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TSXP P]cTaX a&) aTbd[cPS [P aTbT]cPRXs] eXbdP[ ST[ U aP T] T] [Pb
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]Pb P[PcX] b h [Pb aP Pb P]cTaX aTb ST [ b ePb b RT]caP[ bd TaX a D5 T[ PVdYTa dTST bTa d]P
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d]P aP P ST[ VP]V[X TbUT] P[PcX] dT X]TaeP T[ T] U a P ST R aPis] bX] aSTb R acXRP[Tb P eTRTb
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RPbX ]P[ T]cT bT bTaeP] T] [Pb aPSX VaPUqPb
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:XV& &EPSX VaPUqP D5 ST[ X]RXbXe RT]caP[ bd TaX a

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R d]P ST[VPSP [q]TP aPSX PRP PaRXP[ T]cT RdaePSP
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:XVdaP .&EPSX VaPUqP D5 X]caP aP[ ST[ X]RXbXe [PcTaP[

bd TaX a%RP]X] dT dTbcaP [P [q]TP L ST 9]]Xb& @P
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[Pb aPqRTb ST [ b [PaTb bd TaX aTb& 9[ bT] PgX[Pa

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cd Ta bXSPSTb a [ b bT] b PgX[PaTb bT R ]bXSTaP
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9[ a RTb RXV ocXR P PaTRT R d]P
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R acXRPS bT ST T P [P bd Ta bXRXs] ST [Pb R acTiPb
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ST [ b cd paRd[ b VT]XP[Tb&*
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T] [P bd TaUXRXT [X]VdP[ ST [P P]Sq d[P TSXP T]caT [ b WPRXP T[ P[ YP XT]c P[eT [Pa P]SX d[Pa h bT TgcXT]ST
aSTb bd TaX a T X]UTaX a :XVdaP 0 & 5 PaTRT] R WPbcP [P RaTbcP T]c ]XP]P&*
PRXSPSTb ST]bPb T] c SPb [Pb X oVT]Tb X]caP aP[Tb&
@P RaTbcP T]cP[ :XVdaP 1 bT T]RdT]caP T] [P RPaP
P]cTaX a h RTaRP ST[ aST X]UTaX a ST [P P]Sq d[P h
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d]P aPSX VaPUqP D5 P]SX d[Pa P]cTaX a bT eT R
d]P [q]TP aPSX PRP T] U a P ST I X]eTabP ST
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dTST bRdaTRTa PaRXP[ T]cT [Pb aPqRTb ST [ b
SXT]cTb P]cTaX aTb P]SX d[PaTb&*
@ b RP]P[Tb ST ]dcaXT]cTb :XVdaP )( R ]cXT]T] ePb b
bP]Vdq]T b h ]TaeX b dT XaaXVP] [ b SXT]cTb [ b
Tb PRX b X]cTaST]cP[Tb h [Pb T]RqPb&*9bc b RP]P[Tb
P PaTRT] R [q]TPb aPSX [tRXSPb ST P]RW d]XU a T h
P eTRTb aTbT]cP] aSTb aPSX PR b&*9] R PaPRXs] :XVdaP 1&EPSX VaPUqP D5 ST[ [Pa P]SX d[Pa STaTRW
R ] T[ PgX[Pa [ b RP]P[Tb ST ]dcaXT]cTb ST [P P]Sq d[P X]caP aP[ dT dTbcaP [P RaTbcP [XRdP TgcTa]P U[TRWPb &

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bP]Vdq]T b&*Fd d XRPRXs] ePaqP T] aT[PRXs] R ] [ b o XRTb ST
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ST [ b PVdYTa b T]c ]XP] b T] [ b o XRTb ST [ b SXT]cTb
P]SX d[PaTb dTST bX d[Pa d]P Pc [ VqP D5& H]P [o X]P
SdaP X]cPRcP RdP]S Tb eXbX [T Tb d]P R ]UXa PRXs] ST [P
bd Ta bXRXs] ST [ b PVdYTa b T]c ]XP] b T] [ b o XRTb T]
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An;9B9F 9KGE5CE5@9F

9[ R ] RX XT]c ST [P aPSX VaPUqP PgX[ UPRXP[ TgcaP aP[ Tb

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X]caP aP[ dT dTbcaP T[ RP]P[ P]SX d[Pa U[TRWP ]TVaP [P P]Pc qP PaP bd X]cTa aTcPRXs]& @P aPSX VaPUqP TgcaP aP[ dT
R acP T[ PVdYTa T]c ]XP] U[TRWP d]cTPSP [PaVP h d] T] T[ PbPS bT PbP P R [TcP T]cT T] T[qRd[Pb PRcdP[ T]cT
RP]P[ ST ]dcaXT]cTb U[TRWP ]TVaP [PaVP &
Tb d]P SP[XSPS SXVXcP[& @Pb X oVT]Tb SXVXcP[Tb TgcaP aP[Tb bT
dTST] aTP[XiPa P caPepb ST d] bXbcT P ST P[ PRT]P XT]c ST
FT aTbT]cP R d]P [q]TP aPSX PRP R ] UsbU a [P VaP] Ph aqP ST [Pb X]bcP[PRX ]Tb pSXRPb h
P]RWdaP h ST]bXSPS ePaXP [T dT PbP a ST[P]cT W b XcP[Tb dcX[XiP]S cTR] [ VqPb ST TbcPS bs[XS dcX[XiP]S
hP caPepb ST [P aTVXs] [Pa&*9] [P Pca UXP RaTbcP[ SXb bXcXe b ST bXRX ]P XT]c [[P PS b RTUP[ bcPc b dT bT
VT]TaP[XiPSP ST [P P]Sq d[P bcTaX a TSp]cd[P R ]TRcP] P [Pb d]XSPSTb P] ao XRPb d]XSPSTb ST Rao]T
T] [P dT [P RaTbcP P[eT [Pa WP bdUaXS d]P X]SXeXSdP[Tb d]XSPSTb 767G & ]ST T]SXT]cT T]cT ST [P cpR]XRP
aTP b aRXs] TgcT]bP R [TcP [P RaTbcP [XRdP dT bT dcX[XRT PaP cT]Ta X oVT]Tb T[ Rao]T T] d] T]c a]
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ST[ RdTa ST [P P]Sq d[P&* d]XSPSTb W b XcP[PaXPb ST Rao]T VT]TaP[ T]cT Tbco] SXbTrPSPb
@P RaTbcP X[ WX XSTP [XRdP X]cTa]P P PaTRT R PaP PS dXbXRX ]Tb ST eXbcPb ST Rao]T T] bXRXs] bd X]P& @Pb
d] oaTP aPSX PRP ST cP Pr ePaXP [T dT R XT]iP T] cpR]XRPb ST cT]RXs] ST X oVT]Tb TgcaP aP[Tb dcX[XiPSPb T]
[P RPaP P]cTaX a h TSXP[ ST [P aP P h bT TgcXT]ST WPRXP S ]c [ VqP ePaqP] STbST eXbcPb ST[ Rao]T WPbcP aPSX VaPUqPb
P PY h PST[P]cT T] SXPV ]P[ b aT [P bd TaUXRXT [X]VdP[ P] ao XRPb T X oVT]Tb ob PeP]iPSPb R [P c VaPUqP h [P
ST [P P]Sq d[P dT bT TgcXT]ST WPRXP T[ oaTP ST [P G7& 5ST ob [P EA h [P TR VaPUqP bT dcX[XiP] RdP]S Tbco]
bq]UXbXb h P T]dS bT eXbdP[XiP TY a T] [P d]Xs] ST [Pb X]SXRPSPb PaP cT]Ta X oVT]Tb ST [Pb TbcadRcdaPb
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P P]RWP h ST]bP& 9[ aT aST X[ WX XST SXbRdaaT a 5]Pc qP TgcaP aP[ ST [P aTVXs] PgX[ UPRXP[ R bT
ST PY ST[ aT aST [XRd TgcTa] R ] bd X PVT] P eT T] [Pb aPSX VaPUqPb
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Ph aqP ST [Pb TbcadRcdaPb XST]cXUXRPSPb P dq b ] sbTPb dT P
9[ RP]P[ P]SX d[Pa bT eT R ] Ph a UaTRdT]RXP T] [Pb 5D
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bcTaX aTb P]SX d[PaTb dT caP]b acP] cTYXS b
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PVdYTa P]SX d[Pa h VT]TaP[ T]cT cTa X]P]S T] T[
RPbX ]Tb ]TRTbXcP P[Vd]Pb eXbcPb cpR]XRPb PSXRX ]P[Tb& DPaP [P
PVdYTa T]c ]XP] eTa:XVdaP )( & 9[ RP]P[ P]SX d[Pa ePaqP
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T] cP Pr d XRPRXs] h a gX XSPS P [ b o XRTb ST [ b
caPd PcXb b [P X PVT] TgcaP aP[ aTUTaXSP Tb [P G7 [P EA&
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EPSX VaPUqPb ST Rao]T
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a ST PY ST [ b aT [PaTb P]SX d[PaTb Tb d] PVdYTa [P X]ca SdRRXs] ST [P 767G& 8 X]Pa [P P]Pc qP ST [Pb
eP[PS aTS ]S & TbcadRcdaPb PgX[ UPRXP[Tb Tb Ud]SP T]cP[ h

