Auktion 121 Künker by Fritz Rudolf Kuenker GmbH & Co. KG

121. AUKTION THE DE WIT COLLECTION OF MEDIEVAL COINS 12. - 13. März 2007 Steigenberger Hotel Remarque Osnabrück Natruper-Tor-Wall 1 Hotel-Telefon (05 41) 60 96 633 Hotel-Fax (05 41) 60 96 634 (nur während der Auktion/only during the auction/ uniquement pendant la vente/solamente durante l'asta)

ZEITPLAN AUKTIONEN 121 - 124 AUKTION 121 THE DE WIT COLLECTION OF MEDIEVAL COINS

Montag, den 12. März 2007 14.00 Uhr - 18.00 Uhr Nr. 1 bis Nr. 521 Dienstag, den 13. März 2007 10.00 Uhr - 13.00 Uhr Nr. 522 bis Nr. 970 14.00 Uhr - 18.00 Uhr Nr. 971 bis Nr. 1514

AUKTION 122 MÜNZEN UND MEDAILLEN AUS MITTELALTER UND NEUZEIT

Mittwoch, den 14. März 2007 10.00 Uhr - 13.00 Uhr Nr. 2001 bis Nr. 2494 14.00 Uhr - 18.00 Uhr Nr. 2495 bis Nr. 3364 Donnerstag, den 15. März 2007 10.00 Uhr - 13.00 Uhr Nr. 3365 bis Nr. 3974 14.00 Uhr - 19.00 Uhr Nr. 3975 bis Nr. 5000

AUKTION 123 DEUTSCHE MÜNZEN SEIT 1871 DIE SAMMLUNG PAULS U. A.

AUKTION 124 MÜNZEN AUS DER ANTIKEN WELT DIE SAMMLUNG DR. ADOLF WILD U. A.

Freitag, den 16. März 2007 10.00 Uhr - 13.00 Uhr Nr. 6001 bis Nr. 6703 14.00 Uhr - 16.30 Uhr Nr. 6704 bis Nr. 7237 16.30 Uhr - 19.00 Uhr Nr. 7501 bis Nr. 8108 Samstag, den 17. März 2007 10.00 Uhr - 13.00 Uhr Nr. 8109 bis Nr. 8699 14.00 Uhr - 18.00 Uhr Nr. 8700 bis Nr. 9509

Detaillierter Zeitplan siehe Seite 5 Besichtigungen siehe Seite 12 Horaire détaillé voir page 5 Exposition des monnaies voir page 12

Detailed timetable view page 5 Viewing of auction good view page 12 Calendario dettagliato veda pagina 5 Esposizione veda pagina 12

UNSERE ADRESSE OUR ADDRESS

Fritz Rudolf Künker e. K. Münzenhandlung Gutenbergstr. 23 · 49076 Osnabrück Telefon: 05 41-96 20 20 Telefax: 05 41-96 20 222 Gebührenfreie Rufnummer: 08 00-58 36 537 International calls: International fax:

+49 (0)5 41-96 20 20 +49 (0)5 41-96 20 222

Während der Auktion/During the auction Steigenberger Hotel Remarque: Telefon: Fax:

+49 (0)5 41-60 96 633 +49 (0)5 41-60 96 634

Ust.-Id.-Nr.: DE 117 620 142 UNSERE GESCHÄFTSZEITEN OPENING HOURS

Montag-Donnerstag Freitag Sonnabend Saturday

9.00 - 17.00 Uhr 9.00 - 15.30 Uhr nach Vereinbarung by prior appointment

Außerhalb unserer Geschäftszeit steht unseren Kunden ein automatischer Anrufbeantworter zur Verfügung. Answering machine available after opening hours.

WWW.KUENKER.DE E-MAIL: INFO@KUENKER.DE

Auf unserer Internetseite haben Sie die Möglichkeit: • die Abbildungen zu vergrößern • Ihre Gebote direkt per Email abzugeben • die Ergebnisse der Auktionen abzurufen On our website you have the possibility: • to zoom all images • to place your bids • to view all auction results

IHRE ANSPRECHPARTNER CONTACT

Abwicklung der Aufträge und Einlieferungen

Gisela Thomas, Prokuristin Telefon: (05 41) 96 20 221 Annahme von Einlieferungen Staff members accepting consignments

Dr. Andreas Kaiser Telefon: (05 41) 96 20 254 Arne Kirsch, Prokurist Telefon: (05 41) 96 20 234 Oliver Köpp, Prokurist Telefon: (05 41) 96 20 229 Jens-Ulrich Thormann MA (Antike Münzen) Telefon: (05 41) 96 20 242 Mitglied Verband der Deutschen Münzenhändler e. V. Associaton Internationale des Numismates Professionnels (AINP) 2

HINWEISE FÜR UNSERE BIETENDEN AUKTIONSKUNDEN 1. 2.

Die Auktionsbedingungen finden Sie am Ende dieses Katalogs. Bitte senden Sie uns Ihre Aufträge möglichst frühzeitig zu. Wenn uns Ihr Auftrag erst kurz vor der Auktion erreicht, können sich bei der Bearbeitung Fehler einschleichen. 3. Das beiliegende Formular macht es Ihnen leicht, ein schriftliches Gebot abzugeben. Falls Sie Ihre Gebote faxen möchten: unser Telefax 0541 96 20 222 steht Ihnen Tag und Nacht zur Verfügung. 4. Die von Ihnen ersteigerten Objekte werden Ihnen innerhalb von acht Tagen nach Beendigung der Auktion zugeschickt. Die Aufträge werden in der Reihenfolge des Eingangs bearbeitet, d. h. die zuerst eingegangenen Aufträge werden auch zuerst bearbeitet. Auch alle Bieter, die keinen Zuschlag erhalten haben, werden von uns nach der Auktion benachrichtigt. 5. Wenn Sie telefonisch bieten möchten, rufen Sie bitte vor der Auktion unseren Kundenservice an. Frau Thomas freut sich auf Ihren Anruf entweder direkt unter 0541 – 96 20 221 oder gebührenfrei unter 0800 – 5 83 65 37. 6. Wenn Sie als neuer Kunde noch nicht bei uns gekauft haben, ist es empfehlenswert, wenn Sie uns Referenzen angeben. Nennen Sie uns eine Münzhandlung, mit der Sie bereits in Geschäftsverbindung stehen. Oder rufen Sie unseren Kundenservice an. Telefon 0541 – 96 20 221 oder gebührenfrei unter 0800 – 5 83 65 37. 7. Unsere Broschüre “DIE KÜNKER-AUKTIONEN: WIE BIETE ICH ERFOLGREICH?“ liegt in jedem Katalog und ist für Sie eine nützliche Hilfe. 8. Die Echtheit aller verkauften Objekte wird auch über die gesetzliche Frist hinaus gewährleistet. 9. Alle Kunden, die als Bieter an einer unserer Auktionen teilnehmen, erhalten innerhalb von zwei Wochen nach der Auktion unsere Ergebnisliste gratis. 10. Sie haben Fragen zu einer bestimmten Münze? Sie möchten persönlich an unserer Auktion teilnehmen? Sie haben andere Fragen? Unser Kundenservice freut sich auf Ihren Anruf, entweder direkt unter 0541 – 96 20 221 oder gebührenfrei unter 0800 – 5 83 65 37.

RENSEIGNEMENTS À L'ATTENTION DE NOS CLIENTS DES VENTES AUX ENCHÈRES 1.

Vous trouverez les conditions générales de vente aux enchères à la fin de ce catalogue. 2. Veuillez nous faire parvenir vos ordres le plus tôt possible. Si vos ordres nous parviennent juste avant la vente aux enchères, des erreurs risquent d’être commises lors de leur traitement. 3. Le formulaire ci-joint vous aidera à rédiger facilement votre offre. Si vous souhaitez faxer votre offre, vous pourrez le faire 24 heures sur 24 au +49 (0)541 – 96 20 222. 4. Les objets dont vous serez adjudicataire vous seront envoyés dans les huit jours suivant la fin de la vente aux enchères. Les commandes seront prises en compte dans l’ordre de leur arrivée, c’est-à-dire que les commandes nous parvenant les premières seront d’abord traitées. Après la vente aux enchères, nous préviendrons tous les enchérisseurs n’ayant pas obtenu l’adjudication. 5. Si vous souhaitez faire des enchères par téléphone, veuillez appeler aupravant notre service clientèle. Madame Thomas sera heureuse de vous répondre directement au +49 (0)541 – 96 20 221. 6. Si vous êtes un nouveau client et n’avez encore fait aucune acquisition chez nous, il serait conseillé de nous fournir quelques références. Indiquez nous si vous traitez déjà avec un professionnel du commerce des monnaies. Ou contactez notre service clientèle au +49 (0)541 – 96 20 221. 7. Notre brochure intitulée : »DIE KÜNKER-AUKTIONEN : WIE BIETE ICH ERFOLGREICH?“ (»Les ventes aux enchères de Künker : comment faire une enchère réussie ? « ) jointe dans chaque catalogue vous sera très utile. 8. L’authenticité des pièces vendues sera garantie même au-delà des délais légaux. 9. Tous les clients participant à l’une de nos ventes aux enchères en tant qu’enchérisseurs recevront gratuitement une liste de résultats dans les deux semaines suivant la vente aux enchères. 10. Vous avez des questions concernant une pièce particulière ? Vous désirez prendre part personnellement à notre vente aux enchères ? Vous avez d’autres questions ? Notre service clientèle se fera un plaisir de vous répondre au +49 (0)541 – 96 20 221.

IMPORTANT INFORMATION FOR PLACING BIDS 1.

The terms and conditions of the auction can be found at the end of this catalogue. 2. Please send us your instructions as early as possible. The likelihood of errors occurring increases if we do not receive your instructions until shortly before the auction. 3. The enclosed form makes it simple for you to submit a written bid. Our fax machine +49 (0)541 – 96 20 222 is on standby day and night in case you wish to fax your bids. 4. The objects which you purchase will be delivered to you within eight days of the close of auction. Instructions are processed in the same order as they were received – in other words, the first instructions to be received are the first to be processed. All unsuccessful bidders will be also informed after the auction. 5. If you would like to bid by telephone, please ring our customer service beforehand. Mrs. Thomas will be pleased to speak to you on +49 (0)541 96 20 221. 6. If you are a new customer who has not yet bought anything through us, we recommend that you give us references. Name a coin dealer with whom you have already done business. Or call our customer service on +49 (0)541 – 96 20 221. 7. Our brochure „DIE KÜNKER-AUKTIONEN: WIE BIETE ICH ERFOLGREICH?“ ("The Künker auctions: How to bid successfully?“) is enclosed in every catalogue and will prove useful to you. 8. The genuineness of all sold objects is also warranted beyond the statutory length of time. 9. All customers who participate as bidders in our auction receive our list of results free of charge within two weeks of the close of auction. 10. Do you have questions about a particular coin? Would you like to participate personally in our auction? Do you have any other questions? Our customer service team will be pleased to help you – call on +49 (0)541 96 20 221.

INFORMAZIONI PER GLI OFFERENTI DELLE NOSTRE ASTE 1. 2.

Le condizioni d’asta si trovano alla fine di questo catalogo. Siete pregati di inviarci i vostri ordini il più presto possibile. Se il vostro ordine ci perviene poco tempo prima dell’apertura dell’asta, si possono verificare errori nell’elaborazione dello stesso. 3. Per le vostre offerte scritte potete utilizzare il modulo allegato al catalogo. Nel caso voleste trasmettere le vostre offerte per fax, siete pregati di inviarle al seguente numero: +49 (0)541-96 20 222. 4. Gli oggetti che avete acquistato all’asta vi saranno spediti entro otto giorni dal termine della stessa. Gli ordini vengono evasi in base alla data di ricevimento, quindi hanno precedenza quelli pervenuti prima. Anche gli offerenti che non hanno avuta alcuna aggiudicazione riceveranno una nostra comunicazione al termine dell’asta. 5. Se desiderate la partecipazione telefonica in diretta durante l´asta, siete pregati di chiamare prima la consulenza ai clienti. La sig.ra Thomas, raggiungibile al numero diretto +49 (0)541- 96 20 221, sará a vostra disposizione. 6. Se siete clienti nuovi e non avete mai acquistato da noi, vi proponiamo di inviarci delle referenze. Dateci il nome di un negozio di monete presso il quale avete già fatto degli acquisti, oppure chiamate la nostra consulenza ai clienti al numero +49 (0)541 96 20 221. 7. Nel nostro opuscolo « DIE KÜNKER-AUKTIONEN : WIE BIETE ICH ERFOLGREICH?“ („Aste Künker: come avere successo nelle offerte?“), allegato ad ogni catalogo, troverete consigli utili. 8. Il certificato d’autenticità di tutti gli oggetti venduti viene rilasciato anche oltre i termini privisti per legge. 9. Tutti i clienti che hanno partecipato ad una nostra asta riceveranno gratuitamente l´elenco delle aggiudicazioni entro quindici giorni dal termine della stessa. 10. Avete delle domande su una moneta in particolare ? Desiderate partecipare personalmente ad una nostra asta? Avete altre domande? Rivolgetevi al nostro Servizio Clienti al numero +49 (0)541 – 96 20 221.

WICHTIGE HINWEISE FÜR UNSERE EINLIEFERER 1.

Unser Expertenteam garantiert Ihnen eine fachgerechte Bearbeitung der von Ihnen eingelieferten Stücke. 2. Die Schätzpreise werden von uns aufgrund unserer hervorragenden Marktkenntnisse sorgfältig festgelegt. Die Stücke werden zu 80% der im Katalog angegebenen Schätzpreise ausgerufen. Durch diese Regelung werden Sie als Einlieferer geschützt. Für nicht verkaufte Objekte werden keine Gebühren erhoben. 3. Der Standard unserer Kataloge ist von hoher Qualität und findet internationale Anerkennung. Wir haben eine der besten Kundendateien, die es weltweit gibt. 4, Von der individuellen Betreuung unserer Kunden profitieren auch Sie als Einlieferer. 5. Als Einlieferer erhalten Sie Ihren Auktionserlös innerhalb von 45 Tagen nach der Auktion. Sonderregelungen sind nach Absprache möglich. 6. Auf Wunsch kann Ihre Einlieferung bei Ihnen zuhause abgeholt werden. Ab € 2.500,-- Einlieferungssumme übernehmen wir die Kosten, ab € 25.000,-können wir unter Umständen an einem vereinbarten Ort Ihre Einlieferung nach Absprache gerne auch persönlich entgegennehmen. Selbstverständlich ist Ihr Versteigerungsgut durch uns versichert. 7. Nicht alle Münzen eignen sich, als Einzelstücke aufgenommen zu werden. Vertrauen Sie auf die Erfahrung unserer Experten, die niedrigpreisige Münzen liebevoll zu interessanten Lots zusammenstellen. 8. Der Schätzwert Ihrer Einlieferung sollte mindestens € 1.000,-- betragen. 9. Ihre Einlieferung wird Ihnen sofort bei Übernahme durch ein Protokoll quittiert. Spätestens fünf Wochen vor der Auktion erhalten Sie eine genaue Auflistung Ihrer Objekte mit den dazugehörenden Katalognummern. 10. Innerhalb einer Woche nach der Auktion erhalten Sie bereits die Ergebnisliste und können alle erzielten Preise feststellen. 11. Profitieren Sie von der Anziehungskraft eines führenden Unternehmens. Bitte wenden Sie sich bei Fragen an unseren Kundenservice unter Leitung von Frau Gisela Thomas direkt unter 0541 – 96 20 221 oder gebührenfrei unter 0800 – 5 83 65 37. 12. Unsere Verträge für Einlieferungen können Sie unverbindlich anfordern. Haben Sie noch Fragen? Frau Thomas freut sich auf Ihren Anruf. Telefon: 0541 – 96 20 221 oder gebührenfrei unter 0800 5 83 65 37.

RENSEIGNEMENTS IMPORTANTS A L'ATTENTION DES VENDEURS 1.

Notre équipe d’experts garantit une prise en charge compétente des pièces que vous nous confiez. 2. Notre excellente connaissance du marché nous permet de fixer soigneusement les prix estimés. Les pièces seront mises aux enchères à un prix représentant 80% du prix estimé indiqué dans le catalogue. Cette réglementation vous protège en tant que vendeur. Aucuns frais ne seront prélevés sur les pièces invendues. 3. Nos catalogues ont un niveau qualitatif élevé, reconnu au plan international. Nous disposons d’un des meilleurs fichiers clients du monde. 4. En tant que vendeur, vous profiterez vous aussi du suivi personnalisé que nous offrons à nos clients. 5. Le vendeur recevra le produit de la vente dans les 45 jours qui suivront les enchères. Des dispositions spéciales pourront être prises sur accord préalable. 6. Nous prendrons en charge les frais d´expédition des pièces dont le montant sera supérieur à € 2.500,--: Si leur montant est supérieur à € 25.000,--, l´un de nos employés se poudra charger de prendre la livraison à un lieu concordée. En concertation, notre assurance couvrira tous les risques. 7. Les pièces de monnaie ne se prêtent pas toutes à une vente individuelle. Faites confiance à l’expérience de nos spécialistes qui se chargeront avec plaisir de rassembler les pièces bon marché de manière à constituer des lots intéressants. 8. La valeur estimée des pièces fournies devrait s’élever à un minimum de € 1.000,--. 9. Au moment de la prise en charge, vous recevrez un détail des pièces fournies. Au plus tard cinq semaines avant la vente aux enchères, vous recevrez une liste exacte de vos pièces avec les numéros de catalogue correspondants. 10. Dans la semaine qui suivra la vente aux enchères, vous recevrez déjà la liste de ses résultats et pourrez prendre connaissance des prix obtenus. 11. Profitez de l’attrait du leader du marché. Pour tout renseignement, veuillez-vous adresser à notre service clientèle sous la direction de madame Gisela Thomas : +49 (0)541 – 96 20 221. 12. Vous pouvez demander sans engagement de votre part nos contrats de dépôt de pièces? Vous avez d’autres questions? Madame Thomas sera heureuse de vous répondre au +49 (0)541 – 96 20 221.

IMPORTANT INFORMATION FOR OUR CONSIGNERS 1.

Our team of specialists guarantees an expert treatment of the consigned items. 2. The estimates are carefully established by us due to our excellent knowledge of the market. Bidding for the items is then started at 80 % of the estimate price stated in the catalogue. This arrangement protects you as a consigner. Unsold items incur no fees. 3. The standard offered in our catalogue is of the highest quality, and is recognised internationally. We have one of the best clientele lists worldwide. 4. You as a consigner also profit from the individual consultation offered to our customers. 5. As a consigner, you receive the auction proceeds within 45 days of the close of auction. Special arrangements can be made following discussion. 6. For consignments with a value over € 2.500,-- we may bear the transportation costs. For deliveries over € 25.000,-- we may personally collect the items at an arranged place after prior consultation. Upon consultation, the shipping of your goods could be covered by our insurance. 7. Not all coins are suited to be registered as individual items. Trust in our expert´s experience as they carefully combine less-valuable coins into interesting lots. 8. The valuation price of your delivery should be at least € 1.000,--. 9. Your delivery is confirmed in writing immediately on receipt. At least five weeks before the auction, you receive an exact list of your objects with the relevant catalogue numbers. 10. Within a week of the close of auction, you receive a list with the results in order to see what prices were reached for each individual lot. 11. Profit from our position as a leading coin dealer. If you have any questions, please contact our customer service team which is headed by Mrs. Gisela Thomas – directly on +49 (0)541 – 96 20 221. 12. Would you like to receive copies of our contracts for consigner, without making any commitment? Do you have any other questions? Mrs. Thomas will be pleased to help you – please call on +49 (0)541 – 96 20 221.

INFORMAZIONI PER I NOSTRI DEPOSITANTI 1.

Il nostro team di esperti assicura un trattamento accurato dei pezzi che ci avete inviato. 2. Eseguiamo valutazioni finalizzate alla vendita. I prezzi di stima sono frutto della nostra eccezionale conoscenza del mercato e della nostra attenta valutazione. La base d´asta ammonta all´80% del prezzo di stima indicato sul catalogo. Non si addebitano spese per gli oggetti invenduti. 3. I nostri cataloghi sono di alta qualità e sono riconosciuti a livello internazionale. I nostri clienti sono fra i migliori al mondo. 4. Come depositanti potete beneficiare dell’assistenza riservata a ciascuno dei nostri clienti. 5. Come depositanti riceverete gli importi realizzati all’asta entro 45 giorni dal termine della stessa. Si possono concordare condizioni particolari. 6. A partire da un controvalore degli oggetti di € 2.500,--i costi del trasporto sono a nostro carico, mentre a partire da un controvalore di € 25.000 gli oggetti possono essere ritirati personalmente da un nostro incaricato ad un posto concordato. Naturalmente il trasporto dei vostri oggetti puó essere assicurato tramite la nostra assicurazione. 7. Non tutte le monete possono essere negoziate singolarmente. Fidatevi dell´esperienza dei nostri esperti, che raggruppano le monete non molto preziose in lotti di sicuro interesse. 8. Il valore stimato degli oggetti depositati deve ammontare ad almeno € 1.000,--. 9. Nel momento in cui gli oggetti sono presi in consegna, viene rilasciata una ricevuta numerata. Riceverete un elenco preciso degli oggetti che avete depositato con i relativi numeri di catalogo al massimo cinque settimane prima dell’asta. 10. Riceverete l’elenco degli oggetti aggiudicati entro una settimana dalla chiusura dell’asta. Potrete cosi verificare i prezzi realizzati. 11. Approfittate della capacità di un leader di mercato per aumentare il valore dei vostri oggetti. Se avete delle domande, rimaniamo a vostra disposizione per qualsiasi necessità. Rivolgetevi alla nostra consulenza ai clienti diretta dalla sig.ra Gisela Thomas al numero +49 (0)541-91 20 221. 12. Volete ricevere i nostri contratti senza impegno? Avete altre domande? Potete contattare la sig.ra Gisela Thomas al numero +49 (0)541-96 20 221.

DETAILLIERTER ZEITPLAN AUKTIONEN 121-124 AUKTION 121 THE DE WIT COLLECTION OF MEDIEVAL COINS

AUKTION 122 MÜNZEN UND MEDAILLEN AUS MITTELALTER UND NEUZEIT

AUKTION 123 DEUTSCHE MÜNZEN SEIT 1871 DIE SAMMLUNG PAULS U. A.

AUKTION 124 MÜNZEN AUS DER ANTIKEN WELT DIE SAMMLUNG DR. ADOLF WILD U. A.

Montag, den 12. März 2007 14.00 Uhr - 18.00 Uhr Nr. 1 bis Nr. 521 Völkerwanderung - Frankreich Dienstag, den 13. März 2007 10.00 Uhr - 13.00 Uhr Nr. 522 bis Nr. 970 Elsaß-Lothringen, Skandinavien, Niederlande: Friesland - Zutphen 14.00 Uhr - 18.00 Uhr Nr. 971 bis Nr. 1514 Niederlande: Geldern - Burgundische Niederlande Mittwoch, den 14. März 2007 10.00 Uhr - 13.00 Uhr Nr. 2001 bis Nr. 2494 Goldprägungen: Ausland, Habsburgische Erblande 14.00 Uhr - 18.00 Uhr Nr. 2495 bis Nr. 3364 Goldprägungen: Deutschland, Silberprägungen: Ausland Donnerstag, den 15. März 2007 10.00 Uhr - 13.00 Uhr Nr. 3365 bis Nr. 3974 Silberprägungen: Habsburgische Erblande, Deutschland: Aachen - Brandenburg-Preußen 14.00 Uhr - 19.00 Uhr Nr. 3975 bis Nr. 5000 Silberprägungen: Braunau - Wuppertal, Sammlung Hans Lummer Teil I und II, Medaillen, Notmünzen, Papiergeld, Münzgefäße, Numismatische Literatur, Lots Freitag, den 16. März 2007 10.00 Uhr - 13.00 Uhr Nr. 6001 bis Nr. 6703 Reichskleinmünzen, Reichssilbermünzen, Reichsgoldmünzen: Anhalt - Mecklenburg-Strelitz 14.00 Uhr - 16.30 Uhr Nr. 6704 bis Nr. 7237 Reichsgoldmünzen: Preußen - BRD, Weltkrieg und Inflation, Weimarer Republik, Drittes Reich, BRD, DDR, Gent, Zweiter Weltkrieg, Deutsche Kolonien, Notmünzen, Proben, Lots 16.30 Uhr - 19.00 Uhr Nr. 7501 bis Nr. 8108 Goldprägungen der Antike, Griechische Münzen, Sammlung Hans Lummer Teil III Samstag, den 17. März 2007 10.00 Uhr - 13.00 Uhr Nr. 8109 bis Nr. 8699 Römische Münzen Teil I 14.00 Uhr - 18.00 Uhr Nr. 8700 bis Nr. 9509 Römische Münzen Teil II, Völkerwanderung, Byzanz, Kreuzfahrer

BESICHTIGUNGEN

Besichtigung des Auktionsgutes in unseren Geschäftsräumen, Gutenbergstr. 23, 49076 Osnabrück, ab dem 12.02.2007, nach vorheriger telefonischer Vereinbarung unter Nr. 05 41 - 96 20 221. 5

LIST OF CONTENTS AUCTION 121 No. THE DE WIT COLLECTION OF MEDIEVAL COINS

1514

470

Migration of the Germans

Municipal Coinage in Italy and Africa Carthago Rome Ravenna Early Imperial

94 94 97 103

105 96 102 104 105

40 40 41

43 41 42 43 43

Ostrogoths

106

127

Huns and Vandals

Gepiden

128

Visigoths

129

138

Lombards

139

146

Principality Beneventum

147

150

Franks - Frisia

Page

151

Merovingians Provence

152 173

177 177

60 67

69 69

Carolingians - Robertines Aquitaine Francia Occidentalis France Midi Francia Orientalis

178 196 198 236 240

245 197 235 239 245

69 75 76 85 87

88 76 85 86 88

France Duché de France France Royale France Féodale Normandy, County and Duchy Dreux, County Nogent, Seigniory Brittany, Duchy Penthièvre, County Anjou, County Maine, County Touraine Chartres, County Châteaudun Blois, County Celles-sur-Cher, Seigniory St. Aignan, Seigniory Donzy, County Vierzon, Seigniory Sancerre, County

246 246 253 334 334 339 341 343

89 89 91 116 116

119

358 360 363 365

123 124

370 374

521 252 333 521 338 340 342 355 356 357 359 362 364 367 368 369 373 375 376 377

128 129

199 91 116 199 117 118 118 122 122 123 124 125 127 127 128 128 129 130 130 130

No. France (Continuation) Vendôme, County Deols (Châteauroux), Seigniory Issoudun, Seigniory Souvigny, Abbey Bourbon, Seigniory Puy, Diocese Clermont, Diocese Poitou, County Aquitaine Limoges, Viscounty St. Martial de Limoges, Abbey Angoulême, County Périgord, County Bergerac Béarn, Seigniory Roussillon, County Carcassonne Toulouse, County Albi, Viscounty Cahors, Diocese Cahors, City Rouergue, County Anduse and Sauve, Seigniory Melgueil, County Burgundia Arelate, Kingdom Provence, Margraviate Provence, County Arles, Archdiocese Saint-Gilles, County Avignon, Commune Burgundia Cisiurana, Kingdom Burgundy, Duchy Scodingue, County Besançon, Archdiocese Vienne, Archdiocese Lyon, County Lyon, Archdiocese Viennois, Dauphins Orange, Principality Valence and Die, Diocese Tournus, Abbey Nevers, County Auxerre, County Sens, County Provins, County Meaux, Diocese Meaux and Troyes

379 382 384 387

390 392 395

430 432 434 437 439 444 447

452

457 468

471 479

489

493 497 499 502

507

512 514

Page

378 381 383 386 388 389 391 394 425 426 427 428 429 431 433 436 438 443 446 449 450 451 453 454 455 456 467 469 469 470 478 486 487 488 491 492 496 498 501 505 506 509 510 511 513 515 516

131

132

136

147

151 152

156

160 161

167 168

172

131 132 132 133 133 134 134 135 145 145 146 146 147 148 148 149 150 152 153 153 154 154 154 155 155 156 158 159 159 159 161 163 164 164 165 165 166 167 168 169 169 170 171 171 172 173 173 7

No. France (Continuation) Reims, Archdiocese Saint-Médard à Soissons, Abbey Corbie, Abbey Amiens, City Alsace-Lorraine Metz, Diocese Epinal Saarburg Metz, City Toul, Diocese Verdun, Diocese Gorze, Abbey Remiremont, Abbey Bar, Duchy Lorraine, Duchy Lorraine and Bar, Duchy Porcéan, County Alsace Strasbourg Strasbourg, City Haguenau Altdorf, Abbey Selz, Abbey

520 522 522

545 550 556

567 575 579

582 604 608

Scandinavia Denmark Sweden Norway Drontheim, Archbishopric Scandinavian Imitations

614 614 670 696

703

Netherlands Holland, County Middenfriesland East Frisia Utrecht, Diocese Utrecht, City Tiel Zaltbommel Groningen, City Kuinre Koevorden Northern or Western Netherlands Hamaland Zutphen

711 715 793 837 846 928 933 940 944 959 964

968

971 1025 1029

Gelre (Guelders) Arnhem s'Heerenberg 8

Page

517 518 519 521 613 542 543 544 549 555 563 564 565 566 574 578 580 581 603 607 611 612 613

176 176

181 182 184

187 189 190

192

710 669 695 702 702 710

200 201 216 223

225

1514 792 836 845 927 932 939 943 958 963 966 967 969 970

227 229 257 270 274 295 297 299 300 304 306

308

1024 1028 1031

310

327

173 174 174 175 199 180 180 180 182 183 185 186 186 186 189 190 191 191 197 197 198 199 199 226 216 222 224 224 226 470 256 269 273 295 296 299 300 304 306 307 307 309 310

325 326 328

No. Netherlands (Continuation) Nijmegen Ijsselsteden Deventer Drie Steden Zwolle Kampen Maassteden Oyen Megen Arkel, Seigniory Gorinchem Lotharingia / Lorraine Lower Lorraine Upper Lorraine Margraviate of Antwerpen Leuven, Counts Bruxelles, Chapter Brabant, Duchy Nivelles, Abbey Limburg, Duchy Looz, County Rummen Gerdingen Unknown Mailles Bicht Reckheim Maastricht Liège, Prince-Bishopric Flanders, County Tournai, Diocese Hainaut, County Beaumont, Seignory St. Aldegonde, Abbaye Cambrai, Diocese Cambrai, Chapter Serain, Seigniory Elincourt and Ligny, County Crèvecœur, Seigniory Namur, County Luxembourg, County-Duchy Burgundian Netherlands

1032 1048 1048 1079 1082 1085 1088

1090 1092 1094 1094 1099

1102

1107

1178 1181 1186 1191

1194 1197 1203 1239

1345

1377 1379

1386 1398 1416

Page

1047 1087 1078 1081 1084 1087 1093 1088 1089 1091 1093 1100 1098 1100 1101 1105 1106 1175 1176 1177 1180 1185 1190 1192 1193 1196 1202 1238 1343 1344 1375 1376 1378 1381 1382 1383 1384 1385 1397 1415 1514

329 334 334 343 344 345 346

347 349 350 351

354

356

374 375 376

380 381 385 395

419

432 435 441

333 346 342 344 345 346 350 346 347 348 350 353 353 353 354 355 355 373 374 375 376 377 378 379 380 381 384 394 418 418 428 428 429 430 431 431 431 432 434 441 470

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WICHTIGE HINWEISE FÜR UNSERE TELEFONBIETER Wenn Sie telefonisch bieten möchten, muß das vor der Auktion durch uns genehmigt werden. Voraussetzung für ein telefonisches Mitbieten ist, daß Sie mindestens den Schätzpreis schriftlich bieten. Telefonisches Bieten ist erst ab einem Schätzpreis von ca. 500 Euro pro Los möglich. Bitte rufen Sie Frau Thomas vor der Auktion an unter +49 (0)541 96 20 221 oder gebührenfrei unter 0800 58 36 537. Wir übernehmen keinerlei Haftung, falls die telefonische Verbindung während der Auktion nicht zustande kommt.

INFORMATIONS POUR NOS CLIENTS PARTICIPANT A NOS VENTES AUX ENCHERES PAR TELEPHONE Si vous désirez participer par téléphone à nos ventes aux enchères, veuillez vous mettre en relation avec notre service clientèle quelques jours avant la vente en appelant le numéro +49 (0)541 96 20 233. Une participation téléphonique à la vente sera possible à la condition que vous nous fassiez parvenir aussi votre ordre par écrit. Cet ordre devra être au moins égal au minimum au prix d’estimation et concerner un lot estimé au moins 500 Euros. Nous déclinons toute responsabilité dans le cas où la communication téléphonique serait interrompue, ou bien ne pourrait être établie.

IMPORTANT INFORMATION ON TELEPHONE BIDDING If you wish to participate in the auction as a telephone bidder, please let us know several days in advance as we have to approve and schedule all calls. To register for telephone bidding, we require that you submit at least the estimate as a written bid in addition to being called. Telephone bidding is accepted on lot numbers with estimates above 500 Euro. Please call us at +49 (0)541 96 20 233 for more information or to register for telephone bidding. We do not assume liability for telephone bids, should the telephone line be interrupted.

INFORMAZIONI PER LA PARTECIPAZIONE TELEFONICA Se desiderate la partecipazione telefonica in diretta durante lásta, siete pregati di chiamare la Signorina Sonia Russo al numero diretto +49 (0)541 96 20 245 qualche giorno prima dellásta e di inviarci la vostra offerta, la quale deve ammontare come minimo al prezzo di stima anche per iscritto. Accettiamo una partecipazione telefonica in diretta durante lásta per oggetti il cui prezzo di stima ammonta come minimo ai 500 Euro. Non assumeremo nessuna responsabilità se la linea telefonica è occupata o se non siete raggiungibili.

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BESICHTIGUNG Besichtigung des Auktionsgutes in unseren Geschäftsräumen, Gutenbergstr. 23, 49076 Osnabrück, ab dem 12.02.2007, nach vorheriger telefonischer Vereinbarung unter +49 (0) 5 41 96 20 221.

EXPOSITION Les monnaies seront visibles à partir du 12 Février 2007, Gutenbergstr. 23, 49076 Osnabrück, sur rendez-vous téléphonique +49 (0)541 96 20 221.

ON VIEW The auction good can be viewed at our office from February, 12th 2007, Gutenbergstr. 23, 49076 Osnabrück, by prior appointment. Please call +49 (0)541 96 20 221.

ESPOSIZIONE Tutti i lotti sono visionabili a partire dal 12 Febbraio 2007 presso la nostra sede, Gutenbergstr. 23, 49076 Osnabrück previo appuntamento telefonico +49 (0)541 96 20 221.

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6QWNQWUG UGG HWTVJGT WPFGT 8KUKIQVJU 7PVKN VJG PCOG 1UVTQIQVJU 5WPTKUG )QVJU YCU WUGF CHVGT VJCV VJG VGTO )TGWVJWPIK CRRGCTGF 9JGP KP VJG[ YGTG HCEGF D[ VJG *WPU CPF VJGKT MKPI 'TOCPCTKE RGTKUJGF VJG OCLQTKV[ QH VJG )TGWVJWPIK [KGNFGF VQ VJG JQTUGDCEM YCTTKQTU 2TGUWOCDN[ VJG[ VJGP OQXGF VQ VJG NGHV DCPM QH VJG NQYGT EQWTUG &CPWDG #HVGT VJG EQNNCRUG QH VJG *WP 4GCNO

VJG 'CUV )QVJU YGTG KPEQTRQTCVGF KPVQ VJG 4QOCP 'ORKTG CU HQGFGTCVK CPF UGVVNGF KP 2CPPQPKC +P VJG[ OQXGF VQ VJG TGIKQP CTQWPF %QPUVCPVKPQRNG VQ GUVCDNKUJ C HQGFGTCVK TGCNO /GCPYJKNG 6JGQFGTKEJ JCF DGGP DQTP KP CPF WRQP JKU HCVJGTÅ&#x2030;U FGOKUG DGECOG MKPI VQ VJKU HQGFGTCVK TGCNO KP UGG HWTVJGT WPFGT 'CUV )QVJU 14

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UKVWCVGF PGCT %J³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h QH JKU )GTOCPKC YG TGCF 1WT KO OGFKCVG DQTFGTKPI PGKIJDQWTU FWG VQ VTCFG TGNCVKQPU FQ CRRTGEKCVG IQNF CPF UKNXGT CPF VJG[ CEMPQYNGFIG UQOG QH QWT HCDTKEU CPF GXGP HCXQWT VJGO COQPI VJG KPJCDKVCPVU QH VJG KPPGT NCPFU VJG CPEKGPV RTCEVKEG QH DCTVGTKPI RGTUKUVU 6JG[ YKNN TGCFKN[ CEEGRV VJG CIGKPI EQKP YKVJ VJG OKNNGF GFIG CPF VJG ECTTKCIG CPF RCKT 6JG[ YKNN TCVJGT ENCOR VQ IQNF CPF UKNXGT PQV QWV QH HCPE[ DWV UQNGN[ DGECWUG C NCTIGT PWODGT QH UKNXGT EQKPU KU OQTG JCDKNG YJGP DCTICKPKPI HQT VTKPMGVU #V VJG DGIKPPKPI QH VJG VJ EGPVWT[ KOKVCVKQPU QH 4QOCP OQPG[ UWFFGPN[ GOGTIGF $CUVKGP

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ŉV GOGTIG WPVKN VJG VJKTVKGU CU QRRQUGF VQ KP 9KVJ VJG KPXCUKQP QH VJG *WPU VJGUG KOKVCVKQPU VQQM CP GPF $CUVKGP KPHGTU VJCV VJGUG KOKVCVKQPU GOGTIGF QPN[ KP VKOGU QH VTCPSWKNKV[ 6JGKT KUUWCPEG EQWNF VJGTGHQTG YGNN EQJGTG YKVJ VJG HQWPFKPI QH VJG HQGFGTCVK UVCVGU +P %QPUVCPVKPG + JCF C VTGCV[ FTCYP WR HQT VJG HQGFGTCVK CPF UJQTVN[ CHVGT VJCV UKIPGF UWEJ C VTGCV[ YKVJ VJG 8CPFCNU CPF VJG 8KUKIQVJU #RCTV HTQO VJGKT EJTQPQNQIKECN QTFGT VJGUG KOKVCVKQPU OC[ DG ENCUUKHKGF D[ VJGKT OCPWHCEVWTG 6GZV CPF OKPV CTG FKUVKPEVN[ WR VQ QPG HNCY NGIKDNG 6GZV KU UVKNN NGIKDNG DWV UJQYU OQTG HNCYU VJG OKPV PCOG KU DNWPFGTGF 6GZV KU UVKNN NGIKDNG VQ CP GZVGPV VJG OKPV XCPKUJGU 6GZV DGEQOGU C UGTKGU QH NGVVGTU WUWUCNN[ 0 VJCV KU KPVGTTWRVGF QPN[ QPEG QT VYKEG D[ CP QVJGT NGVVGT QHVGP CP 5 6GZV OGTGN[ EQPUKUVU QH C TQY QH FCUJGU CICKP QPEG QT VYKEG KPVGTTWRVGF D[ C NGVVGT

9JQ OCPWHCEVWTGF VJGUG EQKPU TGOCKPU WPCPUYGTGF 6JG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CN VCT V[RG CPF &GEGPVKWUÅ&#x2030; EQKPU KP RCTVKEWNCT CTG QH C TGOCTMCDN[ JCPFUQOG FGUKIP 6JKU TCKUGU VJG CUUWORVKQP VJCV FKG EWVVGTU HTQO VJG QHHKEKCN OKPVU YGTG CV YQTM $CUVKGP UWIIGUVU VJCV VJGUG EQWNF JCXG DGGP VJG TGUWNVU QH GZVTCEWTTKEWNCT OCPWHCEVWTGU D[ VJGUG FKG EWVVGTU *QY GXGT RTQDCDNG VJCV OC[ DG VJG V[RG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT KU GURGEKCNN[ UGGP KP 5KUEKC CPF UQ ,CTXKE KP JKU # +8VJ CPF 8VJ EGPVWTKGU JQCTF QH TQOCP EQKPU CPF KOKVCVKQPU KP VJG EQNNGEVKQP QH VJG 0CVKQPCN /WUGWO KP $GNITCFG KP 5KTOKWO 8+++ 'EQNG (TCPECKUG FG 4QOG UWIIGUVU VJCV VJGUG EQKPU YGTG UVTWEM CV UGRCTCVG OKPVU NKMG 0KU CPF 2KPEWO 9JGP VJG VGZVU DGEQOG OQTG CPF OQTG DNWPFGTGF KV UGGOU KORQUUKDNG VQ OG VJCV VJGUG EQKPU EQWNF JCXG DGGP UVTWEM CV VJG QHHKEKCN OKPVU VJG UCOG OC[ DG UGGP KP VJG (TKUKCP KOKVCVKQPU QH VJG &QTGUVCF EQKPU VJG[ VQQ YGTGPÅ&#x2030;V OKPVGF KP &QTGUVCF +P O[ QRKPKQP VJGUG KOKVCVKQPU JCXG VQ DG EQPUKFGTGF OKPVGF KP UOCNN KPFGRGPFGPV OKPVU CPF YJGVJGT VJGUG YGTG QT YGTGPÅ&#x2030;V YKVJKP 4QOCP DQTFGTU KU C OCVVGT QH NGUU UKIPKHKECPEG 5QOGVKOGU VJGUG EQKPU CTG CNUQ WVKNKUGF VQ RTQXG C EGTVCKP )GTOCPKE RGQRNG JCF NKXGF KPUKFG VJG NKOGU 6JWU VJG 4QOCPKCP JKUVQTKCP &KEWNGUEW YTKVGU 'URGEKCNN[ VJG PWOGTQWU VJ EGP VWT[ DTQP\G EQKPU HQWPF VJGTG UWIIGUV CV NGCUV NCTIG RCTVU QH VJG 8CPFCN RGQRNG UGVVNGF JGTG WPVKN CHVGT VJG VWTP QH VJG EGPVWT[ #U VJG HKTUV UGTKGU QH HQWPF EQKPU RTQXGU PQ QNFGT VJCP VJG VJ EGPVWT[ CPF VJG CFFGF EQKPU UJQY C OQUV UVTKEV EJTQPQNQI[ UWFFGPN[ UVCTVKPI YKVJ %QP UVCPVKPG + LWUV CU CDTWRVN[ EWV QHH YKVJ 8CNGPVKPKCP ++ VJKU CORN[ RTQXGU VJG )GTOCPKE RGQRNGU VJCV VJKU EWNVWTCN UWD ITQWR DGNQPIGF VQ UGVVNGF JGTG KP VJG HKTUV JCNH QH VJG VJ EGPVWT[ CPF NGHV CU UQQP CU VJG DGIKPPKPI QH VJG VJ *QYGXGT VJG SWGUVKQP TGOCKPU YJQ VJGUG KOKVCVKQPU YGTG KPVGPFGF HQT 6JG CUUWORVKQP VJCV VJG[ YGTG UVTWEM KP VKOGU YJGP EQKPU YGTG UECTEG FQGUPÅ&#x2030;V UGGO CEEWTCVG HQT KPUVCPEG YJ[ YQWNF VJG IQQF FKGEWVVGTU UWFFGPN[ UVCTV OCPWHCEVWTKPI EQTTWRVGF TGRNKECU +P O[ QRKPKQP VJG[ OQUV FGHKPKVGN[ UGTXGF CU OQPG[ HQT VJG )GTOCPKE RGQRNGU VJCV JGNF HQGFGTCVK UVCVWU YKVJKP VJG 4QOCP 'ORKTG 9KVJ TGICTF VQ QVJGT HKPFU LGYGNT[ GVE VJGUG RGQRNGU UJQYGF FGXGNQRGF ETCHVUOCPUJKR YJKEJ YQWNF JCXG CNUQ CNNQYGF VJGO VQ EWV VJGKT QYP EQKP /C[DG VJG HQNNQYKPI FGXGNQROGPV ECP DG QDUGTXGF YKVJ VJG )GTOCPKE RGQRNGU 6JG[ WUGF QTKIKPCN 4QOCP EQKPU (QT VJGKT RTKXCVG WUG EQKPU CRRGCTGF VJCV FGTKXGF HTQO 4QOCP EQKPU DWV YGTG EQTTWRVGF (TQO CDQWV VJG OKFFNG QH VJG VJ EGPVWT[ VJG[ KUUWGF QYP EQKPU DWV CXQKFGF KPENWFKPI VJGKT QYP MKPIÅ&#x2030;U PCOG QPN[ 6JGQFGTKE JCF EQKPU UJQY JKU OQPQITCO %QKPU YGTG UVTWEM YKVJ VJG PCOG QH C 4QOCP GORGTQT PQV PGEGUUCTKN[ VJG QPG TGKIPKPI VJG 1UVTQIQVJKE -KPI $CFWKNC UVTWEM EQKP DGCTKPI VJG PCOG QH 'ORGTQT #PCUVCUKWU 5QNG RWT RQUG YCU TCVJGT VQ JCXG CP[ KORGTKCN PCOG VQ KORN[ KORGTKCN CWVJQTKV[ GXGP KH VJGTG TGCNN[ YCU PQPG UWEJ VJCV CRRNKGF VJCP VQ JCXG VJG PCOG QH VJG TWNKPI 'ORGTQT %QKPU UJQY VJG QYP MKPIÅ&#x2030;U PCOG 5GGP YKVJ VJG 8CPFCNU UVCTVKPI )WPVJCOWPF YKVJ VJG 1UVTQIQVJU UVCTVKPI #VJCNCTKE YKVJ VJG 8KUKIQVJU UVCTVKPI .KWXKIKNF 6JKU ECVCNQIWG CFJGTGU VQ $CUVKGPÅ&#x2030;U ENCUUKHKECVKQP HQT ITQWR KV KU RTGEGFGF D[ HQWT EQKPU VJCV FQPÅ&#x2030;V HKV VJKU ENCUUKHKECVKQP CPF EQPENWFGU YKVJ C PWODGT QH EQKPU VJCV CTG ENGCTN[ KOKVCVKQPU UVTWEM CHVGT VJG EQPHTQPVCVKQP YKVJ VJG *WPU 2QUUKDNG CVVTKDWVKQP KU KPFKECVGF HQT GCEJ KPFKXKF WCN ITQWR $CUVKGP OCKPN[ EQPEGPVTCVGU QP VJG 9GUV CPF VJG HKPFU VJGTG JGPEG VJG V[RG VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT KU TCTGN[ OGPVKQPGF 6JGTG CTG JQYGXGT PWOGTQWU JQCTFU HTQO VJG 'CUV HQT YJKEJ VJG SWGUVKQP HQT YJQ YGTG VJGUG KOKVCVKQPU KPVGPFGF CRRNKGU

)TQWR 0QP ENCUUKHKCDNG WPFGT $CUVKGP ,WRKVGT GCING

1 2:1

# .CWTGCVGF DWUV T +/2%8#..+0+8%+0+852(#8) 4 ,WRKVGT UVCPFKPI YKVJ GCING 8KEVQT[ KP TKIJV JCPF CPF 5 KP VJG HKGNF +18+%%05'48#214+#8) KP GZGTIWG 5/-. IT. #VVTCEVKXG URGEKOGP XGT[ HKPG

/Ã&#x2019;NNGT 5QNKPIGP #WEVKQP PQ /KPV %[\KEXU +P VJG PCOG QH .KEKPKWU + $GECWUG CU YGNN VJG HCVJGT CU VJG UQP .KEKPKWU CTG OGPVKQPGF KP VJG VGZV VJKU EQKP JCU VQ DG UVTWEM KP VJG RGTKQF +V UGGOU RGEWNKCT VJCV VJG VGZV QP VJG TGXGTUG UJQWNF GPF #8) PQTOCN VGZV +18+ %105'48#614+

*GNGPC (CWUVC

2 2:1

2:1

# &KCFGOGF DWUV T *GNGPC (.0'.'0# *8)856* 4 'ORTGUU UVCPFKPI YKVJ VYQ EJKNFTGPU CU (CWUVC 5#685 4'+ 27$#+% KP GZGTIWG 564 ETGUEGPV. IT. $TQYP RCVKPC IQQF XGT[ HKPG

5RKPM .QPFQP /KPV 6TKGT 4+% QP R VJG HQQVPQVG OGPVKQPU 6JGTG KU C MPQYP DCTDCTKE NQQMKPI *GNGPC EQKP YKVJ 52'5 QP VJG TGXGTUG

56=4?7 +V UJQYU C EQWTUG UETKRV 6.*'.'0# *8)856++

5VCT

3 2:1

2:1

# $WUV T (80u 6+#0# 4 5VCT KP YTGCVJ. IT. 4 )TGGP RCVKPC OKPQT VTCEGU QH EQTTQUKQP CNOQUV GZVTGOGN[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ %QR[ QH VJG (CWUVC EQKP HTQO 6JGUUCNQPKEC EH .4$%

*CPPKDCNNKCPWU *CPPKDCNNKCPWU YCU C DTQVJGT QH &GNOCVKWU CPF C ITCPFUQP QH %QPUVCPVKPG + CPF 6JGQFQTC *G JCF VJG VKVNG 4': 4')7/ '6 2106+%#47/ )'06+7/ 4GKIP

4 2:1

2:1

# $WUV T (. *#00+$#..+#0Q 4')+ 4 5KVVKPI 'WRJTCVGU 5'%84+6#5 28$.+%# KP DQVVQO HKGNF %105. IT. 44 )TGGP DTQYP RCVKPC XGT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ /KPV %QPUVCPVKPQRGN 6JG UKVVKPI GWRJTCVGU KU FKHHKEWNV VQ FKUEGTP

)TQWR %QORTKUGU VJG RGTKQF VQ FWTKPI VJG TGKIP QH %QPUVCPVKPG + 'URGEKCNN[ KP VJG V[RGU VYQ ECRVKXGU CTQWPF NCDCTWO CPF VYQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT 5KUEKC KU V[RKECNN[ PCOGF CU VJG OKPV +V VJGTGHQTG UGGOU RTQDCDNG VJCV VJKU HKTUV ITQWR YCU KPVGPFGF HQT VJG RGQRNG NKXKPI KP 2CPPQPKC 5KUEKC NKGU QP VJG QWVUMKTVU QH 2CPPQPKC +V KU EGTVCKP VJCV 8CPFCNU UGVVNGF KP 2CPPQPKC UVCTVKPI VJKU FCVG YCU CHVGT %QPUVCPVKPGŉU HQGFGTCVK NCY %CORICVG 4GKIP

# &KCFGOGF DWUV T %10+u0+ +05001 4 %CORICVG YKVJ UVCT DGVYGGP VYQ VQYGTU 6*000&& +*00u 3*00. IT. 6TCEGU QH EQTTQUKQP CNOQUV XGT[ HKPG $GTPCTFK 6TKGUV 6JG VGZV TWPU CNN VJG YC[ CTQWPF CNNQYKPI PQ OKPV KPFKECVKQP

2:1

# &KCFGOGF DWUV N YKVJ NCPEG :::::::::::: 5+1 :::::: 5 4 %CORICVG YKVJ VJTGG VQYGTU :::::::: :::::::: KP GZGTIWG /5/. IT. )TGGP RCVKPC XGT[ HKPG

*KTUEJ /ÒPEJGP #WEVKQP PQ

6YQ ECRVKXGU CTQWPF NCDCTWO

6JG QDXGTUG UJQYU C DWUV HCEKPI NGHV VJG TGXGTUG VYQ ECRVKXGU UKVVKPI CV VJG HQQV QH C NCDCTWO +P VJG NCDCTWO 66 :: 6JG PQTOCN VGZV QP VJG TGXGTUG YQWNF DG 8+4685 ':'4%+6 2GTKQF 6JG QTKIKPCN V[RG YCU CP GZCORNG HQT VJG QNFGUV UEGCVVC 4KIQNF 5 ' 6JG VYQ RTKOCT[ UGTKGU QH UEGCVVCU KP $0, UGTKGU # GV UGSS EH GURGEKCNN[ 2 D PT

# $WUV N YKVJ JGNOGV &0+5'++e * 2+(++ TGVTQITCFG 4 6YQ ECRVKXGU CTQWPF NCDCTWO KP HKGNF 5 KP NCDCTWO 66 :: ('6'5 +6+++ KP GZGTIWG 5+5. IT. $TQYP RCVKPC OKPQT VTCEGU QH EQTTQUKQP XGT[ HKPG URGEKOGP YKVJ PKEG RQTVTCKV *KTUEJ /ÒPEJGP #WEVKQP PQ /KPV 5KUEKC

# &KCFGOGF DWUV N YKVJ UJKGNF CPF URGCT 05:Q 4 6YQ ECRVKXGU CTQWPF NCDCTWO KP HKGNF 5 ( KP NCDCTWO 66 : .*.6#5 %86' KP GZGTIWG 5+5. IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG $GTPCTFK 6TKGUV /KPV 5KUEKC

8QVC

6JG HKTUV EQKP UVKNN UJQYU VJG PQTOCN RQTVTCKV QH %QPUVCPVKPG + DQVJ VJG QVJGTU C DCTDCTKE XGTUKQP 6JG PQTOCN VGZVU QP VJG TGXGTUG CTG FGRGPFGPV QP 816 :: &0 %1056#06+0+ /#: #8) CPF TGURGEVKXGN[ 816 : %#'5#48/ 01564148/ 2GTKQF

9 2:1

2:1

# .CWTGCVGF DWUV T %10u0 60u00% 4 86 :: KP YTGCVJ +01+010+ 000100 KP DQVVQO HKGNF 6u6. IT. $TQYP RCVKPC CNOQUV GZVTGOGN[ HKPG

$GTPCTFK 6TKGUV

10 2:1

2:1

# .CWTGCVGF DWUV T %1:56#06 ++++5+++% 4 ++ Q 6 :: KP YTGCVJ %++++:56++++:56++++++65 ++++++% KP GZGTIWG 5+5. IT. /KPQT VTCEGU QH EQTTQUKQP GZRTGUUKXG UV[NG XGT[ HKPG 5-# <Ã&#x2019;TKEJ /KPV 5KUEKC

11 2:1

2:1

# .CWTGCVGF DWUV T *++++6++++ -+++++5++ 4 + + 1 6 : KP YTGCVJ ++++++5+++++++6++++++6++++++ KP DQVVQO HKGNF 56. IT. )TGGP RCVKPC KP RNCEGU YGCMN[ UVTWEM QVJGTYKUG CVVTCEVKXG URGEKOGP XGT[ HKPG *KTUEJ /Ã&#x2019;PEJGP 'Z *KTUEJ #WEVKQP PQ 6JG RQTVTCKV EQORCTGU KP UQOG FGVCKNU VQ VJCV QH PQ

6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT

1P VJG QDXGTUG C JGNOGVGF OKNKVCT[ JGCF WUWCNN[ HCEKPI TKIJV 6JKU KU QPN[ UGGP WPFGT %QPUVCPVKPG + 1P VJG TGXGTUG VYQ 8KEVQTKGU DGVYGGP VJGO CP CNVCT DGCTKPI C UJKGNF 6JG KPUETKRVKQPU QP VJG UJKGNF CTG WUWCNN[ WPENGCT QT KNNGIKDNG CNVQIGVJGT 6JTGG ITQWRU OC[ DG FKUVKPIWKUJGF C VJG PCOG QH VJG OKPV 5+5 KU ENGCTN[ NGIKDNG PQU CPF D VJG CNVCT QP VJG TGXGTUG DGCTU C UJKGNF KPUETKDGF YKVJ OCKPN[ WPENGCT UETKRV E VJG UJKGNF QP VJG CNVCT KU OKUUKPI 2TGUGPV CTG VJG NGVVGTU CV VJG UCOG RQUKVKQP 6JG QTKIKPCNU UJQY VJG VGZV 8+%6 .#'6#' 24+0% 2'42 RGTKQF +H VJG OKNKVCT[ DWUVU KP VJG QTKIKPCN GFKVKQPU FKURNC[ NKOKVGF XCTKCVKQP C OWNVKVWFG QH FKHHGTGPV FGUKIPU ECP DG HQWPF JGTG KP VJG KOKVCVKQPU

2:1

# $WUV N YKVJ JGNOGV URGCT CPF UJKGNF QP VJG JGNOGV %15++6+++++0++ 4 6YQ 8KEVQTKGU YKVJ CNVCT PQ UJKGNF NGVVGTU QQ RR DGVYGGP VJGO +10+++Å&#x2018; %21++'%+++ KP GZGTIWG 5+u. IT. )TGGP RCVKPC XGT[ HKPG $GTPCTFK 6TKGUV +P XKGY QH VJG NGPIVJ VJG VGZV QP VJG QDXGTUG OKIJV DG %QPUVCPVKPG +

# $WUV T YKVJ JGNOGV +/2%1++56#06+0+5 2(#8% 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT NGIGPF QP UJKGNF PQV XKUKDNG +++1+++(+++'6#++0+0Å&#x2018;08 KP GZGTIWG u+u. IT. .KIJV ITGGP RCVKPC XGT[ HKPG

/Ã&#x2019;NNGT 5QNKPIGP #WEVKQP PQ

2:1

# .CWTGCVGF DWUV T YKVJ JGNOGV +++151 ++50%0++%1 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT +1+ ++ QP UJKGNF 8+%610+0 . IT. $TQCF XGT[ HKPG URGEKOGP

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

# .CWTGCVGF DWUV T YKVJ JGNOGV 00000+ +0000 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT ##88 QP UJKGNF 00 0 000 KP GZGTIWG 00. IT. )TGGP RCVKPC UOCNN HNCP FGHGEV QP VJG TGXGTUG XGT[ HKPG VQ GZVTGOGN[ HKPG

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

# $WUV N YKVJ JGNOGV URGCT CPF UJKGNF 01&u0%0&&/*0 6* 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT +++ %#% QP UJKGNF 0 +6+++++ ++++1++++ KP GZGTIWG u0+. IT. 0KEG FCTM ITGGP RCVKPC XGT[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

2:1

# .CWTGCVGF DWUV T YKVJ JGNOGV &++*0&+++0000++00+ 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT 81 CPF VYQ EWDGU QP UJKGNF &&000 00# #00%%. IT. )TGGP RCVKPC XGT[ HKPG

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

# &KCFGOGF DWUV T YKVJ JGNOGV ++++u10++6++++++++6++++Å&#x2018; 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT ++ QP UJKGNF Å&#x2018;+++++++++6++++++++). IT. )TGGP RCVKPC XGT[ HKPG 5EJWNOCP #OUVGTFCO #WEVKQP PQ (QWPF KP %QNQIPG

2:1

# .CWTGCVGF DWUV T &++:1Î&#x203A;#8*:5#5%+#508#% 4 6YQ 8KEVQTKGU Z Z QXGT CNVCT 15 1#00++1 KP GZGTIWG #. IT. )TGGP RCVKPC GZRTGUUKXG UV[NG OCIPKHKEGPV EGPVTGF XGT[ HKPG URGEKOGP

4CWEJ 9KGP #WEVKQP

# $WUV T YKVJ JGNOGV * * * + * * * * 4 6YQ 8KEVQTKGU YKVJ UJKGNF CPF CNVCT + +1 1+ QXGT CN VCT +Å&#x2018;+*1+ KP GZGTIWG ++. IT. 5JKPKPI ITGGP RCVKPC CNOQUV GZVTGOGN[ HKPG

,CESWKGT -GJN (TQO NKUV PQ

2:1

# $WUV T YKVJ JGNOGV +++ ++ ++ ++ ++ ++++++++ 4 6YQ 8KEVQTKGU YKVJ CNVCT Å&#x2018;++ ++ ++ ++ ++. . &CTM ITGGP RCVKPC VTCEGU QH EQTTQUKQP QP VJG QDXGTUG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP .CP\ /Ã&#x2019;PEJGP #WEVKQP PQ 5VTWEM CTQWPF

2:1

# $WUV T YKVJ JGNOGV ++ ++ ++ ++ ++ 4 6YQ 8KEVQTKGU YKVJ CNVCT ++ ++ ++ 8 Å&#x2018;. IT. 5JKPKPI ITGGP RCVKPC XGT[ HKPG

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

2:1

# $WUV T YKVJ JGNOGV ++ + + ő ++ + + +++1 4 6YQ 8KEVQTKGU YKVJ CNVCT TGEVCPING +++1 CDQXG CNVCT

XGTVKECN ¤ ++ ¤ ¤ Q. IT. 5JKPKPI ITGGP RCVKPC GFIG YGCMN[ UVTWEM QVJGTYKUG GZVTGOGN[ HKPG

.CP\ /ÒPEJGP #WEVKQP PQ

)TQWR 6JG NCUV [GCTU QH VJG IQXGTPOGPV QH %QPUVCPVKPG + VJTQWIJ VQ 9G PQY OQTG CPF OQTG QDUGTXG VJG OKPV .WIFWPWO UQ VJCV VJG TGIKQP CNQPI VJG 4JKPG UJQWNF DG EQPUKFGTGF CU VJG CTGC QH EKTEWNCVKQP G I VJG (TCPMU 6JKU IQGU KP RCTVKEWNCT HQT VJG PWODGTU CPF VJCV RQUUKDN[ EKTEWNCVGF KP 'PINCPF VJG NCVVGT PQ KU C FKTGEV RTQVQV[RG HQT C UEGCV %QPUVCPVKPQRQNKU 6JG QDXGTUG UJQYU VJG KOCIG QH %QPUVCPVKPQRNG YKVJ C JGNOGV CPF ETQUU DGJKPF KV 1P VJG TG XGTUG C 8KEVQT[ UJKGNF KP JCPF KPENKPGF VQ VJG NGHV 6JG RTQY KU WUWCNN[ WPTGEQIPKUCDNG #NN EQKPU CTG QH C UOCNN HQTOCV 2GTKQF !

2:1

# $WUV N YKVJ JGNOGV %1056#0 6+0121.+5 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG

2 .). IT. )TGGP RCVKPC XGT[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN /KPV .WIFWPWO

# $WUV N YKVJ JGNOGV NGIGPF PQV XKUKDNG 4 8KEVQT[ YKVJ UJKGNF CPF URGCT KP GZGTIWG 2. ) . IT. )TGGP RCVKPC XGT[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN /KPV .WIFWPWO

2:1

# $WUV N YKVJ JGNOGV %1056#0 4 8KEVQT[ YKVJ UJKGNF CPF URGCT DQVVQO HKGNF PQV XKUKDNG. IT. )TGGP RCVKPC GFIG UNKIJVGN[ EJKRRGF QP VJG QDXGTUG QVJGTYKUG XGT[ HKPG URGEKOGP

2:1

/ÒP\GP WPF /GFCKNNGP $CUGN

# $WUV N YKVJ JGNOGV CPF ETQUU DCTDCTK\GF NGIGPF 4 8KEVQT[ YKVJ UJKGNF CPF URGCT DQVVQO HKGNF PQV XKUKDNG. IT. $TQYP RCVKPC XGT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ

7TDU 4QOC

1P VJG QDXGTUG VJG RGTUQPKHKECVKQP QH VJG 7TDU 4QOC 1P VJG TGXGTUG VJG WUWCN KOCIG QH VJG UJG YQNH CPF VJG VYKPU 4QOWNWU CPF 4GOWU 6JG YGKIJV CPF HQTOCV UWDUVCPVKCNN[ FGETGCUKPI 6JG UJG YQNH CPF VYKPU OQVKH KU CNUQ UGGP QP VJG UEGCVVCU

28 2:1

2:1

# 7TDU 4QOC N 5+++55 +5+6+ 4 6YQ UVCTU QXGT UJG YQNH CPF VYKPU KP GZGTIWG 65+5 . IT. 9QTP QWV QDXGTUG FKG XGT[ HKPG

*KTUEJ /ÒPEJGP #WEVKQP PQ

2:1

# 7TDU 4QOC N +42+. 4 6YQ UVCTU QXGT UJG YQNH CPF VYKPU KP GZGTIWG %0++5. IT. )TGGP RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG

.CP\ /ÒPEJGP #WEVKQP PQ 4 )ÌDN #PVKMG 0WOKUOCVKM RN QH VJG UCOG FKG! )ÌDN TGHGTU VQ %CV %CJP PQ

# 7TDU 4QOC N 74$u 4 6YQ UVCTU QXGT UJG YQNH KP GZGTIWG 2.%. IT.

8GT[ HKPG

5EJWNVGP -ÌNP #WEVKQP PQ /KPV .WIFWPWO

2:1

2:1 2:1

'ORGTQT ETQYPGF D[ 8KEVQT[

# $CTDCTK\GF JGCF T 85 4 'ORGTQT YKVJ URGCT ETQYPGF D[ 8KEVQTKC *++5 . IT. &CTM ITGGP RCVKPC XGT[ HKPG

&QODTQYUMK /ÒPUVGT

%QPUVCPVKPQRQNKU ! GPVJTQPGF

# *GCF N ő++ 4 %QPUVCPVKPQRQNKU ! GPVJTQPGF YKVJ URGCT QT UEGRVTG CPF XKEVQT[ QP INQDG ! ő++. IT. 'ZVTGOGN[ HKPG -TKEJGNFQTH (TGKDWTI #WEVKQP PQ 'Z /ÒP\\GPVTWO ņ -ÌNP #WEVKQP PQ

6YQ OGP YKVJ UVCPFCTF U

2:1

# &KCFGOGF DWUV T %1056#06+075 +80 0% 4 6YQ OGP YKVJ VYQ UVCPFCTFU %.14 +#':'4ő. IT. 8GT[ HKPG 5EJWNVGP -ÌNP #WEVKQP PQ 0QTOCN VGZV TGXGTUG ).14+# ':'4%+685

# &KCFGOGF DWUV N %1ő 4 6YQ OGP YKVJ QPG UVCPFCTF KP GZGTIWG 264. IT. 5JCTR CPF ENGCT UVTWEM URGEKOGP CNOQUV GZVTGOGN[ HKPG 'NUGP $TWUUGN #WEVKQP PQ /KPV 6TKGT 5OCNN HQTOCV 6[RKECN 4QOCP TGXGTUG

36 2:1

2:1

# .CWTGCVGF DWUV N 0+'* 6# +++ 4 6YQ OGP YKVJ QPG UVCPFCTF. IT.

8GT[ HKPG

# $WUV N YKVJ JGNOGV %15ő 4 6YQ OGP YKVJ QPG UVCPFCTF YTGCVJ QP VQR. IT. )TGGP RCVKPC CVVTCEVKXG CPF XGT[ HKPG URGEKOGP

5EJWNVGP -ÌNP #WEVKQP PQ

'NUGP $TWUUGN #WEVKQP PQ 6JG TGXGTUG KU PQV C V[RKECN 4QOCP TGXGTUG 2TQVQV[RG HQT C UEGCV V[RG EH VJG UOCNN RKEVWTG 6JG OKPV KP .QPFQP YCU KPQRGTCVKXG KP JGPEG EQPVKPGPVCN EQKPU YGTG EKTEWNCVKPI KP $TKVCKP KPENWFKPI KOKVCVKQPU

5KNKSWC

2:1

# &KCFGOGF DWUV T 8++ %10u60060u+(#8+ 4 9TGCVJ #16+u ::: /8.6+u :::: KP HQWT NKPGU )** KP GZGTIWG. IT. $TQCF HNCP EGPVTGF XGT[ HKPG URGEKOGP 8KPEJQP 2CTKU 6JG VGZV IKXGU TGCUQP VQ EQPUKFGT %QPUVCPVKPG DWV VJG RQTVTCKV OQTG TGUGODNGU %QPUVCPVKWU 2GTJCRU %QPUVCPVKPG ++

2JQGPKZ

38 2:1

2:1

# &KCFGOGF DWUV T &0%1056# 052(#8% 4 2JQGPKZ QP HWPGTCN RKNG ('. 6++2 4+2#4# 6+1 KP DQVVQO HKGNF 5+5 ! . IT. )TGGP RCVKPC IQQF XGT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ /KPV 5KUEKC ! %QPUVCPU

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

# &KCFGOGF DWUV T 10 11% 0 56#0 +85 2(ő 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +++111 006. IT. )TGGP RCVKPC XGT[ HKPG )QTP[ /ÒPEJGP #WEVKQP PQ 6JG EQPSWGTGF KU NQQMKPI XGT[ UWTRTKUGF CPF VJG JCKT KU UVCPFKPI QP GPF

# &KCFGOGF DWUV T &0 %1056#0ő 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('. 6'/2 4'2#4#6. IT. )TGGP RCVKPC XGT[ HKPG -ÌNPGT /ÒP\MCD #WEVKQP PQ 6JG EQPSWGTGF KU YGCTKPI C RJT[IKCP ECR

# &KCFGOGF DWUV T # KP HKGNF &0%1056#0 6+852(#8% 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP 2*$*6+1 KP GZGTIWG 6' . IT. )TGGP RCVKPC GZRTGUUKXG UV[NG XGT[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP 6JG EQPSWGTGF KU YGCTKPI C RJT[IKCP ECR

# &KCFGOGF DWUV T &0 %10260 6+85 +8 #8) 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP UVCT KP HKGNF +(6%/2 8061 KP GZGTIWG 5/0#. IT. )TGGP DTQYP RCVKPC YGCMN[ UVTWEM XGT[ HKPG VQ GZVTGOGN[ HKPG

(TCPEGUEJK $TWUUGN

# &KCFGOGF DWUV T &0%0Å&#x2018; 6+852(#8) 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('.6'02(+ 2+#6+1 KP GZGTIWG 500 . IT. &CTM RCVKPC IQQF XGT[ HKPG

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

# &KCFGOGF DWUV T &0 &u 6 1+'& 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP 3'8 T WRYCTFU 1+.+'& 3'*+1. IT. /CIPKHKEGPV ITGGP RCVKPC XGT[ HKPG .CP\ /Ã&#x2019;PEJGP #WEVKQP PQ

(TQO JGTG VJG HQTOCV CPF YGKIJV KU UOCNN YKVJ GZEGRVKQP QH VJG PQU CPF VJCV GZJKDKV VJG WUWCN YGKIJV QH VJG NCTIGT HQTOCVU 6JKU ITQWR EQPEWTU YKVJ V[RG E

# &KCFGOGF DWUV T %+++++%+5++ #6u #+++++ 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP * KP HKGNF ('. 6*%+ *&#6+1 KP GZGTIWG Ő %+5+ Ő. IT. 5JKPKPI ITGGP RCVKPC XGT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ 6JKU RKGEG QTKIKPCVGU HTQO VJG 0QTVJGTP $CNMCP

2:1

# $WUV T * KP HKGNF 0++0++0+01+0 0+100 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +000+0+0+ő KP GZGTIWG +0ő. IT. &CTM RCVKPC OKPQT VTCEGU QH EQTTQUKQP XGT[ HKPG

4CWEJ 9KGP #WEVKQP + PQ

# &KCFGOGF DWUV T &0 -1056 6+81 ;ő 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP +1+#Θu +01 6+1 KP GZGTIWG #06 $. IT. 8GT[ HKPG

&QODTQYUMK /ÒPUVGT %QKP CRRGCTGF KP C JQCTF KP 5[TKC 6JG - QP VJG QDXGTUG UWIIGUVU VJG GCUVGTP RCTV QH VJG /GFKVGTTCPGCP 6JG OKPV OKIJV DG #PVKQEJKC

2:1

# &KCFGOGF DWUV T ő8+ ++ 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ő++++++. IT. 5JCTR CPF ENGCT URGEKOGP CNOQUV GZVTGOGN[ HKPG ,CESWKGT -GJN (TQO NKUV PQ 6JG UQNFKGT KU YGCTKPI C RJT[IKCP ECR 6JG RQTVTCKV KU PQV %QPUVCPVKWUŉ RGTJCRU KV KU VJCV QH /CIPGPVKWU

# $WUV T # KP HKGNF ő06+85 4 'ORGTQT YKVJ HCNNKPI JQTUGOCP ('.6 #4. IT. )TGGP RCVKPC XGT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ 6JG RQTVTCKV EQWNF DG /CIPGPVKWU

'ORGTQT DGVYGGP VYQ NCDCTC

# &KCFGOGF DWUV T YKVJ # CPF UVCT KP HKGNF &++%1+'%+1 &+8++01) 4 (KIWTG UVCPFKPI N DGVYGGP VYQ NCDCTC UVCT CDQXG # N ++1++188 +6++ &8 KP GZGTIWG # # . IT. &CTM ITGGP RCVKPC DTQCF CPF EGPVTGF URGEKOGP XGT[ HKPG

5EJWNVGP -ÌNP #WEVKQP 1EVQDGT PQ # XGT[ EJCTCEVGTKUVKE RQTVTCKV # UKOKNCT URGEKOGP KU HQWPF KP )ÌDN RN PQ VJGTG KU C TGHGTGPEG VQ %CV -TGUU PQ

# $WUV T YKVJ ++ KP HKGNF &0 %1060805*6*1++ 4 'ORGTQT UVCPFKPI N YKVJ VYQ NCDCTC KP VJG NCDCTC ETQUU YKVJ QPG RGNNGV KP GCEJ CPING &*** *1** KP GZGTIWG 5*5+. IT. )TGGP RCVKPC XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV ,CPWCT[ PQ 2GTJCRU VJKU EQKP YCU KUUWGF WPFGT VJG PCOG QH %QPUVCPVKPG ++

'ORGTQT KP ICNNG[ 1P VJG QDXGTUG KPXCTKCDN[ VJG PQTOCN RQTVTCKV QH VJG 4QOCP GORGTQT QP VJG TGXGTUG C UVCPFKPI GORGTQT OCPVNGF QP C ICNNG[ WUWCNN[ JQNFKPI C DKTF KP VJG TKIJV JCPF CPF C NC DCTWO KP VJG NGHV WUKPI C UKORNG ETQUU PQ EJTKUVQITCO KP VJG RQUVGTKQT QH VJG ICNNG[ C TQY KPI RGTUQP VJG QCT KP C XCTKGV[ QH UJCRGU 6GZV TGXGTUG ('. 6'/2 4'2#4#6+1 #HVGT VJG V[RGU VYQ 8KEVQTKGU YKVJ UJKGNF QP CNVCT CPF 'ORGTQT YKVJ HCNNKPI JQTUGOCP VJKU KU VJG OQUV QEEWTKPI V[RG 9KVJQWV GZEGRVKQP VJG KOCIG KU QH %QPUVCPVKWU ++ CRCTV HTQO VJG PWODGTU CPF VJCV CTG WPFGT VJG PCOG QH %QPUVCPU

# &KCFGOGF DWUV T &0 %106#* 0u ++#8% 4 'ORGTQT KP ICNNG[ +++6'/2 21*#86+1. IT. &CTM ITGGP RCVKPC XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ

# &KCFGOGF DWUV T &0 %1056 05ő#8% 4 'ORGTQT KP ICNNG[ YKVJ 8KEVQT[ QP JCPF ő'/& 4'&#ő. IT. )TGGP RCVKPC UOCNN HNCP XGT[ HKPG URGEKOGP

-ÌNPGT /ÒP\MCD #WEVKQP PQ

# &KCFGOGF DWUV T &0 %1056#0 6++852(#8) 4 'ORGTQT KP ICNNG[ ('. 6'/2 4'2#4#6+1 KP GZGTIWG 6.). IT. $TQYP RCVKPC UOCNN OKUVCMG KP VJG FKG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP 4CWEJ ņ 9KGP #WEVKQP PQ *GTG VJG QCT KU C UKORNG UVKEM

# &KCFGOGF DWUV T &0%10u6#0 6+852(#8% 4 'ORGTQT KP ICNNG[ ő6'/24 ++++4++#6+1 KP DQVVQO HKGNF 2.%. IT. )TGGP RCVKPC XGT[ HKPG *KTUEJ /ÒPEJGP #WEVKQP PQ *GTG VJG QCT KU C UVKEM YKVJ C DNCFG

# &KCFGOGF DWUV T &0 6+852(#8) 4 'ORGTQT KP ICNNG[ ő5+5&*4++6+1 KP GZGTIWG %. IT. $TQYP RCVKPC XGT[ HKPG -ÌNPGT /ÒP\MCD #WEVKQP PQ *GTG VJG QCT KU C UVKEM YKVJ C DNCFG

# &KCFGOGF DWUV T &0 %1056#0 6+85 2( #8 4 'ORGTQT KP ICNNG[ ('. 6'/2 4'2#4#6+1 KP GZGTIWG 5.%. IT. /KPQT VTCEGU QH EQTTQUKQP XGT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ

)TQWR 6JG CIG QH /CIPGPVKWU CPF &GEGPVKWU 6JG (TCPM VGTTKVQTKGU JCXG VQ DG EQPUKFGTGF HQT VJG CTGC QH EKTEWNCVKQP CU VJG (TCPMU CNTGCF[ JGNF VJG VGTTKVQT[ VQ VJG PQTVJ QH#OKGPU CV VJCV VKOG 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 4GXGTUG VYQ 8KEVQTKGU JQNFKPI QPG UJKGNF VJCV TGUVU QP C RKNNCT

# $WUV T YKVJ # KP HKGNF &0 /#)0'0 6+85 2( #8) 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT QP VJG UJKGNF +1 8 08+6 KP GZGTIWG #ő. IT. 8GT[ HKPG

# $WUV T ő85%*'5 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5 8 DGPGCVJ VJG RKNNCT QP UJKGNF 816 X +++.6 Z KP GZGTIWG 65+ ! . IT. 8GT[ HKPG

+P XKGY QH VJG QDXGTUG VGZV VJCV GPFU YKVJ %#'5 VJKU EQKP JCU VQ DG CVVTKDWVGF VQ &GEGPVKWU CNVJQWIJ VJG JGCF OQTG TGUGODNGU /CIPGPVKWUŉ

# $WUV T &0 &'%'06+85 01$ %*'% 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5 8 DGPGCVJ VJG RKNNCT QP UJKGNF 816 8 /8.6 Z 8+%614+++' &&00 *8%'6%*' KP GZGTIWG */$. IT. )TGGP DTQYP RCVKPC XGT[ HKPG URGEKOGP /ÒP\\GPVTWO -ÌNP #WEVKQP PQ /KPV #OKGPU 6JG OKPV QH #OKGPU YCU C ETGCVKQP QH /CIPGPVKWU 6JG DGIKPPKPI ECP DG FCVGF KP VJG UGEQPF JCNH QH KP VJG UWOOGT QH VJG OKPV YCU ENQUGF

# $WUV T &0&'%'06+85 01$ %*'5 4 6YQ 8KEVQTKGU YKVJ UJKGNF QP RKNNCT 5 8 DGPGCVJ VJG RKN NCT QP UJKGNF 816 X /8.6 Z 8+%610+#' &&00 88%'6++' KP GZGTIWG ++5.). IT. $TQYP RCVKPC YGCMN[ UVTWEM QVJGTYKUG CNOQUV GZVTGOGN[ HKPG

/ÒP\GP WPF /GFCKNNGP $CUGN /KPV .WIFWPWO 0QTOCNN[ VJKU UJQWNF TGCF 42.) CUUWOKPI .WIFWPWO KU OGCPV JGTG VQQ 6JG KPUETKRVKQP QP VJG UJKGNF KU XGT[ WP ENGCT

6YQ 8KEVQTKGU YKVJ UJKGNF

+P RTKPEKRNG VJKU V[RG OCVEJGU VJG NCUV QPG YKVJ VJG QPN[ FKHHGTGPEG VJCV VJG UJKGNF FQGU PQV TGUV QP C RKNNCT JGTG 6JG PQTOCN VGZV QP VJG TGXGTUG KU 8+%614+#' && 00 #8) '6 %#'

# $WUV T YKVJ # KP HKGNF ő06+85 2( 4 6YQ 8KEVQTKGU YKVJ UJKGNF 816 8.6 Z QP UJKGNF ő#8) '6 %#'. IT. )TGGP RCVKPC UOCNN HNCP XGT[ HKPG 5EJWNVGP -ÌNP #WEVKQP PQ

/#)0' 06+85!

# $WUV T YKVJ * KP HKGNF /*)0ő 4 6YQ 8KEVQTKGU YKVJ UJKGNF 816 X /8. Z QP UJKGNF ő&0+008%6+%*+. IT. 5JKPKPI ITGGP RCVKPC CNOQUV GZVTGOGN[ HKPG ,CESWKGT -GJN (TQO NKUV PQ /*)0 '06+85 !

%JTKUVQITCO

0QTOCN VGZV TGXGTUG 5#.85 && 00 #8) '6 %#'5

# $WUV T &0/#ő +852(#8% 4 %JTKUVQITCO N QOGIC CPF T CNRJC 50.012800/ő KP DQV VQO HKGNF ++2.%. IT. $TQYP RCVKPC XGT[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN

)TQWR 6JG CIG QH ,WNKCPWU YKVJ VJG $WNN V[RG 6JG OKPVU VJCV CRRGCT CTG UKVWCVGF KP VJG 'CUV RGTJCRU KP VJG &CPWDG TGIKQP $WNN

# &KCFGOGF DWUV T &0 8.%. +8.+ #085 2( #8) 4 $WNN CDQXG VYQ UVCTU CPF GCING YKVJ YTGCVJ DGHQTG 5'%84+%6#5 4'+28$ KP GZGTIWG # 38+.2. IT. (KPG 5EJWNOCP #OUVGTFCO 6JG DWUV KU PQV VJG WUWCN ,WNKCPWU DWV OQTG VJCV QH %QPUVCPVKWU /KPV #SWKNGKC 6JG GCING DGHQTG VJG DWNN PQTOCNN[ QPN[ QEEWTU KP #TNGUÅ&#x2030; EQKPCIG

# &KCFGOGF DWUV T &0(.%.+8 852(#88% 4 $WNN VYQ UVCTU CDQXG Å&#x2018;84+6#5 28 KP DQV VQO HKGNF 6%10. IT. )TGGP RCVKPC CNOQUV XGT[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ /KPV %QPUVCPVKPQRGN

# $GCTFGF CPF FKCFGOGF DWUV T &0 (. %.+8.+ #085 2( #8) 4 $WNN VYQ UVCTU CDQXG 5'%84+6#5 4'+284 KP GZGTIWG #06Î&#x201C; DTCPEJ. IT. &CTM ITGGP RCVKPC XGT[ HKPG *QNNGOCP 'PUEJGFG /KPV #PVKQEJ

)TQWR (TQO VJG RGTKQF CHVGT VJQWIJ YKVJ VJG PQTOCN YGKIJV 'ORGTQT YKVJ UVCPFCTF

# &KCFGOGF DWUV T &0 8#.'06+0+ő8% 4 'ORGTQT UVCPFKPI T YKVJ UVCPFCTF CPF 8KEVQT[ 4'56+68614 4'+2ő KP GZGTIWG 5/*%5. IT. )TGGP RCVKPC VTCEGU QH EQTTQUKQP XGT[ HKPG

/ÒP\CWMVKQP 'UUGP (TQO NKUV PQ 8CNGPVKPKCPWU ++

)QFFGUU 0QTOCN VGZV TGXGTUG 4'2#4#6+1 4'+28$

# &KCFGOGF DWUV T 0# 08522++++ő 4 'ORGTQT UVCPFKPI N YKVJ MPGGNKPI IQFFGUU ő4'2*4#6+1ő. IT. )TGGP RCVKPC XGT[ HKPG /ÒP\\GPVTWO -ÌNP 8CNGPVKPKCPWU ++

)TQWR C #TQWPF VJKU VKOG VJG V[RGU YGTG TGFWEGF VQ C UOCNNGT HQTOCV CPF YGKIJV 8KEVQTKGU YKVJ ECRVKXG 2GTKQF 8CNGPVKPKCP ++ 6JGQFQUKWU + #TECFKWU

2:1

# &KCFGOGF DWUV T 5+++++++++++++#+++5+++6 4 8KEVQT[ YKVJ ECRVKXG CPF RJT[IKCP ECR KP HKGNF 5+++u +++ ++$++%.+ KP GZGTIWG ++++. IT. $TQYP RCVKPC XGT[ HKPG

# &KCFGOGF DWUV T ő+++5+++6+ 4 8KEVQT[ YKVJ ECRVKXG CPF RJT[IKCP ECR KP HKGNF ő+++5&66++ő KP GZGTIWG 55ő. IT. $TQYP RCVKPC GZRTGUUKXG UV[NG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP

0/$ #OUVGTFCO

6JG HQNNQYKPI EQKPU CTG HTQO C NCVGT RGTKQF CPF JCTF VQ ENCUUKH[ 2GTJCRU UQOG OC[ DG CVVTK DWVGF VQ VJG 8KUKIQVJU +OKVCVKQP 9GUVGTP 4QOCP 'ORKTG *QPQTKWU 5KNKSWC

# &KCFGOGF DWUV T &0 *Q0Q4+ 8522#8) 4 4QOC QP VJTQPG YKVJ TGXGTUGF URGCT 8KEVQT[ YKVJ YTGCVJ KP T JCPF 8+46854Q /#0Q48/ KP GZGTIWG 6425. IT. 8GT[ HKPG $CVCXKC FGP *CCI /KPV 6TKGT

+OKVCVKQPU 'CUVGTP 4QOCP 'ORKTG $TQP\G #PCUVCUKWU

# &KCFGOGF DWUV T &0#0#u 6#5 +8u 268% 4 )TGCV / DGVYGGP VYQ UVCTU ETQUU CDQXG Î&#x2DC; YKVJKP KP GZGTIWG %10. IT. $TQYP RCVKPC HKPG VQ XGT[ HKPG $QPXCNNGV 2CTKU /KPV %QPUVCPVKPQRGN

# $WUV T YKVJ TGVCPINGF FTCYP DQF[ Å&#x2018;086u 56+8u #Å&#x2018; 4 )TGCV / DGVYGGP UVCTU ETQUU CDQXG Î&#x2DC; YKVJKP KP GZGTIWG 01% . IT. )TGGP RCVKPC XGT[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ /KPV %QPUVCPVKPQRGN

6JGQFQUKWU ++

# &KCFGOGF DWUV T 6*'1&1Å&#x2018; 4 'ORGTQT UVCPFKPI YKVJ 8KEVQT[ KP N JCPF 4'+2 . IT. )TGGP RCVKPC HKPG VQ XGT[ HKPG

/KPV %QPUVCPVKPQRGN

+OKVCVKQPU QH IQNF EQKPU 6JGQFQUKWU ++

6TGOKUUKU. # &KCFGOGF DWUV T &8+*'1 1 01+ 4 %TQUU KP YTGCVJ KP GZGTIWG %101$ . IT. (KPG VQ XGT[ HKPG $4'& 2CTKU 6JG TGXGTUG HQTO DTKPIU VJG 5WGDK VQ OKPF DWV VJCV UJQYU CP QTPCOGPVGF QWVGT EKTENG +P 8KUKIQVJ EQKPCIG VJKU GFIG KU UOQQVJ 6JKU EQKP OKIJV UVGO HTQO 8KUKIQVJ VGTTKVQT[ KV UJQYU UQOG TGUGODNCPEG VQ C EQKP WPFGT #PVJGOKWU UGG 5WDLCEM EQNNGEVKQP 8GEEJK .QPFQP #WEVKQP PQ

2:1

6TGOKUUKU. # &KCFGOGF DWUV T &0 6*'1&1 5+85 2( #8) 4 8KEVQT[ YKVJ YTGCVJ CPF QTD UVCT KP HKGNF 8+%614+# #8%56148/ KP GZGTIWG %101$. IT. )QQF XGT[ HKPG )QTP[ /Ã&#x2019;PEJGP )TKGTUQP UWIIGUVU C OKPV QP VJG $CNMCP RGPKPUWNC *CJP JCU PQ TGEQTF QH VJKU V[RG

*QPQTKWU !

