Paediatrics (8th Edition) [O.P. Ghai] .pdf

Good book

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13.










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HJ3K18GG>V189>2J3EV V LGV V DGEL8KV V D7V 4GJV K18GG?V
189>2J3EV V LGV V RJV V D7V 4GJV /2M>LKV /0GO3V V RJV /E2V
V D7V 4GJV HJ37F/ELV /E2V >/1L/L9E7V PGD3E

-83V 1GEK3IM3E13V G4V 9G29E3V 2349193E1RV 2MJ9E7V HJ37E/E1RV
9KV 9DH/9J32V KREL83K9KV G4V L8RJG92V 8GJDGE3KV 0RV L83V DGL83JV
/E2V L83V 43LMKV ,9E13V L83V H8RK9G?G791V JG>3V G4V L8RJG92V 8GJU
DGE3KV 9KV LGV 3EKMJ3V L83V 1GGJ29E/L9GEV G4V 29443J3ELV 23O3?GHU
D3EL/>V 3O3ELKV L8JGM78V KH319491V 34431LKV GEV L83V J/L3V G4V 13>>V
29443J3EL9/L9GEV /E2V 73E3V 3QHJ3KK9GEV /EV ;KM449193ELV KMHH>RV
G4V L8RJG92V 8GJDGE3KV LGV L83V 23O3>GH9E7V 0J/9EV J3KM>LKV 9EV
D3EL/>V J3L/J2/L9GEV

-83V 0J/:FV G4V L83V 8MD/EV :F4/ELV /LV 09JL8V 8/KV GE>RV J3/1832V
/0GMLV GE3L89J2V G4V 9LKV 6V K9S3V /F2V 1GEL:FM3KV LGV 7JGPVJ/H92>RV
MEL9>V L83V 3E2V G4V L83V K31GE2V R3/JV -83V L8RJG92V 8GJDGE3V
23H3E23ELV GEV /EV /23IM/L3V KMHH>RV G4V 9G2:F3V 9KV 3KK3EL9/>V4GJV
EGJD/>V 0J/9EV 23O3?GHD3ELV -83V 1GEL9EM9E7V HJ3K3E13V G4V
9G29E3V 2349193E1RV 9KV /V L8J3/LV LGV 3/J?RV0J/9EV 23O3?GHD3ELV
*3GE/L/>V 183D91/?V 8RHGL8RJG929KDV 9KV 2349E32V 0RV
K3JMDV ?3O3?KV G4V -V >3KK3JV L8/EV V D7V 2>V /E2V -,$V 7J3/U
L3JV L8/EV V D.V D>V %EV K3O3J3>RV 9G29E3V 2349193ELV 3EO9JGEU
D3ELKV 9EV *GJL83JEV %E29/V P83J3V DGJ3V L8/EV V G4V L83V
HGHM?/L9GEV 8/KV MJ9E/JRV 9G29E3V >3O3?KV 03?GPV V D7V 7V
1J3/L9E9E3V L83V 9E1923E13V G4V E3GE/L/?V 8RHGL8RJG929KDV 9KV
V H3JV L8GMK/E2V 09JL8KV &EV "3>89V P83J3V GE?RV D9@2
9G29E3V 2349193E1RV 9KV HJ3K3ELV P9L8V >GPV HJ3O/>3E13V G4V 7G9L3J
L83V 9E1923E13V 2JGHKV LGV V H3JV L8GMK/E2
*3GE/L/>V 8RHGL8RJG929KDV H3JK9KLKV 9ELGV 9E4/E1RV /E2V
189?28GG2V 94V L83V 2349193E1RV 9KV EGLV 1GJJ31L32V /E2V J3KM?LKV 9EV
J3L/J2/L9GEV G4V H8RK91/?V /E2V D3EL/?V 23O3>GHD3ELV -83K3V
G0K3JO/L9GEKV 9E291/L3V /V DM18V 7J3/L3JV J9K=V G4V D3EL/AV 23431LV
9EV K3O3J3?RV 9G29E32349193ELV HGHM?/L9GEKV L8/EV 9KV 9E291/L32V
0RV L83V HJ3K3E13V G4V 1J3L9E9KDV

)G23J/L3V 9G2:E3V 2359193E1RV 9KV /KKG19/L32V P9L8V /0EGJD/>9L93KV
9EV HKR18GE3MJGDGLGJV /E2V 9EL3>>31LM/?V 23O3>GHD3ELV G4V


18:C2J3EVP8GV /J3V 1>:E91/>>RV 3ML8RJG92V 0MLV P8GV 2GV EGLV 3Q8909LV
GL83JV 43/LNJ3KV G4V 3E23D91V 1J3L:F9KDV,GD3V H/L93ELKV D/RV K8GPV
7G9L3JV #97V V !8/HL3JV V ,LM293KV 9EV DG23J/L3?RV
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O9KM/>V HJG0>3DV KG>O:F7V 9DHJGO32V 9EV K18GG?V 18:>2J3EV /4L3JV
9G2:F3V J3H>3L9GEV
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GHL9GEKV 4GJV 1GJJ31L9GEV G4V '""V /J3V /2D9E9KLJ/L9GEV G4V 9G29S32V
G9>V 1/HKM>3KV 3O3JRV V DGEL8KV 29J31LV /2D9E9KLJ/L9GEV G4V
9G29E3V KG?ML9GEKV KM18V /KV (M7G?V 9G29E3V /LV J37M>/JV :FL3JO/>KV
/E2V 9G29S/L9GEV G4V P/L3JV KMHH>93KV 0RV 29J31LV /229L9GEV G4V
9G29E3V KG?ML9GEV -83V ("+ "(%+ " (%"+ %"

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/EV /23IM/L3V KMHH>RV G4V 9G29S32V K/?LV 9EV L83V 1GMELJRV /K32V
GEV /EV /KKMDHL9GEV G4V /V D3/EV 9EL/=3V G4V K/>LV G4V V 7V 2/RV L83V
J31GDD3E232V ?3O3?V G4V 9G29E/L9GEV 9KV GE3V H/JLV G4V 9G29E3V 9EV
V LGV VH/JLKV G4V K/?LV

&JGEV 2349193E1RV J3D/9EKV /V D/<GJV EMLJ9L9GE/>V HJG0>3DV
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$3/>L8V ,MJO3RV *#$,V &&V 1GE2M1L32V 9EV V 2G1MU
D3EL32V L8/LV V 189>2J3EV03LP33EV L83V /73KV G4V V DGEL8KV
P3J3V /E3D91V -83V *#$,V &&&V V K8GPKV K9D9>/JV 2/L/V
'JGEV 2349193E1RV /E3D9/V 9KV /KKG19/L32V P9L8V 9DH/9J32V
H3J4GJD/E13V 9EV D3EL/>V /E2V H8RK91/?V 4ME1L9GEKV 9E1>M29E7V
H8RK91/>V 1GGJ29E/L9GEV /E2V 1/H/19LRV1G7E9L9O3V /09A9L93KV /E2V
KG19/>V /E2V 3DGL9GE/?V 23O3?GHD3ELV -83V HJ319K3V34431LKVO/JRV
P9L8V L83V /73V 7JGMHKV KLM2932V -83V 83/>L8V 1GEK3IM3E13KV G4V
9JGEV 2349193E1RV 9EV RGME7V 189?2J3EV /J3V K3J9GMKV /E2V G4L3EV
9JJ3O3JK90>3V V 23K1J9HL9GEV G4V 1B9E91/?V 43/LMJ3KV 29/7EGK9KV
LJ3/LD3ELV /E2V HJ3O3EL9GEV G4V 9JGEV 2349193E1RV /E3D9/V 9KV
79O3EV 9EV !8/HL3JV V

110.
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5MGVR7\ -E1\ 12U2@GHB2ER\ +79Q\ 9Q\ R72\ H7-Q2\ 9E\ @932\ V9R7\ R72\
5L2-R2QR\ L9Q=\ G3\ BGLR-@9RY\ R\ 9Q\ -@QG\ R72\ BGQR\ /L9R9/-@\ H2L9G1\
3GL\ @GE5R2LB\ H7YQ9/-@\ -E1\ E2TLG/G5E9R9U2\ 12U2@GHB2ER\
%2V.GN\ 72-@R7\ 9Q\ R72\ =2Y\ RG\ /79@1\ 72-@R7\ -E1\ QTLU9U-@\
$GL2\ R7-E\ TE12L\ 7-@3\ G3\ TE12L\ \ /79@1\ 12-R7Q\ G//TL\ 9E\ R72\
E2GE-R-@\ H2L9G1\ 7-HR2L\ \ )L2R2LB\ .9LR7\ /GBH@9/-[
R9GEQ\ -//GTER\ 3GL\ \ G3\ -@@\ E2GE-R-@\ 12-R7Q\ -E1\ /GEQR9RTR2\
R72\ BGQR\ :CHGLR-ER\ /-TQ2\ G3\ E2GE-R-@\ BGLR-@9RY\ 95\ \
-/R2L9-@\ 9E32/R9GEQ\ Q2HQ9Q\ HE2TBGE9-\ -E1\ 19-LL7G2-\
/GERL9.TR2\ RG\ \G3\ E2GE-R-@\ 12-R7Q\ &R72L\ /-TQ2Q\ G3\
E2GE-R-@\ BGLR-@9RY\ -L2\ .9LR7\ -QH7YX9-\ \ -E1\ /GE52E9R-@\
B-@3GLB-R9GEQ\ \ @BGQR\ R7L223GTLR7Q\ G3\ -@@\ E2GE-R-@\
12-R7Q\ G//TL\ -BGE5\ R72\ @GV\ .9LR7\ V2957R\ E2V.GOQ\ &3\ -@@\
R72\ E2GE-R-@\12-R7Q\-.GTR\ \ G//TL\ V9R7:E\39LQR\ \ 7L\ 7-@3\
V9R79E\ \ 7L\ -E1\ R7L22\ 3GTLR7Q\ V9R7;\ GE2\ V22=\ G3\ .9LR7\
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.9LR7\ -QH7YX9-\ -E1\ HL2R2LB\ .9LR7\ /GBH@9/-R9GEQ\ 2-@R7\ G3\
R72\ BGR72L\ -E1\ /-L2\ 1TL:E5\ HL25E-E/Y\ -E1\ -R\ /[email protected]\ 7-Q\
HLG3GTE1\ 9E3@T2E/2\ GE\ E2GE-R-@\ GTR/GB2\ Q\ EGR21\ 9E\
7-HR2L\ \ 12/@9E2\ 9E\ E2GE-R-@\BGLR-@9RY\ 9Q\ /L9R9/-@\ RG\ -/792U2\
E-R9GE-@\ 72-@R7\ 5G-@Q\ +72\ QR-5E-ER\ 2-L@Y\ E2GE-R-@\ BGLR-@9RY\
9Q\ -\ /-TQ2\ 3GL\ /GE/2LE\

LGB\ .9LR7\ RG\ TE12L\ 3GTL\ V22=Q\ \\ 1-YQ\
G3\ -52\ E\ 9E3-ER\ 9Q\ /-@@21\ -\ E2GE-R2\ 1TL:E5\ R79Q\ H7-Q2\
9LQR\ V22=\ G3\ @932\ \\ 1-YQ\ GL\ \ 7L\ 9Q\ =EGVE\ -Q\ 2-L@Y\
E2GE-R-@\ H2L9G1\ "-R2\ E2GE-R-@\ H2L9G1\ 2XR2E1Q\ 3LGB\ R7\
RG\ R7\ 1-Y\
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1-YQ\ G3\ @932\
L232L\ RG\ /GBH@2R21\ V22=Q\ G3\ 52QR-R9GE\
25\ \ V22=Q\ 52QR-R9GE\ L232L\ RG\ L-E52\ G3\ 52QR-R9GE\ 3LGB\
\ V22=Q\ '\1-Y\ RG\ \ V22=Q\ -E1\ \ 1-YQ\

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@2QQ\R7-E\ \ 1-YQ\ G3\ @932\
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GL\ 52QR-R9GE-@\ -52\ R7-R\ -3R2L\ Q2H-L-R9GE\ 3LGB\ R72\ BGR72L\
Q7GVQ\ -EY\ 2U912E/2\ G3\ @932\ QT/7\ -Q\ .L2-R79E5\ 72-LR.2-R\
HT@Q-R9GE\ G3\ TB.9@9/-@\ /GL1\ GL\ 1239E9R2\ BGU2B2ER\ G3\
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2U912E/2\ G3\ @932\
2R-@\ 12-R7\ -R\ -\ 52QR-R9GE-@\ -52\ G3\ \ V22=Q\ GL\
BGL2\ GL\ V29579E5\ BGL2\ R7-E\ \ 5\ -R\ .9LR7\
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1-YQ\ G3\ 52QR-R9GE\ 9LL2QH2/R9U2\ G3\ R72\ .9LR7\ V2957R\

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K3)BT T 2T )KT ,4GK3T 4GG/JE/-K4M/T D0T K3/T 2/JK)K4DB):T )2/T
!() &) !$&$) ) $) T B/DB)K/T N/4234B2T
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'$!() &) !$&$) ) $) T B/DB)K/T
N/4234B2T :/JJT K3)BT T 2T )KT ,4GK3T 4GG/JE/-K4M/T D0T K3/T
2/JK)K4DB):T )2/ T
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!$) !$$() !$) ) "L?,/GT D0T E/G4B)K):T
./)K3JT JK4::,4GK3JT E:LJT B/DB)K):T ./)K3JT ,/0DG/T T .)PJT D0T
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K3/T BL?/G)KDGT 4JT BDKT E)GKT D0T K3/T ./BD?4B)KDGT DGT G)K/T
=49/T 4BT "!%T BL?/G)KDGT 4JT E)GKT D0T ./BD?4B)KDGT
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EDJK/GJT M4./DJT )B.T N/,8C)GJT DBT -DA?DBT B/N,DHT 4JJL/JT
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K3/T "/DB)K);T %/JLJ-4K)K4DBT $GD2G)?T "%$T T JLA?)GPTD0T
K3/T G/-DA@/B.)K4DBJT D0T $T T 4JT EGDM4./.T 3/G/ T
)!#.'!!./ !/ '#.-/
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E/G4D.T D0T G)E4.T ,G/)K38C2T D--LGJT 0T K3/T )JE3PO4)T -DBK8BL/JT
K3/T G/JE5G)KDGPT ?DM/?/BKJT -/)J/T )B.T K3/T 4B0)BKT /BK/GJT 4BKDT
)T E/G4D.T D0T )EB/)T 9BDNBT )JT !") ) LG8B2T EG4?)GPT
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BDG?): T BT ?DJKT 4BJK)B-/JT K)-K4:/T JK4?L:)K4DBT .LG8C2TK37JT
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K3/T ,:DD.T EG/JJLG/T ,/24BJT KDT 0)::T )B.T K3/T 5B0)BKT ,/-D?/JT
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2)JEJT )B.T /BK/GJT 8BKDT )T E/G4D.T D0T #!() ) '3/T 4B0)BKT
4JT BDNT LBG/JEDBJ4M/T KDT JK4?L:)K4DBT )B.T .D/JT BDKT
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O (.312BP 1)3<P A2=D7-P +.P ,=<A3AB.<B7HP -.:=<AB@)B.-P /=@
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>8=BB.-P =<P )P 1@=FB2P ,2)@BPF23,2P ,)<P +.P DA.-P =<P /=78=FJ
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8=FP +=-HP [email protected] =/P E)@3=DAP <DB@3.<BAP )BP +3@B2P F23,2
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E .,)DA.P =/P B2.P 1DBP 3::)BD@3BHP B2.HP )@.P :[email protected] 836.8H
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1.AB)B3=<)8P :)BD@3BH

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=/P /..-3<1P
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F3B2P B2.P ,2=3,.P =/P /..-3<1P :.B2=-P +)A.-P =<P B2.P 3</)<BAP
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BP 3AP 3:>=@B)<BP B=P @.)73I.P B2)BP .<B.@)8P /..-3<1P 3AP 3;>=@B)<BP
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3<P B2.:P F3B2=DBP )<HP E)83-P @.)A=<P E.<P 3</)<BAP F3B2P
@.A>3@)B=@HP [email protected] )<- =@P =<P )AA3AB.-P E.<B37)B3=<P ,)<P +.P
AB)@B.-P =<P .<B.@)8P /..-AP =<,.P B2.P ),DB.P >2)A.P 3AP =E.@P )<-P
B2.P 3</)<BAP ,=7=@P A)BD@)B3=<P )<-P >.@/DA3=<P 2)E.P 3:>@=E.-P
%3:38)@8HP A.>A3AP D<8.AAP )AA=,3)B.-P F3B2P A2=,6 P A,8.@.:) P
!P 3AP <=BP )P ,=<B@)3<-3,)B3=<P /=@P .<B.@)7P /..-3<1P
<B.@)7P /..-3<1P A2=D8-P +.P 3<3B3)B.-P
3::.-3)B.8HP )/B.@P +3@B2P 3<P 2.)7B2HP (P 3</)<BAP F3B2P B2.P
)>>@=>@3)B.P /..-3<1P :.B2=-P -.B.@:3<.-P +HP B2.3@P =@)8P
/..-3<1P A6388AP )<-P 1.AB)B3=<P

@.)AB/..-3<1P @[email protected] .//.,B3E.P AD,63<1P AF)88=F3<1P )<-P
)P >@=>.@P ,==@-3<)B3=<P +.BF..<P AD,6 AF)87=FP )<-P
+@.)B23<1P &2.A.P ,=:>8.GP A6388AP :)[email protected] F3B2P 3<,@.)A3<1P
1.AB)B3=<P P @=+DABP AD,63<1P >)BB.@<P 3AP <=BP >@.A.<BP D<B38P

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204.

G0FCHND0GS HND0GS S S ,@/S S ,;;S C1S L48.4S .,@S .,IG0S D,F,;NG6G S
*ND0S S 6GS >CGHS 1F0EI0@H;NS F0GDC@G5-;0S HND0S S 5GS ;0GGS
.C>>C@;NS .,IG,H6K0S ,@/SHND0S S 6GS C@;NS F,F0;NS 5>D;5.,H0/S

*40S /6G0,G0S 6GS G0,GC@,;S C..IFF6@2S >CF0S .C>>C@;NS 6@S
GI>>0FS ,@/S 0,F;NS ,IHI>@S 6@S H0>D0F,H0S .;6>,H0GS "@S
HFCD5.,;S .CI@HF50GS G0,GC@,;6HNS 6GS ;0GGS .;0,F;NS /016@0/S GC>0S
,F0,GS [email protected] [email protected],G0S 5@S [email protected]/[email protected] /IF6@2S H40S F,5@NS
G0,GC@ S 0.CCF,;S FCIH0S 6GS H40S DF0/C>6@,@HS >C/0S C1S
HF,@G>6GG5C@S 5@S/0K0;CD6@2S .CI@HF50GS L6H4S DCCFS G,@6H,H5C@S
L40F0,GS CF,;D4,FN@20,;S HF,@G>6GG6C@S DF0/C>7@,H0GS 6@S
6@/IGHF5,;6O0/S .CI@HF60GS ,@/S /IF5@2S CIH-F0,:G S *40S
,K0F,20S [email protected],H6C@S D0F6C/S C1S /6G0,G0S 5GS S /,NGS F,@26@2S
1FC>S S HCS S /,NG S *40S K5FIGS 5GS G40/S 5@S H40S GHCC;GS 1CFS
S L00:GS ,1H0FS [email protected]@
!I>,@GS ,F0S H40S C@;NS F0G0FKC6FS C1S DC;6CK6FIGS ,@/S [email protected]
H5C@S 6GS GDF0,/S 1FC>S D0FGC@HCD0FGC@ S *40S K6FIGS GDF0,/GS
F,D6/;NS HCS @C@5>>I@0S D0FGC@GS *F,@G>6GG6C@S 6GS IGI,;;NS
L6/0GDF0,/S 6@S H40S .C>>I@6HNS -NS H40S H5>0S C1S C@G0HS C1S
D,F,;NG6 GS 5@S ,S .45;/S "@1,@HGS -CF@S HCS >CH40FGS L6H4S
,@H6-C/60GS ,F0S DFCH0.H0/S @,HIF,;;NS ,2,7@GHS D,F,;NH6.S /5G0,G0S
1CFS ,S 10LS L00:GS ">>I@5HNS 6GS ,.EI5F0/S H4FCI24S [email protected]@S
L6H4S H40S L5;/S K6FIGS ,@/S H4FCI24S 5>>I@6O,H6C@S
*40S ;C-,;S 'C;6CS F,/5.,H6C@S 6@6H6,H5K0S L,GS ;,[email protected]/S
6@S S IG5@2S CF,;S DC;6CS K,..6@0S &'+S ,GS H40S 0F,/6.,H6C@S
HCC;S ,@/S 0>D;CN6@2S ,S 1CIFS DFC@20/S GHF,H02NS .C>DF6G5@2S
5 >,6@H,6@6@2S 4524S FCIH6@0S 6>>I@5O,H5C@S .CK0F,20
56S GIDD;0>0@H,FNS 6>>I@5O,H6C@S ,.H6K6H60GS )"GDI;G0
5>>I@6O,H6C@S 666S ,.IH0S 1;,..6/S D,F,;NG6GS 'S GIFK05;Q
;,@.0S ,@/S 6KS CIH-F0,:S F0GDC@G0S 6>>I@6O,H6C@S *40
5@5H6,H6K0S L,GS 4I20;NS GI..0GG1I;S L5H4S F0/I.H6C@S C1S DC;5C
.,G0GS 1FC>S S LCF;/L6/0S 6@S S HCS S 6@S S ,@/
C@;NS S .,G0GS 6@S S ,GS C1S H4S 0.0>-0FS S &@;NS
.CI@HF50GS124,@6GH,@S %520F5,S ,@/S ',:5GH,@S F0>,6@S DC;6C
0@/0>5.S S C1S H40S S .,G0GS 6@S S L0F0S F0DCFH0/S1FC>
H40G0S .CI@HF60GS *40S ;,GHS L5;/S DC;6CS .,G0S L,GS F0DCFH0/S 1FC>
"@/6,S C@S S #,@I,FNS S ,@/S "@/6,S 6GS @CS >CF0S .C@G6/0F0/
0@/0>5.S 1CFS DC;6CK6FIG

*40S >CIH4S 6GS H40S IGI,;S DCFH,;S C1S 0@HFN S *40S K5FIGS 5GS IGI,;;NS
DF0G0@HS 6@S H40S D4,FN@MS ,@/S GHCC;GS -01CF0S H40S C@G0HS C1S
D,F,;NH5.S 6;;@0GG S "HS 5@K,/0GS ;C.,;S ;N>D4C6/S H6GGI0S 0@H0FGS
H40S -;CC/GHF0,>S HCS 6@K,/0S .0FH,6@S @0FK0S .0;;GS ,@/S >,NS
/,?,20S CFS /0GHFCNS H40G0S .0;;GS

