2014 1_adm_5_estrutura_e_analise_demonstracoes_financeiras-libre
Atps 2014 1_adm_5_estrutura_e_analise_demonstracoes_financeiras-libre
Eduardo Eduardo
Mode demploi le-guide-pedagogique-v2014
Mode demploi le-guide-pedagogique-v2014
Association Fréquence écoles
Hxc14
Hxc14
rubenroa
Climate change on agriculture, water and environment
Climate change on agriculture, water and environment
ICARDA
Resume for the 1st class of Financial Advisory Research Association. Crowdfun...
Resume for the 1st class of Financial Advisory Research Association. Crowdfun...
DAN Venture Capital
Hxc22
Hxc22
rubenroa
05 eu-indicators-comprehensive-approach-eu-implementat en
05 eu-indicators-comprehensive-approach-eu-implementat en
Dr Lendy Spires
Bourne:¿héroe o monstruo?
Bourne:¿héroe o monstruo?
Javier Vicente Guevara
Dossier sponsors
Dossier sponsors
Vanessa Legrain
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Guias de Picos de Europa Panes Aventura
Ficha de actividad cuento ciencia_ficcion
Ficha de actividad cuento ciencia_ficcion
anahiin
Cartilla
Cartilla
Luz Juarez
Kamaiya sram
Kamaiya sram
DPNet
अहले सुन्नत वल-जमाअत का अक़ीदा
अहले सुन्नत वल-जमाअत का अक़ीदा
Nisreen Ly
Hxc13
Hxc13
rubenroa
infiltracion en una red wireless protegida
infiltracion en una red wireless protegida
Sebastiian Velasquez
Des nouvelles de la pasto - octobre 2014
Des nouvelles de la pasto - octobre 2014
Valérie Laflamme
Zenyartesmarciales
Zenyartesmarciales
amalitadeconcordia
Caspar Bowden EINS Summer School
Caspar Bowden EINS Summer School
i_scienceEU
Máquinas expendedoras
Máquinas expendedoras
Eider Mora Tellería
Hx c27
Hx c27
Juan Jose Garcia Sanchez
Social Business Training Facilitators - Handbook
Social Business Training Facilitators - Handbook
bondiu
Tutorial hotpotatoes
Tutorial hotpotatoes
Rosalinda Díaz Castillo
Manual De Luces HID kit xenon
Manual De Luces HID kit xenon
Breiner Liñan Cataño
Flood jet nozzles spoon type
Flood jet nozzles spoon type
Abhi Industrial Corporation
I don't love nobody
I don't love nobody
fiddlestar
Norcrelis torres
Norcrelis torres
norcrelis torres
More Related Content
What's hot
Hxc22
Hxc22
rubenroa
05 eu-indicators-comprehensive-approach-eu-implementat en
05 eu-indicators-comprehensive-approach-eu-implementat en
Dr Lendy Spires
Bourne:¿héroe o monstruo?
Bourne:¿héroe o monstruo?
Javier Vicente Guevara
Dossier sponsors
Dossier sponsors
Vanessa Legrain
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Guias de Picos de Europa Panes Aventura
Ficha de actividad cuento ciencia_ficcion
Ficha de actividad cuento ciencia_ficcion
anahiin
Cartilla
Cartilla
Luz Juarez
Kamaiya sram
Kamaiya sram
DPNet
अहले सुन्नत वल-जमाअत का अक़ीदा
अहले सुन्नत वल-जमाअत का अक़ीदा
Nisreen Ly
Hxc13
Hxc13
rubenroa
infiltracion en una red wireless protegida
infiltracion en una red wireless protegida
Sebastiian Velasquez
Des nouvelles de la pasto - octobre 2014
Des nouvelles de la pasto - octobre 2014
Valérie Laflamme
Zenyartesmarciales
Zenyartesmarciales
amalitadeconcordia
Caspar Bowden EINS Summer School
Caspar Bowden EINS Summer School
i_scienceEU
Máquinas expendedoras
Máquinas expendedoras
Eider Mora Tellería
Hx c27
Hx c27
Juan Jose Garcia Sanchez
Social Business Training Facilitators - Handbook
Social Business Training Facilitators - Handbook
bondiu
Tutorial hotpotatoes
Tutorial hotpotatoes
Rosalinda Díaz Castillo
Manual De Luces HID kit xenon
Manual De Luces HID kit xenon
Breiner Liñan Cataño
What's hot
(19)
Hxc22
Hxc22
05 eu-indicators-comprehensive-approach-eu-implementat en
05 eu-indicators-comprehensive-approach-eu-implementat en
Bourne:¿héroe o monstruo?
Bourne:¿héroe o monstruo?
Dossier sponsors
Dossier sponsors
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Clasificaciones absolutas de I Ultra Trail Macizo de Ubiña #utmu2014
Ficha de actividad cuento ciencia_ficcion
Ficha de actividad cuento ciencia_ficcion
Cartilla
Cartilla
Kamaiya sram
Kamaiya sram
अहले सुन्नत वल-जमाअत का अक़ीदा
अहले सुन्नत वल-जमाअत का अक़ीदा
Hxc13
Hxc13
infiltracion en una red wireless protegida
infiltracion en una red wireless protegida
Des nouvelles de la pasto - octobre 2014
Des nouvelles de la pasto - octobre 2014
Zenyartesmarciales
Zenyartesmarciales
Caspar Bowden EINS Summer School
Caspar Bowden EINS Summer School
Máquinas expendedoras
Máquinas expendedoras
Hx c27
Hx c27
Social Business Training Facilitators - Handbook
Social Business Training Facilitators - Handbook
Tutorial hotpotatoes
Tutorial hotpotatoes
Manual De Luces HID kit xenon
Manual De Luces HID kit xenon
Viewers also liked
Flood jet nozzles spoon type
Flood jet nozzles spoon type
Abhi Industrial Corporation
I don't love nobody
I don't love nobody
fiddlestar
Norcrelis torres
Norcrelis torres
norcrelis torres
Diapositivas miguelina
Diapositivas miguelina
Miguelina Del Carmen Genao Rodriguez
Entroids Introduces the "Think-Plan-Do" framework for execution - A GPS for N...
Entroids Introduces the "Think-Plan-Do" framework for execution - A GPS for N...
Entroids
Nine Pins Final
Nine Pins Final
Katie Tollan
cover letter disney
cover letter disney
Megan Wilcox
EUROPASS CV- MOSSES M. STEPHANO
EUROPASS CV- MOSSES M. STEPHANO
Moses Stephano
Viewers also liked
(8)
Flood jet nozzles spoon type
Flood jet nozzles spoon type
I don't love nobody
I don't love nobody
Norcrelis torres
Norcrelis torres
Diapositivas miguelina
Diapositivas miguelina
Entroids Introduces the "Think-Plan-Do" framework for execution - A GPS for N...
Entroids Introduces the "Think-Plan-Do" framework for execution - A GPS for N...
Nine Pins Final
Nine Pins Final
cover letter disney
cover letter disney
EUROPASS CV- MOSSES M. STEPHANO
EUROPASS CV- MOSSES M. STEPHANO
Similar to 5 y6. gollás mexico, historia y capital 1
Tecnoadicció
Tecnoadicció
claudiavtls
CorelDRAW Vietnamese
CorelDRAW Vietnamese
Nguyễn Anh Thanh
02. الحكم المحلي والمشاركة المجتمعية
02. الحكم المحلي والمشاركة المجتمعية
Ragab Al-Areny, B.Arch.E,VMA,Intl. Assoc. AIA,NCARB,LEED
wcdma-drive-test-procedure
wcdma-drive-test-procedure
ashwani srivastava
06uud1945amandemen
06uud1945amandemen
ikeimut
06 uud1945amandemen
06 uud1945amandemen
Muh Ali Arham
Adviento navidad ciclo c documento
Adviento navidad ciclo c documento
lupus2
Cartilha alf
Cartilha alf
Mara Vspc
Bacias hidrográficas ibge
Bacias hidrográficas ibge
Giselli Silveira
Tuille biscuits
Tuille biscuits
Merlin Cottage Kitchen
Catálogo Utiform
Catálogo Utiform
Global Trade Tender
Hxc13
Hxc13
System32nemesis
Veille numérique 260111
Veille numérique 260111
Agence Elan
Matemática Básica - Livro pdf
Matemática Básica - Livro pdf
Lucas pk'
Пылеподавление от Spray expert (www.spray-expert.ru)
Пылеподавление от Spray expert (www.spray-expert.ru)
Alexey Dombrovskiy
Aaj ka trend
Aaj ka trend
choice broking
Fechafundacion clubes argentinos
Fechafundacion clubes argentinos
M&s Consultorías Legal Entreprise Austral Group. Inocencio Meléndez Julio.
Focus c max ru05_2003
Focus c max ru05_2003
rukford1
Decodificacion biologica-de-las-dolencias-y-enfermedades
Decodificacion biologica-de-las-dolencias-y-enfermedades
danua10
Social Business Training Learner - Handbook
Social Business Training Learner - Handbook
bondiu
Similar to 5 y6. gollás mexico, historia y capital 1
(20)
Tecnoadicció
Tecnoadicció
CorelDRAW Vietnamese
CorelDRAW Vietnamese
02. الحكم المحلي والمشاركة المجتمعية
02. الحكم المحلي والمشاركة المجتمعية
wcdma-drive-test-procedure
wcdma-drive-test-procedure
06uud1945amandemen
06uud1945amandemen
06 uud1945amandemen
06 uud1945amandemen
Adviento navidad ciclo c documento
Adviento navidad ciclo c documento
Cartilha alf
Cartilha alf
Bacias hidrográficas ibge
Bacias hidrográficas ibge
Tuille biscuits
Tuille biscuits
Catálogo Utiform
Catálogo Utiform
Hxc13
Hxc13
Veille numérique 260111
Veille numérique 260111
Matemática Básica - Livro pdf
Matemática Básica - Livro pdf
Пылеподавление от Spray expert (www.spray-expert.ru)
Пылеподавление от Spray expert (www.spray-expert.ru)
Aaj ka trend
Aaj ka trend
Fechafundacion clubes argentinos
Fechafundacion clubes argentinos
Focus c max ru05_2003
Focus c max ru05_2003
Decodificacion biologica-de-las-dolencias-y-enfermedades
Decodificacion biologica-de-las-dolencias-y-enfermedades
Social Business Training Learner - Handbook
Social Business Training Learner - Handbook
5 y6. gollás mexico, historia y capital 1
1.
! ! ! ! ! ! ! !"#$"%&'()*"+,'-%&"%,#./.0'%% % ! ! ! ! "#$%&'(!&)*&%"%*+,'!&'+!-*.%/012-1-!3!4'5)*61!! 7-8!9:!;<;=>=<?>@A!B8!>CDEF=:?>EA8;!:!9E;!=F:=:BE;!B8!9>GF8!?EC8F?>E!?EA!H<>8A!;8!B8I8J! ! ! ! -'&0"*+,'!-*!!,)151K'! ! +LCM!!%%%!N!OPPQ! ! M!! ! ! ! ! ! ! ! ! !
2.
! ! ! ! ! ! ! ! ! ! ! ! ! ! !"#$%&'(%)*%$!$*+,&(%&+((-*.$/012-1-(3(4&5)*61( 7-*(21(.0.,$,0%$8+(-*($!4&),1%$&+*.(1(2&.(,)1,1-&.(-*( 2$5)*(%&!*)%$&(%&+(90$*+(.*(-*:*;'( ( ( ( ( ( ( ( !<=>?@(/A@@BC( *@(%A@?DEA(F?(!GHEIA( J?KL?LAM(NOOP( ! ! ! ( ( ! ! ! ! ! ! ! ! ! ! ! ! ! %&+,*+$-&( !
3.
! ! $+,)&-0%%$8+( ( (
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
4.
$+,)&-0%%$8+( ! ! 1'(2AC(^A^?=QAC(?IA=_^EIAC( ! B)!;%!&'()(*+%!.&;!NI,-'(!.&;!<-=;(!,,!<&!(7<&8D%)!'-)'(!6&8-(.(<!(!*(*&)?(<! &'()J*-'(<U! '%.%! >)(!
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`! ! "!&<?&!*(*&)?(!&'()J*-'(!;(!'%8%'?&8-9J!&;!%Va)!.&!68(.>'-8!&)!NI,-'(U!%!'(*(!.-&8%! ;>=%8U!;(<!7-&)&<U!68-)'-6%;*&)?&!.&!'()<>*(U!W>&!&)?()'&<!<&!-*6(8?%7%)#!!$%!%6;-'%'-J)! .&!&<?%!6(;+?-'%!%!;(<!7-&)&<!.&!'()<>*(!)(!.-(!;(<!8&<>;?%.(<!&<6&8%.(<U!:!&)?()'&<U!6%8%! '(88&=-8!&;!&88(8U!&;!I)V%<-<!<&!6><(!&)!%6;-'%8;%!%!;(<!7-&)&<!.&!'%6-?%;#!!A&<%V(8?>)%.%*&)?&! ?%*6('(! %W>+! <&! ?>D(! I,-?(U! :%! W>&! ;%<! 68&<-()&<! <(78&! ;%! 7%;%)9%! .&! 6%=(<! )(! .-<*-)>:&8()#! ! b#! B;!_.&<%88(;;(!&<?%7-;-9%.(8`! ! B;! 6>)?(! .&! D-<?%! '()<&8D%.(8! .&! &<?&! *(*&)?(! &'()J*-'(! %'&6?%7%! ;%! -*6(8?%)'-%! .&;! .&<%88(;;(!&'()J*-'(!:!;%!)&'&<-.%.!.&!&<?-*>;%8;(U!6&8(U!&<(!<-U!'()!;%!'().-'-J)!.&!W>&!)(! <&!%'&;&8%)!<-=)-V-'%?-D%*&)?&!;(<!68&'-(<!-)V;%'-J)]#! ! ! 2#! B;!'8&'-*-&)?(!_(8-&)?%.(!C%'-%!%.&)?8(`! ! A>8%)?&! &<?&! *(*&)?(! &'()J*-'(! <&! .-(! 68-(8-.%.! %! ;%<! 6(;+?-'%<! W>&! (8-&)?%7%)! ;%! 68(.>''-J)!C%'-%!&;!*&8'%.(!)%'-()%;#!!$%!%6;-'%'-J)!.&!&<?%!6(;+?-'%U!<-)!&*7%8=(U!?>D(!&;! ! #
5.
