,QWURGX]LRQH AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA .C4GNC\KQPGUCPKVCTKCRTQXKPEKCNG .C4GNC\KQPGUCPKVCTKCOCPVKGPGUQUVCP\KCNOGPVGNCEQPVKPWKV´EQPKN OQFGNNQRGT NKXGNNKCUUKUVGP\KCNK CFQVVCVQPGINKCPPKRTGEGFGPVKCRCTVKTGFCN + EQPVGPWVK EQPQUEKVKXK FK PCVWTC GRKFGOKQNQIKEC URGTCP\C FK XKVC OQTDQUKV´KPHGVVKXCKPEKFGPVKUVTCFCNKGNCXQTCVKXKUVCVQGEQPFK\KQPKFKUCNWVG OQTVCNKV´ RGT ECWUC GF GXKVCDKNG HKIWTCPQ VWVVK PGNNC RTKOC RCTVG FGNNC 4GNC\KQPG 2QRQNC\KQPGGUCNWVG .G RCTVK UWK UGTXK\K UCPKVCTK HKPCNK UQPQ VTG EQTTKURQPFGPVK CNNG VTG ENCUUK HQPFCOGPVCNKFKOCETQNKXGNNKCUUKUVGP\KCNK CUUKUVGP\CUCPKVCTKCEQNNGVVKXCKPCODKGPVGFKXKVCGFKNCXQTQ CUUKUVGP\CUCPKVCTKCFKUVTGVVWCNG CUUKUVGP\CQURGFCNKGTC +P EKCUEWP OCETQNKXGNNQ CUUKUVGP\KCNG GXGPVWCNOGPVG CTVKEQNCVQ KP RKÔ NKXGNNK K EQPVGPWVK UQPQ FKXKUK KP FWG RCTVK NC RTKOC RCTVG FGFKECVC CNNC FGUETK\KQPG FGNN QTICPK\\C\KQPG CUUKUVGP\KCNG UGTXK\K UVTWVVWTG WPKV´ RTQFWVVKXG RGTUQPCNG NC UGEQPFC CNNG CVVKXKV´ UXQNVG KP VGTOKPK FK CUUKUVKVK RTGUVC\KQPKUCPKVCTKGGTQICVGCURGVVKEQPEGTPGPVKN GHHKEKGP\CRTQFWVVKXC 0GN FKCITCOOC EJG UGIWG Â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Â CTVKEQNCVC KP VTG ECRKVQNK FGFKECVKPGNN QTFKPGCKVTGDNQEEJKHQPFCOGPVCNKFKCUUKUVGP\CFGNOCETQNKXGNNQ #UUKUVGP\CUCPKVCTKCFKDCUG #UUKUVGP\CHCTOCEGWVKEC #UUKUVGP\CVGTTKVQTKCNGUGOKTGUKFGP\KCNGGTGUKFGP\KCNGUCPKVCTKC #NN KPVGTPQ FGK ECRKVQNK K RTKOK FWG OCPVGPIQPQ KN VKRQ FK CTVKEQNC\KQPG RTGXKUVC KP IGPGTCNG 1TICPK\\C\KQPG G CVVKXKV´ CUUKUVGP\KCNK PGN VGT\Q Â ,QWURGX]LRQH AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA WNVGTKQTOGPVG URGEKHKECVQ KN NKXGNNQ CUUKUVGP\KCNG 6QUUKEQ G CNEQNFKRGPFGPVK UCNWVGOGPVCNGGTGNC\KQPCNGTKCDKNKVC\KQPGTGUKFGP\KCNG .CSWCTVCRCTVGÂUWFFKXKUCKPFWGECRKVQNKHQPFCOGPVCNK #UUKUVGP\CQURGFCNKGTCKPTGIKOGFKTKEQXGTQ #UUKUVGP\CURGEKCNKUVKECQURGFCNKGTC %QPTKHGTKOGPVQCKTKEQXGTKQURGFCNKGTKCPEJGPGNUQPQUVCVKVTCVVCVK FKUVKPVCOGPVG K HGPQOGPK FGN TKEQTUQ CNN CUUKUVGP\C QURGFCNKGTC FC RCTVG FGK TGUKFGPVK FC SWGNNQ FGNNC RTQFW\KQPG FK TKEQXGTK FC RCTVG FGINK QURGFCNK RWDDNKEK G FGNNG ECUG FK EWTC RTKXCVG RTGUGPVK KP RTQXKPEKC 5K UGIPCNCPQ INK CRRTQHQPFKOGPVK FGUETKVVK TGNCVKXK CK TKEQXGTK TKRGVWVK CNNC OQDKNKV´ CVVKXC G RCUUKXCCNNCSWCNKHKEC\KQPGKPVGTOKPKFK&4)FGNNCRTQFW\KQPGFKTKEQXGTKCF CNEWPK RCTCOGVTK FK RTQFWVVKXKV´ G FK GHHKEKGP\C 0GN RCTCITCHQ EQPENWUKXQ Â RTGUGPVCVCWPCRTKOCXCNWVC\KQPGFGNNCUKVWC\KQPGQURGFCNKGTCFGNN #NVQ#FKIG EQPTKHGTKOGPVQKPRCTVKEQNCTGCNNGRTGUETK\KQPKFGN2KCPQ5CPKVCTKQRTQXKPEKCNG .C RCTVG SWKPVC FGFKECVC CN TCRRQTVQ VTC UGTXK\K G EKVVCFKPQ HTWKVQTG FGINK UVGUUK Â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´ RTQXKPEKCNG FCVK TGVTQURGVVKXK UK RWÍ CHHGTOCTG EJG CVVTCXGTUQ SWGUVQ UVTWOGPVQ KPHQTOCVKXQ Â RQUUKDKNG QIIK TKEQUVTWKTG N GXQNW\KQPG FGN UKUVGOC UCPKVCTKQ FGNNC 2TQXKPEKC #WVQPQOC FGNN WNVKOQSWKPFKEGPPKQ 5K VTCVVC FK WP RGTKQFQ FGPUQ FK KORQTVCPVK CXXGPKOGPVK RGT NC UCPKV´ KVCNKCPCGRTQXKPEKCNG.C.GIIGFGNKUVKVWVKXCFGN5GTXK\KQUCPKVCTKQ PC\KQPCNG JC RQUVQ NG DCUK RGT WP RTQHQPFQ G TCFKECNG TKPPQXCOGPVQ FGNNC UCPKV´ KP +VCNKC + FGETGVK NGIKUNCVKXK G FK TKQTFKPQ FGNNC OCVGTKC UCPKVCTKC JCPPQ CRRQTVCVQ KORQTVCPVK OQFKHKEJG CN UKUVGOC FK IQXGTPQ FGNNC ,QWURGX]LRQH AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA UCPKV´ TGIKQPCNK\\C\KQPG C\KGPFCNK\\C\KQPG OQFCNKV´ FK HKPCP\KCOGPVQ EQPVTQNNQFKIGUVKQPG&QRQNCTKHQTOCFGNUQPQUVCVKCRRTQXCVKFWGRKCPK UCPKVCTKPC\KQPCNKTKHGTKVKCKRGTKQFK+NFGETGVQNGIKUNCVKXQ P FGN FK TC\KQPCNK\\C\KQPG FGN UKUVGOC UCPKVCTKQ KPVTQFWEG PWQXK UQUVCP\KCNK ECODKCOGPVK WNVGTKQTG UXKNWRRQ FGK RTQEGUUK FK TGIKQPCNK\\C\KQPG 5GTXK\KQ UCPKVCTKQ PC\KQPCNG FGHKPKVQ EQOG KPUKGOG FGK UGTXK\K UCPKVCTK TGIKQPCNKFGNNGRTQXKPEKGCWVQPQOGGFKC\KGPFCNK\\C\KQPG C\KGPFCUCPKVCTKC EQOG KORTGUC UEGNVC FGNNC FKTKIGP\C EQP ETKVGTK FK VKRQ HKFWEKCTKQ XCNQTK\\C\KQPGFGNTWQNQFGNFKUVTGVVQUCPKVCTKQFGNNCKPVGITC\KQPGVTCUQEKCNGG UCPKVCTKQ FGK EQOWPK CEETGFKVCOGPVQ FGK UQIIGVVK GTQICVQTK VGPGPFQ EQPVQ CPEJG FGK ETKVGTK FK EQPHQTOKV´ CINK KPFKTK\\K FGNNC RTQITCOOC\KQPG