2:1

5QNKFWU. # $WUV HCEKPI YKVJ JGNOGV UJKGNF CPF URGCT QXGT UJQWNFGT %%101 1+#1%+8 4 8KEVQT[ UVCPFKPI T YKVJ ETQUU JGCFGF UVCHH UVCT T %%%101*81 18*1 KP GZGTIWG 1Å&#x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

,WUVKPKCPWU +

2:1

6TGOKUUKU. # &KCFGOGF DWUV T &0 +856+0+ #08522#8) 4 8KEVQT[ N YKVJ YTGCVJ QP QTD UVCT KP HKGNF 8+%+14+##8%856148/ KP GZGTIWG %101 . IT. 9GCMN[ UVTWEM OKUVCMG KP VJG FKG UOCNN ITCHHKVK QP VJG TGXGTUG QVJGTYKUG GZVTGOGN[ HKPG 4KGVFKLM FGP *CCI #WEVKQP PQ /KPV %QPUVCPVKPQRGN +P XKGY QH VJG TGXGTUG RTQDCDN[ .QODCTF

*705 #TQWPF VJG *WPU ETQUUGF VJG 8QNIC CPF FTQXG VJG #NCPU CPF 'TOCPCTKEÅ&#x2030;U 1UVTQIQVJU CYC[ +P VJG[ FGHGCVGF %KVCPCTKEÅ&#x2030;U 8KUKIQVJKE CTO[ +P VJG GPUWKPI [GCTU VJG[ HQWPFGF CP 'CUVGTP 'WTQRGCP 'ORKTG #TQWPF *WP CTOKGU NGF D[ 7NFKP GOGTIGF KP 9CNNCEJKC +P TGURGEVKXGN[ VJG *WPU FTQXG VJG $WTIWPFKCPU CPF VJG 5KNKPIK 8CPFCNU HTQO VJG 8KUVWNC CPF VJG 1FGT 6JG 5KNKPIK 8CPFCNU LQKPGF VJG *CUFKPIK 8CPFCNU KP VJG 7RRGT 6JGKUU VGTTKVQT[ CPF VJG 2CPPQPKCP 3WCFK CPF 5WGDK ITQWRU CPF VJG[ VQIGVJGT UGV QWV HQT )CWN KP UGG 8CPFCNU 9KVJ #TECFKWUÅ&#x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Å&#x2030;U EQWTV *G MGRV WR IQQF TGNCVKQPU VQ #Ã&#x20AC;VKWU YJQ KP EGFGF RCTV QH 2CPPQPKC VQ VJG *WPU 6JG ECPEGNNKPI QH /CTEKCPWUÅ&#x2030; VTKDWVCT[ UVCVWU KP CPF C UGETGV OCTTKCIG RTQRQUCN HTQO VJG CWIWUVC ,WUVC )TCVC *QPQTKC

UKUVGT QH 8CNGPVKPKCP +++ YJKEJ #VVKNC CEEGRVGF VQ UGEWTG RCTV QH VJG 9GUVGTP 4QOCP 'ORKTG CTG GXKFGPEG QH JKU KPHNWGPEG #VVKNC VTKGF WPKVKPI VJG 8KUKIQVJU CPF VJG 8CPFCNU WPFGT JKU TWNG DWV YKVJQWV UWEEGUU +P #VVKNC EQPSWGTGF #URCTÅ&#x2030;U 'CUV 4QOCP CTO[ # [GCTN[ VTKDWVG YCU CITGGF WRQP CPF VJG *WPU COCUU NCTIG COQWPVU QH IQNF CNNQYKPI VJGO VQ SWKGVN[ RTGRCTG HQT VJG )CNNKE 9CT +P /GV\ YCU FGUVTQ[GF CPF 1TNGCPU DGUKGIGF #Ã&#x20AC;VKWU VJGP UWEEGGFGF VQ FGHGCV #VVKNC QP VJG %CVCNCWPKE HKGNFU UKVWCVGF PGCT %JÂ³NQPU UWT /CTPG YKVJ VJG CKF QH C 4QOCP 8KUKIQVJKE $WTIWPFKCP (TCPEQPKCP EQCNKVKQP #Ã&#x20AC;VKWU HKTUV OCKPVCKPGF HTKGPFN[ TGNCVKQPUJKRU YKVJ VJG *WPU JQYGXGT KP VWTPGF CICKPUV VJGO 6JKU QTKIKPCNN[ ICXG JKO C RQYGTHWN RQUKVKQP VJCV PGXGTVJGNGUU RTQXGF HCVCN YJGP JG YCU CUUCUUKPCVGF FWTKPI CP CWFKGPEG YKVJ 'ORGTQT 8CNGPVKPKCP +OOGFKCVGN[ CHVGT YJKEJ /CTEJ 8CNGPVKPKCP YCU OWTFGTGF UGG 8CPFCNU D[ #Ã&#x20AC;VKWUÅ&#x2030; JGPEJOGP UKIPCNNKPI VJG HKPCN FGENKPG QH VJG 9GUVGTP 4QOCP 'ORKTG 6JG GPUWKPI ECORCKIP KPVQ 0QTVJGTP +VCN[ OGTGN[ TGUWNVGF KP VJG VCMKPI QH #SWKNGKC VJG 'CUVTQOCP 'ORGTQT /CTEKCPWU YKVJUVCPFKPI VJG *WPU CPF HQTEKPI VJGO VQ TGVTGCV 6JWU #Ã&#x20AC;VKWU JCF RTGXGPVGF YQTUG HQT 4QOG +P FWTKPI JKU OCTTKCIG VQ IQVJKE +NFKEQ #VVKNC FKGF #HVGT JKU RCUUKPI JKU GNFGUV UQP 'NNCE DGECOG MKPI *KU [QWPIGT DTQVJGT QRRQUGF 'NNCE FKGF KP VJG 5GEQPF 9CT QH *WPPKE 5WEEGUUKQP CV 0GFCQ 6JG *WPU HNGF VQ VJG GCUV #VVKNCÅ&#x2030;U UGEQPF UQP &GPIK\KEJ TGITQWRKPI VJG *WPU +P JG OGV JKU GPF KP VJG DCVVNG HQT $[\CPVKWO VJCV YCU NQUV CPF VJKU EQPENWFGF VJG 'WTQRGCP JKUVQT[ QH VJG *WPU #VVKNC QP VJG QPG JCPF OQFGNNGF JKU TGCNO QP VJG 4QOCP 'ORKTG QP VJG QVJGT JCPF GPXK UKQPGF C WPKHKECVKQP QH CNN 5VGRRG RGQRNGU 6JG YQTNF JKUVQTKE UKIPKHKECPEG QH VJG *WPU KU VJCV VJG[ URWTTGF VJG UGEQPF /KITCVKQP 2GTKQF 6JG 8KUKIQVJ 8CPFCN 5WGDK $WTIWPFKCP CPF #NCP VTKDGU VJCV KPXCFGF VJG 4QOCP 'ORKTG YGTG CEVWCNN[ HNGGKPI HTQO VJG *WPU 6JG 4QOCP 'O RKTG OCPCIGF VQ KPEQTRQTCVG VJGUG OCP[ HQTGKIP RGQRNGU VQ C EGTVCKP GZVGPV OCKPN[ FWG VQ VJG CESWKGUEKPI *WPU WPVKN VJG YCTU QH $NGFC CPF #VVKNC FGHKPKVKXGN[ GPFGF VJKU 8#0&#.5 6JG 8CPFCNU JCF HCNNGP CRCTV KPVQ VYQ VTKDGU VJG *CTFKPIK HTQO &CEKC CPF VJG 5KNKPIK HTQO 5KNGUKC CPF VJG[ TGWPKVGF FWTKPI VJG UGEQPF /KITCVKQP 2GTKQF +P VJG 4QOCP 'ORKTG YCU KPXCFGF CPF KP )CWN YCU TGCEJGF 6QWNQWUG 7PFGT VJG NGCFGTUJKR QH )QFKIKUGNÅ&#x2030;U UQPU )WPFGTKE CPF )GKUGTKE )WPFGTKEJ DGECOG MKPI 5RCKP YCU TGCEJGF KP VQIGVJGT YKVJ VJG #NCPK CPF VJG 5WGDK 6JG 5KNKPIK UGVVNGF KP $CGVKEC VQFC[Å&#x2030;U #PFCNWUKC VJG *CUFKPIK VQIGVJGT YKVJ VJG 5WGDK GUVCDNKUJGF VJGOUGNXGU KP )CNKEKC +P C HQGFGTCVK VTGCV[ YCU TGCEJGF YKVJ 4QOCPU DWV FCPIGTU UVKNN NQQOGF 8KUKIQVJ -KPI 8CNKC OCTEJGF KPVQ 5RCKP CPF JG XCPSWKUJGF VJG 5KNKPIK 6JG #NCPU VJCV TGOCKPGF YKVJQWV C MKPI CHVGT VJG FGCVJ QH -KPI #FFCZ LQKPGF VJG *CUFNKPIK 8CPFCNU WPFGT )WPFGTKE 6JGP )WPFGTKE RTQENCKOGF JKOUGNH 4GZ 8CPFCNQTWO GV #NCPQTWO #HVGT )WPFGTKEÅ&#x2030;U FGOKUG KP )GKUGTKE DGECOG MKPI QH VJG 8CPFCNU CPF #NCPU #HVGT EQPSWGTKPI VJG 4QOCPU VJG[ RKNNCIGF %CTVCIGPC VJG $CNGCTKE +UNCPFU CPF /CWTKVCPKCÅ&#x2030;U EQCUV 36

+P OGP COQPI YJQ VJG #NCPU NGF D[ )GKUGTKE ETQUUGF VJG UVTCKIJV VQ #HTKEC QP TGSWGUV QH %QOGU $QPKHCEG 6JG[ UGVVNGF KP *KRRQ 4GIKWU VJG FKQEGUG QH #WIWUVKPG NGCXKPI %CTVJCIGŉ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

80 2:1

2:1

5KNKSWC %CTVJCIQ. # &KCFGOGF DWUV T &0 1014+ 85 2( #8) 4 4QOC UKVVKPI YKVJ UEGRVTG CPF 8KEVQTKC 84$5 41/# KP GZGTIWG 4825. /'% IT. $TQCF URGEKOGP XGT[ HKPG

5VGTPDGTI <ÒTKEJ #WEVKQP PQ +OKVCVKQP QH C UKNKSWC HTQO *QPQTKWU 4CXGPPC 6JKU RKGEG FGHKPKVGN[ KU HTQO %CTVJCIG OCP[ CTG EQRKGU HTQO 4CXGPPC +V KU PQV NKUVGF KP VJG /+$ 2UGWFQ KORGTKCN UKNKSWCG CPFJCNH UKNKSWCG EQRKGF HTQO 4CXGPPCVG EQKPU QH *QPQTKWU VJG JCNXGU JCXG QPN[ TGEGPVN[ DGGP KFGPVKHKGF CPF CP GZEGNNGPVUVWF[ KU PQY CXCKNCDNG QH DQVJ UGTKGU /QTTKUQP CPF 5EJYCTV\ 6JG[ CTG FKUVKPIWKUJCDNG HTQO QTKIKPCN RTQFWEVUQH VJG 4CXGPPC OKPV D[ VJGKT VJKEM HNCPU CPF VJG RTGXCNGPEG QH Q FKG CZKU CNTGCF[ CNNWFGF VQ

EQOOGPVCT[ /'% + R 4825 UVCPFU HQT 4#8'00# 2858.#68/

2:1

5KNKSWC %CTVJCIQ. # &KCFGOGF DWUV T őő 852(#8 4 8KEVQTKC N YKVJ YTGCVJ őő ##8%. /'% IT. 5OCNN HNCP XGT[ HKPG #WHJ·WUGT /ÒPEJGP EH PQ

*70'4+%* *WPGTKE UQP QH )GKUGTKE DGECOG GPICIGF VQ 'WFQZKC FCWIJVGT QH 8CNGPVKPKCP +++ *KU UCEM KPI 4QOG OKIJV JCXG DGGP CP CEV QH NQ[CNV[ VQYCTF VJG CUUCUUKPCVGF 8CNGPVKPKCP #NTGCF[ WPFGT )GKUGTKE PQDKNKV[ NGF CP WRTKUKPI VJCV YCU UVTWEM FQYP KP *WPGTKE VQQ JCF VQ FGCN YKVJ TGDGNNKQWU PQDKNKV[ *G EQPVKPWGF VJG CTKCPKUKPI RQNKVKEU DWV JKU UWEEGUUQT JKU EQWUKP )WPVJCOWPF RWV CP GPF VQ VJKU )WPVJCOWPFŉU TGKIP YCU OCTMGF D[ VJG YCTU CICKPUV VJG /QQTU CPF CICKPUV 0QOCFKE VTKDGU

2:1

0WOOK. # &KCFGOGF DWUV T 881 / #&5#6 4 %TQUU 1528 8+1+61 KP GZGTIWG VJTGG RGNNGVU. /'% /+$ IT. #VVTCEVKXG CPF XGT[ HKPG URGEKOGP 5EJWNVGP -ÌNP #WEVKQP PQ 0QV RWDNKUJGF

)706*#/70&

)WPVJCOWPF KU VJG HKTUV YJQ OGPVKQPU JKU PCOG QP VJG EQKPU

2:1

5KNKSWC. # &KCFGOGF DWUV T &0 4: )806*# 4 & 0 KP YTGCVJ WPFGT UVTKRG. /'% /+$ IT. 4 8GT[ HKPG 8KPEJQP 2CTKU &0 FGPCTKK

84 2:1

2:1

5KNKSWC. # &KCFGOGF DWUV T 806*# 4 +P YTGCVJ & 0 ::8 UVTKRG CDQXG. /'% /+$ IT. 4 #NOQUV XGT[ HKPG #WHJÂ·WUGT /Ã&#x2019;PEJGP ::8 FGPCTKK

0WOOK. # &KCFGOGF DWUV T 4 %JTKUVQITCO KP YTGCVJ. /'% /+$ XCT IT. 4 )QQF XGT[ HKPG

6QFGTK (NQTGPEG /+$ UJQYU C RGNNGV KP VJG EJTKUVQITCO )WPVJCOWPF KU VJG QPN[ QPG YKVJ C Â&#x201E; PWOOK CPF C EJTKUVQITCO

86 2:1

87 2:1

2:1

0WOOK. # &KCFGOGF DWUV T &0&8&+u 4 5VCT YKVJ QPG UVTKRG KP GCEJ CPING. /'% /+$ /QUVGEM[ EH 2N :+ HH IT. 8GT[ HKPG *QNNGOCP 'PUEJGFG %QWNF VJG UKZ RQKPVGF UVCT DG C EJTKUVQITCO!

2:1

0WOOK. # &KCFGOGF DWUV T 4 5VCT KP YTGCVJ YKVJ VJG NKODU GPFKPI KP RGNNGVU. /'% /+$ /QUVGEM[ EH 2N :+ HH IT. 8GT[ HKPG *QNNGOCP 'PUEJGFG 6JGUG EQKPU WUGF VQ DG CVVTKDWVGF VQ VJG /QQTU KP #HTKEC UGG $/%

6*4#5#/70&

6JTCUCOWPF DTQVJGT QH )WPVJCOWPF TWNGF C RTGFQOKPCPVN[ TQOCPKUGF RGQRNG *G OCTTKGF #OCNHTKFC UKUVGT QH 6JGQFGTKE GUVCDNKUJKPI C DQPF YKVJ VJG 'CUV )QVJU KP 6JTCUCOWPF UVTQXG VQYCTF UQWPF VKGU YKVJ $[\CPVKWO CPF PWTVWTGF C FKCNQIWG YKVJ VJG %JTKU VKCP EJWTEJ

2:1

88 2:1

5KNKSWC. # &KCFGOGF DWUV T &0 4) 64 #0+#++8 4 & 0 KP YTGCVJ DGVYGGP UVTKRG CPF .

JQTK\QPVCN . /'% /+$ C IT. 4 8GT[ HKPG URGEKOGP 'NUGP $TWUUGN +P /'% VJKU KU %NCUU 9KVJ C OQTG UV[NK\GF DWUV CPF YTGCVJ VJG FGPCTKWU RKGEGU YKVJ VJG OCTM QH XCNWG . QP VJG TGXGTUG

89 2:1

2:1

5KNKSWC. # &KCFGOGF DWUV T &0 4ő 5#/8&5 4 & 0 WPFGT UVTKRG KP YTGCVJ EKTENG YKVJ RGNNGV CDQXG. /'% /+$ C IT. 4 5NKIJVGN[ KTTGIWNCT HNCP OKPQT UETCVEJGU QP UWTHCEG QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP

#WHJ·WUGT /ÒPEJGP

2:1

0WOOK. # &KCFGOGF DWUV T 5# 4 8KEVQT[ YKVJ YTGCVJ. /'% /+$ IT. 4 )QQF XGT[ HKPG

6QFGTK (NQTGPEG

*+.&'4+% *KNFGTKE YCU C UQP HTQO VJG OCTTKCIG QH *WPGTKE CPF 'WFQZKC *G MKNNGF #OCN HTKFC WUGF EQKPU DGCTKPI VJG KOCIG QH ,WUVKPKCP CPF VWTPGF CYC[ HTQO $[\CPVKWO HQT YJKEJ VJG %CTVJCIG 5[PQF QH YCU QPG QH VJG TGCUQPU #HVGT DGKPI FGHGCVGF D[ VJG /QQTU JG YCU ECRVWTGF CPF GZGEWVGF

2:1

5KNKSWC. # &KCFGOGF DWUV T &0 *+.&+ 4+: 4': 4 %CTVJCIQ HCEKPI YKVJ GCTU QH EQTP ('.+: -#46). /'% /+$ IT. 5OCNN HNCP ETCEM XGT[ HKPG URGEKOGP

8KPEJQP 2CTKU

2:1

0WOOK. # $WUV N YKVJ RCNO NGCH 4 +P VYQ NKPGU 0 ++++ UVTKRG 0. /'% /+$ IT. )TGGP RCVKPC CVVTCEVKXG CPF XGT[ HKPG URGEKOGP /ÒNNGT 5QNKPIGP #WEVKQP PQ ++++ PWOOK

)'.+/'4

6JG NCUV MKPI )GNKOGT UWHHGTGF C NQUU CICKPUV $GNKUCT CPF YCU DCPKUJGF VQ #UKC /KPQT

2:1

0WOOK. # $CTDCTK\GF DWUV T 4 'CTU QH EQTP. IT.

2:1 #NOQUV XGT[ HKPG

5EJWNVGP -ÌNP #WEVKQP 1EVQDGT PQ 6JKU KU C DCTDCTKE KOKVCVKQP QH C PWOOWU QH )WPVJCOWPF *CJP /+$ HTQO VJG NCUV [GCTU QH 8CPFCN FQOKPCPEG #VVTKDWVGF VQ )GNKOGT

+6#.; KP VJG PF JCNH QH VJG VJ EGPVWT[

9JGP 4QOWNWU #WIWUVWU YCU FGRQUGF KP VJG 'CUV 4QOCP 'ORKTG EQPUKFGTGF +VCN[ RCTV QH KVU VGTTKVQT[ +P VJG UQWVJ VJG 8CPFCNU UVKNN RTGXCKNGF CPF KP VJG PQTVJ VJG )GTOCPKE EJKGHVCKP 1FQCEGT KP XCFGF +VCN[ +P VJG [GCT QH VJG EQNNCRUG QH VJG 9GUV 4QOCP 'ORKTG 1FQCEGT JCF JKU VTQQRU RTQENCKO JKO MKPI 1FQCEGTÅ&#x2030;U DQTP CRRTQZ CPEGUVT[ KU WPENGCT *G OKIJV JCXG DGGP C UQP QH 'FGMQ C OCIKUVTCVG CV #VVKNCÅ&#x2030;U EQWTV #HVGT VJG GPF QH VJG *WP 'ORKTG JG YCU C OGTEGPCT[ KP )CWN CPF VJGP YGPV VQ +VCN[ KP 4KEKOGTÅ&#x2030;U UGTXKEG $[\CPVKWO CRRQKPVGF JKO RCVTKEKCP *KU TGNCVKQPUJKR VQ VJG UGPCVG KU IQQF CPF JG GPLQ[GF VJG RTKXKNGIG QH CRRQKPVKPI EQPUWNU #HVGT JG FGUVTQ[GF VJG 4WIKCP 4GCNO JG ICKPGF 5KEKN[ HTQO VJG 8CPFCNU VJTQWIJ C FGOKUG EJCTVGT 6JKU KPHNWGPEG UVTCKPGF JKU TGNCVKQPUJKR YKVJ $[\CPVKWO +P 'ORGTQT <GPQ CUUKIPGF 6JGQFGTKE YJQ D[ VJGP YCU KP 'RKTQU VQ FTKXG 1FQCEGT HTQO +VCN[ 6Q DG CNNQYGF GUVCDNKUJKPI JKOUGNH KP 4CXGPPC JG UKIPGF C VTGCV[ YKVJ 1FQCEGT

DWV KP VJG UCOG [GCT UNGY JKO VJG UWRRQUGF TGCUQP YCU VJG CXGPIKPI HQT VJG FGHGCV QH VJG 4WIKCP *QWUG +VCN[ DGECOG VJG NCPF QH VJG 'CUV )QVJU YJQ UVC[GF RCTV QH VJG 'CUV 4QOCP 'ORKTG

/70+%+2#. %1+0#)' +0 +6#.; #0& #(4+%# #U UQQP CU 4QOCP VKOGU EQKPU YGTG UVTWEM HQT VJG EKV[ QH 4QOG CPF %QPUVCPVKPQRNG PQ RCTV QH VJKU EQNNGEVKQP DWV TGRTGUGPVGF KP VJG KOKVCVKQPU #NUQ KP VJG VJ EGPVWT[ OWPKEKRCN EQKPU YGTG UVTWEM KP %CTVJCIG 4QOG CPF 4CXGPPC 6JG[ DGCT VJG EJCTCEVGTKUVKEU QH VJGUG EKVKGU VTCEKPI DCEM VQ QNF NGIGPFU

%#46*#)1

6JGTG CTG XCTKQWU OQVKXGU (GOCNG HKIWTG QH %CTVJCIQ UVCPFKPI KP VJG IWKUG QH %GTGU JQNFKPI GCTU QH EQTP CPF VYQ HKIWTGU HTQO VJG HQWPFCVKQP NGIGPFU QH VJG EKV[ QPG C UVCPFKPI UQNFKGT CPF VJG QVJGT C JQTUG +P 4QOG UJG YQNH CPF VYKPU CU YGNN CU KP %CTVJCIG JQTUG VJGTG KU TGHGTGPEG VQ VJG NGIGPFU UWTTQWPFKPI VJG HQWPFKPI QH VJGUG EKVKGU 6JG JQTUG JCU VJG HQNNQYKPI NGIGPF CVVCEJGF VQ KV 6JG MKPI QH 6[TG JCF C UQP CPF C FCWIJVGT 'NKUUCT 6JG RGQRNG YCPVGF QPN[ VJG UQP YJQ JCF 'NKU UCTÅ&#x2030;U JWUDCPF MKNNGF 'NKUUCT HNGF VQ #HTKEC 5JG YCU YGNN TGEGKXGF CPF ITCPVGF C RKGEG QH NCPF VJG UK\G QH CP QZGUÅ&#x2030; UMKP 5JG PCOGF VJKU PGY UGVVNGOGPV $[TUC VJG ITGGM YQTF HQT QZUMKP +P VJG EQPUVTWEVKQP QH VJG EKV[ VJG HKTUV URCFG UVTWEM C EQYÅ&#x2030;U JGCF RTQXKFKPI C DCF QOGP 6JG UGEQPF URCFG UVTWEM C JQTUGÅ&#x2030;U JGCF JQNFKPI C RTQOKUG QH RQYGT 6JGTG CTG ENCUUGU %CTVJCIQ UVCPFKPI 5QNFKGT UVCPFKPI $QVJ ENCUUGU QEEWT KP VJG FGPQOKPCVKQPU CPF VJGUG PWODGTU CTG EJCTCEVGTKUVKE HQT VJG 8CPFCN UGG VJGTG PWOGTKECN U[UVGO TGUR CPF QH PWOOK C UKNKSWC

0WOOK. # %CTVJCIQ UVCPFKPI ETQYPGF YKVJ EQTP YTGCVJ CPF JQNFKPI GCTU QH EQTP YKVJKP NCWTGN YTGCVJ 4 0:++ KP NCWTGN YTGCVJ WPFGT UVTKRG. /'% /+$ IT. 4 $TQYP RCVKPC XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 'Z 'NUGP $TWUUGN #WEVKQP PQ /+$ ENCUUKHKGU VJKU WPFGT *KNFGTKEJ *GCX[ UGTKGU KP /'% %NCUU

0WOOK. # 5QNFKGT UVCPFKPI -#46 *#)1 4 *QTUGJGCF KP GZGTIWG ::+. /'% /+$ IT. $TQYP RCVKPC XGT[ HKPG 0/$ #OUVGTFCO /+$ ENCUUKHKGU VJKU WPFGT )GNKOGT 9KVJ /'% ENCUU .KIJV EQKPCIG

0WOOK. # 5QNFKGT UVCPFKPI -#46 *#)1 4 *QTUGJGCF KP GZGTIWG ::+. /'% /+$ IT. )TGGP RCVKPC XGT[ HKPG $GEMGPDCWGT /Ã&#x2019;PEJGP /+$ ENCUUKHKGU VJKU WPFGT )GNKOGT 9KVJ /'% ENCUU .KIJV EQKPCIG

41/# 6JG U[ODQN VJG JGNOGVGF DWUV QH 4QOC HTQO GCTN[ FGPCTKK QH VJG 4QOCP 4GRWDNKE +08+%6# 41/# 6JG TGXGTUG V[RGU YJGP VJG[ CTG PQV C 4QOCP GCING TGHGT VQ VJG VTCFK VKQPCN QTKIKPU QH 4QOG YKVJ 4QOWNWU CPF 4GOWU UWEMNGF D[ C UJG YQNH QT C HKI VTGG TGRTG UGPVKPI VJG HKEWU TWOKPCNKU 4WOKPC YCU VJG IQFFGUU QH PWTUKPI OQVJGTU Å&#x2020; DGPGCVJ YKVJ CE EQTFKPI VQ .KXKWU VJKU UEGPG YCU GPCEVGF 6JGTG CTG VYQ ENCUUGU %NCUU JGCX[ UGTKGU C (QNNKU UJG YQNH CPF VYKPU YKVJ :. D (QNNKU UJG YQNH CPF VYKPU YKVJ :: %NCUU NKIJV UGTKGU C (QNNKU GCING YKVJ :. D (QNNKU HKI VTGG QT VYQ GCINGU YKVJ ::

UGG /'% + R

(QNNKU %N C. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 5JG YQNH YKVJ VYKPU :. CDQXG ++++ DGNQY. /'% /+$ IT. 1NKXG ITGGP RCVKPC DTQCF URGEKOGP IQQF XGT[ HKPG

4 5EJWNOCP #WEVKQP PQ

(QNNKU %N D. # $WUV T YKVJ JGNOGV +08+% 6#41/# 4 5JG YQNH YKVJ VYKPU : : DGNQY. /'% /+$ D IT. )TGGP RCVKPC XGT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ 5VTWEM DGVYGGP

(QNNKU %N D. # $WUV T YKVJ JGNOGV +08+% 6#41/# 4 5JG YQNH YKVJ VYKPU + CDQXG :: DGNQY. /'% /+$ D IT. )TGGP RCVKPC UOCNN HNCP FGHGEV QP VJG QDXGTUG CNOQUV XGT[ HKPG

*QNNGOCP 'PUEJGFG

100

(QNNKU %N C. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N KP DQVVQO HKGNF ITGGM FGNVC DGVYGGP VYQ RGNNGVU. /'% /+$ C IT. )TGGP RCVKPC TGXGTUG C NKVVNG QHH EGPVTG CVVTCEVKXG CPF XGT[ HKPG URGEKOGP

4 5EJWNOCP #WEVKQP PQ

101

(QNNKU %N C. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N KP DQVVQO HKGNF ITGGM ICOOC DGVYGGP VYQ RGNNGVU. /'% /+$ C IT. )TGGP RCVKPC XGT[ HKPG

$GEMGPDCWGT /Ã&#x2019;PEJGP

102

(QNNKU %N C. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 'CING N NQQMKPI DCEM :. N DQVVQO HKGNF WPXKUKDNG. /'% EH HH /+$ C IT. $TQYP RCVKPC XGT[ HKPG *GP\GP #OGTQPIGP

4#8'00# 5[ODQN ETQYPGF DWUV ('.+: 4#8'00# 1HVGP ENCUUKHKGF WPFGT 6JGQFQTKE QT #VJCNCTKE

2:1

103 2:1

0WOOK. # %TQYPGF DWUV T ('.+:4 #8'00# 4 'CING DGVYGGP VYQ UVCTU KP GZGTIWG :. /'% /+$ IT. #VVTCEVKXG XGT[ HKPG URGEKOGP

*QNNGOCP 'PUEJGFG

2:1

104 2:1

0WOOK. # %TQYPGF DWUV T ('.+:4 #8'00# 4 'CING DGVYGGP VYQ UVCTU KP GZGTIWG :. /'% /+$ IT. 6TCEGU QH EQTTQUKQP QP VJG TGXGTUG QVJGTYKUG CVVTCEVKXG XGT[ HKPG URGEKOGP

5VGTPDGTI <Ã&#x2019;TKEJ #WEVKQP PQ

'#4.; +/2'4+#. WPVKN 1NF 4QOCP EQKPU OQUVN[ HTQO VJG (NCXKCP RGTKQF YKVJ C XCNWG GVEJGF KPVQ VJGO EKTEWNCVGF CNQPIUKFG VJGUG OWPKEKRCN EQKPU /'% UKIPCNKUGU CDQWV URGEKOGPU 6JG[ JCXG QPN[ VYQ PQOKPCN XCNWGU CPF PWOOK VJG YCU KPVGPFGF HQT VJG UGUVGTVKK VJG HQT VJG CUUGU 6JG RNCEG QH QTKIKP TGOCKPU CODKIWQWU 6JG FGPQOKPCVKQPU CPF KPFKECVG #HTKEC

/QTTKUQP 6JG TG WUG QH QDUGNGVG EQKPU VJG ECUG QH 4QOCP KORGTKCN DTQP\GU TGXKXGF KP VJG NCVG HKHVJ EGPVWT[ KP 5VWFKGU KP 0WOKUOCVKE /GVJQFU RTGUGPVGF VQ 2JKNKR )TKGTUQP %CO DTKFIG R (TKGFNÂ·PFGT CPF 9TQVJ DWV PGCTN[ CNN JQCTFU YGTG NQECVGF KP +VCN[

GURGEKCNN[ KP VJG 4QOG TGIKQP /'% ENCUUKHKGU VJGO WPFGT +VCN[ *CJP CPF /QUVGEM[ WPFGT 8CPFCNU *GTG PGKVJGT KU CFJGTGF VQ VJGUG EQKPU CTG EQPUKFGTGF VQIGVJGT YKVJ VJG OWPKEKRCN EQKPU VJCV URTGCF QXGT #HTKEC CPF +VCN[ CU YGNN

105

(QNNKU :.++. :.++ GPITCXGF KP QPG #U HTQO )CNDC. # $WUV T YKVJ NCWTGN YTGCVJ )#.$# +/2 %#' 5#4 #8) 2/642 KP GZGTIWG T :.++ 4 8KEVQTKC N YKVJ YTGCVJ DGVYGGP 5 %. /'% IT. $TQYP RCVKPC CNOQUV XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 'Z 'NUGP $TWUUGN #WEVKQP PQ /'% JCU C .KDGTVCU QP VJG QDXGTUG

15641)16*5 #HVGT VJG FKXKUKQP KP VYQ ITQWRU GOGTIGF VQ VJG YGUV VJG 6GTXKPIK 8GUK CPF VQ VJG GCUV )TGWVWPIK 1UVTQIQVJK 1UVTQIQVJGP 5QPPGPCWHICPIUIQVGP UWPTKUG )QVJU QT FWTEJ FGP #WHICPI FGT 5QPPG INÂ·P\GPFGP )QVGP )QVJU UJKPKPI DGECWUG QH VJG UWPTKUGÅ&#x2030;U KNNWOKPCVKQP $CUKECNN[ VJG 8KUKIQVJU EQPUKUVGF QH 1UVTQIQVJU CU YGNN CPF KV KU VJGTGHQTG RTGHGTCDNG VQ FKU VKPIWKUJ DGVYGGP VJG 1UVTQIQVJU WR VQ VJG VWTP QH VJG VJ EGPVWT[ CPF VJG 'CUV )QVJU CHVGT VJCV VKOG 6JG 9GUV CPF 'CUV )QVJU JCXG CNYC[U EQPUKFGTGF VJGOUGNXGU FGUEGPFCPVU QH VJG UCOG VTKDG FGURKVG VJGKT FKCURQTC UGG WPFGT 8KUKIQVJU #HVGT VJG *WP 'ORKTG JCF HCNNGP VJG 'CUV )QVJU GPVGTGF VJG 4QOCPG 'ORKTG CU HQGFGTCVK CPF UJQTVN[ UGVVNGF QP VJG DCPMU QH VJG 5CXG CPF VJG &TCW /QUV 'CUV )QVJU YGTG QH #TKCP HCKVJ 6JGQFQTKE YCU RTGUWOCDN[ DQTP FWTKPI VJG *WP 'ORKTG #HVGT VJG DCVVNG CV VJG $QNKC .GQ + TGNGCUGF 6JGQFGTKE YJQ JCF DGGP JGNF JQUVCIG KP %QP UVCPVKPQRNG HTQO VQ 6JGQFGTKE VQQM QXGT 2CPPQPKC HTQO 8CNKOKT CPF EQPSWGTGF VJG 6JGKUU 5CTOCVU 5KPIKFWPWO $GNITCFG +P VJG #OCN &[PCUV[ NQUV 2CPPQPKC 8KFKOKT YGPV VQ VJG 9GUV 4QOCP 'ORKTG YKVJ JKU UQP 6JKWFKOKT VQQM JKU UQP 6JGQFQTKE VQ /CEGFQPKC YJGTG 6JKWFKOKT FKGF KP 6JGQF GTKE VJGP DGECOG MKPI 6JG RGTKQF HTQO VQ KU C EQPHWUGF VKOG 6QYCTF VJG GPF YG HKPF 6JGQFGTKE KP 'RKTQU *KU OCKP CFXGTUCT[ YCU VJG )QVJKE -KPI 6JGQFGTKE 5VTCDQ #HVGT VJG NCVVGTÅ&#x2030;U FGOKUG 6JGQFGTKEÅ&#x2030;U UVCT DGICP VQ TKUG +P JG UKIPGF C VTGCV[ YKVJ <GPQ KP YJKEJ JG RNGFIGF VQ FTKXG 1FQCEGT HTQO +VCN[ 6JKU VTGCV[ HQTOGF VJG HQWPFCVKQP WPFGT VJG 'CUVIQVJKE 'ORKTG KP +VCN[ 1P VJG VJ QH (GDTWCT[ VJG DKUJQR QH 4CXGPPC OGFKCVGF DGVYGGP 1FQCEGT CPF 6JGQFGTKE GPCDNKPI C LQKPV IQX GTPOGPV 6JKU YCU KPEQPUKUVGPV YKVJ VJG VTGCV[ YKVJ <GPQ DWV CNNQYGF 6JGQFGTKE VQ UGV WR KP 4CXGPPC VJ /CTEJ +P VJG UCOG [GCT JG FKURQUGF QH 1FQCEGT 5WDUGSWGPVN[ VJG 8CPFCNU YGTG FTKXGP HTQO 5KEKN[ CPF RKNNCIKPI $WTIWPFKCPU YGTG FKURGNNGF HTQO VJG PQTVJ 6JGQFGTKE WUGF OCTTKCIG VQ GUVCDNKUJ VKGU YKVJ QVJGT RGQRNGU *G JKOUGNH YGFFGF #WFQHNGFC %NQXKUÅ&#x2030; UKUVGT CPF KP 6JGQFGTKEÅ&#x2030;U FCWIJVGT YCU GPICIGF VQ VJG $WTIWPFKCP %TQYP 2TKPEG 5KIKUOWPF OCTTKCIG KP CPQVJGT QH JKU FCWIJVGTU 6JKWFKIQVJQ YGFFGF VJG 8KUKIQVJ -KPI #NCTKE ++ VJG OCTTKCIG EQPPGEVKPI DQVJ )QVJKE TQ[CN JQWUGU 9JGP VJG #NCOCPPK UWHHGTGF C FGHGCV CICKPUV VJG (TCPMU EQPHNKEV CTQUG DGVYGGP VJG DTQVJGTU KP NCY 6JGQFGTKE CPF %NQXKU 6JGQFGTKE YKUJGF VQ TGVCKP 4CGVKC CPF +VCN[ CPF VQ VJKU GPF C EQORTQOKUG YCU OCFG DGVYGGP 6JGQFGTKE CPF %NQXKU TGUWNVKPI KP VJG NCVVGTÅ&#x2030;U TGVTGCV &GURKVG PWOGTQWU CVVGORVU QP 6JGQFGTKEÅ&#x2030;U UKFG VQ RTGXGPV C EQCNKVKQP DGKPI HQTOGF DGVYGGP VJG (TCPMU CPF VJG $WTIWPFKCPU VJG[ LQKPGF HQTEGU CPF CVVCEMGF VJG 9GUVIQVJKE 4GCNO +P VJG $CVVNG QH 8QWKNNÂ¾ KP %NQXKU RGTUQPCNN[ VQQM VJG NKHG QH #NCTKE ++ 6JGQFGTKEÅ&#x2030;U ITCPFUQP YCU VQQ [QWPI CU YCU #NCTKEÅ&#x2030;U QVJGT UQP $CVVNG COQPI VJG )QVJU GPUWGF KP 5QWVJ )CWN CPF 5RCKP CPF VJG HKPCN TGUWNV YCU VJCV 6JGQFGTKE DGECOG MKPI QH VJG 8KUKIQVJU 6JG JGKTGUU QH 6JGQFGTKE #OCNCUWPVJC YCU YGFFGF VQ 8KUKIQVJ -KPI 'WVJCTKE *G YCU FGGOGF JGKT CPF YCU VQ UWEEGGF 6JGQFGTKE CU MKPI QH CNN )QVJU 6JG PGY 'ORGTQT ,WUVKP CE MPQYNGFIGF VJKU UWEEGUUKQP HQT +VCN[ )CWN CPF 5RCKP 6JG RNCP OKUECTTKGF JQYGXGT YJGP 'WVJCTKE FKGF CU UQQP CU 6JGQFGTKE YCU JGNF KP JKIJ GUVGGO COQPI 4QOCPU *G YCU EQORCTGF VQ 6TCLCPWU CPF 8CNGP VKPKCP 'URGEKCNN[ JKU CRRGCTCPEG KP OCTMKPI VJG VTKGPPKCN OCFG CP KORTGUUKQP 6JG 4Q OCPU ECNNGF JKO FQOKPWU CPF GXGP CWIWUVWU 'XGP KH VJG GORGTQT KP %QPUVCPVKPQRNG CRRQKPVGF VJG OCKP RQUKVKQPU JG CNYC[U CEVGF WRQP 4CXGPPCÅ&#x2030;U TGEQOOGPFCVKQP 6JGQFGTKE FKGF QP VJ #WIWUV 6JG #OCN &[PCUV[ VJGP NCRUGF KPVQ C ETKUKU 0GKVJGT #OCNCUWPVJC PQT #VJCNCTKE QT 6JGQFQJCF YGTG WR VQ VJGKT VCUMU CPF VJG[ EQWNFPÅ&#x2030;V CXQKF YCT YKVJ VJG $[\CPVKPG 'ORKTG +P 9KVKIGU DGECOG VJG HKTUV PQP #OCN MKPI CPF JG UGV QWV VQ YCTF QHH VJG KOOKPGPV TWKP QH VJG 'CUV )QVJKE 'ORKTG +P JQYGXGT JG KU HQTEGF VQ ECRKVWNCVG VQ VJG KORGTKCN EQO OCPFGT $GNKUCTKWU CP KORQTVCPV 4QOCP IGPGTCN WPFGT ,WUVKPKCP JG FGHGCVGF VJG 8CPFCNU

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

6*'1&14+%

2:1

106

107

108

2:1

5KNKSWC /GFKQNCPWO. # &KCFGOGF DWUV T & #0#5 6#5+8 22 #% 4 6JGQFGTKE OQPQITCO CDQXG ETQUU UVCT DGNQY +08+% 6# 41/#. /'% /+$ D IT. 8GT[ HKPG 'NUGP $TWUUGN 'Z )QQFCETG EQNNGEVKQP +P VJG PCOG QH #PCUVCUKWU

5KNKSWC 4QOG. # &KCFGOGF DWUV T &0 +856+085 #8) 4 6JGQFGTKE OQPQITCO KP YTGCVJ CDQXG ETQUU. /'% XCT /+$ IT. 8GT[ HKPG 5EJWNOCP #OUVGTFCO #WEVKQP PQ +P VJG PCOG QH ,WUVKPWU +

#6*#.#4+%

5KNKSWC 4QOG. # &KCFGOGF DWUV T &0 +856+0+#ő 4 +P YTGCVJ &0 #6*#. #4+%85 4':. /'% /+$ IT. 8GT[ HKPG 8KPEJQP 2CTKU +P VJG PCOG QH ,WUVKPKCPWU +

109

0WOOK 4QOG. # $WUV T YKVJ JGNOGV +08+% 6# 41/# 4 (KIWTG UVCPFKPI YKVJ URGCT CPF UJKGNF &0 #6*#. #4+%85 KP HKGNF 5 % CPF :. /'% /+$ IT. 0KEG ITGGP RCVKPC XGT[ CVVTCEVKXG CPF XGT[ HKPG URGEKOGP 8KPEJQP 2CTKU 5%: 5GPCVWU %QPUWNVQ PWOOK

110

0WOOK 4QOG. # $WUV T YKVJ JGNOGV +08+%6 # 41/# 4 +P FQWDNGF YTGCVJ VJG KPPGT EKTENG YKVJ : &0 #6*#. #4+%85 4':. /'% /+$ IT. 8GT[ HKPG

-ÌNPGT /ÒP\MCD -ÌNP #WEVKQP PQ

111

2:1

0WOOK 4QOG. # $WUV T YKVJ JGNOGV +08+% 6# 41/# 4 8 KP VJG HKGNF &0 #6*#.#4+%85. /'% /+$ C IT. )TGGP RCVKPC XGT[ HKPG

*QNNGOCP 'PUEJGFG

112

113

2:1

0WOOK 4QOG. # &KCFGOGF DWUV T 0+ #8) 4 #VJCNCTKE OQPQITCO KP YTGCVJ. /'% /+$ IT. 8GT[ HKPG 5CPVCOCTKC 4QOG +P VJG PCOG QH ,WUVKPKCPWU +

0WOOK 4QOG. # &KCFGOGF DWUV T +856 +0+#0 4 #VJCNCTKE OQPQITCO KP YTGCVJ. /'% /+$ IT. 8GT[ HKPG *QNNGOCP 'PUEJGFG +P VJG PCOG QH ,WUVKPKCPWU +

#6*#.#4+% QT 6*'1&1*#&

0GKVJGT QH VJG EQKPU WPFGTPGCVJ UVTWEM KP VJG PCOG QH ,WUVKPKCP + CTG CVVTKDWVCDNG VQ #VJCNCTKE QT 6JGQFQJCF YKVJ CDUQNWVG EGTVCKPV[ #VJCNCTKE UVCTVGF UVTKMKPI VJGO CPF 6JGQFQJCF OCFG PQ EJCPIGU VQ VJG FGXKEG /+$ + R 6JGUG CTG VJG QPN[ VYQ V[RGU

114

5QNKFWU 4QOG. # $WUV T YKVJ JGNOGV UJKGNF CPF URGCT QXGT UJQWNFGT &0+856+0+ #0852Γ #8% 4 8KEVQT[ YKVJ ETQUU N UVCT WPFGT ETQUU 8+%614 + ##8%%%# DQVVQO HKGNF %1/1$. /'% XCT /+$ IT. 5OCNN ITCHHKVQ QP VJG QDXGTUG XGT[ HKPG VQ GZVTGOGN[ HKPG 5RKPM .QPFQP (TQO 0WOKUOCVKE %KTEWNCT PQ $;

2:1

115 2:1

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6TGOKUUKU NCTIG HNCP. # &KCFGOGF DWUV T +D228+ 4 8KEVQT[ UVCPFKPI YKVJ YTGCVJ CPF ETQUU 8/61:+#+8+8+618+ KP GZGTIWG %101. $GTP C /'% IT. 4 'ZVTGOGN[ HKPG /ÒP\\GPVTWO -Ì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

2'4%6#4+6 6JG JCNH UKNKSWCU DGCT VJG NGVVGTU 2'4 VJCV QH EQWTUG TGHGT VQ 2GTEVCTKV 6JKU KU NGUU EGTVCKP KP VJG ECUG QH VJG VTGOKUUG CNVJQWIJ VJG DWUV QP PQ TGXGCNU VJG UCOG UV[NG CU VJCV QP $CUGF QP VJKU + HCXQWT CVVTKDWVKQP VQ 2GTEVCTKV

141

2:1

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

5KNKSWC. # $WUV T 4 /QPQITCO 2' 4 VJTGG RGNNGVU N VJTGG KP VJG OKFFNG DGHQTG ' CPF HKXG T

VJTGG QH VJGO DGHQTG VJG 4 . $GTP /'% XCT IT. 8GT[ HKPG

-WPUV WPF /Ã&#x2019;P\GP .WICPQ

5KNKSWC. # $WUV T 4 /QPQITCO 2' 4 VYQ RGNNGVU N QPG RGNNGV WPFGT VJG 4. $GTP /'% XCT IT. 8GT[ HKPG

-WPUV WPF /Ã&#x2019;P\GP .WICPQ

#4+2'46 ++

6TGOKUUKU. # &KCFGOGF DWUV T YKVJ * KP HKGNF &0 #4+2'4: 4 5V /KEJCGN UVCPFKPI N YKVJ NQPI UVCHH GPFKPI KP VJTGG RGNNGVU 5%5 /+*#*+.. $GTP /'% XCT IT. )QQF XGT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ 6JG OGCPKPI QH VJG NGVVGTU KP VJG HKGNF TGOCKPU WPMPQYP 6JG[ PGKVJGT TGHGT VQ C OQPG[GT QT C FKG EWVVGT DQVJ DGKPI VQQ KPUKIPKHKECPV CV VJG VKOG CU VQ DG CNNQYGF KPENWFKPI VJGKT KPKVKCNU QP EQKPU PQT FQ VJG[ KPFKECVG CP[ OKPV CU NGVVGTU HGCVWTG VJCV KORNKECVG PQ RNCEGU MPQYP QH #NVGTPCVKXGN[ VJG[ EQWNF DG VJG KPKVKCNU QH FWMGU YJQ YGTG GPVTWUVGF D[ VJG MKPI YKVJ VJG VCUM QH OKPVKPI NQECNN[ CU YCU CNNQYGF D[ 4QVJCTKÅ&#x2030;U 'FKEV EJ $WV VJGTG CTG PQV GPQWIJ NGVVGTU CPF NKICVWTGU XKU Â¯ XKU VJG VQVCN PWODGTU QH FWMGU (QT XCTKQWU VJGQTKGU VQ VJKU OCVVGT UGG $GTPCTGIIK R GV UGSS 1P VJG TGXGTUG QH VJKU EQKP 5V /KEJCGN ECP DG UGGP (KTUV CRRGCTCPEG QP EQKPU KU QP VJQUG QH JKU RTGFGEGUUQT %WPK RGTV )TKOQCNF JCF DTQWIJV YKVJ JKO HTQO $GPGXGPVWO VJG TKVG QH XGPGTCVKPI VJG CTEJCPIGN /KEJCGN KP YJQUG JQPQWT JG EQPUGETCVGF C EJWTEJ KP 2CXKC *KU UWEEGUUQT GNCDQTCVGF VJKU EWNV GUVCDNKUJKPI 5V /KEJCGN CU VJG RCVTQP UCKPV QH VJG .QODCTFU %WPKRGTV CNUQ RTQRCICVGF VJG XGPGTCVKQP QH 5V )GQTIG DWV JG HCXQWTGF VJG CTEJCPIGN CPF YCU VJG HKTUV VQ RNCEG 5V /KEJCGN QP C EQKP

6TGOKUUKU. # &KCFGOGF DWUV T YKVJ DNGUUKPI JCPF &0 #4 +2%+2: 4 4 5V /KEJCGN UVCPFKPI N YKVJ NQPI UVCHH GPFKPI KP VJTGG RGNNGVU 5%5 /+*#*+.. $GTP /'% XCT IT. )QQF XGT[ HKPG

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

YJKEJ CNUQ RTQDCDN[ EGNGDTCVGF JKU XKEVQTKQWU DCVVNG CU YGNN CU VJG CEEGUUKQP VQ VJG VJTQPG QH #TKRGTV ++ CPF .KWV RTCPF

.+7624#0&

6TGOKUUG. # &KCFGOGF DWUV T YKVJ 5 KP HKGNF &0 .8 +2404: 4 5V /KEJCGN UVCPFKPI N YKVJ NQPI UVCHH GPFKPI KP VJTGG RGNNGVU 5%5 /*#*+.. $GTP /'% XCT IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG 'NUGP $TWUUGN #WEVKQP PQ

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Å&#x2030;U [QWPIGT DTQVJGT DGECOG RTKPEG QH 5CNGTPQ HQT 5CNGTPQ UGG +VCN[ 4CFGNEJKU JCF VQ UVCPF JKU ITQWPF D[ HKIJVKPI QHH OCP[ C PGKIJDQWT DWV CNUQ HCEGF VJG CFXCPEKPI #TCDU +P .QWKU ++ ECOG VQ JKU CKF 6JG NCVVGT VJGP ENCKOGF UQXGTGKIPV[ CPF VQQM VJG OKPV *G OKPVGF KP JKU QYP PCOG KP VJCV QH 'ORTGUU #PIKNDGTIC CPF UQOGVKOGU LQKPVN[ YKVJ #FGNEJKU DTQVJGT QH VJG UQP QH 4CFGNEJKU +P OKPVKPI EGCUGF

#4+%*+ ++

5QNKFWU. # (CEKPI DWUV YKVJ QTD &05 8+ %614+# 4 .CVKP ETQUU QP VJTGG UVGRU YKVJ # KP HKGNF 8+%6+48 24+02+ KP GZGTIWG % 101 $. /'% IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG 4CVVQ /CKNCPF +P /'% ENCUU CU 2TKPEGRU

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6TGOKUUKU. # (CEKPI DWUV YKVJ QTD )4+/ 8#.& 4 .CVKP ETQUU QP UVGR ) 4 KP HKGNF 8+6148 24+0%+2 KP GZGTIWG %101$. /'% IT. 5OCNN HNCP ETCEM XGT[ HKPG VQ GZVTGOGN[ HKPG

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#&'.%*+5

&GPKGT. # %CTQNKPIKCP VGORNG #&'.%*5 24+0 4 %TQUU QP UVGRU 5 % # /#4+#. /'% IT 8GT[ HKPG 4CVVQ /CKNCPF #FGNEJK RTKPEKRG UV RGTKQF K G #FGNEJKU CNQPG

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6QFGTK (NQTGPEG

(4#0-5 (4+5+#

5KNKSWC. # $CTDCTK\GF DWUV N YKVJ \KI\CI NKPG KP HTQPV 4 %JTKUVQITCO YKVJ QPG RGNNGV DGNQY CPF DGVYGGP VYQ UVCTU. IT. 8GT[ HKPG URGEKOGP YKVJ CVVTCEVKXG VQPG

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+ / FG /CP 1XGT GGPKIG VG &QODWTI IGXQPFGP OGTMYCTFKIG OWPVGP ,/2 R 1R FGP 8GNFG CPF -NCCUUGP EQOOGPV 2QUUKDNG HTQO C OKPV PGCT /CTUGKNNG +P ECVCNQIWG QH /Ã&#x2019;P\GP WPF /GFCKNNGP TGHGTGPEGU (F %KOKG\ XCT $GNHQTV /CKP\ /'% + XCT *GTG VJG CRRTQCEJ VQ NQECNKUCVKQP YCU C NKVVNG DTQCFGT )TKGTUQP RNCEGU VJKU V[RG KP VJG /CTUGKNNG TG IKQP YG TGHGT VQ JKU GZVGPUKXG OQVKXCVKQP R 6GZV KP /'% + R 6JKU V[RG JCU QP QPG UKFG C DWUV YKVJ C ETQUU DGHQTG KV CPF QP VJG QVJGT C FKUVQTVGF ETQUU CP ETÂ¾G YKVJ 8++ KP VJG HKGNF 1P VJG GCTNKGUV EQKPU RTGUGPV KP VJG 5CKPV 2KGTTG NGU 'VKGWZ CPF 0QJCPGPV JQCTFU PQ VJG DWUV KU HCKTN[ YGNN HQTOGF YKVJ JCKT HNQYKPI FQYP DGJKPF VJG PGEM DWV NCVGT KV DGEQOGU ITQVGUSWGN[ FGHQTOGF PTU WPFGT VJG KPHNWGPEG QH (TKUKCP RQTEWRKPG UEGCVVCU 6JGTG YGTG URGEKOGPU QH VJKU NCVGT V[RG KP VJG %KOKG\ JQCTF /( RNU 6JG UWIIGUVKQP VJCV VJG[ YGTG VJG RTQVQV[RG HQT VJG RQTEWRKPG FGUKIP KU EQPVTCFKEVGF D[ VJG GXKFGPEG KP VJG (TGPEJ HKPFU YJKEJ UJQY VJCV VJG RQTEWRKPG V[RG YCU CNTGCF[ HWNN[ FGXGNQRGF YJGP VJG GCTNKGUV 8++ EQKPU YGTG DGKPI WUGF (KNNQP CVVTKDWVGF VJG V[RG VQ /CKP\ YKVJQWV IKXKPI CP[ IQQF TGCUQP YJKNG 2TQW C CPF .G )GPVKNJQOOG C TGLGEVGF VJGO CNVQIGVJGT HTQO VJG OGTQXKPIKCP UGTKGU *QYGXGT /QTGN (CVKQ U UWIIGUVKQP VJCV VJG[ CTG 2TQXGPECN JCU DGGP CFQRVGF D[ .CHCWTKG C CPF UGGOU RTGHGTCDNG KP XKGY QH VJG PWODGT KP VJG %KOKG\ JQCTF CPF VJG WUG QH 8++ TGIWNCTN[ HQWPF QP VTGOKUUGU QH VJG TGIKQP GXGP KH VJKU V[RQNQIKECN RCTCNNGNU YKVJ GCTN[ %CTQNKPIKCP EQKPU QH /CTUGKNNG CTG WPEQPXKPEKPI /'% FGVGTOKPGU VJG QDXGTUG C HCEG YKVJ C ETQUU KP HTQPV QH KV CPF HQT TGHGTU VQ /'% PQ

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-ÒPMGT 1UPCDTÒEM #WEVKQP PQ 'Z -GPPGRQJN EQNNGEVKQP $QWIJV HTQO $TWPQ &QTHOCPP %CJP (TCPMHWTV C / #WEVKQP PQ (TGKJGTT . X * X F 4 (TGKJGTT . X * (TGKJGTT .QEJPGT XQP *WVGPDCEJ $TWPQ &QTHOCPP DQWIJV VJKU EQKP CV VJG CWEVKQP QH %CJP KP VQ UGNN KV VQ -GPPGRQJN KP 6JKU %JCTNGOCIPG EQKP YCU KPENWFGF KP VJG EQNNGEVKQP -GPPGRQJN DGECWUG %JCTNGOCIPG KU EQPUKFGTGF VQ DG VJG HQWP FGT QH 1UPCDTÒEM 6JG FKQEGUG QH 1UPCDTÒEM GOGTIGF UJQTVN[ DGHQTG

&GPKGT 2CXKC. # %TQUU %#4.85 4': (4 4 -CTQNWU OQPQITCO 2#2+# Ő /'% /) XCT IT. 44 'ZVTGOGN[ (KPG

5-# $GTP 6JKU EQKP KU PQV OGPVKQPGF KP /) VJG RGNNGV KP VYQ QVJGT RNCEGU *GTG VJG RGNNGV CHVGT 2#2+# CV VJG VQR

/+.1

&GPKGT 0CTDQPPG. # %TQUU YKVJ / + . 1 KP VJG CPINGU 4 %TQUU YKVJ 0 4 $ 1 KP VJG CP INGU VYQ EWTXGF DCTU GZVGPF U[OOGVTKECNN[ HTQO GCEJ GPF QH VJG ETQUU. /'% /) IT. 44 (NCP ETCEM DWV XGT[ HKPG

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ŉU PCOG YGTG UVTWEM WPFGT 2KRRKP CU YGNN UGG G I /)

.17+5 NG 2+'7: 6JG EQKPU QH .QWKU NG 2KGWZ CTG VQ DG ENCUUKHKGF KP VJTGG ECVGIQTKGU ENCUU ENCUU

CPF ENCUU %NCUU 2QTVTCKV EQKP C EQPVKPWCVKQP QH VJG EQKPU QH %JCTNGOCIPG

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5RKPM .QPFQP EH 2GWU (TCPMHWTV #WEVKQP PQ /) MPQYU QH URGEKOGPU KP VQVCN %NCUU # EQPVKPWCVKQP QH %JCTNGOCIPG U ENCUU QDXGTUG V[RG C NCWTGCVG DWUV UWTTQWPFGF D[ *.8&188+%85 +/2 #8) QP TGXGTUG YKVJ PCOG QT :2+56+#0# 4'.+)+1

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%NCUU

6JG OKPV CRRGCTU KP VYQ NKPGU QP VJG TGXGTUG

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1DQNG /GNNG. # +P VYQ NKPGU .8&1 88+% YKVJ RGNNGV DGVYGGP VJG NKPGU 4 5OCNN ETQUU /'6#..8/. /'% /) IT. 8GT[ HKPG 8KPEJQP 2CTKU 5RGEKOGPU KP /) JCXG PQ RGNNGV DGVYGGP 88 CPF +%

&GPKGT 8GPKEG. # %TQUU * .8&188+%85 +/2 4 +P VYQ NKPGU 8'0 '%+#5. /'% /) IT. 2NGCUKPIN[ VQPGF GZVTGOGN[ HKPG

(TCPEGUEJK $TWUUGN

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1P VJG TGXGTUG ECTQNKPIKCP VGORNG YKVJ :2+56+#0# 4'.+)+1

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5EJWNOCP #OUVGTFCO

1DQNG #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING * .8&188+%85 +/2 4 6GORNG :2+56+#0# 4'.+)+1. /'% /) IT. 4 8GT[ HKPG 5RKPM <Ã&#x2019;TKEJ

1DQNG #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING *..1&188+%85 +/2 4 6GORNG :2+56+#0# 4'.+)+1. /'% /) IT. 4 2NGCUKPIN[ VQPGF TGXGTUG C NKVVNG QHH EGPVTG DWV XGT[ HKPG

&GPKGT #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING *.8&188+%85 +/2 4 .CTIG CPF PCTTQY VGORNG :2+56+#0# 4'.+)+1 /'% /) IT. 5OCNN VTCEGU QH GPETWUVCVKQP QVJGTYKUG XGT[ HKPG

$QPXCNNGV 2CTKU

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Å&#x2030;V FKTGEVN[ FGCNV YKVJ CHVGT .QWKUÅ&#x2030; FGCVJ KP 2KRRKP + JCF CNTGCF[ FKGF KP CPF KP VYQ UQPU .QWKU HTQO VJG HKTUV OCTTKCIG CPF %JCTNGU VJG $CNF HTQO VJG UGEQPF OCTTKCIG CNNKGF KP 5VTCUDQWTI 6JKU 1CVJ QH 5VTCUDQWTI FGVGTOKPGF HQT VJG HKTUV VKOG GXGT KP VYQ NCPIWCIGU 1NF *KIJ )GTOCP CPF 1NF (TGPEJ VJCV VJG EQWPVTKGU QH )GTOCP[ CPF (TCPEG YGTG VQ DG UGRCTCVGF CPF TGOCKP VJCV YC[ 6JKU KP HCEV FGVGTOKPGU VJG DQTFGTU QH 'WTQRG (TQO VJKU UVCVG QH CHHCKTU PGIQVKCVKQPU YKVJ VJG GNFGUV UQP .QVJCKT YGTG DGIWP +P VJKU NGF VQ C HQWT YC[ FKXKUKQP 6TGCV[ QH 8GTFWP .QVJCKT CU GORGTQT VJG OKFFNG TGCNO HTQO (TKUKC VQ +VCN[ %JCTNGU VJG $CNF CU MKPI VJG TGIKQPU VQ VJG YGUV (TCPEKC QEEKFGPVCNKU .QWKU .WFYKI CU MKPI VJG FQOKPKQPU VQ VJG GCUV (TCPEKC QTKGPVCNKU CPF 2KRRKP ++ UQP QH 2KRRKP + #SWKVCKPG 6JG PQVKQP QH KORGTKCN WPKV[ YCU PQY FGUGTVGF HQTGXGT *QYGXGT VJG DQTFGTU KP 9GUVGTP 'WTQRG YGTG PQY XKTVWCNN[ UGV #37+6#+0' +P VJG GPF 2KRRKPÅ&#x2030;U TGUKUVCPEG CICKPUV %JCTNGU VJG $CNF JCF DGGP KP XCKP +V TGUWNVGF KP EKXKN YCT GXQMKPI CPCTEJ[ KP VJG GPF +P VJG UWD MKPIFQO YCU FKUUQNXGF 0GXGTVJGNGUU #SWKVCKPG UQQP GNWFGF HTQO WPFGT VJG (TGPEJ MKPIÅ&#x2030;U TGKIP HQT KPUVCPEG WPFGT %JCTNGU +++ +P #SWKVCKPGÅ&#x2030;U HWTVJGT JKUVQT[ KV YQWNF EQPVKPWG VQ HWNHKN CP KORQTVCPV CPF RCTVN[ KPFGRGPFGPV TQNG UGG (TCPEG HÂ¾QFCNG 2Â&#x2014;2+0 ++

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8KPEJQP 2CTKU

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D 9KVJ DWUV CPF OKPV PCOG KP HKGNF

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F 9KVJ ETQUU CPF OQPQITCO

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5EJWNOCP #OUVGTFCO

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5EJWNOCP #OUVGTFCO

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8GEEJK .QPFQP #WEVKQP PQ

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&GPKGT #PQP[OQWU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING %#4.85 4': (4 4 6GORNG :2+56+#0# 4'.%+1. /'% /) IT. &CTM RCVKPC XGT[ HKPG 5EJWNOCP #OUVGTFCO (TQO JQCTF )QGU

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¾U 6JG CD DG[ VJQWIJ QPG QH VJG YGCNVJKGUV KP (TCPEG JCF PQ OKPV KP 2CTKU KVUGNH CPF VJGTG YCU PQPG CV 5¾G\ VJG FKQEGUG KP YJKEJ %QWTEGUUKP YCU UKVWCVGF 5¾G\ KU KPFGGF VJG QPN[ GRKUEQRCN UGG KP PQTVJGTP (TCPEG YJKEJ RNC[GF PQ RCTV KP VJG )&4 EQKPCIG # OKPV CV %QWTEGUUKP YQWNF JCXG OCFG KV RQUUKDNG HQT VJG TGPVU QH VJG NCTIG ITQWR QH CDDCVKCN GUVCVGU KP VJG TGIKQP VQ DG VWTPGF KPVQ EQKP QP VJG URQV CPF IQ HCT VQ GZRNCKPKPI VJG EQOOQPPGUU QH VJGUG EQKPU VQFC[ /'% R

&GPKGT .G /CPU. # -CTQNWU OQPQITCO )4#6+# & + 4': 4 5OCNN ETQUU %+01/#0+5 %+8+6#5. /'% /) IT. /KUVCMG KP VJG FKG QH VJG TGXGTUG CDQWV GZVTGOGN[ HKPG /ÒP\GP WPF /GFCKNNGP 5VWVVICTV %QPUKFGTKPI VJG CRRGCTCPEG KP UGXGTCN JQCTFU VJKU EQKP EQWNF JCXG DGGP UVTWEM WPFGT DQVJ %JCTNGU VJG $CNF QT %JCT NGU VJG 5KORNG

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.17+5 +8

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.16*#4+75

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9JGP .QVJCKT + FKGU KP VJG NQPI UVTGVEJGF VGTTKVQTKGU CTG FKXKFGF VJTGG YC[U COQPI JKU UQPU +VCN[ IQGU VQ .QWKU ++ YJQ YCU CNTGCF[ MKPI VJGTG CPF YCU PQY ETQYPGF GORGTQT VJG PQTVJGTP VGTTKVQTKGU WPFGT VJG PCOG QH .QVJCTKPIKC IQ VQ .QVJCKT ++ CPF VJG 2TQXGPEG IQGU VQ %JCTNGU %JCTNGU VJG $CNF CVVGORVU VQ UGK\G VJG NCPFU QH JKU EQWUKPU # EJCPIG FQGUPÅ&#x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Â¾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Å&#x2030;V IQXGTPGF D[ C FWMG UGG HWTVJGT WPFGT VJG 0GVJGTNCPFU CPF 7RRGT .QT TCKPG VJCV NCVGT YCU VQ DGEQOG VJG FWEJ[ QH .QTTCKPG UGG #NUCEG .QTTCKPG #U JGKTU VQ VJG QNF OKFFNG TGCNO VJG TWNGTU QH $WTIWPFKC #TGNCVG CPF $WTIWPFKC %KUKWTCPC YGTG MKPI KP .QTTCKPG JQYGXGT KH RTGUGPV CV CNN UQNGN[ TGOCKPGF FWMG 86

(4#0%+# 14+'06#.+5 %JCTNGOCIPGŉU OQUV KORQTVCPV CEJKGXGOGPV YQWNF JCXG VQ DG VJCV KP JG UWDFWGF VJG 5CZQPU #HVGT CNN VJG WPKHKECVKQP QH VJG 5CZQPU YKVJ CNN VJG QVJGT )GTOCP RGQRNGU WPFGT QPG TWNG JCU NCKF VJG HQWPFCVKQPU HQT VJG )GTOCP PCVKQP /QTGQXGT VJKU GZRCPUKQP WR VQ VJG 'NDG KP C YQTFN[ CU YGNN CU KP CP GEENGUKCUVKECN UGPUG JCU DTQWIJV VJG URTGCF QH VJG 5NCXKE $[\CPVKPG YQTNF VQ C JCNV +P VJG 6TGCV[ QH 8GTFWP .QWKU VJG )GTOCP TGEGKXGU (TCPEKC QTKGPVCNKU #HVGT JKU FGCVJ VJG VGTTKVQTKGU CTG FKXKFGF COQPI JKU UQPU $CXCTKC KU RNCEGF WPFGT %CTNQOCP (TCPEQ PKC WPFGT .WFYKI +++ CPF 5YCDKC WPFGT -CTN +++ $GECWUG -CTN +++ CU %JCTNGU +++ CNUQ DGEQOGU MKPI QH (TCPEG VJG QNF TGCNO QH %JCTNGOCIPG TGXKXGU 1PN[ DTKGHN[ CU VJG 8KMKPIU RWV C UYKHV GPF VQ VJKU KNNWUKQP +P VJG )GTOCP VGTTKVQTKGU CTG QPEG CICKP WPKVGF PQY WPFGT %CTNQOCPŉU UQP #TPWNH

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/ÒP\\GPVTWO -ÌNP

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/ÒP\\GPVTWO -ÌNP

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&GPKGT 1TNÂ¾CPU. # /QPQITCO QFQPKGP FG 4CQWN )4#6+# & + 4 %TQUU #84'.+#0+5 %+8+6#5. .GITQU IT. 44 #VVTCEVKXG RCVKPC XGT[ HKPG 5EJWNOCP #OUVGTFCO 5GG PQVGU CV PQ

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(4#0%' 41;#.' 6JG TGKIP QH *WIJ %CRGV ECPÅ&#x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Å&#x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Å&#x2030;U RCUUKQP CPF TGUWTTGEVKQP YGTG VQ DG TGURGEVGF CU C RGCEG RGTKQF QPEG OQTG UJQYKPI VJCV VJG MKPIU YGTGPÅ&#x2030;V CDNG VQ CEEQORNKUJ VJGKT HQTGOQUV VCUM QH MGGRKPI QTFGT CPF RGCEG

%#2'6+#05 *7)1 %#2'6

&GPCT $GCWXCKU. # %TQUU YKVJ QPG RGNNGV KP VJG PF CPF TF CPINGU *'48'85 *8)1 4': 4 %CTQNKPIKCP OQPQITCO $'.8#%85 %+8+6#5. & . IT. 4 /CIPKHKEGPV RCVKPC YGCMN[ UVTWEM XGT[ HKPG VQ GZVTGOGN[ HKPG

8KPEJQP 2CTKU *GTXÂ¾ YCU DKUJQR QH $GCWXCKU $GCWXCKU NC[ DG[QPF VJG TQ[CN FQOCKP *G JCF JKU EQKPU DGCT VJG MKPIÅ&#x2030;U PCOG HQT RQNKVKECN TGCUQPU QT DGECWUG VJG VGTTKVQT[ YCU C OWVWCN RQUUGUUKQP

1DQNG $GCWXCKU. # %TQUU YKVJ QPG RGNNGV KP VJG PF CPF TF CPINGU *'48'85 *7)1 4': 4 %CTQNKPIKCP OQPQITCO $'.8#%85 %+8+6#5. & . IT. 4 #VVTCEVKXG RCVKPC YGCMN[ UVTWEM XGT[ HKPG 8KPEJQP 2CTKU

41$'46 ++

&GPKGT 2CTKU. # 4': KP HKGNF 416 $'4 685 4 %TQUU 2#4+5+85 %+8+6#5. & . IT. 4 9GNN UVTWEM WR YKVJ HKPG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG

5RKPM .QPFQP #WEVKQP PQ 'Z 5JKTNG[ (QZ DGSWGUV 'Z $NWPV

*'04+ +

1DQNG 6QWNQWUG. # 4': KP EKTENG #+#04+)1 4 %JTKUVQITCO QPG RGNNGV KP VJG TF CPF VJ CP INGU 21*%+1 %1*'5. & . IT. 44 9GNN UVTWEM WR XGT[ HKPG VQ GZVTGOGN[ HKPG

8KPEJQP 2CTKU 6JGUG EQKPU DGCTKPI VJG PCOG QH VJG MKPI YGTG UVTWEM D[ %QWPV 2QPU DNQQF TGNCVKXG QH *GPT[ + 6QW NQWUG QH EQWTUG NC[ QWVUKFG QH VJG 4Q[CN &QOCKP #KCPTKIQ KU VJG UQWVJGTP 4QOCP PCOG HQT 6QWNQWUG

2*+.+22' +

&GPKGT %JÂ³VGCW .CPFQP. # $NWPFGTGF 4CQWN OQPQITCO UVTKRG DGVYGGP VYQ 1 CDQXG 5 + DGNQY CPF 2*++.2285 4': 4 %TQUU YKVJ QPG UOCNN ETQUU KP VJG UV CPF VJ CPINGU .#0&10+5 %#56#. & . IT. 8GT[ HKPG %TGFKV FG NC $QWTUG 2CTKU (TQO QP VJG %JÂ³VGCW .CPFQP DGNQPIGF VQ VJG FQOCKP

1DQNG %JÂ³VGCW .CPFQP UV V[RG. # $NWPFGTGF 4CQWN OQPQITCO UVTKRG DGVYGGP VYQ 1 CDQXG 5 + DGNQY CPF 2*++.2285 4': 4 %TQUU YKVJ QPG UOCNN ETQUU KP VJG UV CPF VJ CPINGU .#0&10+5 %#56#. & . IT. 4 #VVTCEVKXG RCVKPC CNOQUV GZVTGOGN[ HKPG 8KPEJQP 2CTKU 'Z 2TKGWT EQNNGEVKQP

&GPKGT 1TNGCPU UV V[RG. # %KV[ ICVG DGVYGGP 0' +% + CDQXG CPF #6 YKVJKP 2*+. 285 : 4': & + 4 %TQUU YKVJ 5 KP VJG UV CPF VJ CPINGU #84'.+#0+5 %+8+6#. & . IT. /KPQT FQWDNG UVTWEM XGT[ HKPG

&GPCT /Â³EQP. # 4JQODKE ETQUU NGVVGT 1 YKVJ QPG RGNNGV KP GCEJ CPING 2+++285 4: 4 5 DG VYGGP VYQ RGNNGVU /#6+5%10. & . IT. 8GT[ HKPG

$QPXCNNGV 2CTKU 6JG EKV[ ICVG KU VJG U[ODQN QH 1TNGCPU 6JG NGVVGTU FGTKXG HTQO &'+ &':64# $'0'&+%6#

5RKPM .QPFQP 'Z 0% PQ /&

.17+5 8+

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Å&#x2030;U RQUKVKQP +V FTCIIGF QP HQT [GCTU .QWKU GXGPVW CNN[ NQUKPI VJG $CVVNG CV $TÂ¾OWNG 0QV QPN[ JCF *GPT[ PQY OCKPVCKPGF JKU RQUKVKQP KP 0QTOCPF[ DWV D[ YGFFKPI JKU FCWIJVGT VQ VJG EQWPV QH #PLQW UVTGPIVJGPGF KV UWDUVCPVKCNN[ (QT .QWKU CNUQ UQOG RQUKVKXG GHHGEVU YGTG VQ DG PQVGF VJQWIJ 9JGP GORGTQT *GKPTKEJ 8 KP XCFGF (TCPEG KP VJG VGTTKVQTKCN UQXGTGKIPU CPF XCUUCNU UVQQF WPKVGF DGJKPF VJGKT MKPI 6JKU FKURNC[ QH NQ[CNV[ VQ VJGKT UW\GTCKP HQTEGF VJG GORGTQT VQ C UYKHV TGVTGCV 5JQTVN[ DGHQTG JKU FGCVJ .QWKU 8+ DTQWIJV CDQWV VJG OCTTKCIG QH JKU UQP .QWKU 8++ VQ 'NGQP QTG JGKTGUU VQ VJG LWUV FGEGCUGF FWMG )WKNNCWOG : QH #SWKVCKPG

&GPKGT 1TNGCPU. # %KV[ ICVG DGVYGGP QOGIC CPF VJTGG JQTK\QPVCN UVTKRGU CDQXG 1 .8&18+%85 4': + 4 %TQUU KP VJG UV CPING CP # KP VJG VJ CPING CP 1 #84'.+#0+5 %+8+6#u. & . IT. 8GT[ HKPG

6QFGTK (NQTGPEG

&GPKGT 5GPU. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING .8&18+%85 4': 4 6GORNG 5'0105 8++4$5. & . IT. #NOQUV GZVTGOGN[ HKPG

8KPEJQP 2CTKU 6JG UKIPKHKECPEG QH ++ ++ WPFGTNKPGF KP 84$5 KU WPENGCT +U VJKU VQ EQTTGEV VJG OKUUKPI + KP 5'010+5! .CHCWTKG UC[U VJGTG KU PQ EGTVCKP CVVTKDWVKQP VQ .QWKU 8+ QT .QWKU 8++ 6JG HQTO 84$5 JQYGXGT KPFKECVGU .QWKU 8+

.17+5 8++ .QWKU 8++ EQPVKPWGF VJG RQNKVKEU QH JKU HCVJGT VJQWIJ YKVJ NGUU CWVJQTKV[ #OQPI QVJGT VJKPIU JG JCF VQ TGNKPSWKUJ VJG PGYN[ CESWKTGF #SWKVCKPG YJGP JG UGRGTCVGF HTQO 'NGQPQTG CPF VJKU NQUU YCU GZCEGTDCVGF D[ JGT EQPUGEWVKXG OCTTKCIG VQ *GPT[ ++ QH 'PINCPF .QWKU CNUQ VQQM RCTV KP VJG PF ETWUCFG ECWUKPI C [GCT CDUGPEG HTQO JKU FQOKPKQPU *G FKOKPKUJGF VJG KPHNWGPEG QH VJG UGPGUEJCN C RQYGTHWN TGRTGUGPVCVKXG QH VJG MKPI VJWU FKU RQUKPI QH VJG )CTNCPFG HCOKN[ VJCV WR VQ VJGP JCF CNN DWV OQPQRQNKUGF VJKU QHHKEG *CF VJG )GTOCP 'ORKTG WR VQ VJG OKFFNG QH VJG VJ EGPVWT[ WPFKURWVCDN[ JGNF VJG ITGCVGUV RQNKVKECN RQYGT KP 'WTQRG VJG EQTQPCVKQP QH *GPT[ ++ KP 'PINCPF FTGY VJG GRKEGPVTG QH RQYGT YGUVYCTF *G CNTGCF[ RQUUGUUGF ITGCV VGTTKVQTKGU 0QTOCPF[ #PLQW /CKPG CPF 6QWTCKPG CPF VJTQWIJ JKU OCTTKCIG #SWKVCKPG 6JTGG ECORCKIPU KP $TKVVCP[ HQTEGF VJG $TGVQP .QTFU VQ CEMPQYNGFIG JKU UQP )GQHHTG[ FWMG QH #PLQW CU VJG UWEEGUUQT VQ VJGKT &WMG %QPCP CPF YKVJ VJG FGCVJ QH VJG NCVVGT KP *GPT[ VQQM EQPVTQN QH $TKVVCP[ 6JG EQWPV QH 6QWNQWUG KP JCF VQ FGENCTG JKOUGNH NKGIG VQ *GPT[ ++ YJQUG RQYGT PQY GZVGPFGF VQ VJG /GFKVGTTCPGCP $[ YGFFKPI JKU UGEQPF UQP *GPT[ VQ VJG FCWIJVGT QH .QWKU 8++ JG ICKPGF 8GZKP TGIKQP CTQWPF #PFGN[U VJCV OGTIGF YKVJ 8CNQKU PQY VJG FGRCTVOGPV QH 5GPNKU JQOG VQ VJG 8CNQKU F[PCUV[

&GPKGT $QWTIGU. # $GCTFGF DWUV HCEKPI .8&18+%85 4': 4 (NQTKCVGF NCVKP ETQUU 84$5 $+ 684+%#. & . IT. 0KEG VQPG XGT[ HKPG

/ÒP\\GPVTWO -ÌNP

&GPKGT 2CTKU VJ V[RG. # (4# 1e0 KP HKGNF .8&18+%85 4' 4 %TQUU 2#4+5++ %+8+5. & . IT. 8GT[ HKPG *QNNGOCP &GNFGP (TQO NKUV PQ &WRNGUU[ ECNNU VJKU VJG VJ V[RG

1DQNG #SWKVCKPG PF V[RG. # %TQUU .8&18+%85 4 4 +P VJTGG NKPGU &8: #28+ 6#0+'. & . IT. 4 5OCNN VTCEGU QH EQTTQUKQP XGT[ HKPG

8KPEJQP 2CTKU 6JKU EQKP YCU UVTWEM CV VJG DGIKPPKPI QH .QWKU 8++ŉU TGKIP JG CESWKTGF FWECN RQYGT KP #SWKVCKPG D[ OCTT[KPI 'NGQP QTG FKUUQNXGF KP +P 'NGQPQTG OCTTKGU *GPT[ ++ QH 'PINCPF VJGTGD[ VWTPKPI #SWKVCKPG KPVQ 'PINKUJ VGT TKVQT[ 5GG HWTVJGT WPFGT #SWKVCKPG 2QUUKDN[ UVTWEM KP $QTFGCWZ

1DQNG .CQP. # %TQYPGF DWUV HCEKPI .8&18+%85 4' 4 $WUV HCEKPI YKVJ OKVTG )#.6'485 '2%. & . IT. 9GCMN[ UVTWEM CV VJG GFIG RQVTCKVU YGNN UVTWEM WR XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ 9KVJ DKUJQR )CWVKGT + QT )CWVKGT ++ .CHCWTKG ENCKOU C YGKIJV QH VQ HQT VJG FGPKGT CPF HQT VJG QDQNG 0GXGTVJGNGUU VJKU URGEKOGP KU UWDUVCPVKCNN[ UOCNNGT VJCP VJG FGPKGT %GU OQPPCKGU UQPV GNNGU FGU OQPPCKGU FG RCTKCIG QW GUV EG UKORNGOGPV RCT FKHH¾TGPEG SWG NGU ¾X¿SWGU KPUETKXGPV NG PQO FW TQK UWT NGU OQPPCKGU! .GU VGZVGU EQPPWU PŉQPV RCU GPEQTG RGTOKU FG FQPPGT WPG UQNWVKQP ¯ EG RTQDN½OG OQP¾VCKTG &G VQWVG HCEQP EGU OQPPCKGU FQKXGPV ¿VTG EQUKF¾T¾GU EQOOG UGOK H¾QFCNGU UQWU 2JKNKRRG #WIWUVG NG TQK C WPG RCTV UWT NGU D¾P¾HKEGU 'ZRNCPCVKQP .CHCWTKG YKVJ PQ R .CQP NC[ QWVUKFG VJG TQ[CN FQOCKP

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Å&#x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Å&#x2030;U JCPFU *KU KORTKUQPOGPV ECOG OQUV EQPXGPKGPV CU YGNN HQT 2JKNKR CU HQT ,QJP .CEMNCPF 6JG GORGTQT JQYGXGT YCU CHVGT 4KEJCTFU OQPG[ TCVJGT VJCP CHVGT JKU HTGGFQO CPF JG DNCEMOCKNGF 4KEJCTF VQ HKPCPEG JKU YCT CICKPUV 5KEKN[ 4KEJCTF ICXG KP RC[GF C TCPUQO CPF UGEWTGF 'PINCPF D[ CEMPQYNGFIKPI JKO UGNH VQ DG VJG GORGTQTÅ&#x2030;U XCUUCN 2JKNKR ++ CPF ,QJP .CEMNCPF YGTG NGHV UVCPFKPI *QYGXGT YJGP 4KEJCTF FKGF 2JKNKR ++ FGENCTGF CNN QH ,QJP .CEMNCPFÅ&#x2030;U (TGPEJ NKGIGU GZRKTGF CPF EQP SWGTGF 0QTOCPF[ KP #HVGT VJG $CVVNG CV $QWXKPGU KP YJGTG 1VVQ +8 YCU XCP SWKUJGF ,QJP .CEMNCPF KU HQTEGF VQ CEEGRV VJG NQUU QH 0QTOCPF[ /CKPG CPF #PLQW (TQO 2JKNKR #WIWUVG CFQRVGF VJG FGPKGT VQWTPQKU FTCHVGF KP VJG CDDG[ QH 5V /CTVKP UGG WP FGT 6QWTCKPG HQT VJG NCPFU KP VJG 9GUV %GU FGWZ GURÂ½EGU RCTKUKU GV VQWTPQKU EQPUVKVWÂ½TGPV CW VKGTU FÅ&#x2030;CTIGPV HKP GPXKTQP NG U[UVÂ½OG PQWXGCW FG NC OQPPCKG TQ[CNG .CHCWTKG

&GPKGT 2CTKUKU #TTCU PF V[RG. # (4# 1e0 KP VJG HKGNF 2*+.+285 4': 4 %TQUU YKVJ QPG NKU KP VJG PF CPF TF CPINGU #44#5 %+8+5. & . IT. &CTM VQPG XGT[ HKPG 6KGVLGP *CODWTI .CHCWTKG CU FQGU &WRNGUU[ IKXGU C NKU QP TGXGTUG KP VJG UV CPF VJG VJ CPINGU

&GPKGT .CQP. # %TQYPGF DWUV HCEKPI 2*+.+285 4' 4 $WUV HCEKPI YKVJ OKVTG 41)'485 '2'. & . IT. 8GT[ HKPG URGEKOGP YKVJ CVVTCEVKXG RCVKPC CPF RQTVTCKVU YGNN UVTWEM WR 5RKPM .QPFQP #WEVKQP PQ 'Z 'NKCU EQNNGEVKQP DQWIJV 5RKPM 2JKNKRRG ++ UVTWEM VYQ UGTKGU RCTKUKU CPF VQWTPQKU CPF NQECNN[ EQKPGF NKMG CV VJKU OKPV KP .CQP 9KVJ DKUJQR 4QIGT FG 4QUQK

.17+5 8+++ +: 2JKNKR ++ #WIWUVG YCU UWEEGGFGF D[ JKU UQP .QWKU 8+++ 6JG NCVVGT VTKGF VQ UGK\G VJG 'PINKUJ VJTQPG CPF LQKPGF KP VJG ETWUCFG CICKPUV VJG #NDKIGPUKCPU 9JGP #OCWT[ UQP QH 5KOQP QH /QPVHQTV EQPHGTTGF VJG EQWPV[ 6QWNQWUG WRQP JKO 2JKNKR UVCTVGF C YCT CKOKPI VQ GZRCPF VJG TQ[CN FQOCKP KP VJG 5QWVJ QH (TCPEG *G FKFPÅ&#x2030;V NKXG VQ UGG VJKU GZRCPUKQP CPF FKGF C [QWPI OCP KP

&GPKGT 6QWTPQKU UV V[RG. # %TQUU YKVJKP EKTENG QH RGNNGVU .8&18+%85 4': 4 %JÂ³VGN VQWT PQKU 6841085 %+8+5. & . IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN .CHCWTKG IKXGU %+8+ KPUVGCF QH %+8+5 VJKU KU VJG VGZV HTQO . .QWKU +: .QWKU +: QPN[ TGHGTU VQ VJG HKTUV RGTKQF QH JKU IQXGTPOGPV K G WPVKN IQXGTPGF WPVKN VCMGP HTQO &W RNGUU[

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100

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102

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5RKPM .QPFQP UV KUUWG VJ ,CPWCT[ .G ITQCV CW NKU GUV NG RTGOKGT FGU ITQCV SWK CXGE WP VKVTG KPHÂ¾TKGWT Â¯ EGNWK FG NÅ&#x2030;CTIGPV NG TQK QPV WUWTRÂ¾ NG PQO FG )TQU VQWTPQKU .CHCWTKG

&QWDNG RCTKUKU. # +P VYQ NKPGU (4# 0%1 KP VJG HKGNF Ã± 2*+.+22 Â· 4': 4 (NQTKCVGF ETQUU Ã± /10'6# &82.':. & . IT. 8GT[ HKPG $CVCXKC FGP *CCI TF V[RG UV KUUWG VJ #RTKN 1DXGTUG WRUKFG FQYP

,'#0 ++ NG $10 2JKNKRRG 8+ YCU UWEEGGFGF D[ JKU UQP ,GCP ++ NG $QP KP # UKPIWNCT OCP QH JWODNG OKNKVCT[ VCNGPV JG YCU PQ OCVEJ HQT 'FYCTF +++ PQT HQT VJG $NCEM 2TKPEG +P JG YCU FG HGCVGF CV 2QKVKGTU CPF UWDUGSWGPVN[ JGNF KP 'PINKUJ ECRVKXKV[

/QWVQP F QT. # +1* 4': WPFGT NCOD KP OWNVKNQDG #)0 &'+ 38+ 61.. 2%%# /8&+ /+5'4'4' 01$ 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG NKU KP GCEJ CPING :2% Ã¡ 8+0%+6 Ã¡ :2% Ã¡ 4')0#6 Ã¡ :2% Ã¡ +/2'4#6. & (D . IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQXGODGT PQ +UUWG VJ ,CPWCT[

103

/QWVQP F QT. # +1* 4': WPFGT NCOD KP TKPI QH VTGHQKNU #)0 &'+ 38+ 61.. 2%%# /8&+ /+5'4'4' 01$ 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG NKU KP GCEJ CPING :2% รก 8+0%+6 รก :2% รก 4')0#6 รก :2% รก +/2'4#6. & # (D . IT. 'ZVTGOGN[ HKPG URGEKOGP QP DTQCF HNCP /ร P\GP WPF /GFCKNNGP $CUGN (TQO NKUV PQ 5VTWEM VJ ,CPWCT[ 6JG FKHHGTGPEG YKVJ PQ KU KP VJG HTCOG QH VJG #IPWU &GK