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GpR]XRP R t] T]cT
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RT[SX[[Pb Tc XSP[Tb
7aXbcP VP[[X Rao]T D5 EPSX PRXSPS [X]TP[ bTaePSP T] T[
TSX ST [ b bT] b Ua ]cP[Tb
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7aTbcP Tca bP Rao]T D5 Fd Ta dTbc b aT T[ cTaRX X]UTaX a ST
[Pb RPeXSPSTb a XcP[Tb& FT eT
X]UTaX a P [Pb sa XcPb T] D5
RTUP[ VaP P&
FT] PgX[Pa IXbcP ST [Pb PVdPb 9bcadRcdaP ]Td PcXiPSP X[PcTaP[&
9[ ob VaP]ST ST [ b bT] b PaP]PbP[Tb
GP X dT ]PbP[ Rao]T D5 C PRXSPS [X]TP[ ST]ca ST [P RPeXSPS ]PbP[
bT TgcXT]ST eTacXRP[ T]cT STbST [P aTVXs]
ST [P Tb X]P ]PbP[ P]cTaX a WPbcP T[ ]PbX ]

7p[d[Pb ST PXaT Pbc XSTPb Rao]T D5 7p[d[Pb ST PXaT ]Td PcXiPSPb X[PcTaP[Tb ST]ca
[ b a RTb b Pbc XSTb
6 aST a XcPaX X]UTaX a 7ao]T ST D5 eXbcP ST PVdPb 6 aST X]UTaX a ST [P sa XcP
bT] b Tc XSP[Tb Rao]T D5 7p[d[Pb ST PXaT Tc XSP[Tb ]Td PcXiPSPb

FdcdaP bPVXcP[ bdcdaP [P S XSTP Rao]T D5 FdcdaPb RaP]TP[Tb bd Ta dTbcPb

bdcdaP Ua ]cP[ WdTb b Ua ]cP[ h cT aP[ @P bdcdaP Ua ]cP[
VT]TaP[ T]cT bT bTaeP R[PaP T]cT
T] RTUP[ VaP P D5&
dTb RXV ocXR PaR RXV ocXR IXbcP ST [Pb PVdPb 9bcPb TbcadRcdaPb bT eT] R[PaP T]cT T]
P sUXbXb R a ] XSTb ST [P P]Sq d[P [P eXbcP ST JPcTab ST XS P bd
P sUXbXb S ]c XSTb bXRXs] ST]ca ST[ Rao]T h [P
P]Vd[PRXs] ST[ WPi ST aPh b K&
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7s]SX[ b P]SX d[PaTb R a ] XSTb FAI 5] cPS X[PcTaP[ T]cT T] T[
a RTb b oaTP ST [P PacXRd[PRXs] cT a P]SX d[Pa

AP]Sq d[P PgX[Pa bX[[P cdaRP 7ao]T [PcTaP[ h [PcTaP[ @P P]Sq d[P h T[ PgX[Pa b ]
RTUP[ VaP P bd Ta dTbc @P bX[[P cdaRP U bP
XcdXcPaXP bT bTaeP ST]ca ST[
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WP X[XSPS ]TRTbPaXP Tb TRXP[ T]cT RdP]S [Pb c VaPUqPb 7p[d[Pb PpaTPb Pbc XSTPb WdTb RXV ocXR h P sUXbXb
R dcPaXiPSPb ] Tbco] SXb ]X [Tb& @Pb aPSX VaPUqPb ST S ]c XSTb ST [P bTVd]SP epacT aP RTaeXRP[ 7* WXV b&
Rao]T ob R d]Tb dT c SPeqP Tbco] T] db b ] T[ ),h)- & @P aPSX VaPUqP FAI bT dcX[XiP PaP [P TeP[dPRXs]
RTUP[ VaP P [PcTaP[ [P eXbcP ST JPcTab [P eXbcP D5 T[ ST[ PaR RXV ocXR h T[ bT] TbUT] XSP[& FT dcX[XiP d]P
bd T]c eTacTg FAI h [P eXbcP ST G f]T X]eTacXSP& @Pb eXbcP FAI SXUXRPSP R ] Tg bXRXs] aTSdRXSP PaP eTa
eXbcPb [XRdPb [PcTaP[Tb dT UdTa ] P [XP T]cT dcX[XiPSPb [ b PaR b RXV ocXR b bd Tg ]XT]S X]cT]RX ]P[ T]cT
T] d] T]c WP] dTSPS b [TcPb STbST [P T[ Rao]T & F [ [ b WdTb b ST[VPS b R [ b PaR b
X]ca SdRRXs] ST [P aPSX VaPUqP P] ao XRP& @ b RTUP[ VaP Pb RXV ocXR b cXT]T] Tg bXRX ]Tb PSTRdPSPb h T[ aTbc
[PcTaP[Tb dTbcaP] T[ WdTb ]PbP[ T[ bT] Ua ]cP[ h T[ bT] ST[ Rao]T Tbco bd Tg dTbc & 9bc bT ST] X]P eXbcP ST
TbUT] XSP[ WXV b& ))h)* & H]P eXbcP D5 ST[ Rao]T Tb d]P PbP ST YPaaP :XVdaP ). & @Pb aPSX VaPUqPb ST G f]T
eXbcP tcX[ dT dTbcaP ]d Ta b b d]c b ST aTUTaT]RXP X]eTabP bT dcX[XiP] PaP [P TeP[dPRXs] ST [ b Rs]SX[ b
P]Pcs XR b tcX[Tb& 9bc b X]R[dhT] [Pb TbcadRcdaPb ST [P RPaP h P]SX d[PaTb& 5d] dT P[V P]cXRdPSPb PW aP [Pb
T[ Rao]T :XVdaP ) & JPcTab eXTf bT dcX[XiP PaP TeP[dPa T[ aPSX VaPUqPb [XRdPb [PcTaP[Tb bT dcX[XiPa ] PaP TeP[dPa
bT] PgX[Pa T[ bT] Ua ]cP[ T[ cP X dT ]PbP[ cP]c T[ RdTa ST [P P]Sq d[P

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
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h [P aP P X]R[dXSPb [Pb P sUXbXb R a ] XSTb h