.&<%V(8?>)%.(!&V&'?(!<&'>).%8-(!.&!.-<*-)>-8!&;!6(?&)'-%;!&,6(8?%.(8!.&!%;=>)(<!<&'?(8&<U! '(*(!&;!.&!;%!%=8-'>;?>8%U!6(8!&c&*6;(#! ! @#! B;!'(*&8'-(!'(*(!_*(?(8!.&;!'8&'-*-&)?(`! ! "!&<?&!*(*&)?(!&'()J*-'(!;(!%'(*6%^J!>)!'%*7-(!8%.-'%;!&)!;%<!68-(8-.%.&<!.&!6(;+?-'%! &'()J*-'%#!!B<?%!D&9!&;!&<V>&89(!<&!6><(!&)!&;!(7c&?-D(!.&!%>*&)?%8!&;!'(*&8'-(!'()!(?8%<! )%'-()&<!*&.-%)?&!)>*&8(<(<!?8%?%.(<!.&!;-78&!'(*&8'-(!:!;%!&;-*-)%'-J)!.&!?(.(!?-6(!.&! ?8%7%<U!'>(?%<U!%8%)'&;&<!:!(?8(<!(7<?a'>;(<#! ! G#! XB;!.&<%88(;;(!<><?&)?%7;&Z!X$%!=;(7%;-9%'-J)Z! ! XO&8a)!&<?(<!;(<!*(*&)?(<!&'()J*-'(<!.().&!&)'()?8%8&*(<U!V-)%;*&)?&U!;%!68(<6&8-.%.Z!! B<!68(7%7;&*&)?&!W>&!&<?(!)(!<>'&.%U!:%!W>&!&)!NI,-'(!6(8!%;=>)%!8%9J)U!;%<!*(.%<!:!;(<! 6%8%.-=*%<!&'()J*-'(<!D%)U!D-&)&)U!:!<&!W>&.%)!6(8!>)!8%?(!<-)!W>&!.&!&<?(!<&!<-=%!W>&!;%! <-?>%'-J)!&'()J*-'%!.&;!6%+<!*&c(8JU!&<?(!&<U!W>&!'%.%!*&,-'%)(!68(.>9'%!*a<U!<&!W>&.&! '()!;%!6%8?&!W>&!;&!'(88&<6().&!.&!%'>&8.(!%!<>!'()?8-7>'-J)!%!;%!68(.>''-J)U!:!&)'>&)?8&! ?8%7%c(!'%.%!D&9!W>&!;(!7><W>&#!! ! 5'(
2AC(DL<=F?C([LAK@?^<C(=<IEA=<@?C(F?(<`?L(`(F?(aA`( ! $(<! 68(7;&*%<! &'()J*-'(<! .&! NI,-'(! <()! 8&'>88&)?&<U! ?%;! D&9! 6(8W>&! )>)'%! C%)! <-.(! 8&<>&;?(<#!!B<!%<+!W>&!'()!V8&'>&)'-%!<&!%;&c%)!&<?8%?I=-'%*&)?&!:!<&!W>&.%)!%=%9%6%.(<!6(8! %^(<!:!;>&=(!D>&;D%)!%!%6%8&'&8!%!;%!*&)(8!68(D('%'-J)#!!B)?8&!;(<!68(7;&*%<!.&!<-&*68&! <(78&<%;&)U!<-)!W>&!<&!;&<!*&)'-()&!&)!(8.&)!.&!-*6(8?%)'-%U!;(<!<-=>-&)?&<R! ! S'( *@(F?C?^[@?A( B;!.&<&*6;&(!%7-&8?(U!(!&;!W>&!&<?a!.-<V8%9%.(!.&!&*6;&(U!%<+!'(*(!&;!<>7&*6;&(U! <()! '()'&6?(<! 6%8&'-.(<! W>&! <&! ><%)! 6%8%! 8&V&8-8<&! %! 6&8<()%<! W>&! ?8%7%c%)! 6('(! :! W>&! ?-&)&)! 7%c%! 68(.>'?-D-.%.! &! -)=8&<(#! ! d)%! 68(6(8'-J)! *>:! &;&D%.%! .&! ;%! 6(7;%'-J)! &'()J*-'%*&)?&!%'?-D%!.&!NI,-'(!6>&.&!';%<-V-'%8<&!&)!%;=>)%!'%?&=(8+%!.&!.&<&*6;&(#!! ";=>)(<!'8&&)!W>&!;%!<(;>'-J)!.&!V().(!%!&<?&!68(7;&*%!.&;!.&<&*6;&(!.&7&!7><'%8<&!&)!&;! 68('&<(!68(.>'?-D(!*-<*(U!&)!;%!?&')(;(=+%!W>&!<&!>?-;-9%!&)!;%!68(.>''-J)U!:!&)!;%!8%6-.&9! '()!W>&!'8&'&!;%!&'()(*+%!W>&!=&)&8%!;(<!&*6;&(<#!!e%:!W>&!?&)&8!68&<&)?&!W>&!;%!6(78&9%! &<!;%!(?8%!'%8%!.&;!.&<&*6;&(!:!W>&!&;!<&'?(8!%=8+'(;%!&<!&;!<&*-;;&8(!.&!;(<!6(78&<!:!;(<! .&<&*6;&%.(<#! ! N'( 2<(F?CED><@F<F( B)!NI,-'(!'%<-!?(.(!&<?a!*%;!.-<?8-7>-.(U!C%<?%!6(78&9%#!!T&<%;?%)!&)!&;!'%?a;(=(!.&! -)&W>-.%.&<!;%!6I<-*%!.-<?8-7>'-J)!.&;!-)=8&<(U!.&!;%!&.>'%'-J)U!:!.&!;(<!<&8D-'-(<U!%<+!'(*(! ;%!.&!(?8(<!-)<>*(<!68(.>'?-D(<#!!B)!NI,-'(!?%*7-I)!;%!;;>D-%!&<?a!*%;!.-<?8-7>-.%#!!$%! .-V&8&)'-%!&)?8&!;%!%=8-'>;?>8%!*(.&8)%!:!;%!?8%.-'-()%;U!W>&!)(!'>&)?%!'()!;;>D-%!8&=>;%8!)-! .&! %;=f)! <-<?&*%! .&! 8-&=(U! <()! %7-<*%;&<! &)! '%<-! ?(.(#! ! B<?a! 7-&)! .('>*&)?%.(! W>&! ;%! .&<-=>%;.%.!&)!NI,-'(!&<!>)%!.&!;%<!*a<!68()>)'-%.%<!.&;!*>).(#! ! P'( 2<(E=F>CQLE<( ! $
6.
$%!-).><?8-%!*&,-'%)%!C-<?J8-'%*&)?&!C%!'8&'-.(!%!;%!<(*78%!.&!;%!%=8-'>;?>8%#!!"!;(! ;%8=(!.&!*>'C(<!%^(<!;%<!6(;+?-'%<!&'()J*-'%<!'%)%;-9%8()!8&'>8<(<!.&!;%!%=8-'>;?>8%!%!;%! -).><?8-%!-)-'-%).(!%<+!&;!%?8%<(!%=8+'(;%!W>&!C(:!<&!(7<&8D%#!!"f)!*a<U!6(8!;%8=(!?-&*6(!&;! <&'?(8!-).><?8-%;!V>&!68(?&=-.(!.&!;%!'(*6&?&)'-%!&,?&8)%!'()!<>7<-.-(<!:!(?8(<!*&.-(<U!%<+! '(*(!6(8!6(;+?-'%<!.&!68&'-(<!V%D(8%7;&<U!-)';>:&).(!;%!?%<%!.&!'%*7-(#!!B<!68(7%7;&!W>&! ;%<! &*68&<%<! W>&!
<(78&D-D%)! %;! P"ggU! :! %;! g$5"h! g8%?%.(! .&! $-78&! 5(*&8'-(! .&! "*I8-'%!.&;!h(8?&]U!<&8a)!*a<!'(*6&?-?-D%<#! ! W'( 2<(<DLEI>@Q>L<( B)!&;!NI,-'(!8>8%;!.&!C(:!<&!;('%;-9%!;%!*%:(8!6%8?&!.&!;(<!68(7;&*%<!.&!6(78&9%U! .&<-=>%;.%.!:!.&<&*6;&(!.&;!6%+<#!!d)%!*&.-.%!-*6(8?%)?&!W>&!<&=>8%*&)?&!8&6&8'>?-8a!&)! 7&)&V-'-(!.&!;%!%=8-'>;?>8%!&)!;(<!68J,-*(<!%^(<!&<!;%!8&'-&)?&!*(.&8)-9%'-J)!c>8+.-'%!:! '(*&8'-%;!W>&!<&!C%!%6;-'%.(!%;!&c-.(#!!5(*(!7-&)!<&!<%7&U!&;!&c-.%?%8-(U!C%<?%!/00MU!<&! &)'()?8%7%! &'()J*-'%*&)?&! 6%8%;-9%.(! 6(8! .-<6(<-'-()&<! c>8+.-'%<! W>&! ;&! -*6&.+%)! &;! ><>V8>'?(!'%7%;!.&!<>!?-&88%#!!"V(8?>)%.%*&)?&!&<?(!C%!'%*7-%.(!%!6%8?-8!.&!;%!*(.-V-'%'-J)! %;!"8?+'>;(!M4!5()<?-?>'-()%;!W>&!%C(8%!;&!6&8*-?&!D&).&8U!C&8&.%8!:!.%8!'(*(!=%8%)?+%!.&! '8I.-?(! ;%! 6%8'&;%U! %<+! '(*(! &;! .&8&'C(! .&! %<('-%'-J)! '()! (?8(<! ?-6(<! .&! 68(6-&.%.! (! &*68&<%<#!!O&!;&!C%!.%.(!%<+!%;!&c-.%?%8-(!&;!.&8&'C(!6;&)(!<(78&!<>!68(6-&.%.#!!O&!6>&.&! %V-8*%8U! '()! c><?%! 8%9J)U! W>&! ?%)! 8&D(;>'-()%8-%! V>&! ;%! T&V(8*%! "=8%8-%! W>&! C%'&! %^(<! 8&6%8?-J!;%!?-&88%!&)?8&!;(<!'%*6&<-)(<U!'(*(!;(!&<!;%!%'?>%;!T&V(8*%!H>8+.-'%!W>&!;-7&8J!.&! ?8%7%<!&'()J*-'%<!%.*-)-<?8%?-D%<!:!;&=%;&<!%;!&c-.(#!!$(<!*a<!(6?-*-<?%<!6-&)<%)!W>&!&<?%! *&.-.%!%?&)>%8a!;%!.-'(?(*+%!W>&!<&!(7<&8D%!&)?8&!;%!%=8-'>;?>8%!'(*&8'-%;!:!;%!?8%.-'-()%;! &)!?(.(<!;(<!a*7-?(<#!!g%*7-I)!<&!&<6&8%!W>&!&;!?8%?(!*%'8(&'()J*-'(!.&<-=>%;!W>&!<&!.%!%! ;%! %=8-'>;?>8%! .-<*-)>-8a! '()! &<?%<! .-<6(<-'-()&<#! ! O&! &<6&8%U! %<-*-<*(U! W>&! ;%<! *(.-V-'%'-()&<! %;! "8?+'>;(! M4! 5()<?-?>'-()%;! %:>.%8%! %! .-<&^%8! >)! <-<?&*%! *(.&8)(! .&! <>7<-.-(<!%=8+'(;%<!:!(?8%<!*&.-.%<!.&!%:>.%!<-*-;%8&<!%!;%<!W>&!<&!%6;-'%)!%!;(<!<&'?(8&<! %=8+'(;%<!.&!B<?%.(<!d)-.(<!:!;%!d)-J)!B>8(6&%#! ! Y'( *@(IA^?LIEA(E=Q?L=<IEA=<@( B<!-))&=%7;&!W>&!&)!;(<!f;?-*(<!D&-)?&!%^(<!&;!'(*&8'-(!-)?&8)%'-()%;!.&!NI,-'(! '8&'-J! .&! *%)&8%! %'&;&8%.%#! ! O&=f)! ;%! iB5AU! NI,-'(! ('>6%! %^(! M111]! >)(! .&! ;(<! 68-*&8(<!;>=%8&<!&)!&;!*>).(!'(*(!6%+<!&,6(8?%.(8#!!i?8(<U!<-)!&*7%8=(U!'()<-.&8%)U!W>&! &;! '(*&8'-(! -)?&8)%'-()%;! .&! NI,-'(! )(! C%! '>*6;-.(! '()! <>! 6%6&;! .&! _*(?(8! .&;! '8&'-*-&)?(`!W>&!<&!&<6&8%7%!.&!I;#!!B)!&<?&!'()?&,?(U!)(!.&7&!.&c%8!.&!8&<%;?%8<&!&;!6%6&;! '&)?8%;!W>&U!&)!;%!%'?-D-.%.!&,6(8?%.(8%U!?-&)&!;%!-).><?8-%!*%W>-;%.(8%U!%<+!<>!'%6%'-.%.! 6%8%! '8&%8! &*6;&(<! :! 6%=%8! ;(<! <%;%8-(<! *a<! %;?(<! .&;! 6%+<#! ! h(! .&7&! *-)-*-9%8<&U! V-)%;*&)?&U!W>&!;%!%'?-D-.%.!*%W>-;%.(8%!%:>.%!<-=)-V-'%?-D%*&)?&!%!&W>-;-78%8!;%<!V-)%)9%<! .&!NI,-'(!'()!&;!&,?&8-(8!68(7;&*%<!.&!;%!7%;%)9%!.&!6%=(<]#! ! ! ! b'( 2<(Q<C<(F?(I<^KEA(`(@<(K<@<=c<(F?([<DAC( $%! *a<! 8&'-&)?&! =8%)! '8-<-<! .&! ;%! 7%;%)9%! .&! 6%=(<! /002F/00@]! *(<?8J! .8%*a?-'%*&)?&!%!;(<!*&,-'%)(<!;%!-*6(8?%)'-%!'&)?8%;!.&!;%<!6(;+?-'%<!*()&?%8-%<!'>%).(! <&! W>-&8&! %;'%)9%8! &;! &W>-;-78-(! &,?&8)(#! ! NI,-'(! C%! ;(=8%.(! 8%9()%7;&*&)?&! <(8?&%8! ;%<! '()<&'>&)'-%<!)&=%?-D%<!.&!;%<!6(;+?-'%<!.&D%;>%?(8-%<#!!"!6&<%8!.&!;(<!%D%)'&<!;(=8%.(<U!;%! ! %
7.
.&?&8*-)%'-J)!.&!;%!?%<%!.&!'%*7-(U!:!&;!&W>-;-78-(!&)!;%!7%;%)9%!.&!6%=(<U!<-=>&)!<-&).(U! ;(<!.(<!68(7;&*%<!'&)?8%;&<!.&!;%!6(;+?-'%!&'()J*-'%!.&;!6%+<#! ! V'( *@(<aALLA(=<IEA=<@( d)%!*&?%!-*6(8?%)?&!W>&!;%!&'()(*+%!*&,-'%)%!?(.%D+%!)(!%;'%)9%!?(.%D+%U!&<!;%!.&! '()?%8!'()!>)!)-D&;!.&!%C(8%!*a<!%;?(#!!B;!)-D&;!.&!%C(88(!&)!6%+<&<!.&!<-*-;%8!.&<%88(;;(! &'()J*-'(! W>&!
NI,-'(! &<! '()<-<?&)?&*&)?&! *a<! %;?(! W>&! &;! )>&<?8(#! ! O-! <&! ;(=8%8%! %>*&)?%8! &;! %C(88(! <&! ?&).8+%! *%:(8! V;&,-7-;-.%.! V-)%)'-&8%! :! *a<! &V-'-&)'-%! &)! ;%! %<-=)%'-J)! .&! ;(<! 8&'>8<(<U! %<+! '(*(! >)%! *&)(8! .&6&).&)'-%! .&! 68I<?%*(<! &,?&8)(<! :! 68(7;&*%<!%<('-%.(<!%!;%!.&>.%!&,?&8)%#! ! Z'( 2<(E=@<IE_=( NI,-'(! <&! .-<?-)=>&! .&! (?8(<! 6%+<&<! ;%?-)(%*&8-'%)(<! &)! W>&! )(! C%! 6%.&'-.(! .&! ;%8=(<! :! V8&'>&)?&<! 6&8-(.(<! .&! -)V;%'-J)#! ! $%! %.(6'-J)! .&! *&'%)-<*(<! V-)%)'-&8(<! %>?(*a?-'(<! 6%8%! %;'%)9%8! &;! &W>-;-78-(! &,?&8)(! &)! ;%! '>&)?%! '(88-&)?&! :! &)! ;%! ?%<%! .&! '%*7-(]U!%<+!'(*(!6%W>&?&<!.&!6(;+?-'%<!*()&?%8-%<!'()<&8D%.(8%<!6%8%!;(=8%8!&;!&W>-;-78-(! -)?&8)(U! C%)! %?&)>%.(! &;! '8&'-*-&)?(! %'&;&8%.(! .&! ;(<! 68&'-(<! -)V;%'-J)]#! ! d)%! *&.-.%! %.*-)-<?8%?-D%! 8&'-&)?&! .&! =8%)! ?8%<'&).&)'-%! 6%8%! ;%<! V-)%)9%<! .&;! 6%+<U! &<! ;%! 8&'-&)?&U! <&6%8%'-J)! .&;! 3%)'(! .&! NI,-'(! .&! ;%! O&'8&?%8+%! .&! e%'-&).%! :! 58I.-?(! Kf7;-'(#! B<?%! *&.-.%!<&=>8%*&)?&!%:>.%8a!%!V(8*>;%8!6(;+?-'%<!*%'8(&'()J*-'%<!.&!;%8=(!6;%9(!<-)!;%! -)?&8D&)'-J)! )-! 6&8?>87%'-()&<! '%><%.%<! 6(8! =(7-&8)(<! <-&*68&! %)<-(<(<! .&! =%<?%8! *a<! <-8D-I).(<&!.&!6(;+?-'%<!*()&?%8-%<!&,6%)<-()-<?%<#! ! T'( *@([?QL_@?A( $%! 8&%;! -).&6&).&)'-%! &'()J*-'%! .&! NI,-'(! <&! ;(=8%8a! '>%).(! <>! &'()(*+%! <&! -).&6&).-'&!.&;!6&?8J;&(!*&,-'%)(]#!!$%!&'()(*+%!:!&;!=(7-&8)(!.&6&).&)!'8>'-%;*&)?&! .&!;(<!-)=8&<(<!W>&!<&!(7?-&)&)!.&!;%!D&)?%!.&!&<?&!8&'>8<(#!!B;!.&<?-)(!&'()J*-'(!.&;!6%+<! C%!&<?%.(U!C%<?%!%C(8%U!<>c&?(!%!;%<!V;>'?>%'-()&<!.&!>)!68(.>'?(!<(78&!&;!W>&!<&!?-&)&!6('(! (! )-)=f)! '()?8(;#! ! O-)! >)%! %>?I)?-'%! -).&6&).&)'-%! .&! )>&<?8(! 6&?8J;&(U! ;%! &'()(*+%! *&,-'%)%!<&=>-8a!<>c&?%!%!;(<!D%-D&)&<!W>&!%'(*6%^%)!%;!68&'-(!.&!&<?&!8&'>8<(#! ! ! ! ! %'(*@(KE?=?CQ<L(L?dA@>IEA=<LEA( ! B;!'>%.8(!/!*>&<?8%!.(<!+).-'&<!W>&!.%)!'>&)?%!.&;!%D%)'&!&)!*%?&8-%!&'()J*-'%! 6(8! <&,&)-(<#! ! B<?(<! )f*&8(<! )(<! ;;&D%)! %! C%'&8)(<! ;%! 68&=>)?%! '&)?8%;! %! ;%! W>&! <&! W>-&8&!.%8!8&<6>&<?%!&)!&<?&!&)<%:(R! ! XA&<6>I<!.&!*a<!(!*&)(<!<&?&)?%!%^(<!.&!K(;+?-'%<!B'()J*-'%<!T&D(;>'-()%8-%<! &<?%*(<!;(<!*&,-'%)(<!*&c(8U!-=>%;!(!6&(8!W>&!%)?&<Z! ! &
8.
