1_alda-facio-cuando-el-género-suena-1.pdf

! ! ! ! ! ! ! ! !

!"#$%&'()'*+$(,&'-"($#' !#./0&-'1,#(' ! ! ! ! !

' 2"34'567898:8;<4'=4>4'6:'43?:@A@A' 96';B36>8'96:'C63D5638':6;4:E' ! ! ! ! ! ! ! ! ! ! !

"#$%!&%'()!*)+,-.)!!

! ! ! ! ! /01!

!

&2/3'!

&%'()!*)+,-.)45"#$%! 67%+$)!-#!89+-:)!;7-+%!'%<=();!,:%-!>7+%!<-,)$)#)8?%!@%:%! -#! %+A#(;(;! $-! 89+-:)! $-#! B-+C<-+)! #-8%#D! E! "#$%! &%'()! *)+,-.)F!G!G!2%F!-$F!G!G!H%+!I);94!6FJF5!KL"MNO4!233P! 21Q@F! ! KHRM!G!33SS!G!P1!F!0P3!G!T! ! 2F!*UVWOWLWXY"F!PF!VUWJY"!OUL!XZMUJWF! #F!V?,7#)F!

! ! ! ! O(;-[)!$-!@):,%$%5!\%#-:(%!\%:%;!! ! ! ! ! ! KL"MNO! "@$)F!@);,%#200S2G2000! H%+!I);94!6);,%!J('%!! ! ! L%! @7=#('%'(C+! $-! -;,-! $)'7<-+,%! ]%! ;($)! @%;(=#-! 8:%'(%;! %#! B(+%+'(%<(-+,)! ),):8%$)! @):! -#! ^:)_-',)! NH"KOE13SG000PE13`E0QTP02! $-#! ^:)_-',)! J-8()+%#! @%:%!#%!"$<(+(;,:%'(C+!$-!I7;,('(%!! !

! ! ! ! ! ! !

!" #$%&'" (&'" )*+,-,'" .,/#-$&),-0.&/&'" 10$(&%&'" 2$-" '*'" 2&%-,'3" 4$(2,&%&'"2$-"'*'".$)2&5,-$'3"6$'#04&%&'"2$-"'*'".$(,4&'3"0/10'070(08&%&'" 2$-" (&" 60'#$-0&3" ,)2$7-,.0%&'3" %,'/*#-0%&'" 9" ,/:,-)&'3" ;*," '," (,1&/#&/" #$%$'"($'"%<&'"&"-,&(08&-"*/&"'$7-,.&-4&"%,"#-&7&+$"9"-,'2$/'&70(0%&%,'".$/" (&",/,-4<&";*,"'&(,"%,("&)$-"6&.0&",("4=/,-$"6*)&/$>"?'#&",/,-4<&",'"(&" ,'2,-&/8&"%,"(&"6*)&/0%&%>"" !

! ! ! !

F,(-($1#!0G$' ' @?/#0,/%$" ;*," )*.6&'" )*+,-,'" 6$9" ,/" %<&" #-&7&+&/" 2$-" $7#,/,-" */&" )&9$-" #&+&%&" %," (&" #$-#&3" 2,-$" 9$" /$" ($" 1$9" &"6&.,->>>"2$-;*,"2-,:0,-$"#-&7&+&-"2&-&" .&)70&-"(&"-,.,#&AB" a-! ,:%=%.%$)! $-! '-:'%! ')+! <(! <-,)$)#)8?%!@%:%!-#!%+A#(;(;!$-! 89+-:)! $-#! B-+C<-+)! .7:?$(')DF! a-! #-?$)! e%:(%;! e-'-;! #);! =)::%$):-;! _! ]-! e(;,)! %! -;,%! (+'%+;%=#-! B-<(+(;,%! ,:%=%.%:! 7+%! _! ),:%! e-f! '%$%! @A::%B)! ]%;,%! #)8:%:! $-@7:%:! #)!
!

"j:%<%:%-!6F!K!V:-(']#-:!^F"F!&-<(+(;,!O(',()+%:_!L)+$:-;4!^%+$):%F/4!23`1!

^:)=%=#-<-+,-4!@%:%!<7']%;!@-:;)+%;!;-:A!7+!-;':(,)!]-:-.-!_!#)!#--:A+!;(+!$-,-+-:;-4! '%;(!;(+!:-;@(:%:4!@%:%!#7-8)!(:!%!-i@(%:!;7!'7#@%!')+!#%!#-',7:%!$-!%#8g+!6C$(8)!b7-!#-;! @-:<(,%!:-'7@-:%:!;7!')<@);,7:%!#-8%#!_!;7!'7-;,()+%$)!@-+;%<(-+,)!%+$:)'9+,:(')F!! W,:%;4! ;(+! -<=%:8)! #)! #--:A+! Ae($%<-+,-! 7+%! _! ),:%! e-f! ,:%,%+$)! $-! <-<):(f%:! rel="nofollow">-+,:-+%<(-+,)! ,?@(')! $-! #%;! -;'7-#%;! $-! O-:-'])D! ,)$);! #);! @%;);! b7-! @:)@)+-! #%! %7,):%! ')<)! ;(! B7-:%! '7-;,(C+! $-! %@:-+$-:;-! 7+! @:)'-$(<(-+,)! #-8%#! _! %@#('%:#)! @%:%! )=,-+-:! %#8g+! :-;7#,%$)! b7-! +)! ]%_%+! #)8:%$)! )=,-+-:! $-! ),:%! <%+-:%F! a-<);! e(;,)! <7'])!$-!-;,);!c:-;7#,%$);d!b7-!]%=#%+!$-!#%!<7.-:!@-:)!b7-!+)!]%+!;($)!')+;,:7($);! ')+! @-:;@-',(e%! $-! 89+-:)5! <7']%;! #-_-;! -+<-+$%$%;! _! :-$%',%$%;! '7_)! -;,%+$%:,-! -;!#%!(87%#$%$4!')<)!;(!@%:%!#%;!<7.-:-;!#%!<-,%!B7+$%<-+,%#!B7-:%!#)8:%:!;(<@#-<-+,-! b7-! #%;! #-_-;! +);! ')#)b7-+! %! #%! %#,7:%! $-#! @%:A<-,:)! <%;'7#(+)! _! +)! b7-! #%;! #-_-;! @%:,%+!$-!#%!')<@:-+;(C+!$-#!;(;,-<%!;-i)!_!89+-:)!@%:%!b7-!:-B#-.-+!+7-;,:%!:-%#($%$! $-!<7.-:-;!;7=):$(+%$%;4!)@:(<($%;!_!$(;':(<(+%$%;!')+!+-'-;($%$-;!@:)@(%;F!! ^):!g#,(<)4!]%=:A!b7(-+-;!;(-+,%+!b7-!-;,%!*-,)$)#)8?%!#-;!b7(,%!7+!@-;)!$-!-+'(<%!%#! @-:<(,(:#-;!c-+,:%:d!-+!-#!<7+$)!$-#!O-:-'])!@):!7+%!@7-:,%!,),%#<-+,-!$(B-:-+,-F!H-:A! @-:<(,($)4! ')<)! %! "#('(%! -+! -#! ^%?;! $-! #%;! *%:%e(##%;4! '7:();-%:4! '7-;,()+%:4! =7;'%:! _! ]%;,%!$-;):$-+%:!#)!-;,%=#-'($)F!k!-;,-!-;!b7(fA;!7+)!$-!#);!%;@-',);!b7-! ]%_%! #%! @-:;@-',(e%! $-! 89+-:)4! #);! <9,)$);! +)! ;-i(;,%;! $-! (+e-;,(8%'(C+D4! $-! <%+-:%! b7-! ;-%<);!@%:,-!$-!,)$);!#);!@-$%f);!$-#!@%;,-#!_!+)!+);!')+B):<-<);!g+('%<-+,-!')+! 7+%!:-@%:,('(C+!""

! ! ! ! "#$%&'! ! ! ^NMVW!OU!^"JVKO"FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!S! KMVJWON66KnMFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!22! *9,)$)!)!<-,)$)#)8?%FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!2P! ^%;);FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!2/! *"J6W!OU!JU&UJUM6K"! R#)b7-!"5! *%:')!,-C:(')!8-+-:%#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!2/! R#)b7-!R5! *%:')!$-!:-B-:-+'(%!-;@-'(B(')!6)+'-@,)!! %<@#()!$-#!O-:-'])FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!QP! %D!

K+B#7-+'(%!$-#!')<@)+-+,-!@)#?,(')G'7#,7:%#!-+!-#!! ')<@)+-+,-!B):<%#!+):<%,(e)FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!QS!

=D!

K+B#7-+'(%!$-#!')<@)+-+,-!B):<%#!+):<%,(e)!-+!-#!! ')<@)+-+,-!@)#?,(')G'7#,7:%#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!Q`!

'D!! K+B#7-+'(%!$-#!')<@)+-+,-!B):<%#G+):<%,(e)!-+!-#!! ')<@)+-+,-!-;,:7',7:%#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!S0! ']D!! K+B#7-+'(%!$-#!')<@)+-+,-!-;,:7',7:%#!-+!-#!')<@)+-+,-! B):<%#G+):<%,(e)FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!S2! $D!! K+B#7-+'(%!$-#!')<@)+-+,-!@)#?,(')G'7#,7:%#!-+!-#!! ')<@)+-+,-!-;,:7',7:%#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!SP! -D!! K+B#7-+'(%!$-#!')<@)+-+,-!-;,:7',7:%#!-+!-#!')<@)+-+,-! @)#?,(')G'7#,7:%#FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!ST! LWH!HUKH!^"HWH!OU!NM"!*UVWOWLWXY"FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF!S1!

!

"

! ! ! !

F"$1&'%('F#,10%#H' ' ' "! #)! #%:8)! $-! #);! g#,(<);! ,:-;! )! '7%,:)! %[);4! <-! ]%! ,)'%$)! %@)_%:! %#! <)e(<(-+,)! B-<(+(;,%!'-+,:)%<-:('%+)!$-;$-!-#!'%<@)!$-!#)!#-8%#4!-;@-'?B('%<-+,-!,:%=%.%+$)!-+!#%! B):<7#%'(C+! $-! @:)@7-;,%;! $-! +7-e%;! #-_-;! _! -+! #%! $-:)8%,):(%! $-! #%;! ,%+,%;! b7-! +);! $(;':(<(+%+F! a%'-!7+!,(-<@)4!7+%!%<(8%!_!%=)8%$%!-;,%$)7+($-+;-4!J])+$%!6)@-#)+4!%#!e-:!-#! ,:%=%.)!')+!-#!b7-!]-!')#%=):%$)!-+!-;,%!:-8(C+4!<-!@:-87+,C!b79!<-,)$)#)8?%!7;%=%! @%:%!-#!%+A#(;(;!$-!#);!,-i,);!_!#%;!@:)@7-;,%;!$-!#-_-;F!k)!#-!')+,-;,9!b7-!+)!,-+?%!7+! <9,)$)! -;@-'?B(')4! b7-! <-! 87(%=%! @):! <(! (+,7('(C+! _! @):! -#! ')+)'(<(-+,)! b7-! ]-! %$b7(:($)! %! ,:%e9;! $-! #);! %[);! $-! #)! b7-! ;(8+(B('%!#%!$(;':(<(+%'(C+!#-8%#4!@-:)!-##%!<-! ')+,-;,C! b7-! )=e(%<-+,-! _)! ;?! :-;@)+$?%! %! 7+%! <-,)$)#)8?%4! ;C#)! b7-! +)! #%! ]%=?%! ')+;'(-+,(f%$)F! L)! b7-! ;(87-! -;! 7+! -;B7-:f)! $-!')+;'(-+,(f%'(C+F!*A;!(<@):,%+,-!%g+! -;4!')<)!'7%#b7(-:!,:%=%.)!$-!,-):(f%'(C+4!-#!@:)$7',)!$-!7+!-;B7-:f)!')#-',(e)F! k! -;! 7+! -;B7-:f)! ')#-',(e)! -+! e%:();! ;-+,($);F! V)$)! -<@-fC! -+! 7+! @-b7-[)! %@%:,%<-+,)!-+!U#!H%#e%$):!-+!$)+$-!,)$%;!#%;!+)']-;!$(;'7,?%<);!*(:-_%!H7A:-f4!<(! %<(8%! _! <-+,):%! @%+%<-[%G=:%;(#-[%! _! _)4! ;)=:-! -#! B-<(+(;<)4! #%! B(#);)B?%4! #%! e($%4! -#! %<):!_!-#!O-:-'])F!*(:-_%!<-!he)#C!-#!')')h!_!-<@-'9!%!e-:!-#!O-:-'])!')+!),:);!).);F! "#87+);! %[);! $-;@79;! ')+)'?! %! H%+$:%! a%:$(+8! -+! 7+! '7:;)! ;)=:-! -@(;,-<)#)8?%! B-<(+(;,%! _! B7(! ;7! ,:%$7',):%! %#! -;@%[)#! -+! X7%,-<%#%F! L%! -;,:7',7:%! $-! 89+-:)! b7-! ;);,(-+-!-#!O-:-'])!_!'C<)!-#!O-:-'])!%!;7!e-f!<%+,(-+-!-;,%!-;,:7',7:%4!;-!<-!](f)! )=e()!')+!;7;!@#%+,-%<(-+,);F!"#8g+!,(-<@)!$-;@79;!,7e-!#%!h8-+(%#($%$h!$-!-;')8-:!%! J);%#?%! 6%<%'])! ')<)! <(! ')#%=):%$):%! -+! -#! ^:)_-',)! *7.-:! _! I7;,('(%! ^-+%#! $-#!

!

#

K#%+7$!$)+$-!%<=%;!#%=):%<);GF!H(+!J);%#?%!-;,-!#(=:)!+7+'%!]7=(-:%!;($)!-;':(,)F!U##%! +)!;C#)!]%!:-e(;%$)!_!:-e(;%$)!$-!+7-e)!'%$%!7+%!$-!;7;!'(+')!e-:;()+-;4!;(+)!b7-!<-! ]%!%@)_%$)!-+!,)$);!#);!;-+,($);!_!]%!;($)!#%Gb7-!]%!(+;(;,($)!-+!b7-!;-!@7=#('%:%F!H-! @7-$-!$-'(:!b7-!-##%!-;!#%!h<%$:-h!$-!e%:();!$-!#);!')+'-@,);!b7-!%b7?!;-!-;8:(<-+!_!#%! <%$:(+%!$-!,)$)!-#!#(=:)F!X:%'(%;!6]%#?%F! W,:)! -;! -#! ]-'])! $-! b7-! #);! @:(<-:);! =)::%$):-;! $-! -;,-! $)'7<-+,)! B7-:)+! $(;'7,($);! -+! e%:(%;! :-7+()+-;! _! ;-<(+%:();! ')+! %',(e(;,%;!G_!.7:(;,%;!B-<(+(;,%;4!@):!#)! b7-! (+'):@):%! #%;! ;78-:-+'(%;! b7-! <-! ]('(-:)+! -+! ;7! <)<-+,)F! k4! %7+b7-! +)! @7-$)! +)<=:%:! %! ,)$%;! #%;! <7.-:-;! %! b7(-+-;! #-;! $-=)! -#! $(;-[)! $-B(+(,(e)! $-! -;,%! <-,)$)#)8?%4!+)!@7-$)!$-.%:!$-!<-+'()+%:!%!6%+$-#%:(%!M%e%;!$-!U#!H%#e%$):4!U78-+(%! H%#%f%:! $-! 6);,%! J('%4! *(#g! \%:8%;! $-! M('%:%87%4! U;,-:! ^:(-,)! $-! ^%:%87%_! _! X#%$_;! "');,%!$-#!^-:gF!X:%'(%;!<7.-:-;!@):!;7;!;78-:-+'(%;!_!%#(-+,)F! "$-@G" !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! P

!

!

"6WHV"!\"JX"H4!X#%$_;4!O-:-']);!$-!#%;!*7.-:-;F!V:-;"U+;%_);F!O)'7<-+,);!$-!V:%=%.)!M)F! P4!U$('()+-;!&#):%!V:(;,A+4!L(<%4!^-:g4!)',F!23304!@F!11F!

$

k4! %7+b7-! -;,%! )=:%! e%! $(:(8($%! %! ])<=:-;! _! <7.-:-;4! +)G! @:-,-+$-! +-7,:%#($%$! @):b7-!<(!(+,-+'(C+!+)!-;!')+e-+'-:#);E%;!$-!b7-!<(!@);('(C+!-;!)=.-,(e%!-!(<@%:'(%#F! V)$)! #)! ')+,:%:()4! $-;$-! <(! -i@-:(-+'(%! _! $-;$-! <(! ')+'(-+'(%4! $-;-)! <);,:%:! 7+%! B):<%!$-!e-:!-#!<7+$)!b7-!-;!@%:'(%#4!%::(-;8A+$)<-!%!b7-!@):!-;,)!;-!<-!%'7;-!$-! ;7=.-,(e%F!L);!])<=:-;!;(-<@:-!]%+!-;':(,)!@-+;%+$)!$-;$-!_!@%:%!-##);!;(+!b7-!+%$(-! #);! %'7;-! $-! @%:'(%#-;! _! ;7=.-,(e);4! @-:)! '7%+$)! 7+%! <7.-:! #)! ]%'-! ! $-;$-! ;7! @-:;@-',(e%! @):! #%;! :%f)+-;! b7-! _%! -i@#(b7-4! ,%+,)! ])<=:-;! ')<)! <7.-:-;! 20! ;(-+,-+! (+;7B('(-+,-4!-<)'()+%#!_!;7=.-,(e)!)!@-):!%g+4!h-;@-'?B(')hF!6:-)!b7-!-;!,(-<@)!$-!b7-! #%;!<7.-:-;!_!#);!])<=:-;!%@:-+$%<);!%!#--:!_!-;'7']%:!@#%+,-%<(-+,);!_!:-B#-i()+-;! b7-!@%:,-+!$-;$-!#%;!<7.-:-;4!;(+!b7-!@):!-##)!;-%+!-+,-+$($);!')<)!.7('();!,),%#<-+,-! $-;@:)e(;,);! $-! )=.-,(e($%$! >-+! #%! <-$($%! -+! b7-! 9;,%! -;! @);(=#-D! )! ')<)! %+A#(;(;! $-<%;(%$)!h-;@-'?B(');h!@%:%!;-:!-;,7$(%$);!@):!-.-<@#)4!-+!'7:;);!h8-+-:%#-;h!')<)! V-):?%! $-#! O-:-'])4! &(#);)B?%! $-#! O-:-'])4! -,'F! o7(-:)! -+B%,(f%:! %b7?! b7-! +)! ;C#)! #);! -;,7$();! ;)=:-! #%;! <7.-:-;! ;)+! h-;@-'?B(');h4! ;(+)! b7-! ,%<=(9+! #)! ;)+! #);! $-! #);! ])<=:-;!>%!@-;%:!$-!b7-!#);!$-!-##);!;-!@:-;-+,%+!')<)!7+(e-:;%#-;h4!h]7<%+);h4!-,'FDF! U;! <(! ')+e(''(C+! b7-! #%! )=.-,(e($%$! ')+;(;,-! -+! ')+;'(-+,(f%:;-! $-#! _)! -+! 7+! -;B7-:f)! @):!-i'#7(:#)!_!+)!-+!@%:,(:!$-!b7-!-#!)!#%!%7,):%!)!(+e-;,(8%$):%!+)!$-=-!-;,%:!@:-;-+,-! -+! #)! -;':(,)! )! (+e-;,(8%$)F! L%! $(B-:-+'(%! ')+! -;,-! @#%+,-%<(-+,)! _! -#! ,:%$('()+%#! @%,:(%:'%#! -;! b7-4! <(-+,:%;! b7-! -+! 9;,-! ;-! @%:,-! $-! b7-! #%! @-:;@-',(e%! <%;'7#(+%! -;! (+<-$(%,%<-+,-! )=.-,(e%! _! %=;)#7,%! @):b7-! -#! _)! <%;'7#(+)! -;! ,%+! @:-;-+,-! b7-! @%;%! (+%$e-:,($)4!-#!@:(<-:)!@%:,-!$-!b7-!-#!')+)'(<(-+,)!;C#)!-;!@);(=#-!$-;$-!%#87(-+F! O-;-)! %'#%:%:! b7-! %7+b7-! -;,%! <-,)$)#)8?%! @7-$-! ;-:! 7,(#(f%$%4! ')+! #%;! %$%@,%'()+-;! $-#! '%;)4! @%:%! $-;G'7=:(:! #%! (+e(;(=(#(f%'(C+! _E)! <%:8(+%#(f%'(C+! $-! ])<=:-;! @-:,-+-'(-+,-;! %! 8:7@);! $(;':(<(+%$);4! ]-! )@,%$)! @):! @:-;-+,%:#%!h$-;$-!#%;! <7.-:-;h!@):b7-!@(-+;)!b7-!-#(<(+%+$)!#%!$(;':(<(+%'(C+4!)@:-;(C+!_!;7=):$(+%'(C+!$-! #%;!<7.-:-;!$-!,)$);!#);!8:7@);!)!'#%;-;!$(;':(<(+%$%;4!;-!-#(<(+%!+-'-;%:(%<-+,-4!+)! ;C#)!7+%!$-!#%;!B):<%;!
!

%

-i@#('%:9!%$-)! ;-%! ')<7+-;! %! ,)$);! #);! ;-:-;! ]7<%+);D! '7%+$)! %;?! #)! %<-:(,%! _! ,9:<(+);! ')<@#-<-+,%:();! '7%+$)! -;,)_! :-B(:(9+$)<-! %! ;(,7%'()+-;! ')<@#-<-+,%:(%;F! U;,)! +)! ]%! ;($)! ;(-<@:-! @);(=#-! @):b7-! -#! ($()<%! '%;,-##%+)! -;! ;-i(;,%F/! M)! ]-! b7-:($)! 7;%:! -#! ,9:<(+)! h])<=:-h! @%:%! :-B-:(:<-! %! #%! @-:;)+%! ]7<%+%! $-! ;-i)! <%;'7#(+)! @):b7-! $-! ,%+,)! b7-! ;-! ]%! 7;%$)! @%:%! #%! ]7<%+($%$! ,)$%4! ;7! 7,(#(f%'(C+! +)! ;(-<@:-! -;! '#%:%F! ^):! -;)! ]-! )@,%$)! @):! -#! ,9:<(+)! ')<@7-;,)! ])<=:-Ee%:C+4! @%:%! b7-! +)! b7-@%! +(+87+%! $7$%! $-! b7-! <-! :-B(-:)! %#! ;-:! ]7<%+)! $-! ;-i)! <%;'7#(+)F! U;@-:)! b7-! -+! 7+! B7,7:)! +)! <7_! #-.%+)! -i(;,%+!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! /

!!

\-:! -#! (+,-:-;%+,?;(<)! %+A#(;(;! $-#! #-+87%.-! b7-! ]%'-! #%! #(+8q(;,%! k%$(:%! 6%#e)! -+! ;7! #(=:)! d"! #%! <7.-:!@):!#%!@%#%=:%d4!UNM"4!a-:-$(%F!6);,%!J('%F!2330F!

!

!

&'

! ! ! !

0$1,&%"!!0G$' J.+1&%&'&'.(1&%&)&*K#L' ' M)!-;!<(!(+,-+'(C+!@:)@)+-:!+7-e);!<9,)$);!$-!%+A#(;(;!B-<(+(;,%;!+(!(+('(%:!7+%! @)#9<('%!;)=:-!#)!b7-!;-!$-=-!-+,-+$-:!@):!<9,)$);!$-!(+e-;,(8%'(C+!)!%+A#(;(;F!M)!]-! $-;'7=(-:,)!7+!+7-e)!<9,)$)!@%:%!%+%#(f%:!7+!,-i,)!#-8%#F!N,(#(f)!#);!<(;<);!<9,)$);! b7-! 7,(#(f%! '7%#b7(-:! .7:(;,%4! %! ;%=-:4! -;,7$()! -#! ,-i,)! -+! ;7! ')+.7+,)4! %+%#(f)! #);! @:(+'(@();! b7-! B7+$%<-+,%+! #%! +):<%,(e%4! -i%<(+)! #%! -e)#7'(C+! ](;,C:('%! _! #);! %+,-'-$-+,-;4!#-)!#)!b7-!),:);!.7:(;,%;!,(-+-+!b7-!$-'(:4!-,'F!L)!b7-!;?!]%8)!$(B-:-+,-!%! #);!%+%#(;,%;!%+$:)'9+,:(');4!-;!b7-!#-!$)_!(<@):,%+'(%!%!#)!b7-!#%;!<7.-:-;!L#-+-+!b7-! $-'(:! ;)=:-! -#! ]-'])! -+! '7-;,(C+4! ]%8)! 7+! %+A#(;(;! ':?,(')! $-! 'C<)! #);! .7:(;,%;! %+$:)'9+,:(');!]%+!')+'-@,7%#(f%$)!-#!B-+C<-+)!.7:?$(')!_!#-!$)_!(<@):,%+'(%!%!]-']);! b7-!#%!(+<-+;%!<%_):?%!$-!.7:(;,%;!+)!]%+!')+;($-:%$)!:-#-e%+,-;F! "7+b7-! +)! -i(;,-! ')+;-+;)! %#! :-;@-',)4! -+,(-+$)! b7-! 7+%! <-,)$)#)8?%! -;! 7+%! ,-):?%!_!%+A#(;(;!$-!'C<)!;-!$-=-!@:)'-$-:!%#!]%'-:!7+!-;,7$()!)!7+%!(+e-;,(8%'(C+F!k! @:-'(;%<-+,-! -;-! -;! -#! B(+! $-! -;,-! $)'7<-+,)5! @#%;<%:! 7+%! ,-):?%! $-! 'C<)! $-=-! @:)'-$-:;-! %#! -<@#-%:! #);! <(;<);! <9,)$);! b7-! -<@#-%+! %+%#(;,%;! ,:%$('()+%#-;! @%:%! ##-8%:! %! ')+'#7;()+-;E;)#7'()+-;! +)! ;-i(;,%;! +(! %+$:)'9+,:('%;F! U;,)4! @):! ;7@7-;,)4! @%:,-!$-!7+!<%:')!,-C:(')!b7-!@-:<(,-!,-):(f%:!;)=:-!'C<)!;-!$-=-!@:)'-$-:!B:-+,-!%!7+! ]-'])!)!%!7+!,-i,)4!@%:%!%+%#(f%:#)!$-!%'7-:$)!')+!7+!<9,)$)F!U;,)!-;!#)!b7-!-;!7+%! <-,)$)#)8?%5!7+!%+A#(;(;!$-!#%!B):<%!-+!b7-!;-!(+e-;,(8%4!@%:%!,-):(f%:!;)=:-!'C<)!;-! $-=-:?%!@:)'-$-:!-+!7+%!(+e-;,(8%'(C+FT! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

T

!!

!

\-:!#(=:)!-$(,%$)!@):!#%!O:%F!H%+$:%!a%:$(+8F!&U*KMKH*!"MO!*UVaWOWLWXk4!K+$(%+%!N+(e-:;,,_! ^:-;;4!NH"4!23`SF!

&&

U+!;?+,-;(;4!+)!@:-,-+$)!@:-;-+,%:#-;!7+!+7-e)!<9,)$)!$-!%+A#(;(;4!;(+)!7+%!,-):?%! ;)=:-! 'C<)! ;-! $-=-! @:)'-$-:! ')+! #);! <(;<);! <9,)$);! @%:%! ##-8%:! %! ;)#7'()+-;! +)! ;-i(;,%;F!U;,)!(<@#('%4!')<)!b7-!%+,-:():<-+,-4!b7-!@%:,)!$-!7+!<%:')!$-!:-B-:-+'(%!)! <%:')! ,-C:(')! _! 7,(#(f)! #);! <9,)$);! b7-! -<@#-%<);! ,)$%;! #%;! @-:;)+%;! b7-' ]%'-<);! (+e-;,(8%'()+-;!_E)'%+A#(;(;!$-!,-i,);F! ^-:)4! $-=($)! %! b7-! #%! @-:;@-',(e%! $-! 89+-:)! -;! :-#%,(e%<-+,-! @)')! ')+)'($%! -+! +7-;,:)! <-$()! _! %g+! '7%+$)! -;! ')+)'($%4! <7']%;E);! #%! 7,(#(f%+! ')<)! ;(+C+(<)! $-! <7.-:4! ]-! )@,%$)! @):! -i,-+$-:<-! -+! -#! <%:')! $-! :-B-:-+'(%4! #)! '7%#! @7-$-! ##-e%:! %! %#87+%; rel="nofollow">);D!#-',):%;>-;D!%!':--:!b7-!-;,%!<-,)$)#)8?%!-;!<7_!')<@#('%$%F!U+!:-%#($%$! +)! #)! -;4! (+e)#7':%! ;)#%<-+,-! 7+);! '7%+,);! @%;);! b7-! +)! ;)+! @%:%! +%$%! $(B?'(#-;! 7+%! e-f!b7-!;-!]%!,)<%$)!')+'(-+'(%!$-!#)!b7-!')<@:-+$-!-#!;-i(;<)F!^):!-##)4!%+,-;!$-! -+,:%:!%#!<%:')!$-!:-B-:-+'(%4!<-!@-:<(,)!#(;,%:!#);!@%;);5! !

F#-&-' "7+b7-! %! ')+,(+7%'(C+! ;-! -+7<-:%+! #);! ;-(;! @%;);! $-! -;,%! <-,)$)#)8?%4! b7(-:)! :-'%#'%:! b7-! +)! ;(-<@:-! ,(-+-! b7-! ##-e%:;-! %! '%=)! '%$%! 7+)! $-! -##);F! +(! ,(-+-+! b7-! :-%#(f%:;-!-+!-#!):$-+!b7-!%b7?!;-!@:)@)+-5! F#-&'MH! V)<%:!')+'(-+'(%!$-!#%!;7=):$(+%'(C+!$-#!;-i)!B-<-+(+)!-+!B):<%!@-:;)+%#F! F#-&'NH! K$-+,(B('%:! #%;! $(;,(+,%;! B):<%;! -+! b7-! ;-! <%+(B(-;,%! -#! ;-i(;<)! -+! -#! ,-i,)4! ,%#-;! ')<)! -#! %+$:)'-+,:(;<)4! -#! $('),)<(;<)! ;-i7%#4! #%! (+;-+;(=(#($%$! %#! 89+-:)4! #%! ;)=:-8-+-:%#(f%'(C+4! #%! ;)=:-;@-'(B('($%$4! -#! $)=#-! @%:A<-,:)4! -#! B%<(#(;<)4!-,'F! F#-&'OH! K$-+,(B('%:!'7A#!-;!#%!<7.-:!b7-!-+!B):<%!e(;(=#-!)!(+e(;(=#-!-;,A!-+!-#!,-i,)5!;(! -;!#%!<7.-:!=#%+'%4!#%!<7.-:!'%;%$%4!#%!<7.-:!@)=:-4!-,'F4!-;!$-'(:4!'7A#!-;!#%! <7.-:! b7-! ;-! -;,A! ')+,-<@#%+$)! ')<)! @%:%$(8<%! $-! ;-:! ]7<%+)! _! $-;G$-! %]?4! %+%#(f%:! '7A#! )! '7A#-;! ;)+! ;7;! -B-',);! -+! #%;! <7.-:-;! $-! $(;,(+,);! ;-',):-;4!'#%;-;4!:%f%;4!-,+(%;4!':--+'(%;4!):(-+,%'()+-;!;-i7%#-;4!-,'F!

!

&(

F#-&'PH! K$-+,(B('%:!'7A#!-;!#%!')+'-@'(C+!$-!<7.-:!b7-!;(:e-!$-!;7;,-+,)!%#!,-i,)4!-;! $-'(:4!;(!-;!;C#)!#%!<7.-:G<%$:-4!)!#%!<7.-:GB%<(#(%!)!#%!<7.-:!;C#)!-+!'7%+,)! ;-!%;-<-.%!%#!])<=:-4!-,'F! F#-&'QH' "+%#(f%:!-#!,-i,)!,)<%+$)!-+!'7-+,%!#%!(+B#7-+'(%!$-!_!#);!-B-',);!-+!#);!),:);! ')<@)+-+,-;!$-#!B-+C<-+)!#-8%#F! F#-&'RH! "<@#(%:!#%!,)<%!$-!')+'(-+'(%!$-!#)!b7-!-;!-#!;-i(;<)!_!')#-',(e(f%:?%F!U;,-! -;! ,%<=(9+! -#! @:(<-:! @%;)4! @):b7-! @%:%! (+,-:-;%:;-! -+! -;,%! <-,)$)#)8?%! @:(<-:)!]%_!b7-!,)<%:!')+'(-+'(%!$-#!;-i(;<)F! '

.#,!&'%(',(S(,($!0#' ^):!:%f)+-;!$($A',('%;!]-!$(e($($)!-#!<%:')!,-C:(')!-+!$);!8:%+$-;!=#)b7-;5! "D!

<%:')!,-C:(')!8-+-:%#5!

RD!

<%:')! ,-C:(')! ')+;,(,7($)! @):! 7+%! ')+'-@'(C+! %<@#(%$%! $-#! B-+C<-+)!

.7:?$(')5! ' /)&T"('#' .#,!&'1(G,0!&'*($(,#)' ^%:%!B%'(#(,%:!#%!')<@:-+;(C+!$-#!<%:-9!,-C:(')!b7-!]-!7,(#(f%$)!@%:%!-#!%+A#(;(;!$-! ,-i,);!#-8%#-;4!#)!$(e($)!-+!1!@7+,);!-;,:-']%<-+,-!#(8%$);!-+,:-!;(F! ' F,0.(,'F"$1&H'H)=:-!#%!-i(;,-+'(%!@:)=%$%!$-!#%;!')+$('()+-;!$-;e-+,%.);%;!_! @);('(C+! (+B-:():! b7-! @);--! #%! <7.-:! ')+! :-;@-',)! %#! ])<=:-! -+! ,)$%;! +7-;,:%;! ;)'(-$%$-;F! U+! -;,%! <-,)$)#)8?%! @%:,)! $-! b7-! #%;! ')+$('()+-;! $-! e($%! b7-! @);--+! #%;! <7.-:-;4!')<)!#%!@)=:-f%4!-#!<%#G,:%,)4!-#!(+'-;,)4!#%!e()#%'(C+!_!-#!]);,(8%<(-+,)!;-i7%#4! #%! -i'-;(e%! '%:8%! $-! ,:%=%.)4! #%! (<@);(=(#($%$! $-! %''-$-:! %! #%! ,)<%! $-! $-'(;()+-;4! #%! B%#,%! $-! %''-;)! %! #%;! ,-'+)#)8?%;! <)$-:+%;4! -,'F4! ;)+! 7+%! :-%#($%$! @:)=%$%! _!

!

&)

')<@:)=%$%! -+! (++7<-:%=#-;! -;,7$();! ]-']);! @):! #%;! M%'()+-;! N+($%;4! 8)=(-:+);4! 7+(e-:;($%$-;!_!8:7@);!$-!<7.-:-;F! ^):!-##)!+)!@:-,-+$)!$)'7<-+,%:!%b7?!-;,%!:-%#($%$5!-+!@%:,-!@):!#%!+%,7:%#-f%!$-! -;,%! @:)@7-;,%! @-:)! -;@-'(%#<-+,-! @):b7-! +)! b7(-:)! '%-:! -+! #%! ,:%<@%! @%,:(%:'%#! $-! b7-! '%$%! e-f! b7-! #%;! <7.-:-;! ,:%,%<);! $-! @:)B7+$(f%:! _! ,-):(f%:! ;)=:-! +7-;,:%! ')+$('(C+!_!@);('(C+!-+!-;,%!;)'(-$%$!;-!+);!@($-!b7-!-<@-'-<);!')+!#%!$-<);,:%'(C+! $-! b7-! :-%#<-+,-! -i(;,-! -;,%! $(;':(<(+%'(C+! )@:-;(C+! _! ;7=):$(+%'(C+! $-! VWO"H! #%;! <7.-:-;! $-! #%! '#%;-4! -,+(%! ]%=(#($%$! @:-B-:-+'(%! ;-i7%#! -$%$! +%'()+%#($%$! b7-! ;-%! G -i(8-+'(%! ')+! #%! '7%#! <7']%;! ,:%,%<);! $-! '7<@#(:! ')+;,%+,-<-+,-G! @%:%! #7-8)! %'7;%:+);!$-!+)!h-+,-+$-:h!)!+)!h,-):(f%:h!;)=:-!#%;!'%7;%;!$-!-;,%!)@:-;(C+F! ^):! -;,%! :%fC+! ,%<@)')! @(-+;)! $)'7<-+,%:! ')+! '(,%;! $-! .7:(;,%;4! B(#C;)B);4! ](;,):(%$):-;!7!),:);!%'%$9<(');!'%$%!e-f!b7-!%B(:<)!b7-!;)+!;-i(;,%;F!^%:%!-##)!-;,A+! ;7;! @:)@();! -;':(,);! b7-! ;)+! =(-+! ')+)'($);! @):! ,)$%;! #%;! @-:;)+%;! b7-! ]%+! @%;%$)! @):! 7+%! -$7'%'(C+! B):<%#! _%! b7-! -#! ')+)'(<(-+,)! %+$:)'9+,:(')4! %! $(B-:-+'(%! $-#! B-<(+(;,%! _! :-@:)$7'-! ')+;,%+,-<-+,-F! "! %b7-##%;! @-:;)+%;! b7-! +)! <-! ':-%+! '7%+$)! %B(:<)! b7-! #%! 8:%+$?;(<%! <%_):?%! $-! #);! @-+;%$):-;! ;)+! -i@#?'(,%! )! (<@#?'(,%<-+,-! ;-i(;,%;!#%;E);'(+e(,)!%!#--:4!')+!#);!#-+,-;!$-#!89+-:)!=(-+!@7-;,);4!#)!b7-!'7%#b7(-:%!$-! -##);! ]%! $('])! ;)=:-! #%! <7.-:4! -#! ;-i(;<)4! #%! $(;':(<(+%'(C+! ;-i7%#! _! ]%;,%! ;)=:-! #%! (87%#$%$!$-!#);!;-i);4!@%:%!b7-!')::)=):-+!@):!7;,-$-;!<(;<%;E);!-#!@)')!:-;@-,)!b7-! #%!8:%+!<%_):?%!$-<7-;,:%!@):!+7-;,:)!h;-:h!B-<-+(+)4!_!@):!-+$-4!#%!@)'%!(<@):,%+'(%! b7-! #-! ]%+! $%$)! %! +7-;,:%! $(;':(<(+%'(C+! _! )@:-;(C+F! "#87+);! @):b7-! #%! ,:(e(%#(f%+4! ')+;($-:A+$)#%!<7'])!<-+);!;-:(%!b7-!#%!$(;':(<(+%'(C+!:%'(%#!)!$-!'#%;-4!),:);!@):b7-! +(! ;(b7(-:%! #%! ,)<%+! -+! '7-+,%! -+,:-! #%;! %7+b7-!$-;%B):,7+%$%<-+,-!#%!<%_):?%!$-!#%!8-+,-!+(!;(b7(-:%!#--! -;,%!$)'7<-+,%'(C+!@):b7-!')<)!%B(:<9!%+,-:():<-+,-4!')+;($-:%+!b7-!#%!)@:-;(C+!$-! #%;!<7.-:-;!-;!;-'7+$%:(%4!@)')!(<@):,%+,-D4!<(-+,:%;!b7-!-i(;,-!@)'%!,-):?%!$-;$-!#%;! <7.-:-;!#%,(+)%<-:('%+%;4!b7-!-i@#(b7-!-#!@):b79!$-!#%!@);('(C+!(+B-:():!$-!#%!<7.-:!')+!

!

&*

:-;@-',)! %#! ])<=:-! )! ,%+,)! %#! &*K! ')<)! %! -;,%$();! $-! <%_):! ;7=$-;%::)##)D4! -;! <7_! $(B?'(#! b7-! 7+%! %8-+'(%! B(+%+'(%$):%! +);! =:(+$-! -#! $(+-:)! +-'-;%:()! @%:%! @)$-:! $-$('%:+);! %! (+e-;,(8%:! _! ,-):(f%:F! *A;! $(B?'(#! -;! %g+4! ')+,%:! ')+! #%! (+B):<%'(C+! +-'-;%:(%! @%:%! $)'7<-+,%:!7+%!)@(+(C+!_%!b7-4!@):!-.-<@#)4!@%:%!#--:!;-+,-+'(%;!$-!%[);!%+,-:():-;4! +)!@)$-<);!;-+,%:+);!B:-+,-!%!#%!')<@7,%$):%!_!@-$?:;-#%!%!#%!R(=#(),-'%!$-#!6)+8:-;)! )!%!#%!6):,-!H7@:-<%!$-!I7;,('(%4!;(+)!b7-!,-+-<);!b7-!(:!%!=7;'%:!#);!-i@-$(-+,-;!-+! 7+! %:'](e)4! #)! '7%#! +);! @7-$-! ##-e%:! ;-<%+%;! )! ]%;,%! <-;-;F! V%<@)')! ,-+-<);! -;,%$?;,('%;! ;)=:-! #%! B:-'7-+'(%! $-! #%;! e()#%'()+-;4! -#! (+'-;,)4! -,'F! ^):! -;)! ')+;,%+,-<-+,-! -;,%<);! h%$%@,%+$)h! #%;! ,-):?%;! b7-! $-;%::)##%+! +7-;,:%;! ]-:<%+%;! $-#!<7+$)!$-;%::)##%$)!;)=:-!#%;!')+$('()+-;!$-#%!<7.-:!_!-#!B-<(+(;<)F!U;!$-!-;@-:%:! b7-! #%;! B-<(+(;,%;! $-#! @:(<-:! <7+$)! %#8g+! $?%! ,-+8%+! ;7B('(-+,-! @)$-:! _! ')+'(-+'(%! ')<)!@%:%!-+,-+$-:!b7-!-+!+7-;,:);!@%?;-;!#%;!<7.-:-;4!%$-
!