R ]Sq[TPb& 9bc b UdTa ] aTT [PiPS b a
aPSX VaPUqPb P] ao XRPb&
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P]SX d[Pa [P aP P T[ PgX[Pa [ b SXT]cTb bd TaX aTb T
X]UTaX aTb [P U bP V[T] XSTP h T[ WdTb RXV ocXR &

oVT]Tb P] ao XRPb

@Pb aPSX VaPUqPb P] ao XRPb bT dcX[XiP] P [XP T]cT R

PacT ST[ PabT]P[ ST X oVT]Tb ST]cP[Tb h pSXRPb& @P
aTR T]SPRXs] ST [P 5b RXPRXs] 8T]cP[ 9bcPS d]XST]bT ST *
aPSX VaPUqPb ST P[TcP ST aSXSP Yd]c R ] d]P aPSX VaPUqP
P] ao XRP PaP [P TeP[dPRXs] ST PRXT]cTb bX] [TbX ]Tb ST
[P RPeXSPS aP[ R[q]XRP T]cT eXbX [Tb h RPaXTb Tb P [XP T]cT
R ] RXSP h XT] aPRcXRPSP h Tbco ST]ca ST[ P[RP]RT ST [P
5S X]XbcaPRXs] ST 5[X T]c b h ATSXRP T]c b 5b RXPRXs]
8T]cP[ 9bcPS d]XST]bT& DPdcPb aPSX VaoUXRPb ST]cP[Tb&-

@Pb aPSX VaPUqPb P] ao XRPb Ta XcT] d]P Ph a

:XVdaP ))&H]P aPSX VaPUqP RTUP[ pcaXRP [PcTaP[ dT dTbcaP R TacdaP ST [P aTVXs] aP[ PgX[ UPRXP[ R ] X oVT]Tb
P d] PRXT]cT R aaTRcP T]cT R [ RPS ST]ca ST d] P]Pcs XRPb aT[PcXeP T]cT ] SXbc abX ]PSPb h d]P
RTUP[ bcPc & 9[ oaTP aTS ]SP PRP dT bT bTaeP bcTaX a bd Ta bXRXs] q]X P ST TbcadRcdaPb P]Pcs XRPb&)
P [ b Rs]SX[ b P]SX d[PaTb h bd TaX a P [P aX TaP epacT aP
@Pb aPSX VaPUqPb P] ao XRPb ST]cP[Tb Ta XcT] PXb[Pa h
RTaeXRP[ 7) Tb [P ePaX[[P ST [P aTYP dT Tbco SXbTrPSP PaP
TbcdSXPa d] [P] RP P PacXRd[Pa ST [P P]Pc qP
bcaPa [P a gX XSPS ST[ TPc PdSXcXe TgcTa] & GT]VP T]
PgX[ UPRXP[ ST d] X]SXeXSd & @Pb X oVT]Tb bT RaTP] R ] T[
RdT]cP [Pb bXVdXT]cTb TbcadRcdaPb T] TbcP aPSX VaPUqP2 bdcdaP
R a ]P[ ) bT] Ua ]cP[ * WdTb ]PbP[ a RTb bT]b a h T[ cd ST aPh b K VXaP]S T] SXaTRRX ]Tb dTbcPb
RXV ocXR , [P X X]UTaX a - UPaX]VT R t] . WdTb P[aTSTS a ST [P RP TiP ST[ PRXT]cT& 9[ eX XT]c
WX XSTb / aP P ST [P P]Sq d[P 0 P sUXbXb S ]c XSTb 1 bX]Ra ]XiPS SdaP]cT [P PS dXbXRXs] ST X oVT]Tb Ta XcT
TPc PdSXcXe TgcTa] )( bX[[P cdaRP )) h bdcdaP STbT]U RPa [Pb TbcadRcdaPb a T]RX P h a ST PY ST[
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XV & )*9cX dTcPS Tb dT ocXR

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Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
 5]Pc qP CaP[ h APgX[ UPRXP[ *)

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aTUTaT]RXP aPSX VaoUXR b bTaePS b T] TbcP eXbcP ST[ Rao]T 2 sa XcP ) cP X dT ]PbP[ * bT] PgX[Pa a RTb Pbc XST
, Tb X]P ]PbP[ P]cTaX a - aP P . PaVT] bd aP a XcPaX / P[P Ph a ST[ TbUT] XSTb 0 P[P T] a ST[ TbUT] XSTb 1
R ]RWP ]PbP[ X]UTaX a )( bT] Ua ]cP[ )) Rs]SX[ P]SX d[Pa )* SXT]cTb PgX[PaTb ) SXT]cTb P]SX d[PaTb ), h RaXbcP
VP[[X )- &

aTbP[cP]S [P RP P STbTPSP SXT]cTb h PgX[PaTb R ]&. /9bcPb TRd[XPaXSPSTb dTST] bTa Tg [XRPSPb a)
ST] X]PSP RP P ST X PVT]&. ob ST [ b bXVdXT]cTb / R ]RT c b)2
@Pb aPSX VaPUqPb P] ao XRPb b ] tcX[Tb T] [P TeP[dPRXs]
ST P] P[qPb ST [ b PgX[PaTb h [P TeP[dPRXs]
% @Pb TbcadRcdaPb PgX[ UPRXP[Tb Tbco] P [P]PSPb h
TgcT]SXSPb&
TSX PgX[ UPRXP[ ] eXbX [T T] [Pb aPSX VaPUqPb X]caP aP[Tb&
:XVdaP )/ & 9] R PaPRXs] R ] [Pb aPSX VaPUqPb X]caP aP[Tb
% @Pb TbcadRcdaPb ST [P [q]TP TSXP dTST] a hTRcPabT R
X oVT]Tb t]XRPb T X oVT]Tb S [Tb&
TgWX T] d]P RP]cXSPS ST X]U a PRXs] bXV]XUXRPcXeP T]cT
Ph a&. /@P cTR] [ VqP dT Ta XcT [P PS dXbXRXs] ST
% FT U a P] X oVT]Tb UP]cPb P h bT d XRP] T]
X oVT]Tb P] ao XRPb aTbT]cP TRd[XPaXSPSTb t]XRPb dT
T[ [PS dTbc ST [P X PVT] ob P[cPb h
ST T] bTa XT] T]cT]SXSPb h UP X[XPaXiPSPb&
aa bPb :XVdaP )0 &

:XVdaP ),&EPSX VaPUqP ST eXbcP ST JPcTab

Tb dT ocXRP h a cd[PSP&

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Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
** FPSaP T[X h Ad PaP d

% FT dTST] eTa R ]c a] b ST cTYXS [P]S &

% FT bTaeP] [ b Tb PRX b PpaT b R [P
WX UPaX]VT [P a UPaX]VT h [P ]Pb UPaX]VT
[ b bT] b PgX[PaTb h [P U bP ]PbP[&
% F ] eXbX [Tb [Pb aPSX caP]b PaT]RXPb h [Pb aPSX PRXSPSTb
aT[PcXePb&
% 9[ cTYXS Sda SXT]cTb h WdTb b T[ cTYXS [P]S &
TY& RPacq[PV h [q dXS h T[ PXaT b ] [ b R ]T]cTb
bTaePS b T] [Pb aPSX VaPUqPb P] ao XRPb&
% 9[ cTYXS Sda X]cTabTRcPS a T[ Tb PRX PpaT PaTRT
ob aPSX caP]b PaT]cT&
% 9[ cTYXS Sda X]cTabTRcPS a cTYXS [P]S PaTRT
T] b aPSX caP]b PaT]cT&
% @Pb X]cTaaT[PRX ]Tb P]Vd[PaTb ST [Pb TbcadRcdaPb b ]
P]Pcs XRP T]cT aTRXbPb&

