bkz bio part3

8/14/2019 Bkz Bio Part3

1/33

ZZG\G NL I M\QIZ*LISSIZZG\G NL I M\QIZ*LISSIZZG\G NL I M\QIZ*LISSIZZG\G NL I M\QIZ*LISSIZZG\G NL I M\QIZ*LISSI$UPM\QIX*H I MU/HS I\ JZ' NZGW`XGU IDMUPXIX*H IXI$UPM\QIX*H I MU/HS I\ JZ' NZGW`XGU IDMUPXIX*H IXI$UPM\QIX*H I MU/HS I\ JZ' NZGW`XGU IDMUPXIX*H IXI$UPM\QIX*H I MU/HS I\ JZ' NZGW`XGU IDMUPXIX*H IXI$UPM\QIX*H I MU/HS I\ JZ' NZGW`XGU IDMUPXIX*H IXI

$UPM\QIROZGN#]XITSIV\HIDZPIY6HIDZGNXI\*-`X'DWPLI\*-\'T+NFJH'YOUVPSGZILIYHIXQI(ODHRQIKWFVGHIFN(6SI=OYGNLIYXIDH#Z*LIHIXNHIU#XQIKMULIZGNLI$PPYUIX*HIMU/HSI\JZ';PHFV.\IZ*LI$UPM\QIX*HIMU/HSI\JZ'NZGW`XGUIDMUPXIX*HIXIXGN X*HIMU/HSI\JZ'DFJLIDTPLIRFLISGN(6LIKRFLIRHI[*HIZGN#`X'U\'XVLI\DYRQI"

X*HIXIRGN#XVDHPIKWP]GZIXPRM]LIKXVDHPIYQIZXIDPXIRQI"

$UPM\QIX*HIMU/HSI\JZ'U6P$GNYIFV.\IDWPLITHIZGN#FNRNZIYXIDH#]*-#SQIS2IXZQIXS\'DMUDWPXIZ*LIYG.#6XIDH\'$UPM\QIDZPIY6HIDXG N2'DTPLI\'DTPLI*XIF-KXRQI"FN]XITSIDZPIY6HID`X'Z*LIWZGWYLIDMUD\ZXI\'DM\PLIDM\PLI\LIDZPIY6HIDXGNDTPLI*XIF-KRQI"X*HIXIXGN$UPM\QIZ*LIUX(G NLIL+MFPX\JWP+NSGNXIXRQI"$UPM\QI X*HIMU/HSI\JZ'U6PDMUD\Z*LIDZPIY6HIDXGNZGZGYLIYLIDTPLI*XIDHDRP\JZ' X'M]SIDHD\DZPKRQI"

X*HIXIZ*LIV\HI(6LI K LITGNLIZGNXIFGNXIDHXDRP $UPKZ\IUDZPIWZ*LIU6 \JZ'LIUVP(6LIK DM\PXIXVPDFJLIDTPLIUVPYQIWDMUPXIWMUPZXIDPXIXRQI"[GN#WM\LISSIDZPLIMUSIZ]XIXUIHIRO]XITSIV\HIZGN#DHPXIDXVPU6ZGNXIFGNXIDHXDRPZ\IRPUVPYQI\JLIZXIDPXIXRQI"

X*HIXIREP\ZGRFLIRHI[*HIUGHI#F*HID\PZ*LIY*HIF-KZ-KR+N(6SI\ZIY+N\NHIYG.X*IYG.(6LIKDMUDWPXI]XITSIDZPIY6HIDYN\IF-KZ-KXV.\IZGN#\JZ'>PV\HI]XITSIZGN#XGN$UPM\QIU6PDWPLI(GNLI\'ZGZGYLIYLID\[*XIYP\J\'"XV.\IZNG#\JZ'>PSSI(GNLIZ-K\JZ'WM]SIH-#UPUPUZIUZI X'D\[*XIYP\J\'"XV.\IZGN#WFNDZ*#T+NSQIDZP>P\[UX*HIXIYGNZ[GZI[GZIZYHI#YHI#H-#SQIDZPU>NZIE-SSI(GNLIRODZ*WDHH-#ZGZGYLIYLIDMUD\U6PSQIDXZPM]SIZI>NDM\PF-K\JRQI"

$UPM\QI]XITSIDZPIY6HIDZ*LIWRXIT+NB+XZ-K$UPKRPDXPLIZHPUVP(6LIK$UPKY*ZIY\IDZ*LIXVT+NF-KZ-K-DEPIWD\JLIXGN X*HIXI X'XUIHQIDXPLIU6ZIZUIZLID]PIM\XRQI"

X*HIXIZ*LIREP\ZGRFLIRHI[*HIXX*HIMU/HSI\JZ'U6DFJLIDTPLI(6SI2'M]SIDRPRFLISGN(6LIK(GNLIL+MFPXGNISPY6IM]SIDRPRFLIRGHID]ZXIENHI`X'ZGN#XGNW[OFV'XV/NI\SXPDM\PF-KRQI"

RFLIRHI[*HIXDM\PRQIU6P oDFJLIDTPLI`X'RFLISGN>P V\HI]XITSIZGN# `X'SGNZ-K R+N(6SIZPXPY\ZIY+N DMUDWPXI\NHIDWPLIXPXV.\IZNG#\JZ'YN\ILHIDZ*XGND6#DTPLIMFLI\F-KZI"]XITSIV\HI-#Y6+S*\I]VPDWPXIX\*ZIXPR'XPH-#W(6+#WM\PYG.#6XIR*PDPXI\']XITSIDZPIY6HIDYN\ILHI`X'XGNDFJLIDTPLIF-KZI"RFLISGN-#D6#DTPLIUBU6HIYGN#XV.\IZNG#\JZ'>PSSI(GNLIROZGN#-#\JZ'M]SIF-K\'"RFLISGNXGNXV.\IZGN#XDP$UPM\QIX\JWFV'DMUgPXI(GNLIT+NFV'DMUgPXIUBXGN\XUIp>NDM\PF-K\JRQI"

DHPXIXGNRGHID]XGNYQIRFLIRHI[*HIXFV'XV/DM\PXPPU6PoXV.\IZGN#\JZ'YN\ILHIDZ*DWPLIMULIUB]XITSIV\HIZGN#YXIU6$UPM\QIY*ZIDMUPXIUBWZ*XI(GNLIL+MFPRGN#WRXIT+]VPS*HI#SPR*PDPXI\'XU%PKM\QIROM\QIRPWD\JLIZGN#X$UPK DZPIY6HIDXGN

XOQ'YPDWPLIDTPLI*XIZ-KRO>PZXIENHI`X'XGNRGHID]\-poXV.\IZGN#>P$UPM\QIZ*LIV\HI]XITSIR+X*HIFVPDWPXIU6PDHXYGN#ZGNZXIDHDRPXU%PH-#WTXIM\ZI\'XV.\IZNG#-#WOWTWDZ*WDFDZ*UXPFU6P*LID]PXIM\HIF-KZI"XV.\IZNG#>PZGNZXIDHZ-KXU%PKM\QIROM\QIRPDZ*-#DMFY6UIXGNUYGNXI(GNLIEO"RGN#D\UIKXU%PKDZPIY6HIDH-#LID\JLIZHIYGNXIDHZ-K XGNRGHID]>P(GNLIL+MFPXDH\'XV.\IZGN#-#WOWTY*-ZPDZ*XGNWU-ZDS\M\LID\F-KZIp

oU>PUGZI(GNLIL+UVPH-#DPU>PUGZISSIZ\IH-#DP$UPM\QIROM\QIRPZGN#Z2'H-#Z2'RDEPD\JXIHPYQIXZPY-XGNRGHID]-#Y+N#YDXPLIKM]SIZI"XGNRGHID]DXV=O>P$UPM\QIWD\UVP\JZI"RFLISGNYGN\-XV.\IZGN#-#\JZ'XDP$UPM\QIX\JFV'DMUgPXIXUIp>NDM\PXPF-K\JRQI"

RFLIRHI[*HIXTXI,DM\PRQIU6PoXV.\IZGN#DWPLI(GNLIDHZ-KSSI\*->PU\'DREO"SSIDZPLIMUSIWD6#EXIXUIU6P]XITSIV\HIDZ*6GDHDRZI"'EXIXUIXO]GN#WUVG.UVG.FGUIDMFPXIDHZI"6UIM\QIU6PY-HIDZ*WUVP`X'V\HIYXIDWPXIXUY*ZIY\IDREO"WP6ZGNXIDZPLI\GNLIZFNY+NU6PY- V\HIZGN# UTNZIF*PDREO" V\HIX_HIU`X'XGN U>PUGZIZGN#UBHI#UBHI#QXIQXIDXDWPLI $+N`X-D\UIKV\HIZGN#>PZNZIM\QIZ*LIRHIDYPXIWFGNLIWF+KZ\IS*-YVXI 6GDHDRZI"XV.\IZGN#-#[LIMULIFVXIWZNZIM\QIU6PV\HI]XIIITSIZGN#

2'UXVG.RD*#XU%PK]XITSISHSI>PY-XVT+N2'U6PU>NZIEO"JKDXPLIKXV.\IZGN#V\HIYXIDWPXIU6PDZPIY6HIDYN\IZNHIX[XIWTD\JLIUVPS*PZGN\']XITSIZGNXI]VXIDXGN YN\IXUI"D6#W]GN#U6PXVDHPIZGN#YN\ILHI>P\GN,`X'XVIYPUI"\GN,WP[NZIUIp>NDM\P\JRQI"

Z]HIRFLIRHI[*HIXTXI,DM\PXPPU6PoFN(6SI=*HIYDYPXIX\LIXV.\IZGN#>PU>PUGZI(GNLIL+UVPEXIU6ZGNXIUIYGN#TGNLIPDZ*XGNWDXPLIXPF-K]OZI"XV.\IZGN#-#YXIXUIFVXIXGNWSGNXYXIUF+EO"V\HI$UPM\QILIYPZ-KWFJXV.\IZNG#XGNYXIU-K\SI[PF-KZI"XV.\IZGN#W]GN#WFXIWF-WUVG.UVG.H-#DZ*#F-KZI"M]SIRYGNYN\IF-KZI"RGN#D\UIKXV.\IZGN#+NXQIFVXIXGNUS*HI#E-]XITSISHSIZGNXI]VXIDYN\IF-KXZI"WFNY-ZGNXIDHXZI"DHPXIY-]XITSIDZ*UXVUMFLIZGNXIUIp

oVPUHIHP='SHSIH-#V\HI]XITSISHSIZGN#XGNZG NXIXZP>PRPUHISSI\*-XDYU>NZI"XU%PU6PWTGNJT+NSHSIH-#XU%PKM\QIROM\QIRPZGN#ZGNXIXZ-KoY*ZIY\IDSSIpRPM]SIZI"(6SIZPZD[PLIXU%PZFNY+NX_HIUM]SIDWPLI ZGNXIZ-KSSIM]SIZI"p


2/33

$UPKZ\IUDZPIWTGN"WFV.\IWPM]LIK$UPKZ\IUDZPIRQI ZGNLIROM\QIRPUVPWPgLIT-RQIK$V/GNXDS'SSIZ\I

o$UPM\QIROM\QIRPDZ*XXGNKIY*ZIY\IDWZ*XIZGNXIXZPU6PU>PUGZI(GNLIL+DZ*XYPXOZPM]SIZI"mM\QIRO#SSInZHQImY*ZIY\IDSSInM]SIZI"

oVPUHIZGN#B+DWPLIEIROYN\IRY-"TGN$'XIZ\IH'DZPI X'XYN\IZI"JKDXPLIKTGN$'XIOH'+ZHIFGN`X'ZI"NZGZFVXIX2DP\ZGNLIM\QIDZ*U6PXGNIKXU5PXGNI]HIZ'YP(GNLIX\']XITSIXGNZGNXIF-KZ-KZXIKUVG.FVSIDZ*DR*SQIUG\'WSGNW]*-#DZ*]*-#SQIXNHIX\'"'WSGNDZ*[-U6PYO[NWXVG.DTPLIM]SIZ-KX*HIMU/HSIDZ*>PWFVXIWFVPXGNLIZ-KHI X'DZ*M]SIDH\'"]XITSIXGNZGNXI(GNLILIZGNXI(GNLIRDYPXIM\QIRODZ*ZHIFGN`X'ZP\-"ZNZIM\QIU6PY-X*HIMU/HSIDZ*XV\HIXGN[G[GDPXIDPXIZGNXIDZPKX*HIMU/HSIDZ*YUIUGNZ-KDHPU6PM\QIRODZ*

ZHIFGN`X'ZP\-"$UPM\QIU6PY-M\QIRODZ*ZHIFGN`X'FVLILI]XITSIDZ*XGNHPHPZGNXID\UIpo'SSI>PDZPIY6HIDSSIM]SIZIpoXV.\IZGN#DXQPFVXISPZUIU6PY*ZIY\IDRQI\[U'UGNXDS'DRQINZGTGN6IYSIDRQIZZGYGN#TGNF-K\JZIpoZNZIM\QIU6PV\HIWN\ISNGDHZPXZXIFVHIDX6GZIXDY\+NZ\+NX*HIMU/HSIXDY\+NZ\+NM]SIDHZI"ZNZIM\QIU6P

Y*ZIY\IDLI'UGNXDS'M]SIUI"Y*ZIY\IDSSI(6LIKDZPIY6HIDSSI>PTXIS\IDHZIpo2DP\XGNXQIKEPM]SIDHRY-"Y*ZIY\IDSSI\*-TLILIM\QIROM\QIRPDZ*UYGNYPZ-KWSGNDZ*\ZIXNHI\'poJDZ*XGNXQIKLI 'SSI>PM\QIRO#SSIY*ZIY\IDSSIM\QIRODZ* (GNLIZI"ZGNXI(GNLIRDYPXIM\QIRODZ*ZHIFGN`X'UIpoW)YG\I>PVPU'XWY-[GN[PYGN#X*-DH\'"W)YG\IM\HI[YP(GNLIZP>PM\QIROM\QIRPDZ*XROZGN#UYGNYPZ-KFVGHIEPYGHI

WSGNXGN]ZIFV\'SSIDFJLIDTPLIWM]SIUS3ZPFVPFV'XGNZLITGN$'XIN6PH-#D\JLISSIWZ*XI\S3QIDZ* RG\I[*XIDWPLIYN\I\'VPUHIXGNZGNXIXYGN#HPYHIM\HI[OYPZP\-p

oW)YG\IWLI6LISHSI>P H]O\-OX*-M]SI+NUXEGNLIM\ZIDHZ-KYXID6#RUPM]SIDH\'"'DZPKXV.\IZNG#W[OSGNGUISPUYGN"

XV.\IZGN#XRP'SSI>PM\QIRO#SSIY*ZIY\IDSSITGN\']GRPZGNXIZGNXIRDYPXIM\QIRODZ* (GNLIU6P\-poLGUIFVUIDRPUITGNLIY*ZIY\IDXGS3>PY-DWFVUIRPPZ-KHQIH-#\'SPYUIDZ*6GZIpoYXIHXIU\JLIY*ZIY\ID\JKUYPDUSP6GZI"WFNZGNXIDHZPY*ZIY\IDWZ*XIYXIHXIXGNLIZGNXIDHZP\-"YXIHXIH-#

]XITSIXGNZGNXI(GNILIRDYPXI$UPM\QIY*ZIY\IDWZ*XIW)YG\IH-#SXPDM\PPU6PDWFVUIRPP(GNLIRURPPUIpoJKDXPLIK]XITSIZGNXI]VXIDH-#$UPM\QIY*ZIY\ID>PDPDHZI"F*-YGN#UEO"M\QIRODZ*Y*ZIY\IDYGNFVLILI]XITSIXGN

WS*UIXNHIZGNXI]GN#\-po]XITSIZGNXI]VXIDHZNHIXV.\IZGN#U6PWD`X'Z-KYN\ILHI6GZI"ZGNLIM\QIM\HIYQI[OD[PLID\-"XV.\IZGN#ZGNLIM\QI>PM\PXVDH\'"