"@S S C1S 6@/6K6/I,;GS DC;5CK5FIGS [email protected]@S 6GS 6@,DD,Q
F0@H S "@S H40S F0>,6@7@2S S C1S 7@/5K6/J,;GS C@0S C1S H40S
1C;;CL7@3S GN@/FC>0GS >,NS C..IF S
C..IFGS 5@S S C1S [email protected]@GS ,@/S 5GS
.4,F,.H0F6O0/S -NS ,S >6@CFS 5;;@0GGS L6H4S ;CLS 2F,/0S 10K0FS GCF0S
H4FC,HS KC>6H6@2S ,-/C>6@,;S D,6@S ;CGGS C1S ,DD0H6H0S ,@/S
>,;,5G0S (0.CK0FNS 6GS F,D5/S ,@/S .C>D;0H0S H40F0S 6GS @CS
D,F,;NG5G S "HS .,@@CHS -0S /6GH5@2I6G40/S 1FC>S CH40FS K6F,;S
[email protected]@G S
C..IFGS 5@S S C1S 7A10.H6C@GS
L5H4S 40,/,.40S @0.:S -,.:S ,@/S ;02S GH611@0GGS G0K0F,;S /,NGS
,1H0FS ,S DFC/FC>0SG6>6;,FS HCS ,-CFH6K0S DC;6CS (0.CK0FNSC..IFGS
L6H46@S S /,NG S
C..IFGS 6@S S S C1S .,G0GS )N>DHC>GS
C..IFS 5@S HLCS D4,G0GS >6@CFS ,@/S >,9CFS G0D,F,H0/S -NS
G0K0F,;S /,NGS L5H4CIHSGN>DHC>G S *40S >6@CFS D4,G0S .C@G6GHGS
C1S GN>DHC>GS G6>5;,FS HCS H4CG0S C1S ,-CFH6K0S DC;5C>N0;6H6GS
*40S >,9CFS D4,G0S C1S 6==@0GGS-027@GS L5H4S >IG.;0S D,6@S GD,G>GS
,@/S H40S F0HIF@S C1S 10K0F S *45GS 5GS 1C;;CL0/S -NS F,D5/S C@G0HS C1S
1=,..5/S D,F,;NG5GS H4,HS 6GS IGI,;;NS .C>D;0H0S L6H46@S S 4FS
6GS H40S>CGHS .C>>C@S 1CF>S C1S
D,F,;NH6.S DC;6C>N0;7H6GS ,..CI@H7B2S 1CFS ,DDFCM6>,H0;NS S
.,G0G S "HS F0GI;HGS 1FC>S ,S ;CL0FS >CHCFS@0IFC@S ;0G6C@S C1S H40S
,@H0F6CFS 4CF@S .0;;GS C1S H40S GD5@,;S .CF/S ,@/S ,110.HGS H40S >IGQ
.;0GS C1S H40S ;02GS ,F>GS ,@/S CFS HFI@: S )0K0F0S .,G0GS >,NS /0K0Q
;CDS EI,/F6D;025,S ,@/S D,F,;NG6GS C1S H40S HFI@:S ,-/C>6@,;S
,@/S H4CF,.5.S >IG.;0G S *40S ,110.H0/S >IG.;0GS ,F0S 1=CDDNS ,@/S
F01;0M0GS ,F0S /6>6@5G40/S *40S G0@G0S C1S D,5@S ,@/S HCI.4S ,F0S
@CF>,; S ',F,;NG6GS 5GS C1H0@S ,GN>>0HF6.,;S ,110.H6@2S ;02GS
>CF0S C1H0@S H4,@S ,F>GS ',F,;NG5GS 6@S 0MHF0>5H50GS -026@GS
DFCM6>,;;NS ,@/S DFC2F0GG0GS HCS 5AKC;K0S/6GH,;S>IG.;0S 2FCIDGS
5 0 S /0G.0@/6@2S D,F,;NG6GS (0G6/I,;S 1=,..6/S D,F,;NG6GS 6GS
IGI,;;NS DF0G0@HS ,1H0FS S /,NGS ,..CI@HGS 1CFS S
.,G0GS ,@/S F0GI;HGS 1FC>S ,S .F,@6,;S @0FK0S ;0G6C@S F0GI;H6@2S 5@S
F0GD6F,HCFNS [email protected]@.NS ,@/S /6116.I;HNS 6@S GL,;;CL6@2S
0,H6@2S CFS GD0,:6@2S ,..CI@HGS 1CFS S .,G0GS
,@/S 6GS ,S .C>-5@,H6C@S C1S GD6@,;S D,F,;NH6.S ,@/S -I;-,FS DC;5C S
5GS .4,F,.H0F5O0/S -NS 6FF6H,-5;6HNS /0;5F5I>S
,@/S ;CGGS C1S [email protected]@0GGS G05OIF0GS >,NS C..IFS *40S
D,F,;NG6GS >,NS -0S C1S H40S IDD0FS >CHCFS @0IFC@S HND0 S
0D0@/6@2S C@S H40S GHF,6AS C1S DC=8CK6FIGS H40S F,H6CS -0HL00@S
GI-.;5@6.,;S ,@/S .;6@6.,;S .,G0GS 6GS 0GH6>,H0/S HCS F,@20S -0HL00@S
S ,@/S < S &;/0FS .46;/F0@S ,@/S ,/I;HGS FI@S ,S 2F0,H0FS
F6G:S C1S /0K0;CD6A2S D,F,;NH6.S 6;;@0GG S *40S .,G0S 1,H,;6HNS F,H0S
,>C@2S D0FGC@GS L4CS /0K0;CDS H40S D,F,;NH5.S 1CF>S C1S H40S
/5G0,G0S 5GS S !CL0K0FS H40S .,G01,H,;5HNS F,H0S >,NS -0S
,GS 4524S ,GS S 5@S H4CG0S L6H4S -I;-,FS CFS F0GD5F,HCFNS
6@KC;K0>0@H S

C;;CL6@2S ,@S ,.IH0S D4,G0S C1S 5;;@0GGS ;,GH5@2S S L00:GS
H40S F0.CK0FNS C1S D,F,;NO0/S>IG.;0GS-026@G S *40S 0MH0@HS C1S
F0.CK0FNS 5GS K,F6,-;0SF,@26@2S 1FC>S >5;/S HCS G0K0F0S F0G6/I,;S
D,F0G5GS ,HS S /,NGS /0D0@/6@2S IDC@S H40S 0MH0@HS C1S /,>,20S
.,IG0/S HCS H40S @0IFC@GS -NS H40S K5FIG S $,M5>I>S @0IFCR
;C26.,;S F0.CK0FNS H,:0GS D;,.0S 5@S H40S 16FGHS S >C@H4GS C1S H40S
5;;@0GGS G;CLS F0.CK0FNS .C@H5@I0GS IDS HCS HLCS NFS 1H0FS HLCS
N0,FS @CS >CF0S F0.CK0FNS 6GS 0MD0.H0/S ,@/S H40S .45;/S 6GS G,6/S
HCS 4,K0S L46.4S D0F G5GHGS
H4FCI24CIHS ;510S

205.
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4F?L>42Fa I2L>96TV2V>NLTa N9a 2T]II6VR?4a 9F244?5a O2Q2F]T>Ta
$ + ($ + >Ta Q64NII6L565a >La 6Z6R]a 42T6a N9a 24YV6a
9F244>5a O2Q2F]T>Ta $,a 0>RYTa 42La 36a 56V64V65a 9QNIa NLT6Va
VNa a NQa INQ6a [66ETa 29V6Qa O2Q2F]T>Ta V=6a =><=6TVa OQN323>F>V]a
N9a 56V64V>NLa >Ta 5YQ>L<a V=6a 9>RTVa a [66ETa 29V6Qa NLT6Va N9a
O2Q2F]T?Ta #\2I>M2V>NLa N9aV=6a "" #!+ %+ 46FFa 4NYLVa
&Q2IaTV2>La OQNV6>La 2L5a <FY4NT6a >Ta YT69YGa >La 6F?I>L2V>L<a
NV=6Qa 4NL5>V>NLTa V=2Va 42YT6a $,a !YQR6LVa #" + $#$#+
42LLNVa 5>996Q6LV>2V6a 36V[66La [>G5a 2L5a Z244>L6a Z?QYTa
TVQ2>LTa !NFG64V>NLa N9a 3FNN5a TO64>I6LTa 9NQa 4YFVYQ6a NQa
T6QNGN<]a >Ta LNVa Q64NII6L565a

.=6a V[Na 5>T62T6Ta INTVa 4NIINLF]a 4NL9YT65a [>V=a ONF>Na 2Q6a
&Y>FF2>L 2QQ7a T]L5QNI6a 2L5a VQ2LTZ6RT6a I]6F>V>Ta +V=6Qa
4NL5>V>NLTa [?V=a 2a OQ6T6LV2V>NLa T?I>F2Qa VNa V=NT6a N9a O2Q2F]V>4a
ONF>NI]6F?V>Ta >L4FY56a VR2YI2V>4a L6YQ>V>Ta 2L5a F6TTa 9Q6_
PY6LVF]a I6L>L<>V?Ta 6L46O=2F>V>Ta 2L5a ?FGL6TT6Ta OQN5Y465a
3]a VN\>LTa 5?O=V=6Q>2a 3NVYG>TIa #+ !=2OV6Qa a

.Q62VK6LVaT=NYF5a 36a 62RF]a 2L5a 2OOQNOQ>2V6a VNa V=6a TV2<6a 2L5a
56

66a N9a O2Q2F]T>Ta!=>F5Q6La [>V=a 3YG3NTO?L2Fa ONF>Na 2L5a
R6TO>Q2VNQ]a O2Q2F]T>Ta Q6PY>Q6a =NTO>V2F>^2V>NLa (La V=6a 24YV6a
TV2<6a 4=>F5Q6La [?V=a >TNF2V65a O2Q2F]T>Ta N9a NL6a NRa INQ6a F>I3Ta
42La 36a I2L2<65a 2Va =NI6a .=6]a T=NYF5a 36a 25Z?T65a 4NIOF6V6a
Q6TVa OQNO6Qa ONT>V?NL>L<a N9a V=6a 29964V65a F>I3a 2L5a O2TT>Z6a
Q2L<6a N9a INZ6I6LVa 2Va V=6a DN>LVTa )2TT2<6a 2L5a >LVQ2`
IYT4YF2Qa >MD64V>NLa T=NYF5a 36a 2ZN>565a 5YQ>L<a 24YV6a O=2T6a
N9a ?FHL6TTa $Q6PY6LVa 4=2L<6a N9a V=6a ONTVYQ6a N9a V=6a O2V>6LVa >Ta
IYTVa .=6a 4=AF5a T=NYG5a 36a I256a VNa F>6a NLa 2a 9>QIa 365a 2L5a
I2>LV2>La F>I3Ta >Ma L6YVQ2Fa ONT>V>NLa .=6a 4=>F5a T=NYF5a F>6a [>V=a
VQYLEa 2L5a =>Oa TVQ2><=Va [@V=a TF><=Va 9F6\>NLa

a 2Va EL66T
2L5a 986Va 2Va Q><=Va 2L<F6a 2Va V=6a 2LEF6a DN>LVa .=>Ta ONT>W>NLa 42La
36a I2>LV2>L65a [>V=a O>FFN[Ta QNFF65a VN[6FTa NQa T2L5a 32<Ta
12QIa IN>TVa 9NI6LV2V>NLTa 42La 36a <>Z6La [?V=a TN9Va VN[6FTa
5>OO65a ?La [2RIa [2V6Qa VNa Q6F>6Z6a O2?La 2L5a TO2TITa
L2F<6T>4Ta 42La 2FTNa 36a <>Z6La VNa Q6F>6Z6a O2>La 2L5a 96Z6Qa FFa
V=6a DN>MVTa N9a 29964V65a F>I3a F>I3Ta T=NYF5a 36a INZ65aW=SNY<=a
V=6>Qa O2TT>Z6aQ2L<6a N9a INZ6I6LVTa a V>I6Ta 2a 52]a 9NQa a
VCJ6Ta 2Va 624=a DN>LVa VNa OQ6Z6LVa DN>LVa TV>9;6TTa .=>Ta =6FOTa VNa
TV>IYF2V6a OQNOQ>N46OV>Z6a >IOYFT6Ta 9QNIa IYT4F6Ta 2L5a
V6L5NLTa =6FO?L<a >IOQNZ6a IYT4F6a ON[6Qa
Ta V=6a 24YV6a O=2T6a N9a >FGL6TTa TY3T>56Ta Q64NZ6Q]a >La
IYT4F6a ON[6Ra >Ta =6GO65a 3]a <>Z?L<a O=]T>NV=6Q2O]a =6FO>L<a
2I3YF2V>NLa 2L5a OQ6Z6LV>NLa N9a 569NQI?V>6Ta -NI6a 4=>G5Q6La
Q6PY>Q6a NQV=NT>Ta 2Va TNI6a TV2<6a 9NRa 2I3YF2V>NLa +V=6QTa [?V=a
9?\65a 569NRI?V?6Ta 2L5a 4NLVQ24VYQ6Ta Q6PY>Q6a NRV=NO65>4a
?LV6QZ6LV?NLa

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2Q6a 5?T4YTT65a >La !=2OV6Raa
! ! !


#R25>42V>NLa >Ta ONTT>3F6a 3642YT6a ONF>Na 29964VTa NLG]a I2La
>IIYL>V]a >Ta F>96FNL<a 2a T296a Z244?L6a >Ta 2Z2>F23F6a 2L5a V=6Q6a
2Q6a LNa 42QQ?6QTa NQa Q6T6QZN>QTa N9a V=6a >L964V>NLa .=6a TVQ2V6<>6Ta
9NQa 24=>6Z>L<a V=>Ta <N2Fa 2Q6a
$$+ + "$#+ + " &$+ %*$ + #Z6Q]a 4=?F5a F6TTa
V=2La ]RNG5a T=NYF5a 36a >IIYL>^65a [?V=a 2Va F62TVa V=Q66a
5NT6Ta N9a NQ2Ga ONF>NZ?QYTa Z244?L6a +,0a
$ + %*$ + )#+ #+ +La V=6T6a 52]Ta YL56Qa
V=6a OYFT6a ONF?Na ?IIYL?^2V?NLa ,,(a ORN<Q2Ia 255?V>NL2Ga
+,0a 5NT6Ta 2Q6a 25I>L?TV6R65a VNa 6Z6R]a 4=>F5a ]QNG5a .=6a
2>Ia N9a *("T,,(a >Ta VNa :FNN5a V=6a 4NIIYL>V]a[>V=a +,0a
[?V=>La 2a Z6R]a T=NQVa O6Q?N5a V=6R63]a >LV6QQYOV>L<a VQ2LT_
I>TT>NLa N9a Z>QYTa V=QNY<=NYVa V=6a 4NIIYL>V]a (LV6LT>_
9>42V>NLa N9a V=6a ,,(a OQN<Q2Ia >Ta 244NIOF>T=65a 3]a V=6a
255?V>NLa N9a 6\VQ2?IIYL?^2V>NLa QNYL5Ta 255?L<a 2a =NYT6_
VN =NYT6a T62R4=a 2L5a Z244>L2V6a 4NIONL6LVa >La 255?V>NLa VNa
OQNZ>5>L<a Z244?L6a 2Va 2a 9>\65a ONTVa .=6a LYI36Qa N9a ,,(a
QNYL5Ta 4NL5Y4V65a 5YQ?L<a 2L]a O2QV>4YF2Qa ]Qa >Ta 56V6QI>L65a
3]a V=6a 6\V6LVa N9a ONF>NZ?QYTa VR2LTI>TT?NLa ?La V=6a TV2V6a NRa
5>TVQ>4Va
!!%!+ %*$ + 1=6La ONG>NZ>QYTa VQ2LTI?TT?NLa
>Ta R65Y465a VNa [6FG569>L65a 2L5a 9N42Fa <6N<Q2O=>4a 2Q62Ta
>LV6LT>Z6a =NYT6VN=NYT6a 4=>G5VN4=>F5a ?IIYL?^2V>NLa
42IO2?<LTa 2R6a 4NL5Y4V65a NZ6Qa 2a O6Q?N5a N9a 52]Ta VNa 3Q62Ea
V=6a 9>L2Fa 4=2>LTa N9a Z?QYTa VQ2LTI>TT>NLa
%$+ + !")##+ #%"'+ /L56Qa V=6a <FN32Fa ONF>Na
6Q25>42V>NLa >L>V?2V?Z6a TYQZ6>FF2L46a 9NQa ONF>Na >Ta 4NL5Y4V65a
V=QNY<=a >LZ6TV><2W>NLa N9a O2V>6LVTa [>V=a$,a $,a TYQZ6>FF2M46a
=6FOTa VNa 56V64Va Q6F>23G6a 2Q62Ta [=6Q6a ONG>NZ>QYTa VQ2LTI>TT>NLa
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211. P6V6N6] 1IR<2K4Y6I;1I364] >J863R<KI] R:1I] V<NSP6P] <J] KR:6N]
96K9N1L:<3] 1N61] -6NKRYL6] 3NKPPN613R<V6] 1IR<2K4<6P]
96I6N1R64] 8NKH] LN6V<KSP] LN<H1NY] <I863R<KI] W<R:] 1]
L1NR<3TD1N] 46I9S6] V<N1D] P6NKRYL6] 1N6] IKR] :<9:DY] PL63<8<3]
8KN] R:6] KR:6N] P6NKRYL6P] <IVKDV64] <I] P63KI41NY] <I863R<KIP]
%6I36] R:6Y] 2<I4] RK] R:6] V<N<KIP] 2SR] 4K] IKR] I6SRN1D<Z6] R:6H]
1J4] <JPR614] <I3N61P6] R:6<N] SLR1C6] 2Y] 36DDP] W:<3:] 6XLN6PP]
#7] N636LRKNP] KI] R:6<N] PSN8136P] D<C6] R<PPS6] 46I4N<R<3] 36DEP]
HKIK3YR6P] 1I4] H13NKL:196P] -S3:] 1IR<2K4Y3K1R64]
V<N<KIP] 1N6] R1C6I] SL] HKN6] N1L<4EY] R:1I] SI3K1R64] V<NSP]
L1NR<3D6P] 1I4] R:>P] D614P] RK] 6I;1I364] 1IR<96I] LN6P6IR1R<KI]
2Y] R:6] <I863R64] 46I4N<R<3] 36DDP] RK] R:6] .] 36DDP] E614<I9] RK] R:6]
HKN6] N1L<4]13R<V1R<KI] 1I4] LNKE<86N1R<KI] K8] H6HKNY] .] 36DDP]
.:6] 3YRKC<I6P] LNK4S364] 2Y] R:6] 13R<V1R64] .] 36EDP] :1V6]
P6V6N1D] <HLKNR1IR] 68863RP] R:1R] D614] RK] R:6] L1R:K96I6P<P] K8]
R:6] P6V6N6] 46I9S6] ?I863R<KIP] !%#] !--] YRKC<I6P] 1N6]
1DPK] ?HLD<31R64] >J] R:6] L1R:K96I6P<P] K8] V1P3SD1N] 3KHLNKH<P6]
1I4] :6HKNN:196] <I] 46I9S6] V<NSP] <I863R<KI] "I4KR:6D<1D]
36DD] 4YP8SI3R<KI] <I] 46I9S6] V<NSP] <I863R<KI] H1I<86PRP] 1P]
4<88SP6] <I3N61P6] <I] 31L<DE1NY] L6NH612<D<RY] W:<3:] <P]
N6PLKIP<2D6] 8KN] R:6] H<3NKV1P3SE1N] D61C196] :6HK[
3KI36IRN1R<KI] 1I4] 3<N3SD1RKNY] <IPS88>3<6I3Y] .:6] RN1IP<6IR]
I1RSN6] K8] LD1PH1] E61C196] PS996PRP] R:1R] <R] 3KSD4] 26]
H64<1R64] 2Y] 1] PKDS2D6] H64<1RKN]
!6I9S6] V<N1D] <I863R<KI] <P] 3KHHKIDY] 1PPK3<1R64] W<R:]
R:NKH2K3YRKL6I<1] R:6] 31SP6] K8] W:<3:] <P] HKD63SD1N]
H<H<3NY] 26RW66I] 46I9S6] V<NSP] LNKR6<IP] 1I4] 6I4K96IKSP]
P6E8] LNKR6<IP] .:6N6] <P] 96I6N1R<KI] K8] 1IR<2K4<6P] 191<IPR]
46I9S6] V<NSP] LNKR6?IP] 6PL63<1DDY] *-F] W:<3:] 3NKQP N613R]
W<R:] LE1R6D6R] PSN8136] LNKR6<IP] 1I4] R:SP] 31SP6] R:NKH2K[
3YRKL6I<1] .:6N6] <P] 13R<V1R<KI] K8] 2EKK4] 3DKRR<I9] 1I4]
8<2N<IKEYR<3] L1R:W1YP] )<D4] 4<PP6H<I1R64] <IRN1V1P3SD1N]
3K19SD1R<KI] E<V6N] <IASNY] 1I4] R:NKH2K3YRKL6I>1] RK96R:6N]
3KIRN<2SR6] RK] :6HKNN:19<3] R6I46I3Y] 6IRN1D] I6NVKSP]
PYPR6H] <IVKDV6H6IR] 1DPK]:1P]266I] <46IR<8<64] 1I4] :1P] 266I]
1RRN<2SR64] RK] 4<N63R] I6SNKRNKL<3] 68863R] K8] 46I9S6] V<NSP]

.:6N6] 1N6] SPS1DEY] IK] 9NKPP] KN] H<3NKP3KL<3]D6P<KIP] R:1R] H1Y]
133KSIR] 8KN] 461R:] 6X36LR] W:6I] H1PP<V6] 91PRNK>JR6PR?I1D] KN]
<IRN13N1I<1D] 2D664>J9] 31SP6P] 461R:] ,N6P6I36] K8] V<NSP6P] <I]
R<PPS6P] H1<IEY] E614P] RK]:6HK4YI1H<3] 1ER6N1R<KIP] W<R:]
96I6N1D<Z64] V1P3SD1N] 3KI96PR<KI] 1I4] >I3N61P64] L6O612<D<RY]
1I4] H1PR]36ED] N63NS<RH6IR] ?I] DU9P].:6P6] 8>I4?I9P] :1V6]1DPK]
266I] P66I] <I] 1I>H1D] HK46DP] /1N<12D6] :6L1R?3] >JVKDV6H6IR]
:1P] 266I]N6LKNR645=88SP6]:6L1R<R?P] W<R: H>4ZKI1D] I63NKP<P]
1I4] PR61RKP<P] 8K31D] 1N61P]K8] I63NKP<P] 1I4] IKNH1D] :?PRKDK9Y]
<I] PKH6] 3:<E4N6I] !6I9S6] V<NSP] 1IR<96I] 31I] 26] 46R63R64]
SP<I9] @SIK:<PRK3:6H<PRNY] ?I] :6L1RK3YR6P] 8NKH] I63NKR<3]
1N61P] 2P6I36] K8] N63NS<RH6IR] K8] LKDYHKNL:KIS3G61N] 36DDP]
1J4] DYHL:K3YR6P] :1P] 266I] K2P6NV64] ?I] R:6] D<V6N] E6P<KIP] K8]
L1R?6IRP] W:K] 4<64] 8NKH] !%#]

