OutDoor HANDBOOK 2010 by Messe Friedrichshafen

Official Catalogue

HANDBOOK July 15 â&#x20AC;&#x201C; 18, 2010 Friedrichshafen, Germany

www.outdoor-show.com

Partner region of the OutDoor 2010 www.sardegnaturismo.it

For trade visitors only

Entdecke die Natur

SPORTER EX 8x42

SPORTER EX 10x50

Sportstar EX 10x25 DC

Sportstar EX 8x25 DCF

Einen Fachhändler in Ihrer Nähe finden Sie unter www. nikon.de oder www.nikon.at

Der Partner für Endverbraucher

Der Partner für Wiederverkäufer

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Working on behalf of the outdoor industry: • Providing a common voice for the outdoor sector • Representing the industry to the European Commission • Monitoring standards • Co-ordinating market research • Leading on sustainability issues • Working to improve trade shows for our industry • Providing information and expertise

www.europeanoutdoorgroup.com

Supporting the outdoor sector

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EXPLORE THE GLOBAL SHOW The annual summit of the outdoor industry. With innovative side events for the business community.

July 14 – 17, 2011 Friedrichshafen, Germany

www.outdoor-show.com

For trade visitors only

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CONGRATULATIONS OutDoor INDUSTRY AWARD 2010 Bereits zum fünften Mal hat die Messe Friedrichshafen den OutDoor INDUSTRY AWARD ausgelobt, der im Rahmen der OutDoor 2010 verliehen wird.

For the fifth time, Messe Friedrichshafen hosted the OutDoor INDUSTRY AWARD. The awards ceremony will be held on the first day of OutDoor fair 2010.

Der von der renommierten Designorganisation iF International Forum Design organisierte Wettbewerb zeichnet Innovation und gute Gestaltung im Outdoor-Bereich aus.

Organized by the renowned design organization iF Interna tional Forum Design this competition is dedicated to promote innovation and high-quality design in the outdoor sector.

Unter den 412 Einreichungen aus 28 Ländern wurden in den folgenden Kategorien 47 Produkte sowie 7 studen tische Konzepte prämiert. Für besonders gelungene Produkte vergab die Jury 8 GOLD AWARDS.

47 products in the following categories were selected as winners of 412 entries submitted from 28 different countries. 8 products of these were specially awarded with GOLD for exceptional design. 7 entries were honoured in the concept category for students.

n n n n n n n

Bekleidung / Helme / Schuhe Rucksäcke / Reisegepäck Bergsportausrüstung Campingausrüstung Schlafsäcke Zubehör Produkte mit hoher ökologischer und wiederverwertbarer Wertigkeit Material Innovationen

n n n n n n n n

Apparel / Helmet / Shoes Backpacks / Travel luggage Mountain-climbing equipment Camping equipment Sleeping bags Accessories Products of high ecological and sustainable value Material innovations

The jury Boris Gnielka, Redaktion outdoor, Motor Presse, Stuttgart, Germany n Mark Held, European Outdoor Group, Zug, Switzerland n Martin Lotti, Global Creative Director, Nike Inc., Beaverton, USA n Mikko Lamminpää, RETKI The Finnish, Outdoor Magazine, Tuusula, Finnland n Christan Weiss, Transa Backpacking, Zürch , Swizerland n Chris Towsend, Equipment Editor of TGO Magazine Outdoor Writer & Photographer, Grantown on Spey, Great Britain n

CONGRATULATIONS OutDoor INDUSTRY AWARD 2010 Bereits zum fünften Mal hat die Messe Friedrichshafen den OutDoor INDUSTRY AWARD ausgelobt, der im Rahmen der OutDoor 2010 verliehen wird.

For the fifth time, Messe Friedrichshafen hosted the OutDoor INDUSTRY AWARD. The awards ceremony will be held on the first day of OutDoor fair 2010.

Der von der renommierten Designorganisation iF International Forum Design organisierte Wettbewerb zeichnet Innovation und gute Gestaltung im Outdoor-Bereich aus.

Organized by the renowned design organization iF Interna tional Forum Design this competition is dedicated to promote innovation and high-quality design in the outdoor sector.

Unter den 412 Einreichungen aus 28 Ländern wurden in den folgenden Kategorien 47 Produkte sowie 7 studen tische Konzepte prämiert. Für besonders gelungene Produkte vergab die Jury 8 GOLD AWARDS.

n n n n n n n

n n n n n n n n

Apparel / Helmet / Shoes Backpacks / Travel luggage Mountain-climbing equipment Camping equipment Sleeping bags Accessories Products of high ecological and sustainable value Material innovations

Making a difference through conservation

We areâ&#x20AC;Ś Are you?

Image courtesy of ProMontBlanc

See us in the EAST ENTRANCE OutDoor

www.eogconservation.org

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424 Kingland

509

508 Leguano

507 Fenix

506 o-synce O-range

423 422 421 328 Moonlit Xinxing Golden Fashion Flying

420 419 Fujian A&S

418 417 F. C. FOB

327 Elite

416 415 Gear RK

414 Chinook

323

413 Fengxin

411 Acecamp GEKKO

319 318 Vertex

412 EUMAR

410 LiteXpress

409 Powertraveller

502 BROOKS England

325 324 Aparso Winmed

326 F. F.

322 321 320 U. R. Nordic SOTO

317 Favour Light 315 Industrial Revolution

316 sk8te4u

221 220 219 218 World Famous Profit Fuda Frontier 217 Manfrotto

216 215 Winsport Splendid Dev.

214 213 New Games C.S.I.

212 TECNIMED

211 Husky

407 Rejka

405 Amazonas

406 Swiss Eye

210 Light My Fire

310 309 Original Aclima Doggear 308 Helsport

111 Kunshan BR 110 Providus CAMPWELD

108 Beier Distribution

311 slackstar

408 Lightwave/ Outdoor Design Crux

222 SRB

109 F100/ Dr. O.K. Wack

312 314 313 BRENDA H&E/ Tapuz Ansmann

505 VarioTek 504 NST / Laboratoires 503 Kakadu

228 227 226 225 224 223 Green Reebo Pioner Hengjun Jiangsu Aide

SCAND. BAR

209 Navico

207 208 WOOL- TranPOWER gia

107 CicloSport Xplova

106

105B 105A

307 306 Esbit Lundhags

206 Houdini Sportswear

404 FREETIME

205 Polygiene 204 Hilleberg

105

104 Nanok of Norway

305 ECCO

501 Hannah

203 CRAFT

403 Bushnell

402 Karrimor

201 Viking Footwear

304 Thule

103 Didriksons

303 Silva Sweden Gerber

200 Fjällräven Primus Hanwag Brunton

302 Klättermusen

500 Tropicare®

202 Scandinavian Touch

102 Macpac

401 Keela

301 Garmin

300 66° North

Entrance/Foyer East

Open Air Grounds West

Entrance/Foyer West

100 McNett

400 Nomad

101 Swiss Ad.

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HALL

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419 MG

509 510 Luocheng Ironsteel Greaship

508 507 Emsold Joubert

506 Treksta

311 310 211 Andrew Bogs Footwear Aetrex

418 417 La Galeria Sagotec

416

414 2A SRL

415 TERRAMOUNT

412 Orthofeel

413 Birkenstock

411 GE Energy

309 Nordhorn

308 307 HOKA Magellan ONEON & Mulloy

306 Dachstein

410 Superfeet

304 HI-TEC

305 GECKO

210 Ramon King

209 208 Muck HeiBoots nen

207 206 CĂ&#x20AC;RN

205 Therm-ic Lenz Boot-Doc

110 Nelson Green

109 Xiamen Green Mountain 108 Lomer

505 Hypergrip

204 ALLROUNDER

409 408 ALSA Bestard

504 Grisport

107 Berner

407 406 Vento Zamberlan

303 KEEN Europe

106 RYWAN XTENEX

503 MBT

105 Crispi Sport

404 Lizard

502 Crocs

203 KEFAS

405 Pinu earth 403 Mondeox

402 MGM/ TREZETA

104 LORPEN

302 AKU ITALIA

202 Chiruca

501 VIBRAM

401 BOREAL

301 Tecnica

103 Lackner

300 LOWA

500 W. L. Gore & Associates

201 Kayland

400 Meindl

200 LEKI

102 NADIR STAR

101 Armond

Entrance/Foyer East

100 Sno-Seal KAMIK

Open Air Grounds East

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207 Avroy Outdoor Huashengda Zipper

208 Nordblanc

409 W. M.

206 Cober pole

304 The North Face

408 PrimaLoft

204 205 Nikwax ZAJO

407 Gronell

203 Dolomite MyNav Navigators

406 BACH

106 Grabner 105 Westfalia

104 ALTUS

103 OutDry

303 Berghaus

202 Bergans Fritid Bergans Outdoor

405 Eberhard Gรถbel

102 Mountain Hardwear Montrail

404 Carinthia Urban Rock

302 HOLMENKOL

403 Laken

402 MATT/ Matollo 401 KOPFร BER

301 EIDER

201 MILLET

101 Polartec

300 Haglรถfs

200 Columbia

100 LAFUMA

Entrance/Foyer East

Open Air Grounds

400 Julbo

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500 Brettschneider

501 Zweibrüder/ LED LENSER

401 400 REITER Deuter

300 Lowe Alpine Asolo

402 Rother Bergv./3D 403 SmarTube 404 Naschem / n-rit

200 CamelBak

100 Oase Outdoors

201 EagleCreek

502 Curly & Smooth

405 HYDRAPAK

503 Highlander

406 Mountain King 409 408 407 Benchm. Trinkflaschen.de ACR Electronics

301 Nordisk

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504 Lupine

411 410 Pacific Outdoor C. Jul. Herbertz

505 Leatherman

412 Gelert

203 Victorinox

205 Spyderco

302 Yeti

202 Fibertec

204 Source Vagabond

101 Design Go

206 Caribee

102 ITW

506 TOBBY

414 Aquapac

413 Barigo

103 Jack Wolfskin

415 Baladéo

416 Contigo

507 BOLL

418 417 Penguin Brands HORIZON Nathan Performance

508 Tilley

509 Healthy

510 ViewR. 511 E.F.D.

420 Terra Nova

422 Sub Zero

421 BCCI OIA Outd. Ind. Ass.

419 Trekmates

423 Target Dry

425 424 McM. Evo D.

426 429 428 427 Micro. Thames Tianjin Union

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400 Black Diamond

500 Rock Empire

300 ARCâ&#x20AC;&#x2DC;TERYX

100 Red Chili Wild Country

200 Patagonia

501 Vasque

601 DMM International

602 Climbing by Aludesign

BOULDER EDELRID

603 NOGRAD 604 Snap

101 Aventure Verticale

503 EDELWEISS

402 CAMP

103 EntrePrises

302 Petzl

203 202 EB Italbastoni CLIMBING

504 Rock Pillars, Ocun

404 403 Sch. & F. SimplyRock

304 VAUDE

505 EDELRID

303 FIZAN Everest ClimbX Benky Vertical Equipment

105 SALTIC

206 MASTERS

210 Sterling Rope

212 211 GARRA Tung Yi

506 TENDON | LANEX Singing Rock

508 TRIOP

510 Doldy

509 TENDON | LANEX

512 King Snaps

511 ALIENS

104 AustriAlpin Rock Technologie

204 205 Bleau/lapi PAD bould./ AIX

208 207 PĂŠguet Fixe Climbing

507 Tilak

102 E9 Metolius

301 Climbing Village

605 Walltopia HRT

606 Makak Climbing

201 LaSportiva

401 FIVE TEN

502 Beal

106 MILLET

209 Vertical

214 Chillaz

213 Slackliner

216 STUBAI

215 Anlo Mountain

218 217 EVOLV Climbing Moon

220 Wild Climb

107 Blocsyn./ Rev. Climb 108 COUSIN 109 Milo Sport

110 Core Climbing

219 MON.

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Entrance/Foyer East

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300 Relags GSI Outdoors Coghlan‘s

400 TATONKA Tasmanian Tiger

500 TEVA / Deckers Europe

302 301 Pacsafe / Outpac Designs Imbema

402 Royalbeach

203 eXpression holds

204 A.Boldrini

401 Alexika

503 Goodway

206 205 A.Bol. Volx

209 208 207 BLUE Clusters/ AQUAICE Sporal. TECH

403 Stanley

404 Snugpak

406 Bellmart

408 MX3

409 Termite

505 NanJing Kekang/ COCAM 506 SINO Fire Maple Xiam. Zuona Shand. Rob. Xiam. DuncanAmos 507 Tana

410 407 Atech Warm411 peace

405 Active Leisure EUROTRAIL KHODI TravelSafe

307 306 Scout- Phelgard door

309 Snow Peak Europe

Xtra Light

413 412 Guyot Red Fox Designs Fox River Mills 414 KUPILKA 417 416 415 CI. Balluck

418 Happy People

419 Q-Yield

426 WINSPORT

425 Mountain Services

428 427 Golden Xiamen Sports Sun-V

434 Light

421 KingCamp

424

420 Zhejiang Nature

423 422 Wintrak Sibide

433 432 431 430 429 Thrive Yuheng Bona Oulu Uripower

305 CAO

315 BillietVanlaere

308 USTETO

312 Ticket To The Moon

313 Bestway

314 KOVEA

318 Westfield Outdoors

316 Xiamen Good-Do 317 Fuzhou Leco

101 Mad Rock 102 CME

103A Mountain Lion 104 Clusters 105 Osmose 106 TechniSangles

211 210 Raidlight ABK

214 213 212 TSL OXSITIS Gui. Fr.

216 Prana Living

310 TSS

311 NEMO

100 Kong

103 climber‘s equip.

304 Sea to Summit

504 Nalgene

201 202 Skylotec PIEPS

303 Camping Schuh

501 TEVA / Deckers Europe 502 AMG Group

200 rocterra - Krimmer Great Trango SIMOND Loubsol SolarFocus

215 climb.service infected move

219 218 217 ROCK HEL. Handy Man Blacksafe

221 XCULT

223 Promax

226 Bornack

220 Snowline

107 Slack. fr 108 USANG 109 Scalam.

110 Freest. 111 Nitestik

112 Verd.D. 113 Carab.

222 Xia.Sen.

224 JR GEAR

225 Hangzhou Up Easy

319 231 230 229 228 227 320 Hongshen Haoyi Derry Metals Topm. Suretex Xia. Jia.

114 Mule B. 115 F. L. D. I. Fujian Lintex

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206 205 A.Bol. Volx

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307 306 Scout- Phelgard door

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413 412 Guyot Red Fox Designs Fox River Mills 414 KUPILKA 417 416 415 CI. Balluck

418 Happy People

419 Q-Yield

426 WINSPORT

425 Mountain Services

428 427 Golden Xiamen Sports Sun-V

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103 climber‘s equip.

304 Sea to Summit

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301 Lifemarque

503 S. B.

505 Rajco

403 Bertels Text / FIRST B

508 507 G. Dong M. Garment

302 Smartwool

405 IZAS

205 Style 2117

404 Designer Textiles

304 Sport & Tex Lab 306 NO LIMITS

303 Fusion Clothing 305 Sunny Way Fashion

309 New Trend

307 FRAMIS Italia

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208 Duksung

210 Woojin Plastic

211 212 Tienjiang Yuan

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From a Niche Offer to an Essential Need What a lucky industry we are working in. It´s been nearly two years since the outbreak of the big crisis and we still cannot see any evidence that the outdoor business has been hard hit by the financial ash cloud that has been covering the globe since then. When, back in autumn 2008, the banks began to bite the dust important players in the outdoor industry did not lose time to spread a naïve theory: The crisis would even fuel the sales of outdoor goods because a great deal of European consumers would no longer be in the position to spend their vacations in Thailand or in Cuba. Instead, according to this foolish idea, people would go hiking in the Lake District, the Black Forest or in the Cevennes. Frankly, the writer of these lines has to admit that he dismissed such talk as mere wishful thinking. In fact, the optimists at the time were philosophers rather than economic scientists with reliable figures at hand, and they were proven to be right during the course of 2009. We now have numbers, e.g. from the U.S., the U.K and Germany, which give valid information on the consumers’ preferences. There is definitely a trend to spend money on outdoor activities just around the corner rather than on journeys to destinations far away. There is a simple truth behind this development: Of course, outdoor sports are no longer a niche activity nor a fashionable trend. It has been that way for many years, and the outdoor community has seen an impressive evolution toward a mass movement.

The financial turmoil has given another good message to this industry. Outdoor is not just a lifestyle, because a lifestyle could be easily killed once consumers have less money in their pockets to spend on their various spare time activities. Outdoor is more – it is as an essential need. In this OutDoor Showcase we have spent a couple of pages on this phenomenon which helps you to understand why your customers will save money everywhere but on outdoor sports. Naturally, the ups and downs of the outdoor market are not the same everywhere. We are therefore going to present a few markets which highlight the geographic diversity of the outdoor business in this publication. We are going to describe two mature markets in countries that were definitely hit by the crisis, the Netherlands and Australia. Croatia on the other hand is a place where something like an outdoor spirit still needs to be developed. When the OutDoor show in Friedrichshafen opens its doors today, the retailers can stroll through the halls with one positive message in their heads: The products that they sell are no longer nice-tohaves or even luxury goods. They satisfy essential needs – with or without a crisis. In this spirit, I would like to wish you all a successful show!

Markus Huber

03 editorial

(the Editor)

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CONTENTS What drives Europeans to practise outdoor activities? 07 Consumers increasingly feel that outdoor lifestyle is an essential

Taking the iPhone Hype Outdoors

Outdoor-related Electronic Goods Meet Essential Needs

Will the Bumblebee Sting the Elephant?

The latest projects of the EOG Association for Conservation

Ups and Downs in the Dutch Mountains

Tough Market Conditions for Retailers in the Netherlands

Big can be Beautiful Down Under

contents

International brands and the growth of corporate retailers in Australia

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Knocking on Brusselsâ&#x20AC;&#x2122; Doors

Croatia between Crisis and new Perspectives

Mega Market China

The Chinese Love Outdoor for its Healthy Fun Factor

Check them out!

36- 62

Brand new products at the show

05 contents

Meet the Writers, Imprint

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Consumers increasingly feel thatoutdoor lifestyle is an essential:

What Drives Europeans to practise Outdoor Activities?

From Competitive Sports to Pure Fun

As an example, he highlighted changing motivations to practise climbing. While this activity used to be highly competitive and hard to access, current expectations around climbing are more likely to include the fun and social aspects of an active day out with a group of friends. “This has strong impliThe resilience of the international outdoor market in the last years points to cations for the type of products that the increasing interest in outdoor activities: While spending has been under pres- consumers want for climbing, particularly when it comes to clothing,” says Brehm. sure in some markets, the economic circumstances and the hectic way of the “The social motivation will probably imply world are apparently motivating ever more people to take up outdoor sports. demand for trendier products”.

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07 trends: essential needs

Photo: www.cumbriaphoto.co.uk

Lowther Valley from Knipe Scar in the Lake District: the opportunity for contemplation is a major motivation for many hikers

Precisely this motivation and the rise of outdoor activities as a fundamental part of a balanced life are to be highlighted as the central theme of this year’s OutDoor fair. The event’s organisers have even commissioned a study on the matter, which could help suppliers to adjust their offering. “There’s a lack of understanding of why people want to go outdoors,” said Mark Held, secretary-general of the European Outdoor Group (EOG). “If we knew more about this, then we could respond better and also adapt our communication to the motivation of those who use outdoor products”. While this motivation has yet to be dissected, it is already established that the European market has continued to resist to the economic slump last year, largely owing to growing participation in outdoor activities. The EOG’s annual research into the European market showed yet another increase in sales of outdoor products last year, albeit a small rise. The study commissioned by the OutDoor fair to provide a more detailed view on motivation was entrusted to professor Walter Brehm, head of the Institute for Sports Science at the University of Bayreuth. Respondents were picked from the subscribers to the newsletter of Globetrotter, the German outdoor retailer. The questions were sent online and the Institute for Sports Science received usable replies from about 1,200 outdoor participants. “We’re trying to establish the expectations that are associated with different types of outdoor activities, to come up with a pattern of expectations,” Brehm explained. “Suppliers could then ask themselves how best to translate these expectations in terms of their product offering, and what would be the strongest arguments to address these same expectations in terms of communication”.

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For Youngsters Outdoor Sports is a Social Activity About 90% of the respondents who were asked about their motivation said they enjoyed being active in a natural environment. Another 72% said that being active and on the move was among the strongest motives for them to go hiking. In third place, about 64% of respondents said they enjoyed the thought of actively contributing to their own health. Meanwhile, other motives varied strongly from one group of hikers to the next, mostly depending on their age and the intensity of their hiking. “Youngsters are much more likely to take an interest in the region they’re visiting, and social contacts and communication are a more important

motive for them than for older hikers,” the study reports. “On the other hand, the older hikers are more likely to appreciate the possibility of introspection and quiet”. Motivation to practise outdoor sports appears to be slightly different in the United Kingdom. Canoeing and several other outdoor activities have seen marked growth in the last years and walking remains the most popular recreational activity in the country, with about 44.5% of the adult British population taking a walk of over two miles at least once every four weeks. As the Outdoor Industries Association reported in its annual survey last year, “research confirms motivations of fun, fitness and family togetherness”. At the same time, it appears that motivation has become increasingly intricate to analyse, because participation in outdoor sports has also diversified. A few years ago many British people stuck with just one sport, but nowadays they are more likely to try all sorts. Among the most interesting findings which the EOG and the organisers of the OutDoor fair hope to obtain from their own study is an analysis of the emotional needs driving consumers of outdoor products.

outdoor business because of sociological fundamentals such as the growing urge to be active outdoors and to let off steam, which remain unchanged,” he said. “They were only reinforced by the economic crisis, which helped to flatten the economic impact of the downturn on the industry”. A study released by the Outdoor Foundation in the United States pointed to exactly the same conclusion. It showed that Americans responded to the latest economic uncertainties by watching their budget, with only 4.5% of the respondents spending more on outdoor products in 2009 than in the previous year, but participation had again increased. The Outdoor Recreation Participation Top Line Report for 2010, as the study is called, reported a rise of 3.3% in the number of people taking part in what it describes as core outdoor sports – amounting to nearly 100 million participants. Christine Fanning, executive director of the Outdoor Foundation, interpreted this trend as “the economy driving people back to nature”. The full study commissioned by the OutDoor fair’s organisers should not be completed until the end of the summer, but some of the findings will be discussed at the joint press conference of the EOG and the OutDoor fair’s management in the morning of July 15, in the Berlin conference room of the fair grounds’ new eastern wing.

A Growing Urge to Let Off Steam Judging from his observations in France and elsewhere, Philippe Joffard, chief executive of the Lafuma group, is convinced that these needs are part of a deep social trend. “Our group decided to invest in the

Barbara Smit

The social motivation for outdoor activities will probably imply demand for trendier products, says professor Walter Brehm of the Institute for Sports Science at the University of Bayreuth, Germany Photo: Savoir Mont Blanc/ Desage

Motivations have changed in line with outdoor activities, as shown by the Via Ferrata at Roc du Vent in the Savoie Mont Blanc region

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09 trends: essential needs

The institute’s study will compare motivations for different kinds of outdoor activities, making it all the more relevant for specialist suppliers. It will cover hiking and trekking, mountaineering, climbing, running, mountain biking, Nordic Walking, as well as canoeing and rafting. Zukunftsmarkt Wandern, a report produced by the German hiking association, already provides some indications on the motivation of the country’s hikers. This activity is defined here as a walk of more than one hour requiring specific planning, equipment and infrastructure. With this description, nearly 40 million Germans, equivalent to almost the half of the population, could be described as active hikers.

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Outdoor-related Electronic Goods Meet Essential Needs:

Taking the iPhone Hype Outdoors Powertraveller

Top of the troops’ Christmas wish list, the powermonkey-eXplorer also scooped the Queen’s Award for Innovation last year. Water-resistant and robust, six hours of good quality UV will recharge the unit by a third to a half. Once fully charged, the powermonkey-eXplorer holds sufficient power to recharge a mobile phone up to three times (iPhone one-and-a-half times), give iPod users 40 additional hours of music or PDA users an additional 48 hours of standby power. It will also recharge PSP/DS games consoles, plus GPS and Satnavs.

Less is very rarely more, but it is true of much of modern technology that there is an inverse relationship between the physical size of a piece of technology and the scope of performance it delivers. The drive for smaller, lighter and tougher is matched by the demand for broader, faster and greater. But, it seems, not everything in the world of new technology has kept pace with this demand. Or not until now that is. yond the realm of being an instrument of conversation to embrace the internet, video and email. It has become in our age what the knife was to an earlier time – the essential all purpose tool. And in that regard, the power source is the modern whetstone and a pretty crude one at that.

Living a Time of Revolutions Until now that is, for over the next few years, the technology of power provision and especially for those on the move, is going to develop in both the areas of solar and battery power packs. Think about this, it is not just possible, but imminent, that someone

using a GPS or mobile or a laptop for that matter will be, once having used it and by dint of having stowed away, charging it up at the same time. Not through some confection of wiring, but simply because buried in the bottom of his or her rucksack, briefcase or cargo pant pocket will be a device which will be transmitting charge to the mobile (or whatever needs reviving). And it won’t be a piece of equipment the size and weight of a house brick, but something a lot more subtle. Already one of the leading names in head torch design is working on a system which will revolutionise the way we have come to think of powering up devices which rely on electricity.

Solar Technology The new Pico solar charger has been specifically developed with size, design and cost in mind, and with the aim of appealing to a youthful fashion-conscious gadget user. The competitive RRP brings solar technology into a new realm of affordability and at only 49g may easily be the lightest and most compact solar charger available. The Pico is available with a range of add-on accessories, cunningly marketed to offer additional revenue opportunities for retailers. The accessories are designed to appeal to those youthful and adventurous consumers who like Solar Technology and want, as the brandowners put it, to ‘pimp’ their gadgets.

Design Go Perfunctory but very effective for the traveller in need of short burst of power, Design Go’s Emergency Phone Charger will deliver 80 minutes of talk time. Power up by 4 x AAA batteries, it will handle all three mobile phones of note and comes with the required interchangeable heads.

trends: essential needs

When the first mobile phone appeared on the market in 1985, it was the size of an Encyclopaedia and had a battery life of about 20 minutes. To charge the phone it was necessary to rest it in a cradle and then plug the cradle into the wall. Everything changes, but there is one aspect of our engagement with mobile telephony – and for that matter- most of every other bit of portable gadgetry, that has not changed. Sooner or later, and notwithstanding the various wind up and solar powered systems, we all end up plugging into the wall. It’s a pretty stark contrast. Using the mobile phone as an example, in 25 years it has shrunk to a tenth of its original size, it has moved be-

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A glimpse of that revolution can be seen right now. Powertraveller, a pioneering British company in this field has already launched a set of car jump leads with an integrated battery. That battery source is about ten inches by three and, although sturdy, weighs no more than a couple of pounds. The thing is that not only does it deliver a real belt of power (remember, it is car engine being turned over) but it can do it for a full 12 seconds and what is more, slip it in the glove compartment fully charged and it will stay that way for three years. What has this all got to do with outdoor retail? Well, it is our view that this technology, which already represents for many retailers a good source of steady business, is going to evolve into one tailor made for exploitation in future. Look at the new generation of solar powered devices. They offer considerably enhanced performance characte-

ristics when compared to what was being marketed just a couple of years ago. The units are smaller, charge up faster and deliver more bang for their buck than ever. It is not beyond the bounds of comprehension to see a time when users (that’s all of us, more or less) will come to treat their mobile power source much as they currently treat their mobile phone or lap top – something to be upgraded every couple of years. And in our book, the outdoor retailer is as good a place as any to buy from.

The Power Source is the Source of Power But that evolution is not just going to bring an impact on gear that already requires a suitable power source. It is going to change some of the products too. Take the humble stove, currently fuelled up by gas (with all the

attendant ramifications for safety) and utterly useless without a means of ignition, stoves would seem ideally placed to benefit from new power technologies; technologies that we believe will see the advent of electric powered portable stoves, or at least versions which work in concert with electric power. Of course, this is about a future which is near, but not yet here. Right now there is a ready market to be had from international travellers, campers, and trekkers. So our advice is that retailers looking to broaden their product offering or keeping eyes peeled for further opportunities should take a good look at this market. It is going to grow, that’s for sure, making it one of those relatively rare occasions when things get larger by getting smaller.

Ring A pocket-sized power pack from all-things-electric-specialist Ring, the Travel PowerCharger has been designed to power the full gamut of portable electronics. With the Li Ion (lithium Ion) battery technology offering up to 96 hours of reserve, the Travel Power charger is supplied with adapters for the most common mobile phones, including the old and new Nokias, Sony Ericsson, Samsung and Motorola, new Nintendo DS and Sony PSP. A USB port means it is ideal for recharging MP3 players, iPods and digital cameras. Recharged using an in-car 12v DC adaptor or from a laptop as well as from 240v ac mains. Ring says it is perfect for both work and leisure, suitable for using on trains and planes, as well as in the great outdoors.

Let OCC Outdoor open up the UK Outdoor market. OCC Outdoor is by some measure the leading industry publication

for the UK outdoor business. Distributed to suppliers and retailers, each month it offers a unique perspective on the outdoor trade in Britain. Blending a combination of news, gossip, data and ideas it offers the perfect way with which to unlock the opportunity contained inside Europe’s second biggest outdoor sector.

T: 44 (0)1202 841114 E: simon@occoutdoor.com W: www.occoutdoor.co.uk

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The latest projects of the EOG Association for Conservation:

Following a tense battle between the projects on the shortlist, it came down to the final member vote to actually decide which projects were going to be supported by the EOG Association for Conservation in 2010. The shortlist of twelve, which had been narrowed down from an initial forty-six nominated projects, was distributed to all Association members who chose what they felt were the most worthwhile projects. Added to this was one final project which had been chosen by over 18,000 outdoor consumers in the U.K. Six projects had been presented to outdoor consumers on the website of the UK’s most widely distributed outdoor magazine, Trail, and readers were encouraged to vote for their favourite project - which resulted in an incredible 18,652 votes!

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The projects which will be supported by the Association this year are: World Pheasant Association - School Extensions in return for Forest Protection (Nepal) - Pipar is a rhododendron forest in the Annapurna Conservation area and home to five out of six of Nepal’s Himalayan pheasant species. Since 1983, the WPA has worked closely with the village of Karuwa, helping to resource teaching facilities, staff and equipment in return for the villagers’ using the forest only as they have always done - for their own needs, and not for commercial gain. The pheasant population has since remained stable and is a novel way of supporting educational needs for the locals whilst at the >

13 trends : sustainability

Will the Bumblebee Sting the Elephant?

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Elephants need room to move, especially in India with its high density of population the huge animals do not know how to get from one place to the other. The World Land Trust is fighting for corridors which allow elephants to migrate. This project made it onto EOG AfCâ&#x20AC;&#x2122;s short list due to the Messe Friedrichshafenâ&#x20AC;&#x2122;s bringing attention to this matter.

Elephant-in-Chief says: Let my people go! World Land Trust - Elephant Corridors (India). There are 88 corridors throughout India that are critical to the long term

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survival of the Asian Elephant. These are unprotected lands between fragments of protected areas which are increasingly human dominated, resulting in high levels of human-wildlife conflict (loss of crops, buildings and even life). Securing corridors >

15 trends : sustainability

same time promoting the conservation of an important area for biodiversity. This project will build extensions to 2 local schools and monitor biodiversity in Pipar and adjacent forests. The project was nominated by Berghaus.

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EOG Association for Conservation at OutDoor involves sensitizing local communities to the option of voluntarily relocating outside the conflict zones to safer areas, with their own land and improved housing. It also leaves areas to regenerate naturally, and provides continued refuge for elephants together with a huge variety of wildlife including tigers. This project will prioritise seven corridors in Corbett National Park and introduce the concept of establishing elephant corridors to local communities and key conservationists. An individual donor has committed to match funds raised, therefore doubling the EOG Association for Conservationâ&#x20AC;&#x2122;s grant award to â&#x201A;Ź60,000. The project was nominated by Nikwax.

The Association can be found in the Foyer West, outside Hall A1 during the show. Any company, from a small retailer or publisher to a large international brand can get involved the only criteria is that you operate within the outdoor industry. All the projects supported are nominated and chosen by the membership with 100% of membership revenue being put into the projects - this is your opportunity to be part of a bigger project.

Rescue for the Mangrove Swamps

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Global Nature Fund - Mangrove Swamp Restoration (Sri Lanka). Mangrove forests are unique habitats found in brackish estuaries and coastal areas, with extensive root systems protecting against tidal >

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waves and erosion, this habitat is shared by vast numbers of salt and freshwater creatures as well as sea and land organisms. Over the past 100 years, about 50% of the worldâ&#x20AC;&#x2122;s mangrove forests have been irrecoverably lost. The Madampa Lake Wildlife Sanctuary is facing threats due to uncontrolled activities such as land reclamation, dumping of household/ industrial waste and logging of mangrove trees for timber/firewood. The aim is to increase local understanding of the importance of mangrove ecosystems through long term

education, community mangrove conservation programmes, and planting over 10,000 seedlings to reforest six acres of a destroyed mangrove area. The project was nominated by Messe Freidrichshafen.

The Rainforests need to breathe! Breathe Foundation - Rainforest Restoration (Brazil) - The Atlantic Rainforest in Brazil is less than 7% of its original size and has been identified by UNESCO as one of

the five highest biodiversity hotspots in the world. Farming, illegal logging and poaching is pushing this area towards ecological collapse. The main focus here is guardianship, reforestation and education. The 10 year goal is to reclaim 700,000mÂ˛ of forest, creating an intact ecological corridor which will then be protected via Brazilian Environmental law. The main aims are building an education, management and meeting centre adjacent to the forest; acquiring of identified priority land positions to create ecological bridges and farmer allotment

trends : sustainability

No good news from Brazil. The Atlantic Rainforest in Brazil is less than 7% of its original size and has been identified by UNESCO as one of the five highest biodiversity hotspots in the world. Farming, illegal logging and poaching is pushing this area towards ecological collapse. The 10 year goal is to reclaim 700,000mÂ˛ of forest, creating an intact ecological corridor which will then be protected via Brazilian Environmental law.

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allocation; planting the initial area with seedlings; and identifying the next priority land purchase. The project was nominated by Messe München.

The Return of the Bumblebee The project which was voted for by readers of Trail magazine (18,652 votes in total) was: The Bumblebee Conservation Trust - Pembrokeshire Bumblebee Path Project (U.K.) -The UK’s bumblebees have suffered huge declines due to widespread habitat

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loss. Bumblebees are major pollinators of a majority of wildflowers and many agricultural crops. If they continue to disappear, these plants will set less seed, resulting in sweeping changes to the countryside with catastrophic knock-on effects for other wildlife. The trust aims to conserve them by returning wildflowers to the countryside, striving to raise awareness, protect important bumblebee sites and engage with landowners to create flower-rich habitats. This project will create wildflower-rich habitat to support rare bumblebees along a new

10km section of path in the Pembrokeshire National Park in Wales. By connecting key sites, this attractive route through spectacular scenery will help prevent the national extinction of the shrill carder bee.

What happened to the 2009 projects? The CMELÁK, New Virgin Forest Project in the Czech Republic was nominated by Rock Point and has a 250 year plan, which aims to transform areas of pine monoculture >

19 trends : sustainability

Sri Lanka’s mangrove forests are unique and in deep trouble. Over the past 100 years some 50 % of this type of forest have been lost. The Global Nature Fund wants to help with 10,000 new seedlings of mangrove trees.

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into mixed forest with high biodiversity. This will be achieved through the purchase of land; awareness campaigns; and planting 10,000 native species saplings. To date, 11 fieldwork programmes have been run, using 294 volunteers and 4 field trips, with more planned this year. Three hectares of spruce monoculture have been cut out and replaced with 8,500 beech, sycamore and Norwegian maple saplings.

The Euronatur, Brown Bear Conservation project in Northern Spain, nominated by Vaude aimed to improve the Brown Bearâ&#x20AC;&#x2122;s food supply, minimise the impact of hunting and poaching, monitor the status and development of the bear population and organise educational activities. The population in the western ranges of the Cantabrian Mountains is stable, therefore it is important to improve the situation in the

eastern ranges. Planting of 2,000 new fruit trees in 4 selected areas has been carried out, and automatic cameras have been installed in several locations not only to monitor movements of bears and the health of their cubs, but also to watch for illegal hunting. The UKâ&#x20AC;&#x2122;s Surfers against Sewage, Grassroots Campaign Film, nominated by Patagonia, aimed to produce and distribute an educational >

trends : sustainability

Last call for rescuing the rhododendron forests in Nepal. One of the poorest countries in the world needs help to save a unique landscape. Following Berghausâ&#x20AC;&#x2122; suggestion, the EOG Association for Conservation put the project of the World Pheasant Association on its short list of worthwhile initiatives.

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000 markets :

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film following a well-known, professional surfer, with the goal of initiating a number of SAS campaigns within communities to protect local waterways. The film, shot over the summer of 2009 aims to inspire, educate and mobilise supporters to undertake their own campaigning efforts to achieve positive outcomes for their local beach, lake and waterway environments. Many of the cast and crew worked free of charge; the internationally acclaimed band, Radiohead, donated a track to the film; the DVD was cover mounted on The Surfer’s Path magazine and it has so far been shortlisted for 2 international film festival awards.

EOG Association for Conservation at OutDoor The Association can be found during the show in the Foyer East, just as you enter OutDoor. Any company, from a small retailer or publisher to a large international brand can get involved, the only criteria is that you operate within the outdoor industry. All the projects supported are nominated and chosen by the membership with 100% of membership revenue being put into the projects - this is your opportunity to be part of a bigger project.

Fundraiser: “Something for Conservation” Make a donation, pick up some great gear, and help support conservation! - 14.30hrs Thursday, Friday and Saturday, 10.30hrs Sunday, Stand Foyer East. Many members of the EOG Association for Conservation will be organising fundraising events on their own stands so please keep a look out for how you can get involved and help support conservation. Announcement of New Projects: including short talks from some of the projects awarded for 2010. Friday 16 July, 11.00 a.m. Room Berlin, Foyer East (with simultaneous translation). Look out as you walk around the show for stickers indicating members who support the EOG Association for Conservation.

000 markets :

www.eogconservation.org

Other events going on at OutDoor

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Tough Market Conditions for Retailers in the Netherlands

Ups and Downs in the Dutch Mountains

Welcome to the Dutch mountains: That‘s as hilly as it gets in the Netherlands, in the southern province of Limburg.

It might appear strange that such a store exists in the Netherlands at all. The country is notoriously flat and heavily built-up, with only a few hills in the southern tip of Limburg. However, there is still robust demand for outdoor products in the country, fueled by Dutch enthusiasm for camping and hiking – albeit often abroad. Zwerfkei could be regarded as the shop window of the Dutch outdoor market. It draws discerning consumers from around the country with an assortment of about 40,000 products, displayed on a surface of some 2,500 square meters. “Consumers travel to us because there has been a decline in the number of independents with such a sharp assortment, focusing on the higher end of the market,” says Evert Bobeldijk, general manager at Zwerfkei. “This has enabled us to continue expanding our sales in the last few years, focusing on this store alone, without the distraction of opening other outlets here and there”. However, the retailer’s strategy contrasts sharply with the latest developments in the wider Dutch outdoor market. Although sales remained steady in the last two years, the business came under strong economic pressure – making consumers all the more

demanding and further tightening the market at all levels.

Where the Big Ones Grow even Bigger

Stable Sales in a Troubled Country

Bever Zwerfsport, by far the largest outdoor retailer in the Netherlands, further increased its market share last year, reaching sales of about €55 million in 36 stores. „We acquired two independent stores that could not deal with the market circumstances, and our own business performed strongly, with continued growth in our comparable sales,“ said Didier Maclaine Pont, who has just left as the company’s chief executive. However, the mix of sales at Bever Zwerfsport confirms that many consumers have been on the look-out for cheaper products. The retailer has seen a sharp rise in sales of its private labels, Kaïkialla and Meru, which it adopted as a member of the Euro Family partnership of European outdoor retailers. Their share of Bever Zwerfsport’s turnover jumped from 6% to 12% in the last five years.

After several years of unbridled growth, the Dutch economy was battered last year, with a 4.0% decline in its GDP. Consumer spending plummeted, with particularly steep falls in apparel sales, but the outdoor business was spared from such a hammering. It remained roughly flat, with estimated sales of about €160 million last year. This encompasses sales of about 110 outdoor stores and the outdoor departments of sports stores, but excludes the family camping market, which is a much larger business in the Netherlands. Dutch outdoor sales held up relatively well because many Dutch people continued to yearn for a bit of space and relatively cheap, green leisure. Then again, the structure of the business was strongly affected by a decline in average prices and margins: This considerably weakened some of the country’s independent outdoor retailers, contributing to the on-going concentration of the Dutch market.

Retail Alliances Put Pressure on Suppliers Furthermore, Bever Zwerfsport became more demanding with its suppliers since it was

markets : netherlands

A sleepy commuter town in the urban center of the Netherlands, Woerden, is an unlikely meeting place for Dutch outdoor enthusiasts. Yet hundreds of them head out there every week to rummage through the huge assortment of Zwerfkei Outdoor, the most specialized independent retailer in the country.

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Slee Buitensport had to shutter all but one of its seven stores last year, to focus on its original store of 550 square meters in Utrecht. „Consumers purchase their equipment later, they know exactly what they want and they want it right away,“ said Michiel van Rhijn, Slee’s owner and manager. „This is placing increasing pressure on the business, particularly on stock, which is hard to handle without the support of a deep-pocketed shareholder“. Aside from Bever Zwerfsport there are no sizeable specialist chains left in the Netherlands, the second-largest being Carl Denig with three stores. The investments of sports retailers in the outdoor market further intensified the competition in this business. The weightiest company in the Dutch sports market is Unlimited Sports Group (USG), which has four sports retail banners in the Netherlands and Belgium, and a flurry of licensing and distribution deals. Among many other agreements, it has a license for Helly Hansen in the Netherlands, Belgium, Germany and Austria, and the shareholders of USG have just

Barbara Smit

Photo: Zwerfkei

If it‘s not at Zwerfkei, an independent Dutch specialist, it probably doesn‘t exist.

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Campers’ Paradise If you think there are too many Dutch people camping around Europe in the summer, don’t go near De Vrijbuiter in Roden. This is a huge camping store, covering no less than 25,000 square meters and swarming with Dutch families preparing for their next camping break. The ANWB, the country‘s road and tourism association, estimates that about four million Dutch holiday-makers will be camping this summer, and 2.8 million will take their tents and caravans abroad. The numbers have increased in the last years due to the economic circumstances as well as the widening offer, from green camping to “glamping”. While some of these Dutch campers complement their equipment in outdoor stores, there is an entirely distinct network of retailers in the Netherlands for the family camping market – led by stores like De Vrijbuiter and its three mega outlets. The offering is so plentiful, from functional tents to outdoor sandals and paella pans, that the retailer also draws many customers from Germany, and some of them travel from as far as Denmark to check out the latest equipment. The store in Roden alone boasts about 1.2 million visitors each year. Not all suppliers are eager to deal with large-scale camping retailers. De Vrijbuiter’s offering contains many private label products, including De Waard, a high-end brand acquired by the retailer two years ago. But camping stores still form a considerable market for brands like Coleman, and even specialists like The North Face and Vaude have a few of their tents displayed there. To explore this market more thoroughly, a few suppliers have distinct distributors for outdoor stores and for camping outlets.

- bs -

Doors wide open at Bever Zwerfsport, which has reinforced its leadership in the Dutch outdoor market.

25 markets : netherlands

Demanding Consumers Challenge Retailers’ Financial Power

acquired Tenson, the Swedish outdoor brand. The USG group’s strongest retail banner is Perry Sport, which achieved sales of about €122 million in 58 stores last year, and has rapidly expanded its outdoor department to about 35% of its retail space. Perry Sport has a wide offering of apparel, footwear and some equipment, but about 45% of its volume in outdoor sales is derived from its private label, Wildebeast, which retails at about 60% less than leading suppliers. The rise of The North Face, which has been sold in the Netherlands for many years by C.J. Agencies, fits in precisely the same picture: the concentration of Dutch outdoor retailing has been accompanied by the rapid growth of a few leading suppliers, who have most adequately adjusted their offering and distribution. “We have considerably widened our price offering as well as our distribution in the last years,” said Hans Veth at C.J. Agencies. “As an example, the starting price of our jackets was nearly halved in the last decade”. The North Face, which has a special partnership with Perry Sport, among others, has become the leading outdoor apparel brand in the Dutch market, and it is gaining market share in backpacks. Economic sluggishness has only reinforced this trend. Specialist retailers indicate that it has been harder to sell full-priced brands like Arc’teryx and Haglöfs last year, to the benefit of brands with a wider range of prices, such as Columbia, Berghaus and, again, The North Face. Even Zwerfkei, the fiercely independent and high-end retailer in Woerden, is not entirely immune to this phenomenon. Mammut makes by far the largest share of its turnover in apparel, but the North Face has become the retailer’s largest supplier.

Photo: Bever Zwerfsport

taken over three years ago by A.S. Adventure, by far the largest outdoor retailer in Belgium. Along with Cotswold Outdoor in the United Kingdom, the two retailers were acquired by Lion Capital, a British investment fund. But the market situation badly hit some other Dutch outdoor retailers, who were already struggling to deal with permanently updated product ranges and, in some cases, failed to invest in their store displays and staff.

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International brands and the growth of corporate retailers in Australia:

Big can be Beautiful Down Under Essential to the understanding of the outdoor industry in Australia is an understanding of the country and its people. A land mass of almost 7.7 million square kilometres with four cities comprising of more than one million people and huge distances between them. A variety of people from various nations along with the indigenous population only add up to the equivalent of the population living in Beijing. Aussies are therefore extremely proud of their independence and sporting abilities.

The inescapable fact about Australia is its huge size, with 12.000 km of coastline. Measuring 3000 km in total from Perth on the west side of the continent to Sydney (the country´s largest and most impetuous city) on the east side, and over 4000 km from the tip of Cape York Peninsula to the Tasmanian Island - the most southern point of Australia. It covers an area that is 50 percent bigger than Europe (excluding the former USSR) or to put it another way, 32 times the size of the United Kingdom. Huge tracts are uninhabited desert or bushland, the majority of the population (22 million people) living around the coastline. Of course the size of the country also means

that the climate in Australia varies from tropical, at the “Top End” of Australia (north of Queensland), Western Australia and the Northern Territory, to the sub tropics warm weather, and the cold winter and snow of lower Tasmania. Australia has a strong beach culture including surfing, kayaking, swimming and surf life-saving, which is probably the first image that springs to mind for most people around the world. Or is it the Great Barrier Reef and islands along the Queensland coast with diving, snorkeling and snow white sands. Australia also has a strong snow culture, skiing and snowboarding, with a wide area of the Snowy Mountains and adjacent

high country equipped with ski areas, tows, lodges and suppliers of apparel, footwear and accessories for winter sports. Australia has a very extensive system of national parks and protected heritage areas of wilderness, bush, rainforests, flood plains and dry open plains, all of which means that whatever activity Australian residents and visitors want to enjoy it is available somewhere. You may however need to travel some distance to reach it.

What its worth at retail A substantial group known as “grey nomads” are mainly retirees aged between 60-70 years of age and spend a great deal

markets : australia

Trekking through the red dirt of central Australia

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of their time travelling around the country in motor-homes and caravans. Heading north in the winter months for the warmth, and south in the summer months to escape the heat, many take bicycles, boats, kayaks and fishing gear with them. More than 60 percent of caravan and motor-home buyers are aged 55 years or older. The camping and caravan industry is worth $A 6.5 billion annually and has been growing at a rate of15 percent annually over the past seven years according to Australiaâ&#x20AC;&#x2122;s Caravan and Camping Industry association. Meanwhile the industry report from researcher IbisWorld lumps the sports and camping retailing industries together and lists the 2009 revenue as $A 3,562.9 billion.

Tough times in the outdoor industry

Trail running in the Blue Mountains ... a popular activity.

And most exhibitors reported they were happy with orders placed and contacts made. Optimism was highest in the family camping

000 markets :

The past 18 months have been tough in the outdoor industry in Australia, with the global financial crisis hitting the family camping category and the higher-end more technical category even harder. Australia was lucky enough not to fall into recession

as did much of the rest of the developed world, but Australians did not escape some of the effects. Most retailers in both market segments will tell you that the month of February has always been hard and slow during the past few years. This is due to the weak period between the ending of the summer trading season and the beginning of winter trading. However, optimism was beginning to flower again as the annual outdoor trade show was held in early May. Known by all as the SOTA show (organisers are the Snow and Outdoor Trade Association), the three-day show is held in Canberra the national capital, in the show grounds which are used for the agricultural show and car racing. The displays are spread across seven different buildings leaving ample room for the 600+ tents and the many kayaks that are trucked from different parts of the country to be put on display. Although visitor numbers were slightly down, exhibitor numbers were strong and the halls were sold out, reports SOTA president Philip Toomer, director of one of the biggest suppliers in the technical category.

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Sunset over the Great Barrier Reef island of Hinchinbrook

category where Peter Debenham, general manager of DMH Outdoors and long-time SOTA committee member, says “family camping will fire again, as the economy grows and confidence returns.”

The strongest time of the year for family camping in most parts of Australia is the summer during the long Christmas and Easter school holidays. Further north prefer to go camping from April to October during the dry season. Trends indicate that easy set-up and takedown are more important to this market segment than light weight products, particularly when it comes to tents, chairs and coolers.

International brands lead the way Most family campers drive to the site in 4X4’s crammed to the roof with every imaginable aide designed for comfortable living. Development of more and more sophisticated and technological products (along with competitive prices) are the secret to success in this market. Australia has very few of their own major

brands in either segment of the market — most wholesalers have a wide range of imported overseas brands to present to retailers, but may have a house label in clothing or packs to supplement their offering. Most major suppliers have strong ranges which can be used for travel and the line between travel. Australians and New Zealanders are avid backpackers at any age, but especially during their 20´s. Outdoor products are immense, therefore providing wholesalers and retailers with a major additional market.

Retail dominated by corporate Footwear on offer is almost exclusively overseas brands – Hi-Tec, Columbia, Keen, Merrell, Timberland, Teva, The North Face. Australian apparel brands actively seeking export opportunities include XTM with its Merino thermal ranges, skiwear including gloves and new rainshells. XTM kitted out the Australian winter Olympic team with gloves, thermals and bags, including gold medallist aerial skier Lydia Lassila and snowboarder Torah Bright. The outdoor retail market is increasingly being dominated by corporate chains, the Brisbane-based and growing BoatingCam-

pingFishing chain with 65 stores, Anaconda expanding with 19 stores, their product ranges include a high and expanding proportion of private label imports. They promote strongly on television and in print which is seen as a positive sign by many “as it attracts attention to our industry and brings people into stores everywhere,” says Ray Sargent of Rucsac Supplies, a wholesaler whose brand rollcall includes Vaude, Trangia, Recta and Torpeako. A major trend is the decline in numbers of independent retailers and buying groups such as Camping World, who are joining much bigger retailing groups for greater buying and back office strengths. The Ray’s Outdoors chain with 38 stores across much of the country has recently been acquired by BCF’s parent company. Chains such as the more technical Paddy Pallin, Snowgum, Mountain Hardware and Kathmandu supply a higher-end market of trekkers, bushwalkers, climbers, skiers and snow campers, with leading European and U.S. brands of apparel, footwear and equipment. International brands such as The North Face, Helly Hansen and Columbia have their own brand flagship stores in the major cities of Sydney and Melbourne.

markets : australia

Ease of use most important

Photo: Tourism Queensland

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Adventure racing boosts awareness Adventure racing is a growing trend which is becoming increasingly popular due to the fact that competitors can participate in this pastime during the weekend and still, hopefully, be fit for work on Monday. Many extremely demanding events such as running, biking, kayaking and orienteering components such as WildEndurance 100 or the Paddy Pallin series are organised by retailer chains or international brands such as The North Face or Teva. And although junior outdoor participant numbers are being hit in Australia as elsewhere, due to computer games, sedentary occupations and the impact of public liability insurance imposts on traditional junior outlets like the scouts, clubs or outdoor training through high schools, the growth in adventure racing, triathlons and cycling programmes are helping to offset this decline.

Natural bridge and waterfall in the Springbrook National Park.

Photo: Tourism Queensland

Maggie Coleman

Australiaâ&#x20AC;&#x2122;s annual outdoor industry show... showing 600 tents and scores of kayaks among the autumn leaves of Canberra.

000 markets :

Australiaâ&#x20AC;&#x2122;s first mountaineer to reach the summit of Mt Everest, Tim McCartney-Snape ( right), shows off sleeping bags to a visitor at the outdoor trade show.

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Croatia between Crisis and new Perspectives:

buying power. The gross domestic product per inhabitant in Croatia is about 63% of the EU average, ahead of existing members like Romania and even Poland.

Knocking on Brussels’ Doors

Forget about blue water and white sand: this is Croatia, in the Velebit range.

More Coffee-sipping than Rock-climbing

Photo: Croatian National Tourist Office

Since April, Zagreb has been equipped with a strikingly bright and inviting leisure facility: the Penja ki climbing centre, with plenty of walls and all the latest equipment. It was built in the Croatian capital by Iglu Sport, the country’s largest outdoor distributor and retailer, to whip up growing interest in outdoor-oriented sports. “Croatians are taking up more outdoor activities, from climbing to kayaking, but we still have to create our own customers by offering our own outdoor activities, as we have done with the climbing centre and courses,” explained Boris Cujic, the general manager of Iglu Sport in Croatia. The pick-up of outdoor activities in Croatia is drawing rising international interest

in the country’s outdoor market. Another reason behind investments in the last years is that the country is preparing to join the European Union (EU), probably in 2012. Among the major obstacles was a maritime border dispute with Slovenia, which has already been a member since 2004, but in a referendum a few weeks ago, a majority of Slovenes agreed to send the matter to arbitration. Croatia’s economic expansion came to a sudden halt last year, so that its expected take-off was delayed and some companies decided to hold back on further investment. However, this comes after several years of robust growth, which have enabled the country to begin catching up in terms of

markets : croatia

Being a steam horse among the former Yugoslav economies, it is no surprise that Croatia will be the next one to join the European Union – most probably in 2012. Thanks to its sandy beaches, the Dalmatian country is better known as a summer destination than an outdoor arena. This appears to be a misconception, because the Croatian mountains are just great. Outdoor specialty retail is developing quickly, but a great deal of the business is in the hands of domestic and foreign general sports stores.

Unlike neighbouring Slovenes, who have a deeply-ingrained habit of practising outdoor activities, Croatia’s 4.4 million inhabitants are more likely to spend their leisure time sipping coffee on terraces. The country is famous for its sun-soaked beaches and spectacular islands rather than its peaks. But in fact, Croatia is a stupendous playground for outdoor activities, from rafting on the Cetina river in Dalmatia to hiking in Paklenica national park and climbing on Croatia’s typical karst stone. Although there are few hard facts on outdoor participation in Croatia, there is little doubt that it is growing. Darko Berljak, the general secretary of the Croatian mountaineering association, said that it had more than 280 member clubs and an estimated 25,000 individual members, most of them hikers. There are also an estimated 2,000 climbers in the country and 300 of them take part in international competitions. The mid-term prospects of the market proved decisive for several outdoor suppliers that have started to move in, like The North Face. It has just launched a trial with Matis, a Croatian distributor specialised in cycling and canoeing. „Our contacts have done research indicating that interest is rising, and that a growing share of consumers was prepared to invest in higher-end outdoor products,“ explained Erica Zambon, who supervises sales of The North Face in East European countries and a few other emerging markets. For the time being, the specialist outdoor market is still led far and wide by Iglu Sport. Cujic, a former archaeologist and an avid climber, launched the banner in Croatia a few years ago as an equal joint venture with the company of the same name in Slovenia. While Iglu Sport has eleven stores in Slovenia, Cujic built up a network of five stores in Croatia. The retailer just opened its second store around Zagreb and it has three more in Split, Rijeka and Starigrad-Paklenica. Furthermore, Iglu Sport is considering the opening of another store in Pula, on the Istrian peninsula. At the same time, Iglu Sport has distribution agreements with about twenty brands of outdoor apparel, footwear and

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Just a Fistful of Specialty Players There are only a handful of other outdoor specialists in the country, mostly small companies with one store and some wholesaling activities. The most strongly established of these partners is Vrhunac, which has a store of about 150 square metres in Zagreb and distribution deal with brands from Salewa to Zajo, the Slovak ropes company. Since Vrhunac scaled back its activities from four to one store it has become profitable and its sales have soared by about 80% over the last two years. “This is due to the fact that we have been working a lot more efficiently, but we have also seen a lot more interest from consumers for a wide range of outdoor activities,” said Nikola Tot, Vrhunac manager. Furthermore, like Iglu Sport, the company complements its retail business with orders from organisations like rescue services.

General Sports Stores Have the Lead Yet still, the wider Croatian outdoor market is shaped to a large extent by sports retailers. Mercator, the heavy-weight Slovenian retailer, has a license for Intersport stores in the former Yugoslav countries. It has opened no less than 25 stores all around Croatia, some of them as large as 1,700 square metres in Rijeka, and it should end the year with 28 stores. Hervis, the Austrian sports retailer, has another seven largescale stores in the country.

Both of them have extensive outdoor units, which offer a few international brands and prominently sell their outdoor private labels: McKinley at Intersport and Kilimanjaro at Hervis. Outdoor products make up about 25% of Intersport Croatia’s sales, with international brands like Jack Wolfskin, Salomon and The North Face. There are several more Croatian sports chains, led by Turbo Sport. Owned by the Magma wholesale and retail group, Turbo Sport has 26 stores around the country and a dollop of distribution deals with brands from Giant to Protest and Helly Hansen, along with a thriving private label business. It sells products like tents and backpacks under the Adventure brand, at unbeatable prices.

Photo: Iglu Sport

equipment, most of them in conjunction with Iglu Sport in Slovenia. Among the most prominent brands are Millet, Lowe Alpine, Garmont and La Sportiva. These products make up about 90% of sales in Iglu Sport’s Croatian stores, which reached the equivalent of about €2 million last year.

Iglu Sport creates customers with its brand new climbing centre in Zagreb

one of the few that are sold by several retailers, including Hervis. This is a huge advantage for the brand’s sales in Croatia but a headache for Croatian distributors, since products sold to international sports retailers are often bought centrally from other countries. Mammut was distributed in Croatia for several years by Himalaya Sport in Varazdin, but the two companies parted ways acrimoniously and from September 2010 Mammut will be marketed by Iglu Sport – further reinforcing the company’s grip on the Croatian market. Meanwhile, Himalaya is focusing on its small store and wholesaling of several other brands, from Petzl to Scarpa and more. Like many others in the country, Mario Robic, the manager of Himalaya, is holding out while the economy recovers, to take part in the widely-expected pick-up of Croatia’s outdoor market. “Growth has been slow and it will not be easy for the next couple of years,” said Robi , “but after that, there is no doubt that our outdoor market will become a lot more interesting”.

Somewhere between Pasta and Paella Croatian consumers are strongly influenced by Italian habits and prepared to invest in branded apparel and footwear. However, the buying power of the average consumer and the prominence of private labels in the country’s outdoor business do stimulate sales of sharply-priced outdoor products. Strikingly enough, the strongest-selling brand of apparel at Iglu Sport in Croatia is Trangoworld from Spain. “Croatian customers have found out that this brand’s prices are lower than others, for an equivalent quality,” explained Cujic. “It also helps a lot that the company is very friendly to our market, agreeing to sponsor individual climbers and Croatian national teams for climbing and ice climbing”. Iglu Sport has its own private label, Karibu, which works well in Slovenia, but the retailer’s Croatian arm has quit selling Karibu in favour of Trangoworld, which is cheaper. Another popular brand among the more affluent consumers in Croatia is Mammut,

Barbara Smit

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Climbers enjoying the karst in Paklenica

The prevalence of karst, a highly porous limestone and dolomitic rock, makes Croatia an attractive destination for climbers. The most experienced of them will certainly be familiar with Anica Kuk, a classic spot with more than 100 routes up to a maximum of 350 metres. The monumental north-west wall dominates superb gorges in Paklenica national park. - bs -

31 markets : croatia

While most tourists in Croatia opt for horizontal breaks in the sand, thousands of climbers from around Europe prefer to deploy their vertical talents in Paklenica. Among the highlights for the climbing community in Croatia is the International Climbers Meeting: It was held for the 11th time last April, drawing about 4,000 visitors from around Europe in three days, with sponsors from Mammut to Trangoworld.

Photo: Croatian National Tourist Office

A Paradise Waiting for Discovery

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France-based Brands are Preparing their Own Cluster:

The Valley Of Dreams

In Annecy, outdoor brands have joined forces in Outdoor Sports Valley to help develop the industry by sharing their knowledge and needs. The initiative is whole-heartedly supported by local authorities, which regard it as a means to promote employment, tourism and Annecy’s bid to host the Winter Olympics in 2018.

cluster in Rhône-Alpes. The recent launch of OSV could thus be regarded as the result of more than one year of work.

A Local Initiative to Promote Global Brands A few years back, Annecy was best known in the outdoor industry as the cradle of Salomon, the French ski and outdoor brand, but the city has acquired another dimension. No less than 50 sports brands are established around Annecy, employing about 2,000 people and twice that figure counting the entire “département” of Haute-Savoie. These companies are drawn to Annecy for its magnificent surroundings, with its lake and the mountains nearby, where outdoor sports may be practised all year round. The region therefore boasts a large number of outdoor sports participants, enabling suppliers to detect upcoming trends and to test their

trends: clusters

Something big is happening around the outdoor market in France: in 2010, a group called Outdoor Sports Valley (OSV) was set up in Annecy, bringing together international companies and brands in the outdoor, snow and action sports markets – all based in the region, sometimes with their European or global head office. Back in March 2009, the Annecy conurbation (C2A) and the Rhône-Alpes region agreed to step up their support of the sports industry, together with Sporaltec, a sports

One valley, one team, one idea: The folks behind the Outdoor Sports Valley are (from the left to the right) Christophe Vandepoortaele (adjunct general manager Agglo Annecy), Jean-Claude Belaidi (general manager Agglo Annecy), Philippe Gallay (president TSL snowshoes), Remi Forsans (executive director Outdoor Sports Valley), Jean-Luc Diard (VP Tecnica Group), Holger Bismann (general manager, Patagonia Europe), René Desille (VP Agglo Annecy), Michel Gaillard (financial manager, Scott USA) – Ségoléne Guichard (VP Agglo Annecy), Bernard Accoyer (chairman of the National Assembly, and VP Agglo Annecy), Bernard Liatti (president of Innovaski), Frédéric Basse (president of Eurosima and co-founder of Rip Curl Europe), Alain Vuarnet, Guy Metral (president of the Chamber of Commerce, Haute-Savoie), Fréderic Ducruet (general manager Eider/Millet), Christian Monteil (president of the general council for the département Haute-Savoie), Olivier Cantet (chief executive, Rip Curl International), Jean-Luc Rigaut (president Agglo Annecy), Serge Lesimple (VP Agglo Annecy), Jean-Marc Pambet (president Salomon, president Amer footwear and apparel), Pascal Aymar (general manager, Coalision Europe).

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products on the spot. The Annecy region has turned into a live laboratory – stimulating innovation. Furthermore, Annecy is in the limelight as one of the three candidate cities to host the Winter Olympics in 2018, facing competition from Munich and Pyeongchan in South Korea. As Jean-Luc Rigaut, Annecy’s mayor, recently declared: “Our bid distinguishes itself with its “life-size” spirit. It is also very rigorous in terms of sustainability. We wanted to invent another way to interact with the mountains”. OSV benefits from the support of industry leaders like Jean-Luc Diard (Tecnica), Bernard Liatti (Innovaski and formerly Rossignol), Jean-Marc Pambet (Salomon), Frédéric Ducruet (Millet), Michel Gaillard (Scott), Pascal Aymar (Lolë), Frédéric Basse and Olivier Cantet (Rip Curl), Holger Bismann (Patagonia) and Philippe Gallay (TSL). Launched in January 2010 and supported from the start by C2A, along with the Chamber of Commerce and the Conseil Général, the project has already received €250,000 in funding. It obtained unanimous support from local representatives on all sides of the political spectrum. OSV is also backed by Bernard Accoyer, chairman of the National Assembly (the second highest-ranking personality of the French State after its president, Nicolas Sarkozy) and vice-president of C2A.

Jean-Luc Diard, chairman of OSV, explains the ambitions behind the project: “We want to work on unifying projects, bringing together brands, industrial groups, retailers, project leaders and sports people, to advance the region’s economic dynamism and its exceptional environment,” he said. The idea is to stimulate the exchange of information, to develop existing business networks, to draw more companies to Annecy and to help young entrepreneurs to establish their business and launch their products. Talks are underway with about twenty outdoor companies that are thinking of setting up their business in Annecy. “Our group is not meant to thwart or to replace existing initiatives, or projects that are driven by others,” Diard added. OSV already works with the European Outdoor Group, the association of European outdoor companies, and Eurosima, its counterpart in the action sports business. OSV also wants to get involved in training for youngsters. The association will check out the needs of companies in the outdoor sector in this respect and compare them with existing training programmes, which should again stimulate talks between the different players in the industry. OSV already supports various events and welcomed the Performance Days, a fair for technical fabrics, which were held for the first time in Annecy this year. This autumn, OSV will organise an international outdoor forum, to take place from 11 to 13 October at the Imperial hotel, by the lake. The whole event is going to be supported by a couple of partners, including Messe Friedrichshafen and leading publications such as SGI Europe and The Outdoor Industry Compass. There will be two days of conferences and talks, involving managers of outdoor brands and stores, their employees, research and design agencies, along with representatives of mountain resorts and the media. The forum will focus on discussions around the effects of the economic crisis, new ways to practise outdoor sports, new technology, the impact of events on tourism and trade, sustainable products and recycling. It has already been agreed that the international outdoor forum will be held in Annecy every year until 2015.

markets : netherlands

A Joint Effort in an Olympic Spirit

Frédéric Tain

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It’s the bike which matters. Over the past few years, Eurobike has been the must-go place to see the latest gear.

More than 1,000 exhibitors:

The Rush to the Eurobike Continues Eurobike, the international bicycle trade show on Lake Constance, continues to gain in popularity. Stand assignments on the exhibition grounds have nearly been completed and back in May the show smashed the one-thousand mark of exhibitors which have booked their stands at the show in Friedrichshafen (1-4 September 2010). Welcome to the Demo Day: Eurobike kicks off on Wednesday, September 1st and ends on Open House Day on Saturday, September 4th. Trade visitors can get a sneak preview of the latest innovations in the bicycle industry one day before the start of the show on Tuesday, August 31st.

More room for fashion Apart from the latest bike trends, another important aspect is the right outfit for cycling. So this year there will be some changes at the Eurobike: The earlier location for bike fashion, in Hall A4, has become too small. The much loved Bike Fashion Show will be staged, for the first time, in the Foyer East this year. The bike fashion manufacturers will also be moving house, to Hall B5, where there is not only more room for the fashion collections but it is also situated next door to the fashion show.

Seal of quality for the bike industry What we want when it comes to the Eurobike Award is innovation, sustainability and functionality. The prize will be awarded for the sixth

time in 2010 and has in the meantime become an important seal of quality within the cycle industry. It paves a way through the jungle of new products to the truly innovative developments. In co-operation with the International Forum Design (iF), the show organisers send an invitation out to manufacturers, importers, designers and students to present their latest products and projects for the award 2010. The number of submissions per participant is unlimited, the products however should not have been on the market for longer than two years. The closing date for submissions is 30th July. The jury, comprising of independent, international cycle experts, will assess the innovations according to various criteria. In addition to this, the jury will also honour a product with a high ecological and sustainable value with the Green Award.

Focus on E-Bikes homepage or directly via the Intersky website. There are now even more European destinations available from Memmingen Airport: since the beginning of 2010 Ryanair has been flying to and from Dublin, London, Faro, Oslo, Stockholm, Barcelona, Rome or Bremen. Berlin - Memmingen is also covered by Air Berlin. For people coming from overseas or further afield Zurich Airport is ideal for a quick and comfortable transfer by rail or ferry to Friedrichshafen. And don’t forget: there’s a free shuttle service from all three airports to the exhibition centre, Messe Friedrichshafen.

Pedelecs and E-bikes are a more prominent feature this year with all leading manufacturers. “As the world’s leading bike trade show, Eurobike offers excellent synergies for makers, sellers and users of LEVs – or light electric vehicles,” says Reisinger. There will be more display space for e-bikes, pedelecs and accessories, and a large test track on the 500-meter-long street where trade visitors will be able to ride e-bikes up a 1-in-8 gradient toward the eastern car park. www.eurobike-show.com

shows : eurobike

Improved connections All roads lead to the Global Bike Show on Lake Constance: The three airports within a radius of 90 kilometres cover almost all European and worldwide routes. From the home base Friedrichshafen – right next to the Exhibition Centre – all Lufthansa and Star Alliance destinations can be reached via Frankfurt. Germanwings started their route Cologne - Friedrichshafen at the end of March. Intersky has services for Cologne, Düsseldorf, Münster/Osnabrück, Hamburg, Berlin, Graz, Vienna and Nice. And what’s more, Intersky offers reduced prices for all Eurobike visitors booking via the show’s

Eurobike, the international bicycle trade show on Lake Constance, continues to gain in popularity. Stand assignments on the exhibition grounds have nearly been completed and back in May the show smashed the one-thousand mark of exhibitors which have booked their stands at the show in Friedrichshafen (1-4 September 2010). „In order to meet the large demand for exhibition space, we‘ve expanded Hall A3 to open up additional trade show areas,“ says Eurobike Project Manager Stefan Reisinger. It is safe to say that the show will repeat its success from last year when it attracted more than 1,000 exhibitors from 42 different countries. In 2009, 68 % of the exhibitors were from outside of Germany. The amount of exhibitor space has soared to a new dimension and now boasts of over 100,000 square metres in 14 trade show halls and the western and eastern open-air grounds.

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The Chinese Love Outdoor for its Healthy Fun Factor:

Mega Market China

China Outdoor Commerce Alliance (COCA) determined a market volume of some 370 million EUR in 2008, how-ever they only took specialty trade into considera-tion. Discounters such as Décathlon or Wal-Mart con-tributed another some 265 million EUR. After the eco-nomic crisis in 2009, the market only grew by 15%, experts expect the growth rate to rise up to 25% in 2010.

Market Might Jump Over €1 billion in 2010 Adding turnovers of outdoor sales in the markets of sports shoes and fashion (app. €150 million), the outdoor market will probably exceed €1 billion in to-tal for the first time this year. In comparison: The European Outdoor Group (EOG) esti-mated the size of the European market volume in spe-cialized trade to be about €5.4 billion, growing by 3.4% p.a. There is a remarkable detail about this success story in the country’s category 2 and 3 cities (most of them still megacities): Gorgeous outdoor-communities expand rapidly. Wonderful sceneries and fascinating mountain ranges offer a wide variety of outdoor activities. Themed »Happy Outdoor & Healthy Living«, China Mountaineering Association (CMA) has been or-ganising mega open-airs since 2008, each of them at-tracting up to

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10,000 attendees. Outdoor enthusiasts build up thousands of tents in front of an impressing scene of picturesque hillsides, in order to group themselves for hiking, climbing, mountainbiking or paragliding. Woodstock-like festivals frame these meetings, surrounded by parties and campfires. China counts 5,000 mountain summits exceeding a height of 6,000 metres and more. Everybody dreams of standing on top of one of these peaks. This fact shows the enormous potential of outdoor in this coun-try. The market develops in a remarkable way. When »Neil Outdoor« (3,500 sqm, 50 brands) opened in 2008, it was China’s first outdoor-only mall. Just one year later, Neil moved to a new 4,500 sqm location with subway connection. Making use of clever event market-ing they managed to recruit outdoor newbies. Within a very short time they established a club with some 24,000 members from the Beijing area that offers guided hiking and climbing activities. Along the way they built up a solid customer base for their outdoor products. Western brands can only dream of such sto-ries.

Asia Outdoor Turns Out to be an Export Hit Asia Outdoor has established itself as the leading outdoor trade show in Asia. Being a flawless outdoor event, it attracted more than 14,000 trade visitors, 350 journalists from 130 different media, and almost 300 national and international exhibitors on the state-of-the-art fairgrounds of Nanjing in

2009. Nu-merous new entrants, among them China’s first outdoor manufacturer to be quoted on the stock exchange, To-read, ensure ongoing growth. Due to World Expo 2010 in Shanghai, which takes place at the same time as Asia Outdoor, the organizers expect once again in-creasing attendance - particularly as Shanghai and Nanjing then will be connected by a high-speed-train called »Jinghu« (basically a one-hour-trip!).

Trademark Protection Taken for Serious Trademark protection is playing a growing role in a country where copying masterpieces traditionally is an expression of maximum appreciation. Retailers therefore have to prove licenses to sell branded goods in malls and department stores. Even advertis-ing with fabrics like Gore-Tex must be approved. Chi-nese competition watchdogs therewith prevent copyists increasingly successful. The rise of »regular« local brands such as Kailas, however, is remarkable. Their appearance in this growing market is not only af-fected by international quality standards of their products. Furthermore, marketing efforts and image of these rising stars more and more keep up with those of their western competitors. Entering the Chinese outdoor market is still possible at reasonable ef-fort. But the impressive growth rates divide into more and more rivals, domestic and abroad. Whoever wants a piece of the action would be well advised not to hesitate any longer.

35 shows : asia outdoor

Some clichés shape what we see as China’s image: In many opinions, China still serves the western world as a rather simple factory to ensure and enrich our prosperity. The media mostly focus on human rights or on equalized communities. China however has become the world’s second largest consumer market for global brands such as Adidas, beaten by the U.S by a slight margin. Chinese consumers stand out due to their distinctive open-mindedness towards innovations in gen-eral and especially towards western brands. The con-tinuously increasing significance of individualisa-tion and recreational activities has made an impres-sive impact on the boom in outdoor in China.

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Deuter Kid Comfort II & III The mobile Vari-Flex hip fins from the Kid Comfort II & III sit perfectly, thus providing the wearer with load control and comfort, the passenger on the other hand can enjoy the new ergonomic cut seat, soft sides and chin-pad which can easily be removed and washed. Storage options have been optimised, mesh side pockets, large zipped compartment under the seat, hydration system plus a front and hip belt compartment all make it easier for families to store their utensils needed when out and about.

Climber At last, a proper backpack for little climbers. This backpack is extremely robust and a real friend to school children during their adventures in the wild or on a ski tour, climbing or via ferratas. The newly designed alpine style backpack is optically and functionally based on adult´s backpacks. Flexibility, stability and ventilation are guaranteed thanks to the Alpine Back Carry System. Details: ice axe/trekking pole straps, side compression straps, mesh side pockets, gear loops with plenty of space for anything from karabiners to a magnifying glass, zipped pocket on lid, valuables pocket under the lid, “D-Rings” on the lid, soft hip fins with gear loops, chest strap with emergency whistle, softedge shoulder straps, hydration system compatible.

Fox trekking rucksack is a reliable helper for young adventurers during their undertakings, and possesses the same well thought out qualities as their adult counter-parts. Fox 40 litre, the bigger brother of Fox, has enough space for everything needed at school or scout camp. Details: Alpine-Back-System, Vari-Quick System, ice sxe/trekking pole straps, side bellows pockets, side compression straps, daisy chains, zipped pocket on the lid, valuables pocket under the lid, “DRings” on the lid, additional access to the main compartment via the base opening, pull forward hip adjustors, easy to tighten even with a heavy load, gear loops on the hip fins, chest strap with emergency whistle, soft edge shoulder straps, 3 litre hydration system compatible.

products

Fox 30 & 40

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Deuter Family: Kid Comfort Deuter were one of the first manufacturers to design child carriers that guaranteed comfort and safety for both child and parent. The carriers have permanently been overhauled and improved: The aluminium frame from the Kid Comfort Line offers thorough stability thanks to the slightly adapted shape. Whilst children enjoy the comfort of a padded, breathable and individually adjustable seat, parents relish the comfort of the optimised back construction and Vari-Flex hip fins.

Kids & Junior The Kids model has a zipper instead of buckles making it easy on little hands to open. The rucksacks have soft-edged shoulder straps and a padded back, the same as its bigger brother Junior which is suitable for children of approx. 5 years. All models offer sufficient storage options and 3M-reflectors for extra safety.