! 5>%.8(!/#((-AC(]=FEI?C(F?(KE?=?CQ<L( ! K8&<-.&)?&!!!!!!!!!!!!!!!!!O&,&)-(!!!!!!j)=8&<(!K&8!'%6-?%!!!!!e(8%<!68(*&.-(!.&!?8%7%c(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!*-;&<!.&!6&<(<!!!!!!!!!)&'&<%8-%<!6%8%!%.W>-8-8!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.&/00b]!!!!!!!!!!!!!!!!!!!>)%!'%)%<?%!7a<-'%! ! N#!ED-;%!5%*%'C(!!!!!21F2G!!!!!!!!!!!!!!!!!!M/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/b! N#!";&*a)!k%;.I<!!!!!2GF@M!!!!!!!!!!!!!!!!!!M@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/@! "#!T>-9!5(8?-)&<!!!!!!!!@MF@L!!!!!!!!!!!!!!!!!!M0!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/M! "#!$J6&9!N%?&(<!!!!!!@LFG2!!!!!!!!!!!!!!!!!!b@!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!L! P#!A+%9!i8.%9!!!!!!!!!!!G2F41!!!!!!!!!!!!!!!!!!2b!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!G! $#!B'C&D&88+%!!!!!!!!!!!!!41F4G!!!!!!!!!!!!!!!!!!@2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@! H#!$J6&9!K(8?-;;(!!!!!!!!4GFLM!!!!!!!!!!!!!!!!!!!G2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!@!! N#!A&!;%!N%.8-.!!!!!!!LMFLL!!!!!!!!!!!!!!!!!!G2!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0! 5#!O%;-)%<!.&!P#!!!!!!!!LLF02!!!!!!!!!!!!!!!!!!G4!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!/G! B#!Q&.-;;(!!!!!!!!!!!!!!!!!!02F11!!!!!!!!!!!!!!!!!!G0!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!M@! ! J>?=Q?X(%<@I>@<FA(IA=(F<QAC(F?@(5<=IA(F?(!GHEIAM(.*%&J$(`(AQL<C([>K@EI<IEA=?C'( ! ! 5(*(! <&!
(7<&8D%! &)! &;! '>%.8(! /U! %;! 68-)'-6-(U! &)! &;! 6&8-(.(! W>&! D%! .&! ED-;%! 5%*%'C(!%!A+%9!i8.%9!+7%*(<!7-&)#!!B;!-)=8&<(!6&8!'%6-?%!'8&'+%!:!&;!)f*&8(!.&!C(8%<! )&'&<%8-%<!6%8%!%.W>-8-8!;%!'%)%<?%!7a<-'%!.-<*-)>+%#!!K%8%!&;!6&8-(.(!<-=>-&)?&U!&;!.&!$J6&9! K(8?-;;(! %! Q&.-;;(U! &;! -)=8&<(! 6&8! '%6-?%! 8&%;! .&! '%.%! *&,-'%)(! 6&8*%)&'-J! <-)! '%*7-(<! <-=)-V-'%?-D(<!%>)W>&U!&<(!<+U!<&!)&'&<-?%7%)!'%.%!D&9!*a<!C(8%<!.&!?8%7%c(!6%8%!%.W>-8-8!;%! *-<*%!'%)%<?%!7a<-'%!W>&!%)?&<#! ! B)!;%<!6a=-)%<!.&!&<?&!?8%7%c(!<&!-)?&)?%)!8&<6>&<?%<!%!68&=>)?%<!W>&U!'()!<>&8?&U!)(<! %:>.%8a)!%!&)?&).&8!6(8W>I!)>&<?8%!&'()(*+%!?(*J!&;!8>*7(!W>&!?(*J!:!'J*(!%6%8&'-&8()! ;%<!'%8%'?&8+<?-'%<!W>&!%C(8%!;%!.-<?-)=>&)#! ! B)!*>'C(<!<&)?-.(<!&;!68&<&)?&!?8%7%c(!&<!>)%!)%88%'-J)!.&!;(!W>&!C%!6%<%.(!&)!;%! &'()(*+%!*&,-'%)%!.>8%)?&!;(<!f;?-*(<!<&?&)?%!%^(<U!*a<!(!*&)(<#!!B;!&<?>.-(!)(!68(6()&! )>&D(<!&)V(W>&<U!)-!-)?&868&?%'-()&<!W>&!%;>*78&)!)>&<?8(!6%<%.(U!*>'C(!*&)(<!)>&<?8(! V>?>8(!W>&!&<!*a<!.-V+'-;!:!W>&!&<?a!*a<!;&c(<#! ! B<?&! &)<%:(! &<! 6>&<! >)%! -)<6&''-J)! <(*&8%U! .&<'8-6?-D%! :! )(! ?I')-'%! .&;! '(*6(8?%*-&)?(!.&!;%<!68-)'-6%;&<!D%8-%7;&<!&'()J*-'%<!.&;!NI,-'(!8&'-&)?&#!!O&!6>&.&U!&)! &;!*&c(8!.&!;(<!'%<(<!:!'()!7&)&D(;&)'-%!:!<-*6%?+%U!<-?>%8!&<?&!.('>*&)?(!&)!&;!=I)&8(!.&! ;%!C-<?(8-%!&'()J*-'%!_;-=C?`#!!O&!)&'&<-?%!%.D&8?-8!?%*7-I)!W>&!&<?&!?8%7%c(!&<?a!.-8-=-.(!%! >)! ;&'?(8! 68(*&.-(! <-! &<! W>&! ?%;! &<6I'-*&)! &,-<?&]! -)?&8&<%.(! &)! ;%! C-<?(8-%! &'()J*-'%! *&,-'%)%! 8&'-&)?&#! ! ! B;! C&'C(! .&! )(! &<?%8! &<'8-?(! 6%8%! &'()(*-<?%<! 6&8*-?-J! W>&! ;%! &,6(<-'-J)!%C(88%8a!&)!'>%.8(<!:!=8aV-'%<U!:!<J;(!<&!C-'-&8%!><(!-).-<6&)<%7;&!.&!&;;(<!6%8%! -;><?8%8!;(!W>&!<&!W>&8+%!.&'-8#! ! "<-*-<*(U!&<?&!&<?>.-(!C%'&!>)%!.&<'8-6'-J)U!)(!<J;(!.&!;%<!*&.-.%<!:!68(=8%*%<! &'()J*-'(<!W>&!<&!C%)!%6;-'%.(!&)!NI,-'(!.>8%)?&!;(<!f;?-*(<!<&?&)?%!%^(<U!<-)(!?%*7-I)! .&!;(<!&V&'?(<!W>&!&<?%<!C%)!?&)-.(!<(78&!&;!'(*6(8?%*-&)?(!.&!;%<!D%8-%7;&<!&'()J*-'%<! ';%D&!'(*(!&;!&*6;&(U!;%!68(.>''-J)!:!;%!.-<?8-7>'-J)!.&;!-)=8&<(#! ! '
9.
! B;!&<?>.-(!&<?a!.-D-.-.(!&)!'-)'(!6%8?&<#!!$%!j!&<!>)!78&D&!8&;%?(!.&!;%!&'()(*+%!.&! %68(,-*%.%*&)?&!/011!%!/041#!!$%!&'()(*+%!*&,-'%)%U!.&!/041!%;!M111U!<&!&<?>.-%U!6(8! <&,&)-(<U!&)!;%!6%8?&!jj#!!$%!6%8?&!jjj!68(V>).-9%!&)!&;!&<?>.-(!.&;!'(*6(8?%*-&)?(!.&!;%! &'()(*+%!&)!&;!*-<*(!6&8-(.(!.&!/041!%;!M111U!<J;(!W>&!&<?%!D&9!;%!C%'&!.&<.&!>)!&)V(W>&! <&'?(8-%;#!!$%!6%8?&!jk!)%88%!&;!(8-=&)!:!.&<'8-7&!;%<!6(;+?-'%<U!*()&?%8-%<!:!(?8%<U!W>&!<&! %6;-'%8()!&)?8&!/002!:!/00@U!%^(<!.&!;%!'8-<-<!V-)%)'-&8%!*&,-'%)%!W>&!?>D(!8&6&8'><-()&<! *>).-%;&<#! ! S-)%;*&)?&U!&)!;%!6%8?&!k!<&!C%'&!>)!78&D&!8&<>*&)!.&!;(!&,6>&<?(!:!<&!%)&,%!>)! %6I).-'&!<(78&!;%<!'%><%<!.&;!.&<&*6;&(#!! !
(
10.
41),*($X!21(R$.$8+(-*(%&+:0+,&(7STOO(e(STVO;( ( !"#2<(?IA=A^]<(^?HEI<=<(F?(STOO(<(STWOS !! ! l%!&)!;%!68-*&8%!.I'%.%!.&;!<-=;(![[!<&!(7<&8D%7%)!<&^%;&<!W>&!C%'+%)!68&.&'-8!&;! .&?&8-(8(!.&!;%!&'()(*+%!*&,-'%)%!7%c(!&;!8I=-*&)!6(8V-8-<?%#!B)!6%8?-'>;%8U!;%!8&&D%;>%'-J)! .&;!6&<(!&)!/01@!?>D(!-*6(8?%)?&<!'()<&'>&)'-%<!&)!;%!&'()(*+%!.&!;(<!f;?-*(<!%^(<!.&;! 6(8V-8-%?(#! ! A&!
*%)&8%! 6%8%;&;%! .-<*-)>:J! ?%*7-I)! ;%! .&*%).%! &,?&8)%! .&! 68(.>'?(<! *&,-'%)(<U!%<+!'(*(!;(<!<%;%8-(<!-).><?8-%;&<!:!&;!-)=8&<(!%=8+'(;%!!"#$%&!'()#! ! B;!<%;%8-(!8&%;!<&!8&.>c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a6-.%!-)V;%'-J)!:!%;! .&?&8-(8(!.&!;(<!<%;%8-(<!:!&;!&*6;&(#! $(<! %'()?&'-*-&)?(<! 6(;+?-'(<! ! .&! /0M1! %! /0b1U! '(*(! ;%! '%+.%! .&;! =(7-&8)(! .&! 5%88%)9%!&)!/0M1U!;%!8&D>&;?%!.&!;%!C>&8?-<?%!&)!/0MbU!;(<!'()V;-'?(<!&)?8&!;%!-=;&<-%!:!&;! &<?%.(! &)?8&! /0MGF/0MLU! ;%! 8&D(;>'-J)! .&! ;(<! '8-<?&8(<! &)?8&! /0M4F/0M0! :! ;%! .&68&<-J)! *>).-%;!.&!/0M0!%!/0b/U!C-'-&8()!.-V+'-;!;%!8&'>6&8%'-J)!.&!;%!&'()(*+%!&)!&;!68-*&8!'>%8?(! .&;!<-=;(![[#!!"!6&<%8!.&!&<?%<!;-*-?%'-()&<U!&)?8&!/0M1!:!/0b1!&;!68(.>'?(!-)?&8)(!78>?(!<&! &;&DJ!&)!*a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b1!:!/0bbU! ;(<!-)=8&<(<!.&;!=(7-&8)(!.-<*-)>:&8()!M@!6(8!'-&)?(!.%).(!;>=%8!%!>)!.8a<?-'(!.&<'&)<(! .&;!=%<?(!6f7;-'(#! ! K%8%! /0bb! ;(<! &V&'?(<! .&! ;%! .&68&<-J)! &'()J*-'%! *>).-%;! C%7+%)! &*6&9%.(! %! .&<%6%8&'&8m!&;!'8I.-?(!:!&;!=%<?(!6f7;-'(!C%7+%)!%>*&)?%.(U!:!;(<!?I8*-)(<!.&;!-)?&8'%*7-(! '()! &;! &,?&8-(8! C%7+%)! *&c(8%.(#! ! B<?(<! %'()?&'-*-&)?(<U! %'(*6%^%.(<! .&! ;%<! .&D%;>%'-()&<!.&;!6&<(!W>&!&)?()'&<!<&!;;&D%8()!%!'%7(U!%:>.%8()!%!W>&!<&!%;'%)9%8%!&)!&<&! %^(!>)%!?%<%!.&!'8&'-*-&)?(!8&%;!.&!/G!6(8!'-&)?(!%)>%;#!!">)W>&!&<?%!?%<%!.&!'8&'-*-&)?(! )(!<&!*%)?>D(!%!;(!;%8=(!.&;!.&'&)-(!.&!;(<!%^(<!b1U!<-!<&!6>&.&!.&'-8!W>&!;%!.I'%.%!V>&!.&! 8a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
11.
! d)!.&<%88(;;(!-*6(8?%)?&!W>&!%:>.J!%;!8a6-.(!'8&'-*-&)?(!.&!;%!&'()(*+%!*&,-'%)%! &)?8&!/0M/!:!/021U!V>&!;%!'8&%'-J)U!:!8a6-.%!&,6%)<-J)U!.&;!<-<?&*%!V-)%)'-&8(#!!B)?8&!;%<! -)<?-?>'-()&<! V-)%)'-&8%<!