!6I9S6] ?J863R<KI] :1P] V1NY<I9] 3D>J?31D] LN6P6IR1R<KIP] 1I4]
K8R6I] W<R:] SILN64<3R12D6] 3D?I<31E] 6VKDSR<KI] 1I4] KSR3KH6]

&I3S21R<KI] L6N<K4] <P] ] 41YP] )KPR] <I863R<KIP] 1N6]
PS23D<I<31D] 'I81IRP] 1I4] YKSJ9] 3:?D4N6I] H1Y] LN6P6IR] W<R:]
1J] SI4<886N6IR<1R64] 862N<D6] <DDI6PP] .:6] 3D1PP<3] LN6P6IR1R<KI]
K8] 46I9S6]86V6N] <P] SPS1EDY] P66I] <I] KD46N] 3:<E4N6I] 14KD6P[
36IRP] 1I4] 14SDRP] 1I4] 31I] 26] 46P3N<264] SI46N] R:N66] L:1P6P]
'R] <P] 3:1N13R6N<Z64] 2Y] PS446I] KIP6R] :<9:[
9N146] 86V6N] R:1R] H1Y] D1PR] 8KN] ] 41YP] .:6N6] H1Y] 26] 813<1E]
8DSP:<I9] PC?I] 6NYR:6H1]96I6N1E<Z64] 2K4Y13:6] HY1D9<1]
1NR:N1D9<1] :61413:6] 1IKN6X<1] I1SP61] 1I4] VKH<R<I9]
+331P<KI1DDY] 3:<D4] H1Y]:1V6]PKN6] R:NK1R] <JB63R64] L:1NYIX]
1I4] 3KIASI3R<V1] <JA63R<KI] ] LKP<R<V6] RKSNJ?MS6R] R6PR] H1Y]
26] P66I] <I] PKH6] L1R<6IRP] )<IKN] :6HKNN:19<3] H1I<[
86PR1R<KIP] L6R63:<16] 1I4] HS3KP1D] 2D664<I9] 69] IKP6] 1I4]
9SHP] H1Y] 26] P66I] <I] PKH6] L1R<6IRP] (<V6N] H1Y] 26]
6ID1N964] 1J4] R6I46N] 8NKH] ] 41YP]1I4] <I4<31R6P] N<PC]8KN]
46V6EKLH6IR] K8] P6V6N6] <EDI6PP] .:6N6] <P] LNK9N6PP<V6]
463N61P6] ?J] RKR1D] W:<R6] 36DD] 3KSJR] 1I4] LD1R6D6R] 3KSIR]
.:<P] L:1P6] <P] 26RW66I] ] 1I4] ] 41YP] K8] KIP6R]
K8] 86V6N] W:6I] 4686NV6P36I36] P6RP] <I] :<D4] H1Y] 46V6DKL]
2D664<I9] 1I4] P:K3C] W<R:] 81DD] ?I] LE1R6E6R] 3KSJR] 1I4] <I3N61P6]
<I] L13C64] 36DD] VKDSH6] -KH6] 3:<E4N6I] H1Y] 46V6DKL] KN91I]
4YP8SI3R<KI] PS3:] 1P] P6V6N6] :6L1R<R<P] 6I36L:1E<R<P] KN]
HYK31N4<R<P] 1I4] KN] P6V6N6] 2D664<I9] H1Y] 1DPK] 46V6DKL]
W<R:KSR] K2V<KSP] LD1PH1] D61C196] KN] P:K3C]
8R6N] ] :N] <I] 3N<R<31D] L:1P6] 1] 9N14S1D]
N612PKNLR<KI] K8] 6XRN1V1P3SD1N] 3KHL1NRH6IR] 8DS<4] R1C6P]
LD136] <I] ] :N] $6I6N1D] W6DE26<I9] <HLNKV6P] 1LL6R<R6]
N6RSNIP] 91PRNK<IR6PR<I1D]PYHLRKHP] 121R6] :6HK4YI1H<3]
PR1RSP] PR12<D<Z6P] 1I4] 4<SN6P<P] 6IPS6P] -KH6] L1R<6IRP] H1Y]
:1V6] 1] N1P:] K8] <PD6P] K8] W:?R6] <I] R:6] P61] K8] N64] -KH6] H1Y]
6XL6N<6I36] 96I6N1D<Z64] LNSN<RSP] 2N14Y31N4<1] 1I4]
6D63RNK31N4<K9N1L:<3] 3:1I96P] N6PL<N1RKNY] 4<PRN6PP] H1Y]
K33SN] 4S6] RK] LSDHKI1NY] 646H1] .:6] L13C64] 36DD] VKDSH6]
PR12<E<Z6P] KN] H1Y] 26] DKW6N] 4S6] RK] R:6] 4<DSR<KI] D6SCK3YR6]
3KSIR] PR1NRP] RK] N<P6] PKKI] 18R6N] 4686NV6P36I36] W:<D6]
N63KV6NY] K8] LD1R6D6R] 3KSIR] R1C6P] DKI96N]

!<886N6IR<1D] 4<19IKP<P] 8KN] 46I9S6] <I863R<KI] <I3DS46P] KR:6N]
:6HKNN:19<3] 86V6NP] <I8DS6IZ1] H1D1N<1] 6IR6N<3] 86V6N]
G6LRKPL<NKP<P] D6PP] 3KHHKIDY] H6I<I9K3K336H<1] 1I4]
N<3C6RRP<1D] >J863R?KIP] )1D1N<1] D6LRKPL<NKP<P] 8DS] 1J4] 6IR6N<3]
86V6N] H1Y] 1DPK] 26] 3K?J863R64] W<R:] 46I9S6] 0<46] PLN614]
3:<CSI9SIY1] V<NSP] <I863R<KIP] :1V6] K33SNN64] <I] V1N<KSP]
L1NRP] K8] &I4<1] 1I4] -KSR:"1PR] P<1] 'RP] 3D<I<31D] H1I<[
86PR1R<KIP] 1N6] P<H<D1N] RK] 46I9S6] %KW6V6N] 86V6N] <P] K8]
P:KNR6N] 4SN1R<KI] R:NKH2K3YRKL6I<1] 1I4] 2D664<I9] 1N6] E6PP]
+R:6N] 3D<I<31D] 861RSN6P] R:1R] 1N6] HKN6] 3KHHKI] <I] 3:<CSJ\
9SIY1] 1N6] PC<I] 6NSLR<KIP] HS3KP1D] E6P<KIP] LKDY1NR:N1D9<1]
1I4] 6I36L:1DKL1R:Y] -?I36] 46I9S6] 1P] W6DD] 1P] 3:<CSI9SIY1]
<I863R<KIP] 1N6] 6I46H<3] <I] HKPR] L1NRP] K8] &I4<1] 2KR:]
<I863R<KIP] H1Y] K33SN] RK96R:6N]

212.








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GJFK8K1S H71S 6-GHF8/S .-FF81FS HCS F1-/7S H71S G@-=>S 8AH1GH8A1S
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JG1S C2S -AH-/80GS !S F1/1DHCFS .=C/<1FGS -A0S DFCHCAS DJ@DS
9A78.8HCFGS F10J/1S H71S 8A21/H8K1S 0CG1S &AS F1-/78A6S H71S G@-==S
8AH1GH8A1S H71S CF6-A8G@S D1A1HF-H1GS H71S @J/CG-S -A0S 8A21/HGS
H71S =N@D7C80S 4C=>8/=1GS -A0S GJ.G1EJ1AH=NS H71S 0F-8A8A6S
@1G1AH1F8/S =N@D7S AC01GS -A0S H71S =8K1FS -A0S GD>11A S "HS
@J=H8D=81GS 8AS H71S F1H8/J=C1A0CH71=8-=S GNGH1@S -A0S -2H1FS
8A/J.-H8CAS D1F8C0S K-FN8A6S 2FC@S S HCS S 0-NGS GD8==GS 8AHCS
H71S .=CC0GHF1-@S -A0S 8GS L801=NS 08GG1@8A-H10S 1GD1/8-==NS
HCS =8K1FS GD=11AS .CA1S @-FFCLS6-==.=-001FS -A0S H71S '1N1FGS
D-H/71GS C2S H71S H1F@8A-=S 8>1J@S +78GS GD8==S @-F<GS H71S CAG1HS
C2S /=8A8/-=S @-A821GH-H8CAGS C2S 1AH1F8/S 21K1FS #A21/H8CAS =1-0GS
HCS .CH7S =C/-=S -A0S GNGH1@8/S 8@@JA1S F1GDCAG1GS L78/7S -F1S
7CL1K1FS 9A-01EJ-H1S HCS DF1K1AHS F1=-DG1S CFS F19A21/H8CAS

+71F1S 8GS ACS -DDF1/8-.>1S 0851F1A/1S .1HL11AS H71S @- A831GH-ICAGS
C2S HND7C80S -A0S D-F-HND7C80S 21K1FS +71S 7-==@-F<S C2S 1AH1F8/S
21K1FS 8GS 21K1FS L78/7S GH-FHGS -GS -S >CLS 6F-01S 21K1FS -A0S H71AS
G7CLGS GH1DL8G1S 9A/F1-G1S D1-<8A6S HCS -GS 7867S -GS S RS
.NS H71S 1A0S C2S H71S 28FGHS L11<S +78GS D-HH1FAS 08221F1AH8-H1GS 8HS
2FC@S K8F-=S21K1FSL71F1S H71S D1-<S 8GS JGJ->=NS -HS H71S CAG1HS C2S
21K1FS ,8H7S 21K1FS H71F1S 8GS -GGC/8-H10S @-=-8G1S 0J==S
71-0-/71S -ACF1M8-S A-JG1-S DCCF=NS =C/-=8O10S -.0C@8A-=S
08G/C@2CFHS @8=0S /CJ67S -A0S @-=-8G1S +71F1S @-NS .1S
08-FF71-S /CAGH8D-H8CAS 8AS /78=0F1AS 8GS F-F1S '7NG8/->S 28A08A6GS
-F1S JAF1@-F<-.=1S L8H7S H71S 1M/1DH8CAS C2S -S /C-H10S HCA6J1S
HJ@80S -.0C@1AS -A0S GC@1H8@1GS 71D-HCGD=1AC@16-=NS +71S
F-G7S 01G/F8.10S 8AS ,1GH1FAS H1MH.CC<GS 8GS G1=0C@S CFS A1K1FS
G11AS 8AS "A08-AS GJ.;1/HGS "A2-AHGS -A0S NCJA6S /78=0F1AS L8H7S
1AH1F8/S 21K1FS @-NS 7-K1S 08-FF71-S -GS -S DF10C@8A-AHS
@-A821GH-H8CAS CFS -S G7CFH=-GH8A6S JA08221F1AH8-H10S 21.F8=1S
8==A1GGS "AS H71S -.G1A/1S C2S HF1-H@1AHS 21K1FS @-NS /CAH8AJ1S
2CFS S L11<GS 2C==CL10S .NS A-HJF-=S F1@8GG8CAS CFS .NS
01K1=CD@1AHS C2S /C@D=8/-H8CAGS

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D1F2CF-H8CAS G11AS 8AS H71S A0S CFS F0S L11<S C2S 8==A1GGS 8AS
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H7FCJ67S H71SL-==S C2S -S K1GG1=S -A0S 8GS JGJ-==NS @8=0S.JHS/-A
GC@1H8@1GS .1S =821H7F1-H1A8A6S '1F2CF-H8CAS 8GS -S 0F1-010
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2CFS D-H81AHGS DF1G1AH8A6S L8H7S A1JFC=C68/-=S /C@D=8/-H8CAGS
GJ/7S -GS 01=8F8J@S /C@-S C.HJB0-H8CAS GHJDCFS -A0S CFS G7C/<S
-A0S 8GS -GGC/8-H10S L8H7S @CFH-=8HNS F-H1GS -GS 7867S -GS S &H71FS
/C@D=8/-H8CAGS C2S 1AH1F8/S 21K1FS 8A/=J01S GD>1A8/S -.G/1GG1GS
71D-H8H8GS /7C=1/NGH8H8GS DA1J@CA8-S 08GG1@8A-H10S 8AHF-P
K-G/J=-FS /C-6J=-H8CAS -A0S CH71FS @-A821GH-H8CAGS GJ/7S -GS
DGN/7CG8GS -H-M8-S CFS @1A8A68H8G S +71S /-G1S 2-H-=8HNS F-H1S 8GS
=1GGS H7-AS SS 8AS -DDFCDF8-H1=NS HF1-H10S /-G1GS .JHS @-NS .1S
S 8AS 8A-01EJ-H1=NS HF1-H10S CFS /C@D>8/-H10S /-G1G
(1=-DG1S @-NS C//JFS 8AS S C2S HF1-H10S /-G1GS
JGJ-==NS 0J1S HCS H71S CF6-A8G@S L8H7S H71S G-@1S GJG/1DH8.8?8HNS
-GS H71S CF868A-=S -HH-/<S -A0S 8GS F1=-H8K1=NS -S @8=01FS 8==A1GG S (-H1S
C2S F1=-DG1S 8GS 01D1A01AHS CAS /7C8/1S C2S 0FJ6S H71F-DNS #HS 8GS
78671FS L8H7S.1H-S =-/H-@GS GJ/7S -GS /128M8@1S CFS /12HF8-MCA1S
-GS /C@D-F10S HCS EJ8AC=CA1GS -A0S -O8H7FC@N/8BS
=H7CJ67S S -0J=HS D-H81AHGS @-NS G710S
G-=@CA1>>-S 8AS GHCC=S 2C>=CL8A6S -AS-/JH1S -HH-/<S 2CFS JDS HCS S
@CAH7GS CA>NS S 1M/F1H1S .-/8==8S 2CFS @CF1S H7-AS S NFS
+71G1S 8A08K80J-=GS -F1S DCH1AH8-=S GCJF/1GS C2S 8A21/H8CAS 2CFS
2-@8>NS @[email protected] -A0S /CAH-/HGS -A0S 2CFS H71S /C@@JA8HNS 82S
H71NS -F1S 8AS C//JD-H8CAGS H7-HS 8AKC=K1S 2CC0DFC/1GG8A6S
+71F1S 8GS ACS 0-H-S CAS /-FF81FS DF1K-=1A/1S 8AS /78=0F1AS -A0S
FCJH8A1S /J=HJF1S C2S GHCC=S 2C?>CL8A6S F1/CK1FNS 2FC@S 1AH1F8/S
21K1FS 8GS ACHS F1/C@@1A010S

$1J<C/NH1S /CJAHGS @-NS .1S ACF@-=S HCS =CLS L8H7S -.GC=JH1S
1CG8ACD1A8-S -A0S A1JHFCD78=8/SDF10C@8A-A/1S B1@8-S -A0S
[email protected]/NHCD1A:-S @-NS C//JFS 8AS -0K-A/10S 8==A1GGS +71F1S
@-NS .1S @8=0S 1=1K-H8CAS C2S HF-AG-@8A-G1GS HCS S H8@1GS
ACF@->S ) &+S 78671FS H7-AS ) '+ S S 7867S S F1-/H8K1S
DFCH18AS ('S 71=DGS HCS 08221F1AH8-H1S 1AH1F8/S 2FC@S K8F-=S
21K1FGS 1GD1/8-==NS 01A6J1 S
+71S 6C=0S GH-A0-F0S 2CFS 08-6ACG8GS 8GS .=CC0S /J=HJF1 S +71S
G1AG8H8K8HNS 8GS 6F1-H1GHS 8AS H71S 28FGHS L11<S -HS -FCJA0S S .JHS
0FCDGS HCS S 8AS H71S H7S L11<S )-=@CA1==-S 8GS -AS 1-GNS
CF6-A8G@S HCS /J=HJF1S -A0S JG1S C2S .8=1S .FCH7S @108-S -A0S
-JHC@-H10S /J=HJF1S GNGH1@GS GJ/7S -GS +S 8@DFCK1S
F1/CK1FNS )J228/81AHS .=CC0SG7CJ=0S .1S /C==1/H10S S @=S 8AS
-0J=HGS -A0S S @=S 8AS /78=0F1AS -A0S -S .=CC0S @108-S F-H8CS C2S
S G7CJ=0S .1S @-8AH-8A10S CA1S @-FFCLS /J=HJF1GS 7-K1S
78671FSN81=0S -GS /C@D-F10S HCS D1F8D71F-=S .=CC0S /J=HJF1GS -GS
)->@CA1==-S 8GS -S D-H7C61AS C2S H71S F1H8/J=C1A0CH71=8-=S GNGH1@S
-A0S G7CJ=0S .1S 0CA1S L71AS D-H81AHGS DF1G1AHS 8BS =-H1FS GH-61GS
C2S H71S 8==A1GGS )HCC>S -A0S JF8A1S /J=HJF1GS -F1S ACHS F1/C@P
@1A010S AH8@8/FC.8-=S GJG/1DH8.8=8HNS H1GH8A6S C2S H71S 8GC=-H1S
8GS 8@DCFH-AHS
+71S ,80-=S H1GHS 01H1/HGS DF1G1A/1S C2S "6 S -A0S "6%S -AH8Q
.C081GS HCS !S 2=-61=>-FS -AH861AS C2S *S K-FS -B0S
S -A0S S -A0S &S GC@-H8/S -AH861AS /C@@CAS HCS
HND78S-A0S D-F-HND78S S -A0S S AH8S &S H8H1FGS -F1S .CH7S #6 S
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DF8@-F8=NS "6 S H7-HS F8G1S -A0S 01/=8A1S =-H1S 8AS /CJFG1S C2S H71S
08G1-G1S +71S /CAK1AH8CA-=S @1H7C0S C2S 8AH1FDF1H-H8CAS C2S H71S
,80-=S H1GHS 7-GS .11AS HCS 01@CAGHF-H1S 2CJF2C=0S F8G1S 8AS
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S 2CFS .CH7S &S -A0S !8GS -=GCS /CAG801F10S DCG8H8K1S +71S
G1AG8H8K8HNS C2S H71S H1GHS 8GS =CLS 8AS H71S 28FGHS L11<S C2S 8=?A1GGS -A0S
8AS D-H81AHGS HF1-H10S L8H7S DF8CFS -AH8.8CH8/GS )D1/828/8HNS 8GS =CLS
CL8A6S HCS -A-@A1GH8/S F1-/H8CAGS DF8CFS K-//8A-H8CAS /FCGGS
F1-/H8K8HNS L8H7S CH71FS AH1FC.-/H1F8-/1-1S -A0S GJ./=8A8/-=S
8A21/H8CAGS 8AS 1A01@8/S -F1-G S &H71FS H1GHGS GJ/7S -GS +J.1MS -A0S
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ACHS DFCK1AS GJD1F8CFS HCS H71S ,80-=S H1GH S

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>4Qb O;QTGS;:b ?Jb MLLOb 9LHMF?4J9;b 4J:b ?J4:;NT4S;b :LQ?J=b
L<b ?OLJb 9>;F4SLOQb BJb H4JYb *J:?4Jb M4R?;JRQb 2>;b LMRBH4Gb S?H;b
RLb ?J?R?4R;b 9>;G4R?LJb S>;O4MYb ?Qb :?9S4S;:b 8Yb R>;b 4HLTJRb L<b
499THTF4R;:b ?OLJb 2>?Qb TQT4FFYb L99TOQb 4<S;Ob b YOb L<b
RO4JQ<TQ?LJQb W>;Jb <;OO?S?Jb G;V;Fb ?Qb 48LTSb b a=b
2>;b QS4J:4O:b R?FGb JLWb >4Qb 8;;Jb :;<;OLX4H?J;b W>?9>b HTQSb
8;b 4:H?J?QR;O;:b M4O;JS;O4FGYb 8;94TQ;b L<b ?RQb Q>LOSb >4F<F?<;b
/OLGLJ=;:b QT89TR4J;LTQb ?J<TQ?LJb ?Qb S>;b HLQRb ;<<;9S?V;b
OLTS;b $b RLR4Gb :LQ;b L<b b H=E=b :4Yb ?Qb ?J<TQ;:b LV;Ob
b >LTOQb :TO?J=b S>;b J?=>Sb <LOb b :4YQb 4b W;;Eb 8Yb 4
H;9>4J?94Fb MTHMb /4R?;JSQb Q>LTF:b 8;b W4OJ;:b 48LTS
LO4J=;b :?Q9LGLO4S?LJb L<b TO?J;b :T;b SLb R>;b ;X9O;S?LJb L<b ?OLJ[
:;<;OLX4H?J;b 9LHMF;Xb <;OO?LX4H?J;b )?=>;Ob :LQ;Qb L<
:;<;OLX4H?J;b b =b H4Yb 8;b 4:H?J?QR;O;:b ?JRO4\
V;JLTQGY b 4Qb CM4R?;JSb W>;Jb Q;O?LTQb ?OLJb LV;OFL4:b QT9>
4Qb 94O:?49b <4?FTO;b L99TOQb 1;V;O;b SLX?9?SYb H4Yb :;V;GLMb ?<
9>;F4S?LJb S>;O4MYb ?Qb QS4OR;:b MO;H4RTO;GYb (Y;b ;X4H?]
J4R?LJQb >;4OC=bR;QRQb 4J:b O;J4Gb <TJ9R?LJb R;QRQb 4O;b O;NT?O;:
SLb HLJ?RLOb R>;b ;<<;9SQb L<b :;<;OLX7;b S>;O4MY
';<;O?MOLJ;b ?Qb 4Jb LO4Gb 9>;F4R?J=b 4=;JSb W>?9>b ?Qb F;QQb
;<<;9R?V;b R>4Jb :;<;OLX4H?J;b ?Jb MO;V;JR?J=b LO=4Jb :4H4=;b
*Rb ?Qb 4:H?J?QS;O;:b 4Sb 4b :LQ;b L<b b H=b :4Yb 1?J9;b S>;b 4=;JSb
H4Yb 94TQ;b 4OS>P ?RBQb J;TSOLM;J?4b 4J:b ;V;Jb 4=P6TFL9YSLQ?Qb
?SQb 4:H?J?QRO4R?LJb O;NT?O;Qb 94O;<TFb HLJ?RLO?J=b 8LS>b RLb
MO;V;JRbQ;O?LTQb 9LHMG?94R?LJQb 4J:b SLb 4QQ;QQb R>;b 4:;NT49Yb
L<b 9>;F4S?LJb
';<;O4Q?OLXb ?Qb 4JLR>;Ob LO4Fb 9>;G4S?J=b 4=;JRb R>4Sb >4Qb
Q>LWJb ;<<?949Yb Q?H?F4Ob SLb M4O;JR;O4Gb 4=;JSb :;<;OLX4H?J;b
?Jb H4?JS4?J?J=b LOb O;:T9?J=b F?V;Ob ?OLJb 2>;b HLF;9TF;b ?Qb 4b
SO?:;JS4R;b G?=4J:b R>4Rb 8?J:Qb ?OLJb W?S>b 4b >?=>b 4<<?J?RYb
<LOH?J=b 4b "b 9LHMG;XbR>4Rb ?Qb ;X9O;R;:b BKb 8?F;b 4J:b ;F?H?^
J4S;:b MO?H4O?FYb V?4b R>;b <;9;Qb 2>?Qb 9>;G4SLOb ?Qb >?=>FYb Q;G;9_
S?V;b <LOb ?OLJb 4J:b 9>;F4S;Qb 8LR>b ?JSO49;GGTF4Ob 4J:b ;XSO4^
9;FFTG4Ob :;MLQ?RQb ;X9;QQb ?Jb R>;b F?V;Ob >;4OSb 4J:b O;R?9TFL^
;J:LS>;F?4Fb QYQS;Hb 2>;b O;9LHH;J:;:b QS4ORBK=b :LQ;b ?Qb b
H=E=b :4Yb +Rb H4Yb 94TQ;b QE?Jb O4Q>b J4TQ;4 b VLH?S?J=b 4J:b
O;J4Gb 4J:b >;M4R?9b SLX?9?RY#b >;J9;b R>;b Q;OTHb 9O;4S?J?J;b
G?V;Ob <TJ9S?LJb S;QSQb 4J:b TO?J;b <LOb MOLS;CTO?4b J;;:b SLb 8;b
HLJ?SLO;:b
);H4RLML?;^
S?9b QS;Hb 9;FGb RO4JQMF4JS4S?LJb ?Qb S>;b LJFYb EJLWJb 9TO4S?V;b
SO;4RH;JRb <LOb S>4F4QQ;I?4b /LLOb LTS9LH;b 4<R;Ob >;H4SLML?;S?9b