&+

@)');! %+%#(f%+! #);! %;@-',);! -;,:7',7:%#-;! _! #%! @);('(C+! b7-! )'7@%+! #%;! <7.-:-;! -+! +7-;,:%;!;)'(-$%$-;!@%,:(%:'%#-;4!b7-!-;!#%!b7-!<%+,(-+-!-;%;!')+$('()+-;F1! U;,)_! @#-+%<-+,-! ')+e-+'($%! $-! b7-! ;(+! '%<=();! -;,:7',7:%#-;! b7-! ,:%+;B):<-+! -;%! @);('(C+! $-! #%;! <7.-:-;! -+! +7-;,:%;! ;)'(-$%$-;4! +)! ;-! @7-$-+! <-.):%:! ;7;! ')+$('()+-;!$-!<%+-:%!@-:<%+-+,-F!U;,)!+)!(<@#('%!b7-!+)!')+;($-:-!(<@):,%+,-!b7-! ;-!')+)f'%+!-;%;!')+$('()+-;!@%:%!,:%,%:!$-!<-.):%:#%;4!<(-+,:%;!;-!]%'-+!#);!'%<=();! +-'-;%:();! -+! #%;! -;,:7',7:%;! $-! 89+-:)5! #)! b7-! b7(-:)! -+B%,(f%:! -;! b7-! <(! (+,-:9;! -+! -;,-!$)'7<-+,)!-;!]%'-:!7+!%+A#(;(;!':?,(')!;)=:-!#%!@);('(C+!$-!#%;!<7.-:-;4!-;! $-'(:4! -#! -;,%$)! <%,-:(%#! -+! -#! '7%#! +);! -+')+,:%<);D4!;)+!<7'])!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1

!!

^%:%!7+!%+A#(;(;!
!

!

&"

@);('(C+!:-#%,(e%<-+,-!(+B-:():!%!#%!$-!#);!])<=:-;!#);E%;!:-<(,)!%!-;);!-;,7$();!@#-+);! $-!'7:%;!_!-;,%$?;,('%;!b7-!#)!$-<7-;,:%+FQ! ' -(*"$%&' F"$1&H' H)=:-! #%! (<@):,%+'(%! $-! #%! $-B(+('(C+! b7-! $%! #%! h6WM\UM6KnMhS!$-!#)!b7-!;-!$-=-!-+,-+$-:!@):!$(;':(<(+%'(C+!')+,:%!#%!<7.-:F! U;,%! <-,)$)#)8?%! ;-! =%;%! -+! #%! $-B(+('(C+! $-! #)! b7-! ;-! $-=-! -+,-+$-:! ^):! h$(;':(<(+%'(C+h!-;,%=#-'($%!-+!-#!%:,F!2!$-!#%!h6)+e-+'(C+!;)=:-!#%!-#(<(+%'(C+!$-!,)$%;! #%;!B):<%;!$-!$(;':(<(+%'(C+!')+,:%!#%!<7.-:hF!b7-!,-i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rel="nofollow">@" U;,%!$-B(+('(C+!-;!,:(@#-<-+,-!(<@):,%+,-F!U+!@:(<-:!#78%:4!@):b7-!;-8g+!-##%4!7+%! #-_!;-:A!$(;':(<(+%,):(%!;(!,(-+-!^WJ!JUHNLV"OW!#%!$(;':(<(+%'(C+!$-!#%!<7.-:!%7+b7-! -;%!<(;<%!#-_!+)!;-!]%_%!@:)<7#8%$)!')+!#%!(+,-+'(C+!)!')+!-#!)=.-,)!$-!$(;':(<(+%:?%F! U;!
Q

U;,);! $)'7<-+,);! ;-! @7-$-+! -+')+,:%:! -+! '7%#b7(-:! '-+,:)! $-! $)'7<-+,%'(C+! $-! #%;! h'%;%;! $-! <7.-:d!b7-!%]):%!-i(;,-+!-+!'%;(!,)$);!#);!'-+,:)!7:=%+);!$-!+7-;,:);!@%?;-;4!-+!#%!V:(=7+%!$-!#%! *7.-:!$-!#%;!M%'()+-;!N+($%;4!-+!-#!6-+,:)!$-!O)'7<-+,%'(C+!$-!KHKH!K+,-:+%'()+%#!')+!;-$-!-+! H%+,(%8)!$-!6](#-4!-,'F!"$-
S

6)+e-+'(C+! $-! #%;! M%'()+-;! N+($%;! ;)=:-! #%! -#(<(+%'(C+! $-! ,)$%;! #%;! B):<%;! $-! $(;':(<(+%'(C+! ')+,:%!#%!<7.-:hF!b7-!7,(#(f%:9!-+!-;,-!#(=:)F!

!!

!!

!

!

&#

U+! ;-87+$)! #78%:4! -;! (<@):,%+,-! @):b7-! -;%! $-B(+('(C+! b7-! $%! #%! 6WM\UM6KWM! $-!#)!b7-!$-=-!-+,-+$-:!@):!h$(;':(<(+%'(C+!')+,:%!#%!<7.-:h4!%#!]%=-:!;($)!:%,(B('%$%!@):! 7+! @%?;4! ;-! ')+e(-:,-! -+! #)! b7-! LUX"L*UMVU! ;9! $-=-! -+,-+$-:! @):! $(;':(<(+%'(C+F! ";?4!$-B(+('()+-;!')<@)+-+,-!B):<%#!+):<%,(e)D4!+)!;)+!#-8%#<-+,-!%'-@,%=#-;F! U+! ,-:'-:! #78%:4! @):b7-! '#%:%<-+,-! -;,%=#-'-! b7-! ;-! ')+;($-:%:A! $(;':(<(+%,):(%! ,)$%! :-;,:(''(C+! =%;%$%! -+! -#! ;-i)! b7-! <-+);'%=-! )! %+7#-! -#! :-')+)'(<(-+,)4! 8)'-! )! -.-:'('()! @):! #%! <7.-:4! $-! #);! $-:-']);! ]7<%+);! -+! #%;! -;B-:%;! ^WLYVK6"4! U6WMn*K6"4!HW6K"L4!6NLVNJ"L!k!6K\KL!W!UM!6N"LoNKUJ!WVJ"!UH&UJ"F!";?4! ;-8g+! -;,%! $-B(+('(C+4! %! $(B-:-+'(%! $-! #)! b7-! ;-! ;7-#-! %:87<-+,%:4! ;-! ')+;($-:%:A+! $(;':(<(+%,):(%;! #%;! :-;,:(''()+-;! b7-! ;7B:(<);! #%;! <7.-:-;! -+! -#! '%<@)! '7#,7:%#! _! $)<9;,(')!_!+)!;C#)!#%;!$(;':(<(+%'()+-;!b7-!;-!$%+!-+!#%!##%<%$%!h-;B-:%!@g=#('%Fh! H-!@7-$-!$-$7'(:!$-!#)!%+,-:():!b7-!;(!7,(#(f%<);!-;,%!$-B(+('(C+!%!#%!]):%!$-!#(,(8%:! )!$-!#7']%:!@):!'%<=();!-+!'7%#b7(-:!-;B-:%!@)$:?%<);!$-::)'%:!-#!;(;,-<%!@%,:(%:'%#!%#! $-;%:,('7#%:!,),%#<-+,-!;7!;(;,-<%!#-8%#!_!#%!<%+-:%!,:%$('()+%#!$-!-+,-+$-:!#%!(87%#$%$! -+,:-!#);!;-i);4!@):b7-!-;,%!$-B(+('(C+!(<@#?'(,%<-+,-!-;,A!@%:,(-+$)!$-!),:%!')+'-@'(C+! $-#!@:(+'(@()!$-!(87%#$%$!%+,-!#%!#-_F! a%;,%!%]):%4!#%!(87%#$%$!.7:?$('%!)!(87%#$%$!%+,-!#%!#-_!$-!])<=:-;!_!<7.-:-;4!;-! ]%!:-$7'($)!%!':--:!b7-!')+!),):8%:#-!%!#%;!<7.-:-;!#);!<(;<);!$-:-']);!b7-!_%!8)f%+! #);! ])<=:-;! _! $%:#-! 7+%! @:),-''(C+! -;@-'(%#! -+! '(-:,);! '%;);! $-=($)! %! ;7! B7+'(C+! :-@:)$7',):%!$-!#%!-;@-'(-4!;-!-#(<(+%!#%!$(;':(<(+%'(C+!;-i7%#F! U+!),:%;!@%#%=:%;4!#%!B):<%!')<)!;-!]%!%=):$%$)!#%!(87%#$%$!$-!#);!;-i);!%+,-!#%! #-_4!@%:,-!$-!b7-!#%!(87%#$%$!$-!#);!;-i);!-;!7+%!-b7(e%#-+'(%!-+!,)$)!#)!+)!:-#%'()+%$)! ')+!#%!:-@:)$7''(C+!$-!#%!-;@-'(-!_!7+%!$(B-:-+'(%!$-!#%!<7.-:!')+!:-;@-',)!%#!])<=:-! -+!,)$)!#)!:-#%'()+%$)!')+!-;%!g+('%!B7+'(C+F! U;,%!<%+-:%!$-!')+'-=(:!#%!(87%#$%$!8%:%+,(f%!b7-!;-:-<);!,:%,%$%;!')<)!;-:-;! ]7<%+);! @#-+);! ;C#)! -+! -#! ,%+,)! _! -+! -#! '7%+,)! ;-%<);! ;-<-.%+,-;! %! #);! ])<=:-;E!

!

&$

e%:)+-;4! _! b7-! ;-:-<);! ,:%,%$%;! $-;(87%#<-+,-! -+! ,)$)! #)! b7-! +);! $(B-:-+'(%! $-! #);! ])<=:-;Ee%:)+-;F! U;!$-'(:4!-#!<%+$%,)!#-8%#!$-!,:%,)!(87%#(,%:()!%+,-!#%!#-_!;-!]%!(+,-:@:-,%$)!')<)!-#! ,:%,%:!%!(87%#-;!')<)!(87%#-;!_!%!$(B-:-+,-;!')<)!$-;(87%#-;F!";?4!-+!#)!:-#%'()+%$)!')+! #);!$-:-']);!'(e(#-;4!@)#?,(');4!-,'F4!#%;!<7.-:-;!:-'(=-+!-#!<(;<)!,:%,)!$(;-[%$)!@%:%!#);! ])<=:-;E!e%:)+-;F!U+!#)!:-#%'()+%$)!')+!$-:-']);!-')+C<(');4!$-!,:%=%.)4!B%<(#(%4!-,'F5! #%;! <7.-:-;! :-'(=-+! 7+! ,:%,)! $-;(87%#! @):! ;-:! =()#C8('%<-+,-! $(B-:-+,-;! $-#! <)$-#)! $-! ;-:! ]7<%+)! b7-! -;! -#! ])<=:-Ee%:C+F! "<=);! ,:%,);! ;-! ')+;($-:%+! .7;,(B('%$);! @):! -;-! @:(+'(@()!$-!,:%,%:!%!(87%#-;!')<)!(87%#-;!_!%!$(B-:-+,-;!')<)!$-;(87%#-;F! ^-:)!:-;7#,%!b7-!-#!;-i)4!b7-!-;!#)!b7-!$(;,(+87-!%!#%;!<7.-:-;!$-!#);!])<=:-;!_!%! #);!])<=:-;!$-!#%;!<7.-:-;4!-;!@:-'(;%<-+,-!-;)4!7+%!$(;,(+'(C+4!@):b7-!#);!;-i);!;-! $-B(+-+! ')<)! ,%#-;! @:-'(;%<-+,-! @):! ;7! $(B-:-+'(%! <7,7%! _! +)! @):! #%! $(B-:-+'(%! $-! #%! <7.-:! ')+! :-;@-',)! %#! ])<=:-F! U;! %;?! b7-! #%! ,-):?%! .7:?$('%! ]%! ':-%$)! 7+%! e-:$%$-:%! (<@);(=(#($%$! $-! (87%#$%$! -+,:-! ])<=:-;! _! <7.-:-;r! ]%! ]-'])! b7-! -#! ')+'-@,)! $-! (87%#$%$! .7:?$('%! @:-;7@)+8%! ;-<-.%+f%! )! $-;(87%#$%$! _! ')<)! -#! ')+'-@,)! $-! ;-i)! @:-;7@)+-!$(B-:-+'(%!<7,7%4!#%!(87%#$%$!;-i7%#!-;!(<@);(=#-F! L);! e%#):-;! b7-! B7+$%<-+,%+! -;,%! ')+'-@'(C+!$-!(87%#$%$4!8%:%+,(f%+!-+,)+'-;4! b7-! ;C#)! #);! e%:)+-;! @7-$-+! ;-:! ,:%,%$);! ')<)! ;-:-;! ]7<%+);! @#-+);! @):b7-! B7-! %! 9;,-! %! b7(9+! ;-! ,)
&%

')::-;@)+$-+'(%!')+!-#!])<=:-Ee%:C+r!b7-!+)!'%(8%<);!=%.)!-#!@%,:C+!$-!#%!;-<-.%+f%! )!#%!$(B-:-+'(%!b7-!$-B(+-!+7-;,:%!]7<%+($%$!>_!@):!-+$-!#);!$-:-']);!b7-!@)$%<);!)! +)!8)f%:D!$-!')+B):<($%$!')+!#%!$(;,%+'(%!b7-!<-$(-!-+,:-!+);),:%;!_!-#!])<=:-Ee%:C+4! ;(+)!b7-!-;,-<);!')+;'(-+,-;!$-!b7-!,-+-<);!+-'-;($%$-;!-!(+,-:-;-;!b7-!@7-$-+!)! +)! ')(+'($(:! ')+! #);! $-! #);! ])<=:-;Ee%:)+-;! @-:)! b7-! -+! '7%#b7(-:! '%;)4! ;)+! +-'-;($%$-;!-!(+,-:-;-;!,%+!-;@-'?B(');!%!+7-;,:)!;-i)!_!+7-;,:%!]7<%+($%$4!')<)!#);! (+,-:-;-;!_!+-'-;($%$-;!$-#!;-i)!<%;'7#(+)!;)+!-;@-'?B(');!%!;7!;-i)!_!]7<%+($%$F! U+!;?+,-;(;4!#)!b7-!#%!$-B(+('(C+!$-!#%!h6UO"sh!+);!$%!-;!7+%!')+'-@'(C+!+7-e%! $-! #%! (87%#$%$! -+,:-! #);! ;-i);4! b7-! ;-! B7+$%<-+,%! -+! b7-! <7.-:-;! _! ])<=:-;! ;)<);! (87%#<-+,-! $(B-:-+,-;F! L%! $-B(+('(C+! +)! $('-! b7-! ;-! $-=-! ,:%,%:! %! #%! <7.-:! (87%#! b7-! %#! ])<=:-! @%:%! -#(<(+%:! #%! $(;':(<(+%'(C+F! V)$)! #)! ')+,:%:()4! $('-! b7-! -;! $(;':(<(+%,):()! VWOW! ,:%,)! b7-! ,-+8%! @):! JUHNLV"OW! #%! $-;(87%#$%$4! #)! b7-! b7(-:-! $-'(:! b7-! ;(! %! 7+%! <7.-:! ;-! #-! $%! 7+! ,:%,)! ($9+,(')! %#! $-#! ])<=:-! _! -;-! ,:%,)! #%! $-.%!-+!7+%!@);('(C+! (+B-:():4!-;-!,:%,)!-+!;?!-;!$(;':(<(+%,):()!%7+b7-!;7!)=.-,(e)!]%_%!;($)!#%!(87%#$%$F! \-<);!%;?!b7-!-;,%!$-B(+('(C+!$-!#%!$(;':(<(+%'(C+!]%'-!-e($-+,-!b7-!#%!%;@(:%'(C+! $-=-!;-:!#%!(87%#$%$!$-!#);!;-i);!-+!-#!8)'-!$-!#);!$-:-']);!]7<%+);!b7-!'%$%!'7%#! +-'-;(,-4! +)! -#! b7-! %! '%$%! ;-i)! ;-! #-! $9! 7+! ,:%,%<(-+,)! -i%',%<-+,-! (87%#F! U;,)! @:-;7@)+-! b7-! #);! ])<=:-;! _! #%;! <7.-:-;! @7-$-+! ,-+-:4! _! $-! ]-'])! %;?! -;4! $(;,(+,%;! +-'-;($%$-;4!@-:)!+)!@:-;7@)+-!b7-!$-=($)!%!-;%;!$(B-:-+'(%;4!#%;!<%;'7#(+%;!$-=%+! ;-:! ($-+,(B('%$%;! ')<)! #%;! +-'-;($%$-;! $-! #);! ;-:-;! ]7<%+);! _! #%;! $-! #%;! <7.-:-;! ')<)! #%;! +-'-;($%$-;! -;@-'?B('%;! $-! #%;! <7.-:-;F! U;! $-'(:4! b7-! #);! ])<=:-;! ;)+! ,%+! $(B-:-+,-;!_!,%+!;-<-.%+,-;!%!+);),:%;!#%;!<7.-:-;4!')<)!+);),:%;!;)<);!$(B-:-+,-;!_! ;-<-.%+,-;!%!-##);F!M(+87+)!$-!#);!;-i);!$-=-:?%!;-:!-#!@%:A<-,:)!)!@%:%$(8<%!$-!#)! ]7<%+)!@):b7-!%<=);4!<7.-:-;!_!])<=:-;4!;)<);!(87%#<-+,-!]7<%+);F! H(+! -<=%:8)4! -;,-! +7-e)! ')+'-@,)! $-! (87%#$%$! ,%<=(9+! @:-;7@)+-! b7-! +)! ;-! )=e(-!-#!]-'])!$-!b7-!@):!;(8#);4!#%;!+-'-;($%$-;!-!(+,-:-;-;!$-!#);!])<=:-;!e%:)+-;! ]%+!;($)!#%;!g+('%;!-;'7']%$%;4!_!@):!-+$-4!;%,(;B-']%;!-+!<%_):!<-$($%!b7-!#%;!$-! #%;! <7.-:-;4! @):! #)! b7-! @%:%! #)8:%:! #%! (87%#$%$! _! -#(<(+%:! #%! $(;':(<(+%'(C+! b7-! -i(;,-! ')+,:%! #%! <7.-:4! ;-! :-b7(-:-+! <-$($%;! ')::-',(e%;! $-! ,)$%! ?+$)#-4! (+'#7($%;! #%;! #-8(;#%,(e%;F!

!

('

! 1(,!(,'F"$1&H!H)=:-!#%!(<@):,%+'(%!$-#!#-+87%.-F! ^%:%! #%! ')<@:-+;(C+! $-! -;,%! <-,)$)#)8?%! -;! (<@):,%+,-! b7-! -;,-<);! '#%:%;E);! ;)=:-! %#87+);! ')+'-@,);! b7-! ;)+! =A;(');F! ^):! -##)4! ]-! )@,%$)! @):! (+'#7(:! %#87+%;! $-B(+('()+-;!b7-!<-!]-!@-:<(,($)!-#%=):%:!)!,:%+;':(=(:!-+!:-#%'(C+!%!')+'-@,);!b7-!;-! <%+-.%+!$-+,:)!$-#!<)e(<(-+,)!B-<(+(;,%!_!%!%#87+%!b7-!),:%!@%#%=:%!b7-!<-!(+e-+,)4! -+! -#! %BA+! $-! b7-! ]%_%! #%! <-+):! '%+,($%$! $-! <%#-+,-+$($);! _! @):b7-! <-! -+'%+,%! -.-:'-:! -#! @)$-:! $-! #%! @%#%=:%! U;! %;?! b7-! -;,-! @7+,)! e%! -;@-'?B('%<-+,-! $(:(8($)! %! %b7-##%;!@-:;)+%;!b7-!;-!(+('(%+!-+!-#!%@%;()+%+,-!'%<(+)!$-!#%!':-%'(C+!$-!7+!<7+$)! +7-e)4!
!

(&

%7,):($%$4! +)! -i@#('%! b7-! -;! 7+! ;(;,-<%! ,%+! (<@)+-+,-4! )<+(@:-;-+,-! _! -;,A! ,%+! %::%(8%$)!-+!+7-;,:%!B):<%!$-!@-:'(=(:!-#!<7+$)4!b7-!@%;%!(+%$e-:,($)F!^%:%!#%!<%_):?%! $-!#%;!@-:;)+%;!-;!7+!;(;,-<%!h+%,7:%#h!b7-!;-!=%;%!-+!B%',):-;!=()#C8(');!_!@):!-+$-4! (+<7,%=#-;!-!(+'7-;,()+%=#-;F!O-;%B):,7+%$%<-+,-4!-;,-!,(@)!$-!$-B(+('()+-;!b7-!@%:,-+! $-;$-! #%! @-:;@-',(e%! <%;'7#(+%! g+('%<-+,-4! %=7+$%+! -+! +7-;,:);! $(''()+%:();F! L%;! %'-@,%<);! @:-'(;%<-+,-! @):b7-! -+! -;,-! ,(@)! $-! ;)'(-$%$4! #);! ])<=:-;! _! #%;! <7.-:-;! -;,%<);!%');,7<=:%$);E%;!%!#%!+)!-i(;,-+'(%!$-!#%;!<7.-:-;F!H(!-#!#-+87%.-!-;!7+%!$-! #%;! @:(+'(@%#-;! B):<%;! $-! ')<7+('%'(C+4! @):b7-! @):! <-$()! $-! 9#! ;-! ,:%+;<(,-+! $-! 8-+-:%'(C+! -+! 8-+-:%'(C+! #);! ]A=(,);! '7#,7:%#-;4! +)! -;! $-! -i,:%[%:! b7-! #%;! <7.-:-;! -;,-<);! $-;%@%:-'($%;! $-! ,)$)! -#! b7-]%'-:! ]7<%+)! _%! b7-! -#! <(;<)! #-+87%.-! b7-! 7,(#(f%<);! @%:%! ')<7+('%:! -;);! ]A=(,);! '7#,7:%#-;4! ;-! -+'%:8%! $-! )'7#,%:+);! ,:%;! -#! 89+-:)!<%;'7#(+)F! "$-
!

((

6)+;($-:)! b7-! 7+%! $-! #%;!
()

H?(" ',E0')$" &7&-.&" #$%$'" ($'" I)70#$'" %," (&" 10%&" 9" (&'" -,(&.0$/,'" 6*)&/&'3" %," )$%$" ;*," ,'" 0)2$'07(," 6&.,-" */&" -,(&.0F/3" /$" ,E6&*'#01&3" '0/$" /0" #&/" '0;*0,-&" &2-$E0)&%&" %," '*'" :$-)&'" %," ,E2-,'0F/" 9" 2*/#$'" %," 0/.0%,/.0&3 rel="nofollow">>>" ?/" 2&(&7-&'" %,(" '$.0F($4$" J&-#0/" K&4-,-&L" @M0" ,(" ,'.(&1$" /0" (&" )*+,-" 6*70,-&/" 2$%0%$" ',-" )&/#,/0%$'3" '0;*0,-&"',&"2$-"(&":*,-8&3",/",(",'#&%$"&79,.#$",/";*,":*,-$/"'*)0%$'"'0"/$"6*70,-&/" '0%$".$/1,/.0%$'"2$.$"&"2$.$"%,"'*"0/:,-0$-0%&%"N",'#&":&(#&"%,".$/.0,/.0&"%,".(&',"608$" ;*,":*,-&/",(($'")0')$'"($'"2,$-,'",/,)04$'"%,"'*"2-$20&"-,4,/,-&.0F/@>O" k)! %8:-8%:?%! b7-! %! #%! <7.-:! <%;! b7-! B%#,%! $-! ')+! '(-+'(%! $-! '#%;-! #-! ]%'-! B%#,%! h')+'(-+'(%! $-! 8-+-:)! @):b7-! %7+b7-! ;)=:-! 89+-:)! <-! -i,-+$-:9! ;(;,-
!!

!

\-:! $-B(+('(C+! $-! ;-i(;<)! -+! -#! OK66KWM"JKW! KOUWLnXK6W! &U*KMKHV"! $-! \(',):(%! H%74! R%:'-#)+%4!K6"JK"!U$('()+-;4!23`2F!

(*

e()#%'(C+! $-! #);! O-:-']);! a7<%+);4! %! +)! ;-:! b7-! #%! e()#%'(C+! ;-%! @-:@-,7%$%! @):! 7+! %8-+,-!$-#!U;,%$)!<(-+,:%;!#%!<7.-:!-;,A!-+!'7;,)$(%F! U;!%;?!b7-!@%:-'(-:%!b7-!#);!@:-.7('();!-+!,):+)!%#!;-i)!')<)!7+)!$-!#);!%;@-',);! ;)'(%#-;!b7-!-i@#('%+!#%!':(<(+%#($%$!_!#%!')+$7',%!e()#-+,%!$-#!])<=:-!]%'(%!#%!<7.-:4! +)!]%+!;($)!;7@-:%$);!,)$%e?%F!H)+!$-<%;(%$);!#);!%7,):-;!_!%7,):%;!b7-!%B(:<%+!b7-! #%!e()#-+'(%!$)<9;,('%!;-!$-=-!%!#%!':(;(;!-')+C<('%4!%!#%!87-::%4!#%;!B:7;,:%'()+-;!$-!#%! e($%! <)$-:+%4! -,'F! U+! -#! B)+$)4! -;,)! -;! %'-@,%:! b7-! #);! ])<=:-;! ;)+! h+%,7:%#<-+,-h! e()#-+,);!@):b7-!-;,%;!-i@#('%'()+-;!+)!+);!(+B):<%+!$-!@):!b79!#%!e()#-+'(%!;-!$(:(8-! $-#!])<=:-!]%'(%!#%!<7.-:!_!+)!e('-e-:;%4!')<)!;(!;C#)!#);!])<=:-;!@%$-'(-:%+!#%!':(;(;4! #%! 87-::%! -,'F4! ')<)! ;(! ;C#)! -##);! e(e(-:%+! -+! -;,-! <7+$)! ')+,%<(+%$)! @):! b7?<(');4! :7($)!_!<%#%;!e(=:%'()+-;F!! 6:--:! b7-! #);! ])<=:-;! ;)+! e()#-+,);! @):! +%,7:%#-f%4! +)! (<@#('%! +-'-;%:(%<-+,-! b7-!;-!':-%!b7-!;)+!;7@-:():-;!%!#%;!<7.-:-;r!@-:)!':--:!b7-!#);!])<=:-;!;)+!e()#-+,);! @):! +%,7:%#-f%4! '%;,(8%:#);! '7%+$)! $-<7-;,:%+! ;7! e()#-+'(%! ]%'(%! ),:);! ])<=:-;! _! +)! '7%+$)!#)!]%'-+!]%'(%!#%;!<7.-:-;4!;(#)!-;F!U;!':--:!b7-!]%_!7+!;-i)4!-#!B-<-+(+)4!b7-! -;,A! %]?! @%:%! h;-:e(:h! $-! $-;%])8)! $-! B:7;,:%'()+-;! %#! ;-i)! <%;'7#(+)F! 6:--:! b7-! ]%_! 7+!;-i)!b7-!B7-!@7-;,)!-+!-;,-!<7+$)!@%:%!;-:e(:!%#!),:)4!-;!;-i(;<)F! U#!439 rel="nofollow">8U637>@A58!-;!7+%!$-!#%;!B):<%;!
!

(+

&.#$'3":<'0.$'"$"1,-7&(,'3"2$-"),%0$"%,"($'".*&(,'"',")&/0:0,'#&"%,:$-)&"1*(4&-"9"2$.$" &2-$20&%&" ,(" ',E0')$" '*79&.,/#," ,/" (&" ,'#-*.#*-&" '$.0&( rel="nofollow">@P" 6)(+'($)! ')+! \(',):(%! H%7! ')+! :-;@-',)! %! b7-! -#! 54UV@A74! 8-+-:%#<-+,-! %',g%! ')<)! ,%#! ;(+! ;-:! '%@%f! $-! h-i@#('%:h!)!$%:!'7-+,%!$-!#%!:%fC+!(+,-:+%!$-!;7;!%',);4!;(+)!b7-!;-!#(<(,%!%!@)+-:!-+! @:A',('%! %b7-##)! b7-! -#! ;-i(;<)! $-! #%! '7#,7:%! %! #%! b7-! @-:,-+-'-! @):! +%'()+%#($%$4! ')+$('(C+!;)'(%#4!-,+(%4!@:-B-:-+'(%!;-i7%#4!:-#(8(C+4!-,'F4!#-!=:(+$%F! @?/" #=-)0/$'" 2'0.$(F40.$'" 2$%-<&)$'" %,.0-" ;*," ,(" !"#$!%&' ,'" .$/'.0,/#," 9" ,(" %()*$!%&" 0/.$/'.0,/#,>" Q," &6<" ;*," */" )&.60'#&" /$" ',&" :$-8$'&),/#," */" ',E0'#&" R&(4*/$'"%,+&/"%,"',-")&.60'"#&'".*&/%$".$/$.,/"($";*,",'",("',E0')$S3")0,/#-&'";*," */"',E0'#&"2*,%,"/$"#,/,-"-&'4$'"&2&-,/#,'"%,"%()*$!%&>@BT" N+!'#%:)!-.-<@#)!$-!#%!%',(,7$!;7,(#<-+,-!<%'](;,%!b7-!+)!+-'-;%:(%<-+,-!(<@#('%! b7-! b7(-+! #%! ,(-+-! -;! ;-i(;,%4! #%! -+')+,:%<);! -+! %b7-##);! ')<@%[-:);! $-! ,:%=%.)! '%=%##-:););!b7-!%#87+%;!]-<);!')+)'($)!-+! +7-;,:%;!e($%;!_!b7-!,)$%;!]-<);!e(;,)! -+!#%;!,-#-+)e-#%;4!b7-!,-!%=:-+!#%!@7-:,%4!,-!-;'7']%+!')+!(+,-:9;4!,-!$-.%+!;%=-:!b7-! %@:-'(%+! ,7! (+,-#(8-+'(%4! @-:)! 7+%! ;-! $%! '7-+,%! b7-! %@:-'(%+!
3

!!

20

!!

Y$-
!

!

("

;-! ]%=#%! $-! @)#?,('%! G! _! #);!@:)_-',);!b7-!(<@#?'(,%<-+,-!@%:,-+!$-!b7-!#%!$(;':(<(+%'(C+!')+,:%!#%! <7.-:! -;! ;-'7+$%:(%! )! $-! b7-! ;-! -#(<(+%! ')+! -#(<(+%:! ),:%;! $(;':(<(+%'()+-;4! 8-+-:%#<-+,-! $-;'%+;%+! $-! %#87+%! <%+-:%! -+! #%;! -;,:7',7:%;! b7-! <%+,(-+-+! #%! )@:-;(C+!$-!#%;!<7.-:-;F!U.-<@#)!$-!-;,)!;)+!#%!8:%+$?;(<%!<%_):?%!$-!#);!@:)_-',);! :-#%'()+%$);!')+!#);!O-:-']);!a7<%+);4!b7-!@%:,-+!$-!7+%!e(;(C+!%+$:)'9+,:('%!$-!#%! 7,)@?%! _! ;-! B7+$%<-+,%+! -+! ')+'-@'()+-;! $-! h$-:-']);h! _! h#(=-:,%$-;h! @#%;<%$%;! -+! $(;,(+,%;! O-'#%:%'()+-;! $-! O-:-']);! a7<%+);! b7-! +)! ')+,-<@#%+! #%;! +-'-;($%$-;! -! (+,-:-;-;! $-! #%;! <7.-:-;F! ";?4! ;-! ]%=#%! $-! #%! @:)=#-
!

(#

')<@:-+$-:! b7-! -+! 7+%! ;)'(-$%$! @%,:(%:'%#4! 7+%! <7.-:! %! e-'-;! ':--! +)! ,-+-:! ! )! -B-',(e%<-+,-!+)!,(-+-!@4>U498' 6A' 7+! ,9:<(+)! b7-! ;-! 7,(#(f%! $-! $(;,(+,%;! <%+-:%;4! @%:%! $-B(+(:! #%! ($-)#)8?%!_!-;,:7',7:%;!(+;,(,7'()+%#-;!b7-!<%+,(-+-+!#%!)@:-;(C+!$-!#%;!<7.-:-;F!U;!7+! ;(;,-<%! b7-! ;-! ):(8(+%! -+! #%! B%<(#(%! $)<(+%$%! @):! -#! @%$:-4! -;,:7',7:%! :-@:)$7'($%! -+! ,)$)!-#!):$-+!;)'(%#!_!<%+,-+($%!@):!-#!')+.7+,)!$-!(+;,(,7'()+-;!$-!#%!;)'(-$%$!@)#?,('%! _! '(e(#4! ):(-+,%$%;! ]%'(%! #%! @:)<)'(C+! $-#! ')+;-+;)! -+! ,):+)! %! 7+! ):$-+! ;)'(%#4! -')+C<(')4! '7#,7:%#4! :-#(8();)! _! @)#?,(')4! b7-! $-,-:<(+%+! b7-! -#! 8:7@)4! '%;,%! )! '#%;-! ')<@7-;,)! @):! <7.-:-;4! ;(-<@:-! -;,A! ;7=):$(+%$)! %#! 8:7@)4! '%;,%! )! '#%;-! ')<@7-;,)! @):!])<=:-;4!%7+b7-!@7-$%!;-:!b7-!7+%!)!e%:(%;!<7.-:-;!,-+8%+!@)$-:4!]%;,%!<7'])! @)$-:!')<)!#%;!:-(+%;!_!@:(<-:%;!<(+(;,:%;4!)!b7-!,)$%;!#%;!<7.-:-;!-.-:f%+!'(-:,)!,(@)! $-!@)$-:!')<)!#)!-;!-#!@)$-:!b7-!-.-:'-+!#%;!<%$:-;!;)=:-!#);!_!#%;!](.%;F! L%;! (+;,(,7'()+-;! @):! <-$()! $-! #%;! '7%#-;! -#! @%,:(%:'%$)! ;-! <%+,(-+-! -+! ;7;! $(;,(+,%;!<%+(B-;,%'()+-;!](;,C:('%;4!;)+!
!

($

_!'%@%'(,%$%;!b7-!#%!8:%+!<%_):?%!$-!+7-;,:);!@)#?,(');4!_!;(+!-<=%:8)4!-;%;!<7.-:-;! +)!]%+!@)$($)! rel="nofollow">)!+)!]%+!b7-:($)!@):!:%f)+-;!9,('%;D!-;'%#%:!]%;,%!##-8%:!%!#);!@7-;,);! $-! $(:(8-+'(%4! <(-+,:%;! b7-! $-<%;(%$);! ])<=:-;! <-$()':-;! ;?F! O-=-<);! ,%<=(9+! ,)<%:! -+! '7-+,%! b7-! #%;! <7.-:-;! %! #%;! b7-! ;-! #-;! @-:<(,-! -.-:'-:! -#! @)$-:! -+! B):<%! @%,:(%:'%#4!@%8%+!7+!@:-'()!<7_!%#,)5!+)!;C#)!,(-+-+!b7-!-;B):f%:;-!-#!$)=#-!@%:%!#)8:%:! 7+! @)$-:! %! <-$(%;4! ;(+)! b7-! $-=-+! ]%'-:#)! ;(+! ;)#($%:(f%:;-! ')+! ;7;! ')+89+-:-;5! #%;! ),:%;!<7.-:-;F!"$-
!

(%

b7-!7+!])<=:-!b7-!]%8%!#)!<(;<)!-;!%@:-'(%$)!@):!;7;!h%8%##%;hF!;7!h')+)'(<(-+,)!$-#! <7+$)h4!;7!h'%#($%$!$-!#?$-:h4!-,'F! "$-+7:,7:-D4!%!),:%;!@-:;)+%;!b7-!-#!,)<%:!$-'(;()+-;!%!+)<=:-!$-! ),:%;F!"!,)$%;!#%;!<7.-:-;4!$-;$-!<7_!@-b7-[%;4!;-!+);!-;,(<7#%!%!$-;%::)##%:!+7-;,:%;! ]%=(#($%$-;! -+! #%;! %',(e($%$-;! b7-! ;-! :-#%'()+%+! ')+! '7($%:! _! $%:! $-! ')<-:! %! #%;! @-:;)+%;F!O-;%B):,7+%$%<-+,-4!#%!@)#?,('%!@%,:(%:'%#!+)!-;!7+%!%',(e($%$!b7-!(+e)#7':-!)! +-'-;(,-! $-! -;%;! ]%=(#($%$-;F! ^):! -##)! +)! -;! $-! -i,:%[%:! b7-! >%@%:,-! $-! b7-! %#! @%,:(%:'%$)!+)!#-!(+,-:-;%!b7-!#%;!<7.-:-;!,-+8%+!@)$-:!_!b7-!]%!##-8%$)!]%;,%!%!<%,%:! %! #%;! b7-! #)! =7;'%+D4! #%;! b7-! ,-+-<);! ')+'(-+'(%! $-! <7.-:4! +)! #7']-<);! ')+! " !" 2,'&-" %," ($'" &1&/.,'" %," (&'" U(#0)&'" %=.&%&'3"#&)2$.$"#,/,)$'"04*&("&..,'$"&"(&",%*.&.0F/3"&("),-.&%$"(&7$-&(3"/0",("2$%,-" %," %,.0%0-" '$7-," /*,'#-&" -,2-$%*..0F/>" ?/" '*)&3" '$)$'" '0,)2-," .0*%&%&/&'" %," ',4*/%&".&#,4$-<&@>BB" ^):! <-$()! $-! #%;! (+;,(,7'()+-;! @%,:(%:'%#-;! ;-! ]%'-! #%! A8U@4:@X4U@D3' =47>@4>U4:Y' b7-! -;! -#! @:)'-;)! @):! -#! '7%#! #%;! @-:;)+%;! $-! ;-i)! B-<-+(+)! $-;$-! @-b7-[(,%;4! e%+! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

22

!!

\(:8(+(%!\%:8%;F!V)<%$)!$-!J-e(;,%!h\K\"h4!^-:g4!;-,(-<=:-G)',7=:-E`QF!

!

!

)'

(+,-:():(f%+$)!#);!e%#):-;!_!%',(,7$-;!b7-!;-!#-;!%,:(=7_-+4!$-;'%:,%+$)!,)$%!-<)'(C+!)! $-;-)!%,:(=7($)!%#!),:)!;-i)!_!%@:-+$(-+$)!-#!:)#!%;(8+%$)!@%:%!')+e-:,(:;-!-+!@-:;)+%;! $-!89+-:)!B-<-+(+)4!-;!$-'(:! -+!h<7.-:-;h4!%#!,(-<@)!b7-!%b7-##);!$-!;-i)!<%;'7#(+)! $-;$-! @-b7-[(,);4! ;7B:-+! -#! @:)'-;)! b7-! #);! ]%:A! @-:;)+%;! $-! 89+-:)! <%;'7#(+)4! -;! $-'(:!h])<=:-;hF! \-<);! %;?! b7-! -#! ;B36>8! +)! -;! ;(+C+(<)! $-! ;-i)! %7+b7-! <7']%;! @-:;)+%;! 7,(#('-+!%<=%;!@%#%=:%;!(+$(;,(+,%<-+,-F!*-+);!%g+!-;!-#!89+-:)!;(+C+(<)!$-!h<7.-:hF! U;!(<@:-;'(+$(=#-!b7-!;-!-+,(-+$%!b7-!#);!])<=:-;!,%<=(9+!:-;@)+$-+!%!7+!89+-:)!$-! <%+-:%! b7-4! '7%+$)! ;-! $('-! b7-! ]%_! b7-! (+'):@):%:! %#! 89+-:)! -+! 7+%! $-,-:<(+%$%! %',(e($%$!)!-;,7$()!+)!;-!-;,A!]%=#%+$)!$-!(+'):@):%:!%!#%!<7.-:4!%7+b7-!-#!:-;7#,%$)!$-! (+'):@):%:! #%! e(;(C+! $-! 89+-:)! ;-%! e(;(=(#(f%:! %! #%!<7.-:!%#!]%'-:!e(;(=#-;!#%;!:-#%'()+-;! $-!@)$-:!-+,:-!#);!;-i);F!K+'):@):%:!#%!e(;(C+!)!@-:;@-',(e%!$-!89+-:)!-+!#%;!%',(e($%$-;! ]7<%+%;!_!#);!%+A#(;(;!b7-!;-!]%8%+!$-!#%;!<(;<%;!+)!-;!,%+!;-+'(##)!')<)!h%8:-8%:h!%! #%;!<7.-:-;F!U;!<7'])!b7-!$-;$-!-#!@7+,)!$-!e(;,%! @%,:(%:'%#!-;!;(+C+(<)!$-!-#-e%:#%!%!#%!'%,-8):?%!$-!;-:!]7<%+)DF! U#!B-<(+(;<)!;);,(-+-!b7-!#%;!<7.-:-;!$-!,)$%;!#%;!'#%;-;4!:%f%;4!-,+(%;4!-$%$-;4! $(;'%@%'($%$-;4!':--+'(%;4!)@'()+-;!;-i7%#-;4!-,'F4!;)+!$(;':(<(+%$%;4!;7=):$(+%$%;!_! )@:(<($%;! -+! :%fC+! $-! ;7! ;-i)5! b7-! ,(-+-+! -i@-:(-+'(%;4! e(e-+'(%;! _! +-'-;($%$-;! b7-! +)! ;)+! ,)<%$%;! -+! '7-+,%! +(! ;%,(;B-']%;! _! b7-! @%:%! -#(<(+%:! -;%! $(;':(<(+%'(C+! _! ;7=):$(+%'(C+!_!@%:%!;%,(;B%'-:!;7;!+-'-;($%$-;4!;-!:-b7(-:-+!'%<=();!@:)B7+$);!-+!#%! $(;,:(=7'(C+!$-#!@)$-:!@)#?,(')4!-')+C<(')!_!;)'(%#!-+,:-!#);!;-i);F!

