!"#$%&%"#'%#()*+%,(%#-*#()$,)+&#'%#'%& !"#$%$"&'('$)#*$#+$%(#,-$'$%.(/&#0)"#1$("0(#2$00)/)3$"$
!"#$%&%"#'%#()*+%,(%# -*#()$,)+&#'%#'%& !"#$%$"&'('$)#*$#+$%(#,-$'$%.(/&# 0)"#1$("0(#2$00)/)3$"$
.#/01.#23# !"#$!%!&#'(!)"'
4#4567#)23839:3#;.:<.=.>>3#(?1?>?#@#(3A:. $1.B3/.#23#/9CA1<3:.D#,3:.>29#E.13.#;F3AG. (<.HC.<9#2.#)23839:3#;.:<.=.>>3# :A>#:9IAHJ1A#4567 %(K*D#LMNONNON4M4OLMPOL
R,)()*+"S%&*)
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
-:.#GA/9:2.#GA13AV#G3#C0`#231AV#13=0.12.#3>#C19=1AGG9#A#>A#\0.O >3<Z#2A>>.#I3<.#GC313<0.>A#CA1G9:.>A?#(3#IA2.:9#>A#C.=3:A#G0>>.#U3<.# 3:<A1391AV#3>#B.1A#-:3<Z#:A>>.#C19C13.#I3<.V#:A>>.#(AHC>3/3<ZV#3>#I3IA1A# >.#;.13<ZV#>.#R9IA1<ZV#>[&JJA23A:8.V#>[.BB19:<.1A#3>#'9>91A#A#>[.C131O G3#.>>["H91A#CA1#'39#A#CA1#3#B1.<A>>3?#a#0:#13.:2.1A#.=>3#A>AHA:<3# AGGA:83.>3#A#G9>323#23#0:.#.0<A:<3/.#I3<.#/13G<3.:.#/FA#G3#3:/.1:.#3:# .<<A==3.HA:<3#A#G/A><A#CA1G9:.>3#/9:/1A<A#/FA#23IA:<.:9#3>#B9:2.O HA:<9#23#0:9#G<3>A#23#I3<.#AI.:=A>3/9#<AG<3H9:3.>A?# %:B3:AV#0:.#<A18.#GA13A#13=0.12.#>.#:A/AGG3<Z#23#C>.GH.1A#A#C0O 13B3/.1A#/9:<3:0.HA:<A#:93#G<AGG3V#CA1#B91H.1A#3:#:93#>.#/1A.<01.# :09I.# ^3:# ;13G<9_# 09H9# :09I9V# CA1# :9:# WI3I.//F3.1A# O# /9HA# G/13IA#>A3#O#3:#0:.#CA1CA<0.#/.>3=3:A#/FA#:9:#CA1HA<<A#.=>3#9//F3# 2A>>[.:3H.# 23# 23G<3:=0A1A# 3># 29IA1A# 1A.>A# 2.# \0A>>A# .CC.1A:8A# 23# 29IA1A#/FA#GCAGG9#G3#C1AGA:<.:9#.>>9#GC313<9#A#/FA#3:#B9:29#:9:# G9:9#.><19#/FA#13/A1/FA#23#G9223GB.839:3#C19C13AX?#(3#IA2.:9#>A#C.O =3:A#G0>>.#]91H.839:A#2A>#/.1.<<A1AV#G0>>.#,A<<.#3:<A:839:AV#G0>>A# U31<b#H91.>3#A#G0>>["H3/383.?#":/FA#\0AG<A#C.=3:A#G9:9#CA1I.GA# 2.#0:.#/9:/1A<.#G.C3A:8.#A2#AGCA13A:8.#/FA#13/9:9G/A#/FA#>.#I3<.# GC313<0.>A#A#>.#I3<.#0H.:.V#>A#I31<b#<A9>9=.>3#A#\0A>>A#H91.>3#:9:# G9:9#GAC.1.<A#H.#G<1A<<.HA:<A#/9:=30:<AV#/9HA#)>>.#G/13IAD# Wcde#=3.//Ff#Y#.><1A<<.:<9#IA19#A#:A/AGG.139#3:G3G<A1A#G0>O >.#B91H.839:A#A#G0>>[AGA1/3839#2A>>A#I31<b#H91.>3V#GA:8.#23# /FA#.//.2A#/FA#.>/0:A#.:3HA#GC19II3G<A#23#\0AG<3#C13:/3C3V# A:<1.:29# :A>>.# I3.# 2A>>.# CA1BA839:AV# /1A29:9# 23# C9<A1I3# .I.:8.1A#GA:8.#23#AGGA#A#3>>02A:29G3#3>>029:9#.><1A#A#B.::9# =1.:23#/9:B0G39:3?#RA1G0.23.H9/3#/FA#3:<A1391HA:<A#:9:# G3#C0`#/1AG/A1A#GA#:9:#/3#C9GGA23.H9g#A#:9:#/3#C9GGA23.O H9#.>>91/Ff#H.:/.:9#3#B9:2.HA:<3g#:9:#G3#C0`#A23B3/.1A# GA#.:/91.#I3I3.H9#2[3G<3:<9g#:9:#G3#C0`#/9:IA1<31A#=>3#.><13# GA#:93#:9:#G3.H9#IA1.HA:<A#C9GGAGG9#23#$AGbV#GA#G3.H9# .:/91.#C9GGAGG9#2A3#:9G<13#3G<3:<3X?#
P
;1A29#/FA#/F3#0<3>388.#\0AG<A#C.=3:A#23#E.21A#K3.:/.#<19IA1Z# 9//.G39:A#23#IA13B3/.#2A>>[.0<A:<3/3<Z#2A>>.#G0.#I3<.#GC313<0.>A#A#23# G<3H9>9#CA1#0:#/9:<3:09#A#1A.>A#C19=1AGG9#3:#AGG.?#(9:9#C.=3:A# H9><9#JA>>A#A#/9:/1A<A#23#0:.#H.AG<1.#23#I3<.#GC313<0.>A? E9:G?#"213.:9#+AGG.19>9 UAG/9I9#"GG3G<A:<A#2A>#;9:G3=>39#2A>>.#]A2A1.839:A#2A>>.# ;9HC.=:3.#23#(.:<[&1G9>. %G<3<0<9#(A/9>.1A#23#(.:<[":=A>.#EA13/3
M
%*+,&'-S%&*)
%>#<A1H3:A#^/9:=1A=.839:3_#Y#23IA:0<9#0:#C9[#C3b#B.H3>3.1A#3:# \0AG<3#0><3H3#<AHC3V#.:/FA#=1.83A#.>>.#13G9:.:8.#/FA#F.::9#2.<9#3# H.GG#HA23.#.>>A#130:39:3#2A3#/.123:.>3#GI9><AG3#.#,9H.#C13H.#2A># ;9:/>.IAV#/F3.H.<A#.CC0:<9#^/9:=1A=.839:3_V#/39Y#H9HA:<3#3:# /03# /9:B19:<.1G3V# 13B>A<<A1A# A# 23G/0<A1A# 3:G3AHA# G03# C19J>AH3# C3b# 3HC91<.:<3#2A>>.#;F3AG.#0:3IA1G.>AV#3:#I3G<.#2A>>[A>A839:A#2A>#G0/O /AGG91A#23#R3A<19? ;9HA#/9:BA1H.#>[A<3H9>9=3.#>.<3:.#2A>#<A1H3:AV#0G.<9#CA1#>9# C3b#3:#.HJ3<9#A//>AG3.>AV#>.#^/9:=1A=.839:A_#h2.#0.386'&6('&i#3:23/.# 3>#130:31A#3:G3AHAV#/9HA#.CC0:<9#B.#3>#C.G<91A#/9:#>A#CA/91A#2A># G09#=1A==A?# )2# A1.# C19C139# \0AG<9# 3:<A:<9# 23# 130:31G3# A# G<.1A# 3:G3AHA# 3># C13:/3C.>A# 9J3A<<3I9# 23# K3.:/.# R3//9>9H3:3# ;>AHA:<3:3# :A># /9:O I9/.1A#HA:G3>HA:<A#>A#G0A#B3=>3AV#CA1#3G<1031>A#A#B.1A#3:G3AHA#0:# /.HH3:9# 0H.:9# A# GC313<0.>AV# GA/9:29# \0.:<9# =3Z# C19C9:AI.# (.:<[":=A>.#EA13/3?# ;9Gj#2.>#6L45#.>#6LQNV#K3.:/.#R3//9>9H3:3#G3#2A23/`#/9:#/01.# .#G/13IA1A#>A#G0A#9,%'.7$)"$V#GA:8.#H.3#13:0:/3.1I3V#:ACC01A#\0.:29V# :A=>3#0><3H3#.::3#2A>>.#G0.#I3<.V#:9:#.IAI.#C3b#>.#B918.#23#G/13IA1>A# CA1G9:.>HA:<AV#/9G<1A<<.#.2#.CC91I3#2.CC13H.#G9><.:<9#>.#B31H.V# C93#>.#C.19>.#^E.21A_#A#3:B3:A#GAHC>3/AHA:<A#0:.#^E_V#H.#A1.# GAHC1A#>A3#.#2A<<.1A? W!.#;9:=1A=.839:A#@#/9HA#23/AI.#>.#E.21A#K3.:/.#@#Y#3G<10O 839:A#B.<<.#C19C139#CA1#:93g#Y#3>#:9G<19#C.:AV#CA1/Ff#B91H.<9#2A>>.# :9G<1.#B.13:.XV#0:#C.:A#/.C./A#23#.>3HA:<.1A#A#:0<131A#3>#/.HH3O :9#CA1G9:.>AV#H.#.:/FA#>.#I3<.#/9H0:3<.13.V#C19C139#CA1/Ff#B.<<9# 3:G3AHA? k0A>>A#23#K3.:/.#G9:9#3:23/.839:3#A#/9:G3=>3#CA1#>.#I3<.#GC313O <0.>A#/FA#.:/91.#9==3#13G0><.:9#23#=1.:2A#.<<0.>3<ZV#:9:#G9>9#CA1#>A# L
CA1G9:A#23#I3<.#/9:G./1.<.V#H.#.:/FA#CA1#9=:3#/1A2A:<A#/FA#/9:# GAHC>3/3<Z#A#0H3><Z#3:<A:2.#3HCA=:.1G3#GA13.HA:<A#:A>>.#/1AG/3<.# 0H.:.#A#GC313<0.>AV#/9Gj#2.#AGGA1A#<AG<3H9:A#/1A23J3>A#2A>>[.H91A# 23#'39#:A>>.#\09<323.:3<Z#2A>>.#C19C13.#AG3G<A:8.?#%:#\0AG<3#3:GAO =:.HA:<3V#3:B.<<3V#H.21A#K3.:/.#C3b#/FA#B91:31A#:9839:3V#H9G<1.# 23#AGGA1A#0:.#IA1.#H.AG<1.#23#I3<.V#CA1/Ff#3:GA=:.#:9:#G9>9#/9:#>A# C.19>AV#H.#G9C1.<<0<<9#/9:#>.#C19C13.#AGCA13A:8.#23#I3<.?#)GG.#:9:# F.#C.01.#23#/9:23I32A1A#/9:#>A#G0A#B3=>3A#3:#<0<<.#GAHC>3/3<Z#/3`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j#13//9#CA1#>.#;F3AG.#GA:AGA#A#CA1#>.#/13G<3.O :3<Z#:9:#C9<AI.#:9:#AGGA1A#HAGG9#.#23GC9G3839:A#23#<0<<3V#1A:2A:O 29#.//AGG3J3>A#G0#C3b#>.1=.#G/.>.#>.#I.G<.#9CA1.#2A>>A#;9:=1A=.839O :3#23#E.21A#K3.:/.?# a# CA1# \0AG<9#H9<3I9V#/FA#/3#Y#GAHJ1.<9#9CC91<0:9#B.1A#0:# J1AIA# /9HCA:239# 2A>>A# 5)"6'&6(7$)"$# 9# 9,%'.7$)"$V# C13I3>A=3.:29# \0A3#<AH3#A#\0A=>3#.GCA<<3#/FA#.:/91.#9==3#13G0><.:9#\0.:<9#H.3# .<<0.>3V# /9HA# .//.2A# 3:# =A:A1A# .>>[3:GA=:.HA:<9# 2A=>3# 09H3:3# A# 2A>>A#29::A#23#'39#/FAV#:9:9G<.:<A#3>#C.GG.1A#2A>#<AHC9V#/9:<3O :0.#.#13H.:A1A#I3I9#A2#ABB3/./A#CA1#<0<<3? (3#Y#CA:G.<9#20:\0A#23#G0223I32A1A#>.#1.//9><.#3:#/3:\0A#/.C3O <9>3#.<<1.IA1G9#3#\0.>3#B.1#13CA1/911A1A#.>#>A<<91AV#\0.G3#C1AG9#CA1# H.:9#2A>>.#E.21A#K3.:/.V#0:.#G91<.#23#3<3:A1.139#/FAV#C.1<A:29# 2.#0:.#13B>AGG39:A#G0>#H3G<A19#2A>>.#I3<.#/9:#>A#G0A#=393A#A#>A#G0A# 23BB3/9><ZV# C.GG.:29# CA1# >A# <.CCA# 2A># /.HH3:9# IA1G9# >.# G.:<3<Z# 2A>>[AG3G<A:8.V# C9GG.# .113I.1A# .# =0G<.1A# >.# JA>>A88.# 2A>>[.H91A# A# 65
2A>>[.H3/383.#/9:#'39#A#/9:#3#B1.<A>>3V#1A.>388.1A#0:.#I3<.#GAHC1A# C3b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j#/9HA#>[.H91A#CA1#'39#A#CA1#3# B1.<A>>3?#(A#3>#IA1<3/A#A#3>#:0<13HA:<9#2A>>.#I3<.#/13G<3.:.#Y#/9G<3<03<9# 2.>>.#;A>AJ1.839:A#)0/.13G<3/.V#:9:#Y#0:#/.G9#/FA#>.#E.21A#.JJ3.# 2A23/.<9#:A>#/91G9#2A3#I.13#.::3#0:.#IA1.#A#C19C13.#/.<A/FAG3#G0# \0AG<9#<AH.V#/9:#>[3:<A:<9#23#.30<.1A#>A#C19C13A#^B3=>3A_#.#/9HJ.<O <A1A#>.#23G<1.839:A#A#>[.J3<023:.13A<Z#/FA#.>>91.#/9HA#9==3#/9G<3<0O 3G/9:9#>[9G<./9>9#C13:/3C.>A#CA1#.//9G<.1G3#3:#C3A:A88.#.#\0AG<9# AIA:<9#23#=1.83.?# ![3:<A:<9#23#\0AG<.#1.//9><.#Y#\0A>>9V#20:\0AV#23#130G/31A#.#B.1# /9:9G/A1AV#.3#(A:AG3#C13H.#23#<0<<9V#H.#.:/FA#.#<0<<3#3#/1A2A:<3V#3># HAGG.==39V#>.#I3<.#A#>[9CA1.#23#E.21A#K3.:/.#R3//9>9H3:3#;>AHA:O <3:3V#0:.#29::.#2A>>.#:9G<1.#;F3AG.#/FA#.#J09:#2313<<9#C0`#AGGA1A# 2AB3:3<.#0:.#G.:<.#2A3#:9G<13#<AHC3#A#2A>>.#:9G<1.#<A11.#A#/FAV#/9HA# <0<<3# =>3# 09H3:3# A# >A# 29::A# 23# '39V# F.# H9><9# 2.# 3:GA=:.1/3# CA1# 3>#:9G<19#/.HH3:9#0H.:9#A#GC313<0.>AV#.BB3:/Ff#.:/FA#>.#:9G<1.# AG3G<A:8.#C9GG.#23IA:<.1A#=1.<3<023:AV#.H91A#1AG<3<03<9#.#'39V#CA1# 3>#29:9#2A>>.#I3<.#A#2A>>.#BA2A#A#<AG<3H9:3.:8.#2A>>.#G0.#C1AGA:8.# :A>#H9:29? %:#0:[.CCA:23/A#.#C.1<A#G9:9#1.//9><A#>A#1A>.839:3#C1AGA:<.<A#.># /9:IA=:9#^!.#JA>>A88.#23#0:[.:3H.#>3JA1._#GI9><9G3#.#(3A:.#3>#47O 4l#9<<9J1A#455LV#3:#9//.G39:A#2A>>A#;A>AJ1.839:3#CA1#3>#;3:\0.:<AO G3H9#2A>>.#H91<A#23#K3.:/.#R3//9>9H3:3#;>AHA:<3:3#h6NMQO6LQLi? 66
:)%(#*&/#0.'(%)'& %#<AG<3#13C91<.<3#3:#\0AG<.#1.//9><.#G9:9#<1.<<3#2.>>[9CA1.D#K3.:/.# R3//9>9H3:3#;>AHA:<3:3V#;/$#<0'$%%$D#-'$3(#&*$7$)"&#,.6/$#(.%)6'(=$#h.# /01.#23#$A1.129#":<3=:.:3iV#5)"6'&6(7$)"$V#4#I9>>?V#K1AG/3.#E91/A>O >3.:.#6LLP?# R93/Ff#>[3:<A:<9#C13:/3C.>A#2A>>.#1.//9><.#Y#\0A>>9#23#13C91<.1A# 3>#CA:G3A19#2A>>.#E.21A#K3.:/.#3:#H929#AGGA:83.>A#A2#ABB3/./AV#G3# Y#C1ABA13<9#:9:#13C91<.1A#3:#:9<.#=>3#.0<913#2.#>A3#/3<.<3V#CA1#3#\0.>3# G3#13H.:2.#.>>.#G022A<<.#A23839:A?#
64
;,&*&!&$%"#')!!"#U%+"
6NMQ# >#(-'$/&D#K3.:/.#R3//9>9H3:3#;>AHA:<3:3#:.G/A#.#(3A:.V#:A># C.>.889#23#B.H3=>3.V#C13H9=A:3<.#2A3#;9:<3#*3//9>`#A#":=AO >.#;.1>3? ?#(-'$/&D#K3.:/.#13/AIA#3>#J.<<AG3H9#:A>>.#R3AIA#23#(?#$39I.::3? 6NMP# @A#3('7)D#:.G/A#>.#G91A>>.#)H3>3.V#/FA#H9131Z#20A#.::3#29C9? 6NN5# @A#(-'$/&D#:.G/A#3>#B1.<A>>9#R3A<19? 6NN4# AB#3(66$)D#3>#C.21A#23#K3.:/.V#*3//9>`V#H091A?#R9/9#29C9V# >.#B.H3=>3.#G3#<1.GBA13G/AV#3:#/.HC.=:.V#.#U3>>.#(.:<.#,A=3:.V# ./\03G<.<.#2.>>.#/9:<AGG.#":=A>.#CA1#CA1HA<<A1A#.3#B3=>3#23# I3IA1A#3:#0:#.HJ3A:<A#C3b#G.:9?#K3.:/.#I3#<1.G/911A1Z#H9><3# .::3#3:#0:#/>3H.#23#/9G<0H3#GAIA13#A#23#BA1I32.#1A>3=39G3<ZV#G3.# C01A#3:B>0A:8.<.#2.#13B>AGG3#=3.:GA:3G<3? #
C#,&%%&3D'&D#13/AIA#3>#G./1.HA:<9#2A>>.#;1AG3H.?
6NNP# @E#,&%%&3D'&D#G3#/9H0:3/.#CA1#>.#C13H.#I9><.? 6NL5# ):<1.# 3:# G9/3A<ZV# GA/9:29# >A# /9:G0A<023:3# 2A>>.# :9J3><Z# 2A>>[AC9/.? 6L5Q# ;9>>.J91.#/9:#3>#B1.<A>>9#R3A<19#.>>A#.<<3I3<Z#2A>#;31/9>9#23# /0><01.#91=.:388.:29#0:#/3/>9#23#/9:BA1A:8A?
67
6L5M# %>#B1.<A>>9#R3A<19#H091A#3HC19II3G.HA:<A#23#G/.1>.<<3:.D#>.O G/3.#>.#H9=>3A#=39I.:3GG3H.V#=3Z#3:#.<<AG.#23#0:#B3=>39? 6L5N# %:#HAH913.#2A>#B1.<A>>9V#K3.:/.#B9:2.#3:G3AHA#.>>.#H.21A# 0:#W!.J91.<9139#23#J3.:/9X#hG.1<913.#A#/0/3<9i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h3#R.213#K1AG/3.:3# 2A>#R3.H.1<.i#0:.#2A>>A#<A:0<A#23#B.H3=>3.#/9:#>[3HCA=:9#23# /9G<1031I3#0:[9BB3/3:.#HA//.:3/9O.=13/9>.#A#23#C1AG<.1A#.GG3O G<A:8.#1A>3=39G.#.>>.#C9C9>.839:A?#a#>[.//9129#/FA#Y#.>>[913O =3:A#23#<0<<A#>A#G0A#C19IA? # ?#*$0&3D'&D#C19:0:83.#3>#I9<9#23#/.G<3<Z? 6l
6L46# @C#*$0&3D'&D#K3.:/.#AHA<<A#3>#I9<9#CA1CA<09#23#.JJ.:29:9# .# '39?# *A=>3# .::3# G0//AGG3I3# AHA<<A1Z# 3># I9<9# 23# IA1=3:3<Z# CA1CA<0.#h6L4liV#23#I3<<3H.#CA1#>A#.:3HA#/9:G./1.<A#A#CA1# >.#;F3AG.#h6L4QiV#23#/9:G./1.839:A#.>>.#UA1=3:A#h6L4PiV#23# .291.839:A#h6L4NiV#23#C9IA1<Z#h6L4LiV#23#23G<.//9#h6L7Pi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l5# A#/.6/$)D#Y#13/AI0<.#3:#023A:8.#C13I.<.#2.#C.C.#R39#m%%?#%:#\0AO G<3#.::3V#.:/FA#CA1#I3.#2A>>A#23BB3/3>3GG3HA#/9:23839:3#G9/3.>3# /.0G.<A#2.>>.#=0A11.V#3>#BA1I91A#2A>>A#9CA1A#/1AG/A#GA:8.#C9G.# /9:#>.#:.G/3<.#23#:0HA19GA#.><1A#.<<3I3<ZV#B1.#>A#\0.>3#0:.#/9>9O :3.#H.13:.V#0:.#G/09>.#A>AHA:<.1AV#0:[9CA1.#H.<A1:.V#A//? 6LlL# GA#3(66$)D#K3.:/.#0:3G/A#>.#;9HC.=:3.#23#!3I91:9#.>>.#C19O C13.#23#(3A:.V#29C9#.IA1#/9><3I.<9#CA1#.::3#/9:#AGG.#1.CC91O <3#B1.<A1:3? 6Q
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b#G/13IA1AV#2A<<.#CA1#>[0><3H.#I9><.# 3#G093#CA:G3A13? 6LQL# AL#(6),%)D#:A>>.#I3=3>3.#2A>>["GG0:839:A#23#E.13.V#.>>A#6l?75# K3.:/.#H091A#:A>>.#U3>>.#(.:<.#,A=3:.?# # A>#(6),%)D#3#G9>A::3#B0:A1.>3#G9:9#C1AG3A20<3#2.#H9:G?#):13O /9#RA<13>>3V#U3/.139#=A:A1.>A#2A>>.#239/AG3V#:A>>.#/F3AG.#23#(?# E.1<3:9? 6LP5# %:# 9//.G39:A# 2A># C13H9# .::9# 2A>>.# H91<AV# >.# ;9HC.=:3.# 1A.>388.#0:#B.G/3/9>9#/9HHAH91.<3I9#2.>#<3<9>9#9"#3&3)'$(# *&//(#K(*'&#1$("0(#2$00)/)3$"$#5/&3&"%$"$? 6LPM# (3#/9HHAH91.:9#3#Q5#.::3#23#B9:2.839:A#2A>>.#;9HC.=:3.# 23#(?#":=A>.#3:#(3A:.? 6P
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
6M
*!+$,')'&$ %!#E%(+),&#')!!"#U%+"
"?& -$-.#.&$)&('(.%,'&+#./.%,. !"#$%#&'()(*+(#+(,&-#./#0('/+1#(#./#2,-'(6 !.#C3A<Z#Y#>.#>3JA1.#.<<0.839:A#2A>>.#>3JA1<Z#:A>>.#/.13<ZV#9GG3.#Y# 3>#I3IA1A#/9:#>3JA1<ZV#/9:#.H91A#A2#3:#IA13<Z#3>#H9HA:<9#C1AGA:<A?# ;9HA#G3#B.#.#I3IA1A#:A>>.#IA13<Z#3>#H9HA:<9#C1AGA:<An#U3IA1A#>.# IA13<ZV#Y#I3IA1A#GA/9:29#3#2A<<.H3#2A>>.#BA2AV#CA1/Ff#G9>9#>.#]A2A# /3#13IA>.#%2239#/FA#Y#IA13<Z?#k03:23#\0.:<9#C3b#I3I1AH9#3:#3GC3O 13<9#23#BA2AV#<.:<9#C3b#/3#.II3/3:A1AH9#.>>.#IA13<Z?#)#G3//9HA#>[AO GCA13A:8.#/3#H9G<1.#/FA#G9>9#3>#H9HA:<9#C1AGA:<A#Y#:9G<19V#/9Gj# G3#/9HC1A:2A#G0J3<9#/FA#:93#29JJ3.H9#13=0.12.1A#3>#H9HA:<9# C1AGA:<A#/9HA#3>#C3b#C1A839G9#<AG919g#CA1/FfV#3:<A1IA:A:29#\03#>.# ]A2A#/FA#/3#3:GA=:.#/FA#:93#G3.H9#/1A.<3#G9>9#CA1#%2239V#A#2.>>[AO GCA13A:8.#A#2.>>.#]A2A#:93#29JJ3.H9#/9:/>02A1A#/FA#3>#H9HA:<9# C1AGA:<A#I.>A#\0.:<9#I.>A#%2239V#CA1/Ff#C0`#B.1/3#CA12A1A#9#/9:O GA=031A#%2239? &1.#C9GGA2A1A#\0AG<.#/F3.1.#A#C1.<3/.#/9=:3839:A#Y#I3IA1A#:A>O >.#IA13<ZV#A#GA#\0AG<.#/F3.1.#/9=:3839:A#>.#I3I9#3:#<0<<3#3#H9HA:<3V# 39#I3I1`#3>#H9HA:<9#C1AGA:<A#:A>>.#IA13<ZV#9GG3.#I3I1`#3>#H9HA:<9# C1AGA:<A#CA1#3>#B3:A#CA1#3>#\0.>A#%2239#HA#>9#9BB1A?#%:#0:.#C.19>.D# 2AI9#2.1A#3>#H9HA:<9#C1AGA:<A#.#;F3#HA#>9#9BB1A#CA1/Ff#Y#(09V# A2#Y#>[0:3/.#/9G.#/FA#>.#H3.#I9>9:<Z#C0`#9BB131=>3#CA1/Ff#Y#>[0:3/.# /9G.#/9:/1A<.#/FA#AGG.#C9GG3A2A?#;9HA#G3#B.#.#I3IA1>9#:A>>[.H91An ![3:<A>>A<<9# /9:I3:<9# /FA# 3># H9HA:<9# C1AGA:<A# I.>A# \0.:<9# I.>A#%2239V#/9:20/A#3>#/091A#.2#.H.1A#\0AG<9#H9HA:<9#C1AGA:<A# A2#.#I3IA1>9#/9:#<0<<.#>[3:<A:G3<Z#23#.H91A#23#/03#Y#/.C./AV#A2#A//9# 6
# 6L4N#:?#lM?
6L
23# \03# >.# CA1BA839:A# /9:# /03# >A# .:3HA# .H.:<3# /9HC39:9# JA:A# 3# >919# 29IA13V# CA1/Ff# AGGA# .H.:9# 3:<A:G.HA:<A# 3># H9HA:<9# C1AO GA:<AV#CA1/Ff#AGG9#I.>A#'39g#A2#A//9#CA1/Ff#AGGA#.H.:9#>.#I3<.g# CA1/Ff#G.::9#/FA#\0AG<9#Y#3>#<AHC9#0<3>A#CA1#9BB131A#.>>["H91A#3# >919#.<<3#.H.:<3? )//9#20:\0A#3>#H9HA:<9#C1AGA:<A#I3GG0<9#:A>>.#IA13<Z#A#:A>>[.O H91AV#9GG3.#:A>>.#/.13<Z?#$>3#9G<./9>3#/FA#/3#C9GG9:9#3HCA231A#9# 13<.12.1AV#9#2A>3H3<.1A#\0AG<.#.<<0.839:A#2A>>.#IA13<Z#:A>>.#/.13<ZV# G9:9#3#:9G<13#C3//9>3#.<<.//F3#/FA#/3#<9>=9:9#>.#>3JA1<Z#CA1#IA2A1A# >.#IA13<Z#A#CA1#I3IA1A#:A>>.#/.13<Z?#k0AG<3#C3//9>3#.<<.//F3#/9:GAO =0A:<3#>A#:9G<1A#C.GG39:3#A#C19IA:3A:<3#2.>>A#/9HC>3/.839:3#0H.O :AV#G<31.//F3.:9#>.#C9IA1.#.:3H.#:9G<1.V#>.#1A:29:9#G/F3.I.#A2#3:# \0AG<3#/9:<1.G<3#>.#B.::9#.=9:388.1A#A#>.#C91<.:9#:.<01.>HA:<A#.# H.:/.1A#23#BA2A><Z#.#'39V#A2#.>>.#,A=9>.?#(A#=>3#.<<.//F3#AG/9:9# B91H.>HA:<A#2.>>[9123:A#>.#B.::9#H.:/.1A#23#BA2A><Z#.#'39g#GA#=>3# .<<.//F3#G9:9#>3AI3#>.#B.::9#H.:/.1A#23#BA2A><Z#.>>.#,A=9>.? (I3:/9>.:29G3#.20:\0A#2.#\0AG<3#>A=.H3V#>3JA1.:29/3#2.#\0AG<3# .<<.//F3V#=30:=A1AH9#.#I3IA1A#3:#IA13<Z#A#/9:#.H91A#3>#H9HA:<9# C1AGA:<A? K?& )0!11!%%'&".)&-$-.#. !"#$%#.-%-'( (I#2&'0MN#$/#*)/)'&O 4 !.#/19/A#Y#>[0:3/.#GCA1.:8.#23#G.>IA88.?#U3#Y#0:.#;19/A#/9GH3/.# 23#/03#>.#<AG<.#Y#:A>#/3A>9#A#>A#J1.//3.#/31/9:2.:9#>[0:3IA1G9V#G3//Ff# AGG.#0:3G/A#>[A<A1:3<Z#A#3>#<AHC9V#>[3:B3:3<9#A#>9#GC.839V#>9#GC313<9# A#>.#H.<A13.V#'39#A#6[09H9V#>.#;19/A#2A>#;.>I.139#Y#>.#G0C1AH.# .<<0.839:A#G0>>.#<A11.#23#\0AG<.#/19/A#/9GH3/.? 4
# 6Ll6#:?#67M?
45
RA1/Ff#3>#29>91An#RA1/Ff#G9BB131An#W%:/9H3:/3#.CCA:.#.#I3IAO 1A#A#=3Z#G9BB13?#RA1/Ffn#;F3#Y#J09:9V#=30G<9#A#=A:A19G9V#G9BB1AV# CA1/Ffn#RA1/Ff#<.:<A#/.<.G<19B3#A#<.:<A#I3<<3HA#3::9/A:<3n#RA1/Ff# <.:<3#29>913n#RA1/Ffn#)#>.#GA13A#2A3#CA1/Ff#/9:<3:0.?#U3#Y#/F3#G9BO B1A#H9><9#A#/F3#:9:#G9BB1A#<.:<9X?#W;F3#G9BB1A#A#/F3#B.#G9BB131A?# +0<<.I3.#/9:<3:03.H9#.#13CA<A1/3D#CA1/Ff#G9BB131A#<.:<9#/9GjnX a# 0<3>A# CA1/3`# 1A:2A1/3# /9:<9V# CA1# \0.:<9# Y# 2.<.# .>>.# :9G<1.# >3H3<.<A88.V#2A>#CA1/Ff#2A>#29>91A?# a#9II39#13CA<A1A#/FA#3>#29>91A#Y#/9:GA=0A:8.#2A>#CA//.<9? a#/9Gj#B./3>A#CA1#>[09H9#23HA:<3/.1A#3#C19C13#B.>>3V#=>3#Y#/9Gj# B1A\0A:<A# 3HC0<.1A# >A# /9:GA=0A:8A# 23# \0AG<3# B.>>3# .# '39# /FA# 3:# /.13<Z# A# G.C3A:8.# 1A==A# 3># H9:29# A# 1A=9>.# 3># <AHC9o# %># 21.HH.# 2A>>[)2A:#G3#13CA<A#.<<1.IA1G9#3#GA/9>3#:A>>.#G<913.#2A>>[0H.:3<Z#/9:# 3>#G09#B.<.>A#GI9>=3HA:<9D#>.#C19I.V#>.#/.20<.V#3>#/.G<3=9?#![09H9# :9:#G3#1.GGA=:.V#:A#G3#1.GGA=:`#.2#AGGA1A#/1A.<01.? %#B3=>3#23#'39#G9:9#23IA:0<3#:AH3/3#23#'39?#-:#2AG<3:9#1A=.>A#23# =393.#G3#Y#H0<.<9#3:#2AG<3:9#23#CA:.#/FA#:9:#G3#AGC13HA? (9>9#\0.:29#G3#<1.<<3#23#GIA:<01A#C13I.<AV#G.1AJJA#<AHA1.139#A# 3:=30G<9#B91H0>.1A#=302383#23#/9:2.::.V#/A#>9#3:GA=:.#3>#U.:=AO >9?#">>.#29H.:2.#2A3#23G/AC9>3D#WE.AG<19V#CA1/Ff#/9G<03#:.G/AGGA# /3A/9V#/F3#F.#CA//.<9#>03#9#3#G093#=A:3<913nX?#$AGb#13GC9GAD#W*f#>03# :f#3#G093#=A:3<913#F.::9#CA//.<9D#H.#A1.#:A/AGG.139#/FA#B9GGA19# H.:3BAG<.<A#3:#>03#>A#9CA1A#23#'39X#h$I#LV4G?i?# ":83V#3:#\0AG<3#/.G3#2AIAG3#/9:/>02A1A#/FA#>A#9CA1A#23#'39#G3# H.:3BAG<.:9#3:#\0.:<3#G.::9#B.1A#C19B3<<9#2A>>.#GIA:<01.#C01#:9:# HA13<.<.V#CA1#.BB3:.1A#I3ACC3b#>.#C19C13.#.:3H.#A#.113//F31>.#23#<AO G913# CA1# >[A<A1:3<Z?# E.# \0.:29# /A1<A# <AHCAG<A# 3119HC9:9# I.G<A# A#GC.IA:<9GA#3:#0:.#.<H9GBA1.#G.<01.#23#A>A<<13/3<Z#A#23#CA//.<9V# G3#Y#/9G<1A<<3#.#/9:/F302A1AV#/9HA#3#G.==3#2A>#].1.9:A#201.:<A#>A# GA<<A#C3.=FA#/FA#2AG9>.19:9#>[)=3<<9D#Wk03#Y#3>#23<9#23#'39X#h)G# NV6Qi?#(jV#3:#9=:3#/.<.G<19BA#9CA1.#3:I3G3J3>HA:<A#3>#23<9#23#'39V#G3.# /FA#3:<A1IA:=.#/9:#0:#.<<9#C9G3<3I9#23#I9>9:<Z#9GG3.#G9><.:<9#3:# 46
H929#CA1H3GG3I9V#>.G/3.:29#>3JA19#/91G9#.>>A#B918A#3:#/9:<1.G<9V# >A#\0.>3#C91<.:9#.=>3#AC3>9=F3#G.:=03:9G3#23#/03#:93#C01<19CC9#G3.O H9#GCA<<.<913?# DI#P(#Q/&66&R#*&//(#,)==&'&"7(#&#$/#-')6&%%)#*$#S$)7# ;9:9G/30<.#C3b#C19B9:2.HA:<A#>[913=3:A#2A>#H.>A#A#CA1G0.GA# 2A>>[3:A>0<<.J3>3<Z#2A>>.#>A==A#2A>#;1A.<9V#/3#G.1Z#C3b#B./3>A#.//A<<.1A# >.# G9BBA1A:8.?# *93# G3# Y# 2A<<9# /FA# :9:# >.# I9=>3.H9# .//A<<.1A# 3:# .<<A==3.HA:<9#23#G/F3.I3V#H.#3:#.<<A==3.HA:<9#23#/13G<3.:3?#":83V# G3#Y#2A<<9#23#C3bD#G3#Y#2A<<9#/FA#I9=>3.H9#>.#G.:<3<Z#:9:#G9>9V#H.# >[A193GH9#2A>>.#G.:<3<Z?#*9:#G3#C0`#AGGA1A#G.:<3#GA:8.#3HH9>.839O :A?#;A#>9#23H9G<1.#>[AGCA13A:8.#\09<323.:.V#/A#>9#23H9G<1.#>.#G<9O 13.#2A>>.#;F3AG.V#/A#>9#3:GA=:`#3>#G09#'3I3:9#%G<3<0<91A?#%>#29>91AV# /9:GA=0A:8.#2A>#CA//.<9V#Y#2.>>.#(.C3A:8.#'3I3:.#<1.GB91H.<9#3:# HA889#23#,A2A:839:A?#(9>9#>["H91A#23I3:9#C9<AI.#CA129:.1A#A2# .H.1A#B3:9#.#\0AG<9#C0:<9D#IA2A1G3#/.C9I9><9#3>#C13H3<3I9#23GA=:9# 23# .H91A# A# CA129:.1Ao# UA2A1A# >[9CA1.# 2A>>A# (0A# E.:3# =0.G<.<.# B3:9#.>>.#/9:2.::.#23#0:.#G9BBA1A:8.#3:/AGG.:<A#A#B.1A#23#\0AG<.# G9BBA1A:8.#HA889#A#G<10HA:<9#CA1#>.#/1A.<01.#23>A<<.V#23#13.J3>3<.O 839:A#A#23#13A>AI.839:A#G9C1.::.<01.>Ao#)//9#>[A//AGG9#2A>>[.H91A# 23#'39o# %>#C13H3<3I9#C3.:9#/1A.<91A R13H.#23#A:<1.1A#.#/9:G32A1.1A#>[A//A>>A:8.#2A>#29>91A#A#>.#G0.# .839:A# G.:<3B3/.<13/AV# =A<<3.H9# 0:9# G=0.129# .># C13H3<3I9# C3.:9# /1A.<91A?# ]3:# 2.># C13:/3C39V# >[3:<A1.# :.<01.# :9:# A1.# /1A.<.# /9HA# B3:A#.#GA#G<AGG.V#H.#.IA:29#'39#/1A.<.#23#C93#>.#/1A.<01.#1.839:.>A# .#G0.#3HH.=3:AV#>[.IAI.#B.<<.#CA1#GfV#=3.//FfV#29C9#>.#:.<01.#.:O 7
# 6Ll4#:?#67L?
44
=A>3/.V#A1.#>[0:3/.#/1A.<01.#/.C./A#23#/9:9G/A1>9V#.H.1>9V#23#AGGA1# C9:<A#2A=:9#23#/9:=30:=A1A#>.#:.<01.#GC313<0.>A#A#>.#:.<01.#H.O <A13.>A?# )=>3# I9>AI.# A:<1.1A# 3:# 3:<3H.# /9H0:39:A# /9:# >A3V# I.>A# .# 231A#HA<<A1>.#.#C.1<A#2A>>.#(0.#C19C13.#I3<.?#;3`#/FAV#CA1#:.<01.#A2# AGGA:83.>HA:<A#2.#<0<<.#>[A<A1:3<ZV#.CC.1<3A:A#G9>9#.>#]3=>39#23#'39V# 29IAI.#CA1#$1.83.#A#CA1#C.1<A/3C.839:AV#IA:31A#/9:/AGG9#.:/FA# .>>.# /1A.<01.?# (3# A:<1.# 3:# C3A:9# :A># G9C1.::.<01.>A?# !.# /1A.<01.# 2AIA#=30:=A1A#.2#0:.#CA1BA839:A#G0CA1391A#.#Gf#G<AGG.X?#%:B.<<3V# .113I.<.#>.#C3A:A88.#2A3#<AHC3#$AGbV#;13G<9V#IA:0<9#.#139123:.1A#A# .#/9HC>A<.1A#3>#=0.G<.<9#23GA=:9#'3I3:9V#3:GA=:A1ZD#W(3.<A#CA1BA<<3# /9HA#3>#R.21A#I9G<19#Y#CA1BA<<9X#hE<#QVlNi? '[.><1.# C.1<A# 29JJ3.H9# <A:A1# C1AGA:<A# /FA# >.# 2A3B3/.839:A# 2A>>[09H9V#GAJJA:A#G0CA1391A#.>>.#G0.#:.<01.V#G3#<19I.#G0>>.#G<AGG.# >3:A.#.G/A:2A:<A#.#/03#>9#GC313<9#/1A.<9#2AIA#<A:2A1A#CA1#C9<A1A# .113I.1A#.>>.#CA1BA839:A#G0.#C19C13.?#)#\0AG<9#J3G9=:9V#>9#/9:G<.O <3.H9#.:/FA#9==3V#Y#/9Gj#3:G3<9#:A>>.#:.<01.#0H.:.#/FAV#GAJJA:A# 2A/.20<.V#GA:<A#.:/91.#/FA#G9>9#3:#'39#>A#G0A#.GC31.839:3#C9GG9:9# <19I.1A#/9HC3HA:<9#A#>A#G0A#<A:2A:8A#C3A:9#GI3>0CC9?#(?#"=9G<3O :9#:A>>.#:09I.#>A==A#AG/>.H.D#W%>#H39#/091A#Y#B.<<9#CA1#+AV#9#H39# '39V#A#G9>9#3:#+A#<19IA1Z#13C9G9X? !.#:.<01.#GA:8.#G9C1.::.<01.#13H.:A#\0.>/FA#/9G.#23#3HCA1O BA<<9?#!.#G9C1.::.<01.#Y#GAHC1A#CA1BA839:.HA:<9V#H.3#.::3A:O <.HA:<9#2A>>.#:.<01.?#)2#Y#CA1/3`#/FA#>.#:.<01.#CA1#G<AGG.#:9:# C9<AI.#AGGA1AV#:f#C0`#AGGA1A#H.3V#3:#/9:<1.G<9#IA19#C19C139#/9:# >.#$1.83.D#>9#C0`#G9><.:<9#>.#:.<01.#2A/.20<.V#9#HA=>39D#>.#:.<01.# 2A/.2A#.#/.0G.#2A>>.#G0.#9CC9G3839:A#.>>.#G9C1.::.<01.#A#HA:<1A# I.#/9:<19#3>#;1A.<91A#I.#.:/FA#/9:<19#GA#G<AGG.?#(<1.:.#/9G.#/FAV# HA:<1A#\0AG<A#IA13<Z#G3#GA:<9:9#/9Gj#I3IA#A#G9>>AIA1AJJA19#>[09O H9V#>[09H9#A2#.:/FA#3>#/13G<3.:9V#A2#.:/FA#>[.:3H.#C3.V#.JJ3.:9# C93V#3:#C1.<3/.V#<.:<9#GC.IA:<9#2A>#G9C1.::.<01.>A? 47
(A#/9HC1A:2AGG3H9V#3:IA/AV#G3.#:A>>.#GAHC>3/A#I3<.#/13G<3.:.V# G3.#:A>>.#I3<.#.G/A<3/.V#\0AG<.#1A.><ZV#\0.:<.#A>AI.839:A#23#I3<.V#\0.O >A#B91<A88.#23#.:3H9V#\0.>A#GCA23<A88.#23#/.HH3:9o 0I#P(#-(.'(#*&//T.)3)l E.#>[09H9#F.#GAHC1A#C.01.g#A#GCA/3.>HA:<A#F.#C.01.#23#'39?# )# CA:G.1A# /FA# 3:# '39# /3# B0V# /[Y# A# /3# G.1Z# GAHC1AV# >.# I9>9:<Z# 23# G<13:=A1A# .# (f# >.# (0.# /1A.<01.# 1.839:.>AV# 23# B.1:A# 3># G09# <AHC39V# >[9==A<<9#2A>#(09#.H91A?#+.:<9#Y#IA19#/FAV#/9:<3:0.:29#.#/9:O <AHC>.1A#3>#C13H3<3I9#23GA=:9#23I3:9V#:93#<19I3.H9#/3`#/FA#(?#R.O 9>9#C93#:A>>.#:09I.#>A==A#.BBA1H.? '0:\0A#B3:#2.#C13:/3C39#>.#/1A.<01.#1.839:.>A#IA::A#.HHAGG.# .>>.#/9:23839:A#23#B3=>3.#23#'39?#;3`#G3#H.:3BAG<.#:A>#B.<<9#/FA#)=>3# >.# /31/9:2.# 23# .H91A# C.<A1:9V# AG<A:2A:29# .2# AGG.# >[.H91A# /FA# C91<.#.>#(09#-:3=A:3<9V#\0A>>[.H91A#G<AGG9#>.#/03#AGC1AGG39:A#:A># GA:9#2A>>.#((?#+13:3<Z#Y#>9#(C313<9#(.:<9?# ;FA#/9G.#C0`#9CC91G3#.>>["H91An#*0>>.o#![.J3GG9#3:I9/.#>[.O J3GG9?#!.#G.:<3<Z#23#'39#Y#.:/91.#.<<1.<<.#2.>>.#H3GA13.#2A>>[09H9o# %>#<139:B9#2A>#23G9123:A#:9:#Y#/FA#ABB3HA19?#'39#:A#<1.A#0:.#/1AO .839:A# :09I.# CA1# HA889# 2A># G./13B3/39# C3b# .><9V# /FA# 13/9:20/A# <0<<9#:A>>[9123:A#23I3:9#C13H3<3I9V#G./13B3/39#AGC3.<9139#2A>>[-9H9# '39#B.<<9G3#H.>A23839:AV#CA1#/9HC3A1AV#/9:#=AG<9#0:3/9#23#G9>3O 2.13A<Z#B1.<A1:.#A#B3>3.>AV#>.#13/9:/3>3.839:A#2A>>[09H9#/9:#'39?#%># (.:<9#2A3#(.:<3#.//A<<.#W>.#>9=3/.#2A>#CA//.<9XV#A#2.#\0AG<9#:09I9# C3A=.HA:<9#23#'39#G0>>[09H9V#:A#/9:GA=0A#3>#WH3G<A19#:.G/9G<9# .>#H9:29X#2A>>[3:/91C91.839:A#:9G<1.#.#;13G<9#/FA#1A.>388.#B3:.>O HA:<A#3>#C13H3<3I9#C3.:9#/1A.<91A? -:.#C.1A:<AG3D#/FA#/9G.#2AIA#CA:G.1A#'39#\0.:29V#2.>>[.J3GG9# 2A># (09# .H91AV# IA2A# >A# (0A# /1A.<01A# <.:<9# .H.<A# /9Gj# 3=:.1A# A# l
# 6Ll4#:?#67L?
4l
3:23BBA1A:<3#/FA#!9#23HA:<3/.:9#A#I3I9:9#/9HA#GA#)=>3#:9:#AG3O G<AGGAn#)#CA1#IA:31A#.#:93V#/9G.#2AIA#CA:G.1A#23#.>/0:A#.:3HA#/9Gj# C9/9#/9HC1A:G3IA#/FA#<AH9:9#/FA#)=>3#G3.#3:#.<<A==3.HA:<9#23# .<<AG.#CA1#/9=>3A1>A#3:#B.>>9#.2#9=:3#3G<.:<An#EA:<1A#.>>A#C13HA#A2# .>>A#GA/9:2A#:9:#1AG<A1AJJA#/FA#.GG9/3.1G3#.>>[&CA1.#(0.V#13GC9:O 2A1A#.>#(09#3:I3<9V#.11A:2A1G3#.>#(09#.H91An#&FV#GA#3#:9G<13#/0913# 0H.:3# /9HC1A:2AGGA19# >["H91AV# GA# :A# .G/9><.GGA19# 3# C.>C3<3o# a# IA19#/FA#3>#/.HH3:9#2A>#13<91:9#2A>>.#/1A.<01.#.>#C3.:9#C13H3<3I9# G.1Z#>0:=9#A#29>919G9V#H.#/FA#3HC91<.n#;FA#2313<<9#F.#>.#/1A.<01.# 23#>.=:.1G3n#'313<<3n#'3/A#JA:A#0:#"0<91A#H92A1:9D#W*AGG0:#23O 13<<9#23#B19:<A#.>>.#=30G<383.V#F9#2A3#2313<<3#G9>9#23#B19:<A#.>#;091A# 23#'39X? *I#P(#*$6"$%U#,(0'(3&"%(/&#*&/#*)/)'&Q '.>>[3:3839#.20:\0A#2A>>.#13/9G<10839:A#2A>#C3.:9#23I3:9#C13O H3<3I9#3>#29>91A#Y#G<.<9#.GG0:<9#.>>.#23=:3<ZV#I911A3#231AV#G./1.HA:O <.>A?#)GG9#23I3A:A#G<10HA:<9#C3b#/9H0:A#23#G.>IA88.?#(3#C9GG9:9# :9:# 13/AIA1A# 3# (./1.HA:<3V# H.# :AGG0:9# C0`# G9<<1.1G3# .># 29>91A?# (3# C9GG9:9# :9:# /9:9G/A1A# 3# '9=H3# 2A>>.# BA2AV# H.# 3># 29>91A# Y# 9BBA1<9#.2#9=:3#H91<.>A?#)2#Y#0:#=391:9#:A>>.#=>913.#/FA#IA21AO H9#>[.839:A#G.:<3B3/.<13/A#23#\0AG<9#G./1.HA:<9?#k03:23#29JJ3.O H9#2A/32A1/3D#):<1.1A#:A>>.#GBA1.#2A>>.#/19/A#9#A:<1.1A#:A>>.#GBA1.# 2A>>.#2.::.839:A?#%>#;13G<3.:AG3H9#GA:8.#29>91AV#GA:8.#AGC3.839O :AV#GA:8.#/19/AV#Y#0:#/91C9#/FA#G3#GB.G/3.V#Y#>[311A.><ZV#:9:#AG3G<A?# ;9HA#>A#./\0A#2A>>A#B9:<.:A#/FA#G9:9#G/.<013<A#2.#/A1<3#H3:A1.>3# 13<A:=9:9#.:/91.#>A#C19C13A<Z#A#>A#\0.>3<Z#2A>>A#>919#G91=A:<3V#/9Gj# >.#$1.83.#AH.:.:<A#2.>>[.:3H.#23#;13G<9#13<3A:A#>A#\0.>3<Z#A#>A#C19O C13A<Z#2A>>[913=3:A#A#:A>#13IA1G.1G3#G0>>A#.:3HA#I09>#<19I.1A#<A11A:9# 23GC9G<9#.2#.//9=>3A1A#>A#C19C13A<Z#29>919GA#/FA#<1.A#GA/9?# Q
# 6Ll4#:?#67L?
4Q
;9GjV# GA# >.# $1.83.# 2A># ;.C9# h9GG3.# >.# I9>9:<Z# 2A># R.21Ai# F.# /9G<1A<<9#!03#.>>.#H91<A#A#=>3#F.#2.<9#\0AG<.#C9<A:<A#.<<1.839:A# CA1#>.#/19/A#hC9<A:<A#.<<1.839:A#29I0<.#.>#13GCA<<9#/FA#3>#;1A.<91A# 2AIA#.>>.#>A==A#2A>#/1A.<9iV#Y#:A/AGG.139#/FA#>.#G<AGG.#$1.83.#C9GG.# =A1H3:.1A#:A>>[.:3H.#BA2A>A#>A#HA2AG3HA#.<<1.839:3?#&#=A1H3:.V#9# >[.:3H.#:9:#.2A13G/A#C3b#.#;13G<9?#&#=A1H3:.#9#G3#G<A13>3G/A#A#H09O 1A?#E.#9F3HYV#29C9#IA:<3#GA/9>3#23#/13G<3.:AG3H9#G3#C0`#13CA<A1A# /3`#/FA#23/AI.#%G.3.D#W;F3#F.#/1A20<9#.#\0A>>9#/FA#:93#.JJ3.H9# .::0:/3.<9n#;F3#13/9:9G/A#:A>#'3GC1A88.<9#A2#"JJ.:29:.<9#2.O =>3#09H3:3V#:A>>[-9H9#2A>#29>91A#3>#H92A>>9#2.#B3GG.1A#A#2.#1A.>38O 8.1A#:A>#:9G<19#GC313<9#A#:A>>.#:9G<1.#/.1:An#;F3#.291.V#:9:#/9:# >.#C.19>.V#H.#/9:#>.#I3<.V#\0AG<9#G<1.CC.<9#2.>>.#<A11.#2A3#I3IA:<3nX# h%G#Q7V6GG?i?#%#(.:<3#G9:9#=>3#0:3/3#/FA#F.::9#/1A20<9V#/FA#F.::9# /9HC1AG9V#/9HA#Y#AG3=09#3>#>919#:0HA19?#">>.#>0/A#23#\0AG<A#/9:O G32A1.839:3#G3#3>>0H3:.#3>#GA:G9#23#\0A>>.#B1.GA#)I.:=A>3/.D#WH9><3# G9:9#3#/F3.H.<3V#C9/F3#=>3#A>A<<3X#hE<#44V6li?#![A>A<<9#Y#/9>03#/FA# /9:#>3JA1.#I9>9:<Z#.//A<<.#3>#:09I9#(./1.HA:<9#23#1A2A:839:AV#23# A>AI.839:AV#23#2A3B3/.839:AD#3>#29>91A? 9/#*)/)'&#V#<(0'(3&"%)#*$#&,-$(7$)"&D#\0.:<A#/9>CA#:9G<1A#2.#AGC3.O 1A?#k0.:<9#2.#AGC3.1A#CA1#3#:9G<13#/.13#I3/3:3#A#>9:<.:3?#E.#:A#G3.H# C1.<3/.HA:<A#CA1G0.GAn#%#(.:<3#:A#A1.:9#/9:I3:<3? 9/#*)/)'&#V#<(0'(3&"%)#*$#'&*&"7$)"&D#G3.H9#G<.<3#=A:A1.<3#.>>9#G<.<9# 23#I9>9:<Z#13JA>>3?#&//911A#>3JA1.1/3#2.#/92AG<.#G/F3.I3<b#A#1A23O HA1/3D#W'39#/FA#<3#F.#/1A.<9#GA:8.#23#<AV#:9:#<3#G.>I.#GA:8.#23#<AX# h(.:<["=9G<3:9i? 9/#*)/)'&#V#<(0'(3&"%)#*$#&/&+(7$)"&D#>[.:3H.#C013B3/.<.#2.>#29>91A# A#2.>>.#CA:3<A:8.#C0`#.//9G<.1G3#.>#G09#'39D#W)=>3#:9:#13=A<<.#3># /091A#/9:<13<9#A2#0H3>3.<9X#h(.>#Q6hQ5iV6Li?# 9/#*)/)'&#V#<(0'(3&"%)#*$#*&$=$0(7$)"&D#(.:<.#$A1<102A#/9>>9\03.:29# /9:#$AGb#G0CC>3/.D#WI911A3#G9G<A:A1A#91H.3#B3:9#.>>.#H91<A#>A#G9BO BA1A:8A#2A>>[.:3H.#+0.#A#2A>#+09#;91C9#%HH./9>.<9X?#)#$AGb# .G/9><`?#(?#$A1<102A#:9:#B0#0:.#G<3=H.<388.<.#:A>#GA:G9#G<1A<<9# 4P
2A># <A1H3:AV# H.# 9<<A::A# /FA# >A# 3HC19:<A# 2A>>A# (.:<A# R3.=FA# G3# :.G/9:2AGGA19#:A>#G09#/091A? !.# G<3=H.<388.839:A# :A># GA:G9# G<1A<<9# >A<<A1.>A# 2A>>.# C.19>.V# /9HA#BA:9HA:9#H3G<3/9V#.CC.1<3A:A#.2#0:#2.<9#:0HA19#23#(.:<3V# H.#:A>#GA:G9#C3b#.HC39V#1A.>AV#:9:#I3:/9>.<9#.>#BA:9HA:9#H3G<3O /9V#.CC.1<3A:A#.#<0<<3#3#(.:<3?#(?#R.9>9#G/13GGAD#W%9#C91<9#:A>#H39# /91C9#>A#G<3=H.<A#23#*?(?#$AGb#;13G<9X#h$.>#PV6Mi?# )CC01A#:9:# 13G0><.#/FA#)=>3#13/AIAGGA#>A#G.:=03:.:<3#3HC19:<A#2A3#/F3923?#)# \0.:29#.:/91.#G/13IAI.D#W*93#G3.H9#B.<<3#GCA<<./9>9#.>#H9:29V# .=>3#":=A>3V#.=>3#09H3:3?#*93#G<9><3#CA1#;13G<9#A#I93#C102A:<3g#:93# 2AJ9>3# A# I93# B91<3V# I93# 9:91.<3# A# :93# 23GC1A88.<3V# .:/FA# 3:# \0AO G<9#H9HA:<9#G9BB13.H9#>.#B.HA#A#>.#GA<AV#G3.H9#3=:023#A#C1AG3#.# G/F3.BB3#A#:9:#.JJ3.H9#9IA#C9G.1/3V#G3.H9#G<3H.<3#/9HA#>.#GC.8O 8.<01.# 2A># H9:29V# 3># 13B30<9# 23# <0<<3oX# h6# ;91# lVLGG?i?# )2# .:/91.# :A>>.#GA/9:2.#>A<<A1.#.3#;913:<3D#W'.3#$302A3#/3:\0A#I9><A#F9#13O /AI0<9# \0.1.:<.# /9>C3# HA:9# 0:9g# <1A# I9><A# G9:9# G<.<9# J.<<0<9# /9:#>A#IA1=FAg#0:.#I9><.#G9:9#G<.<9#>.C32.<9g#<1A#I9><A#F9#B.<<9# :.0B1.=39g# F9# C.GG.<9# 0:.# :9<<A# A# 0:# =391:9# :A># C19B9:29# 2A># H.1AX#h4#;91#66V#4lO4Qi? *9:#G9:9#\0AG<A#<13J9>.839:3#.GG.3#C3b#29>919GA#A2#0H3>3.:<3# /FA# >A# 3HC19:<A# 2A3# G./13# /F3923n# R3b# 0H3>3.:<3# CA1/Ff# C3b# /9O H0:3V# CA1/Ff# C19C13A# 2A3# H.>B.<<913V# 2A=>3# .JJ3A<<3# A# \0.:29# (?# ]1.:/AG/9#C.GG`#=>3#0><3H3#.::3#2A>>.#G0.#I3<.#/9HJ.<<0<9#2.3#G093# B3=>3V#/9:#>.#G0.#B.H3=>3.#23I3G.#A#GI3G.<.V#H.>.<9V#23GB.<<9#23#.:3H.# A#23#/91C9V#:A>>[91<9#23#(?#'.H3.:9#<91HA:<.<9#2.>#/.>91A#AG<3I9V# 2.>>A#C3.=FA#G.:=03:.:<3V#2.=>3#9//F3#H.>.<3V#2.>>9#G<9H./9#0>/A1.O <9V#2.3#<9C3#/FA#=>3#C.GG.I.:9#G0>>.#B.//3.V#:9:#A1.#)=>3#C3b#G3H3>A# .#;13G<9V#23#\0.:29#>A#B9>>A#/911AI.:9#.>>.#G0.#C1A23/.839:An#)#(?# ":=A>.# \0.:29#G3#1320GGA#3:#CA13/9>9#23#H91<A#CA1#>[.H91A#/FA# C91<.I.#.>>.#/F3AG.#A#(?#;.<A13:.#\0.:29#3:#0:.#C3//9>.#/A>>.#2A>>.# E3:A1I.#H913I.#/9:G0:<.#23#.H91A#A#23#29>91A#:9:#A1.:9#<0<<3# \0.:<3#G<3=H.<388.<3#2.#;13G<9n 4M
E.=:3B3/FA#\0AG<A#/9:G32A1.839:3V#H31.J3>3#\0AG<3#AGAHC3o#E.# :93n#(3.H9#CA1G0.GA#23#<0<<9#\0AG<9n#;9HA#I3I3.H9#\0AG<A#1A.><Z# .G/A<3/FAn#(3.H9#/A1<.HA:<A#B1.#3#/F3.H.<3?#(.1AH9#=>3#A>A<<3n#(jV# GA#>9#I911AH9g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n# ;9HA#.//9=>3.H9#:A>#:9G<19#/091A#0:9#23#/92AG<3#.>JA13#3:#/03# 3>#(3=:91A#23GC9:A#/FA#/3#3HJ.<<3.H9n#;9HA#3:G9HH.#IA:A13.O H9#3>#29>91A#3:#:93#A#:A=>3#.><13n#&Fo#/F3A23.H9V#G0CC>3/F3.H9#23# CA:A<1.1A#.22A:<19#:A>>.#/9HC1A:G39:A#2A>#H3G<A19#2A>>.#/19/Ag# 29H.:3#=30:=A1AH9#.2#.//A<<.1A#/9:#=393.#GA1A:.HA:<A#9=:3#/19O /AV#C9G29H.:3#/A#>.#C19/01A1AH9V#A2#.>>91.#C9<1AH9#GCA1.1A#23# <19I.1/3#B1.#=>3#A>A<<3?#%>#:9G<19#91191A#CA1#>.#/19/A#23CA:2A#2.>>.# GA:G0.>3<ZV#H.#G9C1.<<0<<9#2A13I.#2.>>[91=9=>39?#k03:23#>A#:9G<1A# H31A#G3#/9:/A:<13:9#:A>#G.CA1#I3IA1A#3:#0H3><ZV#2.#AGG.#/3#G/.<0131Z# 3># J3G9=:9# 23# AGGA1A# G911A<<3# 2.>>[91.839:AV# 2.>>.# H91<3B3/.839:AV# 2.#0:.#I3=3>.:8.#23#.H91AV#/FA#/3#1A:2A1Z#(.:<3?#)#13GC9:2A:29# .#\0AG<3#3:I3<3#2A>>.#=1.83.#G.1AH9#:9:#G9>9#/F3.H.<AV#H.#A>A<<A? &I#9/#,(0'$=$0$)#0$#."$,0&#(#5'$,%)P# k0.>#Y#\0AG<9#:09I9#.GCA<<9#G9<<9#3>#\0.>A#G3#H.:3BAG<.#>["H9O 1A#23I3:9#CA1#:93n#a#$AGbV#B.<<9G3#CA1G9:3B3/.839:A#.<<0.>AV#.<<3I.V# P
# 6L4P#:?#7M?
4N
CA1CA<0.#2A>#(./13B3/39?#$AGb#Y#>.#CA1G9:3B3/.839:A#.<<0.>AV#.<<3I.V# CA1CA<0.#2A>#G./13B3/39V#A#GC3A=9#G0J3<9D# O#J%%.(/&D#$AGb#:A>>[0><3H.#/A:.#:9:#23GGAD#Wk0AG<9#Y#3>#H39# ;91C9V#/FA#G.1Z#2.<9#CA1#I93X#H.#23GGAD#Wk0AG<9#3#3>#H39#/91C9# /FA#3#2.<9#CA1#U93?#k0AG<9#3#3>#H39#G.:=0A#/FA#G3#GC.1=A#CA1#U93X# hE/#6lV#44O4Pi?# O#J%%$+(D#:93#.JJ3.H9#20:\0A#$AGbV#/9HA#U3<<3H.#\09<323.:.V# :9:# G9>9V# H.# 13CA<A:<A# >.# (0.# 3HH9>.839:A# <.:<A# I9><AV# \0.:<A# EAGGA#G3#/A>AJ1.:9#:A>>[0:3IA1G9?# O#2&'-&%.(D#RA1CA<0.#CA1/Ff#\0AG<.#3HH9>.839:A#201A1Z#\0.:<9# 3># H9:29g# CA1CA<0.# CA1/Ff# CA1# >.# B91H.# AH3GBA13/.# 2A># :9G<19# =>9J9V#JA:#G3#C0`#.BBA1H.1A#/FA#:9:#C.GG.#0:[91.#:f#2A>#=391:9# :f#2A>>.#:9<<A#:A>>.#\0.>A#:9:#IA:=.#9BBA1<9#3>#'3I3:#(./13B3/39? )# 2.# \0AG<A# /9:G32A1.839:3# G=91=.:9# .JJ9:2.:<3# 13B>AGG39:3# /FA#\03#AGC9:=9V#A#/FA#GAHC1A#C3b#/3#23H9G<1.:9#A#/3#>0HA==3.:9# \0AG<9#:09I9#.GCA<<9#2A>>["H91A#'3I3:9#CA1#:93? ![0H.:3<Z#29C9#3>#CA//.<9#G3#C0`#231A#/FA#Y#G<.<.#/9::.<01.<.# /9>#29>91AV#/9HA#/F3#23/A#$AGb#23/A#G./13B3/39?#)2#Y#:.<01.>AV#A2#Y# /9:B91<.:<AV#A2#Y#>9=3/9#/FA#G3.#/9Gj?#RA1#>[%:/.1:.839:A#3>#UA1J9# .GG0HA#>.#:.<01.#0H.:.V#CA1#>.#,A2A:839:A#<0<<.#\0.:<.#>[0H.:3O <Z#B0#3::AG<.<.#3:#$AGbV#A#2.#\0AG<9#3::AG<9#I3A:A#>.#B91H.839:A# 2A>#;91C9#H3G<3/9#23#;13G<9?#E.#3:#\0AG<9#;91C9#H3G<3/9#AG3G<9:9# I.13A#B91HA#23#0:39:AV#GAJJA:A#<0<<3#3#HAHJ13#G3.:9#0:3<3#.>#>919# ;.C9V# I.13.# Y# >[3:<3H3<Z# 23# 0:39:A# 23# .>/0:3# HAHJ13V# /9HA# I.13# G9:9#3#HA883#CA1#3:<A:G3B3/.1A#>[0:39:AV#/9HA#I.13#G9:9#=>3#.GCA<<3# 23#\0AG<.#0:39:A? -:9#23#\0AG<3#.GCA<<3V#0:9#23#\0AG<3#HA883#Y#.CC0:<9#3>#29>91A? RA1/Ff#$AGb#Y#G./13B3/39n#)=>3#G3#Y#B.<<9#U3<<3H.V#G3#Y#B.<<9#CA1O G9:3B3/.839:A#2A>#G./13B3/39#CA1#13C.1.1A#>.#=30G<383.#'3I3:.#9BBAG.# 2.>#CA//.<9V#CA1#G.>I.1A#A#=30G<3B3/.1A#>[0H.:3<Z#2A/.20<.? O#RA1/Ff#>[09H9#Y#/9::.<01.<9#/9>#29>91An#RA1/Ff#F.#CA//.<9V# A#/9:#3>#29>91A#2AIA#AGC3.1AV#13C.1.1AV#=30G<3B3/.1G3? 4L
'0:\0A#Y#CA1#3>#CA//.<9#/FA#>[0H.:3<Z#29>91.V#Y#CA1#3>#CA//.<9# /FA#3>#]3=>39#23#'39#G3#Y#B.<<9#U3<<3H.V#9V#/9HA#G3#Y#=3Z#2A<<9V#Y# 23IA:0<9#>.#RA1G9:3B3/.839:A#2A>#G./13B3/39?#)#GA#3>#CA//.<9#Y#G<.<.# >.#/.0G.#2A>>A#G9BBA1A:8A#2A>>[0H.:3<ZV#Y#G<.<.#C01#>.#/.0G.#2A>>A# G9BBA1A:8A# 2A>>[-9H9O'39?# )# GA# >A# G9BBA1A:8A# 2A>>[-9H9O'39# F.::9#C19/01.<9#.>>[09H9#>[3:B3:3<9#29:9#23#AGGA1A#3::AG<.<9#3:# ;13G<9V#>A#G9BBA1A:8A#2A>>[09H9#23IA:=9:9V#CA1#>.#G0.#0:39:A#/9:# ;13G<9V#/AHA:<9V#A2#3:<A:G3B3/.839:A#23#\0AG<.#0:39:A? '.>>[0:3<Z#23#/.0G.#2A>>A#G9BBA1A:8A#23#$AGb#A#:9G<1AV#CA//.<9g# A#2.>>[0:3<Z#23#ABBA<<3#23#\0AG<A#G9BBA1A:8AV#AGC3.839:AV#13C.1.839O :AV#=30G<3B3/.839:AV#:93#3:<03.H9#GAHC1A#C3b#/F3.1.HA:<AV#\0.:<9# $AGb#J1.H3#23#3:<A:G3B3/.1A#>[0:39:A#23#!03O;.C9#/9:#<0<<3#3#(093# HAHJ13? )2#.>>91.#\0.>3#B10<<3#29JJ3.H9#<1.11A#2.>>.#/9:<AHC>.839:A#23# \0AG<A#IA13<Z#/9Gj#G0J>3H3#A#/9Gj#/9:G9>.:<3n 6i#%::.:83#<0<<9#0:#H.==391#2AG32A139#23#G./13B3/39?#(A#$AGb#Y# G./13B3/39#A#GA#G./13B3/39#Y#$AGbV#\0.:<9#C3b#G9BB131AH9#A#\0.:<9# C3b#.HA1AH9#>.#G9BBA1A:8.V#<.:<9#C3b#/3#0:31AH9#.#$AGb? 4i#-:#2AG32A139#.12A:<A#23#1A:2A1A#\0AG<.#0:39:A#GAHC1A#C3b# G<1A<<.V#GAHC1A#C3b#3:<3H.?#(A#$AGb#2AG32A1.#<.:<9#\0AG<.#0:39:A# 2.#9BB131/3#0:#HA889#/9Gj#/9H0:A#CA1#3:<A:G3B3/.1>.V#\0.>#Y#3>#29O >91AV#\0.>A#2AG32A139#:9:#:A#29JJ3.H9#/9:/AC31A#:93n 7i#-:.#C3b#.12A:<A#/.13<Z#B1.#3#HAHJ13#23#\0AG<9#;91C9#E3O G<3/9?#;9HA#Y#C9GG3J3>A#.H.1A#1A.>HA:<AV#C1.<3/.HA:<A#$AGbV#GA# :9:#G3#.H.:9#\0A3#HAHJ13#/FA#)=>3#C1A23>3=A#/9:#<.:<9#.H91An ,3/9123.H9#/FA#:A>#U.:=A>9#Y#AGC>3/3<.HA:<A#23/F3.1.<9#/FA# CA1#AGGA1A#(093#GA=0./3#/9:I3A:A#.H.1A#>.#/19/A#A2#3#B1.<A>>3?#*9:# G9:9#/9:G3=>3V#H.#G9:9#C1A/A<<3#B91H.>3D#W;F3#I09>#IA:31A#23A<19# .#HAV#C1A:2.#>.#(0.#/19/A#A#H3#GA=0.X#hE/#NV7lO7Lig#W(A#F.3#1.:O /91A#/9>#<09#B1.<A>>9V#>.G/3.#>[.><.1A#A#I.3#.#13/9:/3>3.1<3#/9:#AGG9X# hE<#QV47i? 75
=I#P(#,)==&'&"7(#-.'$=$0(#/T(3)'& (A#>.#I9>9:<Z#Y#BA1H.#A#G3#>.G/3.#>.I91.1A#2.>#29>91AV#>[.:3H.# G3#.//91=A1Z#JA:#C1AG<9#2A>>.#G0.#=1.20.>A#>3JA1.839:A?#&=:3#29O >91A# /13G<3.:9# /3# 13/9:20/A# .>>A# :9G<1A# 913=3:3?# )# :93# C9GG3.H9# 9=:3# 3G<.:<A# 13B.1/3# .<<3:=A:29# .>>A# G91=A:<3?# k0.>3# G9:9# \0AG<A# G91=A:<3n#%>#/091A#23#'39#A#>.#C.GG39:A#23#;13G<9?#%>#J.<<AG3H9#:9:# BA/A#/FA#.CC>3/.1A#.#:93#/3.G/0:9#2A3#29>913#2A>#;13G<9V#3:G3AHA#.# \0A>>[3HHA:G9#.H91A#/FA#<0<<3#>3#F.#CA1I.G3#9:2A#BA/9:2.1>3?#)# 9=:3#G9BBA1A:8.#/FA#I3A:A#3:#:93#29C9#3>#K.<<AG3H9#/3#13<AHC1.# 3:#\0A3#G./13#B>0<<3#A#/3#0:3G/A#C3b#3:<3H.HA:<A#.>#:9G<19#C13H9# C13:/3C39#$AGb? )//9#/FA#.#C9/9#.#C9/9#3>#29>91A#GB918.:29/3#.#13/9H3:/3.1A#A# .2#.<<3:=A1A#.>>A#G91=A:<3V#/9HC3A#>.#G0.#.839:A#C013B3/.<13/AV#<AHO C1.<13/A#A#/3#/9:20/A#.>>.#>3JA1<ZV#.>>[0:39:AV#.>>.#<1.GB3=01.839:A# 3:#;13G<9? ;F3#F.#3>#/91.==39#23#GA=031A#$AGb#B3:9#.>>[AG<1AH9#2A>#G9BB131AV# A:<1.#.#C.1<A#2A>>.#(0.#C9<A:8.? !.#C.GG39:A#\0.:29#Y#/9:G0H.<.V#<9//.#>.#,AG011A839:AV#>[.O :3H.#CA1GAIA1.:<A#:A>>.#C.83A:8.V#I3A:A#C1AG<9#9#<.123#13IAG<3<.#23# 0:.#B918.#HA1.I3=>39G.#/FA#>.#1A:2A#3:29H3<.g#A2#A//9#/FA#.>>91.# >A#=393A#2A>#/1A.<9V#2A>>[.H3/383.V#CA1B3:9#2A>>.#JA>>A88.#0H.:.V#:9:# >.#C9GG9:9#C3b#<.:=A1AV#H.#G3#<1.GB91H.:9#3:#G<10HA:<3#23#GAHC1A# H.==391A#A>AI.839:AV#23#GAHC1A#C3b#CA1BA<<.#<1.GB3=01.839:A? "J3<03.H9/3V#20:\0AV#.>HA:9#.2#.//9=>3A1A#3>#29>91A#/9:#13/9O :9G/A:8.#A2#.>>91.#C9<1AH9#CA1HA<<A1/3#.:/FA#23#.GG.==3.1A#\0.>O /FA#=393.#/1A.<.V#C01#G<.:29#GAHC1A#3:#=0.123.V#GAHC1A#3:#.1H3?# R93#.113IA1AH9#=1.20.>HA:<A#.#\0A>>.#<1.GB3=01.839:A#/9HC>AO <.V#/FA#C9GG3.H9#2AB3:31A#W>.#:09I.#/1A.839:AX#23#/03#C.1>.#>["O C9/.>3GGA#W:09I3#/3A>3#A#:09I.#<A11.X#h"C#46V6i?#;39Y#W:09I3#9138O 89:<3V#:09I.#I3<.#3:<A1391AV#/1A.839:A#\0AG<.#C3b#GC>A:232.#2A>>.# C13H.V#A<A1:.HA:<A#G<.J3>AV#>3JA1.#2.3#CA13/9>3#A#<0<<.#/F3.1.V#GA:8.# C3b#>./13HA#A#G9GC313V#GA:8.#I3/3GG3<023:3V#\0A>>.#/1A.839:A#3:<13G.# 76
23#>0/AV#<0BB.<.#:A>#G9>AV#CA1HA.<.#23#.H91AV#B1AHA:<A#23#=393.X?# !.# I3<.# G9C1.::.<01.>388.<.# Y# B3:# 2.# \0.==3b# GA1A:.# A# =39/9:2.# GAJJA:A#/19/3B3GG.V#CA1/Ff#:9:#Y#.><19V#>[3:3839#2A>>.#I3<.#A<A1:.? 6I#P(#,)==&'&"7(#*&//(#5M$&,(M (A# >[09H9# :9:# .IAGGA# CA//.<9V# ;13G<9# :9:# .I1AJJA# 29I0<9# B.1G3# I3<<3H.V# A# GA# ;13G<9# :9:# .IAGGA# 1A=:.<9# 2.# 0:# >A=:9# :9:# .I1AJJA#@#.:/FA#3:/.1:.:29G3#@#>.G/3.<9#.>>.#G0.#;F3AG.#3>#/.13/9# 23#0:.#1A=.>3<Z#B.<<.#23#29>91Ag#GA#3>#CA//.<9#:9:#B9GGA#AG3G<3<9#A# ;13G<9#:9:#.IAGGA#29I0<9#C1A:2A1A#>.#B91H.#23#I3<<3H.V#>.#;F3AO G.#G0.#(C9G.#:9:#.I1AJJA#29I0<9#A23B3/.1G3#\09<323.:.HA:<A#/9># 29>91A?# %# /13G<3.:3# :9:# .I1AJJA19# .I0<9# >.# :A/AGG3<Z# 23# 13CA<A1A# 3:#Gf#>.#R.GG39:A#23#!03#C13H9=A:3<9?#k0A=>3#.C9G<9>3V#09H3:3#A# 29::AV#/FA#G9:9#.:2.<3#.#C91<.1A#;13G<9#3:#<A11A#.1GA#2.>>[.B.#A#=AO >.<A#2.>#B1A229V#F.::9#29I0<9#C.GG.1A#B1.#G<A1C3V#:.G/9:2A:29G3# 3:# <.:A# /9HA# GA>I.==3:.# 3:GA=03<.V# GC.G3H.1A# 23# GA<A# A# 23# B.HAV# IA2A1G3#/.>0::3.<3V#AGC0>G3#A#B3:.>HA:<A#GCAGG9V#/.1/A1.<3#A#0//3G3?# '.>#>919#GAHA#Y#:.<.#0:.#I3<.#C3b#A>AI.<.#CA1#3::0HA1AI9>3#C9C9O >.839:3V#F.::9#29I0<9#<91/F3.1A#3>#/091A#CA1/Ff#G<3>>.GGAV#HA<<A1A# 3>#/91C9#G9<<9#>A#89>>A#.#23GB.1G3V#CA1/Ff#>A#BA/9:2.GGA? k0AG<9#H3G<A19#2A>#29>91A#/FA#(?#R.9>9#/F3.H.D#W3>#/.13GH.#2A># G9BB131AX#Y#.>>.#J.GA#23#<0<<.#>[A23B3/.839:A#GC313<0.>A#2A>>.#;F3AG.?# *9:#Y#C9GG3J3>A#3:<A:2A1A#3>#G./13B3/39#GA:8.#C13H.#/9HC1A:O 2A1A#/FA#>[.H91A#G9>9#C0`#AGGA1A#H9IA:<A#CA1#G0CA1.1A#>.#:.<01.# A#CA1#2.1A#.>>.#B3:.>3<Z#2A>#G./13B3/39#G<AGG9#0:9#G/9C9#.2A=0.<9?# ;F3#.H.#G3#29:.?#'9:.#\0.:<9#F.V#29:.#>.#G<AGG.#I3<.g#H.#CA1/3`# G<AGG9V#GC9=>3.#Gf#A#G3#1320/A#.#0:.#I3<.#23#G./13B3/39?#W*A>>.#I3<.# 2A>>9#GC313<9#I3#G9:9#20A#H9I3HA:<3D#9#IA1G9#>[39V#9#IA1G9#3>#<0<<9?# &#:93#I3I3.H9#CA1#>[39#hA=93GH9i#.#GCAGA#2A>#<0<<9#h'39V#B1.<A>>3V# M
# 6Ll6#:?#67M?
74
>A==A#0:3IA1G.>AiV#GAC.1.:29/3#2.>>.#B9:<A#23#I3<.V#9#/3#HA<<3.H9#.># GA1I3839#2A>#<0<<9#h.H91AV#23HA:<3/.:8.V#2A23839:AiV#1.==30:=A:O 29#/9Gj#>[3:<A=1.>A#GI3>0CC9#/13G<3.:9X?#U3IA:29#/9GjV#3>#/13G<3.:9# WGC1AHA#=393.#CA1/Ff#3:#Gf#13G9>IA#>A#CA:A#.><103#3HHA1=A:29>A# :A>#C19C139#G9BB131AX? ![3:/1A20>3<ZV#>[3:=1.<3<023:AV#>.#<3AC32A88.#23#H3>39:3#23#B1.<A>O >3V#/FA#/9HC39:9#>[AGCA13HA:<9#23I3:9#/9:#>9#GC313<9#G9HHA1G9# :A>>.# /.1:AV# 3:<1A//3.:9# G0># /.C9# 2A># /13G<3.:9# 0:.# <1.B3==A:<A# A# GAHC1A#I3I.#/919:.#23#GC3:A?#)#2A>#C.13#>.#/9G/3A:8.#23#:9:#C9<A1V# :9:#G.CA1A#.H.1A#$AGb#/9HA#HA13<.V#3>#/9:B19:<9#<1.#>.#C19C13.# .I.1383.#A#>[.H91A#3:B3:3<9#2A>#/091A#23#'39V#2.::9#.>#:9G<19#.H9O 1A#>[.H.19D#<1.H0<.:9#>.#=393.#3:#\0A>#/9:<13J0<9#.>>[A23B3/.839:A# \09<323.:.#2A>#/91C9#23#;13G<9V#/FA#:9:#C0`#AGGA1A#GA#:9:#C.O <3HA:<9?# )# \0.:29# \0AG<9# .H91A# G3# B.# C3b# C019V# .<<1.IA1G9# 0:# >.I./19#23#>./13HAV#G3#C9:AV#\0.G3#G0>#C3b#.><9#IA1<3/AV#G0#0:.#89:.# 23#CA1A::A#G./13B3/39? ,3AC3>9=.:29D# CA1/Ff# 3># 29>91An# %># 29>91A# Y# /9:GA=0A:8.# 2A># CA//.<9?# %># 29>91A# GA/9:29# .>/0:3# AJJA# 913=3:A# 3:# '39# CA1# 0:.# \0.G3#>3H3<.839:A#(0.#>3JA1.HA:<A#.//A<<.<.#:A>>A#/9GA#/1A.<A?#%># 29>91A# /.0G.<9# 2.># CA//.<9# :9:# C0`# :9:# 13CA1/09<A1G3# 3:# '39?# %>#29>91A#B0#3>#HA889#G/A><9#2.>#]3=>39#23#'39#CA1#>.#,A2A:839:A?# '3#29>91A#B0#13IAG<3<.#>.#;F3AG.#:.G/A:<A?#%>#29>91A#Y#/9HC.=:9# \0.==3b#2A>>[.H91A?# '9JJ3.H9# CA1G0.2A1/3# /FA# >.# B918.# 23# .//A<<.1A# 3># W/.13GH.# 2A>>.#G9BBA1A:8.X#:9:#/3#C0`#IA:31A#/FA#2.#0:.#3:<A:G3<Z#23#91.O 839:A#A#23#1.//9=>3HA:<9g#9//911A#<A:A1A#GAHC1A#.CA1<A#>A#C19O B9:23<Z# .J3GG.>3# 2A># :9G<19# GC313<9# 29IA# G3# /9HC3A# >[0:39:A# /9:# '39V#29IA#W>[0H.:3<Z#:09I.XV#C01#>9<<.:29#A#BA1A:29G3V#9BB1A#>A# C19C13A#HAHJ1.#.>>.#/9:<3:0.839:A#23#/3`#/FA#H.:/.#.>>.#C.GG39O :A# 23# ;13G<9?# *9:# 29JJ3.H9# G=9HA:<.1/3# 2A>>A# 2AJ9>A88AV# /FA# G91C1A:2A1.::9# >.# I9>9:<Zg# =3.//Ff# Y# C19C139# :A>>.# >./A1.839:A# 77
C1929<<.#2.>>.#>9<<.#/FA#/9>.#3>#(.:=0A#'3I3:9#A2#.II3A:A#>[0:39:A# CA1#>.#=>913B3/.839:A#2A>#R.21A#A#>.#1A2A:839:A#2A3#B3=>3? MI#PT(3('&77(#*&//(#0')0&N *9:#.I1AHH9#H.3#CA:G.<9#/FA#3>#(3=:91A#/3#1A=.>.GGA#0:.#/19O /A#/9Gj#.H.1.#2.#G0CA1.1A#<0<<A#\0A>>A#/FA#B3:#\03#/3#.IAI.#29:.<A# A#/FA#/A1<9#:9:#B019:9#C3//9>Ao )JJA:AV#H3#C.1A#0<3>AV#9==3V#2.1A#0:9#G=0.129#G0>#H929#/9:# /03#.JJ3.H9#.//9><9V#.JJ3.H9#13/AI0<9#\0AG<9#:09I9#29:9#23O I3:9g#CA1/FfV#13/9123.H9>9#GAHC1AV#>.#/19/A#Y#=1.83.V#>.#/19/A#Y# GA=:9#23#C1A23>A839:A? 'AJJ9#C1AHA<<A1A#/FA#/3#G9:9#G<.<A#H9><A#G91A>>A#/FA#C01#:9:# 23GG3H0>.:29# <0<<9# 3># >919# 29>91AV# F.::9# G.C0<9# H.:<A:A1G3# 3:# \0A>>.# C./A# 29>919G.V# /FA# Y# G<.<.V# CA1# HAV# CA1# .><1AV# AGAHC39# A# H9:3<9#ABB3/./A? (jV#>.G/3.<A#/FA#39#CA1#>.#C13H.#13/9:9G/.#<0<<.#>.#H3.#H3GA13.V# <0<<.#>.#H3.#2AJ9>A88.V#A#/9:#HA#.GG9/3#\0A>>A#G91A>>A#/FAV#/9HA# HAV#:9:#F.::9#G.C0<9#H.:<A:A1G3#3:#\0A>>.#C./A#/FA#Y#29:9#/FA# G0CA1.#9=:3#.><19#29:9? ![AGAHC39# 2A>>A# C13HA# B0# H9:3<9# .# :93V# C9IA1A>>AV# >.# :9G<1.# 2AJ9>A88.#G3.#H9:3<9#.#/9>919#/FA#C3b#3:#.><9#G<.::9?#a#\0AG<.#>.# IA1.#/.13<Z#B1.<A1:.? ">#GA:G9#2A>>9#GH.113HA:<9#C1929<<9#2.>#/9>C9#3:.<<AG9V#GA=0j# >[.JJ.<<3HA:<9#A2#3>#<3H91AV#A#>[.JJ.<<3HA:<9#A2#3>#<3H91A#23IA:O :A19#/9Gj#.GG3>>.:<3#2.#3:.GC131A#3>#29>91AV#B./A:29/3#CA12A1A#/9Gj# \0A>#29H3:39#G0#:93#G<AGGA#>.#23#/03#.GGA:8.#Y#3:23839#G3/019#23# :9:#<9<.>A#.//A<<.839:A#2A>>.#U9>9:<Z#'3I3:.?#)#13/9123.H9>9#/FA# >.#U9>9:<Z#'3I3:.#2AIA#AGGA1A#GAHC1A#G0J9123:.<.#.#\0A>>[.H91A# >Z?# (A# /9Gj# :9:# YV# 29JJ3.H9# 0H3>HA:<A# 13/9:9G/A1A# /FA# G3.H9# N
# 6L4M#:?#lQ?
7l
.:/91#3:#0:9#G<.<9#GC313<0.>A#:.<01.>AV#29JJ3.H9#13/9:9G/A1A#/FA# G3.H9# H9><9# 0H.:AV# 29JJ3.H9# 13/9:9G/A1A# /FA# G3.H9# .:/91.# H9><9#.<<.//.<A#.3#JA:3#/1A.<3V#29JJ3.H9V#3:B3:AV#/9:G<.<.1A#/FA# 23.H9#<19CC.#3HC91<.:8.#.=>3#.30<3#0H.:3V#G3.:9#C01#GC313<0.>3#A2# .CC1A883.H9# <19CC9# C9/9# >[.30<9# 231A<<9# 2A>>.# $1.83.# 9CA1.:<A# 3:#:93?# %># (3=:91A# :9:# /3# F.# /F3.H.<A# \03# CA1# AGGA1A# 0:.# HA239/13O <Z# H.# /3# F.# /F3.H.<A# \03# CA1# AGGA1A# G.:<AV# A2# .# \0AG<.# G.:<3<Z# :93#29JJ3.H9#.GC31.1A#/9:#<0<<A#>A#:9G<1A#B918AV#/9G<3#\0A>>9#/FA# /9G<3?#k0AG<.#:09I.#C19I.#/FA#$AGb#/3#F.#2.<.V#/3#Y#H9:3<9#A#13O /F3.H9?#*9:#C9GG3.H9V#:9:#29JJ3.H9#3:20=3.1/3#3:#\0AG<.#HAO 239/13<ZV#H.#3:#GC313<9#23#/9HC0:839:AV#/9:#2AG32A139#.12A:<A#A# /9:#G0CC>3/FA#3:/AGG.:<3#29JJ3.H9#13/9H3:/3.1A#>.#:9G<1.#G.>3<.V# A#G.>31A#>.GGb#29IA#=30:GA19#3#(.:<3? )#/9HA#B.1A#.#=30:=A1I3n#(3#Y#=3Z#2A<<9V#/9:#>.#/9HC0:839:A# 2A>#/091AV#/9:#3>#2AG32A139#.12A:<AV#/9:#>.#C1A=F3A1.#3:/AGG.:<A? O#5)3-."7$)"&#*$#0.)'&D#29JJ3.H9#GA:<31/3#29>A:<3#23#AGGA1A#/9Gj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f#\0AG<9#Y#3>#B3:A# 2A>>.#/1A.839:AV#GA#:93#:9:#C9GG3.H9#B.1#:0>>.#CA1#=30:=A1A#.#\0AO G<.#B0G39:AV#C9GG3.H9#CA1`#A#29JJ3.H9#29H.:2.1>.?#)#>["H91A# /FA# C3b# 23# :93# 2AG32A1.# \0AG<.# B0G39:AV# >["H91A# @# 23/9# @# /A# >.# /9:/A2A1Z#/A1<.HA:<A? 7Q
'0:\0A# /9HC0:839:AV# 2AG32A139# .12A:<AV# A# C1A=F3A1.# 3:/AGG.:<A? )#:9:#G9>9#29JJ3.H9#C911A#3:#.<<9#\0AG<3#HA883#CA1#B9:2A1/3# /9:#>.#U9>9:<Z#'3I3:.V#H.#29JJ3.H9#3:#\0AG<9#H9HA:<9#C.1<3O /9>.1HA:<A#=0.12.1/3#2.#<1A#G/9=>3#/FA#C9<1AJJA19#B.1/3#:.0B1.=.O 1A?#)GG3#G9:9#>.#H.:/.:8.#23#GAHC>3/3<ZV#>.#23BB32A:8.#IA1G9#$AGbV# >[3G9>.HA:<9? !.#H.:/.:8.#23#GAHC>3/3<Z?#;FA#:AGG0:.#23#:93#G3#>.G/3#C1A:O 2A1A#:A>>.#1A<A#2A>>.#3:G3:/A13<Z?#;FA#:AGG0:.#23#:93#IA:=.#HA:9# .#\0A>>[.CA1<01.#23#.:3H9#/FA#B3:#\03#B0#3>#/AHA:<9#2A>>.#:9G<1.# B.H3=>309>.?#;FA#:AGG0:.#23#:93#/A2.#.#\0A>>A#C3//9>A#3:G3:0.839:3# /9:#/03#3>#H.>3=:9#I09>#CA1G0.2A1/3#/FA#Y#HA=>39#<./A1AV#/FA#Y#HAO =>39#:.G/9:2A1A#H9><9#C3b#/FA#:9:#G3#<1.<<.#C93#23#/9GA#3HC91<.:O <3?#&Fo#/FA#:AGG0:.#1AG<13839:A#HA:<.>A#/3#CA1G0.2.#.#/.2A1A#:A># :.G/9:23HA:<9V#:A>>[.1<3B3839o#)#CA1#:AGG0:#H9<3I9V#A#CA1#:AGG0:# H9HA:<9?#(9:9#\0AG<A#>A#.1<3#/FA#3>#H.>3=:9#Y#G9>3<9#0G.1A#3:#G3O H3>3#B1.:=A:<3V#CA1/Ff#A=>3#G.#JA:3GG3H9#/FA#G9:9#>A#HA:9#<AH0<AV# H.#>A#C3b#ABB3/./3?#,3/9123.H9#/FA#3>#/A2A1A#9==3#.:/FA#.2#0:.# C3//9>.#3:G3:/A13<ZV#C9<1AJJA#AGGA1A#>.#23G/AG.#2A>#C13H9#=1.23:9# 23#0:.#G/.>.#<A113J3>HA:<A#B.<.>A? !.#H.:/.:8.#23#GAHC>3/3<Z#C1920/A#>[3G9>.HA:<9?#a#0:.#/9:O GA=0A:8.#>9=3/.D#W;FA#2AJJ9#B.1/3#39#B1.#>A#H3A#G91A>>A#2.#/03#:9:# G9:9#/9HC1AG.nX?#)#G3#/9H3:/3.#.2#.GGA:<.1G3#A#G3#/A2A#.#\0.>G3.G3# C1A<AG<9#CA1#13H.:A1A#.#/.G.#AV#.GGA:<.<A#0:.#I9><.V#/3#G3#.GGA:<.# C3b#B./3>HA:<A#0:.#GA/9:2.V#A#G91=9:9#>A#13C0=:.:8AV#>A#3HC9<A:O 8AV#A2#3>#/091A#G3#1.BB1A22.#A#>[3:<A>>A<<9#1.=39:.V#1.=39:.#B3:9#.#<19O I.1A#>.#=30G<3B3/.839:A#2A>>[0><3H9#C.GG9?#$0.3#.3#G9>3o#$0.3#.#/F3# G3#/F302A#3:#0:#H0<3GH9V#A2#3:#0:#.<<A==3.HA:<9#23#3:G3:/A13<Z? )# B3:.>HA:<A# /3# 9//911A# AI3<.1A# 3># <A189# G/9=>39D# >.# H.:/.:O 8.#23#/9:B32A:8.#3:#'39?#&Fo#CA1G0.23.H9/3V#G91A>>AV#/FA#\0.:<9# C3b#G3.H9#.JJ.:29:.<A#2.=>3#09H3:3V#<.:<9#C3b#$AGbV#>9#GC9G9# :9G<19V#Y#3HCA=:.<9#.#G<.1#I3/3:9#.#:93D#W*9:#<AHA1A#9#C3//9>9# 7P
=1A==AV#CA1/Ff#3>#R.21A#G3#Y#2A=:.<9#23#.//9=>3A1<3#:A>#(09#,A=:9X# h!/#64V74i?#(9:9#C.19>A#AI.:=A>3/FAV#G9:9#C.19>A#23#IA13<Z?# ;9:B91<.<A#.20:\0A#2.>>A#C.19>A#AI.:=A>3/FAV#A#2.>>A#/.1A88A# GA:G3J3>3#/9:#/03#$AGb#F.#I9>0<9#1.BB918.1A#>.#:9G<1.#]A2AV#C3.:O =3.H9#G0>>.#:9G<1.#H3GA13.V#A#13C1A:23.H9#/9:#C3b#>A:.V#/9:#C3b# >0/A#>.#:9G<1.#I3<.?#!.#/9:I3:839:A#/FA#3>#R.21A#/A>AG<A#:9:#C0`# 2.1A#0:#G.GG9#.2#.:3HA#/FA#=>3#29H.:2.:9#C.:A#A#>.#C1.<3/.#2A># C3b#3>>3H3<.<9#.JJ.:29:9#:A>>A#(0A#H.:3V#G3.:9#>A#23GC9G3839:3#2.# /9><3I.1G3#:A>#:9G<19#GC313<9V#3:#/9:B19:<9#.#'39? !.#GAHC>3/3<Z#A#>[0:39:A#B1.<A1:.#G3.:9#>A#I31<b#3:#/03#H.==391O HA:<A#/3#AGA1/3<3.H9#3:#/9:B19:<9#.>#C19GG3H9? 4"#$%#,/)+('-#.(%%2#,-'+( (I#!"#*)/)'),)#*$,%(00)L ;FA#/9G.#Y#>9#GH.113HA:<9n#a#0:9#G<.<9#GC313<0.>A#.#/03#3#C3/O /9>3#I3.:2.:<3#G9:9#G9<<9C9G<3#.>>91/FfV#CA1#0:#3:/32A:<A#23#I3.=O =39V#F.::9#CA120<9#>.#J0GG9>.o '3#B19:<A#.2#0:#13CA<A1G3#/9Gj#B1A\0A:<A#2A>>.#I3G3<.#:A>>.#H91<AV# >9#GH.113HA:<9#Y#0:.#/9:GA=0A:8.#\0.G3#=30G<3B3/.J3>A?#!.#H91<A# YV#<1.#3#H3G<A13V#\0A>>9#/FA#C3b#0H3>3.#>[3:<A>>3=A:8.#2A>>[09H9V#:A# BA13G/A# <A113J3>HA:<A# 3># /091A?# ![3:<A>>3=A:8.V# 0H3>3.<.V# 3G<3:<3I.O HA:<A#G3#13JA>>.?#)GG.#GA:<A#23#AGGA1A#>.#C.1<A#H3=>391AV#C3b#:9J3>A# 23# 0:# 1A# /FAV# C01# G.CA:29G3# G/919:.<9# G.# 23# AGGA1A# 1AV# A# GA:<A# B>031A#:A>>A#G0A#IA:A#3>#G.:=0A#1A.>A? !.#BA13<.#2A>#/091A#C93V#/9>#G09#GC.G3H9V#A//3<.#2A>>[3:<A>>A<<9#A# :A#.//1AG/A#>.#13I9><.? (A#>.#BA2A#B9GGA#C3b#I3I.V#>[.:3H.#C01A#G9BB1A:29#/9:GA1IA1AJO JA#3>#G09#A\03>3J139V#CA1/Ff#G3#.::A=FA1AJJAV#.2#9//F3#/F30G3#A2#.# H.:3#=30:<AV#:A>#G09#C013GG3H9#9/A.:9?#WE.#29C9#3>#CA//.<9#913O L
# 6L7N#:?#66Q?
7M
=3:.>A#3>#H9:29#3:<A19#F.#CA1G9#>[A\03>3J139?#![0H.:3<Z#A1.#:A>#G09# A\03>3J139#\0.:29#I3IAI.#:A>>[.GG9>0<9#h'39i?#&1.#G<.#:A>#1A>.<3I9V# :A>>.# I3/A:2.# 2A>>9# GC.839# A# 2A># <AHC9V# 29H3:.<.# 2.># C13:/3C39# 2A>>.#>9<<.#CA1#>[AG3G<A:8.V#2.>>.#H91<A#A#C0<1AB.839:AX? (9>9#0:.#BA2A#/3A/.V#hA#:9:#.::0I9>.<.#2.>>A#:9G<1A#3:BA2A><Z# 9#2.#C19IA#C013B3/.<13/3i#/FA#:9:#23G/0<AV#:f#1.=39:.#A2#0:[0H3><Z# C19B9:2.#G/.<013<.#2.>#/9:9G/3HA:<9#23#GfV#C9GG9:9#B.1#G0CA1.1A# \0AG<A# C19IA# 1A.>HA:<A# =1.I3# hGA# C.1<3/9>.1HA:<A# G3# CA:G.V# /FA# AGGA#/9>C3G/9:9#0:.#B.H3=>3.V#>.#23#/03#I3<.#IA:<A::A#:9:#Y#G<.<.# /FA#0:#G0//A2A1G3#23#C19IA#29>919G3GG3HAiV#H.#/FAV#GA#I3#13B>A<<3.O H9V#G9:9#/.1.<<A13G<3/FA#/9:#/03#3>#(3=:91A#GA=:.#>A#.:3HA#2.#!03# G/A><A#A#>A#;9H0:3<Z#2.#!03#I9>0<A? (A# /3# C91<3.H9# .># UA//F39# +AG<.HA:<9V# :93# IA23.H9V# /FA# 3# (.:<3#23#9==3#:9:#F.::9#:0>>.#2.#3:I323.1A#.3#(.:<3#23#.>>91.#3:#B.<O <9#23#C19IA?#]91GA#>.#23BBA1A:8.#/FA#>3#23G<3:=0A#/9:G3G<A#3:#\0AG<9D# /FA#3#(.:<3#23#.>>91.#IA2AI.:9#/919:.<A#2.#G0//AGG9#>A#>919#.H.O 1A88AV#HA:<1A#3#(.:<3#23#9==3V#GCAGG9#:9:#<19I.:9#/FA#2A>0G39:3# 29>919GA?#a#0:#H3G<A19o ,3/F3.H9# .>>.# HAH913.# G3:<A<3/.HA:<A# >.# G<913.# 23# "J1.H9# h$A:#64O6Ng#45O4Qi?#"J1.H9#H091A#3:#J09:.#IA//F3.3.V#23#=1.:O 2A#A<ZV#C3A:9#23#.::3V#23/A#>.#(/13<<01.#A#C3A:9#23#C19>A? ;1A2A<<AV# G9BB1jV# G3# G9<<9H3GAV# H.# I32A# .:/FA# >[.IIA1.HA:<9# C1923=39G9#2A>>A#23I3:A#C19HAGGAo (A# I9>AGG3H9# 2.1A# 0:9# G=0.129# .>>.# I3<.# 23# .><13# C.<13.1/F3D# E9GfV#'.I32V#+9J3.V#$39JJAV#<19IA1AH9#GAHC1A#\0AG<9#29CC39# /.1.<<A1A#23#29>91A#A#23#/9HCA:G9? !.#:09I.#>A==A#G3#3:.0=01.V#B3:#2.3#C13H9123V#/9>#/.1.<<A1A#:9:# G9>9# 29>919G9V# H.# /9:# >[AG3=A:8.# 2A>>.# <9<.>A# 13:0:83.# .2# 9=:3# 2313<<9V# 2A>>.# /9HC>A<.# .J:A=.839:A# 23# <0<<3# GA# G<AGG3V# A# \03:23# GCAGG9V#:93#IA23.H9#=>3#GB9183#C3b#=A:A19G3#2A>>[.H91A#/919:.<3# 2.>>[3:G0//AGG9V# 2.>>[0H3>3.839:AV# 2.>>[.::3A:<.HA:<9?# !9# G<AGG9# ]3=>39#23#'39#Y#3>#C13H9#.2#3:.0=01.1A#\0AG<9#:09I9#C19/A23HA:O 7N
<9#23I3:9V#A2#)=>3#/9>#(09#G./13B3/39V#:9:#9<<3A:A#.CC.1A:<AHA:<A# /FA#0:#/.<.G<19B3/9#3:G0//AGG9?#%#H.1<313#CA1G9:.>HA:<A#:9:#IAO 29:9#>.#BA/9:2.839:A#2A>#>919#G.:=0A?#-:#$30GACCA#;.>.G.:839# H091A#29C9#B3A1A#CA1GA/0839:3V#>.G/3.:29#G9>9#<1A#9#\0.<<19#/9HO C.=:3?#-:#JA.<9#KA1:.129#+9>9HA3#G3#IA2A#B.>/323.1A#2.>>.#CAG<A# <0<<3#3#G093?#(?#;.<A13:.#.>>.#B3:A#2A>>.#G0.#I3<.#23#JA:AV#Y#<91HA:<.<.# 2.>>.#I3G39:A#23#=1.:#C.1<A#2A>>.#;F3AG.#hCA1#>.#\0.>A#)GG.#.IAI.# GCAG.#<0<<.#>.#G0.#I3<.i#23I3G.#2.#G/3GH.#A2#A1AG3A?#(?#":=A>.#Y#.CO CA:.#3:#<AHC9#23#IA2A1A#3:383.<.#>.#(0.#;9HC.=:3.V#/FA#>.#H91<A# >.#/9=>3A?#)#/9Gj#<.:<3#A#<.:<3#.:/91.? !.#I3<.#23#\0AG<3#.H.:<3#23#'39#<AG<3H9:3.#/3`#/FA#.GGA13I9#C3b# G9C1.V# /39Y# /FA# GCAGG9V# G9<<9# >.# >A==A# 2A>>[.H91AV# 3># /.>3/A# 2AIA# AGGA1A#JAI0<9#B3:9#.>>.#BA//3.#A#GA:8.#/9HCA:G3#<A11A:3? +0<<9#\0AG<9#=A:A1.#G=9HA:<9V#:A#G.CC3.H9#\0.>/9G.?#)#\0AO G<9#G<13:=3HA:<9#0:3<9#.>>.#>./A1.839:A#A2#.>>9#GH.113HA:<9#C9:A# /3.G/0:.#A#>.#/9>>A<<3I3<Z#3:#.:=9G/39G3#3:<A119=.<3I3#2.#/03#:9:#G3# AG/AV#CA1/Ff#>.#13GC9G<.V#Y#0:9#2A3#<.:<3#H3G<A13#/FA#'39#13GA1J.# CA1#(f? )JJA:AV#G91A>>AV#/9HA#23C91<.1G3#3:#G3H3>3#B1.:=A:<3#3:<A13913n# %:# \0AG<3# B1.:=A:<3# 29>919G3# >A# .:3HA# :9:# 2AI9:9# <01J.1G3V# :f# CA1#>9#GH.113HA:<9#h/FAV#>9#.JJ3.H9#I3G<9V#Y#/9G.#3:AI3<.J3>A#.>>.# :9G<1.#C3//9>A88.i#:f#CA1#>9#G=9HA:<9#GA#H9HA:<.:A9? %>#(3=:91AV#/9HC1A:G3I9#.GG.3#C3b#23#:93V#=3023/FA1ZV#>9#GCA19V# /9HA#/9:.<3#IA1G9#>.#!0/AV#>.#$30G<383.V#>.#R./AV#>["H91A#\0AG<3# GA:<3HA:<3#0H.:3? E.#/3`#/FA#>A#.:3HA#2AI9:9#B0==31AV#/9HA#>AJJ1.V#G3#Y#3>#G9BO BA1H.1G3#3:#>919#2A>>9#G=9HA:<9? !.# 2AC1AGG39:AV# >.# <13G<A88.V# B.::9# GAHC1A# H.>AV# A2# 9//91O 1A#1A.=31A#/9:#<0<<A#>A#B918A?#,A.=31A#:9:#CA:G.:29#.>#29H.:3V# 1A.=31A# /F3A2A:29# >.# B918.# 2A>>[.//A<<.839:AV# 1A.=31A# CA1G0.2A:O 29#:93#G<AGG3V#/FA#\0.>0:\0A#/9G.#.//.2.#Y#CA1#3>#:9G<19#HA=>39V# 7L
Y# /9:GA=0A:8.# 2A>>[9BBA1<.# B.<<.# 3:# 3GC313<9# 23# 3HH9>.839:A# A# 23# 13C.1.839:A? "#:93#:9:#13H.:A#/FA#.//A<<.1A#0H3>HA:<A#>A#/9:GA=0A:8A#23# 0:#2A/1A<9#3:383.>A#2A>>.#U9>9:<Z#&::3C9<A:<A? RA1/3`# B3:# 2[91.# 913A:<3.H9/3# .:/FA# .# \0AG<.# C9GG3J3>3<Z?# (A# /9Gj# .//.2AGGAV# >[AIA:<9# /3# <19IA1Z# HA:9# 3HC1AC.1.<AV# A# 23# B1.O HA889#.>>A#:9G<1A#<A:AJ1A#29>919GAV#>["H3/9#'3I3:9#/3#.//9=>3A1Z# :A>>A#(0A#J1.//3.#A#:A>#(09#;091A?#(A#:9:#.//.2AGGAV#.I1AH9V#/9:# >.# :9G<1.# 23GC9G3839:A# =A:A19G.V# =>913B3/.<9# %2239V# G.:<3B3/.<A# >A# .:3HA#:9G<1AV#/9:<13J03<9#.>>.#G.>IA88.#2A3#B1.<A>>3? DI#P)#,3(''$3&"%)#*&//(#3)'%&65# ;FA#/9G.#Y#>9#GH.113HA:<9n#a#0:9#G<.<9#GC313<0.>A#.#/03#3#C3/O /9>3#I3.:2.:<3#G9:9#G9<<9C9G<3#.>>91/FfV#CA1#0:#3:/32A:<A#23#I3.=O =39V#F.::9#CA120<9#>.#J0GG9>.o '3#B19:<A#.2#0:#13CA<A1G3#/9Gj#B1A\0A:<A#2A>>.#I3G3<.#23#G91A>>.# H91<AV#>9#GH.113HA:<9#Y#0:.#/9:GA=0A:8.#\0.G3#=30G<3B3/.J3>A?#!.# H91<A#YV#<1.#3#H3G<A13V#\0A>>9#/FA#C3b#0H3>3.#>[3:<A>>3=A:8.#2A>>[09O H9V# :A# BA13G/A# <A113J3>HA:<A# 3># /091A?# ![3:<A>>3=A:8.V# 0H3>3.<.V# 3G<3:<3I.HA:<A#G3#13JA>>.?#)GG.#GA:<A#23#AGGA1A#>.#C.1<A#H3=>391AV#C3b# :9J3>A#23#0:#1A#/FAV#C01#G.CA:29G3#G/919:.<9V#G.#23#AGGA1A#1AV#A# GA:<A#B>031A#:A>>A#G0A#IA:A#3>#G.:=0A#1A.>A?#!.#BA13<.#2A>#/091A#C93V# /9>#G09#GC.G3H9V#A//3<.#3>#1.=39:.1A#2A>>[3:<A>>A<<9#A#:A#.//1AG/A#>.# 13I9><.? (A#>.#BA2A#B9GGA#C3b#I3I.V#>[.:3H.#C01A#G9BB1A:29#/9:GA1IA1AJO JA#3>#G09#A\03>3J139V#CA1/Ff#G3#.::A=FA1AJJAV#.2#9//F3#/F30G3#A2#.# H.:3#=30:<AV#:A>#G09#C013GG3H9#9/A.:9?