JXGNEIROM\HIYQI[OD[PLIUY-"M\QIRODZ*M\HIYQI[OD[PLIUI"'DZPKXV.\IZNG#$UPM\QIU6PM\HIYQI[OD[PLID>PWGXYN\ILHI\-poJXGN YN\I]GN#WZ*XIXV.\IZGN#>PWUVG.RPWSGNYGNZI"WUVG.RPWSGND\]GN#SSIWN\IFV.\IDWMUHI\IS-]GN #YGNZIpoXV.\IZGN#-#(GNLIL+DQI*IFVXI>P

SSIWN\IFV.\IDWMUHI\ITGNLI]GN#P'WUVG.RPWSGN]*-#SQI\'D*DXPXI\*-WMUHIT+NXVLI\\'ZGNLI\M\QI\YZIDZPI X'DF]GN#ZGNLI\M\QI\YZIDZPI X'X$UP(GNLIL+WN\IFV.\IDDT*-]GN#M]SIZIp

oXV.\IZGN#YN\ILHIU6P]XITSIZGNXI]VXIDH-#M\HIYQI[OD[PLID>PWGX\-"DHPXIZZGXP'WSGN]*-#SQIDM]SI\JZI"JDZ*DTPLI*XI]GN#X*HIMU/HSI\JZ'>PZMFP\JZ'H-#\OD\JLI]GN#WRLIK\J\-p>NDM\PXPF-K\JRQI"

W[XI\JZGN #U6P$UPM\QIX*HIMU/HSI\JZ'NZGW`XGUIX*HIXIZ*LIRFLIRHI[*HIDM\PXPF- KDRPREP\ZGUGHI#F*HIU6DXPXI(NZIFVXIUVPM]SI\JRQI"[GNWFVGHI\JZ'Z*LINZIE-$UPXLIXFVLISRQIZGN#UGUGZGN#RDEPWDYVPXID\JLISQI[PDRPWGUID[PLISN(GNLIL+M]SIUQI"$>GNXGNISPY6IW]*-#FV.\IZ*LIYZIDZPI\I6GUQI"YZIDZPIZ\IU6PYOUVG.SNYZIDZPIM]SI,YZIDZPIDHPXIZ\IU6PM\QIRO#YZIDZPIM]SIRQI"YOUVG.SNYZIDZPIXGNYOUVG.FVLIZHIZO[P,ZUVG.YLIDPXIXVXGNISPY6IDMUgPXIUQI"2\UP$UP2'XLI2'6UI2'FGNLI2'FVLI2'XFVLI2'S'M]SIRQI"WSGNW]*-#Z*LI;PHTGNLIPHI`X'UVPRPUXYOUVG.SNTGNLIPHIX'UVP\JFHI#[PUQI"


3/33

U>NZIE-ZGNLIROM\QIRPZGN#WF*LIKWDXGND6#XDH,WDRF+XPX*ID\RQIK'UGNXDS'Z\IM\QIRO#Z\IUDZPIWTLIKWZHIRGN#ZXIY6UID\UQI"

U6ZIFVXI"XVDHPIRQIW[XI\JREP\ZGUGHI#F*HI(6LIKWTGNUVPXGNM\QIRO#EXIDZPIRPUVPRUGNLIU6HIXOX*XISPWN\IU6[NZI(NZIXGNXPD]PIM\\JRQI"

\JZ'X*HIXI\'T+NFJH'Z*LIXVDHPIUXVHIUUPM]SIYP,REP\ZGXGN F*LIKZGNLI\'DT+NRGN#DFZ:ZXI\JRQI"ZXI(6SIXIXP\'DHPXI\JZ'X*HIXIU6-DEPIWFVG.#X*HIXI\'T+N,DT+N6GXVDHPIKXGNYPDPXIXQIKBX\JRQI"

ROZGN#XWPUIRPS*P(6LIK\JZ'X*HIXIDHPXIT+NDH#Z*LI X*HIMU/HSI\JZ'$>GNDXPIUZ'LIUVPXGND*DXPXIZLIDMUgPXIPZ*LIXVDHPIKXGNYQI\JZ'$>GNDXPIUZ'LIYO`X'Z2'WM]SID*ZLIXRQI>NDM\PM\X\JRQI"XVDHPIXDZPK ROZGN#YGNUIURP(GNLIE-ZPHI X'DYYP,SGZIDYR*P\JRQI"XVDHPIKWPFN(6SI(6SIYIDYPXIX$GNYIFV.\IDWPLITHIX]XITSIDZPIY6HIDXGS3DT*D(*gG(GBLIHI]XITSIDZPIY6HID

WZ*XISQI+NYN\IXGNLIDHDRPX*HIMU/HSI\JZ'DFJLIDTPLIRFLISGNXGNMUSIX_HID\DMUDWPXIU6\-FORGN#R*P,DFOF-KHIHIXPRM]LIK[GNZPHIDTPLI*XIF-K\JRQI"RFLISGNXGNDFOMFLIM\HI\GN#MFLIZPHIUVPYN\IDHS2IWZ*LI$GNYIFV.\IDWPLITHIRDEPZOQ'FVXIM]LIKRFLISGNX*HIMU/HSIJRLIZHI(6LIKDT*D(*\*-UVPXGNXVDHPIZYUZXI\'DYKYPF-K\JRQI"

[GNRLIZHI(6LI KDT*D(*\*-UVP\'RQIKWFJRFLISGNXXVDHPIKXGNX*HIMU/HSI\JZ'LIWM]SIRGUIR*LIF- K\JRQI"[GNU6S,XVDHPIX*HIMU/HSI\JZ'LIZ2' M]SIYP\JRQI"

XVDHPIX*HIMU/HSI\JZ'LIZ2'M]SIYPDRPIYQIX*HIMU/HSI\JZ'R'MFPZPHIUVPXGNXVDHPI[UIDTPLIMFLIU6GE-ZGNLIM\QIZPHIDZ*RPYN\IDTPLIF-K\JRQI"

RGN#DRPIXVDHPIKXGN X*HIMU/HSI\JZ'$>GNDXPIUZ'LIYO`X'WM]SIZLIXMFLIU6PX*HIXIZXIDPXIXRO -DEPI-EXI X'UVPXXVDHPIZGNLIM\QIWZ*XIYN\IXGNLIF-KZPDZ*W[ORM]LIKFN(6SI]XITSIV\HIDZPIY6HIDZ* LIXVDHPIDTPLI*XIFVXIZGN#XGNRGMULIXXI(6SIRXIX,D*ZLIXRQI[LI\JRQI"

XVDHPIU6PX*HIMU/HSI\JZ'Z*LIDYDYHXIHXIM]ZIRHIUBU6GE-$>GNDXPIUZ'YO X'M]SIYPRM]LIKD6#Z*LI UGUGRQI YO X'Z2'M]SIYP\'ZPHIDZ*DXV\HIS*P[UIDTPLI(GNLI\JKUYP>NSGZI\OSGNGUIUG\JRQI"RGN#DRPIZZI(GNLIRUXSPR*PUQI>NYQIS2ISPUG\JRQI"

DHROGHIYO[NWSQIWD`X'

NZGXU%PSSI`X'W\'FN(6SIRNZIYXIDH#Z*LI$UPKY*ZIY\IDRUGNLIU6ZIZGNLIZZGNLIM]SIDRPDHROGHIYO[NWSQIWD`X'XGNHIXNHIU#Z*LI]Z\YW]*-#FV.\IX`X'UXVLI\F-K\JRQI"$>HI6GDHROGHIN\I6LI+NZ*LIXVLI\\'\IX*XIWYGNXIM\QIROYO[NUVP(6LIKZ\IUDZPIRPWUVPWM\PWY+XGNLIDTPLI\'DXDXPIR+UVPZGNLIXPZF-HXIQ'*ZIZXIXS*PXVLI\F-KX\JRQI"DXDXPIR+UVPU6PY*ZIY\IDSGZIPZIWM\QIKWPUPHIWM\QIK\LIM]SIRQI"N\I6LI+N[-Z*LIYO\GRZIU6PUTHI#DZPKE-DEZGNXI6GX*XIY\IU6HIRUZ*LIM\QIKDH\JDZPKRQI"WH'F+D\Z*LIXIM]/6GDRPDZPIY6HIDWY+H'UVPYQIZYOYOY*LIKDH\JRQI"WR+FV-#SXIUVPYQIZ\ITLI[P\JRQI"

]Z\YW]*-#FV.\IU62X8;$GNYIFV.\IDWPLITHIWU\DRP2'S'W]*-#LIUVG.FVSI$UPKZ\IUDZPIU6Z\IUUVPWPY+NS+NS+NQ'Q'ZXIDPXIX\JRQI"WSQIWDREP\ZGU6P$GNYIFV.\IDWPLITHIM]SI\'WZ*LIDUU6PRFLIRHI[*HIM]SIXPWFUIWHPUU6PRFLIFVSIM]SI\JRQI"$GNYIFV.\IDWPLITHIXREP\ZGUGHI#F*HIDM\PXP\JRQI"$GNYIFV.\IX]Z\Y]*-#SQIRQIKWDXPLIWPUVPZ\IUDZPI(6LIKDM\PXIXVPZ\IUVP]XITSIDZPIY6HIDZGNXI\*-UVPD6#DYPXIYN\IUQIK Y*ZIY\IDYN\ILHIS2IUVPSRQIUVPXGN\GRZIYXIFN\IR+UVPXPU6DM\PXPR*P\JRQI"[GN#DHPXIWTGNWUVPWM\PZLIR*LI\'D[PXIF+DT*D(*ROUVPXYQID[PXIF+DM\PTGNR*PX\JRQI"

[GNWSQIWD`X'Z*LIXVDHPIXUVG.FVSI$UPKZ\IUDZPIXGNISPZGNLIZGNLIU$GNYIUDXVPID=PWDHM]LIKWTGNWU6ZIM]SIDRPZ(GNLIL+Y+NQ'*ZIDWTGNXGNZLIR*LIF-K\JRQI"

bQ'*ZIDWTGNZ*LIXVDHPIZLIM\F-KDRPWDXPLIWPZFVG.#U6PDWPXI\JWZGNLIM]SI\JRQI"oXVDHPIZGN#WPY+N-#D6#QI*IFVXI>PEPY-"Y*ZIY\ID\-"W-'Y*ZIY\IDSFHIXGNUDPXIFLI'SSIWDMFWDHW\[UXZXIWPP6GWUVG.RPP'WSGNNZGXW*IDPXIROZGNLIXZLIDMUgPXIZ-KZGNLIM\QI\YZIDZPI X'ZQIDTPXI]GN#\-"DHPXIW-'YZIDZPI X'XDH\'$UPM\QIWHPZIWN\IFV.\IDXGNT*-]GN#\-"'WFVXIDZ*M]SIDMUPXI]GN#TGNYLIWDW`X'T+NWFVXIX(GNLIL+Q'*ZID\-"XVDHPIZGN #(G NLIL+ UQ'*ZILI Y*ZIY\ID>P DR[XIDU6P\-" XVDHPIZGN #UI[-U6P 'WFVXI>P U'DZPXIDH\JZI"JDXPLI KXVDHPIUI[-6GRU[NZID]PIDM\P\JDSp

oXVDHPIZGN# 'YGNNX4DZ*F+ZP WDRWDXVF+ZPDZ*XGND[PXI[P\'Q'*ZIXDSFVLIYGN#FN XVDHPIZGN#-#ZGNXI\*-U6PZSGZIZ\GNLIM]SIZ-KXVDHPIDZ*#X+RUY*ZIY\IDZGNXI\*-Z*LIXVDHPIH-#WZO ZGNXIF-KZ-K-DEPIDZ*-#XGNISPWS'LIF+\JDSp>NXVDHPIXDM\PXP\'XVDHPI(6LIKRFLIFVSIZGN#DFJLIDTPLIZ-KSSIZGNLIWZ*LIFN(6SIXXVDHPIZGN#ZGNXIF-KZ-K]XITSIV\HITHI#XVLIDZPIY6HID


4/33

ZGNXI\*-WFVG.#WDXPLIXGN 2'S*PZLIM\DM\PTGNF-K\JRQI"[GNWDXPLIWPUVPXGNXVDHPIRQIXVDHPIKWZh.\CZ:GNZG\GNLI]XITSIDZPIY6HIDXPYWDXPLIWPUVPDRPS2IX

[QIKR*LID]PIM\\' M]SIRM]LI K[\IU+UDRPDZPK\J" FN [GNS2IX XVDHPIZLIR*LIDRPQ'*ZIDWTGNWLIF+SPRP\G NIRPZLIM\\JDZPKUQI"[GNWTGNU6P

o[GN#DXPLIK7WSQIWD`X'X$UP(GNLIL+Z*LIDFJLIDTPLIUQIK\NaG.YIUVP(6LIKZGNLIROM\QIRPWD\JLIZGN#XSGZIUIX*-M\PMFLIWYV2IU6GE-]XITSIZGNXI]VXIDM\QIRO#Y*ZIY\IDW]*-#FV.\I X'WZ*LIRGN#[GDPXIS*PLIDPXIYN\IXGNLIXP$UP(GNLIL+Y*ZIY\ID(6LIK

M\HIYQI[OD[PLIDYN\ILHIW\I\IZGN#XGNZQ'Z*ZIZQID(6PLIKD(6TGNLIL+KMFLIWYV2IU6GE-DTPLI*XIXHI7WSQIWD`X'U6DYHXIS*PZGNXIZ*HI\JDXPLIp[GNWTGNSP\GNIXGNXVDHPIX]ZIXPZLIR*LI\JRQI"[GNWTGNXGN$GNYIU-[*I(6LIKD\VPIE*I2'MUZGN#XDM\PTGND[PXIF+R*PDYRQI"

XLIWUVG.RPDFJLIDTPLIZ2'M]SIDRPTPRP[GN(6LIK2GEGNMUZGN#XYQI$UP(GNLIL+Y*ZIY\IDWZ*XIZUVG.RPY+NQ'*ZIX]GN#YGNDXPLIQ'*ZIXU6RP$UPM\QIX_HIEU6Y*ZIDMUPXIUQIM]SIDXPLIZGN#XGNDM\PXP,oZ(GNLIL+Y+NQ'*ZIDWTGNpXGND[PXIF+D>PDM\PR*PRQI"+NZ*LI+NM\LI6GYO[N\GRZI X'XYQIREPYXIFN\IUVPZ'\'DXDXPIR+UVP>SIDXYVXIZF-HXID[PXIF+XDYRQI"ZQ'Z*ZIZQIWZQI\YGNXIX\JRQI"

[GN#DHPXI]Z\YYN\ILHIS2IUVP2'S'W]*-#LIWUQISPLIUVPSZPDZ*]ZIXP\'DHPXIT+NZ*LIREP\ZG$GNYIFV.\IDWPLITHIXWSQIWDHG+NFV.\IDM\PXP\JRQI"[GNWSQIWD`X'XGNDHPXIT+NZ*LIYO[N\GRZI`X'XDXDXPIR+UVP>SIDX\'SGZIWPZXIXS*PM]LIKDWPLIMULIS*PXVLI\\'T+NF-K\JRQI"

FNXVDHPIZGN#(6LIKWZOX*HIULIU#U6PDH[GNLIYVXI6GDRP$UPM\QIX*HIMU/HSI\JZ'U6N2X8;D>PLIZ2'M]SIRO2'FLIDUPLI`X'X

ROX+DZ*#F-KDRP[GNDHROGHIWSQIWD`X'(6LI K\ZIRXI\'XVDHPIKXGNM\HIYQIDM\PM\]ORQIU6PRO[GNWSQIWD`X'XGN$UPM\QIWP6YOLIW]*-#(6LIKWZOZXIDPXIF-K]ODXPLIXVDHPIKUGHI#F*HIXGNYQIXP]ODXPLIWY*HISGZIWPZXIX]*IM]SIDXPLIWSQIWD`X'XYQIWY*HI X'XVISQIXPDXPLIDM\PM\]O\JRQI"

