Y 'LETXIV 1YPXMZMI[ %TTPMGEXMSRW TYRXMPXLMWTSMRX[IvZI[VMXXIRETTPMGEXMSRW[MXLEWMRKPIZMI[GSRXVSPPIV ;LMPIXLIVIGIVXEMRP]MWEPSX]SYGERHS[MXLEWMRKPIZMI[XLIVIEPTS[IVSJ XLIM4LSRITPEXJSVQIQIVKIW[LIR]SYGERW[MXGLSYXZMI[WFEWIHSRYWIV MRTYX1YPXMZMI[ETTPMGEXMSRWGSQIMRWIZIVEPHMJJIVIRXJPEZSVWFYXXLIYRHIV P]MRKQIGLERMWQMWXLIWEQIVIKEVHPIWWSJLS[MXQE]ETTIEVSRXLIWGVIIR 7XVMGXP]WTIEOMRK[ILEZI[SVOIH[MXLQYPXMTPIZMI[WMRSYVTVIZMSYWETTPM GEXMSRWWMRGIFYXXSRWPEFIPWERHSXLIVGSRXVSPWEVIEPPWYFGPEWWIWSJ 9-:MI[ ERHGEREPPKSMRXSXLIZMI[LMIVEVGL]&YX[LIR%TTPIYWIWXLIXIVQwZMI[x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vWIZIRTSWWMFPIXSGSQFMRIHMJJIVIRX QIGLERMWQWJSVW[ETTMRKZMI[W[MXLMREWMRKPIETTPMGEXMSR*SVI\EQTPIXLIM4LSRIvWM4SH ETTPMGEXMSRYWIWEXEFFEVXSW[MXGLFIX[IIRHMJJIVIRXQIXLSHWSJSVKERM^MRK]SYVQYWMG ERHEREZMKEXMSRFEVGSRXVSPPIVXSEPPS[]SYXSFVS[WI]SYVQYWMGFEWIHSRXLEXWIPIGXMSR WII*MKYVI )EGLSJXLIWIX]TIWSJQYPXMZMI[ETTPMGEXMSRYWIWEWTIGMJMGGSRXVSPPIVGPEWWJVSQXLI9-/MX 8EFFEVMRXIVJEGIWEVIMQTPIQIRXIHYWMRKXLIGPEWW 9-8EF&EV'SRXVSPPIV ERHREZMKEXMSR MRXIVJEGIWYWMRK 9-2EZMKEXMSR'SRXVSPPIV -RXLMWGLETXIV[IvVIKSMRKXSJSGYWSRXLI WXVYGXYVISJQYPXMZMI[ETTPMGEXMSRWERHXLIFEWMGWSJW[ETTMRKGSRXIRXZMI[WF]FYMPHMRK SYVS[RQYPXMZMI[ETTPMGEXMSRJVSQWGVEXGL;I[MPP[VMXISYVS[RGYWXSQQYPXMZMI[GSR XVSPPIV[LMGL[MPPKMZI]SYEWXVSRKJSYRHEXMSRJSVXEOMRKEHZERXEKISJXLIZEVMSYWQYPXMZMI[ GSRXVSPPIVWXLEX%TTPITVSZMHIW *MKYVI8LIM4LSRI1EMP ETTPMGEXMSRMWERI\EQTPISJ EQYPXMZMI[ETTPMGEXMSRYWMRK EREZMKEXMSRFEV *MKYVI8LIM4SHETTPMGE XMSRYWIWFSXLEREZMKEXMSR FEVERHEXEFFEV ',%48)6 1YPXMZMI[%TTPMGEXMSRW 8LI:MI[7[MXGLIV%TTPMGEXMSR 8LIETTPMGEXMSR[IvVIKSMRKXSFYMPHMRXLMWGLETXIV:MI[7[MXGLIVMWJEMVP]WMQTPIMRETTIEV ERGIFYXMRXIVQWSJXLIGSHI[IvVIKSMRKXS[VMXIMXvWF]JEVXLIQSWXGSQTPI\ETTPMGEXMSR [IvZIXEGOPIH:MI[7[MXGLIV[MPPGSRWMWXSJXLVIIHMJJIVIRXGSRXVSPPIVWXLVIIRMFWERHER ETTPMGEXMSRHIPIKEXI ;LIRJMVWXPEYRGLIH:MI[7[MXGLIV[MPPPSSOPMOI*MKYVI[MXLEXSSPFEVEXXLIFSXXSQ GSRXEMRMRKEWMRKPIFYXXSR8LIVIWXSJXLIZMI[[MPPGSRXEMREFPYIFEGOKVSYRHERHEFYXXSR ]IEVRMRKXSFITVIWWIH ;LIRXLI7[MXGL:MI[WFYXXSRMWTVIWWIHXLIFEGOKVSYRH[MPPXYVR]IPPS[ERHXLIFYXXSRvW XMXPI[MPPGLERKIWII*MKYVI -JIMXLIVXLI4VIWW1ISVXLI4VIWW1I8SSFYXXSRMWTVIWWIHEREPIVX[MPPTSTYTMRHMGEXMRK [LMGLZMI[vWFYXXSR[EWTVIWWIHWII*MKYVI %PXLSYKL[IGSYPHEGLMIZIXLMWWEQIJYRGXMSREPMX]F][VMXMRKEWMRKPIZMI[ETTPMGEXMSR [IvVIXEOMRKXLMWQSVIGSQTPI\ETTVSEGLXSHIQSRWXVEXIXLIQIGLERMGWSJEQYPXMZMI[ ETTPMGEXMSR8LIVIEVIEGXYEPP]XLVIIZMI[GSRXVSPPIVWMRXIVEGXMRKMRXLMWWMQTPIETTPMGEXMSR SRIXLEXGSRXVSPWXLIFPYIZMI[SRIXLEXGSRXVSPWXLI]IPPS[ZMI[ERHEXLMVHWTIGMEPGSR XVSPPIVXLEXW[ETWXLISXLIVX[SMRERHSYX[LIRXLI7[MXGL:MI[WFYXXSRMWTVIWWIH *MKYVI%JXIVTVIWWMRK XLI7[MXGL:MI[WFYXXSR *MKYVI4VIWWMRKXLI GIRXIVFYXXSRWLS[WEREPIVX *MKYVI:MI[7[MXGLIV EXPEYRGL ',%48)6 1YPXMZMI[%TTPMGEXMSRW 8LI%VGLMXIGXYVISJE1YPXMZMI[%TTPMGEXMSR &IJSVI[IWXEVXFYMPHMRKSYVETTPMGEXMSRPIXvWXEPOEPMXXPIFMXEFSYXXLI[E]M4LSRIQYPXMZMI[ ETTPMGEXMSRWEVITYXXSKIXLIV2IEVP]EPPQYPXMZMI[ETTPMGEXMSRWYWIXLIWEQIFEWMGTEXXIVR 8LIRMFJMPIMWEOI]TPE]IVLIVI3RGI]SYGVIEXI]SYVTVSNIGX]SYvPPJMRH1EMR;MRHS[\MFMR ]SYVTVSNIGX[MRHS[vW6IWSYVGIWJSPHIV-RWMHIXLIJMPIEPSRK[MXLXLIETTPMGEXMSRHIPIKEXI ERHXLIETTPMGEXMSRvWQEMR[MRHS[XLIVI[MPPFIERMRWXERGISJEGSRXVSPPIVGPEWWXLEXMW VIWTSRWMFPIJSVQEREKMRK[LMGLSXLIVZMI[MWGYVVIRXP]FIMRKWLS[RXSXLIYWIV8LMWVSSX GSRXVSPPIVMWSJXIRERMRWXERGISJ 9-2EZMKEXMSR'SRXVSPPIV SV 9-8EF&EV'SRXVSPPIV XLSYKLMXGEREPWSFIEGYWXSQWYFGPEWWSJ 9-:MI['SRXVSPPIV 8LINSFSJXLIVSSXGSRXVSP PIVMWXSXEOIX[SSVQSVISXLIVZMI[WERHTVIWIRXXLIQXSXLIYWIVEWETTVSTVMEXIFEWIH SRXLIYWIVvWMRTYX%XEFFEVGSRXVSPPIVJSVI\EQTPI[MPPW[ETMRHMJJIVIRXZMI[WERHZMI[ GSRXVSPPIVWFEWIHSR[LMGLXEFFEVMXIQ[EWPEWXXETTIH%REZMKEXMSRGSRXVSPPIV[MPPHSXLI WEQIXLMRKEWXLIYWIVHVMPPWHS[RERHFEGOYTXLVSYKLLMIVEVGLMGEPHEXE 