4Q[CN F QT. # %TQYPGF MKPI YKVJ UEGRVTG UVCPFKPI WPFGT IQVJKE FCKU +1*'5 P &'+ P )4# (4#0%148 P 4': 4 (NQTKCVGF ETQUU YKVJ QPG NKU KP GCEJ CPING :2% P 8+0%+6 P :2% P 4')0#6 P :2% P +/2'4#6. & # (D . C IT. 5JCTR UVTWEM CPF GZVTGOGN[ HKPG URGEKOGP )NGPFKPKPI .QPFQP #WEVKQP /CTEJ PQ 'Z 'NKCU EQNNGEVKQP $QWIJV 5GCD[ PF +UUWG VJ #RTKN - IQNF

(TCPE ยฏ EJGXCN. # /QWPVGF MKPI N YKVJ UYQTF +1J#00'5 P &'+ P )4#%+# P (4#0%148 P 4': 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG VTGHQKN KP GCEJ CPING :2% 8+0%+6 :2% 4') 0#6 :2% +/2'4#6. & (D . IT. 'ZVTGOGN[ HKPG URGEKOGP YKVJ RNGCUKPIN[ VQPG /ร P\GP WPF /GFCKNNGP $CUGN (TQO NKUV PQ +UUWG VJ &GEGODGT

104

)TQU DNCPE Â¯ NC EQWTQPPG. # +1J#00'5 Q &'+ Q )4# CTQWPF ETQUU YKVJ QPG NKU KP VJG PF CPF TF CPINGU $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ &'+ Â¶ +J8 Â¶ :2+ 4 %TQYP (4#0%148 Q 4': YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU. & . IT. 8GT[ HKPG 5RKPM <Ã&#x2019;TKEJ #WEVKQP PQ +UUWG VJ /CTEJ

)TQU CWZ VTQKU NKU. # +PPGT EKTENG +1J#00'5 Q &'+ Q )4# CTQWPF ETQUU $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ &'+ Â¶ +J8 Â¶ :2+ 4 %TQYP QXGT VJTGG NKU (4#0%14 P 4': YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU. & # . C IT. 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

5RKPM <Ã&#x2019;TKEJ #WEVKQP PQ 6JKU V[RG HKTUV CRRGCTGF KP VJG PF KUUWG QH VJ ,WPG CPF EJCTCEVGTKUVKECNN[ JCU VJTGG UOCNN TKPIU YKVJ C FQV KP VJGO QT VYQ TKPIU YKVJ C FQV KPVGTRWPEVWCVKPI

)TQU DNCPE CWZ HNGWTU FG NKU. # +PPGT EKTENG +1*'5 &'+ )4# CTQWPF NQPI ETQUU YKVJ QPG ETQYP KP GCEJ CPING $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ &'+ Â¶ +*8 :2+ 4 (KGNF YKVJ NKU (4#0%148/ 1 4': YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU. & . IT. 4 5OCNN VTCEGU QH EQTTQUKQP XGT[ HKPG 5RKPM .QPFQP (TQO 0% PQ 'Z 'NKCU EQNNGEVKQP 5RKPM #WEVKQP 'Z 8GTIPG #WEVKQP $QTFGCWZ +UUWG VJ &GEGODGT

105

%*#4.'5 8

9KVJ VJG EQWPVT[ FGXCUVCVGF RTKEGU CV C JKIJ C TCRKFN[ FGXCNWCVKPI EWTTGPE[ CP GORV[ VTGCU WT[ CPF OWVKPGGTU ICNQTG VJG KORTKUQPOGPV QH ,QJP ++ VJG )QQF RTGUGPVGF VJG &CWRJKP VJG NCVVGT %JCTNGU 8 YKVJ C UJGGT KORQUUKDNG VCUM 'VKGPPG /CTEGN NGCFGT QH VJG 2CTKUKCP DQWT IGQKUKG YJQ YGTG HWTKQWU CV VJKU HGGDNG IQXGTPOGPV QTICPKUGF RCTNKCOGPV KPVQ C DQF[ YKVJ C NKUV QH RQNKVKECN FGOCPFU $WV VJG FCWRJKP EJQUG VQ FKUTGICTF VJGKT FGOCPFU FKUOKUUKPI VJG 'UVCVGU )Â¾PÂ¾TCN CPF GXGPVWCNN[ TGUVQTKPI QTFGT ,QJP ++ UKIPGF RGCEG YKVJ 'PINCPF CV VJG 2GCEG QH $TÂ¾VKIP[ /C[ *QYGXGT CU JG YCU WPCDNG VQ CHHQTF VJG CUVTQPQOQWU TCPUQO JG YQWNF PGXGT TGVWTP HTQO ECRVKXKV[ 9KVJ VJG IQXGTPKPI *QWUG QH $WTIWPF[ JCXKPI GZRKTGF DGHQTG JKU FGCVJ VJG VGTTKVQTKGU HGNN VQ VJG (TGPEJ ETQYP CPF JG EQPEGFGF VJGO CU CRCPCIG VQ JKU [QWPIGUV UQP 2JKNKR VJG $QNF +P %JCTNGU 8 YCU ETQYPGF MKPI QH (TCPEG *G YCU C FKRNQOCV CPF TGUVQTGF (TCPEG DCEM VQ KVU HQTOGT UVCVWU 9JQGXGT TGUKUVGF EQWNF EQWPV QP UGXGTG TGVCNNKCVKQP KP YJKEJ %JCTNGU DNKPFN[ TGNKGF QP JKU IGPGTCNU $GTVTCPF FW )WGUENKP CPF 1NKXKGT FG %NKUUQP 6QIGVJGT VJGUG IGPGTCNU UWEGGFGF KP TGEQPSWGTKPI VJG VGTTKVQTKGU EGFGF CV VJG 2GCEG QH $TÂ¾VKIP[ 6JG FGCVJ QH %JCTNGU 8 JGTCNFGF VJG GPF QH VJG HKTUV RJCUG QH VJG *WPFTGF ;GCTUÅ&#x2030; 9CT VJG UGEQPF QPG VQ DG QH C YJQNN[ FKHHGTGPV EJCTCEVGT

(TCPE Â¯ RKGF. # -KPI UVCPFKPI DGVYGGP NKU KP IQVJKE FCKU YKVJ UYQTF CPF *CPF QH ,WUVKEG -#41.85 Ã¬ &+ Ã¬ )4 (4#0%14 Ã¬ 4': 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG ETQYP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU NKU KP VJG CPINGU QH VJG SWCVTGHQKN :2% Ã¬ 8+0%+6 :2% 4')0#6 Ã¬ :2% Ã¬ +/2'4#6. & (D . IT. 'ZVTGOGN[ HKPG URGEKOGP

(TCPE Â¯ 2KGF. # -KPI UVCPFKPI DGVYGGP NKU KP IQVJKE FCKU YKVJ UYQTF CPF *CPF QH ,WUVKEG -#41.85 Z &+ Z )4 (4#0%148 Z 4': 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG ETQYP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU NKU KP VJG CPINGU QH VJG SWCVTGHQKN :2% 8+0%+6 :2% 4')0#6 :2% +/2'4#6. & (D . IT. 5NKIJVGN[ DGPV CNOQUV GZVTGOGN[ HKPG URGEKOGP

&GNOQPVG $TWUUGN +UUWG VJ #RTKN (TQO QPG 9GUV %GPVTCN (TCPEG JQCTF %GVVG RKÂ½EG UÅ&#x2030;CRRGNCKV QHHKEKGNNGOGPV &GPKGT FÅ&#x2030;QT CWZ HNGWTU FG NKU Â¾XQSWCPV CKPUK NC RKÂ½EG RCUUCIÂ½TG FG ,GCP NG $QP SWK NWK TGUUGODNG NG RGWRNG RQWT NC RTGOKÂ½TG HQKU FCPU WP VGZV QHHKEKGN GP LCPXKGT .CHCWTKG

*GP\GP #OGTQPIGP (TQO NKUV PQXGODGT PQ +UUWG VJ #RTKN 6JKU EQKP UJQYU OCP[ OKPQT FKHHGTGPEGU EQORCTGF VQ VJG NCUV PQ

)TQU VQWTPQKU. # +PPGT EKTENG -#41.85 ! 4': CTQWPF ETQUU $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ &'+ Â¶ +*8 Â¶ :2+ 4 %JÂ³VGN VQWTPQKU WPFGT ETQYP 6841085 %+8+5 YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU. & # . C IT. 9GNN UVTWEM XGT[ HKPG URGEKOGP YKVJ CVVTCEVKXG VQPG 5RKPM <Ã&#x2019;TKEJ #WEVKQP PQ 6JG 6 QH 6841085 JCU C UKPIWNCT HQTO PF KUUWG TF #WIWUV

106

$NCPE CW -. # - WPFGT ETQYP CPF DGVYGGP NKU &'+ P )4#%+# YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU 4 +PPGT EKTENG ð (4#0%148 P 4': CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ &'+ ¶ +J8 ¶ :2+. & . IT. &CTM RCVKPC XGT[ HKPG 8KPEJQP 2CTKU 6JKU KU VJG HKTUV $NCPE +UUWG VJ #RTKN

%*#4.'5 8+

9JGP %JCTNGU 8+ UWEEGGFGF JKU HCVJGT JG YCUPŉ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ŉ 9CT CICKPUV VJG 'PINKUJ 6JG 'PINKUJ NCPFGF CV *CTHNGWT CPF EQPSWGTGF VJG (TGPEJ CV #\KPEQWTV 6JKU XKEVQT[ CYCTFGF VJG 'PINKUJ C DQPF YKVJ VJG $WTIWPFKCP &WMG ,QJP VJG (GCTNGUU CPF VJG )GTOCP 'ORGTQT 5KIKUOWPF ,QJP VJG (GCTNGUU PGIQVKCVGF YKVJ VJG 'PINKUJ CU YGNN CU YKVJ VJG FCW RJKP C FQWDNG RNC[ VJCV EQUV JKO JKU NKHG QP 5GRVGODGT VJ QH *KU UWEEGUUQT 2JKNKR VJG )QQF LQKPGF VJG 'PINKUJ +P YKVJ VJG 6TGCV[ QH 6TQ[GU %JCTNGU 8+ YGFFGF JKU FCWIJ VGT VQ 'PINCPFŉU MKPI *GPT[ 8 YJQ JCF UWEEGGFGF %JCTNGU 8+ CHVGT JKU FGOKUG 6JG FCWRJKP GUECRGF CETQUU VJG .QKTG VJG *QWUG QH 8CNQKU UGGOGF CV KVU GPF 6JG NCPF YCU PQY VQTP KP VYQ RCTVU *GPT[ 8 %JCTNGU 8+ VJG FWMGU QH $WTIWPF[ CPF VJG FCWRJKP VJG NCVVGT %JCTNGU 8++ CNN UVTWEM EQKP 5GG .CHCWTKGŉU OCR QP R ŋ'P UGRVGODTG HWV ET¾¾ NG U[UV½OG FG EQPVTQNG RCT NG RQKPV SWG PQWU CRRGNQPU UGETGV RNCE¾ UQWU WPG NGVVTG SWG FGŉ UKIPCKV RQWT EJCSWG CVGNKGT WP PWO¾TQ FŉQTFTG EQORV¾ ¯ RCTVKT FW EQOOGPEGOGPV FGU N¾IGPFGU QW RNWU TCTGOGPV FŉWPG FGU N¾IGPFGU %G RQKPV OCPSWG NG RNWU UQWQHV UWT NC OQPPCKG PQKTGŌ .CHCWTKG

EW C NC %QWTQPPG. # %TQYPGF UJKGNF QH (TCPEG -#41.85 ¤ &'+ ¤ )4#%+# ¤ (4#0%148/ ¤ 4': 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ C UVCT KP VJG EGPVTG CPF ETQYPU KP VJG CPINGU :2% 8+0%+6 :2% 4')0#6 :2% +02'4#6. & (D . IT. 'ZVTGOGN[ HKPG URGEKOGP

5EJWNOCP #OUVGTFCO 5VTWEM CHVGT 'EW QH VJG PGY (TCPEG VJTGG NKU CPF C ETQYP CFQTPGF YKVJ NKU

107

/QWVQP FB1T GP &CWRJKPÂ¾ 4QOCPU. # -4. 4': WPFGT NCOD QP HQWT RCYU KP VJG &CWRJKPÂ¾ YKVJ ETWEKHQTO UVCHH CPF HN[KPI DCPPGT KP SWCVTGHQKN #T0 &'+ 38+61..+5 2'%# /8 &+ /+5' 01$ 4 (NQTKCVGF ETQUU YKVJ QPG NKU KP GCEJ CPING :U% 8+0%+6 :2% 4')0#6 :2% +/2'4#6. & # (D . C IT. 4 5OCNN GFIG HCWNV GZVTGOGN[ HKPG 5RKPM .QPFQP +UUWG VJ /C[ .CHCWTKG /CTEJGXKNNG EQNNGEVKQP

$NCPE FKV )WÂ¾PCT 4QWGP VJ GOKUUKQP. # 5JKGNF QH (TCPEG -#41.85 P (4#0%148 P 4': 4 %TQUU YKVJ QPG ETQYP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU 5+6 P 01/' P &0+ P $'0'&+%68. & % . E IT. 5NKIJVGN[ KTTGIWNCT HNCP GZVTGOGN[ HKPG $QWTIG[ 2CTKU 5VTWEM DGVYGGP CPF KPVGTTWRVGF DGVYGGP HQT VJG RTQFWEVKQP QH VJG )TQU CW .KU 4QWGP VJ KUUWG VJ 1EVQDGT

)WÂ¾PCT 2CTKU. # 5JKGNF QH (TCPEG Ã° -#41.85 (4#0%148/ 4': 4 %TQUU YKVJ NKU KP VJG PF CPING CPF ETQYP KP VJG TF CPING Ã° 5+6 01/' &0+ $'0'&+%68. & ) . C IT. 5OCNN HNCP FGHGEV CV VJG GFIG UOCNN VTCEGU QH EQTTQUKQP XGT[ HKPG (TCPEGUEJK $TWUUGN VJ KUUWG VJ /CTEJ 2QKPV UGETGV WPFGT VJG KPKVKCN

)TQU CWZ NKU 4QWGP. # 6JTGG NKU -#41.85 Â¶ (4#0%148/ Â¶ 4': 4 (NQTKCVGF ETQUU 5+6 Â¶ 01/' Â¶ &0+ Â¶ $'0'&+%68. & . IT. 4 'ZVTGOGN[ HKPG CPF YGNN UVTWEM URGEKOGP 1T )GUVKQP 0WOKUOCVKSWG 2CTKU 1P VJG TGXGTUG C RGNNGV WPFGT VJG & KP $'0'&+%68 4QWGP +UUWG VJ ,WPG

108

)TQU CWZ NKU UQWU WPG EQWTQPPG. # +PPGT EKTENG -. ¶ &+ ¶ ) ¶ (4#%148 ¶ 4': CTQWPF ETQUU 5+6 „ 01/'0 „ &1/+0+ „ $'0'&+%68/ 4 6JTGG NKU WPFGT ETQYP Z )41585 ¶ 6841085 YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU. & . IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG 5RKPM .QPFQP (TQO 0% PQ +UUWG TF PQXGODGT

)TQU CWZ NKU UQWU WPG EQWTQPPG. # +PPGT EKTENG -. ¶ &+ ¶ ) ¶ (4#%148 ¶ 4': CTQWPF ETQUU 5+6 „ 01/'0 „ &1/+0+ „ $'0'&+%68/ 4 6JTGG NKU WPFGT ETQYP )41585 ¶ 6841085 YKVJKP DQTFGT QH CTEJGU GPENQUKPI QPG ETQUU CPF NKU. & # . IT. 9GCMN[ UVTWEM QVJGTYKUG GZVTGOGN[ HKPG

)TQU FKV (NQTGVVG. # 6JTGG NKU WPFGT ETQYP V -#41.85 ¶ (4#0%148 ¶ 4': 4 (NQTKCVGF ETQUU with one crown in the 1st and 4th angles, V 5+6 ¶ 01/' ¶ &0+ ¶ $'0'&+%68. & # . IT. 8GT[ HKPG

8KPEJQP 2CTKU 6JG VGZV QP VJG TGXGTUG YCU WUGF VQ JCXG VJKU KPHGTKQT EQKP TGUGODNG VJG QNF )TQU VQWTPQKU %TQUU CPF NKU QP URGEKOGP HTQO 4QWGP QT 5CKPV .Ê +UUWG TF PQXGODGT 6JG PQ CPF FKHHGT KP VJG PWODGT QH NKU TGUR

8KPEJQP 2CTKU PF KUUWG UV EVQDGT

&GPKGT VQWTPQKU. # 6YQ NKU -#41.85 Q 4': 4 %TQUU 6841085 Q %+8+5. & # . C IT. &CTM RCVKPC XGT[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN 9KVJ C TQWPF 1 PQ CVGNKGT RGNNGV XKUKDNG 6JKU EQKP KU GZEGRVKQPCNN[ NKIJV CPF VJG ETQUU QP VJG TGXGTUG KU NQPIGT VJCP WUWCN

109

&QWDNG VQWTPQKU FKV PKSWGV . # 1PG NKU WPFGT ETQYP -#41.85 (4#%148 4': 4 %TQUU &82.': 684105 (4#%+'. & . IT. 'ZVTGOGN[ HKPG

8KPEJQP 2CTKU +UUWG VJ #WIWUV 0KSWGV EQPUKFGTU SWKVG C HGY KPVGTRTGVCVKQPU WPG EQTTWRVKQP FG PKIGNNWO PQKT WPG OQPPCKG FG TKGP NG PQO FŉWP OCÄVTG FG NC OQPPCKG CRRGN¾ 0KEQNCU KN GUV KPEQPPWG FG RGVKV PQO FQPP¾ FKTGEVGOGPV ¯ NC RK½EG EG SWK GUV NG RNWU XTCKUGODNCDNG .CHCWTKG

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110

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5CNWV F QT 5V .ร . # 6YQ UJKGNFU N (TCPEG CPF T (TCPEG 'PINCPF WPFGT VJG CTEJCPIGN )CDTKGN CPF /CTKC #8' DGVYGGP CPF UWPTC[ CDQXG VJGO รฐ *'04+%85 &'+ )4# (4# %148 < #).+' 4': 4 .CVKP ETQUU KP OWNVKNQDG DGVYGGP NKU CPF NGQRCTF QXGT VJG NGVVGT * รฐ :2% 8+0%+6 :2%

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5CNWV F QT 4QWGP. # 6YQ UJKGNFU N (TCPEG CPF T (TCPEG 'PINCPF WPFGT CP CPIGN CPF /CTKC #8' DGVYGGP CPF UWPTC[ CDQXG VJGO โ ฆ *'04+%85 &'+ )4# (4#%148 < #).+' 4': 4 .CVKP ETQUU KP OWNVKNQDG DGVYGGP NKU CPF NGQRCTF QXGT VJG NGVVGT * โ ฆ :2% 8+0%+6 :2% 4')0#6 :2% +/2'4#6. & # (D . C IT. 5OCNN UETCVEJGU QP VJG UWTHCEG XGT[ HKPG

8GTUEJQQT 5VTKLGP (TQO HKPF $TQWYGTUJCXGP HQWPF KP 5GRVGODGT CHVGT QPG UKPING EQKP YCU HQWPF CV VJG UCOG UKVG KP 5GRVGODGT 5GG CNUQ 'NKCU D #PPWNGV WPFGT VJG NCUV NGVVGT KP VJG VGZV QP QD CPF TGXGTUG +U RTKXCVG OKPVOCTM QH 'VKGPPG /CTEGN 5VTWEM WPFGT QTFGT QH /CTEJ #VGNKGT 4QWGP QPG UOCNN NKQP PF V[RG #TVKENG D[ 8GTUEJQQT & %QKP HKPF $TQWYGTUJCXGP KP -TQPKGM QH JGV NCPF QH FG <GGOGGTOKP 5EJQWYGP &WKXGNCPF R 6JKU EQKP KU NQECNN[ TGIKUVGTGF WPFGT PQ

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111

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113

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114

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115

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117

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41)'4

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118

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119

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122

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%*#4.'5 +++

&GPKGT .G /CPU. # .KU WPFGT ETQYP /10'6# %'01/ 4 %TQUU YKVJ QPG VTGHQKN KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU 5+)07/ &'+ 8+8+. $ & .GITQU 2F# IT. /KPQT GFIG HCWNV XGT[ HKPG *QNNCPFKC -CORGTXGGP .GITQU 44 +P &WRNGUU[ CPF 2QG[ F #XCPV VJGTG CTG TKPIU KP VJG UV CPF VJ CPINGU DWV JGTG KV KU ENGCTN[ C VTGHQKN

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ŉV WPVKN VJCV KV YCU TGLQKPGF YKVJ VJG TQ[CN FQOCKP 6JG RTQURGTKV[ QH VJKU TGIKQP KU OKTTQTGF KP KVU EQKPCIG +P KV DGECOG CP CRCPCIG VQ ,QJP ++ CPF KP KV YQWNF UGTXG CU C DCUG HQT ,QCP QH #TEŉU NKDGTCVKQP QH 1TNGCPU

#010;/175

&GPKGT 6QWTU %JKPQP. # *GCF T 68410 4 %TQUU %+++++1+++%#564+++1. $ & .GITQU 2F# IT. 44 /CIPKHKEGPV RQTVTCKV GZVTGOGN[ HKPG 8KPEJQP 2CTKU 6JKU EQKP KU PQV GZCEVN[ VJG UCOG OGPVKQPGF KP VJG NKVGTCVWTG DWV UKOKNCT VQ KV GURGEKCNN[ VJG TGXGTUG .GITQU 44444 +P VGZV QP TGXGTUG KPXGTVGF % .G V[RG ¯ NC V¿VG ET¾¾ RCT NGU CDD¾U FG 5CKPV /CTVKP GWV WPG RQUV¾TKV¾ KPF¾PKCDNG KN HWV TGRTKU ¯ %JKPQP .GU RK½EGU FG %JKPQP RQTVGPV CW FTQKV UQKV WPG VKVWNCVWTG TQ[CNG UQKV WPG T¾H¾TGPEG ¯ 6QWTU UQWU NC HQTOG 68410 .GU RK½EGU ¯ NC V¿VG GV ¯ NC OGPVKQP 68410 HWTGPV HTCRR¾GU RGPFCPV NC R¾TKQFG +N HCWFTCKV CFOGVVTG SWG 6JK DCWV NG 8KGWZ XKEQOVG FG 6QWTU FG ¯ GPXKTQP OQPPC[C ¯ WP V[RG CWVQPQOG EQRKCPV EGNWK FG 5CKPV /CT VKP 6JKDCWV RQUU¾FCKV %JKPQP GP HKGH GV KN UGTCKV ¾VQPPCPV SWG UQP UGKIPGWT *WIJ VJG )TGCV NWK RGTOKV FG OQPPC[GT CW PQOG FG 6QWTU SWK NWK CRRCTVGPCKV GV ¯ WP V[RG GUUGPVKGNNGOGPV FKHH¾TGPV FG EGWZ GP WUCIG FCPU NGU FQOCKP TQDGTVKGPPG # %JKPQP F½U .QWKU +8 NŉKPUETKRVKQP 68410 HWV TGORNCE¾ RCT NC N¾IGPFG .8&18+%85 4': 1T PQWU UCXQPU SWG 6JKDCWV ¾VCKV CNQTU UQWU NC VWVGNNG Fŉ*WIJ VJG )TGCV GV SWŉKN CEEGRVC NG TÊNG FG IGÊNKGT NQTUSWG NG 4QDGTVKGP NWK EQPHKC GP NC ICTFG FW TQK .QWKU +8 NQUT FG UQP ECRVKXKV¾ EH &WOCU GP .GITQU (QT VJG V[RG YKVJ VJG KPUETKRVKQP .8&+8+%85 4': UGG PQ WPFGT %CTQNKPIKCPU

124

#010;/175 UGEQPF JCNH VJ EGPVWT[

&GPKGT 5V /CTVKP FG 6QWTU. # .QPI %JÂ³VGN VQWTPQKU 5%5 /Q#46+085 4 %TQUU 6841085 %+8+. $ & XCT .GITQU 2F# IT. 8GT[ HKPG 8KPEJQP 2CTKU .GITQU 44

#010;/175 VJ EGPVWT[

&GPKGT 5V /CTVKP FG 6QWTU # %JÂ³VGN VQWTPQKU 5%5 /#46+085 4 %TQUU 6841085 %+8+. $ & .GITQU 2F# IT. 8GT[ HKPG *QNNGOCP 'PUEJGFG

6JG EJÂ³VGN VQWTPQKU JCU FGXGNQRGF CU HQNNQYU HTQO VJG ECTQNKPIKCP VGORNG

125

6JG *QWUG QH $NQKU %JCORCIPG 6JKDCWFKGPU $GUKFGU VJG *QWUG QH #PLQW KP EGPVTCN (TCPEG VJG *QWUG QH $NQKU %JCORCIPG YCU VJG OQUV RQYGTHWN 6JG *QWUG QH $NQKU %JCORCIPG KU CP GCTN[ GZCORNG QH F[PCUVKECN VGTTKVQTKCN RQNKVKEU

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Â³VKNNQP UQNF VJG EQWPV[ $NQKU VQ .QWKU FÅ&#x2030;1TNGCPU UGG CNUQ .QTTCKPG $GECWUG VJKU VGTTKVQTKCN EQPINQOGTCVG YCU TWNGF D[ QPG *QWUG KP PWOGTQWU VGTTKVQTKGU EQKPU CTG VQ DG HQWPF VJCV VJQWIJ UVTWEM KP C UGKIPGWTKCN U[UVGO YGTG KUUWGF D[ VJG EQWPVU QH $NQKU %JCORCIPG 6JG EQKPU JCXG EGTVCKP EJCTCEVGTKUVKEU 9KVJ VJG 6QWTU EQKPU OQFGNNKPI C V[RG FGXGNQRGF VJCV DGECOG MPQYP CU V[RG EJKPQPCKUG .GITQU FKUEGTPU VYQ UWDECVGIQTKGU VJG V[RG %JCTVTCKPG CPF VJG V[RG $NÂ¾QUQKUG 6JG HKTUV HGCVWTGU C EJCUVG UVKNKUGF JGCF VJG WRRGT RCTV QH VJG JGCF GZKUVKPI QH UKPING EQPPGEVGF NKPGU 6JG UGEQPF UWDECVGIQT[ KU FKUVKPIWKUJGF D[ C OQTG JWOCP JGCF RCTVKEWNCTN[ KP 5V #KIPCP VJCV UGGOU VQ DG ETQYPGF 6JG[ JCXG DGGP UVTWEM VJTQWIJQWV VJG VGTTKVQTKGU UVCTVKPI VQ CHVGT YJKEJ C VTCPUKVKQP VQ VJG OQFGN QH VJG 6QWTU FGPKGT QEEWTU 6JG FGXGNQROGPV QH VJG VÂ¿VG EJKPQPCKUG ECP DG UEJGOCVKECNN[ GNWEKFCVGF CU HQNNQYU

126

%1706; QH %*#464'5

'7&'5 + 6*+$#76 ++

&GPKGT. # 6¿VG EJKPQPCKUG T YKVJ VJTGG RGNNGVU 4 %TQUU %#4 6+5 %+8+ 6#5. $ & .GITQU 2F# IT. 0KEG RQTVTCKV XGT[ HKPG $QTI *GNUKPMK (CVJGT 1FQ + CPF UQP 6JKDCWV ++ DQVJ YGTG EQWPVU QH $NQKU 9KVJ &WRNGUU[ VJG[ CTG EJCTCEVGTKUGF CU DGKPI CPQP[OQWU :½OG UK½ENG GV RTGOK½TG OQKVK¾ FW :K½OG

'7&'5 ++

1DQNG. # 6¿VG EJKPQPCKUG T YKVJ VJTGG RGNNGVU 4 %TQUU %#46+5 %+8+6#5. $ & .GITQU 2F# IT. 8GT[ HKPG 6QFGTK (NQTGPEG 1FQ ++ HTQO QP YCU EQWPV QH $NQKU CPF HTQO QP CNUQ EQWPV QH %JCORCIPG &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU XGTU

%* 6'#7&70

'7&'5 ++

&GPKGT. # 6¿VG EJKPQPCKUG YKVJ ETGUEGPV KP VJG EGPVTG CPF DGVYGGP VYQ ETQUUGU 4 %TQUU &80+5 %#56..+. $ & .GITQU 2F# IT. /KPQT VTCEGU QH XGTFKITKU XGT[ HKPG $TGF 2CTKU .GITQU 44444 $ CPF 2# JCXG C RGNNGV KPUVGCF QH C ETGUEGPV OQQP KP VJG JGCF 1FQ ++ HTQO VJG *QWUG $NQKU %JCORCIPG &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU DGVYGGP

6*+$#76 +8 NG )4#0&

1DQNG. # 6¿VG EJKPQPCKUG T YKVJ VYQ RGNNGVU WPFGT RKNG 4 %TQUU +80+%5 8)6(... $ & .GITQU 2F# IT. 8GT[ HKPG #TIGPQT 2CTKU #WEVKQP PQ 6JKDCWV +8 HTQO VJG *QWUG $NQKU %JCORCIPG EQWPV QH $NQKU CPF EQWPV QH %JCORCIPG 6JG EQKP TGUGODNGU VQ & DWV JCU C FKHHGTGPV NGIGPF

6*+$#76 8 NG $10 .17+5

&GPKGT. # 6¿VG EJKPQPCKUG T DGVYGGP VYQ ETGUEGPVU WPFGT QOGIC 4 %TQUU YKVJ QPG 5 KP VJG PF CPF TF CPINGU &80+% 5#56+ . $ & .GITQU 2F# IT. 8GT[ HKPG

#TIGPQT 2CTKU #WEVKQP PQ 6JKDCWV +8 YCU EQWPV QH $NQKU CPF HTQO QP CNUQ EQWPV QH %JCORCIPG *KU DTQVJGT YCU 5VGRJGP QH $NQKU NCVGT VQ DGEQOG MKPI QH 'PINCPF &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU XGTU

127

6*+$#76 +++

%1706; QH $.1+5

&GPKGT. # 6Â¿VG EJKPQPCKUG T YKVJ QPG RGNNGV KP HTQPV QH KV 4 %TQUU $'+5+5 %#5641. $ & .GITQU 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG .GQRCTF F 1T 2CTKU .GITQU 44 1PN[ C TGHGTGPEG VQ #PP FG NC 5QEKÂ¾VG HTCPEJCKUG FG PWOKUOCVKSWG R 6JKDCWV +++ YCU HTQO QP CNUQ EQWPV QH %JCORCIPG &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU XGTU

5'+)0+14; QH %'..'5 UWT %*'4 6JG .QTFU QH %GNNGU YGTG XCUUCNU QH VJG .QTFU QH 5V #KIPCP 5QNGN[ 4QDGTV + JCU EQKPGF DCUGF QP VJG $NÂ¾QUQKUG V[RG #HVGT VJCV EQKPU YGTG OQFGNNGF CHVGT VJG 6QWTU FGPKGT

41$'46 +

&GPKGT. # 6Â¿VG EJKPQPCKUG T ETQUU YKVJ HQWT RGNNGVU KP HTQPV QH KV 4 %TQUU YKVJ QPG 5 KP VJG UV CPF VJ CPINGU CPF QPG RGNNGV KP VJG PF CPF TF CPINGU 41$ &' %'.' . $ & .GITQU 2F# IT. 8GT[ HKPG %TGFKV FG NC $QWTUG 2CTKU .GITQU 444 6JG QPN[ TGHGTGPEG KU #PP FG NC 5QEKÂ¾VG HTCPECKUG FG PWOKUOCVKSWG R

5'+)0+14; QH 5V #+)0#0 6JG .QTFU QH &QP\[ YGTG XCUUCNU QH VJG EQWPVU QH $NQKU UGG CNUQ VJG %QWPV[ QH &QP\[ %QKP CIG DCUKPI QP VJG $NÂ¾QUQKUG V[RG EQOOGPEGF KP VJG [GCTU VQ CPF GPFGF KP 6JG EQKPU QH 5V #KIPCP GXGT[ QPG CPQP[OQWU FKURNC[ VJG OQUV JCPFUQOG FGUKIP QH VJG VÂ¿VGU EJKPQ PCKUGU CPF VJG PQP UV[NKUGF JGCFU #HVGT VJKU RGTKQF EQKPU YGTG OQFGNNGF CHVGT VJG 6QWTU FGPKGT

#010;/175 VJ VJ EGPVWT[

&GPKGT. # 6Â¿VG EJKPQPCKUG T YKVJ ETQUU CPF HQWT RGNNGVU KP HTQPV QH KV 4 %TQUU YKVJ QPG RGNNGV KP VJG EGPVTG CPF KP GCEJ CPING 5#06+#+0#+01. $ & # .GITQU 2F# XCT IT. 'ZVTGOGN[ HKPG 8KPEJQP 2CTKU #NN TGHGTGPEGU VQ #PPWCKTG FG NC 5QEKÂ¾VÂ¾ HTCPECKUG FG PWOKUOCVKSWG R +P TGXGTUG VGZV KPXGTVGF 5 # EQPUKUVKPI QH VJTGG VTKCPINGU &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU :+Â½OG UKÂ½ENG

128

&GPKGT. # 6Â¿VG EJKPQPCKUG T YKVJ ETQUU CPF HQWT RGNNGVU KP HTQPV QH KV TQWIJ FTCYKPI 4 %TQUU YKVJ QPG RGNNGV KP VJG EGPVTG CPF KP GCEJ CPING 5#06+#0#+01. $ & # .GITQU 2F# XCT IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG 2NCVV 2CTKU .GITQU QPN[ TGHGTU VQ VJG #PPWCKTG FG NC 5QEKÂ¾VÂ¾ HTCPECKUG FG PWOKUOCVKSWG R &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU :+Â½OG UKÂ½ENG

&GPKGT. # 6Â¿VG EJKPQPCKUG T YKVJ ETQUU CPF HQWT RGNNGVU KP HTQPV QH KV HKPG FTCYKPI 4 %TQUU YKVJ QPG RGNNGV KP VJG EGPVTG CPF KP GCEJ CPING 5#0%6+#0+#0+1. $ & .GITQU 2F# IT. 5OCNN VTCEGU QH XGTFKITKU XGT[ HKPG VQ GZVTGOGN[ HKPG .GQRCTF F 1T 2CTKU .GITQU 444 #NN TGHGTGPEGU CTG VQ 6TÂ¾UQT FG /CUUG[ UWT %JGT EQPEGCNGF CTQWPF &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU :+Â½OG UKÂ½ENG

1DQNG. # 6Â¿VG EJKPQPCKUG T YKVJ ETQUU CPF HQWT RGNNGVU KP HTQPV QH KV 4 %TQUU YKVJ QPG RGNNGV KP VJG EGPVTG CPF KP GCEJ CPING 5#0%6+#+0#+01. $ & .GITQU 2F# IT. 44 8GT[ HKPG .GQRCTF F 1T 2CTKU 1DXGTUG UCOG FTCYKPI CU PQ YKVJ QPG RGNNGV KP GCEJ CPING QH VJG ETQUU .GITQU 444 #NN TGHGTGPEGU VQ #PP FG NC 5QEKÂ¾VÂ¾ HTCPECKUG FG PWOKUOCVKSWG R &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU :++Â½OG UKÂ½ENG

%1706; QH &10<; )'1((41+ ++ GV 5WEE

1DQNG )KGP. # %TQUU YKVJ CNRJC CPF QOGIC KP VJG TF CPF VJ CPINGU %415'&85 %15 4 /QPQITCO DGVYGGP CNRJC CPF QOGIC )+'/+5 %#. $ & .GITQU 2F# IT. 8GT[ HKPG

2NCVV 2CTKU 6JG OQPQITCO QP VJG TGXGTUG KU C DNWPFGTGF OQPQITCO QH (QWNSWGU FÅ&#x2030;#PLQW 6JG EQKPU QH )KGP VJCV CTG CNN KP RQQT EQPFKVKQP CTG DCUGF QP VJG V[RG QH (QWNSWGU FÅ&#x2030;#PLQW DWV YJ[ KU WPENGCT 6JGTG KU PQ EQPPGEVKQP CPF VJG TGIKQPU NKG HCT CRCTV 6JG ECUVNG QH )KGP KU RWTRQTVGF VQ DG DWKNV D[ %JCTNGOCIPG +P VJG DGIKPPKPI QH VJG VJ EGPVWT[ KV DGNQPIU VQ )GQH HTQK FG 5Â¾OWT HCVJGT QH )GQHHTQK + .QTF QH &QP\[ #HVGT JKO KV KU VTCPUHGTTGF VQ VJG DCTQPU QH &QP\[ +P WP FGT *GPT[ +8 KV IQGU VQ VJG (TGPEJ ETQYP 6JKU EQKP NCEMU UGG CNN TGHGTGPEGU VJG NKU DGVYGGP VJG % CPF VJG 4 QH %415'&85 &WRNGUU[ CVVTKDWVGU VJKU URGEKOGP VQ )GQHHTG[ +++

129

*'48' +++ QH &10<;

&GPKGT )KGP. # %TQUU YKVJ QPG VTKCPING KP VJG PF CPF TF CPING UVCHH YKVJ JCOOGTJGCF! %15'&85 %15 4 /QPQITCO )+'/+5 %#. $ & .GITQU 2F# IT. #NOQUV XGT[ HKPG 6WTSWCV /QPVRGNNKGT 6JG OQPQITCO QP VJG TGXGTUG QPEG CICKP KU C DNWPFGTGF OQPQITCO QH (QWNSWGU F #PLQW &WRNGUU[ CVVTKDWVGU KV VQ )GQHHTG[ +++

5'+)0+14; QH 8+'4<10 +P VJG EQWPV QH $NQKU %JCTVTGU 6JKDCWV NG 8KGWZ RQUUGUUGF VJG 8KGT\QP ECUVNG 1FQ + UQP QH 6JKDCWV NG 6TKEJGWT ICXG VJG UGKIPGWTKG KP HKGH VQ VJG MPKIJV *WPDCWF NG 6QTVW *KU UWEEGUUQTU UGTXGF NQ[CNN[ CU XCUUCN QH VJG EQWPVU QH $NQKU %JCORCIPG 6JG *QWUG *WPDCWF DGECOG GZVKPEV KP 6JG UGKIPGWTKG HGNN VQ $TCDCPV ,Ã&#x2019;NKEJ CPF YCU GXGPVWCNN[ CFFGF VQ VJG TQ[CN FQOCKP CHVGT

*'48' +

&GPKGT. # )TGCV HNQYGT DGVYGGP VQ NKU 4 %TQUU 8+45+10'. $ & .GITQU 2F# IT. 'ZVTGOGN[ HKPG .GQRCTF F 1T 2CTKU &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU XGTU

%1706; QH 5#0%'44' 'OGTIGF HTQO VJG UOCNN UGKIPGWTKG QH %JÂ³VGCWIQTFQP VJCV FGRGPFGF QP VJG CTEJDKUJQR QH $QWTIGU +P 1FQ ++ HTQO VJG *QWUG QH $NQKU %JCORCIPG TGEGKXGF KV VJTQWIJ OCTTKCIG 6JWU 5VGRJGP 'VKGPPG ECOG VQ KPJGTKV VJG UGKIPGWTKG +PUVGCF QH DGKPI PCOGF CHVGT %JÂ³VGCW IQTFQP VJG UGKIPGWTKG YCU TGHGTTGF VQ CU 5 5CPEGTWO 5CPEGTTG DGECOG C EQWPV[ +P URKVG QH VJGKT EQOKVCN VKVNG VJG EQWPVU QH 5CPEGTTG YGTG OGTGN[ OKPQT XCUUCNU QH VJG MKPI 9KVJ ,QJP +++ VJG EQWPV[ EGCUGF VQ GZKUV KP CPF HGNN VQ VJG &CWRJKPU FÅ&#x2030;#WXGTIPG

'6+'00' +

&GPKGT. # %TQUU YKVJ QPG RGNNGV KP VJG VJ CPING 5'2*#0 85 %1/' 4 *GCF T +8.+ 85 %'5#4. $ & .GITQU 2F# IT. (NCP ETCEM CPF JQNG XGT[ HKPG *GP\GP #OGTQPIGP 5CPEGTTG UJQYU ,WNKWU %CGUCT QP KVU EQKPU DGECWUG ,WNKWU %CGUCT KU RTGUWOGF VQ JCXG HQWPFGF 5CPEGTTG /QUVN[ C UVCT KU UGGP DGJKPF VJG JGCF JGTG KV KUPÅ&#x2030;V EH & C TGHGTGPEG VQ VJG EQOGV VJCV CRRGCTGF CV VJG FGCVJ QH ,WNKWU %CGUCT +P VJG VGZV QP VJG TGXGTUG VJG 6 KU OKUUKPI 'VKGPPG + 'VKGPPG ++ FG %JCORCIPG EQWPV QH $NQKU

130

%1706; QH 8'0&¢/' *GTG VJG EQWPVU EQKPGF VJGOUGNXGU UVCTVKPI YKVJ $QWEJCTF ++ DCUGF QP VJG $N¾QUQKUG V[RG &WTKPI VJG TGKIP QH ,QJP +++ VJGTG YCU C EJCPIG VQ VJG 6QWTU FGPKGT OQFGN

(17.37'5 Nŉ1+510

&GPKGT. # 6¿VG EJKPQPCKUG YKVJ ETQUU KP CPF TKPI KP HTQPV QH KV 4 %TQUU YKVJ TKPI KP VJG UV CPF VJ CPINGU 8+0&1%+01 % #6 41 . $ & .GITQU 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG -TKEJGNFQTH 5VWVVICTV .GITQU 4444 YKVJ %#56+1 KPUVGCF QH %#641 &WRNGUU[ EJCTCEVGTKUGU KV CU CPQP[OQWU DGVYGGP

5'+)0+14; QH &'1.5 %* 6'#7417: 6JG XKEWU &¾QNU GPEQORCUUGU VJG TGIKQP QH &¾QNU CPF %J³VGCWTQWZ CPF KU QH EGNVKE QTKIKP +P VJG DGIKPPKPI QH VJG VJ EGPVWT[ &¾QNU DGNQPIGF VQ 'DDQ $KVWTKEWU C YGCNVJ[ HKFGNKU QH )WKNNCWOG NG 2KGWZ FWMG QH #SWKVCKPG CPF EQWPV QH $QWTIGU YJQ HQWPFGF %NWP[ KP +P 'DDQ HQWPFGF C OQPCUVGT[ KP &¾QNU &¾QNU DGECOG C RTKPEKRCNKV[ CPF UGXGTCN OKPQT UGKIPGWTKGU HGNN WPFGT KV COQPI YJKEJ +UUQWFWP 6JG EQKPU QH &¾QNU KP VJG VJ EGPVWT[ FQOKPCVGF VJG TGIKQP 6JGTG YCU UVKNN UQOG FGRGPF GPEG QP VJG EQWPVU QH 2QKVKGTU CPF VJG FWMGU QH #SWKVCKPG DWV QVJGTYKUG &¾QNU YCU HCKTN[ CWVQPQOQWU +P VJG OKFFNG QH VJG VJ EGPVWT[ 4WFQNRJ 8 VQQM QP VJG PCOG QH %J³VGCWTQWZ 6JG *QWUG QH %JCWXKIP[ VJCV CESWKTGF EQPVTQN QH &¾QNU VJTQWIJ VJG OCTTKCIG QH #PFT¾ FG %JCW XKIP[ VQ &¾PKUG JGKTGUU QH &¾QNU JGPEGHQTVJ ECNNGF KVUGNH VJG .QTFU QH %J³VGCWTQWZ

'7&'5 N #0%+'0

&GPKGT. # %TQUU 1&1 &8: 4 /QPQITCO &1.'1%+8'5. $ & .GITQU 2F# IT. 'ZVTGOGN[ HKPG

$QPXCNNGV 2CTKU

RGTKQF

&GPKGT. # %TQUU 1&1 &8: 4 2GPVCITCO &1.'1%+8'5. $ & .GITQU 2F# IT. 2NGCUKPIN[ VQPGF CPF GZVTGOGN[ HKPG URGEKOGP -TKEJGNFQTH 5VWVVICTV .GITQU 4 +P VGZV TGXGTUG KPXGTVGF 5 &WRNGUU[ EJCTCEVGTKUGU WPFGT 1FQ VJG 'NFGT

131

4#17. 8++

&GPKGT. # %TQUU 4#&8.(85 4 *GZCITCO YKVJ TKPI KP VJG EGPVTG &'&1.+5. $ & .GITQU 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN

5'+)0+14; QH +5517&70 1NF )CNNQ 4QOCP UGVVNGOGPV VJCV FGENKPGF WPFGT VJG /GTQXKPIKCPU +P KV YCU UGK\GF D[ VJG .QTF QH &Â¾QNU 1FQ VJG 'NFGT +P KV YCU OGTIGF YKVJ &Â¾QNU HQT )WKNNCWOG + FG %JCWXKIP[ OCTTKGF /CJCWV JGKTGUU QH +UUQWFWP 6JG EQKPU YGTG PQY ENQUGN[ CVVCEJGF VQ VJQUG QH &Â¾QNU +P VJG UGKIPKQT[ DGECOG RCTV QH VJG TQ[CN FQOCKP

RGTKQF

&GPKGT. # %TQUU YKVJ RGNNGV KP VJG PF CPF VJ CPINGU 1&4 :' 6 4 / DGVYGGP UVTKRG CPF TKPI &64 '5 8 . $ & .GITQU 2F# IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ

4#17. ++

&GPKGT. # / DGVYGGP VYQ YGFIGU ETGUEGPV! CPF TKPI 4#&8.(85 4 %TQUU YKVJ QPG TKPI KP VJG UV CPF TF CPINGU :1.+&80. $ & .GITQU 2F# IT. 8GT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ

#$$'; QH 5178+)0; %NWPKCUGPUG CDDG[ KP VJG $QWTDQPPCKU (KTUV OGPVKQPGF KP (TQO OGPVKQPGF CU FG RGPFGPV QP %NWP[ +P 5QWXKIP[ IQXGTPGF EJWTEJGU CPF CDDG[U 5QWXKIP[ CPF %NWP[ YGTG ENQUGN[ CVVCEJGF 6YQ CDDQVU QH %NWP[ FKGF KP 5QWXKIP[ QPG QH VJGO DGKPI /CKQNWU YJQO YG HKPF QP VJG EQKPU 7PVKN 5QWXKIP[ HGNN WPFGT VJG FKTGEV RTGNCE[ QH VJG %NWP[ CDDQVU CHVGT YJKEJ )WKFQ EQWPV QH /Â³EQP CRRGCTGF CPF 5QWXKIP[ DGECOG CP KPFGRGPFGPV RTKQT[

#010;/175

&GPKGT. # $WUV QH 5CKPV /CKGWT HCEKPI YKVJ ETQUKGT 5%5 /#+1.85 4 %TQUU 5+.8+0+#%1. $ & 2F# IT. 8GT[ HKPG $QWTIG[ 2CTKU

132

&GPKGT. # $WUV QH 5CKPV /CKGWT HCEKPI YKVJ ETQUKGT 5%5 /#+1.85 4 %TQUU 5+.8+0+#%1. $ & 2F# IT. 5OCNN VTCEGU QH EQTTQUKQP XGT[ HKPG

$QWTIG[ 2CTKU

/10'6#4; #..+#0%' YKVJ #4%*#/$#7& : UGKIPGWT QH $174$10

&GPKGT. # $WUV QH 5CKPV /CKGWT HCEKPI YKVJ ETQUKGT WPFGT UVTKRG CPF VYQ UJGNNU 5%5 /#+1.85 4 %TQUU YKVJ ETGUEGPV KP VJG PF CPING &'5+.8+0+#%1. $ & 2F# IT. 8GT[ HKPG $CVCXKC FGP *CCI

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Â¾IKOG

#010;/175 XGTU

&GPKGT. # + VJTGG RGNNGVU QXGT GCEJQVJGT CPF ETQUU WPFGT UKEMNG .1&8+%85 4': 4 %TQUU YKVJ VTGHQKN KP VJG UV CPF PF CPINGU $14$10'05. $ & 2F# IT. &CTM RCVKPC XGT[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN

,1*0 ++

1DQNG FG DKNNQP 6TÂ¾XQWZ. # .KU WPFGT ETQUU DGCO +*'5 &8% $14$ 10+ 4 %TQUU 1$1.85 05. $ 2F# IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG

2NCVV 2CTKU 6JG TGXGTUG UJQWNF UJQY 64'815+ DWV KV FQGUPÅ&#x2030;V 6JG % KP VJG VGZV QP VJG QDXGTUG KU KPXGTVGF 6JG UGKIPGWTKG 6TÂ¾XQWZ QTKIKPCNN[ DGNQPIGF VQ VJG RTKPEKRCNKV[ QH &QODGU UKVWCVGF CDQXG .[QP +P *WODGTV 8++ UQNF UGXGTCN UGKIPGWTKGU COQPI YJKEJ 6TÂ¾XQWZ VQ VJG FWMGU QH $QWTDQP YJQ VJWU CESWKTGF RCTV QH &QODGU ,QJP ++ CPF JKU UWEEGUUQT 2KGTTG ++ JCXG EQKPGF KP 6TÂ¾XQWZ

133

&+1%'5' QH 27; /GPVKQPGF D[ )TGIQT[ QH 6QWTU 6JG FKQEGUG CEVWCNN[ JCXKPI DGGP HQWPFGF TGOCKPU WPEGTVCKP

GPF QH VJG VJ EGPVWT[! &GEKUKXG KU VJCV VJG DKUJQR YCU ITCPVGF KOOWPKV[ LWTKUFKEVKQP CPF TKIJV QH OKPV D[ VJG 9GUV HTCPEQPKCP MKPI 4WFQNRJ KP 6JG QNF PCOG #PKU QH #PKEKWO FKUCRRGCTGF CPF VJG PGY PCOG DGECOG 2QFKWO $GCVCG /CTKCG WPFGTNKPKPI VJG /CTKCP RKNITKOCIG UVCVWU QH VJG FKQ EGUG 0QVTG &COG FW 2W[ 6JG MKPIU JCF CNYC[U GPFQTUGF VJG DKUJQRU CU VJG[ FKF KP VJGKT EQPHNKEV YKVJ VJG XKUEQWPVU QH 2QNKIPCE 5VKNN CP CITGGOGPV DGVYGGP VJG VYQ RCTVKGU YCU TGCEJGF KP EQPEGTPKPI COQPI QVJGT VJKPIU VJG TKIJV QH OKPV +P VJG VJ EGPVWT[ VJG DKUJQRU UWEEGGFGF CEETQCEJKPI CNN RQYGT 6JG EKV[ TGEGKXGF KVU QYP UVCVWVG KP UKPEGTGN[ EWTVCKNKPI VJG KPHNWGPEG QH VJG DKUJQRU

#010;/175

1DQNG. # %TQUU YKVJ UKZ NKODU 4 %TQUU. $ & 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN 2QG[ F #XCPV JCU C RGNNGV KP VJG PF CPING QH VJG TGXGTUG YJKEJ KU PQV XKUKDNG JGTG

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

#010;/175 VJ EGPVWT[

&GPKGT. # $WUV QH /CTKC HCEKPI YKVJ ETQYP 5'# /#4+# 4 %TQUU YKVJ VTGHQKN KP GCEJ CPING 84$5 #48'40#. $ & 2F# IT. /KPQT VTCEGU QH GPETWUVCVKQP CPF XGTFKITKU XGT[ HKPG

1DQNG. # $WUV QH /CTKC HCEKPI YKVJ ETQUU RQKPVGF ETQYP 5'# /#4+# 4 %TQUU YKVJ VTGHQKN KP GCEJ CPING 8 #48'40#. $ & 2F# IT. 8GT[ HKPG

5RKPM .QPFQP

.B1DUGTXCPEG &TCIWKIPCP 1DXGTUG ' YKVJ RTQNQPIGF JQTK\QPVCN OKFFNG NKPG 5%# 5CPEVC

134

%1706; QH 21+617 4COPWNH YCU VJG HKTUV EQWPV QH VJG RQVGPV F[PCUV[ VJCV TWNGF 2QKVQW HTQO VQ )WKN NCWOG + NG 2KGWZ YCU VJG HQWPFGT QH %NWP[ +P VJG EQWPV QH 2QKVQW )WKNNCWOG +++ 6Â¿VG FÅ&#x2030;Â&#x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Â¾VKIP[ 2QKVQW CPF 2QKVKGTU YGPV VQ VJG 'PINKUJ +P 2QKVKGTU QRGPGF KVU ICVGU VQ $GTVTCPF &W )WGUENKP CPF 2QKVKGTU CPF VJG YJQNG QH 2QKVQW DGECOG CP CRC PCIG QH FWMG ,GCP FG $GTT[ 6JG XKEVQT[ CV %CUVKNNQP KP RWV CP GPF VQ 'PINKUJ VJTGCVU QPEG CPF HQT CNN

#010;/175 EC EC

&GPKGT TF V[RG. # %TQUU %#4.85 4' 1 4 +P VYQ NKPGU /'6 #.1 DGVYGGP VYQ RGNNGVU. $ & 2F# IT. 8GT[ HKPG

$TGF 2CTKU &WRNGUU[ UC[U %QPVTCKTGOGPV Â¯ EG SWÅ&#x2030;CHHKTOG &WOCU CRTÂ½U 2QG[ FÅ&#x2030;#XCPV EGU FGPKGTU PG UQPV RCU FGU KOOQDKNKUC VKQPU FG %JCTNGU NG %JCWXG OCKU FG %JCTNGU NG 5KORNG .GU FGPKGTU FG /GNNG CW V[RG DKNKPÂ¾CKTG PÅ&#x2030;CRRCTCKUUGPV FCPU CWEWP VTÂ¾UQT OQPÂ¾VCKTG FG NC HKP FW :KÂ½OG UKÂ½ENG .GU RNWU CPEKGPU UG VTQWXCKGPV FCPU NGU VTÂ¾UQTU FG %JGH $QWVQPPG

GV FG 4GPPGU

1DQNG /GNNG. # %TQUU % # 4.85 4': 4 +P VYQ NKPGU /'6 #.1 QXGT ETQUU. $ & 2F# IT. (KPG VQPGF CNOQUV GZVTGOGN[ HKPG URGEKOGP 'NUGP $TWUUGN (TQO NKUV PQ VJ EGPVWT[

4+%*#4& + %Ä&#x2122;74 &' .+10

&GPKGT. # %TQUU 4+%#4&85 4': 4 +P VJTGG NKPGU 2+% 6#8+' 05+5. $ & 'NKCU 2F# IT. 8GT[ HKPG

*QNNGOCP 'PUEJGFG

135

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

D[ YJKEJ C TQWIJ CPF TGCF[ NKCKUQP YKVJ 'PINCPF YCU GUVCDNKUJGF UVCTVKPI VJCV YQWNF NCUV C NQPI VKOG #SWKVCKPGU JKUVQT[ KU FQOKPCVGF D[ VJG QRRQUKPI ETQYPU QH 'PINCPF CPF (TCPEG 2JKNKR ++ #WIWUV EQPHKUECVGF ,QJP .CEMNCPFÅ&#x2030;U RQUUGUUKQPU CPF VJGP .QWKU +: EQPSWGTGF 2QKVQW 'XGT[VJKPI UGGOGF NQUV HQT 'PINCPF GZEGRV )CUEQIPG CPF )W[GPPG DWV KP KP VJG VTGCV[ QH 2CTKU .QWKU +: CPF JKU DTQVJGT KP NCY *GPT[ ++ CITGGF QP VJG EGUUKQP QH #SWKVCKPG KP HKGH VQ VJG NCVVGT %QPHNKEVU DTQMG QWV CPGY WPFGT 2JKNKRRG +8 NG $GN 6JG (TGPEJ QEEWRKGF #SWKVCKPG HTQO VQ 9JGPGXGT VJG OCVVGT QH 'PINKUJ UWEEGUUKQP KP (TCPEG YCU TCKUGF #SWKVCKPG YCU CNYC[U VJG VGTTKVQT[ CV KUUWG JCXKPI DGGP VJG QTKIKPCN ECWUG HQT VJG *WPFTGF ;GCTUÅ&#x2030; 9CT +P VJG FWEJ[ YCU NKOKVGF VQ $QTFGCWZ CPF $C[QPPG #HVGT VJG 'PINKUJ XKEVQT[ CV 2QKVKGTU CPF VJG RGCEG QH $TÂ¾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

6CNDQV DGHQTG KV FGHKPKVKXGN[ YQWNF TGVWTP WPFGT (TGPEJ UYC[ KP CPF TGOCKP VJGTG HQTIQQF YKVJ VJG UQNG GZEGRVKQP QH VJG [GCTU YJGP %JCTNGU QH (TCPEG C DTQVJGT QH .QWKU :+ YCU FWMG QH #SWKVCKPG

6JG *QWUG QH 2QKVQW )7+ )'1((41+

&GPKGT. # %TQUU )1&'4+&85 %1/'5 4 6YQ ETQUUGU YKVJ TKPI CDQXG CPF RGNNGV DGNQY $84&')#+'. $ & 2F# IT. 4 8GT[ HKPG %TGFKV FGNC $QWTUG 2CTKU )W[ )GQHHTQK CU EQWPV QH $QTFGCWZ

136

)7+..#7/' :

&GPKGT. # (QWT ETQUUGU %.8+.+./1 4 %TQUU $84&')#.#. $ & 2F# IT. 9GNN UVTWEM XGT[ HKPG 5RKPM .QPFQP 6JKU EQKP KU NCTIGT CPF EQWTUGT KP FGUKIP VJCP PQ

&GPKGT. # (QWT ETQUUGU %.8+.+./1 4 %TQUU $84&')++.#. $ & 2F# IT. 9GNN UVTWEM XGT[ HKPG

8KPEJQP 2CTKU 6JKU EQKP KU UOCNNGT CPF HKPGT KP FGUKIP VJCP PQ (QT VJG EQKPU UVTWEM D[ .QWKU 8++ QH (TCPEG JWUDCPF QH 'NGQPQTG KP #SWKVCKPG EH PQ WPFGT (TCPEG 4Q[CNG

#PINQ )CNNKE 2GTKQF *'04; ++

1DQNG. # 4': / CDQXG ETQUU DGNQY 4 %TQUU YKVJ TKPI KP VJG UV CPF VJ CPINGU '0 4+% 85. $ & 'NKCU 2F# IT. 44 5OCNN GFIG HCWNV CNOQUV XGT[ HKPG 5RKPM .QPFQP (TQO 0WO %KTE PQ 'Z $TCPF EQNNGEVKQP $QWIJV 5RKPM

4+%*#4& + %Ä&#x2122;74 &' .+10 +P 4KEJCTF RCKF JQOCIG HQT #SWKVCKPG VQ .QWKU 8++ QH (TCPEG +P CRRQKPVGF FWMG

&GPKGT 6[RG . # +P VYQ NKPGU 4+%# 4&85 CDQXG ETQUU QOGIC DGNQY 4 %TQUU #38+6#0+'. $ & 'NKCU 2F# IT. 8GT[ HKPG %QKP +PXGUVOGPV .KUUG #WEVKQP PQ 6GZV QDXGTUG KP VYQ NKPGU

1DQNG 6[RG . # +P VYQ NKPGU 4+%# 4&85 CDQXG ETQUU QOGIC DGNQY 4 %TQUU #38+6# 0+' . $ & 'NKCU 2F# IT. 4 8GT[ HKPG 5RKPM .QPFQP (TQO 0WO %KTE PQ

137

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#010;/175 VJ VJ EGPVWT[

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8KPEJQP 2CTKU

153

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8KPEJQP 2CTKU

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&GPKGT. # %TQUU 8)1 %1/'5 4 &#5 KP VJG HKGNF 41&'5 %+8+. $ & 2F# IT. 8GT[ HKPG

$TGF 2CTKU

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$'40#4& N #+0'

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5RKPM <Ã&#x2019;TKEJ

#010;/175 VJ EGPVWT[

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154

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&+1%'5' QH /#)7'.100'

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$TGF 2CTKU

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.17+5 N #8'7).'

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155

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VGTTKVQTKGU VQ VJG PQTVJ QH VJG &WTCPEG CPF VJG TKIJV DCPM QH VJG 4JÊPG 6JGTG YGTG UGXGTCN TGDGNNKQPU OQUV FKUVKPEVN[ VJCV D[ VJG .QTFU QH $CWZ CICKPUV VJG EQWPVU QH $CTEGNQPC

4#+/10& 8+ QT 8++

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#.2*105' + 4#+/10&

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156

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'NUGP $TWUUGN

%*#4.'5 + QH #0,17

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/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN

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157

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41$'46 QH #0,17

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5EJWNOCP # FCO #WEVKQP PQ

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158

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#010;/175

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#.2*105' ,174&#+0

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$QPXCNNGV 2CTKU

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%1//70'

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159

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41&1.2*' +++

&GPKGT. # %TQUU 41&8.(85 4 6GORNG YKVJ ETQUU CPF QPG RGNNGV YKVJKP .8%8&8085. $ 2F# IT. 9GNN UVTWEM CPF XGT[ HKPG URGEKOGP

8KPEJQP 2CTKU

1DQNG. # %TQUU 41&8.(85 4 6GORNG .8%8&8085. $ 2F# IT. 0KEG RCVKPC XGT[ HKPG -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ

&GPKGT. # %TQUU 41&8.(85 4 5 KP VJG HKGNF .8%8&8085. $ 2F# IT. (NCP FGHGEV XGT[ HKPG /Ã&#x2019;P\GPCWMVKQP 'UUGP #WEVKQP PQ

-104#& +++

&GPKGT. # %TQUU %104#&85 4 %TQUU QP VTKCPING .8)&8085. $ 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG

8KPEJQP 2CTKU

*'04+ NG 01+4

&GPKGT. # %TQUU *'+04+%85 4 5 KP VJG HKGNF .8)&8 08 5. $ 2F# IT. 4 8GT[ HKPG -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ

160

&GPKGT. # 4 KP VJG HKGNF *'+04+%85 4 %TQUU .8%8&8085. $ 2F# IT. 5RNGPFKF RCVKPC GZVTGOGN[ HKPG $QWTIG[ 2CTKU #WEVKQP ,WPG PQ

&GPKGT. # 4 KP VJG HKGNF *'+0+4+%85 4 %TQUU .8%8&8085. $ 2F# IT. 'ZVTGOGN[ HKPG $QWTIG[ 2CTKU #WEVKQP ,WPG PQ

&GPKGT. # 4 KP VJG HKGNF *'+0+4+%85 4 %TQUU .8%8&80+85. $ 2F# IT. /CIPKHKEGPV RCVKPC GZVTGOGN[ HKPG

$QWTIG[ 2CTKU #WEVKQP ,WPG PQ

&7%*; QH $74)70&; 5KPEG $WTIWPF[ YCUPÅ&#x2030;V RNGCUGF VQ DG TWNGF D[ C )GTOCP GORGTQT KV CRRQKPVGF C FWMG 4QDGTV + HQWPFKPI VJG NKPG QH VJG 4WFQNRJKCPU 4QDGTV + YCU C UQP QH 4QDGTV ++ MKPI QH (TCPEG #N VGTPCVKPIN[ FWMGU D[ VJG PCOGU QH 1FQ CPF *WIJ TGKIPGF *WIJ +++ KPJGTKVGF VJG &CWRJKPÂ¾ CPF 1FQ +8 KPJGTKVGF #TVQKU CPF (TCPEG %QOVÂ¾ 'XGPVWCNN[ VJG *QWUG QH VJG 4WFQNRJKCPU XCPKUJGF YKVJ 2JKNKRRG +Å&#x2030;U FGOKUG KP CPF $WTIWPF[ YCU CDCPFQPGF VQ (TCPEG 6JG $WTIWPFKCP FWMGU YGTG JGCXKN[ KPVGTVYKPGF YKVJ QVJGT JQWUGU CPF UQ ,QJP DTQVJGT QH 4QDGTV ++ ECOG D[ $QWTDQP CPF 1FQ CPQVJGT QH 4QDGTV ++Å&#x2030;U UQPU TGEGKXGF 0GXGTU +OOGFKCVGN[ CHVGT VJKU KP VJG (TGPEJ MKPI ,QJP VJG )QQF DGUVQYGF $WTIWPF[ WRQP JKU HQWTVJ UQP 2JKNKRRG VJG $QNF YJQ YCU ITCPFUQP VQ 4QDGTV ++ QH $WTIWPF[ DTKPIKPI VJG *QWUG QH 8CNQKU VQ RQYGT KP $WTIWPF[ CU YGNN 9JGP %JCTNGU VJG 4CUJ FKGF KP CPF NGHV DWV C UKPING FCWIJVGT /CTKC VJG (TGPEJ MKPI UGK\GF VJG QRRQTVWPKV[ CPF CPPGZGF $WTIWPF[ VQ (TCPEG QPEG CPF HQT CNN 4WFQNHKPIGTU 1&1 +++

&GPKGT. # #PKNNG YKVJ QPG RGNNGV CV GCEJ GPF 1&1 &8: $84) &+' 4 %TQUU YKVJ QPG CTTQY KP VJG UV CPF VJ CPINGU &+8+10'05+5. $ 2F# IT. 5OCNN HNCP ETCEM CPF VTCEGU QH GPETWUVCVKQP XGT[ HKPG

.GQRCTF F 1T 2CTKU

161

41$'46 ++

&GPKGT. # 5JKGNF DGCTKPI VJG CTOU QH $WTIWPF[ YKVJ 8 CDQXG 4 &8: $74) &+' 4 %TQUU YKVJ QPG TKPI KP VJG PF CPING &+8+10'05+5. $ 2F# IT. 8GT[ HKPG

8KPEJQP 2CTKU

*7)* 8

&GPKGT. # #PKNNG FKXKFGF D[ &8: YKVJKP VYQ NKPGU 8)1 $84)80&+' 4 %TQUU YKVJ QPG VTGHQKN KP VJG PF CPF TF CPINGU &+8+10'05+5. $ 2F# IT. 8GT[ HKPG

8KPEJQP 2CTKU

6JG *QWUG QH 8CNQKU ,'#0 5#05 2'74

$NCPE F CTIGPV. # 5JKGNF DGCTKPI VJG CTOU QH $WTIWPF[ +1*#0'5 X &8: X $84)80&+' 4 %TQUU YKVJ QPG NKQP KP VJG UV CPF VJ CPF QPG NKU KP VJG PF CPF TF CPINGU 5+6 â&#x20AC;&#x17E; 01/' â&#x20AC;&#x17E; &0+ â&#x20AC;&#x17E; $'0'&+%68. $ 2F# IT. 5OCNN VTCEGU QH GPETWUVCVKQP QVJGTYKUG XGT[ HKPG .GQRCTF F 1T 2CTKU 2F# UVCVGU C FKHHGTGPV FKUVTKDWVKQP QH VJG SWCTVGTU QP VJG TGXGTUG

2*+.+22' .' $10

$NCPE F CTIGPV. # 6YQ UJKGNFU 2*+.+285 CDQXG &8: Â¶ '6 Â¶ %1/'5 Â¶ $84)80&+' 4 %TQUU DGVYGGP NKU CPF NKQP QXGT 2*+.+285 5+6 Â¶ 01/' Â¶ &0+ Â¶ $'0'&+%68/. $ 2F# IT. 0KEG RCVKPC XGT[ HKPG .GQRCTF F 1T 2CTKU 1P VJG TGXGTUG C RGNNGV KU WPFGT VJG 0 QH 01/' 6JKU EQWNF KPFKECVG 5V .CWTGPV +V KU OQFGNNGF URGEKHKECNN[ CHVGT VJG )TCPF DNCPE CWZ 'EWU QH *GPTK 8+ EH PQ

162

$NCPE F CTIGPV. # 5JKGNF DGCTKPI VJG CTOU QH $WTIWPF[ ¤ 2*+.+2 ¤ &8: ¤ $84)80&+' 4 %TQUU YKVJ QPG NKU KP VJG UV CPF VJ CPINGU CPF QPG NKQP KP VJG PF CPF TF CPINGU 5+6 „ 01/' „ &0+ „ $'0'&+%68. $ 2F# IT. 2CVKPC XGT[ HKPG 8KPEJQP 2CTKU

%*#4.'5 NG 6'/'4#+4'

$NCPE F CTIGPV. # 5JKGNF DGVYGGP VYQ ETQUUGU WPFGT HKTG UVGGN -#41.85 ¤ &8: ¤ '6 ¤ %1/'5 ¤ BVRG', R: Cross with two lis and two fire-steels + SIT ¤ 01/'0 ¤ &0+ ¤ $'0'&+%68/. $ 2F# IT. 8GT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ

$NCPE F CTIGPV. # 5JKGNF -#41.85 ¤ &8: ¤ '6 ¤ %1/'5 ¤ $74 4 (NQTKCVGF ETQUU 5+6 8GT[ HKPG a 01/' a &0+ a $'0'&+%68¤ $ 2F# IT. 8KPEJQP 2CTKU

163

%1706; QH *#76' $174)1)0' 1VVQP )WKNNCWOG TGEGKXGF VJG EQWPV[ *CWVG $QWTIQIPG QH MKPI 4QFQNRJG +++ QH $WTIWPF[ CV VJG GPF QH VJG VJ EGPVWT[ 6JKU YCU C EQPINQOGTCVG QH HKXG KPUKIPKHKECPV EQWP VKGU 'NUICW 8CTGUICW 5EQFKPIWG #OQWU CPF 2QTV %1706; QH 5%1&+0)7' 6JG UGKIPGWTKG 5CNKPU YCU CESWKTGF KP VJG VJ EGPVWT[ D[ EQWPV #WDT[ FG /Â³EQP *KU DTQVJGT *WODGTV + NCKF VJG HQWPFCVKQPU QH C F[PCUV[ QH YJKEJ VJG NCUV OGODGT /CTIWGTKVG EQPXG[GF VJG UGKIPGWTKG VQ FWMG *WIJ QH $WTIWPF[ 5CNKPU QYGU KVU RTQURGTKV[ VQ VYQ UCNVOKPGU $QWTI NG %QOVG CPF )TCPF 5CWPGTKG 6JG NCVVGT YCU VJG TKEJGUV UQWTEG QH KPEQOG QH VJG FWMGU QH $WTIWPF[

#010;/175

&GPKGT 5CNKPU. # %1/+65 OQPQITCO u%86+p%1+ 8 4 %TQUU u#.+0+5 $84. $ 2F# IT. 4 0KEG RCVKPC XGT[ HKPG $QPXCNNGV 2CTKU 6JKU EQKP UVGOU HTQO VJG FC[U QH 1VVQP )WKNNCWOG CPF RTGUWOCDN[ YCU KP VJG .QPU NG 5CWNPKGT HKPF QH

#4%*&+1%'5' QH $'5#0Â&#x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

*7)* +++

&GPKGT. # $NGUUKPI JCPF 5 56+2 *#085 4 %TQUU YKVJ * 8 ) 1 KP VJG CPINGU 8'5106+7/. $ 2F# IT. 5OCNN GFIG HCWNV XGT[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN 1DXGTUG 5NCUJ VJTQWIJ VJG HKTUV 5 5#0%685

164

#4%*&+1%'5' QH 8+'00' +PKVKCNN[ OGPVKQPGF D[ )TGIQT[ QH 6QWTU WPFGT VJG PCOG 8KGPPC 6JGTG KU OGPVKQP QH C FKQEGUG CV VJG GPF QH VJG TF EGPVWT[ 9WNHKGT YCU VJG HKTUV CTEJDKUJQR #WVTCP

YCU VJG EJCKT CV VJG CUUGODN[ QH /CPVCKNNG D[ YJKEJ $QUQ QH 8KGPPG YCU CRRQKPVGF MKPI QH $WTIWPF[ 6JG EKV[ TQUG VQ 8KNNG NKDTG KP CU FKF .[QP YKVJQWV CFXCPEKPI VQ EQOOWPCN UVCVWU +P VJG VJ VJ EGPVWT[ 8KGPPG JKUVQT[ YCU FQOKPCVGF D[ VJG HGWF DGVYGGP VJG CTEJDKUJQRU CPF VJG FCWRJKPU HTQO 5GG WPFGT &CWRJKPU FG 8KGPPQKU

#010;/175

&GPKGT. # *GCF N Ő 5 /#84+%+85 4 %TQUU 84$5 8+'00#. $ 2F# IT. 0KEG RQTVTCKV CNOQUV GZVTGOGN[ HKPG

9KPVGT &ÒUUGNFQTH #WEVKQP PQ

&GPKGT. # *GCF N Ő 5 Ő / Ő 8+'00# 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING /#:+/# Ő )#... $ 2F# IT. 5OCNN VTCEGU QH XGTFKITKU XGT[ HKPG

&GNOQPVG $TWUUGN

1DQNG. # *GCF N Ő 01$+.+5 Ő 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING Ő 8+'00# Ő. $ 2F# 2NCVV 2CTKU IT. 8GT[ HKPG

%1706; QH .;10 %KV[ MPQYP HTQO CPVKSWKV[ .WIFWPWO +P 6TGCV[ QH 8GTFWP .[QP YCU DTQWIJV WPFGT VJG TGCNO QH .QVJCKT + 1RRQUKPI VJG DKUJQRU YCU VJG RQVGPV HCOKN[ QH VJG .QTFU QH (QTG\ #TVGXGNFG +P .[QP UWHHGTGF UGXGTGN[ HTQO VJG RNCIWG 6JG FGEKOCVGF RQRWNCVKQP TGDGNNGF OGGVKPI YKVJ VJG HKGTEG TGVTKDWVKQP D[ MKPI %JCTNGU 8++ (TQO QP OCVVGTU KORTQXGF QYKPI VQ VJG OGT EJCPV ,CESWGU %QGWT KP RCTVKEWNCT +P VJG VKOG VQ HQNNQY .[QP FGXGNQRGF CPPWCN HCKTU YJKEJ KPFWEGF TKEJ RTQEGGFU

)7+..#7/' + QT ++

&GPKGT. # %1/'5 KP VJTGG NKPG 8 ¶ 8+.'. /85 4 %TQUU .8)&80+%+8+5. $ 2F# IT. 6TCEGU QH GPETWUVCVKQP YGCMN[ UVTWEM XGT[ HKPG

6WTSWCV /QPVRGNNKGT

165

#4%*&+1%'5' QH .;10 %JTKUVKCPKUGF GCTN[ QP VJG HKTUV EJTKUVKCP EJCRVGT QH KVU MKPF KP )CWN CVVCEJGF VQ KV CTG VJG PCOGU QH VJG DKUJQRU 2QVJKPWUG CPF +TGPCGW $KUJQR #IQDCTF YCU VJG HKTUV DKUJQR 6JG CTEJDKUJQR TGEGKXGF VJG VKVNG 2TKOCU )CNNKCG HTQO 2QRG )TGIQT[ 8++ KP

#010;/175

&GPKGT. # . ) WPFGT UVTKRG KP VJG HKGNF 24+/# 5'&'5 4 .QPI ETQUU FKXKFKPI VJG NGIGPF )# .. +# 48. $ 2F# IT. #NOQUV GZVTGOGN[ HKPG

8GEEJK .QPFQP #WEVKQP PQ

&GPKGT. # +P VJG HKGNF . ETQUUGF QWV 24+/# 5'&'5 4 %TQUU )#..+#48. $ 2F# IT. #NOQUV GZVTGOGN[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN

&GPKGT. # +P VJG HKGNF . ETQUUGF QWV 24+/# 5'&'5 4 %TQUU YKVJ QPG RGNNGV CV VJG GPF QH VJG XGTVKECN NKODU )#..+#4 8/. $ 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG

2NCVV 2CTKU

1DQNG. # +P VJG HKGNF . ETQUUGF QWV 24+/# 5'&'5 4 %TQUU )#..+#48. $ 2F# IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG 8GEEJK .QPFQP #WEVKQP PQ

166

&#72*+05 QH 8+'001+5 +P 2JKNKR 8+ CESWKTGF VJG &CWRJKPG VJGP RCTV QH VJG *QN[ 4QOCP 'ORKTG QP VJG EQPFK VKQP VJCV KV YQWNF DG TWNGF D[ VJG MKPI U JGKT 6JG HKTUV QH VJGUG TQ[CN FCWRJKPU YCU 2JKNKR U ITCPFUQP %JCTNGU VJG HWVWTG %JCTNGU 8 YJQ CU JG UWEEGGFGF VQ VJG VJTQPG KP YKVJQWV JCXKPI CP JGKT [GV HQT UQOG VKOG CHVGTYCTFU EQODKPGF VJG VKVNGU QH -KPI QH VJG (TGPEJ CPF &CWRJKP QH VJG 8KGPPQKU UGG ECV 5RKPM EQNN 'NKCU

%*#4.'5

)TQU FGNRJKPCN. # &QNRJKP &#.2* 5 8+'05 YKVJKP DQTFGT QH CTEJGU EQPVCKPKPI NKU 4 +PPGT EKTENG Ã± -#41.85 4': YKVJ VQMGP CHVGT # $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ +*8 Â¶ :2+. $ 2F# IT. 4 8GT[ HKPG 5RKPM .QPFQP 'Z 'NKCU EQNNGEVKQP $QWIJV 5KNDGTUVGKP 2CTKU %

)TQU FGNRJKPCN. # &QNRJKP â&#x20AC;&#x17E; -41.75 â&#x20AC;&#x17E; (4#0%148 â&#x20AC;&#x17E; 4': 4 %TQUU EQWTQPPÂ¾G QPG NKU KP VJG UV CPF VJ CPINGU CPF QPG FQNRJKP KP VJG PF CPF TF CPINGU â&#x20AC;&#x17E; '6 â&#x20AC;&#x17E; &#.2*5 â&#x20AC;&#x17E; 8+'0'5+5. $ 2F# IT. 4 0KEG RCVKPC CNOQUV GZVTGOGN[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ %JCTNGU UQP QH ,QJP VJG )QQF YCU VJG NCVVGT %JCTNGU 8 %

24+0%+2#.+6; 14#0)' #PEKGPV PCOG #TCWUKQ &KQEGUG HQWPFGF CV VJG VWTP QH VJG VJ EGPVWT[ D[ KVU KPKVKCN DKUJQR %QPUVCPV 6JG QTKIKPU QH VJG UQXGTGKIPV[ CTG WPENGCT -PQYP KU 6KDWTIC FCWIJVGT QH 4C[OQPF ++ *GT FCWIJVGT ECNNGF 6KDWTIC CNKMG YGFFGF RTKPEG $GTVTCPF FG $CWZ UGVVKPI QHH C PQDNG JQWUG VJCV YQWNF TGKIP WPVKN +P VJG EKV[ TGXQNVGF CICKPUV VJG UQXGTGKIP RTQORVKPI VJG NCVVGT VQ ITCPV HTGGFQO CPF C EJCTVGT

4#;/10& +8

(NQTKP F QT. # (NGWT FG NKU QH HNQTGPVKPG Ã° 4 &+) 2 #84# 4 5VCPFKPI 5CKPV ,QJP VJG $CRVKUV 5 +1*# 00'5 $ JGNOGV. $ (D 2F# IT. 9GNN UVTWEM CPF CNOQUV GZVTGOGN[ HKPG URGEKOGP 4CWEJ 9KGP #WEVKQP PQ 6JG VGZV QP VJG QDXGTUG UJQYU #&4# KPUVGCF QH #84# *GNOGV OKPVOCUVGT UKIP

167

(NQTKP F QT. # (NGWT FG NKU QH HNQTGPVKPG 4 &+ ) 2 #84# 4 5VCPFKPI 5CKPV ,QJP VJG $CRVKUV 5 +1*# 00'5 $ EQTPGV $ (D 2F# IT. 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV (GDTWCT[ PQ %QTPGV OKPVOCUVGT UKIP

%CTNKP. # 2TKPEG YKVJ UEGRVTG CPF QTD UKVVKPI QP VJTQPG 4 Ő 24+0%'25 Ő #84#0+ 4 %TQUU YKVJ QPG EQTPGV KP GCEJ CPING /10'6 %+8+65 #84#. $ 2F# IT. /KPQT FQWDNG UVTWEM QP VJG TGXGTUG XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

&+1%'5' QH 8#.'0%' CPF &+' +P CPVKSWKV[ MPQYP CU 8CNGPVKC +P RKNNCIGF D[ VJG 8KUKIQVJU 6JGTG CNYC[U YGTG ITCXG FKHHGTGPEGU DGVYGGP EKVK\GPU CPF DKUJQR #VVGORVU VQ TGEQPEKNG YGTG WPFGTVCMGP D[ (TGFGTKE $CTDCTQUUC KP CPF D[ CTEJDKUJQR *WODGTV QH 8KGPPG KP +P C HWNN TGXQNWVKQP DTQMG QWV

#010;/175

&GPKGT. # 9KPIGF GCING QT FGIGPGTCVGF CPIGN 84$5 8#.'06+#+ 4 %TQUU RQOO¾ YKVJ QPG TKPI KP VJG VJ CPING 5#21..+0#45. $ 2F# IT. 8GT[ HKPG 0WO -TKPI EH /GVECNH & / %QKPCIG QH VJG %TWUCFGTU CPF VJG .CVKP 'CUV .QPFQP R V[RG & KK

&GPKGT. # 9KPIGF GCING QT FGIGPGTCVGF CPIGN 84$5 8#.'06+#+ 4 %TQUU RQOO¾ YKVJ QPG TKPI KP VJG VJ CPING 5#21..+0#45. $ 2F# IT. 8GT[ HKPG &KXGTUGP EH /GVECNH & / %QKPCIG QH VJG %TWUCFGTU CPF VJG .CVKP 'CUV .QPFQP R V[RG & K

168

1DQNG. # 9KPIGF GCING QT FGIGPGTCVGF CPIGN 84$5 8#.'06+#+ 4 %TQUU RQOOÂ¾ YKVJ QPG TKPI KP VJG VJ CPING 5#21..+0#45. $ 2F# IT. 8GT[ HKPG $4'& 2CTKU EH /GVECNH & / %QKPCIG QH VJG %TWUCFGTU CPF VJG .CVKP 'CUV .QPFQP R V[RG & E

,'#0 +++ ,1('84;

)TQU F CTIGPV. # %TQUU RQOOÂ¾ YKVJ QPG TKPI KP VJG PF CPF QPG UVCT KP VJG TF CPINGU Â¤ +1*#0'5 Â¤ '2+5%12 4 'CING T Â¤ 8#.'06+0 Â¤ '6&+'0. $ 2F# IT. 4 0KEG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG 5RKPM .QPFQP (TQO 0% PQ

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

#010;/175

&GPKGT. # *GCF T 5%5 8#.'4+#0 4 %TQUU 61408%+1%#56. $ 2F# IT. 8GT[ HKPG

-TKEJGNFQTH 5VWVVICTV #WEVKQP PQ

169

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

#010;/175

&GPKGT. # %TQUU JQQM DGVYGGP VYQ RGNNGVU CPF UKEMNG CDQXG .1&8+%85 4' 4 %TQUU

0'8'40+5 %86 . $ & 2F# IT. 5OCNN FQWDNG UVTWEM XGT[ HKPG

6WTSWCV /QPVRGNNKGT

/#*#76 ++

&GPKGT. # *QTK\QPVCN NKPG NKU CDQXG VYQ UVCTU DGNQY / %1/+66+55# 4 %TQUU 0+8'40+5 %+8+6. $ & 2F# IT. 8GT[ HKPG

$CVCXKC FGP *CCI

41$'46 FG (.#0&4'

&GPKGT. # %TQKZ CWZGTTQKUG YKVJ QPG UVCT KP VJG PF CPING 41$'4675 %1/'5 4 5JKGNF DGCTKPI VJG HNGOKUJ CTOU DGVYGGP VJTGG UVCTU 0+8'40'05+5. $ & 2F# IT. 8GT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ #HVGT

170

%1706; QH #7:'44' 6JG EQWPV[ #WZGTTG KP WPFGT 4KEJCTF ,WUVKVKCTWU DGECOG CP KORQTVCPV RCTV QH VJG FWEJ[ $WTIWPF[ +P VJG EQWPV[ YCU OGTIGF KPVQ VJG EQWPV[ 0GXGTU .CVGT #WZGTTG YCU WPKVGF YKVJ 0GXGTU CPF 6QPPGTTG )WKNNCWOG + CPF ++ YGTG VJG OQUV KORQTVCPV EQWPVU 6JKU WPKV[ HQWPF KVU GPF KP +P VJG EQWPV[ YCU UQNF VQ VJG MKPIFQO D[ .QWKU QH %J³NQP +V YQWNF DTKGHN[ DG RCTV $WTIWPF[ HTQO VQ

#010;/175 VJ EGPVWT[

&GPKGT. # %TQUU CWZGTTQKUG #865+1&'5 %+ 4 %TQKZ CWZGTTQKUG WPFGT VJTGG RGNNGVU PQ NGIGPF. $ 2F# IT. #NOQUV GZVTGOGN[ HKPG URGEKOGP 1T )GUVKQP 2CTKU (TQO NKUV PQ 6JG EQKPU QH 6QPPGTG CTG KFGPVKECN VQ VJQUG QH #WZGTTG YKVJ GZEGRVKQP QH VJG PCOG QH EQWTUG

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

#010;/175

&GPKGT. # %TQUU YKVJ VYQ UOCNN ETQUUGU CDQXG CPF DGNQY PQ NGIGPF 4 %TQUU %'010'5%+. $ 2F# IT. 8GT[ HKPG

/ÒP\\GPVTWO -ÌNP

171

%1706; QH 2418+05 1NFGUV TGEQTFGF PCOG RCIWU 2TWXKPKGPUKU 6JG EKV[ YCU KP CESWKTGF D[ *GTKDGTV ++ QH 8GTOCPFQKU DWV D[ OCTTKCIG UQQP HGNN VQ VJG EQWPVU QH $NQKU 6JG HGOCNG OGODGTU QH VJG *QWUG $NQKU %JCORCIPG OQTG VJCP QPEG TGEGKXGF VJGUG GUVCVGU CU VJKTFU 2TQXKPU YCU VJG EKV[ QH VJG NCTIG EJCORCIPG HCKTU UGXGTCN VKOGU C [GCT 9JGP 6JKDCWV +8

DTQVJGT QH 5VGRJCP QH $NQKU VJG 'PINKUJ MKPI 5VGRJGP HTQO VJG *QWUG $NQKU %JCORCIPG FKGF VJG EQWPV[ YCU FKXKFGF KP UGXGTCN RCTVU 6JWU %JCORCIPG CPF YKVJ KV 2TQXKPU YGPV VQ *GPTK NG .KDÂ¾TCN CPF WPFGT JKO 2TQXKPU YQWNF GZRGTKGPEG C RGTKQF QH ITGCV DNQQO 1VJGT TGIKQPU YGTG .KIP[ $NQKU CPF 5CPEGTTG +P VJG RGQRNG FGOCPFGF VJGKT QYP UVCVWVGU DWV EQNNCDQTCVKQP YKVJ VJG EQWPVU UVC[GF GZ EGNNGPV 6JG EQWPV[ HGNN VQ FGUVKVWVKQP YJGP KP VJG EQWPV[ QH %JCORCIPG YCU TGNKP SWKUJGF VQ VJG (TGPEJ ETQYP 2TQXKPU UGEQPF EKV[ QH VJG EQWPV[ VJTQWIJ KVU OGTEJCPV RQUK VKQP PQY DGECOG C RNCEG QH YGCXGTU CPF F[GTU %JCTNGU ++ RWV KPFGRGPFGPEG VQ CP GPF YJGP JG VQQM 2TQXKPU KP

6*+$#76 +8

&GPKGT. # %TQUU YKV QPG RGNNGV KP VJG UV CPF VJ QOGIC KP VJG PF CPF CNRJC KP VJG TF CPINGU 6'$#.6 %1/'u 4 %QOD # DGVYGGP VYQ TKPIU CDQXG %#564+ 2466+05. $ 2F# IT. 5OCNN VTCEGU QH EQTTQUKQP XGT[ HKPG 2NCVV 2CTKU #EEQTFKPI VQ $QWFGCW KV YQWNF JCXG VQ UC[ 2488+05 KPUVGCF QH 2466+05

2418+05 CPF 5'05 #010;/175

&GPKGT. A %TQUU YKVJ QPG RGNNGV KP VJG UV CPF TF CPINGU CNRJC CPF QOGIC KP VJG PF CPF VJ CPINGU 5''+ 1/5 %+8+. R: %QOD ETQUU DGVYGGP VYQ TKPIU CDQXG 4+.&8/+5%#61 JCTFN[ XKUKDNG $ 2F# IT. 8GT[ HKPG URGEKOGP

$QWTIG[ 2CTKU

&+1%'5' QH /'#7: 6JG CPEKGPV PCOG KU +CVKPWO .QTG JCU KV VJCV /GCWZ YCU HQWPFGF CPF EJTKUVKCPKUGF KP VJG HKTUV JCNH QH VJG VJ EGPVWT[ D[ CP CRRTGPVKEG QH 5V &KQP[UKWU 5V 5CKPVKP #DQXG JKU VQOD C DC UKNKEC YCU DWKNV +P VJG VJ EGPVWT[ *GTKDGTV ++ QH 8GTOCPFQKU CESWKTGF /GCWZ CU C FQYT[ HTQO JKU DTKFG MKPI 4QDGTV +Å&#x2030;U FCWIJVGT *G DGUVQYGF KV WRQP JKU UQP 4QDGTV YJQ YCU CNTGCF[ EQWPV QH 6TQ[GU VJGTGD[ ETGCVKPI C EQOKVCN EQORNGZ VJCV HQTOGF VJG EQTG QH VJG GOGTIKPI EQWPV[ %JCORCIPG VJG *QWUG 6JKDCWF 6JG DKUJQRU QYPGF VJG TKIJV QH OKPV DWV VJG EQWPVU GPFGCXQWTGF VQ UGK\G KV +P CP CITGGOGPV YCU OCFG VJCV VJG GRKUEQRCN FGPKGT OGNFQKU YQWNF DG EQPUKFGTGF GSWKXCNGPV VQ VJG EQOKVCN FGPKGT RTQXKPQKU #V VJG DGIKPPKPI QH VJG VJ EGPVWT[ VJG GRKUEQRCN EQKP XCP KUJGF

)#76+'4 +

&GPKGT. # $NGUUKPI JCPF )#.6 '4+85 24'58 4 %TQUU /'.&+5 %+8+6#. $ 2F# IT. # NKVVNG ETGUVHCNNGP XGT[ HKPG *QNNGOCP 'PUEJGFG

172

2+'44' +

&GPKGT. # *GCF N YKVJ ETQUKGT CPF OKVTG 2'6485 '2+5%12 4 %TQUU YKVJ RGNNGV KP VJG EGPVTG KP VJG UV CPF VJ CPINGU QPG RGNNGV QPG NKU KP VJG PF CPF TF CPINGU /'.&+5 %+8+6#5. $ 2F# IT. 8GT[ HKPG

2NCVV 2CTKU

/'#7: CPF 641;'5 #010;/175

&GPKGT. # $NWPFGTGF -CTQNWU OQPQITCO 1 /'+2+5 %+ 8+6#1 4 %TQUU 64'%#5+ %+8+. $ 2F# IT. 8GT[ HKPG

2NCVV 2CTKU

#4%*&+1%'5' QH 4'+/5 6JG %KXKVCU 4GOQTWO GXQNXGF KPVQ VJG FKQEGUG QH 4GKOU $TQVJGT 5KPKEKWU EJTKUVKCPKUGF HTQO JGTG CV VJG UCOG VKOG CU 5QKUUQPU +P 5V 4GOKIKWU UGRCTCVGF VJG PQTVJYGUVGTP RCTV VQ VWTP KV KPVQ VJG FKQEGUG .CQP +P CV VJG EQWPEKN QH 5QKUUQPU 4GKOU YCU GPFQYGF CTEJKGRKUEQRCN UVCVWU #TEJDKUJQR *KPEOCT UCY VQ KV VJCV CU YGNN 5QKUUQPU CU .CQP HGNN WPFGT JKU OGVTQRQNKVKEWO CPF FKUOKUUGF CP[ ENCKO D[ VJG CTEJDKUJQRU QH 6TKGT QT D[ 5GPU #HVGT VJG UGRCTCVKQP QH 0Q[QP CPF 6QWTPCK 4GKOU JGNF CWVJQTKV[ QXGT UWHHTCICP FKQEGUGU COQPI YJKEJ 5QKUUQPU %CO DTCK #TTCU #OKGPU CPF .CQP (QTGOQUV VCUM QH VJG CTEJDKUJQRU QH 4GKOU YCU VJG UCPEVKHKECVKQP QH VJG MKPI 5CETG TQ[CN +P CTEJDKUJQR #FCNDGTQ CPQKPVGF *WIQ %CRGV KP 0Q[QP (TQO QP UCPEVKHKECVKQPU DG ECOG VJG TWNG +P VJG NCVG VJ EGPVWT[ VJG PQVKQP QH VJG 2CKTU FG (TCPEG ICKPGF ITQWPF UGV QHH D[ VJG CPQKPVOGPV KP QH 2JKNKRRG ++ #WIWUVG D[ CTEJDKUJQR )WKNNCWOG FG %JCORCIPG YJQ YCU RCTGPVGF VQ VJG TQ[CN JQWUG 6JG CTEJDKUJQRU QH 4GKOU TCPMGF JKIJGUV COQPI VJG 2CKTU CPF HTQO RTQENCKOGF VJGOUGNXGU &WMG QH 4GKOU &WTKPI VJG *WPFTGF ;GCTUÅ&#x2030; 9CT 4GKOU YCU WPFGT UKGIG D[ VJG CTOKGU QH 'FYCTF +++ YJQ YCPVGF VQ EQGTEG JKU CPQKPVOGPV VQ MKPI QH (TCPEG *G HCKNGF CPF VJG 2GCEG QH $TÂ¾ VKIP[ HQNNQYGF

)7+..#7/' +

&GPKGT. # +P VYQ NKPGU )8.' 4/85 #4%*+'2+5%1285 4 %TQUU YKVJ QPG ETGUEGPV KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU Z 4'/+5 %+8+6#5. $ 2F# IT. 5OCNN VTCEGU QH XGTFKITKU XGT[ HKPG

5EJWNOCP $WUUWO #WEVKQP PQ

173

#$$'; QH 5#+06 /Â&#x2014;&#4& Â¯ 51+55105 /GFCTF CRRTQZ DGHQTG ECOG HTQO NQECN 8GTOCPFQKU PQDKNKV[ *G YCU DKUJQR QH 0Q[QP CPF HQWIJV JGCVJGPFQO *G CPQKPVGF SWGGP 4CFGIWPFKU VQ DG C PWP *G YCU KPVGTTGF KP 5QKUUQPU # OQPCUVGT[ ECOG KPVQ GZKUVGPEG KP YJGP %JNQVCTKWU + CPF 5KIGDGTV JCF C EJWTEJ DWKNV QP VJG ITCXG QH /GFCTF YJQ YQWNF NCVGT DG XGPGTCVGF CU 5V /GFCTF

#010;/175

&GPKGT. # *GCF T 5%+ /'&84 %#286 4 5VCPFCTF CPF ETQUU '5$'5& '$'%. $ 2F# IT. 4 9GCMN[ UVTWEM XGT[ HKPG VQ GZVTGOGN[ HKPG

%TGFKV FG NC $QWTUG 2CTKU #WEVKQP PQ 6JG VGZV QP VJG TGXGTUG KU TGVTQITCFG CPF OQUV RTQDCDN[ KU C FKUHKIWTGOGPV QH 5%5 5'$#56+#0 DWV YJ[ C TGHGTGPEG VQ 5V 5GDCUVKCP!