!

)&

U#!B-<(+(;<)!-;!%$-@-:)!+)!:-$7'($%;!%!9;,%D4!#%;!$-!89+-:)F! k4! %7+b7-! ]%_! e%:(%;! ')::(-+,-;! $-+,:)! $-#! B-<(+(;<)4! ;-! @7-$-! %B(:<%:! b7-! -i(;,-+! '(-:,%;! ':--+'(%;! )! @:(+'(@();! $-+,:)! $-! -;,%! ,-):?%! E! @:A',('%! E! ')+'(-+'(%! b7-! ,:%;'(-+$-+! #%;! $(B-:-+'(%;4! -+,:-! #%;! '7%#-;! @7-$)! (+'#7(:! ;(+! <(-$)! %! b7-! %#87+%! B-<(+(;,%!<-!')+,:%$(8%4!#%;!;(87(-+,-;5! 2D!

b7-!,)$%;!#%;!@-:;)+%;!e%#-<);!')<)!;-:-;!]7<%+);!KXN"L*UMVU!@#-+);! _! @):! -+$-! ;)<);! KXN"L*UMVU! $(B-:-+,-;! -! KXN"L*UMVU! ;-<-.%+,-;! -+,:-!+);),:);E%;!

PD!

b7-! ,)$%;! #%;! B):<%;! $-! $(;':(<(+%'(C+! _! )@:-;(C+! ;)+! KXN"L*UMVU! )@:)=();%;4!$-;'%+;%+!#%;!7+%;!-+!#%;!),:%;!_!;-!+7,:-+!<7,7%<-+,-5!

/D!

b7-!#%!%:<)+?%!_!#%!B-#('($%$!;)+!
_!#%!@:)@(-$%$r! TD!

b7-!#)!@-:;)+%#!-;!@)#?,(')F!

U;,%;!'7%,:)!':--+'(%;!)!@:(+'(@();!;)+!<7_!(<@):,%+,-;!@%:%!-+,-+$-:!-#!;-i(;<)F! U+!:-#%'(C+!%#!@:(<-:)4!;(!:-%#<-+,-!-+,-+$-<);!b7-!#%;!<7.-:-;!_!#);!])<=:-;!;)<);! KXN"L*UMVU!$(B-:-+,-;!+)!e%<);!%!@-+;%:!b7-!-#!B-+C<-+)!$-#!-<=%:%f)4!-#!@%:,)4! #%!<-+;,:7%'(C+4!-#!'#(<%,-:()4!-,'F4!;)+!B-+C<-+);!b7-!]%'-+!b7-!#%!<7.-:!;-!')<@):,-! $(e-:;%<-+,-! $-#! ])<=:-E<)$-#)! $-! #)! ]7<%+)! _! b7-! @):! -+$-! -#! @:)=#-<%! -;! $-! #%! <7.-:! @):! ;-:! $(B-:-+,-! %#! <)$-#)4! ;(+)! b7-! e%<);! %! -+,-+$-:! b7-! -#! @:)=#-<%! -;! $-! 7+%! ;)'(-$%$! b7-! +)! @%:,-! $-! b7-! %! e-'-;4! #%;! <7.-:-;! _! #);! ])<=:-;! ,-+-<);! +-'-;($%$-;!$(;,(+,%;!_!b7-!-;,%;!+-'-;($%$-;!;)+!(87%#<-+,-!eA#($%;F!";?!@):!-.-<@#)4! @)$:-<);!-+,-+$-:!b7-!-#!@:)=#-<%!+)!-;!$-!b7-!#%!,:%=%.%$):%!B7-:%!$-#!])8%:!b7-$-!

!

)(

-<=%:%f%$%4!;(+)!b7-!-#!@:)=#-<%!:-;($-!-+! b7-!-#!,:%=%.)!:-<7+-:%$)!-;,A!@-+;%$)! $-;$-!_!-;,:7',7:%$)!@%:%!@-:;)+%;!b7-!+)!b7-$%+!-<=%:%f%$%;F! U+!'7%+,)!%#!;-87+$)!@:(+'(@()4!;(!:-%#<-+,-!-+,-+$-<);!b7-!,)$%;!#%;!B):<%;!$-! )@:-;(C+!_!$(;':(<(+%'(C+!;)+!KXN"L*UMVU!$-+(8:%+,-;!_!$-;]7<%+(f%+,-;4!e%<);!%! -+,-+$-:!b7-!+)!=%;,%!')+!-#(<(+%:!#%!)@:-;(C+!$-!'#%;-4!@):!-.-<@#)4!@%:%!#)8:%:!7+%! ;)'(-$%$!.7;,%F!U;,)!-;!%;D4! ;-! -i@#('(,C! b7-! ]%=?%! b7-! ,-+-:!')+'(-+'(%!$-!b7-!hFFF-#!')<@#-.)!@:)=#-<%!$-!#%!e()#-+'(%!-+!-#!])8%:!;-!-+,(-+$-! $-! $(e-:;%;! B):<%;! -+! #%;! $(;,(+,%;! '7#,7:%;! $-! #);! $(e-:;);! @%?;-;! _4! @):! ,%+,)4! %#! ,:%,%:#)! %! +(e-#! (+,-:+%'()+%#! $-=-! @:-;,%:;-! -;@-'(%#! %,-+'(C+! %#! ')+,-i,)! '7#,7:%#! $-! '%$%! 7+)! $-! #);! @%?;-;FFFdF2P' *-! @:-87+,)! ;(! ;-! @($-! ,-+-:! -;,%! ')+'(-+'(%! $-! #%;! $(e-:;($%$-;! '7#,7:%#-;! '7%+$)! $-! ),:%;! e()#%'()+-;! %! #);! $-:-']);! ]7<%+);! ;-! ,:%,%F! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2P

!!

`e%F!O-'(;(C+!%$)@,%$%!@):!-#!\KKK!')+8:-;)!;)=:-!#%!e()#-+'(%!-+!-#!])8%:F!

!

!

))

vH-! (<%8(+%+! 7;,-$-;! %#! H-':-,%:()! X-+-:%#! $-! #%;! M%'()+-;! N+($%;! ;)#('(,%+$)! #%! ')<@:-+;(C+! $-! #);! U;,%$);! <(-<=:);! -+! :-#%'(C+! %! #%! $(;,(+,%! <%+-:%! -+! b7-! -#! 8)=(-:+)!$-!H7$AB:('%!-+,-+$?%!-#!:%'(;<)w! 6)+!:-;@-',)!%#!,-:'-:!@:(+'(@()4!#%;!,-):?%;!B-<(+(;,%;!@%:,-+!$-!b7-!#%!%:<)+?%!_! #%! B-#('($%$! ;)+!
)*

')+;-+;)!$-+,:)!$-!#);!$(;,(+,);!B-<(+(;<);!#%,(+)%<-:('%+);4!%7+b7-!,%#!e-f!+)!,%+,)! -+!B-<(+(;<);!$-!),:%;!!:-8()+-;F!L%!($-%!$-!b7-!#%!$)<(+%'(C+!$-!7+!8:7@)!@):!),:)!-+! '7%#b7(-:!+(e-#!)!-;B-:%!$-!#%!;)'(-$%$! rel="nofollow">@):!-.-<@#)!-+!#%!@:(e%'($%$!$-#!])8%:D4!8-+-:%! _! <%+,(-+-! @:A',('%;! $-! $)<(+%'(C+! -+! ),:);! +(e-#-;! )! -;B-:%;! $-! #%! ;)'(-$%$! >@):! -.-<@#)! -+! #%! -<@:-;%! )! :-#%'()+-;! (+,-:+%'()+%#-;D! -;! ,%+! =A;('%! %#! B-<(+(;<)4! b7-! (+'#7;)! #%! $-B(+('(C+! b7-! ;-! ]%'-!$-#!;(;,-<%!b7-!+);!)@:(<-4! -#!^%,:(%:'%$)4!@%:,-!$-! b7-!#%!-;,:7',7:%!B%<(#(%:!')+!$)<(+()!$-#!@%$:-!HWRJU!-#!:-;,)!$-!#%!B%<(#(%4!-;!#%!b7-! ;-! :-@:)$7'-! -+! ,)$);! #);! +(e-#-;! $-! #%! ;)'(-$%$F! U+! :-%#($%$! b7-! #%! -;,:7',7:%! $-! #%! B%<(#(%!-;!-#!<)$-#)!$-!#%!;)'(-$%$!+)!#)!$-'(<);!;C#)!#%;!B-<(+(;,%;4!@7-;!#%;!<(;<%;! 6)+;,(,7'()+-;! ^)#?,('%;! $-! ,)$);! +7-;,:);! @%?;-;! -;,%=#-'-+! %#8)! ;-<-.%+,-! %! #)! b7-! $('-!#%!6F^F!$-!M('%:%87%5!h":,F!S0F!L%!B%<(#(%!-;!-#!+g'#-)!B7+$%<-+,%#!$-!#%!;)'(-$%$!_! ,(-+-! $-:-'])! %! #%! @:),-''(C+! $-! 9;,%! _! $-#! U;,%$)Fh! L%! $(B-:-+'(%! -;,A! -+! b7-! #%;! B-<(+(;,%;! '7-;,()+%<);! #%;! :-#%'()+-;! $-! @)$-:! $-+,:)! $-! #%! B%<(#(%! b7-! #7-8)! ;-! :-@:)$7'-+! -+! #%! ;)'(-$%$4! <(-+,:%;! b7-! #%! <%_):?%! $-! #);! %+%#(;,%;! @%:,-+! $-! b7-! #%! B%<(#(%! -;! 7+! -+,-! +-7,:%#! b7-! ;(:e-! $-! ;7;,-+,)! %! 7+%! ;)'(-$%$4! b7-! @7-$-! )! +)! ;-:! %7,):(,%:(%F! H(!#%;!@-:;)+%;!':-'-+!_!e(e-+!-+!7+!%<=(-+,-!-+!$)+$-!;-!')+;($-:%!h+):<%#h!)! h+%,7:%#h!b7-!7+%!@-:;)+%!>#%!<%-#!@%@AD4!-;!<7_!@);(=#-! b7-! $-! %$7#,%;! #-;! @%:-f'%! +):<%#! )! +%,7:%#! b7-! 7+! 8:7@)! >#);! _! #%;! (+$(%;D4! -;,9+! ;7=):$(+%$%;E);! %! ),:)! 8:7@)! >#);! #%$(+);DF! ";?4! #%;! B-<(+(;,%;! ')+;($-:%<);! b7-! -;! (<@);(=#-! b7-! 7+%! ;)'(-$%$! b7-! -;! %7,):(,%:(%! %! +(e-#! $-! #%;! @-:;)+%;4! @7-$%! ;-:! $-<)':A,('%! %! +(e-#! @)#?,(')! _! @):! -;,)! -#! B-<(+(;<)! ;-! )@)+-! %! ,)$%;! #%;! B):<%;! $-! $)<(+%'(C+! _! )@:-;(C+! _! +)! ;C#)! %! #%;! $-! #);! ])<=:-;! ;)=:-! #%;! <7.-:-;F! k! -;,)! +);! ##-e%!%#!'7%:,)!@:(+'(@()5!#%!':--+'(%!B-<(+(;,%!$-!b7-!#)!@-:;)+%#!-;!@)#?,(')F! U;,-!'7%:,)!@:(+'(@()!-;!@:-'(;%<-+,-!#)!b7-!%<@#?%!-#!%+A#(;(;!;)=:-!-#!@)$-:!_!-#! ')+,:)#! ;)'(%#4! @):b7-! ;(8+(B('%! b7-! #);! e%#):-;! $-<)':A,(');! )! $-<)':%,(f%+,-;! $-=-+! e(e(:;-! ,%+,)! -+! #%! -;B-:%! @g=#('%! ')<)! -+! #%! @:(e%$%F! @Q," ,'#&" )&/,-&" ,(" :,)0/0')$" .-0#0.&"(&"#,/%,/.0&"&"$:-,.,-"*/&"',-0,"%,"1&($-,'";*,"%,7,/"4*0&-"(&'"0/#,-&..0$/,'",/" ($"2,-'$/&("$"($"2-01&%$3"9"$#-&"',-0,"%,"1&($-,'";*,"%,7,/"4*0&-"(&'"0/#,-&..0$/,'",/",(" )*/%$" 2U7(0.$" %," (&" 2$(<#0.&" 9" ,(" 2$%,->" V&" ,)2&#<&3" (&" .$)2&'0F/3" 9" ($'" 1&($-,'" $-0,/#&%$'"6&.0&"(&"2,-'$/&"'$/"($'";*,"%,7,/"',-"1&($-&%$'"9"&:0-)&%$'"/$"'F($",/"(&" !

)+

:&)0(0&"9",("6$4&-"'0/$"#&)70=/",/",("%0',5$"%,"2$(<#0.&'3",/"(&"%02($)&.0&"9",/"(&":$-)&" ,/" ;*," '," 2-&.#0.&" (&" 2$(<#0.&@>BW" U;! %7+b7-! +)!;(-<@:-!#)!#)8:%<);D!:-#%'()+-;!@-:;)+%#-;!
2/

!!

!

j%_!a"JJKH4!*)e(+8!K+,)!V]-!M-y!*(##-++(7
)"

<7+$)! )! ');<)#)8?%4! b7-! ;-! ')+,:%@)+-! %! #%! B):<%! %+$:)'9+,:('%! -+! b7-! ;-! <(:%! -#! <7+$)!$-+,:)!$-!#);!$(;,(+,);!<)$-#);!$-!@%,:(%:'%$)!_!b7-!-;,%!B):<%!$-!e-:!-#!<7+$)! @%:,-! %$-
!

)#

]%=#%<);! $-! h89+-:)! $-! e($%! )! $-! h89+-:)! $-! ')+e-:;%'(C+hF! "]):%! =(-+4! b7(-+-;! (+,:)$7'-+!#%!+7-e%!%'-@'(C+!$-!89+-:)!-+!#%;!'(-+'(%;!;)'(%#-;!_!@);,-:():<-+,-!-+!#);! -;,7$();!;)=:-!#%;!<7.-:-;4!;)+!%+8#)G@%:#%+,-;!@%:%!b7(-+-;!h89+-:)h!,(-+-!7+!;-+,($)! @U8Z'@%:%!]%'-:!:-B-:-+'(%!%!%#8)!b7-!-;!h@-:,-+-'(-+,-!%#!89+-:)!)!$-!89+-:)h4! @):b7-!:-;7#,%!b7-!h8-+9:(')h!,%<=(9+!b7(-:-!$-'(:!h')@U8' -+! -;-! ;-+,($)! _! 7;)! 89+-:)G;-+;(,(e)4! =6>A=6U7@[4' 96' ;B36>8Y' 8' ;(<@#-<-+,-! 96' !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2T

!!

V)<%$)! $-! #%! :-@:)$7''(C+! $-! 7+! -i,:%',)! $-! #%! hU+,:-e(;,%! %! *%:,%! L%<%;h! @):! \?',):! I%')=)4! ):(8(+%#<-+,-! @7=#('%$%! -+! #%! J-e(;,%! $-! #%! O(:-''(C+! $-! O(B7;(C+! 67#,7:%#4! 6"H"! OUL! VKU*^W4! <%_)G.7+()!23`S4!NM"*F!*9i(')F'

!

!

)$

;B36>8Y''7%+$)!b7(-:)!]%'-:!:-B-:-+'(%!%!%;@-',);4!;(,7%'()+-;!)!]-']);!:-#%'()+%$);! ')+!-#!')+'-@,)!$-!89+-:)!-+!-#!;-+,($)!b7-!#)!7;%<);!#%;!B-<(+(;,%;F! U+!:-%#($%$4!-#!89+-:)!-+!-#!;-+,($)!$-!h8-+$-:h!)!89+-:)!;-i7%#4!]%'-!:-B-:-+'(%! %!#%!$('),)
!

)%

]):<)+%#! _! =()#C8('%F! "! -;%! ($-+,($%$! b7-! ;-!B7+$%<-+,%!-+!#%!%;(8+%'(C+!$-#!:)#!')+! =%;-! 8-+-:%#<-+,-! @-:)! +)! ;(-<@:-! -+! -#! ;-i)! =()#C8(')4! 9#! #%! ##%%7+b7-!-;,)!-;!'7-;,()+%=#-!@):b7-!#)! b7-! ;-! -+,(-+$-! @):! h+%,7:%#h! ,%<=(9+! -;! '7#,7:%#D! -+,:-! -#! ;-i)! B-<-+(+)! _! -#! ;-i)! <%;'7#(+)4! ;)+! #%;! ;-i7%#-;F! L%;! $(B-:-+'(%;! -i(;,-+,-;! -+,:-! ])<=:-;! _! <7.-:-;! ;)+! #%;!b7-!;-!$-:(e%+!$-!;7;!($-+,($%$-;!$-!89+-:)4!b7-!+)!;)+!@%:%!+%$%!+%,7:%#-;!;(+)! b7-!]%+!;($)!')+;,:7($%;!%!,:%e9;!$-!#%!](;,):(%F! h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

!

*'

70$($4<&3"'0/$"*/"2-$7(,)&"'$.0&("9";*,",(":,)0/0')$3"&*/;*,"2&-#,"%,"(&'")*+,-,'Y"/$" ,'"*/&"(*.6&"%,"9"2&-&",((&'3"'0/$"%,"#$%&"(&"'$.0,%&%>"@>BZ" "7+b7-! g#,(<%<-+,-! <7']%;! @-:;)+%;! ]%=#%+! $-! ,:%=%.%:! ')+! @-:;@-',(e%! $-! 89+-:)!_!]%;,%!-i(;,-!7+!<%+$%,)!$-!#%;!M%'()+-;!N+($%;!@%:%!b7-!,)$%;!;7;!%8-+'(%;! (+'):@):-+! -;,%! e(;(C+! -+! ;7;! :-;@-',(e);! b7-]%'-:-;4! +)! -;! 7+! ,9:<(+)! b7-! ;-! ')<@:-+$%!BA'(#<-+,-4!+(!b7-!;-%!%'-@,%$)!;(+!:-;(;,-+'(%4!$-=($)!@:-'(;%<-+,-!%!b7-! -;,%<);!]%=(,7%$%;E);!%!#%!e(;(C+!%+$:)'9+,:('%!b7-!+);!$(B('7#,%!e-:!
21

!!

Y$-
!

!

*&

$-'(:4! b7-! #%! @-:,-+-+'(%! %! 7+! ;-i)! -;! 7+%!'%,-8):?%! ;)'(%#! b7-! $-=-! B):<%:! @%:,-! $-! '7%#b7(-:!%+A#(;(;!$-!#)!;)'(%#!@):b7-4!%7+b7-! rel="nofollow">%!8:);;)!<)$)D!-;!#%!+%,7:%#-f%!#%!b7-! $(',%<(+%!%!b79!;-i)!;-!@-:,-+-'-4!-;!#%!;)'(-$%$!>;(-<@:-!_!-+!,)$)!<)<-+,)D!#%!b7-! $(',%<(+%!b79!'%:%',-:?;,('%;!_!'7A+,)!@)$-:!$-=-+!_!@7-$-+!,-+-:!7+)!_!),:)!;-i)F! "b7?!b7(-:)!%8:-8%:!b7-!,-+-:!')+'(-+'(%!$-!b7-!#%;!<7.-:-;!_!#);!])<=:-;4!^WJ! HN!HUzW4!)'7@%+!#78%:-;!$-!<-+):!)!<%_):!@)$-:!+)!-;!+(!
2Q

"7+b7-! <7']%;! <7.-:-;! #%,(+)%<-:('%+%;! ,(-+-+! -;%! ')+'(-+'(%! _! +(-8%+! ;-:! B-<(+(;,%;! @):! -#! ;-+,($)!@-_):%,(e)!b7-!#-!]%+!$%$)!#);!<-$();!$-!')<7+('%'(C+!%#!,9:<(+)F!

2S

M%,%#(-! {-<)+! O%e(;4! cs)<-+|;! a(;,):_! (+! V:%+;(,()+5! V]-! U7:)@-%+! 6%;-d4! &-<(+(;,! H,7$(-;4! /! rel="nofollow">K+e(-:+)!$-!23S1GSQD4!@F!30F!

!! !!

!

*(

')<)! ;(! #%! @);('(C+! b7-! )'7@%! -;-! ;-:! @:(e(#-8(%$)! B7-;-! -#! @%:A<-,:)! $-! #)! ]7<%+)F! U;,%! <%+-:%! $-! @:-;-+,%:! _! ]%'-:! #%;! (+e-;,(8%'()+-;! +)! ;C#)! -;! @%:'(%#! %#! ;-i)! <%;'7#(+)4!;(+)!b7-!$-.%!@):!B7-:%!%!,)$);!%b7-##);!])<=:-;!b7-!@-:,-+-'-+!%!8:7@);! $(;':(<(+%$);! )! <%:8(+%$);F! ^):! ),:)! #%$)4! #);! %+A#(;(;! ,:%$('()+%#-;! b7-! ;(! ,)<%+! -+! '7-+,%!#%!e%:(%=#-!'#%;-4!:%f%!7!),:%!@-:)!+)!,)<%+!-+!'7-+,%!#%!e%:(%=#-!;-i)4!@%:,-+!$-! b7-!#%!'#%;-!)!:%f%!$-#!])<=:-Ee%:C+!-;!#%!b7-!-;!$-,-:<(+%+,-!)!b7-!%#!]%=#%:!$-!#);! ])<=:-;! @)=:-;4! @):! -.-<@#)4! ;-! -;,A! ]%=#%+$)! $-! #%;! <7.-:-;! @)=:-;F! O-! -;,%! <%+-:%4! %7+b7-! -;,);! -;,7$();! ;-%+! <-+);! @%:'(%#-;! b7-! %b7-##);! b7-! +)! ,)<%+! -+! '7-+,%! -;,%;! e%:(%=#-;4! %$)#-'-+! $-! #%! -i'#7;(C+! $-! -;,%!-;!#%!B):<%!$-!;-i(;<)!b7-!;-! ')+)'-!')<)!;)=:-8-+-:%#(f%'(C+DF! O-;$-! #%! @-:;@-',(e%! $-! #);! $)<(+%+,-;! ;(+! ')+'(-+'(%! $-! 89+-:)42`! #%;! ;7=):$(+%$%;! ]-<);! b7-$%$)! -i'#7($%;4! (+e(;(=(#(f%$%;4h+-7,:%#(f%$%;h4! @):b7-! #%! :-%#($%$! $-! #);! $)<(+%+,-;! ;-! ]%! ,)<%$)! ')<)! #%! g+('%F! V)<%:! #%! :-%#($%$! $-#! ])<=:-Ee%:C+! $)<(+%+,-! ')<)! #%! g+('%! :-%#($%$4! -;! -;,%=#-'-:! 7+! @%:A<-,:)! $-! #)! ]7<%+)! _! ;(<7#,A+-%<-+,-! -;,%=#-'-:! b7-! ,)$);! _! ,)$%;! #%;! $-
2`

!!

"b7?! -;! (<@):,%+,-! %'#%:%:! b7-! #%! @-:;@-',(e%! $-! #);! $)<(+%+,-;! +)! -;! @%,:(<)+()! ;C#)! $-! #);! $)<(+%+,-;4! <7']%;! @-:;)+%;! ;7=):$(+%$%;! <%:8(+%$%;! _! )@:(<($%;! e-+! ;7! <7+$)! $-;$-! #%! @-:;@-',(e%!$)<(+%+,-!@):b7-!-;!#%!g+('%!b7-!')+)'-+!')+'(-+,-<-+,-F!

!

!

*)

b7-!;-!]%+!')<@):,%$)!')<)!])<=:-;!_!]%+!#)8:%$)!;)=:-;%#(:!-+!-#!'%<@)!<%;'7#(+)! %! @-;%:! $-! ;-:! <7.-:-;! _! +)! @):! ;-:! <7.-:-;G4! PG! <7.-:-;! <%$:-;! G<7.-:-;! b7-! ;)+! ,)<%$%;!-+!'7-+,%!;C#)!-+!,%+,)!b7-!<%$:-;G!)4!/G!<7.-:-;!e?',(<%;!G<7.-:-;!b7-!+)! ;)+! ;7.-,%;! $-! ;7! @:)@(%! ](;,):(%! ;(+)! b7-! ;)+! )=.-,)! $-! ,)$)! ,(@)! $-! e-.A<-+-;F! "7+b7-!'(-:,%<-+,-!-;!7+!%e%+'-!-#!b7-!%#!<-+);!;-!,)<-+!-+!'7-+,%!-;,);!%;@-',);! $-! #%! :-%#($%$! ]7<%+%! B-<-+(+%4! #%;! <7.-:-;! +)! ;)<);! ;C#)! -;)4! ;)<);! ]7<%+%;4! ;7.-,%;!$-!#%!](;,):(%!_!')+;,:7',):%;!$-!'7#,7:%!,%+,)!')<)!-#!])<=:-Ee%:C+F! 67%+$)! ;-! ]%'-! 7+! %+A#(;(;! $-! 89+-:)! $-;$-! #%! @-:;@-',(e%! $-! #%;! <7.-:-;4! ;-! ]%'-! 7+! %+A#(;(;! %+A#(;(;! B-<(+(;,%D4! ;-! -;,A! ]%'(-+$)! 7+! %+A#(;(;! ')+! #%! ')+'(-+'(%!$-!b7-!-;%!@-:;@-',(e%!-;!#%!@-:;@-',(e%!$-#!;-:!;7=):$(+%$)!@):!-i'-#-+'(%F! N"'7%+$)!;-!]%'-!7+!%+A#(;(;!$-;$-!7+!;-:!;7=):$(+%$)4!+)!;-!@7-$-!<-+);!b7-!,)<%:! -+! '7-+,%! #%! @);('(C+! _! @-:;@-',(e%! $-#! ;-:! $)<(+%+,-4! $-}! ;-:! h@%:A<-,:)h! $-#! '7%#! -#! ;-:!;7=):$(+%$)!-;!h-#!!),:)hF! ^):!-##)!;-!%B(:<%!b7-!-#!%+A#(;(;!$-!89+-:)!$-;$-!#%!@-:;@-',(e%!$-!#%;!<7.-:-;!-;! %7+b7-!<7']%;!@-:;)+%;!]%'-+!%+A#(;(;!$-!#%! <7.-:!_!#)!@:-;-+,%+!')<)!7+!%+A#(;(;! $-!89+-:)!@):b7-!')+B7+$-+!<7.-:!')+!89+-:)DF!a%'-:!7+!%+A#(;(;!$-;$-!#%!@-:;@-',(e%! $-! #%;! <7.-:-;! ')<)! ;-:-;! ;7=):$(+%$);! >-;! $-'(:! $-;$-! #%! @-:;@-',(e%! $-! 89+-:)! $-;$-! #%;! <7.-:-;D4! (<@#('%! +-'-;%:(%<-+,-! ]%'-:! 7+! %+A#(;(;! $-! -;%! ;7=):$(+%'(C+! _! $-! b7(9+-;! ;-! =-+-B('(%+! $-! #%! <(;<%4! @):! #)! b7-! +)! ;-! @7-$-! -i'#7(:! %#! ;-i)! $)<(+%+,-5!-;!9#!b7(-+!;-!=-+-B('(%!$-!;7!;7=):$(+%'(C+4!-;!9#!b7(-+!;-!]%!@:)'#%<%$)! ')<)! h@%:A<-,:)h! $-! #)! ]7<%+)F! H(! -;,%! ;(,7%'(C+! +)! ;-! (+'#7_-4! ;(! +)! ;-! (+'#7_-! -#! %+A#(;(;!$-#!@)$-:!-+,:-!#);!;-i);4!+)!;-!@7-$-!-+,-+$-:!#%!:-%#($%$!$-!#%!;7=):$(+%'(C+! $-!#%!<7.-:!+(!;-!@7-$-!$-'(:!b7-!;-!]%!]-'])!7+!%+A#(;(;!$-!89+-:)!@):b7-!9;,-!##-e%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 23

!!

L%! @-:;@-',(e%! ,:%$('()+%#! +(! ;(b7(-:%! ,(-+-! +)<=:-! _%! b7-! +)! -;! ')+;'(-+,-! $-! b7-! ,(-+-! 7+%! @-:;@-',(e%F!

!

!

**

(<@#?'(,)!-#!%+A#(;(;!$-#!@)$-:F!a%=#%:!$-!#%!<7.-:!;(+!,)<%:!-+!'7-+,%!#%;!-;,:7',7:%;!$-! 89+-:)!+)!-i@#('%!;7!7=('%'(C+!$-+,:)!$-#!;(;,-<%!;-i)E89+-:)4!@):!#)!b7-!+)!;-!@7-$-! -+,-+$-:!#%!:-%#($%$F! O-!#%!<(;<%!<%+-:%4!$-;$-!#%!-i@-:(-+'(%!$-#!;-:!$)<(+%+,-4!;(!+)!;-!,)<%+!-+! '7-+,%! #);! h;-:e('();h! b7-! #);! ;-:-;! $)<(+%$);! #-! =:(+$%+! _! #%;! ;(,7%'()+-;! b7-! #)! <%+,(-+-+! -+! -;%! @);('(C+! @:(e(#-8(%$%4! ,%<@)')! ;-! @7-$-! -+,-+$-:! '%=%#<-+,-! ;7! :-%#($%$F!^):!-##)4!@%:%!-+,-+$-:!#%!:-%#($%$!$-!#);!])<=:-;!,%<=(9+!-;!+-'-;%:()!]%'-:! 7+! %+A#(;(;! $-! 89+-:)4! b7-! #);! 7=(b7-! $-+,:)! $-#! ;(;,-<%! ;-i)E89+-:)4! _%! b7-! -##);! ,%<=(9+! ;)+! $-B(+($);! @):! ;7! @-:,-+-+'(%! %#! 89+-:)! <%;'7#(+)F! 6#%:)! -;,A! b7-! %#! ;-:! <(-<=:);!$-!7+!8:7@)!@:(e(#-8(%$)!'7_);!@:(e(#-8();!;-!]%+!%'-@,%$)!')<)!$%$);!@):!#%! +%,7:%#-f%4! #);! ])<=:-;! +)! -;,A+! ,%+! $(;@7-;,);! %! ]%'-:! -;,-! ,(@)! $-! %+A#(;(;! b7-! #);! @)+-! -+! -e($-+'(%! _! #);! )=#(8%! %! 7+%! $-! $);! @);('()+-;5! 2G! )! %'-@,%+! b7-! ,(-+-+! @:(e(#-8();! =%;%$);! -+! 7+%! ')+;,:7''(C+! (+.7;,%! $-! #%! ;)'(-$%$! _! @):! -+$-! ,(-+-+! b7-! ;)#,%:#);!;(!':--+!-+!#%!.7;,('(%4!)!PG'#-!+(-8%+!,)$%!e%#($-f!%!-;,-!,(@)!$-!%+A#(;(;!@%:%! @)$-:!;-87(:!$(;B:7,%+$)!$-!;7;!@:(e(#-8();F!M)!]%_!@);('()+-;!(+,-:<-$(%;F! H(!=(-+!-;!'(-:,)!b7-!]%_!])<=:-;!>_!<7.-:-;D!b7-!-;,A+!$(;@7-;,);!%!%'-@,%:!#%! e%#($-f!$-!#);!%+A#(;(;!$-!89+-:)4!@%:%!-;,7$(%:!;(,7%'()+-;!')+':-,%;!:-#%'()+%$%;!')+! -#!;-i)!B-<-+(+)!>@-:)!+)!@%:%!#);!-;,7$();!)!%',(e($%$-;!h8-+-:%#-;h!b7-!;-!$(:(8-+!%! ,)$)! -#! h@7-=#)h4! ')<)! @)$:?%+! ;-:! #%;! '7-;,()+-;! :-#%'()+%$%;! ')+! #%! @)#?,('%! (+,-:+%'()+%#4!#%!](;,):(%!7+(e-:;%#4!#);!$-:-']);!]7<%+);4!-#!$-:-'])!')+;,(,7'()+%#4!#%! ,-):?%! $-#! -;,%$)4! -,'FD4! -;,%! %'-@,%'(C+! $-! #%! e%#($-f! $-#! %+A#(;(;! $-! 89+-:)! -;! 7+%! %'-@,%'(C+!;C#)!-+!%@%:(-+'(%F!H(!#%!%+%#(f%<);!')+!'7($%$)4!e-:-<);!b7-!b7(-+-;!%;?! @(-+;%+! ;-! 7=('%+! @-:B-',%<-+,-! -+! #%! ;-87+$%! '%,-8):?%! $-! 8-+,-4! -;! $-'(:4! -+,:-! b7(-+-;! #-! :-;,%+! ,)$%! e%#($-f! %#! %+A#(;(;! $-! 89+-:)! @):b7-! ;(! ;-! -+,(-+$-! b79! -;! -#! 89+-:)!_!b79!(<@#('%!7+!%+A#(;(;!$-!89+-:)4!;-!-+,(-+$-!b7-!,)$)!-#!b7-]%'-:!]7<%+)! -;,A! (<=7($)! $-! ;(8+(B('%+,-;! $-! 89+-:)! _! ')+;,:7($)! ;)=:-! #%;! -;,:7',7:%;! $-! 89+-:)4! %7+b7-!-#!,-<%!%!(+e-;,(8%:!;-%!-#!@:(<-:!%#7+(f%.-F! L)! b7-! ]%! ;7'-$($)! -;! b7-! #);! %+A#(;(;! ,:%$('()+%#-;! $-! #%;! %',(e($%$-;! b7-! ')+;($-:%<);!h+)!-;@-'(B('%;!$-!#%;!<7.-:-;h!4-;!$-'(:4!$-!#%;!%',(e($%$-;!h(<@):,%+,-;h! $-!#%!h8-+-:%#($%$!$-!#);!;-:-;!]7<%+);h!(+e(;(=(#(f%+!#%;!-;,:7',7:%;!$-!89+-:)4!#)!'7%#!

!

*+

@-:<(,-! b7-! +)! ;-%+! '7-;,()+%$%;F! ";?4! -;%! ;(,7%'(C+! $-! @:(e(#-8()! <%;'7#(+)! _! -;%;! e-+,%.%;!b7-!,)$)!])<=:-!@);--!@):!@-:,-+-'-:!%#!;-i)!<%;'7#(+)!;-!e7-#e-+!@%:,-!$-! #%!+%,7:%#-f%!_!@):!-+$-4!+)!;7;'-@,(=#-;!$-!%+A#(;(;!>_!#)!b7-!-;!@-):4!+)!;7;'-@,(=#-;! $-!;-:!,:%+;B):<%$%;!#)!'7%#!-;!<7_!')+e-+(-+,-!@%:%!-#!;-i)!<%;'7#(+)DF! "g+!
!

*"

<%+-:%;! -+! b7-! ;-! <%+(B(-;,%! -#! ;-i(;<)FP0! ^):! -;)! ,%<@)')! -;! #)! <(;<)! ,-+-:! h')+'(-+'(%!$-!<7.-:!b7-!,-+-:!')+'(-+'(%!$-!89+-:)4!_%!b7-!')<)!$(.-!%+,-:():<-+,-4! -#!,-+-:!')+'(-+'(%!$-!8-+-:)!(<@#('%!,-+-:!')+'(-+'(%!$-!#%;!:-#%'()+-;!$-!@)$-:!-+,:-! #);!;-i);!%,:%e-;%$%;!@):!#%;!e%:(%=#-;!:%f%4!'#%;-4!)@'(C+!;-i7%#4!-$%$4!$(;'%@%'($%$! e(;(=#-4!-,'F!K<@#('%!,%<=(9+!-+,-+$-:!b7-!e(e(<);!=%.)!7+!;(;,-<%!$-!;-i)E89+-:)!')+! $)<(+%'(C+! <%;'7#(+%! rel="nofollow">)! -+! ),:%;! @%#%=:%;4! 7+! h@%,:(%:'%$)! hD! b7-! +)! @7-$-! ;-:! -#(<(+%$)! @):! 7+! -;B7-:f)! (+$(e($7%#4! ;(+)! b7-! $-=-! ;-:! '%<=(%$)! -+! ;7;! @:)@(%;! -;,:7',7:%;!%!#%!e-f!b7-!@):!<-$()!$-!#%!')+;'(-+,(f%'(C+FP2! ^):!-##)4!#%!#%=):!$-!h')+;'(-+,(f%'(C+!-+!89+-:)h!)!#)!b7-!-;!#)!<(;<)4!#%!,)<%!$-! ')+'(-+'(%! $-! #%;! $(B-:-+,-;! )@:-;()+-;! $-! #%;! <7.-:-;! $-! #%;! $(;,(+,%;! :%f%;4! '#%;-;4! )@'()+-;! ;-i7%#-;4! -,+(%;4! -$%$-;4! $(;'%@%'($%$-;! -,'F4! -;! 7+%! #%=):! =A;('%! @%:%! ')<@:-+$-:!b7-!+)!=%;,%!')+!;-:!<7.-:!@%:%!-+,-+$-:!-#!;-i(;<)!>%7+b7-!-;!
P0

\-:!
P2

^%:%! @:)B7+$(f%:! -+! #%! ,-):?%! ;-i)E89+-:)! e-:5! 6%+$-#%:(%! M%e%;4! 6WM6U^VN"LK{"6KnM! OU! cXZMUJWd4!67%$-:+);!$-!K+e-;,(8%'(C+!M)F!1`4!6HN6"4!H%+!H%#e%$):4!%=:(#!2330F!

!! !!

!

!

*#

#C8(')! b7-! +);! (+')<)$-F! k! -;! b7-! -;,%<);! ,%+! %');,7<=:%$%;E);! %! e-:! -#! <7+$)! $-;$-! #%! @-:;@-',(e%! <%;'7#(+%! g+('%<-+,-4! b7-! '7%+$)! +);! #)! @:-;-+,%+! $-;$-! #%! @-:;@-',(e%! $-! 7+! ;-:! $)<(+%$)4! -;@-'(%#<-+,-! ;(! -;-! ;-:! $)<(+%$)! -;! $-#! ;-i)! B-<-+(+)4!+);!@%:-'-!b7-!-;!7+%!@-:'-@'(C+!h-;@-'?B('%h!_!@):!-+$-!+)!eA#($%!@%:%!-#! 89+-:)! ]7<%+)4! %7+b7-! ;-%! h-;@-'?B('%h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

!!

6(+,](%! U+#)-F! cR"M"M"H4! RU"6aUH! "MO! R"HUHd4! *%t(+8! &-<(+(;,! H-+;-! )B! K+,-:+%,()+%#! ^)#(,(';dF!N+(e-:;(,_!)B!6%#(B):+(%!^:-;;4!L);!~+8-#-;!23304!@F!1GQF!

!

!