UCPKVCTKC TGIKQPCNG # NKXGNNQ RTQXKPEKCNG N CDDQPFCPVG NGIKUNC\KQPG KP OCVGTKC JC UGIWKVQ PQP UGP\C GNGOGPVK FK QTKIKPCNKV´ G FK URGEKHKEKV´ CN EQPVGUVQ N GXQNW\KQPG PC\KQPCNG5QPQUVCVKCFQVVCVKVTGRKCPKUCPKVCTKRTQXKPEKCNK EJG JCPPQ IKQECVQ WP TWQNQ OQNVQ KORQTVCPVG PGN FGVGTOKPCTG RTQEGUUK RQUKVKXK FK ECODKCOGPVQ FGNNC UCPKV´ RTQXKPEKCNG 4GEGPVGOGPVG Â UVCVCCRRTQXCVCNCNGIIGFKTKQTFKPQFGNNCUCPKV´RTQXKPEKCNG .C4GNC\KQPGFGNÂUVCVCRTGEGFWVCFCWPCCORKCEQPUWNVC\KQPGFK UQIIGVVK KPVGTPK GF GUVGTPK CNNC UCPKV´ OKTCVC C ICTCPVKTG EQPVGPWVK EQPQUEKVKXK RGTVKPGPVKGOKTCVKCNNGGUKIGP\GKPHQTOCVKXGFGKUQIIGVVKFGUVKPCVCTK+NOQFGNNQ FK TGNC\KQPG RTGXGFGXC WPC CTVKEQNC\KQPG FGK EQPVGPWVK KP FWG RCTVK FGUETK\KQPG FGN UKUVGOC UCNWVG PGNNC RTKOC RCTVG FGUETK\KQPG FGN UKUVGOC UGTXK\K PGNNC UGEQPFC RCTVG .G GFK\KQPK UWEEGUUKXG HKPQ CN JCPPQ OCPVGPWVQ NC UVGUUC CTVKEQNC\KQPG EQP N CIIKWPVC FK CNEWPK EQPVGPWVK OQPQITCHKEK # RCTVKTG FCN KN RTQIGVVQ KPK\KCNG FK 4GNC\KQPG Â UVCVQ RTQHQPFCOGPVG TKPPQXCVQ + ECODKCOGPVK KPVTQFQVVK GTCPQ OQVKXCVK UKC FCNNC GUKIGP\CFKVGPGTEQPVQFGNNGGURGTKGP\GHCVVGUKCFCNNGVTCUHQTOC\KQPKFKVKRQ KUVKVW\KQPCNG G QRGTCVKXQ KPVGTXGPWVG PGN UGTXK\KQ UCPKVCTKQ .C RTKOC RCTVG 5CNWVG G EQOWPKV´ Â UVCVC OCPVGPWVC EQP NC UVGUUC UVTWVVWTC RTGEGFGPVG .C UGEQPFC RCTVG TGNCVKXC CN UKUVGOC FGK UGTXK\K Â UVCVC KORQUVCVC RGT NKXGNNQ CUUKUVGP\KCNG FC ICTCPVKTG CK EKVVCFKPK GF Â UVCVQ WVKNK\\CVQ WPQ UEJGOC FK KPFKECVQTK KURKTCVQ CN &/ UWINK KPFKECVQTK GZ CTV FGN &.XQ # RCTVKTG FCN Â UVCVQ CIIKWPVQ WP ECRKVQNQ UWNNQ 5VCVQ FGK TCRRQTVK EQP K EKVVCFKPK CTV FGN &.XQ . &/ &CN UQPQ UVCVK CRRTQHQPFKVK K EQPVGPWVK KPHQTOCVKXK UWNNC QTICPK\\C\KQPGGUWNNGCVVKXKV´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´VGEPKEQ QTICPK\\CVKXGG UVTWOGPVCNK 5GTXK\KFK UWRRQTVQVGEPKEQ 4KUQTUGWOCPG 4KUQTUGHKPCP\KCTKG #VVKXKV´ CUUKUVGP\KCNK ,QWURGX]LRQH AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA )WKFCCNNCEQPUWNVC\KQPG .C PQVGXQNG SWCPVKV´ FK FCVK G FK EQPVGPWVK FGUETKVVKXK TKRQTVCVK KP SWGUVC 4GNC\KQPG UCPKVCTKC TKIWCTFCPVK EGPVKPCKC FK CURGVVK UKIPKHKECVKXK FGN UKUVGOC UCPKVCTKQRTQXKPEKCNGTCRRTGUGPVCRGTKUQIIGVVKKPVGTPKGFGUVGTPKCNNCUCPKV´WP RCVTKOQPKQEQPQUEKVKXQFKITCPFGTKNKGXQ+UQIIGVVKKPVGTPKRQUUQPQCNNCTICTGNQ UIWCTFQCNFKN´FGNUWDUKUVGOCFKNQTQEQORGVGP\CSWGNNKGUVGTPKUQPQHCEKNKVCVK PGNRTQEGUUQFKCXXKEKPCOGPVQCNEQORNGUUQOQPFQFGNNCUCPKV´GFGNNCUCNWVG 2GT HCXQTKTG NC EQPUWNVC\KQPG FGN FQEWOGPVQ UQPQ UVCVK KPVTQFQVVK CNEWPK UVTWOGPVK CNN WQRQ EJG RQVTCPPQ HCXQTKTG NC TKEGTEC G N KPVGTRTGVC\KQPG FK URGEKHKEKEQPVGPWVKKPHQTOCVKXKRTGUGPVKPGNNCTGNC\KQPG 7PRTKOQSWCFTQUKPVGVKEQIGPGTCNGUWNUKUVGOCFGNNCUCNWVGGFGKUGTXK\K UCPKVCTKKP#NVQ#FKIGXKGPGQHHGTVQPGNECRKVQNQKPVTQFWVVKXQ 2TQHKNQUKPVGVKEQ FGNNC UCPKV´ RTQXKPEKCNG FQXG XGPIQPQ TKCUUWPVK INK CURGVVK GUUGP\KCNG FGK HGPQOGPK EJG ECTCVVGTK\\CPQ NC UCPKV´ CNVQCVGUKPC RQRQNC\KQPG UCNWVG QTICPK\\C\KQPG CUUKUVGP\KCNG RTGUVC\KQPK UCPKVCTKG RTQFQVVG G ICTCPVKVG CK EKVVCFKPKOQDKNKV´CVVKXCGRCUUKXCGHHKEKGP\CRTQFWVVKXCUVCVQFGKTCRRQTVKEQP KEKVVCFKPK%QORNGVCPQKNSWCFTQFWGRTQURGVVKFKKPFKECVQTK PGNRTQURGVVQ#HKIWTCPQKXCNQTKCIIKQTPCVKRGTUKPIQNCC\KGPFCGRGT NCRTQXKPEKCKPEQORNGUUQFKWPCEKPSWCPVKPCFKKPFKECVQTKUGNG\KQPCVK +NRTQURGVVQ$TKRQTVCKXCNQTKCIIKQTPCVKFKQNVTGKPFKECVQTKTGNCVKXK CVWVVKKRTKPEKRCNKHGPQOGPKFGNUKUVGOCRTQXKPEKCNGUCNWVGUGTXK\K 2GTHCXQTKTGKNNGVVQTGKNVGUVQÂEQTTGFCVQFC WPKPFKEGUKUVGOCVKEQFGKEQPVGPWVK UQOOCTKQOQNVQCPCNKVKEQ WP KPFKEG EQP NG RCTQNG EJKCXG FGK EQPVGPWVK HQPFCOGPVCNK FGNNC TGNC\KQPGKPQTFKPGCNHCDGVKEQ WP INQUUCTKQ EQP NC FGHKPK\KQPG RWPVWCNG FK ITCP RCTVG FGNNC VGTOKPQNQIKC VGEPKEC WVKNK\\CVC PGN VGUVQ GF KP RCTVKEQNCTG FK CNEWPK KPFKECVQTK KORKGICVK RGT GURTKOGTG KP HQTOC SWCPVKVCVKXC HGPQOGPK RCTVKEQNCTKFGNUKUVGOCUCPKVCTKQ 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA .C RQRQNC\KQPG TGUKFGPVG PGN VGTTKVQTKQ RTQXKPEKCNG JC UWRGTCVQ CNNC HKPG FGN K 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XC FC C MON CNVKVWFKPGFGKEGPVTKFGKEQOWPKÂKPOGFKCFKOGVTKUNOEQPWPOCUUKOQ FKOGVTKNCFGPUKV´FGOQITCHKECXCTKCCNKXGNNQFKUVTGVVWCNGFCCCDKVCPVKRGT