7ZXIX]*I WSQIWD`X'X $UPM\QIY*ZIY\ID D6#DWYPWYPXGN [*HIDM\PLIDSYGNXI\JRQI"Z(GNLIL+Y+N6GM\QIROWD\JLIXGNYQIY*ZIY\IDZGNXI\*-Z*LI(GNXPS*P\JLIYPXHIY+B#DTPIYGNXI\JDZPKRQI"XVDHPIZGN#Z*LI(GNLIL+DWYQI$GNYIFV.\IDWPLITHI2'S'\'XVHI(GNLIL+DW]*-#WSQIUVP\NaG.YIUVP(6LIKQ'*ZIS*P]*-#SQI[PRQIK]Z\YW]*-#FV.\I X'6GDH\'M]SIRQI"SSIDWYQIY*ZIY\IDXGNUWZGNXID\UQIKYXIHXIXGNLIZ\IUDZPIYQI6GDH\'M]SIRQI"

Y*ZIY\IDWZ*XIWTLIRLKIM]SIXD\\'"

X( 1 'WSQIWD( 6L I KSPFV .\ IX( 1 'WSQIWD( 6L I KSPFV .\ IX( 1 'WSQIWD( 6L I KSPFV .\ IX( 1 'WSQIWD( 6L I KSPFV .\ IX( 1 'WSQIWD( 6L I KSPFV .\ IFN(6SIRNZIYXIDH#Z*LI]XITSIZGNXI]VXIDM\QIRO#Y*ZIY\IDW]*-#FV.\I$>GNWYN\IWUBDTPLIW]*-#U6 R'>NGX_HI

FNR'GYX)P(GNLIL+X(1'U#Z*LIWD6#DZPLIWP6DRTGNLIPU>PUGZIZ\IUVPSSIDRHP\ZGFV.\IDUPLIKEXIZHI(6LIKUVG.FVSI$UPKZ\IUDZPIXGS3XGNDZ*#T+NDT*D(*HIXGN ISPY6IW]*-#DSYZIDXGNRDEPZODXPLIT+NM]ZI\'XGNISPY6IW]*-#LIUVPWM]SIDWPXID]PIM\\J\NaG.YIUVPXGND*MFIF-K\JRQI""$GNYIFV.\IDWPLITHISSIDRHP\ZGFV.\IUVG.FVSI$UPKZ\IUDZPI""$GNYIYXIVPNZGSSIDRHP\ZGFV.\IUVG.FVSI$UPKZ\IUDZPI""$GNYIDHLID6#ZHISSI;PHFV.\IUUVG.FVSI$UPKZ\IUDZPI""$GNYID=VSSI2'S'FV.\IUVG.FVSI$UPKZ\IUDZPI""$GNYID=PIULI2'DUPLIDUPLIDXVPILISSID;PHUVG.FVSI$UPKZ\IUDZPI""$GNYIDXVPID=PZGNLIUUVG.FVSI$UPKZ\IUDZPI""$GNYIDUPLIDUPLIZGNLIUUVG.FVSI$UPKZ\IUDZPI"

"2'ED]$>GNWYN\IWUBDTPLIW]*-#LI]XITSIZGNXI]VXIDM\QIRO#W]*-#FV.\I""DSPE2'`X'$>GNDXPLIS'LI]XITSIZGNXI]VXIDM\QIRO#W]*-#FV.\I""XGNGN[*HIFGNLIM\QIHI]XITSIDZPIY6HIDDFJLIDTPLI""RFLIRHI[*HIWD[*D[*WZ*LIDU]XITSIZGNXI]VXIDM\QIRO#W]*-#FV.\I"

X(1'WSQIWDDFOMFLIU6PUVG.FVSI$UPKZ\IUDZPIU6DZPLITGNRX-KRGN#$GZGRWPP\GNLIUVPWDHM]LIKYQIUVG.FVSI$UPKZ\IUDZPIWDXGNW\'RZIDM]6LI(GNLIHIUDFYLIUM]SIDRPWDMFWDHDXPLIKDFOXVLI\MFLIM]SIRQI"

$GNYIFV.\IDWPLITHIDFJLIDTPLIDRPXVDHPIZGN#XGNISPY6IW]*-#RQIHIXNHIU#U6FN(6SISXIZLIEPXIDH#Z*LIDYP2IM]LIK[*XIF*PYPF-KPXPYXZ:PU#Z*LIQWG\I\IHP\'DHPXIX(1'U#RGN#SXIZLIEPXIDH#Z*LIDPXI6GF-KRQI"

F N( 6S I SXIZLIEPXIDH #Z*L I WD6 #DZPLIWP6DRTG NL IPU>PU GZIZ\ IU VPSS IDRHP\ZGFV .\ I


5/33

DYPKIYO'DUPLIKEXIZHI+NFHIUDTPLIPZ\I(6LIKRLIKDZPIROM]SIZI"Z\IU6PTXIDH\J"URLIKZPDZ*XDZPKFLI$VP>P-DEPIR+NXVG\ILIY-M]SIX(1'SPFV.\IXGS3U6PY-\JLIF-KROM]SIYGN#JDZ*ROZGN#RGYGN#]G(6G\IZP\-"FDZPKRQIF+\J"D6QIROZGN#WPPDHU6PU>NZI\JEO>ND]VPLI]VDM\PTGNRM]LIKXVDHPIZ\IXU[*XIM]SIE-Z\I[-Z*LI\LITXIDHHIT+NM]ZIYGNXI\JRQI"RHIJYGNWUB[UIZDPXIX$GNYIXVZPXGNDFZ:DZPKRQIF+UQI>NHPYQIYP\JDZPKRQI"

Z\ILINZ\IF*-UUVPU6P$GNYI X'SGHIU6HIDHPLI$GNYIUr`X'SGHIU6HI$GNYI X'DRPLIXQIDHPLI$GNYIUr`X'DRPLIXQI$GNYI`X'DXVPI[*HIDHPLI $GNYIUrDXVPI[*HI$GNYI X'FVSIULIDHPLI$GNYIUr`X'FVSIULI$GNYI X'SGHILIDHPLI $GNYIUrFV.\ISGHILI$GNYI X'ZLIDUPLIDHPLI$GNYIUr`X'ZLIDUPLIZGN#M]SIX\JRQI"

[GNS2IXNZ\IF*-UrUVPWPY+NU6P$GNYI X'P[OUVP(6LIKM]SI\JRQI"XVDHPIZGN#UV.GFVSI$UPKZ\IUDZPIU6WP6GUVPRQIUGUGZGN#Z\ILIWYGNXIDFJZ\IX\I X'UVP[+U6$GZGRYXIDWPXIF+Z\IUVP


6/33

SSIDYKXVLIKDWDMFF+SSIRLIZHIUVPXGNDYKXVLIKRLIO\JRQI"

W[O$GNYIRLIZHIUXPU'EIY6QIKQPY6QIKSRQIKWDMFF+SSIDM\ZGN#XGNX_UIXVLIYPDRPWFJ


7/33

9.HI2'DSPU6PV\HI(6LIK ZGZIZTGZITXIR*IRM]LIK$GZGRZGN#XRO#XGNNZGXU%PSSI X'ZFNY+NWZ*LIWP]GXO(PRGN#\GN#,FV.\ID(6PLI[PRM]LIKNSSI X'WZ*LI$UPM\QIROZGN#(GNLIL+DWRGWY*HIMULIKR*PF-K\'TGNRQIXGNROUF+SPURGD\"RO#WDHM]LIKSSIUM]SIU'$UPM\QI;PHWN\IFV.\IDWDZ*#W`X+.RP6G\'WDZ*WDFYQIWY*HIDHPXIXVDH\+NRQI"

$GNYIFV.\IDWPLITHIU6GDZPKLI 2'DSPXHIX'FV.\IWM]SI(6LIK2'DSPWSGNM]SI(GNLIDFV6GRQIKRDEPHIFV-#$GZGRZGN#WR+XGNYQI2'DSP+NXQIDUPIYLIKDH\+NRQI"

$GZGRZGN#WD\RFLIRHI[*HIS*\IS*-FVXIRQI (GNLIL+DWZPF+WSSIXGNS*\IS*-MFLIM]SIRQI"$GZGRZGN#X2'DSPZGN#XGNWD

OMFLIU6PZGNXIGNXIP=ZIDXPLIWM]SIRQI"$GZGRWSGNZGN#X$GNYIFV.\IYN\I X+F+UB XGS3Z*LIROZGN#\JLIRQI>ODRPS*\IS*-UBXGNWM\LIW[HIMLLITGN\'WDXPLIZGNXITGNLIZGNLI[GNXGS3XGNXPX*IDM\PTGNF-KXRQI"

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

X\[UWDXPLIXDZPK$GNYIFV.\IRQIZGNLIM\QIZM\QIY+NXGNSQIY+NQ'*ZIDWPLIYN\I(GNLIRODFJLIDTPLIM]SI\JRQI"[GN#DXPLIK

$GZGRZGN#RQIMUHIUPM\QIZM\QIY+NSQIY+NQ'*ZIR*PU6PXGNDXPXIX\JRQI"7RQIU6PWGXWDXPLILIM]SIRQI"FNZGWDXPLIU6P$GNYIFV.\IRQI$UPM\QIX*HIMU/HSI\JZ'(6LIKM\HI\'SQIY+NQ')*ZIR*P(GNLI\JRQI"$GZGRZGN#RQI7WFVXIXGN

YQI\O\HISGNGUIXRQI"ZZGWDXPLIU6P$GZRZGN#WDHH-#$GNYIFV.\IXGN]I6P(GNLIYGNXILI$UPM\QIXGNY*IXOS*PXGNLIZ*IR*P(GNLIUQI>NOTXRQI"&SZNZhWFVXIXDZPK $GNYIFV.\IDWPLITHIRQI$UPM\QIU6P$GZGRZGN#WN\ISGNUBXGNoYXIHXIXGNLIp\'Y*ZIY\IDWZ*XI

ZGNXIF-KROM]SIRM]LIKDHPLI7X-KRGN#UV.G$GZGRWLI\JPU6PUD\-DWPLIYXISPDFVT+NUHIWZ*XIZHIM\HIRZIM]ZIYGNMFLIM]SI>HI6GRQI"7WDM]WZ*XIWD[PXIW[PWFVXIWYXIUVP[LIMULIFVXIUVPD\HIYGNZ-KWZ*XIDWPXI\JWZGNLIWFVXIZFV.G#XGNZLIM\

YGNXI\JRQI""\[UWD[PXIW[P"

2'DSPYXIHXIXGNLIP=ZIUB`X'ZFNWZ*XIS'S2IYB\I6PDHRQIUVPXGN$GZGRWSGNXXZLIRG6GDHF-K\JRQI"[GNYB\I6PUBUVPRQI$GNYIFV.\IDWPLITHIXGN 2'ZQIDHRQITGNRQIXGNYQIbZGN#HPYQI(GNLIRQI"[GNXGS3(6LIK\ZIRZI,XVDHPIU6ZIUGDHZPFVXIDYPXI6G\JRQI"

\[UWFVXI"WSGN\NYG\IW]*-#X$GNYIFV.\IZGN#YN\I X+UBWDWFLIUD\FLIXZQIX2'DSP-#WGUIXGNWGUIH'FVLIF+ZF+WZ*LIXRSI\LI\HI\LIDZ*WXPWU-DSPLIKXQII]GN#WY6QKIXVZPHIFV\'DSPLIKXQIKZ-KW[-U6PXVDHPI(6LIKDT*UV.GH'S\IDZPIRO\NYG\IXDYDUPLIDUPLITGNRODHPLISSIZ\IZ*LIDM\PLIYPRQI"XXVDHPIKXGNDM\PM\]OZPDZ*6G\JRQI"2'DSP(6LIKF+WZ*LIYB\I6PDH\+NDZ*XGNWFLIUM]SIU'Z\ZIWYGNRODSPLIKXQIKZPHIXVS2IDZ*#RUXGNW[XIXGNWS'LIF+DXPLIROZPHIUXVS2IWFVG HIXZQIXDSPLIKXQIKDHXZPM]SIYGN#'YGNDSPLIKXQIKDHZP>PZ\ZIUX(GNLIDXPLITGN\JZI"

NZGWFVXI"FN(6SI(6LIKFN(6SIUVPWZ*LI$GNYIFV.\IZGN#XVT+NDRPWP=PHQIDH#U6PMUHIUPRZLISPZDSPLI[-Z*LI[GNDH#WZ*XIDTPLI\JZDSPLI\JYP\JRQI"2'DSPDH[GNLIRQIKDW'YUI(6LIKTGNLIRQIKUUIXNHI\NYG\I;PHU6P[GNS2IX;PHWN\IM]SIF-KRO\LISLISP\NYG\IWP6G X'Z2'DRPRQIKDTPLI\J[-Z*LI]*LIKFV[PRQIU6P$GNYIFV.\IZGN#WDWFLIUM]SIU'2'DSPWGUIF+WZ*LIYB\I6PM]SI\VXIDHUBDZ*XGNROZGN#\NYGUI;PHXD[PXIY6UIRG6G\'W[XIRGN#WS'LIF+SPDZ*DDHRQIU6PWDZPIXPDXPLIROZGN#YB\I6PR*PYPDHZPDZ*DZ*#\'

ZFNFNP=ZIUB X'YNN\IDZPKUQIITGNRQIXGNRG(GNLIDRPIYQIWEIDXPLIKWDO]UIT'UBDZ*YN\IHIWUGHI#UD\RHQITGNRQIXGNHPUYQIDXPLIDRP[P\JRQI"7XGS3Z*LI2'DSPYB\I6PUBDZ*XP=ZIUB X'ZFNFNYN\IDZPKUQITGNRQIXGN$GZGRWSGNWDH(6LIKDZPIDZPIDSPDSPXZQIX

RGDH\'bRQIYQIEPXGNQI*IRQITGNZPYQIRGHPYQI(GNLI\JYVXI[G[GDPXIDPXIXZLIWDOUBEPU6UYN\IXRQIU6P[LI6P\JRQI""NZGWD[PXIW[P"

X"[GNXPY[NZIDDRPRZLISPSPHI=LI(6LIKSPWN\IUVPWRG6GFVXIUVPM]SI\JRQI"W)YG\IYOUV.GX\CZGHI$'$'HI(6LIKELIHIWYXI YXIHXIUB`X' M]SI\JRQI"$'$'HIRQI SSIEXIU6 \NYG\IEXIRGN# UXPU'XU6DM\PLIYPRO M]SI\JRQI"\NYG\IYXIHXI\S3QID[PXI\+KD;PHP=ZIHIXDYM]SIRQI"$'$'HIX2'DSPXGNELIHIWYXI[NZID\F-KRQI"


8/33

DH#Z*LI 2'DSPYOLID]PIDXPLIE*HI#(6LIKW]*-#X\NYG\IDPLIDTPLI,$GNYIZD[PLIWU6ZIBODWDMFSGNXIYXIHXIZGNXIU6$'$'HI(6LIK 2'DSPZGN#S'S2ID\UBM]LIKYPDPXI[NZIOR*PF-KRQI"[GNS2IX[NZIOR*PRQIKYXIHXIUVPU6PELIHIDRHZIWYXIDM\PLIZGN(6LIKUa=LIXVQIX\IZGN#XGNWY*IZXO[NZIOR*PF-KXRQI"

