Enviar búsqueda
Cargar
Consequences of pride in personal selling | Professional Capital
•
0 recomendaciones
•
968 vistas
Professional Capital
Seguir
Consequences of pride in personal selling.
Leer menos
Leer más
Entretenimiento y humor
Tecnología
Denunciar
Compartir
Denunciar
Compartir
1 de 49
Descargar ahora
Descargar para leer sin conexión
Recomendados
Integration of apache solr with crawlers
Integration of apache solr with crawlers
Lucidworks (Archived)
Ruhani khazain vo 22
Ruhani khazain vo 22
muzaffertahir9
Analyst whitepaper idc-best-practices_in_business_continuity___disaster_recovery
Analyst whitepaper idc-best-practices_in_business_continuity___disaster_recovery
Cristian A Latapiat Gonzalez
4 ircenter aula-nowe
4 ircenter aula-nowe
Marcin
Hands-On Leadership 2010
Hands-On Leadership 2010
esden, Escuela Superior de Negocios y Tecnologías
Os Sharp
Os Sharp
oscon2007
Clase 8 Electiva Profesional 3 AWS RDS Mysql
Clase 8 Electiva Profesional 3 AWS RDS Mysql
Richard Eliseo Mendoza Gafaro
Caso catenaria aprendiendo a innovar en la organizacion
Caso catenaria aprendiendo a innovar en la organizacion
InnovacionSistematica
Recomendados
Integration of apache solr with crawlers
Integration of apache solr with crawlers
Lucidworks (Archived)
Ruhani khazain vo 22
Ruhani khazain vo 22
muzaffertahir9
Analyst whitepaper idc-best-practices_in_business_continuity___disaster_recovery
Analyst whitepaper idc-best-practices_in_business_continuity___disaster_recovery
Cristian A Latapiat Gonzalez
4 ircenter aula-nowe
4 ircenter aula-nowe
Marcin
Hands-On Leadership 2010
Hands-On Leadership 2010
esden, Escuela Superior de Negocios y Tecnologías
Os Sharp
Os Sharp
oscon2007
Clase 8 Electiva Profesional 3 AWS RDS Mysql
Clase 8 Electiva Profesional 3 AWS RDS Mysql
Richard Eliseo Mendoza Gafaro
Caso catenaria aprendiendo a innovar en la organizacion
Caso catenaria aprendiendo a innovar en la organizacion
InnovacionSistematica
Circuit_Cellar_FHSS_Article
Circuit_Cellar_FHSS_Article
Yehonatan Kali
Metodologia desarrollo mod_ hidrogeologico
Metodologia desarrollo mod_ hidrogeologico
Efrain Laverde Mera
Build innovation into your strategy
Build innovation into your strategy
Dan Montgomery
How knowledge can make decision making more effective: practices fostering do...
How knowledge can make decision making more effective: practices fostering do...
Dario Pagnoni
Dodo Newman Magazine / Spring 2010
Dodo Newman Magazine / Spring 2010
Dodo Newman
Hx c26
Hx c26
Juan Jose Garcia Sanchez
Formato apa sexta edición
Formato apa sexta edición
rcarrerah
فتوی کفر - Full fatawa-kufr
فتوی کفر - Full fatawa-kufr
muzaffertahir9
Haxcra8.pdf
Haxcra8.pdf
ratm74
Compendium of European and Latin American case studies and interviews on open...
Compendium of European and Latin American case studies and interviews on open...
@cristobalcobo
Сім'я Шевченка - НУШ - 2018
Сім'я Шевченка - НУШ - 2018
Ковпитська ЗОШ
Manual de buenas prácticas al pintar
Manual de buenas prácticas al pintar
Saul Carreter Raso
pfeifer -
pfeifer -
Catherine Pfeifer
Mobile Communication Monitoring & Compliance
Mobile Communication Monitoring & Compliance
textguardd
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
Claudio Lima
Ph 39
Ph 39
denisparkhoc
How successful sales people read the minds of customers | Professional Capital
How successful sales people read the minds of customers | Professional Capital
Professional Capital
When intelligence is dysfunctional for achieving sales performance | Professi...
When intelligence is dysfunctional for achieving sales performance | Professi...
Professional Capital
How successful sales professionals make ethical decisions | Professional Capital
How successful sales professionals make ethical decisions | Professional Capital
Professional Capital
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Professional Capital
Why sales professionals love to help customers | Professional Capital
Why sales professionals love to help customers | Professional Capital
Professional Capital
Personality characteristics that predict effective performance of sales peopl...
Personality characteristics that predict effective performance of sales peopl...
Professional Capital
Más contenido relacionado
La actualidad más candente
Circuit_Cellar_FHSS_Article
Circuit_Cellar_FHSS_Article
Yehonatan Kali
Metodologia desarrollo mod_ hidrogeologico
Metodologia desarrollo mod_ hidrogeologico
Efrain Laverde Mera
Build innovation into your strategy
Build innovation into your strategy
Dan Montgomery
How knowledge can make decision making more effective: practices fostering do...
How knowledge can make decision making more effective: practices fostering do...
Dario Pagnoni
Dodo Newman Magazine / Spring 2010
Dodo Newman Magazine / Spring 2010
Dodo Newman
Hx c26
Hx c26
Juan Jose Garcia Sanchez
Formato apa sexta edición
Formato apa sexta edición
rcarrerah
فتوی کفر - Full fatawa-kufr
فتوی کفر - Full fatawa-kufr
muzaffertahir9
Haxcra8.pdf
Haxcra8.pdf
ratm74
Compendium of European and Latin American case studies and interviews on open...
Compendium of European and Latin American case studies and interviews on open...
@cristobalcobo
Сім'я Шевченка - НУШ - 2018
Сім'я Шевченка - НУШ - 2018
Ковпитська ЗОШ
Manual de buenas prácticas al pintar
Manual de buenas prácticas al pintar
Saul Carreter Raso
pfeifer -
pfeifer -
Catherine Pfeifer
Mobile Communication Monitoring & Compliance
Mobile Communication Monitoring & Compliance
textguardd
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
Claudio Lima
Ph 39
Ph 39
denisparkhoc
La actualidad más candente
(16)
Circuit_Cellar_FHSS_Article
Circuit_Cellar_FHSS_Article
Metodologia desarrollo mod_ hidrogeologico
Metodologia desarrollo mod_ hidrogeologico
Build innovation into your strategy
Build innovation into your strategy
How knowledge can make decision making more effective: practices fostering do...
How knowledge can make decision making more effective: practices fostering do...
Dodo Newman Magazine / Spring 2010
Dodo Newman Magazine / Spring 2010
Hx c26
Hx c26
Formato apa sexta edición
Formato apa sexta edición
فتوی کفر - Full fatawa-kufr
فتوی کفر - Full fatawa-kufr
Haxcra8.pdf
Haxcra8.pdf
Compendium of European and Latin American case studies and interviews on open...
Compendium of European and Latin American case studies and interviews on open...
Сім'я Шевченка - НУШ - 2018
Сім'я Шевченка - НУШ - 2018
Manual de buenas prácticas al pintar
Manual de buenas prácticas al pintar
pfeifer -
pfeifer -
Mobile Communication Monitoring & Compliance
Mobile Communication Monitoring & Compliance
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
A JORNADA DOS HÍBRIDOS: acompanhamento de atividades de aprendizagem em movim...
Ph 39
Ph 39
Destacado
How successful sales people read the minds of customers | Professional Capital
How successful sales people read the minds of customers | Professional Capital
Professional Capital
When intelligence is dysfunctional for achieving sales performance | Professi...
When intelligence is dysfunctional for achieving sales performance | Professi...
Professional Capital
How successful sales professionals make ethical decisions | Professional Capital
How successful sales professionals make ethical decisions | Professional Capital
Professional Capital
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Professional Capital
Why sales professionals love to help customers | Professional Capital
Why sales professionals love to help customers | Professional Capital
Professional Capital
Personality characteristics that predict effective performance of sales peopl...
Personality characteristics that predict effective performance of sales peopl...
Professional Capital
Key drivers of sales performance | Professional Capital
Key drivers of sales performance | Professional Capital
Professional Capital
How star performers manage the sales call anxiety | Professional Capital
How star performers manage the sales call anxiety | Professional Capital
Professional Capital
Why knowledge brokers are ready for shaping sales | Professional Capital
Why knowledge brokers are ready for shaping sales | Professional Capital
Professional Capital
The role of emotional wisdom in salespersons relationships with colleagues an...
The role of emotional wisdom in salespersons relationships with colleagues an...
Professional Capital
How successful sales professional manage their emotions | Professional Capital
How successful sales professional manage their emotions | Professional Capital
Professional Capital
Destacado
(11)
How successful sales people read the minds of customers | Professional Capital
How successful sales people read the minds of customers | Professional Capital
When intelligence is dysfunctional for achieving sales performance | Professi...
When intelligence is dysfunctional for achieving sales performance | Professi...
How successful sales professionals make ethical decisions | Professional Capital
How successful sales professionals make ethical decisions | Professional Capital
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Attachment Styles and Sales Persons Behavior by Prof Willem Verbeke
Why sales professionals love to help customers | Professional Capital
Why sales professionals love to help customers | Professional Capital
Personality characteristics that predict effective performance of sales peopl...
Personality characteristics that predict effective performance of sales peopl...
Key drivers of sales performance | Professional Capital
Key drivers of sales performance | Professional Capital
How star performers manage the sales call anxiety | Professional Capital
How star performers manage the sales call anxiety | Professional Capital
Why knowledge brokers are ready for shaping sales | Professional Capital
Why knowledge brokers are ready for shaping sales | Professional Capital
The role of emotional wisdom in salespersons relationships with colleagues an...
The role of emotional wisdom in salespersons relationships with colleagues an...
How successful sales professional manage their emotions | Professional Capital
How successful sales professional manage their emotions | Professional Capital
Consequences of pride in personal selling | Professional Capital
1.
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
2.
3.
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`5'&1')$!72#--6!-3!I'.'8$:$.)?!'.&!45-3$//-5!-3!4/L2#-6-8L?!K$('5):$.)!-3!4/L2#-6-8L?!C*2$! N.*+$5/*)L?!^-1/)-.?!"$P'/?!QQSSa?!N7%O!I7WaF>O!(#-.$U!Q>FWFXRWZFSQO!3'PU!!Q>FWFXRWaBa>O! $:'*6U!<'8-EE*[5*2$D$&1! ! !
4.
%</)5'2)! ! 7)1&L!>!*.+$/)*8')$/!)#$!<$.$3*2*'6!$33$2)/!-3!$P($5*$.2*.8!(5*&$D!45*&$!'/!3-1.&!)-!#'+$!)-!&*33$5$.)! $33$2)/D!@*5/)?!*)!*.25$'/$/!/'6$/($5/-./b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
5.
! c.!-5&$5!)-!3*5$!1(!35-.)!6*.$!($5/-..$6?!-58'.*E')*-./!'))$:()!)-!*./)*66!(5*&$!*.!)#$*5!$:(6-L$$/! Gd')E$.<'2#!'.&!7'.)':'5*'!>YYRH!<$2'1/$!(5*&$!31.2)*-./!'/!'!5$/-152$?!:-)*+')*.8!$:(6-L$$/!'.&! $.#'.2*.8!)#$*5!8-'6!'))'*.:$.)!G@5$&5*2=/-.!BSSBO!A5-.?!,5-.?!'.&!76-21:!>YYQHD!@$$6*.8/!-3! (5*&$!$:$58$!#$.!/'6$/($-(6$!$P($5*$.2$!($5/-.'6!-5)#!<$2'1/$!)#$L!:')2#!-5!$+$.!$P2$$&! $P($2)')*-./!*)#!5$/($2)!)-!($53-5:'.2$D!MP($2)')*-./!5$3$5!)-!/'6$/($-(6$b/!-.!*.)$5.'6*E$&! /)'.&'5&/!-3!'2#*$+$:$.)!'/!$66!'/!)#$!/)'.&'5&/!-3!-)#$5!($5/-./!)#')!'5$!/*8.*3*2'.)!)-!)#$:?!3-5! *./)'.2$!)#$*5!/'6$/!:'.'8$5/D!%/!'!2-./$01$.2$?!:'.'8$5/!2'.!*.)$.)*-.'66L!/)*:16')$!'.&!:'.'8$!)#$! (5*&$!*.!)#$*5!/'6$/($-(6$D! 712#!-58'.*E')*-./!'/!I'5L!d'L!1/$!$6'<-5')$!5*)1'6/!*.!#*2#!:'.'8$:$.)!+*/*<6L!$P(5$//$/! *)/!'((5-+'6!(1<6*26L!)-!*)/!$:(6-L$$/!#$.!)#$L!#'+$!$P2$$&$&!-5!:')2#$&!2-:('.L!8-'6/!Gd'L!%/#! >YYaHD!%/!)#$!$:$58*.8!6*)$5')15$!-.!(-/*)*+$!(/L2#-6-8L!/#-/?!3$$6*.8/!-3!(5*&$!/#-16&!:'=$!'! /'6$/($5/-.!:-5$!/$63W'//15$&!G(5-:-)*.8!'//$5)*+$.$//!*.!5$6')*-.!)-!&*33$5$.)!:$:<$5/!-3!)#$*5!5-6$! /$)H?!:-5$!25$')*+$!'.&!36$P*<6$?!'/!$66!'/!:-5$!'6)51*/)*2!G/$$!@5$&5*2=/-.!BSS>?!BSSBO!A'8-EE*?! `-(*.')#?!'.&!TL$5!>YYYHD!c.&$$&?!5$/$'52#$5/!/)5$//!)#')!(5*&$!#'/!'&'()*+$!/-2*'6!31.2)*-./!GA'55$)! >YYaHD! A1)!(5*&$!'6/-!#'/!'!&'5=!/*&$!G"'.8.$L!>YYYHD!%)!)*:$/!(5*&$!*.&12$/!-+$52-.3*&$.2$!'.&! 6$'&/!)-!&*/(6'L/!-3!2-.2$*)!'.&!$8-)*/)*2!<$#'+*-5/?!#*2#?!*.!)15.?!)#5$')$.!-.$b/!/-2*'6!2'(*)'6!'.&! -.$b/!/'6$/!($53-5:'.2$D!712#!$P2$//*+$!(5*&$!*/!2'66$&!#1<5*/!*.!)#$!6*)$5')15$!G_$*/!BSSSO!@*/2#$5! '.&!"'.8.$L!>YYaHD!7*:*6'56L?!#$.!$:(6-L$$/!*).$//!)#$!(5*&$!&*/(6'L$&!<L!-)#$5/?!#*2#!&5'/! '))$.)*-.!)-!)#$*5!-.!($53-5:'.2$!'.&!-.$b/!5$6')*+$!35'*6.$//?!3$$6*.8/!-3!$.+L!2'.!5$/16)D!!A$2'1/$! /'6$/($-(6$!'5$!$:<$&&$&!*.!.$)-5=/!*)#!-)#$5/!*.!'.&!-1)/*&$!)#$*5!-58'.*E')*-.!G$D8D!C*.&36$*/2#! '.&!I--5:'.!BSS>O!c<'55'!>YYBH?!*)!*/!*:(-5)'.)!)#')!)#$L!6$'5.!)-!:'.'8$!)#$!$P(5$//*-.!-3!)#$*5! (5*&$!*.!.-.&*/51()*+$!'L/!G7'6-+$L!$)!'6D!BSSSHD! "#$!8-'6!-3!)#*/!('($5!*/!)-!/)1&L!)#$!'L!/'6$/($-(6$!3$$6!'.&!$P($5*$.2$!(5*&$!'.&!)#$!$33$2)/! F! ! ! !
6.
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b/!<$#'+*-5!'.&!$.#'.2$/!)#$!'L! /e#$!/$$=/!)-!'2#*$+$!:16)*(6$!8-'6/!G*.W5-6$!'.&!$P)5'W5-6$!($53-5:'.2$H?!)#1/!*661/)5')*.8!'&'()*+$! 31.2)*-./!-3!)#*/!(-/*)*+$!$:-)*-.D!T$P)?!*.!7)1&L!B?!$!)'=$!'!(5-2$//!(-*.)!-3!+*$!'.&!/#-!#-! $P2$//*+$!(5*&$!G#1<5*/H?!'.&!(-/*)*+$!(5*&$!G<$)'!(5*&$H!1.3-6&!'.&!#-!/'6$/($-(6$!/$63W5$816')$!)#$/$! $:-)*-./D!A1*6&*.8!-.!@*/2#$5!'.&!"'.8.$Lb/!G>YYaH!-5=!-.!:$)'W$:-)*-./?!$!(5-(-/$!'!)#$-5L!-3! #-!/'6$/($-(6$!/$63W5$816')$!)#$*5!$:-)*-./!/-!'/!)-!2--5&*.')$!'.&!3*)!*.!*)#!&*33$5$.)!:$:<$5/!-3! )#$*5!5-6$!/$)D!@*.'66L?!$!&*/21//!*:(6*2')*-./!-3!-15!5$/$'52#!3-5!:'.'8$:$.)!'.&!/188$/)!31)15$! 5$/$'52#!)-(*2/D!! "#$%&!'(!'!(&)*+,-.(,$-/(!&0-1$-.! 7$63W2-./2*-1/!$:-)*-./?!6*=$!/#':$?!(5*&$?!-5!81*6)?!$:$58$!#$.!'!($5/-.b/!fcg!G-.$b/!/$63!'/! '.!'2)*+$!'8$.)H!5$36$2)/!-.!'.&!<$2-:$/!2-./2*-1/!-3!#*/e#$5!fI$g!G-.$b/!2')$8-5*2'6!-5!/-2*'6!/$63HD! N.&$5!)#*/!(5-2$//?!)#$!fcg!)'=$/!)#$!fI$g!'/!'.!-<h$2)!-3!/$63W5$36$2)*-.!'.&!/$63W$+'61')*-.!G^'5)$5! >YYYHD!45*&$!/($2*3*2'66L!$:$58$/!#$.!'!($5/-.!5$'2#$/!-5!$P2$$&/!/-2*'6!/)'.&'5&/!-5!$P($2)')*-./! G@*/2#$5!'.&!"'.8.$L!>YYaO!_$*/!BSSSHD!%!($5/-.!:'L!'&-()!/12#!/)'.&'5&/!35-:!/*8.*3*2'.)!-)#$5/! G$D8D!)#$*5!('5$.)/H!'.&!:'=$!)#$:!#*/e#$5!-.?!<1)!($-(6$!/*8.*3*2'.)!)-!)#$!($5/-.!G3-5!*./)'.2$?! -.$b/!/1($5+*/-5H!*66!'6/-!<$!'<6$!)-!*./)*66!(5*&$!<L!(5-+*&*.8!3$$&<'2=!#$)#$5!'!/($2*3*2!'2)*-.!#'/! :$)!!"#$%!/)'.&'5&/!-5!$P($2)')*-./D!"#$/$!/-2*'6!21$/!'5$!/$63W5$6$+'.)!)-!)#$!($5/-.?!)#')!*/?!)#$L! 2$.)$5!-.!($-(6$b/!5$(1)')*-.!2-.2$5.*.8!#-!$66!)#$L!'22-:(6*/#!)#$*5!8-'6/!*)#*.!)#$*5!/-2*'6! $.+*5-.:$.)!G4'5=*./-.!>YYaHD!c)!*/!)#$!$+'61')*-.!-3!)#$!fI$g!<L!)#$!fcg!)#')!25$')$/!'!.$!/$63W 2')$8-5*E')*-.!'.&!<5*.8/!(5*&$!*.)-!2-./*&$5')*-.D!712#!/$63W2')$8-5*E*.8!*/!'.!$+$5W2-.)*.1*.8! X! ! ! !
7.