*a<! -*6(8?%)?&<! '8&%.%<! &)! &<(<! %^(<! .&<?%'%)! &;! 3%)'(! .&! NI,-'(!:!h%'-()%;!S-)%)'-&8%U!&<?%!f;?-*%!V>).%.%!&)!/0b2#! ! A>8%)?&! ;(<! %^(<! b1! <&! %6;-'J! >)%! 6(;+?-'%! W>&! *%8'%8+%! &;! &<?-;(! .&;! .&<%88(;;(! &'()J*-'(!.&;!6%+<!&)!;(<!%^(<!<-=>-&)?&<#!k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b1! .&<?%'%! ;%! %.*-)-<?8%'-J)! .&! $a9%8(! 5a8.&)%<! /0b2F /021]!W>&!6><(!%?&)'-J)!&<6&'-%;!%;!8&)=;J)!.&;!=%<?(!&)!.&<%88(;;(!&'()J*-'(!:!<('-%;#!! B<?%! 6(;+?-'%! '()?8%<?%7%! '()! ;%<! %)?&8-(8&<! W>&! 6()+%)! %?&)'-J)! <(78&?(.(! %;! =%<?(! %.*-)-<?8%?-D(! .&;! =(7-&8)(#! ! A>8%)?&! ;%! %.*-)-<?8%'-J)!.&!5a8.&)%<!<&!8&%;-9%8()!(78%<! -*6(8?%)?&<!.&!-)V8%&<?8>'?>8%!&)!&;!<&'?(8!%=8+'(;%U!:!<&!;;&D%8()!%!'%7(!68(=8%*%<!*%<-D(<! .&!.-<?8-7>'-J)!.&!?-&88%<#!!"f)!'>%).(!<&!%'&6?%7%!W>&!&;!'8&'-*-&)?(!-).><?8-%;!&8%!;%!*&?%! *a<!-*6(8?%)?&!.&!;%!6(;+?-'%!&'()J*-'%U!<&!6&)<%7%!W>&!&;!.&<%88(;;(!&'()J*-'(!.&7&8+%! %6(:%8U! <&8! <(78&?(.(U! &)! &;! <&'?(8! %=8(6&'>%8-(#! $(<! -)<?8>*&)?(<! .&! 6(;+?-'%! %=8+'(;%! -)';>+%)!8&'>8<(<!'8&.-?-'-(<!%!?8%DI<!.&!-)<?-?>'-()&<!&<6&'-%;-9%.%<m!&;!&<?%7;&'-*-&)?(!.&! 68&'-(<!.&!=%8%)?+%!:U!&)!6%8?-'>;%8U!-)D&8<-()&<!&)!-88-=%'-J)!:!'(*>)-'%'-()&<!&)!;%<!9()%<! 8>8%;&<#!!K%8%!V-)%;&<!.&;!6&8-(.(!5%8.&)-<?%U!;%!-)D&8<-J)!%=8(6&'>%8-%!8&68&<&)?%7%!'%<-!&;! b1!6(8!'-&)?(!.&!;%!-)D&8<-J)!6f7;-'%!?(?%;#! ! 5'( 2<(?IA=A^]<(F?(STWO(<(STVO!! ! ! B;! 68-*&8! '&)<(! (V-'-%;! .&! 6(7;%'-J)! .&! NI,-'(U! W>&! <&! ;;&DJ! %! '%7(! &)! /L0GU! 8&=-<?8J!>)%!6(7;%'-J)!.&!/M#G!*-;;()&<!.&!C%7-?%)?&<#!!A&<.&!&)?()'&<!<&!C%)!;&D%)?%.(!0! '&)<(<!.&!6(7;%'-J)#!!$%!&,6%)<-J)!.&*(=8aV-'%!&)?8&!/L0@!:!/041!<-=>-J!>)!'8&'-*-&)?(! =&(*I?8-'(!68(*&.-(!.&!/#L!6(8!'-&)?(!%;!%^(U!&;!W>&U!<-)!&*7%8=(U!)(!V>&!>)-V(8*&#!"! 6%8?-8!.&!/011!?(*J!'&8'%!.&!@@!%^(<!6%8%!W>&!<&!.>6;-'%8%!&;!*()?(!.&!;%!6(7;%'-J)!W>&U! 6(<?&8-(8*&)?&U!D(;D-J!%!.>6;-'%8<&!&)!M1!%^(<!&)?8&!/0@1!:!/041#!! B)!&;!68-*&8!.&'&)-(!.&;!<-=;(![[!;%!?%<%!%)>%;!.&!'8&'-*-&)?(!.&*(=8aV-'(!V>&!.&! <J;(!/#/!6(8!'-&)?(U!&)?8&!(?8%<!8%9()&<!6(8W>&!.>8%)?&!&<(<!%^(<!*>'C(<!*>8-&8()!&)!;%! 8&D(;>'-J)#!!K(8!(?8%!6%8?&U!&)!&;!6&8-(.(!6(<8&D(;>'-()%8-(!;%!?%<%!.&!'8&'-*-&)?(!.&!;%! 6(7;%'-J)! V>&! .&! b#2! 6(8! '-&)?(! ;(! W>&! <>=-&8&! ;%! %6%8-'-J)! .&! >)! _7%7:F7((*`! 6(<8&D(;>'-()%8-(!W>&!&*6&9J!'()!&;!8&=8&<(!.&!;%<!:!;(<!8&D(;>'-()%8-(<!%!<><!C(=%8&<#!!$%! %'&;&8%'-J)! .&*(=8aV-'%! ?%*7-I)! <&! &,6;-'%U! &)! 6%8?&U! 6(8! ;%! .8a<?-'%! .-<*-)>'-J)! .&! ;%! *(8?%;-.%.!.&!M@!%;!*-;;%8!&)!;(<!%^(<!M1U!%!%;8&.&.(8!.&!L!&)!/04@#!$%!&<6&8%)9%!.&!D-.%!%;! )%'-*-&)?(!%>*&)?JU!.&!bG!%^(<!&)!;%!6(7;%'-J)!*%<'>;-)%!:!b4!&)!;%!V&*&)-)%!&)!/0b1U!%! G1!:!G2!%^(<!8&<6&'?-D%*&)?&!&)!/041#!$%!%'&;&8%.%!?%<%!.&!'8&'-*-&)?(!.&!;%!6(7;%'-J)!<&! .&7-J!?%*7-I)!%!W>&!;%!V&'>).-.%.!<&!C%7+%!*%)?&)-.(!68a'?-'%*&)?&!'()<?%)?&!.&<.&!/L0@#! ! B;!'()<-=>-&)?&!'%*7-(!&)!;%!&<?8>'?>8%!.&!;%!6(7;%'-J)!6(8!&.%.&<!<-=)-V-'J!>)%! '%8=%!&'()J*-'%!.&<68(6(8'-()%.%#!"<+U!6%8%!/041U!.&!>)%!6(7;%'-J)!;-=&8%*&)?&!<>6&8-(8! ! )9
12.
%!@1!*-;;()&<U!/L#@!6(8!'-&)?(!&8%)!*&)(8&<!.&!2!%^(<U!(!<&%!0#2!*-;;()&<!.&!)-^(<!&)!&<&! =8>6(!.&!&.%.#! ! "<-*-<*(U! &;!
8-?*(! .&! &,6%)<-J)! .&*(=8aV-'%! 68(D('J! .&<&W>-;-78-(<! &)! ;(<! *&8'%.(<!.&!?8%7%c(!:!'8&J!68&<-()&<!%.-'-()%;&<!<(78&!;(<!8&'>8<(<!.&!'%6-?%;!:!)%?>8%;&<! .&;! 6%+<#! K%8%! <%?-<V%'&8! ;%! .&*%).%! .&! <&8D-'-(<! *I.-'(<U! &.>'%?-D(<! :! C%7-?%'-()%;&<! ?%*7-I)!<&!8&W>-8-&8()!'%*7-(<!&)!;%<!6(;+?-'%<!.&!%<-=)%'-J)!.&!8&'>8<(<!:!.&!?&')(;(=+%#! A&<.&! /021U! C%<?%! %68(,-*%.%*&)?&! /041U! ;%! ?%<%! %)>%;! .&! '8&'-*-&)?(! .&! ;%! &'()(*+%! C%7+%! (<'-;%.(! &)?8&! G! :! 4! 6(8! '-&)?(! &)! ?I8*-)(<! 8&%;&<#! B<?(! &W>-D%;+%! %! >)! '8&'-*-&)?(!.&;!-)=8&<(!6&8F'%6-?%!.&!%68(,-*%.%*&)?&!b!6(8!'-&)?(!<-!<&!?(*%7%!;%!?%<%! 68(*&.-(!.&!'8&'-*-&)?(!.&*(=8aV-'(!.&!b#/6(8!'-&)?(!6(8!%^(#! ! h(!(7<?%)?&!&;!'8&'-*-&)?(!.&;!Kj3!K8(.>'?(!j)?&8)(!38>?(]U!&;!&*6;&(!)(!'8&'-J!%! -=>%;!8-?*(#!O&!&<?-*%!W>&!&)!/041!&,-<?+%)!@#L!*-;;()&<!.&!6&8<()%<!<>7('>6%.%<U!)f*&8(! W>&!8&68&<&)?%7%!&;!22#L!6(8!'-&)?(!.&!;%!V>&89%!.&!?8%7%c(#!A&!&<?&!?(?%;U!G1!6(8!'-&)?(!<&! &)'()?8%7%!&)!&;!<&'?(8!%=8(6&'>%8-(U!/2#2!6(8!'-&)?(!&)!;(<!<&8D-'-(<U!/1!6(8!'-&)?(!&)!;%! -).><?8-%! .&! ?8%)<V(8*%'-J)U! G#2! 6(8! '-&)?(! &)! &;! '(*&8'-(! :U! &;! 8&<?(U! &)! %'?-D-.%.&<! -)<>V-'-&)?&*&)?&!&<6&'-V-'%.%<#! ! K(8!(?8%!6%8?&U!;%!?%<%!.&!-)V;%'-J)!.>8%)?&!&;!6&8-(.(!/021F/0@2!'8&'-J!*>'C(!*a<! 8a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c(U!:!&;!.&<&*6;&(! &)'>7-&8?(U!(!<>7&*6;&(U!%;'%)9JU!&)!%;=>)(<!<&'?(8&<!'(*(!;%!%=8-'>;?>8%U!*a<!.&;!G1n!.&! ;%!6(7;%'-J)!&'()J*-'%*&)?&!%'?-D%!&)!&<%!%'?-D-.%.#! O&! 6>&.&! *(<?8%8! W>&! &;! <&'?(8! -).><?8-%;! %7<(87-JU! &)! &;! 6&8-(.(! 7%c(! &<?>.-(U! 8&;%?-D%*&)?&!6('%!*%)(!.&!(78%U!:!W>&!&;!=8>&<(!.&;!'()?-)=&)?&!.&!;%!*-=8%'-J)!8>8%;F >87%)%!<&!8&V>=-J!&)!;(<!<&8D-'-(<!:!&)!?8%7%c(<!>87%)(<!.&!7%c%!68(.>'?-D-.%.#! B)! /021! ;(<! (7c&?-D(<! *a<! -*6(8?%)?&<! .&! ;%! 6(;+?-'%! &'()J*-'%! <&! .-8-=+%)! %! ;%! '()<?8>''-J)!.&!-)V8%&<?8>'?>8%!V+<-'%!&)!'%88&?&8%<U!V&88('%88-;&<U!?&;&'(*>)-'%'-()&<U!&?'#U! :!%!;%!68(.>''-J)!.&!&;&'?8-'-.%.U!C-.8('%87>8(<!:!(78%<!C-.8a>;-'%<!6%8%!%<&=>8%8!%;!<&'?(8! 68-D%.(! >)! <>*-)-<?8(! .&! -)<>*(<! 7%8%?(<#! $%! 6(;+?-'%! &'()J*-'%! <&! (8-&)?J! ?%*7-I)! %! &<?-*>;%8! ;%! -)D&8<-J)! 68-D%.%! '()! &;! 68(6J<-?(! .&! '8&%8! :! V(8?%;&'&8! ;%! -).><?8-%! :! ;%! %=8-'>;?>8%! '(*&8'-%;#! ! $%! 6(;+?-'%! &'()J*-'%! <&! 68(6><(! %<+! %<&=>8%8! %! ;%! -).><?8-%! -)'-6-&)?&!=%)%)'-%<!&;&D%.%<U!:!%!'8&%8!>)!*&8'%.(!&)!.().&!;(<!68&'-(<!.&!;(<!V%'?(8&<! ?8%7%c(! :! '%6-?%;! ;%<! C-'-&8%)! 6(<-7;&<#! ! B<?%! 6(;+?-'%! <&! <><?&)?J! &)! ;%! 68(?&''-J)! %! ;%! -).><?8-%!)%'-()%;!.&!;%!'(*6&?&)'-%!&,?&8-(8m!&)!6(;+?-'%<!V-<'%;&<!V%D(8%7;&<m!&)!6&8*-?-8! <J;(! %>*&)?(<! 8&.>'-.(<! &)! ;(<! <%;%8-(<! 8&%;&<m! &)! *%)?&)&8! 7%c(<! ;(<! 68&'-(<! .&! ;(<! &)&8=I?-'(<m!&)!;%!'()<?8>''-J)!.&!=8%).&<!(78%<!.&!-)V8%&<?8>'?>8%!6%8%!;%!-).><?8-%!:!;%! %=8-'>;?>8%!'(*&8'-%;m!&)!6(;+?-'%<!'8&.-?-'-%<!V%D(8%7;&<!%;!<&'?(8!*%)>V%'?>8&8(U!%<+!'(*(! &)!(?8%<!*&.-.%<!W>&!&<?-*>;%8%)!;%!-*6(8?%'-J)!.&!*%W>-)%8-%!:!&W>-6(#! ! 5()D-&)&!<>7.-D-.-8!&)!.(<!&;!6&8-(.(!.&!/021!%!/041#!!B;!68-*&8(!.&!/021!%!/0@2!:! &;!<&=>).(!.&!/0@@!%!/041#!!B)!'%.%!>)(!.&!&<?(<!6&8-(.(<!<&!(7<&8D%8()!V(8*%<!.-<?-)?%<! ! ))
13.
.&! V-)%)'-%*-&)?(! 6%8%!