F"NZGW`XGUI$'$'HIX2'DSPWPF-UIXVQITHIUVPDHPXI[\I[N\ID\M\HIPWLIZDFJXIWZGNLI2'DSPYOLID]PIDXPLIE*HI#(6LIKW]*-#XDH#XUGNLI6GU)YP+NWDMFSGNXIF-UIU'DXVPXIZ\IU6R*P[NZIOF-KRQI"[NZIOR*PF-KDRP\S3QIUVPU6P\*G.LIKGNLI]I(6LIKELIDRHZIXVQIT+tSZLIXVQIT+tSSIZ\I[NZIZ\IUDZPIRUGNLIZZGZ*-(6PZ*LI

bXVQIT+tYGN#RPTGN[PP[GNPHI\GNU6HI(GNLIYXI\SI$+NZGN#M]SIRQI"[GNSPLIZ*LISZLIHIUQIU>NU\JDRPIYQIWDWFLI`X'\'SDH#Z*LI2'DSPWGUIWH'6GDXHI[-Z*LIRZLIW6PD]*PZ*LIDXHIWZ*LIDDWPXIDYY+NDRZ:PDZ*WZ*LIZ*LI [QIK[PDRP ELIHIWYXI (6LIK SZLIHIWYXI ZGN#XGN DZ*#6GUGRQI>N [GNXPY SPHI=LIUVPZ*LID]PIM\F-K\JRQI"

"[GNELIHIWYXI(6LIKXVQIT+UVPXGS3U6PYN\IX+UB X'Z*LI$GZGRWSGNZGN#\JLIDXPLI`X'UPDRPWD[PXIW[P`X'M]SID\RQI"7UDYPXIUVPM\PDRPWSGNDMFYVLIZ\ILILISPFHI#M]SI\'[GNXPY$UPKZ\IUDZPIZ\ILIUVP[XIXISPM]SIRQI"YXIHXIUVPXGN2'DSPIOZPYQIU>NZI$'$'HIX[NZID\ZPRPM]SIRQI"7UDYPXIUVPM\PDRPYXIHXIF-UIUVPXGNW[XIWPP\GNLIZNG#RDEP[PU\JE- [NZID\ZPUM]SI(GNLI"$'$'HIWZ*XI XGNIXVG.DL*DX6GZPYQIU6GD\"WY*HI[LI6PRQIKWFVXI X'M]SID\RQI"

&"[GNYXIHXIUVP[NZID\F-KMFLIRQI$GNYIFV.\IDWPLITHIZGN#XGNYN\I X+RZIM]ZIDWZ*XIZ*HIWPD\MFLIRPUXbDHPXIZ*LI`X'UPDRP`X+S'FVXI X'ZFNYQI6GDHRQIXGNXVDHPIZGN#MULI(GNLID\RQI"7UUVPM\PDRPYXIHXIF-UIUVPDXPLIK2'DSPX$GNYIFV.\IZGN#XGN

YN\IX+RZIM]ZI+NUUXDHPXI[\ITXI\'$UPM\QIZ*LIROWPP6GDWZ*XI\NHIXHI[XUBX'M]SIR*P(GNLIDWPLIWZ*XI\JQI*IFVXI(6LIKD\RQI>NYQIDXPLIS*P[LI6PRG(GNLIRQI"RGN#M]LIK$GZGRWSGNRQIMUHIUP(GNLIL+XGNM\QIZ*LISSI`X'M]LIK\X*-WPHQIR*PDSHI`X+SQIWP[NZIF-KDXPLIYQIFHI#U6HIRG6G(GNLID\RQI"

"ZZGWD[PXIW[P"X"2'DSPRQIYN\I X+UB X'WZ*XIFN(6SIXS\'YXIHXIF-UIUVPSNDTPLIDHPXNX8G.LIWU6ZIE'W'WUIW'Z\IU6

Z\IUrW)YG\IYOUVG.DUVPS'WG\IFVIWG\IFVIHI(6LIKLI(6'X\'b[+U6T\IU6LIHIZYXIWDUGXHIXPEGNLIYXISZLIDRHZIYXIDZPIU'DRHZIYXIYOJ\S3ZGNYXIDMFPXIY+NM\/DRHZIYXI(6LIKUIDZPLIKUVPXGNOF-KRQI"

F"[GIN#M\LIW)YG\IYOUVG.$GNYIUrYHISIGHI[+U6YQIS\LI]'GNLI]IDRHZIYXIDZPIU'DRHZIYXIXPEGINLIDRHZIYXI(6LIKUIDZPLIKUVPXGN6GF-KRQI"bYXIHXIUVPU6PWFVG .#XGNDL*D\IO\+NRQI"

"[GN#M\LIRZLISPUVPWTGNW$GNYIFV.\IXGN\SIRZIDRPXVQIT+U6PHIHIDFWY*HIM\LI[HI\'WTG\I\JDRPXVQIT+>NTGNXRQI"UGNLI\*HIDSPIE*P`X'IPUM\LIE-DRT+NRQI>NTGNRQI"

&"bYXIHXIUVPU6PYN\I X+UB X'WZ*XIW)YG\I$GNYIUr(6SI2'[+U6 2'DSPXWFGNLIWUPXZLI6G[PMFLIM]SIRQI"W[XI\JNZG(6LI KZZGWD[PXIW[P`X' (6SIFNRQI YN\I`X+UBZ*LI $GZGRWSGN \JLIDXPLIWY*HI[LI6PDRP

WD[PXIW[PUVPM]SIRQI"

"DHPXIWD[PXIW[PWFVG .#XDZPK$GNYIFV.\IYN\I`X+F+UBYGNXIY+S+NSUISSIDTPU6P\JLIF-K Z-K[GNS2IXNZG\NYG\IULI`X'M]SIF- KROX*IY*HIRO2'[*HIY6DWPLIRP2'FLIDWPLIXFN(6SIDYPXIXDF-KZ-KoDWPLITHIXGNEIRORZIRY-pSPWN\IU6YGNLIXGNE'E'S'XFN(6SIWZ*LIWR+YLIKFVXIUVPXGNXVDHPI6G[PP[GNW[-U6WDZPXIW[PWFVG.#XGNTXIYXIZLIM\R*P\JUQI"

"SZNZhWD[PXIW[PU6P"

X"2'FLIDWPLISPWN\ID]PIM\FVXIW$GNYIFV.\IZGN#YN\I X+F+\'Z\ZIDYPXIZ*LI =OYGNLIXIDH#DYPXIZ*LI$GZGRWSGN7YN\I X+UB X'U6P\JLI\ZIRXIDHRQITGNRQIKDXPYP>YUVP\V+#(6+#DHF-KUBDXPLIK2'(NWSGNRQI$GZGRZGN#T(1(6LIKYQIXGNXIQ'DWPLIDWPXI\JDXQPFVXIZFN [NZIHIS'S2IFK-RQI"bU6Po7YN\IX+UB X'Z*LIW)YG\IXGNYGNH'WSGNZGN#U\JLIDXPLIW)YG\IWSGN(6LIKWZO7YN\I X+UB X'ZPF+WSSIXGN]GN#XSP6PD]*YVXI6GDXPLIpTGNDRPZPLIDXQPFVXI[NZI]GN#\LI S'S2IF-KRQIW[GM]SIF-K\JRQI"

F"RGN#DRPIDH#[NZIHIXNHIYUIHIRZLISP`X'Z*LI\JYPDRPRZLIZ\NIDXPLIKWDMFWDH\GNTGNJYPF-KRQI"bRZLID]PIM\FVXIU6Po$GNYIFV.\IDWPLITHIZGN#W]-*#FN(6SI=(0J'YDWPLITHIWXIZY'SPFV.\IFV.\ITGN]GN#WZ*XIW)YHIDPXIF-KS2IX2'DSP(6LIKRFLI$SGHIZGN#XYXIU6ZI[GN]GN#MLLI\IF-KXRQI"2'DSPRQI]T\Y`X'WP]F-*HIQI*IFVXIM]LIKW)YHIU6PDHSIF-KDXPLI[GN#WM\LIYOM]/UVPWXOWQ'M]LIK2'DSPDL*RGHIYXIF+6GF-KDXPLIW)YHIU6WLI6LIWFVG.#X2'DSPWPDL*WDMUPXIWMUPD\F-KDXPLISRM]LIKDRP[P\JRQI"[GNRZLIDXPLKI2'(NWSGNW[XI\JDXQPFVXI[NZIDWS'WS2IXGNU\YN\IMFSIE-N\IRGUIF-K\JRQI"


9/33

"[GNXGS3U6P$GZGRWSGN(6LI K\G\X4UM]SIYGNZ- KWM\LI$GZGRZGN#WD\DXPYP>YM]SIUBDZ*U6XPX*ID\YGNDRP2'(NWSGNRQI\LIYVLI[GNXPYX$GZGRZGN#(6LIK\ZIRXIDHZ-KW[XI\JYGNRZLIWUVG.UVG.UVPDXPLIKXPX*ID\Z-KDXQPFVXIUVG.DZPLIU[NZI-DWPLIM]SIF-KRQIU6PYQI[LI6PZ-KWFVXIZFNM]SI\JRQI"

"\UWD[PXIW[P7Z*LIWFVXI(6SIFVXI\JLI\JRQI"X"\[U2'DSPRQIYXISPDFVDRXIRXIRPQI*I\JX$GNYIFV.\IDWPLITHIZ2'ZQIRPRZIM]ZI]GN#M]SI(GNLIRQI"

FNUO$GNYIFV.\IRPUXWSGNZ]-*#Y+N(6LIK2'(NXGN\JYN\I X+RZIM]ZIZPM]SIRQI$GNYIFV.\IW\JHI`X'2'WZ*LIHI2'(6LIKRXIDZPIDSPLIK2'ZGN#XVT+N\'XVHIHI X'WFVG.#XVQIT+U[GYGN#Y*ZIDMUPXIRQI[GN#DXPLIKYXISPDMFDRXIRXIU>NZI(GNLI\'LIWSGNRSIP[OWZ*XI\JQI*IRQIU6P[LI6P\JRQI"

F"[GNYN\I X+UB X'\'YVLIENLIF+X2'DSPXGNWSGNRSI]-*#]GN#]GZIDFYGUIKUQIYGN#2'DSPXDUPIYLIKFVXI6GDHRQI"2'DSPXGN]UIPZ*LIRO#WGUINZI\JYP"7RQIU6PYN\I X+UBX'M]SIYPDWPLIDMUgPXI\L

IKYB+#DTPID\Z-KUXIY+N`X'U>NZI\JYP"W[XI\JWFVXIFVXIDXPLIKYQI7YN\IX+UB X'Z*LI$GZGRWSGNZGN#\JLI(GNLI\+NXGNRG6G(GNLIRQI"

"TUWD[PXIW[P"2'FLIDWPLISPWN\IZ*LIWFVXI(6SIFVXI[\IDZ*#\JRQI"X"\[UX2'DSPD6#DHM]SIROW)YHIU6W)YG\IYOUVG.D6#DHo]XISI>LIH'pRQIW)YHI6GRO#WFHIZ*LINZIZXIYN\I X+

RZIM]ZIF+RQI"F"NZGX$GNYIFV.\IZGN#YN\I X+UB`X'XGNWY*ZIS+ND[PXIDHROW)YG\IYOUVG.oWXI]IXGNYLIpU6PYQIROSP*XISPZUIUVP

D\VPXIT+NR*PXPROYQINZIZXIDRT+NR*PRQI"[GN(6SI2'DRT+NDXPLIFLIXXVDHPIZGN#URGF-K2'FLIDWPLISPWN\IWRPRGRQI"WY*HIS2ISPXQIKSPUVPM]SI\JRQI"WUB`X'WLIF+WM]SIW\VXIWFVG.#XGN ROZGN#RGDHRM]LIKDHPLID\JXIXPU6PSGN,FNYGNWT+NS'LIYGNXI\+NRQI"

7XGS3RQIYQIYN\I X+UB X'Z*LI$GZGRWSGNZGN#\JLI(GNLI\+NXGNUVPS*PR+RLI]*IM]SIRQI"

"RZ:UWD[PXIW[P"

2'FLIDWPLISPWN\IWRGRQIU6P2'DSPDRIS'LIFVXIFVF+\'DHPXIXUGHI#D\F+ROUVPWXV2ID[PLIWFHIZ*LIDHS2IROY*ZIDMUPXI [*XIDM\DWZ*XI$GZGRWP6GUVP[+WXOQ'DZPLIF+UBM]SIRQI"2'DSPRQI[GNXPYZ*LIXD[PLIULI`X'2'S+ZLIXGNY*ZIDMUPXIUBWZ*XIDL*WDMUPXIWMUPD\UQI>NTGN\'FV2IX\IF-K]ORQI"2'S+ZLIX2'[*HIY6DWPLI(6LIKZGNLI\LI\'S'U+FVXIZFNYN\IXPDL*D\LIYN\ID\UQI>NDM\PP[GNU6S\'2'DSPDL*6P\+NDZPIDXPLIK2' DSP(6LIKTXIS\IROW)YG\IUVPWDXPLIW+KR]*IDZ*#DZPKRQI>NTGN[P\JRQI"bDL*DZPLISPUVPZ*LIHPUQI6XIUVP(6LIKSXPY+NDZ*\JD[PRQI"

X"\[UT+N2'DSPDL*DZPLIROXDZPKX\CZGHI$'$'HIM]SI\JRQI"2'DSPXGNELIHI(6LIKF-UIUVP[NZID\ROM]SIRQI"2'DSPRQIb$'$'HIYXIHXI[NZID\UBM]LIKD[PLI[-DPXIDHU6HIURGD\"$'$'HIX2'DSP[+M\HID\SPZ*LIoLJZGN#WPY+NS'S2ID\(GNLIRQI"ULIEPYGN#YO6QI X'XGNUTXIRY-p>ND[PRQI>NTGN[PRQI"

F"2'DSPNZGWDZ`X'TXIR*IROU6PHIXNHIU#$GZGRDXPLITIXUS3ZP_HISZ'\IELIXYLIM]SI\'DL*DZPLISPD\'TXIR*IZPM]SIRQI"bU6P$GZGRR+ZUHIM]SI,(G NLIL+DW\G NWD`X'ROM]SIRQIELIXYLIX[GNSPXGN]ZIYGNXIDZPK

RG\IDMFPXIMFP\'SPXGN]VXIT'XPSPYP\GN#RO\NYG\IWP6GXGNDUPLI[NZIYGNXIRQI"DHPXI2'DSPXbELIXYLI[+RNZIYXIDH#UVPU6PSPDZ*[\I\GN#RQI"DL*DZPLIZPRPUXFGUIDMFPXIRQIKSPUVP\JDF-KRQI>NTGN\JRQI"RGN#PZ*LIELIXYLI[GNSPUVPUDZPK\J"WDXPLIU6P2'DSP\[USP\'XZQIXRO$UPM\QIU6[*XIF*P]GN#M\LITLI\'DHWGUIU6XUIHPYUI>GNZIRGN#DM\PLIDHF-KRQI"RO[*XIF*P]GN #S'S2IDHZNHIRO#XGN]UI]GN #2'[*HIY6DWPLIX[GNS2IXM\QI[-DHI`X'2'DXVPILGUI[+WDXPLIXPF-KRQI"2'DXVPILGUIXENLIF+[+ZLIM\PENLIF+XRXIDRWD[PXIW[PDZ*[\IU+DZPLITGNRQI>NTGNRQI"DHPXIZDH#2'[*HIY6DWPLIXROU[*XIF*PU'NZIZXI[\IR*P\'2'DSPDHPXIT+NSPXGNM\RQI"ELIXYLIX[GZIYHI#DXPXI*+#R*P\'ROXGN]UIYGN#UDXPLIRO#WDHM]LIKR+ZUHIDPWXPWX*IUVP6G[PDXPLIDM\P\JRQI"7XGS3WD\2'FLIDWPLID[PRQIU6PoWU6HIXDZPKUS3ZPELIXYLIWDH(6LIK$GNYIFV.\IZGN#YN\I X+F+UBU6PbEIYGN\ZIRXIRY-TGNZPWDRWFVPRGYGN#\-M]SIZIpI>NTGN[P\JRQI"2'[*HIY6DWPLIXRO#XGNMUHIIUP(GNLIL+U6W\'W\GNLI[*XIR*PHIDM\PF-KRQI>NTGN\JRQI"[GNDH#DH#XS\'bEIDPXIR*PRQIWSUD\DZPK>NTGNRQI"


