6-',%6( , 1'0%6)2 -2()4)2()28 4)6732 ;%(% -2:)78-+%8-32 3* 73',- %00)+%8-327 .YP] :ME )QEMP 3PMZMIV 2MKKPM$[EHE EQE SVK XS FI JSV[EVHIH 4VIWMHIRX 7MV 'VEMK 6IIHMI ;SVPH %RXM (STMRK %KIRG] 7XSGO )\GLERKI 8S[IV 4PEGI :MGXSVME 7YMXI 1SRXVrEP 5' , > & 6I 6ITSVX XS XLI 4VIWMHIRX SJ ;%(% F] XLI -RHITIRHIRX 4IVWSR (IEV 4VIWMHIRX 6IIHMI - EW XLI -RHITIRHIRX 4IVWSR LEZI GSQTPIXIH XLI IRGPSWIH 6ITSVX HEXIH .YP] [LMGL MW WYFQMXXIH XS ]SY TYVWYERX XS XLI 8IVQW SJ 6IJIVIRGI XLEX IWXEFPMWLIH XLI -RHITIRHIRX -RZIWXMKEXMSR 8LMW 6ITSVX JYPJMPPW TEVXMEPP] XLI QERHEXI SJ XLI -RHITIRHIRX 4IVWSR - ETTVIGMEXI LEZMRK LEH XLI STTSVXYRMX] XS FI SJ WIVZMGI =SYVW XVYP] 6MGLEVH , 1G0EVIR -4 MR 7SGLM -RZIWXMKEXMSR QGPEVIR$QGOIR^MIPEOI GSQ THE INDEPENDENT PERSON REPORT 18 luly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©'SGOXEMPª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©1SWGS[ 'LEQTMSRWLMTWª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rHr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¬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©7SGLM +EQIWª 8LI TVMQEV] WSYVGI SJ XLIWI EPPIKEXMSRW [EW XLI JSVQIV (MVIGXSV SJ XLI 1SWGS[ ERH 7SGLM HSTMRK GSRXVSP PEFSVEXSVMIW [LS VER XLI XIWXMRK JSV XLSYWERHW SJ 6YWWMER ERH MRXIVREXMSREP 3P]QTMERW 8LMW )\IGYXMZI 7YQQEV] HIWGVMFIW XLI JSVQEXMSR SJ XLI -4 ERH WIXW SYX XLI 8IVQW SJ 6IJIVIRGI ERH E FVMIJ WYQQEV] SJ XLI MRZIWXMKEXMZI QIXLSHSPSK] YWIH 8LI FEPERGI SJ XLI WYQQEV] WIXW SYX XLI -4¬W OI] MRZIWXMKEXMZI JMRHMRKW MR VIWTIGX SJ XLI EPPIKEXMSRW SJ HSTMRK QMWGSRHYGX 'VIEXMSR ERH 8IVQW SJ 6IJIVIRGI SJ XLI -RHITIRHIRX -RZIWXMKEXMSR MRXS 7SGLM ERH 3XLIV %PPIKEXMSRW 3R 1E] XLI ;SVPH %RXM (STMRK %KIRG] ;%(% ERRSYRGIH XLI ETTSMRXQIRX SJ ER -RHITIRHIRX 4IVWSR -4 XS GSRHYGX ER MRZIWXMKEXMSR SJ XLI EPPIKEXMSRW QEHI F] XLI JSVQIV (MVIGXSV SJ XLI 1SWGS[ 0EFSVEXSV] (V +VMKSV] 6SHGLIROSZ ©(V 6SHGLIROSZª 4VSJIWWSV 6MGLEVH , 1G0EVIR PE[ TVSJIWWSV EX ;IWXIVR 9RMZIVWMX] 'EREHE ')3 SJ 1G0EVIR +PSFEP 7TSVX 7SPYXMSRW -RG GSYRWIP XS 1G/IR^MI 0EOI 0E[]IVW 004 ERH PSRK WXERHMRK '%7 EVFMXVEXSV [EW ETTSMRXIH EW XLI -4 XS MRZIWXMKEXI 4VSJIWWSV 6MGLEVH 1G0EVIR [EW TVIZMSYWP] E QIQFIV SJ ;%(%¬W XLVII TIVWSR -RHITIRHIRX 'SQQMWWMSR -' PIH F] JSYRHMRK ;%(% 4VIWMHIRX 6MGLEVH ; 4SYRH 5' [LMGL I\TSWIH [MHIWTVIEH HSTMRK MR 6YWWMER %XLPIXMGW ;SVOMRK MRHITIRHIRXP] EW XLI -4 4VSJIWWSV 6MGLEVH 1G0EVIR [EW WYTTSVXIH F] E QYPXM HMWGMTPMREV] XIEQ ,I LEW WMKRMJMGERX I\TIVMIRGI MR XLI [SVPH SJ MRXIVREXMSREP WTSVXW PE[ MRGPYHMRK LEZMRK GSRHYGXIH QER] MRXIVREXMSREP MRZIWXMKEXMSRW VIPEXIH XS HSTMRK ERH GSVVYTXMSR ©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© 8LVSYKLSYX XLI GSYVWI SJ LMW QERHEXI XLI -4 LEW TIVWSREPP] VIZMI[IH EPP IZMHIRGI KEXLIVIH F] LMW MRHITIRHIRX MRZIWXMKEXMZI XIEQ 8LMW 6ITSVX [EW TVITEVIH JVSQ XLI GSPPIGXMZI [SVO SJ XLI -4¬W MRZIWXMKEXMZI XIEQ 8LI MRZIWXMKEXMZI TVSGIWW MW SYXPMRIH ERH XLI QER] WMKRMJMGERX EWTIGXW XLEX [IVI WXYHMIH ERH EREP]^IH YPXMQEXIP] TVSZMHI IZMHIRGI JSV JMRHMRKW SJ JEGX 8LI XLMVH TEVEKVETL SJ XLI -4¬W QERHEXI MHIRXMJ]MRK EXLPIXIW [LS FIRIJMXIH JVSQ XLI QERMTYPEXMSRW LEW RSX FIIR XLI TVMQEV] JSGYW SJ XLI -4¬W [SVO 8LI -4 MRZIWXMKEXMZI XIEQ LEW HIZIPSTIH IZMHIRGI MHIRXMJ]MRK HS^IRW SJ 6YWWMER EXLPIXIW [LS ETTIEV XS LEZI FIIR MRZSPZIH MR HSTMRK 8LI GSQTVIWWIH XMQIPMRI SJ XLI -4 MRZIWXMKEXMSR HMH RSX TIVQMX GSQTMPEXMSR SJ HEXE XS IWXEFPMWL ER ERXM HSTMRK VYPI ZMSPEXMSR 8LI XMQI PMQMXEXMSR VIUYMVIH XLI -4 XS HIIQ XLMW TEVX SJ XLI QERHEXI SJ PIWWIV TVMSVMX] 8LI -4 GSRGIRXVEXIH SR XLI SXLIV JSYV HMVIGXMZIW SJ XLI QERHEXI 8LI LMKLP] GSQTVIWWIH XMQIPMRI LEW QIERX XLEX XLI -4 MRZIWXMKEXMZI XIEQ LEW LEH XS FI WIPIGXMZI MR I\EQMRMRK XLI PEVKI EQSYRX SJ HEXE ERH MRJSVQEXMSR EZEMPEFPI XS MX 8LMW 6ITSVX VIJPIGXW XLI [SVO SJ XLI -4 FYX MX QYWX FI VIGSKRMWIH XLEX [I LEZI SRP] WOMQQIH XLI WYVJEGI SJ XLI I\XIRWMZI HEXE EZEMPEFPI -R HSMRK WS XLI -4 LEW SRP] QEHI *MRHMRKW MR XLMW 6ITSVX XLEX QIIX XLI WXERHEVH SJ FI]SRH E VIEWSREFPI HSYFX A ;%(% QYWX HIGMHI MJ XLI -4 MRZIWXMKEXMZI XIEQ WLSYPH GSRXMRYI MXW [SVO MR VIWTIGX SJ VIZMI[MRK EPP SJ MXW QEXIVMEP MR VIPEXMSR XS WTIGMJMG EXLPIXIW ERH I\EQMRMRK XLI VIQEMRMRK QEXIVMEP MX LEW 7YQQEV] SJ XLI )ZMHIRGI +EXLIVMRK 4VSGIWW 8LI -4 [EW ETTSMRXIH XS PIEH XLMW MRZIWXMKEXMSR XS IRWYVI ER YRFMEWIH ERH MRHITIRHIRX I\EQMREXMSR SJ XLI IZMHIRGI ERH JVSQ [LMGL EPP WXEOILSPHIVW GSYPH LEZI GSRJMHIRGI MR XLI VITSVXMRK SJ GEVIJYP XLSVSYKL ERH FEPERGIH EWWIWWQIRX SJ TVSZIR JEGXW 8LI -4 VIPMIH ERH FYMPX YTSR XLI [SVO TVIZMSYWP] HSRI F] XLI -RHITIRHIRX 'SQQMWWMSR -' 8LI -4 GSRHYGXIH E RYQFIV SJ [MXRIWW MRXIVZMI[W ERH VIZMI[IH XLSYWERHW SJ HSGYQIRXW IQTPS]IH G]FIV EREP]WMW GSRHYGXIH G]FIV ERH JSVIRWMG EREP]WMW SJ LEVH HVMZIW YVMRI WEQTPI GSPPIGXMSR FSXXPIW ERH PEFSVEXSV] EREP]WMW SJ MRHMZMHYEP EXLPIXI WEQTPIW 8LI -4 LEW KEXLIVIH ERH VIZMI[IH EW QYGL IZMHIRGI EW GSYPH FI EGGIWWIH MR XLI PMQMXIH HE] XMQI JVEQI MR [LMGL XLMW 6ITSVX [EW VIUYMVIH XS FI GSQTPIXIH 1SVI IZMHIRGI MW FIGSQMRK EZEMPEFPI F] XLI HE] FYX E GYX SJJ LEH XS FI