65
# 6L7N#:?#66Q?
l5
*!+$,')'&$$ +"RR)#')!#;"EE%*&#U),(&#!"#("*+%+p# ')!!"#U%+"
"?& '**2$&%3'-$ !"#52)6/2')/#2&'/'(#7%/#-668/6 !A==A1A#>[3:<A1:9#2A>>A#/9GAV#CA1/Ff#>A#/9GA#23I3:A#G9:9#<0<<A# 3:<A1:Ao# *9:# Y# \0AG<.# .BBA1H.839:AV# /FA# GC3A=.# >[.><1.# /FA# B1AO \0A:<AHA:<A# 13<91:.# :A># <AG<9# AI.:=A>3/9n# %:# E.1/9V# .2# AGAHO C39V# <19I3.H9# 29C9# 3># 1.//9:<9# 2A>>.# C13H.# H9><3C>3/.839:A# 2A3# C.:3D#W%#23G/AC9>3#G<0C319:9#C3b#/FA#H.3#2A:<19#23#GfV#CA1/Ff#:9:# .IAI.:9# JA:# /9HC1AG9# 3># B.<<9# 2A3# C.:3V# AGGA:29# 3># >919# /091A# .//A/.<9X#hE/#MV#lQOlPi?#)2#3:#!0/.#h4lV76iD#W">>91.#G3#.C1319:9# 3#>919#9//F3#A#>9#13/9:9JJA19X?#;091A#.//A/.<9V#9//F3#/F30G3#A//?# :9:#IA==9:9#/A1<.HA:<A#:A>>[3:<A1:9#2A>>A#/9GA?#&#HA=>39D#GAHO J1.#/FA#:9:#IA2.:9#:ACC01A#>[AG<A1:9V#CA1/Ff#>.#H9><3C>3/.839:A# 2A3#C.:3#Y#B.<<9#AG<A1:9#A#:9:#B0#/9HC1AG9#A2#A1.:9#3#23G/AC9>3# 23#$AGbV#3>#\0.>A#.IAI.#GB.H.<9#C3b#23#/3:\0AH3>.#CA1G9:A#hE/# PV7QOllio#k0.:<A#/9GA#/.C31AH9#:93#/FA#:9:#/3#<19I3.H9#23:.:83# .>>[-H.:3<Z# (./19G.:<.# 9CA1.:<A# C1923=3# /9Gj# H31.J3>3V# :93# /9Gj# 23G<1.<<AV#:93#/9Gj#G0CA1B3/3.>3n %:<A:23.H9/3D#.IA1A#W0:.#I9/.839:A#3:<A>>3=A:<AX#:9:#G3=:3B3/.# AGGA1A#29<.<A#23#0:.#J09:.#3:<A>>3=A:8.V#AGGA1A#3:<A>>A<<0.>3V#G3=:3O B3/.#.IA1A#=>3#9//F3#2A>>[.:3H.#.CA1<3g#G3=:3B3/.#:9:#AGGA1A#.//A/.<3# 2.>>.#H.<A13.>3<Z#3:#/03#I3I3.H9?#":83V#>9#GC313<9#GAHC>3/AV#0H3>AV#Y# C19C139#\0A>>9#/FA#/.C3G/A#23#C3b?#"IAI.#=>3#9//F3#.CA1<3#\0A>#/9:O <.23:9#.#/03#3>#/01.<9#2["1G#29H.:2`D#WK09:#09H9V#/FA#B.<A#>.# GA1.#3:#/F3AG.nX#W*3A:<A#R.21AV#39#!9#=0.129#A2#)=>3#H3#=0.12.X? 6
# 6Ll5#:?#64N?
l6
*93#>A==3.H9#\09<323.:.HA:<A#3>#U.:=A>9V#H.#/FA#B10<<9#:A# <1.3.H9n#(A#.IAGG3H9#=>3#9//F3#.CA1<3V#GA#G.CAGG3H9#>A==A1A#:A>>[3:O <A1:9#23#\0A3#>3J13V#/F3GGZ#.#\0.>#=1.29#23#CA1BA839:A#G.1AHH9o '3CA:2A#2.#:93#.IA1A#=>3#9//F3#.CA1<3n#(j#A#:9o#(jV#GA#:9:#B./O /3.H9# =>3# GB9183# CA1# <9=>3A1A# =>3# 3HCA23HA:<3# /FA# 9BB0G/.:9# >.# :9G<1.#I3G<.o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`#GCA/3.>HA:<A#G0//A2A1A#\0.:29#Y#H.:/.<.#>.#C13H.#B91H.O 839:A#H91.>A?#)=>3#\03#C.1>.#.#/F3#Y#=3Z#A:<1.<9#:A>>.#I3.#A#/9:G3=>3.# 23#HA<<A1G3#3:#1.CC91<9#/9>#'39#I3IA:<A#2A>>.#(./1.#(/13<<01.V#2A>O >.#!3<01=3.V#2A>>.#;F3AG.?#$30G<3GG3H9g#A#/9Gj#3:231A<<.HA:<A#A=>3# G9G<3A:A# 3># :9G<19# C13:/3C39D# :9:# .:3HA# G0CA1B3/3.>3V# :9:# 2AI9O 839:3#GA:<3HA:<.>3V#H.#/0><01.#G9>32.V#G3/01.#A2#.0G<A13<Z#/9:#GA# G<AGGA?#!.#I3<.#1A>3=39G.V#A=>3#.==30:=AV#3HC91<.#0:.#/9:9G/A:8.# GCA13HA:<.>A#23#'39g#GA:8.#23#\0AG<.#W>A#C.19>A#2A3#G./A129<3V#2A>>.# ;F3AG.V#G9:#G<1AC3<9#23#C.19>AXV#/9HA#23/A#.:/FA#G.:<["=9G<3:9?# "# \0AG<A# C.19>A# AG<A1:A# 2AIA# /9:=30:=A1G3# >.# C.19>.# 23# $1.83.V# 4
# 6LQQ#:?#476?
l4
>[3GC31.839:A#3:<A1391A#2A>>9#(C313<9#/FA#/3#<1.GB91HA1Z#3:#;13G<9V# A2#.>>91.#G.1AH9#C1AGA:<3#.#'39#A2#.3#B1.<A>>3?# K?& *'%1.//$'%. !"#52#<-*9())/-*(=#)-)+(7*-#(#9-':2#*(%%>;,2*2#.(?-%(::27 $AGb#/9:9G/AI.#>.#2AJ9>A88.#0H.:.#A#I9>>A#2.1A#.2#AGG.#0:# 13HA239V#0:.#HA23/3:.V#0:.#:09I.#3:B0G39:A#23#I3=91A?#E.V#/9HA# .JJ3.H9#I3G<9#.><1A#I9><AV#.:/FA#\0AG<9#.30<9#(./1.HA:<.>A#C0`# 23IA:31AV#:A>>A#:9G<1A#H.:3V#HA889#23#3:\03:.839:A?#RA1/Ffn#RA1# 3=:91.:8.#B.<<.#23#23G<1.839:AV#3=:91.:8.#3:I9>9:<.13.V#3>>0G39:A? R9GG3.H9#231A#/9:#G3/01A88.#/FA#/3#G3.H9#.//9G<.<A#GAHC1A#.># (./1.HA:<9#C013B3/.<91A#/9G/3A:<3#2A>#G09#3:B3:3<9#I.>91An#R9GG3.O H9#.BBA1H.1A#3:#/9G/3A:8.#/FA#H.3#G3.H9#.:2.<A#.2#AGG9#CA1#13O /A1/.#23#G9223GB.839:A#0H.:.n#)#GA#/9Gj#B9GGAV#:9:#.I1AHH9#:93# /9><3I.<.#>[3>>0G39:A#23#/A1/.1A#'39V#HA:<1A#/A1/.I.H9#:93#G<AGGAn# (A#>.#/9G/3A:8.#:9:#/3#13HC19IA1.#:0>>.#3:#C19C9G3<9V#.I1AH9#/A1O <.HA:<A#/9:G<.<.<9#3>#I.>91A#ABB3/./A#23#\0AG<.#WHA23/3:.#CA1#>A# C3.=FA#2A>>[.:3H.#:9G<1.X?#U.>91A#ABB3/./A#/FA#13H.1=3:.#>A#BA13<AV# 13G.:.#>.#C.1<A#.HH.>.<.V#C1AI3A:A#>.#/.20<.?#"30<9#C9<A:<3GG3H9# h9><1A#/FA#13HA239iV#CA1/Ff#C91<.<91A#23#.0HA:<9#23#$1.83.#(.:<3O B3/.:<A#A#23#$1.83.#.<<0.>AV#\03:23#13:I3=913HA:<9#23#B918AV#C013B3O /.839:A#23#I3G39:AV#1.BB3:.HA:<9#23#2A>3/.<A88.#23#/9G/3A:8.?#*9:# /.0G.#23#G/10C9>3V#H.#1.BB3:.HA:<9V#23/9V#23#GA:G3J3>3<Z#GC313<0.>A?# "30<9#C9<A:<3GG3H9V#CA1/Ff#/.0G.#23#0H3>3.839:A#A#C19I9/.<91A#23# GA:<3HA:<3#:A/AGG.13#.2#9<<A:A1A#3>#CA129:9?# E3#GA:<9#9J3A<<.1AD#W;9HA#.//0G.1A#>A#:9G<1A#3HCA1BA839:3#GAV# .//0G.:29>AV#GCAGG9#/3#GA:<3.H9#231AD#H.#\0AG<3#:9:#G9:9#CA//.O <3oX?#a#IA19?#R0`#.//.2A1A#A2#.//.2A?#;3`#:9:#I09>#231A#/FA#:93# 29JJ3.H9#G9<<1.1/3#.>>[0H3>3.839:A#2A>>.#H.:3BAG<.839:A?#UA2A<AV# 7
# 6Ll5#:?#677?
l7
HA:<1A# /93# H.AG<13# 23# GC313<9# .BBA1H9# /FA# >.# /9:BAGG39:A# 2AIA# AGGA1A#GAHC>3/AV#J1AIA#A#J.G<.#B.1>.#9=:3#\03:23/3#=391:3V#G9G<A:=9# 3:# C.13# <AHC9# /FA# 2AIA# AGGA1A# .//01.<.V# AGC1AGG.# /9:# I9/.J9O >3# AG.<<3# A# G9C1.<<0<<9# B.<<.# /9:# GA13A<Z# A# GA:8.# 13/A1/FA# 0H.:AV# CA1/Ff#/F3#/3#.GG3/01.#/FA#:A>#B9:29#23#\0AG<A#3HCA1BA839:3#:9:# G3#:.G/9:2.:9#2A>>A#IA1A#/9>CA#>A==A1An#'A>#1AG<9#/9:G32A13.H9# /9:# .<<A:839:A# /3`# /FA# >[0H.:3<Z# CA:G.# 2A>>[.H3/383.# A# 23# /A1<A# BA13<A#/FA#:9:#G3#C9GG9:9#JA:#2AB3:31A#A#/FA#>[.BB>3==9:9D#C3//9>3# GA1I3=3#13/0G.<3V#9#C1AG<.<3#/9:#H.>.#=1.83.V#I3G3<A#23BBA13<A#<19CC9# >0:=.HA:<A#A//?#k0AG<3#>A==A13#H.:/.HA:<3#>.G/3.:9#G3/01.HA:<A# G0GG3G<A1A#<0<<.#3:<3A1.#>[.H3/383.V#H.#:9:#/3#B.1.::9#231AD#39#F9# .I0<9#<91<9n#*9:#/3#B.1.::9#GA:<31A#3>#J3G9=:9#23#0:.#/9:BAGG39:A# A#23#0:.#13C.1.839:An#&1.V#CA1/Ff#:9:#.CC>3/.1A#\0AG<9#H929#23# IA2A1A#.>>[.H3/383.#/FA#/3#>A=.#.>#'3I3:9#H.AG<19n#)#G3#C0`#/9:/AO C31A#0:#H9HA:<9#C3b#9CC91<0:9#CA1#B.1A#\0AG<A#/9:BAGG39:3V#/FA# \0A>>9#:A>#\0.>A#.:23.H9#.#13::9IA>>.1A#:A>#(09#(.:=0A#>.#C01A8O 8.#A2#3>#13=91A#2A>#:9G<19#.H91An#;3`#2[.><19:2A#>9#B.::9#>A#.:3HA# C3Ag#A2#3>#>919#.//9129#H.:3BAG<.#0:.#23#\0A>>A#>A==3#23I3:A#>.#/03# C19H0>=.839:A#G3#B.#2.>#GA:<3HA:<9#/13G<3.:9#G9<<9#>[3GC31.839:A# 2A>>9#(C313<9#(.:<9? 4"#<-,(#266-)+2')/#2%%2#<-*9())/-*(l# ":83<0<<9# <A:3.H9# C1AGA:<A# /FA# >.# ;9:BAGG39:A# Y# 0:# (./1.O HA:<9#HA13<.<9/3#2.>>A#3:.023<A#G9BBA1A:8A#23#0:#-9H9O'39?#"2# AGG.# 20:\0A# 29JJ3.H9# .//9G<.1/3# /9:# >.# HA2AG3H.# C19B9:2.# 1AIA1A:8.#/9:#/03#/3#.//9G<3.H9#.>>[)0/.1AG<3.?#)#G0#\0AG<.#C19O B9:23GG3H.#1AIA1A:8.#Y#:A/AGG.139#3:G3G<A1A#.BB3:/Ff#:9:#.IIA:=.# .#:93#/3`#/FA#.II3A:A#.3#G.=1AG<.:3#/FAV#H.:A==3.:29#GCAGG9#=>3# 9==A<<3#G./13V#>3#H.:A==3.:9#/9:#3:23BBA1A:8.#<.>AV#/FA#/3#G/.:2.O l
# 6Ll5#:?#64N?
ll
>388.?#E.V#.F3HfV#:9:#/3#.//91=3.H9#/FA#.:/FA#:93#/9H3:/3.H9# .2#AGGA1A#3:BA<<A#2.#\0A>>.#H.>.<<3.n#(A#/3`#.//.2A#CA1#>[)0/.1AG<3.V# C3b#B./3>HA:<A#.//.2A#CA1#>.#;9:BAGG39:A?#a#29>919G9#.#231G3V#H.# GAHJ1.#/FA#>.#C1AGA:8.#:A/AGG.13.#2A>>[09H9#hG./A129<Ai#0H.:38O 83#.:/FA#3>#(./1.HA:<9? ;3`#/FA#:9:#29I1AJJA#.//.2A1AV#C01<19CC9#CA1`#.//.2A?#":83V# B91GA#Y#C19C139#\0AG<.#H.:/.:8.#23#=1.I3<Z#23#/9>CA#/FA#/3#1A:2A# G0CA1B3/3.>3V#>A==A1AV#G<0C32.HA:<A#G/FA189GA#IA1G9#0:#(./1.HA:O <9D#3>#1.//9:<9#2A>>.#G9>3<.#G<913A>>3:.V#B91GA#Y#C19C139#\0A>>9#3>#H9O <3I9#2A>>.#:9G<1.#B.:/30>>.==3:A?#&Fo#H39#'39V#\0.>A#2AC>91AI9>A# /A/3<ZV#\0.>3#<A113J3>3#1AGC9:G.J3>3<Z#.//0H0>3.H9#G0>>A#:9G<1A#<AO G<Ao#)#3#B10<<3#23#\0AG<.#>A==A1A88.#G3#/9:G<.<.:9#:A>#C9/9#9#C0:O <9#C19=1AGG9#:A>>.#I31<bg#G3#/9:G<.<.:9#:A=>3#.CC1A88.HA:<3#I.:3V# 3113IA1A:<3#A#>A==A13#/FA#G3#/9>=9:9#:A3#G9HHAGG3#J3GJ3=>33#3:<91:9# .># ;9:BAGG39:.>AD# /[Y# >.# <.>AV# CA1# /.13<Z# .GCA<<.V# I.29# .# B.1A# 0:.# =31.<3:.#A#B1.#0:[91.#13<91:9#@#h0:.#C.19>.#3:#/9:B32A:8.D#/A1<9V# 29I1AHH9#.IA1A#\0A>#J09:#=3023839#23#:9:#<1.<<A:A1/3#0:[91.#3:# /9:BAGG39:.>AV# \0.:29# G.CC3.H9# /FA# >A# .><1A# .GCA<<.:9i?# ;A1<.O HA:<A#CA1`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
# U2?#,EV#/.C3<9>9#U%%g#;&(+?V#/.C3<9>9#m%V#.1<<?#65QV#65P?
lQ
;F3AG.#AG91<3#3#BA2A>3#.>>.#;9:BAGG39:A#GA<<3H.:.>AV#H.#:93#C01O <19CC9V# G3.H9# /.C./3# 23# /.HJ3.1A# 3:# IA>A:9# .:/FA# >A# HA23/3:A# C3b#G.>0<.13#A#.J0G3.H9#23#\0AG<.#B./3>3<Z#A#/3#.II3/3:3.H9#.3#(.O /1.HA:<3#/9:#>.#>A==A1A88.#A#>.#G0CA1B3/3.>3<Z#23#/03#G9C1.#A#/FA# GCAGG9#G91C1A:2A#.:/FA#3#;9:BAGG913?# 99#")'3(#O#W;3.G/0:.#G3#C1AGA:<3#23:.:83#.>#(./A129<A#G3//9HA#.# '39#)<A1:9#$3023/AX? !.#;9:BAGG39:A#Y#0:#+13J0:.>AV#29IA#:9:#AG3G<9:9#:f#.II9/.O <3V#:f#.//0G.<913V#:f#23BA:G913?#RA1/3`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f# >A#/9GA#23I3:A#G9:9#<0<<A#3:<A1:AX?#;9HA#I9>A<A#/FA#>A#C.19>A#2A># (./A129<A#/3#CA:A<13:9V#/3#G/09<.:9V#\0.:29#/3#.:23.H9#/9Gj#3HO C1AC.1.<AV#/9Gj#C9/9#1.//9><AV#/9Gj#C9/9#CA:A<1.<A#2A>>.#G0J>3H3<Z# 2A>#E3G<A19#/FA#G<.#CA1#/9HC3A1G3#:A>>[.:3H.#:9G<1.n 999#")'3(#O#W)2#3I3#29>A:<AV#/9:#G3:/A13<Z#A#C19C9G3<9#BA1H9X? '9>A:<AD# /39Y# /9HC1AGA# 2.# 29>91A# G9C1.::.<01.>AV# 29>91A# /F3AG<9#.#'39#:A>>[0H3><Z#2A>>[91.839:A#hCA1#>A#:9G<1A#3:=1.<3<023O :3i?#'9>91A#G9C1.::.<01.>AV#29>91A#3:<A:G9#23#.IA1A#9BBAG9#3>#C39# 0:3/9V#G9HH9#KA:AV#CA1#3>#/03#0:3/9V#G9HH9#KA:A#2AI9#I3IA1A?# '9>91A#G9C1.::.<01.>AV#CA1#.IA1A#>./A1.<9#>[.:3H.#C19C13.#/9G<.<.# 3>#(.:=0A#23#0:#-9H9O'39?#'9>91A#G9C1.::.<01.>A#A#<3H91A#G.:<9# 23#C1AC.1.1H3#/9:#>.#H3.#>A==A1A88.#0:[A<A1:3<Z#23#<91HA:<3?#'9O P
# ,EV#/.C?#U%%#/3<?
lP
>91A#G9C1.::.<01.>A#23#.IA1A#/9:<13G<.<9#9#.>HA:9#:9:#G9223GB.<O <9#;9>03#/FA#Y#>[0:3/9#G9HH9#KA:A#A#/FA#29I1AJJA#AGGA1A#>[0:3/9# "H91A#2A>>[.:3H.#H3.? ;9:# G3:/A13<ZD# G3:/A13<Z# G3=:3B3/.# G/F3A<<A88.V# <1.GC.1A:8.# 23# .:3H.V# \03:23# :9:# :.G/9:23HA:<9V# :9:# /.H0BB.HA:<9V# :9:# G/3I9>.HA:<9? (3:/A13<Z#G3=:3B3/.D#GAHC>3/3<ZV#GC9:<.:A3<ZV#AG.<<A88.#.:/FA#23# C.19>.g# \03:23# :9:# AG.=A1.839:3V# \03:23# 13/A1/.# 23# <A1H3:3# .2.<O <3# .2# AGC13HA1A# >.# :9G<1.# /9>C.?# *9:# /[Y# J3G9=:9# 23# 0:# B30HA# 23#AGC1AGG39:3#CA1#B.1A#0:.#J09:.#/9:BAGG39:A?#":83V#>.#J1AI3<Z# 2AIA#AGGA1A#0:.#2A>>A#\0.>3<Z#2A>#CA:3<A:<AV#=3.//Ff#<0<<9#C19/A2A# 2.>>[3:<A1:9V# A# >[3:<A1:9# Y# /9Gj# 23BB3/3>A# .2# AGC13HA1G3# /FA# C3b# G3# /F3.//F3A1.#A#HA:9#G3#23/A? (3:/A13<Z# :9:# G3=:3B3/.# 19HCA1G3# >.# <AG<.# CA1# >[AG.HA# 23# /9O G/3A:8.?#(3:/A13<Z#:9:#G3=:3B3/.#3>#1.//9:<9#23#<0<<A#>A#C1AG0:<A#9# 1A.>3#3:=30G<383A#G0J3<AV#23#<0<<3#3#CA<<A=9>A883#C19I9/.<3V#B91GAV#2.># :9G<19# /.1.<<A1A# 9# 2.>>.# :9G<1.# 9# 2.>>[.><103# 3:G3C3A:8.V# 23# <0<<3# 3# /9:<1.G<3#.IIA:0<3#:A>>.#GA<<3H.:.?#k0AG<9#Y#GB9=9#23#:.<01.V#:9:# =3Z#;9:BAGG39:A#JA:#B.<<.?#(3:/A13<Z#:9:#Y#/A1<.HA:<A#:A>>[.//0G.# B.<<.#.:/91.#G9<<9#>.#C1AGG39:A#2A>>.#C.GG39:A#A#2A>>[.H91#C19C139# 9BBAG9V#CA1#/03#>.#;9:BAGG39:A#23I3A:A#0:9#GJ9>>3HA:<9#A#:3A:<[.>O <19?#k0.>#B10<<9#G3#C0`#13<1.11A#2.#;9:BAGG39:3#B.<<A#3:#G3H3>3#/9:O 23839:3n#RA==39#.:/91.#\0.>#.J0G9#G3#B.#2A>#(.:=0A#2A>#,A2A:<91An 9W#")'3(#O#R19C9G3<9#BA1H9D#G3=:3B3/.#.IA1#0:.#I9>9:<Z#BA1H.V# 2A/3G.V#13G9>0<.#23#:9:#>.G/3.1G3#C3A=.1A#CA1#:AGG0:.#/9G.#.>#H9:O 29V#23#:9:#>.G/3.1G3#G/09<A1A#2.#:AGG0:.#3:G323.V#23#HA<<A1A#3:#.<<9# <0<<3#3#HA883#:A/AGG.13#CA1#AI3<.1A#3>#CA//.<9? ]A1H9#C19C9G3<9V#G3=:3B3/.D#I9>A1#2A/32A1G3?#"II3A:A#\0.>/FA# I9><.#/FA#G3#G/.HJ3.#CA1#B918.#23#I9>9:<ZV#>.#I39>A:8.#2A>#2AG32A139# 9#>[3HCA<09G3<Z#2A>>A#2A/3G39:3?#k0AG<3#GA:<3HA:<3#:9:#G9:9#I9O >9:<ZV#H.#C.GG39:3?#!.#I9>9:<Z#Y#B.<<.#23#1.=39:A?#U9>A1A#G3=:3B3/.# AGA=031A?#U9>A1A#G3=:3B3/.#CA1G3G<A1A? lM
;A1<A#.:3HA#G0CA1B3/3.>3#G<3H.:9#23#.IA1A#0:#C19C9G3<9#BA1H9V# CA1/Ff#C19I.:9#0:.#/A1<.#3113<.839:A#/9:<19#3>#H.>A?#E.#\0AG<9#Y# G9><.:<9#0:#2AG32A139#C>.<9:3/9?#U911AJJA19V#H.#:9:#I9=>39:9V#A# /92AG<.#.GC31.839:A#Y#0:.#GAHC>3/A#IA>>A3<Zo# +0<<A#\0AG<A#3:G9G<3<03J3>3#23GC9G3839:3V#:9:#G3#.I1.::9#H.3#GA# :9:#>A#29H.:23.H9#0H3>HA:<A#A#/9G<.:<AHA:<A#.#'39?#a#<.:<9# :A/AGG.13.# \0AG<.# G0CC>3/.# 0H3>A# A# CA1GAIA1.:<AV# CA1/Ff# Y# <.:O <9#B./3>AV#.:/FA#:A>>A#;9H0:3<ZV#/9:G<.<.1A#>.#H.:/.:8.#23#IA1AV# 3:<A1:AV#3:<A=1.>3#23GC9G3839:3?#)2#3:B.<<3#2.#/FA#23CA:2A#>.#HAO 239/13<Z#2A>>A#;9H0:3<Z#23#9==3#=391:9n#'.>>.#H.:/.:8.#23#I3<.# 3:<A1391AV#/FAV#G3#/.C3G/AV#G3#13B>A<<A#.:/FA#:A>>[0G9#2A3#(./1.HA:<3?# ].::9# <.:<9# CA:.# >A# .:3HA# /FA# CA1# :9:# G0CA1.1G3V# CA1# :9:# >A==A1A#2A:<19V#G3#/9:2.::.:9#.2#0:.#CA1CA<0.#9<<0G3<Z#23#I3G<.# AV#'39V#:9:#I9=>3.V#.#HA<<A1A#3:#CA13/9>9#>[.:3H.#>919o#)#\0AG<.# >A==A1A88.#23#I3<.#3:<A1391AV#A#\0AG<9#:9:#CA:A<1.1A#>[3:<A1:9#2A>>A# /9GA#>9#G3#2A20/A#2.#<.:<A#C3//9>A#GB0H.<01A#/FA#G3#/9>=9:9#.:O /FA#3:I9>9:<.13.HA:<A?#"2#AGAHC39D#3#/9:B19:<3#G0#\0.:<9#0:.# G91A>>.#G<.#3:#;9:BAGG39:.>AV#3#/9:GA=0A:<3#=302383#G0>#;9:BAGG91AV# >A#C3//9>A#=A>9G30//AV#>A#3:2AB3:3J3>3#<13G<A88AV#3>#C1A:2A1A#23:.:83# .>#;9:BAGG91A#.<<A==3.HA:<3#23#3:23BBA1A:8.#9#23#J3G9=:3#01=A:<3# CA1#AGGA1A#13/A1/.<AV#CA1#AGGA1A#/01.<AV#3>#I.:<.1G3#2A>#;9:BAGG91A# C1A9//0C.<9#CA1#:93V#>9#G/FA189#<19CC9#B.H3>3.1A#/9:#AGG9g#:9:# <19I.1A#3>#G./A129<A#/FA#B.D#3>#<.>A#Y#<19CC9#=39I.:AV#>[.><19#Y#<19CO C9#IA//F39V#>[0:9#Y#G/9H929V#>[.><19#Y#<19CC9#83<<9V#>[0:9#<19CC9# <A:A19V#>[.><19#<19CC9#13=329g#3>#:9:#C9<A1G3#/9:BAGG.1A#.><19#/FA# 2.# \0A>>9V# CA1/Ff# >03# G9>9# /.C3G/A# G0J3<9g# 3># C.1>.1A# /9:# B./3>3<Z# G91C1A:2A:<A#23#G<.<3#23#.:3H.V#23#/3`#/FA#F.#2A<<9#3>#;9:BAGG91AV# 23#\0.:<A#I9><A#29JJ3.H9#C1AGA:<.1/3#.>#;9:BAGG39:.>A#A//?#A//? E.# 29I[Y# 3># 29>91A# G9C1.::.<01.>An# %># C19C9G3<9# BA1H9n# !.# G3:/A13<Z#23#23GC9G3839:3n#'9I[Y#\0A>>.#23=:3<Z#C19C13.#2A>#/13G<3.O :9n#'9I[Y#>.#1AIA1A:8.#G9HH.#CA1#<0<<9#/3`#/FA#Y#G./19#A#/FA#/3# C9:A#3:#C3b#231A<<9#/9:<.<<9#/9:#'39n#'9I[Y#>.#2AI9839:A#3:<A>>3O lN
=A:<An#)#CA1#9==3#J.G<.o#E3#GA:<9#G9>>AI.1A#0:[3:B3:3<Z#23#9J3A839O :3D#:A#F9#C3./A1AV#A2#.:83#G.1A3#H9><9#=1.<.#GA#>A#HA<<AG<A#3:#/.1<.? @"#A2%;+2'(#?(*(M R30<<9G<9#23/3.H9/3#/9:#G3:/A13<Z#/FA#0:[.><1.#I31<b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f#19HCA1/3#>.#<AG<.V#/9HA#B.::9#.>/0:A#.:3HAV#.# /A1/.1A#/3`#/FAV#CA1#=1.83.#23#'39#:9:#G3#<19I.#hCA//.<3V#CA//.<3V#CA/O /.<3iV#/9:/A:<13.H9#>.#:9G<1.#.<<A:839:A#h\09<323.:.HA:<A#G9G<A:0O <.#A#1.//9><.#2.>>9#GB9189#2A>>.#I9>9:<Zi#.#G/9C131A#>A#:9G<1A#.J3<0.>3# 3HCA1BA839:3#A#G9C1.<<0<<9#>A#/.0GA#3:<A1:A#/FA#>A#2A<A1H3:.:9V#A#>.# :9G<1.#C1AC.1.839:A#.>>.#/9:BAGG39:A#130G/31Z#2.IIA19#ABB3/./A K09:#=3023839#:A>>[.//0G.1A#\0.>/FA#/9>C.#C3b#=1.IA#:A>>.#I3<.# C.GG.<.#9:2A#I3#G3.#H.<A13.#23#.GG9>0839:A? ;?& )!&+#.42$.#! !"#<-)>3#%2#&'(78/('2N ;FA# /9G.# Y# >.# C1A=F3A1.n# (?# $39I.::3# '.H.G/A:9# >.# 2AB3:3O G/AD#W-:[.G/A:G39:A#2A>>[.:3H.#IA1G9#'39X?#(?#]1.:/AG/9#23#(.>AGD# W-:.#29>/A#/9:IA1G.839:A#/9:#'39X?# M
# 6Ll5#:?#677? # 6L4Q#:?#7l?
N
lL
!.#C.19>.#23#A>AI.839:A#:9:#Y#/FA#0:.#HA<.B91.V#9GG3.#0:#<A1O H3:A# B3=01.<3I9# 3:23/.:<A# >9# GB9189# /FA# :93# B.//3.H9# CA1# G<./O /.1/3# 2.>>A# /1A.<01A# A# 2.# :93# G<AGG3# CA1# CA:G.1A# .# '39V# /FA# :9:# G9>.HA:<A#/3#/31/9:2.#2.#9=:3#>.<9V#H.#/FA#13G3A2A#:A>#C3b#3:<3H9# 2A>>[.:3H.#:9G<1.?#&1.#:93#G.CC3.H9#/FA#3>#B.<<9#G<AGG9#2A>>[.:3H.# I3IA:<A#3:#'39V#9#23#'39#I3IA:<A#:A>>[.:3H.V#Y#0:#B.<<9#/FA#G3#2AO B3:3G/AD#I3<.#G9C1.::.<01.>A#2A>>[.:3H.V#/9G3//Ff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a#3:B3:A#G91=A:<A#23#I3<.V#:0<13HA:<9#G9G<.:83.>A# 2A>>[.:3H.V#Y#3>#13<19I.1G3#IA1.HA:<A#.#/.G.#:9G<1.? %>#I9/.J9>9#W&1.839:AX#/9HC1A:2A#<0<<A#>A#B91HA#23#C1A=F3AO 1.D# HA23<.839:AV# /9:<AHC>.839:AV# /9>>9\039V# G3>A:839V# 9BBA1<.V# G9BBA1A:8.V# >.I919V# 0:39:A?# R9GG3.H9# .BBA1H.1A# /FA# 3># I9/.J9O >9#W91.839:AX#3:23/.#3:#H929#C.1<3/9>.1A#>[91.839:A#23#GAHC>3/A# G=0.129#A#23#H9I3HA:<9#.BBA<<3I9V#G3.#AGG9#GC9:<.:A9#A#GA:<3<9V# G3.#AGG9#I9>0<9#CA1#0:#.<<9#23#BA2A#A193/9?#R9G<A#\0AG<A#2AB3:3839O :3V#:A#I3A:A#23#/9:GA=0A:8.#/FA#:9:#Y#JA:#B.<<9#.:.>388.1A#<19CC9# >.#B91H.V#3>#H929V#2A>>.#:9G<1.#91.839:AV#H.#Y#C30<<9G<9#2AG32A1.O J3>AV#.J3<0.1/3#.#G=9HJA1.1A#>9#GC313<9#2.#<0<<9#/3`#/FA#/3#/31/9:2.# A#C93V#GA:8.#<.:<3#C1A.HJ9>3V#I9>=A1A#>9#G=0.129#G0#23#0:.#2A>>A# RA1BA839:3#'3I3:AV#.2#AGAHC39D#>[.H91A#/FA#/9G<13:=A#$AGb#:A># L
# 6L7L#:?#647?
Q5
+.JA1:./9>9V# A# >j# B3GG.1A# =>3# G=0.123# 2A>>[.:3H.?# %># (3=:91A# :9:# =0.12.#.>>A#B91HA#AV#3:#\0.>0:\0A#H929#G3#/A1/F3#23#0:31G3#.#!03V# )=>3#/3#.//A<<.#A#>.I91.#:A>>[.:3H.#:9G<1.?# ![91.839:A#20:\0A#Y#\0AG<.D#G=9HJ19#23#/3`#/FA#31B.1/323G/AV# G=0.129#B3>3.>A#.#'39#C1AGA:<AV#/9>>9\039#3:<3H9#2A>>A#/9GA#:9G<1A# /FA#G9:9#.:/FA#>A#/9GA#(0AV#A#<1.<<.839:A#1AIA1A:<AV#H.#B.H3>3.1A# 2A=>3#3:<A1AGG3#G093#/FA#G9:9#.:/FA#3#:9G<13?#%9#:9:#/9:9G/9#.><1.# GCA/3A#23#91.839:A?#'3/9V#3:<A1AGG3#G093#/FA#G9:9#3#:9G<13V#CA1/Ff# 0:.#GC9G.#:9:#C0`#I9>A1A#/FA#>.#=>913.#2A>#(09#GC9G9V#>[.IIA:<9# 2A>#G09#,A=:9V#3>#/9HC3HA:<9#2A>#(09#I9>A1AV#A#\0.:29#:A>#:9O G<19#GAHC>3/A#G=0.129V#:A>>.#:9G<1.#.12A:<A#G0CC>3/.V#:9:#I9=>3.O H9#/FA#\0AG<A#/9GAV#G<3.H9#/A1<A#/FA#G3.H9#3:#CA1BA<<9#.//9129# /9:#'39? RA1/3`#:9:#/9A1/3839:AV#:9:#B91H.>3<ZV#:9:#HA<923#B3GG.<3#3:# .:<A/A2A:8.V#H.#.2AG39:A#.#!03#/FA#Y#3>#+0<<9V#.JJ.:29:9#3>>3O H3<.<9# .>>.# G0.# .839:AV# <1.<<.839:A# 2A=>3# .BB.13# (093V# :9G<13V# 2A3# B1.<A>>3? @"#B/-#/*+('0/(*(#*(%%2#*-)+'2#&'(78/('265 '9JJ3.H9#.IA1A#2A>>.#C1A=F3A1.#0:[32A.#JA:#C3b#A>AI.<.?#]91O GA#:9:#G3#/1A2A#.:/91.#.JJ.G<.:8.#.>>[3:<A1IA:<9#23#'39#:A>>.#:9O G<1.#C1A=F3A1.g#:9:#G3#/1A2A#<19CC9#/FA#'39#3:<A1IA:=.#IA1.HA:<A# 3:#:93#CA1#B.1A#!03V#>.#:9G<1.#C1A=F3A1.?#)#2.#\0AG<.#H.:/.:8.#23# AG.<<A#/9=:3839:3V#:9:#G9>9#2A13I.#>9#G/91.==3.HA:<9V#H.#G3#3:G3O :0.#3>#C1A=3023839#23#:9:#C9<A1#C1A=.1A#.J3<0.>HA:<A#:A>>.#:9G<1.# I3<.V#/9Gj#C3A:.#23#23G<1.839:3?#k0.>A#A1191AV#GA#B9GGA#IA19#\0AG<9# :9G<19#GJ.=>3.<9#/9:/A<<9V#/9HA#B.1AJJA19#.#C1A=.1A#/9>919#.#/03# >.#/9:23839:A#23#I3<.#3HCA23G/A#23#HA23<.1An#;9HA#B.1AJJA19#.# 65
# 6LQQ#:?#474?
Q6
C1A=.1A#/A1<A#H.213#23#B.H3=>3.#/FA#.CCA:.#<19I.:9#>.#C9GG3J3>3<Z# 23#13C9G.1A#C9/FA#91An *9:#29JJ3.H9#20:\0A#G0J31A#>.#:9G<1.#I3<.#23#B.<3/.#A#23#>.O I919#/9HA#0:.#/9:23839:A#3:BA1391AV#GB.I91AI9>A#.>>.#C1A=F3A1.V# H.#.JJ1.//3.1>.#13G9>0<.HA:<A#/9HA#0:#HA889#C13I3>A=3.<9#23#C0O 13B3/.839:A#A#23#3:<1920839:A#.>#29:9#=1.<03<9#2A>>[0:39:A#23I3:.? R19I.<AD#HA<<A<AI3#>ZV#2.I.:<3#.#$AGb#(./1.HA:<.<9#A#G.CC3.O <A#.<<A:2A1AV#.C1A:29$>3#3>#B9:29#2A>#I9G<19#AGGA1AV#/9H[AGG9#Y?# *9:#I3#GC.IA:<.<A#GA#3>#13G0><.<9#3HHA23.<9#23#\0AG<.#C1A=F3A1.# G.1Z#GCAGG9#0:.#C1A=F3A1.#29>919G.V#CAG.:<AV#3:#.CC.1A:8.#C9/9# GC313<0.>Ag# H.# .<<1.IA1G9# \0AG<9# GB9189# 23# BA2AV# 23# /03# .JJ3.H9# <.:<9#C.1>.<9V#>[3:/9:<19#/9:#'39#:9:#H.:/FA1ZV#C93/FfV#2A>#1AO G<9V#)=>3#Y#=3Z#:A>>[3:<3H9#I9G<19V#C01#:9:#.IIA1<A:29!9? C"#DB2%%>2;'-'2#+/#6('6-E#F/7*-'(G66 R1A=.1A#/9:#>.#HA:<A#A#/9>#/091AV#C1A=.1A#3:#GA=1A<9V#C1A=.1A# GAHC1AV#Y#/9:23839:A#:A/AGG.13.#CA1#I3IA1A#>.#I3<.#/13G<3.:.#A#<.:<9# C3b#>.#I3<.#23#CA1BA839:AV#9#>.#I3<.#3:<A1391AV#/9HA#I09>G3#/F3.H.1A?# '0:\0A#I09>#231A#/FA#>.#:9G<1.#I3<.#2AIA#AGGA1A#0:.#I3<.#C1A=.:<AV# 0:.#I3<.#>.#23#/03#/9:IA1G.839:A#2AIA#C.GG.1G3#3:#/3A>9? E.#/9HA#B.1A#.#C.GG.1A#\0AG<.#:9G<1.#I3<.#3:#C1A=F3A1.n#;3`# :9:#G.1Z#B./3>A#.>>A#.:3HA#/9:<AHC>.<3IAV#H.#/9HA#C9<1AH9#H.3# I3IA1A#\0AG<.#I3<.#:93V#/9:#3>#/9:<3:09#/9:<.<<9#/9>#H9:29V#/9:# 3:/AGG.:<3#H9<3I3V#.:/FA#29IA19G3V#23#23GG3C.839:AV#23#23G<1.839:An !9#3:GA=:.#(?#]1.:/AG/9#23#(.>AG#.>>A#G0A#]3=>3AV#23/A:29#>919#/FAD# W<0<<.#>.#>919#I3<.#G3.#CA1#0:31G3#.#'39X?#)#2.#J09:#C.21A#/9H[)=>3# B0#3:GA=:.#.>>A#(0A#B3=>3A#/9HA#2AI9:9#3:/9H3:/3.1A#>.#>919#=391:.O <.V#A2#.:83V#I09>#C1AIA:31A#23/3.H9#/9Gj#3>#>919#G<AGG9#C13H9#2AG<.1G3# AG91<.:29>A#.#=A<<.1A#>.#>919#.:3H.#3:#'39?#RA:G.:29#/FA#3>#:9G<19# 66
# 6L4Q#:?#77?
Q4
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bV#H.#B91GA#:9:#.JJ3.H9#GA:<3<9#2A3#G0==A13HA:O <3#/9Gj#C1.<3/3#/9HA#\0AG<3? ,3:=1.83.H9#3>#(3=:91A#23#\0AG<3#HA883#/FA#)=>3#/3#9BB1A#/9:# C.1<3/9>.1A#2A>3/.<A88.#23#.H91A#A#B.//3.H9:A#<AG919#CA1/Ff#AGG3# /9:<13J031.::9#ABB3/./AHA:<A#.>>.#:9G<1.#G.:<3B3/.839:A? H"#I'/,-#2++-#.(%%2#7/-'*2+2=#/*68/*2')/#2%#<'(2+-'(64# !.#:9G<1.#C13H.#=A:0B>AGG39:A#2AIA#AGGA1A#>[AGC1AGG39:A#2A>>[0O H3>A#G0223<.:8.#IA1G9#3>#;1A.<91AV#:9:/Ff#>[.<<AG<.<9#23#C19B9:2.# A2#.H919G.#.HH31.839:A#IA1G9#>[3:G<.:/.J3>A#R13=39:3A19#/FA#/3# F.#.<<AGA#<0<<.#>.#:9<<A#:A>>.#(0.#G9>3<023:A#)0/.13G<3/.? k03:23#.CCA:.#=30:<A#.#C9G<9V#C1A:23.H9#>[.J3<023:A#23#13:O :9I.1A#>A#:9G<1A#3:<A:839:3#.J3<0.>3V#A#23#B91H0>.1A#>[3:<A:839:A# C.1<3/9>.1A#2A>>.#=391:.<.?# R93#>A#C1A=F3A1A#2A>#H.<<3:9D#W"<<A:839:A#A#2AI9839:AV#CA1/Ff# G3#C.1>.#/9:#'39X67#23/A#(?#":=A>.V#20:\0A#:9:#HA//.:3/3<ZV#:9:# IA>9/3<ZV# H.# CA:A<1.839:A# 2A># G3=:3B3/.<9V# H.# .GG.C91.HA:<9# 23# /3`#/FA#G3#C19:0:83.#3:#H929#/FA#>[.:3H.#:A#13H.:=.#C19B0H.<.? 64
# 6L4P#:?#7Q? # ,EV#/.C?#UV#C.1.=1?#7?
67
Q7
J"#$%#'/)68/-#.(%%>2?/+;./*(#*(%%2#&'(78/('26l (A#>[91.839:A#Y#AGC1AGG39:A#2A>#/091AV#G3.#C01A#AGG9#.1329V#:9:# G.1Z# H.3# .<<9# HA//.:3/9?# )# C01<19CC9V# G3# GA:<A# GCAGG9# \0AG<.# HA//.:3/3<Z?#]91GA#Y#G9>9#>.#B91H.#HA//.:3/.n#]91GA#%2239#/FA# G/10<.#>A#HA:<3#A2#3#/0913#G/91=A#.:/FA#3:#\0A>>A#B91HA#.J3<0.>3#>.# I3IA88.#2A>#/091AV#>.#C19:<A88.#2A>>.#HA:<An#R0`#AGGA1AV#.:83#>9# Y#23#/A1<9?#E.#IA1.HA:<A#/F3#.H.V#AG/>02A#.:/FA#>[9HJ1.#2A>>[.O J3<023:A#HA//.:3/.#A#2A>>A#13CA<3839:3#C.CC.=.>>AG/FAV#A#I3=3>.#A# I09>A#.2#9=:3#/9G<9#/FAV#.:/FA#:A>>.#C1A=F3A1.#I9/.>AV#>A#C.19>A# :9:# G3.:9# WC.>>9:3# G=9:B3.<3XV# H.# AG/.:9# 2.>>A# >.JJ1.# C3A:A# 23# GA:<3HA:<9#A#23#I9>9:<Z?#U09>A#/FA#G3.:9#C19:0:83.<A#/9:#HA:<A# 2AG<.V#JA:A#G/.:23<A#A#C9GG3J3>HA:<A#/9:#HA:<A#.<<A:<.#.#<0<<9# /3`#/FA#G3#C19:0:83.?# a#2[.0=01.1G3#/FA#G3.#2.#<0<<3#GA:<3<9#3>#J3G9=:9#23#0:.#C1A=F3AO 1.#C3b#I3I.#A#G3#C9:=.#0:#.1=3:A#.#\0AG<.#I9>=.1A#HA//.:3/3<Z#/9:# /03#G3#1A/3<.:9#.:/FA#:A>>A#C0JJ>3/FA#/F3AGA#>A#B91H0>A#C3b#JA>>A#A# C3b#G9>A::3#2A<<.<A#2.>>.#;F3AG.V#H.#/FAV#G<1.83.<A#2.>>.#13CA<3839:A# .J3<0.>AV#:9:#23IA:=9:9#/FA#G09:3#I09<3#23#GA:G9? $AGb#F.#2A<<9D#W%2239#I09>A#.291.<913#3:#3GC313<9#A#IA13<ZX#h$I# lV47iV#CA1/3`#C19/013.H9V#/9:#>.#H.GG3H.#1AIA1A:8.V#/FA#G3#23BO B9:2.#0:.#C1A=F3A1.#JA:#2A<<.V#I3GG0<.V#GC9:<.:A.V#3:<A=1.? )#/A1<A#B0:839:3V#/FA#G9:9#G<1.C.88.<A#A#>.G/3.:9#/.C31A#<19CO C9# JA:A# /FA# G3# /9HC39:9# CA1# C9<A1# 231AV# /FA# Y# B.<<9V# :9:# CA1# 9:91.1A#'39V#:9:#CA1#/9:GA=031A#=1.83A#A#B.I913?# E.#/3`#/FA#C1AHAV#G3#Y#23#.J3<0.1G3#.#\0AG<.#C1A=F3A1.#HA:<.>A# B.<<.# 3:# GAHC>3/3<Zg# .>>.# 1A/3<.# 2A>>.# C1A=F3A1.# I9/.>A# JA:# 2A<<.V# A2#3:G3G<A1A#B3:9#.#/FA#>.#HA:<A#:9:#G3.#.<<A:<.V#3>#/091A#:9:#G3.# 2AG<9V#>.#C19:0:83.#:9:#G3.#CA1BA<<.#23=:3<9G.V#\0.>A#G3#/9:I3A:A# .>#/9>>9\039#/9:#'39? 6l
# 6L7L#:?#647?
Ql
(91A>>AV#CA1G0.23.H9/3#/FA#:93#.I1AHH9#/9HC30<9#0:#=1.:2A# .C9G<9>.<9#GA#/3#B9GG3H9#G9>9#>3H3<.<A#.#C1A=.1A#JA:A#A#.#B.1#C1AO =.1A#JA:A? K"#I'(78/('2=#2&('+;'2#.(%#6;-'(6Q k03#:93#IA23.H9#G0J3<9#/9HA#Y#A11.<9#3>#/9:/A<<9#/FA#=A:AO 1.>HA:<A#G3#F.#2A>>.#C1A=F3A1.?#W!.#C1A=F3A1.V#:9:#G3#C19C9:A#23# H.:3BAG<.1A#.#'39#\0A>>A#:A/AGG3<Z#/F[)=>3#=3Z#/9:9G/A#3:B3:3<.O HA:<A#HA=>39#23#:93#A#:ACC01A#C3A=.1A#>.#(0.#U9>9:<Z#.#G9223O GB.1>AXV#:9:#G.1AJJA#C3b#0:#=$(%#/9HA#C01<19CC9#GCAGG9#>9#YV#H.#G3# C19C9:A#23#9BB131A#.#'39#>[.CA1<01.#2A>#/091A#0H.:9#CA1/Ff#)=>3# C9GG.#/9H0:3/.1=>3#>.#W(0.#3:<A13913<ZXg#H.#G3#C19C9:A#23#>.G/3.1=>3# >3JA19#3>#C.GG9#:A>>[.:3H.#.BB3:/Ff#!03#C9GG.#.29C1.1>.#/9HA#(09# G<10HA:<9g#W(3#C19C9:A#23#GC.>.:/.1A#>A#C91<A#2A>#/091A#.>>[A<A1:9# 29:9#2A>#(09#"H91A#3:B3:3<9X? U93#/.C3<A#/FAV#/9:/AC3<.#>.#C1A=F3A1.#/9GjV#AGG.#C1A:2A#<0<<9# 0:#.><19#.GCA<<9?#R01<19CC9#B3:9#.2#91.#<0<<3#>[.JJ3.H9#/9:G32AO 1.<.# <19CC9# /9HA# G9><.:<9# 9GGA\039# A# 29H.:2.?# (jV# 2AI[AGGA1A# >[0:9#A#>[.><19V#H.#G9C1.<<0<<9#2AI[AGGA1A#3>#H9HA:<9#23#H.==391# 3:<3H3<Z#/9:#'39V#3>#GA=1A<9#/9HHA1/39#/9:#!03g#>9#G/.HJ39#23# IA20<A#A#23#.H91A#23#20A#I9>9:<Z#/FA#G3#13/A1/.:9#.#I3/A:2.#CA1# >[ABBA<<0.839:A#2A>#I9>A1A#G0C1AH9#2A>#R.21A#:A>>[9CA1.#G.>I3B3/.# 2A>>[.:3H.? L"#$*#68(#,-.-#%2#&'(78/('2#0/(*(#()2;./+2M6P W%9#G<9#.>>.#C91<.#A#J0GG9X#h"C#7V45i?#W'39#AG.023G/A#GAHC1AV# '39# Y# >[A<A1:9# AG.023HA:<9V# Y# >[09H9# /FA# <19CC9# 23# B1A\0A:<A# 6Q
# 6Lll#:?#6QP? # 6Lll#:?#6QP?
6P
13B30<.#23#AG.0231A#'39X?#)G.0231A#'39n#;9HA#Y#2AJ9>A#>.#:9G<1.# BA2Ao#;F3#YV#.:/FA#B1.#>A#.:3HA#C3AV#/FA#F.#.>HA:9#>.#C19B9:2.# /9:I3:839:A#/FA#'39#AG.023G/A#GAHC1An#)#29H.:23.H9/3#.:/9O 1.D#/9HA#Y#C9GG3J3>A#/FA#>[09H9#C9GG.#AG.0231A#'39n#R0`#AG.0O 231>9V#2AIA#AG.0231>9V#Y#G09#3:<A1AGGA#AG.0231>9?#;9HAn#;9:#3>#1.=O =30:=3HA:<9#2A>#B3:A#CA1#/03#%2239#>9#F.#/1A.<9?#)#G3//9HA#\0AG<9# B3:A#:9:#C0`#1.==30:=A1G3#/FA#/9:#>.#C1A=F3A1.?#'0:\0A#>[.H91A# .<<A:2An#;FA#/9G.n#%>#:9G<19#AG.023HA:<9V#3>#:9G<19#=$(%V#>.#:9G<1.# /9>>.J91.839:A?#)=>3V#23/A#>["C9/.>3GGAV#WG<.#.>>.#C91<.#J0GG.:29X?# !["H91AV#:A>#13GCA<<9#3:B3:3<9#2A>>.#:9G<1.#>3JA1<ZV#:9:#B918.V#:9:# I39>A:<.V#:9:#/9G<13:=AV#H.#.<<A:2A#/FA#>[.:3H.#92.#3>#G09#13CA<0O <9#J0GG.1A#A#/9HH9GG.#A#GJ.<<0<.#13GC9:2.D#I3A:3#(3=:91A#$AGbo *9:# Y# \03:23# C3b# 3># /.G9# 23# 29H.:2.1/3# GA# 9=:3# C1A=F3A1.# G3.#AG.023<.V#H.#Y#C30<<9G<9#3>#/.G9#23#29H.:2.1/3#h/9:#19GG91Ai# \0.:<A# I9><A# .JJ3.H9# 2A>0G9# :93# >[.<<AG.# 23# '39# /9:# 3># :9G<19# H.:/.<9#=$(%V#/9:#>A#:9G<1A#>A:<A88AV#/9:#>A#:9G<1A#1AG3G<A:8A? &FV#13/9123.H9>9V#>.#C1A=F3A1.#Y#AG.023<.#:A>>.#H3G01.#3:#/03# Y#IA1.#C1A=F3A1.V#=3.//Ff#AGG.V#GA#Y#IA1.#C1A=F3A1.V#9GG3.#GA#Y#3># =$(%V#.C1A#>[.:3H.#.>#H3G<A139G9#ABB9:2A1G3#2A>>.#'3I3:.#R1AGA:8.?# k0.:29# >[.:3H.# =30:=A# .2# 0:# /A1<9# =1.29# 2[.CA1<01.V# >.# 13GC9O G<.#23#'39#.>>.#:9G<1.#13GC9G<.V#hCA1/Ff#Y#GAHC1A#!03#/FA#3:383.#3># 23.>9=9iV#:9:#G3#B.#.<<A:2A1A#A2#Y#GAHC1A#0:#:09I9#3:/9:<19V#0:# .HC>AGG9#GAHC1A#C3b#3:<A:G9V#/FA#G3#/9:G0H.#:A>>.#:9G<1.#3:<AO 13913<Z#/9:#<0<<A#>A#/9:GA=0A:8A#G.>0<.13#A#BA/9:2A#23#0:#"H91A# /9113GC9G<9?#'3CA:2A#2.>#:9G<19#9//F39#.::AJJ3.<9#/FA#:9:#IAO 23.H9# GAHC1A# W>[AG.023HA:<9# 2.# C.1<A# 23# '39X?# '3CA:2A# 2.>>.# :9G<1.#H.<A13.>3<Z#/FA#:9:#IA23.H9#=>3#ABBA<<3#3:<A13913#23#\0AG<9# :09I9#.JJ1.//39?#'3CA:29:9#2.>>.#/9:/A839:A#A11.<.#/FA#:93#.JO J3.H9#2A>>.#C1A=F3A1.V#>A#:9G<1A#2A>0G39:3?#(A#:93#.IAGG3H9#C3b# ]A2AV#GA#:93#B9GG3H9#C3b#3:<A13913V#GA#:93#IA2AGG3H9#3:#$AGb#3># :9G<19#]1.<A>>9V#>.#RA1G9:.#/FA#/3#G<.#GAHC1A#.//.:<9#A#/FA#:AGO G0:9#GC9G<.HA:<9#2[.13.#/3#C0`#G<1.CC.1AV#/3#.//91=A1AHH9#2A3# QP
C1A839G3#/3HA>3#/9:#/03#>["H91A#.113//F3G/A#.#G0.#I9><.#>[.:3H.#/FA# >9#F.#AG.023<9o#)#G9C1.<<0<<9#.IIA1<31AHH9#>.#(0.#B918.#/FA#H.3# /9G<13:=AV#H.#/FA#AGA1/3<.#0:.#G9I1.:.#C1AGG39:A#G0>>A#C3b#3:<3O HA#B3J1A#:A>#:9G<19#AGGA1A#B./A:29#H.<01.1A#.>>[3:B3:3<9#>[3:383.>A# W13GC9G<.#/9:<A:0<.#:A>>.#:9G<1.#C1A=F3A1.V#3>#C13:/3C39#23#AG.023O HA:<9#/FA#:93#23.H9#.3#=AH3<3#3:ABB.J3>3#2A>>9#(C313<9X? N"#5(#02'/(#9-',(#.(%%2#&'(78/('26M# +0<<9# /3`# /FA# G3# Y# 2A<<9# B3:# \03V# JA:# G[3:<A:2AV# :9:# AG/>02A# 9=:3# .><1.# B91H.# 23# C1A=F3A1.?# (3# C0`# C1A=.1A# B91H0>.:29# 0:.# 29H.:2.V#0:.#>92AV#0:#13:=1.83.HA:<9V#G0GG011.:29#0:.#/9:B3O 2A:8.#9#0:.#/9:BAGG39:AV#=132.:29#3>#C19C139#29>91AV#3>#C19C139# CA:<3HA:<9# 9# >.# C19C13.# 23GCA1.839:A?# *3A:<A# Y# C3b# >3JA19V# C3b# I.139V# C3b# 13//9# A# C3b# 3HC1AIA23J3>A# 23# \0AG<9# 23.>9=9# 2[.H91A# /FA#A<A1:.HA:<A#G3#.><A1:.#<1.#>[.:3H.#A#'39? ":83#<0<<3#3#:9G<13#J3G9=:3#C9GG9:9#GA1I31A#.#2.1A#G>.:/39#3:3O 83.>A#.>>.#:9G<1.#C1A=F3A1.V#CA1/Ff#G9:9V#9=:0:9#.#H929#G09V#>.# 13IA>.839:A#23#\0A>#J3G9=:9#23#'39?#k03:23#:A3#:9G<13#G<AGG3#2AO G32A13V#GCAGG9V#29JJ3.H9#13/9:9G/A1A#!03#/FA#G9>>A/3<.#3:#:93#>.# :9G<1.#29H.:2.?#'A>#1AG<9#/A#>9#F.#3:GA=:.<9#!03#G<AGG9#:A>#2(%&'# /FA#/9:<3A:A#0:.#>3<.:3.#23#29H.:2AV#<0<<A#CA1`#G0J9123:.<A#.>>.# =>913B3/.839:A#2A>#R.21A#A2#.>>.#G.:<3B3/.839:A#:9G<1.?#RA1/3`#:9:# G9CC1AGG39:A#23#29H.:2A#9#23#.><1A#B91HA#23#C1A=F3A1.V#H.#/91O 1A839:A#23#\0AG<A#B91HAV#H.#G9C1.<<0<<9#/9G<.:<A#.CA1<01.#2A>>A# :9G<1A#.:3HA#IA1G9#'39V#<9<.>A#23HA:<3/.:8.#2A3#:9G<13#3:<A1AGG3V# 2A23839:A#=A:A19G.#.3#B1.<A>>3?#)2#.>>91.#CA1#\0.:<9#H.<A13.>A#C9GO G.# GAHJ1.1A# 3># :9G<19# J3G9=:9V# AGG9# 9JJ>3=.# >[A=93GH9# .# >.G/3.1# >3JA19#3>#/091A#A2#3>#J3G9=:9#G<AGG9#GC3A=.#>A#.>3#G0A#IA1G9#3>#/3A>9?# 6M
# 6Lll#:?#6QP?
QM
%:#/9:/>0G39:AD#>.#C1A=F3A1.#:9:#2AIA#AGGA1A#0:#13C3A=.HA:<9V# H.#0:.#1A>.839:Ag#2AI[AGGA1A#0:#9JJA231A#.#\0A>>.#I9/A#/FA#GC3:O GA#R3A<19#3:#.><9#H.1AD#WR1A:23#3>#>.1=9V#=A<<.#>A#1A<3#CA1#>.#CAG/.X?# WE.AG<19V#.JJ3.H9#B.<3/.<9#<0<<.#>.#:9<<A#A#:0>>.#.JJ3.H9#C1AG9?# E.#G0>>.#+0.#C.19>.#=A<<A1`#>A#1A<3X#h!/#QVlOQi?#]A2AV#/9:B32A:8.V# =A:A19G3<Z?#)#<A1H3:9#3:#9:91A#23#(?#;.<A13:.#WG9#CA1#BA2AV#/FA# >.#C.19>.#2A>>.#;F3AG.V#:A>>.#!3<01=3.V#AGC13HA#>9#GC313<9#23#;13G<9# 91.:<A#3:#AGG.V#2AJJ9#20:\0A#/9G<13:=A1A#>.#H3.#23G<1.<<.#G0CA1O B3/3.>3<Z#.2#0G/31A#2.>>.#G/F3.I3<b#2A>#H39#3:<A1AGGA#A#2.>>.#/9HC>3O /.839:A#2A>>A#H3A#C.19>AV#B.1A#23#9=:3#H3.#2AI9839:A#C13I.<.V#23# 9=:3#.839:A#\09<323.:.V#/FA#3:#;13G<9#A#/9:#;13G<9#F9#/A>AJ1.<9#.># H.<<3:9V#3>#13B>AGG9#2A>>["839:A#23#$1.83.X? !O"#P*2#&'(78/('2#/*6())2*+(6N !.#I3<.#23#C1A=F3A1.#G3#C1AGA:<.#G9<<9#20A#.GCA<<3D#H9HA:<3#23# C01.# C1A=F3A1.# h13<319V# G3>A:839V# .11AG<9# <9<.>A# 23# 9=:3# .<<3I3<Zi# A# CA1H.:A:8.#2A>>9#G<.<9#23#C1A=F3A1.#201.:<A#<0<<A#>A#:9G<1A#.<<3I3O <Z#23#>.I919#A#23#1A>.839:A#/93#B1.<A>>3? (9:9#20A#B91HA#AGGA:83.>3#CA1#>.#I3<.#1A>3=39G.#A#.#/03#J3G9=:.# =30:=A1A#H.V#/9HA#F9#2A<<9V#9//911A#C13H.#23#<0<<9#AGGA1A#/9:O I3:<A#2A>>.#3HC91<.:8.#2A>>.#C1A=F3A1.V#.><13HA:<3#:9:#1A.>388A1AO H9#>.#:9G<1.#I9/.839:A?#RA1/3`#9//911A#>.I91.1A#C13H.#23#<0<<9# CA1# G<.J3>31/3# 3:# \0AG<A# /9:I3:839:3V# A# C93# 3HCA231A# .# /FA# <.:<9# 23>.=.1A#23#I3<.#A#23#.<<3I3<Z#/3#C91<3:9#I3.#2.#AGG.#AV#.#C9/9#CA1# I9><.V#/3#/9:20/.:9#.#GI.>91388.1A#3#CA13923#23#1.//9=>3HA:<9V#.# :A=>3=A:<.1>3? )#GA#.:/91.#:9:#G3.H9#/9:I3:<AV#29H.:23.H9/3D#;F3#C3b#2A># ;13G<9#B0#CA1H.:A:<A#3:#G<.<9#23#.291.839:A#2.I.:<3#.>#R.21A#G09n# $AGb#A1.#3:#CA1CA<09#G<.<9#23#.291.839:AV#.2#0:#C0:<9#<.>A#/FA# 6N
# 6LQQ#:?#476?
QN
3#H9HA:<3#23#C01.#C1A=F3A1.#:9:#C9<AI.:9#.==30:=A1A#:0>>.#.>>.# C19B9:23<Z#A2#.>>.#.<<0.>3<Z#2A>#G09#G<.<9? )CC01A#IA23.H9#$AGb#/9=>3A1AV#.CCA:.#C0`V#>A#9//.G39:3#CA1# 3HHA1=A1G3#:A>#G3>A:839#A#:A>>.#G9>3<023:A#2A>>[91.839:A? W)2#.IA:29#/9:=A2.<A#>A#B9>>AV#G.>j#G0>#H9:<AV#3:#23GC.1<AV#CA1# C1A=.1AX#hE<#6lV47g#E/#6V7Qi?#k0AG<3#H9HA:<3#23#C1A=F3A1.#$AGb# >3#G9<<1.AI.#.>>A#=391:.<A#H.GG./1.:<3#201.:<A#>A#\0.>3#:9:#/AGG.O I.#23#.CC.1<A:A1A#.3#G093#23G/AC9>3V#.3#H.>.<3V#.>>.#B9>>.#/FA#$>3#G3# .//.>/.I.#A#!9#/A1/.I.?#!.#:9G<1.#23GC9:3J3>3<Z#CA1#>.#C1A=F3A1.# 20:\0A#G0CC9:A#:9:#G9>9#0:.#BA2A#I3=919G.#.#<0<<A#>A#IA13<Z#A# C.1<3/9>.1HA:<A#.>>.#:A/AGG3<Z#2A>>.#C1A=F3A1.V#H.#G0CC9:A#.:/FA# 0:#IA19#>.I919#23#23G<.//9#3:<A1391A#CA1B3:9#2.>>A#:9G<1A#9//0C.O 839:3?#*f#G3#/1A2.#/FA#\0AG<9#G<.<9#:.G/.#GC9:<.:A9g#9FV#:9V#AGG9# Y#B10<<9#23#0:#AGA1/3839#/9G<.:<A#23#BA2A#A#23#13:0:83.#.>>A#:9G<1A# 23BA<<9GA#.J3<023:3#A2#3:/>3:.839:3? RA1#9==3#.11AG<3.H9#3>#:9G<19#231AV#/9:<A:<3.H9/3#23#.IA1#HAO =>39#/.C3<9#>.#G9HH.#3HC91<.:8.#2A>>.#C1A=F3A1.V#>.#G0.#:A/AGG3<Z# .GG9>0<.? )#I3#231`#0:[.><1.#/9G.#/FA#B91GA#I3#G91C1A:2A1ZD#>A#1A.><Z#23I3O :A#:9:#G3#2AG32A1.:9#/FA#:A>>.#H3G01.#3:#/03#=3Z#>A#C9GGA23.H9?# k03:23#GA#C1A=FA1AH9#23#C3bV#2AG32A1A1AH9#23#C1A=.1A#.:/91#23# C3b#A#G.C1AH9#/9:#29>/A88.#A2#.H91A#<19I.1A#3>#<AHC9#.#<0<<9? !!"#52#0/+2#6-,(#&'(78/('26L# !.#:9G<1.#=391:.<.#2AIA#AGGA1A#0:.#/9:<3:0.#C1A=F3A1.V#A#:9:# G9>9#>.#:9G<1.#=391:.<.V#H.#.:/FA#3>#:9G<19#13C9G9?#(?#":=A>.#23/AD# W9:2A# CA1# 3># =1.:#J3G9=:9#/FA#G3#F.#2A>>[.30<9#23I3:9V#/9:I3A:A# GAHC1A#C1A=.1A#/9>>.#HA:<A#A#/9>#/091AX45? 6L
# 6L4P#:?#7Q? # ,EV#/.C?#UV#C.1.=1?#4?
45
QL
(?#]1.:/AG/9#23#(.>AG#.==30:=A#\0.>/FA#C.19>.#23#C1AC.1.839:A# .>#/9Gj#2A<<9#AGA1/3839#2A>#H.<<3:9? W(<A:2A1G3#G0>>[.>JA19#2A>>.#;19/AXD#G3=:3B3/.#:9:#=3Z#HA<<A1G3# .# CA:G.1A# G0# /3`# /FA# 23# C3./AI9>A# .//.21Z# :A>>.# =391:.<.V# /9HA# .II3A:A#23#G9IA:<A#\0.:29#.JJ1.//3.H9#0:#:09I9#G<.<9#23#I3<.?# ":/FA# :A>>.# I3<.# 1A>3=39G.# G3# .IIA1<A# \0AG<9# BA:9HA:9V# JA:/Ff# C3b#I9><A#/3#G3.#G<.<9#13CA<0<9#/FA#AGG.#Y#0:.#/9:<3:0.#/19/3B3GG39O :AV# C01A# :93# /9:<3:03.H9# .2# 3HH.=3:.1A# 0:.# GA13A# 3:3:<A119<<.# 23#G./13B3/3#A193/3V#23#G./13B3/3#B.:<.G<3/3#A#C1A=0G<3.H9#=3Z#>[.H.O 1.#AJJ1A88.#23#<.>3#3HH9>.839:3o#%:IA/A#>[AGCA13A:8.#/3#B.#<9//.1A# /9:#H.:9V#/FA#23#A193/9#:9:#I3#Y#:0>>.V#9#\0.G3#:0>>.g#23#=1.:2A# I3#Y#0:.#/9G.#G9>.D#>.#:9G<1.#H3GA13.V#G0>>.#\0.>A#29JJ3.H9#3:2AO BAGG.HA:<A#>.I91.1AV#CA1/Ff#@#3:#/A1<9#\0.>#H929#@#C3b#/FA#I3#G3# >.I91.V#A#C3b#/FA#GA#:A#G/9C1A?#)//9#>[.>JA19#2A>>.#/19/A#:9G<1.V# .>JA19#G0>#\0.>A#29JJ3.H9#I3IA1A#AV#GCAGG9V#29JJ3.H9#H9131A?#)# G3//9HA#/3.G/0:.#.:3H.#F.#2.#C91<.1A#G0>>A#C19C13A#GC.>>A#0:.#<.># /19/AV#/9Gj#29JJ3.H9#G<.1A#.<<A:<A#/FA#>.#:9G<1.#:9:#/9883#/9:#>A# /19/3#.><103V#A#\03:23#IA2A1A#/FA#>.#:9G<1.#=1.:2A#H3GA13.#:9:#1A:O 2.#C3b#.GC1.#>.#=1.:2A#H3GA13.#.><103?#;9HAn#;9:B91H.:29/3#.>>9# (C9G9#:9G<19?#!.#GC9G.#:9:#2AIA#.IA1A#/FA#>.#G.:<.#.HJ3839:A# 23#1.GG9H3=>3.1A#.>>9#(C9G9#G09g#23#13/9C3.1A#!03V#23#.IA1A#3#(093# G<AGG3#=0G<3V#>A#(0A#G<AGGA#.GC31.839:3V#>A#G0A#HA2AG3HA#C1ABA1A:8A? ;9:B19:<3.H9# 3># :9G<19# H929# 23# CA:G.1AV# 23# 2AG32A1.1AV# 23# I9>A1AV# 23# .=31AV# /9:# 3># H929# 23# CA:G.1AV# 2AG32A1.1A# 23# $AGbV# A# GA# <19I3.H9# /FA# 3# :9G<13# CA:G3A13# <A:29:9# .# =3023/.1A# 3># :9G<19# C19GG3H9V#>A#:9G<1A#/9:G91A>>AV#/9:/>023.H9#G0J3<9#/FA#:93#:9:# CA:G3.H9#/9HA#CA:G.#$AGbV#A#/FA#>.#:9G<1.#H3GA13.#:9:#C0`#:9:# 01<.1A#/9:#>.#H3GA13.#2A>>A#:9G<1A#/9:G91A>>A?#E.#I93#H3#231A<AD#I.# JA:A#/FA#:93#G3.H9#H3GA1.J3>3V#H.#\0.:29#.:/FA#>.#H3GA13.#.><103# C19C139#/3#/.2A#G9<<9#=>3#9//F3V#/9HA#:9:#/988.1/3n a# 3:0<3>A# 3># 231A# /FA# C13H.# 23# /911A==A1A# 9//911A# C1A=F3A1.V# 13B>AGG39:AV#AV#GA#Y#C9GG3J3>AV#/9:G3=>39V#H.#29C9#0G.<A#\0AG<A#C10O P5
2A:8AV#9//911A#C19IIA2A1A#A#C19IIA2A1A#231A<<.HA:<A?#*9:#GC.O IA:<.1G3#2A>>A#/13<3/FAV#2A>>A#23G.CC19I.839:3V#2A3#H923#23BBA1A:<3# 23#IA2A1A?#(A#<.>3#23G.CC19I.839:3#>A#13/9:9G/3.H9#=30G<A#B.//3.O H9/A:A#<AG919#CA1#.><1.#I9><.g#GA#:9:#C9GG9:9#3:#:AGG0:#H929# .<<.//.1A#3>#:9G<19#9CA1.<9#/9:<3:03.H9#2313<<A#CA1#>.#:9G<1.#I3.? !4"#52#&'(78/('2#.(%%>Q*7(%;)46 ![":=A>0G#d#k0.>3#AH9839:3#G9.I3#2AIA#G0G/3<.1A#:A>>[.:3H.# :9G<1.o J"6&/.,#S)3$"$#"."%$(+$%#K('$(X#)//9#3>#CA:G3A19#13/F3.H.:<A/3# G0J3<9#>.#=1.:2A88.#/A>AG<A#2A>>.#UA1=3:AV#E.21A#23#$AGb#A#E.21A# :9G<1.?#;9HA#Y#G<.<.#H.<A1:.#>.#;F3AG.#/9:#>[.IA1#I9>0<9#/FA#3># C13H9# :9G<19# G.>0<9# B9GGA# 13I9><9# .# ;9>A3V# /FA# Y# >.# /1A.<01.# 3:O <A1HA23.#B1.#'39#A#:93V#GjV#.:83#>.#/1A.<01.#C3b#I3/3:.#.#:93#/FA#.# '39o#)#>[.:3H.#13/912.:<A#3>#29>/A#H3G<A19#G3#.//A:2A#23#.H91AV#A2# AG0><.:29#AG/>.H.D#"IA#E.13.o#a#\0AG<9#3>#=1329#2A>>[.HH31.839O :AV#2A>>[.H91AV#2A>>.#<A:A1A88.#B3>3.>3o Y00&#("0$//(d#![.:3H.#1A>3=39G.#/FA#G3#Y#=3Z#JA:#C1AC.1.<.#.#\0AO G<9#AGA1/3839V#F.#=3Z#2A<<9#3>#G09D#Y00&#("0$//(?#![F.#2A<<9#:A>>[AG.HA# 23# C1AI32A:8.V# >[F.# 2A<<9# :A>>9# G<A:2A1G3# G0>>[.>JA19# 2A>>.# /19/AV# A2#91.#G3#13/9:B91<.#:A>>.#/9:<AHC>.839:A#2A>#H9HA:<9#3:#/03#>9# 23GGA#>.#E.21A#(0.V#A#G0J3<9#13CA<A#3>#G.>0<9#":=A>3/9#CA1#3:I9/.1A# >[.30<9#9:2A#13H.:A1#GAHC1A#:A>>.#23GC9G3839:A#2A>#=$(%#3$M$X Y%#+&'D.3#0(')Z#=(0%.3#&,%?#)//9#>.#/9:<AHC>.839:A#2A>#H3G<A19# .IIA:0<9o#%>#UA1J9#G3#Y#B.<<9#/.1:AV#A2#.J3<`#B1.#:93#A2#.J3<.#B1.# :93g#.J3<.#>Z#:A>#(?#+.JA1:./9>9#.#/03#B1.#C9/9#/3#.CC1AGGA1AH9# CA1#H.:=3.1A#\0A>>.#'3I3:.#;.1:AV#CA1#JA1A#\0A>#R1A839G9#(.:O =0A?#)#G0J3<9#0:#:09I9#G.>0<9#.>>.#:9G<1.#E.HH.#/A>AG<AV#CA1/Ff# /3#C1AC.13#)GG.#.>>[.<<9#G9>A::A#2A>>.#(?#;9H0:39:A?#![.:3H.#.<O 46
# 6L4P#:?#7Q?
P6
<A113<.#2.>#CA:G3A19#23#29IA1#H.:=3.1A#3>#UA1J9#B.<<9#/.1:AV#3:G3G<A# .:/91.# C1AGG9# E.13.D# WR1A=.# CA1# :93# 9# (.:<.# $A:3<13/A# 23# '39V# .BB3:/Ff#G3.H9#B.<<3#2A=:3#2A>>A#C19HAGGA#23#;13G<9X? ![.:3H.#B.<<.#G3/01.#2A>#C.<19/3:39#C.1<3/9>.1A#2A>>.#G0.#E.HO H.#/A>AG<AV#G3#Y#=3Z#HAGG.#3:#1.CC91<9#231A<<9#/9:#'39V#A2#3:I9/.<.# >[ABB0G39:A#2A>>.#(0.#$1.83.#A#G.>0<.<.#>.#+13.2A#(./19G.:<.V#3:/9O H3:/3.# >.# C1A=F3A1.# .>>[)<A1:9# R.21A?# R19G<1.:29G3# 3:# 0:# GA:<3O HA:<9#23#C19B9:2.#0H3><Z#A#/9:B0G39:A#13CA<A#>[9BBA1<.#23#<0<<.#GA# G<AGG.V#C19<AG<.#23#B.1#<0<<9#.#=>913.#(0.V#CA1#"H91#G09? )//9#\0A>#:09I9#=A<<.1G3#2A>>[.:3H.#:A>>[AGGA:8.#23I3:.o#)//9# 3>#H9IA:<A#23#<0<<.#>.#:9G<1.#I3<.D#>[.H91#(09V#>.#(0.#=>913.?#&Fo#GA# 2.IIA19#.IAGG3H9#GAHC1A#23:.:83#.>#:9G<19#3:<A>>A<<9#\0AG<3#20A# H9<3I3V#\0.>#I3<.#G9I10H.:.#23IA11AJJA#>.#:9G<1.o W%:<A:29#23#B.1#<0<<9#CA1#.H91#U9G<19V#.#U9G<1.#H.==391#=>9O 13.V# CA1# AGGA1# GAHC1A# C3b# 3>>0H3:.<.# :A3# H3G<A13# 2A>>.# :9G<1.# (?# ]A2A#CA1#9CA1.1A#>.#H3.#A<A1:.#G.>0<A#A//?X? (A# C19:0:83.:29# \0AG<.# B1.GAV# 13B>A<<AGG3H9# GAHC1A# .># G09# IA19#G3=:3B3/.<9V#GA1I31AJJA#AGG.#.#B.1/3#G.:<3o#R9GGA2A1A#<.>#I9>9:O <Z#2.#AGGA1A#23GC9G<A#.#IA1G.1A#3>#C19C139#G.:=0A#C01#23#.223IA:31A# .#\0AG<.#0:3<Z#23#CA:G3A19#A#23#I9>A1AV#G3=:3B3/.#AGGA1#=3Z#0:3B3/.<A#.# !03?#E.V#9F3HfV#\0.:<9#=1.:2A#Y#>.#:9G<1.#H3GA13.o#R93/Ff#HA:<1A# /9:#3>#>.JJ19#C19:0:83.H9#\0AG<9#=301.HA:<9V#GCAGG9#>.#:9G<1.# HA:<A#G3#<19I.#B0913#2.>#+AHC39V#9#GA#.:/FA#.<<0.>HA:<A#G3.H9#>j# /9:#<0<<A#:93#G<AGGAV#C9/F3#H3:0<3#29C9#:9:#G3.H9#/.C./3#:AHO HA:9# 23# G9CC91<.1A# GA1A:.HA:<A# 0:.# C.19>.# .H.1.V# 0:.# H.:O /.:8.#23#13=0.129V#0:.#23HA:<3/.:8.#3:I9>9:<.13.o#;FA#.>HA:9#>.# /9:G<.<.839:A#23#\0AG<.#H3GA13.#GA1I3GGA#.#1A:2A1/3#0H3>3o W"# I93# G./13B3/9V# 9# /.19# $AGbV# A//?X?# )//9# 23# :09I9# >[9BBA1O <.# 2A>>.# :9G<1.# 23G<AG.# G0>>.# /19/Ao# ;9:# \0A>>[.BBA<<9# HA2AG3H9D# W(9BB131A#/9:#.H91AXV#I09>#231A#G9BB131A#/9:#GA1A:.#.//A<<.839:AV# C93#/9:#2AG32A139V#/9:#13/A1/.V#A2#3:B3:A#/9:#=393.? P4
W'AG32A19#23#./\03G<.1A#<0<<A#>A#3:20>=A:8A#A//?X#G3=:3B3/.#B.1A# =1.:# /9:<9# 2A>>A# 3:20>=A:8AV# G3=:3B3/.# .IA1A# >.# B.HAV# >.# GA<AV# 23# \0AG<.#C1A839G.#.CC>3/.839:A#2A>#(.:=0A#2A>#,A2A:<91A? W"//A<<9# .:/91.# >.# H3.# H91<A# A//?X?# "113IA1`# .# G<.GA1.n# *A># /.G9# :9:# /3# .113I.GG3# F9# C19IIA20<9# .# <0<<9n# T9# :AGG0:# 2AJ3O <9#GC313<0.>A#IA1G9#3#H3A3#C19GG3H3D#C3//9>A#.IIA1G39:3#2.#I3:/A1AV# C3//9>A#13C0=:.:8A#2.#23GC1A88.1AV#\0.>/FA#13C.1.839:A#CA1#H.:O /.<.#/.13<Zn T9#:AGG0:.#/9G.#<AHC91.>A#2.#HA<<A1A#.#C9G<9n#(A#C9GG3A29# .:/FA#C9/FA#/9GA#F9#23GC9G<9#23#AGGA#CA1#29C9#>.#H3.#H91<An#a# \0AG<9#0:#.<<9#23#=30G<383.#/FA#2AI9#.#'39V#A2#.>#H39#C19GG3H9?# '?& ('#,$1$*!5$'%. !"#$%#02%-'(#.(%%2#'/*;*:/244 !.#:.<01.#C0`#<1AH.1AV#C0`#13C0=:.1AV#C0`#B1AHA1A#23:.:83# .2#0:#G./13B3/39#2.#/9HC3A1AV#H.#>.#I9>9:<Z#G9==39=.<.#2.>>.#/9:O I3:839:A#:9:#G3#>.G/A1Z#/9HH09IA1A#2.>>A#>.=:.:8A#2A>>.#:.<01.#A# GA=031Z#2313<<.#>.#G0.#I3.? )//9# 20:\0A# /3`# /FA# Y# :A/AGG.139# .:/FA# CA1# C1.<3/.1A# /9:# B10<<9# >.# H91<3B3/.839:AV# /9:9G/A1A# 3# H9<3I3# CA1# 3# \0.>3# G3# 2AIA# C1.<3/.1AV#/9:9G/A1A#>9#GC313<9#/9:#3>#\0.>A#G3#2AIA#C1.<3/.1A?#-:.# H91<3B3/.839:A#C1.<3/.<.#9#CA1#GC313<9#23#3H3<.839:A#9#CA1#I9>9:<Z# C19C13.#9#CA1#.><13#H9<3I3#:9:#C0`#AGGA1A#.#'39#.//A<<.?#%#23=30:3# 2A>#C9C9>9#AJ1.3/9#B019:9#13C19I.<3#CA1/Ff#B.<<3#.#/.C13//39? '.#<0<<9#/3`#>.#:A/AGG3<Z#23#.CC19B9:231A#>A#:9G<1A#/9:9G/A:8A# G0#<0<<9#\0A>>9#/FA#C0`#3:<A1AGG.1A#>.#CA1BA<<3J3>3<Z#2A>>.#I3<.#1A>3O =39G.V#9:2A#C1.<3/.1:A#=>3#.<<3#C3b#CA1BA<<.HA:<A#/FA#/3#G3.#C9GG3O J3>AV#CA1#>.#H.==391#=>913.#23#'39#A#CA1#3>#H.==391#HA13<9#:9G<19?# RA1/Ff# @# 13/9123.H9>9# GAHC1A# @# \0.==3bV# /F3# C3b# /9:9G/A# C3b# 44
# 6L4Q#:?#75?
P7
.H.V#>.GGb#/F3#C3b#.I1Z#/9:9G/30<9#C3b#/9:9G/A1ZV#C3b#.HA1ZV#C3b# =>913B3/FA1Z?#'A>#1AG<9#:93#G.CC3.H9#.:/91.#/FA#3>#(3=:91A#/3#F.# 1A=.>.<A#B./9><Z#3:<A1:A#A#GA:G3#AG<A1:3V#CA1/Ff#23#AGG3#/3#GA1I3.H9#.# =>913.#(0.V#A#\0.:<9#C3b#:93#/3#GA1I31AH9#23#\0AG<A#:9G<1A#B./9><Z# CA1#/9:9G/A1>9V#.H.1>9V#A#GA1I31>9V#<.:<9#C3b#:93#13GC9:2A1AH9#.3# (093#23GA=:3V#A2#.>#B3:A#CA1#3>#\0.>A#/3#F.#/1A.<3? ;9:9G/A1AV#.20:\0AV#/9:9G/A1AV#AV#I911A3#231AV#/9:9G/A1A#CA1# G.CA1#23G<3:=0A1A#A#I9>A1A? +91:.:29#B3:.>HA:<A#.>>[.1=9HA:<9#:9G<19V#23/9#/FA#>.#H.:O /.:8.#23#/9:9G/A:8A#AG.<<A#A#JA:#/F3.1AV#Y#9G<./9>9#:9:#G9>9#.>>.# B91H.839:A#23#B91<3#/9:I3:839:3#/.C./3#23#.GG9==A<<.1A#>A#I9>9:O <Z# .:/FA# C3b# 13JA>>3V# H.# \0AG<.# H.:/.:8.# 23# /9:9G/A:8.# Y# .:O /FA#913=3:A#23#/9:B0G39:A?#;9:9G/A1A#.20:\0A#.:/FA#CA1#G.CA1A# 23G<3:=0A1A? 4"#R-'+/9/62:/-*(=#*-*#&'/02:/-*(E#,2#.-*-47 '3G<3:=0A1Ao#&Fo#-:[.><1.#:A/AGG3<Z#01=A:<A#:A>>.#I3<.#3:<A1391Ao T9#>A<<9#=391:3#B.#0:#/9:/A<<9#H9><9#=30G<9#A#H9><9#0<3>AV#GCAO /3.>HA:<A#CA1#:93#29::A#G0>>[AGGA:8.#2A>>.#I3<.#/13G<3.:.?#)GG9#23O /AI.D#W!.#I3<.#/13G<3.:.#:9:#Y#B.<<.#23#3HC1AGG39:3V#H.#23#I9>9:<ZX?# ;9:9G/A1AV#20:\0AV#/9:9G/A1A#CA1#B91H.1G3#G9>32A#A#C19B9:2A# /9:I3:839:3V#/9:9G/A1A#CA1#23G<3:=0A1AV#/9:9G/A1A#CA1#I9>A1A? k0.:29#>[.:3H.#G.1Z#3>>0H3:.<.#2.#C1.<3/FA#/9:I3:839:3V#A#2.# /F3.1A#/9:9G/A:8AV#:9:#<19IA1Z#3:AGC0=:.J3>A#>.#C19C13.#I9>9:<ZV# A#:9:#.=31Z#C3b#:f#CA1#GA:<3HA:<.>3GH9V#:f#G0CA1B3/3.>HA:<AV#:f# HA//.:3/.HA:<AV# H.# /9HC31Z# <0<<3# 3# G093# .<<3# /9:# \0A>>.# >0/A# A# /9:#\0A>>.#B918.#/FA#=3Z#.<<3I.<A#2.>>A#C19C13A#23GC9G3839:3V#IA1O 1.::9#C93#<1.GB91H.<A#A#/A:<0C>3/.<A#2.>>.#>0/A#G9C1.::.<01.>A#A# 2.>>A#=1.83A#.<<0.>3? 47
# 6L4Q#:?#75?
Pl
a#/9:#\0AG<9#GC313<9#/FA#29JJ3.H9#C1.<3/.1A#>.#H91<3B3/.839:A? !.#H91<3B3/.839:A#29JJ3.H9#C1.<3/.1>.D#CA1#139123:.1A#A#H.:O <A:A1A#:A>>[9123:A#<0<<3#3#:9G<13#GA:G3#3:<A1:3#A2#AG<A1:3g#CA1#13C.1.1A# .3#:9G<13#23G9123:3#C.GG.<3g#CA1#1A:2A1A#.>>A#:9G<1A#B./9><Z#G0CA13913# >.#B./3>3<Z#23#/9HC1A:2A1A#A#CA:A<1.1A#3#H3G<A13#G9C1.::.<01.>3g#CA1# AGA1/3839#23#.H91A?#![.:3H.#IA1.HA:<A#3::.H91.<.#/9:<AHC>.:O 29#>A#G9BBA1A:8A#2A>#'3>A<<9#G3#GA:<A#H9GG.#.#1A:2A1=>3#G.:=0A#CA1# G.:=0AV#.H91A#CA1#.H91AV#A2#A//9#23#/9G<j#3#2AG32A13#3:<A:G3#A#G.:<3# 23# 9BB131G3# 9G<3A# 3HH9>.<A# 3:G3AHA# .# !03V# I3<<3HA# /9:G0H.:<AG3# /9:#!03#CA1#3#CA//.<3#2A>#H9:29#A#C3b#GCA/3.>HA:<A#CA1#3#CA//.<3# 23# /9>919# /FAV# C1A23>A<<3# 2.# '39V# :9:# F.::9# /9:9G/30<9# \0AG<A# G.:<A#C1A23>A839:3#2A>>[.H91AV#A2#F.::9#13GC9G<9#/9:#3:=1.<3<023O :A#A#23GC1A883V#23#/9>919#GCA/3.>HA:<A#/FA#13IAG<3<3#2A>#/.1.<<A1A# G./19#A2#3:IAG<3<3#23#C9<A1A#.:/FA#G0>#/91C9#=>9139G9#A2#A0/.13G<3O /9#2A>>[-9H9O'39V#:9:#G.::9#.CC1A88.1A#>.#>919#.><3GG3H.#23=:3<Z# A#13::9IA>>.:9#3#<1.23HA:<3#23#$302.#3#13::A=.HA:<3#23#R3A<19V#>.# I3><Z#2A=>3#"C9G<9>3?#&Fo#G3.#\0AG<.#0:.#2A>>A#3:<A:839:3#C.1<3/9O >.13GG3HA# /9:# /03# C1.<3/F3.H9# >A# :9G<1A# H91<3B3/.839:3o# &Fo# G3.# \0AG<.#0:.#2A>>A#C3b#29>/3#.HJ3839:3#2A>>[.:3H.#IA1=3:AD#13C.1.1A# /9:#>.#2A>3/.<A88.#2A>>[.H91A#3#23G=0G<3#3:B>3<<3#.>>["H91A?# )?& +!#')! !"#52#I2'-%2=#.-*-#(#7'2:/24l ;A1/F3.H9# 23# /9HC1A:2A1A# JA:A# 3># U.:=A>9# A# .:83# <0<<.# >[3:<AO 13913<Z#23I3:.#/FA#G3#/9H0:3/.#.>>[3:<A13913<Z#0H.:.V#Y#)0/.13G<3.? )# :93# 29JJ3.H9# 13/AIA1>9# /9:# \0AG<.# BA2A# 9==3V# A# GAHC1A?# '3/9#A#G9<<9>3:A9D#W9==3#A#GAHC1AX?#%>#2AG32A139#23#IA2A1#>A#H.GGA# <91:.1A#.>#U.:=A>9#A#>.#/9:G<.<.839:A#/F[AGGA#>9#GB0==9:9#GC.IA:O <9G.HA:<A#/3#GC3:=A#.#23BB9:2A1/3#.>#23#B0913?#![3HC9<A:8.#23#/9:O 4l
# 6Lll#:?#6QL?
PQ
IA1<31A#>[0H.:3<Z#/3#G/9:I9>=A#A#C0`#23IA:31A#.:/FA#0:#CA13/9>9# CA1#>.#:9G<1.#]A2A?#;9:B19:<.:29#>.#23BB0G39:A#23#AGG.#:A3#C13H3# GA/9>3#/9:#>.#G/.1G.#1.//9><.#23#9==3V#>9#G=9HA:<9#C0`#.GG.>31/3?# E.#13B>A<<3.H9D#>.#23BB0G39:A#/FA#.IIA::A#:A3#C13H3#GA/9>3V#:9:# B0# 0:# H31./9>9n# )2# 3># U.:=A>9V# :9:# F.# .:83<0<<9# 0:.# H3GG39:A# G.:<3B3/.<13/A#A#3:23I320.>An#'A>#1AG<9V#J3G9=:.#.:/FA#CA:G.1A#/FA# 9==3#>A#H.GGA#G9:9#C3b#C.=.:A#23#.>>91.V#3:#\0AG<9#GA:G9D#.>>91.#>.# UA13<Z#A1.#/9:9G/30<.#3:<A=1.>HA:<A#G9>9#2.#0:.#C3//9>.#C91839:A# 2A>>[0H.:3<ZD# 3>#C9C9>9#)J1A9?#'9C9#>.#IA:0<.#23#$AGb#;13G<9V# >.#UA13<Z#G3#23BB0GA#1.C32.HA:<A#CA1#<0<<9#3>#H9:29g#H.#3#C9C9>3# F.::9#/0G<923<9#\0A>>.#UA13<Zn#*9:#>[F.::9#C01<19CC9#13=A<<.<.# A#G3#G9:#C9G<3#/9:#9G<3:.839:A#3:#/9:<1.G<9#/9:#>.#UA13<Z#/9:9O G/30<.n#)2#A//9#>.#/A/3<ZV#3>#C3b#=1.IA#2A3#/.G<3=F3#23I3:3o#'39#:9:# I9=>3.V# /FA# 3:# \0AG<.# /A/3<Z# \0.G3# 0:3IA1G.>AV# G3# CA12.# 0:.# =1.:# C.1<A#23#0H.:3<Zo#WE9><3#G9:9#3#/F3.H.<3#H.#C9/F3#=>3#A>A<<3X?#k0AO G<.#B1.GA#)I.:=A>3/.#H3#13<91:.V#GC3:.#./A1J3GG3H.V#<0<<A#>A#H.<<3:A# .>#;.:9:A#2A>>.#EAGG.#\0.:29#I9=>39#C1AGA:<.1A#.>#R.21A#\0AG<.# C9IA1.# 0H.:3<Z?# E.# 3:# \0AG<9# H9HA:<9# 29JJ3.H9# 9//0C.1/3# 23# :93# A# GA:8.# <1.G/01.1A# >.# 3HCA<1.839:A# A# >.# 13C.1.839:A# CA1# 3# B1.<A>>3V#29H.:23.H9/3#.:/91.#0:.#I9><.D#/9HA#.JJ3.H9#I3GG0<9# >.#1A.><Z#2A>#,A=:9#23#'39#I3IA:<A#3:#/3.G/0:.#23#:93n#].//3.H9# 23# \0AG<.# IA13<Z# 3># C13:/3C.>A# :0<13HA:<9# 2A># :9G<19# GC313<9n# !.# :91H.#2A>>.#:9G<1.#I3<.n#(A#3>#,A=:9#23#'39#Y#2A:<19#23#:93V#:93# 29I1AHH9#2.IIA19#AGGA1A#<.:<3#.><13#$AGbo#!9#G3.H9n#R9GG3.H9# 231AD#R.21AV#=0.12.#3:#HA#3>#<09#;13G<9n# !.#=1.83.#/FA#/3#1A:2A#G.:<3V#/FA#CA1#\0AG<9#G3#/F3.H.#G.:<3B3O /.:<AV#Y#0:.#\0.>3<ZV#0:[.J3<023:AV#0:9#GC>A:291AV#0:.#B918.V#0:.# I31<b#/FA#'39#/1A.#3:#:93#CA1#G9C1.CC3b? )#2.#\0.:29#>[.:3H.#/1A2A#.>>.#C.19>.#23#'39V#AGG.#>9#13/AIA# 3:#GfV#A2#0:3<.#.>#UA1J9#A>>.#23IA:<.V#CA1#/9Gj#231AV#(0.#/9:=30:<.?# W!.#G91A>>.#H3.#Y#C01A#>.#H3.#GC9G.X#h;.:<#lVLg#QV6i?#E.#\0AG<[0O PP
:39:A#I.#/AHA:<.<.#A#3:<A:G3B3/.<.#/9:#>9#GC9=>3.HA:<9?#)//9#3># :9G<19#29IA1Ao %:# /3`# /9:G3G<A# 3># G.:<9# >.I919# 2A>>.# =1.83.?# k0AG<9# >.I919# C1A:2A#I.13A#B91HAD#AGG9#Y#13/F3.H9V#Y#=393.#A#CA:.g#Y#AG91<.839:AV# Y#/9:G3=>39V#Y#13HC19IA19g#Y#/3`#/FA#B.#C3.:=A1A#>[.:3H.V#H.#.:/FA# /3`# /FA# B9:2A# :A># /19=39>9# 2A># G./13B3/39# A# 2A>>[.H91A# 3># :9G<19# A=93GH9?#(9<<9#H3>>A#H923#23IA1G3V#3:#B9:29#3:#B9:29V#Y#GAHC1A# >[.H91A#/FA#C.1>.V#>[.H91A#/FA#3:I3<.V#>[.H91A#/FA#I09>AV#>[.H91A# /FA#.H.g#WY#<0<<9#/3`#/FA#/9G<3<03G/A#>.#:9G<1.#I3<.#3:<A1391AX? "H.1A#Y#29:.1G3g#WH.#3>#29:9#23#GfV#:9:#G[3HC19II3G.#3:#0:# =AG<9#GC9:<.:A9X?#(9>9#>.#/9:I3:839:A#C19B9:2.#/FA#3>#,A=:9#23# '39#Y#2A:<19#23#:93#A#3>#CA:G3A19#/9G<.:<A#23#AGGA1A#$AGbV#C0`# B.1/3#.113I.1A#.>>.#1A.>388.839:A#2A>>.#:9G<1.#CA1G9:.>3<Z#/13G<3.:.?# $AGb#Y#3>#I3IA:<A#A#GA#39#H3#GB918A1`#23#AGGA1A#!03V#I3I1`#3:#C3AO :A88.V#.I1`#1A.>388.<9#3>#23GA=:9#23#'39#G0#23#HA? 4"#52#./99/6-%+1#.(%%>2)6-%+-4Q %># E.AG<19# 3:23/.# :A>>.# (0.# C.1.J9>.# 3# I.13# H9<3I3# CA1# /03# 3># GAHA# hR.19>.i# :9:# .<<A//F3G/A# hE<# 67V7ONg# E/# lV7OLg# !/# NVQONiV# /3#H9G<1.#>.#23BB3/9><Z#2A>>[.<<0.839:A#2A>>.#R.19>.?#]1.#>A#.:3HA# 1A>3=39GA# C01A# G3# 3:/9:<1.:9# =1.I3# 9G<./9>3V# /FA# 1A:29:9# 3:B10<O <09G.#>.#GAH3:.=39:A?#&1=9=>39V#/FA#:9:#G3#CA1G0.2A#GA#:9:#2A>>.# C19C13.#AGCA13A:8.g#:.<01.V#/FA#:9:#G9BB1A#=39=9#A#/FA#13C0=:.# .2# 0:# H3:3H9# 23# 23G/3C>3:.g# 23BB32A:8.# GA=1A<.# /9:<19# /F3# F.# 3># H.:2.<9# 23# 3G<1031A# A# 3>>0H3:.1Ag# GC313<9# 2A># H9:29# /FA# 3:/>3:.# C3b#.>>[.839:A#/FA#.>>[91.839:A?#(9:9#\0AG<A#A1J.//AV#GC3:3#A#G.GG3V# /FA#3HCA23G/9:9#>.#=A1H3:.839:A#2A>#J09:#GAHA?#RA1G0.23.H9/3D# GA#>.#C.19>.#:9:#/.2A#3:#<A11A:9#>.I91.<9#A#G=9HJ19#:9:#=A1H3O :.?#)#:9<3.H9D#G3#<1.<<.#2A>>.#C.19>.#AG<A1:.V#/FA#:9:#Y#.:/91.#3># 4Q
# 6Ll5#:?#675?
PM
>3:=0.==39#3:<A1391Ag#:9:#Y#.:/91.#>9#WG=0.129X#h/9HA#2AB3:3G/A# >[.0<91A#2A>>.#U3<.#%:<A1391A#GAHC>3B3/.<.V#>.#C.19>.#3:<3H.#/FA#'39# G0GG011.#.>>[.:3H.iV#\0AG<.#C.19>.#3:<A1391A#Y#.GG.3#C3b#G9HHAGG.?# k03:23#13/F3A2A#C3b#.<<A:<9#.G/9><9?#]3:/Ff#>[.:3H.#:9:#.BB3:.#3># C19C139#91A//F39V#9GG3.#B3:/Ff#>[.:3H.#:9:#Y#G=9HJ1.V#Y#3HC9O <A:<A#.#0231A#\0AG<.#C.19>.#A#CA1/3`#13H.:A#G9GCAG.V#.=3<.<.V#9G/3>O >.:<Ag#GA:8.#\0A>>[A\03>3J139#.#/03#G3#Y#.//A::.<9V#GA:8.V#3:G9HH.V# 0:.#CA1G9:.>3<Z#C19C13.? ;FA# >.# C.19>.# AG<A1:.# GCAGG9# :9:# =A1H3:.# /9:# >.# B918.# :AO /AGG.13.#.2#AG/>02A1A#\0.>G3.G3#.><1.#=A1H3:.839:A#A#:9:#3HC13HA# \0A>>.#CA1G9:.>3<Z#3:<A1391A#.#/03#/3.G/0:#.:3H.#Y#/F3.H.<.? ]?& )!&(.,!6&+'//.".#.&4./7 !"#Q99(''2+/#.2#<'/)+-#6-''/2,-#&('#6-*S;/)+2'5-4P# W-:.#G9>.#=393.D#C9GGA2A1A#$AGbX? ;9HA# C9GGA2A1A# $AGbn# a# \0AG<.# 0:.# 29H.:2.# /9Gj# 9II3.V# /FA#:9:#/A#>.#B.1AHH9V#GA#.IAGG3H9#JA:#CA:A<1.<.#>.#IA13<Z#2A>>.# I3<.#23#$AGb#3:#:93?#">>91.V#/3#1A:2A1AHH9#JA:#/9:<9#2A>>.#C9GO G3J3>3<Z#A#2A>>.#1A.><Z#2A>#C9GGAGG9#23#$AGbV#CA1/Ff#:93#G.C1AHH9# /FA#CA1#3>#K.<<AG3H9#I3A:#C9G<9#3:#:93#\0AG<9#=A1HA#23#U3<.#23I3:.# /FA#C93V#/9HA#<0<<9#/3`#/FA#Y#I3<.>AV#C0`#A#2AIA#AGGA1A#GI3>0CC.<9? (.C1AHH9#/FA#CA1#>.#;1AG3H.#/9:#>.#:09I.#ABB0G39:A#2A>>9# (C313<9#'3I3:9#\0A>#=A1HA#:9:#G9>9#/1AG/A#A#G3#GI3>0CC.V#H.#G3# 1.BB918.#A#=A1H3:.#3#GA<<3B91H3#29:3? (.C1AHH9#/FA#CA1#>[)0/.1AG<3.#:9:#G9>9#13/AI3.H9#0:#=1.:2A# .0HA:<9#23#I3<.#23I3:.V#CA1/Ff#Y#>["0<91A#G<AGG9#2A>>.#I3<.#/FA#CA:AO <1.#3:#:93V#H.#23IA:3.H9#IA13#C9GGAGG913#.:/FA#2A>>.#I3<.#0H.:.#23# $AGbV#CA1/Ff#)=>3#I3A:A#:9:#G9>9#/9>#(09#GC313<9V#H.#I3A:A#/9>#(09# 4P
# 6L4M#:?#l4?
PN
/91C9V#/9>#(09#G.:=0AV#/9:#>.#(0.#.:3H.#0H.:.V#A2#3>#(09#/91C9#G3# H3G/F3.#.>>.#:9G<1.#/.1:AV#A2#3>#(09#G.:=0A#G/911A#:A>>A#:9G<1A#IA:A? R01<19CC9#3>#CA//.<9#10CCAV#AV#B91GAV#C0`#19HCA1A#\0AG<9#3:O <3H9#>A=.HAV#\0AG<9#29>/A#C9GGAGG9V#H.#\0.:29#3>#/091A#F.#0:# 0:3/9#2AG32A139V#\0A>>9#/39Y#23#.H.1A#$AGbV#\0.:29#F.#0:#0:3/9# <3H91A# 23# :9:# 2.1A# .JJ.G<.:8.# =0G<9# .# $AGbV# Y# JA:# 23BB3/3>A# AV# I911A3#231A#\0.G3#3HC9GG3J3>AV#/FA#AGG9#C9GG.#/.2A1A#3:#CA//.<9# =1.IA?#a#C01<19CC9#IA19#/FA#G3#G9:9#WIA20<A#/.2A1A#>A#G<A>>A#2A># B31H.HA:<9XV#H.#Y#.><1A<<.:<9#IA19#/FA#0:#R3A<19#h;B#E<#4PVPLO Mlg#E/#6lVPPg#!/#44VQPOP4g#$I#6NV6QO6Ng#4QO4MiV#A2#0:#$302.#h;B# E<#4PVlMOQPg#E/#6lVl7OQ5g#!/#44VlMOQ7iV#.>>91/Ff#/.22A19V#JA:O /Ff#.IAGGA19#=920<9#2A>>.#C1AGA:8.#I3G3J3>A#2A>>[-9H9O'39V#C01A# :9:#.IAI.:9#.:/91.#C.1<A/3C.<9#.#\0A3#/.13GH3#3:<3H3#/FA#B019:9# >919#29:.<3#:A>>.#RA:<A/9G<AV#A2#Y#.><1A<<.:<9#IA19#/FA#H9><A#.><1A# G<A>>A#/.20<AV#F.::9#.I0<AV#CA1#>9#3::.:83V#0:.#>A:<.#C1AC.1.839:A# 23#:A=>3=A:8.#A#<3AC32A88.#/FA#>A#F.#23GC9G<A#.>>.#/.20<.#B.<.>A? ;3`#:9:#I09>#231A#/FA#:93#C9GG3.H9#.2291HA:<.1/3#<1.:\03>>.O HA:<A#:A>>.#JA.<.#/A1<A88.#23#\0A>#29>/A#C9GGAGG9V#CA1/Ff#>.#I3<.# C1AGA:<A#Y#0:.#>9<<.#A#CA1/Ff#\0A>#=A1HA#23#I3<.#'3I3:.#2AC9G<9# 3:#:93#CA1#3>#K.<<AG3H9#A#I3I3B3/.<9#CA1#=>3#.><13#(./1.HA:<3V#2AIA# GI3>0CC.1G3#A#2AIA#/1AG/A1A#B3:9#.>>.#G0.#/9:G0H.839:A#/FA#G9>9# .IIA11Z#3:#;3A>9?# a#23BB3/3>A#/99CA1.1A#.#\0AG<9#GI3>0CC9n#a#23BB3/3>A#/99CA1.1A# .#\0AG<.#/1AG/A:8.#23#I3<.n *9:#Y#B./3>A#/A1<.HA:<AV#H.#H9><A#I9><A#.//.2A#/FA#>9#1A:23.O H9#.GG.3#C3b#23BB3/3>A#23#\0A>>9#/FA#:9:#G3.#/9:#>A#:9G<1A#/9HC>3O /.839:3?#(CAGG9V#3:B.<<3V#:93#9G<./9>3.H9#>[9CA1.#2A>>.#$1.83.#/9:# 3#:9G<13#B.>G3#A2#3:9CC91<0:3#<3H913V#/9:#>A#:9G<1A#.J3<0.>3#23BB3O 2A:8A#A2#3:/A1<A88Ag#<3H913V#23BB32A:8AV#A2#3:/A1<A88A#C19IA:3A:<3V# \0.>/FA# I9><.V# 2.# 0:.# <19CC9# G0CA1B3/3.>A# /9=:3839:A# 23# \0AG<.# U3<.#23I3:.#AG3G<A:<A#A#/1AG/A:<A#3:#:93V#A2#.:/FA#2.>>.#H.:/.:8.# PL
23#/9=:3839:A#2A>#H929#23#/99CA1.839:A#:9G<1.#.#\0AG<.#/1AG/3<.V# .#\0AG<9#GI3>0CC9? 4"#52#0/2#6('+2#&('#&-))(.('(#T()U4M )//9V#20:\0AV#>.#I3.#C3b#J1AIA#CA1#.IA1A#>[0:3/.#=393.#W23#C9GO GA2A1A#$AGbXD#G=9HJ19#2.>>A#:9G<1A#/9HC>3/.839:3#CA1#9<<A:A1A# >.#>3JA1<ZV#/A1<A88.#2A>>.#1A.><Z#2A>>[0:39:A#/9:#;13G<9#A#2A>>.#C9GO G3J3>3<Z#23#/1AG/A1A#3:#\0AG<.#0:39:AV#A#\03:23#GAHC>3B3/.839:A#23# :93#G<AGGA? )BBA<<3#23#\0AG<.#GAHC>3B3/.839:AD#.>>A=1A88.#G.:<.V#/F3.1A88.#23# I3G39:A#A#CA1/3`#.<<0.839:A#GAHC1A#C3b#3:<A:G.#23#I3<.#I3I3B3/.<.# 2.>>.#IA13<Z#A#I3IA:<A#:A>>.#/.13<Z? -:# JA>>3GG3H9# AGAHC39# 23# \0AG<.# BA2A# GAHC>3/AV# H.# C1.<3/.O HA:<A#I3GG0<.#>[.JJ3.H9#:A>>.#>A<<01.#2A=>3#J%%$#*&6/$#J-),%)/$#3:#/03# G3#:.11.#2A>>[3:/9:<19#23#]3>3CC9#/9:#0:#B0:839:.139#2A>>.#1A=3:.# 23#)<39C3.#h"<#NV4POl5i? ;9:G32A13.H9#A2#.HH313.H9#>.#GAHC>3/3<Z#A#>.#C19:<A88.#A#>.# BA2A#23#]3>3CC9#:A>>[.G/9><.1A#A#:A>#GA=031A#>.#I9/A#2A>>.#$1.83.#A# >.# GAHC>3/3<Z# A# >.# BA2A# 2A>>[A0:0/9V# /FA# .G/9><.V# .GG3H3>.V# 9CA1.?# "CCA:.#A=>3#Y#23IA:0<9#3>#<AHC39#23#'39#I3I9V#:9:#G3#C1A9//0O C.#2[.><19?#]3>3CC9#B0#1.C3<9V#A#>[A0:0/9#/9:<3:0`#<1.:\03>>.HA:<A# 3># G09# I3.==39?# ]91<A# 2A>>A# G0A# :09IA# /9:I3:839:3# :9:# C.IA:<.# :f#>.#G9>3<023:AV#:f#>[3:AGCA13A:8.#2A>>.#:09I.#]A2AV#:f#3#CA13/9>3# 2A>>[.HJ3A:<A#C.=.:9V#:f#G3#1.<<13G<.#CA1#3>#B0>H3:A9#23G<.//9#2.# /9>03#/FA#=>3#23A2A#>.#U3<.#:09I.?#)=>3#G.#/FA#$AGb#;13G<9#I3IA#3:# >03#A#23#/FA#/9G.#C0`#<AHA1An
4M
# 6L4M#:?#l4?
M5
$?& )!&
*#./*$,!& 3(!%!& +#./3++'/,'& ".)& *!(($%'&
/+$#$,3!).