&L.':*2!(5-2$//!)#')!6'/)/!'/!6-.8!'/!-.$!5$:'*./!*.!-.$b/!-58'.*E')*-.!G@$6&:'.!>YQZO!>YR>HD!45*&$! $:$58$/!'/!'!2-./$01$.2$!-3!$:-)*-.'6!'((5'*/'6!(5-2$//$/!GA'8-EE*?!`-(*.')#?!'.&!TL$5!>YYYH! #$5$!('5)*216'5!(-/*)*+$!$+'61')*-./!-3!/$63W(5-&12$&!($53-5:'.2$!L*$6&!)#$!)L(*2'6!'((5'*/'6!('))$5.! 3-5!(5*&$D!GC1)#?!A51.$6?!'.&!J).$/!BSSBHD!7($2*3*2'66L?!'!($5/-.b/!*.)$5.'6!'))5*<1)*-.!-3!'2#*$+$:$.)/! )-!-.$b/!/($2*3*2!/$63!'5*/$!#$.!-.$!*/!(1<6*26L!2-:(6*:$.)$&!<L!-)#$5/D!K$3*.$&!35-:!'! (#$.-:$.-6-8*2'6!($5/($2)*+$?!)#$!)L(*2'6!'((5'*/'6e'))5*<1)*-.!('))$5.!3-5!(5*&$!*/!$P($5*$.2$&!'/!'& '#()*+,!#-.%$/,!$.0!G3-5!$P':(6$?!fT-!c!=.-!01*)$!$66!#')!c!#'+$!)-!&-!)-!<$!'!8--&!/'6$/($5/-.gH! )#')!*/&'123#+!$4#(5C#%$#0+#8&'/!(-/*)*+$!3$$6*.8/U!$D8D?!fc!3$$6!(5-1&g!-5!fc!3$$6!$P#*6'5')$&g!G/$$! _$*/!BSSSHD! "#&+(1/%2! ! %!/)1&L!-.!(5*&$!*/!-.6L!-3!(5'2)*2'6!5$6$+'.2$!3-5!/'6$/!*3!)#')!$:-)*-.!*/!35$01$.)6L!'.&! *.)$./$6L!$P($5*$.2$&!*)#*.!)#$!/$66*.8!2-.)$P)D!"#$5$3-5$?!$!'/=$&!>X>!/'6$/($-(6$!)-!*.&*2')$!-.!QW (-*.)!/2'6$/!#-!35$01$.)6L!G>!i!.$+$5?!Q!i!'6'L/H!'.&!*.)$./$6L!G>!i!.-)!')!'66?!Q!i!+$5L!*.)$./$6LH! )#$L!$P($5*$.2$&!Z!&*33$5$.)!/$63W2-./2*-1/!$:-)*-./!G*D$D?!/#':$?!$:<'55'//:$.)?!81*6)?!(5*&$?!#1<5*/?! '.&!$.+LH!'.&!X!26'//*2!<'/*2!$:-)*-./!G*D$D?!h-L?!&*/'((-*.):$.)?!'.8$5?!'.&!3$'5H!*.!)#$*5!-5=! /*)1')*-./D!"#$!/'6$/($-(6$!-5=$&!*.!)#$!3*.'.2*'6!/$2)-5!'.&!/($.)!')!6$'/)!FS!($52$.)!-3!)#$*5!)*:$! *)#!21/)-:$5/D!"#$!/':(6$!2'.!<$!&$/25*<$&!'/!3-66-/U!'!:'h-5*)L!G'<-1)!RQjH!-3!)#$!/'6$/($-(6$! $5$!:$.?!'<-1)!>Sj!-3!)#$!/'6$/($-(6$!$5$!L-1.8$5!)#'.!FS!L$'5/!-6&?!XRj!$5$!<$)$$.!FS!'.&! XS?!FXj!<$)$$.!XS!'.&!aS?!'.&!Rj!'/!-6&$5!)#'.!aSD!9*)#!5$/($2)!)-!$P($5*$.2$?!'<-1)!Rj!-3!)#$! /':(6$!#'&!<$$.!*)#!)#$!-58'.*E')*-.!6$//!)#'.!B!L$'5/?!BRj!#'&!<$$.!*)#!)#$!3*5:!<$)$$.!B!'.&!Z! L$'5/?!'.&!ZXj!$5$!*)#!)#$!2-:('.L!35-:!Q!)-!BS!L$'5/D!@*.'66L?!>aj!85'&1')$&!*)#!<'/*2!-5! '&+'.2$&!+-2')*-.'6!)5'*.*.8?!#*6$!Raj!#'&!'!1.*+$5/*)L!-5!2-66$8$!&$85$$D! ! "'<6$!>!/1::'5*E$/!)#$!3*.&*.8/D!!%/!2'.!<$!/$$.!*.!)#$!)-(!('.$6?!(5*&$!'.&!h-L!'5$!)#$!:-/)! 35$01$.)6L!$P($5*$.2$&!$:-)*-./!')!-5=?!#*6$!'66!-)#$5!$:-)*-./!G#$)#$5!/$63W2-./2*-1/!-5!<'/*2H! '5$!$P($5*$.2$&!')!5$6')*+$6L!6-$5!35$01$.2*$/!'.&!'5$!:-5$!-5!6$//!$01'6!*.!)#*/!5$8'5&D!T-)$?! a! ! ! !
8.
#-$+$5?!)#')!)#$!3$6)!35$01$.2L!-3!-22155$.2$!-3!#1<5*/!/)*66!'((5-'2#$/!:-&$5')$!6$+$6/D!"#$!/$2-.&! ('.$6!*.!"'<6$!>!/#-/!)#')!(5*&$!G)-8$)#$5!*)#!h-LH!*/!'6/-!)#$!:-/)!*.)$./$6L!3$6)!$:-)*-.?!*)#! /-:$#')!6-$5!6$+$6/!-3!*.)$./*)L!3$6)!3-5!$'2#!-3!)#$!-)#$5!$:-)*-./D!c)!/#-16&!<$!.-)$&?!#-$+$5?! )#')!#1<5*/!*/!3$6)!')!:-&$5')$6L!*.)$./$!6$+$6/D!K$/(*)$!)#$!'(('5$.)!(5$+'6$.2$!'.&!/'6*$.2$!-3!(5*&$! 3-5!/'6$/($-(6$?!)#$!3-21/!-3!5$/$'52#!-.!$:-)*-./!*)#*.!($5/-.'6!#'/!<$$.!-.!.$8')*+$!5')#$5!)#'.! (-/*)*+$!$:-)*-./!G$D8D?!;$5<$=$!'.&!A'8-EE*!BSSS?!BSSB?!BSSFHD!9$!=.-!6*))6$!'<-1)!)#$!31.2)*-./! -3!(5*&$!*.!($5/-.'6!/$66*.8D! k"'<6$!>!'<-1)!#$5$l! (1/%2!34!5&.&*$,$')!&**&,1(!-*!"#$%&!-.!(')&("&-")&6(!0/)1$")&!7-')(! 9$!/$$=!)-!/)1&L!)#$!'&'()*+$!$33$2)/!-3!(5*&$!*.!7)1&L!>D!9$!2-.2$*+$!-3!/'6$/($-(6$!'/! :16)*(6$!8-'6!/)5*+$5/D!c.!('5)*216'5?!/'6$/($-(6$!(15/1$!)-!:'*.!8-'6/U!! · @*5/)?!/'6$/($-(6$!/$$=!)-!'22-:(6*/#!*.W5-6$!($53-5:'.2$!8-'6/D!c.W5-6$!($53-5:'.2$!*/!&$3*.$&! '/!)#-/$!-33*2*'66L!5$01*5$&!-1)2-:$/!'.&!<$#'+*-5/!)#')!&*5$2)6L!/$5+$!)#$!:*//*-.!-3!)#$! -58'.*E')*-.!GI-)-*&6-!'.&!;'.!72-))$5!>YYXHD!%:-.8!-)#$5!)#*.8/?!*.W5-6$!($53-5:'.2$! *.261&$/!:$$)*.8!/'6$/!-<h$2)*+$/!'.&!$P$21)*.8!$33$2)*+$!/'6$/!(5$/$.)')*-./!G$D8D?!A$#5:'.! '.&!4$55$'16)!>YRXHD!%/!:'.L!/)1&*$/!/#-?!/'6$/!($53-5:'.2$!*/!(-/*)*+$6L!5$6')$&!)-! :-)*+')*-.'6!+'5*'<6$/?!('5)*216'56L!/$63W$33*2'2L?!*66*.8.$//!)-!-5=!#'5&?!'.&!'&'()*+$! /$66*.8!/)5')$8*$/!G$D8D?!7(*5-!'.&!9$*)E!>YYSO!71h'.!>YRZO!7EL:'./=*!>YRRO!_':<$5)?! I'5:-5/)$*.?!'.&!7#'5:'!>YYSO!7EL:'./=*!'.&!,#152#*66!>YYSO!`--6/<L?!_'8'2$!'.&!A--5-:! >YYBO!71h'.?!$)!'6D!>YYXHD! · 7$2-.&?!/'6$/($-(6$!/)5*+$!')!)*:$/!)-!'2#*$+$!$P)5'W5-6$!($53-5:'.2$!8-'6/!GI-55*/-.!>YYXHD! MP)5'W5-6$!($53-5:'.2$/!'5$!&$3*.$&!'/!&*/25$)*-.'5L!<$#'+*-5/!-.!)#$!('5)!-3!/'6$/($-(6$!)#')! *.&*5$2)6L!*.361$.2$!)#$!$33$2)*+$!31.2)*-.*.8!-3!'.!-58'.*E')*-.?!*)#-1)!.$2$//'5*6L! *.361$.2*.8!'!/'6$/($5/-.b/!-.!*.W5-6$!($53-5:'.2$!G$D8D?!I'2d$.E*$?!4-&/'=-33?!'.&!@$))$5! >YY>HD!MP':(6$/!'5$!*66*.8.$//!)-!#$6(!2-66$'81$/!#-!#'+$!#$'+L!-5=6-'&/!G#$.2$3-5)#! )$5:$&?!f#$6(*.8gH?!:'=*.8!'!(-*.)!)-!<$!2-15)$-1/!)-!-)#$5/!Gf2-15)$/LgH?!'+-*&*.8!25$')*.8! Z! ! ! !
9.
(5-<6$:/!*)#!2-66$'81$/!Gf/(-5)/:'./#*(gH?!'.&!/188$/)*.8!*:(5-+$:$.)/!3-5!(5'2)*2$/!*.!)#$! -58'.*E')*-.!Gf2*+*2!+*5)1$gHD!MP)5'W5-6$!($53-5:'.2$!*/!'6/-!=.-.!'/!f-58'.*E')*-.'6! 2*)*E$./#*(!<$#'+*-5/g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h&'!>YRZH?!)#1/!6$'+*.8!-1)!-)#$5!=$L!(5-2$//$/!)#')!'5$!.-5:'66L! '2)*+')$&!<L!(-/*)*+$!$:-)*-./D!45*&$?!3-5!$P':(6$?!:*8#)!<$!:-&$6$&!'22-5&*.8!)-!'!/-W2'66$&! <5-'&$.*.8!(-*.)!-3!+*$!-.!$:-)*-./!G@5$&5*2=/-.?!BSSS?!BSS>?!BSSBHD!"#')!*/?!(-/*)*+$!3$$6*.8/! <5-'&$.!'!($5/-.b/!:-:$.)'5L!)#-18#)W'2)*-.!5$($5)-*5$/!<L!*&$.*.8!)#$!'55'L!-3!)#-18#)/!'.&! '2)*-./!)#')!2-:$!)-!:*.&!*.!'.L!/*)1')*-.D!"#*/!(5-:-)$/!2-8.*)*+$!36$P*<*6*)L!'.&!#$6(/!)#$!fcg!)-! -+$5/)$(!/-2*'6!*.#*<*)*-./!-5!#'<*)1'6!:-&$/!-3!)#*.=*.8!'.&!'2)*.8D!I-5$!/($2*3*2'66L?!<5-'&$.*.8! $33$2)/!-3!(-/*)*+$!$:-)*-./!'5$!:-)*+')*-.'6!2-./$01$.2$/!-.!($-(6$b/!&-:'*.!/($2*3*2!)#-18#)/!'.&! <$#'+*-5/!G7=*..$5!>YYYHD!c.!7)1&L!>?!$!3-21/!-.!)#$!<5-'&$.*.8!$33$2)/!-3!(5*&$!-.!<-)#!*.W!'.&! $P)5'W5-6$!($53-5:'.2$!-3!/'6$/($-(6$U! AB! @*5/)?!(5*&$!/)*:16')$/!'!($5/-.!)-!$P('.&!#*/e#$5!2-8.*)*+$!5$($5)-*5$D!"#$!<5-'&$.*.8!$33$2)/!)#')! '5$!)5*88$5$&!<L!(-/*)*+$!$:-)*-./!#'+$!<$$.!&$:-./)5')$&!)-!/)*:16')$!36$P*<*6*)L?!5$2$()*+*)L?!'.&! 25$')*+*)L!*.!)#*.=*.8!G$D8D?!c/$.?!K'1<:'.?!'.&!T-*2=*!>YRQO!d'#.!'.&!c/$.!>YYFO!M/)5'&'?!c/$.?! '.&!m-1.8!>YYQH!'/!$66!'/!3'2*6*)')$!-.W8-*.8!'2)*-.!G,'5+$5!'.&!72#$*$5!>YYSO!,6-5$!>YYXHD!c.! '&&*)*-.?!@5$&5*2=/-.!'581$/!)#')!(-/*)*+$!3$$6*.8/!*.25$'/$!-()*:*/:!G@5$&5*2=/-.!'.&!A5'.*8'.! BSS>HD!@-5!)#$!/'6$/!&-:'*.?!/12#!:-)*+')*-.'6!2-./)512)/!'5$!:'.*3$/)!'/!/'6$/W/($2*3*2!/$63W $33*2'2L?!'<*6*)L!)-!-5=!#'5&!'.&!/1/)'*.!$33-5)?!'.&!'<*6*)L!)-!$.8'8$!*.!'&'()*+$!/$66*.8?!#*2#! Q! ! ! !
10.
5$36$2)/!5$2$()*+*)L!'.&!36$P*<*6*)L!*.!/'6$/($5/-.W21/)-:$5!*.)$5'2)*-./!G$D8D?!7(*5-!'.&!9$*)E!>YYSO! 71h'.?!9$*)E?!'.&!d1:'5!>YYXHD! CB! "#$!<5-'&$.*.8!)$.&$.2L!)5*88$5$&!<L!(5*&$!'6/-!/)*:16')$/!(5-/-2*'6!<$#'+*-5D!C$/$'52#!/#-/!)#')! *.&*+*&1'6/!*)#!(-/*)*+$!+$5/1/!.$8')*+$?!'.&!-.!-22'/*-.!$+$.!.$1)5'6?!3$$6*.8/!$.8'8$!*.!'6)51*/)*2! '.&!-)#$5!#$6(*.8!<$#'+*-5/!G,6'5=!'.&!c/$.!>YRBO!c/$.!'.&!7*::-.&/!>YQRO!72#'66$5!'.&!,*'6&*.*! >YYSHD!9*)#*.!-5=!/$))*.8/?!'6)51*/)*2!<$#'+*-5/!'5$!$:<-&*$&!*.!-58'.*E')*-.'6!2*)*E$./#*(! <$#'+*-5/!GJ58'.!'.&!4'L.$!>YYYO!I'2d$.E*$?!4-&/'=-33?!'.&!@$))$5!>YY>O!4-&/'=-33!'.&! I'2d$.E*$!>YYXHD!! 9$!)#1/!(5-(-/$!)#$!3-66-*.8!#L(-)#$/$/!-.!)#$!$33$2)/!-3!(5*&$U! ^L(-)#$/*/!>U!45*&$!*.25$'/$/!'&'()*+$!/$66*.8?!-5=*.8!#'5&?!'.&!/$63W$33*2'2LD! ^L(-)#$/*/!BU!45*&$!*.25$'/$/!-58'.*E')*-.'6!2*)*E$./#*(!<$#'+*-5/D! (89:;!3!D?8<>:! 9$!&*/)5*<1)$&!01$/)*-..'*5$/!)-!YF!/'6$/!:'.'8$5/!'))$.&*.8!'!/$:*.'5!-.!/$66*.8! )$2#.-6-8*$/D!"#$!/'6$/($5/-./!/-6&!3*.'.2*'6!(5-&12)/!)-!/:'66!<1/*.$//D!%66!($5/-./!*.!)#$!/$:*.'5! 5$/(-.&$&?!'.&!'66!*)$:/!$5$!2-:(6$)$&D!"#$!/':(6$!2-./*/)$&!-3!QFj!:'6$!'.&!BQj!3$:'6$! /'6$/($5/-./D!%!)-)'6!-3!>Yj!-3!)#$!('5)*2*('.)/!$5$!L-1.8$5!)#'.!FS!L$'5/!-6&?!aFj!$5$!'8$&! <$)$$.!FS!'.&!XS!L$'5/?!>Zj!<$)$$.!X>!'.&!aS?!'.&!>Bj!$5$!-6&$5!)#'.!aS!L$'5/D!J.6L!>aj! -5=$&!6$//!)#'.!B!L$'5/!*)#!)#$*5!2-:('.L?!)#$!:'h-5*)L!G'<-1)!aSjH!#'&!<$$.!<$)$$.!B!'.&!Z! L$'5/!*.!)#$*5!3*5:?!'.&!'.-)#$5!Faj!$5$!:-5$!)#'.!Z!L$'5/!*)#!)#$*5!2-:('.LD!c.!)$5:/!-3! $&12')*-.?!QZj!#'&!'!1.*+$5/*)L!&$85$$?!)#$!5$/)!)#$!$01*+'6$.)!-3!'!#*8#!/2#--6!-5!+-2')*-.'6! $&12')*-.D! 72$.'5*-/!$5$!1/$&!)-!/)1&L!)#$!$33$2)/!-3!(5*&$?!<$2'1/$!$!*/#$&!)-!6$'5.!#-!/'6$/($-(6$! 5$/(-.&!)-!$:-)*-.W*.&12*.8!$.2-1.)$5/?!<1)!*)!*/!1.$)#*2'6!)-!&*5$2)6L!:'.*(16')$!)#$!$:-)*-./!-3! ('5)*2*('.)/D!J15!'((5-'2#!3-66-$&!2-.)$:(-5'5L!(5'2)*2$!*.!(/L2#-6-8L?!#$5$<L!$:-)*-./!'5$! R! ! ! !
11.
*.&*5$2)6L!*.&12$&!<L!'/=*.8!5$/(-.&$.)/!)-!(1)!)#$:/$6+$/!*.!)#$!(6'2$!-3!'!(5-)'8-.*/)!*.!'!+*8.$))$?! #$5$*.!(5*&$!'.&!#1<5*/!'5$!:'.*(16')$&!G$D8D?!C-/$:'.!>YY>O!7:*)#!'.&!_'E'51/!>YYFHD!7-:$! 5$/$'52#$5/!#'+$!25*)*2*E$&!)#$!1/$!-3!+*8.$))$!:$)#-&-6-8*$/?!/188$/)*.8!)#')!'!5$/(-.&$.)b/!*:(6*2*)! <$6*$3/!'<-1)!$:-)*-./!<*'/!)#$*5!5$(-5)*.8!-3!)#$*5!-.!$:-)*-./!G$D8D?!4'5=*./-.!'.&!I'./)$'&!>YYBO! >YYFHD!^-$+$5?!5$2$.)!5$/$'52#!/#-/!)#')!&*5$2)!:'.*(16')*-.!'.&!/2$.'5*-!:$)#-&/!'2)1'66L! (5-&12$!2-.+$58*.8!5$/16)/!3-5!)#$!:$'/15$:$.)!-3!$:-)*-./!G$D8D?!C-<*./-.!'.&!,6-5$!BSS>HD!c.!)#$! (5*&$W*.&12*.8!+*8.$))$?!$!'/=$&!/'6$/($-(6$!)-!*:'8*.$!)#')!)#$L!#'&!($53-5:$&!+$5L!$66D!"#$L! $5$!(5'*/$&!<L!)#$*5!:'.'8$5?!)#$*5!2-66$'81$/!'((6'1&$&!)#$:?!'.&!)#$*5!$P2$66$.)!($53-5:'.2$!'/! (5*.)$&!*.!)#$!-58'.*E')*-.b/!.$/6$))$5!)#')!*/!'6/-!/$.)!)-!'66!21/)-:$5/D!!c.!/-!&-*.8?!$!3-66-$&!)#$! /188$/)*-./!-3!5$/$'52#$5/!#-!#'+$!3-1.&!)#')!3$6)!(5*&$!*/!$/($2*'66L!/)5-.8!#$.!-)#$5/!'5$!2-W (5$/$.)!-5!''5$!-3!-.$b/!'22-:(6*/#:$.)/!GI$*.&6?!M#56*2#?!'.&!K1=$5*2#!>YRaO!d5-66?!"--:</?!'.&! 95*8#)!BSSSHD!71::'5*$/!-3!)#$!+*8.$))$!'.&!01$/)*-./!'5$!(5$/$.)$&!*.!%(($.&*P!>D!"'<6$!B!/#-/! )#')!'66!:$'/15$/!'2#*$+$&!/')*/3'2)-5L!5$6*'<*6*)*$/D!! "-!&$+$6-(!:$'/15$/!-3!(5*&$?!$!<$8'.!<L!*./($2)*.8!&$3*.*)*-./!'.&!5$/$'52#!*.!)#$!$P*/)*.8! (/L2#-6-8L!6*)$5')15$!G_$*/!BSSSO!"'.8.$L!>YYSO!>YYYO!C1)#?!A51.$6?!'.&!J).$/!BSSBHD!I-/)! '1)#-5/!2'()15$!$:-)*-./!<L!:$'/15*.8!)#$!2-8.*)*+$!'2)*+*)*$/!2-:(5*/*.8!)#$!$:-)*-.'6!2-.)$.)!-3! )#$/$!/)')$/!'.&!-.$b/!/1<h$2)*+$!$P($5*$.2$!G/$$!A'8-EE*?!`-(*.')#?!'.&!TL$5!>YYYHD!9$!)#$5$3-5$! 2-.2$*+$&!-3!(5*&$!'/!'!/L.&5-:$!2-./*/)*.8!-3!G>H!2-8.*)*-./!'//-2*')$&!*)#!(5*&$?!*D$D?!(5*&$!25$')$/! (-/*)*+$!$P($2)')*-./!3-5!)#$!($5/-.!$P($5*$.2*.8!*)?!:$'/15$&!<L!F!*)$:/!G$D8D?!fT-!c!=.-!01*)$! $66!#')!c!#'+$!)-!&-!)-!<$!'!8--&!/'6$/($5/-.gH?!'.&!GBH!5$6')$&!/1<h$2)*+$!$P($5*$.2$/?!:$'/15$&! *)#!F!*)$:/!G$D8D?!fc!3$$6!$P1<$5'.)!'.&!$P#*6'5')$&gHD!! c.W5-6$!($53-5:'.2$!*/!26-/$6L!6*.=$&!)-!:-)*+')*-.D!@-5!)#$!2'/$!-3!/'6$/!($53-5:'.2$?!(5*-5! 5$/$'52#!*.!:'5=$)*.8!#'/!&$:-./)5')$&!)#$!(-/*)*+$!*:('2)!-.!/'6$/!-3!'&'()*+$!/$66*.8?!-5=*.8!#'5&?! '.&!/$63W$33*2'2L!'/!:-)*+')*-.'6!+'5*'<6$/!G$D8D?!`--6/<L!$)!'6D!>YYBO!_':<$5)?!I'5:-5/)$*.?!'.&! 7#'5:'!>YYSO!7(*5-!'.&!9$*)E!>YYSO!71h'.!>YRZO!71h'.!$)!'6D!>YYXO!7EL:'./=*!>YRRO!7EL:'./=*!'.&! Y! ! ! !