QR;Hb 9;GFb RO4JQMF4JS4R?LJb 9LOO;G4R;Qb W?S>b R>;b MO;Q;J9;b L<b
>;M4SLH;=4GYb MLOR4Gb <?8OLQ?Qb 4J:b ?J4:;NT4S;b 9>;G4R?LJb
MO?LOb RLb RO4JQMG6Rb 2>;b ;V;JS<O;;b QTOV?V4Gb O4R;b <LOb M4R?;JSQb
W>Lb >4V;b 4GFb R>O;;b <;4STO;Qb ?Qb !b 9LHM4O;:b SLb !b <LOb
R>LQ;b W>Lb :Lb JLSb >4V;b R>;Q;b <;4RTO;Qb
! ' $<R;Ob HTFR?MG;b RO4JQ<TQ?LJQb H4JYb M4R?;JRQb
:;V;GLMb O;49R?LJQ#b R>;Q;b H4Yb 8;b H?J?H?Z;:b 8Yb TQ?J=b
G;TEL9YR;b <?GS;OQb :TOC=b SO4JQ<TQ?LJb LOb 8Yb TQ?J=b F;TEL9YS;`
:;MF;S;:b M49E;:b O;:b 9;FFQb $:IAK?QRP4RBLJb L<b 49;R5I@KLM>;Jb
4J:b :?M>;J>Y: O4H?J;b >Y:OL9>FLO?:;b 8;<LO;b ;49>b
SO4JQ<TQ?LJb H?J?H?Z;Qb <;8O?G;b LOb 4FG;O=?9b O;49S?LJQb 04O;GYb
4FFL?HHTJ?Z4S?LJbSLb O;:b 8FLL:b 9;FGb 4JS?=;JQb 96b L99TOb
! ' 2>;b H4DLOb 9LHMG?94R?LJQb L<b 8GLL:b RO4JQ<TQ?LJQb
4O;b S>LQ;b O;G4R;:b RLb RO4JQH?QQ?LJb L<b ?J<;9S?LJQb QT9>b 4Qb
>;M4R?R?Qb %b 4J:b &b 4J:b )*3b );M4S?R?Qb %b V499?J4R?LJb 4J:b
O;=TG4Ob 4QQ;QQH;JSb L<b R>;b >;M4R?S?Qb 4J:b )*3b QR4RTQb 4O;b
O;NT?O;:b
,49RL<;OO?Jb 4b MOLH?J;JRb 9LHMLJ;JRb L<b R>;b =O4JTG;Qb L<b
MLFYHLOM>LJT9G;4Ob G;TEL9YR;Qb ?Qb 849R;O?QR4S?9b <LOb H4JYb
M4S>L=;JQb 2>;b V;OYb >?=>b RO4JQ<;OO?Jb Q4STO4R?LJb 4RR4?J;:b
?Jb M4R?;JRQb W?S>b ?OLJb LV;OGL4:b 9LHMOLH?Q;b S>;b 849S;O?L`
QR4R?9b MOLM;OR?;Qb L<b R>?Qb MOLR;?Jb *J<;9S?LJb W?S>b '
!!' 94Jb L99TOb ?Jb M4S?;JRQb W?S>b ?OLJb LV;OFL4:b 4J:b
MO;Q;JSQb W?R>b <;V;Ob 4J:b :?4OO>;4b 2O;4RH;JRb W?R>b
SO?H;R>LMO?H QTG<4H;R>LX4ZLG;b 4J:b =;JS4H?9?Jb ?Qb
O;NT?O;:b .R>;Ob ?HMLOR4JSb ?J<;9S?LJQb W>?9>b H4Yb L99TOb
4O;b HT9LOHY9LQ?Qb &" ' %&' 4J:b !'
%! '
% ' 2>;b QMF;;Jb49SQb 4Qb 4b QSLO;b <LOb JLJSLX?9b ?OLJb
MOLS;9RC=b S>;b 8L:Yb <OLHb ;XRO4b ?OLJb );J9;b ;4OFYb O;HLV4Fb
L<b S>;b QMG;;Jb H4Yb 8;b >4OH<UGb 1MF;J;9RLHYb ?Qb DTQS?<?;:b LJGYb
?Jb >YM;OQMF;J?QHb W>?9>b ?Qb 4QQL9?4R;:b W?R>b ;X9;QQ?V;b
:;QROT9R?LJb L<b ;OYR>OL9YR;Qb R>4Sb ?J9O;4Q;Qb S>;b J;;:b <LOb
<O;NT;JSb 8GLL:b RO4JQ<TQ?LJQb O;QTGR?J=b ?Jb <TOR>;Ob ?OLJb
499THTF4S?LJb /4R?;JSQb W>Lb O;NT?O;b HLO;b R>4Jb
b HFE=b L<b M49E;:b O;:b 8GLL:b 9;GGQb M;Ob Y;4Ob SLb H4?JR4?Jb
>;HL=GL8AKb H4Yb 8;J;<?Sb <OLHb R>?Qb MOL9;:TO;b 2>?Qb ?Qb O4O;GYb
O;NT?O;:b ?Jb 9>?G:O;Jb O;9;?V?J=b 4:;NT4R;b SO4JQ<TQ?LJb
R>;O4MYb /O;QMG;J;9RLHYb ?HHTJ?Z4S?LJQb 4J:b MOLM>YF49R?9b
4JS?8?LR?9Qb >4V;b Q?=J?<?94JRGYb :;9O;4Q;:b ?J<;9R?LJQb ?Jb
QMF;J;9RLH?Z;:b 9>?G:O;Jb 2>;b MOL9;:TO;b ?Qb TQT4FFYb
:;F4Y;:b TJR?Fb S>;b 9>?F:b ?Qb 4=;:b b YOb LOb LG:;Ob
' ' 2>;b 9G4QQ?9b >4?Ob LJb ;J:b 4MM;4O4J9;b L<b S>;b
QETFGb O;QTGSQb <OLHb W?:;J?J=b L<b R>;b :?MGL?9b QM49;Qb 2>;b
H4X?GF4b H4Yb LV;O=OLWbO;QTGR?J=b ?Jb H4X?GF4OYbLV;O8?R;b4J:b
MOLH?J;J9;b L<b R>;b TMM;Ob ?J9?QLOQb 2>;Q;b 9>4J=;Qb
9LJRO?8TR;b RLb S>;b 9G4QQ?9b >;HLGYR?9b LOb 9>?MHTJEb <49?;Qb
L8Q;OV;:b ?Jb M4R?;JRQb W?S>b R>4F4QQ;H?4b H4DLOb .QR;LMLOLQ?Qb
4J:b LQS;LM;J?4b H4Yb O;QTFRb ?Jb <O49STO;Qb 1T9>b 9>?G:O;Jb
H4Yb J;;:b SO;4RH;JSb W?R>b 94G9?THb V?R4H?Jb 'b 4J:b
8?QM>LQM>LJ4S;Qb SLb ?HMOLV;b 8LJ;b :;JQ?RYb
$!#' ! ' 2>;Q;b L99TOb ?Jb M4S?;JRQb W?R>b
Q;V;O;b 4J;H?4b ;=b R>4F4QQ;H?4Qb ?JS;OH;:?4bW>Lb 4O;b JLSb
O;9;?V?J=b RO4JQ<TQ?LJb R>;O4MYb 2>;b MOL9;QQb H4Yb 94TQ;b

330. #





#




#

?0JEBC)H3PT BET C)E):PG4GT 1EB>T .B>CE0GG4B?T B1T H30T GC4?0T BET
C0E4C30E);T ?0EM0GT B>CE0GG4B?T 1E).HJE0GT *?/T C)E)T L0EH0-E):T
0OC)?G4B?T B1T 0OHE)>0/J:;)EPT >)GG0GT N34.3T -03)L0T
.:4?4.):;PT ;490T HJ>BEGT )E0T >BE0T 1E0DJ0?HT /JE4?2T H30T G0.B?/T
/0.)/0T B1T :410T
!%!' "!' GT H30G0T .35:/E0?T )E0T GJEL4L4?2T
6@HBT )/J;H3BB/T ?0N0ET CEB-;0>GT E0;)H0/T HBT 0>C;BP>0?HT
>)EE4)20T )?/T 3)L4?2T 1)>4:40GT )GT N0:;T )GT H30T GHE0GGT B1T
.3EB?4.T 4;;?0GGT N4;;T ?00/T HBT -0T )//E0GG0/T

%)H40?HGT N4H3T H3):)GG0>4)T 4?H0E>0/4)T E0DJ4E0T >B?4HBE4?2T
HBT )GG0GGT H30T ?00/T 1BET HE)?G1JG4B?T )GT C0EG4GH0?H:PT :BNT
30>B2:B-4?T >)PT E0H)E/T 2EBNH3T P/EBOPJE0)T )HT )T /BG0T
B1T T >292T /)PT >)PT -0T JG0/T HBT 4?.E0)G0T -T CEBR
/J.H4B?T )?/T E0/J.0T H30T ?00/T 1BET HE)?G1JG4B?T GJCCBEHT '34GT
H30E)CPT 4GT >BGHT 0110.H4L0T 4?T .34;/E0?T N4H3T ' >JH)H4B?T
%)H40?HGT N4H3T H3):)GG0>4)T HE)4HT /BT ?BHT E0DJ4E0T >0/4.);T
1B;:BNJCT )1H0ET H30T 4?4H4);T /4)2?BG4G T EB?T H30E)CPT G3BJ;/T
?BHT -0T JG0/T J?:0GGT )T /014?4H0T /014.40?.PT 4GT .B?14E>0/T
0?0H4.T .BK@G0:4?2T 4GT 4?/4.)H0/T HBT .E0)H0T )N)E0?0GGT )?/T
CE0L0?HT H3);)GG0>4)T >)8BET 4?T GJ-G0DJ0?HT B11GCE6?2T
"!#

#
"%-"8*? ? 57"-:)"-"7? ? 7*:)3"9557;)>? ? &;? "/? 5/&$</"7?
6";)5(&3&:*:? "3%? $/*3+$"0? ="7*"#*/+;>? 5'? #&;"? ;)"/"::&1+"? :>3%751&:?
"153(? 3%*"4:? 1? !T &1";5/? ? ?
"2"*.? ? !)"/"::&1*"? "3%? 7&0";&%? )&15(/5#,356";)*&:? 3%*"3? !T
&%+";7? ?
# #

#
&4.9;0T .0;:T )?0>4)T 4GT )?T )JHBGB>);T E0.0GG4L0T /4G0)G0T H3)HT
E0GJ;HGT 1EB>T H30T GJ-GH4HJH4B?T B1T L);4?0T 1BET 2:JH)>4.T ).4/T )HT
CBG4H4B?T T B1T H30T -0H)2:B-6@T 20?0T %)H40?HGT N3BT )E0T 3B>BS
QP2BJGT 1BET H30T -&T 20?0T 3)L0T G4.9;0T .0;;T /4G0)G0T %)H40?HGT
N3BT )E0T 30H0EBQP2BJGT 1BET H30T -&T 20?0T 3)L0T G4.9;0T HE)4HT
'30T 20?0T 1E0DJ0?.PT 1BET G4.9;0T .0;;T )?0>4)T 4?T ?/4)T 4GT T
-JHT H30T /4G0)G0T 4GT E0CBEH0/T .3401:PT 1EB>T $E4GG)T #)3)S
E)G3HE)T #)/3P)T%E)/0G3T )?/T "3)E9)?/T 0BOP20?)H4B?T
B1T H30T 30>0T >B40HPT B1T G4.9:0T 30>B2;B-4?T :0)/GT HBT 3P/EBS
C3B-4.T 6?H0E).H4B?GT -0HN00?T )/8).0?HT G4.9;0T 30>B2;B-6@T
-&T >B;0.J;0GT H3)HT )22E02)H0T 4?HBT ;)E20ET CB;P>0EGT
&4.9;0T E0/T -:BB/T.0:;GT )E0T ;0GGT /01BE>)-:0T )?/T B-GHEJ.HT H30T
>4.EB.4E.J:)H4B?T E0GJ;H4?2T 4?T H4GGJ0T 3PCBO4)T N34.3T
1JEH30ET CEB>BH0GT G4.9:6?2T '30G0T E0/T -;BB/T .0;:GT )E0T E)C4/;PT
30>B:PQ0/T )?/T 3)L0T )T :410T GC)?T B1T B?;PT T /)PGT

%)H40?HGT N4H3T G4.9:0T .0;:T )?0>4)T .)?T CE0G0?HT N4H3T G0E4BJGT
)?/T L)E40/T >)?410GH)H4B?GT
%)6@T 4GT H30T>BGHT .B>>B?T CE0G0?H)H4B?T B1T L)GBB..:JG4L0T
.E4G4GT %E0G0?H)H4B?T N4H3T C)6?T GJ220GHGT ).JH0T .30GHT GP@/EB>0T
41T C;0KF4H7.T 4?T ?)HJE0T )?/T ,H4GT BET BGH0B>P0;4H4GT 41T 8B6?HT BET
-B?0T )E0T 6?LB;L0/T %+T .E4G0GT H0?/T HBT E0.KET CE0.4C4H)H0/T
-PT HE4220EGT GJ.3T )GT /03P/E)H4B?T BET 10L0ET &3BEI0GGT B1T -E0)H3T
BET /PGC?0)T GJ220GHGT )?T ).JH0T .30GHT GP?/EB>0T N34;0T
K?6=)H0E):T N0)9?0GGT )C3)G4)T C)E0GH30G4)GT L4GJ)<T GP>CHB>GT
>)PT GJ220GHT GHEB90T BET 4?1)E.H T &J//0?T 4?.E0)G0T 6@T C);;BET
GP?.BC0T BET GJ//0?T C)6?T BET 1J;;?0GGT 4?T H30T ;01HT G4/0T B1T H30T
)-/B>0?T >)GGT >)PT 6@/4.)H0T )T GC;0A4.T G0DJ0GHE)H4B?T .E4G4GT
'30T JGJ):T CE0G0?H)H4B?GT 4?T )T PBJ?2T .34;/T )E0T 4.H0EJGT /J0T
HBT 0;0L)H0/T J?.B?8J2)H0/T -4:4EJ-4?T C):;BET )?/T >4;/T
GC;0?B>02):PT '30T /4G0)G0T >)PT >)?410GHT )GT )T 10-E4;0T 4;:?0GGT
G4?.0T H30G0T .34;/E0?T )E0T CEB?0T HBT C?0J>B.B..):T '
)?/T BH30ET -).H0E4);T 4?10.H4B?GT ').3PC?0)T GJ220GHGT
C?0J>B?4)T .B?20GH4L0T 30)EHT 1)4:JE0T BET ).JH0T .30GHT
GP?/EB>0T N34;0T 3PCBO4)T 4GT .B>>B?T N4H3T ).JH0T .30GHT
GP?/EB>0T 34:/E0?T N4H3T )T C:)GH4.T.E4G4GT >)PT CE0G0?HT N4H3T
.B?20GH4L0T 30)EHT 1)4;JE0T T /J0T HBT G0L0E0T )?0>4)T
PCBH0?G4B?T )?/T H).3P.)E/4)T )E0TG42?GT B1T G0CH4.T G3B.9T BET
G0DJ0GHE)H4B?T .E4G4GT EBNH3T E0H)E/)H7B?T )?/T 2);;GHB?0GT )E0T
.B>>B?T 4?T .34:/E0?T N4H3T G4.9:0T .0:;T )?0>4)T

!#!$' !!' T L)GBB..;JG4L0T .E4G4GT B..JEGT N30?T
H30T >4.EB.4E.J:)H4B?T 4GT B-GHEJ.H0/T -PT G4.9;0/T E0/T -;BB/T
.0;;GT E0GJ;H4?2T 4?T 4G.30>4.T 6?8JEPT '30T >)8BET .B>C;)6@HT 4GT
C)4?TJGJ);;PT)110.H4?2T-B?0GT GJ.3T )GT 10>JET H4-4)T )?/T
;BN0ET L0EH0-E)0T :H0E?)H4L0;PT L)GBB..;JG4B?T >)PT
CE0G0?HT )GT /).HP;4H7GT 3)?/T )?/T 1BBHT GP?/EB>0T C)6?1J:T )?/T
GNB:;0?T 3)?/GT)?/T BET 100HT BET )?T ).JH0T)-/B>0?T '30T
GC;00?T >)PT J?/0E2BT )JHB4?1)E.H4B?T )?/T 4GT B1H0?T ?BHT
C);C)-;0T -0PB?/T T PET B1T )20T ?LB;L0>0?HT B1T H30T 94/?0PT
E0GJ;HGT 4?T C)C4:;)EPT ?0.EBG4GT :0)/4?2T HBT 4?)-4;4HPT HBT
.B?.0?HE)H0T JE4?0T 4GBGH30?JE4)T $H30ET CE0G0?H)H4B?GT
4?.;J/0T ).JH0T .30GHT GP?/EB>0T E0H4?);T 30>BEE3)20GT
CE4)C4G>T )L)G.J;)ET?0.EBG4GT B1T H30T 10>BE);T 30)/T )?/T
.0E0-EBL)G.J:)ET )..4/0?HGT
#"' !"' !% ' '35GT 4GT )T HPC0T B1T L)GBB..J;G4L0T .E4G4GT
H3)HT )110.HGT H30T :J?2T )?/T CE0G0?HGT N4H3T .30GHT C)4?T .BJ23T
H).3PC?0)T /PGC?0)T 3PCBO0>4)T 10L0ET BET )T ?0NT CJ;S
>B?)EPT 4?14;HE)H0 T '34GT E0DJ4E0GT JE20?HT )/>4GG4B?T BOP20?T
GJCCBEHT )?H4-4BH4.GT ):GBT G3BJ;/T .BL0ET 1BET >P.BC;)G>)T
)?/T .3;)>P/4)T 7@HE)L0?BJGT 1:J4/GT -EB?.3B/4;)HBEGT )?/T
JG0T B1T GH0EB4/GT >)PT -0T B1T -0?014HT
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O„n”k¢ ˆˆ„¢ bn‘k¢ ‘qb˜t„o<¢ „kki¢
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gb”k¢ n{”ti¢ ˆ–k}ˆbi¢
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402.






