:XVdaP )-&EPSX VaPUqP aTR acPSP ST JPcTab dT dTbcaP d]

@Pb TbcadRcdaPb P]Pcs XRPb T] d]P X PVT] P] ao XRP b ]
bT] PgX[Pa STaTRW ] a P[ h d] bT] PgX[Pa Xi dXTaS
ob VaP]STb dT T[ YTc ST [P X PVT] aX]RX P[ T]cT R
PRXUXRPS & C bpaeTbT [P aTbT]RXP ST d] SXT]cT ST]ca ST[
bT] Xi dXTaS dT PaTRT WP Ta bXS STb [PiPS ST [P aTbd[cPS ST d] Pd T]c ] d]XU a T ST WPbcP d] *( &.
PaRPSP ST]cPaXP& @P P PaXT]RXP aPSX VaoUXRP Tb R ]bXbcT]cT GP Xp] Tb eXcP[ aTR aSPa dT b [ [Pb TbcadRcdaPb ST]ca
R ] d] dXbcT ST]cqVTa ST]ca ST[ bT] PgX[Pa Xi dXTaS & ST [P RP P ST X PVT] STbTPSP Tbco] T]U RPSPb&.
9bcP RP P ST X PVT] Tb ob TbcaTRWP T] [P PacT P]cTaX a h ob
P]RWP T] [Pb aTVX ]Tb bcTaX aTb&) .
@P X]cTa aTcPRXs] ST [Pb aPSX VaPUqPb P] ao XRPb
aT dXTaT d] T]U dT bXbcT ocXR & DPaP T TiPa [P
aPSX VaPUqP dTST SXeXSXabT T] i ]Pb dT Ta XcP]
R PaPa [Pb TbcadRcdaPb X[PcTaP[Tb eXbcPb bd TaX a P
[ b SXT]cTb PgX[PaTb i ]P ) X]UTaX a P[ aST
X]UTaX a ST [P P]Sq d[P dT Rd aT c S T[ RdT[[
X[PcTaP[ T]cT i ]P * h P [P STaTRWP h [PS
Xi dXTaS ST [P aPSX VaPUqP [PcTaP[ P [Pb aTVX ]Tb
cTaXV PgX[Pa h aTca [Pa i ]Pb h , Pbq R P
[ b SXT]cTb PgX[PaTb h P]SX d[PaTb RP]P[
P]SX d[Pa PVdYTa T]c ]XP] TcR& i ]P - eTa
:XVdaP )/ & @Pb TbcadRcdaPb X[PcTaP[Tb T] TbcPb oaTPb
ST T] R PaPabT T]caT bq& 9] d]P bXRXs] XSTP[ ST
[P RP TiP TbcPb TbcadRcdaPb X[PcTaP[Tb aTbT]cP]
SX T]bX ]Tb h U a Pb bX X[PaTb& @Pb ePaXPRX ]Tb ST
[Pb bX X[XcdSTb X[PcTaP[Tb dTST] aT dTaXa d]P
TeP[dPRXs] PSXRX ]P[ bd ]XT]S dT [P bXRXs] ST
[P RP TiP bTP XSTP[&
@ b YTc b T] T[ RT]ca ST [P RP TiP ST d]
PRXT]cT R [P R [d ]P RTaeXRP[ h T[ WdTb
WX XSTb bT aT aTbT]cP] P [ b [PS b ST [P aPSX VaPUqP
P] ao XRP d]P TRd[XPaXSPS RPdbPSP a T[
P [P]P XT]c h [P Tg P]bXs] ST [P X PVT]& 5d] dT
b [ WPh d]P R [d ]P RTaeXRP[ h d] WdTb WX XSTb T]
T[ RT]ca ST [P aTVXs] ST [P RP TiP h T[ RdT[[ [Pb
:XVdaP ).&H]P aPSX VaPUqP bXRX ]PSP FAI ST d] Rao]T ST X oVT]Tb bT eT] T] P b [PS b ST [P aPSX VaPUqP&) /
[obcXR PaP bcaPa [P P PaXT]RXP ST d] PbP ST YPaaP @P t[cX P oaTP P TeP[dPa ST T bTa [P ST]cXRXs]& @Pb
RdP]S [P aPSX VaPUqP bT bd Tg ]T X]cT]RX ]P[ T]cT PaP TbcadRcdaPb P]Pcs XRPb SXbRdcXSPb ob PST[P]cT bT
TY aPa [P eXbdP[XiPRXs] ST [ b * PaR b RXV ocXR b& 9bcP UdT aTeXbP] R ] UPRX[XSPS T] d]P aPSX VaPUqP P] ao XRP
d]P aPSX VaPUqP R t] PaP STbRPacPa UaPRcdaPb ST aX XSPb
:XVdaP )1 & Ph caPb TbcadRcdaPb dT cP Xp] bT
ST[ PaR RXV ocXR bX ] bT SXb ]qP ST d]P c VaPUqP
dTST] aTeXbPa Ta ] PaRPa T] TbcP X PVT]
R dcPaXiPSP& 9] d]P eXbcP bd Tg dTbcP cq XRP ST[ PbP ST
d]P YPaaP ] bT SXbcX]VdT ]X]Vd]P ST [Pb TbcadRcdaPb P PacT
aPSX VaoUXRP& 9bc b bT dTST] T]R ]caPa T] RdP[ dXTa
ST [ b PaR b RXV ocXR b& 9[U[TRWPbP d]cP] P [ b PaR b [X a ST cTgc Tbco]SPa ST aPSX [ VqP aP[ h
RXV ocXR b X[PcTaP[ T]cT& PgX[ UPRXP[&

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
 5]Pc qP CaP[ h APgX[ UPRXP[ *

:XVdaP )/&@Pb i ]Pb ST P[V aXc

SXPV]sbcXR T] d]P aPSX VaPUqP
P] ao XRP& 5d] dT TbcP ] Tb [P t]XRP
U a P ST aTeXbPa d]P aPSX VaPUqP
P] ao XRP bT aTR XT]SP cT]Ta d]
T]U dT bXbcT ocXR PaP T[ SXPV]sbcXR &

G VaPUqP R dcPaXiPSP ST WPi Rs]XR TgP T] ST oaTPb ob T dTrPb 767G ST e [d T]