1YPXMZMI['SRXVSPPIVW%VI:MI['SRXVSPPIVW -Xv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v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vXEP[E]WRIIHMX -RJEGX]SYYWYEPP][SRvXRIIHXLI 9-:MI[ WYFGPEWWFYXMXvWTVSZMHIHMRGEWI]SYRIIHXS GLERKIXLIETTIEVERGISVFILEZMSVSJ]SYVGSRXIRXZMI[FI]SRH[LEXvWTSWWMFPIYWMRK XLIEXXVMFYXIWMRWTIGXSVMR-RXIVJEGI&YMPHIV-RXLMWGLETXIV[IvPPSRP]FIGVIEXMRKERMFERH EGSRXVSPPIVGPEWWJSVIEGLGSRXIRXZMI[ %GSRXIRXZMI[MWGVIEXIHMRHMVIGXP]F]MRWXERXMEXMRKMXWGSRXVSPPIVGPEWWERHWTIGMJ]MRKERMF REQI2MFWEVIX]TMGEPP]REQIHYWMRKXLIWEQIREQIEWXLIGSRXVSPPIVGPEWW7SXLIGPEWW GEPPIH 1]'SRXVSPPIV [SYPHX]TMGEPP]PSEHERMFJMPIGEPPIH1]'SRXVSPPIV\MF 8LIVSSXGSRXVSPPIVKIXWGVIEXIH[LIRXLIETTPMGEXMSRPSEHW1EMR;MRHS[\MF &YMPHMRK:MI[7[MXGLIV ;IORS[]SYvZIFIIRTEXMIRXP][EMXMRKJSVYWXSYWIER<GSHIXIQTPEXISXLIVXLERE ZMI[FEWIHETTPMGEXMSR;IPP]SYVTEXMIRGIMWEFSYXXSFIVI[EVHIH7IPIGX2I[4VSNIGXi JVSQXLI*MPIQIRYSVTVIWW 2;LIRXLIEWWMWXERXSTIRWYTWIPIGX;MRHS[&EWIH %TTPMGEXMSRWII*MKYVIERHX]TIMRETVSNIGXREQISJ:MI[7[MXGLIV *MKYVI7IPIGXMRKERI[TVSNIGXXIQTPEXI 8LIXIQTPEXI[INYWXWIPIGXIHMWEGXYEPP]IZIRWMQTPIVXLERXLISRI[IvZIFIIRYWMRKYTXS RS[8LMWXIQTPEXI[MPPKMZIYWE[MRHS[ERETTPMGEXMSRHIPIKEXIERHRSXLMRKIPWI{RS ZMI[WRSGSRXVSPPIVWRSRSXLMRK=SY[SRvXYWIXLMWXIQTPEXIZIV]SJXIR[LIR]SYvVI ',%48)6 1YPXMZMI[%TTPMGEXMSRW GVIEXMRKETTPMGEXMSRWFYXF]WXEVXMRKJVSQRSXLMRK]SYvPPVIEPP]KIXEJIIPJSVXLI[E] QYPXMZMI[ETTPMGEXMSRWEVIEVGLMXIGXIH 8EOIEWIGSRHXSI\TERHXLI6IWSYVGIWERH'PEWWIWJSPHIVWMRXLI+VSYTW*MPIWTERIERH PSSOEX[LEXvWXLIVI=SYvPPJMRHEWMRKPIRMFJMPI1EMR;MRHS[\MFXLI-RJSTPMWXJMPIERHXLI X[SJMPIWMRXLIGPEWWJSPHIVXLEXMQTPIQIRXXLIETTPMGEXMSRHIPIKEXI)ZIV]XLMRKIPWI[I RIIHJSVSYVETTPMGEXMSR[I[MPPLEZIXSLEZIXSGVIEXI 'VIEXMRK3YV:MI['SRXVSPPIVERH2MF*MPIW 3RISJXLIQSVIHEYRXMRKEWTIGXWSJGVIEXMRKEQYPXMZMI[ETTPMGEXMSRJVSQWGVEXGLMWXLEX [ILEZIXSGVIEXIWIZIVEPMRXIVGSRRIGXIHSFNIGXW;IvVIKSMRKXSGVIEXIEPPXLIJMPIWXLEX[MPP QEOIYTSYVETTPMGEXMSRFIJSVI[IHSER]XLMRKMR-RXIVJEGI&YMPHIVERHFIJSVI[I[VMXIER] GSHI&]GVIEXMRKEPPXLIJMPIWJMVWX[IvPPFIEFPIXSYWI<GSHIvW'SHI7IRWIXS[VMXISYVGSHI JEWXIV-JEGPEWWLEWRvXFIIRHIGPEVIH'SHI7IRWILEWRS[E]XSORS[EFSYXMXWS[I[SYPH LEZIXSX]TIMXMRJYPPIZIV]XMQI[LMGLXEOIWPSRKIVERHMWQSVIIVVSVTVSRI *SVXYREXIP]MREHHMXMSRXSTVSNIGXXIQTPEXIW<GSHIEPWSTVSZMHIWJMPIXIQTPEXIWJSVQER] WXERHEVHJMPIX]TIW[LMGLQEOIWGVIEXMRKXLIFEWMGWOIPIXSRSJSYVETTPMGEXMSRJEMVP]IEW] 7MRKPIGPMGOXLI'PEWWIWJSPHIVMRXLI+VSYTW*MPIWTERIERHXLIRX]TI 2SVWIPIGX2I[ *MPIiJVSQXLI*MPIQIRY8EOIEPSSOEXXLI[MRHS[XLEXSTIRWYTWII*MKYVI *MKYVI'VIEXMRKERI[ZMI[GSRXVSPPIVGPEWW ',%48)6 1YPXMZMI[%TTPMGEXMSRW -J]SYWIPIGX'SGSE8SYGL'PEWWIWJVSQXLIPIJXLERHTERI]SY[MPPFIKMZIRXIQTPEXIWJSVERYQ FIVSJGSQQSR'SGSE8SYGLGPEWWIW7IPIGX9-:MI['SRXVSPPIVWYFGPEWWERHGPMGO2I\X8]TIMRXLI REQI7[MXGL:MI['SRXVSPPIVQERHQEOIWYVIXLEX%PWSGVIEXIw7[MXGL:MI['SRXVSPPIVLxMWGLIGOIH FIJSVIGPMGOMRKXLI*MRMWLFYXXSR<GSHIWLSYPHEHHX[SJMPIWXS]SYV'PEWWIWJSPHIVXLI 7[MXGL:MI['SRXVSPPIV GPEWW[MPPFI]SYVVSSXGSRXVSPPIV6ITIEXXLIWEQIWXITWX[SQSVI XMQIWXSGVIEXI&PYI:MI['SRXVSPPIVQERH=IPPS[:MI['SRXVSPPIVQQEOMRKWYVIXSEPWSGVIEXIXLI GSVVIWTSRHMRKLIEHIVJMPIWJSVFSXL8LIWIEVIXLIX[SGSRXIRXZMI[WXLEX[MPPKIXW[ETTIHMR ERHSYXF] 7[MXGL:MI['SRXVSPPIV ;IEPWSRIIHX[SQSVIRMFJMPIWSRIJSVIEGLSJXLIX[SGSRXIRXZMI[W[INYWXGVIEXIH8S GVIEXIXLIWIWMRKPIGPMGOXLI6IWSYVGIWJSPHIVMRXLI+VSYTW*MPIWTERIWSXLEX[IGVIEXI XLIQMRXLIGSVVIGXTPEGIERHXLIRTVIWW 2SVWIPIGX2I[*MPIiJVSQXLI*MPIQIRYEKEMR 8LMWXMQI[LIRXLIEWWMWXERX[MRHS[GSQIWYTWIPIGX9WIV-RXIVJEGIWYRHIVXLIM4LSRI37 LIEHMRKMRXLIPIJXTERIWII*MKYVI *MKYVI'VIEXMRKRMFJMPIWJSVXLIGSRXIRXZMI[W 7IPIGXXLIMGSRJSVXLI:MI[<-&XIQTPEXI[LMGL[MPPGVIEXIERMF[MXLEGSRXIRXZMI[ERH XLIRGPMGOXLI2I\XFYXXSR;LIRTVSQTXIHJSVEJMPIREQIX]TI&PYI:MI[\MF6ITIEXXLI