MO .C RQRQNC\KQPG KP EQORNGUUQ RWT OCPKHGUVCPFQ K UGIPK GXQNWVKXK VKRKEK FGNN KPXGEEJKCOGPVQÂCPEQTCTGNCVKXCOGPVGIKQXCPGTKURGVVQCNNGCTGGNKOKVTQHG0GN KNVCUUQFKPCVCNKV´ÂUVCVQFKRQEQKPHGTKQTGCNuuuGSWGNNQFKOQTVCNKV´PQPJCUWRGTCVQ N uuu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Ô CNVGF 'WTQRC DOQTVCNKV´KPHCPVKNGCNKXGNNKVTCKRKÔDCUUKKP'WTQRC EKPEKFGP\CFGNNGOCNCVVKGKPHGVVKXGTKURGVVQCNNCOGFKCPC\KQPCNGRKÔDCUUCRGT#+&5 GFGRCVKVKGRKÔCNVCRGTOGPKPIKVGGUCNOQPGNNQUK F OQTVCNKV´ RGT KPEKFGPVK UVTCFCNK OQTVK PGN UVC\KQPCTKC G UWN NCXQTQ OQTVKRKÔDCUUCFKSWGNNCPC\KQPCNG G OQTVCNKV´ RGT OCNCVVKG FGN UKUVGOC EKTEQNCVQTKQ G RGT VWOQTG KPHGTKQTG CNNC OGFKC PC\KQPCNG H 5VKNK FK XKVC G EQPFK\KQPK FK UCNWVG EQORNGUUKXCOGPVG EQPHTQPVCDKNK EQP NC OGFKC PC\KQPCNG 5VTWVVWTG .G C\KGPFG UCPKVCTKG UQPQ KUVKVW\KQPK EJG JCPPQ EQOG EQORKVQ HQPFCOGPVCNG SWGNNQ FKVWVGNCTGNCUCNWVGFGKEKVVCFKPKTGUKFGPVKICTCPVGPFQKNKXGNNKGUUGP\KCNKFKCUUKUVGP\CEKQÂ N CEEGUUQCNNGRTGUVC\KQPKUCPKVCTKGRTGXKUVGFCNNCPQTOCVKXCPC\KQPCNGGRTQXKPEKCNG 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA .G RTGUVC\KQPK UCPKVCTKG ICTCPVKVG CK EKVVCFKPK RQUUQPQ GUUGTG RTQFQVVG FKTGVVCOGPVG FCNN C\KGPFC Q CESWKUKVG FC CNVTG C\KGPFG UCPKVCTKG G FC UQIIGVVK GTQICVQTK RTKXCVK KP TGNC\KQPGCPEJGCNETKVGTKQFGNNCNKDGTCUEGNVCFGNEKVVCFKPQ. CEEGUUQCRTGUVC\KQPKGTQICVG FC UQIIGVVK RTQFWVVQTK GUVGTPK CN VGTTKVQTKQ C\KGPFCNG F´ NWQIQ CN HGPQOGPQ FGNNC OQDKNKV´ RCUUKXC NC OQDKNKV´ CVVKXC TKIWCTFC KPXGEG KN HGPQOGPQ CRRQUVQ EKQÂ NC RTQFW\KQPG FK RTGUVC\KQPK UCPKVCTKG FC RCTVG FGNN C\KGPFC G FK CNVTK UQIIGVVK GTQICVQTK WDKECVK PGN TGNCVKXQ VGTTKVQTKQ C HCXQTG FK CUUKUVKVK C ECTKEQ FK CNVTG C\KGPFG UCPKVCTKG + NKXGNNK CUUKUVGP\KCNK OCIIKQTOGPVG KPVGTGUUCVK CNNC OQDKNKV´ UQPQ SWGNNK FGK TKEQXGTK QURGFCNKGTK G FGNNC URGEKCNKUVKECCODWNCVQTKCNG .G RTKPEKRCNK UVTWVVWTG FGNNG C\KGPFG UCPKVCTKG 75. UWFFKXKUG RGT OCETQNKXGNNQ CUUKUVGP\KCNGUQPQ #UUKUVGP\CEQNNGVVKXCKPCODKGPVKFKXKVCGFKNCXQTQ UGTXK\KC\KGPFCNKFKKIKGPGGUCPKV´RWDDNKEC UG\KQPKGWPUGTXK\KQFKOGFKEKPCNGICNG UGTXK\KFKOGFKEKPCURQTVKXC UGTXK\KQFKOGFKEKPCFGNNCXQTQ KPVGTC\KGPFCNG UGTXK\KQRPGWOQNQIKEQ KPVGTC\KGPFCNG UGTXK\KQXGVGTKPCTKQ KPVGTC\KGPFCNG #UUKUVGP\CFKUVTGVVWCNG FKUVTGVVKKPUGFKEQPWNVGTKQTKRWPVKFKTKHGTKOGPVQPGNVGTTKVQTKQ OGFKEKFKOGFKEKPCIGPGTCNG RGFKCVTKFKNKDGTCUEGNVC UGTXK\KFKURGEKCNKUVKECCODWNCVQTKCNGPGKFKUVTGVVKGRTGUUQINKQURGFCNK UGTXK\KURGEKCNKUVKEKC\KGPFCNKGKPVGTC\KGPFCNK OGFKEKPCIGPGTCNGGRGFKCVTKCFKNKDGTCUEGNVC EQPUWNVQTKRGFKCVTKEKRTGUGPVKKPVWVVKKFKUVTGVVK EGPVTKFKEQPUWNVQTKQQUVGVTKEQIKPGEQNQIKEQRTGUGPVKKPFKUVTGVVK UGTXK\K5GT6 UGTXK\KRUKEQNQIKEK UGTXK\KGEGPVTKFKTKCDKNKVC\KQPGHKUKEC EGPVTKFKUCNWVGOGPVCNGEJGQRGTCPQKPUGFKFGNVGTTKVQTKQRTQXKPEKCNG XCTKG UVTWVVWTG FK CUUKUVGP\C UCPKVCTKC UGOKTGUKFGP\KCNG G TGUKFGP\KCNG C OCNCVK RUKEJKEK VQUUKEQFKRGPFGPVK G CNEQNKUVK FKUCDKNK CP\KCPK IGUVKVK KP RTQRTKQ Q FCNNG EQOWPKV´EQORTGPUQTKCNKQFCUQIIGVVKRTKXCVKCEETGFKVCVK #UUKUVGP\CQURGFCNKGTC QURGFCNKRWDDNKEKEQPRQUVKNGVVQRGTCEWVKKPTGIKOGQTFKPCTKQ EQORTGUK KPKFKRQUVKNGVVQFK&C[*QURKVCNGFKTKCDKNKVC\KQPGGNWPIQFGIGP\GRQUV CEW\KG 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA TGRCTVKQURGFCNKGTKEQPTKEQXGTQ ECUG FK EWTC RTKXCVG G WPC KPHGTOGTKC EQP RQUVK NGVVQ RGT CEWVK FK EWK CEETGFKVCVKGFKTKCDKNKVC\KQPGGNWPIQFGIGP\CRQUVCEW\KG .GUVTWVVWTGEJGRTQFWEQPQRTGUVC\KQPKUCPKVCTKGPGNVGTTKVQTKQRTQXKPEKCNGHCPPQECRQ CUQIIGVVKGTQICVQTKRWDDNKEKGRTKXCVK+UQIIGVVKRWDDNKEKUQPQTCRRTGUGPVCVKFCNNGSWCVVTQ #\KGPFG 5CPKVCTKG FK $QN\CPQ /GTCPQ $TGUUCPQPG $TWPKEQ G EQRTQPQ ITCP RCTVG FGNNC RTQFW\KQPGUCPKVCTKCTGCNK\\CVCKP2TQXKPEKC+UQIIGVVKRTKXCVKEQORTGPFQPQQNVTGCNNGUGK ECUGFKEWTCRTKXCVGGCNN KPHGTOKGTCHCTOCEKGNKDGTKRTQHGUUKQPKUVKEJGQRGTCPQKPHQTOC UKPIQNC Q CUUQEKCVC #NVTK UQIIGVVK G UVTWVVWTG GTQICPQ KP TGIKOG TGUKFGP\KCNG G UGOKTGUKFGP\KCNGKPVWVVQQKPRCTVGRTGUVC\KQPKUCPKVCTKGEQOWPKV´VGTCRGWVKEJGEQOWPKV´ RTQVGVVG EGPVTK FK FGIGP\C EGPVTK FK TKCDKNKVC\KQPG GEE 7PC RCTVG FGK UQIIGVVK RTKXCVK Â RTQXXKUQTKCOGPVG CEETGFKVCVC G NC TGNCVKXC RTQFW\KQPG Â KPUGTKVC