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Å&#x2030;U CDDG[ CDDQVU #FCNJCTFU VJG 'NFGT CPF JKU DTQVJGT 9CNC $GVYGGP CPF VJG OQPCUVGT[ CUUWOGF VJG VCUM QH HQWPFKPI C PGY EQPXGPV KP VJG LWUV EQPSWGTGF 5CZQPKC TGUWNVKPI KP VJG CDDG[ QH %QTDGKC 0QXC

%QTXG[ UGG WPFGT )GTOCP[ %QTXG[ 6JG UEJQQN KP %QTDKG GFWECVGF C ITGCV OCP[ ENGTI[ OGP CU HQT KPUVCPEG #PUICT VJG DKUJQR QH *CODWTI $TGOGP UGG VJGTG #DDQV (TCPEQ FGOCPFGF VJG TKIJV QH OKPV HTQO 'WFGU CPF JCF EQKPU UVTWEM WPFGT JKU QYP PCOG #TQWPF FGENKPG UGV KP (TQO %QTDKG YCU FGHKPKVKXGN[ CDUQTDGF KPVQ VJG TQ[CN FQ OCKP +P VJG CDDQV KU DGUVQYGF WRQP C EQOKVCN VKVNG D[ 2JKNKRRG ++ #WIWUVG %KV[ CPF OQPCUVGT[ UWHHGTGF UGXGTGN[ WPFGT VJG *WPFTGF ;GCTUÅ&#x2030; 9CT +P KP VJG RGCEG QH #TTCU %QTDKG HGNN VQ VJG FWMGU QH $WTIWPF[

#010;/175 VJ EGPVWT[

&GPKGT. # %TQUKGT DGVYGGP CNRJC CPF QOGIC #$ $ #5 &2+% 4 %TQUU YKVJ QPG UOCNN ETQUU KP VJG PF CPF TF CPINGU #05+%+85. $ 2F# IT. 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ

174

%+6; QH #/+'05 1TKIKPCN PCOG 5COCTQDTKXC EGNVKE CPF #ODKCPQ NCVKP -PQYP OKPV HTQO 4QOCP FC[U %JTKUVKCP KPHNWGPEG YCU HGNV GCTN[ JGTG 5CKPV /CTVKP QH 6QWTU YCU C UQNFKGT KP #OKGPU CPF KV KU DGNKGXGF VQ JCXG DGGP VJG UVCIG HQT /CTVKPÅ&#x2030;U OQUV HCOQWU FGGF JG EWV JKU ENQCM KP JCNH VQ UJCTG KV YKVJ C DGIICT %QOKVCN FKIPKV[ YCU VCMGP WR KP CPF RCUUGF VJTQWIJ UGXGTCN JCPFU 6JGP VJG EQWPVU QH 8GTOCPFQKU GUVCDNKUJGF VJGOUGNXGU KP #OKGPU CPF CHVGT VJCV KP VJG VJ EGPVWT[ VJG EQWPVU QH (NCPFGTU )TCFWCNN[ VJG EQOKVCN CWVJQTKV[ YCU CDCPFQPGF CPF KPFGRGPFGPEG GOGTIGF

COQPI QVJGTU QH VJG CDDQVU QH %QTDKG *QYGXGT KPFGRGPFGPEG YCUPÅ&#x2030;V CEEQORNKUJGF YKVJQWV FKHHKEWNVKGU GPCDNKPI VJG EQWPV QH (NCPFGTU 2JKNKRU QH VJG #NUCEG VQ UGK\G VJG QRRQTVWPKV[ CPF CEETQCEJ CNN RQYGT 9KVJ VJG VTGCV[ QH $QXGU #OKGPU YCU EGFGF VQ VJG MKPI 2JKNKRRG #WIWUV %QOOGTEG HNQWTKUJGF #TQWPF #OKGPU YCU VJG OCKP EGPVTG QH VTCFG KP 0QTVJ (TCPEG

%+6;

&GPKGT DKNNQP. # %TQUU YKVJ QPG RGNNGV KP VJG UV CPING NGIGPF PQV XKUKDNG 4 4+: KP VJG HKGNF RGNNGV QXGT +. $ 2F# IT. 8GT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP 5VWVVICTV 6JKU EQKP WUGF VQ DG CVVTKDWVGF VQ 8GTFWP 6JG CVVTKDWVKQP VQ #OKGPU KU QH 2QG[ F #XCPV 6JG VGZV QP VJG QDXGTUG YCU VJQWIJV VQ TGCF *'04+ VJG NGVVGTU UGRGTCVGF D[ FQVU 0QTOCNN[ VJGUG EQKPU TGCF +5.#/806#+ YJKEJ OGCPU +EK C OQPPCKG

&GPKGT VJ EGPVWT[. # %TQUU YKVJ QPG ETGUEGPV KP VJG UV CPING #/$+#0+5 4 2#: KP VJG HKGNF %+8+$85568+5. $ 2F# IT. 0KEG RCVKPC XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ

175

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ŉ QRRQUKVKQP CICKPUV VJG DKUJQRU ITGY %QNQIPG UQNNKEKVQT $GTVTCO

GORNQ[GF D[ (TGFGTKEM $CTDCTQUUC CVVGORVGF VQ TGUVQTG VJG QNF U[UVGO 5VKNN VJG EKVK\GPUŉ KPHNWGPEG EQPVKPWGF VQ KPETGCUG 'XGP 'ORGTQT (TGFGTKEM ++ FKFPŉV OCPCIG VQ WRJQNF VJG QNF UKVWCVKQP HCXQWTCDNG VQ VJG DKUJQRU +P VJG RGQRNGŉU TKIJVU YGTG NCKF FQYP KP NCY 6JG DKUJQRU UWDUGSWGPVN[ TGVTGCVGF VQ 8KE UWT 5GKNNG 6JG CWVJQTKV[ QH VJG DQWTIGQKUKG ITGY UQ XCUV VJCV HQWT UWTTQWPFKPI RQYGTU EQODKPGF HQTEGU VJG CTEJDKUJQR QH 6TKGT VJG FWMG QH .QTTCKPG VJG EQWPV QH $CT CPF VJG EQWPV QH .WZGODQWTI

6JG EKV[ YCU YGCNVJ[ CPF RQYGTHWN +V DGECOG CNNKGF YKVJ VJG FWMGU QH $WT IWPF[ CPF UWEEGUUHWNN[ YKVJUVQQF UGXGTCN .QTTCKPG CVVGORVU CV CPPGZCVKQP 4GP¾ + CPF ++ QH #PLQW +ORQTVCPV DKUJQRU QH VJG NCVG /KFFNG #IGU YGTG 6JGQFQTKE CPF %QPTCF $C[GT QH $QRRCTF

6*'1&14+%* +

1DQNG. # 6GORNG YKVJ HQWT EQNWOPU 5% # / '66 +5 &'1& 4 %TQUU YKVJ 1 6 6 1 KP VJG CPINGU +/246# 8) . %0) QDQNG &CPP (F5 9 ++ & C IT. 'ZVTGOGN[ TCTG YGCMN[ UVTWEM CV VJG GFIG XGT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ 6JG HKTUV DKUJQR YJQ OGPVKQPU JKU PCOG QP EQKPU -NWIG MPQYU QPN[ QH URGEKOGPU HTQO UYGFKUJ JQCTFU +P HCEV JKU PCOG YCU &KGVTKEJ KP VJG .GZKMQP FGU /KVVGNCNVGTU DQVJ &KGVTKEJ CPF 6JGQFGTKE CTG WUGF DWV YG OCKP VCKPGF VJG (TGPEJ PCOG CU KV EQTTGURQPFU VQ VJG VGZV QP VJG EQKPU UGG %0) HQQVPQVG YKVJ

#&'.$'410 ++

&GPKGT. # 6GORNG YKVJ HQWT EQNWOPU # &'.$'41 4 %TQUU YKVJ 1 6 6 1 KP VJG CPINGU +/2 '4#614 . %0) &CPP (F5 UWRRN 9 ++ & D IT. 4 9GNN UVTWEM URGEKOGP XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ #VVTKDWVGF VQ #FCNDGTQP + D[ &CPPGPDGTI CPF QVJGT GCTN[ CWVJQTU

176

6*'1&'4+% ++

&GPKGT. # 6GORNG YKVJ HQWT EQNWOPU CPF ' DGVYGGP VJGO &Å&#x2018;1&4Å&#x2018;%Å&#x2018;Å&#x2018; 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &'Å&#x2018;Å&#x2018;Å&#x2018;Å&#x2018;. %0) H &CPP (F5 9 IT. 9GCMN[ UVTWEM CU WUWCN HQT VJKU V[RG XGT[ HKPG

&GPKGT. # *GCF YKVJ YKNF JCKT N &'1&Å&#x2018;Å&#x2018;4'5 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING ++8%'665%Å&#x2018;#5. %0) &CPP (F5 9 ++ ' D IT. /KPQT HNCP FGHGEV XGT[ HKPG

$4'& 2CTKU #NN EQKPU QH VJKU V[RG CTG DCTGN[ NGIKDNG CPF VJG UK\G COQPI QVJGT VJKPIU KU PQV EQORCVKDNG YKVJ /GV\ 0QPGVJGNGUU /GV\ UJQWNF DG EJQUGP DGECWUG VJG GRKUEQRCN VKVNG 24'58. KPUVGCF QH VJG WUWCN '2+5%1285 QPN[ QEEWTU KP 7RRGT .QTTCKPG +P VJG VGORNG VTKCPINGU HQTOKPI CP '

9#) &QTVOWPF #WEVKQP PQ 2GTJCRU VJKU EQKP UGTXGF VQ HKPCPEG VJG EQPUVTWEVKQP QH VJG ECVJGFTCN QH /GV\

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&GPKGT. # %TQUU YKVJ QPG UVCT KP GCEJ CPING #.$'41 '25 4 $WUV T YKVJ DNGUUKPI JCPF 5 56'2*#0. %0) &CPP C (F5 9 ++ ' H IT. 0KEG RQTVTCKV CNOQUV GZVTGOGN[ HKPG

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4+%*'4 4+%*#4& ++

&GPKGT. # 8GKNGF JGCF T / #4 +# 8 +4)1 4 %TQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU 4+%*'485 '25 . $ %0) &CPP 4QD IT. .GIGPF PQV XKUKDNG XGT[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN 5OCNN JGCF PQV KP EKTENG PKODWU ! CU YKVJ PQU CPF %0) MPQYU QH QPN[ VJTGG URGEKOGPU KP 5YGFKUJ JQCTFU

185

#$$'; )14<' #DDG[ KP .QTTCKPG PGCT VJG EKV[ QH /GV\ (QWPFGF WPFGT DKUJQR %JTQFGICPI QH /GV\ KP VJG CDDG[ YGPV C EGPVTG HQT GEENGUKCUVKECN UVWFKGU #HVGT CDDQV 2GVGT VJG OQPCUVGT[ HCNNU KPVQ FGEC[

#010;/175 VJ EGPVWT[

&GPKGT. # $WUV QH VJG DKUJQR N 4 %JWTEJ. 0CW IT.

44 8GT[ HKPG

/ÒP\\GPVTWO -ÌNP #WEVKQP PQ 'U JCPFGNV UKEJ WO $GKUEJN·IG \W 6QWNGT 2HGPPKIGP CWU GKPGT DGFGWVGPFGP IGKUVNKEJGP /ÒP\UV·VVG FGT &KÌ\GUG 6QWN *KGTHÒT MQOOV CO GJGUVGP FKG #DVGK )QT\G KO (TCIG 0CW

#$$'; 4'/+4'/106

9QOGPŉ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

#010;/175

&GPKGT CHVGT . # $WUV QH 5CKPV 2GVTWU T YKVJ MG[ 4 %TQUU YKVJ VYQ RGNNGVU CPF VYQ NKU KP VJG CP INGU 4 1/ #4+% . $ %0) &CPP 4QD IT. 'ZVTCQTFKPCT[ YGNN UVTWEM RQTVTCKV XGT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ %0) CFQRVU &CPPGPDGTIŉU FTCYKPI /CZG 9GTN[ CPF ECV 4QDGTV $ 2F#

&7%*; QH $#4 1TKIKPCNN[ C EQWPV[ HTQO QP C FWEJ[ +P KV ECOG WPFGT VJG TWNG QH VJG FWMGU QH 7RRGT .QTTCKPG +P VJCV [GCT &WMG (TGFGTKEM + DWKNV VJG ECUVNG $CTTWO &WEKU $CT NG &WE 5QRJKG KU EQPUKFGTGF VQ DG VJG HKTUV EQWPVGUU QH $CT &WG VQ KVU YGCNVJ CPF XCUVPGUU $CT YCU C VJQTP KP .QTTCKPGŉU UKFG YJKEJ KVUGNH GPEQORCUUGF C XGT[ OQFGUV VGTTKVQT[ 9JGP KP .WZGODQWTI DGECOG C FWEJ[ %JCTNGU +8 WPKVGF VJG TGOCKPKPI RCTVU GNGXCVKPI VJG EQWPVU QH $CT VQ RTKPEGU QH VJG GORKTG 0QPGVJGNGUU VJG HQEWU UVC[GF QP (TCPEG +P VJG UCOG [GCT ;QNCPFC CFQRVGF VJG FWECN VKVNG HQT JGT UQP 4QDGTV VJG /CIPKHKEGPV 9JGP 4QDGTVŉ UQP 'FYCTF ++ FKGF KP CV #\KPEQWTV VJG FWEJ[ YGPV VQ .QWKU DKUJQR QH 8GTFWP *G CFQRVGF JKU ITCPFPGRJGY 4GP¾ QH #PLQW YJQ YGFFGF 'NKUCDGVJ QH .QTTCKPG KP WPKVKPI $CT YKVJ .QTTCKPG 6JG EQCV QH CTOU QH $CT FKURNC[U C NKVVNG HKUJ DCT DCUU

41$'46

(NQTKP F 1T. # 5CKPV ,QJP VJG $CRVKUV 5 +1*#00'5 $ 4 (NGWT FG NKU QH HNQTGPVKPG 41$'4685 &8:. $ (D (F5 4QD IT. (NCP FGHGEV CPF UOCNN UETCVEJGU XGT[ HKPG 5EJWNOCP #OUVGTFCO #WEVKQP PQ

186

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Â¾ QH #PLQW CNN UGGOGF ENGCT HQT C TGWPKQP QH DQVJ FWEJKGU *QYGXGT %QWPV #PVQKPG FG 8CWFGOQPV VJYCTVGF VJGUG RNCPU CPF VJG WPKQP EQWNF PQV DG DTQWIJV VQ EQORNGVKQP WPVKN VJG TGKIP QH VJG ITCPFUQP QH 4GPÂ¾ CPF +UCDGNNG 4GPÂ¾ ++ +P %JCTNGU VJG $QNF FWMG QH $WTIWPF[ QEEWRKGF VJG NCPF 6JKU RTQXQMGF C TGCEVKQP D[ 4GPÂ¾ ++ CPF JKU PQDNGU UQ HKGTEG VJCV KV EQUV %JCTNGU JKU NKHG YJGP JG YCU UNCKP CV VJG DCVVNG QH 0CPE[ KP 6JG NCPF YCU UWDUGSWGPVN[ TGUVQTGF VQ KVU HQTOGT UVCVWU 7PFGT (GTT[ + VJGTG YCU HKTUV WUG QH VJG EQCV QH CTOU QP C UGCN QH .QTTCKPG .C ITCPFG EJCTIÂ¾G FG VTQKU CNÂ¾TKQPU QW CKINQPU VJG ITGCV EJCTIG QH VJG VJTGG CNGTKQPU QT GCINGU 1P VJG EQKPU VJKU EJCTIG FQGUPÅ&#x2030;V CRRGCT WPVKN WPFGT (GTT[ +++

6*+$#76 ++

&GPKGT CW ECXCNKGT 0CPE[. # /QWPVGF MPKIJV T YKVJ NCPEG 6 &8: .1614')+' 4 5YQTF DG VYGGP VYQ GCINGU /10'6# &' 0#0%'+. $ (F5 4QD IT. 8GT[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP 'Z /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ

('44; +8

&GPKGT CW ECXCNKGT 0CPE[. # /QWPVGF MPKIJV T YKVJ NCPEG ( &8: .1614')+' 4 5YQTF DGVYGGP VYQ GCINGU /10'6# &' 0#0%'+. $ (F5 4QD IT. 0KEG RCVKPC XGT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ

6JKDCWNV ++ YCU YGFFGF VQ +UCDGNNG FG 4WOKIP[ #V VJG FGOKUG QH 6JKDCWV KP VJG UGKIPGWTKG OCPQT QH 0GWH EJÂ³VGCW RCUUGF VQ +UCDGNNG +P UJG GPVGTGF YGFNQEM HQT VJG UGEQPF VKOG YKVJ )CWEJGT FG %JCVKNNQP *G YCU PQY GPVKVNGF VQ 0GWHEJÂ³VGCW CPF GZGTEKUGF JKU RTKXKNGIG QH OKPV #U VJKU )CWEJGT FG %JCVKNNQP YCU %QPUVCDNG QH (TCPEG CPF RNC[GF C TQNG KP .QTTCKPG JKUVQT[ VJG EQKPU JG UVTWEM KP JKU QYP %QWPV[ QH 2QTEKGP CTG NKUVGF CHVGT VJQUG QH .QTTCKPG (TQO VJKU OCTTKCIG (GTT[ +8 YCU DQTP *G VQQM +UCDGNNG QH #WUVTKC HQT JKU YKHG CPF UJG DGIQV JKO C UQP 4CQWN 6JG NCVVGTÅ&#x2030;U UGEQPF OCTTKCIG YCU VQ /CTKG FG $NQKU HTQO VJG *QWUG QH VJG 6JKDCWFKGPU 9JGP 4CQWN FKGF KP VJGKT UQP ,GCP YCU QPN[ [GCTU QH CIG CPF C TGIGPE[ QH /CTKG FG $NQKU CPF VJG EQWPV QH 9WTVGODGTI GPUWGF 187

/#4+' &' $.1+5

2NCSWG 0CPE[. # 5JKGNF KP SWCVTGHQKN YKVJ VJTGG ETQYPU KP VJG CPINGU +1*#00'5 Â¶ &8: Â¶ /#4%+1 &' .16*14+)+' 4 /10'6# Â¶ &' Â¶ 0#%'+ CTQWPF ETQUU YKVJ QPG ETQYP KP GCEJ CPING /#4+' Â¶ &8%*'55 Â¶ /#4$18455 Â¶ &' Â¶ .# &8%*+. $ (F5 4QD IT. 4 5OCNN VTCEGU QH XGTFKITKU XGT[ HKPG VQ GZVTGOGN[ HKPG .Â¾QRCTF F 1T 2CTKU 5JKGNF UV CPF PF HKGNF .QTTCKPG TF CPF VJ HKGNF $NQKU

,'#0 +

)TQU 0CPE[. # 'CING QXGT UJKGNF QH .QTTCKPG +1*#00'5 Q Q &8: Q .16* Q 4 5YQTF DGVYGGP VYQ TQUGU /10'6# Q (%#Å&#x2030; Q +0 Q 0#0%'+1. $ (F5 4QD IT. 8GT[ HKPG

(TCPEGUEJK $TWUUGN ,QJP + HQWIJV KP VJG FGUCUVTQWU $CVVNG CV 2QKVKGTU 6QIGVJGT YKVJ VJG (TGPEJ MKPI JG YCU VCMGP RTKUQPGT QH YCT CPF YCU PQV UGV HTGG WPVKN VJG 2GCEG QH $TGVKIP[

%*#4.'5 ++

&GPKGT FG DKNNQP 5KGTEM. # 5JKGNF -#41.85 Q &8: Q .16*14 4 5YQTF DGVYGGP VYQ TQ UGVVGU /10'6# Q +0 Q 5+'4-. $ (F5 4QD IT. 6TCEGU QH XGTFKITKU GZVTGOGN[ HKPG

&GPKGT FG DKNNQP 5KGTEM. # 5JKGNF -#41.85 Q &8: Q .16*14 4 5YQTF DGVYGGP VYQ TQ UGVVGU /10'6# Q +0 Q 5+'4-. $ (F5 4QD IT. (NCP ETCEM CNOQUV GZVTGOGN[ HKPG

5EJWNOCP #OUVGTFCO

*QNNGOCP 'PUEJGFG 6JG EQNQWT QH FKHHGTU TGOCTMCDN[ HTQO VJCV QH

188

)TQU 5KGTEM. # *GNOGV YKVJ GCING QP VQR QXGT UJKGNF QH .QTTCKPG -#41.85 &8: .16*14 4 /10'6# Z +0 Z 5+'4- CTQWPF UYQTF DGVYGGP VYQ JQNN[ NGCHU $0&+%68Ã&#x2020; 5+6 01/'Ã&#x2020; &0+Ã&#x2020; 04+Ã&#x2020; +*8Ã&#x2020; :2+ . $ (F5 4QD IT. 'ZVTGOGN[ HKPG URGEKOGP /Ã&#x2019;P\CWMVKQP 'UUGP 'Z /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ

&GOK ITQU ECTQNWU. # 5JKGNF QXGT UYQTF -#41.85 &8: .16*14 < / 4 .QPI ETQUU FK XKFKPI NGIGPF YKVJ VYQ GCINGU CPF VYQ DCTDGNU $CT DGVYGGP ETQUUGU KP VJG CPINGU $'0'&+%68/ 5+6

01/' &0+. $ (F5 4QD IT. #NOQUV XGT[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP 'Z /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ 4QD 2QUUKDN[ VJG / UVCPFU HQT /15'..#0'!

&7%*; QH .144#+0' CPF $#4 #HVGT VJG FGCVJ QH 'FYCTF ++ GNFGUV UQP QH &WMG 4QDGTV NG /CIPKHKSWG KP VJG DCVVNG QH #\ KPEQWTV VJG &WEJ[ QH $CT ECOG VQ .WFYKI VJG DKUJQR QH 8GTFWP *G CFQRVGF JKU ITCPFPGRJGY 4GPÂ¾ F #PLQW YJQ YCU OCTTKGF VQ 'NKUCDGVJ QH .QTTCKPG 6JKU NGCF VQ VJG WPKVKPI QH VJG $CT CPF .QTTCKPG

4'0Â&#x2014; + F #0,17

)TQU 5V /KEJGN. # %TQYPGF CPF CTOQWTGF FWMG UVCPFKPI YKVJ UYQTF CPF UJKGNF 4'0#6Å&#x2030; & $#4Å&#x2030; /2 %1 4 /10'6# 5 Â¤ /+%*# CTQWPF NQPI ETQUU 5+6 Â¤ 01/'0 Â¤ &1/+0+ Â¤ $'0'&+%. $ (F5 4QD IT. +TTGIWNCT HNCP XGT[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ 5JKGNF #PLQW $CT $CT #PLQW CPF .QTTCKPG .GIGPF QDXGTUG 4GPÂ¾ FWE FG DCT OCTSWKU EQOVG FG 2TQXGPEG

189

)TQU 5V /KEJGN. # #TOU QH #PLQW CPF $CT YKVJ UJKGNF QH .QTTCKPG QP KV 4'0#6+ &7: $#44'0 < .1* / 4 5YQTF DGVYGGP GCING CNยพTKQP CPF DCTDGN DCTDGCW YKVJ VJTGG ETQUUGU /10'6# ยค (#%6 # ยค +0 ยค /+%*#. +0 ยค 5 ยค /. $ (F5 1DXGTUG 4GXGTUG 4QD IT. (NCP FGHGEV CV VJG GFIG XGT[ HKPG /ร NNGT 5QNKPIGP #WEVKQP PQ EH PQ HQT VJG EQCV QH CTOU

4'0ย ++

2NCSWG 0CPE[. # %TQYPGF UJKGNF QH .QTTCKPG N CPF $CT T 4'0#685 ยก & ยก ) ยก 4': ยก 5+%+. ยก +*4. ยก .16 4 5YQTF /10'6# ยก 018# ยก +0 ยก 0#0%'+1. $ (F5 4QD IT. /KPQT HNCP FGHGEV CV VJG GFIG XGT[ HKPG

)TQU CW $TCU #TOยพ. # 5JKGNF 4'0#675 ยค & ยค )4 ยค 5+ ยค +' ยค .1 ยค & 4 *CPF YKVJ UYQTF DTGCMKPI VJTQWIJ ENQWFU NQVJCTKPIKCP ETQUU ('%+6 ยค 216'0%+#/ +0 $4#0%*+15. $ (F5 4QD IT. 0KEG RCVKPC XGT[ HKPG

&QODTQYUMK /ร PUVGT 6JG NGIGPFU QP VJG TGXGTUG KP $ 4QD CPF (F5 CTG /10'6# (#%6# +0 0#0%'+1 DWV JGTG KV KU ENGCTN[ 018#

)CNN FGU /QPPCKGU )GPยฝXG .GIGPF TGXGTUG (GEKV RQVGPVKCO KP DTCEEJKQ UWQ 5JKGNF #PLQW $CT CPF .QTTCKPG

%1706; QH 214%ย #0 )CWEJGT FG %JยณVKNNQP VTCFGF %JยณVKNNQP HQT 2QTEยพCP 6JTQWIJ JKU OCTTKCIG VQ +UCDGNNG QH 4W OKIP[ JGKTGUU QH (NQTKPGU JG CESWKTGF WUWHTWEV QH DQVJ 0GWHEJยณVGCW UGG WPFGT .QTTCKPG CPF (NQTKPGU *KU ITCPFUQP ,GCP UQNF 2QTEยพCP VQ .QWKU &WMG QH 1TNยพCPU KP )CWEJGT YCU %QPUVCDNG QH (TCPEG

)#7%*'4 QH %*ย 6+..10

5VGTNKPI ;XGU. # %TQYPGF JGCF HCEKPI )#%*5 %1/'5 214% 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ VJTGG RGNNGVU KP GCEJ CPING /10 '60 18# ;8'. $ /C[JGY 2F# IT. 8GT[ HKPG (TCPEGUEJK $TWUUGN +P CNN TGHGTGPEGU VJG QDXGTUG TGCFU )#. KPUVGCF QH )# CU JGTG %JCWVCTF 2N :+: CNUQ KP /C[JGY VJG V[RG YKVJQWV . KU PQV NKUVGF 6JKU KU VJG V[RG YKVJQWV RTKXCVG OCTM

190

5VGTNKPI ;XGU. # %TQYPGF JGCF HCEKPI )#.%* 5 %1/'5 214% 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ VJTGG RGNGVU KP GCEJ CPING /10'6 018# ; 8'. $ /C[JGY 2F# IT. 9GCMN[ UVTWEM XGT[ HKPG

)NGPFKPKPI .QPFQP #WEVKQP PQ 'Z 0QDNG EQNNGEVKQP #WUVTCNKC %JCWVCTF 6JKU KU C V[RG YKVJ C RTKXCVG OCTM #P DGVYGGP VJG * CPF VJG 5 QP VJG QDXGTUG CPF C UVCT DGVYGGP ; CPF 8 QP VJG TGXGTUG /C[JGY PQVGU QP R +V KU FKUVKPIWKUJGF D[ CRRGCTCPEG QH C UOCNN RKGTEGF UVCT QT OWNNGV QP VJG TGXGTUG

UJQYP JGTG CU C UVCT + MPQY QH CDQWV GZCORNGU QH VJKU V[RG DWV JCXG [GV VQ HKPF CP GZCORNG YKVJ C UVCT QP VJG QDXGTUG

#.5#%' +P URKVG QH PWOGTQWU QVJGT TGCFKPIU VJKU PCOG KU IGPGTCNN[ CEEGRVGF VQ FGTKXG HTQO CNK CNKGP CPF UCU\ UGCV *GPEG VJG #NUCVKCPU YGTG (TCPMU YJQ YGTG EQPUKFGTGF UVTCPIGTU

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

#&#.$'46

&GPKGT 5VTCUDQWTI DGIKPPKPI QH VJG VJ EGPVWT[. # 9KVJKP C 8 UJCRGF EWTXG C 8 JGCTV! ETQUU CDQXG #&#.$'461 4 /QPQITCO. $GNH IT. 'ZVTGOGN[ TCTG (NCP FGHGEV CV VJG GFIG XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 1TKIKPCNN[ CVVTKDWVGF VQ $CUGN D[ .GNGYGN #VNCU :8++ *G KPVGTRTGVGF VJG OQPQITCO QP VJG TGXGTUG CU $#5 %+

$CUKNKC %KXKVCU 9KGNCPFV RTQXGF VJKU YTQPI &KG /QPGVCTOÒP\GP FGT QDGTTJGKPKUEJGP /GTQYKPIGTOÒP\UV·VVGP KP &GWVUEJGU ,CJTDWEJ HÒT 0WOKUOCVKM R CU FKF $WEJGPCW DGHQTG JKO *QYGXGT VJCV 5EJQGRNKP #NUCVKC KNNWUVTCVC %QNOCT JCF CNTGCF[ CVVTKDWVGF VJKU EQKP VQ #FCNDGTV %QWPV QH #NUCEG RTKQT VQ VJG CVVTKDWVKQPU OGPVKQPGF OC[ DG FGGOGF RGEWNKCT 4GEGPVN[ -NGKP YTQVG VJG HQNNQYKPI VQ FG 9KV +P O[ QRKPKQP VJKU KU /GTQXKPIKCP EQKPCIG VJCV JCF C RCTCNGNN KUUWG KP VJG 8KPKXKQ XCTKGV[ $GNHQTV *G EQPUKFGTU CP QTKIKP YKVJKP VJG 7RRGT 4JKPG #NUCEG TGIKQP PQV CNVQIGVJGT KORTQDCDNG CU 5EJÌRHNKP EQPHGT $GTVUGVV 'NUCUU C E YKVJ VGZV QP R 6Q O[ OKPF VQQ #FGNDGTV KP JKU RGTKQF CU FWMG QH VJG #NUCEG KU VJG QPN[ QPG GNKIKDNG HQT VJKU EQKP 6JG SWGUVKQP CU VQ YJCV VJG OQPQITCO QP VJG TGXGTUG FGUKIPCVGU TGOCKPU WPCPUYGTGF 6JG VGZV QP VJG QDXGTUG KU TGVTQITCFG 6JGTGHQTG KV UGGOU RTQDCDNG VJCV VJG UCOG KU VTWG HQT VJG TGXGTUG VGZV 6JWU KV YQWNF TGCF )7+$ +H VJKU KUPŉV VJG ECUG KV OKIJV DG $+7) QT RGTJCRU $74) #FCNTKE JCF CPQVJGT FCWIJVGT C UKUVGT VJGTGHQTG QH #FCNDGTV HQT YJQO JG HQWPFGF VJG OQPCUVGT[ 1FKNKGPDWTI %QWNF VJG OQPQITCO DG VCMGP CU $74) HQT 1FKNKGPDWTI ! 6JGTG CTG UKZ MPQYP URGEKOGPU EQWPVKPI VJG QPG CV JCPF VJTGG YGTG OGPVKQPGF D[ 9KGNCPFV KP &KG $CUNGT OÒP\RT·IWPI R C HQWTVJ KU MGRV KP VJG EQNNGEVKQP QH VJG #OGTKECP 0WOKUOCVKE 5QEKGV[ # 5VCJN #05/0 R C HKHVJ YCU HQWPF KP &QODWTI -2- PQ 'Z EQNN &G /CP FGUETKDGF CU JQCTF D[ &G /CP KP KP VJG ECVCNQIWG QH VJG 0WOKUOCVKUEJG 8GT\COGNKPI XCP JGV <GGWYUEJ IGPQQVUEJCR FGT 9GVGPUEJCRRGP 5GG 1R FGP 8GNFG CPF -NCCUUGP 5EGCVVCU CPF OGTQXKPIKCP FGPCTKK HTQO &QODWTI CPF 9GUVGPUEJQWYGP PQ E 9KVJ VJG GZEGRVKQP QH VJG NCUV CNN URGEKOGPU YGTG HQWPF KP VJG #NUCEG

191

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1661 +

&GPKGT. # %TQYPGF DWUV N /#)085 1661 TGVTQITCFG 4 %TQUU 5%# /#4+#. &CPP ' . IT. 44 %NGCT CPF UJCTR UVTWEM URGEKOGP YKVJ PKEG RQTVTCKV XGT[ HKPG

/ÒP\\GPVTWO -ÌNP #WEVKQP PQ

1661 + CPF $+5*12 7&1

&GPKGT. # $WUV N 1661 4' : 2# %+(+%8 4 %JWTEJ #4)' 06 0#8161 . &CPP ' . -NWIG IT. 4 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

5RKPM .QPFQP (TQO (TCPMHWTVGT /ÒP\JCPFNWPI 8GKN PQ *GTG KU VJG EJCTCEVGTKUVKE EJWTEJ QH 5VTCUDQWTI HQT VJG HKTUV VKOG XKUKDNG 6JG GORGTQT JCU PQ ETQYP DWV VJG TQOCP FKCFGO

1661 +++ CPF $+5*12 9+&'41.&

&GPKGT. # %TQYPGF JGCF T 16 61 +/2'4 4 %JWTEJ 8 8+&'41. 2+5. &CPP C ' . IT. 4 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG /ÒP\\GPVTWO -ÌNP 6JG EJWTEJ QP VJG TGXGTUG KU UJCRGF OQUV WPWUWCNN[

192

*'+04+%* ++

&GPKGT. # %TQYPGF JGCF T *'+04% 4 #4)'0 6+0# ETQUU UJCRGF YKVJ QPG ETQUU KP VJG UV CPF PF CPF QPG UVCT KP VJG TF CPF VJ CPINGU. &CPP C ' . -NWIG IT. 8GT[ HKPG 8KPEJQP 2CTKU (TQO 8KPEJQP 2CTKU #WEVKQP PQ

&GPKGT. # %TQYPGF DWUV HCEKPI *'+04+%85 +/2 4#& TGVTQITCFG 4 #4)'0 6+0# ETQUU UJCRGF YKVJ QPG VQYGT KP GCEJ CPING. &CPP ' . -NWIG IT. 0KEG RCVKPC GZVTCQTFKPCT[ YGNN UVTWEM XGT[ HKPG 5RKPM <ÒTKEJ

-104#& ++

&GPKGT. # %TQYPGF DWUV N %*10 4 #&85 +24 4 #4)'0 6+0# ETQUU UJCRGF YKVJ QPG QTPC OGPVGF ETQUU KP VJG UV CPF PF CPINGU CPF VJTGG NKPGU GPFKPI KP RGNNGV KP VJG TF CPF VJ CPINGU &CPP ' . -NWIG IT. 0KEG RQTVTCKV XGT[ HKPG %TGFKV FG NC $QWTUG 2CTKU (TQO PQY QP QPN[ VJG PCOG QH VJG DKUJQR KU OGPVKQPGF QP VJG EQKPU

9'40'4 QH *#$5$74)

&GPKGT. # %TQYP 8+%'. +08 ':+ 4 #4)'0 6+0# ETQUU UJCRGF YKVJ QPG UVCT KP GCEJ CPING. &CPP ' . -NWIG IT. 44 8GT[ HKPG

/ÒP\\GPVTWO -ÌNP 6JKU EQKP YCU NKUVGF CHVGT VJG KORGTKCN EQKP QH %QPTCF ++ HQT VJTGG TGCUQPU KV KU VJG HKTUV EQKP VJCV OGPVKQPU VJG PCOG QH VJG DKUJQR GZENWUKXGN[ KVU V[RG OCVEJGU VJCV QH VJG PGZV EQKP PQ DGVVGT VJG VGZV KU VJG UCOG CPF VJG VTGPF QH VJG YGKIJV KU UKOKNCT

193

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&GPKGT. # %TQYP *'4'/#)85 ' 4 #4)'0 6+0# ETQUU UJCRGF YKVJ QPG UVCT KP GCEJ CPING. &CPP ' . -NWIG . IT. 44 8GT[ HKPG

/ÒP\\GPVTWO -ÌNP +P VJG NQYGT TKIJV SWCTVGT VJG FGOK EKTENG QH RGNNGVU KU RCTVN[ TGRNCEGF YKVJ C ETQUU LWUV CU VJG UVCT 6JG YGKIJV KU C NKVVNG NQYGT VJCP VJCV QH PQ 6JKU EQKP KU OGPVKQPGF PQYJGTG KP NKVGTCVWTG #HVGT OKPVKPI QP VJG DCUKU QH EQOOQP FGPCTKK VJGTG YQWNFPŉV DG CP[ OKPVKPI WPVKN VJG *QJGPUVCWHGP GTC #RCTV HTQO C HGY GZEGRVKQPU VJGUG CTG CNN EQKPU DGCTKPI PQ UETKRV YJCVUQGXGT TGPFGTKPI C VGORQTCN QT URCVKCN CVVTKDWVKQP KORQUUKDNG VJG UCOG KU QDUGTXGF YKVJ VJG UEGCVVCU UCXG HQT VJG VKOG URCP YJKEJ KU OWEJ UJQTVGT VJCP KV KU JGTG 6JG HKTUV CVVGORV CV ENCUUKH[KPI VJGUG CPQP[OQWU EQKPU YCU 0GUUGNŉU CPF VJGTG KP HCEV JCU DGGP PQ CVVGORV UKPEG 0GUUGN CNYC[U JCF QPG EGTVCKP CURGEV RTGXCKN YJKEJ TCKUGU SWGUVKQPU CU VQ VJG CEEWTCE[ QH JKU OGVJQFU 7PFGTPGCVJ CP CVVGORV KU OCFG VQ ENCUUKH[ VJGUG EQKPU HTQO C FKHHGTGPV RQKPV QH XKGY QP VJG DCUKU QH VJG CXCKNCDNG URGEKOGPU (KTUV FKUVKPEVKQPU YGTG OCFG KP VJG VJTGG FKHHGTGPV RJCUGU VJG HKTUV VJG *QJGPUVCWHGP RGTKQF CPF DGHQTG VJG UGEQPF QPG CHVGT VJKU RGTKQF CPF HKPCNN[ VJG VJKTF OCTMKPI VJG VTCPUKVKQP VQ OWPKEKRCN OKPV +P RJCUG CPQVJGT UWDFKXKUKQP KPVQ VJTGG

ITQWRU YCU OCFG CU KP RJCUG CNKMG

UV RJCUG

C 6[RG YKVJ VJG DKUJQR YGCTKPI C TQWPF OKVTG 6JG TGXGTUG EQPUKUVU QH VYQ HKIWTGU YKVJ C ETQUKGT DGVYGGP VJGO

2HGPPKI. # $WUV QH VJG DKUJQR N YKVJ ETQUKGT 4 6YQ HKIWTGU JQNFKPI ETQUU. ' . 0 IT. 44 'ZVTGOGN[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN 6JG HKIWTGU QP VJG TGXGTUG CTG KPXGTVGF KFGPVKECNU +P NKVGTCVWTG VJKU V[RG KU PQV OGPVKQPGF CNVJQWIJ VJGTG KU C RKEVWTG KP )TKGTUQP %QKPU QH VJG /KFFNG #IGU HKI )TKGTUQP YTKVGU EQKPU YKVJ C TCKUGF GFIG CTG EJCTCEVGTKUVKE QH #NUCEG EQKPCIG KP VJG VJ CPF VJ EGPVWT[ # URGEKOGP YCU RWDNKUJGF KP $N·VVGT HÒT /ÒP\HTGWPFG :8 R (GY URGEKOGPU MPQYP

2HGPPKI. # $WV QH VJG DKUJQR N CPIGN IKXKPI JKO C ETQUKGT 5 CPF UVCT CDQXG 4 (KIWTG UKVVKPI N VYQ UVCPFKPI HKIWTGU T JQNFKPI ETQUKGT. ' . 0 IT. 'ZVTGOGN[ HKPG VQ WPEKTEWNCVGF -ÒPMGT 1UPCDTÒEM #WEVKQP PQ #EEQTFKPI VQ 0GUUGN VJKU EQKP KU QH VJG QNFGUV V[RG 6JG RKEVWTG YKVJ 0GUUGN PQ UJQYU PQ UVCT CPF PQ 5 6JG TGXGTUG KU RTKOKVKXGN[ EWV 6JG YGKIJV QH VJKU EQKP KU EQPUKFGTCDN[ NQYGT VJCP VJCV QH PQ

D 6[RG YKVJ C DCTG JGCFGF DKUJQR 6JG TGXGTUG UJQYU C EJWTEJ # DCTG JGCFGF HKIWTG PQT OCNN[ KPFKECVGU CP CDDQV PGXGTVJGNGUU C DKUJQR KU OGCPV JGTG CNUQ CRRGCTU QP EQKPU QH %Q NQIPG HQT KPUVCPEG HQT PQ ENGCTN[ TGCFU 'RKUEQRWU

2HGPPKI. # $WUV QH VJG DKUJQR HCEKPI YKVJ ETQUKGT CPF DQQM '2+5%1285 4 %JWTEJ #4)'06+0#. ' . 0 IT. 4 /CIPKHKEGPV YGNN UVTWEM URGEKOGP YKVJ PKEG RCVKPC /ÒP\\GPVTWO -ÌNP #WEVKQP PQ 6JG UOCNN EJWTEJ KU EJCTCEVGTKUVKECNN[ UJCRGF CU VJG 5VTCUDQWTI EJWTEJ UGG PQ 0GUUGN OGPVKQPU CP CPCNQIWG URGEKOGP YKVJ +/2'4#614 UEGRVTG CPF INQDWU ETWEKIGT KPUVGCF QH ETQUKGT CPF DQQM UCOG TGXGTUG

194

2HGPPKI. # $WUV QH VJG DKUJQR N YKVJ DNGUUKPI T JCPF CPF ETQUKGT 4 %JWTEJ YKVJ VJTGG VQYGTU. ' . EH 0 IT. 'ZVTGOGN[ HKPG

/Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ 6JG EJCTCEVGTKUVKE UOCNN EJWTEJ KU UVKNN RTGUGPV DWV CU RCTV QH C ITGCVGT GFKHKEG VJKU QEEWTU KP C UKORNKHKGF HQTO QP NCVGT EQKPU *GTG VQQ VJG YGKIJV KU EQPUKFGTCDN[ NQYGT VJCP PQ

E 6[RG YKVJ DKUJQR YGCTKPI OKVTG CPF UQOGVKOGU URNGPFKF GRKUEQRCN XGUVOGPV 1P VJG TG XGTUG C EJWTEJ QT CP CPIGNKE HKIWTG (TQO VJKU RQKPV QP VJG YGKIJV FGETGCUGU HTQO C NKVVNG QXGT IT VQ WPFGT IT TF RJCUG

2HGPPKI. # $WUV QH VJG DKUJQR T YKVJ ETQUKGT CPF DQQM 4 %JWTEJ *'+04+%85. ' . 0 IT. 2CVKPC CNOQUV GZVTGOGN[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV PQ # UKORNKHKGF HQTO QH VJG EJWTEJ QH PQ &WG VQ VJG JKIJ HTGSWGPEG YGNN RTGUGTXGF KP VJG $CTDCTQUUC JQCTF VJKU EQKP OC[ PQY DG WNVKOCVKXGN[ CVVTKDWVGF VQ DKUJQR *GPT[ + QH *CUGPDWTI 1P VJKU V[RG VJG GRKUEQRCN XGUVOGPV KU PQV CNYC[U UKOKNCTN[ UJCRGF UGG .CP\ #WEVKQP PQU $CT DCTQUUC JQCTF

2HGPPKI. # $WUV QH VJG DKUJQR N YKVJ ETQUKGT CPF DNGUUKPI JCPF 4 %JWTEJ YKVJ YJGGN HKXG URQMGU KP VJG RQTVCN. ' . 0 IT. #NOQUV GZVTGOGN[ HKPG

&GNOQPVG $TWUUGN +P 0GUUGN YTQVG EQKPU YKVJ VJG HKXG URQMGF YJGGN UJQWNF DG CVVTKDWVGF VQ /QNUJGKO DGECWUG VJKU YJGGN UVKNN HGCVWTGU KP VJG EKV[Å&#x2030;U EQCV QH CTOU 6JG OKPV YCU QRGTCVKXG QPN[ DTKGHN[ CPF CNN EQKPU CTG QH VJG UCOG V[RG +P JQYGXGT 9KGNCPFV YTQVG KP (WPF CNGOCPPKUEJGT /Ã&#x2019;P\GP CWU /CTDCEJ KO 'NUCUU QP PQ KFGPVKECN VQ VJKU EQKP /Ã&#x2019;P\JGTT \W 5VTCÂDWTI KUV FGT 5VTCÂDWTIGT $KUEJQH FQEJ NKGIGP /Ã&#x2019;P\RTÂ·IWPI WPF 9GEJUGNOQPQRQN KP FGP *Â·PFGP FGT OÂ·EJVKIGP WPF \CJNTGKEJGP *CWUIGPQUUGPUEJCHVGP &CU 4CF YKTF OGKUV CWH /QNUJGKO DG\QIGP LGFQEJ \W 7PTGEJV FGPP GU KUV MGKP /Ã&#x2019;JNTCF C TQ[CN EQKP YKVJ VJG UCOG TGXGTUG YCU UVTWEM WPFGT (TGFGTKEM ++ UGG (F /CTDCEJ PQ

2HGPPKI. # $WUV QH VJG DKUJQR N YKVJ ETQUKGT CPF DNGUUKPI JCPF 4 #PIGN N JQNFKPI C ETQUU YJKEJ UVCPFU QP EWR. ' . 0 IT. 'ZVTGOGN[ HKPG /Ã&#x2019;P\ICNGTKG /Ã&#x2019;PEJGP #WEVKQP PQ 6JG QDXGTUG YKVJ VJG DKUJQR JKIJN[ TGUGODNGU VJCV QH PQ VJG YGKIJV VQQ KU RTCEVKECNN[ VJG UCOG (KPF 6TCGPJGKO 5 E

195

PF RJCUG 6JG EQKPU PQY VCMG QP C OWEJ UKORNGT EJCTCEVGT 6JG HKIWTG QH VJG DKUJQR KU GNQPICVGF LWUV CU JKU OKVTG 6JG EJWTEJ KU UKORNKHKGF VQ C HGY VTKCPINGU YKVJ C ETQUU QP VQR C 5OCNN EJWTEJ QP VJG TGXGTUG

2HGPPKI. # $WUV QH VJG DKUJQR N YKVJ UVCHH CPF ETQUKGT 4 %JWTEJ YKVJ VYQ ETQUUGU. ' . 0 IT. 'ZVTGOGN[ HKPG

-TKEJGNFQTH 5VWVVICTV

2HGPPKI. # $WUV QH VJG DKUJQR N 4 %JWTEJ YKVJ ETQUU DGVYGGP UVCTU QP VQR. ' . 0 IT. 0KEG RCVKPC XGT[ HKPG

9KPMGN KP 5VTCCVUDWTI 0GUUGN ENCUUKHKGU VJKU WPFGT 5VTCUDQWTI KP URKVG QH VJG VYQ UVCTU QP VJG TGXGTUG 0GUUGN CVVTKDWVGU VQ 5GN\ YJGP C UVCT KU FKURNC[GF DGJKPF VJG DKUJQR 0 PQ UVCT HGCVWTGU JGTG

D 1P VJG TGXGTUG C NCOD YKVJ ETQUKGT

.COORHGPPKI. # .COD N YKVJ UVCHH VGTOKPCVKPI KP C ETQUU 4 $WUV N YKVJ DNGUUKPI JCPF. ' . EH 0 IT. 0KEG RCVKPC XGT[ HKPG -TKEJGNFQTH (TGKDWTI #WEVKQP PQ +P NKVGTCVWTG VJGTG KU CNYC[U OGPVKQP QH NCOD DWV VJKU ETGCVWTG JCU C NQPI VCKN

E 5JQYKPI CP GCING QP VJG TGXGTUG

&GPKGT. # %TQYPGF DWUV YKVJ QTD CPF NKU VQRRGF UEGRVTG 4 'CING N . ' . 0 IT. 'ZVTGOGN[ HKPG /Ã&#x2019;NNGT 5QNKPIGP #WEVKQP PQ +P EQPVGORQTCT[ NKVGTCVWTG VJKU EQKP KU CVVTKDWVGF VQ 1HHGPDWTI LWUV CU VJG PGZV PWODGT

&GPKGT. # %TQYPGF HKIWTG N YKVJ QTD %TQUU DGJKPF JKO 4 'CING N UVCT QXGT T YKPI. ' . 0 IT. 'ZVTGOGN[ HKPG

-TKEJGNFQTH (TGKDWTI

196

&GPKGT. # $WUV QH VJG DKUJQR YKVJ ETQUKGT CPF DNGUUKPI JCPF 4 'CING N . ' . 0 IT. 'ZVTGOGN[ HKPG

6WTSWCV /QPVRGNNKGT +P C UGPUG VJG PQU CPF CTG GCEJ QVJGTÅ&#x2030;U EQWPVGTRCTVU UCOG TGXGTUG CPF TGUR C UGEWNCT CPF C ENGTKECN QD XGTUG 5GG PQVG YKVJ PQ

TF RJCUG 1PG UKFGF RGPPKGU VTCPUKVKQP VQ OWPKEKRCN EQKPU

1PG UKFGF 2GPP[. # #PIGN N JQNFKPI C ETQUU. ' . 0 R # IT. #NOQUV GZVTGOGN[ HKPG

5EJWNOCP #OUVGTFCO 6JKU UVCVWG KU C NCVG KOKVCVKQP QH VJG CPIGN CPF VJG ETQUU QP VJG EJCNKEG 5GG V[RG # KP 0GUUGN KP (TCPMHWTVGT /ร P\\GKVWPI R

564#5$174) %+6; 5VTCUDQWTI CESWKTGF EKV[ TKIJVU KP VJG OKFFNG QH VJG VJ EGPVWT[ CPF DGECOG C HTGG EKV[ KP )TCFWCNN[ GRKUEQRCN KPHNWGPEG YCPGF CPF RQYGT UJKHVGF VQYCTFU VJG EKVK\GPU 6JKU YCU TGKPHQTEGF YJGP VJG DKUJQRU UNKF KPVQ HKPCPEKCN FKHHKEWNV[ 0GKVJGT $KUJQR (TGFGTKEM QH $NCPM GPJGKO PQT 9KNNKCO QH &KGUV YGTG CDNG VQ EJCPIG VJG EQWTUG QH VJGUG FGXGNQR OGPVU +V YQWNF VCMG WPVKN CTQWPF DGXQTG HKPCPEGU YGTG UQWPF CICKP

1PG UKFGF 2GPP[. # .KU KP EKTENG QH RGNNGVU YKVJ HQWT RGNNGVU KP VJG CPINGU. ' . 0 R + IT. 'ZVTGOGN[ HKPG

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8GT[ HKPG

&QODTQYUMK /ร PUVGT

)TQU. # .KU KP OWNVKNQDG YKVJ TQUGU KP VJG CPINGU )415585 รฐ #4)'06+0'05 4 Q 64# Q Q 2#: Q Q *1+$85 Q CTQWPF ETQUU ).14+# +0 ':%'.5 &1 '6 +0. ' . IT. 8GT[ HKPG -TKEJGNFQTH 5VWVVICTV #WEVKQP PQ

ITQU. # .KU KP FQWDNGF SWCVTGHQKN ).14+# +0 ':%%+5&1 4 .QPI ETQUU FKXKFKPI NGIGPF /10 '6# #4) '06. ' . XCT IT. 8GT[ HKPG

5EJWNOCP #OUVGTFCO

197

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2HGPPKI. # 4QUG *<#8.0++ 4 $WKNFKPI YKVJ VYQ VQYGTU CPF VYQ RQTVCNU ITGCV UVCT DGVYGGP VJG VQYGTU. ' . 0 IT. 4 # NKVVNG YGCMN[ UVTWEM CV VJG GFIG QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP

-TKEJGNFQTH (TGKDWTI 6JKU PQ CPF VJG PQU CPF GOGTIGF KP C UKPING JQCTF KP VJG 7RRGT 4JKPG $CUKP 6JG OCKP RCTV QH VJKU JQCTF HQWPF KVU YC[ VQ VJG .CPFGUOWUGWO QH -CTNUTWJG

2HGPPKI. # 4QUG %08#%0% 4 'CING T 8%+0*4%+0. ' . 0 IT. 4 # NKVVNG QHH EGPVTG GZVTGOGN[ HKPG

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200

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201

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Å&#x2030;U UYC[ YCU OCKPN[ DCUGF QP JKU RGTUQPCNKV[ 9JGP JG FKGF KP 0QTYC[ NQQUGPGF KVUGNH CPF CEJKGXGF KPFGRGPFGPEG WPFGT /CIPWU %PWVÅ&#x2030;U UQP *CTVJCEPWV YCU PQV CEMPQYN GFIGF KP 'PINCPF GKVJGT 6JG OKPV .WPF TGSWKTGU C URGEKHKE GZRNCPCVKQP RCTVKEWNCTN[ DGECWUG VJG KPFKECVKQP QH .QPFQP QP 'PINKUJ EQKPU KU VJG UCOG 9JCV GXGP OQTG EQORNKECVGU FGVGTOKPKPI YJGVJGT C EQKP KU 'PINKUJ QT &CPKUJ KU VJCV OCP[ &CPKUJ EQKPU YGTG UVTWEM D[ 'PINKUJ OQPG[GTU KP VJQUG ECUGU VJG PCOG QH VJG OQPG[GT PQTOCNN[ KU VJG MG[ VQ CVVTKDWVKQP .WPF NKGU KP 5EJQPGP VJG UQWVJGTPOQUV RCTV QH RTGUGPV FC[ 5YGFGP +P GCTN[ OGFKGXCN VKOGU CPF NQPI CHVGTYCTFU KV YCU RCTV QH &GPOCTM .WPF YCU HQWPFGF CTQWPF +V NC[ CV C ETQUU TQCFU QH PQTVJ UQWVJ CPF GCUV YGUV TQCFU CPF CNVJQWIJ VJG NQECVKQP YCU KFGCN HQT VTCFG KV KU TCVJGT EQPHQWPFKPI VJCV YJGP VJG JGCTV QH MKPIFQO RWNUGF KP ,GNNKPI C RNCEG QH UWEJ XCNWG VQ VJG PCVKQP YCU HQWPFGF KP VJG DCEMYQQFU %JTKUVKCPKV[ YCU DTQWIJV VQ 5EJQPGP CPF VJGTGHQTG KP .WPF D[ $KUJQR )QVGDCNF KP 5YG[P (QTMDGCTFÅ&#x2030;U VKOG HQNNQYGF D[ $KUJQR $GTPJCTF WPFGT %PWV $QVJ DKUJQRU ECOG HTQO 'PINCPF +P .WPF DGECOG C FKQEGUG KP CP CTEJDKUJQRTKE 5XGP 'UVTKFUQP DWKNV VJG HKTUV 5V .CYTGPEG %JWTEJ KP .WPF 6JG VJ EGPVWT[ JCF CNTGCF[ UGGP C UJQTV NKXGF 5YGFKUJ RQUUGUUKQP QH 5EJQPGP DWV KV YQWNFPÅ&#x2030;V DG WPVKN VJCV KV FGHKPKVKXGN[ RCUUGF VQ 5YGFKUJ JCPFU

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&GPKGT 1TDCGM ! . # $CTDCTK\GF DWUV HCEKPI .+%818+%++1+++ 4 %TQUU YKVJ QPG JQQH KTQP KP GCEJ CPING 4+1%8+++1+%+++1+++. *DI EH IT. 8GT[ HKPG VQ GZVTGOGN[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ $TWWP *CTF VQ TGEQIPKUG VJKU EQKP KP *DI UKPEG VJCV UJQYU C HCEG VWTPGF NGHV

204

#010;/175 VJ EGPVWT[

&GPKGT. # $CTDCTK\GF JGCF T YKVJ UVCHH 4 &QWDNG DCPFGF ETQUU YKVJ VTGHQKNU KP VJG CPINGU. *DI IT. 4 /KPQT URNKV KP VJG HNCP XGT[ HKPG VQ GZVTGOGN[ HKPG

9#) &QTVOWPF #WEVKQP PQ 1DXGTUG 5%$+ %QR XIN 4GXGTUG 5%$+ %QR XIN +P VJG UCOG CWEVKQP CP CPCNQIWG RKGEG QEEWTGF UCOG FKG VJCV YGKIJGF YJKEJ KPFKECVGU CP QTKIKP DGHQTG 6TGHQKN SWCFTKNCVGTCN V[RG QH 'FYCTF VJG %QPHGUUQT UKORNGT HQTO YKVJ *CTVJCMPWF CTO CPF UEGRVTG V[RG

/#)075 FGP )1&' +P /CIPWU TGVWTPGF HTQO 0QXIQTQF YJGTG JG YCU TCKUGF CPF GFWECVGF CV VJG EQWTV QH ,CTQUNCX + QH -KGX CPF DGECOG MKPI QH 0QTYC[ +P JG UKIPGF C VTGCV[ YKVJ *CTVJCECPWV UVKRWNCVKPI VJCV VJG GCTNKGT EJKNFNGUU FGOKUG QH QPG QH DQVJ YQWNF DGSWGCVJ VJG QVJGT YKVJ VJG TGURGEVKXG MKPIFQO 6JWU CV VJG FGCVJ QH *CTVJCEPWV KP /CIPWU YCU RTQENCKOGF MKPI QH &GPOCTM KP 8KDQTI VQ VJG CDUQNWVG KP FKIPCVKQP QH %PWVÅ&#x2030;U ITCPFUQP 5YG[P 'UVTKFUQP +P /CIPWU JCF VQ UJCTG RQYGT KP 0QTYC[ YKVJ JKU WPENG *CTCNF 5KIWTFUUQP JQYGXGT KP &GPOCTM JG TGOCKPGF VJG UQNG TWNGT WPVKN JKU FGCVJ KP

&GPKGT .WPF #NHYCTF. # $WUV YKVJ JGNOGV N /#*05 4': 4 3WCVTGHQKN QH -PWF 'PINCPF QP ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU #.(2#4& Q .8&. *DI IT. 'ZVTGOGN[ HKPG URGEKOGP YKVJ PKEG RCVKPC #JNUVTQO 5VQEMJQNO #WEVKQP PQ *DI #WMV $TWWP

&GPKGT .WPF. # .COD N YKVJ UVCHH GPFKPI KP ETQUU ++8&1&+++6# 4 &QWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU 61 ++. 8++ 1.8. *DI IT. 44 'ZVTGOGN[ HKPG URGEKOGP PKEG RCVKPC 9#) &QTVOWPF #WEVKQP PQ

5IN *CWDGTI XCT 5IN $TWWP XCT 5IN *GFG

&GPKGT 4QUMKNFG. # 1%+1'0+ DGVYGGP VYQ NKPGU CDQXG CPF DGNQY VTKCPING YKVJ ETQUU QP VQR CPF YKVJKP 1.+ %+1++ 1.1+ '1+1 4 6TKSWGVTC YKVJ C ETQUU KP QPG CPING : &+1++8 8:+10'1 :+10'1 . *DI EH IT. 4 #NOQUV GZVTGOGN[ HKPG URGEKOGP

5RKPM .QPFQP (TQO 0% PQ 6JKU XCTKCPV KU PQV OGPVKQPGF KP *CWDGTI 1P *DI KU C HCEG UJQYP YJKEJ ECPPQV DG UGGP QP VJKU URGEKOGP

205

$#66.' 2'4+1&

#EEQTFKPI VQ VJG EJTQPKENGU QH #FCO QH $TGOGP 5YG[P URGPV [GCTU KP 5YGFGP HTQO YJGTG JG YCIGF YCT QP VJG &CPKUJ 0QTYGIKCP MKPI /CIPWU FGP )QFG [GV 5YG[P JCF VQ YCKV HQT VJG MKPI VQ FKG DGHQTG JG EQWNF CV NCUV DGEQOG MKPI QH &GPOCTM

&GPKGT .WPF. # *GCF N YKVJ ETQUU CPF TKPI KP HTQPV QH KV ++%8+ +22&%% 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU CPF VYQ RGNNGVU CPF VYQ ETGUEGPVU KP VJG CPINGU 58 '4. %&1 +.8*. *DI IT. 4 'ZVTGOGN[ HKPG *QKNCPF -QRGPJCIGP #WEVKQP PQ 'Z $GEMGT EQNNGEVKQP 'MU 2GFGTUGP %,$ /Z C *$) CWEVKQP .'$ EH $GEMGT % , 6JG EQKPCIGU QH *CTVJCMPWF CPF /CIPWU VJG )QQF CV .WPF E 5VWFKGU KP 0QTVJGTP %QKPCIGU QH VJG 'NGXGPVJ %GPVWT[ &GV MIN &CPUMG 8KF 5GN *KUV HKN 5MTKHVGT -DJ

206

59';0 '564+&5'0 *KU HCVJGT YCU 7NH ,CTN C OCP HTQO VJG TGVKPWG QH %PWV JKU OQVJGT 'UVTKF %PWVÅ&#x2030;U UKUVGT *G YCU YGFFGF VQ )WPJKNF CPF NCVGT VQ 6JQTC 6GPUKQP DGVYGGP %PWV CPF 5YG[P ECWUGF HCVJGT CPF UQP VQ UGGM TGHWIG YKVJ -KPI #PWPF ,CEQD QH 5YGFGP 7NH YCU OWTFGTGF RTGUWOC DN[ D[ %PWV 5YG[P KPETGCUGF JKU KPHNWGPEG KP &GPOCTM HTQO JKU 5EJQPGP RQUKVKQP CU VJG EQKPU JG UVTWEM UJQY #HVGT C SWKGV VGP [GCT TGKIP JG YCU FGHGCVGF D[ *CTCNF 5KIWTFUUQP QH 0QTYC[ KP 5VKNN RGCEG YCU TGCEJGF KP 5YG[P DTQWIJV CDQWV &GPOCTMÅ&#x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

&GPKGT .WPF. # %JTKUV UVCPFKPI YKVJ TCKUGF JCPF /#)085 4': 4 (QWT USWCTGU ETQUU UJCRGF $15# 10 .80&+ 1. *DI IT. 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV 5GRVGODGT PQ 'Z )CTTGVV ++ EQNNGEVKQP PQ 'Z ,9) 4C[OQPF 4GXGTUG 1 YKVJ RGNNGV KP VJG EGPVTG 6JKU EQKP KU UVTWEM KP VJG PCOG QH JKU RTGFGEGUUQT /CIPWU

&GPKGT .WPF. # $[\CPVKPG HKIWTG UVCPFKPI 8+%&1 ++6 +8 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU 28 .(' 618 +&+1. *DI IT. 44 9GNN UVTWEM CPF GZVTGOGN[ HKPG URGEKOGP /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN

6JG NGIGPF KU GZCEVN[ VJG UCOG OGPVKQPGF KP *CWDGTI PQ

&GPKGT 4QUMKNFG ! . # (KIWTG UVCPFKPI YKVJ UEGRVTG CPF NQPI ETQUU N 5 KP VJG HKGNF 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU KP VYQ CPINGU : CPF 6 YKVJ VYQ RGNNGVU. *DI IT. 4 5NKIJVGN[ DGPV XGT[ HKPG VQ GZVTGOGN[ HKPG

5RKPM .QPFQP 'Z *CWDGTI EQNNGEVKQP 'Z 'TPUV EQNNGEVKQP 6JG TGHGTGPEG YCU *DI UGG PQ DWV VJCV KU KORQUUKDNG 5KPEG CNN D[\CPVKPG KOKVCVKQPU YGTG UVTWEM KP .WPF + FQWDV YJGVJGT 4QUMKNFG KU EQTTGEV

&GPKGT .WPF. # %JTKUV UKVVKPI CPF HCEKPI YKVJ DNGUUKPI JCPF ++ 1+. 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU 0+& 10 8+++ . *DI IT. 8GT[ HKPG *QTPWPI -QRGPJCIGP #WEVKQP PQ 'Z 'TPUV ++ EQNNGEVKQP *DI GMU *DI #

207

&GPKGT .WPF ! . # %JTKUV ! HCEKPI YKVJ ETQUKGT CPF DNGUUKPI JCPF 1 %++( 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU QPG ETGUEGPV CPF QPG ETQUU KP VYQ CPINGU + +1% +.+ +%1. *DI IT. 4 8GT[ HKPG VQ GZVTGOGN[ HKPG

9#) &QTVOWPF #WEVKQP PQ $TWWP 4GHGTGPEG YCU *DI DWV VJCV KU KORQUUKDNG CU VJG HKIWTG QP VJCV QDXGTUG JCU C PKODWU YJKEJ VJG HKIWTG QP VJG QD XGTUG QH VJG EQKP CV JCPF ENGCTN[ JCUPÅ&#x2030;V

&GPKGT .WPF. # #PIGN CPF MKPI UVCPFKPI CPF JQNFKPI UVCPFCTF 58'+0 4 .QPI FQWDNGF ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU VYQ CPINGU YKVJ ETGUEGPV QPG QH VJGO CNUQ YKVJ RGNNGV 8+ ++8+ +.++.+ +++1. *DI IT. 0KEG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG 5RKPM .QPFQP 'Z )TCPVNG[ EQNNGEVKQP PQ

&GPKGT 4QUMKNFG. # (QWT DQYU EQPPGEVGF D[ C USWCTG YKVJ TKPI KP VJG EGPVTG CPF HQWT VKOGU VJTGG RGN NGVU CTQWPF KV ++ *% 0% +0( 4 6YQ NKPGU YKVJ +Å&#x2030;U DGVYGGP VJGO KP VJG OKFFNG VYQ NKPGU GPFKPI KP ETGUEGPVU YKVJ TKPI CPF RGNNGV KP VJG EGPVTG CDQXG CPF DGNQY C ETQUU DGVYGGP VYQ ETGUEGPVU YKVJ RGNNGV. *DI IT. /CIPKHKEGPV RCVKPC GZVTGOGN[ HKPG *QTPWPI -QRGPJCIGP *CWDGTI OGPVKQPU * 14+ 0% 0& CU NGIGPF QP VJG QDXGTUG

&GPKGT 5NCIGNUG. # &QWDNG NKPGF ETQUU YKVJ USWCTG KP VJG EGPVTG CPF VJTGG RGNNGVU KP GCEJ CPING 4 5OCNN ETQUU YKVJ HQWT TKPIU. *DI XCT IT. 4 8GT[ HKPG

9#) &QTVOWPF #WEVKQP PQ

*#4#.& *'+0

&GPKGT .WPF. # (KIWTG UVCPFKPI YKVJ PKODWU CPF ETQUKGT *#4#.& 4' 4 %TQUU QH NQDGU 6*84)16 + .80&. *DI IT. 4 8GT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ +0 KPUVGCF QH VJG EQOOQP 10 &WTKPI CP KPUWTIGPE[ %PWV VJG 5CKPV YCU ECRVWTGF CPF OWTFGTGF KP 5V #NDCPU %JWTEJ 6JKU KPUWTIGPE[ YCU C TG UWNV QH %PWVÅ&#x2030;U NGX[KPI QH VKVJGU VJCV JG JCF KPVTQFWEGF UJQTVN[ DGHQTG *KU KOOGFKCVG ECPQPKUCVKQP YCU VQ OKVKICVG CP[ TGUGPVOGPV

208

'4+- ',')1&

&GPKGT $TCEVGCVG .WPF. # %TQYPGF DWUV HCEKPI YKVJ UYQTF CPF QTD Z '4+% . *DI IT. 4 9GCMN[ UVTWEM CPF GFIG HCWNV QVJGTYKUG XGT[ HKPG *QTPWPI -QRGPJCIGP 'Z *CWDGTI + EQNNGEVKQP 2QUUKDN[ C UKPING URGEKOGP QH *CWDGTI YJKEJ KU QPG UKFGF

0+'.5 #V VJG DGIKPPKPI QH 0KGNUÅ&#x2030; TGKIP VJG &CPKUJ IQXGTPOGPV CEMPQYNGFIGF UW\GTCKPV[ QH VJG )GTOCP 'ORKTG 7PFGT 0KGNU C UVTQPI EGPVTCNKUCVKQP VQQM RNCEG

&GPKGT 4QUMKNFG. # *GCF HCEKPI 0+%1.#85 4': 4 .QPI QRGPGF ETQUU YKVJ UOCNNGT ETQUU QP KV VJG NKODU GPFKPI KP CPEJQTU Å&#x2018;. *DI IT. 0KEG RCVKPC YGNN UVTWEM HQT VJKU KUUWG CNOQUV GZVTGOGN[ HKPG

&GPKGT 4QUMKNFG. # $WUV T YKVJ JGNOGV CPF UVCPFCTF 0+ %1.#85 4': 4 'FKHKEG YKVJ ' 5 6 QP VJG TQQH. *DI IT. 0KEG RQTVTCKV XGT[ HKPG VQ GZVTGOGN[ HKPG

#JNUVTQO 5VQEMJQNO 6JG NGIGPF QP VJG QDXGTUG KU VJG UCOG CU KP *CWDGTI DWV PQV XKUKDNG JGTG

*QTPWPI -QRGPJCIGP #WEVKQP PQ (TQO #JNUVTQO 5VQEMJQNO #WEVKQP PQ EH CNUQ *DI #WEVKQP HH 1P ,CPWCT[ %PWV .CXCTF &WMG QH 5NGUXKI CPF QPG QH VJG RTGVGPFGTU VQ VJG VJTQPG YCU CUUCUUKPCVGF %PWV .CXCTF JGNF VJG VGTTKVQT[ QH VJG YGUVGTP 9GPF VTKDG KP HKGH QH VJG )GTOCP GORGTQT %PWV .CXCTFÅ&#x2030;U DTQVJGT 'TKE YCU NQQMKPI VQ UWEEGGF CPF QRRQUGF DCEMGF D[ VJG <GCNCPF PQDNG HCOKN[ *XKFG -KPI 0KGNU CPF JKU UQP /CIPWU +P VJG $CVVNG QH (QVGXKI KP 5EJQPGP /CIPWU YCU UNCKP CPF 0KGNU YCU UWDUGSWGPVN[ MKNNGF KP 5NGUXKI ENGCTKPI VJG YC[ HQT 'TKE 0GXGTVJGNGUU CPQVJGT EKXKN YCT GPUWGF ECWUGF D[ C FKURWVG YKVJ VJG DKUJQRU +P %PWV .CXCTFÅ&#x2030;U UQP 8CNFGOCT FGRQUGF 'TKE CPF YCU NGHV UQNG TWNGT +P JG CPPQWPEGF VJG ECPQPKUCVKQP QH %PWV KP 4KPIUVGF

'4+- '/70'

&GPKGT .WPF. # %TQYPGF DWUV HCEKPI YKVJ TCKUGF JCPF CPF UEGRVTG '4 +6 4': #.8+ 4 /QWPVGF MKPI YKVJ UYQTF. *DI IT. 4 5OCNN HNCP QVJGTYKUG GZVTGOGN[ HKPG UVTWEM URGEKOGP

*QTPWPI -QRGPJCIGP /KPVOCUVGT #NYKPU #.8+ QP VJG QDXGTUG KU JCTFN[ XKUKDNG 4GXGTUG *CWDGTI OGPVKQPU C ETQUU QXGT VJG JQTUGU JGCF YJKEJ KU PQV XKUKDNG JGTG 6JG 4GXGTUG UJQYU IGTOCP KPHNW GPEG

209

&GPKGT 4QUMKNFG. # *GCF HCEKPI '4+%85 4': 4 9JGGN YKVJ URQMGU NGIGPF PQV XKUKDNG *DI IT. 4 9GNN UVTWEM URGEKOGP CNOQUV GZVTGOGN[ HKPG 5RKPM .QPFQP 'Z *CWDGTI EQNNGEVKQP *CWDGTI OGPVKQPU VJTGG OKPVOCUVGTU /CTVKP 2CRGPKPI CPF 8NHTKE

$4#%6'#6'5 QH 0146*'40 ,76.#0&

#HVGT VJG OWTFGT QH %PWV .CXCTF UQP QH 'TKE 'XGTIQQF FWMG QH 5NGUXKI CPF MKPI QH VJG 9GPFU VTQWDNGF VKOGU DGICP %QPHNKEV CTQUG DGVYGGP 8CNFGOCT UQP QH %PWV .CXCTF 5YG[P )TCVJG UQP QH 'TKE 'OWPG CPF %PWV ITCPFUQP QH 0KGNU 6JG WP&CPKUJ EQKPU KPURKTGF QP )GTOCP DTCEVGCVGU YJKEJ YGTG VJGP CV VJG XGT[ JGKIJV QH VJGKT RQRWNCTKV[ YGTG UVTWEM KP VJKU RGTKQF #RCTV HTQO EQKPU VJCV DGCT GKVJGT VJG PCOG QH C EKV[ QT VJG PCOG QH QPG QH VJG OGPVKQPGF RTG VGPFGTU C VJKTF ITQWR QH UETKRVNGUU DTCEVGCVGU YGTG UVTWEM YKVJ FGRKEVKQPU QH YCTTKQTU ECU VNGU GVE 6JG[ WUWCNN[ CTGPŉV CVVTKDWVCDNG VQ CP[ EGTVCKP MKPI 6JG JQCTFU VJCV VJG[ GOGTIGF KP RTGUWOCDN[ YGTG EQPPGEVGF VQ VJG GXGPVWCN $CVVNG QH )TCVG *GCVJ QP VJG TF QH 1EVQDGT YJKEJ 8CNFGOCT YQP

$TCEVGCVG. # 6YQ CTOQWTGF HKIWTGU YKVJ UYQTFU NQQMKPI CV GCEJQVJGT UVCPFCTF DGVYGGP VJGO. *DI IT. 44 5NKIJVGN[ KTTGIWNCT GFIG CNOQUV GZVTGOGN[ HKPG *QTPWPI -QRGPJCIGP 5QOG JCXG VJKU RKGEG UVTWEM D[ 8CNFGOCT CPF JKU YKHG

$TCEVGCVG. # -KPI UVCPFKPI YKVJ UVCPFCTF CPF UEGRVTG GPFKPI KP NKU DGVYGGP HQWT TKPIU CPF VYQ VQYGTU. *DI IT. 4 'FIG ENKRRGF XGT[ HKPG *QTPWPI -QRGPJCIGP #WEVKQP PQ 'Z *CWDGTI EQNNGEVKQP 'Z $TQIG EQNNGEVKQP 'Z 'TPUV ++ EQNNGEVKQP

8#.&'/#4 +

8CNFGOCT + DGICP C NKPG QH RQNKVKEU EQPVKPWGF D[ JKU UQP %CPWV 8+ CKOGF CV UWRTGOCE[ QXGT VJG $CNVKE 8CNFGOCT GXGP GPVGTGF KP C EQNNCDQTCVKQP YKVJ VJG )GTOCPU VQ VJKU GPF %CPWV JQYGXGT YQWNFPŉV CEMPQYNGFIG (TGFGTKEM $CTDCTQUUC CPF VJWU DGECOG C HGCTGF GPGO[ QH VJG )GTOCPU 6JGUG NCTIG UECNG RQNKVKEU HQWPF VJGKT GPF WPFGT 8CNFGOCT ++ KP VJG $CVVNG QH $QTP JÌXGF

&GPKGT 4QUMKNFG. # $WUV QH VJG MKPI HCEKPI YKVJ QTD CPF UEGRVTG 4 $WUV QH VJG DKUJQR HCEKPI YKVJ ETQUKGT CPF DNGUUKPI JCPF. *DI IT. 4 'FIG HCWNV XGT[ HKPG 5RKPM .QPFQP #WEVKQP PQ

210

-07& 8+

&GPKGT 4KDG. # $WUV HCEKPI YKVJ UYQTF CPF UEGRVTG 4 (NCI ETQUKGT CPF UVCT. *DI IT. 8GT[ HKPG

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

&GPKGT 4KDG. # *GCF HCEKPI DGVYGGP ETGUEGPV CPF UVCT 4 )CDNG QH C EJWTEJ YKVJ ETQUU CPF VYQ VQYGTU. *DI IT. # NKVVNG QHH EGPVTG QVJGTYKUG CNOQUV GZVTGOGN[ HKPG /Ã&#x2019;P\GPCWMVKQP 'UUGP #WEVKQP PQ 4KDG $KUJQR 1OGT

&GPKGT )TGPCHWPFGV. # *GCF HCEKPI DGVYGGP ETGUEGPV CPF UVCT 4 )CDNG QH C EJWTEJ YKVJ ETQUU CPF VYQ VQYGTU. *DI IT. 8GT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

&GPKGT 5NGUXKI. # %TQYPGF JGCF HCEKPI UEGRVTG GPFKPI KP NKU N UVCHH VGTOKPCVKPI CP ETQUU T 4 %TQUKGT DGVYGGP VYQ ETQUUGU. *DI IT. 4 5OCNN HNCP FGHGEV XGT[ HKPG /Ã&#x2019;P\GP W /GFCKNNGP $CUGN $TWWP *CWDGTI #VVTKDWVGF VQ 8CNFGOCT ++ 5GLT *DI JCU VJG UCOG TGXGTUG DWV VJG QDXGTUG KU FKHHGTGPV

8#.&'/#4 ++ 5',4

8CNFGOCT ++ CNUQ TWNGF QXGT RCTVU QH 0QTVJ )GTOCP[ 1P DGJCNH QH 8CNFGOCT #NDTGEJV QH 1TNCOÃ&#x2019;PFG CEVGF CU C UVCFVJQNFGT *G OKPVGF KP *CODWTI CPF KP .Ã&#x2019;DGEM 6JG UV[NG QH JKU EQKPU KU YJQNN[ )GTOCP CPF PQV &CPKUJ

&GPKGT .WPF. # $WUV QH VJG MKPI HCEKPI YKVJ NKU CPF ETQUU 4 $WUV QH VJG CTEJDKUJQR YKVJ ETQUKGT CPF ETQUU. *DI IT. 8GT[ HKPG #TIGPQT 2CTKU (TQO NKUV 1EVQDGT PQ #TEJDKUJQR #PFTGCU 5WPGUGP

211

&GPKGT 8KDQTI. # *GCF HCEKPI YKVJ NKU CPF ETQUKGT 4 %TQUU DGVYGGP VYQ NKU QP VYQ JQTK\QPVCN NKPGU. *DI IT. 4 9GCMN[ UVTWEM CPF UNKIJVGN[ WPEGPVGTGF CNOQUV GZVTGOGN[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

&GPKGT )TGPCHWPFGV. # *GCF HCEKPI YKVJ NKU VQRRGF UEGRVTG CPF UVCT 4 %TQUKGT JQTK\QPVCN NKPG YKVJ VYQ UJQTV XGTVKECN NKPGU CPF VJTGG TKPIU. *DI IT. 'ZVTGOGN[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ #V VJG FGCVJ QH 8CNFGOCT ++ C EGPVWT[ QH KPVGTPCN FKURWVG DGICP 'ZVGTPCN CWVJQTKV[ UWHHGTGF C ITGCV FGCN 0QDKNKV[ CPF ENGTWU ITCVGHWNN[ VQQM CFXCPVCIG QH VJG UKVWCVKQP CPF EWTVCKNGF TQ[CN RQYGT 6JG EQKPU QH 'TKE 2NQXRGPPKPI #DGN CPF %JTKUVQRJGT + UVGCFKN[ FGVGTKQTCVGF 6Q OCZKOKUG TGXGPWG VJG RQRWNCVKQP YCU HQTEGF VQ GZEJCPIG VJGKT QNF EQKPU YKVJ PGY QPGU QH OWEJ RQQTGT SWCNKV[ 6JG UKNXGT EQPVGPV UJQYGF C EQPVKPWQWU FGETGCUG

#$'.