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403. $/HER ?=R G/+R ('E1ER ?,RF/+R 'EE+EE;+=FR?,R @/ME1)'9R ,3>*3=.ER
1GR 1ER @?EE1(9+R G?R E+@'B'F+R J+BMR E;'99R E;':9R ;+*1H;R E1N+*R
'=*R :'B.+R %#R 1ER ':E?R @?EE1(:+R F?R *+)1*+R K/+F/+BR G/+B+R
1ER 'EE?)1'G+*R @H9;?=1)R EG+=?E1ER ?BR @H:;?='BMR 'BF+B1'9R
/M@+BF+=E1?=R ?,R G/+R /M@+B83=+F1)R ?BR ?(EGBH)G1J+R J'B1+FMR
?@@:+BR +)/?R +EF1;'F+ER F/+R.B'*1+=GR (+GK++=R G/+R 9+,GR '=*R
B1./GR J+=GB1):+ER G/HER /+9@4>.R 4>R F/+R 'EE+EE;+=FR ?,R B1./FR
J+=FB1)H9'BR '=*R @H:;?='BMR 'BF+BMR @B+EEHB+ R

"'F1+=GER K1G/R %#R /'J+R 'R J+BMR J'B1'(:+R )?HBE+ R $/+MR ;'MR
*+J+9?@R )?=.+EG1J+R )'B*1')R ,'19HB+R 1=R 1=,'=)MR K/1)/R 1ER
@?G+=G1':9MR :1,+R G/B+'F+=1=.R FR /'ER (++=R +EF1;'F+*R F/'FR
':;?EGR R ?,R '::R J+=GC1)H:'BR *+,+)GER (+)?;+R E;':9+BR 4=R
E1N+ R R E;'9:+BR @B?@?BG1?=R K19:R *1E'@@+'BR +=F1B+:MR =R
':<?EGR R ?,R @'G1+=GER K/?R /'J+R E@?=F'=+?HER )9?EHB+R ?,R
F/+R *+,+)GR 1FR ?))HBER (MR G/+R '.+R ?,R G/B++R M+'BER G/?H./R 1GR
;'MR ?))HBR 'ER :'G+R 'ER R MBR ?BR ;?B+ R !HE)H9'BR %#R /'J+R
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(+)?;+R E;'9:+BR 'ER G/+R '?BG1)R J'9J+R @B?:'@E+ER F/B?H./R 1GR
?K+J+BR G/1ER 1ER =?GR 'R *+E1B'(:+R )?=E+AH+=)+R '=*R 1ER ?,G+=R
'=*R 1=*1)'F1?=R ,?BR EHB.1)'9R )9?EHB+ R
"'F1+=FER (?B=R K1G/R '=R H=)?;@91)'G+*R %#R ;'MR *+J+:?@R
*H+R G?R /M@+BGB?@/MR ?,R G/+R B1./GR
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?BR B'B+9MR *+J+9?@R *H+R G?R
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/M@+BF+=E1?=R 1ER 'R *B+'*+*R )?;@:1)'G1?=R E1=)+R 1,R 1GR 1ER ?,R G/+R
?(EFBH)F1J+R GM@+R G/+R @'G1+=FR (+)?;+ER 1=?@+B'(:+R
R @'G1+=FR K1F/R 'R B+9'F1J+9MR E;':9R %#R ?,G+=R 91J+ER 'R 91,+O
F1;+R K1G/?HGR '=MR EM;@G?;ER ?BR *1,,1)H:FMR 'EG:MR G/+R %#R
1ER G/+R
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(++=R +EG1;'F+*R 'ER R @'G1+=GER 2=R 'R ,?::?KH@R ?,R G+=R M+'BER
G/'G 1ER R R @'F1+=FR M+'BE R $/+R 1=)1*+=)+R ?,R 1=,+)F1J+R +=*?O
)'B*1G1ER 1ER E;'9:R +=?H./R F/'GR 1G 1ER =?FR '=R 1=*1)'F1?=R ,?BR ?@+BP
'F1?=R 1=R E;':9R *+,+)GE R ?K+J+BR 1GR 1ER 1;@?BG'=GR G?R +;@/'O
E1N+R .??*R ?B'9*+=F'9R /M.1+=+R 1=R ':9R @'G1+=FER K1G/R %# R

)?=E1EGER 1=R )?=GB?:R ?,R )?=.+EG1J+R
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@B+J+=G1?=R '=*R GB+'F;+=FR ?,R '=+;1'R '=*R 1=,+)F1J+R
+=*?)'B*1G1E R $/+R @'F1+=FER E/?H9*R (+R ,?99?K+*R )'B+,H9:MR
G?R 'EE+EER F/+R *+J+9?@ ;+=GR ?,R @H9;?=1)R EG+=?E1ER
@H:;?='BMR 'BF+B1'9R /M@+BF+=E1?=R ?BR '?BF1)R B+.HB.1G'G1?= R
1ER 1=*1)'F+*R 1,R 1R )?=.+EG1J+R )'B*1')R
,'19HB+R ?))HBER 1=R 1=,'=)MR 11R G/+R :+,GR G?R B1./GR E/H=FR 1ER 9'B.+R
@H9;?='BMR ,:?KR ;?B+R G/'=R FK1)+R G/+R EMEF+;1)R ,9?KR '=*R
111R 1,R G/+B+R 1ER 'EE?)1'F+*R @H9;?=1)R EG+=?E1ER @H9;?='BMR
'BG+B1'9R /M@+BG+=E1?=R ?BR '?BF1)R B+.HB.1G'F1?=R #HB.1)'9
FB+'G;+=GR 1ER =?GR 1=*1)'F+*R 1=R @'G1+=GER K1G/R 'R E;':9R %#
'=*R 1=R G/?E+R @'F1+=GER K/?R /'J+R *+J+9?@+*R E+J+B+

@H9;?='BMR 'BF+B1'9R /M@+BF+=E1?=R '=*R E1.=2,1)'=GR B1./GR G?R
9+,FR E/H=GR
)?=E1EFER 5=R ):?EHB+R ?,R %#R K1G/R F/+R HE+R
?,R 'R @'F)/ R $/+R ?@+B'F1?=R 1ER @+B,?B;+*R G/B?H./R G/+R B1./GR
'FB1H; R $/+R ?@+B'G1?=R )'=R (+R *?=+R 'ER +'B9MR 'ER 'R ,+KR ;?=F/ER
',G+BR (1BF/R 1,R )?=.+EF1J+R ,'2:HB+R )'==?GR (+R )?=FC?:9+*R K1G/R
;+*1)':R ;'='.+;+=GR &1G/R +J1*+=)+R ?,R @H:;?='BMR
/M@+BF+=E1?=R G/+R ?@+B'G1?=R E/?H:*R (+R @+B,?B;+*R 'ER +'B9MR
'ER @?EE1(:+R !?*+DR )+=F+BER @B+,+BR F?R ):?E+R %#R EHB.1)'::MR
2=R M?I.R 5=,'=GER 1ER IK1E+R F?R ;'8+R G/+R E1)8R 4=,'=GER F?R
K'1FR ,?BR 'R )+BG'4>R K+1./FR G/B+E/?9*R (+)'HE+R ;?EGR 4>-'=FER
K1G/R :'B.+R %#R *?R =?FR .'1=R K+1./GR E'G2E,')G?B19MR @1E?*+ER
?,R B+E@1B'F?BMR 1=,+)F1?=ER B+AH1B+R /?E@1F'91N'G1?=R '=*R 'B+R
@'BG1)H9'B9MR *1,,1)H:GR G?R ;'='.+ R ?BR E1)8R 1=,'=GER K1G/R
@=+H;?=1'RK/?R B+AH1B+R ;+)/'= 2)'9R J+=G3:'F1?=R EHB.+BMR 1ER
)?=E1*+B+*R ',G+BR 1=1F1'9R )?=GB?9R ?,R F/+R 1=,+)G1?=R !'6?BR
)?;@91)'F1?=ER ?,R EHB.+BMR 'B+R 1R )?;@9+G+R /+'BFR (9?)8R
11 (1,'E)1)H9'BR (:?)8R '=*R 111R B+E1*H':R %# R $/+E+
)?;@91)'G5?=ER 'B+R B'B+R '=*R B1E8R ?,R EHB.+CMR 4=R H=)?;@:1)'F+*R
*+,+)GER 1ER :+EER F/'=R RR 3=R ;?EGR )+=G+BE R
'G/+G+BR )9?EHB+R ?,R %#R 1ER (+EFR EH1F+*R ,?BR ;HE)H:'BR
*+,+)GER 1=R B+:'G1J+9MR ?9*+BR )/1:*B+=R 8. R $/+B+R 1ER 'R
*+J1)+R *+E1.=+*R ,?BR @+B1;+;(B'=?HER *+,+)FER 'ER K+9:R
?K+J+BR G/+R B1E8R ?,R )?;@9+F+R /+'BFR (9?)8R K1F/R G/+R
;+;(B'=?HER %#R ?)):H*+BR 1ER E1.=1,2)'=FR '=*R)'=R ?))HBR
:'F+R ',F+BR 1;@9'=G'G1?= R +J1)+R )9?EHB+ER ?,R %#R B+AH1B+R
)?=E1*+B'(:+R G+)01)'9R +L@+BG1E+R '=*R E/?H:*R (+R 'GG+;@G+*R
1=R *+*1)'F+*R )+=G+BER

"'G+=GR *H)GHER 'BF+B1?EHER "R 1ER 'R )?;;H=1)'G1?=R
(+FK++=R G/+R @H9;?='BMR 'BG+BMR '=*RF/+R '?BG' R $/+R '?BG1)R
'FF')/;+=FR ?,R G/+R *H)GHER 'BF+B1?EHER 1ER 7HEGR *1EG':R F?R F/+R 9+,GR
EH():'J1'=R 'BF+BM R $/+R *H)FHER 'BG+B1?EHER ):?E+ER ,H=)Q
G5?=':9MR '=*R '='G?;1)'99MR E??=R ',F+BR(1BF/R 1FER @+BE1EG+=)+R
1ER )'9:+*R "R

"R B+EH:GER 1>R 'R 9+,GR G?R B1./GR E/IGR ,C?;R F/+R '?BG'R G?R F/+R
@H9;?='BMR 'BG+BM R

1,R G/+R @H:;?='BMR 'BF+BMR
@B+EEHB+R 1ER =?B;'9 R $/+R ,:?KR ?,R (9??*R B+EH:GER 4>R 'R ;HB;HBR
F/'FR EG'BGER 1>R EMEF?9+R ',F+BR F/+R ,1BEFR E?H=*R '=*R B+')/+ER 'R
@+'8R 'FR F/+R E+)?=*R E?H=*R $/+R ;HB;HBR F/+=R *1;1=1E/+ER
1=R 1=G+=E1FMR '=*R 1ER 'H*1(9+R *HB1=.R ?=:MR 'R @'BGR ?,R F/+R
*1'EF?9+R $/HER 1FR 1ER 'R )?=F1=H?HER ;HB;HB R
$/+R "R B+EH:FER 1=R 'R EMEG?91)R 'ER K+99R 'ER *1'EF?91)R
?J+B:?'*4>.R ?,R G/+R @H9;?='BMR 'BG+BM R $/+R 1=)B+'E+*R ,:?KR
',F+BR @'EE1=.R G/B?H./R G/+R 9H=.ER B+')/+ER F/+R 9+,GR 'FB1H;R
$?R '))?;;?*'F+R F/+R ,:?KR G/+R :+,GR 'GB1H;R+=9'B.+ER 1=R E1N+R
$/+R 1=)B+'E+*R J?9H;+R ?,R (9??*R B+')/4=.R G/+R 9+,GR 'GB1H;R
+=G+BER G/+R 9+,GR J+=FB1)9+R 1=R *1'EF?:+R ')B?EER 'R =?B;':R ;1FB'9R
J'9J+R $/+R @'EE'.+R ?,RF/1ER 1=)B+'E+*R ,:?KR ')B?EER G/+R ;1GB':R
J'9J+R B+EH:FER 1=R

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L .C'97L BKBC93'L 6F;6G;L L 6'C;3L 96:977CL 9 L !';BCL B9G7L
"-$L %BCL ;KL *7L 7L 94B7CL J+C&L L 5<#L :C7CL FCFBL
>D<)9BGB L 9CL C%L 71<#67CL 9 L C&L 9=EL J'C&L L :;96'77CL 9?C(L
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(7;BL HBG1CG;L &<L (BL 79L ;KL I, 7L 9!L ;'L
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405. 2GE6;JDKT L95T 3;08EGK;KT 0E3T D50KMJ5KT K;S5T G6T +" T 0E3T
;35EL;6RT ;LKT 95DG3RE0D;2T 2GEK5IM5E25K T &LT ;KT HGKK;1A5T LGT
G1L0;ET 0T K5D;IM0EL;L0L;O5T 0KK5KKD5ELT G6T K9MELT K;S5T 0E3T
0KK5KKT HMADGE0JRT 0JL5JRT HJ5KKMJ5T $;8T T
: *-*,+9: ': +2'2: 4150: .2-*60: : :
-&: *(: 2: !3: 0: : ,*00: 02*'": 28*: &'0*'#: 78: *: 2:
: ': 2: -&: *): 2: -1: 0: : *"*-: "*8: &: : -: $*8:
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-1-9:

-95T 5O0AM0L;GET G6T L95T K;S5T G6T L95T B56LT LGT J;89LT K9MELT 35H5E3KT
GET 0T EMD15JT G6T 650LMJ5KT ;T L95T A0J85JT L95T 950JLT K;S5T L95T
B0J85JT L95T B56LT LGT J;89LT K9MELT ;;T 01K5E25T G6T L95T L9;J3T KGME3T
0E3T 35A0R53T3;0KLGA;2TDMJDMJT <E3;20L5KT 0T KD0BBT A56LT LGT J;89LT
K9MELT +J5K5E25T G6T L95T L9;J4T KGME3T ;E3;20L5KT 0T DG35J0L5T
A56LT LGT J;89LT K9MELT P95J50KT 0ET 0M4;1A5T 35B0R53T 3;0KLGA;2T
DMJDMJT KM885KLKT 0T B0J85T A56LT LGT J;89LT K9MELT ;;;T L95T P;35JT
L95T HMBK5T HJ5KKMJ5T L95TA0J85JT L95T K9MELT

*5GE0L5KT 0E3T <E60ELKT 90O5T HMBDGE0JRT 9RH5JL5EK;GET 0LT
1;JL9T -95T J58J5KK;GET G6T HMBDGE0JRT 9RH5JL5EK;GET G22MJKT
KBGPBRT ;ET L95T HJ5K5E25T G6T +" T -95T +" T DMJDMJT
L95J56GJ5T ;KT 0ET 5?52L;GET KRKLGB;2T DMJDMJT LGT KL0JLT P;L9T A;@5T
;ET .,"T 0E3T 0KKMD5KT L95T 2GEL;EMGMKT 290J02L5JTGEART KGD5T
P55@KT GJT DGEL9KT B0L5JT !GE85KL;O5T 20J3;02T 60;BMJ5T D0RT
G22MJT P;L9;ET L95T 6;JKLT K;QT P55@KT G6T B;65T 20J3;02T 60;BMJ5T 20ET
15T 2GELJGAA53T D53;20BBRT ;ET ME2GDHA;20L53T H0L;5ELKT
+0 L;5ELKT P;L9T +" T 35O5AGHT HM BDGE0JRT 0JL5J;0BT
9RH5JL5EK;GET 50JA;5JT L90ET .,"T
+" T D0RT 15T 0KKG2;0L53T P;L9T 9RH5JT @;E5L;2T GJT G1KLJM2L;O5T
HMADGE0JRT 0JL5J;0AT 9RH5JL5EK;GET 0KT ;ET .,"T &ET 1GL9T
K;LM0L;GEKT L95T DMJDMJT L5E3KT LGT AGK5T L95T 3;0KLGA;2T
2GDHGE5ELT 0E3T L95T +T;KT 0225ELM0L53T -95T 9RH5J@;E5L;2T
HMADGE0JRT 9RH5JL5EK;GET ;KT 0KKG2;0L53T P;L9T 0T A0J85T 950JLT
0E3T D;LJ0AT 35A0R53T 3;0KLGB;2T DMJDMJT P95J50KT L95T
G1KLJM2L;O5T O0J;5LRT ;KT 022GDH0E;53T P;L9T 0T EGJD0AT 950JLT
K;S5T 0E3T 01K5E25T G6T L95T D;LJ0BT 3;0KLGB;2T DMJDMJ T /;L9T
K5O5J5T HMADGE0JRT 0JL5J;0BT 9RH5JL5EK;GET 0E3T 0T J;89LT LGT B56LT
K9MELT L9JGM89T 0T +" T L95T EGJD0BT KHA;LL;E8T G6T ,T ;KT

D0;EL0;E53T 1MLT L95T DMJDMJT 3;K0HH50JKT 0E3T L95T H0L;5ELKT
35O5BGHT 3;665J5EL;0AT 2R0EGK;KT

-95T 3;665J5EL;0BT 3;08EGK;KT G6T +" T ;E2BM35KT 2GE3;L;GEKT
20H01A5T G6T 8;O;E8T 0T 2GEL;EMGMKT DMJDMJT GO5JT L95T HJ52GJ3;MDT
'ET 033;L;GET 2GD1;E0L;GET G6T 0T H0EKRKLGA;2T DMJDMJT P;L9T 0ET
50JT TRT 3;0KLGB;2T DMJDMJT P:=29T 0J5T H0JLBRT KMH5J;DHGK53T GET
5029T GL95JT D0RT K;DMA0L5T 0T 2GEL;EMGMKT DMJDMJT GO5JT L95T
HJ52GJ3;MDT ";665J5EL;0BT 3;08EGK;KT G6T 0T 2GEL;EMGMKT DMJDMJT
;E2AM35KT ;T 2GJGE0JRT 0JL5J;GO5EGMKT 6;KLMA0T ;;T JMHLMJ53T
K;EMKT G6T .0AK0BO0T 6;K LMA05T ;ELGT L95T J;89LT K;35T ;;;T
0GJLGHMADGE0JRT P<E3GPT ;OT KRKL5D;2T 0JL5J;GO5EGMKT 7;KLNB0T
GO5JT L95T 295KLT OT 1JGE29;0AT 2GBB0L5J0AT DMJDMJKT O;T
HMBDGE0JRT 0JL5J;GO5EGMKT 6<KLMB0T O;;T H5J;H95J0AT HMADGE;2T
KL5EGK;KT O;;;T O5EGMKT 9MDT ;E2BM3;E8T L90LT 0KKG2;0L53T P;L9T
LGL0BT 0EGD0AGMKT HMBDGE0JRT O5EGMKT 2GEE52L;GET 0E3T ;QT
KD0AAT 0LJ;0AT K5HL0AT 35652LT 0KKG2;0L53T P;L9T D;LJ0AT KL5EGK;KT
(ML5D10295JT KRE3JGD5T -95T ;DHJ5KK;GET G6T 2GEL;EMGMKT
DMJDMJT 3M5T LGT 0T 2GD1;E0L;GET G6T 0T H0EKRKLGB;2T DMJDMJT 0E3T
J58MJ8;L0ELT 3;0KLGA;2T DMJDMJT G22MJKT DGKLT 2GDD GFCRT >ET .,"T
0KKG2;0L53T P;L9T 0GJL;2T J58MJ8;L0L;GET

T A0J85T +" T ;KT 15LL5JT LGB5J0L53T 1RT L5JDT E5P1GJEKTP95ET
2GDH0J53T LGT HJ5D0LMJ5T E5P1GJEKT +J5D0LMJ5T E5P1GJEKT
P;L9T 95DG3RE0D;20AART K;8E;6;20ELT +" T L90LT J5KMBLKT ;ET
950JLT 60;BMJ5T J5KH; J0LGJRT 3;K LJ5KKT GJT E52JGL;S;E8T
5EL5JG2GB;L;KT J5IM;J5T HJGDHLT D0E085D5ELT &E3GD5L902;ET
GJT ;1MHJG65ET ;KT B;@5BRT LGT 15T 56652L;O5T 157GJ5T L95T 085T G6T
P55@KT ;ET HJ5L5JDT E5P1GJEKT 0E3T ;KT MEA;@5BRT LGT 15T MK56MBT
<ET L5JDT 101;5KT -95T 3GK5T G6T ;E3GD5L902;ET ;KT T D8@8T
3GK5T GJ0BART 5O5JRT T 9JT 6GJT L9J55T 3GK5KT K52GE3T 0E3T
L9;J3T 3GK5KT 0J5T 0LT T D8@83GK5T 6GJT T 9JGB3T 0E3T
T D8@8T 3GK5T 6GJT 30RKGB3T %5H0L;2T GJT J5E0AT
<EKM66;2;5E2RT 0E3T 1A553;E8T L5E35E2RT 0J5T 2GELJ0;E3;20L;GEKT
*5P1GJEKT EGLT J5KHGE3;E8T LGT L95K5T 085ELKT J5IM;J5TKMJ8;20BT
B;80L;GET -95T +" T <ET L5JDT ;E60ELKT D0RT 2BGK5T KHGEL0E5GMKBRT
0KT A0L5T 0KT GE5T DGEL9T 06L5JT 1;JL9T 0E3T ;LT ;KT PGJL9T P0;L;E8T ;6T
L95T 3M2LT ;KT A0J85T MEB5KKT L95T 950JLT 60;BMJ5T ;KT J56J02LGJRT
)0J85T +" T D0RT J5KMBLT ;ET 2GE85KL;O5T 20J3;02T 60;BMJ5T ;ET
;E60E2RT #29G20J3;G8J0H9RT0ABGPKT J503RT 2GE6;JD0L;GET G6T
L95T 3;08EGK;KT 0E3T 5KL;D0L;GET G6T 95DG3RE0D;2T K5O5J;LRT G6T
L95T +" T !0L95L5JT 10K53T LJ50LD5ELT G22BMK;O5T 35O;25KT GJT
2G;AKT ;KT EGPT J50A;KL;2T ;ET DGKLT H0L;5ELKT P;L9T +" T
$;8T T -95RT 0J5T L529E;20BBRT 290BB5E8;E8T ;ET KD0BBT
;E60ELKT 5KH52;0BART L9GK5T T @8T 0E3T K9GMA3T 15T H5J6GJD53T
;ET 25EL5JKTP;L9T 5QH5J;5E25T &E3;20L;GEKT 6GJT KMJ85JRT 6GJT +" T
;E2AM35T KD0BBT ;E60ELKT P;L9T A0J85T 3M2LKT HJ5L5JDT ;E60ELKT
0E3T 3M2LKT L90LT 0J5T O5JRT A0J85T A0J85JT L90ET L95T K;S5T G6T
0O0;B01B5T 35O;25KT GJT ;ET K;LM0L;GEKT P95J5T KMJ85JRT ;KT L95T
GEART 066GJ301A5T GHL;GET G22AMK;O5T 35O;25KT 2GKLT T L;D5T
DGJ5T L90ET KMJ85JRT
+0L;5ELKT P9GT 90O5T 0T +" T P;L9T HMBDGE0JRT 0JL5J;0BT
9RH5JL5EK;GET 0J5T 2GEK;35J53T <EGH5J01A5T ;6T 0T J;89LT LGT A56LT
K9MELT 90KT 0HH50J53T 1520MK5T G6T HMBDGE0JRT 0JL5J;0BT

406.

