[X XcPS &
@P SP[XSPS ST X PVT] PeP]iPSP R [P c VaPUqP R dcPaXiPSP
ST WPi Rs]XR 767G bT WP R ]eTacXS T] d]P WTaaP XT]cP tcX[ PaP IXbcPb PgXP[Tb
aT aTbT]cPa [P P]Pc qP caXSX T]bX ]P[ ST[ Rao]T &/w1h [Pb TbcadRcdaPb @P P]Pc qP aPSX VaoUXRP ST[ Rao]T bT eT
PgX[ UPRXP[Tb X]R[dXS b [ b SXT]cTb h T[ WdTb P[eT [Pa& @P ]TRTbXSPS bXbcT ocXRP T]cT& H] T]U dT R t] Tb [TTa [ b
ST d]P aTb [dRXs] ob P[cP Tbco SXRcPSP a [Pb ST P]SPb ST[ oaTP dT R acTb RPdSP[ P RTUo[XR X]UTaX a P bd TaX a h [P
bT X]eTbcXVP& ;T]TaP[ T]cT RdP]c ob T dTr Tb T[ RP ST P]Pc qP ST[ RdT[[ bT eT ST RTUo[XR P RPdSP[& @P
eXbXs] Ph a Tb [P aTb [dRXs] a dT T[ cP Pr ST qgT[ bT edT[eT ob P]Pc qP sbTP PgX[ UPRXP[ PacT ST [P XST]cXUXRPRXs]
T dTr & ST[ WdTb WX XSTb [P T XV[ cXb h [P eqP PpaTP UPaq]VTP
D a [ VT]TaP[ [P P]Pc qP ST[ Rao]T 767G bT dTST Yd]c R ] [P bq]UXbXb ST [P P]Sq d[P :XVdaP *( h
aTeXbPa dbP]S R acTb bPVXcP[Tb R a ]P[Tb PgXP[Tb h dbP]S cP Xp] bT bTaeP P TbT ]XeT[ [P RdPacP epacT aP
aTR ]bcadRRX ]Tb caXSX T]bX ]P[Tb3 [ b e [t T]Tb bT dTST] RTaeXRP[& Aob bd TaX a T]cT [P P]Sq d[P bT
dcX[XiPa PaP aTeXbPa [P P]Pc qP P]cTb h STb dpb ST [P RXadVqP aT aTbT]cP R ] ob STcP[[T :XVdaP *) & @P cTaRTaP
ac V]ocXRP [P RXadVqP aT TaPc aXP bX d[PSP dcX[XiP]S epacT aP RTaeXRP[ bT bTaeP P TbcT ]XeT[& 5t] ob
ST[ b h [P [P]XUXRPRXs] ST[ caPcP XT]c R ] X [P]cTb& bd TaX a T]cT bT bTaeP [P P sUXbXb S ]c XSTb ST
7* ST]b a STPSP a [ b PaR b P]cTaX a h bcTaX a
9] [P P]Pc qP 767G ST [P P]Sq d[P h T[ PgX[Pa [ b ST[ Pc[Pb& 5 TbcT ]XeT[ bT dTST eTa T[ PVdYTa
R acTb P]Pcs XR b bTaePS b b ] ST d] 767G ST VaP] P]SX d[Pa& Aob RTUo[XRP T]cT bT bTaeP] bT] b
e [d T] R ] d]P aTb [dRXs] ST esgT[ Xb cas XR ST ,(( Tca PgX[PaTb Yd]c R ] aP Pb X[PcTaP[Tb3 @Pb Rp[d[Pb ST
,(( Tca ,(( Tca aTb [dRXs] ]PcXeP & FX [Pb PXaT Pbc XSTPb h T[ PVdYTa PV] bT eT] P TbcT
TbcadRcdaPb bT TgP X]P] T] R acTb ob VadTb b bT XTaST] ]XeT[ :XVdaP ** & Aob PaaX P [ b bT] b PgX[PaTb bT
P[Vd] b ST [ b STcP[[Tb P]Pcs XR b UX] b Ta bT dTST] dTST] eTa R[PaP T]cT Yd]c R ] [ b PaR b
aTRd TaPa R ] [P aTb [dRXs] ]PcXeP& @Pb aTb [dRX ]Tb dT b ] RXV ocXR b& @ b Rs]SX[ b bT dTST] eTa R[PaP T]cT
R d]Tb T] [P RP cdaP 767G b ] ,(( Tca Tca (( Tca P TbcT ]XeT[& @P P]Pc qP ]PbP[ bT dTST eXbdP[XiPa T]
Tca *-( Tca Tca *(( Tca Tca )(( Tca h c S b [ b R acTb P PacXa ST[ Xb ST [P U bP ]PbP[&
ePaXPb aTb [dRX ]Tb X]UTaX aTb P )(( Tca PaP e [d pcaXRP d[ hdVd[Pa

:XVdaP )0&H]P aPSX VaPUqP P] ao XRP dT

dTbcaP [P X PVT] UP]cPb P ST [ b P]X[[ b ST[
qS & @Pb X oVT]Tb aTP[Tb ST[ Pa ST[ qS Pbq
R [ b PacTUPRc b UP]cPb P ST[ Pa ST[ qS
U[TRWPb b ] R bT dTbcaP]& 5ST ob ST [Pb
aTYTaPb X[PcTaP[Tb bT bTaeP ca XTaRX]V
R aaTb ]SXT]cT P[ caPV ST [P aTYP ST[ [PS
STaTRW & @P b aP UP]cPb P ST TbcP ePaX[[P
PaP [P aTYP bTaqP X]R[db bd TaX a P [ b
UP]cPb Pb PRcdP[Tb ST[ P]X[[ ST [P aTYP h a
[ cP]c ] bT eT T] [P X PVT]& @ Xi dXTaSP3 E
R aaTRc &

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
*, FPSaP T[X h Ad PaP d

:XVdaP )1&H]P aPSX VaPUqP P] ao XRP

TcX dTcPSP dT dTbcaP T[ Rs]SX[
P]SX d[Pa STaTRW ) [ b a RTb b
R a ] XSTb * T[ TPc PdSXcXe
TgcTa] T[ a RTb Pbc XST ,
T[ a RTb TbcX[ XSTb - [Pb [PRPb
cTaXV XSTPb . [P UXbdaP
cTaXV PgX[Pa / T X]T]RXP PacXRd[Pa
0 Tb X]P ]PbP[ P]cTaX a 1 a RTb
RXV ocXR )( aP P P]SX d[Pa
)) PVdYTa X]UaP a XcPaX )* RP]P[
P]SX d[Pa ) PVdYTa T]c ]XP]
), bT] PgX[Pa )- sa XcP ).
cP X dT ]PbP[ )/ & 6 aST X]UTaX a ST [P
P]Sq d[P )0 WdTb WX XSTb )1 h
[ dT ST aSXSP ST [obcXR *( &

Pbq R [P aRXs] eTacXRP[ ST[ RP]P[ RPa cqST bT dTST [ b R acTb STbST TbcT d]c dTbcaP] [Pb aRX ]Tb
eTa P TbcT ]XeT[& H] R ob PaaX P [ b R acTb dTbcaP] ob bd TaX aTb ST[ bT] PgX[Pa T[ bT] TbUT] XSP[
[ b R ]SdRc b ]Pb [PVaX P[Tb [P aRXs] W aXi ]cP[ ST RT]caP[ [P UXbdaP a XcPaXP X]UTaX a [P U bP RaP]TP[
[ b RP]P[Tb RPa cqST b T[ RP]P[ eXSXP] h T[ Xb ST[ bT] TSXP h cP Xp] [P U bP RaP]TP[ bcTaX a& 5t] ob
TbUT] XSP[ :XVdaP * & ob RTUo[XRP RTUo[XRP T]cT [Pb RT[SX[[Pb Tc XSP[Tb Tbco] XT]
aT aTbT]cPSPb h [P UXbdaP a XcPaXP bd TaX a dTST
eTabT R[PaP T]cT :XVdaP *, & GP]c T[ RP]P[ s cXR
R [ b a RTb b R[X] XSTb bT dTST] eTa P TbcT
]XeT[& 9[ R acT bd TaX a P TbcT dTbcaP T[ bT] Ua ]cP[
h [P RaXbcP VP[[X Pbq R [ b WdTb b PaXTcP[Tb&

:XVdaP *(&7 acT PgXP[ ST 767G P ]XeT[ ST [P bq]UXbXb

P]SX d[Pa dT dTbcaP T[ WdTb WX XSTb ) [P eqP :XVdaP *)&FTRRXs] PgXP[ ST 767G P ]XeT[ ST 7 h aTVXs]
PpaTP UPaq]VTP * T[ RdTa ST [P epacT aP 7, T[ TSX P]SX d[Pa dT dTbcaP T[ RdTa ST [P
PVdYTa eTacT aP[ , T[ tbRd[ TbcTa] R[TXS Pbc XST P]Sq d[P ) [P eqP PpaTP UPaq]VTP * T[ RdTa ST 7
- [P V[o]Sd[P bd P]SX d[Pa . [P P]Sq d[P bq]UXbXb [P U bP bd P]SX d[Pa ST [P P]Sq d[P , T[ c a
/ h [P ePX]P RPa cqSTP 0 & P]SX d[Pa - caP]beTabP[ a RTb ST 7 . &