Waldfuchs This product has been recommended and jointly developed with the National Association for Forest and Natural Kindergartens in Bavaria. New colours in the range cater for some variety in the forest whilst remaining loyal to the proven credentials the rucksack has provided up to now. There is ample space for utensils needed on a day out in the forest with the kindergarten be it bottles, rain jacket and trousers, gloves, saw, sweets or a cuddly toy. A child friendly rucksack that is easy to open or close even when wearing gloves. Details: comfortable soft padded back, soft-edged shoulder straps, a light removable mat that also strengthens the back of the rucksack, velcro bag with a large loop, velcro bag inside for saw and various utensils, two side mesh pockets capable of holding a 0,5 litre bottle, name tag and inside key pocket, reinforced base, compartment for jacket under the lid and two attachment rings. Material: Ripstop Nylon/Polytex

Children can head off on adventures with their own special rucksack once they have outgrown their child carrier. Schmuseb채r is suitable for children of three years and over, it is not only playful and bright but is also perfect for kindergarten, a day out or an adventure tour.

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Schmuseb채r

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Jack Wolfskin Deviator Jacket Two of the products that employ this cutting edge fabric technology are the alpine jackets, the Deviator Jacket and the Dissenter Jacket. The Deviator Jacket features slightly raised pockets, which are readily accessible when wearing a rucksack waist belt or climbing harness, and the Summit Hood with a stiffened visor. It also incorporates an Air Flow Collar, a special mesh lined collar which allows warm air to escape like a chimney. The jacket is also remarkably light, with welded seams shaving valuable grams off the total weight and meaning that fewer double thickness seams are required. This also makes the jacket more supple and comfortable to wear.

Women

Men

Texapore Air With the development of Texapore Air, an innovative new fabric that is waterproof yet air permeable, Jack Wolfskin’s weather protection apparel enters a new dimension of wear comfort. In addition to the classic waterproof and windproof performance of Texapore, the new fabric’s “dynamic breathability” delivers levels of climate comfort hitherto only comparable to soft shells. Because the fabric is air permeable, the breathability (moisture vapour transmission) is enhanced by a process of air exchange (convection). The natural ‘pump effect’ created by the convection process is initiated by biomechanical movement, e.g. by walking. Unlike conventional weather protection fabrics, whose breathability remains constant with accelerated movement, the climate comfort of Texapore Air increases as the physical activity become more intense and more air is exchanged through the fabric. These attributes make Texapore Air fabrics the ideal choice for dynamic activities.

The counterpart Dissenter Jacket is the ideal choice for the purist or for fast & light alpine sports. It is extremely light (men’s version 410g in size L; women’s 340 g, size M), yet it is equipped with all the basics, including a lightweight hood and three easily accessible pockets. Water resistant zippers dispense with the need for additional covering flaps, which again saves weight. The offset front zip is a real bonus when the jacket is worn as part of a technical layering system, since the asymmetrical design prevents the zips on the various layers bunching uncomfortably at the neck.

Men

Women

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Rondane Jacket One of the new Texapore Organic products is the Rondane Jacket. Features include venting pit zips and a short system zip for seamless zip-in combination with any similarly equipped inner jacket.

Men

Women

Texapore Organic

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The advantage of Texapore Organic: - 50% less polymer is required than conventional coatings or laminates - the fibres of the fabric give the polymer layer added strength - less waterproof reatment is required, since the polymer coating also produces water and dirt resistant characteristics - the fabric blots up less water and dries significantly faster - less energy and fewer chemicals are required for the produc tion (and after care) of the fabric

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Summer 2011 also sees Jack Wolfskin present a second ‘world first’ in the shape of the new weather protection fabric, Texapore Organic, a waterproof, breathable fabric that combines the pleasant wear comfort and sustainable credentials of certified organic cotton with the renowned weatherproof performance of Texapore. A small quantity of polyamide is added to the mix to provide better tear strength and abrasion resistance. The company’s long term aim is to investigate and establish sustainable alternatives to purely synthetic weather protection fabrics. With the development of Texapore Organic, Jack Wolfskin has taken another important step towards the realisation of this objective. In Texapore Organic fabric technology, the threads of the fabric are encapsulated with a special polymer, which forms a microporous layer within the fabric itself. The pore size is too small to allow water molecules to penetrate but large enough for water vapour to pass through unhindered. Instead of the more usual seam sealing, clothing made from Texapore Organic has a reduced seam construction, concealed seams (Shadow Seams) and seam stitching that swells when damp to seal the seam (Core Yarn Sealing), and render it as impervious as possible to water ingress.

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Mammut Zephir The Mammut Zephir is perfect for any climber who places extremely high demands on both themselves and their equipment. This is the first time that Mammut has used its Split Webbing technology (patent application pending) in a harness, where the webbing of the hip belt is split during the webbing process and then joined together again. This eliminates the need to stitch on a second webbing, resulting in a significant weight saving and improved pressure distribution. Thanks to fine and durable Dyneema webbing in the leg and belay loops, together with an aluminium Slide-Block buckle, the Zephir weighs in at an amazing 250 g.

Smart Alpine The alpine version of the award-winning Smart is the first safety device with braking force support, which is suitable for twin and half ropes as well as single ropes. It breaks the climberâ&#x20AC;&#x2122;s fall dynamically and locks even at low levels of force exerted by the user. Two second climbers can be belayed independently of each other and the Smart safety device is also ideal for abseiling. The autolocking mechanism can easily be released after a fall by the second climber. It allows you to quickly and easily change from securing the second climber via the belay point to securing the lead climber using your body. The Smart Alpine is available in two versions for ropes with a diameter of 7.5 to 9.5 millimetres and 8.9 to 10.5 millimetres.

Classic Line With its new Classic line, the Swiss rope specialist is offering a collection that includes the perfect rope for all levels of ability, from beginners and hall climbers to professionals. From the 9.6 millimetre thin Climax single rope to the robust 10.5 Apex, you can choose from a wide range of classics. The Vertex single rope with a diameter of 10.0 millimetres stands out thanks to its good handling properties and excellent value for money. Its all-round qualities are ideally suited to beginners and occasional climbers â&#x20AC;&#x201C; even in situations with high abrasion. For those who like bright colours and patterns, the Swiss company has also created the Vertex in a daring design, guaranteed to draw attention.

The Ophir range of climbing harnesses represents amazing value for money. These attractively designed harnesses are equipped with the latest technology, offering maximum freedom of movement and comfort combined with a low weight. Weighing in at just 360 g, the Ophir sits almost unnoticeably on the climberâ&#x20AC;&#x2DC;s hips and thighs. The innovative two-part webbing design even makes the previously often unpleasant sensation of hanging on the rope a comfortable experience. Pressure is distributed evenly over the entire width of the hip belt, eliminating painful pressure points.

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Multipitch Soft Shell Duo The Salbit jacket and Nobu pants are perfect for multi-pitch tours. This Soft Shell duo is precisely tailored to the demands of the cliff face. It is extremely elastic, provides effective protection from wind and weather and is equipped with some clever details. The elongated shape allows the jacket to be worn under a climbing harness, while the High Reach sleeves do not ride up during long moves. The Salbit jacket has a zipped pocket on the back for easy access to small items, such as an energy bar, map or cap. To keep your camera safe and within easy reach, you can attach it to the cord provided in the chest pocket. The pockets of the Nobu pants are also equipped with loops which can be used to secure keys or other small items. All the pockets and their contents can be accessed when wearing a climbing harness.

Neon Light 390 grams – and not a gram too much – is the weight of the new Mammut Neon Light climbing backpack. Thanks to its narrow, flat shape, the climber barely notices the Neon Light, yet it is still big enough to hold carefully organised equipment, a camera and a hydration system. The integrated gear loops on the inside and daisy chains on the outside are ideal for securing equipment, while the three zip pockets provide space for a mobile phone, map and energy bar.

Rockface DLX

Lightweight, well-ventilated and comfortable. The Mammut Apex is an everyday approach shoe which is also ideal for climbing. Weighing in at just 520 g, it is equipped with a wide range of technical innovations. Whether for everyday activities, travelling or on the headwall, the Apex’s sophisticated details are sure to impress. They are apparent from the moment you put the shoe on. An elastic tongue design in the form of a sock and an elastic, hinged heel section allow easy entry and a better, wrinkle-free fit. Open-pored air-mesh ensures pleasant ventilation and rapid drying time.

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Apex

If you would like to make the often rocky ascent as pleasant as possible, the Mammut Rockface DLX is the right footwear for you. Durable outer material, heel support and high-grip Mammut soles create a highly technical approach shoe for a wide range of applications. Thanks to its special rubber mix, the Mammut griptec Cougapproach sole provides a firm grip, even in pathless terrain. A strong outer shoe is ensured thanks to a durable Hybrid Shell as well as rubber and PU leather reinforcements.

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Terrono

GoLite

The brand new GoLite Terrono (2015g) is the lightest pack to be launched onto the market that is both back and hip adjustable. The highly technical pack has a capacity of up to 90L (men’s) and offers a customised fit without adding any weight, no matter how heavy a load you are carrying. Available in specific fittings for men and women the Terrano is the ultimate pack to suit long, challenging treks and adventures. Both the back and the hip belt of the Terrono can be easily adjusted by up to 10cms using the Lite Rail A/S system. The Lite Rail is simple to use and delivers the best stability, flexibility and load transfer available.

Post Canyon The brand new Post Canyon softshell is the “must have” jacket for 2011. Combining high performance with versatility, results in this ultra stylish piece that meets the needs for a multitude of outdoor activities. From technical hiking and trail running to everyday wear the Post Canyon is the perfect choice. Its recycled polyester and spandex construction provide an excellent range of motion whilst ensuring total comfort.

Malpais Trinity 3-Layer Jacket

Siskiyou Convertible Pant The convertible pant makes its debut into the GoLite collection for 2011. Part of GoLite’s Hiking & Backpacking range, the new Siskiyou zip-off pant is ready for a day on the hills. Lightweight, functional and packable these pants can easily be adjusted to suit the quickly changing outside temperature.

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The lightest weighing jacket within GoLite’s outerwear collection for Spring 2011. At 190g (men’s) the 3 layer Malpais is the ultimate gram counting storm shell for those who need maximum performance and protection with the minimum weight possible. With fully taped seams, waterproof zippers, a fixed hood and hand pockets the Malpais will keep you totally dry and vapour free in any downpour due to its 20K / 20K rating.

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Marmot Hyper Jacket

Essence Jacket

A low weight high stretch face fabric combined with Marmot MemBrain Strata technology offers a new generation of performance shells suitable for a wide variety of outdoor use. In fact this is the most breathable version of MemBrain Strata with a simply amazing 32,000 g/mÂ˛/24hrs and still gives a 20,000mm hydrostatic head waterproof level.

The Essence Jacket is the pinnacle of Marmotâ&#x20AC;&#x2DC;s cutting edge lightweight waterproof and breathable jackets. The combination of a super lightweight 12 denier face fabric exclusive to Marmot, teamed up with our own MemBrain Strata lamination technology, has created the lightest waterproof breathable fabric available and allows this jacket to be the lightest, most breathable garment in its category.

Plasma Sleeping Bag Marmot has continued to pioneer sleeping bag technology in Spring 2011 with the addition of the brand new Plasma bags. Ground breaking new developments include the use of directional down flow gates, vertically aligned baffles and wrap around foot box construction. The Plasma series also boasts the use of our highest quality 900+ fill power European goose down which is encased with ultra light, highly durable 10 denier Pertex Quantum fabric. These features combined make the Plasma sleeping bags the lightest, warmest and most functional bags possible.

Marmot has a new addition to its broad softshell collection. The Vapor Trail 1/2 Zip aims at outdoor activists wanting a comfortable softshell jacket they can wear all day long. Wind resistant panels have been built into the front of the jacket and the sleeves to offer warmth from the wind. Side sections of the jacket and rear back section use breathable fabrics to aid air flow and comfort when running or descending a long trail on your mountain bike.

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Vapor Trail 1/2 Zip

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Easton Kilo

Hat-Trick HatTrick combines lightweight packable features with comfortable living space for state-of-the-art versatility. Rated for all-season use, the three-pole design delivers unparalleled stability with ample space for three. The advanced Easton Carbon EVO frame utilizes the revolutionary AirLock connectors to pioneer new levels of lightweight performance. Hat Trick offers a low weight-to-space ratio while still offering the long-lasting durability of PU5000mm floor and 1500mm fly.

Weighing less than one kilogram, Kilo packs the most advanced materials and technologies into an ultra-light freestanding shelter. The all-new Carbon ION pole is made from high modulus carbon and features the AirLock connection system. The revolutionary support structure, developed by Easton, changes almost everything you knew about tent poles. Patent-pending AirLock connectors maximize the performance of the carbon poles and eliminate the need for heavy, full-length shock cord.

ATR-80, Aluminum Trekking Pole Features Easton’s most advanced 7075 aerospace aluminum, three-tier construction. Revolutionary new ViBrake grip works to absorb vibrations at the point of contact with the pole. Patent-pending Rock-Lock clamps provide positive locking action with on-the-go adjustability. EVA foam grip extension and comfort strap.

CTR-80, Carbon Trekking Pole

Vi-Brake

Ultimate lightweight performance. Durable allcarbon construction with three-tier adjustability. Revolutionary vibration dampening Vi-Brake grip increases comfort and stamina. Patent-pending Rock-Lock secures pole sections with confidence. Lightweight EVA foam grip extension, and comfort strap.

All-Axis Vibration Dampening Grip Easton’s new Vi-Brake technology delivers a new patent-pending innovation to trekking poles. Vi-Brake grip technology works to reduce shock and dampen energy transfer to your hand. The secret is Vi-Brake’s 360-degree all-axis dampening gel within an ergonomic molded grip. This isolates the grip from the pole unlike some single-axis linear spring shocks that only move in one direction.

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AirLock Introducing the paradigm shifting new pole connection system maximizes the performance of carbon pole tent frames and eliminates the need for heavy, full-length shock cord. Patent-pending AirLock tent pole systems use precision inserts that utilize a short monofilament tether to keep pole sections in sequence. AirLock’s unique fitment increases the strength of every connection point while the modular design allows for quick & easy field repair. The unique system takes existing tent pole technology to a brand new realm.

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Vaude

Mischabel Jacket

Mischabel Jacket – the ultimate ultralight jacket for mountaineers. 285 grams (size L) that packs it all in: professional weather protection, stretch fabrics and all the vital mountaineering features. With this jacket you’ll be prepared for any situation in the mountains, and be able to move with speed and flexibility at the same time. In good weather it can be packed down into an extremely small package and stored as a reserve jacket. The Ceplex Advanced membrane is absolutely waterproof and windproof with a high level of breathability - guaranteed.

Splock 28 Splock 28 is an extraordinarily lightweight, purist and technically sophistica ted choice, with a modern, streamlined design. Thanks to continuous weight optimization, this full-featured alpine pack weighs just 900 grams. You can remove the back panel and further reduce the weight to just 770 grams. The completely stowable gear attachment includes compression straps, so when you attach your ice gear, the pack is automatically compressed down to the smallest size possible.

Taurus Ultralight XP The super lightweight double wall Taurus Ultralight XP only weighs 1650 grams and offers exceptional wind stability and durability. Just the right combination for fast-paced mountain tours, climbing tours or a trans-alp trip on bike. Vaude has used a double-sided, threefold silicone coated 20D polyamide material for the outer tent. This material is absolutely waterproof (3,000 mm water column), extremely tear resistant (60N) and offers permanent UV protection. Vaude offers a decisive advantage in the material’s processing: all seams are factory seam sealed and 100% waterproof.

Vaude introduces its Brenta 42 pack as a lightweight, comfortable, custom-fitting and not too large trekking alternative for pilgrimage or hut-hopping trek. Clever storage spaces offer lots of room. Innovative side zip pockets that unzipped can expand to twice their original volume. An organizer pocket for valuables is integrated in the roomy top lid compartment. The highly ventilated Aeroflex Easy Adjust suspension system is made from a new mesh material that feels like fabric so it’s extremely comfortable to wear, agreeably snuggling up against your back.

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45 products

Brenta 42

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Nordisk

Three strong brands

The Nordisk Company with its three strong brands now fully covers the range, from the exclusive down sleeping bag expert Yeti to the very attractive family outdoor brand Grand Canyon with Nordisk in the middle covering all kinds of hardware for the serious and quality consious outdoor customer.

Lagerlöf SI Nordisk – functional and durable A tent like this says it all since it’s actually two tents in one. You can use the two sleeping compartments for four people or downscale it to a two-person tent, with or without extra space for storage, cooking or just enjoying. Thanks to the well-considered modular construction the tent is extremely flexible, it makes a perfect pair when teamed with the very light Thale selfinflating mat.

Tepee Adventure Tent Grand Canyon – family camping at its best

www.nordisk.eu Grand Canyon is family camping at its best but with a twist. It is like a traditional Tepee that has been recreated in modern fabrics made of Polyester and one pole, which makes it very light and easy to pack. Moreover it offers spacious headroom with windows for ventilation and a pleasant indoor climate. Functional, fashionable and affordable. www.grandcanyon.de

Passion One

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Yeti – award winning and sensual Yeti is passion and Passion is Yeti. Passion is 1000 km of yarn with the thickness of just 1/20 of a human hair, its filled with 35.000 pieces of high quality European down, yet only weighs 265 gr. making it the world’s lightest sleeping bag. Passion is extremely innovative and built on NTN Technology, which stands for Next To Nothing. Passion is for people who believe life is too short for bad design and who do not consider fashion and nature to be inconsistent. Maybe that’s why Passion has received a long list of awards ranging from the Red Dot Award to Gear of the Year 2009.

www.yetiworld.com

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Teva

Kayode Mid W’s T.I.D.E Grip - Durabrasion Rubber outsole with aggres sive lug design for durable traction T.I.D.E Comfort - Suede Leather, canvas and synthetic upper - Mush Infused insole provides signature Teva comfort - EVA midsole cushioning

Gnarkosi T.I.D.E Grip - Spider Original rubber outsole for uncompromised grip in wet environments - Flat outsole design provides maximum surface contact - External TPU heel stabilizer keeps your foot centered in the shoe T.I.D.E Hydro - Drain Frame technology evacuates water through the midsole and allows feet to dry quickly - Innovative perforated EVA midsole allows water to drain from all angles

- Completely hydrophobic materials used throughout the entire shoe means that minimal water is absorbed T.I.D.E Comfort - High abrasion synthetic leather upper - Integrated insole creates a seamless feel - High abrasion toe guard

Tirra W’s

T.I.D.E Grip - Spider Original rubber outsole for uncompromised grip in wet environments - Nylon shank for torsional rigidity and stability T.I.D.E Hydro - Mesh upper drains water and dries quickly - Drainage channels in forefoot allow water to escape T.I.D.E Comfort - High abrasion synthetic leather and mesh upper - Fold down heel with Shoc Pad for additional cushioning - Compression molded EVA midsole - Encapsulated Shoc Pad in the midsole for shock absorption

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Churn W’s

T.I.D.E GRIP - Spider Original rubber outsole for uncompromised grip in wet environments - Molded nylon stability shank T.I.D.E HYDRO - Neoprene foam package and stretch mesh lining for quick drying - Water-channeling lug pattern helps to maintain solid footing T.I.D.E COMFORT - Webbing straps with a myriad of color options - Women’s specific shape and fit - Shoc Pad in the heel for shock absorption - Multiple points of adjustment on the straps allow for the perfect fit

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Salomon Exo SLAB SS Zip Tech Tee Muscles are exposed to intensive shocks especially when running off the beaten track, secured trails or down-hill. Upper body parts, chest muscles in particular, also need extra support. Salomon has therefore developed the Exo SLAB SS Zip Tech Tee. The compression effect provided by this tee increases the oxygen intake, and the shirtâ&#x20AC;&#x2122;s supportive effect is completed thanks to special technologies that increase wearing comfort, thus improving performance.

Exo SLAB II Short

EXO Sensifit

The compressive effect, achieved through the tight-fitting form, produces an increased oxygen intake and with it an increased performance. This approved effect has been considerably intensified: a specifically developed material additionally supports highly stressed muscles of the femoral area, that way the muscles are even more capable of a stronger performance due to the short recovery time which is needed. Lactate, a metabolism product, is being metabolized in a very short time. In turn, those effects present the precondition for new and intensive attractions in exercising and encourage an increase in performance.

Salomon has developed the compressive effectâ&#x20AC;&#x2122;s system even further: Exo Sensifit Stability, Agility and Motion are the key words and that is how compression is being adjusted to different runner types. The muscles of competitive athletes are being supported by intensive compression in especially stressed areas. The stimulation of the muscles, which is achieved through a comprehensive and less intensive compression, plays a major role for the Agility series. On easy trails fitting comfort and a good blood circulation are essential. They are guaranteed by the Motion seriesâ&#x20AC;&#x2122; apparel through a consistent compressive effect.

XT Softshell Jacket The XT Softshell Jacket is a jacket that provides maximum performance in all weather conditions. A composition of different materials with water resistant and flexible softshell guarantees perfect freedom of movement. A combination of fully developed technologies maximises breathability as well as protecting against wind, rain and low temperatures.

So far, there was only one essential question being asked: asphalt or trail, to which Salomon has found an answer- both asphalt and trail. The French outdoor supplier has developed a shoe that adjusts to the runner, their motivation, running pensum and speed called the XR Crossmax. The good fit is first and foremost achieved through a flexible upper in combination with a fixating comb structure, that way the shoe adjusts itself according to the movements. When hitting the ground the arch of the foot settles and therefore needs more space. When leaving the ground, the foot arch swells again and the fabric returns to its initial form.

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Minim Tech Tee The Minim Tech Tee is the right choice for active hiking tours in the mountains, whether you wear it as a shirt in hot temperatures or as a first layer in colder weather, it is particularly breathable und moisture repellent. The feature’s effectiveness is increased by the tight-fitting cut.

Minim Prime Smartskin Whoever thinks that all softshells are alike are wrong. Once again Salomon proves there are differences between softshells with their Minim Prime Smartskin outdoor jacket: the upper material is clearly more breathable than comparable fabrics, it protects you from strong wind and rain without losing any of its flexibility or durability. This jacket offers all the features that athletes need when hiking: freedom of movement, a comfortable body climate and protection against the body cooling too quick in changing weather conditions.

XA Pro 3D Mid GTX Ultra The new version of Salomon’s XA Pro 3D handles difficult terrain spectacularly and its light weight make it perfect for long intensive hiking tours. Its excellent rolling characteristics as well as the efficient foothold and control provide additional protection in challenging terrain, especially in combination with the Salomon Contagrip sole. As with all of Salomon´s shoes the specific needs of women´s feet were taken into account.

New in Salomon’s collection: the Wayfarer Terrain Short. The shorts design was inspired by the surfer style, although it wasn’t the only aspect considered during the short’s development. It was also essential that the shorts were light in weight, making movement easier, which in turn optimizes performance at a challenging pace. Integrated UV protection adds additional insulation in higher terrain.

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Wayfarer Terrain Short

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Meindl

Softline TOP GTX

Vakuum Lady 3000

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CARN STORM CHASER eV Mid The ever popular STORM CHASER eV Mid includes the exceptional eVent Waterproof Fabric for the complete waterproof and moisture management system. The one-piece moulded TPU Heel Cradle and extended collar provides enhanced stability and support over rough terrain. The full shell 1.8-2.0mm Water Resistant Nubuck upper and one piece moulded rubber toe guard provides added protection and makes this a hard wearing and durable shoe. CÀRN’s exclusively designed uTRX sole unit provides versatile performance, exceptional grip and cushioning across all terrains, AEGIS and TREK-DRY technologies control internal moisture and provide superior comfort.

COBRA A sleek multi-purpose shoe designed for running or walking and robust enough to cope with a variety of terrains. Cobra delivers stability and comfort in a highly responsive shoe. The Slip Fit provides superior comfort to that of the traditional tongue design. CÀRN’s SQ Lateral Support and TPU Heel Cradle provide additional stability together with the TPU Toe Guard, which adds comfort and protection. All terrain grip is provided by CÀRN’s own uTRX Sole Unit. CÀRN’s Dual Density CMEVA midsole and PORON shock system provide outstanding cushioning and control. The vented mesh upper and moisture management systems promote fast drying for when you can’t wait for your next adventure.

STRATOSPHERE eV Hi For those who prefer a fully synthetic trekking boot incorporating the exceptional eVent Waterproof Fabric, for the complete waterproof and moisture management system. The one-piece moulded TPU Heel Cradle and extended Hi-Cut collar provides enhanced stability and support over rough terrain. The addition of CÀRN’s unique one piece rubber toe guard provides that all important forefoot/toe protection. CÀRN’s exclusively designed uTRX sole unit provides versatile performance, exceptional grip and cushioning across all terrains, AEGIS and TREK-DRY technologies control internal moisture and provide superior comfort.

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VIPER eV An athletic derived shoe that includes the exceptional eVent Waterproof Fabric to satisfy the demands of the off road runner, walker or trekker. Used by those who prefer a lighter and faster product over traditional shoes and boots. CÀRN’s SQ Lateral Support and TPU Heel Cradle provide additional stability together with the TPU Toe Guard, which adds comfort and protection. All terrain grip is provided by CÀRN’s own uTRX Sole Unit. CÀRN’s Dual Density CMEVA midsole and PORON shock system provide outstanding cushioning and control.

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Hanwag Hanwag travels with Cocona Last year, Hanwag introduced a separate Travel collection and it turned out to be a huge success. It comes as no surprise that the Bavarian brand has extended its travel range, this includes new footwear and new material. Hanwag is using a Cocona lining for the new Sintra and Tavira Lady travel shoes. Cocona is a texturized fabric with activated carbon derived from coconut shells. It dries extremely quickly, has a soft touch and therefore offers fantastic wearing comfort even over a long period of time. Perfect for travelling footwear! Plus: You will also look great when you go out for dinner in these urban style travel shoes.

Tavira Lady Woman: Size 3,5–9. Colours: Limone, Mattone, Verde Weight: ca. 390 gs (size 7,5)

Sintra Man: Size 6–13. Colours: Asche, Verde Woman: Size 3,5–9. Colours: Alpin, Limone, Mattone, Verde Weight: ca. 400 gs (size 7,5)

Rock Range

Friction GTX Man: Size 6–13. Colours: Black, Orange, Mattone Woman: Size 3,5–9. Colours: Black, Orange, Mattone Weight: ca. 820 gs (size 7)

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Crack GTX Man: Size 6–13. Colours: Pflaume, Orange, Verde Woman: Size 3,5–9. Colours: Pflaume, Orange, Verde Weight: ca. 740 gs (size 7)

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The Rock category includes high-performance footwear suitable for alpine climbs, preferably on rock. The two classics in this range are the lightweight Crack Safety GTX and the Super Friction GTX – already a legend among allround trekking boots. Hanwag has revised both models for 2011. The result: an improved heel fit, a stiffer sole (for optimum use with crampons), and a revised lacing. Furthermore, the German footwear specialist updated the design, used new material and achieved an even lower weight. The weight is not the only thing that was reduced: the names of the boots were also shortened into Crack GTX and Friction GTX.

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Keen

Waterfront: Nehalem

Built for function and fun the new „Waterfront“ collection provides a range of fit and feel options for water enthusiasts. Terrestrial traction meets water performance in the Nehalem versatile amphibious hiker. A collapsible heel and debris-stopping mesh layer offer seamless comfort from trail to riverbed.

McKenzie The support of a shoe meets the lightweight debris-stopping mesh of a water sandal for optimal multi-terrain performance in the McKenzie. This shoe is made of washable synthetic and polyester webbing upper with Aegis microbe shield treated hydrophic mesh lining. It features an EVA footbed, EVA midsole and a secure fit lace capture system.

Fast Trail: A86 TR The new „Fast Trail“ collection turns up the dial on performance. Combining classic Keen protection and fit with materials and technologies specifically selected for a nimble, light footed, off-road experience. The A86 TR is packed full of colour and flash and built to move. It has a feather-light feel and fits like a glove. Features: breathable textile mesh-upper, removable high-rebound EVA footbed, ultralight PU midsole, 3mm multi directional traction lugs.

adidas

Terrex Hybrid Jacket

The Soft Shell “Terrex Hybrid Jacket” is constructed based on the gender specific adidas Body Mapping concept. This concept considers the different sweat and heat zones of the human body during athletic mountaineering activities. A lightweight Gore WINDSTOPPER® Active Shell provides 100% protection against the wind whilst offering a maximum of moisture transport and water resistance. A stretchable non-membrane softshell allows “real” breathability where it’s needed. The FORMOTION™ cut offers perfect freedom of movement.

Terrex Solo Terrex Multipant

This hi-tech athletic design

products

and construction provides lightweight protection and grip

The Terrex Multipant is especially designed for

for fast approach situations. A specific last, shaped to give stable and

climbing and other athletic mountain sports

secure step over rocks on the way to Bouldering or other activities.

activities. The FORMOTION™ cut and 4-Way

Comfort is provided by an EVA tongue and an adiPRENE® wedge that is

Stretch enables you to perform with perfect

protected by an external ProModerator layer. A molded Vildona Drysole

comfort and freedom of movement. For maximum

provides for inside comfort and moisture absorption. Specific TRAXI-

protection and abrasion resistance, durable nylon is used

ON® outsole lugs and a forefoot zone using Super Hi-Traction rubber

in hem and knee areas. Elastic waist with draw cords

ensure optimal grip. Asymmetrical heel loops allow easy attachment to

offers improved comfort.

a backpack or harness.

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Wenger

Almer 40L Backpack

Impeccable craftsmanship, multi-functionality, uncompromising quality and unmatched value serve as the founding principles for Wenger‘s line of innovative packs. Hit the trail expertly equipped, without sacrificing comfort. The Almer 40L pack boasts a wealth of features that make wilderness adventure comfortable and efficient. Lightweight aluminium frame and airy mesh back panel suspension system is engineered for comfort and stability, and advanced features such as ice axe loops and an integrated rain cover assure the versatility of this pack.

Ranger WPER Rangergrip 179 Wenger Patagonian Expedition Race Knife Engineered to perform in the most extreme environments, the RangerGrip 179 Wenger Patagonian Expedition Race knife was designed with the ultimate adventurist in mind offering seven implements that perform eleven different functions. These implements include a 101mm 50% serrated, one-handed opening blade with safety lock; 101mm double-cut wood saw; corkscrew;

Nomad Digital Compass Watch

patented locking screwdriver, cap lifter, wire stripper; can opener; reamer and awl with sewing Always remain on course with the Wenger

eye and key ring.

Nomad‘s Digital Compass Watch. It’s many functions are easily activated by the push of a button. The compass heading digitally appears on the green LED in the center of the dial while a directional arrow cleverly appears from below the Wenger Swiss cross logo providing quick and easy-to-read orientation. In addition to its analog hour, minute and second functions, the Wenger Nomad also pro-

EvoGrip S18 WPER

vides a digital display of

Evogrip S18 Wenger Patagonian Expedition Race Knife

the weekday, an addi-

The EvoGrip S18 Wenger Patagonian Expedition Race knife features a unique combination of

tional hour, minute

safety features with Wenger’s precision manufacturing. Offering a locking 54mm blade, the Evo-

and second time

Grip S18 Wenger Patagonian Expedition Race knife features an added element of safety that is

function, as well

essential in adventure racing. The EvoGrip S18 Wenger Patagonian Expedition Race knife includes

as the date,

a broad range of implements, such as a double-cut wood saw; 68mm springless scissors with

including the

serrated self-sharpening design; patented locking screwdriver, cap lifter, wire stripper; can open-

month.

er; nail file and nail cleaner; Philips head screwdriver; reamer and awl; toothpick and tweezers.

The Eiger, a mainstay in the Wenger Footwear line since its inception in Fall 2008, is now available as part of the newly launched Wenger Patagonian Expedition Race (WPER) product line. The Eiger features the WPER logo on the upper to commemorate Wenger’s title sponsorship of “The Adventure At The End Of The World.” It is constructed with full grain leather, Vibram outsoles and a revolutionary new waterproofing technology in OutDry, which completely eliminates water penetration to the foot, a critical feature in the wet and unforgiving Patagonian turba.

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55 products

Eiger WPER

0314516422267804

Source

Spresh - Flexible Bottle

A 600ml squeezable bottle that brings a whole new drinking experience for the Outdoor Sport users. It is odorless and taste free, light weight and easy to grip. SPRESH has unique internal pump system with a retractable nozzle so no head tilting is needed. SPRESH allows drinking by sucking or splashing, it is great for drinking during any Outdoor and sport activity. It also allows refreshing oneself by splashing water on the face from a vertical positioned bottle. SPRESH is easy to fill, easy to clean, no leaks when closed, durable, safe health-wise, reusable and 100% recyclable.

CAPRA II - Sandals

Don‘t let the looks deceive you, these sandals are made for the steep hills, in and out of water, or any other terrain. Source X-Strap patented construction (appears in all Source sandal models) secures heel firmly in place, while allowing natural stride as heel strap, and instep strap are independent of one another. Specially designed tension locks maintain fastening with opening angle of over 30°.

SPRESH product is Patent Pending internationally.

IBEX – Sandals New leather-protected toes and breathable air-mesh upper sandals, for everyday and mountain day. SOURCE unique textured anti-microbial A.R.T GRIP™ rubber footbed prevents slipping inside the sandal and allows better ventilation under foot and faster drying time when going in and out of water. The A.R.T GRIP™ slip resistant rubber outsole (appears in all SOURCE trek sandal models) comes in new design for best traction performance.

WLP – Hydration System New Low-Profile Hydration Technology

UTA – Universal Adaptor

products

The refill on-the-move revolution Smart solution for refilling on the move of your backpack‘s hydration system. The reservoir can be filled directly through its tube, eliminating the need to remove the hydration pack from the back. The UTA uses SOURCE Quick Mate Technology (QMT), which offers convenient and leak-proof way of connecting/disconnecting the valve at the end of the tube, and switching it to the UTA for easy refilling. The UTA is designed to fit variety of water bottles and also a wide range of indoor and outdoor taps.

The WLP is a special 1.5 liters hydration system, with a unique design where the system maintains its constant thickness even while being carried upright. Gravity is not an issue, and does not affect the bladder‘s shape. The WLP design keeps the body‘s center of gravity close, so it reduces its weight effect while running or biking. The WLP uses SOURCE Widepac Pro slide closure, for much easier filling, cleaning and draining. It is made of SOURCE GrungGuard, Taste-Free and Maintenance-Free film technology.

UTA product is Patent Pending internationally.

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3405"0652226$733

Nikon Monarch X 8,5x45 DCF / 10,5x45 DCF The new Monarch X binocular series from Nikon are the perfect companions for hunting as well as bird- and nature watching. The large 45mm front lens and the high-reflective multilayered prisms offer exceptional optical quality. The thin inner casing has O-Ring-seals and a safe nitrogen filling, ensuring both models stay waterproof and fog-free. The rubber coating protects the casing and, together with the bridge end-design and mid-strap, lies comfortably and securely in the hand.

Sportstar Ex 10x25

Distance-measuring Laser 350G The 350G Laser is designed specifically for golfing. The compact model is light and is characterised by its simple operation. After one push of the button the device continually measures the distance for 8 seconds – it is not necessary to keep the button pressed. The near immediate objective measurement mode gives you simple and accurate measurements to the flag.

The Sportstar Ex series was developed specifically for broad-spectrum sports use: during travel and for daily use. The multi-layered lens and prisms made from lead- and arsenic-free glass guarantees a good picture and optimal light. The high-strength rubber coating offers a fixed-grip – great for long periods of use – and is also shock resistant. A large 6.5° field of vision provides a comfortable observation field. The Sportstar Ex 10x25 has a minimum focusing distance of 3.5 m.

The Laser 550AS rangefinder with its outer display to show measured data and an option for height measurements sets new standards. It is designed specifically for golfing. The scale can measure simple linear distances such as angles, horizontal distances, height distances and height differences between two points. Thanks to the side display all data is clearly displayed within an accuracy of up to 1 m. Golfers can not only measure the horizontal distance to the drive but also angles, i.e. to determine the height difference to the tee dot. During use two measurement modes can be selected to prioritise near and long-term goals.

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57 products

Laser 550AS

3405"0652226$738

Contigo 100% Spill-proof and leak-proof beverageware. Just press the Autoseal button to sip, release to automatically seal. It’s brilliantly designed. It’s cleverly sophisticated. It’s turning on-the-go beverageware upside down!

Superior performance for active lifestyles

Aria Travel mug vacuum insulated with lock - Unique lock system integrated in the Autoseal system. Slide the button down to lock with 1 hand or up to unlock. - Autoseal lid is 100% leak-proof and 100% spill-proof. - Drinking made easy! Press to sip. Release to seal. Autoseal automatically seals between sips to ensure no spills. - Vacuum-insulated technology keeps beverages hot for 4 hours, and cold for 12 hours. - 3 versions: Will hold up to 300ml/10oz - 470ml/16 oz and 600 ml/20oz of your favorite beverage and fits most standard car cup holders. - Constructed with a double wall and stainless steel inside and out for maximum performance.

Kangeroo BPA free water bottle with compartment

Kids Bottles BPA free kids mugs - Made out of BPA free translucent polypropylene #5 - Autoseal lid is 100% leak-proof and 100% spill-proof. - Drinking made easy! Press to sip. Release to seal. Autoseal automatically seals between sips to ensure no spills. - 300ml

- Holder for credit card, license & keys - Made out of BPA free translucent Tritanco polyester. - Autoseal lid is 100% leak-proof and 100% spillproof. - Drinking made easy! Press to sip. Release to seal. Autoseal automati cally seals between sips to ensure no spills. - Carabiner clip on the handle makes the bottle easy to carry. Attach it to a bag strap for hands- free portability. - 700ml

West Loop - Autoseal lid is 100% leak-proof and 100% spill-proof. - Drinking made easy! Press to sip. Release to seal. Autoseal automatically seals between sips to ensure no spills. - Vacuum-insulated technology keeps beverages hot for 4 hours, and cold for 12 hours. - Constructed with a double wall and stainless steel inside and out for maximum performance.

products

Travel mug vacuum insulated

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The Mobile Society

The Mobile Society viscose is super soft to touch and the Skinlife inner side lies pleasantly on the skin, transfers sweat and dries quickly. The scopes of application are multifunctional for types of sports that take place outdoors. The sports wear is ideal for medium to cold temperatures primarily in spring and autumn. The Merino Lite underwear is based on the same technical processing principle, but is lighter and somewhat thinner than the Angora Plus therefore making it and also suitable for warm summer days. The double area also has Skinlife on the inside and pure merino fibres on the outside, the 3-D seamless technology provides for different functional zones in the different body parts. Sweat can quickly escape depending on occurrence and knitted structures keep the distance from the skin that is necessary for the microclimate. The Mobile Society also brings a range of outdoor and trekking socks with silver to hinder odours and ceramic fibres for stabilisation.

59 products

The Mobile Society has specialised in double-sided, seamless, knitted functional underwear. For outdoors, two main topics are presented: Angora Plus Women and Merino Lite. The highlight is Angora Plus Women underwear, that is soft to touch and is made of an extraordinary combination of angora, viscose and Skinlife fibres. The Mobile Society is the only sports brand which processes angora wool in the 3-D seamless technology on a circular knitting machine. Only a few know that it is a technical master piece to control the fine angora hair to a uniform mesh structure. Angora Plus, which was presented for the first time in winter, will now be reworked and offered as underwear for the whole year for women. The combination of materials, outside angora/viscose, inside pure Skinlife fibres is a symbiosis between natural fibres and technical function. The target is athletic women who are looking for the soft wool touch, but on the other hand do not want the slightly scratchy feeling on the skin that 100% finest merino causes in sensitive people. Angora/

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Jetboil Sõl Designed to fuel your backcountry passion, Jetboil Sõl delivers ultimate performance in the most extreme conditions. The all new ultra-compact, 300 gm Sõl personal cooking system is barely noticed in your pack, while assuring you’re prepared for the toughest conditions. The all-inone Sõl design offers all of the features and functionality of Jetboil’s convenient cooking system, including the integrated burner base and 0.8L FluxRing Cooking Cup. For the ultra-lightweight user, Sõl Ti (titanium) weighs in at an astounding 260 gm, with full

products

Jetboil performance and efficiency.

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Robens/Outwell Mythos Solo Robens introduces the new Xtra Lite range of ultra lightweight tents. The Xtra Lite range features the incredibly light HydroTex XTL fabric which is a super strong fabric with an outer surface coated in silicone and an inner surface treated with a PU coating providing total waterproofness and creating the lightest tents possible with weights from 1.4 to 1.95 kg. The external frame construction and easy clip system allows for fast and easy pitching with good stability. Mythos is available for one or two people.

Maui Reef Once again Outwell raises the bar within tent design, quality and innovation by introducing the new 5 persons Maui Reef from the new Sun Collection. Designed to stand out from the crowd by its fresh, modern Topaz colouring, the Sun Collection is instantly noticeable while the Outtex Airtech(65 % cotton â&#x20AC;&#x201C; 35% polyester) ensures climate comfort thanks to its ability to appear warm when it is cool and cool when it is warm.

JR Gear Face Off Wet/Dry Bag Never put a wet towel next to your cell phone. JR Gear Face Off Wet/Dry Bag offers a one-stop solution for stuffing wet and dry items in a single bag. Dual compartments design without adding complexity. Ultra Light weight, but durable 30D Cordura fabric with a siliconized surface making it stain resistant. Available with 5l, 10l, 20l, 30l and 40l.

JR Gear always explores new possibilities in welding products. Instead of welding the bag entirely, JR Gear launches the Milestone Hybrid Duffle with a smart combination of welding and seam taping. It is made of Phthalate-free PVC Tarpaulin to better preserve the environment. Available in 65l, 100l and 150l Milestone is designed for heavy weight and is extremely durable.

!"#!$%&'()*+,#-./01'2#34*2*5#6/0'#7(/4844*9:;<+=>>---!$

61 products

Milestone Hybrid Duffle

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MountainSkyver Feel like having some additional riding pleasure while mountaineering? Here’s the solution: the MountainSkyver is a folding full-suspension mountain sports tool with a low weight (from ca. 5,8 kg) and a small packaging size. It can easily be carried with every kind of backpack and is ready to ride downhill only with three hand movements. The mountain scooter has fold-out pedals as well as a stepless height

Meet the writers

adjustment and features optimal riding control and downhill qualities. On flat passages, you ride the MountainSkyver like a scooter. It is available in four different models making it a highlight for every mountaineer from climbers to downhill specialists.

Sportslink magazine has served the Australian and New Zealand retail and wholesale markets for more than 25 years, with a stand-alone and focussed Outdoor department in each print edition. Long-standing Managing Editor is Maggie Coleman. www.mysportslink.net Barbara Smit has spent the last two decades reporting European business for publications from the Financial Times to the International Herald Tribune. She started contributing to Sporting Goods Intelligence Europe (SGI Europe) in 2000, as part of her research for Sneaker Wars, the book she authored about the story behind Adidas and Puma.

Frédéric Tain is a trade press journalist who has been reporting on the French and European outdoor market for about two decades. The active outdoor enthusiast is the founder and chief of the websites outdoordata.com and sport-guide.com. In this position Frédéric has been a pioneer in Internet-based B2B information services.

JUNE/JULY 2009 ISSUE 6 ! VOLUME 16

BRITAIN’S ONLY MONTHLY OUTDOOR INDUSTRY PUBLICATION

News: Mammut spend £120000 getting the story right Page 7

Hard Facts: More magazines, but the same amount of space Page 13

OCC Outdoor, run by Simon Baseley, is a leading trade publication for the U.K. outdoor industry. The magazine reaches more than 2,500 U.K. outdoor businesses and appears on a monthly basis. www.occoutdoor.co.uk

Analysis: Why now is the time for retailers to shake with the OIA Page 18

Showcase: Sue Nixon reveals her four outdoor favourites Page 53

Markus Huber has been covering the European outdoor market since 1998. He is the editor of this publication as well as of The Outdoor Industry Compass, the pan-European business newsletter published by EDM Publications, the makers of Sporting Goods Intelligence Europe. Markus is also a fellow editor of sportFACHHANDEL, the new and fast growing Germanspeaking trade publication.

Publisher

Ulrich Onnasch (responsible)

Messe Friedrichshafen

Landsberger Strasse 482

Dierichs Druck+Media GmbH &

81241 Munich

Co. KG

Phone +49 (0) 89 2429265-21

Frankfurter Strasse 168

Editor

34121 Kassel

Markus Huber Hardtstrasse 1

Design

86842 Türkheim

Corinna Danninger, Vienna/Austria

markus_outdoor@t-online.de

c.danninger@gmail.com

Phone +49 (0) 8245 966984

Phone +43 (0) 699 190 819 49

Translation

Brinkmann Henrich Fachmedien

Heidi Onnasch

GmbH & Co KG

heidiklausner@t-online.de

Verlagsbüro Süd

+49 (0) 8261 730935

The OutDoor Showcase appears annually at the OutDoor show in Friedrichshafen.

meet the writers

Imprint

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Go wild in the bar*

while making great outdoor business! Welcome to the Scandinavian Village &

The Scandinavian Bar Hall A5 *Weâ&#x20AC;&#x2122;ll serve Scandinavian wild bites with fine drinks along with great business.

66Â° North

FjĂ¤llrĂ¤ven

Icebug

NorrĂśna (HALL B5)

Scand. Touch

Aclima

HaglĂśfs (HALL A7)

KlĂ¤ttermusen

Optimus (HALL A3)

Silva

Bergans (HALL A7)

Helsport

Light My Fire

Point 65 kayaks

Thule

Craft

Hilleberg

Lundhags

Polygiene

Trangia

Didrikssons

Houdini

Nanok

Primus

Viking

Ecco

Woolpower

The Scandinavian Outdoor Group. 1880 years of gathered experience

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) (SS 4HNPJ :WVY[Z *V 3[K

( (PKL :`Z[LT 3[K )YV\NOHU :[ 5A 5LSZVU ;LS ! ,THPS! UPJR'HPKLZ`Z[LT JVT 0U[LYUL[! ^^^ HPKLWVY[ JVT -> (PY *YLH[P]L (. -LYNNLY^LN */ >HUNLU H (HYL ;LS ! -H_! ,THPS! PUMV'HPYJYLH[P]L JVT 0U[LYUL[! ^^^ HPYJYLH[P]L JVT ) (0? JSPTIPUN OVSKZ /ULaKLUZRH H *A 7YHN ;LS ! ,THPS! PUMV'HP_ Ja 0U[LYUL[! ^^^ HP_ Ja ( (2< 0;(30( :93 ;YLRRPUN 6\[KVVY -VV[^LHY =PH :JOPH]VULZJH 7YP\SH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ]P[[VYPV MVYH[V'HR\ P[ 0U[LYUL[! ^^^ HR\ P[ ) (SHKKPU ) (3(;,*/ ;LJOUVSVN` 3PTP[LK ) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^ ) (SL_PRH .TI/ 7PLJOSLYZ[YH L + 5L\Zp ;LS ! -H_! ,THPS! PUMV'HSL_PRH L\ 0U[LYUL[! ^^^ HSL_PRH L\ ,_OPIP[LK WYVK\J[Z! ;LU[Z HUK :SLLWPUN )HNZ ALS[L \UK :JOSHMZpJRL

- 5V 3HUL :LJ *O\UN /ZPU 9K :HU *O\UN *P[` 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! HSSTHNPJ'TZ OPUL[ UL[ 0U[LYUL[! ^^^ HSSTHNPJZWVY[Z JVT ( (SSYV\UKLY :(93 AVUL 0UK\Z[YPLSSL ) 7 - :HYYLIV\YN ;LS ! -H_! ,THPS! PUMV'HSSYV\UKLY JVT 0U[LYUL[! ^^^ HSSYV\UKLY JVT ) (SSZWVY[ 4VKLU .TI/ -LSKZ[YH L ( >LPSLY ;LS ! -H_! ,THPS! ZLY]PJL'HSSZWVY[ H[ 0U[LYUL[! ^^^ HSSZWVY[ H[ -6 ( (3705 +HZ )LYN4HNHaPU )HKZ[YH L + 5 YUILYN ;LS ! -H_! ,THPS! [OVTHZ RUHILS'WYLZZLUL[a KL 0U[LYUL[! ^^^ HSWPU KL ( (SZH .TI/ <LYaLSS + :[LPUH\ ;LS ! -H_! ,THPS! TT\LSSLY'HSZH KL 0U[LYUL[! ^^^ HSZH KL ( (S[\Z @\TH : ( 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL + 7HYJLSHZ , AHYHNVaH ;LS ! -H_! ,THPS! `\THS[\Z'`\THS[\Z JVT 0U[LYUL[! ^^^ HS[\Z LZ ( (THaVUHZ .TI/ ,SS` :[HLNTL`Y :[YH L + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'HTHaVUHZ VUSPUL KL 0U[LYUL[! ^^^ HTHaVUHZ VUSPUL KL ) (TLYP)HN <2 3[K

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) (4. .YV\W

) (X\HWHJ 0U[LYUH[PVUHS 3[K

2LSI\YU )\ZPULZZ 7HYR .) 7( ;+ 7VY[ .SHZNV^ ;LS ! -H_! ,THPS! PUMV'HTN NYV\W JV \R 0U[LYUL[! ^^^ HTN NYV\W JV \R

)LZZLTLY 7HYR .) :, /. 3VUKVU ;LS ! -H_! ,THPS! QVOU'HX\HWHJ UL[ 0U[LYUL[! ^^^ HX\HWHJ UL[

( ( 4VSPUH * :7( =PH +HU[L 5 0 *HPYH[L =( ;LS ! -H_! ,THPS! TVSPUH'TVSPUHWP\TPUP P[ 0U[LYUL[! ^^^ TVSPUHWP\TPUP P[ ) (UKL :YS =PH =HSZ\NHUH 0 3LJJV ;LS ! -H_! ,THPS! PUMV'HUKL P[ 0U[LYUL[! ^^^ HUKLZYS JVT ) ) (UKYLH )VSKYPUP *OH\ZZ\YLZ ) (SStL K\ 3`VUUHPZ - )V\YN KL 7LHNL ;LS ! -H_! ,THPS! PUMV'HUKYLH IVSKYPUP JVT 0U[LYUL[! ^^^ HUKYLH IVSKYPUP JVT ( (UKYL^ : 9 3 =PH , -LYTP 0 4VU[LILSS\UH ;LS ! -H_! 0U[LYUL[! ^^^ HUKYL^ZOVLZ JVT ) (USV 4V\U[HPU .TI/ 3VMLYLYZ[YH L ( :HHSMLSKLU ;LS ! -H_! ,THPS! VMMPJL'HUSVTV\U[HPU JVT 0U[LYUL[! ^^^ HUSVTV\U[HPU JVT ( (UZTHUU (. 0UK\Z[YPLZ[YH L + (ZZHTZ[HK[ ;LS ! -H_! ,THPS! PUMV'HUZTHUU KL 0U[LYUL[! ^^^ HUZTHUU KL ( (WHYZV -\aOV\ :WVY[Z^LHY *V 3[K - @PMHKH ;V^LY /\KVUN 9VHK .\SV\ +PZ[YPJ[ =9* -\aOV\ ;LS ! -H_! ,THPS! ZLY]PJL'HWHYZV JVT 0U[LYUL[! ^^^ HWHYZV JVT

) (8<(;,*/ (]LU\L 3V\PZ )SHUJOVU - :HPU[ 1\SPLU LU :HPU[ (SIHU ;LS ! -H_! ,THPS! LZM'WHNHZ[PJ JVT 0U[LYUL[! ^^^ HX\H[LJO LZM JVT ^^^ NYV\WLWH`LU JVT ) (9* ;,9@?

+VSSHY[VU /^` *+5 = / ) 5VY[O =HUJV\]LY )* ;LS ! -H_! ,THPS! IPYK'HYJ[LY`_ JVT 0U[LYUL[! ^^^ HYJ[LY`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

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( (ZPH :\TTP[ 0UUV]H[PVU *VYW

) (\ZWVY[ *HTWPUN 7YVK\J[Z *V 3[K

-S 5V 7HV :OLUN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! THYPUKH [HU'HZJKUZ JVT 0U[LYUL[! ^^^ HZJKUZ JVT ^^^ NYPWTVYL JVT

5V ;HP @HUN 9K =9* ?PO\ ;VÛ @HUNaOV\ ;LS ! -H_! ,THPS! àJHTW'W\I à QZPUMV UL[ àJHTWPUN'NTHPS JVT

9LWYLZLU[LK I`! *OPH /LY 0UK\Z[YPHS *V 3[K ) (ZVSV :WH =PH +LSSL 0UK\Z[YPL 0 5LY]LZH KLSSH )H[[HNSPH ;= ;LS ! -H_! ,THPS! HZVSV'HZVSV JVT 0U[LYUL[! ^^^ HZVSV JVT

0UK\Z[YPLaVUL * ( -\SWTLZ ;LS ! -H_! ,THPS! RH[YPU'H\Z[YPHSWPU H[ 0U[LYUL[! ^^^ H\Z[YPHSWPU H[ 9LWYLZLU[LK I`! 9VJR ;LJOUVSVNPLZ .TI/

9LWYLZLU[LK I`! 3V^L (SWPUL 0U[LYUH[PVUHS :93

) (]LU[\YL =LY[PJHSL :HYS

) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK

9\L KLZ ,[YPLYZ A( K\ 7\` :[ )VUUL[ - *OVSL[ 7:) ;LS ! -H_! ,THPS! H]'H]LU[\YL]LY[PJHSL JVT 0U[LYUL[! ^^^ H]LU[\YL]LY[PJHSL JVT

7 6 )V_ 2\[JOLY` 9VHK 72 :PHSRV[ ;LS ! -H_! ,THPS! UH]LLK'HZZHJHWWHYLS^VYSK JVT 0U[LYUL[! ^^^ HZZHJHWWHYLS^VYSK JVT ,_OPIP[LK WYVK\J[Z! :RP JSV[OPUN :HML[` JSV[OPUN :UV^IVHYK JSV[OPUN >VYR^LHY 3LPZ\YL >LHY :WVY[Z^LHY 2UP[^LHY -SLLJL JSV[OPUN 9HPU^LHY

,_OPIP[LK WYVK\J[Z! -YLUJO THU\MHJ[\YLY VM V\[KVVY LX\PWTLU[ JH]PUN JHU`VUPUN HUK JSPTIPUN -YLUJO WYVK\J[PVU

7YLZLU[ H[ 6\[+VVY! 5H]LLK (aHT

( (=0:,5 05;,95(;065(3 *6 3;+

( (:;+ :<20+: 8\HU[HP )HNZ *VTWHU` 3PTP[LK

( (]YV` 6\[KVVY 3PTP[LK

9VVT )\PSKPUN 3HUL AOVUN[HU 9VHK =9* :OHUNOHP ;LS ! -H_! ,THPS! LK^HYK'HZPHZV\YJPUNPUMV JVT 0U[LYUL[! O[[W! ^^^ HZPHZV\YJPUNPUMV JVT ) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K <UP[ ( * - 3\R /VW 0UK )SKN 3\R /VW :[ /2 :HU 7V 2VUN 2V^SVVU ;LS ! -H_! ,THPS! ZHSLZ'H[LJO OR 0U[LYUL[! ^^^ H[LJO OR -6 H[SHZ =LYSHN .TI/ )YPLUULY :[YH L + 4 UJOLU ;LS ! -H_! ,THPS! HUaLPNLU'H[SHZ ]LYSHN KL 0U[LYUL[! ^^^ H[SHZ ]LYSHN KL

) (\Z[YP(SWPU =LY[YPLIZ .TI/

-SH[ 3 - .VSKLU +YHNVU 0UK *[Y =9* 2^HP *O\UN 5 ; ;LS ! -H_! ,THPS! RLJ'H]YV` JVT OR 0U[LYUL[! ^^^ H]YV` JVT OR ( )HJO ;YHUZIHJO 3[K /LIYVU 0UK\Z[YPHS ,Z[H[L 093 2PSRLUU` ;LS ! -H_! ,THPS! PYLSHUK'IHJOWHJRZ JVT 0U[LYUL[! ^^^ IHJOWHJRZ JVT ) )HL :OPV^ *V 3[K - 5V /ZPU ;HP >\ 9VHK :LJ /PZ *OPU 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! THPSIHL'IHLZOPV^ JVT [^ 0U[LYUL[! ^^^ IHLZOPV^ JVT [^

,_OPIP[LK WYVK\J[Z! +(= 7(569(4( 5(;<9, -0;5,:: )LYNS\Z[ 2(5< 4(.(A05 :RP 1V\YUHS

) )HPSV : 7 (

7YLZLU[ H[ 6\[+VVY! ;OVTHZ 6ILYTHPLY :PS]PH :JOYLJR :HUKYH >PSKLYLY

3VJHSP[n *VSKHUu 0 7PL]L ;LZPUV ;5 ;LS ! -H_! ,THPS! PUMV'IHPSV JVT 0U[LYUL[! ^^^ 'IHPSV JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) )HSHKtV *VYPVSPZ :(93

) )LSSTHY[ 0UK\Z[YPHS *V 3[K

9\L *OHYSLZ .YHPUKVYNL - )HNUVSL[ ;LS ! -H_! ,THPS! JVU[HJ['IHSHKLV JVT 0U[LYUL[! ^^^ IHSHKLV JVT

[O -SVVY 5V 5HURPUN ,HZ[ 9VHK :LJ[PVU 9* ;HPWLP ;LS ! -H_! ,THPS! QLUUPMLY JOLU'NYLH[RPUNNYV\W JVT

) )HSLUV -HIYPLRZ[YHH[ ) (YKVVPL ;LS ! -H_! ,THPS! IHSLUV'ZPVLU IL 0U[LYUL[! ^^^ IHSLUV IL ) )HSS\JR 6\[KVVY .LHY *VYW AOHUN ?PHUN 5HU AOHU =9* >\_P 1PHUNZ\ ;LS ! -H_! ,THPS! IHSS\JR'W\ISPJ ^_ QZ JU 0U[LYUL[! ^^^ IHSS\JR JVT ( )HYJV ;LRZ[PS ( : )HOHYP`L *HK ;9 0Z[HUI\S ;LS ! -H_! ,THPS! RHYPU'IHYJV JVT [Y ) )HYPNV )HYVTL[LYMHIYPR .TI/ ,PJOLUKVYMMZ[YH L + =PSSPUNLU :JO^LUUPUNLU ;LS ! -H_! ,THPS! OVSNLY ZJO\THUU'IHYPNV KL 0U[LYUL[! ^^^ IHYPNV V\[KVVY JVT ) )LHS 9\L 9HILSHPZ - =PLUUL *LKL_ ;LS ! -H_! ,THPS! ILHS'ILHSWSHUL[ JVT 0U[LYUL[! ^^^ ILHSWSHUL[ JVT ( )LHY .Y`SSZ ( )LPLY +PZ[YPI\[PVU )VNLUZWVY[HY[PRLS >PLZLUZ[YH L H + <U[LYZPLTH\ ;LS ! -H_! ,THPS! VMMPJL'ILPLY KPZ[YPI\[PVU KL 0U[LYUL[! ^^^ ILPLY KPZ[YPI\[PVU KL ( )LPQPUN 7PVULY -HZOPVU *V 3[K

,_OPIP[LK WYVK\J[Z! +V^U HUK Z`U[OL[PJ ZSLLWPUN IHN HUK HJJLZZVY` ( )LTPZ (ZZVJPH[LZ 0UJ )LTPZ >H` <:( :OPYSL` ;LS ! -H_! ,THPS! JWHYSLL'ILTPZ^VYSK^PKL JVT 0U[LYUL[! ^^^ ILTPZ^VYSK^PKL JVT ,_OPIP[LK WYVK\J[Z! :L^MYLL (KOLZP]L -PSTZ MVY IVUKLK VY ^LSKLK HWWHYLS :LHT ;HWL MVY ^H[LY WYVVMPUN ) )LUJOTHKL 2UPML *VTWHU` )LH]LYJYLLR 9VHK <:( 6YLNVU *P[` ;LS ! -H_! ,THPS! SPKPQH'ILUJOTHKL JVT 0U[LYUL[! ^^^ ILUJOTHKL JVT ) )LUR` =LY[PJHS ,X\PWTLU[ 5L\[YH\JOI\YNLY :[YH L + 0ZU` ;LS ! -H_! ,THPS! ILUR`'ILUR`JSPTIPUN KL 0U[LYUL[! ^^^ ILUR`JSPTIPUN KL ( )LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT ( )LYNHUZ 6\[KVVY .TI/ 9\NLUIHYN + 5VYKLYZ[LK[ ;LS ! -H_! ,THPS! ILYNHUZ'ILYNHUZ KL 0U[LYUL[! ^^^ ILYNHUZ KL 9LWYLZLU[LK I`! )LYNHUZ -YP[PK ( : ( )LYNOH\Z 3[K *VSPTH (]LU\L ,U[LYWYPZL 7HYR .) :9 ?) :\UKLYSHUK ;LS ! -H_! 0U[LYUL[! ^^^ ILYNOH\Z JVT

.VSKLU ;YPHUNSL 0UK\Z[Y` AVUL =9* )LPQPUN ;LS ! -H_! ,THPS! NVUNFWLPO\H'OV[THPS JVT 0U[LYUL[! ^^^ JOPUH WPVULY JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

-. (2) )LYNT UJO I` 2VNH

( )PYRLUZ[VJR 6Y[OVWpKPL .TI/

;PU^LN 53 7+ /LLYLU]LLU ;LS ! -H_! ,THPS! PUMV'ILYNTVLUJO JVT 0U[LYUL[! ^^^ ILYNTVLUJO JVT

9OLPUZ[YH L + =L[[LSZJOVZZ ;LS ! -H_! ,THPS! LYLPUOHYK'IPYRLUZ[VJR KL 0U[LYUL[! ^^^ IPYRLUZ[VJR KL

-6 )LYN^HSKWYVQLR[ L =

( )PYRP :JO\O .TI/

7PJRLSZ[YH L + > YaI\YN ;LS ! -H_! ,THPS! WYLZZL'ILYN^HSKWYVQLR[ KL 0U[LYUL[! ^^^ ILYN^HSKWYVQLR[ KL

) )PYTPUNOHT *OHTILY VM *VTTLYJL 0UK\Z[Y`

( )LYULY 3[K :WVY[ +LWHY[TLU[ ,[LSpYHU[H ( -05 /LSZPURP ;LS ! -H_! ,THPS! ZHTP LSV'ILYULY MP 0U[LYUL[! ^^^ ILYULYZWVY[ MP ) )LY[LSZ ;L_[PSOHUKLSZ .TI/ :LLILJRZ[YH L + 2HS[LURPYJOLU ;LS ! -H_! ,THPS! PUMV'ILY[LSZ[L_[PS KL 0U[LYUL[! ^^^ MPYZ[I JVT ( *HSaHKVZ )LZ[HYK : ( ,Z[HJP}U , 3SVZL[H 4HSSVYJH ;LS ! -H_! ,THPS! PUMV'ILZ[HYK JVT 0U[LYUL[! ^^^ ILZ[HYK JVT ) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW 5V *HV (U 9VHK =9* :OHUNOHP ;LS ! -H_! ,THPS! PUMV'ILZ[^H` ZOHUNOHP JVT 0U[LYUL[! ^^^ ILZ[^H` NSVIHS JVT ) )PSHUJPH ;YHKPUN :LY]PJL <. -Y OSPUNZHUNLY + 4 UJOLU ;LS ! -H_! ,THPS! IHVZO\aOHUN '[ VUSPUL KL ,_OPIP[LK WYVK\J[Z! 9\JRZpJRL 9LWYLZLU[LK I`! -YLLZ[`SL :WVY[ *V 3[K ) )PSSPL[ =HUSHLYL 5= )L]YPQKPUNZSHHU ) ;PLS[ ;LS ! -H_! ,THPS! QLSPH['IPSSPL[ IL 0U[LYUL[! ^^^ IPSSPL[ IL

/VJRSL` *V\Y[ /VJRSL` /LH[O .) ) 5> :VSPO\SS ;LS ! -H_! ,THPS! ZPTVUH'V]LYZLHZMHPYZ JV \R ) ) )SHJR +PHTVUK ,X\PWTLU[ (. *OYPZ[VWO 4LYPHU 9PUN */ 9LPUHJO ;LS ! -H_! ,THPS! JSPTI'ISHJRKPHTVUK L\ 0U[LYUL[! ^^^ ISHJRKPHTVUKLX\PWTLU[ JVT ) )SHJRZHML .TI/ :WLZZHY[Z[YH L + )HK :VKLU :HST UZ[LY ;LS ! -H_! ,THPS! PUMV'ISHJRZHML KL 0U[LYUL[! ^^^ ISHJRZHML KL ( )SHJR :[\TW *V 0UZ[HU[ ;LU[Z .YLH[ ,HZ[LYU /N^ (<: *SHYRSPUL ;LS ! ,THPS! PUMV'PUZ[HU[[LU[Z JVT 0U[LYUL[! ^^^ PUZ[HU[[LU[Z JVT 9LWYLZLU[LK I`! >LJOZLS ) )SLH\ SHWP c :JOSHTILYNLY 7 1 K V V 5V]V 7VSQL * ? :36 3Q\ISQHUH ;LS ! -H_! ,THPS! PUMV'ZJOSHTILYNLY ZP 0U[LYUL[! ^^^ ISLH\Z[VUL JVT ^^^ SHWPZOVSKZ JVT ) )SVJZ`UKPJH[L 3[K 9L]VS\[PVU 7<:/,9 /\NV ,JRLULY :[YH L + 2 SU ;LS ! -H_! ,THPS! PIV'YL]VS\[PVUJSPTIPUN L\ 0U[LYUL[! ^^^ YL]VS\[PVUJSPTIPUN L\ ) )3<, 0*, 9\L K\ 3`YL[ - *OHTVUP_ ;LS ! -H_! ,THPS! JVU[HJ['IS\LPJL JVT 0U[LYUL[! ^^^ IS\LPJL JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

-6 IS\LZPNU [LJOUVSVNPLZ HN

) )VYUHJR .TI/ *V 2.

,47( )\PSKPUN 3LYJOLUMLSKZ[YH L */ :[ .HSSLU ;LS ! -H_! ,THPS! PUMV'IS\LZPNU JVT 0U[LYUL[! ^^^ IS\LZPNU JVT

(SILY[ :JOpMMSLY :[YH L + /LPSIYVUU ;LS ! -H_! ,THPS! PUMV'IVYUHJR KL 0U[LYUL[! ^^^ IVYUHJR KL

( )S\UKZ[VUL )VV[Z ( )VNZ -VV[^LHY 6HR^H` *LU[LY <:( ,\NLUL 69 ;LS ! -H_! ,THPS! YPSL`'IVNZMVV[^LHY JVT 0U[LYUL[! ^^^ IVNZMVV[^LHY JVT ( ) RLY 4HU\MHR[\Y :VSPUNLU ) )VSS 4V\U[HPU 6\[KVVY .LHY 7L[YVOYHKZRm *A 7YHOH ;LS ! -H_! ,THPS! PUMV'IVSS Ja 0U[LYUL[! ^^^ IVSS Ja ,_OPIP[LK WYVK\J[Z! 7HJRZ HJJLZZVYPLZ MVY HSWPUL V\[KVVY ZWVY[ SLPZ\YL HUK RPKZ HJ[P]P[PLZ ) )VUH ?PHTLU *VTWHU` 3[K 5V /\IPU :V\[O 9VHK =9* ?PHTLU ;LS ! -H_! ,THPS! HUULN\V ' JVT 0U[LYUL[! ^^^ IVUH^VYSK JVT ( )VV[ +VJ /HUKLSZ .TI/ >PY[ZJOHM[ZWHYR * ( 3PLaLU ;LS ! -H_! ,THPS! VMMPJL'[OLYTPJ JVT 0U[LYUL[! ^^^ IVV[ KVJ JVT" ^^^ [OLYTPJ JVT 9LWYLZLU[LK I`! ;OLYT PJ 7YVK\J[Z .TI/ ( *HSaHKVZ )VYLHS : 3 (S[VZ KL SH *VUKVTPUH , =PSSLUH ;LS ! -H_! ,THPS! PUMV'L IVYLHS JVT 0U[LYUL[! ^^^ L IVYLHS JVT ( -PSH[P )VYPV -PVYL :93 =PH WLY .H[[PUHYH 0 *HZ[LSSL[[V *LY]V )0 ;LS ! -H_! ,THPS! S\JH'IVYPVMPVYL JVT 0U[LYUL[! ^^^ IVYPVMPVYL JVT ,_OPIP[LK WYVK\J[Z! 0ZVSMPS 0ZVS^VVS -PSHJ[P]L :W\UMP[ ! WVS`WYVW`SLUL 4LYHRSVU IHZLK ^VYZ[LK `HYUZ

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` 9VHK <:( .YLLUZIVYV ;LS ! 0U[LYUL[! ^^^ I\YSPUN[VU JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( )\ZOULSS

) *(47<9

Y\L +PKLYV[ - :\YLZULZ ;LS ! -H_! ,THPS! JVU[HJ['I\ZOULSS L\YVWL JVT 0U[LYUL[! ^^^ I\ZOULSS JVT

9\[aOVMLU + :[PLMLUOVMLU ;LS ! -H_! ,THPS! JHTW\Y'[ VUSPUL KL 0U[LYUL[! ^^^ JHTW\YTVKL KL

( I` ILPLY NLYTHU` KL

( *HTW^LSK : 9 3

( *HTHYV ,YPJO 9VPZLY .TI/ >HNULYT OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'JHTHYV H[ 0U[LYUL[! ^^^ JHTHYV H[ 9LWYLZLU[LK I`! *HTHYV ,YPJO 9VPZLY .TI/ ) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH =PH 4VU[L 5V]LNUV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! P[HSPH'JHTLSIHR JVT 0U[LYUL[! ^^^ JHTLSIHR JVT ) * ( 4 7 ZWH =PH 9VTH 0 7YLTHUH 3* ;LS ! -H_! ,THPS! JVU[HJ['JHTW P[ 0U[LYUL[! ^^^ JHTW P[ ( - SSP *HTWHNUVSV .TI/ /HUZ 9PLKS :[YH L + -LSKRPYJOLU ;LS ! -H_! ,THPS! JHTWHNUVSV'[ VUSPUL KL ( *HTWLY ,U[LYWYPZL *V 3[K 5V 7H 3P :[YLL[ 9* *OPH @P *P[` ;LS ! -H_! ,THPS! JHTWLYIN'TZ OPUL[ UL[ ) *HTWPUN :JO\O .TI/ +HPTSLYZ[YH L + :JO^PLILYKPUNLU ;LS ! -H_! ,THPS! PUMV'JHTWPUN ZJO\O KL 0U[LYUL[! ^^^ ILS ZVS KL ) *HTW;YHPSZ 5PNVY 5L[ ) =

*VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT ,_OPIP[LK WYVK\J[Z! :;6=, 3(47: (5+ -3(:2 -69 6<;+669 (5+ *(4705. 9LWYLZLU[LK I`! 7YV]PK\Z : 9 3 ) *(6 <ZPUL K\ )LS (PY - *SV`LZ Z\Y SL 3VPY ;LS ! -H_! ,THPS! VYKLYZ'JHV JHTWPUN JVT 0U[LYUL[! ^^^ JHV JHTWPUN JVT ( *HWV 9\LMM ;L_[PS .TI/ 4LSPZH\ ( ,NN ;LS ! -H_! ,THPS! PUMV'JHWV JJ 0U[LYUL[! ^^^ JHWV JJ ) *HYHIPULYZ 0UK *V 3[K 5V (SSL` 3HUL 9* ;HPJO\UN ;LS ! -H_! ,THPS! JHYHIPUL'TZ OPUL[ UL[ 0U[LYUL[! ^^^ JPJMHSSWYV[LJ[PVU JVT [^ ( *(9, 73<: ) *HYPILL (\Z[YHSPH )V^KLU :[YLL[ (<: (SL_HUKYPH ;LS ! -H_! ,THPS! TH[['JHYPILL JVT 0U[LYUL[! ^^^ JHYPILL JVT ( *HYPU[OPH :SLLWPUNIHNZ .VSKLJR ;L_[PS .TI/ :LLIHJOLYZ[YH L ( :LLIVKLU ;LS ! -H_! ,THPS! VMMPJL'JHYPU[OPH IHNZ JVT 0U[LYUL[! ^^^ ZSLLWPUN IHNZ H[ ,_OPIP[LK WYVK\J[Z! :JOSHMZpJRL \UK 0ZVSH[PVUZILRSLPK\UN

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( *±95

( *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K

/VWWZ 3VKNL 9LPNH[L 9VHK .) 9/ /< /VVR^VVK :\YYL` ;LS ! -H_! ,THPS! WQ'\UPMPLK \R JVT 0U[LYUL[! ^^^ JHYU \R JVT

- :LJ 5LP /\ 9VHK 9* ;HPWLP ;LS ! L_[ -H_! ,THPS! SPZH'QHKHTZ [^ 0U[LYUL[! ^^^ HPYMYHTL P[

( *HYVS ;L_[PSL *V 3[K -S 5V *OLUN ;LO 9K :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! ZHSL'JHYVS[L_ JVT 0U[LYUL[! ^^^ JHYVS[L_ JVT ( *HZJHKL +LZPNUZ 3[K +^`LY 9VHK 4PKSL[VU 093 *V *VYR ;LS ! -H_! ,THPS! TH\YPJL NV^LU'JHZJHKLKLZPNUZ PL 0U[LYUL[! ^^^ JHZJHKLKLZPNUZ JVT ) *HZOPVU .HYTLU[ *V 3[K <UP[ - 5V >\ZP 9VHK =9* -\aOV\ -\QPHU ;LS ! -H_! ,THPS! JOHYSPL'JHZOPVU JU JVT 0U[LYUL[! ^^^ JHZOPVU JU JVT ( *,), ( *OHJV >VS]LYPUL ,\YVWL 3[K [O -SVVY 2PUNZ 7SHJL .) 5 (. 3VUKVU ;LS ! -H_! ,THPS! [PT ZLSI`'^^^PUJ JVT 0U[LYUL[! ^^^ ^VS]LYPUL^VYSK^PKL JVT ) *OHUN OV -PIYL *VYWVYH[PVU - 5V *O\UN /ZPHV ,HZ[ 9K :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! JOZLY]PJL'JOHUN OV JVT [^ 0U[LYUL[! ^^^ JOHUN OV JVT [^ ( *OHUNaOV\ /LUNQ\U 6\[KVVY 7YVK\J[Z *V 3[K 8PUNZO\S[HUN ?PUN[HUN AV\X\ ;V^U =9* *OHUNaOV\ ;LS ! -H_! ,THPS! THUHNLY'OQV\[KVVY JVT 0U[LYUL[! ^^^ OQV\[KVVY JVT ( *OHZRLL

9LWYLZLU[LK I`! 4PUSHU -HIYPJ 0UK\Z[YPHS *V 3[K ( */0( /,9 05+<:;90(3 *6 3;+ - 56 :,* 5HURPUN , 9K 9* ;HPWLP ;LS ! -H_! ,THPS! WLUU` SP\'JON[L_ JVT 0U[LYUL[! ^^^ JON[L_ JVT 9LWYLZLU[LK I`! (ZPH :\TTP[ 0UUV]H[PVU *VYW ) *OPSSHa 0U[LYUH[PVUHS .TI/ /VMLY^LN ( =VTW ;LS ! -H_! ,THPS! ZLY]PJL 'JOPSSHa PUMV 0U[LYUL[! ^^^ JOPSSHa JVT ) */04( -LYUVZ[ :LY]PJL ;OLH[LYZ[YH L + (HJOLU ;LS ! -H_! ,THPS! ZLY]PJL'JOPTH KL 0U[LYUL[! ^^^ JOPTH KL ( *OPUVVR ;LJOUPJHS 6\[KVVY -PZJOLYpJRLY + -SLPU ;LS ! -H_! ,THPS! ^LPSIHJOLYNTIO'NVVNSLTHPS JVT 0U[LYUL[! ^^^ JOPUVVR[LJ JVT ( *OPY\JH *HSaHKVZ -HS : ( (]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT ( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/ 2VUYHK A\ZL )VNLU + 2YHPSSPUN ;LS ! -H_! ,THPS! JPJSVZWVY['JPJSVZWVY[ KL 0U[LYUL[! ^^^ JPJSVZWVY[ KL ) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K >LZ[LYU 0UK\Z[Y` .\HU /HP^LP ;V^U =9* *P_P AOLQPHUN ;LS ! -H_! ,THPS! QZ LSZH'OV[THPS JVT 0U[LYUL[! ^^^ UVY[OMVYLZ[ JU

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) * 1\S /LYILY[a .TI/

( *VILY ZYS

4HUNLUILYNLY :[YH L + :VSPUNLU ;LS ! -H_! ,THPS! PUMV'OLYILY[a ZVSPUNLU KL 0U[LYUL[! ^^^ OLYILY[a TLZZLYJS\I KL

=PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[

) *SLHU .YLLU ;LJOUVSVN` *V 3[K - 5V /\HPUPUN :[ 9* ;HPWLP ;LS ! -H_! ,THPS! Z[HUJPH'NYLLUWV^LY JVT 0U[LYUL[! ^^^ NYLLUWV^LY JVT ) JSPTILY Z LX\PW 1HRVILYZ[YH L + (\NZI\YN ;LS !