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3"/*/!#++8= 3"= 2#3= / = /23143#/-= ,8= = 3= 5*5= +5*=
/5= 3"= 5*5= 24015*51= /1= */ 6= 3"= 5+5=
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3#,= 422= +8= +/241= / = 3"= /13#= 5*5= 124+3#-!=
#-= *8= = "= +/6= 1/22= 3"= /23143#/-= 124*32= #-=
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2= = 3"1#++= 3= 3"= 2/-= 1#!"3= $-3120= 2401231-+= -/3"=
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,#-3#-= = -/1,+= /161= 1#= /43043 = "= 01/*/-!=
(3#/-= 124+32= #-= 3"= "131#23#= 04+2= 3"3= -= = 23=
21#=2= 2+/6+8= 1#2#-!= 3/= = 0)= 3"3= #2= 2423#-= -=
3"-= "2= = 2+/6= /6-2*/0 = "= 0)= #2= +/6= 2/= 3"3= 3"=
04+2= #2= / = +/6= ,0+#34= -= 01/*/-!= 413#/- =
/--31#= "

131/0"8= / = 3"= * 3= 5-31#+= 124+32= #-=
12= #23-2##+#38= / = 3"= + 3= 5-31#+= #-= #23/*<
14= /,0+#- = -= 251= /13#= 23-/2#2= = 6#3"=
,1)= * 3= 5-31#4*1= "80131/0"8= 3"= * 3= 5-31#4*1=
#23/*#= 012241= *2/= 1#22 = #3"= #-12= #-= * 3=
5-31#4*1= #23/+#= 012241= 3"= + 3= 31#*= 012241= ,423=
#-12= 3/= = *= 3/= #**= 3"= + 3= 5-31#+= 41#.!= #23/+ =
-= 6#3"= 251= = /,0-#= 6#3"= ,1)= * 3=
5-31#4+1= "80131/0"8= = /1 4*= + 3= 31#*= /-313#/-=
124+32= #-= = 0*0+= 2= 6++= 2=4#+= /413"= 2/4-= =
"-= 3"= * 3= 5-31#+= 23132= #+#-!= #-= = 2#2=
"80131/0"8= #+33#/-= +2/= 0012= -= 422= #-12=
#-= "13= 2#:= #3"= + 3= 5-31#4+1= #*41= = 3"#1= 2/4-=
= /,2= 4#+= -= 5*51= = 3"1= #2= 0/23= 23-/3#=
#+33#/-= / = 2-#-!= /13= 2-= /-= 0/231/-31#/1= "23=
1#/!10" = -= 24015+51= -= 245+51= = 3"#2= #2=
2-3= -= 5*51= 23-/2#2= 3"= #123=2/4-= #2= /*+/6= 8=
-= /13#= '3#/-= +#)= 3"3= 012= 3"= 23132= / = 3"=
,41,41= 3"= *#)= #2= "1= 3= 3"= 07= -= +/-!= * 3=
231-+= /11 =

3#-32= 6#3"= ,&+= 3/= ,/13= = 1= 28,03/,3# = #3"=
251= 23-/2#2= 3"= #-#3#*= 28,03/,= #2= !-1++8= 820-=
/-= 713#/- = "= 03#-32= ,8= +2/= !#5= "#23/18= / = -!#-=
/-= /13= -= 29-/0= 12-= / = -8= /-= / = 3"2= 3"1=
28,03/,2= 24!!232= 251= = "= +//= 012241= #2=
-/1,+= 6#3"= ,#*= #22= 3"= 6#3"= / = 04+2= 012241=
1*32= #-512+8= 6#3"= 251#38= / = = 124*3#-!= #-= +/6=
,0*#34= 01/*/-!= 413#/-= 04+2 = "= 1#= 2#:=
1,#.2=-/1,+= 4-*22= * 3= 5-31#4*1= #*41= #2= 012-3 =

416.
















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2GDDGEV %4L0KL0L<2V 01K24KK4KV 0J4V J0J4V ;EV KN102NL4V
4E3G20J3;L;KV
(0L<4ELKV P;L8V 4E3G20J3;L;KV G5V L84V J<78LV K;34V KN28V 0KV
LJ;2NKH;3V GJV L84V HNBDGE0JRV O0BO4V L8JGPV 4D1GB<V LGV L84V
BNE7KV ,84V 4D1GB;2V 4H<KG34KV LGV BNE7KV D0RV HJ4K4ELV 0KV
J4H40L43V 4H;KG34KV G6V HE4NDGE;L<KV GJV K4HL;2V <E60J2LKV
J4KNBL<E7V ;EV BNE7V 01K24KK4KV "LV ;KV DGJ4V 2GDDGEV ;EV H0L;4ELKV
P;L8V =F3P4BB<E7V 24ELJ0BV 20L84L4JKV <ELJ0O4EGNKV 3JN7V 01NK4V
0E3V P<L8V .* V 4O4JV D0RV G220K;GE0BBRV HJ4K4ELV <EV KGD4V
H0L<4ELKV P<L8V J;78LK;343V 4E3G20J3<L<KV *GD4V H0L;4ELKV
J4D0;EV 0541J<B4V 5GJV K4O4J0BV 30RKV 0LV 0V L;D4V 0E3V R4LV 80O4V
B0J74V O474L0L;GEKV 0E3V 4B4O0L43V 02NL4V H80K4V J402L0ELKV
(GKLGH4J0L<O4V 4E3G20J3;L<KV ;KV
2B0KK;5;43V 0KV 40JBRV VV DGEL8KV 0E3V B0L4V 0JBRV 4E3GS
20J3;L<KV <KV NKN0BBRV 3N4V LGV HRG74E<2V GJ70E<KDKV KN28V 0KV
KL0H8RBG2G22NKV HK4N3GDGE0KV GJV 7J0DV E470L<O4V 102<BB<V
<ELJG3N243V 0LV L84V L<D4V G6V GH4J0L;GEV ,84K4V H0L;4ELKV80O4V
8;78V 54O4JV P<L8V 28;BBKV 0E3V J<7GJKV 0F3V 540MNJ4KV G6V K4HL;24D;0V
$0L4V 4E3G20J3;L<KV ;KV DGJ4V B;A4V E0L;O4V O0BO4V 4E3G20J3<L;KV
0E3V L84V 2GDDGE4KLV GJ70E;KDKV 0J4V +V 0E3V 7J0DV
E470L;O4V 102;BB;V L84K4V H0L;4ELKV 80O4V 0V KN102NL4V 2GNJK4V
0J3<02V GH4J0L;GEKV 0J4V 0EV ;DHGJL0ELV HJ43;KHGK<E7V 602LGJV
6GJV 7J0DV E470L<O4V 4E3G20J3<L;KV (JGKL84L<2V O0BO4V 4E3GT
20J3;L<KV D0RV 0BKGV 14V 40JBRV GJV B0L4V 0E3V 1480O4KV 0KV 01GO4V
/<L8V 4QL4EK;O4V NK4V G5V 1JG03KH42LJNDV
0EL<1;GL;2KV R40KLV 0E3V 6NE70BV <E642L;GEKV G22NJV DGJ4V
5J4IN4ELBRV L80EV 145GJ4V KH42<0BBRV 6GBBGP<E7V 20J3;02V
GH4J0L;GEKV 0E3V =FV ;EL4EK<O4V 20J4V K4LL;E7KV 0E3<30V ;KV 1RV
50JV L84V 2GDDGE4KLV 5NE7NKV J4KHGEK;1B4V GL84JKV <E2BN34V




0E3V
NE74D<0V ;KV 8;78V 0E3V L84V GJ70E;KDV ;KV 40K;BRV
2NBLNJ43V 6JGDV L84V H4J<H84J0BV 1BGG3V (J43<KHGK;E7V 602LGJKV
5GJV 6NE70BV 4E3G20J3;L;KV ;F2BN34V ;ELJ0O4EGNKV 3JN7V 01NK4V
<E3P4BB<E7V 20L84L4JKV <EL4EK;O4V 0EL<1<GL;2V L84J0HRV
HJGBGE743V KL4JG;3V 03D;E;KLJ0L;GEV J03;0L<GEV <DDNEGS
KNHHJ4KK<O4V L84J0HRV 0F3V HJGKL84L;2V O0BO4KV "E2;34E24V G6V
4D1GB;KDV <KV 8;784JV K<E24V L84V 6NE70BV O474L0L;GEKV L4E3V LGV
14V O4JRV B0J74V 4KH<L4V >FL4EK<O4V L84J0HRV DGJL0B;LRV ;KV 8<78V

BGG3V 2NBLNJ4V <KV 4KK4EL;0BV 5GJV 3;07EGK;KV V HGK;L<O4V 1BGG3V
2NBLNJ4V ;EV 0V H0L;4ELV P;L8V NE34JBR;E7V 840JLV 3;K40K4V
KNKH42L43V LGV 80O4V 4E3G20J3;L;KV ;KV 2GE6;JD0LGJRV ,8J44V K4LKV
G6V 2NBLNJ4KV 4028V 2GEL0;E;E7V 034IN0L4V OGBND4KV G6V 1BGG3V
L0A4EV 4O4JRV 80B68GNJV 0J4V 0HHJGHJ<0L4V 0E3V 34L42LV V
20K4KV ,84V 2GDDGE4KLV 20NK4V 6GJV E470L;O4V 2NBLNJ4KV <KV HJ<GJV
0EL;1;GL<2V L84J0HRV GJV NEK0L;K502LGJRV 2NBLNJ4V L428E;IN4V
"E642L;GEVP;L8VNENKN0BV GJ70E<KDKV 0E4JG1;2V GJ70F;KDKV 0E3V
6NE7;V J4IN<J4V KH42;0BV D43;NDKV 0E3V <E2N10L;GEV 5GJV V
P44AKV 145GJ4V342B0J;E7VL80LV L84V 2NBLNJ4V <KV E470L;O4VJL4J<0BV

K0DHB;E7V 3G4KV EGLV G564JV 0ERV 03O0EL074V GO4JV O4EGNKV
K0DHB4KV 'L84JV <EO4KL;70L;GEKV P8;28V HJGO<34V KNHHGJL<O4V
4O;34E24V 6GJV L84V 3;07EGK;KV ;E2BN34V
< &GJDG2RL<2V EGJDG28JGD;2V 0E4D;0V
<<V %G34J0L4BRV 4B4O0L43V LGL0BV B4NAG2RL4V 2GNELV
)43N243V HB0L4B4LV 2GNELV
;O B4O0L43V K43<D4EL0L<GEV J0L4V 0E3V J402L<O4V HJGL4;EV
O %<2JGK2GH;2V 84D0LNJ;0V 0E3V 0B1ND<ENJ;0V <EV DGJ4V L80EV
V

28G20J3<G7J0H8RV <KV 0V O0BN01B4V 3;07EGKL;2V LGGBV 4KH42;0BBRV
;EV H0L;4ELKV P<L8V 2NBLNJ4V E470L;O4V 4E3G20J3;L<KV -84V <EO4KL;S
70L;GEV ;34EL;5<4KV 2GDHB;20L;GEKV B;A4V JNHLNJ43V 28GJ304V
H4J5GJ0L43V 2NKHKV 0E3V 6C0;BV 2NKHKV J4KNBL;E7V 6JGDV 4E3GU
20J3<L;KV .474L0L;GEKV DGJ4V L80EV V DDV 20EV 14V <34EL<6<43V GEV
428G20J3;G7J0H8RV 1NLV <LKV K4EK<L;O;LRV <KV 34H4E34ELV GEV L84V
K;L4V G6V ;EOGBO4D4ELV GJV 0GJL;2V 0E3V D;LJ0BV O0BO4KV L84V K4EK;S
L<O<LRV ;KV DGJ4V L90EV VP8<B4V 5GJV LJ;2NKH;3V0E3V HNBDGE0JRV
O0BO4KV <LV ;KV V ,84V HJ4K4E24V G6V O474L0L<GEKV 80KV 8;78V
E470L;O4V 0KV P4BBV 0KV HGK;L;O4V HJ43;2L;O4V O0BN4V 5GJV 2GE5<JD<E7V

L84V 3;07EGK<KV G5V ;E542L;O4V 4E3G20J3;L<KV !GP4O4JV L84V
HJG243NJ4V <KV 8;78BRV GH4J0LGJV 34H4E34ELV $;D<L0L;GEKV G6V
428G20J3;G7J0H8RV 20EV 14V GO4J2GD4V 1RV LJ0EK4KGH80740BV
428G20J3;G7J0H8RV 4KH42<0BBRV ;EV H0L;4ELKV P;L8V HJGKL84L;2V
O0BO4V 4E3G20J3<L;KV 0E3V ;5V O0BO4V J;E7V 01K24KKV ;KV KNKH42L43V

0D074V LGV O0BO4V 2NKHKV GJV H4J6GJ0L;GEV JNHLNJ4V G5V 28GJ304V
L4E3<E04V J4KNBLV <EV 02NL4V J47NJ7;L0ELV B4K;GEKV 20NK;E7V
84DG3RE0D?2V 34L4J<GJ0L;GEV %;7J0L<GEV G5V O474L0L;GEKV D0RV
J4KNBLV ;EV 4D1GB;2V E4NJGBG7;20BV 345;2;LV J4E0BV ;E60J2LKV P<L8V
84D0LNJ<0V D4K4EL4J;2V <E50J2LV 0E3V D4B4E0V BGKKV G5V 5<E74JKV
GJV LG4KV 3N4V LGV G1KLJN2L<GEV G5V 1BGG3V KNHHBRV 0D074V LGV L84V
O0K0V O0KGJNDV G5V 1BGG3V O4KK4BKV 3N4V LGV O0K2NB;L<KV D0RV J4KNBLV
>FV L84V 6GJD0M;GEV G6V DR2GM;2V0F4NJRKDKV L80LV 20EVJNHLNJ4V 0E3V
J4KNBLV ;EV D0KK;O4V1B443=F7V ,84V A;3E4RKVKN654JV ;EV D0ERVP0RKV
;EV 4E3G20J3;L;KV ,84RV D0RV 80O4V 4D1GB;2V <E60J2LV P;L8V
84D0LNJ;0V -84J4V D0RV 14V 5G20BV GJV 3<56NK4V D4D1J0EGS
HJGB;64J0L<O4V 7BGD4JNBGE4H:;L;KV J4KNBL<E7V =EV 0B1ND<ENJ;0V
0E3V D;2JGK2GH<2V 84D0LNJ<0V ,84V 5=E3;E7V G5V "7 V #7%V 0E3V
2GD HB4D4ELV 34HGK;LKV GEV L84V 7BGD4JNB0JV 10K4D4ELV
D4D1J0E4V =F3;20L4V L80LV ;LV;KV 0FV ;DDNE4V 2GDHB4QV E4H8J;L<KV
)4E0BV ;EKN66;2;4E2RV L4E3KV LGV 0HH40JV 14RGE3V L8J44V P44AKV
G6V L84V GEK4LV G6V 4E3G20J3<L<KV 0E3V ;KV HJG7J4KK<O4V NEL<BV L84V
4E3G20J3<L<KV ;KV 2NJ43V 84D0MNJ;0V 20EV H4JK;KLV 5GJV L:44V LGV K;QV
DGEL8KV O4EV 03O0E243V J4E0BV =EKN56;2;4E2RV L4E3KV LGV J47J4KKV
0E3V J4E0BV 6NF2L;GEV J4LNJEKV LGV EGJD0BV 06L4JV L84V 4E3G20J3;L<KV
80KV 144EV 2NJ43V !4E24V HJ4K4E24VG6V D<B3V LGV DG34J0L4V J4E0BV
;EKN56;2;4E2RV K8GNB3V EGLV 14V O;4P43V 0KV 0V HGGJV HJG7EGKL<2V
K;7EV

,84V D0;EV HJ<E2;HB4KV <EV D0E074D4ELV 2GEK<KLV G6V
; ;34EL<6;20L;GEV G6V GJ70E;KDV <;V 5<E3<E7V GNLV ;LKV 0EL;1<GL;2V
K4EK;L<O<LRV 0E3V <;<V HJGDHLV 0HHJGHJ;0L4V 0E3V HJGBGE743V

432.
















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O9d QSOV7?LTd .L5d F?Q?5Td .3VTd OLd 5?TV.Fd S7L.Fd
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.L5d 9FY?5d S7.1TOSQV?OLd F5OTV7SOL7d 579?3?7L3`d 3.YT7Td
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511. ,E-@)8U GI=CEFU 2@U +028,E-@U )E-U IFI)89MU 8)E/-U )@,U
2,[email protected])*8-U C@U I8GE)FCI@,U !)/@-G2+U E-FC@)@+-U 2=)/4A/U
C.U G0-U 0

CG0)8)=2+D2HI2G)EMU E-/2C@U F0CI8,U *-U D-E.CE=-,U
2AU +028,E-@U K2G0U &,-D-@,-@GU IF13@/U FM@,EC=- U
@.-E2CEU D-GECF)8U F3@IFU F)=D82@/U 2FUG0-U G-FGU .CEU 2,[email protected]@/U
G0-U FCIE+-U C.U &U DEC,I+G2C@U )@,U F0CI8,U *-U D-E.CE=-,U
2@U +028,E-@U K2G0U &,-D-@,-@GU IF02@/U FM@,EC=-U
K2G0U @CE=)8U @-IEC2=)/3A/U

$-F-+G2C@U C.U ),E-@)8U 8-F2C@U 2FU E-+C==-@,-,U .CEU ),E-@)8U
),-@C=)U )@,U +)E+4AC=)U #EC8C@/-,U +CEG2FC8U -L+-FFU +)IF-FU
FIDDE-FF2C@U C.U G0-U @CE=)8U +C@GE)8)G-E)8U ),E-@)8U /8)@,U
&02FU =)@,)G-FU +8CF-U =C@2GCE2@/U .CEU ),E-@)8U 6FI..2+2-@+MU
2@U G0-U D-E2CD-E)G2J-U D-E2C, U ,E-@)8U +)E+2@C=)U 2FU 02/08MU
=)82/@)@GU )@,U 0)FU )U 02/0U E)G-U C.U E-+IEE-@+-U #2/=-@G-,U
@C,I9)EU 0MD-ED8)F2)U F0CI8,U *-U GE-)G-,U K2G0U *28)G-E)8U
),E-@)8-+GC=MU &E)@FFD0-@C2,)8U E-F-+G2C@U C.U D2GI2G)EMU
),-@C=)U 2FU E-+C==-@,-,U .CEU IF13@/U ,2F-)F-U
!-,2+)8U =)@)/-=-@GU C.U IF02@/U FM@,EC=-U K2G1U
2@02*2GCEFU C.U FG-EC2,C/-@-F2FU 7-GC+C@)NC8-U )=2@CO
/9IG-G13=2,-U +MDEC0-DG),2@-U =-GME)DC@-U )@,U =2GCG)@-U
1)FU *--@U GE2-,U K2G1U J)E2)*8-U E-FI8GFU

MD-E)8,CFG-EC@2F=U 2FU )FFC+2)G-,U K2G1U .8I2,U )A,U FC,2I=U
E-G-@G2C@U )8C@/U K2G0U 2@+E-)F-,U IE2@)EMU8CFFU C.U DCG)FF2I=U
&0-U =CFGU +C==C@U +85B3+)8U .-)GIE-FU C.U DE2=)EMU 1

-E)8,CFP
G-EC@2F=U )E-U 1MD-EG-@F2C@U )@,U 0MDC7)8-=2+U )87)8CF2FU
#E2=)EMU 0MD-E)8,CFG-EC@2F=U ,I-U GCU 2@+E-)F-,U ),E-@)8U
)8,CFG-EC@-U DEC,I+G2C@U 2FU -LGE-=-8MU E)E-U %-+C@,)EMU
0MD-E)8,CFG-EC@2F=U E-FI8GFU .EC=U .)+GCEFU G1)GU )+G2J)G-U
E-@2@)@/2CG-@F2AU FMFG-=U
#E2=)EMU 0MD-E)8,CFG-ECA2F=U =)MU *-U +)IF-,U *MU ,2..IF-U
0MD-ED8)F2)U CEU ),-@C=)U
$U )U /-@-G2+U ,2FCE,-EU 2@JC8J2@/U +02=-E2+U
.IF2C@U C.U G0-U DEC=CG-EU C.U (#:;:U )@,U G0-U +C,2@/U E-/2C@U
C.U (#U /-@-FU E-FI8G5A/U 4AU E-/I8)G2C@U C.U )8,CFG-EC@-U
F-+E-G2C@U *MU &U )@,U G0-E-.CE-U 0MD-E)8,CFG-EC@2F=U
#E2=)EMU 0MD-E)8,CFG-EC@2F=U F0CI8,U *-U ,2..-E-@G2)G-,U
.EC=U F-+C@,)EMU 0MD-E)8,CFG-EC@2F=U E-@)9U .)28IE-U
+C@/-FG2J-U +)E,2)+U .)28IE-U 82J-EU ,2F-)F-U )@,U @-D1ECG2+U FM@P
,EC=-U )@,U CG0-EU FG)G-FU C.U =5@-EC8C+CEG2+C2,U -L+-FFU )A,U
)DD)E-@GU =2@-E)8C+CEG2+C2,U -L+-FFU &)*8-U U


C7)8-=2+U )87)8CF2FU 2AU )U +028,U K2G0U 8CKU E-@3AU 0MD-EQ
G-@F2C@U F0CI8,U DEC=DGU -J)8I)G2C@U .CEU GEI-U CEU )DD)E-@GU
)8,CFG-EC@-U-L+-FFU 2/0U )8,CFG-EC@-U 8-J-8U 4AU G12FU F-GG2@/U
2FU FI//-FG2J-U C.U DE2=)EMU 1MD-E)8,CFG-EC@2F=U CEU $U
-+E-)F-U 2@U )8,CFG-EC@-U 8-J-8FU )@,U E-FC8IG2C@U C.U +82A2+)8U
)@,U 8)*CE)GCEMU.-)GIE-FU ).G-EU ,-L)=-G0)FC@-U FIDDE-FF2C@U
FI//-FGFU $U @CU -..-+GU 2FU F--@U 2@U DE2=)EMU 1MD-ER
)9,CFG-EC@2F=U 2)/@CF2FU C.U DE2=)EMU 0

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F0CI9,U *-U [email protected]=-,U *MU ),E-@)8U 2=)/2@/U
MD-E)8,CFG-EC@2F=U F0CI8,U *-U =)@)/-,U K2G0U F)8GU
E-FGE2+G2C@U )@,U )8,CFG-EC@-U )@G)/C@2FGU FI+0U )FU FD2EC


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E-=-,2)*8-U )8,CFG-EC@2F=U E-FI8G2@/U 2@U E-FC8IG2C@U C.U
0MD-E)8,CFG-EC@2F=U )@,U 0MD-EG-@F2C@U %IE/-EMU 2FU G0-U
GE-)G=-@GU C.U +0C2+-U .CEU ),E-@)8U ),-@C=)U

#0-C+0EC=C+MGC=)U 2FU )U +)G-+0C8)=2@-F-+E-G2@/U GI=CEU
)E2F5@/U .EC=U G0-U +1EC=)..2@U +-88FU C.U ),E-@)8U =-,I88)U GU
+)AU )8FCU )E2F-U .EC=U G0-U )*,C=2@)8U FM=D)G0-H4+U +1)2@U D-E2S
),E-@)8U )E-)U CEU 2@U G1-U G1CE)+2+U +)J2GMU &0-U +C@,2G2C@U 2FU
E)E-U 2@U +028,E-@U )@,U +C-L2FGFU K2G0U CG0-EU FM@,EC=-FU FI+0U
)FU @-IEC.2*EC=)GCF2FU JC@U 2DD-8U 2@,)IU ,2F-)F-U )@,U
=I9G2D8-U -@,C+E2@-U @-CD8)F2)U GMD-U U C=D)E-,U GCU ),I8GFU
D0-C+0EC= C+MGC=)U 2FU =CE-U 827-8MU GCU *-U *28)G-E)8U )@,U
)FFC+2)G-,U K2G0U I@,-E8M5@/U /-@-H2+U )@C=)8MU 2AU +028,E-@U
L+-FF2J-U F-+E-G2C@U C.U +)G-+1C8)=4@-FU E-FI8GFU 4@U 1