PGN RKCPQ CPPWCNG FGNNC RTQFW\KQPGUCPKVCTKC+OGFKEKFKOGFKEKPCIGPGTCNGGKRGFKCVTKFKNKDGTCUEGNVCUQPQNKDGTK RTQHGUUKQPKUVK NGICVK CN 5GTXK\KQ UCPKVCTKQ RTQXKPEKCNG FC WPC EQPXGP\KQPG FK TKNGXCP\C RWDDNKEC 4KUQTUG +NEQORNGUUQUKUVGOCFKUVTWVVWTGRTGRQUVQCNNCRTQFW\KQPGFKOKNKQPKFKRTGUVC\KQPK FKOKINKCKCFKVKRQNQIKGFKXGTUGWVKNK\\CWPCSWCPVKV´PQVGXQNGFKTKUQTUGFKXCTKQVKRQ NQECNKCVVTG\\CVKRGTNQUXQNIKOGPVQFKCVVKXKV´UCPKVCTKG CVVTG\\CVWTGDKQOGFKEJGCPEJGFKGNGXCVCEQORNGUUKV´ CVVTG\\CVWTGVGEPQNQIKEJGGKPHQTOCVKEJG RGTUQPCNGFKRGPFGPVGGEQPXGP\KQPCVQ DGPKGUGTXK\KFKWUQEQTTGPVG .CTKUQTUCRKÔKORQTVCPVGUKCFCNRWPVQFKXKUVCSWCNKVCVKXQFCVQKNVKRQFKRTQFW\KQPG TGCNK\\CVC EJG SWCPVKVCVKXQ SWCUK OGV´ FGNNC URGUC EQTTGPVG Â TCRRTGUGPVCVC FCN RGTUQPCNGFKRGPFGPVGGEQPXGP\KQPCVQEQPKN5GTXK\KQUCPKVCTKQRTQXKPEKCNG +NRGTUQPCNGFKRGPFGPVGFGNNGC\KGPFGUCPKVCTKGCOOQPVCXCCNNCHKPGFGNC WPKV´ FK EWK RCTVVKOG CN G RCTVVKOG CN +P VGTOKPK GSWKXCNGPVK C VGORQRKGPQNCEQPUKUVGP\CFGNRGTUQPCNGKPUGTXK\KQRTGUUQNGC\KGPFGUCPKVCTKGGTCCHKPG FKWPKV´EQPWPCWOGPVQFKWPKV´TKURGVVQCN 3WCUKKNFGNRGTUQPCNGFKRGPFGPVGKPWPKV´GSWKXCNGPVKGTCKPUGTXK\KQRTGUUQNG UVTWVVWTG QURGFCNKGTG KN PGK UGTXK\K VGTTKVQTKCNK KN PGK UGTXK\K COOKPKUVTCVKXK + UGTXK\KKPVGTC\KGPFCNKWVKNK\\CXCPQKNFGNRGTUQPCNGUCPKVCTKQRTQXKPEKCNG .C ENCUUKHKEC\KQPG FGNNC EQPUKUVGP\C FGN RGTUQPCNG GSWKXCNGPVG RGT TWQNQ FK CRRCTVGPGP\C XGFG CN RTKOQ RQUVQ KN TWQNQ UCPKVCTKQ UGIWKVQ FCN TWQNQ VGEPKEQ GFCNTWQNQCOOKPKUVTCVKXQ &GNRGTUQPCNGGSWKXCNGPVGFGNTWQNQUCPKVCTKQ KNUQPQKPHGTOKGTKKNOGFKEKKNVGEPKEKUCPKVCTK 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA 0GNN CTGC FGNNC OGFKEKPC FK DCUG UGTXK\K VGTTKVQTKCNK QRGTCPQ CNVTK OGFKEK EQPXGP\KQPCVK FKOGFKEKPCIGPGTCNGGRGFKCVTKFKNKDGTCUEGNVC #N HKPG FK ICTCPVKTG NC FKURQPKDKNKV´ FK QRGTCVQTK SWCNKHKECVK RGT KN TKECODKQ FGN RGTUQPCNGGNQUXKNWRRQVGEPKEQRTQHGUUKQPCNGFGNNCTKUQTUCWOCPCKPUGTXK\KQNC2TQXKPEKC G KN 5GTXK\KQ UCPKVCTKQ RTQXKPEKCNG JCPPQ UXQNVQ CPEJG PGN WPC EQPUKUVGPVG GF KORGIPCVKXCCVVKXKV´FKHQTOC\KQPGFKDCUGGRGTOCPGPVGFGNRGTUQPCNGUCPKVCTKQ 0GNUQPQUVCVKFKRNQOCVKPWQXKQRGTCVQTKINKKUETKVVKCNNC5EWQNCRTQXKPEKCNG UWRGTKQTG FK UCPKV´ PGN UQPQ UVCVK K OGFKEK KUETKVVK C UEWQNG FK URGEKCNK\\C\KQPG KP +VCNKC G CNN GUVGTQ JCPPQ TCIIKWPVQ NG WPKV´ +N EQTUQ DKGPPCNG FK HQTOC\KQPGURGEKHKECÂUVCVQHTGSWGPVCVQFCOGFKEK %QP TKHGTKOGPVQ CNNC HQTOC\KQPG RGTOCPGPVG G CNN CIIKQTPCOGPVQ FGN RGTUQPCNG UCPKVCTKQNC2TQXKPEKCJCTGCNK\\CVQEQTUKGEQPXGIPKRGTWPVQVCNGFKIKQTPCVG EQP RCTVGEKRCPVK NG SWCVVTQ C\KGPFG UCPKVCTKG JCPPQ QTICPK\\CVQ EQTUK C EWK JCPPQRCTVGEKRCVQRGTUQPG .C XCNQTK\\C\KQPG GEQPQOKEQHKPCP\KCTKC FGNN KORKGIQ FK TKUQTUG KP VGTOKPK FK URGUC UCPKVCTKCFGN5GTXK\KQUCPKVCTKQRTQXKPEKCNGEQPUGPVGWPCXKUKQPGRKÔINQDCNGGEQORNGUUKXC FGNNCSWCPVKV´FKTKUQTUGFGUVKPCVGCNNCVWVGNCFGNNCUCNWVGKP2TQXKPEKC 0GNUQPQUVCVKUVCP\KCVKRGTNCUCPKV´OKNKCTFKFKNKTGFKEWKKPEQPVQ ECRKVCNG RGT KN HKPCP\KCOGPVQ FGINK KPXGUVKOGPVK &GK OKNKCTFK FK URGUC EQTTGPVG UQPQ UVCVK URGUK FKTGVVCOGPVG FCNNG C\KGPFG UCPKVCTKG G K TKOCPGPVK RCTK CN VTCOKVG NC 2TQXKPEKC CUUKUVGP\C KPFKTGVVC EQPXGP\KQPK EQP N #WUVTKC VTCURQTVQ KPHGTOK HQTOC\KQPG FGN RGTUQPCNG .C URGUC EQTTGPVG RTQECRKVG JC TCIIKWPVQ PGN NKTG SWCUK WP OKNKQPG KP RKÔ FGNNC OGFKC PC\KQPCNG +N FKXCTKQ KPK\KCVQ PGN UKÂCEEGPVWCVQPGINKWNVKOKCPPKFCNKPRQK +N TCRRQTVQ VTC COOQPVCTG FGNNC URGUC UCPKVCTKC EQTTGPVG RWDDNKEC G XCNQTG FGN 2+. 2TQFQVVQ KPVGTPQ NQTFQ EKQÂ PWQXC TKEEJG\\C RTQFQVVC PGN VGTTKVQTKQ FWTCPVG KN RGTKQFQ GURTKOG NC RTQRQT\KQPG FK TGFFKVQ EQORNGUUKXQ RTQFQVVQ PGN VGTTKVQTKQ EJG NC EQOWPKV´ FGUVKPC CK UGTXK\K RGT NC VWVGNC FGNNC UCNWVG C ECTKEQ FGN 5GTXK\KQ UCPKVCTKQ RWDDNKEQ 0GN NGURGUGEQTTGPVKFGNNCUCPKV´RWDDNKECRTQXKPEKCNGJCPPQTCRRTGUGPVCVQKNFGN 2+. +N XCNQTG Â OQNVQ UWRGTKQTG CNNC OGFKC PC\KQPCNG CVVGUVCPFQUK UW NKXGNNK RKÔ XKEKPKCSWGNNKIK´TCIIKWPVKKPCNEWPKRCGUKGWTQRGK )GTOCPKC(TCPEKC$GNIKQ1NCPFC +NFGNNCURGUCUQUVGPWVCFKTGVVCOGPVGFCNNGC\KGPFGUCPKVCTKGTKIWCTFCQPGTKRGT KNRGTUQPCNGFKRGPFGPVGWPCWNVGTKQTGSWQVCFGNÂUVCVCFGUVKPCVCCNNCCESWKUK\KQPG FK DGPK G UGTXK\K FK EQPUWOQ EQTTGPVG KN