&;! .&<%88(;;(#! $%! *a<! )(?%7;&! <&! %.D-&8?&! &)! ;%! V(8*%! '(*(! <&! V-)%)'-J!;%!-)D&8<-J)!6f7;-'%#!!A&!/021!%!/0@2!<&!%'>.-J!%;!%C(88(!-)?&8)(!6%8%!V-)%)'-%8!&;! .IV-'-?!6f7;-'(U!*-&)?8%<!W>&!.&!/0@@!%!/041!<&!7><'J!V-)%)'-%*-&)?(!&,?&8)(#!";!68-*&8! 6&8-(.(! ;(! '%8%'?&8-9J! ;%! 68&<&)'-%! .&! *(D-*-&)?(<! -)V;%'-()%8-(<! :U! %;! <&=>).(U! ;%! &<?%7-;-.%.!.&!68&'-(<#!!B;!(7c&?-D(!.&!;%!&<?%7-;-.%.!.&!68&'-(<!<&!'()D&8?-8+%U!%^(<!.&<6>I<U! &)!;%!*&?%!'&)?8%;!.&!;%!6(;+?-'%!&'()J*-'%U!%!?%;!=8%.(!W>&!&)!('%<-()&<!(7<?%'>;-9J!&;! .&<%88(;;(!&'()J*-'(#! ! $%!6(;+?-'%!.&!V-)%)'-%*-&)?(!.&V-'-?%8-(!'>%).(!&;!=(7-&8)(!=%<?%!*a<!.&!;(!W>&! '%6?%!6(8!'()'&6?(!.&!-*6>&<?(<]!.&!/021!%!/0@2!<&!%6;-'J!'>%).(!;%!8&;%'-J)!&)?8&!;%!'%8=%! V-<'%;!:!&;!Kj3!K8(.>'?(!h%'-()%;!38>?(]!;(!W>&!<&!68(.>'&!%)>%;*&)?&!&)!;%!&'()(*+%! 7-&)&<!:!<&8D-'-(<]!&8%!*>:!7%c%!0!6(8!'-&)?(]#!!B;!.IV-'-?!6f7;-'(!&8%!&)?()'&<!*>:!=8%).&! :! .-V+'-;! .&! .-<*-)>-8! '()! V-)%)'-%*-&)?(! &,?&8)(U! :%! W>&! &)! &<(<! %^(<! &;! =(7-&8)(! *&,-'%)(!?&)+%!%''&<(!;-*-?%.(!%!8&'>8<(<!V-)%)'-&8(<!.&;!&,?&8-(8#!$%!6(<-'-J)!.&!NI,-'(! &)!&;!*&8'%.(!-)?&8)%'-()%;!.&!'%6-?%;&<!&8%!&)?()'&<!68&'%8-%!.&7-.(U!&)?8&!(?8%<!8%9()&<U!%! ;%<!6(;+?-'%<!)%'-()%;-<?%<!W>&!<&!C%7+%)!<&=>-.(!'(*(!;%!.&!&,68(6-%8!&;!6&?8J;&(!&)!/0bLU! 6(8!&c&*6;(#!!")?&!&<?%!<-?>%'-J)!&;!=(7-&8)(!%'>.-J!%!(?8%<!*&.-.%<!6%8%!'>78-8!&;!.IV-'-?! .&;! =%<?(! 6f7;-'(#! ! B)?8&! &<?%<! <(78&<%;+%)! ;%<! 6(;+?-'%<! *()&?%8-%<! &,6%)<-()-<?%<! .&! '%8a'?&8!-)V;%'-()%8-(!'(*(!&8%!;%!.&!%>*&)?%8!;%!(V&8?%!*()&?%8-%#! ! A&!/0@1!%!/0@2!;%!'%)?-.%.!.&!.-)&8(!&)!'-8'>;%'-J)!%>*&)?J!&)!/4#L!6(8!'-&)?(!6(8! %^(!&)!68(*&.-(U!*-&)?8%<!W>&!.&!/0@@!%!/041!'8&'-J!<(;%*&)?&!M#M!6(8!'-&)?(#!!B<!6(8!&<?(! W>&!;%!-)V;%'-J)!&)!&<?&!f;?-*(!6&8-(.(!6>&.&!%?8-7>-8<&U!&)!=8%)!*&.-.%U!%!;%!V(8*%!'(*(! <&!V-)%)'-J!&;!.IV-'-?!.&;!=(7-&8)(#!!5()!&;!V-)!.&!8&.>'-8!;%!&<'%<&9!.&!8&'>8<(<!V-)%)'-&8(<! <&!%6;-'%8()!6(;+?-'%<!W>&!-)'8&*&)?%8+%)!;%!?%<%!.&!-)?&8I<!8&%;!;%!?%<%!.&!-)?&8I<!W>&!<&! (7?-&)&!.&<6>I<!.&!'()<-.&8%8!&;!%>*&)?(!.&!;(<!68&'-(<]!:!&;!%C(88(#!g%*7-I)!<&!%6;-'%8()! -*6>&<?(<!*(.&8%.%*&)?&!68(=8&<-D(<!C%<?%!>)!/1!6(8!'-&)?(]!6%8%!(?8(<!?-6(<!.&!-)=8&<(! W>&!68(D&)+%)!.&;!%C(88(#!B<?%<!6(;+?-'%<!?&)+%)!'(*(!*&?%!'%6?%8U!)(!f)-'%*&)?&!&;!%C(88(! -)?&8)(U!<-)(!?%*7-I)!&<?-*>;%8!&;!&,?&8)(!'()!?%<%<!.&!-)?&8I<!8&%;&<!*a<!&;&D%.%<!W>&!;%<! -)?&8)%'-()%;&<#! ! B;!8&<>;?%.(!.&!&<?%<!6(;+?-'%<!V>&!>)!%>*&)?(!&)!;%!68(6&)<-J)!%!%C(88%8!;%!V8%''-J)! W>&U! .&! '%.%! 6&<(! W>&! <&! 8&'-7&! '(*(! -)=8&<(U! )(! <&! '()<>*&]#! A&! /0@/! %! /0@b! ;%! 68(6&)<-J)!*&.-%!%!%C(88%8!&8%!.&!<(;%*&)?&!/1!6(8!'-&)?(U!6&8(U!6%8%!&;!6&8+(.(!/0@@FG4! C%7+%!%>*&)?%.(!%!M/!6(8!'-&)?(M #!!B;!%C(88(!-)?&8)(!'%6?%.(!6(8!&;!<&'?(8!6f7;-'(!V>&!%!<>! D&9!'%)%;-9%.(!%!-)D&8<-()&<!68(.>'?-D%<!%!?8%DI<!.&!;%!6(;+?-'%!.&!&)'%c&!;&=%;b !.&;!3%)'(! .&! NI,-'(! '(*6;&*&)?%.%! '()! 8&'>8<(<! '%6?%.(<! 6(8! -)<?-?>'-()&<! .&! %C(88(! '(*(! h%'-()%;!S-)%)'-&8%#!!P8%'-%<!%!&<?%<!6(;+?-'%<!'%<-!&;!01!6(8!'-&)?(!.&;!.IV-'-?!.&;!=(7-&8)(! V&.&8%;U! &)?8&! /0@0! :! /041U! V>&! V-)%)'-%.(! '()! 8&'>8<(<! -)?&8)(<U! &<! .&'-8U! '()! %C(88(<! D(;>)?%8-(<!.&!;%<!&*68&<%<!:!;%<!6&8<()%<!?8%)<V&8-.(<!%;!=(7-&8)(#! ! K(8! (?8%! 6%8?&U! .&<.&! 68-)'-6-(<! .&! ;(<! 21U! C%<?%! ;(<! 68-*&8(<! %^(<! .&! ;(<! @1U! ;%! 6(;+?-'%!.&!&<?+*>;(!%!;%!-).><?8-%;-9%'-J)!<&!7%<J!&)!;%!%6;-'%'-J)!.&!?%8-V%<U!<>7<-.-(<!:! .&D%;>%'-()&<! W>&! ?&)+%)! '(*(! (7c&?-D(! &<?-*>;%8! >)%! *%:(8! 6%8?-'-6%'-J)! ! .&;! <&'?(8! 68-D%.(! :U! ?%*7-I)U! *%)?&)&8! >)%! <-?>%'-J)! '(*6&?-?-D%! .&! ;(<! 7-&)&<! *&,-'%)(<! &)! &;! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! M !")?()-(!i8?-9!N&)%U!*"+)##,--,$"+().'-'/)0,#!NI,-'(U!/0G0]U!6#!M2#! ! b !5(*68%!(7;-=%?(8-%!.&!7()(<!.&;!=(7-&8)(!6(8!6%8?&!.&!;(<!7%)'(<#! ! ! )"
14.
&,?&8-(8#!$%!6(;+?-'%!.&!&<?+*>;(<!V-<'%;&<!6%8%!&;!.&<%88(;;(!-).><?8-%;!<&!%6(:J!&)!;%!$&:!.&! S(*&)?(! .&! j).><?8-%<!
.&! g8%)<V(8*%'-J)! &,6&.-.%! &)! /02@#! ! Na<! %.&;%)?&U! .>8%)?&! ;%! <&=>).%!*-?%.!.&!;(<!%^(<!@1U!;%!6(;+?-'%!.&! %6(:(!%!;%!<><?-?>'-J)!.&!-*6(8?%'-()&<!<&! %6;-'J! *&.-%)?&! &;! '()?8(;! .-8&'?(! 12)! ;-'&)'-%<! .&! -*6(8?%'-J)! :! V%'-;-.%.&<! '8&.-?-'-%<#! "^(<!.&<6>I<U!&)!/0@@U!<&!%68(7J!;%!$&:!.&!j).><?8-%<!h>&D%<!:!h&'&<%8-%<!W>&!(?(8=%7%! .-D&8<(<!?-6(<!.&!V8%)W>-'-%<!:!8&.>''-()&<!&)!&;!6%=(!.&!-*6>&<?(<U!?%)?(!%!;%<!-).><?8-%<! .&!%8?+'>;(<!)(!&;%7(8%.(<!&)!&;!6%+<U!'(*(!%!;%<!W>&!(6&8%7%)!&)!8%*%<!&'()J*-'%<!.().&! ;%!68(.>''-J)!)(!&8%!<>V-'-&)?&!6%8%!%7%<?&'&8!;%!.&*%).%!-)?&8)%#!O&!.-&8()U!6(8!(?8%!6%8?&U! ?%*7-I)!&<?+*>;(<!V-<'%;&<!.&!.&68&'-%'-J)!%'&;&8%.%!6%8%!%W>&;;%<!&*68&<%<!*&,-'%)%<!W>&! -)D-8?-&8%)!&)!*%W>-)%8-%!68(.>'-.%!&)!&;!6%+<#! ! $%!%*6;-%'-J)!.&;!'()c>)?(!.&!7-&)&<!W>&!8&W>&8+%)!.&!;-'&)'-%!.&!-*6(8?%'-J)!V>&! (?8(! *&.-(! 6%8%! &<?-*>;%8! ;%! 68(.>''-J)! -).><?8-%;! )%'-()%;#! $%! 68(6(8'-J)! .&;! ?(?%;! .&! -*6(8?%'-()&<!W>&!8&W>&8+%)!;-'&)'-%!%>*&)?J!.&!bL!6(8!'-&)?(!&)!/0@G!%!G@!6(8!'-&)?(!&)! /0G2#!$(<!6&8*-<(<!6%8%!;%!-*6(8?%'-J)!V>&8()!-)<?8>*&)?(<!68(?&''-()-<?%<!6(.&8(<(<!W>&! =%8%)?-9%8()!&;!*&8'%.(!-)?&8)(!%!;%!-).><?8-%!)%'-()%;#! ! K(8!<>!6%8?&U!;%!-)D&8<-J)!&,?8%)c&8%!&)!NI,-'(!'8&'-J!68(?&=-.%!:!&<?-*>;%.%!.&)?8(! .&! ;%! 6(;+?-'%! .&! -).><?8-%;-9%'-J)#! B;! -)'&)?-D(! ?8%.-'-()%;! 6%8%! %?8%&8! ;%! -)D&8<-J)! &,?8%)c&8%! '()<-<?+%! &)! C%'&8! 6(<-7;&! W>&! &;! )-D&;! .&! <><! >?-;-.%.&<! )&?%<! V>&8%! '()<-.&8%7;&*&)?&! *a<! %;?(! W>&! &;! W>&! &,-<?+%! &)! (?8(<! *&8'%.(<! -)?&8)%'-()%;&<U! &)! &<6&'-%;!&)!B<?%.(<!d)-.(<#!! ! B)!/0//!%;8&.&.(8!.&!G@!6(8!'-&)?(!.&!;%!-)D&8<-J)!&,?8%)c&8%!<&!;('%;-9%7%!&)! ;%!*-)&8+%!:!&)!;(<!<&'?(8&<!.&;!?8%)<6(8?&U!6%8%!/0G1U!'%<-!01!6(8!'-&)?(!<&!&)'()?8%7%! &)!;%<!*%)>V%'?>8%<!:!&)!&;!'(*&8'-(#!"<-*-<*(U!;(<!B<?%.(<!d)-.(<!8&68&<&)?%7%)!;%! V>&)?&!*a<!-*6(8?%)?&!.&!-)D&8<-J)!&,?8%)c&8%R!.&!/0@1!%!/0G4!&;!%'&8D(!.&!'%6-?%;! )(8?&%*&8-'%)(!&)!NI,-'(!%>*&)?J!.&!/bb!%!L01!*-;;()&<!.J;%8&<!.&!;(<!'>%;&<!&;! <&'?(8!-).><?8-%;!%7<(87-JU!%68(,-*%.%*&)?&U!.(<!?&8'&8%<!6%8?&<#2 ! ! B;!%'&8D(!.&!-)D&8<-J)!&,?8%)c&8%!&)!/04M!<&!&<?-*%7%!&)!%;8&.&.(8!.&!bU111! *-;;()&<! .&! .J;%8&<! W>&! 8&68&<&)?%7%! '%<-! &;! b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f7;-'(! &)! &;! <&'?(8!%=8+'(;%U!*a<!8&'>8<(<!.&!;(<!W>&!(7?>D(!6(8!-*6>&<?(<!.&!&<&!<&'?(8#!A>8%)?&! &<?&!6&8-(.(!;%!-)D&8<-J)!6f7;-'%!&)!&;!<&'?(8!%=8+'(;%!8&68&<&)?JU!&)!68(*&.-(U!&;!M1! 6(8!'-&)?(!.&!;(<!8&'>8<(<!%)>%;&<!?(?%;&<!-)D&8?-.(<!6(8!&;!=(7-&8)(#!B)!'()?8%<?&U!.&! /0@4U!C%<?%!;(<!68-*&8(<!%^(<!.&!;%!68-*&8%!.I'%.%!.&!;(<!41U!&;!=%<?(!6f7;-'(!&)!;%! %=8-'>;?>8%!V>&!*&)(8!W>&!;(<!-*6>&<?(<!(7?&)-.(<!&)!&<&!<&'?(8#!$%!-)D&8<-J)!6f7;-'%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2 !j)?&8)%?-()%;!3%)o!V(8!T&'()<?8>'?-()!%).!A&D&;(6*&)?!%).!j)?&8)%?-()%;!A&D&;(6*&)?! "<<('-%?-()U!34"$5%,6,78$,9$:";'%,<$=$>)+'%$?"!,#(U!G!D(;f*&)&<m!p%<C-)=?()#! d)6>7;-<C&.!.('>*&)?R!T&6(8?!)(#!/0MFNBU!/04bU!k(;#!jj! ! ! )#
15.
%=8+'(;%! &*6&9J! %!
.-<*-)>-8! 6%>;%?-)%*&)?&! .&<.&! /0@4U! C%<?%! ;;&=%8U! &)?8&! /0Gb! :! /0G2U!%!8&68&<&)?%8!<(;%*&)?&!&;!4!6(8!'-&)?(!.&;!?(?%;!.&!;%!-)D&8<-J)!6f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c&*6;(U!<&!'%)%;-9%8()!%!;%! -).><?8-%U!*&.-%)?&!&;!<-<?&*%!7%)'%8-(U!6('(!*a<!.&!M1U111!*-;;()&<!.&!6&<(<U!:!%!;%! %=8-'>;?>8%!:!%!;%!*-)&8+%!@UL11!:!Gb!*-;;()&<!8&<6&'?-D%*&)?&#!K%8%!/04M!;%!-).><?8-%! C%7+%!8&'-7-.(!/1/U111!*-;;()&<!.&!6&<(<U!;%!%=8-'>;?>8%!MMU111!:!;%!*-)&8+%!bU011#!A&! &<?%<!'-V8%<!<&!.&<68&).&!W>&!&)!/0G1!;%!-).><?8-%!8&'-7-J!?8&<!D&'&<!*a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f;?-*%#! B)! 6a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i?8(<U! 6(8! <>! 6%8?&U! <(<?-&)&)! W>&! )(! V>&! '%<>%;! W>&! ;%<! 68-)'-6%;&<!(78%<!.&!-88-=%'-J)!<&!C>7-&8%)!;;&D%.(!%!'%7(!&)!;(<!&<?%.(<!.().&!C%7+%)! )%'-.(!;(<!*a<!-*6(8?%)?&<!c&V&<!8&D(;>'-()%8-(<!.&;!)(8?&!.&;!6%+<#! $(<!%=8-'>;?(8&<!.&!8-&=(!8&'-7-&8()!;(<!7&)&V-'-(<!.&!68(=8%*%<!.&!%<-<?&)'-%! ?I')-'%!.&;!=(7-&8)(!:U!6(<?&8-(8*&)?&U!&;!8&<6%;.(!V-)%)'-&8(!.&;!<&'?(8!68-D%.(#!B)! &<%<!8&=-()&<!<&!-)'8&*&)?J!;%!>?-;-9%'-J)!.&!-)<>*(<!6%8%!*&c(8%8!;(<!8&).-*-&)?(<! V&8?-;-9%)?&<U! <&*-;;%<! *&c(8%.%<U! -)<&'?-'-.%<U! &?'#]! :! <&! -)-'-J! >)! 68('&<(! .&! *&'%)-9%'-J)!?&).-&)?&!%!%C(88%8!*%)(!.&!(78%#!!K(8!(?8%!6%8?&U!<&!%<-=)%8()!'%.%!D&9! *a<!8&'>8<(<!%!;%!%=8-'>;?>8%!.&!&,6(8?%'-J)!:!*&)(<!%!;%<!&*68&<%<!%=8+'(;%<!68-D%.%<! :!&c-.(<!W>&!.-8-=+%)!<>!68(.>''-J)!%;!*&8'%.(!-)?&8)(#!"<+U!6%8%;&;(!%;!8&6%8?(!%=8%8-(! <&! -)-'-J! >)! 68('&<(! .&! '()<?8>''-J)! .&! (78%<! .&! -88-=%'-J)! :! .&! '(*>)-'%'-J)U! '(*6;&*&)?%.%<!'()!6(;+?-'%<!.&!%6(:(!'8&.-?-'-(U!-)D&<?-=%'-J)!:!%<-<?&)'-%!?I')-'%! W>&!<&!'()'&)?8%8()!&)!9()%<!&<6&'+V-'%<#!K%8?&!.&!;%<!8&=-()&<!a8-.%<!:!<&*-Fa8-.%<! .&;! )(8?&! .&;! 6%+<! V>&8()! ;%<! 7&)&V-'-%8-%<! 68-)'-6%;&<! .&! &<?%<! 6(;+?-'%<#! ";;+! <&! .&<%88(;;%8()! &*68&<%<! %=8+'(;%<! *(.&8)%<! (8-&)?%.%<! %;! *&8'%.(! &,?&8)(#! K(8! (?8%! 6%8?&U!;%<!9()%<!?&*6(8%;&8%<U!W>&!C%7+%)!(8-&)?%.(!<>!68(.>''-J)!%;!*&8'%.(!-)?&8)(U! W>&.%8()!%;!*%8=&)!.&!;%!-)D&8<-J)!=>7&8)%*&)?%;!:!<>!'8&'-*-&)?(!<&!&<?%)'J!'%<-! 6(8!'(*6;&?(#! ! )$
16.
$%!-)D&<?-=%'-J)!%=8+'(;%U!6(8!(?8%!6%8?&U!<&!(8-&)?JU!68-)'-6%;*&)?&!%!*&c(8%8! '>;?-D(<!:!%!6&8V&''-()%8!;(<!68('&.-*-&)?(<!.&!68(.>''-J)!%6;-'%7;&<!%!;%!%=8-'>;?>8%! *(.&8)%U! :! 8%8%!