12.
,#152#*66!>YYSHD!72'6$/!3-5!:$'/15*.8!)#$!)#5$$!:-)*+')*-.'6!+'5*'<6$/!$5$!'&'()$&!35-:!7(*5-!'.&! 9$*)E!G>YYSH!'.&!71h'.!$)!'6D!G>YYXHD!%&'()*+$!/$66*.8!2'()15$/!)#$!'<*6*)L!-3!/'6$/($5/-./!)-!'&'()! )#$*5!/'6$/!)$2#.*01$/!)-!)#$!('5)*216'5!21/)-:$5!')!#'.&!'.&!*/!:$'/15$&!<L!R!*)$:/!G$D8D?!fc!2'.!$'/*6L! 1/$!'!*&$!+'5*$)L!-3!/$66*.8!'((5-'2#$/gHD!9-5=*.8!#'5&!5$3$5/!)-!)#$!($5/*/)$.2$!'.&!':-1.)!-3!-5=! *.+$/)$&!<L!/'6$/($-(6$!'.&!2-./*/)/!-3!F!*)$:/!G$D8D?!fc!-5=!1.)*5*.86L!')!/$66*.8!)-!'!21/)-:$5!1.)*6!c! 8$)!'.!-5&$5gHD!@*.'66L?!/$63W$33*2'2L!*/!'!/'6$/!&-:'*.W/($2*3*2!3-5:!-3!/$63W2-.3*&$.2$!'.&!Q!*)$:/!'5$! 1/$&!)-!:$'/15$!*)!G$D8D?!fc)!*/!&*33*216)!3-5!:$!)-!(1)!(5$//15$!-.!!'!21/)-:$5gHD!! @*.'66L?!:$'/15$/!-3!$P)5'W5-6$!($53-5:'.2$!$5$!'&'()$&!35-:!I'2d$.E*$!$)!'6D!G>YY>H!'.&! *.261&$U!G>H!#$6(*.8?!:$'/15$&!<L!F!*)$:/!G$D8D?!fc!#$6(!2-66$'81$/!#-!#'+$!#$'+L!-5=!6-'&/gH?!GBH! /(-5)/:'./#*(?!:$'/15$&!*)#!X!*)$:/!G$D8D?!fc!'6'L/!6--=!-.!)#$!<5*8#)!/*&$!-3!)#$!:'))$5gH?!GFH!2*+*2! +*5)1$?!:$'/15$&!*)#!F!*)$:/!G$D8D?!fc!/188$/)!*:(5-+$:$.)/!3-5!(5-2$&15$/!'.&!(5'2)*2$/!-3!)#$! 2-:('.LgH?!'.&!GXH!2-15)$/L?!:$'/15$&!<L!X!*)$:/!G$D8D?!fc!2-./*&$5!)#$!*:('2)!-3!:L!'2)*-./!-.! -)#$5/gHD!! k46'2$!"'<6$!B!'<-1)!#$5$l! "-!'//$//!2-.+$58$.)!'.&!&*/25*:*.'.)!+'6*&*)*$/!-3!)#$!/2'6$/!1/$&!*.!7)1&L!>?!$!1/$&! 2-.3*5:')-5L!3'2)-5!'.'6L/$/!G,@%HD!7')*/3'2)-5L!:-&$6!3*)/!'5$!*.&*2')$&!<L!.-.W/*8.*3*2'.)!2#*W /01'5$!)$/)/?!CI7M%!+'61$/!6$//!)#'.!DSR!'.&!,@c!+'61$/!85$')$5!)#'.!-5!$01'6!)-!DYSD!K*/21//*-./!-3! *.&*2$/!2'.!<$!3-1.&!*.!A$.)6$5!G>YYSH?!A5-.$!'.&!,1&$2=!G>YYFH?!'.&!I'5/#?!A'66'?!'.&!^'1! G>YYZHD!A$2'1/$!$!1/$&!FR!*)$:/!'/!:$'/15$/?!$!2-:<*.$&!)#$/$!*.)-!('52$6/!-3!B!*)$:/!$'2#!/-!'/! )-!L*$6&!)-!)-!3-15!*.&*2')-5/!3-5!$'2#!6')$.)!+'5*'<6$D!"#*/!:$'.)!)#')!$!1/$&!'!)L($!-3!f('5)*'6! &*/'885$8')*-.g!:-&$6!3-5!-15!)$/)!-3!)#$!,@%?!'/!5$2-::$.&$&!<L!A'8-EE*!'.&!M&'5&/!G>YYRH?!)-! L*$6&!'!/')*/3'2)-5L!5')*-!-3!/':(6$!/*E$!)-!('5':$)$5/!)-!<$!$/)*:')$&D!! (89:;!3!E?@9F8@! 9.0)$%:,!.%5&),+!.%&,0,(5'$'D!"#$!5$/16)/!-3!)#$!,@%!2-.3*5:!)#$!/)'<*6*)L!'.&!+'6*&*)L!-3!)#$! /2'6$/!1/$&!*.!7)1&L!>D!"#$!-+$5'66!3*)!*/! B!G>BXH!i!>XBDBF!G(iD>FH?!,@ciDYQ?!'.&!CI7M%iDSXD!"#$! >S! ! ! !
13.
3'2)-5!6-'&*.8/!$5$!2-./*/)$.)6L!#*8#!3-5!(5*&$!GDZR!)-!DQZH?!'&'()*+$!/$66*.8!GDQX!)-DRRH?!-5=*.8!#'5&! GDQB!'.&!DYa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c.!)#$!3*5/)!/)$(?!$!*.261&$&!-.6L!/'6$/($-(6$b/!(5*&$!'/!'.!*.&$($.&$.)!+'5*'<6$D! c.!)#$!/$2-.&!/)$(?!$!'&&$&!-5=!$P($5*$.2$?!'8$?!'.&!$&12')*-.!'/!'&&*)*-.'6!+'5*'<6$/!)-!)'=$!*.)-! 2-./*&$5')*-.!'.&!2-.)5-6!3-5!/'6$/($-(6$b/!($5/-.'6!<'2=85-1.&/D!7*.2$!$&12')*-.!'/!-.6L!:$'/15$&! -.!'.!-5&*.'6!6$+$6?!$!/(6*)!)#$!/':(6$!*.!)-!85-1(/?!.':$6L!#*8#!$&12')*-.!G2-66$8$!-5!1.*+$5/*)L! &$85$$H!+$5/1/!6-!$&12')*-.!G6-$5!)#'.!2-66$8$!&$85$$H?!)#1/!25$')*.8!'!&*2#-)-:-1/!+'5*'<6$!)-!<$! *.261&$&!*.!)#$!5$85$//*-./D!"#$!3*.&*.8/!-3!)#$!5$85$//*-.!'.'6L/$/!'5$!(5$/$.)$&!*.!"'<6$!FD!! k46'2$!"'<6$!F!'<-1)!#$5$l! %/!2'.!<$!/$$.!*.!)#$!)-(!('.$6!-3!"'<6$!F?!(5*&$!#'/!'!/*8.*3*2'.)!(-/*)*+$!$33$2)!-.!*.W5-6$! ($53-5:'.2$?!'/!#L(-)#$/*E$&D!"#$!/*E$!-3!)#$!$33$2)!5'.8$/!35-:!#*8#!G'&'()*+$!/$66*.8!'.&!/$63W $33*2'2LH!)-!:$&*1:!G-5=*.8!#'5&H?!5$/16)*.8!*.!$P(6'*.$&!+'5*'.2$/!<$)$$.!Q!'.&!F>!($52$.)D! 7'6$/($-(6$!$P($5*$.2*.8!(5*&$!)#1/!/#-!:-5$!'&'()*+$!/'6$/!<$#'+*-5/?!-5=!#'5&$5?!'.&!&$+$6-(! #*8#$5!3$$6*.8/!-3!/$63W$33*2'2LD!c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e#$!/#-/!2*+*2! >>! ! ! !
14.
+*5)1$?!2-15)$/L?!'.&!#$6(*.8D!c.!'&&*)*-.?!$!3-1.&!)#')!'8$!#'/!'!/*8.*3*2'.)!$33$2)!-.!2*+*2!+*5)1$! <$#'+*-5/?!#$5$'/!'!#*8#!$&12')*-.!6$+$6!/*8.*3*2'.)6L!*.25$'/$&!#$6(*.8!'.&!2-15)$/LD!^-$+$5?! 2-.)5'5L!)-!#L(-)#$/*/?!(5*&$!3'*6/!)-!*.361$.2$!/(-5)/:'./#*(?!*D$D!/'6$/($-(6$b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iDBS!)-!5iDFBHD!c.261&*.8!/-2*'6!&$/*5'<*6*)L! *.!)#$!5$85$//*-./?!#-$+$5?!&*&!.-)!2#'.8$!)#$!/*E$!-5!/*8.*3*2'.2$!6$+$6!-3!)#$!$33$2)/!-3!(5*&$!-.!)#$! &$($.&$.)!+'5*'<6$/?!.-5!&*&!*)!2#'.8$!)#$!/*8.*3*2'.2$!-3!'.L!-3!)#$!-)#$5!*.&$($.&$.)!+'5*'<6$/D! (89:;!3!:G@H9@@G>I!!! J.$!-<h$2)*+$!-3!)#*/!('($5!'/!)-!/)1&L!#-!/'6$/($-(6$!$P($5*$.2$!'.&!(5-3*)!35-:!(5*&$!G'! (-/*)*+$!/$63W2-./2*-1/!$:-)*-.HD!@5$&5*2=/-.!G$D8D?!BSS>?!BSSBH!2-.h$2)15$&!*.!#$5!<5-'&$.*.8!:-&$6! )#')!/12#!$33$2)/!/#-16&!-2215!3-5!(-/*)*+$!$:-)*-./?!<1)!/#$!&*&!.-)!)$/)!(5*&$?!'.&!)#$!$:-)*-./!/#$! &*&!*.+$/)*8')$!$5$!)$/)$&!$P($5*:$.)'66L!*)#!/)1&$.)/D!7$6*8:'.!GBSSBH!'6/-!2'66/!3-5!:-5$!5$/$'52#! -.!)#$!$33$2)/!-3!(-/*)*+$!$:-)*-./D!"'.8.$L!G>YYY?!(D!aZSH!.-)$/!315)#$5!)#')!f(5*&$!5$:'*./!'.!'5$'! *&$!-($.!3-5!$:(*5*2'6!5$/$'52#gD!J15!/)1&L!/#-/!)#')!(5*&$!#'/!($5+'/*+$!$33$2)/!'25-//!'!5'.8$!-3! ($53-5:'.2$!-1)2-:$/D!@*5/)?!(5*&$!/)*:16')$/!*.W5-6$!($53-5:'.2$W5$6')$&!:-)*+')*-./?!/($2*3*2'66L!'! /'6$/($5/-.b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
15.
6$'&!'!/'6$/($5/-.!)-!2-./*&$5!)#$!2-/)/!)#')!)#$!(1<6*2!$P(5$//*-.!-3!(5*&$!:*8#)!<5*.8D!^$5$!'! /'6$/($5/-.!)'=$/!*.)-!'22-1.)!)#$!$33$2)/!-3!3$6)!(5*&$!/)$::*.8!35-:!)#$!5$6')*-./#*(/!*)#!21/)-:$5/! -.!)#$!5$6')*-./#*(/!*)#!2-66$'81$/D!d')E!G>YYYH!)$5:/!/12#!/(*66W-+$5!$33$2)/?!)5'./W/*)1')*-.'6! 2-.2$5./D!"#1/?!#$.!/'6$/($-(6$!$P($5*$.2$!(5*&$!*.!)#$!3*$6&?!)#$L!3$$6!$6')$&!'.&!/1($5*-5?!L$)!')!)#$! /':$!)*:$?!)#$L!:*8#)!2-:$!)-!3$$6!)#')!)#$L!/#-16&!/)5$.8)#$.!5$6')*-./#*(/!*)#!2-66$'81$/!/-!'/!.-)! )-!/)'.&!-1)!)--!:12#!'.&!:'=$!2-W-5=$5/!3$$6!1.2-:3-5)'<6$D!4$53-5:*.8!$P)5'W5-6$!<$#'+*-5/!'5$!'! 3-5:!-3!/12#!2-:($./')-5L!(5-2$//$/D!c.!)#*/!5$8'5&?!K*$.$5?!_12'/?!'.&!J*/#*!GBSSBH!/($'=!'<-1)!'! &*'6$2)*2!31.2)*-.!3-5!$:-)*-./D!! %6)#-18#!-15!3*.&*.8/!/1((-5)!)#*/!*&$'?!)#$!#L(-)#$/*/!'/!.-)!2-.3*5:$&!3-5!/(-5)/:'./#*(D!%! (-//*<6$!$P(6'.')*-.!#$5$!:*8#)!<$!)#')!/(-5)/:'./#*(!G*D$D!)#$!$.&15'.2$!-3!*.2-.+$.*$.2$/!*)#-1)! 2-:(6'*.*.8?!J58'.!>YRRH!*/!.-)!&*5$2)6L!5$6')$&!)-!-)#$5!($-(6$b/!8--&*66D!%)!6$'/)!)-!/-:$!&$85$$?! 2-:(6'*.*.8!*/!)-6$5')$&!'/!('5)!-3!:'.L!-58'.*E')*-.'6!216)15$/!<$2'1/$!*)!6*.=/!($-(6$!*)#!$'2#! -)#$5!'.&!8*+$/!)#$:!)#$!-((-5)1.*)L!)-!3*.&!2-::-.!)-(*2/!3-5!2-.+$5/')*-.!'.&!/#'5*.8?!)#1/! 3'2*6*)')*.8!*.)$5'2)*-./!'.&!)#$!&$+$6-(:$.)!-3!'33$2)W<'/$&!)51/)!G$D8D?!,-6$:'.!>YaQO!`5'.-+$))$5! >YQFO!I2%66*/)$5!>YYaH!'.&!5$6')*-.'6!/-2*'6!2'(*)'6!GT'#'(*$)!'.&!`#-/#'6!>YYRHD! c.!/1:?!7)1&L!>!/#-/!)#')!(5*&$!3'2*6*)')$/!8-'6!/)5*+*.8!'.&!#'/!'&'()*+$!2-./$01$.2$/!3-5! /'6$/($-(6$D!T$P)?!$!2-./*&$5!)#$!/$63W5$816')-5L!(5-2$//$/!)#')!-2215!<$)$$.!)#$!$P($5*$.2$!-3! (5*&$!'.&!($53-5:'.2$!-1)2-:$/D! (1/%2!J4!1K&!'5$)$12!-*!(')&("&-")&!1-!(&)*+,-.1#-)!"#$%&! c.!7)1&L!B!$!)'=$!'!26-/$5!6--=!')!)#$!&L.':*2/!-3!3$6)!(5*&$D!7($2*3*2'66L?!$!$P(6-5$!#-! /'6$/($-(6$!/$63W:'.'8$!)#$*5!$P(5$//*-./!-3!(5*&$!)-!'&+'.)'8$D!! 45*&$!*.!$+$5L&'L!6*3$!#'/!<$$.!/)1&*$&!$P)$./*+$6L!<L!(/L2#-6-8*/)/!_$*/!GBSSSH!'.&! "'.8.$L!G>YYYHD!!_$*/!GBSSSH!&*33$5$.)*')$/!#1<5*/!35-:!(-/*)*+$!(5*&$D!"'.8.$L!'.&!@*/2#$5!G>YYa?! (D!a>BWa>FH!)$5:!)#$/$!<$)'!'.&!'6(#'!(5*&$?!5$/($2)*+$6LD!!^1<5*/!'.&!(-/*)*+$!(5*&$!/#'5$!)#$!/':$! '))5*<1)*-.'6!2-.3*815')*-.D!!A-)#!'5$!)5*88$5$&!<L!(-/*)*+$!/1((-5)!35-:!-)#$5/?!'.&!<-)#!5$36$2)!'.! *.)$5.'6!'))5*<1)*-.!'.&!'!2-./$01$.)!$P($2)')*-.!-5!#-($!)-!2-.)*.1$!)#$!'2)*+*)*$/!)#')!#'+$!<$$.! >F! ! ! !
16.
5$*.3-52$&D!^-$+$5?!*.!)#$!2'/$!-3!#1<5*/?!)#$!'))5*<1)*-.!*/!(5*:'5*6L!)-!-.$b/!86-<'6!/$63!G$D8D?!fc!':! '!/1($5*-5!($5/-.gH?!#*6$!*.!)#$!2'/$!-3!(-/*)*+$!(5*&$?!)#$!'))5*<1)*-.!*/!(5*:'5*6L!)-!-.$b/!<$#'+*-5!-5! -1)2-:$/!G$D8D?!fc!($53-5:$&!$66gHD!A'1:$*/)$5?!A-&$.?!'.&!7:'5)!G>YYZH!.-)$!)#')!#1<5*/!*/!'! /-2*'66L!&$/)512)*+$!$:-)*-.!<$2'1/$!*)!:'=$/!($-(6$!$8-)*/)*2!'.&!'55-8'.)!'.&?!'/!'!2-./$01$.2$?! )#$L!:*8#)!<$2-:$!$.+*$&?!/#1..$&?!'.&!'+-*&$&!<L!-)#$5/!#-!:*8#)!$+$.!6--=!3-5!5$)5*<1)*-.! Gd5-66?!"--:</?!'.&!95*8#)!BSSSO!_$*/!BSSSHD!^1<5*/)*2!($-(6$!'6/-!)$.&!)-!<$!-+$5W2-.3*&$.)!'.&! )'=$!*55')*-.'6?!-+$56L!5*/=L!&$2*/*-./!G^'L'5&!'.&!^':<5*2=!>YYQO!d5-66?!"--:</?!'.&!95*8#)! BSSSHD!c.!)#*/!5$8'5&?!(-/*)*+$!$+'61')*-./!<L!:'.'8$5/!)#')!$5$!-5*8*.'66L!*.)$.&$&!)-!$6*2*)!(5*&$!*.! )#$*5!/'6$/($-(6$!:*8#)!WW!#$.!'))5*<1)$&!)-!-.$b/!86-<'6!/$63!*./)$'&!-3!-.$b/!'2#*$+$:$.)/!WW!5$/16)! *.!#1<5*/!'.&!)#$!5$6')$&!.$8')*+$!5$'2)*-./!*./)$'&!-3!(-/*)*+$!(5*&$D! %22-5&*.8!)-!$:-)*-.!)#$-5*/)/!G$D8D?!_'E'51/!>YY>O!J')6$L!>YYBH?!(5*&$!'.&!#1<5*/!'5*/$!35-:! 2-8.*)*+$!'((5'*/'6/?!#'+$!'!(#$.-:$.-6-8*2'6!)-.$?!'5$!'22-:('.*$&!<L!(#L/*-6-8*2'6!(5-2$//$/?!'5$! -3)$.!$P(5$//$&!(#L/*2'66L?!'.&!5$/16)!*.!/($2*3*2!'2)*-./!)-!'33*5:!-5!2-($!*)#!)#$:D!"#$!'))5*<1)*-.'6! 2-.3*815')*-.!*.!#1<5*/!(5-&12$/!/($2*3*2!/$63W2')$8-5*E')*-./U!)#$!/'6$/($5/-.!:*8#)!/'L?!f7$$?!c! '6'L/!=.$!c!'/!'.!$P2$66$.)!/'6$/($5/-.gO!'.&!*.!)#$!2'/$!-3!(-/*)*+$!(5*&$?!'!/'6$/($5/-.!:*8#)! /'L?!fT-!c!3$$6!2-.3*&$.)!)#')!c!2'.!'22-:(6*/#!)#-/$!)'/=/Dg!712#!/$63W2')$8-5*E')*-./!'5$! /1<h$2)*+$6L!$P($5*$.2$&!)#5-18#!(-/*)*+$?!(6$'/'.)!/1<h$2)*+$!3$$6*.8/e/$./')*-./!G/$$!A'8-EE*?! `-(*.')#?!'.&!TL$5!>YYYH?!/12#!'/!fc!3$$6!(5-1&gD!@15)#$5?!'.&!'/!'!2-./$01$.2$!-3!/$63W 2')$8-5*E')*-./!'.&!$P1<$5'.)!3$$6*.8/?!)#$!/'6$/($5/-.!*66!$P($5*$.2$!/12#!'2)*-.!)$.&$.2*$/!'/!'.! f158$!)-!)$66!:L!35*$.&/!#-!$66!c!':!&-*.8gD!9$!.-!/)1&L!#$)#$5!)#$/$!)#5$$!2-:(-.$.)/!-3!(5*&$! 2'.!<$!:-&$6$&!'22-5&*.8!)-!/($216')*-./!:'&$!<L!@*/2#$5!'.&!"'.8.$L!G>YYa?!(D!QH!-.!('5'66$6! (5-2$//$/D!%/!/#-.!*.!@*815$!>?!G(6$'/'.)H!/1<h$2)*+$!$P($5*$.2$/!G$D8D?!$P#*6'5')*-.H!'.&!'2)*-.! )$.&$.2*$/!'5$!('5'66$6!-1)2-:$/!-3!'((5'*/'6!(5-2$//$/?!'.&!'2)*-.!)$.&$.2*$/!*.!)15.!(5-&12$! .$8')*+$!/$63!2-./2*-1/!$:-)*-./!G$D8D?!/#':$?!5$85$)H!'.&!3$'5D!7#':$?!5$85$)?!'.&!3$'5!31.2)*-.!'/! <-)#!'.)*2*(')$&!'.&!(-/)W-1)2-:$!(5-2$//$/!)-!'6)$5!-.$b/!31)15$!$:-)*-.'6!5$'2)*-./D!c.!)#*/!/$./$?! )#$L!'5$!*:(-5)'.)!'/($2)/!-3!/$63W5$816')*-.D!T-)$!)#')!)#$!5$6')*-./#*(/!/#-.!*.!@*815$!>!'((6L! /$('5')$6L!3-5!#1<5*/!'.&!(5*&$!G/$$!@*815$!BHD! k46'2$!@*815$!>!'<-1)!#$5$l! >X! ! ! !
17.
A'/$&!1(-.!)#$!'581:$.)/!&$+$6-($&!/-!3'5?!$!/)')$!)-!(5-(-/*)*-./U!!! 45-(-/*)*-.!>U!^1<5*/!-2215/!#$.!'!/'6$/($5/-.!'))5*<1)$/!'2#*$+$:$.)/!)-!#*/e#$5!)-)'6!/$63?! '.&!)#*/!'((5'*/'6!6$'&/!)-!3$$6*.8/!-3!$1(#-5*'!G/1<h$2)*+$!$P($5*$.2$/H?!#*2#!*.!)15.!8*+$!5*/$! )-!)#$!&*/(6'L!-3!)#$!$:-)*-.!)-!2-66$'81$/!'.&!21/)-:$5/D! 45-(-/*)*-.!BU!45*&$!-2215/!#$.!'!($5/-.!'))5*<1)$/!'2#*$+$:$.)!)-!#*/e#$5!-.!<$#'+*-5/?!-5! -1)2-:$/?!'.&!)#*/!'((5'*/'6!6$'&/!)-!3$$6*.8/!-3!$1(#-5*'!G/1<h$2)*+$!$P($5*$.2$/H?!#*2#!*.! )15.!8*+$!5*/$!)-!)#$!&*/(6'L!-3!)#$!$:-)*-.!)-!2-66$'81$/!'.&!21/)-:$5/D!! `*+$.!)#')!/'6$/($-(6$!'((5'*/$!)#$*5!-.!&*/(6'L/!-3!(5*&$!'.&!#1<5*/?!$!/)1&L!#$)#$5!)#$/$! '((5'*/'6/!'6/-!3$$&<'2=!-.!)#$!$P(5$//*-./!-3!(5*&$!'.&!#1<5*/D!4/L2#-6-8*/)/!2'66!)#$!'<*6*)L!)-!/$63W 5$816')$!$:-)*-./?!5$/(-./$W3-21/$&!:-&16')*-.!G`5-//!>YYYH!-5!$:-)*-.'6!&*//$:<6'.2$!G*D$D?!(1))*.8! 2-::1.*2')*+$!*.)$.)!*.)-!-.$b/!$:-)*-./?!7''5.*!>YYYHD!9*)#!@*815$!>!<$*.8!'!8$.$5'6!:-&$6!3-5!)#$! 1.3-6&*.8!-3!/'6$/($-(6$b/!$:-)*-./?!$!$P($2)!)-!3*.&!('5)*216'5!(')#'L/!3-5!(5*&$!'.&!#1<5*/!'/! /($2*3*$&!*.!^L(-)#$/$/!FWZ!<$6-D! %/!@*/2#$5!'.&!"'.8.$L!G>YYa?!(D!>SH!(-*.)!-1)?!f*3!(5*&$!*/!)--!$P)5$:$!-5!)--!(1<6*2?!*)! <$2-:$/!/#':$316?!'.&!)#$.!)#$!/#':$!/$63W2-.)5-6!2-:$/!*.)-!(6'LDg!7*:*6'56L?!_'E'51/!'.&!_'E'51/! G>YYX?!(D!>SFH!.-)$?!f(5*&$!#'/!2-:($)*)*+$?!'.&!/-:$)*:$/!:-5'6!-+$5)-.$/D!9$!2-($!*)#!*)!<L! '6=*.8!'!3*.$!6*.$!<$)$$.!h1/)*3*'<6$!(5*&$!'.&!-+$5$$.*.8!(5*&$!G#1<5*/H?!#*2#!2-16&!6$'&!)-! /-2*'6!25*)*2*/:Dg!!9*66!/'6$/($-(6$!$.8'8$!*.!/$63W2-.)5-6!#$.!)#$L!$P(5$//!(5*&$!'.&!#1<5*/n!7(*5-! '.&!9$*)E!G>YYSH!'.&!71h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n!9$! <$6*$+$!)#')!/'6$/($-(6$!*66!#'+$!6$//!5$'/-.!)-!&':($.!)#$*5!$P(5$//*-./!-3!(5*&$!)-'5&!2-66$'81$/! <$2'1/$!&*/(6'L/!-3!(5*&$!&5'!(-/*)*+$!'))$.)*-.!35-:!2-66$'81$/!'.&!$.#'.2$!/'6$/($-(6$b/! >a! ! ! !
18.
5$(1)')*-.!'.&!16)*:')$6L!/)5$.8)#$.!/-2*'6!2'(*)'6!*)#*.!)#$!3*5:D!MP(5$//*-./!-3!(5*&$!$6*2*)! 2-:(6$:$.)'5L!'.&!5$2*(5-2'6!$:-)*-./!G$D8D?!/L:(')#L!'.&!'&:*5')*-.H!'.&!<$#'+*-5/!G$D8D?! $'8$5.$//!)-!)$':!1(!*)#!/122$//316!-5!'//$5)*+$!($5/-./H!Gd$6).$5!'.&!^'*&)!>YYYO!,6'5=!'.&! A5*//$))$!BSSSHD!7'6$/($-(6$!*66?!#-$+$5?!/$$=!)-!&':($.!)#$*5!$P(5$//*-.!-3!#1<5*/!)-'5&/! 2-66$'81$/!<$2'1/$!*)!:'=$/!)#$:!'(($'5!$8-)*/)*2!'.&!'55-8'.)!GA'1:$*/)$5?!A-&$.?!'.&!7:'5)!>YYZH! '.&?!'/!'!2-./$01$.2$?!)#$L!:*8#)!<$2-:$!$.+*$&?!/#1..$&?!'.&!'+-*&$&!<L!-)#$5/!#-!:*8#)!$+$.! 6--=!3-5!5$)5*<1)*-.!Gd5-66?!"--:</?!'.&!95*8#)!BSSSO!_$*/!BSSSHD!^$.2$?!$!#L(-)#$/*E$U! ^L(-)#$/*/!FU!7'6$/($-(6$!*66!&':($.!)#$!$P(5$//*-.!-3!#1<5*/!G*D$D?!3$$6!'.)*2*(')$&!5$85$)! '.&!3$'5H!)-'5&/!21/)-:$5/!'.&!2-66$'81$/D!!! ^L(-)#$/*/!XU!7'6$/($-(6$!*66!&':($.!)#$!$P(5$//*-.!-3!(5*&$!G*D$D?!3$$6!'.)*2*(')$&!5$85$)!'.&! 3$'5H!)-'5&/!21/)-:$5/!<1)!.-)!)-'5&/!2-66$'81$/D!! 9$!/188$/)$&!)#')!/'6$/($-(6$!*66!$.8'8$!*.!/$63W2-.)5-6!#$.!)#$L!&*/(6'L!)#$*5!$:-)*-./!)-! &*33$5$.)!:$:<$5/!-3!)#$*5!5-6$W/$)?!$/($2*'66L!21/)-:$5/D!"-!)#$!$P)$.)!)#')!/'6$/($-(6$!'5$!''5$!-3! (-//*<6$!.$8')*+$!2-./$01$.2$/?!$!:*8#)!$P($2)!)#$:!)-!$P($5*$.2$!2$5)'*.!$:-)*-./!&$/*8.$&!)-! 5$816')$!)#$!.$8')*+$!$33$2)/!-3!(5*&$!'.&!#1<5*/D!!@*/2#$5!'.&!"'.8.$L!G>YYaH!2'66!)#$/$!:$)'W $:-)*-./?!'.&!7'6-+$L!$)!'6D!GBSSSH!(5-(-/$!)#')!:$)'W$:-)*-./!#$6(!($-(6$!/$63W5$816')$!)#$*5! $:-)*-./D!! "-!1.&$5/)'.&!#')!:$)'W$:-)*-./!'5$!'.&!#-!)#$L!-($5')$?!*)!*/!1/$316!)-!2-./)51$!$:-)*-./! '/!(5-2$//$/!$P)$.&$&!*.!)*:$!G$D8D?!@*/2#$5!'.&!"'.8.$L!>YYaO!@5*h&'?!I'./)$'&?!'.&!A$:!BSSSHD!"#$! $:$58$.2$!-3!'.L!('5)*216'5!$:-)*-.'6!5$'2)*-.!*/!-3)$.!3-66-$&!<L!-.$!-5!:-5$!-)#$5!$:-)*-./!)#')! 31.2)*-.!)-!#$6(!)#$!($5/-.!$P($5*$.2*.8!)#$!-5*8*.'6!$:-)*-.!'&'()!)-!*)D!!c.!'!/$./$?!)#$!-5*8*.'6! $:-)*-.!*/!)5'./3-5:$&!*.)-!-.$!-5!:-5$!-)#$5!$:-)*-./?!#*2#!/$5+$!)-!5$816')$!)#$!-5*8*.'6!$:-)*-.D! "#$!)5'./3-5:')*-.!-2215/!'/!'!5$/16)!-3!/$63W'((5'*/'6/!-3!)#$!:$'.*.8!-3!)#$!-5*8*.'6!$:-)*-.!'.&! /$63W:-.*)-5*.8!-3!-.$b/!'2)*-.!)$.&$.2*$/!)#')!3-66-!G@*/2#$5!'.&!"'.8.$L!>YYa?!(D!YO!"#-*)/!>YYS?! (D!>RXHD!!@-5!*./)'.2$?!)#$!&$+$6-(:$.)!-3!(5*&$!*/!-3)$.!3-66-$&!<L!'!/$./$!-3!'.P*$)LU!f7-:$)*:$/!*)! /2'5$/!:$!#$.!c!3$$6!'55-8'.)!'.&!<5'8!'3)$5!)#*.8/!8-!5$'66L!$66Dg!! 9#$.!/'6$/($-(6$!$P($5*$.2$!#1<5*/!'.&!(5*&$?!#')!:$)'W$:-)*-./!3-66-n!!MP6*.$!'.&!_-<$6! G>YYYH!/#-!)#')!#$.!($-(6$!-1)($53-5:!2-66$'81$/!G-5!35*$.&/H?!f/)5*+*.8!3-5!&-:*.'.2$!:*8#)!26'/#! >Z! ! ! !
19.
*)#!)#$*5!'33*6*')*+$!3$$6*.8/g!G(D!F>SH!'.&!($-(6$!&$+$6-(!:*P$&!$:-)*-./!G(D!F>BHD!d*)'L':'?! I'5=1/?!'.&!I')/1:-)-!G>YYaH!'.&!@*/2#$5!'.&!"'.8.$L!G>YYa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a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e#$5! 21/)-:$5/D!!7*:*6'56L?!:*8#)!.$8')*+$!7,W$:-)*-./!$./1$!'3)$5!)#$!&*/(6'L!-3!(5*&$!-5!#1<5*/!*.!35-.)! -3!2-66$'81$/n!!9$!<$6*$+$!)#')!/'6$/($-(6$!*66!3$$6!'/#':$&!'.&!5$85$)!#'+*.8!$P(5$//$&!#1<5*/!*.! 35-.)!-3!2-66$'81$/?!<1)!.-)!(5*&$D!AL!/#-*.8!#1<5*/?!/'6$/($-(6$!=.-!)#')!)#$L!:'L!6-/$!/-2*'6! 2'(*)'6D!"#$!&5'<'2=/!*)#!'5-1/*.8!$.+L!'.&!:'=*.8!$.$:*$/!*.!-.$b/!-.!-58'.*E')*-.!/#-16&! 6$'&!)-!'.)*2*(')$&!.$8')*+$!7,W$:-)*-./!'.&!3$'5?!/-!'/!)-!/1((5$//!#1<5*/D!45*&$?!-.!)#$!-)#$5!#'.&?! */!'!(-/*)*+$!7,W$:-)*-.!)#')!5$+$'6/!-.$b/!/$63W2-.3*&$.2$!)-!5$'2#!8-'6/?!'.&!8*+$.!)#$!3'2)!)#')! ($-(6$!*)#!(5*&$!-<)'*.!'!2$5)'*.!&$85$$!-3!'))$.)*-.!8$))*.8!(-$5!35-:!2-66$'81$/?!&*/(6'L/!-3!(5*&$! :*8#)!<$2-:$!31.2)*-.'6D!"#$5$3-5$?!/'6$/($-(6$!/#-16&!<$!6$//!6*=$6L!)-!&$+$6-(!.$8')*+$!7,W $:-)*-./!'3)$5!$P(5$//*.8!(5*&$!*.!35-.)!-3!2-66$'81$/!)#'.!*.!35-.)!-3!21/)-:$5/D!9$!)#1/!#L(-)#$/*E$U!! ^L(-)#$/*/!aU!7'6$/($-(6$!*66!&$+$6-(!.$8')*+$!7,W$:-)*-./!'.&!3$'5!'/!'!2-./$01$.2$!-3! &*/(6'L*.8!#1<5*/!*.!35-.)!-3!21/)-:$5/!'.&!2-66$'81$/D!! ^L(-)#$/*/!ZU!7'6$/($-(6$!*66!&$+$6-(!.$8')*+$!7,W$:-)*-./!'.&!3$'5!'/!'!5$/16)!-3! >Q! ! ! !
20.
&*/(6'L*.8!(5*&$!*.!35-.)!-3!21/)-:$5/!<1)!.-)!*.!35-.)!-3!2-66$'81$/D! (89:;!J!D?8<>:! %!)-)'6!-3!QRS!01$/)*-..'*5$/!$5$!/$.)!)-!/'6$/($-(6$!#-!-5=$&!*.!)-!'1)-:-)*+$! &$'6$5/#*(/D!"-!#1.&5$&!'.&!3*3)L!/'6$/($-(6$!5$)15.$&!)#$!01$/)*-..'*5$/!3-5!'!FB!j!5$/(-./$!5')$D! c.!$P2#'.8$!3-5!)#$*5!('5)*2*(')*-.!)#$L!5$2$*+$&!'!8*3)!-5)#!o>BD!"#$!/':(6$!2'.!<$!&$/25*<$&!'/! 3-66-/U!'!:'h-5*)L!G'<-1)!QR!jH!-3!)#$!/'6$/($-(6$!$5$!:$.?!'<-1)!FX!j!-3!)#$!/'6$/($-(6$!$5$! L-1.8$5!)#'.!FS!L$'5/!-6&?!FYj!$5$!<$)$$.!FS!'.&!XS?!>Fj!<$)$$.!X>!'.&!aS?!'.&!>Xj!'/!-6&$5! )#'.!aSD!9*)#!5$/($2)!)-!$P($5*$.2$?!'<-1)!BXj!-3!)#$!/':(6$!#'&!<$$.!*)#!)#$!-58'.*E')*-.!6$//!)#'.! B!L$'5/?!a>j!#'&!<$$.!*)#!)#$!3*5:!<$)$$.!B!'.&!Z!L$'5/?!'.&!Baj!$5$!*)#!)#$!2-:('.L!<$)$$.! Z!'.&!BS!L$'5/D!@*.'66L?!:-/)!/'6$/($-(6$!#'&!3*.*/#$&!<'/*2!'.&!'&+'.2$&!+-2')*-.'6!/)1&*$/D!J.6L!X! j!#'&!'!1.*+$5/*)L!-5!2-66$8$!&$85$$?!#*2#!*/!)L(*2'6!3-5!'1)-:-)*+$!/'6$/($-(6$D! "#$!01$/)*-..'*5$!2'.!<$!3-1.&!*.!%(($.&*P!BD!"'<6$!X!(5$/$.)/!:$'./?!/)'.&'5&!&$+*')*-./?! '.&!'6(#'/?!'.&!"'<6$!a!/#-/!)#$!2-55$6')*-.!:')5*P!-3!2-./)512)/D!7'6$/($-(6$!/*:16)'.$-1/6L! &$+$6-(!(5*&$!*.!)#$!'2)*-./!)#$L!)'=$!'.&!-1)2-:$/!)#$L!'2#*$+$?!-.!)#$!-.$!#'.&?!'.&!*.!)#$*5!86-<'6! /$63!Gf<$*.8!'!8--&!/'6$/($5/-.gH?!-.!)#$!-)#$5!#'.&D!9#$5$'/!*.!7)1&L!>?!/'6$/($-(6$!5$/(-.&$&!-.6L! )-!01$/)*-./!'<-1)!(5*&$?!*.!7)1&L!B?!'66!/'6$/($-(6$!$5$!$P(-/$&!)-!)#$!/2$.'5*-!)*2$?!:$'/15*.8! <-)#!)#$!&$+$6-(:$.)!-3!(5*&$?!'.&!)#$!&$+$6-(:$.)!-3!#1<5*/D!p1$/)*-..'*5$/!$5$!(5*.)$&!*.! &*33$5$.)!+$5/*-./!/12#!)#')!)#$L!$*)#$5!/)'5)$&!*)#!)#$!01$/)*-./!5$3$55*.8!)-!(5*&$!3*5/)?!3-66-$&!<L! )#-/$!5$3$55*.8!)-!#1<5*/?!-5!<$8'.!*)#!)#$!01$/)*-./!3-5!#1<5*/!3*5/)?!3-66-$&!<L!)#-/$!3-5!(5*&$D! K5'*.8!1(-.!)#$!6*)$5')15$!-.!'((5'*/'6!)#$:$/!-3!(5*&$!'.&!#1<5*/!G_$*/!BSSSO!"'.8.$L! >YYYO!/$$!'6/-!A'8-EE*?!`-(*.')#?!'.&!TL$5!>YYYO!C1)#?!A51.$6?!'.&!J).$/!BSSBH!'.&!)#$!&$/25*()*-./! -3!)#$!$:-)*-.'6!(5-2$//!*.!)#$!(/L2#-6-8*2'6!6*)$5')15$!G$D8D?!_'E'51/!>YY>O!J')6$L!>YYBH?!$! &$+$6-($&!'!01$/)*-..'*5$!3-5!#1<5*/!2-./*/)*.8!-3!G>H!2-8.*)*+$!'((5'*/'6/?!:$'/15$&!*)#!F!*)$:/! G$D8D?!fc!)#*.=!c!':!'!)-(!/'6$/($5/-.gH?!GBH!5$6')$&!/1<h$2)*+$!$P($5*$.2$/?!:$'/15$&!<L!F!*)$:/!G$D8D?! fc!3$$6!*.+*.2*<6$gH?!GFH!'2)*-.!)$.&$.2*$/!)-'5&/!<-)#!21/)-:$5/!'.&!2-66$'81$/?!#$5$!$'2#!'/! :$'/15$&!<L!B!*)$:/!G$D8D?!fc!3$$6!'.!158$!)-!)$66!2-66$'81$/!G21/)-:$5/H!c!':!&-*.8!$66gH?!GXH! .$8')*+$!/$63W2-./2*-1/!$:-)*-./!*.!35-.)!-3!<-)#!2-66$'81$/!'.&!21/)-:$5/?!#$5$!$'2#!'/!:$'/15$&! <L!B!*)$:/!G$D8D?!fc!3$$6!'/#':$&!)#')!c!2-16&!.-)!2-.)'*.!:L!(5*&$!)-!2-66$'81$/!G21/)-:$5/Hg?!'.&!GaH! >R! ! ! !
21.