WXITWXSGVIEXIEWIGSRHRMFJMPIGEPPIH=IPPS[:MI[\MF3RGI]SYvZIHSRIXLEX]SYLEZIEPP XLIJMPIW]SYRIIH-XvWXMQIXSWXEVXLSSOMRKIZIV]XLMRKXSKIXLIV ',%48)6 1YPXMZMI[%TTPMGEXMSRW 1SHMJ]MRKXLI%TT(IPIKEXI 3YVJMVWXWXSTSRXLIQYPXMZMI[I\TVIWWMWXLIETTPMGEXMSRHIPIKEXI7MRKPIGPMGOXLIJMPI:MI[C 7[MXGLIV%TT(IPIKEXILMRXLI+VSYTW*MPIWTERIERHQEOIXLIJSPPS[MRKGLERKIW XSXLEXJMPI MQTSVX 9-/MX9-/MXL" $GPEWW:MI[C7[MXGLIV:MI['SRXVSPPIV $GPEWW7[MXGL:MI['SRXVSPPIV $MRXIVJEGI:MI[C7[MXGLIV%TT(IPIKEXI273FNIGX 9-%TTPMGEXMSR(IPIKEXI"_ -&3YXPIX9-;MRHS[[MRHS[ -&3YXPIX7[MXGL:MI['SRXVSPPIVW[MXGL:MI['SRXVSPPIV a $TVSTIVX]RSREXSQMGVIXEMR9-;MRHS[[MRHS[ $TVSTIVX]RSREXSQMGVIXEMR7[MXGL:MI['SRXVSPPIVW[MXGL:MI['SRXVSPPIV $IRH 8LI -&3YXPIX HIGPEVEXMSR]SYNYWXX]TIHMWERSYXPIXXLEX[MPPTSMRXXSSYVETTPMGEXMSRvWVSSX GSRXVSPPIV;IRIIHXLMWSYXPIXFIGEYWI[IEVIEFSYXXS[VMXIGSHIXLEX[MPPEHHXLIVSSXGSR XVSPPIVvWZMI[XSSYVETTPMGEXMSRvWQEMR[MRHS[&]HSMRKXLEX[LIR[IKSXS-RXIVJEGI&YMPHIV ERHEHHERMRWXERGISJXLI 7[MXGL:MI['SRXVSPPIV GPEWWXS1EMR;MRHS[\MF[IvPPEPVIEH] LEZIERSYXPIXXSGSRRIGXMXXS 2S[[IRIIHXSEHHXLIVSSXGSRXVSPPIVvWZMI[XSSYVETTPMGEXMSRvWQEMR[MRHS['PMGO:MI[C 7[MXGLIV%TT(IPIKEXIQERHEHHXLIJSPPS[MRKGSHI MQTSVX:MI[C7[MXGLIV%TT(IPIKEXIL MQTSVX7[MXGL:MI['SRXVSPPIVL $MQTPIQIRXEXMSR:MI[C7[MXGLIV%TT(IPIKEXI $W]RXLIWM^I[MRHS[ $W]RXLIWM^IW[MXGL:MI['SRXVSPPIV ZSMHETTPMGEXMSR(MH*MRMWL0EYRGLMRK9-%TTPMGEXMSRETTPMGEXMSR_ 3ZIVVMHITSMRXJSVGYWXSQM^EXMSREJXIVETTPEYRGL ?[MRHS[EHH7YFZMI[W[MXGL:MI['SRXVSPPIVZMI[A ?[MRHS[QEOI/I]%RH:MWMFPIA a ',%48)6 1YPXMZMI[%TTPMGEXMSRW ZSMHHIEPPSG_ ?[MRHS[VIPIEWIA ?W[MXGL:MI['SRXVSPPIVVIPIEWIA ?WYTIVHIEPPSGA a $IRH &IWMHIWMQTPIQIRXMRKXLI W[MXGL:MI['SRXVSPPIV SYXPIX[IEVIEHHMRKXLIVSSXGSR XVSPPIVvWZMI[XSXLI[MRHS[6IQIQFIVXLI[MRHS[MWXLISRP]KEXI[E]XSXLIYWIVWS ER]XLMRKXLEXRIIHWXSFIHMWTPE]IHXSXLIYWIVLEWXSKIXEHHIHEWE[MRHS[WYFZMI[ 7[MXGL:MI['SRXVSPPIVL &IGEYWI[IvVIKSMRKXSFIEHHMRKERMRWXERGISJ 7[MXGL:MI['SRXVSPPIV XS1EMR;MRHS[ \MFRS[vWXLIXMQIXSEHHER]RIIHIHSYXPIXWSVEGXMSRWXSXLI7[MXGL:MI['SRXVSPPIVL LIEHIVJMPI ;IvPPRIIHSRIEGXMSRQIXLSHXSXSKKPIFIX[IIRXLIX[SZMI[W;I[SRvXRIIHER]SYXPIXW FYX[I[MPPRIIHX[SSXLIVTSMRXIVWSRIXSIEGLSJXLIZMI[GSRXVSPPIVWXLEX[IvVIKSMRKXS FIW[ETTMRKMRERHSYX8LIWIHSRvXRIIHXSFISYXPIXWFIGEYWI[IvVIKSMRKXSGVIEXIXLIQ MRGSHIVEXLIVXLERMRERMF%HHXLIJSPPS[MRKGSHIXS7[MXGL:MI['SRXVSPPIVL MQTSVX 9-/MX9-/MXL" $GPEWW&PYI:MI['SRXVSPPIV $GPEWW=IPPS[:MI['SRXVSPPIV $MRXIVJEGI7[MXGL:MI['SRXVSPPIV9-:MI['SRXVSPPIV_ =IPPS[:MI['SRXVSPPIV]IPPS[:MI['SRXVSPPIV &PYI:MI['SRXVSPPIVFPYI:MI['SRXVSPPIV a $TVSTIVX]VIXEMRRSREXSQMG=IPPS[:MI['SRXVSPPIV]IPPS[:MI['SRXVSPPIV $TVSTIVX]VIXEMRRSREXSQMG&PYI:MI['SRXVSPPIVFPYI:MI['SRXVSPPIV -&%GXMSRW[MXGL:MI[WMHWIRHIV $IRH 2S[XLEX[IvZIHIGPEVIHXLIEGXMSR[IRIIH[IGEREHHERMRWXERGISJXLMWGPEWWXS 1EMR;MRHS[\MF [...]...',%48 )6 1YPXMZMI[ %TTPMGEXMSRW 8LI %VGLMXIGXYVI SJ E 1YPXMZMI[ %TTPMGEXMSR &IJSVI [I WXEVX FYMPHMRK SYV ETTPMGEXMSR PIXvW XEPO E PMXXPI FMX EFSYX XLI [E] M4LSRI QYPXMZMI[ ETTPMGEXMSRW EVI TYX XSKIXLIV 2IEVP] EPP QYPXMZMI[ ETTPMGEXMSRW YWI XLI WEQI FEWMG TEXXIVR 8LI RMF JMPI MW E OI] TPE]IV LIVI 3RGI ]SY GVIEXI ]SYV TVSNIGX ]SYvPP JMRH 1EMR;MRHS[\MF MR ]SYV TVSNIGX [MRHS[vW 6IWSYVGIW JSPHIV... RSXLMRK IPWI{RS ZMI[W RS GSRXVSPPIVW RS RSXLMRK =SY [SRvX YWI XLMW XIQTPEXI ZIV] SJXIR [LIR ]SYvVI ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW GVIEXMRK ETTPMGEXMSRW FYX F] WXEVXMRK JVSQ RSXLMRK ]SYvPP VIEPP] KIX E JIIP JSV XLI [E] QYPXMZMI[ ETTPMGEXMSRW EVI EVGLMXIGXIH 8EOI E WIGSRH XS I\TERH XLI 6IWSYVGIW ERH 'PEWWIW JSPHIVW MR XLI +VSYTW *MPIW TERI ERH PSSO EX [LEXvW XLIVI =SYvPP JMRH E WMRKPI RMF JMPI... GSRXVSPPIV 6ITIEX XLI WEQI WXITW X[S QSVI XMQIW XS GVIEXI &PYI:MI['SRXVSPPIVQ ERH =IPPS[:MI['SRXVSPPIVQ QEOMRK WYVI XS EPWS GVIEXI XLI GSVVIWTSRHMRK LIEHIV JMPIW JSV FSXL 8LIWI EVI XLI X[S GSRXIRX ZMI[W XLEX [MPP KIX W[ETTIH MR ERH SYX F] 7[MXGL:MI['SRXVSPPIV ;I EPWS RIIH X[S QSVI RMF JMPIW SRI JSV IEGL SJ XLI X[S GSRXIRX ZMI[W [I NYWX GVIEXIH 8S GVIEXI XLIWI WMRKPIGPMGO XLI 6IWSYVGIW JSPHIV... GVIEXI E RMF [MXL E GSRXIRX ZMI[ ERH XLIR GPMGO XLI 2I\X FYXXSR ;LIR TVSQTXIH JSV E JMPIREQI X]TI &PYI:MI[\MF 6ITIEX XLI WXITW XS GVIEXI E WIGSRH RMF JMPI GEPPIH =IPPS[:MI[\MF 3RGI ]SYvZI HSRI XLEX ]SY LEZI EPP XLI JMPIW ]SY RIIH -XvW XMQI XS WXEVX LSSOMRK IZIV]XLMRK XSKIXLIV ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW 1SHMJ]MRK XLI %TT (IPIKEXI 3YV JMVWX WXST SR XLI QYPXMZMI[ I\TVIWW MW XLI ETTPMGEXMSR... ?[MRHS[ EHH7YFZMI[W[MXGL:MI['SRXVSPPIVZMI[A ?[MRHS[ QEOI/I]%RH:MWMFPIA a ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW ZSMH HIEPPSG _ ?[MRHS[ VIPIEWIA ?W[MXGL:MI['SRXVSPPIV VIPIEWIA ?WYTIV HIEPPSGA a $IRH &IWMHIW MQTPIQIRXMRK XLI W[MXGL:MI['SRXVSPPIV SYXPIX [I EVI EHHMRK XLI VSSX GSR XVSPPIVvW ZMI[ XS XLI [MRHS[ 6IQIQFIV XLI [MRHS[ MW XLI SRP] KEXI[E] XS XLI YWIV WS ER]XLMRK XLEX RIIHW XS FI HMWTPE]IH... [IvZI HIGPEVIH XLI EGXMSR [I RIIH [I GER EHH ER MRWXERGI SJ XLMW GPEWW XS 1EMR;MRHS[\MF ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW 1SHMJ]MRK 1EMR;MRHS[\MF 7EZI ]SYV WSYVGI GSHI ERH HSYFPIGPMGO 1EMR;MRHS[\MF XS STIR MX MR -RXIVJEGI &YMPHIV *SYV MGSRW WLSYPH ETTIEV MR XLI RMFvW QEMR [MRHS[ *MPIvW 3[RIV *MVWX 6IWTSRHIV :MI[C 7[MXGLIV%TT(IPIKEXI ERH ;MRHS[ WII *MKYVI ;I RIIH XS EHH SRI QSVI MGSR... KIRIVEPP] VIUYMVIH %PXLSYKL ]SY GER GVIEXI ]SYV MRXIVJEGI MR GSHI VEXLIV XLER YWMRK E RMF JMPI JI[ TISTPI GLSSWI XLEX VSYXI FIGEYWI MX MW QSVI XMQI GSRWYQMRK ERH QSVI HMJJM GYPX XS QEMRXEMR ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW =SY EPWS [MPP KIX E 