D&9! %! ;%! ?8%.-'-()%;#! $%! -)D&<?-=%'-J)! %=8+'(;%U! <>7<-.-%.%! 6(8! &;! =(7-&8)(U! '%8&'-J! .&! %6(:(! %! ;%! -)D&<?-=%'-J)! 6&8?-)&)?&! %;! <&'?(8! ?8%.-'-()%;#! $%! .>%;-.%.!.&!;%!%=8-'>;?>8%!*&,-'%)%!W>&!&)?()'&<!<&!-)-'-J!V>&U!<+)?&<-<U!&;!8&<>;?%.(!.&! ;%<!6(;+?-'%<!.&!-)D&8<-J)U!8-&=(U!'8I.-?(!&!-)D&<?-=%'-J)U!&)?8&!(?8%<#! k&%*(<! (?8%<! '-V8%<! -;><?8%?-D%<! .&! ;%! &'()(*+%! .&;! 6&8-(.(! /021F/041#! A>8%)?&! ;(<! 68-*&8(<! %^(<! .&! ;(<! 21! '%<-! .(<! ?&8'&8%<! 6%8?&<! .&! ;%! 6(7;%'-J)! <&! .&.-'%7%!%!;%!%=8-'>;?>8%U!:!;(!W>&!68(.>'+%!&W>-D%;+%!%;!/L!6(8!'-&)?(!.&;!Kj3!&;!W>&U!%! <>!D&9U!'8&'+%!%!>)%!?%<%!%)>%;!.&!%;8&.&.(8!.&!2#@!6(8!'-&)?(#!!K%8%!/041!:%!*&)(<!.&! ;%! *-?%.! .&! ;%! V>&89%! .&! ?8%7%c(! <&! .&.-'%7%! %! ;%! %=8-'>;?>8%U! :! ;(! W>&! 68(.>'+%! &W>-D%;+%!%6&)%<!%;!//!6(8!'-&)?(!.&;!Kj3!W>&!'8&'+%!%!>)%!?%<%!.&!2#0!6(8!'-&)?(U!*>:! 6%8&'-.%!%!;%!W>&!<&!?>D(!&)!/021#! ! K(8!<>!6%8?&U!&;!<&'?(8!*%)>V%'?>8&8(!&*6;&%7%!&)!/021!%!<(;%*&)?&!&;!/b!6(8! '-&)?(!.&!;%!V>&89%!.&!?8%7%c(U!=&)&8%7%!/0!6(8!'-&)?(!.&;!Kj3U!:!'8&'+%!%!>)%!?%<%!%)>%;! %68(,-*%.%! .&! G#b! 6(8! '-&)?(#! K%8%! /041U! /G! 6(8! '-&)?(! .&! ;%! V>&89%! .&! ?8%7%c(! <&! .&.-'%7%!%!%'?-D-.%.&<!%=8+'(;%<U!<>!&<?a!68(.>'-&).(!&W>-D%;+%!%;!MG!6(8!'-&)?(!.&;! Kj3!:!'8&'+%!%!>)%!?%<%!%)>%;!.&!'%<-!0!6(8!'-&)?(#!$(<!<>7<&'?(8&<!.&!;%!'()<?8>''-J)!:! ;(<! <&8D-'-(<! %>*&)?%8()! ?%*7-I)! <>! 6%8?-'-6%'-J)! 8&;%?-D%! &)! &;! 68(.>'?(! ?(?%;U! W>&.%).(!f)-'%*&)?&!8&9%=%.(!&;!<&'?(8!.&!;%!*-)&8+%!'>:%!6%8?-'-6%'-J)!&)!&;!?(?%;! .-<*-)>:J!&)!&;!6&8-(.(#!!B;!Kj3!?(?%;!'8&'-J!.>8%)?&!&<&!?-&*6(!%!?%<%<!W>&!V;>'?>%8()! &)?8&!2!:!4#@!6(8!'-&)?(!%)>%;U!<%;D(!&)!/0@M!:!/04/#! ! K(8!&<(<!%^(<!;%!68(.>'?-D-.%.!.&;!'%6-?%;U!*&.-.%!'(*(!;%!8&;%'-J)!&)?8&!;(<! '%*7-(<!&)!;%!-)D&8<-J)!:!;(<!'%*7-(<!&)!;%!'%)?-.%.!.&!;(!W>&!<&!68(.>'&U!%>*&)?J! .&<.&!;(<!%^(<!21#!"!6%8?-8!.&!/0G1U!C%<?%!/041U!&<%!8&;%'-J)!6&8*%)&'-J!*a<!(!*&)(<! '()<?%)?&!&)?8&!M#4!:!b#1#! ! $%<!&,6(8?%'-()&<!%=8+'(;%<U!6(8!<>!6%8?&U!&W>-D%;+%)!&)!/0G1!%;!2b!6(8!'-&)?(!.&!;%<! &,6(8?%'-()&<!?(?%;&<!.&!*&8'%)'+%<!*-&)?8%<!W>&U!6%8%!/04MU!8&68&<&)?%7%)!<J;(!&;!M0!6(8! '-&)?(#!B)!'%*7-(U!&)!/0G1U!;(<!*-)&8%;&<!&,6(8?%.(<!'()<?-?>:&8()!&;!MM#@!6(8!'-&)?(!.&! ;%<!&,6(8?%'-()&<!:!<(;%*&)?&!&;!/M!6(8!'-&)?(!&)!/04M#!B;!'%*7-(!&)!;%!'(*6(<-'-J)!.&!;%<! &,6(8?%'-()&<! ?(?%;&<! <&! .&7-JU! 68-)'-6%;*&)?&U! %! ;(<! '%*7-(<! &)! ;%! '(*6(<-'-J)! .&! ;%<! &,6(8?%'-()&<!*%)>V%'?>8&8%<!W>&U!.&!'()<?-?>-8!&)!/0G1!&;!@n!.&!;%<!&,6(8?%'-()&<U!6%8%! /04M!;;&=%7%)!%!'%<-!&;!MG!6(8!'-&)?(!.&;!?(?%;#! ! B)!/0G1!;(<!7-&)&<!.&!'()<>*(!.>8%7;&<!:!)(!.>8%7;&<]!'()<?-?>:&8()!&;!/0n!.&! ;%<!-*6(8?%'-()&<!.&!*&8'%)'+%<U!6&8(U!6%8%!/04/!C%7+%)!.-<*-)>-.(!%;!MM!6(8!'-&)?(#!$%! -*6(8?%'-J)!.&!7-&)&<!&*6;&%.(<!&)!;%!68(.>''-J)!*%?&8-%<!68-*%<!:!&)&8=I?-'(<U!:!7-&)&<! .&!-)D&8<-J)]!8&68&<&)?%7%)!&;!L/!6(8!'-&)?(!.&!;%<!-*6(8?%'-()&<!?(?%;&<!&)!/0G1!:U!6%8%! /04/!C%7+%)!.-<*-)>-.(!<J;(!;-=&8%*&)?&!:!&W>-D%;+%)!%;!4L!6(8!'-&)?(#! ! B)! &<?%<! '().-'-()&<! .&! ;%! &'()(*+%U! %! )%.-&! <(868&).-J! W>&! ;%! '>&)?%! '(88-&)?&! .-V&8&)'-%! &)?8&! &,6(8?%'-()&<! &! -*6(8?%'-()&<]! <&! .&?&8-(8%8%! &)! V(8*%! %;%8*%)?&#! ! B)! /021!&;!.IV-'-?!&8%!.&!*&)(<!.&!*&.-(!*-;;J)!.&!.J;%8&<U!6&8(U!6%8%!/04M!C%7+%!;;&=%.(!%! '%<-!*-;!*-;;()&<!.&!.J;%8&<#!!! B)! 8&;%'-J)! %! ;(<! 68&'-(<U! '>:%! &<?%7-;-9%'-J)! V>&! *&?%! &,6;+'-?%! .&! ;%! 6(;+?-'%! *()&?%8-%!6(8!*>'C(!?-&*6(U!'8&'-&8()!;&)?%*&)?&R!.&!/0G@!%!/041!;(!C-'-&8()!%!>)%!?%<%! %68(,-*%.%!.&!2#M!6(8!'-&)?(!%)>%;#! ! )%
17.
! h(!(7<?%)?&!;%!&;&D%.%!?%<%!.&!'8&'-*-&)?(!=;(7%;!.&!;%!&'()(*+%U!)(!6>.(!&D-?%8<&! W>&! ;%<!
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a?-'%*&)?&!*&)(8!W>&!&;!.&;!<&'?(8! -).><?8-%;#!!$(<!&<?%.(<!*a<!8-'(<U!<-)!&*7%8=(U!.-<6()+%)!.&!-)=8&<(<!6&8!'%6-?%!.&!C%<?%! '>%?8(!D&'&<!*a<!=8%).&<!W>&!;(<!.&!;(<!&<?%.(<!*a<!6(78&<#!!B<?%!.-V&8&)'-%!'8&'+%!*a<! 8a6-.%*&)?&!'>%).(!;%!'(*6%8%'-J)!<&!C%'+%!'()!;(<!&<?%.(<!*a<!6(78&<!'(*(!5C-%6%<U! i%,%'%U!P>&88&8(U!:!N-'C(%'a)#!!A-'C(!.&!(?8%!*%)&8%U!;%!.-V&8&)'-%!&)?8&!&;!D%;(8!.&!;%! 68(.>''-J)! .&! ;(<! &<?%.(<! 8-'(<! :! &;! .&! ;(<! *a<! 6(78&<! <&! (7<&8D%7%! '%.%! D&9! *a<! 68()>)'-%.%#!!! K(8!(?8%!6%8?&U!&)!NI,-'(U!&)!/021U!&;!@L!6(8!'-&)?(!.&!;%!6(7;%'-J)!*%:(8!.&!G!%^(<! )(!<%7+%!;&&8#!!">)W>&!6%8%!/041!;%!68(6(8'-J)!C%7+%!.&<'&).-.(!%;!M2nU!&;!%)%;V%7&?-<*(! V>)'-()%;U! &<?(! &<U! ;%! 68(6(8'-J)! .&! 6&8<()%<! '>:(! %68&).-9%c&! <&! 6-&8.&! 6(8! V%;?%! .&! V>)'-()%;-.%.!.&!;(<!'()('-*-&)?(<U!%;'%)9%7%!)-D&;&<!&;&D%.(<#! ! ! B)!NI,-'(!&;!68('&<(!.&!'8&'-*-&)?(!&'()J*-'(!*&.-%)?&!;%!-).><?8-%;-9%'-J)!<&! -)-'-J!'()!>)%!V>&89%!;%7(8%;!'%;-V-'%.%U!&)!&;!*&c(8!.&!;(<!'%<(<U!6%8%!8&%;-9%8!%'?-D-.%.&<! %=8+'(;%<U! 6&8(! <-)! &,6&8-&)'-%! )-! '()('-*-&)?(<! ?&')(;J=-'(<! 6%8%! ;%! -).><?8-%#! O-)! &*7%8=(U! 6(8! &,?8%^%! 68&?&)<-J)U! ;%! 6(;+?-'%! .&! '8&'-*-&)?(! .&;! 6%+<! <&! (8-&)?J! C%'-%! ;%! -).><?8-%;-9%'-J)U! *&.-.%! W>&! 8&<>;?J! '(<?(<%U! -)&W>-?%?-D%! &! -)&V-'%9#! T&<>;?%! .-V+'-;! .&! &)?&).&8!6(8W>&!>)!6%+<!'()!>)%!6(7;%'-J)!%'?-D%!%=8+'(;%!&W>-D%;&)?&!%;!21n!.&;!?(?%;!.&! ;%!6(7;%'-J)U!'()'&)?8J!<>!&<V>&89(!&.>'%?-D(!:!?&')(;J=-'(!&)!;%!-).><?8-%U!&;!'(*&8'-(!:! ;(<!<&8D-'-(<!.&!;(<!*&.-(<!>87%)(<#! ";! ?&8*-)%8! ;%! &?%6%! .&! ;%! T&D(;>'-J)U! :! .&;! %=8%8-<*(! *a<! %'I88-*(! C%<?%! 5a8.&)%<]U!;%!D-&c%!%8-<?('8%'-%!?&88%?&)-&)?&!_6>;W>&8%`!;&!.&'+%)!%;=>)(<]!.>&^%!.&!;(<! &,'&.&)?&<!&'()J*-'(<!%'>*>;%.(<!&)!;%!&'()(*+%!6(8V-8-%)%U!&*6&9J!%!.-D&8<-V-'%8<&!&)! %'?-D-.%.&<! -).><?8-%;&<U! '(*&8'-%;&<! :! .&! <&8D-'-(<U! .%.%! ;%! 7%c%! 8&.-?>%7-;-.%.! .&! ;%! %=8-'>;?>8%#! A>8%)?&! &;! 6&8-(.(! W>&! &<?%*(<! .&<'8-7-&).(! /021F/041]U! <&! %'&;&8JU! ;%! 6(;+?-'%!.&!(78%<!.&!=8%)!-88-=%'-J)!'>:(!'()?8(;U!'(*(!<&!.-c(!%)?&<!W>&.J!&)!*%)(<!.&! D-&c(<!;%?-V>).-<?%<U!7>8J'8%?%<!%=8%8-(<!:!)>&D(<!68(6-&?%8-(<!<>8=-.(<!.&!;%!T&D(;>'-J)#!! O&!6>&.&!%V-8*%8!%C(8%U!<-)!?&*(8!%!&W>-D('%8<&U!W>&!&;!8&6%8?(!%=8%8-(!)(!V>&!&W>-?%?-D(!&)! ?I8*-)(<!.&;!?%*%^(!.&!;(<!68&.-(<!(!.&;!><(!.&!-)<>*(!'(*(!&;!%=>%#!!T&<>;?%!6(8!&<?(! .>.(<%!;%!%V-8*%'-J)!.&!W>&!;(<!68(=8%*%<!.&!8&6%8?(!.&!;%!?-&88%!.-<?8-7>:&8()!&;!-)=8&<(#!! k&%*(<!*a<!.&!'&8'%!;(<!68(7;&*%<!.&!6(78&9%!:!.&<-=>%;.%.!&)!&<?&!6&8+(.(!.&!/0@1!%! /041#! !! ! %'(2<([AKL?c<(`(@<(F?CED><@F<F(?=QL?(STYO(`(STVO( ( S'(2<(FECQLEK>IE_=(F?@(E=DL?CA(?=QL?(@AC(<IQAL?C(F?(@<([LAF>IIE_=( ! $(!W>&!<&!68(.>'&!&)!7-&)&<!:!<&8D-'-(<!&)!>)!%^(!&)!>)%!&'()(*+%U!&<?(!&<U!&;! K8(.>'?(! j)?&8)(! 38>?(! (! Kj3! (! j)=8&<(! h%'-()%;U! <&! .-<?8-7>:&! &)?8&! ;(<! V%'?(8&<! .&! ;%! 68(.>''-J)U!6(8!&c&*6;(!&)?8&!&;!?8%7%c(!:!&;!'%6-?%;U!(!&)?8&!;%<!6&8<()%<#!!5J*(U!'>a)?(!:! ! )&
18.
&)?8&!W>-I)&<!<&!.-<?8-7>:&!&;!Kj3!&<!>)%!'>&<?-J)!%!;%!W>&!;(<!&'()(*-<?%<!C%)!.&.-'%.(! *>'C%! -)?&;-=&)'-%#! !