7YLZLU[ H[ 6\[+VVY! 4Y -SH]PV *V]PUP 4YZ 4HYPLSSH 3HUaHUP ) *VJVUH ,\YVWL 5L\X\HY[PLY */ 6M[YPUNLU ;LS ! -H_! ,THPS! PUMV'JVJVUH L\ JVT 0U[LYUL[! ^^^ JVJVUHMHIYPJZ JVT

,_OPIP[LK WYVK\J[Z! 2SL[[LYN\Y[L :JO\OL :LPSL

,_OPIP[LK WYVK\J[Z! *VJVUH L_[YLTLS` IYLH[OHISL MHIYPJZ

) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W(

) *VNOSHU Z 3[K

=PH ;VYJOPV 0 *PZHUV )LYNHTHZJV ). ;LS ! -H_! ,THPS! JVTTLYJPHSL'HS\KLZPNU P[ 0U[LYUL[! ^^^ JSPTIPUN[LJOUVSVN` JVT

-YLUL :[YLL[ *+5 9 ; * >PUUPWLN 4HUP[VIH ;LS ! -H_! ,THPS! JVNOSHUZ'JVNOSHUZ TI JH 0U[LYUL[! ^^^ JVNOSHUZ JVT

) JSPTIPUN ZLY]PJL

( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS

/H\W[Z[YH L + 4\[SHUNLU ;LS ! -H_! ,THPS! PUMV'JSPTIPUNZLY]PJL KL 0U[LYUL[! ^^^ JSPTIPUN ZLY]PJL KL

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT

) *SPTI ? .LHY :, -YHURSPU :[YLL[ <UP[ ) <:( 7VY[SHUK 69 ;LS ! ,THPS! QVLNHYSHUK'JSPTI_NLHY JVT 0U[LYUL[! ^^^ JSPTI_NLHY JVT

-> ;OL 6\[KVVY 0UK\Z[Y` *VTWHZZ :.0 ,\YVWL

9LWYLZLU[LK I`! ,]LYLZ[ .TI/

Y\L KL SH 7YHPYPL - )Y` Z\Y 4HYUL ;LS ! -H_! ,THPS! PUMV'LKTW\ISPJH[PVUZ JVT 0U[LYUL[! ^^^ LKTW\ISPJH[PVUZ JVT

) ) *S\Z[LYZ *PT :WVYHS[LJ **P KL SH :H]VPL

) *VUMVYT HISL

Y\L :HS[L\Y - *OHTItY` *LKL_ ;LS ! -H_! ,THPS! U ZHPU[THYJLS'ZH]VPL JJP MY 0U[LYUL[! ^^^ JS\Z[LY JPT MY

7( *OHTWML\PSSL ,Z[ 9\L 3tVU )tYPKV[ )7 - =VPYVU *LKL_ ;LS ! -H_! ,THPS! PUMV'ZPKHZ JVT 0U[LYUL[! ^^^ JVUMVYT HISL JVT

) *4, *HUHKPHU 4V\U[HPULLYPUN ,X\PWTLU[ 3[K J V 2YPTTLY 6\[KVVY 2L`^HYL

-> *VUYHK :[LPU =LYSHN .TI/

9HPMMLPZLUZ[YH L + /PSNLY[ZOH\ZLU ;HUKLYU ;LS ! -H_! ,THPS! PUMV'JTL V\[KVVY JVT 0U[LYUL[! ^^^ JTL V\[KVVY JVT

,_OPIP[LK WYVK\J[Z! 7VSLZ THU\MHJ[\YLY! [YLRRPUN WVSLZ UVYKPJ ^HSRPUN WVSLZ OPRPUN WVSLZ ZRP WVSLZ

2PLMLYUZ[YH L + >LS]LY ;LS ! -H_! ,THPS! K NYVZZLSVOTHUU'JVUYHK Z[LPU ]LYSHN KL 0U[LYUL[! ^^^ JVUYHK Z[LPU ]LYSHN KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) *VU[PNV

( *YHNOVWWLYZ 3[K

2LTWPZJOL Z[LLU^LN ) /HZZLS[ ;LS ! -H_! ,THPS! Z[PQU SV^L[[L'RHTI\RRH JVT 0U[LYUL[! ^^^ NVJVU[PNV L\

<UP[ 4LYJ\Y` 7HYR 4LYJ\Y` >H` .) 4 3@ 4HUJOLZ[LY ;LS ! -H_! ,THPS! WSLL'JYHNOVWWLYZ JVT 0U[LYUL[! ^^^ JYHNOVWWLYZ JVT

,_OPIP[LK WYVK\J[Z! (\[VZLHS ^H[LY IV[[SLZ RPKZ JVMMLL T\NZ ) *VYL *SPTIPUN 3[K -V_^VVK 9K .) : 9- *OLZ[LYMPLSK +LYI`ZOPYL ;LS ! ,THPS! Z[LWOLU'JVYLJSPTIPUN JV \R 0U[LYUL[! ^^^ JVYLJSPTIPUN JV \R ( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2. )LUa :[YH L + / ZIHJO ;LS ! -H_! ,THPS! T^'JVZWPU KL 0U[LYUL[! ^^^ JVZWPU KL ) *V[LJ ,76 0U[ *V @\HU 3\ 9K :LJ 7\ @LU 9* *OHUNO\H ;LS ! -H_! ,THPS! KHWOUL'JV[LJ LWV JVT 0U[LYUL[! ^^^ JV[LJ LWV JVT ,_OPIP[LK WYVK\J[Z! (SS 7=* -YLL JVH[LK" >H[LY WYVVM MHIYPJZ ) *V <UPVU 0UK *V 3[K 5V /^HU 2\UN 9VHK 9* ;HPUHU *V\U[` ;LS ! -H_! ,THPS! QVOU'JV\UPVU JVT [^ 0U[LYUL[! ^^^ JV\UPVU [[UL[ UL[ ,_OPIP[LK WYVK\J[Z! >H[LY IV[[SL .YPW @VNH TH[ /LSTL[ 3,+ WYVK\J[Z ) *V\ZPU ;YLZ[LJ Y\L (IIt )VUWHPU - >LY]PJX :\K ;LS ! -H_! ,THPS! JVU[HJ['JV\ZPU [YLZ[LJ JVT 0U[LYUL[! ^^^ JV\ZPU [YLZ[LJ JVT ,_OPIP[LK WYVK\J[Z! 9VWLZ JVYKZ ^LIIPUNZ ZOVLSHJLZ ( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL

,_OPIP[LK WYVK\J[Z! >VYSK ;YH]LS *SV[OPUN PUJS\KPUN [OL 5VZP3PML WLYTHULU[ PUZLJ[ YLWLSSLU[ YHUNL WS\Z )LHY .Y`SSZ JSV[OPUN HUK [YH]LS IHNZ HUK HJJLZZVYPLZ ( *YPZWP :WVY[ ZYS =PH 5VTL KP 4HYPH 0 4HZLY ;= ;LS ! -H_! ,THPS! JYPZWP'JYPZWP P[ 0U[LYUL[! ^^^ JYPZWP P[ ( *YVJZ ,\YVWL ) = 7 6 )V_ (2 +LU /HHN ;LS ! -H_! ,THPS! PUMV'JYVJZ L\ 0U[LYUL[! ^^^ JYVJZ L\ ( *Y\_ 3L )LS]LKLYL 3LZ )VYKLZ - 9LUULZ 3L *OH[LH\ ;LS ! -H_! ,THPS! JHYVS'VKS \R JVT 0U[LYUL[! ^^^ SPNO[^H]L \R JVT 9LWYLZLU[LK I`! 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K ) *\YS` :TVV[O /HUKLSZ .TI/ +VYUPLYZ[YH L + .LYTLYPUN ;LS ! -H_! ,THPS! PUMV'J\YS` ZTVV[O KL 0U[LYUL[! ^^^ J\YS` ZTVV[O KL ( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU 3HKLZ[YH L ( 2\MZ[LPU ;LS ! -H_! ,THPS! PUMV'KHJOZ[LPUZJO\OL JVT 0U[LYUL[! ^^^ KHJOZ[LPUZJO\OL JVT -. (2( +HUJHY ;YHKPUN .V4V[PVU )LYNZ[YHZZL */ .LYVSKZ^PS ;LS ! -H_! ,THPS! KHUPLS LJRZ[LPU'KHUJHY JO 0U[LYUL[! ^^^ NVTV[PVUNLHY JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) +HURLU ,U[LYWYPZL *V 3[K

) +LZPNU .V 3[K

- *OLUN +L 9K :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! KHURLU'KHURLU JVT [^ 0U[LYUL[! ^^^ KHURLU JVT [^

<UP[ 4PSS /PSS 0UK ,Z[H[L .) 5> /< 3VUKVU ;LS ! -H_! ,THPS! ZHSLZ'KLZPNU NV JVT 0U[LYUL[! ^^^ KLZPNU NV JVT

) +HU`HUN /VUNZOLU *HTWPUN .VVKZ *V 3[K 5V 1\UTPUN ,HZ[ 9VHK =9* +HU`HUN *P[` ;LS ! -H_! ,THPS! QOaaW'QZTHPS JVT JU 0U[LYUL[! ^^^ K`ILPO\H JVT ) +HU`HUN @\OLUN 6\[KVVY .VVKZ *V 3[K @\OL ;V^U =9* +HU`HUN ;LS ! -H_! ,THPS! QHJRFS\'W\I aQ QZPUMV UL[ ) +HVOLUN 0UK\Z[Y` ?PHTLU *V 3[K *VUZ[Y\J[PVU )SKN 5V ?PHOL 9VHK =9* ?PHTLU ;LS ! -H_! ,THPS! TLJJ`'KHVOLUN PUK\Z[Y` JVT 0U[LYUL[! ^^^ KHVOLUN PUK\Z[Y` JVT ( KHYL I 9LNH[[H .TI/ 9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU'YLNH[[H JVT 9LWYLZLU[LK I`! 9LNH[[H .TI/ ( +LWYVJ -YLPaLP[HY[PRLS .TI/ (T (IYHOHTZJOHJO[ H + 4HYPLUILYN ;LS ! -H_! ,THPS! YVSM ZJOPSS'KLWYVJ KL ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV 3V]LNYV]L *YLZJLU[ 5A (\JRSHUK ;LS ! -H_! ,THPS! ZOLSSL` WHYRLY'KLZ[L_ JV Ua 0U[LYUL[! ^^^ THWW JV Ua ,_OPIP[LK WYVK\J[Z! -HIYPJZ -PIYLZ *SV[OPUN 7YLZLU[ H[ 6\[+VVY! :OLSSL` 7HYRLY

,_OPIP[LK WYVK\J[Z! 6\[KVVY HUK ;YH]LS (JJLZZVYPLZ ) +L\[LY :WVY[ .TI/ *V 2. :PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT -6 +L\[ZJOLY (SWLU]LYLPU L = )\UKLZNLZJOpM[ZZ[LSSL =VU 2HOY :[YH L + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'HSWLU]LYLPU KL 0U[LYUL[! ^^^ HSWLU]LYLPU KL ( +LaOV\ 9LLIV *SV[OPUN *V 3[K 5V 1PLMHUN AOVUN 9VHK =9* +LaOV\ *P[` ;LS ! -H_! ,THPS! YIOZS' JVT _PUR\UFaOHUN'OV[THPS JVT 0U[LYUL[! ^^^ YLLIV LU HSPIHIH JVT ( +PKYPRZVUZ () - YL[HNZNH[HU : )VYnZ ;LS ! -H_! ,THPS! \SM IV\YNOHYK['KPKYPRZVUZ JVT 0U[LYUL[! ^^^ KPKYPRZVUZ JVT ( +PUN APUN *OLTPJHS 7YVK\J[Z *V 3[K 5V 7LP 3PU 9VHK /ZPHV 2HUN +PZ[ 9* 2HVOZP\UN ;LS ! -H_! ,THPS! MPST'KPUNaPUN JVT [^" NLULFSPU'KPUNaPUN JVT 0U[LYUL[! ^^^ KPUNaPUN JVT ( +PYLJ[ (SWPUL Z Y V 2H[LYPUZRm *A 3PILYLJ ;LS ! -H_! ,THPS! VMMPJL'KPYLJ[HSWPUL JVT 0U[LYUL[! ^^^ KPYLJ[HSWPUL JVT ) +44 0U[LYUH[PVUHS 3[K @ .S`U .) 33 ,3 3SHUILYPZ >HSLZ ;LS ! -H_! ,THPS! JOYPZ'KTT^HSLZ JVT 0U[LYUL[! ^^^ KTT^HSLZ JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) +VSK` Z Y V

( +@5;,?

4HJOV] 0 *A 4HJOV] ;LS ! -H_! ,THPS! S\RHZ'KVSK`Y\RZHR` Ja 0U[LYUL[! ^^^ KVSK` Ja

;OHSIHJONHZZL H ( )YLNLUa ;LS ! -H_! ,THPS! PUMV'K`U[L_ L\ 0U[LYUL[! ^^^ K`U[L_ L\

( ;LJUPJH ZWH +P]PZPVUL +VSVTP[L

) ,

=PH -HU[L + 0[HSPH 0 .PH]LYH +LS 4VU[LSSV ;= ;LS ! -H_! ,THPS! HYPHUUH JVSVTIHYP'UVYKPJH JVT 0U[LYUL[! ^^^ KVSVTP[L P[

0UK\Z[YPLZ[YH L + ;O\YUH\ ;LS ! -H_! ,THPS! PUMV'[YPWSL_ ZWVY[Z KL 0U[LYUL[! ^^^ [YPWSL_ ZWVY[Z KL

) +VUN .HYTLU[ 3[K .H[OLZ =pN : 6UZHSH ;LS ! ,THPS! TPJOHLS RHYSZZVU'KVUN NHYTLU[ ZL 0U[LYUL[! ^^^ KVUN NHYTLU[ ZL ) +YHNVU ;PTLZ (JJLZZVY` *V 3[K -S 5V 3HUL AP`V\ :[ 9* :HU *O\UN ;HPWLP ;LS ! -H_! ,THPS! ZLY]PJL'KYHNVU [PTLZ JVT 0U[LYUL[! ^^^ KYHNVU [PTLZ JVT ) +\JRZHU ,U[LYWYPZL ,JV[LJ :LVUNZ\ N\ KVUN :LVUNKVUN N\ 962 :LV\S ;LS ! -H_! ,THPS! SLVI`RPT'K\JRZHUIQ JV RY 0U[LYUL[! ^^^ K\JRZHUIQ JV RY ,_OPIP[LK WYVK\J[Z! MSLLJL ZPUNSL QLYZL` YHZJOLS OPNO SVM[ [YPJV[ Z\WLY ZVM[ IY\ZOLK RUP[[LK MHIYPJZ Z\LKL LMMLJ[ RUP[[LK MHIYPJZ OPNO WPSL RUP[[LK MHIYPJZ KV\ISL RUP[[LK Z[YL[JO MHIYPJZ ZLSM OLH[ NLULYH[PVU MHIYPJZ 7YLZLU[ H[ 6\[+VVY! 4Y 3LV )`VUN`VI 2PT ) +\RZ\UN 7 ; *V 3[K 9VVT .\TV 1VUNOHW ( 962 2`\UNNPKV ;LS ! -H_! 0U[LYUL[! ^^^ K\RZ\UN WU[ JVT ) +\YHMSL_ /VUN 2VUN 3[K . 3LHKLY 0UK\Z[YPHS *LU[LY 00 ;L_HJV 9K /2 ;Z\LU >HU 5 ; ;LS ! -H_! ,THPS! PUMV'+\YHMSL_.YV\W JVT 0U[LYUL[! ^^^ +\YHMSL_.YV\W JVT

9LWYLZLU[LK I`! 4L[VSP\Z *SPTIPUN ) ,HNSL *YLLR ,\YVWL 3[K +^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT ( LHY[O JYLH[PVUZ 0UJ 4V\U[HPU]PL^ >H` <:( )LZZLTLY ;LS ! -H_! ,THPS! ]LY^HS[\UN'^HSPRP KL 0U[LYUL[! ^^^ LHY[OJYLH[PVUZ UL[ ) ,HZ[VU 4V\U[HPU 7YVK\J[Z /HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT ) ( *SPTIPUN ,X\PWTLU[ H] -VU[HPULZ >HSSHJL - )VSSuUL ;LS ! -H_! ,THPS! M[\ZJHU'VYHUNL MY 0U[LYUL[! ^^^ LI LZJHSHKL JVT ( ,ILYOHYK . ILS .TI/ *V 0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT -> ,). +H[H .TI/ -YPLKYPJOZ[YH L + + ZZLSKVYM ;LS ! -H_! ,THPS! PUMV'LIN KH[H KL 0U[LYUL[! ^^^ LIN KH[H KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ,**6 :26 ( :

) LSRSPUL .TI/

,JJV (SSLLU +2 ;VLUKLY ;LS ! 0U[LYUL[! ^^^ LJJV JVT

-HSRLUYPLK H + /HTI\YN ;LS ! -H_! ,THPS! PUMV'LSRSPUL KL 0U[LYUL[! ^^^ LSRSPUL KL

) ,+,390+ .TI/ *V 2. (JOLULY >LN + 0ZU` PT (SSNp\ ;LS ! -H_! ,THPS! THPS'LKLSYPK KL 0U[LYUL[! ^^^ LKLSYPK KL ) ,KLS^LPZZ :(: )V\SL]HYK 7PLYYL 1VHUUVU - :HPU[ *OHTVUK ;LS ! -H_! ,THPS! PUMV'LKLS^LPZZ YVWLZ JVT 0U[LYUL[! ^^^ LKLS^LPZZ YVWLZ JVT -. ) ,KP[PVUZ 5P]LHSLZ Y\L 0Y]V` - .YLUVISL ;LS ! -H_! ,THPS! WYVTV[PVU'UP]LHSLZ JVT 0U[LYUL[! ^^^ UP]LHSLZ JVT -. ) ,-? 0[HSPH =PH )HPVSH 00 ;YH]LYZH 0 -VYPV 0ZJOPH ;LS ! -H_! ,THPS! LM_P[HSPH'NTHPS JVT 0U[LYUL[! ^^^ LM_\ZH P[ ( ,0+,9 9\L *HZZPVWtL 7HYJ (S[H{Z - *OH]HUVK ;LS ! -H_! ,THPS! PUMVZ'LPKLY ^VYSK JVT 0U[LYUL[! ^^^ LPKLY ^VYSK JVT ( ,SP[L 6\[KVVY .LHY *V 3[K :\PHU 0UK\Z[YPHS (YLH AOHUNW\ =9* AOHUNaOV\ ;LS ! -H_! ,THPS! PUMV'YHMMSLZ MHYLHZ[ JVT 0U[LYUL[! ^^^ YHMMSLZ MHYLHZ[ JVT ) ,SP[L [YVU ,U[LYWYPZL *V 3[K - 5V *O\UN :OHU 9VHK :LJ :O\SPU 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! LSP[[YVU'TZ OPUL[ UL[ 0U[LYUL[! ^^^ LZZ LSPUHUV JVT [^

) ,TZJV .YV\W 0U[LYUH[PVUHS *O\YJO :[YLL[ <:( 7( .PYHYK ;LS ! -H_! 0U[LYUL[! ^^^ LTZJVNYV\W JVT 7YLZLU[ H[ 6\[+VVY! :[L]L 6HZ 7YLZPKLU[ *OYPZ *YHIPSS =7 VM :HSLZ 4HYRL[ ( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2. ,TZVSK :[YH L + 9HZ[LKL ;LS ! -H_! ,THPS! LTZVSK'[ VUSPUL KL 0U[LYUL[! ^^^ LTZVSK KL ) ,U[YL 7YPZLZ : ( : A 0 KL ;PYL 7VP_ - :[ =PUJLU[ KL 4LYJ\aL ;LS ! -H_! ,THPS! PUMV'LU[YL WYPZLZ JVT 0U[LYUL[! ^^^ LU[YL WYPZLZ JVT -6 ( -6 ,6. (ZZVJPH[PVU MVY *VUZLY]H[PVU .HY[LUZ[YHZZL */ A\N ;LS ! -H_! ,THPS! [HU`H IHZJVTIL'LVNJVUZLY]H[PVU VYN 0U[LYUL[! ^^^ LVNJVUZLY]H[PVU VYN ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K >PTZL` >H` :VTLYJV[LZ +LYI`ZOPYL .) +, 3: (SMYL[VU ;LS ! -H_! ,THPS! PUMV'LX\PW\R JVT 0U[LYUL[! ^^^ LX\PW\R JVT ,_OPIP[LK WYVK\J[Z! 9HI" :SLLWPUN )HNZ 4V\U[HPU *SV[OPUN 7VKZHJZ" (SWPUL 7HJRZ (JJLZZVYPLZ )V\SKLYPUN V\[KVVYKLZPNUZ" /H[Z .SV]LZ .HP[LYZ 0U[LNYHS +LZPNUZ" ;HYWZ ;LU[Z :[VYHNL ( ,YPJ[L_ -HZOPVU *V 3[K - 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! ZLY]PJL'LYPJ[L_ JVT [^ 0U[LYUL[! ^^^ LYPJ[L_ JVT [^

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ,ZIP[ *VTWHNUPL .TI/

) ,\YV;YHPS

4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL

6UKLYULTPUNZ^LN 53 9A 4`KYLJO[ ;LS ! -H_! ,THPS! PUMV'L\YV[YHPS PUMV

) ,ZZLU[PHS ,SLTLU[Z (. -S\NOVMZ[YHZZL */ .SH[[IY\NN ;LS ! -H_! ,THPS! PUMV'LZZLU[PHS LSLTLU[Z JO 0U[LYUL[! ^^^ LZZLU[PHS LSLTLU[Z JO ,_OPIP[LK WYVK\J[Z! 0UUV]H[P]L JHYY`PUN ZVS\[PVUZ MYVT 46<5;(05:40;/ HUK 9<)@;,* 6\[KVVY ,ZZLU[PHSZ ) , ;L_[PU[ *VYW 5V +PUNO\ [O :[ .\LPZOHU 9* ;HV`\HU ;LS ! -H_! ,THPS! [YHUZMLYZ'[L_[PU[ JVT [^ 0U[LYUL[! ^^^ [L_[PU[ JVT [^ ) ,< )V[[SL 3[K 00 9HRVJaP -LYLUJ \[ / )\KHWLZ[ ;LS ! -H_! ,THPS! PUMV'L\IV[[SL O\ 0U[LYUL[! ^^^ L\IV[[SL O\ 9LWYLZLU[LK I`! ;YPURMSHZJOLU KL ( ,\THY 0U[LYUH[PVUHS ZYS =PHSL 9LNPUH 4HYNOLYP[H 0 9VTH ;LS ! -H_! ,THPS! HSLZZPV'L\THY P[ 0U[LYUL[! ^^^ L\THY P[ ) ,\YLRH ,\YVWL 5PNVY 5L[ ) = 2HILS^LN 53 )* (TZ[LYKHT ;LS ! -H_! ,THPS! PUMV'UPNVY UL[ 0U[LYUL[! ^^^ L\YLRHL\YVWL JVT ) ,\YVWLHU -YLLaL +Y` 3[K 4V\U[HPU /V\ZL 9VTHU >H` .) 79 )+ 7YLZ[VU ;LS ! -H_! ,THPS! KPHUH'L\YVWLHUMYLLaLKY` JVT 0U[LYUL[! ^^^ TV\U[HPUOV\ZL JVT L\ ) ,\YVWLHU :[YL[JO -HIYPJZ ,:-

,_OPIP[LK WYVK\J[Z! ALS[L *HTWPUNT ILS ALS[a\ILO Y :JOSHMZpJRL ( ,\ZLIPV :WVY[PUN *V 3[K + ;HPWLP >VYSK ;YHKL *LU[LY :LJ /ZPU @P 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! PUMV'L\ZLIPVZWVY[PUN JVT 0U[LYUL[! ^^^ L\ZLIPVZWVY[PUN JVT ,_OPIP[LK WYVK\J[Z! 4HU\MHJ[\YLY VM ZSLLWPUN IHN Y\JRZHJR [LU[ HUK NHYTLU[ ^P[O MHJ[VY` SVJH[PVUZ PU )HUNSHKLZO HUK *OPUH ( L]LU[ ^H[LYWYVVM MHIYPJ ) ,]LYLZ[ .TI/ >LP LUIHJOZ[YH L + 0ZU` ;LS ! -H_! ,THPS! WKZ'L]LYLZ[ ZWVY[Z KL 0U[LYUL[! ^^^ L]LYLZ[ ZWVY[Z KL ( ,]LYLZ[ ;L_[PSL *V 3[K UK -SVVY 5V ;\UN /^H 5VY[O 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! ZHSLZ'L]LYLZ[ JVT [^ 0U[LYUL[! ^^^ L]LYLZ[ JVT [^ ) ,]LY[L_ -HIYPUVSVN` 3PTP[LK - ;H JOLUN :[ 9* ;HPWLP ;LS ! -H_! ,THPS! MPVUH OZPHV'L]LY[L_ [^ 0U[LYUL[! ^^^ L]LY[L_ [^ ) ,]V +PZ[YPI\[PVU 3[K <UP[ 4HYZ /V\ZL .) 9, 3( (SKLYTHZ[VU ;LS ! -H_! 0U[LYUL[! ^^^ TLTVY` THW JV \R ) ,=63= *SPTIPUN [O :[YLL[ <:( *( )\LUH 7HYR ;LS ! -H_! ,THPS! ZLY]PJLZ'L]VS]LZWVY[Z JVT 0U[LYUL[! ^^^ L]VS]LZWVY[Z JVT

( ,\YVZJOPYT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ,_WLK (. /HYKZ[YH L */ A YPJO ;LS ! -H_! ,THPS! PUMV'L_WLK JVT 0U[LYUL[! ^^^ L_WLK JVT ,_OPIP[LK WYVK\J[Z! ALS[L 0ZVTH[[LU :JOSHM 9\JR )P^HR 7HJRZpJRL :[ JRL 7VUJOVZ /pUNLTH[[LU ) L?WYLZZPVU OVSKZ 9\L +\W\`[YLU - :HPU[ ,[PLUUL ;LS ! -H_! ,THPS! PUMV'L_WYLZZPVU OVSKZ JVT 0U[LYUL[! ^^^ L_WYLZZPVU OVSKZ JVT ) L__[HZ` ( - +Y 6 2 >HJR *OLTPL .TI/ )\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL ( -HIYPJ 2PUN ;L_[PSL *V 3[K

2L 3PHV 9VHK 9* ;HPJO\UN /ZPLU ;LS ! -H_! ,THPS! JPUK`'MLUN`P JVT [^ 0U[LYUL[! ^^^ MLUN`P JVT [^ ( -LUP_ -SHZO3PNO[:OVW :[LWOHU\ZZ[YH L + / JRLSOV]LU ;LS ! -H_! ,THPS! PUMV'MSHZOSPNO[ZOVW KL 0U[LYUL[! ^^^ MSHZOSPNO[ZOVW KL ,_OPIP[LK WYVK\J[Z! 0TWVY[ \UK =LY[YPLI OVJO^LY[PNLY 3,+ ;HZJOLUSHTWLU \UK A\ILO Y \ H ]VU -LUP_ >VSM ,`LZ 3LH[OLYTHU 056=( /0+ :\JOZJOLPU^LYMLY ]VU >VSM ,`LZ \UK 7VSHYPVU ) -LYYPUV * : W ( *VYZV 3VTIHYKPH 0 ;LS ! -H_! ,THPS! WY'MLYYPUV P[ 0U[LYUL[! ^^^ MLYYPUV P[

:HU 4H\YV ;6

) -PILY[LJ

- 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! JM 'JO\SPU JVT [^ 0U[LYUL[! ^^^ JO\SPU JVT [^

;,* ;YHKPUN .TI/ ;LPJOZ[YH L + /PSKLU ;LS ! -H_! ,THPS! PUMV'MPILY[LJ ^H[LYWYVVMPUN KL 0U[LYUL[! ^^^ MPILY[LJ ^H[LYWYVVMPUN KL

-.6 MHZaPUH[V\Y ;V\YPZ[PR ;YHPUPUN ,]LU[ .TI/

) -PKSVJR .TI/

(SSLLZ[YH L + 0TTLUZ[HK[ ;LS ! -H_! ,THPS! THYRL[PUN'MHZaPUH[V\Y KL 0U[LYUL[! ^^^ MHZaPUH[V\Y KL

7YPUaLUZ[YH L H + /HUUV]LY ;LS ! -H_! ,THPS! PUMV'MPKSVJR JVT 0U[LYUL[! ^^^ MPKSVJR JVT

( -H]V\Y 3PNO[ ,U[LYWYPZLZ 3[K - 7LYMLJ[ 0UK\Z[YPHS )\PSKPUN ;HP @H\ :[YLL[ :HU 7V 2VUN /2 2V^SVVU ;LS ! -H_! ,THPS! ZHSLZ'MH]V\YSPNO[ JVT 0U[LYUL[! ^^^ MH]V\YSPNO[ JVT ( -LUN_PU :WVY[ZIHN *VTWHU` 9VVT - 0U[LNYH[PVU )\PSKPUN -LUN AL 7SHaH +VUN AL 9VHK -LUN AL :[YLL[ =9* 8\HUaOV\ ;LS ! -H_! ,THPS! LKK`'UL^O\U[LY JVT ,_OPIP[LK WYVK\J[Z! 9\JRZpJRL ;HZJOLU 9LPZL[HZJOLU )HJRWHJRZ 7YLZLU[ H[ 6\[+VVY! ,KK` /\HUN

( -LUN @P 6\[KVVY 3LPZ\YL ,X\PWTLU[ ,U[LYWYPZL *V 3[K

9LWYLZLU[LK I`! +\YHMSL_ /VUN 2VUN 3[K ) -0,* +L\[ZJOSHUK ;YHKPUN ,U[LYWYPZL .TI/ 2HZ[HUPLUZ[YH L J + -YHURM\Y[ ;LS ! -H_! ,THPS! MPLJ JOLU'[ VUSPUL KL ) -PN\Y*VHJO .SVIHS >LSS .TI/ 9\KVSMZ[YH L + 9H]LUZI\YN ;LS ! ,THPS! ZLY]PJL'KLYMPN\YJVHJO KL 0U[LYUL[! ^^^ KLYMPN\YJVHJO KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) MPUTHH <. OHM[\UNZILZJOYpUR[

( -S`PUN ;L_ *V 3[K

)LYSPULY :[YH L + )LYSPU ;LS ! -H_! ,THPS! YL[HPSLY'MPUTHH KL 0U[LYUL[! ^^^ MPURPK KL

- 5V :LJ +\LU /\H :V\[O 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! HTILY'OZPHUN JVT [^ 0U[LYUL[! ^^^ MS`PUN [L_ JVT [^

) @VUNRHUN -PYL 4HWSL *HTWPUN ,X\PWTLU[ 5V APaOLUN 9K /HYK^HYL AVUL =9* @VUNRHUN *P[` AOLQPHUN ;LS ! -H_! 0U[LYUL[! ^^^ MPYL THWSL JVT ) -09:; ) I` )LY[LSZ ;L_[PS ( -P]L :LHZVUZ 3LYN RZNH[HU : =pZ[YH -Y S\UKH ;LS ! -H_! ,THPS! PUMV'MP]LZLHZVUZ ZL 0U[LYUL[! ^^^ MP]LZLHZVUZ ZL ) -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT ) -P_L *SPTIPUN : 3 .LYVUP .\P_n 5V , :[ 8\PYaL KL )LZVYH ;LS ! -H_! ,THPS! PUMV'MP_LJSPTIPUN JVT 0U[LYUL[! ^^^ MP_LJSPTIPUN JVT ) -PaHU :93 =PH )VYNV ;VJJOP 0 9VZn =0 ;LS ! -H_! ,THPS! PUMV'MPaHU P[ 0U[LYUL[! ^^^ MPaHU P[ ( -QpSSYp]LU () /LT]pYUZNH[HU : :VSUH ;LS ! -H_! ,THPS! PUMV'MQHSSYH]LU ZL 0U[LYUL[! ^^^ MQHSSYH]LU ZL ( -S`PUN 6\[KVVY )HN *V 3[K - 1L^LSSLY` *P[` >\SP[PUN -\TH 9VHK =9* -\aOV\ -\QPHU ;LS ! -H_! ,THPS! THYRL[PUN'MS`PUNV\[KVVY JU 0U[LYUL[! ^^^ MS`PUNV\[KVVY JU

( -VYTVZH ;HMML[H *V 3[K 5V :OPO 3P\ 9VHK 9* ;V\SP\ ;LS ! -H_! ,THPS! \ 'M[J JVT [^ 0U[LYUL[! ^^^ M[J JVT [^ ) -VY[\UL ,U[LYWYPZL 0UJ -SHPY +Y <:( ,S 4VU[L ;LS ! -H_! ,THPS! ML \ZH'NTHPS JVT 0U[LYUL[! ^^^ NTHPS JVT ) -V[\UL 3HTPUH[LK -HIYPJ *V 3[K 5HUTLU +PZ[YPJ[ 8PHVSP =PSSHNL =9* +VUNN\HU ;LS ! -H_! ,THPS! PUMV'MV[\UL JU 0U[LYUL[! ^^^ MV[\UL JU ( -V_ 0U[LYUH[PVUHS 0UJ (Y]PU (]LU\L *+5 3 , 7 :[VUL` *YLLR ;LS ! -H_! ,THPS! ROVY[VU'MV_ ^VYSK JVT 0U[LYUL[! ^^^ MV_ ^VYSK JVT ) -V_ 9P]LY 4PSSZ 0UJ 7VWSHY :[YLL[ <:( 6ZHNL ;LS ! -H_! 0U[LYUL[! ^^^ MV_ZV_ JVT ) -YHTPZ 0[HSPH :7( =PH KLSS (NYPJVS[\YH 0 =PNHUV +P .HNNPHUV 40 ;LS ! -H_! ,THPS! PUMV'MYHTPZ P[ 0U[LYUL[! ^^^ MYHTPZ P[ ,_OPIP[LK WYVK\J[Z! 5V:V IVUKPUN ZVS\[PVUZ! HKOLZP]L [HWLZ HUK ^LSKPUN THJOPULZ ) -YLLZ[VUL 0TWHZZL KLZ 4HYHPZ - (YNVUH` ;LS ! -H_! ,THPS! JOH['MYLLZ[VUL MY 0U[LYUL[! ^^^ MYLLZ[VUL MY ,_OPIP[LK WYVK\J[Z! *SPTIPUN OVSKZ HUK ]VS\TLZ

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) -YLLZ[`SL :WVY[ *V 3[K 5V /\HSPU 9VHK =9* -\aOV\ ;LS ! -H_! ,THPS! SPUY\VJOLU '`HOVV JVT JU 9LWYLZLU[LK I`! )PSHUJPH ;YHKPUN :LY]PJL <. ( -.4 0U[LYUH[PVUHS -9,,;04, A 0 +L -YPTVU[ - 3H 9LVSL ;LS ! -H_! ,THPS! NLYHYK UVYTHUK'MYLL[PTL MY JVT 0U[LYUL[! ^^^ MYLL[PTL MY JVT ( -YPZILLZWVY[ 5L^ .HTLZ ( -\KH :OVLZ 7SHZ[PJZ *V 3[K /HURV\ 0UK\Z[YPHS AVUL *OLUKHP =9* 1PUQPHUN ;LS ! -H_! ,THPS! PUMV'M\KH UL[ JU 0U[LYUL[! ^^^ M\KH UL[ JU ( -\QPHU *VTTLYJPHS *VYW - -\QPHU *VTTLYJPHS )\PSKPUN 5V AOVUNZOHU 9VHK =9* -\aOV\ ;LS ! -H_! ,THPS! LSSPZH'IS\L^H]L JU JVT ( -\QPHU /VUNZOLUN )HNZ HUK :\P[JHZLZ *V 3[K - 5V >HUNOHP 9VHK 9 + )\PSKPUN ?PHTLU :VM[^HYL 7HYR 7OHZLSS =9* -\QPHU ;LS ! -H_! ,THPS! KZ ZHSLZ 'OZIHNZ JVT 0U[LYUL[! ^^^ OZIHNZ JVT

( -\QPHU 7YVMP[ 0U[LYUH[PVUHS ;YHKPUN .YV\W *V 3[K <UP[ - >VYSK^PKL 7SHaH =9* -\aOV\ ;LS ! -H_! ,THPS! L_W 'Ma WYVMP[ JVT ) -\QPHU <W[VW ;YHKPUN *V 3[K - AVUN-\ 7SHaH 5V =9* -\aOV\ ;LS ! -H_! ,THPS! \W[VW'\W[VW JU 0U[LYUL[! ^^^ \W[VW NYV\W JU ( -\QPHU ?PU_PUN )HNZ *V 3[K ?PUNW\ =PSSHNL ?PHTLU ;V^U 5HU HU *P[` =9* -\QPHU ;LS ! -H_! ,THPS! HSPJRSHU'`HOVV JVT JU 0U[LYUL[! ^^^ W\ISPJ aaW[[ MQ JU ) -\SS[PKL ,U[LYWYPZL *V 3[K 5V ;H 7\ >\ *O\HU =PSSHNL ;H @\HU /ZPHU 9* ;HV`\HU /ZPLU ;LS ! -H_! ,THPS! M['M\SS[PKL JVT [^ 0U[LYUL[! ^^^ M\SS[PKL JVT [^ ) -\ZPVU *SV[OPUN *VTWHU` 2HSIHKL]P 9VHK 05+ 4\TIHP ;LS ! -H_! ,THPS! ZOPZOPY'M\ZPVUJSV[OPUN JVT 0U[LYUL[! ^^^ M\ZPVUJSV[OPUN JVT ,_OPIP[LK WYVK\J[Z! 6YNHUPJ *V[[VU )HTIVV 2UP[[LK *SV[OPUN

) -\QPHU 1PLM .HYTLU[Z *V 3[K

( -\aOV\ -HZOPVU -S`PUN .HYTLU[Z *V 3[K

5V 1PUNVUN 9VHK =9* -\aOV\ ;LS ! -H_! ,THPS! QPLM']PW JVT 0U[LYUL[! ^^^ QPLM JVT

)\PSKPUN 1\ `\HU AOV\ 1PUZOHU 0UK\Z[YPHS AVUL 1PUZOHU (]LU\L *HUNZOHU =9* -\aOV\ -\QPHU ;LS ! -H_! ,THPS! MHZOPVUMS`PUN']PW JVT 0U[LYUL[! ^^^ MHZOPVU MS`PUN JU

) -\QPHU 3PU[L_ 0TW ,_W *V 3[K <UP[ 5V ?PUO\HM\ :X\HYL 5V >\ZP 9VHK .\ +VUN :[YLL[ =9* -\aOV\ ;LS ! -H_! ,THPS! KVJ'SPU[L_ HWWHYLS JVT 0U[LYUL[! ^^^ SPU[L_ HWWHYLS JVT

( -\aOV\ -LUN_PHUN 6\[KVVY *V 3[K 7HU`HUN ?PHUNXPHU ;V^U 4PUOV\ *V\U[Y` =9* -\aOV\ ;LS ! -H_! ,THPS! MLUN'MLUN_PHUN V\[KVVY JVT ) -\aOV\ 3LJV 0TWVY[ ,_WVY[ *V 3[K 5V +VUNKH 9VHK =9* -\aOV\ ;LS ! -H_!

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) -\aOV\ :\YL[L_ 0 , *V 3[K

( .,226 6\[KVVY *VZTL[PJZ

- 4PUMH )\PSKPUN =9* -\aOV\ ;LS ! -H_!

3\K^PNZ[YH L + )HK 2PZZPUNLU ;LS ! -H_! ,THPS! PUMV'NLRRV JVZTL[PJZ KL 0U[LYUL[! ^^^ NLRRV JVZTL[PJZ KL

) .HILS : 9 3 =PH *HZZVSH 0 9VZn =0 ;LS ! -H_! ,THPS! NHILS'NHILS P[ 0U[LYUL[! ^^^ NHILS P[ ) .HPUTVYL[L_ *V 3[K - 5V :LJ /ZPU @P 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! NHPU TVYL'TZH OPUL[ UL[ 0U[LYUL[! ^^^ NHPUTVYL[L_ JVT [^

,_OPIP[LK WYVK\J[Z! .,226 6\[KVVY *VZTL[PJZ ZPUK :JO\[a \UK 7MSLNLWYVK\R[L UH[ YSPJOLY /LYR\UM[ PU POYLY 4HJOHY[ LPUaPNHY[PN \UK ZWLaPLSS H\M KPL )LK YMUPZZL KLZ TVKLYULU 6\[KVVY :WVY[Z HINLZ[PTT[ ) .LSLY[ 3[K .LSLY[ /V\ZL .) 33 5? 7VY[OTHKVN >HSLZ ;LS ! -H_! ,THPS! HT^LSKLU'NLSLY[ JVT 0U[LYUL[! ^^^ NLSLY[ JVT

( -.6 .HYTPU +L\[ZJOSHUK .TI/

( .LULYHS ,SLJ[YPJ 0U[LYUH[PVUHS 0UJ ., ,ULYN` ,U]PYVUTLU[HS :LY]PJLZ

3VJOOHTLY :JOSHN H + .YpMLSMPUN ;LS ! -H_! ,THPS! TLZZL'NHYTPU KL 0U[LYUL[! ^^^ NHYTPU KL

,HZ[ YK :[YLL[ <:( 2HUZHZ *P[` ;LS ! -H_! ,THPS! [VU` Z[HUPZSH]'NL JVT 0U[LYUL[! ^^^ NL JVT

) .HYTVU[ :93

( .LYILY :PS]H :^LKLU ()

=PH :WPULKH 0 =VSWHNV +LS 4VU[ ;= ;LS ! -H_! ,THPS! PUMV'NHYTVU[ JVT 0U[LYUL[! ^^^ NHYTVU[ JVT

2\ZR]pNLU : :VSSLU[\UH ;LS ! -H_! ,THPS! ZPS]HPUMVFZVS'MPZRHYZ JVT 0U[LYUL[! ^^^ NLYILYNLHY JVT

) .HYYH *SPTIPUN :OVLZ : 3 J 4VU[LZ KL ;VSLKV , :HU -LYUHUKV KL /LUHYLZ 4HKYPK ;LS ! -H_! ,THPS! NHYYH'NHYYH PUMV 0U[LYUL[! ^^^ NHYYH PUMV ( .LHY () +H[H]pNLU ) : (ZRPT ;LS ! -H_! ,THPS! IQVYU'NLHYHI ZL 0U[LYUL[! ^^^ NLHYHI ZL ( .,*26 4V[PVU .TI/ :JOLMMLSZ[YH L ( )YLNLUa ;LS ! -H_! ,THPS! VMMPJL'NLJRV TV[PVU JVT 0U[LYUL[! ^^^ NLJRV TV[PVU JVT

9LWYLZLU[LK I`! :PS]H :^LKLU () ) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K ( 6JLHU 0UK )SKN ;HP @PW :[YLL[ 2^\U ;VUN /2 2V^SVVU ;LS ! -H_! ,THPS! QV'NTNS JVT OR 0U[LYUL[! ^^^ NTNS JVT OR ) .V .HZ 3[K ) .VSKLU :WVY[Z *V 3[K /\IPU 5VY[O 9VHK =9* ?PHTLU ;LS ! -H_! ,THPS! ZHSLZ'NVSKLUZWVY[Z JU 0U[LYUL[! ^^^ NVSKLUZWVY[Z JU ) .VSKL 6\[+VVY 0U[ 0UH :LPKLS )VNLU + 4 UJOLU ;LS ! -H_! 0U[LYUL[! ^^^ NVSKL JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) .V3P[L 33*

) .YHUK[LR (:0( *697

.\UWHYR +YP]L :\P[L <:( *6 )V\SKLY ;LS ! -H_! ,THPS! L\ PUMV'NVSP[L JVT 0U[LYUL[! ^^^ NVSP[L JVT

- 5V :PUNKL 9VHK :HU *OVUN *P[` 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! ZLY]PJL'NYHUK[LRHZPH JVT 0U[LYUL[! ^^^ NYHUK[LRHZPH JVT

-. (2( .V4V[PVU 0UJ

) .YHUK ;L_[PSL *V 3[K

) .VVK^H` 0UK\Z[YPHS /2 3[K

- 5V *O\UN *OLUN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! NK[L_S[K'TZ OPUL[ UL[

9VVT 4L[YVWVSL :X\HYL 6U @P\ :[YLL[ /2 :OH[PU 5[ ;LS ! -H_! ,THPS! PUMV'NVVK^H`PUK JVT 0U[LYUL[! ^^^ NVVK^H`PUK JVT ) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW - 5V :LJ ;P +PUN )S]K 5LP/\ +PZ[ 9* ;HPWLP ;LS ! -H_! ,THPS! V[[V SPU'JWHZZ JVT [^ 0U[LYUL[! ^^^ JWZZ JVT [^ -.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L = 9LPUOHYKZ[YH L + )LYSPU ;LS ! -H_! ,THPS! PUMV'[L_[PS TVKL KL 0U[LYUL[! O[[W! ^^^ NV [L_[PSL KL 9LWYLZLU[LK I`! 0+ :WVY[Z .TI/ ) . WLYMVYTHUJL 1HISVUZRPV 3; :PH\SPHP ;LS ! -H_! ,THPS! LNPZ'N WLYMVYTHUJL L\ 0U[LYUL[! ^^^ N WLYMVYTHUJL L\ ( .YHIULY .TI/ >LPZ[YHJOLYZ[YH L ( /HHN ;LS ! -H_! ,THPS! NLY[YH\K WMHMMLUIPJOSLY'NYHIULY ZWVY[Z H[ 0U[LYUL[! ^^^ NYHIULY ZWVY[Z H[ ) .YHUK (TVZ 7YVK\J[Z *V 3[K - 5V 1LU (P 9K :LJ 9* ;HPWLP *P[` ;LS ! -H_! ,THPS! NHTVZ'TZ OPUL[ UL[

,_OPIP[LK WYVK\J[Z! 0U[YVK\JPUN .YHUK ;L_[PSL Z UL^LZ[ PUUV]H[PVU" :[VUL *63+ HUK *VMMLL *OHYJVHS ) .YHUNLYZ 0U[LYUH[PVUHS 3[K .YHUNL *SVZL *SV]LY 5VVR 0UK 7HYR .) +, 8; (SMYL[VU +LYI`ZOPYL ;LS ! -H_! ,THPS! HUKYL^'NYHUNLYZ JV \R 0U[LYUL[! ^^^ NYHUNLYZ JV \R ) .YLH[ ;YHUNV /VSKPUNZ 0UJ :HU[H 7PLYJL (]L <:( 3V\PZ]PSSL ;LS ! -H_! ,THPS! J\Z[ZLY]'N[OP JVT 0U[LYUL[! ^^^ [YHUNV JVT ( .YLLU3HUK 5(;<9, .TI/ /VM^PLZL + >PSOLSTZ[OHS :[LPUILYN ;LS ! -H_! ,THPS! PUMV'NYLLUSHUK UH[\YL KL 0U[LYUL[! ^^^ NYLLUSHUK UH[\YL KL ,_OPIP[LK WYVK\J[Z! 9\JRZpJRL 9LPZL[HZJOLU *HZ\HSIHNZ PU *HU]HZ \UK 3LKLY ) .YLNVY` 4V\U[HPU 7YVK\J[Z 2 :[YLL[ :\P[L <:( *( :HJYHTLU[V ;LS ! -H_! ,THPS! O`V\UNTHU'NYLNVY`WHJRZ JVT 0U[LYUL[! ^^^ NYLNVY`WHJRZ JVT ( .90:769; :7( =PH ,YLNH 0 *HZ[LSJ\JJV ;= ;LS ! -H_! ,THPS! PUMV'NYPZWVY[ P[ 0U[LYUL[! ^^^ NYPZWVY[ P[

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) .YP]LS Z Y S

( /HNS MZ :JHUKPUH]PH ()

3VJHSP[H *OHTWHNUL 0 =LYYH`LZ (6 ;LS ! -H_! ,THPS! IL[[H'NYP]LS JVT 0U[LYUL[! ^^^ NYP]LS JVT

0UK\Z[YPNH[HU : (]LZ[H ;LS ! -H_! ,THPS! PUMV'OHNSVMZ ZL 0U[LYUL[! ^^^ OHNSVMZ ZL

9LWYLZLU[LK I`! 9VJH *VYKLZ KL 4\U[HU`H :3 ( .YVULSS ZYS =PH )YHUaP 0 9V]LYL =VZL =9 ;LS ! -H_! ,THPS! NYVULSS'NYVULSS P[ 0U[LYUL[! ^^^ NYVULSS P[ -6 .Y\WV +LZUP]LS * :HU =PJ[VYPUV , 4HKYPK ;LS ! -H_! ,THPS! LKPJPVULZKLZUP]LS'KLZUP]LS LZ 0U[LYUL[! ^^^ KLZUP]LS LZ ) .:0 6\[KVVYZ 0UJ : 7PULZ 9K <:( :WVRHUL >( ;LS ! -H_! ,THPS! JVU[HJ['NZPV\[KVVYZ JVT 0U[LYUL[! ^^^ NZPV\[KVVYZ JVT ) .\HUNaOV\ 3PNO[ /VSKPUNZ 3[K 5V [OL )\UK =9* .\HUNaOV\ ;LS ! -H_! ,THPS! OPMVUaOHUN'NaSP JVT 0U[LYUL[! ^^^ NaSP JVT ) .\PKL[[P -YuYLZ A( + /H\[LYP]LZ 3L 4HPSSL[ - 3LZ ,JOLSSLZ ;LS ! -H_! ,THPS! JVU[HJ['N\PKL[[P YHUKV JVT 0U[LYUL[! ^^^ N\PKL[[P YHUKV JVT -.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT

) /HS[P =HSPTV[PL -05 =HU[HH ;LS ! -H_! ,THPS! PUMV'OHS[P MP 0U[LYUL[! ^^^ OHS[P JVT ) /HUK` 4HU *V 3[K

AOV\aPO :[YLL[ 9* 5LPO\ +PZ[YPJ[ ;HPWLP ;LS ! -H_! ,THPS! PUMV'MHSS WYV[LJ[ JVT 0U[LYUL[! ^^^ MHSS WYV[LJ[ JVT ) /HUNaOV\ *OPUHZ[HYZ 9LMSLJ[P]L 4H[LYPHSZ *V 3[K (aVS 5V /\H_PUN 9VHK =9* /HUNaOV\ ;LS ! -H_! ,THPS! KH]PK'JOPUHZ[HYZ JVT JU 0U[LYUL[! ^^^ JOPUHZ[HYZ JVT JU ) /HUNaOV\ <W ,HZ` 6\[KVVY ;V\Y 7YVK\J[Z *V 3[K *O\UJOHV 9VHK /VUNKH 9VHK :V\[O :PKL ?PHVZOHU ,JVUVTPJ (UK +L]LSVWTLU[ AVUL ?PHVZOHU =9* /HUNaOV\ ;LS ! -H_! ,THPS! JHUK` ' JVT 0U[LYUL[! ^^^ JOPUHZHP[VUN JVT JU ( -. ( /HUUHO *aLJO H Z (TLYPJRH *A 7PSZLU ;LS ! -H_! ,THPS! PUMV'OHUUHO Ja 0U[LYUL[! ^^^ OHUUHOV\[KVVY JVT

.SLUKLY :[YH L + *VI\YN ;LS ! -H_! ,THPS! THPS'IV\SKLYTH[[L JVT 0U[LYUL[! ^^^ IV\SKLYTH[[L JVT

,_OPIP[LK WYVK\J[Z! ;LU[Z :SLLWPUN )HNZ )HJRWHJRZ (WWHYLS

) .\`V[ +LZPNUZ

>PLZLUMLSKZ[YH L + =PLYRPYJOLU ;LS ! -H_! ,THPS! RVU[HR['OHU^HN KL 0U[LYUL[! ^^^ OHU^HN KL

4HPU :[YLL[ <:( +LLY 0ZSL 4HPUL ;LS ! -H_! ,THPS! Z\WWVY['N\`V[KLZPNUZ JVT 0U[LYUL[! ^^^ N\`V[KLZPNUZ JVT

-. ( ( /HU^HN .TI/

,_OPIP[LK WYVK\J[Z! :PSPJVUL 7L[ )V^SZ -PYLMS` 3HU[LYU <[LUZPS :L[Z :PSPJVUL )V^S HUK *\W :L[Z ;HW.\HYK >H[LY -PS[LY :WSHZON\HYK

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) /HWW` 7LVWSL .TI/ *V 2. 2VUZ\S :TPK[ :[Y ) + )YLTLU ;LS ! -H_! ,THPS! PUMV'OHWW`WLVWSL KL 0U[LYUL[! ^^^ OHWW`WLVWSL KL ) /LHKZ <W 0U[LYUH[PVUHS *VYWVYH[PVU Z[ 9VHK ;HPJO\UN 0UK\Z[YPHS +PZ[ 9* ;HPJO\UN ;LS ! -H_! ,THPS! ZOLSS`'OLHKZ\W JVT [^ 0U[LYUL[! ^^^ OLHKZ\W JVT [^ ) ;OL /LHS[O` )HJR )HN *VTWHU` +L )LH\]VPY 9K .) 5 ,5 3VUKVU ;LS ! -H_! ,THPS! WYPZJPSSH'[OLOLHS[O`IHJRIHN JV \R 0U[LYUL[! ^^^ [OLOLHS[O`IHJRIHN JV \R ( /LH]LU ,HY[O 7YVK\J[Z *V 3[K 9VVT 5V 3HUL *OHUNKHV 9VHK =9* :OHUNOHP ;LS ! -H_! ,THPS! THMLY'OLH]LU LHY[O JVT JU 0U[LYUL[! ^^^ OLH]LU LHY[O JVT JU ,_OPIP[LK WYVK\J[Z! 3,+ OLHKSHTW MSHZOSPNO[ JHTWPUN SHU[LYU HUK Z[PJR SPNO[ ( 1VZLM /LPULU .TI/ *V 2. 3LKLYMHIYPR -\ IHJOZ[YH L + >LNILYN ;LS ! -H_! ,THPS! O IHIRH'OLPULU SLH[OLY KL 0U[LYUL[! ^^^ OLPULU SLH[OLY KL ( /LSZWVY[ ( : )V_ 5 4LSO\Z ;LS ! -H_! ,THPS! Z[LPU O'OLSZWVY[ UV 0U[LYUL[! ^^^ OLSZWVY[ UV

( /PSSLILYN ;OL ;LU[THRLY () kUL]pNLU : -Y Z U ;LS ! -H_! ,THPS! [LU[THRLY'OPSSLILYN ZL 0U[LYUL[! ^^^ OPSSLILYN ZL -.6 /PW:P[ 9 TLYZ[LPUZ[YH L + 9L\[SPUNLU ;LS ! -H_! ,THPS! VMMPJL'OPWZP[ KL 0U[LYUL[! ^^^ OPWZP[ KL ( /0 ;,* (]PH[PVU >H` .) :: ./ :V\[OLUK VU :LH ,ZZL_ ;LS ! -H_! ,THPS! WVZ['OP [LJZWVY[Z JVT 0U[LYUL[! ^^^ OP [LJ JVT ( /62( 65,65, 9V\[L KL SH -YHZZL - 3LZ *VU[HTPULZ 4VU[QVPL ;LS ! -H_! ,THPS! JVU[HJ['OVRHL\YVWL JVT 0U[LYUL[! ^^^ OVRHVULVUL JVT ( /VSTLURVS (. >LYUOLY ]VU )YH\U :[YH L + /LPTLYKPUNLU ;LS ! -H_! ,THPS! PUMV'OVSTLURVS JVT 0U[LYUL[! ^^^ OVSTLURVS JVT ) /VWLYPZL ;L_[PSLZ *V 3[K

,_OPIP[LK WYVK\J[Z! ALS[L :JOSHMZpJRL ;LU[Z :SLLWPUN IHNZ

,JVUVTPJ +L]LSVWTLU[ AVUL =9* 8\HUaOV\ -\QPHU ;LS ! -H_! ,THPS! OVWLYPZL'OVWLYPZL JU 0U[LYUL[! ^^^ OVWLYPZL JVT

) OOW /VTL /LHS[O 7YVK\J[Z .TI/

) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K

:VWOPLUZ[YH L + 2HYSZY\OL ;LS ! 0U[LYUL[! ^^^ OOW KL

4PUZ[LY 7HYR *VSSPUN^VVK 9VHK .) )/ 8- >LZ[ 4VVYZ ;LS ! -H_! ,THPS! THPS'OVYPaVUZVJRZ JV \R 0U[LYUL[! ^^^ OVYPaVUZVJRZ JV \R

) /PNOSHUKLY :JV[SHUK 3[K ;VKK :X\HYL .) ,/ ,- 3P]PUNZ[VU ;LS ! -H_! ,THPS! ZHSLZ'OPNOSHUKLY V\[KVVY JVT 0U[LYUL[! O[[W! ^^^ OPNOSHUKLY V\[KVVY JVT

) /PNO 9PZL ;LJOUVSVN`

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( /V\KPUP :WVY[Z^LHY () -PUUIVKH =HYUZ]pN : 5HJRH ;LS ! -H_! ,THPS! PUMV'OV\KPUPZWVY[Z^LHY JVT 0U[LYUL[! ^^^ OV\KPUPZWVY[Z^LHY JVT ( /V @\ ;L_[PSL *V 3[K 5V :PUM\ 9K -\`\HU =PSSHNL .\HU`PU ;V^UZOPW 9* ;HV`\HU *V\U[` ;LS ! -H_! ,THPS! OV`\'OV`\ JVT [^ JOHYSLZ'OV`\ JVT [^ 0U[LYUL[! ^^^ OV`\ JVT [^ ) /9; 3[K ( ,UN .LVYNP )LSV] :[Y ). :VMPH ;LS ! -H_! ,THPS! YWHYRV'OY[ OVSKZ JVT 0U[LYUL[! ^^^ OY[ OVSKZ JVT 9LWYLZLU[LK I`! >HSS[VWPH 3[K ) /:* /LHS[O :WVY[Z *VUULJ[PVU .TI/ 2HWLSSLU^LN + 9H\ISPUN ;LS ! -H_! ,THPS! PUMV'UVYKPJWVY[HS UL[ 0U[LYUL[! ^^^ YLHR[P] [YHPUPUN JVT ( /\HZOLUNKH APWWLY *V 3[K 9VVT - /VUNRVUN )\ZPULZZ *LU[LY 5V >LZ[ *VUUH\NO[ 9VHK /VUNRVUN ;LS ! -H_! ,THPS! RL]LU^HUN'OZKaPWWLY JVT 0U[LYUL[! ^^^ OZKaPWWLY JVT 9LWYLZLU[LK I`! (]YV` 6\[KVVY 3PTP[LK -.6 /\ILY[ :JO^HYa *PL .TI/ *V 2. <UNLY[OHS + ) JOLUIHJO ;LS ! -H_! 0U[LYUL[! ^^^ O\ILY[ ZJO^HYa JVT ( /\ZR` *A Z Y V 5H 1HYV]t *A 7YHN\L ;LS ! -H_! ,THPS! O\ZR`'O\ZR`Ja Ja 0U[LYUL[! ^^^ O\ZR`L\ L\ ) /`KYHWHR 33* :HU 3LHUKYV :[YLL[ <:( 6HRSHUK ;LS ! -H_! ,THPS! PUMV'O`KYHWHR JVT 0U[LYUL[! ^^^ O`KYHWHR JVT

-6 /`KYH\SPRaLU[Y\T 0UK\Z[YPLILKHYM .TI/ (SWPUL ;LJOUVSVNPLU .L^LYILWHYR 7P[a[HS ( (YaS ;LS ! -H_! ,THPS! PUMV'OaP H[ 0U[LYUL[! ^^^ OaP H[ ( /`WLYIVSH - 5V -\ :OPU 5 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZLY]PJL'O`WLYIVSH JVT [^ ( /`WLYNYPW 0UJ :VUNQLVUN KVUN .HUNZLV N\ 962 )\ZHU ;LS ! -H_! ,THPS! TPY'O`WLYNYPW JV RY 0U[LYUL[! ^^^ O`WLYNYPW JV RY ( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3 *HSSL (PYL 7VS 0UK ,SZ )LSSV[Z , ;LYYHZZH )HYJLSVUH ;LS ! -H_! ,THPS! PIX'PIXMHIYPJZ JVT 0U[LYUL[! ^^^ PIXMHIYPJZ JVT ,_OPIP[LK WYVK\J[Z! >V]LU HUK RUP[[LK MHIYPJZ MVY L_[YLTL 6\[KVVY (J[P]P[PLZ >LI \UK :[YPJRZ[VMML M Y L_[YLTL 6\[KVVY (R[P]P[p[LU ( 0JLIYLHRLY 3[K +P_VU :[YLL[ 5A >LSSPUN[VU ;LS ! -H_! 0U[LYUL[! ^^^ PJLIYLHRLY JVT ( 0JLI\N () 2QLSSILYNZNH[HU : . [LIVYN ;LS ! -H_! ,THPS! PUMV'PJLI\N ZL 0U[LYUL[! ^^^ PJLI\N ZL ( 3 -HZOPVU .YV\W 0JLWLHR 3PUQHRH[\ -05 3HO[P ;LS ! -H_! ,THPS! PZH TH\U\SH'S\O[H MP 0U[LYUL[! ^^^ PJLWLHR MP -> 0JVVU .SVIHSLZ )PSKLY^ Y[LYI\JO :VUUOHSKLUZ[YH L H + >HZZLYI\YN ;LS ! -H_! ,THPS! PUMV'HURL KLTIV^ZRP KL 0U[LYUL[! ^^^ HURL KLTIV^ZRP KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

-. ) P+ *662

-> 0U -VYT

9\L :VSLPSSL[ - 7HYPZ ;LS ! -H_! ,THPS! PUMVZ'PKJVVR JVT 0U[LYUL[! ^^^ PKJVVR JVT

2 UPNZOVMZ[YH L ( -LSKRPYJO ;LS ! -H_! ,THPS! VMMPJL'PUMVYT^VYRZ JVT 0U[LYUL[! ^^^ PUMVYT^VYRZ JVT

l6 0+,(: (J[P]L :WVY[Z +LZPNU 5L[^VYR

-> 0UMV[YHKL 4LKPH *V 3[K

:PNUHSZ[YH L */ 9VYZJOHJO ;LS ! -H_! ,THPS! UL^Z'PKLHZ KLZPNULYZ JVT 0U[LYUL[! ^^^ PKLHZ KLZPNULYZ JVT

5V :LJ >LU /ZPU 9K 9* ;HPJO\UN ;LS ! -H_! ,THPS! ZLY]PJL'[YHKL L`L JVT 0U[LYUL[! ^^^ PTI I JVT

-.6 0+ :WVY[Z .TI/ .PIIVU :SHJRSPULZ *HS^LY :[YH L + :[\[[NHY[ ;LS ! -H_! ,THPS! PUMV'NPIIVU ZSHJRSPULZ JVT 0U[LYUL[! ^^^ NPIIVU ZSHJRSPULZ JVT ( 0SHUK .YLLU ;LJOUVSVNPLZ :( 9\L 1HX\L[ +YVa *HZL 7VZ[HSL */ 5L\JOo[LS ;LS ! -H_! ,THPS! JLJPSL aLOY'PSHUK ZVSHY JVT 0U[LYUL[! ^^^ PSHUK ZVSHY JVT ,_OPIP[LK WYVK\J[Z! 7VY[HISL HUK H\[VUVTV\Z ZVSHY NLULYH[VY MVY V\[KVVY \ZL ) 04),4( 2<5:;:;6-*/,40, )= 5PLKLYSHZZ\UN +L\[ZJOSHUK ,UaZ[YH L + 2VYU^LZ[OLPT ;LS ! -H_! ,THPS! PUMV'PTILTH KL 0U[LYUL[! ^^^ PTILTH KL ,_OPIP[LK WYVK\J[Z! 4H[[LU HSSLY (Y[ ) 0TWS\Z -VV[JHYL 33* ; > (SL_HUKLY +YP]L <:( 5* +\YOHT ;LS ! 0U[LYUL[! ^^^ PTWS\Z JVT ( 0UK\Z[YPHS 9L]VS\[PVU [O (]LU\L 5, <:( >( 9LKTVUK ;LS ! -H_! ,THPS! ZHSLZ'PUK\Z[YPHSYL] JVT 0U[LYUL[! ^^^ PUK\Z[YPHSYL] JVT ) PUMLJ[LK TV]L 9LSLUILYNZ[YH L + :[\[[NHY[ ;LS ! -H_! ,THPS! ZR'PUMLJ[LKTV]L JVT 0U[LYUL[! ^^^ PUMLJ[LKTV]L JVT

) -. ) PUV] S[K ) )LLJOI\YU 0UK ,Z[ .) +3 9( +\YOHT ;LS ! -H_! ,THPS! ZHSLZ'PUV] JVT 0U[LYUL[! ^^^ PUV] JVT ) 0UZWVY[ .HYTLU[Z 4HU\MHJ[VY` 9VVT - @\LU -H[ 0UK )SKN /2 2V^SVVU )H` ;LS ! -H_! ,THPS! RLUUL[O SP']PW JVT 0U[LYUL[! ^^^ PU ZWVY[PUN JVT ) 0U[LNYHS +LZPNUZ -6 0U[LYUH[PVUHS 4V\U[HPU :\TTP[ ,]LU[\Z 62 )YLUULYZ[YH L 0 )YP_LU )A ;LS ! -H_! ,THPS! PUMV'PTZ Ia 0U[LYUL[! ^^^ PTZ Ia ( 0U[LYZVJRZ K V V 9LZRH JLZ[H :36 2VJL]QL ;LS ! -H_! ,THPS! TVUPRH WYVKHUPJ'PU[LYZVJRZ JVT 0U[LYUL[! ^^^ PU[LYZVJRZ JVT -> 05;,9:769; +L\[ZJOSHUK L. >HUULUpJRLYZ[YH L + /LPSIYVUU ;LS ! -H_! ,THPS! PUMV'PU[LYZWVY[ KL 0U[LYUL[! ^^^ PU[LYZWVY[ KL ) 0 6 )PV 4LYPUV 5 7OPSSPWWP :[ <:( )VPZL ;LS ! -H_! ,THPS! NYLN'PV IPV JVT 0U[LYUL[! ^^^ PV IPV JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 0YVUZ[LLS >VYSK^PKL 3[K

) 1HUTLU ;L_[PSL *V 3[K

<UP[ /VP @\LU 9VHK /2 2^\U ;VUN 2SU ;LS ! -H_! ,THPS! PYVUZ[LLS'ORUL[ JVT 0U[LYUL[! ^^^ PYVUZ[LLSMVV[^LHY JVT

5V 1PHUN\H UK 9K 9* @\USPU *V\U[` ;LS ! -H_! ,THPS! QHUTLU [L_'TZH OPUL[ UL[ 0U[LYUL[! ^^^ QHUTLU JVT [^

-> 0: 0U[LNYH[LK :`Z[LTZ (. kZJOSLZ[YH L + 9HKVSMaLSS ;LS ! -H_! ,THPS! Z]LU ILPLYLY'PU[LNYH[LKZ`Z[LTZ KL 0U[LYUL[! ^^^ PU[LNYH[LKZ`Z[LTZ KL ) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V =PH 9VTH 0 ;HPV ;LS ! -H_! ,THPS! PUMV'P[HSIHZ[VUP P[" PUMV'P[HSIHZ[VUP Ja 0U[LYUL[! ^^^ P[HSIHZ[VUP P[ ) 0;> 5L_\Z .SVIHS , (SNVUX\PU 9K <:( +LZ 7SHPULZ ;LS ! -H_! ,THPS! QSP\'P[^ UL_\Z JVT 0U[LYUL[! ^^^ P[^UL_\Z JVT ) 0A(: :WVY[^LHY KL (YHN}U : 3 7VSPNVUV =HSKLJVUZLQV * (UL[V , *\HY[L KL /\LY]H AHYHNVaH ;LS ! -H_! ,THPS! L_WVY['PaHZ V\[KVVY JVT 0U[LYUL[! ^^^ PaHZ V\[KVVY JVT ) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H( 1HJR >VSMZRPU 2YLPZLS + 0KZ[LPU ;H\U\Z ;LS ! -H_! ,THPS! PUMV'QHJR ^VSMZRPU JVT 0U[LYUL[! ^^^ QHJR ^VSMZRPU JVT ( 1HUH +LZPNUZ 4HU\MHJ[\YPUN 3[K - 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! L]LUPUN'QHKHTZ JVT [^ ) 1HUN )PU ;L_[PSL *V 3[K 5V *OHUN 7PU ;\UN 9K /ZPLU /ZP /ZPHUN 9* *OHUN /\H /ZPLU ;LS ! -H_! ,THPS! QHUN IPU'TZH OPUL[ UL[ 0U[LYUL[! O[[W! QHUNIPU [YHKL [HP^HU VYN

9LWYLZLU[LK I`! 1HUN )PU ;L_[PSL *V 3[K ( 1L[IVPS 0UJ 5VY[O *VTTLYJPHS :[YLL[ <:( 5/ 4HUJOLZ[LY ;LS ! -H_! ,THPS! SLH[VU'QL[IVPS JVT 0U[LYUL[! ^^^ QL[IVPS JVT ) 1PHUNZ\ 3PNO[ 0UK\Z[YPHS 7YVK\J[Z 0TW ,_W *VYW 1PHU`L 9VHK =9* 5HUQPUN ;LS ! -H_! ,THPS! WLUNFSPVUN'QZSNYV\W JVT 0U[LYUL[! ^^^ QZSNYV\W JVT ( 1PHUNZ\ ;L_[PSL 0UK\Z[Y` .YV\W .HYTLU[Z 0 , *V 3[K - AOVUNZOHU +VUNS\ 9VHK =9* 5HUQPUN ;LS ! -H_! ,THPS! QVJaV\MLUN']PW ZPUH JVT 0U[LYUL[! ^^^ Z\[L_ UL[ JU ) 1PUQPHUN 3VUN_PUNKH APWWLY >LH]PUN *V 3[K 3VUN/\ ;V^U =9* 1PU1PHUN *P[` ;LS ! ,THPS! SVUN_PUNKHSHSPHU' JVT 0U[LYUL[! ^^^ NKIaPWWLY JVT ( 1V\ILY[ 7YVK\J[PVUZ *OHTW KL *S\YL 7 - (TILY[ ;LS ! -H_! ,THPS! L_WVY['QV\ILY[ MY 0U[LYUL[! ^^^ QV\ILY[ MY ( 19* 9LMSL_ ZHZ 9\L :[YH\IPUN - 9VTHUZ ;LS ! -H_! ,THPS! PUMV'QYJ YLMSL_ JVT 0U[LYUL[! ^^^ QYJ YLMSL_ JVT ,_OPIP[LK WYVK\J[Z! :[YL[JO YLMSLJ[P]L 7PWPUN ;HWLZ 9LWYLZLU[LK I`! 4HJWP ZWH

9LWYLZLU[LK I`! 1HUTLU ;L_[PSL *V 3[K

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) 19 .,(9 :[HY (YYV^ *VTWHU`

( 2H[HK`U 7YVK\R[L (.

9T - *O\U -\ /V\ZL ;PU -\ *V\Y[ ;PU :O\P >HP /2 5L^ ;LYYP[VYPLZ ;LS ! -H_! ,THPS! PUMV'QYNLHY JVT 0U[LYUL[! ^^^ QYNLHY JVT

)PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HK`UNYV\W JVT 0U[LYUL[! ^^^ RH[HK`UNYV\W JVT

( 1\SIV 9\L 3HJ\aVU AVUL (Y[PZHUHSL )7 - 3VUNJOH\TVPZ ;LS ! -H_! ,THPS! ILUQHTPU'Q\SIV MY 0U[LYUL[! ^^^ Q\SIV L`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

,_OPIP[LK WYVK\J[Z! 2H[HKÙ >HZZLYH\MILYLP[\UN 2H[HKÙ +YPURPUN >H[LY :`Z[LTZ 2H[HKÙ >H[LY -PS[LY 4PJYVW\Y >HZZLYKLZPUMLR[PVU 4PRYVW\Y >H[LY +LZPUMLJ[HU[ ( 2H`SHUK 5V]H[PVU : W ( =PH . -LYYHPZ 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! PUMV'RH`SHUK P[ 0U[LYUL[! ^^^ RH`SHUK JVT ( 2): 0U[LYUH[PVUHS 3PTP[LK 9VVT >LZ[ +PUN_PU )\PKPUN =9* :OLUaOLU ;LS ! -H_! 9LWYLZLU[LK I`! ?PHTLU :\UZVU ;YHKPUN *V 3[K ( 2LLSH 0U[LYUH[PVUHS 3[K 5HZT`[O 9VHK .) 2@ :+ .SLUYV[OLZ -PML ;LS ! -H_! ,THPS! LUX\PYPLZ'RLLSH JV \R 0U[LYUL[! ^^^ RLLSH JV \R ,_OPIP[LK WYVK\J[Z! 2LLSH THU\MHJ[\YLYZ VM V\[KVVY WLYMVYTHUJL JSV[OPUN :\WWSPLYZ [V 4PSP[HY` 4V\U[HPU 9LZJ\L ZWLJPHSPZ[ ZLHYJO HUK YLZJ\L HUK ZRP [LHTZ ( 2,,5 ,\YVWL 6\[KVVY )= 3SV`KZ[YHH[ 53 ,( 9V[[LYKHT ;LS ! -H_! ,THPS! PUMV'RLLUL\YVWL L\ 0U[LYUL[! ^^^ RLLUMVV[^LHY JVT ( 2,-(: :[`S .YHUK ZWH =PH 4VU[L )PHUJV 0 -HSau KP ;YL]PNUHUV ;= ;LS ! -H_! ,THPS! PUMV'RLMHZ P[ 0U[LYUL[! ^^^ RLMHZ P[ ) 2OVKP 6UKLYULTPUNZ^LN 53 9A 4`KYLJO[ ;LS ! -H_! ,THPS! JVU[HJ['ROVKP JV \R 0U[LYUL[! ^^^ ROVKP JV \R ,_OPIP[LK WYVK\J[Z! 9\JRZpJRL +H`WHJRZ 9LPZLY JRZpJRL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( RPSS[LJ :WVY[ \UK -YLPaLP[ .TI/

( 2VTWLYKLSS :WVY[HY[PRLS .TI/

APTTLYLYZ[YH L + )\JOOVSa ;LS ! -H_! ,THPS! MLPNL'RPSS[LJ KL 0U[LYUL[! ^^^ RPSS[LJ JVT

>HNULYT OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'RVTWLYKLSS JVT 0U[LYUL[! ^^^ RVTWLYKLSS JVT

) 2PUN*HTW 6\[KVVY 7YVK\J[Z *V 3[K

) 2VUN : W H

[O -SVVY 5V /\H ;LUN =9* )LPQPUN ;LS ! -H_! ,THPS! RPUNJHTW'RPUNJHTW JVT JU 0U[LYUL[! ^^^ RPUNJHTW JVT JU

=PH ??= (WYPSL 0 4VU[L 4HYLUaV 3* ;LS ! -H_! ,THPS! LUYPJV VZ[PKPJO'RVUN P[ 0U[LYUL[! ^^^ RVUN P[

,_OPIP[LK WYVK\J[Z! 6\[KVVY M\YUP[\YL 6\[KVVY .HYTLU[Z 6\[KVVY HJJLZZVY` :SLLWPUN IHNZ 6\[KVVY LX\PWTLU[

) 2VUN .SV]LZ 0UK\Z[Y`

) 2PUN :UHWZ 0UK *VYW - 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[ ,_OPIP[LK WYVK\J[Z! 4V\U[HPUPUN ,X\PWTLU[ :UHW 3PUR HUK (JJLZZVYPLZ :SHJR 3PUL ) 2PUNÔHSL 0UK\Z[YPLZ *VYW - 5V 3HUL 9* ;HPWLP ;LS ! -H_! ,THPS! SVYL[[H^\'RPUNÔHSL JVT [^ 0U[LYUL[! ^^^ RPUNÔHSL JVT ( 2Sp[[LYT\ZLU () (YL]pNLU : (YL ;LS ! -H_! ,THPS! PUMV'RSH[[LYT\ZLU ZL 0U[LYUL[! ^^^ RSH[[LYT\ZLU ZL ) 2VMSHJO (. ,SMLUZ[YH L 7VZ[MHJO */ )LYU ;LS ! ,THPS! RVMSHJO(.'NTHPS JVT ) 2VOSH 0IL_ :WVY[HY[PRLS .TI/ /HUZ 4HPLY :[YH L ( 0UUZIY\JR ;LS ! -H_! ,THPS! VMMPJL'RVOSH H[ 0U[LYUL[! ^^^ RVOSH H[ ,_OPIP[LK WYVK\J[Z! ;LSLZRVWZ[ JRL 9\JRZpJRL :RP[V\YLUMLSSL

/HQP 7\YH 9VHK 72 :PHSRV[ ;LS ! -H_! ,THPS! RVUNNSV]LZ'`HOVV JVT 0U[LYUL[! ^^^ RVUNNSV]LZ JVT ( 2VWM ILY .TI/ (SILY[ .S JR :[YH L + (T[aLSS ;LS ! -H_! ,THPS! VMMPJL'RVWM\LILY UL[ 0U[LYUL[! ^^^ RVWM\LILY UL[ ) 2V]LH *V 3[K )\JOLVU ;LJOUVWHYR @HRKHL +VUN >VUTP .\ 962 )\JOLVU 2`VUNNP ;LS ! -H_! ,THPS! RV]LH[K 'RV]LH JV RY 0U[LYUL[! ^^^ RV]LH JVT ) 26A020+A :\UKLYSHUK :[YLL[ .) +5 7; ;PJROPSS ;LS ! ,THPS! PUMV'RVaPRPKa JV \R 0U[LYUL[! ^^^ RVaPRPKa JV \R ( 2\OS *SV[OPUN :V\[O >LZ[ <:( 4\YYH` ;LS ! -H_! ,THPS! L]HU'R\OS\ZH JVT 0U[LYUL[! ^^^ R\OS JVT -. ( 2\S[ZJOSHMZHJR .TI/ A\NZWP[aZ[YH L + 2VSILYTVVY ;LS ! -H_! ,THPS! PUMV'R\S[ZJOSHMZHJR KL 0U[LYUL[! ^^^ R\S[ZJOSHMZHJR KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) 2\S[ZJOSHMZHJR I` .VSKL

( 3HJRULY :JO\OL .TI/ *V 2.