#DGN KORQUGF C NCPF VCZ VQ KORTQXG VJG OKPVKPI

&GPKGT 8KDQTI. # 5VCT YKVJ HKXG DGCOU #$'. 4': 4 5VCT YKVJ HKXG DGCOU 8+$14). /$ IT. 4 5RGEKOGP HTQO C JQCTF HKPG *QTPWPI -QRGPJCIGP #WEVKQP PQ 'Z 1NFGPDWTI #WEVKQP PQ

%*4+5612*'4 +

&GPKGT 4KDG. # 5VCT YKVJ HKXG DGCOU &#0 148/ 4': 4 )TGCV % YKVJ RGNNGV KP KV %4+561 (148 5 . /$ IT. 7PEGPVGTGF CNOQUV XGT[ HKPG

/Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ

&GPKGT 5EJNGUYKI. # 4': KP EKTENG QH RGNNGVU DGVYGGP VYQ UVCTU 4 %TQUU YKVJ QPG ETGUEGPV KP GCEJ CPING. /$ IT. 4 8GT[ HKPG 9#) &QTVOWPF #WEVKQP PQ *GFG EQNNGEVKQP 5VTWEM WPFGT VJG DKUJQRU 'UMKN CPF 0KEQNCWU

212

'4+- -.+22+0)

&GPKGT 4KDG. # &QWDNG NKPGF ETQUU YKVJ ' 4 ' : KP VJG CPINGU 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING GKIJV ETGUEGPVU CTQWPF. /$ IT. (KPG VQ XGT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ 6JG OWTFGT QH 'TKE -NKRRKPI UQP QH %JTKUVQRJGT + KP ECWUGF VJG EQWPVT[ VQ RTGEKRKVCVG KPVQ VJG UQ ECNNGF #IG QH &GEC[ 6JG UKNXGT EQPVGPV QH VJG EQKPU YCU FKOKPKUJGF VQ VJG RQKPV YJGTG VJG[ RTCEVKECNN[ EQPUKUVGF QPN[ QH EQRRGT

VJG CDUQNWVG NQY YCU TGCEJGF WPFGT %JTKUVQRJGT ++ 6JGUG XGT[ RQQT EQRRGT EQKPU CTG CNUQ MPQYP CU %KXKN 9CT %QKPU

'4+- /'08'&

&GPKGT .WPF. # 6JTGG ETGUEGPVU YKVJ TKPI RGNNGVU DGVYGGP VJGO 4 %TQUU YKVJ ETGUEGPVU KP VJG CPINGU. /$ IT. 5OCNN HNCP XGT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

&GPKGT 0QTTG ,[NNCPF. # )TGCV QXCN YKVJ VJTGG JQQMU CV GCEJ UKFG CPF RGNNGV KP VJG EGPVTG 4 )TGCV CPEJQT. /$ IT. 8GT[ HKPG *QKNCPF -QRGPJCIGP #WEVKQP PQ 6JG DGUV URGEKOGP HTQO VJKU EQKP V[RG

%*4+5612*'4 ++ 5VCTVKPI YKVJ %JTKUVQRJGT ++ GCEJ &CPKUJ MKPI WRQP CUUWORVKQP QH QHHKEG JCF VQ UKIP VJG UQ ECNNGF JยนPFHยบUVPKPI C EJCTVGT PQV WPNKMG VJG /CIPC %CTVC VJCV UGXGTGN[ EWTVCKNGF TQ[CN CWVJQTKV[ CPF IWCTCPVGGF C UVTQPI KPHNWGPEG QH PQDKNKV[ KP PCVKQPCN CHHCKTU

&GPKGT 4QUMKNFG. # : : 4 %TQUU OQNKPG. /$ IT. *QTPWPI -QRGPJCIGP #WEVKQP PQ

6TCEGU QH GPETWUVCVKQP XGT[ HKPG

213

8#.&'/#4 +8 #66'4&#)

8CNFGOCT +8 #VVGTFCI TGUVQTGF VJG QTFGT CPF &GPOCTMÅ&#x2030;U RQYGT EQPUGSWGPVN[ KPETGCUGF 6JCV VJG *CPUGCVKE .GCIWGÅ&#x2030;U UWRRQTV CNNQYGF JKO VQ TGUKUV PQDKNKV[ FKF PQV MGGR 8CNFGOCT HTQO CVVGORVKPI VQ DTGCM VJG RQYGT QH VJG )GTOCP *CPUGCVKE EKVKGU *G HCKNGF CPF &CPKUJ PQDKNKV[ KOOGFKCVGN[ UVGRRGF KPVQ VJG RQYGT XCEWWO CPF TGPGYGF VJGKT QNF RTKXKNGIGU $WV 8CNFGOCTÅ&#x2030;U UGEQPF FCWIJVGT /CTICTGV YJQ YCU TGIGPV FWTKPI VJG OKPQTKV[ QH JGT UQP 1NCH CPF SWGGP CHVGT JKU FGCVJ FKRNQOCVKECNN[ OCPCIGF VQ TGGUVCDNKUJ RQNKVKECN DCNCPEG YKVJQWV VQWEJKPI VJG RQYGT QH PQDKNKV[ /CTICTGV YGFFGF MKPI *CMQP QH 0QTYC[ KP CPF VJWU DGECOG SWGGP QH 0QTYC[ CPF JGT UQP 1NCH YCU DQTP KP VJCV EQWPVT[ KP

2GPP[ .WPF. # %TQYP 4 %TQUU YKVJ QPG ETGUEGPV KP GCEJ CPING. /$ IT. 4 (KPG URGEKOGP

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Å&#x2030;U ITCPFPGRJGY $QNKUNCY QH 2QOGTCPKC DQTP YCU ETQYPGF MKPI QH 0QTYC[ /CTICTGV CFQRVGF JKO CPF JG VJGP VQQM QP VJG PCOG 'TKE QH 2QOGTCPKC +P 'TKE DGECOG MKPI QH 5YGFGP CPF &GPOCTM VQQ VJ ,WPG 7PKQP QH -CNOCT 'TKE DGECOG MKPI QH VJG 7PKQP &G HCEVQ CWVJQTKV[ QXGT VJG VJTGG EQWPVTKGU YCU TGVCKPGF D[ /CTICTGV WPVKN JGT FGCVJ KP

'4+% QH 21/'4#0+# 'TKE QH 2QOGTCPKC CEJKGXGF DTKPIKPI VJG FWEJ[ 5NGUXKI WPFGT VJG &CPKUJ ETQYP CHVGT VJG QWV EQOG QH VJG EQWPEKN CV -QPUVCP\ KP 6JG OCTTKCIG QH 'TKE VQ VJG 'PINKUJ RTKPEGUU 2JKNKRRC TGOCKPGF EJKNFNGUU JKU UGCTEJ HQT C UWE EGUUQT NGF VQ UGXGTCN FKHHKEWNVKGU +P JG TGVTGCVGF VQ )QVNCPF +P VJG &CPKUJ 4KMUTCFGV ECNNGF WRQP 'TKEÅ&#x2030;U EQWUKP %JTKUVQRJGT HTQO VJG *QWUG 9KVVGNU DCEJ VQ UWEEGGF 'TKE YCU UWDUGSWGPVN[ FGRQUGF %JTKUVQRJGT VQQ YCU MKPI QH VJG 7PKQP CPF VJG VJTGG PCVKQPU RTQURGTGF WPFGT JKU TGKIP +P JG UWFFGPN[ FKGF EJKNFNGUU YJKEJ RWV VJG 4KMUTCFGV KP C RQUKVKQP QH GZVTCQTFKPCT[ RQYGT

5VGTNKPI .WPF. # %TQYP '4+%85 â&#x20AC;&#x17E; 4': â&#x20AC;&#x17E; & â&#x20AC;&#x17E; 5 â&#x20AC;&#x17E; 0 4 %TQUU /10'6# â&#x20AC;&#x17E; .80&'05. ) IT. 8GT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

5VGTNKPI 0CGUVXGF. # %TQYP '4+%85 â&#x20AC;&#x17E; 4': â&#x20AC;&#x17E; & â&#x20AC;&#x17E; 5 â&#x20AC;&#x17E; 0 4 %TQUU /10'6# â&#x20AC;&#x17E; 0'569'&. ) IT. 8GT[ HKPG URGEKOGP *QTPWPI -QRGPJCIGP #WEVKQP PQ /QPG[GT /GUVGT )JGTF OWPVOGUVGT VQ 0GUVYGFG VJG &WVEJOCP )GTTKV )Q\GYKLP\ %QOJCGT HTQO C FQEWOGPV QH

214

-QDDGTUVGTNKPI 0CGUVXGF. # %TQYP QXGT ' /'0'+6# 0'56' 4 %TQUU KP EKTENG QH RGNNGVU 01/+0' &1/+0'. ) IT. 9GNN UVTWEM XGT[ HKPG *QTPWPI -QRGPJCIGP #WEVKQP PQ /KPVOCUVGT /GUVGT )JGTF *DI CWEVKQP

$TCEVGCVG. # %TQYP KP JCNQ. ) IT.

8GT[ HKPG

/ÒP\CWMVKQP 'UUGP #WEVKQP PQ

4+)54#&'6

*XKF /CNOQ. # .KQP N t 018# 4'ő 4 .QPI ETQUU QP UJKGNF FKXKFKPI NGIGPF /10 /#. /1+ '05. ) IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG /ÒP\CWMVKQP 'UUGP #WEVKQP PQ 6JG NQPI ETQUU QP CP GORV[ UJKGNF ICXG VJG PCOG ŋMQTUJXKFŌ MQTU ETQUU VQ VJKU EQKPU

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

*#05

5JKNNKPI /CNOQ. # 5JKGNF QH 1NFGPDWTI QXGT GORV[ UJKGNF QP NQPI ETQUU FKXKFKPI NGIGPF +1*0 Q &'+ )4# Q 4': &#%+' 4 5JKGNF YKVJ VJTGG NKQPU /10'6 Ã 018# Ã /#./1'5+5. ) IT. 8GT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

215

*XKF /CNOQ. # * WPFGT ETQYP +1*0 „ & „ ) „ 4 „ &#%+' 4 .QPI ETQUU QXGT GORV[ UJKGNF /10 /#. /1+ '05. ) IT. 8GT[ HKPG

*QTPWPI -QRGPJCIGP #WEVKQP PQ

)16.#0& CHVGT

)QVNCPF ECOG VQ &GPOCTM

2GPP[ 8KUD[. # .KU QP VTKRQF DGVYGGP VYQ ETQUUGU /10'6# % +8+6#6+5 4 .COD PQ PKO DWU YKVJ UVCPFCTF N 9+5$8%' 0%+5 . .. :::8 # C IT. &CTM RCVKPC XGT[ HKPG &QODTQYUMK /ÒPUVGT 6JG KNNWUVTCVKQP KU PQV EQORCTCDNG VQ .. C

59'&'0 &GURKVG VJG HCEV VJCV 5YGFGP YCU VJG ETCFNG HQT OCP[ 'WTQRGCP RGQRNGU CPF VJG 5YGFGU KP VJG 8KMKPI #IG VTCXGNGF VJG YJQNG QH VJG EQPVKPGPV CPF DG[QPF CPF OCKPVCKPGF DTKUM VTCFKPI YKVJ VJG 'CUV 5YGFGPŉU JKUVQT[ CU C PCVKQP UVCTVU CTQWPF VJG [GCT #TQWPF 1NCH 5MÌVMQPWPI YCU MKPI QH 5YGFGP OQTG URGEKHKECNN[ QH VJG VGTTKVQTKGU QH VJG 5XGCT 5XGCNCPF CPF VJG )ÌVCT )ÌVCNCPF #NVJQWIJ 1NCH JCF EJTKUVKCPK\GF C RCTV QH JKU RGQ RNG RCICP EWNVWTG YQWNF EQPVKPWG VQ RNC[ C UKIPKHKECPV TQNG CPF CHVGT 1NCH GXGP JCF VQ TGVTGCV VQ VJG %JTKUVKCP 8·UVGTIÌVNCPF YJGTG JG HQWPFGF VJG FKQEGUG QH 5MCTC (TQO VJG RGTKQF DGVYGGP CPF C HGY PCOGU JCXG UWTXKXGF JKUVQT[ DWV PQVJKPI XGT[ FGVCKNGF VJQWIJ VJGTG CTG UQOG FQEWOGPVGF EQKPU QH 1NCHŉU UQP #PWPF ,CMQD +P VJG RGTKQF HTQO VQ VYQ TQ[CN JQWUGU TKXCNNGF GCEJ QVJGT 1PG JQWUG UVCTVU YKVJ 5XGTMGT VJG 'NFGT CPF VJG QVJGT YKVJ 'TKM VJG 5CKPV #PF VJGP VJGTG YGTG VJG &CPKUJ VJTQPG RTGVGPFGTU KP VJG VJ EGPVWT[ COQPI YJQO /CIPWU *GPTKMUGP YJQ KP MKNNGF 'TKM VJG 5CKPV PGCT 7RRUCNC 6Q TWNG VJG XCUV GZRCPUG QH JKU EQWPVT[ VJG MKPI CRRQKPVGF TGRTGUGPVCVKXGU UQ ECNNGF LCTNU 5VCTVKPI CTQWPF VJG LCTNU CVVGORVGF VQ UGK\G RQYGT 6JWU $KTIGT ,CTN HTQO CP KORQTVCPV PQDNG HCOKN[ HTQO ¤UVGTIÌVNCPF CPF YGFFGF VQ VJG MKPIŉU UKUVGT JGNRGF JKU UQP 9CNFGOCT

CUEGPF VJG VJTQPG KP 6JG *QWUG (QNMWPIGT CTQUG 7PFGT 9CNFGOCT CPF JKU DTQVJGT /CIPWU .CFKUNCU VJG MKPIFQO 5YGFGP VQQM C OQTG FGHKPKVG UJCRG *QYGXGT VJKU FKFPŉV OGCP VJG DCVVNG HQT VJG VJTQPG YCU QXGT +P VJG DG IKPPKPI QH VJG VJ EGPVWT[ VJG 'CTNU GCTN LCTN 'TKM CPF 9CNFGOCT EQPVGPFGF HQT $KTIGT /CIPÐUUQPŉU VJTQPG +P DQVJ GCTNU FKGF KP C FWPIGQP KP 0[MÌ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ÌRKPI

KP YJKEJ #NDGTV YCU ECRVWTGF EQWNF GHHGEVKXGN[ CUUWOG VJG QHHKEG QH SWGGP QH 5YGFGP 216

/CTICTGVG RWTRQUGHWN UVTQXG VQ C WPKQP QH VJG VJTGG 0QTFKE MKPIFQOU -CNOCT 7PKQP 5JG VJGP JGNRGF JGT ITCPFPGRJGY 'TKM QH 2QOGTCPKC CUEGPF VJG 0QTYGIKCP VJTQPG &WTKPI JKU TGKIP KP VJG CTKUVQETCVU NGF D[ 'PIGNDTGMV 'PIGNDTGMVUUQP CPF -CTN -PWFUUQP $QPFG UVQQF WR VQ VJG MKPI #P KPVGTTGIPWO HQNNQYGF KP YJKEJ C RTKX[ EQWPEKN JGNF RQYGT HCTOGTU OKPGTU CPF EKVK\GPU ITQYKPIN[ VQQM RCTV KP FGEKUKQP OCMKPI 5[ODQNKECNN[ VJG 2TKX[ %QWPEKN YCU TGRTGUGPVGF D[ C PGY PCVKQPCN UGCN FGRKEVKPI 'TKM VJG 5CKPV CPF VJG VJTGG 5YGFKUJ ETQYPU 6JTQWIJQWV VJG VJ EGPVWT[ VJGTG YCU CP QPIQKPI FKURWVG DGVYGGP VJG RTQRQPGPVU QH VJG WPKQP CPF VJQUG QH C PCVKQPCN 5YGFGP 6JG[ YGTG KP EJTQPQNQIKECN QTFGT %JTKUVQRJ QH $CXCTKC HQT VJG WPKQP -CTN -PWFUUQP HQT 5YGFGP KP VTGG FKHHGTGPV RGTKQFU CNVGTPCVGF D[ %JTKUVKCP + HQT VJG WPKQP CPF CTEJDKUJQR ,ÌPU $GPIVUUQP HQT 5YGFGP 5VGP 5VÒTG VJG 'NFGT CU TGIGPV CPF HKPCNN[ *CPU CU WPKQP MKPI

58'#.#0& CPF )¤6#.#0& WPKVGF 1NCH 5MÌVMQPWPI YCU VJG HKTUV MKPI YJQ TWNGF QXGT VJG WPKVGF VGTTKVQTKGU QH VJG 5XGCT

5XGCNCPF CPF VJG )ÌVCT )ÌVCNCPF #TQWPF VJKU VGTTKVQT[ HGNN CRCTV CPF VYQ MKPIFQOU HQTOGF 4KXCNT[ DGICP CU UQQP CU 1.#( 5-¤6-1070) 1NCH 5MÌVMQPWPI KU VJG UQP QH 'TKM 5GIGTU·NN CPF )WPJKNF UKUVGT QH $QNGUNCX + QH 2QNCPF 9JGP JKU HCVJGT RGTKUJGF KP VJG DCVVNG QH ([TKU PGCT 7RRUCNC JKU OQVJGT TGYGFFGF 5YG[P (QTMDGCTF OCMKPI -PWF CPF 1NCH JCNH DTQVJGTU %JKNFTGP YGTG #PWPF ,CMQD -KPI QH 5YGFGP CPF 'FOWPF -KPI QH 5YGFGP #UVTKF YGFFGF VQ VJG 0QTYGIKCP -KPI 1NCH *CTCNFUUQP CPF +PIGIGTF YGFFGF VQ ,CTQUNCX )TCPF &WMG QH 0QXIQTQF 7PFGT VJG KPHNWGPEG QH VJG CTEJDKUJQRTKE QH *CODWTI $TGOGP 1NCH GPFGCXQWTGF VQ EJTKUVKCP KUG #TQWPF JG EQPVTQNNGF 5XGCNCPF CPF )ÌVCNCPF *QYGXGT RCICP VTKDGU KP 7RRUCNC HQTEGF JKO VQ YKVJFTCY VQ VJG %JTKUVKCP 8·UVGTIÌVNCPF YJGTG JG HQWPFGF VJG FKQEGUG 5MCTC

&GPKGT 5KIVWPC. # $WUV T YKVJ UEGRVTG 1.#( 4': 52'81: 4 &QWDNG NKPGF ETQUU YKVJ % 4 8 : KP VJG CPINGU )1&2+0' /1 <+*6. .. IT. 44 'ZVTCQTFKPCT[ YGNN UVTWEM GZVTGOGN[ HKPG URGEKOGP #JNUVTQO 5VQEMJQNO #WEVKQP PQ <+*6 <+*680# 5+)670# 6JG 2 OWUV DG TGCF CU 9 6JG GPF QH VJG VGZV QP VJG TGXGTUG KU HQTOGF D[ C JQTK\QPVCN NKPG YKVJ C RGNNGV CDQXG KV CPF WPFGT KV EC

&GPKGT .QPI %TQUU 5KIVWPC ! . # $WUV N '&'&101'&&212+ 4 .QPI ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU %+1 .'1 8 %++. .. EH C D IT. 4 /CIPKHKEGPV RQTVTCKV GZVTGOGN[ HKPG URGEKOGP

*KTUEJ 5VQEMJQNO #WEVKQP PQ (QT CVVTKDWVKQP UGG CTV .[QP X F /GGT &QNNG[ 5GG 2N ++ KP $ /CNOGT -KPI %CPWVG U %QKPCIG KP VJG 0QTVJGTP %QWPVTKGU 5KIVWPC NKGU PGCT 7RRUCNC VJG VGTTKVQT[ VJCV YCU NQUV CHVGT %QWNF VJG PWODGTU CPF JCXG DQVJ DGGP UVTWEM KP 8·UVGTIÌVNCPF!

217

&GPKGT .QPI %TQUU. # $WUV N 1.+' 1.&41+ .1%+ 4 .QPI ETQUU YKVJ VJG NKODU GPFKPI KP VJTGG ETGUEGPVU DNWPFGTGF NGIGPF. .. IT. 4 8GT[ HKPG /ÒP\\GPVTWO -ÌNP ) X F /GGT EH $ /CNOGT 5VTWEM D[ 1NCH 5MÌVMQPWPI CPF PQV WPFGT 1NCH /CNOGT 2N ++ !

58'#.#0& 5QOG MKPIU TWNGF QPN[ 5XGCNCPF QT QPN[ )ÌVCNCPF UQOG TWNGF DQVJ UGG CDUVTCEV YKVJ .CIGT SXKUV QP R

-076 '4+-5510

$TCEVGCVG 7RRUCNC. # $WUV HCEKPI YKVJ TCKUGF JCPFU QT UEGRVTGU. .. # E IT. 44 'ZVTGOGN[ HKPG VQ WPEKTEWNCVGF

$TCEVGCVG 7RRUCNC. # $WUV HCEKPI YKVJ UYQTF CPF UEGRVTG. .. # D IT.

2GWU (TCPMHWTV #WEVKQP PQ

5RKPM .QPFQP .. C UGGOU VQ JCXG VJG UCOG UVCOR

44 'ZVTGOGN[ HKPG

)¤6#.#0& 8#.&'/#4

#HVGT 'TKM 'TKMUUQP EJKNFNGUU FGOKUG $KTIGT ,CTN QNFGUV UQP YCU GNGEVGF MKPI

$TCEVGCVG. # %TQYPGF JGCF HCEKPI. .. :8++ # C IT.

#NOQUV GZVTGOGN[ HKPG

$TCEVGCVG. # %TQYPGF JGCF HCEKPI. .. :8++ # E IT.

#NOQUV GZVTGOGN[ HKPG

$TCEVGCVG. # %TQYPGF NKQP FTCIQP! T . .. :8++ $ D IT. 5OCNN GFIG HCWNV QVJGTYKUG GZVTGOGN[ HKPG #JNUVTQO 5VQEMJQNO

218

#JNUVTQO 5VQEMJQNO #WEVKQP PQ #JNUVTQO 5VQEMJQNO #WEVKQP PQ

$TCEVGCVG. # %TQYPGF NKQP FTCIQP! N . .. :8++ $ D IT.

$TCEVGCVG. # %TQYPGF NKQP FTCIQP! N RWVVKPI QWV JKU VQPIWG. .. :8++ $ C IT. 'ZVTGOGN[ HKPG

#JNUVTQO 5VQEMJQNO #WEVKQP PQ

'ZVTGOGN[ HKPG

#JNUVTQO 5VQEMJQNO

/#)075 .#&7.#5 /CIPWU $KTIGTUUQP .CFKUNCU UGEQPF UQP QH $KTIGT ,CTN CPF +PIGDQTI UKUVGT QH 'TKM 'TKMUUQP #HVGT JKU HCVJGTÅ&#x2030;U FGCVJ KP /CIPWU DGECOG 5XGCJGTVKI 'CTN QH 5YGFGP +P /CIPWUÅ&#x2030; ECUG GCTN YCU EQPUKFGTGF GSWCN VQ LCTN /CIPWU GZRGNNGF JKU DTQVJGT 8CNFGOCT DWV PQV WPVKN FKF VJG NCVVGT TGNKPSWKUJ JKU TKIJVU +P FWTKPI JKU TGKIP /CIPWU JCF JKU UQP $KTIGT GNGEVGF MKPI

$TCEVGCVG. # / DGVYGGP VYQ RGNNGVU. .. :8+++ % F IT. 5OCNN GFIG HCWNV CNOQUV GZVTGOGN[ HKPG #JNUVTQO 5VQEMJQNO

)16.#0& 7PVKN )QVNCPF YCU RCTV QH 5YGFGP VJGP KV HGNN VQ &GPOCTM HQT EQKPU CHVGT UGG &GPOCTM

&GPKGT. # %TQUU YKVJ EKTENG CPF RGNNGV KP VJG EGPVTG C NKPG YKVJ VJTGG RGNNGVU KP GCEJ CPING 4 %JWTEJ YKVJ VYQ VQYGTU. .. :: # C IT. 9GCMN[ UVTWEM XGT[ HKPG 5EJWNOCP #OUVGTFCO #WEVKQP PQ #VVTKDWVKQP CEEQTFKPI VQ 4CUOWUUGP EH *KNFGDTCPF

&GPKGT. # 9JGGN YKVJ VJTGG URQMGU EKTENG YKVJ RGNNGV KP VJG EGPVTG QPG NKPG YKVJ VJTGG RGNNGVU KP GCEJ CPING 4 %JGSWGTGF ETQUU. .. ::++ # IT. # NKVVNG QHH EGPVTG CNOQUV GZVTGOGN[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ 'Z 2TKRR ++ EQNNGEVKQP

219

58'#.#0& #0& )¤6#.#0& #(6'4 /#)075 '4+-5510

$TCEVGCVG .ÌFÌUG. # . KP JCNQ. .. ::8+++ # C IT.

4 8GT[ HKPG

&GPKGT .WPF. # 5 DGVYGGP VYQ RGNNGVU 4 6YQ VTKCPINGU WPFGT ETQUU. /$ IT. &CTM RCVKPC HKPG VQ XGT[ HKPG

#JNUVTQO 5VQEMJQNO #WEVKQP PQ #HVGT 'Z 2TKRR + EQNNGEVKQP

*QTPWPI -QRGPJCIGP #WEVKQP PQ 5EJQPGP CPF VJG VQYP QH .WPF JCF CNYC[U DGGP &CPKUJ RQUUGUUKQPU CPF VJG CTEJDKUJQRU JCF C JCPF KP VJKU UWDUVCP VKCNN[ +P 5EJQPGP WPFGT CTEJDKUJQR -CTN TGUKUVGF VJG &CPGU CPF RTQENCKOGF VJG 5YGFKUJ -KPI /CIPWU 'TKMUUQP VJGKT MKPI +P 5EJQPGP WPFGT VJG &CPKUJ MKPI 8CNFGOCT #VVGTFCI TGVWTPGF WPFGT 5YGFKUJ FQOKPCPEG &CPKUJ ECVCNQIWGU QHVGP UVCVG VJKU V[RG YCU UVTWEM WPFGT 8CNFGOCT #VVGTFCI +V YCU KPFGGF DWV D[ /CIPWU 5OGM /CIPWU 'TKMUUQP

2'4+1&

$TCEVGCVG #. # # WPFGT ETQYP. .. :::+++ # C IT.

#JNUVTQO 5VQEMJQNO #WEVKQP PQ 'Z 5OKVJ EQNNGEVKQP 6JG # EQWNF UVCPF HQT 8·UVGTCU #TQU QT #DQ

$TCEVGCVG 5. # 5 WPFGT ETQYP. .. :::+++ $ C IT.

*KTUEJ 5VQEMJQNO 5 5VQEMJQNO

'ZVTGOGN[ HKPG URGEKOGP

8GT[ HKPG

2'4+1& #.$'46 QH /'%-.'0$74)

¤TVWI 5VQEMJQNO. # %TQYPGF JGCF HCEKPI #. $' 4685 Q 4': 4 %TQUU QP ETQYP YKVJ QPG ETQYP KP VJG UV CPF PF CPINGU /10' 6# Q 59 '%+'. .. +# C IT. 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ 6JG PWODGTU CPF FKHHGT KP VJG EWTN CPF ETQYP

220

Â¤TVWI 5VQEMJQNO. # %TQYPGF JGCF HCEKPI #.$'4685 Q 4': Â¤ 4 %TQUU QP ETQYP YKVJ QPG 8GT[ HKPG ETQYP KP VJG UV CPF PF CPINGU /10'6# Q 59'%+'. .. +# D IT.

'NUGP $TWUUGN (TQO NKUV PQ 6JG ICR DGVYGGP CPF YCU HKNNGF D[ /CTICTGVG UGG WPFGT &GPOCTM YGFFGF VQ MKPI *CMQP QH 0QTYC[ CU TGIGPVGUU QH 5YGFGP +P JGT ITCPFPGRJGY $QNKUNCY QH 2QOOGTP DGECOG MKPI QH 5YGFGP CUUWOKPI VJG PCOG 'TKM *QYGXGT /CTICTGVG TGOCKPGF VJG TGCN NGCFGT KP 5YGFGP (QT 5YGFGPÅ&#x2030;U HWTVJGT FGXGNQROGPV UGG WPFGT &GPOCTM

'4+- QH 21/'4#0+#

Â¤TVWI 5VQEMJQNO. # %TQYPGF JGCF HCEKPI Â¤ 4': â&#x20AC;&#x17E; â&#x20AC;&#x17E; '4+%85 Â¤ 4 ' QP ETQUU /10'6# Â¤ 561%*1.. .. # C IT. 8GT[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ

Â¤TVWI 5VQEMJQNO. # 5JKGNF YKVJ VJTGG ETQYPU QP ETQUU Â¤ '4+%85 â&#x20AC;&#x17E; 4': â&#x20AC;&#x17E; & 5 +2 4 ' QP ETQUU 8GT[ HKPG

/10'6# Z 561%*1.. .. D IT.

#JNUVTQO 5VQEMJQNO #WEVKQP PQ (QT VJG HKTUV VKOG 'TKE RTQECKOGF JKOUGNH MKPI QH &GPOCTM 5YGFGP CPF 0QTYC[

-4+56+#0 +

Â¤TVWI 5VQEMJQNO . # )TGCV % YKVJ RGNNGV KP VJG EGPVTG %4+556'4015 4': 4 5JKGNF YKVJ VJTGG ETQYPU QP NQPI ETQUU FKXKFKPI NGIGPF /10 '6# 561 *1. . .. IT. 44 8GT[ HKPG #JNUVTQO 5VQEMJQNO

221

-#4. -0765510 $10&'

Â¤TVWI #DQ. # 5JKGNF YKVJ UJKR CPF ETQYPGF # DGVYGGP VYQ UVCTU QP NQPI ETQUU -#4 1.8 54' :5 ) 4 5JKGNF YKVJ VJTGG ETQYPU DGVYGGP VYQ UVCTU QP NQPI ETQUU FKXKFKPI NGIGPF /10 '6# #$1 '05. .. & IT. 44 9GNN UVTWEM URGEKOGP CNOQUV GZVTGOGN[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ 'Z $WMQYUMK PQ NKUV HTQO C EQKPVTCFGT KP 5VQEMJQNO 'Z 2TKRR ++ EQNNGEVKQP

56'0 56Âª4'

5VGP 5VÃ&#x2019;TG YCU OGTGN[ TGIGPV CPF VJGTGHQTG PQ EQKP DGCTU JKU PCOG *G UVTWEM VJGO KP 'TKM VJG 5CKPVÅ&#x2030;U PCOG KPUVGCF

Â¤TVWI 5VQEMJQNO . # %TQYPGF JGCF HCEKPI 5%5 Q '4+%85 Q 4': : Q 4 5JKGNF YKVJ VJTGG ETQYPU DGVYGGP VYQ TKPIU 5 CDQXG Â¤ /10'6# Â¤ 561%* Â¤ . .. +# C IT. 44 8GT[ HKPG #JNUVTQO 5VQEMJQNO

Â¤TVWI 5VQEMJQNO PC . # %TQYPGF JGCF HCEKPI 5%5 '4+%85 4': 4 5JKGNF YKVJ VJTGG ETQYPU DGVYGGP VYQ UVCTU /10'6# 561%*1. .. +# IT. 'FIG HCWNV XGT[ HKPG

#JNUVTQO 5VQEMJQNO #WEVKQP PQ

Â¤TVWI 8Â·UVGTCU. # %TQYP 5%5 Q '4+%85 Q 4': 4 # RGNNGV CDQXG UVCT N /10'6# Q #415+5. .. ++$ M IT. 8GT[ HKPG #JNUVTQO 5VQEMJQNO

222

0149#; 6JG MKPIFQO 0QTYC[ EQOOGPEGF YKVJ *CTCNF (CKTJCKT CPF YCU FKTGEVN[ DGUGV D[ CP WPEGCUKPI UVTWIING HQT RQYGT CPF EQPUGSWGPV FKXKUKQPU 'CTN[ QP VJGTG YGTG HCOKN[ VKGU VQ VJG UWTTQWPFKPI EQWPVTKGU 6JWU 1NCH 6T[IIXCUQP CPF YCU YGFFGF VQ 6[TC *CTCNF $NWGVQQVJŉU FCWIJVGT *G YCU UNCKP KP C PCXCN DCVVNG QHH VJG EQCUV QH /GEMNGPDWTI YJKEJ JG NQUV VQ 5YG[P (QTMDGCTF CPF 1NCH 5MÌVMQPWPI 1NCH *CTCNFUUQP VJG 5CKPV WPKVGF JKU EQWPVT[ CPF KPVTQFWEGF %JTKUVKCPKV[ *G YCU VJG UQP QH C RGVV[ MKPI C MKPI QXGT C XGT[ NKOKVGF VGTTKVQT[ #U 8KMKPI JG UCKNGF VQ &GPOCTM 5YGFGP (KPNCPF (TKGUNCPF CPF (TCPEG CPF YCU DCRVKUGF KP 4QWGP +P JG TGVWTPGF VQ JKU JQOGNCPF CPF CHVGT VYQ XKEVQTKQWU DCVVNGU JCF JKOUGNH RTQENCKOGF MKPI QH GPVKTG 0QTYC[ 1TKIKPCNN[ %CPWV YCU JKU TKXCN DWV JKU OCTTKCIG VQ #UVTKF FCWIJVGT QH 1NCH 5MÌVMQPWPI DTQWIJV JKO VQ LQKPGF UKFGU YKVJ JKO ;GV %CPWV ENCKOGF 0QTYC[ +P C XCUV HNGGV WPFGT JKU EQOOCPF UCKNGF VQ 0QTYC[ 1NCH HNGF VQIGVJGT YKVJ JKU UQP /CIPWU VQ JKU DTQVJGT KP NCY ,CTQUNCX + QH -KGX #P CVVGORV CV TGEQPSWGTKPI 0QTYC[ TGUWNVGF KP JKU FGCVJ KP KP VJG $CVVNG CV 5VKMNGUVCF +P JG YCU GPVQODGF KP 6TQPFJGKO YJGTG JKU PGRJGY 1NCH -[TTG

NCVGT YQWNF GTGEV VJG %CVJGFTCN QH 6TQPFJGKO *G YCU ECPQPKUGF CNOQUV KOOGFK CVGN[ CHVGT JG FKGF OCKPN[ CU C U[ODQN QH TGUKUVCPEG CICKPUV KPXCFGTU #HVGT %CPWVŉU 0QTVJ 5GC 'ORKTG JCF HCNNGP CRCTV CHVGT %CPWV 5YG[P (QTMDGCTF TWNGF 0QT YC[ WPVKN 0QTYC[ ITGY OQTG UVCDNG WPFGT 1NCHŉU UQP /CIPÐU CPF JKU WP ENG *CTQNF 5KIWTFUUQP /CIPÐU CNUQ DGECOG MKPI QH &GPOCTM CU /CIPWU FGP )QFG UGG &GPOCTM 7PFGT DQVJ *CTQNF 5KIWTFUUQPŉU DGVVGT MPQYP CU *CTCNF *CTFTCFG UQPU /CIPÐU ++ CPF 1NCH +++ -[TTG NKPGCIG EQPVKPWGF # VTWG MKPIFQO JQYGXGT YCUPŉV GUVCDNKUJGF WPVKN *±MQP *±MQPCTUQPU CNQPI YKVJ C UWDUVCPVKCN HQTGKIP RQNKE[ #V VJG DGIKPPKPI QH VJG VJ EGPVWT[ *±MQP 8 GHHGEVGF C VTGCV[ YKVJ VJG 5YGFKUJ FWMGU 'TKM CPF 9CNFGOCT 7RQP JKU FGCVJ KP JKU [GCT QNF ITCPFUQP /CIPÐU 'TKMUUQP YCU ETQYPGF MKPI QH 0QTYC[ CPF 5YGFGP $WV VJG CNNKCPEG YQWNFPŉV JQNF KP KV YCU DTQMGP *±MQP 8+ YGPV QP VQ DG MKPI QH 0QTYC[ CPF 'TKM DGECOG MKPI QH 5YGFGP DQVJ YGTG UQPU QH 'TKE 'TKEUUQP (QT VJG HWTVJGT FGXGNQROGPV QH 0QTYC[ UGG WPFGT &GPOCTM CPF 5YGFGP

*#4#.& *#4&4#&'

&GPKGT. # 5V[NK\GF JGCF N 4 &QWDNG NKPGF ETQUU YKVJ VJG NKODU GPFKPI KP ETQUUGU TWPKE EJCTCEVGTU Q . #$* 5EJKXG IT. 44 0KEG RCVKPC CNOQUV GZVTGOGN[ HKPG 5RKPM .QPFQP 1T KU VJKU VJG UCOG MKPIŉU TGKIP CU YKVJ VJG PWODGTU CPF ! 5GG /CNOGT VTCPUKVKQPCN V[RG DGVYGGP RGTKQF ++ E

CPF RGTKQF ++ E

/#)0¨5 ++ 1.#( +++ -;44'

&GPKGT . # $CTDCTK\GF DWUV T YKVJ HCEKPI JGCF 4 %TQUU NGIGPF PQV TGCFCDNG. #$* 5EJKXG IT. 4 #NOQUV GZVTGOGN[ HKPG

2GWU (TCPMHWTV #WEVKQP PQ 1NCH CPF /QIGPU CTG DTQVJGTU )TCGUNKF HKPF V[RG 0 /CNOGT RGTKQF ++ D KPFGRGPFCPV ENCUU + 6JG PQ #$* KU UKOKNCT VQ VJKU EQKP DWV VJG FKG VWTPGF CTQWPF 6JG PWODGTU CPF GOGTIGF KP C 0QTYG IKCP JQCTF HTQO VJG VWTP QH VJG VJ EGPVWT[

223

&GPKGT . # $WUV QH VJG MKPI N YKVJ JGNOGV EWTN CPF UEGRVGT CDQXG ETQUU 1 % 0 & + 4 .QPI QRGP ETQUU ++&+++11+&+++. #$* 5EJKXG IT. 4 9GNN UVTWEM URGEKOGP XGT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ 1NCH CPF /QIGPU CTG DTQVJGTU )TCGUNKF HKPF V[RG 6 /CNOGT RGTKQF ++ D RTKOCT[ ENCUU C 6JG PWODGTU CPF GOGTIGF KP C 0QTYGIKCP JQCTF HTQO VJG VWTP QH VJG VJ EGPVWT[

#010;/175

$TCEVGCVG (ÌTG. # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING. #$* 5EJKXG IT. 4 'FIG HCWNVU CPF PKEMU XGT[ HKPG

#GU 4WFG 6QFGTK (NQTGPEG #WEVKQP PQ +P #WEVKQP ECV #JNUVTQO PQ #RTKN EC $TCMVGCV OGF MQTU KP QO FWDDNG R·TNTKPICT ([TC TKPICT KP QOUEJTKHVGTP ,HT 0* HKI

#010;/175 EC

$TCEVGCVG 1UNQ. # )TGCV #. #$* 5EJKXG IT.

5RKPM .QPFQP # #UNQ 1UNQ

$TCEVGCVG $GTIGP. # )TGCV $. #$* 5EJKXG IT.

8GT[ HKPG

5RKPM .QPFQP

#4%*$+5*124+% &4106*'+/ 2TKQT VQ &TQPVJGKO 6TQPFJGKO QT CEVWCNN[ VJG UWTTQWPFKPI VGTTKVQT[ QH 6TÌPFGNCI YCU IQXGTPGF D[ C LCTN GCTN HTQO VJG *QWUG QH *CNQICNCPF HQT VJG OGCPKPI QH LCTN UGG WP FGT 5YGFGP #TQWPF VJG LCTNU YGTG FTKXGP CYC[ CPF VJGKT RQUKVKQP YCU VCMGP D[ 1NCH 6T[IIXCUQP CPF 1NCH *CTCNFUUQP 1NCH VJG 5CKPV $GHQTG CP GRKUEQRCN UGG YCU GUVCDNKUJGF /QUV MKPIU JGNF EQWTV KP 6TQPFJGKO WPVKN VJG DGIKPPKPI QH VJG VJ EGPVWT[ YJGP KV YCU OQXGF VQ $GTIGP +P 6TQPFJGKO YCU GNGXCVGF VQ C OGVTQ RQNKVCP UGG YKVJ HQWT UWHHTCICP FKQEGUGU CPF CP CFFKVKQPCN UKZ QP VJG KUNCPFU QH )TGGPNCPF VJG 5JGVNCPFU VJG (CTQÀT CPF VJG +UNG QH /CP

&4106*'+/ #TEJDKUJQRTKE EC

$TCEVGCVG. # %TQUU YKVJ VYQ JQTK\QPVCN CTOU. #$* 5EJKXG IT. )CNN F /QPP 0GY 1TNGCPU PQ 2CVTKCTEJCN ETQUU!

224

44 8GT[ HKPG

5%#0&+0#8+#0 +/+6#6+105 6JGTG KU CNYC[U OGPVKQP QH 5ECPFKPCXKCP KOKVCVKQPU DWV VJG CEEWTCE[ QH VJKU VGTO KU SWGU VKQPCDNG &CPKUJ MKPIU HQT C MPQYP HCEV YGTGPŉV VJG QPN[ QPGU VQ UVTKMG EQKP QVJGTU GKVJGT RQUUGUUGF VJG RTKXKNGIG QT UKORN[ ENCKOGF KV +P O[ QRKPKQP CP[ EQTTWRVGF HCDTKEU JCXG VQ DG CVVTKDWVGF VQ RGTUQPU KP VJCV NCUV ECVGIQT[ 6JG[ CTG CNN KOKVCVKQPU QH 'PINKUJ EQKPU QEECUKQPCNN[ YKVJ CP CNOQUV NGIKDNG VGZV UGG PQ DWV OQUV VGZVU CTG DNWPFGTGF DG[QPF TGEQIPKVKQP 6JG URGEKOGPU RTGUGPVGF JGTG CTG NKOKVGF VQ C EGTVCKP RGTKQF VJG[ JCXG DGGP TCPMGF KP VJG EJTQPQNQIKECN QTFGT QH OCPWHCEVWTG QH VJGKT RTQVQV[RGU UVCTVKPI YKVJ VJG NCUV EQKPU HTQO VJG FC[U QH #GVJGNTGF ++ WR VQ VJQUG QH 'FYCTF VJG %QPHGUUQT URCPPKPI VJG RGTKQF HTQO VQ 6JG PQU CTG HTQO -PWFŉU VKOG VJG PQU CPF CTG HTQO VJG RG TKQF /CIPWU FGP )QFG CPF PQ HTQO VJG RGTKQF 5XGPF 'UVTKFUGP 6JG PQ UVTKMGU CU 0QTYGIKCP UQOGVJKPI YJKEJ YCU PQV WPEQOOQP VQ VJG RGTKQF QH /CIPWU FGP )QFG .CUV 5OCNN %TQUU .CUV UOCNN ETQUU V[RG UVTWEM KP 'PINCPF WPFGT #GVJGNTGF ++ KP VJG RGTKQF

&GPKGT. # $WUV N QPG TKPI KP HTQPV CPF VYQ TKPIU DGJKPF +1(0 Q &+' 0 + 4 5OCNN ETQUU 21 4+2. IT. 0KEG RQTVTCKV XGT[ HKPG

4CWEJ 9KGP #WEVKQP PQ

3WCVTGHQKN

3WCVTGHQKN V[RG UVTWEM KP 'PIGNCPF WPFGT %PWV KP VJG RGTKQF

&GPKGT. # %TQYPGF DWUV KP SWCVTGHQKN '%%108%08&%++%8& 4 .QPI QRGP ETQUU QXGT SWCVTGHQKN Z 0( 10 1'1 %6+. IT. $GPV YKVJ UOCNN HNCP FGHGEV XGT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ EH *DI XCT EH 5[NN -QRGPJCIGP NGIGPF UGGOU VQ DG VJG UCOG 6JG OKFFNG QH VJG VGZV QP VJG QDXGTUG TGCFU %08&

2QKPVGF *GNOGV 2QKPVGF JGNOGV V[RG UVTWEM KP 'PINCPF WPFGT %PWV KP VJG RGTKQF

&GPKGT. # $WUV N (10'+ 8(10 4 5JQTV QRGP ETQUU QXGT UOCNN FQWDNGF EKTENG YKVJ QPG ETGU EGPV CPF RGNNGV KP GCEJ CPING +81+++0 16 81+1+. IT. 'FIG HCWNV CPF UOCNN HNCP ETCEM XGT[ HKPG /ÒP\\GPVTWO -ÌNP

225

&GPKGT. # $WUV T +1+'% 2+++ 8++ 4 5JQTV QRGP ETQUU QXGT EKTENG YKVJ QPG ETGUEGPV CPF RGN NGV KP GCEJ CPING +.80 +%+%++10+. IT. (NCP ETCEM CNOQUV XGT[ HKPG

/ÒP\\GPVTWO -ÌNP

5JQTV ETQUU 5JQTV ETQUU V[RG UVTWEM KP 'PINCPF WPFGT %PWV KP VJG RGTKQF

&GPKGT. # $WUV T YKVJ UEGRVTG GPFKPI KP NKU +680*62:%'& 4 5JQTV QRGP ETQUU YKVJ TKPI 1+52(41&056#0(. IT. 5OCNN HNCP FGHGEV YGNN UVTWEM WR XGT[ HKPG

*KTUEJ /ÒPEJGP #EVKQP PQ 6JG VGZV QP VJG QDXGTUG KU ICTDNGF DWV ECP ENGCTN[ DG TGCF CU 152'4& 10 56#0( VJG OQPG[GT 1UYGTF YCU HTQO 5VCPHQTF

6TGHQKN SWCFTKNCVGTCN

6TGHQKN SWCFTKNCVGTCN V[RG UVTWEM KP 'PINCPF WPFGT 'FYCTF VJG %QPHGUUQT KP VJG RGTKQF

&GPKGT. # $WUV N YKVJ UEGRVTG '&2 2 4': 4 %TQUU YKVJ USWCTG KP VJG EGPVTG CPF VJTGG RGNNGVU KP GCEJ CPING 5'2+0' 10 ++'04. IT. #NOQUV GZVTGOGN[ HKPG

)QTP[ /ÒPEJGP #WEVKQP PQ 2 9 UQ VJKU OGCPU '&9 9 4': #EEQTFKPI VQ *KNFGDTCPF VJGTG YCU QPN[ C OQPG[GT 5'2+0' KP %JGUVGT 5#'2+0' 10 .'*' +P 0QTVJ VJGTG KU PQ OGPVKQP QH UWEJ OQPG[GT KP %JGUVGT

&GPKGT. # $WUV N 0:55%1 -#00%1 4 %TQUU YKVJ USWCTG KP VJG EGPVTG CPF VJTGG RGNNGVU KP GCEJ CPING #.'1 : 11%+5#+61. IT. 5NKIJVGN[ DGPV XGT[ HKPG

)QTP[ /ÒPEJGP #WEVKQP PQ VJ EGPVWT[ 6JG NGIGPF KU VWTPGF QWVYCTFU VJG : KU KP C USWCTG %QPUKFGTKPI VJG NGIGPFU C OKPVKPI KP 0QTYC[ UGGOU VQ DG RQUUKDNG

'ZRCPFKPI ETQUU 'ZRCPFKPI ETQUU V[RG UVTWEM KP 'PINCPF WPFGT 'FYCTF VJG %QPHGUUQT KP VJG RGTKQF

226

&GPKGT. # $WUV N YKVJ UEGRVTG ++++ %+8+++++ 4 'ZRCPFKPI ETQUU. IT. 'NUGP $TWUUGN 6JG VGZV QP VJG TGXGTUG KU OCFG WR QH C UGTKGU QH VTKCPINGU RQKPV FQYP 0Q URGEKOGP YKVJ CP GZRCPFKPI ETQUU KU NKUVGF KP *CWDGTI

8GT[ HKPG

0'6*'4.#0&5 (4+5+# #TQWPF (TKUKC UVTGVEJGF CNQPI VJG 0QTVJ 5GC EQCUV HTQO VJG 9GUGT VQ VJG 5EJGNFV

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Å&#x2030;V UGGO XGT[ RTQDCDNG HQT YJ[ YQWNF VJG FKG UKPMGTU JCXG UVCTVGF EWVVKPI UQ FKHHGTGPVN[ CPF UQ OWEJ EQWTUGT! /QTGQXGT VJGUG EQKPU CTG KPXCTKCDN[ HQWPF KP 9GUVGTIQ VJG YGUVGTP RCTV QH RTGUGPV FC[ RTQXKPEG (TKGUNCPF 6JGUG CTG OCKPN[ HKPFU HTQO FYGNNKPI OQWPFU TKUGU KP VJG NCPFUECRG HQT RGQRNG UGGMKPI TGHWIG HTQO VJG HNQQFU #U GCTN[ CU VJG VJ EGPVWT[ VJGUG OQWPFU YGTG GZECXCVGF VQ TGWUG VJG GCTVJ OQWPFGCTVJ VQ EWNVKXCVG VJG OGCITG UQKN 6JWU C NQV QH OCVGTKCN YCU NQUV 0QYCFC[U GZECXCVKQPU CTG ECTTKGF QWV OWEJ OQTG RTGEKUGN[ RTGUGTXKPI C NQV OQTG /QUV KORQTVCPV OQWPF QT TCVJGT UGXGTCN ITQWRGF OQWPFU KU WPFQWDVGFN[ VJCV QH 9KLPCNFWO &WG VQ VJG QDLGEVU HQWPF VJGTG KV KU CUUWOGF VQ JCXG DGGP C TQ[CN FYGNNKPI OQWPF (TQO VQ &QTGUVCF YCU QPEG CICKP KP /GTQXKPIKCP JCPFU CPF CXCKNCDNG HQT OKPVKPI )QNF VTKGPVGU YQWNFPÅ&#x2030;V JCXG DGGP UVTWEM CP[ NQPIGT DGECWUG VJG CIG QH IQNF YCU QXGT #TQWPF UKNXGT GOGTIGF CU EQKPKPI OGVCN CPF KV KU OCKPN[ HQWPF KP UEGCVVCU 6JKU VKOG HTCOG QH FGXGNQROGPVU KU IGPGTCNN[ CFQRVGF PQYCFC[U UGG .CHCWTKG .G VTÂ¾UQT FÅ&#x2030;'UEJCTGP KP 40 R 6JGTG DGKPI CP[ OKPVKPI QH UKNXGT EQKPU KP &QTGUVCF KP VJG RGTKQF KU JKIJN[ KORTQDCDNG VJG[ YQWNF JCXG VQ DG UEGCVVCU 6JG EJCPEGU QH VJG UCOG JCR RGPKPI GNUGYJGTG CRRGCT TCVJGT UOCNN CU YGNN YCU CNUQ VJG [GCT QH 9KNNKDTQTFÅ&#x2030;U CTTKXCN KP 7VTGEJV JQYGXGT OCVVGTU WR PQTVJ YGTG UQ FCPIGTQWU VJCV JG JCF VQ EQPHKPG VQ QRGTCVKPI KP *GKNQQ CPF 'IOQPF 227

5VCTVKPI VJG YJQNG VGTTKVQT[ QH (TKUKC ITCFWCNN[ YCU DTQWIJV WPFGT %CTQNKPIKCP CWVJQTKV[ CPF EQKPU QH %JCTNGOCIPG .QWKU VJG 2KQWU CPF .QVJCKT + UVCTVGF DGKPI UVTWEM KP &QTGUVCF (TQO QP (TKUKC YCU RCTV QH .QVJCKTŉU /KFFNG 4GCNO 5VCTVKPI VJG 6TGCV[ QH /GGT UUGP VJG GPVKTG VGTTKVQT[ HGNN WPFGT VJG 'CUV (TCPMU CPF KP KV ECOG WPFGT VJG )GTOCP 'ORKTG )TCFWCNN[ VJG TGIKQPU VJCV QPEG OCFG WR )TGCV (TKUKC HGNN CRCTV 0GY TGIKQPU GOGTIGF *QNNCPF CPF 9GUVHTKGUNCPF VJG NCVVGT VGTTKVQT[ YCU C RCTV QH VJG FKUVTKEV QH *QNNCPF HTQO QP VJG GCUV RCTV QH (TKUKC %KVGTKQT DGECOG VJG FKQEGUG 7VTGEJV %GPVTCN (TKGUNCPF

HTQO VJG 8NKG VQ VJG .CWYGTU EQPUKUVKPI QH KP YGUV VQ GCUV QTFGT 9GUVGTIQ 1QUVGTIQ 9GUVGTMYCTVKGT *WPUKPIQ CPF (KXGNKPIQ CPF 'CUV (TKGUNCPF HTQO VJG .CWYGTU VQ VJG 9GUGT EQPUKUVKPI QH C Q 'OUKPIQ $TQMOGTNCPF 1UVTKPIGP CPF 4WUVTKPIGP 5QNGN[ *QNNCPF DGECOG C EQWPV[ 6JG VGTTKVQT[ VQ VJG GCUV QH VJG 8NKG YCU EQPVTQNNGF D[ PQP (TKUKCP RQYGTU 6JWU 9KEJOCPP QH *COGNCPF YCU KP C RCTV QH %GPVTCN (TKGUNCPF VJG $KNNWPIGTU KP 1UVTKPIGP VJG EQWPVU QH 5VCFG KP 4WUVTKPIGP YJQUG RNCEG YCU VCMGP D[ VJG EQWPVU QH 1NFGPDWTI 6JG EQWPVU QH 9GTN GZGTVGF EQPFQOKPKCN TKIJVU KP 'OUKPIQ CPF (KXGNKPIQ #PF HKPCNN[ VJG CTEJDKUJQRU QH *CODWTI $TGOGP #FCNDGTV CNUQ YCPVGF VJGKT UJCTG CPF LQKPGF VJG CTTC[ QH EQPVGPFGTU HQT RQYGT +P %GPVTCN (TKGUNCPF VJG EQWPVU QH *QNNCPF CPF VJG DKUJQRU QH 7VTGEJV RNC[GF VJG OCKP RCTVU KP 'CUV (TKGUNCPF VJGTG YGTG VJG EQWPVU QH -CNXGNCIG 4CXGPUDGTI VJG DKUJQRU QH /ÒPUVGT CPF VJG EQWPVU QH 1NFGPDWTI CU YGNN CU VJG *·WRVNKPIGP %JKGHVCKPU +P VJG HQNNQYKPI VGZV VJG YQTF FGPKGT KU WUGF HQT VJG EQKPU ECNNGF RGPPKPI KP *QNNCPF

&4104+,2 6;2' EC . # $WUV N YKVJ \KI\CI NKPG KP HTQPV CPF ETQUU QXGT VJG JGCF '# DGJKPF 4 %TQUU QP UVGR CPF INQDWNG DGVYGGP VYQ RGNNGVU IT. 44 4GXGTUG WPEGPVGTGF GZVTGOGN[ HKPG URGEKOGP %TGFKV FG NC $QWTUG 2CTKU #WEVKQP #RTKN PQ 6JG &TQPTKLR V[RG VJG PCOG YCU IKXGP D[ $QGNGU R KU C EQKP V[RG VJCV IGPGTCNN[ KU HQWPF KP (TKGUNCPF

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

+OKVCVKQP /#&'.+075

6TKGPU. # $WUV T &14 Ì '56#6 (+6 4 %TQUU QP UVGR QXGT UKZ RGNNGVU KP VYQ NKPGU /#æ&'.+085/. $GNHQTV IT. 4 5OCNN HNCP ETCEM GZVTCQTFKPCT[ YGNN UVTWEM GZVTGOGN[ HKPG

8KPEJQP 2CTKU #WEVKQP N PQ

&GPKGT. # $WUV T 4'56#(6+6 4 %TQUU QP UVGRU QXGT PKPG RGNNGVU ++%8++(68++. $GNHQTV IT. 44 8GT[ HKPG *QNNGOCP 'PUEJGFG (QWPF KP $QGT 6JG V[RG $GNHQTV HKVU VJG OQUV CNVJQWIJ KV KU PQV EQORNGVGN[ VJG UCOG VJG NGIGPFU FKHHGT # 4'56+6 (6 4 ++8'.u++85++ 6JG RGNNGVU RTGEGFKPI VJG VGZV FGTKXG HTQO VJG RGNNGVU VJCV CTG PQTOCNN[ WPFGT VJG JGCF

228

&GPKGT. # $WUV T QXGT VGP RGNNGVU &8%56#6 (+6 4 %TQUU QP UVGR QXGT UKZ RGNNGVU ++#&(.% Ő +++85 Ő ++. $GNHQTV IT. 44 8GT[ HKPG

*QNNGOCP 'PUEJGFG 'Z %QKP +PXGUVOGPV .KUUG #WEVKQP PQ .QY UKNXGT[ IQNF EQPVGPV (QWPF KP 5NCRRGVGTR (T *GTG VJG RGNNGVU CTG UVKNN OCKPN[ WPFGT VJG JGCF +P VJG PQU CPF VYQ CURGEVU ECVEJ VJG G[G CNN VJTGG UJQY C OWEJ JKIJGT TGNKGH VJCP VJG TGCN /CFGNKPWU EQKPU QH &QTGUVCF CRCTV HTQO VJCV PQ KU OQTG UKNXGT[ VJCP PQ YJKEJ RTQDCDN[ OCMGU KV [QWPIGT CUUWOKPI VJG IQNF EQPVGPV YCU FGETGCUGF FWTKPI VJKU RGTKQF ;GV VJG JGCF VJG CEEQORCP[KPI RGNNGVU CPF VJG VGZV QP PQ UJQY C OQTG CFXCPEGF FGIGPGTCVKQP VJCP PQ 5JQWNFPŉV VJG EQPENWUKQP DG VJCV VJGUG EQKPU CTG PQV HTQO VJG &QT GUVCF OKPV DWV YGTG OCPWHCEVWTGF GNUGYJGTG /QTGQXGT DQVJ NCUV EQKPU UGGO VQ UVGO HTQO FKHHGTGPV OKPVU 6JG JKIJ TGNKGH YG UGG JGTG KU HQWPF KP PWOGTQWU UEGCVVCU QH VJG & UGTKGU +PVGTNQECN %QPVKPGPVCN 0QTVJGTP

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ŉ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Ő 6JG *QWUG QH *QNNCPF Ő 6JG *CKPCWV *QWUG Ő 6JG *QWUG 9KVVGNUDCEJ 6JG $CXCTKCP *QWUG Ő 6JG $WTIWPFKCP *QWUG +P VJG NCUV RGTKQF ,CEQDC QH VJG *QWUG QH $CXCTKC RNC[GF C TQNG 229

6JG *QWUG QH *QNNCPF &+4- +8

&WG VQ JKU CFXCPEKPI EQNQPKUCVKQP &KTM +8 ENCUJGF YKVJ VJG DKUJQRU QH 7VTGEJV CPF .KÂ½IG YJQ YGTG DCEMGF D[ VJG )GTOCP GORGTQT HQT VJG[ JCF DGGP NQ[CN CNNKGU 6JWU *GPT[ +++ YCIGF YCT QP &KTM +8 YJQ JCF CNNKGF YKVJ )QFHTG[ VJG $GCTFGF UGG .QVJCTKPIKC KP &WTKPI VJG GPUWKPI ECORCKIP VJG ECUVNG QH 4KLPUDWTI COQPI QVJGT VJKPIU YCU NCKF KP TWKPU .CVGT C EJWTEJ YCU GTGEVGF JGTG YJKEJ YQWNF RTQXKFG C NCUV TGUVKPI RNCEG HQT OCP[ C EQWPV QH *QNNCPF 6JG GCTN[ EQWPVU CU &KTM +8 YGTG KPVGTTGF KP 'IOQPF #DDG[

&GPKGT 4KLPUDWTI. # %CTQNKPIKCP VGORNG YKVJ ETQUU KP EGPVTG 4+0'$74) 4 %TQUU UJCRGF NGVVGTU YKVJ QPG TKPI KP GCEJ CPING #' 6# '6 $6. &CPP )TQNNG C +NKUEJ IT. 'ZVTGOGN[ TCTG (KTUV EQKP QH *QNNCPF QPN[ MPQYP URGEKOGP KP RTKXCVG EQNNGEVKQP GZVTCQTFKPCT[ YGNN UVTWEM CPF XGT[ HKPG URGEKOGP /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN #NDTGEJV MPGY QH QPN[ URGEKOGPU +NKUEJ MPQYU QH ,/2 R VJKU RKGEG KU KPENWFGF KP PGKVJGT *G IKXGU VJG HQNNQYKPI UWOOCT[ $GTNKP 5IN &CPPGPDGTI $GTNKP 5IN )TQVG $GTNKP /Ã&#x2019;PEJGP &TGUFGP -QRGP JCIGP 5IN 6JQOUQP -2- HTQO #WEVKQP 5EJWNOCP PQ 5GG 2QVKP &G *QNNCPFUG OWPVUNCI KP FG G GGWY KP ,/2 R #NVJQWIJ -NWIG KP UVKNN FQWDVGF VJCV 4KPGDWTI KU KFGPVKECN YKVJ 4KLPUDWTI KV KU IGPGTCNN[ CEEGRVGF VJCV 4KLPUDWTI KU VJG RNCEG KPFKECVGF 9KVJ #NDTGEJV YG HKPF VJG HQNNQYKPI SWQVG Å&#x2018; TGZÅ&#x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&GPKGT. # $WUV HCEKPI YKVJ UVCPFCTF CPF UVCHH VGTOKPCVKPI KP C ETQUU VJTGG RGNNGVU N 8 / 4 $GCTFGF DWUV HCEKPI DGVYGGP CNRJC CPF QOGIC 8+0 . &CPP )TQNNG +NKUEJ IT. 44 'FIG HCWNV QVJGTYKUG XGT[ HKPG #JNUVTQO 5VQEMJQNO #WEVKQP PQ &CPPGPDGTI ++ PQ OGPVKQPU %CV *GUU &CPPGPDGTI NGIGPF # 8'8+*&#4 4 8 8 0#'8 &CPPGPDGTI CNUQ EQPUKFGTU DKUJQR -QPTCF + &CPP C +NKUEJ CVVTKDWVGU VJKU VQ *QNNCPF DGECWUG VJG ETQUKGT YCU TGRNCEGF YKVJ C RGPPCPV HWTVJGT KV KU CP KOKVCVKQP QH 9KNNKCO QH 2QPV QH 7VTGEJV

230

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231

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&+4- 8+

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232

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&GPKGT. # $WUV T YKVJ UYQTF 6*'1&'4 +% 4 %TQUU YKVJ 2 # : KP VJG CPINGU

* 1..#06 %1 /'5 . )TQNNG $C XF%J X* % IT. 4 8GT[ HKPG /Ã&#x2019;NNGT 5QNKPIGP #WEVKQP PQ X *GPIGN FQGU PQV MPQY VJG QDXGTUG VGZV JG OGTGN[ OGPVKQPU 6*'1&4+% )TQNNG FQGU NKMGYKUG )TQNNG V[RG YKVJQWV UWP

&GPKGT. # $WUV T YKVJ UYQTF 6*'1&4+% 4 %TQUU YKVJ 2 # : NKU ETQUU TGVTQITCFG KP VJG CPINGU *1..#0 6 % 1/'5. )TQNNG %C XF%J X* % IT. 4 9GCMN[ UVTWEM VTCEGU QH EQTTQUKQP XGT[ HKPG $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO #WEVKQP PQ )TQNNG 6[RG % YKVJ UWP QP QDXGTUG PQV XKUKDNG JGTG CPF NKU QP TGXGTUG 6JG TGXGTUG VGZV FQGU PQV DGIKP C DWV YKVJ C ETQUU EQPUKUVKPI QH HQWT NQQRU

9+..'/ + 0COGF CHVGT VJG DTQVJGT QH JKU OQVJGT 9KNNKCO VJG .KQP QH 5EQVNCPF *G VQQM RCTV KP VJG VJKTF ETWUCFG VJCV QH +P VJKU ETWUCFG PQV QPN[ (TGFGTKEM $CTDCTQUUC FKGF DWV 9KNNKCOÅ&#x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

&GPKGT 5VCXQTGP!. # $WUV T YKVJ 5 KP HKGNF QP VJG DQTFGT VTKCPING CPF TKPI YKVJ RGNNGV CNVGTPCVKPI 4 %TQUU YKVJ QPG 5 KP GCEJ CPING QP VJG DQTFGT VTKCPING CPF RGNNGVU CNVGTPCVKPI. )TQNNG &C XF%J X* % IT. 4 9GCMN[ UVTWEM XGT[ HKPG

9KNNGOU $GPPGMQO X *GPIGN FGUETKDGU VJG QDXGTUG $WUV T YKVJ UYQTF DWV KP O[ QRKPKQP KU VJGTG PQ UYQTF 5GG CNUQ XCP )GNFGT *QCTF #TPJGO ,/2 PQ WPNQECNKUGF EQKPU )TQNNG FGUETKDGU VJKU EQKP CU 9KNNKCO + QH *QNNCPF CU %QWPV QH (TKGUNCPF %QWNFPÅ&#x2030;V VJKU EQKP JCXG DGGP UVTWEM QP VJG QEECUKQP QH JKU OCTTKCIG VJG EGTGOQP[ QH YJKEJ VQQM RNCEG KP 5VCXQTGP

VJG 5 QP VJG QDXGTUG 5GG HWTVJGT GNWEKFCVKQP YKVJ %GPVTCN (TKGUNCPF

233

&GPKGT. # .KQP T WPFGT TKPI YKVJ RGNNGV . ' 1 KP HKGNF 4 %TQUU YKVJ VJG NKODU GPFKPI KP VTKCPINGU QXGT HNQTKCVGF ETQUU YKVJ VJG NKODU GPFKPI KP TKPIU. )TQNNG XF%J X* # % IT. 44 (NCP ETCEM XGT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV 0QXGODTG PQ 5GG XCP )GNFGT JQCTF QH VJ GGWYUG EQKPU KP #TPJGO KP ,/2 R G X PT &GYKUOGUÅ&#x2030; CVVTKDWVKQP VQ VJG EKV[ #KTG KU HCNUG KP XKGY QH VJG YGKIJV 6JG V[RG QH VJG QDXGTUG OCVEJGU VJCV QH UGXGTCN $TCDCPV RKGEGU HTQO CTQWPF VJG VWTP QH VJG VJ EGPVWT[ VJCV JQYGXGT CTG UWDUVCPVKCNN[ JGCXKGT CPF GZJKDKV C YJQNN[ FKHHGTGPV TGXGTUG # FG 9KVVG *KUVQKTG OQPÂ¾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Å&#x2030;U &G /WPVUNCI XCP FG )TCXGP XCP *QNNCPF PQ NQPIGT HGCVWTGU VJKU V[RG *GPEG )T )TQNNG UWDUVCPVKCVGU VJKU YKVJ &G OWPV OGV FG NGGWY XQQTCN ECV * MCP YGIGPU \KLP HKLPG HCEVWWT PKGV CNU *QNNCPF (TKGU YQTFGP DGUEJQWYF <KLP JGTMQOUV \CN OGP \WKFGNKLMGT OQGVGP \QGMGP +P C NGVVGT )TQNNG CEEQWPVU VJCV VJKU EQKP KP JKU QRKPKQP KU HTQO $TCDCPV JG OQTG URGEKHKECNN[ EQPUKFGTU VJG OCTITCXKCVG QH #PVYGTR 6JKU UGGOU HCT HGVEJGF VQ OG VJGUG EQKPU YGTG PGXGT HQWPF KP $GNIKWO DWV KPXCTKCDN[ KP VJG 0GVJGTNCPFU 0QT FQGU VJG HCEV VJCV VJGTG CTG CNUQ JCNXGU HCXQWT CVVTKDWVKQP VQ $TCDCPV GVE 1P VJGUG ITQWPFU KV KU NGHV WPFGT *QNNCPF 5JQWNFPÅ&#x2030;V C OWEJ UKORNGT CPUYGT DG EQPUKFGTGF! 9KNNKCO YCU PCOGF CHVGT VJG 5EQVVKUJ 9KNNKCO VJG .KQP +U KV TGCNN[ VJCV TGOCTMCDNG VJCV JG JCF C EQKP UVTWEM YKVJ C NKQP RGTJCRU D[ C UQWVJGTP FKG UKPMGT DWV KP VJG 0QTVJ

&GPKGT. # $WUV T YKVJ JGNOGV CPF UYQTF VJTGG ETQUU UCNVKTG QP VJG JGNOGV 9+..'/ 4 8QKFGF ETQUU YKVJ UOCNN ETQUUGU KP VJG CPINGU *1..#0&+#. )TQNNG $C XF%J X* % IT. 6TCEGU QH EQTTQUKQP XGT[ HKPG $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO #WEVKQP PQ 2NCEGOGPV QH VJG YQTF 9KNNKCO KU KFGPVKECN VQ EQKPU QH &KTM 8++

(.14+5 +8

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&GPKGT. # $WUV T Z (.14'05 4 8QKFGF ETQUU YKVJ VJG NKOU GPFKPI KP RGNNGVU Z *1..#06. )TQNNG C XF%J WPF X* % IT. 5OCNN UETCVEJGU XGT[ HKPG 0-4 Å&#x2020; FG ,QPI 5VTWEM DGHQTG XCP *GPIGN V[RG #

&GPKGT. # $WUV T Z (.14'05 4 8QKFGF ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU. Z *1..#06 . )TQNNG C XF%J WPF X* % IT. # NKVVNG QHH EGPVTG XGT[ HKPG $QWIJV &GMMGT EQNNGEVKQP $QWIJV 5EJWNOCP #OUVGTFCO F F 5VTWEM CHVGT XCP *GPIGN V[RG $ NQPI PGEM

234

&GPKGT. # $WUV T Z (.14'05 4 8QKFGF ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU. Z *1..#06 . )TQNNG C XF%J WPF X* % IT. 8GT[ HKPG 5VTWEM CHVGT EH 2WKUVGT KP ,/2 R Å&#x2020; XCP *GPIGN V[RG $ NQPI PGEM

&GPKGT. # $WUV T Z (.14'05 4 8QKFGF ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU *1. .#0 6 . )TQNNG C XF%J WPF X* % IT. 8GT[ HKPG *QNNGOCP 'PUEJGFG 5VTWEM CHVGT XCP *GPIGN V[RG $

1DQNG. # $WUV T Z (.14' 0 5 4 8QKFGF ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU Z *1 .. #06 . )TQNNG C XF%J X* % IT. 4 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

9+..'/ ++ 0QV JKU OQVJGT DWV 9KNNKCO DTQVJGT QH (NQTKU +8 DGECOG IWCTFKCP JG JQYGXGT FKGF UQQP RCUUKPI VJG QHHKEG VQ JKU QVJGT DTQVJGT 1VVQ DKUJQR QH 7VTGEJV 7PFGT 9KNNKCO ++ VJG GEQPQO[ DQQOGF $TCDCPVÅ&#x2030;U KPHNWGPEG KPETGCUGF 6JTQWIJ JKU $TCDCPV WPENG *GPT[ ++ JG YCU KPXQNXGF KP VJG DCVVNG CICKPUV 'ORGTQT (TGFGTKEM ++ *QYGXGT YJGP VJG NCVVGT YCU GZEQOOWPKECVGF D[ VJG RQRG KP *GPT[ ++ RWV 9KNNKCO HQTYCTF HQT VJG )GTOCP VJTQPG 1P VJG TF 1EVQDGT 9KNNKCO YCU GNGEVGF 4QOCP -KPI KP 9QGTKPIGP +P VJG DGIKPPKPI VJKU TCKUGF C NQV QH TGUKUVCPEG DWV JKU OCTTKCIG VQ 'NKUCDGVJ QH $TWPUYKEM ITCPFFCWIJVGT QH GORGTQT 1VVQ +8 COQPI QVJGT VJKPIU ECWUGF VJKPIU VQ VCMG C VWTP HQT VJG DGVVGT CPF JG YCU WPKXGTUCNN[ CEMPQYNGFIGF CNUQ D[ VJG 9GNHU +P VJG RQRG RTQRQUGF VJCV JG DG ETQYPGF GORGTQT DWV RTKQT VQ JKU EQTQPCVKQP JG RGTKUJGF QP VJG DCVVNGHKGNF QP VJG VJ QH ,CPWCT[ KP C ECORCKIP CICKPUV VJG 9GUV (TKUKCPU *KU DQF[ YCU JKFFGP KP *QQIYQWF YJGTG (NQTKU 8 YQWNF FKUEQXGT KV [GCTU NCVGT 9KNNKCO YCU DWTKGF KP VJG CDDG[ EJWTEJ QH /KFFGNDWTI &WTKPI VJG TGKIP QH (NQTKU 8 VYQ UKIPKHKECPV OQPGVCT[ OGCUWTGU YGTG VCMGP C 6JG KPVTQFWE VKQP QH VJG ITQU VQWTPQKU D 6JG EJCPIG QH VJG FQWDNG ETQUU VQ C UKPING ETQUU QH PQ 2WKUVGT JCF CNTGCF[ FTCYP CVVGPVKQP VQYCTF VJKU 'GP PKGWYG FCVGTKPI XCP FG FGPCTKK XCP FG ITCXGP WKV JGV *QNNCPFUG *WKU KP ,/2 R *G TGHGTTGF VQ VJG VTCPUHQTOCVKQP QH 'PINKUJ EQKPCIG +P 'PINCPF EJCPIGF HTQO VJG FQWDNG ETQUU VQ VJG UKPING ETQUU 9KVJKP C [GCT VJKU EJCPIG YCU CFQRVGF QP VJG OCKPNCPF KP VJG 5VGTNKPI QH $TCDCPV

&GPKGT. # $WUV T YKVJ EQNNCT Z (.14'05 4 8QKFGF ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU Z *1 ..#0 6. )TQNNG C XF%J X* % IT. 4 #NOQUV XGT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV 0QXGODGT PQ 6JG EQNNCT UJCRGF U[ODQN EQPUVKVWVGU VJG QPN[ FKHHGTGPEG YKVJ VJG EQKPU QH (NQTKU 8 UGG CNUQ % X *GPIGN 2GPPKPI *QNNCPVU 8CP *GPIGN V[RG 'OKUUKQP ! ! +P VJG PCOG QH JKU HCVJGT (NQTKU +8 )TQNNG TGHGTU VQ X* DWV VJCV KU CP QDQNG +U KV V[RG $ QT KU KV ! +P VJG NCVGT DQQMNGV QH 8CP *GPIGN KV KU NKUVGF CU CICKP

235

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#V VJG FGOKUG QH 9KNNKCO ++ JKU UQP (NQTKU 8 YCU Â&#x201E; [GCTU QNF )WCTFKCPUJKR YCU CUUWOGF D[ JKU WPENG (NQTKU CPF JKU CWPV #NGKF DQVJ EJKNFTGP QH (NQTKU +8 #NGKF YCU YGFFGF VQ ,QJP QH #XGUPGU +P JG YCU QH CIG *KU HKTUV VCUM YCU VQ CXGPIG JKU HCVJGT CPF HKPF JKU DQF[ #U VYQ RQYGTHWN NQTFU )KLUDTGEJV QH #OUVGN CPF *GTOCP QH 9QGTFGP GZGTVGF ITGCV KPHNW GPEG KP VJG FKQEGUG QH 7VTGEJV (NQTKU KPXCFGF CPF VQQM JQNF QH VJG 0GFGTUVKEJV VJG RCTV QH VJG FKQEGUG CTQWPF 7VTGEJV (NQTKU KPVTQFWEGF C PGY CFOKPKUVTCVKXG U[UVGO *G OCKPVCKPGF UQWPF VKGU YKVJ 'PINCPF CPF XGPVWTGF UGK\KPI VJG 5EQVVKUJ VJTQPG DWV VQ PQ CXCKN .CVGT VJG TGNCVKQPUJKR YKVJ 'PINCPF FGVGTKQTCVGF (NQTKU UKIPGF C VTGCV[ CICKPUV 'PINCPF CPF (NCPFGTU KP 2CTKU 6JG UCOG NQTFU QH 7VTGEJV RNCPPGF C EQPURKTCE[ CICKPUV JKO EWNOKPCVKPI KP JKU CUUCUUKPCVKQP QP VJ ,WPG *G YCU GPVQODGF KP VJG 4KLPUDWTI EJWTEJ

&GPKGT. # $WUV T Z ( .14'05 4 8QKFGF NQPI ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU Z * 1 . . )TQNNG D XF%J WPF X* % IT. 4 &CTM 2CVKPC XGT[ HKPG URGEKOGP YKVJ PKEG RQTVTCKV

&GPKGT. # $WUV N Z %1/'5 Z *1..# &+' 4 8QKFGF NQPI ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU RGNNGV KP EGPVTG CPF QPG TQUGVVG KP GCEJ CPING *1 .. #0 6Z. )TQNNG D XF%J X* % IT. 9GNN UVTWEM URGEKOGP XGT[ HKPG VQ GZTGOGN[ HKPG

'NUGP $TWUUGN #WEVKQP PQ XCP *GPIGN V[RG )TQNNG GOKUUKQP TGKIP QH (NQTKU VJG QXGTUGGT

$GTPCTFK 6TKGUV 5VTWEM CHVGT CPF DGHQTG XCP *GPIGN XCP *GPIGN V[RG )TQNNG GOKUUKQP

&GPKGT. # $WUV N Z %1/'5 *1..#0&+' 4 8QKFGF NQPI ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU RGNNGV KP EGPVTG CPF QPG UVCT KP GCEJ CPING *1 .. #0 6Z. )TQNNG F XF%J X* % IT. 5OCNN OKUVCMG KP VJG FKG XGT[ HKPG

5EJWNOCP # FCO #WEVKQP PQ 5VTWEM CHVGT CPF DGHQTG XCP *GPIGN V[RG )TQNNG GOKUUKQP

236

&GPKGT. # $WUV N Z %1/'5 Z *1..# &+' 4 8QKFGF NQPI ETQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU RGNNGV KP EGPVTG CPF QPG TQUGVVG KP GCEJ CPING *1 .. #0 6Z. )TQNNG D XF%J X* % IT. # NKVVNG QHH EGPVTG XGT[ HKPG *QNNGOCP 'PUEJGFG XCP *GPIGN V[RG )TQNNG GOKUUKQP

)TQU VQWTPQKU. # %J³VGN VQWTPQKU 68410+5 %+8+5 YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU 4 +P PGT EKTENG (.14'6+ %1/'5Ő CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ &'+ ¶ +J 8 :2+. )TQNNG C XF%J X* % IT. 4 8GT[ HKPG $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO #WEVKQP PQ 8CP *GPIGN FQGUPŉV OGPVKQP VJG RGNNGV CHVGT %1/'5 )TQNNG OGPVKQPU VYQ RGNNGVU CPF XCP *GPIGN VJTGG 5VTWEM CHVGT )TQNNG GOKUUKQP

)TQU VQWTPQKU. # %J³VGN VQWTPQKU 6841085%+8+5 YKVJKP DQTFGT QH CTEJGU GPENQUKPI NKU 4 +PPGT EKTENG (.14'06+85 %1 CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ &'+ ¶ +J8 :2+. )TQNNG D XF%J X* % IT. 4 8GT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV ,WPG PQ )TQNNG GOKUUKQP 6JG KPVTQFWEVKQP QH VJG *QNNCPF UVGTNKPI RTQDCDN[ KP HQNNQYGF VJCV QH VJG ITQU VQWTPQKU +V HGCVWTGF CHVGT KVU 'PINKUJ GZCORNG C NQPI ETQUU RCVV¾G QP KVU TGXGTUG +P VJG GOKUUKQP QH VJGTG YCU C UKPING XCTKCVKQP YJGP C UJQTV ETQUU RCVV¾G YCU EJQUGP VJG QPG MPQYP QH VJG ITQU VQWTPQKU KP EQODKPCVKQP YKVJ C UQ ECNNGF 5EQVVKUJ RQT VTCKV UGG VJG PQU CPF #HVGT VJG GOKUUKQP VJG NQPI ETQUU RCVV¾G KU FGHKPKVKXGN[ CFQRVGF CPF VJG 5EQVVKUJ RQTVTCKV YCU VCMGP

&GPKGT. # $WUV N ( %1/'5 1..#0&+' PF . KUV QTPCOGPVGF YKVJ VTGHQKN 4 %TQUU /10'6 Ì # &14&4#%+. )TQNNG #C XF%J X* % IT. 4 &CTM 2CVKPC CPF UOCNN VTCEGU QH EQTTQUKQP XGT[ HKPG

&GPKGT /GFGODNKM. # $WUV N ( %1/'5 1..#0&+' 4 %TQUU Ì /10' /'&'0$.'%. )TQNNG $C XF%J X* % IT. 44 #NOQUV XGT[ HKPG

0/$ #OUVGTFCO 5VTWEM KP XCP *GPIGN JCU C FKHHGTGPV URGNNKPI QH 1..#0&+' QP VJG QDXGTUG 1.. #0&+' XCP *GPIGN V[RG )TQNNG GOKUUKQP

*GP\GP #OGTQPIGP 8CP *GPIGN KPFKECVGU VJCV KP PQ DQVJ VGZVU CTG RTGEGFGF D[ VJTGG RGNNGVU R[TCOKFCN 6JG QDXGTUG QH VJG EQKP CV JCPF FQGU PQV UJQY VJKU 8CP *GPIGN MPQYU QH URGEKOGPU QH YJKEJ CTG MGRV KP OWUGWOU CPF URGEKOGPU CNN KP OWUGWOU! 8CP *GPIGN V[RG )TQNNG GOKUUKQP )TQNNG &QTFTGEJV OKIJV JCXG ENCKOGF VJG EQOKVCN UGKIPKQTCIG FWG VQ QWVUVCPFKPI FGDVU QP VJG RCTV QH VJG EQWPV YJKEJ OKIJV RTQORVGF (NQTKU VQ CV NGCUV RCTVN[ UGEWTG TGXGPWGU D[ SWKEMN[ QRGPKPI WR C OKPV KP /GFGODNKM UGG 8CP )GNFGT ,2/ UGG ECV ++ PQVG

237

&GPKGT. # $WUV N Ì ( %1/'5 1..#0&+' 4 .QPI ETQUU YKVJ QPG TQUGVVG KP GCEJ CPING /10 '6# &14 & %+. )TQNNG G XF%J X* % IT. 8GT[ HKPG

'NUGP $TWUUGN 1P VJG TGXGTUG DGVYGGP & CPF %+ C VTGHQKN 8CP *GPIGN IKXGU C CNUQ KP VJG RKEVWTG *G YTKVGU QP V[RG #C CPF V[RG VJGTG KU C VTGHQKN VQQ CU QP VJG EQKPU QH )WK FG &CORKGTTG QH 0COWT 8CP *GPIGN V[RG )TQNNG GOKUUKQP UQ ECNNGF FQTFTCEGPUKU

&GPKGT. # $WUV N ¿ ( %1/'5 1..#0&+' 4 .QPI ETQUU YKVJ QPG TQUGVVG KP GCEJ CPING /10 '6# &14 & %+. )TQNNG J XF%J X* % IT. 5OCNN HNCP FGHGEV CV VJG GFIG XGT[ HKPG 5EJWNOCP #OUVGTFCO 5VTWEM DGVYGGP CPF XCP *GPIGN V[RG )TQNNG GOKUUKQP UQ ECNNGF FQTFTCEGPUKU

&GPKGT. # $WUV N ¿ ( %1/'5 1..#0&+' 4 .QPI ETQUU YKVJ QPG TQUGVVG KP GCEJ CPING /10 '6# &14 & %+. )TQNNG J XF%J X* % IT. 0KEG RQTVTCKV XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ (QWPF KP GZECXCVGF GCTVJ HTQO VJG 4KFFGTUVTCCV -NQQUVGTUVTCCV CTGC KP 5NWKU 8CP *GPIGN V[RG

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ŉU FGCVJ ,QJP QH #XGUPGU YCU UGPV HQT VQ CUUWOG CWVJQTKV[ QXGT *QNNCPF HQT HQWT [GCTU DWV KP VJKU RGTKQF ,QJP + FKGF EJKNFNGUU 6JKU YCU VJG GPF QH VJG *QWUG *QNNCPF CPF YKVJ ,QJP QH #XGUPGU CU ,QJP ++ 6JG *CKPCWV *QWUG GPVGTGF

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238

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257

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258

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259

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260

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264

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265

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266

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267

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'&<#4& ++ CPF ,1*#00

*CNDGT 9KVVG . # %TQYPGF UJKGNF YKVJ FQWDNG JGCFGF GCING CPF UJKGNF YKVJ JCTR[ QP DTGCUV DGPGCVJ VJG ETQYP '& 6\ ' 6\ +1 6\ %1 6\ ' 6\ &1 6\ 2* 6\ 1 4 1TPCOGPVGF ETQUU YKVJ UVCT KP EGPVTG &# 2 Å&#x2020; #%' Å&#x2020; & 1 + & 0 . -CRRGNJQHH IT. 9GCMN[ UVTWEM XGT[ HKPG

$QWIJV &GMMGT EQNNGEVKQP %QKP HTQO VJG [GCTU WUWCNN[ YKVJ VJG OQPG[GTÅ&#x2030;U UGCN QH &KTM +FGP -TWKVMTGOGT X F %JKLU *GTGP GP 5VGFGP XCP )GNFGTNCPF $GTKEJVKIWPI FC\W 0WO #P\I R 0KGWYG &TGPVUG 8QNMUCNOCPCM R HH 6JG KNNWUVTCVKQP KP X F %JKLU KU KPENWFGF KP 2CUUQP &G 5VGFGNKLMG /WPVUNCI XCP 0KLOGIGP DKL 'KIJVJ UVWKXGT &GUETKRVKQP QH VJG ETQUU QP VJG TGXGTUG D[ -CRRGNJQHH %TQUU CPETÂ¾G QH VYKP [CTP FKXKFKPI VJG NGIGPF YKVJ GNCDQTC VKQPU CPF C TJQODKE QRGPKPI KP VJG OKFFNG YKVJ C UKZ TC[GF UVCT 6JKU UKZ TC[GF UVCT KPFKECVGU VJG ENQUG VKGU QH VJG %KTMUGPC HCOKN[ YKVJ VJG EKV[ QH 0QTFGP VCMGP HTQO -CRRGNJQHH &KG /Ã&#x2019;P\GP 1UVHTKGUNCPFU 6JG VGZV QP VJG QDXGTUG FGPQVGU ' PPQ +1 JCPPGU % QOGU ' V & QOK 0 W 5 2* TKGUKC 1 TKGP VJG TGXGTUG VGZV KU QPEG CICKP VJG YGNN MPQYP FKEVWO &# R #%' O &1 OKPG + P & KGDWU 0 QUVTWU +PVGTRWPEVKQP QDXGTUG Z H

273

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Å&#x2030;U FGOKUG KP $QPKHCEG VQQM JQNF QH 7VTGEJV UWEEGUUHWNN[ CXGTVKPI DKUJQR *KNFGICT QH %QNQIPGÅ&#x2030;U ENCKOU #HVGT VJG HQTOGTÅ&#x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

*'+04+%* ++ +P 7VTGEJV CNTGCF[ GPLQ[GF VJG RTKXKNGIG QH OKPV TGEGKXGF HTQO 1VVQ + CPF CEMPQYNGFIGF D[ 1VVQ ++ KP *QYGXGT -KPI *GKPTKEJ ++ YQWNF DG VJG HKTUV VQ UVTKMG EQKP KP 7VTGEJV #NDTGEJV 0KGFGTNQVJTKPIKUEJG /Ã&#x2019;P\GP R EQPUKFGTU VJKU EQKP VQ DG UVTWEM KP VJG PCOG QH -KPI *GKPTKEJ ++ KP 7VTGEJV WPFGT $KUJQR #FGNDQNF ++ GXGP VJQWIJ VJG NCVVGTÅ&#x2030;U PCOG KU PQV KPFKECVGF QP VJG EQKPU $KUJQR #FGNDQNF ++ YCU C UEJQNCT C TGPQYPGF OCVJGOCVKEKCP YJQ JCF DGGP GFWECVGF KP .KÂ½IG *G DWKNV C PGY ECVJGFTCN YJKEJ KU PQV VJG RTGUGPV FC[ ECVJGFTCN QH 7VTGEJV CV VJG UKVG QH VJG QNF UOCNN EJWTEJ #FGNDQNF CNUQ TGDWKNV VJG CDDG[ EJWTEJ KP 6KGN YJKEJ YCU FGFKECVGF KP VJG PCOG QH 5V 9CNRWTIKU