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G-@F2C@U K02+1U 2FU IFI)88MU FIFG)2@-,U )@,U C++)F2C@)88MU
D)ECLMF=)8U &0-U +82@2+)8U FM=DGC=FU 2@+8I,-U 0-),)+0-U
D)8D2G)G2C@U D)88CEU FK-)G2@/U @)IF-)U JC=2G2@/U J2FI)8U
,2FGIE*)@+-FU )@,U C++)F2C@)88MU +C@JI8F2C@FU &1-U ,2)/@CF2FU
F0CI8,U *-U +C@F2,-E-,U C@8MU ).G-EU CG0-EU +C==C@U +)IF-FU C.U
+028,0CC,U 0

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E-@)8U )EG-EMU FG-@CF2FU )@,U +C)E+G)H4C@U C.U )CEG)U 0)J-U *--@U
-L+8I,-, U 2)/@CF2FU 2FU -FG)*82F1-,U *MU ,-=C@FGE)G2C@U C.U
5@+E-)F-,U IE2@)EMU -L+E-G2C@U C.U +)G-+0C8)?5@-FU )@,U G1-2EU
,-E2J)G2J-F U '8GE)FCI@,U &U F+)@U !$U F+)@U )@,U

=-G)2C,C*-@NM8/I)@2,5A-U !U F+2@G2/E)D1MU )E-U IF-,U
.CEU 8C+)82N)G2C@U ".G-@U G0-U GI=CEFU )E-U=I8G2D8-U
%IE/-EMU 2FU G0-U GE-)G=-@GU C.U +0C2+-U &E)@F)*,C=2@)8U
-LD8CE)G2C@U C.U )88U G0-U F2G-FU K2G0U E-=CJ)8U C.U GI=CEFU 2FU
),JC+)G-,U #E-CD-E)G2J-U )8D0)U *8C+7),-U 2FU @--,-,U IF4@/U
D0-@CLM*-@N)=2@-U )@,U DE)NCF2@U $-+-@G8MU +)8+2I=U
+0)@@-8U *8C+72@/U )/-@GFU 0)J-U *--@U IF-,U FI++-FF.I88M U

,E-@)8U [email protected]+2-@+MU =)MU *-U E-8)G-,U GCU ),E-@)8U ,-.-+GFU
DE4>)EMU ),E-@)8U 5AFI..2+2-@+MU )IGC2==IA-U ,-FGEI+G2C@U
[email protected]+G2C@U FG-EC2,C/-@2+U ,-.-+GU 0-=CEE0)/-U ,-+E-)F-,U
&U DEC,I+G2C@U F-+C@,)EMU ),E-@)8U [email protected]+2-@+MU CEU
&U E-F2FG)A+-U

512.
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[email protected] ,[email protected] .G3B@T >*PT +.T
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3GT >BE.T LG./L<T I2*@T *T 'T G,*AT 3@T -BL+I/L;T ,*G.GT
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M*EP3@1T C.E3B-GT /EB>T T IBT T -*PGT BEI3,BGI.EB3-GT
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HCT GN?DHC?T CAG3HT 73A3F/=>NT /AT JDD3FT F3GD:F/HCFNT HF/1HT
:A631H:CAT CFT 7/GHFC3AH3F:H:GT +83T 1=:A:1/=T ?/A:63GH/H:CAGT
:A1=J23T /1JH3T CAG3HT C6T GN??3HF:1/>T/G13A2:A7T L3/<A3GGT
H8/HT :GT 0CH8T DFCM:?/=T /A2T 2:GH/=T "/1:/=T L3/<A3GGT :GT 6F3P
EJ3AHT /A2T :AKC=K3?3AHT C6T F3GD:F/HCFNT?JG1>3GT C11JFGT :AT
CA36CJFH8T 1/G3GT NG/JHCAC?:/T :GT 1C??CAT /A2T :GT GJ773GP
H32T 0NT H/18N1/F2:/T /FF8NH8?:/T :=3JGT0=/223FT 2NG6JA1H:CAT
=/0:=3T 0=CC2T DF3GGJF3T /A2T :?D/:F32T H83F?CF37J=/H:CAT ,83T
L3/<A3GGT JGJ/==NT F3/183GT /T A/2:FT T L33<GT /6H3FT CAG3HT
C6T GN?DHC?GT /A2T :GT 6C=>CL32T 0NT 7F/2J/=T F31CK3FNT CK3FT
L33<GT HCT ?CAH8GT +83T :>=A3GGT :GT JGJ/=>NT ?CACD8/G:1T 0JHT
T D/H:3AHGT ?/NT GJ663FT 6FC?T F31JFF3AHT 3D:GC23GT C6T
LCFG3A:A7T /6H3FT /AT :A:H:/=T :?DFCK3?3AHT GT 1C?D/F32T HCT
23?N3>:A/H:A7T 6CF?GT H83T /MCA/>T6CF?T C6T #J:>=/:A/FF4T
GNA2FC?3T 3M8:0:HGT /T ?CF3T F/D:2T /A2T G3K3F3T 1CJFG3T L:H8T
6F3EJ3AHT :AKC>K3?3AHT C6T F3GD:F/HCFNT ?JG1>3GT /A2T 1F/A:/=T
A3FK3GT /A2T :A6F3EJ3AHT /A2T ?:>2T :AKC=K3?3AHT C6T H83T
/JHCAC?:1T A3FKCJGT GNGH3?T +83T (:==3FT ":G83FT GNA2FC?3T
:GT 18/F/1H3F:O32T 0NT H83T HF:/2T C6T CD8H8/>?C=C7:1/T /0ACFQ
?/=:H:3GT /H/M:/T /A2T /F36=3M:/T
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=C7:1/>T 6:A2:A7GT /A2T 13F30FCGD:A/=T 6>J:2T 3M/?:A/H:CAT
!=31HFCD8NG:C=C7NT ?/NT F3K3/>T /0G3AHT " F3GDCAG3GT CFT
$F36>3M3GT /A2T F32J132T 1C?DCJB2T ?JG1>3T /1H:CAT DCH3AH:/=

CFT G3AGCFNT A3FK3T /1H;CAT DCH3AH:/>T :AT /MCA/>T 6CF?GT C6T H83T
:==A3GGT )FC=CA732T 2:GH/=T =/H3A1:3GT F32J132T 1CA2J1H:CAT
K3=C1:H:3GT /0ACF?/>TH3?DCF/>T 2:GD3FG:CAT /A2T 1CA2J1H:CAT
0=C1<GT /F3T ACH32T :AT 25?N3>:A/H:A7T HND3GT +83T 13F30FCGD:A/=T
6>J:2T DFCH3;AT 1CA13AHF/H:CAT :GT F/:G32T :AT T 1/G3GT L8:=3T
?CACAJ1>3/FT 13=>T 1CJAHT :GT 3:H83FT ACF?/=T /=0J?:AC1NHCS
=C7;1T 2:GGC1;/H:CAT CFT 03>CLT T 13>=G??

!>31HFCD8NG:CS
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ACF?/=T 2JF:A7T H83T 6:FGHT L33<T C6T H83T :=>A3GGT
%??JACH83F/DNT :GT H83T @/:AGH/NT C6T HF3/H?3AHT %AHF/S
K3ACJGT ;??JAC7=C0J>:AT &.&#T T 7<7T CK3FT T 2/NGT
G8CJ>2T 03T /2?:A:GH3F32T CFT D>/G?/T 3M18/A73GT D3F6CF?32T :6T
H83T 18:=2T DF3G3AHGT L;H8:AT T L33<GT C6T CAG3HT C6T GN?DHC?GT
*J18T HF3/H?3AHT :GT :A2:1/H32T :AT ACA/?0J=/HCFNT D/H:3AHGT 0JHT
H83:FT FC>3T :AT ?:=2>NT /6631H32T D/H:3AHGT L8CT /F3T ?C0:>3T :GT
JA1=3/FT )=/G?/T 3M18/A73GT ?/NT 8/GH3AT F31CK3FNT1C?D/F32T
HCT GJDDCFH:K3T HF3/H?3AHT />CA3T :AT /2J=HT D/H:3AHGT %AT D/H:3AHGT
L:H8T G3K3F3T 2:G3/G3T H83F/DNT L:H8T %.%#T :6T :A:H:/H32T L:H8:AT
HLCT L33<GT 6FC?TCAG3HT8/GH3AGTF31CK3FNT /GT ?J18T /GT D=/G?/T
3M18/A73T /A2T :GT ?CF3T >:<3=NT HCT 03T 1C?D>3H32T H8/AT D=/G?/T
3M18/A73T "JFH83FT 7:K:A7T %.%#T /6H3FT D=/G?/T 3M18/A73T 2:2T
ACHT 1CA63FT G:7A:6:1/AHT 3MHF/T 03A36:HT 'CLT EJ/=:HNT 3K:23A13T
GJ773GHGT H8/HT %.%#T DFC0/0=NT 8/GH3AGT F31CK3FNT :AT 18:>2F3AT
1C?D/F32T L:H8T GJDDCFH:K3T 1/F3T /=CA3T %A6CF?/H:CAT CAT
/DDFCDF:/H3T H83F/DNT :GT =:?:H32T 6CFT D/H:3AHGT L:H8T ?:=2T
2:G3/G3T /A2T:AT H8CG3T L83F3T HF3/H?3AHT GH/FHGT ?CF3T H8/AT HLCT
L33<GT /6H3FT CAG3HT )/H:3AHGT L8CT 2CT ACHT F3GDCA2T HCT :A:H:/>T
HF3/H?3AHT L:H8T %.%#T ?/NT 03A36:HT 6FC?T /T G31CA2T 1CJFG3T C6T
H83F/DNT #3A3F/=T GJDDCFH:K3T 1/F3T :A1=J23GT 1/F2:CF3GD:S
F/HCFNT 1/F3T D8NG:1/=T H83F/DNT AJHF:H:CA/>T ?/A/73?3AHT
?/A/73?3AHT C6T A3JFCD/H8:1T D/:AT 1/F3T C6T 0=/223FT /A2T
0CL3>T /A2T DF3K3AH:CAT C6T 233DTK3:AT H8FC?0CG:GT


+8:GT JA1C??CAT 1CA2:H:CAT :GT G>CL=NT DFC7F3GG:K3T T L33<GT
CFT F3=/DG:A7T /A2T 8/GT GN??3HF:1T DFCM:?/>T /A2T 2:GH/>T
L3/<A3GGT :AT H83T JDD3FT /A2T =CL3FT 3MHF3?:H:3GT L:H8T
1CA1C?:H/AHT G3AGCFNT >CGGT GN??3HF:1T 6CF?GT 2:GH/=T
DF32C?:A/AHT 6CF?GT /A2T G3AGCFNTDF32C?:A/AHT 6CF?GT />GCT
C11JFT ,83T ?:A:?J?T2JF/H:CAT C6T GN?DHC?GT HCT F3/18T H83T
IFCJ78T :AT D/H:3AHGT L:H8T 19FCA:1T ;A6=/??/HCFNT 23?N3=:A/H;A7T
DC>NF/2:1J>CA3JFCD/H8NT :GT T ?CAH8GT +8:GT 83=DGT HCT
2:GH:A7J:G8T H8:GT 1CA2:H:CAT 6FC?T #J:>=/:A/FF4T GNA2FC?3T
L8:18T JGJ/>=NT 3KC>K3GT :AT >3GGT H8/AT T L33<GT !=31HFCS
D8NG:C=C7NT /A2T A3FK3T 0:CDGNT 83=DT :AT 2:/7ACG:GT -F3/H?3AHT
?C2/=:H:3GT 6CFT 18FCA:1T :A6>/??/HCFNT 23?N3=:A/H:A7T
DC=NF/2:1J>CA3JFCD/H8NT :A1=J23T %.%#T D=/G?/T 3M18/A73T
/A2T DF32A:GC=CA3T *DCAH/A3CJGT F3?:GG:CAT C6T 18FCA:1T
:A6=/??/HCFNT 23?N3=:A/H:A7T DC>NF/2:1J>CA3JFCD/H8NT :GT
F/F3T /A2T ?CGHT D/H:3AHGT F3EJ:F3T =CA7H3F?T :??JACS
?C2J=/H:A7T H83F/DNT

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6K:^ R>MPS^ :VP6S?MK^ M<^ 68S?MK^ X>?8>^ NP;8GV:;R^ M7D;8S?W;
6RR;RRI;KS^ 86K^ 7;^ VR;:^ 6R^ 6^ :?6=KMRS?8^ S;RS
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@BE?/=Q BEQ 231E3/F32Q 233CQ G3@2B@Q E34=3K3FQ )3FC9E/GBELQ
9@FH448183@1LQ 43328@5Q 284481H=G83FQ 1B@GE/1GHE3FQ /@2Q F<3>3G/=Q
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582.






































0,N18KD]KL,S6] a %S63Na 0A8G80,@a 43,SWN3Ra K4a W063GG3a
DWR0WA,Na 1]RSNKL6]a 9G0AW13a Z,N8,/@3a 135N33a K4a 8GS3@A30SW,Aa
18R,/8A8S]a ,G1a 8DL,8N31a 5,RSN80a DKS8A8S] a
NKWG1a a K4a 43D,A3a 0,NN83NRa D,]a R6K[a Z,N8,/A3a
135N33a K4a [3,?G3RRa [8S6a 3A3Z,S31a 0N3,S8G3a ?:G,R3a A3Z3ARa
0,@4a 6]L3NSNKL6]a D],A58,Ra ,G1a 0N,DLRa ,G1a 8G0N3,R31a N8R?a
K4a 18A,S31a 0,N19KD]KL,S6] a WAAa W063GG3a DWR0WA,Na
1]RSNKL6]a L63GKS]L3a D,]a /3a LN3R3GSa 8Ga 0,R3a K4a 0KDL@3S3a
8G,0S8Z,S8KGa K4a GKND,Aa )a 06NKDKRKD3a
(63a R3NWDa A3Z3ARa ,N3a 5N3,SA]a 3A3Z,S31 a a
S9D3Ra WLL3Na @8D8Sa K4a GKND,Aa Sa 6,Ra GKa 0KNN3@,S8KGa [8S6a
R3Z3N8S]a K4a S63a 18R3,R3a KNa N3RLKGR3a SKa SN3,SD3GSa$WAS8LA3\a
&'a ,G1a S63a DKN3a R3GR8S9Z3a DWAS8L@3\a A85,S8KG13L3G13GSa
LNK/3a ,DLA8480,S8KGa $"&a a ,N3a 0KDDKGA]a 3DLAK]31a
53G3S80a S306G8MW3Ra 4KNa 13S30S8KGa K4a DWS,S9KGRa


D,]a /3a N3MW8N31a 9Ha DWS,S8KGa G35,S8Z3a 0,R3Ra ,G1a
,ARKa SKa 18443N3GS8,S3a /3S[33Ga S63R3a S[Ka 1]RSNKL6:IKL,S783Ra
(63a DWR0@3a /8KLR]a R6K[Ra 43,SWN3Ra K4a DWR0WA,Na 1]RSNKL6]a
[6806a 8G0AW13a G30NKR8Ra ,G1a ,SS3DLS31a N353G3N,S8KGa K4a
9G18Z81W,Aa DWR0A3a 48/3NRa 8G0N3,R31a Z,N8,/8A8S]a K4a DWR0A3a
49/3Na 18,D3S3Na [8S6a /KS6a 6]L3NSNKL680a ,G1a RD,AAa 48/3NRa
,G1a 03GSN,Aa GW0A38 a !Ga ,Ga 3G1RS,53a /8KLR]a ,ADKRSa S63a
3GS8N3a DWR0A3a 8Ra N3L@,031a /]a 48/NK4,SS]aS8RRW3a (Ka 0KG48NDa
S63a 0@:H90,Aa 18,5GKR8Ra8EDWGK69RSK063Q0,Aa,G,@]R8Ra K4a S63a
DWR0A3a /8KLR]a 8Ra WRW,AA]a L3N4KND31a /R3G03a K4a 1]R`
SNKL68Ga a a ,G1a a RS,8G8G5a 8Ra R33Ga 8Ga W063GG3a DWR0WA,Na
1]RSNKL6]a [63N3,Ra 8Sa 9Ra N31W031a ,G1a L,S06]a 8Ga 30?3Na
DWR0WA,Na 1]RSNKL6] a
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LN31G8RKG3a ,I1a 134A,^,0KNSa ,N3a S63aKJ@]a S63N,L83Ra LNKZ3Ga
SKa :DLNKZ3a RU3G5S6a ,G1a LNKAKG5a ,D/Y,TKGa :Ga 07:A2O3Ga [8S6a
W063JG3a DWR0 XB-Na 1]RSNKL6]a #K[a 1KR3a LN31G8RKAKG3a D,]a
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8Ga N3RL8N,SKN]a ,G1a 0,N18,0a 4WG0S8KGa %S63Na RWLLKNS8Z3a
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[3,?G3RRa 0,S,N,0SRa 8N813R03GSa RLK?3A8?3a LKRS3N8KNa
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S3RS90WA,Na ,SNKL6]a 6]L3N:IRWA8G8RDa ,1N3G,Aa ,SNKL6]a ,G1a
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78T 3JQ3D<GT 1T (8>L8T #,T +OMI>L>GF3CTKOHHGILT >FT L<8T 6I>L=64DDST >BBT 6<>C7 T
$FT +>6<GCKT "T 87T .G;8IKT 08RM5GGAT G:T ,87>3LI>6T $FL8FK=P8T 4I8T M<T
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G/0;/O/HX +G/X >+4@I+4A/.X [email protected] I3/X -34;.X -+@X G/[email protected] +EEGDT
EG4+I/;QX IDX M/G,+;X -D>>[email protected] DGX E3QH4-+;X HI4>K;+I4D@X //EX
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IDX E3QH4-+;X HI4>K;+I4D@X DGX M/G,+;X -D>>[email protected]
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4@0KH4D@X D0X >4.+RD;+>X DGX .4+R/E+>X >+QX ,/X KH/.X 0DGX ,/II/GX
-D@IGD;X D0X M/@I4;+I4D@X @X +..4I4D@X 4@I/G>4II/@IX .DH/HX DGX
-D@I4@KDKHX 4@0KH4D@X D0X 0/@I+@Q;X DGX >DGE34@/X >+QX ,/X KH/.X
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# #!# $ $ #!$
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&3DGII/G>X [email protected]+I4D@HX 0DGX KH/X D0X I3/H/X .GK2HX +G/X IDX 4X
0+-4;4I+I/X +4GN+QX 5BHIGK>/@I+I4D@X [email protected] 44X 0+-4;4I+I/X 7M+H4M/X
EGD-/.KG/HX N34;/X ;D@2I/G>X KH/X 4HX G/FK4G/.X 4X IDX 0+-4;4I+I/X
>/-3+@4-+;X M/@I4;+I4D@X DM/G-D>/X E+I4/@IM/@I4;+I4D@X
+HQ@-3GD@QX [email protected] +;;DNX M/@I4;+I4D@X +IX 3423X H/II4@2HX 44X0DGX
G/.K-I4D@X D0X NDG:X D0X ,G/+I34@2X [email protected] >/I+,D;4-X ./>[email protected]
444 0DGX IG/+I>/@IX D0X +24I+I4D@X K@G/HED@H4M/X IDX >+O4>K>
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0+-4;4I+I/X IG/+I>/@IX D0X HI+IKHX /E4;/EI4-KHX K@./GX -D@I4@KDKH
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I4D@X D0X +GI404-4+;X +4GN+QX [email protected] +./FK+I/X M/@I4;+I4D@X @QX
-34;.X N3DX G/FK4G/HX E+G+;QH4HX H3DK;.X ,/X H/.+I/.X
#!"$ $
'I3OKKT T /M8P8FT /*T /873L>GFT 3F7T 3F3C;8K>4T :GIT HIG687OI8KT >FT
6<=C7I8FT +T !F;BT %T *87T T
2GOF;T T 'FO7K8FT +T #=CLGFT T .8P8KT &"T /873L>GFT >FT >FN8FK>P8T 63I8T
OF>MT I>LT 3I8T *87T T
$ $ $ $
#DHD-D>4+;X DGX 3DHE4I+;X +-FK4G/.X 4@0/-I4D@HX +G/X 4A0/-I4D@HX
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708.








































# # # # # # # # #
# # #
49=?,8K 4G/?,A0K (0/,A5=;K :=A5=;K .=;A?=8K K :373K '&

,;F5=9G@5@K ;=K ,;,830@5,K
)?5.8=2=@K (0/,A5=;K :=B5=;K .=;B?=9K ;=K K
:373K '&K
K 4?
,;,830@5,K
$5/,I=8,:K (0/,B5=;K :=B5=;K .=;B?=8K +K K :373K :,F5:C:K

,;F5=8G@5@K ;=K ,;,830@5,K K :373K
;2C@5=;K K J373:5<K
5,I0>,:K (0/,B5=;K :=B5=;K .=;B?=8K +K K :373K
,;F5=8G@5@K ;=K ,;,930@5,K ;2C@5=;K K :373K 4?K

'?=>=2=8K (0/,A5=;K :=B5=;K
.=;B?=9K ;=K +K K :373K A40;K K :3K
K
,;,830@5,K 73K 0D0?GK K :5;K
!;1C@5=;K K J373:5;K





$=?>45;0K ;,930@5,K @0/,A5=;K +K K :373K
0;A,;G8K ;,930@5,K K J373K /=@0K :,GK -0K ?0>0,B0/K

0D0?GK K :6< K ;1C@5=;K K J3734?K
"0A,:5;0K ;,830@5,K /5@@=.5,A5=;K +K K :373K =D0?K K :6;K K

,:;0@5,K :=B5=;K .=;B?=8K $K K :373K



!# # "## #
%=;5;D,@5D0K >?=.0/C?0@K =:>CA0?5I0/K A=:=3?,>4GK
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80.B?=0;.0>4,9=3?,>4GK
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!;A?,D0;=C@K .,;;C8,B5=;K
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48=?,8K 4G/?,A0K '&K
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80D09K =2K >,5;K
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$5/,I=9,:K +K
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'?=.0/C?0@K ,@@=.5,A0/K E5A4K 4534K
90D09@K =1K >,5<K ,;/K ,;F50AHK
80F5-90K -?=;.4=@.=>GK
0;B?,8K .,A40A0?K >9,.0:0;AK
=;0K :,??=EK ,@>5?,B5=;K
;/=@.=>GK
$5/,I=9,:K ,;/K 10;B,;G8K =?K :=?>45;0K !+K
70B,:5;0K +K =?K $K
;.5@5=;K ,;/K /?,5;,30K =1K ,[email protected]@@K
;B0?D0;A5=;,8K ?,/5=9=3GK >?=.0/C?0@K
;B0?.=@B,8K /?,5;,30K
',?,.0;B0@5@K