!"#V-',2'(#/%#62'2++('(4N# ;FA#/9G[Y#.IA1A#0:#/.1.<<A1An#E9:G3=:91#(.>9<<3#/A#:A#2Z#>.# GA=0A:<A#2AB3:3839:AD#W(3/01A88.#A#C1A/3G39:A#23#IA20<AV#B91<A88.# 3:29H3<.#2A>>.#I9>9:<ZV#9GG3.V#I9>9:<Z#:A>#29IA1AX? (3/01A88.#A#C1A/3G39:A#23#IA20<A#G3=:3B3/.D#/9:9G/A:8.#AG.<<.# 2A>#C19C139#29IA1A?#(AHJ1.#0:.#/9:9G/A:8.#/9Gj#A>AHA:<.1A#/FAV# .#C13H.#I3G<.V#G/9HHA<<9#/FA#:93#<0<<A#.BBA1H3.H9#23#C9GGA2A1>.?# )2#39#/1A29#3:IA/A#/FA#G3.:9#JA:#1.1A#>A#.:3HA#/FA#/9:9G/9:9# .CC3A:9#3>#C19C139#29IA1A?#(A#>9#/9:9G/AGGA19#A#>9#AGA=03GGA19V# G.1AJJA19#=3Z#:A>>.#G.:<3<Z? E.#:9:#J.G<.#>.#G3/01A88.#A#C1A/3G39:A#23#IA20<AV#9//911AD#B91O <A88.#3:29H3<.#2A>>.#I9>9:<Z?#)#:93#/9HA#/3#<19I3.H9#23#B19:<A# .2#AGG.n#*9:#.JJ3.H9#2.#.119GG31An#%:IA/A#23#\0A>>.#C1A/3G39:A# 23#IA20<AV#2A>>[3:29H3<.#I9>9:<ZV#:9:#I3I.//F3.H9#B91GA#3:#0:.# CA1CA<0.#/.>3=3:A#/FA#:9:#CA1HA<<A#.=>3#9//F3#2A>>[.:3H.#:9G<1.# 23#23G<3:=0A1A#3>#29IA1A#1A.>A#2.#\0A>>A#.CC.1A:8A#23#29IA1A#/FA# GCAGG9#G3#C1AGA:<.:9#.>>9#GC313<9#A#/FA#3:#B9:29#:9:#G9:9#.><19# /FA#13/A1/FA#23#G9223GB.839:3#C19C13An "JJ3.H9#H.3#13B>A<<0<9#/FA#9=:3#\0.>I9><.#/FA#:93#2AC>913.O H9#0:.#/.20<.V#0:.#H.:/.:8.#:A>#/9HC3HA:<9#2A>#29IA1AV#:93# G3.H9#I3<<3HA#9#23#0:.#3=:91.:8.#3:AG/0G.J3>AV#9#23#0:.#3>>0G39O :A#G0>>.#1A.><Z#2A>#29IA1An#)#\0.:<A#I9><A#/3#Y#.//.20<9#/FA#23# B19:<A#.2#0:#29IA1A#.GC19V#B.<3/9G9V#13C0=:.:<A#.>>.#:.<01.#h/FA# :9:#I09>A#G.CA1A#23#GB9189i#:93#.JJ3.H9#C1ABA13<9#0:#/9HC3<9# h/FA#C01#13A:<1.:29#:A3#:9G<13#29IA13i#:9:#A1.#3>#29IA1A#.GG9>0O <9V#01=A:<AV#3HC91<.:<An#k0.:<A#.><1A#I9><AV#C01#3:/9H3:/3.:29# /9:#>[AG.<<9#/9HC3HA:<9#2A>#:9G<19#29IA1AV#/A#:A#>.G/3.H9#C93# 4N
# 6L7l#:?#NQ?
M6
23G<1.11A#2.>>.#C13H.#AIA:<0.>A#9//.G39:AV#=30G<3B3/.:29/3#C93#23# 0:#>.I919#<19CC9#3:<A:G9V#23#H.:/.:8.#23#<AHC9V#A//?n#"//.2A# B1A\0A:<3GG3H.HA:<A#23#.GG3G<A1A#.#\0AG<A#<A1=3IA1G.839:3#2A>>[39?# ;3.G/0:.#AG.H3:3#Gf#G<AGG.#A#IA2.#GA#/9:9G/A#A2#.H.#3>#C19C139# 29IA1A#/9:#\0A>>[3:<A:G3<Z#23#.H91A#A#/9:#\0A>>.#/F3.1A88.#23#I3O G39:AV#/FA#B91H.:9#3>#/.1.<<A1A? RA1/Ff#\0AG<9#>.I919#C91<3#B10<<3#23#G.:<3<Z#/9G.#9//911An#![.O 30<9#2A>>.#'3I3:.#$1.83.#/FA#:9:#C0`#H.:/.1A#CA1/Ff#/9Gj#AG3=A# 3>#(3=:91AV#H9><.#C1A=F3A1.V#/.1.<<A13#JA:#B91H.<3? 4"#V-',2'(#%2#&(')-*2%/+14L &==3#G3#C.1>.#<.:<9#23#CA1G9:.>3<Z#A2#Y#=30G<9?#!.#;F3AG.#A#>.# G9/3A<Z#F.::9#J3G9=:9V#3:#\0AG<.#91.#/9Gj#=1.IAV#23#B91<3#A#2A/3O GA#CA1G9:.>3<Z?#E.#/9HA#/1A23.H9#23#C9<A1#B91H.1/3#A#B91H.1A# \0AG<A#CA1G9:.>3<Zn#]91GA#0:3/.HA:<A#<19I.:29#>.#=032.#32A.>An# ]91GA#/.HJ3.:29#913A:<.HA:<9#.2#9=:3#G/9CA1<.#23#:09IA#B91HA# GC313<0.>3G<3/FAn#]91GA#3:/91.==3.:29#3:G3C3A:<AHA:<A#0:.#>3JA1<Z# 3:G9BBA1A:<A#.:/FA#23#0:#H3:3H9#23#23G/3C>3:.n#]91GA#19HCA:29# 3:/9:G/3.HA:<A#>[.1H9:3.#23#0:#/9:/A1<9#/9HJ3:.<9#2.>>.#R19IO I32A:8.n#%>>0G39:3o#!.#CA1G9:.>3<Z#3:<A1391A#:9:#>.#/1A.#0:#231A<O <91A#GC313<0.>A?#!.#CA1G9:.>3<Z#3:<A1391A#:9:#G3#B91H.#GA/9:29#>.# <.>A#9#<.>#.><1.#B91H.#23#GC313<0.>3<Z?#!.#CA1G9:.>3<Z#3:<A1391A#:9:# G3#B91H.#/9:#<19CC.#>3JA1<Z#/9:/AGG.#.>>.#:9G<1.#:.<01.?#!.#CA1O G9:.>3<Z#3:<A1391A#G3#B91H.#/9:#3>#29H3:39#2A>>9#GC313<9#G0>>A#J.GGA# <A:2A:8AV# /9:# >.# 23G/3C>3:.# 2A>>[.0<9/9H.:29# 3HC.1<3<9# 2.# 0:.# B91<A#I9>9:<ZV#/9:#>[9GGA1I.:8.#2A>>.#>A==A#23I3:.#A#2A>>.#C.19>.# 3:<A1391A? E923B3/F3.H9#3>#:9G<19#/.1.<<A1AV#:9:#CA1#B91H.1:A#0:#AGGA1A# HA>>3B>09V#H.#CA1#9<<A:A1:A#\0A>#G3>A:839#23#C.GG39:3V#/FA#Y#3:23O 4L
# 6Ll5#:?#675?
M4
GCA:G.J3>A#CA1#>.#=A1H3:.839:A#2A>>.#R.19>.#AI.:=A>3/.#AG<A1:.#A2# 3:<A1:.? E923B3/F3.H9#3>#:9G<19#/.1.<<A1A#:9:#CA1#B.1:A#0:.#/.::.#/FA# G3#C3A=.#.2#9=:3#.>3<.1#23#IA:<9V#H.#CA1#G.CA1A#.G/9><.1A#/9:#/091A# C019# 3># HAGG.==39# 3:<A1391A?# E923B3/F3.H9# 3># :9G<19# /.1.<<A1A# A# 23IA11AH9#.:3HA#23#C./A#A#C91<.<13/3#23#C./A? ;9HA#G3#H923B3/.#3>#:9G<19#/.1.<<A1An#%:383.>HA:<AV#/9HA#G3#Y# =3Z#2A<<9V#/9:#<0<<3#\0A3#HA883#/FA#>.#CA2.=9=3.#H92A1:.#/3#.2O 23<.V#HA883#/FA#H9><9#0<3>HA:<A#G.1.::9#G/A><3#A#G9G<A:0<3#2.#0:# G.==39#231A<<91A#GC313<0.>A?#R93V#\0.:29#>[.:3H.#F.#/.C3<9V#\0.:29# >[.:3H.#F.#29:.<9#IA1.HA:<A#<0<<9V#\0.:29#>[.:3H.#:9:#I09>#C3b# h/9:#>.#I9>9:<Zi#C1ABA1A:8A#G0AV#.>>91.#G3#.JJ.:29:3#G0>#;091A#2A># E.AG<19#A2#3>#E.AG<19#C.1>A1Z?#)#I3#G3#.JJ.:29:3#/9:#B320/3.#A# G3>A:839?#%>#G3>A:839#A#>.#B320/3.D#C1A839G.#.I.:=0.123.#2A>>.#R.19>.# 2A>#H.AG<19? %>#G3>A:839?#&<<3H9#G<10HA:<9#CA1#>.#H923B3/.839:A#2A>#/.1.<O <A1A?# *9:# =3Z# \0A># G3>A:839# 23# :.<01.V# /FA# <./A# .# GA/9:2.# 2A>>A# C19C13A#13C0=:.:8AV#\0.>/FA#I9><.#.:/FA#3>#G3>A:839#Y#/9>C.#9#3HO CA1BA839:Ag#H.#\0A>#G3>A:839#23#I31<b#/FA#G.#.:/FA#<./A1A#9CC91<0O :.HA:<A#A#C.1>.1A#C./.<.HA:<A? ;9H3:/3.H9#/9:#3>#G3>A:839#AG<A1391AD#AGG9#C93#G3#C19C.=FA1Z# .>>[3:<A1:9# A# .>>91.# GA:<31AH9# GAHC1A# C3b# /F3.1A# >A# H9839:3# 23# \0A>>.#'3I3:.#B918.V#/FA#F.#C.19>A#H3G<A139GA#A#C9<A:<3? U3#Y#0:#H929#23#<./A1A#.>>.#C1AGA:8.#23#'39V#/FA#=>3#H.:3BAG<.# HA=>39#23#9=:3#C1A=F3A1.#3>#J3G9=:9#23#G<.1#G9>3#/9:#!03?#a#0:9# G<.<9# 23# .:3H.V# .># \0.>A# 9=:0:9# C0`# .//A2A1AV# G9>9# /FA# I9=>3.?# ;9G<1031AH9#.>>91.#3:#:93V#.//.:<9#.>>.#W/A>>.#2A>#/9:9G/3HA:<9# 23#GfX#0:#C3//9>9#91.<9139#<0<<9#:9G<19V#/31/9:2.<9#23#9J>39#2A># H9:29#A#23#C./AV#29IA#>[.:3H.#:9G<1.#G3#<19IA1Z#B3:.>HA:<A#/9># G09#;1A.<91A?#%:#\0AG<9#91.<9139#G3#B91HA1Z#>.#:9G<1.#CA1G9:.>3O <Z?#%:#\0AG<9#91.<9139#23IA11AH9#.:3HA#23#C./A#A#23BB9:23<13/3#23# C./A? M7
@"#Q66(++2'(#%2#&2;'2#./#&('.('(75 *93#CA1#3G<3:<9V#CA1#A=93GH9#A#CA1#91=9=>39#I911AHH9#C9GO GA2A1A#<0<<9#A#.>#G9>9#C19GCA<<.1G3#>.#H3:.//3.#23#29IA1#CA12A1A# 0:#\0.>/FA#/9G.#3>#/091A#G3#<01J.?#E.#3>#CA13929#/FA#G<3.H9#.<<1.O IA1G.:29#/[3:GA=:.#/9:#>A839:3#H9><9#C1.<3/FA#A#H9><9#29>919GA# /FA#:93#:9:#G9>9#:9:#C9GG3.H9#C9GGA2A1AV#H.#/FA#>.#J1.H9G3.# 2A># C9GGA2A1A# Y# 0:.# IA1.# 3>>0G39:A?# (9:# J.G<.<A# C9/FA# I9>9:<Z# 3:23I320.>3#CA1#G/9:I9>=A1A#3>#H9:29#3:<A19#A#<0<<.#>[0H.:3<Z#9==3# G3#GA:<A#3HC9<A:<A#.2#.1=3:.1A#<.:<.#<1.=A23.?#%:<.:<9#<0<<3#3#=391:3# /3#<19I3.H9#3:#/9:<.<<9#/9:#>.#H91<A#A2#3:/9H3:/3.H9#.#B.H3>3.O 1388.1/3#/9:#AGG.?# %>#/091A#.:/91.#:9:#C013B3/.<9#G3#/9HH09IA#A2#F.#J3G9=:9#23# AH9839:3#GA:G3J3>3V#GA:8.#>A#\0.>3#3>#H9:29#23/A#/FA#:9:#G3#C0`# I3IA1A? *93#/1A2A:<3#3:IA/A#.BBA1H3.H9#/FA#\0.:29#\0AG<A#AH9839:3# G3#/.>H.:9V#\0.:29#3>#/091A#F.#=0G<.<9#W>.#C19B9:23<Z#H3G<A139O G.# 2A>>.# C./A# /FA# /19/3B3==AXV# .>>91.# :93# 3:/9H3:/3.H9# .# /9HO C1A:2A1A# 1A.>HA:<A# /FA# /9G[Y# >.# I3<.g# /9HC1A:23.H9V# /39YV# /FA# >.#I3<.#13G91=A#2.>>.#H91<A?#">>91.#B3:.>HA:<A#G3#/.C3G/A#/FA#:9:# Y#W>.#\0.:<3<Z#2A>>A#.839:3#0H.:A#/FA#G.83.#>[.:3H.#A#>.#1A:2A#BAO /9:2.V# H.# Y# >.# <1.GH0<.839:A# 2A>>.# \0.:<3<Z# :A>>.# \0.>3<Z# 2A>>A# 23GC9G3839:3# /FA# C91<.# 3># 13::9I.HA:<9# 3:<A1391A# A# >[A>AI.839:A# G9C1.::.<01.>AX? C"#<-('(*:2#(.#(S;/%/?'/-76 <-('(*:2#I09>#231A#AGGA1A#/9:G9:3#.#GA#G<AGG3V#I09>#231A#AGGA1A# :A>#IA19?#k03:23#B091#23#23G/0GG39:A#>[./\03G<9V#GA#:9:#>[.JJ3.H9V# 23#\0AG<.#I31<b#0H.:.? 75
# 6Lll#:?#6Ql? # 6LQQ#:?#476?
76
Ml
WS;/%/?'/-D# :9:# A0B913A# 20:\0AV# :9:# G/91.==3.HA:<3V# :9:# B.:<.G3AV#:f#/9HH9I3HA:<3#23#GA:G3V#H.#BA2A#3:2ABA<<3J3>AV#/.13<Z# /9G<.:<AV# JA:A# 9123:.<.# A# GA1A:.# /FA# 2.::9# .# <0<<9# 3># G09# 231A# >[3HC1AGG39:A#23#0:.#GC313<0.>3<Z#B./3>AV#G/911AI9>AV#B.H3>3.1A?# k03#H3#C3./A#B.1A#0:.#23/F3.1.839:A#CA1#:9:#AGGA1A#B1.3:<AG.D# /A1<9V#.>>.#G.:<3<Z#:9:#G3#=30:=A#/9>#G9>9#AGA1/3839#2A>>A#I31<b#H9O 1.>3V#H.#/9>>[AGA1/3839#2A>>A#I31<b#<A9>9=.>3?#!9#G/13IA#.:/FA#'9:# K.1G9<<3#W>.#G.:<3<Z#:9:#/9:G3G<A#:A>>A#I31<b#H91.>3V#H.#.GG.3#C3b# :A>>[AGA1/3839# 2A>>A# I31<b# <A9>9=.>3X?# a# IA13GG3H9g# CA1`# :A>>.# :9O G<1.#I3<.#J3G9=:.#G<.1A#.<<A:<A#23#:9:#/.>/.1#<19CC9#\0AG<.#IA13<ZV# =3.//Ff#Y#.><1A<<.:<9#IA19#A#:A/AGG.139#3:G3G<A1A#G0>>.#B91H.839:A# A#G0>>[AGA1/3839#2A>>A#I31<b#H91.>3V#GA:8.#23#/FA#.//.2A#/FA#.>/0:A# .:3HA#GC19II3G<A#23#\0AG<3#C13:/3C3V#A:<1.:29#:A>>.#I3.#2A>>.#CA1O BA839:AV#/1A29:9#23#C9<A1I3#.I.:8.1A#GA:8.#23#AGGA#A#3>>02A:29G3# 3>>029:9#.><1A#A#B.::9#=1.:23#/9:B0G39:3?#RA1G0.23.H9/3#/FA#3:O <A1391HA:<A#:9:#G3#C0`#/1AG/A1A#GA#:9:#/3#C9GGA23.H9g#A#:9:#/3# C9GGA23.H9#.>>91/Ff#H.:/.:9#3#B9:2.HA:<3g#:9:#G3#C0`#A23B3/.1A# GA#.:/91.#I3I3.H9#2[3G<3:<9g#:9:#G3#C0`#/9:IA1<31A#=>3#.><13#GA#:93# :9:#G3.H9#IA1.HA:<A#C9GGAGG9#23#$AGbV#GA#G3.H9#.:/91.#C9GGAGO G9#2A3#:9G<13#3G<3:<3? T?& )!&*'/*$.%5! !"#P*2#6-)6/(*:2#/%%;,/*2+274 W!.#/9G/3A:8.#Y#>[91=.:9#/9>#\0.>AV#.<<1.IA1G9#>.#G3<0.839:A#>.# /1A.<01.#IA2AV#=3023/.V#2A/32A?#)GG.#h>.#/9G/3A:8.i#2AIA#231A#3>#G09# Gj# 9# 3># G09# :9?# !.# /9G/3A:8.# 2AIA# AGGA1A# .CA1<.# CA1# .JJ1.//3.1A# C3A:.HA:<A# >.# G3<0.839:AV# 2AIA# AGGA1A# >3JA1.# CA1# :9:# AGGA1A# .BO B0G/.<.X?#k0.:29#>.#/9G/3A:8.#Y#3:\03:.<.V#.2#AGAHC39#2.>>.#G<3O H.#23#GfV#2.>>[.<<.//9#.>#C19C139#=3023839V#2.>>[.H91#C19C139V#2.>>.# 74
# 6LQl#:?#447?
MQ
23BB32A:8.#IA1G9#'39#9#IA1G9#3>#C19GG3H9V#3:G9HH.#GA#>.#I3G39:A# 3:<A1391A#Y#IA>.<.#2.>>A#9HJ1A#23#/03#C.1>.#G.:<[":=A>.V#IA2A#H.>AV# IA2A# .><A1.<9?# (A# 39# G<3H9# HA# G<AGG.# h9# :A># H39# =3023839# 9# :A># H39# GA:<31Ai# J3G9=:A1Z# /FA# C13H.# 23# .BBA1H.1A# /FA# F9# .=3<9# 3:# /9G/3A:8.#A#\03:23#1A<<.HA:<AV#J3G9=:A1ZV#23/9V#/FA#9GGA1I3#/9:# .<<A:839:A#GA#>[.839:A#9#3>#CA:G3A19#H39#9#3>#H39#.CC1A88.HA:<9# :9:#G3.#H9GG9#2.#0:#C3//9>9#B3>.HA:<9#2A>>.#G<3H.#23#HA? &><1A#.#/3`#J3G9=:.#IA2A1A#GA#>.#H3.#/9G/3A:8.#Y#3>>0H3:.<.V#CA1O /Ff#C0`#.//.2A1A#B./3>HA:<A#/FA#.>HA:9#0:.#89:.#23#AGG.#3=:913# 0:#GA<<91A#2A>>.#G3<0.839:A#/FA#>A#G<.#2.I.:<3#A#\03:23#39#=3023/F3# /9:#/9G/3A:8.#:9:#/9HC>A<.?#%:IA/A#>.#/9G/3A:8.#2AIA#AGGA1A#<0<O <.#.CA1<.#.>>.#>0/A#CA1#.JJ1.//3.1A#C3A:.HA:<A#>.#G3<0.839:A? ;A1<9V#.#:93#C9IA13#0H.:3V#:9:#Y#2.<9#<.:<9#GCAGG9#23#.IA1A#>9# GC313<9#<.>HA:<A#<1.:\03>>9#/FA#>.#/9G/3A:8.#G3.#>3JA1.#23#.JJ1.//3.O 1A#>.#G3<0.839:A#/9:#<0<<.#>[.HC3A88.#23#/03#.>HA:9#G3.H9#/.C./3g# H.#2.#\03#>.#:A/AGG3<Z#23#.:2.1A#9/0>.<3#:A>#=3023/.1A#A#:A>>[.=31AD# W*9:#=3023/.<A#A#:9:#G.1A<A#=3023/.<3X#hE<#MV6i? ":/FA#3:#\0AG<9#/.HC9#G3#2AI9:9#0G.1A#>A#G<AGGA#/.0<A>A#23# /03#.JJ3.H9#C.1>.<9#B3:#\03#A#29H.:2.1G3#GAHC1AD#W(9:9#G3/01.# /FA#\0AG<.#H3.#3:<A:839:A#Y#G/AI1.#2.>>[3:B>0A:8.#2A>>[3:/>3:.839:A# 3G<3:<3I.V#A#IA1.HA:<A#/9G/3A:<A#23#/3`#/FA#G<9#CA1#B.1AnX? '9C9#\0.:<9#G3#Y#I3G<9#/9:/>023.H9#/FA#C13H.#23#G<.J3>31/3#3:# /A1<A#C9G3839:3#3:<A13913V#C13H.#23#B.1A#/A1<A#.BBA1H.839:3V#9//911A# .:2.1#/.0<A? 4"#P*2#6-)6/(*:2#/*#9-',2:/-*(77 )2# 91.# 0:# C19J>AH.D#/9HA#C1.<3/.HA:<A#B91H.1G3#.>>.#/F3.O 1A88.V# GA:8.# C93#A:<1.1#:A>>9#G/10C9>9n#!9#G/10C9>9#:9:#Y#0:.# /F3.1A88.V#H.#0:.#H.>.<<3.V#20:\0A#:3A:<A#G/10C9>3? 77
# 6LQl#:?#447?
MP
RA1# \0.:<9# /9:/A1:A# 3># CA//.<9V# :93# >9# G.CC3.H9V# I3# G9:9# /9HA# C3A<1A# 23# C.1.=9:A# 3# ;9H.:2.HA:<3# 23# '39# A2# 3# R1A/A<<3# 2A>>.#;F3AG.V#A#:A>>A#3:/A1<A88A#G0>>[AG.<<.#9GGA1I.:8.#23#AGGA#/[Y# >.#E91.>A#;.<<9>3/.#23#/03#3>#G./A129<A#Y#H.AG<19?#E.#/[Y#0:[.><1.# 9JJ>3=.839:A#/FA#13/F3A2A#>[AG.<<9#.2AHC3HA:<9D#3#29IA13#2A>#C19O C139#G<.<9?# &FV#\0.:<9#J3G9=:.#/F3A2A1A#.>#(3=:91A#A#.>>.#(?#E.21A#23#CAO :A<1.1A#9=:91#C3b#:A>>A#C19B9:23<Z#2A>#:9G<19#GC313<9V#9:2A#:9:# .=31A#H.3#G0CA1B3/3.>HA:<Ao *A>#C1A839G9#9C0G/9>9#2&'#/&#("$3&#0)"%&3-/(%$+&#I3#Y#0:.#C1AO =F3A1.#/FA#B.#C19C139#.>#:9G<19#/.G9D#W].[V#9#'39V#/FA#:A>#B9:29# 2A>#H39#AGGA1A#3:#/03#I3I3#+0V#)GGA1A#%:B3:3<9V#(91=A:<A#GAHC1A# I3I.#/FA#9><1AC.GG.#3:B3:3<.HA:<A#9=:3#CA1BA839:A#/1A.<.V#39#I3I.# 13/9:=30:<9#.2#9=:3#UA13<Z?#">>9:<.:.#2.#HA#9=:3#.<<A==3.HA:<9# :A=.<3I9g#2.HH3#0:#9//F39#3:<A1391A#/F3.19#A#/9HC>A<9?#].[#/FA# 39#IA2.#A#/9HC1A:2.#9=:3#/9G.#:9:#/9:#>9#G=0.129#0H.:9V#:9:# :A># <AHC9# /FA# C.GG.V# H.# 3:# +A# /FA# 13H.:3# CA1# GAHC1Ag# /FA# 39# I3I.#3:#+AV#9#)<A1:9#UA19V#>[91.#/FA#C.GG.g#/9Gj#>[.:3H.#H3.#G.1Z# 3HH0<.J3>A#A#GA1A:.X? @"#I;'/9/62'(#%>/*+(*:/-*(7l ,A<<3<023:A# 23# 3:<A:839:AV# I09># 231AV# C.1<31G3# 2.># H3:3H9# 23# 9:AG<Z# 13/F3AG<.# .2# 9=:3# AGGA1A# 0H.:9V# /FA# :9:# I09># AGGA1A# 0:# 2AB91H.<9#A#0:#2AB91H.:<AV#CA1#=30:=A1A#B3:9#.>>A#IA<<A#2A>#C019# .H91A?#)GA1/3839#23#I9>9:<ZD#CA1#/FA#/9G.n#RA1#9<<A:A1A#>.#C013O B3/.839:A#2A>>[3:<A:839:A?#a#B.<3/.V#2[.//9129V#G3#3:383.#.>#H.<<3:9# CA1#<9=>3A1G3#2.>#>A<<9#A#G3#201.#<0<<9#3>#=391:9#CA1#>[(6&'&#0)"%'(#A#G3# B.<3/.V#A#G3#B.<3/.#CA1#=30:=A1A#B3:9#.>#/9HC3HA:<9#2A>>[.<<9#A193/9V# \0.>91.#>.#U9>9:<Z#'3I3:.#>9#13/F3A2.?#RA1#=30:=A1A#.>>.#1A<<3<023:A# 7l
# 6Ll5#:?#674?
MM
23#3:<A:839:AV#9//911A#0:#/9:<19>>9#/9:<3:09#/FAV#3:#=1.:#C.1<AV#Y# 29H.:2.<9#.>>9#GB9189#2A>>.#I9>9:<Z?#R01<19CC9#:9:#Y#1.19#IA2AO 1A#/FA#>.#I9>9:<Z#0H.:.#/9HC3A#GC91.23/.HA:<A#A#=A:A19G.HA:O <A#.<<3#23#I31<b#G91C1A:2A:<3g#H.#>[AGA1/3839#/9:<3:09#23#/9:<19>>9V# 23#23G.H3:.V#2[3:<19GCA839:A#Y#0:#>.I919#.GG.3#C3b#.1209? %>#:9G<19#.H91#C19C139#Y#G9223GB.<<9#\0.:29#>.#I9>9:<Z#13AG/A# AI32A:<AHA:<A#I3<<9139G.#A2#Y#H9<13/A#23#.839:3#.CC.1A:<AHA:<A# G91C1A:2A:<3g#H.#\0.:29#>.#I9>9:<Z#2AIA#AGA1/3<.1G3#3:#0:[3GCAO 839:A#3:<3H.#/FA#:AGG0:9#IA2AV#B091#/FA#'39V#>.#/9G.#Y#JA:#23IA1O G.?#%#H9<3I3#0H.:3#/FA#C3b#.I.:<3#.//A::A1AH9#G9:9V#C01<19CC9V# CA1#>.#:9G<1.#H3GA13.#>AIA#C9<A:<3#.#G/09<A1/3o#E.#Y#:A/AGG.139#13O B>A<<A1A#/FA#GA:8.#\0AG<9#/9:<19>>9#3:<A1391A#:9:#G3#C0`#=30:=A1A# .>>.#C013B3/.839:A#2A>>[3:<A:839:A#AV#:9:#=30:=A:29I3V#9=:3#9CA1.# :9G<1.#Y#I.:.#CA1#>.#I3<.#A<A1:.? ,A<<3<023:A#23#3:<A:839:A#G3=:3B3/.D#AGGA1A#:A>>.#IA13<Z#A#B.1A#>.# IA13<Z?#&=:3#I9><.#/FA#>.#H3.#3:<A:839:A#2AI3.#9#G3#G29CC3.#CA1/Ff# .II3A:A# GCAGG9# /FA# G3# I09># /9:/3>3.1A# >[3:/9:/3>3.J3>AV# G3# I9=>39O :9#GA1I31A#20A#C.219:3V#.>>91.#39#G9:9#C3b#9#HA:9#>9:<.:.#2.>>.# IA13<Z?#'39#Y#IA13<ZV#39#G0.#B3=>3.#.29<<3I.#:9:#2AJJ9#I3IA1A#:A>>.# HA:89=:.?#$AGb#;13G<9#F.#C91<.<9#:A>#H9:29#3>#U.:=A>9V#/FA#Y# >.#13IA>.839:A#2A>>.#UA13<Z#A<A1:.? %9V#/13G<3.:.V#3:/91C91.<.#.#!03#A2#.#!03#0:3<.#/9:#I3:/9>9#/9:O G./1.:<AV#39#:9:#C9GG9#.=31A#3:#HA:89=:.?#+1.23G/9#3>#H39#/.1.<O <A1A#J.<<AG3H.>A#9=:3#I9><.#/FA#.//9>=9#:A>>.#H3.#3:<A:839:A#0:# H9IA:<A#AHC39V#9GG3.#9CC9G<9#.>>[9123:A#I9>0<9#2.>>.#UA13<Z? '39# Y# 0:3<ZV# /1A.:29H3V# F.# C.1<A/3C.<9# .# HAV# AGGA1A# B3:3<9V# \0.>/9G.#2A>#G09#)GGA1A#%:B3:3<9V#/9>#H31.==39#2A>>[0:3<Z#B1.#!03# A#HA?#$0.G<9#3>#G09#23GA=:9V#/9:<1.223/9#>.#(0.#I9>9:<Z#\0.:29V# .:/FA#/9:#B3:A#J09:9V#HA:<3G/9#9#H3#G29CC39? (9:9#/A1<.HA:<A#\0AG<A#/9:<3:=A:8A#CA:9GAV#/FA#F.::9#3HO C9G<9#>[0G9#2A>>.#B.H9G.#1AG<13839:A#HA:<.>AV#/FA#<19CC9#GCAGG9# 23IA:<.#0:#.J0G9? MN
!.# 1AG<13839:A# HA:<.>A7Q# hG3.# C01A# 0G.<.# CA1# :A/AGG3<Z# 9# CA1# H9<3I9# 23# /.13<Zi# YV# 23# CA1# GfV# 0:9# G29CC3.HA:<9V# 0:# 1.>>A:<.O HA:<9#.>>[0:3<Z#/9:#:93#A#/9:#'39?#].<3/F3.H9#<0<<.#>.#I3<.#CA1# 1.==30:=A1A# \0AG<.# 0:3<Z# A# C93# G9IA:<A# >.# 3:\03:3.H9# CA1# /9GA# B0<3>3V#B91GA#CA1#/9:/A2A1A#.>>.#:9G<1.#I3><ZV#CA1#/9:/A2A1A#.>#:9O G<19#.H91#C19C139#A//?#!.#1AG<13839:A#HA:<.>A#Y#B91GA#>.#B91H.#C3b# B1A\0A:<A#A#HA:9#G9GCA<<.V#/9:#>.#\0.>A#>A#.:3HA#C3A#3:\03:.:9# >.#1A<<3<023:A#23#3:<A:839:A#A#1A:29:9#I.:A#<.:<A#9CA1A#J09:A?# ![0:3<Z# F.# J3G9=:9V# CA1# /0G<9231G3V# 2A>>.# GAHC>3/3<Z?# %:B.<<3# 9=:3#0:3<Z#/AGG.#23#AGGA1A#<.>A#GA#>.#23I323.H9#9#GA#/3#G9I1.CC9O :3.H9#\0.>/FA#A>AHA:<9?#'39#Y#0:9V#A2#AGGA:29#0:9#Y#.<<9#C019# A#GAHC>3/A?# *9:#G3#23/.V#20:\0AV#/FA#>.#1A<<3B3/.839:A#2A>>[3:<A:839:A#Y#0:# >.I919#G9><.:<9#2A3#C13:/3C3.:<3V#CA1/Ff#AGG9#Y#0:#>.I919#23#<0<<.# >.#I3<.V#>.I919#/FA#G3#3:383.#:A>>.#C13H.#B91H.839:A#2A>>[3:B.:83.#A2# F.#23:.:83#.#Gf#>[3:B3:3<9? )GG9#G3#/9HC3A#.<<1.IA1G9#/9:<3:0AV#3::0HA1AI9>3#C013B3/.839O :3# A2# .BB3:.HA:<3V# CA1# =30:=A1A# .2# 9CA1.1A# CA1# H9<3I3# 23# .H91# C019?#k0AG<9#>.I919#:9:#Y#23#GA:<3HA:<9V#H.#Y#>.I919#23#I9>9:<Z# BA11A.V#G9G<A:0<.#2.>>.#$1.83.#/FA#G3#C19C9:A#23#I3:/A1A#.2#9=:3# /9G<9#.:/FA#>A#0><3HA#13C0=:.:8A#2A>>.#:.<01.?
7Q
# P(#'&,%'$7$)"&#3&"%(/&#/9:G3G<A#:A>#B.1A#0:[.BBA1H.839:AV#3:<A:2A:29#2A:O <19#23#Gf#0:#G3=:3B3/.<9#23IA1G9#2.#\0A>>9#/FA#I3A:A#AGC1AGG9#IA1J.>HA:<A?#+.>A# /9:/A<<9V#C19C139#2A>>.#<A9>9=3.#H91.>AV#I3A:A#0G.<9#3:#1A>.839:A#.#G3<0.839:3# 3:#/03#:.G/9:2A1A#>.#IA13<Z#Y#>A/3<9V#.:83#.22313<<01.#29IA19G9?#h;9HA#AGAHC39# G3# C0`# /3<.1A# >.# 13GC9G<.# 2A># /9:BAGG91A# /FAV# 3:<A119=.<9# G0># /9:<A:0<9# 2A>>.# /9:BAGG39:AV# .BBA1H.# 23# :9:# G.CA1A# .GG9>0<.HA:<A# :0>>.V# 3:<A:2A:29# 231A# 23# :9:#G.CA1A#:0>>.#/FA#C9GG.#AGGA1A#13IA>.<9i?
ML
C"#P*2#0-%-*+1#9(',27P !.#C013B3/.839:A#2A>>[3:<A:839:A#/FAV#/9HA#.JJ3.H9#I3G<9V#3:# :AGG0:#H929#C9GG3.H9#<1.G/01.1AV#13/F3A2A#0:#BA1I91A#23#I9>9:<Z# :9:#/9H0:A? -:.#/A1<.#13>.GG.<A88.#1A=:.#:A>#B9:29#2A>>.#:9G<1.#:.<01.#A#GA# AGG.#1.1.HA:<A#G3#<1.23G/A#3:#0:#H929#/FA#G2A=:.V#=>3#Y#CA1/Ff# 0:.#IA1.#B9>>.#23#H9<3I3V#=>3#0:3#J09:3V#=>3#.><13#HA239/13V#.>/0:3# .:/FA# /.<<3I3V# >.# GC3:=9:9# 9# >.# <1.<<A:=9:9D# >.# :A/AGG3<ZV# >[3:<AO 1AGGAV#3>#<3H91A#2A>#J3.G3H9V#>.#23=:3<ZV#>[.BBA<<9V#H9><3#.><13#H9<3I3# GA/9:2.13#G3#0:3G/9:9#.3#H9<3I3#G9C1.::.<01.>3#23#<3H91A#A#23#GCAO 1.:8.#CA1#GC3:=A1G3#.>>[.839:A?#E.#>[.:3H.#/FA#I09>A#C013B3/.1G3#2.3# H9<3I3#0H.:3#A#CA1/3`#I09>A#AI3<.1A#.2#9=:3#/9G<9#3#H9<3I3#/.<<3I3# A2#3#H9<3I3#HA239/13#A#G3#C19C9:A#23#:9:#.//9=>3A1A#A#/9><3I.1A# /FA#3#J09:3#A2#3#G9C1.::.<01.>3V#\0AG<[.:3H.#2AIA#.<<3I.1A#>.#G0.# I9>9:<Z#/9:#<0<<3#3#HA883#:.<01.>3#A#G9C1.::.<01.>3#23#/03#23GC9:A?# ![AGCA13A:8.# /3# 3:GA=:.# /FA# GA# I9>9:<Z# :.<01.>HA:<A# B91<3V# GCAGG9#13AG/9:9#.HH31AI9>HA:<A#I3<<9139GA#:A>>A#/9:\03G<A#0H.O :AV#GCAGG3GG3H9#B.>>3G/9:9#:A>>.#>9<<.#/9:<19#GA#G<AGGA?# E.#:93#I9=>3.H9#.113I.1/3V#.113I.1/3#.2#9=:3#/9G<9g#.><13HA:<3# :9:#G.1AHH9#\03?#U9=>3.H9#/9:#0:#AGA1/3839#C1.<3/9#23#I9>9:<Z# 1A.=31A#.>#:9G<19#B9:29#23#13>.GG.<A88.V#.>>.#>A==A1A88.#2A>>9#GC3O 13<9V#.>>.#3HC1AGG39:.J3>3<Z#2A>>.#GA:G3J3>3<Z#A2#.>>A#:9G<1A#3:/>3:.O 839:3#I3839GA#23#H929#/FA#3>#:9G<19#GB9189#=A:A19G9V#2A/3G9#A#/9O G<.:<A#/3#/9:20/.#.>#/9HC3HA:<9#C3b#CA1BA<<9#2A>#23GA=:9#23#'39?# k0AG<9# Y# 3># H.=:3B3/9#>.I919#3:<A1391A#/FA#\0AG<[.::9#/3#.<O <A:2A?# *9:# C1A:23.H9>9# .>>.# >A==A1.V# :9:# GI.>913883.H9>9# /9:# >.#C1AG0:839:Ag#:9:#G/91.==3.H9/3#:A>>A#/.20<Ag#H.#.//A<<3.H9>9# /9HA#0:[AG3=A:8.#'3I3:.?#,3/9H3:/3.H9#GAHC1AV#.2#9=:3#=391:9# /9:#.JJ.:29:9#B32A:<A#A#GAHC>3/A#:A>>[.30<9#23#'39V#H.#.:/FA# /9:#.<<A:839:A#2AG<.#A#/9:#C1A=F3A1.#.12A:<A?# 7P
# 6Ll5#:?#674?
N5
H"#I(*)2'(#6-,(#<'/)+-7M# (3//9HA#/3#G3.H9#C19C9G<A#23#C013B3/.1A#>[3:<A:839:A#A#G3//9O HA#:9:#G3#C0`#/911A==A1A#3>#H.>A#GA#:9:#G3#/9:9G/AV#C19I3.H9/3# .#IA2A1A#C3b#/F3.19#:A>>A#/.0GA#23#\0AG<A#:9G<1A#C1A<AGAV#\0.>91.# /3#B9GGA19?#(/10<3.H9/3V#:9:#/3#/9:<A:<3.H9#H.3#23#/9:G<.<.1A#=>3# A11913#GA:8.#13/A1/.1:A#>A#/.0GA?#a#.:/FA#\0AG<9#0:#W1.221388.O HA:<9#23#3:<A:839:AX?#'0A#H.>3#G9:9#2.#<AHA1G3D#>[3=:91.:8.#/FA# :9:#IA2A#A#>[3>>0G39:A#/FA#IA2A#H.>A?# )#>[3>>0G39:A#Y#B91GA#3>#H.>A#C3b#/9H0:Ao#R3./A#<.:<9#23#C.G/A1G3# 23#3>>0G39:Ao )G/>023.H9#>[3=:91.:8.#/9>CAI9>A#/FA#/3#>0G3:=F3.H9#:9:#.JO J3.#>09=9#B1.#:93?#E.#/F3#.I1AJJA#/91.==39#23#AG/>02A1A#>[3=:91.:O 8.#B.<<.#23#23G<1.839:AV#>[3=:91.:8.#I9>9:<.13.V#A#B91GA#>[3>>0G39:An# %=:91.:8.# B.<<.# 23# 23G<1.839:A# A# 23# >A==A1A88.D# .JJ3.H9# C1AO GA:<A# .># :9G<19# GC313<9# .>HA:9# >[3:383.>A# C01A88.# 23# 3:<A:839:An# (3.H9# G9>3<A# 2.1A# .# \0AG<.# C013B3/.839:A# >[3HC91<.:8.# .GG9>0<.# /FA#HA13<.#CA1#>[.G/AG.#2A>>.#:9G<1.#.:3H.n#">>.#>A==A#2A>>[.839:A# hB.<A#9#:9:#B.<A#/9Gji#$AGb#G9G<3<0j#\0A>>.#2A>#CA:G3A19#h:9:#G9>9# :9:#B.<A#/9GjV#H.#CA:G.<A#/9Gji?#$AGb#:9:#.J9>j#>.#>A==A?#(9G<3<0j# .2#0:.#B91H.#91H.3#/9HC1AG.#h>[.839:Ai#0:.#B91H0>.#C3b#CA1BA<<.# CA1/Ff#>[0H.:3<Z#C19=1A23GGA#h3>#CA:G3A19V#>[3:<A:839:Ai? *93#I9=>3.H9#AGGA1A#C19:<A#.>>.#13B91H.#C91<.<.#2.#$AGb?#*9:# /3#2AIA#J.G<.1A#/FA#>[.839:A#G3.#J09:.V#H.#I9=>3.H9#G9C1.<<0<<9# /FA#>[3:<A:839:A#G3.#CA1BA<<.?#)#:9:#/A#>9#G3.H9#GAHC1A#C19C9G<9# /FA# 9=:3# .<<9# AG<A1:9# G3.# >[AH.:.839:A# 23# 0:# .<<9# 3:<A1391An# a# /A1<9#/FAV#:A>#23GA=:9#23#'39V#Y#GA=:.<9#0:#C19=1AGG9#:A>>.#/9HO C1A:G39:AV#2.#C.1<A#2A>>[0H.:3<ZV#2A>>.#(0.#!A==A#'3I3:.o#)#:93# I9=>3.H9#AGGA1A#W0H.:3<Z#:09IAXV#/FA#GA=09:9#\0AG<9#C19=1AGG3O I9#GI3>0CC9#23#/9HC1A:G39:A#2A>>.#I3<.#3:<A1391Ao 7M
# 6Ll5#:?#677?
N6
RA1#B./3>3<.1A#>.#I3G39:A#2A>#>0:=9#/.HH3:9#2.#CA1/911A1AV#>9# 23I32A1AH9#3:#H.:G39:3? P(#-'$3(#23#\0AG<AV#>9#/9HC1A:23.H9#B./3>HA:<AV#I3A:A#CA1O /91G.# 2.>>.# C13H3GG3H.# B91H.839:A# H91.>A# /FA# I3I3.H9# :A>>[3:O B.:83.?#(33#G.==39#A//? P(#,&0)"*(#29I1AJJA#CA1/911A1G3#2.#9=:3#/13G<3.:9#h9GGA1I.:8.# 2A>>.#>A==Ai?# P(#%&'7(#Y#\0A>>.#3:#/03#A:<1.#>[.:3H.#/FA#F.#GA:<3<9#>.#/F3.H.<.# A#I3#F.#/9113GC9G<9?# !.#;.G.#23#'39V#:93#>9#G.CC3.H9V#Y#>[.:3H.#3:#$1.83.?#%:#\0AO G<.#;.G.#23>A<<3GG3H.V#'39#G3#/9HC3./A#23#.J3<.1A#A#B3GG.1I3#>.#G0.# 23H91.?#%:B.<<3#\0AG<9#:9:#Y#<AHC39#H.:0B.<<9V#H.#'39#G<AGG9#:A# Y#>[.1<AB3/A?#&1.#\0AG<9#<AHC39#G.:<9#23#'39#/FA#/9:<3:0.HA:<A# G3#GA:<A#.<<1.<<9#2.>#G09#R13:/3C39#;1A.<91AV#:9:#C0`V#\0.:29#F.# /9HC1AG9#>.#C19C13.#=1.:2A88.V#>3H3<.1G3#.#I3IA1A#3:#0:.#.><A1:.<3O I.#23#.G/AG.#A#23#/.20<.?#RA1#B918.#23#.<<1.839:AV#AGG9#2AIA#C013B3O /.1G3#A2#.G/A:2A1A?#k03:23#B0913#<0<<9#\0A>>9#/FA#:9:#Y#'39#A#CA1# %2239o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o# &1.V# CA1# =30:=A1A# .# G3BB.<<.# C013B3/.839:AV# 9//911A# /9:9G/A:8.V# 23G/A1:3HA:<9#A#/F3.19IA==A:8.?#k03:23#>9<<.#3:/AGG.:<A#.>>[3=:9O 1.:8.V#.>>.#23G<1.839:AV#.>>.#>A==A1A88.V#.>>.#3>>0G39:AV#G9G<3<0839:A# .#<0<<.#\0AG<.#C9>IA1A#3:=9HJ1.:<A#A#3:G023/3.1:AV#23#/9:9G/A:8A# 23#]A2AV#23#CA:G3A13#23#]A2AV#/FA#/3#13IA>.:9#>[3:<3H.#9CA1.839:A# N4
23#'39#:A>>[.:3H.#.<<A:<.#A#3>#/9:<3:09#/9HHA1/39#2A>>[.:3H.#/9:# '39#/FA#G3#3:383.#\0.==3b#A#G3#/9HC3A#:A>>.#I3<.#A<A1:.? "J3<0.<.#>.#:9G<1.#3:<A:839:A#.#\0AG<.#A>3H3:.839:A#A#.#\0AG<.# G9G<3<0839:AV#AGG.#C9<1Z#3:9><1.1G3#:A>>.#H.('%(#3(",$)"&#/FA#GJ9//.# :A>>.#2A3B3/.839:A#2A>>[.:3H.? RA1#3:<19201G3#3:#\0AG<.#=1.:2A#H.:G39:A#20A#/9GA#G9:9#.:/9O 1.#:A/AGG.13AD#$/#,$/&"7$)#)'("%&#A#3>#=30G<9#.CC1A88.HA:<9#2A>#+(/)'&# -.'$=$0(%)'&#*&//T(,,)/.7$)"&? <$/&"7$)#)'("%&D#3>#G3>A:839#Y#/0G<92A#2A>#1.//9=>3HA:<9g#Y#I3=3>A# G/91<.#.>>.#1A<<3B3/.839:A#2A>>[3:<A:839:A?#%>#(3=:91A#Y#H3G01.<91A# 2A>>.#C.19>.#A2#AI3<.#>[3:0<3>3<Z? %># G3>A:839# hJA:# G3# 3:<A:2A# G9C1.::.<01.>Ai# Y# .CC91<.<91A# 23# C./A#3:<A1391A#A#23#G9.I3<Z#AG<A1:.?#;A1<9V#CA1#H.:<A:A1G3#/9G<.:O <AHA:<A#3:#0:[.<H9GBA1.#23#G3>A:839#G9C1.::.<01.>AV#9//911A#GB91O 89#23#I9>9:<Z#2A/3G9#A#/9:<3:0.<9?#&13A:<3.H9/3#.#C9/9#.#C9/9# IA1G9#\0AG<9#G3>A:839#G./19#A#:A#.GG.C91A1AH9#JA:#C1AG<9#3#B10<<3# /A>AG<3? E.>=1.29#CA1`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
# 6L4l#:?#4l?
N7
H9#/01.#23#1.BB918.1A#>.#G<.J3>3<Z#2A>>.#:.IAV#23#2.1>A#0:#C3b#B91<A# 3HC0>G9V#0:.#H.==391A#.=3>3<ZV#:93#:9:#B.1AH9#.><19#/FA#B./3>3<.1AV# .JJ1AI3.1AV#1A:2A1A#C3b#G3/01.#>.#:.I3=.839:A?# k0.:29#>[3:<A:839:A#Y#1A<<3B3/.<.#:93#G3.H9#G3/013#23#=30:=A1A# 3:#C91<9V#A#CA1/3`#H9><9#=30G<.HA:<A#>.#1A<<3<023:A#23#3:<A:839:A# Y#>.#C13H.#/9G.#/FA#29JJ3.H9#AG3=A1A#2.#:93#G<AGGA?#U3A:A#29C9# >[.><19# >.I919# 23# 1.BB918.HA:<9V# 23# .>>A==A13HA:<9V# 23# G=9HJ19V# 23# 23>.<.839:AV# H.# \0AG<9# G.1Z# 3># >.I919# C9G<0H9# CA1/Ff# HA:9# AGGA:83.>A#A#C3b#>0:=9V#A2#Y#C19C139#3>#>.I919#/FA#29JJ3.H9#/9HO C3A1A#/9>#13G<.J3>31A#:A>>A#<A:2A:8A#>[A\03>3J139#CA120<9?# !.#:9G<1.#:.<01.#Y#>.#G<10<<01.#2A>>.#:9G<1.#.:3H.#\0.>A#/A#>[F.# B91H.<.#3>#(3=:91AV#/9:#>A#C19C13A#.<<3<023:3V#/9:#>A#G3:=9>A#/.1.<O <A13G<3/FAV#/9:#>.#C9<A:83.>3<Z#2A>>A#C19C13A#B./9><Z?#k0AG<.#:9G<1.# :.<01.# C0`# IA:31A# H923B3/.<.# 9# :9g# GI3>0CC.<.# C3b# 9# HA:9# A2# .:/FA#G<91C3.<.#.#GA/9:2.#2A>>[A20/.839:A#/FA#/3#I3A:#2.<.?#h'3# \03#>[A:91HA#1AGC9:G.J3>3<Z#2A3#=A:3<913V#2A=>3#A20/.<913#A#23#<0<<3# /9>919#/FA#=032.:9#>A#.:3HAoi? ![A20/.839:A#/3#B91H.#.#C9/9#.#C9/9#2A>>A#.J3<023:3V#A#\0AG<A# .J3<023:3#23IA:=9:9#CA1#:93#0:.#GA/9:2.#:.<01.? (A#>[A20/.839:A#.I1Z#GI3>0CC.<A#>A#:9G<1A#J09:A#3:/>3:.839:3V# :93#./\03G<A1AH9#/9:#H9><.#H.==391A#B./3>3<Z#>.#I31<b?#(A#>[A20O /.839:A#.I1Z#GA/9:2.<9#>A#/.<<3IAV#201A1AH9#=1.:2A#B.<3/.#CA1/Ff# .I1AH9#2.#/9HJ.<<A1A#\0.G3#/9:#20A#:.<01AV#\0A>>.#29:.<./3#:A>>.# :9G<1.#:.G/3<.V#A#\0A>>.#B91H.<.G3#2.>>[.J3<023:A? *93# IA:3.H9# .# /9:I3:/A1/3# 2A>>.# :A/AGG3<Z# 2A>>.# /9:9G/A:8.# 23#:93?#;F3#/9HJ.<<A#.#/.G.//39#/[Y#/.G9#/FA#<19I3#>.#H91<A#29IA# C19C139#G3#3HH.=3:.#23#<19I.1#>.#I3<<913.?#,3/9123.H9#\0A>>9#/FA# .JJ3.H9# 2A<<9# C9/[.:83D# 9//911A# 3::.:83# <0<<9# >.# 1A<<3B3/.839:A# 2A>>A#3:<A:839:3D 6i#RA1#.IA1#>.#G3/01A88.#23#/9:2011A#>.#:.IA#3:#C91<9? 4i# RA1/Ff# \0AG<9# >.I919# Y# H9><9# C3b# J1AIA# 23# \0A>>9# 23# /03# C.1>3.H9#9==3? Nl
7i#;.HJ3.1A#>.#:9G<1.#:.<01.#Y#C1.<3/.HA:<A#C9GG3J3>An# )//9# \03# 0:.# 2A>>A# 3>>0G39:3# /FA# G3# <19I.:9# B1A\0A:<AHA:<A# :A>>A#.:3HAo#;1A29:9#23#C9<A1#<1.GB91H.1A#3:#<.>#H.:3A1.#>.#C19O C13.#:.<01.#2.#H9G<1.1:A#0:[.><1.#<0<<.#3:#9CC9G<9#.>>.#>919g#A#:9:# 130G/A:29/3V#G3#G/91.==3.:9V#G3#.<<13G<.:9V#A#JA:A#GCAGG9#>.G/3.:9# >.#I3.#2A>>.#CA1BA839:A?#)#23CA:2A#2.#\0AG<.#3>>0G39:A#.:/FA#\0A>>.# B1A\0A:<A#:9:#<9<.>A#G3:/A13<Z#23#CA:<3HA:<9#A#23#C19C9G3<9V#:A>>A# /9:BAGG39:3?#)2#Y#:.<01.>AD#/9HA#C19C91G3#0:.#/9G.#3HC9GG3J3>An# %?& -$,!&$%,.#$'#. !"#52#0/+2#/*+('/-'(#6/?-#.(%%>2*/,27L !.# I3<.# 3:<A1391A# Y# <.:<9# 3:23GCA:G.J3>A# .>>[.:3H.# /13G<3.:.V# \0.:<9#3>#/3J9#.>#/91C9? ;9G.#B.#3>#/91C9#/FA#:9:#Y#:0<13<9n#E091A?#;9G.#B.#3>#/91C9# /FA#Y#H.>#:0<13<9n#%:B3.//F3G/Ao#G3#.:AH388.#A#G3#/9:2.::.#.#I3O I.//F3.1A#0:.#I3<.#/FA#:9:#Y#I3<.V#CA1/Ff#:9:#2Z#<0<<9#\0A>>9#/FA# 29I1AJJA#2.1AV#:9:#Y#H91<A#CA1/Ff#.:/91.#I3I.//F3.d#!9#G<AGO G9#ABBA<<9#C1A/3G9#G3#F.#:A>>A#.:3HA#/FA#:9:#G9:9#:0<13<A#23#I3<.# 3:<A1391AD#I3I.//F3.:9o#;FA#/9G[Y#3:B.<<3#\0AG<.#>3:B.#I3<.>A#/FA#G3# /F3.H.#I3<.#3:<A1391An# k0AG<.#I3<.#:9:#Y#.><19V#GA#JA:#G3#/9:G32A1.V#/FA#>.#BA2A>A#/9113O GC9:2A:8.#.>>.#$1.83.g#A#>.#$1.83.#:9:#Y#.><19#/FA#3>#>A=.HA#I3<.>A# B1.#'39#A#HAV#3>#IA19#.=A:<A#2A>>[0:3<Z#A#2A>>.#I3<.?#&1.#>.#$1.83.# CA1#\0AG<.#G0.#C9<A:83.>3<Z#HA1.I3=>39G.#:9:#G9>9#Y#>.#I3<.#2A>>[.O :3H.#H3.V#H.#AGG.#H[3::.>8.#:A/AGG.13.HA:<A#.>#23#G9C1.#23#<0<<9# 3>#/1A.<9V#H3#1A:2A#C9GGA23<13/A#23#HA#G<AGG.V#A2#39#C9GG9#13CA<A1A# 3:#H39#B.I91A#/3`#/FA#(?#R.9>9#G/13IAI.#.3#;913:<3D#W+0<<A#>A#/9GA# G9:9#I9G<1AV#<0<<9V#9#G3.#"C9>>9V#9#G3.#;AB.V#9#3>#H9:29V#9#>.#I3<.V# 7L
# 6L4l#:?#46?
NQ
9#>.#H91<AV#9#>A#/9GA#C1AGA:<3V#9#>A#B0<01AV#3HCA19//Ff#<0<<9#Y#I9O G<19V#I93#23#;13G<9V#A#;13G<9#23#'39X#h6#;91#7V46O47i?# )//9#3>#GA=1A<9#CA1#3>#\0.>A#/F3#I3IA#>.#I3<.#3:<A1391AV#9GG3.#>.#I3<.# 23#BA2A>A#/9113GC9:2A:8.#.>>.#$1.83.V#I3IA#:9:#C3b#0:.#I3<.#.:3O H.>A#A#:AHHA:9#0:.#I3<.#0H.:.V#H.#I3IA#>.#I3<.#G9C1.::.<01.>A# RA1#3:<A:2A1#HA=>39#/3`#/FA#Y#>.#$1.83.#9//911A#C13H.#23#<0<<9# 13/F3.H.1G3# .>>.# HA:<A# 3># /9:/A<<9# 23# \0A># H3G<A19# 3:.//AGG3J3>AV# /FA#Y#>.#I3<.#3:<3H.#23#'39?# %:#\0AG<9#.<<9#A<A1:9#/FA#:9:#G3#13::9I.V#H.#/FA#YV#3>#R.21A# /9:9G/A:29#>.#C19C13.#J9:<ZV#JA>>A88.V#A#G.C3A:8.#3:B3:3<.#=A:A1.V# 9#23/AV#9#C19:0:/3.#3>#UA1J9V#9GG3.#>.#R.19>.#3:B3:3<.V#A2#3:B3:3<.O HA:<A#0:3/.#A#CA1BA<<.V#A#IA==A:29#3:#\0AG<9#(09#UA1J9#>.#J9:<ZV# >.#JA>>A88.#A#>.#G.C3A:8.#h9GG3.#<0<<A#>A#CA1BA839:3V#9#HA=>39#>[0:3/.# 3:B3:3<.#RA1BA839:Ai#2A>>[AGGA:8.#C19C13.V#A2#3>#]3=>309>9#9#UA1J9# IA==A:29#>.#(0.#G<AGG.#RA1BA839:A#:A>#R.21AV#:A#C19/A2A#2.#\0AO G<.#1A/3C19/.#JA.<3GG3H.#I3G39:A#0:#G9GC319#2[.H91A#A<A1:9#/FA#Y# >.#<A18.#RA1G9:.#2A>>.#+13:3<Z#.0=0G<3GG3H.? &><1A#.#\0AG<9V#29JJ3.H9#/9:G32A1.1A#/FA#%2239#Y#/.13<ZV#A2#Y# C19C139# 2A>>.# /.13<Z# 23# AGC.:2A1G3V# 23# ABB9:2A1G3V# 23# 2.1G3# A# %2239# I9>>A#G9223GB.1A#\0AG<9#(09#J3G9=:9#23/3.H9#/9Gj#23#.H91AV#A#/1A`? *A>>.# /1A.839:AV# 20:\0AV# %2239# ABB9:2A# >[.H91AV# A# >9# ABB9:O 2A# H3GA13/91239G.HA:<A# CA1# /9>H.1A# >.# 2AB3/3A:8.# AGGA:83.>A# 23# \0.:<9#:9:#Y#>[AGGA1A#AG3G<A:<A#23#CA1#GA#G<AGG9? %>#:9:#AGGA1AV#Y#3>#:0>>.V#%2239#/FA#Y#>[)GGA1A#CA1#AGGA:8.#GA:<A# 3>#J3G9=:9V#/9HA#G3#Y#2A<<9V#23#2.1#I3<.#.2#AGGA13#/FA#:9:#G9:9V#A# B1.#\0AG<3#AGGA13#G/A=>3A#.:/FA#=>3#09H3:3? k0.>#29:9V#\0.>#JA:AI9>A:8.V#\0.:<.#C1923=.>3<Zo#*93#/9:9O G/3.H9V#C01<19CC9V#\0.>A#3:/9113GC9:2A:8.#23#.H91A#%2239#<19I`# C93#:A>>A#G0A#/1A.<01A#C1A23>A<<A?#
NP
4"#V-'+/#*(%%2#0/7/%2*:2l5# (3.H9#/9:I3:<A#2A>>[A//A>>A:8.#23#\0AG<.#:9G<1.#C9<A:8.#GC313O <0.>AV#/FA#/F3.H.G3#I9>9:<Z#A#2A>>.#:A/AGG3<Z#23#<A:A1#I3I.V#2AG<.V# .<<3I.V# \0AG<.# C1A839G.# B./9><Z?# )GG.# 3:IA/A# GCAGG9# Y# /9HA# 1./O /F30G.#A#/9G<1A<<.#2.#0:.#B3<<.#J9G/.=>3.#23#C.GG39:3V#2[3:/>3:.839:3V# 2[3:I3G/F3.HA:<3# A# H9><A# I9><AV# .:/FA# GA:8.# 1A:2A1GA:A# /9:<9V# AGG.#G3#.2291HA:<.#G0#.J3<023:3#23BA<<9GAV#CA1#>3JA1.1G3#2.>>A#\0.>3# >A#9//911A#B91<A#I3=91A#A#:9:#/9H0:A#CA1GAIA1.:8.?# *93#G3.H#/9Gj#B.<<3V#\0.:29#G3#C.1>.#23#0:.#I31<b#>.#:9G<1.#3:O <A>>3=A:8.#=A:A1.>HA:<A#:A#.JJ1.//3.#>.#B91H.#AG<A1:.#A#/9HC>AGO G3I.V#H.#C93#CA1#>.#G0.#C9/.#C19:<A88.#A#CA1#>.#B3.//FA88.#2A>>.# G0.#I9>9:<ZV#:9:#CA:A<1.#C3b#.#B9:29#>[.:3H.#2A>>.#I31<b#G<AGG.V# A#:9:#G3#/01.#23#9GGA1I.1:A#>A#I.13A#H.:3BAG<.839:3V#>A#H9><AC>3/3# .CC>3/.839:3V#>.#C19=1AGG3I.#CA1BA<<3J3>3<Z#CA1/Ff#CA13/9>3#A#.==0.<3# >.#/31/9:2.:9#A//?#A//? )#2.#/FA#/9G.#C19IA:=9:9V#3:B.<<3V#\0A3#B.>G3#/13<A13#23#C1AG0:<.# /.13<Z#CA>#C19GG3H9V#\0A=>3#.<<.//F3#G3.:9#C01#GC313<0.>3V#\0A3#G9O GCA<<3#3:=30G<3V#\0A>>A#C1AIA:839:3#/9><3I.<A#2.#B.>G3#=302383V#\0A>>A# G0G/A<<3J3>3<Z#=30G<3B3/.<AG3#/9HA#2AG32A139#23#JA:AV#\0A3#:.G/9:O 23HA:<3#.GGA/9:2.<3#CA1#C.01.#23#13HC19IA13V#\0A3#13=0.123#0H.:3# /FA#G3#C1AGA:<.:9#/9HA#29IA13#3HC9G<3#2.>>.#=1.<3<023:AV#\0A>>.# C.01.#2A>>.#>9<<.V#2A>>.#/13<3/.V#2A>#23GC1A889g#<0<<3#23BA<<3V#\0AG<3V# /.C./3#23#C91<.1A#H.>AI9>3#.CC1A88.HA:<3V#C3//9>A#H91H91.839:3V# .GC1A#A#G0J29>A#/13<3/FAV#3:B.0G<3#C13:/jC3#.>>.#>91#I9><.#23#G/3GG01An# '.#/FA#/9G.#C19IA:=9:9n#'.#H.:/.:8.#23#HA:<A#GAHC>3/A#A#23# G3:/A13<Z#C01.V#H.:/.:8.#/FA#HA<<A#>[.:3H.#3:#0:9#G<.<9#23#/9:<3O :0.#3:/9113GC9:2A:8.#.>>.#$1.83.? &Fo#G91A>>A#/.13GG3HAV#I911A3#/FA#3:#\0AG<9#H9HA:<9#C9<AG<A# A:<1.1A#:A>#H39#/091A#A#IA2A1I3#/9:#\0.:<9#.1291A#I3#G/9:=301.D# <.=>3.<AV#J10/3.<AV#0//32A<AV#H.#:9:#I3#B.<A#3:/.<A:.1A#:f#2.#I93# l5
# 6L4l#:?#44?
NM
G<AGGAV#:f#2.#.><1A#/1A.<01Ao#;911A<AV#I9>.<A#IA1G9#\0A>>.#G.:<.#>3O JA1<Z#23#GC313<9V#/FA#Y#3>#29:9#C3b#C1A839G9#/FA#/3#F.#B.<<9#%2239V# CA1/Ff# .CC0:<9# >3JA1A# A# G/39><AV# C9<AGG3H9# >3JA1.HA:<A# A# <9<.>O HA:<A#G9<<9HA<<A1/3#.#!03#G9>9V#/FA#C0`#AGGA1A#>[0:3/9#3:/.<A:.O <91A#2A>>.#>3JA1<Z#0H.:.o %>#:9G<19#GC313<9#/FA#Y#B.<<9#.2#3HH.=3:A#A#G9H3=>3.:8.#(0.# <.:<9#C3b#G3#C013B3/FA1Z#\0.:<9#C3b#G3#GAHC>3/388A1Z?#)#:93#3:IA/A# .:23.H9#GAHC1A#3:#/A1/.#23#/9HC>3/.839:3?# @"#<-*-)6('(#)(#)+())/l6 !.#H.GG3H.#2A>#G.==39#(9/1.<A#W;9:9G/3#<A#G<AGG9X#Y#23#C13H.# :A/AGG3<Z#CA1#>.#CA1BA839:A#2A>>.#I3<.#/13G<3.:.? %># B3>9G9B9# R>.<9:AD# W;F3# /9:9G/A# GA# G<AGG9# .IIA1<A# 3:# Gf# 0:# :9:#G9#/FA#23#23I3:9X?#%>#G.:<9#23/AD#W;F3#/9:9G/A#Gf#G<AGG9#23IA:O <.#I3>A#.3#C19C13#9//F3V#:f#G3#/9HC3./A#2A>>A#0H.:A#>923X?#-:#.0<9O 1A#H92A1:9#G3#29H.:2.D#W;F3#2A3#20A#F.#1.=39:AnX?#)#G3#13GC9:2AD# W"HJA20AX?#(?#":=A>.#:9G<1.#/3#.IIA1<A#W23#B.1A#3:#I3<.#\0A>>9#/FA# I911AHH9#.IA1#B.<<9#3:#C0:<9#23#H91<AX?#K.G<A1AJJA19#\0AG<A#<1A# H.GG3HA# CA1# HA23<.1I3# G9C1.# >0:=.HA:<A# A2# 3:<A:G.HA:<A# 0:.# IA1.#13B91H.#23#I3<.#/13G<3.:.? %:B.<<3#CA1#C9<A1#B.1A#3:#I3<.#\0A>>9#/FA#I911AHH9#.IA1#B.<<9# 3:#H91<A#9//911A#G/9C131A#3:#:93#3#1AG<3#2A>>.#:9G<1.#C13I3>A=3.<.# :.<01.#C13H3<3I.V#:A3#\0.>3#/9HA#23/A#3>#B3>9G9B9#G/91=A1AH9#W0:# :9:#G9#/FA#23#23I3:9X#9:2A#C93#C9<A1#1.II3I.1AV#/9><3I.1AV#GI3>0CO C.1A#/92AG<3#1AG<3g#9//911A#.:/91.#G/9C131A#>.#:9G<1.#/9110839:A#A# H3GA13.V#CA1#/911A==A1>.#A#H923B3/.1>.? k0.:<.#>0/A#C91<.#:A>>.#I3<.#GC313<0.>A#\0AG<.#C1A839G.#/9:9O G/A:8.#23#GfV#CA1/Ff#Y#.CC0:<9#CA1#HA889#23#AGG.#/FA#:93#:9:# G9>9V#G.C1AH9#HA=>39#I.>91388.1A#=>3#.<<3#:9G<13#A#\03:23#B91H.1O l6
# 6L4l#:?#4l?
NN
/3#0:.#C3b#G3/01.#/9G/3A:8.V#H.#C9<1AH9#.:/91.#/.HH3:.1A#C3b# GCA23<.HA:<A#:A>>.#I3.#2A>>[.H91A#23#'39V#CA1/Ff#\0.:<9#C3b#:93# /9:9G/A1AH9#3>#:9G<19#:0>>.V#<.:<9#C3b#/9:9G/A1AH9#3>#+0<<9#A# 13H.11AH9#3::.H91.<A#23#\0AG<9#+0<<9V#/FA#:9:#Y#.><19#/FA#0:[0O :3/.#CA1BA<<3GG3H.#CA1BA839:A? C"#$,&2'2'(#2.#266(++2')/#6-*#&2:/(*:2#(#2,-'(l4 (A#.20:\0A#/.HJ3.1G3#:.<01.#Y#.GG9>0<.HA:<A#3HC9GG3J3>AV#:9:# C0`#AGGA1#:AHHA:9#2AG32A1.J3>A?#"JJ3.H9#2AG32A13#/9:B91H3#.3# 2AG32A13#A2#.>>A#U9>9:<Z#23#'39V#A#:9:#/3#C.G/A1AH9#23#3>>0G39:3#A# :9:#GCA:2A1AH9#3:0<3>HA:<A#<AHC9#A2#A:A1=3A? "IA<A#0:.#:.<01.#I3I.n#*9:#2A<AG<.<A#\0AG<.#:.<01.V#:9:#IA# :A# >.=:.<A# A# <.:<9# CA==39# :9:# I9=>3.<A# .<<.:.=>3.1>.V# /9A1/31>.V# B1A22.1>.?#(A#I93#.IAG<A#<.>3#IA>>A3<Z#:9:#G9>9#:9:#I3#130G/31AG<AV# H.#.:21AG<A#/9:<19#>.#U9>9:<Z#23#'39V#I3#3HHA1=A1AG<A#3:#I.:A# .:=0G<3A?# &1.V# GA#%2239#I3#F.#2.<.#0:.#:.<01.#I3I.V#:9:#IA#>[F.# 2.<.#/A1<.HA:<A#CA1/Ff#=>3A>.#G<91C3.G<AV#H.#CA1/Ff#>.I91.:29>.# GA/9:29#3#(093#2AG32A13V#/9:#AGG.#>9#=>913B3/.<Ao#(A1J.<A#20:\0A# .>>.# I9G<1.# :.<01.# >.# G0.# I3I./3<ZV# .:83# .30<.<A>.# :A3# G093# J09:3# G>.:/3V#:A>>.#G0.#=A:A19G3<ZV#G9>9#I3=3>.<A#.#/FA#AGG.#:9:#I3#<1.G/3:3# .2#3HC102A:<3#C1A/3C3<.839:3? "CC0:<9#13C1A:2A:29#>[AGAHC39#23#0:.#:.<01.#I3I.V#>.#=1.83.# :9:#>A#3:GC31A1Z#H.3#23#G9CC13HA1A#3#G093#G>.:/3#A#>A#G0A#3:383.<3IAV# H.#23#GA=031A#\0AG<3#G>.:/3#/9:#0:.#/9:<3:0.#I3=3>.:8.#A#23#.GGAO /9:2.1A#>A#3:383.<3IA#29C9#0:.#/A1<.#13B>AGG39:Ag#>A#>.G/A1Z#>.#G0.# GC9:<.:A3<ZV#H.#>A#3:GC31A1Z#3>#1.//9=>3HA:<9#3:<A1:9V#/9HA#B1A:9# 29>/A#A2#ABB3/./A#.>>A#C9GG3J3>3#3HC102A:<3#3HC0>G3I3<Z? )2# A//9# >.# :A/AGG3<Z# 2A>>.# C.83A:8.# A# 2A>>.# /.13<Z# IA1G9# :93# G<AGGA?#K3G9=:.#/FA#>9#GC313<9#G3#.J3<03#.2#AGA1/3<.1A#\0AG<.#/.13<Z# l4
# 6L4l#:?#4l?
NL
A# \0AG<.# /9HC.GG39:AI9>A88.# IA1G9# >.# C19C13.# :.<01.# H91.>A# A# B3G3/.o#"><13HA:<3#:A#.II3A:A#3>#/9889#GCAGG9#CA13/9>9G9V#GAHC1A# 3:/9:G0><9V#A#>9#GC313<9#.>>91.#G9<<9#C1A<AG<9#23#CA1BA839:A#G3#3113O =323G/A#3:#0:#B91H.>3GH9#91=9=>39G9#9#:A>>[A=93GH9?#![.:3H.#/FA# :9:# /9HC1A:2A# >.# /.13<Z# IA1G9# >.# C19C13.# :.<01.# 3:BA1391A# :9:# /9HC1A:2A#:f#C1.<3/.#>.#/.13<Z#IA1G9#=>3#.><13V#AG3=A#GAHC1A#C3b#23# \0A>>9#/FA#2AIA?#%:B.<<3#3>#/9H.:2.HA:<9#23#'39D#.H.#3>#C19GG3H9# <09#/9HA#<A#G<AGG9#hE<#6LV6LiV#:9:#23/AD#.H.>9#C3b#23#<A#G<AGG9V# H.#/9HA#<A#G<AGG9?#&1.#GA#>9#GC313<9#:9:#.H.#23#.H91#G.:<9#3># C19C139#/91C9#A#>.#C.1<A#C3b#J.GG.#2A>>.#C19C13.#.:3H.V#:9:#C0`# AGGA1#/.C./A#23#.H.1A#/9HA#2AIA#3>#C19GG3H9? ,3/F3.H.:29#.:/91.#0:.#I9><.#>[AGAHC39#2A>>.#:.<01.#I3I.#Y# G0CC9:3J3>A#/FA#AGG.#C9GG.#GA:<31A#/9:#B./3>3<Z#B91<3#13C0=:.:8A# /FA#:9:#GAHC1A#>A#Y#C9GG3J3>A#I3:/A1A?#(A#\0AG<A#13C0=:.:8A#:9:# G91=9:9#IA1G9#0:#29IA1A#.GG9>0<9#h/FA#.>>91.#:A#I.2.#\0A>#/FA# :A#I.2.#G3#2AIA#9GGA1I.1AV#JA:#3:<AG9#\03#G3#C.1>.#23#AGA1/3839#23# I31<bV#A#:9:#23#/9HC3HA:<9#23#29IA13i#Y#3:0<3>A#/FA#>9#GC313<9#23/.# I9=>39o#a#H9><9#C3b#0<3>A#/FA#>9#GC313<9#G3#HA<<.#.#CA1G0.2A1AV#/9:# 1.=39:.HA:<3#A#/9:#C19C9G<AV#>.#C.1<A#3:BA1391A#A2#.:/FA#\0.>/FA# I9><.#>A#/9:/A2.#0:#>3AIA#.GGA/9:2.HA:<9?#R9<1AHH9#3:#J1AIA# B.1#\0AG<9#23G/91G9#.>>.#C.1<A#C3b#J.GG.D#W$0.12.#/FA#CA1#9==3#<3# CA1HA<<9#23#AI3<.1A#>.#<.>A#/31/9G<.:8.V#H.#29H.:3#:9V#AG3=9#.2# 9=:3#/9G<9#/FA#<0#/9:#HA#>[.BB19:<3X?#%:<.:<9#:A>>.#HA23<.839:AV# :A>>A#13B>AGG39:3V#:A=>3#AG.H3#23#\0A>#=391:9#>.#C.1<A#G0CA1391A#/A1O /.#23#/9:I3:/A1A#>.#1.=39:A#/FA#:9:#Y#C93#=30G<.V#A#<.:<9#HA:9# I31<09G.V#\0A>>.#<.>#13C0=:.:8.#A#>[3:<A>>A<<9#:9:#G<.1Z#C93#H9><9#.# /A2A1A#.>>[AI32A:8.#2A>>.#IA13<Z?#(A#C93#>.#:.<01.#G3#9G<3:.#.:/91.# A# /9:<3:0.# .# B1AHA1AV# .==1.CC3.H9/3# .2# .><13# HA883V# /A1/F3.H9# CA1# AGAHC39# 23# IA:31A# .# C.<<3# /9># /091A# h3># /091A# :A>>A# /1A.<01A# I3IA#Y#GAHC1A#AGC0=:.J3>AiD#=0.12.#/FA#\0A>#<.>A#G./13B3/39#<A#>9# /F3A2A#$AGbV#>9#AG3=AV#I093#231=>3#C19C139#23#:9n#,3/9123#\0.:<A# L5
I9><A#F.3#GA:<3<9#3>#J3G9=:9#23#2.1An#'.3#91.#/FA#C093#2.1A#A#2.1A# =A:A19G.HA:<A? (A#\0AG<.#/912.#:9:#13GC9:2A#GA#:A#<9//.#0:[.><1.D#WE.#/9HAn# \0AG<9#.GGA/9:2.HA:<9#2A>>.#<0.#H3GA13.#/FA#<3#B.#.JJ3A<<.#.3#<093# G<AGG3#9//F3n#A//?X?#'A>#1AG<9V#3:#\0.>/FA#/.G9#J.G<.#.IA1#B.<<9#>.# C13H.#/9:/AGG39:A#h:9:#/9HA#/9:/AGG39:AV#H.#.#<3<9>9#23#/.13<Zi# CA1/Ff#>[0H3>3.839:A#/FA#:A#13G0><.#Y#<.:<9#B91<A#/FA#>.#/9:/AGG39O :A#G<AGG.#Y#=3Z#<1.GB91H.<.#3:#G./13B3/39V#A2#A//9#.IIA1.1G3#/3`#/FA# 23/A#(?#]1.:/AG/9#23#(.>AG#/39YD#W>A#:9G<1A#G<AGGA#C.GG39:3#C.GG.<A# CA>#B3><19#2A>#G.:<9#.H91A#23IA:=9:9#.<<3#A2#AGA1/383#23#I31<bX? *9:#13=A<<3.H9V#:9:#0//323.H9#20:\0A#:0>>.#23#/3`#/FA#%2239# F.#HAGG9#3:#:93V#H.#<0<<9#/9><3I3.H9V#GI3>0CC3.H9V#.//1AG/3.H9# CA1#H.==391HA:<A#=>913B3/.1>9o H"#<-*-)6('(#?(*(#&('#02%;+2'(l7# RA1# AGGA1A# GC313<3# GA13# 9//911A# >.# /9:I3:839:AV# CA1/Ff# \0AG<.# 3HCA1.#G0>>.#I9>9:<Z?#!.#:.<01.#C0`#<1AH.1AV#C0`#13C0=:.1AV#C0`# B1AHA1A#23:.:83#.2#0:#G./13B3/39#2.#/9HC3A1AV#H.#>.#I9>9:<Z#G9=O =39=.<.# 2.>>.# /9:I3:839:A# :9:# G3# >.G/A1Z# /9HH09IA1A# 2.>>A# >.O =:.:8A#2A>>.#:.<01.#A#GA=031Z#2313<<.#>.#G0.#I3.? )//9# 20:\0A# /3`# /FA# Y# :A/AGG.139# .:/FA# CA1# C1.<3/.1A# /9:# B10<<9# >.# H91<3B3/.839:AV# /9:9G/A1A# 3# H9<3I3# CA1# 3# \0.>3# G3# 2AIA# C1.<3/.1AV#/9:9G/A1A#>9#GC313<9#/9:#3>#\0.>A#G3#2AIA#C1.<3/.1A?#-:.# H91<3B3/.839:A#C1.<3/.<.#9#CA1#GC313<9#23#3H3<.839:A#9#CA1#I9>9:<Z# C19C13.#9#CA1#.><13#H9<3I3#:9:#C0`#AGGA1A#.#'39#.//A<<.?#%#23=30:3# 2A>#C9C9>9#AJ1.3/9#B019:9#13C19I.<3#CA1/Ff#B.<<3#.#/.C13//39? ;9:9G/A1AV#.20:\0AV#/9:9G/A1AV#AV#I911A3#231AV#/9:9G/A1A#CA1# G.CA1#23G<3:=0A1A#A#I9>A1A? l7
# 6L4Q#:?#75?
L6
;9:9G/A1A# /FA# /9G.n# ![F9# 2A<<9# C9/[.:83D# <0<<9# \0A>>9# /FA# C0`# 13=0.12.1A# >.# CA1BA839:A# 2A>>.# I3<.# :9G<1.V# /FA# .IA:29# CA1# HA<.#A#CA1#H92A>>9#>.#CA1BA839:A#3:B3:3<.V#:9:#<19IA1Z#H.3#>3H3<A# .>>A#C19C13A#J1.HA? !.# H.:/.:8.# 23# /9:9G/A:8A# AG.<<A# A# JA:# /F3.1AV# Y# 9G<./9>9# :9:#G9>9#.>>.#B91H.839:A#23#B91<3#/9:I3:839:3#/.C./3#23#.GG9==A<O <.1A#>A#I9>9:<Z#.:/FA#C3b#13JA>>3V#H.#\0AG<.#H.:/.:8.#23#/9:9O G/A:8.#Y#.:/FA#913=3:A#23#/9:B0G39:A?#;9:9G/A1A#.20:\0A#.:/FA# CA1#G.CA1A#23G<3:=0A1A? '3G<3:=0A1Ao#&Fo#-:[.><1.#:A/AGG3<Z#01=A:<A#:A>>.#I3<.#3:<A1391Ao T9#>A<<9#=391:3#B.#0:#/9:/A<<9#H9><9#=30G<9#A#H9><9#0<3>AV#GCAO /3.>HA:<A#CA1#:93#29::A#G0>>[AGGA:8.#2A>>.#I3<.#/13G<3.:.?#)GG9#23O /AI.D#W!.#I3<.#/13G<3.:.#:9:#Y#B.<<.#23#3HC1AGG39:3V#H.#23#I9>9:<ZX?# )2#Y#C19C139#\0AG<9#3>#<AH.#G0#/03#>A#.:3HA#3:<A13913#B.::9#GCAGG9# =1.:23#/9:B0G39:3V#/FA#=A:A1.:9#C93#3:<A1H3:.J3>3#/9HC>3/.839:3?# (9#JA:A#/FA#/3`#:9:#2A13I.#G9><.:<9#2.#0:.#H.:/.:8.#23#/9:9O G/A:8.V#H.#Y#.:/FA#0:#.I.:89#23#\0A>#GA:<3HA:<.>3GH9#/9Gj#23BB0O G9#:A>>.#G9/3A<Z#H9:2.:.V#H.#G9#.:/91.#/FA#GA#>A#.:3HA#3:<A13913# /9:9G/AGGA19#23#C3bV#B.1AJJA19#.GG.3#C3b#C1AG<9#.#GC9=>3.1G3#23#/9O 2AG<9#.I.:89#GA:<3HA:<.>AV#A#:9:#B91H0>A1AJJA19#C3b#\0A>>A#B1.G3# /9Gj#23G23/AI9>3#.2#.:3HA#.GC31.:<3#.>>.#CA1BA839:A?#WE3#GA:<9#/9Gj# <13G<Ad#/9Gj#3:/.C./AdV#:9:#13AG/9#.#GA:<31A#C3b#:0>>.dV#:9:#H3# 13AG/A#23#C.1>.1AdV#:9:#H3#13AG/A#23#G/13IA1AdX? &1.#39#29H.:29#/9HA#0:[.:3H.#3:<A1391A#C9GG.#CA1HA<<A1G3# 23#<01J.1G3V#.11AG<.1G3#A#G/91.==3.1G3#CA1/Ff#:9:#GA:<AV#CA1/Ff#:9:# IA2A#9#HA=>39V#I911A3#29H.:2.1A#/9HA#C0`#2.1A#3HC91<.:8.#.# /92AG<3#B.<<3#/FA#:9:#G9:9#.><19#/FA#3HC1AGG39:3#23#GA:G3J3>3<Z?#E.# /1A2A#>[.:3H.#23#AGGA1A#0:.#1A.><Z#I3IA:<AV#/9H0:3/.:<A#/9:#.><1A# 1A.><Z#GC313<0.>3V#A2#.:83#/9:#>[AGGA:8.#G<AGG.#2A>>[)GGA1An#E.#13O /912.#>[.:3H.#23#C9GGA2A1A#20A#B./9><Z#GC313<0.>3#/FA#G3#/F3.H.:9# 3:<A>>A<<9#A#I9>9:<ZV#A#/FA#G9:9#>A#IA1A#B./9><Z#/9G<3<0A:<3#3>#G09# GC313<9n#)#GA#/1A2A#A#13/912.#\0AG<A#20A#IA13<ZV#/9HA#Y#C9GG3J3>A# L4
/FA#23.#0:#I.>91A#/9Gj#=1.:2A#.>>A#3HC1AGG39:3#/FA#G3#H9><3C>3/.:9# :A>>.# G0.# C.1<A# GA:G3J3>An# '.# \0AG<9# /9:B0G39:3GH9# 2A>>.# C.1<A# GA:G3J3>A# /9:# >.# C.1<A# GC313<0.>A# :.G/9:9# C93# CA1# :A/AGG3<Z# <0<O <.#\0A>>.#/9:=A13A#23#3:/A1<A88AV#C.01AV#G/10C9>3V#G/91.HA:<3#/FA# 2.::9#<.:<.#G9223GB.839:A#.>>9#GC313<9#2A>#H.>A#A#23G=0G<.:9#<.:<9# >["H91A#3:B3:3<9? ;9:9G/A1AV#20:\0AV#/9:9G/A1A#CA1#B91H.1G3#G9>32A#A#C19B9:2A# /9:I3:839:3V#/9:9G/A1A#CA1#23G<3:=0A1AV#/9:9G/A1A#CA1#I9>A1A? J"#<-,(#*(%%2#0/+2#9/)/62E#6-)X#2*68(#/*#S;(%%2#/*+('/-'(#-6Y 6-''(#6'()6('(ll# [&0%(# ,(-&'&V# G3# C1A=.# :A>>[9<<.I.# 23# RA:<A/9G<A# A2# 9=:3# I9><.# /FA#3:I9/F3.H9#>3<01=3/.HA:<A#>9#(C313<9#(.:<9#@#[&0%(#,(-&'&#@#>9# <1.20/9#0:#C9[#.#91A//F39#\0AG<9#H9<<9#/FA#Gj#B1A\0A:<AHA:<A# 13CA<3.H9V#H.#23#/03#B91GA#:9:#.CC19B9:23.H9#3>#G3=:3B3/.<9D#G.O CA1A#1A<<.HA:<AV#.CC1A88.1A#=30G<.HA:<AV#/9:9G/A1A#AG.<<.HA:<AV# =3023/.1A#1A<<.HA:<A?#+0<<9#\0AG<9#:93#29H.:23.H9#/9:#\0A>>A# 20A#J1AI3#C.19>A? [&0%(#,(-&'&#Y#20:\0A#/9:9G/A1A#/9:#H.==391#/F3.1A88.#A#/9:# C3b#C1A/3G.#I3G39:A#3#:9G<13#29IA13V#>A#:9G<1A#.GC31.839:3V#>A#:9G<1A# B3:.>3<Z?#!9#G/9C9#:9:#G3#C0`#1.==30:=A1A#GA:8.#2AG32A1.1>9#A#GA:O 8.#0G.1A#3#HA883#CA1#1.==30:=A1>9? k0.>A#3>#B3:A#A2#3>#2AG32A139#C3b#.12A:<A#2A>>.#:9G<1.#AG3G<A:8.n# "II3/3:.1/3#.#'39V#0:31/3#.#!03V#3:#0:.#C.19>.D#3:O'%O.1/3#hq#AGGA1A# 3:#'39i?#k0.>3#3#HA883#CA1#1.==30:=A1>9n#!.#$1.83.V#>.#/9:9G/A:8.V# >.#I31<bV#H.#\0AG<A#G9:9#/1A.<01A#CA1BA<<3J3>3V#9GG3.V#C9GG9#/1AG/A1A# 3:#$1.83.V#.CC19B9:231A#>.#/9:9G/A:8.V#C19=1A231A#:A>>.#I31<b#CA1# =30:=A1A#@#/9HA#23/A#(?#R.9>9#@#.>>.#C3A:A88.#2A>>[A<Z#23#;13G<9? ll
# 6L75#:?#P5?
L7
(.1Z#20:\0A#0<3>A#\0.>/FA#I9><.#BA1H.1/3#.#/9:G32A1.1A#GA#\0AO G<.#/1AG/3<.#.II3A:A#3:#:93V#GA#3>#C19/AGG9#2A>#:9G<19#GI3>0CC9#3:O <A1391A#I.#23#C.13#C.GG9#/9:#>9#GI3>0CC9#2A>#:9G<19#AGGA1A#B3G3/9# A2#0H.:9?# [&0%(#,(-&'&?#'AJJ9#I3=3>.1A#.#/FA#3>#H39#AGGA1A#.:3H.>A#A2#0H.O :9#:9:#13C1A:2.#>.#G0CA13913<Z#G0>>.#I3<.#2A>>9#GC313<9V#:9:#G9>9V# H.#2AJJ9#.:/FA#I3=3>.1A#.#/FA#3#=A1H3#23#G.:<3<ZV#/FA#>.#$1.83.#2AO C9G3<`#A#2AC9G3<.#3:#HAV#G3#GA/9:23:9#A#G3#GI3>0CC3:9#3:#/9:B19:<9# 2A>>A# AG3=A:8A# 23I3:A# .# H39# 13=0.129?# *9:# C9GG9# 13H.:A1A# 0:.# J3HJ.#G/39//.#/FA#.:/91#G3#23IA1<A#/9:#3#G093#=309/F3#2[3:B.:83.V# 3>>02A:29G3#23#:9:#29IA1#H.3#C1A:2A1A#C9G3839:A#:A>>.#I3<.?# &==3#>A#1AGC9:G.J3>3<Z#/3#C1AH9:9#2.#9=:3#C.1<AV#A#/9HA#:A>>A# =1.:23#J.<<.=>3A#G3#29H.:2.#.>>.#:9G<1.#A:A1=3.#3>#H.GG3H9#GB9189? !A#1AGC9:G.J3>3<Z#C1AH9:9V#A2#01=A#HA<<A1G3#.>>[9CA1.#.BB3:/Ff# >9#(C9G9#.113I.:29V#:9:#/3#<19I3#/9:#>A#>.HC.2A#GCA:<A?#].<3/.1A# G9C1.#23#:93#CA1#.<<A:2A1A#.#\0A>#H3=>391.HA:<9#\09<323.:.HA:<A# C19=1AGG3I9# /FA# 3># '3>A<<9# AG3=AV# A# /FA# 2.# =1.:# <AHC9# .<<A:2Ag# B.<3/.1A# CA1# >[./\03G<9# 23# \0A># 29H3:39# 23# :93# G<AGGA# /FA# H9><A# .:3HAV#.:/FA#:9:#/1A2A:<3V#1.==30:=9:9#CA1#C13:/3C39#H91.>A#9# 23#A20/.839:Ag#B.<3/.1A#.<<91:9#.#:93#.30<.:29/3#G/.HJ3AI9>HA:<A# /9:#>.#C1A=F3A1.#A#/9:#>.#29>/A#A#GC9:<.:A.#/911A839:A#B1.<A1:.# .>>[./\03G<9#2A>>.#I31<bg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f#/911AI9#>Z# 29IA#H3#C91<.I.#>.#G3HC.<3.V#29IA#H3#G3#B./AI.:#/.1A88AV#29IA#H3# Ll
G3#C1923=.I.:9#29>/30H3#A#<A:A1A88A?#k0AG<9#Y#A=93GH9V#:9:#Y# .H91A?# )# /9Gj# G3# 23/.# 2A># GA:<3HA:<9# 9CC9G<9# /FA# C0`# G0G/3<.1G3# 3:# :93D# 2A>>A# 13C0=:.:8A?# )GGA# =A:A1.>HA:<A# G9:# 2.# 13=A<<.1G3V# H.3# 2.#GA/9:2.1G3V#CA1`#.:/FA#23#\0AG<A#3>#E.AG<19#0G.#GA1I31G3#A#:A>>A# .:3HA#/FA#F.::9#.CC1AG9#3>#29H3:39#23#GfV#\0.>/FA#I9><.#/92AG<A# 13C0=:.:8A#C9GG9:9#AGGA1A#.IIA1<A:8A#3:<A13913#2A>#E.AG<19#CA1# HA<<A1>A#3:#=0.123.?# k0.:29# A1.I.H9# J3HJ3# G3# /1A2AI.# /FA# <0<<3# B9GGA19# J09:3V# /FA#<0<<3#/3#.30<.GGA19#.#23IA:31#J09:3V#H.#>[AGCA13A:8.#2A>>.#I3<.# /3#F.#23H9G<1.<9#/F[A1.#0:[3:=A:03<Z#:9G<1.?#)2#.>>91.#/FA#B.1An# "H.1>3#.:/FA#23#C3b#GA:8.#3:=.::.1/3#G0>#>919#/9:<9?#k03:23#C10O 2A:8.V#J09:#=3023839V#/31/9GCA839:Ag#\03:23#:9:#/F302A1#=>3#9//F3# G03#23BA<<3#.><103V#H.#IA2A1>3#/9:#0:.#C19B9:2.#C3A<Z#CA1#C9<A1HAO :A#23BA:2A1AV#A2#.30<.1A#/F3#:A#Y#>.#I3<<3H.?#*9:#:.G/9:2A1>3#CA1# 0:#B.>G9#C3A<3GH9V#H.#<./A1>3#/9:#/F3#:9:#F.#2313<<9#23#/9:9G/A1>3# A#13IA>.1>3#.#/F3#C0`#C91I3#0:#13HA239?#*9:#>.G/3.1>3#3:/01.<3#CA1# 2AJ9>A88.#9#I3><ZV#H.#G9//911A1>3#A#/911A==A1>3?#*9:#23BB32.1AV#:9:# G9GCA<<.1AV#H.#:A.:/FA#/1A2A<A#/9:#3:B.:<3>A#3:=A:03<Zo '0:\0A#>A#:9G<1A#I31<b#/9:#3>#<AHC9#29I1AJJA19#.IA1#/9HC30O <9# 0:.# C19=1AGG3I.# <1.GB91H.839:A?# '9H.:23.H9/3# GA# /[Y# G<.<9# \0AG<9#C19=1AGG9?# ;9HA# G9:# C19=1A23<A# >A# H3A# I31<bn# (9:9# .:/91.# .>>9# G<.<9# 2[3:B.:83.n# &IIA19# F9# G.C0<9V# /9:# >[.30<9# 23# '39V# .1H9:388.1A# 3>#2AG32A139#23#G.:<3<ZV#3>#C19=1AGG9#3:#AGG.#/9:#>[AGCA13A:8AV#/9:# >A#/9=:3839:3#:09IAV#/FA#>.#I3<.#H3#9BB1A#9=:3#=391:9n#R9GG3A29#3># 23G/A1:3HA:<9#2A>#JA:A#A#2A>#H.>A#.#/03#H3#AG91<.#(?#R.9>9n#R19O /019#.>HA:9#23#B91H.1H3#\0AG<.#I3G39:A#C3b#/F3.1.n#T9#.>HA:9#3># /91.==39#23#C1A:2A1A#>.#13G9>0839:A#2[3HC91H3#<0<<A#>A#GA1A#\0AG<.# 29H.:2.n#T9#B.<<9#:AGG0:#C.GG9#:A>>.#/1AG/3<.#2A>>A#I31<bn LQ
K"#A/0('(#)-&'2**2+;'2%,(*+(ZlQ -:9# 2A3# HA883# 3:231A<<3# CA1# 3HCA231A# /FA# >.# 13>.GG.<A88.# .<O <.//F3#CA13/9>9G.HA:<A#3>#:9G<19#GC313<9#Y#>.#/9:9G/A:8.#GAHC1A# C3b#C19B9:2.#2A>>A#13//FA88A#3:<A13913#23#/03#>[09H9#C0`#23GC911AV# 2.>>.#\0.>A#/9:9G/A:8.#2AIA#G/.<0131A#>.#1.23/.<.#/9:I3:839:A#A#>.# 2A/3G.#I9>9:<Z#23#29IA1#I3IA1A#G9C1.::.<01.>HA:<A? U3IA1A#G9C1.::.<01.>HA:<A#I09>#231A#GC9=>3.1/3#3>#C3b#C9GG3J3>A# 2A>>[39# GA:G3J3>A# 23# H929# /FA# 1A=:3# 3:# :93# 3># '39# 3:I3G3J3>A?# E.# .CC0:<9#CA1/Ff#3:I3G3J3>A#hA#CA1/3`#:9:#.CCA<3J3>A#.3#GA:G3#2A>>.# :9G<1.#>.HC.2.#/3A/.iV#\0AG<3#GA:G3#/3#/9:20/9:9#.#23HA:<3/.1>9# /9:#0:.#B./3>3<Z#G91C1A:2A:<A?#)#23#\03#\0A>>.#HA239/13<Z#23#I3<.# /FA# :9:# G9>9# CA1I.2A# <0<<3# 3# /13G<3.:3V# H.# C01<19CC9# G3# 3:G3:0.# .:/FA#:A>>A#.:3HA#/FA#B.::9#C19BAGG39:A#23#I3<.#G9C1.::.<01.>A? *A>#23G/91G9#C1A/A2A:<A#>[0><3H.#;A:.#$AGb#13I9>=AI.#.3#29O 23/3#\0AG<A#C.19>AD#W%:#IA13<Z#I3#23/9D#Y#JA:A#CA1#I93#/FA#%9#HA# :A#I.2.V#CA1/Ff#GA#%9#:9:#I.29V#:9:#IA11Z#.#U93#3>#R.1./>A<9V#H.# \0.:29#HA#:A#G.1`#.:2.<9V#IA#>9#H.:2A1`X#h$I#6PVMi? ;9HHA:<.#0:#H3G<3/9#<A2AG/9D#W>.#G0.#0H.:3<Z#A1.#23IA:0<.# 0:#9G<./9>9?#K3G9=:.I.#G9<<1.11A#.3#>919#9//F3#>.#/.1:A#/FA#!9#IAO >.I.#.>>9#G=0.129#2A>>.#>919#.:3H.V#\0A>>.#/.1:A#C01#/9Gj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h/FA# >9#GC313<9#0H.:9#C0`#G/9C131A#G9>9#:A>>.#>0/A#2A>>.#]A2AiXlP?#(A# lQ
# 6Ll4#:?#6lQ? # E?#S0:2A>V#9/#-)&3(#*&//(#,(0'(#/$%.'6$(V#C?#6l5?
lP
LP
=>3#"C9G<9>3#I3GG0<3#CA1#<1A#.::3#/9:#3>#H.AG<19#A1.:9#/9Gj#3:/>3O :3#.#I.>91388.1A#A#2.#.<<.//.1G3#.>#GA:G3J3>A#/FA#A1.#3:#!03V#\0.>A# CA13/9>9#CA1#C93V#3>#13H.:A1A#G9<<9#3>#B.G/3:9#2A3#GA:G3?#)#\0.:<A# I9><A#.JJ3.H9#.IIA1<3<9#\0AG<.#GA20839:AV#9#IA1G9#CA1G9:A#/.1AV# 9#IA1G9#G./A129<3#G.:<3V#9#IA1G9#/31/9G<.:8AV#.HJ3A:<3V#.J3<023:3#.# /03#>.#:9G<1.#G9223GB.839:AV#GA:G3J3>AV#G3#.<<.//.I.#<A:./AHA:<Ao#)# \0.:<A#>./13HA#GC.1GA#\0.:29#>[)<A1:9#"H91A#=A>9G9#2A>#:9G<19# C3//9>9#.H91AV#3:<A1IA:3I.#/9>#G09#/9><A>>9#13G.:.<91A?# RA1/Ff#<.:<.#HAG/F3:3<Z#:A>>[09H9n#)CC01A#>.#:9G<1.#I3<.#13O IA>.#.#:93#G<AGG3#>.#:9G<1.#/.C./3<Z#23#3:B3:3<9?#*9:#I3#Y#:0>>.#23# /1A.<9#/FA#C9GG.#G9223GB.1/3#A#>[3HHA:G3<Z#G<AGG.#2A=>3#GC.83#H.O <A13.>3# .><19# :9:# Y# /FA# >[3HH.=3:A# 2A>>.# :9G<1.# B.HA?# E.>=1.29# CA1`#\0AG<.#AI32A:<A#/9:G<.<.839:A#\09<323.:.V#:93#/9:<3:03.H9# .#/A1/.1A#>.#G.83A<Z#29IA#:9:#AG3G<A? *93#/9:<3:03.H9#.2#.<<.//.1/3#.#\0AG<9#H3GA19#H9:29#29IA# :9:#Y#13C9G9#:f#/9:<A:<9#.>/0:9?#RA1/Ff#\0AG<.#/9:<1.223839:An# WRA1#0:9#GC9G<.HA:<9V#23/A#>[.0<91A#/3<.<9V#2A>#:9G<19#.CCA<3<9X?# RA1#\0AG<9#23GGAG<9#:93#/3#3HJ19=>3.H9V#.<<13J0A:29#.=>3#9==A<<3# GA:G3J3>3V#>.#GA20839:A#3:B3:3<.#/FA#13GC9:2A#.>>[3HHA:G3<Z#2A3#:9O G<13#2AG32A13?#)#GA#:93#.<<13J03.H9#.>#GA:G3J3>A#<.:<.#3HC91<.:8.V# /FA#/9G.#23#C3b#:.<01.>A#/FA#/A2A1A#.>>A#G0A#C19HAGGA#A#G0J31A#3># G09#B.G/3:9n#;9HA#C9<1AH9#:93V#.BB.H.<3#23#3:B3:3<9V#1AG3G<A1A#.>>.# G0.#G0==AG<39:A#/FA#/3#B.#.CC.131A#>[3:B3:3<9#.#C91<.<.#23#H.:9n# E.#G3.H9#G3:/A13V#<0<<9#\0AG<9#23GGAG<9#:9:#23CA:2A#2.#0:.#2AO B3/3A:8.#23#BA2An#'3#\03#>.#23BB3/9><Z#.#GC313<0.>388.1/3?#)#:9:#/3# .//91=3.H9#/FA#\0.:<9#C3b#/3#3:=9>B3.H9#3:#\0AG<9#2AC>91AI9>A# GC9G<.HA:<9V#<.:<9#C3b#.GC19#1A:2A1AH9#3>#:9G<19#/.HH3:9?# %#(.:<3#F.::9#/9HC1AG9#>[A\03I9/9#A#G3#G9:9#1.221388.<3?#E.# :93n %>#/13G<3.:9#2AIA#I9>A1#=30:=A1A#GAHC1A#C3b#3:#>ZV#2AIA#I9>A1# /1AG/A1A#A#:9:#C0`#1.GGA=:.1G3#.2#AGGA1A#9==3#\0A>>9#/FA#A1.#3A13?# $0.3#.#/F3#13C9G.?#E.#C01<19CC9V#CA1#>9#GC9G<.HA:<9#23#/03#G3#Y# LM
C.1>.<9V#>[91=9=>39#A#>.#GA:G3J3>3<Z#>9#<A:=9:9#.:/91.#.II3:<9?#)#GA# \0AG<A#20A#C.GG39:3#:9:#=30:=9:9#:A>>A#.:3HA#J09:A#.>>.#B91H.# 23#CA//.<9#=1.IAV#IA:=9:9#<0<<.I3.#.<<.:.=>3.<AV#A2#AGGA#G3#23J.<O <9:9#B1.#>9#GC313<9#23#C19C13A<Z#A#>.#:9G<.>=3.#2A>>.#>3JA1<Z?#)//9#>.# :A/AGG3<Z#23#<A:A1/3#JA:#2AG<A#:A>>.#C1.<3/.#2A=>3#3HH0<.J3>3#C13:O /3C3#2A>>.#I3<.#3:<A1391AV#GB918.:29/3#23#.CC>3/.1>3#.2#9=:3#3G<.:<AV# .2#9=:3#9//0C.839:A#2A>>.#I3<.#\09<323.:.? W%>#1A=:9#23#'39#Y#2A:<19#23#I93X#h!/#6MV46i#F.#2A<<9#>9#(C313<9# (.:<9V#Y#3:#\0AG<9#1A=:9#JA:A2A<<9#/FA#29JJ3.H9#G<.J3>31/3#A#.CO C9==3.1/3#<0<<.#>.#:9G<1.#I3<.?#a#IA19#/FA#\0AG<9#1A=:9#Y#<.>HA:<A# 3:.J3GG.<9#:A>>.#H3G<A139G.#C19B9:23<Z#2A>#:9G<19#GC313<9#/FA#Y#JA:# 23BB3/3>A#1.==30:=A1>9? (3#Y#2A<<9#/FA#>[AGCA13A:8.#\09<323.:.#/A#>9#23H9G<1.#/9>#B.<<9# /FA#:0>>.#23#/1A.<9#/3#G9223GB.V#/FA#9=:3#J.113A1.#/3#01<.V#/FA#9=:3# >3H3<A#/3#AG.GCA1.? E.#CA1#3>#B.<<9#G<AGG9#/FA#:93#.GC313.H9#.>>[3:B3:3<9#A#:9:#>9# 1.==30:=3.H9V#29JJ3.H9#GA:<31/3#3:#0:.#C9IA1<Z#3:3HH.=3:.J3>A? k0AG<.# C9IA1<Z# Y# /9G<3<03<.# 2.>>.# :9G<1.# G0CA1B3/3.>3<Z?# '9JO J3.H9# .20:\0A# >.I91.1AV# G/.I.1AV# .CC19B9:231AV# B3:/Ff# G.1AH9# B.<<3#G3/013#/FA#>.#:9G<1.#3:23=A:8.#13/9:9G/30<.V#.//A<<.<.V#.H.<.# G.1Z#C19C139#AGG.#/FA#/3#B.1Z#3:/9:<1.1A#/9>#WR9IA19#23I3:9X?#"2# 0:#C9IA19#:9:#G3#I.#13//.HA:<A#IAG<3<3V#.2#0:#/19/3B3GG9#:9:#G3#I.# 3:/919:.<3#23#19GA?#]0#\0AG<9#3>#=1.:2A#3:GA=:.HA:<9#/FA#$AGb# 9BB1j#.=>3#"C9G<9>3#\0A>>.#GA1.#2A>>[0><3H.#/A:.? RA1#/9:I3:/A1>3#.#B.1G3#C3//9>3V#CA1#H9G<1.1A#/FA#:A>>[.::3A:<.O HA:<9#2A>>[0H.:9#G3#<19I.#3>#<0<<9#'3I3:9V#>.I`#>919#3#C3A23#h$I# 67V6O65iV#CA1/Ff#W\0A>#GA1I31A#3:#=3:9//F39V#G0G/3<.GGA#3:#AGG3#>[0O H3><ZX#AV#\0.G3#:9:#J.G<.GGAV#G0J3<9#29C9#IA>`#>.#(0.#/.1:A#G9<<9# 3>#GA=:9#2A>#C.:A?#;9Gj#GCA1`#23#.IA1/3#C1AG3#:A>#C0:<9#C3b#A>AO HA:<.1A#2A>>.#:9G<1.#I3<.#/.1:.>AV#:A>#J3G9=:9#23#H.:=3.1A?#(CA1`# /FA#:93#.I1AHH9#/.C3<.#>.#>A839:AD#2.<AH3#>.#I9G<1.#I3<.#\0.>#Y#A# :A#B.1`#>.#E3.#U3<.?#;3#3:GA=:`#.#H.:=3.1A#G.:<.HA:<AV#.#H.:O LN
=3.1A#23I3:.HA:<A?#&#H3G<A19#23#BA2A#A#23#.H91AV#9#3:GA=:.HA:<9# 23#GC313<0.>388.839:Ao#%>#C.:AV#>[A>AHA:<9#C3b#/9H0:A#23I3A:A#W3># C0:<9#23#.CC9==39X#:A/AGG.139#.3#GA:G3V#/9HA#C19I.#2A>>.#1A.><Z# 2A>>.#R1AGA:8.#23I3:.V#H.#3:#/03#3#GA:G3#:9:#C9GG9:9#C1AGA:<31A# :0>>.# GA# :9:# /A29:9# 3># C9G<9# .>>.# BA2A?# %# H3G<3/3# 23G<3:=09:9# 3# GA:G3#H.<A13.>3#2.3#GA:G3#3:<A13913?#U3#Y#0:.#I3G<.#3:<A1391AV#I3#Y#0:# 023<9#3:<A1391A#A//?#![-H.:3<Z#G./19G.:<.#h\0A>>[0H.:3<ZV#/FA#.=>3# "C9G<9>3# A1.# AV# <.:<9# C3b# .# :93V# G.1AJJA# 23# 3HJ.1.889i# 13H.11Z# GAHC1A#0=0.>HA:<A#I3/3:.#.=>3#09H3:3V#H.#>.#>919#/.1:A#:9:#I3# <19IA1Z#C./AV#A#>A#>919#.HJ3839:3#G.1.::9#.::3A:<.<A#:A>#G09#G<AGO G9#.::3A:<.HA:<9?#%>#UA1J9#B.<<9#/.1:A#29I1Z#.CC.131A#.3#:9G<13# 9//F3#G9>9#/9:#.GCA<<9#23#/9G.?#%>#UA1J9#B.<<9#/.1:AV#>[)<A1:.#C.O 19>.V#23IA11Z#3>#UA1J9#G3>A:839G9V#>.#'3I3:.#R9IA1<Z#A:<1.#:A>#(09# G0C1AH9#GC9=>3.HA:<9? ;9HC1A:2A1.::9#=>3#09H3:3n#(9>9#3>#G3>A:839#23#<0<<9#>[AGGA1A# :A>>.#H91<A#2A>>[39V#C0`#3:<A:2A1A#H3G<A13#/9Gj#C19B9:23?#(9>9#>.# C9IA1<Z# 23# GC313<9V# CA1# >.# \0.>A# >[.:3H.# 13:0:83.# .# C9GGA2A1A# GA# G<AGG.V#C0`#G/9C131A#=>3#.J3GG3#23#G.C3A:8.#A#23#.H91A#2A>>[3:ABB.J3O >A#R9IA1<Z#'3I3:.o L"#Z&('#0/0('(#/*#&/(*(::2#%>;,2*/+1lM W%>#J09:#.::0:/39#23#$AGb#B0#\0AG<9D#>[09H9#2AIA#23IA:<.1A# C3b#/FA#09H9#A#:9:#2AIA#23G<10==A1A#>.#G0.#0H.:3<ZV#:f#>.#/9:O /1A<A88.#2A>>A#/9GA#:.<01.>3V#CA1/Ff#>A#/9GA#>3H3<.<AV#'39#G<AGG9#>A# B.#/9>#G09#.H91AV#:f#>[09H9#C0`#A>AI.1G3#23G<10==A:29#\0A>>9#/FA# '39#G<AGG9#/1A.?#">>91.#3>#C19J>AH.#/A:<1.>A#2A>>.#CA1A::A#/1AG/3<.# 23#/03#Y#B.<<.#>.#I3<.#IA1.HA:<A#0H.:.#Y#\0AG<9D#.H.1A#GA#G<AGG3#A# >A#/1A.<01A#>3H3<.<A#:9:#CA1#3>#/9H929#C3./A1A#/FA#G3#C0`#<1.11A# 2.3# >919# >3H3<3V# H.# CA1# >.# >919# 3:2AB3:3<.# AGC.:G3J3>3<Z# /.C./A# 23# lM
# 6Ll4#:?#6lQ?
LL
9GC3<.1A#'39V#/9G3//Ff#.<<1.IA1G9#>.#/1A.<01.#B3:3<.#G3#.H3#>[3:B3:3<Z# 23#'39#A#/3#G3#3::.>83#2.3#>3H3<3#2A>>.#:.<01.#/1A.<.#.>>[3:B3:3<Z#2A># I3I9#%:/1A.<9X? k0AG<9#<1.<<9#23#0:#"0<91A#H92A1:9#C91=A#9//.G39:A#CA1#13O A:<1.1A# :A>>.# :9G<1.# >3:A.# 3:<A1391A# C1AG.# \0AG<[.::9D# /9HC3A1A# JA:A#3#C3//9>3#29IA13? '39#/9>#(09#.H91AV#G3#Y#2A<<9V#B.#>A#/9GA#>3H3<.<A?#k0AG<A#20:O \0A#HA13<.:9#<0<<9#3>#:9G<19#.H91Ag#.:/FA#>A#H3:3HAV#CA1/Ff#>A# F.#B.<<A#%2239?#(A#>.#:9G<1.#G9C1.::.<01.>388.839:A#:9:#/3#<1.GB91O H.#3:#.CC.GG39:.<A#.H.:<3#23#<0<<A#>A#/9GAV#CA1/Ff#<0<<A#>A#/9GA# C91<.:9#'39V#Y#G9C1.::.<01.>388.839:A#23#B.>G.#>A=.V#=3.//Ff#/F3#G3# .II3/3:.#.#'39#2AIA#.H.1A#>A#/1A.<01A#>3H3<.<A#:9:#CA1#3>#/9H929# C3./A1A#/FA#G3#C0`#<1.11A#2.#AGGA#hA=93GH9iV#H.#CA1#>.#/9HC1A:O G39:A#2A>>.#>919#W3:2AB3:3<.#AGC.:G3J3>3<Z#/.C./A#23#9GC3<.1A#'39X? ;9HC1A:2A1A#/FA#.:/FA#<0<<A#>A#H3:3HA#/9GA#G9:9#B.<<A#2.# '39V#C91<.:9#'39V#C9GG3A29:9#0:.#3:2AB3:3<.#AGC.:G3J3>3<ZV#CA1O /Ff#/.C./3#23#9GC3<.1A#'39?#">>91.#G3#3:<A:2A#/9HA#(?#KA:A2A<<9V# :A>>.# G0.# ,A=9>.V# /9H.:23# .3# G093# H9:./3# 23# 13GCA<<.1A# A2# .IAO 1A#13IA1A:8.#CA1#<0<<3#=>3#0<A:G3>3#2A>#E9:.G<A19#/9HA#GA#B9GGA19# I.G3#G./13?#+0<<9#/3`#/FA#Y#B.<<9#2.#'39#Y#G./19?#+0<<9#/3`#/FA#Y# /.C./A#23#9GC3<.1A#'39V#Y#G./19#A2#F.#0:.#3:2AB3:3<.#/.C./3<Z#23# AGC.:G39:A?#%:B.<<3#/FA#:A#G.CC3.H9#:93#2A>>.#H3G<A139G.#/.C./3<Z# 23#.>/0:A#C3//9>A#/1A.<01An#a#/A1<9#/FA#%2239#/1A.:29#>A#/1A.<01A# 311.=39:AI9>3#F.#I9>0<9#2.1A#.:/FA#.2#AGGA#H3GG39:3#.><3GG3HAV#:A# F.#B.<<3#GCAGG9#HAGG.==3#2A>#(09#.H91A#A#/.C./3#23#AGGA1A#GA=:3# I3I3B3/.:<3#2A>>.#G0.#$1.83.?# EA1.I3=>39G.#<19I.<.#2A>#;1A.<91A#CA1#>A#G0A#/1A.<01Ao#"><3GG3O H.#23=:3<Z#.#/03#)=>3#A>AI.#9=:3#/1A.<01.V#G<9><A88.#2A>>[09H9#/FA# :9:#J.2.#.#23GC1A88.1>AV#CA1/Ff#>A#F.#<19CC9#.#C91<.<.#23#H.:9?# ;9HA#.119GG3.H9#:A>>[.CC19B9:231A#\0AG<A#HA1.I3=>3Ao#;9HA#/3# G3#13IA>.#1323/9>.#>.#:9G<1.#G<9><.#C1AG0:839:A#/FA#/3#B.#3:23BBA1A:<3V# GC1A88.:<3V#\0.G3#G2A=:9GA#IA1G9#9==A<<3V#0BB3/3V#>.I913V#/FA#:A>>.# 655
:9G<1.#/A/3<Z#G<3H3.H9#I3>3#A#2.#C9/9?#&FV#GA#HA=>39#CA:A<1.GG3O H9#\0AG<A#1A.><ZV#/9HA#G.1AHH9#C3b#.<<A:<AV#C3b#1AIA1A:<3#IA1G9# >A#C3//9>A#/9GAV#3#C3//9>3#0BB3/3#.GGA=:.<3/3#2.>>.#C19II32A:8.V#G/9O C1A:29#3:#AGG3#W>[3:2AB3:3<.#/.C./3<Z#23#AGC.:G39:AX#23#/03#%2239#>3# F.#29<.<3o %>#G0CA109H9#/13G<3.:9V#>[0:3/9#C9GG3J3>A#G0CA109H9V#Y#3>#(.:O <9V#A#3>#(.:<9#Y#/9HA#0:#J.HJ3:9V#A#3>#J3HJ9#:9:#23GC1A88.#:0>>.?# %># (.:<9# G3# B.# C3//9>9# /9:# 3# C3//9>3V# A2# F.# I9>0<9# B.1G3# C3//9>9V# CA1/Ff#:9:#/3#G3.#:0>>.V#GA#Y#C9GG3J3>AV#.#9G<./9>.1A#3:#>03#>.#I3<.#23# '39?#W%>#(.:<9#Y#3:#CA1A::A#.:G3.#23#0G/31A#2.#Gf#CA1#AGGA1A#GAHC1A# 23#C3bV#H.#>[.:G3.#:9:#>9#<01J.V#:9:#Y#.:G3.#23#C9GGAGG9V#JA:Gj#23# 29:.839:A?# '9:.:29G3# .# '39# 3># /13G<3.:9# G3# 13<19I.# GAHC1A# C3b# 2AB3:3<9#:A>#G09#>3H3<A#hGAHC1A#C3b#C3//9>9i#H.#3>>0H3:.<9#2.>>.# >0/A#3:B3:3<.V#G3#<19I.#=1.:0>9#23#C0>I3G/9>9#:A>#<911A:<A#2A>>.#>0/A# '3I3:.X#hW&GGA1I.<91AXV#45#(A<<AHJ1A#6Ll4i? )2#.>>91.#H.3#23GC1A889#CA1#\0.>G3.G3#/1A.<01.V#G3.#C01A#AGG.#0:# .<9H9#23#C9>IA1AV#:AGG0:[.>J.=3.#CA1#\0A>>9#/FA#:9:#Y#:9G<19V#H.# /3#Y#G<.<9#29:.<9? (.1AH9# :93# /.C./3# 23# I3IA1A# 3:# \0AG<.# BA2A# 3>>0H3:.<13/A# 23# =30:=A1A#.#\0AG<.#:023<Z#3:<A1391AV#23#/19/3B3==A1A#>[39#0H.:9#CA1# 32A:<3B3/.1/3#.#'39V#C01#13H.:A:29#09H3:3n
656
*!+$,')'&$$$ !["E&,)#'%#"E%;%S%"#;&*#'%&#)#;&*#%#],"+)!!%
"?& !($*$5$!&*'%&4./7 !"#5>2,/6/:/2#6-*#T()UE#?2)(#(#9-*.2,(*+-#./#-7*/#2,/6/:/26# (3#C0`#231A#/FA#.H91A#Y#:A/AGG3<Z#2A>#/091A#0H.:9V#A2#Y#.:/FA# BA>3/3<Z?#k0AG<.#.<<3<023:A#2AIA#AGGA1AV#/9HA#<0<<A#>A#3:/>3:.839:3# 0H.:AV#231A<<.#2.>>.#]A2A#A#2.>>.#1.=39:AV#AV#GA#/9Gj#231A<<.V#=A1H3O :.#>[.H3/383.?#![.H3/383.V#B391A#2A>3/.<9#A2#.><1A<<.:<9#C19B0H.<9# /FA#:.G/A#3:#\0AG<9#2AGA1<9#<A11AG<1AV#/9:B91<9#A#G.>IA88.#2A3#2AO 1A>3<<3V#2A3#2A>0G3V#2A=>3#.JJ.:29:.<3o W![.H3/383.# @# /9HA# .BBA1H.# KA:G9:# @# Y# >A=.HA# C9<A:<A# B1.# 20A#.:3HAV#2AG<3:.<9#.#/1AG/A1A#B3:9#.#/FA#13H.:A#BA2A>A#.>>A#>A==3# 2A>#G09#GI3>0CC9#A#:9:#23I3A:A#C.GG39:AX?# RA1`#:9:#G3#<19I.#.><1.#AGCA13A:8.#/FA#C3b#23#\0AG<.#G3.#G9==A<O <.#.2#3>>0G39:3V#C93/FfV#HA:<1A#>[.H3/383.#IA1.#G3#/31/9:2.#23#0:[.0O 1A9>.# 23# A<A1:3<Z# A# GAHJ1.# <1.G/A:2A1A# \0.>G3.G3# >3H3<A# :.<01.>AV# JA:# 23BB3/3>HA:<A# C0`# <19I.1G3# 0:# GA:<3HA:<9# /9Gj# .CA1<.HA:<A# AGC9G<9#.3#/.C13//3#2A>>[09H9#A#2A>#<AHC9?#;3`#CA1#>[3:G<.J3>3<Z#2A># /091A#0H.:9V#GCA/3A#GA#:9:#.CC9==3.<9#.3#C13:/3C3#/13G<3.:3?# W$>3#09H3:3#@#/9:<3:0.#KA:G9:#@#:9:#G.::9#.CC1A88.1A#>[0:3O /.#"H3/383.#3HH0<.J3>AV#A#GCAGG9#:ACC01A#3#/13G<3.:3V#:9:9G<.:<A# >.#G3/01A88.#/FA#F.::9#:A3#H3G<A13#2A>>.#BA2A#A#2A>#;13G<9g#AGG3#:9:# /1A29:9# .>>[.H3/383.# 23I3:.# A# \03:23# :9:# CA:G.:9# :ACC01A# /FA# )=>3#<19I.#>A#G0A#2A>383A#:A>>9#G<.1A#<1.#3#B3=>3#2A=>3#09H3:3#A#/FA#>.# G0.#C1AGA:8.#<1.GB91H.#3#GA1I3#3:#.H3/3X?# a# G9HH.HA:<A# 2.# 2AC>91.1G3# /FA# /3`# .IIA:=.# .:/FA# B1.# >A# .:3HA#2AI9<AV#>A#\0.>3#G3#>.HA:<.:9#GCAGG9#2A>>.#>919#G9>3<023:A?# 6
# 6LQP#:?#4ll?
657
R1A=.:9V# B1A\0A:<.:9# 3# (./1.HA:<3V# B.::9# <0<<9# /3`# /FA# C9GG9O :9#CA1#.2AHC31A#3#>919#29IA13#1A>3=39G3V#H.#\0.:29#<0<<9#\0AG<9# Y#/9HC30<9#G3#13<19I.:9#G9>A?#RA1/Ff#.II3A:A#/3`n#)GGA#2AG32AO 1A1AJJA19# A# /A1/.:9# \0.>/0:9# .# /03# C.>AG.1A# \0A3# CA:G3A13# /FA# :AGG0:.#C.19>.#C0`#13231A?#R9IA1A<<AV#:9:#G.::9#:AHHA:9#B.1G3# 0:[32A.#/FA#3>#(9>9V#>[-:3/9#IA19#"H3/9#Y#$AGbV#A#/FA#3>#>09=9#/FA# )=>3#F.#G/A><9#CA1#3#G093#.CC0:<.HA:<3#A#/FA#2AG32A1.#.J3<.1AV#Y# C19C139#3>#:.G/9:23=>39#GA=1A<9#2A>>.#>919#.:3H.V#29IA#IA1.HA:<A# A>>.#Y#GA#G<AGG.#A#CA1/3`#G9>.#/9>#(9>9? R01<19CC9#\0AG<9#H3G<A19#2A>>.#23I3:.#C1AGA:8.#3:#:93#Y#0:9# 2A3#H3G<A13#HA:9#.CC19B9:23<3#A#C3b#23HA:<3/.<3?# (A#HA23<.GG3H9#C3b#G9IA:<A#3>#U.:=A>9V#/3#.//91=A1AHH9#23# \0AG<.#<1AHA:2.#>./0:.#2A3#/13G<3.:3#A#G/91=A1AHH9#>[.12A:<A#2AO G32A139#23#$AGb#/FAV#/9HA#G3#Y#.//A::.<9V#Y#J.GA#A#B9:2.HA:<9# 23#\0.>G3.G3#.><1.#.H3/383.?#(<1.:.#/9G.#\0AG<.V#>9#13CA<3.H9D#HA:O <1A#3#/13G<3.:3#GA:<9:9#3>#J3G9=:9#2A>>[.CC9==39#23#0:#.H3/9V#:9:# G3#.//91=9:9#/FA#>["H3/9#Y#H9><9#C3b#I3/3:9#23#\0A>>9#/FA#:9:# /1A29:9? %>#B3:#\03#2A<<9V#A#/3`#/FA#G<9#CA1#231AV#F.#0:#H9<3I9#G9>9V#\0A>O >9#23#HA<<A1A#:A>>.#G0.#IA1.#>0/A#>[.H3/383.#/13G<3.:.?#R13H.#23#<0<<9# 13/9123.H9#/FA#$AGb#:9:#G9>9#:9:#/9:2.::.#>[.H3/383.V#H.#.:83# >.# /9HC1A:2AV# >.# I09>AV# /A# :A# 2Z# AGAHC39# A# >.# G9>>A/3<.V# CA1/3`# 2AG32A1.#G3.#3:G<.01.<.#3:#9=:3#;9H0:3<Z? 4"#Q,/6/:/2#*(%%(#6-,;*/+14 (9:# C19C139# >A# ;9H0:3<Z# /FA# 29I1AJJA19# 9BB131A# 3># =1.:2A# /9:B91<9#2A>>[.H3/383.g#H.V#9F3HYV#GCAGG9#.II3A:A#>[3:IA1G9V#9#CA1# 23BB3/9><Z#23#/.1.<<A13#9#CA1#3=:91.:8.#23#\0AG<A#C9GG3J3>3<Z?#%:B.<<3# G3#/.2A#G9IA:<A#3:#A1191A#A2#.II3A:A#/FA#9=:0:9#I3IA#CA1#C19C139# 4
# 6LQP#:?#4ll?
65l
/9:<9V# A# G3# .IIA1.# 3># H.>3=:9# C19IA1J39D# W):<1.:9# GA:8.# /9:9O G/A1G3V#I3I9:9#GA:8.#.H.1G3V#H0939:9#GA:8.#13HC3.:=A1G3Xg#9CC0O 1A#.:/FA#13GCA<<.:29G3#A2#.H.:29G3#1A/3C19/.HA:<AV#:9:#G3#13AG/A# .#B.1#GJ9//3.1A#3>#JA>#B391A#2A>>[.H3/383.?#;9:GA=0A:8.#23#\0AG<.# G3<0.839:A#Y#CA1#.>/0:A#.:3HA#>[3G9>.HA:<9V#3G9>.HA:<9#CA13/9>9O G9V#CA1/Ff#<A:2A#.2#3:.13231A#3>#/091AV#C.1.>388.:29:A#=>3#G>.:/3#A# GCAGG9#G9BB9/.:29:A#.:/FA#>A#J09:A#3:383.<3IA?# E.#/[Y#23#C3bg#/FA#GA#>A#.H3/383A#G91=9:9V#.GG.3#23#B1A\0A:<A#2AO I3.:9#A#23IA:<.:9V#.:83/Ff#I3:/9>9#23#0:39:A#A#HA889#23#.G/AG.V# /.0G.#23#G9G<.#:A>>[.:3H.#C19C13.V#23#23G/9123.V#23#H.>AI9>A:8.V#23# /9:B19:<3V#9V#CA==39#.:/91.V#23#C.GG39:.>3<Zg#9CC01#:9:#=30:=A:O 29#.#<.:<9V#G3#H.:<A:=9:9#3:#0:#/>3H.#/9Gj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`#G.1AJJA#2.# .0=01.1G3#C01/FfV#/9HA#G3#Y#2A<<9V#3#>919#1.CC91<3#G3.:9#IA1.HA:O <A#G9C1.::.<01.>3#A#:9:#G3#/.2.#3:#\0A=>3#.<<A==3.HA:<3#AG<A1:3#23# B.I913<3GH3#A//?#/FA#3:IA/A#23#A23B3/.839:A#C91<.:9#/9:B0G39:A?# (.:<[":=A>.#2Z#0:.#>3:A.#C1A/3G.#/FA#C0`#GA1I31AV#G3.#:A>#/9HO C91<.HA:<9#1A/3C19/9#23#<0<<3#3#HAHJ13#23#0:.#;9H0:3<ZV#G3.#:A>>.# 231A839:A#23#.H3/383A#3:23I320.>3V#AGG.#23/AD#W(3.<A#>A=.<A#/9>#I3:O /9>9#2A>>.#/.13<Z#>[0:.#/9:#>[.><1.D#G<3H.:29I3V#.30<.:29I3#A#G9CO C91<.:29I3# 3:# $AGb# ;13G<9X7?# *f# H3# G3# 23/.# /FA# \0AG<.# >3:A.# Y# G9>9#J09:.#.#B91=3.1A#2A>>A#;9H0:3<Z#B1.<A1:A#A#3:/9>913V#H.#:9:# 2A>>A#.H3/383Ag#H3#CA1HA<<9#23#/9:<1.2231A#\0AG<9#/13<A139g#>.#1A.>O 7
# ,EV#*9:9#13/9129?
65Q
<Z#3:IA/A#G3#Y#/FA#\0AG<.#>3:A.#1.//F302A#0:#GA=1A<9?#(.CA<A#\0.># Yn#E.:<A:A1A#:A>#G9C1.::.<01.>A#<0<<3#3#:9G<13#1.CC91<3g#G3.:9#AGG3# B1.<A1:3#9#.H3/FAI9>3?# @"#5>2,/6/:/2#./#T()U#)(7'(+-#&('#./0(*+2'(#)2*+/l# *9:#Y#>[.H3/383.#/FA#1A:2A#:93#<19CC9#0H.:3V#H.#G3.H9#:93# /FA# >[.JJ.GG3.H9# .># :9G<19# >3IA>>9?# %:B.<<3# G.CC3.H9# /FA# H9><3# (.:<3# A# H9><3# 1A>3=39G3V# .:/FA# :9:# G.:<3V# F.::9# <19I.<9# C19C139# :A>>A# ;9H0:3<Z# 3># /9:B91<9# 2A>>[.H3/383.# A# /9Gj# G3# G9:9# G.>I.<3# 2.>>[3G9>.HA:<9# A# 2.>>[.><19# C9GG3J3>A# A1191A# 23# .:2.1A# .# /A1/.1A# .H3/383A#B091#23#/9:IA:<9? ]1.#<.:<3V#AGAHC39#:A#G3.#>[.H3/383.#B1.#G.:#KA1:.129#23#;F3.1.O I.>>A#A#>["J.<A#$0=>3A>H9#23#G.:#+A92913/9?#W%:#KA1:.129#>[0H.:9# A#3>#23I3:9#<19I.19:9#0:.#<.>A#HA1.I3=>39G.#G3:<AG3V#2.#/9:\03G<.1A# \0.:<3# IA:3I.:9# .# /9:<.<<9# /9:# >03?# !["J.<A# $0=>3A>H9# 23# G.:# +A92913/9#13GA:<j#23#/9<AG<.#3:B>0A:8.#CA1G9:.>A#CA1#<0<<.#>.#I3<.?# )=>3#G<AGG9#23/AD#WE3#GA:<33#3:I.G9#2.#<.:<.#1AIA1A:8.V#/9HA#:A># G.>31A#.>>["><.1A#23#'39?#)#H3#C1AGA#0:#/9Gj#=1.:2A#A#G9.IA#.BBA<<9V# 0:#2AG32A139#/9Gj#.12A:<A#23#/9:23I32A1A#>A#C9IA1<Z#A#GAHC>3/3<Z# 2A>>.#G0.#I3<.V#2.#2AG32A1.1A#23#13H.:A1A#GAHC1A#.//.:<9#.#>03V#CA1# GA1I31>9#3:#9=:3#/9G.X?#)#GAJJA:A#\0AG<.#.H3/383.#/9:<3:0.GGA#CA1# <.:<3# .::3V# G3# H.:<A::A# GAHC1A# 3:# \0A>>[.><A88.# 23# 1.CC91<3# /FA# :9:#C19I9/`#H.3#:AGG0:.#G3:=9>.13<ZV#:f#.>/0:.#H91H91.839:A? ]9:2.:29#>[.H3/383.#G0#\0AG<3#AGAHC3#:93#I3I1AH9#:A>>.#;9O H0:3<Z#/9HA#$AGb#I3IAI.#.#KA<.:3.V#29IAV#C01#<19I.:29#2A3#23O BA<<3V#G.CAI.#/9HC.<31AV#/9HC1A:2A1A#A2#.H.1A#<A:A1.HA:<A#<0<<3# \0A3# G093# .H3/3g# .:83V# 3># U.:=A>9# G3# 2A>383.# .# C.1>.1A# G9C1.<<0<<9# 2A>>.#0H.:3<Z#23#$AGbg#0:.#0H.:3<Z#/FA#I09>A#.CC.131A#IA1.#0H.O :3<ZV# 0:[0H.:3<Z# AGC1AGG.# G9<<9# <0<<3# 3# C0:<3# 23# I3G<.V# .:/FA# 2.># l
# 6LQP#:?#4ll?
65P
C0:<9#23#I3G<.#.H3/383.?$AGb#I3IAI.#3:#KA<.:3.#/9:#0:#GA:G9#23# 13C9G9D#3:B.<<3#G.:#$39I.::3#23/AD#W&1#$AGb#.H.I.#E.1<.V#>.#G0.# G91A>>.#E.13.#A#!.88.19X#h$I#66VQg#64V6#GG?i#A#:9:#G9>9#)=>3#I9>>A# 23H9G<1.1A#/9Gj#>.#G0.#0H.:3<ZV#H.V#/9HA#G3#Y#2A<<9#C13H.V#I9>>A# C19C139#B.1/3#.CC1A88.1A#3>#29:9#2A>>[.H3/383.#A#.:/FA#2A>>[.H3/3O 83.#3:23I320.>A?#)=>3#.H.I.#<0<<3#A#<1A#3#HAHJ13#23#\0A>>.#JA:A2A<<.# B.H3=>3.V#H.#3:#H929#C.1<3/9>.1A#E.13.?#k0AG<.#G0.#C1A23>A839:A# CA1#E.13.#:9:#G0G/3<.I.#=A>9G3.V#A#Gj#/FA#3>#13>3AI9#B.<<9#.#E.1<.# C9<AI.# <91:.1A# G=1.23<9V# H.# C1A23>A839:A# A# 13>3AI9# B019:9# /9Gj# 23I3:3#/FA#:9:#01<.19:9#:AGG0:.#G0G/A<<3J3>3<Z#0H.:.?#;9Gj#29JO J3.H9#B.1#:93? )#3:#H9><3#.><13#AC3G923#AI.:=A>3/3V#/9HA#\0.:29#>A==3.H9#/FA# :A>#=3.123:9#$AGb#13I9>=A#>[.=9:388.:<A#13HC19IA19#.#/9>919#2.3# \0.>3#.IAI.#GCA1.<9#0:#/9:B91<9#hE/#6lV74#GG?ig#\0.:29#CA1#>[0>O <3H.#I9><.#0G.#3>#G./19#:9HA#23#.H3/9#IA1G9#/9>03#/FA#.IAI.#C1AO I.13/.<9#CA1#GAHC1A#hE<#4PVQ5ig#:93#IA:3.H9#.#/9:9G/A1A#\0.:<9# )=>3#F.#.CC1A88.<9#>[.H3/383.? %:#/9:/>0G39:AD#>[.H3/383.#23#$AGb#;13G<9#Y#3>#IA19#GA=1A<9#/FA# F.# B.<<9# 3# (.:<3g# :9:# 23G<10==3.H9# 20:\0A# \0AG<9# :9J3>A# GA:<3O HA:<9V# /A1/F3.H9:A# 3># G9>>3AI9V# AGG9# Y# G.:<9D# C13H.# 23# <0<<9# 3:# $AGbV#A#C93#.:/FA#:A>>A#G91A>>A#.#/03#/3#GA:<3.H9#C3b#C91<.<Ag#H.# G.CC3.H9/3# <A:A1# GAHC1A# 3:# \0A>>.# 23=:3<ZV# 3:# \0A># 13GCA<<9V# 3:# \0A>>.#/9:<A:0<A88.#G9C1.::.<01.>A#23#/03#.JJ3.H9#C.1>.<9V#A#:9:# .I1AH9#.#2AC>91.1A#.>/0:#H.>A#2.#\0AG<A#G.:<A#.H3/383A? C"#[#&-))/?/%(#%2#*-)+'2#2,/6/:/2#6-*#T()UMQ# &//911A#3:#C13H9#>09=9#>[3:<3H3<Z#/9:#'39V#CA1/3`#>[.H3/383.?# RA1#C13H.#/9G.#29JJ3.H9#AGGA1A#/9:I3:<3#/FA#$AGb#/3#.H.#A#/FA# :93#I9=>3.H9#.H.1A#$AGb?#"JJ3.H9#:93#\0AG<.#/9:I3:839:An# Q
# 6LQM#:?#4lQ?
65M
":83<0<<9#<AH9#/FA#:93#:9:#.JJ3.H9#>.#/9HC>A<A88.#23#\0AG<.# /9:I3:839:A#AV#3:9><1AV#C93/Ff#>[.H3/383.V#9><1A#>.#1A/3C19/3<Z#2A3# GA:<3HA:<3V#AG3=A#/9H0:39:A#23#I3<.V#<AH9#/FA#.:/FA#\0AG<.#G3.# /.1A:<A?#k03:23#29I1AH9#1.BB918.1A#>.#:9G<1.#BA2A#:A>>[.H91A#23# '39#3:#H929#2.#./\03G<.1A#>.#C9GG3J3>3<Z#23#I3IA1A#3:#/9H0:39:A# /9:#!03? &=:3#.H3/383.#2AIA#AGGA1A#B9:2.<.#G0#20A#J.G3D#.H91A#A#/9O H0:39:Ag#3:B.<<3#:9:#9=:3#.H91AV#A#:ACC01A#3>#C3b#23G3:<A1AGG.<9# \0.>A#Y#>[.H91A#2A>>.#H.21A#CA1#3>#B3=>39V#Y#.H3/383.?#">>.#JA:AI9O >A:8.#1A/3C19/.#2AIA#0:31G3#0:#.><19#A>AHA:<9#/FA#(.:#+9HH.G9# /F3.H.D#W-:.#/A1<.#H0<0.#/9H0:3/.839:AX? ![.H3/383.#Y#20:\0A#0:#>A=.HA#C9<A:<A#A#H3G<A139G9#/FA#C0`# A>AI.1G3#JA:#C3b#3:#.><9#2A>>.#:9G<1.#GBA1.#0H.:.?#%:B.<<3#>[.H3/383.# 0H.:.V#.:/FA#>.#C3b#:9J3>AV#:9:#AG.013G/A#>A#:9G<1A#.GC31.839:3V# :9:#29JJ3.H9#\03:23#HA1.I3=>3.1/3#/FA#AGG.#:9:#/3#J.G<3#A#=A:A13# 2AG32A13#/FA#1AG<.:9#3:G.83.<3#A#3:G.83.J3>3?#![.H3/383.V#GA#Y#IA1.V# C0`#.IA1A#.:/FA#0:#.><19#/.1.<<A1AV#C0`#3:#.CC.1A:8.#:9:#/9:O \03G<.1# :0>>.V# :9:# C192011A# :0>>.V# C93/Ff# A23B3/.# 3:<A1391HA:<AV# :A>>[9G/013<ZV#\0.:<A#I9><A#.//.2A#/FA#GA#/3#.//91=3.H9#2A>>.#G0.# C19B9:2.#3:<3H3<Z#Y#G9>9#\0.:29#AGG.#13/F3A2A#3>#G./13B3/39o#"#C13O H.# I3G<.# C.11AJJA# 3:/9:/AC3J3>A# >[.H3/383.# B1.# ;13G<9# A# >[.:3H.V# CA1/Ff# 3:B3:3<.HA:<A# 23G<.:<3# B1.# >919g# H.# GA# G3# CA:G.# /FA# '39# W:A>>.#;1A.839:A#/3#F.#.H.<9#B3:9#.#B.1A#>[09H9#.2#3HH.=3:A#A# G9H3=>3.:8.#G0.V#H.#:A>>.#,A2A:839:A#/3#F.#.H.<9#G3:9#.#B.1A#(A# G<AGG9#.2#3HH.=3:A#:9G<1.XV#:9:#G3#C0`#20J3<.1A#2A>>.#C9GG3J3>3O <Z#23#\0AG<.#.H3/383.?#$AGb#;13G<9#C1AGA#3:B.<<3#0:[.:3H.#0H.:.# /9HA#>.#:9G<1.V#C.GG3J3>A#23#=393.#A#23#29>91AV#.CA1<.#.=>3#.GG.><3# 2A>>.#C.GG39:A#A#2A>>.#<A:<.839:AV#0:[.:3H.#/FA#GA:<3I.#>[.JJ.<<3O HA:<9#A#>[AG<.G3?#&1.#Y#C19C139#>.#G0.#":3H.V#3>#C0:<9#23#/9:<.<<9# B1.#>.#G0.#'3I3:3<Z#A#>.#:9G<1.#0H.:3<Z?