&GPKGT 7VTGEJV # %TQYPGF DWUV HCEKPI *' +04+ %85 4' : 4 'FKHKEG YKVJ ETQUU QP VQR CPF 6 4# +'% 6 8 NGIGPF KP HQWT NKPGU YKVJKP :4+56+#0# 4' .+)+ 1 &CPP +NKUEJ -NWIG IT 4 9GCMN[ UVTWEM XGT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ

274

&GPKGT 7VTGEJV # %TQYPGF DWUV HCEKPI *' +0 4+% 85 4' : 4 'FKHKEG YKVJ ETQUU QP VQR CPF 6 4# +'% 6 8 NGIGPF KP HQWT NKPGU YKVJKP :4+56+ #0# 4' .+ )+1 &CPP +NKUEJ -NWIG IT 4 $GPV CPF HNCP ETCEM HKPG VQ XGT[ HKPG

4CWEJ 9KGP #WEVKQP PQ

-104#& ++ $'401.&75 $GTPQNFWU YCU RTKGUV KP 1QUVGTDGGM YJGP VJG GORGTQTÅ&#x2030;U YKHG YCU KP NCDQWT VJGTG 7RQP VJG DKTVJ QH VJG JGCNVJ[ EJKNF VJG RTKGUV JKOUGNH URGF VQ 7VTGEJV YJGTG VJG GORGTQT YCU UVC[KPI VQ FGNKXGT VJG IQQF PGYU 6JG GORGTQT UJQYGF JKOUGNH ITCVGHWN DG[QPF VJG RTKGUVÅ&#x2030;U GZRGEVC VKQPU CPF CRRQKPVGF JKO DKUJQR QH 7VTGEJV

&GPKGT 7VTGEJV # %TQYPGF DWUV HCEKPI % 10 4#& 4 ': 4 'FKHKEG YKVJ ETQUU QP VQR CPF 6 4#+ '%6 NGIGPF KP VJTGG NKPGU YKVJKP $' 4 01.& '2+5%1 2 &CPP +NKUEJ IT 4 8GT[ HKPG

9GUVH /Ã&#x2019;P\CWMVKQP #WEVKQP PQ +P &CPPGPDGTI KV UC[U 7PDÂ·TVKIGT -CKUGTMQRH -QPTCF ++ PQ VGZV YJCVUQGXGT 1P VJG TGXGTUG $'401+ +P KVU RTGEKUG KOKVCVKQP QH VJG FGPCTKWU QH %QPTCF ++ RTQDCDN[ VJG QNFGUV HCDTKE D[ VJKU DKUJQR -QPTCF 4GZ CPF $GTPQNFWU *GPEG KV YCU UVTWEM KP +NKUEJ MPQYU QH QPN[ HQWT URGEKOGPU $GTNKP *GNUKPMK VYKEG CPF /Ã&#x2019;PUVGT #HVGT PQ VJCV HGCVWTGU DQVJ VJG PCOG QH VJG )GTOCP MKPI CPF VJCV QH VJG DKUJQR VJG GORGTQTÅ&#x2030;U PCOG XCPKUJGU CNVQIGVJGT HTQO $GTPQNFWUÅ&#x2030; EQKPCIG

$'401.&75 0CVWTCNN[ $GTPQNFWU YCU C UVCNYCTV UWRRQTVGT QH VJG GORGTQT *G UVQQF D[ JKO CICKPUV )QFHTG[ VJG $GCTFGF CPF CICKPUV &KTM +8 QH *QNNCPF 'ORGTQT *GPT[ +++ UJQYGF ITCVKVWFG KP VJG HQTO QH VJG DGUVQYCN QH PWOGTQWU RTQRGTVKGU CPF EQOKVCN RTKXKNGIGU 6JWU $GTPQNFWU YCU VJG HQWPFGT QH 7VTGEJV RQYGT *G DWKNV VJG RCTKUJ EJWTEJGU 5V 2KGVGT CPF 5V ,QJP KP 7VTGEJV CPF TGEGKXGF VJG TKIJV QH OKPV HQT )TQPKPIGP KP CPF HQT &GXGPVGT KP UGG CNUQ WPFGT &GXGPVGT

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

275

&GPKGT 7VTGEJV # $KUJQR HCEKPI YKVJ ETQUKGT CPF UVCHH VGTOKPCVKPI KP ETQUU +++ 5%5 /#4 6+0 85 #4 %*+' 4 564# +'%68 QXGT YCNN YKVJ RQTVCN 5 $'401.&8 5'&+5 %1&8 + &CPP +NKUEJ XF%J IT # NKVVNG YGCMN[ UVTWEM XGT[ HKPG /ÒP\\GPVTWO -ÌNP 5GG GNWEKFCVKQP YKVJ PQ

&GPKGT )TQPKPIGP # $KUJQR HCEKPI YKVJ ETQUKGT CPF #+ QXGT VJG TKIJV UJQWNFGT 5 %5$10+(# %+85 #4%*+' 4 48 +++01 %' KP VJTGG NKPGU $'401+285'258' 8 &CPP +NKUEJ XF%J IT (NCP FGHGEV QVJGTYKUG YGNN UVTWEM XGT[ HKPG URGEKOGP

#JNUVTQO 5VQEMJQNO #WEVKQP PQ +P +NKUEJ KV UC[U $GK FGO 6[R MQOOV GKPG DGVT·EJVNKEJG $CPFDTGKVG CP 8CTKCPVGP XQT KPUDGUQPFGTG KP FGT 8GTVGKNWPI FGT 2WPMVG \YKUEJGP FGP $WEJUVCDGP FGT .GIGPFGP #WEJ FKG .GIGPFGP UKPF OKVWPVGT DKU \WT 7PMGPPVNKEJMGKV GPVUVGNNV 6JKU XCTKCPV KU PQV OGPVKQPGF KP VJG NKVGTCVWTG

&GPKGT )TQPKPIGP # $KUJQR HCEKPI YKVJ ETQUKGT 18+ &# ! 4 )48 10 0+ '% KP VJTGG NKPGU 8+++ &8. : ! &CPP +NKUEJ XF%J IT 8GT[ HKPG /ÒP\GP WPF /GFCKNNGP $CUGN 6JG VGZVU QP QD CPF TGXGTUG CTG PGCTN[ WPTGEQIPKUCDNG

&GPKGT )TQPKPIGP # $KUJQR HCEKPI YKVJ ETQUKGT CPF UVCHH VGTOKPCVKPI KP ETQUU QH RGNNGVU 5%5 $10& 8%'1 4 %48 100+ %' KP VJTGG NKPGU *' +4őő &CPP +NKUEJ XF%J IT 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG #PVQPQX 4KIC 6JKU V[RG YKVJ ETQUKGT CPF ETQUU FQGU PQV HGCVWTG KP +NKUEJ

&GPKGT )TQPKPIGP # %TQUKGT DGVYGGP $#%7 .85 '4+51+54#4 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING )'41+0))4#& &CPP +NKUEJ XF%J IT 0KEG RCVKPC CPF CPF YGNN UVTWEM XGT[ HKPG #WHJ·WUGT /ÒPEJGP #WEVKQP PQ $CEWNWU ETQUKGT QH VJG DKUJQR

276

&GPKGT )TQPKPIGP # %TQUKGT DGVYGGP $#%7 .85 )4 4#548 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 0+))'# &CPP +NKUEJ XF%J IT # NKVVNG YGCMN[ UVTWEM KP RCTVU XGT[ HKPG

&GPKGT &GXGPVGT # $WUV HCEKPI 5 .'$8+085 %1 0( 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING $'401.&85 ' 25 &CPP +NKUEJ -NWIG XF%J IT 4 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

$GEMGPDCWGT /Ã&#x2019;PEJGP 'Z 5EJWNOCP #WEVKQP PQ

9GUVH /Ã&#x2019;P\CWMVKQP #WEVKQP PQ 6JG 5 QP VJG QDXGTUG UJQYU C JQTK\QPVCN UVTQMG CU FQGU VJCV KP 5CPEVC %QNQPKC +U %10( UJQTV HQT EQPHGUUQT! (QT 5V .GDWKPWU UGG WPFGT &GXGPVGT

&GPKGT &GXGPVGT # $WUV HCEKPI $'4 01.&85 '2 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING *'+04 +%85 4' &CPP +NKUEJ XF%J IT 9GCMN[ UVTWEM QVJGTYKUG CNOQUV GZVTGOGN[ HKPG

&GPKGT &GXGPVGT # $WUV HCEKPI $'401 5 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING $'4018 & &CPP +NKUEJ XF%J IT 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN (TQO NKUV PQ

)QTP[ /Ã&#x2019;PEJGP #WEVKQP PQ

&GPKGT &GXGPVGT # %TQUKGT DGVYGGP CNRJC CPF QOGIC YKVJ ETQUU QP VQR $'401 .&85 '25 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &#8' 0 64 '0 5+ &CPP +NKUEJ XF%J IT (NCP ETCEM XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ

277

&GPKGT &GXGPVGT # %TQUKGT DGVYGGP CNRJC CPF QOGIC YKVJ ETQUU QP VQR NGIGPF PQV XKUKDNG 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING NGIGPF RCTVN[ XKUKDNG &#8'064'05+ &CPP +NKUEJ XF%J IT 9GCMN[ UVTWEM XGT[ HKPG 4KGVFKLM FGP *CCI #WEVKQP PQ 6JG &CXGPVTKC QP VJG TGXGTUG ECPPQV ENGCTN[ DG OCFG QWV

&GPKGT &GXGPVGT # %TQUKGT DGVYGGP CNRJC CPF QOGIC YKVJ ETQUU QP VQR $' 401.&8 5 ' 25 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING $'401.&8 5 '2 5 &CPP +NKUEJ IT 9GCMN[ UVTWEM CPF C NKVVNG WPEGPVGTGF XGT[ HKPG

*QNNGOCP 'PUEJGFG 6JKU V[RG KU PQV NKUVGF KP X F %JKLU *QYGXGT XF%J CPF YKVJ VJG UCOG FTCYKPI DWV C TGXGTUG &#8'064+# CTG GUVCDNKUJGF 1P XF%J VJG NGIGPFU CTG KNNGIKDNG +NKUEJ MPQYU QH QPN[ VJTGG URGEKOGPU

9+..'/ QH 2106 9KNNKCO YCU HTQO VJG )WGNFGTU *QWUG QH 2QPV #V VJG 5[PQF QH 7VTGEJV KP JG CFXQECVGF VJG GZEQOOWPKECVKQP QH 2QRG )TGIQT[ 8++ YJQ UJQTVN[ DGHQTG JCF FGRQUGF JKO 7PFGT 9KNNKCO QH 2QPV 7VTGEJV EQKPU UGNFQON[ KPFKECVGF C PCOG $WV KP )TQPKPIGP VJG PCOG QH VJG )GTOCP -KPI *GPT[ CRRGCTGF VQIGVJGT YKVJ VJCV QH VJG DKUJQR +PEKFGPVCNN[ VJG EQKPU QH 9KNNKCO QH 2QPV HTQO )TQPKPIGP CTG VJG NCUV UVTWEM VJGTG D[ VJG 7VTGEJV DKUJQRU 6JGTG CTG PQ MPQYP &GXGPVGT EQKPU QH 9KNNKCO QH 2QPVÅ&#x2030;U

&GPKGT 7VTGEJV # $KUJQR HCEKPI YKVJ ETQUKGT CPF UVCHH GPFKPI KP ETQUU VJTGG RGNNGVU KP HKGNF 9+.*'. VJG NGVVGTU QWVYCTFU 4 8 '%6+ KP VYQ NKPGU QXGT YCNN 16 %+#4

64#+'861 TGVTQITCFG &CPP C +NKUEJ XF%J IT # NKVVNG QHH EGPVTG QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP )QTP[ /Ã&#x2019;PEJGP #WEVKQP PQ

&GPKGT 7VTGEJV # $KUJQR HCEKPI YKVJ ETQUKGT CPF UVCHH VGTOKPCVKPI KP ETQUU ++%5 *7 '25 4 +8 +'%6+ KP VYQ NKPGU QXGT YCNN 50 8 &CPP C +NKUEJ XF%J IT 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG *WK\KPIC $GPPGMQO

&GPKGT )TQPKPIGP # %TQYPGF DWUV HCEKPI *'04+%85 4' 4 $KUJQR T YKVJ ETQUKGT CPF TKPI DGJKPF JKO 88++*'+0+85 &CPP +NKUEJ XF%J IT 4 5NKIJVGN[ ETCEMGF QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP YKVJ PKEG RCVKPC 5EJWNOCP # FCO #WEVKQP PQ

278

&GPKGT )TQPKPIGP # %TQYPGF DWUV HCEKPI *'04+%85 4' 4 $KUJQR T YKVJ ETQUKGT CPF QOGIC YKVJ ETQUU DGJKPF JKO 88++*'+0+85 &CPP +NKUEJ XF%J IT 4 5OCNN URNKV CV VJG GFIG GZVTGOGN[ HKPG

&GPKGT )TQPKPIGP # %TQYPGF DWUV N YKVJ UEGRVTG TKPI DGJKPF *'40+%85 4' 4 *GCF T YKVJ ETQUKGT 88+'/%'8 +85 &CPP +NKUEJ XF%J IT 44 6TCEGU QH EQTTQUKQP XGT[ HKPG

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&GPKGT 7VTGEJV # $KUJQR T DGVYGGP ETQUKGT CPF UVCHH VGTOKPCVKPI KP ETQUU %104#&85 '25 4 'FKHKEG YKVJ VYQ VQYGTU QXGT FQWDNGF DQY 64#+'% 6 8/ &CPP +NKUEJ XF%J 4 $TQMGP URGEKOGP XGT[ HKPG

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292

5V /CCTVGPU )QWFIWNFGP # 5CKPV /CTVKP UKVVKPI QXGT UJKGNF QH VJG FKQEGUG 5#0%685 /#46+0 '25 4 5JKGNF QH $WTIWPF[ KP VTGHQKN /10 018# #84'# 64#+'%6'0 (D XF%J X) IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV &GEGODGT PQ 6JG EQKPU YKVJ '25 CTG QH VJG GOKUUKQPU CPF NCVGT EH PQ

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293

,CIGT V[RG # # 5CKPV /CTVKP UKVVKPI WPFGT ECPQR[ QXGT UJKGNF QH VJG FKQEGUG 5#0%685 Q /#46+0 Q '2+5 4 #TOU QH $WTIWPF[ /10'6# Q 018# Q '2+5 Q 64#+'6'0 XF%J X) IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 'OKUUKQP CPF EH PQ

5VWKXGT 9KLM # #TOU QH 7VTGEJV $WTIWPF[ /10'6# '2+5%12+ 64#+'%6' 4 %TQUU YKVJ TQUGVVGU KP VJG EGPVTG /'/'6 1 &0' &#8+& XF%J X) IT 'ZVTGOGN[ TCTG YGCMN[ UVTWEM QVJGTYKUG XGT[ HKPG URGEKOGP RNGCUKPIN[ VQPGF

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9KV # 6KPFGTDQZ YKVJ NWEKHGT OCVEJGU CPF URCTMU &#8+& Q &' Q $84)10&+ # 4 %TQUU && '2+ 64#+ '%6'05+5 XF%J X) IT 'ZVTGOGN[ TCTG +TTGIWNCT HNCP FCTM RCVKPC XGT[ HKPG

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294

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295

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296

6+'. +P C HGY NGIGPFU VJGTG KU CP CEEQWPV QH VJG CPEKGPV JKUVQT[ QH 6KGN VJG GCTNKGUV UVCTVKPI %NQUGT GZCOKPCVKQP JCU TWNGF QWV VJCV VJGUG NGIGPFU DCUG QP CEVWCN GXGPVU /Ã&#x2019;VGT CEEQTFKPIN[ TGOCTMU 9G ECP PQY GUVCDNKUJ VJGTG KU PQ GXKFGPEG HQT VJG GZKUVGPEG QH 6KGN RTKQT VQ VJG 8KMKPI #IG 1PG )GTWNH YCU VJG HKTUV MPQYP EQWPV QH VJG EQWPV[ *QNNCPF #V JKU FGOKUG JKU NCPFU YGTG FKXKFGF COQPI JKU VYQ UQPU &KTM TGEGKXGF VJG EQCUVCN TGIKQP CPF 9CNVIGT IQV 6GKUVGTDCPV

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Å&#x2030;U VTCFG YCU C TKEJ UQWTEG QH KPEQOG HQT VJG DKUJQR QH 7VTGEJV CPF KV YCU KP JKU KPVGTGUV VJCV 6KGN YQWNF CDUQTD NQUUGU +P 9CNVIGTÅ&#x2030;U FGOKUG VTCPURKTGF JG JCF RTGUWOCDN[ FKGF C NQV GCTNKGT *G JCF OCKPVCKPGF ENQUG VKGU YKVJ DKUJQR 4CFDQF YJQ JCF FKGF KP CPF YCU UWEEGGFGF D[ DKUJQR $CNFTKE #HVGT 9CNVIGTÅ&#x2030;U FGCVJ JKU UQP 4CFDQF UWEEGGFGF KP VJG EQWPVKGU 6GKUVGTDCPV .CMG GV +UNC CPF 0KHVGTNCMG +P VJCV UCOG [GCT 4CFDQF CPF JKU UWEEGUUQT *CVVQ YGTG TGXGCNGF CU JCXKPI DGGP KPECRCDNG TWNGTU 6JKU RTQORVGF 1VVQ + VQ VCMG CEVKQP .CMG GV +UNC CPF 0KHVGTNCMG YGPV VQ 7VTGEJV CPF HQT VJG EQTG VGTTKVQT[ QH 6KGN 1VVQ + OCFG UGRCTCVG CTTCPIGOGPVU KP 6JWU VJG ENGTKECN RQUUGUUKQPU KP 6KGN YGPV VQ 7VTGEJV CPF VJG TGUV QH VJG EQOKVCN RTQRGTVKGU RCUUGF VQ JKOUGNH CU EWTVKU KORGTCVQTKC 1VVQ JCF 6KGN IQXGTPGF D[ C EGTVCKP )QFHTG[ CU RTCGHGEVWU CKFGF D[ %QWPV 7PTWQEJ QH 6GKUVGTDCPV 6JG WPNKOKVGF RQYGT QH VJG EQWPVU QH 6GKUVGTDCPV YCU DTQMGP RCTV QH VJG RTQRGTV[ YCU CRRTQ RTKCVGF VQ VJG DKUJQR CPF VJG OCKP RCTV YCU TGUGTXGF HQT VJG UW\GTCKP CNDGKV KP C OKNKVCT[ ECRCEKV[ UWDQTFKPCVG VQ VJG RTCGHGEVWU HQT HWTVJGT FGVCKNU UGG VJG EJTQPKENG QH #NRGTVWU /GVVGPUKU YJQ YCU RTGUWOCDN[ HTQO 6KGN +P 1VVQ +++ ITCPVGF VJG DKUJQR QH 7VTGEJV VJG TKIJV QH OKPV HQT <CNVDQOOGN CEMPQY NGFIGF D[ *GKPTKEJ ++ KP 6KGN YCUPÅ&#x2030;V ITCPVGF VJG TKIJV QH OKPV KVU NQTFU UVTWEM VJGKT QYP EQKP CPF YQWNF OCKPVCKP FQKPI UQ WPVKN *GPT[ +8 CV VJG VWTP QH VJG VJ EGPVWT[ 6KGN EQKPU CTG GURGEKCNN[ MPQYP HQT VJGKT EJCTCEVGTKUVKECN GNQPICVGF JGCFU VJG 6KGNGT -QRH *GCF HTQO 6KGN +V KU PQV QPN[ QDUGTXGF KP 6KGN DWV CNUQ KP 0COWT WPFGT 4QDGTV ++! Å&#x2020; UGG &G /G[ PQ CPF /QUV EQKPU CTG HTQO VJG TGKIPU QH *GPT[ CPF -QPTCF VJG RTKOG CIG QH GEQPQOKE RTQURGTKV[ 6JG[ CTG VQ DG ENCUUKHKGF CU HQNNQYU # *'+04+%85 4': 5 %1.10+ # $ *'+04+%85 +/2'4#614 %TQUU YKVJ FQVU % -104#&85 4': %TQUU YKVJ FQVU & -104#&85 4': $10# 6+'.' 'CEJ QPG JCU C URGEKHKE ETQYP 0Q EQKPU YGTG UVTWEM FWTKPI %QPTCFÅ&#x2030;U KORGTKCN TGKIP 297

4Q[CN +ORGTKCN OKPVKPI 1661 +++

&GPKGT # *GCF QH 6KGN HCEKPI 1 1 4 &KUHKIWTGF %QNQPKC OQPQITCO 5 %1.10+ # &CPP *CV\ ! +NKUEJ ! IT (NCP FGHGEV CPF YGCMN[ UVTWEM HKPG

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*'+04+%* ++

&GPKGT # *GCF QH 6KGN HCEKPI * '04+% 85 +/2'4#6 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING Z 6 + ' . ' &CPP *CV\ +NKUEJ XF%J IT 9GNN UVTWEM XGT[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN (TQO NKUV PQ

&GPKGT # *GCF QH 6KGN HCEKPI *'04 5 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING Z 6 + ' . ' &CPP *CV\ +NKUEJ XF%J IT $GPV QVJGTYKUG CNOQUV GZVTGOGN[ HKPG

*QNNCPFKC -CORGTXGGP

&GPKGT # *GCF QH 6KGN HCEKPI *'+04+% 85 /+4' 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING Z 6 + ' . ' &CPP *CV\ +NKUEJ XF%J IT 5NKIJVGN[ DGPV DWV CNOQUV GZVTGOGN[ HKPG

5EJWNOCP #OUVGTFCO #NVJQWIJ CNN VJTGG RTGEGFKPI EQKPU JCXG VJG UCOG TGHGTGPEGU VJG[ FKHHGT EQPUKFGTCDN[ 0Q KU YGNN EWV EQPVTCT[ VQ VJG PQU CPF

298

-104#& ++

&GPKGT # *GCF QH 6KGN HCEKPI 04#& 4' 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 6 + 1 + 1 1 &CPP *CV\ +NKUEJ IT 8GT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN 6JKU V[RG KU RNCEGF HKTUV DGECWUG VJG ETQUU YKVJ VJG HQWT RGNNGVU HQTOU C NKPM VQ VJG EQKPU QH *GPT[ #HVGT VJCV %1/'5 $10# 6+'.'

&GPKGT # *GCF QH 6KGN HCEKPI 01# 4 +P VJTGG NKPGU $1 6+'.' 0# &CPP *CV\ +NKUEJ XF%J IT 4 8GT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN (TQO NKUV PQ 9KVJ PQ %CTQNKPIKCPU 4QDGTVKPGU YG CUUWOGF $10# OGCPU EKV[ 6JCV YQWNF TGUWNV KP %KV[ 6KGN VJG UCOG ECP DG QDUGTXGF KP &GXGPVGT $10# &#8'064+#

&GPKGT # *GCF QH 6KGN HCEKPI %8104#&85 TGVTQITCFG 4 +P VJTGG NKPGU $1 6+'.' 0# &CPP *CV\ +NKUEJ XF%J IT 4 (KPG

5EJWNOCP #OUVGTFCO

<#.6$1//'. 6JG HQNNQYKPI EQKPU CNN FGRKEV C DKUJQR KP NKVGTCVWTG VJGTG UVKNN KU OGPVKQP QH C MKPIÅ&#x2030;U JGCF DWV C MKPI YKVJ C ETQUKGT QT C RCUVQTCN UVCHH KU KORQUUKDNG 9G CVVTKDWVGF KV VQ <CNVDQOOGN HQT YJKEJ VJG 7VTGEJV DKUJQRU JCF GZRNKEKV RGTOKUUKQP VQ OKPV

ITCPVGF KP D[ 1VVQ +++ CEMPQYNGFIGF D[ *GPT[ ++ KP #NDTGEJV CNUQ UWIIGUVU <CNVDQOOGN R 6JG HKTUV VYQ PWODGTU CPF FGRKEV VJG 6KGN JGCF YKVJ QPG QT OQTG CVVTKDWVGU ETQUKGT CPF QT RCUVQTCN UVCHH 0GKVJGT 6KGN PQT CP[VJKPI QH VJG MKPF HGCVWTGU QP VJG EQKPU CP[ NQPIGT 0Q MKPIÅ&#x2030;U QT GORGTQTÅ&#x2030;U PCOGU QP VJG QDXGTUG CP[OQTG DWV C VGZV UVCTVKPI 12'Å&#x2018; QH 1&'Å&#x2018; QHVGP PQV XGT[ ENGCT )CGVVGPU HF .WFYKU\E\G KPVGTRTGVGF KV CU 1FGNDQNFWU YJKEJ FGPQVGU #FGNDQNF +NKUEJ FKUOKUUGU VJKU DWV HCKNU VQ RTQXKFG CP[ CNVGTPCVKXG 'RKUEQRCN OKPVKPI

&GPKGT # *GCF QH 6KGN YKVJ ETQUKGT 12'' +0 4 +P VJTGG NKPGU 5 '.+ #0 &CPP *CV\ +NKUEJ IT 44 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG 9#) &QTVOWPF #WEVKQP PQ 5GEQPF ' KPXGTVGF 5CNOQ RTQXKFGU VJG UCOG TGCFKPI QH VJGUG HQWT NGVVGTU +NKUEJ EQPUKFGTU VJG RGTKQF QH *GPT[ +++ RQUUKDN[ CHVGT

299

&GPKGT # *GCF QH 6KGN HCEKPI YKVJ ETQUKGT CPF UEGRVTG VGTOKPCVKPI KP C ETQUU 1 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING CPF QPG GZVTC RGNNGV KP VYQ CPINGU Å&#x2018; '8Å&#x2018; TGVTQITCFG &CPP )CGVVGPU *CV\ +NKUEJ IT 44 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG 4CWEJ 9KGP #WEVKQP PQ *CV\ OGPVKQPU VYQ URGEKOGPU (QT VJKU +NKUEJ EQPUKFGTU VJG RGTKQF QH %QPTCF ++

6JG HQNNQYKPI EQKPU CTG GRKUEQRCN CU YGNN DWV ENGCTN[ HTQO CPQVJGT RGTKQF $[ VJCV VKOG VJG V[RKECN 6KGN JGCF YCU TGRNCEGF D[ C DTQCF JGCF +NKUEJ JGTG VQQ TGCFU 1&'Å&#x2018; YJKEJ EQWNF DG GXKFGPEG QH VJG EQKP KPFGGF PQV DGKPI HTQO #FGNDQNF NCVGT DKUJQRU CTG ENCKOGF VQ JCXG OKPVGF KP #FGNDQNFÅ&#x2030;U PCOG +NKUEJ CVVTKDWVGU VJKU V[RG KP VJG RGTKQF QH *GPT[ +++ QT +8 K G CPF EQPUKFGTU VJG GCUVGTP 0GVJGTNCPFU + VJKPM VJG FGXKEG KU UQ UVTQPIN[ TGNCVGF VQ VJG YGNN MPQYP 6KGN JGCF VJCV C RNCEG KP VJG 6KGN CTGC UVKNN FGUGTXGU UGTKQWU EQPUKFGTCVKQP

&GPKGT # *GCF HCEKPI NGIGPF PQV XKUKDNG 4 %TQUU YKVJ QPG ITGCV RGNNGV CPF QPG UOCNN RGNNGV YKVJ ETGUEGPV KP GCEJ CPING ++: &CPP )CGVVGPU *CV\ +NKUEJ IT 4 8GT[ HKPG

9#) &QTVOWPF #WEVKQP PQ

&GPKGT # *GCF HCEKPI 4 %TQUU YKVJ QPG ITGCV RGNNGV CPF QPG UOCNN RGNNGV YKVJ ETGUEGPV KP GCEJ CPING &CPP )CGVVGPU *CV\ +NKUEJ IT 4 9GCMN[ UVTWEM CPF UNKIJVGN[ DGPV XGT[ HKPG 9#) &QTVOWPF #WEVKQP PQ

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

6JTQWIJ VJKU CNNKCPEG YKVJ VJG 1OOGNCPFGP QH )TQPKPIGP ITGY KPVQ VJG EGPVTG QH VJG TGIKQP 6JG )TQPKPIGTU HGCTGF VJG 'CUV (TKUKCP %JKGHVCKPU OQUV GURGEKCNN[ YJGP %GPQ VQO $TQM CNNKGF YKVJ VJG 8GVMQRGTU CPF FGHGCVGF VJG 5EJKGTKPIGTU %GPQ YCU XCPSWKUJGF D[ (QEMQ 7MGOC #TQWPF KPFGRGPFGPV OKPVKPI DGICP KP )TQPKPIGP UGG CNUQ ,/2 R VJCV YQWNF NCUV WPVKN CHVGT 6JG EKV[ŉU EQCV QH CTOU KU C FQWDNG JGCFGF GCING YKVJ C HGUUGF GUEWVEJGQP QP KVU DTGCUV 6JKU HGUUGF GUEWVEJGQP KU VJG QNFGUV GNGOGPV CPF KPKVKCNN[ VJG QPN[ GNGOGPV .CVGT CRRTQZ VJG KORGTKCN GCING YCU CFFGF 'ORGTQT 5KIKUOWPF DQTG C FQWDNGJGCFGF GCING CHVGT VJQWIJ HTQO VQ OCKPN[ UKPING JGCFGF 7PFGTPGCVJ 2WKUVGTŉU CTVKENG )TQPKPIUG UVGFGNKLMG OWPVGP KP ,/2 R GV UGSS YCU HQNNQYGF RGTKQF

)TQQV # 5JKGNF /10'6# Ő &' Ő )410 4 .QPI ETQUU 5+) /8 %4 8+5 2 XF%J IT 'ZVTGOGN[ TCTG 6TCEGU QH EQTTQUKQP XGT[ HKPG *GP\GP #OGTQPIGP EC 2WKUVGT MPQYU QH QPN[ QPG URGEKOGP KP VJG OWUGWO QH )TQPKPIGP RTGUWOCDN[ YKVJ C FKHHGTGPV VGZV

RGTKQF

2NCM # &QWDNG JGCFGF GCING QXGT UJKGNF /10'6# )4100'05+5 4 5JKGNF YKVJ FQWDNG JGCFGF GCING QP NQPI ETQUU FKXKFKPI NGIGPF 5+6 01/'0 &1/0+ $'0' 2 XCT XF%J XCT IT 5OCNN GFIG HCWNV XGT[ HKPG -PGKPUDGTI #OUVGNXGGP 5VTWEM EC 6JKU VGZV PQV KP 2WKUVGT QT X F %JKLU

2NCM # &QWDNG JGCFGF GCING DGVYGGP VYQ ETQUUGU CPF QXGT UJKGNF Z /10'6# Z 018# Z )410 4 5JKGNF YKVJ FQWDNGF JGCFGF GCING QP NQPI ETQUU FKXKFKPI NGIGPF Z 5+6 Z 01/ Z &0+ $'0 Z 2 XF%J IT 8GT[ HKPG

FG )GWU 'KPFJQXGP #WEVKQP PQ

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*QNNGOCP 'PUEJGFG (QWPF QP /CTEJ KP 5VKGPU KP ITQWPF HTQO WPFGT C URQTVKPI IQQFU UJQR YJKEJ KP GCTNKGT VKOGU JCF DGGP GZECXCVGF HTQO VJG ,CEQDKPG ITCXG[CTF KP .GGWYCTFGP VQ HKNN WR C HQTOGT ECPCN 2WKUVGT PQV TGVTKGXGF VJG VGZV KU FKHHGTGPV 6JG YGKIJV KU GZEGRVKQPCNN[ NQY JCNH!

301

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302

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8NKGIGT # &QWDNG JGCFGF GCING QXGT UJKGNF /10'6# 018 )410+0)'0Ã&#x2020; 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ UVCT KP EGPVTG #001 &0++ / %%%% :%+: 2 J XF%J IT 5OCNN UETCVEJGU CPF GFIG HCWNV XGT[ HKPG %QKP +PXGUVOGPV .KUUG #WEVKQP PQ 'Z 5EJWNOCP #WEVKQP #RTKN PQ

6JG *QJNRHGPPKIG ECOG HTQO )GTOCP[ VQ VJG .QY %QWPVTKGU VJG[ YGTG OCKPN[ ECNNGF DTCGOUGP VJGTG 6JG[ HQWPF VJGKT YC[ VQ 0KLOGIGP #TPJGO &GXGPVGT CPF )TQPKPIGP +P VKOG VJG[ JCXG VTCXGNNGF VJKU YC[ VQQ (QT )TQPKPIGP VJGUG EQKPU FCVG DCEM VQ CTQWPF 6JG DTCGOUGP YGTG PQV OGPVKQPGF KP VJG OQPG[GTÅ&#x2030;U KPUVTWEVKQPU +P )TQPKPIGP VJG[ YGTG ECNNGF RGPPKPIGP 4GMGPKPIGP XCP )TQ PKPIGP R CPF CPF TGRTGUGPVGF C XCNWG QH RNCM UVWKXGT +P XKGY QH VJG PWOGTQWU XCTKGVKGU VJG[ OWUV JCXG DGGP KUUWGF QXGT C NQPIGT RGTKQF QH VKOG VJG QPN[ VGZV TGHGTTKPI VQ KV FCVGU HTQO 9QGPUFCI KP VJG 2CUEJGP 9GFPGUFC[ FWTKPI 'CUVGT YJGP VJG EKV[ EQWPEKN ITCPVGF VJG RTQHKV QH VJG OCPWHCEVWTG QH VJGUG EQKPU VQ VJG EJWTEJ QH 5V /CTVKP 8CP FGT %JKLU R 6JCV RTQXKFGU C TGCUQP CU VQ YJ[ VJG[ FQPÅ&#x2030;V CRRGCT KP VJG OQPG[GTÅ&#x2030;U KPUVTWEVKQPU DGECWUG VJG[ YGTGPÅ&#x2030;V PQTOCNN[ EKTEWNCVGF DWV TCVJGT UVTWEM HQT CEEQWPV QH VJG IWCTFKCPU QH VJG 5KPV /CCTVGPU %JWTEJ YJQ NKMG VJG &GXGPVGT GZCORNG OQTG ENGCTN[ UJQYU UGG (QTVW[P &TQQINGXGT KP 6JG $GGNFGPCCT R QYPGF VJG UQNKVCT[ TKIJV VQ EKTEWNCVG UOCNN EQKPU KP VJKU OCPPGT CPF [KGNF C OQFGUV RTQHKV HQT VJG DGPGHKV QH VJG EJWTEJ HCEVQT[ X )GNFGT .CCV OKFFGNGGWYUG OWPVGP QH )TQPKPIGP ,/2 R

&WDDGNG RGPPKPI # &QWDNG JGCFGF GCING QXGT UJKGNF YKVJ RGNNGV DGVYGGP VJG JGCFU 2 XF%J IT 4 8GT[ HKPG -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ 2QUUKDN[ 'Z 6GTDGTIGT EQNNGEVKQP 5VTWEM EC 2WKUVGT MPQYU QH QPN[ C UKPING URGEKOGP -2-

&WDDGNG RGPPKPI # &QWDNG JGCFGF GCING QXGT UJKGNF YKVJ RGNNGV DGVYGGP VJG JGCFU 2 XF%J IT 4 6TCEGU QH EQTTQUKQP XGT[ HKPG

*GP\GP #OGTQPIGP 6JKU V[RG YCU PQV TGVTKGXGF VQ FCVG 2WKUVGT MPQYU QPN[ QH VJG V[RG HTQO X F %JKLU CPF EQRKGF VJG NCVVGTÅ&#x2030;U FTCYKPI XF%J #RRTQZ (QWPF KP &GXGPVGT

303

2GPPKPI # &QWDNG JGCFGF GCING QXGT UJKGNF 2 XF%J IT %QTTQFGF URGEKOGP CNOQUV XGT[ HKPG *QNNGOCP 'PUEJGFG (QWPF KP VJG TGIKQP QH 'NDWTI *CVVWO 5VTWEM EC

2GPPKPI # &QWDNG JGCFGF GCING QXGT UJKGNF YKVJ VQMGP DGVYGGP VJG JGCFU 2 ! XF%J

! IT 8GT[ HKPG -Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ 2QUUKDN[ 'Z 6GTDGTIGT EQNNGEVKQP 5VTWEM EC

2GPPKPI # &QWDNG JGCFGF GCING QXGT UJKGNF CPF WPFGT ) 2 XF%J IT 8GT[ HKPG -TKEJGNFQTH (TGKDWTI #WEVKQP PQ 'Z 5IN %GTOCM 9KGP 'Z *GTYGKLGT EQNNGEVKQP PQ 5EJWNOCP $WUUWO #WEVKQP PQ

-7+04' -WKPTG YJKEJ NKGU KP VJG PQTVJGTPOQUV RCTV QH VJG RTQXKPEG 1XGTKLUUGN QYGU KVU PCOG VQ VJG YQTF MWP YJKEJ OGCPU FKTV OKTG DTQQM -WKPTG YCU CESWKTGF KP D[ DKUJQR )QFGDCNF QH 7VTGEJV +P JG ICXG QWV NCPF HQT VJG RWTRQUG QH EWNVKXCVKQP 6JWU VJKU VQYP YQWNF ITQY VQ DGEQOG C HTGG CPF KORQTVCPV VTCFG EGPVTG YKVJ KVU QYP RTKXKNGIGU 6JG NQTFU QH -WKPTG YGTG FGUEGPFCPVU QH *GPT[ %TCPG XKUEQWPV QH -WKPTG CPF OKPKUVGTKCNKU QH 7VTGEJV -WKPTG DGECOG C HKGH CTQWPF 9JGP ,QJP + UWEEGGFGF KP JG YCU UVKNN OKPQT +P JG YCU KPFKECVGF CU FQOKPWU C [GCT NCVGT CU OKNGU +P VJG QTFKPCPEG QH VJ ,WN[ VJG HKGH YCU CEMPQYNGFIGF ,QJP YCU MKNNGF QP UV #WIWUV KP VJG $CVVNG CV $CCTNG 7PFGT JKU UQP ,QJP ++ VJG EKVK\GPU QH -WKPTG TGSWGUVGF EQWPV 9KNNKCO +++ QH *QNNCPF VQ WPKVG -WKPTG YKVJ *QNNCPF KP 6JCV PGXGT JCRRGPGF ,QJP ++ YCU C HCKVJHWN XCUUCN QH DKUJQR ,QJP QH #TMGN *G RTGUWOCDN[ FKGF KP FWTKPI VJG FGXCUVCVKQP QH VJG ECUVNG 8QQTUV *KU [QWPIGT DTQVJGT *GTOCP + UWEEGGFGF +P -WKPTG YCU UQNF VQ DKUJQR (TGFGTKEM QH $NCPMGPJGKO QH 7VTGEJV ,#0 +

-QTVG CFGNCCTUITQQV PF GOKUUKQP EC # &QWDNG JGCFGF GCING KP SWCVTGHQKN +1*#05 &1/+0+ &' %804' 4 1TPCOGPVGF ETQUU YKVJ + 1 * 5 KP VJG CPINGU /16# %804' + 1/+ &1/0 )TQNNG G XF%J IT 44 8GT[ HKPG *QNNGOCP 'PUEJGFG (QWPF KP VJG OQPCUVGT[ QH .KFNWO PGCT 1QUVGTDKGTWO

304

$TCDCPVKPWU TF GOKUUKQP # 'UEWVEJGQP YKVJ NKQP N +1*#00'5 &0+ 4 .QPI ETQUU FKXKFKPI NGIGPF /10'6# &' %84' )TQNNG D XF%J IT 4 6TCEGU QH EQTTQUKQP GFIG HCWNV HKPG VQ XGT[ HKPG

*GP\GP #OGTQPIGP )TQNNG D EQTTGURQPFU VQ X F %J YJKEJ JQYGXGT FQGU PQV TGXGCN CP[ NGIKDNG VGZV QP VJG QDXGTUG

-QTVG TWKVGTITQQV TF GOKUUKQP # /QWPVGF MPKIJV YKVJ UYQTF T +1*#05 &1/+ &' %804' 4 %TQUU YKVJ QPG ETGUEGPV KP GCEJ CPING KPPGT EKTENG 5+)08/ %48%+5 /10'6# + %84' + 1/+ &1/+ )TQNNG I XF%J IT 4 8GT[ HKPG 5EJWNOCP #OUVGTFCO +OKVCVKQP QH VJG DCWFGSWKP QH /CTICTGVJC QH %QPUVCPVKPQRNG *CKPCWNV 6JG PWODGTU CPF DQVJ EQOG HTQO C JQCTF HTQO (TKGUNCPF

-QTVG TWKVGTITQQV PF GOKUUKQP # /QWPVGF MPKIJV N YKVJ NCPEG CPF NKQP UJKGNF +1*#05 &0+ &' %804' 4 %TQUU KPPGT EKTENG 5+)08/ %485+5 /10'6# + %84' + 1/+ &1/+ )TQNNG M XF%J IT 4 8GT[ HKPG 5EJWNOCP #OUVGTFCO +OKVCVKQP QH VJG #PVYGTR NCPU QH ,QJP ++ QH $TCDCPV CRRTQZ )TQNNG MPQYU PQ EQKP YKVJ %TWUKU CP 5 KP VJG OKFFNG

305

*'4/#0 + *GTOCP + YCU C [QWPIGT DTQVJGT QH ,QJP ++ 6QIGVJGT YKVJ JKU WPENG 5YGFGT XCP 8QQTUV JG NGF CP KPUWTIGPE[ QH VJG VQYPU QH 5VGNNKPIYGTH CPF 5VGGPYKLMGTYQNF CICKPUV DKUJQR ,QJP QH #TMGN #HVGT VJG DKUJQR KP JCF NCKF VJG ECUVNG 8QQTUV KP TWKPU 5YGFGTÅ&#x2030;U TKIJVU YGTG FGENCTGF XQKF *GTOCP + YCU RTCEVKECNN[ VJG NCUV OKPVKPI NQTF HTQO JKU JQWUG *G YCU YGFFGF VQ /CEJVGNF XCP FGT 'UG D[ YJQO JG JCF HQWT EJKNFTGP 6JGTG KU QPG MPQYP EQKP QH JKU UQP CPF UWEEGUUQT *GTOCP ++ *GTOCP + QYPGF RTQRGTV[ KP 5VGNNKPIYGTH CPF +,UUGNJCO +P JG UQNF CP GUVCVG KP VJG /CUVGPDTQGM PGCT +,UUGNOWKFGP *G YCU KP EQPHNKEV YKVJ CNN OCLQT VTCFG EKVKGU KP VJG TGIKQP DGECWUG JG QDUVTWEVGF VJG OGTEJCPVU QH VJG *CPUGCVKE .GCIWG +P JG CPF JKU QNFGUV UQP YGTG MKNNGF YKVJQWV CP[ NCPF VQ VJGKT PCOGU 6JG OWTFGTU YGTG CVVTKDWVGF VQ VJG EKVK\GPU QH 5VCXQTGP

.GGWYGPITQQV UV GOKUUKQP # .QPI ETQUU FKXKFKPI NGIGPF * /# %1 804 4 .KQP TCORCPV N 0'6# 08 )TQNNG XF%J IT 4 %QTTQFGF URGEKOGP HKPG VQ XGT[ HKPG *GP\GP #OGTQPIGP (QWPF KP &GXGPVGT *GTOCP + KOKVCVGF VJG *QNNCPF NKQP ITQCV LWUV CU JKU DTQVJGT ,QJP ++ JCF FQPG DGHQTG JKO /KPVKPI RGTJCRU KP 1QUVGT\GG )TQNNG PQVGU PQV TGVTKGXGF

-1'814&'0 9JGP DKUJQR *CTVDGTV QH 7VTGEJV CRRQKPVGF JKU DTQVJGT RTGHGEV QH )TQPKPIGP JG CV VJG UCOG VKOG CRRQKPVGF JKU QVJGT DTQVJGT .WFQNH XKUEQWPV QH -QGXQTFGP #HVGT .WFQNHÅ&#x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

&QTFTGEJVUG # *GCF N /10'6# Q -1814& 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ QPG TQUG KP GCEJ CPING 4'0 1&& 0+- 181 )TQNNG IT 4 8GT[ HKPG C NKVVNG ENGCPGF *GP\GP Å&#x2020; #OGTQPIGP

306

&QTFTGEJVUG # *GCF N /10'6# Q -1814& 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ QPG TQUG KP GCEJ CPING 4'0 1&& 0+- 181 )TQNNG IT 4 (NCP FGHGEV XGT[ HKPG

*QNNGOCP 'PUEJGFG 6JG EQWPVGTOCTM 6 RTGUWOCDN[ FGPQVGU 6TCKGEVWO PF JCNH VJ EGPVWT[ FGETGG PQV TGVTKGXGF 5GG X F 9KU %CVCNQIWU XCP MNQRRGP # 'PE[ENQRGFKG XCP /WPVGP

4'+017& +++

)TCPF FGPKGT # .KQP TCORCPV /10'6# „ -1814&'05+5 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ GCING KP VJG UV CPF VJ CPINGU CPF NKQP TCORCPV KP VJG PF CPF TF CPINGU 4'01 & „ &0+ -1814&'0 )TQNNG IT 'ZVTGOGN[ TCTG XGT[ HKPG 8GTUEJQQT 5VTKLGP PF GOKUUKQP KOKVCVKQP QH VJG (NGOKUJ GOKUUKQP QH QH .QFGYKLM QH /CGNG

0146*'40 QT 9'56'40 0'6*'4.#0&

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING FGIGPGTCVGF NGIGPF OCFG QH YGFIGU CPF VWTPGF % 4 $CTDCTK\GF %QNQPKC OQPQITCO 5 +++.1 # VTCPUOQITKHKGF NGIGPF +NKUEJ IT 44 8GT[ HKPG

9#) &QTVOWPF #WEVKQP PQ 6JGTG CTG C HGY V[RGU QH VJKU OCMG 6JG HKTUV KU QPG YKVJQWV VJG RGNNGVU KP VJG CPINGU QH VJG ETQUU UGG +NKUEJ &CPP CPF *·X +V TGCFU C EQTTWRVGF HQTO QH .8&18+%85 DWV VJG V[RG UVGOU HTQO VJG 1VVQPKCP RGTKQF $TWUUGNU YCU WPFGT EQPUKFGTCVKQP HQT VJG OKPV +NKUEJ CNUQ OGPVKQPU 7VTGEJV DWV UWEJ GCTN[ OKPVKPI FQGU PQV JQNF HQT 7VTGEJV +NKUEJ ENCUUKHKGU KV WPFGT 7PDGUVKOOVG /ÒP\UV·VVG KP FGP 9GUVNKEJGP QFGT 0ÌTFNKEJGP 0KGFGTNCPFGP 5 +++1 1 #

VYQ VTKCPINGU RQKPVKPI VQYCTFU GCEJ QVJGT KP VJG VGZV VYQ N[KPI 5ŉU RGTKQF +NKUEJ MPQYU QH HQWT RKGEGU -QRGPJCIGP 5IN 6JQOUGP CPF /ÒPUVGT (F 7NGLPQ CPF QPG EQKP HTQO C JQCTF KP 'IOQPF C <GG (QT VJCV NCUV UGG 2QN # /ÒP\HWPFG WPF (WPFOÒP\GP FGT ,CJTVCWUGPF YGPFG KP FGP 0KGFGTNCPFGP KP -NWIG $ *TUI (GTPJCPFGN WPF )GNFYKTVUEJCHV $GKVT·IG \WO FGWVUEJGP /ÒP\YG UGP KP U·EJUKUEJGT WPF UCNKUEJGT <GKV 'TIGDPKUUG FGU &CPPGPDGTI -QNNQSWKOU 5KIOCTKPIGP R EQKP QP R PQ

307

)7'.&'45

308

)WGNFGTU KU CP GZEGNNGPV GZCORNG QH JQY RQYGTHWN NQTFU OCFG FGUWNVQT[ CVVGORVU VQ WUWTR EQWPVKGU GUVCVGU GVE CHVGT VJG FGENKPG QH VJG %CTQNKPIKCP 4GCNO 6JWU YG UGG EQWPVU QH *COCNCPF 6GKUVGTDCPV *GVVGTIQWY GVE #TQWPF $CNFTKE YJQ YCU RTCGHGEVWU CPF JKU YKHG #FGNC UVGRRGF VQ VJG HQTG *QY GXGT QP C FKGV KP 0KLOGIGP VJGKT GUVCVGU YGTG FGENCTGF XQKF 2CTV QH VJGKT GUVCVG FGXQNXGF VQ VJG %QPTCFKPGU YJQ ECOG HTQO VJG /KFFNG 4JKPG TGIKQP +P VJG UQWVJ KP VJG TGIKQP CTQWPF *GKPUDGTI YG UGG C EGTVCKP #PVQP QH (NCPFGTU QH YJQO NKVVNG KU MPQYP 9GNN MPQYP JQYGXGT YGTG JKU VYQ UQPU )GTCTF (NCOGPU YJQ YQWNF DG EQOG VJG HQWPFGT QH VJG EQOKVCN *QWUG QH )WGNFGTU YJQ TGEGKXGF 9CUUGPDGTI CU CP KORGTKCN HKGH CPF 4WVIGT YJQ YQWNF DGEQOG VJG HQWPFGT QH VJG %QWPVU XCP %NGXGU YJQ TGEGKXGF %NGXGU CU CP KORGTKCN HKGH UGG HWTVJGT WPFGT %NGXGU 6JG VGTTKVQT[ QH DQVJ DTQVJGTU NC[ DG VYGGP /GWUG CPF 0KGTU )GTCTF CUUWOGF VJG PCOG QH VJG 0KGTU ECUVNG QH 9CUUGPDGTI

PQTVJGCUV QH *GKPUDGTI *KU UQP EQPVKPWGF VJG PCOG 9CUUGPDGTI *KU VYQ UQPU FKXKFGF VJG FQOKPKQP *GPT[ + KPJGTKVGF 9CUUGPDGTI )QUYKP + KPJGTKVGF *GKPUDGTI UGG HWTVJGT WPFGT *GKPUDGTI #V VJG VWTP QH VJG VJ EGPVWT[ JKU UQP )GTJCTF +++ GUVCDNKUJGF JKOUGNH KP VJG ECUVNG )GNFGTP UQWVJ QH -GXGNCGT CPF RTQECKOGF JKOUGNH EQWPV QH 9CUUGPDGTI CPF )WGNFGTU # HWTVJGT FKXKUKQP VQQM RNCEG YJGP VJG EJKNFTGP QH )GTJCTF +++ KPJGTKVGF JKU GUVCVG JKU UQP )GTJCTF +8 KPJGTKVGF )WGNFGTU CPF YGFFGF +TOICTF JGKTGUU VQ <WVRJGP JKU FCWIJVGT ,WVVC KPJGTKVGF 9CUUGPDGTI CPF YGFFGF 9CNGTCP QH .KODWTI 6JG VGTTKVQT[ YCU PQY EGPVTCN KUGF CTQWPF VJG TGIKQP 8GPNQ 4QGTOQPF CPF UVTGVEJGF KPVQ RTGUGPV FC[ )GTOCP[ 6JG UQP QH )GTJCTF +++ *GPT[ + VJGP KPJGTKVGF <WVRJGP VJCV KP YCU FGHKPKVKXGN[ WPKVGF YKVJ )WGNFGTU 6JKU VGTTKVQT[ YCU PQV CVVCEJGF VQ VJG EQTG VGTTKVQT[ 6JG EQWPV[ <WVRJGP RTQXGF C UKIPKHKECPV GZRCPUKQP VQ VJG VGTTKVQT[ VJQWIJ KV TGOCKPGF C FGUWNVQT[ YJQNG *QY GXGT YKVJ <WVRJGP C OKPV YCU ICKPGF 9JGP 1VVQ + CESWKTGF VJG 8GNWYG C HKGH QH VJG FWMGU QH $TCDCPV CPF C UWDHKGH QH VJG DKUJQRU QH 7VTGEJV #TPJGO DGECOG VJG EGPVTG 2TGUWOCDN[ KP 1VVQ EQPUGSWGPVN[ OQXGF VJG OKPV HTQO <WVRJGP VQ #TPJGO C RNCEG VJCV CESWKTGF EKV[ TKIJVU KP 6JWU VJG HQWT SWCT VGTU ECOG KPVQ DGKPI 7RRGT )WGNFGTU VJG QNF VGTTKVQT[ UKVWCVGF KP RTGUGPV FC[ )GTOCP[ $GVWYG 8GNWYG CPF <WVRJGP 6JG GZRCPUKQP YCU EQPENWFGF YJGP KP 0KLOGIGP YCU CESWKTGF UGG WPFGT 0KLOGIGP YJKEJ YCU [GV CPQVJGT OKPV )WGNFGTU JQYGXGT YQWNF CNYC[U EQPUKUV QH VYQ RCTVU CPF GOGTIGF NCVGT VJCP VJG QVJGT VGTTKVQTKGU 2QYGTHWN NQTFU RNC[GF UKIPKHKECPV TQNGU CPF VJG UWT TQWPFKPI NCPFU $TCDCPV CPF 7VTGEJV YGTG FQOKPCPVN[ RTGUGPV HQT VJG IGQITCRJKECN NQECVKQP QH )WGNFGTU CV VJG LWPEVKQP QH VJG ITGCV TKXGTU YCU C MG[ HCEVQT )WGNFGTU UWHHGTGF HTQO UWEEGUUKQPCN RTQDNGOU KP YJKEJ CRCTV HTQO VJG HQWT EGPVTCN EKVKGU

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Å&#x2030;U UKUVGT 6JG NCVVGT EQPVGUVGF VJKU GPFQY OGPV YJKEJ ECWUGF 'ORGTQT 1VVQ ++ VQ KPVGTXGPG DWV VQ PQ CXCKN #HVGT .KWVICTFÅ&#x2030;U FGOKUG #FGNC WUWTRGF 9KEJOCPPÅ&#x2030;U GPVKTG KPJGTKVCPEG +P 1VVQ +++ RWV CP GPF VQ VJG EQPVGPVKQP QXGT 'NVGP TGUWNVKPI KP VJG FQYPHCNN QH #FGNC KP #FGNCÅ&#x2030;U FGOGCPQT CPF VJCV QH $CNF TKEM YCU HTGG QH UETWRNGU CPF KV CESWKTGF JGT VJG GRKVJGV QH UGEQPF *GTQF #FGNC URGPV JGT NCUV [GCTU KP %QNQIPG +P VJG EQWTUG QH VJG VJ EGPVWT[ VJG PQTVJGTP RCTV FGXQNXGF VQ VJG NQTFU QH <WVRJGP VJG UQWVJGTP RCTV VQ VJG EQWPVU QH 9CUUGPDGTI )GNFGTP CPF %NGXGU 6JG PCOG *COCNCPF VJGP XCPKUJGF

#FGNC OKPVGF QP C OQFGUV UECNG CPF CNYC[U KP JGT QYP PCOG 6JG QDXGTUG KPXCTKCDN[ UJQYU VJG YGNN MPQYP ETQUU YKVJ VJG HQWT RGNNGVU VJG TGXGTUG C JCPF UNGPFGT QT DTQCF YKVJ CP CNRJC CPF QOGIC PGZV VQ KV 6JG VGZVU QP QD CPF TGXGTUG FGPQVG &1+'# 8'06'166 CPF #&#.# %1/'6+55# CE EQTFKPI VQ 8CP )GNFGT 6JG ET[RVKE VGZV QP VJG QDXGTUG JG UC[U KU PQVJKPI QVJGT VJCP &#8#064+# 1661 4': 6JKU EQWNF GKVJGT OGCP VJCV VJG EQKPU YGTG UVTWEM KP &GXGPVGT YKVJ VJG CUUGPV QH 1VVQ +++ QT KPFKECVG C UOCNNGT OKPV GNUGYJGTG 6JG QDXGTUG UJQYKPI VJG JCPF YCU EQRKGF HTQO VJG EQKPU QH #GVJGNTGF ++ QH 'PIGNCPF CPF VJG TGXGTUG YCU VCMGP HTQO VJG EQKPU QH 1VVQ +++ HTQO &GXGPVGT CPF VJWU CP GUVCD NKUJGF V[RG YCU FGXGNQRGF YJKEJ KU EQPHKTOGF D[ VJG HCEV VJCV VJG XCTKQWU HKPFU CNYC[U EQP VCKPGF EQKPU QH VJKU V[RG VQIGVJGT YKVJ VJQUG QH #GVJGNTGF 6JGKT OKPV JCUPŉV DGGP FGVGTOKPGF VQ FCVG +NKUEJ ,/2 R PQVGU VJCV VJG JCPF QP VJG &GXGPVGT EQKPU FKFPŉV CRRGCT WPVKN VJG KORGTKCN TGKIP QH *GPT[ ++ UGG PQ CDQWV +H #FGNCŉU EQKPU YGTG DCUGF QP VJG &GXGPVGT V[RGU #FGNC OWUV JCXG UVTWEM VJGO VQYCTF VJG GPF QH JGT TGKIP + RGTUQPCNN[ FTCY VJG EQPENWUKQP VJCV #FGNCŉU EQKPU YGTG FKTGEVN[ DCUGF QP VJQUG QH #GVJGNTGF YJKEJ EQP EWTU YKVJ 8CP )GNFGTŉU TGOCTM VJCV VJG EQKPU QH #FGNC KPXCTKCDN[ CRRGCTGF VQIGVJGT YKVJ #GVJGNTGFŉU KP JQCTFU HQT C FKUEWUUKQP QP VJG JCPF UGG &GXGPVGT (QTVW[P &TQQINGXGT KP 6JG $GGNFGPCCT R PQVGU VJCV 2WKUVGT URQMG VQ JKO CDQWV VJG GZKUVGPEG QH CP #FGNC EQKP DGCTKPI &CXGPVTKC KP 5VQEMJQNO #&'.#

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING #&' %1/'6+55# 4 5OCNN JCPF DGVYGGP CNRJC CPF QOGIC &1#8'& &CPP +NKUEJ IT 44 0KEG RCVKPC XGT[ HKPG /ÒP\\GPVTWO -ÌNP 'Z -P[RJCWUGP EQNNGEVKQP 6GKN +8 PQ 5JQYP KP VJG CTVKENG D[ X )GNFGT #NUQ UJQYP KP VJG CTVKENG QH (QTVW[P &TQQINGXGT KP &G $GGNFGPCCT R

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 66' 55&/' 4 *CPF DGVYGGP CNRJC CPF QOGIC Z &1 #8'0'1661 &CPP +NKUEJ IT 44 9GCMN[ UVTWEM CV VJG GFIG QVJGTYKUG XGT[ HKPG URGEKOGP

/ÒP\\GPVTWO -ÌNP 'Z -P[RJCWUGP EQNNGEVKQP 6GKN +8 PQ 5JQYP KP VJG CTVKENG D[ (QTVW[P &TQQINGXGT KP 6JG $GGNFGPCCT R

309

<762*'0 #TQWPF <WVRJGP YCU KP VJG RQUUGUUKQP QH C EGTVCKP )QVVUEJCNM %QWPV QH 6YGPVG CPF *GVVGTIQW <WVRJGP YCU VJG PQTVJGTPOQUV RCTV QH VJG EQWPV[ *COCNCPF VJCV KP YCU ITCPVGF VQ VJG DKUJQR QH 7VTGEJV D[ *GPT[ +8 )QVVUEJCNM KU TGICTFGF CU VJG HQWPFGT QH VJG EQOKVCN JQWUG QH <WVRJGP 6JGTG YGTG QPN[ VYQ EQWPVU 1VVQ ++ CPF JKU UQP *GPT[ + Ŏ DGHQTG 1VVQ ++ UWEEGGFGF )QVVUEJCNM CU JKU UQP JCF FKGF [QWPI 1VVQ CPF *GPT[ DQVJ YGTG IWCTFKCP QH %QTXG[ C IWCTFKCPUJKR VJG[ QYGF VQ VJGKT MKPUJKR VQ VJG EQWPVU QH 0QTFJGKO *GPT[ YCU NCUV OGPVKQPGF KP #HVGT JKU FGCVJ VJG EQWPV[ RCUUGF VQ VJG DKUJQR QH 7VTGEJV 6JKU )QFGDCNF DGSWGCVJGF <WVRJGP VQ JKU EQPHKFCPV %QPUVCPVKLP XCP FGP $GTIJG

RCUUKPI )GTCTF +++ Ŏ QH 9CUUGPDGTI )GNFGTP QXGT +P VJG DKUJQR ICXG <WVRJGP KP HKGH VQ *GPT[ ++ VJG UQP QH )GTCTF +++ CPF +TOICTF KV VJGP YCU WPKVGF YKVJ )WGNFGTU 1661 ++

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING NGIGPF PQV XKUKDNG 4 6YQ XGTVKECN UVTKRGU KP HQWT EKT ENGU CU KP &WKUDWTI &CPP +NKUEJ IT 44 8GT[ HKPG

/ÒP\\GPVTWO -ÌNP #VVTKDWVKQP QH VJKU EQKP KU RTQDNGOCVKE &CPPGPDGTI CPF FGVGTOKPGU KV C &WVEJ HCDTKE CPF UWIIGUVU 'OFGP #NDTGEJV CVVTKDWVGU KV VQ <WVRJGP CPF +NKUEJ KPFKECVGU (TKGUNCPF 6JG JGCXKGT V[RG TGCFU 1&&1 DWV YJQ VJKU TGHGTU VQ KU WPENGCT 1TFWNH KU OQUV WPNKMGN[ CU JKU PCOG YCU PGXGT URGNNGF 1FFQ 1VVQ QH <WVRJGP EQWNF DG EQPUKFGTGF DWV PQV KP (TKGUNCPF CU VJG RGTKQF FQGUPŉV EQPEWT

)'.4' )7'.&'45 +P <WVRJGP YCU LQKPGF YKVJ )WGNFGTU CPF HTQO VJGP VJG EQWPVU QH )WGNFGTU RTQENCKOGF VJGOUGNXGU EQWPV QH )WGNFGTU CPF <WVRJGP 1661 + 1VVQ + YCU DQTP CRRTQZ CPF FKGF KP JG YCU DWTKGF KP VJG OQPCUVGT[ -COR 9GF FGF VQ 4KEJCTFKU QH 5EJG[GTP 9KVVGNUDCEJ NCVGT CDDGUU QH VJG /Ò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

2GPPKPI <WVRJGP # $WUV T YKVJ TCKUGF UYQTF )4'8 '166 4 %TQUU YKVJ QPG TQUG KP GCEJ CPING 64#+'%68/ XF%J 7VTGEJV IT 44 (NCP FGHGEV CPF UOCNN GFIG HCWNV XGT[ HKPG . 5EJWNOCP $WUUWO #WEVKQP PQ 8 F %JKLU HCNUGN[ CVVTKDWVGU VJKU VQ DKUJQR 1VVQ + QH 7VTGEJV +ORQUUKDNG KP XKGY QH VJG UYQTF 5GG ,/2 R YJGTG KV KU CVVTKDWVGF VQ <WVRJGP #U VJG OKPV YCU OQXGF HTQO <WVRJGP VQ #TPJGO CTQWPF VJKU OWUV JCXG DGGP UVTWEM DGHQTG #NVJQWIJ 1VVQ + JCF CNTGCF[ WUGF VJG EQCV QH CTOU VJCV JKU UQP )GTCTF YQWNF HQTOCNN[ CFQRV VJKU FQGU PQV DGCT C EQCV QH CTOU

310

)'4#4& 8 )GTCTF DQTP KP YGFFGF /CTICTGVJC QH $TCDCPV (QWT EJKNFTGP YGTG DQTP CPF VJG QNF GUV 1VVQ YQWNF UWEEGGF JKO )GTCTF YCU DWTKGF KP VJG /ÒPUVGT %JWTEJ QH 4QGTOQPF 6JG EQCV QH CTOU JCU VJTGG HKXG RQKPVGF UVCTU VJCV 8CP 5EJKNHICCTFG FGVGTOKPGU CU HNQYGTU

VJG[ YGTG HQTOGTN[ FGVGTOKPGF CU OGFNCT HNQYGTU CPF VJWU YGTG EQPUKFGTGF CP KPFKECVKQP QH 9CUUGPDGTI CNVJQWIJ VQ VJCV VKOG KV YCU PQ NQPIGT RCTV QH )WGNFGTU HQT TGCUQPU QH JGTGFKV[ $CUKPI QP 8CP 5EJKNHICCTFG 8CP $GGM *GV )GNFGTUG YCRGP QR OWPVGP &G $GGNFGPCCT R G X CUUWOGF VJCV VJKU EQCV QH CTOU QTKIKPCVKPI CTQWPF FGTKXGF HTQO VJCV QH 1VVQŉU QNFGT DTQVJGT )GTCTF YJQ CU %QWPV QH )WGNFGTU CPF $QWNQIPG WUGF C UKOKNCT EQCV QH CTOU YKVJ VJTGG URJGTGU $QWNQIPG )GTCTF YCU VJG HKTUV VQ KPENWFG KV QP JKU EQKPCIG 8 F %JKLU PCOGU VJKU )GTCTF FG FGTFG )TQVG KP JKU 5VCOOVCHGNP FGUKIPCVGU JKO )GTCTF 8 +P O[ QRKPKQP VJG NCVVGT KU RTGHGTCDNG QP ITQWPFU QH KVU IGPGCNQI[

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF UJKGNF Ã )' 4#4&85 4 %JWTEJ VQYGT YKVJ ETQUU QP VQR DGVYGGP VYQ RQTVCNU YKVJ ETQUU

#40'/'5 XF%J IT 44 &QWDNG UVTWEM XGT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPKG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO &QWDNG UVTWEM 6JG FQWDNG UVTKMKPI CNVGTGF VJKU EQKPŉU TGXGTUG VQ VJG GZVGPV VJCV KV CRRGCTU VQ DG VQVCNN[ FKHHGTGPV HTQO PQ KV JQYGXGT KU VJG UCOG 6JKU TGXGTUG KU CNUQ HQWPF QP 0KLOGIGP EQKPU

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF UJKGNF Ã )'4#4&85 4 %JWTEJ VQYGT YKVJ ETQUU QP VQR DGVYGGP VYQ RQTVCNU YKVJ ETQUU #40 '/'5 XF%J IT 44 5ETCVEJGU QP VJG TGXGTUG HKPG VQ XGT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO 1DXGTUG PQV TGCFCDNG XGT[ YGNN UCOG EQKP CU

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF )'4 #4& 85 4 %JWTEJ VQYGT YKVJ ETQUU QP VQR DGVYGGP VYQ RQTVCNU YKVJ ETQUU #40' /'5 XF%J IT 44 &CTM RCVKPC XGT[ HKPG . 5EJWNOCP $WUUWO #WEVKQP PQ

311

1661 ++ 1VVQ ++ %QWPV QH )WGNFGTU CPF <WVRJGP $QTP CRRTQZ FKGF CPF DWTKGF KP OQPCU VGT[ U )TCXGPFCCN 9CU YGFFGF VQ /CTICTGVJC QH %NGXGU VYQ EJKNFTGP CPF VQ 2JKNKRRC QH &COOCTVKP HQWT EJKNFTGP QH YJKEJ HKTUV KP NKPG 4GKPQWF YQWNF UWEEGGF JKO 1VVQ ++ YCU VJG ITCPFUQP QH *GPT[ QH $TCDCPV YJQ CNUQ CEVGF CU JKU IWCTFKCP *G GZRCPFGF JKU VGTTKVQT[ OQUV UKIPKHKECPVN[ D[ VJG TGCNO QH 0KLOGIGP VJCV JG CESWKTGF KP QH VJG 4QOCP -KPI 9KNNKCO ++ UGG WPFGT 0KLOGIGP 1VVQ ++ YCU IWCTFKCP QH (NQTKU 8 QH *QNNCPF RWV ,QJP QH 0CUUCW KP VJG GRKUEQRCN UGCV QH 7VTGEJV CPF JKU DTQVJGT KP VJG UCOG QHHKEG KP .KÂ½IG *G OCFG CVVGORVU CV UQWVJYCTF GZRCPUKQP *KU UQP CPF UWEEGUUQT EQPVKPWGF VJKU UVTCVGI[ YJKEJ YQWNF EQUV JKO FGCTN[

2GPPKPI #TPJGO # 5JKGNF YKVJ VJG NKQP QH )WGNFGTU %1 / '5 4 &QWDNG JGCFGF GCING #40 '8/ XF%J IT 8GT[ HKPG

8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO )GTCTF U UQP 1VVQ ++ VQQM VJG EQCV QH CTOU QH JKU WPENG *GPT[ ++ QH 0CUUCW CRRTQZ )WCTFKCP QH VJG OKPQT 1VVQ YCU VJG RQYGTHWN *GPT[ ++ QH $TCDCPV 1VVQ JQYGXGT VWTPGF VQ NGUU KPHNWGPVKCN UQXGTGKIPU 6JKU OKIJV DG VJG TGCUQP HQT JKU CFQRVKQP QH VJG 0CUUCW EQCV QH CTOU C TCORCPV NKQP QP C HKGNF UECVVGTGF YKVJ EWDGU *KU UQP CPF UWEEGUUQT 4GKPQWF + CFQRVGF VJKU PGY )WGNFGT 0CUUCW EQCV QH CTOU CU YGNN VCMGP HTQO 8CP $GGM *GV )GNFGTUG YCRGP QR OWPVGP &G $GGNFGPCCT R G X 8 F %JKLU FGPQVGU VJG FQWDNG JGCFGF KORGTKCN GCING CU VJG EQCV QH CTOU QH VJG EKV[ QH #TPJGO +U VJKU EQTTGEV! 'URG EKCNN[ DGECWUG JG UJQTVN[ DGHQTG YTKVGU 1WV QH TGURGEV HQT VJG )GTOCP GORGTQT 1VVQ FKF PQV FCTG VQ EQKP KP JKU QYP PCOG &KF X F %JKLU CTTKXG CV VJKU EQPENWUKQP DCUGF QP VJG OKPV KPFKECVKQP!

2GPPKPI #TPJGO # 5JKGNF YKVJ VJG NKQP QH )WGNFGTU CDQXG JGCF DGVYGGP VYQ RGNNGVU 1661 %1/'5 4 &QWDNG JGCFGF GCING #40' 85 XF%J IT 8GT[ HKPG

9KPVGT &Ã&#x2019;UUGNFQTH #WEVKQP PQ

2GPPKPI #TPJGO # 5JKGNF YKVJ VJG NKQP QH )WGNFGTU CDQXG JGCF DGVYGGP VYQ RGNNGVU 1661 % 1/'5 4 &QWDNG JGCFGF GCING #40' 85 XF%J IT 9GCMN[ UVTWEM XGT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPK PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

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Å&#x2030;TG HTQO C UKPING JQCTF +H VJCV KU VJG ECUG VJGTG YQWNF JCXG VQ DG C VGORQTCN ICR DGVYGGP %1/'5 CPF )'.4'05

312

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 1661 )'.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 5OCNN GFIG HCWNV XGT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 1661 )'.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 8GT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 1661 ) '.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 8GT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 16 61 ) '.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 8GT[ HKPG

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 1661 ) '.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 8GT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

2GPPKPI #TPJGO # $WUV HCEKPI YKVJ UYQTF CPF RCNO NGCH 1661 )'.4'05 4 5JKGNF QH )WGNFGTU #4 0'/ '5 XF%J IT 0KEG RQTVTCKV XGT[ HKPG 8GPFW 4QVVGTFCO #WEVKQP ,WPG PQ 'Z 4GOMGU EQNNGEVKQP 4QVVGTFCO

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313

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315

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316

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317

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*'+04+%* 8++

2GPPKPI # %TQYPGF HKIWTG YKVJ NKU VQRRGF UEGRVTG CPF ETQUKGT *'04+%85 4 'FKHKEG YKVJ ITGCV RQTVCN DGVYGGP VYQ VQYGTU 0+ /#)'0 5 X) % XF%J IT 4 (NCP ETCEM VJTQWIJ VJG OKFFNG QH VJG EQKP VYQ RCTVU XGT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV PQ 6JG GFKHKEG QP VJG TGXGTUG KU C UEJGOCVKE VJQWIJ DCUKECNN[ CEEWTCVG RQTVTC[CN QH VJG EJWTEJ VJCV CFQTPU %QNQIPG EQKPU +P %QNQIPG VJG EJWTEJ KU CNYC[U DGJKPF C YCNN YKVJ C ICVG KP KV JGTG C OGTG CTEJ TGOCKPU YJKEJ 8CP )GNFGT UGGU CU C TWFKOGPVCT[ %QNQIPG YCNN (WTVJGTOQTG VJG TGXGTUG DGCTU C JKIJ NGXGN QH UKOKNCTKV[ VQ VJG EQKPU QH )GTCTF QH )WGNFGTU 6JG UKOKNCTKVKGU CTG VJG HQNNQYKPI

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Å&#x2030;V EQPUVKVWVG C UKORNKHKGF %QNQIPG YCNN

330

2GPPKPI # %QWPV YKVJ EQUKGT CPF QTD HCEKPI 4 +PEWWU X) % XF%J IT *GP\GP #OGTQPIGP (TQO NKUV PQ (QWPF QP VJG *GKOGTDGTI PGCT VJG 4JKPG 6JG UCOG CU PQ QPN[ YKVJ KPEWWU QP VJG TGXGTUG

8GT[ HKPG

(4+'&4+%* ++

2GPPKPI EC # %TQYPGF DWUV HCEKPI YKVJ UEGRVTG CPF QTD % # 4 %JWTEJ # X) % XF%J IT 4 # NKVVNG WPEGPVGTGF XGT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV PQ 6JG KPFKECVKQP QP VJKU V[RG %'5#4 ECP QPN[ CNNWFG VQ 'ORGTQT (TGFGTKEM ++ JKOUGNH UQNGN[ DGECWUG VJKU VGZV YCU OCKPVCKPGF WPVKN VJG GPF QH VJG TGKIP 6JKU XCTKGV[ YKVJQWV C RTQRGT PCOG UGNFQON[ QEEWTU GNUGYJGTG DWV VJG ENCUUKECN VGTO %'5#4 HQT GORGTQT OCFG KVU CRRGCTCPEG KP #CEJGP YKVJ VJG NGIGPF (4'&'4+%85 %'5#4 CV VJG UCOG VKOG

2GPPKPI # %TQYPGF DWUV HCEKPI YKVJ UEGRVTG CPF QTD %'5#4 4': 4 %TQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU CPF # 8 ' KP VJG CPINGU 08/ #)'0 X) % XF%J IT 4 8GT[ HKPG *GP\GP #OGTQPIGP (TQO HKPF .GGWYCTFGP PQ ,/2 R VJKU EQKP KU KNNWUVTCVGF CU HKI

2GPPKPI KOKVCVKQP # %TQYPGF DWUV HCEKPI YKVJ UEGRVTG CPF QTD 88' 4 %TQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU CPF # 8 ' KP VJG CPINGU '8'8 GVE X) & XF%J IT 4 9GCMN[ UVTWEM QVJGTYKUG XGT[ HKPG

*GP\GP #OGTQPIGP (TQO HKPF .GGWYCTFGP PQ ,/2 R VJKU EQKP KU KNNWUVTCVGF CU HKI 6JG JQCTF .GGWYCTFGP EQPVCKPGF 0KLOGIGP EQKPU CPF HTQO %NGXGU HTQO CTG KOKVCVKQPU VJG %NGXGU RKGEGU CTG CNN KOKVCVKQPU 6JG[ CRRCTGPVN[ EQOG HTQO VJG UCOG OQPG[GTÅ&#x2030;U UVWFKQ RGTJCRU CP WPQHHKEKCN EQKPGT[ KP VJG XKEKPKV[ QH VJG EKVKGU QH 0KLOGIGP CPF %NGXGU VJCV CTG OGTGN[ MO CRCTV 6JCV VJG FGNKDGTCVG KOKVCVKQP QH MPQYP EKTEWNCVKPI V[RGU QH EQKPU YCU EQOOQP WUG KU UJQYP D[ VJG TGIWNCVKQPU QH VJG VJ CPF VJ EGPVWT[ CU EKVGF D[ *Â·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

331

9+..'/ ++

2GPPKPI # %TQYPGF DWUV HCEKPI YKVJ QTD 9+. 4': 4 %TQUU YKVJ VJG NKODU GPFKPI KP RGNNGVU CPF # 8 ' KP VJG CPINGU 08/#)'0 %+8+5 X) & IT 'ZVTGOGN[ TCTG 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

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

/WPKEKRCN OKPVKPI 6JG RTGEKUG FCVWO QH EQOOGPEGOGPV QH OWPKEKRCN OKPVKPI KP 0KLOGIGP KU WPMPQYP 6JGTG CTG TGEQTFU QP #TPV QH 1EJVGPÅ&#x2030;U CRRQKPVOGPV VQ OQPG[GT QP VJ QH ,CPWCT[ VJGTGHQTG OWPKEKRCN OKPVKPI KU IGPGTCNN[ DGNKGXGF VQ JCXG UVCTVGF KP 9JKEJ EQKPU JG OCPWHCE VWTGF KU WPMPQYP 1P VJG VJ #WIWUV ,QJCP QH *WGUUGP YCU CRRQKPVGF OQPG[GT HQT C RGTKQF QH VJTGG [GCTU *G YCU VQ OCPWHCEVWTG EQKPU KP VJG XCNWG QH ITQQVMGP ITQQVMGPU OGGWYGP CPF ITQQVMGPU OGGWYGP 9JKEJ EQKPU EQTTGURQPF YKVJ VJGUG XCNWGU KU CNUQ PQV MPQYP 1P VJG VJ &GEGODGT 5CPFGT QH $CVGPDQTEJ YCU CRRQKPVGF OQPG[GT JKU EQPVTCEV YCU RTQNQPIGF KP HQT CPQVJGT HQWT [GCTU 6JG TCPIG YCU VJGP GZVGPFGF D[ FQWDNG UVWKXGTU CPF OWVGTU $TCGOUGU UOCNN WPKHCEG EQKPU YGTG UVTWEM KP VJG GCUVGTP JCNH QH VJG 0GVJGTNCPFU HQNNQYKPI )GTOCP[ .KMG KU CTIWGF WPFGT )TQPKPIGP CTV X )GNFGT VJG[ VTCXGNGF PQTVJYCTF KP VJG EQWTUG QH VKOG 6JG QTFGT YQWNF DG 0KLOGIGP #TPJGO &GXGPVGT )TQPKPIGP 6JG RTQFWE VKQP QH DTCGOUGU KU UGV KP )TQPKPIGP HTQO CTQWPF KP &GXGPVGT YG UGG CPF GCTNKGT $CUGF QP VJKU KV UGGOU RTQDCDNG VJCV VJG[ YGTG UVTWEM KP 0KLOGIGP FWTKPI VJG UGEQPF JCNH QH VJG VJ EGPVWT[ 6JG[ KPXCTKCDN[ FKURNC[ VJG FQWDNG JGCFGF GCING YKVJ CP KPGUEWVEJGQP UJQYKPI C NKQP VJCV HCEGU GKVJGT NGHV QT TKIJV

$TCGOUG # &QWDNG JGCFGF GCING YKVJ YKVJ UJKGNF QP DTGCUV 2CUUQP # IT *QNNGOCP 'PUEJGFG (QWPF KP 0KLOGIGP VQIGVJGT YKVJ CPF 6JG GCING QH VJKU OKPV KU UOCNNGT VJCP VJCV QH PQ

8GT[ HKPG

$TCGOUG # &QWDNG JGCFGF GCING YKVJ YKVJ UJKGNF QP DTGCUV 2CUUQP # IT 5OCNN GFIG HCWNV XGT[ HKPG

*QNNGOCP 'PUEJGFG (QWPF KP 0KLOGIGP VQIGVJGT YKVJ CPF

332

$TCGOUG ! # &QWDNG JGCFGF GCING YKVJ YKVJ UJKGNF QP DTGCUV 2CUUQP IT 'FIG PKEMU HKPG VQ XGT[ HKPG *QNNGOCP 'PUEJGFG (QWPF KP VJG UWTTQWPFKPI QH 0KLOGIGP +P XKGY QH VJG YGKIJV C JCNH OKIJV DG EQPUKFGTGF

5VWKXGT # %TQYPGF NKQP YKVJ UJKGNF QH 0KLOGIGP ‡ /10'6# Ã 018# Ã 018+/#)'0 4 (NQTKCVGF ETQUU ‡ #001 Ã &1/+ Ã / Ã %%%% Ã .:::8 2CUUQP $ E XF%J IT 44 6TCEGU QH EQTTQUKQP XGT[ HKPG

-ÌNPGT /ÒP\MCDKPGVV -ÌNP #WEVKQP PQ

5VWKXGT EC # #TOU QH 0KLOGIGP /10'6# 018# 018+1 /#) 4 1TPCOGPVGF ETQUU YKVJ ETQUU QH )WGNFGTU KP VJG EGPVTG 2#: 5+6 5'2 01$ 2CUUQP XF%J IT 4 5OCNN HNCP VTCEGU QH EQTTQUKQP QVJGTYKUG XGT[ HKPG URGEKOGP *QNNGOCP 'PUEJGFG /WVVGTMGP (QWPF KP 1QUVGTDKGTWO

5VWKXGT EC # #TOU QH 0KLOGIGP /10'6# 0 18# 01 8+/# 4 1TPCOGPVGF ETQUU YKVJ ETQUU QH )WGNFGTU KP VJG EGPVTG 2#: 5+6 5'2 01$ 2CUUQP XF%J IT 4 6TCEGU QH EQTTQUKQP HKPG *QNNGOCP 'PUEJGFG /WVVGTMGP (QWPF KP VJG UWTTQWPFKPI QH 0KLOGIGP

333

+,55'.56'&'0 &'8'06'4 $GHQTG .GDWKPWU GTGEVGF C UOCNN EJCRGN VQ WPFGTVCMG 5CZQP RTQUGN[VKUCVKQP HTQO +V YCU FGXCUVCVGF D[ .KWFIGT DWV TGDWKNV CICKP 8KMKPI TCKFU JCF RTQORVGF VJG 7VTGEJV DKUJQRU VQ OQXG VJGKT UGG VQ &GXGPVGT VGORQTCTKN[ 5V 4CFDQF Ŏ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ŉ OKPVKPI UGG VJGTG 4Q[CN +ORGTKCN OKPVKPI +P VJG RGTKQF HTQO CTQWPF VQ VJG )GTOCP GORGTQTU OKPVGF KP &GXGPVGT /KPVKPI JGTG TGCEJGF KVU CRQIGG KP VJG VKOG QH *GPT[ ++ QH YJKEJ VKOG OQUV EQKPU CTG MPQYP 1661 + !