MQTPIQIRXIH MR SVHIV XS TVITEVI XLI 6ITSVX 8LMW 6ITSVX GSRXEMRW IZMHIRGI XLEX XLI -4 GSRWMHIVW XS FI IWXEFPMWLIH FI]SRH E VIEWSREFPI HSYFX 8LIVI MW QSVI HEXE XLEX RIIHW XS FI JYVXLIV EREP]WIH FYX HSIW RSX EJJIGX XLI JEGXYEP JMRHMRKW MR XLMW 6ITSVX 8LI QERHEXI [EW RSX PMQMXIH XS NYWX XLI TYFPMWLIH EPPIKEXMSRW 8LI -4 I\EQMRIH SXLIV IZMHIRGI SJ [LEX [EW XVERWTMVMRK MR XLI 1SWGS[ 0EFSVEXSV] FIJSVI ERH EJXIV XLI TIVMSH SJ XLI 7SGLM +EQIW 8LI WGSTI SJ XLI -4¬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©697%(%ª ERH [MXLMR 6YWWMER %XLPIXMGW 8LI -' 6ITSVX HIXEMPIH XLI MR XLI JMIPH VIKMQI JSV HSTMRK EXLPIXIW ERH XLI GSVVYTXMSR WYVVSYRHMRK MX 8LI SYXGSQIW SJ XLI -4 EHH E HIITIV YRHIVWXERHMRK XS XLMW WGLIQI ERH WLS[ TVSSJ SJ 7XEXI HMVIGXIH SZIVWMKLX ERH GSVVYTXMSR SJ XLI IRXMVIX] SJ XLI 1SWGS[ PEFSVEXSV]¬W EREP]XMGEP [SVO 8LI 7XEXI MQTPIQIRXIH E WMQTPI JEMPWEJI WXVEXIK] -J EPP XLI STIVEXMSREP TVIGEYXMSRW XS TVSQSXI ERH TIVQMX HSTMRK F] 6YWWMER EXLPIXIW TVSZIH XS LEZI FIIR MRIJJIGXMZI JSV [LEXIZIV VIEWSR XLI PEFSVEXSV] TVSZMHIH E JEMPWEJI QIGLERMWQ 8LI 7XEXI LEH XLI EFMPMX] XS XVERWJSVQ E TSWMXMZI EREP]XMGEP VIWYPX MRXS E RIKEXMZI SRI F] SVHIVMRK XLEX XLI EREP]XMGEP TVSGIWW SJ XLI 1SWGS[ 0EFSVEXSV] FI EPXIVIH 8LI 1MRMWXV] SJ 7TSVX ©1SJ7ª 697%(% ERH XLI 6YWWMER *IHIVEP 7IGYVMX] 7IVZMGI XLI ©*7&ª [IVI EPP MRZSPZIH MR XLMW STIVEXMSR ;MXRIWWIW (V 6SHGLIROSZ¬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©('3ª [SVOMRK YRHIV XLI HMVIGXMSR SJ 697%(% 8LI GSEGLIW [IVI EPWS EFPI XS EGLMIZI XLIMV SFNIGXMZIW SJ HSTMRK EXLPIXIW YRHIV XLIMV HMVIGXMSR F] ORS[MRK XLI [EWL SYX TIVMSHW JSV ZEVMSYW TIVJSVQERGI IRLERGMRK HVYKW ©4)(ª 8LI] [SYPH FI EWWMWXIH MR XLEX VIKEVH F] ZEVMSYW MRJSVQIH QIHMGEP TIVWSRRIP 8LI GSEGLIW [IVI YWMRK XLI [IPP ORS[R ERH XVMIH W]WXIQ SJ HSTMRK [MXL EREFSPMG WXIVSMHW [MXLSYX YRHIVWXERHMRK XLEX [LEX XLI] [IVI EGGSQTPMWLMRK [MXL XLI 4)(W TVSKVEQ 8LMW [EW WXEVXMRK XS WLS[ YT MR XLI %XLPIXI &MSPSKMGEP 4EWWTSVX ©%&4ª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¬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©63'ª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©-70ª EPP EREP]XMGEP TSWMXMZIW ETTIEVMRK SR XLI JMVWX WEQTPI WGVIIR EX XLI 1SWGS[ PEFSVEXSV] [IVI VITSVXIH YT XS XLI (ITYX] 1MRMWXIV EJXIV XLI EXLPIXI¬W REQI LEH FIIR EHHIH XS XLI MRJSVQEXMSR XS FI WYTTPMIH 8LI SVHIV [SYPH GSQI FEGO JVSQ XLI (ITYX] 1MRMWXIV ©7%:)ª SV ©59%6%28-2)ª -J XLI SVHIV [EW E 7%:) XLI PEFSVEXSV] TIVWSRRIP [IVI VIUYMVIH XS VITSVX XLI WEQTPI RIKEXMZI MR ;%(%¬W %RXM (STMRK 1EREKIQIRX 7]WXIQ ©%(%17ª 8LIR XLI PEFSVEXSV] TIVWSRRIP [SYPH JEPWMJ] XLI WGVIIR VIWYPX MR XLI 0EFSVEXSV] -RJSVQEXMSR 1EREKIQIRX 7]WXIQ ©0-17ª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©-%%* 'LEQTMSRWLMTWª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©'74ª MR 6YWWMER © ª [LMGL MW E WYFSVHMREXI SVKERMWEXMSR SJ XLI 6YWWMER 1MRMWXV] SJ 7TSVX 7LI [EW E WXEJJ QIQFIV SJ XLI 6YWWMER 3P]QTMG 'SQQMXXII ©63'ª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©QSYWI LSPIª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¬W VSPI MR XLI WEQTPI W[ETTMRK WGLIQI MRGPYHIH IRWYVMRK XLEX XLI WYFWXMXYXIH WEQTPI [EW QERMTYPEXIH XS QEXGL EW GPSWIP] EW TSWWMFPI XLI 7TIGMJMG +VEZMX] 7+ MRHMGEXIH SR XLI SVMKMREP (STMRK 'SRXVSP *SVQ ©('*ª XEOIR EX XLI 7SGLM ZIRYI 8LMW EHNYWXQIRX [EW EGGSQTPMWLIH F] EHHMRK XEFPI WEPX XS VEMWI XLI GPIER YVMRI 7+ SV HMWXMPPIH [EXIV XS HMPYXI XLI GPIER YVMRI WEQTPI WS EW XS GPSWIP] QEXGL XLI 7+ RYQFIV SR XLI ('* 8LI ZIVEGMX] SJ (V 6SHGLIROSZ¬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©QEKMGMERWª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©1SWGS[ 0EFSVEXSV]ª (V +VMKSV] 6SHGLIROSZ ©(V 6SHGLIROSZª XLI FVSEHGEWX GPEMQW XLEX RYQIVSYW 6YWWMER EXLPIXIW [IVI HSTIH EX 7SGLM MRGPYHMRK JSYV KSPH QIHEPMWXW XLEX [IVI YWMRK WXIVSMHW 8LI 2I[ =SVO 8MQIW TYFPMWLIH XLI EVXMGPI ©6YWWMER -RWMHIV 7E]W 7XEXI 6YR (STMRK *YIPIH 3P]QTMG +SPH ª SR 1E] EPPIKMRK XLEX ©?HAS^IRW SJ 6YWWMER EXLPIXIW EX XLI ;MRXIV 3P]QTMGW MR 7SGLM MRGPYHMRK EX PIEWX QIHEP [MRRIVW [IVI TEVX SJ E WXEXI VYR HSTMRK TVSKVEQ QIXMGYPSYWP] TPERRIH JSV ]IEVW XS IRWYVI HSQMRERGI EX XLI +EQIW EGGSVHMRK XS XLI HMVIGXSV SJ XLI GSYRXV]¬W ERXM HSTMRK PEFSVEXSV] EX XLI XMQI ª *SPPS[MRK XLIWI RI[W TYFPMGEXMSRW XLI ;SVPH %RXM (STMRK %KIRG] ©;%(%ª ERRSYRGIH XLEX 4VSJIWWSV 6MGLEVH , 1G0EVIR [EW ETTSMRXIH EW XLI -RHITIRHIRX 4IVWSR ©-4ª XS PIEH ER MRZIWXMKEXMSR MRXS XLI EPPIKEXMSRW EVMWMRK JVSQ XLI X[S EFSZI RI[W WSYVGIW 8LI -RZIWXMKEXMSR 4VSGIWW 7YFWIUYIRX XS XLI GVIEXMSR SJ XLI -4 E QIIXMRK [EW LIPH MR 0SW %RKIPIW 'EPMJSVRME SR 1E] 8LI 0SW %RKIPIW QIIXMRK TVSZMHIH XLI -4 [MXL FEGOKVSYRH XLEX (V 6SHGLIROSZ WYTTPMIH XLVSYKL LMW GLSWIR MRXIVQIHMEV] 7SQI SJ XLI QIQFIVW SJ XLI -4 MRZIWXMKEXMZI WXEJJ [IVI TVIWIRX 8LI -4 EXXIRHIH ZME 7O]TI EW HMH (V 6SHGLIROSZ *SPPS[MRK XLEX QIIXMRK XLI -4 EGXIH UYMGOP] XS TYPP XSKIXLIV LMW MRZIWXMKEXMZI XIEQ -RGPYHIH [IVI 'LMIJ -RZIWXMKEXSV 1EVXMR (YFFI] 1SRXVIEP %RXM (STMRK 0EFSVEXSV] (MVIGXSV (V 'LVMWXMERI %]SXXI PE[]IV ERH XLI -4 6YWWMER PERKYEKI WYTTSVX (MERE 8IWMG ;%(% MRZIWXMKEXMSR HITEVXQIRX 1EXLMIY ,SP^ 6MGLEVH =SYRK )WU X[S ;IWXIVR 9RMZIVWMX] 0E[ WXYHIRXW /EVIR 0YY ERH /EPIMKL 6YM^ 6 ERH 7GL[MVX^ 1 6YWWMER -RWMHIV 7E]W 7XEXI 6YR (STMRK *YIPIH 3P]QTMG +SPH ?3RPMRIA %ZEMPEFPI EX LXXT [[[ R]XMQIW GSQ WTSVXW VYWWME HSTMRK WSGLM SP]QTMGW LXQP#CV! ?