65N
H"#<-*-)6('(#T()U#6-,(#2,/6-P *9:#I3#Y#/FA#\0AG<.#G0CA1:.#"H3/383.#.#/03#<A:29:9#>A#:9G<1A# .H3/383A#<A11A:AV#0:#G9>9#32A.>A#3:#/03#/3#13<19I3.H9#CA1BA<<.HA:<A# A#/9HC30<.HA:<AD#/9:9G/A1A#$AGb#;13G<9#/9HA#"H3/9?#a#\0AG<9# 0:#C13I3>A=39#3:<A1391A#/FA#/9:BA13G/A#0:.#G.C3A:8.#3:B3:3<.HA:<A# C3b#I.G<.#/FA#<0<<9#3>#1AG<9#2A>>A#.><1A#G/3A:8A#0H.:A#HAGGA#3:O G3AHA?#;9:9G/A1A#3>#;1A.<91A#Y#3:B3:3<.HA:<A#C3b#:9J3>A#/FA#/9O :9G/A1A#>.#G0.#/1A.839:A?#k0AG<.#Y#>.#/9:9G/A:8.#/03#29JJ3.H9# .GC31.1A#A#GA#G.1AH9#/9:I3:<A#/FA#Y#C19C139#$AGb#/FA#>.#2AG32A1.V# :9:#/3#G.1Z#23BB3/3>A#./\03G<.1>.?#$AGb#C.1>.#.#/3.G/0:9#23#:93#AV# :9:#G9>9#CA1#.//A::3#A2#.>>0G39:3#23/F3.1.#.CA1<.HA:<A#23#I9>A1# AGGA1A#3>#:9G<19#"H3/9V#H.#<1.//3.#CA1#:93#.:/FA#0:#C3//9>9#\0.O 219D#0:.#/.G.#G9>3<.13.V#IA1G9#:9<<A#A#!03#.>#23#B0913#/FA#C3//F3.#.>>.# C91<.#:A>>[.<<AG.#23#0:#3:<3H9#/9:I3I39D#W%9#A:<1A1`#A#/A:A1`#/9:# >03#A2#A=>3#/9:#EAX#h"C#7V45i?#%9#:9:#I3#/F3.HA1`#C3b#GA1I3#C93/Ff# 39#I3#F9#/F3.H.<9#.H3/3X#h$I#6QV6Qi?#%:#0:#.><19#H9HA:<9#)=>3# C19HA<<A#>.#G0.#/9:<3:0.#C1AGA:8.#.#/9>919#/FA#F.::9#3HC.1.<9#.# /9:9G/A1A#3#G093#2AG32A13D#Wk0.:29#20A#9#<1A#G3#1.//9=>3A1.::9#:A># H39#:9HAV#>9#G.1`#3:#HA889#.#>919X#hE<#6NV45i#A#W/3`#/FA#.I1A<A# B.<<9#.2#0:9#2A3#H3A3#.H3/3#>9#.I1A<A#B.<<9#.#EAX#hE<#4QVl5i?# (A#/[Y#0:.#/9G.#/F3.1.#:A>#U.:=A>9#Y#C19C139#\0AG<.D#$AGb#2AO G32A1.#>.#:9G<1.#.H3/383.?#)=>3#13HC19IA1`#3>#H9:29#\0.:29#23GGAD# W![.H3/9# IA::A# B1.# 3# G093# A2# AGG3# :9:# >9# .//9>GA19X# h$I# 6V66i?# *A#/9:GA=0A#20:\0A#/FA#:AGG0:9#C9<1Z#C19/A2A1A#23#<1A#C.GG3# :A>>.#I3.#2A>>.#CA1BA839:AV#GA#$AGb#:9:#=>3#/.HH3:.#.//.:<9?#)2# Y#\0AG<.#B9>>A#=393.#2A>>.#/9:G.CAI9>A#/9HC.=:3.#23#;13G<9#/FA#F.# =A:A1.<9#=>3#.H.:<3#23#!03?# (3#2AIA#20:\0A#13>AI.1A#/FA#GA#>[.H3/383.#B1.#3>#;13G<9#A#>[.:3H.# C0`#3:#/A1<9#H929#.GG9H3=>3.1A#.>>[.H3/383.#/FA#AG3G<A#B1.#09H9#A# 09H9V#AGG.#GA#:A#23G<.:83.#3:B3:3<.HA:<A#CA1#0:#.><19#.GCA<<9#/FA# P
# 6LQM#:?#4lQ?
65L
29JJ3.H9# <A:A1A# C1AGA:<A?# k03# KA:G9:V# /9:# >.# C19B9:23<Z# 2A># G09# CA:G3A19# /3# 3>>0H3:.g# A=>3# 3:B.<<3# .==30:=AD# W%:20JJ3.HA:<A# AG3G<A#0:[.H3/383.#B1.#:93#A#>[.:3H.#23#!03V#H.#/3#9//911A#:9<.1A# /FA#\0AG<.#G0.#.:3H.#Y#/9:=30:<.#.>>.#'3I3:3<ZV#A#\03#/3#C9<1AHH9# GC.IA:<.1A#GA#:9:#CA:G.GG3H9#/FA#I3#G<.#1.//F30G9#>[3:G9:2.J3>A# A2# 3:B3:3<9# I.>91A# 2A># C13I3>A=39# 23# .H91A# 23# /03# )=>3# /3# 9:91.?# -:[.H3/383.#3:23I320.>3G<3/.V#G3:=9>.V#:9:#C0`#AG.0131A#<0<<A#>A#/.O C./3<Z#2A>>["H3/383.#23I3:.?#)=>3#Y#0:#-9H9#A#:9:#G9>.HA:<A#0:# 09H9g#)=>3#Y#3>#]3=>39#23#'39V#C3b#/FA#0:#B3=>39#2[09H9V#)=>3#Y#>[)O <A1:.#R.19>.#CA1#/03#<0<<A#>A#/9GA#B019:9#B.<<A#A#G9:9#/9:GA1I.<AV# <0<<9#Y#3:#!03#A#CA1#!03?#)=>3V#$AGbV#.CC0:<9#CA1#>.#C9<A:8.#2A>>.# G0.#'3I3:3<ZV#C1A:2AV#I911A3#231AV#23#B19:<A#.#/3.G/0:.#.:3H.V#0:# .GCA<<9# G3:=9>.1A# CA1# C9<A1# HA=>39# CA:A<1.1A# :A>>[.:3H.# G<AGG.g# :93#:9:#29JJ3.H9#13B0==31A#2.#/92AG<A#H.:3BAG<.839:3V#=3.//Ff# :9:#J.G<.#/9:9G/A1A#>["H3/9#23I3:9#3:<A>>A<<0.>HA:<AV#>.#/9:9O G/A:8.#C3b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f#Y#:A>>.#:9G<1.#C9GG3J3>3<Z?# %HHA1=3.H9/3#:A>#H3G<A19#:.<.>3839#A#3:#<0<<3#=>3#.><13#H3G<A13# :A3#\0.>3#$AGb#G3#13IA>.#.#/3.G/0:9#23#:93#3:#H.:3A1.#C.1<3/9>.1O HA:<A#CA1G9:.>A#CA1#IA:31/3#3:/9:<19g#IA21AH9#3>#UA1J9#)<A1:9# .JJ1.//3.1A#HA23.:<A#>.#G0.#I3<.#<A11A:.#>A#:9G<1A#3HC9<A:8AV#A# 665
:9:# 20J3<A1AH9# 2A># G09# .H91AV# 2A>>.# G0.# JA:AI9>A:8.# 3:B3:3<.V# 2A>>[3:<3H3<Z#/9:#/03#G3#C1923=.V#AG<A:2A:29#>.#G0.#.H3/383.#.#<0<<3# =>3#09H3:3#CA1#/9H0:3/.1A#.2#AGG3#3>#G09#JA:A#A#>.#G0.#BA>3/3<Z? K?& !('#.&+.#&"$'&.&+.#&$&1#!,.))$ !"#Q,-'(#./#B/-#&('#*-/M &==3#29JJ3.H9#IA2A1A#3#1.CC91<3#23#'39#/9:#:93?#k0AG<3#1.CO C91<3#/FA#G9:#\0A>>3#2[0:#R.21A#&::3C9<A:<A#A#E3GA13/91239G9V#A# 23#0:9#(C9G9#<A:A13GG3H9#A2#.H.<3GG3H9V#/3#13/9>HA1.::9#23#=39O 3.V#A2#.C131.::9#3>#:9G<19#/091A#.2#0:.#<9<.>A#/9:B32A:8.#3:#!03?# RA1# /.13<Z# =A<<3.H9# I3.# >.# C.01.V# >.# 23BB32A:8.V# >[A//AGG3I9# <3O H91A?#!.#(C9G.#.H.:<A#A#13.H.<.#:9:#C0`#/9:9G/A1A#3>#<3H91AV# H.#G9>9#>[.H91Ag#.H91A#/FA#/1AG/A1Z#.#23GH3G01.V#\0.:29#<9//FAO 1AH9#>.#C1923=.>3<Z#2A>>A#=1.83A#23#/03#3>#(3=:91A#13/9>H.#>A#(0A# (C9GA?# 4"#I('.(')/#*(%%>2?/))-#.(%%>Q,-'(#./#B/-N# W"H.1A#@#23/A#(?#+9HH.G9#@#Y#<A:2A1A#.2#0:31G3g#A#23#20A#/9GA# B.1:A#0:.#G9>.X?#W![.H91AV#/9:<3:0.#3>#G.:<9#@#Y#0:#H9I3HA:<9# /FA#/3#C91<.#.>#JA:A#CA1#C1A:2A1:A#C9GGAGG9X? &1.#GA#CA1#C.1<A#23#'39#\0AG<9#.H91A#Y#/9Gj#B91<AV#/9Gj#3:B3O :3<9V#.:83#GA#'39#Y#>9#G<AGG9#"H91A#CA1#AGGA:8.V#GA#%2239#K9:<ZV# KA>>A88.V#(.C3A:8.V#&::3C9<A:8.#G0C1AH.#F.#>.G/3.<9#/FA#\0AG<9# =1.:2A#"H91A#<1.J9//.GGA#.>#23#B0913V#A#G3#H.:3BAG<.GGA#1A.>HA:<A# A#GA:G3J3>HA:<A#.>>.#/1A.<01.#.H.<.V#h>[3G<3<0839:A#2A>#(./1.HA:<9# )0/.13G<3/9#:A#Y#0:.#H.:3BAG<.839:A#HA1.I3=>39G.#A#23I3:.oiV#\0.O >A# 29I1Z# AGGA1A# >.# /9113GC9:2A:8.# 23# \0AG<.# /1A.<01.V# 23# \0AG<9# M
# 6L45#:?#6? # 6L45#:?#4?
N
666
.<9H9#GCA120<9#:A>>[3HHA:G3<Z#2A>>A#(0A#9CA1AV#IA1G9#\0A>>[3:B3O :3<9#A2#.CC.GG39:.<9#"H.:<An# '3#/9113GC9:2A:8.#C.183.>A#:9:#G3#C0`#C.1>.1AV#=3.//Ff#>.#/1A.O <01.#.:/FA#29:.:29#<0<<9V#29:.#GAHC1A#:0>>.#.>#;1A.<91Ag#H.#C93O /Ff#C3b#2A>#<0<<9#AGG.#:9:#C0`#2.1AV#>[0:3/.#/9113GC9:2A:8.#/F[A>O >.#C0`#9BB131A#.>>["H91A#3:/1A.<9#G3#Y#23#.::3A:<.1G3#/9HC>A<.HA:O <AV#J10/3.1AV#/9:G0H.1G3V#CA1#CA12A1G3#3:#\0A>>[.J3GG9#23#"H91A#A# G9223GB.1A# /9># C19C139#.::3A:<.HA:<9#.>>.#GA<A#3:B3:3<.#23#;9>03# /FA#.H.?#"JJ.:29:.1G3V#3:#0:.#C.19>.V#.>>[3HCA<9#A2#.>>[3:<3H3<Z# 2A>>[.H91A#B9:<.>A?#)=>3#Y#=A>9G9#2A3#1A/AGG3#2A>#/091A#0H.:9? *9:#I3#G/.:2.>388.<A#.#GA:<31#C.1>.1A#23#=A>9G3.g#C93/Ff#GA#>.# =A>9G3.# :A>>[.BBA<<9# 0H.:9# Y# 0:[3:=30G<.# C1A<AG.V# 0:# GA:<3HA:<9# J.GG9V#0:.#C.GG39:A#/102A>AV#:A>#/091#23#$AGb#3:IA/A#>.#=A>9G3.# W:9:# Y# .><19# /FA# >[AGA1/3839# 23# 0:# 2313<<9# 3:.>3A:.J3>AV# Y# G9HH.# =30G<383.V#<1.:\03>>9#A#G3/019#C9GGAGG9#23#0:#/091A#/FA#Y#(09V#:9:# G9>9#CA1/Ff#>[F.#/1A.<9#A#1A2A:<9V#H.#CA1/Ff#\0AG<9#/091A#G3#Y#.# !03#GC9:<.:A.HA:<A#29:.<9X#h">JA1<9#E.=:9i? @"#Q,-'(#68/(.(#)26'/9/6/-#(#7(*('-)/+1L &1.V#GA#3>#'3I3:9#"H.:<A#F.#2313<<9#23#AGGA1A#=A>9G9V#:93#.JO J3.H9#3>#29IA1A#23#:9:#9BBA:2A1A#:ACC01#H3:0<.HA:<A#/92AG<9# G09#2A>3/.<9#GA:<3HA:<9?# '3#\03#:.G/A#>.#G9BBA1A:8.D#G3//9HA#:A>>.#=A>9G3.#23I3:.#J.G<.# 0:[3HCA1BA839:A#\0.>0:\0A#CA1#23G=0G<.1>.V#/9Gj#>.#/1A.<01.#.H.<.# 2AIA#AGA1/3<.1A#0:.#=1.:2A#I3=3>.:8.#G0#GA#G<AGG.#CA1#:9:#H.:/.1A# .#\0A>#G./13B3/39#A2#.#\0A>>.#=A:A19G3<Z#/FA#>["H91A#AG3=Ag#G./13O B3/39# A# =A:A19G3<Z# /F[AGG.# 2AIA# C1.<3/.1A# :9:# /9:# .<<3# A193/3# hGA# :9:#I3#Y#C.1<3/9>.1HA:<A#/F3.H.<.iV#H.#3:#<0<<3#3#=391:3V#3:#<0<<3#=>3# 3G<.:<3#2A>>.#G0.#I3<.? L
# 6L45#:?#4?
664
(./13B3/39# A# =A:A19G3<Z# 2[3:<A>>A<<9g# G./13B3/39# A# =A:A19G3<Z# 23# I9>9:<ZV#C3A=.:29V#GCA88.:29V#.::3A:<.:29#HA:<AV#/091A#A#I9O >9:<Z#.>>A#AG3=A:8A#2A>>["H91A?# k0.:29#2AIA#B.1G3#/92AG<9#.::3A:<.HA:<9n#k0.:29#>9#I09>A# >["H91Ag# I.>A# .# 231A# GAHC1AV# 23# H9HA:<9# 3:# H9HA:<9# CA1/Ff# /9Gj#)=>3#/A#:A#9BB1A#>[9//.G39:A? %:#/FA#H929#2AIA#B.1G3n#;9HA#I911Z#9#>9#CA1HA<<A1Z#>["H91AV# /39Y#.#231A#/9:#C19:<A88.#A#/9:#=393.V#9#.:/FA#/9:#23BB3/9><Z#A# /9:# 13C0=:.:8.g# CA1/Ff# H9><A# I9><A# %2239# CA1HA<<A# /FA# >[.H91# C19C139#:9:#.JJ3.#:A.:/FA#>.#G9223GB.839:A#23#/9:9G/A1A#/FA#F.# G.C0<9#G./13B3/.1G3#CA1#>["H.<9? ]3:#29IA#29I1Z#B.1G3#/92AG<9#.::3A:<.HA:<9n#]3:9#.>#C0:<9# GA=:.<9#2.>>["H91AV#/FA#:A>>A#.:3HA#C1A23>A<<A#=A:A1.>HA:<A#:9:# GA=:.#>3H3<A?#":/FA#>A#.:3HA#=1.:23#G3#G9:9#G.:<3B3/.<A#HA23.:<A# >A#C3//9>A#.839:3?#!.#=A:A19G3<Z#:A>>A#C3//9>A#/9GA#B91H.#>.#G.:<3<Z# 2A>>A#.:3HA#=1.:23?# (.1AJJA# 0:[.<<A:839:A# IA1.HA:<A# 2A>3/.<.# A# <.:<9# =1.23<.# .># ;091#23#$AGbV#GA#:93#130G/3GG3H9#.#/9:I3:/A1/3#A2#.#C19C91/3#23# :9:#13B30<.1#H.3#:0>>.#.>>["H91A#3:#\0A3#G./13B3/3#=391:.>3A13#/FA#/3# G3#C1AGA:<.:9#.#<0<<3#=>3#3G<.:<3V#A#.2#9BB131>3#.#!03#GA:8.#0:#>.HA:<9V# GA:8.#0:9#GB9=9V#H.#/9>#G3>A:839#GA1A:9#A#=3939G9#23#0:[.H.:<A# /FA#G.#23#B.1#C3./A1A#.>>[.H.<9?#&Fo#G<.<A:A#/A1<A#/F[)=>3#G.C1AJJA# 13/9HCA:G.1/A:A#>3JA1.HA:<AV#A2#.:/FA#:93#G.1AHH9#3:9:2.<A#23# \0A>>A#=393A#A#23#\0A>>A#29>/A88A#3:ABB.J3>3#/FA#/3#2.::9#0:.#C.>>32.# 32A.#2A>>.#BA>3/3<Z#A<A1:.? C"#Q,-'(#&('#B/-65 *93# 09H3:3# /9HC1A:23.H9# B./3>HA:<A# /FA# C9GG.# AG3G<A1A# >.# 1A/3C19/.# G3HC.<3.V# AGG.# :.G/A# 2.>>.# G9H3=>3.:8.# 2A>>A# :.<01A# A# 65
# 6Lll#:?#6Ql?
667
2.>>.#/9:/912A#I3J1.839:A#2A3#/.1.<<A13g#/9HC1A:23.H9#>[.H3/383.V# \0AG<.#I9>9:<.13.#B1.<A>>.:8.#23#.:3HA#/FA#G3#G9:9#3:/9:<1.<A#>0:O =9#3>#/.HH3:9#A#G3#13/9:9G/9:9g#/9HC1A:23.H9#>[.H91A#:A>>A#G0A# 23IA1GA#B91HA#A#:A3#G093#=1.23V#H.#0:#.H91A#23I3:9#CA1#=>3#09H3:3# Y#.GG.3#C3b#23BB3/3>HA:<A#/9HC1A:G3J3>A?#*9:#/3#13AG/A#2[3:<1.IA2AO 1A#.#\0.>#<3<9>9#C9GG3.H9#I.:<.1>9#A2#3HC91>9?#)V#G0CC9G<9#C01A# /FA#0:.#/1A.<01.#G3.#/.C./A#2[AGC>3/.1A#<.>A#3:.023<9#GA:<3HA:<9V# :9:#I3#GAHJ1.#/FA#GA#:93#>[.H3.H9#23#.H91A#23I3:9V#23IA:<3.H9# 329>.<13n )#>.#/1A.<01.#/FA#.//A<<.#\0AG<9#.H91AV#:9:#I3#GAHJ1.#/FA#G3.# B9>>A#23#91=9=>39n#)CC01A#G3BB.<<9#.H91A#/FA#C.1A#3:GA:G.<9#:9:# Y#/FA#0:.#G<1A<<.#=30G<383.?#'39#G<AGG9#.CA1<.HA:<A#A#.#/F3.1A#:9<A# >9#23/AV#'39#G<AGG9#/9H.:2.#\0AG<.#.CC.1A:<A#329>.<13.?#%>#:9G<19# AGGA1A#G9C1.::.<01.>A#Y#0:.#C.1<A/3C.839:A#.>#29:9V#/FA#2A>>.#(0.# '3I3:3<Z#3>#R.21A#F.#B.<<9#.#;13G<9g#>.#C.19>.#C.1<3/9>.1A#/FA#'39# 23/A#.#/3.G/0:9#23#:93#A#/FA#23I3:388.#\0.:<3#>.#3:<A:29:9#Y#\0A>>.# G9>.#/9G.#/FA#%2239#13/9:9G/A#3:#:93V#/FA#JA:A23/A#A#/FA#.H.?#a# .:/91.#3>#:9G<19#H929#C.1<3/9>.1A#23#13B>A<<A1A#>A#(0A#RA1BA839:3V# 23#/9:<A:A1A#>A#(0A#ABB0G39:3V#2[3H3<.1AV#23#9:91.1A#A#23#AGC13HA1A# >.#(0.#I3<.V#23#C.1<A/3C.1A#.>>.#(0.#:.<01.#JA.<3B3/.:<A?#a#3>#;13G<9# 0:3<9#.#:93#/FA#G3#B.#:9G<19V#/FA#23IA:<.#C.1<A#23#9=:3#.:3H.#/13O G<3.:.?#a#3>#/.C9#G9C1.::.<01.>A#2A>#H3G<3/9#/91C9V#3>#:9G<19#(C3O 13<9#C13:/3C.>A#h/B1?#;9>#6V6Ni#!03#3>#;13G<9#G91=A:<A#23#9=:3#:9G<1.# I31<bV#23#<0<<3#3#HA13<3#A#2A>>.#A<A1:.#G.>0<A?# H"#5>2,-'(#&('#/%#&'-))/,-#0('/9/62#.(%%>2,-'(#&('#B/%:# C13H9# >09=9# 3># :9G<19# /091A# 2AIA# AGGA1A# 913A:<.<9# IA1G9# '39V#/9G.#H9><9#23BB3/3>AV#:9:#CA1#:93#/FA#=1.83A#.#'39#I3I3.H9#23# BA2AV#H.#CA1#>.#H.GG.#2A>>.#=A:<A#/FA#3:/>3:.#C30<<9G<9#IA1G9#/3`# /FA#/9>C3G/A#3#GA:G3V#.:83/Ff#IA1G9#>.#1A.><Z#3:I3G3J3>A?#KA:/Ff#'39# G3.#>.#J9:<Z#G<AGG.#A#/3#.JJ3.#2.<9#C19IA#G9I1.JJ9:2.:<3#2A>#G09# 66l
.H91AV#C01A#Y#/9Gj#G0J>3HA#:A>>.#G0.#<1.G/A:2A:<A#:.<01.#G9><.:<9# >.#BA2A#Y#3:#=1.29#23#CA1/AC31A#3>#29:9#23#'39?# R3b#I9><A#.JJ3.H9#/9:G<.<.<9#3:G3AHA#/FA#>[.H.1A#'39#Y#.GO G.3#C3b#B./3>A#/FA#>[.H.1A#3>#C19GG3H9?#a#/F3.19#2[.><19:2A#CA1`# /FA#>[.H91A#IA19#CA1#%2239#:9:#C0`#.:2.1A#23G=30:<9#2.>>[.H91A# CA1#3#B1.<A>>3?#!.#/.13<Z#IA1G9#3>#C19GG3H9#Y#0:.#I31<b#G9C1.::.<0O 1.>AV# CA1/3`# .CC.1<3A:A# .# \0A>>[9123:A# <1.G/A:2A:<A# 2A>>.# $1.83.# /FA#:AGG0:.#/1A.<01.#C0`#2.#G9>.#1.==30:=A1A?#a#.:/FA#0:.#I31<b# <A9>9=.>AV#/39Y#0:.#23#\0A>>A#I31<b#G9I1.:A#/FA#F.::9#'39#CA1#9=O =A<<9V#3>#/03#G/9C9#Y#23#C1AC.1.1A#>[09H9#.>>.#JA.<3<023:A#2A3#/3A>3?# (?#$39I.::3#3:GA=:.#/F3.1.HA:<A#\0AG<.#29<<13:.#:A>>A#G0A#>A<<A1A# A# (?# +9HH.G9# c2["\03:9e# G/13IAD# W![.H91A# /9:# /03# .H3.H9# 3># C19GG3H9#Y#2A>>.#G<AGG.#GCA/3A#23#\0A>>9#/9:#/03#.H3.H9#'39X? J"#Q,-'(#&('#/%#9'2+(%%-#2*68(#S;2*.-#*-*#3#2,2?/%(66 (A#.:/FA#:9:#/3#B9GGA19#\0AG<A#1.=39:3#<1.G/A:2A:<.>3V#>[.H91A# <1.#B1.<A>>3#Y#0:.#IA1.#:A/AGG3<Z?#![.H91A#2A>#C19GG3H9#Y#0:.#\0AO G<39:A#/FA#G[3HC9:A#GAHC1A#.2#9=:0:9?#E.#>[09H9#:9:#GAHC1A# Y#.H.J3>AV#B1.#=>3#09H3:3#G3#<19I.:9#G3<0.839:3#H9><9#23BBA1A:<3V#=>3# 0:3#G9:9#J09:3V#=>3#.><13#G9:9#/.<<3I3g#\0AG<3#/3#.H.:9V#\0A>>3#/3#2AO <AG<.:9?#+0<<A#\0AG<A#G3<0.839:3#/1A.:9#23BB3/9><Z#A#CA13/9>3#=1.I3V# =3.//FfV# W<1.<<.:29G3# 23# /1A.<01AV# J3G9=:.# 13=919G.HA:<A# GA1J.O 1A#>[AG.<<.#H3G01.X#:A>>[.H.1>AV#G3//Ff#9=:3#A//AGG9#A#9=:3#23BA<<9# G9:9#A=0.>HA:<A#CA13/9>9G3?# k0.:29#>A#32AA#G9:9#.><AV#=>3#.BBA<<3#G9:9#C3b#.12A:<3V#A#0:.# I3<.#1A>3=39G.#JA:#/9HC1AG.#A#G.:<.HA:<A#I3GG0<.#WGI3>0CC.#2.#Gf# 0:[3HHA:G.#/.C./3<Z#23#.H91AX?#![.:3H.#3:#=1.83.#23>.<.#>A#C19O C13A#/.C./3<Zo#)#.>>91.#/9HA#C1A:2A1A#>.#=30G<.#H3G01.n 66
# 6Lll#:?#6Ql?
66Q
k0.:29#/3#G3#IA2A#2.>>.#H.<<3:.#.>>.#GA1.V#\0.:29#9=:3#.<<9V# 9=:3#=AG<9V#9=:3#.<<3H9V#I.::9#G0//AGG3I.HA:<A#.#/9>C31A#<0<<3#3# C0:<3#GA:G3J3>3#2A>>[AGGA1A#:9G<19V#\0.G3#.#13IA>.1:A#>[3:<3H.#G0.#2AO J9>A88.#9FV#.>>91.#:9:#Y#C3b#C9GG3J3>A#:0<131A#G0>#C19GG3H9#\0A>>A# 3>>0G39:3#/FA#>.#1.13<Z#2A3#/9:<.<<3V#9#>A#/9HC>3HA:<9GA#1A>.839:3# 3HC9G<A#2.>>[A<3/FA<<.#1A:29:9#Gj#B./3>3#A#Gj#/.1A#.>>A#CA1G9:A#2A># H9:29o# K"#Q,2'(#(#&2))2'(64# ;F3#:9:#.H.V#:9:#Y#23#;13G<9?#![.H91A#Y#CA1#>[09H9#0:#H9O I3HA:<9#/9G<3<0<3I9#/FA#G3#C9<1AJJA#C.1.=9:.1A#.>>.#1AGC31.839:A# 2A3#C9>H9:3?#![.H91A#Y#3>#1AGC319#2A>>[.:3H.?#)CC01A#>[\'&3.,#2A>O >.#<A18.#GA<<3H.:.#29C9#RA:<A/9G<AV#\0.G3#<AHA:29#23#\0AG<.#B.O /3>3<ZV#/3#.IIA1<A#23#G<.1A#3:#=0.123.D#W].[V#9#(3=:91AV#/FA#C.GG3.H9# /9Gj#2.>>A#/9GA#<AHC91.>3V#2.#:9:#CA12A1A#>[A<A1:AX? R.GG.1A#I09>#231A#:9:#G9G<.1A?#![.H91A#3:IA/A#F.#J3G9=:9#23# BA1H.1A#3>#G09#.1291A#3:#0:#9==A<<9?#R.GG.1A#I09>#231A#:9:#.<<./O /.1G3V#:9:#.CC19C13.1G3?#![.H91A#3:IA/A#F.#J3G9=:9#2A>#C9GGAGG9?# E.#GA#39#G9G<9V#H3#BA1H9V#:9:#C.GG9?#&//911A#3:IA/A#/FA#C.GG3?#(A# H3#.<<.//9V#:9:#G9:9#C3b#>3JA1.#A#H3#I3A:A#>.#I9=>3.#23#.CC19C13.1O H3V#3:IA/A#2AI9#C.GG.1AV#/39Y#/.HH3:.1A#GCA23<.V#GA:8.#J.=.=>39?# )2#.>>91.n#"H.1A#GA:8.#>9/.>388.1A#>[.H91AV#Y#H.3#C9GG3J3>An "H.1A#A#C.GG.1A#:9:#Y#0:#.GG0129n#)CC01A#J3G9=:.#.H.1A#A# C.GG.1Ag#.><13HA:<3#:9:#G3.H9#09H3:3#9#13G/F3.H9#23#CA12A1A#>.# I3<.#A<A1:.?#"H.#3>#(3=:91A#'39#<09#/9:#<0<<.#>[.:3H.#/9:#<0<<A#>A# B918A#A2#3>#C19GG3H9#/9HA#+A#G<AGG9?#;F3#:9:#13:0:83.#.>#R.21AV# .>>.#H.21AV#.3#<A11A:3#:9:#Y#2A=:9#2A>>.#I3<.#A<A1:.X#hE<#65V7Mi? (A#>[.:3H.#:9:#Y#>3JA1.V#:9:#Y#C013B3/.<.#2.#0:#AGA1/3839#23#.J3O <0.>A#23G<.//9V#\0.>A#13G/F39#CA1#>.#G0.#IA1=3:3<Z#3:<A1391A#A2#.:/FA# 64
# 6Ll4#:?#6l7?
66P
CA1#>.#G0.#/.G<3<Z?#,3G/F39#CA1#>.#IA1=3:3<Z#3:<A1391A#:A>>[9//.G39:A# 3HHA23.<.# 23# .CC19C13.839:A# A# 23# /9HC3./A:8.?# ,3G/F39# CA1# >.# /.G<3<ZV#CA1/FfV#BA1H.:29G3#:A>>.#C19C13.#G9223GB.839:A#hC1929<<9# 2A>>[91=9=>39#A#2A>>[A=93GH9iV#I3A:A#>.#B.HA#:9:#=3Z#2A>>.#=30G<383.V# H.#2A>#G9223GB./3HA:<9#2A3#GA:G3#A2#.>>91.#G3#A:<1.#:A>>[3:3839#2A>>.# 23G/AG.?#)CC01AV#G3#Y#=3Z#2A<<9V#J3G9=:.#.H.1A?#![.:3H.#:9:#C0`# I3IA1A#GA:8.#.H91A?#'39#Y#.H91AV#$AGb#.H.I.V#A1.#A2#Y#.H91A? )2#3>#G09#H.:2.<9#:09I9#Y#>[.H91A?#*93V#/1A.<3#.#(0.#3HH.=3O :A#A#G9H3=>3.:8.V#:9:#G3#C0`#I3IA1A#GA:8.#.H.1A?#)2#.>>91.#CA1/Ff# <.:<3#CA13/9>3#:A>>[.H91An L"#DQ,2+(0/#6-,(#/-#0/#8-#2,2+-G67# -:#1.C329#G=0.129#/3#3>>0H3:.#G0J3<9?#k0.>3#G9:9#=>3#9==A<<3# 2A>>[.H91A#23#$AGbn#%>#/9HC3HA:<9#2A=>3#3:<A1AGG3#2A>#R.21AV#>.# =30G<3B3/.839:A#2A>>A#/1A.<01A#13JA>>3? k0.>3#G9:9#=>3#9==A<<3#2A>#:9G<19#.H91An#![39#A#<0<<9#/3`#/FA# G9223GB.#>[39? k0.>A#Y#>.#B91H.#2A>>[.H91A#23#$AGbn#WR.21AV#/FA#>.#<0.#I9O >9:<Z#G3#/9HC3.#A#:9:#>.#H3.X#hE/#6lV7Pi?#)#2.I.#\0AG<.#.2AG39:A# G02.:29#G.:=0A?#WRA129:.#>919#CA1/Ff#:9:#G.::9#\0A>>9#/FA#B.:O :9X#h!/#47V7li#A#3>#H.1<A>>9#/.2AI.#G0>>A#/.1:3#>./A1.<A? k0.>A#Y#>.#B91H.#2A>#:9G<19#.H91An#![3:<A1AGGAV#>[A=93GH9?#%# <A1H3:3#G9:9#AGGA:83.>HA:<A#9CC9G<3?#)#B3:/Ff#>[39#1A=:.#:A>>[.:3O H.V#3>#G09#3G<3:<9#/3#C91<.#.#/A1/.1/3#A#.#H9G<1.1/3#A2#.#G9223GB.1/3# \0.:<0:\0A# 3># H9<3I9# C9GG.# AGGA1A# .CC.1A:<AHA:<A# 13IAG<3<9# 23# .H91A# 23# '39?# k0AG<.# 13/A1/.# 23# :93# /3# .JJ.GG.# .># >3IA>>9# 2A>>.# H.<A13.#A2#A//9#3>#CA13/9>9?#]3:9#.#/FA#\0AG<9#39#:9:#Y#G<.<9#13:O :A=.<9#A#/19/3B3GG9#>[.:3H.#:9:#C0`#23IA:31A#:A>#C3b#.><9#GA:G9# 23G/AC9>.#23#;13G<9V#/.HH3:.#CA1#>.#I3.#9CC9G<.? 67
# 6Ll4#:?#6l7?
66M
$A:A1.>HA:<A#3:B.<<3#:A>>.#I3<.#GC313<0.>A#G3#/9H3:/3.#/9:#I9>A1# B.1# C19B3<<9V# /9># I9>A1A# B.1A# \0.>/FA# /9G.# CA1# %2239V# \0.G3# <A:O 2A:29/3#3:23GCA:G.J3>3#.>>.#/.0G.#23I3:.?#UA2A<A#>[91=9=>39#A#>[AO =93GH9n#%:IA/A#9//911A#/FA#>.#/1A.<01.#AG/.#2.#Gf#A#=30:=.#.#23O HA:<3/.1G3#3:#H3G01.#<.>AV#2.#AGGA1A#23GC9G<.#.#WCA12A1A#>.#C19C13.# .:3H.X#hE/#NV7Qi?#![.H91A#13/F3A2A#GAHC1A#:09I3#G./13B3/3V#B3:9# .#1.==30:=A1A#>.#C01A88.#GC313<0.>A?#!.#C01A88.V#/FA#:9:#/9:G3G<A# :A>>9#G/F3I.1A#G9><.:<9#W9=:3#9HJ1.#23#/.<<3I3#CA:G3A13#23#H.>AI9O >A:8.V#23#G9GCA<<9#A//?XV#H.#/FA#.H.V#/9:#3>#23G3:<A1AGGA#/9:#/03# .H`#$AGb?#)=>3#F.#.H.<9#B3:9#.>#G./13B3/39#<9<.>A#23#(f#A#F.#2A<<9# W:AGG0:#.H91A#C3b#=1.:2A#/FA#2.1A#>.#I3<.#CA1#3#C19C13#.H3/3X#h$I# 6QV67O6li?#a#>.#G0.#>3:A.#23#/9:29<<.#CA1/Ff#)=>3#/9HC3A#/3`#/FA# 3:GA=:.?#%:B.<<3V#>[.JJ3.H9#I3G<9V#)=>3#G3#Y#G./13B3/.<9#A2#Y#H91<9# CA1#3#(093#20A#=1.:23#.H913V#=>3#3:<A1AGG3#2A>#R.21A#A#2A>>[0H.:3<Z# CA//.<13/A?# )# G3# G./13B3/.# /9Gj# <9<.>HA:<A# /FA# .>>.# B3:A# 2A>>.# G0.# I3<.#C0`#AG/>.H.1A#W<0<<9#Y#/9:G0H.<9oX#h$I#6LV75i?#k0.>A#=A:AO 19G3<Z#A#C01A88.#23#.H91Ao E.#/[Y#23#C3b?#E.>=1.29#>.#C01A88.#2A3#(093#.H913V#H.>=1.29# >.#<9<.>3<Z#2A>>.#(0.#29:.839:AV#)=>3#:A#Y#G<.<9#13/9HCA:G.<9#/9:# >[.JJ.:29:9#2A>#R.21A#A#/9:#>.#13I9><.#2A>>[0H.:3<Z? k03:23#:9:#G9>9#C01A88.#23#H9<3I3V#:9:#G9>9#23G3:<A1AGGAV#H.# GA<A#23#3HH9>.839:A?#%:B.<<3V#\0.G3#3>#G09#G9BB131A#B9GGA#C9/9V#)=>3# I09>#<91HA:<.1G3#/9:#>.#I3G39:A#/FA#H9><3#G3#G.>IA1.::9#G9>9#CA1O /Ff# :9:# F.::9# 3:# Gf# C9<A:8.# 23# H.>383.# CA1# CA12A1G3V# G3# G.>IAO 1.::9V#H.#3>#>919#.H91A#13H.11Z#>.<A:<A#A#.<19B388.<9?#"><19#/FA# G9223GB.839:Ao#"><19#/FA#.CC19C13.839:Ao#"H91A#/FA#I.#9><1A#>.# C01A88.#23#.H91AV#I.#.>>[A193GH9#2A>#23G3:<A1AGGA? k0AG<9#Y#IA19#.H91A? R9<1AHH9# H.3# =30:=A1/3n# *9V# H.# J3G9=:.# =30:=A1A# .2# .IO I3/3:.1I3G3?# )# CA1# .II3/3:.1I3/3# 9//911A# GC9=>3.1G3# 23# <0<<9?# *9:# J.G<.V#J3G9=:.#=30:=A1A#.#<9//.1A#/9:#H.:9#>.#:9G<1.#H3GA13.#A2#.# 66N
GA:<31/3#3HC9<A:<3#.2#.H.1A#/9HA#I911AHH9V#CA1/Ff#C01<19CC9# .JJ3.H9#<19I.<9#3#>3H3<3#2A>>.#:9G<1.#:.<01.#0H.:.? ">>91.V#\0.:29#3>#:9G<19#GB9189#23#C9IA13#.<9H3#/3#.CC.131Z#3:# C3A:.#>0/A#hC01A#.IA:29#2.<9#<0<<9iV#\0.:29#/3#GA:<31AH9#G9><.:O <9#C9IA1A#GA1IA#/03V#C01A#.IA:29#B.<<9#<0<<9#CA1#3>#>919#C.219:AV# :9:#Y#/9:/AGG9#/FA#23#/9:G<.<.1A#>.#C19C13.#3HC9<A:8.V#.:83#:9:# Y# /9:/AGG.# :AHHA:9# >.# 23G3>>0G39:AV# CA1/Ff# GAJJA:A# 23G3>>0GAV# /9:<3:0.HA:<A#.JJ3.H9#>[.1G01.#2A>#13/9H3:/3.1A#CA1#>.#C9<A:8.# 2A>>[.H91A# /FA# Y# 3:# :93g# .>>91.# C9<1AH9# G9H3=>3.1A# .># E.AG<19?# ">>91.# C9<1AH9# GA:<31/3# 231A# W&# .:3H.# /FA# 39# F9# C>.GH.<.# A2# .H.<.V#<0#F.3#B3:.>HA:<A#3HC.1.<9#.2#AGGA1A#>.#H3.#.:/A>>.#A2#91.# <3#23/9#.G/A:23#C3b#3:#.><9#A#2.3#H3A3#C3A23#G.>3#.>#H39#/091A?#&1.# B3:.>HA:<A#<0#<3#=A<<3#3:#H3.#J.>3.#A2#3:#\0AG<9#3G<.:<A#39#H3#.JO J.:29:9#.#<AX? KA>>9#\0AG<9#B32A:<A#.JJ.:29:9#1A/3C19/9#B1.#;1A.<91A#A#/1AO .<01.o#)#3>#H.<13H9:39#H3G<3/9?#k0.:29#>[.:3H.#Y#=30:<.#\03#C0`# =0G<.1A#2.IIA19#GA:8.#<3H91A#>A#=393A#2A>>.#:.<01.#A2#3GC31.1G3#.># G09#/9:<.<<9V#=3.//Ff#AGG.#G3#Y#/9HC>A<.HA:<A#>3JA1.<.?
66L
*!+$,')'#%U *);)((%+p#'%#;"EE%*",)#*)!!)#U%,+r
"?& )03($),8 !"#5>;,/%+1#3#0('/+1# +0<<.I3.V# H3# Y# GAHJ1.<9# 0<3>A# BA1H.1H3# 9==3# G0# \0AG<.# I31<b# =3.//FfV#AGGA:29#AGG.#H.21A#2A>>A#.><1AV#G0#23#>A3#2AI9:9#.CC0:O <.1G3#G9C1.<<0<<9#3#:9G<13#G=0.123#A#3#:9G<13#GB9183?#(.CC3.H9#/FA# >[91=9=>39#Y#HA:89=:.#A#>[0H3><Z#Y#IA13<Z?#;FA#>[91=9=>39#G3.#HA:O 89=:.# :9:# /[Y# J3G9=:9# 23# C19I.1>9# .:/91.?# ]019:9# C91<.<3# C3b# I9><A#I.13#AGAHC3#23#/9HA#AGG9#/3#3>>02.#A#/3#<1.G/3:3V#:9G<19#H.>O =1.29V# 3:/9:<19# .# \0A>>A# 0H3>3.839:3# /FA# /3# 2.I.# >.# GCA1.:8.# 23# B.1/3#AI3<.1A?#R30<<9G<9V#/A1/FA1AH9#23#23H9G<1.1A#/9HA#>[0H3><Z# Y#IA13<Z?#)GG.#Y#IA13<ZV#CA1/Ff#G/.<013G/A#2.3#29=H3#B9:2.HA:<.>3# 2A>#/13G<3.:AG3H9?# )GGA:29# IA13<ZV# /39Y# >0/AV# AGG.# 3>>0H3:.# <0<<9# /3`# /FA# <9//.V# 3>>0H3:.# >.# >A=3<<3H3<Z# 2A>>A# 20A# 3:/>3:.839:3# 0<3>3V# C9G<A# 2.# '39# G<AGG9#:A>>.#:.<01.#0H.:.D#G<3H.#23#GfV#2AG32A139#2A>>.#G<3H.#.><103?# !A#H.:<3A:A#:A>#C9G<9#/FA#>919#G3#/9HCA<AV#3HCA23G/A#3>#>919#3:O :.>8.1G3#3:#H929#311.=39:AI9>AV#/9HA#I911AJJA#>[91=9=>39?#RA1/3`# >[0H3><Z# :9:# G9>9# Y# IA13<Z# 23# CA1# GfV# H.# C9:A# ABB3/./AHA:<A# >9# GC313<9#0H.:9#:A>>.#=30G<383.#2A>>.#I3G39:A?# ![0H3><Z#G/.<013G/A#2.3#29=H3#B9:2.HA:<.>3#2A>#/13G<3.:AG3H9?# *93#G3.H9#AGGA13#/1A.<3V#G3.H9#CA//.<913V#:93#G3.H9#AGGA13#2AG<3:.O <3#.#23IA:31A#C.1<A/3C3#2A>>.#I3<.#23I3:.? k0AG<A#<1A#2AB3:3839:3#29=H.<3/FA#2A<A1H3:.:9#/9:#/F3.1A88.# >.#:9G<1.#C9G3839:A#:A>#/1A.<9V#3>#:9G<19#I.>91AV#3#:9G<13#29IA13? (3.H9#AGGA13#/1A.<3V#\03:23V#23CA:2A:<3#2.#0:#)GGA1A#G0CA1391A# A2#.IA:<3#29IA13#23#9GGA\039#A#23#G9<<9H3GG39:A#IA1G9#23#!03? 646
(3.H9#CA//.<913V#\03:23V#/9G<3<03<3#3:#=1.29#23#3:BA13913<ZV#.:O /FA#23:.:83#.>>.#GAHC>3/A#913=3:.13.#:.<01.#0H.:.V#G9==A<<3#.#<AO :AJ1AV#.#GH.113HA:<3V#A2#A11913? (3.H9#AGGA13#/1A.<3#CA1#=30:=A1A#.>>[0:39:A#23I3:.V#\03:23#:A># 23GA=:9#A<A1:9V#2AG<3:.<3#.2#0:.#23=:3<Z#.><3GG3H.? %:#<0<<A#A#<1A#\0AG<A#2AB3:3839:3#'39V#9GG3.#>[)GGA1A#CA1#AGGA:O 8.V#H3#G3#C1AGA:<.#9G<3:.<.HA:<A#23:.:83?#!9#<19I9#:A>>.#H3.#913O =3:A#A#:A>#H39#B3:AV#:A>#H39#B9:29#A#:A3#H3A3#.<<3V#A#GA#2.#HA#<9>=9# /3`#/FA#I3#Y#23#!03V#39#H3#.::3A:<9V#H3#C9>IA13889V#GA#3:IA/A#./O /9>=9#/3`#/FA#)=>3#H3#I09>#2.1AV#39#H3#A>AI9#H.=:3B3/.HA:<A?#'.# \0AG<9#/9:<1.G<9#G/.<013G/9:9#20A#GA:<3HA:<3#/FA#G3#/9HC>A<.:9D# >[0H3><ZV# \0.:29# /9:G32A19# /3`# /FA# G9:9V# >[.291.839:AV# \0.:29# /9:<AHC>9#>[)GGA1A#2.#/03#G9:9g#3:#\0AG<9#29CC39#G=0.129#39#/9>O =9#<0<<.#3:<3A1.#>.#IA13<ZV#29#.#/3.G/0:9#9==A<<9#3>#C19C139#C9G<9# A#>.#=30G<.#C19C91839:A?#%9#H3#/9G<3<03G/9#3:#0H3><Z#A2#3HCA23G/9# .>>A#H3A#20A#<A:2A:8A#>A=3<<3HA#23#AG.><.1G3#23G9123:.<.HA:<A?#&Fo# >.#JA>>A88.#A#>.#=30G<A88.#23#\0AG<.#I3G39:Ao 4"#5>;,/%+1#&'(&2'2#/*+/,/+1#6-*#B/-6 ![3::.H91.<9#Y#0H3>A#CA1/Ff#/9G<1A<<9#.#/F3A2A1A#.2#.><13?#;F3# :9:# GCA1.# :9:# Y# 0H3>A# CA1/Ff# .<<A:2A# <0<<9# 2.# GA# G<AGG9V# :9:# 2.=>3# .><13# A# :ACC01A# 2.>>["><19?# *9:# .IA:29# B320/3.# :9:# C9<1Z# =30:=A1A# A# :ACC01A# CA:G.1A# H.3# .2# 0:.# AIA:<0.>A# 3:<3H3<Z# /9:# .>/0:9g#.2#AGG.#G3#=30:=A#G9>9#G<3H.:29V#.H.:29#A#CA1/3`#B./A:O 29G3# C3//9>3?# R93/Ff# I911A3# /FA# .113I.G<A# <0<<A# .>>.# 3:<3H3<Z# /9:# '39V# 3:# \0AG<.#;9:=1A=.839:AV#/FA#Y#>[0><3H.#G0>>[.1=9HA:<9#23# \0AG<[.::9V# H3# BA1HA1`# .:/91.# 0:.# I9><.# G0>>.# I3.# /FA# /9:20O /A#C3b#231A<<.HA:<A#.>>[3:<3H3<Zg#A#/39Y#G0>>.#B320/3.#A#G0>>[0H3><Z?# RA1#=30:=A1A#.>>[3:<3H3<Z#9//911A#0:.#G9>32.#J.GA#23#GCA1.:8.#A#0:# 6
# 6LQP#:?#4l6?
644
C19B9:29#GA:<3HA:<9#23#0H3><Z?#%>#2AG32A139#23#=30:=A1A#.>>.#C3b# .><.V#.>>.#C3b#:9J3>A#3:<3H3<Z#:9:#Y#H39V#H.#Y#3>#(3=:91A#G<AGG9#/FA# /[3:I3<.#A#/3#I093#/9:2011A?#%#HA883#/FA#)=>3#.29CA1.#.#\0AG<9#B3:A# G9:9#H9><3#A#I.13D#CA1#:93#.29CA1.#>9#G/.>CA>>9#23#/9:<3:0A#CA:A# A#<13J9>.839:3?#(AHJ1.#0:#.GG0129V#CA1/Ff#=A:A1.>HA:<A#B1.#:93# 09H3:3#>A#23BB3/9><ZV#3#/9:<1.G<3#:9:#G9:9#/A1<9#3#H9<3I3#C3b#.<<3#.# G0G/3<.1A#.<<1.<<3IAV#.2#.0HA:<.1A#>.#/9:B32A:8.#A#>[.H3/383.g#.:83V# G9:9# /9:<19C1920/A:<3g# CA1`# >A# I3A# (0A# :9:# G9:9# >A# :9G<1AV# A# GCAGG9#:A>>.#I3.#2A>>9#GC313<9#/9:G<.<3.H9#/FA#/3`#/FA#.CC.1A#H9O <3I9#23#.>>9:<.:.HA:<9#9#/.0G.#23#23G<10839:A#13AG/A#C13:/3C39#A# HA889#23#/9G<10839:Ag#2.>>[3:G0//AGG9#G91=A#GCAGG9#>.#I3<.?#,3/91O 23.H9#3>#2A<<9#AI.:=A>3/9#2A>#GAHAV#/FA#GA#:9:#H.1/3G/A#A#H091A# :9:#C0`#=A1H9=>3.1A#h$I#64V4li?#k0AG<.#Y#>[A/9:9H3.#23I3:.#A# :9:#G3#C0`#23G/0<A1A?#%>#H.>A#Y#/FA#:93#/3#.2.<<3.H9#H.>I9>A:<3AO 13#.#\0AG<.#>3:A.#23I3:.#23#/9:29<<.#AV#/9>#:9G<19#>3H3<.<9#H929# 2[3:<A:2A1AV#3HCA23.H9#.>#GA:G9#23I3:9#23#CA:A<1.1/3V#/3#9CC9:3.O H9#.>#23GA=:9#23#'39#A#C19/013.H9#.#:93#G<AGGA#0:.#G9HH.#23# G9BBA1A:8A#/FA#:9:#GAHC1A#13A:<1.#:A>>[A/9:9H3.#G9C1.::.<01.>AV# CA1/Ff#AGG.#29I1AJJA#<19I.1A#:A>#:9G<19#/091A#0:.#C3b#GAHC>3/A# A#29/3>A#.2AG39:A?#;A1/FA1`#23#/F3.131A#.:/91.#0:.#I9><.#\0AG<9# C0:<9#/10/3.>A#2A>>.#I3<.#:9G<1.g#/1A29#/FAV#I3:<A#\0AG<A#23BB3/9><Z# 23#/9:/A<<9#/FA#I3#G3#9CC9:=9:9V#>.#I3.#2A>>.#CA1BA839:A#/3#G.1AJO JA#H9><9#B./3>3<.<.? @"#R2*62*:2#./#;,/%+1#-)+26-%-#&('#%2#9(.(4 &==3V# 0:.# 2A>>A# C3b# =1.I3# 23BB3/9><Z# CA1# /1A2A1A# G<.# C19C139# :A>>[.GGA:8.#<A913/.#A#C1.<3/.#23#0H3><Z?#![09H9#Y#.113I.<9#.#I.O >0<.1# <19CC9# GA# G<AGG9# CA1# C9<A1G3# C3A=.1A# .3# H3G<A13# 2A>>.# ]A2A# AV# HA:<1A# G3# /10//3.# A# G3# .BB.::.# /A1/.:29# :A>>.# 1.=39:A# A# :A>>.# 4
# 6LQ4#:?#45M?
647
G/3A:8.#>.#G9>0839:A#23#C19J>AH3#I3<.>3V#:9:#<19I.:29>.V#G3#/F302A# 3:#Gf#A#GA:8.#I9>A1A#G3#1A:2A#GAHC1A#C3b#C19J>AH.<3/9?#(A#13/9:9O G/AGGA#>.#G0.#C9/FA88.#A#2[.><19:2A#>.#C9<A:83.>3<Z#23#/03#'39#>[F.# 1A=.>.<9#A#/F[)=>3#29I1AJJA#GI3>0CC.1A#CA1#HA889#2A>>.#C1A=F3A1.V# G3#<19IA1AJJAV#/9HA#CA1#3:/.:<9V#3:#C9GGAGG9#23#\0A>>.#IA13<Z#A#23# \0A>>.#G.83A<Z#.#/03#.:A>.?#E.#>[0H3>3.1G3#Y#\0.G3#3HC9GG3J3>A#C01# .GC31.:29#A#/A1/.:29#3>#IA19V#13H.:A#:A>#B.>G9? *9:#/1A23.H9#/FA#HA<<A1G3#3:#\0AG<.#23GC9G3839:A#23#0H3><Z# G3.#/9Gj#23BB3/3>A#/9HA#3>#H9:29#/A#>.#B.#.CC.131AV#.:83#CA1G0.23.O H9/3# /FA# \0AG<A# 23GC9G3839:3# 23# ]A2A# A# 23# 0H3><Z# G9:9# 3:/A1<9# H929#/9::.<01.<9? %>#J.HJ3:9#/FA#3:/9G/3A:<AHA:<A#G3#>.G/3.#C91<.1A#:A>>A#J1./O /3.#H.<A1:A#AGC13HA#\0AG<A#23GC9G3839:3g#>9#G<AGG9#C3b#/9:G.CAO I9>HA:<A#>[.>0::9#/FA#/1A2A#A#G3#B32.#2A>#H.AG<19g#H.#C01<19CC9# 3>#B.:/30>>9#23IA:0<9#.20><9#CA12A#=A:A1.>HA:<A#\0AG<A#\0.>3<Z#A# CA1#>A#C.GG39:3#/FA#>9#3:I.29:9#A#CA1#>A#2A>0G39:3#23#/03#B.#AGCAO 13A:8.V#G3#/F302A#3:#GA#G<AGG9#A#G9>9#GA#G<AGG9#G<3H.#A#.291.?#$1.IA# H9:3<9V# \0AG<9V# CA1# 3# =A:3<913# A# =>3# A20/.<913V# 3# \0.>3V# C01# G91O IA=>3.:29# A# /911A==A:29V# :9:# 29I1AJJA19# H.3V# .# \0.>G3.G3# /9O G<9V#2.1A#.>>.#=39IA:<b#>.#GA:G.839:A#2A>>[3:=.::9V#2A>>[A\03I9/9V# 2A>>[3:/9HC1A:G39:Ao ;1AG/30<9#3:#\0AG<[.<H9GBA1.#>[09H9V#/9:#>.#/9:9G/A:8.#2A>>A# G0A# C9GG3J3>3<ZV# G3# /9:I3:/A# GAHC1A# C3b# 2A>>.# C19C13.# C9<A:8.# A# G3# G<.J3>3G/A# :A>>[91=9=>39# A# :A>>[A=93GH9# B3:9# .>>.# 23BB32A:8.V# .># G9GCA<<9# A# .># 23GC1A889# .><103?# ![91=9=>39# I09># <0<<9# /9:9G/A1AV# >[A=93GH9#I09>#<0<<9#.//A:<1.1A#A#<19I.:29#9G<./9>3#3:G0CA1.J3>3# AG<A1:3#A#>3H3<.839:3#3:2ABA<<3J3>3#3:#GfV#G[3113<.V#G3#/9:/A:<1.V#G[3G9>.# A2#3:#\0AG<9#HA:89=:A19#.<<A==3.HA:<9#>[09H9#3HC9G<.#3>#C19O C139#.IIA:31A?#)//9#3>#CA//.<9#913=3:.>A#23IA:0<9#.<<0.>A?
64l
@"#T%-'/9/62'(#B/-#2++'20(')-#%2#&'-&'/2#.(?-%(::27 k0A>>9#/FA#=>913B3/.#'39#:9:#Y#3>#G0//AGG9V#H.#3>#B.<<9#/FA#:9O :9G<.:<A#>.#C3A:.#/9:9G/A:8.#/FA#.JJ3.H9#2A>>.#:9G<1.#2AJ9>A8O 8.V#:93#/3#9G<3:3.H9#.#GCA1.1A#:A>#(09#.H91Ag#.:83#Y#C19C139#\0AO G<9#0:9#2A3#GA=:3#23#C19=1AGG9#C93/Ff#>A#.:3HA#/FA#'39#/F3.H.# .>>[0:39:AV#.2#0:.#C3b#3:<3H.#B.H3>3.13<Z#/9:#!03V#G3#23G<3:=09:9# CA1#\0AG<.#9G<3:.839:A#.#GCA1.1A#3:#!03#.2#9:<.#/FA#<0<<A#>A#.CC.O 1A:8A#<A:<3:9#23#3:201>A#.#20J3<.1A#2A>>A#C19HAGGA#23I3:A? K?& )!&*!#$,8 !"#V2'(#.(%%2#*-)+'2#0/+2#;*#.-*-l !.#;.13<Z#AGGA:83.>AV#'39V#I3IA#3:<3H.HA:<A#>.#(0.#I3<.#23#29:.O 839:A#A#/39Y#23#:9:#.CC19C13.839:Ag#A#!03V#/FA#I09>#IA2A1A#13C19O 29<<.#3:#:93#>.#(0.#3HH.=3:A#A#G9H3=>3.:8.V#!03#/3#F.#/F3.H.<3#A#/3# /F3.H.#.>>[AGA1/3839#23#\0AG<9#29:9#/FA#CA1#:93#23I3A:A#C13I3>A=39V# B.1#2A>#:9G<19#AGGA1A#0:#29:9?#k0AG<9#C13I3>A=39#Y#G<.<9#9BBA1<9# :9:#G9>9#.>>[3:23I3209V#H.#.#<0<<.#>.#G9/3A<Z#0H.:.#/FAV#B91H.<.# G0>#H92A>>9#2A>>A#29:.839:3#+13:3<.13AV#>A#2AIA#13C192011AV#/9G3/O /Ff#>.#G9/3A<Z#0H.:.#29I1AJJ[AGGA1A#0:#3:/AGG.:<AV#G/.HJ3AI9>A# /9HHA1/39#23#29:.839:A#23#.H91A?#&FV#/9HA#>[0H.:3<Z#G.1AJJA# BA>3/A#GA#G.CAGGA#C>.GH.1G3#.>#RA:G3A19#'3I3:9V#A#\0.:<9#3:BA>3/A# 9==3#CA1#:9:#.IA1#/.C3<9#:0>>.o +0<<9#>[0:3IA1G9#Y#3HC9G<.<9#3:#\0AG<.#29:.839:A#1A/3C19/.#A# \03:23#G.1AJJA#0:#/9:<19GA:G9#GA#>[09H9V#>.#/1A.<01.#C3b#:9J3>A# 23#\0.==3bV#29IAGGA#2A19=.1A#2.#\0AG<.#3HC9G<.839:A?#'39#I09>A# /FA#>[09H9V#<0<<9#\0.:<9V#G3.#3:<3A1.HA:<A#3HCA=:.<9#.2#.H.1>9#A# 3:#\0AG<9#.H91A#G3#CA12.#A#G3#/9:G0H3#W3:#H.:3A1.#<.>A#/FA#/9HA# 7
# 6LQP#:?#4l5? # 6Lll#:?6Q4?
l
64Q
'39#G3#Y#B.<<9#09H9#3:/.1:.:29G3V#/9Gj#>[09H9#2AIA#B.1G3#;13G<9# 3:/.1:.:29>9X? E.#\0AG<.#>A==AV#\0AG<9#/9HC3<9V#\0AG<9#C13I3>A=39V#:9:#2AIAV# /9HA# G3# Y# 2A<<9V# .11AG<.1G3# .>>[3:23I3209?# ![3:23I3209# Y# B./A:<A# C.1<A#2A>>[0H.:3<ZV#A#>[0H.:3<Z#3:<3A1.V#.<<1.IA1G9#>.#;F3AG.V#2AIA# JA:AB3/3.1A#23#\0AG<.#/9H0:3/.839:A#23#1A/3C19/3<Z#23#.H91A?#,3O B30<.1A# >.# :9G<1.# .2AG39:A# .# \0AG<9# /9:=A=:9# 23# .H91AV# Y# WB.1A# .J91<31A#>.#/1A.839:AX?#R01<19CC9#\0AG<9#.J91<9#G3#1A.>388.#C3b#23# \0A>>9#/FA#:9:#G3#CA:G3V#>9#G/9:I9>=3HA:<9#.<<0.>A#:A#Y#>.#C19I.? RA1/Ffn#RA1/Ff#9=:3#G3:=9>.#I9>9:<Z#:9:#G3#.C1A#CA1#13/AIA1A# \0AG<.#/9H0:3/.839:A#23#.H91A#A#:9:#13/AIA:29>.#:9:#C0`#/9O H0:3/.1>.?#!.#13/A839:A#23#AGG.#13/F3A2A#13:0:83.V#C9IA1<ZV#G./13O B3/39#A#>[A=93GH9#0H.:9#:9:#F.#I9>0<9#G.CA1:AV#:f#I09>#G.CA1:Ag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j#3>#H9:29#13<19IA1AJO JA#3>#G09#A\03>3J139V#>.#G0.#I3.#23#>.I919V#23#C19=1AGG9V#23#C./Ao#&FV# GA# .# \0AG<9# 23>.=.1A# 23# 9239# 0H.:9V# IA:3GGA# /9:<1.CC9G<.# 0:.# 3:9:2.839:A#<1.J9//.:<A#23#.H91A#/13G<3.:9o E.V#9F3HYV#29I[YV#.>HA:9#3:#.>/0:A#23#:93V#\0A>>9#G=0.129#JAO :AI9>9#G0>>A#.><1A#W/FA#<0<<9#G/0G.V#<0<<9#/1A2AV#<0<<9#GCA1.V#<0<<9# G9CC91<.nX#h6#;91#67VlOMi?#'9I[Y#\0A>>.#C19:<A88.#.#13::A=.1G3V# .#G./13B3/.1G3V#C19C139#CA1#>.#G91A>>.#/FA#Y#0:#C9[#CAG.:<AV#C19C139# CA1#>[.><1.#/FA#B.#AGA1/3<.1A#>.#C.83A:8.V#C19C139#/9:#>[.><1.#.:/9O 1.V#/FA#B.#CA12A1A#<AHC9n#k0.:<A#I9><A#H3#GA:<9#=A:<3>AV#J09:.V# C.83A:<AV#>9:=.:3HAV#G91132A:<A#IA1G9#/9>919#3>#23#/03#/9:<A=:9# H3#01<.V#3>#23#/03#H929#23#B.1A#H3#2Z#:93.n#R01<19CC9V#B91GAV#H3# 64P
GA:<31`#=A:<3>AV#J09:.V#C.83A:<A#/9:#=>3#AG<1.:A3g#/9:#/9>919V#/9:#3# \0.>3#H3#C3./A#23#/9HC.131AV#H3#C3./A#2.1#>[3HC1AGG39:A#/FA#G9:9# A20/.<.V#/9HC.GG39:AI9>A#A//?#%:G9HH.#GA:8.#1A:2A1HA:A#/9:O <9V#J3G9=:.#/FA#/9:BAGG3#/FA#\0.>/FA#I9><.V#39#G<AGG.#/FA#9239#3># B.13G.3GH9V#G<9#\0.G3#/.2A:29I3?#a#3:0<3>A#A#2.::9G9#AGGA1#/.13<.O <AI9>3#/9:#=>3#AG<1.:A3#\0.:29#C93#3:#/.G.#/9:<3:03.H9#.2#AGGA1A# 3HC.83A:<3V#3:/9HC1A:G3IAV#./32AV#311A\03A<AV#Y#3:0<3>A#/9:G0H.1G3# 2.>>.#B.<3/.#3:#0:.#I3<.#/FA#C0`#AGGA1A#.:/FA#/1A20<.#A193/.V#\0.:O 29#C93#:9:#G9:9#/.C./A#23#0:[.//9=>3A:8.#.J3<0.>HA:<A#.H.J3>A# IA1G9#/9>919#/FA#'39#H3#F.#C9G<3#I3/3:9? (91A>>AV# GA# I9=>3.H9# /99CA1.1A# ABB3/./AHA:<A# .# 13C91<.1A# >.# C./A#:A>#H9:29V#3HC9:3.H9/3#\0AG<9#GB9189#CA1#/9:\03G<.1A#>[.O H91Ag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i#CA1#>[.GGA:8.#2A>>.#G9223GB.839:A#A=93G<.g# 4i#CA1#3>#<3H91A#2A>>[3HC9IA13HA:<9?# UA2A<A# :9:# /A# >9# 23/3.H9V# GA# :A# .I1AJJA# IA1=9=:.V# Y# /9G.# 3G<3:<3I.V#H.#.:23.H9#.#IA2A1A#B3:9#3:#B9:29#A#/3#.//91=A1AH9# /FA#Y#C19C139#/9GjV#'39#Y#G91=A:<A#23#I3<.V#H.3#3HC9IA13G/AV#C01# 29:.:29# GAHC1Ag# :93V# /.:.>3# 23# I3<.# G3# F.# 3># <3H91A# 23# 13H.:A1A# I09<3#:9:#.CCA:.#G3#Y#2.<9#/3`#/FA#/3#B0#2.<9V#A//9#>.#23BB3/9><Z# 23#2.1/3V#23#GC9=>3.1/3?#(A#.IAGG3H9#C3b#]A2A#G.1AHH9#G3/01A#/FA# >.#G91=A:<A#:9:#/3#>.G/A1AJJA#I09<3#CA1/Ff#G.C1AHH9#JA:A#/FA# GC9=>3.1/3#I09>#231A#W.GG0HA1A#'39#3:#>09=9#2A>>[39V#GA#.IAGG3H9# 64M
/.13<ZV#:9:#C1A:2A1AHH9#<.:<A#C1A/.0839:3#CA1#:9:#3HC9IA131/3o# ;9HA#G0CA1.1A#\0AG<9#A=93GH9#:9G<19#/FA#/3#/1A.#<.:<9#3HJ.1.8O 89n#&//911A#0:31G3#C3b#3:<3H.HA:<A#.#;13G<9? '9JJ3.H9#CA:A<1.1A#3:#!03V#B9:2A1/3#/9:#!03#I3IA:29#3>#E3O G<A19#2A>>.#(?#EAGG.#/FA#Y#C01A#E3G<A19#23#;19/A#A#23#.H91A? 4"#<2'/+1#%/*92#(#2*/,2#.(%%2#<8/()2Q# !.#;.13<Z#Y#3>#/AHA:<9#/FA#3:G3AHA#G<13:=A#A#1.BBA1H.#>A#I3IA:<3# C3A<1A#2A>#<AHC39#23#'39V#Y#>.#>3:B.#/FA#G/911A#CA1#>[.>JA19#2A>>.# I3<.V# Y# >[.:3H.# 2A>>.# ;F3AG.?# a# 0:# GA=:9# GC313<0.>A# 23I3:.HA:<A# 3HC1AGG9#:A>>.#C.1<A#C3b#C19B9:2.#2A>>[AGGA1Ag#Y#0:#GA=:9#I3I9#A# I3I3B3/.:<A#/FA#B.#C.1>.1A#A2#9CA1.1Ag#Y#0:#GA=:9#3:23GCA:G.J3>A?# ;F3# :9:# >[F.# H.3# C91<.<9V# :9:# Y# H.3# I3GG0<9g# /F3# :9:# >9# C91<.# C3b#:9:#I3IA#C3b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f#>.#13I9><.#2A=>3#3G<3:<3#3:BA13913#/9:<19# >.#C.1<A#G0CA1391A?#'3#/9G<jD#>9<<A#B1.#>.#H.<A13.#A#>9#GC313<9? Q
# 6Lll#:?#6Ql? # 6Ll4#:?#6l6?
P
64N
!9<<A#/9:<19#>A#3:/>3:.839:3#2A>>.#/9:/0C3G/A:8.?#!9<<A#CA1#>A# <A:<.839:3# AG<A1:A?# !9<<A# /9:# =>3# A>AHA:<3# /FA# H3:.:9# .>>.# I3<.# B3G3/.?#!9<<A#CA1#3>#C.:A#H.<A13.>A? )# \0AG<A# G9:9# .:/91.# >A# >9<<A# J.:.>3# 2A>>.# I3<.?# E.# I3# G9:9# >9<<A#.:/91.#C3b#G9<<3>3#A#G0J29>A#A#>./A1.:<3? Wk0.:<9#C3b#>[09H9#2A/.20<9#.GC31.#3:#.><9V#<.:<9#C3b#>A#>9<<A# G3#.BB3:.:9#A#G3#G0223I329:9#3::0HA1.J3>HA:<AV#B91H.:29#GCAGG9# 3>#H.1<3139#2A>>A#.:3HA#/FA#<A:29:9#.>>.#(.:<3<ZX? RA1#/3.G/0:.#23#\0AG<A#>9<<A#I3#Y#C19:<.#0:.#13I9><.#C3b#9#HA:9# .IIA1<3<.#/FA#1A:2A#C3b#.GC1.#>.#>9<<.#G<AGG.?#W%9#I911A3#.//A<<.1AV# I911A3# G0CA1.1H3g# \0AG<9# 13/.2A1A# GAHC1A# 3:# J.GG9# H3# .II3>3G/A# A2#3:<.:<9#:9:#H3#.//91=9#/FA#Y#3>#29>91A#.#G<13:=A1H3#B1.#>A#G0A# J1.//3.#C013B3/.<13/3#h29>91A#/FA#23I3A:A#C3b#./0<9#CA1/Ff#:9:#>9# /9:9G/9V#:9:#>9#I9=>39V#:9:#H3#G9#G9<<9HA<<A1A#.H919G.HA:<Ai# HA:<1A#AGG9#.GCA<<.#2.#HA#0:.#G9<<9H3GG39:A#=A:A19G.X?#;F3#3:# 0:#C13H9#<AHC9#:9:#G3#Y#13JA>>.<9n#+0<<.I3.#C1AG<9#29I1AH9#3:O <A:2A1A#/FA#:9:#G3#C0`#/9:<3:0.1A#.2#.=31A#/9HA#J3HJ3#2.I.:<3# .2#0:#/.:/A>>9#GC3:.<9#/FA#GJ.11.#>[.//AGG9#.>#=3.123:9?#"#13B30<.O 1AV#.#13JA>>.1G3V#.2#3HC1A/.1AV#3>#/.:/A>>9#:9:#G3#.C1A#h\0.:<A#I9><A# .>#C1AGA:<.1G3#2A>>.#/19/A#B.//3.H9#C19C139#/9HA#3#J3HJ3#23:.:83# .2#0:#/.:/A>>9#GJ.11.<9V#/FAV#3:B>AGG3J3>A#.>>.#:9G<1.#13I9><.V#:9:# G3#.C1Ai?# W"G/9><.#.:3H.#C3.V#:9:#23/F3.1.1A#B.>>3HA:<9#C13H.#/FA#.:O :9<<3?#"GG.==3.#3>#C.:A#:A19#2A>>.#C.83A:8.V#>[9>39#/F3.19#2A>>.#GCAO 1.:8.V# 13B0=3.<3# :A># 13/9:9G/3HA:<9# 2A>>.# <0.# :0>>3<ZV# A2# .//9=>3# 3># 29>91A# /FA# 3HC19II3G.HA:<A# <3# Y# /.C3<.<9V# 9GC3<A# 3:=1.<9V# H.# JA:AB3/9?#*9:#<3#G=9HA:<.1AV#\0A>>.#/FA#9==3#F.3#/1A20<.#0:.#23O G=1.83.V#G.1Z#29H.:3#0:#29:9#'3I3:9V#\0A>>.#/FA#9==3#<3#.CC.1A# 0:.# G/9:B3<<.V# G.1Z# 29H.:3# >.# <0.# C3b# JA>>.# I3<<913.?# %:0<3>A# B.1A# .># 29>91A# 3># I3G9# 2A>>A# .1H3?# %:0<3>A# <A:<.1A# 23# G/.//3.1>9V# 3:0<3>A# /F302A1A#=>3#9//F3#CA1#:9:#IA2A1>9?#"//9=>3#3>#:09I9#9GC3<A#HA:9# 64L
10I32.HA:<Ag#=0.12.>9#B3:9#3:#B9:29g#.G/9><.>9V#>03#A#<AV#<0#A#>03?# '9IA<A#/.HH3:.1A#3:G3AHA#CA1#<0<<.#>.#I3<.X? E.#CA1#B.1#J09:#I3G9#.#GC3./AI9>A#IA:<01.V#9//911A#0H3>3.1G3?# ![0H3><Z#9><1A/Ff#CA1G0.2A1/3#.2#.//A<<.1A#3>#29>91AV#/3#C1AC.1.#.2# AGG9V#A#\0.>/FA#I9><.V#C0`#.:/FA#B.1/A>9#AI3<.1A? R19I3.H9/3#.>HA:9#.#:9:#GC1A/.1A#<19CC9#<AHC9#.2#9GGA1I.O 1A#3>#:9G<19#29>91A?#&=:3#29>91A#Y#0:.#H9:A<.#2A>#<AG919#23#\0.=O =3bV#\03:23V#:f#GC1A/9V#:f#23GC1A889o#-:3/9#HA889#CA1#<1.BB3/.1A# \0AG<.#H9:A<.#Y#.//A<<.1>.#/9:#.H91A#\0.>0:\0A#G3.#3>#G09#<.=>39V# \0.>0:\0A# :A# G3.# >.# H.<A13.V# /.1<.V# .1=A:<9V# 919V# <0<<.# Y# J09:.# GA#I3A:A#.//9><.V#<0<<.#Y#B10<<3BA1.V#GA#<1.BB3/.<.V#2.>>.#G=1.BB3.<01.# 23#.=9#.>>.#>.C.1.<9H3.g#2.>>[.H91A#C19C139#BA13<9V#.>#H.1<3139#C3b# =A:A19G9?#"//A<<.1AV#20:\0AV#/9:#23GC9G3839:A#JA:AI9>.#>[9GC3<A# 3:=1.<9V#.//A<<.1>9#/9HA#G3#.//A<<.#0:#29:9g#:f#/9HC.<A:29/3V#:f# C1A:2A:29#>A#>A:<3#23#3:=1.:23HA:<9#CA1#/9:<AHC>.1>9#A#:ACC01A# /F302A:29#=>3#9//F3#CA1#:9:#IA2A1>9?#"//A<<.1A#3:#C3A:.#/9:9O G/A:8.#A#/9G/3A:8.#/9HA#.//A<<`#$AGb?#"//A<<.1A#/9:#=393.?# ;FA# $AGb# .CC.GG39:.<9# /3# B.//3.# 0H3>3V# 9JJA23A:<3V# .H.:<3# 2A>>.#;19/A#/9HA#!03o C"#P*/+1#(#62'/+1M &//911A# 3:<A:G3B3/.1A# 20A# I31<bD# /.13<Z# A# GAHC>3/3<Z?# k0AG<A# 20A#I31<b#C1.<3/.<A#/9:#/9G<.:8.#A#=A:A19G3<Z#G.1.::9#>A#I3=3>3#/0O G<923#2A>>[0:3<Z?#;.13<ZV#:93#>9#G.CC3.H9V#Y#.H91AV#.H91A#.12A:<AV# .CC.GG39:.<9#CA1#3>#KA:A#0:3/9#A#G9HH9#/FA#Y#>[">B.#A#>[&HA=.# 2A>>.# :9G<1.# I3<.V# /.C./A# 23# ABB9:2A1G3# G0# <0<<3# =>3# W91=.:3# 2A>>.# /A>AG<A# $A10G.>AHHAX# h/9Gj# 2AB3:3G/A# 0:9# G/13<<91A# H92A1:9# 3# HAHJ13#2A>#;91C9#23#;13G<9i?
M
# 6L7l#:?#NP?
675
%:#\0AG<9#H9HA:<9#/9Gj#3HC91<.:<A#A#/9Gj#2A/3G3I9#:A>>.#I3<.# 2A>>.#B.H3=>309>.#:9G<1.V#3:#\0AG<9#H9HA:<9D#W5M('$%(,#5'$,%$#.'6&%# "),X#h4#;91#QV6li?#!.#/.13<Z#23#;13G<9#/3#01=A?#&//911A#1.BB918.1A#3# I3:/9>3#B1.<A1:3#A#/1A.1:A#2A3#:09I3V#A#I911A3#231A#2.1A#.2#AGG3#0:.# /9:BA1H.#/FA#>3#1A:2.#<A<1.=9:3#.=>3#.GG.><3#2A>#:AH3/9#A#2A>>[A=93O GH9#3:23I320.>A? ]3:#2.#C13:/3C39#2A>>.#/13G<3.:3<Z#=>3#"C9G<9>3#<AHA<<A19#=>3#A>AO HA:<3# 23G=1A=.<913V# A# >[0:39:A# A# >.# /9:/9123.# C1A9//0C`# 3# >919# /0913#C.<A1:3#A2#.C9G<9>3/3?#(3#C0`#231A#.:83#/FA#B0#>.#C1A9//0C.O 839:A#C3b#/9G<.:<A#/FA#>3#CA1GA=03<`#201.:<A#>.#>919#H3GG39:A#.C9O G<9>3/.V#A#:A>>A#>919#)C3G<9>A#>.#G3#13IA>.#3:#3::0HA1AI9>3#B91HA#/9:# >A#\0.>3#1.//9H.:2.:9#>[0:3<Z#A#>.#/.13<Z?#"#C1AG/3:2A1A#2.>>[.1.>29# 2A>>[.H91A# h(.:# $39I.::3# )I.:=A>3G<.iV# /FA# :A>>.# G0.# 2A/1AC3<.# IA//F3A88.#:9:#G.CAI.#231A#.><19#/FA#W]3=>309>3:3#H3A3V#.H.<AI3#=>3# 0:3#=>3#.><13XV#.#C1AG/3:2A1A#2.#\0AG<9V#:93#<19I3.H9#:A>>A#)C3G<9>A# 2A=>3#.><13#"C9G<9>3#0:#/9:<3:09#13CA<A1G3#23#\0AG<.#AG91<.839:A?#)V# :9<.<AV#=>3#"C9G<9>3#/FA#C3b#C.1>.:9#2A>>[.H91A#I3/A:2AI9>A#G9:9# .CC0:<9#(?#$39I.::3V#>["C9G<9>9#/FA#C9G`#G0>#/091A#23#;13G<9V#(?# R3A<19#/FA#B0#3>#G09#U3/.139V#(?#R.9>9#/FA#B0#1.C3<9#.>#<A189#/3A>9?# (?#R3A<19#G/13IAD#W(3.<A#<0<<3#0:.:3H3V#/9HC.GG39:AI9>3V#.H.:<3#2A3# B1.<A>>3V#H3GA13/91239G3V#:9:#1A:2A:29#H.>A#CA1#H.>AV#:f#H.>A23O 839:A#CA1#H.>A23839:AV#H.#.>#/9:<1.139#JA:A23/A:29?#R93/Ff#/F3# I09>A#.H.1A#>.#I3<.V#A#IA2A1A#=391:3#JA.<3V#1.BB1A:3#>.#G0.#>3:=0.#A# >A#G0A#>.JJ1.#:9:#C.1>3:9#3:=.::9V#/A1/F3#>.#C./A#A#>A#I.2.#23A<19X# h>#R<#7VNO64i? +0<<3#0:.:3H3V#.H.:<3#2A3#B1.<A>>3V#1.BB1A:.:29#>.#C19C13.#>3:O =0.V# A# (?# ":=A>.# :9G<1.# 1.//9H.:2.D# WG3.<A# /9:/9123# A2# 0:3<AV# G<3H.:29I3V#.30<.:29I3V#G9CC91<.:29I3V#:A>#C.1>.1A#G3.:9#/.0<A#A# C102A:<3XN? N
# ,EV#*9:9#13/9129?
676
(?#R.9>9#.3#]3>3CCAG3D#W,A:2A<A#CA1BA<<9#3>#H39#=.0239#/9:#AGGA1# /9:/9123V#/9:#.IA1A#>.#G<AGG.#/.13<ZV#0:.#G9>.#.:3H.V#0:9#G<AGG9# GA:<3HA:<9X?#)#29C9#>.#<A913.V#>.#C1.<3/.D#W&=:0:9#B.//3.#.<<A:O 839:A#:9:#.#\0A>>9#/FA#<91:.#JA:A#CA1#>03V#H.#.#\0A>>9#/FA#<91:.# JA:A#CA1#=>3#.><13X#h4V4Oli? )2#.:/91.#(?#R.9>9D#W23>A839:A#:9:#B3:<.V#.H.:29I3#G/.HJ3AO I9>HA:<A# /9:# B1.<A1:.# /.13<ZV# C1AIA:A:29I3# =>3# 0:3# =>3# .><13# :A># 1A:2A1I3# 9:91AV# CA1# G9>>A/3<023:A# :9:# <.123?# ,.>>A=1.1G3# /9:# /F3# G3#1.>>A=1.V#C3.:=A1A#/9:#/F3#C3.:=AV#.IA:29#=>3#G<AGG3#GA:<3HA:<3# >[0:9#CA1#>[.><19V#:9:#.GC31.:29#.#/9GA#G0J>3H3V#H.#.2.<<.:29I3# .>>A#/9GA#J.GGAX#h,H#64VLO66O6Pi? )# 29C9# \0AG<A# A2# .><1A# :0HA19G3GG3HA# 1.//9H.:2.839:3V# /9HA# :9:# I9>A1# J10/3.1A# 23# \0A>>[.H91A# IA19# CA1# >A# :9G<1A# G9O 1A>>AV# /FA# :9:# /9:G3G<A# 3:# C.GGA==A1A# AH9839:3# 23# /091A# A2# 3:# G29>/3:.<01A#2[.BBA<<9V#H.#3:#\0A>>[.H91A#23#I9>9:<Z#B91<A#/9HA# >.#H91<AV#2019#/9HA#>[3:BA1:9n#h;<#NVPi?#;9HA#:9:#C19<A:2A1G3# /9:#<0<<A#:93#G<AGGA#IA1G9#3#>919#J3G9=:3V#.30<.:29>AV#G<3H.:29>AV# /911A==A:29>AV#G9CC91<.:29>An#*9:#I9=>39#231A#/FA#2.>>.#:9G<1.# B.H3=>3.#>.#/.13<Z#G3.#.GGA:<AV#H.#9//911A#3:9><1.1G3#.:/91.#3:#\0AO G<.#I3.#23#.H91AV#H923B3/.:29#>.#:9G<1.#:.<01.#A#23HA:<3/.:29#3># :9G<19#3:<A1AGGAV#CA1#2.1G3V#2.1G3V#2.1G3#/9HA#G3#Y#2.<9#$AGbo H"#<2'/+1#0(')-#/%#)26('.-:/-L# ;A1<.HA:<A#3>#H3GA1.:29#G<.<9#.<<0.>A#2A>>.#G9/3A<Z#Y#2.#/9:O G32A1.1G3#0:.#2A>>A#C13:/3C.>3#/.0GA#2A>>.#H.:/.:8.#23#I9/.839:3?# %:9><1AV#(.<.:.#:9:#>.G/3.#3:<A:<.<9#:0>>.#C01#23#19I3:.1A#3#G.O /A129<3V#.CC19B3<<.:29#2A3#H9HA:<3#23#23BB3/9><Z#CA1#G/09<A1:A# >.#I9/.839:A#A#<A:<.:9#/9:#3#G9B3GH3#C3b#G9<<3>3#A#/9:#>A#>0/3#C3b# B.>GA#23#B.1A#.CC.131A#>.#/F3.H.<.#.>#G./A129839#/9HA#0:[3:BA>3O L
# 6LQ7#:?#46P?
674
/3<Z#A#>.#>3JA1<Z#13./\03G<.<.#/9HA#0:9#G<.<9#23#C3./A1A?#)#/9:O <3:0.:29# >A# G0A# 3:G323A# 13AG/A# .# CA1G0.2A1A# <.:<A# .:3HA# G./A1O 29<.>3#23#.IA1#GJ.=>3.<9#I3.V#23#.IA1#B.<<9#13:0:83A#G0CA13913#.>>A# C19C13A#B918A#A#23#AGGA1A#G<.<3#/9G<1A<<3#.#/9:2011A#0:[AG3G<A:8.# 9G/01.V#0H3>3.:<A#A#<AHCAG<9G.V#<1.G/3:.:29>3#/9Gj#.2#3:B1.:=A1A# 3#>919#=301.HA:<3? '.#<AHC9#C93#3>#2AH9:39#F.#3:<1929<<9#:A>>A#G0A#H.>AB3/FA# .1<3#\0A>>.#23#/99:AG<.1A#3>#CA//.<9#9#>[3:BA2A><ZV#/9:I3:/A:29#>A# I3<<3HA#/FA#:9:#F.::9#.I0<9#IA1.#>3JA1<Z#23#G/A><.V#3:20/A:29>A# /9Gj#CA1B3:9#hG9<<9#91CA>>9#23#9:AG<Z#A#23#1A<<3<023:Ai#.2#3:<A:<.O 1A#C19/AGG3#23#:0>>3<Z#.>>.#C19C13.#9123:.839:A#G./A129<.>A? )#:93V#/3#C1A9//0C3.H9#23#C1A=.1A#A#23#G./13B3/.1/3#CA1#3#(.O /A129<3#/FAV#HA:<1A#G3#GCA:29:9#CA1#>A#:9G<1A#.:3HA#A#CA1#\0A>>A# 2A3#:9G<13#/.13V#G3#<19I.:9#/31/9:2.<3#GA#:9:#.><19#2.#23BB32A:8.V# 2.#23GC1A889V#2.#.IIA1G39:An#'9JJ3.H9#13/9:9G/A1A#/FAV#GCAGO G9V#C1AGA#2.>>A#:9G<1A#C3//9>A#J.=.<A>>AV#2.3#:9G<13#C3//9>3#=0.3V# 23HA:<3/F3.H9# 3# J3G9=:3# 2A>>.# (9/3A<Z# 2A>>.# ;F3AG.V# 2A># ;>A19o# E.# >A# .:3HA# /FA# F.::9# /9:9G/30<9# 2.# I3/3:9# $AGb# C9GG9:9# 13H.:A1A#3:23BBA1A:<3n#*9:#:A#GA:<9:9#3>#23G.=39#23#/9G/3A:8.n# *9:#9//911A#AGGA1A#A193#CA1#C.1<A/3C.1A#.>>.#G9BBA1A:8.#2A3#:9O G<13#C.213#A#2A>>.#:9G<1.#E.21AV#>.#;F3AG.?#]91GA#\0.>/FA#/091A# JA:#B.<<9#.113I.#\0AG<9#I.=9#2AG32A139#23#C.1<A/3C.839:A?#*9:# 29JJ3.H9# GA:<31/3# .12A1A# 2.>>.# C.GG39:A# /FA# B./AI.# =132.1A# .# G.:<.#;.<A13:.D#W%9#H0939#23#:9:#C9<A1#H9131A#CA1#>.#;F3AG.#23# ;13G<9onX? (/13IA#0:#G./A129<AV#13I9>=A:29G3#.#2A>>A#1A>3=39GAD#W%9#CA:G9# .>>A#I9G<1A#/.GA#G3//9HA#.#IA13#3G<3<0<3#23#3:<A1391A#CA1BA839:A#9IA# G3#<19I.:9#3:#G.:<.#AH0>.839:AV#.:3HA#/FA#F.::9#3>#/0><9#2A>>.# IA1.#JA>>A88.?#%9#H3#29H.:29#GA#\0.:29#GA:<3<A#2AH9>31A#3>#G.O /A129839#9#3>#G./A129<AV#.IA<A#3>#G.:<9#/91.==39#23#23H9G<1.1I3# :9:#G9>9#/13G<3.:A#H.#GC9GA#23#\0A>#(./A129<A#A<A1:9#/FA#3G<3<0j# 3>#G./A129839n#&CC01A#/9:#0:.#/A1<.#3:23BBA1A:8.#:9:#G.:<.#9# 677
/9:#0:.#C0:<.#23#13GCA<<9#0H.:9#G/19>>.<A#>A#GC.>>A#/9HA#231AD# W*9:# H3# 13=0.12.XV# >.G/3.H9# C.GG.1A?# U3# 29H.:29# .:/91.# GA# I3#GA:<3<A#3:#C3A:9#23#=30G<3B3/.1A#3>#H39#9<<3H3GH9#:A>#CA:G.1I3# /9.230<913#2A>#G./A129839#A#G91A>>A#H.213#23#AGG9?#k0AG<.#/9HO C1A:G39:A#I3#B.1Z#GAHC1A#C3b#.CC19B9:231A#3>#H3G<A19#G./A129O <.>A?# U3# G9:9# <.:<A# H.:3# G./A129<.>3# /9:<19# >A# \0.>3# (.<.:.# G3# .//.:3G/Ag#/FA#<A:<.#23#C19B.:.1AV#23#.<<.//.1A?#)GGA#.<<A:29:9# 3>#I9G<19#G9G<A=:9?#(3.H9#3:#0:.#=1.:2A#91.#2A>>.#G<913.?#&1.#23# <A:AJ1AV# H.# .:/FA# 23# >0/A?# ![91.# 3:# /03# :A>>A# /9:<1.223839:3# A# CA1GA/0839:3#>.#;F3AG.#G3#>.I.#A#G3#C013B3/.?#a#3>#H9HA:<9#2A>>.# G0.#=1.:2A#C013B3/.839:A#A#.:/FA#I93#29IA<A#AGGA1:A#/9G/3A:<3V# C1AGA:<3#A#.<<3IAV#3:<A:G3B3/.:29#>.#I9G<1.#C01A88.#23#I3<.V#23#/9O G/3A:8.V# 23# /091AV# 23# GA:G3# A# 2[3:<A:839:3?# )# \0.:<9# C3b# G.1A<A# 9CA19GAV#G<.:/FAV#\0.:<9#C3b#G.1A<A#>A=.<A#.>>9#(C9G9#/9:#>.#<13O J9>.839:A#A#G<13:=A1A<A#3#:923#G./13#2A>>A#I9G<1A#C19HAGGAV#<.:<9# C3b#G.1A<A#=>3#.//9>3<3#2A3#H3G<3/3#.><.13V#=>3#.:=A>3#2A>>.#C013B3/.O 839:A#A#2A>>.#>3JA1.839:AX? !.# :9G<1.# I9/.839:A# /3# /F3.H.# AGGA:83.>HA:<A# .2# AGA1/3<.O 1A#\0AG<9#.C9G<9>.<9#:.G/9G<9#A#H.<A1:9?#*9:#C0`#J.G<.1/3#23# GA=:.1A#0:#G9>/9#:A>>.#B91H.839:A#=39I.:3>AV#29HAG<3/.#A#1A>3O =39G.D#<0<<9#\0AG<9#Y#0:#HA889g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
67l
;?& )!&1.". !"#F-%-#%2#9(.(#,-)+'2#%2#'(2%+165 ]3=>309>AV#CA1G0.23.H9/3#/FA#>.#:9G<1.#BA2A#2AIA#G9G<3<031A#3:# :93#3#GA:G3#:.<01.>3?#)GG.#2AIA#<1.GB91H.1A#<.>HA:<A#9=:3#/9G.#/FA# 3#IA//F3#GA:G3#29I1AJJA19#GA1I31A#G9>9#.#CA1/AC31A#>A#.CC.1A:8A# 3:=.::AI9>3g#G9>9#>.#BA2A#/3#H9G<1.#>.#1A.><Z?#![9//F39#/3#H9G<1.#0:# C9IA19V#>.#BA2A#/3#H9G<1.#$AGb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g#>.#BA2A#>9#JA:AO 23/A#/9HA#>.#/919:.#23#:988A#/FA#>9#0:3G/A#.>#G09#KA:A.H.<9?#%# GA:G3#G3#13I9><.:9#/9:<19#>[3:=3013.g#>.#BA2A#JA:A23/Ag#AGG.#>.#<19I.# HA13<.<.#CA1/Ff#CA:G.#.3#G093#CA//.<3V#>.#<19I.#29>/A#CA1/Ff#Y#0:# /9:23I32A1A#>.#G91<A#23#$AGb?#%#GA:G3#G9:9#/0139G3#23#/9GA#23I3:A# A2#0H.:AV#>.#BA2A#:9:#I09>#G.CA1#:0>>.D#AGG.#F.#GA<A#23#GACCA>>31G3# A#I911AJJA#C.GG.1A#<0<<.#>.#G0.#I3<.#3HH9J3>A#.3#C3A23#2A>#+.JA1:.O /9>9?#%#GA:G3#.H.:9#>.#13//FA88.#A#=>3#9:913V#>.#BA2A#:A#F.#91191AV# AGG.#.291.#>.#C9IA1<Z#A#>[.J3A839:A#23#/03#$AGb#G3#/9CA1GA#CA1#<0<<.# >.#G0.#I3<.#/9HA#23#0:#IAG<3<9#3:GAC.1.J3>A?#%#GA:G3#F.::9#91191A# 2A>>.#G9BBA1A:8.V#>.#BA2A#JA:A23/A#/9HA#0:#29:9#2A>>.#H.:9#23# $AGbV#0:.#C.1<A#2A>>.#G0.#;19/A#/FA#)=>3#/3#2A=:.#23#2.1/3#.#C91O <.1A?#%#GA:G3#G3#GC.IA:<.:9#23#/3`#/FA#AGG3#/F3.H.:9#CA13/9>3V#23# /3`#/FA#C0`#C91<.1A#3>#29>91A#9#>.#H91<Ag#>.#BA2A#:9:#G3#GC.IA:<.# 23#:3A:<A#A#G.#/FA#:9:#>A#G0//A2A1Z#/FA#/3`#/FA#'39#I911Z?#;9GjV# \0.>0:\0A# /9G.# G0//A2.V# CA:.# 9# =393.V# G.>0<A# 9# H.>.<<3.V# I3<.# 9# 65
# 6LQl#:?#44P?
67Q
H91<AV#AGG.#Y#/9:<A:<.#.:<3/3C.<.HA:<A#A#:9:#<AHA#:3A:<A?#%#GA:G3# G9:9#3:\03A<3#CA1#3>#29H.:3#A#G3#29H.:2.:9#/9HA#G3#I3I1ZV#>.#BA2A# Y#GA:8.#3:\03A<023:3? !.G/3.H9/3#CA:A<1.1A#2.>>.#BA2A?#a#29:9V#\03:23#.C13.H9#>[.O :3H.#.#13/AIA1A#:09IA#ABB0G39:3g#/9HJ.<<3.H9#I313>HA:<A#A#.GG3O 20.HA:<A#9=:3#CA:G3A19#2AC1AGG3I9V#=3.//Ff#3:#\0AG<9#CA13929#Y# G9C1.<<0<<9#/9:#>.#2AC1AGG39:A#/FA#3>#:AH3/9#GBA11.#3#G093#.<<.//F3g# /9:<AHC>3.H9#>A#IA13<Z#A<A1:A#3:#H929#/FA#AGGA#C9GG.:9#<1.GB91O H.1A#3>#:9G<19#CA:G.1AV#3>#:9G<19#GA:<31A#A#<A:3.H9#C1AGA:<A#B1.# <0<<A#>A#IA13<Z#/FA#3>#:9G<19#.IIA:31A#:9:#Y#3>#/.>I.139V#:9:#Y#>.# ;19/AV#H.#>.#,AG011A839:A#A#>.#$>913B3/.839:A?#"#\0AG<9#G/9C9#3># ]3=>39#23#'39#GC.1GA#<0<<9#3>#G09#(.:=0A? ;F3A23.H9=>3#/9:#G0CC>3/A#C1A=F3A1.#/FA#9=:3#H.<<3:.#)=>3#3:O B9:2.#:09I.#>3:B.#3:#\0A>#=A1HA#J.<<AG3H.>A#/FA#/3#29:`#.CCA:.# :.<3#A#/FA#C01<19CC9#:9:#Y#.:/91.#/1AG/30<9#GA/9:29#>A#C19C13A# AG3=A:8A#A#13H.:3.H9#/9HA#HA:23/.:<3#.3#G093#R3A23#=132.:29#.2# 9=:3#3G<.:<AD#W(3=:91AV#.//1AG/3#>.#H3.#BA2AoX#h!/#6MVQi? 4"#52)6/2')/#&%2),2'(#.2%%2#9(.(66 (3#Y#2A<<9#/FA#>.#BA2A#:9:#Y#/FA#0:#IA>.HA#/FA#:.G/9:2A#1A.><Z# AGGA:83.>3V#G0C1AHA#A2#A<A1:A#/FA#0:#=391:9#/3#G.1.::9#13IA>.<A?# E.#CA1#AGGA1A#<.>A#2AIA#23IA:31A#<1.GC.1A:<Ag#A#/9HA#C9<1Z#AGGA1>9# GA#I3I3.H9#.:/91.#23#GA:G3n# '.#/FA#/9G.#23CA:2A#\0AG<.#:9G<1.#3:/9A1A:8.V#\0AG<.#:9G<1.# 3:G<.J3>3<Z# :A3# C13:/3C3# 2A<<.<3# 2.>>.# BA2An# ![.JJ3.H9# 2A<<9# .><1A# I9><AD#2.>#:9:#AGGA1/3#>.G/3.<A#CA1HA.1A#2.#AGG.? (A#:93#:9:#.113I3.H9#.#/9:\03G<.1A#>.#>3JA1<Z#2A>>9#GC313<9V#:9:# .113IA1AH9#:AHHA:9#.#C19BAGG.1A#0:.#BA2A#3:<A=1.?#!.#I3<.#0H.O :.# Y# AGGA:83.>HA:<A# GC313<9V# A# 23# /3`# :A# G3.H9# <0<<3# CA1G0.G3V# A# 66
# 6LQl#:?#44M?
67P
\0AG<9#GC313<9#CA1#AGGA1A#19J0G<9#J3G9=:.#/FA#G3.#.>3HA:<.<9#2.>>.# BA2A#/FA#Y#G9G<.:8.#23#/9GA#GCA1.<A?#W$>3#.IIA:3HA:<3#/FA#2.::9# /9>91A#.>>[AG3G<A:8.V#I.>=9:9#G9><.:<9#GA/9:29#/9HA#>3#B.#IA2A1A# >9#GC313<9V#H.#CA1#2.1#>919#3>#/9>91A#C19C139#9//911A#/FA#>9#GC313<9# G3.#:A>>.#IA13<ZV#9GG3.#CA1HA.<9#2.>>.#BA2AX? !.#BA2A#@#/9HA#.JJ3.H9#2A<<9#@#2AIA#G9G<3<031G3#.3#GA:G3? ]3:/Ff# :9:# .I1AH9# /9HC30<9# \0AG<9# C.GG.==39# I3I1AH9# 3:# /9:<3:0A#3:/A1<A88AV#3:#/9:<3:03#3:<A119=.<3I3V#3:#/9:<3:03#<1.J.>>.O HA:<3g#9//911A#.2A131A#.>>.#BA2A#3:#H929#.GG9>0<9#CA1/Ff#3>#:9G<19# CA:G.1AV#3>#:9G<19#.=31A#G3.:9#3>#C1929<<9#2A>>A#:9G<1A#/9:I3:839:3?# ">>91.V#A#G9>9#.>>91.V#G.1AH9#GAHC1A#/9A1A:<3V#G.1AH9#09H9V#G.O 1AH9#:A>#IA19V#G.1AH9#:93#G<AGG3?#(.1AH9#/9HA#3>#RA:G3A19#;1AO .<91A#/3#F.#I9>0<3o @"#5>;-,-#)(*:2#9(.(#*-*#3#;-,-64 6i#!.#]A2A#Y#=A1HA#A#>.#G0.#C9GG3J3>3<Z#Y#3:B3:3<.D#WR3//9>9#GAHA# /FA#23I3A:A#.>JA19#G0>#\0.>A#I.::9#.#C9G.1G3#=>3#0//A>>3X#hE/#lV74i? 4i#!.#]A2A#Y#>3AI3<9#/FA#C0`#WBA1HA:<.1A#0:[3:<A1.#H.GG.#23# B.13:.X#hE<#67V77g#!/#67V46i? 7i#!.#]A2A#Y#29:9#/9:#C9GG3J3>3<Z#23#.//1AG/3HA:<9? li#!.#]A2A#Y#G91=A:<A#/FA#13/F3A2A#13/A<<3I3<Z? Qi#!.#]A2A#Y#IA>.HA#GCAGG9#A#G9<<3>AD#GCAGG9#CA1#/F3#F.#C9/9# /9><3I.<9#3>#=A1HAg#G9<<3>A#CA1#/9>919#/FA#I3#G3#G9:9#.JJ.:29:.<3? ![.:3H.#/FA#G3#B9GGA#>.G/3.<.#CA1HA.1A#2.>>.#BA2A#I3I1AJJA#3:# /9A1A:8.#/9:#AGG.?#%#(.:<3#/A#:A#F.::9#2.<9#>[AGAHC39?# %>#=30G<9V#/39Y#>[09H9#/FA#13GC9:2A#.>#B3:A#CA1#3>#\0.>A#B0#/1A.O <9V#I3IA#23#BA2A#h/B#,H#6V6Mi?#(A#I093#AGGA1A#<A#G<AGG9V#/39Y#09H9V# I3I3# 23# BA2A?# ![09H9# /FA# :9:# I3IA# 23# BA2AV# :9:# Y# 09H9g# Y# 0:# /.2.IA1A#.HJ0>.:<Ag#WHA=>39#CA1#>03#/FA#:9:#B9GGA#:.<9X#h/B#E/# 64
# 6LQl#:?#44M?
67M
6lV46i?#E.#:9V#>.#I3<.#Y#0:#29:9#A#B3:/Ff#/[Y#I3<.#/[Y#GAHC1A#>.# C9GG3J3>3<Z#23#23IA:<.1A#09H9#23#BA2A#A#/39Y#B3=>39#23#'39g#CA1`# .2#0:.#0:3/.#/9:23839:AD#.#\0.>0:\0A#29<<13:.#>[.:3H.#.CC.1<A:O =.V#:9:9G<.:<A#=>3#A11913#/FA#3:#AGG.#29<<13:.#C9GG9:9#AGGA1I3V#GA# >[.:3H.#>.#/1A2A#IA1.#A#>.#I3IA#3:<A=1.>HA:<AV#>[.:3H.#G3#G.>IA1Z?# E.#/FA#231A#2A3#J.<<A88.<3#/FA#:9:#I3I9:9#>.#>919#BA2An#k0.:<9# J3G9=:.#C1A=.1AV#\0.:<9#J3G9=:.#3HH9>.1G3#CA1#AGG3o *9:#/[Y#/9G.#/FA#:9:#G3#13AG/.#.2#9<<A:A1A#2.#'39V#C01/Ff#>9# G3#I9=>3.V#.:/FA#GA#G3#<1.<<.GGA#23#G1.23/.1A#2.>>A#C19B9:23<Z#0:.# H9:<.=:.V# CA1# =A<<.1>.# >9:<.:9# :A3# B>0<<3# 2A># H.1A?# E.# 29IA# >.# BA2A# H.:/.# GAHJ1.# /FA# :ACC01A# !03# C9GG.# B.1# C3b# :0>>.V# !03V# >[&::3C9<A:<Ao# ;9Gj# (.:# E.1/9# .::9<.# /FA# 3:# \0A># >09=9# .GG.3# C9/F3#H31./9>3#)=>3#C9<f#/9HC3A1A#.#/.0G.#2A>>.#>919#3:/1A20>3<Z# hE/#PVQi? ;[Y#0:#>09=9#:A3#<1A#)I.:=A>3G<3#/FA#:9:#.IAI9#H.3#:9<.<9#A# 29IA#G3#23/A#/FA#>.#BA2A#Y#>0/A#H.#/FA#J3G9=:.#/FA#G3.#.//9><.#A# I3GG0<.?# (.:# !0/.# C.1>.:29# 2A># /.:2A>3A1A# h>0/Ai# C9G<9# G9C1.# 3># H9==39#23/AD#WR93/Ff#:9:#I3#Y#:0>>.#23#:.G/9G<9#h:A>>.#BA2Ai#/FA# :9:#23IA:<3#.>#B3:A#H.:3BAG<9V#:f#h:A>#G09i#GA=1A<9#/FA#:9:#G3.# /9:9G/30<9#A#:9:#IA:=.#3:#/F3.19?#K.2.<A#20:\0A#3:#\0.>#H929# .G/9><.<A#h9GG3.#13<A:A<AiX?#)#E.1/9#A#E.<<A9#13CA<9:9#.>>.#G<AGG.# IA13<ZV#>.#G<AGG.#1.//9H.:2.839:A#hE<#QV6Qg#65V4Pg#E/#lV46O44g#!/# NV6PO6Mi? '0:\0AV#GA#>.#BA2A#Y#>0/AV#2AIA#13GC>A:2A1A#A2#3>>0H3:.1Ag#GA# >.#BA2A#Y#!3AI3<9V#2AIA#BA1HA:<.1Ag#GA#>.#BA2A#Y#G91=A:<AV#I09>A# <A11A:9#13/A<<3I9g#GA#>.#BA2A#Y#WG9G<.:8.#23#/9GA#GCA1.<AX#h)J#66V6iV# 2AIA#AGGA1A#IA>.HA#G0CA1.J3>A#CA1#3:<031A#>.#1A.><Z#/FA#AGG.#/9C1A# A#/FA#.>>.#B3:A#2A3#GA/9>3#G.1Z#H.:3BAG<.?# E.#CA1/Ff#>.#BA2A#.JJ3.#\0AG<3#HA1.I3=>39G3#ABBA<<3#9//911A#/FA# G3.#IA1.HA:<A#I3GG0<.#A#CA1/3`#J3G9=:.#.:83<0<<9#C91=A1A#.2#AGG.# 9=:3#/01.V#9=:3#.<<A:839:A#23#.G/9><9D#W].<A#.<<A:839:A#.#/3`#/FA# 67N
I93#.G/9><.<A?#k0A>>.#G<AGG.#H3G01.#G.1Z#.29CA1.<.#.:/FA#/9:#I93# CA1#AGGA1#3>>0H3:.<3iV#.:83#.#I93#G.1Z#2.<9#.:/FA#23#C3bX#hE/#lV4li? C"#52#9(.(#*-*#3#6-*6(++-E#,2#0/+267 ![09H9#Y#G<.<9#/1A.<9#CA1#%2239V#H.#A=>3#:9:#F.#C9<A:8.#3:#Gf#23# /9:9G/A1A#\0AG<9#'39#CA1#.II3/3:.1G3#.#!03g#/9Gj#=>3#9//911A#0:.# BA2A#:A>#'39#13IA>.:<A?#)#GA#>.#BA2A#Y#0:#A>AHA:<9#:A/AGG.139#CA1# >.#I3<.#23#\0.==3bV#9//911A#/FA#\0AG<9#A>AHA:<9#G3#GI3>0CC3#A#G3#G9O >323B3/F3#3:#H929#<.>A#/FA#:9:9G<.:<A#>A#.CC.1A:<3#.IIA1G3<Z#2A>>A# /9:<3:=A:8A#0H.:A#AGG.#CA1I.2.#23#Gf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f#23#<.>3#.IIA:3HA:<3#AV#GA#.:/FA#:93#/3#13JA>O >3.H9V#.II3A:A#23#.//A<<.1>3#/9HA#3:A>0<<.J3>3#C3b#CA1#0:#GA:G9#23# :.G/9G<9#<3H91AV#.:83/Ff#CA1#0:#H9I3HA:<9#23#.H91A#IA1G9#\0A># '39#.#/03#23/3.H9#23#/1A2A1A?#RA1/Ff#/9:<1.223839:A#3:#.<<9V#CA1O /Ff#\0AG<.#.J3<0.>A#3:/9A1A:8.n# *0HA19GA#.:3HA#2A>#H9:29V#2AG32A19GA#23#3:<3H3<Z#CA1G9:.>A# /9>#;13G<9V#G<.:/FA#2A>>9#GCA88A<<.HA:<9#23#0:.#I3<.#3:/9113GC9:O 2A:<A#.3#C19C13#3:<3H3#J3G9=:3V#G3#I9>=9:9#.3#I.13#G3G<AH3#23#29<O <13:AV#29IA#GCA1.:9#23#<19I.1A#>.#<.:<9#2AG32A1.<.#A>AI.839:A#23# I3<.V#23#IA13<Z#A#23#0:3<ZV#H.#GCAGG9#:A#13H.:=9:9#2A>0GA?#k0AG<9# 67