9-:MI[ WYFGPEWW JSV IEGL GSRXIRX ZMI[ FYX ]SY [SRvX EP[E]W RIIH MX -R JEGX ]SY YWYEPP] [SRvX RIIH XLI 9-:MI[ WYFGPEWW FYX MXvW TVSZMHIH MR GEWI ]SY RIIH... MR XLI +VSYTW *MPIW TERI ERH XLIR X]TI 2 SV WIPIGX 2I[ *MPIi JVSQ XLI *MPI QIRY 8EOI E PSSO EX XLI [MRHS[ XLEX STIRW YT WII *MKYVI *MKYVI 'VIEXMRK E RI[ ZMI[ GSRXVSPPIV GPEWW ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW -J ]SY WIPIGX 'SGSE 8SYGL 'PEWWIW JVSQ XLI PIJXLERH TERI ]SY [MPP FI KMZIR XIQTPEXIW JSV E RYQ FIV SJ GSQQSR 'SGSE 8SYGL GPEWWIW 7IPIGX 9-:MI['SRXVSPPIV WYFGPEWW ERH GPMGO... RIIH XS EHH MW E WYFGPEWW SJ 9-:MI['SRXVSPPIV PSSO MR XLI PMFVEV] JSV :MI[ 'SRXVSPPIV WII *MKYVI ERH HVEK SRI XS XLI RMFvW QEMR [MRHS[ *MKYVI :MI[ 'SRXVSPPIV MR XLI PMFVEV] ',%48 )6 1YPXMZMI[ %TTPMGEXMSRW 3RGI ]SY HS XLMW ]SYV RMFvW QEMR [MRHS[ [MPP RS[ LEZI JMZI MGSRW ERH E RI[ [MRHS[ GSR XEMRMRK E HEWLIH KVI] VSYRHIH VIGXERKPI PEFIPIH :MI[ WLSYPH ETTIEV WII *MKYVI ... *MKYVI =SY WLSYPH EPWS RSXMGI XLEX MR XLI RMFvW QEMR [MRHS[ XLI REQI SJ XLEX RI[ MGSR LEW W[MXGLIH JVSQ :MI[ 'SRXVSPPIV XS 7[MXGL :MI[ 'SRXVSPPIV ;I RS[ RIIH XS FYMPH SYV VSSX GSRXVSPPIVvW ZMI[ 6IQIQFIV XLEX RI[ [MRHS[ XLEX ETTIEVIH [LIR [I HVEKKIH XLI KIRIVMG ZMI[ GSRXVSPPIV SRXS XLI QEMR RMF [MRHS[ WII *MKYVI # ;IvPP FYMPH XLI ZMI[ JSV 7[MXGL:MI['SRXVSPPIV MR XLEX [MRHS[ *MKYVI . RXIVJEGI3VMIRXEXMSR4SVXVEMX a ZSMHHMH6IGIMZI1IQSV];EVRMRK_ ?WYTIVHMH6IGIMZI1IQSV];EVRMRKA 6IPIEWIWXLIZMI[MJMXHSIWRvXLEZIEWYTIVZMI[ 6IPIEWIER]XLMRKXLEXvWRSXIWWIRXMEPWYGLEWGEGLIHHEXE a ',%48 )6 . RXIVJEGI3VMIRXEXMSRMRXIVJEGI3VMIRXEXMSR_ 6IXYVR=)7JSVWYTTSVXIHSVMIRXEXMSRW VIXYVRMRXIVJEGI3VMIRXEXMSR!!9 RXIVJEGI3VMIRXEXMSR4SVXVEMX a ZSMHHMH6IGIMZI1IQSV];EVRMRK_ ?WYTIVHMH6IGIMZI1IQSV];EVRMRKA 6IPIEWIWXLIZMI[MJMXHSIWRvXLEZIEWYTIVZMI[ 6IPIEWIER]XLMRKXLEXvWRSXIWWIRXMEPWYGLEWGEGLIHHEXE a ',%48 )6