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
 5]Pc qP CaP[ h APgX[ UPRXP[ *-

:XVdaP **&7 acT PgXP[ ST 767G P ]XeT[ ST [Pb [PRPb

cTaXV XSTPb h [ b R a]TcTb X]UTaX aTb dT dTbcaP T[
T]Va bP XT]c dR b T] T[ bT] PgX[Pa STaTRW )
d] bT] PgX[Pa Xi dXTaS ] a P[ * aP P ST [P :XVdaP *,&7 acT PgXP[ ST 767G P[ ]XeT[ ST [P PbT ST[
P]Sq d[P P sUXbXb TbcX[ XSTb , PXaT Pbc XST - Rao]T dT dTbcaP T[ U aP T] eP[ ) T[ U aP T]
cP X dT ]PbP[ . R a]TcT ]PbP[ X]UTaX a / [PRP Tb X] b * T[ RP]P[ eXSXP] T[ TPc PdSXcXe
cTaXV XSTP [PcTaP[ 0 c adb cd PaXdb 1 U bP ST TgcTa] , h [P aRXs] W aXi ]cP[ ST[ RP]P[ RPa cqST -&
E bT] u[[Ta )( h [P ca P ST 9dbcP dX )) &

eXbcPb R a ]P[Tb
FX X[Pa P [P P]Pc qP 767G ST eXbcP PgXP[ [P
T[ X]cTapb R XT]iP T] [Pb RPaPb P]cTaX aTb ST [P P]Sq d[P T[
P]Pc qP bTRRX ]P[ bT eT TY a ST P]cTaX a P
PgX[Pa [Pb sa XcPb h T[ WdTb Ua ]cP[& @P bq]UXbXb T]cX bT dTST
bcTaX a :XVdaP *- & @Pb oaTPb P]Pcs XRPb ST
eTa Yd]c R ] P[Vd] b SXT]cTb P]cTaX aTb h T] TbcT [P] eTacXRP[
bT dTST eTa [P aRXs] P]cTaX a ST [ b bT] b PgX[PaTb [P
P]Pc qP ]PbP[ [Pb RT[SX[[Pb PpaTPb Tc XSP[Tb [Pb sa XcPb h T[
bT] Ua ]cP[& A eXp]S bT WPRXP Pcaob [P b aP ST [P [T]VdP h [P
P]Pc qP sbTP ST [P P]Sq d[P PW aP X[PcTaP[ Yd]c R ] T[
PVdYTa T]c ]XP] T[ RP]P[ ST[ ]TaeX P[eT [Pa X]UTaX a P
P b [PS b bT] b PgX[PaTb P [P eXbcP Yd]c R ] T[ cP X dT
]PbP[ R a]TcTb ]PbP[Tb X[PcTaP[Tb aX]RX P[ T]cT X]UTaX a h
TSX bT dTST] XST]cXUXRPa T[ a RTb d]RX]PS [Pb RT[SX[[Pb
PpaTPb Tc XSP[Tb [P [o X]P P PaPRTP [P [PRP RaX bP ST[
Tc XSTb [P RaXbcP VP[[X h T[ WdTb Ua ]cP[& Aob bcTaX a T]cT [P
bdcdaP RXV PcXR Ua ]cP[ T[ PVdYTa RXV PcXR UPRXP[ h ST]ca ST
[P P]Sq d[P bT dTST P aTRXPa [P U bP ST [P V[o]Sd[P
bd P]SX d[Pa Yd]c R ] c S b [ b ST ob d]c b ST aTUTaT]RXP
P]Pcs XR b SXbRdcXS b P]cTaX a T]cT& @P R ]cX]dPRXs] ST [P
P]Pc qP ob bcTaX a T]cT Tb [P eXbdP[XiPRXs] ST [Pb Rp[d[Pb
PpaTPb ST[ TbUT] XSTb [Pb [PRPb cTaXV XSTPb TSXP[ h [PcTaP[ T[
WdTb e TaX] [Pb aP Pb P]SX d[PaTb X[PcTaP[ T]cT& 5
TSXSP dT bT X]VaTbP P[ Tb PRX PpaT UPaq]VT bT dTST
eXbdP[XiPa [P U bP ST E bT] u[[Ta& D a RXTac TbcT Tb T[ [P]
S ]ST bT dTST bTaePa T[ U aP T] a cd]Sd & 9[ U aP T]
:XVdaP * &7 acT PgXP[ ST 767G P ]XeT[ ST [ b Rs]SX[ b
a cd]Sd caP]b XcT [P TbcT Tb T[ [P] S ]ST bT dTST ] cPa T[
P]SX d[PaTb dT dTbcaP T[ P[P ST [P ]PaXi ) T[ R ]SdRc
]Pb [PVaX P[ * [P Tb X]P ]PbP[ T[ Rs]SX[ P]SX d[Pa U aP T] a cd]Sd & 9[ U aP T] a cd]Sd caP]b XcT [P TbcT Tb T[
, T[ d[ hdVd[Pa - [P aRXs] eTacXRP[ ST[ RP]P[ [P] S ]ST bT dTST ] cPa T[ U aP T] a cd]Sd & 9[ U aP T]
RPa cqST . PaR RXV ocXR / TPc PdSXcXe TgcTa] a cd]Sd caP]b XcT [P
0 RT[SX[[Pb PpaTPb Pbc XSTPb 1 h R[Xedb )( &

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
*. FPSaP T[X h Ad PaP d

T[ PaR P]cTaX a ST 7) T[ R[Xedb h [Pb RP TiPb

R ]SX[PaTb X[PcTaP[ T]cT Yd]c R ] [P U bP
V[T] XSTP h [P R[PaP eXbdP[XiPRXs] ST [P PacT ST [P
U bP RaP]TP[ TSXP T] TbcP aTVXs]& H]P eTi T] [P
eTRX]SPS ST[ WdTb TbUT] XSTb bT bTaeP] [ b
bT] b TbUT] XSP[Tb T[ U aP T] aTS ]S T[ RP]P[
s cXR [P U bP cTaXV XSTP h T[ WdTb WX XSTb& 9[
R acT ob bcTaX a dT bT dTST eXbdP[XiPa Tb T[
R acT P caPepb ST [Pb epacT aPb RTaeXRP[Tb h T[
U aP T] PV]d & @P P]Pc qP STbcPRPSP b ] [Pb
epacT aPb RTaeXRP[Tb [Pb VdPaXSPb T[ WdTb
RRX XcP[ T[ TPc PdSXcXe TgcTa] X[PcTaP[ T]cT
h T[ R ]cT]XS ST[ qS TSX &