0UH :LPKLS )VNLU + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'R\S[ZJOSHMZHJR JVT 0U[LYUL[! ^^^ R\S[ZJOSHMZHJR JVT

:[ 1VOHUULY :[YH L ( 2P[aI OLS ;LS ! -H_! ,THPS! ZJO\OL'SHJRULY ZJO\OL H[ 0U[LYUL[! ^^^ SHJRULY ZJO\OL H[

9LWYLZLU[LK I`! .VSKL ( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K 5V +H[VUN 9VHK 7LUNSHUN ;V^U =9* 2\UZOHU *P[` ;LS ! -H_! ,THPS! IYPNO[`HUN ']PW JVT 0U[LYUL[! ^^^ IYPNO[YP]LY JVT JU ) 2\UZOHU :\UZOPUL ;L_[PSL +L`PUN *VH[PUN *V 3[K 5V ,HZ[ 8PUNMHUN 9K =9* 2\UZOHU *P[` ;LS ! -H_! ,THPS! aaY ' JVT 0U[LYUL[! ^^^ Z\UZOPUL[L_ JVT ) 2<7032( 1VLUZ\\U 4LZRHYP 6` 4H[[PZLUSHOKLU[PL -05 @SpT`SS` ;LS ! -H_! ,THPS! TPJOHLS ULNLSL'R\WPSRH MP 0U[LYUL[! ^^^ R\WPSRH WYVK\J[Z JVT ( 2= ZHNS */ +VUNPV ;LS ! -H_! ,THPS! PUMV'R] JO 0U[LYUL[! ^^^ R] JO ,_OPIP[LK WYVK\J[Z! 5VYKPJ >HSRPUN ;YLRRPUN 9VSSZRP 7VSLZ >VTHU Z 4HU Z (J[P]L >LHY ( 2 >(@ +L\[ZJOSHUK .TI/ 9OLPUZ[YH L + 7PYTHZLUZ ;LS ! -H_! ,THPS! PUMV'R ^H` KL 0U[LYUL[! ^^^ R ^H` KL ( 3HI[L_ *V 3[K - 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! TH[PSKH'SHI[L_ JVT [^ 0U[LYUL[! ^^^ SHI[L_ JVT [^

( 3HM\TH : ( Y\L =PJ[VY 3HM\TH )7 - (UUL`YVU ;LS ! -H_! ,THPS! JMHYJ`'SHM\TH JVT 0U[LYUL[! ^^^ SHM\TH JVT ( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK ;VU^LYRZ[YH L + >PLZH\ ;LS ! -H_! ,THPS! TLZZLU'IHSKV ZOVW JVT 0U[LYUL[! ^^^ ^Va ZOVW JVT ( 3HRLU 7YVK\J[VZ +LWVY[P]VZ : ( (WKV *VYYLVZ , :HU .PUtZ 4\YJPH ;LS ! -H_! ,THPS! L_WVY['SHRLU LZ 0U[LYUL[! ^^^ SHRLU LZ ) 3H :WVY[P]H : W ( =PH 0ZJOPH 0 APHUV KP -PLTTL ;5 ;LS ! -H_! ,THPS! SHZWVY[P]H'SHZWVY[P]H JVT 0U[LYUL[! ^^^ SHZWVY[P]H JVT ) 3pZZPN .TI/ 0T 9PLTLU + )HILUOH\ZLU ;LS ! -H_! ,THPS! PUMV'SHLZZPN NTIO KL 0U[LYUL[! ^^^ SHLZZPN MHZOPVU KL ,_OPIP[LK WYVK\J[Z! ;HZJOLU 9\JRZpJRL 4\S[PM\UR[PVUZ[ JOLY ( 3HZ[PUN :WVY[ Z Y V 4mULZV]H *A :VRVSV] ;LS ! -H_! ,THPS! PUMV'SHZ[PUN L\ 0U[LYUL[! ^^^ SHZ[PUN L\ ) 3* ;LJOUPJHS ;L_[PSL *V 3[K 5V .VUN @LOP UK 9VHK 2\HU @PU PUK\Z[YPHS +PZ[YPJ[ 9* ;HV`\HU *V\U[` ;LS ! -H_! ,THPS! [VU`'SJ [L_ JVT [^ 0U[LYUL[! ^^^ SJ [L_ JVT [^

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) 3LH[OLYTHU

) 3PMLTHYX\L 3[K

5, (PUZ^VY[O *PYJSL <:( 7VY[SHUK 6YLNVU ;LS ! -H_! ,THPS! HUKL]'SLH[OLYTHU JVT 0U[LYUL[! ^^^ SLH[OLYTHU JVT

)HJJO\Z /V\ZL *HSSL]H 7HYR .) 9. ,5 (SKLYTHZ[VU )LYRZOPYL ;LS ! -H_! ,THPS! KHU THYL[['SPMLTHYX\L JV \R 0U[LYUL[! ^^^ SPMLTHYX\L JV \R

( 3,20 3LUOHY[ .TI/

) 3PMLZ`Z[LTZ

2HYS (YUVSK :[YH L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL ( 3LUa .TI/ :[H\KHJOZ[YH L ( :JO^HYaHJO ;LS ! -H_! ,THPS! VMMPJL'[OLYTPJ JVT 0U[LYUL[! ^^^ _ HJ[PVU H[" ^^^ [OLYTPJ JVT 9LWYLZLU[LK I`! ;OLYT PJ 7YVK\J[Z .TI/ ( 3LUaPUN (. >LYRZ[YH L ( 3LUaPUN ;LS ! -H_! ,THPS! THYRL[PUN'SLUaPUN JVT 0U[LYUL[! ^^^ SLUaPUN JVT ,_OPIP[LK WYVK\J[Z! 3LUaPUN -PILYZ ¶ 3LHKPUN -PILY 0UUV]H[PVU 5HUVMPIYPSZ HYL [OL RL` [V [OL WLYMVYTHUJL WVZZPIPSP[PLZ VM ;,5*,3 ;OPZ PZ [OL MPYZ[ JLSS\SVZL MPILY [V \ZL [OPZ UHUV [LJOUVSVN` *VU[YVSSLK HUK YLN\SHY HYYHUNLTLU[ VM UHUVMPIYPSZ PU [OL ;,5*,3 MPILY SLHKZ [V UL^ M\UJ[PVUHS WYVWLY[PLZ ;OL UHUVMPIYPSZ HYL O`KYVWOPSPJ HUK VW[PTPaL HIZVYW[PVU VM TVPZ[\YL ^P[O L_JLSSLU[ JVVSPUN WYVWLY[PLZ ;,5*,3 PZ H UH[\YHS WOHZL JOHUNL TH[LYPHS ¶ JVVS PU Z\TTLY ^HYT PU ^PU[LY ( 3LZ[YH : ( A 0 3LZ 7V\QLH\_ - (TIVPZ *LKL_ ;LS ! -H_! ,THPS! V\[KVVY'SLZ[YH JVT 0U[LYUL[! ^^^ SLZ[YH JVT ) 3PHVUPUN +H[PHU 6\[KVVY 7YVK\J[Z *V 3[K 5V *OHV`HUN 9K =9* +HSPHU ;LS ! -H_! 0U[LYUL[! ^^^ KHSPHUV\[KVVY JU ( 3PML PZ NVVK .SVIHS 0UJ )V`SZ[VU :[ -S <:( )VZ[VU ;LS ! -H_! ,THPS! QNPSSPZ'SPMLPZNVVK JVT 0U[LYUL[! ^^^ SPMLPZNVVK JVT

) 3PML]LU[\YL ( 3PNO[ 4` -PYL :^LKLU () =pZ[R\Z[]pNLU : 4HST ;LS ! -H_! ,THPS! PUMV'SPNO[T`MPYL JVT 0U[LYUL[! ^^^ SPNO[T`MPYL JVT ( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L 3L )LS]LKLYL 3LZ )VYKLZ - 9LUULZ 3L *OH[LH\ ;LS ! -H_! ,THPS! JHYVS'VKS \R JVT 0U[LYUL[! ^^^ SPNO[^H]L \R JVT 9LWYLZLU[LK I`! 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K ( 3P[L?WYLZZ .TI/ + STLULY :[YH L + *VLZMLSK ;LS ! -H_! ,THPS! ]LY[YPLI'SP[L_WYLZZ KL 0U[LYUL[! ^^^ SP[L_WYLZZ KL ) 3P[[SLSPML ( 3PaHYK I` (PJHK :93 =PH =HSZ\NHUH 0 ;YLU[V ;5 ;LS ! -H_! ,THPS! ZHSLZ'HPJHK JVT 0U[LYUL[! ^^^ SPaHYKMVV[^LHY JVT ( 3 MMSLY .TI/ : K[PYVSLY :[YH L ( 9PLK 0UURYLPZ ;LS ! -H_! ,THPS! QVZLM OHPKLY'SVLMMSLY H[ 0U[LYUL[! ^^^ SVLMMSLY H[ ( 3VTLY : 9 3 =PH . 7HZ[VYL 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! PUMV'SVTLY P[ 0U[LYUL[! ^^^ SVTLY P[

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 3VUN (K]HUJL 0U[ S *V 3[K

( 4() ZWH

- 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! PYPZ'SVUNHK] JVT [^ 0U[LYUL[! ^^^ SVUNHK] JVT [^

=PH ( =VS[H 0 *VUJVYLaaV 40 ;LS ! -H_! ,THPS! NPV]HUUPILYUHYLNNP'THIZWH JVT 0U[LYUL[! ^^^ THIZWH JVT

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU

( 4HJWHJ 0KLH]LSVW ) =

*HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV

2SH]LYTH[LU J 53 ++ /VM ]HU ;^LU[L .VVY ;LS ! -H_! ,THPS! PUMV'PKLH]LSVW UL[ 0U[LYUL[! ^^^ PKLH]LSVW UL[

,_OPIP[LK WYVK\J[Z! 3VYWLU 0UUV]H[P]L ;LJOUPJHS :VJRZ TVZ[ HK]HUJLK MPIYLZ L_JS\ZP]L THU\MHJ[\YPUN MLH[\YLZ 5L^ [LJOUVSVN` WYLZLU[LK!;903(@,9 7YLZLU[ H[ 6\[+VVY! 4Y 0THUVS 4\|Va :HSLZ 4HYRL[PUN 4HUHNLY ) 3V\IZVS :( IPZ Y\L K\ 4V\SPU 3HJYVP_ - :HPU[ *SH\KL ;LS ! -H_! ,THPS! SV\IZVS'SV\IZVS JVT 0U[LYUL[! ^^^ SV\IZVS JVT ( 36>( :WVY[ZJO\OL .TI/ /H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL ) 3V^L (SWPUL =PH -VZJHYPUP 0 5LY]LZH KLSSH )H[[HNSPH ;= ;LS ! -H_! ,THPS! PUMV'SV^LHSWPUL P[ 0U[LYUL[! ^^^ SV^LHSWPUL JVT ( 3\UKOHNZ :RVTHRHYUH () ([SHU[]pNLU : 1pYWLU ;LS ! -H_! ,THPS! PUMV'S\UKOHNZ ZL 0U[LYUL[! ^^^ S\UKOHNZ ZL ) 3\WPUL 3PNO[PUN :`Z[LTZ .TI/ >PUUILYNLY >LN + 5L\THYR[ ;LS ! ,THPS! PUMV'S\WPUL KL 0U[LYUL[! ^^^ S\WPUL KL

( 4HJWP ZWH =PH 7PHU[HKH + 0 7HSHaaVSV Z\SS 6NSPV ): ;LS ! -H_! ,THPS! STVZZV'THJWP JVT 0U[LYUL[! ^^^ THJWP JVT ) 4HK 9VJR *SPTIPUN , -SVYLUJL (]LU\L <:( :HU[H -L :WYPUNZ ;LS ! -H_! ,THPS! RLUU`'THKYVJRJSPTIPUN JVT 0U[LYUL[! ^^^ THKYVJRJSPTIPUN JVT ) 4PV ;LJOUVSVN` .TI/ 4HNLSSHU .7: - YZ[LUYPLKLYZ[YH L H + 4 UJOLU ;LS ! ,THPS! OVZZHPU V\HYPHJOP'TPV JVT 0U[LYUL[! ^^^ THNLSSHUNWZ JVT ( 4HNLSSHU 4\SSV` 9LPU[Z^LN 53 9; ,U[LY ;LS ! -H_! ,THPS! ZHSLZ'THNLSSHUT\SSV` JVT 0U[LYUL[! ^^^ THNLSSHUT\SSV` JVT ( 4HNSPMPJPV 4VKLYUV ,TTL : W H =PH +LNSP 0ZHYJP 0 (YJPZH[L =( ;LS ! -H_! ,THPS! NPVYNPV NSLZZP' LTTLZWH JVT 0U[LYUL[! ^^^ LTTLZWH JVT ( 4HPLY :WVY[Z .TI/ *V 2. 5 Y[PUNLY :[YH L + 2 UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) 4HRHR *SPTIPUN Z Y V

) 4(:;,9: :YS

3PILYLJRm *A 1HISVULJ UHK 5PZV\ ;LS ! ,THPS! PUMV'THRHR Ja 0U[LYUL[! ^^^ THRHR Ja

=PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[

-. ) 4HSVQH *SV[OPUN .TI/ *V 2.

,_OPIP[LK WYVK\J[Z! ;YLRRPUN 5VYKPJ >HSRPUN :RP WVSLZ :RP NVNNSLZ OLSTL[Z

)HJO + 9PTZ[PUN ;LS ! -H_! ,THPS! PUMV'THSVQH KL 0U[LYUL[! ^^^ THSVQH KL ( -.6 4HTT\[ :WVY[Z .YV\W (. )PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO 9LWYLZLU[LK I`! ;VRV (. ( 4HUMYV[[V +PZ[YPI\[PVU .TI/ -LYKPUHUK 7VYZJOL :[YH L + 2 SU ;LS ! -H_! ,THPS! PUMV'THUMYV[[VKPZ[YPI\[PVU KL 0U[LYUL[! ^^^ THUMYV[[VKPZ[YPI\[PVU KL 9LWYLZLU[LK I`! 4HUMYV[[V +PZ[YPI\[PVU .TI/ ( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK <UP[ - )SR ) /VP 3\LU 0UK *[Y /VP @\LU 9VHK /2 2^\U ;VUN 2SU ;LS ! -H_! ,THPS! ZHSLZ'TVJM[` JVT ,_OPIP[LK WYVK\J[Z! ;LJOUPJHS (WWHYLS VM :RPUN ;YLRRPUN /\U[PUN -PZOPUN .VSM 3LPZ\YL >VYR^LHY 9HPU^LHY 7YLZLU[ H[ 6\[+VVY! 4Y 1VLZVU :OLH 9LWYLZLU[LK I`! ,]LYLZ[ ;L_[PSL *V 3[K ) 4(77 4LYPUV ) 4HYTV[ 4V\U[HPU ,\YVWL .TI/ .V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\ ) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * =PH *HS ;YL]PZHUH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! THYZ\WPV'THYZ\WPV P[ 0U[LYUL[! ^^^ THYZ\WPV P[

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aVN 9V` >OP[LOLHK

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 4LJ[L_ :W(

) 4PSV :WVY[ 4 0 , 2^HZUPL^ZJ` : 1

;YPLZ[L 0 ,YIH ;LS ! -H_! ,THPS! SVTIHYKPH'TLJ[L_ P[ 0U[LYUL[! ^^^ TLJ[L_ P[

\S 3HJaUH 73 +HIYV^H .}YUPJaH ;LS ! -H_! ,THPS! TPSV'TPSV WS 0U[LYUL[! ^^^ TPSV WS

( 3\RHZ 4LPUKS .TI/ *V 2.

( 4PUSHU -HIYPJ 0UK\Z[YPHS *V 3[K

3\RHZ 4LPUKS :[YH L + 2PYJOHUZJO YPUN ;LS ! -H_! ,THPS! ZOVLZ'TLPUKS KL 0U[LYUL[! ^^^ TLPUKS KL

- 5V ;\UN ;L :[ 9* ;HV @\HU ;LS ! -H_! ,THPS! [VU`'TPUSHU JVT [^ 0U[LYUL[! ^^^ TPUSHU JVT [^

( 4LYYLSS >VS]LYPUL ,\YVWL 3[K [O -SVVY 2PUNZ 7SHJL .) 5 (. 3VUKVU ;LS ! -H_! ,THPS! [PT ZLSI`'^^^PUJ JVT 0U[LYUL[! ^^^ TLYYLSS JVT ) 4L[VSP\Z *SPTIPUN 5LSZ (UKLYZVU 9K <:( )LUK 6YLNVU ;LS ! -H_! ,THPS! PUMV'TL[VSP\ZJSPTIPUN JVT 0U[LYUL[! ^^^ TL[VSP\ZJSPTIPUN JVT 9LWYLZLU[LK I`! ;YPWSL ? .TI/ ( 4 . :93 =PH 4L\JJP 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! PUMV'TLN ZYS JVT ( ;9,A,;( 4.4 ZWH =PH ;YLU[V L ;YPLZ[L J 0 *H]HZHNYH KP =LKLSHNV ;= ;LS ! -H_! ,THPS! PUMV'O`WUV P[ PUMV'[YLaL[H JVT 0U[LYUL[! ^^^ [YLaL[H JVT ) 4PJYVZWVY[ .TI/ *V 2. .Y U[HS H + 4 UJOLU ;LS ! -H_! ,THPS! NZJOLMMJa`R'TPJYVZWVY[ KL 0U[LYUL[! ^^^ TPJYVZWVY[ L\ ( ) 4PSSL[ : ( Y\L K\ 7Yt -H\JVU - (UULJ` 3L =PL\_ *LKL_ ;LS ! -H_! ,THPS! WMVSSPL['TPSSL[ MY 0U[LYUL[! ^^^ TPSSL[ MY

9LWYLZLU[LK I`! *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K ( 4P[P ZWH =PH 7HWH .PV]HUUP ??000 0 <YNUHUV ). ;LS ! -H_! ,THPS! THYRL[PUN'TP[PZWH P[ 0U[LYUL[! ^^^ TP[PZWH P[ ) 4P[Z\IPZOP *VYWVYH[PVU 36 ? <TLKH 2P[H 2\ 1 6ZHRH ;LS ! -H_! ,THPS! `VQPYVF[HRHUV'HTH[LYYHJL JVT -> TVKL PUMVYTH[PVU .TI/ 7PSNLYZ[YH L + 6]LYH[O ;LS ! -H_! ,THPS! ZLY]PJL'TVKLPUMV JVT 0U[LYUL[! ^^^ TVKLPUMV JVT ) 4VPYH *A H Z (U[HSH :[HZRH *A 7YHN ;LS ! -H_! ,THPS! PUMV'TVPYH Ja 0U[LYUL[! ^^^ TVPYH Ja ,_OPIP[LK WYVK\J[Z! *`JSPUN ^LHY :VJRZ ;OLYTHS JSV[OPUN ;YLRRPUN ^LHY >VTHU Z ^LHY ( 4VUKLV_ ZWH =PH +LS 3H]VYV 0 *HZLSSH + (ZVSV ;= ;LS ! -H_! ,THPS! ZHSLZ'TVUKLV_ P[ 0U[LYUL[! ^^^ TVUKLV_ P[ ) 4652,, )pYLUZJOHUaZ[YH L + 5 YUILYN ;LS ! ,THPS! PUMV'TVURLLJSV[OPUN JVT 0U[LYUL[! ^^^ TVURLLJSV[OPUN JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) ( 4VU[HUL

( 4V\U[HPU /HYK^LHY

-YLLTHU *V\Y[ 5VY[O :LH[VU 0UK ,Z[ .) 5, @- (ZOPUN[VU 5VY[O\TILYSHUK ;LS ! -H_! ,THPS! PUMV'TVU[HUL JV \R 0U[LYUL[! ^^^ TVU[HUL JV \R

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! MTL`ULU['TV\U[HPUOHYK^LHY JVT 0U[LYUL[! ^^^ TV\U[HPUOHYK^LHY JVT

-6 465;,)0(5*6 3LKP[VYL :93

,_OPIP[LK WYVK\J[Z! 7LYMVTHUJL LSL]H[LK [LJOUPJHS HUK JHZ\HS V\[KVVY HWWHYLS [LU[Z ZSLLWPUN IHNZ HUK IHJRWHJRZ

=PH .HKHTLZ 0 4PSHUV ;LS ! -H_! ,THPS! TVU[LIPHUJV'SLKP[VYL P[ 0U[LYUL[! ^^^ TVU[LIPHUJV P[

7YLZLU[ H[ 6\[+VVY! /HSS (

( 4VU[YHPS

76 )V_ .) 5, @@ 5L^JHZ[SL \WVU ;`UL ;LS ! -H_! ,THPS! PUMV'TV\U[HPURPUN JV \R 0U[LYUL[! ^^^ TV\U[HPURPUN JV \R

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! MTL`ULU['TVU[YHPS JVT 0U[LYUL[! ^^^ TVU[YHPS JVT ,_OPIP[LK WYVK\J[Z! 4VU[YHPS KLSP]LYZ WYLTPLY [YHPS Y\UUPUN HUK OPRPUN MVV[^LHY MVY V\[KVVY H[OSL[LZ 4VU[YHPS PZ Z`UVU`TV\Z ^P[O [OL ILZ[ MP[[PUN J\[[PUN LKNL V\[KVVY MVV[^LHY 7YLZLU[ H[ 6\[+VVY! /HSS ( 4VU[YHPS 4V\U[HPU /HYK^LHY 9LWYLZLU[LK I`! *VS\TIPH :WVY[Z^LHY ( 4VU[\YH ;HZJP ZYS =PH AV[[P 0 9V]LYL[V ;5 ;LS ! -H_! ,THPS! TVU[\YH'TVU[\YH P[ 0U[LYUL[! ^^^ TVU[\YH P[

9LWYLZLU[LK I`! 4VU[YHPS ) 4V\U[HPU 2PUN 3[K

) ( 4V\U[HPU 3PVU :(: 9\L 6ILYSPU - :[YHZIV\YN ;LS ! ,THPS! M THUHYHUJOL'TV\U[HPU SPVU MY 0U[LYUL[! ^^^ TV\U[HPU SPVU MY ) 4V\U[HPU :LY]PJLZ *YLH[PVUZ /VUN 4HU 0UK )SKN /2 *OHP >HU ;LS ! -H_! ,THPS! ^RSHT'TZJYLH[PVUZ JVT JU 0U[LYUL[! ^^^ TZJYLH[PVUZ JVT JU ) 46<5;(05:40;/

) 4VVU *SPTIPUN

) -.6 4;: :WVY[HY[PRLS =LY[YPLIZ .TI/

*YVZZ :TP[OMPLSK .) : (< :OLMMPLSK ;LS ! -H_! ,THPS! ILU'TVVUJSPTIPUN JVT 0U[LYUL[! ^^^ TVVUJSPTIPUN JVT

/HUZ <YTPSSLY 9PUN + >VSMYH[ZOH\ZLU ;LS ! -H_! ,THPS! PUMV'T[Z ZWVY[ KL 0U[LYUL[! ^^^ T[Z ZWVY[ KL

-6 4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. 3L\ZJOULYZ[YH L + :[\[[NHY[ ;LS ! 0U[LYUL[! ^^^ V\[KVVYJOHUULS KL ) 4V\U[HPU ,X\PWTLU[ 9LKMLYU /V\ZL +H^ZVU :[YLL[ .) :2 9+ /`KL *OLZOPYL ;LS ! -H_! ,THPS! PUMV'TV\U[HPU LX\PWTLU[ JV \R 0U[LYUL[! ^^^ TV\U[HPU LX\PWTLU[ JV \R

,_OPIP[LK WYVK\J[Z! :WLLK )HKTPU[VU )LHJO:WVY[Z ;PZJO[LUUPZ ( 4\JR )VV[Z )LSZ[HUL 3[K ;OL :OH^Z ([SV^ .) +, 5: +LYI`ZOPYL ;LS ! -H_! ,THPS! TVU[`'ILSZ[HUL JVT 0U[LYUL[! ^^^ ILSZ[HUL JVT ,_OPIP[LK WYVK\J[Z! 4\JR )VV[Z :\WLYSP[L )VV[Z

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 4<5+ :6*2: 4\UKVPTWVY[ : 3

) 5HU[VUN /HV`P ;YHKL *V 3[K

*VUKHKV KL ;YL]P|V 5H]L ( , )\YNVZ ;LS ! -H_! ,THPS! I\YNVZ'T\UKZVJRZ JVT 0U[LYUL[! ^^^ T\UKZVJRZ JVT

>HPO\HU ,HZ[ 9VHK =9* 5HU[VUN ;LS ! -H_! ,THPS! SP\_N JJWP[QZ']PW JVT

l6 4\Z\J)HN ) 4? :WVY[ -VVK 5\[Y[PVU 7HYJ (J[PSVUUL - 6SVUUL :\Y 4LY ;LS ! -H_! ,THPS! HSL_HUKYL KH\KL['T_ MY 0U[LYUL[! ^^^ T_ MY -. ) T` IVUUPL ALSNPZ[YHZZL */ :[LJRIVYU ;LS ! -H_! ,THPS! PUMV'TÌVUUPL JO 0U[LYUL[! ^^^ TÌVUUPL JO ( 4`5H] 5H]PNH[VYZ .PV]L :YS 9LNPUH[V 0 ;YL]PZV ;LS ! -H_! ,THPS! PUMV'TÙH] P[ 0U[LYUL[! ^^^ TÙH] JVT 9LWYLZLU[LK I`! ;LJUPJH ZWH ( *HSaH[\YPMPJPV 5HKPY :[HY :YS =PH KLP -PVYP 0 0Z[YHUH ;= ;LS ! -H_! ,THPS! [HTHYH MH]HYV'UHKPYZ[HY JVT ) 5HSNLUL 7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT ) 5HU1PUN 2LRHUN 0UK\Z[YPHS ;YHKPUN *V 3[K *VJHT - 5V @\UUHU 5VY[O 9K =9* 5HUQPUN ;LS ! -H_! ,THPS! JVJHT']PW ZPUH JVT ( 5HUVR VM 5VY^H` (: 2VUNZ]LPLU ( 5 6ZSV ;LS ! -H_! ,THPS! ZUVYYL TVLU'UHUVR UV 0U[LYUL[! ^^^ UHUVR UV

) 5HU @H 7SHZ[PJ *V 7VS`LZ[LY -PILY +P]PZPVU - 5V ;\U /^H 5VY[O 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! HSILY[SLL'UWJ JVT [^ 0U[LYUL[! ^^^ UWJ JVT [^ ) 5HZJOLT *V 3[K 5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY ) 5H[OHU 7LYMVYTHUJL .LHY ,ST^VVK (]L <:( :OHYVU /PSS ;LS ! -H_! ,THPS! QMPZOILPU'WLUN\PUIYHUKZ JVT 0U[LYUL[! ^^^ UH[OHUZWVY[Z JVT 9LWYLZLU[LK I`! 7LUN\PU )YHUKZ 0UJ ( 5H]PJV .TI/ 3V^YHUJL *HYS -YPLKYPJO .H\ZZ :[YH L + :JOSLZ^PN ;LS ! -H_! ,THPS! PUMV KL'UH]PJV JVT 0U[LYUL[! ^^^ SV^YHUJL KL ( 5LSZVU .YLLU 3[K 5V ;H]PZ[VJR 7SHJL .) >* / 9. 3VUKVU ;LS ! -H_! ,THPS! PUMV'ULSZVU NYLLU JV \R ) 5,46 ,X\PWTLU[ 0UJ -HJ[VY` :[YLL[ <:( 5HZO\H ;LS ! -H_! ,THPS! QVOU'ULTVLX\PWTLU[ JVT 0U[LYUL[! ^^^ ULTVLX\PWTLU[ JVT ,_OPIP[LK WYVK\J[Z! ;LU[Z *HTW (JJLZVYPLZ :SLLWPUN 7HKZ ) 5L]LYSVZ[ () -HIYPRZ]pNLU : 4 SUS`JRL ;LS ! -H_! ,THPS! PUMV'UL]LYSVZ[ ZL 0U[LYUL[! ^^^ UL]LYSVZ[ ZL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 5L^ .HTLZ -YPZILLZWVY[ 9V[HJOZ[YH L + +LNNLUOH\ZLY[HS ;LS ! -H_! ,THPS! UL^NHTLZ'MYPZILLZOVW JVT 0U[LYUL[! ^^^ MYPZILLZOVW JVT ( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K - 5V :LJ *O\UN :OHU 5VY[O 9K 9* ;HPWLP ;LS ! -H_! ,THPS! UN^'UL^NVVK^PSS JVT 0U[LYUL[! ^^^ UL^NVVK^PSS JVT ) 5L^ ;YLUK ;L_[PSL *V 3[K - 5V -\ /ZPUN 5VY[O 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! [VTP'UL^[YLUK JVT [^ 0U[LYUL[! ^^^ UL^[YLUK JVT [^

) 5PUNOHP @VUNIV :[H[PVULY` (UK :WVY[Z .VVKZ *V 3[K 1P`P =PSSHNL ?PKPHU ;V^U =9* 5PUNOHP 5PUNIV ;LS ! -H_! ,THPS! TH`JOLU ' JVT ) 5P[LZ[PR 7[` 3[K >HSZO :[YLL[ (<: =0* 7YLZ[VU ;LS ! -H_! ,THPS! VVNULUV]ZRP'UP[LZ[PR JVT H\ 0U[LYUL[! ^^^ UP[LZ[PR JVT H\ ,_OPIP[LK WYVK\J[Z! ;OL 5P[LZ[PR NSV^Z MVY `LHYZ HUK NSV^Z MVY V]LY OV\YZ PU KHYRULZZ 0[ PZ \ZLM\S [V HU`[OPUN `V\ TPNO[ ^PZO [V SVJH[L PU [OL KHYR <ZLZ PUJS\KL H[[HJO [V *HTWPUN .LHY -PZOPUN .LHY 7L[Z HUK ,TLYNLUJ` ,X\PWTLU[ Q\Z[ [V UHTL H ML^ 7YLZLU[ H[ 6\[+VVY! +PYLJ[VYZ 6NULU 6NULUV]ZRP AVYHU 4H[LZRP

) 5PMJV +L\[ZJOSHUK .TI/

) 56.9(+

4LYNLU[OHSLYHSSLL + ,ZJOIVYU ;LS ! -H_! ,THPS! TUHNLS'UPMJV KL 0U[LYUL[! ^^^ UPMJV JVT

9\L /LUYP )HYI\ZZL - =PSSLQ\PM ;LS ! -H_! ,THPS! UVNYHK'^HUHKVV MY 0U[LYUL[! ^^^ UVNYHK MY

( 5PR^H_ 3PTP[LK

( 5VRPHU -VV[^LHY

<UP[ - +\YNH[LZ 0UK\Z[YPHS ,Z[H[L .) ;5 +- >HKO\YZ[ ,HZ[ :\ZZL_ ;LS ! -H_! ,THPS! ZHIYPUH OHTTHK'UPR^H_ JV \R ) 503 ) 5PUNIV )LP 3HP ;YH]LSSPUN 7YVK\J[Z *V 3[K 5V 7\[\VZOHU 9VHK )LPS\U +PZ[YPJ[ =9* 5PUNIV ;LS ! -H_! ,THPS! IPSS'JOPUH[LU[ JJ 0U[LYUL[! ^^^ JOPUH[LU[ JJ

) 56 3040;: 8\HYHU[HZLP :93 =PH +VU 3 *HYHTHZJOP 0 :\aaHYH 45 ;LS ! -H_! ,THPS! PUMV' JVT ,_OPIP[LK WYVK\J[Z! ;LJOUPJHS \UKLY^LHY ( 5VTHK ,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV

) 5PUNIV 6\S\ ;V\YPZ[ (Y[PJSLZ *V 3[K

( 5VYKISHUJ ,\YVWL .TI/

5V @\UZOHU 0UK\Z[YPHS AVUL =9* 5PUNIV ;LS ! -H_! 0U[LYUL[! ^^^ JOPUH V\S\ UL[

3PSPLU[OHSHSSLL + 4 UJOLU ;LS ! -H_! ,THPS! VMMPJL'UVYKISHUJ JVT 0U[LYUL[! ^^^ UVYKISHUJ JVT

) 5PUNOHP ?PUNKH 3LPZ\YL 7YVK\J[Z *V 3[K

( 5VYKOVYU :W a V V

5V 3HUL :VUNQPHUN 9K =9* 5PUNIV ;LS ! -H_!

)Y\a`JaRH 4HSH 73 (SLRZHUKY}^ 3}KaRP ;LS ! -H_! ,THPS! VMMPJL'UVYKOVYU JVT WS 0U[LYUL[! ^^^ UVYKOVYU JVT WS

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 5VYKPJ *HI

) 6+36 0U[LYUH[PVUHS (.

-HZHULU^LN + :JO^PZZLS ;LS ! ,THPS! RU\[OPSKL'UVYKPJJHI KL 0U[LYUL[! ^^^ UVYKPJJHI KL

) ZJO */ / ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT

,_OPIP[LK WYVK\J[Z! 5VYKPJ *HI 4\S[PM\UR[PVUZHUOpUNLY 7\SRH ) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/ 4H_ >LILY :[YH L + 8\PJRIVYU ;LS ! -H_! ,THPS! ^IS'UVYKPZR L\ 0U[LYUL[! ^^^ UVYKPZR KL ( )Y\NP : W ( =PH 7HZ[L\Y 0 =LYVUH ;LS ! -H_! ,THPS! PUMV'UVYKZLU P[ 0U[LYUL[! ^^^ UVYKZLU P[ -. ( 5VYYKPJ 6\[KVVY .YV\W >LPJOZLSZ[LPULY >LN + 5L\THYR[ ;LS ! -H_! ,THPS! PUMV'UVYYKPJ JVT 0U[LYUL[! ^^^ UVYYKPJ JVT

,0*( 9H[OV .) ,/ (( ,KPUI\YNO ;LS ! -H_! ,THPS! PUMV'V\[KVVYPUK\Z[YPLZHZZVJPH[PVU JV \R 0U[LYUL[! ^^^ V\[KVVYPUK\Z[YPLZHZZVJPH[PVU JV \R ( 6TUPWLS ;LJOUVSVNPLZ :93 =PH 4VU[L )HSKV 0 +LZLUaHUV ): ;LS ! -H_! ,THPS! PUMV'VTUPWLS JVT 0U[LYUL[! ^^^ VTUPWLS JVT ) 6 TV[PVU JVTWYLZZPVU HUK ZWVY[ (T . JRLS + :[L[[MLSK ;LS ! -H_! ,THPS! ZLY]PJL'VTV[PVU L\ 0U[LYUL[! ^^^ VTV[PVU L\ ,_OPIP[LK WYVK\J[Z! JVTWYLZZPVU ZWVY[ ZVJRZ

) 5VYYVUH :WVY[ (:

) 6UZPNO[ ,X\PWTLU[ 3[K

5`L =HRmZ ]LP 5 /]HSZ[HK ;LS ! -H_! ,THPS! PUMV'UVYYVUH UV 0U[LYUL[! ^^^ UVYYVUH JVT

+ 0UK\Z[YPHS >H` *+5 = ) 6/ :X\HTPZO ) * ;LS ! -H_! ,THPS! VUZPNO[ '[LS\Z UL[ 0U[LYUL[! ^^^ VUZPNO[LX\PWTLU[ JVT

( 5VZP3PML ( 5:; 3HIVYH[VPYLZ *4( JOLTPU KL SH J\YaLPSSL - *S\ZLZ ;LS ! -H_! ,THPS! UPRV'UZ[V\[KVVY JVT 0U[LYUL[! ^^^ UZ[V\[KVVY JVT ,_OPIP[LK WYVK\J[Z! 0TWLYTtHIPSPZHU[Z ) 6HZL 6\[KVVYZ (W: 2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ,_OPIP[LK WYVK\J[Z! ALS[L :JOSHMZpJRL -HS[T ILS 9\JRZpJRL \UK *HTWPUNH\ZY Z[\UN

) 6\[KVVY 0UK\Z[YPLZ (ZZVJPH[PVU <2

-. (2) 6U`_ ;LJOUVSVNPL 6. 5L\HSTLYZ[YH L ( /HSSLPU ;LS ! -H_! ,THPS! VMMPJL'HWLTHW JVT 0U[LYUL[! ^^^ HWLTHW JVT ,_OPIP[LK WYVK\J[Z! .7: /HUK` 5H]PNH[PVU M Y >HUKLYRHY[LU M OYLUKLY /LYZ[LSSLY ( 6W[PTLY )YHUKZ 4LJV *PYJSL <:( >PSTPUN[VU ;LS ! -H_! ,THPS! ML`aP'VW[PTLYIYHUKZ JVT 0U[LYUL[! ^^^ KYPYLSLHZL JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 67;04<: 2H[HK`U 7YVK\R[L (.

( 6Y[V]V_ :WVY[HY[PRLS .TI/

)PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HK`UNYV\W JVT 0U[LYUL[! ^^^ RH[HK`UNYV\W JVT

9V[^HUK^LN + 4 UJOLU ;LS ! -H_! ,THPS! VY[V]V_'VY[V]V_ JVT 0U[LYUL[! ^^^ VY[V]V_ JVT

,_OPIP[LK WYVK\J[Z! 6\[KVVY 2VJOLY A\ILO Y 6\[KVVY :[V]LZ (JJLZZVYPLZ ) 6C 9LHJO ;LJOUVSVN`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}YT\SH 0UV]HKVYH :(L (]LUPKH KL )YHZxSPH 7 3PZZHIVU ;LS ! 0U[LYUL[! ^^^ VY[PR UL[ ) 6Y[SPLI :WVY[HY[PRLS .TI/ 9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT ,_OPIP[LK WYVK\J[Z! >H[LYWYVVM 6\[KVVY ,X\PWTLU[

) 6ZTVZL A0 KL ;PYL 7VP_ - :[ =PUJLU[ KL 4LYJ\aL ;LS ! -H_! ,THPS! VZTVZL'IWZ JVT 0U[LYUL[! ^^^ VZTVZLNYPTWL JVT ) 6ZWYL` ,\YVWL 3[K <UP[ *VTW[VU )\ZPULZZ 7HYR ;OY\ZO 9VHK 7VVSL +VYZL[ <2 .) )/ -1 +VYZL[ ;LS ! -H_! ,THPS! PUMV'VZWYL`L\YVWL JVT 0U[LYUL[! ^^^ VZWYL`WHJRZ JVT -6 kZ[LYYLPJOPZJOLY (SWLU]LYLPU 6S`TWPHZ[YH L ( 0UUZIY\JR ;LS ! -H_! ,THPS! QVOHUULZ Z[H\K'HSWLU]LYLPU H[ 0U[LYUL[! ^^^ HSWLU]LYLPU H[ ( V ZÙJL ,\YVWL .TI/ 2YPLTOPSKZ[YH L + >LPUOLPT ;LS ! -H_! ,THPS! PUMV'V ZÙJL JVT 0U[LYUL[! ^^^ V ZÙJL JVT ) 6\[IHJR 0T ,_WVY[ )YHUKLZ L 2 (T >VSMZILYN + 3PSPLU[OHS ;LS ! -H_! ,THPS! PUMV'H\Z[YHSPHUH KL 0U[LYUL[! ^^^ H\Z[YHSPHUH KL ,_OPIP[LK WYVK\J[Z! 6\[KVVY :[PLMLS 6\[KVVY / [L H\Z -PSa 3LKLY \UK 6PSZRPU ) V\[KVVYKLZPNUZ ) 6\[KVVY 0UK\Z[YPLZ (ZZVJPH[PVU -> V\[KVVY THYR[ 1HOY ;VW :WLJPHS ;YVWSV^P[aZ[YH L + /HTI\YN ;LS ! -H_! ,THPS! PUMV'V\[KVVYTHYR[ JVT 0U[LYUL[! ^^^ V\[KVVYTHYR[ JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 6\[KVVY 6YNHUPJ

) 7HJZHML 6\[WHJ +LZPNUZ 3[K

4HYJVUPZ[YHH[ 53 )A /PS]LYZ\T ;LS ! ,THPS! QVVZ['V\[KVVYVYNHUPJ JVT 0U[LYUL[! ^^^ V\[KVVYVYNHUPJ JVT

- /VUN 2VUN 0UK )SKN +LZ =VL\_ 9K >LZ[ /2 /VUN 2VUN ;LS ! -H_! ,THPS! V\[WHJ'V\[WHJKLZPNUZ JVT 0U[LYUL[! ^^^ WHJZHML JVT

l6 6\[KVVY 7YVMPZ .TI/ :JOH\TI\YNLY :[YH L + 3PTI\YN ;LS ! -H_! ,THPS! ^P[[H`LY'V\[KVVY WYVMPZ JVT 0U[LYUL[! ^^^ V\[KVVY WYVMPZ JVT 9LWYLZLU[LK I`! :WVY[ +L\[ZJOSHUK .TI/ ( 6\[KVVY 9LZLHYJO Z[ (]L :V\[O <:( :LH[[SL ;LS ! -H_! ,THPS! TH\YPJLI'V\[KVVYYLZLHYJO JVT 0U[LYUL[! ^^^ V\[KVVYYLZLHYJO JVT l6 V\[KVVY[YVWO` /PNO V\[KVVY .TI/ )HOUOVM ( 3PUNLUH\ ;LS ! -H_! ,THPS! VMMPJL'V\[KVVY[YVWO` JVT 0U[LYUL[! ^^^ V\[KVVY[YVWO` JVT ( 6\[+Y` =PH KLS )VZJV 0 )\Z[V (YZPaPV =( ;LS ! -H_! ,THPS! PUMV'V\[KY` JVT 0U[LYUL[! ^^^ V\[KY` JVT ( 6\[SÙL :WVY[Z (. 9PLKS ZLYZ[YHZZL */ 3HUKX\HY[ ;LS ! -H_! ,THPS! VMMPJL'V\[SÙL JVT 0U[LYUL[! ^^^ V\[SÙL JVT ) 6_ZP[PZ Y\L 1LHU *SHYL[ - *SLYTVU[ -LYYHUK ;LS ! -H_! ,THPS! JVU[HJ['V_ZP[PZ JVT 0U[LYUL[! ^^^ V_ZP[PZ JVT ) 7HJPMPJ 4HYRL[ 0U[LYUH[PVUHS ) 7HJPMPJ 6\[KVVY ,X\PWTLU[ 0UK\Z[YPHS +YP]L <:( 4; )VaLTHU ;LS ! -H_! ,THPS! QHTLZ'WHJV\[KVVY JVT 0U[LYUL[! ^^^ WHJV\[KVVY JVT

) 7(+ IV\SKLYPUN NLHY Z Y V 4xYV]m *A =PTWLYR ;LS ! ,THPS! WHK'WHK Ja 0U[LYUL[! ^^^ WHK Ja ( 7(3;,? *VTWHU` 3[K - 5V 9\LPN\HUN 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! HUN\Z'WHS[L_ JVT [^ 0U[LYUL[! ^^^ WHS[L_ JVT [^ ( 7HWPSSPV :JO\O .TI/ ) 7H[HNVUPH ,\YVWL :5* 9\L K\ 7Yt -H\JVU - (UULJ` SL =PL\_ ;LS ! -H_! ,THPS! L\YVFOV[SPUL'WH[HNVUPH JVT 0U[LYUL[! ^^^ WH[HNVUPH JVT ( 7LHR 7LYMVYTHUJL 7YVK\J[PVU () 76 )V_ : :[VJROVST ;LS ! -H_! ,THPS! THPS \Z'WLHRWLYMVYTHUJL ZL 0U[LYUL[! ^^^ WLHRWLYMVYTHUJL JVT ) 7tN\L[ *PL 4HPSSVU 9HWPKL 9\L KLZ )\JOPSSVUZ - (UULTHZZL ;LS ! -H_! ,THPS! L_WVY['WLN\L[ MY 0U[LYUL[! ^^^ WLN\L[ MY ) 7LUN\PU )YHUKZ 0UJ ,ST^VVK (]L <:( 7( :OHYVU /PSS ;LS ! -H_! ,THPS! QMPZOILPU'WLUN\PUIYHUKZ JVT 0U[LYUL[! ^^^ WLUN\PUIYHUKZ JVT ) 7LW^PUN 0U[LYUH[PVUHS *VYWVYH[PVU 5V >\ 2\UN YK 9VHK 9* ;HPWLP *V\U[` ;LS ! -H_! ,THPS! ^OP[UL` `HUN'WLW^PUN JVT 0U[LYUL[! ^^^ WLW^PUN JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 7LY[L_

( 7VPU[ :^LKLU ()

4HYRL[PUN HUK +LZPNU *LU[YL .) )) 3. *SP[OLYVL ;LS ! -H_! ,THPS! Z SH`JVJR'WLY[L_ JVT 0U[LYUL[! ^^^ WLY[L_ JVT

2HYSILYNZ :[YHUK : :VSUH ;LS ! -H_! ,THPS! YPJOHYK VOTHU'WVPU[ ZL 0U[LYUL[! ^^^ WVPU[ JVT

,_OPIP[LK WYVK\J[Z! 7LY[L_ 8\HU[\T .3 7LY[L_ :OPLSK HUK 7LY[L_ ,*6

( 7VSHY[LJ 33*

7YLZLU[ H[ 6\[+VVY! :[L]L 3H`JVJR ;VU` /HY[ ;HR\ 2VTH[Z\IHYH 5VYTHU :HZHRP

:[HMMVYK :[YLL[ <:( 4( 3H^YLUJL ;LS ! -H_! ,THPS! THJVTILYR'WVSHY[LJ JVT 0U[LYUL[! ^^^ WVSHY[LJ VT

) 7L[aS :( A0 KL *YVSSLZ - *YVSSLZ ;LS ! -H_! ,THPS! PUMV'WL[aS MY 0U[LYUL[! ^^^ WL[aS JVT ) 7OLSNHYK 7YVK\J[Z 0UJ - 3PU :OPU 5VY[O 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! M 'TZ OPUL[ UL[ ) 70,7: .TI/ 7HYRYPUN ( 3LIYPUN ;LS ! -H_! ,THPS! VMMPJL'WPLWZ JVT 0U[LYUL[! ^^^ WPLWZ JVT ,_OPIP[LK WYVK\J[Z! :PJOLYOLP[ZH\ZY Z[\UN M Y )LYNZWVY[ ) 7PUL^VVK () )VRHRYH]pNLU : =pYUHTV ;LS ! -H_! ,THPS! YHPULY'WPUL^VVK ZL 0U[LYUL[! ^^^ WPUL^VVK ZL ( 7PU\ /HUKLSZ .TI/ ,JRLYUM YKLY :[YH L + /HI` ;LS ! -H_! ,THPS! PUMV'WPU\ KL 9LWYLZLU[LK I`! LHY[O JYLH[PVUZ 0UJ ) WVKZHJZ ) 7VPU[ 33* 76 )V_ <:( :[LHTIVH[ :WYPUNZ ;LS ! -H_! ,THPS! IL[Z`'WVPU[ JVT 0U[LYUL[! ^^^ WVPU[ JVT

( 7VS`NPLUL () :[HKPVUNH[HU : 4HST ;LS ! -H_! ,THPS! WN'WVS`NPLUL JVT 0U[LYUL[! ^^^ WVS`NPLUL JVT ( 7VU[L[VY[V :7( =PH 9VTH H 0 4VU[LT\YSV 76 ;LS ! -H_! ,THPS! LSLUH IHUJP'WVU[L[VY[V JVT 0U[LYUL[! ^^^ WVU[L[VY[V P[ ( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK 0T .HPLYU + >LPZZHJO ;LS ! -H_! ,THPS! SLZ[YH'WVZP[JVU KL 0U[LYUL[! ^^^ SLZ[YH ZWVY[ KL ,_OPIP[LK WYVK\J[Z! :JOSHMZpJRL 9\JRZpJRL 0ZVTH[[LU \UK A\ILO Y 9LWYLZLU[LK I`! 3LZ[YH : ( -. ) 7V^LYZSPKL :WVY[HY[PRLS =LY[YPLIZ .TI/ ,ZIHJONYHILU + )PUKSHJO ;LS ! -H_! ,THPS! WV^LYZSPKL'WV^LYZSPKL KL 0U[LYUL[! ^^^ WV^LYZSPKL KL ( 7V^LY[YH]LSSLY 3[K <UP[ +LS[H 7HYR >PSZVT 9VHK .) .< 98 (S[VU /HTWZOPYL ;LS ! -H_! ,THPS! QHUL'WV^LY[YH]LSSLY JVT 0U[LYUL[! ^^^ WV^LY[YH]LSSLY JVT ) 7YHUH 3P]PUN 33* *VYWVYH[L =PL^ <:( =PZ[H ;LS ! -H_! ,THPS! HUK`FTHYRLY'WYHUH JVT 0U[LYUL[! ^^^ WYHUH JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 7YLTPLYL -HZOPVU *VYW

( 7YVTH_ ;L_[PSL *V 3[K

- 5V :LJ 1LU (P 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! ZHSLZ'WYLTPLYL JVT [^ 0U[LYUL[! ^^^ WYLTPLYL JVT [^

- 5V 3HUL :LJ 5LPO\ 9K 9* ;HPWLP ;LS ! -H_! ,THPS! [VU`SPU'WYVTH_[L_ JVT 0U[LYUL[! ^^^ WYVTH_[L_ JVT

( 7YPTHJ` 0U[LYUH[PVUHS *VYW

,_OPIP[LK WYVK\J[Z! -\UJ[PVUHS U`SVU WVS` MHIYPJ MVY ZWVY[Z^LHY V\[KVVY^LHY

- 5V 3HUL *OPMVUN :[YLL[ 9* ;HPWLP ;LS ! -H_! ,THPS! PUMV'WYPTHJ` JVT [^ 0U[LYUL[! ^^^ WYPTHJ` JVT [^ ( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW )YVHK^H` <:( (SIHU` ;LS ! -H_! ,THPS! PUMV'WYPTHSVM[ JVT 0U[LYUL[! ^^^ WYPTHSVM[ JVT ( 7YPT\Z () /LT]pYUZNH[HU : :VSUH ;LS ! -H_! ,THPS! PUMV'WYPT\Z ZL 0U[LYUL[! ^^^ WYPT\Z ZL ( 7YPUJL[VU ;LJ

-> 796 69. ,+= :LY]PJL .TI/ *V 2. )HOUOVMZ[YH L + ) YLU ;LS ! -H_! ,THPS! PUMV'WVZTHU KL 0U[LYUL[! ^^^ WVZTHU KL ,_OPIP[LK WYVK\J[Z! 76:4(5 ( 7YV]PK\Z : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT ,_OPIP[LK WYVK\J[Z! :[V]L SHTWZ HUK MSHZR MVY V\[KVVY HUK JHTWPUN 9LWYLZLU[LK I`! *HTW^LSK : 9 3 ) 8PUNKHV >PU[YHR ;L_[PSL 3[K

9; <:( )VYKLU[V^U ;LS ! -H_! ,THPS! NLYHYK'WYPUJL[VU[LJ JVT 0U[LYUL[! ^^^ WYPUJL[VU[LJ JVT

5V AOVUNZOHU 9VHK =9* 8PUNKHV ;LS ! -H_! ,THPS! PUMV'^PU[YHR JVT JU 0U[LYUL[! ^^^ ^PU[YHR JVT JU

,_OPIP[LK WYVK\J[Z! 7YV]PKPUN WLYZVUHS SPNO[PUN ZVS\[PVUZ MVY HSS V\[KVVY HJ[P]P[PLZ! OLHKSHTWZ MSHZOSPNO[Z ZHML[` SPNO[Z \UKLY^H[LY SPNO[Z IPRL SPNO[Z HUK TPSP[HY` SPNO[Z

) 8\HUaOV\ ,\IVU 0TW ,_W *V 3[K

( ( 7YV -LL[ .TI/ (SVPZ ; YR :[YH L + :JO^LPUM\Y[ ;LS ! -H_! ,THPS! PUMV'WYVMLL[ KL 0U[LYUL[! ^^^ ^L KYLZZ `V\ ^PU JVT ) 7YVTH_ (ZPH *V 3[K :\P[L 3L]LS /2 :OL\UN :O\P 5 ; ;LS ! -H_! ,THPS! JHYTLU'YPJHLYV JVT 0U[LYUL[! ^^^ WYVTH_ OR

[O -SVVY ?PU_PUN )SKN @\HUXPHU 8\HU_P\ 9K =9* 8\HUaOV\ -\QPHU ;LS ! -H_! ,THPS! V^LU'L\IVU JU 0U[LYUL[! ^^^ L\IVU JU ) -. ) 8 @PLSK 6\[KVVY .LHY 3[K 5V 5HUOHP :HU 9K /HPJ\UN =9* ?PHTLU ;LS ! -H_! ,THPS! ZHSLZ'X`JHTWPUN JVT 0U[LYUL[! ^^^ X`JHTWPUN JVT ( 9HJV ;L_[PSL *VYW <UP[ ) [O -S 5V 9* ;HPWLP ;LS ! -H_! ,THPS! PYPZ'YHJV[L_[PSL JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 9 (+@: (.

) 9LK -V_ 6\[KVVY ,X\PWTLU[

,NSP^LN */ 5PKH\ ;LS ! -H_! ,THPS! PUMV'YHK`Z JVT 0U[LYUL[! ^^^ YHK`Z JVT

9LTLZSLUUH`H :[YLL[ 9<: :[ 7L[LYZI\YN ;LS ! -H_! ,THPS! HSS'YLKMV_ Y\ 0U[LYUL[! ^^^ YLKMV_ L\YVWL JVT

) 9HPKSPNO[ A( KLZ *OHSH`LZ - :HPU[ .LULZ[ 4HSPMH\_ ;LS ! -H_! ,THPS! THYPLZHTTVUZ'YHPKSPNO[ JVT 0U[LYUL[! ^^^ YHPKSPNO[ JVT

( 9LNH[[H .TI/ 9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU`'YLNH[[H JVT 0U[LYUL[! ^^^ YLNH[[H JVT

) 9HQJV 0UK\Z[YPLZ

9LWYLZLU[LK I`! KHYL I

5V\S >HaPYHIHK 9VHK 72 :PHSRV[ ;LS ! -H_! ,THPS! YHQJV'YHQJV JVT WR 0U[LYUL[! ^^^ YHQJV JVT WR

( 9LPUZJOTPK[ .TI/

) 9(3 ;,2:;03 3;+ :;0 6YNHUPaL :UH`P )VSNLZP ;9 (U[HS`H ;LS ! -H_! ,THPS! IHU\'YHS[LRZ[PS JVT [Y 0U[LYUL[! ^^^ YHS[LRZ[PS JVT [Y ,_OPIP[LK WYVK\J[Z! Z\ISPTH[LK WSHPU K`LK MVV[IHSS Y\NI` HSS [LHT^LHY WYVTV[PVUHS [ ZOPY[Z ZOVY[Z Z^LH[ZOPY[Z WVSV ZOPY[Z [ ZOPY[Z QVN WHU[Z ( 9HTVU 2PUN (. 0UK\Z[YPLZ[YHZZL */ A\N ;LS ! -H_! ,THPS! PUMV'YHTVURPUN JVT 0U[LYUL[! ^^^ YHTVURPUN JVT ,_OPIP[LK WYVK\J[Z! -YLPaLP[ZJO\OL \UK >HSRPUN :JO\OL ) 9LJ[H J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ /HPUI\JOLUYPUN + 5L\YPLK ;LS ! -H_! ,THPS! ]YHUH WP[VPZ'HTLYZWVY[Z JVT 0U[LYUL[! ^^^ YLJ[H JO ,_OPIP[LK WYVK\J[Z! 2VTWHZZL 9LWYLZLU[LK I`! :\\U[V ) 9LK *OPSP 0U[LYUH[PVUHS 3[K /H\W[Z[YH L + 3 JONH\ ;LS ! -H_! ,THPS! \^L'YLKJOPSP KL 0U[LYUL[! ^^^ YLKJOPSP KL

5L\YL\[OLYZ[YH L + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'T` O`WOLU JVT 0U[LYUL[! ^^^ T` O`WOLU JVT ,_OPIP[LK WYVK\J[Z! O`WOLU <= :JO\[aILRSLPK\UN ) :PTWLY[ 9LP[LY ;9(=,33<5*/ .TI/ >LKKPNLUZ[YH L + (\NZI\YN ;LS ! -H_! ,THPS! PUMV'[YH]LSS\UJO KL 0U[LYUL[! ^^^ [YH]LSS\UJO KL ,_OPIP[LK WYVK\J[Z! ;9(=,33<5*/ SPNO[^LPNO[ MVVK 2VTWHR[ 5HOY\UN ,_WLKP[PVUZ]LYWMSLN\UN ,YUpOY\UNZWSpUL ( 9LQRH 9LPULY 2HUaL^P[ZJO (T -S NLSIHOUOVM + 2YVUHJO ;LS ! -H_! ,THPS! PUMV'YLQRH KL 0U[LYUL[! ^^^ YLQRH KL ) 9LSHNZ .TI/ 0T .Y\UK + ;\U[LUOH\ZLU ;LS ! -H_! ,THPS! YLSHNZ'YLSHNZ KL 0U[LYUL[! ^^^ YLSHNZ KL 9LWYLZLU[LK I`! 9LSHNZ .TI/ ( 9LUV :WVY[Z^LHY /HUKLSZ .TI/ 9H[aPUNLY >LN + >HSKRPYJOLU ;LS ! -H_! ,THPS! JOYPZ[PUH T\[O'PN\HUH ^VYSK JVT

9LWYLZLU[LK I`! >PSK *V\U[Y` 3[K

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( 92 7SHZ[PJ ;OHPSHUK *V 3[K

) )LYN]LYSHN 9V[OLY .TI/

4VV ;HTIVU 5VUNZ\TZHR ;/( *OVUI\YP ;LS ! -H_! ,THPS! ^PS'YRWSHZ[PJ JVT 0U[LYUL[! ^^^ YRWSHZ[PJ JVT

2LS[LUYPUN + 6ILYOHJOPUN ;LS ! -H_! ,THPS! SVLULRL'YV[OLY KL 0U[LYUL[! ^^^ YV[OLY KL

) 9VJH *VYKLZ KL 4\U[HU`H : 3 7 0 JHU )LaUHKLZ :\IPYH , :[ 7LYWL[\H KL 4VNVKH )HYJLSVUH ;LS ! -H_! ,THPS! [VUP Y'YVJHYVWLZ JVT 0U[LYUL[! ^^^ YVJHYVWLZ JVT 9LWYLZLU[LK I`! .YP]LS :93 ) 9VJR ,TWPYL Z Y V 5HKYHaUx *A )LULZV] UHK 7SVUHUPJx ;LS ! -H_! ,THPS! PUMV'YVJRLTWPYL Ja ) 96*2 /,34,;: I` :PTVUP :93 =PH ;VWHaPV 0 .YVZZL[V ;LS ! -H_! ,THPS! PUMV'YVJROLSTL[Z JVT PUMV'ZPTVUPZYS UL[ 0U[LYUL[! ^^^ YVJROLSTL[Z JVT ) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V =LSLUZRtOV *A )LSH 7VK )LaKLaLT ;LS ! -H_! ,THPS! PUMV'YWRVTWVULU[ Ja 0U[LYUL[! ^^^ YVJRWPSSHYZ JVT ^^^ VJ\U JVT ,_OPIP[LK WYVK\J[Z! 9VJR 7PSSHYZ HYL JSPTIPUN ZOVLZ VM Z\WLYPVY X\HSP[` THKL PU ,\YVWL ^P[O WYLJPZL JVUZ[Y\J[PVU HUK [LJOUPJHSP[` 6J\U PZ H ZWLJPHSPZ[ MVY OHYULZZLZ ZSPUNZ HUK JYHZO WHKZ ) 9VJR ;LJOUVSVNPLZ .TI/ /H\ZUY ( (JOLURPYJO ;LS ! -H_! ,THPS! RH[YPU'H\Z[YPHSWPU H[ 0U[LYUL[! ^^^ YVJR[LJOUVSVNPLZ JV \R ) YVJ[LYYH 2YPTTLY 6\[KVVY:`Z[LTZ .TI/ 9HPMMLPZLUZ[YH L + ;HUKLYU ;LS ! -H_! ,THPS! PUMV'RYPTTLY V\[KVVY KL 0U[LYUL[! ^^^ YVJ[LYYH JVT

9LWYLZLU[LK I`! + 9LHSP[`4HWZ .TI/ ) 9V`HSILHJO >H[aTHUUZ[YH L + 2PYJOHUZJO YPUN ;LS ! -H_! ,THPS! U RSL[aS'YV`HSILHJO KL 0U[LYUL[! ^^^ YV`HSILHJO KL ( 9V`HS 9VIIPUZ 4PSS :[YLL[ .) 3, ,( 6HROHT ;LS ! -H_! ,THPS! PUMV'YV`HSYVIIPUZ JV \R 0U[LYUL[! ^^^ YV`HSYVIIPUZ L\ ) 9<)@;,* ( 9\MM^LHY ( 9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT ( :HNV[LJ :93 =PH : .HL[HUV 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ZHNV[LJ'ZHNV[LJ P[ 0U[LYUL[! ^^^ ZHNV[LJ P[ ,_OPIP[LK WYVK\J[Z! :OHWLK WHKKPUN 0TIV[[P[\YL ZHNVTH[L 7YLZLU[ H[ 6\[+VVY! .PHU*HYSV .HSSPUH ( :(3,>( :769;.,9f;, .4)/ :H[\YUZ[YH L + (ZJOOLPT 4 UJOLU ;LS ! -H_! ,THPS! PUMV'ZHSL^H KL 0U[LYUL[! ^^^ ZHSL^H JVT ) -. ) :HSVTVU +L\[ZJOSHUK (TLY :WVY[Z +L\[ZJOSHUK .TI/ 7HYRYPUN + .HYJOPUN ;LS ! -H_! ,THPS! TH[[OPHZ QLUKY`ZJOPR'ZHSVTVU JVT 0U[LYUL[! ^^^ ZHSVTVU JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) :HS[PJ

( :JOVLSSLY .TI/ *V 2.

5H T ; . 4HZHY`RH *A ASPU ;LS ! ,THPS! ZHS[PJ'ZHS[PJ Ja 0U[LYUL[! ^^^ ZHS[PJ JVT

4HYPHOPSMZ[YH L ( )YLNLUa ;LS ! -H_! ,THPS! RY\LNLYT'ZJOVLSSLY ^VVS JVT 0U[LYUL[! ^^^ ZJOVLSSLY ^VVS JVT

-. (2( :HU\R

( :JOVLSSLY ;L_[PS (.