# 6LQl#:?#44N?
67L
2AG32A139#23#0:3<Z#GC3:=A#.:/FA#:93V#.:3HA#/1A2A:<3V#.#/A1/.1A#G9O IA:<A#0:.#H.==391#>0/A#:A3#>3J13V#:A>>A#/9:BA1A:8AV#:A3#G./A129<3V# :A>>.#/0><01.#3:G9HH.V#H.#:9:#GAHC1A#<19I3.H9#>[.CC.=.HA:<9# 2A>>.# :9G<1.# GA<AV# \0.:29V# C01<19CC9# :9:# I3# <19I3.H9# 2A3# IA13# CA13/9>3?#RA1/Ff#\0AG<9n#;FA#/9G.#.//.2A#.>>91.n#!A#C13HA#.:3HA# IA:3A:<3#2.#>9:<.:9V#<91:.:9#.>>[3:23BBA1A:8.#CA==39#23#C13H.g#>A# .><1AV#.//1AG/9:9#3>#>919#/9:B0G39:3GH9V#/1A.:29G3#0:.#GC313<0.>3<Z# 3>>0G913.V#B.:<.G<3/.#A#CA13/9>9G.#AV#\0.>/FA#I9><.V#/9:<3:0.:9#B3:9# .>>.# B3:A# 3:# \0AG<.# 3:/AGG.:<A# 13/A1/.# AV# GI9>.88.:29# 23# B391A# 3:# B391AV#:9:#<19I.:9#H.3#0:.#J.GA#G9>32.#23#I3<.#3:<A1391A#A#23#I31<b? H"#F;&('2'(#%2#9'2++;'2#9'2#6-*-)6(*:2#(#2,-'(6l# ;9:9G/A:8.# A# .H91A# G9:9# =>3# A>AHA:<3# AGGA:83.>3# 2A>>.# I3<.V# H.#\0AG<3#20A#A>AHA:<3V#29C9#3>#C13H9#CA//.<9V#G9:9#1A.><Z#23GG9O /3.<A#A2#3:IA/A#23#/9:/911A1A#3:G3AHA#.>>[0:3<Z#2A>>.#:9G<1.#I3<.#A# 2A>#:9G<19#.:2.1A#IA1G9#'39V#<A:29:9#/3.G/0:9#.#B0:839:.1A#CA1# /9:<9#C19C139?#R01<19CC9#\0AG<.#B1.<<01.#<1.#>A#C9<A:8A#2A>#/9O :9G/A1A#A#2A>>[.=31A#Y#>.#C13:/3C.>A#/.0G.#2A>>.#:9G<1.#3:/9A1A:8.# :A>>.#I3<.#A2#.:/FA#:A>>[AGA1/3839#2A>>.#BA2A? ![09H9V#3>#/13G<3.:9V#3>#B3=>39#23#'39#:9:#G.1Z#CA1BA<<9#B3:9#.# \0.:29# >[.1H9:3.# C13H3<3I.V# B1.# \0AG<3# 20A# C13:/3C3# 23# I3<.# A# 23# GI3>0CC9V#:9:#G.1Z#/9HC>A<.HA:<A#1AG<.01.<.? -:9# G9>9# Y# 3># 13HA239D# 9//911A# <19I.1A# 3># H929# /FA# :A>>[09O H9#>.#/9:9G/A:8.#B10<<3B3/F3#3:#.H91A#ABBA<<3I9V#.><13HA:<3#9=:3# GI3>0CC9#23#G9>.#3:<A>>3=A:8.#13H.:A#3:ABB3/./A#A#C1AGA:<.V#9><1A#3># 23G.=39V#.:/FA#0:#CA13/9>9?#)#\0AG<9#Y#23#/1A2A1A#G.:<3<Z#/3`#/FA# :9:#>9#Y?#"2#AGAHC39D#3>#/9:B0G39:3GH9#2A3#C3=13#9#>[A0B913.#2A>>A# CA1G9:A#<19CC9#3:<A>>A<<0.>3V#23#\0A>>A#.:3HA#3:G9HH.#/FAV#13:O 6l
# 6LQl#:?#44N?
6l5
/F302A:29G3#3:#GA#G<AGGA#:9:#C1920/9:9V#CA1/Ff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`# AGGA1A# C01.HA:<A# 3:<A>>A<O <0.>AV#C93/Ff#GA#I09>A#AGGA1A#ABB3/./AV#3HC>3/.#23#CA1#Gf#0:#.H91A# A2#0:.#:9G<1.#G/A><.#>3JA1.#A2#AG3=A#0:#3HCA=:9#/9:/1A<9#23#<0<<.# >.#CA1G9:.?#$3Z#3>#C13H9#C.GG9#2A>>.#/9:9G/A:8.#IA1G9#'39#AG3=A# \0AG<.#0:3B3/.839:A#.1H9:3/.#2A>#:9G<19#AGGA1A?# J"#V(',(::2#(#&(')(0('2*:2#*(%%2#V(.(6Q# W;1A2A<A#@#:9:#20J3<.<A#@#.JJ3.<A#BA1H.#BA2AX6P?#(.:<[":=A>.# I3GGA#23#BA2A? !.#E.21A#:9G<1.#:9:#20J3<`#H.3#A#:9:#G9>9#:9:#20J3<`#23#/3`# /FA#>.#13IA>.839:A#/3#3HC9:A#23#/1A2A1AV#H.#:9:#20J3<`#:AHHA:9# 2A>>A#3:GC31.839:3#3:<A13913V#2A3#H9<3#2A>>.#$1.83.V#A#GA#.<<AGA#>0:O =.HA:<A#C13H.#23#HA<<A1G3#.>>[&CA1.V#/3`#:9:#B0#CA1#2AJ9>A88.#23# BA2AV#H.#CA1#23BB32A:8.#23#GA#G<AGG.?#*9:#20J3<`#>.#E.21A#:9G<1.# \0.:29#/3A/.#G3#2A/3GA#.#C19GA=031A#3>#G09#I3.==39#CA1#+A11.#(.:<.?# &==3V#GAJJA:A#3>#1.//9:<9#23#\0AG<.#(0.#BA2A#A193/.#/3#/9HH09O I.V#C01#<0<<.I3.#:9:#C9GG3.H9#H3G01.1A#>A#23BB3/9><Z#23#/9HC3AO 1A# 0:# I3.==39# 23# \0A>>[3HC91<.:8.# 3:# /9:23839:3# 23# /A/3<Z# A2# 3:# \0A>>[AC9/.?#;9G.#23/3.H9#23:.:83#.#\0AG<3#AGAHC3#23#BA2A#I3I.n# 6Q
# 6L76#:?#PN? # ,EV#!A=.<9#0:23/AG3H9?
6P
6l6
]91GA#GA#.#\0.>/0:.#23#:93#B9GGA#.//.20<9#0:.#G3H3>A#/9:<1.13A<Z# :A#.I1AHH9#2A29<<9#/FA#3>#(3=:91A#:9:#/3#I9>AI.#3:#+A11.#(.:<.V# /FA#)=>3#23G2A=:.I.#\0.>G3.G3#2AG32A139#:9G<19V#/FA#A1.#C3b#G.==39V# C3b#C102A:<A#hA#B91GA#.:/FA#C3b#29IA19G9i#<91:.1A#3:23A<19#A#/9:# .:3H9#.II3>3<9#A#G/9:I9><9#/3#G.1AHH9#13C3A=.<A#CA1#GA<<3H.:A#A# HAG3#G0>>.#:9G<1.#H3GA1.#C9IA1<Zo#*9:#/9Gj#1.=39:.:9#3#(.:<3V#CA1O /Ff#23#BA2A#C3b#GAHC>3/A#A#C3b#B91<Ao#*9:#/9Gj#1.=39:`#(?#":=A>.g# )GG.#G.CAI.#23#.IA1A#0:.#H3GG39:A#2.#/9HC3A1Ag#)GG.#.IAI.#H.O <01.<9#:A>>.#C1A=F3A1.#A#:A>#/9:G3=>39#3>#C19=A<<9#23#\0AG<9#I3.==39g# A#/9:#BA2A#A193/.#C19GA=0j?#)#>.#(0.#BA2A#B0#13/9HCA:G.<.#CA1/Ff# /9:#=>3#9//F3#2A>>[.:3H.#I32A#H9><9#C3b#23#\0A>>9#/FA#:9:#.I1AJJA# IA20<9#/9:#=>3#9//F3#2A>#/91C9? )//9#3#H31./9>3#2A>>.#/9:B32A:8.o#)2#)GG.#.HH.AG<1.<.#2.#\0AO G<.#:09I.#AGCA13A:8.#/3#23/AD#W.JJ3.<A#BA1H.#BA2AX?#*9:#0:.#BA2A# /FA#G3#.//A:2A#A#G3#GCA=:AV#/FA#G[3>>0H3:.#A#G3#9<<A:AJ1.#GA/9:O 29#>A#3HC1AGG39:3#2A>>.#:9G<1.#GA:G3J3>3<Z#3:BA1391AV#9#2A>>.#I.13A<Z# 2A>>A#/31/9G<.:8Ag#:9:#0:.#BA2A#/FA#B.#23#:93#2A=>3#.:=A>3#\0.:29# <0<<9#C19/A2A#<1.:\03>>9#A#2A3#H.>/9:<A:<3#:9:#.CCA:.#G3#C1AGA:<3# >.#<AHCAG<.g#H.#0:.#BA2A#G9C1.::.<01.>A#/FAV#3:B0G./3#:A3#K.<<AG3O H9V#Y#/9><3I.<.#A#1.BB918.<.#2.>>.#C1A=F3A1.#.12A:<AV#2.>>[AGA1/3839# 2A>#G./13B3/39#A#2.>>.#B91H.839:A#23#/9:I3:839:3?#-:.#BA2A#19J0G<.# A#H.G/F3.#/FA#29H3:3#<0<<A#>A#:9G<1A#B./9><Z#3:<A1:A#A2#AG<A1:A#A# >A#2313=.V#A#=>3#913A:<3#IA1G9#3>#29>/A#=39=9#2A>>["H91A#23#/03#AGGA# 2AI9:9#23IA:31A#G/F3.IA? (.CC3.H9# /FA# >.# :9G<1.# E.21AV# 3:I9/.:29# >.# B91<A88.# 2A>>9# (C313<9# (.:<9# G0# 23# :93V# /3# .HH9:3G/AD# W*9:# G/91.==3.<AI3V# :f# CA12A<AI3#23#.:3H9V#.JJ3.<A#GCA1.:8.#A#BA1H.#BA2A#3:#'39#/FA#)=>3# I3#.30<A1Z#3:#9=:3#/9G.?#].<AV#H09IA<AI3V#/1A2A<AV#GB918.<AI3V#=132.O <A#.#>03#/9>#/091#I9G<19V#A#GA:8.#20JJ39#IA21A<A#/9GA#H31.J3>3?#)2# .==30:GA#.:/91.D#W/FA#/3#J3G9=:.#0:[3:<3A1.#A#G<.J3>A#2A>3JA1.839:A# 23#G9<<9HA<<A1/3#<9<.>HA:<A#.>>.#(0.#I9>9:<ZV#A#/9:#I3I.#A#G.>2.# 6l4
BA2A#3:<1.C1A:2A1A#<0<<9#/3`#/FA#.I1AH9#2.#9CA1.1A#CA1#.H91#G09# A2#3:#\0AG<9V#.//.2.#\0A>#/FA#I9=>3.V#CA1GAIA1.1AX6M? k0.:29#>.#/9G/3A:8.#/3#.GG3/01.#/FA#3#H9<3I3#G9:9#C013#A#>9# GC313<9# Y# \0AG<9V# :9:# 29JJ3.H9# CA1HA<<A1/3# <A:<A::.HA:<3# 23# BA2A#A2#9G/3>>.839:3#23#I9>9:<Z?# ;9>#WH.XV#/9>#WGAXV#/9:#>[WA1.#HA=>39XV#G3#CA12A#<AHC9V#/3#G3#2AO J3>3<.#>[.:3H9#A#G3#C19G<1.#3>#/91.==39#.><103?#(A#\0.>/0:9#F.#2.#B.1A# C19C9G<A#H3=>3913#A2#9BB131/3#G0==A13HA:<3#9CC91<0:3V#:93#G3.H9# BA>3/3#23#.G/9><.1A#A2#AGA=031Ag#H.#GA#\0AG<3#.30<3#2.#9BB131/3#:9:#I3# G9:9V#13B0=3.H9/3#<0<<A#3:#0:.#BA2A#3:/9:23839:.<.#A#G9G<3<03.H9# .>>A#B1.G3#J.:.>3#\0AG<A#/FA#G/.<013G/9:9#2.>>.#HA:<.>3<Z#G9C1.::.O <01.>388.<.?#W"H.V#A#B.#\0A>#/FA#I093?#!.#/.13<Z#:9:#C0`#CA//.1A?# $AGb#H3#B329#23#+AX? K"#V(.(#(#'27/-*(# ]A2A#A#1.=39:A#:9:#C9GG9:9#.:2.1A#23G=30:<A?#)GGA#G9:9#C9O <A:8A#/FA#:9:#G9:9#/1A.<A#CA1#2.::A==3.1G3V#H.#CA1#A#G911A==A1G3# .#I3/A:2.?#!9#.BBA1H.#(.:#R.9>9D#W%>#I9G<19#9GGA\039#G3.#1.839:.O >AX#h,H#64V6i? k0AG<.# 0:39:A# 3:<3H.# <1.# ]A2A# A# 1.=39:AV# :9:# G9>9# /3# Y# 23O H9G<1.<.# 2.# H.AG<13# G9HH3V# H.# Y# >[AGCA13A:8.# G<AGG.# /FA# /A# >9# 3:GA=:.D#\0.:<3#H3G<A13#/3#G3#1A:29:9#C3b#/F3.13#/9>#/1A2A1>3o#"2# AGAHC39#3>#H3G<A19#2A>>.#+13:3<Z?#E.#/FA#9==3#/3#GAHJ1.#C19C139# 3HCA:A<1.J3>A#/9HA#/3#.CC.13I.#\0.:29#G3#A1.#:A>#H9:29n#*9V# 9==3# :93# :A# IA23.H9# 0:9# A# C3b# 13B>AGG3# .JJ.G<.:8.# /F3.13?# "2# AGAHC39V#>[0:3<Z#2A>>.#:.<01.#0H.:.#/9:#>.#H9><AC>3/3<Z#2A>>A#G0A# CA1G9:Ao#k03:23V#>.#]A2A#:9:#C19C9:A#/9GA#.GG012AV#H.#G9><.:<9# /9GA#G0CA13913#.>>.#1.=39:A?# 6M
# ,EV#+AG<.HA:<9?
6l7
L"#52#9(.(#*(%%>2:/-*(6N '.>>.# I3I.# BA2A# /FA# G3# AGC13HA# :A>>.# C1A=F3A1.# G/.<0131Z# 0:.# I9>9:<Z# B91<A# .//912.<.# /9:# \0A>>.# 23# '39?# ;FA# C1A839G.# /9G.# HA<<A1G3#2[.//9129#/9:#>.#U9>9:<Z#23#'39V#/FA#$1.83.#/9:9G/A1A# \0AG<.#'3I3:.#U9>9:<Zo E.# C01<19CC9# G9:9# C9/FA# >A# .:3HA# C013B3/.<A# /FA# 1.==30:O =9:9# \0AG<9# .//9129V# A2# A//9# 3># H9<3I9# 2A>>.# G/.1G.# BA/9:23<Z?# RA1/Ffn $A:A1.>HA:<A#>[.//9129#:9G<19#Y#G9>9#/9:#3>#:9G<19#B.>G9#39V# \03:23#>.#:9G<1.#I3<.#23IA:<.#0:.#GA13A#23#.<<3#23#C1ABA1A:8.#<1.#3># B.>G9#39#h/FA#:0<13.H9#/9:#>A#:9G<1A#C.GG39:3#A#>[.CCA<3<9#A=93G<3O /9i#A#>.#:9G<1.#IA1.#A#.0GC3/.<.#32A:<3<Z#/9:#;13G<9? %:#\0AG<.#G3<0.839:A#3:<A1391A#39#:9:#.//9>=9#C3b#B./3>HA:<A# A#BA2A>HA:<A#>.#G0.#!0/AV#CA1/FfV#GA#.:/FA#>.#H3.#:.<01.#Y#3:#Gf# J09:.#A#.>\0.:<9#23G3:<A1AGG.<.V#AGG.#<A:2A#CA1`#.2#.//9:<A:<.1A# 3>#C19C139#.CCA<3<9#A#\03:23#.#H.:<A:A1A#.//AG.#3:#HA#>[3>>0G39:A? $>3#.<<3#/FA#:A#2A13I.:9#GAJJA:AV#/9HA#G3#Y#2A<<9V#:.<01.>HA:O <A#J09:3V#<A:29:9#CA1`#.#/9:/A:<1.1A#>A#H3A#B./9><Z#G0>#B.>G9#39# h13<91:9# G0# HA# G<AGG9V# /9HC3./A:8A# :A># H39# 9CA1.<9di# G0# /9O >03#/FA#:9:#YV#G0>>.#CA1G9:.#/FA#'39#:9:#13/9:9G/A?#R01<19CC9V# GCAGG9# .//.2A# /FAV# .:/FA# \0.:29# /A1/9# 23# C3./A1A# .# '39V# I.# .# B3:31A#/FA#/9:<A:<9#HA?#)#/9Gj#IA23.H9#/FA#I3#C0`#AGGA1A#H91<A# A#3:\03:.839:A#2A>>[.:3H.#.:/FA#3:#9=:3#H9<9#23#8A>9#:.<01.>AV# .:/FA# :A>>[.H91A# .12A:<A# 23# 0:.# =1.:2A# CA1BA839:A?# !9# G<AGG9# 2AG32A139#23#/9:<AHC>.839:A#C0`#AGGA1A#3HC019V#\0.:29#23HA:O <3/F3.H9#/FA#IA1.#/9:<AHC>.839:A#Y#>.#/9HC>A<.#23G<10839:A#23# 9=:3#A=93GH9V#>.#C3b#.GG9>0<.#C9IA1<Z#A#C01A88.#23#/091A? *9:#G3#C0`#:AHHA:9#A:<1.1A#:A>#C3b#C19B9:29#/A:<19#23#GA# G<AGG9#A#2.#\0AG<9#/A:<19#C.GG.1A#3:#'39#GA#:9:#G.CC3.H9#0G/31A# 6N
# 6LQ4#:?#465?
6ll
2.#:93#G<AGG3V#I09<.1/3V#2.1G3#.=>3#.><13#:A>>.#C01A88.#23#0:#.H91A# .><103G<3/9?#R.1A#0:#.GG0129V#H.#Y#C19C139#/9Gjo %:B.<<3# >9# /9:G<.<3.H9# /9:# AI32A:8.# 3:# \0AG<9# CA13929# G<9O 13/9#3:#/03#>[9239V#23I32A:29#/3.G/0:#3:23I3209#2.#'39V#C91<.#>.# 23I3G39:A# <1.# B1.<A>>3# A# C93V# 3:=.::.:29# GA# G<AGG9V# h>[9239i# /A1/.# 23#13B91H.1A#>[0:39:AV#23G<10==A:29#3#G093#.IIA1G.13#/FA#H3>3<.:9# :A>>.#I3.#2A>>[.H91A? *9:#G9>9V#H.#3:<A:2A#<19I.1A#>.#C./A#A>3H3:.:29#/F3#>9#.IIA1O G.?#)#:9:#.JJ3.H9#\0AG<3#13B>AGG3V#C19C91839:#B.<<.V#.:/FA#:A>>A# B.H3=>3An#!.#:091.#:9:#G9CC91<.#>.#G09/A1.V#>.#/9=:.<.#3>#/9=:.<9# AV#:A>>A#].H3=>3A#(C313<0.>3V#3>#G0223<9#:9:#<9>>A1.#3>#G0CA1391AV#0:# /.1.<<A1A#:9:#G9CC91<.#>[.><19#A#J19:<9>.V#/13<3/.V#:A#HA<<A#3:#13O >3AI9#3#23BA<<3D#WGA#:9:#/3#B9GGA#\0A>>[A>AHA:<9V#GA#>9#/.HJ3.GGA19V# GA#H3#2AGGA19#\0.>/FA#.><19#0BB3/39V#0:#>.I919#C3b#/9:G9:9#.>#H39# GC313<9dX? *9:#Y#\0AG<9#>[ABBA<<9#1329<<9V#H.#32A:<3/9#2A>>[9239n#![ABBA<<9# C1.<3/9#2A>>[A=93GH9n ;3#G3#C0`#29H.:2.1AD#!A#.:3HA#C3A#/FA#CA:G.:9#9#C.1>.:9#/9Gj# G9:9#IA1.HA:<A#.:3HA#C3AV#.:3HA#23#BA2An#(9:9#.:3HA#.H.:<3n# ![.H91A# /FA# G/.<013G/A# 2.>>.# BA2A# 3:GA=:.# /FAV# WG9CC91<.:29# 3># C19GG3H9V#.//A<<.:29#>.#G9BBA1A:8.#3:A1A:<A#.>>9#GB9189#/9HC30<9# CA1#>[0:39:AV#\0AG<9#G<AGG9#GB9189#:.G/9G<9V#H.#1A.>A#G3#<1.GB91H.# 3:#J.>G.H9V#/FA#HA23/.#>A#BA13<A#:9G<1A#A2#.><103#A#23GC9:A#.>#CA1O 29:9#G/.HJ3AI9>AX? ![9239# 3:IA/A# 3:23A<1A==3.# 2.I.:<3# .># G./13B3/39# /FA# :9:# I.>A# CA1#3#G093#3:<A1AGG3g#1AGC3:=A#>.#G9BBA1A:8.#:A/AGG.13.#.>>.#13/9G<10O 839:Ag#32A:<3B3/.#\0AG<.#G<AGG.#G9BBA1A:8.#/9:#=>3#09H3:3#/FA#:A# G9:9#>.#/.0G.V#B9HA:<.:29#/9Gj#.:/91#C3b#>.#23G0:39:A? UA2A<A#/9HA#.:/FA#3>#G9>9#C13:/3C39#2A>>[9239#<A:2A#.#23I32A1AV# HA:<1A#G9>9#>[.H91A#0:3G/An )# CA1# \0AG<9# /FA# 3># 2A<<9# G/13<<01.>A# /3# /9H.:2.D# W*9:# <1.O H9:<3#3>#G9>A#G0>>.#I9G<1.#31.X#h)B#lV4Pi? 6lQ
E3#G3#9J3A<<.D#W:9:#/F3A29#CA129:9V#:9:#/F3A29#13C.1.839:AV# CA1/Ff#>9#GC313<9#Y#GAHC1A#3:#<0H0><9 E.#:9:#/.C3G/3V#JA:A2A<<.#B3=>309>.V#/FA#3>#<0H0><9#H.:<A:0<9# 2.>>.#<0.#C.1<A#3:BA1391AV#:9:#/AGGA1Z#H.3#GA#>.#<0.#C.1<A#G0CA1391A# :9:#130G/31ZV#.>HA:9V#.#IA2A1A#/FA#GA3#0G/3<.#2.>>.#>3:A.V#A#CA1/3`# G<AGG9#GA3#A:<1.<.#:A>>[A1191An *9:#/.C3G/3V#/FAV#GA#:9:#13AG/3#.#B.1A#\0AG<9#C13H9#C.GG9V#Y# GA=:9#/FA#3>#<09#GC313<9#:9:#G9>9#:9:#F.#>.#G0C1AH.83.#G0>>A#<0A# C.GG39:3# A# G0>>.# <0.# GA:G3J3>3<ZV# H.# :A# Y# G9C1.BB.<<9# 3:<3A1.HA:O <An#*9:#/.C3G/3#/FA#\0AG<9#C3//9>9#.<<9#23#13C.1.839:AV#3HCA1.<9# 2.>>.#/3H.#2A>>.#<0.#I9>9:<Z#C91<.V#<A#3:/9:G.CAI9>AV#0:#3:3839#23# 0:39:An *9:# /.C3G/A# :AHHA:9V# <.:<9# GA3# .//A/.<.V# /FA# 2.># <09# .<<9# AG<A1:9#>[.><1.#/1A.<01.#:A#1AG<A1AJJA#A23B3/.<.#A#/9HH9GG.n ,3/912.#/FA#=>3#GC313<3#G3#GA:<9:9V#:9:9G<.:<A#>[3:I9>0/19#/91O C91A9#A#\03:23V#3>#<09#GB9189#/F3.H.#.:/FA#G0=>3#.><13#0:#B>0GG9# H.==391A#23#$1.83.? E.#/F3#G9==3./A#.>>.#H.<A13.V#/F3#:9:#F.#=0G<.<9#3>#H31./9>9# 2A>>.#]A2A#A#2A>>.#$1.83.#23#GA:<31A#3>#C19C139#GC313<9#>3JA1.<9#2.>>.# G/F3.I3<b# 2A># J.GG9V# :9:# /.C3G/A# /A1<3# /9:<.<<3V# :9:# /3# /1A2AV# >3# 23GC1A88.?#(9:9#3#B3=>3#2A>>.#!0/A#/FA#13/9:9G/9:9#3#B3=>3#A#>A#9CAO 1.839:3#2A>>.#>0/A#A#G[3:<A:29:9? '.#/FA#23CA:2A#>.#<0.#23BB3/9><Z#.2#0H3>3.1<3n#(3#Y#I3G<9D#23CA:O 2A#2.>>.#2AJ9>A88.#2A>>.#<0.#BA2AV#/FA#3:IA/A#23#AGGA1A#>.#3>>0H3:.O <13/A#A#>.#231A<<13/A#2A>>.#<0.#I3<.#Y#0:#<1.HC9>9#/FA#<1.<<3A:3#CA1# :9:#.:2.1A#.>>[3:BA1:9V#A#<AV#9G/3>>.:29#/9:<3:0.HA:<A#<1.#>.#>0/A# 2A>>.#]A2A#A#>.#G/F3.I3<b#2A>>A#<0A#C.GG39:3V#:9:#<3#1A:23#H.3#>3JA1.?# N"#V(.(#3#%2)6/2'(#&2'%2'(#T()U#2++'20(')-#/#*-)+'/#-668/ ]3:9#.#/FA#>.#<0.#]A2A#13H.:A#3:#\0AG<.#G3<0.839:AV#)GG.#:9:# C0`#/9G<1031A#>.#<0.#I3<.#/13G<3.:.#A#<.:<9#HA:9#>.#<0.#I3<.#23#/9:O 6lP
G./1.<.?#k0.:29#3:IA/A#>.#<0.#]A2A#.I1Z#CA1HA.<9#<0<<9#3>#<09#GC3O 13<9#A#<0<<.#>.#<0.#.839:AV#.>>91.#:9:#<3#CA1HA<<A1.3#C3b#/A1<A#/9:O /AGG39:3V#/A1<3#GB9=F3V#A#:AHHA:9#/A1<3#=302383#A#G9GCA<<3#3:<A13913# A#/9GjV#3HCA231.3V#G3:#2.>>[3:3839V#>.#G9C1.BB.839:A#2A>#<09#3G<3:<9?# &FV#C9<AGG3H9#.:/FA#:93#.IA1A#>9#G=0.129#23#$AGbo !.G/3.1#C.1>.1A#$AGb#.<<1.IA1G9#3#:9G<13#9//F3o#)//9#\0.>A#2AIA# AGGA1A#>[.GC31.839:A#2A>>.#:9G<1.#]A2A? "IA1A#3>#G09#(C313<9V#3>#G09#G=0.129#/FA#<0<<9#>A:3G/AV#/FA#.<<31.V# /FA#/9:G9>.o#$AGb#G.1AJJA#.>>91.#IA1.HA:<A#>.#:9G<1.#I3<.D#0:.# I3<.#G<1.13C.:<A#/FA#23>.=.V#/FA#<0<<9#.JJ1.//3.#A#/9:\032A?#k0AO G<.#Y#>.#I3<.#/13G<3.:.#G0>>.#<A11.#A#3:#/3A>9? *9:#=0G<A1AH9#3:B3:A#>.#C3A:.#AG0><.:8.#2A>>.#=>913.#23#'39V# GA# :9:# /9:23I32A1AH9# \0AG<9# (09# '9:9# 3:B3:3<9V# GC.1=A:29# A# <1.GHA<<A:29#=>913.#CA1#<0<<3#3#/3A>3V#IA2A:29#'39#3:#<0<<3#=>3#.><13V# G.CA:29#/FA#)=>3#Y#>.#U3<.#23#:93#<0<<3#A#/FA#:93#G3.H9#0:9#G9>9# /9:#!03? '0:\0A#IA2A<A#\0.:<9#Y#:A/AGG.139#/FA#>.#:9G<1.#.839:A#<A11AO :.#G3.V#HA23.:<A#>.#]A2AV#3:<3A1.HA:<A#G9C1.::.<01.>388.<.V#=3./O /Ff#:9:#G9>9#/3#B.1Z#1.==30:=A1A#\0.==3b#\0AG<.#0:39:A#3:I9/.<.# 2.# $AGbD# WR.21A# /FA# G3.:9# 0:9dX# H.# /3# 2.1Z# .:/FA# :A>>.# I3<.# A<A1:.V#\0A>>.#C3A:A88.#23#=393.#/FA#Y#/9G<3<03<.#2.>#I3IA1A#:A>>[0O :3<Z?#"3#H9<3I3#<1.G/A:2A:<3#G0#3:23/.<3V#/FA#/3#3:I3<.:9#.#\0AG<.# A>AI.839:A# 2A># :9G<19# GC313<9# A# 2A># :9G<19# .=31AV# GA# :A# C9GG9:9# .==30:=A1A#.><13? +A:3.H9/3#C30<<9G<9#G<1A<<A#.>>.#]A2A#A#.>>[0:3<Z#A#IA21AH9#3# H3G<A139G3#C1923=3#2A>#(3=:91A?#'3/9V#H3G<A139G3V#CA1/Ff#>.#R19II3O 2A:8.#0G.#/9:#:93V#:9:#C1923=3#G<1AC3<9G3V#H.#\0A>>[.30<9#:.G/9O G<9V#H.#1A.>AV#/FA#GCAGG9#GB0==A#.>>A#.:3HA#23G.<<A:<A? "><19#H9<3I9#23#=1.:2A#.0<913<Z#A2#.<<0.>3<Z#/FA#2AIA#B.1/3#/1AO G/A1A#:A>>.#BA2A#A#:A>>[0:3<Z#G9:9#>A#:A/AGG3<Z#2A>>.#;F3AG.#A#2A>>.# R.<13.? 6lM
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j#C3b#ABB3/./AHA:<A#:A=>3#.HJ3A:<3#C3b#9CC9G<3V#CA1#GC.1=A1I3V# :9:#13/9:9G/30<3V#3>#GAHA#2A>>.#J09:.#C.19>.? )#:93#G<.1AH9#.:/91.#.#H3G01.1A#>A#:9G<1A#3:<A1:A#23BB3/9><ZV#3# :9G<13#GB9183V#3#:9G<13#G./13B3/3n#W&#<.123#23#/091AV#/FA#:9:#/.C3<A#3># GA:G9#2A>>A#(/13<<01AoX#h!/#4lV4Qi#/3#13CA<A1Z#$AGbo !O"#V(.(#3#'/6-*-)6('(#/%#&'/,2+-#./#B/-6L# %>#C13H9#09H9#A>AI.<9#.>>[9123:A#G9C1.::.<01.>A#AJJA#/9:#>.# 1.=39:A# 3:B0GA# >A# <1A# I31<b# <A9>9=.>3?# )=>3V# GAJJA:A# 3::9/A:<A# A# C9G<9# 3:# \0A>>A# .><A88A# 23I3:AV# AGGA:29# 3:# 0:# CA13929# 23# C19I.# :9:#C9<AI.V#B3:#2.#\0.==3bV#=92A1A#2A>>.#/9:<AHC>.839:A#23#'39?# '9C9# 3># CA//.<9V# /.20<9# >[09H9# :A>>A# <A:AJ1A# 2A>>[3=:91.:8.V# AJJA# 9BB0G/.<3# .:/FA# \0A3# H.=:3B3/3# '9:3V# G9>9# >.# ]A2A# 13H.GA# CA1#23I3:.#E3GA13/9123.#.>\0.:<9#I3I.V#A#:93#IA23.H9V#'39#C1A9/O 6L
# 6LQ4#:?#466?
6lN
/0C.1G3#B3:#2[.>>91.#23#/9><3I.1A#\0A>#C3//9>9#=A1HA#A#/9:#>.#(0.# K9:<Z#G9G<A:A1>9#A#13:I3=9131>9#/9:#13IA>.839:3#:09IAV#GAHC1A#C3b# .HC3A?#E.:2.#3#R.<13.1/F3V#3#R19BA<3V#=>3#":=A>3#G<AGG3#.#<A:A1A#./O /AG.# /92AG<.# B3.HHA>>.# AV# B3:.>HA:<AV# 23G/A:2A# !03# G<AGG9# :A>>.# RA1G9:.#2A>#UA1J9V#CA1/Ff#3#(093#B3=>3#<91:3:9#.>>.#C13H3<3I.#!0/A?# '9C9# >.# 1A2A:839:A# \03:23# >[09H9# 23# J09:.# I9>9:<Z# C0`# A# I.# 13./\03G<.:29#=1.29#.#=1.29#>.#CA120<.#>0/A#A#GA#I09>AV#13G.>A#.>>A# .><A88A#.#/03#'39#>9#.IAI.#/F3.H.<9?# ;A1<9#9==3#>[0H.:3<Z#.<<1.IA1G.#0:#CA13929#1.239G9V#H.#.><1A<O <.:<9#CA13/9>9G9#CA1#>.#]A2A#A#CA1#/9>919#/FA#GA#:A#23G<.:83.:9#A# I9=>39:9#B.1A#.#HA:9#2A>>[.0<913<Z#2A>>.#;F3AG.?# ,3C91<3.H9#\03#C.1<A#23#0:#.1<3/9>9#2A>>.#13I3G<.#"?!?"?#;FA# B0#C0JJ>3/.<.#2.>>.#(?#;9:=1A=.839:A#2A3#,A>3=39G3V#G3#C19C9:A#23# .==391:.1A#>.#/0><01.#2A>>A#,A>3=39GA#.2A=0.:29>.#3>#C3b#C9GG3J3>A# .>>A#AG3=A:8A#923A1:A?#W-:#<AH.#C1ABA13<9V#Y#G/13<<9#:A>>.#,3I3G<.V# 2A>>.#/0><01.#A#2A>>.#GC313<0.>3<Z#/13G<3.:.#/9:<AHC91.:A.#Y#\0A>>9# 2A># C13H.<9# 2A>>[09H9X?# (3# /9HC1A:2A# G0J3<9V# .:/FA# :93# /9HA# \0AG<9#.1=9HA:<9#1.CC1AGA:<3#23#CA1#Gf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bV#2A>>.#I3<.#A# 2A>>[.H91A?#(9:#\0AG<3#3#I.>913#.GG9>0<3V#C.<13H9:39#AG/>0G3I9#23# '39V#/FAV#H3G<A19#23#/1A.839:A#A#23#$1.83.V#C.1<A/3C.#.>>[09H9#:A># 29:9#23#0:.#:.<01.#A#23#0:.#G9I1.::.<01.#/9Gj#3:<3H.HA:<A#/9:O 6lL
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`#0:#/9HC19HAGG9#G.C3A:<A# B1.#3#2313<<3#23#'39#A#\0A>>3#2A>>[09H9V#H.#C30<<9G<9#>[3:/.1:.839:A# 3:<A=1.>A#23#\0A>>3#HA23.:<A#0:#C.:A#/FA#Y#>.#23I3:.#U9>9:<Z#A#0:.# =1.83.#/FA#Y#3>#23I3:9#.H91AX? !.#]A2A#B.#9CA1A#23#=30G<383.V#C9:A#%2239#:A>>.#C3A:A88.#2A3# (093#2313<<3V#C9:A#>[09H9#:A>#C9G<9#23#/1A.<01.V#/.C./A#23#2A3B3/.O 839:A?#W!.#/9:G./1.839:A#1A>3=39G.#F.#C19C139#\0AG<9#G/9C9#A#23# /9:GA=0A:8.#:A#I3A:A#>.#2A23839:A#2A>>.#I3<.#0H.:.#/9:#<0<<A#>A# G0A#13G91GA#CA1G9:.>3#A#G9/3.>3#.>#<139:B9#2A>>.#=>913.#23#'39X? "JJ3.<A# ]A2A# 3:# '39V# 1.BB918.<A# >.# I9G<1.# ]A2AV# B3=>309>AV# A# /9HA#23/A#*9G<19#(3=:91AV#I3#G.1Z#2.<9#23#IA2A1A#>.#=>913.#23#'39# h$I#66Vl5i? (I#P(#=&*&#*$#K('$( %:#E.13.#B019:9#<0<<A#>A#I31<b#3:#G9HH9#=1.29#A#/9:IA:3A:<3#.>>.# (0.#/9:23839:A#23I3:.#A2#0H.:.g#B019:9#\0AG<A#I31<b#/FA#>.#23O GC9GA19# .>>[.><.# 23=:3<Z# 23# E.21A# 23# '39?# E.# G3//9HA# 9==3# C.1O >3.H9# 2A>>.# ]A2AV# BA1H3.H9/3# .# /9:<AHC>.1A# >[.><A88.# 2A>>.# (0.# ]A2AV# /FAV# C01# AGGA:29# /9Gj# CA1BA<<.# A# /9Gj# C19I.<.V# !A# >.G/3`# GAHC1A#\0A>>.#B3:A88.#0H.:.#A#BAHH3:3>A#/FA#<.:<9#/3#/9:B91<.?# %#(.:<3#R.213#13/9:9G/9:9#:A>>.#]A2A#23#E.13.#3>#C13:/3C39#2A>>.# (0.#23I3:.#E.<A1:3<Z#A#2A>>.#(0.#=1.:2A88.?#WRA1#>.#BA2A#/9:/ACjV# CA1#>.#BA2A#C.1<91jX#h(.:<["=9G<3:9#A#(?#KA1:.129i?#;A1<9V#>.#(0.# 6Q5
]A2A#B0#G9<<9C9G<.#.#C19IA#<1AHA:2AV#H.#)>>.#H.3#I./3>>`V#C01#13O H.:A:29#IA1.HA:<A#GAHC1A#'9::.?#;A1/F3.H9#23#IA2A1A#A#:9:# I9=>3.H9#/9G<1031/3V#G3.#2A>>.#E.29::.V#G3.#2A3#(.:<3#B3=01A#32A.>3# A2#.G<1.<<AV#/9:<AHC>3.H9>3#:A>>A#.><A88A#.#/03#>3#F.#C91<.<3#>.#$1.O 83.V# H.# :9:# G9CC13H3.H9:A# >[.GCA<<9# 0H.:9# /FA# G.1Z# C19C139# \0AG<9#.GCA<<9#/FA#/[3:B9:2A1Z#B320/3.#A#B91<A88.?#+19CC9#B3:91.# /3#G3.H9#GCA120<3#3:#AG.=A1.<A#.G<1.839:3?#"2#AG?#:A>#H3G<A19#2A>>.# U3G3<.839:A#3#/9HHA:<.<913#2A3#B.<<3#)I.:=A>3/3#HA<<9:9#3:#>0/A# G9>9# 3># H9IA:<A# 23# /.13<Z# :A># C.1<31A# B1A<<9>9G.HA:<A# CA1# .:2.O 1A#2.#)>3G.JA<<.?#(A:8.#AG/>02A1A#\0AG<9#H9<3I9#:9J3>3GG3H9#39# CA:G9#/FA#C19C139#\0A>>.#C.19>.#B1A<<9>9G.HA:<A#G<3.#.2#3:23/.1A# /FA#.:/FA#.><13#H9<3I3#GC3:GA19#>.#UA1=3:A#.#C.1<31#G0J3<9#29C9# >.# I3G3<.# ":=A>3/.D#>[3HJ.1.889#3:#/03#E.13.#G3#<19I.I.#23#B19:<A# .#$30GACCAg#>.#]A2A#3:#0:.#H3G<A139G.#A#2A>3/.<.#C1AIA:3A:8.#23O I3:.#/9H0:3/.<.>A#2.>>[":=A>9#/FA#>A#9BB13I.#3>#H929#23#C1A:2A1# <AHC9?#;9:G32A13.H9#/FA#E.13.#A1.#3HH./9>.<.#AV#C19C139#CA1# \0AG<.#3HH./9>.<.#C01A88.V#HA:<1A#A1.#AGCA1<.#:A3#(093#1.CC91<3# /9:#'39V#G3#C0`#G0CC911A#.><1A<<.:<9#3:=A:0.#:A3#1.CC91<3#0H.O :3V#\03:23#J3G9=:9G.#23#/9:G3=>39V#J3G9=:9G.#23#ABB9:2A1A#>.#(0.# <1.J9//.:<A#C3A:A88.#23#$1.83.V#/9:#$30GACCA#:9:#A1.#.BB.<<9#3># /.G9V#:9:#9G.I.V#A#E.13.V#3>>0H3:.<.#A#C102A:<A#G3#C9GA#3:#I3.=O =39?#"2#)3:s.1AH#>[.GCA<<.I.#>.#/9:BA1H.#23I3:.?#)>3G.JA<<.#.CO CA:.#023<9#3>#G.>0<9#23#E.13.V#13C3A:.#23#(C313<9#(.:<9V#.2#.><.#I9/A# AG/>.H.D# W'9:2A# \0AG<.# =1.83.V# /FA# >.# H.21A# 2A># H39# (3=:91AV# IA:=.#.#HAn#KA.<.#<AV#/FA#F.3#/1A20<9oX#h!/#6Vl7OlQi?#)#HA:<1A# :A>>[A:B.G3#2A>#G09#G.>0<9#)>3G.JA<<.#F.#B.<<9#3:<031A#>.#CA:.#CA1# >.#H.:/.<.#]A2A#23#S.//.13.#C19GA=0A#3:G3G<A:29#:A>>[AG.><.839:A# 2A>>.#]A2A#23#E.13.?#W)//9V#.CCA:.#3>#G09:9#2A>#<09#G.>0<9#=30:GA# .>>A# H3A# 91A//F3AV# 3># J.HJ3:9# J.>8`# CA1# =30J3>9# :A># H39# GA:9oX# h!/# 6Vlli?# ">>91.# E.13.V# :9:# <1.<<A:A:29# C3b# >.# C3A:A88.# 2A>>.# $1.83.V#3:<9:.#3>#(09#/.:<9D#WE.=:3B3/.#>[.:3H.#H3.#3>#(3=:91AdX# h!/#6VlPOQQi? 6Q6
&1JA:AD#>.#G9>0839:A#2A>#23I3:9#GA=1A<9#:9:#Y#G=91=.<.#2.>>A# I31<b#<A9>9=.>3#3:#!A3#I3IA:<3n#UA1=3:AV#CA1BA<<.HA:<A#C01.V#:9:# >.G/3.I.#.BB.<<9#23#AGGA1#29::.#A#23#GA:<31A#0H.:.HA:<A#<0<<A#>A# 23BB3/9><Z# 23# \0A># H9HA:<9# /10/3.>AV# CA1`# CA1BA<<.HA:<A# G9<<9O HAGG.# .># U9>A1A# '3I3:9# A2# .><1A<<.:<9# A\03>3J1.<.# CA1# >[.J3<0.>A# AGA1/3839#2A>>A#.><1A#I31<bV#G.CA:29#/FA#'39#:9:#C9<AI.#3:=.::.1O >.V#:9:#AG3<.#.#C1A:2A1A#\0A3#HA883#/FA#>.#C102A:8.#G0==A13G/A#AV# IA1=3:.>HA:<A#GAHC>3/AV#13G/F3.#0:#I3.==39#CA13/9>9G9#A#23G.=3.<9?# a# 2.IIA19V# 29C9# \0AG<A# /9:G32A1.839:3# /FA# C9GG3.H9# G.>0<.1A# E.13.D#IA1=3:A#BA2A>A#A#C102A:<Ao#%:#E.13.#>.#]A2A#F.#=A:A1.<9# >[0H3><ZV#>.#GAHC>3/3<ZV#>.#C102A:8.#A#>.#G.==A88.?#,3CA:G3.H9#.3# (093#AGAHC3V#/A1/F3.H9#2[3H3<.1>.V#G<13:=3.H9/3#.#!A3#/9:#<A:AO 1A88.# B3>3.>A# A# :A# 13/AIA1AH9# 3:# /.HJ39# >[.30<9# CA1# /9HC3A1A# >9# GB9189#.G/A<3/9#13/F3AG<9#2.>>.#:9G<1.#I9/.839:A#/FAV#.#G0.#I9><.V# .//1AG/A:29#3:#:93#>.#/.C./3<Z#2A>>.#]A2A#A#2A>>[.H91AV#/3#1A:2A1Z# .<<3#.2#3:<A1C1A<.1A#A2#AGA=031A#3#'3I3:3#'3GA=:3? !!"#52#V(.(#/*6%;.(#%2#F&('2*:2#(#)?-66/2#*(%%2#6-*9/.(*:245# %:#I31<b#23#/FA#/9G.#>.#]A2A#=A:A1.#>.#(CA1.:8.n#a#/F3.19D#CA1# >A#13/9HCA:GA#23I3:A#/FA#/3#C19HA<<AV#>A#\0.>3#13/9HCA:GA#AG3G<9O :9#3:#I31<b#2A>#(.:=0A#2A>>[-H3>A#"=:A>>9V#/9HA#23/A#G.:<.#;.<AO 13:.?#%:B.<<3V#9GGA1I3.H9#/FA#:A>>[":<3/9#+AG<.HA:<9V#GAJJA:A#G3# C.1>3#23#C19HAGGA#2.#C.1<A#23#'39#A#:A3#G.>H3#G3#C.1>3#23#B320/3.#2.# C.1<A#2A>>[09H9V#\0AG<.#I31<b#:9:#A1.#/A1<.HA:<A#G.>3<.#.>#B.G<3=39# 2A>>[3:<3H3<Z#23#1.CC91<9#23I3:9#0H.:9V#\0.>A#G3#13G/9:<1.#29C9#>.# ,A2A:839:A? *A>>.#:09I.#Y1.#>.#;F3AG.#F.#HAGG9#G0J3<9#3:#=1.:#>0/A#>.#C.O 19>.# (CA1.:8.# A# GA# :A# GC3A=.# 3># H9<3I9V# =3.//Ff# /9:# >[ABB0G39:A# 2A>#(.:=0A#,A2A:<91A#G3#13.C1A#3>#/3A>9V#A#I911A3#231AV#/FA#\0AG<9# 45
# 6LQ4#:?#464?
6Q4
/3A>9#2AG32A19G9#2A>>[0:39:A#/9:#>[09H9V#=30:=A#B3:9#.#/F3:.1G3# G0>>.#<A11.?#(.:<.#;.<A13:.#3:B3.HH.<.#23#2AG32A139V#/9:G32A1.:29# \0AG<9#H3G<A19V#AG/>.H.I.#3:#0:[A:B.G3#2A>>9#GC313<9D#W&#(CA1.:8.V# 29>/A#G91A>>.#2A>>.#]A2AV#<0#GA3#\0A>>.#/FA#/9:#>A#/F3.I3#2A>#(.:=0A# 23GGA113#>.#I3<.#A<A1:.V#<0#23BA:23#>.#/3<<Z#2A>>[.:3H.#2.>>[.H3/9#2A>>.# /9:B0G39:AV#<0#:9:#.>>A:<3#3#C.GG3#<093V#CA1/Ff#3>#2AH9:39#/9:#>.# =1.IA88.#2A>>A#/9>CA#/9HHAGGA#:9:#HA<<.#>[.:3H.#3:#23GCA1.839O :AV#H.#I313>A#CA1GAIA13#:A>>.#I31<bV#C9:A:29#:A>>.#J3>.:/3.#2A3#G093# CA//.<3#3>#C1A889#2A>#G.:=0AX? -:.#]A2A#/FA#:9:#/9:/AC3GGA#>.#(CA1.:8.#:9:#G.1AJJA#]A2A# IA1.#A#C1.<3/.?#(.1AJJA#>.#]A2A#=3.:GA:3G<.#/FAV#/9HA#H3#AGC1AGG3# >[.><1.#I9><.V#>.#G3#<1.<<3A:A#/9HA#HA889#23#AI3<.1A#>[3:BA1:9?#(.1AJO JA#0:.#]A2A#GJ3.23<.V#23HA88.<.g#G.1AJJA#0:#H3G/9:9G/A1A#/FA# '39# Y# "H91A?# +.>A# ]A2A# 3:/9HC>A<.# Y# >[9BBAG.# C3b# =1.:2A# /FA# >[09H9#C9GG.#B.1A#.#'39V#=3.//Ff#=>3#:A=.#>[.<<13J0<9#AGGA:83.>AD# >["H91A? k03:23#Y#3:0<3>A#G<.1A#.#23H9G<1.1A#>[.:<3<AG3#<1.#>.#23BB32A:8.#A# >.#]A2A#I3I.D#>.#]A2A#I3I.#WC19B9:2.HA:<A#.1.<.X#:9:#G9>9#/9:O <3A:A#3:#Gf#>.#(CA1.:8.V#H.#>.#C91<.#.>>.#CA1BA839:A#C3b#.><.#A#/39Y# .>>.#/9:B32A:<A#3:<3H3<Z#/9:#'39?#)//9#>.#23BBA1A:8.#/FA#C.GG.#<1.# >.#B320/3.#23#/03#G3#B.#HA:839:A#:A3#(.>H3#A#>[3:<3H.#/9:B32A:8.#/9># (3=:91AV#B391A#2A>3/.<9#GJ9//3.<9#2.>>.#(CA1.:8.?#)#JA:#G3#/.C3G/AV# \0AG<.#23BBA1A:8.V#=3.//Ff#3#(.>H3V#C01A#3GC31.<3V#G9:9#G<.<3#G/13<<3# G9<<9#>.#>A==A#2A>#<3H91AV#HA:<1A#>.#(CA1.:8.#Y#B10<<9V#/9HA#23/A# G.:<.#;.<A13:.V#W2A>#(.:=0A#,A2A:<91A#/FA#F.#3:.0=01.<9#3>#1A=:9# 2A>>["H91AX? &Fo#.:23.H9#B32A:<3#.#;9>03#/FA#Y#>.#K9:<Z#3:#CA1G9:.g#.:23.O H9/3#/9:#0:.#GAHC>3/3<Z#J.HJ3:.V#.>>9:<.:.:29#9=:3#3:/A1<A88.V# 9=:3#<3H91A?#)=>3#:9:#2AG32A1.#.><19o#k0A>>9#/FA#/3#29I1AJJA#B.1# C.01.#G3.H9#:93#G<AGG3V#>.#:9G<1.#=1A<<A88.#23#I3<.V#3>#:9G<19#A=93O GH9g#H.#.:/FA#\0AG<.#C.01.#C.1.>388.:<A#GB0==3.H9>.V#/9:B32.:O 29#/FA#>["H91A#/3#<1.11Z#GA:8.#20JJ39#2.#9=:3#CA13/9>9V#A#C19C139# 6Q7
3:# \0A>>A# /31/9G<.:8A# /FA# B3:91.# /3# <01J.I.:9# A# 1A:2AI.:9# CA1O C>AGG.#>.#:9G<1.#]A2AV#C19C139#3:#\0A>>A#<19IA1AH9#3>#HA889#C3b# ABB3/./A#A#1.C329#CA1#>.#:9G<1.#G.:<3B3/.839:AV#CA1/Ff#/9HC1A:2AO 1AH9#/FA#C19C139#\0A>>A#/31/9G<.:8A#G9:#C1AC.1.<A#2.#0:#"H91A# %:B3:3<9?# &Fo# .//9G<3.H9/3# B3>3.>HA:<A# .>>["H91Ao# ;A1/F3.H9# 23# /9HC1A:2A1!9#GAHC1A#HA=>39o#)#GA:8.#C1A<A:2A1A#/FA#CA1#:93# CA1G9:.>HA:<A# )=>3# /9HC3.# .><13# H31./9>3V# G<3H3.H9/3# B91<0:.<A# 23#I3IA1A#3:#\0AG<[AC9/.#G.<01.#23#.H91A#A#23#29>91Ao ;FA#G3#=30:=.#2.IIA19#.#\0AG<9#"HA:#A<A1:9#/FA#:9:#Y#.><19# /FA#!03V#3>#'39#BA2A>Ao#%:B.<<3#:9:#Y#!03#3>#W;9Gj#YX#A<A1:9n !4"#52#9(.(#7(',/*2+'/6(#./#62'/+146 !.#]A2A#Y#I31<b#9CA1.:<A#A#\0.:<9#C3b#AGG.#G.1Z#I3I.V#<.:<9#C3b# Y#BA/9:2.?#(3#C9<1AJJA#.GG9H3=>3.1A#.>#GA:9#2A>>.#UA1=3:A#E.21Ag# /1A2A<<A#A#B0#BA/9:2.<9?#(A#>.#UA1=3:A#.IAGGA#20J3<.<9V#>9#(C313<9# '3I3:9#:9:#.I1AJJA#9CA1.<9#3:#!A3D#W"JJ3.<A#BA2A#3:#'39?#%:#IAO 13<Z#I3#23/9#/FA#/F30:\0A#231Z#.#\0AG<9#H9:<AD#>AI.<3#A#=A<<.<3#3:# H.1A#A#:9:#AG3<A1Z#3:#/091#G09V#H.#.I1Z#BA2AV#=>3#G.1Z#B.<<9X#hE/# 66V44O47i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b#/3#G3=:91A==3.:9#.GG.3#C3b#23#!03?#)#GAJJA:A#G.CO 46
# 6LQ4#:?#46Q?
6Ql
C3.H9# /FA# '39# :9:# I3A:A# 3:# :93V# GA# =>3# 09H3:3# :9:# =>3# B.::9# C9G<9V#:9:#/A#:A#C1A9//0C3.H9#<19CC9#>.G/3.:29#/FA#3>#<AHC9# /F[AGG3# /3# 10J.:9# G/911.# CA1# 91A# 3:<3A1AV# 13GA1I.:29# .CCA:.# 0:# H.1=3:A#.#!03V#23#H929#/FA#'39#29H3:.#G9>9#CA1#\0A>#<.:<9#/FA# >.#R1AGA:8.#23#!03#13AG/A#.2#.C131G3#0:#I.1/9#.#23GCA<<9#2A>>A#/9GA# A# 2A=>3# 09H3:3?# RA1/Ff# :9:# G9>9# =>3# 09H3:3V# H.# .:/FA# >A# /9GA# /3# G3=:91A==3.:9V# /3# G9:9# 23# 9G<./9>9V# >A# /9GA# C9G<A# G0># :9G<19# /.HH3:9#9#/3#G<0883/.:9V#9#/3#<01J.:9V#9#C1A9//0C.:9#>9#GC313<9g# <0<<A#3:G9HH.#>A#/9GAV#CA1/3`#G<AGG9#/FA#AG3G<9:9V#.:/FA#GA#:9:# .H.<A#.CC.GG39:.<.HA:<AV#/3#AG.013G/9:9#2A:<19#A#B0913?#)#GCAGO G9#:9:#/3#.//91=3.H9#23#\0AG<9#>919#29H3:39#GA#:9:#\0.:29#/A# :A#29JJ3.H9#23G<.//.1A?#;9GA#A2#09H3:3#.20:\0A#/9H.:2.:9#3:# :93#.>#C9G<9#23#'39? W-:#.>JA19V#23/A#3>#$0.123:3V#/FA#G3#9CC9:=.#CA1#I3.V#GAHJ1.# .IA1#H.==391#B918.#23#>03V#:9:#B9GG[.><19#/FA#CA1#3>#B.<<9#/FA#/3#/9O G<13:=A#.#=31.1=>3#3:<91:9?#E.#/9H[Y#C9GG3J3>A#/FA#>[.>JA19#H3#G3.# C3b#1A.>A#23#'39n#;9H[Y#C9GG3J3>A#/FA#'39#:9:#H[3119HC.#9I0:O \0AV#9::3C9<A:<AV#:A>#/091A#A#:A>>.#/9G/3A:8.nX?#)CC01A#Y#/9Gj?# E3# CA1HA<<9# 23# 0G/31A# J1AIAHA:<A# 2.>>[.1=9HA:<9# CA1# B.1I3# :9<.1A# 0:.# <1.GC9G3839:A# G9C1.::.<01.>388.<.V# /FA# 0G.# >.# :9G<1.# (.:<.#E.21A#A#/FA#H3#F.#B.<<9#H9><9#13B>A<<A1A?#*A>#;.C3<9>9#%m# 2A>>.#(?#,A=9>.#G3#>A==AD#WU3I.#>3A<.#A#GAHC1A#C3A:.#23#/.13<ZV#23#BA2A# A#23#GCA1.:8.#3:#'39X?#R.1A#G<1.:9#/FAV#A>A:/.:29#>A#U31<b#+A9O >9=.>3V#C9:=.#CA1#C13H.#>.#;.13<Z?#RA:G9#/FA#\0AG<.#<1.GC9G3839:A# :9:#B0#B.<<.#.#/.G9V#3#(.:<3#:9:#C.1>.:9#.#/.G9V#H.#G3.#29I0<.#.># B.<<9#/FA#>.#(?#E.21A#IA2AI.#:A>>A#G0A#B3=>309>A#13B0>=A1A#JA:Gj#>.# ]A2A#A#>.#(CA1.:8.V#H.#:9:#<19CC9#>.#;.13<Z?#,3/9123.H9#GAHC1A# /FA#>.#;.13<Z#CA1#AGGA1A#I31<b#G9C1.::.<01.>A#2AI[AGGA1A#9123:.<.g# CA1/3`# 0:# AG.HA# G0>>9# G<.<9# :9G<19# .<<0.>A# :A3# 1.CC91<3# /9:# >A# :9G<1A#G91A>>A#/3#C0`#B.1#JA:AV#=3.//Ff#Y#<19CC9#B./3>A#3>>02A1G3V# .H.:29#3>#C19GG3H9#>9:<.:9V#23#.H.1A#.:/FA#3>#C19GG3H9#I3/3:9?# %:IA/A#GCAGG9#G3#.H.#\0A>>9#.#G/.C3<9#23#\0AG<9?#":/FA#IA1G9#3># 6QQ
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b# /19/3B3GG.V# Y# >.# C3b# .<<.# .2# 3:<A:2A1A?#(3.#AGG.#29<<.#9#3=:91.:<AV#:9:#/9:<.?#;3`#/FA#/9:<.#Y# >.#=A:A19G.#.//A<<.839:A#2A>>A#/19/3B3GG39:3#.#/03#'39#G9<<9C9:A# >[.:3H.V#G3.:9#AGGA#3:<A13913#92#AG<A1:AV#G3.:9#J1AI3#9#>0:=FA? ,3/9123.H9D#GA#:9:#/[Y#]A2AV#:9:#/[Y#/9:<.<<9#/9:#'39?#(A#/[Y# 0:.#]A2A#9BB3/3.>AV#AGG.#Y#I.:.?#W$0.3#.#I93V#B.13GA3X#hE<#47V67i?# (A#.:/FA#/[Y#9BB3/39G.#hCA1/Ff#H9><3#:9:#I9=>39:9#.IA1>.#9BB3/3.O >AV#H.#:A#GA:<9:9#3>#J3G9=:9#A#\03:23#>.#C1.<3/.:9#3:<3H.HA:<A# A#J.G<.i#AGG.#C01AV#GAJJA:A#:9:#B.13G.3/.#/9HA#>[.><1.V#Y#<3H32.V# 2AJ9>AV#C.019G.?#E3#C1AHA#231#G0J3<9#0:.#C.19>.#G0#\0AG<9#2AC1AO /.J3>A#9G<./9>9#/FA#Y#>.#C.01.#A#/FA#C.1.>388.#<.:<A#.:3HA#J09:A?# !.#C.01.#G9<<9#\0.>G3.G3#B91H.#G3#C1AGA:<3#Y#GAHC1A#19J.#0H.:.V# /9:GA=0A:8.#2A>#CA//.<9?#(3#C0`#.IA1#C.01.#23#'39#A#:9:#/3#G.1Z# H.3#3:<3H3<Z?#(3#C0`#.IA1#C.01.#2A=>3#09H3:3#A2#A//9#>[9CC91<0O :3GH9#A#3>#13GCA<<9#0H.:9?#(3#C0`#.IA1#C.01.#23#:93#G<AGG3#A#.>>91.# :9:#/[Y#GC313<9#23#]A2A?# !.#]A2A#1.==30:=A#>[3:<A>>A<<9#:9:#.<<1.IA1G9#3#GA:G3V#H.#3:#0:.# >0/A#231A<<.HA:<A#3:B0G.#2.#'39#A#/9:20/A#.>>.#/9:<AHC>.839:A?# !.# /9:<AHC>.839:AV# HA23.:<A# >.# \0.>A# /9:9G/3.H9# A2# .H3.H9# 44
# 6LQ4#:?#45N?
6QP
'39#\0.>A#)=>3#YV#Y#>.#1.=39:A#CA1#/03#'39#/3#F.#/1A.<3?#(A#<0#/1A23V# GA#B.1.3#0:#.<<9#23#G9<<9H3GG39:A#.>>["0<913<Z#23#'39V#/FA#C19C9:A# AG<A1:.HA:<A#IA13<Z#A#>A==3#CA1#HA889#2A>>.#;F3AG.V#2A>>.#,A=9>.#A# 2A3#(0CA13913V#W13/AIA1.3#3>#29:9#23#0:.#>0/A#3:<A1391A#/9Gj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n#":/FA#.#<A#G.1Z#2.<9#3>#C13I3>A=39#23#GA:<31A#G0GG01O 1.1<3D#WT9#J3G9=:9#2A>#/091A#.#/091A#GI9><9#:A>>.#C19B9:23<Z#2A>>.# <0.#.:3H.X? !C"#52#9(.(E#+'2)9-',2:/-*(#/*#B/-47 ![0H.:3<Z#<0<<.#C91<.#3:#Gf#/9HA#0:#3G<3:<9V#/FA#>.#/9:20/A# .:/FA# 3:/9:G.CAI9>HA:<A# .# /A1/.1A# >.# 23I3:3<Z# CA1# 0:31/3G3?# RA1# :93#\0AG<.#IA13<Z#Y#<.>HA:<A#AI32A:<A#A#I3GG0<.#/FAV#:9:#G9>9#/3# GC19:.#/9:<3:0.HA:<A#.#\0AG<.#13/A1/.V#H.#/3#F.#/9:29<<A#CA1B3O :9#.#/9:G./1.1/3#.>>[&==A<<9#23#<.>A#13/A1/.?#"GG0129V#/FA#:9:#G3# IA13B3/.#3:#:AGG0:#.><19#.H91AV#H.#/FA#Y#/9:GA=0A:8.#23#\0A>>[3O G<3:<9#23I3:9#3HC1AGG9#:A>#/091A#23#9=:3#09H9?
47
# 6LQ6#:?#45P?
6QM
(3//9HA#\0AG<9#H9I3HA:<9#23#13/A1/.#Y#C1929<<9#2.#20A#I9O >9:<Zg#>.#(0.#A#>.#H3.#C9GG3.H9V#B3:#2.#\0.==3bV#3:#/A1<9#H929V# G.CA1A#29IA#>[3:/9:<19#H3G<A139G9#.IIA11Z?#W)G3G<A#0:#C0:<9V#G/13O IA#+F9H.G#EA1<9:V#3:#/03#39#C9GG9#3:/9:<1.1A#'39#3:#0:#1A.>A#A# GCA13HA:<.>A# /9:<.<<9# /9:# >.# (0.# 3:B3:3<.# .<<0.>3<Z?# %:# \0A># H9O HA:<9#3>#/9:<.<<9#/9:#!03#G3#G/F302A#A#:93V#C.GG.:29#CA1#3>#/A:<19# 2A>>.#:9G<1.#.:3H.V#A:<13.H9#:A>>[A<A1:3<Z?#a#IA19#/FA#'39#:9:# C0`#AGGA1#/9:9G/30<9#/FA#2.#GA#G<AGG9#A#GA#I9=>3.H9#/9:9G/A1>9# 29JJ3.H9#<1.GB91H.1/3#3:#!03?#!.#<1.GB91H.839:A#:9:#G3#9CA1.# /FA#CA1#>.#]A2AX? !H"#V(.(#(#<'-6(#)+';,(*+/#&('#./0/*/::2'6/4l# *9:#/[Y#20JJ39V#>.#]A2A#A#>.#;19/A#G9:9#3#HA883#C1A/3C3<3#/9:# 3#\0.>3#3>#(3=:91A#F.#G<.J3>3<9#23#23I3:388.1/3?#a#20:\0A#:A/AGG.139# /9:9G/A1A#\0AG<3#HA883#CA1#0<3>388.1>3?# *9:#/FA#'39V#/9:#>A#G0A#AG3=A:8AV#29H.:23#.>>A#G0A#/1A.<01A# 0:9#GB9189#3HC9GG3J3>AV#H.#Y#/A1<9#/FA#)=>3#29H.:2.#GCAGG9#2AO =>3#A193GH3g#A#3:B.<<3#)=>3#G<AGG9#/3#G0==A13G/A#3>#H929#2>#/9HC3A1>3D# W"JJ3#BA2A#A#<3#G.1Z#B.<<9#/9HA#2AG32A13?#"JJ3#BA2A#A#231.3#.#\0A># H9:<A#=A<<.<3#3:#H.1A#A2#AGG9#0JJ3231ZX? (A#'39#C.21A#.H919G9#F.#G<.J3>3<9#CA1#HA#0:.#I3<.#23#A//A839O :.>A#G9BBA1A:8.V#:93#29JJ3.H9#.IA1A#BA1H.#BA2A#/FAV#/A1<.HA:O <AV# )=>3# /3# F.# .:/FA# B.I913<9# 0:.# /.C./3<Z# G<1.9123:.13.# 23# BA2A# C19C91839:.<.#.>>.#H3G01.#23#<.>3#G9BBA1A:8A?#RA1/3`#Y#>9=3/9#/FA# :9:#C9GG3.H9V#:9:#29JJ3.H9#20J3<.1A?#(A#20J3<3.H9V#:93V#B91GA# 3:/9:G/3.HA:<AV# H.# 1A.>HA:<AV# 23.H9# 0:.# GHA:<3<.# .>>.# :9G<1.# BA2AV#/39Y#.#'39?# ![09H9#:9:#Y#09H9#GA#:9:#<1.G/A:2A#GA#G<AGG9#/9:#>.#BA2A?# a# \0AG<.# <1.G/A:2A:8.# /FA# B91GA# 3:# \0.>/FA# /.G9# /3# Y# H.:/.<.?# 4l
# 6LQQ#:?#47l?
6QN
)#CA1/Ffn#RA1#C.01.#2A>>[3=:9<9?#"#/F3#=0.12.#2.#>9:<.:9#>.#I3.# G9C1.::.<01.>AV#AGG.#.CC.1A#<.>HA:<A#201.V#<.>HA:<A#3:.113I.J3>A# /FA#GC.IA:<.#.:/FA#>A#.:3HA#/FA#G3#/1A29:9#=3Z#.II3.<Ag#H.#:9:# Y#/9Gj?#RA1G0.23.H9/3V#G91A>>AV#/FA#3>#G09#13=329#.GCA<<9#G3#.229>O /3G/A#\0.:29#/91.==39G.HA:<A#I3#A:<13.H9#/9:#<0<<A#:93#G<AGGA?# ,3CA<9#3>#G3HJ9>9#/FA#.><1A#I9><A#F9#C91<.<9D#3>#:09<.<91A#/FA#CA1# >.#C.01.#G3#3113=323G/A#G0>>A#./\0AV#I.#.>#B9:29g#GA#I3#G3#.JJ.:29:.V# AGGA#>9#/0>>.:9?#;9Gj#Y#2A>>.#BA2A?#U.1/.<A:A#2A/3G.HA:<A#>.#G9O =>3.V#3>#/.HH3:9#:9:#Y#C3b#0:.#G/A><.V#H.#0:.#:A/AGG3<Z?#*9:#G3# 0JJ323G/AV#G3#GA=0A#>[3HC0>G9?#!A#.GCA13<Z#2A>>.#G<1.2.#:9:#G9:9# 9G<./9>3# H.# 3:/3<.HA:<3?# !.# =393.# 23# G0CA1.1>3# :9:# B.# GA:<31A# >.# B.<3/.?#k0.:29V#HA1/f#>9#GB9189#23#.<<3#13CA<0<3#3>#G0CA1.HA:<9#Y# 23IA:0<9#/9G<.:<AV#>.#B.<3/.#GC.13G/A#2A>#<0<<9#A#:9:#1AG<.#C3b#/FA# >.#=393.#/F3.1.V#GA1A:.V#3>>0H3:.<.#2.>#JA:A#1.==30:<9? '39V# AGGA:29# R.21A# .H919G9V# :9:# C0`# 3:=.::.1AV# :f# H.:O 2.1A#>.#/19/A#GA#C13H.#:9:#F.#B91<3B3/.<9#>A#GC.>>A#/FA#>.#2AI9:9# G9G<A:A1A?#"II3/3:3.H9/3#CA1/3`#/9:#<0<<A#>A#:9G<1A#B918A#.#\0AO G<.# IA13<Z# A<A1:.# /FAV# 2.:29/3# >.# <1.:\03>>3<Z# 3:<A1391A# A# B918.# A# 29>/A88.#3:/9HC.1.J3>AV#/3#2Z#>.#C9<A:8.#23#/9:<3:0.1A#.123<A#.# G.>31A#3>#:9G<19#;.>I.139V#>Z#29IA#G.1AH9#GCA<<.<13/3#23#.IIA:3HA:<3# 3:<A13913V#GAHC1A#H3G<A139G3V#H.#23I3:.HA:<A#H31.J3>3#A#13IA>.<913? -:9#2A3#H.>3#H.==3913#/FA#.BB>3==9:9#3>#:9G<19#GA/9>9#/9Gj#29O >91.:<A#Y#>.#B1.<<01.#/FA#AG3G<A#<1.#>.#BA2A#A#>.#I3<.#C1.<3/.g#A#/F3GGZ# \0.:<A#I9><A#3:#\0AG<3#.::3#23#G9BBA1A:8A#.JJ3.H9#.:/FA#:93#/9:O G<.<.<9V#GAJJA:A#:AJ0>9G.HA:<AV#0:#/A1<9#23G.//9129#.#>A#:9G<1A# /1A2A:8A# A# =>3# 3:3HH.=3:.J3>3# 29>919G3# AIA:<3# /93# 3# \0.>3# 29IAO I.H9# G/9:<1.1/3?# ;9:BAGG3.H9/A>9# G/.HJ3AI9>HA:<A?# %9# CA1# >.# C13H.#2AI9#13/9:9G/A1A#23#AGGA1H3#GA:<3<.#GH.113<.#23:.:83#.#/A1<3# /9>C3g#CA1/Ffn#RA1/Ff#:9:#A19#.:/91.#C19B9:2.HA:<A#/9:I3:<.# /FA#AGG3#A1.:9#G<.<3#C1AC.1.<3#G9>9#2.>>["H91A#3:B3:3<9#2A>#H39#'39# CA1#G.:<3B3/.1/3#A#/AHA:<.1A#>.#/9HC.<<A88.#A#>.#G9>323<Z#23#\0AG<.# 6QL
].H3=>3.?#k0.:<9#G3.H9#G<9><3#\0.:29#23.H9#>.#1AGC9:G.J3>3<Z#23# /A1<3#.IIA:3HA:<3#.>>A#/.0GA#GA/9:2Ao !J"#<-%+/02'(#/%#7(',(#.(%%2#9(.(#'/6(0;+-#*(%#]2++()/,-4Q !.#]A2AV#>9#G.CC3.H9V#Y#I31<b#3:B0G.#:A>#K.<<AG3H9#.>>9#G<.<9# 23#=A1HA#/FAV#/9HA#<0<<3#3#=A1H3V#I3IA#3:#:93#:.G/9G<9#A2#9CA1.:O <A#/9HA#3>#C0=:9#23#>3AI3<9#:A>>.#B.13:.V#3>#=1.:A>>9#23#GA:.CA#:A># <A11A:9?#*A>>[3G<.:<A#JA:A2A<<9#3:#/03#3>#K.<<AG3H9#/3#C91<.#\0AG<9# 29:9#=1.<03<9V#G3#ABBA<<0.V#:93#3:/9:G.CAI9>3V#3>#C13H9#/9:<.<<9#A2# 3>#=A1HA#F.#<.>A#C9<A:8.#2.#3:<192011A#3:#/3A>9#>[.:3H.#3=:.1.#2A># B.:/30>>9V#\0.:29#AGG.#G3#23G<.//F3#2.>#/91C3//39>9?#*9:#Y#/9Gj#CA1# >[.20><9?#%>#=A1HA#CA1#AGG9#Y#G9><.:<9#0:#3:3839#I3<.>A#AV#/9HA#<0<<3# =>3#3:383V#13/F3A2A#/9:G.CAI9>A88.V#.<<A:839:AV#/0><01.V#B320/3.V#3:# 0:.#C.19>.D#/9>>.J91.839:A? K3G9=:.#C1AHA<<A1A#/FA#\0AG<9#=A1HAV#.#23BBA1A:8.#2A=>3#.>O <13V#23#CA1#Gf#G9C1.::.<01.>HA:<A#I3<.>AV#13/F3A2A#2.>#<A11A:9#/FA# >9#.//9=>3AV#0:.#/9:23839:AD#B320/3.#3:#.:<3/3C9#A#CA1#GAHC1A?#a# IA19#/FA#3#(./1.HA:<3#9CA1.:9#CA1#C9<A:8.#C19C13.V#H.#GA#:93# :9:#/1A23.H9#.>>.#>919#ABB3/./3.#3:<3H.#/FAV#G9C1.::.<01.>HA:<A# .=3G/A#:A>>9#GC313<9#0H.:9V#Y#3:0<3>A#.//9=>3A1>3? &//911A#/1A2A1I3D#GA#:9:#/[Y#0:#3:3839#23#]A2A#:A>>[3:B0G39:A# =1.<03<.#23#$1.83.V#3>#J.<<A88.1A#A#B.1#J.<<A88.1A#G3#1320/A#.#0:#.<<9# 23#G0CA1G<3839:A?#U911A3#231>9#.#<.:<A#CA1G9:AV#/9Gj#2A<<A#/9><A#A# /13G<3.:AV#/FA#B.::9#J.<<A88.1A#3#B3=>3#A#C93#I3I9:9#A#B.::9#I3IA1A# \0AG<3#B3=>3#3:#/9:<1.G<9#.CA1<9#/9:#\0A>>[3:383.>A#.CC.1A:<A#.<<9#23# ]A2A?#'3#\0AG<.#HA239/13<Z#23#]A2AV#C01<19CC9V#GA#:A#IA29:9#3# 23G.G<19G3#ABBA<<3#3:#<0<<.#>.#G9/3A<Zo ":/FA# 3># =A1HA# J.<<AG3H.>A# :9:# C0`# /1AG/A1A# 2.# GfV# GA# :9:# >9#G3#/9><3I.#13H.:A#.>>9#G<.<9#23#=A1HA?#;9HA#/9><3I.1>9n#;9:#>.# 4Q
# 6LQ6#:?#45P?
6P5
C1A=F3A1.#.:83<0<<9V#/9>#2AG32A139#A2#.:/FA#/9:#>.#/9:9G/A:8.?#a# C9GG3J3>A#/FA#3>#=A1HA#G3#GI3>0CC3#\0.:29#/9>919#/FA#>[F.::9#13/AO I0<9#G3#>3H3<.:9#<0<<[.>#C3b#.2#.G/9><.1A#0:.#EAGG.#29HA:3/.>A#CA1# <1.23839:AV#C3b#/FA#CA1#/9:I3:839:An#k0.:29#G3#>A==A#G9>.HA:<A# <0<<9#/3`#/FA#.IIA1G.#>.#BA2An# '39#=A<<.#/9:<3:0.HA:<A#G0>>[.:3H.#3#(093#=A1H3V#GCAGG9#:9:# /A#:A#/013.H9V#:9:#/A#:A#.//91=3.H9V#\0.:29#:9:#>3#13B30<3.H9?# &//911A# 20:\0A# .2A131A# .># =A1HA# 2A>>.# ]A2A# A# /9><3I.1>9V# GA# I9=>3.H9#/FA#\0AG<9#=A1HA#C1920/.#:9:#0:.#]A2A#GJ3.23<.#H3G<.# .#1.=39:.HA:<3#0H.:3V#:9:#0:.#]A2A#/9:IA:839:.>A#A#<A913/.V#H.# 0:.#]A2A#C01.V#C1.<3/.#A#G9>32.V#>.#G9>.#]A2A#/FA#/3#0:31Z#.#'39#A# 9CA1A1Z#>.#J1.H.<.#<1.GB91H.839:A? &//911A#3:B3:AV#.JJ.:29:.1G3#.>>.#]A2A?#%>#=A1HA#F.#CA1HA.<9# <0<<9#3>#:9G<19#GC313<9V#3>#GAHA#23#GA:.CA#Y#23IA:0<9#.>JA19?#'9JO J3.H9#>.G/3.1/3#C91<.1A#2.>#BA1HA:<9#2A>#>3AI3<9#29JJ3.H#13C9G.1O /3#.>>[9HJ1.#2A>>[.>JA19V#A2#.JJ.:29:.1/3G3#/9Gj#<9<.>HA:<A#A#/9Gj# A193/.HA:<A# 2.# W:9:# G.CA1A# C3b# \0A>>9# /FA# G3.H9V# :9:# G.CA1A# 29IA#.:23.H9#A#/9HA#.:23.H9V#C93/Ff#>9#G.#%2239#A2#Y#/9G.#3:AO J13.:<A#GA:<31/3#0:#GA=1A<9#23#'39X? (A#:93#130G/31AH9#IA1.HA:<A#.#=30:=A1A#.#\0AG<.#/9Gj#/9HC>A<.# B320/3.V#/3#.//91=A1AH9#JA:#C1AG<9#/FA#:9:#G3.H9#C3b#:93#.#B.<3O /.1A#CA1#/9><3I.1A#3>#=A1HA#H.#Y#>.#I31<b#<A9>9=.>A#/FA#/3#/9:20/A?# ;3#.//91=A1AH9#.:/FA#/FA#\0AG<.#]A2A#13IA>.#.>>A#.:3HA#H3G<A13# /9Gj#C19B9:23#A#/9Gj#1.239G3V#/FA#2.::9#/A1<A88A#3:<3HA#.GG.3#C3b# G3/01A#A#CA:A<1.:<3#/FA#:9:#G3.:9#>A#IA13<Z#0H.:A?# &//911A#13:G.>2.1A#>.#:9G<1.#]A2A#A2#.CC9==3.1>.#G0#0:.#J.GA# G9>32.#23#0H3><Z?#&//911A#=A<<.1/3#3:/9:23839:.<.HA:<A#B1.#>A#G0A# J1.//3.#A2#AGG.V#.<<1.IA1G9#.2#0:#/1AG/A:<A#GC9=>3.HA:<9V#/3#/9:O 2011Z#.#GA:<31/3#/9:#=393.#0:#GA=1A<9#23#'39?#)//9#/FA#.>>91.#>A#2AO C>91.<A#<A:AJ1A#G3#/F3.13G/9:9#A#/3#H9G<1.:9#3#H31./9>3#2A>>.#]A2A? "JJ3.H9#]A2AV#G3.H9#0H3>3#A#IA21AH9#3#H31./9>3#2A>>.#'3I3:.# R19II32A:8.o 6P6
!K"#$%#62+(68/),-#6-,(#+'2),/))/-*(#./#2,-'(#(#./#9(.(4P U911A3# <.:<9# /FA# 23# \0AG<.# :A/AGG3<Z# 2A># /9:9G/A1A# B9GGA19# CA1G0.GA# \0A>>A# .:3HA# C13I3>A=3.<A# /FA# 3:GA=:.:9# 3># /.<A/F3GH9# hA#>A#/F3.H9#C13I3>A=3.<AV#CA1/Ff#.IA:29>9#3:GA=:.<9#CA1#/31/.#75# .::3V#13/9129#.:/91.#/9:#29>/A88.#3>#=0G<9#/FA#I3#C19I.I9#A#>[.>3O HA:<9#/FA#:A#<1.AI.#3>#H39#GC313<9i?# k0A>>A# B3=>309>A# C13I3>A=3.<A# 9><1A# /FA# GA:<31G3# G9HH.HA:<A# 9:91.<A#2A>>.#H3GG39:A#/FA#>919#Y#G<.<.#.BB32.<.#C19/013:9#23#C1AO C.1.1G3#.>>[3:GA=:.HA:<9#/9:#\0A>>.#/01.#G<AGG.#/9:#/03#G3#C1AC.1.O :9#.3#C3b#3HC91<.:<3#AGA1/383#23#C3A<Z?#,3/9123:9#/FA#HA:<1A#B.::9# 3>#/.<A/F3GH9#G3#.>3HA:<.:9#23#$AGbV#A2#.>3HA:<.:9#23#$AGb?#a# \0A>>.#>j#0:.#/9H0:39:A#3:<A>>A<<0.>A#3:#/03#HA:<1A#3>#>919#3:<A>O >A<<9#G3#C.G/A#23#$AGbV#/9:<AHC91.:A.HA:<A#C.G/A#23#$AGb#.><1A# .:3HA?#&FV#>.#JA>>.V#>.#G.:<.#H3GG39:Ao#,3/9123:9#/FA#CA1#.2AHO C3A1>.#2A=:.HA:<A#9//911AV#G3#Y#=3Z#2A<<9V#C1AC.1.1I3G3#/9HA#/3#G3# C1AC.1.#.>>.#HA23<.839:AV#9//911A#G=9HJ1.1A#3:<A>>A<<9#A#/091A#23# 9=:3#.><1.#C1A9//0C.839:A#A#2.1G3#<0<<A#.>#'3>A<<9#23#/03#G3#2AIA# C.1>.1AV#A2#.>>A#.:3HA#.#/03#G3#2AIA#C.1>.1A?#&//911A#C1AC.1.1G3V# A#:9:#G.1AJJA#2.#.:3HA#1A>3=39GA#.C131A#>j#.>#H9HA:<9#3>#>3J13:9# 2A>#/.<A/F3GH9V#/9:#>.#=30G<3B3/.839:A#/FA#G9:9#/9GA#/FA#91H.3# G3#G.::9o#]3:/Ff#>[.:3H.#3:GA=:.:<A#:9:#GA:<31Z#C19B9:2.HA:<A# >.#G0J>3H3<Z#2A>>.#29<<13:.#/FA#2AIA#3:GA=:.1AV#A#>.#1AGC9:G.J3>3<Z# 2A>>A#.:3HA#:9:#=30:=A1Z#H.3#.2#AGGA1A#.C9G<9>9?# (9>9#\0.:29#>.#/.<A/F3G<.#G.1Z#/9HC1AG.#23#\0AG<.#IA13<Z#A#G.1Z# H9GG.# 2.# \0AG<9# GA:<3HA:<9V# G.1Z# 0:.# IA1.# /.<A/F3G<.V# A# C9<1Z# /9>H.1A#>A#>./0:A#/FA#B3:9#.2#9==3#G3#G9:9#13G/9:<1.<A#3:#\0AG<9# 3:GA=:.HA:<9#.:/FA#GA#3HC.1<3<9#@#C01<19CC9#@#2.#.:3HA#/9:O G./1.<AV# >./0:AV# /FA# G3# 13IA>.:9# :A>>A# .:3HA# /13G<3.:AV# 9# G9<<9# >.# B91H.#23#0:.#C3A<Z#GA:<3HA:<.>A#/FA#B.#C3.:=A1AV#9#23#0:#B91H.>A# 4P
# 6L4Q#:?#75?
6P4
13=323GH9V#J09:9#G9><.:<9#.2#.>>9:<.:.1A#>A#.:3HAV#/FA#<.:<9#J3O G9=:9#F.::9#23#C./A#A#23#.H91A? '?& +!5$.%5!9: W!.#B1A<<.#Y#0:#A>AHA:<9#AGGA:83.>HA:<A#0H.:9V#'39#:9:#F.# B1A<<.#:ACC01A#CA1#>.#/9:IA1G39:A#2A>>A#.:3HA?#(.CA1A#.GCA<<.1A#Y# >.#I31<b#2A>>A#.:3HA#B91<3?#*93#3:IA/A#:9:#G.CC3.H9#.GCA<<.1A#:AO .:/FA#:A>#>.I919#2A>#:9G<19#CA1BA839:.HA:<9#GC313<0.>A?#)CC01A# .:/FA#\03#29I1AHH9#CA1G0.2A1/3#/FA#GAJJA:A#:93#G3.H#<A:0<A# .#C1A:2A1A#<0<<3#3#HA883#A#>A#I3A#CA1#CA1GAIA1.1A#:9:#29JJ3.H9# 23IA:31A#.:G39G3#GA#:9:#130G/3.H9#/9Gj#C1AG<9#/9HA#I911AHH9V#.# C19=1A231A#:A>>.#G.:<3<Z?#'39#Y#"H91A?#)=>3#F.#>A#G0A#91A?#![AGGA:O 83.>A#G3#Y#23#<A:A1A#.CA1<.#>[.:3H.#.>>9#G/9//.1#2A>>A#91A#23#$1.83.D# ^(<.<A#C19:<3#CA1/Ff#:9:#G.CA<A#:f#3>#=391:9#:f#>[91.#hE<#4lVl4O lli_?#)#CA1#<A:A1A#.CA1<.#>[.:3H.#J3G9=:.#/9:B32.1AV#AGGA1A#G3/013# 23#'39?#^(9#23#/F3#H3#G9:9#B32.<9_#h4#+H#6V64iX4N? )?& +'-.#,8 !"#I-0('+1#./#)&/'/+-4L E.3#/9HA#:A>#H39#0><3H9#,3<319#23#\0AG<[.::9#H3#Y#G<.<9#/9:O /AGG9#23#CA:A<1.1A#>[3:<3H.#A//A>>A:8.#A2#3HC91<.:8.#2A>>.#I31<b# /FA#G3#/F3.H.#R9IA1<Z#A#/9HA#:9:#G9>9#AGG.#G3.#J.GA#23#<0<<A#>A#.>O <1A#I31<bV#=3.//Ff#C9IA1<Z#23#GC313<9#Y#G3:9:3H9#23#0H3><Z#23#/091AV# H.#/9HA#AGG.#G3.#G91=A:<A#2[3:AG<3H.J3>A#13//FA88A? ;F3# Y# C9IA19# Y# 0H3>AV# /F3# Y# 0H3>A# Y# H3<AV# 29>/AV# C.83A:<AV# .H.:<AV# B32A:<AV# H.# :9:# G9>9V# 3># C9IA19# 23# GC313<9# Y# 13//9# CA1# 4M
# 6LlQ#:?#P6? # ,E#R19AH39? 4L # 6L4N#:?#Q6? 4N
6P7
A//A>>A:8.D#WKA.<3#3#C9IA13#23#GC313<9#CA1/Ff#23#AGG3#Y#3>#1A=:9#2A3# /3A>3X# hE<# QV6i?# )# \0.:29# R3A<19# 29H.:2`# .# $AGbD# W)//9# /FA# :93#.JJ3.H9#.JJ.:29:.<9#<0<<9#CA1#GA=031<3#A#+0#/FA#/3#2.1.3#3:# /.HJ39n#)=>3#13GC9GAD#U93#13/AIA1A<A#3>#/A:<0C>9#A#C9GGA2A1A<A#>.# I3<.#A<A1:.X#hE<#6LVLi?#%>#/A:<0C>9#A#>.#I3<.#A<A1:.#G9:#\0.>/9G.#C3b# 2A3#JA:3#H.<A13.>3o ;3#>3H3<A1AH9#3:#\0AG<.#3G<10839:A#.#/9:G32A1.1A#3>#23G<.//9#2.3# JA:3# <AHC91.>3V# 23G<.//9# .# /03# G3.H9# 3:I3<.<A# .:/FA# /9:# \0AG<A# .><1AD#W*9:#I3#.BB.::.<A#20:\0A#G9C1.#/9G.#.>/0:.#CA>#J3G9=:9# <AHC91.>AV#C93/Ff#%2239#G9>9#G.V#C0`#A#I09>A#C19IIA2A1I3X? *9:#I3#.BB.::.<AV#H.#=A<<.<A#9=:3#I9G<1.#GCA1.:8.V#.H91A#A# 23>A<<9#3:#'39?#k0A>>A#/FA#B1.#:93#C9GG3A29:9#2AI9:9#=0.12.1G3# 2.#\0A>>9#/FA#(?#KA:A2A<<9#/F3.H.#W3>#I3839#2A>>.#C19C13A<ZXV#<.:<9# 2.# 13/912.1G3# /9:<3:0.HA:<A#/F[AGGA#G9:9# GAHC>3/3#.HH3:3G<1.O <13/3# 23# JA:3# /FA# >.# R19II32A:8.# F.# >919# .BB32.<3# CA1# 23G<13J031>3# GA/9:29#3#G093#9123:3V#A#HA:<1A#GA:<9:9#23#:9:#C9GGA2A1A#:0>>.# 3:#C19C139V#2AI9:9#.HH3:3G<1.1A#/9G/3A:839G.HA:<A#\0AG<3#JA:3V# /9HA#GA#B9GGA19#>919#C19C13#A#C3b#.:/91.? 4"#52#&-0('+1#3#92'#&-)+-#2#B/-75 (.:#]1.:/AG/9#2.:29/3#>.#2AB3:3839:A#2A>>.#R9IA1<Z#G/13IAI.D#W>.# R9IA1<Z#Y#\0A>>.#I31<b#/A>AG<A#CA1#>.#\0.>A#IA:=9:9#<9><3#=>[3HCA23O HA:<3#/FA#3:=9HJ1.:9#>9#GC313<9#0H.:9V#.BB3:/Ff#AGG9#C9GG.#0:31G3# >3JA1.HA:<A#.>>[)<A1:9#%2239?#;F3#I09>#G.>31A#.#\0AG<.#.><A88.#2A>>.# C9IA1<ZV#2AIA#13:0:/3.1AV#:9:#G9>9#.>>.#C102A:8.#2A>#H9:29V#H.# .:/FA#3:#/A1<9#H929#.>>.#I.>A:<3.#2A>#G.CA1AV#CA1#A:<1.1AV#/9GjV#:A>>.# C9<A:8.#2A>#(3=:91A#A#=A<<.1G3#:029#B1.#>A#J1.//3.#2A>#;19/3B3GG9X? ;.C3<A# /FA# /9G.# G3=:3B3/.:9# \0A>>A# C.19>A# WA:<1.1A# :A>>.# C9O <A:8.# 2A># (3=:91AV# =A<<.1G3# :029# B1.# >A# J1.//3.# 2A># ;19/3B3GG9nX?# 75
# 6LQ5#:?#454?
6Pl
U9=>39:# 231AD# .JJ.:29:.1G3# .>>[.839:A# '3I3:.V# WCA12A1A# >[.:3H.# C19C13.V#GC9=>3.1G3#3:<3A1.HA:<AV#G9BB131A#3>#B1A229V#>[0H3>3.839:AV# >.#IA1=9=:.V#3>#23GC1A889V#<0<<A#>A#/9:GA=0A:8A#3:G9HH.#2A>>.#:0O 23<Z?#)#29C9#AGGA1#C.GG.<9#B1.#<0<<A#\0AG<A#<13J9>.839:3#W=A<<.1G3V# :9:#=3Z#3:#0:#>09=9#1AB13=A1.:<AV#H.#B1.#>A#J1.//3.#23#0:#;19/3B3GO G9X?#)//9#>.#IA<<.#2A>#E9:<A#2A>>.#UA1:.? (.:#]1.:/AG/9V#3:B.<<3V#:9:#G3#/9:<A:<`#23#AG.><.1A#A#23#I3IA1A#>.# C9IA1<ZV#H.#:A#G.>j#<0<<3#3#=1.23:3D#G3>A:839V#G9>3<023:AV#GAHC>3/3<ZV# .JJ.:29:9#2A>>.#231A839:A#2A3#G093#B1.<3#AV#=30:<9#.>>.#IA<<.#2A># E9:<A#(.:<9V#B0#/9Gj#3:AJ13.<9#2.>>[.JJ1.//39#2A>>.#(0.#(3=:91.# /FA# >.# /.:<`# CA1I.G9# 23# =.0239# A# >A<383.V# .:83# C9IA1<Z# A# >A<383.# G[32A:<3B3/.19:9? "2#.:3H.1/3#.#\0AG<9#<9<.>A#GC9=>3.HA:<9#0:[.><1.#/31/9G<.:8.# 3:<A1I3A:A#.HH9:A:29/3D#>.#BAG<.#23#(.:<.#+A1AG3:.#2A>#K.HJ3:9# $AGb# >.# 23# /03# I3<.# GAHC>3/3GG3H.# G3# C0`# 2AB3:31A# /9:# <1A# B1.G3D# W*9:#13B30<.1#:0>>.#.>#(3=:91AX#hB0#3>#C19=1.HH.#/F[)>>.#G3#C19C9O GA#G3:#2.#B.:/30>>3:.iV#WB.1A#>A#/9GA#9123:.13A#3:#H929#G<1.9123:.O 139X#hB0#<0<<.#>.#G0.#I3<.iV#WAGGA1A#.C9G<9>9#.#B918.#23#=3:9//F3X#hB0# >.#G0.#H3GG39:Ai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
6PQ
@"#I-0('+1#0('-#2,-'(#.(%%2#'(2%+1#(#./)+266-#.2#())276# *93#/F3.HA1AH9#\0AG<.#I31<bV#C3b#I9>A:<3A13#23G<.//9V#CA1/Ff# AGGA:29# >A# /9GA# >3H3<.<A# C01# JA>>AV# 13//FAV# J09:A# A# 29IA:29# 3:# AGGA# 13H.:A1AV# :93# 29JJ3.H9# :9:# .<<.//.1/3# .2# AGGAV# :9:# B.1>A# :9G<1.#C19C13A<ZV#:9:#23GC1A88.1>AV#:f#2AC1A88.1>AV#:9:#13B30<.1>AV# H.#.:83#/9:<AHC>.1A#>.#>919#B3G39:9H3.#.H.J3>A#A2#.>>A<<.:<AV#CA1# 0G.1>A#.>#B3:A#CA1#/03#3>#;1A.<91A#>A#F.#C9G<A#I3/3:A#.#:93? &//911A# =0.12.1A# /9:# >9# G=0.129# 23# $AGb# /FA# 2.>>.# :.<01.# <1.AI.#GAHC1A#>A#G0A#C.1.J9>A#23I3:388.<./3g#=0.12.1A#/9:#>[9//F39# C019V#CA1/Ff#<0<<9#Y#C019#CA1#3#C013V#H.#:9:#BA1H.1G3#CA1#/0139G3O <ZV#CA1#23>A<<9V#CA1#.CC19C13.1G3#>.#/9G.#/9:<AHC>.<.#.:/FA#GA#J09O :.#9#C3./AI9>AV#CA1/Ff#>.#C9IA1<Z#23#GC313<9#WG3#GB918.#23#HA<<A1A# 9=:3#G09#JA:AV#.H91A#A#23>A<<9#:9:#:A>>.#19J.V#:9:#3:#/3J3V#:9:# 3:#C.1A:<3V#:9:#3:#GA#G<AGG.V#9#.2#.>/0:.#C19C13.#G0.#C19II3G39:A#A# G.CA1AV#H.#3:#'39#G9>9#A#:A>>.#R19II32A:8.X#h,A=9>.i?#-:#.0<91A# H92A1:9#G/13IAD#W%>#H9:29#I3G3J3>A#G<.#B1.#<A#:9G<1A#H.:3V#:9:# 29JJ3.H9#>.G/3.1:A#CA12A1A#0:.#G9>.#J13/39>.?#*0>>.#23#C3b#/9:O <1.139#.>>9#GC313<9#/13G<3.:9#/FA#3>#23GC1A889#2A>>.#1A.><Z#H.<A13.>AX?# k0AG<.#Y#A#2AIA#AGGA1A#>.#GC313<0.>3<Z#2A>#/.<<9>3/9#23#9==3V#GA#I09># 2.IIA19#C91<.1A#0:#C9[#23#.30<9#.#\0AG<9#C9IA19#H9:29#3:#/03# :9:#G9>9#G3#CA129:9#>A#J13/39>AV#H.#G3#CA12A#3>#<0<<9o '0:\0A#>9#GC313<9#23#C9IA1<Z#Y#0:#3HHA:G9#.H91A#CA1#\0.>G3O .G3#1A.><Z#H.<A13.>A#CA1/Ff#AGG.#Y#0:#HA889#/FA#/3#GA1IA#:A>>.#:9O G<1.#.G/AG.#A#2AIA#AGC13HA1G3#3:#0:#3:B3:3<9#13GCA<<9V#CA1/Ff#<0<<A# \0AG<A#1A.><Z#F.::9#0:[3:2AB3:3<.#C9GG3J3>3<Z#23#AGC.:G39:AV#CA1/3`# Y#H39#29IA1A#23#G<.1A#.<<A:<.#.#:9:#G/30C.1>AV#.#:9:#3:G023/3.1>AV#.# :9:#10J.1>A?#*9:#G/30C.1>A#GA#>.#H3.#B1A<<.#hA#B91GA#\0.>/FA#I9><.# >.#H3.#G<388.i#>A#=0.G<.V#>A#GCA88.V#39#C19B.:9#I.G3#G./13#A#\0.:<A# I9><AV# .F3HfV# 2AJJ9# /9:G<.<.1A# 3:# HA# A# :A=>3# .><13# \0AG<.# B1A<O <.#G/3.H.::9:.V#\0AG<.#G<388.#I9>=.1AV#/9:#>.#\0.>A#G3#/9HC39:9# 76
# 6Ll7#:?#6lP?
6PP
/A1<3#C3//9>3#29IA13?#*9:#3:G023/3.1>A#/9>#H39#A=93GH9#GC1A88.:<A# A2#3HC019#/FA#>A#.JJ10<3G/A#A#>A#B.#2AI3.1A#2.>#>919#/9HC3<9? *9:#10J.1>AV#CA1/Ff#G9:#>jV#C9G<A#2.>#;1A.<91A#.#23GC9G3839:A# 23#<0<<3#AV#:9:#AG/>0G3I.HA:<A#CA1#HAV#A2#39#:9:#F9#2313<<9#23#<9O =>3A1>A#2.>#>919#C9G<9#A#CA==39#.:/91.#23#.CC19C13.1HA>A? k0.:29# G/A:29# 2.# \0AG<.# .<<0.>A# /9G/3A:8.# 2A>>[9CA1.839:A# '3I3:.#3:#HAV#\0.:29#:9:#IA29#C3b#/FA#G9:9#.II9><.#:A>#'3I3O :9V#\0.:29#13<91:9#/39Y#:A>>[0H.:9V#.>>91.#23HA:<3/9#<0<<A#\0AG<A# JA>>A88A#AV#CA12A:29#>[913A:<.HA:<9V#G/91=9#G9>9#3#2.::3#C1929<<3# 2.>#CA//.<9#AV#GA#.:/FA#:9:#CA//9V#H3#BA1H9#3:#\0AG<A#J10<<01AV# H3#.//9H0:9#/9:#AGGA#AV#GA#:9:#23IA:=9#/9HA#>919V#:A#13B>A<<9# :A/AGG.13.HA:<A#<0<<.#>.#<13G<A88.#A2#3>#23G.=39? &FV#/9HA#I911A3#231A#.#<0<<A#>A#.:3HA#C3AD#0G/3<A#2.>>.#I9G<1.# <A<1.==3:A#/FA#I3#3:<13G<3G/A#A#I3#C.1.>388.V#AG0><.<AV#=393<AV#1.>>A=1.O <AI3o#*9:#IA2A<A#/FA#GA#<0<<9#/9:<AHC>.<A#/9:#9//F39#23I3:388.<9# <0<<9#G3#B.#JA>>9V#<0<<9#G3#/9>91.#23#C01A88.#A#23#G9>An#*9:#IA2AO <A#/FA#I93#29IA<A#C.GG.1A#B1.#\0AG<A#J10<<01A#GA:8.#9GGA1I.1>A#A# 29IA<A#C.GG.1A#B1.#\0A>>A#JA>>A88A#A#/9:<AHC>.1>An#R.GG.1A#/9HA# C.GG.# 3># I3.==3.<91A# :A># 1.C329# /9:# >A<383.# 2A># G09# GC313<9# CA1# >A# H.=:3B3/FA#I3G39:3#23#:.<01.#/FA#=>3#<1.:G>0/9:9#2.I.:<3?#*9:#I3# .//91=A<A#/FA#3>#<1.:G3<9#B1.#\0AG<A#JA>>A88A#Y#3>#C.GG.==39#IA>9/A# /FA#I3#/9:20/A#:A>>.#KA>>A88.#)<A1:.n#*9:#I3#.//91=A<A#/FA#GA# /9:<3:0.<A#.#IA2A1A#G/019V#G.1A<A#2.>>9#G<AGG9#G/019#<1.G/3:.<A#:A># J039#A<A1:9n#)#C01<19CC9#JA:#>.#G3#/9:G<.<.#>[3:B>0A:8.#H.>AB3/.# 23#/92AG<9#IA2A1#GAHC1A#G/019V#/FA#G3#<1.20/AV#/9HA#23/AI9#23.:O 83V#3:#G/9:<A:<9V#3:#<13G<A88.V#3:#G=.1JA13.#/9:#/03#/3#G3#<01J.#A#G3# <01J.:9#=>3#.><13?# $0.12.:29#.>>[9CA1.#23#'39#G3#C9<1AJJA#231A#/F[)=>3#Y#3>#C13H9# 9<<3H3G<.V#=3.//Ff#\0.:29#>[09H9#=>3#=0.G<`#<0<<9#3>#(09#C3.:9V# )=>3#AJJA#.:/91#<.:<.#B320/3.#:A>>[09H9V#/FA#C9GA#H.:9#.#13/9HO C911A#3>#C13H3<3I9#23GA=:9#A#H31.J3>HA:<A#>9#13B91H`? 6PM
!A# /31/9G<.:8A# \09<323.:A# /3# 9BB19:9# /9:<3:0.HA:<A# =>3# A>AO HA:<3#23#9>9/.0G<9#/FA#G9:9#>A#:9G<1A#B.<3/FAV#3#:9G<13#3:/9H9O 20//3V#>A#:9G<1A#23BB3/9><ZV#>A#:9G<1A#/9:<1.13A<Z#A#\0AG<A#9//.G39:3# 23#.J:A=.839:A#2AI9:9#AGGA1A#C91<.<A#=3939G.HA:<AV#/9HA#B10<<3V# 9=:3#GA1.V#.>>[.><.1A#23#'39V#CA1/Ff#.#>919#I9><.#23IA:=.:9#G91=A:<3# 23I3:388.<13/3#2A>>.#:9G<1.#C9IA1.#I3<.? "JJ3.H9#=3Z#I3G<9#/FA#>.#I3<.#:9G<1.#/3#9BB1A#0:#/.HC9#I.G<9# A#3:3:<A119<<9#23#G./13B3/39#A#:93#GA:8.#13/A1/.#23#.<<3#A193/3#29JO J3.H9#/9:G0H.1A#3:#\0AG<9#9>9/.0G<9#<0<<.#>.#:9G<1.#I3<.#GA:8.# CA12A1:A#0:.#J13/39>.? a#29<<13:.#2A>>.#;F3AG.#/FAV#HA:<1A#>A#:9G<1A#B./9><Z#:.<01.>3# :9:#C9GG9:9#C192011A#/FA#.<<3#2A>#HA2AG3H9#9123:A#h/39Y#:.<0O 1.>3iV#GA#AGGA#B./9><Z#G3#>.G/3.:9#23I3:388.1A#2.>>[91=.:3GH9#9CA1.:O <A#2A>>.#$1.83.V#AGGA#G3#.J3>3<.:9#.2#9CA1.1A#G9C1.::.<01.>HA:<AD# \0.:<9#C3b#/1AG/A#>.#29/3>3<Z#2A>>.#:9G<1.#I9>9:<Z#.#/92AG<A#9CAO 1.839:3V#<.:<9#C3b#>A#B./9><Z#./\03G<.:9#0:.#GCA/3A#2[3G<3:<9#23I3:9# CA1#3>#\0.>A#>[.:3H.#Y#H9GG.#A#231A<<.#2.>>9#(C313<9#(.:<9?# k0AG<A#/9:G32A1.839:3#2AI9:9#GC19:.1/3#.#I3IA1A#3:#G3>A:839# CA1# .G/9><.1A# >A# H9839:3# 2A>>9# (C313<9# '3I3:9# A2# 3:# GAHC>3/A# A# C19:<.# 29/3>3<Z# .>>.# $1.83.V# CA1# :9:# CA12A1A# 0:.# J13/39>.# 23# /3`# /FA#G3#C0`#9BB131A#3:#.H91A?#U3IA1A#/9GjV#9#I3IA1A#GAHC1A#3HHA1GA# :A>>A#.=3<.839:3#A#:A>>A#C1A9//0C.839:3#<A11A:A#Y#/.HH3:.1A#CA1# I3A#9CC9G<AD#>.#C13H.#/9:20/A#.>#/3A>9V#>.#GA/9:2.#.>>[3:BA1:9? ]?! /.(+)$*$,8 !"#F(,&%/6/+1#.(%%>2*/,274 &//911A#GC9=>3.1G3#HA23.:<A#>9#GC313<9#23#R9IA1<ZV#2.#<0<<9#/3`# /FA#Y#0H.:9V#/FA#Y#:9G<19g#9:2A#>9#GC313<9#C013B3/.<9#2.>#J.=.=>39# 74
# 6L44#:?#6Q?
6PN
9# .:/FA# 2.>>.# C9>IA1A# 0H.:.V# G3.# .<<9# .2# 3:<A:2A1A# A# CA:A<1.1A# \0A>>A#H3G<A139GA#IA<<A#29IA#G3#/9HC3A#>[0:39:A#B1.#>[.:3H.#A#'39? !.#I3<.#GC313<0.>A#Y#H9><9#C3b#GAHC>3/A#23#\0A>>9#/FA#3HH.=3O :3.H9?#*9:#13/9129#\0.>A#.0<91A#.BBA1H.#/FA#>A#.:3HA#GAHC>3/3# GAHC>3B3/.:9#<0<<9V#A2#3>#(.>I.<91A#23/AI.D#WKA.<3#3#C9IA13#23#GC313<9# CA1/Ff#23#AGG3#Y#3>#1A=:9#2A3#;3A>3X#hE<#QV7i? ,A=:9#2A3#/3A>3V#I3<.#GC313<0.>AV#0:39:A#/9:#'39#G9:9#G3:9:3H3?# (3.H#:93#/FA#/9:#>A#/9HC>3/.:8A#2A>>.#:9G<1.#:.<01.#/9119<<.#A# 2A>#:9G<19#.H91#C19C139#/9HC>3/F3.H9#<0<<9V#A#\03:23#/9HC>3O /F3.H9#.:/FA#>.#I3<.#GC313<0.>A?#)2#3:B.<<3#Y#H.3#C9GG3J3>A#/FA#%2O 239V#/FA#/3#F.#/1A.<3#CA1#.H91AV#%2239#/FA#/3#F.#1A2A:<3#CA1#.H91AV# %2239#/FA#/3#/9:GA1I.#CA1#.H91A#.JJ3.#1AG9#/9Gj#23BB3/3>A#0:.#I3.# CA1#:93#<.:<9#:A/AGG.13.n k0.:29#0:[.:3H.#.2#AG?#.GC31.#.2#0:.#I3<.#C3b#CA1BA<<.V#G.#/FA# Y#.<<9#H91<3B3/.<3I9#:9:#C1A:2A1#:0>>.#B1.#0:#C.G<9#A#>[.><19?#(A# \0AG<.#Y#.:3H.#GAHC>3/AV#3>#=391:9#3:#/03#:9:#G3#<19I.#:A>>9#G<.<9# 9123:.139#23#G.>0<A#3:<A:2A#G0J3<9#/FA#:9:#H.:/.#.>>.#CA1BA839:A# /9:/A2A:29G3#23#C1A:2A1#\0.>/9G.V#A2#.=3G/A#GAHC>3/AHA:<AV#13O <91:.:29#/9:#>.#G<AGG.#GAHC>3/3<Z#.>#G09#.<<9#H91<3B3/.<3I9#.CCA:.# /FA#>9#C0`?# !.#H.:/.:8.#23#/9:9G/A:8.#2A>>[.<<9#I9>3<3I9#C91<.#3>#20JJ39V# >[3:/A1<A88.#AV#3:#0:[.:3H.#C9/9#0H3>AV#>[3:29/3>3<Z? 4"#5(#./0(')(#&2'+/#.(%%>2*/,277 (?#]1.:/AG/9#23#(.>AG#:A>#]'(%%(%)#*&//TJ3)'#*$#S$)#hI9>?#%%V#C?#MQi# /3#B.#/9:9G/A1A#.GG.3#/F3.1.HA:<A#>A#23IA1GA#C.1<3#2A>>[.:3H.?#)GG.V# 23/A#3>#(.:<9V#Y#I3I.V#GA:G3<3I.V#1.=39:AI9>A?#!A#20A#C13HA#C.1<3#G3# F.::9#/9H0:3#/9:#=>3#.:3H.>3#A#G9:#\0AG<A#C.1<3#/FA#H9><A#I9><A# B.::9#.=9:388.1A#>[.:3H.?#![0><3H.#C.1<A#Y#\0A>>.#/FA#/3#A>AI.#.># 77
# 6L44#:?#6Q?
6PL
23#G9C1.#2A=>3#.:3H.>3#A#C91<.#3HC1AGG.#>[3HH.=3:A#23#'39?#)#\03# /A29#>.#C.19>.#.#(?#]1.:/AG/9#23#(.>AG?#;9:9G/30<.#\0AG<[0><3H.# IA<<.#2A>>9#GC313<9V#/FA#Y#>.#C.1<A#/FA#C91<.#C3b#B0>=A:<A#>[3HH.=3O :A#23#'39V#CA1/Ff#Y#"<<9#GAHC>3/A#23#I3G<.#A#23#.GGA:G9V#/1A23.H9# /FA#C19C139#G3.#<.:<9#B./3>A#/FA#/92AG<.#IA<<.#G3#C3A=F3#A#G/A:2.#.# /9:23I32A1A#>A#B.>G3<Z#2A>>A#C.1<3#3:BA13913n#R0`#G/19G/3.1A#3:#J.GG9# >.#<AHCAG<.V#9#C0`#GA:<31G3#>[.:3H.#.::A=.<.#3:#0:#H.1A#23#B.:=9V# H.#B3:/Ff#/92AG<.#IA<<.#13H.:A#.>#23#G9C1.V#A#C01#GA:<A:29#G.>31A# >A#./\0A#B.:=9GAV#AGG.#/9:<3:0.#.#C19<AG<.1A#A#.#2AC>91.1Ag#CA1O G0.23.H9/3#/FA#>[.<<9#I9>3<3I9V#/FA#/9:GA:<A#.>>.#/9>C.V#:9:#AG3G<A? (A#I3#B9GGAV#:9:#I3#G.1AJJA#:f#>.#C19<AG<.V#:f#>.#C.01.V#:f#3># /9:<1.G<9?# "I0<.# >.# /A1<A88.# 2A>>[AG3G<A:8.# 23# /92AG<.# C9<A:8.# 2A>>.# I9>9:<ZV# A//9# /FA# /3# G<.//F3.H9# 3G<3:<3I.HA:<A# 2.3# GA:<3O HA:<.>3GH3# 0H.:3V# A# 2.=>3# G/91.HA:<3# 3:/9:G0><3V# A//9# .:83# /FA# /9HC1A:23.H9#G0J3<9#W>.#:A/AGG3<Z#23#G<.J3>31A#>.#:9G<1.#23H91.# /9G<.GGb#29IA#G3#/9HC3A#>[0:39:A#/9>#'3>A<<9V#CA1#C9<A1#23#>.GGb# 29H3:.1A#>A#C.1<3#C3b#J.GGAV#A#=30:=A1A#.#<A:A1#>[.:3H.#:A>>A#:9O G<1A#H.:3X? 'AG32A1A1A3#/FA#<0<<A#/A1/.G<A#23#JA:#CA:A<1.1A#>.#/9:9G/A:8.# 23#\0AG<A#23IA1GA#C.1<3#2A>>[.:3H.V#CA1/Ff#AGG.#Y#23#=1.:2A#0<3>3<Z# .>>.#GAHC>3B3/.839:A#A#CA1/3`#.>>[0:3B3/.839:A#2A>>.#:9G<1.#I3<.#3:O <A1391A?#R1A=F3.H9#A#29H.:23.H9#>0/A#.#'39? k0.:29#>[.:3H.#Y#=30:<.#.#CA:A<1.1G3#C19B9:2.HA:<A#23#\0AO G<.#/9:9G/A:8.V#.>>91.#>.#I3<.#GC313<0.>A#23I3A:A#B./3>AV#CA1/Ff#GAHO C>3/AV#A2#.>>91.#2.IIA19#>[.:3H.#F.#3:#Gf#>.#B918.#<1.GB91H.<13/A#23# /03#C.1>.#GAHC1A#(?#]1.:/AG/9#23#(.>AG#h]'(%%(%)#*&//TJ3)'&#*$#S$)V# I9>?#%%V#C?#74Mi? U93#IA2A<A#/FA#0:#.<<9#<0<<9#:.<01.>A#/9H[Y#G9223GB.1A#>[.CO CA<3<9V# 3:# 0:[.:3H.# C9/9# 3:<A1391A# C0`# AGGA1A# .<<9# 3:23BBA1A:<AV# :A>>[.:3H.# /FA#I3IA#/9:#!03#C0`#>9#G<AGG9#.<<9#23IA:31A#.<<9#23# /.13<Z#CA1BA<<.V#CA1/Ff#AGG.#:9:#H.:=3.#CA1#G9223GB.1A#3>#C19C139# .CCA<3<9V#H.#H.:=3.#CA1#/9:GA1I.1A#>.#I3<.#/FA#2.#!03#>A#Y#G<.<.# 6M5
2.<.#A#/FA#I09>A#GCA:2A1A#CA1#!03V#H.:=3.:29#/9HC3A#>[.<<9#23# /.13<ZV# CA1/Ff# HA:<1A# H.:=3.# G[3::.>8.# 2.># G09# /091A# >[3::9# 23# 13/9:9G/A:8.#A#23#>92A#CA1#;9>03#/FA#<0<<9#/1A`? @"#F(,&%/6/+1=#6-*./:/-*(#.(%%2#0('/+1#(#.(%%2#%/?('+17l (3#Y#2A<<9#/FA#:93#.//A:<03.H9#>A#23BB3/9><Z#/9:#>A#:9G<1A#/9HO C>3/.839:3V#/FA#G9:9#>.#:A=.839:A#2A>>.#>3JA1<Z#A#/FA#G3#H.:3BAG<.O :9#=A:A1.>HA:<A#/9>#<01J.HA:<9#A#/9:#>.#CA123<.#2A>>.#C./A? U3I3.H9#>.#IA13<Z#3:#GAHC>3/3<Z#A2#3:#GA1A:3<ZV#A#>.#U3<.#23I3:.# /1AG/A1Z#3:#:93? E.# G3//9HA#CA1#I3IA1A#>.#IA13<Z#9//911A#>.#/9:9G/A:8.V#/A1O /F3.H9#B3:#2.#91.#23#/F3.131A#.>/0:3#.<<A==3.HA:<3#2A>>9#GC313<9#/FA# GCAGG9#:9:#G.CC3.H9#23G<3:=0A1A#A#/FA#CA1/3`#=A:A1.:9#/9:B0O G39:A#A#C.1.>388.:9#>.#>3JA1<Z? )2#3::.:83#<0<<9#AG.H3:3.H9#/FA#/9G.#G3=:3B3/.:9#>A#C.19>AD# 0)3-/$0(7$)"&V#+$'%^V#%.'D(3&"%)V#*)/)'&? O#;9HC>3/.839:AD#Y#.<<9#0H.:9#A#C0`#H.:3BAG<.1G3#3:#C1A9/O /0C.839:AV#.BBA<<.839:AV#2AB91H.839:AV#.><A1.839:AV#3:B3:=3HA:<9# A//? O#U31<b#3:IA/A#G3=:3B3/.D#.<<9#I9>9:<.139#A#CA1/3`#.H919G9V#/9:O <1.G<.:<A#/9:#>A#:9G<1A#C1.IA#3:/>3:.839:3?#k03:23#:93#/9HC3.H9# >[.<<9#23#I31<b#H.:<A:A:29/3#@#9#.>HA:9#I9>A:29#H.:<A:A1/3#@# /.>HAV#GA1A:AV#G91132A:<3V#CA1#.H91AV#\0.:29#3>#/091A#Y#3:#13I9><.# A#>.#C.19>.#G/.<<.:<A#0G/31AJJA#2.>#>.JJ19? %:IA/A#G3.H9#G3H0>.<13/3#\0.:29V#/9:#>[9239#:A>#/091AV#G9113O 23.H9#CA1#B3:A#:9:#1A<<9#hIA1=9=:.#23#:93V#2AG32A139#23#.//.C.1O 1.1G3#G<3H.#A//?i? O# +01J.HA:<9# Y# >[.=3<.839:A# 2A>>9# GC313<9# CA1# 0:# H.>A# /9HO HAGG9#9#CA1#0:#20JJ39?#(CAGGA#I9><A#:A>#C13H9#/.G9#AGG9#I911AJO 7l