TGUVQ TKIWCTFC NG EQPXGP\KQPK RGT N CUUKUVGP\C HCTOCEGWVKECVTCOKVGNGHCTOCEKG RGTNCOGFKEKPCIGPGTCNGGNCRGFKCVTKCFKNKDGTC UEGNVC RGTN CUUKUVGP\CQURGFCNKGTCGTQICVCFCUVTWVVWTGRTKXCVG .CURGUCUCPKVCTKCRGTKPXGUVKOGPVKPGNÂUVCVCFKOKNKCTFK FGNNCURGUC EQTTGPVG FK EWK C ECTKEQ FGN DKNCPEKQ FGNNG C\KGPFG UCPKVCTKG G KN TGUVQ CUUWPVC 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA FKTGVVCOGPVG FCNNC 2TQXKPEKC KP ITCP RCTVG DGPK KOOQDKNK G TGNCVKXK CTTGFCOGPVK 6TCVVCPFQUKFKURGUGRGTN CESWKUK\KQPGFKDGPKFWTGXQNK KOOQDKNKOQDKNKCVVTG\\CVWTGKN TCRRQTVQ VTC URGUG RGT KPXGUVKOGPVK G URGUG EQTTGPVK Â UVCVQ OQNVQ XCTKCDKNG PGNN WNVKOQ FGEGPPKQ FCN FGN CN FGN EQOWPSWG OQNVQ UWRGTKQTG CNNC OGFKC PC\KQPCNG +P TGNC\KQPG CN RTQEGUUQ FK RTQITGUUKXC C\KGPFCNK\\C\KQPG FGNNC UCPKV´ RTQXKPEKCNG G CNNC CRRNKEC\KQPG FGINK UVTWOGPVK RTGXKUVK FCK FGETGVK NGIKUNCVKXK FK TKQTFKPQ G NC 2TQXKPEKC JC KPVTQFQVVQ PWQXK VCTKHHCTK RGT K TKEQXGTK G NC URGEKCNKUVKEC CODWNCVQTKCNGGJCCRRNKECVQWPPWQXQOQFGNNQFKHKPCP\KCOGPVQFGNNGC\KGPFGUCPKVCTKG DCUCVQUWNETKVGTKQFGNNCSWQVCECRKVCTKCEQPITCFWCNGTKGSWKNKDTKQVTCNGC\KGPFGUCPKVCTKG TKURGVVQCNNCURGUCUVQTKEC #VVKXKV´CUUKUVGP\KCNG .G RTGUVC\KQPK GTQICVG FCK UGTXK\K FK RTGXGP\KQPG PGNN CODKVQ FGN OCETQNKXGNNQ GUUGP\KCNG FK CUUKUVGP\C EQNNGVVKXC KP CODKGPVG FK XKVC G FK NCXQTQ UQPQ UVCVG EQPUKUVGPVK . #IGP\KC 2TQXKPEKCNG RGT NC 2TQVG\KQPG FGNN #ODKGPVG G NC 6WVGNC FGN NCXQTQ JC GTQICVQ PGN RKÔ FK FK RTGUVC\KQPK FK PCVWTC RTGXGPVKXC PGNNG CTGG FGNNC SWCNKV´ FGNN CTKCGFGNNGCESWGFGINKCNKOGPVKFGKTKHKWVK + UGTXK\K C\KGPFCNK G KPVGTC\KGPFCNK FK RTGXGP\KQPG FGNNG C\KGPFG UCPKVCTKG JCPPQ GTQICVQ SWCUK RTGUVC\KQPK PGK NKXGNNK FK CUUKUVGP\C EQNNGVVKXC FGNNC RTQHKNCUUK FGNNG OCNCVVKG KPHGVVKXG G FKHHWUKXG FGNNG CVVKXKV´ FK EQPVTCUVQ CK TKUEJK UCPKVCTK EQPPGUUK EQP INK CODKGPVK FK XKVC G FK NCXQTQ FGNN CUUKUVGP\C XGVGTKPCTKC G FGNNC VWVGNC FGINK CNKOGPVK .G XCEEKPC\KQPK JCPPQ TCIIKWPVQ NG WPKV´ NC UCPKV´ XGVGTKPCTKC JC EQPVTQNNCVQ ECRKFKDGUVKCOGNGRTGUVC\KQPKFKOGFKEKPCFGNNGURQTVUQPQUVCVG 'HHKEKGP\CRTQFWVVKXC %QPTKHGTKOGPVQCNNCGHHKEKGP\CRTQFWVVKXCFGKUGTXK\KIGUVKVKFKTGVVCOGPVGFCNNGC\KGPFG UCPKVCTKGFGNNCRTQXKPEKCXGPIQPQFKUGIWKVQRTQRQUVKCNEWPKUKIPKHKECVKXKKPFKECVQTKUKPVGVKEK GUVTCVVKFCNNCFQEWOGPVC\KQPGCPCNKVKECRTGUGPVCVCPGNNGUWEEGUUKXGRCTVKFGNNCTGNC\KQPG + UGTXK\K RTGRQUVK CNNC RTQFW\KQPG FGNNG RTGUVC\KQPK FK PCVWTC RTGXGPVKXC FGN OCETQNKXGNNQ FK CUUKUVGP\C EQNNGVVKXC KP CODKGPVG FK XKVC G FK NCXQTQ JCPPQ RTQFQVVQ PGN RTGUVC\KQPK +N RGTUQPCNG KORKGICVQ FCK RTGFGVVK UGTXK\K Â UVCVQ FK EKTEC WPKV´ VGORQ RKGPQ GSWKXCNGPVK RGT CDKVCPVK 2WT VTCVVCPFQUK FK RTQFW\KQPG UCPKVCTKC OQNVQ GVGTQIGPGC FCNNG XCEEKPC\KQPK CK EQPVTQNNK UW UKPIQNK ECRK FK DGUVKCOG K FCVK FKURQPKDKNK EQPUGPVQPQ FK ECNEQNCTG N KPFKEG FK RTQFWVVKXKV´ PWOGTQ OGFKQ FK RTGUVC\KQPK CPPQ RTQFQVVGRGTWPKV´GSWKXCNGPVGFKRGTUQPCNGKORKGICVQ TKUWNVCVQRCTKPGNC+N 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA VGORQNCXQTQCPPWQFKWPCWPKV´FKRGTUQPCNGÂFKEKTECQTGRGTEWKKNVGORQOGFKQ QRGTCVQTG RGT WPKV´ FK RTGUVC\KQPG EQORTGUK K VGORK FGFKECVK GF CVVKXKV´ KPFKTGVVG RWÍ GUUGTGXCNWVCVQKPOKPWVK .KXGNNKCUUKUVGP\KCNKICTCPVKVKCKEKVVCFKPK +NOCETQNKXGNNQFGNN CUUKUVGP\CFKUVTGVVWCNGEQORTGPFGWPCOQNVGRNKEKV´FKVKRQNQIKGFK RTGUVC\KQPK FKXGTUG OGFKEKPC IGPGTCNG RGFKCVTKC FK NKDGTC UEGNVC HCTOCEGWVKEC EQPXGP\KQPCVC KPHGTOKGTKUVKEC FQOKEKNKCTG KPVGITCVC EQPUWNVQTKCNG OCVGTPQ KPHCPVKNG RUKEQNQIKEC URGEKCNKUVKEC CODWNCVQTKCNG G FGK UGTXK\K URGEKCNKUVKEK C\KGPFCNK GF KPVGTC\KGPFCNK FK TKCDKNKVC\KQPG HKUKEC URGEKCNKUVKEC VGTTKVQTKCNG UGOKTGUKFGP\KCNG G TGUKFGP\KCNG C VQUUKEQFKRGPFGPVK G CF CNEQNFKRGPFGPVK C OCNCVK OGPVCNK C FKUCDKNK GF CP\KCPK 5KVTCVVCFKOKINKCKCFKVKRQNQIKGFKXGTUGFKRTGUVC\KQPKGTQICVGFCKOGFKEKFKOGFKEKPC IGPGTCNG FCK RGFKCVTK FK NKDGTC UEGNVC FCINK QRGTCVQTK FGK FKUVTGVVK FCNNG HCTOCEKG FCINK QRGTCVQTKFGKUGTXK\KURGEKCNKUVKEKC\KGPFCNKGKPVGTC\KGPFCNKEQPUWNVQTKCNKOCVGTPQKPHCPVKNK RUKEQNQIKEQ FGNNC TKCDKNKVC\KQPG HKUKEC FGNNC UCNWVG OGPVCNG FGK 5'46 FGINK QRGTCVQTK UCPKVCTKFGNN