3$'5!)-'5&/!<-)#!2-66$'81$/!'.&!21/)-:$5/?!#$5$!$'2#!'/!:$'/15$&!*)#!F!*)$:/!G$D8D?!fc!)#*.=!:L! 2-66$'81$/!G21/)-:$5/H!*66!8-//*(!)#')!c!':!'!<*8W#$'&$&!($5/-.gHD!45*&$!'/!2-.2$*+$&!*.!'!('5'66$6! :'..$5!)-!#1<5*/?!$P2$()!)#')!)#$!2-8.*)*+$!'((5'*/'6/!*.261&$&!/12#!*)$:/!'/?!fT-!c!=.-!01*)$!$66! #')!c!#'+$!)-!&-!)-!<$!'!8--&!/'6$/($5/-.Dg! k46'2$!"'<6$!X!'.&!"'<6$!a!'<-1)!#$5$l! 72$.'5*-/!$5$!1/$&!'/!'!<'/*/!)-!/)1&L!)#$!$33$2)/!-3!#1<5*/!'.&!(5*&$D!4$-(6$!$5$!$P(-/$&!)-! )#$!/2$.'5*-/!'.&!'/=$&!)-!(1)!)#$:/$6+$/!*.!)#$!(6'2$!-3!'!/'6$/($5/-.!#-!($53-5:$&!5$6')*+$6L!$66! '.&!1.&$5!2-.&*)*-./!#$5$!21/)-:$5/!'.&!($-(6$!*.!)#$*5!-.!-58'.*E')*-.!<$2':$!''5$!-3!)#*/!'.&! (5'*/$&!)#$:D!!! "-!($53-5:!2-.3*5:')-5L!3'2)-5!'.'6L/$/!'.&!)$/)!#L(-)#$/$/?!_c7CM_R!'/!1/$&!G]q5$/=-8! '.&!7q5<-:!>YYZHD!"#$!8--&.$//!-3!3*)!-3!)#$!:-&$6/!$5$!'//$//$&!*)#!2#*W/01'5$!)$/)/?!)#$! CI7M%?!'.&!)#$!,@c!GA$.)6$5!>YYSO!A5-.$!'.&!,1&$2=!>YYFO!I'5/#!$)!'6D!>YYZHD!! (89:;!J!E?@9F8@! 9.0)$%:,!.%5&),+!.%&,0,(5'$'D!"#$!5$/16)/!-3!)#$!,@%!($53-5:$&!-.!)#$!:$'/15$/!-3!(5*&$!'.&! #1<5*/?!5$/($2)*+$6L?!2-.3*5:$&!5$'/-.'<6$!&*/25*:*.'.)!'.&!2-.+$58$.)!+'6*&*)L!-3!)#$!/2'6$/!3-5!$'2#! -3!)#$!)-!)L($/!-3!(5*&$D!A-)#!:$'/15$:$.)/!:-&$6/!3*)!)#$!&')'!/')*/3'2)-5*6LU!3-5!#1<5*/?!cB!G>XBH!i! XZYDRB?!(! ! !DSS?!CI7M%!i!D>S?!,@c!i!DYSO!3-5!(-/*)*+$!(5*&$?!cB!G>XBH!i!XFFDSF?!(!
! !DSS?!CI7M%!i! DSY?!,@c!i!DY>D!"#$!3'2)-5!6-'&*.8/!-3!'66!3'2)-5/!'5$!2-./*/)$.)6L!#*8#U!2-8.*)*+$!'((5'*/'6/!G#1<5*/U!DQY! )-!DRQO!(-/*)*+$!(5*&$U!DZ>!)-!DRXH?!/1<h$2)*+$!$P($5*$.2$/!G#1<5*/U!DQS!)-!DRQO!(-/*)*+$!(5*&$U!DQX!)-!DRYH?! '2)*-.!)$.&$.2*$/!)-'5&!21/)-:$5/!G#1<5*/U!DRB!'.&!DYBO!(-/*)*+$!(5*&$U!DRa!'.&!DRYH?!'2)*-.!)$.&$.2*$/! )-'5&!2-66$'81$/!G#1<5*/U!DRa!'.&!DRRO!(-/*)*+$!(5*&$U!DRX!'.&!DYSH?!.$8')*+$!7,W$:-)*-./!3-5! 21/)-:$5/!G#1<5*/U!DRR!'.&!DYSO!(-/*)*+$!(5*&$U!DRZ!'.&!DYQH?!3$'5!3-5!21/)-:$5/!G#1<5*/U!DQY!)-!DYaO! (-/*)*+$!(5*&$U!DQR!)-!DYZH?!.$8')*+$!7,W$:-)*-./!3-5!2-66$'81$/!G#1<5*/U!DRZ!)-!DRQO!(-/*)*+$!(5*&$U!DQY! '.&!DYSH?!'.&!3$'5!3-5!2-66$'81$/!G#1<5*/U!DQS!)-!DYaO!(-/*)*+$!(5*&$U!DQZ!)-!DYaHD!"#$!*.)$53'2)-5! 2-55$6')*-./!5'.8$!35-:!DSF!)-!DQY!3-5!#1<5*/?!'.&!35-:!WD>S!)-!DRS!3-5!(-/*)*+$!(5*&$D! ;#'!&.)&"57.!"#'#'D!@*815$!B!(5$/$.)/!)#$!3*.&*.8/!3-5!)$/)/!-3!^L(-)#$/$/!FWZD!"#$!-+$5'66! :-&$6!3*)!)#$!&')'!$66U!cB!G&3iR?!T!i!BB>Hi!ZD>>?!(! ! !DZX?!CI7M%!i!DSS?!'.&!,@c!i!>DSSD!T-)*2$! )#')?!*.!<-)#!)#$!2'/$/!-3!#1<5*/!'.&!(5*&$?!)#$!8$.$5'6!36-!-3!$33$2)/!*/!35-:!2-8.*)*+$!'((5'*/'6/!)-! >Y! ! ! !
22.
<-)#!(#L/*-6-8*2'6!''5$.$//!'.&!3$6)!'2)*-.!)$.&$.2*$/D!"#1/?!)#$!&')'!'5$!2-./*/)$.)!*)#! 45-(-/*)*-./!>!'.&!BD!T-)$!'6/-!)#')!2-8.*)*+$!'((5'*/'6/!1.&$5!#1<5*/!'.&!(5*&$!2-55$6')$!')!'! 5$6')*+$6L!6-!6$+$6!Gfi!DXBH?!)#$5$<L!/188$/)*.8!)#')!&*/25*:*.'.)!+'6*&*)L!#'/!<$$.!'2#*$+$&D! k46'2$!"'<6$!Z!'.&!@*815$!B!'<-1)!#$5$l! _--=*.8!3*5/)!')!)#$!3*.&*.8/!3-5!^L(-)#$/$/!F!'.&!X?!$!/$$!)#')?!3-5!<-)#!#1<5*/!'.&!(5*&$?! /1<h$2)*+$!$P($5*$.2$/!&':($.!'2)*-.!)$.&$.2*$/!)-'5&!21/)-:$5/?!'/!#L(-)#$/*E$&!G/$$!@*815$!BHD! %6/-?!3-5!(5*&$?!/1<h$2)*+$!$P($5*$.2$/!&-!.-)!&':($.!'2)*-.!)$.&$.2*$/!)-'5&!2-66$'81$/?!'/! (5-(-/$&D!!A1)!3-5!#1<5*/?!/1<h$2)*+$!$P($5*$.2$/!&*&!.-)!&':($.!'2)*-.!)$.&$.2*$/!)-'5&!2-66$'81$/?! 2-.)5'5L!)-!$P($2)')*-./D!9$!)15.!.$P)!)-!)#$!/$63W5$816')-5L!5$'2)*-./!-3!.$8')*+$!7,W$:-)*-./!'.&! 3$'5!*.!5$/(-./$!)-!3$6)!'2)*-.!)$.&$.2*$/!'/!(5-(-/$&!*.!^L(-)#$/$/!a!'.&!Z!G.-)$!)#')!)$/)/!-3!&*5$2)! (')#/!35-:!2-8.*)*+$!'((5'*/'6/!'.&!/1<h$2)*+$!$P($5*$.2$/!)-!<-)#!.$8')*+$!7,W$:-)*-./!'.&!3$'5! /#-$&!)#')!)#$/$!(')#/!$5$!.-.W/*8.*3*2'.)O!)#1/!'2)*-.!)$.&$.2*$/!3166L!:$&*')$!)#$!$33$2)/!-3! '((5'*/'6/!'.&!/1<h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h$2)*+$!$P($5*$.2$/! */!6'58$5!1.&$5!(5*&$!)#'.!#1<5*/!G/$$!@*815$!BHD!"#*/!'/!*.&$$&!/1/)'*.$&!GcB&!G>H!i!YDYY?!(!r!DS>HD! 7$2-.&?!)#$!3-66-*.8!(')#/!&-!.-)!&*33$5!<$)$$.!#1<5*/!'.&!(5*&$U!/1<h$2)*+$!$P($5*$.2$/!®!'2)*-.! )$.&$.2*$/!)-'5&/!21/)-:$5/!GcB&!G>H!i!DS>?!./H?!'2)*-.!)$.&$.2*$/!)-'5&!2-66$'81$/!®!3$'5!!GcB&!G>H! i!DF>?!./H?!'2)*-.!)$.&$.2*$/!)-'5&/!21/)-:$5/!®!.$8')*+$!7,W$:-)*-./!GcB&!G>H!i!DF>?!./H?!'.&! '2)*-.!)$.&$.2*$/!)-'5&!21/)-:$5/!®!3$'5!GcB&!G>H!i!DaQ?!./HD! ! (89:;!J!:G@H9@@G>I! ! BS! ! ! !
23.
7)1&L!>!&$:-./)5')$&!)#$!$33$2)/!-3!3$6)!(5*&$?!<1)!*.!7)1&L!B!$!6--=$&!&$$($5!*.)-!#-!(5*&$! */!/$63W:'.'8$&!*.!#')!:*8#)!<$!)$5:$&?!)#$!$:-)*-.'6!/L/)$:D!"#$!$:-)*-.'6!/L/)$:!*/!<1*6)!1(-.! 3-15!&*33$5$.)!2-:(-.$.)/U!2-8.*)*+$!'((5'*/'6/?!/1<h$2)*+$!$P($5*$.2$/?!'2)*-.!)$.&$.2*$/!G)-'5&/! 21/)-:$5/!'.&!2-66$'81$/H?!'.&!/1</$01$.)!:$)'W$:-)*-.!5$/(-./$/!G*D$D?!.$8')*+$!7,W$:-)*-./!'.&! 3$'5HD!"#$/$!2-:(-.$.)/!-3!)#$!$:-)*-.!/L/)$:/!-($5')$!*.!('5'66$6?!<1)!#1<5*/!'.&!(5*&$!$'2#! 2-./)*)1)$!'!/($2*3*2!$:-)*-.!/L/)$:!2-.3*815')*-.D!^1<5*/!'.&!(5*&$!1.3-6&$&!*.!'!'L!)#')!*/!6'58$6L! 2-./*/)$.)!*)#!)#$!(5-(-/*)*-./!<L!@*/2#$5!'.&!"'.8.$L!G>YYaH!'.&!'/!(5$/$.)$&!*.!@*815$!>D!m$)?! #1<5*/!'.&!(5*&$!'6/-!/#-!/-:$!$:-)*-.W/($2*3*2!3$')15$/!)#')!/188$/)!'!5$3-5:16')*-.!-3!)#$!(5-2$//! 3-5!/$63W5$816')*-.!'/!-33$5$&!*.!@*815$!B!'.&!&$/25*<$&!'/!3-66-/D!@-5!#1<5*/?!'((5'*/'6/!(5-&12$! /1<h$2)*+$!$:-)*-.'6!$P($5*$.2$/?!'/!$66!'/!3$6)!'2)*-.!)$.&$.2*$/?!)-'5&/!2-66$'81$/!'.&!21/)-:$5/D! @-5!(-/*)*+$!(5*&$?!'((5'*/'6/!'6/-!(5-&12$!/1<h$2)*+$!$P($5*$.2$/?!<1)!-.6L!'2)*-.!)$.&$.2*$/!)-'5&/! 21/)-:$5/D!c.!'&&*)*-.?!2-8.*)*+$!'((5'*/'6/!*.!)#$!2'/$!-3!(5*&$!:-5$!/)5-.86L!(5-+-=$!/1<h$2)*+$! $P($5*$.2$/!)#'.!*.!)#$!2'/$!-3!#1<5*/D!9$!*.)$5(5$)!)#*/!2-.3*815')*-.!-3!)#$!$:-)*-.'6!/L/)$:!'/!'.! *.&*2')*-.!)#')!#1<5*/!25$')$/!'!31EE*$5!$:-)*-.'6!(')#'L!)#'.!(5*&$D!712#!'.!*.)$5(5$)')*-.!*/! 2-./*/)$.)!*)#!_$*/b!GBSSS?!(D!ZBRH!-</$5+')*-.!)#')?!#$.!)#$!)-)'6!/$63!*/!*.+-6+$&!*.!'!/$63W 2-./2*-1/!$:-)*-.?!f"#$!/$63!<$2-:$/!$:<5-*6$&!*.!)#$!/$63D!c)!<$2-:$/!$:<5-*6$&!<$2'1/$!)#$! $+'61')*-.!-3!)#$!/$63!<L!)#$!/$63!*/!)-)'6D!"#$5$!*/!.-!'L!-1)s"#$5$!*/!6*))6$!-.&$5!)#')!*.!1/*.8!/12#! 86-<'6!'))5*<1)*-.!-.$!2'.!)#*.=!-3!.-)#*.8!$6/$?!'.&!-.$!<$2-:$/!2-.31/$&sDg!! ,-./*/)$.)!*)#!)#$!6*)$5')15$!-.!$:-)*-./!G@*/2#$5!'.&!"'.8.$L!>YYaO!d')E!>YYYO!d*)'L':'?! I'5=1/?!'.&!I')/1:-)-!>YYaH?!$!2-.2$*+$&!-3!(5*&$!'/!'!5$6')*+$6L!6-.8W)$5:!$:-)*-.!)#')!*/! *.)*:')$6L!2-..$2)$&!*)#!:$)'W$:-)*-./!G3$'5!'.&!.$8')*+$!7,W$:-)*-./H?!'.&!)#$!:$)'W$:-)*-./! 3$$&<'2=!)-!:-&16')$!)#$!'L!*.!#*2#!/'6$/($-(6$!$P(5$//!(5*&$D!%/!@*/2#$5!'.&!"'.8.$L!G>YYaH! .-)$?!($-(6$!.-)!-.6L!$P($5*$.2$!(-/*)*+$!$:-)*-./!6*=$!(5*&$?!<1)!)#$L!'6/-!$+'61')$!'.&!'((5'*/$!)#$! $P(5$//*-.!-3!)#-/$!$:-)*-./D!9#')!'/!'(('5$.)!*.!-15!/)1&L!*/!)#')!/'6$/($-(6$!'5$!=$$.!)-!'((5'*/$! )#$!.$8')*+$!2-./$01$.2$/!-3!)#$*5!(5*&$!'.&!#1<5*/!*.!35-.)!-3!21/)-:$5/?!<1)!)-!'!6$//$5!$P)$.)! B>! ! ! !
24.
)-'5&/!2-66$'81$/D!"#*/!*/!2-./*/)$.)!*)#!)#$!+*$!)#')!/'6$/($-(6$b/!:-/)!*:(-5)'.)!2-.2$5.!*/!)#$*5! 6-.8W)$5:!5$6')*-./#*(!*)#!21/)-:$5/?!'.&!*.!-5&$5!)-!/$215$!)#$/$!5$6')*-./#*(/?!)#$L!$.&15$!/-:$! 3$'5!'.&!.$8')*+$!7,W$:-)*-./D!@$'5!'.&!.$8')*+$!7,W$:-)*-./!-18#)!)-!<$!2-.2$*+$&!'/!$:-)*-.'6W <'/$&!/$./-5/!)#')!/*8.'6!)#')!-+$5)!$P(5$//*-./!-3!(5*&$!'.&!#1<5*/!:*8#)!<'2=3*5$D!! "#$!3*.&*.8/!*:(6L!)#')!:$)'W$:-)*-./!2'.!<$!2-.2$*+$&!'/!/*8.(-/)/!<133$5*.8!)#$!$P(5$//*-.! -3!(5*&$D!c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aH!WW! /($2*3*2'66L!)#$L!/*8.'6!)#')!)#$L!:')2#!)#$!.-5:/!'.&!$P($2)')*-./!-3!)#$*5!/($2*3*2!5$3$5$.2$!85-1(!WW! <1)!)#$L!'6/-!/$$=!)-!'))5'2)!'.&!#-6&!'))$.)*-.D!"#')!*/?!)#$L!'6/-!/*8.'6!'!/$./$!-3!/1($5*-5*)L!-5!/$63! (133$5L!*)#*.!)#$*5!/-2*'6!85-1(!G`*6<$5)!>YYSHD!9$!<$6*$+$!)#')!(5*&$!*/!'.!*:(-5)'.)!/-2*'6!$:-)*-.! <$2'1/$!*)!8*+$/!/'6$/($-(6$!2-.3*&$.2$!*.!)#$:/$6+$/?!'66-*.8!)#$:!)-!5$:'*.!'//$5)*+$!'25-//! &*33$5$.)!:$:<$5/!-3!)#$*5!5-6$W/$)!G$D8D?!4'5=*./-.!>YYaO!@5$&5*2=/-.!'.&!A5'.*8'.!BSS>HD!9#$.! /'6$/($-(6$!3$$6!2-.3*&$.)?!)#$L!(-//$/!'.!$:-)*-.'6!5$/-152$!f)#')!'66-/!5$6')*-./#*(/!)-!<$!&$3*.$&! '.&!:'*.)'*.$&sg!G9'6&5-.!BSSS?!(D!QFHD!7'6$/($5/-.b/!/$63W2-.3*&$.2$!*.!-)#$5!-5&/!:'L!#'+$! (-/*)*+$!'.&!$+$.!2-.)'8*-1/!$33$2)/!-.!&*33$5$.)!:$:<$5/!-3!)#$*5!5-6$!/$)D! 7&.&#')!%$(,/(($-.! "#*/!/)1&L!6--=$&!')!(5*&$!*)#*.!'!/$66*.8!$.+*5-.:$.)!'.&!2-.2$*+$&!-3!*)!'/!'!(-/*)*+$!7,W $:-)*-.!)#')!-5*8*.')$/!*.!/'6$/($-(6$t/!5$/(-./$!)-!(-/*)*+$!h1&8:$.)/!<L!/*8.*3*2'.)!-)#$5/!*)#*.! BB! ! ! !
25.
)#$*5!5-6$W/$)D!"#$!5$/16)/!-3!-15!3*5/)!/)1&L!/#-!)#')!(5*&$!(-//$//$/!<5-'&$.*.8!2#'5'2)$5*/)*2/!G$D8D?! @5$&5*2=/-.!BSSBHD!45*&$!*.25$'/$/!($53-5:'.2$W5$6')$&!:-)*+')*-./?!/($2*3*2'66L!'!/'6$/($5/-.b/!/$63W $33*2'2L!'/!$66!'/!)#$!*66*.8.$//!)-!'&'()!-.$b/!/$66*.8!/)5')$8*$/!'.&!)-!-5=!#'5&$5D!7$2-.&6L?!(5*&$! /)*:16')$/!/'6$/($-(6$!)-!$.8'8$!*.!-58'.*E')*-.'6!2*)*E$./#*(!<$#'+*-5/D!c.!-15!/$2-.&!/)1&L?!$!:-5$! 26-/$6L!*.+$/)*8')$&!#-!(5*&$!31.2)*-./!<L!&*33$5$.)*')*.8!<$)$$.!'6(#'!(5*&$!G#1<5*/H!'.&!<$)'!(5*&$! G(-/*)*+$!(5*&$H!'.&!/251)*.*E*.8!)#$!$:-)*-.'6!/L/)$:/!*.+-6+$&!*.!)#$/$!)-!)L($/!-3!(5*&$O!<-)#! $:-)*-./!$5$!/*:*6'5?!L$)!$:$58$&!35-:!)-!&*33$5$.)!'((5'*/'6!(5-2$//$/D!9$!$/($2*'66L!$5$! *.)$5$/)$&!*.!#-!/'6$/($-(6$!:'.'8$!)#$*5!(5*&$!'.&!#1<5*/?!'.&!$!3-1.&!)#')!3$'5!'.&!.$8')*+$!7,W $:-)*-./!#'+$!'!(-/*)*+$!$33$2)!-.!/'6$/($-(6$b/!<$#'+*-5!*.!)#')!)#$/$!$:-)*-./!(5$//!/'6$/($-(6$!)-! /$63W2-.)5-6!)#$*5!(5*&$!'.&!#1<5*/D!! T-!)#')!$!#'+$!/#-.!)#')!(5*&$!*/!'.!$:-)*-.!)#')!#'/!(-/*)*+$!$33$2)/!'.&!'6/-!*/!'.! $:-)*-.!)#')!*/!/$63W5$816')$&!<L!/'6$/($-(6$?!-.$!:*8#)!01$/)*-.!#$)#$5!(5*&$!2'.!<$!*.361$.2$&!<L! :'.'8$:$.)!'/!'!/)5')$8*2!)--6D!"-!<$!26$'5?!$!&-!.-)!5$2-::$.&!)#')!:'.'8$5/!*./)*66!#1<5*/D!c3! $:-)*-./!31.2)*-.!'22-5&*.8!)-!/($2*3*2!(')#/!WW!*.!-15!2'/$?!(5*&$!$:$58$/!&1$!)-!)#$!3'2)!)#')!'! ($5/-.!*/!2'('<6$!-3!:')2#*.8!/*8.*3*2'.)!-)#$5/b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d')E$.<'2#!'.&!7'.)':'5*'!G>YYRH!(-*.)!-1)?! (5*&$!2'.!<$!'.!*:(-5)'.)!/)5')$8L!)-!:-)*+')$!$:(6-L$$/!3-5!/$5+*2$!3*5:/!)#')!*.+-6+$!5$($)*)*+$! BF! ! ! !
26.