/HNLUH\LY :[YH L + >PLZIHKLU ;LS ! -H_! ,THPS! HS\[a'QLMMLYZVUKPZ[ JVT 0U[LYUL[! ^^^ QLMMLYZVUKPZ[ JVT

)HOUOVMZ[YHZZL */ :L]LSLU ;LS ! -H_! ,THPS! PUMV'ZJOVLSSLY [L_[PSLZ JVT 0U[LYUL[! ^^^ ZJOVLSSLY [L_[PSLZ JVT

) :H[THW :`Z[LTZ 3[K -V\U[HPU /V\ZL *SLL]L 9VHK .) 2; 3? 3LH[OLYOLHK :\YYL` ;LS ! ,THPS! ZHSLZ'ZH[THW JVT 0U[LYUL[! ^^^ ZH[THW JVT ,_OPIP[LK WYVK\J[Z! :WVY[Z .7: KPNP[HS THWWPUN -> :(A =LYSHN .TI/ 9\TMVYKZ[YH L + 4 UJOLU ;LS ! -H_! ,THPS! ZHa'ZHa KL 0U[LYUL[! ^^^ ZHa KL ,_OPIP[LK WYVK\J[Z! :(AZWVY[ :(AIPRL :(AJVSSLNL :(ATHNHaPU ZWVY[ZMHZOPVU PU[LYUH[PVUHS :WVY[LJV ) :JHSHTHSHKL .TI/ +VYMNHZZL */ 3HUNLU[OHS ;LS ! ,THPS! ZHSLZ'ZJHSHTHSHKL JO 0U[LYUL[! ^^^ ZJHSHTHSHKL JO ( :JHUKPUH]PHU ;V\JO () )Q YRHSStU : ;YHUNZ\UK ;LS ! -H_! ,THPS! SHYZ'^HSRZ[VVS JVT 0U[LYUL[! ^^^ ^HSRZ[VVS JVT ) *HSaH[\YPMPJPV : * ( 9 7 ( :WH =PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[ ,_OPIP[LK WYVK\J[Z! 4V\U[HPU ;YLRRPUN *SPTIPUN (WWYVHJO 3PMLZ[`SL -VV[^LHY" :RP[V\YPUN -YLLYPKL HUK ;LSLTHYR )VV[Z

,_OPIP[LK WYVK\J[Z! :[YL[JO ^V]LU MHIYPJZ ZVM[ ZOLSSZ HUK [LJOUPJHS ^V]LU MHIYPJZ MVY V\[KVVY ZWVY[Z^LHY ^VYR^LHY JHZ\HS 7YVK\JLK PU HJJVYKHUJL ^P[O IS\LZPNU )PVUPJ JSPTH[L TLTIYHUL JFJOHUNL -\UJ[PVUHS MPUPZOLZ L N 5HUV:WOLYL JVSKISHJR ?+9@ ( :JO MMLS :WVY[ILRSLPK\UN .TI/ 3\K^PN :JO MMLS :[YH L + :JO^HIT UJOLU ;LS ! -H_! ,THPS! Z YP[ZJOLS'ZJOVLMMLS JVT 0U[LYUL[! ^^^ ZJOVLMMLS JVT ) :JOV\[[L[LU -YVPK\YL 9\L + (YTLU[PuYLZ - *VTPULZ ;LS ! -H_! ,THPS! ZJOV\[['UVYKUL[ MY 0U[LYUL[! ^^^ ZM ^LI JVT ( :JO^HUOLPTLY 0UK\Z[YPLRSLILY .TI/ 2\YaNL^HUU + :JO^HUOLPT ;LS ! -H_! ,THPS! PUMV'ZJO^HUOLPTLY PUK\Z[YPLRSLILY KL 0U[LYUL[! ^^^ ZJO^HUOLPTLY PUK\Z[YPLRSLILY KL -6 :JO^LPaLY (SWLU *S\I :(* 4VUIPQV\Z[YH L */ )LYU ;LS ! -H_! ,THPS! PUMV'ZHJ JHZ JO 0U[LYUL[! ^^^ ZHJ JHZ JO ( :JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT

7YLZLU[ H[ 6\[+VVY! 4Y 7HYPZV[[V :HUKYV 4Y 4PSHUP 4Z A\JJVSV[[V HUK 4Z -HNHU

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) :JV\[KVVY .TI/

) :OVJRSLZ

4H_ :[YVTL`LY :[YH L H + 2VUZ[HUa ;LS ! -H_! ,THPS! PUMV'ZJV\[KVVY KL 0U[LYUL[! ^^^ ZJV\[KVVY KL

*HZJHKL (]L <:( /VVK 9P]LY 69 ;LS ! -H_! ,THPS! IPSS'^^[YHKPUNPU[S JVT 0U[LYUL[! ^^^ ZOVJRSLZ JVT

( :LHSVU *V 3[K )YPZ[L_

(JL /PNO ,UK ;V^LY 962 :LV\S ;LS ! -H_! ,THPS! YPJR'IYPZ[L_ JVT ( :LHS:RPUa 3[K 6SKTLKV^ 9VHK .) 7, 77 2PUNZ 3`UU ;LS ! -H_! ,THPS! PUMV'ZLHSZRPUa JVT 0U[LYUL[! ^^^ ZLHSZRPUa JVT ) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\ ) :OHUKVUN 9VIPUZVU :WVY[Z .VVK *V 3[K 5V *OHUNO\H 9K =9* >LPOHP :OHUNKVUN ;LS ! -H_! 0U[LYUL[! ^^^ YVIPUZVUV\[KVVY JU ) :OHUNOHP /HVOVUN ;L_[PSL HUK .HYTLU[ *V 3[K 9VVT )\PSKPUN ( 5V AOVUNJO\U 9VHK =9* :OHUNOHP ;LS ! -H_! ,THPS! OHVOVUN ZO' JVT 0U[LYUL[! ^^^ aVR[L_ UL[ JU ) :OHUNOHP 3LPZ\YL :WPYP[ *V 3[K ) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337 <UP[ -SLL[^H` 0UK\Z[YPHS ,Z[H[L .) <) 3+ 4PKKSLZL_ ;LS ! -H_! ,THPS! ZHSLZ'TVU[LZVS JV \R 0U[LYUL[! ^^^ ZOLYWHUP JVT ,_OPIP[LK WYVK\J[Z! 3PMLZ[`SL IHNZ MVY ^VTLU

,_OPIP[LK WYVK\J[Z! :OVJR (IZVYIPUN 7L[ HUK *HYNV :[YHWZ ) :0.. :^P[aLYSHUK (. >HSaT OSLZ[YHZZL */ -YH\LUMLSK ;LS ! -H_! ,THPS! PUMV'ZPNN JVT 0U[LYUL[! ^^^ ZPNN JVT ( :PSRIVK` 7V )V_ 4VYH` 7S 5A +\ULKPU ;LS ! -H_! ,THPS! KH]PK'ZPSRIVK` JV Ua 0U[LYUL[! ^^^ ZPSRIVK` JV Ua ,_OPIP[LK WYVK\J[Z! 7LYMVYTHUJL ^LHY PU UH[\YHS ZPSR MHIYPJZ )HZLSH`LYZ ZVM[ ZOLSS NHYTLU[Z HUK HJJLZZVYPLZ -> :PSSLY (. >HUULUpJRLYZ[YH L + /LPSIYVUU ;LS ! -H_! ,THPS! ;OVTHZ 1VOHUULZ'ZPSSLY KL 0U[LYUL[! ^^^ ZPSSLY KL ,_OPIP[LK WYVK\J[Z! >HYLU^PY[ZJOHM[ZS Z\UN 05;,9:@: 2HZZLUS Z\UN 05;,9:@: 76: :PSSLY 76: 4VIPSL 3 Z\UNLU ( :PS]H :^LKLU () 2\ZR]pNLU : :VSSLU[\UH ;LS ! -H_! ,THPS! ZPS]HPUMVFZVS'MPZRHYZ JVT 0U[LYUL[! ^^^ ZPS]H ZL 9LWYLZLU[LK I`! .LYILY ) :PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL ,_OPIP[LK WYVK\J[Z! ALS[L :JOSHMZpJRL 9\JRZpJRL ;LJOUPJHS 3PMLZ[`SL JSV[OPUN ) :PTVUK : ( A( 3LZ ;YHIL[Z - 3LZ /V\JOLZ *OHTVUP_ ;LS ! -H_! ,THPS! PUMV'ZPTVUK JVT 0U[LYUL[! ^^^ ZPTVUK JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) :PTWSL ?PHTLU ;YHKPUN *V 3[K

) :P_\W / 2 3[K

9T [O -SVVY =9* ?PHTLU ;LS ! -H_! ,THPS! ZHSLZ'Z\UZOPU`IHNZ JVT 0U[LYUL[! ^^^ Z\UZOPU`IHNZ JVT

3L]LY ;LJO *LU[YL 2PUN @PW :[ 2^\U ;VUN /2 2V^SVVU ;LS ! -H_! ,THPS! QHJR`SLL'ZP_\W JVT OR 0U[LYUL[! ^^^ ZP_\W JVT [^

) :PTWS` 9VJR 4VSRLYLPZ[YH L + 6JOZLUM\Y[ ;LS ! -H_! ,THPS! PUMV'ZPTWS` YVJR JVT 0U[LYUL[! ^^^ ZPTWS` YVJR JVT ,_OPIP[LK WYVK\J[Z! 2SL[[LYNYPMML )V\SKLYNYPMML 5H[\YL .YPMML )V\SKLY^pUKL ;OLYHWPL^pUKL A\ILO Y ) :PUILYS` 0U[LYUH[PVUHS *V 3[K 5V 3HUL :LJ ;H 2\HU 9VHK )HUJOPHV *P[` 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! NPUM\ 'TZ OPUL[ UL[

( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/ 3\PZLUZ[YH L + :PLNI\YN ;LS ! -H_! ,THPS! ZHIPUL'ZR [L \ JVT 0U[LYUL[! ^^^ ZR [L \ JVT ) ZRPRL -V\Y (JL ,\YVWL .TI/ +LSP[aZJOLY :[YH L + /HSSL ;LS ! -H_! ,THPS! JYT'ZRPRL JVT 0U[LYUL[! ^^^ ZRPRL JVT ,_OPIP[LK WYVK\J[Z! ZRPRL 6U HUK 6MMYVHK :RH[LY :[ JRL /LSTL A\ILO Y

) :PUNPUN 9VJR

) :R`SV[LJ .TI/

/S\JPUZRH *A )VSH[PJL ;LS ! -H_! ,THPS! PUMV'ZPUNPUNYVJR JVT 0U[LYUL[! ^^^ ZPUNPUNYVJR JVT

0T )Y\JO + 5L\^PLK ;LS ! -H_! ,THPS! PUMV'ZR`SV[LJ KL 0U[LYUL[! ^^^ ZR`SV[LJ KL

9LWYLZLU[LK I`! 3(5,? H Z ( :05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT ,_OPIP[LK WYVK\J[Z! : *HMt PUUV]H[P]L MHIYPJ LU]PYVUTLU[ MYPLUKS` OP WLYMVYTHUJL ^H[LY WYVVM IYLH[OHISL SPNO[ ^LPNO[ ZVM[ ZOLSS MHIYPJ ) :PUV 0U[LYUH[PVUHS ;YHKPUN L 2 ,\YVKL 7HYR + /LYaVNLUYH[O ;LS ! -H_! ,THPS! PUMV'ZPUV I\ZPULZZ KL ( :P[PW : 7 ( =PH =HSS (S[H 0 *LUL ). ;LS ! -H_! ,THPS! PUMV'ZP[PW P[ ZLYNPV HSPIYHUKP'ZP[PW P[ 0U[LYUL[! ^^^ ZP[PW P[ ,_OPIP[LK WYVK\J[Z! -HIYPJZ MVY ZWVY[Z^LHY HZ IPRPUN Z^PTTPUN Y\UUPUN HUK V\[KVVY

-. (2( :R`]LY .TI/ /LYaVNZ[HUKZ[YH L + 7LUaILYN ;LS ! -H_! ,THPS! PUMV'TV\U[HPUZR`]LY JVT 0U[LYUL[! ^^^ TV\U[HPUZR`]LY JVT ) :SHJR MY 3VPZPYZ (S[LYUH[PMZ 9\L KLZ 4LSLaLZ - 6Z[^HSK ;LS ! -H_! ,THPS! KHTPLU TLYJPLY'ZSHJR MY 0U[LYUL[! ^^^ ZSHJR MY ) :SHJRSPULY H[ 4 OSLU^LN ( 4PSZ ;LS ! ,THPS! VMMPJL'ZSHJRSPULY H[ 0U[LYUL[! ^^^ ZSHJRSPULY H[ -.6 :SHJRSPUL ;VVSZ ,PJOOVYUZ[YH L + 2VUZ[HUa ;LS ! -H_! ,THPS! PUMV'ZSHJRSPUL [VVSZ KL 0U[LYUL[! ^^^ ZSHJRSPUL [VVSZ KL

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ZSHJRZ[HY )YH\U .TI/

) :UV^ 7LHR ,\YVWL .TI/

(T .Y UILYN + 5L\THYR[ ;LS ! -H_! ,THPS! PUMV'ZSHJRZ[HY KL 0U[LYUL[! ^^^ ZSHJRZ[HY KL

2YHTWLUOH\Z^LN + 9H[PUNLU ;LS ! -H_! ,THPS! ZJOTHSM\ZZ'ZUV^WLHR NTIO KL 0U[LYUL[! ^^^ ZUV^WLHR JVT

-.6 :SHRRSPUL UV

) :U\NWHR 3[K

/V\ZL VM /`NNL 5 /LTZLKHS ;LS ! ,THPS! PUMV'ZSHRRSPUL UV 0U[LYUL[! ^^^ ZSHRRSPUL UV

>H[LYSVV 4PSSZ /V^KLU 9VHK .) )+ /( :PSZKLU ;LS ! -H_! ,THPS! Z[L^HY['ZU\NWHR JVT 0U[LYUL[! ^^^ ZU\NWHR JVT

( ZTHY[MPILY (. )YLP[ZJOLPKZ[YH L + 9\KVSZ[HK[ ;LS ! -H_! ,THPS! THPS'ZTHY[MPILY KL 0U[LYUL[! ^^^ ZTHY[MPILY KL ,_OPIP[LK WYVK\J[Z! 5H[\YHS M\UJ[PVUHS MPILYZ ^P[O KPMMLYLU[ M\UJ[PVUHSP[PLZ! JSPTH[L YLN\SH[PVU IHJ[LYPH YLK\J[PVU HUK ^LSSULZZ ^P[O ZLH^LLK ) :THY;\IL )S\L+LZLY[ 3[K 6Y /HULY 03 6Y /HULY ;LS ! -H_! ,THPS! PUMV'IS\LKLZLY[ JV PS 0U[LYUL[! ^^^ IS\LKLZLY[ JV PS ) :THY[^VVS *VYWVYH[PVU ,\YVWL >L_OHT :WYPUNZ .) :3 71 :SV\NO )LYRZ ;LS ! ,THPS! YJVKNIYVVR'ZTHY[^VVS JVT 0U[LYUL[! ^^^ ZTHY[^VVS JVT ) :UHW )7 - :HPU[ 1VYPVa ;LS ! -H_! ,THPS! ZUHWTHU'ZUHWJSPTIPUN JVT 0U[LYUL[! ^^^ ZUHWJSPTIPUN JVT ( :UV :LHS .LUMVV[ 4HYRL[PUN ,\YVWL .TI/ 1VZLM :[YVILS :[Y + 9H]LUZI\YN 6ILYaLSS ;LS ! -H_! ,THPS! PUMV'RHTPR KL 0U[LYUL[! ^^^ RHTPR KL 9LWYLZLU[LK I`! 2HTPR ) :UV^SPUL *V :UHRL @HUNN`V YP 6Z\UN T`LVU 962 7`\UN[HLR *P[` 2`\UNRP KV ;LS ! -H_! ,THPS! QPUOL\UN'ZUV^SPUL JV RY 0U[LYUL[! ^^^ ZUV^SPUL JV RY

) :VSHY-VJ\Z ;LJOUVSVN` *VTWHU` 3[K )SKN * - 5V :LJ /ZPU ;HP [O 9K /ZPJOPO 9* ;HPWLP *V\U[` ;LS ! -H_! ,THPS! QYKPJRFS\'ZVSHYTPV JVT 0U[LYUL[! ^^^ ZVSHYTPV JVT ,_OPIP[LK WYVK\J[Z! 7VY[HISL :VSHY 7V^LY *OHYNLY ) :VSLOYL )YV[OLYZ 0UK )PSHS 7\YH :[ <NVRP 9VHK 72 :PHSRV[ ;LS ! -H_! ,THPS! PUMV'ZVSLOYL NSV]LZ JVT 0U[LYUL[! ^^^ ZVSLOYL NSV]LZ JVT ) :VSSPNO[ *HZJHKL (]L <:( /VVK 9P]LY 69 ;LS ! -H_! ,THPS! IPSS'^^[YHKPUNPU[S JVT 0U[LYUL[! ^^^ ZVSSPNO[ JVT ,_OPIP[LK WYVK\J[Z! 6\[KVVY HUK 4HYPUL 7VY[HISL :VSHY :VS\[PVUZ ( :6;6 :OPUM\QP )\YULY *V 3[K 4P`\RPOHTH 4P[V 1 ;V`VRH^H ;LS ! -H_! ,THPS! PUMV'ZOPUM\QP JV QW 0U[LYUL[! ^^^ ZV[VV\[KVVYZ JVT ) :V\YJL =HNHIVUK :`Z[LTZ 3[K /m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT ,_OPIP[LK WYVK\J[Z! /`KYH[PVU :`Z[LTZ )SHKKLYZ )V[[SLZ (JJLZZVYPLZ (K]LU[\YL :HUKHSZ ;YH]LS (JJLZZVYPLZ

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) :WLLK^H` 0UK\Z[YPHS *V 3[K - 5V :LJ ?PU @P 9K 9* ;HPWLP *P[` ;LS ! -H_! ,THPS! ZWLLK ^H`'TZH OPUL[ UL[ ( :WSLUKPK +L]LSVWTLU[ 3[K - 9LTPUN[VU *LU[YL /2 2V^SVVU ;LS ! -H_! ,THPS! NSVIHS'[OLZWSLUKPK JVT OR 0U[LYUL[! ^^^ [OLZWSLUKPK JVT OR l6 :769; +L\[ZJOSHUK .TI/ 5VYK >LZ[ 9PUN :[YH L + 4HPUOH\ZLU ;LS ! -H_! ,THPS! PUMV'ZWVY[ KL 0U[LYUL[! ^^^ ZWVY[ KL -> :769; (KYLZZI\JO 2LYU =LYSHN ;PYVSLY >LN I + ,IYPUNLU ;LS ! -H_! ,THPS! PUMV'RLYU ]LYSHN KL 0U[LYUL[! ^^^ ZWVY[ HKYLZZI\JO KL l6 :WVY[JHTW\Z -Y\UKZILYNZ[YH L + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'ZWVY[JHTW\Z JVT 0U[LYUL[! ^^^ ZWVY[JHTW\Z JVT ,_OPIP[LK WYVK\J[Z! 6USPUL /HUKLSZZJO\S\UNLU 6USPUL YL[HPS [YHPUPUN -> :WVY[tJV 9\L KL 9VZU` - 4VU[YL\PS ZV\Z )VPZ ;LS ! -H_! ,THPS! PUMV'ZWVY[LJV JVT 0U[LYUL[! ^^^ ZWVY[LJV JVT 9LWYLZLU[LK I`! :(A =LYSHN .TI/ -6 :WVY[ 7YLZZ :93 6\[KVVY 4HNHaPUL *VYZV KLSSH 9LZPZ[LUaH 0 4LKH 40 ;LS ! -H_! ,THPS! YLKHaPVUL'V\[KVVYTHN P[ 0U[LYUL[! ^^^ V\[KVVYTHN P[ ( :WVY[ZTHU *VYWVYH[PVU 5V APXPHUN :[ ;\JOLUN *P[` 9* ;HPWLP ;LS ! -H_! ,THPS! PUMV'ZWVY[ZTHU JVT [^ 0U[LYUL[! ^^^ ZWVY[ZTHU JVT [^

-> :WVY[Z^LHY 0U[LYUH[PVUHS H KP]PZPVU VM +L\[ZJOLY -HJO]LYSHN .TI/ 4HPUaLY 3HUKZ[YH L + -YHURM\Y[ ;LS ! -H_! ,THPS! PUMV'ZWVY[Z^LHYUL[ JVT 0U[LYUL[! ^^^ ZWVY[Z^LHYUL[ JVT ,_OPIP[LK WYVK\J[Z! :WVY[Z^LHY 0U[LYUH[PVUHS 4HNHaPUL :WVY[Z^LHY 0U[LYUH[PVUHS 5L^Z ;OL :WVY[ZIPISL ) :WVY[ ;L_ 3HI ZYS =PH =HSHZZPUH 0 :LYLNUV ;LS ! -H_! ,THPS! PUMV'ZWVY[ [L_SHI P[ 0U[LYUL[! ^^^ ZWVY[ [L_SHI P[ ) :WYH`^H` 3[K 9LKMLYU /V\ZL +H^ZVU :[YLL[ .) :2 9+ /`KL *OLZOPYL ;LS ! -H_! ,THPS! PHU JOYPZ[PHU'YVUOPSS JV \R 0U[LYUL[! ^^^ ZWYH`^H` JVT ) :W`KLYJV 0UJ :W`KLYJV >H` <:( .VSKLU *VSVYHKV ;LS ! -H_! ,THPS! Q\Y]HUYPL[ZJOV[LU'WSHUL[ US 0U[LYUL[! ^^^ ZW`KLYJV JVT ( :9) :RP 9VSSLY (YUV )HY[OLSTLZ L 2 (SIYLJO[ZNHY[LU + ALSSH 4LOSPZ ;LS ! -H_! ,THPS! PUMV'ZRP YVSSLY KL 0U[LYUL[! ^^^ ZRP YVSSLY KL ) :[HUSL` ;OL 7YVNYLZZPVU *LU[YL 4HYR 9VHK .) /7 +> /LTLS /LTWZ[LHK /LY[Z ;LS ! -H_! ,THPS! [Q ZJO\SPLU'WTP ^VYSK^PKL JVT 0U[LYUL[! ^^^ Z[HUSL` WTP JVT ( :[LYP7,5 I` /`KYV 7OV[VU 0UJ ,SSZ^VY[O 9VHK <:( )S\L /PSS ;LS ! -H_! ,THPS! PU[LYUH[PVUHS'Z[LYPWLU JVT 0U[LYUL[! ^^^ Z[LYPWLU JVT ) :[LYSPUN 9VWL *V 4VYPU :[YLL[ <:( 4, )PKKLMVYK ;LS ! -H_! 0U[LYUL[! ^^^ Z[LYSPUNYVWL JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( :[VYT >H[LYWYVVMPUN <2 3[K

) :\UU` >H` -HZOPVU *V 3[K

2L`Z 9VHK 5P_ Z /PSS .) +, .5 (SMYL[VU ;LS ! -H_! ,THPS! [PT'Z[VYTKM_NYV\W JVT 0U[LYUL[! ^^^ Z[VYT^H[LYWYVVMPUN JVT

*P[` 7SHaH 5V >\ /HU :[ =9* +HSPHU ;LS ! -H_! ,THPS! S\J`'Z\UU`^H` JV JVT 0U[LYUL[! ^^^ Z\UU`^H` JV JVT

( :[V[a *V (. >HSJOLZ[YHZZL */ A YPJO ;LS ! -H_! ,THPS! KHUPLS VKLYTH[['Z[V[aMHIYPJZ JO 0U[LYUL[! ^^^ Z[V[aMHIYPJZ JO -. ( :[YLL[Z\YMPUN.LYTHU` .TI/ >LZ[MHSLUKHTT H + +VY[T\UK ;LS ! -H_! ,THPS! PUMV'Z[YLL[Z\YMPUN KL 0U[LYUL[! ^^^ Z[YLL[Z\YMPUN KL" ^^^ Z[YLL[Z\YMPUN TVIP ) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[ +Y 2VMSLY :[YH L ( -\SWTLZ ;LS ! -H_! ,THPS! ZWVY['Z[\IHP JVT 0U[LYUL[! ^^^ Z[\IHP ILYNZWVY[ JVT ) :[`SL ;L_[PSOHUKLS .TI/ ,Z[LYOHa`WSH[a ( ,PZLUZ[HK[ ;LS ! -H_! ,THPS! PUMV' Z^LKLU KL 0U[LYUL[! ^^^ ZL ) :\I ALYV ;LJOUVSVN` 3[K *O\YJOPSS >H` -SLJRUL` .) 3, <+ 3LPJLZ[LY ;LS ! -H_! ,THPS! ZHSLZ'Z\IaLYV JV \R 0U[LYUL[! ^^^ Z\IaLYV JV \R ) :\UKH` (M[LYUVVUZ :V\[O 7HJPMPJ /PNO^H` <:( ;HSLU[ ;LS ! -H_! ,THPS! YVIIPU'Z\UKH`HM[LYUVVUZ JVT 0U[LYUL[! ^^^ Z\UKH`HM[LYUVVUZ JVT ( :\UU` :WLJPHS +`LPUN -PUPZOPUN *V 3[K -S 5V :LJ @LU 7PUN 5 9K 9* ;HPWLP ;LS ! -H_! ,THPS! QLMMYL`'Z\UU`[L_ JVT [^ ,_OPIP[LK WYVK\J[Z! (SS 5`SVU 7VS` -\UJ[PVUHS -HIYPJZ IS\LZPNU HWWYV]LK MHIYPJZ

) :\UZOPUL 2UP[[PUN *V 3[K 5V /ZPUN 2\UN 9VHK :OLURHUN /ZPHUN 9* *OHUNO\H ;HP^HU ;LS ! -H_! ,THPS! Z\UZOPUL'L Z\UZOPUL JVT [^ 0U[LYUL[! ^^^ L Z\UZOPUL JVT [^ ( :\U^H` /VZLU .TI/ 3PUKLUZ[YH L + >HSKZ[L[[LU ;LS ! -H_! ,THPS! PUMV'Z\U^H` OVZLU KL 0U[LYUL[! ^^^ Z\U^H` OVZLU KL ( :\WLYMLL[ >VYSK^PKL 0UJ >OP[LOVYU :[ <:( -LYUKHSL ;LS ! -H_! ,THPS! Z[L]L'Z\WLYMLL[ JVT 0U[LYUL[! ^^^ Z\WLYMLL[ JVT ) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ /HPUI\JOLUYPUN + 5L\YPLK ;LS ! -H_! ,THPS! ]YHUH WP[VPZ'HTLYZWVY[Z JVT 0U[LYUL[! ^^^ Z\\U[V JVT ,_OPIP[LK WYVK\J[Z! :WVY[JVTW\[LY <OYLU /LYaMYLX\LUaTLZZLY 2VTWHZZL / OLUTLZZLY .7: 5H]PNH[PVUZNLYp[L ( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K *OHTLYZ[YHZZL */ A\N ;LS ! -H_! ,THPS! PUMV'Z^PZZ HK]HUJL JVT 0U[LYUL[! ^^^ Z^PZZ HK]HUJL JVT ( :^PZZ ,`L 0U[LYUH[PVUHS .TI/ 5VYK >LZ[ 9PUN + (\N\Z[KVYM ;LS ! -H_! ,THPS! PUMV'Z^PZZL`L JVT 0U[LYUL[! ^^^ Z^PZZL`L JVT ^^^ Z^PZZL`L ZHML[` JVT ,_OPIP[LK WYVK\J[Z! :WVY[IYPSSLU /LSTL 6\[KVVYTLZZLY

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

-. ( Z^PZZ9VVT)V_ ;4 TPZ* ZWVY[ SLPZ\YL

) ;HP^HU ;L_[PSL -LKLYH[PVU

,U )V]LY` ) * */ *VSSVTIL` ;LS ! -H_! ,THPS! PUMV'Z^PZZ9VVT)V_ JVT 0U[LYUL[! ^^^ Z^PZZ9VVT)V_ JVT

- 5V (P.\V ,HZ[ 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! U '[L_[PSLZ VYN [^ 0U[LYUL[! ^^^ [L_[PSLZ VYN [^

,_OPIP[LK WYVK\J[Z! >693+ 0556=(;065! Z^PZZ9VVT)V_ ;4 [OL ^VYSK Z ZTHSSLZ[ YLTV]HISL JHTWPUN JHY ZL[\W MP[[PUN TVZ[ JHYZ

( ;HP^HU =LY[L_ 7YVK\J[PVU *VYW

( :`TWH[L_ ;LJOUVSVNPLZ .TI/ -LYPUNHZ[YH L H + <U[LYM OYPUN ;LS ! -H_! ,THPS! PUMV'Z`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` ;HPWLP ;LS ! -H_! ,THPS! OPWZ[LY'TZ OPUL[ UL[ 0U[LYUL[! ^^^ OPWZ[LY JVT [^ 9LWYLZLU[LK I`! +YHNVU ;PTLZ (JJLZZVY` *V 3[K

- 5V 3HUL :LJ 2HU @\HU :[ 9* :O\ 3PU *P[` ;LS ! -H_! ,THPS! ZLY]PJL'[^ ]LY[L_ JVT [^ QVHU'[^ ]LY[L_ JVT [^ 0U[LYUL[! ^^^ [^ ]LY[L_ JVT [^ ^^^ O`KYHRUPNO[ JVT ) ;HUH 5L[[PUN *V 3[K :VP :\RO\T]P[ ;/( )HUNRVR ;LS ! -H_! ,THPS! ^HUHYH['[HUHUL[[PUN JVT 0U[LYUL[! ^^^ [HUHUL[[PUN JVT ( ;HW\a 0UK\Z[Y` 3[K /HTH (WPSPT :[ 7 6 ) 03 2MHY :OTHY`HO\ ;LS ! -H_! ,THPS! ZOH\S'[HW\a JVT ,_OPIP[LK WYVK\J[Z! 3,+ OLHKSHTW MSHZOSPNO[ JHTWPUN SHU[LYU HUK ZVSHY SPNO[ 7YLZLU[ H[ 6\[+VVY! 4Y :OH\S 2HWSHU 9LWYLZLU[LK I`! /HP`HU /LH]LU ,HY[O ) ;HYNL[ +Y` 3[K (SHUIYVVRL 7HYR .) ); /) )LSMHZ[ 5VY[O 0YLSHUK ;LS ! -H_! ,THPS! QVOUU` IYLLU'[HYNL[KY` JVT 0U[LYUL[! ^^^ [HYNL[KY` JVT ) ;HZTHUPHU ;PNLY J V ;H[VURH .TI/ 9VILY[ )VZJO :[YH L + +HZPUN ;LS ! -H_! ,THPS! PUMV'[H[VURH JVT 0U[LYUL[! ^^^ [H[VURH JVT

) ;HP^HU 7HPOV 3PTP[LK

,_OPIP[LK WYVK\J[Z! :WLaPHSH\ZY Z[\UN M Y )LO YKLU

5V /V 2HUN 9VHK /V 4LP ;V^U 9* *OHUN /\H /ZPLU ;LS ! -H_! ,THPS! ZLY]PJL'WHPOV JVT 0U[LYUL[! ^^^ WHPOV JVT

9LWYLZLU[LK I`! ;H[VURH .TI/ ) ;H[VURH .TI/ 9VILY[ )VZJO :[YH L + +HZPUN ;LS ! -H_! ,THPS! PUMV'[H[VURH JVT 0U[LYUL[! ^^^ [H[VURH JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ;): ;LJOUPZ`U[OLZL

) ;LPQPU -PILYZ 3[K

9V\[L KL *OH\KYVU LU 4H\NLZ - :[ 7PLYYL 4VU[SPTHY[ *tKL_ ;LS ! -H_! ,THPS! L_WVY['[IZ MY 0U[LYUL[! ^^^ [IZ MY

4PUHTP /VUTHJOP 1 6ZHRH ;LS ! -H_! ,THPS! RHa\U ZH[V\'[LPQPU JV QW 0U[LYUL[! ^^^ [LPQPU JV QW

) ;LJO 6 5PNVY 5L[ ) = ) ;LJO (JL ,U[LYWYPZL *V 3[K 5V *O\UNTPUN 9K 9* ;HPJO\UN ;LS ! -H_! ,THPS! [LJOHJL'ZLLK UL[ [^ 0U[LYUL[! ^^^ UVYKPJ^HSRPUN JVT [^ ) ;LJOUP :HUNSLZ :(: 0UNtUPLYPL +t]LSVWWLTLU[ Y\L K\ 7PSH[ - :HPU[ *OHTVUK ;LS ! -H_! ,THPS! KYLSH]LW\PN'[LJOUPZHUNSLZ MY 0U[LYUL[! ^^^ [LJOUPZHUNSLZ L\ ) ;LJO >PUUPUN 0UK *V 3[K - :LJ *OLUN[LO 9K 96* ;HPWLP ;LS ! -H_! ,THPS! NHY`'[LJO^PUUPUN JVT [^ ( ;LJUPJH ZWH =PH -HU[L + 0[HSPH 0 .PH]LYH +LS 4VU[LSSV ;= ;LS ! -H_! ,THPS! PUMV'[LJUPJH P[ 0U[LYUL[! ^^^ [LJUPJH P[ ( ;LJUPTLK ZYS 7 3L *VJJOP 0 =LKHUV 6SVUH =( ;LS ! -H_! ,THPS! PUMV'[LJUPTLK L\ 0U[LYUL[! ^^^ [LJUPTLK JVT ,_OPIP[LK WYVK\J[Z! 7PLaVLSLJ[YPJ HM[LYIP[LZ HNHPUZ[ PUZLJ[Z HUK ZUHRLZ IP[LZ ( ;LJUV[L_PS Z Y S =PH 4HKVUUH KLS 7PHU[V 0 (SIPUV ). ;LS ! -H_! ,THPS! ZHSLZ'[LJUV[L_PS P[ 0U[LYUL[! ^^^ [LJUV[L_PS P[

) ) 3(5,? H Z ;,5+65 /S\JxUZRm *A )VSH[PJL ;LS ! -H_! ,THPS! QHUH T\KYV]H'SHUL_ Ja 0U[LYUL[! ^^^ T`[LUKVU JVT ^^^ SHUL_ Ja ,_OPIP[LK WYVK\J[Z! *SPTIPUN 9VWLZ /HYK^HYL /HYULZZLZ (JJLZZVYPLZ ) ;HP^HU ;L_[PSL -LKLYH[PVU ;HP^HU 7YLTP\T :LSLJ[LK :\WWSPLYZ ;,77 - ;;- (P.\V ,HZ[ 9K 9* ;HPWLP ;LS ! -H_! ,THPS! [JFJOHUN'[L_[PSLZ VYN [^ 0U[LYUL[! O[[W! L_WVY[ [L_[PSLZ VYN [^ ) ;LYTP[L .Y\U^HSKaRH 73 9\TPH ;LS ! -H_! 0U[LYUL[! ^^^ [LYTP[L[LYYP[VY` JVT ) ;LYU\H 0TWVY[ (YYHZH[L : ( 7VSxNVUV 2H[HPKL ) , (YYHZH[L 4VUKYHNVU ;LS ! -H_! ,THPS! PUMV'[LYU\H JVT 0U[LYUL[! ^^^ [LYU\H JVT ( ;OVTHZ )VOS =LY[YPLIZ .TI/ /HPUI\JOLUYPUN + 5L\YPLK ;LS ! -H_! ,THPS! ZHIPUL'IVOS JHW^H]L KL 0U[LYUL[! ^^^ [LYYHTV\U[ KL ) ;LYYH 5V]H ,X\PWTLU[ 3[K :\TTP[ /V\ZL :HSJVTIL *V\Y[ :HSJVTIL 9VHK 4LHKV^ 3HUL 0UK\Z[YPHS ,Z[H[L .) +, ,. (SMYL[VU ;LS ! -H_! ,THPS! [YHKL'[LYYH UV]H JV \R 0U[LYUL[! ^^^ [LYYH UV]H JV \R

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS

( ;OL 5VY[O -HJL =- 05;3

=PH -VUKH +P 4LaaHUH 0 7YH[V ;LS ! -H_! ,THPS! PUMV'[LZZPSLMPVYLU[PUHJV P[ 0U[LYUL[! ^^^ [LZZPSLMPVYLU[PUHJV JVT

=PH :LUHNV , */ 7HaaHSSV 3\NHUV ;LS ! -H_! ,THPS! HSLZZHUKYHFNHYKPU']MJ JVT 0U[LYUL[! ^^^ [OLUVY[OMHJL JVT

,_OPIP[LK WYVK\J[Z! /PNO [LJO MHIYPJZ MVY HJ[P]L HUK ZWVY[Z^LHY WVS`LZ[LY MSLLJLZ Z[YL[JO MHIYPJZ ZVM[ ZOLSSZ YLJ`JSLK MHIYPJZ M\UJ[PVU HUK WYV[LJ[PVU MHIYPJZ MVY ^VYR^LHY HUK \UKLY^LHY

( ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2.

7YLZLU[ H[ 6\[+VVY! 4Y 9VILY[V 3\JOL[[P ) ) +LJRLYZ ,\YVWL 3[K ;,=( .LVYNL :[YLL[ .) ;> /, 9PJOTVUK :\YYL` ;LS ! -H_! ,THPS! NPSLZ J\UKLSS'KLJRLYZ JVT 0U[LYUL[! ^^^ [L]H JVT ( ;L_JS\I[LJ =PHSL :HYJH 0 4PSHUV ;LS ! -H_! ,THPS! PUMV'[L_JS\I[LJ P[ 0U[LYUL[! ^^^ [L_JS\I[LJ P[ ) ;L_SHUK 5L_RV *V 3[K

:\U[LJO *P[` :HUNKHL >VU +VUN 1\UN^VU .\ 962 :LVUNUHT ;LS ! -H_! 0U[LYUL[! ^^^ [L_SHUK UL_RV JVT ) ;OHTLZ *V 3[K 5V (SSL` 3HUL :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! UVUVO\HUN'[OHTLZ JVT [^ -. ( ;OL )YV^ ) = 7YPUZLUSHHU 53 .5 +L )PS[ ;LS ! -H_! ,THPS! PUMV'[OL IYV^ JVT 0U[LYUL[! ^^^ [OL IYV^ JVT ) ;OL 4VIPSL :VJPL[` *HYSV :JOTPK :[YH L + > YZLSLU ;LS ! -H_! ,THPS! PUMV'HJ[PVU ZWVY[Z KL 0U[LYUL[! ^^^ [OL TVIPSL ZVJPL[` JVT ,_OPIP[LK WYVK\J[Z! -\UR[PVUZ^pZJOL \UK -\UR[PVUZZ[Y TWML 7YLZLU[ H[ 6\[+VVY! *OYPZ[PHU :JO\Z[LY 2U\[ 9\WW

-YP[a 2UVSS :[YH L ( .SLPZKVYM ;LS ! -H_! ,THPS! VMMPJL'[OLYTPJ JVT 0U[LYUL[! ^^^ [OLYTPJ JVT 9LWYLZLU[LK I`! ;OLYT PJ 7YVK\J[Z .TI/ ( ;O\SL 6YNHUPaH[PVU :VS\[PVUZ *HZL 3VNPJ ,\YVWL 9\L KL SH 7VZ[LYPL ) .LTISV\_ ;LS ! -H_! ,THPS! L[PLUUL YLUHYK'[O\SL JVT 0U[LYUL[! ^^^ JHZLSVNPJ JVT ) ;PHUQPU <UPVU 0U[LYUH[PVUHS ;YHKL 3[K 7\YLSHUK 9T ,TWLYVY 7SHJL =9* ;PHUQPU ;LS ! -H_! ,THPS! ^HUN'W\YLSHUK JVT JU 0U[LYUL[! ^^^ W\YLSHUK JVT JU ) >\_P ;PHU`P APWWLY 4HU\MHJ[\YLY *V 3[K 5V 9\U`\HU 9VHK @HUNZOP ;V^U =9* >\_P ;LS ! -H_! ,THPS! QPHIPUNS\S\' JVT 0U[LYUL[! ^^^ [`a JVT JU ,_OPIP[LK WYVK\J[Z! APWWLYZ MVY V\[KVVY NHYTLU[Z Z\JO HZ ^H[LYWYVVM aPWWLY ) ;PJRL[ ;V ;OL 4VVU 7; (`\UHU )\SHU 0U[LYUH[PVUHS 1HSHU ;HUNR\IHU 7LYHO\ 5V ? 90 2LYVIVRHU )HSP ;LS ! -H_! ,THPS! VMMPJL'[PJRL[V[OLTVVU JVT 0U[LYUL[! ^^^ OHTTVJRWHYHJO\[L JVT ) ;PLUQPHUN ,U[LYWYPZL *V 3[K - 5V 3HUL *O\UN /^H 9VHK @\UN 2HUN 9* ;HPUHU ;LS ! -H_! ,THPS! MPVU'[PLUQPHUN JVT [^ 0U[LYUL[! ^^^ [PLUQPHUN JVT [^

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) ;PSHR H Z

( ;VW -V\UK 0UK\Z[YPLZ *V 3[K

ALYV[PUV]H *A :\TWLYR ;LS ! -H_! ,THPS! [PSHR'[PSHR Ja 0U[LYUL[! ^^^ [PSHR Ja

-S :LJ *OPLU 2\V 5 9K 9* ;HPWLP ;LS ! -H_! ,THPS! RH[PH'[VWMV\UK JVT [^

) ;PSSL` ,UK\YHISLZ 3[K ;YLZWYPZVU *V\Y[ /LSZ[VU .) ;9 8+ *VYU^HSS ;LS ! -H_! ,THPS! THKKPL'[PSSL` \R JVT 0U[LYUL[! ^^^ [PSSL` JVT ( ;PVUN 3PVUN *VYW 3HUL :LJ *O\UN *OPUN 9VHK ;H @H /ZPHUN 9* ;HPJO\UN /ZPLU ;LS ! -H_! ,THPS! [VU`'[PVSPVUN JVT [^ 0U[LYUL[! ^^^ [PVSPVUN JVT [^ ( ;P[L_ =LY[YPLIZ .TI/ 9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'[PaPW JVT 0U[LYUL[! ^^^ [PaPW JVT ( ;0A07 ) ;VII` )HUK \UK -SLJO[^HYLU .TI/ 0SSLRNHZZL ( >PLU ;LS ! -H_! ,THPS! [VII`'[VII` JVT 0U[LYUL[! ^^^ [VII` JVT ( ;VRV (. 0UK\Z[YPLZ[YHZZL )PYYLU */ :LVU ;LS ! -H_! 0U[LYUL[! ^^^ [VRV JO ) ;VSPU *V 3[K - 5V :LJ /ZPU @P 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! [VSPUJV'TZ OPUL[ UL[ ) ;VTSVUN ;LJOZ[PSL *VYW 5V .VUN [O 9K +HQPH @V\[O 0UK 7HYR +HQPH ;V^U 9* ;HPJO\UN *V\U[` ;LS ! -H_! ,THPS! PUMV'[VTSVUN [^

) ;VWTHYR )HNZ *V 3[K 4PUSPHU 7\_PHU 9K =9* 8\HUaOV\ ;LS ! -H_! 0U[LYUL[! ^^^ IHNJOPUH JVT ( ) ;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/ /\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT ,_OPIP[LK WYVK\J[Z! =LY[YPLIZI YV 4 UJOLU 9 TLYZ[YH L H + 4 UJOLU -. ( [V\[ [LYYHPU -HOYYpKLY \UK (\ZY Z[\UN 6/. 0UK\Z[YPLZ[YH L + .\UKLSMPUNLU ;LS ! -H_! ,THPS! PUMV'[V\[ [LYYHPU KL 0U[LYUL[! ^^^ [V\[ [LYYHPU KL ( ;V`V[H ;Z\ZOV *VYWVYH[PVU 6ZHRH ;V`V[H )SK 4PUHTPZLUIH *O\V R\ 1 6ZHRH ;LS ! -H_! ,THPS! ZOVQPF`VRV`HTH'[V`V[H [_ [V`V[Z\ UL[ 0U[LYUL[! ^^^ [V`V[H [Z\ZOV JVT ( ;YHUNPH () )V_ :, ;YrUNZ]PRLU ;LS ! -H_! ,THPS! PUMV'[YHUNPH ZL 0U[LYUL[! ^^^ [YHUNPH ZL ( ;YHUNV^VYSK 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) ;YH]LS:HML

) ;YP 6JLHU ;L_[PSL *V 3[K

6UKLYULTPUNZ^LN 53 9A 4`KYLJO[ ;LS ! -H_! ,THPS! PUMV'[YH]LSZHML UL[ 0U[LYUL[! ^^^ [YH]LSZHML OLHS[OJHYL JVT

- 5V :PUPUN 5 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! ZLY]PJL'[YPVJLHU JVT [^ 0U[LYUL[! ^^^ [YPVJLHU JVT [^

,_OPIP[LK WYVK\J[Z! 4VZRP[VUL[aL ZJO\[a -PYZ[ HPK RP[Z ) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ 9HUP +YP]L .) 5. 9- 5V[[PUNOHT ;LS ! -H_! ,THPS! Z[\HY[ [OLVIHSK'[YLRTH[LZ JV \R 0U[LYUL[! ^^^ [YLRTH[LZ JV \R ,_OPIP[LK WYVK\J[Z! .HP[LYZ )HZLSH`LYZ *HTWPUN HUK ;YLRRPUN HJJLZZVYPLZ ( ;9,2 5 ,(; 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT ,_OPIP[LK WYVK\J[Z! 6\[KVVY ,_WLKP[PVUZUHOY\UN 6\[KVVY ,_WLKP[PVU -VVK 7LYVUPU /PNO ;LJO -VVK ( ;YLRZ[H 0UJ :VUNQLVUN KVUN .HUNZLV N\ 962 )\ZHU ;LS ! -H_! ,THPS! TPY'[YLRZ[H JV RY 0U[LYUL[! ^^^ [YLRZ[H JV RY 9LWYLZLU[LK I`! /`WLYNYPW 0UJ ) ;YLZWHZZ =LYTVU[ /V\ZL =LYTVU[ :[YLL[ .) . 3< .SHZNV^ ;LS ! -H_! ,THPS! [YLZWHZZ'[YLZWHZZ JV \R 0U[LYUL[! ^^^ [YLZWHZZ JV \R ( ;YPTT :WVY[ Z Y V *OLIZRH *A 7SaLU ;LS ! -H_! ,THPS! [YPTT'[YPTT Ja 0U[LYUL[! ^^^ [YPTT Ja ) ;YPURMSHZJOLU KL A\Y APLNLSO [[L + +LNNLUOH\ZLY[HS ;LS ! -H_! ,THPS! PUMV'[YPURMSHZJOLU KL 0U[LYUL[! ^^^ [YPURMSHZJOLU KL

) ;YPVW /VSLúV]ZRm *A -Y`Z[mR ;LS ! -H_! ,THPS! [YPVW'[YPVW Ja 0U[LYUL[! ^^^ [YPVW Ja ( ;YVWPJHYL A^LURNYHZZ[YHH[ 53 3* (STLYL ;LS ! -H_! ,THPS! PUMV'[YVWPJHYL L\ 0U[LYUL[! ^^^ [YVWPJHYL L\ ,_OPIP[LK WYVK\J[Z! [YH]LS OLHS[O WYVK\J[Z YLWLSSLU[Z TVZX\P[V UL[Z MPYZ[ HPK RP[Z <= JSV[OPUN )\NZV_ Z\U JHYL O`NPLUL WYVK\J[Z ) ;:3 6\[KVVY Y\L K\ 7Yt -H\JVU 7HL SLZ .SHPZPUZ - (UULJ` SL =PL\_ ;LS ! -H_! ,THPS! [ZS'[ZSV\[KVVY JVT 0U[LYUL[! ^^^ [ZSV\[KVVY JVT ) ;HP^HU :WVY[PUN .VVKZ 4HU\MHJ[\YLYZ (ZZVJPH[PVU - 5V ;LO /^LP :[ 9* ;HPWLP ;LS ! L_[ -H_! ,THPS! ]P]PHUJOLU'[ZTH VYN [^" ^LITHZ[LY'[ZTH VYN [^ 0U[LYUL[! ^^^ ZWVY[Z VYN [^ ) ;:: -VY[\UL *V 3[K 5V @V\ @P 9VHK =9* ;PHUQPU ;LS ! -H_! ,THPS! [PTJOLU' [ZZ JU JVT 0U[LYUL[! ^^^ [ZZ JU JVT ) ;\UN @P :[LLS >PYL *V 3[K 5V *O\UN :OHU 9K 9* 4PHV 3P /ZPLU ;LS ! -H_! ,THPS! [\UN`P 'TZ OPUL[ UL[ 0U[LYUL[! ^^^ [\UN`P JVT ( <UP]LYZHS ;YPT :\WWS` *V 3[K 5V >\ 2\UN [O 9K 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! KHUPLS'\[Z JVT [^ 0U[LYUL[! ^^^ \[Z JVT [^

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) <UP]LYZL -HZOPVU (JJLZZVYPLZ *V 3[K

( =HYPV;LR .TI/

5V *OP\UN 3PU : 9VHK :OPU 1\HUN *P[` 9* ;HPWLP /ZPLU ;LS ! -H_! ,THPS! \MH a\WW\SS'TZH OPUL[ UL[ 0U[LYUL[! ^^^ \MH [^

)VKLSZJO^PUNOZ[YH L + ,UNLY ;LS ! -H_! ,THPS! PUMV']HYPV[LR KL 0U[LYUL[! ^^^ ]HYPV[LR KL

( <UP]LYZP[p[ 9VZ[VJR 3LOYZ[\OS M Y 3LPJO[IH\ (SILY[ ,PUZ[LPU :[YH L + 9VZ[VJR ;LS ! -H_! ,THPS! NLYOHYK ZJOHYY'\UP YVZ[VJR KL 0U[LYUL[! ^^^ SLPJO[IH\ \UP YVZ[VJR KL ,_OPIP[LK WYVK\J[Z! :[ JRL M Y 5VYKPJ >HSRPUN L[J " +Y\JRS\M[SVZLY 9LPMLU" :JOULLMLKLY

) =HZX\L -VV[^LHY 4HPU :[YLL[ <:( 45 9LK >PUN ;LS ! -H_! ,THPS! KH]PK OHYYPZVU']HZX\L JVT 0U[LYUL[! ^^^ ]HZX\L JVT

7YLZLU[ H[ 6\[+VVY! .LYOHYK :JOHYY +Y

) =(<+, :WVY[ .TI/ *V 2.

( <WWLY ;L_[PSL *VYWVYH[PVU

=(<+, :[YH L + ;L[[UHUN ;LS ! -H_! ,THPS! PUMV']H\KL JVT 0U[LYUL[! ^^^ ]H\KL JVT

-S 5V :LJ 5LPO\ 9K 9* ;HPWLP ;LS ! -H_! ,THPS! [PMMHU`'\WWLY[L_ JVT [^ 0U[LYUL[! ^^^ \WWLY[L_ JVT [^ ( <YIHU 9VJR :JO^LPaLYZ[YH L ( /VOLULTZ ;LS ! -H_! ,THPS! PUMV'\YIHUYVJR H[ 0U[LYUL[! ^^^ \YIHUYVJR H[ 9LWYLZLU[LK I`! .VSKLJR ;L_[PS .TI/ ) <ZHUN 0UK\Z[YPHS *V 3[K - 5V -\ /ZPUN :V\[O 9VHK :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! ZHSLZ'\ZHUN JVT [^ 0U[LYUL[! ^^^ \ZHUN JVT [^ ,_OPIP[LK WYVK\J[Z! *HYHIPULYZ :UHW /VVRZ )\JRSLZ 7\SSL`Z + 6 9PUNZ 7SHZ[PJ WHY[Z MVY OHYULZZ HUK *\Z[VT 6,4 4HU\MHJ[\YPUN 7YVQLJ[Z ) <:;,;6 *SPTIPUN >HSSZ 2YHPIYLaOUH ). 2PSPMHYL]V ;LS ! ,THPS! NW'\Z[L[V JVT 0U[LYUL[! ^^^ \Z[L[V JVT ) =HYPLK >PZL 0U[ S *V 3[K - 5V :LJ :O\HU [O 9K 9* ;HPJO\HUN *P[` ;LS ! -H_! ,THPS! KH]PK OV'TPYVNSPV JVT [^ 0U[LYUL[! ^^^ ]HYP^PZ LU HSPIHIH JVT

,_OPIP[LK WYVK\J[Z! 6\[KVVY .7: )PRL .7: .7: +H[LUSVNNLY 7V^LY7HJRZ

( =LP[O -= (SSNp\LY )LYNZ[Y\TWM .TI/ 3L\[RPYJOLY :[YH L + 0ZU` PT (SSNp\ ;LS ! -H_! ,THPS! PUMV']LP[O ZVJRZ KL 0U[LYUL[! ^^^ ]LP[O ZVJRZ KL ( =LU[V .TI/ :\KL[LUZ[YH L + 3LPWOLPT ;LS ! -H_! ,THPS! PUMV']LU[V Z[HY KL 0U[LYUL[! ^^^ ]LU[V Z[HY KL ,_OPIP[LK WYVK\J[Z! >HZZLYKPJO[L ;HZJOLU >HSKPLZ :JO\OL ) =LU[\Z -YLL ,ULYN` 7YVK\J[Z /HKSLPNO /V\ZL 7VY[SHUK 9VHK .) )5 3( /V]L ;LS ! -H_! ,THPS! ZHSLZ']LU[\ZMYLLLULYN` JVT 0U[LYUL[! ^^^ ]LU[\ZMYLLLULYN` JVT ,_OPIP[LK WYVK\J[Z! =LU[\Z P;YH]LS :LSM 7V^LYLK 9HKPV ^P[O 47 )SHZ[LY =LU[\Z 4HNPJ ;VYJO /PNO 7LYMVYTHUJL :LSM 7V^LYK 3PNO[PUN 9LWYLZLU[LK I`! :VSSPNO[ ) =LYKVU +LZPNUZ 9V\[L KLZ *Yv[LZ - 3H 7HS\K Z\Y =LYKVU ;LS ! -H_! ,THPS! PUMV']LYKVUKLZPNUZ JVT 0U[LYUL[! ^^^ ]LYKVUKLZPNUZ JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

-> =LYSHN *OTPLSVYa .TI/ :WVY[ 4VKL 4HYR[WSH[a + >PLZIHKLU ;LS ! -H_! ,THPS! JOYPZ[PHU H\NZI\YNLY'ZWVTV KL 0U[LYUL[! ^^^ ZWVTV KL -6 =LYZHU[L :\K Z Y S =PH . 3VUNOP 0 4PSHUV ;LS ! -H_! ,THPS! ]LYZHU[LZ\K']LYZHU[LZ\K P[ 0U[LYUL[! ^^^ ]LYZHU[LZ\K P[ ) =LY[PJHS A0 K\ *VPU - :HPU[ *OHTVUK ;LS ! -H_! ,THPS! MYLKLYPJILHS'ILHS WSHUL[ JVT 0U[LYUL[! ^^^ ]LY[PJHS ZWPYP[ JVT ( =PIYHT : 7 ( =PH *VSVTIV 0 (SIPaaH[L =( ;LS ! -H_! ,THPS! ]PIYHT']PIYHT JVT 0U[LYUL[! ^^^ ]PIYHT JVT ) =PJ[VYPUV_ :JOTPLKNHZZL */ 0IHJO :JO^`a ;LS ! -H_! ,THPS! PUMV']PJ[VYPUV_ JO 0U[LYUL[! ^^^ ]PJ[VYPUV_ JVT ,_OPIP[LK WYVK\J[Z! ;HZJOLUTLZZLY 4\S[P[VVSZ ) (\NTLU[YH 3[K =PL^9HUNLY :[ 1VOU Z 0UUV]H[PVU *LU[YL .) *) >: *HTIYPKNL ;LS ! ,THPS! JOYPZ']PL^YHUNLY JVT 0U[LYUL[! ^^^ ]PL^YHUNLY JVT ( =PRPUN -VV[^LHY .TI/ 46* 9H\T * + 4 UJOLU ;LS ! -H_! 0U[LYUL[! ^^^ ]PRPUNMVV[^LHY JVT ( =PU[HNL OHUKTHKL ) =PWVSL *HZZVSH 0 9VZZHUV =LUL[V =0 ;LS ! -H_! ,THPS! PUMV']PWVSL P[ 0U[LYUL[! ^^^ ]PWVSL P[

) =P[HS:[V]L 5PNVY 5L[ ) = ) =VS_ :(: 9V\[L K\ )VPZ K\ 4HPUL AS SH 7VUJOVUUPLYL - :H]PNU` ;LS ! -H_! ,THPS! IYPJL']VS_ MY 0U[LYUL[! ^^^ ]VS_ L\ ) >HSS[VWPH 3[K ( ,UN .LVYNP )LSV] :[Y ). :VMPH ;LS ! -H_! ,THPS! ZHSLZ'^HSS[VWPH JVT 0U[LYUL[! ^^^ ^HSS[VWPH JVT 9LWYLZLU[LK I`! /9; 3[K -> >HUaS 4L[HSS^HYLUMHIYPR .TI/ .LZJOpM[ZILYLPJO 3HKLUIH\ )\ILZOLPTLY :[YH L + 3LPWOLPT ;LS ! -H_! ,THPS! PUMV'^HUaS KL 0U[LYUL[! ^^^ ^HUaS SHKLUIH\ JVT ) >HYTWLHJL Z Y V 7SJOV]PJL *A *OVJLU ;LS ! -H_! ,THPS! WH]LS OHIL[PU'^HYTWLHJL Ja 0U[LYUL[! ^^^ ^HYTWLHJL Ja ) >L )P +PGZ +PL[THY :LPKLURYHUa 2pWWLSLZpJRLY + :JOVYUKVYM ;LS ! -H_! ,THPS! PUMV'^LIPKPZ KL 0U[LYUL[! ^^^ ^LIPKPZ KL ( >LJOZLS +PL )LYSPULY ALS[ZJOTPLKL .TI/ 7VYZJOLZ[YH L + )LYSPU ;LS ! -H_! ,THPS! PUMV'^LJOZLS [LU[Z KL 0U[LYUL[! ^^^ ^LJOZLS [LU[Z KL ) >,5.,9 : ( 9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO ( >LZ[LYU 4V\U[HPULLYPUN :V\[O [O :[YLL[ <:( :HU 1VZL ;LS ! -H_! ,THPS! NHY`W'^LZ[LYUTV\U[HPULLYPUN JVT 0U[LYUL[! ^^^ ^LZ[LYUTV\U[HPULLYPUN JVT

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

( >LZ[MHSPH (\[VTV[P]L .TI/

) >PU ;YLUK 0U[LYUH[PVUHS *V

(T :HUKILYN + 9OLKH >PLKLUIY JR ;LS ! -H_! ,THPS! PUMV'^LZ[MHSPH H\[VTV[P]L KL 0U[LYUL[! ^^^ ^LZ[MHSPH H\[VTV[P]L KL

- 5V 1PHU @P 9VHK *O\UN /V *P[` 9* ;HPWLP *V\U[` ;LS ! -H_! ,THPS! ^PU[YLUK'TZ OPUL[ UL[ 0U[LYUL[! ^^^ ^PU[YLUK JVT [^

) >LZ[MPLSK 6\[KVVYZ .TI/ -YPLKYPJOZ[YH L + >P[[SPJO ;LS ! -H_! ,THPS! HHYVU aOHUN'^LZ[MPLSKV\[KVVYZ L\ 0U[LYUL[! ^^^ ^LZ[MPLSKV\[KVVYZ L\ ) >PSK *SPTI :JOSV ILYN + ,YM^LPSLY ;LS ! -H_! ,THPS! QKVTTLYT\[O'[ VUSPUL KL ) >PSK *V\U[Y` 3[K 4L]LYPSS 9VHK ;PKLZ^LSS .) :2 7@ ;PKLZ^LSS )\_[VU +LYI`ZOPYL ;LS ! -H_! ,THPS! PUMV'^PSKJV\U[Y` JV \R 0U[LYUL[! ^^^ ^PSKJV\U[Y` JV \R 9LWYLZLU[LK I`! 9LK *OPSP 0U[LYUH[PVUHS 3[K ( >PSK 9VZLZ 0U[LYUH[PVUHS (. 9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO ,_OPIP[LK WYVK\J[Z! (WWHYLS MVY HJ[P]L V\[KVVY ^VTLU ( >05+ ? ;9,4, (J[\HS *VSVYZ )*5 :3 J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT ( >PUTLK *OPUH *V 3[K , +YHNVU *LU[YL >PUN /VUN :[YLL[ *OL\UN :OH >HU /2 2V^SVVU ;LS ! -H_! ,THPS! ^PUTLK'UL[]PNH[VY JVT 0U[LYUL[! ^^^ ^PUTLKJOPUH JVT ) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K :\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR

) >PZKVT (YJH AOHUNaOV\ :WVY[Z 7YVK\J[Z *V 3[K +VUN @\HU 0UK\Z[YPHS (YLH =9* AOHUNaOV\ ;LS ! -H_! ,THPS! ^HP['H ^HP[ JVT 0U[LYUL[! ^^^ H ^HP[ JVT ( -. ) > 3 .VYL (ZZVJPH[LZ .TI/ (PISPUNLY :[YH L + -LSKRPYJOLU >LZ[LYOHT ;LS ! -H_! ,THPS! NZLPKS'^SNVYL JVT ) >VVQPU 7SHZ[PJ .HSTHL KVUN 962 2\YP *P[` ;LS ! -H_! ,THPS! ZHSLZ'^VVQPUWSHZ[PJ JVT 0U[LYUL[! ^^^ ^VVQPUWSHZ[PJ JVT ,_OPIP[LK WYVK\J[Z! :WLJPHS[` )\JRSLZ -HZ[LULY TVSKLK )LS[Z 0UZLY[LK 7\SSLYZ ( >VVSWV^LY () *OH\MM Y]pNLU : kZ[LYZ\UK ;LS ! -H_! ,THPS! PUMV'^VVSWV^LY ZL 0U[LYUL[! ^^^ ^VVSWV^LY ZL ( >VYSK -HTV\Z -\QPHU 6\[KVVY .HYTLU[Z 3[K 9T -S >VYSK >PKL 7SHaH 5V >\ZP 9VHK =9* -\aOV\ ;LS ! -H_! ,THPS! KH]PK'Ma^VYSKMHTV\Z JVT 0U[LYUL[! ^^^ Ma^VYSKMHTV\Z JVT ) >\ 3\LU 2UP[[PUN *V 3[K 5V :LJ AOHUN :O\P 9VHK 7P ;V\ 9* *OHUN /^H /ZPLU ;LS ! -H_! ,THPS! ZHSLZ'^\ S\LU JVT [^ 0U[LYUL[! ^^^ ^\ S\LU JVT [^

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S

) ?PHTLU 1PHSPU -VYLPNU ;YHKL *V 3[K

=PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT

1PHSPHU )\PSKPUN =9* ?PHTLU ;LS ! -H_!

,_OPIP[LK WYVK\J[Z! ? :VJRZ ZWVY[ ZWLJPMPJ WH[LU[LK ZVJRZ ? )PVUPJ ZWVY[ ZWLJPMPJ \UKLY^LHY HUK JSV[OPUN [\YUPUN Z^LH[ PU[V LULYN` ) ?*<3; 3[K :[ 2OHU 2\IYH[ 5Y ( H MS ). =HYUH ;LS ! TVI -H_! ,THPS! _J\S[FJSPTIPUN'HI] IN 0U[LYUL[! ^^^ _J\S[ JSPTIPUN JVT ) ?PHTLU +\UJHU (TVZ :WVY[Z^LHY *V 3[K - 3PHU`P 7SHaH 5V )PUSHUK 9K =9* ?PHTLU -\QPHU ;LS ! -H_! ,THPS! JVTWHU`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`! ?PHTLU 3\VJOLUN 0UK\Z[Y` ;YHKL ( ?PHTLU .YLLU 4V\U[HPU )/: :JO\O]LY[YPLI 9VNNLURHTZ^LN + .LSZLURPYJOLU ;LS ! -H_! ,THPS! WHUKH IOZ'[ VUSPUL KL 0U[LYUL[! ^^^ NYLLUTV\U[HPUJU JVT

( ?PHTLU 2PUNSHUK *V 3[K - :LHSPNO[ )\PSKPUN 5V :O\P_PHU 9VHK =9* ?PHTLU ;LS ! -H_! ,THPS! O`KH]PK'JOPUHJUK JVT 0U[LYUL[! ^^^ _TRPUNSHUK JVT ( ?PHTLU 3\VJOLUN 0UK\Z[Y` ;YHKL 0TW ,_W *V 3[K - 5V /\IPUN 9VHK 5VY[O =9* ?PHTLU ;LS ! -H_! ,THPS! WSLHZ\YLZOVLZ' JVT ( ?0(4,5 690.05 ;,?;03,: *6 3;+ ) ?PHTLU 9LZV\UK (WWHYLS *V 3[K <UP[ ( * - )SKN + 8PMLUN AVUL =9* ?PHTLU ;LS ! -H_! ,THPS! KHUPJR O\'OV[THPS JVT 0U[LYUL[! ^^^ YLZV\UKHWWHYLS JVT ) ?PHTLU :LU`HUN *V 3[K ?PUNILP 0UK\Z[Y` =9* ?PHTLU ;LS ! -H_! ,THPS! _TZ`'_TZ` UL[ 0U[LYUL[! ^^^ _TZ` UL[ ) ?PHTLU :PIPKL 0 , *V 3[K 1PUZOHU )\PSKPUN 9VVT ) =9* ?PHTLU ;LS ! -H_! ,THPS! KH]PKFJHTWPUN']PW JVT 0U[LYUL[! ^^^ ZWLLUKJHTWPUN JVT ( ?PHTLU :\UZVU ;YHKPUN *V 3[K 94 5V @\L`HUN_PSP =9* ?PHTLU -\QPHU ;LS ! -H_! ,THPS! S\J`ZOVLZ' JVT 9LWYLZLU[LK I`! 2): 0U[LYUH[PVUHS 3PTP[LK ) ?PHTLU :\U = ,U[LYWYPZL 3[K 5V 5VY[O ;VUNZOLUN 9VHK =9* ?PHTLU ;LS ! -H_!

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) ?PHTLU <YPWV^LY *V 3[K

) @L[P .TI/

- -SH[ ?PUO\H )SKN =9* ?PHTLU ;LS ! -H_!

A\Y ;PZJOIY JRL + . YSP[a ;LS ! -H_! ,THPS! PUMV'`L[P^VYSK JVT 0U[LYUL[! ^^^ `L[P^VYSK JVT

( ?PHTLU >PUZWVY[ *VYWVYH[PVU - -VY[\UL )\PSKPUN 5VY[O /\IPU 9VHK =9* ?PHTLU ;LS ! -H_! ,THPS! HKTPUPZ[LY'_T^PUZWVY[ JU 0U[LYUL[! ^^^ _T^PUZWVY[ JU ) ?PHTLU AOVUN`P 0UK\Z[YPHS HUK ;YHKPUN *V 3[K 3( )3+ /\IPU 5VY[O =9* ?PHTLU ;LS ! -H_! ,THPS! S\R`KPUN' JVT 0U[LYUL[! ^^^ YPJOWLHR JU ) ?PHTLU A\VUH :WVY[ *V 3[K - /\H`\HU )SKN 5V =9* ?PHTLU -\QPHU ;LS ! -H_! 0U[LYUL[! ^^^ a\VUHZWVY[Z JVT

2PYJOOVMZ[YH L + >\WWLY[HS ;LS ! -H_! ,THPS! ZOPVYPFTH[Z\KH'`RRL\YVWL JVT 0U[LYUL[! ^^^ `RRL\YVWL JVT ) @\HU *OHU ;L_[PSL *V 3[K 5V 3\UN @HUN 3HUL /PZ ;\U 9* ;HPJO\UN *P[` ;LS ! -H_! ,THPS! `J[ 'TZ OPUL[ UL[ 0U[LYUL[! ^^^ `\HUJOHU JVT [^ ) @\`HV /\HS\U 0 , *V 3[K 9VVT 4PUNaOV\ 9VHK =9* 5PUNIV ;LS ! -H_!

) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

) @\ @\HUN ;L_[PSL *V 3[K

/ OLU^LN + :[HK[ILYNLU ;LS ! -H_! ,THPS! THYPV NV[[TLPLY'_ V]LY KL 0U[LYUL[! ^^^ _ V]LY KL

- 5V :LJ 5HUQPUN ,HZ[ 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! TVUPJH OZ\'`\`\HUN JVT [^ 0U[LYUL[! ^^^ `\`\HUN JVT [^

( ?WSV]H 0UJ - 5V :HUNJOVUN 9K 5HUNHUN +PZ[YPJ[ 9* ;HPWLP ;LS ! -H_! ,THPS! ZHSLZ'_WSV]H JVT 0U[LYUL[! ^^^ _WSV]H JVT

( @22 ,\YVWL 3[K

( A(16 1\YHQ 2YHSPR :PKS 1HZ :2 .HSHU[H ;LS ! -H_! ,THPS! L_WVY['aHQV UL[ 0U[LYUL[! ^^^ aHQV UL[

( ?;,5,? +PZ[YPZ\K ZHYS

( *HSaH[\YPMPJPV AHTILYSHU : 9 3

9\L KLZ WYtZ K (\NPZ - 3VUNULZ ;LS ! -H_! ,THPS! LYPJ'_[LUL_ MY 0U[LYUL[! ^^^ _[LUL_ MY

=PH 4HYJVUP 0 7PL]LILS]PJPUV =0 ;LS ! -H_! ,THPS! aHTILYSHU'aHTILYSHU JVT 0U[LYUL[! ^^^ aHTILYSHU JVT

) ?[YH 3PNO[ )=

) AOHUNQPHNHUN +LYY` 0 , *V 3[K

;YVTWLUI\YN 53 *+ /LPSVV ;LS ! ,THPS! Q^ I\YNLY'WSHUL[ US 0U[LYUL[! ^^^ J\KKSLI\N L\

- -\NHUN 7SHaH 9LUTPUN 9K =9* AOHUNQPHNHUN ;LS ! -H_!

0UKL_ VM L_OPIP[VYZ (\ZZ[LSSLY]LYaLPJOUPZ c ,SLUJV KLNSP LZWVZP[VYP c *H[HSVN\L L_WVZHU[Z

) AOHUNQPHNHUN 3\JR`^VVS -HZOPVU 0UJ 4PUMLUN 0UK\Z[YPHS 7HYR =9* AOHUNQPHNHUN ;LS ! -H_! ,THPS! NLVYNL'S\JR`^VVS JVT 0U[LYUL[! ^^^ S\JR`^VVS JVT ( AOHUNaOV\ 4VVUSP[ *HTWPUN 7YVK\J[Z *V 3[K :\PHU 0UK AVUL AOHUNW\ =9* AOHUNaOV\ ;LS ! -H_! ,THPS! TVVUSP['W\ISPJ aaWW[[ MQ JU 0U[LYUL[! ^^^ TVVUSP[JHTWPUN JVT ) AOLQPHUN 4LPKHZP +YPUR^HYL *V 3[K 5V *OLUN5HU 9VHK =9* >\`P ;LS ! -H_! 0U[LYUL[! ^^^ TLPKHZP JVT ) AOLQPHUN 4L[HSZ HUK 4H[LYPHSZ *V 3[K -LUNXP 9VHK =9* /HUNaOV\ ;LS ! -H_! ,THPS! QHJRZOPSO'OV[THPS JVT ) AOLQPHUN 5H[\YL ;YH]LS .VVKZ *V 3[K ?PHJHV =PSSHNL 7PUNXPHV ;V^U =9* ;HPaOV\ ;PHU[HP AOLQPHUN ;LS ! -H_! ,THPS! SPZH'aQUH[\YL JVT ) AOLQPHUN ;OYP]L ;YH]LS 7YVK\J[Z *V 3[K 5V )HPSPUN )LP :[Y =9* 8\aOV\ *P[` ;LS ! -H_! ( APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL ) A^LPIY KLY 6W[VLSLJ[YVUPJZ .TI/ 2YVULUZ[YH L + :VSPUNLU ;LS ! -H_! ,THPS! PUMV'a^LPIY\LKLY JVT 0U[LYUL[! ^^^ a^LPIY\LKLY JVT

NEWS WELTWEIT Die Titel der Brinkmann Henrich Medien-Gruppe

Das Insider-Magazin mit News – Fakten – Hintergründen!

ISTOCKPHOTO: DAVID MARCHAL

www.sportfachhandel.com/ probeabo

1/2009

sport-fachhandel.com bhmg.de

1/2009

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

NEWS WELTWEIT

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

Die Titel der Brinkmann Henrich Medien-Gruppe

DAS Magazin f端r die moderne Art zu wandern

ISTOCKPHOTO: DAVID MARCHAL

www.wanderlustmagazin.de/ probeabo

1/2009

wanderlust-magazin.de bhmg.de

1/2009

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) 7,9-694

) HKPKHZ

:WVY[ ;L_ 3HI ZYS =PH =HSHZZPUH 0 :LYLNUV ;LS ! -H_! ,THPS! PUMV'ZWVY[ [L_SHI P[ 0U[LYUL[! ^^^ ZWVY[ [L_SHI P[

HKPKHZ (. (KP +HZZSLY 7SH[a + /LYaVNLUH\YHJO ;LS ! -H_! ,THPS! YHPULY Z[LJOS'HKPKHZ JVT 0U[LYUL[! ^^^ HKPKHZ JVT

) ;LLUZ .96> >0;/ 0;

( (+=(5:( ;OLYTVย *VVSย

;LLUZ .96> >0;/ 0; 0UH :LPKLS )VNLU + 4ย UJOLU ;LS ! -H_! ,THPS! PUMV' [LLUZNYV^ JVT 0U[LYUL[! ^^^ [LLUZNYV^ JVT

(K]HUZH 4HYRL[PUN .TI/ *HSKLUOVMLY >LN + /HTT ;LS ! -H_! ,THPS! U\YOHU UHSIHU['HK]HUZH JVT 0U[LYUL[! ^^^ HK]HUZH JVT

( ย 5VY[O

( (PY-YHTL

ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT

*OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K - :LJ 5LP /\ 9VHK 9* ;HPWLP ;LS ! L_[ -H_! ,THPS! SPZH'QHKHTZ [^ 0U[LYUL[! ^^^ HPYMYHTL P[

)

( (33@

.HYTVU[ :93 =PH :WPULKH 0 =VSWHNV +LS 4VU[ ;= ;LS ! -H_! ,THPS! PUMV'NHYTVU[ JVT 0U[LYUL[! ^^^ NHYTVU[ JVT

)LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT

( (*,*(47

( (3;<:

(JLJHTW .TI/ >LPZTย SSLYZ[YHย L + -YHURM\Y[ ;LS ! -H_! ,THPS! PUMV'HJLJHTW KL 0U[LYUL[! ^^^ HJLJHTW KL

(S[\Z @\TH : ( 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL + 7HYJLSHZ , AHYHNVaH ;LS ! -H_! ,THPS! `\THS[\Z'`\THS[\Z JVT 0U[LYUL[! ^^^ HS[\Z LZ

( (JSPTH (JSPTH (: :\UK]VSSOV]L[ 5 2Yย KLYLU ;LS ! -H_! ,THPS! SHYZ'HJSPTH UV 0U[LYUL[! ^^^ HJSPTH JVT ( (*8<( A,96 :P[PW : 7 ( =PH =HSS (S[H 0 *LUL ). ;LS ! -H_! ,THPS! PUMV'ZP[PW P[ ZLYNPV HSPIYHUKP'ZP[PW P[ 0U[LYUL[! ^^^ ZP[PW P[

) (TLYP)HN ;OL /LHS[O` )HJR )HN *VTWHU` ( (U[P)P[L 4J5L[[ ,\YVWL ( (X\H=LU[\YL 4J5L[[ ,\YVWL ( (YTVUK (YTVUK

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) ( :(47(06

( )S\UKZ[VUL

( :HTWHPV -PSOVZ ;L_[LPZ : ( 9\H : )LU[V +H )H[HSOH 7 :HU[V ;PYZV ;LS ! -H_! ,THPS! QVHV TLUKLZ'HZHTWHPV W[ 0U[LYUL[! ^^^ HZHTWHPV W[

7PU\ /HUKLSZ .TI/ ,JRLYUM YKLY :[YH L + /HI` ;LS ! -H_! ,THPS! PUMV'WPU\ KL

) (=,5;<9, =,9;0*(3,

) )VSS 4V\U[HPU 6\[KVVY .LHY

(]LU[\YL =LY[PJHSL :HYS 9\L KLZ ,[YPLYZ A( K\ 7\` :[ )VUUL[ - *OVSL[ 7:) ;LS ! -H_! ,THPS! H]'H]LU[\YL]LY[PJHSL JVT 0U[LYUL[! ^^^ H]LU[\YL]LY[PJHSL JVT

)VSS 4V\U[HPU 6\[KVVY .LHY 7L[YVOYHKZRm *A 7YHOH ;LS ! -H_! ,THPS! PUMV'IVSS Ja 0U[LYUL[! ^^^ IVSS Ja

) ;YHKLTHYR ( (PJHYL >VYSK^PKL *V 3[K ) 5V /ZPU `P 9VHK :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! HPJHYL'TZ OPUL[ UL[ 0U[LYUL[! ^^^ HPJHYL JVT [^ ) )(90.6 )HYPNV )HYVTL[LYMHIYPR .TI/ ,PJOLUKVYMMZ[YH L + =PSSPUNLU :JO^LUUPUNLU ;LS ! -H_! ,THPS! OVSNLY ZJO\THUU'IHYPNV KL 0U[LYUL[! ^^^ IHYPNV V\[KVVY JVT ( )LYNHUZ VM 5VY^H` )LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT ( )PVWO`S (K]HUZH 4HYRL[PUN .TI/ *HSKLUOVMLY >LN + /HTT ;LS ! -H_! ,THPS! U\YOHU UHSIHU['HK]HUZH JVT 0U[LYUL[! ^^^ HK]HUZH JVT ) )SLH\Z[VUL )SLH\ SHWP c :JOSHTILYNLY 7 1 K V V ) )3<, 0*, )3<, 0*, 9\L K\ 3`YL[ - *OHTVUP_ ;LS ! -H_! ,THPS! JVU[HJ['IS\LPJL JVT 0U[LYUL[! ^^^ IS\LPJL JVT

( )VV[ +VJ )VV[ +VJ /HUKLSZ .TI/ >PY[ZJOHM[ZWHYR * ( 3PLaLU ;LS ! -H_! ,THPS! VMMPJL'[OLYTPJ JVT 0U[LYUL[! ^^^ IVV[ KVJ JVT" ^^^ [OLYTPJ JVT ( )69,(3 *HSaHKVZ )VYLHS : 3 (S[VZ KL SH *VUKVTPUH , =PSSLUH ;LS ! -H_! ,THPS! PUMV'L IVYLHS JVT 0U[LYUL[! ^^^ L IVYLHS JVT ( )Y\U[VU )Y\U[VU 0UJ ( )<-- 6YPNPUHS )\MM :( J -YHUJPH , 0N\HSHKH ;LS ! -H_! ,THPS! UL\Z'I\MM LZ 0U[LYUL[! ^^^ I\MM LZ ( )<3( 2VWM ILY .TI/ (SILY[ .S JR :[YH L + (T[aLSS ;LS ! -H_! ,THPS! VMMPJL'RVWM\LILY UL[ 0U[LYUL[! ^^^ RVWM\LILY UL[ ( )<:/5,33 )\ZOULSS Y\L +PKLYV[ - :\YLZULZ ;LS ! -H_! ,THPS! JVU[HJ['I\ZOULSS L\YVWL JVT 0U[LYUL[! ^^^ I\ZOULSS JVT

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( I` ILPLY .LYTHU`

( *,),

)LPLY +PZ[YPI\[PVU )VNLUZWVY[HY[PRLS >PLZLUZ[YH L H + <U[LYZPLTH\ ;LS ! -H_! ,THPS! VMMPJL'ILPLY KPZ[YPI\[PVU KL 0U[LYUL[! ^^^ ILPLY KPZ[YPI\[PVU KL

)\ZOULSS Y\L +PKLYV[ - :\YLZULZ ;LS ! -H_! ,THPS! JVU[HJ['I\ZOULSS L\YVWL JVT 0U[LYUL[! ^^^ I\ZOULSS JVT

( *HTHYV

( */(:2,,

*HTHYV ,YPJO 9VPZLY .TI/ >HNULYT OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'JHTHYV H[ 0U[LYUL[! ^^^ JHTHYV H[

2VWM ILY .TI/ (SILY[ .S JR :[YH L + (T[aLSS ;LS ! -H_! ,THPS! VMMPJL'RVWM\LILY UL[ 0U[LYUL[! ^^^ RVWM\LILY UL[

) *HTLS)HR

( *OPY\JH

*HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH =PH 4VU[L 5V]LNUV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! P[HSPH'JHTLSIHR JVT 0U[LYUL[! ^^^ JHTLSIHR JVT

*OPY\JH *HSaHKVZ -HS : ( (]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT

) *(47

( *PJSV:WVY[

* ( 4 7 ZWH =PH 9VTH 0 7YLTHUH 3* ;LS ! -H_! ,THPS! JVU[HJ['JHTW P[ 0U[LYUL[! ^^^ JHTW P[

*PJSV:WVY[ 2 > /VJOZJOVYULY .TI/ 2VUYHK A\ZL )VNLU + 2YHPSSPUN ;LS ! -H_! ,THPS! JPJSVZWVY['JPJSVZWVY[ KL 0U[LYUL[! ^^^ JPJSVZWVY[ KL

) *HTW;YHPSZ

) *VJVUH

,\YLRH ,\YVWL 5PNVY 5L[ ) =

*VJVUH ,\YVWL

( *(5;,9)<9@ 6- 5,> A,(3(5+

( *VS\TIPH

2 >(@ +L\[ZJOSHUK .TI/

*VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT

( *HYL WS\Z ;YVWPJHYL A^LURNYHZZ[YHH[ 53 3* (STLYL ;LS ! -H_! ,THPS! PUMV'[YVWPJHYL L\ 0U[LYUL[! ^^^ [YVWPJHYL L\ ) *HYPILL (\Z[YHSPH *HYPILL (\Z[YHSPH ) *(::05 * ( 4 7 ZWH =PH 9VTH 0 7YLTHUH 3* ;LS ! -H_! ,THPS! JVU[HJ['JHTW P[ 0U[LYUL[! ^^^ JHTW P[

( *63<4)0( 0U[LYZVJRZ K V V ) *64-694 ()3, *VUMVYT HISL 7( *OHTWML\PSSL ,Z[ 9\L 3tVU )tYPKV[ )7 - =VPYVU *LKL_ ;LS ! -H_! ,THPS! PUMV'ZPKHZ JVT 0U[LYUL[! ^^^ JVUMVYT HISL JVT ( JVTWVZP[L IHTIVV MLKLYSLPJO[ <UP]LYZP[p[ 9VZ[VJR 3LOYZ[\OS M Y 3LPJO[IH\

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) *VU[PNV

) +\YHMSL_

*VU[PNV

+\YHMSL_ /VUN 2VUN 3[K . 3LHKLY 0UK\Z[YPHS *LU[LY 00 ;L_HJV 9K /2 ;Z\LU >HU 5 ; ;LS ! -H_! ,THPS! PUMV'+\YHMSL_.YV\W JVT 0U[LYUL[! ^^^ +\YHMSL_.YV\W JVT

( *VVSTH_ (K]HUZH 4HYRL[PUN .TI/ *HSKLUOVMLY >LN + /HTT ;LS ! -H_! ,THPS! U\YOHU UHSIHU['HK]HUZH JVT 0U[LYUL[! ^^^ HK]HUZH JVT ( *YHNOVWWLYZ *YHNOVWWLYZ 3[K <UP[ 4LYJ\Y` 7HYR 4LYJ\Y` >H` .) 4 3@ 4HUJOLZ[LY ;LS ! -H_! ,THPS! WSLL'JYHNOVWWLYZ JVT 0U[LYUL[! ^^^ JYHNOVWWLYZ JVT ( KHYL I KHYL I 9LNH[[H .TI/ 9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU'YLNH[[H JVT ( KHYL IL 9LNH[[H .TI/ ) +,:0.5,9 ;,?;03,: +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV 3V]LNYV]L *YLZJLU[ 5A (\JRSHUK ;LS ! -H_! ,THPS! ZOLSSL` WHYRLY'KLZ[L_ JV Ua 0U[LYUL[! ^^^ THWW JV Ua ) +L\[LY :WVY[ .TI/ *V 2. +L\[LY :WVY[ .TI/ *V 2. :PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT ) +0.0;(3 *SPTIPUN /VSKZ ( *SPTIPUN ,X\PWTLU[ ) ) +VNTH PSKVNTH JVT (UKYLH )VSKYPUP ) +<, 569;/ ;HYNL[ +Y` 3[K

) ,HNSL *YLLR ,\YVWL 3[K ,HNSL *YLLR ,\YVWL 3[K +^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT ) ,HZ` *HTW 6HZL 6\[KVVYZ (W: 2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ( ,0+,9 ,0+,9 9\L *HZZPVWtL 7HYJ (S[H{Z - *OH]HUVK ;LS ! -H_! ,THPS! PUMVZ'LPKLY ^VYSK JVT 0U[LYUL[! ^^^ LPKLY ^VYSK JVT ) LSRSPUL LSRSPUL .TI/ -HSRLUYPLK H + /HTI\YN ;LS ! -H_! ,THPS! PUMV'LSRSPUL KL 0U[LYUL[! ^^^ LSRSPUL KL ) ,3306; :; JSPTILY Z LX\PW ( ,ZIP[ ,ZIP[ *VTWHNUPL .TI/ 4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL ) ,\YLRH ,\YLRH ,\YVWL 5PNVY 5L[ ) = 2HILS^LN 53 )* (TZ[LYKHT ;LS ! -H_! ,THPS! PUMV'UPNVY UL[ 0U[LYUL[! ^^^ L\YLRHL\YVWL JVT

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( ,\YVZJOPYT

( -LUP_ 3,+ ;HZJOLUSHTWLU

,ILYOHYK . ILS .TI/ *V 0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT

-LUP_ -SHZO3PNO[:OVW :[LWOHU\ZZ[YH L + / JRLSOV]LU ;LS ! -H_! ,THPS! PUMV'MSHZOSPNO[ZOVW KL 0U[LYUL[! ^^^ MSHZOSPNO[ZOVW KL

) ,<96;9(03

) MPURPK

,\YV;YHPS 6UKLYULTPUNZ^LN 53 9A 4`KYLJO[ ;LS ! -H_! ,THPS! PUMV'L\YV[YHPS PUMV

MPUTHH <. OHM[\UNZILZJOYpUR[ )LYSPULY :[YH L + )LYSPU ;LS ! -H_! ,THPS! YL[HPSLY'MPUTHH KL 0U[LYUL[! ^^^ MPURPK KL

( ,<:,)06

) -09:; ) I` )LY[LSZ

,\ZLIPV :WVY[PUN *V 3[K + ;HPWLP >VYSK ;YHKL *LU[LY :LJ /ZPU @P 9VHK 9* ;HPWLP ;LS ! -H_! ,THPS! PUMV'L\ZLIPVZWVY[PUN JVT 0U[LYUL[! ^^^ L\ZLIPVZWVY[PUN JVT

)LY[LSZ ;L_[PSOHUKLSZ .TI/ :LLILJRZ[YH L + 2HS[LURPYJOLU ;LS ! -H_! ,THPS! PUMV'ILY[LSZ[L_[PS KL 0U[LYUL[! ^^^ MPYZ[I JVT

( ,?7 JOSVYPUL MYLL :JOVLSSLY .TI/ *V 2. 4HYPHOPSMZ[YH L ( )YLNLUa ;LS ! -H_! ,THPS! RY\LNLYT'ZJOVLSSLY ^VVS JVT 0U[LYUL[! ^^^ ZJOVLSSLY ^VVS JVT ( ,_WLK ,_WLK (. /HYKZ[YH L */ A YPJO ;LS ! -H_! ,THPS! PUMV'L_WLK JVT 0U[LYUL[! ^^^ L_WLK JVT ) L?WYLZZPVU OVSKZ L?WYLZZPVU OVSKZ ) L__[HZ` :PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL ( - - +Y 6 2 >HJR *OLTPL .TI/

) -0=, ;,5 -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT ( -QpSSYp]LU -QpSSYp]LU () /LT]pYUZNH[HU : :VSUH ;LS ! -H_! ,THPS! PUMV'MQHSSYH]LU ZL 0U[LYUL[! ^^^ MQHSSYH]LU ZL ( ( -<:, 7YV -LL[ .TI/ ) .HILS .HILS : 9 3 =PH *HZZVSH 0 9VZn =0 ;LS ! -H_! ,THPS! NHILS'NHILS P[ 0U[LYUL[! ^^^ NHILS P[ ) .(9465; .HYTVU[ :93

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( .LHY (PK

l6 /0./ *6369(+6

4J5L[[ ,\YVWL

:769; +L\[ZJOSHUK .TI/ 5VYK >LZ[ 9PUN :[YH L + 4HPUOH\ZLU ;LS ! -H_! ,THPS! PUMV'ZWVY[ KL 0U[LYUL[! ^^^ ZWVY[ KL

-.6 .0))65 :SHJRSPULZ 0+ :WVY[Z .TI/ .PIIVU :SHJRSPULZ *HS^LY :[YH L + :[\[[NHY[ ;LS ! -H_! ,THPS! PUMV'NPIIVU ZSHJRSPULZ JVT 0U[LYUL[! ^^^ NPIIVU ZSHJRSPULZ JVT ) .V3P[L 33* .V3P[L 33* .\UWHYR +YP]L :\P[L <:( *6 )V\SKLY ;LS ! -H_! ,THPS! L\ PUMV'NVSP[L JVT 0U[LYUL[! ^^^ NVSP[L JVT -. (2( .V4V[PVU .LHY

:PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL -> /0:!!>05 /HUKLSZ 0UMVYTH[PVUZ :`Z[LT (YPZ[VU 0UMVYTH[PR .TI/ ( /634,5263

.YHUK ;L_[PSL *V 3[K

/VSTLURVS (. >LYUOLY ]VU )YH\U :[YH L + /LPTLYKPUNLU ;LS ! -H_! ,THPS! PUMV'OVSTLURVS JVT 0U[LYUL[! ^^^ OVSTLURVS JVT

( .YLLU3HUK 5(;<9,

( O`WOLU :VUULUZJO\[a a\T (UaPLOLU

.YLLU3HUK 5(;<9, .TI/ /VM^PLZL + >PSOLSTZ[OHS :[LPUILYN ;LS ! -H_! ,THPS! PUMV'NYLLUSHUK UH[\YL KL 0U[LYUL[! ^^^ NYLLUSHUK UH[\YL KL

9LPUZJOTPK[ .TI/ 5L\YL\[OLYZ[YH L + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'T` O`WOLU JVT 0U[LYUL[! ^^^ T` O`WOLU JVT

( ( / ( +

( 0JL)LHY-LL[;4

7YV -LL[ .TI/

ZTHY[MPILY (. )YLP[ZJOLPKZ[YH L + 9\KVSZ[HK[ ;LS ! -H_! ,THPS! THPS'ZTHY[MPILY KL 0U[LYUL[! ^^^ ZTHY[MPILY KL

+HUJHY ;YHKPUN .V4V[PVU ) .YHUK ;L_[PSL

( /HNS MZ :JHUKPUH]PH () /HNS MZ :JHUKPUH]PH () ( -. ( /HUUHO /HUUHO *aLJO H Z ) /LHS[O` )HJR )HN ;OL /LHS[O` )HJR )HN *VTWHU` ( /L` :WVY[ :JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT

) /PNO 7LHR

( 0JLIYLHRLY 0JLIYLHRLY 3[K ( 0JLWLHR 3 -HZOPVU .YV\W 0JLWLHR ( 056=( 3,+ ;HZJOLUSHTWLU -LUP_ -SHZO3PNO[:OVW ) 0U[LNYHS +LZPNUZ ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

-6 0U[LYUH[PVUHS 4V\U[HPU :\TTP[ 04:

-6 RSL[[LYU

0U[LYUH[PVUHS 4V\U[HPU :\TTP[ ,]LU[\Z 62 )YLUULYZ[YH L 0 )YP_LU )A ;LS ! -H_! ,THPS! PUMV'PTZ Ia 0U[LYUL[! ^^^ PTZ Ia

4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. 3L\ZJOULYZ[YH L + :[\[[NHY[ ;LS ! 0U[LYUL[! ^^^ V\[KVVYJOHUULS KL

( 05;,9:6*2:

) 26-3(*/

0U[LYZVJRZ K V V

2VMSHJO (. ,SMLUZ[YH L 7VZ[MHJO */ )LYU ;LS ! ,THPS! RVMSHJO(.'NTHPS JVT

-> 05;,9:@: 05;,9:@: 76: :PSSLY 76: :PSSLY (. ( 09654(5

( 2VTWLYKLSS

0U[LYZVJRZ K V V

2VTWLYKLSS :WVY[HY[PRLS .TI/ >HNULYT OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'RVTWLYKLSS JVT 0U[LYUL[! ^^^ RVTWLYKLSS JVT

) 0;(3)(:;650 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V =PH 9VTH 0 ;HPV ;LS ! -H_! ,THPS! PUMV'P[HSIHZ[VUP P[" PUMV'P[HSIHZ[VUP Ja 0U[LYUL[! ^^^ P[HSIHZ[VUP P[ ) 0A(: 0A(: :WVY[^LHY KL (YHN}U : 3 7VSPNVUV =HSKLJVUZLQV * (UL[V , *\HY[L KL /\LY]H AHYHNVaH ;LS ! -H_! ,THPS! L_WVY['PaHZ V\[KVVY JVT 0U[LYUL[! ^^^ PaHZ V\[KVVY JVT ( 19* 9LMSL_ 19* 9LMSL_ ZHZ 9\L :[YH\IPUN - 9VTHUZ ;LS ! -H_! ,THPS! PUMV'QYJ YLMSL_ JVT 0U[LYUL[! ^^^ QYJ YLMSL_ JVT

) 26=,( 2V]LH *V 3[K )\JOLVU ;LJOUVWHYR @HRKHL +VUN >VUTP .\ 962 )\JOLVU 2`VUNNP ;LS ! -H_! ,THPS! RV]LH[K 'RV]LH JV RY 0U[LYUL[! ^^^ RV]LH JVT ) 2\S[ZJOSHMZHJR I` .VSKL 2\S[ZJOSHMZHJR I` .VSKL 0UH :LPKLS )VNLU + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'R\S[ZJOSHMZHJR JVT 0U[LYUL[! ^^^ R\S[ZJOSHMZHJR JVT ( 2 >(@ 2 >(@ +L\[ZJOSHUK .TI/

( 2 0U[LYZVJRZ K V V ( 2(402 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/ ( 2H[HKÙ 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT

( 3(-<4( 3HM\TH : ( Y\L =PJ[VY 3HM\TH )7 - (UUL`YVU ;LS ! -H_! ,THPS! JMHYJ`'SHM\TH JVT 0U[LYUL[! ^^^ SHM\TH JVT ) 3(.<063, )HSHKtV *VYPVSPZ :(93 ) 3HWPZ )SLH\ SHWP c :JOSHTILYNLY 7 1 K V V

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) 3f::0.