CUUKUVGP\CTGUKFGP\KCNGCFKUCDKNKGFCP\KCPK /GPVTGUKTKPXKCCNVGUVQFGNNC4GNC\KQPGRGTWPCEQPQUEGP\CCPCNKVKECFGNEQORNGUUQ UKUVGOCFGNOCETQNKXGNNQCUUKUVGP\KCNGFKUVTGVVWCNGUKTKEJKCOCPQSWKKPUKPVGUKCNEWPKFCVK GUKVWC\KQPKRCTVKEQNCTK C NG HCTOCEKG JCPPQ FKUVTKDWKVQ KP HQTOC CUUKUVKVC HCTOCEK C EKVVCFKPK CXGPVK FKTKVVQ CNN CUUKUVGP\C RGT WP VQVCNG FK RG\\K RGT CDKVCPVG FK EWK N RTGUETKVVKFCKOGFKEKFKOGFKEKPCIGPGTCNGGN FCKRGFKCVTKFKNKDGTCUEGNVC+N FGINKCUUKUVKVKJCWUWHTWKVQFGKHCTOCEKUGP\CUQUVGPGTGN QPGTGFGNVKEMGVKN FGINKGUGPVKVKEMGVGTCFKGV´UWRGTKQTGCKCPPK.CURGUCRTQECRKVGRGT HCTOCEKGTQICVKCNNCRQRQNC\KQPGCECTKEQFGN5GTXK\KQUCPKVCTKQRTQXKPEKCNGÂUVCVC FKNKTGUVCDKNGTKURGVVQCN D +EKVVCFKPKJCPPQHCVVQTKEQTUQCNN CUUKUVGP\CURGEKCNKUVKECCODWNCVQTKCNGRTKXCVCRGT WP VQVCNG FK RTGUVC\KQPK EQP WP QPGTG C ECTKEQ FGN 5GTXK\KQ UCPKVCTKQ RTQXKPEKCNGFKOKNKCTFKGOKNKQPK E JCPPQ HCVVQ TKEQTUQ CNNC CUUKUVGP\C URGEKCNKUVKEC CODWNCVQTKCNG KP #WUVTKC CNVQCVGUKPKRGTWPVQVCNGFKRTGUVC\KQPKEQPWPQPGTGCECTKEQFGN5GTXK\KQ UCPKVCTKQRTQXKPEKCNGFKOKNKCTFKOKNKQPK F INK CUUKUVKVK FCN 5GTXK\KQ FKCDGVQNQIKEQ UQPQ UVCVK RCTK C RGT CDKVCPVK .C FWTCVC OGFKC FGNN CUUKUVGP\C Â FK CPPK EQP WP VWTPQXGT CPPWQ FGNN KRC\KGPVKKPECTKEQUQPQOGFKCOGPVGRGTQRGTCVQTG 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA G INK CUUKUVKVK FGN 5GTXK\KQ FKGVGVKEQ PWVTK\KQPCNG UQPQ UVCVK RCTK C RGT CDKVCPVK N KPEKFGP\C FGK PWQXK RC\KGPVK Â UVCVC RCTK C RGT TGUKFGPVK H K EKVVCFKPK TGUKFGPVK PGN VGTTKVQTKQ FGNNC 2TQXKPEKC PGNN CODKVQ FGNN CUUKUVGP\C EQPUWNVQTKCNGOCVGTPQKPHCPVKNGJCPPQWUWHTWKVQFKRTGUVC\KQPKGTQICVGFCK EQPUWNVQTK RGFKCVTKEK FK RTGUVC\KQPK QUVGVTKEQIKPGEQNQIKEJG FK EQTUK RTGRCTVQEQPRCTVGEKRCPVK I VQUUKEQFKRGPFGPVK G CNEQNFKRGPFGPVK JCPPQ TKEGXWVQ CUUKUVGP\C VGTTKVQTKCNG FCK UGTXK\K OGFKEQUQEKCNK FGNNG C\KGPFG UCPKVCTKG VQUUKEQFKRGPFGPVK G CNEQNFKRGPFGPVK JCPPQ WUWHTWKVQ FK CUUKUVGP\C TGUKFGP\KCNGKPEQOWPKV´VGTCRGWVKEJG J K UGTXK\K FK CUUKUVGP\C VGTTKVQTKCNG EGPVTK FK UCNWVG OGPVCNG G TGUKFGP\KCNG EQOWPKV´RTQVGVVGGEGPVTKFKTKCDKNKVC\KQPGRGTOCNCVKRUKEJKEKJCPPQCUUKUVKVQPGN EKTECRC\KGPVKEQPQNVTGRTGUVC\KQPK K K UQIIGVVK EJG PGN UK UQPQ TKXQNVK CN 5GTXK\KQ RUKEQNQIKEQ UQPQ UVCVK QNVTG QVVGPGPFQSWCUKRTGUVC\KQPK L INK KPVGTXGPVK FK GOGTIGP\C PGN UQPQ UVCVK FK EWK QNVTG NC OGV´ RGT OCNQTG GKNRGTKPEKFGPVG)NKCEEGUUKGNGWTIGP\GVTCVVCVGPGK 2TQPVQ UQEEQTUQ QURGFCNKGTK UQPQ UVCVG SWCUK G JCPPQ FCVQ NWQIQ C TKEQXGTK QURGFCNKGTK + UGTXK\K VTCURQTVQ KPHGTOK JCPPQ GHHGVVWCVQ KPVGTXGPVK EQP CODWNCP\G G EQP GNKEQVVGTQ EQP SWCUK OKNKQPK FK -O RGTEQTUKGQTGFKXQNQTKURGVVKXCOGPVG 'HHKEKGP\CRTQFWVVKXC +UGTXK\KURGEKCNKUVKEKC\KGPFCNK&KCDGVQNQIKEQG&KGVGVKEQPWVTK\KQPCNGJCPPQCUUKUVKVQ PGNQNVTGRGTUQPGKORKGICPFQWPKV´GSWKXCNGPVKFKRGTUQPCNG+NECTKEQ OGFKQFKCUUKUVKVKCPPQRGTQRGTCVQTGÂUVCVQFKKNVGORQQRGTCVQTGRGTCUUKUVKVQÂUVCVQ KPOGFKCRCTKCQTG +UGTXK\KURGEKCNKUVKEKKPVGTC\KGPFCNK )GPGVKEC6TCUHWUKQPCNG#PCVQOKCRCVQNQIKECPGN JCPPQ RTQFQVVQ SWCUK RTGUVC\KQPK KORKGICPFQ WPKV´ GSWKXCNGPVK FK RGTUQPCNG .C RTQFW\KQPG OGFKC CPPWC RGT QRGTCVQTG GSWKXCNGPVG Â RGTEKÍ UVCVC RCTK C RTGUVC\KQPK +NVGORQQRGTCVQTGOGFKQRGTRTGUVC\KQPGÂUVCVQFKEKTECWP QTCG OKPWVKEQORTGUKKVGORKFGNNGCVVKXKV´KPFKTGVVG +PCODKVQEQPUWNVQTKCNGRGFKCVTKEQWPKV´FKRGTUQPCNGGSWKXCNGPVGJCPPQGTQICVQ PGNSWCUKRTGUVC\KQPKQIPKUQIIGVVKFKGV´CPPK1IPKQRGTCVQTG JCRTQFQVVQKPOGFKCPGNN CPPQRTGUVC\KQPK +N 5GT6 JC CUUKUVKVQ PGN UQIIGVVK VQUUKEQFKRGPFGPVK G CNEQQNFKRGPFGPVK WVKNK\\CPFQ WPKV´ GSWKXCNGPVK FK RGTUQPCNG +N ECTKEQ OGFKQ FK CUUKUVKVK RGT WPKV´ FK RGTUQCPNGÂUVCVQFKCUUKUVKVK 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA . CUUKUVGP\C TKCDKNKVCVKXC TGUKFGP\KCNG CK VQUUKEQFKRGPFGPVK G CNEQQNFKRGPFGPVK JC WPC URGUCEQORNGUUKXCFKOKNKCTFKGOKNKQPK 0GK EGPVTK FK UCNWVG OGPVCNG WPVK´ GSWKXCNGPVK FK RGTUQPCNG JCPPQ CXWVQ WP ECTKEQOGFKQFKCUUKUVKVKPGNN CPPQRCTKKPOGFKCCCUUKUVKVKRGTQRGTCVQTG +N UGTXK\KQ RUKEQNQIKEQ EQP WPKV´ FK RGUQPCNG GSWKXCNGPVG JC CUUKUVKVQ PGN RGTUQPG KPOGFKCRGTQRGTCVQTGGTQICPFQRTGUVC\KQPK RGT QRGTCVQTG &CKFCVKUWNNCOQDKNKV´CVVKXCKPVGTTGIKQPCNGFGNNCURGEKCNKUVKECCODWNCVQTKCNGTGNCVKXCCN