10/33

"$'$'HIRQIELIHI(6LIKXVQIT+UVPS*P2'DSPXGN[NZID\F-KROM]SI,7YN\I X+UB(6LIK\ZIRZIPZ*LIWDW\JT+NROM]SIRQI"DHPXIELIXYLITGNROU6PYQI$GZGRR+ZUHIM]SI,WD\JRO\LIM]SIRQI"$GNYIUrHIXGN]UIT'\'SSIDTDRPWFJZ*LIYQIbDM]PLIKFVXIW2'DSP(6LIK$GZGRDXPLITIU6ELIXYLIZGN#TXIR*IUBRQIRPUHI[XI\GN,TXIR*IUB6GDXPLITGN[P\JRQI"$GZGRWSGNU6[GNWD\JRO2'[+RGN#2'DSPXWD`X+.DRPWFJDL*DZ*WZLIY6UIDZPLIO\+NDZ*XGND[PXIB,[GNYNN\I X+UBZ*LI$GZGRWSGNZGN#\JLI(GNLI\+NXGNRGMULIOT(GNLID\RQI""DHPXIT+NWUWD[PXIW[PU6P

2'FLIDWPLISPWN\IWW[XI\J$'$'HIDHPXIT+NWM]SIW\VXI\LIM]SID\RQI"D]PIM\[P\+NWb$'$'HIRQIFN(6SIDUYWLISGHIZGNXI\*-U6XLIUVPTNZIR*PPZ*LIWLISGHID[PLIU6YG NXI\JR*P\'FN(6SIW[GDXPKXGZIU#WH'Z*LIDSPE2'`X'(6LIKWZO6GDHF-KRQI"MUHIUPWPP\GNLIUVPXRO#XGNRZIYGNXI\'>NTGNDRPIYQIRORQIFN(6SIWYI\GNLIDYPXIZ*LI[GNLI(GNLIL+U6ZTLIKW)YHIRGN#M\HIR*P\'FN(6SIDYPXIZ*LIU6X*IY*HIR*PRQI>NTGN[P\JRQI"WUB X'WZ*XIWD`X'\NaG.YIY*ZIDMUPXIR*P\+NM]SI\JRQI"7Z*LIYQI$GZGRWSGNZGN#\JLI(GNLI\+NXGN[LI>\IRQI"

W[XID]PIM\\JWD[PXIW[PUVPDXPLIK$ G NYIFV.\IZGN#YN\I X+UB X'Z*LI $ GZGRWSGNZGN#\JLIDXPLIXVDHPIDXPLIS*P[LIMULIOT\JRQI"W[XID]PIM\\JWD[PXIW[PUVPWHXIH+\JZI$'$'HIX2'DSPWPELIHI(6LIKXVQIT+UVP[NZID\UBRQI"$GZGRWSGNZGN#\JLIDXPLIW[LIW6PT+NWFVXIX'M]SIRQI"NZG[LI6PRQIKWFVXIU6PH+\JZIWYN\I X+DWZ*XIYXIHXIUVPXVQIT+UVPDPLIZ-K$GNYIUrHI(6LIKYHI#SGHIZGN#WUBM]SIRQI"$'$'HIELIHI(6LIKXVQIT+UVP2'DSPWP[NZID\UBRQIYNN\I X+UB X'M]SIHIZ*HIDTPID\+NUUXDHPXI\GNLI2'DSPWPPD\NHIXHI[XDWZ*XI\JQI*IRQIM]SIRM]LIK [GNS2IX$GNYIFV.\IDWPLITHI]T\YZ\ID\JLISN`X'DWPXIZ*LISQIY+NQ'*ZIYPDHDRPMUHIUPM\QIX'XGNYQIM\QIZ*LISSIM]LIK]F*-WPHQIR*PDSHI YN\IDRP

YN\I X+UB X'ZFNYQIM]SIRQI"bU6TXI,DZ*DF(GNLIRQIU6P2'DSPYN\IUR*P(GNLIRQIKDHPXI\GNLIM]SIYPDRP$UPM\QIM\QIZ*LISSIUVPM]SIYPDWPLIYN\IPZ*LIYQI$GZGRWSGNZGN#ZHQIZ]+N\JLIXRQIXGNDUPIU6HIRGMULI(GNLID\RQI"

W[XI\JWDXPLIUVPDXPLIK$GNYIFV.\IDWPLITHIZGN#DFJLIDTPLIX'UVPYN\I X+RZIM]ZIUBZ*LI$GZGRWSGNZGN#\JLIRQIXGNXVDHPI[LIMULI+NXQI+NUUXFN(6SIDXVPIXP$UPM\QIM\QIZ*LISSI X'M]SIYPDWPLI]HIZ'XPZ*LIYQI$GZGRWSGNZGN#ZHQIZ]+N\JLI(GNLIDXPLIYQIXVDHPI[LIMULIOT\JRQI"

7RQIUVPU6P$GNYIFV.\IDWPLITHIYN\I X+F+UBW(6SIDMUPXIW[GUIWU6ZIWZ*XIE'E'S'WR+YLIK;PHU6XVDHPI(6LIKDZ*#T+NDUMUHIFHIU6DUF*HIWU6ZI(6LIKbZGN#WD\XVDHPIDM]XPFVXIUVPM]SI\JRQI"

[GNDUMUHIFHIZ*LIDUF*HID\JLIFNDUF-KPZFV.G#DUF*HIUVPU6P$GNYIFV.\IDWPLITHI(6LIKDP[GNDFZI[GNXPYWZ*LIX(GNLIL+DWDMFWDHUVP(6LIK\J\ZIRZIDHP[GNDUF*HIUVP(6LIKWDM]UVPXGNYQIFN[QIKR*LID]PIM\YGNXI\JRQI"DUF*HIWU6ZI""$GNYIFV.\IUX*IY*HIU'XIRZ:\ZIWFV.G#WZ*LIX*HIMU/HSIUVP(6LIKTXIT+DUQIRGN#6G\JRY-"DM]""[GNXPYWDMFWDHUVPXVDHPIZGZGXVXVUU6ZIUGDZPKD\"RGN#PZ*LI[GNHIXVLIXPYDENVWDMFWDHXVDHPIDYKYPRG6GU6ZIRPUGRDYPXIDM\PM\\JUQI"

"(6SI2'\GNLIDYPXIXS\'$UPM\QIZ*LIX*HIMU/HSI\JZ'FN M]SIDH\JRQI"\[UXFNYXI6G$UPM\QIX*HIMU/HSI\JZ'CPB M]SI\JRQI"NZGU6P CPB\JZ'U6D]D]J'YZ*LI F*-[*XIR*PDRP[LI6PDRPRFLISGN2'DTPLIRQIKWY+H'X*HIMU/HSI\JZ'>O,(6SI\JZ'M]SIDH\JRQI"

" F*-[*XIR*PDRP WY+H'X*HIMU/HSI\JZ'U6DFJLIDTPLI RFLISGNX [GNXPY $UPKDZPIY6HID DXVPGNUG.LI M]SIDHDRP$GNYIFV.\IDWPLITHICPB\JZ'(6LIK$GNYIFV.\I2'DTPLIDRPWUV.GRPQ'*ZIDZ\I2'M]SIDRP]T\YW]*-#ZGN#XGN2'S*PTHI#XVLIZGNXIFGNXI\JRQI"W[ORM]LIKCPB (6LIK$GNYIFV.\IDWPLITHIXGNM]SI\JRQI"$GNYIFV.\IXGNZGNXIFGNXIPZ*LI\NaG.YIDDZ*\JHGUIKXVM\LI[HIS*PZGNXIFGNXIF-KRQI"bZGNXIFGNXIUBUVPU6P=OYGNLIY$GNYIFV.\IZGN#XVT+NFJH'W[GM]SIDHRQI>N[LI\JRQI"

"CPBXYQIFN(6SIDSPDSP\GNLIXZQIX]T\Y(6LIK Q')*ZIDDXDXPIDHLI$GNYIFV.\IDWPLITHI(6LIK]T\YZGN#XGNWM\HIWY6HIZGNXIFGNXIX\JRQI"W[ORM]LIK[GN(6SI \'YD*DXPXI\*-XPYWZ*LIM]SIRQI"ROZGN#ZGNXIFGNXIUBU6P$GNYIFV.\IZGN#ENLIF+

WSGNW]*-#Z*LI\JLIUB(6LIKDWPLITHIWXIZY'SPFV.\ID\WGX[PRQI"RGN#DRPIDUYDYPXIXS\'X*HIMU/HSI]T\YQ'*ZIDD6#ZHIZLI\'DHPXIZGNXIFGNXIUBUVPDYVPKHQIYPRQI"$GNYIFV.\IX[GN(6SIDSPDSP\GNLIXX]T\Y2'S'W]*-#WSQIWDZ*LIDM\PRQIU6PoD\JLIFVLILIRGHIRHICPB\JZ'H-#DZPKD\JLI(GNLIZIp>NDM\PF-K]ORQI"DHPXIXVT+NFJH'DH#$GNYIFV.\IUGHI#F*HIZFNZ*LIo$UPM\QIU6PYOUV.GWFVLIFVLIUX*-]GN#YOLI\GNLIM]SIZ-KYXI-RUPWFVLIFVLIUX*-]GN#RZGD\YGNZIp>NDM\PF-KRQI"7RQIU6PCPBXGNQI*I\'DM\PZPM]SI\JRQI"CPB]T\Y(6LIKM\HID\JLIDDXDXPIR+DXPLIKXVT+NFJH'Z*LICPB(6LIKWZGNXIWFGNXIDYVPKHQIYP\+NRQIXGNRZG[PUGRQI"XVDHPI[GNXGS37UDYPXIRPDM\P(GNLI\JRQI"U6ZIFVXIDWPXIZGNEPZ*LI]T\YU6 CPB[NZI\SIF+RQI"DUF*HIWU6ZI""X*HIMU/HSIUVPDZPUFGN(GNLIDWPLIROXPX*I(GNLIUYPXPX*I(GNLIUITGNLIEIYGNHQIH-#XPX*I(GNLIUY-"DM]""X*HIMU/HSIUVPDZPUFGNDWPLI$GNYIFV.\IXPX*I(GNLIUIYGN#XVDHPI+NXQI\JRQI"7RQIXGN[GNDFZI(GNLIL+DDFJLIDTPLIWUVPXYQI


11/33

RDEPZO(GNLI\JRQI"JXGNXPX*IUQITGNYLIUQIRQIKHQIH-#XPX*IUY-"JXGN6LIM\HIU6P$GNYIFV.\IRQIX*HIMU/HSIUVPDZPUFGNDSYGNDRPT(1WY*HI X'UPS*P6GF-K\JRQI"7RQIU6PZGNLIM\QISQIY+NQ'*ZIUB

\X*-U6PSGNGUIYGN#ZDXPLIDHPXI'UGNXDS'ZP\VXIR*PU6PSGNGUIYGN#ZDXPLIWGX[GNWFVXI\IDXPLIKM]SI\JRQI"[GNM\LIX*HIMU/HSIUVPWD\WP[PDUPIYLIKFVXIUVPYQI6GDH\JDRRQI"[GN#DXPLIKDZPUFGNM]SIDWPLIRORP6GDHYLILGUIFVUIS*PLIXPX*IU6PM]SI\JRQI"XPX*I(GNLIDRPWLIWP(6LIK S*UIQIYQI6GDH\JRQI"7RQIXGNDWPXI\JWZGNLI6LIYLIZLIM\R*P\JUQI"

\[UZGNLIM\QISQIY+NQ'*ZIDWZ*XIRO#T(1RODM\P\+NROYNN\IXGNLIF-K\+NZFV.G#XGNWXV2IZLIM\\JUQI"$G NYIFV.\IDWPLITHIRQI$UPKDZPIY6HIDWZ*XIYXIHXIDXPLIYXIXGN]HIZ'ZQIDTPXID\F-KDRP\NaG.YIX'M]SIRQI"\[UDZPIY6HIDXGN2'DTPLIHIWDMFF+DXPLIDRPYOZHISP\JZ'Z\I6GW\IRQI>NOT\'FNYXI6GCPBXGNRNZIYU6PSZLI]*-#SQIF-KRQI"NZG$UPKDZPIY6HIDZ*LI F*HIIWPS*UIWLI6GDRPWUV.GRPYXIHXIXGNLISSIZ\I X'Z\I6GUQITGN\'U6PYXI6G$UPKZ\IUDZPI X'XGNSZLI[OD[PLI]-*SQID\F-KRQI"ZZGHIFV-#(6LIK]XITSIZGN#XGNDZPIY6HIZGNXIFGNXI\'Y*ZIY\IDXGNOHIWZ*XIYQIDXPLIY*ZIY\I\'ZGNLIM\QIZQIDTPXIHIYQIDXPLIZGNLIM\QIQ'*ZI]GN#YGNRQITGN\'WUV.GRPQ'*ZIDZ\ID\JLISN X'UVP]*-#SQIF-KMFLIZGN#M]SI\JRQI"

$GNYIFV.\IXQ'*ZIDRQIZGNLIM\QIWLIWPM]SIRQI"DZPIY6HIDZDYPXIY+NWZ*XI\LIUWNZIMUSIM]SIRQI"Y*ZIY\IDWZ*XIRPUXY*ZIY\I\'ZGNLIM\QIRSI[OD[PLIDZDYPXIY+NYQIYGNW\IRQIM\HIYQI[OD[PLIDU6PM]SIDSZGNLIM\QIXPX*IDU6PM]SIDSWPY+NU6PQ'*ZID6G]GN#YGNRQI"Q'*ZIDRQI[P(6LIKWPPU6PYGNW\IRQIKRDEPUVPDM\PXPF-K\JRQI"DHPXIXVT+NFJH'=OYGNLIXIU6P\LI Q'*ZI]GN#DM\PR*P\JDRRQI"RO#UGHI#F*HIUVPS*PZ*LI Q'*ZIDWD`X'UBXGNUVPS*PDM\PF-K\JRQI"

Q'*ZIDWZ*XI$GNYIFV.\IDTPLI*XIF-K\+NUVPXGNM\HIXQIKYLI\[UT+NNZGXU%PSSI X'SFVGHIHIFV-#DZPIY6HIDWZ*XI

FN(6SIZ*LIMUHIUPZGNLILIRPWLI6LIUVPWGXM]SIDRP$UPK[*ZI\IGNIW]*-#`X'XGNZGN#$UPRFLIWSQIW+N`X'XGNWDMFF+,]*-#SQIF-KRQIKDHPXIRNZIYZ*LI]XITSIDZPIY6HIDWZ*XIX*HIMU/HSI\JZ'ZGN#(6LIKZ*-,]T\YWUV.GRPQ'*ZIDZ\ID\JLISN X']*-#SQIF-KRQI"DHPXI$UPKY*ZIY\ID(6LIKWHPZIWDWZ*XIMUHIUPZGNLILIRPYOUV.GSNZGN#(6LIKDR*SQIQ'*ZID\LIY+NSPFV.\I X'XGND]D]J'U6PFV.\ITGN(GNLIF-KRQI"YOUV.GSN X'ZSNM]SIDRPXLIWUV.GRPZGN#(6LIKUOXZQIXXLIWUV.GRPYXIHXIXGNLIZ\ILIZLI]*-#D\\'SZLISQI+N (GNLIF-K\JRQI"