( 36>(

3pZZPN .TI/ 0T 9PLTLU + )HILUOH\ZLU ;LS ! -H_! ,THPS! PUMV'SHLZZPN NTIO KL 0U[LYUL[! ^^^ SHLZZPN MHZOPVU KL

36>( :WVY[ZJO\OL .TI/ /H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL

( 3LH[OLYTHU 3,+ ;HZJOLUSHTWLU

( 3\UKOHNZ :RVTHRHYUH ()

-LUP_ -SHZO3PNO[:OVW

3\UKOHNZ :RVTHRHYUH () ([SHU[]pNLU : 1pYWLU ;LS ! -H_! ,THPS! PUMV'S\UKOHNZ ZL 0U[LYUL[! ^^^ S\UKOHNZ ZL

) 3,+ 3,5:,9 A^LPIY KLY 6W[VLSLJ[YVUPJZ .TI/ 2YVULUZ[YH L + :VSPUNLU ;LS ! -H_! ,THPS! PUMV'a^LPIY\LKLY JVT 0U[LYUL[! ^^^ a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`LY PUMV

) 4(* 05 ( :(* ;HYNL[ +Y` 3[K (SHUIYVVRL 7HYR .) ); /) )LSMHZ[ 5VY[O 0YLSHUK ;LS ! -H_! ,THPS! QVOUU` IYLLU'[HYNL[KY` JVT 0U[LYUL[! ^^^ [HYNL[KY` JVT ( 4HKK ZR [L \ ZWVY[Z WYVK\J[PVU .TI/ ( 4HPLY :WVY[Z 4HPLY :WVY[Z .TI/ *V 2. 5 Y[PUNLY :[YH L + 2 UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL ) 4HPSSVU 9HWPKL 7tN\L[ *PL 4HPSSVU 9HWPKL 9\L KLZ )\JOPSSVUZ - (UULTHZZL ;LS ! -H_! ,THPS! L_WVY['WLN\L[ MY 0U[LYUL[! ^^^ WLN\L[ MY ( -.6 4HTT\[ 4HTT\[ :WVY[Z .YV\W (. )PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO ) 4(77 4LYPUV +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV 3V]LNYV]L *YLZJLU[ 5A (\JRSHUK ;LS ! -H_! ,THPS! ZOLSSL` WHYRLY'KLZ[L_ JV Ua 0U[LYUL[! ^^^ THWW JV Ua

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) 4HYZ\WPV

( 4VU[\YH

4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * =PH *HS ;YL]PZHUH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! THYZ\WPV'THYZ\WPV P[ 0U[LYUL[! ^^^ THYZ\WPV P[

4VU[\YH ;HZJP ZYS =PH AV[[P 0 9V]LYL[V ;5 ;LS ! -H_! ,THPS! TVU[\YH'TVU[\YH P[ 0U[LYUL[! ^^^ TVU[\YH P[

) 4(:;,9:

-6 4V\U[HPU)02,

4(:;,9: :YS =PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[

4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. 3L\ZJOULYZ[YH L + :[\[[NHY[ ;LS ! 0U[LYUL[! ^^^ V\[KVVYJOHUULS KL

( 4(;; 2VWM ILY .TI/ ( 4(;; 4(;;6336 :769;: 4H[VSSV :WVY[ : ( J AHTVYH , )HYJLSVUH ;LS ! -H_! ,THPS! ZVSL'TH[[ ZWVY[Z JVT 0U[LYUL[! ^^^ TH[[ ZWVY[Z JVT

( 4V\U[HPU /HYK^LHY 4V\U[HPU /HYK^LHY .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! MTL`ULU['TV\U[HPUOHYK^LHY JVT 0U[LYUL[! ^^^ TV\U[HPUOHYK^LHY JVT ) 4V\U[HPUZTP[O

ZR [L \ ZWVY[Z WYVK\J[PVU .TI/

,ZZLU[PHS ,SLTLU[Z (. -S\NOVMZ[YHZZL */ .SH[[IY\NN ;LS ! -H_! ,THPS! PUMV'LZZLU[PHS LSLTLU[Z JO 0U[LYUL[! ^^^ LZZLU[PHS LSLTLU[Z JO

( -. ( 4);

) TZ JYLH[PVUZ

4); 4HZHP 4HYRL[PUN ;YHKPUN (. 5L\^PLZLUZ[YHZZL */ >PU[LY[O\Y ;LS ! -H_! ,THPS! [OVTHZ L[[LUILYNLY'TI[ JVT 0U[LYUL[! ^^^ TI[ JVT

4V\U[HPU :LY]PJLZ *YLH[PVUZ /VUN 4HU 0UK )SKN /2 *OHP >HU ;LS ! -H_! ,THPS! ^RSHT'TZJYLH[PVUZ JVT JU 0U[LYUL[! ^^^ TZJYLH[PVUZ JVT JU

( 4PJYVUL[

( 4:9

4J5L[[ ,\YVWL

*HZJHKL +LZPNUZ 3[K

) 4VPYH

( 4\JR )VV[Z

4VPYH *A H Z (U[HSH :[HZRH *A 7YHN ;LS ! -H_! ,THPS! PUMV'TVPYH Ja 0U[LYUL[! ^^^ TVPYH Ja

4\JR )VV[Z )LSZ[HUL 3[K

( 4H\P :VUZ

( 4VU[YHPS 4V\U[HPU /HYK^LHY .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! MTL`ULU['TV\U[HPUOHYK^LHY JVT 0U[LYUL[! ^^^ TV\U[HPUOHYK^LHY JVT

( 4<5+ 4<5+ :6*2: 4\UKVPTWVY[ : 3 *VUKHKV KL ;YL]P|V 5H]L ( , )\YNVZ ;LS ! -H_! ,THPS! I\YNVZ'T\UKZVJRZ JVT 0U[LYUL[! ^^^ T\UKZVJRZ JVT

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( 4<52,,:

) 56:6

(JLJHTW .TI/ >LPZT SSLYZ[YH L + -YHURM\Y[ ;LS ! -H_! ,THPS! PUMV'HJLJHTW KL 0U[LYUL[! ^^^ HJLJHTW KL

-YHTPZ 0[HSPH :7( =PH KLSS (NYPJVS[\YH 0 =PNHUV +P .HNNPHUV 40 ;LS ! -H_! ,THPS! PUMV'MYHTPZ P[ 0U[LYUL[! ^^^ MYHTPZ P[

) 5HSNLUL 5HSNLUL 7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT ) 5P[LZ[PR 5P[LZ[PR 7[` 3[K >HSZO :[YLL[ (<: =0* 7YLZ[VU ;LS ! -H_! ,THPS! VVNULUV]ZRP'UP[LZ[PR JVT H\ 0U[LYUL[! ^^^ UP[LZ[PR JVT H\ ( 56,5, 9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT ( 5VRPHU -VV[^LHY )LYULY 3[K :WVY[ +LWHY[TLU[ ,[LSpYHU[H ( -05 /LSZPURP ;LS ! -H_! ,THPS! ZHTP LSV'ILYULY MP 0U[LYUL[! ^^^ ILYULYZWVY[ MP ( 569+0*( 0U[LYZVJRZ K V V ( 5VYKZLU )Y\NP : W ( =PH 7HZ[L\Y 0 =LYVUH ;LS ! -H_! ,THPS! PUMV'UVYKZLU P[ 0U[LYUL[! ^^^ UVYKZLU P[ ( 5VZP3PML *YHNOVWWLYZ 3[K <UP[ 4LYJ\Y` 7HYR 4LYJ\Y` >H` .) 4 3@ 4HUJOLZ[LY ;LS ! -H_! ,THPS! WSLL'JYHNOVWWLYZ JVT 0U[LYUL[! ^^^ JYHNOVWWLYZ JVT

) 5 YP[ 5HZJOLT *V 3[K 5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY ) 6J\U 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V =LSLUZRtOV *A )LSH 7VK )LaKLaLT ;LS ! -H_! ,THPS! PUMV'YWRVTWVULU[ Ja 0U[LYUL[! ^^^ YVJRWPSSHYZ JVT ^^^ VJ\U JVT ( 6W[PT\Z 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT -6 V\[KVVY 4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. 3L\ZJOULYZ[YH L + :[\[[NHY[ ;LS ! 0U[LYUL[! ^^^ V\[KVVYJOHUULS KL

( 6\[SÙL 6\[SÙL :WVY[Z (. 9PLKS ZLYZ[YHZZL */ 3HUKX\HY[ ;LS ! -H_! ,THPS! VMMPJL'V\[SÙL JVT 0U[LYUL[! ^^^ V\[SÙL JVT ) 6\[^LSS 6HZL 6\[KVVYZ (W: 2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ( 6]LY)VHYK >HZZLYKPJO[L ;HZJOLU =LU[V .TI/

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) 6?:0;0:

) 9LK -V_

6_ZP[PZ

9LK -V_ 6\[KVVY ,X\PWTLU[ 9LTLZSLUUH`H :[YLL[ 9<: :[ 7L[LYZI\YN ;LS ! -H_! ,THPS! HSS'YLKMV_ Y\ 0U[LYUL[! ^^^ YLKMV_ L\YVWL JVT

( 7SH[`W\Z *HZJHKL +LZPNUZ 3[K ) 7VKZHJZ ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ( 7V^LY[YH]LSSLY 7V^LY[YH]LSSLY 3[K <UP[ +LS[H 7HYR >PSZVT 9VHK .) .< 98 (S[VU /HTWZOPYL ;LS ! -H_! ,THPS! QHUL'WV^LY[YH]LSSLY JVT 0U[LYUL[! ^^^ WV^LY[YH]LSSLY JVT

( 9LNH[[H 9LNH[[H .TI/ 9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU`'YLNH[[H JVT 0U[LYUL[! ^^^ YLNH[[H JVT ( 9,3(? 2VWM ILY .TI/

( 796 ? ,3,4,5;:

( 9L]P]L?

2 >(@ +L\[ZJOSHUK .TI/

4J5L[[ ,\YVWL

( [LJUVWPSL UV ^PUK UV ^PUK WYV KY`MHZ[ [LJUV^VVS [LJUVRUP[ ZVM[ZOLSS [LJUVZ[YL[JO WVU[L[VY[VLJVZ`Z[LT TLYPUV[LJUV^VVS

-6 9VHK)02,

7VU[L[VY[V :7( ( 8:[HYa =HYPV;LR .TI/ )VKLSZJO^PUNOZ[YH L + ,UNLY ;LS ! -H_! ,THPS! PUMV']HYPV[LR KL 0U[LYUL[! ^^^ ]HYPV[LR KL ) 9HI ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ( 9 (+@: 6\[KVVY *SV[OPUN 9 (+@: (. ,NSP^LN */ 5PKH\ ;LS ! -H_! ,THPS! PUMV'YHK`Z JVT 0U[LYUL[! ^^^ YHK`Z JVT ( 9HTVU 2PUN 9HTVU 2PUN (. 0UK\Z[YPLZ[YHZZL */ A\N ;LS ! -H_! ,THPS! PUMV'YHTVURPUN JVT 0U[LYUL[! ^^^ YHTVURPUN JVT

4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. 3L\ZJOULYZ[YH L + :[\[[NHY[ ;LS ! 0U[LYUL[! ^^^ V\[KVVYJOHUULS KL

) 9VILUZ 6HZL 6\[KVVYZ (W: 2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ) 9VJR 7PSSHYZ 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V =LSLUZRtOV *A )LSH 7VK )LaKLaLT ;LS ! -H_! ,THPS! PUMV'YWRVTWVULU[ Ja 0U[LYUL[! ^^^ YVJRWPSSHYZ JVT ^^^ VJ\U JVT ) 9<)@;,* ,ZZLU[PHS ,SLTLU[Z (. -S\NOVMZ[YHZZL */ .SH[[IY\NN ;LS ! -H_! ,THPS! PUMV'LZZLU[PHS LSLTLU[Z JO 0U[LYUL[! ^^^ LZZLU[PHS LSLTLU[Z JO

) 9LJ[H 9LJ[H J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( 9@>(5

( ZJOVLSSLY

9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT

:JOVLSSLY ;L_[PS (. )HOUOVMZ[YHZZL */ :L]LSLU ;LS ! -H_! ,THPS! PUMV'ZJOVLSSLY [L_[PSLZ JVT 0U[LYUL[! ^^^ ZJOVLSSLY [L_[PSLZ JVT

( :(.6;,* :93 :HNV[LJ :93 =PH : .HL[HUV 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ZHNV[LJ'ZHNV[LJ P[ 0U[LYUL[! ^^^ ZHNV[LJ P[

:JO MMLS :WVY[ILRSLPK\UN .TI/ 3\K^PN :JO MMLS :[YH L + :JO^HIT UJOLU ;LS ! -H_! ,THPS! Z YP[ZJOLS'ZJOVLMMLS JVT 0U[LYUL[! ^^^ ZJOVLMMLS JVT

( :(36465

( :LH*LSS

0U[LYZVJRZ K V V

ZTHY[MPILY (. )YLP[ZJOLPKZ[YH L + 9\KVSZ[HK[ ;LS ! -H_! ,THPS! THPS'ZTHY[MPILY KL 0U[LYUL[! ^^^ ZTHY[MPILY KL

) :(3;0* :HS[PJ 5H T ; . 4HZHY`RH *A ASPU ;LS ! ,THPS! ZHS[PJ'ZHS[PJ Ja 0U[LYUL[! ^^^ ZHS[PJ JVT

( :LH +VV ZR [L \ ZWVY[Z WYVK\J[PVU .TI/

( :f;03(

( :LHS3PUL

2VWM ILY .TI/

*HZJHKL +LZPNUZ 3[K

) :H[THW

( :LHTNYPW

:H[THW :`Z[LTZ 3[K

4J5L[[ ,\YVWL

( : *HML

) :0..

:05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT

:0.. :^P[aLYSHUK (. >HSaT OSLZ[YHZZL */ -YH\LUMLSK ;LS ! -H_! ,THPS! PUMV'ZPNN JVT 0U[LYUL[! ^^^ ZPNN JVT

) :*(97( *HSaH[\YPMPJPV : * ( 9 7 ( :WH =PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[ ) -.6 :JOPSKRY [ -\U:WVY[Z ;PZJO[LUUPZ 4;: :WVY[HY[PRLS =LY[YPLIZ .TI/

( :JO MMLS :WVY[ILRSLPK\UN .TI/

( :PSRIVK` :PSRIVK` 7V )V_ 4VYH` 7S 5A +\ULKPU ;LS ! -H_! ,THPS! KH]PK'ZPSRIVK` JV Ua 0U[LYUL[! ^^^ ZPSRIVK` JV Ua ) :PTWS` 9VJR :PTWS` 9VJR

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( :05.;,?

) -.6 :WLLKTPU[VU

:05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT

4;: :WVY[HY[PRLS =LY[YPLIZ .TI/

) :09,?

:769; (KYLZZI\JO 2LYU =LYSHN

04),4( 2<5:;:;6-*/,40, )= 5PLKLYSHZZ\UN +L\[ZJOSHUK ,UaZ[YH L + 2VYU^LZ[OLPT ;LS ! -H_! ,THPS! PUMV'PTILTH KL 0U[LYUL[! ^^^ PTILTH KL

( :WVY[ 3H]P[

) ZRPRL ZRPRL -V\Y (JL ,\YVWL .TI/ +LSP[aZJOLY :[YH L + /HSSL ;LS ! -H_! ,THPS! JYT'ZRPRL JVT 0U[LYUL[! ^^^ ZRPRL JVT ) :R`SV[LJ :R`SV[LJ .TI/ ( ZSHJRZ[HY ZSHJRZ[HY )YH\U .TI/ ( ZTHY[JLS;4 ZTHY[MPILY (. )YLP[ZJOLPKZ[YH L + 9\KVSZ[HK[ ;LS ! -H_! ,THPS! THPS'ZTHY[MPILY KL 0U[LYUL[! ^^^ ZTHY[MPILY KL ( :UV :LHS :UV :LHS .LUMVV[ 4HYRL[PUN ,\YVWL .TI/ ) :U\NWHR :U\NWHR 3[K >H[LYSVV 4PSSZ /V^KLU 9VHK .) )+ /( :PSZKLU ;LS ! -H_! ,THPS! Z[L^HY['ZU\NWHR JVT 0U[LYUL[! ^^^ ZU\NWHR JVT ) :6<9*, :V\YJL =HNHIVUK :`Z[LTZ 3[K /m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT

( :7,5*6 0U[LYZVJRZ K V V -> :769; (KYLZZI\JO

:JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT ) :;,(3;/ -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT ( :[LYP7,5 :HML +YPURPUN >H[LY (U`^OLYL :[LYP7,5 I` /`KYV 7OV[VU 0UJ ,SSZ^VY[O 9VHK <:( )S\L /PSS ;LS ! -H_! ,THPS! PU[LYUH[PVUHS'Z[LYPWLU JVT 0U[LYUL[! ^^^ Z[LYPWLU JVT ) :\I ALYV :\I ALYV ;LJOUVSVN` 3[K ( :<5>(@ :\U^H` /VZLU .TI/ 3PUKLUZ[YH L + >HSKZ[L[[LU ;LS ! -H_! ,THPS! PUMV'Z\U^H` OVZLU KL 0U[LYUL[! ^^^ Z\U^H` OVZLU KL ( :<7,996<)(0? 4P[P ZWH =PH 7HWH .PV]HUUP ??000 0 <YNUHUV ). ;LS ! -H_! ,THPS! THYRL[PUN'TP[PZWH P[ 0U[LYUL[! ^^^ TP[PZWH P[ ) :\\U[V :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) ;(9.,; +9@

( ;/,94696<)(0?

;HYNL[ +Y` 3[K

4P[P ZWH =PH 7HWH .PV]HUUP ??000 0 <YNUHUV ). ;LS ! -H_! ,THPS! THYRL[PUN'TP[PZWH P[ 0U[LYUL[! ^^^ TP[PZWH P[

) ;HZTHUPHU ;PNLY ;HZTHUPHU ;PNLY J V ;H[VURH .TI/ ) ;(;652( ;H[VURH .TI/ 9VILY[ )VZJO :[YH L + +HZPUN ;LS ! -H_! ,THPS! PUMV'[H[VURH JVT 0U[LYUL[! ^^^ [H[VURH JVT ( ;): ;): ;LJOUPZ`U[OLZL 9V\[L KL *OH\KYVU LU 4H\NLZ - :[ 7PLYYL 4VU[SPTHY[ *tKL_ ;LS ! -H_! ,THPS! L_WVY['[IZ MY 0U[LYUL[! ^^^ [IZ MY

;PSSL` ,UK\YHISLZ 3[K ( ;P ;PTL (JLJHTW .TI/ >LPZT SSLYZ[YH L + -YHURM\Y[ ;LS ! -H_! ,THPS! PUMV'HJLJHTW KL 0U[LYUL[! ^^^ HJLJHTW KL ( ;0A07

,\YLRH ,\YVWL 5PNVY 5L[ ) =

;P[L_ =LY[YPLIZ .TI/ 9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'[PaPW JVT 0U[LYUL[! ^^^ [PaPW JVT

) ;,95<(

( ) ;VYH`

;LYU\H 0TWVY[ (YYHZH[L : ( 7VSxNVUV 2H[HPKL ) , (YYHZH[L 4VUKYHNVU ;LS ! -H_! ,THPS! PUMV'[LYU\H JVT 0U[LYUL[! ^^^ [LYU\H JVT

;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/ /\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT

) ;LJO 6

( ;OLYT ( 9LZ[ *HZJHKL +LZPNUZ 3[K ( ;OLYT PJ ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2. -YP[a 2UVSS :[YH L ( .SLPZKVYM ;LS ! -H_! ,THPS! VMMPJL'[OLYTPJ JVT 0U[LYUL[! ^^^ [OLYTPJ JVT ( ;OLYTVSP[L (K]HUZH 4HYRL[PUN .TI/ *HSKLUOVMLY >LN + /HTT ;LS ! -H_! ,THPS! U\YOHU UHSIHU['HK]HUZH JVT 0U[LYUL[! ^^^ HK]HUZH JVT

) ;PSSL`

( ;9(5.6>693+ ;YHUNV^VYSK ( ;YLR U ,H[ 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT ( ;9,A,;( ;9,A,;( 4.4 ZWH =PH ;YLU[V L ;YPLZ[L J 0 *H]HZHNYH KP =LKLSHNV ;= ;LS ! -H_! ,THPS! PUMV'O`WUV P[ PUMV'[YLaL[H JVT 0U[LYUL[! ^^^ [YLaL[H JVT

0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

( ;YVWPJHYL

( >f-6

;YVWPJHYL A^LURNYHZZ[YHH[ 53 3* (STLYL ;LS ! -H_! ,THPS! PUMV'[YVWPJHYL L\ 0U[LYUL[! ^^^ [YVWPJHYL L\

APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

) ;:3 6<;+669

( >HSKPLZ :JO\OL

;:3 6\[KVVY Y\L K\ 7Yt -H\JVU 7HL SLZ .SHPZPUZ - (UULJ` SL =PL\_ ;LS ! -H_! ,THPS! [ZS'[ZSV\[KVVY JVT 0U[LYUL[! ^^^ [ZSV\[KVVY JVT

=LU[V .TI/

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0UKL_ VM [YHKLTHYRZ 4HYRLU]LYaLPJOUPZ c ,SLUJV KLP THYJOP JVTTLYJPHSP c *H[HSVN\L KLZ THYX\LZ

) ? )PVUPJ ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT ( ?WSV]H *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/ 2VUYHK A\ZL )VNLU + 2YHPSSPUN ;LS ! -H_! ,THPS! JPJSVZWVY['JPJSVZWVY[ KL 0U[LYUL[! ^^^ JPJSVZWVY[ KL ) ? :VJRZ ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT ( ?;,5,? ?;,5,? +PZ[YPZ\K ZHYS 9\L KLZ WYtZ K (\NPZ - 3VUNULZ ;LS ! -H_! ,THPS! LYPJ'_[LUL_ MY 0U[LYUL[! ^^^ _[LUL_ MY ( @22 @22 ,\YVWL 3[K 2PYJOOVMZ[YH L + >\WWLY[HS ;LS ! -H_! ,THPS! ZOPVYPFTH[Z\KH'`RRL\YVWL JVT 0U[LYUL[! ^^^ `RRL\YVWL JVT ( @<:/(5 3VUN (K]HUJL 0U[ S *V 3[K - 5V :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! PYPZ'SVUNHK] JVT [^ 0U[LYUL[! ^^^ SVUNHK] JVT [^

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

108

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

0UKL_ VM WYVK\J[Z

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)VH[Z HUK HJJLZZVYPLZ *HUVL HJJLZZVYPLZ -VSKHISL JHUVLZ /LSTL[Z 0UMSH[HISL KPUNOPLZ 2H`HRZ *HUHKPHU JHUVLZ *HUVLZ 3PML QHJRL[Z 7HKKSLZ 9HM[Z

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)VVRZ +PNP[HS 4HW 4HWZ .\PKLIVVRZ 4LKPH :WLJPHSPZ[ SP[LYH[\YL =PKLVZ

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)P]V\HJ IHNZ -LH[OLY KV^U ZSLLWPUN IHNZ :SLLWPUN IHN PUSL[Z :SLLWPUN IHNZ :`U[OL[PJ MPIYL ZSLLWPUN IHNZ

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:JOSHMZpJRL )P^HRZpJRL +H\ULUZJOSHMZpJRL 0USL[Z 2\UZ[MHZLYZJOSHMZpJRL

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=LYIpUKL

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(JJLZZVPYLZ WV\Y ZHJZ n KVZ +H`WHJRZ +PZWVZP[PM HU[P]VS WV\Y IHNHNLZ :HJ KL ]V`HNL :HJ WV\Y HWWHYLPS WOV[V :HJ WV\Y SL JOPLU :HJVJOLZ :HJZ :HJZ KL ]V`HNL :HJZ n KVZ :HJZ n KVZ KL [YLRRPUN :HJZ n KVZ KL ]V`HNL :HJZ n KVZ KÂ»LZJHSHKL :HJZ n KVZ WV\Y YHUKVUUtLZ n ]tSV

,U]LSVWWLZ PU[tYPL\YLZ ZHJ KL JV\JOHNL :HJZ KL IP]V\HJ :HJZ KL JV\JOHNL :HJZ KL JV\JOHNL K\]L[Z :HJZ KL JV\JOHNL MPIYLZ HY[PMPJPLSSLZ

)VL[L LU JHV\[JOV\J *OH\ZZ\YL JV\YZL n WPLK *OH\ZZ\YL KL UVYKPJ ^HSRPUN *OH\ZZ\YL K\ [tStTHYR *OH\ZZ\YLZ KL SVPZPY *OH\ZZ\YLZ KL TVU[HNUL *OH\ZZ\YLZ KL ZRP KL YHUKVUUtL *OH\ZZ\YLZ KL [YHPSY\UUPUN *OH\ZZ\YLZ KL [YLRRPUN *OH\ZZ\YLZ KL `HJO[PUN *OH\ZZ\YLZ KÂ»LUMHU[ *OH\ZZ\YLZ L[ HJJLZZVPYLZ *OH\ZZ\YLZ L[ IV[[LZ KL ULPNL 3HJL[Z 7YVK\P[Z K LU[YL[PLU WV\Y JOH\ZZ\YLZ :HUKHSLZ :LTLSSL KL JHV\[JOV\J :LTLSSLZ PU[tYPL\YLZ :tJOVPY L[ JOH\MMHNL n JOH\ZZ\YLZ i[YPLYZ n NYPTWLY

,TISuTLZ -LYTL[\YLZ ]LZ[PTLU[HPYLZ -PIYLZ -PSZ 0TWYLZZPVU L[ MSVJHNL 4H[PuYLZ TVSSL[VUUtLZ 4LTIYHUL JSPTH[PX\L 9tMSLJ[L\YZ :HUNSLZ LU [V\[ NLUYL :VM[ZOLSSZ ;PZZ\Z tSHZ[PX\LZ ;PZZ\Z LUK\P[Z ;PZZ\Z L[ MPIYLZ ;PZZ\Z PTWLYTtHISLZ ;PZZ\Z WV\Y ZHJ KL JV\JOL ;PZZ\Z WV\Y [LU[L ;PZZ\Z tSHZ[PX\LZ

9tJPWPLU[ LU WSHZ[PJ 9tJPWPLU[Z KL [YHUZWVY[ 9tJPWPLU[Z MYPNVYPMPX\LZ L[ PZVSHU[Z 9tZLY]VPYZ KÂ»LH\

(JJLZZVPYLZ (JJLZZVPYLZ KL J\PY (JJLZZVPYLZ KL ]V`HNL (JJLZZVPYLZ WV\Y SL JOPLU (JJLZZVPYLZ [OLYTVWSHZ[PX\LZ (RR\ HSPTLU[HPYLZ )V\JSLZ )YPX\L[ *HYKPVMYtX\LUJLTu[YLZ *VMMYLZ KL [VP[ *V\[LH\_ *YVZZRH[LZ ,X\PWLTLU[ KL WvJOL -LYTL[\YLZ -SHJVU .V\YKLZ 3HTWLZ 3\UL[[LZ LU [V\Z NLUYLZ 4LZ\YL\YZ KL MYtX\LUJL JHYKPHX\L 4VU[YLZ 5VYKPJ )SHKPUN 6YKPUH[L\YZ KL ZWVY[ 6\[KVVY -P[ULZZ 6\[PS 7HYHWS\PL 7VKPVTu[YLZ 7VY[HISL (WWHYLPSZ YHKPV 7YV[LJ[PVU KL SH ZHU[t +tZPUMLJ[PVUZ KL S LH\ 0UZLJ[PJPKLZ :LY]PL[[L :VM[^HYL VYKPUH[L\Y :VSHPYL :`Z[uTL tSLJ[YVUPX\LZ WV\Y SH NLZ[PVU K\ TH[tYPHS :`Z[uTL WVY[L IVPZZVU :`Z[uTL tSLJ[YVUPX\LZ WV\Y SH NLZ[PVU K\ TH[tYPHS ;OLYTVTu[YL /`NYVu[YL

.YV\WLTLU[Z

,SLUJV TLYJLVSVNPJV

(JJLZZVYPL HU[PSH]PUL ([[HJJOP WLY ZJP HSWPUPZTV ([[YLaaP WLY NOPHJJPV HJJLZZVYP )HZ[VUP )HZ[VUP KH LZJ\YZPVUPZTV )HZ[VUP WLY UVYKPJ ^HSRPUN *VYKL ,STL[[P ,X\PWHNNPHTLU[V WLY TVU[HNUH ,X\PWHNNPHTLU[V [LSLTHYR 0TIYHJH[\YL KH YVJJPH 4HUPNSPL KH YVJJH 4HUPNSPL KH IV\SKLY 4VZJOL[[VUP HJJLZZVYP 7HYL[P K HYYHTWPJH[H 7HYL[P KP IV\SKLY 7LSSP KP MVJH 9HTWVUP :HJJOL[[V KP THNULZPV :SHJRSPULZ :[\VPL WLY YVJJPH Z[\VPL WLY IV\SKLYPUN (IIPNSPHTLU[V (IIPNSPHTLU[V KH IPJP (IIPNSPHTLU[V KH JVTWYLZZZPVUL (IIPNSPHTLU[V KH JVYZH (IIPNSPHTLU[V KH PTIHYJHaPVUL (IIPNSPHTLU[V KH WPVNNPH (IIPNSPHTLU[V KH YVJJPH (IIPNSPHTLU[V KH ZUV^IVHYK (IIPNSPHTLU[V KH [YLRRPUN (IIPNSPHTLU[V MLTTPUPSL (IIPNSPHTLU[V PU MSLLJL (IIPNSPHTLU[V PU ULVWYLUL (IIPNSPHTLU[V PU WP\TPUV (IIPNSPHTLU[V WLY IHTIPUP (IIPNSPHTLU[V ZJP HSWPUPZTV (IIPNSPHTLU[V ZJP HSWPUV (IIPNSPHTLU[V [LTWV SPILYV (IIPNSPHTLU[V [LYTPJV )PHUJOLYPH M\UaPVUHSL *HSaL *HWWLSSP )LYYL[[V W L .\HU[P 4HNSPLYPH 4VKH THYL 7YV[LNNP VYLJJOPL :JPHYWL ;LSP T\S[P M\UaPVUL

([[YLaaP KH ZLNUHSHaPVUL MPZJOPL[[P YHaaP LJJ *VWLY[L KP ZHS]H[HNNPV ,X\PWHNNPHTLU[V KP ZVWYH]]P]LUaH 7HSL ]HUNOL ;LJUPJOL KP ZHS]H[HNNPV

(JJLZZVYP WLY JHUVH *HUV[[P *HUV[[P WPLNOL]VSP *HZJOP .P\IIV[[P KP ZHS]H[HNNPV 0TIHYJHaPVUP LK HJJLZZVYP 2H`HR *HUHKLZP *HUVL 7HNHPL 9HM[PUN

(JJLZZVYP WLY [LUKL (THJOL ([[YLaaH[\YH KH JHTWLNNPV *VTI\Z[PIPSL -VYULSSL[[P Z[V]PNSPL ZPZ[LTP WLY JV[[\YH .YPSS HJJLZZVYP 4VIPSP KH JHTWLNNPV 7YVKV[[P WLY YPWHYHaPVUP :LKPH YPWLNHIPSP :[VPL ;LUKL =LYHUKL WLY [LUKL AHUaHYPLYL WYV[LaPVUP KH PUZL[[P

(JJLZZVYP WLY IPJP )VYZL WLY IPJP *VTW\[LY WLY IPJPJSL[[L ([[YLaaH[\YL WLY IHTIPUP 7HZZLNNPUP 7VY[HTIPTIV (YYLKV WLY ULNVaP +PZWSH`Z

*HY[L NLVNYHMPJOL .\PKL *HY[L NLVNYHMPJOL KPNP[HSP 3PIYP 3PIYP ZWLJPHSPaaH[P 4HZZTLKPH =PKLVZ

(S[PTL[YP )PUVJVSP PUMYHYVZZP )PUVJVSP JHUUVJJOPHSP )\ZZVSL .7: :[Y\TLU[P KP UH]PNHaPVUL :[HaPVUP TL[LVYVSVNPJOL :[Y\TLU[P KP UH]PNH[PVUL L V[[PJP ;LSLTL[YP

*\YH KLS JVYWV (Y[PJVSP PNPLUPJP +L[LYZP]P 7\SPaPH 0TWLYTLHIPSPaaHU[P 7YVKV[[P KH THU\[LUaPVUL 7YVKV[[P WLY SH J\YH KLS J\VPV

(JJLZZVYP WLY aHPUP (U[PM\Y[V WLY IHNHNSP )VYZL )VYZL KH MV[VNYHMP )VYZL KH ]PHNNPV )VYZL KL ]PHNNPV )VYZL WLY PS JHUL )VYZL WVY[HWHJJOP +H`WHJRZ AHPUP AHPUP KH IPJPJSL[[H AHPUP KH YVJJPH AHPUP KH [YLRRPUN AHPUP KH ]PHNNPV

-LKLYH WLY ZHJJOP H WLSV :HJJOP H WLSV :HJJOP H WLSV MPIYL ZPU[L[PJOL :HJJOP H WLSV 7P\TPUP :HJJOP KH IP]HJJV

*HSaH[\YL KH IHTIPUV *HSaH[\YL KH JVYZH *HSaH[\YL KH PTIHYJHaPVUL *HSaH[\YL KH UVYKPJ ^HSRPUN *HSaH[\YL KH [YHPSY\UUPUN *HSaH[\YL KH [YLRRPUN *HSaH[\YL LK (JJLZZVYP *HSaH[\YL WLY ZJP HSWPUPZTV *HSaH[\YL WLY [LTWV SPILYV +PZWVZP[P]P KP HZJP\NHTLU[V L JHSVYPMLYV WLY JHSaH[\YL 3HJJP KH ZJHYWH 7YVKV[[P WLY SH J\YH KLSSL ZJHYWL 9HJJOL[[L KH UL]L :HUKHSP :JHYWH KP [LSLTHYR :JHYWL KH YVJJPH :JHYWVUP :VSL[[L :[P]HSL KP NVTTH :\VSH KP NVTTH

*H[HYPMYHUNLU[P *OP\Z\YL WLY HIIPNSPHTLU[V ,TISLTP -HZJL KP VNUP NLULYL -PIYL -PSH[P -SLLJL 4LTIYHUL KP *SPTH[PaaHaPVUL :VM[ZOLSSZ :[HTWHNNPV KP Z[VMMH :[VMML KH ZHJJOP KP WLSV ;LSP KH [LUKL ;LZZ\[P L MPIYL ;LZZ\[P LSHZ[PJP ;LZZ\[P PTWLYTLHIPSP ;LZZ\[P YP]LZ[P[P

*VU[LUP[VYP PZVSHU[P L YLMYPNLYH[VYP *VU[LUP[VYP WLY HJX\H *VU[LUP[VYP WLY [YHZWVY[V 9LJPWPLU[P PU WSHZ[PJH

(ZZVJPHaPVUP

(JJLUKPUP (JJLZZVYP (JJLZZVYP KH ]PHNNPV (JJLZZVYP KLS JHUL (JJLZZVYP KP J\VPV (JJLZZVYP [LYTVWSHZ[PJP (RR\ (SPTLU[HYP (WWHYLJJOPV YHKPV *LSS\SHYL (YULZL (ZJP\NHTHUV ([[YLaaH[\YL KH WLZJH )VYHJJL )VYHJJL [HZJHIPSP *HSJVSH[VYP LSL[[YVUPJP WLY ZWVY[ *OP\Z\YL *VS[LSSP *VU[HWHZZP *VU[LUP[VYP WLY [L[[\JJPV *YVZZRH[LZ -PIIPL 3HTWHKL ]HYPL 4PZ\YH[VYP KLSSH MYLX\LUaH JHYKPHJH 4PZ\YH[VYP KLSSL W\SZHaPVUP 5VYKPJ )SHKPUN 6JJOPHSP KP VNUP [PWV 6TIYLSSV 6YVSVNPV 6\[KVVY -P[ULZZ 7YV[LaPVUL KP ZHS\[L 4LKPJPUH L WYVU[V ZVJJVYZV 0UZL[[PJPKP +PZPUML[[HU[P :PZ[LTP KP HZZ\UaPVUL SPX\PKP :PZ[LTP ,+7 NLZ[PVUL TLYJP :VM[^HYL JVTW\[LY :VSHYL ;LYTVTL[YV 0NYVTL[YV

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

4V\U[HPULLYPUN LX\PWTLU[ )LYNZWVY[H\ZY Z[\UN /HYK^HYL ,X\PWLTLU[ K LZJHSHKL ,X\PWHNNPHTLU[V WLY TVU[HNUH ( ( :93 ) (SPLUZ )LYNZWVY[ (UKYLHZ /VMTHUU ) ) (UKYLH )VSKYPUP ) (\Z[YP(SWPU =LY[YPLIZ .TI/ ) (]LU[\YL =LY[PJHSL :HYS 9\L KLZ ,[YPLYZ A( K\ 7\` :[ )VUUL[ - *OVSL[ 7:) ;LS ! -H_! ,THPS! H]'H]LU[\YL]LY[PJHSL JVT 0U[LYUL[! ^^^ H]LU[\YL]LY[PJHSL JVT ) )HL :OPV^ *V 3[K ( )LYNOH\Z 3[K -. (2) )LYNT UJO I` 2VNH ) ) )SHJR +PHTVUK ,X\PWTLU[ (. ) )SHJRZHML .TI/

100

) +L\[LY :WVY[ .TI/ *V 2. :PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT ) ,HZ[VU 4V\U[HPU 7YVK\J[Z /HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT ) ( *SPTIPUN ,X\PWTLU[ ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ) ,]LYLZ[ .TI/ -.6 MHZaPUH[V\Y ;V\YPZ[PR ;YHPUPUN ,]LU[ .TI/ ) -P_L *SPTIPUN : 3 ) .YP]LS Z Y S ) /HUK` 4HU *V 3[K ( -. ( /HUUHO *aLJO H Z

) * ( 4 7 ZWH

(TLYPJRH *A 7PSZLU ;LS ! -H_! ,THPS! PUMV'OHUUHO Ja 0U[LYUL[! ^^^ OHUUHOV\[KVVY JVT

( *HTW^LSK : 9 3

) /LHKZ <W 0U[LYUH[PVUHS *VYWVYH[PVU

*VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT

( /LH]LU ,HY[O 7YVK\J[Z *V 3[K

9LWYLZLU[LK I`! 7YV]PK\Z : 9 3

( 1VZLM /LPULU .TI/ *V 2. 3LKLYMHIYPR

) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W(

-6 /`KYH\SPRaLU[Y\T 0UK\Z[YPLILKHYM .TI/ (SWPUL ;LJOUVSVNPLU

=PH ;VYJOPV 0 *PZHUV )LYNHTHZJV ). ;LS ! -H_! ,THPS! JVTTLYJPHSL'HS\KLZPNU P[ 0U[LYUL[! ^^^ JSPTIPUN[LJOUVSVN` JVT ) *SPTI ? .LHY

) 2PUN :UHWZ 0UK *VYW - 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[ ( 2Sp[[LYT\ZLU ()

100

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 2VUN : W H ( 4() ZWH ) 4HK 9VJR *SPTIPUN ( -.6 4HTT\[ :WVY[Z .YV\W (. )PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO

*VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT 9LWYLZLU[LK I`! *HTW^LSK : 9 3 ( 9HJV ;L_[PSL *VYW ( :(3,>( :769;.,9f;, .4)/

9LWYLZLU[LK I`! ;VRV (.

) :R`SV[LJ .TI/

) 4HYTV[ 4V\U[HPU ,\YVWL .TI/

) :SHJRSPULY H[

.V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\ ) 4(:;,9: :YS =PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[

-.6 :SHJRSPUL ;VVSZ ) :UV^SPUL *V :UHRL ) :[LYSPUN 9VWL *V ) :[LYSPUN 9VWL *V ) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[

) 4J4\YKV 3[K

( ;HW\a 0UK\Z[Y` 3[K

) 4L[VSP\Z *SPTIPUN

) ;LJOUP :HUNSLZ :(: 0UNtUPLYPL +t]LSVWWLTLU[

) 4V\U[HPU 2PUN 3[K ( 4`5H] 5H]PNH[VYZ .PV]L :YS ( 6Y[V]V_ :WVY[HY[PRLS .TI/ ( 6\[+Y` ) 7tN\L[ *PL 4HPSSVU 9HWPKL 9\L KLZ )\JOPSSVUZ - (UULTHZZL ;LS ! -H_! ,THPS! L_WVY['WLN\L[ MY 0U[LYUL[! ^^^ WLN\L[ MY ) 7L[aS :(

( 7YV]PK\Z : 9 3

) <ZHUN 0UK\Z[YPHS *V 3[K ) =(<+, :WVY[ .TI/ *V 2. ) =LYKVU +LZPNUZ ) >PSK *V\U[Y` 3[K ) >VVQPU 7SHZ[PJ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

0JL LX\PWTLU[ HUK HJJLZZVYPLZ ,PZNLYp[L \UK A\ILOÂ&#x20AC;Y 4H[tYPLS NSHJL L[ HJJLZZVPYLZ ([[YLaaP WLY NOPHJJPV HJJLZZVYP

) (SPLUZ )LYNZWVY[ (UKYLHZ /VMTHUU ) (\Z[YP(SWPU =LY[YPLIZ .TI/ ) )3<, 0*,

102

) JSPTILY Z LX\PW ) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W( ) *SPTI ? .LHY ) *VNOSHU Z 3[K ) ,+,390+ .TI/ *V 2.

) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W(

) ,KLS^LPZZ :(:

) ,+,390+ .TI/ *V 2.

-.6 MHZaPUH[V\Y ;V\YPZ[PR ;YHPUPUN ,]LU[ .TI/

) -P_L *SPTIPUN : 3

) 2PUN :UHWZ 0UK *VYW

) /HUK` 4HU *V 3[K ) 2PUN :UHWZ 0UK *VYW - 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[ ) 2VUN : W H ) 7L[aS :( ) :PTVUK : ( ) :UV^SPUL *V :UHRL ) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[ ( *HSaH[\YPMPJPV AHTILYSHU : 9 3

- 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[ ) 7tN\L[ *PL 4HPSSVU 9HWPKL 9\L KLZ )\JOPSSVUZ - (UULTHZZL ;LS ! -H_! ,THPS! L_WVY['WLN\L[ MY 0U[LYUL[! ^^^ WLN\L[ MY ) 7L[aS :( ) :PTVUK : ( ) :PUNPUN 9VJR -.6 :SHJRSPUL ;VVSZ ( ZSHJRZ[HY )YH\U .TI/ ) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[

:UHW SPURZ HUK HJJLZZVYPLZ 2HYHIPULY \UK A\ILOÂ&#x20AC;Y 4V\ZX\L[VUZ HJJLZZVPYLZ 4VZJOL[[VUP HJJLZZVYP ) ) (UKYLH )VSKYPUP

) ) 3(5,? H Z ;,5+65 ) <ZHUN 0UK\Z[YPHS *V 3[K ) >PSK *V\U[Y` 3[K

) (\Z[YP(SWPU =LY[YPLIZ .TI/ ) )SHJRZHML .TI/

103

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

*SPTIPUN OVSKZ )V\SKLY OVSKZ 2SL[[LYNYPMML )V\SKLYNYPMML 7YPZLZ 4HUPNSPL KH YVJJH 4HUPNSPL KH IV\SKLY

*SPTIPUN ILS[Z

2SL[[LYN\Y[L )H\KYPLYZ KÂ»LZJHSHKL 0TIYHJH[\YL KH YVJJPH

) )SVJZ`UKPJH[L 3[K 9L]VS\[PVU 7<:/,9

) (SPLUZ )LYNZWVY[ (UKYLHZ /VMTHUU

) JSPTIPUN ZLY]PJL

) (]LU[\YL =LY[PJHSL :HYS

) L?WYLZZPVU OVSKZ

9\L KLZ ,[YPLYZ A( K\ 7\` :[ )VUUL[ - *OVSL[ 7:) ;LS ! -H_! ,THPS! H]'H]LU[\YL]LY[PJHSL JVT 0U[LYUL[! ^^^ H]LU[\YL]LY[PJHSL JVT

) -P_L *SPTIPUN : 3

) )3<, 0*,

) -YLLZ[VUL

) * ( 4 7 ZWH

) /9; 3[K

) JSPTILY Z LX\PW

) ,U[YL 7YPZLZ : ( :

( ,UN .LVYNP )LSV] :[Y ). :VMPH ;LS ! -H_! ,THPS! YWHYRV'OY[ OVSKZ JVT 0U[LYUL[! ^^^ OY[ OVSKZ JVT 9LWYLZLU[LK I`! >HSS[VWPH 3[K ) 2VUN : W H ) 4L[VSP\Z *SPTIPUN ) 4VVU *SPTIPUN *YVZZ :TP[OMPLSK .) : (< :OLMMPLSK ;LS ! -H_! ,THPS! ILU'TVVUJSPTIPUN JVT 0U[LYUL[! ^^^ TVVUJSPTIPUN JVT ) 6ZTVZL ) :PTWS` 9VJR ) <:;,;6 *SPTIPUN >HSSZ ) =LYKVU +LZPNUZ ) =VS_ :(: ) ?*<3; 3[K

) *SPTI ? .LHY ) ,+,390+ .TI/ *V 2. ) ,KLS^LPZZ :(: -.6 MHZaPUH[V\Y ;V\YPZ[PR ;YHPUPUN ,]LU[ .TI/ ) 2PUN :UHWZ 0UK *VYW - 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[ ) 4HK 9VJR *SPTIPUN ) 7L[aS :( ) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V ) :PUNPUN 9VJR ) :UHW ) :UV^SPUL *V :UHRL ) ) 3(5,? H Z ;,5+65

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) >PSK *V\U[Y` 3[K

) ,=63= *SPTIPUN

) >VVQPU 7SHZ[PJ

-.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT ) 4HK 9VJR *SPTIPUN

*SPTIPUN OLSTL[Z 2SL[[LYOLSTL *HZX\LZ KÂ»LZJHSHKL ,STL[[P

) 4VVU *SPTIPUN *YVZZ :TP[OMPLSK .) : (< :OLMMPLSK ;LS ! -H_! ,THPS! ILU'TVVUJSPTIPUN JVT 0U[LYUL[! ^^^ TVVUJSPTIPUN JVT

) (SPLUZ )LYNZWVY[ (UKYLHZ /VMTHUU ) (\Z[YP(SWPU =LY[YPLIZ .TI/

) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V

) JSPTILY Z LX\PW

) :UHW

) ,+,390+ .TI/ *V 2.

) >PSK *V\U[Y` 3[K

) ,KLS^LPZZ :(: -.6 MHZaPUH[V\Y ;V\YPZ[PR ;YHPUPUN ,]LU[ .TI/

*SPTIPUN ^HSSZ )V\SKLY ^HSSZ

) -P_L *SPTIPUN : 3

2SL[[LY^pUKL )V\SKLY^pUKL 4\YZ KÂ»LZJHSHKL 4\YZ KL IV\SKLY 7HYL[P K HYYHTWPJH[H 7HYL[P KP IV\SKLY

) /HUK` 4HU *V 3[K

) JSPTIPUN ZLY]PJL

) 2VUN : W H

) ,U[YL 7YPZLZ : ( :

) :PTVUK : (

-.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT

) :PUNPUN 9VJR ) >PSK *V\U[Y` 3[K

107

*SPTIPUN TH[Z *YHZO 7HKZ

2SL[[LYTH[[LU )V\SKLYTH[[LU 4H[LSHZ KÂ»LZJHSHKL KÂ»LZJHSHKL KL ISVJ :[\VPL WLY YVJJPH Z[\VPL WLY IV\SKLYPUN ) ) (UKYLH )VSKYPUP ) *OPSSHa 0U[LYUH[PVUHS .TI/ ) *SPTI ? .LHY ) ,+,390+ .TI/ *V 2.

) 6ZTVZL ) :PTWS` 9VJR ) <:;,;6 *SPTIPUN >HSSZ ) =LYKVU +LZPNUZ ) >HSS[VWPH 3[K ( ,UN .LVYNP )LSV] :[Y ). :VMPH ;LS ! -H_! ,THPS! ZHSLZ'^HSS[VWPH JVT 0U[LYUL[! ^^^ ^HSS[VWPH JVT 9LWYLZLU[LK I`! /9; 3[K ) ?*<3; 3[K

) ,U[YL 7YPZLZ : ( :

108

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

(]HSHUJOL YLZJ\L LX\PWTLU[ 3H^PULUYL[[\UN A\ILO Y ,X\PWLTLU[ WV\Y H]HSHUJOL (JJLZZVYPL HU[PSH]PUL

) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V ( 2VTWLYKLSS :WVY[HY[PRLS .TI/ ) 4J4\YKV 3[K ( 6Y[V]V_ :WVY[HY[PRLS .TI/ ) 70,7: .TI/ ) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[

*OHSR WV^KLY IHNZ

5VYKPJ >HSRPUN 7VSLZ 5VYKPJ >HSRPUN :[ JRL )o[VUZ KL UVYKPJ ^HSRPUN )HZ[VUP WLY UVYKPJ ^HSRPUN ( *VILY ZYS =PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[ ) ,HZ[VU 4V\U[HPU 7YVK\J[Z /HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT ) .\PKL[[P -YuYLZ ) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V

4HNULZP\T )L\[LS 4HNUtZPL ZHJ n WVM :HJJOL[[V KP THNULZPV

( 2VTWLYKLSS :WVY[HY[PRLS .TI/

) ) (UKYLH )VSKYPUP

( 2= ZHNS

) (9* ;,9@?

( 3,20 3LUOHY[ .TI/

) (\Z[YP(SWPU =LY[YPLIZ .TI/ ) )3<, 0*, ) *OPSSHa 0U[LYUH[PVUHS .TI/ ) JSPTILY Z LX\PW ) ,=63= *SPTIPUN ) PUMLJ[LK TV]L ) 9LK *OPSP 0U[LYUH[PVUHS 3[K ) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V ) :PUNPUN 9VJR ) :UHW

2HYS (YUVSK :[YH L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL ) 4(:;,9: :YS =PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[ ) ;LJO (JL ,U[LYWYPZL *V 3[K ) ;:3 6\[KVVY ) =PWVSL ( A(16 1\YHQ 2YHSPR

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

9VWLZ

114

) 4V\U[HPU ,X\PWTLU[

:LPSL *VYKLZ *VYKL

) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V

) )SHJRZHML .TI/

) :SHJRSPULY H[

) JSPTILY Z LX\PW

-.6 :SHJRSPUL ;VVSZ ,PJOOVYUZ[YH L + 2VUZ[HUa ;LS ! -H_! ,THPS! PUMV'ZSHJRSPUL [VVSZ KL 0U[LYUL[! ^^^ ZSHJRSPUL [VVSZ KL

) *V\ZPU ;YLZ[LJ Y\L (IIt )VUWHPU - >LY]PJX :\K ;LS ! -H_! ,THPS! JVU[HJ['JV\ZPU [YLZ[LJ JVT 0U[LYUL[! ^^^ JV\ZPU [YLZ[LJ JVT

( ZSHJRZ[HY )YH\U .TI/

) ,+,390+ .TI/ *V 2.

-. ( :[YLL[Z\YMPUN.LYTHU` .TI/

) ,KLS^LPZZ :(:

) ;LJOUP :HUNSLZ :(: 0UNtUPLYPL +t]LSVWWLTLU[

) -P_L *SPTIPUN : 3 ) 9VJH *VYKLZ KL 4\U[HU`H : 3

) :PTVUK : (

*YHTWVUZ :[LPNLPZLU *YHTWVUZ 9HTWVUP

) :PUNPUN 9VJR

) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W(

) :[LYSPUN 9VWL *V

) ,+,390+ .TI/ *V 2.

) ) 3(5,? H Z ;,5+65

) .YP]LS Z Y S ) /HUK` 4HU *V 3[K

:SHJRSPULZ :SHJRSPULZ :SHJRSPULZ :SHJRSPULZ

) :PTVUK : ( ) :UV^SPUL *V :UHRL

) )3<, 0*,

) :;<)(0 >LYRaL\NPUK\Z[YPL )LYNZWVY[

) JSPTILY Z LX\PW -.6 0+ :WVY[Z .TI/ .PIIVU :SHJRSPULZ

:RP :RPUZ

) 2PUN :UHWZ 0UK *VYW

:[LPNMLSSL 7LH\_ WV\Y ZRPZ KL YHUKVUUtL 7LSSP KP MVJH

- 5V :LJ 2LLS\UN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZUHW'ZPUNN` JVT [^ 0U[LYUL[! ^^^ RPUNZUHWZ UL[

) 2VOSH 0IL_ :WVY[HY[PRLS .TI/

115

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

7VSLZ

) :UV^SPUL *V :UHRL

:[ JRL )o[VUZ )HZ[VUP

) ;LJO (JL ,U[LYWYPZL *V 3[K

) ) )SHJR +PHTVUK ,X\PWTLU[ (.

( <UP]LYZP[p[ 9VZ[VJR 3LOYZ[\OS M Y 3LPJO[IH\

( *VILY ZYS

) =PWVSL

=PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[

) ,]LYLZ[ .TI/

=PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[

) .YP]LS Z Y S ) .\PKL[[P -YuYLZ

) 4(:;,9: :YS

) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V

=PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[

) 2VOSH 0IL_ :WVY[HY[PRLS .TI/ ( 2VTWLYKLSS :WVY[HY[PRLS .TI/

( 3,20 3LUOHY[ .TI/ 2HYS (YUVSK :[YH L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL

;V\YPUN ZRP IPUKPUNZ

;V\YLUZRPIPUK\UNLU -P_H[PVUZ L[ Io[VUZ KL ZRPZ KL YHUKVUUtL ([[HJJOP WLY ZJP HSWPUPZTV ) .\PKL[[P -YuYLZ

/PRPUN 7VSLZ

) 4(:;,9: :YS

>HUKLYZ[ JRL )o[VUZ KL YHUKVUUtL )HZ[VUP KH LZJ\YZPVUPZTV

=PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[

) *SPTIPUN ;LJOUVSVN` KPZ[YPI\[LK I` (S\KLZPNU :W(

) 4V\U[HPU 2PUN 3[K

;LSLTHYRLX\PWTLU[ ,X\PWLTLU[ [tStTHYR ,X\PWHNNPHTLU[V [LSLTHYR ( *VILY ZYS

( ,_WLK (.

>HNULYT OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'RVTWLYKLSS JVT 0U[LYUL[! ^^^ RVTWLYKLSS JVT

;LSLTHYR LX\PWTLU[

( *VILY ZYS

) :OHUKVUN 9VIPUZVU :WVY[Z .VVK *V 3[K

=PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[

) :PUV 0U[LYUH[PVUHS ;YHKPUN L 2

) .\PKL[[P -YuYLZ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V

) (UKL :YS

) 2VOSH 0IL_ :WVY[HY[PRLS .TI/

( (WHYZV -\aOV\ :WVY[Z^LHY *V 3[K

( 2VTWLYKLSS :WVY[HY[PRLS .TI/

( )LYNHUZ -YP[PK (:

( 3,20 3LUOHY[ .TI/ 2HYS (YUVSK :[YH L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL ) 4(:;,9: :YS =PH *HWP[LS]LJJOPV 0 )HZZHUV KLS .YHWWH =0 ;LS ! -H_! ,THPS! PUMV'THZ[LYZ P[ 0U[LYUL[! ^^^ THZ[LYZ P[ ) 4V\U[HPU 2PUN 3[K ) 5HZJOLT *V 3[K 5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY ) ;LJO (JL ,U[LYWYPZL *V 3[K ) ;:3 6\[KVVY ) =PWVSL

150

*SV[OPUN

)LRSLPK\UN =v[LTLU[Z (IIPNSPHTLU[V ) HKPKHZ (. (KP +HZZSLY 7SH[a + /LYaVNLUH\YHJO ;LS ! -H_! ,THPS! YHPULY Z[LJOS'HKPKHZ JVT 0U[LYUL[! ^^^ HKPKHZ JVT 9LWYLZLU[LK I`! :PSOV\L[[L 0U[ :JOTPLK (. ( (S[\Z @\TH : (

3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT ( - SSP *HTWHNUVSV .TI/ ) *OPSSHa 0U[LYUH[PVUHS .TI/ ) */04( -LYUVZ[ :LY]PJL ) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K ) -. ) *4, *HUHKPHU 4V\U[HPULLYPUN ,X\PWTLU[ 3[K J V 2YPTTLY 6\[KVVY 2L`^HYL ) *VJVUH ,\YVWL ( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL ( *YHNOVWWLYZ 3[K <UP[ 4LYJ\Y` 7HYR 4LYJ\Y` >H` .) 4 3@ 4HUJOLZ[LY ;LS ! -H_! ,THPS! WSLL'JYHNOVWWLYZ JVT 0U[LYUL[! ^^^ JYHNOVWWLYZ JVT ( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU ) +HVOLUN 0UK\Z[Y` ?PHTLU *V 3[K ( KHYL I 9LNH[[H .TI/ 9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU'YLNH[[H JVT 9LWYLZLU[LK I`! 9LNH[[H .TI/ ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV

150

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( +PYLJ[ (SWPUL Z Y V

) 0 6 )PV 4LYPUV

( ,0+,9

) 0A(: :WVY[^LHY KL (YHN}U : 3

) ,SP[L [YVU ,U[LYWYPZL *V 3[K

) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H(

) LSRSPUL .TI/

( RPSS[LJ :WVY[ \UK -YLPaLP[ .TI/

) -LYYPUV * : W ( *VYZV 3VTIHYKPH 0 ;LS ! -H_! ,THPS! WY'MLYYPUV P[ 0U[LYUL[! ^^^ MLYYPUV P[

:HU 4H\YV ;6

( -P]L :LHZVUZ ( -QpSSYp]LU ()

( 2Sp[[LYT\ZLU () ( 2\OS *SV[OPUN

) -VY[\UL ,U[LYWYPZL 0UJ

:V\[O >LZ[ <:( 4\YYH` ;LS ! -H_! ,THPS! L]HU'R\OS\ZH JVT 0U[LYUL[! ^^^ R\OS JVT

( -\QPHU *VTTLYJPHS *VYW

( 3HM\TH : (

) -\QPHU 3PU[L_ 0TW ,_W *V 3[K

( 3 MMSLY .TI/

) -\ZPVU *SV[OPUN *VTWHU`

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU

( -\aOV\ -HZOPVU -S`PUN .HYTLU[Z *V 3[K ) .LSLY[ 3[K ) .V3P[L 33* -.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L = ( -. ( /HUUHO *aLJO H Z ( /0 ;,*

*HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV ) 3V^L (SWPUL ( 3\UKOHNZ :RVTHRHYUH () ( 4() ZWH ( 4HPLY :WVY[Z .TI/ *V 2.

) /VWLYPZL ;L_[PSLZ *V 3[K

5 Y[PUNLY :[YH L + 2 UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL

( /\ZR` *A Z Y V

( -.6 4HTT\[ :WVY[Z .YV\W (.

( 0JLIYLHRLY 3[K ) PUMLJ[LK TV]L

APTTLYLYZ[YH L + )\JOOVSa ;LS ! -H_! ,THPS! MLPNL'RPSS[LJ KL 0U[LYUL[! ^^^ RPSS[LJ JVT

)PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO 9LWYLZLU[LK I`! ;VRV (.

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 4HYTV[ 4V\U[HPU ,\YVWL .TI/ .V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\

150

( 7LHR 7LYMVYTHUJL 7YVK\J[PVU () ) 7PUL^VVK () ( ( 7YV -LL[ .TI/

( 4H\S .TI/ *V 2. 4H\S :WVY[

) 8\HUaOV\ ,\IVU 0TW ,_W *V 3[K

( -. ( 4); 4HZHP 4HYRL[PUN ;YHKPUN (.

( 9 (+@: (.

5L\^PLZLUZ[YHZZL */ >PU[LY[O\Y ;LS ! -H_! ,THPS! [OVTHZ L[[LUILYNLY'TI[ JVT 0U[LYUL[! ^^^ TI[ JVT

,NSP^LN */ 5PKH\ ;LS ! -H_! ,THPS! PUMV'YHK`Z JVT 0U[LYUL[! ^^^ YHK`Z JVT

( 4LJ[L_ :W(

( 9LNH[[H .TI/

( 4P[P ZWH ( 4VU[\YH ;HZJP ZYS =PH AV[[P 0 9V]LYL[V ;5 ;LS ! -H_! ,THPS! TVU[\YH'TVU[\YH P[ 0U[LYUL[! ^^^ TVU[\YH P[ ) ( 4V\U[HPU 3PVU :(: 9\L 6ILYSPU - :[YHZIV\YN ;LS ! ,THPS! M THUHYHUJOL'TV\U[HPU SPVU MY 0U[LYUL[! ^^^ TV\U[HPU SPVU MY ( 4<5+ :6*2: 4\UKVPTWVY[ : 3 ( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K ( 5VYKISHUJ ,\YVWL .TI/ ) 6+36 0U[LYUH[PVUHS (. ) ZJO */ / ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT ( 6Y[V]V_ :WVY[HY[PRLS .TI/ ( 6\[KVVY 6YNHUPJ ( 6\[S`UL :WVY[Z (.

9LPJOLUILYNLY :[YH L + +PUNVSMPUN ;LS ! -H_! ,THPS! NLYTHU`'YLNH[[H JVT 0U[LYUL[! ^^^ YLNH[[H JVT 9LWYLZLU[LK I`! KHYL I ( 9LUV :WVY[Z^LHY /HUKLSZ .TI/ ( 9V`HS 9VIIPUZ ( :HNV[LJ :93 ( :(3,>( :769;.,9f;, .4)/ ( :JO MMLS :WVY[ILRSLPK\UN .TI/ ) :OHUNOHP /HVOVUN ;L_[PSL HUK .HYTLU[ *V 3[K ) :PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL ) :R`SV[LJ .TI/ ( ZTHY[MPILY (. ) :WLLK^H` 0UK\Z[YPHS *V 3[K ) :\UKH` (M[LYUVVUZ

150

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( :`TWH[L_ ;LJOUVSVNPLZ .TI/

( ?PHTLU -YVU[PLY .HYTLU[Z *V 3[K

) ;HZTHUPHU ;PNLY J V ;H[VURH .TI/

( ?PHTLU 2PUNSHUK *V 3[K

( ;): ;LJOUPZ`U[OLZL

( ?PHTLU >PUZWVY[ *VYWVYH[PVU

9V\[L KL *OH\KYVU LU 4H\NLZ - :[ 7PLYYL 4VU[SPTHY[ *tKL_ ;LS ! -H_! ,THPS! L_WVY['[IZ MY 0U[LYUL[! ^^^ [IZ MY ) ;LYU\H 0TWVY[ (YYHZH[L : ( ( ;OL 5VY[O -HJL =- 05;3 ) ;PLUQPHUN ,U[LYWYPZL *V 3[K ( ;YHUNV^VYSK 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT ( ;YPTT :WVY[ Z Y V

:^PT ^LHY

)HKLILRSLPK\UN =v[LTLU[Z KL IHPU 4VKH THYL ( *HTHYV ,YPJO 9VPZLY .TI/ ) -VY[\UL ,U[LYWYPZL 0UJ ) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K -.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L = ( /V\KPUP :WVY[Z^LHY ()

) ;:: -VY[\UL *V 3[K

( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK

( <YIHU 9VJR

( 4() ZWH

) =HYPLK >PZL 0U[ S *V 3[K

( 9LPUZJOTPK[ .TI/

) =(<+, :WVY[ .TI/ *V 2.

) ;PLUQPHUN ,U[LYWYPZL *V 3[K

( =LU[V .TI/

) ;YLZWHZZ

) >HYTWLHJL Z Y V

) >\ 3\LU 2UP[[PUN *V 3[K

) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K

) ?PHTLU +\UJHU (TVZ :WVY[Z^LHY *V 3[K

:\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR ) >PU ;YLUK 0U[LYUH[PVUHS *V ( >VYSK -HTV\Z -\QPHU 6\[KVVY .HYTLU[Z 3[K

( A(16 1\YHQ 2YHSPR

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

)VH[PUN V\[ร [Z

)VV[ZILRSLPK\UN =v[LTLU[Z `HJO[PUN (IIPNSPHTLU[V KH PTIHYJHaPVUL

153

( 3PML PZ NVVK .SVIHS 0UJ -. ) 4HSVQH *SV[OPUN .TI/ *V 2.

( *HTHYV ,YPJO 9VPZLY .TI/

( 4H\S .TI/ *V 2. 4H\S :WVY[

) LSRSPUL .TI/

( 4P[P ZWH

( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK

) 4VPYH *A H Z ) 4652,,

>VTHU Z ^LHY

+HTLUILRSLPK\UN =v[LTLU[Z WV\Y MLTTLZ (IIPNSPHTLU[V MLTTPUPSL ( ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ) *(47<9 ( *YHNOVWWLYZ 3[K ) LSRSPUL .TI/ ( -P]L :LHZVUZ ) -\ZPVU *SV[OPUN *VTWHU`

( 9LPUZJOTPK[ .TI/ ( 9V`HS 9VIIPUZ ) :JHSHTHSHKL .TI/ ( :PSRIVK` ) :PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YHย L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL ) :\UKH` (M[LYUVVUZ ( :\U^H` /VZLU .TI/ ) ;HYNL[ +Y` 3[K

-.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L =

( >PSK 9VZLZ 0U[LYUH[PVUHS (.

( 3 -HZOPVU .YV\W 0JLWLHR

9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

) PUMLJ[LK TV]L ( 2HRHK\ ;YHKLYZ (\Z[YHSPH .TI/ ( 2LLSH 0U[LYUH[PVUHS 3[K

) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT

( 2\OS *SV[OPUN ( 2 >(@ +L\[ZJOSHUK .TI/

154

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

-LH[OLY KV^U JSV[OPUN

( 3 MMSLY .TI/

+H\ULUILRSLPK\UN =v[LTLU[Z K\]L[ (IIPNSPHTLU[V PU WP\TPUV

( 4() ZWH

( ( 4VSPUH * :7(

-. ) 4HSVQH *SV[OPUN .TI/ *V 2.

( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L

( 4P[P ZWH

( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK

) 4VPYH *A H Z

) 4V\U[HPU ,X\PWTLU[

) 6+36 0U[LYUH[PVUHS (. ) ZJO */ / ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT

) 9LK -V_ 6\[KVVY ,X\PWTLU[ ) :\I ALYV ;LJOUVSVN` 3[K

( 9LNH[[H .TI/

*`JSPUN ^LHY

) :WLLK^H` 0UK\Z[YPHS *V 3[K

-HOYYHKILRSLPK\UN =v[LTLU[Z WV\Y J`JSPZ[LZ (IIPNSPHTLU[V KH IPJP

) ;PLUQPHUN ,U[LYWYPZL *V 3[K

( )YVVRZ ,UNSHUK 3[K

( >05+ ? ;9,4, (J[\HS *VSVYZ )*5 :3 J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT

( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL

) ?PHTLU +\UJHU (TVZ :WVY[Z^LHY *V 3[K

( KHYL I 9LNH[[H .TI/ ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV ) -VY[\UL ,U[LYWYPZL 0UJ ) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K ( 0JLIYLHRLY 3[K ) 0 6 )PV 4LYPUV ( 2LLSH 0U[LYUH[PVUHS 3[K ( 2 >(@ +L\[ZJOSHUK .TI/ ( 3HZ[PUN :WVY[ Z Y V

-SLLJL JSV[OPUN

-SLLJLILRSLPK\UN =v[LTLU[Z KL ÅHULSSL (IIPNSPHTLU[V PU ÅLLJL ( 5VY[O ) (9* ;,9@? ) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK ) )HSLUV ) )LY[LSZ ;L_[PSOHUKLSZ .TI/ ( - SSP *HTWHNUVSV .TI/

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) *(47<9

( APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

) LSRSPUL .TI/ ) MPUTHH <. OHM[\UNZILZJOYpUR[ ( -P]L :LHZVUZ ( /V\KPUP :WVY[Z^LHY () ( 3 -HZOPVU .YV\W 0JLWLHR ) 0A(: :WVY[^LHY KL (YHN}U : 3 ( 2\OS *SV[OPUN ( 2 >(@ +L\[ZJOSHUK .TI/ ( 4HPLY :WVY[Z .TI/ *V 2. 5ย Y[PUNLY :[YHย L + 2ย UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL ) 7H[HNVUPH ,\YVWL :5* ) 7PUL^VVK () ) 9(3 ;,2:;03 3;+ :;0 ) 9LK -V_ 6\[KVVY ,X\PWTLU[ ( 9LUV :WVY[Z^LHY /HUKLSZ .TI/ ) :JHSHTHSHKL .TI/ ) :WYH`^H` 3[K ) ;H[VURH .TI/ ( >PSK 9VZLZ 0U[LYUH[PVUHS (. 9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

157

3LPZ\YL ^LHY

-YLPaLP[ILRSLPK\UN ; :OPY[ =v[LTLU[Z KL SVPZPYZ (IIPNSPHTLU[V [LTWV SPILYV ( ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ) (9* ;,9@? ) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK ) )HSLUV ) )LY[LSZ ;L_[PSOHUKLSZ .TI/ ) *(47<9 ) */04( -LYUVZ[ :LY]PJL ( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV ( ,0+,9 ) LSRSPUL .TI/ ) MPUTHH <. OHM[\UNZILZJOYpUR[ ) -VY[\UL ,U[LYWYPZL 0UJ ) -\ZPVU *SV[OPUN *VTWHU`

157

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K

( 9V`HS 9VIIPUZ

-.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L =

) :JHSHTHSHKL .TI/ ( :PSRIVK`

( 3 -HZOPVU .YV\W 0JLWLHR

) :\UKH` (M[LYUVVUZ

-.6 0+ :WVY[Z .TI/ .PIIVU :SHJRSPULZ

) ;HYNL[ +Y` 3[K

) PUMLJ[LK TV]L

) ;H[VURH .TI/

) 0 6 )PV 4LYPUV

( ;): ;LJOUPZ`U[OLZL

( 2HRHK\ ;YHKLYZ (\Z[YHSPH .TI/

9V\[L KL *OH\KYVU LU 4H\NLZ - :[ 7PLYYL 4VU[SPTHY[ *tKL_ ;LS ! -H_! ,THPS! L_WVY['[IZ MY 0U[LYUL[! ^^^ [IZ MY

( 2\OS *SV[OPUN ( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K

) ;PSSL` ,UK\YHISLZ 3[K

( 3PML PZ NVVK .SVIHS 0UJ

) ;YLZWHZZ

( 3 MMSLY .TI/

( >05+ ? ;9,4, (J[\HS *VSVYZ )*5 :3

-. ) 4HSVQH *SV[OPUN .TI/ *V 2. ( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK

J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT

( 4H[VSSV :WVY[ : (

) ?PHTLU A\VUH :WVY[ *V 3[K

J AHTVYH , )HYJLSVUH ;LS ! -H_! ,THPS! ZVSL'TH[[ ZWVY[Z JVT 0U[LYUL[! ^^^ TH[[ ZWVY[Z JVT

7YHJ[PJHS \UKLY^LHY

) 4652,,

-\UR[PVUZ\U[LY^pZJOL :V\Z ]v[LTLU[Z [LJOUPX\LZ )PHUJOLYPH M\UaPVUHSL

( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K

( (JSPTH (:

( 6\[KVVY 6YNHUPJ

) (]LU[\YL =LY[PJHSL :HYS

) 7PUL^VVK ()

) )HSLUV

) 9(3 ;,2:;03 3;+ :;0

( - SSP *HTWHNUVSV .TI/

( 9LPUZJOTPK[ .TI/

( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/

( 9LUV :WVY[Z^LHY /HUKLSZ .TI/

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( *9(-;

159

( ( 7YV -LL[ .TI/

,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL

( 9 (+@: (. ) 9(3 ;,2:;03 3;+ :;0

) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV

( :PSRIVK`

( +PYLJ[ (SWPUL Z Y V

) :\I ALYV ;LJOUVSVN` 3[K

) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K

) ;OL 4VIPSL :VJPL[` *HYSV :JOTPK :[YH L + > YZLSLU ;LS ! -H_! ,THPS! PUMV'HJ[PVU ZWVY[Z KL 0U[LYUL[! ^^^ [OL TVIPSL ZVJPL[` JVT

( /V\KPUP :WVY[Z^LHY () ( 0U[LYZVJRZ K V V

) ;PSSL` ,UK\YHISLZ 3[K

( 3HZ[PUN :WVY[ Z Y V

) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ

( 3LUa .TI/

) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S

( 3 MMSLY .TI/

=PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU *HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV ) 56 3040;: 8\HYHU[HZLP :93 =PH +VU 3 *HYHTHZJOP 0 :\aaHYH 45 ;LS ! -H_! ,THPS! PUMV' JVT ( 5VYKISHUJ ,\YVWL .TI/ ( )Y\NP : W ( ) 6+36 0U[LYUH[PVUHS (. ) ZJO */ / ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT ( 6Y[V]V_ :WVY[HY[PRLS .TI/

.SV]LZ

/HUKZJO\OL .HU[Z .\HU[P ) (9* ;,9@? ) )SHJRZHML .TI/ ) *(47<9 ) +HURLU ,U[LYWYPZL *V 3[K ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ( ,\THY 0U[LYUH[PVUHS ZYS ) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K

) 70,7: .TI/

159

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 2VTWLYKLSS :WVY[HY[PRLS .TI/

) MPUTHH <. OHM[\UNZILZJOYpUR[

>HNULYTย OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'RVTWLYKLSS JVT 0U[LYUL[! ^^^ RVTWLYKLSS JVT

)LYSPULY :[YHย L + )LYSPU ;LS ! -H_! ,THPS! YL[HPSLY'MPUTHH KL 0U[LYUL[! ^^^ MPURPK KL

( 2= ZHNS

( -P]L :LHZVUZ

( 3,20 3LUOHY[ .TI/

) -\ZPVU *SV[OPUN *VTWHU`

2HYS (YUVSK :[YHย L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL ( )Y\NP : W ( ( 6\[+Y` ) :\UU` >H` -HZOPVU *V 3[K ( :`TWH[L_ ;LJOUVSVNPLZ .TI/

) 26A020+A ( 2 >(@ +L\[ZJOSHUK .TI/ ( 3PML PZ NVVK .SVIHS 0UJ ( 4HPLY :WVY[Z .TI/ *V 2.

) ;LYYH 5V]H ,X\PWTLU[ 3[K

5ย Y[PUNLY :[YHย L + 2ย UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL

( ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2.

( 7LHR 7LYMVYTHUJL 7YVK\J[PVU ()

) ;VII` )HUK \UK -SLJO[^HYLU .TI/

) 9(3 ;,2:;03 3;+ :;0

) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ

( 9LNH[[H .TI/

*OPSKYLUยปZ JSV[OPUN

2PUKLYILRSLPK\UN =v[LTLU[Z WV\Y LUMHU[Z (IIPNSPHTLU[V WLY IHTIPUP ( ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ) )LY[LSZ ;L_[PSOHUKLSZ .TI/ ( KHYL I 9LNH[[H .TI/ ) LSRSPUL .TI/

( 3 -HZOPVU .YV\W 0JLWLHR

( 9LPUZJOTPK[ .TI/ ) :\UKH` (M[LYUVVUZ ) ;HYNL[ +Y` 3[K ( APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

*SPTIPUN ^LHY

162

( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K

2SL[[LYILRSLPK\UN =v[LTLU[Z KÂ»LZJHSHKL (IIPNSPHTLU[V KH YVJJPH

) 56.9(+

) ()2 *VTWHU`

) 9LK *OPSP 0U[LYUH[PVUHS 3[K

) )3<, 0*,

) :HS[PJ

) *OPSSHa 0U[LYUH[PVUHS .TI/

) :JHSHTHSHKL .TI/

( *Y\_

) :UHW

( +PYLJ[ (SWPUL Z Y V

( :\U^H` /VZLU .TI/

) ,

) ;LJO >PUUPUN 0UK *V 3[K

) ,+,390+ .TI/ *V 2.

( >PSK 9VZLZ 0U[LYUH[PVUHS (. 9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

( /V\KPUP :WVY[Z^LHY () ) PUMLJ[LK TV]L ) 0 6 )PV 4LYPUV

*VTWYLZZPVU ^LHY

( 2Sp[[LYT\ZLU ()

2VTWYLZZPVUZILRSLPK\UN =v[LTLU[Z KL JVTWYLZZPVU (IIPNSPHTLU[V KH JVTWYLZZZPVUL

( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K

( *9(-;

-. ) 4HSVQH *SV[OPUN .TI/ *V 2. ( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK ) 4652,, ( 4VU[\YH ;HZJP ZYS ) 4VVU *SPTIPUN *YVZZ :TP[OMPLSK .) : (< :OLMMPLSK ;LS ! -H_! ,THPS! ILU'TVVUJSPTIPUN JVT 0U[LYUL[! ^^^ TVVUJSPTIPUN JVT ) 4V\U[HPU ,X\PWTLU[ ( 4V\U[HPU /HYK^LHY

,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL ) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K ) 0 6 )PV 4LYPUV ( 3Â&#x20AC;MMSLY .TI/ ) 6 TV[PVU JVTWYLZZPVU HUK ZWVY[ (T .Â&#x20AC;JRLS + :[L[[MLSK ;LS ! -H_! ,THPS! ZLY]PJL'VTV[PVU L\ 0U[LYUL[! ^^^ VTV[PVU L\ ) :WLLK^H` 0UK\Z[YPHS *V 3[K ) ;OL 4VIPSL :VJPL[`

163

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

/LHKNLHY

) :\UU` >H` -HZOPVU *V 3[K

2VWMILKLJR\UNLU HSSLY (Y[ )VUUL[Z JOHWLH\_ L[J *HWWLSSP )LYYL[[V W L

( ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2.

) )YL[[ZJOULPKLY -LYUYLPZLILKHYM .TI/

) ;PSSL` ,UK\YHISLZ 3[K

) *(47<9

( >05+ ? ;9,4, (J[\HS *VSVYZ )*5 :3 J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT

( *HWV 9\LMM ;L_[PS .TI/ ) LSRSPUL .TI/ ( 2HRHK\ ;YHKLYZ (\Z[YHSPH .TI/ ( 2VWM ILY .TI/ (SILY[ .S JR :[YH L + (T[a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` (M[LYUVVUZ

9\UUPUN ^LHY

3H\MILRSLPK\UN =v[LTLU[Z JV\YZL n WPLK (IIPNSPHTLU[V KH JVYZH ) (9* ;,9@? ( - SSP *HTWHNUVSV .TI/ ( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL -. (2( +HUJHY ;YHKPUN .V4V[PVU ( ,\ZLIPV :WVY[PUN *V 3[K ) -VY[\UL ,U[LYWYPZL 0UJ ( /V\KPUP :WVY[Z^LHY () ( 0JLIYLHRLY 3[K ) -. ) PUV] S[K ) 0A(: :WVY[^LHY KL (YHN}U : 3 ( 2= ZHNS ( 4VU[\YH ;HZJP ZYS ( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 6+36 0U[LYUH[PVUHS (.

)ย ZJO */ /ย ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT

9LWYLZLU[LK I`! *HTHYV ,YPJO 9VPZLY .TI/

) :WLLK^H` 0UK\Z[YPHS *V 3[K

) .SVIHS 4HU\MHJ[\YPUN .YV\W 3[K

( >PSK 9VZLZ 0U[LYUH[PVUHS (.

( 9LPUZJOTPK[ .TI/

) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT

*H\S ZJHY]LZ

4\S[PM\UR[PVUZ[ย JOLY -V\SHYKZ T\S[PMVUJ[PVUZ ;LSP T\S[P M\UaPVUL ( 2VWMย ILY .TI/ ) 3pZZPN .TI/ ( 4H[VSSV :WVY[ : ( J AHTVYH , )HYJLSVUH ;LS ! -H_! ,THPS! ZVSL'TH[[ ZWVY[Z JVT 0U[LYUL[! ^^^ TH[[ ZWVY[Z JVT ( ( 7YV -LL[ .TI/ ( >05+ ? ;9,4,ย (J[\HS *VSVYZ )*5 :3

J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT

5LVWYLUILRSLPK\UN =v[LTLU[Z UtVWYuUL (IIPNSPHTLU[V PU ULVWYLUL

>HNULYTย OSL ( 4VUKZLL ;LS ! -H_! ,THPS! ZHSLZ'JHTHYV H[ 0U[LYUL[! ^^^ JHTHYV H[

) 9HPKSPNO[

) ?PHTLU +\UJHU (TVZ :WVY[Z^LHY *V 3[K

5LVWYLUL JSV[OPUN

( *HTHYV ,YPJO 9VPZLY .TI/

) 8\HUaOV\ ,\IVU 0TW ,_W *V 3[K

9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

168

,HY T\MM

6OYLUZJOย [aLY ^pYTLY *HJOL VYLPSSLZ 7YV[LNNP VYLJJOPL ) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K

9HPU^LHY

9LNLUILRSLPK\UN =v[LTLU[Z KL WS\PL (IIPNSPHTLU[V KH WPVNNPH ( ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ) (9* ;,9@? ) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK ) )HSLUV ( )YVVRZ ,UNSHUK 3[K ( - SSP *HTWHNUVSV .TI/ ( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL

168

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ,ILYOHYK . ILS .TI/ *V

( >PSK 9VZLZ 0U[LYUH[PVUHS (.

0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT

9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

( ,0+,9

( APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

) MPUTHH <. OHM[\UNZILZJOYpUR[ ( -P]L :LHZVUZ ( 2HRHK\ ;YHKLYZ (\Z[YHSPH .TI/ ( 2 >(@ +L\[ZJOSHUK .TI/ ( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L ( 4HPLY :WVY[Z .TI/ *V 2. 5 Y[PUNLY :[YH L + 2 UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL ( )Y\NP : W ( ) 7H[HNVUPH ,\YVWL :5* ) 7PUL^VVK () ( 9 (+@: (. ( :JO MMLS :WVY[ILRSLPK\UN .TI/

:JHY]LZ :JOHSZ ,JOHYWLZ :JPHYWL

) LSRSPUL .TI/ ( 4H[VSSV :WVY[ : ( J AHTVYH , )HYJLSVUH ;LS ! -H_! ,THPS! ZVSL'TH[[ ZWVY[Z JVT 0U[LYUL[! ^^^ TH[[ ZWVY[Z JVT ) 5HZJOLT *V 3[K 5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY ( 6YPNPUHS )\MM :(

) :WYH`^H` 3[K

J -YHUJPH , 0N\HSHKH ;LS ! -H_! ,THPS! UL\Z'I\MM LZ 0U[LYUL[! ^^^ I\MM LZ

) :\I ALYV ;LJOUVSVN` 3[K

) :\UU` >H` -HZOPVU *V 3[K

) ;HYNL[ +Y` 3[K

( >05+ ? ;9,4, (J[\HS *VSVYZ )*5 :3

) ;H[VURH .TI/

J 7VSVUPH SVJHS , )HYJLSVUH ;LS ! -H_! ,THPS! ^PUK'aVUH^PUK JVT 0U[LYUL[! ^^^ aVUH^PUK JVT

) ;LJO >PUUPUN 0UK *V 3[K ) ;YLZWHZZ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

:RP JSV[OPUN

:RPILRSLPK\UN =v[LTLU[Z KL ZRP HSWPU (IIPNSPHTLU[V ZJP HSWPUV

( Â&#x2021; 5VY[O

( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K ( 9HJV ;L_[PSL *VYW

) +HVOLUN 0UK\Z[Y` ?PHTLU *V 3[K

) :HS[PJ

( KHYL I 9LNH[[H .TI/

) ;LJO >PUUPUN 0UK *V 3[K

) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV

( -\aOV\ -HZOPVU -S`PUN .HYTLU[Z *V 3[K ) /VWLYPZL ;L_[PSLZ *V 3[K ( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K ( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK ) 4VPYH *A H Z ( 4<5+ :6*2: 4\UKVPTWVY[ : 3 ( 5L^ .VVK^PSS 0UK\Z[YPLZ *V 3[K ( 9HJV ;L_[PSL *VYW ( 9LNH[[H .TI/ ) ;LJO >PUUPUN 0UK *V 3[K

:UVÎVHYKILRSLPK\UN =v[LTLU[Z ZUVÎVHYK (IIPNSPHTLU[V KH ZUVÎVHYK

) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK

) -\QPHU 3PU[L_ 0TW ,_W *V 3[K

:UV^IVHYK JSV[OPUN ) (9* ;,9@?

4PÃ³OYH\UP 0: .HYKHIÂ¤Y ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT

) MPUTHH <. OHM[\UNZILZJOYpUR[

172

:VJRZ :[VJRPUNZ :VJRLU :[YÂ&#x2026;TWML *OH\ZZL[[LZ *HSaL ( (JSPTH (: ( )VV[ +VJ /HUKLSZ .TI/ ( *HSaHKVZ )VYLHS : 3 ( -PSH[P )VYPV -PVYL :93 ) )YPKNLKHSL 6\[KVVY 3[K ) *VJVUH ,\YVWL ( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL ( *YHNOVWWLYZ 3[K ) +HURLU ,U[LYWYPZL *V 3[K ) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K ( 0JLIYLHRLY 3[K

172

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 0U[LYZVJRZ K V V

) ;OL 4VIPSL :VJPL[` *HYSV :JOTPK :[YHย L + >ย YZLSLU ;LS ! -H_! ,THPS! PUMV'HJ[PVU ZWVY[Z KL 0U[LYUL[! ^^^ [OL TVIPSL ZVJPL[` JVT

( 3HZ[PUN :WVY[ Z Y V ( 3LUa .TI/

) ;PSSL` ,UK\YHISLZ 3[K

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU

( =LP[O -= (SSNp\LY )LYNZ[Y\TWM .TI/

*HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV

) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT

( 3\UKOHNZ :RVTHRHYUH () ( 3\RHZ 4LPUKS .TI/ *V 2. ) 4VPYH *A H Z

( 4<5+ :6*2: 4\UKVPTWVY[ : 3 *VUKHKV KL ;YL]P|V 5H]L ( , )\YNVZ ;LS ! -H_! ,THPS! I\YNVZ'T\UKZVJRZ JVT 0U[LYUL[! ^^^ T\UKZVJRZ JVT

2UP[^LHY

:[YPJR^HYLU .PSL[Z 4HNSPLYPH ) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK ) )HSLUV

( 5VYKISHUJ ,\YVWL .TI/

( )Y\NP : W (

( 5VYKOVYU :W a V V

( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW

( )Y\NP : W (

) 9(3 ;,2:;03 3;+ :;0

) 7VPU[ 33*

) :\UU` >H` -HZOPVU *V 3[K

( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW

) ;OL 4VIPSL :VJPL[`

( ( 7YV -LL[ .TI/ ( 9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT ) :WLLK^H` 0UK\Z[YPHS *V 3[K ) :WVY[ ;L_ 3HI ZYS

;OLYTHS JSV[OPUN

;OLYTVILRSLPK\UN =v[LTLU[Z PZV[OLYTLZ (IIPNSPHTLU[V [LYTPJV ( ย 5VY[O 4PรณOYH\UP 0: .HYKHIยคY ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ( (JSPTH (:

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

176

( (JSPTH (:

) :\I ALYV ;LJOUVSVN` 3[K

) (9* ;,9@?

( :\U^H` /VZLU .TI/

( *HTHYV ,YPJO 9VPZLY .TI/

( >PSK 9VZLZ 0U[LYUH[PVUHS (. 9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO

( *9(-; ,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV

( ,0+,9

;V\YPUN ZRP ^LHY

;V\YLUZRPILRSLPK\UN =v[LTLU[Z KL ZRP HSWPUPZTL (IIPNSPHTLU[V ZJP HSWPUPZTV ( *9(-;

) /VYPaVU 3LPZ\YL 7YVK\J[Z 3[K

,]LKHSZNH[HU : )VYHZ ;LS ! -H_! ,THPS! PUNLTHY OVSTILYN'JYHM[ ZL 0U[LYUL[! ^^^ JYHM[ ZL

( 0JLIYLHRLY 3[K

( +PYLJ[ (SWPUL Z Y V

) 0A(: :WVY[^LHY KL (YHN}U : 3

) 4VPYH *A H Z

( 3HZ[PUN :WVY[ Z Y V

( 4VU[\YH ;HZJP ZYS

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU

) 70,7: .TI/

*HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV

( 9 (+@: (.

( ,\THY 0U[LYUH[PVUHS ZYS

( :\U^H` /VZLU .TI/

( 4P[P ZWH ( 4VU[\YH ;HZJP ZYS ( 4<5+ :6*2: 4\UKVPTWVY[ : 3 ( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW ( :PSRIVK` 7V )V_ 4VYH` 7S 5A +\ULKPU ;LS ! -H_! ,THPS! KH]PK'ZPSRIVK` JV Ua 0U[LYUL[! ^^^ ZPSRIVK` JV Ua

;YLRRPUN ^LHY

;YLRRPUNILRSLPK\UN =v[LTLU[Z KL [YLRRPUN (IIPNSPHTLU[V KH [YLRRPUN ( Â&#x2021; 5VY[O 4PÃ³OYH\UP 0: .HYKHIÂ¤Y ;LS ! -H_! ,THPS! OLSNH' UVY[O PZ 0U[LYUL[! ^^^ UVY[O JVT ) )LY[LSZ ;L_[PSOHUKLSZ .TI/

) :U\NWHR 3[K

176

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS

( 0UK\Z[YPHZ :H]PKHP : 3 3VYWLU

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT

*HYYL[LYH .LULYHS : 5 , ,[_HSHY 5H]HYYH ;LS ! -H_! ,THPS! L_WVY['SVYWLU JVT 0U[LYUL[! ^^^ SVYWLU JVT ^^^ [YPSH`LY PUMV

-. (2( +HUJHY ;YHKPUN .V4V[PVU ) +HVOLUN 0UK\Z[Y` ?PHTLU *V 3[K

( 3\UKOHNZ :RVTHRHYUH () ( 4HPLY :WVY[Z .TI/ *V 2.

) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV

5 Y[PUNLY :[YH L + 2 UNLU ;LS ! -H_! ,THPS! PUMV'THPLY ZWVY[Z KL 0U[LYUL[! ^^^ THPLY ZWVY[Z KL

( +PYLJ[ (SWPUL Z Y V

-. ) 4HSVQH *SV[OPUN .TI/ *V 2.

( ,0+,9

( 4HUOH[[HU 6\[KVVY *SV[OPUN -HJ[VY` 3PTP[LK

( ,\ZLIPV :WVY[PUN *V 3[K

( 4H\S .TI/ *V 2. 4H\S :WVY[

) MPUTHH <. OHM[\UNZILZJOYpUR[

( 4LYYLSS >VS]LYPUL ,\YVWL 3[K

) -\ZPVU *SV[OPUN *VTWHU`

( 4VU[\YH ;HZJP ZYS

) /VWLYPZL ;L_[PSLZ *V 3[K

) 4V\U[HPU ,X\PWTLU[

( 3 -HZOPVU .YV\W 0JLWLHR

( 4V\U[HPU /HYK^LHY

) 0A(: :WVY[^LHY KL (YHN}U : 3

( 4<5+ :6*2: 4\UKVPTWVY[ : 3

( 2LLSH 0U[LYUH[PVUHS 3[K

( )Y\NP : W (

( 2Sp[[LYT\ZLU ()

) 6+36 0U[LYUH[PVUHS (.

( 2\OS *SV[OPUN ( 2\UZOHU )YPNO[ 9P]LY .HYTLU[ 4HU\MHJ[\YPUN *V 3[K ( 2= ZHNS ( 3HZ[PUN :WVY[ Z Y V ( 3 MMSLY .TI/

) ZJO */ / ULUILYN A\N ;LS ! -H_! ,THPS! THPS'VKSV JVT 0U[LYUL[! ^^^ VKSV JVT ) 7H[HNVUPH ,\YVWL :5* ) 7PUL^VVK () ( 9 (+@: (. ( 9LUV :WVY[Z^LHY /HUKLSZ .TI/ ( 9V`HS 9VIIPUZ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( :JO MMLS :WVY[ILRSLPK\UN .TI/

( :PSRIVK`

202

3PML YLZJ\L LX\PWTLU[ 9L[[\UNZ[LJOUPR ,X\PWLTLU[ KL ZH\]L[HNL ;LJUPJOL KP ZHS]H[HNNPV

) (*9 ,SLJ[YVUPJZ 0UJ 2SLTHUU 2YL\[aMLSK[ .TI/

) :WYH`^H` 3[K ) :\I ALYV ;LJOUVSVN` 3[K

) )LUJOTHKL 2UPML *VTWHU`

( :\U^H` /VZLU .TI/

( 1V\ILY[ 7YVK\J[PVUZ

) ;HYNL[ +Y` 3[K

) 2VUN : W H

) ;LJO >PUUPUN 0UK *V 3[K

) 4J4\YKV 3[K

( ;OL 5VY[O -HJL =- 05;3

) 9LSHNZ .TI/

) ;PSSL` ,UK\YHISLZ 3[K

) :R`SV[LJ .TI/

) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ

) :[LYSPUN 9VWL *V

) ;YLZWHZZ ( ;YVWPJHYL

( >PSK 9VZLZ 0U[LYUH[PVUHS (. 9\LZZLUZ[YHZZL */ )HHY ;LS ! -H_! ,THPS! PUMV'^PSKYVZLZ JO 0U[LYUL[! ^^^ ^PSKYVZLZ JO ) ? )PVUPJ ;YLYu 0UUV]H[PVU Z Y S =PH 4VKLUH 0 (ZVSH ;LS ! -H_! ,THPS! S IVJJVSH'[YLYLPUUV]H[PVU P[ 0U[LYUL[! ^^^ _ IPVUPJ JVT ^^^ _ ZVJRZ JVT ( APLNSLY ;L_[PS .TI/ /PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

9LZJ\L ISHURL[Z

9L[[\UNZKLJRLU *V\]LY[\YL KL ZH\]L[HNL *VWLY[L KP ZHS]H[HNNPV ) ;YH]LS:HML ( ;YVWPJHYL

:OV]LSZ ZWHKLZ :JOH\MLSU :WH[LU 7LSSLZ IvJOLZ 7HSL ]HUNOL

) ,TZJV .YV\W 0U[LYUH[PVUHS ( .LYILY :PS]H :^LKLU ()

203

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

:PNUHSSPUN KL]PJLZ ^OPZ[SLZ ÅHYLZ L[J

) :R`SV[LJ .TI/

:PNUHSTP[[LS 7MLPMLU 3L\JO[ML\LY L[J 4V`LUZ KL ZPNUHSPZH[PVU ZPMÅL[ IHSPZL S\TPUL\ZL ([[YLaaP KH ZLNUHSHaPVUL ÄZJOPL[[P YHaaP LJJ

) :VSSPNO[

) (*9 ,SLJ[YVUPJZ 0UJ 2SLTHUU 2YL\[aMLSK[ .TI/ ) .YHUK (TVZ 7YVK\J[Z *V 3[K

( =LU[V .TI/

) 4J4\YKV 3[K

3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT

:\Y]P]HS (\ZY Z[\UN ,X\PWLTLU[ KL Z\Y]PL ,X\PWHNNPHTLU[V KP ZVWYH]]P]LUaH

) *VNOSHU Z 3[K

) 3LH[OLYTHU

) 96*2 /,34,;: I` :PTVUP :93

( 7V^LY[YH]LSSLY 3[K

( :^PZZ ,`L 0U[LYUH[PVUHS .TI/

( ;P[L_ =LY[YPLIZ .TI/

)VH[Z HUK HJJLZZVYPLZ )VV[L \UK A\ILO Y )H[LH\_ (JJLZZVPYLZ 0TIHYJHaPVUP LK HJJLZZVYP -> 2HU\TLZZL 5 YUILYN ) 9LSHNZ .TI/ ) :OVJRSLZ

/LSTL *HZX\LZ *HZJOP

) .YP]LS Z Y S

) 4J4\YKV 3[K

) =PJ[VYPUV_

/LSTL[Z ( )YLUKH :WVY[ +L\[ZJOSHUK .TI/

( 3P[L?WYLZZ .TI/

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'[PaPW JVT 0U[LYUL[! ^^^ [PaPW JVT

-HS[IVV[L )H[LH\_ WSPHU[Z *HUV[[P WPLNOL]VSP

( )LYNHUZ -YP[PK (:

:\Y]P]HS LX\PWTLU[

) (*9 ,SLJ[YVUPJZ 0UJ 2SLTHUU 2YL\[aMLSK[ .TI/

-VSKHISL JHUVLZ

2H`HRZ *HUHKPHU JHUVLZ *HUVLZ 2HQHR 2HUHKPLY 2HU\Z 2H`HRZ *HUVwZ *HUV[Z 2H`HR *HUHKLZP *HUVL

( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2. ) ,TZJV .YV\W 0U[LYUH[PVUHS ( .YHIULY .TI/ ( 0JLI\N () -> 2HU\TLZZL 5 YUILYN

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

*HUVL HJJLZZVYPLZ 2HU\a\ILOÂ&#x20AC;Y (JJLZZVPYLZ WV\Y JHUVw (JJLZZVYP WLY JHUVH

:JO^PTT^LZ[LU .PSL[Z KL ZH\]L[HNL .P\IIV[[P KP ZHS]H[HNNPV ( .YHIULY .TI/

) :LH [V :\TTP[

-> 2HU\TLZZL 5Â&#x2026;YUILYN

7HKKSLZ 7HKKLS 7HNHPLZ 7HNHPL

) ,TZJV .YV\W 0U[LYUH[PVUHS ) ;LJO (JL ,U[LYWYPZL *V 3[K

3PML QHJRL[Z

) 7HJPMPJ 6\[KVVY ,X\PWTLU[

)YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\

9HM[Z

9HM[Z 9HM[Z 9HM[PUN ( .YHIULY .TI/ -> 2HU\TLZZL 5Â&#x2026;YUILYN ( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/

300

*HTWPUN LX\PWTLU[

*HTWPUNH\ZYÂ&#x2026;Z[\UN ,X\PWLTLU[Z KL JHTWPUN ([[YLaaH[\YH KH JHTWLNNPV ( (JLJHTW .TI/ ( (THaVUHZ .TI/ ) (4. .YV\W ) (UKL :YS ) )HSS\JR 6\[KVVY .LHY *VYW ) )LUJOTHKL 2UPML *VTWHU` ( )Y\U[VU 0UJ ) * ( 4 7 ZWH ( *OPUVVR ;LJOUPJHS 6\[KVVY ) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K

0UÃ&#x2026;H[HISL KPUNOPLZ :JOSH\JOIVV[L )H[LH\_ NVUÃ&#x2026;HISLZ *HUV[[P

) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW

) ,\YLRH ,\YVWL 5PNVY 5L[ ) = ) ,\YVWLHU -YLLaL +Y` 3[K 4V\U[HPU /V\ZL ) ,\YV;YHPS

( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2.

( -H]V\Y 3PNO[ ,U[LYWYPZLZ 3[K

( .YHIULY .TI/

) .LSLY[ 3[K

( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/

) .\`V[ +LZPNUZ

300

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) /HUNaOV\ <W ,HZ` 6\[KVVY ;V\Y 7YVK\J[Z *V 3[K

( :[LYP7,5 I` /`KYV 7OV[VU 0UJ

) /HUNaOV\ <W ,HZ` 6\[KVVY ;V\Y 7YVK\J[Z *V 3[K

,SSZ^VY[O 9VHK <:( )S\L /PSS ;LS ! -H_! ,THPS! PU[LYUH[PVUHS'Z[LYPWLU JVT 0U[LYUL[! ^^^ Z[LYPWLU JVT

) /HWW` 7LVWSL .TI/ *V 2.

( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K

( /LH]LU ,HY[O 7YVK\J[Z *V 3[K

-. ( Z^PZZ9VVT)V_ ;4 TPZ* ZWVY[ SLPZ\YL

( /\ZR` *A Z Y V

( ;HW\a 0UK\Z[Y` 3[K

( 0UK\Z[YPHS 9L]VS\[PVU

) ;:: -VY[\UL *V 3[K

) 1HJR >VSMZRPU (\ZYÂ&#x2026;Z[\UN MÂ&#x2026;Y +YH\ZZLU .TI/ *V 2. H(

) >,5.,9 : ( 9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

) 2<7032( 1VLUZ\\U 4LZRHYP 6` ( 3PNO[ 4` -PYL :^LKLU ()

( >LZ[MHSPH (\[VTV[P]L .TI/

) 5P[LZ[PR 7[` 3[K

) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K

) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/

:\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR

-. ( 5VYYKPJ 6\[KVVY .YV\W ) 6HZL 6\[KVVYZ (W: 2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ) 7HJPMPJ 6\[KVVY ,X\PWTLU[ ( 7V^LY[YH]LSSLY 3[K ) 9LSHNZ .TI/ ( :(3,>( :769;.,9f;, .4)/ ) :OVJRSLZ ) :VSSPNO[

-\LS

)YLUUZ[VMML *VTI\Z[PISL *VTI\Z[PIPSL ( *HTW^LSK : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT 9LWYLZLU[LK I`! 7YV]PK\Z : 9 3 ( ,ZIP[ *VTWHNUPL .TI/ 4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 67;04<: 2H[HK`U 7YVK\R[L (.

)PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HK`UNYV\W JVT 0U[LYUL[! ^^^ RH[HK`UNYV\W JVT

306

.YPSS HJJLZZVYPLZ .YPSSa\ILOÂ&#x20AC;Y .YPSS HJJLZZVPYLZ .YPSS HJJLZZVYP

) *\YS` :TVV[O /HUKLSZ .TI/

( 7YV]PK\Z : 9 3

( ,ZIP[ *VTWHNUPL .TI/

*VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT

4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL

9LWYLZLU[LK I`! *HTW^LSK : 9 3

) 2<7032( 1VLUZ\\U 4LZRHYP 6`

-\YUPZOPUNZ ) ,\YV;YHPS

( :6;6 :OPUM\QP )\YULY *V 3[K

*HTWPUNTÂ&#x20AC;ILS 4L\ISLZ KL JHTWPUN 4VIPSP KH JHTWLNNPV

-VSKHISL M\YUP[\YL

) ;PJRL[ ;V ;OL 4VVU

) )HSS\JR 6\[KVVY .LHY *VYW

) ;YH]LS:HML

) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW

2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT ( :JHUKPUH]PHU ;V\JO () ) ;PJRL[ ;V ;OL 4VVU

/pUNLTH[[LU ZLZZLS /HTHJZ (THJOL ( (THaVUHZ .TI/

-HS[TÂ&#x20AC;ILS *OHPZL WSPHU[Z :LKPH YPWLNHIPSP

) 6HZL 6\[KVVYZ (W:

/HTTVJRZ

:[V]LZ JVVRPUN LX\PWTLU[

2VJOLY 2VJOLYNLZJOPYY 2VJOZ`Z[LTL 9tJOH\KZ WVWL[LZ -VYULSSL[[P Z[V]PNSPL ZPZ[LTP WLY JV[[\YH ( (JLJHTW .TI/ ) )HSS\JR 6\[KVVY .LHY *VYW ( *HTW^LSK : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT 9LWYLZLU[LK I`! 7YV]PK\Z : 9 3 ( *HZJHKL +LZPNUZ 3[K ) ,+,390+ .TI/ *V 2.

306

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ,ZIP[ *VTWHNUPL .TI/ 4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL ) ,\YVWLHU -YLLaL +Y` 3[K 4V\U[HPU /V\ZL ) @VUNRHUN -PYL 4HWSL *HTWPUN ,X\PWTLU[ ) .:0 6\[KVVYZ 0UJ ( 1L[IVPS 0UJ ( 1L[IVPS 0UJ ) 2V]LH *V 3[K )\JOLVU ;LJOUVWHYR @HRKHL +VUN >VUTP .\ 962 )\JOLVU 2`VUNNP ;LS ! -H_! ,THPS! RV]LH[K 'RV]LH JV RY 0U[LYUL[! ^^^ RV]LH JVT ) 2<7032( 1VLUZ\\U 4LZRHYP 6` ( 67;04<: 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT ( 7YV]PK\Z : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT 9LWYLZLU[LK I`! *HTW^LSK : 9 3 ) :PUV 0U[LYUH[PVUHS ;YHKPUN L 2 ( :6;6 :OPUM\QP )\YULY *V 3[K ) :WYH`^H` 3[K ) ;H[VURH .TI/ ( ;YHUNPH ()

4H[Z VM HSS RPUKZ 4H[[LU HSSLY (Y[ 4H[LSHZ :[VPL

) )HSS\JR 6\[KVVY .LHY *VYW ) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW ( *HZJHKL +LZPNUZ 3[K ) ,\YLRH ,\YVWL 5PNVY 5L[ ) = ( ,_WLK (. ) .VVK^H` 0UK\Z[YPHS /2 3[K -.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT ) 04),4( 2<5:;:;6-*/,40, )= 5PLKLYSHZZ\UN +L\[ZJOSHUK ,UaZ[YH L + 2VYU^LZ[OLPT ;LS ! -H_! ,THPS! PUMV'PTILTH KL 0U[LYUL[! ^^^ PTILTH KL ) 19 .,(9 :[HY (YYV^ *VTWHU` ) 5,46 ,X\PWTLU[ 0UJ ( 5VTHK ,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV ) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/ ) 7HJPMPJ 6\[KVVY ,X\PWTLU[ ( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK ) ;LYTP[L

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ;YHUNV^VYSK

7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT

4VZX\P[V UL[Z HUK WYV[LJ[PVU 4VZRP[VUL[aL ZJO\[a 7YV[LJ[PVU JVU[YL SLZ TV\Z[PX\LZ AHUaHYPLYL WYV[LaPVUP KH PUZL[[P

9LWHPY RP[Z

9LWHYH[\YTH[LYPHS 4H[tYPLS KL YtWHYH[PVU 7YVKV[[P WLY YPWHYHaPVUP -.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT

( ;YPTT :WVY[ Z Y V

311

( 4J5L[[ ,\YVWL

( (THaVUHZ .TI/

;HYWH\SPUZ

;HYWZ (\]LU[Z =LYHUKL WLY [LUKL ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K

( )SHJR :[\TW *V 0UZ[HU[ ;LU[Z

) ,\YLRH ,\YVWL 5PNVY 5L[ ) =

) )YL[[ZJOULPKLY -LYUYLPZLILKHYM .TI/

) ;H[VURH .TI/

( )\YSPUN[VU >VYSK^PKL

( >LJOZLS +PL )LYSPULY ALS[ZJOTPLKL .TI/

( 4J5L[[ ,\YVWL ) 6UZPNO[ ,X\PWTLU[ 3[K ( 9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT ) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\ ( ;LJUPTLK ZYS ) ;LYTP[L ) ;PJRL[ ;V ;OL 4VVU ) ;YH]LS:HML ) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ

;LU[Z ALS[L ;LU[LZ ;LUKL

) (J[P]L 3LPZ\YL =HU )LYNLU :WVY[Z 0U[ )= ( (S[\Z @\TH : ( ) (4. .YV\W ( )LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT ) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW ) ) )SHJR +PHTVUK ,X\PWTLU[ (. ( )SHJR :[\TW *V 0UZ[HU[ ;LU[Z ( *HZJHKL +LZPNUZ 3[K

( ;YVWPJHYL

311

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( *OPUVVR ;LJOUPJHS 6\[KVVY

) 5,46 ,X\PWTLU[ 0UJ

) -. ) *4, *HUHKPHU 4V\U[HPULLYPUN ,X\PWTLU[ 3[K J V 2YPTTLY 6\[KVVY 2L`^HYL

-HJ[VY` :[YLL[ <:( 5HZO\H ;LS ! -H_! ,THPS! QVOU'ULTVLX\PWTLU[ JVT 0U[LYUL[! ^^^ ULTVLX\PWTLU[ JVT

( *Y\_ ) ,HZ[VU 4V\U[HPU 7YVK\J[Z /HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT ( ,SP[L 6\[KVVY .LHY *V 3[K ) ,\YLRH ,\YVWL 5PNVY 5L[ ) = ) ,\YV;YHPS

,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV ) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/ -. ( 5VYYKPJ 6\[KVVY .YV\W ) 6HZL 6\[KVVYZ (W:

( ,\ZLIPV :WVY[PUN *V 3[K

2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT

( ,_WLK (.

) -. ) 8 @PLSK 6\[KVVY .LHY 3[K

( -QpSSYp]LU ()

5V 5HUOHP :HU 9K /HPJ\UN =9* ?PHTLU ;LS ! -H_! ,THPS! ZHSLZ'X`JHTWPUN JVT 0U[LYUL[! ^^^ X`JHTWPUN JVT

) .V3P[L 33*

) 9HPKSPNO[

( -. ( /HUUHO *aLJO H Z

) 9LK -V_ 6\[KVVY ,X\PWTLU[

( /PSSLILYN ;OL ;LU[THRLY ()

) :PTL_ :WVY[ .TI/

) -LYYPUV * : W (

( 3HM\TH : ( ( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L ( 4HJWHJ 0KLH]LSVW ) = ) 4HYTV[ 4V\U[HPU ,\YVWL .TI/ .V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\ ( 4V\U[HPU /HYK^LHY

( 5VTHK

:JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL ) :U\NWHR 3[K ( :WVY[ZTHU *VYWVYH[PVU ) ;H[VURH .TI/ ) ;LYYH 5V]H ,X\PWTLU[ 3[K ( ;YPTT :WVY[ Z Y V

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) ;:: -VY[\UL *V 3[K

)PJ`JSLZ HJJLZZVYPLZ

) =(<+, :WVY[ .TI/ *V 2.

-HOYYHKa\ILOÂ&#x20AC;Y (JJLZZVPYLZ ]tSV (JJLZZVYP WLY IPJP

( >LJOZLS +PL )LYSPULY ALS[ZJOTPLKL .TI/

( (WHYZV -\aOV\ :WVY[Z^LHY *V 3[K

) >,5.,9 : (

) ,< )V[[SL 3[K

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

( -LUP_ -SHZO3PNO[:OVW ( -\QPHU *VTTLYJPHS *VYW

( A(16 1\YHQ 2YHSPR

( /LH]LU ,HY[O 7YVK\J[Z *V 3[K

( AOHUNaOV\ 4VVUSP[ *HTWPUN 7YVK\J[Z *V 3[K

351

) 5H[OHU 7LYMVYTHUJL .LHY ( 5VYKPJ *HI

;LU[ HJJLZZVYPLZ

) :OVJRSLZ

ALS[a\ILOÂ&#x20AC;Y /pYPUNL :[HUNLU L[J (JJLZZVPYLZ WV\Y [LU[LZ (JJLZZVYP WLY [LUKL

) :THY;\IL )S\L+LZLY[ 3[K

( (JLJHTW .TI/

( ;HW\a 0UK\Z[Y` 3[K

) (4. .YV\W

) ;YPURMSHZJOLU KL

) *VNOSHU Z 3[K

( >LZ[MHSPH (\[VTV[P]L .TI/

) ,HZ[VU 4V\U[HPU 7YVK\J[Z /HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT ) ,\YV;YHPS ( 4J5L[[ ,\YVWL ) 5,46 ,X\PWTLU[ 0UJ ) :OVJRSLZ ) ;PJRL[ ;V ;OL 4VVU ( >LJOZLS +PL )LYSPULY ALS[ZJOTPLKL .TI/

)PJ`JSLZ JVTW\[LYZ -HOYYHKJVTW\[LY ,SLJ[YVUPX\L J`JSPZTL *VTW\[LY WLY IPJPJSL[[L

) (3(;,*/ ;LJOUVSVN` 3PTP[LK ) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^ ) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K ( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/ ( -.6 .HYTPU +L\[ZJOSHUK .TI/ ) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW

351

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 4`5H] 5H]PNH[VYZ .PV]L :YS

)HI` JHYYPLYZ

( V Z`UJL ,\YVWL .TI/

2YH_LU 2PUKLY[YHNLU :HJZ n KVZ WVY[L ItIt 7VY[HTIPTIV

( =HYPV;LR .TI/

( )HJO ;YHUZIHJO 3[K ) +L\[LY :WVY[ .TI/ *V 2.

)PJ`JSLZ IHNZ

:PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT

-HOYYHK[HZJOLU :HJVJOLZ ]tSV )VYZL WLY IPJP

( )YVVRZ ,UNSHUK 3[K

) 2VOSH 0IL_ :WVY[HY[PRLS .TI/

) +L\[LY :WVY[ .TI/ *V 2.

) 3PMLTHYX\L 3[K

:PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT ) .VVK^H` 0UK\Z[YPHS /2 3[K

) ;H[VURH .TI/

;YHJRPUN I\NNPLZ HUK W\ZOJOHPYZ

) 19 .,(9 :[HY (YYV^ *VTWHU`

3H\MRPUKLY^HNLU 7V\ZZL[[L JHUUL 7HZZLNNPUP

) 6Y[SPLI :WVY[HY[PRLS .TI/

( 5VYKPJ *HI

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

) 7HJPMPJ 6\[KVVY ,X\PWTLU[

:OVW M\YUPZOPUNZ

3HKLULPUYPJO[\UNLU -V\YUP[\YL K\ THNHZPU (YYLKV WLY ULNVaP -> (PY *YLH[P]L (.

( ;HP^HU =LY[L_ 7YVK\J[PVU *VYW

-> 0U -VYT

*OPSKYLU»Z LX\PWTLU[

-> >HUaS 4L[HSS^HYLUMHIYPR .TI/ .LZJOpM[ZILYLPJO 3HKLUIH\

2PUKLYH\ZY Z[\UN ,X\PWLTLU[Z WV\Y LUMHU[Z ([[YLaaH[\YL WLY IHTIPUP

) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H( ) 3PMLTHYX\L 3[K

+PZWSH`Z +PZWSH`Z (MÄJOHNLZ +PZWSH`Z -> 0U -VYT -> >HUaS 4L[HSS^HYLUMHIYPR .TI/ .LZJOpM[ZILYLPJO 3HKLUIH\

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

4LKPH

4LKPLU 4LKPHZ 4HZZTLKPH -6 ( (3705 +HZ )LYN4HNHaPU

504

-6 =LYZHU[L :\K Z Y S

-6 +L\[ZJOLY (SWLU]LYLPU L = )\UKLZNLZJOpM[ZZ[LSSL

+PNP[HS 4HW

+PNP[HSL 3HUKRHY[LU *HY[LZ NtVNYHWOPX\LZ KPNP[HSL *HY[L NLVNYHÃ&#x201E;JOL KPNP[HSP ) + 9LHSP[`4HWZ .TI/

) -PN\Y*VHJO .SVIHS >LSS .TI/

) ,]V +PZ[YPI\[PVU 3[K

-> 0UMV[YHKL 4LKPH *V 3[K

) )LYN]LYSHN 9V[OLY .TI/

-> TVKL PUMVYTH[PVU .TI/

) (\NTLU[YH 3[K =PL^9HUNLY

-6 465;,)0(5*6 3LKP[VYL :93 -6 4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2.

-> :769; (KYLZZI\JO 2LYU =LYSHN

-HJOSP[LYH[\Y 3P[[tYH[\YL ZWtJPHSPZtL 3PIYP ZWLJPHSPaaH[P -6 H[SHZ =LYSHN .TI/

l6 :WVY[JHTW\Z

-> TVKL PUMVYTH[PVU .TI/

-> :WVY[Z^LHY 0U[LYUH[PVUHS H KP]PZPVU VM +L\[ZJOLY -HJO]LYSHN .TI/

:WLJPHSPZ[ SP[LYH[\YL

-6 4V[VY 7YLZZL :[\[[NHY[ .TI/ *V 2. -> V\[KVVY THYR[ 1HOY ;VW :WLJPHS

)VVRZ )Â&#x2026;JOLY 3P]YLZ 3PIYP

) )LYN]LYSHN 9V[OLY .TI/

-> *VUYHK :[LPU =LYSHN .TI/

-> :769; (KYLZZI\JO 2LYU =LYSHN

) -PN\Y*VHJO .SVIHS >LSS .TI/

-> :WVY[Z^LHY 0U[LYUH[PVUHS H KP]PZPVU VM +L\[ZJOLY -HJO]LYSHN .TI/

-> 0JVVU .SVIHSLZ )PSKLY^Â&#x20AC;Y[LYI\JO -> TVKL PUMVYTH[PVU .TI/ ) )LYN]LYSHN 9V[OLY .TI/ -> :769; (KYLZZI\JO 2LYU =LYSHN -> :WVY[Z^LHY 0U[LYUH[PVUHS H KP]PZPVU VM +L\[ZJOLY -HJO]LYSHN .TI/ ) ;HP^HU :WVY[PUN .VVKZ 4HU\MHJ[\YLYZ (ZZVJPH[PVU

4HWZ .\PKLIVVRZ

3HUKRHY[LU 9LPZLMÂ&#x2026;OYLY *HY[LZ NtVNYHWOPX\LZ .\PKLZ *HY[L NLVNYHÃ&#x201E;JOL .\PKL ) )LYN]LYSHN 9V[OLY .TI/ ) ;HP^HU :WVY[PUN .VVKZ 4HU\MHJ[\YLYZ (ZZVJPH[PVU ) (\NTLU[YH 3[K =PL^9HUNLY

505

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

=PKLVZ =PKLVZ =PKtVZ =PKLVZ

) :SHJRSPULY H[

5H]PNH[PVU VW[PJHS LX\PWTLU[ 5H]PNH[PVUZZ`Z[LTL VW[PZJOL .LYp[L (WWHYLPSZ KL UH]PNH[PVU VW[PX\L :[Y\TLU[P KP UH]PNH[PVUL L V[[PJP ( )Y\U[VU 0UJ ) ,\YLRH ,\YVWL 5PNVY 5L[ ) = ( 0UK\Z[YPHS 9L]VS\[PVU ) 4PV ;LJOUVSVN` .TI/ 4HNLSSHU .7: ( ?WSV]H 0UJ

9HUNLÃ&#x201E;UKLY

,U[MLYU\UNZTLZZLY ;tStTu[YLZ ;LSLTL[YP

.7: UH]PNH[PVU LX\PWTLU[ .7: 5H]PNH[PVUZNLYp[L (WWHYLPSZ KL UH]PNH[PVU .7: .7: :[Y\TLU[P KP UH]PNHaPVUL

) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K ( )\ZOULSS ( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/ ) ,]V +PZ[YPI\[PVU 3[K ( -.6 .HYTPU +L\[ZJOSHUK .TI/ ( .LHY () ) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW ) 4PJYVZWVY[ .TI/ *V 2. ( 4`5H] 5H]PNH[VYZ .PV]L :YS ( 5H]PJV .TI/ 3V^YHUJL ( V Z`UJL ,\YVWL .TI/

( )\ZOULSS

) 70,7: .TI/

) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW

) :H[THW :`Z[LTZ 3[K

)PUVJ\SHYZ

-LYUNSpZLY 1\TLSSLZ )PUVJVSP JHUUVJJOPHSP ) )HSHKtV *VYPVSPZ :(93 ( )\ZOULSS ( :PS]H :^LKLU ()

-V\U[HPU /V\ZL *SLL]L 9VHK .) 2; 3? 3LH[OLYOLHK :\YYL` ;LS ! ,THPS! ZHSLZ'ZH[THW JVT 0U[LYUL[! ^^^ ZH[THW JVT ) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ ( =HYPV;LR .TI/ ) (\NTLU[YH 3[K =PL^9HUNLY ( ?WSV]H 0UJ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

(S[PTL[LYZ

/ OLUTLZZLY (S[PTu[YLZ (S[PTL[YP

0UMYHYLK PUZ[Y\TLU[Z 5HJO[ZPJO[NLYp[L (WWHYLPSZ PUMYHYV\NL )PUVJVSP PUMYHYVZZP

) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K ) )HYPNV )HYVTL[LYMHIYPR .TI/ ( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/

-. (2( +HUJHY ;YHKPUN .V4V[PVU

) 0TWS\Z -VV[JHYL 33*

*VTWHZZLZ 2VTWHZZL *VTWHZ )\ZZVSL

( (JLJHTW .TI/ ) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K ) )HSHKtV *VYPVSPZ :(93 ) )HSS\JR 6\[KVVY .LHY *VYW ) )HYPNV )HYVTL[LYMHIYPR .TI/ ) * 1\S /LYILY[a .TI/ ) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW ) 9LJ[H J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ ( :PS]H :^LKLU ()

4L[LVYVSVNPJHS Z[H[PVUZ >L[[LYZ[H[PVU :[H[PVUZ Tt[tV :[HaPVUP TL[LVYVSVNPJOL

) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/

( :PS]H :^LKLU ()

) =PJ[VYPUV_

) )HYPNV )HYVTL[LYMHIYPR .TI/

) 4PJYVZWVY[ .TI/ *V 2.

) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/

600

*HYL 7YVK\J[Z

7ÅLNLTP[[LS 7YVK\P[Z K LU[YL[PLU 7YVKV[[P KH THU\[LUaPVUL ( - +Y 6 2 >HJR *OLTPL .TI/ )\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL ) -PILY[LJ ( /VSTLURVS (. ( 4J5L[[ ,\YVWL ( 5:; 3HIVYH[VPYLZ *4( ( :JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT ( :UV :LHS .LUMVV[ 4HYRL[PUN ,\YVWL .TI/ ( :[VYT >H[LYWYVVMPUN <2 3[K

600

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ;VRV (.

( :JO^LPaLY ,MMH_ .TI/

0UK\Z[YPLZ[YHZZL )PYYLU */ :LVU ;LS ! -H_! 0U[LYUL[! ^^^ [VRV JO

>LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT ) ;YH]LS:HML

0TWYLNUH[PUN

( ;YVWPJHYL

0TWYpNUPLYTP[[LS HSSLY (Y[ 7YVK\P[Z PTWLYTtHIPSPZHU[Z 0TWLYTLHIPSPaaHU[P ) )YL[[ZJOULPKLY -LYUYLPZLILKHYM .TI/

( - +Y 6 2 >HJR *OLTPL .TI/ )\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL

3LKLYWÅLNLTP[[LS 7YVK\P[Z WV\Y SH THPU[LUHUJL KL J\PY 7YVKV[[P WLY SH J\YH KLS J\VPV ( - +Y 6 2 >HJR *OLTPL .TI/

) -PILY[LJ

)\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL

( /VSTLURVS (.

) -PILY[LJ

( 4J5L[[ ,\YVWL

( 5:; 3HIVYH[VPYLZ *4(

( :JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT

( :JO^LPaLY ,MMH_ .TI/ >LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT ( :[VYT >H[LYWYVVMPUN <2 3[K ( ;YVWPJHYL

3LH[OLY JHYL WYVK\J[Z

7LYZVUHS O`NPLUL

2 YWLYWÅLNL /`NPLULHY[PRLS ;VPSL[[L *\YH KLS JVYWV (Y[PJVSP PNPLUPJP ( .,226 6\[KVVY *VZTL[PJZ ( /VSTLURVS (.

( :[VYT >H[LYWYVVMPUN <2 3[K

+L[LYNLU[ JSLHUPUN >HZJOTP[[LS 9LPUPN\UN 3LZZP]L 5L[[V`HNL +L[LYZP]P 7\SPaPH

( - +Y 6 2 >HJR *OLTPL .TI/ )\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL ) -PILY[LJ ( /VSTLURVS (.

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 4J5L[[ ,\YVWL

( )LYNOH\Z 3[K

( 5:; 3HIVYH[VPYLZ *4(

) )PSHUJPH ;YHKPUN :LY]PJL <.

( :JO^LPaLY ,MMH_ .TI/

) ) )SHJR +PHTVUK ,X\PWTLU[ (.

>LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT ) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\ ( :[VYT >H[LYWYVVMPUN <2 3[K

650

9\JRZHJRZ )HJRWHJRZ 9\JRZpJRL 9LPZLNLWpJR :HJZ n KVZ AHPUP

) (J[P]L 3LPZ\YL =HU )LYNLU :WVY[Z 0U[ )= ( (S[\Z @\TH : ( 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL + 7HYJLSHZ , AHYHNVaH ;LS ! -H_! ,THPS! `\THS[\Z'`\THS[\Z JVT 0U[LYUL[! ^^^ HS[\Z LZ ) (4. .YV\W ) (UKL :YS ) (X\HWHJ 0U[LYUH[PVUHS 3[K ( (:;+ :<20+: 8\HU[HP )HNZ *VTWHU` 3PTP[LK ( )HJO ;YHUZIHJO 3[K ( )LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT

) )VSS 4V\U[HPU 6\[KVVY .LHY 7L[YVOYHKZRm *A 7YHOH ;LS ! -H_! ,THPS! PUMV'IVSS Ja 0U[LYUL[! ^^^ IVSS Ja ( *HTHYV ,YPJO 9VPZLY .TI/ ) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH ) * ( 4 7 ZWH ) *HYPILL (\Z[YHSPH ) */04( -LYUVZ[ :LY]PJL ( *OPUVVR ;LJOUPJHS 6\[KVVY ) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K ) -. ) *4, *HUHKPHU 4V\U[HPULLYPUN ,X\PWTLU[ 3[K J V 2YPTTLY 6\[KVVY 2L`^HYL ( *YHNOVWWLYZ 3[K ) +L\[LY :WVY[ .TI/ *V 2. :PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT ) ,HNSL *YLLR ,\YVWL 3[K +^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT ) ,KLS^LPZZ :(: ) LSRSPUL .TI/ ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K

650

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) ,ZZLU[PHS ,SLTLU[Z (. -S\NOVMZ[YHZZL */ .SH[[IY\NN ;LS ! -H_! ,THPS! PUMV'LZZLU[PHS LSLTLU[Z JO 0U[LYUL[! ^^^ LZZLU[PHS LSLTLU[Z JO ( ,\THY 0U[LYUH[PVUHS ZYS ) ,\YLRH ,\YVWL 5PNVY 5L[ ) = ( ,\ZLIPV :WVY[PUN *V 3[K ( ,_WLK (. ( -LUN_PU :WVY[ZIHN *VTWHU` ) -LYYPUV * : W ( ( -QpSSYp]LU () ( -S`PUN 6\[KVVY )HN *V 3[K ) -YLLZ[`SL :WVY[ *V 3[K ( -\QPHU /VUNZOLUN )HNZ HUK :\P[JHZLZ *V 3[K ( -\QPHU 7YVMP[ 0U[LYUH[PVUHS ;YHKPUN .YV\W *V 3[K ( -\QPHU ?PU_PUN )HNZ *V 3[K ) .LSLY[ 3[K ) .V3P[L 33* ( .YLLU3HUK 5(;<9, .TI/ ) .YLNVY` 4V\U[HPU 7YVK\J[Z ( -. ( /HUUHO *aLJO H Z ( /\ZR` *A Z Y V ) /`KYHWHR 33* ) -. ) PUV] S[K

) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H( ) 2OVKP ( RPSS[LJ :WVY[ \UK -YLPaLP[ .TI/ APTTLYLYZ[YH L + )\JOOVSa ;LS ! -H_! ,THPS! MLPNL'RPSS[LJ KL 0U[LYUL[! ^^^ RPSS[LJ JVT ) 2VOSH 0IL_ :WVY[HY[PRLS .TI/ ( 3HM\TH : ( ) 3V^L (SWPUL ( 4HJWHJ 0KLH]LSVW ) = ( -.6 4HTT\[ :WVY[Z .YV\W (. )PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO 9LWYLZLU[LK I`! ;VRV (. ) 4HYTV[ 4V\U[HPU ,\YVWL .TI/ .V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\ ) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * =PH *HS ;YL]PZHUH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! THYZ\WPV'THYZ\WPV P[ 0U[LYUL[! ^^^ THYZ\WPV P[ ) 4V\U[HPU :LY]PJLZ *YLH[PVUZ ) 5P[LZ[PR 7[` 3[K ( 5VTHK ,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV ) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 6HZL 6\[KVVYZ (W:

651

( ;OL 5VY[O -HJL =- 05;3

2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT

( ;YHUNV^VYSK 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT

( 6Y[V]V_ :WVY[HY[PRLS .TI/ ) 7HJPMPJ 6\[KVVY ,X\PWTLU[

( ;YPTT :WVY[ Z Y V

( 7LHR 7LYMVYTHUJL 7YVK\J[PVU ()

) ;:3 6\[KVVY

) 7YVTH_ (ZPH *V 3[K

) ;:: -VY[\UL *V 3[K

) 8\HUaOV\ ,\IVU 0TW ,_W *V 3[K

( <YIHU 9VJR

) 9HPKSPNO[

) =(<+, :WVY[ .TI/ *V 2.

) 9LK -V_ 6\[KVVY ,X\PWTLU[

( =LU[V .TI/

( 9LNH[[H .TI/

) >,5.,9 : (

( :(3,>( :769;.,9f;, .4)/ ) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

) :PTL_ :WVY[ .TI/

( >PUTLK *OPUH *V 3[K

:JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL

( ?PHTLU .VSKLU 9LZV\YJL /HUKIHN *V 3[K ( ?PHTLU 2PUNSHUK *V 3[K

) :R`SV[LJ .TI/

) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

) :U\NWHR 3[K

( A(16 1\YHQ 2YHSPR

) :V\YJL =HNHIVUK :`Z[LTZ 3[K /m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT

+H`WHJRZ +H`WHJRZ +H`WHJRZ +H`WHJRZ

) ;HZTHUPHU ;PNLY J V ;H[VURH .TI/

) (J[P]L 3LPZ\YL =HU )LYNLU :WVY[Z 0U[ )=

) ;H[VURH .TI/

) (X\HWHJ 0U[LYUH[PVUHS 3[K

) ;LYYH 5V]H ,X\PWTLU[ 3[K

) )VSS 4V\U[HPU 6\[KVVY .LHY

651

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) *HYPILL (\Z[YHSPH

) +LZPNU .V 3[K

-HOYYHKY\JRZpJRL :HJZ n KVZ WV\Y YHUKVUUtLZ n ]tSV AHPUP KH IPJPJSL[[H

) ,HNSL *YLLR ,\YVWL 3[K

-. (2) )LYNT UJO I` 2VNH

+^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT

) )VSS 4V\U[HPU 6\[KVVY .LHY ( )YVVRZ ,UNSHUK 3[K

) ,ZZLU[PHS ,SLTLU[Z (.

) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH

( -LUN_PU :WVY[ZIHN *VTWHU`

) .YLNVY` 4V\U[HPU 7YVK\J[Z

) ;OL /LHS[O` )HJR )HN *VTWHU`

) /`KYHWHR 33*

) 2OVKP

) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL *

) 3V^L (SWPUL

) 6Y[SPLI :WVY[HY[PRLS .TI/

) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL *

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

=PH *HS ;YL]PZHUH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! THYZ\WPV'THYZ\WPV P[ 0U[LYUL[! ^^^ THYZ\WPV P[

( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK

( 5VYKISHUJ ,\YVWL .TI/

0T .HPLYU + >LPZZHJO ;LS ! -H_! ,THPS! SLZ[YH'WVZP[JVU KL 0U[LYUL[! ^^^ SLZ[YH ZWVY[ KL

) 6UZPNO[ ,X\PWTLU[ 3[K

9LWYLZLU[LK I`! 3LZ[YH : (

) 6Y[SPLI :WVY[HY[PRLS .TI/

) 7YVTH_ (ZPH *V 3[K

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

) :V\YJL =HNHIVUK :`Z[LTZ 3[K ) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

) 7HJZHML 6\[WHJ +LZPNUZ 3[K ) 7H[HNVUPH ,\YVWL :5* ) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\ ) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337 ) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

)PJ`JSL Y\JRZHJRZ

7OV[VNYHWOPJ IHNZ -V[V[HZJOLU :HJ WV\Y HWWHYLPS WOV[V )VYZL KH MV[VNYHÄ

) (X\HWHJ 0U[LYUH[PVUHS 3[K ) ,ZZLU[PHS ,SLTLU[Z (. ) 19 .,(9 :[HY (YYV^ *VTWHU`

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 4HUMYV[[V +PZ[YPI\[PVU .TI/

) 4VVU *SPTIPUN *YVZZ :TP[OMPLSK .) : (< :OLMMPLSK ;LS ! -H_! ,THPS! ILU'TVVUJSPTIPUN JVT 0U[LYUL[! ^^^ TVVUJSPTIPUN JVT

) 6Y[SPLI :WVY[HY[PRLS .TI/ 9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

) 7HJZHML 6\[WHJ +LZPNUZ 3[K

(U[P [OLM[ [YH]LS NLHY

) 70,7: .TI/

.LWpJRZPJOLY\UN +PZWVZP[PM HU[P]VS WV\Y IHNHNLZ (U[PM\Y[V WLY IHNHNSP

) 7YVTH_ (ZPH *V 3[K

) 7HJZHML 6\[WHJ +LZPNUZ 3[K

)HJRWHJRZ MVY KVNZ /\UKLY\JRZpJRL :HJ WV\Y SL JOPLU )VYZL WLY PS JHUL

) :UHW

) ,ZZLU[PHS ,SLTLU[Z (.

) 19 .,(9 :[HY (YYV^ *VTWHU`

2SL[[LYY\JRZpJRL :HJZ n KVZ K»LZJHSHKL AHPUP KH YVJJPH

( )HJO ;YHUZIHJO 3[K ) )SHJRZHML .TI/ ) )3<, 0*,

2VMMLYY\JRZpJRL :HJ KL ]V`HNL )VYZL KL ]PHNNPV

) ;OL /LHS[O` )HJR )HN *VTWHU`

*SPTIPUN Y\JRZHJRZ ) (9* ;,9@?

3\NNHNL IHJRWHJRZ ) *HYPILL (\Z[YHSPH

) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

658

) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337

7HJR ZHJRZ IHNZ 7HJRZpJRL IL\[LS :HJVJOLZ )VYZL WVY[HWHJJOP

) (X\HWHJ 0U[LYUH[PVUHS 3[K ) ,HNSL *YLLR ,\YVWL 3[K

) .YP]LS Z Y S

+^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT

) 4HK 9VJR *SPTIPUN

) .VVK^H` 0UK\Z[YPHS /2 3[K

) )VSS 4V\U[HPU 6\[KVVY .LHY

) ;OL /LHS[O` )HJR )HN *VTWHU`

658

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 19 .,(9 :[HY (YYV^ *VTWHU`

( 2,,5 ,\YVWL 6\[KVVY )=

9LPZL[HZJOLU :HJZ KL ]V`HNL )VYZL KH ]PHNNPV

) 6Y[SPLI :WVY[HY[PRLS .TI/

( )YVVRZ ,UNSHUK 3[K

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

;YH]LSSPUN IHNZ NYPWZ

) ,HNSL *YLLR ,\YVWL 3[K

) 7YVTH_ (ZPH *V 3[K

+^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT

( ;HP^HU =LY[L_ 7YVK\J[PVU *VYW

( -LUN_PU :WVY[ZIHN *VTWHU` ( .YLLU3HUK 5(;<9, .TI/

;YH]LS Y\JRZHJRZ

) .\PKL[[P -YuYLZ

9LPZLY\JRZpJRL :HJZ n KVZ KL ]V`HNL AHPUP KH ]PHNNPV

) ;OL /LHS[O` )HJR )HN *VTWHU`

( )HJO ;YHUZIHJO 3[K

) 2OVKP

) *HYPILL (\Z[YHSPH

) 6UZPNO[ ,X\PWTLU[ 3[K

) ,HNSL *YLLR ,\YVWL 3[K

) 6Y[SPLI :WVY[HY[PRLS .TI/

+^`LY 9VHK 093 4PKSL[VU *V\U[` *VYR ;LS ! -H_! ,THPS! *\Z[VTLY:LY]PJL',HNSL*YLLR PL 0U[LYUL[! ^^^ LHNSLJYLLR JVT

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

) .V3P[L 33*

) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337

( .YLLU3HUK 5(;<9, .TI/ ) .YLNVY` 4V\U[HPU 7YVK\J[Z

9\JRZHJRZ HJJLZZVYPLZ

) ;OL /LHS[O` )HJR )HN *VTWHU`

9\JRZHJRa\ILO Y (JJLZZVPYLZ WV\Y ZHJZ n KVZ (JJLZZVYP WLY aHPUP

) 2OVKP

-. (2( +HUJHY ;YHKPUN .V4V[PVU

) 3V^L (SWPUL

( ,ILYOHYK . ILS .TI/ *V 0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT ) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K ) 2<7032( 1VLUZ\\U 4LZRHYP 6`

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) :LH [V :\TTP[

) :OLYWHUP 4VU[LZVS 0U[LYUH[PVUHS 337

)YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\

) :PUV 0U[LYUH[PVUHS ;YHKPUN L 2 ( ZSHJRZ[HY )YH\U .TI/

( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K

)HNZ

;HZJOLU :HJZ )VYZL ) (X\HWHJ 0U[LYUH[PVUHS 3[K

663

) _ V]LY JYLH[P]L WVVS KPZ[YPI\[PVU .TI/

;YLRRPUN Y\JRZHJRZ ;YLRRPUNY\JRZpJRL :HJZ n KVZ KL [YLRRPUN AHPUP KH [YLRRPUN ) (9* ;,9@?

( (:;+ :<20+: 8\HU[HP )HNZ *VTWHU` 3PTP[LK

( )HJO ;YHUZIHJO 3[K

) (]LU[\YL =LY[PJHSL :HYS

) )VSS 4V\U[HPU 6\[KVVY .LHY

) *OPSSHa 0U[LYUH[PVUHS .TI/

) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH

( -LUN_PU :WVY[ZIHN *VTWHU`

) *HYPILL (\Z[YHSPH

( .YLLU3HUK 5(;<9, .TI/

( *Y\_

) .YLNVY` 4V\U[HPU 7YVK\J[Z

( ,ILYOHYK . ILS .TI/ *V

( 2HRHK\ ;YHKLYZ (\Z[YHSPH .TI/ ) 3pZZPN .TI/ ) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * ) 4V\U[HPU :LY]PJLZ *YLH[PVUZ ) 6UZPNO[ ,X\PWTLU[ 3[K ) 6Y[SPLI :WVY[HY[PRLS .TI/

0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT ) ,ZZLU[PHS ,SLTLU[Z (. ( -LUN_PU :WVY[ZIHN *VTWHU` ) .VVK^H` 0UK\Z[YPHS /2 3[K ) .YLNVY` 4V\U[HPU 7YVK\J[Z

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

( 2Sp[[LYT\ZLU ()

) 7HJZHML 6\[WHJ +LZPNUZ 3[K

( 3\UKOHNZ :RVTHRHYUH ()

( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L

) :OHUKVUN 9VIPUZVU :WVY[Z .VVK *V 3[K

663

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * =PH *HS ;YL]PZHUH 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! THYZ\WPV'THYZ\WPV P[ 0U[LYUL[! ^^^ THYZ\WPV P[ ( 4V\U[HPU /HYK^LHY ( 5VYKISHUJ ,\YVWL .TI/

) *VJVUH ,\YVWL ) +L\[LY :WVY[ .TI/ *V 2.

( )Y\NP : W ( ) 70,7: .TI/

) ,X\PW 6\[KVVY ;LJOUVSVNPLZ 3[K

( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK

( ,\THY 0U[LYUH[PVUHS ZYS

) 7YVTH_ (ZPH *V 3[K

) ,\YLRH ,\YVWL 5PNVY 5L[ ) =

) ;:3 6\[KVVY

( ,\ZLIPV :WVY[PUN *V 3[K

) >,5.,9 : (

( ,_WLK (.

:SLLWPUN IHNZ

:JOSHMZpJRL :HJZ KL JV\JOHNL :HJJOP H WLSV ) (J[P]L 3LPZ\YL =HU )LYNLU :WVY[Z 0U[ )= ( (S[\Z @\TH : ( ) (4. .YV\W ) (UKL :YS ) (\ZWVY[ *HTWPUN 7YVK\J[Z *V 3[K ( )LYNHUZ -YP[PK (: 3VLZTVLU 5 /VRRZ\UK ;LS ! -H_! ,THPS! THYRLK'ILYNHUZ UV 0U[LYUL[! ^^^ ILYNHUZ JVT ) * ( 4 7 ZWH

) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K

:PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

( *OPUVVR ;LJOUPJHS 6\[KVVY

) -LYYPUV * : W ( ( -QpSSYp]LU () ( -\aOV\ -LUN_PHUN 6\[KVVY *V 3[K ) .LSLY[ 3[K ) .VSKL 6\[+VVY 0U[ 0UH :LPKLS )VNLU + 4 UJOLU ;LS ! -H_! 0U[LYUL[! ^^^ NVSKL JVT ) .V3P[L 33* ( -. ( /HUUHO *aLJO H Z ( /\ZR` *A Z Y V ) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H(

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

700

) 2\S[ZJOSHMZHJR I` .VSKL

( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK

0UH :LPKLS )VNLU + 4 UJOLU ;LS ! -H_! ,THPS! PUMV'R\S[ZJOSHMZHJR JVT 0U[LYUL[! ^^^ R\S[ZJOSHMZHJR JVT

0T .HPLYU + >LPZZHJO ;LS ! -H_! ,THPS! SLZ[YH'WVZP[JVU KL 0U[LYUL[! ^^^ SLZ[YH ZWVY[ KL

9LWYLZLU[LK I`! .VSKL

9LWYLZLU[LK I`! 3LZ[YH : (

( 3HM\TH : (

( 9HJV ;L_[PSL *VYW

( 4HJWHJ 0KLH]LSVW ) =

) 9HPKSPNO[

( -.6 4HTT\[ :WVY[Z .YV\W (.

) 9LK -V_ 6\[KVVY ,X\PWTLU[

)PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO 9LWYLZLU[LK I`! ;VRV (. ) 4HYTV[ 4V\U[HPU ,\YVWL .TI/ .V[[MYPLK :[HTTSLY :[YH L + :JOUHP[[HJO ;LS ! -H_! ,THPS! PUMV'THYTV[ KL 0U[LYUL[! ^^^ THYTV[ L\ ) 4HYZ\WPV ZUJ KP -\ZJV .P\ZLWWL * ) 4V\U[HPU ,X\PWTLU[ 9LKMLYU /V\ZL +H^ZVU :[YLL[ .) :2 9+ /`KL *OLZOPYL ;LS ! -H_! ,THPS! PUMV'TV\U[HPU LX\PWTLU[ JV \R 0U[LYUL[! ^^^ TV\U[HPU LX\PWTLU[ JV \R ( 5VTHK ,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV

) :PTL_ :WVY[ .TI/ :JOPLMIHOULY :[YH L + =PLYZLU ;LS ! -H_! ,THPS! PUMV'ZPTL_ ZWVY[ KL 0U[LYUL[! ^^^ ZPTL_ ZWVY[ KL l6 :WVY[JHTW\Z ) :WYH`^H` 3[K ( ;OL 5VY[O -HJL =- 05;3 ( ;YHUNV^VYSK 7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT ( ;YPTT :WVY[ Z Y V ) ;:: -VY[\UL *V 3[K ) =(<+, :WVY[ .TI/ *V 2.

) 5VYKPZR -YLPaLP[ )VSSLYZSL] .TI/

) >HYTWLHJL Z Y V

) 6HZL 6\[KVVYZ (W:

) >,5.,9 : (

2VYU]LQ +2 .P]L ;LS ! -H_! ,THPS! PUMV'VHZL V\[KVVYZ KR 0U[LYUL[! ^^^ VHZL V\[KVVYZ JVT

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

700

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K

) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\

:\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR

) ;LYYH 5V]H ,X\PWTLU[ 3[K

)P]V\HJ IHNZ

)P^HRZpJRL :HJZ KL IP]V\HJ :HJJOP KH IP]HJJV

) ,\YV;YHPS

)YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\

) 70,7: .TI/ ) ;LYYH 5V]H ,X\PWTLU[ 3[K

/PU[LY >PU[LYIHJO + 3H\[LUIHJO ;LS ! -H_! ,THPS! PUMV'aPLNSLY [L_[PS KL 0U[LYUL[! ^^^ ^HLMV KL

-LH[OLY KV^U ZSLLWPUN IHNZ +H\ULUZJOSHMZpJRL :HJZ KL JV\JOHNL K\]L[Z :HJJOP H WLSV 7P\TPUP ( ( 4VSPUH * :7( ( *Y\_ ) .VSKL 6\[+VVY 0U[ 0UH :LPKLS )VNLU + 4Â&#x2026;UJOLU ;LS ! -H_! 0U[LYUL[! ^^^ NVSKL JVT ( 6\[KVVY +LZPNU 3VNPZ[PJZ 3[K 3PNO[^H]L ( 4V\U[HPU /HYK^LHY ( 7VZP[*VU .TI/ 3LZ[YH +L\[ZJOSHUK

0USL[Z ,U]LSVWWLZ PU[tYPL\YLZ ZHJ KL JV\JOHNL -LKLYH WLY ZHJJOP H WLSV ) :LH [V :\TTP[

( ,_WLK (.