%GGIWWIH .YP] A ,E[OMRW 7GLYP^ )\TIVX JSVIRWMG TIVWSRRIP [IVI IRKEKIH [LS [IVI GETEFPI SJ TIVJSVQMRK QEVOW ERH WGVEXGLIW HIXIGXMSR (2% EREP]WMW ERH JMRKIV TVMRXMRK HMKMXEP HEXE VIZMI[ ERH EREP]WMW MRGPYHMRK VIWXSVEXMSR SJ HIPIXIH HEXE ERH SXLIV G]FIV JSVIRWMG TIVWSRRIP -R EHHMXMSR (V (EZMH 'S[ER (MVIGXSV SJ XLI (VYK 'SRXVSP 'IRXVI ERH XLI (2% EREP]WMW YRMX EX /MRKW 'SPPIKI 0SRHSR ©(''ª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¬ 'SQQMXXII ERH ;%(% )\IGYXMZI &SEVH 1IQFIV ERH 'PEYHME &SOIP 'LEMV SJ -3' %XLPIXIW¬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¬W VEMWSR H¬IXVI -4 *MRHMRKW (V 6SHGLIROSZ MR XLI GSRXI\X SJ XLI WYFNIGX QEXXIV [MXLMR XLI -4 QERHEXI [EW E GVIHMFPI ERH XVYXLJYP TIVWSR %PP SXLIV [MXRIWWIW MRXIVZMI[IH F] XLI -4 MRZIWXMKEXMZI XIEQ [IVI GVIHMFPI 8LIMV IZMHIRGI [EW SRP] EGGITXIH [LIVI MX QIX XLI WXERHEVH SJ FI]SRH E VIEWSREFPI HSYFX 8LI -%%* 8EWOJSVGI %W E VIWYPX SJ XLI -' 2SZIQFIV 6ITSVX XLI -RXIVREXMSREP %WWSGMEXMSR SJ %XLPIXMGW *IHIVEXMSR -%%* HIGPEVIH SR XLI *VMHE] JSPPS[MRK XLI VITSVX XLEX XLI %PP 6YWWMER %XLPIXMGW *IHIVEXMSR [SYPH ©FI TVSZMWMSREPP] WYWTIRHIH SR XLI KVSYRHW XLEX MX LEH FVIEGLIH XLI SFNIGXW SJ XLI -%%* TIVXEMRMRK XS IVEHMGEXMRK HSTMRK ERH WEJIKYEVHMRK XLI EYXLIRXMGMX] ERH MRXIKVMX] SJ WTSVX ª -R SVHIV XS VIKEMR -%%* QIQFIVWLMT E PMWX SJ GVMXIVME [EW MQTSWIH SR %PP 6YWWMER %XLPIXMGW *IHIVEXMSR ©%6%*ª ERH E 8EWOJSVGI [EW IWXEFPMWLIH XS HIXIVQMRI [LIXLIV XLI GVMXIVME LEH FIIR QIX 8LI 8EWOJSVGI [EW VIUYMVIH XS VITSVX XS XLI -%%* 'SYRGMP SR .YRI 8LI -4 [EW GSRWGMSYW SJ XLI MRJSVQEXMSR MR XLI TVIWW VIKEVHMRK XLI TVSNIGXIH SYXGSQI SJ XLI -%%* 'SYRGMP HIGMWMSR 3R 1E] XLVII HE]W EJXIV XLI -4 LEH FIIR ETTSMRXIH 6YRI %RHIVWIR XLI GLEMV SJ XLI -%%* 8EWOJSVGI [VSXI XS QI WIIOMRK Q] GS STIVEXMSR ERH EWWMWXERGI MR TVSZMHMRK MRJSVQEXMSR XS XLI 8EWOJSVGI &] XLI XMQI XLI 8EWOJSVGI [EW XS VITSVX XLIMV JMRHMRKW MX [EW PIWW XLER E QSRXL JSPPS[MRK XLI ETTSMRXQIRX SJ XLI -4 (IWTMXI XLI JEGX XLEX MX [EW IEVP] MR XLI MRZIWXMKEXMSR - HIGMHIH XLEX MR KSSH GSRWGMIRGI ORS[MRK [LEX - ORI[ EX XLEX XMQI - SYKLX XS JYPJMPP XLI VIUYIWX SJ GS STIVEXMSR ERH TVSZMHI XLI 8EWOJSVGI MRJSVQEXMSR XLEX - ORI[ QIX XLI LMKLIWX PIZIP SJ PIKEP TVSSJ SJ FI]SRH E VIEWSREFPI HSYFX ;MXL XLI ORS[PIHKI - LEH PIEVRIH - HMH RSX [ERX XLI -%%* 'SYRGMP XS QEOI E HIGMWMSR [MXLSYX XLIQ FIMRK EFPI XS EWWIWW XLI MRJSVQEXMSR - LEH - WMQTP] GSYPH RSX WMX FEGO ERH WXE] WMPIRX SR XLI KVSYRHW XLEX Q] MRZIWXMKEXMSR [EW SR KSMRK ERH MRGSQTPIXI -R PMKLX SJ XLI MRJSVQEXMSR EZEMPEFPI XS XLI -4 EX XLI XMQI - HIGMHIH XS [VMXI E PIXXIV XS XLI 8EWOJSVGI - EPWS [ERXIH XLIVI XS FI RS HSYFX XLEX - LEH HSRI WS 8LIVIJSVI - IPIGXIH XS TYFPMWL Q] WXEXIQIRX SR XLI 'EREHMER [MVI WIVZMGI 8LI JEGX XLEX - HMH XLMW XSKIXLIV [MXL E GST] SJ Q] WXEXIQIRX MW EZEMPEFPI SR ;%(%¬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¬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©'SHIª 8LEX VIGSQQIRHEXMSR [EW MQQIHMEXIP] EGGITXIH F] ;%(% 8LI STIVEXMSRW SJ XLI 1SWGS[ 0EFSVEXSV] [IVI WYWTIRHIH EW SJ 2SZIQFIV ERH LEZI PSWX XLIMV EGGVIHMXEXMSR EW SJ %TVMP 8LI WYWTIRWMSR [EW GSRJMVQIH EX XLI ;%(% *SYRHEXMSR &SEVH QIIXMRKW MR 'SPSVEHS 7TVMRKW XLI JSPPS[MRK [IIO 8LI -' 6ITSVX MHIRXMJMIH MWWYIW SJ ©  KVEZI GSRGIVR MR VIKEVH XS MRXIKVMX] GSVVYTXMSR LERHPMRK SJ XIWXMRK EREP]WMW TVSGIWW SJ WEQTPIW ERH MR E WITEVEXI QEXXIV XLI HIPMFIVEXI HIWXVYGXMSR SJ E PEVKI RYQFIV SJ WEQTPIW TVMSV XS E ;%(% SRWMXI EYHMX MR (IGIQFIV SJ ª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©*7& &PSOLMRª ERH (V 6SHGLIROSZ 8LI -' HMH RSX VITSVX SR XLI 7XEXI SZIVWMKLX SJ XLI 1SWGS[ 0EFSVEXSV] MR XLI JSVQ SJ *7& MRWIVXMSR MRXS XLI PEFSVEXSV] XLI 6YWWMER 1MRMWXV] SJ 7TSVX ©1SJ7ª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©697%(%ª XLI 'IRXIV SJ 7TSVXW 4VITEVEXMSR SJ 2EXMSREP 8IEQW SJ 6YWWME ©'74ª ERH XLI *IHIVEP 7IGYVMX] 7IVZMGI ©*7&ª 8LI 1SWGS[ 0EFSVEXSV] TIVWSRRIP EGXIH EW XLI] HMH FIGEYWI EW XLI [MXRIWWIW I\TVIWWIH MJ XLI] HMH RSX XLI] [SYPH RS PSRKIV FI IQTPS]IH XLIVI -X GER FI QEHI XS ETTIEV XLEX XLI PEFSVEXSV] [EW EGXMRK EPSRI ,S[IZIV KMZIR XLI I\EQMREXMSR ERH XLI MRWMKLXW SFXEMRIH JVSQ IZMHIRGI EZEMPEFPI XS XLI -4 MRZIWXMKEXMSR MX MW GSVVIGX XS TPEGI XLI 1SWGS[ 0EFSVEXSV] [MXLMR XLI EQFMX SJ 7XEXI GSRXVSP -X [EW XLI ZMXEP QIGLERMWQ XLEX IREFPIH EXLPIXIW XS GSQTIXI [LMPI YWMRK TIVJSVQERGI IRLERGMRK HVYKW ©4)(ª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¬W EREP]XMGEP [SVO YWMRK XLI (MWETTIEVMRK 4SWMXMZI 1IXLSHSPSK] (V 6SHGLIROSZ ERH XLI [MXRIWWIW HIWGVMFIH XLI W]WXIQ XS XLI -4 MR [MXRIWW MRXIVZMI[W 8LI -4 MRZIWXMKEXMZI XIEQ LEW VIZMI[IH ERH HEXI ZEPMHEXIH LYRHVIHW SJ IQEMP GSQQYRMGEXMSRW HMKMXEP