IXbcPb bPVXcP[Tb
8T XS P dT [P P]Pc qP Tb XSp]cXRP T] P b [PS b ST
[P RPaP ] ]TRTbPaXP T]cT bX pcaXRP bT dTST
eXbdP[XiPa [P P]Pc qP bPVXcP[ h Tb TaPa d]P ap [XRP T] T[
ca [PS h RdP]S [P P]Pc qP RP XP T] d] [PS T[
:XVdaP *-&7 acT R a ]P[ ST 767G P ]XeT[ ST bT] b [PS ob ] a P[ PRctP R R ]ca [ PaP [P
PgX[PaTb dT dTbcaP d] dXbcT ST aTcT]RXs] dR b R PaPRXs]& a sbXc b 7 T]iP]S R ] T[ [P]
T] T[ bT] PgX[Pa STaTRW ) R ]RWP d[[ bP ST [P bPVXcP[ TSX [Pb TbcadRcdaPb X]R[dXS b [ b cTYXS b
R ]RWP TSXP * cP X dT ]PbP[ STbeXPS U aP T] h [P]S b h [ b WdTb b bT dTST] XST]cXUXRPa UoRX[ T]cT P
RP]P[ RXV PcXR UPRXP[ , dR bXSPS [TeT caPepb ST TbcT R acT& @P P]Sq d[P [ b cd paRd[ b
T]Va bP XT]c T] bdT[ ST bT] PgX[Pa Xi dXTaS - VT]XP[Tb T[ P[PSPa Sda T[ P[PSPa [P]S [P T XV[ cXb
bdcdaP RXV PcXR Ua ]cP[ . h PVdYTa X]UaP a XcPaX / & [P Tb X]P ]PbP[ P]cTaX a [P Tb X]P ]PbP[ bcTaX a T[
WdTb ]PbP[ T[ bT] Ua ]cP[ T[ bT] TbUT] XSP[ T[ S ab
ST [P bX[[P h T[ [P] TbUT] XSP[ T[ R[Xedb [ b PaR b
aP P PgX[Pa ST[ ]TaeX caXVp X] & ]R[db ob P]cTaX a h bcTaX a ST[ Pc[Pb h [Pb VdPaXSPb b ] P[Vd]Pb
bcTaX a T]cT [ b PVdYTa b P[PcX] b Ph aTb bT dTST] ST [Pb TbcadRcdaPb dT bT dTST] XST]cXUXRPa T] TbcP
XST]cXUXRPa ST]ca ST [P PacT bcTaX a ST[ P[PSPa Sda & @Pb bTRRXs] :XVdaP *. & 9] [P [q]TP TSXP bT P aTRXP] ob
RT[SX[[Pb PpaTPb Tc XSP[Tb bT bTaeP] eqeXSP T]cT Yd]c R[PaP T]cT [P ted[P T[ PVdYTa X]RXbXe T] T[ PgX[Pa T[
R ] [P P]Pc qP ST[ RXV P dT bT STbeP]TRT& PRXP [P PaTS PVdYTa [X]VdP[ T] [P P]Sq d[P T[ bT] Ua ]cP[ h T[
bcTaX a ST[ Tb PRX PpaT UPaq]VT [ b d]c b ST R[Xedb& @P PaTS UPaq]VTP bcTaX a bT dTST bTaePa T]
aTUTaT]RXP sbT b b ] T[ WdTb WX XSTb TbcP eXbcP ob R[PaP T]cT& Aob

:XVdaP *.&7 acT TSX bPVXcP[ ST 767G

dT dTbcaP T[ WdTb ]PbP[ ) bT] b
Tc XSP[Tb bcTaX aTb * bT]
TbUT] XSP[ bX[[P cdaRP , R[Xedb -
ST]b . PaR P]cTaX a ST[ Pc[Pb /
WdTb WX XSTb 0 7 1 7, )(
T XV[ cXb )) ted[P )* ]Pb UPaX]VT
) a UPaX]VT ), PVdYTa eTacT aP[
)- h PVdYTa PV] ). &

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
 5]Pc qP CaP[ h APgX[ UPRXP[ */

[PcTaP[ T]cT bT dTST] XST]cXUXRPa [ b R a]TcTb Yd]c R acTb ST eXbcPb ac V ]P[Tb T] RdP[ dXTa P]Pc qP
R ] T[ aTbc ST[ P[PSPa [ b bT] b Tc XSP[Tb h [P aTUTaXSP ST]ca ST[ PgX[Pa h [P P]Sq d[P& H]
PacT [PcTaP[ ST [P eqP PpaTP UPaq]VTP& F [ bT dTST] TYT [ ST cP[ eXbcP P]Pcs XRP bT eT T] :XVdaP */& @ b
bTaePa PacTb ST [Pb epacT aPb RTaeXRP[Tb& H]P eXbcP R acTb caP]beTabP[Tb bT aTR ]bcadhT] R ] T[ UX] ST
ob [PcTaP[ STbST TbcT d]c Tb [P P PaXT]RXP ST[ TeP[dPa h TSXa T[ WdTb P[eT [Pa a SXeTabPb
Rs]SX[ [P U bP V[T] XSTP T[ TPc PdSXcXe TgcTa] aPi ]Tb bXT]S [P ob R t] [P R [ RPRXs] ST
h [P T X]T]RXP PacXRd[Pa h T[ a RTb Pbc XST & X [P]cTb ST]cP[Tb T] U a P ST aPqi& @P TeP[dPRXs]
aTeXP P[ X [P]cT ST[ WdTb P[eT [Pa bT aTP[XiP ST
TbcP P]TaP& CcaPb X]SXRPRX ]Tb PaP TbcP U a P ST
IXbcPb caP]beTabP[Tb eXbcPb ac V ]P[Tb d]c R ] [P X PVT] b ] [P TeP[dPRXs] ST [P bTRdT]RXP ST Tad RXs]
aT aTbT]cPRXs] P]Pcs XRP T] [Pb aTR ]bcadRRX ]Tb X PRcPRXs] ST [ b SXT]cTb ] Tad RX ]PS b h [P
d[cX [P]PaTb bT dTST bTaePa d]P bTaXT ST P]Pc qP TeP[dPRXs] ST bd Tb PRX U [XRd[Pa eqP ST Tad RXs]
bTRdT]RXP[ P caPepb ST[ TRP]Xb ST eXbdP[XiPRXs] dT TgcT]bXs] ST [P aTP b aRXs] aPSXRd[Pa ST [ b SXT]cTb
dcX[XiP T[ b UcfPaT 767G& 9bc b b ] ST bTaXT Ta P]T]cTb TcR&

:XVdaP */&IXbcPb ac V ]P[Tb 767G ST [P P]Sq d[P Xi dXTaSP dT dTbcaP] [P P[cdaP h T[ P]RW ST[ WdTb SXb ]X [T T] [Pb
aTVX ]Tb )/ R acT *0&0( P )1 R acT ,-&(( & C bpaeTbT [P TgRT[T]cT eXbdP[XiPRXs] ST[ RP]P[ P]SX d[Pa h [P aTbT]RXP ST
bcT bR[Ta bXb XSX ocXRP T] [P aTVXs] R aaTb ]SXT]cT P )0& GP Xp] bT ST] X]P] eXbcPb caP]beTabP[Tb&

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
*0 FPSaP T[X h Ad PaP d

:XVdaP *0&A D ST d] e [d T] 767G dT UdT aT XcXS PaP d]P TeP[dPRXs] aTX [P]cT ST [P P]Sq d[P Xi dXTaSP PaRXP[ T]cT
TSp]cd[P 6 h P]Sq d[P STaTRWP ST]cPSP 5 &