'2)*-./D!c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t/!/$63!'.&!6$'&!)-!&$/)512)*+$!<$#'+*-5!-5!h-<!*)#&5''6!GA'1:$*/)$5?!A-&$.?!'.&! 7:'5)!>YYZHD!! "#*5&?!)#$!5$/16)/!-3!-15!/)1&L!/#-!)#')!#$.!/'6$/($-(6$!/$63W5$816')$!)#$*5!(5*&$!)#$L!*.!3'2)! u36-!*)#!)#$*5!(5*&$uD!45*&$!$.$58*E$/!)#$:!G<5-'&$.*.8!$33$2)/H?!L$)!/'6$/($-(6$!'6/-!&':($.!)#$*5! $P(5$//*-.!-3!(5*&$!/-!'/!)-!'+-*&!.$8')*+$!$33$2)/!G&$+$6-(:$.)!-3!3$'5!'.&!.$8')*+$!:$)'W$:-)*-./HD! "#*/!'<*6*)L!)-!5*&$!*)#!)#$!36-!#'/!/*:*6'5*)*$/!*)#!(5$+*-1/!3*.&*.8/D!7*.8#?!`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c.!)#*/!5$8'5&?!/'6$/($-(6$! $.8'8$!*.!$:-)*-.'6!6'<-5!G$D8D?!%/#3-5)#!'.&!^1:(#5$L!>YYFO!I-55*/!'.&!@$6&:'.!>YYZH?!)#$L!1/$! 3$'5!'.&!.$8')*+$!:$)'W$:-)*-./!G/#':$!'.&!5$85$)H!)-!3'2*6*)')$!)#$!&*//$:<6'.2$!-3!)#$!$P($5*$.2$!-3! (5*&$!-.!)#$!-.$!#'.&?!'.&!*)/!$P(5$//*-.!-.!)#$!-)#$5!#'.&D!c.!&-*.8!)#*/?!/'6$/($-(6$!'5$!'<6$!)-! BX! ! ! !
27.
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d*)'L':'?!I'5=1/?!'.&!I')/1:-)-!G>YYaH!/188$/)!*)#*.!9$/)$5.!216)15$/?!(5*&$!*/!)#$!&-:*.'.)! $:-)*-.D!7-!#L!/#-16&!/'6$/($-(6$!3$$6!1.2-:3-5)'<6$!*)#!)#$*5!3$$6*.8/!-3!(5*&$n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b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`5-//! >YYYHD!@-5!*./)'.2$?!-.$!2-16&!&$+$6-(!'.!$:-)*-.'6!2-(*.8!/)L6$!/2'6$!*.!-5&$5!)-!$/)*:')$!)#$!&$85$$! )-!#*2#!/'6$/($-(6$!:'.'8$!)#$!&$+$6-(:$.)!-3!)#$*5!(5*&$!3$$6*.8/!'/!$66!'/!)#$!$P(5$//*-.!-3!)#$*5! Ba! ! ! !
28.
(5*&$!'/!'!&*/(-/*)*-.D!! c.!-15!/':(6$/?!$!2-16&!.-)!&*/)*.81*/#!8$.&$5!$33$2)/!<$2'1/$!-3!)#$!&$'5)#!-3!3$:'6$!/'6$/! 5$(5$/$.)')*+$/D!"#$5$!*/!/-:$!$+*&$.2$!*.!)#$!6*)$5')15$!)#')!:'6$/!'.&!3$:'6$/!$P($5*$.2$!'.&!2-($! &*33$5$.)*'66L!*)#!$:-)*-./!GA5-&L!>YYYHD!`$.&$5!&*33$5$.2$/!.$$&!)-!<$!$P(6-5$&!*.!)#$!31)15$D!! 7*:*6'56L?!*)!2'.!<$!'//1:$&!)#')!.-.W$:-)*-.'6!&*/(-/*)*-./!(6'L!'.!*:(-5)'.)!5-6$!*.! $P($5*$.2*.8!2$5)'*.!$:-)*-./!G$D8D?!7:*)#!$)!'6D!>YYYHD!7-:$!5$/$'52#$5/?!3-5!*./)'.2$?!'581$!)#')! (5*&$!'5*/$/!35-:!'!.$$&!)-!<$6-.8!)-!'.!-58'.*E')*-.!-5!/1<85-1(!*)#*.!*)!'.&!'6/-!(-*.)/!)-!'! *66*.8.$//!)-!&$3*.$!-.$b/!-5)#!)-!)#$!$P)$.)!)#')!-.$!5$2$*+$/!5$2-8.*)*-.!35-:!)#$!-58'.*E')*-.!'.&! *)/!:$:<$5/!GA'1:$*/)$5!'.&!_$'5L!>YYaHD!^-$+$5?!)#*/!(5-(-/*)*-.!/#-16&!<$!)$/)$&!3-5:'66LD!712#! '!5$/$'52#!(5-h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d*)'L':'?! I'5=1/?!'.&!I')/1:-)-!>YYaHD!,5-//W216)15'6!5$/$'52#!-.!/#':$!&$:-./)5')$/!)#')!:$:<$5/!-3!! 9$/)$5.!'.&!M'/)$5.!216)15$/!$P($5*$.2$!)#*/!7,W$:-)*-.!/*:*6'56L!L$)!#'+$!&*33$5$.)!5$/(-./$/!)-!*)?! #*2#!*.!)15.!*:('2)!($53-5:'.2$!&*33$5$.)6L!G$D8D?!A'8-EE*?!;$5<$=$?!'.&!`'+*.-!BSSFHD!!! BZ! ! ! !
29.
#&*&#&.,&(! %/#3-5)#?!A6'=$!MD!'.&!C-.'6&!^D!^1:(#5$LD!>YYFD!fM:-)*-.'6!_'<-5!*.!7$5+*2$!C-6$/U!"#$! c.361$.2$!-3!c&$.)*)LDg!%2'&$:L!-3!I'.'8$:$.)!C$+*$!>R!G]'.1'5LHU!RRW>>aD! A'8-EE*?!C*2#'5&!4D!'.&!]$335$L!CD!M&'5&/D!>YYRD!f%!`$.$5'6!%((5-'2#!3-5!C$(5$/$.)*.8!,-./)512)/! *.!J58'.*E')*-.'6!C$/$'52#Dg!J58'.*E')*-.'6!C$/$'52#!I$)#-&/!>U!XaWRQD! A'8-EE*?!C*2#'5&!4D?!I'#$/#!`-(*.')#?!'.&!45'/#'.)#!ND!TL$5D!>YYYD!f"#$!C-6$!-3!M:-)*-./!*.! I'5=$)*.8Dg!]-15.'6!-3!)#$!%2'&$:L!-3!I'5=$)*.8!72*$.2$!BQ!G7(5*.8HU!>RXWBSZD! A'8-EE*?!C*2#'5&!4D?!9*66$:!;$5<$=$?!'.&!]'2*.)-!,D!`'+*.-D!BSSFD!f,16)15$!C$816')$/!)#$!7$63W C$816')*-.!-3!7#':$!'.&!*)/!M33$2)/!-.!4$53-5:'.2$U!"#$!,'/$!-3!7'6$/($5/-./!*.!)#$! T$)#$56'.&/!'.&!)#$!4#*6*((*.$/Dg!]-15.'6!-3!%((6*$&!4/L2#-6-8L!RR!G%(5*6HU!B>YWBFFD! A'55$)?!d'5$.!,D!>YYaD!f%!@1.2)*-.'6*/)!%((5-'2#!)-!7#':$!'.&!`1*6)Dg!c.!7$63W,-./2*-1/!M:-)*-./D! M&/D!]1.$!4D!"'.8.$L!'.&!d15)!9D!@*/2#$5D!T$!m-5=U!`1*63-5&!45$//?!BaWZFD!!! A'1:$*/)$5?!C-L!@D!'.&!I'5=!_$'5LD!>YYaD!f"#$!T$$&!)-!A$6-.8U!K$/*5$!3-5!c.)$5($5/-.'6! %))'2#:$.)/!'/!'!@1.&':$.)'6!^1:'.!I-)*+')*-.Dg!4/L2#-6-8*2'6!A166$)*.!>>Q!GI'LHU!XYQWaBYD!! A'1:$*/)$5?!C-L!@D?!_'15'!7:'5)?!'.&!]-/$(#!ID!A-&$.D!>YYZD!fC$6')*-.!-3!"#5$')$.$&!M8-)*/:!)-! ;*-6$.2$!'.&!%885$//*-.U!"#$!K'5=!/*&$!-3!^*8#!7$63WM/)$$:Dg!4/L2#-6-8*2'6!C$+*$!>SF! G]'.1'5LHU!aWFFD! A$#5:'.?!K-186'/!TD!'.&!9*66*':!KD!4$55$'16)D!>YRXD!fI$'/15*.8!)#$!($53-5:'.2$!-3!/'6$/($5/-./Dg! ]-15.'6!-3!A1/*.$//!C$/$'52#!>S!G7$()$:<$5HU!FaaWFQSD! A$.)6$5?!4$)$5!ID!>YYSD!f,-:('5')*+$!@*)!c.&$P$/!*.!7)512)15'6!I-&$6/Dg!4/L2#-6-8*2'6!A166$)*.!>SQ! GI'52#HU!BFRWBXZD! A-6*.-?!I'5=!,D!>YYYD!f,*)*E$./#*(!'.&!c:(5$//*-.!I'.'8$:$.)U!`--&!7-6&*$5/!-5!`--&!%2)-5/ng! %2'&$:L!-3!I'.'8$:$.)!C$+*$!BX!G]'.1'5LHU!RBWYRD! A5-&L?!_$/6*$D!>YYYD!`$.&$5?!M:-)*-.?!'.&!)#$!@':*6L=!,':<5*&8$U!^'5+'5&!N.*+$5/*)LD! A5-.?!7)$+$.!4D?!9*66*':!_D!,5-.?!'.&!]-#.!9D!76-21:D!>YYQD!fM33$2)/!-3!`-'6WK*5$2)$&!M:-)*-./! BQ! ! ! !
30.
-.!7'6$/($5/-.!;-6*)*-./?!A$#'+*-5?!'.&!4$53-5:'.2$U!%!_-.8*)1&*.'6!7)1&LDg!]-15.'6!-3! I'5=$)*.8!Z>!G]'.1'5LHU!FYWaSD!! A5-.?!7)$+$.!4D!'.&!C-<$5)!%D!4$)$5/-.D!>YYFD!f%.)$2$&$.)/!'.&!,-./$01$.2$/!-3!7'6$/($5/-.!]-<! 7')*/3'2)*-.U!I$)'W%.'6L/*/!'.&!%//$//:$.)!-3!,'1/'6!M33$2)/Dg!]-15.'6!-3!I'5=$)*.8!C$/$'52#! FS!G%(5*6HU!ZFWQQD! A5-.$?!I*2#'$6!9D!'.&!C-<$5)!,1&$2=D!>YYFD!f%6)$5.')*+$!9'L/!-3!%//$//*.8!I-&$6!@*)Dg!c.! "$/)*.8!7)512)15'6!M01')*-.!I-&$6/D!M&/D!d$..$)#!%D!A-66$.!'.&!72-))!]D!_-.8D!T$<15L!4'5=?! ,%U!7'8$?!>FZW>ZBD! ,6'5=?!I'58'5$)!7D!'.&!c'.!A5*//$))$D!GBSSSHD!fC$6')*-./#*(!A$6*$3/!'.&!M:-)*-.U!C$2*(5-2'6!M33$2)/Dg! c.!M:-)*-./!'.&!A$6*$3/U!^-!@$$6*.8/!c.361$.2$!"#-18#)/D!M&/D!T*2-!^D!@5*h&'?!%.)-.L!7DCD! I'./)$'&?!'.&!7'2#'!A$:D!4'5*/U!,':<5*&8$!N.*+$5/*)L?!B>BW>XSD!! ,6'5=?!I'58'5$)!7D!'.&!%6*2$!ID!c/$.D!>YRBD!f"-'5&!N.&$5/)'.&*.8!)#$!C$6')*-./#*(!A$)$$.! @$$6*.8!7)')$/!'.&!7-2*'6!A$#'+*-5Dg!c.!,-8.*)*+$!7-2*'6!4/L2#-6-8LD&M&/D!%D^D!^'/)-53!'.&! %6*2$!ID!c/$.D!T$!m-5=U!M6/$+*$5?!QFW>SRD! ,6-5$?!`$5'6&!_D!>YYXD!f9#L!M:-)*-./!'5$!@$6)Dg!c.!"#$!T')15$!-3!M:-)*-.U!@1.&':$.)'6!p1$/)*-./D! M&/D!4'16!M=:'.!'.&!C*2#'5&!]D!K'+*&/-.D!T$!m-5=U!JP3-5&!N.*+$5/*)L?!>SFW>>>D! ,-6$:'.?!]':$/!7D!>YaQD!,-::1.*)L!,-.36*2)D!T$!m-5=U!@5$$!45$//D! K*$.$5?!M&?!C*2#'5&!MD!_12'/?!'.&!7#*8$#*5-!J*/#*D!BSSBD!f71<h$2)*+$!9$66WA$*.8U!"#$!72*$.2$!-3! ^'((*.$//!'.&!_*3$!7')*/3'2)*-.Dg!c.!^'.&<--=!-3!4-/*)*+$!4/L2#-6-8LD!M&/D!,DCD!7.L&$5!'.&! 7#'.$!]D!_-($ED!T$!m-5=?!TmU!JP3-5&!N.*+$5/*)L?!ZFWQFD! M6/)$5?!]-.D!>YYYD!%62#$:*$/!-3!)#$!I*.&U!C')*-.'6*)L!'.&!)#$!M:-)*-./D!,':<5*&8$U!,':<5*&8$! N.*+$5/*)LD! M/)5'&'?!,'56-/!%D?!%6*2$!ID!c/$.?!'.&!I'5=!]D!m-1.8D!>YYQD!f4-/*)*+$!%33$2)!@'2*6*)')$/!c.)$85')*-.!-3! c.3-5:')*-.!'.&!K$25$'/$/!%.2#-5*.8!*.!C$'/-.*.8!%:-.8!4#L/*2*'./Dg!J58'.*E')*-.'6! A$#'+*-5!'.&!^1:'.!K$2*/*-.!45-2$//$/!QB!GJ2)-<$5HU!>>QW>FaD! BR! ! ! !
31.
MP6*.$?!]16*$!]D!'.&!I'52*!_-<$6D!>YYYD!f"#$!4$5*6/!-3!J1)($53-5:'.2$U!7$./*)*+*)L!'<-1)!A$*.8!)#$! "'58$)!-3!'!"#5$')$.*.8!N('5&!,-:('5*/-.Dg!4/L2#-6-8*2'6!A166$)*.!F!GI'LHU!FSQWFFQD! @$6&:'.?!K'.*$6!,D!>YQZD!f%!,-.)*.8$.2L!"#$-5L!-3!7-2*'6*E')*-.Dg!%&:*.*/)5')*+$!72*$.2$! p1'5)$56L!B>!G7$()$:<$5HU!XFFWXaBD! @$6&:'.?!K'.*$6!,D!>YR>D!f"#$!I16)*(6$!7-2*'6*E')*-.!-3!J58'.*E')*-.!I$:<$5/Dg!%2'&$:L!-3! I'.'8$:$.)!C$+*$!Z!G%(5*6HU!FSYWF>RD! @*/2#$5?!d15)!9D!'.&!]1.$!4D!"'.8.$LD!>YYaD!f7$63W,-./2*-1/!M:-)*-./!'.&!)#$!%33$2)!C$+-61)*-.U! @5':$-5=!'.&!J+$5+*$Dg!c.!7$63W,-./2*-1/!M:-)*-./D!M&/D!]1.$!4D!"'.8.$L!'.&!d15)!9D! @*/2#$5D!T$!m-5=U!`1*63-5&?!FWBXD!! @5$&5*2=/-.?!A'5<'5'!_D!BSSSD!f,16)*+')*.8!4-/*)*+$!M:-)*-./!)-!J()*:*E$!^$'6)#!'.&!9$66WA$*.8Dg! 45$+$.)*-.!'.&!"5$'):$.)!FD!%+'*6'<6$!-.!)#$!-56&!*&$!$<U!#))(Ueeh-15.'6/D'('D-58e(5$+$.)*-.D! @5$&5*2=/-.?!A'5<'5'!_D!BSS>D!f"#$!C-6$!-3!4-/*)*+$!M:-)*-./!*.!4-/*)*+$!4/L2#-6-8LU!"#$!A5-'&$.W '.&WA1*6&!"#$-5L!-3!4-/*)*+$!M:-)*-./Dg!%:$5*2'.!4/L2#-6-8*/)!aZ!GI'52#HU!B>RWBBZD! @5$&5*2=/-.?!A'5<'5'!_D!BSSBD!f4-/*)*+$!$:-)*-./Dg!c.!^'.&<--=!-3!(-/*)*+$!(/L2#-6-8LD!M&/D!,DCD! 7.L&$5!'.&!_-($E?!7#'.$!]D!T$!m-5=U!JP3-5&!N.*+$5/*)L?!>BSW>FXD! @5$&5*2=/-.?!A'5<'5'!_D!'.&!,#5*/)*.$!A5'.*8'.D!BSS>D!f4-/*)*+$!$:-)*-./Dg!c.!M:-)*-./U!,155$.)! c//1$/!'.&!@1)15$!K*5$2)*-./D!M&/D!"5'2L!]D!I'L.$!'.&!`$-58$!%D!A-.'..-D!T$!m-5=U!`1*63-5&?! >BFW>a>D! @5$&5*2=/-.?!A'5<'5'!_D!'.&!_$+$./-.?!C-<$5)!9D!>YYRD!f4-/*)*+$!M:-)*-./!7($$&!C$2-+$5L!35-:!)#$! ,'5&*-+'/216'5!7$01$6'$!-3!T$8')*+$!M:-)*-./Dg!,-8.*)*-.!'.&!M:-)*-.!>B!GI'52#HU!>Y>WBBSD! @5$&5*2=/-.?!A'5<'5'!_D?!C-<$5)'!%D!I'.21/-?!,#5*/)*.$!A5'.*8'.?!'.&!I*2#$6$!ID!"18'&$D!BSSSD! f"#$!N.&-*.8!M33$2)!-3!4-/*)*+$!M:-)*-./Dg!I-)*+')*-.!'.&!M:-)*-.!BX!GK$2$:<$5HU!BFQWBaRD! @5*h&'?!T*2-!^D!>YRZD!"#$!$:-)*-./D!_-.&-.?!NdU!,':<5*&8$!N.*+$5/*)LD! @5*h&'?!T*2-!^D?!%.)-.L!7D!I'./)$'&?!'.&!7'2#'!A$:D!BSSSD!f"#$!c.361$.2$!-3!M:-)*-./!-.!A$6*$3/Dg! c.!M:-)*-./!'.&!A$6*$3/U!^-!@$$6*.8/!c.361$.2$!"#-18#)/D!M&/D!T*2-!^D!@5*h&'?!%.)-.L!7D! BY! ! ! !
32.