QIHME GSQQYRMGEXMSRW EPSRK [MXL JSVIRWMG EREP]XMGEP JMRHMRKW ERH I\TIVMQIRXW ERH GER HIQSRWXVEXI XLI I\MWXIRGI SJ XLMW W]WXIQ FI]SRH E VIEWSREFPI HSYFX 8LI 7XITW MR XLI (MWETTIEVMRK 4SWMXMZI 1IXLSHSPSK] ;LIR E 6YWWMER EXLPIXI¬W WEQTPI [EW EREP]^IH F] XLI 1SWGS[ 0EFSVEXSV] XLI JSPPS[MRK SGGYVVIH %R MRMXMEP EREP]XMGEP WGVIIR [SYPH FI GSRHYGXIH -J XLI JMVWX EREP]XMGEP WGVIIR VIZIEPIH E PMOIP] %HZIVWI %REP]XMGEP *MRHMRK ©%%*ª SR XLI EXLPIXI¬W % WEQTPI XLI FIRGL [SVO MR XLI PEFSVEXSV] [EW LEPXIH 8LI WEQTPI FSXXPI RYQFIV XLI HEXI SJ GSPPIGXMSR XLI WI\ SJ XLI EXLPIXI XLI WTSVX HMWGMTPMRI ERH IZIRX [IVI VIGSVHIH XLI ©%XLPIXI 4VSJMPIª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©1MRMWXIV 1YXOSª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©(ITYX] 1MRMWXIV 2EKSVR]OLª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¬W ('* ERH GSQQYRMGEXIH XLI MRJSVQEXMSR XS XLI 0MEMWSR TIVWSR 8LI 0MEMWSR TIVWSR XLIR XVERWQMXXIH XLI JYPP %XLPIXI 4VSJMPI XS (ITYX] 1MRMWXIV 2EKSVR]OL %JXIV QEOMRK MRUYMVMIW XS XLI WTSVXW EYXLSVMXMIW ERH GSEGLIW VIKEVHMRK XLI WTIGMJMG EXLPIXI (ITYX] 1MRMWXIV 2EKSVR]OL [SYPH MWWYI ER SVHIV JSV XLEX WEQTPI ,MW SVHIV [EW IMXLIV SRI SJ GSHI [SVHW 7%:) SV 59%6%28-2) 8LI 7%:) SV 59%6%28-2) SVHIV EXXEGLIH XS XLI JYPP %XLPIXI 4VSJMPI [LMGL RS[ MRGPYHIH XLI EXLPIXI¬W MHIRXMX] [EW JYRRIPIH FEGO XS XLI 1SWGS[ 0EFSVEXSV] XLVSYKL XLI 0MEMWSR 4IVWSR 8LI 0EFSVEXSV] [SYPH XLIR TVSGIWW XLI WEQTPI HITIRHMRK SR XLI SVHIV KMZIR -J XLI SVHIV [EW 7%:) XLI 0EFSVEXSV] XSSO RS JYVXLIV WXITW MR XLI EREP]XMGEP FIRGL [SVO TVSGIWW SJ XLEX WEQTPI 8LI WEQTPI [EW WYFWIUYIRXP] VITSVXIH EW RIKEXMZI MR %(%17 8LI 0EFSVEXSV] TIVWSRRIP [SYPH QERMTYPEXI XLI 0EFSVEXSV]¬W RSR EYHMXEFPI ZIVWMSR SJ XLIMV 0EFSVEXSV] -RJSVQEXMSR 1EREKIQIRX 7]WXIQ 0-17 WS XLEX MX VIJPIGXIH E RIKEXMZI EREP]WMW %JXIV XLI QERMTYPEXMSR SJ XLI W]WXIQ ER]SRI VIZMI[MRK XLI 0-17 SV %(%17 W]WXIQW [SYPH RSX ORS[ MX [EW E JEPWI IRXV] ;LMPI XLI XIVQ WEZI SV UYEVERXMRI [IVI QEMRP] YWIH SR SRI SGGEWMSR XLI -4 MRZIWXMKEXMSR WXEJJ WE[ HSGYQIRXEV] YWI SJ XLI UYIWXMSR ©I\IGYXI SV TEVHSRª MR VIPEXMSR XS XLI VIJIVVEP SJ TSWMXMZI WEQTPIW -J XLI SVHIV [EW 59%6%28-2) XLI 0EFSVEXSV] [SYPH TVSGIIH XS GSQTPIXI XLI EREP]XMGEP FIRGL [SVO MR EGGSVHERGI [MXL XLI TVSGIHYVI KSZIVRIH F] XLI -RXIVREXMSREP 7XERHEVH JSV 0EFSVEXSVMIW ©-70ª 2SX IZIV] EXLPIXI ©UYEVERXMRIH ª LS[IZIV [EW RIGIWWEVMP] WYFNIGX XS XLI VITSVXMRK SJ ER %%* *YVXLIV I\EQMREXMSR QE] LEZI VIZIEPIH XLEX XLIVI [EW RSX WYJJMGMIRX GSRGPYWMZI EREP]XMGEP IZMHIRGI SV XLEX XLI MRHMZMHYEP LEH E 8LIVETIYXMG 9WI )\IQTXMSR ©89)ª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¬W VIZMI[ SJ XLI GSQQYRMGEXMSR I\GLERKIH FIX[IIR 0MEMWSR TIVWSR :IPMOSHRM] ERH XLI 0EFSVEXSV] E GSQQSR TEXXIVR IQIVKIH [LIVI RIEVP] EPP JSVIMKRIVW [IVI SVHIVIH 59%6%28-2) ,IVI MW ER I\GIVTX JVSQ VIGSZIVIH HMKMXEP GSQQYRMGEXMSR HYVMRK XLI 1SWGS[ 'LEQTMSRWLMTW ©%PP JSVIMKRIVW § UYEVERXMRI ª ERH HYVMRK ERSXLIV IZIRX ©*SVIMKRIVW § 5YEVERXMRI ª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©:0 ª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©RIKEXMZI JMRHMRK ª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§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¬W MRZIWXMKEXMSR MRXS WEQTPIW XEOIR HYVMRK XLI WIGSRH LEPJ SJ 3R (IGIQFIV ;%(% [VSXI XS (V 6SHGLIROSZ XS EHZMWI LMQ SJ E WYVTVMWI MRWTIGXMSR SJ XLI 1SWGS[ 0EFSVEXSV] -X [EW GSQQYRMGEXIH XS LMQ XLEX XLMW ZMWMX [SYPH EPWS MRZSPZI VIQSZMRK WEQTPIW LIPH F] XLI 0EFSVEXSV] ERH XLEX LI [EW XS WIGYVI XLI WXSVIH WEQTPIW MR EHZERGI SJ ;%(%¬W EVVMZEP (V 6SHGLIROSZ LEW EGORS[PIHKIH MR MRXIVZMI[W XLEX ;%(%¬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©QEKMGMERWª XS GSQI (V 6SHGLIROSZ YRHIVWXSSH XLEX (ITYX] 1MRMWXIV 2EKSVR]OL [EW VIJIVVMRK XS XLI *7& EW XLI ©QEKMGMERWª 0EXIV XLEX IZIRMRK SJ (IGIQFIV *7& &PSOLMR XLI *7& EKIRX QSRMXSVMRK XLI EGXMZMXMIW [MXLMR XLI 0EFSVEXSV] 7II -' 6ITSVX EVVERKIH JSV SXLIV *7& EKIRXW XS IRXIV XLI 0EFSVEXSV] 2S 0EFSVEXSV] WXEJJ [MXRIWWIH XLI *7&¬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¬ YVMRI [LMGL XLI] GSYPH JMRH WXSVIH MR XLI 0EFSVEXSV] (V 6SHGLIROSZ ERH PEFSVEXSV] WXEJJ XLIR EHNYWXIH XLI GPIER YVMRI [MXL WEPX HMPYXIH MX [MXL [EXIV ERH SV EHNYWXIH XLI GVIEXMRMRI PIZIPW XS QEXGL XLI SVMKMREP TVSJMPI EW QYGL EW TSWWMFPI ,I EPWS WXEXIH XLEX EXLPIXIW¬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¬W TSWWIWWMSR 8LI -4 MRZIWXMKEXMSR JSYRH E SJ XLI SJ XLI XSXEP WEQTPIW MR XLI HEXEFEWI YRHIV XLI -4¬W GSRXVSP [IVI HMVIGXP] VIPEXIH XS 7%:) SVHIVW JVSQ 0MEMWSR TIVWSR :IPMOSHRM] % VIZMI[ XLI -4 GSRHYGXIH MR %(%17 JSYRH XLEX EPP [IVI VITSVXIH EW RIKEXMZI JMRHMRKW 8LMW GSVVSFSVEXIW (V 6SHGLIROSZ¬W IZMHIRGI XLEX XLI WEQTPIW [IVI GSZIVIH YT [MXL XLI WEQTPI W[ETTMRK QIXLSHSPSK] HMWGYWWIH MR 'LETXIV MR GSRRIGXMSR [MXL XLI 7SGLM +EQIW 8LI -4 MRZIWXMKEXMZI WXEJJ EVVERKIH JSV E JSVIRWMG I\EQMREXMSR SJ XLI WEQTPIW SJ [LMGL E XSXEP SJ [IVI JSYRH MR XLI 0EYWERRI PEFSVEXSV] ERH XVERWTSVXIH YRHIV WIGYVI GLEMR SJ GYWXSH] GSRHMXMSRW XS 0SRHSR 9/ EX XLI /MRKW 'SPPIKI (STMRK 'SRXVSP 'IRXVI ©(''ª 8LI 1SWGS[ & FSXXPIW [IVI I\EQMRIH F] E ©WGVEXGLIW ERH QEVOWª I\TIVX [MXL SZIV ]IEVW¬ I\TIVMIRGI IRKEKIH F] E LMKLP] VIWTIGXIH MRXIVREXMSREP XIWXMRK SVKERMWEXMSR 8LMW MRZSPZIH QMGVSWGSTMG I\EQMREXMSR SJ & FSXXPIW JVSQ XLI 1SWGS[ 0EFSVEXSV] 8LI I\TIVX [EW EPWS VIUYIWXIH XS IWXEFPMWL [LIXLIV GETW GSYPH FI VIQSZIH JVSQ WIEPIH FSXXPIW [MXLSYX ETTEVIRX WMKRW SJ XEQTIVMRK *YVXLIV EREP]XMGEP XIWXW SR XLI VIPEXIH % FSXXPI GSRXIRXW [IVI YRHIVXEOIR F] XLI ('' JSV (2% WEPX GSRXIRX GVIEXMRMRI ERH WXIVSMH TVSJMPI %W TVIZMSYWP] RSXIH (V 6SHGLIROSZ¬W IZMHIRGI [EW XLEX WEPX [EW WSQIXMQIW EHHIH XS XLI GPIER VITPEGIQIRX YVMRI [LIVI RIGIWWEV] XS VEMWI XLI 7+ SJ XLI WEQTPI XS FI GSRWMWXIRX [MXL XLI 7+ VITSVXIH SR XLI MRMXMEP ('* 8LI -4 [EW TVIWIRXIH [MXL GSQTIPPMRK IZMHIRGI JVSQ XLMW JSVIRWMG ERH EREP]XMGEP I\EQMREXMSR [LMGL GSVVSFSVEXIW MQTSVXERX TEVXW SJ (V 6SHGLIROSZ¬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¬W S[R WYGGIWWJYP EXXIQTXW XS VIQSZI FSXXPI GETW % WMKRIH WXEXIQIRX LEW FIIR SFXEMRIH 8LMW IZMHIRGI GSVVSFSVEXIW (V 6SHGLIROSZ¬W XIWXMQSR] XS XLI -4 8LI XL FSXXPI [EW I\EQMRIH F] XLI I\TIVX EX VERHSQ EQSRKWX XLI FEXGL ERH [EW JSYRH RSX XS LEZI ER] WGVEXGLIW ERH QEVOW -R XLI I\TIVX¬W STMRMSR MX LEH RSX FIIR STIRIH 8LMW JYVXLIV GSVVSFSVEXIW (V 6SHGLIROSZ¬W IZMHIRGI XS XLI -4 % YVMRI I\EQMREXMSR [EW GEVVMIH SYX F] XLI ('' SR EPP FSXXPIW -X [EW JSYRH XLEX YVMRI WEQTPIW SJ ER EXLPIXI [LS LEH GSQTIXIH EX 7SGLM HMH RSX (2% QEXGL [MXL XLI WEQTPI KMZIR F] LMQ MR XLI FEXGL SJ WEQTPIW 8LI & FSXXPI SJ XLMW EXLPIXI LEH FIIR I\EQMRIH MR XLI FEXGL SJ ERH [EW JSYRH XS LEZI FIIR XEQTIVIH [MXL 8LMW GSQFMREXMSR SJ E (2% QMWQEXGL ERH XEQTIVMRK JYVXLIV GSVVSFSVEXIW (V 6SHGLIROSZ¬W IZMHIRGI XLEX XLI YVMRI MR XLEX WEQTPI LEH FIIR VITPEGIH [MXL GPIER YVMRI JVSQ ERSXLIV TIVWSR 8LI FEXGL SJ WEQTPIW GSRXEMRIH X[S WEQTPIW TYVTSVXIHP] JVSQ XLI WEQI EXLPIXI &SXL SJ XLSWI & WEQTPI FSXXPIW WLS[IH WMKRW SJ XEQTIVMRK -R E GSQTEVMWSR SJ (2% MX [EW JSYRH XLEX XLI X[S WEQTPIW HMH RSX QEXGL § MR SXLIV [SVHW XLI] GEQI JVSQ HMJJIVIRX TISTPI (2% IZMHIRGI SJ E JIQEPI EXLPIXI [LS LEH TVIZMSYWP] [SR E +SPH ERH 7MPZIV QIHEP WLS[IH XLEX XLI YVMRI MR LIV WEQTPI LEH GSQI JVSQ X[S HMJJIVIRX TISTPI FSXL JIQEPI %KEMR LIV & FSXXPI WLS[IH WMKRW SJ XEQTIVMRK MR XLI GSRWMWXIRX TPEGIW MRWMHI XLI GET 8LMW GSVVSFSVEXIW (V 6SHGLIROSZ¬W IZMHIRGI XLEX MR WSQI GEWIW XLI GPIER YVMRI WYFWXMXYXIH MRXS XLIWI FSXXPIW GEQI JVSQ QSVI XLER SRI GPIER WXSVIH WEQTPI 3J XLI FSXXPIW JSYRH XS LEZI FIIR XEQTIVIH [MXL FEWIH SR WGVEXGLIW ERH QEVOW JSYRH SR XLI GETW XLI JSPPS[MRK WTSVXW [IVI MRZSPZIH %XLPIXMGW ;VIWXPMRK ;IMKLXPMJXMRK 8EIO[SRHS 7OEXMRK 7EMPMRK ERH .YHS 8LI REQIW SJ XLI EXLPIXIW MRZSPZIH EVI FIMRK [MXLLIPH F] XLI -4 EX XLMW WXEKI JSV GSRWMHIVEXMSR SJ JYVXLIV VIWYPXW QEREKIQIRX TVSGIIHMRKW -4 *MRHMRKW 7EQTPI FSXXPIW WXSVIH MR XLI 1SWGS[ 0EFSVEXSV] JVSQ 7ITXIQFIV XS (IGIQFIV [IVI XEQTIVIH [MXL F] LEZMRK XLIMV YVMRI W[ETTIH 8LI (2% EREP]WMW GSRJMVQIH WEQTPIW [LIVI XLI (2% HMH RSX QEXGL XLEX SJ XLI EXLPIXI 8LI ©'SGOXEMPª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¬W VIWIEVGL MRHMGEXIH XLEX [MXL XLI PEFSVEXSV] XIGLRSPSK] EZEMPEFPI EX XLI XMQI XLI HIXIGXMSR [MRHS[ JSV XLI WXIVSMHW MR XLI GSGOXEMP [SYPH RSX I\GIIH HE]W %JXIV XLI 0SRHSR +EQIW XLI WXIVSMH 3VEP 8YVMREFSP [EW VITPEGIH MR XLI GSGOXEMP [MXL XLI WXIVSMH 8VIRFSPSRI FIGEYWI PSRK XIVQ QIXEFSPMXIW SJ 3VEP 8YVMREFSP LEH FIGSQI QSVI IEWMP] HIXIGXIH ;LMPI (V 6SHGLIROSZ¬W ©GSGOXEMPª QE] WSYRH JERGMJYP XLI -4 LEW GSRJMVQIH [MXL MXW WGMIRXMJMG EHZMWSV XLEX MRHIIH WXIVSMHW HMWWSPZI FIXXIV MR EPGSLSP XLER MR [EXIV ERH XLEX XLI EHQMRMWXVEXMSR SJ WXIVSMHW XLVSYKL FYGEP EFWSVTXMSR EW GSQTEVIH XS MRNIGXMSR SV W[EPPS[MRK XLI HVYK HSIW WLSVXIR XLI [MRHS[ SJ HIXIGXEFMPMX] (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX EPXLSYKL LI HIWMKRIH XLI GSGOXEMP LI HMH RSX QEOI MX SV HMWXVMFYXI MX 6EXLIV XLI GSGOXEMP [EW HMWXVMFYXIH XS ZEVMSYW WTSVX JIHIVEXMSRW F] -VMRE 6SHMSRSZE [LS [SVOIH JSV XLI '74 E WYFWMHMEV] SVKERM^EXMSR SJ XLI 1SJ7 6SHMSRSZE RMGOREQIH XLI GSGOXEMP ©(YGLIWWª EJXIV E XVEHMXMSREP 6YWWMER HVMRO (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX F] XLI XMQI SJ XLI 3P]QTMG +EQIW MR 0SRHSR QER] SJ 6YWWME¬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¬W IZMHIRGI XLEX :IPMOSHRM] [LS [LMPI [SVOMRK EW XLI '74 0MEMWSR TIVWSR LEH ER SJJMGI MR XLI 1SJ7 XLVII HSSVW E[E] JVSQ XLI (ITYX] 1MRMWXIV 2EKSVR]OL 8LI 1SJ7 MW KSZIVRIH F] XLI 'SRWXMXYXMSR SJ XLI 6YWWMER *IHIVEXMSR JIHIVEP GSRWXMXYXMSREP PE[W JIHIVEP PE[W EGXW SJ XLI 4VIWMHIRX SJ XLI 6YWWMER *IHIVEXMSR ERH XLI +SZIVRQIRX SJ XLI 6YWWMER *IHIVEXMSR MRXIVREXMSREP XVIEXMIW SJ XLI 6YWWMER *IHIVEXMSR ERH XLI VIWSPYXMSR SJ XLI +SZIVRQIRX SJ XLI 6YWWMER *IHIVEXMSR SJJMGMEPP] VI IWXEFPMWLMRK XLI 1MRMWXV] 8LI 1MRMWXIV SJ 7TSVX MW :MXEP] 1YXOS 2EXEPME >LIPERSZE MW ER EHZMWSV XS XLI 1MRMWXIV SJ 7TSVX ERH [EW JSVQIVP] XLI TIVWSR MR GLEVKI SJ %RXM (STMRK [MXLMR -FMH XLI 1SJ7 %X ER IEVPMIV WXEKI MR