( APLNSLY ;L_[PS .TI/

:SLLWPUN IHN PUSL[Z

:`U[OL[PJ Ã&#x201E;IYL ZSLLWPUN IHNZ 2\UZ[MHZLYZJOSHMZpJRL :HJZ KL JV\JOHNL Ã&#x201E;IYLZ HY[PÃ&#x201E;JPLSSLZ :HJJOP H WLSV Ã&#x201E;IYL ZPU[L[PJOL ( ( 4VSPUH * :7( ) )LZ[^H` 0UMSH[HISLZ 4H[LYPHS *VYW ) .VSKL 6\[+VVY 0U[ 0UH :LPKLS )VNLU + 4Â&#x2026;UJOLU ;LS ! -H_! 0U[LYUL[! ^^^ NVSKL JVT ) 2\S[ZJOSHMZHJR I` .VSKL 0UH :LPKLS )VNLU + 4Â&#x2026;UJOLU ;LS ! -H_! ,THPS! PUMV'R\S[ZJOSHMZHJR JVT 0U[LYUL[! ^^^ R\S[ZJOSHMZHJR JVT 9LWYLZLU[LK I`! .VSKL ( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW ) :U\NWHR 3[K l6 :WVY[JHTW\Z

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

:OVLZ HUK HJJLZZVYPLZ :JO\OL \UK A\ILO Y *OH\ZZ\YLZ L[ HJJLZZVPYLZ *HSaH[\YL LK (JJLZZVYP ) HKPKHZ (. (KP +HZZSLY 7SH[a + /LYaVNLUH\YHJO ;LS ! -H_! ,THPS! YHPULY Z[LJOS'HKPKHZ JVT 0U[LYUL[! ^^^ HKPKHZ JVT

750

) 0TWS\Z -VV[JHYL 33* ) 1HJR >VSMZRPU (\ZY Z[\UN M Y +YH\ZZLU .TI/ *V 2. H( ( 1V\ILY[ 7YVK\J[PVUZ ( 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/

9LWYLZLU[LK I`! :PSOV\L[[L 0U[ :JOTPLK (.

( RPSS[LJ :WVY[ \UK -YLPaLP[ .TI/

-> (PY *YLH[P]L (.

APTTLYLYZ[YH L + )\JOOVSa ;LS ! -H_! ,THPS! MLPNL'RPSS[LJ KL 0U[LYUL[! ^^^ RPSS[LJ JVT

( (S[\Z @\TH : ( ) (UKL :YS ( (WHYZV -\aOV\ :WVY[Z^LHY *V 3[K ( )LYNOH\Z 3[K ( *HSaHKVZ )LZ[HYK : ( ( *±95 ) *VJVUH ,\YVWL

( 3HM\TH : ( ( 3\UKOHNZ :RVTHRHYUH () ( 4HNLSSHU 4\SSV` ( -.6 4HTT\[ :WVY[Z .YV\W (. )PYYLU */ :LVU ;LS ! -H_! ,THPS! PUMV'THTT\[ JO 0U[LYUL[! ^^^ THTT\[ZWVY[ZNYV\W JO 9LWYLZLU[LK I`! ;VRV (.

) *VUMVYT HISL

( -. ( 4); 4HZHP 4HYRL[PUN ;YHKPUN (.

7( *OHTWML\PSSL ,Z[ 9\L 3tVU )tYPKV[ )7 - =VPYVU *LKL_ ;LS ! -H_! ,THPS! PUMV'ZPKHZ JVT 0U[LYUL[! ^^^ JVUMVYT HISL JVT

5L\^PLZLUZ[YHZZL */ >PU[LY[O\Y ;LS ! -H_! ,THPS! [OVTHZ L[[LUILYNLY'TI[ JVT 0U[LYUL[! ^^^ TI[ JVT

( *YVJZ ,\YVWL ) = ( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2. ) ,]LYLZ[ .TI/ ( -\KH :OVLZ 7SHZ[PJZ *V 3[K ) .LSLY[ 3[K ( .90:769; :7( ( /0 ;,*

( 4LJ[L_ :W( ( 3\RHZ 4LPUKS .TI/ *V 2. ( 5VTHK ,KPZVUZ[YHH[ 53 72 AL]LUHHY ;LS ! -H_! ,THPS! THPS'UVTHK PUMV 0U[LYUL[! ^^^ UVTHK PUMV ( 9HTVU 2PUN (. 0UK\Z[YPLZ[YHZZL */ A\N ;LS ! -H_! ,THPS! PUMV'YHTVURPUN JVT 0U[LYUL[! ^^^ YHTVURPUN JVT

750

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 9LNH[[H .TI/

( *HSaHKVZ )LZ[HYK : (

( :(3,>( :769;.,9f;, .4)/

( *HSaHKVZ )VYLHS : 3

( :`TWH[L_ ;LJOUVSVNPLZ .TI/

( *±95

( ;): ;LJOUPZ`U[OLZL

( *OPY\JH *HSaHKVZ -HS : (

9V\[L KL *OH\KYVU LU 4H\NLZ - :[ 7PLYYL 4VU[SPTHY[ *tKL_ ;LS ! -H_! ,THPS! L_WVY['[IZ MY 0U[LYUL[! ^^^ [IZ MY

(]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT

) ;LYU\H 0TWVY[ (YYHZH[L : (

( *YPZWP :WVY[ ZYS

( ;OL 5VY[O -HJL =- 05;3

( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU

( ;YHUNV^VYSK

3HKLZ[YH L ( 2\MZ[LPU ;LS ! -H_! ,THPS! PUMV'KHJOZ[LPUZJO\OL JVT 0U[LYUL[! ^^^ KHJOZ[LPUZJO\OL JVT

7VSPNVUV 0UK\Z[YPHS 4HSWPJH *HSSL * 7HYJLSH ) - , AHYHNVaH ;LS ! -H_! ,THPS! PUMV'[YHUNV^VYSK JVT 0U[LYUL[! ^^^ [YHUNV^VYSK JVT ) ;YLZWHZZ

( .90:769; :7(

) =HZX\L -VV[^LHY

( 1VZLM /LPULU .TI/ *V 2. 3LKLYMHIYPR

( =LU[V .TI/

( /62( 65,65,

( =PIYHT : 7 (

( 0YVUZ[LLS >VYSK^PKL 3[K

) >,5.,9 : (

( 2H`SHUK 5V]H[PVU : W (

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO ( A(16 1\YHQ 2YHSPR

4V\U[HPU IVV[Z

)LYNZJO\OL *OH\ZZ\YLZ KL TVU[HNUL :JHYWVUP ) ) (UKYLH )VSKYPUP ) (ZVSV :WH

) .HYTVU[ :93

( 2,,5 ,\YVWL 6\[KVVY )= ) 2VMSHJO (. ,SMLUZ[YH L 7VZ[MHJO */ )LYU ;LS ! ,THPS! RVMSHJO(.'NTHPS JVT

( 3HJRULY :JO\OL .TI/ *V 2. ( 36>( :WVY[ZJO\OL .TI/ /H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 3\RHZ 4LPUKS .TI/ *V 2.

754

( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK

( 4LYYLSS >VS]LYPUL ,\YVWL 3[K

( 3PaHYK I` (PJHK :93

( ;9,A,;( 4.4 ZWH

( 4\JR )VV[Z )LSZ[HUL 3[K

( 4VUKLV_ ZWH ) 6YPLU[HS 7PVULLY ,U[ *V 3[K

( 6\[+Y`

,PUSLNLZVOSLU :LTLSSLZ PU[tYPL\YLZ :VSL[[L ( )VV[ +VJ /HUKLSZ .TI/

( :HNV[LJ :93 =PH : .HL[HUV 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ZHNV[LJ'ZHNV[LJ P[ 0U[LYUL[! ^^^ ZHNV[LJ P[

) *VUMVYT HISL

) :HS[PJ

7( *OHTWML\PSSL ,Z[ 9\L 3tVU )tYPKV[ )7 - =VPYVU *LKL_ ;LS ! -H_! ,THPS! PUMV'ZPKHZ JVT 0U[LYUL[! ^^^ JVUMVYT HISL JVT

) *HSaH[\YPMPJPV : * ( 9 7 ( :WH

( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2.

=PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[

( .,*26 4V[PVU .TI/ ( 0U[LYZVJRZ K V V

( ;OVTHZ )VOS =LY[YPLIZ .TI/

( 4VU[YHPS

) =HZX\L -VV[^LHY

( 9`^HU ZHYS

) >,5.,9 : (

Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

( ZTHY[MPILY (.

) >PSK *SPTI

0USH` ZVSLZ

)VH[PUN MVV[^LHY

)VV[ZJO\OL *OH\ZZ\YLZ KL `HJO[PUN *HSaH[\YL KH PTIHYJHaPVUL ( *OHJV >VS]LYPUL ,\YVWL 3[K ( *YVJZ ,\YVWL ) = ( 1VZLM /LPULU .TI/ *V 2. 3LKLYMHIYPR

3LPZ\YL ZOVLZ

-YLPaLP[ZJO\OL *OH\ZZ\YLZ KL SVPZPY *HSaH[\YL WLY [LTWV SPILYV ( (SSYV\UKLY :(93 ( (SZH .TI/ ( (UKYL^ : 9 3

754

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( (YTVUK

( 3HJRULY :JO\OL .TI/ *V 2.

) (ZVSV :WH

( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK

( *HSaHKVZ )LZ[HYK : ( ( )PYRLUZ[VJR 6Y[OVWpKPL .TI/ ( *±95 ( *OPY\JH *HSaHKVZ -HS : ( (]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT ( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT ( *YVJZ ,\YVWL ) = ( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU ( ,**6 :26 ( : ( ,\THY 0U[LYUH[PVUHS ZYS ) -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT ( .90:769; :7( ( /0 ;,* ( 0YVUZ[LLS >VYSK^PKL 3[K

( 3PaHYK I` (PJHK :93 ( 3VTLY : 9 3 ( 36>( :WVY[ZJO\OL .TI/ /H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL ( -. ( 4); 4HZHP 4HYRL[PUN ;YHKPUN (. 5L\^PLZLUZ[YHZZL */ >PU[LY[O\Y ;LS ! -H_! ,THPS! [OVTHZ L[[LUILYNLY'TI[ JVT 0U[LYUL[! ^^^ TI[ JVT ( 3\RHZ 4LPUKS .TI/ *V 2. ( 4VUKLV_ ZWH ( 4VU[YHPS ( 4\JR )VV[Z )LSZ[HUL 3[K ) 6YPLU[HS 7PVULLY ,U[ *V 3[K ) 6\[IHJR 0T ,_WVY[ )YHUKLZ L 2 (T >VSMZILYN + 3PSPLU[OHS ;LS ! -H_! ,THPS! PUMV'H\Z[YHSPHUH KL 0U[LYUL[! ^^^ H\Z[YHSPHUH KL ) 7H[HNVUPH ,\YVWL :5* ( 9LUV :WVY[Z^LHY /HUKLSZ .TI/ ) *HSaH[\YPMPJPV : * ( 9 7 ( :WH

( 2,,5 ,\YVWL 6\[KVVY )=

=PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[

( 2,-(: :[`S .YHUK ZWH

( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ;OVTHZ )VOS =LY[YPLIZ .TI/

( *YVJZ ,\YVWL ) =

) >,5.,9 : (

( /0 ;,*

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

( 2H`SHUK 5V]H[PVU : W ( ( 2,,5 ,\YVWL 6\[KVVY )=

( ?PHTLU :\UZVU ;YHKPUN *V 3[K

( 2,-(: :[`S .YHUK ZWH

) ?PHTLU A\VUH :WVY[ *V 3[K

( 3H .HSLYPH >6A \UK )HSKV :JO\O]LY[YPLI +L\[ZJOSHUK

( *HSaH[\YPMPJPV AHTILYSHU : 9 3

( 3PaHYK I` (PJHK :93

9\IILY ZVSLZ

( 36>( :WVY[ZJO\OL .TI/

.\TTPZVOSLU :LTLSSL KL JHV\[JOV\J :\VSH KP NVTTH

/H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL

( *OHJV >VS]LYPUL ,\YVWL 3[K

( ;9,A,;( 4.4 ZWH

) -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT

( 4VUKLV_ ZWH ( 9LNH[[H .TI/ ) ;YPVW

.HSVZOLZ >LSSPUN[VUZ .\TTPZ[PLMLS )VL[L LU JHV\[JOV\J :[P]HSL KP NVTTH

758

*SPTIPUN ZOVLZ

( )LYULY 3[K :WVY[ +LWHY[TLU[

2SL[[LYZJO\OL i[YPLYZ n NYPTWLY :JHYWL KH YVJJPH

( )VNZ -VV[^LHY

) (SPLUZ )LYNZWVY[ (UKYLHZ /VMTHUU

( 4\JR )VV[Z )LSZ[HUL 3[K

( (UKYL^ : 9 3

*OPSKYLU»Z ZOVLZ

2PUKLYZJO\OL *OH\ZZ\YLZ K»LUMHU[ *HSaH[\YL KH IHTIPUV ( *HSaHKVZ )VYLHS : 3 ( *OHJV >VS]LYPUL ,\YVWL 3[K

( (YTVUK ) (ZVSV :WH ( *HSaHKVZ )VYLHS : 3 ) JSPTILY Z LX\PW ) *SPTI ? .LHY

758

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( *YPZWP :WVY[ ZYS

5VYKPJ >HSRPUN ZOVLZ

) ,+,390+ .TI/ *V 2.

5VYKPJ >HSRPUN :JO\OL *OH\ZZ\YL KL UVYKPJ ^HSRPUN *HSaH[\YL KH UVYKPJ ^HSRPUN

) ,]LYLZ[ .TI/

( (SSYV\UKLY :(93

) ,=63= *SPTIPUN

( (UKYL^ : 9 3

) -P]L ;LU ,\YVWL

) (ZVSV :WH

2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT ) .HYTVU[ :93 ) .HYYH *SPTIPUN :OVLZ : 3 ) 4HK 9VJR *SPTIPUN ) 9LK *OPSP 0U[LYUH[PVUHS 3[K ) 9VJR 7PSSHYZ 6J\U 97 2VTWVULU[ ZWVS Z Y V ( :HNV[LJ :93 ) :HS[PJ ) *HSaH[\YPMPJPV : * ( 9 7 ( :WH =PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[

( *HSaHKVZ )LZ[HYK : ( ( *Â±95 ( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU ( /62( 65,65, ( 0JLI\N () ( 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/ ( 2H`SHUK 5V]H[PVU : W ( ( 2,-(: :[`S .YHUK ZWH ( 3HJRULY :JO\OL .TI/ *V 2. ( 3PaHYK I` (PJHK :93 ( 3VTLY : 9 3

) ;YPVW

( 3\RHZ 4LPUKS .TI/ *V 2.

) >PSK *SPTI

( 4VUKLV_ ZWH

( ?PHTLU :\UZVU ;YHKPUN *V 3[K

( 4\JR )VV[Z )LSZ[HUL 3[K

) ?PHTLU A\VUH :WVY[ *V 3[K

) =HZX\L -VV[^LHY

( *HSaH[\YPMPJPV AHTILYSHU : 9 3

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

9\UUPUN ZOVLZ

9\UUPUNZJO\OL *OH\ZZ\YL JV\YZL n WPLK *HSaH[\YL KH JVYZH

:HUKHSZ :HUKHSLU :HUKHSLZ :HUKHSP

( *Â±95

( ( :93

( *OPY\JH *HSaHKVZ -HS : (

( (SSYV\UKLY :(93

(]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT ( ,**6 :26 ( : ) -P]L ;LU ,\YVWL 2HW\JPQULUKYLLM ) 6]LYPQZL ;LS ! -H_! ,THPS! J\Z[ ZLY]PJL'MP]L[LUL\YVWL IL 0U[LYUL[! ^^^ MP]L[LU JVT

761

( (SZH .TI/ ( )PYRLUZ[VJR 6Y[OVWpKPL .TI/ ( *OHJV >VS]LYPUL ,\YVWL 3[K [O -SVVY 2PUNZ 7SHJL .) 5 (. 3VUKVU ;LS ! -H_! ,THPS! [PT ZLSI`'^^^PUJ JVT 0U[LYUL[! ^^^ ^VS]LYPUL^VYSK^PKL JVT ( *OPY\JH *HSaHKVZ -HS : (

( /0 ;,*

(]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT

( /62( 65,65,

( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS

) .HYTVU[ :93

) -. ) PUV] S[K

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT

( 3\RHZ 4LPUKS .TI/ *V 2.

( *YVJZ ,\YVWL ) =

( ;9,A,;( 4.4 ZWH

( ,**6 :26 ( :

( 4VU[YHPS

( /0 ;,*

( 0JLI\N ()

.LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! MTL`ULU['TVU[YHPS JVT 0U[LYUL[! ^^^ TVU[YHPS JVT 9LWYLZLU[LK I`! *VS\TIPH :WVY[Z^LHY ) 6YPLU[HS 7PVULLY ,U[ *V 3[K ) =HZX\L -VV[^LHY ( ?PHTLU :\UZVU ;YHKPUN *V 3[K

( 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/ ( 2,,5 ,\YVWL 6\[KVVY )= ( 2,-(: :[`S .YHUK ZWH ( 3HJRULY :JO\OL .TI/ *V 2. ( 3PaHYK I` (PJHK :93

761

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 3VTLY : 9 3

( 4LYYLSS >VS]LYPUL ,\YVWL 3[K

:JOU YZLURLS 3HJL[Z 3HJJP KH ZJHYWH

( 4VU[YHPS

) *V\ZPU ;YLZ[LJ

( 4\JR )VV[Z )LSZ[HUL 3[K

( 1V\ILY[ 7YVK\J[PVUZ

) 6YPLU[HS 7PVULLY ,U[ *V 3[K

( 9`^HU ZHYS Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT

) :HS[PJ ) :V\YJL =HNHIVUK :`Z[LTZ 3[K /m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT

) ;HP^HU 7HPOV 3PTP[LK ) ;VII` )HUK \UK -SLJO[^HYLU .TI/

( ;OVTHZ )VOS =LY[YPLIZ .TI/

( ?;,5,? +PZ[YPZ\K ZHYS

) ;YPVW

:OVLSHJLZ

9\L KLZ WYtZ K (\NPZ - 3VUNULZ ;LS ! -H_! ,THPS! LYPJ'_[LUL_ MY 0U[LYUL[! ^^^ _[LUL_ MY

:UV^ ZOVLZ

:JOULLZJO\OL *OH\ZZ\YLZ L[ IV[[LZ KL ULPNL 9HJJOL[[L KH UL]L

:OVL JHYL WYVK\J[Z

( *HZJHKL +LZPNUZ 3[K

:JO\OWÅLNLWYVK\R[L 7YVK\P[Z K LU[YL[PLU WV\Y JOH\ZZ\YLZ 7YVKV[[P WLY SH J\YH KLSSL ZJHYWL

) ,HZ[VU 4V\U[HPU 7YVK\J[Z

( - +Y 6 2 >HJR *OLTPL .TI/

/HYVSK .H[[` +Y <:( :HS[ 3HRL *P[` ;LS ! -H_! ,THPS! TYI'LHZ[VU[W JVT 0U[LYUL[! ^^^ LHZ[VUTV\U[HPUWYVK\J[Z JVT

)\UZLUZ[YH L + 0UNVSZ[HK[ ;LS ! -H_! ,THPS! I LJRLY['^HJRJOLT JVT 0U[LYUL[! ^^^ ^HJRJOLT KL

) .YHUK (TVZ 7YVK\J[Z *V 3[K

( /VSTLURVS (.

( /0 ;,*

( 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/

( 0YVUZ[LLS >VYSK^PKL 3[K

( 4J5L[[ ,\YVWL

( 4VUKLV_ ZWH

( 5:; 3HIVYH[VPYLZ *4( ) 7LUN\PU )YHUKZ 0UJ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( :JO^LPaLY ,MMH_ .TI/

>LZ[YPUN + 5VYK^HSKL ;LS ! -H_! ,THPS! PUMV'LMMVS JVT 0U[LYUL[! ^^^ ZJO^LPaLY LMMH_ JVT

=PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[

( *HSaH[\YPMPJPV AHTILYSHU : 9 3

:JO\O[YVJRULY OLPa\UN :tJOVPY L[ JOH\MMHNL n JOH\ZZ\YLZ +PZWVZP[P]P KP HZJP\NHTLU[V L JHSVYPMLYV WLY JHSaH[\YL ( ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2.

;V\YLUZRPZJO\OL *OH\ZZ\YLZ KL ZRP KL YHUKVUUtL *HSaH[\YL WLY ZJP HSWPUPZTV

) *HSaH[\YPMPJPV : * ( 9 7 ( :WH

( ;OLYT PJ 7YVK\J[Z .TI/ 5MN *V 2.

:OVL KYPLYZ OLH[LYZ

;V\YPUN ZRP ZOVLZ ( *YPZWP :WVY[ ZYS

( :[VYT >H[LYWYVVMPUN <2 3[K

768

;YHPSY\UUPUN ZOVLZ

;YHPSY\UUPUNZJO\OL *OH\ZZ\YLZ KL [YHPSY\UUPUN *HSaH[\YL KH [YHPSY\UUPUN ) ,=63= *SPTIPUN ) .HYTVU[ :93

;LSLTHYR ZOVL

;LSLTHYRZJO\OL *OH\ZZ\YL K\ [tStTHYR :JHYWH KP [LSLTHYR ( (UKYL^ : 9 3 ( *YPZWP :WVY[ ZYS ( :HNV[LJ :93 =PH : .HL[HUV 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ZHNV[LJ'ZHNV[LJ P[ 0U[LYUL[! ^^^ ZHNV[LJ P[ ) *HSaH[\YPMPJPV : * ( 9 7 ( :WH =PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[

( .90:769; :7( ( /62( 65,65, ( 0JLI\N () ) -. ) PUV] S[K ( 0YVUZ[LLS >VYSK^PKL 3[K ( 2H`SHUK 5V]H[PVU : W ( ( 3\RHZ 4LPUKS .TI/ *V 2. ( 4LYYLSS >VS]LYPUL ,\YVWL 3[K ( ;OVTHZ )VOS =LY[YPLIZ .TI/

769

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

;YLRRPUN ZOVLZ

;YLRRPUNZJO\OL *OH\ZZ\YLZ KL [YLRRPUN *HSaH[\YL KH [YLRRPUN

) .HYTVU[ :93 ( .90:769; :7(

( ( :93

( 1VZLM /LPULU .TI/ *V 2. 3LKLYMHIYPR

( (SSYV\UKLY :(93

( /62( 65,65,

( (UKYL^ : 9 3

( 0JLI\N ()

( (YTVUK

) -. ) PUV] S[K

) (ZVSV :WH

( 0YVUZ[LLS >VYSK^PKL 3[K

( *HSaHKVZ )LZ[HYK : (

( 2(402 .LUMVV[ 0U[LYUH[PVUHS .TI/

( *HSaHKVZ )VYLHS : 3

( 2H`SHUK 5V]H[PVU : W (

( *±95

( 2,-(: :[`S .YHUK ZWH

/VWWZ 3VKNL 9LPNH[L 9VHK .) 9/ /< /VVR^VVK :\YYL` ;LS ! -H_! ,THPS! WQ'\UPMPLK \R JVT 0U[LYUL[! ^^^ JHYU \R JVT

) 2VMSHJO (. ,SMLUZ[YH L 7VZ[MHJO */ )LYU ;LS ! ,THPS! RVMSHJO(.'NTHPS JVT

( *OHJV >VS]LYPUL ,\YVWL 3[K ( *OPY\JH *HSaHKVZ -HS : ( (]LUPKH KL 3VNYVUV , (YULKV 3H 9PVQH ;LS ! -H_! ,THPS! PUMV'MHS LZ 0U[LYUL[! ^^^ JOPY\JH JVT ( *VS\TIPH :WVY[Z^LHY 0U[LYUH[PVUHS :HYS .LUL]H )\ZPULZZ *LU[LY (]LU\L KLZ 4VYNPULZ */ 7L[P[ 3HUJ` ;LS ! -H_! ,THPS! JIYL[H\KLH\'JVS\TIPH JVT 0U[LYUL[! ^^^ JVS\TIPH JVT ( *YPZWP :WVY[ ZYS ( +HJOZ[LPU +LLS\_L :WVY[HY[PRLS /HUKLSZ .TI/ 6MMPJL 2\MZ[LPU

( 3HJRULY :JO\OL .TI/ *V 2. ( 3VTLY : 9 3 ( 36>( :WVY[ZJO\OL .TI/ /H\W[Z[YH L + 1L[aLUKVYM ;LS ! -H_! ,THPS! PUMV'SV^H KL 0U[LYUL[! ^^^ SV^H KL ( 3\RHZ 4LPUKS .TI/ *V 2. ( 4LYYLSS >VS]LYPUL ,\YVWL 3[K ( ;9,A,;( 4.4 ZWH ( 4VUKLV_ ZWH

( ,**6 :26 ( :

( 4VU[YHPS

) ,=63= *SPTIPUN

) 6YPLU[HS 7PVULLY ,U[ *V 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( :HNV[LJ :93 =PH : .HL[HUV 0 4VU[LILSS\UH ;= ;LS ! -H_! ,THPS! ZHNV[LJ'ZHNV[LJ P[ 0U[LYUL[! ^^^ ZHNV[LJ P[ ) *HSaH[\YPMPJPV : * ( 9 7 ( :WH =PHSL ,UYPJV -LYTP 0 (ZVSV ;= ;LS ! -H_! ,THPS! PUMV'ZJHYWH UL[" ZVUPH'ZJHYWH UL[ 0U[LYUL[! ^^^ ZJHYWH UL[ ( ;OVTHZ )VOS =LY[YPLIZ .TI/ ) ;YPVW ) ;:3 6\[KVVY ) =HZX\L -VV[^LHY ) >,5.,9 : ( 9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

800

( )LTPZ (ZZVJPH[LZ 0UJ -6 IS\LZPNU [LJOUVSVNPLZ HN ( )\YSPUN[VU >VYSK^PKL ) *OHUN OV -PIYL *VYWVYH[PVU ( *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K ) *VJVUH ,\YVWL ) *V[LJ ,76 0U[ *V ) +LZPNULY ;L_[PSLZ 0U[LYUH[PVUHS 3[K 4(77 4LYPUV 3V]LNYV]L *YLZJLU[ 5A (\JRSHUK ;LS ! -H_! ,THPS! ZOLSSL` WHYRLY'KLZ[L_ JV Ua 0U[LYUL[! ^^^ THWW JV Ua ) ,SP[L [YVU ,U[LYWYPZL *V 3[K ( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2.

) >PSK *SPTI

( ,YPJ[L_ -HZOPVU *V 3[K

( *HSaH[\YPMPJPV AHTILYSHU : 9 3

) ,]LY[L_ -HIYPUVSVN` 3PTP[LK

-HIYPJZ HUK Ã&#x201E;IYLZ :[VMML \UK -HZLYU ;PZZ\Z L[ Ã&#x201E;IYLZ ;LZZ\[P L Ã&#x201E;IYL

( (K]HUZH 4HYRL[PUN .TI/ *HSKLUOVMLY >LN + /HTT ;LS ! -H_! ,THPS! U\YOHU UHSIHU['HK]HUZH JVT 0U[LYUL[! ^^^ HK]HUZH JVT ) (SS 4HNPJ :WVY[Z *V 3[K ) ( :HTWHPV -PSOVZ ;L_[LPZ : ( 9\H : )LU[V +H )H[HSOH 7 :HU[V ;PYZV ;LS ! -H_! ,THPS! QVHV TLUKLZ'HZHTWHPV W[ 0U[LYUL[! ^^^ HZHTWHPV W[

) -\SS[PKL ,U[LYWYPZL *V 3[K ) .HPUTVYL[L_ *V 3[K ) .YHUK[LR (:0( *697 ) .YHUK ;L_[PSL *V 3[K - 5V *O\UN *OLUN 9K 9* ;HPWLP ;LS ! -H_! ,THPS! NK[L_S[K'TZ OPUL[ UL[ ( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3 ) 1HUN )PU ;L_[PSL *V 3[K ( 2LLSH 0U[LYUH[PVUHS 3[K

800

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 3* ;LJOUPJHS ;L_[PSL *V 3[K

) >\ 3\LU 2UP[[PUN *V 3[K

( 3VUN (K]HUJL 0U[ S *V 3[K

) @\HU *OHU ;L_[PSL *V 3[K

( 4HNSPMPJPV 4VKLYUV ,TTL : W H

) @\ @\HUN ;L_[PSL *V 3[K

) 5HU @H 7SHZ[PJ *V 7VS`LZ[LY -PILY +P]PZPVU ( 6\[KVVY 6YNHUPJ

) 7LW^PUN 0U[LYUH[PVUHS *VYWVYH[PVU

-.6 :SHJRSPUL ;VVSZ

( :JOVLSSLY ;L_[PS (.

( ZSHJRZ[HY )YH\U .TI/

)HOUOVMZ[YHZZL */ :L]LSLU ;LS ! -H_! ,THPS! PUMV'ZJOVLSSLY [L_[PSLZ JVT 0U[LYUL[! ^^^ ZJOVLSSLY [L_[PSLZ JVT

) ;VII` )HUK \UK -SLJO[^HYLU .TI/

7YPU[PUN HUK Ã&#x2026;VJRPUN

) :PUILYS` 0U[LYUH[PVUHS *V 3[K

)LKY\JRLU \UK )LÃ&#x2026;VJRLU 0TWYLZZPVU L[ Ã&#x2026;VJHNL :[HTWHNNPV KP Z[VMMH

( :05.;,? 0UK\Z[YPHS *V 3[K

( (THaVUHZ .TI/

5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT

( )LTPZ (ZZVJPH[LZ 0UJ ( 7YVTH_ ;L_[PSL *V 3[K ) ;LJOUP :HUNSLZ :(: 0UNtUPLYPL +t]LSVWWLTLU[

( ZTHY[MPILY (. ) :\UZOPUL 2UP[[PUN *V 3[K ) ;HP^HU ;L_[PSL -LKLYH[PVU ;HP^HU 7YLTP\T :LSLJ[LK :\WWSPLYZ ;,77 ) ;VSPU *V 3[K ) ;VTSVUN ;LJOZ[PSL *VYW ) ;YP 6JLHU ;L_[PSL *V 3[K ) >PU ;YLUK 0U[LYUH[PVUHS *V

)pUKLY HSSLY (Y[ :HUNSLZ LU [V\[ NLUYL -HZJL KP VNUP NLULYL

) :JOV\[[L[LU -YVPK\YL

( 7VSHY[LJ 33*

) :OHUNOHP /HVOVUN ;L_[PSL HUK .HYTLU[ *V 3[K

9PIIVUZ VM HSS RPUKZ

-HZ[LULYZ MVY JSV[OPUN )LRSLPK\UNZ]LYZJOSÂ&#x2026;ZZL -LYTL[\YLZ ]LZ[PTLU[HPYLZ *OP\Z\YL WLY HIIPNSPHTLU[V

) (PJHYL >VYSK^PKL *V 3[K ) 5V /ZPU `P 9VHK :LJ 9* ;HPWLP ;LS ! -H_! ,THPS! HPJHYL'TZ OPUL[ UL[ 0U[LYUL[! ^^^ HPJHYL JVT [^ ) +\YHMSL_ /VUN 2VUN 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

805

) 5PMJV +L\[ZJOSHUK .TI/

( 19* 9LMSL_ ZHZ

( ;P[L_ =LY[YPLIZ .TI/

( 3VUN (K]HUJL 0U[ S *V 3[K

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'[PaPW JVT 0U[LYUL[! ^^^ [PaPW JVT

( 4HNSPMPJPV 4VKLYUV ,TTL : W H ) 5L^ ;YLUK ;L_[PSL *V 3[K

( @22 ,\YVWL 3[K

( 7(3;,? *VTWHU` 3[K

2PYJOOVMZ[YH L + >\WWLY[HS ;LS ! -H_! ,THPS! ZOPVYPFTH[Z\KH'`RRL\YVWL JVT 0U[LYUL[! ^^^ `RRL\YVWL JVT

( 7VSHY[LJ 33* ( 7YPTHJ` 0U[LYUH[PVUHS *VYW

*VH[LK MHIYPJZ

) :PUILYS` 0U[LYUH[PVUHS *V 3[K

)LZJOPJO[L[L :[VMML ;PZZ\Z LUK\P[Z ;LZZ\[P YP]LZ[P[P

( :05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT

( (JOPL]L[L_ *V 3[K ) ( :HTWHPV -PSOVZ ;L_[LPZ : ( ( *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K

) :P_\W / 2 3[K

) *V[LJ ,76 0U[ *V

) ;VTSVUN ;LJOZ[PSL *VYW

( +@5;,?

( ) ;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/

( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2. ( ,YPJ[L_ -HZOPVU *V 3[K

/\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT

( ,]LYLZ[ ;L_[PSL *V 3[K

( ;V`V[H ;Z\ZOV *VYWVYH[PVU

( -VYTVZH ;HMML[H *V 3[K

) >\ 3\LU 2UP[[PUN *V 3[K

) -YHTPZ 0[HSPH :7( ) -\SS[PKL ,U[LYWYPZL *V 3[K ) .HPUTVYL[L_ *V 3[K ) .VVK^H` 0UK\Z[YPHS /2 3[K ) 1HUN )PU ;L_[PSL *V 3[K

,TISLTZ ,TISLTL ,TISuTLZ ,TISLTP

( )LTPZ (ZZVJPH[LZ 0UJ ( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3 ( 7YVTH_ ;L_[PSL *V 3[K

806

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

-PIYLZ

( 7VSHY[LJ 33*

-HZLYU -PIYLZ -PIYL

( 7VU[L[VY[V :7(

) *OHUN OV -PIYL *VYWVYH[PVU

( 7YPTHJ` 0U[LYUH[PVUHS *VYW

( *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K

( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW

( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3

( :05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT

( 3LUaPUN (. ) 5HU @H 7SHZ[PJ *V 7VS`LZ[LY -PILY +P]PZPVU ( 6\[KVVY 6YNHUPJ

) :\UZOPUL 2UP[[PUN *V 3[K

( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW

( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS

( ZTHY[MPILY (.

) ;VSPU *V 3[K

)YLP[ZJOLPKZ[YH L + 9\KVSZ[HK[ ;LS ! -H_! ,THPS! THPS'ZTHY[MPILY KL 0U[LYUL[! ^^^ ZTHY[MPILY KL

-SLLJL MHIYPJZ

-SLLJLZ[VMML 4H[PuYLZ TVSSL[VUUtLZ -SLLJL ( (JOPL]L[L_ *V 3[K ) ( :HTWHPV -PSOVZ ;L_[LPZ : ( ( )LTPZ (ZZVJPH[LZ 0UJ ( +@5;,? ( ,YPJ[L_ -HZOPVU *V 3[K ( ,]LYLZ[ ;L_[PSL *V 3[K ) 1HUTLU ;L_[PSL *V 3[K ) 5L^ ;YLUK ;L_[PSL *V 3[K ( 7(3;,? *VTWHU` 3[K

( <WWLY ;L_[PSL *VYWVYH[PVU ) @\ @\HUN ;L_[PSL *V 3[K

;OYLHK HUK `HYU .HYUL -PSZ -PSH[P

) (8<(;,*/ ( -PSH[P )VYPV -PVYL :93 =PH WLY .H[[PUHYH 0 *HZ[LSSL[[V *LY]V )0 ;LS ! -H_! ,THPS! S\JH'IVYPVMPVYL JVT 0U[LYUL[! ^^^ IVYPVMPVYL JVT ( *OLTV[L_ 4PUSHU 7HJPMPJ *V 3[K -.6 .LZHT[]LYIHUK KLY +L\[ZJOLU ;L_[PS \UK 4VKLPUK\Z[YPL L = ( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3 ) 1HUN )PU ;L_[PSL *V 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 6\[KVVY 6YNHUPJ

) 7LUN\PU )YHUKZ 0UJ

( 7YPTHSVM[ (SIHU` 0U[LYUH[PVUHS *VYW

) ;HP^HU 7HPOV 3PTP[LK

( :JOVLSSLY .TI/ *V 2. 4HYPHOPSMZ[YH L ( )YLNLUa ;LS ! -H_! ,THPS! RY\LNLYT'ZJOVLSSLY ^VVS JVT 0U[LYUL[! ^^^ ZJOVLSSLY ^VVS JVT

812

-HIYPJZ MVY ZSLLWPUN IHNZ :JOSHMZHJRZ[VMML ;PZZ\Z WV\Y ZHJ KL JV\JOL :[VMML KH ZHJJOP KP WLSV ( ( 4VSPUH * :7(

) ;YP 6JLHU ;L_[PSL *V 3[K

( ,YPJ[L_ -HZOPVU *V 3[K

*SPTH[PJ TLTIYHUL

( -VYTVZH ;HMML[H *V 3[K

2SPTHTLTIYHUL 4LTIYHUL JSPTH[PX\L 4LTIYHUL KP *SPTH[PaaHaPVUL

) 1HUTLU ;L_[PSL *V 3[K

( 7YPTHJ` 0U[LYUH[PVUHS *VYW

( 4HNSPMPJPV 4VKLYUV ,TTL : W H

( ;V`V[H ;Z\ZOV *VYWVYH[PVU

( 6\[+Y`

) >\ 3\LU 2UP[[PUN *V 3[K

( 7VSHY[LJ 33* ( 7VU[L[VY[V :7( ( :JOVLSSLY ;L_[PS (. ( :`TWH[L_ ;LJOUVSVNPLZ .TI/ ( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS ( ) ;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/ /\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT

9LÅLJ[VYZ

9LÅLR[VYLU 9tÅLJ[L\YZ *H[HYPMYHUNLU[P ( 19* 9LMSL_ ZHZ ) 5H[OHU 7LYMVYTHUJL .LHY

:VM[ZOLSSZ :VM[ZOLSSZ :VM[ZOLSSZ :VM[ZOLSSZ

( (JOPL]L[L_ *V 3[K ) ( ( (ZZHJ *VTWHU` 7=; 3PTP[LK ( )\YSPUN[VU >VYSK^PKL ( +@5;,? ( ,]LYLZ[ ;L_[PSL *V 3[K ( -VYTVZH ;HMML[H *V 3[K ) 1HUTLU ;L_[PSL *V 3[K ( 3VUN (K]HUJL 0U[ S *V 3[K ( 4H\S .TI/ *V 2. 4H\S :WVY[

812

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( 4LJ[L_ :W(

( )\YSPUN[VU >VYSK^PKL

) 5L^ ;YLUK ;L_[PSL *V 3[K

( +@5;,?

( 7(3;,? *VTWHU` 3[K

) ,SP[L [YVU ,U[LYWYPZL *V 3[K

( 7VSHY[LJ 33*

( ,YPJ[L_ -HZOPVU *V 3[K

( 7VU[L[VY[V :7(

( ,]LYLZ[ ;L_[PSL *V 3[K

( 7YPTHJ` 0U[LYUH[PVUHS *VYW

( -VYTVZH ;HMML[H *V 3[K

( 7YVTH_ ;L_[PSL *V 3[K

) -\SS[PKL ,U[LYWYPZL *V 3[K

( :JOVLSSLY ;L_[PS (.

) .HPUTVYL[L_ *V 3[K

( :JOÂ&#x20AC;MMLS :WVY[ILRSLPK\UN .TI/

) 1HUN )PU ;L_[PSL *V 3[K

( :05.;,? 0UK\Z[YPHS *V 3[K

( 19* 9LMSL_ ZHZ

5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT ( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS ( ;V`V[H ;Z\ZOV *VYWVYH[PVU ( <WWLY ;L_[PSL *VYWVYH[PVU

) 3* ;LJOUPJHS ;L_[PSL *V 3[K ( 3VUN (K]HUJL 0U[ S *V 3[K ( 4HNSPMPJPV 4VKLYUV ,TTL : W H ( 4LJ[L_ :W( ( 4P[P ZWH ) 5L^ ;YLUK ;L_[PSL *V 3[K

:[YL[JO MHIYPJZ :[YL[JONL^LIL ;PZZ\Z tSHZ[PX\LZ ;LZZ\[P LSHZ[PJP

( (JOPL]L[L_ *V 3[K ) (8<(;,*/ (]LU\L 3V\PZ )SHUJOVU - :HPU[ 1\SPLU LU :HPU[ (SIHU ;LS ! -H_! ,THPS! LZM'WHNHZ[PJ JVT 0U[LYUL[! ^^^ HX\H[LJO LZM JVT ^^^ NYV\WLWH`LU JVT ) ( :HTWHPV -PSOVZ ;L_[LPZ : (

( 7(3;,? *VTWHU` 3[K ( 7VU[L[VY[V :7( ( 7YVTH_ ;L_[PSL *V 3[K ( :JOVLSSLY ;L_[PS (. ) :PUILYS` 0U[LYUH[PVUHS *V 3[K ( :P[PW : 7 ( ) :\UZOPUL 2UP[[PUN *V 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) ;HP^HU ;L_[PSL -LKLYH[PVU ;HP^HU 7YLTP\T :LSLJ[LK :\WWSPLYZ ;,77

) .HPUTVYL[L_ *V 3[K

( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS

-.6 .\Z[H] +LOSLY .TI/ ^^^ IV\SKLYTH[[L JVT

) ;VSPU *V 3[K

( /`WLYIVSH

( ) ;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/

- 5V -\ :OPU 5 9K 9* ;HPWLP ;LS ! -H_! ,THPS! ZLY]PJL'O`WLYIVSH JVT [^

/\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT

814

) 1HUN )PU ;L_[PSL *V 3[K

( ;V`V[H ;Z\ZOV *VYWVYH[PVU

( 3VUN (K]HUJL 0U[ S *V 3[K

) ;YP 6JLHU ;L_[PSL *V 3[K

( 4HNSPMPJPV 4VKLYUV ,TTL : W H

( <WWLY ;L_[PSL *VYWVYH[PVU

( 4LJ[L_ :W(

) >\ 3\LU 2UP[[PUN *V 3[K

) 5L^ ;YLUK ;L_[PSL *V 3[K

) @\ @\HUN ;L_[PSL *V 3[K

( 6\[+Y`

>H[LYWYVVM MHIYPJZ >HZZLYKPJO[L .L^LIL ;PZZ\Z PTWLYTtHISLZ ;LZZ\[P PTWLYTLHIPSP ( (JOPL]L[L_ *V 3[K ( ( 4VSPUH * :7( ) (8<(;,*/ ) ( :HTWHPV -PSOVZ ;L_[LPZ : ( ( )\YSPUN[VU >VYSK^PKL ) *V[LJ ,76 0U[ *V ( +@5;,? ( ,]LYLZ[ ;L_[PSL *V 3[K ) ,]V +PZ[YPI\[PVU 3[K ( -VYTVZH ;HMML[H *V 3[K

( 7(3;,? *VTWHU` 3[K ( 7VU[L[VY[V :7( ( 7YPTHJ` 0U[LYUH[PVUHS *VYW ( 7YVTH_ ;L_[PSL *V 3[K ( 9HJV ;L_[PSL *VYW ( :JOVLSSLY ;L_[PS (. ) :PUILYS` 0U[LYUH[PVUHS *V 3[K ( :05.;,? 0UK\Z[YPHS *V 3[K 5V >\ *O\U 9K 9* ;HPWLP /ZPUJO\HUN *P[` ;LS ! -H_! ,THPS! ZHSLZ'ZPUN[L_ JVT 0U[LYUL[! ^^^ ZPUN[L_ JVT ^^^ ZJHMLMHIYPJZ JVT ( :`TWH[L_ ;LJOUVSVNPLZ .TI/ ) ;HP^HU ;L_[PSL -LKLYH[PVU ;HP^HU 7YLTP\T :LSLJ[LK :\WWSPLYZ ;,77

814

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ;LZZPSL -PVYLU[PUH *VTWHU` ZYS

2Â&#x2026;OS \UK 0ZVSPLYILOpS[LY 9tJPWPLU[Z MYPNVYPÃ&#x201E;X\LZ L[ PZVSHU[Z *VU[LUP[VYP PZVSHU[P L YLMYPNLYH[VYP

( ) ;VYH` 0U[LYUH[PVUHS ,\YVWL .TI/

( ,ZIP[ *VTWHNUPL .TI/

/\NLUV[[LUHSSLL + 5L\ 0ZLUI\YN ;LS ! -H_! ,THPS! OLPUaLSTHUU'[VYH` PU[S KL 0U[LYUL[! ^^^ [VYH`LU[HU[ JVT

4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL

( ;V`V[H ;Z\ZOV *VYWVYH[PVU

( 3P[L?WYLZZ .TI/

( <WWLY ;L_[PSL *VYWVYH[PVU

) :0.. :^P[aLYSHUK (. ) :THY;\IL )S\L+LZLY[ 3[K

-HIYPJZ MVY [LU[Z

) :[HUSL`

ALS[Z[VMML ;PZZ\Z WV\Y [LU[L ;LSP KH [LUKL

7SHZ[PJ JVU[HPULYZ

) 1HUTLU ;L_[PSL *V 3[K

2\UZ[Z[VMMILOpS[LY 9tJPWPLU[ LU WSHZ[PJ 9LJPWPLU[P PU WSHZ[PJH

) 5HU @H 7SHZ[PJ *V 7VS`LZ[LY -PILY +P]PZPVU

) *VNOSHU Z 3[K ) ,< )V[[SL 3[K

;YHUZWVY[ JVU[HPULYZ

) .:0 6\[KVVYZ 0UJ

;YHUZWVY[ILOpS[LY 9tJPWPLU[Z KL [YHUZWVY[ *VU[LUP[VYP WLY [YHZWVY[V

( 3PNO[ 4` -PYL :^LKLU ()

) 9LSHNZ .TI/

) 5HSNLUL

( =LU[V .TI/

7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT

( >LZ[MHSPH (\[VTV[P]L .TI/ ) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K :\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR

*VVSLY IHNZ HUK PUZ\SH[LK JVU[HPULYZ

) ;VSPU *V 3[K

( 0)8 -HIYPJZ -HIYPJZ *YLH[PVUZ : 3

) :[HUSL`

>H[LY JHUPZ[LY

>HZZLYRHUPZ[LY 9tZLY]VPYZ KÂ»LH\ *VU[LUP[VYP WLY HJX\H

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 5HSNLUL

) (3(;,*/ ;LJOUVSVN` 3PTP[LK

7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT

) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^

(ZZVJPH[PVUZ =LYIpUKL .YV\WLTLU[Z (ZZVJPHaPVUP

) )PYTPUNOHT *OHTILY VM *VTTLYJL 0UK\Z[Y` -6 +L\[ZJOLY (SWLU]LYLPU L = )\UKLZNLZJOpM[ZZ[LSSL ) -PN\Y*VHJO .SVIHS >LSS .TI/ l6 0+,(: (J[P]L :WVY[Z +LZPNU 5L[^VYR -6 0U[LYUH[PVUHS 4V\U[HPU :\TTP[ ,]LU[\Z 62 ) ;HP^HU -\UJ[PVUHS ;L_[PSLZ ;-; ) ;HP^HU ;L_[PSL -LKLYH[PVU

950

( (S[\Z @\TH : ( ( (:;+ :<20+: 8\HU[HP )HNZ *VTWHU` 3PTP[LK ) )HL :OPV^ *V 3[K ) )LUJOTHKL 2UPML *VTWHU` ( )Y\U[VU 0UJ ) *P_P )LPZLU ;V\YPZ[ 7YVK\J[Z *V 3[K ) *VNOSHU Z 3[K ) +LZPNU .V 3[K ) +L\[LY :WVY[ .TI/ *V 2.

) ;HP^HU ;L_[PSL -LKLYH[PVU ;HP^HU 7YLTP\T :LSLJ[LK :\WWSPLYZ ;,77

:PLTLUZZ[YH L + .LYZ[OVMLU ;LS ! -H_! ,THPS! PUMV'KL\[LY JVT 0U[LYUL[! ^^^ KL\[LY JVT

( ;L_JS\I[LJ

) +YHNVU ;PTLZ (JJLZZVY` *V 3[K

) ;HP^HU :WVY[PUN .VVKZ 4HU\MHJ[\YLYZ (ZZVJPH[PVU

) , ;L_[PU[ *VYW

(JJLZZVYPLZ

A\ILO Y :VUZ[PNLZ (JJLZZVPYLZ (JJLZZVYP

) ,\YVWLHU -YLLaL +Y` 3[K 4V\U[HPU /V\ZL ) -LYYPUV * : W ( ) .:0 6\[KVVYZ 0UJ

( (JLJHTW .TI/

) /VWLYPZL ;L_[PSLZ *V 3[K

) (J[P]L 3LPZ\YL =HU )LYNLU :WVY[Z 0U[ )=

( /\ZR` *A Z Y V

-> (PY *YLH[P]L (.

( 3PML PZ NVVK .SVIHS 0UJ ) 3V^L (SWPUL

950

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 4V\U[HPU :LY]PJLZ *YLH[PVUZ

) 4PJYVZWVY[ .TI/ *V 2.

) -.6 4;: :WVY[HY[PRLS =LY[YPLIZ .TI/

( =HYPV;LR .TI/

) 5HSNLUL 7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT

l6 :WVY[JHTW\Z -. ( :[YLL[Z\YMPUN.LYTHU` .TI/

9LWYLZLU[LK I`! :PSOV\L[[L 0U[ :JOTPLK (.

) ;HZTHUPHU ;PNLY J V ;H[VURH .TI/

( )YLUKH :WVY[ +L\[ZJOSHUK .TI/

) ;H[VURH .TI/

( )\ZOULSS

) <UP]LYZL -HZOPVU (JJLZZVYPLZ *V 3[K

( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2.

( <YIHU 9VJR

( 2VWM ILY .TI/

) >HYTWLHJL Z Y V

) 3V\IZVS :(

) >05:769; ;YHUZ^VYSK (ZZVJPH[LZ *V 3[K

9LJOHYNLHISL IH[[LY` (RR\ (RR\ (RR\

( (UZTHUU (. ) ,ZZLU[PHS ,SLTLU[Z (.

)YPSSLU HSSLY (Y[ 3\UL[[LZ LU [V\Z NLUYLZ 6JJOPHSP KP VNUP [PWV

(KP +HZZSLY 7SH[a + /LYaVNLUH\YHJO ;LS ! -H_! ,THPS! YHPULY Z[LJOS'HKPKHZ JVT 0U[LYUL[! ^^^ HKPKHZ JVT

) ;HP^HU /PWZ[LY ,U[LYWYPZL *V 3[K

.SHZZLZ :WLJ[HJSLZ ) HKPKHZ (.

-. ( Z^PZZ9VVT)V_ ;4 TPZ* ZWVY[ SLPZ\YL

:\P[L 4L[YV *LU[YL /2 2V^SVVU )H` ;LS ! -H_! ,THPS! ^PUZWVY['^PUZWVY[ JVT OR 0U[LYUL[! ^^^ ^PUZWVY[ JVT OR

(UNLSH\ZY Z[\UN ,X\PWLTLU[ KL WvJOL ([[YLaaH[\YL KH WLZJH ) 5P[LZ[PR 7[` 3[K

) 9LSHNZ .TI/ ) :0.. :^P[aLYSHUK (.

-PZOPUN .LHY

( :^PZZ ,`L 0U[LYUH[PVUHS .TI/

*YVZZ :RH[LZ *YVZZ :RH[LZ *YVZZRH[LZ *YVZZRH[LZ

-. ) 7V^LYZSPKL :WVY[HY[PRLS =LY[YPLIZ .TI/ ) ZRPRL -V\Y (JL ,\YVWL .TI/ +LSP[aZJOLY :[YH L + /HSSL ;LS ! -H_! ,THPS! JYT'ZRPRL JVT 0U[LYUL[! ^^^ ZRPRL JVT

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

9VVM IV_LZ

+HJOIV_LU *VMMYLZ KL [VP[ *VU[LUP[VYP WLY [L[[\JJPV

( 5VYKPJ *HI

) 4? :WVY[ -VVK 5\[Y[PVU ) :PTWLY[ 9LP[LY ;9(=,33<5*/ .TI/ >LKKPNLUZ[YH L + (\NZI\YN ;LS ! -H_! ,THPS! PUMV'[YH]LSS\UJO KL 0U[LYUL[! ^^^ [YH]LSS\UJO KL ( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K ( ;9,2 5 ,(; 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT

3PNO[LY

-L\LYaL\NL )YPX\L[ (JJLUKPUP ) *\YS` :TVV[O /HUKLSZ .TI/ ( 3PNO[ 4` -PYL :^LKLU () ( :6;6 :OPUM\QP )\YULY *V 3[K

-SHJOTpUULY -SHJVU )VYHJJL [HZJHIPSP

) 5H[OHU 7LYMVYTHUJL .LHY ) :[HUSL`

,YUpOY\UN HSPTLU[HPYLZ (SPTLU[HYP

) -PN\Y*VHJO .SVIHS >LSS .TI/

/PW ÅHZR

) *VU[PNV

5\[YP[PVU

) ,\YVWLHU -YLLaL +Y` 3[K 4V\U[HPU /V\ZL

960

/LHS[O WYV[LJ[PVU >H[LY Z[LYPSPaH [PVU 0UZLJ[PJPKLZ ÄYZ[ HPK

.LZ\UKOLP[ZZJO\[a 0UZLR[LU]LY[Y 7YVK\R[L ,YZ[L /PSML >HZZLYLU[RLPTLY 7YV[LJ[PVU KL SH ZHU[t +tZPUMLJ[PVUZ KL S LH\ 0UZLJ[PJPKLZ 7YV[LaPVUL KP ZHS\[L 4LKPJPUH L WYVU[V ZVJJVYZV 0UZL[[PJPKP +PZPUML[[HU[P ) (PJHYL >VYSK^PKL *V 3[K ( (PKL :`Z[LT 3[K ) )YL[[ZJOULPKLY -LYUYLPZLILKHYM .TI/ ( *HZJHKL +LZPNUZ 3[K ( 2H[HKÙ 7YVK\R[L (. )PYRLU^LN */ >HSSPZLSSLU ;LS ! -H_! ,THPS! PUMV'RH[HKÙNYV\W JVT 0U[LYUL[! ^^^ RH[HKÙNYV\W JVT ) 3PMLTHYX\L 3[K ( 4J5L[[ ,\YVWL ) 6Y[SPLI :WVY[HY[PRLS .TI/ 9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT ( :[LYP7,5 I` /`KYV 7OV[VU 0UJ ,SSZ^VY[O 9VHK <:( )S\L /PSS ;LS ! -H_! ,THPS! PU[LYUH[PVUHS'Z[LYPWLU JVT 0U[LYUL[! ^^^ Z[LYPWLU JVT

960

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

( ;LJUPTLK ZYS

( ;YVWPJHYL

/HUK`Z -\URNLYp[L 7VY[HISL (WWHYLPSZ YHKPV (WWHYLJJOPV YHKPV *LSS\SHYL ( 7V^LY[YH]LSSLY 3[K

;V^LSZ

/HUK[ JOLY :LY]PL[[L (ZJP\NHTHUV

4VIPSL WOVUL >HSRPL ;HSRPL

/LHY[ YH[L TL[LYZ

( *HZJHKL +LZPNUZ 3[K

/LYaMYLX\LUaTLZZLY 4LZ\YL\YZ KL MYtX\LUJL JHYKPHX\L 4PZ\YH[VYP KLSSH MYLX\LUaH JHYKPHJH

( *Y\_

) (3(;,*/ ;LJOUVSVN` 3PTP[LK

) ,ZZLU[PHS ,SLTLU[Z (.

) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^

( 4J5L[[ ,\YVWL

( *PJSV:WVY[ 2 > /VJOZJOVYULY .TI/

) 5HZJOLT *V 3[K

( -.6 .HYTPU +L\[ZJOSHUK .TI/

) +LZPNU .V 3[K

5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY

( V Z`UJL ,\YVWL .TI/ ( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/ ) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/

) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\

( ZTHY[MPILY (.

/\UKLa\ILO Y (JJLZZVPYLZ WV\Y SL JOPLU (JJLZZVYP KLS JHUL ) 5P[LZ[PR 7[` 3[K

) ;YH]LS:HML

( 5VYKPJ *HI

) :[HTMVYK :WVY[Z 3[K ; HZ ;YLRTH[LZ

) :OVJRSLZ

( ;YVWPJHYL A^LURNYHZZ[YHH[ 53 3* (STLYL ;LS ! -H_! ,THPS! PUMV'[YVWPJHYL L\ 0U[LYUL[! ^^^ [YVWPJHYL L\

+VN HJJLZZVYPLZ

3HTWZ 3PNO[Z

3HTWLU HSSLY (Y[ )LSL\JO[\UN 3HTWLZ 3HTWHKL ]HYPL ( (UZTHUU (. ) )HSHKtV *VYPVSPZ :(93

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) ) )SHJR +PHTVUK ,X\PWTLU[ (. ( )\ZOULSS ( *HTW^LSK : 9 3

965

( 3P[L?WYLZZ .TI/ + STLULY :[YH L + *VLZMLSK ;LS ! -H_! ,THPS! ]LY[YPLI'SP[L_WYLZZ KL 0U[LYUL[! ^^^ SP[L_WYLZZ KL

*VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT

) 3\WPUL 3PNO[PUN :`Z[LTZ .TI/

9LWYLZLU[LK I`! 7YV]PK\Z : 9 3

5V :LVRUHT +VUN :LV .\ 962 0UJOLVU ;LS ! -H_! ,THPS! UHZJOLT'\UP[LS JV RY [OVTHZ^VU'UHZJOLT JV RY 0U[LYUL[! ^^^ U YP[ JV RY

) * 1\S /LYILY[a .TI/ ) *\YS` :TVV[O /HUKLSZ .TI/ -. (2( +HUJHY ;YHKPUN .V4V[PVU ) ,ZZLU[PHS ,SLTLU[Z (. ( -H]V\Y 3PNO[ ,U[LYWYPZLZ 3[K ( -LUP_ -SHZO3PNO[:OVW :[LWOHU\ZZ[YH L + / JRLSOV]LU ;LS ! -H_! ,THPS! PUMV'MSHZOSPNO[ZOVW KL 0U[LYUL[! ^^^ MSHZOSPNO[ZOVW KL ( .LYILY :PS]H :^LKLU () ( /LH]LU ,HY[O 7YVK\J[Z *V 3[K 9VVT 5V 3HUL *OHUNKHV 9VHK =9* :OHUNOHP ;LS ! -H_! ,THPS! THMLY'OLH]LU LHY[O JVT JU 0U[LYUL[! ^^^ OLH]LU LHY[O JVT JU ( 0UK\Z[YPHS 9L]VS\[PVU ) 2V]LH *V 3[K )\JOLVU ;LJOUVWHYR @HRKHL +VUN >VUTP .\ 962 )\JOLVU 2`VUNNP ;LS ! -H_! ,THPS! RV]LH[K 'RV]LH JV RY 0U[LYUL[! ^^^ RV]LH JVT ) 3LH[OLYTHU

) 5HZJOLT *V 3[K

) 5P[LZ[PR 7[` 3[K ) 7L[aS :( ( 7YPUJL[VU ;LJ ( 7YV]PK\Z : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT 9LWYLZLU[LK I`! *HTW^LSK : 9 3 ( :PS]H :^LKLU () ) :VSSPNO[ ( :6;6 :OPUM\QP )\YULY *V 3[K ( ;HW\a 0UK\Z[Y` 3[K ) ;:3 6\[KVVY ) =LU[\Z -YLL ,ULYN` 7YVK\J[Z ) A^LPIY KLY 6W[VLSLJ[YVUPJZ .TI/ 2YVULUZ[YH L + :VSPUNLU ;LS ! -H_! ,THPS! PUMV'a^LPIY\LKLY JVT 0U[LYUL[! ^^^ a^LPIY\LKLY JVT

966

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

3LH[OLY HJJLZZVYPLZ 3LKLYHJJLZZVPYLZ (JJLZZVPYLZ KL J\PY (JJLZZVYP KP J\VPV

5VYKPJ )SHKPUN 5VYKPJ )SHKPUN 5VYKPJ )SHKPUN 5VYKPJ )SHKPUN

( .YLLU3HUK 5(;<9, .TI/

( *VILY ZYS =PH 6MHU[V 0 6WLYH 40 ;LS ! -H_! ,THPS! PUMV'JVILY P[ 0U[LYUL[! ^^^ JVILY P[

2UP]LZ

4LZZLY *V\[LH\_ *VS[LSSP

) 0[HSIHZ[VUP 0; : U J 0;(3)(:;650 *A Z Y V

) )HSHKtV *VYPVSPZ :(93

( 3,20 3LUOHY[ .TI/ 2HYS (YUVSK :[YH L + 2PYJOOLPT ;LJR ;LS ! -H_! ,THPS! ZLY]PJL'SLRP KL 0U[LYUL[! ^^^ SLRP KL

) )LUJOTHKL 2UPML *VTWHU` ) * 1\S /LYILY[a .TI/

-. ) 7V^LYZSPKL :WVY[HY[PRLS =LY[YPLIZ .TI/

( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2.

) ;LJO (JL ,U[LYWYPZL *V 3[K

( .LYILY :PS]H :^LKLU () ( 0UK\Z[YPHS 9L]VS\[PVU

6\[KVVY -P[ULZZ

) 3LH[OLYTHU

6\[KVVY -P[ULZZ 6\[KVVY -P[ULZZ 6\[KVVY -P[ULZZ

( 3PNO[ 4` -PYL :^LKLU ()

) (3(;,*/ ;LJOUVSVN` 3PTP[LK

( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K

) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^

( :^PZZ ,`L 0U[LYUH[PVUHS .TI/

) -PN\Y*VHJO .SVIHS >LSS .TI/

) =PJ[VYPUV_

-.6 0+ :WVY[Z .TI/ .PIIVU :SHJRSPULZ

) >,5.,9 : (

) -.6 4;: :WVY[HY[PRLS =LY[YPLIZ .TI/

9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

/HUZ <YTPSSLY 9PUN + >VSMYH[ZOH\ZLU ;LS ! -H_! ,THPS! PUMV'T[Z ZWVY[ KL 0U[LYUL[! ^^^ T[Z ZWVY[ KL

) :W`KLYJV 0UJ

( 4`5H] 5H]PNH[VYZ .PV]L :YS ) 5H[OHU 7LYMVYTHUJL .LHY ( 5VYKPJ *HI

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

972

) 7LUN\PU )YHUKZ 0UJ

) +LZPNU .V 3[K

-. ) 7V^LYZSPKL :WVY[HY[PRLS =LY[YPLIZ .TI/

( ,ILYOHYK .Â&#x20AC;ILS .TI/ *V

( ZR [L \ ZWVY[Z WYVK\J[PVU .TI/ -.6 :SHJRSPUL ;VVSZ ( ZSHJRZ[HY )YH\U .TI/ -. ( :[YLL[Z\YMPUN.LYTHU` .TI/

0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT ) ,TZJV .YV\W 0U[LYUH[PVUHS ) ,ZZLU[PHS ,SLTLU[Z (. ( -LUP_ -SHZO3PNO[:OVW

7\SZL YH[L TL[LYZ

7\SZTLZZLY *HYKPVMYtX\LUJLTu[YLZ 4PZ\YH[VYP KLSSL W\SZHaPVUP ) ([LJO :JPLU[PMPJ 4LHZ\YLTLU[ 3[K ( -.6 .HYTPU +L\[ZJOSHUK .TI/

<TIYLSSHZ

9LNLUZJOPYTL 7HYHWS\PL 6TIYLSSV ( ,ILYOHYK .Â&#x20AC;ILS .TI/ *V 0T 3LOYLY -LSK + <ST ;LS ! -H_! ,THPS! PUMV'L\YVZJOPYT JVT 0U[LYUL[! ^^^ L\YVZJOPYT JVT

;YH]LS (JJLZZVYPL 9LPZLa\ILOÂ&#x20AC;Y (JJLZZVPYLZ KL ]V`HNL (JJLZZVYP KH ]PHNNPV

) (PJHYL >VYSK^PKL *V 3[K ( (UZTHUU (. ) )HSHKtV *VYPVSPZ :(93 ) )YL[[ZJOULPKLY -LYUYLPZLILKHYM .TI/ ( *VYWVYH[L :WVY[Z 0U[LYUH[PVUHS .TI/ *V 2.

) .YHUK (TVZ 7YVK\J[Z *V 3[K ) 2<7032( 1VLUZ\\U 4LZRHYP 6` ) 3PMLTHYX\L 3[K ( 3PNO[ 4` -PYL :^LKLU () ( 4J5L[[ ,\YVWL ) 4V\U[HPU :LY]PJLZ *YLH[PVUZ ) 6UZPNO[ ,X\PWTLU[ 3[K ) 7HJZHML 6\[WHJ +LZPNUZ 3[K ( 7V^LY[YH]LSSLY 3[K ) :LH [V :\TTP[ )YV^U :[YLL[ (<: ,HZ[ 7LY[O ;LS ! -H_! ,THPS! HHYVU'ZLH[VZ\TTP[ JVT H\ 0U[LYUL[! ^^^ ZLH[VZ\TTP[ JVT H\ ) :THY;\IL )S\L+LZLY[ 3[K ) :U\NWHR 3[K ( :[LYP7,5 I` /`KYV 7OV[VU 0UJ ,SSZ^VY[O 9VHK <:( )S\L /PSS ;LS ! -H_! ,THPS! PU[LYUH[PVUHS'Z[LYPWLU JVT 0U[LYUL[! ^^^ Z[LYPWLU JVT

972

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

-. ( Z^PZZ9VVT)V_ ;4 TPZ* ZWVY[ SLPZ\YL

:VM[^HYL *VTW\[LY :VM[^HYL VYKPUH[L\Y :VM[^HYL JVTW\[LY

) ;PJRL[ ;V ;OL 4VVU

-6 IS\LZPNU [LJOUVSVNPLZ HN

) =LU[\Z -YLL ,ULYN` 7YVK\J[Z

-> ,). +H[H .TI/

) =PJ[VYPUV_

-> 0: 0U[LNYH[LK :`Z[LTZ (.

( >LZ[MHSPH (\[VTV[P]L .TI/

( 4`5H] 5H]PNH[VYZ .PV]L :YS -> :PSSLY (.

)\JRSLZ

l6 :WVY[JHTW\Z

:JOUHSSLU )V\JSLZ -PIIPL

:VSHY

) /HUK` 4HU *V 3[K

:VSHY :VSHPYL :VSHYL

) 5PMJV +L\[ZJOSHUK .TI/

) ,ZZLU[PHS ,SLTLU[Z (.

) ;LYTP[L

) 4PJYVZWVY[ .TI/ *V 2.

) <ZHUN 0UK\Z[YPHS *V 3[K

( 7V^LY[YH]LSSLY 3[K

) >VVQPU 7SHZ[PJ

( 9`^HU ZHYS

.HSTHL KVUN 962 2\YP *P[` ;LS ! -H_! ,THPS! ZHSLZ'^VVQPUWSHZ[PJ JVT 0U[LYUL[! ^^^ ^VVQPUWSHZ[PJ JVT

Y\L (SL_HUKYL =VS[H A0 5VYK - 4LH\_ *LKL_ ;LS ! -H_! ,THPS! JVTTLYJPHS'Y`^HU JVT 0U[LYUL[! ^^^ Y`^HU JVT

7LKVTL[LYZ :JOYP[[apOSLY 7VKPVTu[YLZ *VU[HWHZZP

) )HYPNV )HYVTL[LYMHIYPR .TI/ ( :PS]H :^LKLU ()

:VM[^HYL JVTW\[LY

) ;LJO (JL ,U[LYWYPZL *V 3[K

) +\YHMSL_ /VUN 2VUN 3[K

) :VSSPNO[ ( ;HW\a 0UK\Z[Y` 3[K

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

:WVY[Z JVTW\[LY

:WVY[JVTW\[LY 6YKPUH[L\YZ KL ZWVY[ *HSJVSH[VYP LSL[[YVUPJP WLY ZWVY[ ) (3(;,*/ ;LJOUVSVN` 3PTP[LK ) - 5V 1\UNTPUN :V\[O 9VHK 9* ;HPJO\UN *P[` ;LS ! L_[ -H_! ,THPS! PYLUL'HSH[LJO JVT [^ 0U[LYUL[! ^^^ HSH[LJO JVT [^ ( -.6 .HYTPU +L\[ZJOSHUK .TI/ ) .VWSHUL[ *VTWHZZ :`Z[LTZ *VYW ) 4PJYVZWVY[ .TI/ *V 2. ( V Z`UJL ,\YVWL .TI/ ) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ ( =HYPV;LR .TI/ ) (\NTLU[YH 3[K =PL^9HUNLY

;OLYTVTL[LY /`NYVTL[LY ;OLYTVTL[LY /`NYVTL[LY ;OLYTVTu[YL /`NYVu[YL ;LYTVTL[YV 0NYVTL[YV

) )HYPNV )HYVTL[LYMHIYPR .TI/

980

+YPURPUN IV[[SLZ ;YPURÃ&#x2026;HZJOLU .V\YKLZ )VYHJJL

) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH ( *HTW^LSK : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'JHTW^LSK JVT 0U[LYUL[! ^^^ JHTW^LSK JVT 9LWYLZLU[LK I`! 7YV]PK\Z : 9 3 ( *HZJHKL +LZPNUZ 3[K ) *VU[PNV 2LTWPZJOL Z[LLU^LN ) /HZZLS[ ;LS ! -H_! ,THPS! Z[PQU SV^L[[L'RHTI\RRH JVT 0U[LYUL[! ^^^ NVJVU[PNV L\ ) +LZPNU .V 3[K ( ,ZIP[ *VTWHNUPL .TI/ 4HYSV^YPUN + /HTI\YN ;LS ! -H_! ,THPS! LZIP['LZIP[ KL 0U[LYUL[! ^^^ LZIP[ KL ) ,< )V[[SL 3[K ) ,]LYLZ[ .TI/ ) .YHUK (TVZ 7YVK\J[Z *V 3[K

;OLYTVWSHZ[PJ HJJLZZVYPLZ ;OLYTVWSHZ[PJ (JJLZZVPYLZ (JJLZZVPYLZ [OLYTVWSHZ[PX\LZ (JJLZZVYP [LYTVWSHZ[PJP ) +\YHMSL_ /VUN 2VUN 3[K ( ,TZVSK .LZLSSZJOHM[ .TI/ *V 2. ) -YHTPZ 0[HSPH :7( ) :[HUSL` ) >VVQPU 7SHZ[PJ

) .:0 6\[KVVYZ 0UJ ) /`KYHWHR 33* ( 0UK\Z[YPHS 9L]VS\[PVU ( 3HRLU 7YVK\J[VZ +LWVY[P]VZ : ( ) 5HSNLUL 7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT

980

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) 5H[OHU 7LYMVYTHUJL .LHY

( 3PML PZ NVVK .SVIHS 0UJ

) 7LUN\PU )YHUKZ 0UJ

) 5HSNLUL 7HUVYHTH *YLLR +Y <:( 9VJOLZ[LY ;LS ! -H_! ,THPS! HOH`LZ'UHSNLUL JVT 0U[LYUL[! ^^^ UHSNLUL V\[KVVY JVT

( 7YV]PK\Z : 9 3 *VYZV 7PLTVU[L 0 =VSWPHUV ;6 ;LS ! -H_! ,THPS! PUMV'WYV]PK\ZP[ JVT 0U[LYUL[! ^^^ WYV]PK\ZP[ JVT

) 5H[OHU 7LYMVYTHUJL .LHY

9LWYLZLU[LK I`! *HTW^LSK : 9 3

) 6Y[SPLI :WVY[HY[PRLS .TI/

) :0.. :^P[aLYSHUK (.

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'VY[SPLI JVT 0U[LYUL[! ^^^ VY[SPLI JVT

) :THY;\IL )S\L+LZLY[ 3[K ) :VSSPNO[

) 6_ZP[PZ

) :V\YJL =HNHIVUK :`Z[LTZ 3[K

) 7LUN\PU )YHUKZ 0UJ

/m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT

) 9HPKSPNO[ ) :0.. :^P[aLYSHUK (.

) :[HUSL`

) :THY;\IL )S\L+LZLY[ 3[K

( :^PZZ (K]HUJL I` ;OPUR 0UK\Z[Y` 3[K

) :V\YJL =HNHIVUK :`Z[LTZ 3[K

( ;HP^HU =LY[L_ 7YVK\J[PVU *VYW

/m[U\MH 03 ;PYH[ *HYTLS ;LS ! -H_! ,THPS! ZV\YJL'ZV\YJL ]HNHIVUK JVT 0U[LYUL[! ^^^ ZV\YJL ]HNHIVUK JVT

) ;YPURMSHZJOLU KL

( ;HP^HU =LY[L_ 7YVK\J[PVU *VYW

+YPURPUN Z`Z[LTZ

;YPURZ`Z[LTL :`Z[uTL WVY[L IVPZZVU :PZ[LTP KP HZZ\UaPVUL SPX\PKP

) ;LYTP[L ) ;YPURMSHZJOLU KL

) *HTLSIHR 0U[LYUH[PVUHS 33* -PSPHSL 0[HSPHUH ( *HZJHKL +LZPNUZ 3[K ) *VU[PNV ) ,< )V[[SL 3[K ) .YHUK (TVZ 7YVK\J[Z *V 3[K ) /`KYHWHR 33*

>H[JOLZ <OYLU 4VU[YLZ 6YVSVNPV

) )HYPNV )HYVTL[LYMHIYPR .TI/ ) *\YS` :TVV[O /HUKLSZ .TI/ ( V Z`UJL ,\YVWL .TI/

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

) :\\U[V J V (TLY :WVY[Z ,\YVWL :LY]PJLZ .TI/ ) >,5.,9 : ( 9V\[L KL )oSL */ +LStTVU[ ;LS ! -H_! ,THPS! PUMV'^LUNLY JO 0U[LYUL[! ^^^ ^LUNLY JO

-HZ[LULYZ =LYZJOS ZZL -LYTL[\YLZ *OP\Z\YL

) +\YHMSL_ /VUN 2VUN 3[K ) 5PMJV +L\[ZJOSHUK .TI/ ( ;P[L_ =LY[YPLIZ .TI/

985

;VVSZ

>LYRaL\NL 6\[PS (YULZL ) )LUJOTHKL 2UPML *VTWHU` ) ,TZJV .YV\W 0U[LYUH[PVUHS ( .LYILY :PS]H :^LKLU () ) 3LH[OLYTHU ( 3P[L?WYLZZ .TI/ ) :W`KLYJV 0UJ ) =PJ[VYPUV_

9HPUZ[YH L + /LPSZIYVUU ;LS ! -H_! ,THPS! PUMV'[PaPW JVT 0U[LYUL[! ^^^ [PaPW JVT ) >VVQPU 7SHZ[PJ

4LYJOHUKPZPUN Z`Z[LTZ

>HYLU^PY[ZJOHM[ZZ`Z[LTL :`Z[uTL tSLJ[YVUPX\LZ WV\Y SH NLZ[PVU K\ TH[tYPHS :PZ[LTP ,+7 NLZ[PVUL TLYJP -> (YPZ[VU 0UMVYTH[PR .TI/ -> ,). +H[H .TI/ -> 0: 0U[LNYH[LK :`Z[LTZ (. -> 796 69. ,+= :LY]PJL .TI/ *V 2. )HOUOVMZ[YH L + ) YLU ;LS ! -H_! ,THPS! PUMV'WVZTHU KL 0U[LYUL[! ^^^ WVZTHU KL -> :PSSLY (.

5V[LZ 5V[PaLU c 5V[L c 5V[LZ

0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

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0UKL_ VM WYVK\J[Z >HYLU]LYaLPJOUPZ c ,SLUJV TLYJLVSVNPJV c *H[HSVN\L WYVK\P[Z

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