*$

^):! -;)4! b7(-+-;! =7;'%+! 7+%;! :-#%'()+-;! (+,-:+%'()+%#-;! =#%+');4! )''($-+,%#-;4! ]-,-:);-i7%#-;DF! @^/.$/'.0,/#,),/#," 6&" ',4*0%$" */&" @(F40.&"%,"%,'.*7-0)0,/#$@";*,"2$%-<&)$'":$-)*(&-"%,"(&"'04*0,/#,")&/,-&L"6&.,-"'F($" &;*,((&'" 2-,4*/#&'" '$7-," (&" 10%&" /&#*-&(" 9" '$.0&(" ;*," ($'" 6$)7-,'" ;*0,-,/" ;*," ',&/" .$/#,'#&%&'>" _DF)$" 2$%-,)$'" @/$'$#-$'" ($'" 6*)&/$'@" &(.&/8&-" )&9$-" &*#$/$)<&`" _D*I(",'"(&"2$(<#0.&"(,4&("&2-$20&%&"6&.0&"($'"10$(&%$-,'"9"(&'")*+,-,'"10$(&%&'";*,"%,+," 0/#&.#$'" ($'" 2&-I),#-$'" .$)*/,'" %," (&" .$/%*.#&" ',E*&(" )&'.*(0/&`" X$-" $#-$" (&%$3" )*.6$'":,/F),/$'";*,"2&-,.,/"2-$7(,)I#0.$'"%,'%,"(&"2,-'2,.#01&"%,"($'"6$)7-,'"/$" !

*%

2&-,.,/"%,("#$%$"2-$7(,)I#0.$'"%,'%,"(&"2,-'2,.#01&"%,"(&'",E2,-0,/.0&'"%,"(&'")*+,-,'" R2$-" ,+,)2($3" ($'" %$'" 2-$7(,)&'" &/#,-0$-,'" /$" '*-4,/" %," (&'" ,E2,-0,/.0&'" %," (&'" )*+,-,'S>" X$-" $#-$" (&%$3" (&'" )*+,-,'" ,E2,-0),/#&/" )*.6$'" :,/F),/$'" ;*," ,((&'" .$/'0%,-&/" ;*," '<" /,.,'0#&/" ,E2(0.&.0F/L" _X$-" ;*=" ,/.*,/#-&/" ($'" 6$)7-,'" ,(" #-&7&+$" %$)='#0.$"9",("#-&=%.)!.$/"/05&'a$'"#&/"%,'&4-&%&7(,`"_X$-";*="(&'"$2$-#*/0%&%,'"%," 10%&" %," (&'" )*+,-,'" #0,/%,/" &" ',-" #&/" (0)0#&%&'" ,E&.#&),/#," ,/" ($'" )$),/#$'" ;*," (&" 60'#$-0&" #-&%0.0$/&(" .&-&.#,-08&" .$)$" ($'" )I'" 2-$4-,'01$'`" _X$-" ;*=" ,'" #&/" %0:<.0(" %,#,.#&-" ($'" 0%,&(,'" %," :,)0/,0%&%" %," (&" )*+,-" /,4-&" ,/" ($'" ,'#*%0$'" '$7-," :&)0(0&'" /,4-&'`" _X$-" ;*=" ,'#&" (&" ',E*&(0%&%" )&'.*(0/&" #&/" %,:0/0%&" ,/" #=-)0/$'" %," 2$%,-`" _X$-";*="',".$/'0%,-&";*,"&--0,'4&-"(&"10%&".$/'#0#*9,"*/"&.#$"6*)&/$"%0'#0/#01$3"2,-$" ,(" %&-" &" (*8" '," .$/'0%,-&" &(4$" '0)2(,),/#," /&#*-&(`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f%:! #%;! -i@-:(-+'(%;! $-! #%;! <7.-:-;D! ')<)!:-'7:;)!@%:%!-#!%+A#(;(;!;)'(%#4!+)!,(-+-!(<@#('%'()+-;!;C#)!@%:%!#%!-;,:7',7:%!$-!#%! -<@:-;%!'(-+,?B('%!;(+)!" X,-$" (&'" )*+,-,'" #&)70=/" %,7,/" 2&-#0.02&-" ,/" ,'#$'" 2-$9,.#$'" 2$-;*,3" %," /$" 6&.,-($3" 'F($" '," 2$%-I" 2-$%*.0-" */&" .$)2-,/'0F/"2&-.0&("9"%0'#$-'0$/&%&"'$7-,"/$'$#-&'a$'")0')&'a$'"9"'$7-,",(")*/%$";*,"

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P/

!!

!

H%+$:%!a%:$(+84!W@F!6(,F!@F!QF!

+'

/$'" -$%,&3" ,/" */&" .*(#*-&" ;*," '0'#,)I#0.&),/#," '0(,/.0&" 9" ),/$'" 2-,.0&" (&'" 1$.,'" %," (&'")*+,-,'>@Gb" N+! -.-<@#)! $:%#%! @-:;@-',(e%! $-! 89+-:)! $-;$-! #%;! <7.-:-;! _! #%! ,:%$('()+%#!$-!#);!])<=:-;D4!#%!@)$-<);!-+')+,:%:!-+!#%;!:-87#%'()+-;!_!#-_-;!;)=:-!-#! %=):,)F! ^%:%! #);! ])<=:-;4! -#! @:)=#-<%! $-#! %=):,)! -;! 7+! @:Q=#-<%%=;,:%',)! $-! @:),-''(C+!%!7+%!e($%!%=;,:%',%4!@):b7-!MNM6"!,-+$:A+!b7-!-+B:-+,%:!7+!%=):,)!$-;$-! ;7!@:)@()!'7-:@)F!^%:%!#%;!<7.-:-;!-+!'%<=()4!-#!@:)=#-<%!$-#!%=):,)!-;!7+!@:)=#-<%! ')+':-,)!b7-!<(##)+-;!$-!<7.-:-;!]%+!$-=($)!-+B:-+,%:!+)!;C#)!-+!7+!@#%+)!(+,-#-',7%#! ;(+)! -+! ;7! @:)@()! '7-:@)F! ^%:%! -##%;! -;! 7+! @:)=#-<%! 9,(')G@:A',(')! -+,:-! #%! e($%! -+! %=;,:%',)!_!#%!'%#($%$!$-!e($%!-+!')+':-,)!$-!$);!;-:-;5!-#!$-!#%!<%$:-!_!-#!$-!#%!e($%!-+! @),-+'(%!b7-!-;,A!-+!;7!e(-+,:-!_!,%#e-f!]%;,%!#%!e($%!$-!#%;E);!$-
PT

!!

Y$-<4!@F!S!

!

!

+&

$-#! %=):,)4! $-;$-! #%! @-:;@-',(e%! $-! #%! <7.-:4! ')<)! @-:,-+-'(-+,-! %! 7+! 89+-:)! ;7=):$(+%$)4! -;! 7+! @:)=#-<%! <7'])! "N"&" ,'#&"2-$6070.0F/"/$'$#-$'"(&"((&)&)$'"Q?C?D[c@>Gd"H(+!$7$%4!_)!,%<=(9+F! U+!-;,-!@7+,)4!@%:,)!$-!#%!$-B(+('(C+!%<@#(%$%!$-#!B-+C<-+)!.7:?$(')!b7-!]%8)!-+! -#!=#)b7-!hRh!$-!-;,-!<%:')!,-C:(')F!^):!-##)4!-;!(+$(;@-+;%=#-!$-'(:!=:-e-<-+,-!b7-!-#! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

P1

\-:! %:,?'7#)! $-! R-:,%! a(:(%:,F! c^%'(B(;<)! _! $-;@-+%#(f%'(C+! $-#! %=):,)d! -+! #%! :-e(;,%! *NIUJE&U*^JUHH!M)F!22T!$-!%=:(#!$-!2332F!

PQ

RWJMU*"M5!L-!@%,:(%'%,4!'(,%$)!@):!\(',):(%!H%7!-+!-#!OK66KWM"JKW!KOUWLnXK6W!&U*KMKHV"4! @F!P0SF!

!! !!

!

!

+(

B-+C<-+)! .7:?$(')! +)! ;-! :-$7'-! %! #%;! #-_-;! B):<%#<-+,-! 8-+-:%$%;! >')<@)+-+,-! B):<%#G;7;,%+,(e)D4! ;(+)! b7-! ;-! ')<@)+-! ,%<=(9+!$-!#%;!#-_-;!b7-!;-!B):<%+!%!,:%e9;! $-! #%! %$<(+(;,:%'(C+! -! (+,-:@:-,%'(C+! $-! -;%;! #-_-;! B):<%#<-+,-! 8-+-:%$%;! >')<@)+-+,-! -;,:7',7:%#D! _! ,%<=(9+! $-! #%;! #-_-;! b7-! ;-! B):<%+! %! ,:%e9;! $-! #%;! ');,7<=:-;4!,:%$('()+-;4!@)#?,('%;4!%;?!')<)!$-#!')+)'(<(-+,)!_!7;)!b7-!#-!$9!#%!8-+,-!%! #%;!#-_-;!B):<%#<-+,-!@:)<7#8%$%;!)!B):<%#<-+,-!(+,-:@:-,%$%;!>')<@)+-+,-!@)#?,(')G '7#,7:%#DF! "7+b7-! @)$:?%! $-'(:;-! b7-! -#! <)e(<(-+,)! $-! <7.-:-;! -+! "<9:('%! L%,(+%! ;-! ]%! <%+,-+($)!%#-.%$)!$-#!%+A#(;(;!$-#!O-:-'])G!-+!8-+-:%#4!#%;!<7.-:-;!+)!#)!]-<);!e(;,)! ')<)! 7+! (+;,:7<-+,)! $-! #(=-:%'(C+G! -;,%<);! -<@-f%+$)! %! e-:! -+! -#! O-:-'])! 7+! (+;,:7<-+,)!$-!'%<=()4!@-:)!]-<);!'%?$)!-+!-#!-::):!$-!':--:!b7-!-#!@:)=#-<%!#-8%#!$-! #%;!<7.-:-;!;-!'(:'7+;':(=-!%!;7!B%#,%!$-!')+)'(<(-+,)!;)=:-!;7;!@:)@();!$-:-']);!_!%!#%! $(;':(<(+%,):(%! (+,-:@:-,%'(C+! _! %@#('%'(C+! $-! 7+! ')+.7+,)! $-! #-_-;! b7-! -;! +-7,:%#! -+! ,9:<(+);! $-! 89+-:)4! b7-! -;! (87%#(,%:()! %! #);! 89+-:);F! O-=($)! %! -;,%! ')+'-@'(C+4! #%;! -;,:%,-8(%;!$-!#%;!):8%+(f%'()+-;!$-!<7.-:-;!;-!]%+!-+'%<(+%$)!%!$%:!%!')+)'-:!%!#%;! <7.-:-;!#);!$-:-']);!)!%!$-+7+'(%:!#%!%@#('%'(C+!$(;':(<(+%,):(%!$-!#%;!#-_-;!-+!%#87+%! ;-+,-+'(%! )! $-'(;(C+! %$<(+(;,:%,(e%4! @-:)! @)')! ;-! ]%! ]-'])! @):! %+%#(f%:! -#! ')+,-+($)! ;7;,%+,(e)!$-#!O-:-'])F!6)+!-;,)!+)!-;,)_!$('(-+$)!b7-!+)!;-%+!e%#();%;!#%;!-;,:%,-8(%;! b7-! ]%;,%! %]):%! ;-! ]%+! 7,(#(f%$)4! ;(<@#-<-+,-! ':-)! b7-! V"*RKZM! ;-! $-=-! @)+-:! %,-+'(C+! %#! ')<@)+-+,-! B):<%#G;7;,%+,(e)! $-#! O-:-'])4! <(-+,:%;! ;-! ;(87-+! #%;! -;,:%,-8(%;!-+!#);!')<@)+-+,-;!@)#?,(')G'7#,7:%#!_!-;,:7',7:%#F! U#!%+$:)'-+,:(;<)!b7-!@-:<-%!,)$%;!+7-;,:%;!(+;,(,7'()+-;!]%!:-$7+$%$)!-+!b7-! ,)$%;!#%;!$(;@);('()+-;!#-8%#-;!,-+8%+!')<)!@%:A<-,:)4!<)$-#)!)!@:),),(@)!%#!<%'])!$-! #%!-;@-'(-!]7<%+%4!$-!#%!<(;<%!<%+-:%!-+!b7-!-#!-;,7$()!$-!#%!%+%,)
+)

_!%@#('%'(C+F!^):!-##)4!+)!$-=-<);!'%-:!-+!-#!-::):!$-!':--:!b7-!-i(;,-+!#-_-;!+-7,:%#-;4! b7-!;-!$(:(8-+!(87%#<-+,-!%!])<=:-;!')<)!%!<7.-:-;!_!b7-!,(-+-+!(87%#-;!-B-',);!-+! ])<=:-;!_!<7.-:-;F! H(!=(-+!-;!'(-:,)!b7-!#%;!<7.-:-;!')+)'-<);!<-+);!+7-;,:);!$-:-']);4!_!b7-!%g+! ')+)'(9+$)#);!+)!,-+-<);!-#!<(;<)!%''-;)!%!#%!%$<(+(;,:%'(C+!$-!.7;,('(%4!,%<=(9+!#)! -;! b7-! #%;! #-_-;! -+! ;?! ;)+! %+$:)'9+,:('%;! _! @):! -+$-! +7+'%! ]%+! :-B#-.%$)! +7-;,:%;! +-'-;($%$-;4! @),-+'(%#($%$-;4! +(! '%:%',-:?;,('%;F! L);! @:)=#-<%;! #-8%#-;! b7-! ,-+-<);! #%;! <7.-:-;! +)! ;-! $-=-+! ;)#%<-+,-! %! b7-! #);! B7+'()+%:();! .7$('(%#-;! _! @)#('?%;! +);! $(;':(<(+%+! %! #%! ]):%! $-! %@#('%:! #%;! #-_-;! 8-+9:('%;! >-+! -#! ;-+,($)! $-! +-7,:%#-;! -+! ,9:<(+);! $-! 89+-:)DF! H-! $-=-! ,%<=(9+! %! #%;! #-_-;! b7-! +)! -i(;,-+4! %! ,)$%;! #%;! (+;,(,7'()+-;! b7-! +)! ;-! ]%+! ':-%$)! _! %! #%! B%#,%! $-! 7+%! $)',:(+%! .7:?$('%! $-;$-! #%;! -i@-:(-+'(%;! $-! #%;! <7.-:-;F! ^-:)! ;)=:-,)$)! ;-! $-=-! %! b7-! -;%;! #-_-;! 8-+9:('%;4! %#! (87%#!b7-!,)$)!#)!8-+9:(')!-+!7+%!;)'(-$%$!@%,:(%:'%#4!-+!:-%#($%$!;(!,(-+-+!89+-:)!_!-;-! 89+-:)!-;!-#!<%;'7#(+)F! 6)+! -;,)! +)! -;,)_! $('(-+$)! b7-! -+! 7+! #-.%+)! @%;%$)! ,)$);! #);! @%,:(%:'%;! ;-! ;-+,%:)+! -+! 7+! '?:'7#)! %! $(;'7,(:! #%;! #-_-;! b7-! #);! =-+-B('(%:?%+! )! %! (<%8(+%:;-! #-_-;! b7-! +);! @-:.7$('%:?%+! %! ,)$%;! #%;! <7.-:-;4! _! b7-! $-;$-! -+,)+'-;! #%;! #-_-;! ;)+! @%,:(%:'%#-;! _! %+$:)'9+,:('%;F! L%! @%:'(%#($%$! %! B%e):! $-! #);! ])<=:-;! b7-! :-B#-.%+! #%;! #-_-;! -;! @:)$7',)! $-#! %+$:)'-+,:(;<)! $-! ,)$)! -#! ;(;,-<%! .7:?$(')4! b7-! %! ;7! e-f! -;! @:)$7',)! $-! 7+%! ,:%$('(C+! <(#-+%:(%! b7-! $(',%<(+%=%!b7-!;C#)!#);!])<=:-;!@)$?%+!;-:! '(7$%$%+);!_!@):!-+$-4!;C#)!-##);!@)$?%+!$(',%:!_!%@#('%:!#%;!#-_-;!b7-!:-87#%:?%+!#%!e($%! -+! ;)'(-$%$F! U;,%! -i'#7;(C+! $-! #%! <7.-:! $-! #);! C:8%+);! b7-! ':-%+! _! %@#('%+! #%! #-_4! 8%:%+,(fC! b7-! #%;! +-'-;($%$-;! ;-+,($%;! @):! -#! ])<=:-Ee%:C+! ;-:?%+! B7+$%<-+,%#-;! _! @:(+'(@%#-;! -+! ,)$)! -#! b7-]%'-:! .7:?$(')4! %#! ,(-<@)! b7-! $-;%,-+$(C! #%;! +-'-;($%$-;! $-! #%;!<7.-:-;F!67%+$)!%B(:<)!b7-!-#!O-:-'])!B7-!_!;(87-!;(-+$)!%+$:)'9+,:(')4!+)!-;,)_! %B(:<%+$)!b7-!;(-<@:-!#)!-;!')+;'(-+,-<-+,-!_!-;,)!$-=-!b7-$%:!<7_!'#%:)F!^-:)!;?!-;! @:-)'7@%+,-!b7-!,)$%e?%!])_!$?%!,%+!@)'%;!<7.-:-;!@-+-,:-+!-;);!C:8%+);4!#)!'7%#!+);! ##-e%! %! @-+;%:! b7-! -;! <7_! @:)=%=#-! b7-! -#! O-:-'])! ;(8%! ;(-+$)! %+$:)'9+,:(')! @):! <7'])!,(-<@)!
!

+*

k! %7+b7-! -#! <)e(<(-+,)! B-<(+(;,%! #%,(+)%<-:('%+)! ]%! #)8:%$)! :-'(-+,-<-+,-! b7-! ;-!@:)<7#87-+!7+%!;-:(-!$-!#-_-;!)!b7-!;-!':--+!+7-e%;!(+;,(,7'()+-;!#-8%#-;!@%:%!#%! <7.-:4! ')<)! #%! #-_! @%:%! #%! ^:),-''(C+! $-! \?',(<%;! _! V-;,(8);! $-#! 6:(<-+4! -+! ^7-:,)! J(')4! )! #%;! ')<(;%:?%;! $-! <7.-:-;! -+! R:%;(#! _! ^-:g4! )! -#! :-'7:;)! '(e(#! @%:%! ,:%<(,%:! #%! e()#-+'(%!$)<9;,('%!-+!":8-+,(+%4!,)$%e?%!+)!]-<);!#)8:%$)!b7-!#%!<%_):?%!$-!#%!8-+,-! ')<@:-+$%! b7-! ;(! %+,-;! +)! -i(;,?%+! -;,%;! (+;,(,7'()+-;! -:%! @):b7-! -#! ])<=:-Ee%:C+! +7+'%! #%;! ]%=?%! +-'-;(,%$)! _! +)! @):b7-! -#! <%#,:%,)4! #%! e()#%'(C+! )! -#! ]);,(8%<(-+,)! ;-i7%#! ;-%+! 7+! B-+C<-+)! +7-e)F! V)$%e?%! +)! ]-<);! -+,-+$($)! b7-! -#! O-:-'])! -;! @:)$7',)!$-!#%;!+-'-;($%$-;4!@),-+'(%#($%$-;!_!'%:%',-:?;,('%;!$-#!])<=:-4!+)!$-!#%;!$-! #%! <7.-:! _! @):! -+$-4! +)! #%;! :-B#-.%F! U#! ]-'])! $-! b7-! '%;(! ,)$%;! #%;! ')+;,(,7'()+-;! 8%:%+,('-+! #%! (87%#$%$! $-! ,)$);! #);! '(7$%$%+);4! -#! b7-! #%;! <7.-:-;! e),-<);! -+! '%;(! ,)$);!#);!@%?;-;!_!-#!b7-!%]):%!%#87+%;!#-8(;#%'()+-;!:-')+)f'%+!#%;!
!

++

H-:! <7.-:! -;! 7+! -;,%$)! @-:;)+%#! %#! '7%#! -#! O-:-'])4! %g+! ])_! -+! $?%4! #-! %,:(=7_-! @)'%! (<@):,%+'(%F! U+! ,(-<@);! @%;%$);! #%! <7.-:! -:%! @%:%! -#! O-:-'])! 7+%! -;@-'(-! $-! $9=(#!<-+,%#!)!<-+):!$-!-$%$!@-:-++-4!%!#%!'7%#!]%=?%!b7-!h@:),-8-:h!;)<-,(9+$)#%!$-! @):! e($%! %! #%! e)#7+,%$! $-! ;7! @%$:-4! <%:($)! -! ](.)F! L7-8)4! '7%+$)! #%! <7.-:! #)8:C! #%! <%_):?%!$-!-$%$4!-#!O-:-'])4!-;@-'(%#<-+,-!#%!#-8(;#%'(C+4!#%!$-'#%:C!B):<%#<-+,-!(87%#! %#!])<=:-!_!$-;$-!%]?!;-!$('-!b7-!-;%!(87%#$%$!-;!+-7,:%#!-+!,9:<(+);!$-!89+-:)F! *7_!@):!-#!')+,:%:()!$-!#)!b7-!;-!%B(:<%!-+!-#!'%<@)!.7:?$(')4!#%!@-:,-+-+'(%!%!7+)! 7! ),:)! ;-i)! -;! :-#-e%+,-4! _%! b7-! -;! 7+%! '%,-8):?%! ;)'(%#! b7-! $-,-:<(+%! -#! <-+):! )! <%_):!@)$-:!b7-!;-!@7-$%!,-+-:!-+!7+%!;)'(-$%$F!U;!$-'(:4!-#!;-i)!$-=-:?%!-+,-+$-:;-! ')<)! 7+%! '%,-8):?%! ;)'(%#! @):b7-! #%;! :-#%'()+-;! -+,:-! #);! ;-i);4! %#! (87%#! b7-! #%;! :-#%'()+-;! -+,:-! #%;! '#%;-;4! -,+(%;4! -,'F4! ;)+! :-#%'()+-;! ;)'(%#<-+,-! ')+;,:7($%;! _! +)! $%$%;! @):! #%! +%,7:%#-f%F! k! -+! -#! '%;)! $-! #%;! :-#%'()+-;! -+,:-! #);! ;-i);4! ]%_! 7+)! b7-! ,(-+-! <7'])!
!

+"

^-:)!;(!:-')+)'-<);!b7-!#%!)@:-;(C+!$-!#%;!<7.-:-;!+)!-;!;(<(#%:!%!#%!)@:-;(C+!$-! ),:);!8:7@);4!BA'(#<-+,-!@)$-<);!$%:+);!'7-+,%!$-!b7-4!-#!@:)=#-<%!$-!#%!)@:-;(C+!$-#! ;-i)! B-<-+(+)! +)! ;-! :-;7-#e-! ;(<@#-<-+,-! ')+! -i,-+$-:#-! #);! $-:-']);! b7-! %+,-;! $(;B:7,%=%! ;C#)! -#! e%:C+F! O-;@79;! $-! ;(8#);! -+! b7-! ;-! ]%! ')+;($-:%$)! b7-! ;C#)! 7+);! ])<=:-;!-:%+!(87%#-;4!;C#)!7+);!])<=:-;!-:%+!'(7$%$%+);!_!@):!-+$-!,-+?%+!$-:-'])!%! $-'($(:!-#!$-;,(+)!$-!,)$)!-#!@7-=#)4!+)!e%<);!%!;-:!(87%#-;4!+(!e%<);!%!;-:!(87%#<-+,-! #(=:-;!;)#%<-+,-!@):b7-!%]):%!-;%!(87%#$%$!_!-;%!#(=-:,%$!;-!]%!-i,-+$($)!%!,)$);!#);! ])<=:-;4!%7+b7-!':-%<);!b7-!-;,%<);!(+'#7($%;!-+!#%!e)f!])<=:-!'7%+$)!$-!-;,);!_! ),:);!$-:-']);!]7<%+);!;-!,:%,-F!L%;!:-8#%;!$-!#%!@%:,('(@%'(C+!@)#?,('%!_!$-#!$(;B:7,-!$-! #);! ),:);! $-:-']);! '(e(#-;! _! @)#?,(');4! ;-! ]('(-:)+! '7%+$)! %! #%;! <7.-:-;! +);! -:%+! e-$%$);! -;);! $-:-']);F! U;! )=e()! @7-;4! b7-! +)! ;-! ,)<%:)+! -+! '7-+,%! +7-;,:%;! #(<(,%'()+-;!'7#,7:%#<-+,-!(<@7-;,%;!'7%+$)!;-!-;,%=#-'(-:)+F!H(!#%;!:-8#%;!(<@#?'(,%;!)! -i@#('(,%;! $-! #%! @%:,('(@%'(C+! +)! B7-:)+! ,:%+;B):<%$%;! '7%+$)! ;-! $-'#%:C! b7-! #%;! <7.-:-;!@)$?%+!;-:!'(7$%$%+%;!_!-.-:'-:!_!8)f%:!$-!#);!$-:-']);!@)#?,(');!_!'(e(#-;4!+)! -;!@);(=#-!b7-!#%;!<7.-:-;!#%;!$(;B:7,-<);!+(!-.-:f%<);!-+!(87%#$%$!$-!')+$('()+-;!+(! ')+!(87%#$%$!$-!)@):,7+($%$-;F! H(! :-')+)'-<);! b7-! ,%<@)')! ;-! -#(<(+%! -#! @:)=#-<%! $-! #%! <7.-:! ')+! ;)#%<-+,-! ,:%+;B):<%:!#%!-;,:7',7:%!$-!'#%;-4!')<)!;(#);!@:)=#-<%;!$-!#%!<7.-:!B7-:%+!#);!<(;<);! b7-! #);! $-! ;7;! -;@););! )! @%$:-;! @:)#-,%:();4! ')<)! ;(! #%;! @);(=(#($%$-;! $-! #%! <7.-:! B7-:%+! #%;! <(;<%;! b7-! #%;! $-! ;7;! ]-:<%+);! e%:)+-;! $-! '#%;-! <-$(%4! )! ')<)! ;(! #%;! <7.-:-;!')+!<%:($);!_!@%$:-;!=7:87-;-;!+)!')<@%:,(-:%+!')+!#%;!<7.-:-;!<%:8(+%$%;! -#!(+'-;,)4!#%!e()#-+'(%!$)<9;,('%4!-#!%');)!;-i7%#4!#%!e()#%'(C+4!_!#%!)=.-,(f%'(C+!$-!;7! ;-:4! -,'Fr! ;(! :-')+)'-<);! b7-! %g+! @7$(-+$)! -#(<(+%:! #%! $(;':(<(+%'(C+! @):! :%fC+! $-! ':-$)! :-#(8();)4! @)#?,(')! 7! ),:)4! )! #)8:%+$)! -#(<(+%:! -#! :%'(;<)4! -,+)'-+,:(;<)4! -,'F4! +)! #)8:%:?%<);! -#(<(+%:! #%! )@:-;(C+! $-! #%! <7.-:! GG! %7+b7-! ;?! <-.):%:?%! ;7! ')+$('(C+! -+! :%fC+! $-! '#%;-4! :%f%! )! -,+(%Gr! ;(! :-')+)'-<);! b7-! #%! )@:-;(C+! $-! #%! <7.-:! )=-$-'-! %! ),:);! (+,-:-;-;4! +);! $%:-<);! '7-+,%! b7-! +)! @)$-<);! ')+B):<%:+);! ')+! b7-! ;-! +);! $-'#%:-! .7:?$('%<-+,-! (87%#! %! #);! ])<=:-;! _! @):! -+$-4! ;-! +);! -iG,(-+$%+! ,)$);! ;7;! $-:-']);4!_%!;-%+!#);!:-')+)'($);!-+!7+%!;)'(-$%$!'%@(,%#(;,%4!$-;%::)##%$%4!-+!e?%;!$-! $-e)#7'(C+4!;7=$-;%:)##%$%!)!$-!#%!?+$)#-!b7-!;-%F!

!

+#

U;,%!g#,(<%!%B(:<%'(C+!+)!;(8+(B('%!b7-!#%;!<7.-:-;!+)!,-+8%<);!$(B-:-+'(%;!-+,:-! +);),:%;!_!b7-!+)!,-+8%<);!b7-!$%:!#%!=%,%##%!@):!-#(<(+%:4!;-8g+!-#!'%;)4!-#!:%'(;<)4! -#! (<@-:(%#(;<)4! -#! ')#)+(%#(;<)4! #%! 87-::%4! #%! ')+,%<(+%'(C+! %<=(-+,%#4! #%! (+,)#-:%+'(%! :-#(8();%4! #);! @:-.7('();! _! #%! $(;':(<(+%'(C+! ')+,:%! #%;! @-:;)+%;! $(;'%@%'(,%$%;4! ')+,:%! #);!8%_;!_!#%;!#-;=(%+%;4!')+,:%!#);!@)=:-;4!-,'r!;(8+(B('%!;(<@#-<-+,-!b7-!#%;!<7.-:-;! b7-! @-:,-+-'-<);! %! %#8g+! 8:7@)! $(;':(<(+%$)! )! %! %#8g+! 8:7@)! b7-! #7']%! @):! #%! #(=-:%'(C+! $-! #);! @7-=#);4! #%! .7;,('(%! _! #%! @%f4! ,-+-<);! ,%<=(9+! b7-! #7']%:! @):! #%! -#(<(+%'(C+! $-! #%! $(;':(<(+%'(C+! ;-i7%#! $-+,:)! $-! -;%! #7']%! )! 8:7@)! $(;':(<(+%$)! _! ,%<=(9+!B7-:%!$-#!8:7@)4!@):!#%!$-;,:7''(C+!$-#!@%,:(%:'%$)F!U;!#)!'7%#!]%!;($)!$-<);,:%$)!;7B('(-+,-<-+,-4!')<)!_%!$(.-4!@):!):8%+(;<);! ')<)! #%;! M%'()+-;! N+($%;D4! -;! )=e()! b7-! ,-+$:-<);! +-'-;($%$-;! $(B-:-+,-;! _! @):! -+$-4!7+%!#-_!b7-!@%:,-!$-!b7-!;)<);!(87%#-;4!b7-!+);!,:%,%!')<)!;(!-;,7e(9:%<);!-+! (87%#$%$!$-!')+$('()+-;4!+)!@7-$-!<-+);!b7-!,-+-:! -B-',);!$(;':(<(+%,):();F!H(-<@:-! ]%=:A!$-;(87%#$%$!'7%+$)!$);!;-:-;!B):<%$);!$-!%'7-:$)!%!7+%!')+'-@'(C+!$-!89+-:)! b7-! #);! ]%'-! $-;(87%#-;4! ;-! -+B:-+,-+! ')+! 7+%! #-8(;#%'(C+! h7+(;-ih! b7-! ;-! @:-,-+$-! +-7,:%#!-+!,9:<(+);!$-!89+-:)F!^-:)!;?!%$-
!

+$

<7.-:h4! @)$-<);! %B(:<%:! b7-! @%:%! ;);,-+-:! b7-! 7+%! #-_! -;! $(;':(<(+%,):(%! +)! -;! +-'-;%:()! b7-! #%! $(;':(<(+%'(C+! -;,9! -+! #%! #-,:%! $-! #%! #-_F! U;! $(;':(<(+%,):(%! ;(! ,(-+-! -B-',);! $(;':(<(+%,):();F! U;! -#!QTx!$-!-##);!')<)!;7@#-+,-;D4! ;C#)!-#!20x!$-!#);!;?+$(');!_!]%!]%=($)!%$<(+(;,:%'()+-;!-+!#%;!b7-!+)!;-!+)<=:%!7+%! ;)#%!<(+(;,:%FP`! "B(:<%:! b7-! -;,%! =%.?;(<%! :-@:-;-+,%,(e($%$! +)! -;! $(;':(<(+%,):(%! ')+,:%! #%! <7.-:! -;!7+!%=;7:$)4!;)=:-!,)$)!;(!%#!<(;<)!,(-<@)!;-!%B(:<%!b7-!#);!])<=:-;!_!#%;!<7.-:-;! ;)+! (87%#<-+,-! '%@%'-;F! &:-+,-! %! -;,);! @):'-+,%.-;! ;C#)! ]%_! $);! @);('()+-;! b7-! ;-! @7-$-+! #C8('%<-+,-! ;);,-+-:5! #%! @:(<-:%! ;-:?%! #%! b7-! <%+,-+$:?%! b7-! #%;! <7.-:-;! +)! ,(-+-+!#%!<(;<%!'%@%'($%$!b7-!#);!])<=:-;!@%:%!-.-:'-:!-;,-!,(@)!$-!'%:8);!_!b7-!-;,A! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! PS

!!

V)<%$)!$-!#%!)@(+(C+!;)=:-!-#!^:)_-',)!$-!L-_!b7-!-+e(C!#%!6)<(;(C+!$-!";7+,);!$-!#%!*7.-:!$-#! ')#-8()!$-!"=)8%$);!%!#%!')<(;(C+!$-!";7+,);!H)'(%#-;!$-!#%!";%<=#-%!L-8(;#%,(e%FF!

! P`

!!

6(B:%;!,)<%$%;!$-!7+!-;,7$()!b7-!](f)!-#!6UMVJW!M"6KWM"L!^~J"!UL!OUH"JJWLLW!OU!L"! *NIUJ!k!L"!&"*KLK"!-+!23`3F!

!

!

+%

$(B-:-+'(%! -;! =()#C8('%4! _! #%! ;-87+$%4! #%! b7-! ;);,-+$:?%! b7-! #%! @)#?,('%! -+! ;?! -;! %+$:)'9+,:('%! _! b7-! #);! @:)'-;);! @%:%! -;')8-:! _! -#-8(:! %! #);! '%+$($%,);! _! %! #);! $(:(8-+,-;!;)+!$(;':(<(+%,):();!')+,:%!#%!<7.-:F! H(! ')<)! #)! -;,%=#-'-+! ,)$%;! #%;! 6)+;,(,7'()+-;! $-! #);! @%?;-;! '-+,:)%<-:('%+);! #%;! <7.-:-;! _! #);! ])<=:-;! ;)<);! (87%#-;! %+,-! #%! #-_4! B:-+,-! %! -;);! @):'-+,%.-;! -;! e-:$%$-:%<-+,-!%=;7:$)!%B(:<%:!b7-!;-:?%!$(;':(<(+%,):()!')+,:%!-#!])<=:-!-;,%=#-'-:! @):'-+,%.-;!B(.%$);!@):!#-_4!@%:%!)=#(8%:!%!#);!@%:,($);!%!@:-;-+,%:!'%+$($%,%;!<7.-:-;F! R%.)!-;,%!#C8('%!%+$:)'9+,:('%!+)!-;!$(;':(<(+%,):()!<%+,-+-:!7+%!'7),%!(<@#?'(,%!$-!Qx! $-!<7.-:-;!$(@7,%$%;4!<(-+,:%;!b7-!;(!-;!$(;':(<(+%,):()!-;,%=#-'-:!-i@#?'(,%<-+,-!b7-! $-=-! ]%=-:! 7+%! ')::-;@)+$-+'(%! -+,:-! -#! @):'-+,%.-! $-! <7.-:-;! -#-',):%;! _! -#! @):'-+,%.-!$-!<7.-:-;!'%+$($%,%;F!R%.)!-;,%!<(;<%!#C8('%!-;!')+,:%:()!%!#%!$(8+($%$!$-! #%;!<7.-:-;!b7-!-i@#?'(,%<-+,-!;-!%@#(b7-+!'7),%;!@%:%!%'%=%:!')+!#%!'%;(!(+e(;(=(#($%$! $-!#%!<7.-:!-+!#%!-;B-:%!@)#?,('%!@-:)!+)!-;!')+,:%:()!%!#%!$(8+($%$!$-!#%!<7.-:!<%+,-+-:! 7+%!'7),%!(<@#?'(,%!b7-!+)!#-!@-:<(,-!
"'

^)$-<);! e-:! -+,)+'-;! b7-! %7+b7-! -+! -#! ')<@)+-+,-! B):<%#G;7;,%+,(e)! $-#! ;(;,-<%! .7:?$(')! ');,%::('-+;-4! -i(;,-! 7+! ')+.7+,)! $-! %:,?'7#);! b7-! -;,%=#-'-+! b7-! #%;! <7.-:-;! _! #);! ])<=:-;! ,(-+-+! (87%#-;! $-:-']);! %! ;-:! -#-',%;E);4! -i(;,-! 7+%! #-_! +)! -;':(,%! -+! -#! ')<@)+-+,-! @)#?,(')G'7#,7:%#4! b7-! -;,%=#-'-! 7+%! '7),%! $-#! Qx! @%:%! #%;! <7.-:-;! -+! #%! ";%<=#-%! L-8(;#%,(e%! _! -;! -;,%! ;-87+$%! #-_4! %7+b7-! +)! -;':(,%4! #%! b7-!
"&

+);! )@:(<-F! "$-
' /)&T"('/H' .#,!&'%(',(S(,($!0#'(-F(!KS0!&H' !&$!(F1&'#.F)0&'%()'%(,(!\&' X-+-:%#<-+,-! #%! $-B(+('(C+! $-#! B-+C<-+)! .7:?$(')! ;7-#-! ]%'-:;-! %#! (+('()! $-! '7%#b7(-:! -;,7$()! )! %+A#(;(;! $-#! O-:-'])F! "b7?! ,%<=(9+! <-! e)_! %! :-8%#%:! -#! $)+! $-! #%! @%#%=:%!_!e)_!%!]%'-:!<(!@:)@(%!$-B(+('(C+!$-#!B-+C<-+)!.7:?$(')4!@):b7-4!%#!K87%#!b7-!-+! #%! $-B(+('(C+! $-#! @%,:(%:'%$)4! #%;! $-B(+('()+-;! b7-! ]-! -+')+,:%$)! $-.%+! @):! B7-:%! 7+! (<@):,%+,-! ')<@)+-+,-! $-#! B-+C<-+)! '7%#! -;! -#! %;@-',)! @)#?,(')G'7#,7:%#r! ')<@)+-+,-! b7-!%;7<-!8:%+!:-#-e%+'(%4!;(!,)<%<);!-+!'7-+,%!b7-!7+%!$-!#%;!<%+(B-;,%'()+-;!
!

"(

"#87+);!,:%,%$(;,%;!;-!#(<(,%+!%!')+'-=(:!-#!O-:-'])!')<)!7+!;(;,-<%!$-!+):<%;4! '7_);! $-;,(+%,%:();! ;)+! #);! _! #%;! <(-<=:);! $-! 7+%! $-,-:<(+%$%! ;)'(-$%$! rel="nofollow">O-:-'])! Ä! +):<%!%8-+$(DF!U+!-;,%!')+'-@'(C+!$-#!O-:-'])!;(-<@:-!;-!]%'-+!$(B-:-+'(%;!-+,:-!#%;! $(;,(+,%;!:-8#%;!;)'(%#<-+,-!-;,%=#-'($%;!@%:%!%'#%:%:!'7A#-;!;)+!#%;!:-8#%;!%!#%;!b7-!;-! #-;! ##%<%! O-:-'])! >@):! -.-<@#)4! :-8#%;! $-#! 7;)4! <):%#-;4! :-#(8();%;4! @)#?,('%;4! -,'FDF! O-;8:%'(%$%<-+,-4!-;,%!')+'-@'(C+!$-!b7-!-#!O-:-'])!;-!:-$7'-!%!#%;!+):<%;!)!#-_-;! -;':(,%;! -;! #%! 8-+-:%#<-+,-! #);! (7;@7=#('(;,%;D! -+'7-+,:%+! b7-! -#! B-+C<-+)! .7:?$(')!e%!
!!

!

\-:!-#!#(=:)!')<@(#%$)!@):!-##%5!^WOUJ!k!OUJU6aW!$-!#%!WU&!K+,-:+%'()+%#4!2`21!KKF!H,:-',4!MFsF4! U#-e-+,]!&#)):4!s%;]F!OF6F!P000QF!