GOGTIGWPEQPUKUVGPVGXQNWOGFKRTQFW\KQPGRTQXKPEKCNGCHCXQTGFKPQPTGUKFGPVK RTGUVC\KQPK RGT WP KORQTVQ CVVKXQ PGVVQ FK QNVTG OKNKCTFK +N FGNNG RTGUVC\KQPKÂUVCVQGTQICVQFCKUGTXK\KFGNNCC\KGPFCUCPKVCTKCFK$TWPKEQ.CEQTTKURQPFGPVG OQDKNKV´ RCUUKXC EQORTGUC N #WUVTKC Â UVCVC FK RTGUVC\KQPK RGT WP KORQTVQ FK QNVTGOKNKCTFK .KXGNNKCUUKUVGP\KCNKICTCPVKVKCKEKVVCFKPK +NTKEQTUQFCRCTVGFGINKCDKVCPVKTGUKFGPVKKP2TQXKPEKCCNNGRTGUVC\KQPKFGNOCETQNKXGNNQ FGNN CUUKUVGP\C QURGFCNKGTC TKEQXGTK Â UVCVQ PQVGXQNG CPEJG UG KP FKOKPW\KQPG TKURGVVQ CNN CPPQRTGEGFGPVG .C RQRQNC\KQPG CNVQCVGUKPC JC WUWHTWKVQ PGN FK TKEQXGTK RGT CEWVK KP TGIKOGQTFKPCTKQCKSWCNKUKCIIKWPIQPQKTKEQXGTKKP&C[*QURKVCNGKTKEQXGTK RQUVCEW\KG4KURGVVQCNKTKEQXGTKQTFKPCTKUQPQFKOKPWKVKFKQNVTGWPKV´SWGNNK KP&C[*QURKVCNRKÔEJGTCFFQRRKCVKOGPVTGUQPQKPXCTKCVKKTKEQXGTKRQUVCEW\KG+NVCUUQ FK TKEQXGTQ RGT CEWVK TGIKOG QTFKPCTKQ G &C[*QURKVCN Â UVCVQ FK PGN TKEQXGTK RGT CDKVCPVK FK EWK KP TGIKOG QTFKPCTKQ OQNVQ UWRGTKQTG CN XCNQTG RTGXKUVQCNKXGNNQPC\KQPCNGFK+NFKXCTKQCRRCTGOQNVQEQPUKUVGPVGCPEJGUGKPRCTVG RWÍ GUUGTG OQVKXCVQ FCNNC RCTVKEQNCTG EQPHKIWTC\KQPG FGN VGTTKVQTKQ RTQXKPEKCNG G EQPUGIWGPVGFKURGTUKQPGCDKVCVKXCFGNNCRQRQNC\KQPG .C OQDKNKV´ RCUUKXC FGK TKEQXGTK RGT CEWVK KP TGIKOG QTFKPCTKQ Â UVCVC RCTK CN FGN VQVCNG FGK TKEQXGTK FGK TGUKFGPVK XGTUQ UVTWVVWTG QURGFCNKGTG WDKECVG KP CNVTG C\KGPFG UCPKVCTKGFGNNC2TQXKPEKCXGTUQQURGFCNKFGNTGUVQFK+VCNKCXGTUQN #WUVTKC KPVQVCNG 2TQFWVVKXKV´GFGHHKEKGP\C .G UVTWVVWTG QURGFCNKGTG RWDDNKEJG G RTKXCVG QRGTCPVK PGN VGTTKVQTKQ RTQXKPEKCNG FKURQPGXCPQPGNFKRQUVKNGVVQRGTTKEQXGTKFKCEWVKKPTGIKOGQTFKPCTKQFKEWK PGKUGVVGQURGFCNKRWDDNKEKIGUVKVKFKTGVVCOGPVGFCNNGC\KGPFGUCPKVCTKG +PVQVCNGUQPQUVCVKRTQFQVVKTKEQXGTKFKEWKPGINKQURGFCNKRWDDNKEK+P VGTOKPK &4) GSWKXCNGPVK TKEQXGTK RGUCVK EQP KN RGUQ CVVTKDWKVQ C EKCUEWP &4) NC 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA RTQFW\KQPG Â TKUWNVCVC RCTKC C WPKV´ FK TKEQXGTQ FK EWK PGINK QURGFCNK RWDDNKEK .G IKQTPCVG FK FGIGP\C UQPQ UVCVG FK EWK PGINK QURGFCNK RWDDNKEK .CFWTCVCOGFKCFGNNCFGIGP\CÂUVCVCKPEQORNGUUQFKIKQTPKRGTTKEQXGTQRGTK TKEQXGTK KP QURGFCNK RWDDNKEK G RGT K TKEQXGTK PGNNG ECUG FK EWTC RTKXCVG +P VGTOKPK GSWKXCNGPVKRGTWPKV´FKTKEQXGTQRGUCVQNGEQTTKURQPFGPVKFGIGP\GOGFKGUQPQUVCVG IKQTPKKPEQORNGUUQPGINKQURGFCNKRWDDNKEK .C ENCUUKHKEC\KQPG FGK TKEQXGTK UGEQPFQ KN ETKVGTKQ &4) G KN TGNCVKXQ UKUVGOC FK RGUK EQPUGPVQPQFKECNEQNCTGFWGKPFKECVQTKUKPVGVKEK C KNRTKOQN KPFKEGFKECUGOKZOKUWTCNCEQORNGUUKV´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Â RCTK C +N NKXGNNQ FK EQORNGUUKV´ FGNNC RTQFW\KQPG QURGFCNKGTC RWDDNKEC TGCNK\\CVC KP 2TQXKPEKC Â KPHGTKQTG C SWGNNQ OGFKQPC\KQPCNGFKEKTECRWPVKRGTEGPVWCNK D N +%2ÂRCTKC. GHHKEKGP\CFGNNCRTQFW\KQPGQURGFCNKGTCRWDDNKECTGCNK\\CVC KP2TQXKPECPGNKPVGTOKPKFKFWTCVCFGNNCFGIGP\CÂFKRWPVKRGTEGPVWCNK RGIIKQTGFGNNCOGFKCPC\KQPCNG #NVTKKPFKECVQTKEJGFKUQNKVQXGPIQPQWVKNK\\CVKRGTXCNWVCTGN GHHKEKGP\CQRGTCVKXCFGNNG UVTWVVWTG QURGFCNKGTG FK TKEQXGTQ RGT CEWVK JCPPQ CUUWPVQ PGN XCNQTK EQORNGUUKXCOGPVG RQUKVKXK %QP TKHGTKOGPVQ CK UGVVG QURGFCNK RWDDNKEK FGNNG SWCVVTQ C\KGPFGUCPKVCTKGUKTKEJKCOCPQKXCNQTKCUUWPVKPGNFCKUGIWGPVKKPFKECVQTK )TCFQ FK WVKNK\\Q FGK RQUVK NGVVQ RCTK CN FGNNC RQVGP\KCNKV´ RTQFWVVKXC OCUUKOCUWRGTKQTGCSWGNNQFGN +PVGTXCNNQ FK VWTPQXGT EKQÂ VGORQ KPVGTEQTUQ KP OGFKC VTC NC FKOKUUKQPG FK WP RC\KGPVGGKNTKEQXGTQFKWPCNVTQPGNNQUVGUUQRQUVQNGVVQIKQTPKKPHGTKQTGCSWGNNQFGN +PFKEGFKTQVC\KQPGEKQÂKNPWOGTQFKTKEQXGTKGHHGVVWCVKKPOGFKCCNN CPPQRGTRQUVQ NGVVQFKURQPKDKNG &KOGUUKFCTGRCTVKEJKTWTIKEKUGP\CKPVGTXGPVQRCTKCNFGKTKEQXGTKKPTGRCTVK EJKTWTIKEKKPHGTKQTGCNXCNQTGFGN &GIGP\COGFKCRTGQRGTCVQTKCIKQTPQEQOGPGN 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA &KOKUUKQPKFKUQIIGVVKFKGV´CPPKTKEQXGTCVKKPTGRCTVKPQPRGFKCVTKEK 2GTEGPVWCNGFKRCTVKEQPVCINKQEGUCTGQ .CHTGSWGP\CFGKTKEQXGTKTKRGVWVKEKQÂFGKECUKFKTKEQXGTQKPEWKNQUVGUUQUQIIGVVQJC UWDKVQCNOGPQFWGTKEQXGTKPGNNQUVGUUQCPPQGUENWUKKVTCUHGTKOGPVKFKQURGFCNGÂURGUUQ WVKNK\\CVCCPEJGEQOGKPFKECVQTGFKSWCNKV´FGNN CUUKUVGP\CQURGFCNKGTCGTQICVC +N PWOGTQ FGK TKEQXGTK