LIV GEVIIV WLI [EW XLI PMEMWSR TIVWSR MRZSPZIH MR XLI (MWETTIEVMRK 4SWMXMZI 1IXLSHSPSK] (ITYX] 1MRMWXIV 2EKSVR]OL MW XLI TIVWSR [LS HIXIVQMRIH [LMGL TSWMXMZI WEQTPIW VITSVXIH F] XLI 0MEMWSR TIVWSR [SYPH FI WEZIH SV UYEVERXMRIH 8LI MRZSPZIQIRX SJ (ITYX] 1MRMWXIV 2EKSVR]OL ERH >LIPERSZE MR XLI HSTMRK GSZIV YT WGLIQI LEW FIIR [IPP HIWGVMFIH MR SXLIV TEVXW SJ XLMW 6ITSVX (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX MR WIZIVEP SJ LMW VIKYPEV QIIXMRKW [MXL (ITYX] 1MRMWXIV 2EKSVR]OL XS HMWGYWW XLI GSZIV YT WGLIQI (ITYX] 1MRMWXIV 2EKSVR]OL XSPH LMQ XLEX 1MRMWXIV SJ 7TSVX 1YXOS [EW E[EVI SJ IZIV]XLMRK XLEX XLI] [IVI HMWGYWWMRK (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX MX MW MRGSRGIMZEFPI XLEX 1MRMWXIV 1YXOS [EW RSX E[EVI SJ XLI HSTMRK GSZIV YT WGLIQI 8LI -4 LEW VIZMI[IH WIZIVEP HSGYQIRXW [LMGL XIRH XS GSVVSFSVEXI (V 6SHGLIROSZ¬W GSRGPYWMSR 8LIWI MRGPYHI E VITSVX [LMGL (V 6SHGLIROSZ WE]W LI TVITEVIH EX XLI VIUYIWX SJ LMW *7& LERHPIV MR .ERYEV] MR VIWTSRWI XS XLI %6( HSGYQIRXEV] SR 6YWWMER HSTMRK 8LI QIXEHEXE EREP]WMW F] XLI -4 GSRJMVQ XLEX XLMW HSGYQIRX [EW GVIEXIH MR .ERYEV] F] (V 6SHGLIROSZ [LMPI LI [EW WXMPP (MVIGXSV SJ XLI 1SWGS[ 0EFSVEXSV] 8LEX VITSVX WXEVXW SYX ©%XLPIXMGW [EW EP[E]W SR HSTMRK TVSKVEQ ª -X GSRGPYHIW F] WE]MRK ©8LI WEQI WMXYEXMSR MW YRGSRXVSPPEFPI MR [IMKLXPMJXMRK  8LI YWI SJ EREFSPMG WXIVSMHW MW EPQSWX ]IEV EVSYRH ª 8LI VITSVX I\TPEMRW XLEX FIGEYWI SJ RI[ XIWXMRK XIGLRSPSK] MJ 6YWWMER WEQTPIW JVSQ XLI 0SRHSR +EQIW XLI &IMNMRK +EQIW SV ZEVMSYW ;SVPH 'LEQTMSRWLMTW [IVI XS FI VIXIWXIH X[S HS^IR SV QSVI 6YWWMER EXLPIXIW JVSQ EXLPIXMGW ERH [IMKLXPMJXMRK [SYPH FI HMWUYEPMJMIH 8LMW VITSVX QEOIW GPIEV XLEX EW SJ .ERYEV] XLI TVSFPIQ SJ HSTMRK MR 6YWWMER EXLPIXMGW [EW SRKSMRK ©-R EXLPIXMGW JVSQ ]SYXL XS ZIXIVERW -RXIRWI ERH YRMRZIRXMZI HSTMRK MW WXMPP KSMRK ERH RIMXLIV EXLPIXIW RSV GSEGLIW ORS[ LS[ XS TVITEVI [MXLSYX MX ª (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX XLMW VITSVX JSYRH MXW [E] XS 1MRMWXIV 1YXOS XLVSYKL *7& GLERRIPW ERH XLEX LI [EW GEPPIH MR F] 1MRMWXIV 1YXOS XS I\TPEMR MX % WIGSRH HSGYQIRX ZMI[IH F] XLI -4 MW ER EHZERGIH PMWX SJ EXLPIXIW KSMRK XS XLI 7SGLM +EQIW [LS [IVI XS FI TVSXIGXIH EKEMRWX XIWXMRK TSWMXMZI 8LI -4 I\EQMREXMSR MR XLMW HSGYQIRX IWXEFPMWLIW XLEX MX [EW TVITEVIH SR :IPMOSHRM]¬W GSQTYXIV FIJSVI XLI 7SGLM +EQIW (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX :IPMOSHRM] XSPH LMQ XLEX XLMW HSGYQIRX [EW TVITEVIH XS MQTVIWW 1MRMWXIV 1YXOS 7IPIGXIH I\GIVTXW JVSQ (V 6SHGLIROSZ¬W HMEV] VIJPIGX WIZIVEP QIIXMRKW [MXL 1MRMWXIV 1YXOS MR XLI QSRXL TVMSV XS ERH HYVMRK 7SGLM +EQIW (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX XLI HSTMRK GSZIV YT TPER JSV 7SGLM [EW HMWGYWWIH EX XLSWI QIIXMRKW *MREPP] VIJIVIRGI MW QEHI XS XLI -' 6ITSVX MR [LMGL 1MRMWXIV 1YXOS¬W VSPI MR XLI WGERHEP ERH FVMFIV] EXXIQTX MRZSPZMRK XLI -%%* ERH 6YWWMER VEGI[EPOIVW [EW QSVI JYPP] HMWGYWWIH (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX MR 7ITXIQFIV LI QIX [MXL 1MRMWXIV 1YXOS XS HMWGYWW XLI -%%*¬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¬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©/987ª ,I [EW VIWTSRWMFPI JSV VITSVXMRK IZIV]XLMRK XS LMW *7& WYTIVMSV JVSQ [LMGL XLI VITSVXMRK [SYPH KS YT XLI GLEMR SJ GSQQERH XS ER *7& +IRIVEP 8LI *7& EKIRX [LS QSWX VIKYPEVP] ZMWMXIH XLI 1SWGS[ 0EFSVEXSV] [EW 3JJMGIV &PSOLMR *7& &PSOLMR [EW YRHIV E HMJJIVIRX *7& GLEMR SJ GSQQERH WXVYGXYVI XLER (V 6SHGLIROSZ (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX *7& &PSOLMR [EW ZIV] MRZSPZIH MR GSPPIGXMRK WEQTPI FSXXPIW ERH GETW SJ FSXXPIW JVSQ XLI 1SWGS[ PEFSVEXSV] 8LMW [EW EPP TEVX SJ XLI *7&¬W [SVO XS HIZIPST E QIXLSHSPSK] JSV VIQSZMRK XLI GETW SR YVMRI WEQTPI FSXXPIW HIWGVMFIH MR 'LETXIV 'LETXIV HIXEMPW XLI *7&¬W MRZSPZIQIRX MR XLI 7SGLM +EQIW MRGPYHMRK XLI *7&¬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¬W SJJMGI MR XLI 7SGLM 0EFSVEXSV] (V 6SHGLIROSZ¬W IZMHIRGI EPWS RSXIW XLEX 8LMIVV] &SKLSWWMER E ;%(% 7GMIRGI (ITEVXQIRX IQTPS]II ERH QIQFIV SJ XLI -RHITIRHIRX 3FWIVZIV 8IEQ [EW TYX YRHIV *7& WYVZIMPPERGI XS QEOI WYVI XLEX MJ LI ZMWMXIH XLI 0EFSVEXSV] MR XLI QMHHPI SJ XLI RMKLX MRHMZMHYEPW MRZSPZIH MR W[ETTMRK WEQTPIW [SYPH FI JSVI[EVRIH (V 6SHGLIROSZ LEW EPWS HIWGVMFIH QIIXMRK [MXL QSVI WIRMSV *7& SJJMGMEPW MQQIHMEXIP] FIJSVI ERH HYVMRK XLI 7SGLM +EQIW [LIVI XLI HSTMRK TPER [EW HMWGYWWIH (V 6SHGLIROSZ¬W IZMHIRGI MW EPWS XLEX XLIVI [EW ER *7& EKIRX MR IEGL 7SGLM HSTMRK GSRXVSP WXEXMSR VIWTSRWMFPI JSV WIRHMRK XLI ('*W JSV TVSXIGXIH 6YWWMER EXLPIXIW XS -VMRE 6SHMSRSZE XS FI JSV[EVHIH XS (V 6SHGLIROSZ SV LMW WIGVIXEV] XS IRWYVI XLEX XLI GSVVIGX WEQTPIW [IVI W[ETTIH ;LMPI XLI -4 LEW RSX JSYRH GSQQYRMGEXMSRW FIX[IIR *7& &PSOLMR ERH LMW WYTIVMSVW MR XLI *7& GLEMR SJ GSQQERH XLEX MW RSX WYVTVMWMRK KMZIR XLEX XLI *7& MW E WIGVIX WIVZMGI SVKERM^EXMSR ;IVI *7& &PSOLMR¬W EGXMSRW ETTVSZIH EX XLI LMKLIWX PIZIP SJ XLI *7& ERH XLI 7XEXI# 8LI -4 GERRSX WE] 7MQMPEV UYIWXMSRW SJ EGGSYRXEFMPMX] [IVI EWOIH MR XLI 9RMXIH /MRKHSQ F] ©8LI :MXZMRIROS -RUYMV]ª GLEMVIH F] 7MV 6SFIVX 3[IR [LSWI VITSVX [EW TYFPMWLIH MR .ERYEV] 8LI -RUYMV] VIGIMZIH I\TIVX IZMHIRGI JVSQ 4VSJIWWSV 6SFIVX 7IVZMGI SR XLI REXYVI SJ XLI 6YWWMER 7XEXI ,I IQTLEWMWIH XLI TEYGMX] SJ TYFPMG MRJSVQEXMSR VIPEXMRK XS XLI MRRIV [SVOMRKW SJ XLI *7& FIMRK XLI WYGGIWWSV SJ XLI /+& 4VSJIWWSV 7IVZMGI RSXIW MR TEVEKVETL SJ LMW IZMHIRGI ©;LMPI EPP EGEHIQMGW QIHME GSQQIRXEXSVW ERH VITSVXIVW QEOI QYGL SJ 4YXMR¬W IEVPMIV GEVIIVW MR XLI /+& ERH XLI *7& XLIVI LEZI ETTIEVIH RS 3[IR 6 «8LI 0MXZMRIROS -RUYMV]¬ § 6ITSVX MRXS XLI HIEXL SJ %PI\ERHIV 0MXZMRIROS ¬ ?3RPMRIA %ZEMPEFPI EX LXXTW [[[ PMXZMRIROSMRUYMV] SVK JMPIW 0MXZMRIROS -RUYMV] 6ITSVX [IF ZIVWMSR THJ ?