")

':-%+$)! 8-+-:%#<-+,-! ),:%;! #-_-;! b7-! +)! b7-$%+! -;':(,%;! ')<)! ,%#-;4! @-:)! b7-! ;-! @7-$-+! ;7;,:%-:! $-! ,)$%! #%! %',(e($%$! $-! #%! ':-%'(C+! _! %$<(+(;,:%'(C+! $-! .7;,('(%F! U;! $-'(:4! #);! ')+G,-+($);! b7-! ;-! #-! $%+! %! #%;! #-_-;! $-#! ')<@)+-+,-! B):<%#! +):<%,(e)! %#! ':-%:#%;4! ')<=(+%:#%;4! %@#('%:#%;! -! (+,-:@:-,%:#%;4! ;-! ')+e(-:,-+! %! ;7! e-f! -+! #-_-;! ,%+! -B-',(e%;!_!e(8-+,-;!')<)!#%;!$-!-;-!')<@)+-+,-4!;C#)!b7-!+)!;-!-+'7-+,:%+!-;':(,%;! -+! -;-! ')<@)+-+,-! B):<%#! +):<%,(e)! ;(+)! b7-! ;-! -+'7-+,:%+! +)! -;':(,%;! -+! -#! ')<@)+-+,-!-;,:7',7:%#F! ^):! ),:)! #%$)4! -#! ')<@)+-+,-! @)#?,(')G'7#,7:%#! +)! -;! -#! ')+)'(<(-+,)! -+! ;?! b7-! ,-+8%!#%!8-+,-!$-#!O-:-'])4!;(+)!#);!')+,-+($);! rel="nofollow">')+e-:,($);!-+!#-_-;!+)!-;':(,%;D4!b7-! #%!8-+,-!#-!$%!%!#%;!#-_-;!_!%@#('%'(C+!$-!#%;!<(;<%;!@):!<-$()!$-!#%;!,:%$('()+-;4!#%;! ');,7<=:-;4!-#!')+)'(<(-+,)!_!7;)!b7-!$-!-##%;!]%8%+F!U;!$-'(:4!-+!'%$%!7+)!$-!#);!,:-;! ')<@)+-+,-;! e%<);! %! -+')+,:%:! #-_-;F! U+! -#! ')<@)+-+,-! B):<%#G+):<%,(e)4! @%:%! b7-! #%;! #-_-;! -i(;,%+! _! ;-%+! :-')+)'($%;! ')<)! ,%#-;4! ,(-+-+! b7-! -;,%:! -;':(,%;! _! B):<%#<-+,-!@:)<7#8%$%;F!U+!),:)4!-#!')<@)+-+,-!-;,:7',7:%#4!#%;!#-_-;!-i(;,-+!%7+b7-! +)! -;,9+! :-')+)'($%;! ')<)! ,%#-;! '7%+$)! -<%+%+! $-#! ')+,-+($)! b7-! #-;! $-+! #%;! (+;,(,7'()+-;!b7-!B):<%#<-+,-!]%+!;($)!-;,%=#-'($%;!@%:%!':-%:4!%@#('%:!)!(+,-:@:-,%:!#%;! #-_-;F!U+!-#!,-:'-:)4!#%;!#-_-;!+)!$-@-+$-+!@%:%!;7!e(8-+'(%4!-B('%'(%!)!-B-',(e($%$!$-#! b7-! ;-%+! B):<%#<-+,-! @:)<7#8%$%;! @):! 7+%! ";%<=#-%! L-8(;#%,(e%! )! (+,-:@:-,%$%;! @):! 7+%!6):,-!B):<%#<-+,-!':-%$%4!;(+)!b7-!;)+!%b7-##%;!b7-!#%!8-+,-!':--!b7-!-i(;,-+!_! @):!,%+,)!)=-$-'-+F!U#!b7-!7+%!#-_!;-!-+'7-+,:-!-+!-#!')<@)+-+,-!@)#?,(')G'7#,7:%#!_!+)! -+! -#! B):<%#G;7;,%+,(e)! +)! #%! ]%'-! <-+);! #-_F! U;!
"*

-.-<@#)4! -#! $-:-'])! $-! #%;! <7.-:-;! %! ;-:! -#-',%;! ;-:A! 7+! e-:$%$-:)! $-:-'])! '7%+$)! -;,9! ')+,-<@#%$)! -+! -#! ')<@)+-+,-! B):<%#G+):<%,(e)4! $-! <%+-:%! ,%#! b7-! +)! ;-! (+,-:@:-,-!b7-!#%;!'7),%;!b7-!$%+!;7;,%+,(e)Dr! PFG!! U#!')<@)+-+,-!-;,:7',7:%#4!_! /FG! U#!')<@)+-+,-!@)#?,(')G'7#,7:%#F! U;,);!')<@)+-+,-;!-;,A+!$(%#9',('%<-+,-!:-#%'()+%$);!-+,:-!;?!$-!,%#!<%+-:%!b7-! ')+;,%+,-<-+,-! 7+)! -;! (+B#7($)4! #(<(,%$)! _E)! $-B(+($)! @):! -#! ),:)! %#! ,(-<@)! b7-! (+B#7_-4! #(<(,%!_E)!$-B(+-!%#!),:)!%!,%#!8:%$)4!b7-!+)!;-!@7-$-!')+)'-:!-#!')+,-+($)!_!-B-',);!b7-! @7-$%! ,-+-:! 7+%! $-,-:<(+%$%! #-_4! 7+! @:(+'(@()! #-8%#! )! 7+%! $)',:(+%! .7:?$('%4! ;(+)! ;-! ,)<%+!-+!'7-+,%!-;,);!,:-;!')<@)+-+,-;F! O-!-;,%!<%+-:%4!:-@(,)4!-#!')<@)+-+,-!B):<%#G+):<%,(e)!$-!#%!#-_!;-:?%!;(+C+(<)! $-! #)! b7-! <7']);E%;! ,:%,%$(;,%;! ##%<%+! #%! +):<%! %8-+$(4! -;! $-'(:! #%! #-_! B):<%#<-+,-! @:)<7#8%$%!)!%#!<-+);!B):<%#<-+,-!8-+-:%$%!_%!;-%!')<)!#-_!')+;,(,7'()+%#4!,:%,%$)! (+,-:+%'()+%#4! #-_-;! ;7;,%+,(e%;! _! %$.-,(e%;F! $-':-,);4! :-8#%<-+,);4! ')+e-+'()+-;! ')#-',(e%;4!-,'F! U#! ')<@)+-+,-! -;,:7',7:%#! $-! #%! #-_! ;-:?%! -#! ')+,-+($)! >-+! B):<%! $-! #-_-;! +)! -;':(,%;D!b7-!#);E%;!#-8(;#%$):-;E%;4!#%;!'):,-;4!#%;!)B('(+%;!%$<(+(;,:%,(e%;4!#%!@)#('?%4!_! ,)$);!#);!_!#%;!B7+'()+%:?%;!b7-!%$<(+(;,:%+!.7;,('(%!#-!$%+!%!#%;!:-8#%;!_!@:(+'(@();!b7-! ;-! -+'7-+,:%+! -+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)4! %#! ':-%:4! ;-#-''()+%:4! ')<=(+%:4! %@#('%:! -! (+,-:@:-,%:#);F! U+! -;,-! ;-+,($)! @)$-<);! ]%=#%:! $-! b7-! -+! -#! ')<@)+-+,-! -;,:7',7:%#! -i(;,-+! #-_-;! +)! -;':(,%;! B):<%#<-+,-4! +)! @:)<7#8%$%;! @):! +(+87+%! %;%<=#-%! #-8(;#%,(e%4! +(! 8-+-:%$%;! B):<%#<-+,-! -+! 7+%! +-8)'(%'(C+4! @-:)! b7-! ;)+! ,)<%$%;!-+!'7-+,%!@):!b7(-+-;!%$<(+(;,:%+!.7;,('(%F!

!

"+

N+! -.-<@#)! $-! -;,)! g#,(<)! -;! #%! #-_! +)! -;':(,%4! %7+b7-! <7_! %@#('%$%! @):! #);E%;! .7-'-;Ef%;! $-! B%<(#(%! -+! 6);,%! J('%4! b7-! $-,-:<(+%! b7-! #%! <%#! ##%<%$%! h87%:$%! _! ':(%+f%h!$-!#%;E);!](.%;E);!;C#)!@)$:A!b7-$%:!-+!<%+);!$-!#%!<%$:-!)!$-#!@%$:-!-+!'%;)! $-! ;-@%:%'(C+! )! $(e):'()4! @-:)! b7-! -+! +(+8g+! '%;)! @7-$-! ;-:! ')<@%:,($%F! U+! -#! ')<@)+-+,-!B):<%#G+):<%,(e)!-+!-;,-!'%;)4!+)!-i(;,-!7+%!$(;@);('(C+!-+!-#!6C$(8)!$-! &%<(#(%! b7-! @:)]?=%! b7-! #%! <%$:-! _! -#! @%$:-4! 7+%! e-f! ;-@%:%$);! )! $(e):'(%$);! ')<@%:,%+!#%!87%:$%!_!':(%+f%4!@-:)!,%+,)!;-!]%!$-+-8%$)!#%!@);(=(#($%$!$-!')<@%:,(:#%! %!b7(-+-;!#)!]%+!;)#('(,%$)4!b7-!;-!]%!':-%$)!7+%!#-_!+)!-;':(,%!b7-!#)!@:)]?=-!_!'7_%! %@#('%'(C+!-;,A!@):!-+'(<%!$-!#%!+):<%!-;':(,%!-+!-#!')<@)+-+,-!B):<%#F! U#!')<@)+-+,-!@)#?,(')G'7#,7:%#!$-!#%!#-_!-;!-#!')+,-+($)!_!;(8+(B('%$)!b7-!;-!#-!e%! $%+$)!%!#%!#-_!@):!<-$()!$-!#%!$)',:(+%!.7:?$('%4!#%;!');,7<=:-;4!%',(,7$-;4!,:%$('()+-;!_! ')+)'(<(-+,)! b7-! #%! 8-+,-! ,-+8%! $-! #%! #-_4! %;?! ')<)! -#! 7;)! b7-! #%! 8-+,-! ]%8%! $-! #%;! #-_-;! -i(;,-+,-;r! $-! #%;! b7-! -+! #%! e($%! $(%:(%! ;(87-+! e(8-+,-;! %7+b7-! ]%_%+! ;($)! $-:)8%$%;! _! $-! #%;! :-#%'()+-;! -+,:-! #%;! #-_-;! -;':(,%;! _! #%;! +)! -;':(,%;F! V)$)! -;,)! e%! ':-%+$)! #-_-;! +)! -;':(,%;! b7-! #%! <%_):?%! %'%,%F! W! ;-%4! b7-! ,%<=(9+! -+! -;,-! ')<@)+-+,-!@)#?,(')!'7#,7:%#!-i(;,-+!#-_-;!+)!-;':(,%;4!#-_-;!b7-!+)!-;,A+!B):<%#<-+,-! @:)<7#8%$%;! @-:)! b7-! %$-
!!

!

\-:!%:,;F!TTS!_!10P!$-#!6C$(8)!X-+-:%#!$-#!U;,%$)!$-!6);,%!J('%!-<(,($)!-#!/0!$-!.7#()!$-!2`T2F!

""

%8:-;(e%F! U;,%! ':--+'(%! ;-! <%+,(-+-! -+! #%! <-+,-! $-! #%! <%_):?%! $-! #);! _! #%;! ');,%::('-+;-;4! %7+b7-! -+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)! -i(;,%! -#! %:,?'7#)! P! $-#! 6C$(8)!$-!&%<(#(%4!B):<%#<-+,-!@:)<7#8%$)4!b7-! -;,%=#-'-!#%!(87%#$%$!$-!$-:-']);!_! $-=-:-;! $-! #);! 'C+_78-;4/2! @):! #)! b7-! +(+87+)! -;! h-#! .-B-h5!@-:)!%$--;! $-'(:4! #%! b7-! ;-! -+'7-+,:%! -+! -#! ')<@)+-+,-! @)#?,(')! '7#,7:%#D4! -;! %! e-'-;!
/2

!!

!83A@96 rel="nofollow">8']^6':4'@;^4:949']^6'=>676396'6A74_:6U6>'6A76'4>76U@A456376' =8>]^6' 38' 7854' 63' U^6374' :4' 6`@A763U@4' 96' 6A4' :6a' 38' 6AU>@74' ]^6' 6A74_:6U6' 7898' :8' U837>4>@8H']^6'6A=8A8'a'6A=8A4'38'A83'@;^4:6A'=8>]^6'6:'54>@98'6A'6:'bc6C6'96'C45@:@4dW'-@' 9637>8'9U'^3';>^=8'V^543Y'^3'4=6>A834'6A'bc6C6dY'6A'8_[@8']^6':4A'87>4A'38'=^6963'7636>' :8A'5@A58A'96>6UV8AW'

!

!

"#

$(:(8($%;4! -;@-'(%#<-+,-! '7%+$)! -;%;! @-:;)+%;! @-:,-+-'-+! %#! ;-i)! B-<-+(+)4! %! 7+%! :%f%E-,+(%!$(;':(<(+%$%4!%!7+!8:7@)!<(+):(,%:()4!-,'Fr! P! #%;! ,:%$('()+-;! _! ');,7<=:-;! e%#):%$%;! @):! 7+! @7-=#)! -+! 7+! $-,-:<(+%$)! @-:?)$)!](;,C:(')4!')+;,(,7_-+!7+%!-;@-'(-!$-!<%:')!#?<(,-!<7'])!
"$

;7=.-,(e)F!%'(-+,?B(')!_!@%:,('7#%:F!V%#e-f!
$-B(+(:! #%;! ,:%$('()+-;! _! ');,7<=:-;! @):b7-! #%! #-_! @7-$-! :-B):f%:#%;4!

(+;,(,7'()+%#(f%+$)! @):! <-$()! $-! 'C$(8);4! $-':-,);4! :-8#%<-+,);4! -,'F4! ')+$7',%;! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! /P

!!

V:%$7''(C+!K(=+-!$-!#%!%7,):%!$-!-;,-!$)'7<-+,)!$-!7+!,:)f)!$-#!#(=:)!$-!{(##%]!JF!U(;-+;,-(+4!VaU! &U*"LU!RWOk!"MO!VaU!L"s4!N+(eF!)B!6%#(B):+(%!^:-;;4!23``4!@F!TQ4!b7-!-+!(+8#9;!$('-5!cK!y(;]! ,)! -<@]%;(f-! ,]%,! #%y! %;! $(;')7:;-! )''7@(-;! %! ;@%'-! =-,y--+! ,]-! c:-%#d! %+$! c($-%#h! ,]%,! (;! %! ')+,(+77
!

!

"%

,:%$('()+%#<-+,-!%'-@,%$%;!)!@7-$-!<)$(B('%:#%;!)!]%'-:#%;!$-;%@%:-'-:!,),%#<-+,-4!%#! (+;,(,7'()+%#(f%:!')+$7',%;!$(B-:-+,-;!%!#%;!,:%$('()+%#<-+,-!%'-@,%$%;F! /D!

@:)<)e-:! #%! ':-%'(C+! $-! $)',:(+%! .7:?$('%! @):b7-! 9;,%! -;! +-'-;%:(%! @%:%!

B7+$%<-+,%:!#%;!#-_-;!b7-!;-!b7(-:%+!@:)<7#8%:F!J-'):$-<);!b7-!+)!;(-<@:-!#%;!#-_-;! :-;@)+$-+! %! 7+%! $)',:(+%! .7:?$('%! ;(+)! b7-! <7']%;! e-'-;4! 9;,%! ;-! $-;%::)##%! 7+%! e-f! b7-!#%!@:)@7-;,%!$-!#-_!]%!;($)!$(;-[%$%F! TD!

B%'(#(,%:!7!)=;,%'7#(f%:!#%!')<@:-+;(C+!$-!#%;!#-_-;!@):!@%:,-!$-#!')
8-+,-F!U;!)=e()!b7-!#%!B):<%!-+!b7-!7+%!#-_!-;,A!:-$%',%$%!(+B#7_-!-+!-#!')+)'(<(-+,)!_! 7;)! b7-! #%! 8-+,-! ]%8%! $-! -##%F! H(! 7+%! #-_!-;,A! -+! 7+! #-+87%.-! b7-! +%$(-! -+,(-+$-4! -;! <7_! @);(=#-! b7-! +)! ;-%! 7,(#(f%$%! $-! #%! <%+-:%! -+! b7-! B7-! @:-e(;,)! ;-! (+,-:@:-,%:?%! _! %@#('%:?%! )! ,%<=(9+4! -;! <7_! @);(=#-! b7-! +)! ;-:A! 7,(#(f%$%! @:-'(;%<-+,-! ')<)! #)! @:-e(-:)+! b7(-+-;! #%! :-$%',%:)+F! N+%! #-_! %<=(87%! ;-! @:-;,%! @%:%! b7-! '%$%! @-:;)+%4! '%$%! 8-+-:%'(C+4! '%$%! 8:7@)! ;)'(%#4! #%! (+,-:@:-,-! $-! %'7-:$)! %! ;7;! (+,-:-;-;4! @-:)! -;! )=e()!b7-!#%!%<=(8q-$%$!B%e):-'-:A!%!#);!8:7@);!;)'(%#<-+,-!-;!$-'(:4!$-:)8%:!#%!#-_!+)!-;':(,%!$-#!')<@)+-+,-!@)#?,(')G'7#,7:%#!b7-!-;,%=#-'-!b7-!-#! <%:($)! -;! -#! c.-B-! $-! B%<(#(%hD4! ;-! $-=-! :-$%',%:! 7+%! #-_! -+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)!b7-!-i@#?'(,%<-+,-!$(8%!b7-!-#!<%:($)!MW!-;!-#!.-B-!$-!B%<(#(%!_!+)!7+%!#-_! b7-!;(<@#-<-+,-!$(8%!b7-!%<=);!'C+_78-;!;)+!(87%#-;!%+,-!#%!#-_F! ! 'DFGKM&LNUM6K"! OUL! 6W*^WMUMVU! &WJ*"L! MWJ*"VK\W! UM! UL! 6W*^WMUMVU!UHVJN6VNJ"L5! V%<=(9+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)! (+B#7_-4! #(<(,%! _! $-B(+-! %#! -;,:7',7:%#! $-! $(;,(+,%;!<%+-:%;5!

!

#'

2D! ;7@7-;,%<-+,-4! +)! ;-! @7-$-+! (+,-:@:-,%:! +(! %@#('%:! #-_-;! b7-! +)! ]%+! ;($)! ':-%$%;! )! _%! ]%+! ;($)! $-:)8%$%;! $-! <%+-:%! b7-4! 8-+-:%#<-+,-4! @):! ;-! .-! 4-! =03?2! 0! 40.! 4-<-.!-2!-4!561762-2/-!-./3;5/;304,! /D!#%!#-_!%#!-;,%=#-'-:!:-8#%;4!(+;,(,7'()+%#(f%!7+%!B):<%!$-!@-+;%:!_!-;%!B):<%!$-! @-+;%:! +)! ;C#)! -;! %$)@,%$%! @):! -#! ')%;D! B7+'()+%:();>%;D!b7-!;-#-''()+%+4!')<=(+%+!(+,-:@:-,%+!_!%@#('%+!#%;!#-_-;4!#)!]%'-+!$-! ')+B):<($%$Å! ')+! 7+%! <%+-:%! $-! @-+;%:! _! ')+'-=(:! -#! <7+$)! b7-! -;,A! -+! 7+%! 8:%+! <-$($%!$-,-:<(+%$%!@):!#%;!<(;<%;!#-_-;F! ! ']DFGKM&LNUM6K"! OUL! 6W*^WMUMVU! UHVJN6KNJ"L! UM! UL! 6W*^WMUMVU! &WJ*"L!MWJ*"VK\W5! U#! ')<@)+-+,-! -;,:7',7:%#! (+B#7_-4! #(<(,%! _! $-B(+-! -#! ')+,-+($)! $-#! ')<@)+-+,-! B):<%#!+):<%,(e)!$-!#%!#-_!@):b7-5! 2D! #%! (+,-:@:-,%'(C+! )! %@#('%'(C+! $-! 7+%! <%+-:%! -;@-'?B('%! _! -+! B):<%! :-(,-:%,(e%! b7-!;-!]%8%!$-!7+%!#-_4!#-!e%!$%+$)!7+!;(8+(B('%$)!%!-;%!#-_!b7-!@)$:?%!;-:!<%;!%<@#()! )!
!

#&

/D!

#%! (<@);(=(#($%$! $-! ;)#7'()+%:! 7+! $-,-:<(+%$)! ')+B#(',)! )! #%! (<@);(=(#($%$!

<%,-:(%#!$-!%@#('%:!7+%!$-G,-:<(+%$%!#-_4!b7-!%!e-'-;!-i@-:(<-+,%+!b7(-+-;!,(-+-+!b7-! %$<(+(;,:%:!.7;,('(%4!$-,-:<(+%!+)!;C#)!-#!')+,-+($)!b7-!;-!#-!(:A!$%+$)!%!-;%!#-_4!;(+)! b7-!(+B#7_-!_!]%;,%!$-,-:<(+%!b7-!;-!@:)<7#87-+!)!$-:)87-+!'(-:,%;!#-_-;F! TD!

%7+b7-! $-;%B):,7+%$%<-+,-! +)! ;(-<@:-4! -#! @)')! )! 8:%+! %''-;)! b7-! ,-+8%!

-#! ')
-#! ')+)'(<(-+,)! ;)=:-! #%;! %',(,7$-;! _! ')+$7',%;! $-! #%;! @-:;)+%;! b7-!

%$<(+(;,:%+!.7;,('(%!,%<=(9+!$-,-:<(+%!#%!:-$%''(C+!$-!7+%!#-_4!%7+b7-!-+!$-<%;(%$);! @)');!'%;);F! ! $DFG! KM&LNUM6K"! OUL! 6W*^WMUMVU! ^WLYVK6W! 6NLVNJ"L! UM! UL! 6W*^WMUMVU!UHVJN6VNJ"L5! "! ;7! e-f4! -#! ')<@)+-+,-! -;,:7',7:%#! -;! (+B#7($)4! #(<(,%$)! _! $-B(+($)! @):! -#! ')<@)+-+,-!@)#?,(')!'7#,7:%#4!@):!:%f)+-;!;(<(#%:-;!%!#%!(+B#7-+'(%!b7-!-.-:'-!-#!@)#?,(')! '7#,7:%#!-+!-#!B):<%#!+):<%,(e)4!%!;%=-:5! 2D!

b7(-+-;! ]%'-+4! ')<=(+%+4! %@#('%+! -! (+,-:@:-,%+! #%;! #-_-;! ;)+! @-:;)+%;! $-!

'%:+-! _! ]7-;)! b7-! -;,A+! (<@:-8+%$%;! $-! %',(,7$-;4! .7('();! _! @:-')+'-@,);! ;)=:-! #%;! @-:;)+%;4! ;7;! ')+$7',%;! _! ;7;! +-'-;($%$-;4! -;@-'(%#<-+,-! '7%+$)! -;%;! @-:;)+%;! @-:,-+-'-+!%#!;-i)!B-<-+(+)4!%!7+%!:%f%E-,+(%!$(;':(<(+%$%4!%!7+!8:7@)!<(+):(,%:()4!-,'Fr! _!-;,);!@:-')+'-@,);!+)!;(-<@:-!;)+!$-.%$);!$-!#%$)!%!#%!]):%!$-!%$<(+(;,:%:!.7;,('(%F! PD!

#%;! ,:%$('()+-;! _! ');,7<=:-;! e%#):%$%;! @):! 7+! @7-=#)! -+! 7+! $-,-:<(+%$)!

@-:()$)! ](;,C:(')4! #%;! @:-;()+-;! @)#?,('%;4! #%;! ':--+'(%;! :-#(8();%;4! -,'F4! (+B#7_-+! )! $-,-:<(+%+!;-8g+!;7!'%;)4!#%!B):<%!-+!b7-!;-!%$<(+(;,:%!.7;,('(%4!]%'(-+$)!b7-!b7(-+-;! (+,-:@:-,%+!_!%@#('%+!#%!#-_!#)!]%8%+!$-!')+B):<($%$!')+!;7!@:)@(%!.-:%:b7?%!$-!e%#):-;!_! #%!$-!#%!;)'(-$%$!b7-!#);E%;!'(:'7+$%r! /D!

%$-
.7-f%;! $-! %'7-:$)! %! <7']?;(<);! B%',):-;! ,%#-;! ')<)! #);! (+,-:-;-;! b7-! @:),-8-+4! #%!

!

#(

'#%;-4! :%f%! )! ':-$)! %#! b7-! @-:,-+-'-+4! #%! $)',:(+%! .7:?$('%! %! #%! b7-! ;-! %$](-:-+4! ;7;! e%#):-;!_!%',(,7$-;4!-,'Fr! TD!

#%! $)',:(+%! .7:?$('%! b7-! -;,9! <%;! e%#):%$%! )! $-! <)$%! -+! 7+! $-,-:<(+%$)!

<)<-+,)! ,(-+-! 7+%! 8:%+! (+B#7-+'(%! -+! '7A#-;! #-_-;! ;-! %@#('%+! _! #%! B):<%! -+! b7-! ;-! ')<=(+%+!-!(+,-:@:-,%+r! 1D!

-#! ')+)'(<(-+,)! _! 7;)! b7-! #%! 8-+,-! ')::(-+,-! _! ')
-i(;,-+,-;4!%;?!')<)!-#!;-+,($)!_!')<=(+%'(C+!b7-!]%8%+!#);!%=)8%$);!_!%=)8%$%;!e%+! $A+$)#-! 7+%! -;@-'(-! $-! h@)@7#%:($%$h! %! '(-:,%! ')<=(+%'(C+! $-! #-_-;4! %! '(-:,%;! (+,-:@:-,%'()+-;4!-,'Fr! QD!

#%;!@:-;()+-;!@)#?,('%;!_!-')+C<('%;!$-!#);!8:7@);!;)'(%#<-+,-!
)! $-! #);! @%?;-;!
7+%!#-_!b7-!+)!;-%!')+)'($%!@):!-#!')
##-+%$%! $-! ')+,-+($)! @):! -#! ')<@)+-+,-! -;,:7',7:%#4! %#! +)! -i(;,(:! #%! )@):,7+($%$! $-! %@#('%:#%!)!(+,-:@:-,%:#%F! H(!-#!')
!

#)

-DFG! KM&LNUM6K"! OUL! 6W*^WMUMVU! UHVJN6VNJ"L! UM! UL! 6W*^WMUMVU! ^WLYVK6W!6NLVNJ"L5! V%<=(9+! -#! ')<@)+-+,-! '7#,7:%#! -;! (+B#7($)4! #(<(,%$)! _! $-B(+($)! @):! -#! -;,:7',7:%#! @):b7-5! 2D!

#%!B):<%!-+!b7-!#%!#-_!-;!%$<(+(;,:%$%4!%@#('%$%!-!(+,-:@:-,%$%!;-:A!#)!b7-!#%!

<%_):?%!$-!#%!8-+,-!')+;($-:-!b7-!-;!-#!e-:$%$-:)!')+,-+($)!$-!#%!#-_!_!@):!-+$-4!;-:A! #%!#-_!b7-!:-;@-,%:A+F! PD!

-#! ')+)'(<(-+,)! _! %',(,7$-;! b7-! #%! 8-+,-! ,-+8%! B:-+,-! %! #%! #-_! ;)+! (+B#7($%;!

@):! #%;! %',(,7$-;! _! ')+$7',%;! $-! b7(-+-;! %$<(+(;,:%+! .7;,('(%4! @):b7-! -+! 8:%+! <-$($%! 9;,%;!$-,-:<(+%:A+!;(!#%!8-+,-!':--!-+!_!7,(#(f%!7+%!$-,-:<(+%$%!#-_,! /D!

-#! %''-;)! b7-! ,-+8%! #%! 8-+,-! %! #%! %$<(+(;,:%'(C+! $-! .7;,('(%! $-,-:<(+%! -+!

7+%!8:%+!<-$($%!#%;!%',(,7$-;!b7-!@7-$%+!,-+-:!B:-+,-!%!7+%!$-,-:<(+%$%!#-_F! TD!

-#! %''-;)! b7-! ,-+8%! #%! 8-+,-! %! #%! %$<(+(;,:%'(C+! $-! .7;,('(%! (+B#7_-! -+! #%!

$)',:(+%!.7:?$('%!b7-!;-!e%!':-%+$)!)!;-!e%!@)+(-+$)!$-!<)$%4!@):b7-!#%!$)',:(+%!b7-! ;-!'(,%!)!;(:e-!$-!B7+$%<-+,)!%!#%;!;-+,-+'(%;!-,'F4!+)!-;!#%!<(;<%!-+!7+!@%?;!-+!$)+$-! ]%_!7+!8:%+!%''-;)!%!#%!%$<(+(;,:%'(C+!$-!.7;,('(%!b7-!-+!),:)!$)+$-!+)!#%!]%_F! U;,);! @7+,);! b7-! ]-! -+7<-:%$)! ')+! :-#%'(C+! %! #%! <7,7%! $-B(+('(C+! -+,:-! #);! ')<@)+-+,-;4! ;)+! ;C#)! 7+);! $-! #);! <7']);! b7-! ;-! @7-$-+! @-+;%:F! U;,)_! ')+;'(-+,-! $-! b7-! '%$%! 7+)! $%! @%:%! ,)$%! 7+%! :-B#-i(C+!':(,('%!;)=:-!-#!B-+C<-+)!.7:?$(')4!#)!'7%#! +);! @7-$-! $-;e(%:! $-#! )=.-,(e)! $-#! @:-;-+,-! $)'7<-+,)F! ^):! -##)4! b7(-:)! -+B%,(f%:! b7-! -+! -;,-! '%;)! #)! (<@):,%+,-! -;! b7-! 7+%! e-f! b7-! ;-! ,(-+-! '#%:)! b7-! -#! O-:-'])! @);--! -;,);!,:-;!')<@)+-+,-;4!;-!!,-+$:A!')+'(-+'(%!$-!b7-!-#!%+A#(;(;4!@):!-.-<@#)4!$-!7+%! #-_!)!7+!@:)_-',)!$-!#-_!b7-!;C#)!;-!]%'-!$-;$-!;7!')<@)+-+,-!B):<%#!+):<%,(e)4!-;! 7+! %+A#(;(;! @%:'(%#! b7-! +)! $%:A! 7+! ')+)'(<(-+,)! ;7B('(-+,-<-+,-! )=.-,(e)! ')<)! @%:%! @)$-:!<-$(:!;7;!%#'%+'-;4!-B-',);!_!=-+-B('();F!V%<=(9+!;-!]%=:A!')<@:-+$($)!b7-!%#! ]%'-:!7+!%+A#(;(;!$-!#%!$)',:(+%!.7:?$('%! rel="nofollow">')<@)+-+,-!@)#?,(')!'7#,7:%#D4!-;!+-'-;%:()!e-:! 'C<)! 9;,%! ;-! ]%! ,:%$7'($)! -+! #-_-;! >')<@)+-+,-! B):<%#! +):<%,(e)D! )! 'C<)! -;! (+,-:@:-,%$%!_!%@#('%$%!@):!b7(-+-;!%$<(+(;,:%+!.7;,('(%!>')<@)+-+,-!-;,:7',7:%#DF!^-:)! <7'])!-+!+7-;,:)! '%;)! -;! -#(<(+%:! #%! ;7=):$(+%'(C+! $-! #%! <7.-:! _! +)! ')+e-:,(:+);! -+! -;@-'(%#(;,%;! -+! #%! !

#*

,9'+('%!.7:?$('%D4!@):b7-!')+!-;%!'#%:($%$!#);!@%;);!%!;-87(:!;-:A+!7+!@)')!$(B-:-+,-;!_! ;-!@:)B7+$(f%:A!
)&-'-(0-'F#-&-'%('"$#'.(1&%&)&*K#' ' F#-&'MH! V)<%:! ')+'(-+'(%! %! @%:,(:! $-! #%! -i@-:(-+'(%! @-:;)+%#4! $-! #%! ;7=):$(+%'(C+!$-#!89+-:)!B-<-+(+)!%#!<%;'7#(+)F! L%! ')+;'(-+,(f%'(C+! -;! (+$(;@-+;%=#-! @%:%! ')<@:-+$-:! #%! 8-+-:%#(f%'(C+! _! @:)B7+$($%$! $-! #%! $(;':(<(+%'(C+! _! ;7=):$(+%'(C+! $-! #%! <7.-:4! @):b7-! @-:<(,-! b7-! #%;! <7.-:-;!+);!$-<);!'7-+,%!b7-!+7-;,:%!-i@-:(-+'(%!(+$(e($7%#!_!@-:;)+%#!$-!;7<(;(C+4! -;! -+! :-%#($%$! 7+%! -i@-:(-+'(%! ')#-',(e%! _! @)#?,('%! $-! )@:-;(C+F! U;,)! ;-! #)8:%! -+B)'A+$)+);! -+! +7-;,:%;! -i@-:(-+'(%;! ')+':-,%;! _! -;@-'?B('%;4! @%:%! #7-8)! ]%'-:! #%;! 8-+-:%#(f%'()+-;! _! %=;,:%''()+-;! +-'-;%:(%;! b7-! +);! @-:<(,%+! ,-):(f%:! ;)=:-! #%! -i@-:(-+'(%! ')#-',(e%! $-! ;7=):$(+%'(C+F! U#! @:)'-;)! $-! ')+;'(-+,(f%'(C+! (<@#('%! #%! $-;%:,('7#%'(C+! $-#! $(;'7:;)! <%;'7#(+)4! @%:%! :-%:,('7#%:! -#! ;(8+(B('%$)! $-! +7-;,:%!

!

#+

-i@-:(-+'(%! ')<)! ;-:-;! %',(e%<-+,-! (+e)#7':%$%;! -+! #%! ')+;,:7''(C+! )! $-')+;,:7''(C+! $-!#%!;)'(-$%$F! U#!@:)'-;)!$-!')+;'(-+,(f%'(C+!+);!]%'-!;);@-']%:!$-!,)$%;!#%;!-;,:7',7:%;!_!$-! ,)$%;! #%;! (+;,(,7'()+-;! @%,:(%:'%#<-+,-! ')+;,:7($%;! -! (<@7-;,%;F! U;,%! ;);@-']%! +);! ]%'-! $7$%:! $-! #%! @:-,-+$($%! +-7,:%#($%$! $-! -;%;! (+;,(,7'()+-;4! @):b7-! e%<);! ')<@:-+$(-+$)!@)')!%!@)')4!b7-!-+!:-%#($%$!+)!;)+!h+-7,:%#-;h!+(!)=.-,(e%;!;(+)!b7-!%#! ')+,:%:()!;)+!%+$:)'9+,:('%;4!$('),C<('%;!_!<7']%;!e-'-;!]%;,%!<(;C8(+%;F! L%! ,)<%! $-! ')+'(-+'(%! B-<(+(;,%! ':-%! 7+! +7-e)! ')+)'(<(-+,)! b7-! -<-:8-! $-#! ')<@%:,(:4! ])+-;,%! _! ;):):%#<-+,-! +7-;,:%;! -i@-:(-+'(%;! ')+! ),:%;! <7.-:-;F! U;,)! +);! @-:<(,-!')<@:-+$-:!+7-;,:%;!$(B-:-+'(%;!-!($-+,(B('%:!#)!b7-!-;!')
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! //

!!

H-]+-($-:4! U#(f%=-,]r! '(,%$%! @):! j%,]-K(+-! VF! R%:,#-,! -+! c&-<(+(;,! L-8%#! *-,])$;dr! a%:e%:$! L%y! J-10,e3"\)#7<-!#0/4!&-=:7%:_!2330F!+7<=-:!T4!@A8F!`QT!

!

!

#"

^):! ;7@7-;,)4! #);! ])<=:-;Ee%:)+-;! ,%<=(9+! @7-$-+! ]%'-:! -;,-! @:)'-;)! ')+;'(-+,(fA+$);-!$-!;7;!@:(e(#-8();4!$-!#);!;-:e('();!b7-!:-'(=-+!$-!#%;!<7.-:-;!_!$-#! h@:-'()h!b7-!@%8%+!@):!9;,);4!+)!;C#)!-##);!;(+)!,%<=(9+4!#%;!<7.-:-;!_!-#!@#%+-,%F! "#87+%;! <7.-:-;4! -;@-'(%#<-+,-! #%;! @:)B-;()+%#-;4! ,(-+-+! $(B('7#,%$-;! @%:%! %;7<(:;-! ')<)! @-:;)+%;! $(;':(<(+%$%;F! "#-8%+! b7-! +7+'%! ]%+! ;7B:($)! #%! $(;':(<(+%'(C+4! b7-! ;7;! -;@););! #%;! %@)_%+! -+! ,)$)4! b7-! ]%+! -;'%#%$)! ]%;,%! $)+$-! ]%+!b7-:($)!-+!;7!e($%!#%=):%#4!b7-!;7;!h@%$:-!_!<%$:-h!#%;!,:%,%:)+!-i%',%<-+,-!(87%#! b7-! %! ;7;! ]-:<%+);! e%:)+-;4! b7-! -##%;! ,:%,%+! %! ;7;! ](.);! (87%#! b7-! %! ;7;! ](.%;4! -,'F! "7+b7-!-;,)!-;!$(B?'(#!$-!':--:4!-;!@);(=#-!b7-!%#87+%!b7-!),:%!<7.-:!]%_%!@)$($)!##-8%:! %!#%!e($%!%$7#,%!;(+!;7B:(:!%#87+%;!$-!#%;!')+;-'7-+'(%;!$-!#%!$(;':(<(+%'(C+!;-i7%#4!@-:)! -;!(<@);(=#-!b7-!7+%!<7.-:!b7-!e(e-!$-+,:)!$-!7+%!;)'(-$%$!@%,:(%:'%#!;-!@7-$%!#(=:%:! $-#! @)')! e%#):! b7-! -;,%! ;)'(-$%$! #-! $%! %#! ;-:! B-<-+(+)4! #)! '7%#! ,(-+-! ')+;-'7-+'(%;4! %7+b7-!,%#e-f!+)!')+;'(-+,-;4!-+!;7!%7,)-;,(<%4!;7!;-+,($)!$-#!_)4!;7!B):<%!$-!e-:!-#! <7+$)4! -,'F! *-+);! %g+! @7-$-! 7+%! <7.-:! %=;,:%-:G;-! $-! #%! e()#-+'(%! 8-+-:%#(f%$%! _! ;(;,-
!!

UK6aLUJ4! *%:8:(,4! MWM! HUzKHV! JUHU"J6a! *UVaWOH4! "##-+! É! N+y(+4! K+'F4! s(+']-;,-:4! *"4! NH"4!23``F!!

!

!

##

89+-:)4!TG!-#!$)=#-!@%:A<-,:)4!1G!-#!$-=-:!;-:!$-!'%$%!;-i)4!QG!-#!$('),)<(;<)!;-i7%#!_! SG!-#!B%<(#(;<)F! U+! -;,-! @%;)! +)! <-! :-B-:(:9! %#! B%<(#(;<)4! B):<%! $-! ;-i(;<)! b7-! @%:,-! $-! b7-! <7.-:! _! B%<(#(%! ;)+! ;(+C+(<);! _! b7-! @):! -+$-! ;7;! +-'-;($%$-;! -! (+,-:-;-;! ;)+! #);! <(;<);4! @):b7-! ')+;($-:)! b7-! -;! 7+%! -i@:-;(C+! $-#! ;-i(;<)! ,%+! 8-+-:%#(f%$%! -+! -#! '%<@)!.7:?$(')!b7-!$-=-!;-:!%+%#(f%$%!@):!%@%:,-!-+!-#!^"HW!TF! "b7?!,%<=(9+!-;!+-'-;%:()!-i@#('%:!b7-!$(e($(:!-+!$(;,(+,%;!-i@:-;()+-;!#)!b7-!-+! :-%#($%$! -;! 7+! ;C#)! B-+C<-+)4! -#! ;-i(;<)4! ;-! ]%'-! @%:%! B%'(#(,%:! #%! ')<@:-+;(C+! $-#! <(;<)4! @-:)! -+! +(+8g+! <)<-+,)! ;-! @)$:A! -+,-+$-:! b7-! ;)+! B-+C<-+);! ,),%#<-+,-! $(;,(+87(=#-;F! L%;! B):<%;! $-! ;-i(;<)! -;,A+! <7_! :-#%'()+%$%;! -+,:-! ;?4! ,%+,)! b7-! -+! %#87+);! '%;);! +)! ;-! @7-$-! -;@-'(B('%:! ;(! ;-! ,:%,%! $-! 7+%! 7! ),:%! B):<%F! H(+! -<=%:8)! $(e($(:! -#! ;-i(;<)! -+! -;,%;! $(;,(+,%;! B):<%;! @-:<(,-! %+%#(f%:#)! 8U637>@A58'6A'74:[6X'#%!
!