TKRGVWVK EKQÂ FGNNG EQRRKG FK TKEQXGTK F QTFKPG P P FGK RC\KGPVK RNWTKTKEQXGTCVK Â TKUWNVCVQ PGN FK RCTK CN FGNNC RTQFW\KQPG EQORNGUUKXCFKTKEQXGTKRGTCEWVKKPTGIKOGQTFKPCTKQTGCNK\\CVCKPRTQXKPEKC . FGK TKEQXGTK TKRGVWVK Â UVCVQ GHHGVVWCVQ PGNNQ UVGUUQ QURGFCNG PGINK QURGFCNK RWDDNKEK KN RGT NQ UVGUUQ /%& ECVGIQTKC FKCIPQUVKEC RTKPEKRCNG PGINK QURGFCNK RWDDNKEK KNRGTNQUVGUUQ/&%GPVTQIKQTPKFCNNCFKOKUUKQPGFGN TKEQXGTQRTGEGFGPVG 0GN RTQURGVVQ EJG UGIWG Â TKRQTVCVQ WP SWCFTQ UKPVGVKEQ EQORCTCVKXQ FGK XCNQTK CUUWPVK FCINK KPFKECVQTK FK GHHKEKGP\C RTQFWVVKXC RTQRQUVK KP RTGEGFGP\C TKHGTKVK C EKCUEWPQ FGKUGVVGQURGFCNKRWDDNKEKIGUVKVKFCNNGSWCVVTQC\KGPFGUCPKVCTKGFGNNCRTQXKPEKC &KSWGUV WNVKOKUKUGIPCNCPQKPRCTVKEQNCTG +PFKEGFKECUGOKZ +PVGTXCNNQFKVWTPQXGT &GIGP\COGFKCRTGQRGTCVQTKC 2GTEGPVWCNGFKFKOKUUKQPKFKUQIIGVVKCPPKTKEQXGTCVKKPTGRCTVKPQPRGFKCVTKEK 2GTEGPVWCNGFKRCTVKEQPVCINKQEGUCTGQ 0QP VWVVC NC XCTKCDKNKV´ VTC K UGVVG QURGFCNK FGK XCNQTK CUUWPVK FC VCNK KPFKECVQTK Â KORWVCDKNGCFKHHGTGP\GFKEQORNGUUKV´FGNNGUVTWVVWTGQURGFCNKGTGFKTKHGTKOGPVQWPCRCTVG ÂUKEWTCOGPVGFGVGTOKPCVCCPEJGFCFKHHGTGPVKNKXGNNKFKGHHKEKGP\CIGUVKQPCNG %QPUKUVGPVG Â UVCVQ CPEJG PGN KN HNWUUQ FK OQDKNKV´ CVVKXC TKIWCTFCPVG K TKEQXGTK RGT CEWVKKPTGIKOGQTFKPCTKQ.GUVTWVVWTGFKTKEQXGTQRGTCEWVKRWDDNKEJGGRTKXCVGQRGTCPVKKP RTQXKPEKCJCPPQRTQFQVVQPGNTKEQXGTKFKEWKCHCXQTGFKPQPTGUKFGPVK KP RTQXKPEKC OQDKNKV´ CVVKXC GZVTCRTQXKPEKCNG .C OQDKNKV´ CVVKXC KPVTCRTQXKPEKCNG EKQÂ K TKEQXGTKRTQFQVVKFCNNGUVTWVVWTGWDKECVGPGNVGTTKVQTKQFKEKCUEWPCC\KGPFCRGTTGUKFGPVKPGN TGUVQ FGNNC RTQXKPEKC JC TKIWCTFCVQ TKEQXGTK 0GN EQORNGUUQ UQPQ UVCVK RTQFQVVK TKEQXGTK FK OQDKNKV´ CVVKXC RCTK CN FGNNC RTQFW\KQPG VQVCNG GZVTCRTQXKPEKCNG G KPVTCRTQXKPEKCNG . C\KGPFC UCPKVCTKC FK $TWPKEQ JC CXWVQ NC OQDKNKV´CVVKXCGZVTCRTQXKPEKCNGRKÔGNGXCVCEQPWPKPFKEGFKCVVTC\KQPGRCTKCNFGNNC RTQFW\KQPG FK TKEQXGTK TGCNK\\CVC . C\KGPFC UCPKVCTKC FK $TGUUCPQPG Â UVCVC KPXGEG ECTCVVGTK\\CVC FCN RKÔ CNVQ KPFKEG FK OQDKNKV´ CVVKXC KPVTCRTQXKPEKCNG G EQORNGUUKXC 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA 7DEHOOD6LQWHVLLQGLFDWRULSHURVSHGDOHSXEEOLFR±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´FKFCVKGFKKPFKECVQTKTKRQTVCVKPGNNCTGNC\KQPGÂPQVGXQNGRGTEWKÂFKHHKEKNG VTCEEKCTG WP RTQHKNQ UKPVGVKEQ GUUGP\KCNG FGNNC UKVWC\KQPG +P IGPGTCNG UK RWÍ FKTG EJG UK VTCVVCFKWPCURGVVQFGNNCUCPKV´EJGJCKPEQOKPEKCVQCFKPVGTGUUCTGNGC\KGPFGGUWNSWCNGUK UVCKPXGUVGPFQRTQITGUUKXCOGPVG +N HGPQOGPQ FGNNG CVVGUG CRRCTG EQORNGUUKXCOGPVG UQFFKUHCEGPVG CPEJG UG TKOCPIQPQCPEQTCUKVWC\KQPKKPUQFFKUHCEGPVK 7RW 3URY 2TQHKNQUKPVGVKEQFGNNCUCPKV´RTQXKPEKCNG AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA +N EQOHQTV FGINK CODKGPVK UCPKVCTK RWT PQP TCIIKWPIGPFQ UVCPFCTF FK QVVKOCNKV´ Â DWQPQUKCRWTGEQPPQVGXQNGXCTKCDKNKV´VTCUGFKGUVTWVVWTGQRGTCVKXG 4KVOK G SWCNKV´ FGNNC XKVC KP QURGFCNG TCRRTGUGPVCPQ WP CTGC FK CWURKECDKNG OKINKQTCOGPVQ 2WT TKUEQPVTCPFQ RTQITGUUK TKURGVVQ CINK CPPK RTGEGFGPVK TKOCPIQPQ CPEQTC ECTGP\G PGNNGOQFCNKV´GPGINKUVTWOGPVKFKEQKPXQNIKOGPVQFGNN WVGP\CKPHQTOC\KQPKUWKUGTXK\KG UWNNG EWTG RCTVGEKRC\KQPG CVVKXC G EQPUCRGXQNG FGN RC\KGPVG CNNC EWTC UVTWOGPVK RGT NC EQPVKPWKV´CUUKUVGP\KCNGXCNWVC\KQPGFGNITCFKOGPVQGWVKNK\\C\KQPGFGKTGNCVKXKTKUWNVCVK 6HUYL]LGLVXSSRUWR AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA #NGTCPQRTGUGPVKRTGUUQKUGTXK\KHCTOCEGWVKEKFGNNCRTQXKPEKC QRGTCVQTKRCTKKPVGTOKPKGSWKXCNGPVKCWPKV´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± 7HFQLFLGL ODERUDWRULR ,QIHUPLHUL )DUPDFLVWL 3HUVRQDOH DPPLQLVWUDWL YR 3HUVRQDOH DXVLOLDULR 2SHUDWRUL WHFQLFL )LJXUD 7DEHOOD3HUVRQDOHGHOVHUYL]LRIDUPDFHXWLFRDOSHUD]LHQGDVDQLWDULDHSHUVRQDOHHTXLYDOHQWHQHO %RO]DQR 0HUDQR %UHVVDQRQH %UXQLFR 7RWDOH 3HUVHTXLYDOHQWH )DUPDFLVWL 7HFQLFLGLODERUDWRULR ,QIHUPLHUL 3HUVRQDOHDXVLOLDULR 3HUVRQDOHDPPLQLVWUDWLYR 3HUVRQDOHGLUXRORWHFQLFR s s 7RWDOHSHUVRQDOHDO 7RWSHUVRQDOHHTXLYDOHQWH SHUVHTXLYDOHQWH PHGLDGHOOHXQLWjGLSHUVRQDOHSUHVHQWLDOHGHOOHXQLWjGLSHUVRQDOHSUHVHQWLDO GLFXLSDUWWLPHsGLFXLSDUWWLPH 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