%GGIWWIH .ERYEV] A 7IVZMGI 6 «)\TIVX IZMHIRGI SR QSHIVR 6YWWMER LMWXSV] § 6ITSVX JSV XLI 0MXZMRIROS -RUYMV] ¬ ?3RPMRIA %ZEMPEFPI EX LXXTW [[[ PMXZMRIROSMRUYMV] SVK JMPIW -25 \ THJ ?%GGIWWIH .YP] A WYFWXERXMEP VIZIPEXMSRW EFSYX LMW VSYXMRI SJ [SVOMRK VIPEXMSRW [MXL XLI MRXIPPMKIRGI EKIRGMIW WMRGI XLI WXEVX SJ LMW JMVWX 4VIWMHIRXMEP XIVQ 8LI YWYEP EWWYQTXMSR MW XLEX LI OIITW E GPSWI I]I SR XLIMV EGXMZMXMIW ERH KMZIW XLIQ WXVEXIKMG KYMHERGI &YX XLI I\EGX I\XIRX SJ LMW SZIVWMKLX SJ EGXMZI STIVEXMSRW MW ZIMPIH MR WIGVIG] -X MW SRI SJ XLSWI QEXXIVW XLEX RS SRI LEW ]IX QEREKIH XS YRGSZIV ª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¬ WEQTPI FSXXPIW ERH W[ETTMRK SYX HMVX] YVMRI [MXL GPIER YVMRI 8LI GPERHIWXMRI W[ETTMRK TVSGIWW [SYPH FI GEVVMIH SYX XLVSYKLSYX XLI RMKLX [LIR XLIVI [IVI RSVQEPP] RS MRXIVREXMSREP TIVWSRRIP TVIWIRX &] XLI QSVRMRK GPIER YVMRI WEQTPIW JVSQ XLI RMKLX¬W EGXMZMX] [SYPH FI [EMXMRK MR XLI EPMUYSXMRK VSSQ VIEH] XS FI EREP]^IH F] XLI PEFSVEXSV]¬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©HMVX]ª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©YRHIXIGXEFPIª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©STIVEXMSRWª VSSQ SR XLI I\XIVMSV SJ XLI WIGYVI EVIE [EW WYKKIWXIH F] (V 6SHGLIROSZ¬W WIGSRH MR GSQQERH =YVM 'LM^SZ 8LMW WGLIQI [EW ETTVSZIH F] (ITYX] 1MRMWXIV 2EKSVR]OL ERH 'LM^LSZ ERH *7& &PSOLMR XVEZIPPIH SR XLIMV S[R XS 7SGLM XS EVVERKI XLI HVMPPMRK SJ XLI QSYWI LSPI ;MXL XLI TPER¬W PMRGLTMR MR TPEGI XLI LMNEGOMRK SJ XLI 7SGLM +EQIW GSYPH KS SR YRSFWXVYGXIH F] MRXIVREXMSREP SFWIVZIVW ERH ER] MRXIVJIVIRGI -X [EW VITSVXIH F] 8LI 2I[ =SVO 8MQIW XLEX XLIVI [EW WMKRMJMGERGI XS XLI *7& FYMPHMRK FIMRK FEWIH RI\X XS XLI ERXM HSTMRK PEFSVEXSV] EX 7SGLM ,S[IZIV I\EQMREXMSR SJ (V 6SHGLIROSZ¬W LEVH HVMZI WLS[IH XLI TVIWIRGI SJ ER *7& SJJMGI [MXLMR XLI ERXM HSTMRK PEFSVEXSV] SR XLI JSYVXL JPSSV GPSWI XS (V 6SHGLIROSZ¬W SJJMGI ;MXRIWWIW GSRJMVQ XLMW SJJMGI [EW YWIH F] *7& &PSOLMR 2YQFIVW [IVI EHHIH XS XLMW JPSSV TPER F] XLI -4 -4 *MRHMRKW 8LI TPERRMRK JSV XLI YRMUYI 7SGLM 0EFSVEXSV] WEQTPI W[ETTMRK MRZSPZIH XLI 1MRMWXV] SJ 7TSVX *7& '74 ERH XLI 1SWGS[ 0EFSVEXSV] 8LI 7XEXI 4VSKVEQQI (V 6SHGLIROSZ TVSZMHIH XS XLI -4 ER )\GIP WTVIEHWLIIX [MXL E PMWX SJ EXLPIXIW SJ ZEVMSYW [MRXIV WTSVX HMWGMTPMRIW GSQTIXMRK EX 7SGLM ,I WXEXIH XLEX XLIWI EXLPIXIW [IVI 3P]QTMG QIHEP LSTIJYPW ERH YRHIV XLI TVSXIGXMSR SJ XLI ©7XEXI 4VSKVEQQI ª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©(YGLIWW ª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¬W WEQTPI [SYPH FI GSPPIGXIH MR XLI TVIWIRGI SJ E (STMRK 'SRXVSP 3JJMGIV ©('3ª EX XLI TEVXMGYPEV IZIRX ZIRYI 8LI EXLPIXI [SYPH WIEP XLI FSXXPIW GSQTPIXI XLI ('* ERH WYFWIUYIRXP] XEOI E TMGXYVI SJ XLI FSXXPI WEQTPI RYQFIV 8LI MRJSVQEXMSR [EW XLIR XVERWQMXXIH XS 6SHMSRSZE 7LI [SYPH GSQQYRMGEXI XLMW MRJSVQEXMSR F] TLSRI SV XI\X XS (V 6SHGLIROSZ WMKREPMRK XS (V 6SHGLIROSZ XLEX XLI YVMRI RIIHIH XS W[ETTIH SYX SJ XLEX FSXXPI %PP EXLPIXIW¬ WEQTPIW [IVI GSRWSPMHEXIH MRXS WLMTQIRX PSXW EX XLI 3P]QTMG :MPPEKI F] 697%(%¬W (STMRK 'SRXVSP 1EREKIV )ZKIR] %RXMPWO] 6YWWMER EXLPIXIW¬ WEQTPIW [IVI EP[E]W WGLIHYPIH MR XLI PEXI HE] WLMTQIRX XS XLI 0EFSVEXSV] %RXMPWO] [SYPH RSXMJ] )ZKIR] /YVH]EXWIZ ,IEH SJ XLI 6IKMWXVEXMSR ERH &MSPSKMGEP 7EQTPI %GGSYRXMRK (ITEVXQIRX MR XLI 0EFSVEXSV] XLEX XLI TVSXIGXIH EXLPIXIW¬ WEQTPIW [IVI FIMRK HIPMZIVIH XS XLI 0EFSVEXSV] 1SZIQIRX SJ 7EQTPI [MXLMR XLI 0EFSVEXSV] XS XLI %PMUYSXMRK 6SSQ /YVH]EXWIZ [EMXIH EX XLI 0EFSVEXSV] VIGITXMSR GIRXVI JSV XLI WEQTPIW XS EVVMZI 7YFWIUYIRXP] LI GSQTPIXIH XLI YWYEP WEQTPI VIGITXMSR HSGYQIRXEXMSR MRGPYHMRK GSRJMVQEXMSR SJ GLEMR SJ GYWXSH] YRTEGOIH XLI WEQTPIW ERH TPEGIH % ERH & FSXXPIW SR WITEVEXI QSFMPI GEVXW GETEFPI SJ LSPHMRK XVE]W SJ WEQTPIW /YVH]EXWIZ [SYPH XEOI XLI & WEQTPIW XS XLI PSRK XIVQ WXSVEKI VSSQ ERH VIQSZI XLI TVSXIGXIH EXLPIXIW & WEQTPIW ERH WPMT XLSWI WEQTPIW MRXS LMW PEF GSEX TSGOIX ,I [SYPH XVERWTSVX XLI % WEQTPIW XS XLI EPMUYSXMRK VSSQ &SXXPI 4EWWMRK 3TIRMRK %X E GSRZIRMIRX QSQIRX YWYEPP] EVSYRH QMHRMKLX [LIR RS SRI IPWI [EW MR XLI VSSQ /YVH]EXWIZ [SYPH TEWW XLI TVSXIGXIH EXLPIXIW % ERH & WEQTPIW XLVSYKL XLI QSYWI LSPI MR XLI EPMUYSXMRK VSSQ XS XLI STIVEXMSRW VSSQ [LIVI (V 6SHGLIROSZ ERH SXLIVW [IVI [EMXMRK 3RGI XLI WEQTPIW [IVI TEWWIH XLVSYKL XLI] [IVI KMZIR XS *7& &PSOLMR [LS LEH E WIGYVMX] GPIEVERGI