#$

#%;! +-'-;($%$-;! b7-! ,(-+-+! #);! ])<=:-;Å! $-! b7-! #%! <7.-:! ;-! <%+,-+8%! -+! ;7! :)#! -;,-:-),(@%$)F! W=e(%<-+,-4!-;,%!B):<%!$-!;-i(;<)!+)!;-!;)#7'()+%!')+!%8:-8%:!7+!'%@?,7#)!)!7+! %:,?'7#)!;)=:-!#%!<7.-:4!+(!;-!;)#7'()+%!')+!@:-;-+,%:!-#!@7+,)!$-!e(;,%!$-!7+%!<7.-:!%#(=(! )!<7.-:!')%:,%$%4!+(!,%<@)')!')+!-+7<-:%:!#);!,-::(=#-;!;7B:(<(-+,);!b7-!@%$-'(-:)+!#%;! <7.-:-;! %+,-! $-,-:<(+%$)! ]-'])F! V%<@)')! ;-! ;)#7'()+%! -#(<(+%+$)! -;%;! h@:),-''()+-;hF!;(+!:--<@#%f%:#%;!@):!%''()+-;!')::-',(e%;!b7-!@%:,%+!$-!#%;!e-:$%$-:%;! +-'-;($%$-;!$-!#%;!<7.-:-;F! H-!;)#7'()+%!'7%+$)!;-!%+%#(f%+!#);!]-']);!$-;$-!7+%!@-:;@-',(e%!$-!89+-:)4!-;! $-'(:! '7%+$)! ;-! %+%#(f%+! '7A#-;! ;)+! #%;! (<@#('%'()+-;! _! -B-',);! $-#! ]-'])! -+! '%$%! ;-i)F! H(! +);! @:-87+,%<);! b79! -i@-:(-+'(%! ]%+! ,-+($)! _! b79! :-;(;,-+'(%;! ]%+! )@7-;,)! #%;! <7.-:-;! _! #);! ])<=:-;! %+,-! -;-! ]-'])! )! ]-']);! ;(<(#%:-;! _! b79! :-#%'(C+! -i(;,-! -+,:-! %<=%;! -i@-:(-+'(%;4! -+,)+'-;4! #%;! ;)#7'()+-;! ;-! @:-;-+,%+! ,)<%+$)! -+! '7-+,%! #%;!+-'-;($%$-;!_!-i@-:(-+'(%;!$-!%<=);!;-i);F! ^%:%! ($-+,(B('%:! -#! %+$:)'-+,:(;<)! ,%#e-f! ;(:e-! ]%'-:;-! #%;! ;(87(-+,-;! @:-87+,%;5! vo7(9+! -;! -#! @:),),(@)4! @%:%$(8<%! )! <)$-#)! $-! -;-! ,-i,)w! vO-! b7(9+! ;)+! #%;! +-'-;($%$-;! b7-! ;-! @:-,-+$-+! ##-+%:w! vH-! #-! $%! (87%#! (<@):,%+'(%! %! #%! -i@-:(-+'(%! B-<-+(+%! b7-! %! #%! <%;'7#(+%w! v67A+,%;! @A8(+%;! )! :-+8#)+-;! #-! $-$('%+! %! #%! -i@-:(-+'(%!B-<-+(+%!-+!:-#%'(C+!%!#%!<%;'7#(+%w!vo79!e%#):-;!@:)<7-e-!-;%!#-_!)!b79! e%#):-;!;);,(-+-!-#!)!#%!%7,):%w!vo7(9+!-;!-#!)!#%!%7,):%w!v!U;,A!@:-;-+,-!)!(+e(;(=#-w! v^:-;-+,%! ;7;! )@(+()+-;! ')<)! 7+(e-:;%#-;w! vM-7,:%#-;w! vM)! #-! $('-! %! ;7;! #-',):-;! %! b79! '#%;-4! :%f%4! -,+(%4! ;-i)4! @:-B-:-+'(%! ;-i7%#4! ':--+'(%! :-#(8();%4! @)#?,('%! )! B(#);CB('%! @-:,-+-'-!)!;-!%$](-:-w! M);! $-=-<);! ]%'-:! -;,%;! _! ),:%;! @:-87+,%;! @):b7-! #);! ,-i,);! %+$:)'9+,:(');! %7+b7-! -;':(,);! $-;$-! #%! @-:;@-',(e%! $-#! ;-i)! <%;'7#(+)/1! _! 8-+-:%#<-+,-! $-! #);! ])<=:-;Ee%:)+-;!$-!#%;!'#%;-;!$)<(+%+,-;!$-!:%f%!=#%+'%4!]-,-:);-i7%#-;4!':(;,(%+);!_! ;(+! $(;'%@%'($%$-;! e(;(=#-;4! ;)+! @:-;-+,%$);! ')<)! ;(! B7-:%+! -;':(,);! $-;$-! +(+87+%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! /1

!!

"b7?! ')+e(-+-! %'#%:%:! b7-! <7']%;! <7.-:-;! ,%<=(9+! '%-+! -+! %+$:)'-+,:(;<)! '7%+$)! -;':(=-+! $-;$-!#%!@-:;@-',(e%!<%;'7#(+%F!U;!$-'(:4!+)!=%;,%!;-:!<7.-:!@%:%!-;,%:!#(=:%$%!$-!-;,%!B):<%!$-! ;-i(;<)F!

!

!

#%

@-:;@-',(e%4! +-7,:%#-;! -+! ,9:<(+);! $-! '#%;-4! ;-i)! _! :%f%4! -,'F4! _! NMK\UJH"LUH4! WRIUVK\WH! k! 6KUMVY&K6WHF! *7_! @):! -#! ')+,:%:()4! #);! ,-i,);! B-<(+(;,%;! +)! %+$:)'9+,:(');!8-+-:%#<-+,-!-i@#('(,%+!;7!@-:;@-',(e%!$-;$-!-#!(+('()4!@-:)!%7+b7-!+)! #%!-i@#('(,%:%+4!@:)+,)!e-:?%<);!b7-!-;,%<);!B:-+,-!%!7+%!@-:;@-',(e%!$(B-:-+,-F!U;,)!-;! %;?! @:-'(;%<-+,-! @):! -#! %+$:)'-+,:(;<)4! b7-! +);! ]%! ')+$('()+%$)! %! @-:'(=(:! #)! %+$:)'9+,:(')!')<)!#)!h7+(e-:;%#h4!#)!8-+9:(')!_!)=.-,(e)4!<(-+,:%;!b7-!7+%!@-:;@-',(e%! $(B-:-+,-!%!#%!$-!#);!$)<(+%+,-;!-;!@-:'(=($%!')<)!@%:'(%#!)!-;@-'?B('%F! ^-:)!#)!b7-!-;!@-):!%g+!-;!b7-!#)!b7-!;-!@-:'(=-!')<)!h#)!),:)h!)!#)!h-;@-'?B(')4!#)! +)! 8-+9:(')4! #)! +)! 7+(e-:;%#h4! ;-! (+B:%e%#):%! @):! '%:-'-:! @:-'(;%<-+,-! $-! #%;! '%:%',-:?;,('%;!$-!7+(e-:;%#($%$!_!)=.-,(e($%$!b7-!;C#)!%;)'(%<);!')+!#)!%+$:)'9+,:(')F! U;,%! '%:%',-:?;,('%! @%,:(%:'%#! $-! ,)<%:! %#! e%:C+! ')<)! <)$-#)! $-! #)! ]7<%+)4! B7-! $-+7+'(%$%!@):!hj%:-+!a):+-_!'7%+$)!;-!%,:-e(C!%!':(,('%:!-#!%+$:)'-+,:(;<)!$-!&:-7$! -+! #);! %[);! ,:-(+,%hF! "++-! O%e(+! -+! hs)<-+! %+$! a(;,):_h! $('-5! hH-! ]%! ,'#*%0&%$" &" (&" 2$7(&.0F/" :,),/0/&" U/0.&),/#," ,/" -,(&.0F/" &" (&'" /,.,'0%&%,'" 9" 2-,$.*2&.0$/,'" %," (&" .(&'," %$)0/&/#," )&'.*(0/&3" .$)$" 2&-#," %,(" )&-.$" %,.$-
$" $" .$)$" $7+,#$" %," */&" (,40'(&.0F/" 2&#,-/&(0'#&" 0(*'#-&%& rel="nofollow">>>" V&'" &.#010%&%,'" %," ($'" 6$)7-,'" .$/'#0#*9,/" ($" ,',/.0&("%,("%-&)&>"M&/.9"cHK*((01&/3"&*#$-&"%,"*/$"%,"($'",'.&'$'"(07-$'";*,"',"6&/" ,'.-0#$"'$7-,",("2&2,("%,"(&'")*+,-,'",/",("%,'.*7-0)0,/#$3".$/;*0'#&"9".$($/08&.0F/"%," !)=-0.&3" ;*,%&" 2,-2(,+&" &/#," ,(" '0(,/.0$" %," ($'" .-$/0'#&'" %," ^/%0&'" .$/" -,'2,.#$" &" (&'" )*+,-,'3" (&'" .*&(,'" &2&-,.,/" ,/" '*'" .-F/0.&'" &;*<" 9" &((I" ,'2$-I%0.&),/#," 9" 'F($" .*&/%$" ($'" 6,.6$'" 9&" /$" 2,-)0#,/" &(,+&-(&'" %,(" -,(&#$>" !" 2,'&-" %,(" $(10%$" ,/" ;*," 4,/,-&(),/#," (&'" #0,/,/" ($'" .-$/0'#&'3" &U/" 2*,%," '&.&-'," ,/#-," (
!!

N+!cO(''()+%:()!K$-)#C8(')!&-<(+(;,%h!K'%:(%!UOF4!R%:'-#)+%4!23`24!@F!/PF!

!

!

$'

<%+-:%! $-! ;-+,(:! _! -+! +7-;,:%! :-#%'(C+! ')+! #)! $(e(+)F! ^%:%! +%$(-! -;! 7+%! +)e-$%$! #%! %B(:<%'(C+!b7-!,)$%;!#%;!<%,-:(%;!b7-!%@:-+$-<);!-+!#%!-;'7-#%!;)+!%+$:)'9+,:('%;4!%! @-;%:! $-! b7-! @):! ;-:! #-8%#<-+,-! )=#(8%,):(%4! -#! U;,%$)! ,(-+-! 7+! $-=-:!
-"e(1&'

F,(%0!#%&'

'

Gw!G!

6%+,)!7+%!'%+'(C+!

!

G!w!G!

H-<=:C!7+%!<%,%!

L%!:-;@7-;,%!b7-!)B:-'-!-;,-!#(=:)!$-!,-i,)!%!#);!+([);!_!+([%;!-;5!hM)!]%_!$7$%! b7-!]%;!@7-;,)!kW!-+!#%!@:(<-:%!_!ZL!-+!#%!;-87+$%h! rel="nofollow">)=e(%<-+,-4!%!#);!_!#%;!%7,):%;! $-! -;,-! -.-:'('()! +)! ;-! #-;! )'7::(C! #%! %#,-:+%,(e%4! 8:%<%,('%#<-+,-! ')::-',%! ,%<=(9+5! ULL"DF! M)!;-!#-;!)'7::(C4!@):b7-!;(!#%!8:%
/S

!!

U+!#%!;-:(-!$-#!*(+(;,-:()!$-!U$7'%'(C+!$-!6FJF!ha"6K"!L"!LN{hF!b7-!;-!](f)!@);,G$-'-+()!$-!#%! <7.-:4!-#!S1F1x!$'!#);!@-:;)+%.-;!;)+!<%;'7#(+);F!

!

!

$&

'7%+$)!<7'])4!h-#!),:)h4!@-:)!-+!#%!<%_):?%!$-!#);!'%;);!;-!:-$7'-!%!')+B):<%:!@%:,-! $-!#%!+%,7:%#-f%!%!b7(-+!-#!])<=:-!$-=-!$)<(+%:F! \%:(%;! #(+8q(;,%;! B-<(+(;,%;! ]%+! ##%<%$)! #%! %,-+'(C+! ;)=:-! -#! B-+C<-+)! $-! #);! ,9:<(+);!h<%:'%$);h4!b7-!;-!:-B(-:-+!%!7+%!:-#%'(C+!%;(<9,:('%!-+,:-!$);!'%,-8):?%;!b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h#%;!B#):-;!B7-:)+!'):,%$%;!@):!-##);h4! ;-! @7-$-! -;,%:! ]%'(-+$)! :-B-:-+'(%! %! 7+%;! B#):-;! b7-! B7-:)+! '):,%$%;! ,%+,)! @):! 7+! 8:7@)!$-!;C#)!])<=:-;!')<)!@):!7+!8:7@)!$-!])<=:-;!_!<7.-:-;4!<(-+,:%;!b7-!#%!B:%;-! h#%;! B#):-;! B7-:)+! '):,%$%;! @):! -##%;h! ;C#)! ]%'-! :-B-:-+'(%! %! 7+%;! B#):-;! b7-! B7-:)+! '):,%$%;! @):! 7+! 8:7@)! $-! <7.-:-;F! *A;! %$-#%+,-! e-:-<);! ')<)! -+! :-#%'(C+! %! #);! $-:-']);! ;7=.-,(e);! )! ]7<%+);4! -#! 7;)! $-#! ,9:<(+)! h])<=:-h! @%:%! $-;(8+%:! ,%+,)! %#! e%:C+!')<)!%!#%!-;@-'(-!,)$%4!]%!,:%?$)!')+B7;()+-;!_!+);!]%!#(<(,%$)!%!#%;!<7.-:-;!-+! -#!7;)!_!8)'-!$-!#);!<(;<);F! L%;! <7.-:-;! e(e(<);! (+<-:;%;! -+! -;,%! ;)'(-$%$! @%,:(%:'%#! %+$:)'9+,:('%4! $-! <%+-:%! b7-! +);),:%;! ,%<=(9+! @-+;%<);! _! ;-+,(<);! %+$:)'9+,:('%<-+,-F! ^):! -;)! +)! +);! -i,:%[%+! ! ,-):?%;! ! ;)=:-! #%! -e)#7'(C+! $-#! ;-:! ]7<%+)! ')<)! #%;! b7-! @%:,-+! g+('%<-+,-! $-#! e%:C+! $-! #%! -;@-'(-4! b7-! ;);,(-+-! 7+! O-;<)+$! *)::(;! -+! UL! *WMW! OUHMNOW4!@):!'(,%:!7+!h=-;,!;-##-:h!$-!#);!%[);!Q0F!H-8g+!-;,-!%+,:)@C#)8)!#%!:%fC+! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! /`

!!

L"MXL"MO4! U#(f%=-,]F! "! &U*KMKHV! ^UJH^U6VK\U! KM! VaU! "6"OU*k5! VaU! OK&&UJUM6U! KV! *"jUH4!N+(e-:;(,_!)B!6]('%8)!^:-;;4!6]('%8)4!23`/F!@F!220F!

!

!

$(

$-!b7-!#);!;-:-;!]7<%+);!'%<(+-<);!-:-',);!;-!$-=-!%!b7-!#);!])<=:-;!+-'-;(,%=%+! ;7;! =:%f);! @%:%! #%+f%:! @(-$:%;! _! ),:);! )=.-,);! ')+,:%! #);! %+(<%#-;! b7-! @:-,-+$?%+! '%f%:F! U;,-! <(;<)! %+,:)@C#)8)! -+! -;,-! <(;<)!#(=:)!;);,(-+-!b7-!$-;$-!;(-<@:-!]7=)! 7+%! $(e(;(C+! ;-i7%#! $-#! ,:%=%.)! -+! #%! b7-! #);! ])<=:-;! '%f%=%+! _! #%;! <7.-:-;! :-')#-',%=%+! _! '7($%=%+! $-! #%! @:)#-F! H(! g+('%<-+,-! #);! ])<=:-;! '%f%=%+4! ;C#)! -##);! +-'-;(,%=%+! ;7;! =:%f);! @%:%! #%+f%:! @(-$:%;! _! ),:);! )=.-,);! _! ;C#)! -##);! ;-! e(-:)+! -+,)+'-;4!-+!#%!+-'-;($%$!$-!'%<(+%:!-:-',);F!U;,%!,-):?%!b7-!+);!-;!@:-;-+,%$%!')<)! 7+%!,-):?%!;)=:-!#%!B):<%!$-!'%<(+%:!$-!,)$);!#);!;-:-;!]7<%+);4!+)!-i@#('%!@):!b79! #%;! <7.-:-;! ,%<=(9+! '%<(+%<);! -:-',%;! _! ;(+! -<=%:8)4! A! @:(<-:%! #-?$%4! +(! +);),:%;! <(;<%;!+);!;-+,(<);!-i'#7($%;!$-!;7!,-):?%F! Ui(;,-! 7+! -.-:'('()! <7_! ;(<@#-! @%:%! $-,-',%:! ;(! 7+%! ,-):?%! )! 7+! :-;7#,%$)! $-! 7+%! (+e-;,(8%'(C+!-,'F4!]%!'%?$)!-+!%+$:)'-+,:(;<)F!6)+;(;,-!-+!(+e-:,(:!#%!,-):?%!]%'(9+$)#%! 8(+)'9+,:('%F! ";?! -+! -#! -.-<@#)! '(,%$)! %+,-:():<-+,-! ;)=:-! -#! @):! b79! -#! ;-:! ]7<%+)! '%<(+%! -:-',)! #--:?%<);5Å! h67%+$)! +7-;,:);! %+'-;,:);! $-;'-+$(-:)+! $-! #);! A:=)#-;4! ,7e(-:)+!b7-!'%<(+%:!-:-',);!@):b7-!+-'-;(,%=%+!;7;!=:%f);!@%:%!:-')8-:!#);!B:7,);!_! '%:8%:!%!;7;!@-b7-[);!<(-+,:%;!#);!%<%<%+,%=%+hF!U;!BA'(#!:-')+)'-:!-#!8(+)'-+,:(;<)! v+)! -;! %;?w! ^-:)! ;(! 7+%! ,-):?%! ;7-+%! @%:'(%#! )! :($?'7#%! '7%+$)! ;-! (+e(-:,-! $-! -;%! <%+-:%4!,%<=(9+!-;!@%:'(%#!_!:($?'7#%!-+!;7!B):<%!):(8(+%#!;C#)!b7-!+)!+);!'])'%!@):b7-! -;,%<);! %');,7<=:%$%;E);! %! #%! (+e(;(=(#($%$F! U;,%<);! %');,7<=:%$%;E);! %! #--:! _! -;'7']%:!-i@#('%'()+-;!$-!#)!]7<%+)!b7-!+);!$-.%+!,),%#<-+,-!@):!B7-:%4!<(-+,:%;!b7-! +);!;-+,(<);!(+'C<)$%;E);!'7%+$)!;-!)#e($%!%#!e%:C+F!k!-;,)!-;!%;?!@:-'(;%<-+,-!@):! -;,%!'%:%',-:?;,('%!$-#!@%,:(%:'%$)!b7-!,)<%!')<)!<)$-#)!$-!#)!]7<%+)!%#!e%:C+!$-!#%! -;@-'(-F!^):!-##)4!'7%+$)!-#!e%:C+!B%#,%4!,%+,)!])<=:-;!')<)!<7.-:-;!;-+,(<);!b7-!B%#,%! #)!]7<%+)F! H(+! -<=%:8)4! -;,%! <%+-:%! $-! @-+;%:! _! ;-+,(:! -;,A! '%<=(%+$)! _! ;-87(:A! '%<=(%+$)!@):!#%!B7-:f%!$-!#%!-e($-+'(%F!^%:%B:%;-%+$)!%!&:-7$4!@)$:?%<);!%B(:<%:!b7-! -#! ])<=:-! ]%! ;7B:($)! ,:-;! 8:%+$-;! ]7<(##%'()+-;! -+! #);! ,(-<@)! <)$-:+);F! L%! @:(<-:%! B7-!#%!$-!X%#(#-)4!b7(-+!$-<);,:C!b7-!#%!V(-::%!+)!-;!-#!'-+,:)!$-#!;(;,-<%!;)#%:!;(+)!-#! H)#r!#%!;-87+$%!-;!#%!$-!O%:y(+4!b7(-+!$-<);,:C!b7-!-#!])<=:-!+)!]%=?%!;($)!':-%$)! $(:-',%<-+,-! @):! #%;! <%+);! $-! 7+! 6:-%$):! ;(+)! b7-! -:%! 7+! @:)$7',)! $-! #%! -e)#7'(C+4! $-;'-+$(-+,-! $-! #);! <)+);r! _! #%! ,-:'-:%! -;! #%! $-! #%;! B-<(+(;,%;4! b7(-+-;! -;,%<);! !

$)

$-<);,:%+$)!b7-!-#!])<=:-Ee%:C+!+)!-;!-#!<)$-#)!$-!#)!]7<%+)!;(+)!;C#)!7+%!$-!;7;! e%:(%+,-;F! ^)$:?%<);!%B(:<%:!b7-!;(!7+!,-i,)!+)!-i@#('(,%!;7!@-:;@-',(e%4!-;!7+%!;-[%#!$-!b7-! <7_! @);(=#-<-+,-! -#! ,-i,)! ;-%! %+$:)'9+,:(')F! ^-:)! %g+! '7%+$)! #)! -i@#('(,-4! -;! (<@):,%+,-! b7-! +);! ]%8%<);! #%;! @:-87+,%;4! @):b7-! ]%_! (+e-;,(8%'()+-;! b7-! %#! (+('()! -i@#('(,%+! b7-! -#! )=.-,)! $-! -;,7$()! -;! h#);! ;-:-;! ]7<%+);! $-! %<=);! ;-i);! @-:,-+-'(-+,-;!%!$-,-:<(+%$)!8:7@)4!@-:)!7+%!#-',7:%!$-;$-!7+%!@-:;@-',(e%!$-!8-+-:)! @:)+,)!$-;'7=:-!b7-!%7+b7-!#%!(+,-+'(C+!B7-!$-!-;,7$(%:!%!%<=);!;-i);!h+-7,:%#<-+,-h4! #%!:-%#($%$!B7-!b7-!;-!-;,7$(C!%!%<=);!@-:)!$-;$-!#%!@-:;@-',(e%!$-#!;-i)!<%;'7#(+)4! ,)6;636>4:@X4U@D3' )'7::-! '7%+$)! 7+! -;,7$()! %+%#(f%! ;)#%<-+,-! #%! ')+$7',%! $-#! ;-i)! <%;'7#(+)! _! @:-;-+,%! #);! :-;7#,%$);! $-! -;-! -;,7$()! ')<)! eA#($);! @%:%! %<=);! ;-i);F! U;,%! @:A',('%! ;-! ]%! ##-e%$)! %! '%=)! ;(;,-"?/"(&"',4*/%&",%0.0F/"%,"\[?"f^C\[" !

$*

!MQ" Q?!\[" ch" J?!M^Mi3" 2*7(0.&%$" ,/" BPjB3" f,.g,-" *'&" ($'" #=-)0/$'" @6$)7-,@3" @=(@3" @,(" 0/%010%*$@3" .*&/%$" ,'#I" ,E2(0.&/%$" (&" 0)2$-#&/.0&"%,"(&"&*#$,'#0)&3"9"($'"*#0(08&"%,"#&(")&/,-&";*,"%&"(&" 0)2-,'0F/";*,"',",'#I"-,:0-0,/%$"#&/#$"&"6$)7-,'".$)$"&")*+,-,'>" X,-$3" .*&/%$" 6&.," -,:,-,/.0&" &" ($'" @'<)7$($'" 2,.*(0&-,'@" ;*," @,(" 0/%010%*$@"',":$-)&",/"'*"),/#,"2&-&"',/#0-',"70,/".$/'04$")0')$3" (&a,(" (,.#$-R&S" ,)20,8&" &" ,/#,/%,-" ;*," ,'," 0/%010%*$" '0/" 4=/,-$" ] /,*#-&(]"%,(".*&(",'#I"6&7(&/%$"f,.g,-3",'"%,"6,.6$3")*9")&.6$>" ?'$'" @'<)7$($'" 2,.*(0&-,'A" /$'" %0.," f,.g,-3" 0/.(*9,/" /$" '$(&),/#," @,(" %0/,-$" ;*," =(" &.*)*(F3" (&" 2,(<.*(&" ;*," =(" %0-040F3" ,(" (07-$" ;*," =(" 2*7(0.F3" '0/$" #&)70=/" V!" Jkl?C" mk?" nV" K?Qklc@>" ?/" /0/4U/" )$),/#$" '," 2-,4*/#&" f,.g,-" ;*=" (," 2*,%," 6&7,-" 2&'&%$"2$-"(&"),/#,"&",'&")*+,-"',%*.0%&"9"),/$'"&U/".F)$"(," &:,.#F",/"'*"&*#$,'#0)&",'&"',%*..0F/>"Q,'%,",("2*/#$"%,"10'#&"%," f,.g,-3"&2&-,/#,),/#,"($";*,",((&"2*,%&"',/#0-"/$",'"0)2$-#&/#,3" ,((&" ,'" -,%*.0%&" &" */" @'<)7$($" 2,.*(0&-@" ;*," ,E0'#," 'F($" ,/" (&" ),/#,"%,("6$)7-,"2&-&"6&.,-($"',/#0-',"70,/".$/'04$")0')$@>WP" \-<);! %;?! ')<)! #);! @:)+)<=:-;! <%;'7#(+);4! #);! '7%#-;! ;-8g+! #%! 8:%66A=6U@C@U@949'-;!#%!),:%!'%:%!$-!#%!<)+-$%!$-!-;,%!B):<%!$-!;-i(;<)!_! ')+;(;,-! -+! @:-;-+,%:! ')<)! -;@-'(B(')! $-! 7+! ;-i)4! '(-:,%;! +-'-;($%$-;4! %',(,7$-;! -! (+,-:-;-;!b7-!-+!:-%#($%$!;)+!$-!%<=);F!^):!-.-<@#)4!;-!]%=#%!$-!#%!(<@):,%+'(%!$-!#%! @:-;-+'(%! $-! #%! <%$:-! $7:%+,-! -#! $-;%::)##)! $-! #%;E);! ](.%;E);! -+! e-f! $-! ]%=#%:! $-! #%! (<@):,%+'(%!$-!#%!@:-;-+'(%!$-!#%!<%$:-!_!$-#!@%$:-!-+!-;-!$-;%::)##)F! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! /3

!!

O)+)e%+!É!V;'](:]%:,4!sW*UM!É!HUL&GUHVUU*F!^-+87(+!R))t;4!MFkF!23`T4!@F!T!>V:%$7''(C+!$-! "F!&%'()DF!

!

!

$+

L%! A8_>6;636>4:@X4U@D3' ,%<=(9+! ;-! $%! '7%+$)! 7+! -;,7$()! ;-! @:-;-+,%! $-! ,%#! <%+-:%!b7-!-;!(<@);(=#-!)!<7_!$(B?'(#!;%=-:!;(!;-!,:%,%!$-!7+)!7!),:)!;-i)F!^):!-.-<@#)4! ;-!]%=#%!$-!#%!-e)#7'(C+!$-!#);!h$-:-']);!]7<%+);h!;(+!,)<%:!-+!'7-+,%!b7-!<7']);! $-!-##);!B7-:)+!@:)<7#8%$);!)!')+'-@,7%#(f%$);!'7%+$)!;C#)!@)$?%+!;-:!8)f%$);!@):!-#! ;-i)! <%;'7#(+)4! #)! b7-! ]%'-! <7_! $(B?'(#! ;%=-:! ;(! ,)$);! ;)+! (87%#<-+,-! eA#($);! @%:%! %<=);! ;-i);4! )! ;(! @%:%! #%! <7.-:! #%! ](;,):(%! $-! #);! h$-:-']);! ]7<%+);h! :-G@:-;-+,%! :-%#<-+,-!7+%!h-e)#7'(C+hF! U#!#-+87%.-!b7-!;-!7,(#(f%!-+!#%;!#-_-;!B):<%#<-+,-!@:)<7#8%$%;!-;!8-+-:%#<-+,-! ),:)! -.-<@#)! $-! ;)=:-G8-+-:%#(f%'(C+4! _%! b7-! ;-! 7,(#(f%! -#! <%;'7#(+)! @%:%! h;7@7-;,%<-+,-h! :-B-:(:;-! %! %<=);! ;-i);4! ]%'(-+$)!'%;(!K<@);(=#-!;%=-:!'7A+$)!-;,A! -i'#7($%!#%!<7.-:!;(+)!;-!:-'7::-!%!#);!%+A#(;(;!b7-!%b7?!@#%+,-%<);F! U;,%! B):<%! $-! ;-i(;<)! ;-! ;)#7'()+%! -;@-'(B('%+$)! -#! ;-i)! b7-! ;-! 7,(#(fC! ')<)! <)$-#)! $-#! -;,7$()! )! $-! #%! #-_4! )! 7,(#(f%+$)! 7+! #-+87%.-! b7-! (+'#7_%! %! %<=);! ;-i);! '7%+$)!:-%#<-+,-!%<=);!-;,A+!(+'#7($);F!"b7?!-;!(<@):,%+,-!]%'-:!9+B%;(;!-+!b7-!-;,%! B):<%!$-!;-i(;<)!+)!;-!;)#7'()+%!')+!7;%:!,9:<(+);!8-+9:(');!_!+%$%!@%:%! +)! '%-:! -+! ;)=:-;@-'(B('($%$! )! ;)=:-8-+-:%#(f%'(C+!;-8g+!-#!'%;)D4!;(+)!b7-!;-!]%=#%!-+!,9:<(+);!8-+9:(');!>-;!$-'(:4! -+!,9:<(+);!;7@7-;,%<-+,-!(+'#7;(e);!$-!%<=);!;-i);D!$-!,%#!B):<%!b7-!;-!(<@);(=(#(f%! -#! ')+)G'(<(-+,)! $-! ;(! -i(;,-+! $(B-:-+'(%;! -+,:-! #);! ;-i);! ')+! :-;@-',)! %#! 7;)! $-! 7+! $-:-'])!)!%#!b7-=:%+,%<(-+,)!$-!7+%!#-_4!-,'F!H-!@%:,-!$-!b7-!#);!])<=:-;Ee%:)+-;!_! #%;!<7.-:-;!;)+!(87%#-;!_!-;,A+!(+'#7($);!-+!-;-!,9:<(+)!8-+9:(')4!@-:)!:-;7#,%!b7-!-+! :-%#($%$! -:%! <-.):! b7-! ]7=(-;-+! ;-87($)! ]%=#%+$)! -+! ,9:<(+);! <%;'7#(+);! @):b7-! -#! @%:%$(8<%!-;!-#!])<=:-F!^):!-.-<@#)4!;-! @:-;-+,%+!,%;%;!_!@):'-+,%.-;!$-!h@-:;)+%;! @:(e%$%;!$-!#(=-:,%$h!_!+)!;-!-;@-'(B('%!;7!;-i)!]%'(-+$)!':--:!b7-!;-!]%'-!:-B-:-+'(%! %!%<=);!;-i);!_!]%'(-+$)!(<@);(=#-!;%=-:!#%;!$(B-:-+'(%;!-+,:-!%<=);4!$(B-:-+'(%;!b7-!

!

$"

8-+-:%#<-+,-! ;)+! :-'%#'%$%;! -+! ),:);! ')+,-i,);! _! b7-! %$-8' ;-! @:-;-+,%! '7%+$)! ;-! (8+):%! #%! e%:(%=#-! ;-i)! ')<)!7+%!e%:(%=#-!;)'(%#G<-+,-!(<@):,%+,-!)!eA#($%F!U;,-!-;!-#!'%;)!$-!'%;(!,)$);!#);! -;,7$();!b7-!;-!]%'-+!;)=:-!#);!-B-',);!$-!$-,-:<(+%$%;!#-_-;!)!@)#?,('%;4!'7%+$)!;-! )#e($%! b7-! #);! ;-i);! ,(-+-+! 89+-:)! _! b7-! #);! -B-',);! ;)+! $(;,(+,);! -+! '%$%! ;-i)! ;(! ;-! ,)<%+! -+! '7-+,%! #);! :)#-;! ;-i7%#-;4! #%! e%#):%'(C+! $-! '%$%! 89+-:)4! #%! 7,(#(f%'(C+! $-#! ,(-<@)! _! -#! -;@%'()! $(B-:-+'(%$%! @%:%! '%$%! ;-i)4! -#! <-+):! @)$-:! $-#! ;-i)! B-<-+(+)4! -,'F! 67%+$)! +)! ;-! ,)<%! #%! e%:(%=#-! 89+-:)! -;! (<@);(=#-! ($-+,(B('%:! '7A#-;! ;)+! #);! @:)=#-<%;!b7-!+)!;-!e(-:)+!@%:%!7+)!7!),:)!;-i)4!@):b7-!;-+'(##%<-+,-!#%!(+B):<%'(C+! +)!-;,A!@:-;-+,-F! U+! %#87+);! '%;);! #%! (+;-+;(=(#($%$! %#! 89+-:)! @7-$-! ;-:!
!

$#

%#!,:%,%:!$-!<-.):%:!#%!;(,7%'(C+!$-!#%!<7.-:!:7:%#4!+)!;-!,)<%!-+!'7-+,%!;7!$)=#-!)!]%;,%! ,:(@#-! .):+%$%! #%=):%#4! ;7! <7_! @:)=%=#-! =%.%! %7,)-;,(<%4! ;7! <-+):! (+8-;,(C+! $-! @:),-?+%;4! -,'F4! _! ;-! @:)<7-e-+! @:)_-',);! @%:%! -#-e%:! ;7! +(e-#! -')+C<(')! b7-! #)! b7-! ]%'-+! -;! -#-e%:! ;7;! .):+%$%;! $-! ,:%=%.)4! $(;<(+7_-+$)! e(;(=#-<-+,-! ;7! ;%#7$! %#! $(;<(+7(:!;7;!]):%;!$-!;7-[)F! U+! <%,-:(%! #-8(;#%,(e%! ;-! $%! <7'])! -;,%! B):<%! $-! ;-i(;<)! '7%+$)! ;-! (8+):%! #%! -i(;,-+'(%!$-!#%;!<7.-:-;!-+!#%!@:)<7#8%'(C+!$-!#-_-;!;7@7-;,%<-+,-!h8-+9:('%;h4!@-:)! ,%<=(9+!;-!$%!'7%+$)!;-!@:)<7#8%+!#-_-;!b7-! ;?!,)<%+!-+!'7-+,%!%!#%!<7.-:!_!]%;,%! '7%+$)! #-! ),):8%+! 7+! $-:-'])F! ^-+;-<);! @):! -.-<@#)4! -+! @:)@7-;,%;! #-8(;#%,(e%;! b7-! %7<-+,%+!#%;!#('-+'(%;!@):!<%,-:+($%$!;(+!,)<%:!),:%!;-:(-!$-!<-$($%;4!@%:%!+)!%B-',%:! +-8%,(e%<-+,-! -#! %''-;)! $-! #%! <7.-:! %#! <-:'%$)! #%=):%#F! U;,-! ,(@)! $-! <-$($%;! -;! (+;-+;(=#-;! %#! 89+-:)4! @):b7-! %7+b7-! #%! #-8(;#%'(C+! -;,A! ),):8%+$)! 7+! $-:-'])! <7_! +-'-;(,%$)!@):!#%;!<7.-:-;4!%#!+)!,)<%:!-+!'7-+,%!#%!-;,:7',7:%'(C+!$-!89+-:)!b7-!,(-+-! -#! <-:'%$)! #%=):%#! ,%<=(9+! #-! -;,A! '%7;%+$)! 7+! @-:.7('()!%#!$(B('7#,%:#-!-#!%''-;)!%!7+! -<@#-)F! O-! +7-e)4! -;,%! B):<%! $-! ;-i(;<)! ;-! ;)#7'()+%! (+'#7_-+$)! #%! e%:(%=#-! 89+-:)! -+! ,)$)!-#!b7-]%'-:!]7<%+)4!,-+(-+$)!@:-;-+,-;!#);!:)#-;!$-;-<@-[%$);!@):!'%$%!;-i)4! #%!e%#):%'(C+!b7-!'%$%!;-i)!:-'(=-4!#%!%7,)-;,(<%4!#%;!]):%;!,:%=%.%$%;!@%:%!$%:!'7-+,%! $-! #);! -B-',);! -+! '%$%! ;-i)! $-! 7+%! #-_4! 7+%! (+e-;,(8%'(C+! )! 7+%! @)#?,('%F! H(! ;-! -;! ;-+;(=#-! %#! 89+-:)! @-:)! ;(<@#-<-+,-! +)! -i(;,-! (+B):<%'(C+! %$-'7%$%4! #)! ')::-',)! -;! ;-[%#%:!b7-!+)!;-!,(-+-!-;%!(+B):<%'(C+!@%:%!%#!<-+);!+)!')+B7+$(:!#);!-B-',);!-+!7+! $-,-:<(+%$)!;-i)F! 6)+!:-;@-',)!%!#%!(+;-+;(=(#($%$!%#!89+-:)!#%!@:-87+,%!b7-!]%_!b7-!]%'-:;-!-;!;(! ;-! ]%! ,)<%$)! -+! '7-+,%! -#! ]-'])! $-! b7-! #%;! <7.-:-;! ;)<);! <-+);! e%#):%$%;4! ,:%=%.%<);!
!

$$

<7.-:-;!)4!@-):!%g+4!b7-!#%;!-i@-:(-+'(%;4!(+,-:-;-;!_!+-'-;($%$-;!$-!#%;!<7.-:-;!+)! ;)+!;7B('(-+,-<-+,-!(<@):,%+,-;!')<)!@%:%!,)<%:#%;!-+!'7-+,%F! TF!G!U#!@:)=#-<%!$-#!98_:6'=4 rel="nofollow">?567>8'-;!;(<(#%:!%!#)!b7-!<7']%;E);!')+)'-<);! ')<)! #%! $)=#-! <):%#F! H-! $%! '7%+$)! 7+%! <(;<%! ')+$7',%4! 7+%! ;(,7%'(C+! ($9+,('%! _E)! '%:%',-:?;,('%;! ]7<%+%;4! ;)+! e%#):%$%;! )! -e%#7%$%;! ')+! $(;,(+,);! @%:A<-,:);! )! $(;,(+,);! (+;,:7<-+,);! @%:%! 7+)! _! ),:)! ;-i)4! B7+$%<-+,%$%;! @:-'(;%<-+,-! -+! -#! $('),)<(;<)! ;-i7%#! _! -+! -#! $-=-:! ;-:! $-! '%$%! ;-i)F! U;,%! B):<%! $-! ;-i(;<)! #%! -+')+,:%<);!<7_!%!<-+7$)!-+!6);,%!J('%4!$)+$-!-#!%$7#,-:()!-+!-#!')<@)+-+,-!B):<%#! +):<%,(e)! -;! '%7;%#! $-! $(e):'()! @%:%! %<=);! 'C+_78-;! _! ;(+! -<=%:8)4! -+! $(;,(+,%;! ;-+,-+'(%;! $-! $(e):'()! @):! -;%! '%7;%#! 7+! <(;<)! ]-'])4! #%! (+B($-#($%$4! -;! -e%#7%$)! $(;,(+,%<-+,-!;(!-;!')<-,($)!@):!-#!'C+_78-!$-!;-i)!<%;'7#(+)!b7-!;(!-;!')<-,($)!@):! #%!$-#!;-i)!B-<-+(+)F! N+! -.-<@#)! ,:(;,-! _! 'C<(')! %! #%! e-f! $-#! $)=#-! @%:A<-,:)4! #)! -+')+,:%<);! -+! -#! ;(87(-+,-!,-i,)!b7-!B7-!:-@:)$7'($)!-+!-#!M)F!/!$-!#%!@:(<-:%!:-e(;,%!B-<(+(;,%!$-!6);,%! J('%4!h\-+,%+%h5T0! !

+,'-.(/(0(' " n("#0,/,"*/&":$#$" %,"'*":&)0(0&",/",(",'.-0#$-0$" " o!6p"k/"2&%-,"%,":&)0(0&"'F(0%$" .$/'.0,/#," %," '*'" -,'2$/'&70(0%&%,'" " K*",'.-0#$-0$",'#I"%,'$-%,/&%$" o?'"*/"6$)7-,"#&/"$.*2&%$p" " n("6&7(&".$/"'*'".$(,4&'>"" n(" %,7," ,'#&-" %0'.*#0,/%$" */" U(#0)$"&.*,-%$>" " n("/$",'#I",/"'*"2*,'#$>"" Q,7,",'#&-",/"*/&"-,*/0F/>"

! 1,,('-.(/(0(' " ?((&"#0,/,"*/&":$#$" %,"'*":&)0(0&",/",(",'.-0#$-0$>" " J)))>"oK*":&)0(0&",'#&-I" &/#,'";*,"'*".&--,-&p" " K*",'.-0#$-0$",'#I"%,'$-%,/&%$" o!9p" ?((&" ,'" %,'$-4&/08&%&" 9" %0'2,-'&" " ?((&"6&7(&".$/"'*'".$(,4&'>" ?((&"'04*,",/"2*-$'".$2*.6&$'>" " ?((&"/$",'#I",/"'*"2*,'#$>" oQ,"/*,1$",/",("7&5$p" "

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! T0

!!

!

U+!7+%!+),%!%#!@(-!$-!@A8(+%!$-!-;,%!:-@:)$7''(C+!;-!(+B):<%!b7-!-#!,-i,)!B7-!,)<%$)!$-#!R)#-,?+! M)F!2P!$-#!6?:'7#)!$-!U;,7$();!$-!#%!*7.-:F!O-;%B):,7+%$%<-+,-!+)!;-!(+'#7_C!-#!@%?;!$-!):(8-+!$-! -;,-!R)#-,?+4!+(!,%<@)')!-#!+)<=:-!$-!#%!)!#%;!%7,):%;4!@):!#)!b7-!+)!@7-$)!$%:#-;!-#!':9$(,)!b7-!;-! <-:-'-+F!



%$ " M$",'#I",/"'*"$:0.0/&>"" K,"-,U/,".$/"($'"%,(,4&%$'>" " n(" &()*,-8&" .$/" ,(" i,-,/#," i,/,-&(>" oK,4*-$";*,"($"1&/"&"&'.,/%,-p" " ?("4,-,/#,"(,"((&)F"(&"&#,/.0F/>"" ?("),+$-&-I"'*"-,/%0)0,/#$>" " V$"#-&#&-$/"0/+*'#&),/#,>" _K,",/$+F`" " n("',".&'&>" q&"&",'#&-")I'"#-&/;*0($>" " \0,/,"*/"7,7=>"" M,.,'0#&-I" */" &*),/#$" %," '*,(%$>" " n("2&-#,",/")0'0F/>"" ?'"7*,/$"2&-&"'*".&--,-&>" " n("20%0F"*/"#-&'(&%$>"" n(" '&7," -,.$/$.,-" */&" 7*,/&" $.&'0F/>" !