"<+U! &)! ;%! '()<?8>''-J)! .&! &<W>&*%<! .-<?8-7>?-D(<! &W>-?%?-D(<! ;(<! &'()(*-<?%<!C%)!>?-;-9%.(!)('-()&<!W>&!D%)U!.&!;%!;>'C%!.&!';%<&<U!%!'(*6;-'%.(<!*(.&;(<! *%?&*a?-'(<!:!(?8(<!D>&;(<!.&!;%!-*%=-)%'-J)#! B)!NI,-'(!&;!=8%.(!.&!.&<-=>%;.%.!.&!;%!.-<?8-7>'-J)!.&;!-)=8&<(!&)?8&!;(<!V%'?(8&<! .&! ;%! 68(.>''-J)! ?8%7%c(! :! '%6-?%;! .-<?8-7>'-J)! V>)'-()%;! .&;! -)=8&<(]! <&! &)'>&)?8%! &)! &<?8&'C%!8&;%'-J)!'()!;%!<-?>%'-J)!8&=-()%;!:!<&'?(8-%;!.&<'8-?%!&)!6a88%V(<!%)?&8-(8&<U!%<+! '(*(!.&!;%!?&')(;(=+%!>?-;-9%.%!:!;%!8&;%'-J)!.&!68&'-(<!&)!;%!&'()(*+%#!! ! O&! '%;'>;%! W>&! &)?8&! /0@1! :! /0G4U! %! 68&'-(<! '(88-&)?&<! '>%).(! )(! <&! C%)! C&'C(! %c><?&<!6(8!;%!-)V;%'-J)]U!;%!6%8?-'-6%'-J)!.&!;(<!<>&;.(<!:!;(<!<%;%8-(<!&)!&;!-)=8&<(!)%'-()%;! (!Kj3U!<>7-J!.&!M@n!%!bbn#!!O-)!&*7%8=(U!%!68&'-(<!'()<?%)?&<!.&<6>I<!.&!'(88&=-8!&;! &V&'?(!.&!;(<!68&'-(<]U!;%!68(6(8'-J)!<&!-)D-&8?&!:!;%!8&;%'-J)!.&<'-&).&!.&!b2n!%!MLn#!!B<?(! &<U!&)!/0@1!;(<!<>&;.(<!:!<%;%8-(<!8&%;&<!&)!NI,-'(!?&)+%)!>)%!6%8?-'-6%'-J)!&)!&;!-)=8&<(! *%:(8!W>&!/L!%^(<!.&<6>I<#!B;!C&'C(!.&!W>&!'>%).(!<&!'(88-=&!;%!-)V;>&)'-%!.&!;(<!68&'-(<! ;%! ?&).&)'-%! <&! -)D-&8?&U! W>-&8&! .&'-8! W>&! ;(<! 68&'-(<! .&! ;(<! 7-&)&<! W>&! '(*68%)! ;(<! %<%;%8-%.(<!%>*&)?%)!*a<!.&!68-<%!.&!;(!W>&!;(!C%'&)!;(<!7-&)&<!8&<?%)?&<#!!A&7&!<&^%;%8<&! W>&U!&)!'%<-!'>%;W>-&8!6%+<!-).><?8-%;-9%.(U!;%!6%8?-'-6%'-J)!.&!;(<!<>&;.(<!:!<%;%8-(<!&)!&;! Kj3! &<! *a<! =8%).&! W>&! &)! NI,-'(#! ! B)! ;(<! B<?%.(<! d)-.(<! &)! /0@1! &<?a! 6%8?-'-6%'-J)! &W>-D%;+%!%!%;8&.&.(8!.&;!GG!6(8!'-&)?(!:!&)!NI,-'(!%!%6&)%<!%;!bbn#! ! $%!&,6;-'%'-J)!'%<-!?%>?(;J=-'%!.&!;%!7%c%!6%8?-'-6%'-J)!.&;!?8%7%c(!&)!68(.>'?(!&<! W>&U!(!7-&)!<&!&*6;&%7%)!6('(<!%<%;%8-%.(<!&)!&;!68('&<(!68(.>'?-D(U!(!<&!;&<!6%=%!*>:! *%;!(!;%<!.(<!'(<%<#!O&=f)!&)'>&<?%<!<(78&!-)=8&<(<!:!=%<?(<!.&!&)?()'&<U@ !&)!/0GL!&;!@0! 6(8! '-&)?(! .&! ;(<! -)=8&<(<! 68(D&)+%! .&! ;(<! <%;%8-(<! :! &;! 8&<?(! .&! (?8%<! V>&)?&<#! ! $%! %=>.-9%'-J)! .&;! .&<&*6;&(! &)! &;! 6%+<! &8%! >)! C&'C(! W>&! '()V-8*%7%! ;%! ?&<-<! .&! W>&! ;%! 6%8?-'-6%'-J)!.&!;%<!8&*>)&8%'-()&<!%;!?8%7%c(!&)!&;!Kj3!&8%!*>:!7%c%#!! ! ! ! ! ! ! ! ! N'((2<(FECQLEK>IE_=(F?@(E=DL?CA(?=QL?(@<C([?LCA=<C! ! 5a;'>;(<!<(78&!;%!.-<?8-7>'-J)!6&8<()%;!.&;!-)=8&<(!&)!NI,-'(U!*&.-.%!6(8!&;!+).-'&! .&!P-)-]G U!*>&<?8%)!W>&!&;!=8%.(!.&!.&<-=>%;.%.!&)!;%!.-<?8-7>'-J)!.&;!-)=8&<(!&)?8&!;%<! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! % !N5=!2A/S53?!X?/.0>?3!75!2/0>0HM?D!@+):*%./*)%.)0*/&#'($)!(*+,-'($)A$1$):;<'(*)*+,-./01! YXT+D!)8'9:D!/S?7=0!))D!K;$#;! G !B;!'(&V-'-&)?&!.&!P-)-!&<!>)!)f*&8(!W>&!*-.&!;%!.&<-=>%;.%.!.&!;%!.-<?8-7>'-J)!.&!>)%! D%8-%7;&!&'()J*-'%U!'(*(!6(8!&c&*6;(U!&;!-)=8&<(U!&;!=%<?(!(!;%!68(.>''-J)#!B;!D%;(8!.&!&<?&! +).-'&!%>*&)?%!%!*&.-.%!W>&!%>*&)?%!;%!.&<-=>%;.%.!C%<?%!;;&=%8!%!>)!D%;(8!.&!/!'>%).(!;%! .&<-=>%;.%.!&<!&,?8&*%#!B<?(!('>88&U!6(8!&c&*6;(U!'>%).(!>)!<(;(!-).-D-.>(!8&'-7&!?(.(!&;! -)=8&<(!(!>)%!<(;%!&*68&<%!%=8+'(;%!'()?8(;%!?(.%!;%!?-&88%!.-<6()-7;&#!B;!D%;(8!.&;!+).-'&!<&! %'&8'%!%!'&8(!&)!D%;(8!&)?8&!*a<!&W>-?%?-D%!<&%!;%!.-<?8-7>'-J)#! ! )'
19.
6&8<()%<!.-<*-)>:J!;-=&8%*&)?&!&)!&;!6&8-(.(!/0GbF/044#!!O-)!&*7%8=(U!'>%).(!&<?%!&?%6%! <&! .-D-.&! &)!
6&8-(.(<U! <&! (7<&8D%! W>&U! &)?8&! /0Gb! :! /0GLU! ;%! .&<-=>%;.%.! '-&8?%*&)?&! .-<*-)>:JU! %>)W>&! ;>&=(! %>*&)?J! &)?8&! /0GL! :!/04@U!6%8%!;>&=(!.-<*-)>-8!)>&D%*&)?&! &)?8&!/04@!:!/044#! NI,-'(!&<!>)!7>&)!&c&*6;(!.&!'(*(!>)%!6(;+?-'%!(8-&)?%.%!<(78&!?(.(!%!%>*&)?%8!&;! 68(.>'?(!)(!8&<>&;D&!&;!68(7;&*%!.&;!.&<&*6;&(U!)-!?%*6('(!&;!.&!;%!.&<-=>%;.%.#!!NI,-'(! D-D-J! >)%! I6('%! /0@1F/0GL]! .&! (6?-*-<*(! =&)&8%;-9%.(! &)! ;%! W>&! <&! 6&)<%7%! W>&! .>6;-'%).(U!(!?8-6;-'%).(U!;%!?%<%!.&!'8&'-*-&)?(!12)!-)D&8<-()&<!&)!*%W>-)%8-%!:!&W>-6(U!&;! 6%+<! <&! -).><?8-%;-9%8+%! :! ;%! 6(78&9%! :! &;! .&<&*6;&(! ! .&<%6%8&'&8+%)#! q5(*(! <-! ;%! .-<*-)>'-J)! .&;! .&<&*6;&(! :! >)%! *&c(8! .-<?8-7>'-J)! .&;! -)=8&<(! V>&8%)! '(8(;%8-(<! .&;! '8&'-*-&)?(!%'&;&8%.(!.&;!68(.>'?(r!O&!6&)<%7%!&)!&<%!I6('%!W>&!&;!68(=8&<(!:!&;!7-&)&<?%8! <&!%;'%)9%8+%)!C%'-&).(!'8&'&8!&;!Kj3U!:!C%'-%!&<&!V-)!.-8-=-*(<!)>&<?8(<!&<V>&89(<#!l!'%<-! ;(!;(=8%*(<#!B)!;%!<>7'>;?>8%!.&!;%<!(8=%)-9%'-()&<!-)?&8)%'-()%;&<U!:!&)!;%<!6>7;-'%'-()&<! &<6&'-%;-9%.%<!<(78&!.&<%88(;;(!&'()J*-'(U!;%!?%<%!s'%<-!*+?-'%F!.&!'8&'-*-&)?(!.&!G#@!n! %)>%;U!%!;%!W>&!NI,-'(!'8&'-J!C%<?%!;(<!41U!&8%!?%)!6(6>;%8!'(*(!)>&<?8(!7%;;&?!V(;o;J8-'(!.&! &)?()'&<! (! ;%<! 6-)?>8%<! .&! A-&=(! T-D&8%#! $(! W>&! <&! W>-&8&! 8&<%;?%8! %W>+! &<! &;! C&'C(! .&! C%7&8<&! &)=(;(<-)%.(! '()! C%'&8! '8&'&8! &;! Kj3! :! )(! C%7&8! -)'(86(8%.(U! &,6;+'-?%*&)?&U! '(*(!(7c&?-D(!.&!6(;+?-'%!&'()J*-'%U!%>*&)?%8!<-*>;?a)&%*&)?&!&;!&*6;&(!:!*&c(8%8!;%! .-<?8-7>'-J)!.&!;(!W>&!<&!68(.>'+%#! A>8%)?&!;%!.I'%.%!.&!;(<!@1U!:!68-)'-6-(<!.&!;(<!G1!;(<!&'()(*-<?%<!:!6;%)-V-'%.(8&<! )(!'()<-.&8%7%)!;%!.-<?8-7>'-J)!.&;!-)=8&<(!'(*(!*&?%!&,6;+'-?%!.&!;%!6(;+?-'%!.&!.&<%88(;;(#! B;!6>)?(!.&!D-<?%!%'&6?%.(!.%7%!6(8!C&'C(!W>&!&;!8a6-.(!'8&'-*-&)?(!&'()J*-'(!;;&D%8+%!%! *&c(8%8!;%<!'().-'-()&<!.&!D-.%!.&!?(.(<#! ! K%8%!*&.-%.(<!.&!;%!.I'%.%!.&!;(<!G1U!<-)!&*7%8=(U!&8%!&D-.&)?&!W>&!;(<!&V&'?(<!.&;! .&<%88(;;(!&'()J*-'(!&<?%7%)!7&)&V-'-%).(!%!<J;(!>)%!*-)(8+%#!"f)!*a<U!%;=>)(<!.&!;(<! ?8%7%c(<!?&J8-'(!:!&*6+8-'(<!.&!;%!I6('%!%6(:%7%)U!<-)!*>'C(!'>&<?-()%*-&)?(U!;%!?&<-<!.&! W>&!&)!&;!.&<%88(;;(!&'()J*-'(!;%!.-<?8-7>'-J)!.&;!-)=8&<(!&*6&(8%!%)?&<!.&!*&c(8%8#!!OJ;(! &)!&?%6%<!6(<?&8-(8&<!.&;!.&<%88(;;(U!<&!6&)<%7%U!;%!.-<?8-7>'-J)!<&!C%'+%!*&)(<!.&<-=>%;#! OJ;(!%^(<!.&<6>I<!<&!C-9(!(V-'-%;!&;!8&'()('-*-&)?(!.&!W>&!;%<!.I'%.%<!.&!8a6-.(! '8&'-*-&)?(!&'()J*-'(!W>&!<&!C%7+%)!D-D-.(!C%7+%)!7&)&V-'-%.(!%!*&)(<!.&!>)%!?&8'&8%! 6%8?&!.&!;(<!*&,-'%)(<#!!g(*J!=8%)!&<V>&89(!:!<&)<-7-;-.%.!6&8'%?%8)(<!W>&!&;!-)=8&<(!6&8! 'a6-?%!<J;(!C%7+%!%>*&)?%.(!&)!'-&8?(<!6&8+(.(<U!:!W>&!;%!8-W>&9%!)%'-()%;!&<?%7%!*>:!*%;! .-<?8-7>-.%#! ! A-'C(! .&! (?8%! *%)&8%U! ;(<! ;(=8(<! &)! *%?&8-%! .-<?8-7>?-D%! .&! &<%! I6('%! )(! C%7+%)!<-.(!6%8%;&;(<!%!;(<!.&;!'8&'-*-&)?(#!!B)!D&9!.&!%6;-'%8!6(;+?-'%<!:!.&!68(=8%*%<! '((8.-)%.(<!W>&!.-<*-)>:&8%)!;%!.&<-=>%;.%.!:!%>*&)?%8a)!&;!&*6;&(U!<&!8&'>88-J!%!>)%! D%'+%!8&?J8-'%!.-<?8-7>?-D%!'%8=%.%!.&!-.&(;(=+%#!!! B)!NI,-'(U!&)!&;!6&8-(.(!/0@1F/041!W>&!&<?%*(<!&<?>.-%).(U!;%!.-<?8-7>'-J)!.&!;(! W>&!<&!68(.>'+%!&)!&;!6%+<U!&<?(!&<U!;%!8&6%8?-'-J)!.&;!Kj3!&)?8&!;(<!*&,-'%)(<!&)!>)!%^(! '>%;W>-&8%U!&8%!*%8'%.%*&)?&!.&<-=>%;#!!B)!/0@1U!6(8!&c&*6;(U!&;!M1n!*a<!6(78&!.&!;%<! V%*-;-%<!8&'-7-J!&;!G#/n!.&;!-)=8&<(U!&<?(!&<U!&;!G#/n!.&!;(!W>&!<&!68(.>c(!&)!NI,-'(!&)! 7-&)&<!:!<&8D-'-(<!&)!&<&!%^(#!!K%8%!/044!;%!6(<-'-J)!.&!&<&!M1n!C%7+%!&*6&(8%.(U!:%!W>&U! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! ! )(
20.
&)!&<?&!%^(U!<J;(!8&'-7-J!&;!b#@n#!O&!C%!'%;'>;%.(4 !W>&!&;!-)=8&<(!8&%;!%)>%;!.&;!M1n!.&!;%<! V%*-;-%<!*a<!6(78&<!.-<*-)>:JU!.&!bL/!.J;%8&<!&)!/0GbU!%!MGG!.J;%8&<!&)!/04@L #! ! B)!'>%)?(!%!;%!.-<?8-7>'-J)!.&;!-)=8&<(!<&=f)!;%!('>6%'-J)!.&!;%<!V%*-;-%<U!&;!<&'?(8! %=8(6&'>%8-(!<&!&)'()?8%7%U!&)?8&!/0@1!:!/041U!&)!>)%!<-?>%'-J)!.&<D&)?%c(<%!&)!8&;%'-J)!%;! 8&<?(!.&!;%!&'()(*+%U!&)!&<6&'-%;!&)!;(!W>&!<&!8&V-&8&!%!;%<!'%?&=(8+%<!%<%;%8-%.%<#!B;!)-D&;! .&;! -)=8&<(!