XS IRXIV XLI PEFSVEXSV] YRHIV XLI KYMWI SJ FIMRK E WI[IV IRKMRIIV IQTPS]IH F] IRKMRIIVMRK GSQTER] &MPJMRKIV &IPS[ MW WGVIIR WLSX SJ XLI PMWX SJ MRHMZMHYEPW [MXL WIGYVMX] GPIEVERGI XS IRXIV XLI 7SGLM 0EFSVEXSV] )ZKIR] &PSOLMR¬W REQI MW LMKLPMKLXIH 8LI -4 LEW QSHMJMIH XLI WXEJJ IRXV] PMWX XS LMKLPMKLX *7& &PSOLMR EW LEZMRK WIGYVMX] GPIEVERGI XS IRXIV XLI 0EFSVEXSV] *7& &PSOLMR [SYPH XEOI XLI & WEQTPI FSXXPIW E[E] ERH VIXYVR YT XS X[S LSYVW PEXIV [MXL XLI GETW VIQSZIH *7& &PSOLMR EPWS FVSYKLX XLI EXLPIXIW¬ GPIER YVMRI JVSQ XLI *7& FYMPHMRK XS XLI PEFSVEXSV] 2S PEFSVEXSV] TIVWSRRIP IZIV [MXRIWWIH XLI *7&¬W QIXLSH JSV VIQSZMRK XLI GETW SJ XLI FSXXPIW -R SVHIV XS ZIVMJ] XLEX XLI GETW SJ XLI FSXXPIW [IVI VIQSZIH XLI -4 GSRHYGXIH MXW S[R I\TIVMQIRX 8LI -4 MW WEXMWJMIH XLEX XLI GETW SJ XLI FSXXPIW GER FI VIQSZIH ERH XLI GETW [IVI RSX GSYRXIVJIMX (SGXSVMRK XLI 6ITPEGIQIRX 9VMRI MR XLI 3TIVEXMSREP 6SSQ ;MXL XLI TVSXIGXIH EXLPIXI¬W GPIER YVMRI ERH XLI & WEQTPI FSXXPI GET VIQSZIH (V 6SHGLIROSZ ERH LMW XIEQ [SYPH KS XS [SVO SR XLI WEQTPIW MR XLI HIEH SJ RMKLX [LIR XLIVI [EW PMXXPI EGXMZMX] MR XLI PEFSVEXSV] 8LI EXLPIXI¬W HMVX] YVMRI [EW HMWTSWIH SJ 8LI TVSXIGXIH EXLPIXI¬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¬W JMRKIVTVMRXW SV (2% SR ER] SJ XLI & WEQTPI FSXXPIW -4 *MRHMRKW 8LI TVIGMWI QIXLSH YWIH F] XLI *7& XS STIR XLI 7SGLM WEQTPI FSXXPIW MW YRORS[R 8LI -4 I\TIVXW GSRGPYWMZIP] IWXEFPMWLIH XLEX XLI GETW GER FI VIQSZIH ERH VIYWIH PEXIV )ZIV] WEQTPI FSXXPI XLI -4 MRZIWXMKEXMSR XIEQ I\EQMRIH VIZIEPIH IZMHIRGI SJ XEQTIVMRK GSRWMWXIRX [MXL XLI GETW FIMRK VIQSZIH ERH VIYWIH 9VMRI %REP]WMW (V 6SHGLIROSZ¬W IZMHIRGI [EW XLEX HMVX] YVMRI WEQTPIW LEH FIIR W[ETTIH [MXL GPIER YVMRI 8S XIWX XLMW L]TSXLIWMW XLI -4 WIPIGXIH WEQTPI FSXXPIW FEWIH SR XLIMV 7+ PIZIPW ERH SV XLI I\MWXIRGI SJ WGVEXGLIW ERH QEVOW JSV YVMRI I\EQMREXMSR 8LMW WIPIGXMSR SJ WEQTPIW JSV I\EQMREXMSR [EW GEVVMIH SYX MR XLI TVIWIRGI SJ &IGOMI 7GSXX %XLPIXIW¬ 6ITVIWIRXEXMZI SR XLI ;%(% *SYRHEXMSR &SEVH ERH 'PEYHME &SOIP XLI )PIGXIH %XLPIXIW 6ITVIWIRXEXMZI XS XLI -3' 8LI] [IVI EWOIH XS VERHSQP] WIPIGX ER EHHMXMSREP % WEQTPIW JSV MRGPYWMSR MR XLI XIWXMRK TVSGIWW 8LI ('' EREP]^IH XLIWI % WEQTPIW ERH JSYRH XS GSRXEMR UYERXMXMIW SJ WEPX WMKRMJMGERXP] I\GIIHMRK XLI PIZIPW TVSHYGIH F] XLI LYQER FSH] EFWIRX E WIVMSYW PMJI XLVIEXIRMRK QIHMGEP GSRHMXMSR 3J XLIWI WEQTPIW X[S [IVI EQSRKWX XLI & WEQTPI FSXXPIW XLEX XLI -4¬W I\TIVX GSRJMVQIH [IVI XEQTIVIH [MXL ;LMPI XLI EXLPIXIW¬ MHIRXMXMIW EVI FIMRK OITX GSRJMHIRXMEP EX XLMW WXEKI FSXL [IVI QIHEP [MRRIVW EX 7SGLM -R 'LETXIV MX [EW I\TPEMRIH XLEX SRI MRHMZMHYEP EXLPIXI KEZI WEQTPIW SJ YVMRI EX 7SGLM ERH ERSXLIV WEQTPI MR XLI %YXYQR SJ [LMGL [EW WXSVIH EX XLI 1SWGS[ 0EFSVEXSV] ERH PEXIV VIQSZIH F] ;%(% 8LIWI 7SGLM WEQTPIW LEH XLI WEQI (2% EW I\TIGXIH WMRGI (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX HMVX] 7SGLM WEQTPIW [IVI VITPEGIH [MXL GPIER YVMRI JVSQ XLI WEQI EXLPIXI ,S[IZIV XLI (2% MR XLI WEQTPI [EW JSYRH XS GSQI JVSQ E HMJJIVIRX TIVWSR 8LMW [EW GSRWMWXIRX [MXL (V 6SHGLIROSZ¬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¬W ©GSGOXEMPª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¬W IZMHIRGI XLEX 6YWWMER EXLPIXIW [IVI YWMRK LMW ©GSGOXEMPª FIJSVI XLI 0SRHSR +EQIW %HHMXMSREPP] XLI REQIW SJ X[S SJ XLI EXLPIXIW [LS XIWXIH TSWMXMZI EW E VIWYPX SJ XLI -3' VIXIWX EVI EPWS WLS[R SR XLI 0SRHSR TVI XIWXMRK WGLIHYPI HMWGYWWIH EFSZI EW TSWMXMZI JSV XLI WEQI WYFWXERGIW HMWGSZIVIH MR XLI VIXIWX 8LMW GSVVSFSVEXIW FSXL (V 6SHGLIROSZ¬W EGGSYRX SJ XLI WGLIQI ERH XLI EGGYVEG] SJ XLI SVMKMREP WGLIHYPI 8LI -4 GLIGOIH XLI REQIW SJ XLI EXLPIXIW EKEMRWX 0SRHSR +EQIW¬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©EPPS[ª FYX EPWS XS ©[EVR XLI *IHIVEXMSR ª 8LI VIQEMRMRK GEWIW MRZSPZI JSVIMKR EXLPIXIW ERH JSV IEGL SJ XLIWI XLI MRWXVYGXMSR MW XS 59%6%28-2) (V 6SHGLIROSZ¬W IZMHIRGI MW XLEX WSQI WEQTPI W[ETTMRK EPWS SGGYVVIH MR GSRRIGXMSR [MXL XLI 9RMZIVWMX] +EQIW 2S JYVXLIV MRJSVQEXMSR [EW EZEMPEFPI XS XLI -4 MR VIPEXMSR XS XLI 9RMZIVWMX] +EQIW ,S[IZIV JYVXLIV MRZIWXMKEXMSR QE] MHIRXMJ] EHHMXMSREP I\EQTPIW 1SWGS[ -%%* ;SVPH 'LEQTMSRWLMTW ©1SWGS[ 'LEQTMSRWLMTWª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¬W ZMEFMPMX] XS GSQTIXI [MXLSYX VITSVXMRK ER] WEQTPIW MR %(%17 (YVMRK XLI GSQTIXMXMSR TVSXIGXIH EXLPIXIW¬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¬W HMVX] YVMRI FIJSVI XLI WEQTPIW [IVI WLMTTIH XS ERSXLIV PEFSVEXSV] EW MRWXVYGXIH F] XLI -%%* 'LETXIV 7YQQEV] SJ *MRHMRKW /I] *MRHMRKW 8LI 1SWGS[ 0EFSVEXSV] STIVEXIH JSV XLI TVSXIGXMSR SJ HSTIH 6YWWMER EXLPIXIW [MXLMR E 7XEXI HMGXEXIH JEMPWEJI W]WXIQ HIWGVMFIH MR XLI VITSVX EW XLI (MWETTIEVMRK 4SWMXMZI 1IXLSHSPSK] 8LI 7SGLM 0EFSVEXSV] STIVEXIH E YRMUYI WEQTPI W[ETTMRK QIXLSHSPSK] XS IREFPI HSTIH 6YWWMER EXLPIXIW XS GSQTIXI EX XLI +EQIW 8LI 1MRMWXV] SJ 7TSVX HMVIGXIH GSRXVSPPIH ERH SZIVWE[ XLI QERMTYPEXMSR SJ EXLPIXI¬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¬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