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 1 ¢ & ¢ &1 ¢ 4': 4 %QNQPKC OQPQITCO 5 %1+10+ # IT 44 8GT[ HKPG

*GP\GP #OGTQPIGP (QWPF KP &G 8GTIV KP 9CCTFGPDWTI +NKUEJ ,/2 FKUEWUUGU VJKU V[RG KP h %QNQPKC 2T·IWPIGP OKV &TGKGEMUMGKNGP 6JG YQTF %1.10+ KU PQV TGVTQITCFG CPF VJG 1 U UJQY C RGNNGV CV VJGKT EGPVTG VJKU EQKP OQUV TGUGODNGU +NKUEJ CVVTKDWVGU VJKU VQ 1VVQ +

! ņ CRRTQZ 6JKU RCTVKEWNCT PQ V[RG YCU CNOQUV GZENWUKXGN[ HQWPF KP 5KNXQNFG PGCT &GXGPVGT (QT KVU QTKIKP +NKUEJ RTQXKFGU C PWODGT QH RQUUKDKNKVKGU VJG EQKPU FGUETKDGF KP h JG CVVTKDWVGU VQ VJG TGIKQP 0KLOGIGP 6KGN

VJG $GVWYG 0GKVJGT 6KGN PQT 0KLOGIGP CRRN[ 1P R +NKUEJ EQPUKFGTU &GXGPVGT YJKEJ YQWNF UWIIGUV VJCV KP XKGY QH VJG HCEV VJCV %QNQIPG EQKPCIG YCU KOKVCVGF UVTKMKPI EQKP KP &GXGPVGT EQWNF JCXG UVCTVGF DGHQTG 6JGTG YQWNF JCXG VQ DG GXKFGPEG QH KV QP VJG EQKPU RGNNGV WPFGT VJG # GVE CPF RGTJCRU VJGTG KU QP VJG EQKP EQPUKFGTGF 6JG NCTIG YGKIJVU OKNKVCVG KP HCXQWT QH &GXGPVGT CPF C RGTKQF DGHQTG RGTJCRU GXGP KP VJG OKFFNG QH VJG VJ EGPVWT[ $GECWUG QH KVU JKIJ YGKIJV JQCTFU QH PGCT &GXGPVGT VJKU EQKP KU NKUVGF WPFGT &GXGPVGT JGTG

1661 +++

&GPKGT # $GCTFGF ETQYPGF JGCF HCEKPI 1661 4': 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING

&# 8'0&4 +# &CPP (& C +NKUEJ IT 44 &CTM RCVKPC XGT[ HKPG $GTNKPGT /ÒP\MCDKPGVV ņ $GTNKP #WEVKQP PQ

334

&GPKGT # $GCTFGF ETQYPGF JGCF HCEKPI 1Å&#x2018;Å&#x2018;1 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &#8'04' &CPP (& C +NKUEJ IT 44 8GT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP Å&#x2020; $CUGN 1&&1 KU UCZQPKCP 1661 KU HTCPEQPKCP 6JKU V[RG FKHHGTU UNKIJVGN[ HTQO +NKUEJ CPF KV OGTGN[ TGCFU 1&&1 DGUKFGU VJG ETQYP QP VJG EGPVTG VTKCPING DGCTU C ETQUU KPUVGCF QH C TKPI

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING 1&&1 4': 4 +P VJTGG NKPGU 5 4'08#& # &CPP (& D +NKUEJ DWV YKVJ TGVTQITCFG 5 IT 4 # NKVVNG YGCMN[ UVTWEM QVJGTYKUG XGT[ HKPG

2GWU Å&#x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

*'+04+%* ++

&GPKGT # #NRJC CPF QOGIC DGVYGGP VTKFGPV CPF 5 KP VJG HKGNF 5 *' 04+% 85 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &#8# 064+# &CPP (& +NKUEJ IT 4 8GT[ HKPG 4CWEJ 9KGP #WEVKQP PQ 6JKU FGPKGT CPF VJG HQNNQYKPI YGTG KOKVCVGF KP )GTOCP[ CNUQ KP VJG RGTKQF QH *GKPTKEJ ++

&GPKGT # #NRJC QOGIC DGVYGGP VTKFGPV CPF 5 KP VJG HKGNF * '04+% 85 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &#8 #06 4+# &CPP (& +NKUEJ IT 4 8GT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP 5VWVVICTV

335

&GPKGT # 4': CTQWPF JCPF *'04+%85 +/4'2#61 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING &#8#064+# &CPP (& +NKUEJ IT 'ZVTCQTFKPCT[ YGNN UVTWEM XGT[ HKPG

5EJWNOCP #OUVGTFCO

&GPKGT # 4#: CTQWPF JCPF *' +04+ %85 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING %60 8%

HKTUV % TGVTQITCFG &CPP (& +NKUEJ IT 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG 4KGVFKLM Å&#x2020; FGP *CCI #WEVKQP PQ 6JG ' QH 4': NQQMU NKMG CP # $GVYGGP VJWOD CPF HQTGHKPIGT VJG WRRGT RCTV QH C ETQUKGT 0QV KP &CPPGPDGTI 6JGTG UGGOU VQ DG QPN[ QPG URGEKOGP RTGXKQWUN[ KP VJG RQUUGUUKQP QH $GTIJCWU

&GPKGT # 4': CTQWPF JCPF NGIGPF PGCTN[ WPXKUKDNG * ++ Å&#x2018; 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING ++ ++ ++ ++ ++ &CPP (& +NKUEJ IT 'ZVTGOGN[ TCTG 'ZVTCQTFKPCT[ YGNN RTGUGTXGF GZVTGOGN[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ 6JG YGFIGU QP VJG TGXGTUG TGOKPFKPI QP VJG 9GPFGPRHGPPKIG 5CEJUGPRHGPPKIG 6JKU JCPF KU XGT[ DTQCF PQTOCNN[ KV NQQMU SWKVG UOCNNGT

336

*#0& +P &GXGPVGT YG GPEQWPVGT C PGY V[RG VJCV QH VJG JCPF +VU RTQVQV[RG YCU VJG RGPP[ QH #GVJGNTGF ++ KP 'PINCPF UVTWEM CTQWPF (QTOCNN[ VJCV JCF C RTGFGEGUUQT KP C RGPP[ QH 'FYCTF VJG 'NFGTÅ&#x2030;U DWV CEEQTFKPI VQ #TEJKDCNF VJQUG VYQ YGTG PQV TGNCVGF #TEJKDCNF #PINQ 5CZQP %QKPCIG #NHTGF VQ VJG %QPSWGUV KP VJG )QNFGP #IG QH #PINQ 5CZQP #TV .QPFQP $/ R GV UGSS 6JG JCPF VQQM QP UGXGTCN UJCRGU OQUV GUVCDNKUJGF YGTG VJG JCPF GOGTIKPI HTQO VJG ENQWFU

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352

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353

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%17065 QH .'78'0

.GWXGP KU VJG EGPVTG QH VJG EQWPVU QH .GWXGP 6JG HKTUV QPG KU %QWPV .CODGTV + YJQ YCU EQWPV QH .GWXGP KP VJG FKUVTKEV QH $TCDCPV 6JG F[PCUV[ EQPVKPWGF WPVKN VJG ITGCVITCPF UQP QH .CODGTV + )QFHTG[ 8 KP DGECOG FWMG QH .QYGT .QTTCKPG 6JG *QWUG QH .GWXGP YCU PQY TGPWOGTCVGF )QFHTG[ 8 DGECOG )QFHTG[ + 9KVJ VJG FGOKUG QH )QFHTG[ 8++ +++ KP .QYGT .QTTCKPG CU C EQWPV[ GPFGF UGG WPFGT .QTTCKPG CPF JKU UQP *GPT[ + DGECOG FWMG KP C VGTTKVQT[ VJCV DGECOG MPQYP CU VJG &WEJ[ $TCDCPV 6JG EQWPVU *GPT[ VJG 'NFGT 1VVQ CPF .CODGTV ++ CPF VJG FWMGU )QFHTG[ + VQ +++ EQKPGF +P VJG NKVGTCVWTG VJG EQKPU KP VJG PCOG QH )QFHTG[ + VQ +++ CTG KPXCTKCDN[ ENCUUKHKGF WPFGT $TCDCPV 9G CFJGTGF VQ C ENCUUKHKECVKQP WPFGT .GWXGP DGECWUG *GPT[ + UQP QH )QFHTG[ +++ YCU VJG HKTUV VQ DG CNNQYGF VQ ECNN JKOUGNH &WMG QH $TCDCPV UGG WPFGT $TCDCPV 6JG HQNNQYKPI SWQVG VCMGP HTQO VJG .GZKMQP FGU /KVVGNCNVGTU ++ R VTCPUNCVGF RTQXKFGU CP QXGTXKGY QH VJG FGXGNQROGPV 9JGP VJG EQWPVU QH .GWXGP WNVKOCVGN[ CUUWOGF VJG .QYGT .QTTCKPKCP FWECN FKIPKV[ KV YCU PQ NQPIGT CVVCEJGF VQ C OQPQRQNKUVKE ENCKO VQ VJG TCPM QH FWMG KP VJG .QYGT .QTTCKPG TGIKQP )QFHTG[ 8+ YQWNF QEECUKQPCNN[ DG TGHGTTGF VQ CU &WMG QH .GWXGP DGHQTG JG YCU CRRQKPVGF UWEJ CPF VJG .KODWTIGTU CHVGT YGTG KPKVKCNN[ TGHGTTGF VQ CU FWMGU QH VJG #TFGPPGU NCVGT CU FWMGU QH .KODWTI 6JCV KP VJG VJ EGPVWT[ VJG QNF FWECVWU TGIPK *NQVCTKK YCU PQ NQPIGT TGICTFGF CU C NGICN DCUKU HQT VJG RQYGT QH VJG .QYGT .QTTCKPG F[PCUVKGU YCU GZRTGUUGF KP VJG VKVNGU QH VJG FWMGU QH VJG *QWUG .GWXGP +PKVKCNN[ VJG FWZ .QVJCTKPIKC TGEGKXGF VJG CFFGPFWO EQOGU VJGP FWZ .QXCPKCG CPF GXGPVWCNN[ KP FWZ $TCDCPVKCG 9JCV RGTUWCFGF VJG FWMGU VQ CNVGT VJGKT VKVNG JCU PQV DGGP EQPXKPEKPIN[ GUVCDNKUJGF [GV *'04; NG 8+'7: 1661

&GPKGT # %TQUU YKVJ QPG RGNNGV KP GCEJ CPING +++188+%856++6 4 /10'6# TGVTQITCFG KP VJG HKGNF DGVYGGP VYQ ETQUUGU $48: %'..' &CPP -NWIG 8CPJQWFV ( IT 4 (KPG VQ XGT[ HKPG

/ÒP\\GPVTWO -ÌNP 6JG $48:%'..' QP VJG TGXGTUG KU DCTGN[ XKUKDNG +P CNN QVJGT TGURGEVU KV KU C OCVEJ &CPPGPDGTI R CVVTKDWVGU VJKU V[RG VQ 'ORGTQT %QPTCFŉU ++ FC[U %QOOGPV KP -NWIG &KG 5CNKGT R ō#WU $TÒUUGN MGPPGP YKT GKPG TGNCVKX WOHCPITGKEJG KP UR·VQVVQPKUEJGT <GKV DGIKPPGPFG 5GTKG PCEJ -ÌNPGT 8QTDKNF FKG FWTEJ FGP OGKUV GPVUVGNNVGP 1TVUPCOGP JKPN·PINKEJ IGUKEJGTV KUV CDGT MGKPG /ÒP\JGTTGP PGPPV #NU UQNEJG JCV OCP FKG )TCHGP XQP .ÌYGP CPIGPQOOGP )GUKEJGTV KUV FKGU MGKPGUYGIU

'PIGN CPF 5GTTWTG R &KG 5GTKG KUV UVTWMVWTGNN FGT ·NVGTGP #PVYGTRGPGT 2T·IGRJCUG XGTYCPFV &GT VGKNYGKUG 4ÒEMITKHH CWH FKG CWU FGP MÌPKINKEJGP /ÒP\UV·VVGP #PVYGTRGP WPF &QTVOWPF DGMCPPVG .8&188+%85 +/2 .GIGPFG MÌPPVG HÒT FGP -ÌPKI CNU /ÒP\JGTTP URTGEJGP

354

)166(4+'& ++ +++

&GPKGT # *GCF YKVJ JGNOGV T &8 : )'1 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING *. F9 8CPJQWFV IT 4 0KEG RCVKPC C NKVVNG WPEGPVGTGF XGT[ HKPG *WK\KPIC $GPPGMQO 5VTWEM DGVYGGP CPF

&GPKGT # *GCF YKVJ JGNOGV T &8: )16 4 %TQUU YKVJ QPG RGNNGV KP GCEJ CPING NGIGPF PQV XKUKDNG F9 8CPJQWFV IT 4 8GT[ HKPG X F &WUUGP 9GUVGTJQH #WEVKQP PQ 5VTWEM DGVYGGP CPF

&GPKGT # &TCIQP 4 %TQUU YKVJ VYQ ETQUUGU CPF VYQ TKPIU YKVJ RGNNGVU KP VJG CPINGU / / / / F9 2N # 8CPJQWFV IT 4 8GT[ HKPG 6KGVLGP *CODWTI #WEVKQP PQ 5VTWEM DGVYGGP CPF

%*#26'4 QH $47:'..'5 +P .CODGTV ++ EQWPV QH .GWXGP HQWPFGF C EQNNGIKCN EJWTEJ KP VJG JQPQWT QH 5V )WFWNC 6Q [KGNF TGXGPWGU VJG EJCRVGT KUUWGF EQKPU +P C EJCTVGT QH .KGVDGTVŉU DKUJQR QH %CODTCK QH KP HCXQWT QH VJG %QNNGIKCNG QH 5CKPVG )WFWNC VJG FGUETKRVKQP $48%5'..'05+5 /10'6# KU HQWPF VQQ

&GPKGT CDQWV # %TQUU YKVJ VYQ VTKSWGVTCU CPF VYQ RGNNGVU KP VJG CPINGU +16) '485 /526 4 %TQUU UJCRGF $481% '5..# YKVJ 5 ) ' 2 KP VJG CPINGU &CPP -NWIG IT 44 0KEG RCVKPC XGT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ +16)'475 /526 1VIGTKWU /QPGVCTKWU 5CPEVCG 2CVTQPCG 5)'2 5CPEVC )WFWNC 'EENGUKCG 2CVTQPC 5GG 4$0 2N -NWIG &KG 5CNKGT R EQPUKFGTU VJG PCOG ō1VIGTWUŋ CU OQPG[GT WPUWHHKEKGPVN[ FQEWOGPVGF -NWIG JQYGXGT RC[U PQ CVVGPVKQP VQ VJG NGVVGTU KP VJG CPINGU /526

355

&7%*; $4#$#06 $TCDCPV CPF (NCPFGTU FKHHGTGF KP VYQ UKIPKHKECPV CURGEVU $TCDCPV YCU C HKGH QH VJG )GTOCP ETQYP (NCPFGTU QH VJG (TGPEJ ETQYP #RCTV HTQO VJCV $TCDCPV ECOG HTQO VJG FWEJ[ QH .QYGT .QTTCKPG CPF TGVCKPGF VJG UVCVWU QH FWEJ[ YJGTGCU (NCPFGTU JCF CNYC[U DGGP C EQWPV[ 6JG[ JCF C ITGCV KPHNWGPEG QP GCEJ QVJGTÅ&#x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Â³EG FG &KGW FWE FG .QVJKGT FG $TCDCPV GV FG .KODWTI GV OCTSWKU FW UCKPV 'ORKTG KP YJKEJ VJG VKVNG OCTSWKU TGHGTTGF VQ VJG OCTITCXKCVG QH #PVYGTR VJCV YCU KPEQTRQTCVGF KP $TCDCPV KP HTQO .F/ ++ R 6JKU *QWUG EQPVKPWGF WPKPVGTTWRVGF WPVKN YJGP ,GCP +++ FKGF YKVJQWV C OCNG JGKT *KU FCWIJVGT ,GCPPG YCU OCTTKGF VQ 9GPEGUNCU QH .WZGODQWTI CPF JG CEEGFGF VQ VJG $TCDCPV VJTQPG VJG DGIKPPKPI QH .WZGODQWTI NKPGCIG KP $TCDCPV ,GCPPG FKGF KP YKVJQWV KUUWG 6JG FWEJ[ FGXQNXGF VQ VJG ITCPFUQP QH ,GCPPGÅ&#x2030;U UKUVGT #PVQKPG QH $WTIWPF[ YJQ YQWNF JCXG VYQ UWEEGUUQTU JKU UQPU ,GCP +8 CPF 2JKNKR 5V 2CWN CHVGT YJKEJ VJG FWEJ[ YQWNF FGHKPKVKXGN[ RCUU VQ VJG $WTIWPFKCP TGCNO 2JKNKR VJG )QQF (QT VJG RGTKQF HTQO QP UGG $WTIWPFKCP 0GVJGTNCPFU %NCUUKHKECVKQP WPVKN YCU FQPG CNQPI VJG NKPGU QH , )JKLUUGPUÅ&#x2030; 'UUCK FG ENCUUGOGPV EJTQ PQNQIKSWG FGU OQPPCKGU DTCDCPEQPPGU $TWUUGNU P F 6JG *QWUG QH .GWXGP *'04+ + *GPT[ + UVCTVGF GZRCPFKPI GCUVYCTF VQ EQPVTQN VJG TQWVG HTQO %QNQIPG VQ VJG UGC KP RCTVKEWNCT +P *GPT[ LQKPGF VJG 9GNHU JQYGXGT YJGP VJGKT UVCT DGICP HCNNKPI JG EJCPIGF UKFGU VQ VJG 5VCWHGTU +P TGVWTP JG TGEGKXGF VJG KORGTKCN TKIJVU VQ /CCUVTKEJV $WV YJGP 2JKNKR QH 5YCDKC YCU CUUCUUKPCVGF KP *GPT[ VWTPGF DCEM VQ VJG 9GNHU .KÂ½IG TGOCKPGF *GPT[Å&#x2030;U OCKP CFXGTUCT[ VJGTGHQTG JG EJQUG VQ TGLQKP VJG 5VCWHGTU KP #U VJKU RTQXGF WPUWEEGUUHWN JG EJCPIGF DCEM VQ VJG 9GNHU DWV VJG[ NQUV RTQORVKPI *GPT[ VQ FKTGEVN[ TGEQPEKNKCVG YKVJ VJG XKEVQTU *GPT[ EQPUKFGTGF JKOUGNH VJG NGCFGT QH .QYGT .QTTCKPG CPF JG YCU UW\GTCKP VQ .KODWTI 0COWT *QNNCPF )GNTG COQPI QVJGT RNCEGU

&GPKGT # $WUV N YKVJ JGNOGV CPF DCPPGT . CDQXG & 8 : 4 .KQP T QXGT DTCPEJ . ' 1 CDQXG F9 8CPJQWFV ) IT 'ZVTCQTFKPCT[ YGNN RTGUGTXGF XGT[ HKPG VQ GZVTGOGN[ HKPG X #NUGPQ[ #PVYGTRGP #WEVKQP PQ +V KU PQV KORQUUKDNG VJCV RTGEGFKPI VJG . YKVJ VJG UVTQMG VJGTG YCU CP * 6JCV YQWNF CEMPQYNGFIG CVVTKDWVKQP VQ *GPT[ + 8 F %JKLU TGCFU VJG . CU VJG HKTUV NGVVGT QH .QTTCKPG 5VTWEM DGHQTG

356

&GPKGT #PVYGTRGP # /QWPVGF MPKIJV YKVJ UYQTF T QXGT ETQUU QH HQWT RGNNGVU & 8 : 4 %TQUU QH $TCDCPV YKVJ C NKPG KP GCEJ NKOD CPF HQWT RGNNGVU YKVJ TKPI KP GCEJ CPING F9 8CPJQWFV ) IT 8GT[ HKPG /Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN 5VTWEM CHVGT

&GPKGT # /QWPVGF MPKIJV YKVJ UYQTF T ETQUU QH HQWT RGNNGVU DGHQTG VJG JQTUG 4 %TQUU QH $TCDCPV YKVJ UVTKRGF NKODU CPF QPG UOCNN CPF ITGCV TKPI KP GCEJ CPING F9 8CPJQWFV ) IT 8GT[ HKPG

-Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ 'Z /Ã&#x2019;P\GP WPF /GFCKNNGP NKUV (GDTWCT[ PQ 5VTWEM CHVGT

&GPKGT # .COD YKVJ HNCI 4 %TQUU QH $TCDCPV YKVJ TKPI CPF RGNNGV KP VYQ CPINGU CPF VJTGG UVTKRGU GPFKPI KP RGNNGV KP VYQ CPINGU F9 8CPJQWFV ) IT 44 8GT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ 5VTWEM CHVGT &G 9KVVG CPF 8CPJQWFV UVKNN CVVTKDWVG VJKU VQ 6KTNGOQPV

&GPKGT # 6JTGG VQYGTU 4 %TQUU QH $TCDCPV YKVJ RGNNGV CPF TKPI KP VYQ CPINGU CPF RGNNGV YKVJ TQUGVVGU KP VYQ CPINGU F9 8CPJQWFV ) IT 4 6TCEGU QH XGTFKITKU HKPG VQ XGT[ HKPG (TCPEGUEJK $TWUUGN 5VTWEM CHVGT &G 9KVVG CPF 8CPJQWFV UVKNN CVVTKDWVG VJKU VQ 8KNXQQTFG

&GPKGT *GTUVCN # *GCF T YKVJ JGNOGV CPF UYQTF * '0 % 4 6QYGT DGPGCVJ VTGG F9 8CPJQWFV IT 4 9GCMN[ UVTWEM HKPG VQ XGT[ HKPG

/Ã&#x2019;P\GP WPF /GFCKNNGP $CUGN &G 9KVVG EQPUKFGTGF /CCUVTKEJV HQT KVU OKPV JG VQQM VJG VQYGT HQT QPG QH VJG VQYGTU KP VJG EKV[ YCNNU VJCV YGTG LWUV DGKPI TGUVQTGF CV VJG VKOG QH OKPVKPI EJCTVGT

357

*'04+ ++ +++

&GPKGT $TWUUGN # 6QYGT 4 %TQUU QH $TCDCPV YKVJ UVTKRGU 6 CPF VJTGG RGNNGVU CNVGTPCVKPI KP VJG CPINGU F9 8CPJQWFV ) IT (KPG VQ XGT[ HKPG

*KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ

&GPKGT #PVYGTRGP # %CUVNG DGVYGGP VYQ VQYGTU 4 %TQUU QH $TCDCPV YKVJ VJTGG NKPGU KP VYQ CPINGU CPF # 0 KP VJG QVJGT CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG (TCPEGUEJK $TWUUGN # 0 #PVYGTRGP 6JG ECUVNG KU VJG UVKNKUGF XGTUKQP QH VJG QNF #PVYGTR ECUVNG

&GPKGT #PVYGTRGP # &QWDNG JGCFGF GCING 4 %TQUU QH $TCDCPV YKVJ VYQ TKPIU CPF VYQ DTCPEJGU KP VJG CPINGU F9 8CPJQWFV ) IT 9GCMN[ UVTWEM XGT[ HKPG

0WO -TKPI 4QVVGTFCO

&GPKGT #PVYGTRGP # &QWDNG JGCFGF GCING 4 %TQUU QH $TCDCPV YKVJ UVTKRGU CPF 1 . ' 3 KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG (TCPEGUEJK $TWUUGN &G 9KVVG TGCF VJG NGVVGTU CU )+.1 QT )1.+

&GPKGT $TWUUGN # 'CING N YKVJ ETGUEGPV CDQXG T 4 %TQUU QH $TCDCPV YKVJ 6 ' 0 + KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ /KPVOCUVGT 6'0+ GTWU

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

0QDKNKU 8KFWC CPF DGNQPIU VQ VJG UCOG ITQWR KP O[ QRKPKQP &G 9KVVG ENCUUKHKGU VJGUG WPFGT #NGKFC QH $WTIWPF[ CPF )JKLUUGPU WPFGT *GPT[ ++ GV +++ .GWXGP

&GPKGT .QWXCKP # .KQP T KP UJKGNF * &8 %+5 4 %TQUU QH $TCDCPV YKVJ $ # 5 6 KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG (TCPEGUEJK $TWUUGN /KPVOCUVGT $#56 KPWU

358

&GPKGT .QWXCKP # .KQP N KP UJKGNF * &8 %+5 4 %TQUU QH $TCDCPV YKVJ $ # 5 6 KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG

(TCPEGUEJK $TWUUGN

&GPKGT .QWXCKP # .KQP N KP UJKGNF 8 0 4 %TQUU QH $TCDCPV YKVJ $ # 5 6 KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG (TCPEGUEJK $TWUUGN 1P VJG QDXGTUG 0 8 0QDKNKU 8KFWC

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ŉV UVTWEM WPVKN

UGG PQ I DWV VQ C NQYGT UVCPFCTF VJCP VJG EQKP OQFGNKPI I

'UVGTNKP # 5JKGNF YKVJ NKQP QH $TCDCPV &8: $4#$#06+' 4 &QWDNGF ETQUU YKVJ 9 # . 6 KP VJG CPINGU Z + &'+ )4#6+# Z F9 8CPJQWFV ) IT 8GT[ HKPG (TCPEGUEJK $TWUUGN (TQO HKPF #NMGP /KPVOCUVGT 9#.6 GTWU 5VTWEM HTQO QP

#PIG $TWZGNNGU # #TEJCPIGN /KEJCGN UVCPFKPI YKVJ NCPEG CPF VJTGG PCKNU /10'6# ” $47:'..'0%+5 4 (NQTKCVGF ETQUU +1*#00'5 ” &8: ” $4#$#06+' F9 8CPJQWFV ) IT #NOQUV GZVTGOGN[ HKPG (TCPEGUEJK $TWUUGN (TQO HKPF #NMGP PQ 5VTWEM HTQO QP

0CKNU HTQO VJG ETQUU QP YJKEJ ,GUWU %JTKUV FKGF 359

&GPKGT # .KQP QH $TCDCPV N 4 %TQUU YKVJ + & 8 : KP VJG CPINGU F9 8CPJQWFV ) IT 8GT[ HKPG 'NUGP $TWUUGN 5VTWEM HTQO QP

&GPKGT .GWXGP # 5JKGNF YKVJ NKQP QH $TCDCPV Z +& 8: 4 %TQUU YKVJ . 1 8 # KP VJG CPINGU F9 8CPJQWFV ) IT 0KEG RCVKPC XGT[ HKPG 5RKPM .QPFQP 5VTWEM HTQO QP *GTG Z KPUVGCF QH Z CU KP &G 9KVVG CPF KP )JKLUUGPU

)TQU $TWZGNNGU # %CUVNG QH $TCDCPV /10'6# ¶ $48:'.ŉ YKVJKP CTEJGU EQPVCKPKPI VJTGG RGNNGVU 4 $4#$#06+' ¶ &8: CTQWPF ETQUU 01/'0 ¶ &1/+0+ ¶ 01564+ ¶ 5+6 ¶ $'0'&+% 68/ F9 8CPJQWFV ) IT 5OCNN VTCEGU QH EQTTQUKQP QVJGTYKUG GZVTGOGN[ HKPG

(TCPEGUEJK $TWUUGN 6GZV TGXGTUG $NGUUGF DG VJG PCOG QH QWT .QTF 5VTWEM HTQO QP &G 9KVVG CVVTKDWVGF VJKU UVKNN VQ ,GCP ++ )JKLUUGPU DCUKPI QP JQCTFU VQ ,GCP + DWV URGEKHKECNN[ PQVGU EQPVKPWCVKQP FW ITQU CW EJ³VGN GPVTG UQWU ,GCP ++

'UVGTNKP # %TQYPGF JGCF HCEKPI YKVJ TQUGU Q + Q &8: Q .+/$84)+' 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ VJTGG RGNNGVU KP GCEJ CPING &8: $4#$#06+' F9 8CPJQWFV ) IT %NGCPGF CNOQUV XGT[ HKPG

'UVGTNKP # %TQYPGF JGCF HCEKPI YKVJ TQUGU ” + ” &8: ” .+/$84)+' 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ VJTGG RGNNGVU KP GCEJ CPING &8: $4#$#06+' F9 8CPJQWFV ) IT 0KEG RCVKPC XGT[ HKPG

$QWIJV 'Z &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO F F 5VTWEM CHVGT +P .KODWTI YCU EQPSWGTGF CPF JGPEGHQTVJ VJG VKVNG &XZ .KODWTI YCU DQTPG 6JG KPVGTRWPEVKQP KU FKHHGTGPV HTQO PQ

)NGPFKPKPI .QPFQP #WEVKQP PQ 'Z 0QDNG EQNNGEVKQP #WUVTCNKC 6JG KPVGTRWPEVKQP KU FKHHGTGPV HTQO PQ 6JG JCKT CPF VJG EJCRGN FG TQUGU CTG GPVKTGN[ FKHHGTGPV HTQO PQ

360

,'#0 ++ ,GCP ++ YCU OCTTKGF VQ CP 'PINKUJ RTKPEGUU /CTICTGV QH ;QTM FCWIJVGT QH -KPI 'FYCTF + QH 'PINCPF YJKEJ NGF VQ EQPHNKEVU YKVJ (TCPEG CPF 'PINCPF 1P VJG VJ 5GRVGODGT KP JKU NCUV FC[U JG FGETGGF VJG %JCTVGT QH -QTVGPDGTI

EQORCTCDNG VQ VJG /CIPC %CTVC VJCV JGTCNFGF VJG PGY HQTO QH UVCVG # EQWPEKN YCU KPUVCNNGF

%QWPEKN QH -QTVGPDGTI VJCV GZGTVGF CP GZVGPUKXG EQPVTQN QP VJG IQXGTPOGPV QH VJG FWMGU

'UVGTNKP #PVYGTRGP # 5JKGNF YKVJ VJG NKQPU QH $TCDCPV N CPF .KODWTI T &8: $4#$ #06+' 4 .QPI ETQUU YKVJ QOGIC KP GCEJ CPING /10'6# #06 882 F9 8CPJQWFV ) IT 6TCEGU QH GPETWUVCVKQP XGT[ HKPG

*QNNGOCP 'PUEJGFG (TQO NKUV PQ 5VTWEM HTQO QP

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ŉ 9CT KP VJG .QY %QWPVTKGU ,GCP UGK\GF /GEJGNGP YJKEJ YCU C (NGOKUJ RQUUGUUKQP .QWKU QH /CGNG DGKPI OCTTKGF VQ QPG QH ,GCPŉU FCWIJVGTU EQWNF PQV DWV TGNKPSWKUJ 'ORGTQT .QWKU QH $CXCTKC ITCPVGF ,GCP +++ VJG TKIJV VQ UVTKMG IQNF EQKPU +P ,GCP +++ UKIPGF CP CITGGOGPV YKVJ )WKNNCWOG + QH *QNNCPF CPF *CKPCWV ō6GP LCGT DGUNQQV ,QJP FGP +++ OGV 9KNNGO )TCGXG QH *GPGIQWY CPF *QNNCPF VG FQGP OCMGP GGPG OWPV FKG KP JWPPG YGFGT\[FUEJG QPFGTJQQTKIG NCPFGP \QWFG NQQR JGDDGP ŋ +P VJG [GCT ,QJP +++ FGEKFGF VQ OCPWHCEVWTG C EQKP YKVJ %QWPV 9KNNKCO QH *QNNCPF CPF *CKPCWV VJCV YQWNF EKTEWNCVG KP VJG NCPFU WPFGT VJGKT TGURGEVKXG UYC[ 1TFKPCPEG VJ ,CPWCT[ CPF KP YKVJ .QWKU FG %TGE[ QH (NCPFGTU ō6GP LCGTG YKGTFŉGT QO OGGT IGOCM FGU MQQRJCPFGNU KP ŉV XGTDCPF VWUUGP 8NCGPFGTGP CPF $TCDCPV DGUNQQVGP QH GGPG IGOGPG OWPV VG OCGMGP XQQT FG\G VYGG XQQTU NCPFGPŋ +P VJG [GCT VJG OCPWHCEVWTG QH C OWVWCN EQKP YCU FGEKFGF WRQP VQ CEEQOQFCVG VTCFG DGVYGGP (NCPFGTU CPF $TCDCPV OKPVGF KP )GPV CPF .GWXGP 6JG VJTGG UQPU QH ,GCP +++ CNN FKGF DGHQTG JG FKF *G VJGTGHQTG CRRQKPVGF JKU QNFGUV FCWIJVGT ,QJCPPC JGKTGUU *QYGXGT JG TGXQMGF VJKU FGEKUKQP CV VJG TGSWGUV QH .QWKU QH /CGNG YJQ YCU CHVGT CNN OCTTKGF VQ JKU [QWPIGUV FCWIJVGT

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(TCPEGUEJK $TWUUGN 5VTWEM HTQO QP #V FG 9KVVG WPFGT ,GCP ++

361

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'UVGTNKP .GWXGP # 5JKGNF YKVJ VJG CTOU QH $TCDCPV UV CPF VJ HKGNF CPF .KODWTI PF CPF TF HKGNF YKVJKP DTCPEJGU +1*'5 „ &8: „ $4#$# „ '6 „ .'/$ 4 .KPGF ETQUU YKVJ . 1 8 # KP VJG CPINGU /10'6# „ 018# „ F9 8CPJQWFV ) IT 4 8GT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ 5VTWEM DGVYGGP CPF

'UVGTNKP .GWXGP # 5JKGNF YKVJ VJG CTOU QH $TCDCPV UV CPF VJ HKGNF CPF .KODWTI PF CPF TF HKGNF YKVJKP DTCPEJGU &8: $4#$#06+' 4 (NQTKCVGF ETQUU /10'6# „ .18#0+'5 F9 8CPJQWFV ) IT 8GT[ HKPG /ÒP\\GPVTWO -ÌNP 5VTWEM DGVYGGP CPF

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362

)TQU #PVYGTRGP # /10'6# Z #0&92 CTQWPF ECUVNG QH $TCDCPV YKVJKP CTEJGU EQPVCKPKPI NGCXGU 4 +1*ŉ Z $4#$#0 Z &8: CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' &0+ ¶ 04+ ¶ &'+ ¶ +*8 ¶ :2+ F9 8CPJQWFV ) IT +TTGIWNCT HNCP XGT[ HKPG VQ GZVTGOGN[ HKPG

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363

&GOK ITQU #PVYGTRGP # %TQYPGF DWUV HCEKPI /10'6# Z 04# Z #069'42 4 5+)08/ %48%+5 CTQWPF ETQUU YKVJ VJTGG RGNNGVU KP GCEJ CPING $0&+%68 Â¶ 5+6 Â¶ 01/'0 Â¶ &0+ Â¶ 04+ F9 8CPJQWFV ) IT 44 +TTGIWNCT GFIG XGT[ HKPG

'NUGP $TWUUGN 04# KU VJG UJQTVGPKPI QH 01564# 5VTWEM KP 1EVQDGT 8CP FGT %JKLU UWIIGUVU CP CUUQEKCVG OKPV YKVJ 'PINKUJ -KPI 'FYCTF +++ *G UVC[GF QP VJG EQPVKPGPV HQT VJTGG [GCTU CPF CNNKGF YKVJ VJG FWMG QH $TCDCPV CPF JKU UKUVGT #NGQPQTC YGFFGF &WMG 4GIKPCNF +++ QH )GNTG &G 9KVVG UGEQPFU VJKU

)TQU FG EQORCIPQP # .KQP TCORCPV YKVJKP EKTENG QH CTEJGU GPENQUKPI NGCXGU CPF QPG NKQP Ã&#x2013; /10'6# Å¡ $4#$#0 4 Z .1 &8: .16 $4#$ CTQWPF ETQUU $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ +*8 Â¶ :2+ F9 8CPJQWFV ) IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 5VTWEM &GEGODGT 6JKU KU VJG HKTUV VKOG C FWMG QH $TCDCPV ECNNU JKOUGNH &8: .16 JCTKPIKCG CICKP

)TQU FG EQORCIPQP # .KQP TCORCPV YKVJKP EKTENG QH CTEJGU GPENQUKPI NGCXGU CPF QPG NKQP Ã&#x2013; /10'6# $4#$#0 4 Z +1 &8: .16 $4#$ CTQWPF ETQUU $0&+%68 5+6 01/' &0+ 04+ +*8 :2 F9 8CPJQWFV ) IT #NOQUV XGT[ HKPG $QWIJV 'Z &GMMGT EQNNGEVKQP 5VTWEM &GEGODGT

&GOK ITQU # 5JKGNF QH $TCDCPV UV CPF VJ HKGNF CPF .KODWTI PF CPF TF HKGNF KP OWNVKNQDG /10'6# â&#x20AC;&#x17E; 018# â&#x20AC;&#x17E; 4#$#06+' 4 5#%4+ +*2'40 CTQWPF ETQUU + .16 Â¶ $4#$ Â¶ .'/$ Â¶ &8: Â¶ #0%+1 F9 8CPJQWFV ) IT 4 &CTM RCVKPC XGT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ 6JG $ QH $4#$#06+' KU OKUUKPI 5VTWEM 1EVQDGT 6JGUG EQKPU YGTG OCFG QH KPHGTKQT OCVGTKCN CPF VJGP EQCVGF YKVJ UKNXGT 6JKU EQCV JCU YQTP QHH EQORNGVGN[ JGPEG KVU DNCEM EQNQWT UCWEÂ¾ 1P VJKU EQKP ,GCP +++ KPFKECVGU JKU QNF VKVNG &XZ .QV JCTKPIKCG CPF /CTEJKQ 5CETK KORGTKK

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364

)TQU .GWXGP # 5CKPV 2GVGT YKVJ DQQM CPF MG[ QXGT UJKGNF QH $TCDCPV CPF .KODWTI KP OWNKVNQDG 5 „ 2'6485 „ .1 Q Q 8#0+'0%+5 4 (NQTKCVGF ETQUU + &8: ¶ .16 ¶ $4# ¶ .'$ ¶ '6 ¶ #4%+1 F9 8CPJQWFV ) IT (NCP FGHGEV CPF UNKIJVGN[ EQTTQFGF XGT[ HKPG *GP\GP #OGTQPIGP PQ 0QXGODGT 0Q FCVG

&GOK ITQU .GWXGP # 5CKPV 2GVGT YKVJ DQQM CPF MG[ QXGT UJKGNF QH $TCDCPV CPF .KODWTI 5#0685 Q Q 2'6485 4 1TPCOGPVGF ETQUU YKVJ VTGHQKNU CTQWPF TKPIU KP VJG CPINGU + &8: $4#$ F9 8CPJQWFV ) IT 4 #NOQUV XGT[ HKPG *GP\GP #OGTQPIGP PQ ,WPG 0Q FCVG

'UVGTNKP /CCUVTKEJV # %CUVNG QXGT TKPI KP SWCVTGHQKN /10'6# Z 64#+'%6'0 4 %TQUU YKVJ VJTGG TKPIU KP VJTGG CPINGU CPF VJTGG RGNNGVU KP QPG CPING 5+)08/ %48%+5 F9 8CPJQWFV ) IT 44 9GCMN[ UVTWEM CNOQUV XGT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ 0Q FCVG

&GPKGT VQWTPQKU FG RCKGOGPV *CGNGP # %CUVNG &8: $4#$#06+0' 4 %TQUU /10'6# *#.'05 F9 8CPJQWFV ) IT 4 8GT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV PQ 0QTOCNN[ VJG NGIGPF QP VJG QDXGTUG UJQWNF DG $4#$#06+' EH PQ *GTG VJG TGCN ECUVNG TGCRRGCTU KP O[ QRKPKQP DQVJ VQYGTU ETQYPGF YKVJ C TKPI LWUV CU QP VJG QTKIKPCN ITQU VQWTPQKU

365

&GPKGT VQWTPQKU FG RCKGOGPV *CGNGP # %CUVNG &8: $ 4#$#0 6+' 4 %TQUU /10'6# *#.'05 F9 8CPJQWFV ) IT 4 %QTTQFGF HKPG 'NUGP $TWUUGN 0Q FCVG

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Å&#x2030;U CPF UQOGVKOGU 9GPEGUNCUÅ&#x2030; #HVGT CNN EQKPU CTG KP DQVJ PCOGU

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366

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&GOK ITQU 8KNXQTFG # 5JKGNF QH $TCDCPV CPF .KODWTI KP OWNVKNQDG YKVJ QPG RGNNGV KP GCEJ CPING /10'6# ” 018# ” (+.(14&'05 4 %TQUU YKVJ QPG RGNNGV CV VJG GPF QH GCEJ NKOD CPF & 8 : %ŉ KP VJG CPINGU +1*#0# &'+ )4# $4#$#6+' F9 8CPJQWFV ) IT 4 5OCNN GFIG FGHGEV XGT[ HKPG

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367

2KGVGT F QT .GWXGP # 5CKPV 2GVGT YKVJ DQQM CPF MG[ QXGT UJKGNF QH $TCDCPV .KODWTI CPF .WZGODWTI KP OWNVKNQDG 9'0%'.#85 ” < ” +1*#0# ” ” &'+ ” )4# ” $4#$ ” &8%'5 4 (NQTKCVGF ETQUU YKVJ TQUG KP VJG EGPVTG :2% „ 8+0%+6 „ :2% „ 4')0#6 „ :2% „ +/2'4#6 &GNO F9 (D 8CPJQWFV ) IT 'ZVTGOGN[ HKPG CPF RGTHGEV RKGEG 'NUGP $TWUUGN 5VTWEM HTQO ,WN[ QP (TQO PQY QP DQVJ PCOGU QP VJG EQKPU

0QWXGNNG 6QWTGNNG .GWXGP # %JWTEJ QXGT UJKGNF QH $TCDCPV .KODWTI CPF .WZGODWTI /10'6# Z 018# Z Z .18#0+'0 4 (NQTKCVGF ETQUU 9'0%'. ” < ” +1* ” &'+ ” )4# ” $4#$ ” &8% F9 8CPJQWFV ) IT 8GT[ HKPG )TGPUYKUUGNMCPVQTGP #OUVGTFCO 5VTWEM KP #RTKN 6JG EJWTEJ KU 5V 2KGTTG KP .GWXGP

&GOK ITQU # .KQP TCORCPV /10'6# Z $4#$# YKVJKP EKTENG QH CTEJGU EQPVCKPKPI NGCXGU CPF QPG NKQP 4 Z +1 &8% Z .16 $4#$ CTQWPF ETQUU 9'0%'5. ¶ &'+ ¶ )4# ¶ .8%'0$ ¶ $4#$ ¶ &8: F9 8CPJQWFV ) IT 5OCNN HNCP YKVJ FGHGEV CNOQUV XGT[ HKPG 5RKPM .QPFQP 6JG VKVNG .WZGODWTI UVCPFU DGPGCVJ 9GPEGUNCU 5VTWEM KP ,CPWCT[ &G 9KVVG UWIIGUVU VJCV VJKU V[RG JCU DGGP UVTWEM KP .GWXGP HQNNQYKPI VJG %QKPCIG #EV VJ ,WPG

/KVG # 9'0 KP HKGNF DGVYGGP TQUGVVG VTGHQKN CPF DWING < +1* $4#$# &8% 4 %TQUU /10'6# $4#$#0 F9 8CPJQWFV ) IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ 0Q FCVG

368

$T[OCP /CCUVTKEJV # &WMG UVCPFKPI YKVJ UYQTF CPF UJKGNF QH $TCDCPV .KODWTI CPF .WZGODWTI 9'0%'.#85 < +1*#0# &'+ )4# $4#$ &8%'5 4 1TPCOGPVGF ETQUU YKVJ QPG RGNNGV KP VJG EGPVTG /10'6# 018# )4155+ 64#+'%6'05+5 F9 8CPJQWFV ) IT 4 5OCNN HNCP ETCEM XGT[ HKPG

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369

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#061+0' QH $74)70&; 1P VJG VJ #RTKN 2JKNKR VJG $QNF FKGF *KU YKHG /CTICTGV KPJGTKVGF $TCDCPV YJKEJ UJG KOOGFKCVGN[ EGFGF VQ JGT UQP #PVQKPG *G VJGP DGECOG TGIGPV QP VJG VJ /C[ YKVJ ,GCPPGŉU CUUGPV 1P VJ /CTEJ /CTICTGV FKGF [GV #PVQKPG YQWNFPŉV DGEQOG FWMG QH $TCDCPV WPVKN VJG FGOKUG QH ,GCPPG QP VJG UV &GEGODGT +P #PVQKPG CESWKTGF VJG VKVNG &WMG QH .WZGODQWTI D[ OCTTKCIG VQ 'NKUCDGVJ QH )QTNKV\ UGG WPFGT .WZGODQWTI #PVQKPG OGV JKU GPF KP VJG $CVVNG QH #IKPEQWTV KP HKIJVKPI HQT VJG (TGPEJ

&QWDNG ITQU DQFFTCIGT 8KNXQTFG # .KQP YKVJ JGNOGV UKVVKPI N YKVJ $4#$# 6 KP VJG DQVVQO HKGNF #06*10+85 &'+ )4# &: $4#$#06+' 4 .QPI ETQUU FKXKFKPI NGIGPF QXGT UJKGNF QH $TCDCPV .KODWTI $WTIWPF[ /10'6# &8: $4#$#06+' '6 .+/$ F9 8CPJQWFV ) IT 0KEG RCVKPC GZVTGOGN[ HKPG

5EJWNOCP $WUUWO #WEVKQP PQ

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370

)TQU DQFFTCIGT .GWXGP # .KQP YKVJ JGNOGV UKVVKPI N YKVJ .18#0 KP VJG DQVVQO HKGNF #06*10+85 &'+ )4 $8) < $#$#06+' 4 .QPI ETQUU FKXKFKPI NGIGPF QXGT UJKGNF QH $TCDCPV .KODWTI $WTIWPF[ /10'6# &8: $4#$#06+' '6 .+/$ F9 8CPJQWFV ) IT 4 8GT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ

&QWDNG OKVG # 5JKGNF QH $TCDCPV .KODWTI $WTIWPF[ #06*10+85 &: $4#$ 4 %TQUU /10'6# $4#$#06 F9 8CPJQWFV ) IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV &GEGODGT PQ

,'#0 +8 #HVGT #PVQKPGÅ&#x2030;U FGCVJ VJG FWECN VKVNG FGXQNXGF VQ JKU QNFGUV UQP ,GCP +8 YJQ YCU QPN[ [GCTU QNF CV VJG VKOG 'NGXGP OGODGTU QH VJG 'UVCVGU YGTG CRRQKPVGF CUUQEKCVG IWCTFKCPU 6JTGG [GCTU NCVGT CV VJG CIG QH ,GCP +8 OCTTKGF ,CEQDC QH $CXCTKC #RTKN CPF HTQO VJCV OQOGPV QP JG DQTG VJG VKVNGU QH *QNNCPF <GGNCPF CPF *GPGIQWYGP ,CEQDCÅ&#x2030;U WPENG VJG CODKVKQWU ,QJP QH $CXCTKC OCPCIGF VQ UWURGPF 4QOGÅ&#x2030;U FKURGPUCVKQP PGGFGF HQT VJG OCTTKCIG 6JKU OCTTKCIG CNTGCF[ GPFGF VYQ [GCTU NCVGT YJGP ,CEQDC OCTTKGF *WORJTG[ QH )NQWEGUVGT DTQVJGT QH -KPI *GPT[ 8 QH 'PINCPF +P VJG XKEVQT[ QH ,GCP +8 KP VJG $CVVNG CV $TQWYGTUJCXGP EQKPEKFGF YKVJ 4QOG TWNKPI VJG OCTTKCIG QH ,CEQDC CPF *WORJTG[ QH )NQWEGUVGT CU DKICOQWU 6JG VTCEVCVG QH &QWCK FKF CUUWTG ,GCP +8 VJG RQUUGUUKQP QH CNN VJG FKUVTKEVU [GV JG YCU VQVCNN[ WPHKV VQ TWNG *GPEG $TCDCPV EJQUG JKU DTQVJGT 2JKNKR QH 5V 2CWN

YJQ YCU CRRQKPVGF TGIGPV TWYCCTV KP CPF KP VJCV UCOG [GCT JG JCF VQ TGNKPSWKUJ *QNNCPF CPF <GGNCPF HQT C RGTKQF QH [GCTU VQ ,QJP QH $CXCTKC CV VJG 6TGCV[ QH 5V /CCTVGPUFKLM 1H VJG FTKGNCPFGTU QH ,GCP +8 QPG YCU UVTWEM HQT *CKPCWV CV VJG OKPV QH 8CNGPEKGPPGU UGG WPFGT *GPGIQWYGP

&QWDNG ITQU FQWDNG RGPPKPEM ,CPU 8KNXQTFG # 6YQ UJKGNFU $WTIWPF[ N $TCDCPV T WPFGT JGNOGV +1*#005 â&#x20AC;&#x17E; &+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $4#$#06+ â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+/$ 4 %TQUU YKVJ VYQ NKU CPF VYQ NKQPU KP VJG CPINGU /10'6# 018# &8% $4#$#06+ '6 .+/$84 F9 8CPJQWFV ) IT 9GCMN[ UVTWEM CNOQUV XGT[ HKPG $QWIJV 'Z &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO F F &G 9KVVG OGPVKQPU )# KPUVGCF QH )4# CPF &: KPUVGCF QH &8: 6JKU V[RG KU CP KOKVCVKQP QH VJG UCOG V[RG QH ,QJP VJG (GCTNGUU HQT (NCPFGTU 8CPJQWFV OGPVKQPU JCV VJKU EQKP YCU UVTWEM KP CP WPMPQYP OKPV CVGNKGT

371

&QWDNG ITQU VJW[PG /CCUVTKEJV # .KQP TCORCPV YKVJ UJKGNF QH $TCDCPV .KODWTI $CXCTKC KP HGPEG +1* Â¶ &: Â¶ $4#$ Â¶ < Â¶ .+/$ Â¶ %1/ Â¶ *# Â¶ *1 Â¶ < Â¶ <' 4 .QPI ETQUU FKXKFKPI NGIGPF KP SWCVTGHQKN YKVJ VTGHQKNU KP VJG CPINGU /10'6 Â¶ 018 Â¶ (#% Â¶ +0 &'0 Â¶ 841*1' F9 8CPJQWFV ) IT #NOQUV XGT[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WEVKQP PQ 'Z 'INOGKGT EQNNGEVKQP 6JG CTOU HGCVWTG $CXCTKC UKIPKH[KPI JKU OCTTKCIG VQ ,CEQDC YJKEJ FCVGU VJKU EQKP DGVYGGP CPF

&QWDNG ITQU FTKGNCPFGT $TWUUGN # 6YQ UJKGNFU $TCDCPV $WTIWPF[ N $TCDCPV T KP OWNVKNQDG QXGT NKU +1* &: $4#$ < .+/$ %1/ *#0 *1. < <' 4 %TQUU YKVJ VYQ NKU CPF VYQ NKQPU KP VJG CPINGU KPPGT EKTENG /10'6# (%# $48:'..' QWVGT EKTENG 5+6 Â§ 01/'0 Â§ &1/+0+ Â§ $'0'&+%68/ F9 8CPJQWFV ) IT 8GT[ HKPG *KTUEJ /Ã&#x2019;PEJGP #WVEKQP PQ 'Z 'INOGKGT EQNNGEVKQP 6JG $TCDCPV NKQPU KP VJG NGHV JCNH QH VJG CTOU HCEG TKIJV

)TQU FTKGNCPFGT $TWUUGN # 6YQ UJKGNFU $TCDCPV $WTIWPF[ N $TCDCPV T KP OWNVKNQDG QXGT NKU +1* &: $4#$ < .+/$ %1/ *#0 *1. < < 4 %TQUU YKVJ VYQ NKU CPF VYQ NKQPU KP VJG CPINGU KPPGT EKTENG /10'6# (%# $48:'. QWVGT EKTENG 5+6 01/'0 &1/+0+ $'0'&+%68/ F9 8CPJQWFV ) IT 9GNN UVTWEM CNOQUV GZVTGOGN[ HKPG *QNNGOCP 'PUEJGFG (TQO NKUV PQ

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372

2*+.+22' QH 56 2#7. 4WYCCTV #HVGT VJG EQPVGPVKQP DGVYGGP ,GCP +8 CPF ,CEQDC CP CUUGODN[ YCU ECNNGF CV 8KNXQTFG CPF 2JKNKR QH 5V 2CWN YCU CRRQKPVGF TGIGPV 2JKNKRRG YCU VJG UGEQPF UQP QH #PVQKPG QH $WTIWPF[ CPF ,GCPPG QH 9CNGTCP FG .WZGODQWTI

&QWDNG ITQU FTKGNCPFGT 9CGNJGO # 6YQ UJKGNFU $TCDCPV $WTIWPF[ N $TCDCPV .KODWTI T KP OWNVKNQDG QXGT NKU 2*5 $4#$ %1/ .+0'+ '6 5%6+ 2#8.+ 4 %TQUU YKVJ VYQ NKU CPF VYQ NKQPU KP VJG CPINGU KPPGT EKTENG /10'6# 2*+ $4#$#6+' QWVGT EKTENG 5+6 ~ 01/'0 ~ &1/+0+ ~ $'0'&+%68/ F9 8CPJQWFV ) IT 4 5NKIJVGN[ ENGCPGF XGT[ HKPG 0/$ #OUVGTFCO (TQO HKPF 9QGTFGP EH ,/2 R

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2*+.+22' QH 56 2#7. 2JKNKR YCU TGIGPV FWTKPI VJG NKHG QH ,GCP +8 #HVGT VJG NCVVGTŉU FGOKUG KP JG DGECOG FWMG

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&QWDNG ITQU ETQOUVGTF # .KQP TCORCPV YKVJ VJG UJKGNF QH $TCDCPV $WTIWPF[ KP VJG EGPVTG 2*5 „ &8: „ $4#$#06+' „ < „ .+/$ 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ $ 4 # $ KP VJG CPINGU /10'6# „ 018# „ .18#0+'05 F9 8CPJQWFV ) IT 4 &CTM RCVKPC XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ

373

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&GPKGT /CCUVTKEJV # $KUJQR YKVJ ETQUKGT DGNQY T C UOCNN JGCF 4 &+ 85 $8 4) KP HQWT EKTENGU YKVJ ETQUU KP VJG EGPVTG FG%J IT 44 9GCMN[ UVTWEM CV VJG GFIG QVJGTYKUG XGT[ HKPG

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ŉ TGOCKPU YKVJ VJGO VQ &WKUDWTI UGG &GGVGTU 5GTXCVKWUUVKHV WPF %KV[ /CCUVTKEJV 7PVGTUWEJWPIGP \W 'PVUVGJWPI WPF 8GTHCUUWPI KP 4JGKPKUEJGU #TEJKX

$QPP R GV UGSS

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(TCPEGUEJK $TWUUGN 1P VJG TGXGTUG YG UGG VJG RGTTQP C ETQUU GNGXCVGF QP VJTGG UVGRU CV VJG DCUG QH YJKEJ VJG FGETGGU QH VJG DKUJQR YGTG RWDNKUJGF 6JG .K½IG KPJCDKVCPVU EQPUKFGTGF KV VJG U[ODQN QH VJGKT HTGGFQO KV TGCRRGCTU QP UGXGTCN NCVGT .K½IG EQKPU 6JG RGTTQP YCU HKTUV FGRKEVGF QP EQKPU QH VJG DKUJQRU KP &G %JGUVTGV PQVGU VJCV WPFGTPGCVJ KU C HKUJ DWV KV KU TGCNN[ C FTCIQP 6JG FTCIQP KU QHVGP TGICTFGF CU C U[ODQN HQT JGTGU[ 6JGTG CTG UVCVWGU QH 5V 5GTXCVKWU UGG VJG 5GTXCCU NGIGPFU VJTWUVKPI JKU UVCHH KP VJG QRGPGF VJTQCV QH VJG FTCIQP KP VJG QVJGT JCPF JG JQNFU VJG MG[ 0QPGVJGNGUU KV UGGOU XCNKF VQ EQPPGEV VJG FTCIQP VQ VJG PQVKQP QH VJG ETWUCFGU HQT C EQOOGPVCT[ QP VJKU UGG WPFGT 1UPCDTÒEM (QT VJKU TGCUQP YG ENCUUKHKGF KV CV VJG GPF QH VJG UGTKGU QH 4WFQNH %QWNF VJG HKIWTG VQYCTF VJG TKIJV DGCT CP[ EQPPGEVKQP VQ VJG ETWUCFG!

389

&GPKGT /CCUVTKEJV # $WUV YKVJ OKVTG ETQUKGT CPF RCNO NGCH HCEKPI 41( 4 %JWTEJ YKVJ VYQ VQYGTU 5 /#4 FG%J IT 4 8GT[ HKPG

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#.$'46 QH %7;- #NDGTV YCU VJG UQP QH *GTOCP ++ %QWPV QH %W[M YJQUG DTQVJGT #PFTGCU YCU DKUJQR QH 7VTGEJV #NDGTV QH %W[M CEMPQYNGFIGF VJG NKDGTVCVGU QH VJG .K½IG EKVK\GPU

&GPKGT *W[ # *GCF YKVJ OKVTG HCEKPI DNGUUKPI N JCPF CPF ETQUKGT KP T JCPF #.$ '25 4 %JWTEJ YKVJ VYQ VQYGTU JCPF QWV QH VJG ENQWFU CPF DGVYGGP TKPIU JQNFU VJG EGPVGTRKGEG FG%J IT 2CTVN[ RTGUUWTGF PKEG RCVKPC GZVTGOGN[ HKPG $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO F F %JGUVTGV OGPVKQPU C DKTF KPUVGCF QH VJG JCPF DWV KV KU C JCPF YKVJ ENQWFU EH VJG DQYU DGPGCVJ KV +V KU UWTGN[ VJG JCPF QH )QF YJKEJ RTQVGEVU VJG EJWTEJ

390

&GPKGT /CCUVTKEJV # $WUV HCEKPI YKVJ OKVTG ETQUKGT CPF DQQM #.$ '25 4 %JWTEJ YKVJ ETQUU DGVYGGP VYQ VQYGTU CPF NKU QP VQR / # 4 + # FG%J IT 4 9GCMN[ UVTWEM CV VJG GFIG XGT[ HKPG

&GPKGT *W[ # $WUV T YKVJ OKVTG CPF ETQUKGT #.$ '25 4 %JWTEJ YKVJ VYQ VQYGTU ETQYPGF D[ C ETQUU CPF VYQ TKPIU KP VJG RQTVCN * 1 + FG%J IT 4GXGTUG C NKVVNG QHH EGPVTG XGT[ HKPG VQ GZVTGOGN[ HKPG

5EJWNOCP #OUVGTFCO #WEVKQP PQ

2GWU (TCPMHWTV #WEVKQP PQ

*7)7'5 QH 2+'44'2106

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,'#0 F #25

&GPKGT 6QPITGU # $WUV N YKVJ OKVTG CPF ETQUKGT + 1 * 5 4 'CING '2 % .'1& FG%J IT 4 8GT[ HKPG (TCPEGUEJK $TWUUGN

7PVKN DKUJQR *GPT[ QH )WGNFGTU UOCNN EQKPU YGTG EKTEWNCVGF WUKPI VJG /CCUNCPF UVCPFCTF #HVGT YJGP VJG 6QWTPQKU ITQCV YCU CNTGCF[ KPVTQFWEGF EQKPU YKVJ C JKIJGT KPVGTPCVKQPCN EQORCVKDKNKV[ YGTG VWTPGF VQ 0QV QPN[ OKPVKPI EJCPIGF DWV VJG DKUJQRÅ&#x2030;U RQUKVKQP FKF UQ VQQ 6JG KPHNWGPEG QH VJG EKVK\GPU UVGCFKN[ KPETGCUGF 6JG UCOG FGXGNQROGPV ECP DG QDUGTXGF KP 7VTGEJV KP VJKU RGTKQF +PKVKCNN[ VJG DKUJQRU FGENKPGF ITCPVKPI VJG RGQRNG UWHHKEKGPV CWVQPQO[ +P VJG OKFFNG QH VJG VJ EGPVWT[ *GPFTKM QH &KPCPV CU NGCFGT QH VJG 2GQRNGÅ&#x2030;U 2CTV[ KU OQFGTCVGN[ UWEEGUUHWN DWV YJCV VJG RGQRNG JCF DGGP NQQMKPI HQT YCU VJG XKEVQT[ QH VJG IWKNFU KP -QTVTKLM DGIKPPKPI QH VJG VJ EGPVWT[ )TCXG KPUWTIGPEKGU GXGPVWCNN[ RTQXQMGF VJG UKIPKPI QH C VTGCV[ KP KP (GZJG KP YJKEJ C HQTO QH GUVCVG CUUGODN[ YCU CITGGF QP NC[KPI VJG HQWPFCVKQP HQT VJG .KÂ½IG 5VCVG QH VJG GUVCVGU 6JG HKTUV DKUJQRU #FQNRJG CPF 'PIGNDGTV FG NC /CTEM TGUKUVGF VJKU DWV VJGKT UWEEGUUQTU ,GCP FÅ&#x2030;#TMGN CPF #TPQNF QH *QTP CESWKGUEGF 6JG .KÂ½IG EQPUVKVWVKQP ITCFWCNN[ DGECOG EQPVTQNNGF D[ RCVTKEKCPU 7PFGT ,QJP QH $CXCTKC

GNGEV OCVVGTU ECOG VQ C JGCF CPF YKVJ VJG CKF QH ,QJP VJG (GCTNGUU JG FGHGCVGF JKU CFXGTUCTKGU CV 1VJÂ¾G *KU UWEEGUUQT ,GCP FG *GKPUDGTI JCF TGCNN[ CNTGCF[ CEEGRVGF $WTIWPFKCP UWRTGOCE[ UGG HWTVJGT WPFGT .QWKU FG $QWTDQP 391

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)TQU ¯ N CKING .WKM # 'CING QXGT UJKGNF QH NC /CTEM KP OWNVKNQDG #&8.2*85 ¶ &'+ )4# .'1& '25 4 /10'6# ¶ .'1&+'0 CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ +*8 ¶ :2+ FG%J IT 44 0KEG RCVKPC XGT[ HKPG 9KPVGT &ÒUUGNFQTH #WEVKQP PQ 6JG GCING QP VJKU EQKP KU V[RKECN HQT .WKM

6KGTU FG XQNCPV #XTQ[ # 'CING QXGT RGNNGV #&8.2*85 ¶ '285 ¶ .'1& 4 (NQTKCVGF ETQUU /10'6# ¶ #8416'05+5 FG%J IT 44 (NCP ETCEM XGT[ HKPG

9KPVGT &ÒUUGNFQTH #WEVKQP PQ

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392

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2GVKV DTÑN¾ .WKM # 5JKGNF QH *GKPUDGTI QXGT NQPI ETQUU 1 & *'+0 ' .'1 4 2GTTQP

/10'6# 01 ” (#% .'1& FG%J IT 4 8GT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ

.17+5 QH $174$10 .QWKU YCU VJG UQP QH %JCTNGU + QH $QWTDQP 6JTQWIJ JKU OQVJGT #IPGU JG YCU TGNCVGF VQ VJG $WTIWPFKCP JQWUG #IPGU YCU VJG FCWIJVGT QH ,QJP VJG (GCTNGUU *KU WPENG 2JKNKR VJG )QQF KPVTQFWEGF .QWKU VQ VJG $WTIWPFKCP EQWTV 5KOKNCT VQ VJG CUEGPV QH 2JKNKR VJG )QQFŉU DCUVCTF UQP &CXKF VQ VJG GRKUEQRCN UGG KP 7VTGEJV 2JKNKR CUUWTGF VJCV VJG RQRG RTGFGUVKPGF [GCT QNF .QWKU VQ DGEQOG DKUJQR QH .K½IG 6JG NCVVGT JCF PQV DGGP QTFCKPGF RTKGUV DWV DGECOG DKUJQR KP CNN VJG UCOG JKU QTFKPCPEG FKF PQV VCMG RNCEG WPVKN YJGP JKU RTGFGEGUUQT ,GCP FG *GKPUDGTI YCU HQTEGF VQ TGUKIP .QWKUŉ TGKIP YCU GZVTGOGN[ HGGDNG JG YCU KP EQPUVCPV EQPHNKEV YKVJ DQWTIGQKUKG $GECWUG VJG RCTVKGU YQWNFPŉV DG TGEQPEKNGF %JCTNGU VJG $QNF VQQM .K½IG KP CPF NCKF KV KP TWKPU #HVGT VJG FGOKUG QH %JCTNGU VJG $QNF VJG HQTOGT TKIJVU CPF EWUVQOU YGTG TGUVQTGF

$NCPE C N . *CUUGNV # #TOU QH $QWTDQP ð .8&1 ” '.'% ” .'1& ” &8: ” $8. ” %1/ ” .155 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ QPG NKU KP GCEJ CPING CPF . KP VJG EGPVTG /10' ” .8 '.'% ” .'1 ” (#%6# ” *#55'. FG%J IT 8GT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ 5VTWEM KP 1PEG OQTG VJG FWMG QH $QWKNNQP CPF EQWPV QH .QQ\ *G YCU UVKNN GNGEV QP VJKU EQKP UQ KV OWUV JCXG DGGP UVTWEM DGHQTG

2CVCTF *CUUGNV # .KQP UKVVKPI N YKVJ UJKGNF QH $QWTDQP /1 '2+ .'10&+'0 (#%6# *#55'.6 4 (NQTKCVGF ETQUU ETQUU QH HQWT NKU $0 &+% *'4'&+6#6+ 68' .::8+++ FG%J IT 4 'ZVTCQTFKPCT[ YGNN UVTWEM CPF XGT[ HKPG URGEKOGP $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO F F

393

2CVCTF # .KQP JQNFKPI VJG UJKGNF QH $QWTDQP VQYGT .8&18+% '25 .'1&+'05+5 4 (NQTKCVGF ETQUU VQYGT $'0'&+% *'4'&+6#6+ 68' FG%J IT 5OCNN UETCVEJGU XGT[ HKPG

2CVCTF # 6YQ UJKGNFU QH $QWTDQP WPFGT URCTMU QH HKTG /10'6# '2+5%12+ .'1&+' 4 .QPI ETQUU YKVJ . KP VJG EGPVTG CPF QPG NKU KP GCEJ CPING $0%ŉ68 5+6 01/' &0+ FG%J IT 6TCEGU QH EQTTQUKQP HKPG VQ XGT[ HKPG

9#) &QTVOWPF #WEVKQP PQ

%QKP +PXGUVOGPV #WEVKQP PQ

,'#0 QH *140 (TQO VJG *QWUG *QQTPG #TPQNF CHVGT JCXKPI DGGP DKUJQR QH 7VTGEJV JCF CNTGCF[ DGGP DKUJQR QH .K½IG ,GCP HTQO VJG UCOG JQWUG CNUQ DGECOG DKUJQR QH .K½IG

(NQTKP F QT # #TOU QH *QTP KP VTGHQKN +1*5 &' *140 '25 .'1&+' 4 5CKPV .CODGTV UVCPFKPI YKVJ ETQUKGT CPF DNGUUKPI JCPF 5#0%685 .#/$'468 FG%J (D IT 8GT[ HKPG /ÒP\\GPVTWO -ÌNP #WEVKQP PQ %QOOGPV KP /KIPQNGV %GVVG OQPPCKG GUV UQWXGPV FG VT½U OCWXCKU CNQK CXGE SWGNSWGHQKU FŉWPG OQPPCKG FŉCTIGPV 6JG TGXGTUG VGZV KU RTGEGFGF D[ VYQ TQUGU QXGT GCEJQVJGT

$TÑN¾ # #TOU QH *QTP +1*5 &' *140 '25 .'1&+'0 4 1TPCOGPVGF ETQUU /+5'4 04+ 3 2#5 '5 2 01$ FG%J IT 8GT[ HKPG -TKEJGNFQTH (TGKDWTI #WEVKQP PQ 'Z -KTEJJGKOGT EQNNGEVKQP

$TÑN¾ # #TOU QH *QTP +1*5 &' *140 '25 .'1&+'0 4 1TPCOGPVGF ETQUU /+5'4' 04+ 3 2#5 '5 2 01$ FG%J IT (KPG 'NUGP $TWUUGN

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)TQU #NQUV # .KQP TCORCPV KP OWNVKNQDG /10'6# â&#x20AC;&#x17E; #.156'05+5 4 .QPI ETQUU YKVJ VYQ NKQPU CPF VYQ GCINGU CNVGTPCVKPI KP VJG CPINGU .8&18+% â&#x20AC;&#x17E; %1/'5 (.#& ) 8CPJQWFV ) IT 4 0KEG RCVKPC XGT[ HKPG 5RKPM <Ã&#x2019;TKEJ 2C[ CVVGPVKQP VQ VJG UVTCPIG NGVVGTU 6 CPF .

)TQU #NQUV # .KQP TCORCPV /10'6# â&#x20AC;&#x17E; #.156'05+5 4 %TQUU .8&18+% Q %1/'5 Q (.#& ) 8CPJQWFV ) IT 4 (NCP ETCEM QVJGTYKUG XGT[ HKPG (TCPEGUEJK $TWUUGN 6JG QDXGTUG KU ) CPF VJG TGXGTUG NQQMU NKMG )

/KLV #NQUV # )TGCV . DGVYGGP VYQ ENQXGTU CPF VYQ VTGHQKNU /10'6# #.1565 4 .QPI ETQUU FKXKFKPI NGIGPF .8& %1/ (.# &4+ ) 8CPJQWFV ) IT 8GT[ HKPG

$GEMGPDCWGT /Ã&#x2019;PEJGP

.GGWYGPITQQV #NQUV # .KQP TCORCPV Ã&#x2013; /10'6# Z (.#0& YKVJKP CTEJGU EQPVCKPKPI NGCXGU 4 .8&18+% Z %1/'5 CTQWPF NQPI ETQUU FKXKFKPI NGIGPF $0&+%68 Â¶ 5+6 Â¶ 01/' Â¶ &0+ Â¶ 04+ Â¶ &'+ Â¶ +*8 Â¶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

CU ITCPFUQP QH 2JKNKR +8 JG YCU PGCTGT KP NKPG VQ VJG VJTQPG VJCP 2JKNKR 8+ QH 8CNQKU YJQ YCU HTQO C UKFG DTCPEJ 2JKNKR 8+ KOOGFKCVGN[ UGPV C HNGGV DWV YCU FGHGCVGF CV 5NWKU D[ VJG 'PINKUJ CPF VJG (NGOKPIU #NVJQWIJ ,CEQD QH #TVGXGNFG EQWNF EQWPV QP VJG UWRRQTV HTQO VJG EKVKGU $TWIGU +GRGT CPF )JGPV QVJGTU QRRQUGF *G YCU OWTFGTGF KP

408

.1&'9+,- FG /#.' #U VJG 'PINKUJ MKPIŉU CVVGPVKQP YCU PGGFGF GNUGYJGTG .QWKU QH 0GXGTUŉ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

)QWFGP UEJKNF OGV CFGNCCT # %QWPV UKVVKPI QP VJTQPG KP OWNVKNQDG YKVJ UYQTF CPF UJKGNF FQWDNG JGCFGF GCING .8&18+%85 ” &'+ Z Z )4# Z %1/'5 ” < ” &05 ” (.#& 4 (NQTKCVGF ETQUU KP SWCVTGHQKN :2% „ 8+0%+6 „ :2% „ 4')0#6 „ :2% „ +/2'4#6 (D ) 8CPJQWFV ) IT 'ZVTGOGN[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ %JTKUVWU XKPEKV %JTKUVWU TGIPCV %JTKUVWU KORGTCV %JTKUV XCPSWKUJGU %JTKUV TGKIPU %JTKUV TWNGU 0GEGRJQTWU 8+++ .CWFGU 4GIKCG NKVWTIKECN CEENCOCVKQP QH VJG MKPI

)QWFGP UEJKNF OGV CFGNCCT # %QWPV UKVVKPI QP VJTQPG KP OWNVKNQDG YKVJ UYQTF CPF UJKGNF FQWDNG JGCFGF GCING .1&18+%85 ” &'+ Z )4# Z %1/'5 ” < ” &05 (.# 4 (NQTKCVGF ETQUU KP SWCVTGHQKN :2% „ 8+0%+6 „ :2% „ 4')0#6 „ :2% „ +/2'4#6 (D ) 8CPJQWFV ) IT 4 #NOQUV GZVTGOGN[ HKPG %NCUUKECN 0WO )TQWR .CPECUVGT #WEVKQP PQ 5VTWEM 'Z 'NUGP $TWUUGN #WEVKQP PQ #PVYGTRUG DCPMKGT EQNNGEVKQP 'Z /ÒP\\GPVTWO -ÌNP #WEVKQP PQ

)QWFGP UEJKNF OGV CFGNCCT # %QWPV UKVVKPI QP VJTQPG KP OWNVKNQDG YKVJ UYQTF CPF UJKGNF FQWDNG JGCFGF GCING .8&18+% ” &'+ Z Z )4# Z %1/'5 ” (.# 4 (NQTKCVGF ETQUU KP SWCVTGHQKN :2% Q 8+%+6 Q :2% Q 4')0#6 Q :2% Q +2'4#6 (D ) 8CPJQWFV ) IT 4 &QWDNG UVTWEM XGT[ HKPG 2NCVV 2CTKU

409

)QWFGP .CO # .COD YKVJ .8& %1 ( KP VJG HKGNF #)0 „ &'+ „ 38+ „ 61.. „ 2'%# „ /8&+ „ /+5'4'4' „ 01$ 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG GCING KP GCEJ CPING :2% ” 8+0%+6 ” :2% ” 4')0#6 ” :2% ” +/2'4#6 (D ) 8CPJQWFV ) IT 'ZVTGOGN[ HKPG CPF RGTHGEV RKGEG 5-# <ÒTKEJ (TQO NKUV PQ #IPWU &GK 3WK 6QNNKU 2GEECVC /WPFK /KUGTGTG 0QDKU .COD QH )QF VJCV VCMG CYC[ VJG UKPU QH VJG YQTNF JCXG OGTE[ QP WU ,QJ 6JG )QNF .COD YCU UVTWEM HTQO VQ KP )JGPV CPF KP /GEJGNGP CPF HTQO VQ GZENWUKXGN[ KP /GEJGNGP 6JG EQPVGPV UVGCFKN[ FGETGCUGF CRCTV HTQO VJG NCUV UJQTV GOKUUKQP YJGP KV YCU DTQWIJV WR VQ VJG UVCPFCTF QH VJG DGIKPPKPI QH VJG GOKUUKQP

)QWFGP 4KLFGT # /QWPVGF MPKIJV N YKVJ NKQPU QP VJG JQTUG DNCPMGV .8&18+% Q &'+ „ )4# „ %1/'5 „ + „ &05 „ (.#&4+' 4 (NQTKCVGF ETQUU :2% ” 8+0%+6 ” :2% ” 4')0#6 ” :2% ” +/2'4#6 (D ) 8CPJQWFV ) IT 'ZVTCQTFKPCT[ YGNN UVTWEM URGEKOGP GZVTGOGN[ HKPG VQ WPEKTEWNCVGF *GUU <ÒTKEJ #WEVKQP PQ 1P VQR QH VJG JGNOGV CTG VJTGG TQUGVVGU YKVJ VJG HNCOKUJ NKQP

&WDDGNG IQWFGP NGGWY # .KQP YKVJ JGNOGV KP IQVJKE ECPQR[ QXGT (.#0&4' KP VJG DQVVQO HKGNF .8&18+%85 „ &'+ „ )4# „ %1/ „ < „ &05 „ (.#0&4+' 4 (NQTKCVGF ETQUU KP OWNVKNQDG YKVJ ( . # 0 & KP VJG CPINGU CPF VJG EGPVTG $'0'&+%685 ” 38+ ” 8'0+6 ” +0 ” 01/+0' ” &1/+ 0+ (D ) 8CPJQWFV ) IT 4 9GNN UVTWEM CPF GZVTGOGN[ HKPG RGTHGEV RKGEG -ÒPMGT 1UPCDTÒEM (TQO -ÒPMGT #WEVKQP PQ $GPGFKEVWU 3WK 8GPKV KP 0QOKPG &QOKPK $NGUUGF KU JG YJQ EQOGU KP VJG PCOG QH VJG .QTF 2T /CV .WE

410

)QWFGP (NCPFTG # %QWPV UVCPFKPI KP IQVJKE ECPQR[ YKVJ NKQP QP JKU DTGCUV CPF UJKGNF QH (NCPFGTU QXGT (.#0&4'5 KP VJG DQVVQO HKGNF .8&18+% Q &'+ „ ) Q %1/ Q < Q &05 „ (.#0&4+' 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ NKQP KP VJG EGPVTG CPF ( . # & KP VJG CPINGU $'0'&+%685 ” 38+ ” 8'0+6 ” +0 ” 01/+0' ” &1/+0+ (D ) 8CPJQWFV ) IT 4 'ZVTGOGN[ HKPG CPF RGTHGEV RKGEG

%TGFKV FG NC $QWTUG 2CTKU #WEVKQP PQ 5VTWEM DGVYGGP UV #RTKN CPF VJ #WIWUV

0KGWY )QWFGP 5EJKNF # %QWPV UKVVKPI QP IQVJKE VJTQPG YKVJ UYQTF CPF UJKGNF QH (NCPFGTU .8&18+%85 ” &'+ Z )4# Z %1/ Z < ” &05 ” (.#0& 4 (NQTKCVGF ETQUU KP SWCVTGHQKN :2% „ 8+0%+6 „ :2% „ 4')0#6 „ :2% „ +/2'4#6 (D ) 8CPJQWFV ) IT 'ZVTGOGN[ HKPG

5-# <ÒTKEJ

.GGWYGPITQQV # .KQP TCORCPV N /10'6# ã (.#0& YKVJKP EKTENG QH CTEJGU EQPVCKPKPI NGCXGU CPF QPG NKQP 4 .8& 18+ % %1 /'5 CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ +*8 ¶ :2+ ) 8CPJQWFV ) IT 6TCEGU QH GPETWUVCVKQP CPF KTTGIWNCT HNCP GZVTGOGN[ HKPG -ÒPMGT 1UPCDTÒEM CWEVKQP PQ 'Z $WNNGT EQNNGEVKQP 1UPCDTÒEM

411

.GGWYGPITQQV # .KQP TCORCPV N /10'6# ã (.#0& YKVJKP EKTENG QH CTEJGU GPENQUKPI NGCXGU CPF QPG NKQP 4 .8&18+% %1/'5 CTQWPF ETQUU $0&+%68 ¶ 5+6 ¶ 01/' ¶ &0+ ¶ 04+ ¶ +*8 ¶ :2+ ) 8CPJQWFV ) IT 8GT[ HKPG

NGGWYGPITQQV # .KQP TCORCPV N /10'6# ” (.#0& YKVJKP EKTENG QH CTEJGU GPENQUKPI NGCXGU 4 .8& 18+ % Z%1 /'5 CTQWPF ETQUU $0&+%6 ¶ 5+6 ¶ 01/ ¶ &0+ ¶ 04+ ¶ +*8 ¶ :2+ ) 8CPJQWFV ) IT 4 5OCNN HNCP XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

&WDDGNG )TQQV # .KQP YKVJ JGNOGV KP OWNVKNQDG .8&18+%85 &'+ )4# %1/'5 < &05 (.#0&4+' 4 /10'6# Ÿ &' Ÿ (.#0&4+# CTQWPF HNQTKCVGF ETQUU $'0'&+%685 38+ 8'0+6 +0 01/+0' &1/+0+ ) 8CPJQWFV IT 8GT[ HKPG VQ GZVTGOGN[ HKPG

(TCPEGUEJK $TWUUGN

)TQQV # .KQP YKVJ JGNOGV UKVVKPI KP OWNVKNQDG .1&18+% ¶ &'+ ¶ )4# ¶ %1/ ¶ < ¶ & ¶ (.#0&4+' 4 /10 '6# (.# &4+' CTQWPF NQPI ETQUU FKXKFKPI NGIGPF $'0'&+%6 ¶ 3 ¶ 8'0+6 ¶ + ¶ 01/+0' ¶ &+ ) 8CPJQWFV ) IT 4 8GT[ HKPG /ÒP\GP WPF /GFCKNNGP &GWVUEJNCPF #WEVKQP PQ

412

)TQQV PF GOKUUKQP # .KQP YKVJ JGNOGV UKVVKPI KP OWNVKNQDG .8&18+% ¶ &'+ ¶ )4# ¶ %1/ ¶ < ¶ & ¶ (.#0&4+' 4 /10 '6# (.# &4+' CTQWPF NQPI ETQUU FKXKFKPI NGIGPF $'0'&+%6 ¶ 3 ¶ 8'0+6 ¶ + ¶ 01/+0' ¶ &+ ) 8CPJQWFV ) IT 4 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

2*+.+25 FG 56176' 2JKNKR VJG $QNF KPJGTKVGF C XCUV TGCNO HTQO JKU HCVJGT CPF ITCPFHCVJGT *G IQXGTPGF VJKU HTQO 2CTKU CPF UGNFQO YCU KP (NCPFGTU .QWKU QH /CGNGŉU YKNN GPVKVNGF 2JKNKR VJG $QNF VQ $TCDCPV CPF .KODWTI 6TGCV[ QH #VJ +P 2JKNKR HQTEGF ,GCPPG QH $TCDCPV VQ TGNKPSWKUJ .KODWTI CPF VJG NCPFU QH 1XGTOC\G

HQT VJG QVJGT RCTVU UGG WPFGT $TCDCPV 2JKNKR TGSWKTGF C NQV QH OQPG[ HQT JKU EQUVN[ GPFGCXQWTU *G CNYC[U TGICTFGF JKOUGNH CU C (TGPEJ RTKPEG JG JGNF EQWTV KP 2CTKU CPF FKFPŉV URGCM C YQTF QH (NGOKUJ

)TQU FG %QPXGPVKQP /GEJGNGP # 5JKGNFU QH $WTIWPF[ N CPF $TCDCPV T ICTNCPF DGVYGGP VYQ TQ UGVVGU CDQXG CPF QPG TQUGVVG DGNQY 2*5 &8: $14) + %1/ (.#0& +1* &8% $4#$ 4 5JKGNF QH (NCPFGTU QP QTPCOGPVGF ETQUU YKVJ VJG NKODU GPFKPI KP FTCIQPJGCFU /10'6# 018# (.#0&4+' '6 $4#$#06+' &F2 8CPJQWFV ) IT 0KEG RCVKPC C NKVVNG QHH EGPVTG XGT[ HKPG

(TCPEGUEJK $TWUUGN /KPVKPI KP EQQRGTCVKQP YKVJ ,GCPPG 8GWXG XCP $TCDCPV

)QWFGP UEJKNF /GEJGNGP # %QWPV UKVVKPI QP VJTQPG WPFGT ECPQR[ JQNFKPI UYQTF CPF UJKGNF YKVJ NKQP 2*+.+2285 ” &'+ Z Z )4# Z %1/ ” < ” &05 ” (.#0& 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ QPG TQUG KP GCEJ CPING :2% „ 8+0%+6 „ :2% „ 4')0#6 „ :2% „ +/2'4#6 &F2 (D 8CPJQWFV ) IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ %QKPCIG #EV VJ #RTKN

413

&WDDGNG )QWFGP *GNO # 5VCT DGVYGGP VJG UJKGNFU QH $WTIWPF[ CPF (NCPFGTU WPFGT JGNOGVU 2*+.+22 Z &'+ ” ) ” &8: ” $84) ” < ” %1/ ” (.#0& 4 (NQTKCVGF ETQUU KP SWCVTGHQKN YKVJ SWCVTGHQKN KP VJG EGPVTG 5+6 ó 01/'0 ó &1/+0+ ó $'0'&+%68/ &F2 (D 8CPJQWFV ) IT 'ZVTGOGN[ TCTG XGT[ HKPG

8KPEJQP 2CTKU #WEVKQP PQ (TQO HKPF <WVRJGP 5EJWNOCP #WEVKQP PQ EH 8GTPKGT EQNNGEVKQP PQ 5KV 0QOGP &QOKPK $GPGFKEVWO 2TCKUGF DG VJG PCOG QH VJG .QTF FQZQNQIKG 2U ,QD D &CP

&WDDGNG )TQQV (NCPFTG # (.#&4'5 QXGT UJKGNFU QH $WTIWPF[ CPF (NCPFGTU 2*+.+22 ¶ &'+ ¶ )4# ¶ &8: ¶ $84) ¶ < ¶ %1/ ¶ (.#0& 4 /10'6# š &' š (.#0&4+# CTQWPF ETQUU 5+6† 01/'0 † &1/+0+ † $'0'&+%68/ &F2 8CPJQWFV ) IT 8GT[ HKPG

'Z 5EJWNOCP #OUVGTFCO F F

&WDDGNG )TQQV OGV FG CFGNCCT # 'CING QXGT VJG UJKGNFU QH $WTIWPF[ CPF (NCPFGTU 2*+.+22 ¶ &'+ ¶ )4# ¶ &8: ¶ < ¶ %1/ ¶ (.#0& 4 /10'6# &' (.#0&4+# CTQWPF ETQUU 5+6 ¶ 01/'0 &1/+0+ ¶ $'0'&+%68/ &F2 8CPJQWFV ) IT 8GT[ HKPG

5EJWNOCP #OUVGTFCO

)TQQV OGV FG CFGNCCT # 'CING QXGT VJG UJKGNFU QH $WTIWPF[ CPF (NCPFGTU 2*+.+22 ¶ &'+ ¶ ) ¶ & ¶ $84) ¶ < ¶ %1/ ¶ (.#0& 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ ( . # & KP VJG CPINGU 5+6 ¶ 01/' ¶ &0+ $'0'&+%68/ &F2 8CPJQWFV ) IT 44 8GT[ HKPG $QWIJV 'Z &GMMGT EQNNGEVKQP 'Z (KPF <WVRJGP 'Z 5EJWNOCP #OUVGTFCO #WEVKQP PQ

414

)QWFGP 0QDGN # %QWPV UVCPFKPI KP UJKR YKVJ UJKGNF QH $WTIWPF[ 2*5 &'+ ” )4# ” &8: ” $84) ” %1/'5 ” < ” &05 ” (.#0& 4 (NQTKCVGF ETQUU KP OWNVKNQDG YKVJ HQWT ETQYPU CPF HQWT NKQPU KP VJG CPINGU +*% ” #86'/ ” 64#05+'05 ” 2'4 ” /'&+8/ ” +..148/ ” +$#6 &F2 (D 8CPJQWFV ) IT 4 #NOQUV GZVTGOGN[ HKPG 'NUGP $TWUUGN 6JG NKQPU QP VJG TGXGTUG CTG RCUUCPV KPUVGCF QH TCORCPV #PF VJG[ CTG NKQPU QH EQWTUG CPF PQV NGQRCTFU CU QP VJG 'PINKUJ PQDNGU EH 8GTPKGT EQNNGEVKQP OGPVKQPU QP VJG TGXGTUG /'&+8 KPUVGCF QH /'&+8/ %QKPCIG #EV UV 1EVQDGT +JGUWU #WVGO 6TCPUKGPU RGT /GFKWO +NNQTWO +DCV $WV ,GUWU RCUUGF VJTQWIJ VJG ETQYF CPF YGPV QP JKU YC[ .WE 6JKU VGZV QPN[ HGCVWTGU QP PQDNGU

&WDDGNG )TQQV $QVFTCGIGT # .KQP UKVVKPI YKVJ VJG DCPPGT QH $WTIWPF[ QP VJG DCEM 2*+.+22 ¶ &'+ ¶ ) ¶ &: ¶ $84) ¶ < ¶ %1/ ¶ (.#0& 4 .QPI ETQUU QXGT UJKGNF QH $WTIWPF[ 5+6 ¶ 01/' ¶ &1/+0+ ¶ $'0'&+%68/ &F2 8CPJQWFV ) IT #NOQUV GZVTGOGN[ HKPG

%QKP +PX .KUUG #WEVKQP PQ %QKPCIG #EV VJ &GEGODGT 6JG PCOG DQVFTCIGT RCPPKGT DGCTGT YCU FGTKXGF HTQO VJG HCEV VJCV VJG UKVVKPI NKQP KU DGCTKPI C DCPPGT QT ECPQR[ QP KVU DCEM VJCV YCU EQORCTGF VQ C DQV RCPPKGT

$CNFYKP .QPFQP

)TQQV DQVFTCIGT # .KQP UKVVKPI YKVJ VJG DCPPGT QH $WTIWPF[ QP VJG DCEM 2*+.+22 ¶ &'+ ¶ ) & ¶ $84) ¶ < ¶ %1/ ¶ (.#0& 4 .QPI ETQUU QXGT UJKGNF QH $WTIWPF[ 5+6 ¶ 01/' ¶ &0+ ¶ $'0' &+%68/ &F2 8CPJQWFV ) IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ (TQO QP

415

&WDDGNG /KLV # ( . WPFGT ETQUU 2*5 & $ %1/ (.#0& 4 %TQUU YKVJ QPG NKU KP VJG PF CPF NKQPU KP VJG QVJGT CPINGU /10'6# (.#0&4+' &F2 8CPJQWFV IT (KPG *WK\KPIC &GNHV 'Z FG .KIPG EQNNGEVKQP PQ

&WDDGNG /KLV # 5JKGNF QH $WTIWPF[ 2*+.+22 &8: $84+) 4 %TQUU /10'6# (.#0&4+5 &F2 8CPJQWFV ) IT 8GT[ HKPG

(TCPEGUEJK $TWUUGN

/KLV # 5JKGNF QH $WTIWPF[ 2*+.+22 &8: $74+) 4 .QPI ETQUU /1 0'6 # (. #0& &F2 5WRRN PQ 8CPJQWFV IT 4 8GT[ HKPG

.Â¾QRCTF FÅ&#x2030;1T 2CTKU

,#0 \QPFGT 84''5 #HVGT VJG FGCVJ QH 2JKNKR VJG $QNF CPF /CTICTGV ,QJP VJG (GCTNGUU KPJGTKVGF QPN[ (NCPFGTU #TVQKU CPF VJG $WTIWPFKCP NCPFU 6JG TF UQP TGEGKXGF 4GVJGN CPF 0GXGTU ,QJP UKIPGF C VTGCV[ QH OWVWCN CUUKUVGPEG YKVJ JKU DTQVJGT #PVQP QH $TCDCPV CPF JKU DTQVJGT KP NCY 9KNNKCO 8+ QH *QNNCPF KP ,WUV CU JKU HCVJGT ,QJP CNYC[U UCY JKOUGNH CU C (TGPEJ RTKPEG VJQWIJ JG FKF URGCM (NGOKUJ 'ORGTQT 5KIKUOWPF FKFPÅ&#x2030;V YCKV HQT VJG $WTIWPFKCP DCTM VQ VWTP KPVQ C DKVG CPF JG CNNKGF YKVJ VJG #TOCIPCEU VQ ETWUJ VJG RQYGT QH $WTIWPF[ 2JKNKR HCEGF YKVJ VJKU GPGO[ YJKEJ TGXGCNGF KVUGNH VQ DG HCT UWRGTKQT YCU KP FGURGTCVG PGGF QH C UVTQPI CNN[ CPF HQWPF QPG KP VJG 'PINKUJ KP +P JG CESWKGUEGF KP VJG UNC[KPI QH JKU DTQVJGTU #PVQP CPF 2JKNKR KP VJG $CVVNG CV #\KPEQWTV +P ,QJP YCU MKNNGF D[ VJG #TOCIPCEU VJG FCWRJKP JCF DGGP KPHQTOGF QH VJKU CUUCUUKPCVKQP UGG CNUQ VJG KPVTQFWEVKQP YKVJ 6JG $WTIWPFKCP 0GVJGTNCPFU

&WDDGNG )TQU $TCURGPPKPI # 5JKGNFU QH $WTIWPF[ CPF (NCPFGTU WPFGT JGNOGV +1*5 â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $84) â&#x20AC;&#x17E; < â&#x20AC;&#x17E; %1/'5 â&#x20AC;&#x17E; (.#0&4+' 4 %TQUU YKVJ VYQ NKQPU CPF VYQ NKU KP VJG CPINGU /10'6# Â¶ 018# Â¶ %1/'6+5 Â¶ (.#0&4+' &F2 8CPJQWFV ) IT 2NGCUKPIN[ VQPGF GZVTGOGN[ HKPG (TCPEGUEJK $TWUUGN

416

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9'0%'5.#5 ++ #V VJG FGOKUG QH 9GPEGUNCU + KP EJKNFNGUU VJG UQP QH %JCTNGU +8 9GPEGUNCU ++ VQQM QXGT JG YCU CNTGCF[ 4QOCP MKPI UKPEG CPF MKPI QH $QJGOKC UKPEG