# 6L4M#:?#l4?
6M6
JA#.HH.:<.1G3#2A>>[.GCA<<9#2A>#29>91AV#H.#:9:#>9#YV#CA1/Ff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h;B#)B#lV6Qi?#">O >9:<.:.1A#.20:\0A#3>#J.=.=>39#0H.:9#CA1#13<19I.1A#3>#B9:29#IA19# 2A># :9G<19# GC313<9# .JJA>>3<9# 2.>>.# $1.83.# K.<<AG3H.>A# A2# .II3.<9# .>>.#(.:<3<ZV#A//9#3>#=1.:2A#>.I919#2.#/9HC3A1G3#GA#I9=>3.H9#B.1# >3JA1.HA:<A#GI3>0CC.1A#>.#U3<.#'3I3:.#3:#:93?#)2#A//9#3>#H9<3I9# .:/FA#CA1#3>#\0.>A#>.#;F3AG.V#C.1<3/9>.1HA:<A#:A>#<AHC9#C.G\0.>AV# AG91<.#I3I.HA:<A#.>>[.>>A=1A88.o *9:#C0`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
C"#A/0/9/62:/-*(#(#)(,&%/9/62:/-*(#.(%%2#0/+2#$*+('/-'(7Q# ;3#G9:9#20A#3HC91<.:<3GG3H3#.1=9HA:<3V#/FA#2AI9:9#GI3>0CO C.1A#A2#3:<A:G3B3/.1A#>.#:9G<1.#I3<.#3:<A1:.#A#/39Y#>.#I3I3B3/.839:A# 2A>>.#:9G<1.#I3<.#3:<A1391AV#>.#GAHC>3B3/.839:A#23#AGG.? "#C13H.#I3G<.#C0`#GAHJ1.1A#/FA#\0AG<3#20A#.1=9HA:<3#B.//3.O :9#C1.<3/.HA:<A#.#/9883#B1.#>919V#CA1/Ff#>.#I3I3B3/.839:A#Y#B.<<.#23# .<<3I3<Z#A#>.#GAHC>3B3/.839:A#Y#B.<<.#23#.JJ.:29:9? )CC01AV# GA/9:29# HAV# I3I3B3/.839:A# A# GAHC>3B3/.839:A# G9:9# 20A#<A1H3:3V#/FA#1.//F3029:9#3>#GA=1A<9#CA1#23IA:31A#3#B./3<913#2A>O >.#C.19>.#/9HA#23/A#(?#$3./9H9#:A>>.#G0.#)C3G<9>.#h6V64?4Mi? U3I3B3/.839:A#20:\0A#G0CC9:A#.<<3I3<Z?#"<<3I3<ZV#/FA#/9HJ.<<A# >.#3&00("$0$%UV#>.#,.-&'=$0$(/$%UV#3>#=)'3(/$,3)?#;9:B329#/FA#<0<<A#3:<A:O 23.<A#/FA#/9G.#I09>#231AD#3&00("$0$%UD#B.1A#>A#/9GA#H.<A13.>HA:<AV# GA:8.#I3I3B3/.1>A#/9:#>[3:<A>>A<<9#A#/9>#/091AV#B.1>A#CA1#.J3<023:A?# &Fo#\0.:<A#I9><A#G3#C1A=.#CA1#.J3<023:AV#G3#H.:=3.#CA1#.J3<023:AV# G3#>.I91.#CA1#.J3<023:AV#A2#3:<.:<9V#HA:<1A#G3#C1A=.V#G3#H.:=3.#G3# >.I91.V#:9:#G3.H9#C1AGA:<3#/9:#>9#GC313<9#:f#.>>.#C1A=F3A1.V#:f#.># C.G<9V#:f#.>#>.I919V#A#\03:23V#:9:#G9C1.::.<01.>388.:29#\0AG<A#<1A# .839:3V#>A#1A:23.H9#3:0<3>3#CA1#>.#I3<.#A<A1:.? (A#3:<A:2AGG3H9#\0AG<.#2AC>91AI9>A#H.#C1.<3/.#1A.><ZV#/9HA#>.# /9HC1A:2A1AH9#:A>#:9G<19#2j#:.<.>3839V#:93#C3.:=A1AHH9#G0#23# AGG.V#/9HA#R3A<19#C3.:GA#G0>#G09#13::A=.HA:<9#hE<#4PVPLOMQg#E/# 6lVPPO44g#!/#44VQPOP4g#$I#6NV6QO6NV#4QO4Mi? <.-&'=$0$(/$%U#G3=:3B3/.#GA/9:2.HA:<9#2A3#:9G<13#3HC0>G3#:.<01.O >3V#GA:8.#23G/A1:3HA:<9V#GA:8.#13B>AGG39:A?# _)'3(/$,3)#/9:G3G<A#:A>>[.<<.//9#.>>A#C1.<3/FA#AG<A1:A?# )2#3:G3AHA#.>>.#I3I3B3/.839:A#9//911A#3>#>.I919#23#GAHC>3B3/.O 839:A?#(AHC>3B3/.839:A#/FA#/9HJ.<<A#9=:3#/9HC>3/.839:A#0H.:.? E3#C19I9#.#B.1A#AGAHC3#C1.<3/3D 7Q
# 6L4M#:?#l7?
6M7
O#R1A=F3A1.D#Y#C1A=F3A1.#GAHC>3/A#\0A>>.#/FA#G=91=.#GC9:<.:A.# 2.>#/091A?#E.:/.#23#\0AG<.#GAHC>3/3<Z#>.#C1A=F3A1.#C1A9//0C.<.V# B91H.>AV#/FA#G3#<19I.#G/13<<.#:A>#>3J19V#H.#/FA#:9:#13GC9:2A#.=>3# 3:<3H3#J3G9=:3#2A>>[.:3H.#:9G<1.? O#'9/3>3<ZD#Y#GAHC>3/A#>[9JJA23A:8.#/FA#:9:#1.=39:.V#/FA#:9:# I09>#1A:2A1G3#/9:<9#A#/FA#Y#.//A<<.<.#CA1#3>#G9>9#H9<3I9#/FA#/F3#/3# C.1>.#Y#>[3:<A1C1A<A#2A>>.#I9>9:<Z#'3I3:.#CA1/Ff#2.#'39#/9G<3<03<9# 3:#.0<913<Z#G9C1.#23#:93? a# GAHC>3/A# >[9JJA23A:8.# 2A>>.# ]3=>3.# 23# (.:<[":=A>.V# /FA# ./O /A<<.#>[3:<A1C1A<.839:A#2A>>.#,A=9>.#2.<.#2.>#$9IA1:9#2A>>.#;9HO C.=:3.#A#/FA#:9:#C1A<A:2A#23#3:<A1C1A<.1>.#AGG.#3:23I320.>HA:<A?# *9:#Y#GAHC>3/A#\0A>>[9JJA23A:8.#/FA#G3#C1.<3/.#G9>9#AG<A1:.HA:O <AV#GA#.:/FA#/9HC30<.#.#CA1BA839:A?#*9:#Y#GAHC>3/A#>[9JJA23A:8.# /FA#G3#>.=:.V#/FA#B.#2A>>A#13GA1IA#A//? )#CA1#/9:/>02A1AD#Y#GAHC>3/A#>[.:3H.#/FA#GA=0A#>.#1A<<3<023:A# 3:<A1:.V#/9:<19>>.<.#:A3#/.G3#C3b#3HC91<.:<3#2.3#G093#G0CA13913?#a# GAHC>3/A#>[.:3H.#/FA#G3#B32.#2A3#G093#G0CA13913V#Y#GAHC>3/A#>[.:3H.# /FA#Y#0:#>3J19#.CA1<9#/9:#3#G093#(0CA13913? !.#]3=>3.#23#(.:<[":=A>.#/FA#:.G/9:2AV#/FA#F.#2A3#GA=1A<3#IA1O G9#3#G093#G0CA13913V#/FA#C.1>.#/9:#AGG3#3:#H.:3A1.#2.#AGGA1A#9#:9:# AGGA1A#3:<AG.V#\0AG<.#B3=>309>.#:9:#Y#GAHC>3/A? H"#52#)(,&%/6/+1#0/2#&('#%2#)2*+/+17P R3b#/FA#I.29#3:#>Z#/9:#=>3#.::3#A#C3b#H3#.//91=9#\0.:<.#<A:O 2A:8.#.JJ3.H9#.#/9HC>3/.1/3#A#\0.:<9#:09/A#.>>.#I3<.#GC313<0.>A# >.#/9HC>3/.839:A?#a#IA19#/FAV#AGGA:29#>[09H9#B91H.<9#23#GC313<9# A#23#H.<A13.V#G3.H9#CA1#:.<01.#/9HC9G<3V#A#\03:23#Y#G/0G.J3>A#>.# <A:2A:8.# .>>.# /9HC>3/.839:A# h3># CA//.<9# 913=3:.>A# C93V# A2# 3# CA/O /.<3#.<<0.>3#13:B918.:9#>.#<A:2A:8.#:.<01.>Ai#H.#Y#.:/91#IA19#/FA# 7P
# 6L7Q#:?#L7?
6Ml
.IA:29#.JJ1.//3.<9#>.#I3.#2A>>.#CA1BA839:A#29I1AHH9#.IA1#JAI0O <9#.#>.1=F3#G91G3#.>>.#GAHC>3/3<Z#AI.:=A>3/.? R01<19CC9#3:IA/A#>.#:.<01.#A#>9#GC313<9#2A>#H9:29#h/9:#>A#G0A# 1AG<13839:3#HA:<.>3#A#/9:#3#G093#/9Gj#2A<<3#G29CC3.HA:<3i#9G<./9>.O :9#3>#:9G<19#G=9HJ19g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f?# *93V#3:IA/AV#<A:3.H9#<.:<9#.3#:9G<13#=302383V#.3#:9G<13#1.=39:.O HA:<3#/FA#I9=>3.H9#<A:A1/3G3#.<<.//.<A#/9:#<0<<A#>A#:9G<1A#B918AV#A# 13H.:3.H9#GAHC1A#>j?#].//3.H9#0:#C9[V#/9HA#IA:<3#9#<1A:<.#.::3# B.V#B./AI.:9#3#/9:<.23:3#3:#/9:B19:<9#2A>>A#3::9I.839:3#G/3A:<3B3O /FA#.=13/9>AV#=0.12.I.:9V#G/19>>.:29#>.#<AG<.?# (?#$39I.::3#2A>>.#;19/A#F.#0:.#G3H3>3<023:A#G3=:3B3/.<3I.D#W%># /3A/9#GA#<.>A#:9:#Y#CA1BA<<.HA:<AV#:9:#Y#/9Gj#29/3>A#/9HA#/9:IA1O 1AJJA#.>>.#G0.#=032.V#A#G9>#CA1#\0A>#C9/F3:9#/FA#IA2AV#GAHJ1.1=>3# /FA#<0<<A#>A#G<1.2A#G3.:9#J09:AV#CA1/Ff#3:B.<<3#3>#HAG/F3:A>>9#:9:# .113I.#.#IA2A1:A#2A>>A#H3=>3913?#RA1`#3:#<.>#H929#A=>3#/911A#=1.:# CA13/9>9#:9:#G9>.HA:<A#CA1#GfV#H.#.:/FA#CA1#/F3#>9#/9:20/AX? )#>.#G3H3>3<023:A#<91:.#C19C139#.#/.CA>>9#CA1#\0A>>A#.:3HA#/FA# .IA:29#/A20<9#3:<A>>A<<9#A#I9>9:<Z#I9=>39:9#C93V#:A3#>919#1.CC91<3# /9:#'39V#H.:<A:A1A#0:#C9[#2A3#>919#=302383V#0:#C9[#2A>>A#>919#I3G<A?# (0//A2A# .>>91.# /FA# :A3# 1.CC91<3# /9:# '39# 9G<./9>.:9# >[0:39:A# /9:# !03?#RA1/Ffn#RA1/Ff#G9:#/3A/FA#A#/1A29:9#23#IA2A1A?#(AHC1A#(?#$39O I.::3#2A>>.#;19/AV#.>#B3:A#23#CA1G0.2A1A#>[.:3H.#.#\0AG<9#23G<.//9#2.# 6MQ
GfV# C91<.# 0:[.><1.# ABB3/./3GG3H.# G3H3>3<023:AV# /9:# >.# \0.>A# 23H9G<1.# /9HA#\0.>G3.G3#3:=9HJ19V#G3.#C01#>3AIAV#3HCA23G/A#>[0:39:A#/9:#'39D W]3=013.H9/3#@#A=>3#23/A#@#/FA#3>#G9>A#CA1/09<.#0:.#IA<1.<.V#GA# \0AG<.#.I1Z#3:#Gf#\0.>/FA#H.//F3.#9#G.1Z#.:/FA#G9>9#0:#C9/FA<<9# .CC.::.<.V#/A1<9#:9:#C9<1Z#3>#1.==39#B.1>.#13GC>A:2A1A#/9:#>.#G0.# >0/AV# :f# /9Gj# <1.GB91H.1>.# /9HA# \0.:29# >.# <19I.# CA1BA<<.HA:<A# <A1G.#2.#9=:3#H.//F3.#9#0H323<Z?#*f#/.0G.#23#/3`#C0`#231G3#3>#1.=O =39V# H.# Gj# >.# IA<1.<.# G<AGG.V# >.# \0.>AV# GA# B9GGA# 2A># <0<<9# :A<<.V# G3# 3>>0H3:A1AJJA#A#<1.GB91HA1AJJA#2.#GAHJ1.1A#3>#1.==39#HA2AG3H9# A#H.:2.1A#/9HA#AGG9#I3I32.#>0/AX? !.# /9G.# AGGA:83.>A# Y# 3># /9HC3A1A# >.# U9>9:<Z# 23# '39# \0.==3b# /9HA#>.#G3#/9HC3A#2.=>3#":=A>3#3:#;3A>9V#CA1/Ff#>[0:39:A#/9:#'39# :9:#G3#ABBA<<0.#GA#:9:#/9:#>[32A:<3B3/.839:A#2A>>.#:9G<1.#I9>9:<Z# /9:#>.#(0.? k0AG<.#0:39:A#2.#1.==30:=A1G3#/9:#>.#C01.#]A2AV#CA1/Ff#3>#,AO =:9#23#'39#Y#2A:<19#23#:93#A#:9:#.><19IA?#W;A1/.<A#'39#3:#$AGb# @#G/13IA#E9:G?#2[":<FA29:#@#A#$AGb#:A>#I9G<19#/091AV#9IA#)=>3# G3#<19I.#C3b#/FA#:A>#>3HC329#/3A>9#/FA#I3#13G/F3.1.V#C3b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
H9#.#/FA#:AGG0:#H31.==39V#G3.#C01A#23#.><3GG3H.#G.:<3<ZV#9BB0G/F3# \0A>>.# JA>>.# /F3.1A88.V# \0A>>.# <A1G.# <1.GC.1A:8.# 23# .:3H.# /FA# .# H9><A#23#:93#3>#(3=:91A#29:`?#;0G<923G/.:9#\0AG<A#.:3HA#Gj#C1AO 839G9#<AG919V#A#:9:#>9#.><A13:9#H.3#CA1#:AGG0:#H9<3I9V#CA1#:AGG0:# /9:G3=>39V# 3:# :AGG0:.# 9//.G39:A?# WKA.<3# 3# C013# CA1/Ff# IA21.::9# %2239X#hE<#QVNi?#KA.<A#>A#.:3HA#GAHC>3/3#h9GG3.#>A#C01AV#=3.//Ff# :9:#G3#2Z#IA1.#C01A88.#GA:8.#GAHC>3/3<Z#A#I3/AIA1G.i#CA1/Ff#IAO 21.::9#%2239?#&FV#Gjo#AGGA#!9#IA21.::9#:A3#>919#(0CA13913V#AGGA# !9#IA21.::9#:A>>.#>A==A#A#:A>>.#,A=9>.V#AGGA#!9#IA21.::9#:A=>3# .IIA:3HA:<3#A#:A>>A#/31/9G<.:8AV#AGGA#!9#IA21.::9#2.CCA1<0<<9V# CA1/Ff#3>#>919#9//F39#Y#G.:9#A#\03:23#>.#>919#I3G<.#CA:A<1.:<A#B3:9# :A>>A#C19B9:23<Z#2A>>9#GC313<9#C19C139#A#2A>>9#GC313<9#.><103? *9:#/9Gj#CA1#>[9//F39#H.>.<9V#AGG9#:9:#C0`#IA2A1A#>.#>0/A#A#G3# :.G/9:2AV#A#G3#.GGA:<.V#A#G3#3G9>.#1.//F302A:29G3#3:#B.>G3#=302383V#3:# 23G<3:839:3#G9B3G<3/FAV#3:#/9:<A:<.HA:<3#23#Gf?# (3.# 20:\0A# >.# GAHC>3/3<Z# :9G<1.# =032.# 3:# <0<<9V# :A3# 1.CC91<3# /9:#'39V#:A3#1.CC91<3#/9:#>A#(0CA1391AV#:A3#1.CC91<3#B1.#:93V#:f# CA1HA<<A<AI3#H.3#23H3:0839:A#23#/F3.1A88.#CA1#H9<3I3#23#G0G/A<O <3J3>3<ZV#23#.H91A#C19C139V#23#/9:<91/3HA:<3#2A>>.#:9G<1.#:.<01.? -:.#2A>>A#29<3#2A>>.#GAHC>3/3<Z#Y#>.#B320/3.?#(A#>[3:BA1391A#I09># GA:<31G3#B0G9#/9:#>[.:3H.#2A>#(0CA1391A#2AIA#AGGA1A#IA1G9#\0AG<3# >3J19#.CA1<9?#*9:#.><1A<<.:<9#2AIA#C1A<A:2A1A#2.>#(0CA1391A?#RA1`# IA#>9#.GG3/019#GA:8.#I.:A#A#C1AG0:<09GA#C1A<AGA#>[.:3H.#2A>>[3:O BA1391A# C0`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
K"#P*/+1#(#)(,&%/6/+1E#.-*/#.2#6;)+-./'(7M# "H.<AI3#>A#0:A#>A#.><1AV#/0G<923<A#=A:A19G.HA:<A#3>#29:9#2A>>[0O :3<Z#A#2A>>.#GAHC>3/3<ZV#/FA#'39#:A>>.#G0.#3:B3:3<.#J9:<Z#/3#/9:/AGO GAV#:9:#HA:9H.<A>.#H.3#CA1#:AGG0:.#1.=39:AV#CA1#:AGG0:#H9<3I9# G3.#C01A#3>#C3b#G.:<9?#k0AG<3#29:3#G9:9#G./13#A#29I1AH9#1A:2A1:A# 13=919G9#/9:<9g#A#<0<<AV#=1.:23#A#C3//9>AV#=39I.:3#A#IA//F3AV#G.CO C3.<AI3#/9HC1A:2A1I3V#/9HC.<31I3V#G/0G.1I3#.#I3/A:2.?#*9:#C1AO <A:23.H9#2.#:AGG0:.V#:f#(0CA1391.V#:f#G0223<AV#0:.#CA1BA839:A# /FA#:9:#Y#23#\0.==3b?#;A1/F3.H9#23#G/91=A1A#3:#/3.G/0:.#3>#>.<9# H3=>391AV#:9:#BA1H3.H9/3#H.3#.#:9<.1A#/A1<A#C3//9>A#H.:/FAI9O >A88A#/FA#G9:9#C19C13A#2A>>.#:.<01.#A#/FA#C1AGG9#'39#:9:#F.::9# :AGG0:# 2AHA13<9?# (9>9# :93V# /FA# G3.H9# /.<<3IAV# G/91=3.H9# /A1<A# 2AB3/3A:8AV#\0.G3#:A#B.//3.H9#0:#/.13/9V#H.#'39#/FA#G.#/9G.#/[Y# :A>>.#:9G<1.#C9IA1<ZV#!03#:9:#=3023/.V#:9:#/9:2.::.V#:9:#C9:A# .#2AHA13<9?#)#/F3#C0`#=3023/.1A#3#/0913#A#3#CA:G3A13#GA=1A<3#2A>>.# /1A.<01.n#%#(.:<3#G9:9#3#IA13#A#G9>3#/9:9G/3<913#2A>#/091A#0H.:9?# (CAGGA#I9><A#.II3A:A#/FA#3:#\0AG<9#/091A#G9:9#:.G/9G<3#<AG913#<.>3# 23#J9:<Z#A#23#=1.83.#/FA#:9:#G3#H.:3BAG<.:9#/FA#29C9#>.#H91<A?# %:#0:.#%G<10839:A#2A>>[.::9#G/91G9#23/AI9#W/FA#23#/3.G/0:.#A#23# <0<<A#29JJ3.H9#.IA1A#0:.#I3G39:A#G9C1.::.<01.>388.<.V#3:#H929# 2.#G/91=A1A#3:#/3.G/0:.#A#CA1/3`#3:#<0<<A#>A#tB91HA#A<A1:A[V#IA2A1A# <0<<A#A#/3.G/0:.#,.D#,-&0$&#(&%&'"$%(%$,X?#*9:#G3#<1.<<.#23#JA:2.1G3#=>3# 9//F3V# H.# 23# G9C1.::.<01.>388.1A# >.# HA:<A# A2# 3># /091A?# (3# <1.<<.# :9:# 23# B.1A# >A# G91C1AGAV# >A# \0A10>AV# CA1/Ff# >.# G91A>>.# "# F.# \0A># 23BA<<9V#CA1/Ff#>.#G91A>>.#K#F.#\0A>#/.1.<<A1AV#G3#<1.<<.#23#13/912.1A# /FA# :A>>A# G91A>>A# "# A# K# AG3G<9:9# 9==3# >A# B91HA# 0H.:A# A# <.1.<AV# /9HA#AG3G<9:9#3:#HA#A2#3:#I93V#H.#/FA#\0A>>A#B91HA#0H.:A#:9:# G9:9# /FA# >[3:I9>0/19# 2A>>A# B91HA# A<A1:A?# (B9183.H9/3# 23# ./\03O G<.1A# \0AG<.# I3G39:A# G9C1.::.<01.>A# A2# 3:IA/A# 23# CA12A1# <AHC9# A#/.13<Z#.#13>AI.1A#3#23BA<<3#2A>>A#:9G<1A#G91A>>AV#C91<3.H9#3>#:9G<19# 7M
# 6L7M#:?#65l?
6MN
G.GG9>3:9# 23# J9:<Z# A# 23# /9HC1A:G39:A# 1A/3C19/.V# 3:# H929# /FA# :AGG0:.#:9<.#G<132.V#H.#/FA#<0<<A#G3#B9:23:9#:A>>[0:3<Z? L"#DF(,&%/6/#6-,(#6-%-,?(E#&';.(*+/#6-,(#)('&(*+/G7N '39# Y# IA13<Z# h$I# 6lVPi?# (.CC3.H9# /FA# :93V# C9IA1A# /1A.<01AV# :9:#C9<1AH9#H.3#1.==30:=A1A#3>#UA19? )GGA:83.>A# A2# "GG9>0<9# CA1/Ff# )GG9# Y# >9# G<AGG9# '39?# RA1`g# C93/Ff#G3.H9#/1A.<3#.#(0.#3HH.=3:A#A#G9H3=>3.:8.V#.JJ3.H9#CA1# $1.83.#>.#C9GG3J3>3<Z#23#23IA:31A#2A3B91H3?#;9HAn#!9#G.CC3.H9V# CA1# >.# $1.83.# A# /9:# 3># :9G<19# /9:<13J0<9V# 9GG3.# CA1# C.1>.1A# C3b# /102A>HA:<AV#/9>#13/9:9G/3HA:<9#2A>#:9G<19#:0>>.#A#/9:#>[3HHA1O =A1I3G3#2A:<19V#C93/Ff#\0AG<9#Y#0H3><Z#A#0H3><Z#Y#UA13<Z?# E.13.#Y#E.AG<1.#23#UA13<Z?#)GG.#Y#3HH./9>.<.#A#CA1/3`#23#CA1# Gf#C3b#I3/3:.#23#:93#.>#UA19?#E.#>[3HH./9>.<A88.#:9:#Y#HA13<9V# Y#29:9?#!.#UA1=3:A#CA1`#B0#.:/FA#0H3>A#A#\03#A:<1.#>.#(0.#/99O CA1.839:A#.3#'9:3V#\0A>>.#/99CA1.839:A#/FA#Y#29H.:2.<.#.:/FA# .# :93?# RA1/3`# B0# 0H3>AV# B0# GAHC>3/AV# B0# IA1=3:AD# W;9HA# .IIA11Z# \0AG<9nX#h!/#6V7li#d#)>>.#CA1/Ff#0H3>A#A#GAHC>3/A#:9:#<AHA<<A#23# .BB19:<.1A#3>#C19J>AH.#2A>3/.<9V#:9:#G3#:.G/9GA#23A<19#B.>G3#C02913# 9#1A<3/A:8A#A:3=H.<3/FAV#B0#/F3.1.#A#2A/3G.?#W(3.<A#GAHC>3/3#/9HA# /9>9HJA#A#C102A:<3#/9HA#GA1CA:<3X#hE<#65V6Pi?#)#>A3#GACCA#AGGA1A# GAHC>3/A#A#C102A:<A?#a#IA19#/FA#C.1>.I.#/9:#0:#":=A>9V#H.#3#H9O <3I3#CA1#<./A1A#>.#G0.#CA1C>AGG3<Z#C9<AI.:9#AGGA1A#H9><3?#k0.:29# 3:IA/A#G3#<1.<<`#23#C.1>.1A#/9:#0:#09H9V#G3.#C01A#$30GACCAV#)>>.# <./\0AV#G3#.>>9:<.:`#A#.:2`#.#C.1>.1A#/9:#>.#IA//F3.#/0=3:.? k0.:<A# I9><A# :93# :9:# G.CC3.H9# AGGA1A# :f# GAHC>3/3V# :f# C10O 2A:<3?# a# 23BB3/3>A# /9:/3>3.1A# \0AG<A# 20A# I31<bV# H.# GA# 13B>A<<3.H9# G0>>A#:9G<1A#.839:3#3HC0>G3IA#9#G03#:9G<13#23G/91G3#13=31.<3V#9IIA19# GA#.JJ3.H#.I0<9#>.#B91<0:.#23#.//9G<.1A#0:#(.:<9#/3#G3.H9#.//91<A# 7N
# 6LQl#:?#447?
6ML
/FA#>.#/9G.#Y#C9GG3J3>A#A#C93#GA#$AGb#>[F.#/9H.:2.<9#I09>#231A#/FA# C9GG3.H9#=30:=A1/3? )#\03#0:.#13B>AGG39:A#C1.<3/.D#>.#29::.#3:#=A:A1AV#CA1#3G<3:<9# <A:2A#C3b#.>>.#C102A:8.#/FA#.>>.#GAHC>3/3<ZV#Y#G0.#:.<01.V#:3A:<A#23# H.>AV#G9>9#J3G9=:.#/911A==A1>.V#.><13HA:<3#G3#B91H.#3>#<3C9#23#29::.# .G<0<.V#23#29::.#G/.><1.#A2#Y#/9Gj#C9/9#G3HC.<3/9?#k0AG<.#<A:2A:O 8.#/9::.<01.<.#2A>>.#29::.#G3#13IA>.#/F3.1.HA:<A#:A>>[3:B.:83.D#3># J3HJ9#Y#H9><9#C3b#GAHC>3/A#2A>>.#J3HJ.?#k0AG<.#AGCA13A:8.#>[F9# GA:<3<.# /9:BA1H.1A# .:/FA# 2.# 0:# G./A129<A# /FA# H3# 23/AI.D# WU93# 29::A#3:# /9:BAGG39:.>A#G3A<A#C3b#/9HC>3/.<AV#:93#09H3:3#G3.H9# C3b#/F3.13D#(9:9#G<.<9#0:#JAG<AHH3.<91AV#0:#>.219V#A//?V#I93#.><1AD# B91GA#F9#2A<<9#C.19>A#/FA#:9:#.:2.I.:#2A<<Ag#F9#C1AG9#\0.>/9G3:.# 23#:.G/9G<9V#H.V#G.V#CA1#B.1A#A>AH9G3:.V#A//?X? !.# E.29::.V# >[.JJ3.H# I3G<9V# :9:# A1.# /9GjD# W(9:9# IA1=3:AV# /9HA# .IIA11ZnX?# )# \0.:29# Y# 2.>>.# /0=3:.V# /.:<.# GA:8.# <3H913V# GC9:<.:A.HA:<A#>.#G0.#=393.V#>.#(0.#C3//9>A88.D#W.:/A>>.X#A#>.#(0.# =1.:2A88.D#WE3#/F3.HA1.::9#JA.<.X#h!/#6VlNi#R9GG3.H9#<19I.1A# AGAHC39#C1.<3/9#H3=>391A#23#\0AG<9V#13=0.129#.>#/9:G3=>39#)I.:=AO >3/9#2A>>.#C102A:8.#A#2A>>.#GAHC>3/3<Zn ;9H[Y# 1.19# CA1`# 13G/9:<1.1A# \0AG<A# I31<b# .:/FA# :A>>A# .:3HA# /9:G./1.<Ao# ,3=0.129#.>>.#GAHC>3/3<ZD#W(9C1.<<0<<9#<A:=.#3>#/091A#C019#A#>.# /9G/3A:8.#H9:2.X#W&=:3#.<<9#A#C.1>.1A#G3.#/9HA#$AGb#/FA#3:GAO =:.g#GjV#Gjg#:9V#:9X#h(.:#R.9>9V#4#;91#6V6Li? N"#5>()(,&/-#./#F2*#V'2*6()6-7L# (?#]1.:/AG/9#Y#G<.<9#/A1<.HA:<A#3>#(.:<9#C3b#/9HC1A:G3I9#A# C3b# .//9G<.:<A# .>>.# :.<01.# /9GH3/.# A# CA1/3`# H9><9# 0H.:9# :A>O >.# /9HC1A:G39:A# A# :A>>[.<<0.839:A# 2A>>A# C3b# .><A# I31<b# /13G<3.:A?# 7L
# 6LlN#:?#6NP?
6N5
k0AG<.#B91H.#2A>>.#(0.#(.:<3<Z#2Z#0:[3HC19:<.#23#I3IA88.#0:3/.#.# <0<<.#>.#G0.#.<<3I3<ZV#23#H929#/FA#)=>3#Y#0:#C9<A:<A#.BB.G/3:.<91A# 23#.:3HA#A2#.#:93V#3:#H929#G3:=9>.1AV#Y#H.AG<19#A#=032.#:A>>[9GO GA1I.:8.#2A>>.#,A=9>.#HA13/3.:.#/FA#C0`#2AB3:31G3#C.1<9#2A>>9#GC3O 13<9#B1.:/AG/.:9? !9#GC313<9#/13G<3.:9#Y#0:9#G9>9D#\0A>>9#23#$AGb#;13G<9V#H.#.# GA/9:2.#2A>>.#:.<01.#2A>#G.:<9#/FA#I09>A#3:/.1:.1AV#AGG9#C1A:2A# I.13A#B91HA#AV#23#\03V#>.#H.=:3B3/.#H9><AC>3/3<Z#2A>>A#I.13A#G.:<3<Z# B91H.:<3#3>#;91C9#E3G<3/9?# U3I3B3/.839:A#A#GAHC>3B3/.839:A?#"#C13H.#I3G<.#C0`#GAHJ1.1A# /FA# \0AG<A# 20A# I31<b# B.//3.:9# .3# /9883# B1.# >919V# G3# G/13IAI.# :A># 6L4MV#CA1/Ff#>.#I3I3B3/.839:A#Y#B.<<.#23#.<<3I3<Z#A#>.#GAHC>3B3/.839:A# Y#B.<<.#23#.JJ.:29:9?# !.#H.:3BAG<.839:A#23#\0AG<A#20A#I31<b#=A:A1.>HA:<A#Y#G0//AGO G3I.#A#/3`#G3#:9<.#AI32A:<AHA:<A#:A>>.#I3<.#23#(?#]1.:/AG/9?#">>[3O :3839# F.# 3># C1A29H3:39# >.# I3<.>3<Z# 9# 3># 23:.H3GH9# /9HA# G3# I09># /F3.H.1AD#3>#J./39#.>#>AJJ19G9V#3>#=A<<3<9#2A>>A#H9:A<A#:A>>.#;9:O BAGG39:A#23#(?#R3A<19V#>.#C1A23/.839:A#I9>.:<AV#/9:#<0<<3#=>3#AC3G923# A193/3# 2A># C13H9# <AHC9V# C93# >.# GAHC>3B3/.839:A# G0JA:<1.# /9:# >.# I3<.#23#:.G/9:23HA:<9V#23#0H3>3.839:AV#23#G9BBA1A:8.?#a#>.#C1.GG3# 2A>>.#(.:<3<ZD#C13H.#>[.<<3I3<Z#C93V#\0.:29#G3#Y#/.C3<9#/FA#<0<<.#>.# :9G<1.#.<<3I3<Z#I.>A#:0>>.V#.>>91.#3>#13B0=3.1G3#3:#0:#<9<.>A#.JJ.:29O :9#3:#'39#G9>9V#23I3A:A#0:#3HCA1.<3I9? '0:\0A#:AGG0:#/9889V#H.#3:#C13:/3C39#/9HA#3:#=A1HAV#20A#/.O C./3<ZV#C93#>9#GI3>0CC9#C13H.#2A>>[0:.#A#G0//AGG3I.HA:<A#2A>>[.><1.? U3I3B3/.839:AD#.:3H.#2AG<.V#/091A#.<<A:<9#CA1#/9HJ.<<A1A#<0<O <9# /3`# /FA# G.# 23# C.GG39:AV# :9:# G9>9V# H.# .:/FA# <0<<3# \0A3# 23BA<O <3#/FA#:A>#H9:29#G3#<1.G/01.:9V#H.#/FA#:A>>.#I3<.#23#CA1BA839:A# 9G<./9>.:9#>[.G/AG.#AV#C01<19CC9V#G3#13G/9:<1.:9#3:#H9><A#.:3HA# /9:G./1.<AD#G0CA1B3/3.>3<ZV#3:29>A:8.V#.J3<023:.13A<ZV#B91H.>3GH9V# /13<3/.#A//?#&FV#\0.:<A#I9><A#\0AG<3#I383#G[3:G3:0.:9#:A>>.#:9G<1.# C1A=F3A1.V#:A>#:9G<19#>.I919V#:A3#:9G<13#1.CC91<3#B1.<A1:3#/FA#29O 6N6
I1AJJA19#AGGA1A#/9:23<3#GAHC1A#2A>>.#/.13<Z#A#2A>>.#JA:3=:3<Z#G/.O <013A:<3#2.>>[.H91A#23#;13G<9V#/A1/.<9#A#<19I.<9#3:#9=:3#/1A.<01.?# (A:8.#\0AG<.#13/A1/.#/9G<.:<A#>.#:9G<1.#I3<.#3:<A1391A#23I3A:A#.132.# A#C01#GB918.:29G3#23#/9HC3A1A#3>#29IA1AV#CA1/Ff#Y#29IA1AV#G3#GA:<A# <0<<9#3>#CAG9#23#0:#/9:.<9#3:0<3>Ag#/3#G3#G<.:/.#AV#.#C9/9#.#C9/9V#/3# G3#>3H3<A1Z#.2#AI3<.1A#3>#CA//.<9#B91H.>A#\0.:29#C01#>9#G3#AI3<A1Z? RA:G3.H9#/FA#<0<<9#\0AG<9#<A11.#<A11.#:9:#F.#I.>91A#CA1#>.#I3<.# A<A1:.?#(A#/9HC1A:2AGG3H9#\0AG<.#2AC>91AI9>A#H.#C1.<3/.#1A.><Z# /9HA#>.#/9HC1A:2A1AH9#3:#S$&,#"(%(/$V#:93#C3.:=A1AHH9#G0#23# AGG.#/9HA#G0>>.#C3b#=1.:2A#GIA:<01.o ![09H9# Y# /9Gj# B.<<9# /FAV# GA# :9:# 2Z# 0:# =1.:2A# .>3HA:<9# 23# .H91A# .>>.# I3<.# /FA# G3# GI9>=A# :A># G09# 3:<A1:9V# <0<<9# =>3# 23IA:<.# .J3<0.>A#A#HA//.:3/9V#H9:9<9:9V#G<.:/.:<A?# !.I913.H9#20:\0A#.2#3:<A:G3B3/.1A#3>#:9G<19#.H91A#CA1#;13O G<9V#<1.29<<9#3:#0:.#I3<.>A#3:<A13913<ZV#=3.//Ff#Y#C19C139#\0AG<9#3># /.HC9#:9G<19?#!.G/3.H9#.=>3#.><13#9CA1.1A#=1.:23#/9GAV#AGA1/3<.1A# 8A>9#/>.H919G9V#.#:93#>.#C1A9//0C.839:A#23#1A:2A1#I3IA#>.#.:3HA# :9G<1A#A#\0A>>A#/FA#/3#.II3/3:.:9?#!.I913.H9#G0#:93#A#G0#23#AGGA# CA1#.CC19B9:231A#>A#:9G<1A#A#>A#>919#/9:9G/A:8A#1A>3=39GAV#CA1#13:O G.>2.1A#>A#:9G<1A#A#>A#>919#/9:I3:839:3#23#BA2AV#AGA1/3<3.H9/3#:A>>A# :9G<1A#I31<b#A#\0AG<.#G.1Z#>.#H3=>391A#C1AC.1.839:A#.>#2AG<.1G3#23# \0A>>[.//A:G39:A#23#.H91A#/FA#/3#C91<A1Z#:A>>A#GBA1A#/A>AG<3.>3# "#:93V#IA1.HA:<AV#3>#/3J9#G9G<.:839G9#:9:#Y#H.3#H.:/.<9#A#GA# H.:/F3.H9#I09>#231A#/FA#:9:#:A#.JJ3.H9#G.C0<9#.CC19B3<<.1AV# C93V# <19I.:29/3# 3HHA1GA# :A>>.# H91J9G.# .<H9GBA1.# 2A># H9:29V# 0:.#\0.:<3<Z#2[32AA#B.>GA#IA:=9:9#.#H3:.1A#=>3#.:<3/F3#/9:/A<<3V#/3# G3#.>>9:<.:.#2.>>A#H.213V#2.>>A#G91A>>A#C3b#.:83.:AV#G3#I09>#I3IA1A# 3G9>.<3#A#G3#/19>>.? (AHC>3B3/.839:AD# 3# =AG<3# AG<A1:3# /9HC30<3# 2.# (?# ]1.:/AG/9# .># C13:/3C39#2A>>.#G0.#/9:IA1G39:A#B019:9#>.#C1AC.1.839:A#.>#2A:0O 2.HA:<9#3:<A1391A#/FA#=30:GA#B3:9#.>#C0:<9#23#.J23/.1A#.:/FA#:A>O >A#G0A#C3b#3:<3HA#.GC31.839:3#A#>9#BA/A#C19:<9#.>>[3HC19:<3<023:A# 6N4
2A3#(093#B1.<3#B3:9#.#/A2A1A#.2#)>3.#3>#=9IA1:9#2A>>[&123:A#2.#!03# B9:2.<9?#;9HC30<9#\0AG<9#G0C1AH9#9>9/.0G<9#G3#13<31`#G0>#E9:<A# ">IA1:3.#A#:A>>[91<9#23#(?#'.H3.:9#.#/9>>9\03.1A#G9>9#/9:#'39?#!.# C9IA1<Z#/FA#A1.#G<.<.#>.#(0.#(C9G.V#>9#.IAI.#B.<<9#3>#(AHC>3/A#A#G3# /9HC1A:2A#/9HA#)=>3V#13<31.<9#2.>>A#>9<<A#2A>#H9:29V#<19I.GGA#>.# G0C1AH.#(AHC>3/3<Z#.:/FA#23#C1A=F3A1.D#WE39#'39#A#H39#+0<<9oX !.# GAHC>3/3<ZV# :93# >9# G.CC3.H9V# Y# >.# :AH3/.# ./A113H.# 2A>>A# /9HC>3/.839:3V# 2A3# G9<<A1B0=3V# 2A=>[3:B3:=3HA:<3V# 2A>>A# 1AG<13839:3# HA:<.>3V#2A=>3#9CC91<0:3GH3? <&3-/$0$%U# *$# -'&6M$&'(# /FA# :9:# /A1/.# C.19>A# G03# >3J13V# H.# /FA# C.1>.#.#'39#/9>#>3:=0.==39#2A>#/091AV#/FA#:9:#/9:9G/A#C1A9//0C.O 839:3V#H.#G9>9#>[.JJ.:29:9#B3>3.>A#:A>>A#J1.//3.#2A>#R.21A#/A>AG<A? <&3-/$0$%U#*$#)DD&*$&"7(V#/FA#:9:#1.=39:.#G0#/3`#/FA#I3A:#/9H.:O 2.<9#A#/FAV#GA#.:/FA#3>#(0CA1391A#B9GGA#0:#3:/9><9V#0:#C13H3<3I9V# >[.:3H.# GAHC>3/A# 9JJA23G/A# IA2A:29# 3:# AGG9# G9>9# 3># 1.CC1AGA:O <.:<A#23#'39V#>[.0<913<Z#/9G<3<03<.V#/9:<19#/03#:9:#/3#G3#CA1HA<<A1Z# H.3#/13<3/FA#:f#/9:#>A#G91A>>AV#:f#/9:#/F3//FAGG3.#/FA#:9:#.JJ3.# 3:#H.:9#<0<<3#=>3#A>AHA:<3#CA1#=3023/.1A#1A<<.HA:<A? W$+$=$0(7$)"&D#"H91AV#\0.:<9#C3b#G3#.H.V#<.:<9#C3b#/3#G3#0:3G/A#.# ;13G<9V#/FA#Y#"H91A#;19/3B3GG9?#E313.H9#.#1.==30:=A1A#:9:#G9>9# >[.H91A#.>>.#;19/3B3GG39:AV#H.#3:#AGG9#>.#CA1BA<<.#>A<383.? <&3-/$=$0(7$)"&D#:9:#/3#IA:=.#H.3#3:#HA:<A#23#AGGA1A#\0.>/9G.V# G3.H9#:0>>.#A#CA==39#/FA#:0>>.V#CA1/Ff#CA//.<13/3V#/FA#HA1.I3=>3.1O G3#GA#3>#(3=:91A#/3#/19/3B3==An#*9:#G/30C3.H9#\0AG<[91.#JA:A2A<<.# /9:#>.=:.:8AV#/9:#/13<3/FA#/FA#B.::9#CA12A1A#>[.H3/383.#23#'39#A# 2A>>A#:9G<1A#G91A>>AV#G.CC3.H9#AGGA1A#>A#=30>>.13#23#'39#\0.:29#>.# C9IA1<Z#/3#C19I.V#\0.:29#>[0H3>3.839:A#<A:<.#23#.II3>31/3? (3.H9#>3A<AV#20:\0AV#23#GA:<31A#3#23G.=3#2A>>.#C9IA1<ZV#>[0H3>3.O 839:A#2A>>[3:G0//AGG9V#3>#29>91A#A#>9#G/FA1:9#<1.B3==A:<A#CA1B3:9# 2A3# C3b# I3/3:3V# .30<3.H9/3# I3/A:2AI9>HA:<A# .# I3IA1A# \0AG<9# CAO 13929#3:#CA1BA<<.#>A<383.#A#/9:#(?#]1.:/AG/9#130G/31AH9V#.#C9/9#.# C9/9V#.#/.:<.1A#>A#>923#23#'39#A#2A>>A#/1A.<01A#/FA#/3#B.::9#G9BB131A? 6N7
$?& /+.#!%5! !"#F&('2'(#6-*+'-#-7*/#)&('2*:2l5# !.#>3:A.#3:<A1391A#23#I31<b#GA=03<.#\0AG<[.::9V#Y#G<.<.#>.#(CA1.:O 8.D#GAHJ1.#0:[319:3.#C.1>.1A#9==3#23#GCA1.:8.o#E.#3>#/13G<3.:9V#.><A1# ;F13G<0GV#GCA1.#/9:<19#9=:3#GCA1.:8.?#(<3.H9#.<<1.IA1G.:29#0:9# 2A3#CA13923#.C9/.>3<<3/3#H9:23.>3#A#GA#B3:9#.#C9/F3#=391:3#B.#GCAO 1.I.H9#/FA#>[%<.>3.#:9G<1.#:9:#G.1AJJA#G<.<.#<1.G/3:.<.#:A>>.#>9<<.# 2A>>.#BA19/3.V#G.1AJJA#13H.G<.#B.19#>0/A:<A#23#/3I3><Z#/0G<92A#I3=3>A# 2A>#/13G<3.:AG3H9V#9==3V#C01<19CC9#>.#IA23.H9#.:/F[AGG.#/93:I9><.# :A>>.#<1.=A23.V#A#/3`#/FA#.229>91.#.:/91#C3b#:A>#H9I3HA:<9#/FA# H31.#.>>.#2A3B3/.839:A#2A>>.#B918.#J10<.?#*9:#Y#\0AG<9#:f#3>#>09=9V# :f#3>#H9HA:<9V#:f#>[.HJ3A:<A#2A>>A#23G/0GG39:3#A#2A>>.#/13<3/.? %># =3023839# 23# <0<<9# A# 23# <0<<3# Y# 13GA1I.<9# .# '39# A# .>>.# G<913.?# RA1<01J.839:3# G9/3.>3# /9HA# >[.<<0.>AV# :9:# C9GG9:9# AGGA1A# H3G0O 1.<AV#:f#23G/0GGA#2.3#/9:<AHC91.:A3?#k0AG<9#Y#3>#H9HA:<9#2A>>.# 23G/3C>3:.# A# 2A>>[9>9/.0G<9V# CA1# :93# GCA/3.>HA:<A# Y# 3># H9HA:<9# 2A>>[ABBA<<0.839:A#2A>>.#:9G<1.#3:<3H.#9BBA1<.#/9:#>A#I31<b#3:<A1:A# 23#13:0:83.#C013B3/.<13/AV#23#.<<AG.#.//A<<.:<AV#23#3:I9/.839:A#/9O G<.:<AV#23#G3>A:839#.291.:<AV#23#/9:B32A:8.#3:B1.:=3J3>A? ,.GGA=:.1G3V#/9:#=1.:#]A2A#3:#'39#A#/9:#BA1H3GG3H.#GCA1.:8.?# !.#GCA1.:8.#/3#3:GA=:A1Z#.2#.<<A:2A1A#A#.#1AG3G<A1A? "<<AG.#.//A<<.:<A?#"<<A:2A1A#Y#>.#C.1<A#2A3#C3//9>3V#2A3#C9IA13V# 2A3#J.HJ3:3V#2A3#23HA:<3/.<3V#H.#Y#>.#I31<b#B3=>3.#2A>>.#GCA1.:8.? 4"#F&('2*:2#0/2#./#&;'/9/62:/-*(l6 ;F3#=30:=A#.#C9GGA2A1>.#3HC.1.#.2#.BB32.1G3#A2#.#B32.1A#3:<3AO 1.HA:<A#3:#'39g#G3#C013B3/.#23#H9><A#/9>CA#/9:<19#>.#/9:B32A:8.V# l5
# 6Ll5#:?#676? # 6Ll5#:?#676?#
l6
6Nl
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bV# .:3HA# /FAV# B320/39GA# B3:9# .>>.# B9>>3.V# C.83A:<3# B3:9# .>>.# H91<AV# \0.>/FA# I9><.#GAHJ1.:9#I3:/A1A#3>#/091A#23#'39#A#9<<A:A1A#>.#=1.83.#CA1#>.# G9>.#B918.#2A>#>919#.H91An#&1.V#GA#>[.H91A#0H.:9#F.#/9HC30<9# 23# \0AG<3# C1923=3V# :93# 29JJ3.H9# GCA1.1A# A# I9>A1A# /FA# 3># :9G<19# C9IA19#A#2AJ9>A#.H91A#CA1#'39#hCA1#>[.30<9#23#!03#A#:9:#CA1#I31<b# :9G<1.i#2AJJ.#9CA1.1:A#23#H.==3913?#!.#I3<.#3:23I320.>AV#B.H3>3.O 1AV#G9/3.>A#:9:#F.#H.:<A:0<9#>A#G0A#C19HAGGAn#*9:#29JJ3.H9# :f#G/91.==3.1/3#:f#23BB32.1A?#)GG.#C0`#B.>>31/3?#'39#:9:#/3#B.>>31Z?# '9C9#>.#I3<.#/FA#HA:<3G/AV#IA11Z#'39#/FA#Y#>.#IA13<Z#I3IA:<A?#E.# GA:<3.H9#9J3A<<.1/3D#W$0.12.<A#9==3#>.#B1.:.#2A>>.#/3I3><ZV#2A>#/13O G<3.:AG3H9g# H.>=1.29# 3># I9G<19# C3.:=A1AV# 3># I9G<19# G0CC>3/.1AV# 3># I9G<19#3HH9>.1I3V#/9G.#.IA<A#9<<A:0<9n#-:.#/.<.G<19BA#0:3IA1G.O >Ao#'9I[Y#3>#I9G<19#'39nX#h/B1#(.>#l6cl4ei? )G<A1:.HA:<AV#<AHC91.>HA:<A#GjV#0:.#/.<.G<19BAo#E.#/FA#G.CO C3.H9#:93#2A3#C19/AGG3#H3G<A139G3#A2#3:I3G3J3>3#/FA#G3#/9HC39:9# :A>>[9123:A#G9C1.::.<01.>A#2A>>.#$1.83.V#3:#\0A>#H9:29#/FA#Y#/9Gj# 3=:9<9#.#:93V#C9IA13#.J3<.:<3#23#\0.==3bn#;FA#G.CC3.H9#:93#/FA# C19C139#>A#3HH9>.:<3#G3>A:839GA#.<<AGA#:9:#G3.:9#\0A>>A#/FA#.JO J3.:9#0:#C.1<3/9>.1A#I.>91A#/99CA1.<3I9#:A3#GA=1A<3#C19/A23HA:<3# 2A>>.#$1.83.n#)#/FA#G3.:9#C19C139#AGGA#.2#9<<A:A1A#3>#C1923=39n# "<<AGA#23#.:3HA#.H.:<3V#/FA#I911AJJA19#IA2A1A#=3Z#3:#.<<9#3>#,AO =:9# 23# '39V# .<<AGA# 23# /0913# H.<A1:3# /FA# <1AC32.:9# CA1# 3# C19C13# 6NQ
B3=>3V# .<<AGA# 2A3# C9/F3# =9IA1:.:<3# /13G<3.:3# I3:<3# 9# I3:/3<913V# /FA# GA=09:9#<1AC32.:<3#A2#.:=9G/3.<3#>A#G91<3#2A3#>919#C9C9>3V#2.#AGG3# G<AGG3V#.CC.1A:<AHA:<AV#2A/3GAn#"<<AGA#2A>#U3/.139#23#;13G<9V#/FA# G3# /9:G0H.# :A>>.# CA:3<A:8.# A# :A>>[.HJ.G/3.# .>>.# I3G39:A# 23# <.:<3# G093# B3=>3# 23>.:3.<3# 2.# 923# BA19/3o# '.# <0<<A# \0AG<A# .<<AGA# A# <1AC3O 2.839:3V#2.#<0<<A#\0AG<A#<A:<.839:3#hCA1#H9><A#.:3HA#>.#G9BBA1A:O 8.#.<<0.>A#Y#IA1.#<A:<.839:Ai#G3#GC13=39:.#/A1<.HA:<A#>.#C1A=F3A1.# G0CC>3/AV#>[.<<9#23#.H91A#C9<A:<3GG3H9#A#311AG3G<3J3>AV#/FA#130G/31Z# .#C3A=.1A#IA1G9#\0AG<.#3HC.883<.#0H.:3<Z#3>#;091A#'3I3:9g#>[.<<9# 23#.H91A#/FA#)=>3#:9:#C0`#:9:#.G/9><.1AV#:9:#.//9=>3A1AV#CA1/Ff# H9GG9#0:3/.HA:<A#9==3V#2.#0:.#BA2A#G9G<A:0<.#2.>>[.132.#A#:02.# I9>9:<ZV#/FA#I09>A#.:/91.#GCA1.1A#/9:#/9:B32A:8.#3:B1.:=3J3>A?#%># R?#R>0G#F.#G/13<<9#/FA#3>#(3=:91A#CA1HA<<A#G/9:I9>=3HA:<3#G9/3.>3# .:/FA#CA1#G.>I.1A#0:[.:3H.#G9>.o#)//9#CA1/Ff#.BBA1H3.H9#/FA#>.# :9G<1.#.<<AG.#G3>A:<A#A2#91.:<A#C0`#AGGA1A#ABB3/./A#/99CA1.839:A# :A3#C19/A23HA:<3#GA=1A<3#2A>>[.839:A#'3I3:.o @"#F&('2'(#3#6'(.('(#(#&'(72'(l4 (3#Y#2A<<9#/FA#.<<A:2A1A#Y#/1A2A1AV#Y#C1A=.1Ao#*A>#U.:=A>9#Y# G/13<<9D#W;F3A2A<A#A#I3#G.1Z#2.<9V#C3//F3.<A#A#I3#G.1Z#.CA1<9X#hE<# MVMi?#R.19>.#)I.:=A>3/.#:9:#B.>>.o#;3`#/FA#2Z#>.#B918.#A#>.#C.83A:8.# 23# /9:<3:0.1A# .# /F3A2A1AV# :9:# Y# >.# /9G/3A:8.# 2A># :9G<19# I.>91A# CA1G9:.>AV#JA:Gj#>.#/9:9G/A:8.#2A>>[3:B3:3<.#J9:<Z#.#/03#/F3A23.H9# A# CA1/3`# 3:# 91A# /9Gj# <A:AJ19GA# /F3023.H9# =>3# 9//F3# A# .JJ.:29O :3.H9/3#.>>.#I31<b#2A>>.#/9:B32A:8.#/FA#Y#2AB3:3<.D#W0:.#G\03G3<.# B91H.#23#.H91AX?#k0.>A#AGA1/3839#3:B.<<3#C3b#A193/9#CA1#:93#A#C3b# =1.<9#.#'39#/FA#3>#/9:B32.1A#3:#!03#:A>#H9HA:<9#G<AGG9#3:#/03#)=>3# /3#CA1/09<An#*9:#Y#0:#13B>AGG9#2A>#G0C1AH9#.JJ.:29:9#23#$AGb# G0>>.#;19/AV#\0.:29#G3#GA:<j#23HA:<3/.<9#2.>#R.21A#(09n#*9:#Y# l4
# 6Ll5#:?#676?
6NP
\0AG<9#3>#G0C1AH9#GB9189#2A>>.#:02.#I9>9:<ZV#/FA#I09>A#GCA1.1A# /9:<19#9=:3#GCA1.:8.n#'3#\0.>A#ABB3/./3.#AGC3.<13/AV#13C.1.<13/A#A# 3HCA<1.<913.#:9:#G.1Z#AGG9#/.C./An#(<13:=3.H9/3#.20:\0A#.3#C13:O /jC3#2A>>.#29<<13:.#AI.:=A>3/.D#W]3:9#3#/.CA>>3#2A>#I9G<19#/.C9#G9:9# <0<<3# /9:<.<3?# *9:# <AHA<A# /9>919# /FA# 0//329:9# 3># /91C9# A# :9:# C9GG9:9# 0//32A1A# >[.:3H.?# *9:# G3# IA:29:9# 20A# C.GGA13# CA1# 0:# \0.<<13:9n#U93#G3A<A#2.#C3b#23#H9><3#C.GGA13V#:9:#<AHA<A#20:\0A?# ;A1/.<A#C13H.#3>#,A=:9#23#'39#A#>.#G0.#=30G<383.#A#<0<<A#>A#.><1A# /9GA#I3#G.1.::9#.==30:<AoX#hE<#PV77i?#(<13:=3.H9/3#.>>.#:91H.#2A>O >.# ,A=9>.# W*9:# I3# .BB.::.<A# G9C1.# /9G.# .>/0:.V# C93/Ff# '39# G.V# C0`#A#I09>A#C19IIA2A1I3X?# '39#CA1HA<<A#3>#H.>An#'39#GAHJ1.#.JJ.:29:.1/3n#(A#)=>3#C.1A# >.G/3.1/3#G9>3V#Y#GA=:9#/FA#>9#<19I.#C3b#0<3>A#CA1#>.#:9G<1.#A20/.O 839:A#GC313<0.>A? ].//3.H9/3#C3b#0H3>3#A#C3b#B32A:<3#IA1G9#'39#.//A<<.:29#G3>A:O 839G.HA:<A#>A#(0A#CA1H3GG39:3o#].//3.H9/3#C3b#B1.<A1:3#/9:#9=:3# HAHJ19#0H.:9#23#\0.>G3.G3#:.839:AV#.H.:29V#.30<.:29V#AGC3.:O 29?#'3HA:<3/F3.H9/3#A2#.G<A:3.H9/3#2.#\0.>G3.G3#G9223GB.839:A# :9G<1.V#G3.#C01#>A=3<<3H.?#%HHA1=3.H9/3#:A>>.#C1A=F3A1.V#:A>>[3HO H9>.839:AV#:A>#G3>A:839#.291.:<A#A2#.I1AH9#/9:<13J03<9#ABB3/./AO HA:<A#.#1329:.1A#>.#C./A#.>#H9:29? ;9:G32A13.H9#\0.:<.#3:<3H.V#B3>3.>A#/9:B32A:8.#G3#/9:<A:=.#3:# 0:[.GG9>0<.#/9:B91H3<Z#.3#I9>A13#23#'39? !.#/9:B91H3<Z#G0CA1.#>.#GAHC>3/A#1.GGA=:.839:Ag#CA1#AGG.V#>[.O :3H.#CA:A<1.#A#\0.G3#G3#.CC19C13.#2A3#23GA=:3#23I3:3V#<19I.:29#3:# AGG3V#C01#GA:8.#3:<A:2A1>3#3:<3A1.HA:<AV#0:#G9223GB./3HA:<9V#0:.# C./A#23#/3A>9V#/FA#Y#3:G3AHA#BA2AV#GCA1.:8.V#/.13<Z#.><3GG3H.? R01A#J3G9=:.#/9:BAGG.1A#/FA#\0AG<A#J09:A#23GC9G3839:3#:9:# 3HCA23G/9:9#.:/FA#.>>A#.:3HA#C3b#G9<<9HAGGA#23#H.:2.1A#\0.>O /FA#>.HA:<9V#\0.:29#3>#CAG9#2A>>.#;19/A#9><1AC.GG3#3>#>3H3<A#2A>>A# >919# B918A?# (9:9# 3# H9HA:<3# <A113J3>3# 3:# /03# :9:# C9GG3.H9# :9:# /F3A2A1/3D# WRA1/FfV# (3=:91An# ;FA# /9G.# G3=:3B3/.# \0AG<9# /0H0>9# 6NM
23#29>913n#;FA#/9G.#I093#2.#HAnX?#!.#13GC9G<.V#CA1#/F3#13B>A<<.#0:# C9/9#.3#C3A23#2A>#;19/3B3GG9V#Y#0:.#G9>.D#@#;FA#/9G.#I09>A#'39# 2.#<An#@#:0>>[.><19#/FA#C19I.1A#>.#<0.#/.C./3<Z#23#.//A<<.839:A#A#23# GA=1A<.#.291.839:A#2A>>.#(0.#U9>9:<Z? KA.<3#/9>919#/FA#B3:#2.#\0AG<.#I3<.#G3#G<023.:9#23#.II3/3:.1G3# .>#;19/3B3GG9#CA1#B.1G3#29/3>3#G<10HA:<3#2A3#G0J>3H3#C19/A23HA:<3# 2A>>.#$1.83.o# C"#52#)&('2*:2#'-,&(#/#%266/#.(%%>(7-/),-l7 !.# GCA1.:8.V# B918.# 0H.:.V# Y# 0:.# 2A>>A# 0:23/3# C.GG39:3# /9:O :.<01.<A#:A>>[09H9?#,3/9123.H9#J1AIAHA:<A#>.#2AB3:3839:A#2A>>A# C.GG39:3D#WB918A#I3IA#:9:#:A/AGG.13.HA:<A#/.<<3IAV#B918A#/FA#CA1`# 29C9#3>#CA//.<9#913=3:.>A#F.::9#J3G9=:9#23#AGGA1A#23G/3C>3:.<A#A# 231A<<A#2.>>.#G.:.#1.=39:A#X?#":/FA#>.#(CA1.:8.V#20:\0AV#F.#J3O G9=:9# 23# AGGA1A# 231A<<.V# .><13HA:<3# 23I3A:A# GB19:<.<A88.# 9# G<0C3O 2.==3:A?# '31A<<.V# G3# <1.GB91H.# 3:# GA:<3HA:<9# :9J3>AV# 3:# 3HC0>G9# G0G/3<.<91A#23#A:A1=3A#0H.:A#ABB3/./3?#$0.3#.>>A#AG3G<A:8A#:9:#3>>0O H3:.<AV#:f#13G/.>2.<A#2.#\0AG<9#G9>A#BA/9:2.<91A?#(9:9#C.1.GG3<3# 23GG9>I3<913? E.#.#:93#:9:#3:<A1AGG.#<.:<9#>9#G<0239#CG3/9>9=3/9#2A>>.#<A:O 2A:8.#:.<01.>AV#\0.:<9#>.#/9:9G/A:8.#A#>.#C1.<3/.#23#\0AG<.#B918.# G9C1.::.<01.>A#1A.>388.<.?#;9HA#>.#]A2AV#AGG.#Y#3:B0G.V#.>>9#G<.<9# 23# =A1HAV# 3># 23# /03# GI3>0CC9# 23CA:2A# 2.>>9# GI3>0CC9# 2A>>.# ]A2A?# ;9:23839:A#:A/AGG.13.#CA1#>.#/1AG/3<.#23#\0AG<.#I31<b#Y#.20:\0A# 0:#<A11A:9#C19B9:2.HA:<A#>.I91.<9#2.#0:.#]A2A#I3=919G.#A#:9:# GA1I3>A?# )# G3//9HAV# \0AG<.# B918.# /9H0:3/.# 3># G09# 3HC0>G9# :9:# <.:<9#.>>.#1.=39:AV#\0.:<9#.>#GA:<3HA:<9V#9//911A#.:/FA#0:#/091A# .CA1<9# A# :9:# G9==39=.<9# 2.# 0:.# HA:<A# /.>/9>.<13/AV# =3.//Ff# >.# (CA1.:8.#:9:#IA2AV#H.#/1A2AV#:9:#1.=39:.V#H.#G3#G>.:/3.?#)GG.#G3# l7
# 6L7L#:?#64P?
6NN
B32.#2A>>.#JA>>A88.#3:<1.I3G<.#A#I.?#![A=93GH9V#C.21A#2A>>[A//AGG3I.# G<3H.#23#GfV#2A>>[A//AGG3I9#2AG32A139#2A>>.#G<3H.#.><103V#>[A=93GH9# .//A:<1.V#<1.<<3A:A?#%:B.<<3V#>[A=93G<.#G3#B32.#C9/9#23#'39#A#:3A:<A# 2A>>[09H9?# T.# GAHC1A# <3H91A# /FA# =>3# G3# I9=>3.# <9=>3A1A# \0.>/FA# /9G.V#\0A>#\0.>/FA#/9G.#23#Gf#/FA#A=>3#G3#3>>02A#23#C9GGA2A1A#A#/FA# <3A:A#JA:#G<1A<<9V#GAJJA:A#:9:#G3.#/FA#0:#HA19#B.:<.GH.?#)#C3b# CA12A#<A11A:9#A#C3b#G3#1.::3//F3.#A#C3b#<3A:A#.#GA#G<AGG9#A#C3b#G3# 23H3:03G/AV#C3b#G3#23H3:03G/A#A#C3b#<AHA#23#AGGA1A#23H3:03<9?#R9O IA13#/.2.IA13#.HJ0>.:<3V#/FA#:9:#G3#.IIA29:9#2A>>.#H91<A#/FA#>3# .II3:/A#A2#.#/03#G3#.GGA1I3G/9:9#9=:3#=391:9#23#C3b? !.# GCA1.:8.V# B918.# 3:/3<.<13/AV# 19HCA# 3:231A<<.HA:<A# /92AG<3# >.//3# h3# >.//3# G9:9#19<<3#2.>#23G<.//9V#H.#:9:#/[Y#23G<.//9#GA:8.# GCA1.:8.iV#GI3:/9>.#>[.:3H.V#>A#2Z#3>#H9I3HA:<9#:A/AGG.139#B3:9#.# /9:201>.#.>>[0G/3<.#2.#Gf#A#3:<19201>.#:A>>.#/9:B32A:8.V#913A:<.:O 29>.#.>#G0C1AH9#.JJ.:29:9? "//9G<.:29# >A# .:3HA# G3# /9:G<.<.# <.:=3J3>HA:<A# \0AG<9# C19O /AGG9# AI9>0<3I9?# *A3# C13:/3C3.:<3# 0:.# 2A>>A# 23BB3/9><Z# Y# C19C139# >[A//AGG3I.V#GAJJA:#3:/9G/3A:<AV#G<3H.#23#GfV#2A>#C19C139#=3023839V# 2A>>.# C19C13.# I3G39:A# hG3.# C01# G9<<9# >.# IAG<A# 23# 0H3><ZiV# .# G/.C3O <9#2A>>[3HC91<.:8.#/FA#G3#29I1AJJA#2.1A#.>>[ABB3/./3.#2A>>.#=1.83.# 9CA1.:<A?#":/FA#:A3#C19B3/3A:<3V#=A:A1.>HA:<AV#13H.:A#>[A//AGG3I.# 3HC91<.:8.#2.<.#.>>.#C19C13.#.<<3I3<ZV#/FA#3:<1.>/3.#3>#CA1BA839:.O HA:<9#2A>>.#(CA1.:8.? T?& ';;."$.%5! !"#T;2'.2'(#%(#6-)(#.2%%>2%+-#&('#-??(./'(ll# R3A11A#;F.1>AG#B.#0:#13>3AI9#G0>>[9JJA23A:8.?#W%9#:9:#C9GG9#C3b# 9JJA231A#/9HA#B./AI9#CA1#>[3::.:83V#GA:8.#/9:B19:<.1A#>[9123:A# /FA#H3#G[3:<3H.#/9:#0:#=3023839#H39#/FA#3A13#:9:#.IAI9V#H.#/FA# ll
# 6L75#:?#P5?
6NL
9==3#H3#G9:#B91H.<9XV#A2#Y#>9=3/9o#E.:/FA1AHH9#.>>.#G3:/A13<Z# A2# .>>.# GAHC>3/3<Z# GA# C1A<A:2AGG3H9# 2.# :93# A# 2.=>3# .><13# G3BB.<<.# 9JJA23A:8.o# +19CCA# /9=:3839:3# A# <19CCA# AGCA13A:8A# =1.I.:9# >A# :9G<1A#GC.>>AV#CA1/Ff#/9:<19#>[9123:A#13/AI0<9#:9:#G3#13883#G0J3O <9#3>#CA:G3A19#9CC9G<9#.#H9G<1.1/3#/9:#AI32A:8.#<.:=3J3>A#/FA#3# :9G<13#G0CA13913#F.::9#C1AG9#.JJ.=>39V#A#G3#G9:9#3:=.::.<3?#(9>9# 29C9#0:#>0:=9#AGA1/3839V#9#CA1#0:9#G<.<9#C.1<3/9>.1A#23#$1.83.V# G3#C0`#=30:=A1A#.>>[0:3<Z#23#I3G39:AV#A2#.>>.#C./3B3/.839:A#2A>#<01O J3:39# 3:<A1391A?# E.# C13H.# 23# AGGA1A# =30:<A# .# \0AG<9# 9//911A# >.# >9<<.V#>.#B.<3/.V#3>#>.I919?#)#/9HA#>9<<.1An#!9#G.CC3.H9V#H.#Y#0<3>A# 13/912.1>9D#/9:<1.CC9:A:29#.3#H9<3I3#:.<01.>3#/FA#/3#B.::9#9CC9O G3839:AV#H9<3I3#G9C1.::.<01.>3#23#BA2A#/FA#/3#GC3:=9:9#.>>.#I31<b?# )#>[.0<91A#/3<.#.>/0:3#23#\0AG<3#H9<3I3#G9C1.::.<01.>3D#W!.#G<1.<A=3.# '3I3:.V#3>#JA:A#2A>>.#;9H0:3<ZV#>.#BA2A#:A>>["0<913<ZX?#!.#G<1.<A=3.# .2#AG?#2A>#E.AG<19#'3I3:9#/FA#0G.:29#2A>>.#HA:<.>3<Z#2A3#H3A3#(0O CA13913#H3#/9:20/A#.#/9HC3A1A#0:#G./13B3/39#/FA#H.3#H3#G.1A3#3HO C9G<.#2.#HA#A#231A#/FA#2AG32A1.I9#>.#CA:3<A:8.V#>.#H91<3B3/.839:A?# %>#JA:A#2A>>.#;9H0:3<Z#CA1#>.#\0.>A#2AJJ9#G./13B3/.1A#3>#JA:A#H39# 3:23I320.>A?#!.#BA2A#:A3#(0CA13913#/FA#AGGA:29#C3b#3:#.><9#IA29:9# HA=>39#A#C3b#/FA#3:23I320.>HA:<A#=0.12.:9#.>#JA:A#2A>>.#B.H3=>3.# A#/FA#G9C1.<<0<<9#.IA:29#>A#$1.83A#2[0BB3/39#IA29:9#C3b#=30G<9?# )//9#3#H9<3I3#G9C1.::.<01.>3#2A>>.#H3.#9JJA23A:8.o 4"#5>-??(./(*:2#&-77/2#);%%2#9(.(lQ# k03:23V#H09IA:29G3#2.>>.#/A1<A88.#/FA#>.#]A2A#:9:#C19C9:A# /9GA#.GG012AV#H.#G9><.:<9#/9GA#G0CA13913#.>>.#1.=39:AV#C9:3.H9/3# .2#AG.H3:.1A#>.#I31<b#2A>>[9JJA23A:8.#3:#GA#G<AGG.?#)GG.#2AIA#AGGAO 1A#0:#C19>0:=.HA:<9V#0:.#23G<A:G39:A#2A>>.#:9G<1.#]A2A?#(A#:9:# Y#/9GjV#AGG.#:9:#Y#9JJA23A:8.V#H.#3C9/13G3.V#A=93GH9#A#23I3G39:A? lQ
# 6L7N#:?#66P?
6L5
R9<1Z#AGGA1I3#23G/3C>3:.#AG<A1:.V#H.#:9:#9JJA23A:8.?#%>#G9>2.O <9#/FA#9JJA23G/A#.>#23#B0913V#A2#3HC1A/.#.>#23#2A:<19V#3>#/.1/A1.<9# /FAV# C01# :9:# H09IA:29G3# 2.>>.# G0.# /A>>.V# /9G<103G/A# 2A>3<<3# CA1# 3>#B0<019V#3>#/9>>A=3.>A#/FA#13G3A2A#:A>#G09#/9:I3<<9V#CA1#H9<3I3#23# 3:<A1AGGAV# H.# G9=:.# .><13# .HJ3A:<3V# H912A# 3># B1A:9# A# H91H91.?# k0AG<3#:9:#G9:9#9JJA23A:<3? ![9JJA23A:8.V#CA1#AGGA1#I31<bV#9//911A#/FA#G3.#AH.:.839:A#23# 0:#.<<9#3:<A1391AV#/39Y#0:3B3/F3#>[09H9#A#G3.#0:.V#/9HA#0:.#Y#>.# ]A2A?#&//911A#/FA#G3.#3:<A=1.V#/9HA#3:<A=1.V#2AIA#AGGA1A#>.#]A2A?# !.#]A2AV#/FA#:9:#Y#0:.#A#:9:#Y#3:<A=1.V#:9:#G3#/F3.H.#]A2AV#H.# C19J.J3>3<Z?#(9>9#>.#]A2AV#0:.#A2#3:<A=1.V#B91H.#3>#(.:<9?#%>#(.:<9# Y#>[09H9#2A>>[3:<A=13<Z#A#2A>>[0:3<Z?#)=>3#:9:#C0`#AGGA1A#/FA#0:9V# /9HA#0:.#Y#>.#(0.#]A2A?#'AIA#AGGA1A#3:<A=19V#CA1/Ff#3:<A=1.#Y# >.#]A2A?#!.#]A2A#Y#0:.#A2#3:<A=1.V#CA1/Ff#C9==3.#G0>>[3:B.>>3J3>3<Z# 2A>>[.0<913<Z#3:GA=:.:<A?#":/91.#>[&JJA23A:8.#2AIA#C9==3.1AV#3:# /A1<9#H929V#G0>>.#G<AGG.#19//3.? %>#:9G<19#GC313<9#Y#0:.#I.>>.<.V#=3.//Ff#/9HA#23/A#(?#]1.:/AG/9# 23#(.>AGV#F.#0:.#B91<A#3:/>3:.839:A#.>>.#>A==A1A88.#A2#3:/9G<.:8.V# <.>/Ff# W91.# =0G<.# 0:.# /9G.V# A2# 91.# :9:# >.# I911AJJA# C3bV# GA# I9O >AGG3H9# A# C9<AGG3H9# GA:8.# G/.:2.>9V# GA=031A# <0<<3# 3# H9I3HA:<3# 2A>#:9G<19#GC313<9V#:9:#IA21AHH9#.><19#/FA#/.HJ3.HA:<3#@#<.:<9# Y#G<1.I.=.:<A#\0AG<.#3:/9G<.:8.#2A>>9#GC313<9#0H.:9?#RA1#I3IA1A# A=0.>HA:<A#<1.#>[3:G<.J3>3<Z#2A3#GA:<3HA:<3#A2#.IIA2A:<3V#J3G9=:.# BA1H.1A#>9#GC313<9#/9:#>.#B918.#2A>>A#:9G<1A#13G9>0839:3X? !.# G<.J3>3<Z# :A>>A# /9GA# 3:<A13913# Y# 1.13GG3H.?# )GG.# 3:IA/AV# G3# 13G/9:<1.#.GG.3#B1A\0A:<AHA:<A#3:#<0<<9#/3`#/FA#Y#0H.:9V#/9HO HA1/39V#C19BAGG39:AV#G<023#A//?#CA1/Ff#=A:A1.>HA:<A#:A#G0//A2A# >[3HHA23.<.# G9223GB.839:A?# '3/AI.# >[.><19# 3A13# >.# H.AG<1.# 2A>>[9O GCA2.>AD#W*9:#Y#>.#13/9:9G/A:8.#/FA#/3#A//3<.#:A>#>.I919V#/FA#/A# >9#B.#.H.1A#A:<0G3.G<3/.HA:<A#A#/FA#/3#GC3:=A#.>#/9HC3HA:<9#2A># 29IA1AV#H.#Y#>.#G9223GB.839:A#2A>>.#130G/3<.#/FA#/9HCA:G.#<0<<A# >A#:9G<1A#B.<3/FAX? 6L6
$>3#GB9183#3:<A13913#:9:#F.::9#\0AG<9#/9HCA:G9#3HHA23.<9V# A2#.:83#GCAGG9#GJ9//.:9#3:#0H3>3.:<3#23G3>>0G39:3?#a#\0AG<9#0:9# 2A=>3#GC0:<3#C3b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k0AG<.# 9JJA23A:8.V# 23/A#(?#]1.:/AG/9#23#(.>AGV#Y#>[9JJA23A:8.#2A3#CA1BA<<3#WY#>[9JJAO 23A:8.#G/.<013<.#2.>>[.H91AX?#)#>.#(?#E.21AD#W%HCA19//Ff#\0.:29# >[9JJA23A:8.# Y# B9:2.<.# G0>>.# /.13<ZV# Y# :A>>[09H9# 0:.# =1.:# >0/A?# &=:3# /9G.# :9G<1.# CA1/Ff# G3.# J09:.# J3G9=:.# /FA# G3.# B.<<.# G9<O <9# >[9JJA23A:8.?# K.G3.H9# >[9JJA23A:8.# G0>>.# ]A2A# A# :9:# G0J31Z# 9G/3>>.839:3XlP?# @"#^??(./(*:2#)(7*-#./#)2*+/+1lM W!.#I31<b#2A>>[9JJA23A:8.V#GA#Y#:A/AGG.13.#CA1#3H3<.1A#>9#(C9G9# '3I3:9V#/FA#G3#Y#B.<<9#9JJA23A:<A#G3:9#.>>.#H91<A#A2#.>>.#H91<A#23# /19/A#h/B1#]3>#4VNiV#Y#3:23GCA:G.J3>A#CA1#B91H.1A#>.#J.GA#=1.:3<3/.# A#>.#/9:G3G<A:8.#.1H9:3/.#23#0:.#B.H3=>3.#GC313<0.>A#XV#23/9:9#>A# ;9G<3<0839:3lN? (3V#Y#:A/AGG.13.#CA1#>A#B.H3=>3A#GC313<0.>3#A#CA1#>A#B.H3=>3A#JA:A# 9123:.<AV#H.#39#I3#23/9#.:83<0<<9V#/FA#Y#:A/AGG.13.#.>>[.:3H.#0H.O :.V#/FA#.GC31.#.>>.#IA13<Z#A#I09>#H09IA1G3#:A>>.#IA13<Z?#;FA#3>#(3=:9O lP
# ;B#,E?#;.C3<9>9#N? # 6L7N#:?#66l? lN # ;B#.1<?#MN? lM
6L4
1A#H3#.30<3#.#23H9G<1.1>9?#R.1>.1A#2A>>A#I31<b#2A>>9#G<.<9#1A>3=39G9# :9:#Y#H.3#B./3>AV#H.#Y#G9C1.<<0<<9#23BB3/3>A#C.1>.1A#2A>>[9JJA23A:O 8.V#CA1/Ff#AGG.#.>>.#:9G<1.#:.<01.#/9119<<.#13AG/A#C3b#.GC1.#23#<0<<A? !.# /.G<3<Z# /9># G09# B9>=91A==3.:<A# /.:291A# .<<1.A?# *9:# G9:9# 1.1A#>A#.:3HA#1A<<A#A#GCA/3.>HA:<A#3:<A>>A<<3IAV#/FA#13C0=:.:9#2.>>A# J.GGA#G9223GB.839:3V#.:/FA#GA:8.#/9:9G/A1A#3>#C1A=39#/FA#F.V#2.O I.:<3#.#'39V#>.#/.G<3<Z? !.#C9IA1<ZV#GAJJA:A#I31<b#.0G<A1.V#F.#CA1`#GAHC1A#\0.>/9G.#23# .<<1.A:<AV#9==3#C93#/FA#>.#C9AG3.#H92A1:.#F.#3:/919:.<9#2A3#G093# C3b#JA3#B3913#3>#R9IA1A>>9#23#"GG3G3?#'A>#1AG<9V#\0.:29#3#<AHCA1.O HA:<3#13C0=:.:9#2.>>A#J.GGA88AV#F.::9#0:.#/A1<.#B./3>3<Z#.2#AGGA1A# .<<1.<<3#2.>>A#G<AGGA#.0G<A13<Z#23#E.29::.#R9IA1<ZV#3:IA/A#:9:#G3# <19IA1Z#H.3#0:#GA:G0.>A#I9>9:<.13.HA:<A#C9IA19? E.# >.# I31<bV# /FA# G9C1.# 9=:3# .><1.# <19I.# A:91H3# 23BB3/9><Z# 23# /9HC1A:G39:A# A# 23# AGA/0839:AV# Y# >[9JJA23A:8.?# )GG.V# 3:B.<<3V# G3# <19I.# G9>9# :A># G.:<9?# T9# 2A<<9# /FA# >[9JJA23A:8.# <19I.# A:91H3# 23BB3/9><Z#23#/9HC1A:G39:A?#a#9II39V#GA#>A#I31<b#G9C1.#:9H3:.<A# F.::9#.HJA20A#0:#>919#.GCA<<9#.<<1.A:<AV#:9:#/9Gj#>[9JJA23A:O 8.V#AGG.#3:IA/A#F.#>.#B3G39:9H3.#G<1A<<.#A#13=32.V#3:<1.:G3=A:<A#A2# 0H3>3.:<A?#%>#GA:G0.>A#:9:#C9<1Z#H.3#=30G<3B3/.1G3#GA#:9:#.119GGA:O 29?# '3BB3/3>HA:<A# A# /9:# HA:9# 19GG91A# G3# =30G<3B3/FA1Z# >[.H.:<A# 2A>>A#13//FA88AV#3>#C1923=9V#>9#G/3.>./\0.<91AV#H.#<19IA1Z#GAHC1A# 2.#=30G<3B3/.1G3#/9:#=1.:2A#B./3>3<ZV#3>#23G9JJA23A:<AD#W*9:#I.29# 2[.//9129# /9># H39# (0CA1391AV# CA1/Ff# 23# 32AA# G<1A<<Ag# :9:# I.29V# CA1/Ff#:9:#F.#/.1.<<A1Ad#G3#>.G/3.#H9:<.1A#A#:9:#GA#:A#.//91=Ag# 3>#(0CA1391A#Y#G.:<9V#H.#09H9#23#<.I9>3:9#A#:9:#F.#C1.<3/.V#\03:O 23#:9:#IA2A#3#J3G9=:3#2A>>A#.:3HAV#3#>.<3#C1.<3/3#2A>>[.C9G<9>.<9V#>A# :A/AGG3<Z#2A>>.#/.G.#A#H3#Y#=309/9#B918.#B.1A#.#HA#>[A\03>3J13G<.V# CA1#G.>I.1A#>.#G3<0.839:A#A#CA1#G.>I.1A#>03d#X?#;9G.#231A#3:#B.//3.#.# \0AG<A#.1=9HA:<.839:3n#*9:#IA2A<A#/9HA#>[.:3H.#Y#=3Z#3>>0G.#A2# 3:/9G/3A:<An#)GG.V#3:#C9/FA#C.19>AV#Y#>.#I3<<3H.? 6L7
)CC01AV#GA#>[.:3H.#G3#C1A:2AGGA#/01.#23#AG.H3:.1AV#23#.CC19O B9:231A#>A#/.0GA#/FA#1A:29:9#:A/AGG.13.#>[9JJA23A:8.V#IA11AJJA# C1AG<9# .# CA1G0.2A1G3D# /FA# AGG.# Y# :A/AGG.13.# .>>.# :9G<1.# 1.=39:AV# /9HA#Y#:A/AGG.13.#>.#]A2AV#/FA#AGG.#/3#C9:A#:A>>.#IA13<ZV#/3#B.#B.1A# >.#IA13<Z?
6Ll
*!+$,')'&("*+"#E)(("#)#U%+"#)-;",%(+%;"
"?! )!&/!%,!&(.//! !"#5>/*+'-/+-6 ;.13<Z# A# C9IA1<Z# h9# 0H3><Zi# G9:9# 20:\0A# >A# J.G3# 23# \0.>G3.G3# .G/AG.#A#BA/9:23<Z#GC313<0.>A? ![%:<193<9#2A>>.#EAGG.#/3#2Z#>A839:3#C1.<3/FA#G0#\0AG<9#.1=9O HA:<9#HA<<A:29#.#:029#>.#:9G<1.#.J3<0.>A#3:/9G<.:8.#:A3#H3=>3913# C19C9G3<3#A2#3:GA=:.:29/3#/FA#G9>9#29C9#AGGA1/3#C19B9:2.HA:<A# 0H3>3.<A#C9<1AH9#A:<1.1A#:A>>.#/.13<Z?#%>#CAG9#2A>>[0H.:.#B1.=3>3<Z# 13C1A:2A#\0.G3#3G<3:<3I.HA:<A#3>#29H3:39#A#C91<.#>[.:3H.#h:9:#A:O <1.<.#:A>>.#/.13<Zi#.#>.=:.1G3#2A>>A#3:=30G<383A#23#/03#YV#9#>A#GAHJ1.# 23#AGGA1AV#I3<<3H.?#)#29C9#\0A>#C13H9#G>.:/39#AGG.#G3#13C3A=.#G9C1.# 23#Gf#AD#WB.HH3#=30G<383.#'39V#2A/323#>.#H3.#/.0G.#2.#0:[AHC3.#:.O 839:A#A#2.>>[09H9#B1.029>A:<9#A#3:3\09#>3JA1.H3#<0X#h(.>#l4ul7V6i? RA1/Ff#\0AG<A#9G/3>>.839:3n#RA1/Ff#\0AG<3#.><3#A#J.GG3n#RA1/Ff# :9:#G3.H9#1.23/.<3#:f#3:#/.13<ZV#:f#3:#C9IA1<Z?#*9:#G3.H9#1.23O /.<3#:A>>.#/.13<ZV#CA1/Ff#GA#3>#/091A#B9GGA#3::.H91.<9#2A>#'39#/FA# .>>3A<.# >.# G0.# =39I3:A88.V# :9:# G3# /01A1AJJA# 2A>>[3:=30G<383.# 2A=>3# 09H3:3?#*9:#G3.H9#/9:I3:<3#2A>>.#:9G<1.#C9IA1<ZV#CA1/Ff#/3#/9:O <01J3.H9V# /9HA# IA21AH9# B1.# C9/9?# E.# >[.:3H.# CA1`# .IIA1<A# 3># 23G.=39#2A>>.#13C1AG.#0H.:.V#A#WCA1/Ff#H3#F.3#1AGC3:<9#'39nX?#E.# '39V#C3b#/9HC1A:G3I9#23#\0A>>9#/FA#:93#:9:#G3.H9#23#:93#G<AGG3V# 6
# 6Lll#:?#6QQ?#![3:<193<9#Y#0:#/.:<9#B0:839:.>A#/FA#.//9HC.=:.#>.#C19O /AGG39:A# 2A3# H3:3G<13# .>>[.><.1AV# F.# >9# G/9C9# 23# 2.1A# 3:3839# .>>.# /A>AJ1.839:AV# B.I9131A#>[0:3<Z#2A3#BA2A>3#130:3<3V#3:<192011A#3>#>919#GC313<9#:A>#H3G<A19#2A>#<AHC9# >3<01=3/9#9#2A>>.#BAG<3I3<Z?#%>#<AG<9#Y#=A:A1.>HA:<A#C1AG9#2.3#G.>H3V#<.>I9><.#2.#0:# .><19#>3J19#G/13<<013G<3/9V#/9:#0:9#G<1A<<9#>A=.HA#/9:#>A#>A<<01A#/FA#GA=031.::9?#
6LQ
92A#\0AG<9#>.HA:<9V#IA2A#>A#3:/A1<A88A#2A>>.#:9G<1.#3:BA1H.#:.<0O 1.#A#G.CA:29#>.#:9G<1.#2AJ9>A88.#:9:#G3#G<.:/.#2A>#:9G<19#I./3>>.1A# 23#C.01.#G9<<9#3#/9>C3#/9:#3#\0.>3#)=>3#/3#G<1.CC.#<0<<3#=>3#.CC9==3?# )#:A>>[.:3H.#B.<<.#C3b#C9IA1.#2.>>.#:9G<1.#/9:G<.<.839:A#2A>>.#G0.# H3GA13.V#G91=A#0:#B3>9#23#GCA1.:8.#/FA#>.#GC3:=A#.2#3HC>91.1A#>0/A# A#IA13<ZD#WE.:2.#>.#<0.#>0/A#A#>.#<0.#IA13<ZV#AGGA#H3#.//9HC.=:AO 1.::9#.>#+09#H9:<A#G.:<9X#h(.>#l4ul7V#7i? a# GAHC1A# /9GjV# 3># :9G<19# /091A# B.<<9# CA1# >[%:B3:3<9V# I3# .GC31.# /9:<3:0.HA:<AV#H.#3:<1.IA2A:29#23#29IA1#3:B1.:=A1A#3#C19C13#>3O H3<3#CA1#.//9=>3A1A#\0A>>[%:B3:3<9V#<1AH.#A#I./3>>.#A#>.#<13G<A88.#>[.BO BA11.#23#:09I9D#WRA1/Ff#.:3H.#H3.#<3#/9:<01J3#A#CA1/Ff#GA3#<13G<An# (CA1.#3:#'39#A//?X ;9:#\0.>#B3:A88.#13B>A<<A#\0AG<9#(.>H9#>9#G<.<9#.J3<0.>A#2A>>.# :9G<1.# /9:23839:A# 23# I3.<913o# ;9HA# G9:# B1A\0A:<3# /92AG<3# H9O HA:<3V#A#\0.:<9#CA13/9>9G3o (CAGG9#3:#\0A>>A#<A113J3>3#3:/A1<A88A#>[.:3H.#.IIA1<A#/FA#G3#<19O I.#3:#0:.#2A>>A#91A#C3b#2A/3G3IA#2A>>.#G0.#I3<.#G9C1.::.<01.>AV#A# '39#:9:#I9=>3.#/FA#>[.:3H.V#GC.IA:<.<.#2.>>.#:A/AGG3<Z#23#29IA1# 3:B1.:=A1A#3#C19C13#>3H3<3V#G3#I9>=.#3:23A<19? W;F3#C9:A#H.:9#.>>[.1.<19#A#G3#I9>=A#3:23A<19#:9:#Y#.<<9#CA1#3># 1A=:9#2A3#/3A>3X#h!/#LVP4i?#;9HA#>[.:3H.#29I1AJJA#<A:A1#C1AGA:<A# :A>>A#\09<323.:A#<A:<.839:3#A2#3:/A1<A88AV#\0AG<9#H9:3<9#GAIA19? E.#3>#;091A#'3I3:9#-H.:.<9V#/FA#F.#C19I.<9#W>[3:B3:3<.#.:O =9G/3.#2A>#^R.21AV#GA#Y#C9GG3J3>A#G3#.>>9:<.:3#2.#HA#\0AG<9#;.>3O /A_#hE<#4PV7Lg#E/#6lV7Pg#!/#44Vl4i#C3b#<A:A1.HA:<A#G3#C19<A:2A# IA1G9#>.#(0.#/1A.<01.#/9:#0:.#:09I.#=1.83.#/FA#B.#AGCA1<.#>[.:3H.# 2A>>.# G0.# 3HC9<A:8.# A# >.# /9:20/A# .2# A:<1.1A# B3:.>HA:<A# :A>>[0O H3><ZV#9GG3.#:A>>.#IA13<Z#A#>.#<9=>3A#2.>>[3>>0G39:Ag#2.#\0A>>[3>>0G39:A# /FA#=30:=A#CA1B3:9#.#>3H3<.1A#3>#CA//.<9#.>>A#<1.G=1AGG39:3#AG<A13913V# HA:<1A#C01<19CC9V#>.#<1.G=1AGG39:A#AG<A1:.#:9:#Y#.><19#/FA#>.#H.O :3BAG<.839:A#2A>>.#/9>C.#=3Z#/9:G0H.<.#2A:<19#23#Gf? 6LP
4"#$%#?26/-#.(%%>2%+2'(4 %>#G./A129<A#J./3.#>[.><.1A#\0.G3#B9GGA#3>#GAC9>/19#23#$AGb#h![.>O <.1AV# HA:G.# 23# C3A<1.# A>AI.<.# 2.# <A11.# .# 13/9129# 2A>>.# <.I9>.# 2A># ;A:./9>9#A#G3HJ9>9#23#;13G<9#WC3A<1.#.:=9>.1AX#2A>>.#;F3AG.g#3:#0:# 3:/.I9#G3<0.<9#:A>#HA889#@#A#2A<<9#WGAC9>/19X#@#.>/0:A#1A>3\03A# 2A3#(.:<3V#CA1#/9:<3:0.1A#>[0G9#2A3#C13H3#<AHC3#/13G<3.:3#23#/A>AO J1.1A#3>#23I3:#G./13B3/39#G9C1.#>.#<9HJ.#23#0:#H.1<31A#2A>>.#BA2Ai?# (0>>["><.1A#3:B.<<3#G<.::9#3#1AG<3#2A>>A#HAHJ1.#2A>#;91C9#H3O G<3/9#h1A>3\03Ai?# W'9IA#<19I.1A#0:[.839:A#C3b#J1AIA#A#C3b#/9H0:A#2A>#J./39n# )CC01A#.:/F[AGG9V#I3I3B3/.<9#2.>>.#/9G/3A:8.#<1.G>0/A:<AV#C0`#23O IA:31A#.<<9#23#0:39:A#3:<A:G.#A#BA/9:2.X?#*9:#Y#>.#\0.:<3<ZV#H.#>.# \0.>3<Z#2A>>9#G>.:/39#/FA#13::9I.#3:<A1391HA:<A#A#/FA#Y#/.C./A#23# BA/9:2.839:A?#*9:#G9:9#3#/3:\0A#J./3#2.<3#.>>A#/3:\0A#R3.=FA#/9Gj# 23G<1.<<.HA:<A#9#CA1#.J3<023:AV#H.#Y#3>#J./39#/9:#/03#G3#I09>#231AD# W)//9H3V#/FA#/9G.#I911.3#9==3#2.#HA#9#'39n#;9H3:/A1`#.2#AGGA1A# <09#IA19#23G/AC9>9V#.I1`#0:[3:<3H.#C.1<A/3C.839:A#.3#<093#29>913V# 1A<.==39#A>A<<9#2A3#<093#.H3/3n#$0.12.#9#(3=:91AD#<A#>9#13CA<9V#G9:# \03#CA1#H9131A#/9:#+AV#CA1#+A#A#3:#+A?#(9:#\03#CA1#I3IA1A#:9:# C3b#>.#H3.#I3<.#H.#>.#+0.X?#)//9#/FA#.>>91.#3>#J./39V#W\0AG<9#J1AIA# =AG<9XV#23I3A:A#29:.839:A#13::9I.<.#A#:9:#0:.#H.:3BAG<.839:A#23# GA:<3HA:<.>3GH9V#/9HA#>.#;.13<Z#IA1.#:9:#Y#3>#/9HC>3HA:<.1G3#/FA# G3#0G.#:A>>A#1A>.839:3#3HC9G<A#2.>>[A<3/FA<<.V#H.#Y#3>#G9CC91<.1G3V#>9# G<3H.1G3V#3>#29:.1G3?# !.#G./1.#!3<01=3.#13/9:20/A#.>>.#G0.#G91=A:<A#W\0AG<9#=AG<9X#23# /03#>.#<A:A1A88.#0H.:.#G3#GA1IA#GCAGG9#CA1#G0G/3<.1A#2A>0G39:3#A# <1.=A23A?#!.#G./1.#!3<01=3.#/9>#J./39#23#C./A#C9G<9#:A>#/A:<19#2A>>.# EAGG.#h29C9#>[J6".,#S&$#A#C13H.#2A>#5)33."$)i#I09>A#3:GA=:.1/3# /FA#3>#;13G<3.:AG3H9#:9:#I09>A#G9BB9/.1A#3>#/091AV#H.#G9>9#I09>A# 13C91<.1>9# .>>.# C01A88.# 2A>>[913=3:Ag# I09>A# 3:GA=:.1/3# /FA# .:/FA# 4
# 6Lll#:?#6Ql?
6LM
/92AG<9#WJ1AIA#=AG<9X#Y#AGC1AGG39:A#23#GA:<3HA:<3V#9#HA=>39V#23# 1A.><Z#GC313<0.>3#3:<A=1A#A#C19B9:2AV#H.<01.<A#:A=>3#.J3GG3#2A>>9#GC3O 13<9#2.>>.#$1.83.#/FA#:9:#.HHA<<9:9#G0CA1B3/3.>3<Z#23G<1.<<AV#H.# AG3=9:9# A# 13B>A<<9:9# AGC1AGG39:3# IA1./3# 2A>>[0:3<Z# 2A># /9HC9G<9# 0H.:9# h.:3H.# A# /91C9i?# %:# \0AG<.# ABB0G39:A# 2[.H91A# IA19# /FA# G/.<013G/A#2.>#/9:<.<<9#/9:#>.#(91=A:<A#2A>>[.H91A#3>#WJ1AIA#=AG<9X# 23>.<.#>[.:3H.V#>.#23I3:388.#A#G3#B.#AGC1AGG39:A#GC9:<.:A.#23#\0A>>.# ;.13<Z# 13IA>.<./3# 2.>>.# BA2A# A# .>>.# \0.>A# :93# 29JJ3.H9# =30:=A1A?# ;9Gj#3:<3A1.#A#/9Gj#I3GG0<.#29I1AJJA#AGGA1A#>.#;.13<Z#B1.<A1:.V#.>O HA:9# CA1# /9>919# /FA# .IA:29# /9HC1AG9# /3`# /FA# Y# >[.H91A# :9:# C9GG9:9#C3b#C19B.:.1:A#3>#>3:=0.==39?#%>#/091A#/FA#F.#13C9G.<9#:A># /091A#2A>#E.AG<19#G.#/FA#:9:#G3#.H.#/FA#/9Gj#A#G.#W/FA#:9:#G3#.H.# GA#:9:#CA12A:29#>.#C19C13.#I3<.#CA1#>[.H3/9X#h$I#6QV67i? %>#K./39#!3<01=3/9#/FA#:9:#2AI[AGGA1A#0:#=AG<9#:f#HA//.:3/9# :f#GA:<3HA:<.>AV#H.#2AI[AGGA1A#>[AGC1AGG39:A#G3:/A1.#A#GC9:<.:A.# 23#0:#2AG32A139#.12A:<A#/FA#I09>A#0:31G3#.>>.#CA1G9:.#.H.<.?#!9# G<AGG9#2AG32A139#23#.H91AV#=>3#G<AGG3#.:A>3<3#J10/3.:<3#2AI9:9#3:GC3O 1.1A#3>#:9G<19#J./39#H.<<0<3:9#.>#;19/3B3GG9#/FA#Y#W3>#:9G<19#0:3/9# :A/AGG.139X?# k0AG<3# 3:GA=:.HA:<3# <9//.:9# A# 1A=9>.:9# =>3# .BBA<<3# 2A># /091A# 0H.:9# /FA# I.# GAHC1A# 23BAG9# 2.# 0:# A//AGG9# A# 2.# 0:# 23BA<<9D#>[.H91A#GA:G3J3>A#A#3>#:9:#.H.1A#.JJ.G<.:8.? @"#$%#)(7*-#./#<'-6(7 %>#GA=:9#2A>>.#;19/AV#Y#3>#GA=:9#/9>#\0.>A#3>#/13G<3.:9V#GA#Y#IA1.O HA:<A#/13G<3.:9V#G09>A#3:383.1A#\0.>G3.G3#.839:Ag#GA=:9#/FA#.#H.=O =391#1.=39:A#<19I.#3>#G09#C9G<9#:A>#(./13B3/39#)0/.13G<3/9?# %>#E3G<A19#2A>>.#(?#EAGG.#C0`#.:/FA#2AB3:31G3#3>#E3G<A19#2A>>.# ;19/AV# =3.//Ff# \0AG<9# GA=:9# .0=0G<9# 23# H.1<3139# A# 23# =>913.# :A# /.HCA==3.#A#:A#29H3:.#<0<<.#>.#/A>AJ1.839:A#A#:A#/9G<3<03G/A#.:O 7
# 6Lll#:?#6Q4?
6LN
/FAV#I911A3#231AV#>[AGGA:8.V#C93/Ff#>.#(?#EAGG.#:9:#Y#.><19#/FA#>.# 13CA<3839:A#3:/10A:<.#2A>#G./13B3/39#2A>#;.>I.139? (3#C0`#20:\0A#231A#/FA#9=:3#I9><.#/FA#G0#:93#<1.//3.H9#3>#GAO =:9#2A>>.#;19/A#23/3.H9#.#'39D#13/912.<3#/FA#CA1#.H91A#:9G<19# F.3#G./13B3/.<9#3>#<09#]3=>39g#A#13CA<3.H9#.#!03#A2#.#:93#G<AGG3V#/FA# >[.H91A#Y#G<.<9#3>#H9<3I9#2A>>.#,A2A:839:A#A2#Y#C01A#3>#H9<3I9# 2A>>.#13::9I.839:A#2A>#(./13B3/39#)0/.13G<3/9?#"H91A#A#;19/A#/FA# 2AI9:9#C1AG3A2A1A#.>>.#/A>AJ1.839:A#2A>>.#(?#EAGG.#CA1/Ff#>.#CA1O HA.:9#23#>919#G<AGG3V#/9HA#F.::9#CA1HA.<9#<0<<.#>[9CA1.#1A2A:O <13/A#A#G.:<3B3/.<13/A?#"H91A#23I3:9#/FA#.:/91.#0:.#I9><.#3HH9>.# 3>#'39#0H.:.<9#CA1#>A#G0A#/1A.<01AV#.H91A#0H.:9#/FA#3:#;13G<9#G3# 29:.#.#'39V#0:A:29G3#.>#'39#-9H9#B.<<9#(./A129<A#A#U3<<3H.#CA1# 3#CA//.<3#2A=>3#09H3:3? '3# C3bV# /9:# 3># GA=:9# 2A>>.# ;19/A# :93# W3:I9/F3.H9# >.# +13.2A# ((?H.#A#B.//3.H9#.CCA>>9#.>>.#'3I3:.#;.13<ZX? (.CC3.H9V#>9#G3#3HC.1.#2.#J3HJ3V#/FA#3>#GA=:9#2A>>.#;19/A#Y# 3>#G3HJ9>9#23#20A#E3G<A13#C13:/3C.>3#2A>>.#]A2AV#0:3<Z#A#+13:3<Z#23# '39V#3:/.1:.839:AV#C.GG39:A#A#H91<A#23#$AGb#;13G<9? !.#I3<.#3:<3H.#2A>>.#+13:3<Z#Y#<0<<.#0:.#29:.839:A#23#.H91A?# *AGG0:.#2A>>A#RA1G9:A#'3I3:A#G3#.CC19C13.#23#0:#\0.>/FA#/9G.g# H.#/3.G/0:.#I3IA#3:#0:.#29:.839:A#3:B3:3<.#.>>[.><1.?#%:#\0AG<.#A# CA1#\0AG<.#1A/3C19/.#A2#A<A1:.#29:.839:A#G3#C0`#IA1.HA:<A#C.1O >.1A#23#WC9IA1<Z#23#'39X?#%>#<A1H3:A#C9IA1<ZV#/FA#CA1#:93#G3=:3B3/.# 2AB3/3A:8.V#C13I.839:A#A//?#.CC19C13.:29>9#.#'39#G3=:3B3/.D#29:9V# 9BBA1<.V#.H91AV#13//FA88.g#9#/9HA#G3#Y#=3Z#2A<<9V#.GGA:8.#23#A=93O GH9V#23#.CC19C13.839:A#A//? k0AG<A#<1A#RA1G9:A#'3I3:AV#AGGA:83.>HA:<A#1A>.<3IA#>[0:.#.>>[.>O <1.V#/9G<3<03G/9:9#>[AGAHC39#AH3:A:<A#2A>>.#I3<.#2A>>.#;.13<Z?# '0A#>A839:3#\03:23#/3#2Z#3>#GA=:9#2A>>.#;19/A#/FA#2AI9:9#<1.O GB91H.1G3#3:#20A#23GC9G3839:3#I3IA:<3#A#CA1H.:A:<3#:A>#:9G<19#GC3O 13<9D#/.13<Z#A#C9IA1<Z?# 6LL
%>#GA=:9#2A>>.#;19/A#B.<<9#/9:#13GCA<<9V#/9:#BA1I91AV#/9:#/091A# A#GC313<9#23>.<.<3V#/9:#C19B9:2.#.HH31.839:A#A#>3A<.#13/9:9G/A:8.V# /9:#3:23/3J3>A#/9:B0G39:A#A#2AG32A139#23#/.13<Z#0:3IA1G.>AV#/9:#G9O J13.#>A:<A88.V#/3#13/912A1Z#>A#IA13<Z#HA23<.<A#3:#\0AG<.#3G<10839:A# A2#3>#>919#13/9129#/3#G.1Z#.HH9:3HA:<9#CA1#GB918.1/3#.2#0G/31A#2.# :93#A#.2#3HHA1=A1/3#:A>>[.H91A#23#'39#A#2A>#R19GG3H9?#)GG9#C93V# /9HA#>.#!3<01=3.#:A#3:GA=:.V#/3#GA1I31Z#2.#C1AC.1.839:A#3HHA23.<.# CA1#.GG3G<A1A#.>#(?#(./13B3/39? C"#5>26S;2#%;)+'2%(l W![.GCA1G39:A#/9:#>["/\0.#(.:<.X#/[3:GA=:`#/FA#CA1#$AGb#;13O G<9#:AGG0:.#/1A.<01.#Y#<1.G/01.J3>A?# )=>3#3:B.<<3#I9>>A#A>AI.1A#.>>.#23=:3<Z#23#/9>>.J91.<13/3#2A3#(093# (./1.HA:<3#A#2A>>.#(0.#<1.:G0G<.:83.839:AV#/1A.<01A#3:BA13913V#/FA# :93V#:A>#:9G<19#3:G.:9#91=9=>39V#9G3.H9#23GC1A88.1A#9#.J0G.1:A?# k0A># <./3<9# 3:GA=:.HA:<9# 23# $AGbV# /3# B.# IA2A1A# \0.:<9# G3.H9# G0CA1B3/3.>3#:A3#:9G<13#.CC1A88.HA:<3#A#/3#H9G<1.#/FA#3>#H.>A#A#>.# C3//9>A88.#:9:#G9:9#:A>>A#/1A.<01AV#H.#3:#:93V#/FAV#91=9=>39GAV#>A# 13<A:3.H9#2.#C9/9g#9#/FAV#A=93G<3V#:A#.J0G3.H9#CA1#3:<AHCA1.:8.?# H"#Q++-#&(*/+(*:/2%(Q ![.:3H.#G3#0H3>3.#A#13/9:9G/A#23:.:83#.#'39#2[.IA1=>3#<19CC9# GCAGG9#GJ.11.<.#>.#I3.#A#G3#GA:<A#3:#29IA1A#23#/9:BAGG.1A#.>>[3:<3A19# 0:3IA1G9#GC313<0.>A#>A#C19C13A#/9>CA? R9<1AJJA#B91GA#:9:#AGGA1A#AG.023<.#0:.#/9Gj#0H3>A#C1A=F3A1.# 9BBA1<.#.#'39#2.#/0913#.12A:<3#23#/.13<Zn# l
# 6LlQ#:?#6PQ? # 6Lll#:?#6Q7?
Q
455
(A#\0AG<.#3:<1920839:A#.>>.#EAGG.#13B>A<<A#/9Gj#JA:A#>[.J3<0.>A# 21.HH.#3:<3H9#2A>>A#.:3HA#/FAV#C01A#.GC31.:29#.>>.#CA1BA839:AV# G3#.//91=9:9#GCAGG9#23#B.1A#0:#C.GG9#3::.:83#A#0:9#3:23A<19g#GA# >.#G.:<.#!3<01=3.#C9:A:29#\0AG<9#(.>H9#.>>[3:3839#2A>#(./13B3/39V# I09>A#.HH.AG<1.1/3#G0>>.#:9G<1.#/9:23839:A#23#I3.<913g#GA#\0AG<.# >A839:A# :93V# .:3HA# C3AV# .G/9><3.H9# <0<<3# 3# =391:3V# H3# 29H.:29D# CA1/Ff#:9:#130G/3.H9#.#I3IA1A#:A>>.#23GC9G3839:A#.J3<0.>A#23#/.13O <Z#A#23#0H3><Zn#'3#;,/%+1V#/FA#G0J3<9#13/9:9G/A#>[A1191AV#WCA1/Ff# 23/A#(?#;.<A13:.V#>[0H3><Z#AG/A#2.>#/9:9G/3HA:<9#23#GfXg#23#62'/+1V# /FA#:9:#G3#CA1HA<<A#3>#C3b#C3//9>9#=3023839V#>.#C3b#C3//9>.#C0:<01.# 23#GC3>>9V#.CC0:<9#CA1/Ff#G.#23#AGGA1A#0:#3HC.G<9#23#2AJ9>A88.#A# 23#CA//.<9? '3GGA#*?#(3=:91A#.#(?#;.<A13:.#:9G<1.D#W/FA#:30:.#I31<b#C0`# .IA1A#3:#Gf#I3<.V#GA#:9:#2.>>.#/.13<ZV#A#>[0H3><Z#Y#J.>3.#A#:0<13/A#2A>>.# ;.13<ZX?#RA1/Ffn#RA1/FfV#/9:<3:0.#3>#(3=:91AV#W:A>#/9:9G/3HA:<9# 23#<A#<3#0H3>3V#A#IA2A:29#<AV#CA1#<A#:9:#AGGA1AV#/9:9G/A1.3#>[AGGA1A# <09#IA:31A#G9>9#2.#EA#/FA#I3#F9#B91H.<3#C13H.#/FA#B9G<A#A#CA1# >[.H91A#3:ABB.J3>A#/FA#%9#I3#AJJ3V#I3#F9#>.I.<3#A#/1AG/30<3#:A>#(.:O =0A#2A>>[-:3=A:3<9#E39#]3=>39#GC.1G9#/9:#<.:<9#B09/9#23#.H91AX? )CC01A# >9# IA23.H9V# >A# /9:23839:3# /9Gj# C1A/.13A# 2A>>.# I3<.# 923A1:.#29I1AJJA19#B.1/3#/9:9G/A1A#>.#:9G<1.#:0>>3<Z#.#CA1G0.2A1O /3#.#I3IA1A#h.>HA:9#CA1#3:<A1AGGA#GC313<0.>Ai#3:<A=1.>HA:<A#>.#I3<.# /13G<3.:.#/FAV#GA#:9:#F.#J.G3#:A>>[0H3><Z#A#:A>>.#/.13<ZV#Y#0:.#/F3O HA1.#A#:3A:<A#C3b?#E.#3:IA/A#.:/FA#B1.#:93V#.:/FA#3:#\0AG<.#C19IO I3G913A<Z#23#I3<.V#G3#.BB.//3.#>[A/9#2A>>[91=9=>39#A#2A>>[9239#/FA#F.# /.C9I9><9#3>#H9:29g#A#GA#:9:#.113I3.H9#.#923.1AV#/9><3I3.H9#CA1`# GCAGG9# :A># /091A# /A1<A# .:=9>9G3<ZV# /A1<A# .:<3C.<3088AV# /A1<3# C1AO =302383#/FA#.::0>>.:9#\0A>>A#I31<b#/9Gj#A>AHA:<.13#A#/9Gj#G0J>3H3? (91A>>AV#B91GA#C9/FA#91A#23#I3<.#/3#1AG<.:9V#CA1/Ff#:9:#HA<<A1/3# 2A/3G.HA:<A#:A>>.#I3.#.J3<0.>A#2A>>.#G.:<3<Zn#]A2AV#G91A>>AV#]A2A#/3# 9//911A#:A>>A#IA13<Z#A<A1:A#/FA#H.3#IA11.::9#HA:9#A#/FA#G9:9# >[0:3/.#.:/91.#23#G.>IA88.V#W3>#/3A>9#A#>.#<A11.#C.GGA1.::9V#H.#>A# 456
H3A# C.19>A# :9:# C.GGA1.::9X?# ]A2A# B.<<3I.# CA1`# /39Y# 3:80CC.<.# :A>>.#;.13<Z? "#/FA#GA1I31AJJA#AGGA1A#1.C3<9#3:#'39#A#:9:#G.CA1#C93#13:0:O /3.1A#.#GA#G<AGG9V#I3:/A1G3V#0H3>3.1G3#AGGA1A#/.13<.<AI9>3#A#29>/3#23# /091An# '3GGA# 3># (3=:91A# .# (?# ;.<A13:.D# W">>.1=.# ]3=>309>.V# 3># <09# /091AV#A#.C13#>[9//F39#2A>>[3:<A>>A<<9#.>#>0HA#2A>>.#]A2AV#CA1#IA2A1A# /9:#\0.:<9#.H91A#A#C19II32A:8.#%9#F9#/1A.<9#A#9123:.<9#>[09O H9#.//39//Ff#=92.#EA#G9HH9#A2#A<A1:9#KA:A?#EA:<1A#/FA#G3A<A# I3.:2.:<3#%9#I3#F9#>A=.<9#/9>#>A=.HA#2A>>.#;.13<ZV#9:2A#3:#.<<9#A2# 3:#.BBA<<9#0G.G<A#>.#;.13<Z?#;FA#I9=>3.#>[09H9#9#:9V#:9:#C0`#B.1A# .#HA:9#2A>>[.<<9#23#/.13<Z?#U3#F9#<.>HA:<A#>A=.<3#/FAV#G3A<A#/9G<1A<<3# 2.>#J3G9=:9#I9G<19#.#0G.1A#>[.<<9#23#/.13<Z?#$3.//Ff#%9#C19II323#.# :9:#2.1A#.#/3.G/0:9#<0<<9#\0A>>9#/FA#J3G9=:.#.>>.#I3<.#0H.:.V#:f# /9:/AGG3#.#/3.G/0:9#23#G.CA1#B.1A#<0<<9#/3`#/FA#.JJ3G9=:.#.>>.#I3<.?# ;FA#C9<AI9#JA:3GG3H9#/1A.1A#>[09H9#29<.<9#23#<0<<9#/3`#/FA#=>3# .JJ3G9=:.#CA1#>[.:3H.#A#CA1#3>#/91C9?#'3G<13J033#3#H3A3#29:3#0:#C9[# CA1#/3.G/0:9#23#H929#/FA#>[0:9#2AJJ.#13/911A1A#.>>[.><19#9:2A#3:# .<<9#:9:#C9GG3.<A#B.1A#.#HA:9#2A>>.#/.13<Z?#+0#IA23#/FA#>[.1<AB3/A#F.# J3G9=:9#2A>#>.I91.<91AV#A#3>#>.I91.<91A#2A>>[.1<AB3/A#h.1<3G<.i?#;9Gj#3># G./A129<A#A2#3>#1A>3=39G9#F.::9#J3G9=:9#2A>#GA/9>.1A#A2#3>#GA/9>.1A# 2A>#1A>3=39G9V#A#>[0:9#:9:#C0`#B.1A#GA:8.#>[.><19?#)#/9Gj#2[9=:3#.><1.# /9G.#%9#I9>>3#/FA#B9G<A#.HH3:3G<1.<913#CA1#.HH3:3G<1.1A#>A#=1.83A# A#3#29:3#/FA#.IA<A#13/AI0<9#2.#EAX?#*9<3.H9#/FA#3>#(3=:91A#23/A# .#(?#;.<A13:.D#W%:#.<<9#A2#3:#.BBA<<9X?#)=>3#20:\0A#:9:#G3#/9:<A:<.# 2A>>[.<<9#23#.30<9#G/.HJ3AI9>A#/9:#/03#)=>3#/3#F.#>A=.<3V#H.#I09>A# >.#:9G<1.#I9>9:<.13.#/99CA1.839:Ag#I09>A#.:/FA#>[.BBA<<9#.>#>A=.HA# /9:#/03#/3#F.#I3:/9>.<3?#U09>A#/FA#:93#3:#0H3><Z#G3.H9#/9:<A:<3#23# 13/9:9G/A1A#/FA#2.#G9>3#:9:#G3.H9#/.C./3#.#:0>>.g#A#I09>A#/FA#3:# /.13<Z#C1AG<3.H9#3>#:9G<19#29:9#3:23I320.>A#.#B.I91A#2A>#C19GG3H9? )#C01#\0.:<A#I9><A#/3#13B30<3.H9#.#\0AG<9#29CC39#AGA1/3839#23# 0H3><Z#A#23#/.13<Z?#&Fo#/F3A2A1A#.>>.#G91A>>.#23#.30<.1/3n#R0`#AGGA1A# CA1#>A3#<19CC9#3:/9H929g#A#:9:#/3#.//91=3.H9#/FA#>[3:/9H929# 454
C13:/3C.>A#Y#CA1#3>#:9G<19#39#/FA#:9:#I09>A#C3A=.1G3#.#HA:23/.1A# 0:#B.I91Ao#'[.><19:2A#C93#:9:#GAHC1A#\0.:29#3>#B.I91A#/3#I3A:# 13/F3AG<9V#G3.H#23GC9G<A#.#/9:/A2A1>9?#">>91.#:9:#B.#C3b#=309/9# >[3:/9H929#2A>>.#G91A>>.V#H.#I3:/A#>[A=93GH9#2A>#:9G<19#39o#)#G3.O H9#0H3>3V#A#G3.H9#/.13<.<AI9>3n#!.#/.13<Z#:9:#C0`#CA//.1AV#23/A# >.#:9G<1.#(?#E.21AV#A2#3>#U.:=A>9#W*9:#=3023/.<A#CA1#:9:#AGGA1A# =3023/.<3X#hE<#MV6g#!/#PV7Mi? (91A>>.V#GA#I093#.IA1A#>[.BBA<<9#.>#I3:/9>9#/9:#/03#%2239#/3#F.# G/.HJ3AI9>HA:<A#>A=.<3#:9:#BA1H.1<3#G03#23BA<<3#2A3#B1.<A>>3g#G.1AJO JA#2AJ9>A88.g#CA:A<1.#C3b#.I.:<3#A#:9:#23GC1A88A1.3#C3b#:AGG0:9?# k0.:<9# GCAGG9# .//.2A# /FA# G3# 2A<AG<3:9# :A=>3# .><13# C19C139# \0A3# 23BA<<3#2.#/03#G3.H9#.BB>3<<A#:93#G<AGGAo#*AGG0:9#G/9C131Z#HA=>39# >[91=9=>39#2A>#G09#C19GG3H9V#/FA#>[09H9#91=9=>39G9g#:AGG0:9#C3b# 2A>>[09H9#=A>9G9#G9GCA<<.#=>3#.><13#23#=A>9G3.g#:AGG0:9#G9CC91<.# HA:9#>.#/9:<1.223839:A#23#/9>03#/FA#F.#>.#H.:3.#23#/9:<1.2231A?# k0.:29#IA23#0:#B1.<A>>9#H.>#23GC9G<9V#9#/FA#.>HA:9#<3#GAHJ1.# <.>AV#13/F3.H.#G0J3<9#.>>.#G0.#HA:<AV#/9:#0:9#GB9189#23#I9>9:<ZV# /FA#H.>=1.29#3#G093#23BA<<3#A=>3#Y#.:/FA#J09:9#A#1.CC1AGA:<.<3#>A# G0A# J09:A# \0.>3<Z?# ,3/912.# /FA# H9><A# .839:3# /FA# GAHJ1.:9# 13O C19IAI9>3#.=>3#9//F3#2A=>3#09H3:3#G9:9#.CC19I.<A#2.#'39#A#H9><A# >92.<A#2.=>3#09H3:3#G9:9#/9:2.::.<A#2.#!03g#C93/Ff#WGCAGG9#0:.# Y#>[.CC.1A:8.#2A>>[.<<9V#.><1.#Y#>[3:<A:839:A#2A>>[.=A:<A#A#>[.G/9G.# 9CC91<0:3<Z#2A>#H9HA:<9X?#(3#Y#2A<<9#C3b#I9><A#/FA#>[.839:A#/FA# .#:93#01<.#A#C.1A#3HCA1BA<<.V#C0`#3:IA/A#AGGA1A#3>#13G0><.<9#23#0:9# GB9189#A193/9#23#I9>9:<Z? (33#3:20>=A:<A#IA1G9#>.#2AJ9>A88.#.><103? WKA.<9#/F3#:9:#CA//.#/9:#>.#>3:=0.X#hk9A>A<#4QV#4i?#)I3<.#>A#C.O 19>A#A#>A#/.:89:.<01A#C0:=A:<3V#/FA#GCAGG9#GA:8.#.//91=A1<A:A#<3# CA1HA<<3#CA1#G9223GB.1A#3>#<09#.H91#C19C139#A#CA1#B.1#JA>>.#H9G<1.# 23#<A?#(A#3>#<09#GC313<9#Y#B./3>A#.>>[319:3.V#:9:#B.1:A#0:9#G<10HA:<9# 23#H.>383.V#:f#.29CA1.>9#B./3>HA:<A? 457
%#<093#=AG<3V#>.#I9/AV#>9#G=0.129V#<0<<9#3>#<09#H929#23#B.1A#2AO I9:9# 3GC31.1A# .# /9:B32A:8.?# !.# B3G39:9H3.# GA1A:.V# >[0=0.=>3.:8.# 23# 0H91AV# 0:[.H.J3>A# A# /9:<A=:9G.# I3I./3<ZV# 0:# .<<A==3.HA:<9# C1AIA:3A:<A# A# 13GCA<<9G9V# <0<<9# /3`# /9:<13J03G/A# .# /1A.1<3# 3:<91O :9#0:[.<H9GBA1.#23#J9:<Z#A#23#G3HC.<3.#A#/9:/911A#H31.J3>HA:<A# .>>[.1H9:3.#2A>>.#B.H3=>3.#B./3>3<.:29#>.#I31<b#.=>3#.><13? !.# H92AG<3.# G3.# GA:8.# <3H32A88.o# ;A1/.# 23# .IA1A# 0:.# C.19>.# 3:/91.==3.:<A#CA1#/3.G/0:9V#G33#13/9:9G/A:<A#CA1#9=:3#GA1I3839#/FA# <3#I3A:#1AG9#A#23H9G<1.>9g#B.3#/9HC1A:2A1AV#GA:8.#.20>.839:3V#H.# /9:# B3:A# <.<<9V# /FA# G.3# .CC1A88.1A# 3# HA13<3# 2A=>3# .><13g# 0:# J09:# G9113G9V#0:.#/9123.>A#G<1A<<.#23#H.:9#G9:9#.><1A<<.:<3#.<<3#23#/.13<Z? ;9Gj# >.# (.:<.# !3<01=3.# :A>>[3:383.1A# 3># (./13B3/39# /[3:GA=:.# .2# 3:9><1.1/3#:A>>[AGA1/3839#C1.<3/9#2A>>[0H3><Z#A#2A>>.#/.13<Zg#20A#I31<b# /FA#G9:9#:A/AGG.13A#CA1#H.:<A:A1/3#3:#C3b#3:<3H.#/9H0:3/.839:A# /9:#'39#/FA#B1.#C9/9V#:A>>9#GI9>=A1G3#2A>#'1.HH.#)0/.13G<3/9V#G3# 13IA>A1Z#C3b#/F3.1.HA:<A#.#:93#CA1#HA889#2A>>A#(.:<A#(/13<<01AV#A# G3#0:31Z#C3b#3:<3H.HA:<A#.>#:9G<19#/091A#/9:#>.#G.:<.#;9H0:39:A? J"#<-%%(++2P !.# C.19>.# ;9>>A<<.# G3=:3B3/.# C1A=F3A1.# 2A>>.# 130:39:AV# A# CA1O /3`#C1A=F3A1.#2A>>.#;F3AG.g#C1A=F3A1.#2A<<.#3:#913=3:A#:A>>.#;F3AO G.# 29IA# G3# 130:3I.:9# 3# BA2A>3# C13H.# 23# 1A/.1G3# C19/AGG39:.>HA:O <A#:A>>[.><1.#;F3AG.#29IA#G3#<A:AI.#>.#,%(%$)#h(<.839:Aig#\03#=30:<3# /A1<.HA:<A#IA:3I.#13CA<0<.#>.#;9>>A<<.#.C1A:29#/9Gj#>.#GA13A#2A>>A# C1A=F3A1A# 2A>>.# EAGG.?# !.# ;9>>A<<.# WY# 2AG<3:.<.# .# 1.//9=>3A1A# >A# C1A=F3A1A#23#<0<<3#3#C1AGA:<3V#.:83#>A#C1A=F3A1A#23#<0<<3#/9>919#/FA# B.::9#C.1<A#2A>>.#B.H3=>3.#23#'39V#/FA#Y#>.#;F3AG.X?#a#C1A=F3A1.# P
# 6Lll# :?# 6QP?# %># <A1H3:A# ^/9>>A<<._# 2A13I.# 2.># IA1J9# >.<3:9# 0)//$6&'&V# /FA# G3=:3B3/.#W1.//9=>3A1AV#130:31AX?#;9:#\0AG<.#91.839:AV#3:B.<<3V#3>#G./A129<AV#C13H.# 2A>>.#!3<01=3.#2A>>.#R.19>.V#1.//9=>3A#>A#3:<A:839:3#:9:#AGC1AGGA#2A3#BA2A>3#A#>A# C1AGA:<.#.#'39?