$GNYIFV.\I>PZGNLIM\QISQIY+NQ'*ZIDWZ*XIRNOT(1DM\PTGNFVXI(6LIKYN\IDTPLIFVXIUVPDXPLIKMUHIUPKRUGNLI\QP6LIUVPXFV.'XV/F-KXRQI"$GZGRYOUV.GRUGNLI\JDUPX4YNSIXDYPXIXDM\PF-KRQIU6P$GNYIFV.\IDWPLITHIRQI$UPKRUGNLIZ*LISZNZhDMUPXIZ(GNLIL+Y+NXGNSQIY+NR*P(GNLIDRP\NaG.YI X'M]SIRQI"RO#WLI2'U6P\[UENLIDHPI[PADNZGENLIDHPLIENLIAD ZZGENLIWDYPLIENP (AD ZGN#M]SIRQI"SZNZhU6P$GNYIFV.\IDWPLITHI (AD M]SIRQI>NFV'XV/F-KXRQI"[GN#WM\LI$GNYIFV.\IRQIYXI+NQIH-#U>NZI(6Y+NQIH-#RPZQIDTPXIRQI>NYQIDM\PXRQI"ZFV.G#RUGNLITPUVPXDM\PXDRRQIU6P$UP(GNLIL+Z*LILGUIFVUIS*P(6LIKYOUV.GSNWPY+NXGN\JLIDWPLISQI+N\'(GNLIL+ZQIDTPXI(GNLIROU6PXVHISSIRPENLIXY*-YLI $GNYIFV.\IDWPLITHIZ2'ZQIRP6GRQI>N TGNX\JRQI"

[GN#DXPLIK$GNYIFV.\IDWPLITHIRQI$UPKDZPIY6HIDWZ*XIWUV.GRPSQIY+NQ'*ZIDXGNRG\IYGNYP\'DWPLIY-ZQIDTPXIF-KROZQIDTPXI(GNLIRNOM]SIRQI"7RQIU6PYQIROYN\I X+F+DRPWDXPLILIZFNM]SIRQITGNRQIXGNDF-K \'M]SI\JRQI"7X-KRGN#WUV.GRPSQIY+NQ'*ZIDXGNZDYPXIY+NYGNYPZQIDTPXIF-KRO$GNYIFV.\IDWPLITHIRQIWUV.GRPQ'*ZIDXGN\X*-DM]SIDSUQIKX*HIMU/HSIUVPDZPFGNUQIKWDXGNUQIRGN#UYGNYPUQIU>NZIHQIYUI6GRUXPX*IU6PM]SIDXPLI6LIYLIS*PMULI(GNLID\RQI"7RQIU6P\[UWDXPLILIM]SI\JRQI"

NZGWDXPLILIU6P$GNYIFV.\I'UGNXDS'SGZIPZIM]SI\JRQI"$GNYIFV.\IRQIRORZ:G6G\'UGUGXGNIUGUG+NXQIROYQIM]SIXPFGNLIUPRQIKSPGZ:(6LIKZPUZSGZIPZI6GROWFV.\IU6P'UGNXDS'SGZIPZIWM\QIKW6GROM]SIRQI"RO#UGHII#F*HIUVPWEIYGN$UPM\QIUV.GZQIDTPXIYGNRQITGNPU6PY*ZIY\I\'DHPXIZQIDTPXIUQIK(GNLIL+WDMFF+FVXIXGNDM\PF-KRQI"S'\*PD(6LIK2IDXVUBWTLI-MFLI\DM\PXIZ-KDFZIU'(GNLIL+DZPIRSIM]SI]GN#(GNLIL+DW'UGNXDS'XV]GN#(6LIKZZGU6PZQILGUIDWFVUIDRP(GNLIL+M]SI]GN#>ODRPWFVXIFVXIXGN

2'ZQI\'DM\PF-KRQI"FN(6SISZNZhW`XGUIDMUPXI(GNLIL+DFJLIDTPLIUVPWSQIWDZ*LIDM\PRQIU6Po'UGNXDS'JRPYLIY*ZIY\ID(6LIKT'DYPIZI"'JRPLGUIFVUIDXGNWPD\ZI"'JXGNRPXVDHPIZGN#QI*IZI"p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`X+.ZGNLIZDYPXIY+NDM\PF-KRQI"WM\LIW[HIT+NDM\PRQIU6PFN(6SIXNHIFJH'XGNIKULIXGNIFVLIFVPFV'YUIWP6YOLIUVPWSQIW+NZ*LIYOLIDFJLIDTPLIDZ*(6LIKSSIEXIDFJLIDTPLIDZ*XGNDM\PRQIKUGHI#F*HIM]SIRQI"EPYN\IXUQIHQITGNRQIXGNHIRQIKRDEPY-\J\JRQI"$G NYIFV.\I'UGNXDS'


12/33

DXDXPIR+U6PoYOWUVPT+NWZ*XIWDXPLIT+NWXV.G\(GNLIUIKYOUVPSNXXXGNLI(G NLIZ-K'UG NXDS'p>NW`XGUI`XGUIDM\PF-KRQI"DHPXIZDHPU6PDM\PRQIU6P oYOZHISPDZ*X*-DHRUXPY\ZIY+NWPY+NWZ*XIDXPLIUIK 'UG NXDS'UM]SI(GNLIDREOJD\U-KWSGNXYOUVPSNTLI-RPDZ*XGN\LIZ-K'UGNXDS'UV.GM]SIUI"p>NDM\PF-KRQI"oWDHPXIZGNLI'GUGNXDS'YGNWLI6LIYOZHISPZ2'ZQIXRPXXGNLIZ-K'UGNXDS'UV.GU>NZIE-YOUVPSNM]SIZ-KWYN\IRUPYIRUPYOYZIZHISPUVPWDMFF+\'WUV.GRPWLI6LIUVP\J\JLIZ-KZ\ID\JLISN'UGNXDS'UV.GYGNZIp>NYQIZDHPU6PTGNF-K\JRQI"oV\HIM\QIU6PYGNSSIEXIXYXIJ`X'WN\I\'ZGNLIM\QIYZIDZPIXEPU6WSGNUZ-KSSIWPP6LIJUV.GU6GDWPLISSIEXIXGNZGNLIM\QIYZIDZPIXWN\ISGN(GNLIF*LIK6GUI"DHPXIY*ZIY\IS*PDM\PTGNF*LIKSQI+NF*LIK

S'ZHIYUIDYPXIF*LIKUVP6GUIp>NYQIZ`XGUIUXDM\P]O\JRQI"DHPXIV\HIU6PSSIJYUIYGN#WP6ZGNXI X'(6LIK RO#ZGNLIROM\QIRPYO[N`X'\J[GFGNXIHSIHP\+NDZ*Y-UXPFDM\PF-K\JRQI"$GNYIFV.\IRQI'UGNXDS'YN\ILHIXGNWDXPLIW[QID]PIUR*P(GNLIF-KWGXWPM]LIKUGHI#F*HIUVPDYPXIRP[PR*P(GNLIF-KRQI"RGN#DRPI

FN(6SIUVPWZ*LIZSGZIZ\GNLIWPPWZ*LIDFZ:Y\GNLIUWPPXGNLIR*PS2IRO'UGNXDS'YN\I>HIUVPWUVP`X'XGNXVDHPIZGN#DZ*#F- K\JRQI"\[UU6PRO#XGN\Na G.YIDW\JM\LI[HIS*PZGNXIFGNXIDHDRPRFLISGNWY+H'X*HIMU/HSI\JZ'UZPRLIDXQPF+[PUBXGNRO#ENLIF+WUBDTPLIWSGNW]-*#[-DWPXIZGNEPYDYPXIXLI\'DHPXI(GNLIEP'=LIEPDYPXIZ*LIZPLIWRLIWF*LIKWDUVPFVXIFVLIM\HID\RQI"[NGXPYWDZPWZ*LIU6PYQISSI\'DHPXI[NZI[PDRPXPX*ID2\DUVPN\IRGUID\F-KRQI"\'DHPXISSI X'WZ*LIXM]SIF-KDRPWUBUBUVPXGN\Y\I\SIHI2\D\F-KRQI"ZGNLIM\QIZ*LITO\O[XUBUVPXGNY*ZILGUIFVUIRPF*LIKUVPDXQPF-KRQI"

$GNYIFV.\IMULIKUPDRP'UGNXDS'SGZIPZIXGNXVDHPIZGN#WPY+NMULIDZ*#(GNLIRQIK[LI6PDRPZFVXIU6P]XITSIDZPIY6HIDW\'NZGXU%PSSI X'\'R*P\'DHPXIFN(6SISXIZLIEPYZ*LISSIZ\IWZ*XIX(1'SPFV.\IFV.\I\'RQIKDHPXIZ*LI RO#WDHM]LIK ZGNLIM\QI

WXVG.XGNSSIRPE[XI(GNLIL+DEXI\GNYGNW\IUQI[LI\'(GNLIL+DEXIRGN#XODM\PLIR*PRQIKWFJRO]-*#SQIZQID[PLIF-KRQIKZ\IUDZPIWD\R+DP=2I(6LIKZ\IDXPLIDDSZHPDZ*RP6G\'SSIZ\IWF*LIKWDW6GHIWJUVPXGNRO#(GNLIL+DWZ*LIT*-OWR+NFVMFLIU6GRHI#RHI#6LI6LI(6LIKGNRPS*P(GNLIL+DEXIRGN#XODM\PLIR*PMFLIXGNMULIDZ*#(GNLID\RQI"

W[XID]PIM\\JWFVXIWFVG.#UVPX\LI$GNYIFV.\I'UGNXDS'SGZIPZIWEIULIKRHIFGNLIUPDHRQIXGNM\TGNDHD\RQI"[GN#DXPLIK[GNX-KRGN#DRP\NaG.YIUVG.DWPXIZ*LIX*HIMU/HSIDZ*XGN'UGNXDS'UD\E-2\DM\LI\DZPZ*LIZ*HI\GN#UQIKYN\I\IUVPXGNXQIKDHUQIU>NZIUNFV\LI]I6P\SIUQITGNRQIXGNWPY+NRGMULI(GNLI\JRQI"7RQIU6PX*HIMU/HSIUVPDZPZ*LIUDPXIDWPLIUNFVXPX*I]I6PUQIKNZGWDXPLIM]SI\JRQI"

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tTGN6IYSI\JZ'tM\QIRO#--DRPI\JZ'ZGN#XGNQ'*ZIDSHIXGNIZGNLILIXPDSKWP[NZID\F-KRQI"TXI\'WP[NZIU6PYQIM]SI\JRQI"7RQIZGN#U6P$GNYIFV.\IX*HIMU/HSIUVPWD\R+DP=2I6GMFLIZGNLIM\QIDXPLIU*HIDWZ*XIUVPS*PWP[PDUPIYLIMFLISRQIK$GNYIFV.\ISGZIPZIT(1XGNM\MFLIM]SIRQI"[GN#DXPLIKROYN\I X+F+RQIKWDXPLILIZ\IU6PX*HIMU/HSIUVP(6LIKM\HID\JLISQI(GNLIDRPWDXPLI6GRQI>ODRPWFVXIDXPLIKZDXPLIM]SIF-KRQIU>NZI\JDYP"

[GNRGN#X*HIMU/HSIUVPXGNHIROYGNEIZNHIXU6RDEPU[PE-UVPS*PWXVG.\(GNLIRQIKEXIRGN#DUPIYLIKWP[P\'YXI-Q'*ZIDXGN\LIXSPWP[NZIDHDRP$GNYIFV.\IRQI X*HIMU/HSIUVPX*-\-Y*LIKSLI\'DZPZ*LIYXIHXIXGNLIYUI(6LIKHIROWM]SIRGN#DPXIR*PDWPLI]HIZ'\YN\IUBUVPXGNDZ*#6GDRPIWEIUYLIUZPT'UXPX*IE-YSIYV/BDH(GNLIUQIHQI"UNFV\LIXPX*IUQIM]SIRQI"

W[XIZ*LID]PIM\F-KRQIKWZGNLIX*HIMU/HSIUVPDZPFGNRQIKWDMFWDHDPXIR*PDRPIM]SIYP(GNLIDRPWFVXIX'FVXIM]SIRQIKZGNLIM\QISQIY+NQ'*ZID\X*-YPU6PXGNYQIDXPLIZGNLIM\QI'UGNXDS'WPHQI\VXIS'PXVU6PXGNYQIDXPLISQIY+NQ'*ZIUB6GS*P

ZXIQ'YXIQ'\OD\JLIYN\IXGNLIR*P(GNLI]G N#UVPS*PDUPIYLIKWP[PDHRQIKYXI-WLIWPSNYQIM]SI\'ZGNLIM\QI-#WDMFF+WUPF+WLIWPSNYQIM]SIRQIKX*HIMU/HSIUVP\ZI[*XIR*P+NUXHIROWM]SILITGNLIU6PXGNYQIDXPLIZOFJS*PUYGNYPRQIK$GNYIFV.\IRQI[GNX*HIMU/HSIUVPDZPZ*LIDPXIDZ*HI\GN#YN\IDTPLIFVXIUVPXGNMULIDZ*#DRPIUNFV\LIUGUGS*UIWPXGNR+N\'WS*UIXNHIXPX*IR*PU6PRPM]SIRQITGNRQIXGNXVDHPIZGN#WPY+N+NXQI(GNLI\JRQI"

X*HIMU/HSIUVPZ*LIWGXM]SIDRP CPB \JZ'DZPFGNZ-KWDMFWDHUVG.UDPXIDWPLIZPT'(GNLIZ-KZGNXIGNXIHQIYUIXDZPK$GNYIFV.\IRQIRO`X'UPY6DRP(GNLIL+DWLIWP(6LIKR=P(6LIK[GNS2IXPYXWD`X'Z-KYXI-\JZ'R+N\JZ'XPLIDPXIM]HIDM]ZPT'DRPM]SI\JRQI"

[GNS2IX$UPK(GNLIL+DZ*LI2' DTPLIYN\IXGNLIDHXDRPWGX\JZ'UVPRQIYXI-R+N\JZ'M]SI\JRQI"bZGN#U6PCPBtTGN6IYSI\JZ'(6LIKM\QIRO#-DEPI\JZ'ZGN#M]SI\JRQI"$GNYIFV.\IXGNLIZ*IUQIK[G N\JZ'R+N\I[GNXPYU6PZQI6GDHDRPWDMFWDHRDEP[PXGN


13/33

\[UD]PIM\YGN\JRQI"\[UDZPFGNXGS3UOLIM]SIDHZ-KCPB \JZ'[GNS2IXPYWDMFWDHXGNZLIM\DRPIROZGN#RQIYXIHXIXGNLIZGNXI\-*TLI(-*YGNDRP

\JZ'U>NZIROZGN#U6PYO[NYOZHISPWDMFF+WP\IZQIUBWDZPI`X'`X'6GDRP\JZ'M]SIRQI"FN(6SIUVPZ*LIbZGN#M]/U#(6LIK\V2IUHPU#UVPU6P\YN\IRQIK Q'YPF+ YO[NWSQIWD`X'UVP>PRUGNLIZ*LIW`X'T+NYO[NZXIDPXIUBWLIWPW`X'T+N>N [GNS2IXTGNXRQI"'UGNXDS'WDZPIWZHI6GRQIKDWPXIZ*LILGUIFVUIS*PYB\I6PF*LIKYVLIUGUGZGN#YUIS2IXGNZLIM\\'DWPLIMULIDWPLIFV'ZXIR*P(GNLIUQITGNRQIXGNDXPLIS*P+NXQIDRP\JZ'M]SIRQI"bZGN#RQIM\QIROUVP`X'S*PNX4UDPXIDSE-ROZGN#YUIS2IXGNLGUIFVUIS*PSQI+NYB\I6P\'

REPWLGUIFVUIS*PDWDTS*PDTPLI*XIR*PYGNXRQI"DWPLIMULI(GNLIRQIXGNYQI+NXQI[PRQI"RGN#M]SI,ROZGN#WYGNWDYVPXIDZPFGNYXIHXIXGNLIM\QIZ*LISSIZGNXIDUM]SI(GNLI\J"M\QIRO#-DEPI\JZ'U6PWGXWUVPSNRQIDZPIY6HIDZ*LI\JLIF-KDRP-DEPID>PLIUVPM]SIRQI"$GNYIFV.\I\JZ'>N\LIDM\P(GNLIRQI"