?((&"/$",'#I",/"'*"$:0.0/&>" K,"&--&/.F"&"6&.,-".$)2-&'>" " ?((&" &()*,-8&" .$/" ,(" i,-,/#," i,/,-&(>" oK,4*-$";*,"'$/"&)&/#,'p" " ?("4,-,/#,"(,"((&)F"(&"&#,/.0F/>" ?((&"',"2$/%-I"60'#=-0.&>" " V&"#-&#&-$/"0/+*'#&),/#,>" _K,"2*'$"&"(($-&-`" " ?((&"',".&'&>" X-$/#$",'#&-I",)7&-&8&%&"9"'," 0-I>" " \0,/,"*/"7,7=>" q&" &" .$'#&-" )I'" .&-&" &" (&" ,)2-,'&>" " ?((&"2&-#,",/")0'0F/>" _m*="%0-I"'*")&-0%$`" " ?((&"20%0F"*/"#-&'(&%$>" ol&)I'"',"2*,%,".$/#&-".$/"(&'" )*+,-,'p"

V)<%$)!$-!R)#-,?+!M)F!2PF!6?:'7#)!$-!-;,7$();!$-!#%!<7.-:F!

!

! ! 6#%:)! b7-! -#! $)=#-! @%:A<-,:)! +)! -;! ,%+! )=e()! -+! #);! ,-i,);! #-8%#-;4! @-:)! ;(#)! @)$-<);! $-;'7=:(:! %! ,:%e9;! $-! 7+%! #-',7:%! '7($%$);%! ')+! #);! #-+,-;! $-#! 89+-:)! =(-+! @7-;,);F!^):!-.-<@#)4!7+!'%;)!<-+);!)=e()!$-!-;,%!B):<%!$-!;-i(;<)!#%!-+')+,:%<);! -+!#);!,-i,);!b7-!;-!:-B(-:-+!%#!h.-B-!$-!])8%:hF!H(!+);!@)+-<);!#);!#-+,-;!$-#!89+-:)4! e-:-<);! b7-! -#! ,:%,%<(-+,)! b7-! ;-! #-! $%! %! '%$%! 7+)! $-! #);! ;-i);! -+! -;,);! '%;);! :-;@)+$-! %! 7+! $)=#-! @%,:C+4! @):b7-! ;(! 7+%! <7.-:! '%;%$%! e(e-! ')+! ;7! 'C+_78-4! %7,)
!

%'

h.-B-!$-!B%<(#(%hF!U;!%;?!b7-!%!7+!<(;<)!]-'])5!e(e(:!')+!7+E%!')<@%[-:)E%4!$%!7+!;,%,7;! $(B-:-+,-!%!'%$%!;-i)F! U+! -;,-! '%;)4! #%! ;)#7'(C+! :-b7(-:-! $-! #%! -#(<(+%'(C+! $-#! $)=#-! @%,:C+! ;7;,(,7_9+$)#)!@):!7+!%+A#(;(;!b7-!,)<-!-+!'7-+,%!#%;!:-%#-;!$(B-:-+'(%;!-+,:-!#);!;-i);4! ;(+!b7-!@):!-##)!;-!$(;':(<(+-!)!@-:.7$(b7-!%!+(+87+)F!"b7?!')+e(-+-!,%<=(9+!(+e-;,(8%:! ;(! ;-! -;,A! @%:,(-+$)! $-! -;,-:-),(@);! ')+! :-;@-',)! %! #);! :)#-;! b7-! $-=-! $-;-<@-[%:! '%$%!;-i)!_E)!;(!;-!-;,A!@%:,(-+$)!$-!b7-!#);!;-i);!;)+!$('),C<('%<-+,-!)@7-;,);4!;(+! ,)<%:!-+!'7-+,%!;7;!8:%+$-;!;(<(#(,7$-;F! 1FG!6)<)!;7!+)<=:-!#)!(+$('%4!-#!;-i(;<)!b7-!;-!<%+(B(-;,%!-+!-#!-;,%=#-'(<(-+,)! $-! 7+! 96_6 rel="nofollow">' A6>' =4>4' U494' A6`8Y' ')+;(;,-! -+! @%:,(:! $-! b7-! ]%_! ')+$7',%;! )! '%:%',-:?;,('%;! ]7<%+%;! b7-! ;)+!
!

%&

$-=-! @:),-''(C+! _! %;(;,-+'(%! %! ;7! <7.-:! _! -;,A! )=#(8%$)! %! ;7<(+(;,:%:#-! ,)$)! #)! +-'-;%:()! @%:%! -#! ;);,-+(<(-+,)! $-#! ])8%:4! $-! %'7-:$)! ')+! ;7;! @);(=(#($%$-;! -')+C<('%;F! L%! <7.-:! ,(-+-! -;@-'(%#<-+,-! -#! $-:-'])! _! #%! )=#(8%'(C+! $-! %,-+$-:! _! '7($%:! #);! ](.);! $7:%+,-! #%! <-+):! -$%$! _! $(:(8(:! #);! b7-]%'-:-;! $)<9;,(');Fh! rel="nofollow">lo79! <%:%e(##%!,-+-:!-#!h$-:-'])h!$-!$(:(8(:!#);!b7-]%'-:-;!$)<9;,(');mDF!U;,-!-;!%$-L%!@)+-!%!7+%!%!@-+;%:4!ve-:$%$wD! QF! G! U#! $('),)<(;<)! ;-i7%#! ')+;(;,-! -+! ,:%,%:! %! #);! ;-i);! ')<)! $(%<-,:%#<-+,-! )@7-;,);!_!+)!')+!'%:%',-:?;,('%;!;-<-.%+,-;F!^)$:?%!;-:!')+;($-:%$)!')<)!7+%!B):<%! -i,:-<%! $-#! $)=#-! @%,:C+F! 6)+;(;,-! -+! ,:%,%:! %! <7.-:-;! _! ])<=:-;! ')<)! ;(! B7-:%+! %=;)#7,%<-+,-! $(B-:-+,-;4! -+! e-f! $-! ,:%,%:#);! ')<)! $);! 8:7@);! b7-! ,(-+-+! <7']%;! ;-<-.%+f%;! _! %#87+%;! $(B-:-+'(%;F! N+! '#%:)! -.-<@#)! $-! -;,%! B):<%! $-! ;-i(;<)! #)! -+')+,:%<);! -+! -#! #(=:)! h6:(<(+)#)8?%h! -;':(,)! -+! 23`S4! @):! $)+! "#B)+;)! J-_-;! U']%+$?%4!:-')+)'($)!':(<(+C#)8)5! @V&" )0')&" '0.$($4<&" '," 6&" $.*2&%$" %,(" ,'#*%0$" %," ,'#," :,/F),/$"R,(":,/F),/$"%,"(&"%01,-'&".$/:$-)&.0F/"',E*&("%,("',-" 6*)&/$S" 9" 6&" %,#,-)0/&%$" 0/.(*'$" (&'" :&.,#&'" %," (&" 2,-'$/&(0%&%" ;*," )I'" ',/'07(,),/#," )*,'#-&/" ,'#&" %01,-'&" ,'#-*.#*-&" 2,-'$/&(<'#0.&Y"&'<3"&:0-)&',";*,",/"#&/#$";*,",("6$)7-,"',"'0,/#," 0)2*('&%$" &" (&" &.#010%&%3" (&" )*+,-" 7*'.&" (&" ',4*-0%&%Y" )0,/#-&'" ;*," ,(" 6$)7-," #0,/," */&" #,/%,/.0&" &" (&" &7'#-&..0F/3" (&" )*+,-" '," 0/.(0/&"&(".$/.-,#0')$Y"&"#0,)2$";*,"&;*,("7*'.&",("2-,'#040$3"='#&" 2-,:0,-,",("70,/,'#&-L",/"(&"),%0%&",/";*,"&;*,("&%$2#&"*/&"&.#0#*%" '&%0'#&3" ='#&" )*,'#-&" */&" #,/%,/.0&" )&'$;*0'#&Y" '0" ,(" 6$)7-," *#0(08&"($'"+*0.0$'"%,":$-)&3"(&")*+,-"'*,(,",)2(,&-"($'"%,"1&($-Y",/" #&/#$";*,"&;*,("2$',,"*/".$/$.0)0,/#$"(F40.$3",/"='#&"2-,%$)0/&" ,(".$/$.0)0,/#$"0/#*0#01$>@"

!

%(

"#87+%;! @-:;)+%;! @)$:?%+! ')+;($-:%:! b7-! -;,-! ,(@)! $-! %B(:<%'()+-;! +)! ;)+! ;-i(;,%;4!_%!b7-!;(<@#-<-+,-!;-!-;,A+!<%+(B-;,%+$)!$(B-:-+'(%;!-+,:-!#);!])<=:-;!_!#%;! <7.-:-;4!;(+!b7-!;-!$(8%!+%$%!;)=:-!#%!(+B-:():($%$!$-!#%;!<7.-:-;!)!;7@-:():($%$!$-!#);! ])<=:-;F!^-:)!:-;7#,%!b7-!9;,%!-;!@:-'(;%<-+,-!7+%!$-!#%;!B):<%;!
!

%)

':-%$)!@):!#);!;-:-;!]7<%+);4!;-!@7-$-!7=('%:!$-+,:)!$-!7+!')+,(+7)!-+,:-!#)!:%'()+%#! _!#)!(::%'()+%#4!#)!;7=.-,(e)!_!#)!)=.-,(e)4!#)!@%:,('7#%:!_!#)!7+(e-:;%#w! U#!$)=#-!@%:A<-,:)4!-#!$('),)<(;<)!;-i7%#!_!-#!$-=-:!;-:!$-!'%$%!;-i)4! ;)+! <%+(B-;,%'()+-;! $-#! ;-i(;<)! b7-! ;-! :-#%'()+%+! -;,:-']%<-+,-! ')+! #)! b7-! #%;! B-<(+(;,%;! ]-<);! ##%<%$)! -#! @:)'-;)! $-! ;)'(%#(f%'(C+! @%,:(%:'%#4! -+! -#! b7-! ;-! #-! %,:(=7_-+! '%:%',-:?;,('%;! ')+,:%@7-;,%;! %! '%$%! ;-i)! rel="nofollow">$('),)<(;<)!;-i7%#D!_!;-!#%;!.-:%:b7(f%4!')+;($-:A+$);-!;7@-:():-;!#);!b7-! -;,A+! $-#! #%$)! <%;'7#(+)! >$)=#-! @%,:C+D! _! ;-! B):<%+! -i@-',%,(e%;! $-! ')+$7',%!@%:%!'%$%!;-i)!=%;%$%;!-+!-;-!$7%#(;<)!>$-=-:!;-:DF! 6)+! :-;@-',)! %#! $)=#-! @%:A<-,:)4! -#! $-=-:! ;-:! $-! '%$%! ;-i)! _! -#! $('),)<(;<)! ;-i7%#4! ;)+! <7']%;! #%;! @:-87+,%;! b7-! ;-! $-=-+! ]%'-:! @):b7-! +)! ;(-<@:-! -;! BA'(#! $-,-',%:! -;,%;! B):<%;! $-! ;-i(;<)5! vN;%! -#! ,-i,)! ,9:<(+);! +)! ')<@#-<-+,%:();! @%:%! :-B-:(:;-! %! ;(,7%'()+-;! ')<@#-<-+,%:(%;w! ^):! -.-<@#)4! 7;%4! #);! ,9:<(+);! h<%:($)! _! <7.-:d!4!ce%:C+!_!]-<=:%h4!-,'FT2!vN;%!,9:<(+);!8-+9:(');!@%:%!:-B-:(:;-!%!#);!])<=:-;! $-!7+!8:7@)!_!-;@-'?B(');!@%:%!:-B-:(:;-!%!#%;!<7.-:-;w!vN;%!#%!e)f!%',(e%!@%:%!:-B-:(:;-! %! #);! ])<=:-;! _! @%;(e%! @%:%! #%;! <7.-:-;w! vN;%! ')+'-@,);! b7-! ;)+! %;(<9,:(');w! ^):! -.-<@#)5! <%$:-! $-;+%,7:%#(f%$%! e;F! @%$:-! $-;+%,7:%#(f%$)4! ])<=:-! ])+-;,)! e;F! <7.-:! ])+-;,%F! vN;%! ')+'-@,);! '%:8%$);! $-! e%#):-;! $(B-:-+,-;! @%:%! :-B-:(:;-! %! $(B-:-+'(%;! ;)'()'7#,7:%#<-+,-! -;,%=#-'($%;! -+,:-! #);! ;-i);w! ^):! -.-<@#)4! ]%=#%! $-! #%! h(+$-@-+$-+'(%h! Å<%;'7#(+%! _! $-! #%! h$-@-+$-+'(%h! B-<-+(+%F! vUe%#g%! #%! <(;<%! ')+$7',%! -+! %<=);! ;-i);4! -+! B):<%! $(B-:-+,-! @%:%! '%$%! ;-i)w! ^):! -.-<@#)4! ;(! 7+! ])<=:-!')::)<@-!%!7+%!<7.-:!-;!;%+'()+%$)!@):!#%!#-_!@-+%#!@-:)!+)!%!#%!(+e-:;%F!vH-! $-;':(=-+! #%;! '%:%',-:?;,('%;! $-! '%$%! 7+)! $-! #);! ;-i);! -+! B):<%! <7_! $(;,(+,%w! ^):! -.-<@#)4!-+!7+!'%;)!$-!:)=)!$-!7+!%7,)
!!

H)=:-!;-i(;<)!-+!-#!#-+87%.-!e-:!#(=:)!$-!k%$(:%!6%#e)r!W@F!6(,F!

!

!

%*

-##%;! ;)+! $-<%;(%$%;! ')<)! @%:%! ,:%+;':(=(:?%;! ,)$%;! -+! -;,-! $)'7<-+,)F! V:%+;':(=?! 7+%;!'7%+,%;!@%:%!$%:!7+%!($-%!$-!'C<)!;-!$-=-!,:%,%:!$-!($-+,(B('%:!-;,%;!B):<%;!$-! ;-i(;<)F!lU;@-:)!b7-!'%$%!#-',):!E%!#-!%8:-87-!7+%;!'7%+,%;m! ! F#-&'OH' K$-+,(B('%:!'7A#!-;!#%!<7.-:!b7-!#%!#-_!-;,A!')+,-<@#%+$)!')<)!h-#!),:)h! $-#!@%:%$(8<%!$-!;-:!]7<%+)!b7-!-;!-#!])<=:-!_!%+%#(f%:!;7;!-B-',);! -+! #%;! <7.-:-;! $-! $(;,(+,);! ;-',):-;F! :%f%;4! ):(-+,%'()+-;! ;-i7%#-;4! $(;'%@%'($%$-;!e(;(=#-;4!-$%$-;4!-,'F! H%=-<);!b7-!#%;!<7.-:-;!+)!;)<);!(87%#-;!-+,:-!+);),:%;F!N+%;!,-+-<);!
!

%+

+-'-;($%$-;!$-!#%;!<7.-:-;!b7-!+)!(<@#(b7-+!#%!(+;,(,7'()+%#(f%'(C+!$-! #%!$-;(87%#$%$F! "!@:(<-:%!e(;,%!-;,-!^%;)!@%:-'-!;-:!-#!<(;<)!b7-!-#!%+,-:():4!@-:)!+)!-;!%;?F!U+! -#!%+,-:():!;-!@:-,-+$-!($-+,(B('%:!%!'7A#!<7.-:G@-:;)+%! rel="nofollow">$-!-+,:-!#%;!<7.-:-;G@-:;)+%;! $-! $(;,(+,%;! '#%;-;4! -,+(%;4! -$%$-;4! @:-B-:-+'(%;! ;-i7%#-;4! :-#(8()+-;4! +%'()+%#($%$-;4! -;,%$);! '(e(#-;4! ;(,7%'(C+! $-! :-B78()4! -,'FD4! -;! %! #%! b7-! e%! $(:(8($%! -#! ,-i,)! )! '7A#! -;! #%! b7-!-;,A!(<@#?'(,%!-+!-#!,-i,)!%7+b7-!-;,9!(+e(;(=(#(f%$%!)!<%:8(+%#(f%$%F!U+!-;,-!^%;)! ;-! ,:%,%! $-! $-;'7=:(:! #%! ')+'-@'(C+! $-! <7.-:! b7-! ;-! 7,(#(f%! -+! -#! ,-i,)4! @):b7-! _%! ;%=-<);! b7-! -#! $-:-'])! ]%! #-8(;#%$)! <7'])! @%:%! #%! <7.-:G<%$:-4! #%! <7.-:G :-@:)$7',):%4!#%!<7.-:G)=.-,)!;-i7%#4!@-:)!]%_!<7_!@)')!;)=:-!#%!<7.-:G@-:;)+%F! *7']%;! <7.-:-;! ,(-+-+! <(-$)! %! b7-! ;-! #-8(;#-! -+! B%e):! $-! #%! <7.-:G@-:;)+%4! @):b7-!;-!]%+!')+B7+$($)!#%;!h@:),-''()+-;h!%!#%!<7.-:G<%$:-!)!<7.-:G:-@:)$7',):%!)!%! #%!<7.-:GB%<(#(%4!')+!@:),-''()+-;!)!#-_-;!@%:%!#%!<7.-:G@-:;)+%F!L%!($-+,(B('%'(C+!$-!#%! <7.-:G@-:;)+%! ]7<%+%! ')+! #%! <7.-:GB%<(#(%! -;! @:-'(;%<-+,-! 7+%! $-! #%;! <%+(B-;,%'()+-;!$-#!;-i(;<)4!')<)!e(<);!-#!@%;)!P5!h-#!B%<(#(;<)Fh!"7+b7-!;(!=(-+!-;! :-%#! b7-! +)! +%,7:%#! -#! b7-! #%! <7.-:! -;,9!
!

%"

U;! $-'(:4! ]%_! b7-! ,-+-:! '#%:($%$! ;)=:-! #%! $(B-:-+'(%! ($-)#C8('%! -+,:-! #-8(;#%:! @%:%! h@:),-8-:h! %! 7+! ;-:! $9=(#! )! $(;,(+,)E(+B-:():! %#! @%:%$(8<%! $-! ;-:! ]7<%+)! b7-! -;! -#! ])<=:-Ee%:C+4! _! #-8(;#%:! @%:%! ;%,(;B%'-:! +-'-;($%$-;! b7-! ;C#)! ;-+,(<);! #%;! <7.-:-;! ')<)!<(-<=:%;!@#-+%;!$-!7+!8:7@)!$-B(+($%!@):!-##);DF!U+!-#!;-87+$)!'%;)4!#%! #-8(;#%'(C+! ,(-+-! @-:;@-',(e%! $-! 89+-:)! @):b7-! :-')+)'-! b7-! #%;! <7.-:-;! _! #);! ])<=:-;Ee%:)+-;! @7-$-+! ,-+-:! +-'-;($%$-;! $(B-:-+,-;4! @-:)! +)! @:(e(#-8(%! #%;! +-'-;($%$-;!$-!7+)!;)=:-!#%;!+-'-;($%$-;!$-!#%!),:%4!+(!,)<%!')<)!@%:A<-,:)!$-!#%;! +-'-;($%$-;! ]7<%+%;! #%;! +-'-;($%$-;! $-! #);! ])<=:-;Ee%:)+-;4! @):b7-! @%:,-! $-! b7-! #%;!<7.-:-;!_!#);!])<=:-;Ee%:)+-;!;)+!KXN"L*UMVU!$(B-:-+,-;F!U+!-;,-!'%;)!+(+8g+! ;-i)!-;!-#!@%:%$(8<%!$-!#)!]7<%+)!;(+)!b7-!;-!-;,A!@%:,(-+$)!$-!b7-!%<=);!;)+!7+)! $-!#);!$);!;-i);!b7-!;-!$%+!-+!-#!89+-:)!]7<%+)!_!b7-!+(+87+)!@7-$-!:-@:-;-+,%:!%#! 89+-:)!,)$)F! V%#e-f! %b7?! e%#$:?%! #%! @-+%! $%:! 7+! -.-<@#)4! _%! b7-! -#! ')+'-@,)! $-! b7-! #);! ])<=:-;Ee%:)+-;! _! #%;! <7.-:-;! ;)<);! (87%#<-+,-! $(B-:-+,-;! _! @):! -+$-! %<=);! ,-+-<);! @):! (87%#! $(B-:-+,-;! +-'-;($%$-;4! -;! %#8)! b7-! ;-! ;%#-! $-#! -+,-+$(<(-+,)! ')+e-+'()+%#F! "! @%:,(:! $-! #%! +-'-;($%$! b7-! ,(-+-+! #);! ])<=:-;E! e%:)+-;! $-! @:),-8-:;-! ')+,:%! (<@7,%'()+-;!$-!@%,-:+($%$4!$-=($)!%!b7-!@):!;7!;-i)!+)!@7-$-+!,-+-:!-+,-:%!'-:,-f%! $-!;-:!#);!@%$:-;!=()#C8(');!$-!7+%!':(%,7:%4!-i(;,-+!-+!'%;(!,)$);!#);!'C$(8);!7+%!;-:(-! $-!%:,?'7#);!b7-!:-87#%+!-;,%!<%,-:(%F!U;,%!+-'-;($%$!+)!#%!,-+-<);!#%;!<7.-:-;!_!;(+! -<=%:8)! %! -;%;! :-87#%'()+-;! +)! ;-! #-;! ##%<%! h@:),-''()+-;! -;@-'(%#-;! %! #);! ])<=:-;Ee%:)+-;! <(-+,:%;! b7-! #);! %:,?'7#);! b7-! :-87#%+! @):! -.-<@#)! #%;! #('-+'(%;! @):! <%,-:+($%$4!;)+!##%<%$%;!h$-!#%;!@:),-''()+-;!-;@-'(%#-;!%!#%;!<7.-:-;!,:%=%.%$):%;hF! v^):! b79w! ^):b7-! #%;! +-'-;($%$-;! $-! #);! ])<=:-;Ee%:)+-;! ;)+! @-:'(=($%;4! ,%+,)! @):! ])<=:-;Ee%:)+-;! ')<)! @):! <7.-:-;! ')<)! +-'-;($%$-;! $-! #%! -;@-'(-! ,)$%4! <(-+,:%;! b7-! #%;! +-'-;($%$-;! $-! #%;! <7.-:-;! ;)+! @-:'(=($%;! ')<)! +-'-;($%$-;! -;@-'?B('%;! $-! -;-!h;-',):hF!

!

%#

H(! -#! $-:-'])! +)! B7-:%! %+$:)'9+,:(')4! ;(! +)! ,)<%:%! %#! ])<=:-Ee%:C+! ')<)! @%:A<-,:)! $-! #)! ]7<%+)4! :-')+)'-:?%! -;,%;! $(;,(+,%;! +-'-;($%$-;! $-! #);! ;-i);! _! #%;! :-87#%:?%! $-! <%+-:%! b7-! +(+87+)! $-! #);! $);! e(-:%! ;7;! $-:-']);! ]7<%+);! #(<(,%$);! )! e()#%$);F! ^-:)!')<)!;%=-<);!b7-!-#!;-i(;<)!-i(;,-4!$-=-<);!,-+-:!$7$%;!:%f)+%=#-;!%+,-! #%;!@:),-''()+-;!_!$-:-']);!b7-!#%!#-8(;#%'(C+!+);!=:(+$-F!^):!-##)!$-=-<);5! %D! "+,-! 7+! ,-i,)! b7-! h;7@7-;,%<-+,-h! ),):8%!7+!$-:-'])!%!#%!<7.-:!)!#-!@:)]?=-! ]%'-:!%#87+%!');%4!@:-87+,%:+);5! v67A#-;! ;)+! #%;! :%f)+-;! )=.-,(e%;! @%:%! ),):8%:! -;-! $-:-'])! ;C#)! %! #%;! <7.-:-;w! vU+! :-%#($%$! +)! #)! +-'-;(,%+! ,%<=(9+! #);! ])<=:-;Ee%:)+-;w! vH-! -;,A! ($-+,(B('%+$)! <7.-:!')+!B%<(#(%!>$-+,:)!$-!-;,-!')+'-@,)!')+!<7.-:G<%$:-!)!<7.-:G:-@:)$7',):%!$-!#%! -;@-'(-Dw! U;! $-'(:4! v-;! 7+! e-:$%$-:)! $-:-'])! $-! #%! <7.-:! )! -;! 7+! $-:-'])! $-! #%! B%<(#(%w! vb7(9+! ')+e(-+-! :-%#<-+,-! b7-! ;-! -;@-'(B(b7-! -#! ;-i)! $-#! ;7.-,)! %! b7(-+! e%! $(:(8($)! -;-! h$-:-'])hw! va%=:A! 7+! $-:-'])! +)! -i@#('(,%$)! @%:%! %#87(-+! b7-! -;,A! (<@#?'(,)!-+!-#!$-:-'])!b7-!;-!#-!),):8%!%!#%!<7.-:w!vo7(9+!-;!-#!;7.-,)!$-#!$-:-'])!+)! -i@#('(,%$)w! H(! -#! ;-i)! -;,A! -i@#('(,%$)! @:-87+,%:;-! ;(! -;%! h@:),-''(C+h! )! -;-! $-:-'])! -;,A! .7;,(B('%$)4! ;(! =-+-B('(%! e-:$%$-:%<-+,-! %! #%! <7.-:4! -;! $-'(:4! ;(! :-;@)+$-! %! 7+%! +-'-;($%$!;-+,($%!@):!-##%F!H(!#%!:-;@7-;,%!-;!%B(:<%,(e%4!]%_!b7-!]%'-:;-!),:%!@:-87+,%5! v6C<)!;-!#)8:%:?%!-;,-!<(;<)!=-+-B('()!;(+!-;,%!h@:),-''(C+hw! U+! '%;)! $-! @:)](=('()+-;4! ]%_! b7-! ]%'-:;-! #%;! <(;<%;! @:-87+,%;5! vU;,A+! .7;,(B('%$%;wF! v^-:.7$('%+! %! #%! <7.-:w4! -,'F! H(! -;,A+! .7;,(B('%$%;! @-:)! @-:.7$('%+! %! #%! <7.-:4! ]%=:?%! b7-! @:-87+,%:;-! ;(! +)! ]%_! ),:%! <%+-:%! $-! #)8:%:! -#! <(;<)! B(+! ;(+! $(;':(<(+%:! %! #%! <7.-:! >-.-<@#)5! %:,F! P2! $-#! %+,-@:)_-',)! $-! 'C$(8)! $-! B%<(#(%! $-! U#! H%#e%$):DF! V%<=(9+! ]%_! b7-! @:-87+,%:;-! ;(! -;-! ,:%,%<(-+,)! $(B-:-+,-! -;,%! @-+;%$)! $-;$-!#%!:-%#($%$!$-!#%!<7.-:!')<)!@-:;)+%!);-!-;,A!($-+,(B('%+$)!%!#%!<7.-:!')<)!;-:! :-@:)$7',):! $-! #%! -;@-'(-! _! +%$%! ;7@7-;,%<-+,-D!8-+9:(');4!=7;'%:!_!:-B#-i()+%:!;)=:-5!

!

%$

H(!-#!,-i,)!'%-!-+!B%<(#(;<)5!;(!;-!')+'-@,7%#(f%!%#!])<=:-Ee%:C+!')<)!,),%#<-+,-! %.-+)!%!#%!B%<(#(%!)!;C#)!')<)!-#!@:)e--$):!<%,-:(%#r!;(!;-!-;@-'(B('%!-#!;-i)!$-!#%!.-B%! $-! B%<(#(%! ;C#)! '7%+$)! 9;,%! -;! 7+%! <7.-:! @-:)! '7%+$)! -;! 7+! ])<=:-! #)! $-.%! -+! >;7@7-;,%<-+,-D! ,9:<(+);! 8-+9:(');F! a%_! b7-! @:-87+,%:;-! ,%<=(9+4! ;(! -#! ;7.-,)! $-! $-:-']);! 7! )=#(8%'()+-;! b7-! ')+,-<@#%! -;%! #-_! @)$:?%! ;-:! 7+! ])<=:-Ee%:C+! )! 7+%! <7.-:!_!;(!-+!%<=);!'%;);!#);!-B-',);!;-:?%+!#);!<(;<);5!b7(9+!8%+%!')+!-#!]-'])!$-! b7-!+)!;-!-i@#('(,-!-#!;-i)!$-#!;7.-,)!$-!$-:-']);!7!)=#(8%'()+-;F! 'D! "+,-! 7+! ,-i,)! b7-! #-! (<@)+-! )=#(8%'()+-;! ;C#)! %! #);! ])<=:-;4! ]%_! b7-! @:-87+,%:;-5! v67A#! -;! #%! :%fC+! $-! (<@)+9:;-#%;! ;C#)! %! #);! ])<=:-;Ee%:)+-;w! vH-:A+! )=#(8%'()+-;!b7-!(<@#('%+!7+!8:%+!@)$-:!;)=:-!b7(-+-;!;-!,(-+-!-;%!h)=#(8%'(C+hw!v67A#! -;!-#!')+'-@,)!$-!])<=:-!_!'7A#!-;!-#!')+'-@,)!$-!<7.-:!b7-!B7+$%<-+,%!#%!$(B-:-+'(%w! -,'F! ! F#-&'QH! "+%#(f%:! -#! ,-i,)! ,)<%+$)! -+! '7-+,%! #);! ),:);! $);! ')<@)+-+,-;F! U;! $-'(:4! ;(! -;! 7+! @:)_-',)! #-_! >')<@)+-+,-! B):<%#! +):<%,(e)D4! %+%#(f%:! -#! ')+,-+($)! _! -B-',);! b7-! ,-+$:A! -+! #);! ')<@)+-+,-;! @)#?,(')G'7#,7:%#! _! -;,:7',7:%#F!H(!-;!7+%!$)',:(+%!.7:?$('%4!>')<@)+-+,-!@)#?,(')G'7#,7:%#D!e-:! 'C<)! )! ;(! ;-! ]%! (+B(#,:%$)! -+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)! _! b79! (+B#7-+'(%!,(-+-!-+!-#!-;,:7',7:%#4!-,'F!W!;(!-;!7+!')+,-i,)!#-8%#4!-;!$-'(:4! ;(!;-!-;,A!@%:,(-+$)!$-!7+%!:-%#($%$!')+':-,%!$-!7+%!<7.-:!)!7+!8:7@)! $-! <7.-:-;4! @:-87+,%:;-! '7A#-;! ;)+! ;7;! @:)=#-<%;4! (+,-:-;-;! _! +-'-;($%$-;!#-8%#-;!_!#7-8)!e-:!;(!9;,%;!;-!-+'7-+,:%+!:-B#-.%$%;!-+!#);! ')<@)+-+,-;F! U+!-;,-!@%;)!7;%:9!')<)!-.-<@#)!7+!@:)_-',)!$-!#-_!b7-!-+!-;,);!<)<-+,);!;-! -;,A! $(;'7,(-+$)! -+! U#! H%#e%$):4! -#! %+,-@:)_-',)! $-! 6C$(8)! $-! &%<(#(%4! @%:%! <);,:%:! 'C<)! -;,%! <-,)$)#)8?%! ;(:e-! @%:%! ;7! %+A#(;(;F!U#!B(+!$-!%+%#(f%:!7+!@:)_-',)!$-!#-_!-;! ($-+,(B('%:! ;7;! ;-;8);! %+$:)'9+,:(');4! @%:%! @:)@)+-:! ),:%! :-$%''(C+! ')+! -#! )=.-,(e)! $-! b7-! +)! ;-! ')+e(-:,%! -+! ),:%! #-_!
%%

V%:-%!M)F!2G!V)<%:-<);!-+!'7-+,%!,)$);!#);!%;@-',);!$-!#);!')<@)+-+,-;!@%:%! ,-+-:! 7+%! ($-%! $-#! ')+,-+($)! b7-! #%! 8-+,-! _! #%;! '):,-;! #-! $%:A+! %! -;%! :-$%''(C+! -+! @%:,('7#%:F! ^%:%! -##)! +);! ]%:-<);! %#87+%;! $-! #%;! ;(87(-+,-;! @:-87+,%;! @7$(-+$)! -<@-f%:! @):! #%! b7-! +);! ;-%! <%;! BA'(#! $-! ')+,-;,%:F! H(! ]%=(-+$)! ')+,-;,%$)! ;C#)! %#87+%;!$-!9;,%;!+);!$%<);!'7-+,%!b7-!-;!@%:'(%#!%#!89+-:)!<%;'7#(+)!+)!-;!+-'-;%:()! ')+,-;,%:+);! ,)$%;! #%;! @:-87+,%;F! ^-:W! ;(! +)! -+')+,:%<);! ;-;8);! ;-i(;,%;4! H?! -;! +-'-;%:()!]%'-:+);!9;,%;!_!;-! -./?! -2! /6=6! -4! >;-@05-3! @;1026A! =-! 102-30!>;-!2;-./30!/03-0!-.!9=-2/98950346!7030!-491920346!-2!40!1-=9=0!=-!46!76.9B4-,! U+!-#!')<@)+-+,-!@)#?,(')G'7#,7:%#5! %D!6)+!:-#%'(C+!%!b7(9+-;!:-$%',%:)+!#%!#-_5! 2G! vo7(9+! )! b7(9+-;! #%! :-$%',%:)+w! PGv67A+,%;! <7.-:-;! @%:,('(@%:)+w! /Gva%=?%! <7.-:-;! >7! ])<=:-;Ee%:)+-;D! ')<@:)<-,($%;! ')+! #%! -#(<(+%'(C+! $-! #%! $(;':(<(+%'(C+! ')+,:%! #%! <7.-:w! TGvo79! @(-+;%+! #);! ])<=:-;Ee%:)+-;! b7-! :-$%',%:)+! #%! #-_! ;)=:-! #%! $-;(87%#$%$! -+,:-! ])<=:-;Ee%:)+-;! _! <7.-:-;w! 1Gvo79! )=.-,(e);! ,-+?%+! @%:%! b7-:-:! '%<=(%:! -#! -;,%$)! %',7%#w! QGvo79! ');%! )! %! b7(9+-;! b7-:?%+! @:),-8-:w! SGvo79! @:(e(#-8();!;-!<%+,(-+-+4!'7A#-;!;-!<)$(B('%+4!'7A#-;!-;,A+!;(-+$)!-#(<(+%$);w!-,'F! =D!U+!:-#%'(C+!%!#%!$)',:(+%!.7:?$('%!b7-!@)$:?%!;-:e(:!@%:%!;7;,-+,%:?%!)!B:-+%:#%5!2G vo79! ;-! ]%! -;':(,)! ;)=:-! #%! ')+$7',%! b7-! -;%! #-_! @:-,-+$-! :-87#%:w! PGvo79! $('-! #%! $)',:(+%! .7:?$('%! b7-! -;,A! $-! <)$%w! /Gva%_! ')+,:%$(''()+-;! -+,:-! #%;! $(;,(+,%;! ($-%;! -i@7-;,%;w!-,'F! 'D!U+!:-#%'(C+!%!#%;!#-_-;!+)!B):<%#<-+,-!@:)<7#8%$%;!b7-!;-!@7-$%+!-+')+,:%:! -+! -#! ')<@)+-+,-! '7#,7:%#5! 2! Gv6C<)! -;! #%! %',(,7$! $-! #%! <%_):?%! $-! #%! 8-+,-! ')+! :-;@-',)! %! #%! ')+$7',%! b7-! ;-! @:-,-+$-! :-87#%:w! PGv6C<)! ;-! $(B-:-+'(%+! #);! ])<=:-;Ee%:)+-;!_!#%;!<7.-:-;!%#!:-;@-',)w!/GvH-!;%=-!:-%#<-+,-!#)!b7-!#%;!<7.-:-;! @(-+;%+!-+!:-#%'(C+!')+!-;,%!')+$7',%!)!;)#%<-+,-!;-!]%!-;'7']%$)!_!:-8(;,:%$)!#%!e)f! <%;'7#(+%w! TGvH)=:-! '7A#-;! <(,);! $-;'%+;%! #%! ')+$7',%w! 1GvUi(;,-+! :-8#%;! ;)'(%#-;F! :-#(8();%;4! ,:%$('()+%#-;F! b7-! :-87#%+! -;,%! ')+$7',%w! QGva%'-! #%! @:)@7-;,%! $-! #-_! :-B-:-+'(%!%!-;%;!:-8#%;!;)'(%#-;4!:-#(8();%;F!,:%$('()+%#-;4!-,'Fw! !

&''

U+!-#!')<@)+-+,-!-;,:7',7:%#5! $D! U+! :-#%'(C+! %! b7(-+-;! e%+! %! (+,-:@:-,%:! _! %@#('%:! #%! #-_! -+! '7-;,(C+! +);! @:-87+,%:-<);5! 2Gvo7(9+-;! ;)+w! PGv6C<)! ;-! ]%+! ')<@):,%$)! -+! -#! @%;%$)! ')+! :-;@-',)! %! #%! ')+$7',%! b7-! ;-! @:-,-+$-! :-87#%:w! /Gvo79! %',(,7$-;! ,(-+-+! B:-+,-! %#! ;-i(;<)4!@):!-.-<@#)4!')+;($-:%+!b7-!-#!;-i(;<)!%B-',%!#%!B):<%!-+!b7-!;-!%$<(+(;,:%! .7;,('(%! )! ':--+! b7-! -;! 7+! B-+C<-+)! %(;#%$)w! TGvo79! @:)'-$(<(-+,);! -i(;,-+! @%:%! #%! (+,-:@:-,%'(C+! $-! -;%! #-_w! 1Gvo79! ')+$('()+-;! <%,-:(%#-;! ]%_! @%:%! ;7! e(8-+'(%! _! -B-',(e($%$w!QGH(!+)!#%;!]%_4!v')+e(-+-!-;%!:-$%''(C+w! -D! U+! :-#%'(C+! %#! %''-;)! b7-! ,-+8%+! #%;! <7.-:-;! %! #%! %$<(+(;,:%'(C+! $-! .7;,('(%4! +);!@:-87+,%:-<);5!2!Gv^:-e--!#%!:-$%''(C+!$-!-;,-!%:,?'7#)!)!#-_!#%;!$(B('7#,%$-;!b7-! -+B:-+,%+!#%;!<7.-:-;!B:-+,-!%!#%!%$<(+(;,:%'(C+!$-!.7;,('(%w!PGvV)<%!-+!'7-+,%!-#!@)')! e%#):! b7-! ;-! #-! $%! %! #%! @%#%=:%! $-! #%! <7.-:4! #%! $(B('7#,%$! b7-! ,(-+-! @%:%! -i@:-;%:;-4! -#! @)')! %''-;)! %! %@):,%:! h-e($-+'(%! ')+,7+$-+,-h4! ;7! =%.%! %7,)-;,(<%! ')+! :-;@-',C! %! #%! $-#! ])<=:-Ee%:C+4! -,'Fw! /GvV)<%! -+! '7-+,%! -#! b7-! #%;! <7.-:-;! +)! ,(-+-+! #%;! <(;<%;! B%'(#($%$-;! b7-! ,(-+-+! #);! ])<=:-;! @%:%! ##-8%:! %! #);! '-+,:);! $-! @)=#%'(C+4! @%:%! %'-:'%:;-!%!#);!@)#('?%;4!@%:%!]%=#%:!$-!(87%#!%!(87%#!')+!7+!B7+'()+%:()w! TGvV)<%!-+!'7-+,%!#%;!')+;-'7-+'(%;!b7-!@7-$%!;7B:(:!#%!<7.-:!-+!-#!'%;)!$-!b7-! @7-$%!%''-$-:!%!#%!%$<(+(;,:%'(C+!$-!.7;,('(%w! U+!-#!@:)@()!')<@)+-+,-!B):<%#!+):<%,(e)5! 2D! U+! '7%+,)! %! #%! :-$%''(C+! -+! ;(! $-#! %:,?'7#)! )! #-_4! +);! @:-87+,%:-<);5! 2! GvU;! e-:$%$-:%<-+,-! 7+! $-:-'])! #)! b7-! ;-! -;,%! ),):8%+$)w! PGH(! -;! 7+! $-:-'])4! v@):! b79! ;C#)!;-!#-!),):8%!%!#%!<7.-:w!/Gvo79!-;,-:-),(@);!;-!:-B7-:f%+!')+!-;,-!h$-:-'])hw!TG vo7(9+! -;! -#! <)$-#)! )! @%:%$(8<%! $-#! ;7.-,)! $-! )=#(8%'()+-;! _! $-:-']);! b7-! ),):8%! -;,%!#-_w!1Gv6)+,-<@#%!-;,%!#-_!#%;!$(B-:-+'(%;!-+,:-!])<=:-;Ee%:)+-;!_!<7.-:-;r!-+,:-! <7.-:-;w! QGvo79! ),:%;! #-_-;! :-87#%+! -;,%! <(;<%! ')+$7',%! )! ')+$7',%! ;(<(#%:w! va%_! ')+,:%$(''()+-;w! SGvU;,A! ')+B7+$(-+$)! -;,%! #-_! %! #%! <7.-:! ')+! #%! B%<(#(%w! u! #%! <7.-:! ')+!#%!<%$:-w!`GvU;!e-:$%$-:%<-+,-!+-7,:%#!-+!,9:<(+);!$-!89+-:)w! ' 12134567'

!