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‡]vq  ‡v  ˆVL  „L‘L}[ˆ—  vP  \ihqL„„   ‡VM  hL‘Lh  vP  [q‘;„Z‘L  ovqZ
‡v}ZqT   ‡VL  ZqHZ„C~[o\u;‡L  „L  vP  ;q‡[o[C}v@[;j  ;ULqˆ„  ;rH 
‡VM  q;‡}L  vQ  H[;Tqv„‡ZD  yvCLI}L„  6VL  H};‡]vq  vP  „ˆ;— 
[q  ;q  +'7  [„  ;q  [oyv}‡<qˆ  HM‰LoZq=qˆ  vP  qv…vCwoZ;h 
[qQLC‡[vq  4VN „L  wQ  ^q‘;†^’M  IM’[CM…  LqHv‡};CVL<h  Š@M„  
[qŠ;  ’;„CŽh;}  C;‡VL‡M„  `q;}˜  D;‡VM‰L„  V;„  ;q  [oyw}‡;q‡ 
}vhN  [q  E<„;‡[vq  vR  AhvvH„‡}M;o  [qPMC‡[vq„   zrMovq[<  ;qH 
}[q;}˜  ‡};E‡  ZqSLE‡Zvq„  .FE<„[wq;hi—  ‡VL  Lq‘[~xqoLqˆ  o;— 
@L  ‡VL  „vŽ~CL  vP  vT;q[„o„  C<Ž„[qU  i[PL‡VM<‡Mq[qT  qw„vœ
Cvo_;h  ZqPLCˆZvq„   LT  ;„yL~T^hhw„[„  ^q  ^ooqvEvoy}vœ
o[„LH  [qH[‘]H;h„ 
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V;’L  ;q  [qPLC‡[vr Cvq‡}vi y}wT;o  ;]oLH  ;ˆ  }MHD]qT ˆVL 
^qCZHLqCM  vP  qv„vCvo];i  ZqPLCŠ]vq„  %  ‡L;o  vP  VL;hˆV 
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Pvlhv”LH  @—  H˜^qT  ”^‡V  I[…yv†;@hL  y;yM}  v}  Chv‡W  ‡v”Lh 
*˜T[Ls^E  V<sK  }@„  ;~L  [qCM;†[qTh—  Ž„LH  1@@[qT  vQ   
oh  vR  ;  P;„‰  ;D‡[qT  y}Ly<~;‡[wq  qz~wy;qvh   ]…vz~vy;qvh 
L‡V=svh  <sH  CViv}VL–[H[qN  K^;CN‡;‡M  \„  ;r  MPPLC‡^’M 
…Ž@„‡^‡Ž‡L  ˆv  V=qH  ”;„V[qT 
+q  ;HH[‡[vq  ‡w  ‡VM  „yLC^P[C  oM<„Ž}N…  oNq‰ZvqMH  M;}i[M} 
Sv}  y}L‘LsŠ[vq  vR  „yMG^P[D  qv„wDwo[;j  [qPNDŠ[vq…  z}vzN 
„‡N}[m[š;‡[vq  v}  H[…^qQMF‡`vq  vQ  ‘<}[w„  oLH[C;h  [ŠMp…  [† 
o;qH;‡v}—  %„My‡^F  y}NC;Ž‡[vq†  †VvhI  @L  Pvjhx”NH 
”VLsM’M}  ;q  ^q‘>„[’N  y}vCNH}M  [†  BN[qT  C<}}^NH  vŽ‰ 
,Ž‡}^Œ^vq  „VvŽjH  @M  o;[s‡;_sMI!  Oq‡M};h  qŽ‰}[‰[wq  [† 
y}LPL€}MH  Šv  y;}Mq‡M}=h  qŽ‡_Š[vq  &zy~vy}[<‡M  ;sH  }<‡[vq<h 
yM„C}[y‡^vq  vP  ;q‡_@[v‡_C„  [„  M„…Ls‡^;i  ‰v  y}N“Mq‰  LoM~œ
TMqCM  vP  }L…[„ˆ;q‡  „‡;`q„  5WL}L  „VvŽhH  @N  Dwq†‡;q‡  „Ž}‘L[hœ
h;qCL  ;qI  yM}`vH[C  }M‘[L”  vP  ‡XL  ;q‡[A[v‡[D  yvh^C_L„  ;sK 
y}M„C~[y‡[wq†  )HC<‡[vq  vP  „ˆ;PP  ;@vŽˆ  ‘;}^v„  [sPLCŠ[vq 
Cvr‰}vk  y};C‡[CM„  ;qH  y}vCMH}M„yMD]QZC  TŽ[HMh[qM„  V;„  ;q 
^oyw}‡<s‡  vhN  ^q  }MHC^qT  ‡VM  [qC[HMqCM  vP  auPLC‡[vq… 
2}‘LZhh;qCL  Pv  qv„vCvo[;k  [qQLE‡[vq„  [„  ;q  L„„Lq‡[>h 
LhMoLq‡  vQ  ;q˜  [qPLC‡^vq  Cwq‡}wh  y}vT};o  5V\…  y}v’[HL„ 
H;‡;  Pv}  ZHLq‡]P—[qT  [qPLC‡MI  z<Š^Ls‡„  IM‰N}o^q[qT  ŠVN  „[‡L„ 
vP  [qQMCˆ[vq  <qH  \ILq‡[P—[qT  }[„f  P;Cˆv„  ‡V;‡  Dvq‡]@‰L  ‡v 
qv„vCvo[;h  [qQLC‡[vq„  (vqˆvi  oL;„Ž}M„  C;q  @N  L‘;j<‡MH 
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MDŠ[‘Li—  ^P  ‡VN  …}‘N[hh<qCL  [„  TvvH 
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4XL  Cvhvq[š<‡[wr  vP  ŽyyN}  <[~”<— 
@—  y<‡VvTLr\C  o[C}vAM…  ;rI  ‰VL}L@—   ‡VL  }]„f  vP  rv„vŸ
Cvo[;h  yqLovq];„  C;q  @L  }MHŽELK  @—  Cvpyh[;qCL  ˆv 
Vv„y[‡;i  ^rPMC‡[xr  Dvq‡}vi  yvh[CZM…  ;qH  LQPLC‡]‘L  V;qH 
”;„V^rT  @—  VL=h‡V  C;}M  yL}„vqsLk  4VL  „M  vP  ;r‡<C^H†  <sH 
*

@hvCfL„  ;[…L„  T=„ˆ}ZC  z*  ;rH  P;C[h[‡;‡L„  T<„‡^E 
o[D}v@[<h  Cwivq[š;‰Zvq  :VLq  ]qH[D;ˆMJ  „C};hP;‡L  o;™ 

@M  z}MPL}LI  Pv}  yvyV—i;–[„  ;T;Zq„‡  U;„‡}[C  @hLLHZqT 
3LhLC‰[‘L  HLCvq‡;o[q;‡[vq  vP  ‰YN  T‡  „[qT  ˆw@;o—C]q  
TLq‡;o˜CZq yvi™o—–[t  <qH  q—„ˆ;ˆZq  [„  qv‡  }LCvooMqKLH 
(vq‡;o[q;‡LI  M„y]};‡v~—  ‡VM};y˜  L{[yoMq‡  V;„  @LLq 
[oyjaC;ˆLH  Zq  qv…vEvp[<h  zqLŽovqZ;„  1L„„C[‡;‡[vq  @<T„ 
‘Ls‡[h;‰v~  ‡@[qT„  ;qH  qL@Ži[šL}†  „VvlH  @L  I[„[qPMCˆLH 
.qh—  „ˆL}[hL  QiŽ^H„ …VvhH  @L  qL@Ži^šLH  v}  „LH  ^s  VŽo[œ
H[P[M…  '<~M  „VvhJ  @L  ˆ<fMq  Šv  y}L‘Lr‡  Cvq‡;o[q;‡[vq 
H[qT  „Cˆ]vs[qT  9LqˆZi;ˆv  CZ}C[‡  ‡Ž@ZqT„  „VwiI  @L 
CV;qTLH  M’L—    W}  /v„[‡^vq\qU  •[‡V VN;H LqH  LhL‘;‡[vq 
LHCL„  ‡VL  }^„f  vQ  ;„y[};‡\vq  ;qI  qv„vEvo[;i  yqLŽovr[<„ 
4VL  EV^LP  P;C‰v}†  <…„wC[<‡LI  ”[‡Y 
HL‘LivyoLq‡  vQ  C;‡VMŠM}}Lh;‡LH  @ivvH…‡}L;o  [qQLC‡Zvs„ 
;}L   [  @L;CV  [q  „ˆL}Zh[ˆ˜  vP  ‡NCVq[{M  vP  \q„M}‡[vq  ;qH 
o;]qˆLq=qCL  vP  ˆVL  E;‰VL‡M}"  Z[  ;Io^q[„‹};‡[vq  wP  y;~Lqž
ˆL};i  h[y^H  „vhŽ‡[vq„  ‡V‚vŽTV  ‡WL  [q‡};‘Mqv„  C;‡VLŠL}#  [^[ 
aqC}L;„LI  qŽo@L}  vP  @}L;gZs„  [qˆv  ˆVL  E;‡VLˆL}  ;qH
 
w} 
[rˆ}<’Mqv„  ‡@[qT„"  <qH  [‘  ‡VL  yL„LrCL  vP  [qPLC‡Zwq 
Lj„L”VLL  [s  ˆVL  @vI— 
4VM  Qvhhv•[qT  oL<„Ž}L†  VMhy  [q  }MHCZrT  C;ŒVL‡LŸ
}Lh;‡LH  [qQLFŠ[wr„   [  y}LPL}[sT  C<‡VL‡M}  [q„L}ˆ^vq  ^q‡x  ‡VL 
„@Ci;‘Z;q   @;„Zh[C  v}  CNyV;i[C  ‘L[q  \u„‡L;H  vP  QLov};h  v} 
`q‡Lƒ;h 
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Th;}  ’Lc!  [[  Ž„[qT  p<–^o;i  <†My‡[C  z}NC;‰[vq… 
H}\qT  C;ˆXLˆL}  _s„N}‰^wq#  [Z[  „L  vP  oŽy[}vD[q  v[s‡oLqˆ 
}LHŽCM…  ‡WL  }[„f  vP  @<C‰L[;i  Cvivq]›;‡Zvq  A‡  [qC}M;„M„ 
Dvivs[š;Š^vs  <‡N  vQ  PqT^
$ 
[‘  „N  vQ  Cw‡‡wq  T<ŽšL  };‡VL} 
‡V<s  Š};q„y;}Lqˆ  H~L„„[qT#  ’
 
[q„M}‡[ws  vP  C;ˆVLˆL}  @—  ;q 
M–yM[NqCMH  yV˜„[C[;q!  ‘[  ;‘v^I[qT  ‡VM  „N  wP  50- 
C;‡VLˆL}„  Pv}  _qPŽ…[vq…  vŠVL~  ‰V;q  5/,"  =qH  ‘_[  y}v‘[„_vq 
wP  ;KN{;‡N  „Š;PP  Qv}  o;q;TNpNq‡  vP  z;‡^Nr‰…  ”[‡V  CNqŠ};i 
‘Mqv„  E;‡VM‡N}† 
4VM  qNMI  Qv~  C;‡VN‡L}[š;‡[vq  o„‰ 
@M  „‡}^C‡h™  M‘<hŽ<‡MH  2‡}[C‡  ;„Ly„[†  „VvŽhH  @M  o;b‡>bNH 
H}[qT  [q„L}ˆ[vq  vP  ‡VL  C=‰VN‡L}  „[qT  „ˆM}[iL  Thv‘M…  H;yM„ 
?H  hvD<i  ;q‡[„Ny‡[C„  'hw„LH  H};b=TN  „VvŽhH  @M  o;`u‡;`qNH 
”]‡V  ‡VL  CvihLCˆ[vq  ŠŽ@[tT  ;qI  @;T  fLyˆ  @Lhv•  ‡VL  hM‘Lj  vP 
‡VL  y<‡[NqŠ†  @h<IHM}  4VM  „—„ŠLp  p†‡  @M  V<qHhLH  ;qH 
o;q[yŽi;‡LH  ;„  [qP~M|LqŠi—  ;„  yv„„]@hL  6VL  }]q;}— 
C;‡VL‡N~  „VwhH  @M  Lyi;CMH  @—  Chv„LI  CvqHwp  H}<b;TM  
•VMqL‘L}  yv„„[@hL  :V[iL  ;qˆZ@[vˆ[C  y}vyV˜h;–[…  HvL„ 
}NIŽCL  ‡VM  Q}M{ŽLqC˜  vP  [qQLC‡[xq„   [‡  ^…  qv‡  q^‘M}†;ii— 
}LCvooLqHLH  ;„  ^‰  „MiLD‡„ on‡^H}ŽT ~L„[„Š;qˆ „‡};[q„ 
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4VM  Cvoovr  ZrH\C;‡Zvq„  Pv  LH  CLhh  ‡;r„R„[vq  [r 
DV]iI}Lq  ;L  h^…‡MI  [q  4;@hL   

710.






































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714.








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M63Y 1EI2Y .B2Y =7A7MY 0>3327B5Y *63Y 1EI2Y A.SY B332Y MEY 03Y
7AAE07>7T32Y 0SY MQEY .IM3ISY 4EI13GLY 5I.LG7B5Y 1EI2Y 3253LY
.MYY .B2Y Y E1=E1<Y GEL7M7EBY +L7B5Y .Y L1.=G3>Y 0=.23Y M63Y 1EI2Y
7LY MI7AA32Y MEY 1AY .0EP3Y M63Y L<7BY *63Y OA07>71.=Y P3LL3>LY
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LA.=>27.A3M3IY =OA3BY #75Y Y *63Y 1.M63M3IY EIY 43327B5Y
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.MM.1632Y MEY .Y M6I33 Q.SY 1EBB31MEIY Y A.I<Y 7LY G=.132Y .MY
M63Y >3B5M6Y E4Y 7BL3IM7EBY3RG31M32Y MEY G>.13Y M63Y 1.M63M3IY M7GY
.0EP3Y M63Y 27.G6I.5AY 0OMY 03>EQY M63Y I756MY .MI7OAY M67LY 7LY
1.=1O=.M32Y .LY Y M7A3LY M63Y L6EO=23IMEOA07=71OLY 27LM.D13Y
4IEAY M63Y M7GY E4Y M63Y 1.M63M3IY *63Y 1=EL32Y 3B2LY E4Y .Y G.7IY E4Y

717.

& #& !& & & $& & " &
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F-1<L )<,L C0-L :E;-<L ,19)C-,L *IL B-?)A)C1</L C0-L -<,BL >.L C0-L
.>A+-?BL *IL >?-<1</L 1CL /-<C:IL A)B?1</L C0-L +)C0-C-AL G2C0L
1A1BL .>A+-?BL L +;L .A>;L 2CBL ,1BC):L -<,L C0-L +)C0-C-AL 1BL 1=B-AC-,L
1<C>L C0-L :E;-<L >.L C0-L E;*291+)9L F-2<L )<,L ),F)<+-,L /-<C9IL
1<G)A,L E<C19L *9>>,L A-CEA<BL .A--9IL 1/L L $-B1BC)<+-LC>L
),F)<+-;-<CL >.L C0-L +)C0-C-AL 2<,1+)C-BL C0)CL C0-L C2?L 2BL 2<L C0-L
?>AC):L F-1<L >AL C0-L ,E+CEBL F-<>BEBL C0-L +)C0-C-AL B0>E:,L *-L
G1C0,A)G<L E<C19L .A--L .9>GL >.L *9>>,L 1BL <>C-,L &0-L +)C0-C-AL
1BL .9EB0-,L G2C0L B):2<-L )<,L B-+EA-,L G2C0L )L ?EAB-L BCA1</L
BECEA-L <L (A)IL 1BL >A,-A-,L C>L -<BEA-L C0)CL C0-L C1?L >.L C0-L
+)C0-C-AL 2BL 1<L C0-L 2<.-A1>AL F-<)L +)F)L )<,L <>CL C0-L 0-?)C1+L
F-1<L >AL A2/0CL )CA1E;L
L B2;19)AL ?A>+-,EA-L 1BL .>99>G-,L .>AL 2<B-AC1><L >.L +)C0-C-AL
2<C>L C0-L E;*191+)9L )AC-AI L %1<+-L C0-L 9E;-<L 2BL B;)9:-AL C0-L
F-BB-9L 2BL ,19)C-,L +)A-.E::IL L C1;-BL EB1</L )L +EAF-,L 2A2BL
.>A+-?BL )<,L C0-L +)C0-C-AL 1<B-AC-,L /-<C9IL C)82</L +)A-L C>L
)F>1,L F)B+E9)ALB?)B; L &0-L +)C0-C-AL 2BL ),F)<+-,LC>L -1C0-AL
C0-L 01/0L ?>B1C2><L )*>F-L C0-L ,1)?0A)/;L *-CG--<L C0>A)+1+L
F-AC-*A)-L &L )<,L &L >AL C0-L :>GL ?>B3C1><L )*>F-L C0-L )>AC1+L
*2.EA+)C1><L *-CG--<L 9E;*)AL F-AC-*A)9L *>,1-BL !L )<,L " L
EA1</L2<B-AC2><LF)B+E9)AL B?)B;L )AC-A1):L
1<7EAIL >AL )1AL -;*>91B;L ;)IL >++EAL )<,L )L .):B-L CA)+CL ;)IL /-CL
+A-)C-,L #C0-AL +>;?91+)C1><BL 2<+9E,-L *9--,1</L ,E-L C>L
)++2,-<C)9L ,2B+><<-+C2><L >.L 'L CE*1</L +)C0-C-AL A-9)C-,L
1<.-+C4><L C0A>;*>B2BL )<,L -;*>:3B;L )<,L 2<+>AA-+CL ?>B1C1><L
>.L C0-L +)C0-C-AL C1?L +)EB1</L +)A,1)+L )AA0IC0;2)BL 0-?)C2+L
<-+A>B2BL >AL ?>AC)9L 0I?-AC-<B1>< L ')B+E9)AL +>;?92+)C1><BL )A-L
+>;;><L G2C0L C0-L E;*192+):L )AC-AIL +)C0-C-AL ?)AC2+E9)A9IL 2.L
?9)+-,L 1<L C0-L :>GL ?>B1C2><L


(*,)(1 1 )(*1 1 *(*1 1 #1 1 -'/*1 1 '"$"$1
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,L I<);2+):9IL E<BC)*:-L ?)C1-<CBL )<,L 21L C>L ;><2C>AL
.A-@E-<C9IL C0-L )AC-A1)9L *:>>,L /)BL
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$2/0CL A),2)9L )AC-AIL +)<<E9)C2><L 2BL ?-A.>A;-,L G0-<L
?A-,E+C)9L )AC-A2)9L >HI/-<L C-<B1><L 1BL A-@E1A-,L .>AL -F)9E)D1</L
)<,L CA-)C1</L 1<.)<CBL G1C0L +></-<1C)9L 0-)ACL ,1B-)B-L CL 2BL
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*>)A,L ?9)+1</L C0-L GA1BCL 2<L )??A>H1;)C-:IL L ,-/A--BL
-HC-<B2><L >F-AL B-F-A)9L /)EJ-L ?),BL ;?>AC)<C9IL 1.L C0-L
A),2)9L )AC-AIL 2BL B-9-+C-,L .>AL ?E<+CEA-L >AL +)C0-C-A1J)C1><L
),-@E)+IL >.L C0-L ?)9;)AL )AC-A1):L )A+0L B0>E:,L *-L )BB-BB-,L
*IL C0-L 99-<L C-BC L &0-L 9:-<L C-BCL B0>E:,L *-L ,>+E;-<C-,L 2<L
C0-L ;-,2+):L A-+>A,L *-.>A-L A),1)9L )AC-A1):L ?E<+CEA-L >AL
+)C0-C-A1J)C2><L 1BL )CC-;?C-,L
&0-B-L 1<+9E,-L
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21 B+0-;1)L &0-L A),1)9L )AC-AIL +)<<E9)L B0>E:,L *-L G1C0K
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121 ;*>92L 9>>,L +9>CL >AL )2AL ;)IL -;*>91J-L C>L C0-L ,1/1CB
>AL +-<CA)99IL A-BE9C1</L 2<L )AC-A2>9)AL B?)B;L >AL 1B+0-;1+
<-+A>B1B
2F <.-+C1><L )CL C0-L B2C-L >.L C0-L +)C0-C-AL 1<B-AC1><L +)<L +)EB-
B-?C1+-;1)

&0-L *><-L ;)AA>GL +)F2CIL 2BL -..-+D1F-:IL )L F)B+E9)AL

B?)+-L C0)CL ,>-BL <>CL +>99)?B-L -F-<L 1<L C0-L B-CC1</L >.L B0>+8L >AL


+)A,1)+L )AA-BCL &0-A-.>A-L 2<CA)>BB->EBL )++-BBL 1BL C0-L 1<1C2):L
F)B+E9)AL )++-BBL >.L +0>1+-L 6L ?)C2-<CBL G2C0LB-F-A-L 0

>C-<B1><L
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:;>BCL )<IL ;-,1+)C1><L C0)CL +)<L *-L ),;1<1BC-A-,L 1<C>L )L
+-<CA)9L >AL ?-A2?0-A)9L F-1<L +)<L *-L B).-:IL 5<.EB-,L 1<C>L C0-L *><-L
;)AA>GL AIBC):9>2,L B>9EC1><BL +>::>2,BL )<,L *:>>,L ?A>,E+CBL
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A)?2,L )<,L B1;?9-L &0-L ;>BCL +>;;><:IL EB-,L B2C-BL )A-L C0-L
?A>H1;):L C1*1)L ,2BC)9L C1*1)L )<,L ,2BC)9L .-;EAL 2/L L E-L
C>L ,1..-A-<+-BL 2<L +>AC1+)9L C01+8<-BBL C0-L ?A>H2;):L C1*1)L ):></L
C0-L .9)CL )<C-A>;-,2):L BEA.)+-L >.L C0-L B0).CL L +;L *-9>GL
C0-L C1*1)9L CE*-A>B1CIL 1BL C0-L ?A-.-AA-,L B1C-L 2<L 1<.)<CBL )<,L
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;-,1):L ;)99->9EBL )<,L C0-L B0).CL >.L C0-L C1*1)L 2BL C0-L ?A-.-AA-,L
B2C-L 2<L >:,-AL +019,A-<L &0-L ,2BC):L ><-C01A,L >.L C0-L .-;EAL
)9></L C0-L ;2,91<-L )<,L )??A>H1;)C-9IL L +;L )*>F-L C0-L
BC-A<):L +><,I:-L +)<L )9B>L *-L EB-,L

718.















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2<D-AE-,T )ET )T

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719.




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