$GNYIFV.\ISXPHPD[PLI\'$GNYIFV.\IRDEPUZOZPEPUYN\IUQIK\JZ'U>NZID\"ROZGN#WYGNWDYVPXIDZPFGNYXIHXIXGNLIUQIKYUIS2IYQIU6GD\"CPB XGNYQIDZPZ*LIDUPLIFVDYUIRGN#\GN#UQIU>NZI"RO#\IZQIFVXIWZ*XI $GNYIFV.\I6GDH\'M]SIRQI"

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

[GNTGN6IYSI\JZ'RQI$GNYIFV.\IX*IY*HI\'DHPXI2'(NXGNZ]XIXU6'FGN\'Z]XIX]XITSIWPPZSGZIZ\GNLIM]LIK\IZQIDHRQI"M\QIROYO[NWZ*LIZ*LICPB (6LIK62I\LI\'\IZQIUDH(GNLI"$GNYIFV.\IX*IY*HI\'Z(6SIWZ*LIU6P\LICPBXGN]G(6G\IYPRQI"DHPXIT+NCPBXGNDZPZ*LIDUPLIFVDM]SIDSDRPHIXNHI(6LIKZX*ZM\QIY+N6GX*HIMU/HSI\JZ'LIUVPXGNZ\LIZQIWSNYGNXIW\+.YGNXI]UIT'DZPKRQI"RGN#DRPIDFJLIDTPLIWUVPRQIUV.GFVSIM\QIFVSI(6LIKYGNYPROUVPXZLIRZLID\UBDXPLIKHP'\GNLIWZ*LIWFV.G#YQIQWG\IDHPU6[*XIDM\Y*ZIDMUPXIR*P\'DZPZ*LIU6 U'XV.GDUPLI\VXIYXIHXI(6LIK FNF+RQI"RGN#M]LIKYO[NZ*LIU\IZQI(GNLIDRPTGN6IYSIUVPRQI7HQIM]LIKCPB XGNDZPZ*LIDUPLIFV\'DRPLIXVHIROTGNXPTGN6IYSIYUI[PDRPSSIZ\IRGN#Y-W\I]G(G6\I\JDZPKRQI"7HQIM]LIKTGN6IYSIUVPRQISSIZ\IWPXGNHIFV-#WPXGNM]LIKM\QIZ*LISSI X'XGN]HIZ'YGNXI\JDZPKRQI"[GNXGS3XGN\NaG.YIW2'DTPLIDTPLI*XIROU6P[GNS2IXM\QI[-DHI X'M]SIDRPTGN6IYSI\JZ'DFJLIDTPLI 2'DXVPILGUI\LIM]SIRQI"RORQI$UPM\QIM\QIZ*LISSI\NaG.YIWZPF+H+\ZIM]SIRQI"

W[XI\JWDMFWDHZ*LI$GNYIFV.\IXX*HIMU/HSIUVPDZPFGNRQIKEUDPXIDWPLILI\']VHIDM]ZPT'YLIUQIRGN#M]SIUQIHQI"CPB XUGUGZGN#WZ*XI\GNUGNTGNJRQIKDZPFGNUQIKYUIUDPXIUQIUGN#$GNYIFV.\ILIDPXI]VHIDM]UBXGNXTGNHPF+XU6PUY-M]SI\JRQI"M\QIRO#-DEPIU6PYQIROZGN#WDH(6LIKYXIHXIXGNLIDZPFGN]GN#UYGN$GNYIFV.\IR=P6G\'M]SI,$GNYIFV.\IT(1WZGNLIX*HIMU/HSIUVPDZPFGND

YGNYPXUQIU>NZIDFV"TGN6IYSI\JZ'RP$GNYIFV.\ISXPHPUD[PLIYGNDRPIYQIYXIDZ*#W$GNYIFV.\IXGNTHI#XVLI\'YN\IDU6PUVPS*PWXV\I

DZ*#DHRQI"TGN6IYSIZGN#RQICPBWD\M\LI[HIS*P]G(6G\IYP\'DHPXIT+NDZPFGNR*PDM]SIDSRQIKZ\JZ'Y+NXGNZ\LIHXIWSNYGNXIW\+.YGNXIS'HLI]UIT'UBUV.GXGN$GNYIFV.\ID6#DU6PXIU6PYN\I-XUQIU>NZID\"$GNYIFV.\IXYQIWDMFWDHZLIUPYPYLIUNFVLIDPXIZPT'U6P\LIM]SIRQI"bTGN6IYSIUVPRQI $GNYIFV.\IXX*HIMU/HSIUVPWD\HIROYGNRDEPU[P(GNLIRQIXGNWY*HIUDXVH\IXD\"[GN#DXPLIK$GNYIFV.\IZGN#YN\I X+F+S2IX\[URFLISGNWY+H'\JZ'X\LIoJ>PTGN6IYSIDZ*RZIZPp>O,\LIDXQP]ODRRQI"TGN6IYSIZGN#U6P$GNYIFV.\IM]HIDM]UBXGNUXXIDRPIYQIS2ISPUQIKWFVXIFVXI6GRQI"\[UXYXI6GbZGN#\IZQIUBU6P$GNYIFV.\I2'DTPLI[PDRP]T\YW]*-#FV.\IZ*LIX$GNYIFV.\IXGNU6''\'\IZQIDHRQI"

DHPXIZFVXIU6P$GNYIFV.\I(6LIKTHI#XVLI\'ZR'ZMFP\IZQIHIbZGN#RQIYO[NWDMFF+U6G,UM]SI(GNLIDRPEM]SIRQI"DHPXI$GNYIFV.\IRQIWLIWP`X'UP\'R=P`X'Y6RQI"THI#XVLIHIUM]MSI(GNLID\"[GN#DXPLIKUY*HITHI(GNLIE-$GNYIFV.\I]VHIDM]ZPT'UQIKYUIXGNUNFV

YGNXID\UQI"RGN#M]LIK X*HIMU/HSIUVPDZPFGNUQIKWDMFWDHUV.GUDPXIHI $GNYIFV.\IXU NFV]VHIDM]ZPT'(GNLID\UQI"[GNDXPLIKW[XI\JDUF*HIWX*HI MU/HSIUVPDZPUFGN(GNLIDWPLI$GNYIFV.\IXUNFVXPX*I(GNLIUQIM]SIRQI"XPX*I(GNLIRQIKHQIYUIU6PW[XIZ*LIXVDHPID]PIM\F-KRYGNWGXWLIWPUVPM]SIDRPCPBTGN6IYSI\JZ'M\QIRO#-DEPI\JZ'

ZGN#WXPLI\']VHIDM]ZPT'DRPHQIYUI\LIM]SID\RQI"7RQIUVPU6PXVDHPI(6LIK E'E'S'RZLID[PXIZGN#DUMUHIFHIU6XVDHPI[NZID]PIZLIM\YGNDRPWDXPLIWPZFV.G#M]SI\JRQI"7DHPZ*LIXVDHPID]GN#XVHIF-KRQIKXGS3ZFNDRP\J2'UQI"$GNYIFV.\IUX*IY*HIU'XXVDHPIKXGNDSFGNLIF-KRQIKXGS3ZFN6G\JDRRQI"

[GNXGS3U6P$GNYIFV.\IRIQ]XITSIDZPIY6HID\'DHPXIROSSIZ\IX[*XI\'( GNLIL+DEXIXODM\PLIYGNXIHIT+NM]ZI\'DHPXIZ\IUDZPIXGN

RO#XGNISP[GHIRGUIWN\IFV.\IHIY-W\IF-K]GN#\NaG.YIXGNS2ISP6PD]*F-KRQI"ROZQID[PLIYPF-KDRPZ\IUDZPIW)YG\IZGN#(6LIKD\JLISQIRQIK


14/33

DHPXIZ*LID]PXID]PXIM\PM\PDZ*M]SIYPU6PWY*HISGNGUI\+NRQI"P[OS2IYPJS2IW[GNS2IRNO#YXIDWPXINSSIDRHP\ZGM]SIDHDRP$GNYIYXIVPXGNRPY-W\IUQIM]SIP$GNYIYXIVPWD\(GNLIL+DWSGZIFVUQIM]SIDRPIYQIXVUIUPDWD6QIWZ*XISGZIUFV>N[LIMULI\+N\JRQI"[GN#DXPLIK(GNLIL+DWUD]PXIUM\HISGZIFV\'WUVPDYSPMFLIYQIF+XP\JZ'WUVP(6LIKTXIT+DYQIDXPLIU*HIDRPX*HIMU/HSI\JZ'DFJLIDTPLIZ2'M]SIDRPRFLI$>GHIXGNSSIZ\IWPRO#XGNISPY-W\I]GN#SGZIXOT(1M]LIKT+NM]ZIF-KRQI"

[GN#DXPLIKFHI#U6HIDMF=OYGNLIYZ*LIDYPXI[LIRQI$GNYIFV.\IDWPLITHIXVDHPIKXGNDF\'RFLI$>GHIXGS3ROT(1(6LIKT+NM]ZIFVXIXGNDM\PM\XPRFLIRHI[*HI[+DSYZI,RFLI$>GHIXGNSSIZ\IXGNY-HID\]GN#HIR*PDZPLIFGNLI\JRQI"XVDHPIRFLIRHI[*HII[+ R*P,

[GNXGS3XGNDM\PM\\JRQI"[GNS2IXYX XVDHPIZGN#$UPM\QIX*HIIMU/HSI\JZ'U6PEDPXIJJLIDHP WHPZIY*ZIY\ID DZPIY6HIDYN\ILHIUVPU6PSSIDWWXUI]XIYB\I6PUBUVPUYGNE-LGUIFVUIS*PM]LIKYO[NSQI+NYB\I6PUBM]LIKDWPLIMULI(GNLIRQI>ODRPWOWTS*-U-S*P+NXQIDHRQIKXPYM]SIPSSIZ\IYN\ILHIWD\JDYPXIWP+NU[PDZPKE-YO[NYOZHISPSQI+NDRPWGXWP+N[PDHDRPXPYM]SIRQI"

RFLIRHI[*HIXD6#U6PSSIZ\IYN\ILHI>PJDYPXIWD\JDZPKU6PU>NZI\JYO[NSQI+NDRPWGXM]SIPXGN$>GHIU6PWY*HIWD\J\'YO[NWZ*LIR=P`X'ROM]SIRQI"RO#XGNWD`X'RQIKWYN\IRUPRUaDZ* XGNLIFGNLI]GN#S'S2I[P,UD\(GNLIDXPLIDM\P\JRQISSIZ\IXGNWS2IWYP6GRQIKFLI$VPZGN#DZ*\-Z\IU6PR=P6GDWPLI YN\I\'[GGHIRGUIR*PX\J>NDM\P\JRQI"

XVDHPI[GNXGS3 $GNYIFV.\IXGNM\HIWS'LIF+DZPK $GNYIFV.\IX XGN$>GHIUD\(GNLILI M]/HIU6 X*HIIMU/HSI\JZ'DFJLIDTPLIZ2'M]SIDRPRFLIRHID]DPUD\(GNLIEOYP>N[\IDUFGNLI\JRQI"RFLIRHI[*HIXRFLIRHID]XGNYQIUD\(GNLIDXPLIWDXPLIM\HI\JRQI"

$GNYIFV.\IYQIWDZPISGZI\VXIR*P\+NRQI"DHPXIT+N$GNYIUr`X'YXIVPXGNE-RO#XGNISPRO#DHPTXIF+EGN#D*FVI\'$GZGRZGN#DWPXIZ\IUDZPINSSIDTDWP6GFV.\IDHPRGN#LIODS\JDZPKRQI"DHPXI$GNYIFV.\IZGN#WSGNW]*-#Z*LILIYPDRPWFJ$GNYIFV.\IRQI

XPX*IDHI X'ZPHI\JO[P\'Z\IXGNROZ]XIX[GUIRGUIR*PUQI>NSGZIXON[P\+NRQI>NOT\JRQI"[GNXGN$>GHIXGS3XGN[GNS2IXTGN6IYSIUVPRGR*P\+NRQI"$GNYIDWPLI`X'X$GNYIDHLI[+D\SPUVPZ*LI[GNXGS3\JYP\'TGN6IYSIDZ*

UDXVUH\IM]SI\+NXGNHIXVLIX]ZIBYGNXI\JRQI"7RQIU6P$GNYIFV.\IUX*IY*HIU'XXVDHPIWPDSFGNLIF-KRQIK XGS3ZFNM]SI\JRQI"$GNYIFV.\IXXVDHPIKWP\QPD\F-KRQIKXGS3ZFNYQI6G\JDRRQI" FN(6SI D]D]PIJ' XI\LIY+NSPFV.\IFV.\ITGNPZ*LIDHPXI(6SIXPYLI6UIM\QIWDHH-#F* -[*XIFVLIF*-[*XIF*LIK\UQI

TGNDRPWFVXIWD\XVDHPIX $GNYIFV.\IWPDUMUHIXQIKPZ*LI $GNYIFV.\IX X- ULI$UPM\QIDMU\+NXGNXQIKSUI ZGN#Y*ZIY\IDZ-KWFJ6UIM\QIU\JLIZGN#DMU\+NEIYGNM]SIR*PUY- JDXPLIKY*ZIY\IDOZ-KWFJ ZD\JLIZSQI[-]GN#YGNZI" >NDM\PM\DT*D(*\' [\I,DM\PM\RQIU6PZGN#ZDZ*XLJ(6SIS'U+XGHIFNDYPXIYN\I\'(GNLIL+XGNZQIDTPXIM\LIZG N#ZDZ*H-#WZODHFVLIYPU6P\JX*P>NYQI(6SIRGUIKDM\PTGN\JRQI"$GNYIFV.\IXTGNYGNRQIU6PLJ(6SIS'U+XGHIFN(6SIXPZGNLIM\QIZQIDTPXIDXGNWZOZX*YN\IDTPLIX\'LIF*-[*XIFVLIU6PU>NZIDZPK >NTGNYGN\JRQI"

[GN#M\LI $GNYIFV.\IYNN\I X+UF+U'XDYU6P\LIY*ZIY\IDWZ*XIWM\LIW[HIDT* D(*G(BGLIDHS2IXVDHPI(6LIKDZ*#S2IDM\PRQIU6PY*ZIY\IDWZ*XIDZPKWSSWTLIDM\DHZP\-EPDZ*M]SIYPW+NUY-DZPKURGEOX*P>O,M]SI\JRQI"XVDHPIKSGZIZ*LIKS2ISPUGRQIU6P$GNYIFV.\IRQIW)YG\IHI FV-#RUPWPRG\I+NXQIUBU6GY6E-ZS+NZFNWD\SGZIHQIHQIDYDH\+NRQI>N[LIMULIF-KUG\JRQI"

7RQIUVPU6P$GNYIFV.\I(6LIK\ZIRXI,XVDHPI[GDZ*#F+SPFVXIWFV.G#M]SI\JRQI"

DRHZIXGNLIDMFYVLIZ\ILIHIXNHIURGN#DM\PLID#MFLI

$GNYIFV.\IZGN#XVT+N\'DHPXIHIXNHIU#XGN[GHIRGUIHIWZ*XIXVDHPIZGN#DRHZIXGNLIDMFYVLIZ\ILIXGNHIXNHIRGN#D#DM\PLI\'U#Y+NF+DXGN \NYG\IW]-*#(6LIKZ-*,XGNLI\JRQI"

[GNXPYZ*LI$UPKZ\IUDZPIZ\IUrUVPDHPXGNW)YG\IUVPUXGNLIDZPKE-MUHIUPZGNLILIRPUVPXGNY-W\IYP\JRQI"

$UPKY*ZIY\IDD\HIXIH'X\IYP,M]SI>HI6G\JRQI"XVDHPIU6PZ\ILIZ\ILIUrM]SIYP\'P[OYQIN$GNYIUr`X'YXI]ZLIHLIXPHIM]SIYP\JRQI"