&'&

\-%<);!7+!-.-<@#)!')+':-,)!@%:%!-i@#('%:!-#!<9,)$)!b7-!_)!7,(#(f)!@%:%! %+%#(f%:!7+%!#-_!)!7+!%:,('7#)!$-!7+%!#-_5! V)<-<);!-#!;(87(-+,-!%:,('7#)!$-#!%+,-@:)_-',)!$-!6C$(8)!$-!&%<(#(%!$-! U#!H%#e%$):5! ":,?'7#)!T0F!G!L);!'C+_78-;!,(-+-+!(87%#-;!$-:-']);!_!$-=-:-;!_!@):!#%! ')<7+($%$! $-! e($%! b7-! -+,:-! -##);! ;-! -;,%=#-'-4! $-=-+! e(e(:! .7+,);4! 87%:$%:;-! B($-#($%$4! %;(;,(:;-! -+! ,)$%! '(:'7+;,%+'(%! _! ,:%,%:;-! ')+! :-;@-,)4!,)#-:%+'(%!_!')+;($-:%'(C+F! L%!:-$%''(C+!#(,-:%#!$-!-;,-!%:,?'7#)!-;!;7!')<@)+-+,-!B):<%#!+):<%,(e)F! "' @:(<-:%! e(;,%! +);! @%:-'-! <7_! =7-+)! @7-;! -;,%=#-'-! #%! (87%#$%$! $-! $-:-']);!_!$-=-:-;F!H(+!-<=%:8)!-+!-;,-!')<@)+-+,-!]%_!b7-!=7;'%:! #%;! @%#%=:%;! b7-! @7-$%+! ,-+-:! $(B-:-+,-;! ;(8+(B('%$);! @%:%! $(B-:-+,-;! @-:;)+%;F! ^):! -.-<@#)4! h(87%#$%$h! -;! 7+! ')+'-@,)! %=;,:%',)! b7-! $-=-! ;-:! ##-+%$)! $-! ')+,-+($)F! U;,)! -;! 7+! ,:%=%.)! ($-)#C8(')! b7-! ]%:A+! #%;! '):,-;4! #%! @)#('?%F! #);! =%+');4! #%;! )B('(+%;! %$<(+(;,:%,(e%;4! -,'F! '7%+$)! #-;! ,)b7-! (+,-:@:-,%:! )! %@#('%:! -;,-! %:,?'7#)! %+,-! 7+! $-,-:<(+%$)! @:)=#-<%!)!@-,('(C+F! U;!-+!-;,-!<)<-+,)!-+!$)+$-!+);!$-=-<);!]%'-:!#%!@:(<-:%!@:-87+,%5! vH-:A! -;,%! :-$%''(C+! h+-7,:%#! -+! ,9:<(+);! $-! 89+-:)hw! U;! $-'(:4! v%B-',%:A!-;,%!#-_!%!])<=:-;!_!<7.-:-;!@):!(87%#w! ^%:%! ')+,-;,%<);! -;,%! @:-87+,%! -;! (<@):,%+,-! %+%#(f%:! #);! ),:);! $);! ')<@)+-+,-;!$-!-;,-!%:,?'7#)F! v67A#! ;-:A! ;7! ')<@)+-+,-! -;,:7',7:%#4! -;! $-'(:4! -#! ')+,-+($)! b7-! #%;! '):,-;4! #%! @:)'7:%$7:?%4! #%! @)#('?%4! #);! =%+');4! -,'F! #-! $%:A+! %! -;,-! %:,('7#)w! "! @:(<-:%! e(;,%! @%:-'(-:%! b7-! +)! #)! @)$-<);! ;%=-:! @):b7-! ,)$%e?%! +)! -;! #-_! $-! #%! J-@g=#('%! $-! U#! H%#e%$):F! H(+! -<=%:8)! @)$-<);!,-+-:!7+%!($-%!$-!')<)!;-:A!%@#('%$)!-!(+,-:@:-,%$)!;(!e-<);! b7-! -;,-! %:,('7#)! +)! -;,%=#-'-! 7+! @:(+'(@()! +7-e)! ;(+)! b7-! -;! -#! $-;%::)##)! #C8(')! $-#! %:,?'7#)! /! $-! #%! 6)+;,(,7'(C+! ^)#?,('%! $-! #%! J-@g=#('%! $-! U#! H%#e%$):! b7-! -;,%=#-'-! b7-! ,)$%;! #%;! @-:;)+%;! ;)+! !

&'(

(87%#-;!%+,-!#%!#-_!_!b7-!@%:%!-#!8)'-!$-!#);!$-:-']);!'(e(#-;!+)!@)$:A+! -;,%=#-'-:;-!:-;,:(''()+-;!b7-!;-!=%;%+!-+!$(B-:-+'(%;!$-!+%'()+%#($%$F! :%f%4!HUzW4!)!:-#(8(C+!><%_g;'7#%;!$-!#%!%7,):%DF! "b7?! +);! ]%'-<);! $-! +7-e)! #%! @:-87+,%5! vU;! +-7,:%#! -+! ,9:<(+);! $-! 89+-:)!#%!:-$%''(C+!$-!-;,-!@:(+'(@()!')+;,(,7'()+%#w!U;!)=e()!b7-!+)!_%! b7-! #%;! -;,%$?;,('%;! $-<7-;,:%+! b7-! #%;! <7.-:-;! ;7B:(<);! $(;':(<(+%'(C+!-+!,)$);!#);!'%<@);!@):!#)!b7-!@)$-<);!')+'#7(:!b7-!#%! :-$%''(C+! $-! -;,-! @:(+'(@()! B%e):-'-! %#! ;-i)! <%;'7#(+)F! U;! $-'(:4! -;,-! @:(+'(@()4!%7+b7-!,(-+-!@):!)=.-,)!#%!+)!$(;':(<(+%'(C+!-+!:%fC+!$-!;-i)4! ,(-+-!^WJ!JUHNLV"OW!#%!$(;':(<(+%'(C+!$-!#%!<7.-:F! V%<=(9+! +);! @:-87+,%:-<);5! v6C<)! ]%+! (+,-:@:-,%$)! _! %@#('%$)! #%;! '):,-;4! #%! @)#('?%! _! ,)$%;! #%;! )B('(+%;! %$<(+(;,:%,(e%;! -;,%! hK87%#$%$h! _! -;,%! @:)](=('(C+! %! ]%'-:! :-;,:(''()+-;! b7-! ;-! =%;%+! -+! $(B-:-+'(%;! $-! HUzWw! ^):! #%;! <(;<%;! :%f)+-;! -;8:(<($%;! -+! -#! @A::%B)! %+,-:():4! ;%=-<);! b7-! ;-! ]%+! %@#('%$)! $-! <%+-:%! %+$:)'9+,:('%4! ,:%,%+$)! %! #%! <7.-:!(87%#!%#!])<=:-Ee%:C+!G@%:A<-,:)!$-!#)!]7<%+)G!-+!-#!,%+,)!_!-+! -#!'7%+,)!#%!<7.-:!UH!(87%#!%#!])<=:-Ee%:C+4!@-:)!$(;':(<(+A+$)#%!-+!-#! ,%+,)! _! -+! -#! '7%+,)! #%! <7.-:! @:-;-+,-! $(B-:-+'(%;! ')+! :-;@-',)! %! -;-! @%:A<-,:)!$-!#)!]7<%+)5!-#!])<=:-Ee%:C+F! 67%+$)! +);! ]-<);! ')+,-;,%$)! -;,%;! @:-87+,%;! @)$-<);! ]%'9:+);#%;! $-!+7-e)!%#!%+%#(f%:!-#!')<@)+-+,-!@)#?,(')!'7#,7:%#!$-!-;,-!%:,('7#)F! v67A#! -;! -;-! ')<@)+-+,-w! U#! ')<@)+-+,-! @)#?,(')G'7#,7:%#! ;-:A! -#! ')+,-+($)! b7-! #%;! _! #);! ;%#e%$):-[);! -+! 8-+-:%#! #-! $%+! %#! @:(+'(@()! $-! (87%#$%$! -+,:-! #);! ;-i);4! %;?! ')<)! #)! b7-! $('-! #%! $)',:(+%! ;)=:-! #%! (87%#$%$!$-!#);!'C+_78-;F!k!@):!;7@7-;,)4!#%;!%',(,7$-;!b7-!,-+8%+!#);! _!#%;!;%#e%$):-[%;!B:-+,-!%!#%!(87%#$%$!$-!#);!'C+_78-;!_!-#!-<@#-)!b7-! #-! $%:A+! 7+%! e-f! b7-! ,-+8%+! ')+)'(<(-+,)! $-! #%! :-$%''(C+! $-! -;,-! %:,('7#)! )! -#! -<@#-)! b7-! +)! #-! $%:A+! '7%+$)! +)! ,-+8%+! ')+)G'(<(-+,)! $-#!%:,('7#)!_!;(8%+!':-_-+$)!b7-!-#!<%:($)!-;!-#!.-B-!$-!B%<(#(%F!

!

&')

";?!b7-!%b7?!+);!e)#e-<);!%!]%'-:!#%!@:-87+,%5!vU;!+-7,:%#!-+!,9:<(+);! $-!89+-:)!-#!')+,-+($)!b7-!#);!;%#e%$):-[);!_!#%;!;%#e%$):-[%;!#-!$%+! %#!@:(+'(@()!$-!(87%#$%$Åw!vU;!+-7,:%#!-+!,9:<(+);!$-!89+-:)!#%!$)',:(+%! b7-! ]%=#%! $-! #%! (87%#$%$! $-! #);! 'C+_78-;F! ^%:-'(-:%! b7-! +)! e-<);! %#87+);!-#-<-+,);!b7-!<7-;,:%+!7+!'#%:)!;-;8)!%+$:)'9+,:(')F! U#! O:F! X-:%:$)! V-.);4! :-')+)'($)! .7:(;,%! ');,%::('-+;-! _! %;-;):! $-#! -b7(@)! ;%#e%$):-[)! b7-! :-$%',)! -#! %+,-@:)_-',)! %B(:<)! -+! 7+%! ')+B-:-+'(%!-+!-#!%',)!$-!6WJULUH"L!$-!-+,:-8%!$-#!%+,-@:)_-',)!#)! ;(87(-+,-5! h^):!%]):%!<-!(+,-:-;%!$-;,%'%:!#%!$-;%@%:('(C+!-+!-#!%+,-@:)_-',)!$-! #%!)$();%!$(;':(<(+%'(C+!$-!b7-!-;!)=.-,)!-#!'C+_78-!$-'#%:%$)!'7#@%=#-! -+!-#!.7('()!$-!$(e):'()F!6)<)!-;!;%=($)!-+!#%!#-8(;#%'(C+!e(8-+,-!$-!U#! H%#e%$):!g+('%<-+,-!-#!'C+_78-!(+)'-+,-!:-')=:%!#%!%@,(,7$!+7@'(%#F!U#! -;@);)! '7#@%=#-! +)! @7-$-! ')+,:%-:! +7@'(%;! $7:%+,-! #);! ,:-;! %[);! @);,-:():-;! %! #%! B-']%! -+! b7-! ;-! $(',C! #%! ;-+,-+'(%! $-! $(e):'()F! U;,%! +):<%! $-! $-:-'])! e(8-+,-! e()#%! '#%:%<-+,-! #%! 6)+e-+'(C+! "<-:('%+%! ;)=:-! O-:-']);! a7<%+);4! ;7;':(,%! _! :%,(B('%$%! @):! U#! H%#e%$):4! '7_)! %:,?'7#)! 2S4! @A::%B)! ;-87+$)4! :-')+)'-! -#! $-:-'])! $-#! ])<=:-Ee%:C+! _! $-! #%! <7.-:! %! ')+,:%-:! <%,:(<)+()! _! %! B7+$%:! 7+%! B%<(#(%! ;(! ,(-+-+! #%! -$%$!_!#%;!')+$('()+-;!:-b7-:($%;!@%:%!-##)!@):!#%;!#-_-;!(+,-:+%;4!-+!#%! <-$($%! b7-! 9;,%;! ,?%;! #-_-;! (+,-:+%;D! +)! %B-',-+! -#! @:(+'(@()! $-! +)! $(;':(<(+%'(C+!-;,%=#-'($)!-+!-#!":,F!2!$-!#%!6)+e-+'(C+!"<-:('%+%F! ^7-;!=(-+4!-+!-#!%+,-@:)_-',)4!-+!-#!":,F!2P04!#);!'C+_78-;!:-')=:%+!#%! #(=-:,%$!+7@'(%#4!]%_%+!;($)!)!+)!$-'#%:%$);!'7#@%=#-;Fh!k!;(87-!-#!%7,):! '(,%+$)! 7+%! ;-+,-+'(%! $-! #%! 6):,-! U7:)@-%! b7-! ')+;($-:C! e()#%,):(%! %! #);!$-:-']);!]7<%+);!7+%!@:)](=('(C+!;(<(#%:!-+!H7(f%F!L7-8)!-#)8(%!-#! %+,-@:)_-',)! @):! ')+;($-:%:#)! 7+! ]-:<);)! -;B7-:f)! @%:%! '7<@#(:! ')+! #%;!')+e-+'()+-;!_!,:%,%$);!-+!<%,-:(%!$-!$-:-']);!]7<%+);F! "b7?! -;! (<@):,%+,-! b7-! +);! ]%8%<);! #%! @:-87+,%5! vo7(9+! -;! -#! @%:A<-,:)! )! <)$-#)! $-! -;%! h#(=-:,%$! +7@'(%#hw! vo7(9+! -;! -#!

!

&'*

=-+-B('(%:()w!H(!#--<);!-#!%:,F!P2!$-#!%+,-@:)_-',)!,-+$:-<);!<7_!'#%:)! -#!@%+):%<%5! ":,('7#)! P2FG! L%! <7.-:! '7_)! <%,:(<)+()! ]%! ;($)! $(;7-#,)! )! %+7#%$)4! +)! @)$:A!'%;%:;-!%+,-;!$-!]%=-:!,:%+;'7::($)!,:-;'(-+,);!$?%;!')+,%$);!%! @%:,(:!$-!#%!$(;)#7'(C+!)!$-!#%!$-'#%:%,):(%!$-!+7#($%$4!;%#e)!b7-!]7=(-:-! $%$)!%!#7f!%+,-;!$-!e-+'-:;-!$('])!@#%f)4!b7-!')<@:7-=-!b7-!+)!-;,A! -<=%:%f%$%!)!b7-!-#!$(e):'()!]7=(-:-!;($)!$-':-,%$)!@):!;-@%:%'(C+F! U#! %7,):! +(! ;(b7(-:%! ]%'-! 7+%! =:-e-! <-+'(C+! $-! -;,-! %:,F! P2! @%:%! $-B-+$-:! ;7! +-'-;($%$4! @):! #%;! :%f)+-;! %+$:)'9+,:('%;! b7-! ;-%+F! ^%:-'(-:%!b7-!@%:%!-;,-!%7,):4!-#!b7-!%!#%!<7.-:!;-!#-!@:)]?=%!')+,:%-:! +7-e%;! +7@'(%;! ]%;,%! ,:%+;'7::($);! ,:-;'(-+,);! $?%;! ')+,%$);! %! @%:,(:! $-!#%!$(;)#7'(C+!)!$-!#%!$-'#%:%,):(%!$-!+7#($%$4!')+!'(-:,%;!;%#e-$%$-;4! +)!')+;,(,7_-!7+%!e()#%'(C+!%!#);!$-:-']);!]7<%+);!@):b7-!;C#)!;-!#-! @:)]?=-!%!#%!<7.-:!>b7-!%@%:-+,-<-+,-!+)!-;!;7B('(-+,-<-+,-!]7<%+%! ')<)! @%:%! 8)f%:! $-#! $-:-'])! ]7<%+)! %! #%! #(=-:,%$! +7@'(%#DF! H(! #%! #(=-:,%$!+7@'(%#!b7-!@:-,-+$-!-#!%:,F!2P0!+)!;-!e-!#(<(,%$%!)!%B-',%$%!@):! -;-! %:,F! P2F! -;! @):b7-! +)! ;-! -;,A! @-+;%+$)! -+! #%! <7.-:! '7%+$)! ;-! ]%=#%!$-!h#(=-:,%$!+7@'(%#hF! U;,%!@:)](=('(C+!$-#!%:,F!P2!@)$:?%!@-+;%:;-!b7-!+)!-;!,%+!(<@):,%+,-!_%! b7-! +)! ;-:A+! ,%+,%;! #%;! <7.-:-;! b7-! +)! @7-$%+! ')+,:%-:! +7-e%;! +7@'(%;!$-=($)!%!-;%!@:)](=('(C+F!H7!(<@):,%+'(%!:%$('%!-+!b7-!+);!$%! 7+%! #7f! $-! b7(9+! -;! -#! @%:%$(8<%! $-#! ;7.-,)! $-! $-:-']);! b7-! -;,-! %+,-@:)_-',)! $-! #-_! -;,%=#-'-! _! )=e(%<-+,-! -#! @%:%$(8<%! -;! -#! ;7.-,)! $-!;-i)!<%;'7#(+)F! U;,);!$);!%:,?'7#);!,%<=(9+!+);!$%+!7+%!#7f!')+!:-;@-',)!%#!')+,-+($)! b7-! #);! :-$%',):-;! $-! -;,-! %+,-@:)_-',)! #-! $(-:)+! %#! @:(+'(@()! $-! (87%#$%$! $-! #);! 'C+_78-;! _! @%:-'(-:%! b7-! #%! (87%#$%$! -+! b7-! -;,A+! @-+;%+$)! -;! %b7-##%! -+! b7-! #%! <7.-:! ;-:A! ,:%,%$%! ')<)! (87%#! %#! ])<=:-Ee%:C+!-+!,)$)!#)!b7-!;-!#-!@%:-f'%!@-:)!-+!-#!<)<-+,)!b7-!#%! <7.-:!@:-;-+,-!$(B-:-+'(%;!')+!:-;@-',)!%#!])<=:-Ee%:C+!G@%:A<-,:)!$-!

!

&'+

#)! ]7<%+)G! ;-:A! ,:%,%$%! $-;(87%#<-+,-4! ')+! <-+);! $-:-']);! _! @:(e(#-8();F!U;!$-'(:4!-#!$-:-'])!B%<(#(%:!B):<%#<-+,-!@:)<7#8%$)!$%:A!%! #%;! <7.-:-;! 7+! ,:%,)! (87%#! %#! ])<=:-Ee%:C+! <(-+,:%;! +)! ;-! @:-;-+,-+! $(B-:-+'(%;! -+,:-! #);! ;-i);F! @-:)! '7%+$)! 9;,%;! ;7:.%+4! #%! <7.-:! e-:A! #(<(,%$);!;7;!$-:-']);!@:-'(;%<-+,-!@):!;-:!$(B-:-+,-!%#!@%:A<-,:)!$-! #)!]7<%+)5!-#!])<=:-Ee%:C+!$-!#%!-;@-'(-F! "b7?!-;!)=e()!b7-!-#!@%:%$(8<%!B7-!-#!])<=:-Ee%:C+!_!#)!@-):!$-#!'%;)! -;! b7-! +(! ;-! <-+'()+%! b7-! -+! -;,-! '%<@)! ]%_! $(B-:-+'(%;F! K<@#?'(,%<-+,-! ;-! @%:,-! $-! b7-! #%;! <7.-:-;! @)$-<);! 8)f%:! $-! -;);! $-:-']);! -+! -#! ,%+,)! _! -+! -#! '7%+,)! h'%#'-<);h! $-+,:)! $-#! @:),),(@)FTP! 67%+$)!+7-;,:)!;-i)!)!+7-;,:)!89+-:)!+);!$(B-:-+'(-+4!-#!$-:-'])!+);! ,:%,%:A! $-;(87%#<-+,-F! U;! )=e()! b7-! @%:%! #);! _! #%;! :-$%',):%;4! #%;! <7.-:-;!_!#);!])<=:-;!+)!;)<);!(87%#<-+,-!$(B-:-+,-;4!')+!$-:-'])!%! ;-:!,:%,%$);!E!%;!$(B-:-+,-<-+,-!b7-!+)!$-;(87%#<-+,-!!@):!-#!$-:-'])! '7%+$)!%;(#)!%<-:(,-F!U+!-;,-!'%;)!-+!@%:,('7#%:4!,%#e-f!;(;-!%<-:(,%!7+! ,:%,%<(-+,)! $(B-:-+,-! $-=($)! %! #%! '%@%'($%$! :-@:)$7',(e%! $-! #%! <7.-:! @-:)! -+! +(+8g+! <)$)! -;-! ,:%,)! $(B-:-+,-! ,(-+-! b7-! (<@#('%:! 7+%! #(<(,%'(C+! $-! 7+! $-:-'])! ]7<%+)F! H(-<@:-! ]%_! ;)#7'()+-;! +)! ;-i(;,%;! ;(!;-!=7;'%+F! \)#e(-+$)!%#!<9,)$)F!_!%!#%;!@:-87+,%;!b7-!+);!]-<);!]-'])4!@%:-'(-:%!b7-!$-#! %+A#(;(;! $-! #%! $)',:(+%! _! #%;! %',(,7$-;! $-! #);! _! #%;! ;%#e%$):-[);! -+! -#! ')<@)+-+,-! '7#,7:%#4! %;?! ')<)! #%! (+,-:@:-,%'(C+! b7-! #-! ]%+! $%$)! b7(-+-;! %$<(+(;,:%+! .7;,('(%4! #%! (87%#$%$!-+,:-!])<=:-;!_!<7.-:-;!-+!U#!H%#e%$):4!')<)!-+!'7%#b7(-:!@%?;!$-#!<7+$)4! ;C#)! -i(;,-! -+! -#! ')<@)+-+,-! B):<%#! +):<%,(e)4! '7%+$)! -i(;,-F! U;,)! +);! ##-e%! %! @:-87+,%:+);!'C<)!:-$%',%:!-;,-!@:(+'(@()!@%:%!b7-!+)!(+;,(,7'()+%#('-!#%!$-;(87%#$%$!%#! ,(-<@)!b7-!#%!,)<%!-+!'7-+,%F!6-::%:!#);!W.);!%!#%;!$(B-:-+'(%;!:-%#-;!b7-!-i(;,-+!-+,:-! #);!;-i);!_!%!#%;!$-;(87%#$%$-;!,%<=(9+!:-%#-;!b7-!-i(;,-+!-+,:-!#);!89+-:);4!-;!,%#e-f! ,%+! $(;':(<(+%,):()! ')<)! #-8(;#%:! $(;':(<(+%+$)! %=(-:,%<-+,-! %! #%! <7.-:F! U+')+,:%:! #%! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! TP

!!

\-:! %:,?'7#)! $-! J);%#?%! 6%<%'])5! HWRJU! UL! 6WM6U^VW! OU! KXN"LO"O! UM! L"! LUkF! J-e(;,%! ^):,%e)f!M)FPP4!KLH"4!R)8),A4!2330F!

!

!

&'"

B):<%! $-! #-8(;#%:! @%:,(-+$)! $-! b7-! #%;! <7.-:-;! _! #);! ])<=:-;! ;)<);! KXN"L*UMVU! $(B-:-+,-;!-;!7+!8:%+!:-,)!b7-!$-=-!;-:!%;7<($)!')#-',(e%<-+,-!_!-;-!-;!@:-'(;%<-+,-! -#! g#,(<)! @%;)! $-#! <9,)$)! b7-! _)! ]-! $-;%::)##%$)! ')+! #%! %_7$%! $-! <7']%;! <7.-:-;F! ^-:)!e-%<);!@:(<-:)!'7A#!-;!#%!;-87+$%!,%:-%!-+!-;,-!@%;)!1F! V%:-%! M)FP5! N+%! e-f! b7-! +);! ]-<);! ')+,-;,%$)! #%;! @:-87+,%;! b7-! %::(=%! ;-! B):<7#%+! _! ,)$%e?%! ),:%;! b7-! 7;,-$! #-',):E%! @7-$-! %8:-8%:4! e-:-<);! ;(! -;! @);(=#-! :-$%',%:! #%! #-_! @%:%! -#! ')<@)+-+,-! B):<%#! +):<%,(e)! $-! <%+-:%! b7-! %B-',-! %#! ')<@)+-+,-!'7#,7:%#!-+!#%!B):<%!$-;-%$%4!-;!$-'(:!$-!<%+-:%!b7-!'%<=(-!#%!B):<%!$-! @-+;%:!%+$:)'9+,:('%!_!$-!<%+-:%!b7-!$-:)87-!#%;!#-_-;!+)!-;':(,%;!b7-!;-!-+'7-+,:%+! -+! #);! ')<@)+-+,-;! '7#,7:%#! _! -;,:7',7:%#F! M);! '7($%:-<);! $-! b7-! #%! :-$%''(C+! +)! ;-! @:-;,-!%!(+,-:@:-,%'()+-;!+)!$-;-%$%;!_!e-#%:-<);!@):b7-!#%!:-$%''(C+!$-!#%!#-_!,)<-! -+!'7-+,%!#);!),:);!%;@-',);!$-#!')<@)+-+,-!-;,:7',7:%#!')+!-#!)=.-,(e)!$-!b7-!+)!;-%! #-,:%!<7-:,%F! ";?4!@):!-.-<@#)4!;(!b7-:-<);!@:)<)e-:!#%!(87%#$%$!$-!#);!'C+_78-;4!,-+-<);!b7-! ,-+-:!@:-;-+,-;!%;@-',);!$-#!')<@)+-+,-!'7#,7:%#!,%#-;!')<)!#%;!%',(,7$-;!$-!#);!_!#%;! #-8(;#%$):%;! b7-! @);(=#-<-+,-! ;-%+! ;-i(;,%;! _E)! %+$:)'9+,:('%;4! ,-+-<);! b7-! ,-+-:! @:-;-+,-!b7-5!%D!7+!8:%+!@):'-+,%.-!$-!#%!@)=#%'(C+!;%#e%$):-[%4!;-8g+!7+!-;,7$()!$-! *%:,?+GR%:C4T/! +)!':--!-+!#%!(87%#$%$!$-!#);!'C+_78-;4!=D!b7-!-i(;,-+!),:);!%:,?'7#);!_! ),:%;!#-_-;!b7-!')+,:%$('-+!-;%!(87%#$%$4!'D!b7-!;)'(%#!_!-')+C<('%<-+,-!#);!'C+_78-;! +)!-;,A+!-+!7+!@#%+)!$-!(87%#$%$4!']D!b7-!#);!])<=:-;Ee%:)+-;!,(-+-+!
T/

!!

\-:! ')+B-:-+'(%! @:)+7+'(%$%! @):! K8+%'()! *%:,?+GR%:C! hL%! B%<(#(%4! @7-:,)! _! 'A:'-#! @%:%! #%! <7.-:! ;%#e%$):-[%h4! -+! -#! ;-<(+%:()! ,%##-:! h*7.-:-;! -+! U#! H%#e%$):4! ^-:;@-',(e%;! @%:%! #%! "''(C+d4! ):8%+(f%$)!@):!-#!^MNO!_!NMK6U&!-#!S!$-!.7+()!$-!23``F!

!

!

&'#

<%+-:%!b7-!%#!,(-<@)!b7-!(+;,(,7'()+%#(f%!-;%!(87%#$%$4!#)!]%8%!$-!<%+-:%!b7-!,)<-!-+! '7-+,%!#%;!$-;(87%#$%$-;!:-%#-;!-+!-#!')<@)+-+,-!'7#,7:%#F! ^):! ),:)! #%$)! ;(! ;-! ;%=-! b7-! -+! U#! H%#e%$):4! @):! -.-<@#)4! -i(;,-! -#! @:)=#-<%! $-#! @)')!%''-;)!%!#%!%$<(+(;,:%'(C+!$-!.7;,('(%!@):!@%:,-!$-!#%!<%_):?%!$-!#%;!<7.-:-;!_!;-! @7-$-!;7@)+-:!b7-!#%!<%_):?%!$-!#);!_!#%;!.7-f%;!,(-+-+!%',(,7$-;!;-i(;,%;4!;-!,-+$:A! b7-!=7;'%:!7+%!:-$%''(C+!b7-!,)<-!-+!'7-+,%!-;,);!B%',):-;4!=7;'%+$)!#%!<%+-:%!$-! ]%'-:!
!

&'$

! F#-&'RH! 6)#-',(e(f%:!-#!%+A#(;(;4!+)!;C#)!@%:%!b7-!;-%!-+:(b7-'($)!@):!<7.-:-;! rel="nofollow">_! ])<=:-;! ')+;'(-+,-;D! $-! $(;,(+,);! ;-',):-;! %! #%! e-f! b7-! ;-! ]%'-! -$7'%'(C+! #-8%#! @)@7#%:4! ;(+)! _! ])<=:-;! ;)#($%:();! _! 6WMH6KUMVUH!OU!HNH!^JK\KLUXKWHD!#-!$%:A!%#!,-i,)!7+%!<%_):!8%:%+,?%!$-!+)!;-:! -i'#7_-+,-!$-!7+!;-',):4!8:7@)!)!'#%;-!$-!<7.-:-;F!U;,-!@%;)!;-!@7-$-!:-%#(f%:!,%+,)!-+! 7+! ;-<(+%:()! ,%##-:! B):<%#<-+,-! ):8%+(f%$)!)! (+B):<%#<-+,-! %#:-$-$):! $-! 7+%! ,%f%! $-! '%B9F! V%<=(9+! ;-! @7-$-! ]%'-:! <%+,-+(-+$)! 7+%! %',(,7$! %,-+,%! %! #)! b7-! -i@:-;%+! <7.-:-;! $-! 8:7@);! )! '#%;-;! $(;,(+,%;! %! #%! <7.-:! >7! ])<=:-! ;)#($%:()D! )! 8:7@)! b7-! @:(<-:)!](f)!-#!%+A#(;(;F! 6)+! :-;@-',)! %! #);! ])<=:-;Ee%:)+-;! b7-! @7-$%+! ;-:! ;)#($%:();! ]%_! b7-! ,-+-:! <7'])! '7($%$)F! *7']%;! e-'-;! -##);! ,(-+-+4! %#! (87%#! b7-! -#! $-:-'])4! 7+%! %',(,7$! @:)! <7.-:!;C#)!%@%:-+,-!@-:)!-+!-#!B)+$)!;(87-+!')+;($-:A+$);-!%!;?!<(;<);!-#!@%:%$(8<%! $-! #)! ]7<%+)! )! ':-_-+$)! b7-! #);! @:(e(#-8()`! b7-! 8)f%+! ;)+! h+%,7:%#-;hF! ^):! -.-<@#)4! <7']);!])<=:-;Ee%:)+-;!<%+(B(-;,%+!):87##);%<-+,-!b7-!-##);!h%@)_%+h!-+!,)$)!%!;7! ')<@%[-:%! $-! e($%! _! b7-! ;-! ;(-+,-+! B-#('-;! $-! b7-! -##%! ;-! h:-%#('-h! -+! ;7! )B('()! )! '%::-:%!_!')<)!@-:;)+%!]7<%+%!b7-!-;!@-:)!7+%!(+e-;,(8%'(C+!+(!,%+!;(b7(-:%!@:)B7+$%! $-! ;7! ')<@):,%<(-+,)! -+! -#! ])8%:! <7-;,:%! b7-! -;-! h%@)_)h! +)! (<@#('%! -#! b7-! -;-! ])<=:-!%;7<%!@):!(87%#!-#!,:%=%.)!$)<9;,(')!_!-#!'7($)!$-!#);!_!#%;!](.%;r!b7-!-;,9!%#! ,%+,)!$-!#%;!$(;,(+,%;!+-'-;($%$-;!-<)'()+%#-;!_!;-i7%#-;!$-!-##%4!)!b7-!;-!]%_%!$%$)! e-:$%$-:%!'7-+,%!$-!#);!@:(e(#-8();!_!;-:e('();!b7-!:-'(=-!$-!@%:,-!$-!),:%;!<7.-:-;!@):! @-:,-+-'-:!%!7+!;-i)!;7@:%e%#):%$)F! ^%:%! B(+%#(f%:4! b7(;(-:%! %8:-8%:! b7-! ')<)! #%! %<@#(%'(C+! $-! #%;! @-:;@-',(e%;! _! #%! ,-):(f%'(C+! $-! #%! -i@-:(-+'(%! -;! 7+! @:)'-;)! $-! ')+;'(-+,(f%'(C+4! -;,-! -;! -#! @:(<-:! _!

!

&'%

g#,(<)! @%;)! $-! '7%#b7(-:! <-,)$)#)8?%! B-<(+(;,%F! U;! -#! @:(<-:)! @):! #%;! :%f)+-;! _%! ;-[%#%$%;!_!-;!-#!g#,(<)4!@):b7-!#);!%+A#(;(;!b7-!-+!'(-:,%!<-$($%!;)+!,-):?%4!;)+!%!;7! e-f!-i@-:(-+'(%;!b7-!$-=-+!;-:!%:,('7#%$%;!-+!),:);!8:7@);!B7-:%!$-#!b7-!#);!e(e(C4!@%:%! $-! +7-e)! :-')<-+f%:! -#! @:)'-;)! $-! ')#-',(e(f%:! #%;! -i@-:(-+'(%;! _! ,-):(f%:! ;)=:-! #%;! <(;<%;4!@%:%!')+!-;%!,-):?%!:-e%#):%:!_!<)$(B('%:!#%;!-i@-:(-+'(%;!%+,-:():-;F! LC8('%<-+,-4!@#%+,-%$)!$-!-;,%!<%+-:%4!-#!@:)'-;)!+7+'%!,-:<(+%:?%4!$-!<%+-:%! b7-! ;-! #-! @7-$-! @)+-:! B(+! '7%+$)! -;,:%,98('%<-+,-! ;-! @(-+;-! b7-4! ,:%,A+$);-! $-! 7+! @:)_-',)!$-!#-_4!_%!,(-+-!;7B('(-+,-!%@)_)!@)@7#%:!)4!;(!;-!,:%,%!$-!7+%!(+e-;,(8%'(C+!7! ),:)!-;,7$()4!-i'#7_-!%#!<-+):!+g<-:)!$-!;-:-;F! ^-:)! b7-!;-87:%<-+,-!;-:?%!
!

&&'

/0/)0&*,#SK#' "6WHV"!\"JX"H4!X#%$_;F!hO-:-']);!$-!#%;!*7.-:-;4!V:-;!U+;%_);hF!O)'7<-+,);!$-! V:%=%.)!M)F!P4!U$('()+-;!&#):%!V:(;,A+4!L(<%4!^-:g4!)',F!2330F! R"JLUVV4! j%,]-#(+-F! h&-<(+(;,! L-8%#! *-,])$;h4! R);,)+4! NH"4! a%:e%:$! L%y! J-e(-y4! \)#7<-!20/4!+g<-:)!T4!&-=:7%:_!2330F! 6"L\W4!k%$(:%!h"!#%!<7.-:!@):!#%!@%#%=:%hF!UNM"4!a-:-$(%4!6);,%!J('%4!2330F! 6"L\W4!k%$(:%F!h*(,);!_!:-%#($%$-;!$-!#%!$-<)':%'(%!-+!6);,%!J('%hF!H%+!I);94!6);,%! J('%4!OUK!E!6U^"H4!2330F! 6"*"6an4! J);%#?%Fh! H)=:-! -#! ')+'-@,)! $-! (87%#$%$! -+! #%! #-_hF! R)8),%4! 6)#)<=(%4! KLH"Å!J-eF!^):,%e)f!MÑ!PP4!2330! 6UMVJW! &LWJ"! VJKHV~MF! hN+%! +7-e%! #-',7:%5! 89+-:)! -+! $-;%::)##)hF! L(<%4! ^-:g4! &#):%!V:(;,A+!U$('()+-;4!2332F! 6UMVJW! M"6KWM"L! ^"J"! UL! OUH"JJWLLW! OU! L"! *NIUJ! k! L"! &"*KLK"F! hH(;,-<%,(f%'(C+!$-!-;,%$?;,('%;!;)=:-!$(e):'()!-+!6);,%!J('%hF!H%+!I);94!6);,%!J('%4! 23`3F! 6UMVJW! M"6KWM"L! ^"J"! UL! OUH"JJWLLW! OU! L"! *NIUJ! k! L"! &"*KLK"F! hH(,7%'(C+!$-!#%!<7.-:!');,%::('-+;-hF!H%+!I);94!6);,%!J('%4!23`3F! OWMW\"M!É!VH6aKJa"JV4!hs)<-+!É!;-#BG-;,--
!

&&&

L"MXL"MO4! U#(f%=-,]F! h"! B-<(+(;,! @-:;@-',(e-! )+! ,]-! %'%$-<_5! ,]-! $(BB-:-+'-! (,! <%t-;hF!6]('%8)4!NH"4!N+(e-:;(,_!)B!6]('%8)!^:-;;4!6]('%8)4!23`/F! LUJMUJ4!X-:$%F!hÅKh]-!':-%,()+!)B!@%,:(%:']_hF!M-y!k):t4!NH"4WiB):$!N+(e-:;(,_!^:-;;4! 23`SF! *"6jKMMWM4! 6%,]%:(+-! "F! h&-<(+(;')<@(#%$):-;DF!h6:(<(+)#)8_!%;!@-%'-<%t(+8h4!K+$(%+%4!NH"4! K+$(%+%!N+(e-:;(,_!^:-;;4!2332F! JU\KHV"! OU! L"! OKJU66KnM! OU! OK&NHKnM! 6NLVNJ"LF! 6%;%! $-#! ,(-<@)4! *9i(')4! NM"*4!<%_)G.7+()!23`SF! JU\KHV"!\UMV"M"!+g<-:)!/4!H%+!I);94!6);,%!J('%4!23`TF! JU\KHV"!h\K\"hF!L(<%4!^-:g4!;-,(-<=:-!)',7=:-4!`QF! H"N4! \(',):(%F! hN+! $(''()+%:()! ($-)#C8(')! B-<(+(;,%hF! R%:'-#)+%4! K6"JK"! U$('()+-;4! 23`2F! H6aNLUJ4! *%:8%:-,! >')<@(#%$):%DF! h^)$-:! _! $-:-'])hF! s%;](+8,)+4! NH"4! WU&! K+,-:+%'()+%#4!23`SF!K<@:-;)!-+!#);!V%##-:-;!X:AB(');!$-!L(,F!L-C+!HF"FF!V-#5!PPGP2G1P! H"N4! \(',):(%F! hN+! $(''()+%:()! ($-)#C8(')! B-<(+(;,%hF! R%:'-#)+%4! K6"JK"! U$('()+-;4! 23`2F! H6aNLUJ4! *%:8%:-,! >')<@(#%$):%DF! h^)$-:! _! $-:-'])hF! s%;](+8,)+4! NH"4! WU&! K+,-:+%'()+%#4!23`SF!

!

&&(

! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! C173-.6!-2!46.!D044-3-.!E3?8956.!=-!! F9/,!F-G2!H,I,!D-4J!((K(&K+(!

!

"#$%!&%'()4!%+,-!,)$)!B-<(+(;,%!_!,%<=(9+!%=)8%$%4!%<%+,-!$-!#%!+%,7:%#-f%4!$-!#%!$%+f%4! $-#!-;,7$()FFF!]%!@%:($)"-;,%!)=:%4!](.%!$-!<7']);!%[);!$-!,:%=%.)4!:-B#-i(C+!_!$(;'7;(C+!@):4!')+! _! @%:%! #%;! <7.-:-;F! &:7,)! $-! ;7! %#<%! $-! <7.-:4! -;,-! #(=:)! -;! 7+%! ')+,:(=7'(C+! (+e%#7%=#-! %#! <)e(<(-+,)!$-!<7.-:-;!#%,(+)%<-:('%+%;!b7-!$-;$-!;7;!e-.%$%;!-!(8+):%$%;!,:(+']-:%;!$-!2&83" #7']%+!$?%!%!$?%4!$-!%'7-:$)!')+!"#$%5! ÖFFF!@):!b7-!;-!')<@:-+$%!b7-!+)!-i(;,-!#%!(87%#$%$!.7:?$('%!'7%+$)!+)!-i(;,-!#%!(87%#$%$! @)#?,('%4!+(!-')+C<('%4!+(!;)'(%#F!')<@:-+$-:!-;)!;(8+(B('%!b7-!B(+%#<-+,-!;-!]%!-+,-+$($)!b7-! +)! -;! @);(=#-! ]%=#%:! $-! (87%#$%$! )! #(=-:,%$! ;(! -;,);! $-:-']);! +)! ;)+!')<@%:,($);!@):!,)$%;!_!! ,)$);FFFh! r>>>"2$-"*/&"%0'#-07*.0F/",;*0#
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s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kQ" "

L36<-5/6!M;N-3!
!