Da hTRRX ]Tb ST ogX P X]cT]bXSPS h aT aTbT]cP] RP[RXUXRPRX ]Tb ST cTYXS b [P]S b :XVdaP *0 Pbq R
aTR ]bcadRRX ]Tb %8 RP[RXUXRPRX ]Tb ST]ca ST [ b ePb b)( a TYT [ RP[RXUXRPRX ]Tb ST [P
@Pb a hTRRX ]Tb ST ogX P X]cT]bXSPS A D b ] RPascXSP T] T[ RdT[[ N:XVdaP *1O & @Pb X oVT]Tb A D bT dcX[XiP]
aTR ]bcadRRX ]Tb ST X oVT]Tb dT dcX[XiP] d] pc S ST WP XcdP[ T]cT T] TSXRX]P PaP X]cTa aTcPa TbcdSX b ST P]VX VaPUqP
aT aTbT]cPRXs] ST e [d T] PaP SPc b 8 dT a hTRcP T] T[ a aTb ]P]RXP PV]pcXRP D9G&
[P] eXbdP[ [ b esgT[Tb ST ogX P X]cT]bXSPS& 9bcP cpR]XRP aTR ]bcadRRX ]Tb caXSX T]bX ]P[Tb :XVdaP ( b ] PacT
UdT X]eT]cPSP a JP[[Xb h R [TVPb&)(T] )101 PaP bd db T] ST [P P]cP[[P T] [P Ph aqP ST [Pb P [XRPRX ]Tb ST b UcfPaT h
TSXRX]P ]dR[TPa h aXVX]P[ T]cT bT ST] X]s a hTRRXs] eXb aTb ST X oVT]Tb SXVXcP[Tb h R d]XRPRXs] T] TSXRX]P
ST PRcXeXSPS ogX P& 9] X oVT]Tb PgX[ UPRXP[Tb TbcP 8 7CA & @ b P[V aXc b ST aTR ]bcadRRXs] Ta XcT] d]P
cpR]XRP cXT]T eP[ a T] [P STcTRRXs] ST RP[RXUXRPRX ]Tb ST]ca aT aTbT]cPRXs] aTRXbP ST [P P]Pc qP sbTP&))9bc b bT
ST [P RP TiP h T[ RdT[[ dT b ] ]dTePb h dTST] dbPa PaP RXTacPb cPaTPb ST SXPV]sbcXR X aTbXs]
ST X oVT]Tb T] 8 PaP [P TSdRPRXs] ST[ PRXT]cT h RXadVqP
ac V]ocXRP aT TaPc aXP h b TaPc aXP&

:XVdaP *1&7 acT PgXP[ ST 767G ST[ RdT[[ P[ ]XeT[ ST [P bq]UXbXb

P]SX d[Pa dT ST dTbcaP RP[RXUXRPRXs] ST]ca ST [P PacTaXP :XVdaP (&H]P aTR ]bcadRRXs] caXSX T]bX ]P[ ST[ Rao]T dT
RPascXSP R t]& @P bq]UXbXb P]SX d[Pa ) [P RP[RXUXRPRXs] ST dTbcaP T[ STcP[[T ST [ b R ]T]cTb sbT b h [ b SXT]cTb T]
[P RPascXSP R t] * [P UPaX]VT R t] h T[ RdTa ST [P R[dbXs]& C bpaeT]bT [Pb P sUXbXb TbcX[ XSTb [XVTaP T]cT
RdPacP epacT aP RTaeXRP[ , b ] R bT X]SXRP& P[PaVPSPb X[PcTaP[ T]cT ) h T[ Pb TRc ST[ WdTb ]PbP[ *
Pbq R [P Tb X]P ]PbP[ P]cTaX a &

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&
 5]Pc qP CaP[ h APgX[ UPRXP[ *1

@Pb P [XRPRX ]Tb R[q]XRPb ST [Pb X oVT]Tb 767G P PaRP] STbST [P ,&JWXcT F7 :PaPs] A & DaX]RX X b T X]cTa aTcPRXs] ST [P
STcTRRXs] ST Pc [ VqPb sbTPb WPbcP [P TeP[dPRXs] caXSX T]bX ]P[ aPSX [ VqP aP[& FP] @dXb AC 2 9[bTeXTa A b h3 *(),&
ST[ bXcX ST X [P]cT a dTbc &)* oV& )- w.-&
-& 8Xb ]X [T T]2Wcc 2 fff&PSP& aV T] d [XRPcX ]b
PSP]Tfb *()*%PaRWXeT ] eT Ta PSP%d SPcTb%
E9FHA9B
ST]cP[aPSX VaP W%aTR T]SPcX ]b& 7 ]bd[cPS T[ )
@Pb X oVT]Tb aP[Tb h PgX[ UPRXP[Tb X]R[dhT] X oVT]Tb ST ST UT aTa ST *()/&
[ b SXT]cTb h [Pb TbcadRcdaPb ST]cP[Tb RXaRd]SP]cTb d]P .&:Pa P] 5;& FT X]PaX b ST aPSX [ VqP P] ao XRP b aT
aT aTbT]cPRXs] P]Pcs XRP R [TcP ST [Pb P]Sq d[Pb dT X PVT] T X]cTa aTcPRXs] PgX[ UPRXP[& BdTeP L aZ2
P[ TaVP] [ b SXT]cTb h cP Xp] [P P]Pc qP ST[ Rao]T R F aX]VTa%ITa[PV3 *((/&
TbcadRcdaPb R ]cXVdPb& @Pb X oVT]Tb SXVXcP[Tb T] *8 h 8 bT /&Ad PaP d A BPSTPd 7& oVT]Tb aP[Tb h
dTST] dcX[XiPa R ] pgXc PaP TeP[dPa [P P]Pc qP sbTP ST PgX[ UPRXP[Tb& 8T]c 7[X] B acW 5 *().3.(2)w /&
TbcP oaTP& 9bcT PacqRd[ ST P]Pc qP R [T T]cP ca b 0&5]VT[ d[ b 7& 5]Pc qP ST [P aTVXs] PgX[ UPRXP[
PacqRd[ b ST TbcT ]t Ta PaP R aT]STa [P UXbX Pc [ VqP T] [ b caTb [P] b ST R acT& 8T]c 7[X] B acW 5
aP[ h PgX[ UPRXP[& *(),3-02,1/w-*)&
1&5]VT[ d[ b 7& 5]Pc qP ST X oVT]Tb c VaoUXRPb ST
E9:9E9B7 5F WPi Rs]XR ST [P aTVXs] PgX[ UPRXP[& 8T]c 7[X] B acW 5
*((03-*2/ )w-*&
)&@P]V[P]S C @P]V[PXb E DaTTRT & DaX]RX X b ST )(JP[[Xb J AX[[Ta GE @Ta]Ta 75 Tc P[& IXbdP[XiPRXs]
X oVT]Tb ST]cP[Tb& *l TSXRXs]& :X[PST[UXP2 @X X]R cc caXSX T]bX ]P[ T] TSXRX]P ]dR[TPa& 999 GaP]b ATS
JX[[XP b JX[ZX]b3 *((*& PVX]V )101302*1/w ( &
*&FcPU]T 97 6X X[XbR 5& 8XPV]sbcXR aPSX VaoUXR aP[& ))AX[PVa 57 AdZWTaYX F & G7 ST WPi Rs]XR ST RP TiP h
,l TSXRXs]& :X[PST[UXP2 J6 FPd]STab 7 P]h3 )1/-& RdT[[ & DPacT2 aX]RX X b UqbXR b& 5 BE 5
BTda aPSX [ *((13 (2)(00w1-&
&IP[T [P T]P A& DaX]RX X b h aoRcXRP ST [P X]cTa aTcPRXs] )*AX[PVa 57 AdZWTaYX F & G7 ST WPi Rs]XR ST RP TiP h
aPSX VaoUXRP aP[& 7WXRPV 2 LTPa 6 Z ATSXRP[ RdT[[ & DPacT *2 P [XRPRX ]Tb R[q]XRPb& 5 BE 5
Dd [XbWTab3 )1. & oV& )-w-, --w/*& BTda aPSX [ *((13 (2)*0-w1*&

8TbRPaVPS PaP HbdPaX P]s]X ] P T] DCBG : 7 5 HB I9EF 858 5I9E 5B5 ST 7[X]XRP[ Th&Tb a 9[bTeXTa T] UT aTa ** *()1& DPaP db
Tab ]P[ TgR[dbXe & B bT Ta XcT] ca b db b bX] Pdc aXiPRXs]& 8TaTRW b ST Pdc a k*()1& 9[bTeXTa ]R& G S b [ b STaTRW b aTbTaePS b&