&)! &;! <&'?(8! %=8(6&'>%8-(! &8%! '()<-.&8%7;&*&)?&! *&)(8! W>&! &;! .&! (?8%<! %'?-D-.%.&<!&)!&;!8&<?(!.&!;%!&'()(*+%#!!B)!/0Gb!<&!&)'()?8J!W>&!C%7+%!/#@!*-;;()&<!.&! V%*-;-%<!.&!c(8)%;&8(<!.&!;(<!W>&!&;!4Gn!=%)%7%!*&)(<!.&!G11!6&<(<!*&)<>%;&<!.&!;%!I6('%! &;!bbn!=%)%7%!*&)(<!.&!b11]#!!B)!'%*7-(U!&)!;%!'%?&=(8+%!.&!6%?8()&<U!&;!2Mn!!.&';%8J! =%)%8!&)?8&!/U@11!:!bU111!6&<(<!*&)<>%;&<U!%>)W>&!2Gn!.-c&8()!=%)%8!*&)(<!.&!G11#!B)!&;! =8>6(!.&!?8%7%c%.(8&<!6(8!'>&)?%!68(6-%!&;!@@n!.&';%8J!=%)%8!*&)(<!.&!G11!6&<(<#! ! g%*7-I)!<&!&)'()?8J!W>&U!&)!&;!6&8-(.(!/0@LF/041U!&;!-)=8&<(!*&)<>%;!68(*&.-(!.&! >)%!V%*-;-%!8>8%;!&8%!*&)(<!.&!;%!*-?%.!.&!;%!.&!>)%!>87%)%#0 !!!k&%*(<!>)!6('(!*a<!<(78&! &<?&!D-?%;!%<>)?(#! d)! -*6(8?%)?&! %<6&'?(! &)! &;! &<?>.-(! .&! ;%! .&<-=>%;.%.! &<! '()('&8! <-! &;! -)=8&<(! >87%)(!&<!*%:(8!W>&!&;!8>8%;!:!'J*(!<&!.-<?8-7>:&)#!!! ! O-! <&! 6()&! %?&)'-J)! %! ;%! .&<-=>%;.%.! .&;! -)=8&<(! W>&! 8&'-7&)! ;%<! V%*-;-%<! .&! ;(<! <&'?(8&<!>87%)(<!:!8>8%;&<U!<&!(7<&8D%!W>&!&;!'(&V-'-&)?&!.&!P-)-!&<!<-<?&*a?-'%*&)?&!*a<! =8%).&!&)!&;!<&'?(8!>87%)(!W>&!&)!&;!8>8%;#!!B<?(!&<U!&;!<&'?(8!>87%)(!&<!*a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gC&-;/1 #! ! 5(*(!:%!<&!C%!<&^%;%.(U!%;=>)(<!'a;'>;(<!*>&<?8%)!W>&U!%f)!'>%).(!&;!)-D&;!.&! -)=8&<(!.&;!<&'?(8!%=8+'(;%!&<!*a<!7%c(!W>&!&;!.&;!>87%)(U!&<?a!*&c(8!.-<?8-7>-.(!W>&!%W>&;#! A-'C(!.&!(?8%!*%)&8%R!&;!-)=8&<(!.&;!<&'?(8!%=8+'(;%!&<!*a<!7%c(!W>&!&;!>87%)(!6&8(!)(!&<?a! ?%)!*%;!.-<?8-7>-.(!'(*(!&<?&#!!g%*7-I)!<&!6>&.&!&,68&<%8!.-'-&).(!W>&!;%!6(78&9%!&<?a! *&c(8!.-<?8-7>-.%!&)!&;!'%*6(!W>&!&)!;%<!'->.%.&<#! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ' !Z0=37![?>D!ERK5/.?3!R]S7^!0_!]`5!+5-./?>!2/0>0H^1!+?a0=!W03./^!bAAS5A!?>7!W=0AK5/]AJD!N03;!bbD! R]?].A]./?3!TKK5>7.-D!)8'8D!c?d35!";#D!K;!#%;! ( ! Q?! .>_0=H?/.G>! A0d=5! 3?! 7.A]=.dS/.G>! 753! .>6=5A0! K5=A0>?3! 5>! +,-./0! A5! 0d].5>5! 75! 7.O5=A?A! 5>/S5A]?A! `5/`?A! 7S=?>]5! 30A! e3].H0A! /S?=5>]?! ?f0A;! F5A?_0=]S>?7?H5>]5! 30A! /0>/5K]0A! ^! 75_.>./.0>5A! O?=M?>! 75! 5>/S5A]?! ?! 5>/S5A]?! ^! 3?! .>_0=H?/.G>! 5A! K0/0! /0>_.?d35D! 30! gS5! `?/5! 7S70A0A!30A!/U3/S30A!^!3?A!/0HK?=?/.0>5A!5>!53!].5HK0;!! 8 !h]=0A!5A]S7.0A!/0>/3S^5>!gS5!53!>.O53!75!.>6=5A0!H57.0!75!3?A!_?H.3.?A!S=d?>?A!5A!]=5A!O5/5A!HUA! 6=?>75!gS5!53!75!3?A!=S=?35A;!N5=!53!5A]S7.0!F.A]=.dS/.G>!75!b>6=5A0!5>!TH,=./?!Q?].>?D!42WTQD! X?/.0>5A!Y>.7?AD!X5C!i0=D!)8')!^!53!!]=?d?a0!75!Z;!N?>!V.>>55>D!0K;!4.];! )9 !Q?!5>]=0KM?!5A!S>!/0>/5K]0!75!3?!_MA./?!gS5!H.75!53!E75A0=75>!75!3?A!K?=]M/S3?AJ;!Q?!5>]=0KM?! KS575!/0>A.75=?=A5!/0H0!S>?!H57.7?!75!7.AK5=A.G>!75D!K0=!5a5HK30D!53!.>6=5A0!75!3?A!_?H.3.?A;! Q?!5>]=0KM?!H.75!53!.>O5=A0!75!3?!/0>/5>]=?/.G>!^D!>SH,=./?H5>]5D!5>]=5!H?^0=!A5?!3?!5>]=0KM?D! H5>0=!A5=U!53!6=?70!75!/0>/5>]=?/.G>!^!O./5O5=A?;!Q?!]50=M?!^!53!75A?==0330!75!5A]?!H57.7?!75! /0>/5>]=?/.G>!KS575!O5=A5!5>!P;!c`5.3D!!(*+*-'(")*2)B+2*1-$#'*+)8C.*1=D!X0=]`!P033?>7D!)8&';! ! )8
21.
! A&<6>I<!.&!'%;'>;%8!&;!+).-'&!.&!.&<-=>%;.%.!?(?%;!.&!P-)-!6%8%!?(.%!;%!&'()(*+%U!<&! 6>&.&!&<?-*%8!?%*7-I)!;%!'()?8-7>'-J)!W>&U!%!&<%!.&<-=>%;.%.!?(?%;U!C%'&!;%!W>&!<&!(7<&8D%! &)!;(<!<&'?(8&<!>87%)(!:!8>8%;&<#!!O&=f)!%;=>)%<!&<?-*%'-()&<U!<&!C%!&)'()?8%.(!W>&!&;!6(8! '-&)?(! .&!
;%! .&<-=>%;.%.! ?(?%;! W>&! <&! 6>&.&! %?8-7>-8! %! ;%! W>&! <&! =&)&8%! &)! &;! <&'?(8! )(! %=8+'(;%!&<!.&!%68(,-*%.%*&)?&!G@#!!A-'C(!&)!(?8%!V(8*%U!;%!'()?8-7>'-J)!.&!;%!.&<-=>%;.%.! >87%)%! %! ;%! ?(?%;! .&;! 6%+<! V>&! .&! G@n#! ! A&! &<?(! <&! <-=>&! W>&U! <-! <&! W>-&8&! .-<*-)>-8! ;%! .&<-=>%;.%.! ?(?%;! &)! NI,-'(U! <&=f)! &<?(<! 'a;'>;(<U! .&7&! &*6&9%8<&! .-<*-)>:&).(! ;%! .&<-=>%;.%.!&)!&;!<&'?(8!>87%)(!W>&!&<!;%!W>&!*a<!'()?8-7>:&!%!;%!?(?%;#!! ( -'(*@(F?C<LLA@@A(?CQ<KE@Ec<FALX(STYOUSTVO( ! d)%! -)<6&''-J)! <(*&8%! .&! ;%<! D%8-%7;&<! *%'8(&'()J*-'%<! &)?8&! /0@1! :! /041! *(<?8%7%!W>&!;%!&'()(*+%!*&,-'%)%!V>)'-()%7%!8&;%?-D%*&)?&!7-&)#!!B;!'8&'-*-&)?(!.&;!Kj3! V;>'?>%7%!&)?8&!&;!b!:!&;!2!6(8!'-&)?(!%)>%;U!%68(,-*%.%*&)?&U!*-&)?8%<!;%!-)V;%'-J)!;(!C%'+%! &)!%;8&.&.(8!.&!bn#!!B<?&!V>&!>)!6&8+(.(!!&,'&6'-()%;!%;!W>&!<&!;&!;;%*J!.&!_.&<%88(;;(! &<?%7-;-9%.(8`#!!$(!W>&!<-=>&!<()!%;=>)%<!'%8%'?&8+<?-'%<!.&!;%!&'()(*+%!.&!&)?()'&<#! ! "! *&.-%.(<! .&! ;(<! %^(<! <&<&)?%! ;%! &'()(*+%! *(<?8%7%! ?%<%<! %;&)?%.(8%<! .&! '8&'-*-&)?(! :! >)! ?-6(! .&! '%*7-(! 8&;%?-D%*&)?&! &<?%7;&#! ! B;! .IV-'-?! .&;! =(7-&8)(! &8%! '()?8(;%7;&!=8%'-%<!%!W>&!;(<!-)=8&<(<!6(8!;%!D&)?%!.&!6&?8J;&(!%;'%)9%7%)!6%8%!V-)%)'-%8!&;! &;&D%.(! =%<?(! 6f7;-'(! :! ;(<! <>&;.(<! .&! ;%! '8&'-&)?&! 7>8('8%'-%#! ! $%! &'()(*+%! <&! C%7+%! ?8%)<V(8*%.(U!<-)!&*7%8=(U!&)!>)%!'%<-!&,';><-D%*&)?&!.&6&).-&)?&!.&!;%<!&,6(8?%'-()&<! .&!6&?8J;&(#! ! A>8%)?&!&;!6&8+(.(!/0@1F/041!<&'?(8&<!'(*(!&;!.&!;%<!*%)>V%'?>8%<!'8&'-&8()!&)?8&! 4!:!0n!%)>%;#!!B<?&!&<6&'?%'>;%8!'8&'-*-&)?(!?>D(!;>=%8!&)!>)!%*7-&)?&!.&!68(?&''-()-<*(! %6;-'%.(!*&.-%)?&!7%88&8%<!%8%)'&;%8-%<R!;%!68(6(8'-J)!.&!-*6(8?%'-()&<!<>c&?%!%!;-'&)'-%<! 6%<J!.&!MLn!&)!/0@G!%!*a<!.&;!G1n!.>8%)?&!;(<!<&<&)?%!:!%!41n!&)!;%!.I'%.%!.&!;(<!41#! ! $%! *%:(8! 6%8?&! .&;! '8&'-*-&)?(! .&! ;%<! *%)>V%'?>8%<! .>8%)?&! &<&! 6&8+(.(! 6>&.&! %?8-7>-8<&! %;! '8&'-*-&)?(! .&! ;%! .&*%).%! -)?&8)%! :! %;! -*6>;<(! W>&! ;&! .-(! ;%! 6(;+?-'%! .&! <><?-?>'-J)! .&! -*6(8?%'-()&<#! ! B;! '8&'-*-&)?(! &'()J*-'(! *(<?8J! >)%! (8-&)?%'-J)! _C%'-%! .&)?8(`U!'(*(!<&!.&'+%!&)?()'&<#! ! d)%!'%8%'?&8+<?-'%!-*6(8?%)?&!.&;!'8&'-*-&)?(!.>8%)?&!&;!6&8+(.(!.&!/0@1!%!/041!V>&! W>&!<&!'&)?8J!&)!;%!-).><?8-%#!!B)!/0@1!&<?%!%'?-D-.%.!8&68&<&)?%7%!&;!M/n!.&!;%!68(.>''-J)! ?(?%;!.&;!6%+<U!6%8%!/0G1!&;!M2n!:!6%8%!/041!'%<-!&;!b1n#!!$%!6%8?-'-6%'-J)!.&!;%!%=8-'>;?>8%! &)!&;!68(.>'?(!?(?%;!.-<*-)>:J!&)!&;!*-<*(!6&8+(.(!&)!0n!%;!6%<%8!.&;!M1n!%!//n!&)! /041#!! ! ";! '8&'-*-&)?(! .&! ;%! &'()(*+%! *&,-'%)%! t?%;! '(*(! ;(! 68&.&'+%)! ;%<! ?&(8+%<! .&;! .&<%88(;;(!&'()J*-'(!.&!&)?()'&<U!:!;(!D&8-V-'%7%!;%!&,6&8-&)'-%!.&!)>*&8(<(<!6%+<&<tU!;(! %'(*6%^J! >)! &<6&'?%'>;%8! .&<%88(;;(! >87%)(! :! >)%! .-<*-)>'-J)! .&;! &*6;&(! :! .&! ;%! 68(.>''-J)! %=8+'(;%! &)! 8&;%'-J)! %! ;%! -).><?8-%! :! %! ;(<! <&8D-'-(<#! ! B)! /0@1! &;! @Ln! .&! ;%! 6(7;%'-J)!&'()J*-'%*&)?&!%'?-D%!<&!;('%;-9%7%!&)!%'?-D-.%.&<!%=8+'(;%<U!6&8(!6%8%!/041!:%! C%7+%!.-<*-)>-.(!%!b0n#!K(8!(?8%!6%8?&U!;%!6(7;%'-J)!&'()J*-'%*&)?&!%'?-D%!&)!;%!-).><?8-%! C%7+%!%>*&)?%.(!.&!/G!%;!Mb!n!&)!&;!*-<*(!6&8+(.(#! A>8%)?&!;(<!%^(<!/0@1F/041!;%!6(7;%'-J)!%>*&)?J!%!;%!&;&D%.%!?%<%!.&!bn!%)>%;! 6&8(!;%!-).><?8-%U!%>)W>&!'8&'-JU!)(!;(!C-9(!?%)!8a6-.(!)-!'()!;%!?&')(;(=+%!%.&'>%.%!6%8%! .%8!&*6;&(!%!;%!'8&'-&)?&!V>&89%!.&!?8%7%c(#!"<+!;%<!'(<%<U!&;!<&'?(8!<&8D-'-(<!%7<(87-J!6%8?&! .&! ;%! V>&89%! .&! ?8%7%c(! &,'&.&)?&! &)! ;%! V(8*%! .&! &*6;&(<! >87%)(<! -)V(8*%;&<! '(*(! &;! ! "9
22.
<&8D-'-(! .(*I<?-'(U! D&).&.(8&<!
%*7>;%)?&<U! :! (?8%<! %'?-D-.%.&<! .&! 7%c%! 68(.>'?-D-.%.! &! -)=8&<(#!!B*6&9%7%!%!V(8*%8<&!;%!_&'()(*+%!-)V(8*%;`!'(*(!<&!.-8+%!%^(<!.&<6>I<#!! ! A>8%)?&!&;!6&8+(.(!.&;!u.&<%88(;;(!&<?%7-;-9%.(8u!<&!.&<%88(;;J!>)%!=8%)!'()V-%)9%! .&;! <&'?(8! V-)%)'-&8(! :! 68(.>'?-D(! &)! ;%<! 6(;+?-'%<! .&;! =(7-&8)(#! $%<! 6(;+?-'%<! *%'8(&'()J*-'%<U! 68>.&)?&<! :! '()<&8D%.(8%<! .&! D%8-(<! <&,&)-(<U! &<?-*>;%8()! >)! V;>c(! -*6(8?%)?&! .&! '%6-?%;&<! .&;! &,?&8-(8! :! >)! *%:(8! %C(88(#! ! A&7&! C%'&8<&! )(?%8! W>&! ;(<! '%6-?%;&<!&,?&8)(<!.&!&)?()'&<!<&!*%?&8-%;-9%8()!&)!-)D&8<-J)!.-8&'?%U!:!)(!&)!68I<?%*(<! '(*(!<>'&.-J!.&<6>I<#! ! $%!8&.>'-.%!-)V;%'-J)!.>8%)?&!&;!6&8+(.(!/0@1F/041!6>&.&!%?8-7>-8<&!%;!&V&'?(!.&! '%>?&;(<%<!6(;+?-'%<!V-<'%;&<!:!*()&?%8-%<m!%!;%!%><&)'-%!.&!68()>)'-%.(<!'%*7-(<!&)!;(<! 68&'-(<!-)?&8)%'-()%;&<!.&!;(<!68(.>'?(<!.&!&,6(8?%'-J)m!:!%!W>&!)(!<&!<-=>-J!>)%!6(;+?-'%!.&! <%;%8-(<!%?%.(<U!(!-).-9%.(<!'(*(!.-8+%)!%;=>)(<U!%!;(<!%>*&)?(<!&)!;(<!68&'-(<#!!P8%'-%<!%! &<?%<! 6(;+?-'%<! <&! 6>.(! <(<?&)&8! ;%! '%<-! *+?-'%! ?%<%! .&! '%*7-(! .&! v/M#@1! 6(8! .J;%8! 6(8! *>'C(<!%^(<#! ! ")
Download now