I'./)$'&!'.&!7'2#'!A$:D!4'5*/U!,':<5*&8$!N.*+$5/*)L!45$//?!>WYD!!! `*6<$5)?!4'16D!>YYSD!f,#'.8$/U!C'.=?!7)')1/?!'.&!I--&Dg!c.!J.!)#$!I-+$U!"#$!4/L2#-6-8L!-3!,#'.8$! '.&!"5'./*)*-.D!M&/D!7#*56$L!@*/2#$5!'.&!,'5L!_D!,--($5D!T$!m-5=U!9*6$L?!FFWaBD! `--6/<L?!]$55L!CD?!C-/$:'5L!CD!_'8'2$?!'.&!I*2#'$6!_D!A--5-:D!>YYBD!f4/L2#-6-8*2'6!%&'()*+$.$//! '.&!7'6$/!4$53-5:'.2$Dg!]-15.'6!-3!4$5/-.'6!7$66*.8!'.&!7'6$/!I'.'8$:$.)!>B!G7(5*.8HU!a>WZZD! `5'.-+$))$5?!I'5=D!>YQFD!f"#$!7)5$.8)#!-3!9$'=!"*$/Dg!%:$5*2'.!]-15.'6!-3!7-2*-6-8L!QR!GI'LHU! >FZSW>FRSD! `5-//?!]':$/!]D!>YYYD!fM:-)*-.!'.&!M:-)*-.!C$816')*-.Dg!c.!^'.&<--=!-3!4$5/-.'6*)LU!"#$-5L!'.&! C$/$'52#D!M&/D!_'5$.2$!%D!4$5+*.!'.&!J6*+$5!4D!]-#.D!T$!m-5=U!`1*63-5&?!aBaWaaBD! ^'5)$5?!71/'.D!>YYYD!"#$!2-./)512)*-.!-3!)#$!/$63=!T$!m-5=U!"#$!`1*63-5&!45$//D! ^'L'5&?!I')#$!_D!'.&!K-.'6&!,D!^':<5*2=D!>YYQD!fMP(6'*.*.8!)#$!45$:*1:/!4'*&!3-5!_'58$! %201*/*)*-./U!M+*&$.2$!-3!,MJ!^1<5*/Dg!%&:*.*/)5')*+$!72*$.2$!p1'5)$56L!XB!GI'52#HU!>SFW>BQD! ^-3/)$&$?!`$$5)D!BSS>D!,16)15$b/!,-./$01$.2$/D!B.&!$&D!"#-1/'.&!J'=/?!,%U!7'8$D! c<'55'?!^$5:*-.$D!>YYBD!f7)512)15'6!%6*8.:$.)/?!c.&*+*&1'6!7)5')$8*$/?!'.&!I'.'8$5*'6!%2)*-.U! M6$:$.)/!"-'5&/!'!T$)-5=!"#$-5L!-3!`$))*.8!"#*.8/!K-.$Dg!c.!T$)-5=/!'.&!-58'.*E')*-.D! M&/D!T*)*.!T-#5*'!'.&!C-<$5)!`D!M226$/D!,':<5*&8$?!I%U!^'5+'5&!N.*+$5/*)L!45$//?!>ZaW>RRD! c/$.?!%6*2$!ID?!d*:<$56L!%D!K'1<:'.?!'.&!`'5L!4D!T-*2=*D!>YRQD!f4-/*)*+$!%33$2)!@'2*6*)')$/! ,5$')*+$!45-<6$:!7-6+*.8Dg!]-15.'6!-3!4$5/-.'6*)L!'.&!7-2*'6!4/L2#-6-8L!aB!G]1.$HU!>>BBW>>F>D! c/$.?!%6*2$!ID!'.&!7)'.6$L!@D!7*::-.&/D!>YQRD!f"#$!M33$2)!-3!@$$6*.8!`--&!-.!'!^$6(*.8!"'/=!"#')! */!c.2-:(')*<6$!9*)#!`--&!I--&Dg!7-2*'6!4/L2#-6-8L!X>!GK$2$:<$5HU!FXaWFXYD! ]q5$/=-8?!d'56!`D!'.&!K'8!7q5<-:D!>YYZD!_c7CM_R!N/$5t/!5$3$5$.2$!81*&$D!,#*2'8-?!c_U!72*$.)*3*2! 7-3)'5$D! d'L!%/#?!I'5LD!>YYaD!m-1!2'.!#'+$!*)!'66D!C-2=6*.!,%U!45*:'!41<6*/#*.8D!!! d'#.?!A'5<'5'!MD!'.&!%6*2$!ID!c/$.D!>YYFD!f"#$!*.361$.2$!-3!(-/*)*+$!'33$2)!-.!+'5*$)L!/$$=*.8!':-.8! /'3$?!$.h-L'<6$!(5-&12)/Dg!]-15.'6!-3!,-./1:$5!C$/$'52#!BS!G7$()$:<$5HU!BaQWBQSD! FS! ! ! !
33.
d')E?!]'2=D!>YYYD!^-!M:-)*-./!9-5=D!,#*2'8-U!N.*+$5/*)L!-3!,#*2'8-D! d')E$.<'2#?!]-.!CD!'.&!]'/-.!%D!7'.)':'5*'D!>YYRD!f@*5*.8!1(!)#$!@5-.)6*.$Dg!^'5+'5&!A1/*.$//! C$+*$!QQ!GI'LW]1.$HU!>SQW>>QD!!! d$6).$5?!K'2#$5!'.&!]-.')#'.!^'*&)D!>YYYD!f7-2*'6!@1.2)*-./!-3!M:-)*-./!')!@-15!_$+$6/!-3! %.'6L/*/Dg!,-8.*)*-.!'.&!M:-)*-.!>F!G7$()$:<$5HU!aSaWaB>D! d*)'L':'?!7#*.-<1?!I'5=1/?!^'E$6!CD?!'.&!^*/'L'!I')/1:-)-D!>YYaD!f,16)15$?!7$63?!'.&!M:-)*-./U!%! ,16)15'6!4$5/($2)*+$!-.!7$63W,-./2*-1/!M:-)*-./Dg!c.!7$63W,-./2*-1/!M:-)*-./D!M&/D!]1.$!4D! "'.8.$L!'.&!d15)!9D!@*/2#$5D!T$!m-5=U!`1*63-5&?!XFYWXZXD!!! d5-66?!I'5=!]D?!_$/6*$!%D!"--:</?!'.&!4$)$5!95*8#)D!BSSSD!fT'(-6$-.b/!"5'8*2!I'52#!^-:$!35-:! I-/2-U!_$//-./!*.!^1<5*/Dg!%2'&$:L!-3!I'.'8$:$.)!MP$21)*+$!>X!G@$<51'5LHU!>>QW>BRD! _':<$5)?!K-186'/!ID?!^-'5&!I'5:-5/)$*.?!'.&!%51.!7#'5:'D!>YYSD!f"#$!%2215'2L!-3! 7'6$/($5/-./b!4$52$()*-./!-3!"#$*5!,1/)-:$5/U!,-.2$()1'6!MP':*.')*-.!'.&!'.!M:(*5*2'6!7)1&LDg! ]-15.'6!-3!4$5/-.'6!7$66*.8!'.&!7'6$/!I'.'8$:$.)!>S!G9*.)$5HU!>WYD! _'E'51/?!C*2#'5&!7D!>YY>D!M:-)*-.!'.&!%&'()')*-.D!T$!m-5=?!JP3-5&U!JP3-5&!N.*+$5/*)LD! _'E'51/?!C*2#'5&!7D!'.&!A$5.*2$!TD!_'E'51/D!>YYXD!4'//*-.!'.&!C$'/-.D!T$!m-5=U!JP3-5&! N.*+$5/*)LD! _$*/?!I*2#'$6D!BSSSD!f7$63W,-./2*-1/!M:-)*-./U!M:<'55'//:$.)?!45*&$?!7#':$?!'.&!`1*6)Dg!c.! ^'.&<--=!-3!M:-)*-./D!B.&!$&*)*-.D!M&/D!I*2#'$6!_$*/!'.&!]DID!^'+*6'.&W]-.$/D!T$!m-5=U! `1*63-5&?!ZBFWZFZD!! I'2d$.E*$?!72-))!AD?!4#*6*(!ID!4-&/'=-33?!'.&!C*2#'5&!@$))$5D!>YY>D!fJ58'.*E')*-.'6!,*)*E$./#*(! A$#'+*-5!'.&!J<h$2)*+$!45-&12)*+*)L!'/!K$)$5:*.'.)/!-3!I'.'8$5*'6!M+'61')*-./!-3!7'6$/($5/-./b! 4$53-5:'.2$Dg!J58'.*E')*-.'6!A$#'+*-5!'.&!^1:'.!K$2*/*-./!45-2$//$/!aS!GJ2)-<$5HU!>BFW>aSD!! I2%66*/)$5?!K'.*$6!]D!>YYaD!f%33$2)W!'.&!,-8.*)*-.WA'/$&!"51/)!'/!@-1.&')*-./!3-5!c.)$5($5/-.'6! ,--($5')*-.!*.!J58'.*E')*-./Dg!%2'&$:L!-3!I'.'8$:$.)!]-15.'6!FR!G@$<51'5LHU!BXWaYD! I'5/#?!^$5<$5)?!]-#.!CD!A'66'?!'.&!d*)W"'*!^'1D!>YYZD!f%.!M+'61')*-.!-3!c.25$:$.)'6!@*)!c.&*2$/U!%! F>! ! ! !
34.
,6'5*3*2')*-.!-3!I')#$:')*2'6!'.&!M:(*5*2'6!45-($5)*$/Dg!c.!%&+'.2$&!7)512)15'6!M01')*-.! I-&$6*.8U!c//1$/!'.&!"$2#.*01$/D!M&/D!`$-58$!%D!I'52-16*&$/?!'.&!C'.&'66!MD!72#1:'2=$5D! I'#'#?!T]U!M56<'1:?!F>aWFaFD! I$*.&6?!]':$/!CD?!7'.3-5&!AD!M#56*2#?!'.&!]'.$)!ID!K1=$5*2#D!>YRaD!f"#$!C-:'.2$!-3!_$'&$5/#*(Dg! %&:*.*/)5')*+$!72*$.2$!p1'5)$56L!FS!GI'52#HU!QRW>SBD! I-55*/?!]D!%.&5$!'.&!K'.*$6!,D!@$6&:'.D!>YYZD!f"#$!K*:$./*-./?!%.)$2$&$.)/?!'.&!,-./$01$.2$/! -3!M:-)*-.'6!_'<-5Dg!%2'&$:L!-3!I'.'8$:$.)!C$+*$?!B>!GJ2)-<$5HU!YRZW>S>SD! I-55*/-.?!M6*E'<$)#!9D!>YYXD!fC-6$!K$3*.*)*-./!'.&!J58'.*E')*-.'6!,*)*E$./#*(!A$#'+*-5U!"#$! c:(-5)'.2$!-3!)#$!M:(6-L$$b/!4$5/($2)*+$D!%2'&$:L!-3!I'.'8$:$.)!]-15.'6!FQ!GK$2$:<$5HU! >aXFW>aZQD! I-55*/-.?!M6*E'<$)#!9D!>YYXD!fC-6$!K$3*.*)*-./!'.&!J58'.*E')*-.'6!,*)*E$./#*(!A$#'+*-5U!"#$! c:(-5)'.2$!-3!)#$!M:(6-L$$b/!4$5/($2)*+$Dg!%2'&$:L!-3!I'.'8$:$.)!]-15.'6!FQ!GK$2$:<$5HU! >aXFW>aZQD! I-)-*&6-!7)$(#'.!]D!'.&!]':$/!CD!;'.!72-))$5D!>YYXD!fM+*&$.2$!)#')!"'/=!4$53-5:'.2$!7#-16&!<$! K*/)*.81*/#$&!35-:!,-.)$P)1'6!4$53-5:'.2$Dg!]-15.'6!-3!%((6*$&!4/L2#-6-8L!QY!G%181/)HU!XQaW XRSD! T'#'(*$)?!]'.*.$!MD!'.&!71:'.)5'!`#-/#'6D!>YYRD!f7-2*'6!,'(*)'6?!c.)$66$2)1'6!,'(*)'6!'.&!)#$! J58'.*E')*-.'6!%&+'.)'8$Dg!%2'&$:L!-3!I'.'8$:$.)!C$+*$&BF!G%(5*6HU!BXBWBZZD! J58'.?!K$..*/!9D!>YRRD!J58'.*E')*-.'6!,*)*E$./#*(!A$#'+*-5U!"#$!`--&!7-6&*$5!7L.&5-:$D! _$P*.8)-.?!I%U!_$P*.8)-.!A--=/D! J58'.?!K$..*/!9D!'.&!]16*$!AD!4'*.$D!>YYYD!f%!T$!d*.&!-3!4$53-5:'.2$!3-5!c.&1/)5*'6!'.&! J58'.*E')*-.'6!4/L2#-6-8LU!C$2$.)!,-.)5*<1)*-./!)-!)#$!7)1&L!-3!J58'.*E')*-.'6!,*)*E$./#*(! A$#'+*-5Dg!c.!c.)$5.')*-.'6!C$+*$!-3!c.&1/)5*'6!'.&!J58'.*E')*-.'6!4/L2#-6-8L?!;-6!>XD!M&/D! ,'5L!_D!,--($5!'.&!c+'.!"D!C-<$5)/-.D!T$!m-5=U!9*6$L/!'.&!7-./?!FFQWFZRD! 4'5=*./-.?!A5*'.D!>YYaD!c&$'/!'.&!5$'6*)*$/!-3!$:-)*-.=!_-.&-.!'.&!T$!m-5=U!C-1)6$&8$D! FB! ! ! !
35.
4'5=*./-.?!A5*'.!'.&!%.)-.L!7DCD!I'./)$'&D!>YYBD!f%((5'*/'6!'/!'!,'1/$!-3!M:-)*-.Dg!c.!C$+*$!-3! 4$5/-.'6*)L!'.&!7-2*'6!4/L2#-6-8L?!;-6D!>FD!M&D!I'58'5$)!7D!,6'5=D!T$!m-5=U!C1//$66!7'8$?! >BBW>XYD! 4'5=*./-.?!A5*'.!'.&!%.)-.L!7DCD!I'./)$'&D!>YYFD!fI'=*.8!7$./$!-3!M:-)*-.!*.!7)-5*$/!'.&!7-2*'6! _*3$Dg!,-8.*)*-.!'.&!M:-)*-.!Q!GI'LW]16LHU!BYaWFBFD! 4-&/'=-33?!4#*6*(!ID!'.&!72-))!AD!I'2d$.E*$D!>YYXD!fJ58'.*E')*-.'6!,*)*E$./#*(!A$#'+*-5/!'.&!/'6$/! 1.*)!$33$2)*+$.$//Dg!]-15.'6!-3!I'5=$)*.8!C$/$'52#!F>!G%181/)HU!Fa>WFZFD!!! C*.&36$*/2#?!%5*2!'.&!,#5*/)*.$!I--5:'.D!BSS>D!f"#$!%201*/*)*-.!'.&!N)*6*E')*-.!-3!c.3-5:')*-.!*.! T$!45-&12)!%66*'.2$/U!%!7)5$.8)#!-3!"*$/!4$5/($2)*+$Dg!]-15.'6!-3!I'5=$)*.8!Za!G%(5*6HU!>W>RD!! C-<*./-.?!I*2#'$6!KD!'.&!`$5'6&!_D!,6-5$D!BSS>D!f7*:16')*-.?!72$.'5*-/?!'.&!M:-)*-.'6!%((5'*/'6U! "$/)*.8!)#$!,-.+$58$.2$!-3!C$'6!'.&!c:'8*.$&!C$'2)*-./!)-!M:-)*-.'6!7)*:16*Dg!4$5/-.'6*)L!'.&! 7-2*'6!4/L2#-6-8L!A166$)*.!BQ!GT-+$:<$5HU!>aBSW>aFBD! C-/$:'.?!c5'!]D!>YY>D!f%((5'*/'6!K$)$5:*.'.)/!-3!K*/25$)$!M:-)*-./Dg!,-8.*)*-.!'.&!M:-)*-.!a! GI'LHU!>Z>WBSSD! C1)#?!]16*$!%D?!@5$&$5*2!@D!A51.$6?!'.&!,$6$!,D!J).$/D!BSSBD!f_*.=*.8!"#-18#)/!)-!@$$6*.8/U! c.+$/)*8')*.8!,-8.*)*+$!%((5'*/'6/!'.&!,-./1:()*-.!M:-)*-./!*.!'!I*P$&WM:-)*-./!,-.)$P)Dg! ]-15.'6!-3!)#$!%2'&$:L!-3!I'5=$)*.8!72*$.2$!FS!G9*.)$5HU!XXWaRD! 7''5.*?!,'5-6L.D>YYYD!"#$!K$+$6-(:$.)!-3!M:-)*-.'6!,-:($)$.2$=!T$!m-5=U!`1*63-5&D!! 7'6-+$L?!4$)$5?!A5*'.!"D!A$&$66?!]$51/#'!AD!K$)$*6$5?!'.&!]-#.!KD!I'L$5D!BSSSD!f,155$.)!K*5$2)*-./! *.!M:-)*-.'6!c.)$66*8$.2$!C$/$'52#Dg!c.!^'.&<--=!-3!M:-)*-./D!B.&!$&*)*-.D!M&/D!I*2#'$6!_$*/! '.&!]$'..$))$!ID!^'+*6'.&W]-.$/=!T$!m-5=U!`1*63-5&?!aSXWaBSD! 72#'66$5?!I'5=!'.&!C-<$5)!AD!,*'6&*.*D!>YYSD!f^'((*.$//?!7'&.$//?!'.&!^$6(*.8U!%!I-)*+')*-.'6! c.)$85')*-.Dg!c.!^'.&<--=!-3!I-)*+')*-.!'.&!,-8.*)*-.U!@-1.&')*-./!-3!7-2*'6!A$#'+*-5?!;-6D!BD! M&/D!CDID!7-55$.)*.-!'.&!MD"D!^*88*./D!T$!m-5=U!`1*63-5&?!aBQWaZ>D! 7$6*8:'.?!I'5)*.!MD4D!BSSBD!f4-/*)*+$!4/L2#-6-8L?!4-/*)*+$!45$+$.)*-.?!'.&!4-/*)*+$!"#$5'(LDg!c.! FF! ! ! !
36.
^'.&<--=!-3!(-/*)*+$!(/L2#-6-8LD!M&/D!,DCD!7.L&$5!'.&!7#'.$!]D!_-($ED!T$!m-5=U!JP3-5&! N.*+$5/*)L?!FW>BD! 7*.8#?!]'8&*(D!BSSSD!f4$53-5:'.2$!(5-&12)*+*)L!'.&!01'6*)L!-3!35-.)6*.$!$:(6-L$$/!*.!/$5+*2$! -58'.*E')*-./Dg!]-15.'6!-3!I'5=$)*.8!ZX!G%(5*6HU!>aWFXD! 7*.8#?!]'8&*(?!`--6/<L?!]$55L!CD?!'.&!`'5L!dD!C#-'&/D!>YYXD!fA$#'+*-5'6!'.&!4/L2#-6-8*2'6! ,-./$01$.2$/!-3!A-1.&'5L!7('..*.8!A15.-1)!3-5!,1/)-:$5!7$5+*2$!C$(5$/$.)')*+$/Dg!]-15.'6!-3! I'5=$)*.8!C$/$'52#!F>!GT-+$:<$5HU!aaRWaZYD! 7=*..$5?!M66$.!%D!>YYYD!f%2)*-.!C$816')*-.?!,-(*.8?!'.&!K$+$6-(:$.)Dg!c.!%2)*-.!'.&!/$63W &$+$6-(:$.)U!"#$-5L!'.&!C$/$'52#!"#5-18#!)#$!_*3$!7('.D!M&/D!]-2#$.!A5'.&)/)'&)$5!'.&! C*2#'5&!ID!_$5.$5D!"#-1/'.&!J'=/?!,%U!7'8$?!XZaWaSXD!! 7:*)#?!,5'*8!%D!'.&!C*2#'5&!7D!_'E'51/D!>YYFD!f%((5'*/'6!,-:(-.$.)/?!,-5$!C$6')*-.'6!"#$:$/?!'.&! )#$!M:-)*-./Dg!,-8.*)*-.!'.&!M:-)*-.!Q!GI'LW]16LHU!BFFWBZYD! 7:*)#?!C*2#'5&!^D?!`$55-&!9D!4'55-))?!M&'5&!@D!K*$.$5?!C*2=!^D!^-L6$?!'.&!71.8!^D!d*:D!>YYYD! fK*(-/*)*-.'6!M.+LDg!4$5/-.'6*)L!'.&!7-2*'6!4/L2#-6-8L!A166$)*.!Ba!G%181/)HU!>SSQW>SBSD! 7-6&-?!`'5L!@D!'.&!`6-5*'!4D!"#-:'/D!>YRXD!fC$6')*-.'6!,-::1.*2')*-.U!@-5:!;$5/1/!,-.)$.)!*.! )#$!7'6$/!c.)$5'2)*-.Dg!]-15.'6!-3!I'5=$)*.8!XR!G9*.)$5HU!RXWYFD! 7(*5-?!C-/'..!_D!'.&!A'5)-.!%D!9$*)ED!>YYSD!%&'()*+$!7$66*.8U!,-.2$()1'6*E')*-.?!I$'/15$:$.)?!'.&! T-:-6-8*2'6!;'6*&*)LD!]-15.'6!-3!I'5=$)*.8!C$/$'52#!BQ!G@$<51'5LHU!Z>WZYD! 71h'.?!^'5*/#D!>YRZD!f7:'5)$5!+$5/1/!^'5&$5U!%.!MP(6-5')-5L!%))5*<1)*-.'6!%.'6L/*/!-3!7'6$/($-(6$b/! I-)*+')*-.Dg!]-15.'6!-3!I'5=$)*.8!C$/$'52#!BF!G@$<51'5LHU!XSWXYD! 71h'.?!^'5*/#D!>YYYD!fJ()*:*/:!'.&!7)5$$)W7:'5)/U!c&$.)*3L*.8!'.&!c:(5-+*.8!7'6$/($5/-.! c.)$66*8$.2$Dg!]-15.'6!-3!4$5/-.'6!7$66*.8!'.&!7'6$/!I'.'8$:$.)!>Y!G71::$5HU!>QWFFD! 71h'.?!^'5*/#?!A'5)-.!%D!9$*)E?!'.&!T*5:'6L'!d1:'5D!>YYXD!f_$'5.*.8!J5*$.)')*-.?!9-5=*.8!7:'5)?! '.&!M33$2)*+$!7$66*.8Dg!]-15.'6!-3!I'5=$)*.8!aR!G]16LHU!FYWaBD! 7EL:'./=*?!K'+*&!ID!G>YRRHD!fK$)$5:*.'.)/!-3!7$66*.8!M33$2)*+$.$//U!"#$!c:(-5)'.2$!-3!K$26'5')*+$! FX! ! ! !