45l
AH3:A:<AHA:<A#/.<<9>3/.V#CA1/Ff#B.<<.#2.#<0<<3#A#3:#:9HA#23#<0<<3V# 2.>#(./A129<AV#/FA#Y#3>#1.CC1AGA:<.:<A#9BB3/3.>A#2A>>.#=A1.1/F3.#A/O />AG3.G<3/.V#>[09H9#2A>>.#;F3AG.V#>.#J9//.#2A>>A#.:3HA?#W!.#;9>>A<<.# Y# 23# G9>3<9# 3:231388.<.# .># R.21A# A# /9:<3A:A# >[AGC9G3839:A# 23# 0:.# =1.83.#GCA/3.>A#2.#29H.:2.1A#A#G3#/F302A#/9:#>[3:<A1C911A#>.#HAO 23.839:A#23#;13G<9X? K"#52#5/+;'7/2#.(%%2#I2'-%2 >IAI`#PT$",&6"(3&"%)#*&6/$#J-),%)/$ M '39# Y# .:G39G9# 23# /9H0:3/.1G3# .>>[09H9?# RA1# \0.:<9# G3.# CA1O BA<<.V# >.# /1A.<01.# 13H.:A# \0A>>.# /FA# Y?# k03:23# 0:.# /9HC1A:G39O :A#3HHA23.<.#23#'39#:9:#C0`#AGGA1A#/FA#G9C1.::.<01.>A?#RA1/Ff# AGG.#C9GG.#=30:=A1A#.#/9:9G/A1A#HA:9#3HCA1BA<<.HA:<A#'39V#Y# :A/AGG.139#/FA#W'39#C1A:2.#>[3:383.<3I.#/9H0:3/.:29#.2#AGG.#>.# (0.#3:<A13913<Z#.BB3:/Ff#>.#/1A.<01.#:A#IA:=.#.<<1.<<.X?#&1.V#B1.#3# HA883#/FA#'39#C9<AI.#G/A=>3A1A#CA1#\0AG<.#3:ABB.J3>A#/9H0:39:AV# )=>3#:A#F.#G/A><3#<1AD#G3#Y#B.<<9#-9H9V#G3#Y#B.<<9#'9<<13:.V#G3#Y#B.<<9# )0/.1AG<3.?#&1.#20:\0A#<0<<.#>.#(?#(/13<<01.#Y#0:#C.:AV#0:[)0/.O 1AG<3.d#a#\0.:<9#23#C3b#3:<A1391A#I3#Y#3:#'39?#k0AG<9#G.CC3.H9# 2.>>.#]A2AV#H.#>.#BA2A#:9:#J.G<.?#!.#BA2A#GA:8.#>.#/.13<Z#23#CA1#Gf# C0`#G9>9#GA=:.>.1/3#'39#A#231/3#.#9=:3#<1.<<9D#A//9>9V#H.#GAHC1A#.># 23#>Z#23#0:#IA>9?#!.#/.13<Z#G.#CA1/AC31A#>.#(0.#C1AGA:8.#G9<<9#9=:3# C.19>.#A#CA1#HA889#2A>>.#BA2A#G3#B3GG.#:A>>.#23I3:3<Z? !.#/.13<Z#:9:#.2A13G/A#.#'39#W.#23G<.:8.X#CA1#HA889#23#0:9# GCA//F39#A#3:#H929#9G/019#/9HA#B.#>.#BA2AV#H.#.<<1.IA1G9#\0AG<9# GCA//F39#AGG.#=132.#>.#G0.#3HC9<A:8.#A#CA1#>[.<<A:839:A#2A>#G09# GB9189#A#2A>#G09#G>.:/39#1.==30:=A#'39?#a#>[.HH9:3HA:<9#2A>>["O C9G<9>9D#WGA:8.#>[.2AG39:A#2A>#:9G<19#.H91A#.>>[.H91A#:0>>.#I.>AX?# &=:3#9CA1.V#9=:3#C.19>.#:9:#Y#/FA#G3HJ9>9#CA1#AGC13HA1A#A#=AO M
# 6Lll#:?#6QN?
45Q
:A1.1A#>[.H91A?#(9>9#/9:#>.#G0C1AH.#3:<A13913<Z#2A>#:9G<19#I9>A1A# h.H91Ai#/3#23.H9#.#0:#.><19#h'39iV#C3b#3:<A1391A#.#:93#23#:93#G<AGG3? )#3:B.<<3#/FA#/9G.#23#C3b#3:<A1391A#.#0:#AGGA1A#2A>#G09#.H91A#A# 2A>>[9==A<<9#2A>#G09#.H91An#R3b#:9:#G3#13<19I.#/FA#3:#\0AG<[.><19V# .#/03#3>#G09#/091A#>9#32A:<3B3/.V#A#:9:#Y#C3A:.HA:<A#GA#G<AGG9#/FA# .>>9#G<.<9#23#C019#.><103GH9?#+0<<9#\0AG<9#/3#23H9G<1.#/FA#GA:8.# >.#/.13<Z#:0>>.#I.>A?# (?#R.9>9#/FA#.IAI.#/9:<AHC>.<9#W\0A>>9#/FA#9//F39#:9:#I32AV# :f# 91A//F39# 02jX# h4;91# 64V6Oli# /.:<`# >[A<A1:3<Z# 2A>>[.H91A# :A># ;.:<3/9#2A3#;.:<3/3#2A>#*09I9#+AG<.HA:<9#h4;91#67V6O67i? '9JJ3.H9#20:\0A#.//9G<.1/3#.2#0231A#>.#R.19>.#(./1.#/9:#>.# G<AGG.#BA2A#A#G>.:/39#/9:#/03#/3#.//9G<3.H9#.>>[)0/.1AG<3.V#13/91O 2.:29#G9C1.<<0<<9#/FA#:A>>A#1A=39:3#G9C1.::.<01.>3#:9:#/3#G3#CAO :A<1.#/FA#CA1#>[.H91A#A#/9:#>[.H91Ag#A#:9:#/9:#0:#.H91A#<A913/9# 9#32A.>AV#H.#/9:#0:#.H91A#C1.<3/9V#1A.>A#A#\09<323.:9V#/FA#/3#<1.O GB91H3#3:#/1A.<01A#23#J9:<ZV#0H3>3#/9:#'39#A#/9>#C19GG3H9V#C93/Ff# GA:8.#0H3><Z#:9:#I3#Y#/.13<Z?#W![0H3><ZV#G/13IA#(?#;.<A13:.V#C1AC.1.# >.#/.G.#.>>[9GC3<A#'3I3:9D#>.#;.13<ZX? >I@I`#9/#W("6&/) .?#'39#/FA#G3#/9H0:3/.#.>>[09H9N %>#U.:=A>9#Y#>.#J09:.#:9IA>>.?#W%>#H.AG<19#Y#\03#/FA#<3#/F3.H.?# '39#:9:#Y#'39#2A3#H91<3V#H.#2A3#I3I3?#(9:9#IA:0<9#CA1/Ff#.JO J3.:9#>.#I3<.#A#>[.JJ3.:9#/9:#G9I1.JJ9:2.:8.?#(A#.G/9><.<A#>.#H3.# C.19>.#G.1A<A#23G/AC9>3#2A>>.#IA13<Z#A#>.#IA13<Z#I3#B.1Z#>3JA13?#U3#F9# 2A<<9#\0AG<A#/9GA#CA1/Ff#>.#H3.#=393.#G3.#3:#I93#A#>.#I9G<1.#=393.#G3.# CA1BA<<.X#h$I#66V4Ng#E<#44V74g#E/#64V4PG?g#!/#45V7MG?g#$I#65V65g# NV74g#6QV66i? N
# 6Lll#:?#6QL?
45P
U3<.V#>3JA1<ZV#=393.?#%>#(3=:91A#/9Gj#13.GG0HA#3>#(09#HAGG.==39V# <0<<9#\0AG<9#3>#U.:=A>9#/3#C91<.V#CA1/Ff#/3#H.:3BAG<.#W/3`#/FA#23# C3b#3:<A1391A#I3#Y#3:#'39X?#'39#Y#I3<.V#Y#>3JA1<ZV#Y#=393.?#a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b#:9:#G3#130G/3I.#.#/.C31>.?#$>3#"C9G<9>3V#C13H.#2A>>.#RA:O <A/9G<AV#:A#G9:9#>.#C19I.#C3b#.0<A:<3/.?#)GG3V#'3G/AC9>3#23#;13G<9V# I3IA:<3# /9:# ;13G<9V# .GCA<<.I.:9# 3># ,A=:9# 23# '39# 3:# 0:.# B91H.# <0<<.#AG<A1391Ag#A#0:9#2A3#/9:<1.G<3#C3b#B91<3V#.:83V#3>#/9:<1.G<9#C3b# B91<A#<1.#$AGb#A#3#G093#/9::.839:.>3#G/.<013I.#C19C139#2.#\0AG<9# C0:<9#AGGA:83.>A?#)=>3#G3#<19I`#.#/9HJ.<<A1A#W/9:<19#>[3HHA:G.# 1A<A#23#:91HAV#23#13<3#A#C1.<3/FAX#h#/B1#$I#NV77GG?i#/FA#.IAI.:9# B.<<9#2A>>.#>A==A#23#E9GY#0:.#1A>3=39:A#AG<A1:.?# W%>#1A=:9#23#'39#Y#2A:<19#23#I93XV#H.#>[.JJ3.H9#H.3#C9:2A1.<.# >.#C91<.<.#3HHA:G.#23#\0AG<.#B1.GAn#;[Y#<.:<.#G0CA1B3/3.>3<Z? k0.:<A#/1A.<01A#I3I9:9#CA1#<0<<.#>.#I3<.#.>#H.1=3:A#23#GA#G<AGO GAo# ;FA# /9G.# I09># 231A# I3IA1A# .># H.1=3:An# ;FA# /9G[Y# 3># H.1=3:A# 23#0:#>3J19n#a#>[3:G3AHA#2A>>A#C.=3:A#I3G<A#2.>#23#B0913?#;FA#/9G[Y# 3>#H.1=3:A#23#0:.#C.=3:.n#a#>.#/91:3/A#J3.:/.#2A:<19#>.#\0.>A#F.# >.I91.<9#3>#<3C9=1.B9?#E.#3>#H.1=3:A#:9:#23/A#:0>>.?#,3H.:A1A#.># H.1=3:AV# \0.:<.# I09<A88.# 23# I3<.o# "# :AGG0:.# 23# :93V# GCA19# /FA# .//.21Z# 23# I3IA1A# .># H.1=3:A?# E.# =0.12.<A# /FA# :9:# Y# 23BB3/3>AV# <.:<A#/.0GA#/3#C91<.:9#.#I3IA1A#.>#H.1=3:AD#>[A=93GH9#/9:#<0<<9#3># 45M
/91<A9#2A3#G093#G.<A>>3<3g#>.#C3=1383.V#>[3:29>A:8.V#>[.CC19C13.839:AV# >[3G9>.HA:<9V#>.#/13<3/.?# J?#U.:=A>9D#HAGG.==39#23#>3JA1<Z#A#23#=393.L %>#U.:=A>9#Y#B.<<9#23#.GG0123D#13:0:83.#A#=393.V#C./A#A#=0A11.V# GAHC>3/3<Z#A#C102A:8.?#K.G<.#CA1`#I3IA1A#.//.:<9#.3#IA13#GA=0./3# 2A>#U.:=A>9#CA1#/9:G<.<.1A#/FA#=>3#.GG0123#G3#13G9>I9:9#3:#IA13<Z# C1.<3/FA#A#>A#23GG9:.:8A#3:#.1H9:3.?#%#IA13#>3JA13#G9:#/9>919#/FA#G3# G9:9#GC9=>3.<3#2A>#<0<<9? W;F30:\0A#B.#CA//.<9#Y#GA1I9#2A>#CA//.<9?#&1.V#3>#GA1I9#:9:# G<.#:A>>.#/.G.#CA1#GAHC1AV#3>#B3=>39#/3#G<.#GAHC1AX#h$I#NV77Gi? RA1#AGGA1A#B3=>3#.20:\0A#9//911A#>3JA1.1/3#2.>#CA//.<9?#RA1#AGO GA1A# B3=>3# 9//911A# >3JA1.1G3# 2.# 9=:3# GA1I3<bV# .:/FA# 2.>>[.J3<023:A# 23#I3IA1A#.>#H.1=3:A?#)#.==30:=A#$AGb#/F[)=>3#WAGGA:29#IA:0<9# .#>3JA1.1/3#/3#1A:2A#IA1.HA:<A#>3JA13X#h$I#NV7Pig#H.#1A:2A#>3JA13# /9>919#/FA#.G/9><.:9#>.#G0.#C.19>.? k03#3:<A:23.H9#C.1>.1A#23#\0A>>.#HA88.#G/F3.I3<b#2.>>.#\0.>AV# GCAGG9V#>A#.:3HA#C3A#:9:#13AG/9:9#.#GI3:/9>.1G3g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k0AG<A#.><A1:.<3IA#/9G<3<03G/9:9#>9#G<.<9#.J3O <0.>A#23#H9><A#.:3HA#C3A?#$AGb#23/AD#W;F3#H3#.H.#9GGA1IA1Z#>.#H3.# L
# 6LlQ#:?#6P5?
45N
C.19>.#A#3>#R.21A#H39#>9#.HA1ZV#IA11AH9#.#>03#A#G<.1AH9#C1AGG9#23# >03X#h$I#6lV47g#NV7Qi?#(9>9#.>>[.H91A#Y#20:\0A#C19HAGG.#>.#G<.O J3>3<Z#23#23H91.?#;F3#:9:#.H.#13H.:A#G9<<9#>.#>A==A#2A>#<3H91Ag#Y# GA1I9V#A2#Y#GA1I9#CA1/Ff#>A#3:/>3:.839:3#I3839GA#=A1H3:.<A#2.>#CA/O /.<9#913=3:.>A#A#2.3#CA//.<3#.<<0.>3#>9#<A:=9:9#.:/91.#.II3:=F3.<9# A#>9#H.:<A:=9:9#3:#0:.#HA239/13<Z#23#/03#A=>3#G<AGG9#GA:<A#<0<<9#3># 23G=0G<9V#H.#2.#/03#:9:#13AG/A#.#>3JA1.1G3? !.#I3<.#GC313<0.>A#:9:#Y#0:[9CC1AGG39:AV#H.#0:.#>3JA1.839:A?# k0.:<9#13C9G9#A#GA1A:3<Z#:A>#I3IA1A#/9:#;13G<9?#)#B3:#2.#\0AG<.# I3<.#/3#Y#2.<9#=0G<.1A#<.>A#3:<3H3<Zo#)GG.#Y#3>#C9GGAGG9#3HCA1BA<<9V# GAJJA:A#1A.>AV#23#;9>03#/FA#/3#G3#29:.#:A>>A#9HJ1A#2A>>.#]A2A? W%>#/091A#2A>#=30G<9#Y#0:#CA1CA<09#/.:<9XV#23/9:9#3#>3J13#G.:<3?# k0AG<.#=393.#C0`#/1AG/A1G3#GA:8.#>3H3<3#A#C0`#=30:=A1A#.2#AGC13O HA1G3#/9:#>[.:A>3<9#2A>#;.:<3/9D#W;F[)=>3#H3#J./3#/9>#J./39#2A>>.# G0.#J9//.oX#h;<#6V4i? L"#52#&'-9())/-*(#.(%%2#*-)+'2#9(.(65 a# :A/AGG.139# /9:9G/A1A# C3b# AG.<<.HA:<A# >[913=3:A# G<913/.# 23# \0AG<.#B91H0>.#/9Gj#C1A839G.#/FA#/9:<3A:AV#3:#G3:<AG3V#3#C13:/3C.>3# .1<3/9>3#A#'9=H3#2A>>.#]A2A? !.# C13H.# .BBA1H.839:A# 23# 0:[913=3:A# "C9G<9>3/.# 2A># :9G<19# (3HJ9>9#h"C9G<9>3/.V#3:<A:23.H9/3V#:A>#GA:G9#G<1A<<9#A#13=919G9# 2A>>.# C.19>.V# :A># GA:G9# CA1G9:.>Ai# >.# <19I3.H9# B1.# 3># \0.1<9# A# 3># \03:<9# GA/9>9# 3:# ,0B3:9# C1A<A# 23# "\03>A3.# 3># \0.>A# IA1G9# >[.::9# l55#G/13IAI.#>A<<A1.>HA:<A#/9GjD#W*.11.:9#3#:9G<13#H.==3913#/FA# 29C9#>["G/A:G39:A#2A>#(3=:91AV#\0.:29#>9#(C313<9#(.:<9#G3#B0#C9O G.<9#G0#/3.G/0:9#2A=>3#"C9G<9>3#G9<<9#B91H.#23#>3:=0A#23#B09/9V#13O /AIA<<A19#2.>#(3=:91A#>[9123:A#23#GAC.1.1G3#A2#.:2.1A#2.CCA1<0<<9# .#C1A23/.1A#>.#C.19>.#23#'39?#&1#C13H.#23#>.G/3.1G3V#G<.J3>319:9#3:# 65
# 6lQ#:?#6P5#A#:?#6P6?
45L
/9H0:A#0:.#1A=9>.#23#C1A23/.839:A?#)GGA:29#<0<<3#20:\0A#130:3<3# A#C3A:3#23#(C313<9#(.:<9V#HA<<A:29#3:G3AHA#3>#C.1A1A#23#/3.G/0:9V# /9HC9GA19#\0AG<9#J1AIA#3:23/A#2A>>.#>919#B0<01.#C1A23/.839:AV#A# 2A/3GA19#/FA#\0AG<.#1A=9>.#G3#29IAGGA#2.1A#.3#/1A2A:<3?#RA1#H9><A# A#=30G<3GG3HA#/.0GA#>.#/F3.H.19:9#(3HJ9>9g#CA1/Ff#(3HJ9>9#A<3O H9>9=3/.HA:<A#G3=:3B3/.#3:23839V#/9G.#HAGG.#3:G3AHAg#A#.CC0:<9# /9Gj# >.# /9HC3>.19:9# =>3# "C9G<9>3V# HA<<A:29# 3:G3AHA# \0A>>9# /FA# /3.G/0:9#.IAI.#2A<<9X? ,0B3:9#\0AG<A#/9GA#:9:#>A#3:IA:<.I.#/A1<9V#G3#23/AI.:9#3:<91O :9#.#>03#A#>A#.IAI.#C19J.J3>HA:<A#<19I.<A#3:#\0.>/0:.#2A>>A#B9:<3# C3b#.:<3/FAV#9:2A#A1.#G9>3<9#=39I.1G3? k0AG<.#:9<383.#23#,0B3:9#Y#G<.<.#C93#H9><9#23G/0GG.#CA1/Ff#0:# C9[#<.123I.?#*9:#G<9#\03#.#13C91<.1A#3#23IA1G3#23J.<<3<3V#2A>#1AG<9# 3:<A1AGG.:<3GG3H3?#"#:9G<19#/9:B91<9#CA1`#Y#/A1<9#/FA#(?#;3C13.:9# /31/.# >[.::9# 4QQ# G/13IAI.# 3:# 20A# >A<<A1A# \0AG<.# B91H0>.D# W;1A23# :A>>.#1AH3GG39:A#2A3#CA//.<3#A#:A>>.#I3<.#A<A1:.#.<<1.IA1G9#>.#E.O 21A# ;F3AG.nX?# *A>>A# \0.>3# C.19>A# >9# G<AGG9# 3:<A119=.<3I9# H9G<1.# /FA# 3># ;1A29V# .>>91.# /9HA# .2AGG9V# A1.# 0:.# C.1<A# 2A>>.# B0:839:A# K.<<AG3H.>A?#!.#\0.>/9G.#/[Y#.:/91#C3b#/F3.1.HA:<A#.BBA1H.<.#2.# +A1<0>>3.:9#3>#\0.>A#G/13IAD#W\0.:29#:93#A:<13.H9#:A>>[./\0.#C19O BAGG3.H9#>.#]A2A#/13G<3.:.#.3#H3G<A13#2A>>.#!A==A#23I3:.#A#.<<AG<3.O H9#C.>AGAHA:<A#23#13:0:/3.1A#.>#2AH9:39V#.>>A#G0A#9CA1A#A2#.>>A# G0A# C9HCA?# R93# /3# G3# 3HHA1=A# <1A# I9><A# :A>>[./\0.V# HA:<1A# :93# 23.H9#0:.#13GC9G<.#0:#C9[#C3b#AGC>3/3<.#23#\0A>>.#/FA#3>#;13G<9#F.# 2A<A1H3:.<9#:A>#U.:=A>9?#k0AG<9#;1A29#J.<<AG3H.>AV#.HC>3B3/.O 839:A#2A>>.#B91H0>.#2AG/13<<.#:A>#(?#U.:=A>9V#/9HC1A:2A#3:#H929# GCA/3.>A#>.#]A2A#.>>.#:.G/3<.V#.>>.#C.GG39:A#A#H91<A#2A>#(3=:91AX? W%=:9<9#.>>.#B3:A#2A>#C13H9#GA/9>9V#3>#:9G<19#;1A29#.29CA1.<9# >.1=.HA:<A#.>#C13:/3C39#2A>#<A189#GA/9>9V#Y#:.<9#/A1<.HA:<A#20O 1.:<A#3>#GA/9>9#GA/9:29?#;[Y#\0.>/FA#C19J.J3>3<Z#/FA#G3#.II3/3:.# .>>.#/A1<A88.#/FA#(?#%1A:A9#A#(?#$30G<3:9#>9#/9:9G/AGGA19g#3>#/FA# I911AJJA#231A#/F[AGG9#B9GGA#G<.<9#B91H0>.<9#C13H.#2A>#6Q5g#.:83# 465
3#C3b#:A#/9>>9/.:9#>.#/9HC9G3839:A#B1.#3>#665#A#3>#6l5g#H.#GA#>.# B91H.#:9:#>.#C9GG3.H9#B.1#.:2.1A#H9><9#C3b#3:#G0#2A>>[.::9#6Q5V# >.#G9G<.:8.#2A>#:9G<19#;1A29V#A2#Y#JA:#>.#G9G<.:8.#/FA#/[3HC91<.V# 13G.>A# .=>3# G/13<<3# "C9G<9>3/3# A# CA1# HA889# 2A=>3# "C9G<9>3# .# $AGb# ;13G<9?#![3:2.=3:A#A#>.#/9:=A<<01.#/13<3/.#/[3:<1920/9:9#20:\0A# :A>>A#913=3:3#C13HA#2A>#:9G<19#;1A29#.:/FA#JA:#C3b#.22A:<19#2A>O >.#:9<383.#/FA#/A#:A#2Z#,0B3:9?#EA:<1A#>A#3:2.=3:3#/3#H9G<1.:9# 3>#C13H9#.CC.131A#2A>>.#B91H0>.#IA1G9#3>#6Q5V#A#>.#G9G<.:8.#.>>[A<Z# C19C13.HA:<A#"C9G<9>3/.V#>.#/9:=A<<01.#23H9G<1.#3>#;1A29#IA:31# B0913#2.>>.#B91H0>.#G<AGG.#23#\0A>#K.<<AG3H9#.#/03#13H.:A#GAHC1A# /9:=30:<9V#A#.IA1#3:#\0AG<.#913=3:AV#>.#1.=39:A#2[AGGA1A#2A>>.#G0.# G<10<<01.? E3:083AV#I93#231A<AV#CA1`#H3:083A#/FA#3>>0H3:.:9#3>#=1.:2A#A# HA1.I3=>39G9# B.<<9# 2A>>.# /9:<3:03<Z# 2A>>.# ]A2A?# k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g#.:83V#Y#3>#I3:/9>9#CA1#3>#\0.>AV#.>HA:9#AG<A1O :.HA:<AV#G3#0:3G/9:9#.#:93#=>3#G<AGG3#:9G<13#GAC.1.<3#B1.<A>>3#C19O <AG<.:<3g# \0.G3# .# 13/9129# 2A3# =391:3# 3:# /03# 3# ;13G<3.:3# A1.:9# <0<<3# 0:#/091#G9>9#A2#0:[.:3H.#G9>.#A2#.0=0139#23#.><13#=391:3#3:#/03#>.# GC>A:232.# 0:3<Z# 2A># ;13G<3.:AG3H9V# :A>>.# /9:BAGG39:A# 23# 0:# G9>9# '39V#0:#G9>9#;13G<9V#2[0:.#G9>.#0:3IA1G.>A#A1A2A#23#!03D#>.#;F3AG.V# B3:.>HA:<A#13<91:3#0:.?#k0A>#=391:9#3>#:9G<19#;1A29V#"C9G<9>3/9# CA1#3>#G09#/9:<A:0<9V#,9H.:9#CA1#>.#G0.#913=3:AV#K.<<AG3H.>A#CA1# >.#G0.#2AG<3:.839:AV#;.<<9>3/9#CA1#3>#G09#0G9V#.I1Z#G/13<<9#>[0><3H.# A#C3b#JA>>.#C.=3:.#2A>>.#G0.#G<913.#\03#3:#<A11.#A#:9:#=>3#13H.11Z# 466
/FA#/9:G0H.1G3#A#B9:2A1G3#3:#\0A=>3#GC>A:2913#2A>>.#,A.><Z#'3I3O :.V#/F[AGG9#hG3HJ9>9iV#F.#AGC1AGG9#/9HA#HA=>39#C9<AI.V#.2#0:.# HA:<A#I3.<13/Ag#H.#H#0:#H929V#hCA1#:A/AGG3<Zi#/9Gj#C9IA19#A2#3:O B.:<3>A#F.#AGC1AGG9V#C3b#.//A::.:29#/FA#2AG/13IA:29V#F.#AGC1AGG9# A2#AGC13HA#\0.:<9#J.G<.V#:9:#.2#.CC.=.1A#3>#:9G<19#2AG32A139V#H.# .#1A:2A1A#C3b#I3I.#A#C3b#=1.:2A#>.#:9G<1.#GCA1.:8.? '9C9#2.<A#\0AG<A#:9<383A#G<913/FAV#<91:3.H9#.>#:9G<19#;1A29? %>#;1A29V#/FA#13.GG0HA#<0<<3#3#29=H3V#3:#B9:29#:9:#23/A#.><19# /FA#\0AG<9#A2#Y#<0<<9D#W'39#Y#"H91A?#'39#Y#"H91A#:A>>[A<A1:9# ABB9:2A1G3#2A>#(09#AGGA1AV#:A>#G0GG3G<A:<A#.><103GH9#h23#/03#<.:<A# I9><A#G3#Y#C.1>.<9i#/FA#/9G<3<03G/A#>A#RA1G9:A#'3I3:A?#'39#Y#"H91A# :A>#29:9#2A>#(09#-:3=A:3<9#/FA#F.#IA1.HA:<A#.GG0:<.#>.#:9G<1.# 0H.:3<ZV#I3GG0<.#>.#:9G<1.#I3<.V#I3:<9#>.#:9G<1.#H91<A#/9:#>.#(0.# H91<A#A#C1AB3=01.<9#/9:#>.#(0.#>.#:9G<1.#13G011A839:Ag#A#/FA#I3IA# C1AGG9#3>#R.21AV#/9HA#]1.<A>>9#:9G<19#CA1#GAHC1AV#/9HA#:9G<19# 3:<A1/AGG91A#A#:9G<19#$3023/AV#C93/Ff#3>#R.21A#F.#13HAGG9#<0<<9# :A>>A#H.:3#23#;9>03#/FA#B0#C19I.<9#3:#9=:3#/9G.#.#:9G<1.#G9H3O =>3.:8.#HA:9#/FA#:A>#CA//.<9?#'39#Y#"H91A#:A>#G09#;91C9#H3O G<3/9D#>.#;F3AG.#3:B91H.<.#2.>>9#(C3:<9#/FA#/3#H.:3BAG<.#>[A<A1:.# UA13<Z#G9<<9#3>#IA>.HA#2A>>.#C.19>.V#A#/3#23GCA:G.#>.#U3<.#'3I3:.# G9<<9#3>#IA>9#2A3#(./1.HA:<3#B1.#/03#3>#K.<<AG3H9V#/FA#CA1#3>#G09# /.1.<<A1A#3:383.#3:#:93#>[ABB3/./3.#G./1.HA:<.>AV#2AC9:A:29#:A>>[.O :3H.#2A>#C3b#B1.=3>A#:A9:.<9V#>[.0<A:<3/9#=A1HA#2A>>.#U3<.#)<A1:.V# /FA#GJ9//A1Z#G9><.:<9#.>#23#>Z#2A>>A#9HJ1AV#2A>>A#B3=01AV#2A3#G3HJ9>3# 3:#/03#.:/91.#Y#.II9><.#>.#BA2AV#C13H.#/FA#G3#>AI3#3>#=391:9#3HCA13O <019?#)#:93#.JJ3.H9#/9:9G/30<9#>["H91A#/FA#'39#F.#.I0<9#CA1# :93V#A#I3#.JJ3.H9#/1A20<9D#'39#Y#"H91AX? ">>.# B3:A# 23# \0AG<.# %G<10839:AV# I93# H3# C9<1AG<A# 29H.:2.1A# \0.>A#:A#C0`#AGGA1A#3>#B10<<9#C1.<3/9?#%>#B10<<9#C0`#GAHC1A#<1.1G3# =3.//Ff#0:.#/9=:3839:A#C3b#AG.<<.#A#C3b#.CC19B9:23<.#2A>>A#913=3:3# 2A>#;1A29#2AIA#1.BB918.1A#>.#:9G<1.#BA2A#A#1A:2A1/3#GAHC1A#C3b# IA:A1.<9#\0AG<9#(3HJ9>9V#/FA#Y#13H.G<9#3:<.<<9#29C9#<.:<3#GA/9>3? 464
)2#0:#.><19#3:GA=:.HA:<9#29JJ3.H9#<1.11A#2.#\0AG<.#3G<10839O :A?#'39#F.#/1A.<9#<0<<9#3:#=A1HA#A2#F.#>.G/3.<9#.>>A#/.0GA#GA/9:2A# 23#GI3>0CC.1A#/3`#/FA#)=>3#/1A`?#;FA#9:91A#CA1#>.#/1A.<01.#3:<A>>3O =A:<A#23#G.CA1G3#A#IA2A1G3#/9>>.J91.<13/A#23#'39o %>#=A1HA#/[3:GA=:.#/FA#>.#B1A<<.#Y#0:#A>AHA:<9#AGGA:83.>HA:<A# 0H.:9V#'39#:9:#F.#B1A<<.#:ACC01A#CA1#>.#/9:IA1G39:A#2A>>A#.:3O HA?#(.CA1A#.GCA<<.1A#Y#>.#I31<b#2A>>A#.:3HA#B91<3?#*93#3:IA/A#:9:# G.CC3.H9# .GCA<<.1A# :A.:/FA# :A># >.I919# 2A># :9G<19# CA1BA839:.O HA:<9#GC313<0.>A?#)CC01A#.:/FA#\03#29I1AHH9#CA1G0.2A1/3#/FA# GAJJA:A#:93#G3.H#<A:0<A#W.#C1A:2A1A#<0<<3#3#HA883#A#>A#I3A#CA1#CA1O GAIA1.1AX#:9:#29JJ3.H9#23IA:31A#.:G39G3#GA#:9:#130G/3.H9#/9Gj# C1AG<9#/9HA#I911AHH9V#.#C19=1A231A#:A>>.#G.:<3<Z?#'39#Y#"H91A?# )=>3#F.#>A#G0A#91A?#![AGGA:83.>A#G3#Y#23#<A:A1A#.CA1<.#>[.:3H.#.>>9# G/9//.1#2A>>A#91A#23#$1.83.D#W(<.<A#C19:<3#CA1/Ff#:9:#G.CA<A#:f#3># =391:9#:f#>[91.X#hE<#4lVl4Ollg#E/#67V74O7Mi?#)#CA1#<A:A1A#.CA1<.# >[.:3H.#J3G9=:.#/9:B32.1AV#AGGA1#G3/013#23#'39?#W(9#23#/F3#H3#G9:9# B32.<9X#h4#+H#6V64i#G/13IAI.#(?#R.9>9? N"#I'()(*+2:/-*(#.(%%(#-99('+( .?#%>#C.:A#A#3>#I3:9#GA=:9#23#/9H0:39:A#B1.<A1:.66# ![9BBA1<.# H.<A13.>A# 2A># C.:A# A# 2A># I3:9# 29IAI.# AGGA1# GA=:9# 2A>>[9BBA1<.#GC313<0.>AV#G3HJ9>9#2A>#29:9#23#Gf#.2#3H3<.839:A#.CO C0:<9#2A>#;13G<9#3HH9>.<9?#%#BA2A>3#C1AGA19#JA:#C1AG<9#>[.J3<023:A# 23#0:31A#.>#C.:A#A#.>#I3:9#.><13#29:3#2A>>.#<A11.D#=1.:9#G9C1.<<0<O <9V# A2# 0I.?# U9>A:29# /9Gj# G9IIA:31A# .3# J3G9=:3# 2A3# (./A129<3# A2# .>>[3:23=A:8.#2A3#C9IA13?#*A>>.#>919#GAHC>3/3GG3H.#]A2A#CA:G.I.O :9#0:.#=1.:2A#IA13<ZV#/FA#:9:#J3G9=:.I.#/39Y#GAC.1.1A#2.>#;13O G<9#3#23GCA:G.<913#2A>>.#(0.#=1.83.#h(./A129<3i#A#=>[3H3<.<913#2A>>A# (0A#G9BBA1A:8A#hR9IA13i?#!.#>919#]A2A#G0J>3HA#>3#.GG3/01.I.#/FA# 66
# 6LlQ#:?#6P4?
467
\0A>>A#9BBA1<AV#3:#H923#23IA1G3V#G.1AJJA19#<0<<A#23IA:<.<A#/.1:A#A# G.:=0A#23#;13G<9V#G3.#/FA#GA1I3GGA19#.>>.#;9H0:39:A#)0/.13G<3/.V# .>>.#HA:G.#2A>#(./A129<A#9#.#\0A>>.#2A>#C9IA19D#W;F3#13/AIA#I93# 13/AIA#HAXV#.IAI.#2A<<9#$AGb#.3#G093#"C9G<9>3#AV#3:#9:91A#2A3#(093# HAHJ13#0H3>3.<3D#Wk0.:<9#.IA<A#B.<<9#.>>[0><3H9#2A3#H3A3V#>[.IA<A# B.<<9#.#EA#G<AGG9X#hE<#4QVl5i? k0.>A#/9HC1A:G39:A#2A>#;91C9#E3G<3/9#:A3#;13G<3.:3#2A3#C13H3# GA/9>3o k0.>A#]A2A#A#\0.>A#3>>0H3:.839:A#3:<A1391Ao#'.#\0AG<.#/9HO C1A:G39:A#/9Gj#G9C1.::.<01.>A#G=91=.I.#\0A>>[.H91A#C1.<3/9#/FA# B./AI.#23#<0<<3#0:#G9>#/091A#A2#0:[.:3H.#G9>.? (A#\0AG<.#/9HC1A:G39:A#A#\0AG<[0:3<Z#9==3#:9:#AG3G<9:9#C3b# B1.#3#/9G322A<<3#/13G<3.:3V#3>#H9<3I9#G3#Y#CA1/Ff#:9:#/3#G9:9#C3b#IA13# /13G<3.:3?# *9:# AGGA:29/3# C3b# IA13# /13G<3.:3V# >.# /9:/A839:A# .:/FA# 0H.:.# Y# .><A1.<.V# >.# /9H0:39:A# 2A=>3# GC313<3# :9:# .II3A:A# C3b# A# \03:23#:f#3#/13G<3.:3#/1A29:9#C3b#23#:0<131A#;13G<9#\0.:29#:0<19O :9# 3# B1.<A>>3V# :f# 3# G9BBA1A:<3# /1A29:9# 23# 13/AIA1A# ;13G<9# \0.:29# 13/AI9:9#>.#;.13<Z?#;9Gj#>[3:23I320.>3GH9V#>[A=93GH9V#>.#23I3G39:A# 1A=:.:9#:A>>.#G9/3A<Z#A#23#/13G<3.:9#:9:#/[Y#13H.G<9#/FA#3>#:9HAo E.# :A3# =10CC3# A>A<<3V# 3:# /9>919# /FA# F.::9# G/A><9# 23# GA=031A# ;13G<9V#\0AG<[0:3<ZV#\0AG<.#;.13<Z#2AI9:#<91:.1A#.#1A=:.1A#.2#9=:3# /9G<9V#.><13HA:<3#HA:<3.H9#.#:93#G<AGG3#A2#.>>[0><3H9#=391:9#:9:# /3#G.1Z#2.#.GCA<<.1G3#/FA#>[W.:2.<A#H.>A2A<<3V#A//?X#hE<#4QVl6i#? ]A1H3.H9/3#0:#H9HA:<9#G0#\0AG<A#<A113J3>3#C.19>A#/FA#F.::9# 0:#:AGG9#>9=3/9#/9:#\0A>>9#/FA#.JJ3.H#2A<<9#B3:91.?#(A#CA:G.GG3O H9#/FA#\0AG<A#C.19>A#/3#C1A/A29:9#:A>>[.>#23#>ZV#9FV#/9HA#G.1AJJA# 23IA1G.#>.#:9G<1.#I3<.o# )2#91.#0:[0><3H.#C.19>.#.#<0<<AD#G3.H9#/F3.1AV#G3.H9#3:<A=1AV# /39Y# 0:A# 3:# <0<<A# >A# AGC>3/.839:3# 2A>>.# I3<.?# (3.H9# /0G<923# 2A=>3# 0G3#G./13?#":23.H9#.2#.GG3G<A1A#.>>.#(?#EAGG.#/9>#/091A#=A:A19G9V# 0H3>AV#C.83A:<A#A#13/9123.H9#GAHC1A#/FA#Y#3:0<3>A#.GG3G<A1A#.>#(?# 46l
(./13B3/39# GA# C93# :9:# 13H.:3.H9# GA1A:A# A# B91<3# G0>>[.><.1A# 2A>>.# :9G<1.#HAGG.#\09<323.:.?# J?#![9BBA1<.#23#GA#G<AGG364 %>#(./13B3/39#F.#.I0<9#C13:/3C39#/9:#>[0H.:3<Z?#a#0:#J3G9=:9# 2A>>[0H.:3<Z?#]91GA#GA#>[-H.:3<Z#:9:#.IAGGA#CA//.<9#:9:#.I1AJJA# GA:<3<9#\0AG<9#J3G9=:9V#H.#3>#J3G9=:9#AG3G<A#A#/3#I3A:#23H9G<1.<9# 2.>>.# G<913.# 2A3# C9C9>3?# )# >.# G<913.# 23H9G<1.# .:/FA# /FA# \0.:<9# C3b# >[0H.:3<Z# C19=1A23G/AV# <.:<9# C3b# >.# H.<A13.# 2A># (./13B3/39# G3# GC313<0.>388.?# ![&BBA1<9139# Y# .:/FA# >[AGC1AGG39:A# 2A>>.# /9:<3:0.# 9J>.839:A#/FA#/9G<3<03G/A#>.#I3<.#/13G<3.:.#A2#.:/91#C3b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`#/FA# .//A:2A1/3#23#.H91A#A#GA#.:/FA#.#:93#/9Gj#H.<A13.>3#A#/9Gj#C9/9# /9HC1A:G3I3#2A3#H3G<A13#2A>>9#GC313<9#:9:#GAHJ1.#/FA#\0AG<9#/9:O <.<<9#C19I9/F3#:AGG0:#H9I3HA:<9V#9FV#G3.H9#/A1<A#/FA#=3b#:A>>A# 64
# 6LlQ#:?#6Pl? # 6Lll#:?#6QN?
67
46Q
C19B9:23<Z#3:G9:2.J3>3#2A>>9#GC313<9V#.II3A:A#0:#\0.>/9G.#23#H3O G<A139G9#/FA#H.:<3A:A#A2#.//1AG/A#>.#I3<.#G9C1.::.<01.>Ao RA1/Ff# ;13G<9# F.# CA1CA<0.<9# 3># (09# (./13B3/39n# *9:# J.G<.I.# /FA#>9#.IAGGA#/9:G0H.<9#0:.#G9>.#I9><.n#RA1/Ff#>9#F.#I9>0<9#1A:O 2A1A#3:3:<A119<<9#G0#\0AG<9#C9IA19#H9:29n#*9:#/3#23/A#/F3.19# /9:#\0AG<9V#/F[A=>3#/9HC1A:2A:29#.#C3A:9#>.#23BB3/9><Z#3HHA:G.# 2A>>.# :9G<1.# C9IA1.# :.<01.# CA1# 3># G./13B3/39V# F.# I9>0<9# .CC9G3<.O HA:<A#C911A#23#/9:<3:09#G9<<9#3#:9G<13#GA:G3#>9#GCA<<./9>9#2A>>.# 13::9I.839:A#2A>#(09#23I3:9#G./13B3/39V#A#/9Gj#/9:BA1H.1A#/FA#3# 20A#/.C3G.>23#2A>#;13G<3.:AG3H9#G9:9D#'9>91A#A#"H91An#a#20:O \0A# G9HH.HA:<A# 0<3>A# CA1# :93# >[.CC19B9:23HA:<9# 2A>>.# /9:9O G/A:8.#2A>>.#(?#EAGG.? (/0G.<AH3g#H.#3>#E3G<A19#2A>>.#(?#EAGG.#H3#C1A:2A#<0<<.#A#I91O 1A3#/FA#/[3:B3.HH.GG3H9#23#.1291A#CA1#/9HC1A:2A1>9#A#I3IA1>9? K?& )0.3*!#./,$!&%.))!&-$,!&".)&*#.".%,. !"#5>W;62'/)+/2#);&'(,2#,2*/9()+2:/-*(#.(%%>2,-'(6l !.#:9G<1.#I3<.#2AIA#AGGA1A#0:.#I3<.#A0/.13G<3/.? &1.#>[)0/.1AG<3.#Y#>.#H.:3BAG<.839:A#C3b#.><.#A#C3b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l
# 6L7M#:?#65L?
46P
4"#5>W;62'/)+/2#6/?-#.(%%2#7/-/26Q E.#<0<<9#/3`#G.1AJJA#3:0<3>A#GA#:93#:9:#/A1/.GG3H9#23#AGGA1A# GAHC1A#.<<3IAV#2AG<AV#C19:<A?#*9:#G3#C0`#/9H0:3/.1A#>.#I3<.#GA# :9:#>.#C9GGA23.H9?#k03:23#GA#I9=>3.H9#AGGA1A#BA1HA:<9#23#I3<.V# 29JJ3.H9#.<<3:=A1A#\0AG<.#I3<.#.>>.#G0.#G91=A:<A#A#:9:#G9>9#:0O <131/3#23#)0/.1AG<3.V#H.#G9C1.<<0<<9#HA:.1A#0:.#I3<.#)0/.13G<3/.?# %>#GA:G9#A<3H9>9=3/9#2A>>.#C.19>.#W)0/.1AG<3.X#YV#H.:=3.1A#BA>3/3<Z?# *93#.20:\0A#:9:#G9>9#29JJ3.H9#H.:=3.1AV#H.#23IA:31A#)0/.1AO G<3.#:93#G<AGGAV#BA>3/3<Z#2.#H.:=3.1G3? (A# /9Gj# I3I1AH9V# :93# G.1AH9# BA1HA:<9# 23# I3<.D# GA# I3I.//F3AO 1AH9V# :93# .//1AG/A1AH9# 3># /0H0>9# 23# 19I3:A# /FA# 3:/9HJA# G0># H9:29o @"#5>W;62'()+/2#*;+'/,(*+-#.(%%>2*/,26P# E3#F.#3:/91.==3.<.#G.:<.#;.<A13:.#2.#(3A:.V#>.#\0.>A#.BBA1H.# W/FA#C3b#G3#/9:9G/AV#C3b#G3#.H.X#A2#.>>91.#:A>>.#B320/3.#/FA#/3`#/FA# :9:#G9#B.1A#39#>9#B.1Z#!03V#H3#.//3:=9#.2#AGC911A#H9><9#G9HH.O 13.HA:<A#>.#<A913.#/FA#GCA19#G.1Z#23#/9:B91<9#CA1#I93V#/9HA#>9#Y# G<.<9#CA1#HA? %%#IA19#/13G<3.:9#C.1<A/3C.#.3#\0.<<19#H923#23#I3<.#/FA#,9GH3:3V# <A9>9=9#3:G3=:A#A2#3:G3AHA#H3G<3/9V#23G<3:=0A#3:#$AGbD# 6i# >.# I3<.# :.<01.>AV# /FA# /9:G3G<A# :A>>[0:39:A# 2A>>[.:3H.# /9># /91C9g 4i#>.#I3<.#)0/.13G<3/.#23#/03#C.1>A1AH9#C93g 7i#>.#I3<.#GC313<0.>A#23#;13G<9#I3.<91AV#.>>.#\0.>A#3>#/13G<3.:9#C.1O <A/3C.#CA1#3>#K.<<AG3H9g li#>.#I3<.#1A>3=39G.#/9H3:/3.<.#3:#;13G<9#29C9#>.#,AG011A839:A#A# /FA#/9H3:/A1Z#CA1#3>#/13G<3.:9#29C9#>.#,AG011A839:A#B3:.>A? 6Q
# 6L7M#:?#65M? # 6LQ7#:?#46M?
6P
46M
!.# <A18.# A# >.# \0.1<.# 23# \0AG<A# I3<A# G9:9# >.# G0J>3H.839:A# G9O C1.::.<01.>A# .# /03#'39#CA1#(0.#=1.<03<.#J9:<Z#A>AI.#>.#/1A.<01.# 0H.:.?#E.#.#:93V#/9HA#G3#Y#2A<<9V#3:<A1AGG.#BA1H.1/3#9==3#G0>>.# GA/9:2.V#/39YD#G0>>.#U3<.#)0/.13G<3/.#/FA#Y#0:.#WI3<.#H31./9>9G.X? k0.:29#:A>>A#'3I3:A#(/13<<01A#G3#C.1>.#23#1AG011A839:AV#G[3:<A:O 2A#C.1>.1A#GAHC1A#2A>>.#1AG011A839:A#GC313<0.>A#2A>>[.:3H.V#HA1/f# >.#$1.83.V#1AG011A839:A#/FA#:A>>[":<3/9#+AG<.HA:<9#.IIA:3I.#CA1# >.#BA2A#:A>#;13G<9#IA:<019V#A#/FA#9==3#.II3A:A#CA1#>.#BA2A#3:B0G./3# :A>#K.<<AG3H9? %>#;13G<3.:9V#/FA#IA1.HA:<A#/1A2A#.#\0AG<.#H3G<A139G.#H.#1A.>A# <1.GB91H.839:A#A#1AG011A839:A#3:<A1391AV#2AIA#23G<.//.1G3#CA1#:AO /AGG3<Z#2.3#JA:3#B.>>./3#23#\0.==3bV#I9>=A:29#<0<<.#>.#G0.#.<<A:839:A# A#>A#G0A#/01A#.>>.#I3<.#2A>>[.:3H.V#/F[A=>3#G.#AGGA1A#3HCA13<01.V#CA1O /Ff#I3IA:<A#23#;13G<9? *A>>.#I3<.#\09<323.:.#/3#=0.12A1AHH9#JA:A#2.>#<1.G/01.1A#>.# /9>.839:AV#3>#C1.:89V#>.#/A:.V#HA:<1A#:9:#/3#C1A9//0C3.H9#<19CC9# GA#0:#=391:9#9#.:/FA#20AV#9#.:/FA#9<<9#G3#C.GG.:9#GA:8.#B.1A#>.# HA23<.839:A?#*9:#G3#<3A:A#<19CC9#C1AGA:<A#/FA#GA#>[0:39:A#/9:# ;13G<9#G3#1.>>A:<.V#GA#I3#G9:9#C3//9>3#.<<.//F3V#GA#I3#Y#0:#3:<A1391A# <A11.#<A11.V#Y#\0AG<9#3:23/A#23#0:#2A/.23HA:<9#GC313<0.>AV#AV#:9:# G9>9#:9:#/A#:A#.IIA23.H9V#H.#\0.>/FA#I9><.#G0//A2A#/FAV#.:/FA# .//91=A:29/A:AV#\0.G3#C1ABA13.H9#:9:#.:2.1#<19CC9#3:#B9:29?# E.#<91:3.H9#.>>.#I3<.#)0/.13G<3/.#:A>>.#\0.>A#;13G<9#G3#Y#G<.O J3>3<9# CA1# .H91A# 2A=>3# 09H3:3# A# :A>>.# \0.>A# )=>3# I09>A# G<.J3>31A# .:/FA#:93?#(3.#:9G<1.#/01.#23#13GC9:2A1A#.#\0AG<.#AG3=A:8.#'3I3:.# /FAV#/9HA#IA21AH9#Y#<0<<.#.#I.:<.==39#:9G<19V#=3.//Ff#GA#I9=>3.O H9#1AG0G/3<.1A#/9:#;13G<9#29JJ3.H9#G<.1=>3#H9><9#I3/3:3#B3:#2.# \0.==3b?# ;9HA#3>#(./1.HA:<9#2A>#K.<<AG3H9#G3#/F3.H.#(./1.HA:<9#2A>O >.# 13=A:A1.839:A# A2# 9CA1.# IA1.HA:<A# >.# 1AG011A839:A# GC313<0.>A# 2A>>[.:3H.V#C13I.#23#$1.83.V#/9GjV#:A>>[)0/.1AG<3.V#/FA#F.#3>#/9HO C3<9#23#:0<131A#>[.:3H.V#G3#<19I.#.:/FA#3:#AGG.#>.#G0.#C9<A:8.#23# 46N
13G91=3HA:<9#/FA#G3#ABBA<<0.#\0.:29#>[09H9#H091A?#(C3A=.#3>#,9O GH3:3#/FA#>[.:3H.#GAC.1.<.#2.>#/91C9#13/AIA#2.>>.#I3<.#)0/.13G<3/.# \0A>>[0:39:A# CA1A::A# /9:# ;13G<9# =>9139G9# 23# /03# 23GGA# >9# G<AGG9# ;13G<9D#W;F3#H.:=3.#>.#H3.#/.1:A#A#JAIA#3>#H39#G.:=0A#13H.:A#3:# HAX# h$I# PVQPi?# !.# \0.>A# I3<.# )0/.13G<3/.# C1AG<.# .>>[.:3H.# W\0A># >0HA#23#=>913.X#/FA#>.#1A:2A#.<<.#.:/FA#GA:8.#3>#/91C9#.#IA2A1A# %2239#WB.//3.#.#B.//3.X#A#3>#23#/03#=.0239#G3#/9HC>A<A1ZV#\0.:29#3># /91C9#G.1Z#1AG0G/3<.<9?#%:B.<<3V#CA1/Ff#>[.:3H.#GAC.1.<.#2.>#/91C9# C9GG.#.IA1A#>.#C19C13.#G9==A<<3I.#.<<3I3<ZV#>A#9//911A#0:#H31./9>9# A2#Y#C19C139#\0AG<.#I3<.#H31./9>9G.#/FA#C19HA<<A#;13G<9#/9:#>A# C.19>AD#W;F3#H.:=3.#>.#H3.#/.1:A#A#JAIA#3>#H39#G.:=0A#F.#>.#I3<.# A<A1:.V#A2#39#>9#1AG0G/3<A1`#:A>#:09I9#=391:9X#h$I#PVQli? (3#C9<1AJJA#29H.:2.1AD#W;9HA#H.3#.#/9>03#/FA#=3Z#F.#>.#I3<.# A<A1:.V#G3#C19HA<<A#/FA#G.1Z#1AG0G/3<.<9n#;FA#J3G9=:9#F.#23#AGGA1A# 1AG0G/3<.<9#/F3#=3Z#I3IA#A2#A<A1:.HA:<A#I3IAnX? (3V#I3IA#=3ZV#H.#AGGA:29#\0.==3b#>[.:3H.#C13=39:3A1.#2A>#:9G<19# /91C9#Y#AGG.#.II9><.#:A>#H3G<A19V#HA:<1A#3>#H3G<A19#/.21ZV#\0.:29# .>>.#H91<A#2A>#/91C9#G.1Z#<9><9#2.3#G093#9//F3#3>#IA>.HA#2A>>.#/.1:A# /9119<<.#A#>.#G0.#I3<.#G3#H.:3BAG<A1Z#>0H3:9G3GG3H.? +0<<.#\0AG<.#H.=:3B3/.#29<<13:.#.#/FA#GA1IAn#%::.:83#<0<<9#.2# .//A:2A1A#A#.2#.//1AG/A1A#3>#:9G<19#.H91A#CA1#>[)0/.1AG<3.V#.>#\0.O >A#.H91A#0:#C9[#3:<3AC323<9#9//911AI.#C19C139#0:.#G/9GG.?# T9#>A<<9#/FA#3>#G./A129839#Y#G<.<9#/1A.<9#CA1#>[)0/.1AG<3.V#\03:O 23#G./A129839#A2#)0/.1AG<3.#:9:#C9<A:29G3#GAC.1.1A#/9G<3<03G/9O :9#3>#B0>/19#A#>[9==A<<9#2A>>.#:9G<1.#3HH9>.839:A? %:B.<<3#:9:9G<.:<A#>.#:9G<1.#<3AC32A88.V#$AGb#F.#H9GG9#3#/0913# .><103#.2#0:.#C3b#I3I.#C.1<A/3C.839:A#.>>A#:9G<1A#BAG<A?# ;FA#\0AG<9#132AG<.1G3#2A=>3#.><13#G3.#H9:3<9#CA1#:93V#9:2A#:9:# /3#.IIA:=.#/9HA#.>#R9C9>9#)J1A9#/FA#23#C13H9#23IA::A#>[0><3H9?# (3.H9# .<<A:<Ao# !.# :.<01.# 0H.:.# @# GCA/3A# >.# GA:AGA# @# Y# B./3>A# .# /.2A1A#3:#\0A>>.#3:G<.J3>3<ZV#G<.:/FA88.#A#23G/9:<3:03<Z#/FA#19I3:.# <0<<A# >A# 3:383.<3IA# C3b# JA>>A# A# C3b# .2A=0.<A# .3# J3G9=:3# .<<0.>3# 2A># 46L
H9:29?#a#IA19#/FA#3:#\0AG<9#H9HA:<9#G3#.IIA1<A#.:/FA#B1.#:93# 0:.#H.==391#C19:<A88.#CA1#>A#91A#23#"291.839:AV#0:#C3b#I3I9#3:O <A1AGG.HA:<9#CA1#3>#/0><9V#0:[.//9=>3A:8.#C3b#BAG<.:<A#\0.:29#.1O 13I.#3>#'9:9#CA1#H.:<A:A1A#.//AG.#>.#>.HC.2.V#A#29JJ3.H9#.:/FA# 231A#/FA#/[Y#0:#\0.>/FA#/9G.#2[3:2AB3:3J3>AV#H.#/FA#<3A:A#3>#/091A# G9GCAG9#3:#B320/39G.#A#<1AC32.#.<<AG.#)0/.13G<3/.? E.#/FA#:93#1A>3=39GA#29JJ3.H9#.IA1#J3G9=:9#23#\0AG<A#G/9GGA# CA1#<A:A1/3#I3IA#:A>>[.H91An UA=>3.H9#G91A>>AV#IA=>3.H9#G9C1.#\0AG<A#:9G<1A#1AGC9:G.J3>3<Z# CA1#:9:#/.2A1A#:A>>.#G0C3:.#.J3<023:A#/FA#Y#C1929<<9#23#GA:G3#A#23# 3:A183.?#!9#GC313<9#0H.:9V#B3:/Ff#I3IA#\0.==3bV#:9:#F.#C01<19CC9# .JJ.G<.:8.# 29H3:39# G0># :9G<19# AGGA1A# 3:# H929# 2.# B.1>9# I3IA1A# GAHC1A#3:#IA13<Z#A#3:#.H91A?# C"#5>W;62'/)+/2#&2*(#.(%#0/277/-6M W%>#C.GG.==39#20:\0A#2.#\0AG<.#I3<.#.>>.#B0<01.#CA1#>[.:3H.#C0O 13B3/.<.#Y#0:.#IA1.#1AG011A839:AX?#)//9#3>#H9<3I9#CA1#/03#>.#;F3AG.# /F3.H.# 3# 2AB0:<3# W<1.C.GG.<3X# A# CA1/Ff# :A>>[91.839:A# CA1# AGG3# B.# 231AD#W(3=:91AV#>3JA1.#>[.:3H.V#.BB3:/Ff#1AG0G/3<.<.#1AGC313#:A>>.#=>9O 13.#2A>>.#<0.#1AG011A839:AX? W%>#C.GG.==39#2.#\0AG<.#.>>[.><1.#I3<.V#13C1A:2A#3>#,9GH3:3V#GAJO JA:A#G3.#CA13/9>9G9#Y#H9><9#B./3>3<.<9#\0.:29#:A>#GA:9#2A>#/91C9# H91A:<A# Y# =3Z# I3IA:<A# A2# 9CA1.:<A# 3># ;13G<9# )0/.13G<3/9V# CA1/3`# :AGG0:#HA889#G3#2AIA#<1.G/01.1A#CA1/Ff#3>#H913J9:29#.JJ3.#.30<9# A#/9:B91<9#:A>>A#0><3HA#91AV#/9G3//FfV#GA#=30G<3B3/.<9V#.JJ3.#\0A>>.# IA1.#I3<.#/FA#=>3#I3A:A#2.>#/9:<.<<9#/9:#;13G<9V#2.>>[AGGA1#3:/91C9O 1.<9#.>#;13G<9V#2.>#I3IA1A#2A>>.#I3<.#23#;13G<9V#2.>>[.IA1#;13G<9#3:#GA# G<AGG9X? 6M
# 6LQ7#:?#46M?
445
(A#C93#>[.:3H.#:9:#B9GGA#.:/91.#2A>#<0<<9#C013B3/.<.V#>[)0/.1AO G<3.#Y#<.:<9#C9<A:<A#/FAV#13H9:2.:29#>[09H9#2.3#CA//.<3#IA:3.>3V# :A#.BB1A<<.#>.#C01=.839:A#A#\03:23#3>#C3b#G9>>A/3<9#1.==30:=3HA:<9# 2A>>[A<A1:.#JA.<3<023:AV#3:#\0.:<9#/FA#>[.:3H.#G9G<A1Z#3:#R01=.<9O 139#G9>9#CA1#G9223GB.1A#>.#CA:.#/FA#>A#13H.:A#A#\03:23#G[3:/9:<1A1Z# 23#:09I9#/9>#;91C9#)0/.13G<3/9#23#;13G<9#/FAV#/9HA#G3#Y#2A<<9V#>A# C1AG<.#W3>#>0HA#23#=>913.X? )//9#CA1/Ff#>.#;F3AG.#3:G3G<A#G0>>[.HH3:3G<1.839:A#2A>#U3.<3/9# :A>>A#91A#AG<1AHA#.3#H913J9:23?#'A>#1AG<9#>.#G<AGG.#C.19>.#I3.<3/9# /A#:A#2Z#>.#1.=39:AV#=3.//Ff#I3.<3/9#G3=:3B3/.#WC.:A#2A>#I3.==39X?# ;9G3//Ff#GA#>.#/1A.<01.#F.#13/AI0<9#:A>>A#0><3HA#91A#3>#U3.<3/9#A2# Y#C013B3/.<.V#:9:#F.#>09=9#GAC.1.839:A#.>/0:.#/9:#;13G<9V#CA1/Ff# >[.:3H.#F.#=3Z#3:#GA#G<AGG.#\0A>>.#I3<.#A<A1:.V#/FA#Y#=A1HA#A#/.0G.# 2A>>.#G0J3<.:A.#,AG011A839:A?#
446
,A>.839:3#C1AGA:<.<A#.>#;9:IA=:9 ^!"#K)!!)SS"#'%#-*["*%E"#!%K),"_ 3:#9//.G39:A#2A>>A#;A>AJ1.839:3#CA1#3>#;3:\0.:<AG3H9#2A>>.#H91<A# 23#K3.:/.#R3//9>9H3:3#;>AHA:<3:3#h6NMQO6LQLi (3A:.V#47O4l#9<<9J1A#455L
%*+),U)*+&#')!#R&(+-!"+&,)#(-!!"#(+&,%"# )#![%+),#')!!"#;"-("#')!!"#(),U"#'%#'%&# K%"*;"#R%;;&!&E%*%#;!)E)*+%*%
"'%&#$**!#"'&+.,#'%$
;.13GG3H3#.H3/3V#G3.H9#9==3#\03#3:#\0AG<9#G<913/9#C.>.889#23# (3A:.#CA1#/9HHAH91.1A#3>#/3:\0.:<AG3H9#.::3IA1G.139#2A>>.#/F3.O H.<.#.>#/3A>9#2A>>.#(A1I.#23#'39#K3.:/.#R3//9>9H3:3#;>AHA:<3:3V# B9:2.<13/A#2A>>.#;9HC.=:3.#23#(.:<[&1G9>.#3:#(3A:.?#%>#G09#H9O 2A>>9#23#G.:<3<Z#A2#3>#G09#C19=1.HH.#23#I3<.#AI.:=A>3/9#1AG<.:9# I3I3#:A>>A#G0A#]3=>3A#/FA#.:/91.#9==3#:A#/9:<3:0.:9#>[9CA1.#A#:A# /9><3I.:9#0:.#HAH913.#/FA#I09>A#AGGA1A#BA2A>A#A#BA/9:2.? a#<1.#\0AG<A#H01.#/FA#>.#(A1I.#23#'39#:./\0AV#G3#B91H`#.>>.# A20/.839:A#0H.:.#A#/13G<3.:.#A2#3:B3:A#/9:/ACj#>.#G0.#/9:G./1.O 839:A#.#'39V#/9:#3>#2AG32A139#/FA#B9GGA#C3A:.V#CA1BA<<.V#GA:8.#13O GA1IA#.#GfV#<9<.>HA:<A#GCAG.#:A>#GA1I3839#.C9G<9>3/9#A#/.13<.<3I9V# :A>>.# BA2A><Z# .>>.# ;F3AG.V# :A>>[3HCA=:9# 23# <0<<A# >A# C19C13A# B918A# A# 23# <0<<A# >A# G0A# G9G<.:8AV# GA:8.# 13GC.1H39# 23# 29>913V# C19IA# A# 2# 3:/9HC1A:G39:3#/FA#1AGA19#>.#G0.#I3<.#0:.#9J>.839:A#G./13B3/.<.#A# =1.23<.#.#'39? a#\0AG<9#\0A>#C19B0H9#23#G.:<3<Z#/FA#=>3#.H3/3#23#'39#>.G/3.:9# 29C9#23#GfD#:9:#GAHC>3/AHA:<A#0:.#HAH913.V#H.#>.#I3I32.#CA1O /A839:A#23#0:.#>919#=1.:2A88.#G<1.9123:.13.#A#:9:#/9H0:A#/FA# >3#C91<`#.#GA=031A#;13G<9#B3:9#G0>>.#;19/AV#A#/FA#9==3#/3#C91<.#.2# .HH31.1AV#<1.GHA<<A1A#A2#3H3<.1A#3>#>919#AGAHC39d a# \0AG<9# /3`# /FA# :93# .22A<<3# .3# >.I913# /F3.H3.H9# ^B.H.# 23# G.:<3<Z_D#AGG.#G91=A#2.#0:.#I3<.#A193/.#:A>>A#I3A#2A>#U.:=A>9#A#1AG<.# :A>>.#;F3AG.#0:#H92A>>9#I.>329#A2#ABB3/./A#23#I3<.#/13G<3.:.?#)#CA1# 44Q
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f# 2A>>.# CA1201.:<A# /9G/3A:8.# /FA#>.#;F3AG.#:A#/0G<923G/A#/9HA#3:A\03I9/.J3>A#GA=:9#2A>>.#G0.# G.:<3<Z? R19C139#<.>A#/9:<3:0.<3I.#B.H.#B0#3>#H9<3I9#CA1#2.1A#3:3839#.># R19/AGG9#23#KA.<3B3/.839:A#2A>>.#E.21A#K3.:/.?#UA:=9#.#13CA1/91O 1A1:A#>A#<.CCA#G.>3A:<3? 66O44#H.==39#6LNP#9<<A:0<9#3>#:$M$/#\D,%(%#2A>>.#;9:=1A=.839O :A#2A>>A#;.0GA#2A3#(.:<3#G3#23A2A#G0J3<9#3:3839#.>>[%:/F3AG<.#'39O /AG.:.#G0>>.#I3<.V#>A#I31<b#A#>.#B.H.#23#G.:<3<Z#2A>>.#E.21A#K3.:/.# R3//9>9H3:3#;>AHA:<3:3? +.>A# 3:/F3AG<.# .IAI.# 3># /9HC3<9# 23# 1.//9=>3A1A# <0<<A# >A# <AG<3O H9:3.:8A#.#B.I91A#9#/9:<19#23#AGG.#/FA#G3#C9<AGGA19#1ACA131A#2.# \0.>G3.G3#=A:A1A#23#<AG<3H9:3V#A2#3:B3:A#23#1A/AC31A#<0<<.#>.#H9>A#23# 29/0HA:<.839:A#G<913/.#/FA#13=0.12.GGA#>.#(A1I.#23#'39#A#>.#G0.# 9CA1.D#29/0HA:<3#/3I3>3#A#1A>3=39G3V.<<3V#HAH913A#B.H3>3.13V#G/13<<3V# >A<<A1AV#C0JJ>3/.839:3V#H.<A13.>A#2[.1/F3I39#9#=391:.>3G<3/9#A#/9Gj# I3.? -:# >.I919# /FAV# 3HH.=3:.<A# JA:AV# G3# C1AGA:<.I.# /A1<.HA:<A# >0:=9#A2#3HCA=:.<3I9? +.>A#3:/F3AG<.#201`#:9IA#.::3#A#B019:9#AG/0GG3#<1A:<0:9#<AG<3g# >.#;9HH3GG39:A#(<913/.#\03:23#1.//9>GA#<0<<3#\0A3#29/0HA:<3V#G3.# CA1G9:.>3V#/FA#.0<9=1.B3#/FA#.><13#.::AGG3#13=0.12.:<3#>.#(A1I.#23# '39? 44P
%>#6v#=A::.39#6LLQ#>[.>>91.#'31A<<13/AV#>.#(3=H.#,3:.#]0G3V#:9O H3:.I.#R9G<0>.<91A#2A>>.#;.0G.#3>#R?#R.9>9#!9HJ.129V#&?]?E?V# /FA#130G/j#B3:.>HA:<A#.#/F302A1A#>.#].GA#'39/AG.:.#A#<1.GHA<<A1A# =>3#.<<3#C19/AGG0.>3#.>>.#;9:=1A=.839:A#/9HCA<A:<A#.#,9H.?#U.# .#>03#3>#HA13<9#23#.IA1#2.<9#>.#GI9><.#2A/3G3I.#A#B3:.>A#.3#>.I913V#A2# .>>.#/9>>.J91.839:A#C1A839G.#A2#3:G9G<3<03J3>A#2A>>.#(3=?:.#!323.V#23# /.1.#HAH913.? %>#4Q#.C13>A#6LLQ#B0#AHAGG9#3>#,AG/13<<9#23#"CA1<01.#2A=>3#.<<3# 2A>>[%:/F3AG<.#'39/AG.:.#.#,9H.V#A2#3>#P#9<<9J1A#2A>>9#G<AGG9#.::9# G3#9<<A::A#3>#2A/1A<9#23#I.>323<Z#=301323/.#2A=>3#G<AGG3#.<<3D#3:383.I.# /9Gj#>.#/9G322A<<.#^B.GA#19H.:._#2A>>.#;.0G.o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o RA1#\0AG<9#:A>#:9IAHJ1A#2A>#6LLQ#>.#R9G<0>.839:A#1.//9>GA#.>O /0:A#.><1A#23/F3.1.839:3#Aw<1.#C19/AGG0.>3#/31/.#.>/0:3#/F3.13HA:<3# G0>>.#2AC9G3839:A#1AG.#:A>#C19/AGG9#2.#U3<<913.#R3//9>91:3:3#"2.O H3V#/FA#B0#3>#C13H9#<AG<A#2A>>[3:/F3AG<.#'39/AG.:.g#\0AG<.#.C13I.# =>3#.<<3#/9:#0:.#>0/A#B9G/.#A#C1A9//0C.:<A#G0#<0<<9#3>#C19/AGG9V#A# :9:#G3#G.1AJJA#C9<0<3#C19/A2A1A#9><1A#GA:8.#.IA1#C19B9:2.HA:<A# 3:IAG<3=.<9#G0>>.#IA13<Z#2A=>3#AIA:<3#A#2A>>A#.BBA1H.839:3? (3#29IA<<A19#/A1/.1A#.><1A#<AG<3H9:3.:8A#A#29/0HA:<.839:3#3:# HA13<9D# <1.# \0AG<A# 3HC91<.:<3GG3H.# >.# 23/F3.1.839:A# 2A>>.# (3=?:.# (3H9:A<<.#,0=.:3#A#2A>#/9HC3.:<9#E9:G?#!03=3#E913V#=3Z#=3023O /A#2A>A=.<9V#/9:#.>>A=.<9#0:.#GA13A#23# "'*3(.%,!& %3;.##$(!& *'%1.*,!? 44M
+0<<.#<.>A#:09I.#29/0HA:<.839:A#:9:#G9>9#.:2`#.#/F3.131A#A2# .::0>>.1A#>[9HJ1.#=A<<.<.#G0>>.#(A1I.#23#'39#2.>#C13H9#<AG<AV#H.# BA/A#13GC>A:2A1A#0:.#:09I.#>0/A#23#3:<A1391A#H.1<3139#A#23#3:.023<.# G9BBA1A:8.#2A>>.#E.21A#K3.:/.V#3:#/03#>A3#>0:=.HA:<A#29IA<<A#I3IAO 1A#A2#A193/.HA:<A#/9HJ.<<A1A?#*A>>.#2),$%$)#<.>3#29/0HA:<3#9//0O C.:9#>A#C.=3:A#Q4QOP54V#A#G9:9#C.=3:A#G<1.9123:.13A#A#JA>>3GG3HAo 66O45# :9IAHJ1A# 6LLN# I3A:A# 2AC9G3<.<.# 3:# ;9:=1A=.839:A# >.# 2),$%$)# <.-&'# W$'%.%$D.,?# )GG.# Y# G0223I3G.# C13:/3C.>HA:<A# 3:# 20A# C.1<3D#>[9"=)'3(%$)#/FA#B.#0:.#.//01.<.#AGC9G3839:A#2A>>A#U31<bV#/A1O /.:29#23#23H9G<1.1A#/FA#B019:9#I3GG0<A#3:#=1.29#A193/9#2.>>.#(A1O I.#23#'39V#A#/9:<.#67L#C.=3:Ag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`#.>>.# E.21A#\0AG<.#I3/A:2.V#A#>.#/9:GA=0A:<A#IA1<A:8.#=302383.13.#/FA# .:2`#.I.:<3#CA1#0:#IA:<A::39#2.>#6L6P#.>#6L7PV#<1.#.//0GAV#C19O /AGG3V#>.#G3>A:839G.#9BBA1<.#2A>>.#R3//9>9H3:3#A#>.#G0.#29IA19G.#A# GA1A:.#23BAG.? "#/F3.131A#2AB3:3<3I.HA:<A#3>#<0<<9#CA1#>.#:9G<1.#;.0G.#23#KA.<3O B3/.839:AV#3>#R?#$39I.::3#R9:<3/A>>3#/9:<13J0j#2.:29#.>#G09#>.I919# \0A>#C3=>39#23#/.1.<<A1A#AGGA:83.>HA:<A#=301323/9#/FA#3:#ABBA<<3#G3# 13/F3A2AI.#2.#>03V#3:#\0.:<9#C13H.#23#.JJ1.//3.1A#>.#I3<.#H9:.G<3/.# B0#H.=3G<1.<9V#A#/FA#A1.#>[0:3/.#I3.#CA1#.113I.1A#.>>.#G9>0839:A#2A>>.# 2A>3/.<.#A#GC3:9G.#\0AG<39:A#/FA#<.:<9#29>91A#.11A/`#.>.#(A1I.#23# '39?#3>#>.I919#23#'9H?#R9:<3/A>>3#Y#23#=1.:2A#3HC91<.:8.#.:/FA# CA1#3>#:0HA19#23#.>>A=.<3#hJA:#IA:<9<<9oi#/FA#.//>02A#.>#<A1H3:A# 44N
2A>>.#G0.#.//01.<3GG3H.#1A>.839:A#.#13C19I.#23#\0.:<9#23/F3.1.?#!9# G<AGG9#'9H?#R9:<3/A>>3#.BBA1H.D#Wd#H3#GAHJ1.I.#0:#29IA19G9# .<<9#23#13C.1.839:A#2.#C.1<A#2A>>.#;F3AG.#/FA#Y#3:#(3A:.#:A3#/9:O B19:<3#23#0:.#G0.#B3=>3.V#/FA#.IAI.#29I0<9#C91<.1A#/19/3#3::0HA1AO I9>3#A#=1.I3GG3HAV#13C.1.839:A#2.#.<<0.1A#:9:#/9:#I09<A#C.19>A#H.# :A>#H.:2.1A#.I.:<3#/9:#2A<A1H3:.839:A#\0A>#C19/AGG9#239/AG.:9# =3Z#>92AI9>HA:<A#3:383.<9X? "#2923/3#.::3#2.>>.#/9:GA=:.#2A>>.#2),$%$)V#/9:G32A1.<3#3#<AHC3# 9123:.13# 2A>>.# ;9:=1A=.839:A# 2A>>A# ;.0GA# 2A3# (.:<3V# 29I1AHH9# 91H.3#AGGA1A#:A>>[3HH3:A:8.#CA1/Ff#\0AG<.#IA:=.#AG.H3:.<.#2.># ;9:=1AGG9#2A3#<A9>9=3D#GA#I3#G.1Z#3>#>919#C.1A1A#B.I91AI9>AV#/9HA# GCA13.H9#A#G3.H9#/A1<3#CA1#3>#I.>91A#2A>>.#29/0HA:<.839:AV#AGG3# AGC13HA1.::9#3>#>919#13/9:9G/3HA:<9#G0>#=1.29#A193/9#2A>>A#I31O <b# /13G<3.:A# 2A>>.# E.21A# K3.:/.V# A# \03:23# B.1.::9# C19GA=031A# j># =3023839#.>>.#;9:=1A=.839:A#&123:.13.#2A3#R.213#;.123:.>3#A#UAO G/9I3#CA1/Ff#C9GG.:9#AGC13HA1A#.:/FA#>919#3>#C19C139#/9:GA:G9V# A2# 3:B3:A# /9:GA=:.1A# <0<<9# .># (.:<9# R.21A# /FAV# GA# I911ZV# AH.O :A1Z#3>#2A/1A<9#G0>>A#I31<b#A193/FA#2A>>.#(A1I.#23#'39#23/F3.1.:29>.# -.%.#!;$).? a#\0.:<9#GCA13.H9#91H.3#/9HA#C19GG3H9#A#BA>3/A#AG3<9#23#<.:<3# .::3#23#:9G<19#>.I919V#A#/919:.HA:<9#2A>>.#I3<.#2A>>.#E.21A#K3.:O /.o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
U9=>3.#>A3#C19C139#9<<A:A1/3#9==3#2.>#(3=:91A#>0/A#A#B918.#CA1# 3>#:9G<19#>.I919V#BA2A><Z#.>>.#:9G<1.#I3<.#/13G<3.:.V#A#C19GCA13<Z#A# B918.#.>>.#;9HC.=:3.#2A>>A#G0A#B3=>3A#\03#3:#(3A:.#29IA#.:/91.#Y# <.:<9#:A/AGG.13.#>[9CA1.#/FA#A>>.#3:383`#A#CA1#>.#\0.>A#I9>>A#9BB131A# <0<<.#>.#G0.#I3<.o
475
%!#;!%E"#,)!%$%&(&#"#(%)*"# +,"#m%m#)#mm#();&!&
4$'-!%%$&4#',,!%.))$&".&/!%,$
!A# >A<<A1A# C.G<91.>3V# >.# G<.HC.# \09<323.:.V# >A# :9<383A# 1A>.<3IA# .>>.#C.1<A/3C.839:A#:A>>A#G0A#23IA1GA#/9HC9:A:<3#G9/3.>3#.>>.#I3<.# 2A>>.#;F3AG.V#/9Gj#/9HA#\0A>>A#1A>.<3IA#.>>.#B1A\0A:8.#.3#G./1.HA:O <3#C9GG9:9#2.1A#0:#/A1<9#B9:2.HA:<9#.#\0.>/FA#/9:G32A1.839:A# =A:A1.>A#G0>#/>3H. 1A>3=39G9# 3:# 0:.# 1A=39:A# 3:# 0:.# 2A<A1H3:.<.# AC9/.?# +0<<.I3.# I.>0<.1A#>.#\0.>3<Z#A#>.#G9>323<Z#2A>>.#BA2A#1A>3=39G.#23#0:.#/9H0:3O <Z#3:#0:#2A<A1H3:.<9#<AHC9#h<1.#3>#m%m#A#3>#mm#GA/9>9oi#3HC>3/.# G/A><A#C.019G.HA:<A#G9==A<<3IA#A#<.>3#2.#=30G<3B3/.1A#C3A:.HA:<A# >A#13GA1IA#/FA#\0.G3#13<0.>HA:<A#.:<3/3C.#/F3#G3#.//3:=A#.#C.1>.1A? ;F3#I3#C.1>.#:9:#Y#:f#0:9#G<913/9V#:f#0:9#G<0239G9#23#1A>3=39O :3#A#C0`#G9>9#231A#23#AGGA1AV#91H.3#.:83.:9V#GAHC1A#13H.G<9#:A># =1A==A#B3:#2.>>.#:.G/3<.#A#23#AGGA1A#G<.<9#<1.#3#<.:<3V#0:#<AG<3H9:A# .JJ.G<.:8.#.<<A:<9? *A>#>0:=9#CA13929#2A>>.#I3<.#23#K3.:/.#R3//9>9H3:3#;>AHA:<3:3# h6NMPO6LQLi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
C19B9:23#/.HJ3.HA:<3#2A>>.#G9/3A<Z#3<.>3.:.#A#2A>>A#>A==3#/FA#<.>3# /.HJ3.HA:<3#F.::9#C19H9GG9#9#2A3#\0.>3#F.::9#:A/AGG.13.HA:O <A#<A:0<9#/9:<9?#*A3#C13H3#.::3#2A>>.#G0.#I3<.#Y#.:/91.#1A/A:<A# >.#C19B9:2.#B1.<<01.#<1.#(<.<9#A#;F3AG.g#.#(3A:.#\0A>>[AIA:<9#F.# 23I3G9# :9:# C9/FA# B.H3=>3A# 2A>>.# />.GGA# 29H3:.:<A# GA/9:29# 0:.# <A:2A:8.#13/911A:<A#:A>>.#G<913.#2A>#:9G<19#C.AGA#A#G3/01.HA:<A# 2A>>.#:9G<1.#+9G/.:.?#![.13G<9/1.83.V#.>>.#\0.>A#.>#C3b#.><9#>3IA>>9# .CC.1<3A:A#K3.:/.#R3//9>9H3:3#A#/FA#/9:<3:0.#.2#AGGA1A#CA1#<0<O <9#>[9<<9/A:<9V#3:#C.1<A#:9<AI9>AV#>.#/>.GGA#G9/3.>A#29H3:.:<AV#3:# \0.>/FA# /.G9# Y# C19B9:2.HA:<A# 23I3G.g# .>>[3:<A1:9# .:/FA# 23# 0:.# G<AGG.#B.H3=>3.#G3#<19I.:9#<.>91.#.>/0:3#G9G<A:3<913#23#C.1<A#/.<<9O >3/.#A#I3/AIA1G.#.>/0:3#>3JA1.>3?#%#R3//9>9H3:3#;>AHA:<3:3#.3#\0.>3# .CC.1<3A:A#>.#/9:<AGG3:.#K3.:/.#.CC.1<A:=9:9#.>#C3//9>9#=10CC9# 2A3#^K09:3#(A:AG3_#hE313839i#9IIA19#.>#=10CC9#2A=>3#.13G<9/1.<3/3# /.<<9>3/3# =0.12.<3#A#GA=03<3#/9:#\0.>/FA#G9GCA<<9#:A3#1.CC91<3#23# C9>383.#23#B3:A#9<<9/A:<9? a# 23BB3/3>A# :A=.1A# /FA# >A# B91<0:A# 9# GB91<0:A# 2A># C9<A1A# <AHO C91.>A#2A>>.#;F3AG.#.JJ3.:9#3:B>03<9#3:#\0.>/FA#H3G01.#G0>#/>3H.# 1A>3=39G9#3<.>3.:9#A#\03:23#GA:AGA#A#/3`#G3#C0`#231A#3:AI3<.J3>HA:<A# .:/FA#CA1#\0A3#GA<<913#2A>>.#C9C9>.839:A#BA1H.HA:<A#/1A2A:<3#A# C1.<3/.:<3V#H.#.:/FA#/9:I3:<3#/FA#>.#B91H.839:A#2A>>[0:3<Z#2[%<.>3.# A#3>#G09#/9HC>A<.HA:<9#^19H.:9_#B9GGA19#0:.#/9G.#J09:.?#'A># 1AG<9#\0AG<9#2A3#1.CC91<3#<1.#BA2A#A#C9>3<3/.#Y#0:#C19J>AH.#.:<3/9# :A>>.#:9G<1.#G<913.#3<.>3.:.#A#JA:#/9:9G/30<9#.#(3A:.#=3Z#:A>#EA239# )I9? "># >3IA>>9# 2A>>A# />.GG3# C3b# JA:AG<.:<3# A2# AI9>0<A# 23# (3A:.# <1.# B3:A# 9<<9/A:<9# A# 3# C13H3# 2A># :9IA/A:<9# G3# F.# >[3HC1AGG39:A# /FA# G3.# C1AI.>A:<A# 0:.# 1A>3=39G3<Z# /.1.<<A1388.<.# 2.# 0:# .><9# =1.29# 23# 3:<19GCA839:A#/FA#H9><9#13GA:<A#2A>>A#/911A:<3#23#CA:G3A19#1A>3=39O G9#B1.:/AGA#23#B3:A#9<<9/A:<9?#%:#=1.:#C.1<A#23#\0AG<A#B.H3=>3A#G3# <19I.:9#hA#GCAGG9#C3b#23#0:.#/9C3.i#>A#23IA1GA#A23839:3#2A>>[%H3O <.839:A#23#$AGb#23#"?#xAHC3GV#3#>3J13#23#C1A=F3A1A#2A>>.#/9:<AGG.# 474
23#]>.I3=:y#h>.#83.#23#;F.1>AG#2A#]90/.0><i#\0A>>3#23#"I13>>9:#9#3># H.:0.>A<<9#2A>>.#^UA1.#E.21A#23#].H3=>3._#23#$3.HJ.<<3G<.#]AO :9=>39?#a#0:.#1A>3=39G3<Z#/FA#JA:#G3#.2.<<.#.>>[.0G<A13<Z#A#.>#13=91A# C30<<9G<9# B91H.>3G<3/9# 2A3# /9G<0H3# /FA# Y# 3:# =A:A1.>A# 3HCA1.:<A# .:/FA#3:#.><13#C.AG3#hI3A:A#G0J3<9#3:#HA:<A#>[%:=F3><A11.#I3<<913.:.i?# -:.#1A>3=39G3<Z#/FA#G3#H.:3BAG<.#/9:#0:.#13=919G.#9GGA1I.:8.#2A3# C1A/A<<3# 2A>>.# /F3AG.V# 0:.# 9GGA1I.:8.# G3# G.1AJJA# <A:<.<3# 23# 231AV# /.1.<<A1388.<.#2.#^0:.#.<<A:<.#/9:<.J3>3<Z_#23#C1A=F3A1A#A#23#3:20>O =A:8A?#%>#GAG<9#/9H.:2.HA:<9#.#I9><A#GAHJ1.#29H3:.:<A#:A>>.# /.<A/FAG3#2A>#<AHC9?#)#.#I9><A#G3#F.#>[3HC1AGG39:A#/FA#\0AG<.#13=9O 19G.#9GGA1I.:8.#G3#.BB3.:/F3#.>>[3113=3231G3#2A>>.#/9:<1.CC9G3839:A# (<.<9O;F3AG.V#/FA#23#CA1#Gf#C9/9#F.#.#/FA#B.1A#/9:#>.#1A>3=39:A#A# /FA#:9:23HA:9#/9:23839:.#3:#\0A>#<AHC9#3>#/>3H.#1A>3=39G9? (3#.IIA1<A#:A3#29/0HA:<3#239/AG.:3V#:A>>.#G<.HC.#A#:A>>.#23.13O G<3/.#0:#B91<A#3HCA=:9#23#.C9G<9>.<9#.:/FA#GA#:A>#\0.219#23#0:.# <1.23839:A# A//>AG3.G<3/.# C30<<9G<9# .0<913<.13.V# C1A9//0C.<.# /9HA# 2.# GAHC1A# :A>>.# G<913.# 1A>3=39G.# 2A># :9G<19# C.AGAV# 2A>>[AGA1/3839# <19CC9# 23BB0G9# 2A>>.# >3JA1<Z# 23# CA:G3A19?# -:.# <1.23839:A# /FA# G3# 1.II3I.#A#G3#13:G.>2.#:A>>[91H.3#GA/9>.1A#/9:<1.G<9#/9:#3>#H9:29# >3JA1.>A?#a#0:#1.II3I.1G3#/FA#G3#H.:3BAG<.#3:#0:.#GA13A#23#C1.<3/FA#A# 23#C.1<3/9>.13<Z#2AI9839:.>3#GCA/3B3/FA#/FA#I.::9#2.>>.#/9:G./1.O 839:AV#C19H9GG.#2.>>[.1/3IAG/9I9#K3:23V#2A>>.#239/AG3#23#(3A:.#.># (./19#;091A#:A>#6NM7#hE313839iV#.>>A#E3GG39:3#<A:0<A#:A=>3#G<AGG3# .::3# :A>>A# /.HC.=:A# 3:<91:9# .# (3A:.# 2A>>A# \0.>3# 13H.:A# .:/91.# \0.>/FA#<AG<3H9:3.:8.#:A3#=1.:23#/19/3B3GG3#/FA#G3#<19I.:9#.#I9><A# >0:=9# >A# G<1.2AV# <.>91.# .:/FA# .113//F3<3# /9:# =>3# ^G<10HA:<3# 2A>>.# C.GG39:A_V#.=>3#3:G3G<A:<3#A#13/911A:<3#13/F3.H3#/9:<19#>.#/9110839O :A#2A3#/9G<0H3V#13/F3.H3#/FA#GCAGG9#G3#C0:<0.>388.:9#3:#0:.#B91<A# .IIA1G39:A#:A3#/9:B19:<3#2A>>[A:<0G3.GH9#/FA#3#=39I.:3#F.::9#CA1# 3>#J.>>9? 477
E9HA:<3# 23# C.1<3/9>.1A# <A:G39:A# :A3# 1.CC91<3# <1.# ;F3AG.# A# R0JJ>3/.#"HH3:3G<1.839:A#G3#.IIA1<9:9#.>>.#B3:A#2A>#m%m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`? !9#G<1.9123:.139#H9><3C>3/.1G3#2A>>A#/.GA#A#2A3#13B0=3#/FA#B.::9# /.C9# <1.# B3:A# 9<<9/A:<9# A# 3# C13H3# 2A># :9IA/A:<9# .>>[9CA1.# 2A>>.# E.21A#(.I3:.#RA<13>>3#Y#0:#3:23/A#/A1<.HA:<A#23#G0//AGG9#23#\0A>>.# =1.:2A#GA:AGAV#H.#>9#Y#.:/FA#2A>>9#G<.<9#23#.JJ.:29:9#G9/3.>A#A# 0H.:9#<0<<91.#/9Gj#23BB0G9#3:#\0A>#<AHC9? ":/FA#3>#/9:<.29#/FA#B91GA#3:#H.==391#H3G01.#13GCA<<9#.>>.#/3<O <Z#.CC.1A#AGGA1A#C19B9:2.HA:<A#1A>3=39G9#IA1G.#3:#H.:3A1.#=A:AO 1.>A#3:#0:9#G<.<9#23#:9<AI9>A#.11A<1.<A88.#A/9:9H3/.#A#/0><01.>AV# /9:#0:#23G<.//9#:A>>A#/9:23839:3#23#I3<.#13GCA<<9#.>>.#/>.GGA#C19O C13A<.13.#/FA#B.#3HC1AGG39:A?#*9:23HA:9#G3#<1.<<.#23#0:.#G9/3A<Z# 47l
/9:<.23:.#/FA#C01#:A>>.#G0.#.11A<1.<A88.#Y#/.1.<<A1388.<.#2.#0:.# 13=32.#/9HC.=3:A#B.H3>3.1A#A#2.#B91<3GG3HA#<1.23839:3#23#I3<.#/FA# F.::9#3:20JJ3.HA:<A#0:#B9:2.HA:<9#23#:.<01.#1A>3=39G.? ":/FA#.#(3A:.V#/9HA#:A>#1AG<9#2A>#R.AGAV#G3#2A>3:A.#0:.#:09I.# AC9/.#/FA#F.#3:3839#/9:#>.#=1.:2A#GI9><.#:A>>[.<<A==3.HA:<9#2A>>.# ;F3AG.#/FA#G3#H.:3BAG<.#:A>#6NL6#/9:#>[A:/3/>3/.#[&'.3#:)+('.3?# a#0:#:9<AI9>A#/.HJ3.HA:<9#13GCA<<9#.#0:#<AHC9#:A>#\0.>#:9:# 23#1.29#>[.13G<9/1.83.#<A113A1.#A#>.#/>.GGA#C19C13A<.13.#3:#=A:A1.>A# .IAI.:9# /A1/.<9V# A# :9:# 23# 1.29# <19I.<9V# .CC9==39# :A>>.# ;F3AG.# /9:<19#3>#23BB9:2A1G3#2A>#G9/3.>3GH9#^.<A9_?#a#.CCA:.#3>#/.G9#23# 13/912.1A#/FA#>.#[&'.3#:)+('.3#I3A:A#C0JJ>3/.<.#.#20A#.::3#2.>>.# B9:2.839:A#.#R.13=3#2A>>.#(A/9:2.#%:<A1:.839:.>A?#(3#<1.<<.#23#0:.# GI9><.#/FA#G0>#C3.:9#1A>3=39G9#C1AB3=01.#A#2A>3:A.#CA1#3>#/13G<3.:9# 1AGC9:G.J3>3<Z#H91.>3#/FA#B3:9#.2#.>>91.#3:#=1.:#C.1<A#2A>>A#/>.GG3# JA:AG<.:<3#:9:#A1.:9#G<.<A#.IIA1<3<A#GA#:9:#:A3#>3H3<3#CA1#>.#IA13<Z# .JJ.G<.:8.#.HC3#A#I.=F3#@#2A3#/9Gj#2A<<3#^29IA13#23#G<.<9_?#'9IA13# A2# 9JJ>3=F3# /39Y# /FA# CA1# \0.:<9# 13=0.12.# 3# 1.CC91<3# 2A3# G3=:913# /9:#3#C19C13#23CA:2A:<3#9#G9<<9C9G<3#9V#C3b#H92A1:.HA:<A#G3#29O I1AJJA#231AV#2A3#2.<913#23#>.I919#/9:#3#>.I91.<913V#C1AG/13IAI.:9# /9HC91<.HA:<3#2A3#\0.>3#G3#13GC9:2AI.#/9:#>.#C19C13.#/9G/3A:8.# 23:.:83#.#'39#C30<<9G<9#/FA#23:.:83#.>>A#3G<3<0839:3#<A11A:A?#-:.# =1.:2A#3::9I.839:A#\03:23#2AG<3:.<.#.#G3=:3B3/.1A#0:#I.>91A#A#0:.# C1A9//0C.839:A#29H3:.:<A#CA1#<0<<9#3>#:9IA/A:<9#A#B3:9#.2#9==3V# A#/FA#G3#.BB3.:/.V#/9HA#G3#Y#2A<<9V#.2#.><13#913A:<.HA:<3#C01.HA:<A# 2AI9839:.>3#/FA#/.1.<<A1388.:9#3>#/>3H.#1A>3=39G9#2A>#<AHC9?#K.G<3# CA:G.1A#/9:#13=0.129#.#\0AG<3#0><3H3#C19C139#:A=>3#G<AGG3#.::3#.>>.# 3:G3G<A:8.#2.#C.1<A#2A>>.#;F3AG.#G0>#/0><9#2A>#(./19#;091AV#G0>>.# 1A/3<.#2A>#,9G.139#A2#3:#=A:A1.>A#G0#C.1<3/9>.13#B91HA#23#IA:A1.O 839:A#2A>>.#E.29::.?#%>#C9:<3B3/.<9#23#!A9:A#m%%%#CA1.><19#Y#G3# 3>#C9:<3B3/.<9#2A>>.#[&'.3#:)+('.3#H.#Y#.:/FA#\0A>>9#:A>#\0.>A#G3# .CC19I.:9#:09IA#:91HA#G0>>.#/A:G01.#h6NLMi#G0>>[%:23/A#h6L55iV# G3# :A=.# G3=:3B3/.<9# C9>3<3/9# 3:# %<.>3.# .>>.# 'AH9/1.83.# ;13G<3.:.# 47Q
h$1.IAG#2A#/9HH0:3V#=A::.39#6L56i#A#G3#13::9I.#3>#23I3A<9#.3#/.<O <9>3/3#23#C1A:2A1#C.1<A#.>>A#A>A839:3#C9>3<3/FA#hz?*?'?#xA>>yi? ">>[AHA1=A1A# A# .># 23BB9:2A1G3# =A:A1.>A# 2A>>.# CA1/A839:A# 2A3# 29IA13# G9/3.>3# 2A># /13G<3.:9# 13GC9:2A# G3/01.HA:<A# .:/FA# (3A:.V# GAJJA:A#.#231A#2A>>.#=A1.1/F3.#A//>AG3.G<3/.#:9:#3:#H929#GAHC1A# A:<0G3.GH.:<A?#*A>#\0.219#=A:A1.>A#2A>>A#3:383.<3IA#231A<<A#GCA/3O B3/.HA:<A#.#C19H09IA1A#3>#C19=1AGG9#G9/3.>A#<1.#>.#B3:A#2A>#GA/9>9# A#=>3#3:383#2A>#L55#G3#23G<3:=0A#G3/01.HA:<A#>[.<<3I3<Z#23#R3A<19#R3/O /9>9H3:3V#B1.<A>>9#H.==391A#23#K3.:/.?#a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h"?#E313839i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hA#GCAGG9# C01<19CC9#.:/FA#23#201.<.i#2A:9<.:9#0:#.<<3I3GH9#3:<A:G9#A#JA:# 91=.:388.<9#G3.#C01A#:A3#>3H3<3#23#0:.#G9/3A<Z#/9HA#\0A>>.#GA:AGA# /FA#:9:#F.#C3b#23H9G<1.<9#91H.3#2.#.>/0:3#GA/9>3#0:.#=1.:#C19:O 47P
<A88.#.>>.#:9I3<Z#2A>>A#32AA?#"#GAHC>3/A#<3<9>9#23#AGAHC39#G.1AJJA# 3:=30G<9#:9:#13/912.1A#\03#.#B3.:/9#2A3#R3//9>9H3:3V#<1.#3#H9><3V# '9:#*.88.1A:9#&1>.:23V#;.1>9#+.10=3#">JA1<9#E.1A>>3#A#;AG.1A# U3I3.:3? ;A1<.HA:<A#>.#B3=01.#23#K3.:/.#R3//9>9H3:3#HA13<.#0:#C9G<9#.# Gf#G<.:<A#.:/FA#:A>#\0.219#23#0:#<A:<.<3I9#23#I3G39:A#23#3:G3AHA# /9HA# Y# \0A>>9# /FA# \0AG<A# :9<A# G3# C19C9:=9:9# 23# 2.1A?# RA1/Ff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f#/9HA#\0A>>A#2A3#R3//9>9H3:3#231A3#/FAV# HA:<1A#G3#1A=3G<1.:9#C19=1AGG3#/0><01.>3#A#G9/3.>3#3:#(3A:.#A#C19O I3:/3.#<0<<.I3.#>.#G9/3A<Z#101.>A#B3:9#.>>.#GA/9:2.#=0A11.#H9:23.>A# 13H.:A#AG<1AH.HA:<A#<1.23839:.>A#A#\03:23#.GG.3#23BBA1A:83.<.#2.# \0A>>.#/3<<.23:.D#.>>[3:<A1:9#2A>>A#B.H3=>3A#CA1H.:A#0:#H.==391A# 13=91A#23#23G/3C>3:.V#3>#C.119/9#13H.:A#3:#0:.#C9G3839:A#23#.0<913<Z# @#A#:9:#G9><.:<9#CA1/Ff#GCAGG9#/9:<3:0.#.#13G/09<A1A#>A#2A/3HA# @V#>A#/F3AGA#G9:9#.BB9>>.<A#3:#9//.G39:A#2A>>.#HAGG.#29HA:3/.>A#A# 3:#/F3AG.#:9:#G3#1A/.:9#G9><.:<9#>A#29::A#.:/FA#GA#=>3#09H3:3V#.2# 47M
A//A839:A#2A3#IA//F3V#G<.::9#<0<<3#3:#B9:29#I3/3:9#.>>.#C91<.?#U.13# A>AHA:<3#GAHJ1.:9#2.1A#0:#B9:2.HA:<9#.>#/911A:<A#/>3/Ff#2A>>.# =A:<A#23#/.HC.=:.#/FA#/9:20/A#I3<.#GAHC>3/A#A#1A>3=39G.#A#/FA# G3#/9:B91H.#.3#C1A/A<<3#2A>>.#/F3AG.?#-:#/>3/Ff#/FA#F.V#CA1#\0A>>9# /FA#C0`#I.>A1A#3>#13/912.1>9V#1.23/3#.:<3/F3GG3HAg#G0#0:9#GB9:29# 23IA1G9#A#/A1<.HA:<A#C3b#C9>3<3/388.<9#H.#GAHC1A#GCA/3B3/9#2A>>.# G9/3A<Z# /9:<.23:.# :9:# H.:/FA1.::9# 3:# AC9/.# C3b# I3/3:.# .# :93# h9# .>HA:9# .# HAi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k0.G3# 3:AI3<.J3>HA:<A#CA1#\0.:<9#9==3#C9GG.#23GC3./A1A#13/9:9G/A1>9#>.# I3<.#1A>3=39G.#A#/9:#AGG.#>.#C.1<A/3C.839:A#C0JJ>3/.#.>>A#/A13H9:3A# 1A>3=39GA#13GA:<9:9#3:#\0.>/FA#H929#2A>#B.I91A#2A>#C.1<3<9#B.G/3O G<.?#"#(3A:.#:A#G9:9#GA=:3#AI32A:<3#=3Z#C13H.#2A>>.#;9:/3>3.839:A# >.# 23GC9G3839:A# /FA# G<.J3>3G/A# /FA# I3# G3.:9# 3# /19/3B3GG3# :A>>A# .0>A# G/9>.G<3/FAV# >.# 13C1AG.# 2A>>.# <1.23839:.>A# 9BBA1<.# I9<3I.# 2A># ;A19# :A>#6L4lV#=>3#.I.:=0.123G<3#/FA#C1AG<.:9#GA1I383#23#9:91A#.>>A#C19O /AGG39:3# 1A>3=39GA# h6L4MiV# 3># 1AG<.019# 2A>>.# ;.CCA>>.# 3:<A1:.# 2A># C.>.889#/9H0:.>A#13/9:G./1.<.#:A>#6L4N#CA1#>.#BAG<.#2A>#R.<19/3O :39#/9HA#C01A#>.#=1.:2A#BAG<.#:A>>9#G<AGG9#.::9#CA1#3>#GA/9:29# /A:<A:.139#2A>#13<19I.HA:<9#2A>>A#((?#R.1<3/9>A#/9:GA1I.<A#3:#(.:# ]1.:/AG/9#h!?#!0/F3:3i?#*A>#6L7M#F.#>09=9#>.#G3G<AH.839:A#2A>>A# G.>HA#2A3#H.1<313#B.G/3G<3#:A>>.#;13C<.#2A>>.#=1.:2A#J.G3>3/.#GA:AGA# 23# (.:# '9HA:3/9# /9:# 0:.# /A13H9:3.# :9<<01:.# /FA# GAHJ1.# 13O /F3.H.1G3#.2#.>/0:A#H.:3BAG<.839:3#C9>3<3/FA#<A2AG/FA#2A>>.#G<AGG.# 47N
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k0A>>.#C19/>.O H.839:A#:A>#6L7L#Y#0:#AIA:<9#23#C91<.<.#:.839:.>A#9><1A#.2#AGGA1A# 0:#=1.:2A#AIA:<9#/3<<.23:9g#JA:#C1AG<9#3:383.:9#/9:#>[.HJ3<.#I3G3O <.#2A>#E3:3G<19#K9<<.3#3#1AG<.013#2A>>.#K.G3>3/.#/.<A13:3.:.?#![.::9# GA=0A:<AV#/FA#Y#\0A>>9#2A>>[A:<1.<.#2A>>[%<.>3.#3:#=0A11.V#IA11Z#23O /F3.1.<9#2.#R.C.#R39#m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b#GB.I91AI9>A?# ![9<<9#GA<<AHJ1A#6Ll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
>.1A#A#>A#B918A#2A>#H.>A#C1AI.>A1A#HA:<1A#>.#13/9G<10839:A#29C9#>.# 23GB.<<.#.CC.13I.#.:/91.#>9:<.:.V#>.#;F3AG.#:A>>A#C.19>A#2A>#;.1O 23:.># R39I.:A>>3# 23IA::A# ^0:# B9/9>.1A# 23# GCA1.:8._?# !.# ;F3AG.# 3:B.<<3#C.1<3/9>.1HA:<A#:A3#20A#.::3#<1.#3>#tl7#A#3>#tlQ#G3#Y#<19I.<.# 3:#H9><3GG3HA#9//.G39:3#.#GI9>=A1A#0:.#B0:839:A#23#^G0CC>A:8._# :A>>[.GGA:8.# 23# 9=:3# .0<913<Z# /3I3>A# A# H3>3<.1A# /FA# :9:# B9GGA# :AO H3/.#h)?#K.>9//F3iV#/9Gj#/9HA#23IA::A#.:/FA#3:#GA:G9#H.<A13.>A# >09=9#23#13B0=39#A#23#G.>IA88.#:A3#H9HA:<3#23#H.GG3H9#CA13/9>9?# !.# ;F3AG.# B0# >09=9# 23# 1.//9><.# :9:# G9><.:<9# CA1# 3# ^C1.<3/.:<3_# H.#.:/FA#CA1#H9><3#/FA#0G0.>HA:<A#<.>3#:9:#A1.:9V#H.=.13#1AG3# C3b#G9>A1<3#2.>#<3H91AV#/9HA#.IIA:3I.#.#(3A:.#:A=>3#0><3H3#=391:3# C13H.#2A>#C.GG.==39#2A>#B19:<A?#%:#\0A3#=391:3#:./\0A#>[0G9#\0.G3# GC9:<.:A.HA:<AV#^C.GG.:29G3#>.#I9/A_V#>[0G9#23#130:31G3#.#GA1.#/9:# >[.1/3IAG/9I9#+9//.JA>>3#:A>>.#;.CCA>>.#2A>>.#E.29::.#2A>#U9<9# 13C1A:2A:29# 0:.# .:<3/F3GG3H.# A# 13CA<0<.# 2AI9839:A# :A>>.# G<913.# 2A>>.#/3<<Z?#*A>>[.30<9#.3#CA1GA=03<.<3V#.3#B0==3.G/F3V#.=>3#AJ1A3#@#.:O /91.#0:#<AH.#:A>#\0.>A#13B0>=A#>[AGAHC39#23#K3.:/.#R3//9>9H3:3# A# 2A>>.# G0.# ;9H0:3<Z# 1A>3=39G.# @# /911A:29# 13G/F3# :9<AI9>3GG3H3V# <.:<3#23#913=3:3#H92AG<3GG3HA#9><1A#.>>A#CA1G9:A#/9><A#9#B91<AHA:<A# 32A9>9=388.<A#23H9G<1.19:9#.:/FA#.#(3A:.#0:#/91.==39#/FA#B91GA# AGG3# G<AGG3# 3=:91.I.:9# 23# .IA1A# A2# Y# 23BB3/3>A# 3HH.=3:.1A# /FA# >.# B91H.839:A#9#>.#C1.<3/.#1A>3=39G.#.:/91.#/9Gj#I.G<.HA:<A#23BB0G.# :A>#:9G<19#R.AGA#:9:#.JJ3.#/9G<3<03<9#0:9#G<3H9>9#A2#0:.#1.=39:A# CA1#>[.839:A?#U3A:#B.<<9#23#29H.:2.1G3#B3:9#.#\0.>#C0:<9#3>#GA:G9# 2A>>[0H.:3<Z#G3.#G<.<9#3:B>0A:8.<9#2.>>.#1A>3=39G3<Zg#H.#B91GA#\0AG<.# Y#0:.#29H.:2.#3:=30G<.V#.>HA:9#3:#C.1<Ag#=>3#3<.>3.:3#G9:9#\0A>>3# /FA# G9:9# CA1/Ff# 3:<AGG0<3# :A3# GA/9>3# 23# /0><01.# /13G<3.:.# G3.# /FA# \0AG<.#C93#G3#AG<13:GA/F3#9#:9#3:#B91HA#9#.<<A==3.HA:<3#GCA/3B3/.O HA:<A#1A>3=39G3? ;9:#>.#>3JA1.839:A#23#(3A:.#A#/9:#>.#B3:A#2A>>.#=0A11.#G3#.C1A# 0:[AC9/.#:09I.#CA1#3#B91<3#32A.>3#A#3#GA:<3HA:<3#C9>3<3/3#/FA#G3#23BO B9:29:9#3:#/3<<Z#A#3:#/.HC.=:.V#0:[AC9/.#.:/FA#23#IA19#A#C19C139# 4l5
G/9:<19# <1.# 1A>3=39:A# A# /9H0:3GH9?# *A>>.# G3:3G<1.# G3# 13.//A:2A# B91GA# .:/FA# >[.:<3/9# .:<3/>A13/.>3GH9# 3<.>3.:9# 13H.G<9# G3>A:839G9# 201.:<A#3>#B.G/3GH9?#"#(3A:.#H9><9#C1AG<9#29C9#3>#C.GG.==39#2A># B19:<A#>.#/9:<1.CC9G3839:A#Y#=3Z#B91<A#A#3:#.<<9#B3:#2.3#C13H3#B0O :A1.>3# /9Gj# 2A<<3# ^>.3/3_# 9IIA19# C13I3# 23# .GG3G<A:8.# 1A>3=39G.?# *A># 6LlL#I3A:A#C19:0:83.<.#>.#G/9H0:3/.#2A>#/9H0:3GH9?#%>#/.>9V#=3Z# 13/912.<9V#:A>>[.BB>0A:8.#:A>>A#/F3AGA#Y#I3G<9G9#B3:#2.3#C13H3GG3H3# .::3#2A>#29C9=0A11.#A#\0AG<9#H3#GAHJ1.#/FA#G3#.IIA1<.#C.1<3/9O >.1HA:<A#:A>>A#/.HC.=:A#A#/FA#C9GG.#231A<<.HA:<A#13/9>>A=.1G3#:A># GA:AGA#.>>[.2AG39:A#H.GG3//3.#2A3#/9:<.23:3#.>#C.1<3<9#/9H0:3G<.?# !9#/9:BA1H.:9#3#IAG/9I3#<9G/.:3#\0.:29#:A>#6LlL#G9<<9>3:A.:9# /9HA#>.#G3<0.839:A#1A>3=39G.#:9:#C9GG.#AGGA1A#/9:G32A1.<.#GAC.1.O <.HA:<A#2.#\0A>>.#C9>3<3/.? ;9:#>.#B3:A#2A>>.#=0A11.#/3#G3#.//91=A#23#\0.:<9#G3.:9#/.HJ3.<3# A#G<3.:9#/.HJ3.:29#3#/9G<0H3V#3:#H929#C.1<3/9>.1A#CA1#\0.:<9#13O =0.12.#>[3:23CA:2A:8.#A#>9#G<.<0G#2A>>.#29::.V#3>#1.CC91<9#<1.#B3=>3# A#=A:3<913#<1.#=39I.:3#A2#.:83.:3#3:#=A:A1AV#<1.#=39I.:3#<1.#23#>919?# E.#G9:9#3:#\0A3#C13H3#.::3#2A>#29C9=0A11.#/.HJ3.HA:<3V#231A3V# C3b#23#.<<A==3.HA:<9#/FA#23#/9HC91<.HA:<3#IA13#A#C19C13#A#/FA# :9:#3HC>3/.:9#23#CA1#Gf#<.:<9#0:#2A/>3:9#2A>>.#1A>3=39G3<Z#\0.:O <9# 0:# /.HJ3.HA:<9# C19B9:29V# =A:A1.>A# 2A>>A# /9GA# 2A># H9:29V# 0:#/.HJ3.HA:<9#/FA#CA1#\0.:<9#13=0.12.#>.#1A>3=39:A#GAHJ1.#3:# \0.>/FA#H929#C1A>02A1A#.3#<AHC3#2A>#;9:/3>39#U.<3/.:9#(A/9:29? k0.:29#H091A#>.#/9:<AGG3:.#K3.:/.#:A>#6LQL#>A#=1.:23#GI9><A# 2A>>.#G9/3A<Z#3<.>3.:.#/FA#G3#13B>A<<A1.::9#.:/F[AGGA#G0>#;9:/3>39#A# /FA#3:#AGG9#29I1.::9#AGGA1A#.BB19:<.<A#B91GA#:9:#G3#G9:9#JA:#2AO >3:A.<A#.:/FA#GA#/A1<.HA:<A#G9:9#:A>>[.13.?#;9Gj#/9HA#:9:#G9:9# .:/91.# I3/3:3GG3H3# 3# <AHC3# 2A>>A# 13B91HA# A# 2A>>A# 3::9I.839:3# >AO =3G>.<3IA# /FA# 3HC911.::9# G0># C3.:9# 1A>3=39G9# G/A><A# H9><9# =1.I3# A#23BB3/3>3#CA1#3#/.<<9>3/3?#!.#>A==A#G0>#23I91839#Y#2A>#6LM5V#/3:\0A# .::3#29C9#I3A:A#.CC19I.<9#3>#:09I9#2313<<9#23#B.H3=>3.#A#:A>#6LN6# 3>#13G0><.<9#2A>#1ABA1A:20H#G0>>[.J91<9#G.:839:A1Z#/9HA#=3Z#\0A>>9# 4l6
G0># 23I91839V# 0:.# ^/9:<._# /FA# CA1# H9><3# 23# :93# /.<<9>3/3# B0# /9Gj# <13G<AHA:<A# G91C1A:2A:<A# 9><1A# 46# H3>39:3# B.I91AI9>3# .>>[.J91<9# /9:<19# 3# C9/9# C3b# 23# 23A/3# /9:<1.13g# 0:.# ^/9:<._# hY# 23BB3/3>A# 23O HA:<3/.:9i#GA=03<.#2.#0:.#=1.:2A#BAG<.#3:2A<<.#2.#KA1>3:=0A1#3:# C3.88.#(.:#$39I.::3#.#,9H.#2.>>.#\0.>A#@#C0`#AGGA1A#3:<A1AGG.:O <A#13/912.1A#@#G3#.G<A::A19#3#G9/3.>3G<3#23#;1.w3? ">>.#B3:A#2A=>3#.::3#[Q5#>9#GC9C9>.HA:<9#2A>#/9:<.29#GA:AGA# G3#A1.#C1.<3/.HA:<A#=3Z#/9HC>A<.<9g#3#C92A13#2A>#;F3.:<3#GA:AGAV# 2A>>.#U.>#2["1J3.#A#2A>>.#U.>#23#;F3.:.#.CC.13I.:9#GCAGG9#I09<3# A#.JJ.:29:.<3#A#:9:#A1.#.:/91.#3:383.<.#G0#=1.:2A#G/.>.#>.#>919# H.GG3//3.#<1.GB91H.839:A#3:#GA/9:2A#/.GA#23#G<1.:3A13#9#23#3<.>3.:3# 23#,9H.#9#2A>#:912#2A>>.#CA:3G9>.?#)#B91GA#:9:#A1.#.:/91.#3:383.<.# :AHHA:9#>.#<1.GB91H.839:A#3:#GA/9:2A#/.GA#2A>>A#/.:9:3/FA#A#23# <.:<A#/F3AGA#C.119//F3.>3V#:f#3>#HA1/.<9#23#.:<3\0.13.<9#G3#A1.#.113/O /F3<9#23#.11A23#G./13#A#23#>0H3#13/.I.<3#2.3#/.:2A>.J13#2A>>A#/F3AGA# hCA1#>.#IA13<Z#:9:#GAHC1A#10J.<3i? ;1A29#G3#C9GG.#231A#/FA#3>#GAH3O.:.>B.JA<3GH9#:A>#\0.>A#IA1G.O I.:9#>A#/.HC.=:A#2A>#GA:AGA#A#:9:#C9/F3#G<1.<3#2A>>.#C9C9>.839:A# 01J.:.#.>>[3:29H.:3#2A>>.#=0A11.#:9:#G3.#23H3:03<9#@#.#=3023/.1A# 2.>>.#G3<0.839:A#C1AGA:<A#@#3:#H3G01.#/9A1A:<A#/9:#>.#I3G<9G3GG3H.# /1AG/3<.# 2A># >3IA>>9# 23# I3<.V# H.# :9:# G9# GA# .># H0<.<9# A# C19=1A23O <9#>3IA>>9#23#I3<.#C9GG.:9#AGGA1A#/9>>A=.<3#0:#/A1<9#.CC.::.1G3#A# 0:.#/A1<.#CA123<.#23#I3<.>3<Z#2A>#/>3H.#1A>3=39G9#=A:A1.>A#/FA#9==3# G3#.IIA1<Ag#23IA1G.HA:<A#H3#GAHJ1.#/FA#:A3#2A/A::3#/FA#F.::9# GA=03<9# 3># ;9:/3>39# >.# 1A>3=39G3<Z# G3.# :A>>[3:G3AHA# C19B9:2.HA:<A# H0<.<.# A# G3.# 23IA:0<.# GAHC1A# C3b# :A<<.# >.# 23G<3:839:A# <1.# /9>9O 19# CA1# 3# \0.>3# >.# C.1<A/3C.839:A# .>>.# I3<.# 1A>3=39G.# /9G<3<03G/A# 0:# GA139# A# /9:<3:0.<3I9# 3HCA=:9# 23# I3<.# A# /9>919# CA1# 3# \0.>3# G3# I.# 3:#/F3AG.#G9><.:<9#3:#9//.G39:3#CA1#/9Gj#231A#<1.23839:.>HA:<A#9# /0><01.>HA:<A#3:AI3<.J3>3#/9HA#3#J.<<AG3H3V#>A#C13HA#/9H0:39:3V#3# H.<13H9:3#A#3#B0:A1.>3? 4l4
"#(3A:.#3#B91<3#/9:<1.G<3#C9>3<3/3#/FA#G3#13B>A<<9:9#G0>>.#1A>3=39G3<Z# H3#GAHJ1.#h#/9:#<0<<A#>A#13GA1IA#/FA#Y#JA:A#B.1A#G0>>A#I.>0<.839:3# B.<<A#2.#0:#/9:<AHC91.:A9i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h23#<.:<9#3:#<.:<9i#:A>>.#G0.#>0:=.#G<913.# 13AG/.#.:/91.#:A>#:9G<19#<AHC9#.2#3>>0H3:.1G3#23#B3=01A#G<1.9123O :.13A#CA1#>.#>919#GC313<0.>3<Z#A#>.#>919#BA2A#1A>3=39G.#/9HA#\0A>>.# /FA#9==3#13/9123.H9?