)CPU .WZGODQWTI # 'CING N 9'0%'. 41/#014 < $1'/ 4': 4 5JKGNF QH .WZGODQWTI WPFGT ITGCV ETQYP /10'6# 018# .8%'0$84)' 9GKNNGT IT #NOQUV GZVTGOGN[ HKPG (TCPEGUEJK $TWUUGN

437

,155' QH /14#8+' +P 9GPEGUNCU OQTVICIGF VJG FWEJ[ VQ /CTITCXG ,QDUV QH /QTCXKC

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(TCPEGUEJK $TWUUGN UVG GOKUUKQP 0QVG VJG UOCNN HCEGU KP VJG NGVVGTU HQT CP GNWEKFCVKQP UGG WPFGT *CKPCWV 1VJGT .WZGODQWTI V[RGU YKVJ UOCNN HCEGU 9GKNNGT 9GPEGUNCU ++ QP VJG QDXGTUG QPN[ KP VJG % QH 9GPEGN CPF QP VJG TGXGTUG QPN[ KP VJG / QH /QPGVC 9GKNNGT F H ,QJP FG $CXK½TG QPN[ VYKEG KP VJG QDXGTUG 1 CPF VYKEG KP VJG TGXGTUG 1 9GKNNGT ,QJP FG $CXK½TG QPN[ QPEG KP VJG TGXGTUG %

)TQU PWYITQUEJGP .WZGODQWTI # .KQP QH .WZGODQWTI YKVJ VJG UJKGNF QH /QTCXKC QP VJG DTGCUV +&1% /#4%* < &05 /14#8 4 %TQUU YKVJ QPG UVCT KP GCEJ CPING /10'6# 018# (%# .8%'0$ 9GKNNGT IT 'ZVTGOGN[ HKPG URGEKOGP YKVJ RNGCUKPIN[ RCVKPC )NGPFKPKPI .QPFQP #WEVKQP PQ

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)TQU PWYG NGYGITQUEJGP .WZGODQWTI # .KQP TCORCPV YKVJ UJKGNF QH $WTIWPF[ UV CPF VJ HKGNF $TCDCPV PF HKGNF CPF .WZGODQWTI TF HKGNF QP VJG DTGCUV #06*1 &+ )4# $4#$ < .+/$ &8: 4 %TQUU YKVJ VYQ NKU CPF VYQ NKQPU KP VJG CPINGU /10'6# „ &8% Q $4#$ Q (%# Q .8%'/$ Q 9GKNNGT IT 8GT[ HKPG /ÒP\GP W /GFCKNNGP $CUGN

438

'.+5#$'6* QH )Â¤4.+6< CPF ,'#0 QH $#8#4+# #HVGT VJG FGCVJ QH #PVQKPG QP VJG VJ 1EVQDGT 'NKUCDGVJ OCTTKGF ,QJP QH $CXCTKC HTQO VJG *QWUG QH 9KVVGNUDCEJ ,QJP YCU GNGEV QH VJG 2TKPEG $KUJQRTKE .KÂ½IG CPF OQTVICIG EQWPV QH *QNNCPF CPF <GGNCPF *G FKGF EJKNFNGUU QP VJG VJ ,CPWCT[

)TQU PWYITQUEJGP QT DG[GTUITQUEJGP .WZGODQWTI # )TKHHQP JQNFKPI VJG UJKGNF QH $CXCTKC CPF VJG 2CNCVKPCVG IOH DVX $#8#4 < (++.85 *1. 4 5JKGNF QH .WZGODQWTI QXGT NQPI ETQUU /10'6# 018# (%# .8%'0$ 9GKNNGT IT 8GT[ HKPG /Ã&#x2019;P\GP W /GFCKNNGP $CUGN UV GOKUUKQP

)TQU PWYITQUEJGP QT DG[GTUITQUEJGP .WZGODQWTI # )TKHHQP JQNFKPI VJG UJKGNF QH $CXCTKC CPF VJG 2CNCVKPCVG IOH DVX $#8#4 < (++.85 *1. 4 5JKGNF QH .WZGODQWTI QXGT long cross /10'6# 018# (%# .8%'0$ 9GKNNGT IT 8GT[ HKPG /Ã&#x2019;P\GPCWMVKQP 'UUGP #WEVKQP PQ (TQO C HKPF PGCT 6TKGT UV GOKUUKQP 1P VJG QDXGTUG C HCEG KP VJG 1 U QH +1* CPF *1. +P VJG 1 QH /10'6# QP VJG TGXGTUG PQ HCEG

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439

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)TQU .WZGODQWTI # %TQYPGF JGNOGV QXGT VJG CTOU QH $CXCTKC CPF VJG 2CNCVKPCVG '.+<#$ รฐ & รฐ ) รฐ &8%+5 รฐ $#8#4 รฐ < รฐ .8%' 4 5JKGNF QH .WZGODQWTI QXGT NQPI ETQUU /10'6# 018# Q .8%'0$84)'05+5 9GKNNGT IT 0KEG RCVKPC XGT[ HKPG 2GWU (TCPMHWTV #WEVKQP PQ UV GOKUUKQP

)TQU .WZGODQWTI # %TQYPGF JGNOGV QXGT VJG CTOU QH $CXCTKC CPF VJG 2CNCVKPCVG '.+<#$ รฐ & รฐ ) รฐ &8%+5 รฐ $#8#4 รฐ < รฐ .7%' 4 5JKGNF QH .WZGODQWTI QXGT NQPI ETQUU /10'6# 018# Q .8%'0$84)'05+5 9GKNNGT IT 8GT[ HKPG VQ GZVTGOGN[ HKPG )CPU #TPUDGTI (TQO NKUV PQ UV GOKUUKQP

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440

UV GOKUUKQP

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$74)70&+#0 0'6*'4.#0&5 6JTQWIJ OCTTKCIG YCT CPF OQPG[ C PGY RQYGTHWN CPF CDQXG CNN YGCNVJ[ UVCVG EQWNF URTKPI HTQO DGVYGGP VJG EQWPVTKGU (TCPEG 'PINCPF CPF VJG 4QOCP 'ORKTG KP VJG VJ EGPVWT[ VJG $WTIWPFKCP 4GCNO +VU TKUG DGICP KP CPF KVU HCNN UGV KP YJGP /CZKOKNKCP CPF 2JKNKR VJG *CPFUQOG QH VJG *CDUDWTI *QWUG ECOG VQ RQYGT 6JG TQQVU QH VJKU RQYGTHWN UVCVG NC[ KP YJGP VJG (TGPEJ -KPI ,GCP ++ DGUVQYGF VJG FWEJ[ $WTIWPF[ QP JKU [QWPIGUV UQP 2JKNKR VJG $QNF 6JKU FWMG HTQO VJG *QWUG 8CNQKU DQTG VJG VTKRNG DGPFNGVU QH $WTIWPF[ KP JKU EQCV QH CTOU CPF PGZV VQ VJCV C PGY CTOU YKVJ C UKPING NKU

IKTFGF D[ C UVTKRGF DQTFWTG UKIP QH VJG [QWPIGUV UQP YJKEJ JQYGXGT YCU OCKPVCKPGF QXGT VJG EQWTUG QH VKOG 2JKNKR VJG $QNF YCU YGFFGF VQ /CTICTGVJC FCWIJVGT QH VJG (NGOKUJ %QWPV .QWKU QH /CGNG #HVGT VJG NCVVGTÅ&#x2030;U FGOKUG KP 2JKNKR VJG $QNF DGECOG EQWPV QH (NCPFGTU *KU UQP ,QJP VJG (GCTNGUU OCKPVCKPGF VJG UKPING NKU KP JKU CTOU DWV CFFGF CP KPGU EWVEJGQP VJG CTOU QH (NCPFGTU UOCNN NKQP 'XGP KH $WTIWPFKCP RQYGT JCFPÅ&#x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Â¾QFCNG $WTIWPF[ CPF HQT VJQUG WPFGT VJG EQWPVU QH (NCPFGTU UGG WPFGT (NCPFGTU $WTIWPF[Å&#x2030;U OCP[ YCTU NGHV VJGKT OCTMU QP EQKPCIG CPF KVU EQKPU FKURNC[ C OWNVKVWFG QH DKDNKECN VGZVU 2*+.+25 FG )1'&' 2JKNKR VJG )QQF OCKPVCKPGF C ENQUG TGNCVKQPUJKR YKVJ VJG 'PINKUJ CPF JCF JKU JCPF KP VJG CEEGUUKQP VQ VJG (TGPEJ VJTQPG QH 'PINKUJ -KPI *GPT[ 8 2JKNKR VJG )QQFÅ&#x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Å&#x2030; 9CT CPF UKIPGF VJG 2GCEG QH #TTCU YKVJ (TCPEG 2JKNKR YCU QP OQUV KPVKOCVG VGTOU YKVJ VJG RQRG YJKEJ RGTOKVVGF JKO VQ CRRQKPV EQPHKFCPVU VQ JGCF VJG FKQEGUGU CFLQKPKPI JKU TGCNO 441

6JKU TGNCVKQPUJKR CPF VJG FGHGCV QH JKU HCVJGT CV 0KEQRQNKU MKPFNGF 2JKNKRŉU FGUKTG VQ VCMG WR VJG ETQUU CPF UGV QWV QP C ETWUCFG +P JG JCF HQWPFGF VJG 1TFGT QH VJG )QNFGP (NGGEG CPF GPXKUKQPGF JKOUGNH C ,CUQP NGCFKPI JKU %JTKUVKCP #TIQPCWVU GCUV JQRKPI VJG TCOŉU HNGGEG VJCV JG CPF JKU MPKIJVU YQTG CTQWPF VJGKT PGEMU CU CP GODNGO YQWNF KPURKTG JKO YKVJ HCKVJ CU KV FKF )KFGQP +P RNCPU YGTG HKPCNN[ FKUEWUUGF DWV KP VJG GPF VJG ETWUCFG YCU ECPEGNNGF 2JKNKR YCU FGGRN[ FKUCRRQKPVGF OCP[ JKUVQTKCPU OCKPVCKP 2JKNKRŉU OQVKXGU YGTG RWTGN[ RQNKVK ECN DWV VJG[ HCKN VQ TGEQIPKUG VJG HQTEG QH VJG EJKXCNTKE KFGCNU YKVJKP VJG $WTIWPFKCP TWNGTU UV GOKUUKQP %QKPCIG #EV TF QH ,CPWCT[

%CXCNKGT F QT $TCDCPV # /QWPVGF FWMG T YKVJ Z $4#$ Z KP GZGTIWG 2*5 ” &'+ ” )4# ” &8: ” $84) ” $4#$ ” < ” .+/$84) 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/'0 ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN ” (D X)* IT 4 8GT[ HKPG $QWIJV &GMMGT EQNNGEVKQP 'Z 5EJWNOCP #OUVGTFCO #WEVKQP PQ .GIGPF TGXGTUG 2TCKUGF UJCNN DG VJG PCOG QH VJG .QTF 2U ,QD D &CP 1P VJG JQTUGŉU ENQCM C RCKT QH HKTG UVGGNU 6JG HKTG UVGGN YCU VJG RGTUQPCN GODNGO QH 2JKNKR VJG )QQF CPF NCVGT DGECOG C IGPGTCN $WTIWPFKCP U[ODQN

%CXCNKGT F QT (NCPFGTU # /QWPVGF FWMG T YKVJ Z (.#& Z KP VJG DQVVQO HKGNF 2*5 ” &'+ ” )4# ” &8: ” $84) ” < ” %1/'5 ” (.#0&4+' 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/'0 ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN (D X)* IT 4 'ZVTGOGN[ HKPG 5EJWNOCP #OUVGTFCO

&QWDNG ITQU (NCPFGTU # #TOU QH $WTIWPF[ KP HKGNF 2*5 „ &'+ „ )4# „ &8: „ $84) „ < „ %1/'5 „ (.#0& 4 %TQUU YKVJ NKU KP VJG EGPVTG QPG NKQP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU /10'6# „ 018# „ %1/+6+5 „ (.#0& X)* IT 8GT[ HKPG 5EJWNOCP #OUVGTFCO

442

)TQU *QNNCPF # #TOU QH $WTIWPF[ KP HKGNF 2*5 „ &'+ „ ) „ &8: „ $84 „ % „ *1. 4 %TQUU YKVJ QPG NKQP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU /1 0'6# „ 018# „ %1/+6 „ *1. < X)* C IT #NOQUV XGT[ HKPG *GP\GP #OGTQPIGP

&QWDNG OKVG (NCPFGTU # #TOU QH $WTIWPF[ KP HKGNF 2*5 & ) & $ % 1/ (.#0 & 4 %TQUU YKVJ NKU KP VJG EGPVTG /10'6# 0# %1/ (.#0& X)* IT 5OCNN UETCVEJGU XGT[ HKPG

'NUGP $TWUUGN X)* FQGU PQV IKXG VJG & HQT VJG VGZV QH VJG QDXGTUG +V KU XGT[ JCTF VQ VGNN HTQO YJKEJ GOKUUKQP VJG PQU CPF UVGO 9G JCXG PQY ENCUUKHKGF VJGUG WPFGT VJG EQKPU YKVJ VJG UCOG QDXGTUGU VJCV YG FQ MPQY VJG GOKUUKQP QH 6JWU VJG PQU CPF YGTG ENCUUKHKGF WPFGT VJG GOKUUKQP QH CU VJG[ UJQY C HKGNF HKNNKPI EQCV QH CTOU YJKEJ KU CNUQ UGGP QP PQ 5KOKNCTN[ PQ YCU ENCUUKHKGF WPFGT VJG GOKUUKQP QH CU KVU EQCV QH CTOU KU PQV HKGNF HKNNKPI CU YKVJ VJG PQU CPF TGH X $GGM

&QWDNG OKVG (NCPFGTU # #TOU QH $WTIWPF[ KP HKGNF 2*5 & $ ) %1/ (.#0& 4 %TQUU YKVJ NKU KP VJG EGPVTG /10'6# 0# %1/ (.#0 X)* IT 8GT[ HKPG (TQO 5EJWNOCP #OUVGTFCO F F 6JG NGVVGTU KP VJG VGZV QP VJG QDXGTUG CTG KP VJG YTQPI QTFGT

&QWDNG OKVG $TCDCPV # #TOU QH $WTIWPF[ KP HKGNF 2*5 „ &'+ „ )4# „ &8: „ $84) „ < „ $4 4 %TQUU YKVJ UJKGNF KP VJG EGPVTG /10'6# „ 018# „ .18#0+' X)* D IT 8GT[ HKPG

'NUGP $TWUUGN 5VTWEM KP .GWXGP 6JG VGZV QP VJG QDXGTUG CU UVCVGF YCU VCMGP HTQO X)* DWV KV KU EQTTGEV (QT VJG TGXGTUG VGZV X)* RTQXKFGU ( #%6 # DGVYGGP 018# CPF .18#0+' DWV VJKU KUP V CEWTCVG

PF GOKUUKQP %QKPCIG #EV VJ QH ,WPG 9KVJ JKU PF GOKUUKQP 2JKNKR KPVTQFWEGF VJG IQNF NKQP CP CNVQIGVJGT PGY V[RG CV VJCV OQOGPV VJCV YCU RTGUWOCDN[ KUUWGF D[ JKO DGECWUG JG FGUKTGF JKU QYP $WTIWPFKCP EQKP

.KQP F QT $TCDCPV # .KQP UKVVKPI WPFGT IQVJKE ECPQR[ N DGVYGGP VYQ HKTG UVGGNU 2*5 ” &'+ ” )4# ” &8: ” $84) ” $4#$ ” &05 ” /. 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU ” 5+6 ” 01/'0 ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN ” (D X)* IT 'ZVTGOGN[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ

443

.KQP F QT (NCPFGTU # .KQP UKVVKPI WPFGT IQVJKE ECPQR[ N DGVYGGP VYQ HKTG UVGGNU 2*5 ” &'+ ” )4# ” &8: ” $74) ” %1/ ” (.#0& 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/'0 ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN (D X)* IT 5OCNN UETCVEJGU QP VJG TGXGTUG QVJGTYKUG GZVTGOGN[ HKPG X F &WUUGP /CCUVTKEJV #WEVKQP PQ

.KQP F QT *CKPCWV # .KQP UKVVKPI WPFGT IQVJKE ECPQR[ N DGVYGGP VYQ HKTG UVGGNU 2*5 ” &'+ ” )4# ” &8: ” $74) ” %1/'5 ” *#01+' 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/'0 ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN (D X)* IT 5NKIJVGN[ DGPV XGT[ HKPG X F &WUUGP /CCUVTKEJV #WEVKQP PQ

.KQP F QT *QNNCPF # .KQP UKVVKPI WPFGT IQVJKE ECPQR[ N DGVYGGP VYQ HKTG UVGGNU 2*5 ” &'+ ” )4# ” &8: ” $74) ” %1/'5 ” *1. < 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/' ” &1/+0+ ” $'0'&+%68/ ” #/'0 ” HKTG UVGGN (D X)* IT 5NKIJVGN[ DGPV QVJGTYKUG CNOQUV GZVTGOGN[ HKPG

-ÒPMGT 1UPCDTÒEM #WEVKQP PQ #TEJKXGU UJQY VJCV FWG VQ C FKURWVG YKVJ VJG EQWPEKN QH &QTFTGEJV EQOKVCN EQKP YCU VGORQTCTKN[ UVTWEM CV VJG QRGTC VKQPCN OKPV QH 6JG *CIWG CV VJG )TQVG /CTMV HTQO VJG OKFFNG QH VQ /C[ 6JCV KU YJGTG VJKU EQKP YCU UVTWEM 01/' KPUVGCF QH 01/'0

444

.KQP F QT (NCPFGTU # .KQP UKVVKPI WPFGT IQVJKE FCKU N DGVYGGP VYQ HKTG UVGGNU 2*5 ” &'+ ” ) ” &8: ” $84) ” %1 ” (.#0& 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5+6 ” 01/'0 ” &0+ ” $'0'&+%68/ ” #/'0 (D X)* IT 4 5NKIJVGN[ DGPV XGT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ

.KQP F QT $TCDCPV # .KQP UKVVKPI KP OWNVKNQDG 2*5 Z &'+ Z )4# Z &8: Z $74) Z &05 Z /'%*. 4 5JKGNF QH $WTIWPF[ KP OWNVKNQDG 5+6 Z 01/'0 Z &1/+0+ Z $'0'&+%68/ HKTG UVGGN (D X)* IT 44 XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 5VTWEM KP /GEJGNGP KP

TF GOKUUKQP %QKPCIG #EV TF QH /C[ +P VJKU VJKTF GOKUUKQP 2JKNKR QTFGTGF C WPKHQTO OCPWHCEVWTG QH VJG $WTIWPFKCP IWKNFGT CHVGT VJG 4JKPKCP IWKNFGT GZCORNG +V YQWNF DG UVTWEM WPVKN YJGP KV YCU TGRNCEGF YKVJ VJG 5V 2JKNKRRWU IWKNFGT

(NQTKP FG $QWTIQIPG (NCPFGTU # 5CKPV #PFTGCU JQNFKPI NCTIG ETQUU 5#0%685 ” #0&4'#5 4 5JKGNF QH $WTIWPF[ QXGT ITGCV ETQUU 2*5 ” &8: ” $84) ” %1/'5 (.#0& (D X)* IT 4 9GNN UVTWEM XGT[ HKPG 5EJWNOCP #OUVGTFCO 5V #PFTGCU FKUEKRNG /CTE CPF ,QJ YCU VJG RCVTQP UCKPV QH $WTIWPF[ 6JG NCTIG ETQUU KU VJG 5V #PFTGYŉU %TQUU CNUQ 5CNVKTG 5V #PFTGCU KU DGNKGXGF VQ JCXG DGGP ETWEKHKGF QP C UKOKNCT ETQUU

&QWDNG RCVCTF (NCPFGTU # 5JKGNF QH $WTIWPF[ 2*5 „ &'+ „ )4# „ &8: „ $74) „ %1/'5 „ (.#0& 4 (NQTKCVGF ETQUU YKVJ NKU KP VJG EGPVTG 5+6 „ 01/'0 „ &1/+0+ „ $'0'&+%68/ „ #/'0 X)* D IT 5OCNN HNCP QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP YKVJ PKEG RCVKPC

(TCPEGUEJK $TWUUGN

445

&QWDNG RCVCTF *QNNCPF # 5JKGNF QH $WTIWPF[ KP VTGHQKN 2*5 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $84) â&#x20AC;&#x17E; %1/ â&#x20AC;&#x17E; *1.& â&#x20AC;&#x17E; < â&#x20AC;&#x17E; < 4 (NQTKCVGF ETQUU YKVJ TQUG KP VJG EGPVTG 5+6 â&#x20AC;&#x17E; 01/'0 â&#x20AC;&#x17E; &1/+0+ â&#x20AC;&#x17E; $'0'&+%68/ â&#x20AC;&#x17E; #/' X)* IT 4 5OCNN UETCVEJGU XGT[ HKPG *GP\GP #OGTQPIGP 'Z 'NUGP $TWUUGN #WEVKQP PQ

&GPKGT FG *QNNCPFG # 5JKGNF QH $WTIWPF[ 2*5 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; *1.< 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ RGNNGV KP VJG EGPVTG /10'6# â&#x20AC;&#x17E; %1/ *1. â&#x20AC;&#x17E; X)* D IT 4 6TCEGU QH EQTTQUKQP XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ 6JKU V[RG YCU UVTWEM KP VJG RGTKQF KP 6JG *CIWG CPF KP VJG RGTKQF KP &QTFTGEJV +V KU RTGNKOKPCTKN[ ENCUUKHKGF WPFGT VJG NCUV GOKUUKQP

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

UGG WPFGT #NUCEG .QTTCKPG &KTGEVN[ CHVGT JKU FGOKUG VJG (TGPEJ MKPI UGK\GF %JCTNGUÅ&#x2030; (TGPEJ RTQRGTVKGU COQPI YJKEJ $WTIWPF[ (TQO VJCV OQOGPV QP VJG $WTIWPFKCP TGCNO YCU UQNGN[ OCFG WR QH VJG 0GVJGT NCPFUÅ&#x2030; FKUVTKEVU 5VKNN VJG JQWUG YQWNF OCKPVCKP VJG VKVNG &WMG QH $WTIWPF[ $WTIWPF[ JCXKPI DGEQOG C OGTG HCOKN[ PCOG &WTKPI VJG TGKIP QH %JCTNGU VJG $QNF QPN[ VJG OKPVU QH $TCDCPV .GWXGP CPF (NCPFGTU

$TWIGU YGTG QRGTCVGF +P C OKPV YCU GUVCDNKUJGF KP )WGNFGTU 0KLOGIGP VQQ RGTJCRU VQ UJQY VJCV )WGNFGTU YCU VJGP FGHKPKVKXGN[ C $WTIWPFKCP RTQRGTV[ 6JG EQCV QH CTOU TG OCKPGF WPEJCPIGF FWTKPI %JCTNGUÅ&#x2030; TGKIP UV GOKUUKQP %QKPCIG #EV VJ QH 1EVQDGT

&QWDNG RCVCTF $TCDCPV # 5JKGNF QH $WTIWPF[ -#41.85 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4#$ â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+/ â&#x20AC;&#x17E; 4 (NQTKCVGF ETQUU YKVJ NKQP KP VJG EGPVTG 5+6 â&#x20AC;&#x17E; 01/'0 â&#x20AC;&#x17E; &1/+0+ â&#x20AC;&#x17E; $'0'&+%68/ â&#x20AC;&#x17E; #0 X)* IT #NOQUV GZVTGOGN[ HKPG *QNNGOCP 'PUEJGFG

446

&QWDNG RCVCTF (NCPFGTU # 5JKGNF QH $WTIWPF[ -#41.85 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $84) â&#x20AC;&#x17E; %1 â&#x20AC;&#x17E; (.# 4 (NQTKCVGF ETQUU YKVJ NKU KP VJG EGPVTG 5+6 â&#x20AC;&#x17E; 01/'0 â&#x20AC;&#x17E; &1/+0+ â&#x20AC;&#x17E; $'0'&+%68/ â&#x20AC;&#x17E; HKTG UVGGN X)* IT 0KEG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG

4CWEJ 9KGP #WEVKQP PQ

&QWDNG ITQU $TCDCPV # 5JKGNF QH $WTIWPF[ KP HKGNF -#41.85 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4#$ â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+/ 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ NKQP KP VJG EGPVTG QPG NKQP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU /10'6# â&#x20AC;&#x17E; 018# â&#x20AC;&#x17E; &8% â&#x20AC;&#x17E; $4#$#06 â&#x20AC;&#x17E; X)* IT 8GT[ HKPG *QNNGOCP 'PUEJGFG (TQO NKUV PQ

&QWDNG ITQU (NCPFGTU # 5JKGNF QH $WTIWPF[ KP HKGNF -#41.85 â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &8: â&#x20AC;&#x17E; $ ) â&#x20AC;&#x17E; %1/ â&#x20AC;&#x17E; (. 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ NKU KP VJG EGPVTG QPG NKQP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU /10'6# â&#x20AC;&#x17E; 0# â&#x20AC;&#x17E; %1/+6 â&#x20AC;&#x17E; (.#0& X)* IT &CTM RCVKPC XGT[ HKPG (TCPEGUEJK $TWUUGN

)TQU (NCPFGTU # 5JKGNF QH $WTIWPF[ KP HKGNF -#41.85 &'+ )4# &8: $) %1 (. 4 .QPI ETQUU FKXKFKPI NGIGPF YKVJ NKU KP VJG EGPVTG QPG NKQP KP VJG UV CPF VJ CPINGU CPF QPG NKU KP VJG PF CPF TF CPINGU /10'6# 018# %1/+6+ (.#& X)* IT 5OCNN UETCVEJGU CNOQUV GZVTGOGN[ HKPG 5RKPM .QPFQP

)TQU (NCPFGTU # 5JKGNF QH $WTIWPF[ KP HKGNF -#41. â&#x20AC;&#x17E; &+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &: â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; %1 â&#x20AC;&#x17E; (. 4 %TQUU YKVJ NKU KP VJG EGPVTG VYQ NKU CPF VYQ NKQPU KP VJG CPINGU /10'6# â&#x20AC;&#x17E; 08# â&#x20AC;&#x17E; %1/+6+ â&#x20AC;&#x17E; (.# X)* IT 4 8GT[ HKPG

'NUGP $TWUUGN #WEVKQP PQ

447

&QWDNG OKVG (NCPFGTU # 5JKGNF QH $WTIWPF[ KP HKGNF -#41. Q & Q ) Q & Q $) Q %1 Q (.# 4 %TQUU YKVJ NKU KP VJG EGPVTG /10'6# Q 0# Q %1/ Q (.#& X)* IT 8GT[ HKPG

(TCPEGUEJK $TWUUGN

PF GOKUUKQP %QKPCIG #EV VJ QH 1EVQDGT +P VJKU PF GOKUUKQP C EQKP D[ VJG PCOG QH $TKSWGV HKTG UVGGN &WVEJ 8WWTKL\GT YCU KPVTQ FWEGF 6JG PCOG FKF PQV FKTGEVN[ TGHGT VQ VJG HKTG UVGGN GODNGO QH 2JKNKR VJG )QQF DWV YCU TCVJGT VJG RQRWNCT PCOG HQT VJG EQKPU VJCV FKURNC[GF VJG VYQ HCEKPI NKQPU QT C UKPING NKQP UWRRQTVKPI VJG EQCV QH CTOU GVE 1P VJG FQWDNG HKTG UVGGNU DGVYGGP VJG NKQPU VJG HKTG UVGGN YCU CICKP KPFKECVGF 6JG HKTG UVGGNU YGTG XGT[ RQRWNCT EQKPU VJCV YGTG UVTWEM WR VQ 6JG HKTG UVGGN QTKIKPCNN[ YCU VJG RGTUQPCN GODNGO QH 2JKNKR VJG )QQF *G EJQUG KV HQT KVU TGHGTGPEG VQ JKU HCVJGTŉU GODNGO C ECTRGPVGTŉU RNCPG YKVJ HN[KPI UJCXKPIU JG KP VWTP CNNWFKPI VQ VJG MPQVV[ ENWD GODNGO QH VJG (TGPEJ -KPI VJCV JG YKUJGF VQ TGFWEG VQ UJCXKPIU +V DGECOG VJG U[ODQN QH VJG $WTIWPFKCP *QWUG CPF HGCVWTGU QP OCP[ EQKPU CPF KP VJG EJCKP QH VJG 1TFGT QH VJG )QNFGP (NGGEG 'PE[ENQRGFKG XCP OWPVGP CPF DCPMDKNLGVVGP

(NQTKP FG $QWTIQIPG (NCPFGTU # 5CKPV #PFTGCU UVCPFKPI CPF JQNFKPI NCTIG ETQUU 5#0%685 ” ” #0&4'#5 ” 4 5JKGNF QH $WTIWPF[ QXGT ETQUU -#41.85 &'+ )4# %1 (.#0 (D X)* IT 9GNN UVTWEM CPF GZVTGOGN[ HKPG URGEKOGP

$QWIJV &GMMGT EQNNGEVKQP (TQO 5EJWNOCP #OUVGTFCO F F + VJKPM VJKU KU VJG UGEQPF GOKUUKQP +V UJQWNF FKURNC[ C URWT KORTKPV CU OQPG[GTŉU UKIP OQNGVVG F GRGTQP 6JCV YQWNF JCXG VQ DG VJG UOCNN TQUG VJGP

(NQTKP FG $QWTIQIPG )GNFGTNCPF # 5CKPV #PFTGCU UVCPFKPI CPF JQNFKPI NCTIG ETQUU 5#0%685 #0&4'#5 4 5JKGNF QH $WTIWPF[ QXGT ETQUU -#41. &+ ” )4# &8: ” $74 ” )'. X)* (D IT 8GT[ HKPG -ÒPMGT 1UPCDTÒEM #WEVKQP PQ 5VTWEM KP 0KLOGIGP *GTG VQQ WPFGT 5V #PFTGY C UOCNN ETQUU UOCNN TQUG #V VJG WRRGT CTO QH VJG ETQUU QP VJG TGXGTUG VJGTG KU C UVCT

448

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO -#41. „ &'+ „ )4# „ &: „ $) „ $4# „ < „ .+ JCPF 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 „ (#% „ 22./ 688 „ &01 „ # „ X)* IT 4 9GCMN[ UVTWEM QVJGTYKUG GZVTGOGN[ HKPG URGEKOGP YKVJ RNGCUKPIN[ RCVKPC

$QWIJV &GMMGT EQNNGEVKQP .GIGPF TGXGTUG 5#.88/ (#% 2128.8/ 688/ &1/+0' 1J .QTF RTQVGEV [QWT RGQRNG ,GT 2U

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO -#41. „ &'+ „ )4# „ &: „ $) „ $4# „ < „ .+ JCPF 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 „ (#% „ 22./ 688 „ &0' „ # „ X)* IT 4 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

&QWDNG DTKSWGV (NCPFGTU # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO -#41.85 ” &'+ ” )4# ” &8: ” $84) ” %1 ” ( ” 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88/ ” (#% ” 2128.8 ” 688 ” &0' X)* IT 4 'ZVTGOGN[ HKPG URGEKOGP YKVJ PKEG RCVKPC

$TKSWGV $TCDCPV # .KQP UKVVKPI CPF JQNFKPI VJG UJKGNF QH $WTIWPF[ -#41. „ &'+ „ )4# „ &8: „ $) „ $4# „ < „ .+ JCPF 4 %TQUU YKVJKP YTGCVJ QH HNQYGTU CPF SWCVTGHQKN KP VJG EGPVTG $'0'&+% „ *'4'&+6#6+ „ 68' „ # „ X)* IT 0KEG RCVKPC XGT[ HKPG VQ GZVTGOGN[ HKPG

&GNOQPVG $TWUUGN +P VJG GZGTIWG C YJGGN QH C JQTUGOCPŉU URWT QT OWNNGV UKIP QH VJG OQPG[GT /CTE NG $WPIPGVGWT

-TKEJGNFQTH (TGKDWTI #WEVKQP PQ 'Z -KTEJJGKOGT EQNNGEVKQP 6GZV TGXGTUG $'0'&+% *'4'&+6#6+ 68#' &1/+0' $NGUU 6J[ *GKTU 1 .QTF %QORCTKPI VJG EQKPU VQ VJG PQU CPF DQVJ NCUV QH /CTKC RTQXGU OQUV KPVGTGUVKPI 6JG FKGU CRRGCT VQ DG KFGPVKECN KP VJG HKGNF #NVJQWIJ VJG[ CEVWCNN[ CTGPŉV VJG[ FQ JCXG C HGY EJCTCEVGTKUVKEU KP EQOOQP 6JG QWVNKPG QH VJG GUEWVEJGQP CPF RGTJCRU KVU HKGNF CPF VJG ENCY QH VJG NKQP HQT KPUVCPEG YGTG UVTWEM YKVJ VJG UCOG RWPEJ 6JG UCOG CRRNKGU VQ VJG NKQPŉU JGCF CPF JKU JKPF SWCTVGTU 6JCV OGCPU VJCV C VQVCN QH VJTGG RWPEJGU YCU WUGF VQ OCPWHCE VWTG VJG FKG HQT VJKU EQKP +V OKIJV GXGP JCXG DGGP C UKPING RWPEJ YJKEJ YQWNF JCXG DGGP C ITGCV ICKP QH VKOG HQT VJG FKG UKPMGT CNVJQWIJ VJCV KU WPEGTVCKP DGECWUG C FKG EQPUKUVKPI QH C UKPING RWPEJ EQWNFPŉV CVVCKP GPQWIJ FGRVJ YKVJ VJCPMU VQ XCP $GGM HQT VJKU CPCN[UKU

449

&GOK DTKSWGV $TCDCPV # .KQP N -#41. â&#x20AC;&#x17E; &+ â&#x20AC;&#x17E; )4# â&#x20AC;&#x17E; &: â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4# â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+ JCPF 4 (NQTKCVGF ETQUU $'0'&+% â&#x20AC;&#x17E; #+# â&#x20AC;&#x17E; /'# â&#x20AC;&#x17E; &01 â&#x20AC;&#x17E; # X)* IT 5OCNN HNCP ETCEM XGT[ HKPG

)CNGTKG FGU /QPPCKGU )GPÂ½XG 6GZV TGXGTUG $'0'&+% #0+/# /'# &1/+01 2TCKUG VJG .QTF O[ UQWN 2U C C D C D

/#4+# #NTGCF[ FWTKPI %JCTNGU VJG $QNFÅ&#x2030;U TGKIP VJG DGUV YC[ QH GPFKPI CNN YCTU QPEG CPF HQT CNN YCU IGPGTCNN[ EQPUKFGTGF VQ DG /CTKCÅ&#x2030;U OCTTKCIG VQ VJG FCWRJKP *QYGXGT .QWKU :++ YCU DGPV QP GPHQTEKPI JKU RNCPU D[ VJG UYQTF 6JCV TWNGF QWV JKU ECPFKFCE[ CPF UQ /CTKC TGVWTPGF VQ JGT HQTOGT HKCPEÂ¾ /CZKOKNKCP QH #WUVTKC /CTEJ # JCNH [GCT CHVGT JGT HCVJGTÅ&#x2030;U FGCVJ UJG YGFFGF /CZKOKNKCP #WIWUV #V JGT HCVJGTÅ&#x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

(NQTKP FG $QWTIQIPG $TCDCPV # 5CKPV #PFTGCU UVCPFKPI CPF JQNFKPI NCTIG ETQUU 5#0%685 #0&4'#5 4 5JKGNF QXGT NQPI ETQUU /#4+# &8%+55 $) â&#x20AC;&#x17E; $4 < â&#x20AC;&#x17E; .+ ECUVNG (D X)* IT 4 8GT[ HKPG /Ã&#x2019;P\CWMVKQP 'UUGP #WEVKQP PQ

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO /#4+# â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; ) â&#x20AC;&#x17E; &8%+55 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4 â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+ â&#x20AC;&#x17E; JCPF 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 â&#x20AC;&#x17E; (#% â&#x20AC;&#x17E; 22./ 688 â&#x20AC;&#x17E; &0' # Q X)* C IT 0KEG RCVKPC XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ X)* RTQXKFGU C OQNGVVG F GRGTQP OWNNGV KP VJG GZGTIWG CV VJG FCVG DWV PQPG UWEJ HGCVWTGU JGTG

450

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO /#4+# â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; ) â&#x20AC;&#x17E; &8%+55 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4 â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+ ECUVNG 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 â&#x20AC;&#x17E; (#% â&#x20AC;&#x17E; 22./ â&#x20AC;&#x17E; 688 â&#x20AC;&#x17E; &0' # â&#x20AC;&#x17E; X)* D IT 0KEG RCVKPC XGT[ HKPG $QWTIG[ 2CTKU X)* IKXGU C UOCNN JCPF CHVGT VJG VGZV QP VJG QDXGTUG *GTG KPUVGCF C UOCNN ECUVNG

&QWDNG DTKSWGV *QNNCPF # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO /#4+# W &8%+55# W $) W %1/+6 W *1 4 5JKGNF QH $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 W (#% W 22./ W 688 W &0' X)* D IT 8GT[ HKPG

-Ã&#x2019;PMGT 1UPCDTÃ&#x2019;EM #WEVKQP PQ

$TKSWGV $TCDCPV # .KQP UKVVKPI CPF JQNFKPI VJG UJKGNF QH $WTIWPF[ /#4+# â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; ) â&#x20AC;&#x17E; &8%+55 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4#$ â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+ JCPF 4 (NQTKCVGF ETQUU YKVJ RGNNGV KP VJG EGPVTG $'0'&+% â&#x20AC;&#x17E; *'4'&+6#6+ â&#x20AC;&#x17E; 68' â&#x20AC;&#x17E; # â&#x20AC;&#x17E; X)* C IT 0KEG RCVKPC XGT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ

$TKSWGV (NCPFGTU # .KQP UKVVKPI CPF JQNFKPI VJG UJKGNF QH $WTIWPF[ /#4+# â&#x20AC;&#x17E; &'+ â&#x20AC;&#x17E; ) â&#x20AC;&#x17E; &8%+55 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4#$ â&#x20AC;&#x17E; < â&#x20AC;&#x17E; .+ ECUVNG 4 (NQTKCVGF ETQUU YKVJ RGNNGV KP VJG EGPVTG $'0'&+% â&#x20AC;&#x17E; *'4'&+6#6+ â&#x20AC;&#x17E; 68' â&#x20AC;&#x17E; # â&#x20AC;&#x17E; X)* D IT 9GCMN[ UVTWEM XGT[ HKPG $QWIJV &GEMGT EQNNGEVKQP (TQO 5EJWNOCP #OUVGTFCO #WEVKQP PQ X)* OGPVKQPU QPN[ C UOCNN JCPF CHVGT VJG VGZV QP VJG QDXGTUG

451

)TQU $TCDCPV # )TGCV / KP SWCVTGHQKN /#4+# ' &7%+55# ' $) ' $4#$ ' < ' .+ ECUVNG 4 (NQTKCVGF ETQUU $'0'&+% ' #+# ' /'# ' &01 ' # ' X)* C IT 4 8GT[ HKPG 4QOWPV 4QGTOQPF

)TQU (NCPFGTU # )TGCV / KP SWCVTGHQKN /#4+# &8%+55# $) %1 (. 4 (NQTKCVGF ETQUU $'0'&+% #+# /'# &01 X)* C IT 5OCNN UVTCEGU QH GPETWUVCVKQP XGT[ HKPG 'NUGP $TWUUGN

)TQU *QNNCPF # )TGCV / KP SWCVTGHQKN /#4+# &8%+55# $) %1 *1 4 (NQTKCVGF ETQUU $'0'&+% #+# /'# &01 X)* C IT 6TCEGU QH EQTTQUKQP HKPG VQ XGT[ HKPG /ร P\GP WPF /GFCKNNGP $CUGN

&QWDNG OKVG (NCPFGTU # )QVJKE / รฐ /#4+# %1/+6 (.# 4 %TQUU รฐ +0 01/+0' &1/+0+ X)* C IT #NOQUV XGT[ HKPG 'NUGP $TWUUGN

452

)TQU (NCPFGTU # #PIWNCT / รฐ /#4+# %1/+6 (.#0& 4 (NQTKCVGF ETQUU รฐ +0 01/+0' &1/+0+ X)* IT 44 9GCMN[ UVTWEM CPF VTCEGU QH GPETWUVCVKQP XGT[ HKPG 'NUGP $TWUUGN 6GZV TGXGTUG +P VJG PCOG QH VJG .QTF #OGP 2U C

&QWDNG OKVG (NCPFGTU # )QVJKE / รฐ +0 โ 01/+05 โ &1/+0+ 4 %TQUU รฐ /#4+# โ %1/+6 โ (. # X)* D IT 5OCNN GFIG HCWNV XGT[ HKPG

'NUGP $TWUUGN

&QWDNG OKVGU FG $TCDCPV $TCDCPV # )QVJKE / /KPWUEWNG JCPF /#4+# ' &8%+55 ' $) ' $4 ' < ' .+ 4 %TQUU 241 ' &'1 ' &# ' 2#82'4+$85 X)* IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV 5GRVGODGT PQ 6GZV TGXGTUG )KXG VQ VJG RQQT KP VJG PCOG QH )QF /CV

2*+.+25 FG 5%*10' +P (NCPFGTU KOOGFKCVGN[ CHVGT /CTKCล U FGCVJ QRRQUKVKQP TQUG CICKPUV /CZKOKNKCP (QWT [GCT QNF 2JKNKR YCU RTQENCKOGF EQWPV KP WPFGT C TGIGPE[ EQWPEKN HTQO YJKEJ /CZKOKNKCP YCU HNCITCPVN[ GZENWFGF +V YCU TCVJGT [GV CPQVJGT CVVGORV D[ )JGPV CV GNGXCVKQP VQ EKV[ UVCVG CHVGT +VCNKCP GZCORNG 6JG QVJGT FKUVTKEVU YGTG TKNGF D[ VJKU CTDKVTCT[ DGJCXKQWT 6JWU /CZKOKNKCP KP EQWNF OCTEJ KPVQ )JGPV KVU NGCFGT ,QJP %QRRGPJQNG JCF VQ HNGG CPF JG IQV JKU JCPFU QP NKVVNG 2JKNKR CICKP 1P VJG VJ (GDTWCT[ /CZKOKNKCP YCU GNGEVGF 4QOCP MKPI CPF QP #RTKN QH VJCV [GCT ETQYPGF KP #CEJGP 9JGP /CZKOKNKCP QPEG CICKP UVCTVGF DWKNFKPI WR C EQCNKVKQP CICKPUV (TCPEG VJG FKUVTKEVU JCF JCF GPQWIJ +P )JGPV ,QJP %QRRGPJQNG TGVWTPGF CPF YJGP /CZKOKNKCP ECTGNGUUN[ XGPVWTGF KPVQ VJG EKV[ JG YCU VCMGP RTKUQPGT CPF FGVCKPGF HTQO (GDTWCT[ VQ /C[ *KU HCVJGT 'ORGTQT (TGFGTKEM +++ JCF VQ HTGG JKO YJKEJ JQYGXGT FKFPล V DTGCM )JGPV TGUKU VCPEG %QPVTCT[ YKVJ VJG (TGPEJ MKPIล U CUUGPV QYP EQKP YCU UVTWEM KP 2JKNKRล U PCOG 6JKU YQWNF NCUV WPVKN +P VJG RGTKQF CTQWPF TGDGNNKQP DTGYGF RCTVKEWNCTN[ KP VJG UQWVJGTP 0GVJGTNCPFU CNVJQWIJ VJGTG YGTG CNUQ UQOG GRKUQFGU KP VJG PQTVJGTP 0GVJGTNCPFU 6JG *QQM CPF %QF 9CTU DNC\GF WR CPGY ,QPMGT (TCPUGP 9CT +V YQWNF VCMG WPVKN HQT VJKPIU VQ UGVVNG FQYP %QKPCIG TGHNGEVU VJGUG VTQWDNGF VKOGU XGT[ YGNN +P )WGNFGTU YCU FGHKPKVKXGN[ NQUV /CZKOKNKCP QH EQWTUG FKF CEV CU [QWPI 2JKNKRล U IWCTFKCP CICKP UVCTVKPI +P /CZKOKNKCP FGXKUGF C EQCV QH CTOU HQT 2JKNKR KPEQTRQTCVKPI VJG SWCTVGTU QH VJG CTEJFWEJ[ #WUVTKC VJG FWEJKGU $WTIWPF[ CPF $TCDCPV CPF VJG EQWPVKGU 6KTQN CPF (NCPFGTU 1P #WIWUV /CZKOKNKCP UWEEGGFGF JKU HCVJGT CU GORGTQT 5KPEG /CZKOKNKCPล U KOOG FKCVG CVVGPVKQP YCU PQY PGGFGF GNUGYJGTG 2JKNKR YCU FGGOGF QH CIG KP JG YCU [GCTU QNF CV VJG VKOG CPF ITCFWCNN[ DGECOG CEEGRVGF KP VJG UGXGTCN FKUVTKEVU HKPCNN[ KP (NCPFGTU KP 1P 1EVQDGT 2JKNKR YGFFGF 5RCPKUJ ,QCPPC QH %CUVKNG #HVGT VJG FGOKUG QH JKU OQVJGT KP NCY +UCDGNNC QH %CUVKNG JG DGECOG MKPI QH 5RCKP KP 6JKU PGEGUUKVCVGF NQPIGT UVC[U KP 5RCKP YJGTG JG JQYGXGT UQQP FKGF QP 5GRVGODGT 453

2JKNKRÅ&#x2030;U OKPVKPI KU OCTMGF D[ GOKUUKQPU 6JG UV GOKUUKQP TCP HTQO VQ UJQTVN[ KPVGTTWRVGF KP PF GOKUUKQP 1PN[ VJG PCOG QH 2JKNKR CRRGCTU QP VJG EQKPU 6JG TF GOKUUKQP YCU CTTCPIGF HQT VJG QEECUKQP QH /CZKOKNKCPÅ&#x2030;U EQTQPCVKQP

4QOCP MKPI 1P VJG NCTIG IQNF TGCN JKU PCOG CRRGCTU KP HWNN DWV QP VJG NCVGT EQKPU KP VJKU GOKUUKQP JG KU OGTGN[ KPFKECVGF D[ CP / C RQTVTCKV QT C OQPQITCO 2JKNKRÅ&#x2030;U PCOG KU QH OKPQT KORQTVCPEG 6JG VJ GOKUUKQP YCU C YCT GOKUUKQP #NN EQKPU TGCF 2GCEG KU C TGHQTOCVKQP QH YCT VYQ V[RGU XCT[ 2GCEG TGUVQTG YJCV YCU NQUV VJTQWIJ YCT PQ CPF 2GCEG KU C TGHQTOCVKQP CHVGT YCT PQ +VU UVCTV EQKPEKFGF YKVJ VJCV QH VJG KPFGRGPFGPV GOKUUKQP QH )JGPV YJKEJ KPEKFGPVCNN[ YQWNF NCUV WPVKN +P VJG VJ CPF VJG VJ GOKUUKQPU VJG PCOG QH /CZKOKNKCP CRRGCTGF PQY YKVJ VJG VKVNG RCVGT JQYGXGT HCVJGT QH 2JKNKR! 6JG VJ GOKUUKQP CPF VJG VJ GOKUUKQP YGTG VJG GOKUUKQPU QH 2JKNKRÅ&#x2030;U OCVWTKV[ 0CVWTCNN[ /CZKOKNKCPÅ&#x2030;U PCOG PQ NQPIGT HGCVWTGU UV GOKUUKQP %QKPCIG #EV UV QH ,WN[ TF QH 0QXGODGT

#U JKU HCVJGT /CZKOKNKCP YCU CTEJFWMG QH #WUVTKC 2JKNKR YCU CNUQ GPVKVNGF VQ VJKU VGTTKVQT[ 1P JKU EQKPU VJG VKVNG #TEJKFWE #WUVTKC CRRGCTU 6JG EQCV QH CTOU YCU CNVGTGF VQQ #WUVTKC CPF 6KTQN GPVGTGF HQT TGCUQPU QH RTCEVKECNKV[ VJKU KU CNYC[U TGHGTTGF VQ CU VJG EQCV QH CTOU QH #WUVTKC $WTIWPF[ VJQWIJ VJGTG CTG UQOG XCTKCVKQPU

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO /10'6# â&#x20AC;&#x17E; &8% â&#x20AC;&#x17E; #856 â&#x20AC;&#x17E; .16 â&#x20AC;&#x17E; $4#$ â&#x20AC;&#x17E; .+ â&#x20AC;&#x17E; <% 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 â&#x20AC;&#x17E; (#% â&#x20AC;&#x17E; 22./ â&#x20AC;&#x17E; 688 â&#x20AC;&#x17E; &0' â&#x20AC;&#x17E; #Q â&#x20AC;&#x17E; X)* E IT 8GT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ

&QWDNG DTKSWGV $TCDCPV # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO /10 Q #4 Q &8 Q #8564+' Q $4#$#0%+' 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 â&#x20AC;&#x17E; (#% â&#x20AC;&#x17E; 22./ Q 688 â&#x20AC;&#x17E; &0' â&#x20AC;&#x17E; # â&#x20AC;&#x17E; X)* D IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV #WIWUV PQ 5JKGNF #WUVTKC $TCDCPV $WTIWPF[ 6KTQN CPF .KODWTI NKQP YKVJ FQWDNGF VCKN X)* RTQXKFGU CP QDXGTUG VGZV CU QP ++C D C TGXGTUG VGZV CU QP ++D E

454

&QWDNG DTKSWGV )GNFGTNCPF # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO VJTGG TQUGU DGNQY ETQUU QH )WGNFGT /10'6# #4%*+&8%8 #8' $) )'.4 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU ETQUU QH )WGNFGT 08/ #4)'6'85 )'.' +0 01+' :2+ X)* IT 0KEG RCVKPC XGT[ HKPG

Elsen - $TWUUGN, Auction 74 (2003), no. 1471. 5VTWEM KP <CNVDQOOGN DGVYGGP CPF EQKP YCU GZENWUKXGN[ UVTWEM KP <CNVDQOOGN +P VJG GZGTIWG VJTGG TQUGU +P VJG [GCTU VJG OQPG[GT QH )WGNFGTU YCU $GTPCTF 2TQ[U ! YJQ YQTMGF KP #TPJGO 0KLOGIGP CPF <CNVDQOOGN 5JKGNF #WUVTKC $WTIWPF[ $TCDCPV 6KTQN CPF )WGNFGTU

&QWDNG DTKSWGV *QNNCPF # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO ETQUU DGNQY /1 â&#x20AC;&#x17E; #4%*+&8%8 â&#x20AC;&#x17E; #856 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; %1 â&#x20AC;&#x17E; *1. 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU 5#.88 â&#x20AC;&#x17E; (#% â&#x20AC;&#x17E; 22./ â&#x20AC;&#x17E; 688 â&#x20AC;&#x17E; &0' â&#x20AC;&#x17E; X)* IT 4 /CIPKHKEGPV RCVKPC GZVTGOGN[ HKPG

'NUGP $TWUUGN #WEVKQP PQ +P VJG GZGTIWG C TQUG QH UQTVU VJCV X)* FGVGTOKPGU C TQUCEG /QPG[GT HTQO VQ OQPG[GTÅ&#x2030;U UKIP TQUG YCU #PVJQPKWU FG .QWEMGTG 5JKGNF #WUVTKC $WTIWPF[ $TCDCPV 6KTQN CPF *QNNCPF

)TQU $TCDCPV # )TGCV / KP SWCVTGHQKN /10 Q #4 Q &8 Q #8564+' Q $4#$#0%+' 4 (NQTKCVGF ETQUU $'0'&+% Q #+# Q /'# Q &01 Q # Q X)* IT 44 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ

)TQU )GNFGTNCPF # )TGCV / KP SWCVTGHQKN ETQUU QH )WGNFGT /10 #4%*+&8% #8' $) )' 4 (NQTKCVGF ETQUU ETQUU QH )WGNFGTU $'0'&+% #+# /'# &1/+0 X)* IT 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ (TQO 'NUGP $TWUUGN #WEVKQP PQ

455

)TQU *QNNCPF # #PIWNCT / HKTG UVGGN /1 Q #4&8% Q #856 Q $) Q %1 Q *1. 4 (NQTKCVGF ETQUU HKTG UVGGN +0 Q 01/+0' Q &1/+0+ Q #/'0 X)* C IT 4 (KPG VQ XGT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV 0QXGODGT PQ

)TQU *QNNCPF # 4QOCP / Ã° /1 #4 &8% #856 $ %1 *1 4 %TQUU Ã° +0 01/+0' &1/+0+ # X)* D IT 4 8GT[ HKPG *GP\GP #OGTQPIGP (TQO NKUV PQ X)* IKXGU CP KPVGTRWPEVKQP QH C RGNNGV DWV VJKU KU ENGCTN[ C FQWDNG RGNNGV

&QWDNG OKVG (NCPFGTU # .KQP TCORCPV N /1 Å¸ #4%*+&8 Å¸ #856 Å¸ $) Å¸ %1 Å¸ ( 4 %TQUU YKVJ NKU KP VJG EGPVTG +0 Å¸ 01/+0' Å¸ &1/+0+ Å¸ # X)* IT 4 +P VJKU EQPFKVKQP XGT[ HKPG

%TGFKV FG NC $QWTUG 2CTKU #WEVKQP PQ

PF GOKUUKQP %QKPCIG #EV VJ QH #WIWUV +P URTKPI QH /CZKOKNKCP ENQUGF CNN OKPVU CPF QRGPGF C PGY QPG KP /GEJGNGP *GPEG VJG EQKPU UVTWEM VJGTG YGTG ECNNGF /GEJGNCCTU 6JG PF GOKUUKQP QPN[ NCUVGF C HGY OQPVJU

&QWDNG RCVCTF $TCDCPV # 5JKGNF QH #WUVTKC $WTIWPF[ /1 â&#x20AC;&#x17E; #4%*+&8%8 â&#x20AC;&#x17E; #856 â&#x20AC;&#x17E; $) â&#x20AC;&#x17E; $4 â&#x20AC;&#x17E; &05 â&#x20AC;&#x17E; /. 4 (NQTKCVGF ETQUU YKVJ NKQP KP VJG EGPVTG 5+6 â&#x20AC;&#x17E; 01/'0 â&#x20AC;&#x17E; &1/+0+ â&#x20AC;&#x17E; $'0'&+%68/ X)* IT 8GT[ HKPG 'NUGP $TWUUGN (TQO NKUV PQ 5JKGNF #WUVTKC $WTIWPF[ PGY $WTIWPF[ $TCDCPV $WTIWPF[ $TCDCPV $WTIWPF[ PGY #WUVTKC CPF .KODWTI NKQP YKVJ FQWDNGF VCKN

456

&QWDNG RCVCTF (NCPFGTU # 5JKGNF QH #WUVTKC $WTIWPF[ /1 X #4%*+&8%8 X #856 X $) X %1 X (.# 4 (NQTKCVGF ETQUU YKVJ NKU KP VJG EGPVTG 5+6 X 01/'0 X &0+ X $'0'&+%68/ X X)* IT 2CVKPC XGT[ HKPG 'NUGP $TWUUGN #WEVKQP PQ 5JKGNF EH PQ YKVJ (NCPFGTU

TF GOKUUKQP VJ #RTKN +P /CZKOKNKCP YCU ETQYPGF 4QOCP MKPI 6JG EQKPU QH VJG TF GOKUUKQP TGHGT VQ VJKU QEECUKQP 6JG PCOG QH /CZKOKNKCP HGCVWTGU QP VJG EQKPU CU YGNN CU VJG QPG JGCFGF KORGTKCN GCING QPG JGCF HQT VJG 4QOCP MKPI CPF VYQ HQT VJG 'ORGTQT 6YQ EQKPU KP RCTVKEWNCT YGTG VQ CFF URNGPFQT VQ JKU EQTQPCVKQP CU 4QOCP MKPI VJG NCTIG IQNF TGCN CPF VJG UKNXGT TGCN

4Â¾CN F CTIGPV $TCDCPV # -KPI T YKVJ UYQTF CPF QTD %8561&+#6 Q % #614 Q 1+ / Q *8+ .' Q 59 Q 59 Q 4 /QPQITCO QH /CZKOKNKCP CPF 2JKNKRR HKTG UVGGN &'6 Q 6+$+ +64+5 Q 8 HKTG UVGGN 686 Q < Q +%'. ).14+# X)* IT 'ZVTGOGN[ TCTG CNOQUV GZVTGOGN[ HKPG URGEKOGP YKVJ PKEG RCVKPC

'NUGP $TWUUGN 6GZVU # %8561&+#6 %4'#614 1/0+8/ *8/+.'/ 5'488/ 5'488/ 6JG ETGCVQT QH CNN UCXG JKU JWO DNG UGTXCPV 4 &'6 6+$+ +06'44+5 8+4686'/ '6 +0 %'.+5 ).14+#/ *G IKXGU [QW XKTVWG QP VJG GCTVJ CPF INQT[ KP VJG JGCXGPU %QPVTCT[ VQ VJG IQNF TGCN VJKU EQKP HGCVWTGU PGKVJGT /CZKOKNKCPÅ&#x2030;U PCOG PQT 2JKNKRÅ&#x2030;U /CZKOKNKCP KU KPFKECVGF YKVJ C TQ[CN RQTVTCKV CPF DQVJ VJGKT OQPQITCOU HGCVWTG 6JKU EQKP EQOGU KOOGFKCVGN[ CHVGT VJG IQNF TGCN DQVJ GZRTGUU /CZKOKNKCPÅ&#x2030;U UKIPKHKECPEG 6JG $WTIWPFKCP PQDNG FKFPÅ&#x2030;V CRRGCT WPVKN NCVGT

457

0QDNG FG $QWTIQIPG *QNNCPF # %TQYPGF MKPI KP UJKR YKVJ UYQTF CPF QTD QP VJG UJKR DGVYGGP VYQ HKTG UVGGNU VJG OQPQITCO QH /CZKOKNKCP CPF 2JKNKRR / & ) 41 4': '6 2*5 #4%*+&8%'5 #8 $) %1 *1 4 5JKGNF QH /CZKOKNKCP QP HNQTKCVGF ETQUU YKVJ ETQYPU CPF GCINGU KP VJG CPINGU Ã± /1 #84+# 41 4()+5 (6 2*+ #4%*+& #8 $) %1 *1. (D X)* IT 44 5OCNN UETCVEJGU QP VJG QDXGTUG XGT[ HKPG

*GP\GP #OGTQPIGP (TQO NKUV PQ 'Z 8G[PCW EQNNGEVKQP 5RKPM <Ã&#x2019;TKEJ #WEVKQP PQ 'Z 5RKPM <Ã&#x2019;TKEJ #WEVKQP PQ 6JG / CV VJG DGIKPPKPI QH VJG QDXGTUG VGZV KU PQV VJG CDDTGXKCVKQP QH /QPGVC DWV QH /CZKOKNKCP 6JG OQPQITCO QP VJG UJKRÅ&#x2030;U UKFG KU VJG UCOG CU KU HQWPF QP VJG UKNXGT TGCN PQ %QCV QH CTOU NGHV QPG JGCFGF KORGTKCN GCING PQV 6KTQN TKIJV WRRGT #WUVTKC NQYGT $WTIWPF[ 6JG TGXGTUG VGZV EQPVCKPU UGXGTCN GTTQTU 6JG + KP #84+# UJQWNF DG CP ' KP VJG UCOG YQTF VJG 8 YCU CP / VJCV YCU EJCPIGF VQ C 8 VJG ( KP 4()+5 CU YGNN CU VJG QPG KP (6 UJQWNF DG CP ' 6JG GFIG QH VJG UJKR VJCV YQWNF FKURNC[ VJG NGQRCTFU CPF VJG NKU QP C TGIWNCT PQDNG JGTG UJQYU VJG OQPQITCO QH /CZKOKNKCP CPF 2JKNKR GZCEVN[ CU VJG TGXGTUG QH VJG UKNXGT TGCN HNCPMGF D[ VYQ ETQUUGF VQTEJGU CPF C HKTG UVGGN 6YQ FKHHGTGPV VGZVU OC[ DG FKUVKPIWKUJGF FKUVTKDWVGF COQPI UGXGTCN FKGU V[RG # XF%J # / & ) 41 4': '6 2*5 #4%*+&8%'5 #8 $ %1 *1 4 /1 #84'# 41 4')+5 '6 2*+ #4%*+& #8 $) %1 *1. V[RG $ XF%J # / & ) 41 4': '6 2*5 #4%*+&8%'5 #8 $) %1 *1 4 /1 #84'# 41 4')+5 '6 2*+ #4%*+& #8 $) %1 *1. 6JKU KU C V[RG $ EQKP URGEKOGPU CTG VTCEGCDNG -2- V[RG # KPX 0Q -2- V[RG $ KPX 0Q &G 0GFGTNCPFUEJG $CPM

V[RG # HTQO CWEVKQP *GNDKPI Å&#x2020; /Ã&#x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

458

&QWDNG ITKHHQP $TCDCPV # 6YQ ITKHHQPU JQNFKPI HKTG UVGGN CPF HNKPVUVQPG Ã± / 1 Q # 4)6 Q 41 Q 4) Q < Q 2*+ Q #4&8 Q #8 Q $) Q $ 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU Ã&#x2013; 5#.88 Q (#% Q &0' Q 22./ Q 688 Q X)* E IT 44 5OCNN UETCVEJGU XGT[ HKPG

'NUGP $TWUUGN /CZKOKNKCP WUGF VJG ITKHHKP CU C RGTUQPCN GODNGO 6JG NGIGPFCT[ ETGCVWTG KU OCFG WR QH VJG JKPF SWCTVGTU CPF NGIU QH C NKQP VJG VQTUQ QH CP GCING CPF VJG GCTU QH C JQTUG 6JKU GODNGO KU QHVGP CEEQORCPKGF D[ /CZKOKNKCPÅ&#x2030;U UNQICP *CNV /CUU YJKEJ KU CNUQ QDUGTXGF QP VJG IQNF TGCN 6GPG /GPUXTCO 6JG FQWDNG CPF UKPING ITKHHQPU CNN UWRRQTV C UKOKNCT UCOG EQCV QH CTOU CU KU FKURNC[GF QP VJG $WTIWPFKCP PQDNG /CZKOKNKCPÅ&#x2030;U PCOG KU PQV QP VJG FQWDNG ITKHHKP 2JKNKRÅ&#x2030;U KU

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&QWDNG DTKSWGV PF GOKUUKQP # 6YQ .KQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO CPF )#0&# KP VJG DQVVQO HKGNF 2*5 &'+ )4# &8: $ %1/'5 (.#0&4 4 5JKGNF QH (NCPFGTU QP HNQTKCVGF ETQUU (+#6 2#: +0 8+4686' 68# '6 *#$ X)* C IT 44 +P VJKU EQPFKVKQP GZVTGOGN[ HKPG

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&QWDNG DTKSWGV PF GOKUUKQP # 6YQ .KQPU UKVVKPI CPF HCEKPI GCEJQVJGT HKTG UVGGN DGVYGGP VJGO CPF )#0&# KP VJG DQVVQO HKGNF 2*5 , &'+ , )4# , &8: , $ , %1/'5 , (.# 4 5JKGNF QH (NCPFGTU QP HNQTKCVGF ETQUU (+#6 , 2#: , +0 , 8+4686' , 68# , '6 , * X)* D IT 4 'URGEKCNN[ KP VJKU EQPFKVKQP XGT[ HKPG VQ GZVTGOGN[ HKPG &GNOQPVG $TWUUGN

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$TKSWGV PF GOKUUKQP # .KQP TCORCPV YKVJ Z Z Z KP VJG DQVVQO HKGNF 2*5 &'+ )4# &8: %1 (.# 4 (NQTKCVGF ETQUU YKVJ NKU KP VJG EGPVTG (+#6 2#: +0 8+4686' 68# X)* C IT 4 +P VJKU EQPFKVKQP XGT[ HKPG

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&QWDNG OKVG PF GOKUUKQP # 5JKGNF QH (NCPFGTU 2*5 &'+ )4# &8: $ %1 (. 4 1TPCOGPVGF ETQUU YKVJ NKU KP VJG EGPVTG +0 &1/+01 %10(+&1 X)* IT 4 8GT[ HKPG 9#) &QTVOWPF #WEVKQP PQ .GIGPF TGXGTUG +P VJG .QTF + VCMG TGHWIG 2U C

&QWDNG OKVG WPEGTVCKP GOKUUKQP # .KQP TCORCPV 2*5 &'+ )4# &8: $ % (. 4 %TQUU YKVJ NKU KP VJG EGPVTG +0 &1/+01 %10(+&1 X)* C IT 8GT[ HKPG

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&QWDNG OKVG WPEGTVCKP GOKUUKQP # .KQP TCORCPV N 2*5 &'+ )4# &8: %1 (. 4 %TQUU YKVJ NKU KP VJG EGPVTG +0 &1/+01 %10(+&1 X)* C IT 8GT[ HKPG

'NUGP $TWUUGN

&QWDNG OKVG WPEGTVCKP GOKUUKQP # .KQP TCORCPV 2*5 &'+ )4# &8: %1 (. 4 %TQUU YKVJ NKU KP VJG EGPVTG +0 &1/+01 %10(+&1 X)* C IT 8GT[ HKPG

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VJ GOKUUKQP %QKPCIG #EV VJ QH &GEGODGT

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)TQU *QNNCPF # #TOU QH #WUVTKC $WTIWPF[ KP VJG HKGNF Ã± 2*+ #4&8 #856 $84 %1 *1 4 .QPI ETQUU YKVJ TQUG KP VJG EGPVTG VYQ NKQPU CPF VYQ NKU KP VJG CPINGU Ã± /#:+.+#0 Q 4': Q 41/# Q 2# X)* IT 44 5OCNN HNCP XGT[ HKPG

-PGKPUDGTI #OUVGNXGGP

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VJ GOKUUKQP %QKPCIG #EV VJ /CTEJ

&QWDNG DTKSWGV )GNFGTNCPF # 6YQ NKQPU UKVVKPI CPF HCEKPI GCEJQVJGT YKVJ HKTG UVGGN DGVYGGP VJGO ETQUU QH )WGNFGTU 2*5 #4%*+&8: #8564+' $74) < )'. UJKGNF QH /GEJGNGP KP GZGTIWG 4 5JKGNF QH #WUVTKC $WTIWPF[ QXGT HNQTKCVGF ETQUU ETQUU QH )WGNFGTU 5#.88 (#% 2128.8/ 688/ &0' X)* IT 44 5OCNN HNCP XGT[ HKPG

*GP\GP #OGTQPIGP XF%J 5VTWEM CV /GEJGNGP 'NWEKFCVKQP XF%J R +P OQTG VJCP JCNH C EGPVWT[ CHVGT OCPWHCEVWTG VJKU EQKP YCU YQTVJ HQWT ITQCV CPF QPG QQTV UVWKXGT

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$TKSWGV (NCPFGTU # .KQP JQNFKPI UJKGNF QH #WUVTKC $WTIWPF[ 2*5 Ã£ #4%*+& Ã£ #856 Ã£ $84) Ã£ %1 Ã£ (.#0&4 4 (NQTKCVGF ETQUU YKVJ NKU KP VJG EGPVTG /#:+/ Ã£ 4': Ã£ 41/#0148/ Ã£ 2#6'4 Ã£ X)* C IT (NCP FGHGEV CV VJG GFIG XGT[ HKPG

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6QKUQP F CTIGPV $TCDCPV # %TQYPGF UJKGNF QH 2JKNKRU 2*5 &'+ )4# #4%*+& #856' &8: $) $4# 4 6JG )QNFGP (NGGEG WPFGT VYQ HKTG UVGGNU Þ +0+%+8/ 5#2+'0%+'

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VJ GOKUUKQP %QKPCIG #EV VJ QH (GDTWCT[

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470

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474

475

476

NUMISMATISCHE AUSDRÜCKE EXPRESSIONS NUMISMATIQUES NUMISMATIC TERMS TERMINI DI NUMISMATICA DEUTSCH

ENGLISCH

FRANÇAIS

ITALIANO

Abschlag Am Rand Berieben Blei Dezentriert Doppelschlag Einfassung Einseitig Emailliert Erhaltung Etwas Exemplar Fassungsspuren Fehlprägung Feld(er) Fundexemplar Gedenkmünze Geglättet Gelocht Geprägt Gewellt Goldpatina Hübsch Jahrh. = Jahrhundert. Kl. = klein Korrosionsspuren Kratzer Kupfer Legierung Leicht(e) l. = links Min. = minimal Nachahmung Prachtexemplar Prägeschwäche Randdelle Randfehler Randschrift r. = rechts Rückseite Schriftspuren Schrötling Schrötlingsfehler Schwach ausgeprägt Selten in dieser Erhaltung Seltener Jahrgang Stempel Stempelfehler Überdurchschnittlich erhalten Überprägt Unediert Unikum Vergoldet Von aller größter Seltenheit Vorderseite Winz.= winzig Zain Zierrand Zinn Ziseliert

struck at the rim/border slightly polished lead uncentered double struck frame uniface enamelled condition/preservation slightly specimen, copy trace of mounting mis-strike field(s) specimen from a hoard commemorative coin tooled holed minted bent golden patina attractive century small traces of corrosion scratch(es) copper alloy slightly left minimal imitation attractive, perfect piece weakly struck edge nick edge faults lettered edge to right reverse traces of inscription flan flan defect weakly struck rare in this condition rare year die(s) mistake in the die extraordinary condition overstruck unpublished unique specimen gilt extremely rare head tiny flan ornamental border tin chased

frappe en tranche frotté plomb decentré double frappe encadrement uniface émaillé conservation un peu exemplaire traces de monture défaut de frappe champ de trésor monnaie commemorative lissé troué frappé ondulé patine dorée joli siécle petit traces de corrosion rayure cuivre alliace légère gauche minimal imitation pièce magnifique de frappe molle défaut sur la tranche erreur sur la tranche inscription sur la tranche droite revers traces de légende flan Flan défectueux de frappe molle conservation rare année rare coin erreur de frappe conservation extraordinaire surfrappé inédit pièce unique doré très rare en face petit flan tranche ornée étain ciselé

coniazione al bordo trattato piombo non centrato ribattitura cornice uniface smaltato conservazione un poco esemplare tracce di montatura difetto di coniazione campo da tesoretto moneta commemorativa liscio bucato coniato ondolato patina d´oro carino secolo piccolo segni di corrosione graffio(i) rame lega leggero sinistra minimamente contraffazzione esemplare magnifico conio stanco ammaccatura al bordo errore nel bordo inscrizione sul bordo destra rovescio tracce di leggenda tondello errore di tondello conio stanco conservazione rara annata rara conio errore di conio conservazione estraordinaria ribattuto inedito pezzo unico dorato di estrema raritá diritto veramente piccolo tondello taglio ornato stagno cesellato 477

VERSTEIGERUNGSBEDINGUNGEN Die Versteigerung erfolgt im Auftrag und für Rechnung der Eigentümer unter Einhaltung der sich aus der Versteigerungsordnung (BGB1 I 1976, 1346) ergebenden und für Kommissionäre geltenden gesetzlichen Bestimmungen des BGB und HGB gegen Barzahlung des Kaufpreises in -Währung. Durch Abgabe eines Gebotes werden die Versteigerungsbedingungen anerkannt, dies gilt auch für die schriftlichen Gebote. Der Zuschlagpreis ist Nettopreis im Sinne des Mehrwertsteuergesetzes und bildet die Berechnungsgrundlage für das vom Käufer zu zahlende Aufgeld in Höhe von 15 %. Auf den daraus entstehenden Gesamtpreis (Zuschlag + Aufgeld) wird die zur Zeit gültige, ermäßigte Mehrwertsteuer von 7 % erhoben. Papiergeld unterliegt ebenfalls dem ermäßigten Steuersatz. Goldmünzen, bei denen Zuschlagpreis und Aufgeld geringer ist als das zweieinhalbfache des Metallpreises, unterliegen dem normalen Mehrwertsteuersatz von zur Zeit 16%, ebenso historische Wertpapiere. Goldmünzen, die als Anlagegold gelten, sind mehrwertsteuerfrei. Ausländischen Käufern aus Ländern der europäischen Gemeinschaft wird die in Deutschlang gültige Umsatzsteuer berechnet. Anderen ausländischen Käufern (aus Drittländern) wird, sofern die Münzen durch uns exportiert werden, ein Aufgeld von 15 % netto auf den Zuschlagpreis berechnet; sie erhalten die Lieferung nur gegen Zahlung des Kaufpreises in - Währung, bankspesenfrei. Ausländischen Münzhändlern aus Ländern der europäischen Gemeinschaft wird bei Nachweis der Umsatzsteuer-Identifikationsnummer (§ 27 a USTG) und der sonstigen Voraussetzungen gemäß § 4 Nr. 1 b USTG in Verbindung mit § 6 a USTG die Lieferung ohne Umsatzsteuer berechnet. Sofern nichts anderes vereinbart wird, ist die Zahlung der Auktionsrechnung bei anwesenden Käufern sofort, bei schriftlichen Bietern spätestens 20 Tage nach Erhalt fällig. Bei Zahlungsverzug werden Zinsen von 1 % pro Monat berechnet. Wird die Zahlung nicht sofort an den Versteigerer geleistet oder die Abnahme der zugeschlagenen Sache verweigert, so findet die Übergabe der Sache an den Ersteigerer nicht statt. Der Ersteigerer verliert vielmehr seine Rechte aus dem Zuschlag, und die Sache kann auf seine Kosten erneut versteigert werden. In diesem Fall haftet der Ersteigerer für den Ausfall, dagegen hat er auf dem Mehrerlös keinen Anspruch. Der Zuschlag erfolgt nach dreimaligem Ausruf des höchsten Gebotes und verpflichtet zur Abnahme und Zahlung. Bei Meinungsverschiedenheiten über den Zuschlag wird die Nummer noch einmal ausgerufen. Der Versteigerer ist berechtigt, Nummern zu vereinigen oder zu trennen. Eine Vorausnahme von Nummern erfolgt nicht. Der Zutritt zur Versteigerung ist nur Interessenten gestattet, die einen Katalog besitzen. Die Mindeststeigerungsstufen für das Bietungsverfahren betragen: Mindestangebote

werden. Schriftliche Gebote können nur bis 24 Stunden vor Auktionsbeginn verbindlich berücksichtigt werden. Im Bedarfsfall ist der Auktionator berechtigt, die Limits um 3 – 5 % zu überschreiten. Bei mehreren gleichhohen Geboten erhält das zuerst eingegangene den Zuschlag. Unlimitierte Aufträge haben keinen Anspruch auf unbedingte Ausführung. Telefonisches Bieten ist nur in Ausnahmefällen möglich. Telefonische Bieter müssen sich mindestens einen Tag vor der Auktion voranmelden. Der Versand geht zu Lasten und auf Risiko des Ersteigerers bzw. Empfängers. Das Auktionsgut bleibt bis zur vollständigen Bezahlung aller Forderungen aus Anlaß der Versteigerung Eigentum des Verkäufers. Ist der Käufer Vollkaufmann, so ist Osnabrück als Gerichtsstand vereinbart. Für das Mahnverfahren gilt die Zuständigkeit des Amtsgerichts Osnabrück auch in allen anderen Fällen als vereinbart. Ansonsten ist es Osnabrück nur, wenn nur die Firma Fritz Rudolf Künker ihren allgemeinen Gerichtsstand in der BRD hat, oder wenn alle Ansprüche im Wege des Mahnverfahrens geltend gemacht werden, oder wenn die im Klageweg in Anspruch zu nehmende Vertragspartei nach Vertragsabschluß ihren gewöhnlichen Aufenthaltsort aus dem Geltungsbereich der BRD verlegt hat, oder ihr Wohnsitz oder gewöhnlicher Aufenthaltsort zum Zeitpunkt der Klage nicht bekannt ist. Die Beschreibung im Katalog ist gewissenhaft durchgeführt. Sie begründet jedoch keine Rechts- oder Sachmängelhaftung gemäß §§ 434, 459 ff BGB. Die Angabe der Erhaltung ist streng nach den im deutschen Münzhandel üblichen Erhaltungseinstufungen vorgenommen und gilt als persönliche Beurteilung. Bei der Auktion anwesende Käufer kaufen grundsätzlich „wie besehen“. Da durch Vorbesichtigung Gelegenheit gegeben ist, sich vom Erhaltungszustand des Versteigerungsgutes zu überzeugen, können nach erfolgtem Zuschlag Reklamationen nur bei irrtümlich übersehener Henkel- oder Fassungsspur oder gestopftem Loch berücksichtigt werden. Bei Losen mit mehreren Stücken sind die Stückzahlen nur Circa-Angaben, irrtümliche Zuschreibungen sind im Einzelfall nicht ausgeschlossen. Diese Lose sind nach erfolgtem Zuschlag von jeder Reklamation ausgeschlossen. Der Versteigerer kann bei eventuellen Meinungsverschiedenheiten bzw. Beanstandungen einen vereidigten Sachverständiger seiner Wahl (die Kosten trägt der unterliegende Teil) beauftragen. Eventuelle Beanstandungen können nur innerhalb von 8 Tagen nach der Auktion bzw. nach Erhalt der ersteigerten Stücke berücksichtigt werden. Die Echtheit der Stücke wird bis zur Höhe des Kaufpreises garantiert. Die beigedruckten Preise sind Schätzpreise, die unter- oder überschritten werden können. Aufträge, die unter 80 % des Schätzpreises liegen, können nicht bearbeitet werden.

Ausländische Kunden kaufen nach den Devisen-, Zoll- und Steuerbestimmungen ihres Landes. Versandformalitäten werden vom Versteigerer erledigt.

Mindeststeigerungsstufe Soweit nicht anders vermerkt, gelten im übrigen die allgemeinen Versteigerungsbestimmungen und – auch im Verhältnis zu ausländischen Kunden – gilt Deutsches Recht.

bis zu

100,--

5,--

bis zu

300,--

10,--

bis zu

1.000,--

20,--

Für Büchersendungen und Sendungen ins Ausland werden Versandkosten nach Aufwand in Rechnung gestellt.

bis zu

1.500,--

50,--

Die Ergebnisliste erscheint sofort nach der Auktion.

bis zu

3.000,--

100,--

bis zu

10.000,--

200,--

bis zu

20.000,--

500,--

20.000,--

1.000,--

DIE VERSTEIGERER:

FRITZ RUDOLF KÜNKER DR. ANDREAS KAISER ARNE KIRSCH OLIVER KÖPP

Schriftliche Aufträge werden von uns ohne Auftragsprovision gewissenhaft ausgeführt. Aufträge von uns unbekannten Sammlern können nur ausgeführt werden, wenn ein Depot hinterlegt wird oder Referenzen benannt

478

TERMS AND CONDITIONS OF AUCTION The auction is conducted on behalf and for the account of the appropiate proprietors of the goods and is subject to the federal Auction Regulation (Versteigerungsordnung, BGB1 I 1976, 1346) published in the Federal Law GazetteVol. I, 1976, 1346 and the relevant provisions for factors in accordance with the German Cicil Code (BGB) and Commercial Code (HGB). Payment of the hammer-price has to be made in cash and in Euro. The submission of an offer implies the express acknowledgement of these Terms and Conditions of Auction; the same applies to the submission of an offer in writing. The hammer-price is exclusive of applicable German VAT according to the prevailing VAT – legislation and represents the basis for calculating the surcharge of 15 percent payable by the puchaser. The total price so calculated (hammerprice plus surcharge) is subject to the reduced VAT (value added tax=Mehrwertsteuer) of 7 per cent as presently applicable, which is payabel additionally. The reduced VAT applies also to paper-money. Gold coins for which the hammer-price plus surcharge is less than two and ohne half times the intrinsic gold price, are subject to the normal VAT rate of presently 16 per cent. The same applies to historical bonds. Gold coins which are considered as a gold investment are free of VAT. Purchasers from abroad will be charged a surcharge of 15 per cent net on the hammer-price, provided the export of the coins is undertaken by the auctioneer. Buyers in European Community (EEC) countries (other than Germany) will be charged Value Added Tax at the rates prevailing in Germany. Dealers from EEC countries (other than Germany) will receive goods free of tax upon presentation of their VAT I.D. number, and upon fulfillment of the other conditions set forth in Paragraph 4, Nr. 1 b, and Paragraph 6 a of the GermanTurnover Tax Law. Buyers from other countries are not charged Value Added Tax. Delivery will be made against payment in Euro with no bank charges to the auctioneer. Unless mutually agreed otherwise, payment of the auction bill from purchasers present at the auction is due immediately. From purchaser who have submitted a bid in writing, payment is due within 20 days after receipt of the goods. Defaulted payments shall bear an interest charge of 1 % per month in the amount in default. Should payment to the auctioneer not be made immediately or should the acceptance of the awardet item be refused, such item shall not be handed overt to the purchaser. Instead the purchaser shall forfeit all right and title in and to such item from the award and the item may again be put to auction at this buyer’s cost. In this event the buyer shall be liable for any shortfall, while he shall have no right or claim towards any excess proceeds. An item will be knocked down after the highest bid has been called three times. The award shall be a binding commitment and liability on the part of the bidder to take acceptance and delivery of the item or items so awarded. In the event of any dispute with regard to the award the lot will be put up again for bidding. The auctioneer reserves the right to combine or to seperate lots. Lots will not be called out of sequence. Access to the auction will only be permitted to interested persons who are in possession of the catalogue.

price or prices for a given lot, the bid first received by the auctioneer shall be given the award. Unlimited bids shall not oblige the auctioneer to consider, accept or carry out such order. Telephone bidding is generally an option for lots of substantial value only. The registration is required at the latest a day before auction. Shipment (by mail or otherwise) of the goods shall be for the sole cost and risk of the purchaser or receipient, resp. The auctioned goods remain the sole and exclusiv property of the vendor until full payment and settlement of any and all dues and claims in connection with the auction. In the event the purchaser is a merchant (in the sende of the German commercial laws) Osnabrück shall be the agreed and exclusive place of jurisdiction. The competence of the District Court (Amtsgericht) of Osnabrück is agreed in respect of summary proceedings for the collection of defaulted payments (Mahnverfahren) as well as in any and all other cases. Should the purchaser not be a merchant Osnabrück shall be the place of jurisdiction with the District Court of Osnabrück’s competence, if only the auctioneer has his ordinary legal domicil in the Federal Republic of Germany or if claims are made by way of summary proceedings of collection (Mahnverfahren) or if the defendant has moved his ordinary legal domicil outside the jurisdiction of the Federal Republik of Germany or if the legal domicil of the defendant is unknown to the auctioneer at the time of filing a suit. To the exclusion of any other legislation German law, as in force at the time, shall be applied for the settlement of any and all legal or judicial matters. The specifications and descriptions in the catalogue have been prepared diligently and in good faith do, however, not constitute the acceptance by the auctioneer of any warranty or liability in respect of defect in material or title. The state of preservation of items is strictly assessed in accordance with the grades accepted by the German coin trade and only represents an individual and personal assessment. Purchasers present at the auction acquire items strictly on the basis of “as is where is” and “as inspected”. In view of the opportunity of prior inspection to ascertain the state and condition of the auction lots, complaints and objections made after the sale will only be considered, if by obvious error or mistake loop or traces or moutings, traces of trimmings or settings, or the plugging of a hole (eyelet) have remained unnoticed. If and when auctioned in lots, the quantities of individual pieces given, only represent an approximate figure. An error in the allocation of indivdual pieces to a certain lot cannot be excluded. Such lots are, therefore, excluded from any complaintes or objections after the lot is knocked down. In the event of disputes or complaints as to the quality of an item the auctioneer may call upon a gernerally sworn expert of the trade, which the auctioneer may choose at his sole discretin, for assessment an the rendering of a decision as to the justification of such dispute or complaint. The costs of such expert shall be borne by the party loosing the dispute according to the expert’s decision. Complaints or objections, if justified, will only be considered if made and received by the auctioneer within 8 days after the auction or after receipt the lots, respectively. The authenticity of the coins is warranted. Warranted up to the total purchase price. The prices set out in the catalogue are estimates only, which may bei exceeded or undercut. Orders for less than 80 per cent of the estimated price cannot accepted.

The minimum rates of increase for the bidding procedure are: for minimum offers

minimum increase rate

Purchasers from abroad will have to observe all applicable laws and regulations in respect of foreign exchange, customs duties and taxation of their country. The auctioneer will only dischare such formalities, which have to be observed, in the Federal Republic of Germany in connection with the export of the purchased item(s).

up to

100,--

5,--

up to

300,--

10,--

up to

1.000,--

20,--

up to

1.500,--

50,--

Unless stipulated otherwise herein, the general rules regulations for auctions applicable in Germany shall govern any transaction in respect of the auction; German Law shall also be applicable in relation to purchasers form abroad. Only the German text has legal forde.

up to

3.000,--

100,--

Shipment to foreign countries and shipment of books we charge upon expenses.

up to

10.000,--

200,--

The prices realized will be published in the form of a list immediately after the auction.

up to

20.000,--

500,--

above

20.000,--

1.000,--

Orders submitted in writing will be carried out diligently and without charge of an extra commission. Orders from collectors unknown to the auctioneer can only be accepted and carried out if a deposit or references to the satisfaction on the auctioneer are given. To be bindingly accepted, written bids need to be received at least 24 hours befor auction. If necessary, the auctioneer is alloweed to increase the bids by 3-5%. Should several bids be obtained in writing bidding the same

THE AUCTIONEERS:

FRITZ RUDOLF KÜNKER DR. ANDREAS KAISER ARNE KIRSCH OLIVER KÖPP

479

NUMISMATISCHE BEARBEITUNG FOTOS LAYOUT DRUCK

Alexandra Spreu, Dr. des. Sebastian Steinbach, Jens Ulrich Thormann M. A., Manuela Weiß Übersetzungen: Robert Weir, Kiel Lübke & Wiedemann, Stuttgart danner pc - gesteuerte systeme waiblingen media-print, Paderborn Jeglicher Nachdruck, auch auszugsweise, bedarf der Genehmigung des Auktionshauses

BANKVERBINDUNGEN DEUTSCHE BANK OSNABRÜCK DRESDNER BANK OSNABRÜCK SPARKASSE OSNABRÜCK VOLKSBANK BORGLOH-HILTER E. G. BANKHAUS LAMPE KG BIELEFELD POSTBANK HANNOVER CREDIT SUISSE

BLZ 265 700 90, Konto 0 177 006 BLZ 265 800 70, Konto 780 520 200 BLZ 265 501 05, Konto 247 320 BLZ 265 624 90, Konto 1 200 222 400 BLZ 480 201 51, Konto 174 076 BLZ 250 100 30, Konto 2900 60 - 308 Konto 135 494 - 42 - 1

Zahlungen aus dem Ausland - Foreign payments SPARKASSE OSNABRÜCK DEUTSCHE BANK OSNABRÜCK POSTBANK HANNOVER CREDIT CARDS

IBAN: DE50 2655 0105 0000 2473 20 SWIFT-CODE: NOLADE22XXX IBAN: DE11 2657 0090 0017 7006 00 SWIFT-CODE: DEUTDE3B265 IBAN: DE73 2501 0030 0290 0603 08 SWIFT-CODE: PBNKDEFF We do accept VISA and MASTERCARD Service charge: 4,5 %

ERHALTUNGS- UND SELTENHEITSGRADE ERHALTUNGSGRADE/ GRADING TERMS DEGRÉS DE CONSERVATION GRADI DI CONSERVAZIONE

SELTENHEITSGRADE

480

Polierte Platte Proof

Flan bruni Fondo specchio

Stempelglanz Uncirculated

Fleur de coin Fior di conio

Vorzüglich Extremely fine

Superbe Splendido

Sehr schön Very fine

Très beau Bellissimo

Schön Fine

Beau Molto Bello

Gering erhalten Very good

Très bien conservé Bello

R = Selten Von großer Seltenheit

RR = Sehr selten Von größter Seltenheit