37.
d.-6$&8$!)-!)#$!4$5/-.'6!7$66*.8!,-.2$()D!]-15.'6!-3!I'5=$)*.8!aB!G]'.1'5LHU!ZFWQQD! 7EL:'./=*?!K'+*&!ID!'.&!`*6<$5)!%D!,#152#*66D!>YYSD!f,6*$.)!M+'61')*-.!,1$/U!%!,-:('5*/-.!-3! 7122$//316!'.&!N./122$//316!7'6$/($-(6$Dg!]-15.'6!-3!I'5=$)*.8!C$/$'52#!BQ!GI'LHU!>ZBW>QXD! "'.8.$L?!]1.$!4D!>YYYD!f"#$!7$63W,-./2*-1/!M:-)*-./U!7#':$?!`1*6)?!M:<'55'//:$.)!'.&!45*&$Dg!c.! ^'.&<--=!-3!,-8.*)*-.!'.&!M:-)*-.D!M&/D!"*:!K'686$*/#!'.&!I*2=!]D!4-$5D!T$!m-5=U!9*6$L! '.&!7-./?!aX>WaZRD! "'.8.$L?!]1.$!4D!'.&!d15)!9D!@*/2#$5D!>YYaD!7$63W,-./2*-1/.$//!M:-)*-./D!T$!m-5=U!`1*63-5&D!! "#-*)/?!4$88LD!%D!>YYSD!fM:-)*-.!K$+*'.2$U!C$/$'52#!%8$.&'/Dg!c.!C$/$'52#!%8$.&'/!*.!)#$! 7-2*-6-8L!-3!M:-)*-./D!M&D!"#$-&-5$!KD!d$:($5D!%6<'.LU!7)')$!N.*+$5/*)L!-3!T$!m-5=?!>RSW BSZD!!! ;'.!KL.$?!_*..?!]*66!9D!`5'#':?!'.&!C*2#'5&!ID!K*$.$/2#D!>YYXD!fJ58'.*E')*-.'6!,*)*E$./#*(! A$#'+*-5U!,-./)512)!C$&$3*.*)*-.?!I$'/15$:$.)?!'.&!;'6*&')*-.Dg!%2'&$:L!-3!I'.'8$:$.)! ]-15.'6!FQ!G%181/)HU!QZaWRSBD! ;$5<$=$?!9*66$:!'.&!C*2#'5&!4D!A'8-EE*D!BSSSD!f7'6$/!,'66!%.P*$)LU!!MP(6-5*.8!9#')!c)!I$'./! 9#$.!@$'5!C16$/!'!7'6$/!M.2-1.)$5Dg!]-15.'6!-3!I'5=$)*.8!ZX!G]16LHU!RRW>S>D! ;$5<$=$?!9*66$:!'.&!C*2#'5&!4D!A'8-EE*D!BSSBD!f%!7*)1')*-.'6!%.'6L/*/!-.!^-!7'6$/($-(6$! MP($5*$.2$!'.&!,-($!9*)#!7#':$!'.&!M:<'55'//:$.)Dg!4/L2#-6-8L!v!I'5=$)*.8!>Y! G7$()$:<$5HU!Q>FWQX>D! ;$5<$=$?!9*66$:!'.&!C*2#'5&!4D!A'8-EE*D!BSSFD!fMP(6-5*.8!)#$!C-6$!-3!7$63W!'.&!,1/)-:$5W45-+-=$&! M:<'55'//:$.)!*.!4$5/-.'6!7$66*.8Dg!c.)$5.')*-.'6!]-15.'6!-3!C$/$'52#!*.!I'5=$)*.8!BS! G7$()$:<$5HU!BFFWBaRD! 9'6&5-.?!;*.2$.)!CD!BSSSD!fC$6')*-.'6!MP($5*$.2$/!'.&!M:-)*-.!')!9-5=Dg!c.!M:-)*-.!*.! J58'.*E')*-./D!B.&!$&*)*-.D!M&D!7)$(#$.!@*.$:'.D!_-.&-.U!7'8$?!ZXWRBD!! 9$*.$5?!A$5.'5&D!>YYBD!^1:'.!I-)*+')*-.U!I$)'(#-5/?!"#$-5*$/?!'.&!C$/$'52#D!_-.&-.U!7'8$D!! Fa! ! ! !
38.
'""&.%$L!3! K15*.8!L-15!01'5)$56L!3$$&<'2=!*)#!L-15!/'6$/!:'.'8$5?!#$e/#$!)$66/!L-1!)#')!L-1!&*&! $P2$66$.)!-5=D!^$e/#$!)$66/!L-1!)#')!L-1!($53-5:$&!<$))$5!)#'.!:-/)!/'6$/($-(6$!'.&!)#')!L-1!.-! <$6-.8!)-!)#$!)-(!>S!-3!)#$!/'6$/($-(6$D!"#*/!*66!<$!:$.)*-.$&!*.!)#$!.$P)!$&*)*-.!-3!L-15! -58'.*E')*-.b/!.$/6$))$5!)#')!*/!<$*.8!/$.)!)-!'66!-3!L-15!21/)-:$5/D!c.!'&&*)*-.!:'.L!-3!L-15! 2-66$'81$/!'65$'&L!2-.85')16')$&!L-1D!! 46$'/$!$P(5$//!#-!/)5-.86L!L-1!3$$6!*.!$'2#!-3!)#$!3-66-*.8!2'/$/s! ! >D! T-!c!=.-!01*)$!$66!#')!c!#'+$!)-!&-!)-!<$!'!8--&!/'6$/($5/-.D! BD! T-!c!#'+$!/$63W'//15'.2$!#-!c!2'.!5$'2#!:L!/'6$/!01-)'b/D! FD! c!':!.-!2-.+*.2$&!)#')!c!2'.!($5/1'&$!:L!21/)-:$5/!)-!<1L!35-:!:$D!! XD! c!3$$6!$P1<$5'.)!'.&!$P#*6'5')$&D! aD! c!3$$6!*.+*.2*<6$D! ZD! c!3$$6!(5-1&D!! ! FZ! ! ! !
39.
'""&.%$L!J! ! fK15*.8!L-15!01'5)$56L!3$$&<'2=!*)#!L-15!/'6$/!:'.'8$5?!#$e/#$!)$66/!L-1!)#')!L-1!&*&! $P2$66$.)!-5=!'.&!)#')!L-1!.-!<$6-.8!)-!)#$!)-(!>S!-3!)#$!/'6$/($-(6$D!c.!)#$!.$P)!$&*)*-.!-3!L-15! -58'.*E')*-.!:'8'E*.$!)#*/!*66!<$!'..-1.2$&?!*.!3'2)!:'.L!-3!L-15!21/)-:$5/!'6/-!5$'&!)#*/! :'8'E*.$Dg!! ! 46$'/$!$P(5$//!#-!/)5-.86L!L-1!3$$6!$'2#!-3!)#$!3-66-*.8s! K$$(!*./*&$!c!)#*.=!G(-/*)*+$!(5*&$H! ! >D! T-!c!=.-!01*)$!$66!#')!c!#'+$!)-!&-!)-!<$!'!8--&!/'6$/($5/-.!! BD! T-!c!#'+$!/$63W'//15'.2$!#-!c!2'.!5$'2#!:L!/'6$/!01-)'b/!! FD! c!':!.-!2-.+*.2$&!)#')!c!2'.!($5/1'&$!:L!21/)-:$5/!! K$$(!*./*&$!c!)#*.=!G#1<5*/H! ! XD! c!-3)$.!)#*.=U!u7$$!c!':!'!8--&!/'6$/($5/-.u! aD! c!'6'L/!)#-18#)U!uc!':!'!5$'6!/'6$/($5/-.u! ZD! c!)#*.=!c!':!'!)-(!/'6$/($5/-.! K$$(!*./*&$!c!3$$6!G/1<h$2)*+$!$P($5*$.2$H! ! QD! $P1<$5'.)!'.&!$P#*6'5')$&D! RD! *.+*.2*<6$D! YD! (5-1&D!!! ^'+*.8!5$'&!)#-/$!/$.)$.2$/!#')!)$.&$.2*$/!&-!L-1!#'+$!G'2)*-.!)$.&$.2*$/HU! ! >SD! c!3$$6!'.!158$!)-!)$66!:L!2-66$'81$/!c!':!&-*.8!$66D! >>D! c!#'+$!'!/)5-.8!&$/*5$!)-!)$66!2-66$'81$/!c!':!)#$!<$/)D! ! ^'+*.8!/#-.!:L!(5*&$!)-!2-66$'81$/!G21/)-:$5/Hs!! T$8')*+$!/$63W2-./2*-1/!$:-)*-./U! ! >BD! c!3$$6!'/#':$&!)#')!c!2-16&!.-)!2-.)'*.!:L!(5*&$!)-!2-66$'81$/!G21/)-:$5/HD! >FD! c!5$85$)!)#')!:L!2-66$'81$/!G21/)-:$5/H!2-16&!/$$!:L!(5*&$D! @$'5U! ! >XD! c!)#*.=!:L!2-66$'81$/!G21/)-:$5/H!*66!8-//*(!c!':!'!<*8#$'&$&!($5/-.D! >aD!
c!)#*.=!:L!2-66$'81$/!G21/)-:$5/H!*66!/$$=!)-!:')2#!:L!'22-:(6*/#:$.)/D! >ZD! c!)#*.=!:L!2-66$'81$/!G21/)-:$5/H!*66!'+-*&!:$D! FQ! ! ! !
40.
"'<6$!>D!45$)$/)!5$/16)/U!@5$01$.2L!'.&!*.)$./*)L!-3!$:-)*-./!')!-5=!G:$'./!*)#! /)'.&'5&!&$+*')*-./!*.!('5$.)#$/$/HD! ! M:-)*-.! @5$01$.2L! c.)$./*)L! 45*&$!! aDSX!GDYZH! aD>Z!G>D>>H! ^1<5*/!G$P2$//*+$!(5*&$H! FDXF!G>DZ>H! FDZQ!G>DZ>H! 7#':$! BDBQ!G>D>>H! BDaQ!G>DFXH! `1*6)! BDXS!GDYYH! BDQS!G>DFSH! M.+L! BD>>!G>DSXH! BDBa!G>DSZH! M:<'55'//:$.)! BDBa!G>DS>H! BDZS!G>DBaH! ]$'6-1/L! BDFQ!G>D>QH! BDFQ!G>DSQH! ]-L! aDFa!GDYFH! aDXS!GDYRH! K*/'((-*.):$.)!! FDZB!G>DSYH! FDYZ!G>DXSH! %.8$5! FD>Q!G>D>FH! FDXF!G>DXQH! 7'6$/!2'66!'.P*$)L! >DYF!G>DS>H! BDSF!GDYZH! ! @5$01$.2L!'/!:$'/15$&!-.!'!QW(-*.)!/2'6$!G>i.$+$5?!Q!'6'L/H?!'.&!*.)$./*)L! '/!:$'/15$&!-.!'!QW(-*.)!/2'6$!G>i.-)!')!'66?!Qi+$5L!*.)$./$6LHD!T!i!>X>D! ! FR! ! ! !
41.
"'<6$!BD!C$6*'<*6*)L!G'6(#'H?!:$'./?!'.&!/)'.&'5&!&$+*')*-./!-3!)#$!/2'6$/!35-:!7)1&L!>D! ! 72'6$/! c.W5-6$!($53-5:'.2$! ! ! ! ! ! ! 45*&$! T1:<$5!-3! *)$:/! ! Z! %6(#'! I$'./! ! DQS! ! aDQ>! 7)'.&'5&! &$+*')*-./! ! DZX! R! DRZ! aDZZ! DR>! F! DQF! aDBZ! >DSa! Q! DZZ! aDFF! DQQ! ! F! ! DRF! ! aDXB! ! >DSa! X! DRF! aDQ>! >D>F! F! DQQ! aD>Y! DYZ! X! DRS! aDBS! >DSF! %&'()*+$!/$66*.8! ! 9-5=*.8!#'5&! ! 7$63W$33*2'2L! ! ! MP)5'W5-6$!($53-5:'.2$! ! ! ^$6(*.8! ! ! 7(-5)/:'./#*(! ! ! ,*+*2!;*5)1$! ! ! ,-15)$/L! ! ! FY! ! ! !
42.
"'<6$!FD!"#$!<5-'&$.*.8!$33$2)/!-3!(5*&$!G/)'.&'5&*E$&!2-$33*2*$.)/H!G7)1&L!>HD! ! & >#7#08#0!&4,%$,2(#'&?@0*%.(#&7#%).%:,0+#A& @08#7#08#0!& 4,%$,2(#'& %&'()*+$!/$66*.8! 9-5=*.8!#'5&! 7$63W$33*2'2L! Da>ww! DBRww! DaZww! 45*&$!! %&h1/)$&!CB! DBa! DSQ! DF>! 45*&$!! DaSww! DBZw! DaZww! 9-5=!$P($5*$.2$! D>B! D>B! WDSX! %8$! WDSB! D>S! WDS>! M&12')*-.! WDSQ! DSZ! WD>Z! DBX! DSQ! DF>! %&h1/)$&!CB! ! >#7#08#0!&4,%$,2(#'&?B6!%,*%.(#&7#%).%:,0+#A! ! @08#7#08#0!& 4,%$,2(#'& ,*+*2!+*5)1$! 7(-5)/:'./#*(! ^$6(*.8! ,-15)$/L! DFXww! D>a! DFQww! DBZww! 45*&$!! %&h1/)$&!CB! D>>! DS>! D>F! 45*&$!! DFaww! D>X! 9-5=!$P($5*$.2$! DBYw! DSY! D>X! D>B! DFRww! DSZ! DBZw! %8$! WDSY! WDSZ! DSF! D>>! M&12')*-.! WDSB! WDSX! DBFw! DBQw! D>X! DSS! D>Z! D>S! %&h1/)$&!CB! ! w!(!r!DSa! ww!(!r!DS>! XS! ! ! !
43.
"'<6$!XD!C$6*'<*6*)L!G'6(#'/H?!:$'./?!'.&!/)'.&'5&!&$+*')*-./!-3!)#$!/2'6$/!*.!7)1&L!BD! ! 72'6$/! ! ^1<5*/! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 45*&$! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! T1:<$5!-3! *)$:/! F! %6(#'! I$'./! DRF! XD>B! 7)'.&'5&! &$+*')*-./! >DaS! 71<h$2)*+$!$P($5*$.2$!! F! DRS! aD>F! >DBa! %2)*-.!)$.&$.2*$/!2-66$'81$/! B! DRX! BDZX! >DXa! T$8D!7,W$:-)*-./!2-66$'81$/! B! DRZ! FDS>! >DZa! @$'5!2-66$'81$/! F! DRR! BDa>! >DXB! %2)*-.!)$.&$.2*$/!21/)-:$5! B! DRZ! B?BB! >DFS! T$8D!7,W$:-)*-./!21/)-:$5! B! DRR! FDSB! >DQa! @$'5!21/)-:$5! F! DY>! BDaB! >Daa! ,-8.*)*+$!'((5'*/'6! F! DQY! aDSa! >D>S! 71<h$2)*+$!$P($5*$.2$!! F! DRX! aDFS! >D>Q! %2)*-.!)$.&$.2*$/!2-66$'81$/! B! DRR! FDSR! >DaR! T$8D!7,W$:-)*-./!2-66$'81$/! B! DRX! FD>S! >DaY! @$'5!2-66$'81$/! F! DYS! BDaS! >DXS! %2)*-.!)$.&$.2*$/!21/)-:$5! B! DRR! BD>Z! >DBQ! T$8D!7,W$:-)*-./!21/)-:$5! B! DYS! FDSX! >DQY! @$'5!21/)-:$5! F! DYB! BDFR! >DaF! ,-8.*)*+$!'((5'*/'6! X>! ! ! !
44.
"'<6$!aD!,-55$6')*-.!:')5*P!-3!2-./)512)/?!7)1&L!BD! ! ! >D!,-8.*)*+$! '((5'*/'6!#1<5*/! BD!71<h$2)*+$! $P($5*$.2$!#1<5*/! FD!%2)*-.!)$.&$.2*$/! ,-66$'81$/!#1<5*/! XD!T$8')*+$!7,W $:-)*-./! 2-66$'81$/!#1<5*/! aD!@$'5!2-66$'81$/! G#1<5*/H! ZD!%2)*-.!)$.&$.2*$/! 21/)-:$5/!#1<5*/! QD!T$8')*+$!7,W $:-)*-./! 21/)-:$5/!#1<5*/! RD!@$'5!21/)-:$5/! ! G#1<5*/H! YD!,-8.*)*+$! '((5'*/'6!(5*&$! >SD!71<h$2)*+$! $P($5*$.2$!(5*&$! >>D!%2)*-.! )$.&$.2*$/! 2-66$'81$/!(5*&$! >BD!T$8')*+$!7,W $:-)*-./! 2-66$'81$/!(5*&$! >! B! F! X! a! Z! Q! R! Y! >S! >>! >B! >F! >X! >a! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! Daaww! ! ! ! ! ! ! ! ! ! ! ! ! ! ! DFXww! D>Rww! ! ! ! ! ! ! ! ! ! ! ! ! ! D>Yww! DSa! D>S! ! ! ! ! ! ! ! ! ! ! ! ! DB>ww! D>S! DBFww! DZQww! ! ! ! ! ! ! ! ! ! ! ! DBZww! DS>! DaYww! DB>ww! DBYww! ! ! ! ! ! ! ! ! ! ! D>aw! DSF! DSR! DZYww! DZXww! DB>ww! ! ! ! ! ! ! ! ! ! D>aw! DSB! D>aw! DZSww! DQFww! DBFww! DRSww! ! ! ! ! ! ! ! ! DFZww! DFXww! D>B! DSY! DSQ! DS>! DS>! WDSX! ! ! ! ! ! ! ! DFXww! Daaww! D>>!! DSS! WDSS! WDSX! WDSQ! WD>S! DZXww! ! ! ! ! ! ! DBYww! D>Zw! DX>ww! DSR! D>Fw! DFXww! DSX! D>>! DFXww! DBQww! ! ! ! ! ! DSZ! DS>! DSY! DZBww! DXFww! DBXww! DaRww! DXRww! D>>! DSQ! DSQ! ! ! ! ! XB! ! ! !
45.
>FD!@$'5!2-66$'81$/! ! G(5*&$H! >XD!%2)*-.! )$.&$.2*$/! 21/)-:$5/!(5*&$! >aD!T$8')*+$!7,W $:-)*-./! 21/)-:$5/!(5*&$! >ZD!@$'5!21/)-:$5/! ! G(5*&$H! DSZ! WDS>! DBSww! DXRww! DZXww! DF>ww! DaSww! DZ>ww! WDS>! WDS>! D>Fw! DZRww! ! ! ! D>aw! WDS>! DXQww! D>B! DBXww! DaQww! D>F! DB>ww! WDSS! WDSZ! DXRww! D>Yww! DF>ww! ! ! D>>! WDSa! DSQ! DZSww! DXZww! D>Yww! DQSww! DaYww! D>S! WDS>! DSX! DQFww! DaYww! DB>ww! ! D>Fw! WDSF! D>Qw! DaFww! DZXww! DBaww! DZBww! DQBww! WDSB! WDSa! D>>! DZSww! DQRww! DBZww! DQFww! w(r!DSa!GBW)'*6$&HO!ww!4r!DSS>!GBW)'*6$&H! XF! ! ! !
46.
"'<6$!ZD!"$/)/!-3!&*33$5$.2$/!<$)$$.!/$6$2)$&!(')#/!3-5!(5*&$!'.&!3-5!#1<5*/?!7)1&L!BD! ! I-&$6! `--&.$//W-3W3*)! "$/)!-3!&*33$5$.2$/!<$)$$.!(')#/! >D!A'/$6*.$! cB!GRHi!ZD>>! ! 4!i!DZX! BD!,-8.*)*+$!'((5'*/'6!x! ! !IB!x!I>U!cB!&!G>H!i!RDXQ!! /1<h$2)*+$!$P($5*$.2$!'25-//! cB!GYH!i!>XDaR! 4r!DSS>! (5*&$!'.&!#1<5*/! ,-.261/*-.U!4')#!6'58$5!3-5!(5*&$!)#'.! 3-5!#1<5*/! FD!71<h$2)*+$!$P($5*$.2$!x! ! IF!x!I>U!cB!&!G>H!i!QDZQ!! '2)*-.!)$.&$.2*$/!3-5! cB!GYH!i!>FDQR! 4r!DS>! 2-66$'81$/!2-:('5$&!)-! ,-.261/*-.U!4')#!6'58$5!3-5! 21/)-:$5/!1.&$5!(5*&$! (#L/*-6-8L!)-!'2)*-.!)$.&$.2*$/!3-5! 21/)-:$5/!)#'.!3-5!2-66$'81$/!! XD!71<h$2)*+$!$P($5*$.2$!x! ! IX!x!I>U!cB!&!G>H!i!XD>Z! '2)*-.!)$.&$.2*$/!3-5! cB!GYH!i!>SDBQ! 4r!DSa! 2-66$'81$/!2-:('5$&!)-! ,-.261/*-.U!4')#!6'58$5!3-5! 21/)-:$5/!1.&$5!#1<5*/! (#L/*-6-8L!)-!'2)*-.!)$.&$.2*$/!3-5! 21/)-:$5/!)#'.!3-5!2-66$'81$/D!! ! ! XX! ! ! ! !
47.
@*815$!>D!4')#!:-&$6!3-5!(5*&$!'.&!3-5!#1<5*/?!7)1&L!BD! ! ! ! %2)*-.! )$.&$.2*$/! G2-66$'81$/H ! ! @$'5!! G2-66$'81$/H! ! ! ,-8.*)*+$! '((5'*/'6/! ! T$8D!7,W$:-)*-./! G2-66$'81$/H! 71<h$2)*+$! MP($5*$.2$! T$8D!7,W$:-)*-./! G21/)-:$5/H! %2)*-.! )$.&$.2*$/! G21/)-:$5/H T$8D!7,W$:-)*-./! G21/)-:$5/H! Xa! ! ! ! !
Descargar ahora