4l7
K%"*;"#R%;;&!&E%*%D# ![%*()$*"E)*+&#'%#-*"#'&**"# ;&*k-%(+"+"#'"#;,%(+&
!"#$!%!&#'(!)"'
W-:.#H.AG<1.#23#I3<.#GC313<0.>A#B1.#>A#C3b#=1.:23#/FA#F.#.I0<9# >[%<.>3.#3:#\0AG<9#GA/9>9#@#/9Gj#29:#'3I9#K.1G9<<3#2AB3:j#K3.:/.# R3//9>9H3:3#@#"CC.1<3A:A#/A1<.HA:<A#.>#<AHC9#3:#/03#I3GGA#A#2A># G09#<AHC9#AGG.#GACCA#.//9=>3A1A#3:#Gf#<0<<A#>A#3G<.:8AV#GACCA#.GO G0HA1:A#3#I.>913#/9Gj#2.#23IA:31:A#0:[3HH.=3:A#AGAHC>.1A?#*9:# CA1#\0AG<9#@#.==30:=A#29:#K.1G9<<3#@#Y#G91C.GG.<.?#%>#<AHC9#:9:# G91C.GG.#H.3#>.#G.:<3<Z?#R.GG.:9#3#H923#:A3#\0.>3#AGG.#G3#3:/.1:.V# :9:#C.GG.#>9#(C313<9#/FA#I3IA#:A3#(.:<3?#!.#29/3>3<Z#23#K3.:/.#.>>[.O 839:A# 2A>>9# (C313<9# /9HCj# 3># H31./9>9# 2A>>.# G0.# I3<.?# !.# GC9=>3`# 23# <0<<9# >[0H.:9V# >.# 1320GGA# :A=>3# 0><3H3# .::3V# :A>>.# <1.GC.1A:8.# 2A>>[0H3><Z#A#2A>#G3>A:839V#:9:#C3b#G9>9#3HH.=3:A#AGAHC>.1A#2A># G09#<AHC9V#H.#3HH.=3:A#C01.#23#'39X?# a#IA19V#^3>#<AHC9#:9:#G91C.GG.#H.3#>.#G.:<3<Z_#A2#Y#CA1#\0AG<9# /FAV# :A># 13/912.1A# >.# E.21A# K3.:/.# A# 3# G093# 3:GA=:.HA:<3# 2A>>A# 9,%'.7$)"$ 6V#I9=>3.H9#B.1#C.1>.1A#231A<<.HA:<A#!A3V#/9Gj#/FA#C9GG.# IA:31#B0913#2.>>.#G0.#G<AGG.#9CA1.#>.#G<1.9123:.13.#.<<0.>3<Z#2A>#G09# CA:G3A19V#<3C3/.#.CC0:<9#2A3#G.:<3?# 6 #
# ![A23839:A#.#/03#G3#B.#13BA13HA:<9#CA1#>A#/3<.839:3#2A>>.#E.21A#YD#K3.:/.# R3//9>9H3:3#;>AHA:<3:3V#;/$#<0'$%%$D#-'$3(#&*$7$)"&#,.6/$#(.%)6'(=$#h.#/01.#23#$AO 1.129#":<3=:.:3iV#5)"6'&6(7$)"$V#4#I9>>?V#E91/A>>3.:.V#K1AG/3.#6LLP?#*A>>A#:9<A# GA=0A:<3#G3#3:23/FA1.::9#3>#HAGA#A#>[.::9#2A>>.#;9:=1A=.839:AV#/9:#>.#C.=3:.# 2A>>[A23839:A#23#13BA13HA:<9?
4lQ
'A>#1AG<9#Y#C19C139#K3.:/.#.#1.//9H.:2.1A#.>>A#G0A#B3=>3A#23# :9:#23HA:<3/.1A#>.#13//FA88.#2A3#(.:<3D W%HC.13.H9# .2# .//A:2A1/3# 23# 8A>9# CA1# >.# =>913.# 23# '39# A2#.:/FA#CA1#>[9:91A#2A3#F2*+/V#GCA/3.>HA:<A#CA1#3#(.:O <3#/FA#/3#G9:9#C3b#I3/3:3V#C93/Ff#Y#0:#23BA<<9#.JJ.G<.:8.# /9H0:AV# \0A>>9# 23# 3=:91.1A# 9# 23HA:<3/.1A# >A# JA>>A88A# A# >A#13//FA88A#GC313<0.>3#/FA#/3#G<.::9#.//.:<9#A2#.>>A#\0.>3# C9<1AHH9#.<<3:=A1A#<.:<.#G.:<3<Z#23#I3<.oX4?
R19C139#CA1#:9:#23HA:<3/.1A#>.#JA>>A88.#A#>.#13//FA88.#GC313O <0.>A#2A>>.#E.21A#K3.:/.V#>.#I9=>3.H9#13/912.1A#.#/3:\0.:<[.::3# 2.>>.# G0.# :.G/3<.# .># /3A>9V# /9HA# :9G<1.# G91A>>.# C3b# =1.:2A# :A>>.# BA2AV#B3=>3.#23#\0AG<.#:9G<1.#<A11.#23#(3A:.#/FA#.:/91.#/3#3:I3<.V#/9:# H.==391A# G>.:/39# .# 13:I3=9131A# >.# :9G<1.# BA2A# A# .2# AGGA1A# GA=:9# I3G3J3>A#2A>>[.H91A#23#'39#3:#HA889#.3#(A:AG3#23#9==3V#/9Gj#/9HA# !A3#>9#Y#G<.<.#CA1#3#(A:AG3#23#3A13? 'A>#1AG<9V#/9HA#13/912.#K3.:/.D# D<8(#6-)>_#/%#)2*+-n#a#0:.#/1A.839:A#/FA#AG/A#2.#20A# I9>9:<Z#23#.H91A#/FA#G3#3:/9:<1.:9V#I9=>39:9#0:31G3V#/9HO CA:A<1.1G3V#A#2.>>.#>919#0:39:A#G3#=A:A1.#3>#G.:<9X7?#
(ACC01A#2A>>.#ABB3/./3.#2A>>.#I9>9:<Z#23#'39#:9:#G3#C0`#20J3O <.1AV#AGG.#13G0><.#3HC9<A:<A#GA#.2#AGG.#>.#I9>9:<Z#2A>>[09H9#:9:# I09>A#.2A131A#>3JA1.HA:<A?#a#/A1<9#/FA#:A>>.#E.21A#K3.:/.#>.#I9O >9:<Z# 23# 0:31G3# .># G09# (3=:91A# Y# G<.<.# GAHC1A# =1.:2AV# 13/A1/.<.V# 2AG32A1.<.?
4
# E.==39#6LlMV#C?#6564? # E.==39#6L7QV#C?#l66?
7
4lP
RA1#/9:9G/A1A#\03:23#0:#C9[#C3b#2.#I3/3:9#3>#CA:G3A19#A#>[3:GAO =:.HA:<9#23#K3.:/.#R3//9>9H3:3V#C19I3.H9#.#13CA1/911A1AV#=032.O <3#2.>>A#G0A#G<AGGA#C.19>AV#0:.#G91<.#23#3<3:A1.139#GC313<0.>A#A#0H.:9# .<<1.IA1G9#>A#9,%'.7$)"$V#>[9CA1.#3:#20A#I9>0H3#/FA#1.//9=>3A#=>3#3:O GA=:.HA:<3#/FA#2.>#6L45#.>#6LQN#CA13923/.HA:<A#>.#E.21A#G3#C1AO 9//0C`#23#2.1A#.>>A#G0A#B3=>3A#/9:#=1.:2A#/01.#A#.<<A:839:AV#GA:8.# H.3#13:0:/3.1I3V#:ACC01A#\0.:29#>.#G.>0<A#23IA:<`#C1A/.13.?#;3`# /FA#/9>C3G/AV#>A==A:29#\0AG<A#C.=3:AV#Y#>[.<<0.>3<Z#A#>.#H92A1:3<Z# 23#/A1<A#G0A#.BBA1H.839:3V#H.#2A>#1AG<9#\0AG<.#Y#0:.#/.1.<<A13G<3/.# 2A=>3# 09H3:3# A# 2A>>A# 29::A# 23# '39# /FA# 13AG/9:9# GAHC1A# .# 231A# 2A>>A#IA13<Z#G0>>[09H9#/FA#:9:#C.GG.:9#H.3#23#H92.? $>3#.1=9HA:<3#/FA#>.#E.21A#<1.<<.I.#:A>>A#5)"6'&6(7$)"$V#9IIA19# 3:#\0AG<3#3:/9:<13#CA13923/3#23#B91H.839:AV#A1.:9#23#I.13.#:.<01.D# 2.#<AH3#GC313<0.>3#h/9HA#3>#I.>91A#2A>>.#I3<.#3:<A1391AV#>A#I31<b#<A9>9O =.>3V#>.#C1A=F3A1.V#>[.291.839:Ai#.#<AH3#>3<01=3/3#h/9HA#0:.#/.<A/FAO G3#G0>>.#EAGG.V#3#(./1.HA:<3V#>A#BAG<A#H.13.:AV#3>#*.<.>AV#>.#R.G\0.iV# 2.#<AH3#23#.<<0.>3<Z#h/9HA#>.#23=:3<Z#2A>>.#29::.V#>A#23BB3/9><Z#23# I3IA1A#A#<AG<3H9:3.1A#>.#BA2A#/13G<3.:.#:A>#H9:29V#>A#23BBA1A:8A# <1.#>.#CG3/FA#2A>>[09H9#A#2A>>.#29::.V#3>#I.>91A#2A>>[.H3/383.V#>[3HO C91<.:8.# 23# /9:9G/A1A# A# 3:231388.1A# 3# C19C13# GA:<3HA:<3i# .# <AH3# G/3A:<3B3/3#h/9HA#>.#1.239AG<AG3.#A#>[.<9H9iV#H.#GAHC1A#/9:#0:.# /9:/1A<A88.#A#C1.<3/3<Z#23#3:GA=:.HA:<9V#/9Gj#/FA#I3#G3#C9<AGGA19# <19I.1A#GC0:<3V#.CC>3/.839:3#CA1#>.#I3<.#23#/3.G/0:9? 'A># 1AG<9# Y# C19C139# \0AG<9# /3`# /FA# 0:# J1.I9# A20/.<91A# 29O I1AJJA#B.1A? )#K3.:/.#R3//9>9H3:3#B0#C19C139#0:.#J1.I.#A20/.<13/A#CA1#>A# G0A# B3=>3AV# G.CA:29# AGGA1A# 3:G3AHA# E.AG<1.# A# E.21A?# (.CC3.H9# \0.:<9#3>#H9:29#23#9==3#A#G9C1.<<0<<9#3#:9G<13#=39I.:3#.JJ3.:9# J3G9=:9#23#E.AG<13V#9IIA19#23#A20/.<913#/FA#G.CC3.:9#3:GA=:.1A#3# I.>913#C3b#IA13#A#C19B9:23#2A>>.#I3<.V#H.#.:/FA#23#E.213#A#23#R.213V# CA1G9:AV#/39YV#/FA#G.CC3.:9#=A:A1.1A#.>>.#BA2A?
4lM
-:#<AH.#.GG.3#/.19#.>#/091A#2A>>.#E.21A#A#G0>#\0.>AV#/9:#3:G3O G<A:8.V#13<91:.#GCAGG9#:A>>A#9,%'.7$)"$#Y#\0A>>9#2A>>.#A/+2#/*+('/-'(V# 0:#.GCA<<9#\0AG<9#/FAV#.CC0:<9V#/9HA#=A:3<913V#A20/.<913#AV#C3b# 3:#=A:A1.>AV#/9HA#;F3AG.V#29I1AHH9#<A:A1A#C1AGA:<A#:A>>.#B91O H.839:A#2A3#:9G<13#B3=>3#A#2A>>A#:09IA#=A:A1.839:3? W!.#I3<.#3:<A1391A#@#.BBA1H.#K3.:/.#@#Y#<.:<9#3:23GCA:G.O J3>A#.>>[.:3H.#/13G<3.:.V#\0.:<9#3>#/3J9#.>#/91C9#cde#;9G.# B.#3>#/91C9#GA#:9:#Y#:0<13<9n#E091A?#;9G.#B.#3>#/91C9#/FA# Y#H.>#:0<13<9n#%:B3.//F3G/A#A#G3#.:AH388.#A#G3#/9:2.::.# .#I3I.//F3.1A#0:.#I3<.#/FA#:9:#Y#I3<.V#CA1/Ff#:9:#2Z#<0<O <9#\0A>>9#/FA#29I1AJJA#2.1AV#:9:#Y#H91<A#CA1/Ff#.:/91.# I3I.//F3.#cde#!9#G<AGG9#ABBA<<9#C1A/3G9#G3#F.#:A>>A#.:3HA# /FA#:9:#G9:9#:0<13<A#23#I3<.#3:<A1391AD#I3I.//F3.:9oXl?
E.#/FA#/9G[Y#\0AG<.#I3<.#3:<A1391An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k0.:<A# I9><A# G3# C1A=.# CA1# .J3<023:AV# G3# H.:=3.# CA1# .J3<023:AV# G3# l
# 67#=A::.39#6L4lV#C?#QN?
4lN
>.I91.#CA1#.J3<023:AV#A2#3:<.:<9V#HA:<1A#G3#C1A=.V#G3#H.:O =3.V# G3# >.I91.V# :9:# G3.H9# C1AGA:<3# /9:# >9# GC313<9# :f# .>>.# C1A=F3A1.V#:f#.>#C.G<9V#:f#.>#>.I919V#A#\03:23V#:9:#G9C1.:O :.<01.>388.:29#\0AG<A#<1A#.839:3V#>A#1A:23.H9#3:0<3>3#CA1#>.# I3<.#A<A1:.#cde# U3I3B3/.1A#G3=:3B3/.#.:/FA#>9<<.1A#/9:<19#>.#G0CA1B3/3.>3<ZV# 9IIA19# :9:# .GGA/9:2.1A# 3# :9G<13# 3HC0>G3# :.<01.>3# GA:8.# 23G/A1:3HA:<9#A#13B>AGG39:AV#A#/9:<19#3>#B91H.>3GH9V#B.<<9# 23#C1.<3/FA#AG<A1:A?# &><1A#.>>.#I3I3B3/.839:A#9//911AV#CA1`V#.:/FA#>.#)(,&%/9/Y 62:/-*(E#9IIA19#>[3HCA=:9#.#/9HJ.<<A1A#9=:3#/9HC>3/.O 839:A#0H.:.V#.2#AGAHC39#:A>>.#C1A=F3A1.D#B.I9131A#\0A>>.# GAHC>3/A#/FA#G=91=.#GC9:<.:A.#2.>#/091AV#13GCA<<9#.#\0A>>.# C1A9//0C.<.V# B91H.>AV# G/13<<.# 3:# 0:# >3J19V# H.# :9:# /9113O GC9:2A:<A#.=>3#3:<3H3#J3G9=:3#2A>>[.:3H.XQ?#
)#C19C139#.#C19C9G3<9#2A>>.#R1A=F3A1.V#K3.:/.#.BBA1H.D W*9:#G3#/1A2A#<19CC9#/FA#'39#3:<A1IA:=.#IA1.HA:<A#3:#:93# CA1#B.1A#!03V#>.#:9G<1.#C1A=F3A1.d#H.#G3#3:G3:0.#3>#C1A=30O 23839#23#:9:#C9<A1#C1A=.1A#.J3<0.>HA:<A#:A>>.#:9G<1.#I3<.V# /9Gj#C3A:.#23#23G<1.839:3?#k0.>A#A1191AV#GA#B9GGA#IA19#\0AG<9# :9G<19#GJ.=>3.<9#/9:/A<<9V#/9HA#B.1AJJA19#.#C1A=.1A#/9>9O 19#.#/03#>.#/9:23839:A#23#I3<.#3HCA23G/A#23#HA23<.1An#;9HA# B.1AJJA19#.#C1A=.1A#/A1<A#H.213#23#B.H3=>3.#/FA#.CCA:.#<19O I.:9#>.#C9GG3J3>3<Z#23#13C9G.1A#C9/FA#91AnXP?#
!.#E.21AV#23/AI.H9V#3:G3G<A#H9><9#G0>>[3HC91<.:8.#2A>>.#0/+2# /*+('/-'(#CA1/Ff#G.#JA:A#/FAD
Q
# 6L#=30=:9#6L4MV#CC?#6P6#GG? # "C13>A#6LQQV#C?#67NL?
P
4lL
W!.#:9G<1.#.:3H.#F.#/.C./3<Z#23#3:B3:3<9?#*9:#=3Z#@#GC3A=.# @#:A>#GA:G9#/F[AGG.#G3.#/.C./A#23#/9HC1A:2A1A#>[3:B3:3<9V# H.#:A>#GA:G9#/FA#G9>9#>[3:B3:3<9V#C0`#G.83.1>.#A#/FA#<0<<9# /3`#/FA#Y#B3:3<9#>.#>.G/3.#:A/AGG.13.HA:<A#3:G9223GB.<<.? %:#\0AG<.#GA<A#2[3:B3:3<9#G<.#<0<<.#>.#:9G<1.#=1.:2A88.XM?#
(A#\0AG<.#GA<A#:9:#/3#B9GGA#.>>91.#G3#C9<1AJJA#.//A<<.1A#>.#<AO 913.V#C1A29H3:.:<A#=3Z#.3#G093#<AHC3V#/FA#G3.H9#B.<<3#23#H.<A13.# A#20:\0A#29JJ3.H9#2.1/3#2.#B.1A#.#G9223GB.1A#>A#.GC31.839:3#/FA# 2.#\0AG<.#C19IA:=9:9?#+0<<.I3.#>.#/9:G<.<.839:A#/FA#.:/FA#3#G9O G<A:3<913#23#<.>A#<A913.#:9:#<19I.:9#:f#C./A#:f#G.83A<Z#29I1AJJA# C91<.1A#3#:9:#/1A2A:<3#.#13/9:9G/A1A#/FAV#:9:9G<.:<A#3>#C1A29H3O :39#2A3#GA:G3V#:A>>[.:3H9#0H.:9#G3#H.:3BAG<.#>[3:<3H.#<A:2A:8.#.# \0.>/9G.#23#C3b#.><9#A#C3b#:9J3>A? +0<<.I3.V#/9HA#G9G<3A:A#K3.:/.V#3>#/13G<3.:AG3H9D W.:/91.#C3b#/FA#>.#13/A1/.#23#'39#B.<<.#2.>>[09H9V#13IA>.#>.# 13/A1/.#2A>>[09H9#B.<<.#2.#'39?#;9G3//Ff#<1.#'39#A#>[09O H9V# AG3G<A# 0:[.:G39G.# G/.HJ3AI9>A# 13/A1/.g# >.# \0.>AV# C01# B.>>A:29#GCAGG9#2.#C.1<A#2A>>[09H9V#:9:#G3#GHA:<3G/A#H.3# 2.#C.1<A#23#'39?#'39#3:<A13913<Z#C01.V#9GG3.#C019#GC313<9V# I9>>AV# I09>A# A# GAHC1A# I911Z# /9:=30:=A1A# .# (f# >9# GC313<9# /1A.<9#h/39Y#>[.:3H.#0H.:.iV#A#GA#\0AG<.#0:39:A#.HJ3<.#Y# 1AG.#23BB3/3>A#2.>>.#H.<A13.#3:#/03#\0.==3b#G3#<19I.#.II9><9# >9#GC313<9#0H.:9#29C9#>.#/.20<.#913=3:.>AV#:9:#I09>A#231A# /FAV#HA23.:<A#>.#=1.83.#23I3:.V#:9:#C9GG.#1A.>388.1G3#cde# )//9#.>>91.#>.#:A/AGG3<Z#23#/9:9G/A1A#GAHC1A#HA=>39#AV#G9O C1.<<0<<9#23#I3IA1A#GAHC1A#C3b#3:<A:G.HA:<A#>.#I3<.#2A>>9# GC313<9g#9GG3.#\0A>>.#I3<.#G9C1.::.<01.>A#/FAV#GC9=>3.:29O /3#\0.:<9#C3b#C0`#2.>#H.<A13.>A#A#2.>#GA:G3J3>AV#G[3::.>8.# :A>>A#1A=39:3#G0C1AHA#2A>#G9C1.GA:G3J3>A#A#>Z#3:/9H3:/3.#.# =0G<.1A#>A#2A>383A#3:/9:B9:23J3>3#2A>>[0:39:A#/9:#'39?#U3<.# M
# !0=>39#6LllV#C?#NMl?
4Q5
2A>>9#(C313<9#/FAV#H.>=1.29#<0<<9#3>#10H91A#2A3#GA:G3V#8.HO C3>>.#GC9:<.:A.HA:<A#:A>>A#C19B9:23<Z#.J3GG.>3#23#/3.G/0:# 3:23I3209#0H.:9XN?
)#:93#G.CC3.H9#\0.:<9#/3#G3.#J3G9=:9#.:/91.#9==3#:A>>.#:9G<1.# G9/3A<Z#23#CA1G9:A#/FA#13J.23G/.:9#<.>A#C13H.<9#:9:#G9>9#.#C.19>AV# H.#.:/FA#:A>>A#G/A><A#\09<323.:A#23#I3<.? !.#E.21A#/3#23/AV#CA1`V#.:/FA#/9HA#C9<A1#1.==30:=A1A#\0AG<9# ^:9G<19#C19B9:29#:0/>A9#GA:G3J3>A#A#G9C1.GA:G3J3>AV#0H.:9#A#23O I3:9#:A>#HA2AG3H9#<AHC9_D#9//911A#!(!#.?# W(jV#CA1/Ff#G9>9#/F3#.H.#@#/9HA#G9G<3A:A#K3.:/.#B./A:29# G0A#>A#C.19>A#23#0:9#G/3A:83.<9#H92A1:9#@#/F3#H9><9#.H.# I3# CA1I3A:Ag# A2# .>>91.# :30:.# IA13<Z# =>3# 1AG<.# C1A/>0G.# A# 3># H9:29#3:<A19#=>3#.CC.1<3A:AV#Y#3>#(.:<9cdeXL?
'A>#1AG<9#.:/FA#.#/9>919#/FA#/9G<3<0319:9#3>#C3//9>9#1AG<9#:9:# J.G<`#3>#/1A2A1A#A#>9#GCA1.1AV#9//91GA#>["H91A?#;9HA#20:\0A#./O /A:2A1G3#23#.H91An#)//9#>.#13GC9G<.#23#K3.:/.D W%::.:83<0<<9# CA1# .//1AG/A1A# >.# :9G<1.# BA2A# 9//911A# 0:.# H.==391A#/9:9G/A:8.#2A>>[9==A<<9#.H.<9#A2#0:.#H.==39O 1A#CA:A<1.839:A#23#/FA#/9G.#Y#>[.H91AV#CA1/FfV#:9:#3>>023.O H9/3V#:9:#/9:9G/A:29#.JJ.G<.:8.#3>#;13G<9V#:9:#.JJ3.H9# 1.==30:<9# 3># IA19# .H91A# cde# R19<9<3C9# 23# 9=:3# G.:<3<ZV# $AGb#;13G<9#Y#G<.<9#.:/FA#3>#C19<9<3C9#2A>>[.H91A?#k03:23# /9:<AHC>.:29#$AGb#G/9C131AH9#>[.H91A#cde#a#B3GG.:29# '39#/FA#G3#G/9C1A#>["H91AX65?
N
# !0=>39#6LllV#CC?#NMQ#G? # !0=>39#6LllV#C?#NMN? 65 # &<<9J1A#6LQPV#CC?#6ll4#G? L
4Q6
+0<<.I3.# >.# E.21A# .BBA1H.# /FA# CA1# .>3HA:<.1A# A# GI3>0CC.1A# \0AG<.#<A:2A:8.#.>>[.H91A#9//911A#:0<131A#>[3:<A>>3=A:8.#A#>.#I9O >9:<Z#23#/9GA#G9>32AV#/F3.1A#C19B9:2A#A#20:\0A#:9:#23GCA12A1G3#3:# >A<<01A#B13I9>A#/FA#.CC.=.:9#G9>9#>.#:9G<1.#GA:G3J3>3<ZV#H.#>A<<01A# /.C./3#23#3>>0H3:.1/3#G0>>.#IA13<Z#A#23#3::.H91.1/3? k0.:<9# GAHJ1.# .<<0.>A# \0AG<9# 3:GA=:.HA:<9# 3:# 0:.# G9/3A<Z# /9HA#\0A>>.#H92A1:.#3:#/03#>A#>A<<01AV#3#C19=1.HH3#<A>AI3G3I3V#>A# /.:89:3# GAHJ1.:9# C19C911A# G9><.:<9# G0CA1B3/3.>3<ZV# .CC.1A:8.V# .CC.=.HA:<9#3HHA23.<9#2A3#2AG32A13#C3b#3G<3:<3I3o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`#.<<13J031A#.# H.:/.:8.# 23# BA2A# :A>>[.H3/383.# G0CA1:.?# ^$>3# 09H3:3# @# 23/A# KA:G9:# @# :9:# G.::9# .CC1A88.1A# >[0:3/.# "H3/383.# 3HH0<.J3>AV# A# GCAGG9# :ACC01A# 3# /13G<3.:3V# :9:9G<.:<A# >.# G3/01A88.# /FA# F.::9# :A3# H3G<A13# 2A>>.# BA2A# A# 2A># ;13G<9?# )GG3#:9:#/1A29:9#:A>>[.H3/383.#23I3:._#cde#(<1.:.#/9G.# \0AG<.D#HA:<1A#3#/13G<3.:3#GA:<9:9#3>#J3G9=:9#2A>>[.CC9=O =39#23#0:#.H3/9V#:9:#G3#.//91=9:9#/FA#>["H3/9#Y#H9><9# C3b#I3/3:9#23#\0A>>9#/FA#:9:#/1A29:9#cde#(9:9#C19C139# >A# /9H0:3<Z# /FA# 29I1AJJA19# 9BB131A# 3># =1.:2A# /9:B91<9# 2A>>[.H3/383.g#H.#9F3Hf#.II3A:A#>[3:IA1G9V#9#CA1#23BB3/9><Z# 23# /.1.<<A13# 9# CA1# 3=:91.:8.# 23# \0AG<A# C9GG3J3>3<Z# cde# %># GA=1A<9#Y#H.:<A:A1A#:A>#G9C1.::.<01.>A#<0<<3#3#:9G<13#1.CO C91<3g# G3.:9# AGG3# B1.<A1:3# 9# .H3/FAI9>3?# *9:# Y# >[.H3/383.# 4Q4
/FA#1A:2A#:93#<19CC9#0H.:3V#H.#G3.H9#:93#/FA#>[.JJ.GO G3.H9#.>#:9G<19#>3IA>>9#cde %:#\0AG<9#H929#G3#C0`#I3IA1A#:A>>.#/9H0:3<Z#/9HA#$AGb# I3GGA# .# KA<.:3.V# 29IAV# C01# <19I.:29# 2A3# 23BA<<3# G.CAI.# /9HC.<31AV#/9HC1A:2A1A#A2#.H.1A#<A:A1.HA:<A#<0<<3#\0A3# G093#.H3/3#cde#$AGb#I3IAI.#3:#KA<.:3.#/9:#0:#GA:G9#23# 13C9G9D#3:B.<<3#G.:#$39I.::3#23/AD#^&1#$AGb#.H.I.#E.1<.V# >.#G0.#G91A>>.#E.13.#A#!.88.19_#h$I#66VQi#A#:9:#G9>9#)=>3# I9>>A#23H9G<1.1A#/9Gj#>.#G0.#0H.:3<ZV#H.V#/9HA#G3#Y#2A<<9# C13H.V#I9>>A#C19C139#B.1/3#.CC1A88.1A#3>#29:9#2A>>[.H3/3O 83.# A# .:/FA# 2A>>[.H3/383.# 3:23I320.>A?# )=>3# .H.I.# <0<<3# A# <1A# 3# HAHJ13# 23# \0A>>.# JA:A2A<<.# B.H3=>3.V# H.# 3:# H929# C.1<3/9>.1A#E.13.?#k0AG<.#G0.#C1A23>A839:A#CA1#E.13.#:9:# G0G/3<.I.#=A>9G3.V#A#Gj#/FA#3>#13>3AI9#B.<<9#.#E.1<.#C9<AI.# <91:.1A#G=1.23<9V#H.#C1A23>A839:A#A#13>3AI9#B019:9#/9Gj#23O I3:3#/FA#:9:#01<.19:9#:AGG0:.#G0G/A<<3J3>3<Z#0H.:.?#;9Gj# 29JJ3.H9#B.1#:93?# )# 3:# H9><3# AC3G923# AI.:=A>3/3V# /9HA# \0.:29# >A==3.H9# /FA# :A># =3.123:9# $AGb# 13I9>=A# >[.=9:388.:<A# 13HC19IA19# .#/9>919#2.3#\0.>3#.IAI.#GCA1.<9#0:#/9:B91<9#hE/#6lV74ig# \0.:29#CA1#>[0><3H.#I9><.#0G.#3>#G./19#:9HA#23#.H3/9#IA1O G9# /9>03# /FA# .IAI.# C1AI.13/.<9# CA1# GAHC1A# hE<# 4PVQ5ig# :93# IA:3.H9# .# /9:9G/A1A# \0.:<9# )=>3# F.# .CC1A88.<9# >[.H3/383.? %:#/9:/>0G39:AD#>[.H3/383.#23#$AGb#;13G<9#Y#3>#IA19#GA=1AO <9#/FA#F.#B.<<9#3#(.:<3g#:9:#23G<10==3.H9#20:\0A#\0AG<9# :9J3>A#GA:<3HA:<9V#/A1/F3.H9:A#3>#G9>>3AI9V#AGG9#Y#G.:<9D# C13H.#23#<0<<9#3:#$AGbV#A#C93#.:/FA#:A>>A#G91A>>A#.#/03#/3# GA:<3.H9#C3b#C91<.<AX66?
![.<<0.>3<Z#2A>#CA:G3A19#2A>>.#E.21A#G3#C0`#/9=>3A1A#:A>>[.:.>3G3# 9J3A<<3I.#A#/13<3/.#2A3#/13G<3.:3#.#>A3#/9:<AHC91.:A3V#2A3#\0.>3#GA:8.# 66
# '3/AHJ1A#6LQPV#CC?#6lQ6#GG?
4Q7
HA883#<A1H3:3#C9:A#3:#AI32A:8.#>[3:/9A1A:8.#<1.#>.#I3<.#I3GG0<.#A# >.#BA2A#C19/>.H.<.V#/.0G.<.#.CC0:<9#2.>>.#H.:/.:8.#23#\0A>>.#I3<.# 3:<A1391A#23#/03#G3#C.1>.I.#C13H.? R1A:2A:29#GC0:<9#2.#0:#\09<323.:9#/FA#AG.H3:.#>9#G<.<9#2A>>.# G9/3A<Z#/13G<3.:.#2A>>[AC9/.V#K3.:/.#AI32A:83.#>[9C3:39:A#/9H0:A# 23#0:#23I.139#<1.#/9:/A839:A#GC313<0.>A#A#/9:/1A<A88.#2A>>.#I3<.#/FA# C91<A1AJJA# 3># /13G<3.:9# .# H.:/.1A# 23# GA:G9# C1.<3/9V# C9:A:29>9# /9Gj# 3:# 0:.# /9:23839:A# 23# 3:BA13913<Z# :A>>[.BB19:<.1A# 3# I.13# C19O J>AH3#2A>>.#I3<.#A#23BB3/9><Z#A#3:/A1<A88.#:A>>[.GG0HA1A#>.#C19C13.# 1AGC9:G.J3>3<Z? (ACC01A#0:#C9[#AG.=A1.<.V#<.>A#9C3:39:A#GA/9:29#>.#E.21A#Y# G<.<.#=A:A1.<.#A2#Y#/9><3I.<.#2.>>.#H.:/.:8.#23#B91H.839:A#23#IA1A# /9G/3A:8A# /.<<9>3/FAV# /9G3//Ff# H9><3# /13G<3.:3# I3I9:9# :A>>[3:/9AO 1A:8.V#/9:20/A:29#.2#0:.#CA13/9>9G.#GI.>0<.839:A#2A>>.#1A.><Z? !.#/9A1A:8.V#3:B.<<3V#Y#CA1#K3.:/.#0:.#29<A#.CC1A88.<.#.:/FA# 2.>#H9:29V#.:83#B.#C.1<A#2A>>[9:AG<Z#A#2A>>.#>A.><Z#0H.:.V#<.:<9# /FA# GA# H.:/.# G3# C.1>.# 23# G<9><A88.?# ;.0G.# 23# <0<<9# \0AG<9# Y# .CO C0:<9#>.#H.:/.:8.#23#I3<.#3:<A1391A?#E.#GA:<3.H9#\0.:<.#.<<0.>3<Z# /9:<3:0.#.2#AGGA1/3#9==3#3:#\0AG<A#C.19>A#2A>>.#E.21AD W;9G.#/[A:<1.#>.#I3<.#3:<A1391An#cde#;[A:<1.#GAHC1A#CA1/Ff# >.#/1A.<01.#0H.:.V#GA:8.#>[3:<A13913<ZV#:9:#1.==30:=A:29# >.# C19C13.# C19B9:23<Z# 23# .:3H.V# 13H.:A# GAHC1A# /1A.<01.# G0CA1B3/3.>AV#.HHA88.<.V#0:#IA19#=39/.<<9>9#2A>#H9:29V# 23# GA# G<AGG.V# 2A># 2AH9:39# cde# ![3:I9>0/19# H.<A13.>A# A2# AG<A1:9# 23# :93V# 2A>>A# /9GAV# 2A=>3# .IIA:3HA:<3V# GCA/3A# GA# H.:/.#>[3:<A13913<ZV#/[3HCA23G/A#=A:A1.>HA:<A#23#G/9C131A# >[AGGA:83.>A#23#:93#A#2A>>A#/9GAV#A#23#\03D#3=:91.:8.V#20JO J3A88.V# 23BB3/9><ZV# 9G/3>>.839:3# cde# !A# .:3HA# cde# .//.O >.CC3.<A#2.>>[3>>0G39:A#9#2.>>[A1191AV#2.=>3#AGAHC3#23#<0<<3#3# =391:3V#GA:<A:29G3#3:/.C./3#23#/9HC3A1A#3>#C.GG9#2A/3G3I9# IA1G9#>.#UA13<ZV#/A1/.:9#23#.2.<<.1A#>.#BA2A#h/FA#I.:<.:9# 23# .IA1Ai# .>>.# .HJ3=0.# C9G3839:A# 0H.:.V# A2# A//9# 23# \03# >[3:/9A1A:8.V#>.#/9:B0G39:AV#3>#/.9G?#R93V#/A1/.:29#\0AG<A# 4Ql
CA1G9:A# 0:.# =30G<3B3/.839:A# .># >919# 23G.=39# 3:<A1391AV# :A# G/.13/.:9#>.#1AGC9:G.J3>3<Z#G0>>.#G9/3A<Z#/9119<<.V#:9:#./O /91=A:29G3#/FA#G9:9#C19C139#AGGA#.#I3IA1>.#A#.#/9:I.>32.1O :A#>.#/9:<3:03<Z#/9:#>.#>919#/9:<91<.#HA:<.>3<ZV#1320/A:29# /9Gj#3>#/13G<3.:AG3H9#.2#0:#/9:<A:0<9#GA:8.#G9G<.:8.V#.2# 0:.#.><A1:.<3I.#/9:<3:0.#23#JA:A#A#23#H.>A#/FA#/9:<13J03O G/A#.#:9:#23G<3:=0A1A#C3b#3>#JA:A#2.>#H.>A?# )2# Y# C19C139# \0AG<.# >.# /9:23839:A# 2A>>.# :9G<1.# G9/3A<Z# 923A1:.?#"#B918.#23#I3IA1A#3:#\0AG<[.<H9GBA1.V#.#B918.#23# 231A#^;FA#/[Y#23#H.>An_#G3#I3IA#:A>>.#/9:B0G39:A#A#:A>#C.=.O :AG3H9?#;[Y#<0<<.I3.#3:#B9:29#.>>A#/9G/3A:8A#0:#C19B9:29# 23G.=39#/FA#3:/9:G.CAI9>HA:<A#>[.:3H.#.IIA1<AV#H.#:9:# 13AG/A#.#G9BB9/.1Ag#Y#>[3:G9CC13H3J3>A#I9/A#/FA#=132.D#^%># :9G<19#/091A#Y#3:\03A<9V#9#(3=:91AV#B3:/Ff#:9:#13C9G.#3:# +A_?#E.#\0.:<3#:9:#/9HC1A:29:9o#cde#!A#I31<b#AI.:=AO >3/FA#2A>>.#C102A:8.#A#2A>>.#GAHC>3/3<Z#GA1I9:9#.#B91H.1/3# 0:.#/9G/3A:8.#/F3.1.#A#2A/3G3I.#A#CA1/3`#/9A1A:<A?#)2#Y# IA19?#!A#I31<b#G9:9#.2#0:#<AHC9#B10<<9#23#C13:/3C3#G9>323# A#HA889#23#1.GG92.1A#\0AG<3#G<AGG3#C13:/3C3#A#23#AGC13HA1>3?# cde#(9>9#I3IA:29#3:#C19B9:23<Z#GB.<A1AH9#>[9C3:39:A#/FA# >.#/9:/A839:A#GC313<0.>A#2A>>.#I3<.#.G<1.==.#2.>#/9:/1A<9?# &FV#/9HA#I911A3#B.1A#3:<A:2A1A#.#<0<<A#>A#.:3HA#>.#:A/AGO G3<ZV#>.#JA>>A88.V#>.#=.0239G3<ZV#C01#G9BBA1A:<AV#/FA#>[.:3H.# C0`#=0G<.1A#:A>#/9:<.<<9#23I3:9X64?
!.#/9A1A:8.#YV#20:\0AV#0:#.<<A==3.HA:<9#:A/AGG.139#CA1#3>#IA19# /13G<3.:9#A2#0:.#3:AI3<.J3>A#/9:GA=0A:8.#23#/F3#G3#>.G/3.#CA1HA.1A# 2.>>.#BA2A? W![.:3H.#/FA#G3#B9GGA#>.G/3.<.#CA1HA.1A#2.>>.#BA2A#I3I1AJO JA#3:#/9A1A:8.#/9:#AGG.?#%#G.:<3#/A#:A#F.::9#2.<9#>[AGAHO C39#hAG?#(.:#R.9>9#C13H.#A#29C9#'.H.G/9i?#%>#=30G<9V#/39Y# 64
# E.==39#6LQlV#C?#67ll#GG?
4QQ
>[09H9# /FA# 13GC9:2A# .># B3:A# CA1# 3># \0.>A# B0# /1A.<9V# I3IA# 23#BA2A?#(A#I093#AGGA1A#<A#G<AGG9V#/39Y#09H9V#I3I3#23#BA2A?# ![09H9#/FA#:9:#I3IA#23#BA2A#:9:#Y#09H9g#Y#0:#/.2.IA1A# .HJ0>.:<A?#E.#>.#I3<.#Y#0:#29:9#A#B3:/Ff#/[Y#I3<.#/[Y#GAHO C1A#>.#C9GG3J3>3<Z#23#23IA:<.1A#09H9#23#BA2A#A#/39Y#B3=>39# 23#'39g#cde#E.#/FA#231A#2A3#J.<<A88.<3#/FA#:9:#I3I9:9#>.# >919#BA2An#k0.:<9#J3G9=:.#C1A=.1AV#\0.:<9#J3G9=:.#3HO H9>.1G3#CA1#AGG3oX67?
E.#/FA#/9G[Y#>.#"#$##A#/9HA#>.#2AG/13IA#>.#E.21A#K3.:/.n RA1#C13H.#/9G.#AGG.#13<3A:A#/FA#>.#BA2A#:9:#G3.#23G=30:<.#2.>>.# 1.=39:AV#.:83V#AGGA#G9:9#20A#C9<A:8A#:9:#/1A.<A#CA1#2.::A==3.1G3V# H.#CA1#.30<.1G3#A#G911A==A1G3#.#I3/A:2.6l? W!.#BA2A#Y#I31<b#3:B0G.#:A>#K.<<AG3H9#.>>9#G<.<9#23#=A1HA# /FAV#/9HA#<0<<3#3#=A1H3V#I3IA#3:#:93#:.G/9G<9#A2#9CA1.:<A# /9HA#^C0=:9#23#>3AI3<9#:A>>.#B.13:.#hE<#67V77iV#3>#=1.:A>>9# 23#GA:.CA#:A>#<A11A:9#hE<#67V76i#cde#%>#=A1HA#Y#G9><.:<9# 0:# 3:3839# I3<.>A# AV# /9HA# <0<<3# =>3# 3:383V# 13/F3A2A# /9:G.CAO I9>A88.V# .<<A:839:AV# /0><01.V# B320/3.V# 3:# 0:.# C.19>.D# /9>O >.J91.839:A# cde# (A# :9:# /[Y# 0:# 3:3839# 23# ]A2A# :A>>[3:B0O G39:A#=1.<03<.#23#$1.83.V#3>#J.<<A88.1A#A#3>#B.1A#J.<<A88.1A# G3#1320/A#.2#0:#.<<9#23#G0CA1G<3839:A?#U911A3#231>9#.#<.:<A# CA1G9:AV#/9Gj#2A<<A#/9><A#A#/13G<3.:AV#/FA#B.::9#J.<<A88.1A# 3#B3=>3#A#C93#I3I9:9#A#B.::9#I3IA1A#\0AG<3#B3=>3#3:#/9:<1.G<9# .CA1<9#/9:#\0A>>[3:383.>A#.CC.1A:<A#.<<9#23#]A2A?#'3#\0AG<.# HA239/13<Z#23#]A2AV#C01<19CC9V#GA#:A#IA29:9#3#23G.G<19G3# ABBA<<3#3:#<0<<.#>.#G9/3A<Zo#cde#&//911A#/9><3I.1>9#\0AG<9# =A1HA#cde# %># =A1HA# >9# /1A.# '39V# C93# >.G/3.# .>>.# /.C./3<Z# A# .>>.# C9GO G3J3>3<Z# 0H.:.# 23# /0G<9231>9V# /9><3I.1>9V# B.1>9# /1AG/A1A# A# 67
# *9IAHJ1A#6LQlV#C?#67P6? # 6N#=30=:9#6L7NV#C?#QQ6?
6l
4QP
\0.G3#<1.GB91H.1>9?#":/FA#3>#=A1HA#J.<<AG3H.>A#:9:#C0`# /1AG/A1A# 2.# GfV# GA# :9:# >9# G3# /9><3I.# 13H.:A# .>>9# G<.<9# 23# =A1HA?#;9HA#/9><3I.1>9n#;9:#>.#C1A=F3A1.#.:83<0<<9V#/9># 2AG32A139# A2# .:/FA# /9:# >.# /9:9G/A:8.?# a# C9GG3J3>A# /FA# 3>#=A1HA#G3#GI3>0CC3#\0.:29#/9>919#/FA#>[F.::9#13/AI0<9# G3#>3H3<.:9#<0<<[.>#C3b#.2#.G/9><.1A#0:.#EAGG.#29HA:3/.>A# CA1#<1.23839:AV#C3b#/FA#CA1#/9:I3:839:An#cde#'39#=A<<.# /9:<3:0.HA:<A#G0>>[.:3H.#3#(093#=A1H3V#GCAGG9#:9:#/A#:A# /013.H9V#:9:#/A#:A#.//91=3.H9V#\0.:29#:9:#>3#13B30<3.H9? &//911A#20:\0A#.2A131A#.>#=A1HA#2A>>.#]A2A#A#/9><3I.1>9# d#&//911A#.JJ.:29:.1G3#.>>.#]A2A?#cde#&//911A#=A<<.1G3# 3:/9:23839:.<.HA:<A#B1.#>A#J1.//3.#2A>>.#]A2A#A2#AGG.V#.<O <1.IA1G9#0:#/1AG/A:<A#GC9=>3.HA:<9V#/3#/9:2011Z#.#GA:<31/3# /9:#=393.#0:#GA=1A<9#23#'39?#)//9#/FA#.>>91.#>A#<A:AJ1A#G3# /F3.13G/9:9#A#/3#H9G<1.:9#3#H31./9>3#2A>>.#]A2AD#^231A<A#.# \0AG<9#H9:<A#cde_#hE<#6MV45iX6Q?
!.#BA2AV#CA1#K3.:/.V#Y#>.#B918.#/FA#<1.GB91H.#9=:3#/9G.#A#CA1# GC3A=.1A#\0AG<9#B.#G0A#>A#C.19>A#23#,?#U93>>.0HA6PV#0:9#2A3#<.:<3GO G3H3#.0<913#/9:#/03#:0<13I.#>.#G0.#HA:<A#A#3>#G09#GC313<9#A#/FA#C93# .H.I.#/9:23I32A1A#/9:#>A#G0A#B3=>3A#:A>#/91G9#23#\0.>/FA#HA23<.O 839:A?#!.#BA2AV#13J.23G/A#>.#E.21AV#/3<.:29#.CC0:<9#U93>>.0HAD W2AIA#<1.GB91H.1A#<.>HA:<A#9=:3#/9G.#/FA#3#IA//F3#GA:G3# 29I1AJJA19#GA1I31A#G9>9#.#CA1/AC31A#>A#.CC.1A:8A#3:=.:O :AI9>3g#G9>9#>.#BA2A#/3#H9G<1.#>.#1A.><Z?#![9//F39#/3#H9G<1.# 3>#C9IA19V#>.#BA2A#/3#H9G<1.#$AGb?#![91A//F39#/3#B.#GA:<31A# 3:=3013A# A# CA1GA/0839:3V# >.# BA2A# /3# /.:<.D# ,.>>A=1.<AI3# A2# AG0><.<A#2.>>.#=393.?#%>#<.<<9#/3#B.#GA:<31A#2A3#/9>C3#23#C3A<1.# 13/AI0<3V# >.# BA2A# /3# 23/AD# (3.<A# 3:# =1.:2A# =393.# CA1# AGGAO 6Q
# '3/AHJ1A#6LQ6V#CC?#47l#G? # ,?# U93>>.0HAV# 5)3&# /)')I# P(# +$%(# '&/$6$),(# *&$# 2$00)/$# _'(%&//$# *&/# 2(*'&# *&# _).0(./*? 6P
4QM
1A#=3023/.<3#2A=:3#23#G9BB131A#\0.>/FA#/9G.#CA1#3>#:9HA#23# ;13G<9?#%#GA:G3#/3#GA20/9:9#/9:#>A#JA>>A88A#/1A.<AV#>.#BA2A# CA:G.#.>>.#KA>>A88.#3:/1A.<.V#A2#F.#\0.G3#/9HC.GG39:A#23# <0<<A#>A#/1A.<01A#/FA#G9:9#:0>>.#A#C9>IA1A#3:#/9:B19:<9#.# \0A>>.#KA>>A88.#cde#%#GA:G3#F.::9#91191A#2A>>.#G9BBA1A:8.V# >.#BA2A#>9#JA:A23/A#/9HA#0:#29:9#2A>>.#H.:9#23#$AGbV# 0:.#C.1<A#2A>>.#(0.#/19/A#/FA#)=>3#/3#2A=:.#23#2.1/3#.#C91O <.1A?#%#GA:G3#G3#GC.IA:<.:9#23#/3`#/FA#AGG3#/F3.H.:9#CA13O /9>3V#23#/3`#/FA#C0`#C91<.1A#3>#29>91A#9#>.#H91<Ag#>.#BA2A# :9:#G3#GC.IA:<.#23#:3A:<A#A#G.#/FA#:9:#>A#G0//A2A1Z#/FA# /3`# /FA# '39# I911Z?# ;9GjV# \0.>0:\0A# /9G.# G0//A2.V# CA:.# 9# =393.V# G.>0<A# 9# H.>.<<3.V# I3<.# 9# H91<AV# AGG.# Y# /9:<A:<.# .:<3/3C.<.HA:<A#A#:9:#<AHA#:3A:<A?#%#GA:G3#G9:9#3:\03AO <3# CA1# 3># 29H.:3# A# G3# 29H.:2.:9# /9HA# G3# I3I1ZV# >.# BA2A# Y#GA:8.#3:\03A<023:3#cde#H.#CA1/Ff#>.#BA2A#.JJ3.#\0AG<3# HA1.I3=>39G3# ABBA<<3# 9//911A# /FA# G3.# IA1.HA:<A# I3GG0<.# A# CA1/3`#J3G9=:.#.:83<0<<9#C91=A1A#.2#AGG.#9=:3#/01.V#9=:3# .<<A:839:A#23#.G/9><9X6M?
;9HA#>.#BA2A#.:/FA#>.#%&#'()*(V#Y#0:#=A1HA#3>#/03#GI3>0CC9# 23CA:2A#2.#\0A>>9#2A>>.#BA2A? W;9:23839:A# :A/AGG.13.# CA1# >.# /1AG/3<.# 23# \0AG<.# I31<b# Y# .20:\0A#0:#<A11A:9#C19B9:2.HA:<A#>.I91.<9#2.#0:.#]A2A# I3=919G.#A#:9:#GA1I3>A?#)#G3//9HAV#\0AG<.#B918.#/9H0:3/.# 3>#G09#3HC0>G9#:9:#<.:<9#.>>.#1.=39:AV#\0.:<9#.>#GA:<3HA:O <9V#9//911A#.:/FA#0:#/091A#.CA1<9#A#:9:#G9==39=.<9#2.# 0:.#HA:<A#/.>/9>.<13/AV#=3.//Ff#>.#(CA1.:8.#:9:#IA2AV#H.# /1A2AV#:9:#1.=39:.V#H.#G3#G>.:/3.?#)GG.#G3#B32.#2A>>.#JA>>A8O 8.#3:<1.I3G<.#A#I.X6N?
6M
# &<<9J1A#6LQlV#C?#67QN? # '3/AHJ1A#6L7LV#C?#P65?
6N
4QN
!.#GCA1.:8.#3:GA=:.#.2#.<<A:2A1A#A#.#1AG3G<A1A? W"<<A:2A1A#@#3:GA=:.#K3.:/.#@#Y#>.#C.1<A#2A3#C3//9>3V#2A3# C9IA13V#2A3#J.HJ3:3V#2A3#23HA:<3/.<3V#H.#Y#>.#I31<b#B3=>3.# 2A>>.#GCA1.:8.?#;F3#=30:=A#.#C9GGA2A1>.V# 3HC.1.# .2# .BB3O 2.1G3#A#.#B32.1A#3:<3A1.HA:<A#3:#'39g#G3#C013B3/.#23#H9><A# /9>CA#/9:<19#>.#/9:B32A:8.V#<9=>3A#>[3HC.83A:8.V#>[.:G3A<ZV# >.#GH.:3.#23#<19CC9#C1AG<9#AG.H3:.1A#A#=3023/.1A?#(A#:93# /9HC1A:2AGG3H9#JA:A#B3:9#.#/FA#C0:<9#29JJ3.H9#.<<A:O 2A1A#<0<<9#2.#'39V#:9:#/3#.=3<A1AHH9#<.:<9#CA1#/9GA#/FAV# C01#2AC>91AI9>3V#:9:#23CA:2A#2.#:93#3>#/911A==A1>A#9#>[AI3O <.1>A?#*9:#/3#<01JA1AHH9#<.:<9#.:/FA#GA#C.1A#/FA#3>#H9:O 29#I.2.#.#G/.<.B.G/39d#"<<A:2A1A#A#C1A=.1A#Y#GCA1.1AV#Y# /1A2A1AV#B3:.>HA:<A#Y#.H.1A#cde#!.#I3<.#3:23I320.>AV#B.O H3>3.1AV#G9/3.>AV#:9:#F.#H.:<A:0<9#>A#G0A#C19HAGGAn#*9:# 29JJ3.H9#:f#G/91.==3.1/3#:f#23BB32.1A?#)GG.#C0`#B.>>31/3?# '39#:9:#/3#B.>>31Z?#'9C9#>.#I3<.#/FA#HA:<3G/AV#IA11Z#'39# /FA#Y#>.#IA13<Z#I3IA:<AX6L?
;A1<9V# CA1`V# A# E.21A# R3//9>9H3:3# :9:# >9# :.G/9:2AV# >.# I3<.# GAHJ1.#<1.231A#9=:3#H9HA:<9#\0AG<.#/9:I3:839:A#A#3HC>./.J3>AV# 23#B19:<A#.>>.#/.<.G<19BA#0:3IA1G.>AV#13G09:.#>.#29H.:2.#2A3#:9:# /1A2A:<3#^'9I[Y#3>#I9G<19#'39n_?#"#\0AG<.#29H.:2.#C19I9/.:<A# A#C0:=A:<A#K3.:/.#:9:#:A=.#>.#G0.#13GC9G<.D# W)G<A1:.HA:<AV# <AHC91.>HA:<A# GjV# 0:.# /.<.G<19BAo# E.# /FA#G.CC3.H9#:93#2A3#C19/AGG3#H3G<A139G3#A2#3:I3G3J3>3#/FA# G3#/9HC39:9#:A>>[9123:A#G9C1.::.<01.>A#2A>>.#$1.83.V#3:# \0A>#H9:29#/FA#Y#/9Gj#3=:9<9#.#:93V#C9IA13#.J3<.:<3#23# \0.==3bn# ;FA# G.CC3.H9# :93# /FA# C19C139# >A# 3HH9>.:<3# G3>A:839GA#.<<AGA#:9:#G3.:9#\0A>>A#/FA#.JJ3.:9#0:#C.1<3O /9>.1A#I.>91A#/99CA1.<3I9#:A3#GA=1A<3#C19/A23HA:<3#2A>O 6L
# 6P#=30=:9#6Ll5V#C?#PlP?
4QL
>.#$1.83.n#)#/FA#G3.:9#C19C139#AGGA#.2#9<<A:A1A#3>#C19O 23=39n# "<<AGA# 23# .:3HA# .H.:<3V# /FA# I911AJJA19# IA2A1A# =3Z#3:#.<<9#3>#,A=:9#23#'39V#.<<AGA#23#/0913#H.<A1:3#/FA# <1AC32.:9#CA1#3#C19C13#B3=>3V#.<<AGA#2A3#C9/F3#=9IA1:.:O <3# /13G<3.:3# I3:<3# 9# I3:/3<913V# /FA# GA=09:9# <1AC32.:<3# A2# .:=9G/3.<3#>A#G91<3#2A3#>919#C9C9>3V#2.#AGG3#G<AGG3V#.CC.O 1A:<AHA:<AV#2A/3GAn#"<<AGA#2A>#U3/.139#23#;13G<9V#/FA#G3# /9:G0H.#:A>>.#CA:3<A:8.#A#:A>>[.HJ.G/3.#.>>.#I3G39:A#23# <.:<3#G093#B3=>3#23>.:3.<3#2.#923#BA19/3o#'.#<0<<A#\0AG<A#.<O <AGA#A#<1AC32.839:3V#2.#<0<<A#\0AG<A#<A:<.839:3#hCA1#H9><A# .:3HA# >.# G9BBA1A:8.# .<<0.>A# Y# IA1.# <A:<.839:Ai# G3# GC13O =39:.#/A1<.HA:<A#>.#C1A=F3A1.#G0CC>3/AV#>[.<<9#23#.H91A# C9<A:<3GG3H9# A# 311AG3G<3J3>AV# /FA# 130G/31Z# .# C3A=.1A# IA1O G9# \0AG<.# 3HC.883<.# 0H.:3<Z# 3># ;091A# '3I3:9g# >[.<<9# 23# .H91A#/FA#)=>3#:9:#C0`#:9:#.G/9><.1AV#:9:#.//9=>3A1AV# CA1/Ff#H9GG9#0:3/.HA:<A#9==3V#2.#0:.#BA2A#G9G<A:0<.# 2.>>[.132.#A#:02.#I9>9:<ZV#/FA#I09>A#.:/91.#GCA1.1A#/9:# /9:B32A:8.#3:B1.:=3J3>A#cde# ;3`#/FA#2Z#>.#B918.#A#>.#C.83A:8.#23#/9:<3:0.1A#.#/F3A2A1AV# :9:#Y#>.#/9G/3A:8.#2A>#:9G<19#I.>91A#CA1G9:.>AV#JA:Gj#>.# /9:9G/A:8.#2A>>[3:B3:3<.#J9:<Z#.#/03#/F3A23.H9#A#CA1/3`#3:# 91A#/9Gj#<A:AJ19GA#/F3023.H9#=>3#9//F3#A#.JJ.:29:3.H9O /3#.>>.#I31<b#2A>>.#/9:B32A:8.#/FA#Y#2AB3:3<.D#^0:.#G\03G3<.# B91H.# 23# .H91A_?# k0.>A# AGA1/3839# 3:B.<<3# C3b# A193/9# CA1# :93#A#C3b#=1.<9#.#'39#/FA#3>#/9:B32.1A#3:#!03#:A>#H9HA:<9# G<AGG9#3:#/03#)=>3#/3#CA1/09<An#*9:#Y#0:#13B>AGG9#2A>#G0O C1AH9#.JJ.:29:9#23#$AGb#G0>>.#;19/AV#\0.:29#G3#GA:<j# 23HA:<3/.<9#2.>#R.21A#(09n#hE<#4MVlPiX45? W'39#CA1HA<<A#3>#H.>An#@#/9:<3:0.#K3.:/.#@#'39#GAHJ1.# .JJ.:29:.1/3n# (A# )=>3# C.1A# >.G/3.1/3# G9>3V# Y# GA=:9# /FA# >9# <19I.#C3b#0<3>A#CA1#>.#:9G<1.#A20/.839:A#GC313<0.>A#cde#]./O /3.H9/3# C3b# 0H3>3# A# C3b# B32A:<3# IA1G9# '39# .//A<<.:29# G3O 45
# 6P#=30=:9#6Ll5V#CC?#PlM#GG?
4P5
>A:839G.HA:<A#>A#(0A#CA1H3GG39:3o#].//3.H9/3#C3b#B1.<A1:3# 9=:3#HAHJ19#0H.:9#23#\0.>G3.G3#:.839:AV#.H.:29V#AGC3.:O 29#cde#;9:G32A13.H9#\0.:<.#3:<3H.V#B3>3.>A#/9:B32A:8.#G3# /9:<A:=.#3:#0:[.GG9>0<.#/9:B91H3<Z#.3#I9>A13#23#'39? cde R01A# J3G9=:.# /9:BAGG.1A# /FA# \0AG<A# J09:A# 23GC9G3839O :3#:9:#3HCA23G/9:9#.:/FA#.>>A#.:3HA#C3b#G9<<9HAGGA#23# H.:2.1A#\0.>/FA#>.HA:<9V#\0.:29#3>#CAG9#2A>>.#;19/A#9>O <1AC.GG3#3>#>3H3<A#2A>>A#>919#B918A?#(9:9#3#H9HA:<3#<A113J3>3# 3:#/03#:9:#C9GG3.H9#:9:#/F3A2A1/3D#^RA1/FfV#(3=:91An#;FA# /9G.#G3=:3B3/.#\0AG<9#/0H0>9#23#29>913n#;FA#/9G.#I093#2.# HAn_?#!.#13GC9G<.#CA1#/F3#13B>A<<.#0:#C9/9#.3#C3A23#2A>#;19O /3B3GG9V#Y#0:.#G9>.D#@#;FA#/9G.#I09>A#'39#2.#<An#@#:0>>[.><19# /FA# C19I.1A# >.# <0.# /.C./3<Z# 23# .//A<<.839:A# A# 23# GA=1A<.# .291.839:A#2A>>.#G0.#I9>9:<Z?#KA.<3#/9>919#/FA#B3:#2.#\0AO G<.#I3<.#G3#G<023.:9#23#.II3/3:.1G3#.>#;19/3B3GG9#CA1#B.1G3#29O /3>3#G<10HA:<3#2A3#G0J>3H3#C19/A23HA:<3#2A>>.#$1.83.oX46?
)2#Y#G9C1.<<0<<9#23:.:83#.>>A#:9G<1A#B1.=3>3<Z#/FA#>.#GCA1.:8.#G3# H9G<1.#3:#<0<<.#>.#G0.#B918.44D Wk0A>>9#/FA#=>913B3/.#'39#@#3:GA=:.#>.#E.21A#.>>A#G0A#B3O =>3A#@#:9:#Y#3>#G0//AGG9V#H.#3>#B.<<9#/FA#:9:9G<.:<A#>.#C3AO :.#/9:9G/A:8.#/FA#.JJ3.H9#2A>>.#:9G<1.#2AJ9>A88.V#:93#/3# 9G<3:3.H9#.#GCA1.1A#:A>#(09#.H91Ag#.:83#Y#C19C139#\0AG<9# 0:9#2A3#GA=:3#23#C19=1AGG9#C93/Ff#>A#.:3HA#/FA#'39#/F3.O H.#.>>[0:39:AV#.2#0:.#C3b#3:<3H.#B.H3>3.13<Z#/9:#!03V#G3#23O G<3:=09:9#CA1#\0AG<.#9G<3:.839:A#.#GCA1.1A#3:#!03#.2#9:<.# /FA#<0<<A#>A#.CC.1A:8A#<A:<3:9#23#3:201>A#.#20J3<.1A#2A>>A# 46
# 6P#=30=:9#6Ll5V#CC?#PlN#GG? # ;B?#R.9>9V#,9H.:3#QV#7#GG?D#7Y#")"#,)/%("%)#H.&,%)a#")$#0$#+("%$(3)#("0M&#"&//&# %'$D)/(7$)"$Z#D&"#,(-&"*)#0M&#/(#%'$D)/(7$)"&#-')*.0&#-(7$&"7(Z#/(#-(7$&"7(#."(#+$'%^#-')8 +(%(#l&#/(#+$'%^#-')+(%(#/(#,-&'("7(I#QP(#,-&'("7(#-)$#")"#*&/.*&Z#-&'0MN#/T(3)'&#*$#S$)#V# ,%(%)#'$+&',(%)#"&$#"),%'$#0.)'$#-&'#3&77)#*&//)#<-$'$%)#<("%)#0M&#0$#V#,%(%)#*(%)? 44
4P6
C19HAGGA# 23I3:A?# ":3HA# /9Gj# B.<<A# 23/9:9# /9:# $39JJAD# ^(A# .:/F[)=>3# H3# 0//32AGGAV# GCA1A1`# 3:# !03o_# k0AG<.# Y# >[AGGA:8.#2A>>.#I31<b#2A>>.#(CA1.:8.#A#:93#29JJ3.H9#/A1/.O 1A#23#.113I.1A#.>#C9GGAGG9#23#\0AG<.#AGGA:8.?#*AGG0:9#C3b# 23# E.13.# AJJA# >.# G/3A:8.# /9:/1A<.# A# C1.<3/.# 2A># C19C139# :0>>.V#H.#/3`#>0:=3#2.>>9#G=9HA:<.1>.#h/9HA#.//.2A#.#:93# \0.:29#/9:G<.<3.H9#>.#:9G<1.#:0>>3<Z#A#H3GA13.iV#>A#GA1Ij# 23#C0:<9#23#.CC9==39#CA1#G>.:/3.1G3#3:#'39#/9:#0:#1.C329# A#/9G<.:<A#H9I3HA:<9#23#(CA1.:8.#hb(#6.('*(%)#(//T.3$/%U# *&//(#,.(#,&'+(i#cde#!.#E.29::.#/9>#G09#G3>A:839#A#>.#G0.# GCA1.:8.#/3#.223<.#>[0:3/.#I3.#2A>>.#IA1.#G3/01A88.V#2A>>.#GAO 1A:3<Z#A#2A>>.#C./A#3:<A1391A#.:/FA#3:#HA889#.>>A#G3<0.839:3# C3b#23BB3/3>3D#>.#I3.#2A>>.#<9<.>A#/9:B32A:8.#3:#'39X47?
;F3#:9:#GCA1.V#GA/9:29#K3.:/.V#:9:#Y#0H3>AD W;F3# :9:# GCA1.# :9:# Y# 0H3>A# CA1/Ff# .<<A:2A# <0<<9# 2.# GA# G<AGG9V#:9:#2.=>3#.><13#A#:ACC01A#2.>>["><19?#*9:#.IA:29# B320/3.#:9:#C9<1Z#=30:=A1A#A#:ACC01A#CA:G.1A#H.3#.2#0:.# AIA:<0.>A#3:<3H3<Z#/9:#.>/0:9g#.2#AGG.#G3#=30:=A#G9>9#G<3O H.:29V#.H.:29#A#CA1/3`#B./A:29G3#C3//9>3#cde RA1#=30:=A1A#.>>[3:<3H3<Z#9//911A#0:.#G9>32.#J.GA#23#GCAO 1.:8.#A#0:#C19B9:29#GA:<3HA:<9#23#0H3><Z?#%>#2AG32A139#23# =30:=A1A#.>>.#C3b#.><.V#.>>.#C3b#:9J3>A#3:<3H3<Z#:9:#Y#H39V# H.#Y#3>#(3=:91A#G<AGG9#/FA#/3#3:I3<.#A#/3#I09>#/9:2011A?#%# HA883#/FA#)=>3#.29CA1.#.#\0AG<9#B3:A#G9:9#H9><3#A#I.13D# CA1#:93#.29CA1.#>9#G/.>CA>>9#23#/9:<3:0A#CA:A#A#<13J9>.O 839:3?# (AHJ1.# 0:# .GG0129V# CA1/Ff# =A:A1.>HA:<A# B1.# :93# 09H3:3# >A# 23BB3/9><ZV# 3# /9:<1.G<3# :9:# G9:9# /A1<9# 3# H9<3I3# C3b#.<<3#.#G0G/3<.1A#.<<1.<<3IAV#.2#.0HA:<.1A#>.#/9:B32A:8.# A#>[.H3/383.g#.:83V#G9:9#/9:<19C1920/A:<3g#CA1`#>A#I3A#(0A# :9:#G9:9#>A#:9G<1AV#A#GCAGG9#:A>>.#I3.#2A>>9#GC313<9#/9:O 47
# E.==39#6LQPV#CC?#6l74#G?
4P4
G<.<3.H9#/FA#/3`#/FA#.CC.1A#H9<3I9#23#.>>9:<.:.HA:<9#9# /.0G.#23#23G<10839:A#13AG/A#C13:/3C39#A#HA889#23#/9G<10O 839:Ag#2.>>[3:G0//AGG9#G91=A#GCAGG9#>.#I3<.#cde#%>#H.>A#Y# /FA# :93# /3# .2.<<3.H9# H.>I9>A:<3A13# .# \0AG<.# >3:A.# 23I3:.# 23#/9:29<<.#AV#/9>#:9G<19#>3H3<.<9#H929#2[3:<A:2A1AV#3HO CA23.H9#.>#GA:G9#23I3:9#23#CA:A<1.1/3V#/3#9CC9:3.H9#.># 23GA=:9#23#'39#A#C19/013.H9#.#:93#G<AGGA#0:.#G9HH.#23# G9BBA1A:8A#/FA#:9:#GAHC1A#13A:<1.#:A>>[A/9:9H3.#G9C1.:O :.<01.>AV#CA1/Ff#AGG.#29I1AJJA#<19I.1A#:A>#:9G<19#/091A# 0:.#C3b#GAHC>3/A#A#29/3>A#.2AG39:AX4l?
!.# G9BBA1A:8.# A# 3># 29>91A# G9:9# 3># H3G<A19# C3b# =1.:2A# /9:# 3># \0.>A#>[09H9V#G09#H.>=1.29V#Y#/F3.H.<9#.#/9:B19:<.1G3?#k0.>#Y#3># CA:G3A19#2A>>.#E.21A#.>#13=0.129n# W%:#\0AG<3#.::3#23#29>91AV#>A#.:3HA#/9:G./1.<A#:9:#C9GO G9:9#:f#2AJJ9:9#CA1#<3H91A#23#0H.:9#23G.=39#9#23#23G9O 13A:<.HA:<9#GC313<0.>A#G9//F302A1A#=>3#9//F3#2.I.:<3#.>>.# ;19/A?#)GG.#Y#>[0:3/.#GCA1.:8.#23#G.>IA88.?#U3#Y#0:.#;19/A# /9GH3/.#23#/03#>.#<AG<.#Y#:A>#/3A>9#A#>A#J1.//3.#/31/9:2.:9# >[0:3IA1G9V#G3//Ff#AGG.#0:3G/A#>[A<A1:3<Z#A#3>#<AHC9V#>[3:B3O :3<9#A#>9#GC.839V#>9#GC313<9#A#>.#H.<A13.V#'39#A#>[09H9?#!.# ;19/A#2A>#;.>I.139#Y#>.#G0C1AH.#.<<0.839:A#G0>>.#<A11.#23# \0AG<.#/19/A#/9GH3/.? ]91GA#H.3#:A>#H9:29#G3#Y#G9BBA1<9#\0.:<9#G3#G9BB1A#3:#\0AO G<9#<A113J3>A#CA13929#G<913/9?#'.#\0AG<9#<1AHA:29#G9BB131A# 2AIA#G/.<0131AV#CA1#>9=3/.#/13G<3.:.V#0:.#H.==391A#ABB0G39O :A#23#HA13<3#1A2A:<913#A#\03:23#0:.#G.:<3<Z#C3b#A//A>G.#cde !9#G9#.:/FA#.#:93#G3#C1AGA:<.#23#B1A\0A:<A#3>#G.<.:3/9#3:O <A119=.<3I9D#CA1/Ff#3>#29>91An#cde#%>#29>91A#Y#/9:GA=0A:O 8.#2A>#CA//.<9#cde#%>#29>91A#/.0G.<9#2.>#CA//.<9#:9:#C0`# :9:#13CA1/09<A1G3#3:#'39?#%>#29>91A#B0#3>#HA889#G/A><9#2.># 4l
# $30=:9#6LQPV#CC?#6l7P#GG?
4P7
]3=>39#23#'39#CA1#>.#,A2A:839:A?#'3#29>91A#B0#13IAG<3<.#>.# ;F3AG.#:.G/A:<A?#%>#29>91A#Y#/9HC.=:9#\0.==3b#2A>>[.H9O 1A?#!.#2A20839:A#C1.<3/.#23#\0AG<A#/9:G32A1.839:3V#B91GA# 0:#C9[#.><AV#B91GA#0:#C9[#G>A=.<AD#;.HH3:.1A#3:#/9:<3:03<Z# 23#<A:2A:8.V#/39Y#.#231AD#.CC19B9:231A#3>#/9:9G/3HA:<9#2A># I.>91A#2A>>.#G9BBA1A:8.#CA1#I3:/A1A#HA=>39#>A#13C0=:.:8A# 2A>>.#:.<01.X4Q?
-:.# 2A>>A# C13HA# /.0GA# 23# 1AG3G<A:8.# .># 29>91A# Y# CA1# K3.:/.# >[91=9=>39V#HA:<1A#WG9>.HA:<A#>[0H3><Z#/3#B.#.//9=>3A:<3#>.#/19/A#A# /3#1A:2A#/911A2A:<13/3#/9>#'3I3:9#E.AG<19X4P? )#/9:<3:0.D W*9:#G3#C0`#/9:<3:0.1A#.2#.=31A#/9HA#J3HJ3#2.I.:<3#.2# 0:#/.:/A>>9#GC3:.<9#/FA#GJ.11.#>[.//AGG9#.>#=3.123:9?#"#13O B30<.1AV#.#13JA>>.1G3V#.2#3HC1A/.1A?#%>#/.:/A>>9#:9:#G3#.C1A# h\0.:<A#I9><A#.>#C1AGA:<.1G3#2A>>.#/19/A#B.//3.H9#C19C139# /9HA#3#J3HJ3#23:.:83#.2#0:#/.:/A>>9#GJ.11.<9V#/FAV#3:B>AGO G3J3>A#.>>.#:9G<1.#13I9><.V#:9:#G3#.C1Ai#cde E.#CA1#B.1#J09:#I3G9#.#GC3./AI9>A#IA:<01.V#9//911A#0H3O >3.1G3?#![+,-./0#9><1A/Ff#CA1G0.2A1/3#.2#.//A<<.1A#3>#29O >91AV#/3#C1AC.1.#.2#AGG9V#A#\0.>/FA#I9><.V#C0`#.:/FA#B.1O /A>9# AI3<.1A?# ;A1<.HA:<A# >9# 1A:2A# HA:9# .H.19V# =3.//Ff# 13/9:9G/A# 23# .IA1>9# HA13<.<9# A# =1.2.<.HA:<A# /9:20/A# .>>[.//A<<.839:A#.H919G.?#,3GC.1H3.#>[3:.GC13HA:<9V#>[.JO J.<<3HA:<9#A#3>#C19>0:=.1G3#23#\0A>#20A>>9#<A113J3>A#3:#/03#G3# C0`#.:/FA#G9//9HJA1A?#&FV#>.#C1A839G.#I31<bV#/FA#2AJA>>.# 3># C13H9# :9G<19# :AH3/9V# >[91=9=>39o# +0<<.I3.V# G3//9HA# >.# I3<.#Y#>9<<.V#.:/FA#29C9#>.#C13H.#.//A<<.839:AV#0:.#:09I.# B91H.#23#<A:<./9>9#G3#G/.<A:.D#^a#3:=30G<9V#CA1/Ff#GAHO 4Q
# *9IAHJ1A#6Ll6V#CC?#M55#GG? # ]AJJ1.39#6Ll4V#C?#M7l?
4P
4Pl
C1A# G9C1.# 23# HAn_# cde# &=:3# 29>91A# Y# 0:.# H9:A<.# 2A># <AG919#23#\0.==3bV#\03:23V#:f#GC1A/9V#:f#23GC1A889o#-:3O /9# HA889# CA1# <1.BB3/.1A# \0AG<.# H9:A<.# Y# .//A<<.1>.# /9:# .H91A# \0.>0:\0A# G3.# 3># G09# <.=>39?# k0.>0:\0A# :A# G3.# >.# H.<A13.V#/.1<.V#.1=A:<9V#919V#<0<<.#Y#J09:.#GA#I3A:A#.//9>O <.V#<0<<.#Y#B10<<3BA1.V#GA#<1.BB3/.<.V#2.>>.#G=1.BB3.<01.#23#.=9# .>>.#>.C.1.<9H3.g#2.>>[.H91A#C19C139#BA13<9V#.>#H.1<3139#C3b# =A:A19G9?#"//A<<.1AV#20:\0AV#/9:#23GC9G3839:A#JA:AI9>.# >[9GC3<A# 3:=1.<9V# .//A<<.1>9# /9HA# G3# .//A<<.# 0:# 29:9D# :f# /9HC.<A:29/3V# :f# C1A:2A:29# >A# >A:<3# 23# 3:=1.:23HA:<9# CA1#/9:<AHC>.1>9#A#:ACC01A#/F302A:29#=>3#9//F3#CA1#:9:# IA2A1>9?#"//A<<.1A#3:#C3A:.#/9:9G/A:8.#A#/9G/3A:8.#/9HA# .//A<<`# $AGb?# "//A<<.1A# /9:# =393.?# )//9# 29IA# J3G9=:.# =30:=A1A#.2#9=:3#/9G<9X4M?
&><1A#.>>[3:I3<9#.2#.//A<<.1A#>.#G9BBA1A:8.V#K3.:/.#C19C9:A#.>>.# HA23<.839:A#2A>>A#G0A#B3=>3AV#0:.#H92.>3<Z#CA1#.BB19:<.1A#3>#29>9O 19G9#23G<.//9#2A>>.#H91<AV#>[.><19#=1.:2A#A#3:/9:/AC3J3>A#H3G<A19# 2A>>.#I3<.#0H.:.? W;FA#/9G.#Y#>9#GH.113HA:<9n#a#0:9#G<.<9#GC313<0.>A#.#/03# 3#C3//9>3#I3.:2.:<3#G9:9#G9<<9C9G<3#.>>91/FfV#CA1#0:#3:/3O 2A:<A#23#I3.==39V#F.::9#CA120<9#>.#J0GG9>.o#'3#B19:<A#.2# 0:#13CA<A1G3#/9Gj#B1A\0A:<A#2A>>.#I3G3<.#23#G91A>>.#H91<AV#>9# GH.113HA:<9# Y# 0:.# /9:GA=0A:8.# \0.G3# =30G<3B3/.J3>A?# !.# H91<A#YV#<1.#3#H3G<A13V#\0A>>9#/FA#C3b#0H3>3.#>[3:<A>>3=A:8.# 2A>>[09H9V#:A#BA13G/A#<A113J3>HA:<A#3>#/091A?#![3:<A>>3=A:O 8.V#0H3>3.<.V#3G<3:<3I.HA:<A#G3#13JA>>.?#)GG.#GA:<A#23#AGGA1A# >.#C.1<A#H3=>391AV#C3b#:9J3>A#23#0:#1A#/FAV#C01#G.CA:29G3# G/919:.<9V#G.#23#AGGA1A#1AV#A#GA:<A#B>031A#:A>>A#G0A#IA:A#3># G.:=0A#1A.>A#cde 4M
# E.189#6Ll4V#CC?#M7M#GG?
4PQ
!.#BA13<.#2A>#/091A#C93V#/9>#G09#GC.G3H9V#A//3<.#3>#1.=39:.1A# 2A>>[3:<A>>A<<9#A#:A#.//1AG/A#>.#13I9><.?#(A#>.#BA2A#B9GGA#C3b# I3I.V#>[.:3H.#C01A#G9BB1A:29#/9:GA1IA1AJJA#3>#G09#A\03>3O J139V#CA1/Ff#G3#.::A=FA1AJJAV#.2#9//F3#/F30G3#A2#.#H.:3# =30:<AV#:A>#G09#C013GG3H9#9/A.:9#cde %:#\0AG<3#B1.:=A:<3#29>919G3#>A#.:3HA#:9:#2AI9:9#<01J.1O G3V#:f#CA1#>9#GH.113HA:<9#h/FAV#>9#.JJ3.H9#I3G<9V#Y#/9G.# 3:AI3<.J3>A#.>>.#:9G<1.#C3//9>A88.i#:f#CA1#>9#G=9HA:<9#GA# H9HA:<.:A9?# %># (3=:91AV# /9HC1A:G3I9# .GG.3# C3b# 23# :93V# =3023/FA1ZV#>9#GCA19V#/9HA#/9:.<3#IA1G9#>.#!0/AV#>.#$30O G<383.V#>.#R./AV#>["H91A#\0AG<3#GA:<3HA:<3#0H.:3?#E.#/3`# /FA#>A#.:3HA#2AI9:9#B0==31AV#/9HA#>AJJ1.V#G3#Y#3>#G9BBA1O H.1G3#3:#>919#2A>>9#G=9HA:<9?#!.#2AC1AGG39:AV#>.#<13G<A88.V# B.::9#GAHC1A#H.>AV#A2#9//911A#1A.=31A#/9:#<0<<A#>A#B918A?# ,A.=31A# :9:# CA:G.:29# .># 29H.:3V# 1A.=31A# /F3A2A:29# >.# B918.# 2A>>[.//A<<.839:AV# 1A.=31A# CA1G0.2A:29# :93# G<AGG3V# /FA#\0.>0:\0A#/9G.#.//.2.#Y#CA1#3>#:9G<19#HA=>39V#Y#/9:O GA=0A:8.#2A>>[9BBA1<.#B.<<.#3:#3GC313<9#23#3HH9>.839:A#A#23# 13C.1.839:AX4N?
;9:/>023.H9# \0AG<.# 13B>AGG39:A# G0>>[3:GA=:.HA:<9# 23# K3.:O /.#/9:#0:[3HH.=3:A#/FA#>.#E.21A#F.#13C1AG9#2.#0:#.0<91A#.#>A3# /9:<AHC91.:A9# h$1.Bi# /FA# .BBA1H.I.D# ^+A:3.H9# C1AGA:<A# /FA# \0.==3b# G3.H9# 3:# 0:# =1.:2A# <A.<19# 29IA# /3.G/0:9# 23# :93# F.# 2.# 1.CC1AGA:<.1A# >.# C19C13.# C.1<A# 23# 21.HH.?# k0.:29# '39# 23G<13O J0j#.=>3#09H3:3#>A#>919#C.1<3#:9:#>9#BA/A#.#/.G.//39V#H.#/9:#G.=O =A88.#A2#.H91A#.BB32`#.#/3.G/0:9#\0A>>.#C.1<AV#/FA#HA=>39#=>3#G3# /9:B./AI._? ">#13=0.129#>.#E.21A#/9HHA:<.#A#/9:/>02AD WU3# G9:9# I3A# H9><AC>3/3# CA1# >A# \0.>3# >[09H9# 2AIA# /.HO H3:.1AV# /9HA# /3# G9:9# H9><A# ^H.:G39:3# :A>>.# ;.G.# 2A># 4N
# 6Q#E.==39#6L7NV#CC?#MlQ#GG?
4PP
R.21A_?# "# /3.G/0:9# Y# GA=:.<.# 0:.# I3.V# 0:.# /.C./3<ZV# 0:# CA13929#G<913/9#2.#.<<1.IA1G.1A#A#2.#/9G<3<031AV#:A>#\0.>A# 2AIA#/.HH3:.1AV#.=31AV#I3IA1AV#GAHC1A#CA1#>.#$>913.#'3I3O :.#A#CA1#>.#C19C13.#G.:<3B3/.839:A#cde !.# :9G<1.# IA1.# A# C19C13.# C.1<A# 2.# 1A/3<.1G3# \0.==3b# Y# >.# C.1<A#G<AGG.#/FA#1A/3<A1AH9#C93#CA1#<0<<.#>[A<A1:3<Z#A#/FA# 29JJ3.H9# 3:<.:<9# /9:\03G<.1AV# 1A/3<.:29?# ^'3# B19:<A# .# '39#:9:#3HC91<.#\0.>A#G3.#>.#H3.#C.1<AV#3>#:A/AGG.139#Y#/FA# 39#>.#1A/3<3#JA:Ao_? (3.H9#JA:A#.<<A:<AV#CA1/3`V#/FA#>A#3HC1AGG39:3#A#>A#/9GA# AG<A1:A#^:9:#/3#B.//3.:9#GH.1131AV#:f#/3#.11AG<3:9_?#(<3.H9# .<<A:<A#23#:9:#.<<.//.1/3#.>#C.>02.HA:<9#/FA#/3#I3A:#C9G<9# 201.:<A#>.#1A/3<.V#:f#/3#.II3>3G/.#GA#29JJ3.H9#1A/3<.1A#>.# C.1<A#2A>#HA:23/.:<AX4L?
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f# .:/FA#:93#C9GG3.H9V#/9HA#>A3V#/.HH3:.1AV#.=31A#A#I3IA1A#GAHC1A# .#$>913.#23#'39#A#CA1#>.#:9G<1.#G.:<3B3/.839:Ao#
4L
# 67#H.==39#6Ll7V#CC?#N5N#GG?
4PM
E"',)#K%"*;"#)#!)#&R),)# ')!!"#;&ER"$*%"#'%#(?#"*$)!"#E),%;%
(!#$!&"!)&+#!&+'%,$*.))$
!.#E.21A#K3.:/.#R3//9>9H3:3#F.#H.:3BAG<.<9#>.#G0.#H3GG39:A#A# 3>#G09#/.13GH.#.<<1.IA1G9#>A#9CA1A#/FA#>.#;9HC.=:3.#23#(?#":=A>.# EA13/3#F.#1A.>388.<9#A#.:/91.#1A.>388.?#!A#9CA1A#:A>>A#\0.>3#>.#E.O 21A#K3.:/.#G3#Y#3HCA=:.<.#B3:#2.>>A#G0A#C13HA#3:<03839:3#G9:9#G<.<A# /9::9<.<A# 2.# .GCA<<3# C.1<3/9>.13# /FA# /F3.1.HA:<A# /.1.<<A1388.:9# >.# G0.# I9/.839:A# A# >.# 1A.>388.839:A# 9CA1.<3I.# 2A=>3# 3HCA=:3# /FA# 3>#U.:=A>9#A#>.#G0.#H3GG39:A#!A#3:23/.I.:9?#RA1#/.C31A#>A#9CA1A# 1A.>388.<A# 2.>>.# E.21A# K3.:/.# A# 2.>>.# ;9HC.=:3.# Y# 3HC91<.:<A# 3>>0G<1.1A#\03:23#>A#/.1.<<A13G<3/FA#CA/0>3.13#/FA#>A#/9::9<.:9#CA1# IA2A1A#C93#/9HA#G3#G9:9#.<<0.<A#:A>>A#23IA1GA#3:383.<3IA#3:<1.C1AGA?# R13H.#23#<0<<9#>A#I.13A#9CA1A#G9:9#GAHC1AV#G91<A#/9HA#13GC9G<.#.2# AG3=A:8A#2A>#<AHC9#:9:#G9223GB.<<AV#.#J3G9=:3#AHA1=A:<3#.3#\0.>3# :9:#IA:3I.#2.<.#.2A=0.<.#.<<A:839:A?#a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
K3.:/.#2.:29#I3<.#.>>.#;9HC.=:3.#A#.>>A#G0A#9CA1A#F.#GAHC1A#/A1O /.<9#23#1A.>388.1A#.<<3I3<Z#3:#=1.29#23#/93:I9>=A1A#>.#G9/3A<Z#/3I3>A# A#>.#/9H0:3<Z#A//>AG3.>Ag#:9:#F.#H.3#I9>0<9#B.1#G91=A1A#^/.<<A21.>3# :A>#2AGA1<9_#H.#/93:I9>=A1A#3>#C3b#C9GG3J3>A#=>3#.><13V#2.3#J.HJ3:3# .=>3#.20><3#.#C1A:2A1G3#/01.#23#/F3#.IAI.#J3G9=:9g#>.#C.1<A/3C.839:A# .<<3I.#23#<.:<A#CA1G9:A#:A>>A#.<<3I3<Z#2A>>A#9CA1A#Y#JA:#29/0HA:O <.<9#:A>#$391:.>3:9#^!3>3.#"=13_#/FA#Y#G<.<9#1A2.<<9#A#C0JJ>3/.<9# 2.>>.#/9HC.=:3.#CA1#0:#<1A:<A::39#h6L746LP5i#:A>#\0.>A#<19I.:9# GC.839# >A# I.13A# 3:383.<3IA# 23# /93:I9>=3HA:<9# A# C.1<A/3C.839:A# 23# <.:<A#CA1G9:A#.>>A#.<<3I3<Z#2A>>A#9CA1A?#!.#C1AGA:8.#2A>>.#/9HC.O =:3.# A# 2A>>A# G0A# 9CA1A# :A>>.# /9H0:3<Z# A//>AG3.>A# Y# G<.<.# /.1.<<AO 1388.<.#2.#BA2A><Z#H.#.:/FA#2.#0:.#C19C13.#/.C./3<Z#23#=3023839#A# 23#.0<9:9H3.V#B9:2.<.#G0>>.#C.19>.#2A>#U.:=A>9#^>.#IA13<Z#I3#B.1Z# >3JA13_#A#G3#Y#/9:/1A<388.<.#:A>>.#/A:<1.>3<Z#2A>>.#C1A=F3A1.#A#2A>>[.O 291.839:A#/9HA#:0<13HA:<9#CA1#3>#>.I919#\09<323.:9?#![9J3A<<3I9# 2A>>.#E.21A#K3.:/.#B3:#2.>>[3:3839#Y#G<.<9#3:B.<<3#\0A>>9#23#2.1#I3<.# .2#0:.#3G<3<0839:A#/FA#B91H.GGA#^GC313<3#/9:<AHC>.<3I3#3:#.:3HA# 23#.C9G<9>.<9_?#a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v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g:9:#AG3G<AI.#:AGG0:#G3G<AH.#23#C19<A839O :A#G9/3.>AV=>3#.HJ3A:<3#23#>.I919#H.:/.I.:9#GCAGG9#2A>>A#C3b#A>AO HA:<.13# :91HA# 3=3A:3/FAV# =>3# 91.13# A1.:9# H.GG./1.:<3g>A# =39I.:3# 9CA1.3A# G3# <19I.I.:9# GCAGG9# 3:# 23BB3/3>3# G3<0.839:3?# $3Z# 3># ;9:<A# R3A<19#R3//9>9H3:3V#B1.<A>>9#2A>>.#E.21A#K3.:/.#.IAI.#/9><9#>[AG3O =A:8.#23#9BB131A#0:#G9G<A=:9#.>>A#9CA1.3A#A#.IAI.#2.<9#I3<.#.2#0:.# (9/3A<Z#23#R.<19:.<9#A#23#H0<09#G9//91G9g#29C9#>.#G0.#C1AH.<01.# H91<A#>.#E.21A#K3.:/.#G3#3HCA=:`#CA1#C91<.1A#.I.:<3#\0AG<.#3:3O 83.<3I.V0:3/.#A#3::9I.<3I.#:A>#/9:<AG<9#GA:AGAD#3>#>.J91.<9139#<19I`# .>>[3:3839#GA2A#:A>#R.>.889#R3//9>9H3:3#A#G0//AGG3I.HA:<A#3:#.><13# >9/.>3#2A>>.#B.H3=>3.#3:#U3.#(.>>0G<39#K.:23:3#A#B0#.BB3.:/.<9#G0J3<9# 2.#0:#;31/9>9#23#;0><01.#/9:#J3J>39<A/.#A#2.#3:/9:<13#23#B91H.839O :A#1A>3=39G.#A#/0><01.>A?#UA:31A#3:/9:<19#.#1A.>3#AG3=A:8A#2A>#<AHC9# A#.>>A#H9><AC>3/3#AG3=A:8A#2A>>A#CA1G9:A#A1.#\03:23#>[9J3A<<3I9#/FA# /3#G3#C1AB3==AI.?#%>#>.J91.<9139#23IA::A#3:20G<13.#23#H.=>3A13.#:A># 6L6M#A#/AGG`#>.#G0.#.<<3I3<Z#:A>#6L76#.#GA=03<9#.>#/.HJ3.HA:<9#2A3# <AHC3#A#.>>.#/13G3#A/9:9H3/.#/FA#3:#\0A=>3#.::3#3:IAG<j#<0<<3#3#C.AG3? 4M6
![.><1.# =1.:2A# 9CA1.# C1AGA# I3<.# :A=>3# .::3# 2A># R13H9# 29C9# =0A11.#h6L45i?#)1.:9#.::3#3:#/03#>.#=0A11.#.IAI.#/1A.<9#C9IA1<Z#A# 23G.=3#3:#H9><A#B.H3=>3AgI3#A1.:9#H9><3#91B.:3#A#3>>A=3<<3H3V#H3:9O 13#.JJ.:29:.<3VB.H3=>3A#23I3GAV>.#C9IA1<Z#C91<.I.#2A:0<13839:A#A# H.>.<<3A#A#/9>919#/FA#H.==391HA:<A#:A#13GA:<3I.:9#A1.:9#>A#J.HO J3:A#GCAGG9#.II3.<A#.>>[.//.<<9:.==39#A#.>>.#C19G<3<0839:A? !.#E.21A#K3.:/.#CA:G`#.>>91.#23#.23J31A#0:#I.G<9#>9/.>A#.23.O /A:<A#.>>.#U3>>.#(?#,A=3:.#23#C19C13A<Z#R3//9>9H3:3#h2.<A#3#I9G<13# JA:3#.3#C9IA13oi#.>>.#/1A.839:A#23#0:.#;.G.#@#0:.#<-%-*/2#Q7'/Y 6-%2#@#29IA#C9<AGGA19#<19I.1A#>[.BBA<<9#23#0:.#B.H3=>3.#A#0:#.HO J3A:<A#G.>0J1A#23#/.HC.=:.#0:#=10CC9#23#65O6Q#J.HJ3:A#2.3#P#.3# 64# .::3?# )1.# 0:[32A.# .GG9>0<.HA:<A# 3::9I.<3I.# CA1# \0A=>3# .::3g# =>3#3G<3<0<3#CA1#H3:913#3:B.<<3#A1.:9#CA1#G9>3<9#H9><9#C3b#:0HA19G3V# G3<0.<3#:A>#/9:<AG<9#01J.:9#A#1A=9>.<3#2.#:91HA#H9><9#13=32A#.:O /FA#3:#B.<<9#23#C1.<3/FA#1A>3=39GA?#!.#;9>9:3.#"=13/9>.#(?#,A=3:.# A1.#3:IA/A#3HC9G<.<.#/9HA#0:.#/.G.#B.H3=>3.#@#:9HA#G/9:9G/30<9# CA1# >[AC9/.# @# 29IA# >A# 9GC3<3# C9<AI.:9# <19I.1A# 3># /.>91A# 23# 0:.# B.H3=>3.#.<<1.IA1G9#>.#C1AGA:8.#C1AH019G.#A#H.<A1:.#2A>>A#]3=>3A# 23#(?#":=A>.?#*A>>.#/9>9:3.#B019:9#GCA13HA:<.<A#B3:#2.>>[3:3839#3:O :9I.839:3#CA2.=9=3/FA#B9:2.HA:<.>3#\0.>3#.2#AGAHC39D#>.#>3JA1<Z# :A>>A#C1.<3/FA#1A>3=39GAV#=>3#3:/9:<13#23#=10CC9#GA<<3H.:.>3#:A3#\0.>3# G3#B./AI.#3:G3AHA#A#>3JA1.HA:<A#0:.#1AI3G39:A#23#I3<.#G0#^.J3<023:3# H91.>3_#G/A><A#3:#C1A/A2A:8.#2.#<0<<9#3>#=10CC9V#0:#>3J1A<<9#CA1G9O :.>A#CA1#>A#C19C13A#GCAGA#>3JA1AV#3>#^/9H3<.<9#2A>>A#J.HJ3:A_#/FA# .IAI.#3>#/9HC3<9#23#2A/32A1A#>.#G/A><.#23#BAG<A==3.HA:<3#A#=3<AV#>.# C1AGA:8.#.<<3I.#3:#/9>9:3.#23#=10CC3#G/90<#CA1#.<<3I3<Z#23#.:3H.839O :A#A#>.#1A.>388.839:A#23#/.HCA==3#AG<3I3V#>.#B1A\0A:8.#2A>>.#G/09O >.# C0JJ>3/.V.<<3I3<Z# 23# =3.123:.==39# A# 23# C3//9>3# >.I913?# )1.# G91<.# 3:<.:<9# .:/FA# >[AG3=A:8.# 23# 9GC3<.1A# .29>AG/A:<3# A# 23# <19I.1A# 0:# .HJ3A:<A#C3b#.2.<<9#.>>A#G<AGGA#J.HJ3:A#2A>>.#/9>9:3.#/FA#G<.I.:9# 1.==30:=A:29#>[.29>AG/A:8.? 4M4
UA::A#.CA1<.#.>>91.#0:.#<2)(++2#';'2%(#h6L75i#CA1#>A#C3b#=1.:O 23#/FA#.IAI.:9#3:383.<9#.#B1A\0A:<.1A#0:#/91G9#<13A::.>A#G0CA1391A# .2#3:2313889#.=1.139?#*A=>3#.::3#<1A:<.#>[913A:<.HA:<9#A1.#\0A>>9# 23#G/91.==3.1A#>A#29::A#2.>#>.I919#3:#B.JJ13/.#A#3:/91.==3.1A#3:IAO /A#0:.#B91H.839:A#913A:<.<.#.>>9#GI3>0CC9#23#/.C./3<Z#CA1#/9:<13O J031A#.#C91<.1A#.I.:<3#3>#^C92A1A_#/FA#>.#C19C13.#B.H3=>3.#.IAI.#.# HA88.213.?#!.#E.21A#A#>.#/9HC.=:3.#/9>GA19#G0J3<9#\0AG<A#:09IA# AG3=A:8A# A# 3># =10CC9# 2A>>A# 1.=.88A# C3b# =1.:23V# /FA# I3IAI.:9# 3:# H929#.0<9:9H9#:A>>.#>919#/.GA<<.VIA::A#913A:<.<9#.2#0:.#B91O H.839:A#3:#/.HC9#.=1.139#23#.><9#>3IA>>9?#RA1#\0AG<.#1.=39:A#IA:O :A#.BB3<<.<9#0:#.CCA88.HA:<9#23#<A11A:9#231A<<.HA:<A#.#P#1.=.88A# /FA#>9#=AG<3I.:9#3:#H.:3A1.#.0<9:9H.VIA::A19#91=.:388.<3#/91G3# 23#A20/.839:A#29HAG<3/.#A#G3#2A<<A#I3<.#.2#0:.#G/09>.#23#.II3.O HA:<9#C19BAGG39:.>A#/9:#.::AGG.#G/09>.#<A/:3/.#23#<3C9#.=1.139# h6LlPi#C1AGG9#>.#\0.>A#B0#.CA1<9#G0//AGG3I.HA:<A#0:#CA:G39:.<9# CA1#G<02A:<3#B0913#GA2A?#k0AG<.#9CA1.#A1.#.GG9>0<.HA:<A#3::9I.O <3I.#CA1/Ff#:9:#AG3G<AI.:9#G/09>A#23#\0AG<9#<3C9#3:#(3A:.#A2#A1.# B1A\0A:<.<.#2.#H9><3#1.=.883#2A>>.#89:.g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oo -:[.><1.# 9CA1.# /FA# 3:/.1:.# 3:# H929# AGAHC>.1A# 3># /.13GH.# 2A>>[.C9G<9>.<9# GI9><9# 2.>>.# E.21A# K3.:/.# A# 2.>>.# ;9HC.=:3.# Y# 4M7
>[^&('2#,2+('*2#.(%%(#A-%+(?#%:B.<<3#>.#:.G/3<.#23#\0AG<.#9CA1.# 13GC9:2A#C13H.#23#<0<<9#.2#0:.#13/F3AG<.#/FA#0:#;9H3<.<9#23#G3O =:91A#23#,9H.#13I9>=A#.>>.#/9HC.=:3.#CA1/Ff#G3#.GG0HAGGA#>[3HO CA=:9#23#2313=A1A#0:.#;.G.#B.H3=>3.#CA1#H.213#:0J3>3#/9:#3#>919# J.HJ3:3?#'.#<AHC9#A1.#G<.<.#/9><.#2.>>.#E.21A#A#2.>>.#;9HC.O =:3.#>[AG3=A:8.#23#B.1#B19:<A#.#\0AG<9#C19J>AH.#AHA1=A:<A#/FA#>.# =0A11.#.IAI.#1AG9#C3b#AI32A:<A#A#21.HH.<3/9?#![32A.#A1.#\0A>>.#23# /1A.1A#0:#.HJ3A:<A#29IA#>A#H.213#:0J3>3#C9<AGGA19#I3IA1A#0:[AG3O G<A:8.#GA1A:.#3:G3AHA#.3#>919#J.HJ3:3VC9<AGGA19#.:2.1A#.#>.I91.1A# /9:#<1.:\03>>3<Z#G.CA:29#/FA#3#>919#B3=>3#A1.:9#GA=03<3#A2#A20/.<3# /9:#.BBA<<9#A#G9>>A/3<023:A?#%>#;9H3<.<9#19H.:9#.IAI.#C1AG9#3:# .BB3<<9#0:#.HJ3A:<A#.>>.#CA13BA13.#23#,9H.#A#:A>#=30=:9#2A>#6Ll7#>.# ;9HC.=:3.#:A#.GG0:GA#>.#231A839:A?#!.#23BB3/3>A#G3<0.839:A#JA>>3/.# 23#,9H.#G9<<9#3#J9HJ.12.HA:<3#A#>A#23G.=3.<A#/9:23839:3#2A>>[.HO J3A:<A#3HC9GA19#3>#<1.GBA13HA:<9#2A>>[9CA1.#.#(3A:.#/FA#IA::A#G3O G<AH.<.#.>>.#I3>>.#2A>>A#U9><A#@#.><1.#C19C13A<Z#R3//9>9H3:3?#![9O CA1.V# IA1.HA:<A# 3::9I.<3I.# CA1# >[AC9/.V# G3# .HC>3`# :A=>3# .::3# A# CA1H3GA#.#H9><A#H.213#:9:#G9>9#23#<19I.1A#>.I919#H.#.:/FA#23# GC9G.1G3?# RA1# 3# J.HJ3:3# C3//9>3# IA::A# 91=.:388.<9# 0:# .G3>9# :A3# >9/.>3#2A>>.#U3>>.#2A>>A#U9><A#HA:<1A#3#C3b#=1.:23#B1A\0A:<.I.:9# >A#G/09>A#C0JJ>3/FA?#*A>#6LlP#IA::A#.CA1<.#.>>A#U9><A#.:/FA#0:.# /.G.#B.H3=>3.#CA1#3#H.G/F3#C3b#=1.:23?# *A>#6Ll4#>[3:G3AHA#2A>>A#9CA1AV#1.==10CC.<A#:A>>[&("V#^&('2# F-6/2%(#Q7'/6-%2V#23IA::A#.:/FA#CA1#G9>>A/3<.839:A#2A>>.#E.21A# K3.:/.V#%G<3<0839:A#C0JJ>3/.#23#.GG3G<A:8.#A#JA:AB3/A:8.#/39Y#):<A# H91.>A#/9:#:.<01.#=301323/.#C0JJ>3/.V#0:#R1AG32A:<AV0:#;9:G3=>39# 23#.HH3:3G<1.839:A#hE3#C3./A#13/912.1A#/FA#3>#C13H9#C1AG32A:<A# Y#G<.<9#H39#C.21A#$391=39#'.>#R1.#/FA#F.#GI9><9#3>#G09#3:/.13/9# CA1#9><1A#6Q#.::3i?#k0AG<.#:09I.#IAG<A#=301323/.#2A>>[3:G3AHA#2A>>A# 9CA1A#1AGA#.:/91.#C3b#G<1A<<3#A#/9G<10<<3I3#3#1.CC91<3#/9:#=>3#):<3# C0JJ>3/3#.GG3G<A:83.>3#\0.>3#>[&CA1.#:.839:.>A#H.<A1:3<Z#A#3:B.:83.# h&*E%iV#>[):<A#/FA#.GG3G<AI.#=>3#91B.:3#2A3#>.I91.<913#h)*"&!%iV# 4Ml
3#;9H0:3V#>["HH3:3G<1.839:A#R19I3:/3.>A#/FA#.GG3G<AI.#=>3#3>>A=3<O <3H3?# %# /9G<10<<3I3# 1.CC91<3# /9:# =>3# A:<3# C0JJ>3/3# Y# GAHC1A# G<.<9# 0:9#2A=>3#9J3A<<3I3#2A>>.#E.21A#A#2A>>.#;9HC.=:3.V#CA1GA=03<9#.># B3:A#23#9<<A:A1A#CA1#3#>919#^.GG3G<3<3_#<0<<3#3#I.:<.==3#C1AI3G<3#2.>>A# >A==3? !A#I.13A#9CA1A#1A.>388.<A#F.::9#I3.#I3.#AG.013<9#3>#>919#/9HO C3<9#A#Gj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a#3HC91<.:<A#\03:23#13/912.1A# G9C1.<<0<<9#>9#GC313<9#AI.:=A>3/9#/FA#>A#F.#C19H9GGA#A#>[3HCA=:9# /FA# >.# E.21A# K3.:/.# A# >.# /9HC.=:3.# F.::9# 2A23/.<9# .>>.# >919# 1A.>388.839:A?
4MQ
%*'%;)
2'&,&"%(7$)"&#
Q
9"%')*.7$)"&#
L
5')")/)6$(#*&//(#+$%(#
67
;.C3<9>9#% $)&($/,.#'&".))!&-$,!& "?# U3IA1A#3>#H9HA:<9#C1AGA:<A# K?# ![.BB.::9#2A>#I3IA1A#
<= 6L 45
;.C3<9>9#%% ,!++.&".)&*!(($%'&-.#/'&)!&/!%,$,8&".))!&-$,!& "?# &//F3#:09I3# K?# ;9:BAGG39:A# ;?# !.#C1A=F3A1.# '?# E91<3B3/.839:A# )?# R.19>.# ]?# !.#HA<.D#C9GGA2A1A#$AGb# $?# !.#/1AG/3<.#0H.:.#C1AG0CC9G<9#2A>#/.HH3:9#GC313<0.>A# T?# !.#/9G/3A:8.# %?# U3<.#3:<A1391A#
>< l6 l7 lL P7 PQ PN M6 MQ NQ
;.C3<9>9#%%% )0!('#.&"$&!($*$5$!&*'%&"$'&.&*'%&$&1#!,.))$& "?# "H3/383.#/9:#$AGb# K?# "H91A#CA1#'39#A#CA1#3#B1.<A>>3#
<?@ 657 666
;.C3<9>9#%U %.*.//$,8&"$&*!(($%!#.&%.)).&-$#,7&
<9< 4MM
"?# ![0H3><Z# K?# !.#/.13<Z# ;?# !.#BA2A# '?# R.83A:8.# )?# R9IA1<Z# ]?# (AHC>3/3<Z# $?# (CA1.:8.# T?# &JJA23A:8.#
646 64Q 67Q 6P7 6P7 6PN 6Nl 6NL
;.C3<9>9#U /!%,!&(.//!&.&-$,!&.3*!#$/,$*!& "?# !.#(.:<.#EAGG.# K?# ![)0/.1AG<3.#:A>>.#I3<.#2A>#/1A2A:<A#
<=A 6LQ 46P
,A>.839:3#C1AGA:<.<A#.>#;9:IA=:9# ^!.#JA>>A88.#23#0:[.:3H.#>3JA1._ $%,.#-.%,'&".)&+'/,3)!,'#.&/3))!&/,'#$!&.&)0$,.#& ".))!&*!3/!&".))!&/.#-!&"$&"$'&;$!%*!&+$**')'($%$& *).(.%,$%$ 23#S)"#[$00('*)#2&%')"$& 99A $)&*)$(!&#.)$4$'/'&!&/$.%!&,#!&B$B&.&BB&/.*')' 23#;$)+(""$#;')%%("&//$#S&#<("%$&
9@<
;$!%*!&+$**')'($%$6&)0$%/.4%!(.%,'&"$&3%!&"'%%!& *'%C3$/,!,!&"!&*#$/,' 23#J*'$("(#[)3(/*)& 9>A (!"#.&;$!%*!&.&).&'+.#.&".))!&*'(+!4%$!& "$&/D&!%4.)!&(.#$*$ 23#K('$(#S(/#2'(#2)"%$0&//$&
4MN
9E=
)'%S%&*%#;"*+"$"!!% U3.#E.GGA<.:.#,9H.:.V#64 ;.GA>>.#R9G<.>A#6QQ Q7655#(3A:. +A>?#5QMM#l4654# ].w#5QMM#lQ7P7 {{{?A23839:3/.:<.=.>>3?/9H AOH.3>D#/.:<.=.>>3|A23839:3/.:<.=.>>3?/9H