FGNLIM\QIHITO\O\NHIXHIUB

FN(6SIZ*LI$UPM\QIFGNLIM\QIHIZ*LI$UPM\QIRFLISGN2'S'DRPWY+H'X*HIMU/HSI\JZ'W(*ILIM]SIXDRP$+ND\JXIRPDXVPITGNRO(6LIKENHIDZPI X'TPDZPI2'SG(1PZGN#DFJLIDTPLIDRPFGNLIRO\NHIYB\I6PUBD\D\JXIDH\JRQI"

bZGN#(6SI2'RQIFN^\'Y


15/33

FNGLIM\QIHIZ*LI$UPKZ\IUDZPIU6DRHZIXGNLIZ\ILI(6LIKFVLIZ\ILIZLI6GDHPbZGN#XGNW)YG\IZ\ILIUrUVPXXGNLI[P\'RO\NHIDZ*XGN Y-$'Z\I-Z\IZGN#(6LIK\OD\JLIXPZGNXIFGNXIDH\JRQI"

FGNLIM\QIHIRO\NHIUVP`X'[*PYPU6PSGNRM]LIKWSGNXDHPXI[\IOWUI\'Z\ILIZLI(6LIK$UPKDRHZIXGNZ\ILIXGNFGNLIRGN#[\I\GN#\'XVDHPI#XGNFGNLIM\QIHIRO\NHIUVPXGN(6GUIHLIHIFNGLIM\QIHIWSGNZ\ID\JLISNUrWM]SIFHI#W\I\'ZPHIY-D\\JRQI"XVDHPIFGNLIM\QIHIR*PFJH'Z*LI$UPM\QIX*HIMU/HSI\JZ'2X8;RFLIRHI[*HI[+R*PDZ*#\'XVDHPIFGNLIM\QIHIZPHIXGNDM\PM\\' EPUVPU6PXPYGN\JRHQI>NDU\JRQI"XVDHPIU6PX*HIMU/HSI\JZ'LIM]SIDH,M]SI\JRQI"

2X8;RFLIRHI[*HIYQIWYN\IWY*HIUVPDH\+N\JRQI"W[OWD[*RG\IUDM\PDZPKE-FNGLIM\QIHIX*HIMU/HSI\JZ'DFJLIDTPLI-DEPIDXVPIMU[+RGN#RPSPZDSPLID\YGNRQITGN\'FVXIFVLISPDD\\JRQI"XVDHPIFNGLIM\QIHISSIDZ*U#RGN#DPXIDRPWFJSSIWP6G ZDPXIXGN-DEPIDXVPIMUXGNWDFFGNLI\JRQI"-DEPIDXVPIMU

DPXIYPDRPWFJRFLIRHI[*HISPXNGD\YGNXI\'SXPWHILIDM\PXPLI(6'YPX\JRQI"b-DEPIDXVPMUU6PWMFPYOU>NZI\J"FNWFJZNZIM\QIF*HIULIU#HIFVXI\VXI\'DM\YP,RPDHXPXSGZIPZIXVTLIYP\'ROZGN#WGXWLIWPXGNFGNLIM\QIHIDZPLI\GNLIRGN#D#DM\PLI\NHIDWPLIXHIWMUHIS'S2I\'DZPLI\GNLIRGN#YG.#6XIS*PFV'ZXID#DM\PLIX\JRQI"

WZHIXPDRPWFJRNO\NHIUVPDZPLI\GNLIRGN#DM\PLID#TNZIF*PDXPLIXVDHPIZG#NRGYPRM]LIKXVDHPIZNG#Z\IUVPDZPLI\GNLIRGN#YGNXIX\JRQI"RO\NHIUVPU6PDMFYVLIMUSIDFVPLIUVPXGNM]ZIDXVPI\'\LI\HI`X'S*PUGNLIFHI#FV'ZXIR*PXZPM]SI\JRQI"ROZGN#WY*HI\LI\HIX\JRQI"XVDHPIZGN#Z\IUVPXUORDE)PUVPDUPIDZPIXPUVPS'\'YGNXIRM]LIKU\LI\HIE-MUHITHI\JRQI"

[GN#DXPLIKFGNLIRN\NHIUVPDZPLI\GNLIDPXI\'FVXIFVLIYGN\LIXVDHPI ZGN#Z\IUVPX[XIX\IUX*PDZPLI\GNLIRGN#DPXI6GYP\'YGNXIY+ZGNXIFGNXI(GNLI\JDZPKRQI"

7Z*LIFGNLID\VPXIXPRO\NHIUVPUVPS*PW+KRX\'W`X'WXVISGZIPZIUVPXVTLIXPDM\YPD6PLIZGUIDHX\JRQI"DHPXIT+NbZGN#\LI\HIY*HI,ZFVG.#W]UIF+YXIHXIFV\'WUVPWM\PU6PUGUGZGN#RO\NHIYN\ILHIXGNS*HI#YZIXPUGUGWGNWGUI=PZGRGN#[*XIDM\ZGUID6PLIR*PXRM]LIKRO\NHIZ\IWY+NWLIU6P\VXIM\PR*P\JDZPKRQI"ZFVG.#WHQILIUFGNLIGNUDZPLIZHID\ZXIDM\XROUVPYQI6GRQI>NXP\JRQI"

WFV.\IU6PFGNLIRO\NHIU6P\X*-\VXIS'R*PRDYPXIM]SIR*P\JRQI"XVDHPIZGN#YQIWDRW]-*UVPXGNYGNXIY+ZGNXIFGNXIDH\JRQI"[GNWZ*LIXVDHPIU6ZIUGZPZFNU6PRO\NHIUVPYGNXI\'W(6+WM\PZGNXIFGNXIDHS2IXVDHPIZGN#FGNLIM\QIHIoDMU\+NU#HIpWZ*LI

ZGNXIFGNXIDHXS2IFN(6SI=(0J'YXIDH#DPXIYP\'$UPM\QIIY*ZIY\IDDXQPR+XGNXP\JRQI"XVDHPIZGN#RQIFN(6SI=(0J'YXIZ*LIXVDHPIZGN#EGNS2IDEPLITXIYGNFVLIDZPLIKZ\'ZGNXI\-*LIF-KXRQIKMUHIUPKY*ZIY\ID

\JDZPKRQI"[GNS2IXVDHPIU6P$GNYIUr`X'P[O(6LIKM]SIDH\JRQI"FGNLIRO\NHIZGNXI\-*\'T+NFJH'Z*LIXVDHPIU6PL6XI]VPLIYPRQI[LIRQI"UXVHIUUPM]SIYP,SSIDZ*RGN#M\HIYP\'DT+NZ*LI

Y-\JDZPKRQI"XVDHPIKXVHIUPDU6PZGNZXIDXPLIU*HIUYPE- TGNJYPRM]LIKFG NLIU6HIXNHIRGN#M\HI\GN#D\X\JRQI"$UPKZ\IUDZPIDTUrFV.\IM]SIROXPHI2'DUPLIDUPLIX'U6PXVDHPIZ\IZ*LINOT[PROYQIM]SI\JRQI"XPHI2'DUPLIDUPLI X'RQIXVDHPIZ\IUDZPIU6DHPLIWFJ[*XIDRPWFJXVDHPIK[+YPDPXIDZ*#T+NYGNDRPIYQIURLIKDZPI,UYPM]SI[LI\JRQI"XVDHPIZ\IWM\LIDPXI\'DHPXIXVDHPI KRPLI[*HIDWDXVPID=PZ*ZIZ*ZIX*IY*HIDRPWFJU6SVP\HDUXVDHPK IWGUIDPXIYP\JRQI"XVDHPIKWDXPLIDZ*XGNDUMUHIRG6G[P\+N\JRQI"XVDHPIKRU'ZDPXIDTZX8RGNYIZXIDHRQI>NXPDXPLIDM\PRM]LIKRU'Y6Y6(6LIKUGZITXID\YGNXI\JRQI"


16/33

XVDHPISSIDZ*U6HIXNHIM\HIDPXIDRPWFJHIXNHIU#Z*LISSIEXIDT+NU6GDRRM]LIKXPHI2'DUPLIDUPLIX'XXVDHPIKXGNW\IEXIHIXNHIDT+N`X'RGN#ZLIYGNXI\JRQI"

HIXNHIDT+N X'U6DT+NWN\I X'DJXIZP2'ERHIZGN#XYQIXVDHPIKXGNNSGNXIX\JRQI"XVDHPIHIXNHIDTN+ X'DPXIU6SSIDTXQIKBFVXIUVPWXVDHPKIZ*LIZ'E'WTNZIDPJSZLI6GDH\'XGNRG\JDZPKRQI"[GNS2I

Z'E'DPJD\VPXIDTUVPYQIUD\DR\J"[GNDFZIZ'E'DPJM]SIYLIFNDFZIXLITPDPJYGNDRMFLIZPXGNZM]QIM]QILITGNLIDZPKUQI>NRG[P,XVDHPIYQIUVPS*PSGNGUIR*P\JRQI"

DHPXIXPHI2'DUPLIDUPLI X'XXVDHPI(6LIKDZ*#\'Z'E'DPJWZ*XI RG\ISGZIU\O]GN#DXPLIDXPLIU*HIU*HIDH[GNLISPDRPXI\'DTJDXPLIUVPSPDRPXIR*PYLIDPJD\VPXIXLIRXIRPR*P(GNLIDXPLIWPD\SXPDM\P\JRQI"XVDHPIHIXNHIDT+N X'Z*LIZYFHI#UDH\'XVHIUPYP,DT+NU6TLIF*LIK\JRQI"[GN#DHPXIZ\IUDZPIDTUrFV.\IXPHI2'DUPLIDUPLI X'XXVDHPIKXGNDTF*LIKYXI6QIODS\'Z'E'DPJRXIRPDSDRP

PR'2ZN6GRQIKUGZ'hYPU#Z*LIROD\YGNXIDRPSPDT[GNDTUVPXGNR+NS*-\'DXPLIDXPLIWHPOSPDRPXIDH[GNLI]GN#DM\P\JRQI"XVDHPIRQISSI\*-Z*LIDRU6PXGNRG\IUDXPXI*+#DRPIYQIFNYGNZ'E'WTNZIDPJ(6LIKDZPKUDRFVLIY6\J"ZGNLIM\QIZPHIDZ*XGN

TXI\'[UIDTPLIFVLIDH\JRQI"[GN#DXPLIKDTEXIXHIXP[PRQIKWZGNLIXVDHPIWPY+NXGNYGNXIHPF+OYN\IDTPLI\JRQI"XVDHPIRQIDTF*LIKYO\'UGZ'hYPU#RGN#XVDHPIKWGUID[PLI(6LIKWZOR*P,Z'E'DPJRXIRPDWZ*XIWHPODHF-K\JRQI"

[GNWZ*LI(GNLIL+DSPWN\IUVPYQIWDZPIWZHI]ZIFVGHIYGNXI\JRQI"

Z'E'WTNZIDPJXNRDHS2IWZ*LIWM]SIW\VXIUVP

XVDHPIZ'E'WTNZIDPJXNRDHS2I ZGNLIM\QIZ*LIWD`X'DRPWM]SIW\VXIWFV.G#M]SIF-K\JRQI"[GNXPYWZ*LIU6P$UPM\QIX*HIMU/HSI\JZ'XFNFN(6SI=(0J'YXI Y*ZIY\IDU6PUSSIU6HIUM\QIKS+NDXPLID]HI

R+NR\IFVXIUVPXPRGYPRM]LIK [GNUM\QIKS+NDRPY*ZIY\IDWZ*XIUVPS*PSGZIUDXPLIM]SI\JRQI"[GNWZ*LI$UPM\QIX*HIMU/HSI\JZ'U6Y*ZIY\IDWD\D]HIUBU6WS\\'$UPM\QIX*HIMU/HSI\JZ'(6LIK]T\YW]*-#U6TGNG6IYSI\JZ'ZGN#

W`X'WXVISXPUVPX\'WPPTGN6IYSI\JZ'U6X*HIMU/HSI\JZ'DFJLIDTPLIUVPXGNRGUI`X+.]UIT'RM]LIKX*HIMU/HSIDFJLIDTPLIUVPD6LIZGUIDHRQI"

[GNDHPXI\GNLI$GNYID=V$GNYI-[*IZGN#X$GNYIDHLI(6LIKD\JLI\'YXI-Q')*ZID]GN#M\HID\JLIDXSPXDRPYQIUDZPKD\"[GN#DXPLIKX*HIMU/HSI\JZ'U6X*HIMU/HSIUVPW]UIUF+E-DZPFGNHIHIXPFVXI[NZIRQI"DHPXI$UPKZ\IUDZPIZ*LI6GX*HIMU/HSI\JZ'LI

WPY+NXGNYQIDZPFGNXHIDZPZ*LIXVU6YXIHXI(6LIKM\HIYQIFNF+XHIHIXPRM]LIKZ\IUDZPIZ*LI6GX*HIMU/HSIUVPFN (6SIRNZIYZ*LIDZPFGNX\JRQI"

RGN#DRPIXVDHPIKWZ*XI [GNDZPFGNYXIHXIXGNLIHI HIXPFVXIU6PWFXIWF- X'M]SIDH\JRQI"XVDHPKIU6PZ'E'WTNZIDPJ`X'S* -X\IDH\''WZGNLIDZPFGNR*PF-KDRPIDZPZ*LITLI-\LI\HIDRPIM]LIKUXPU'WG\IP[-

ENHIENHIY-\'UXVHIUUPM]SIXPEPUYN\I(GNLIUQIU>NZIE-DHPXIUXPFLIU6P\LIDRT+NR*P(GNLIRQI>NXVDHPIMULI\JRQI"[GNS2IXXVDHPIKWRXIU6PHIXVLIUDYPXIRP6GDRRM]LIKRPUHIDPJ(6LIKYQIUDRFVLIDR\J"DZPZ*LIYGNXIR*P\'XPXPEPU6UYN\I(GNLIE-UXPFLIYOUUP`X'EWM]SIYQIUDPXIFVLID\"

I DHPXIT+N[GNXGS3XVDHPIUVPS*PSGZITLI-\'DHPXIXVDHPIDZPUFGNDZPKHI SGZIHPXQIS*PM]LIK T+NM]ZIYGNXI\JDZPKRQI"FNU6XVDHPIM\HIS2ISPUGRQIU6PXVDHPIFNYGN\JZ'HIXPFVXIXGNUYGNXIHP\IY6HIF-KDRPXGS3U6PWDXPLI`X'FVXIDXPLIK>N

OTUG\JRQI"\[U(6LIKWGXWDXPLI`X'U6PXVDHPIKZ*LIUXVHIUUPM]SI\'DRR*P(GNLIDRPZ'E'WTNZIDPJX'6GDH\'M]SI,ROUVPXGNNX4UD\FVLI

'DPJ(6LIKYQIUDRFVLI,ZDXPLIM]SI\JRQI"[GNWFVGHIXXVDHPI]FLI(6LIKQ'LIZ2'U6PYQIZ'E'DPJUVP(6LIK X*IY*HI\'M]SIRQI"

DHPXIZDXPLIU6PXVDHPIRQI$UPM\QIX*HIMU/HSI\JZ'$>GNDXPIUZ'YO X'Z2'M]SIDHDRPIYQIX*HIMU/HSI\JZ'WZ*LIXYP\ISQIUVPZ*LISHSIZXVSQIXUIZXVDH[GNLIF-KMFLIU6GF-KD\"ZR'\NaYGXX*HIIMU/HSI X'ZDPXIYGNDH[GNLIYPF-KRM]LIKX*HIMU/HSI\JZ'SQI+NDSQIXUIUVPXGNDXPLIS*PURGUDYHXIF-KD\"D\RQIKZPHIXGNUYN\I(GNLIRQIKWDMFWDHDXPLIKUYN\IDTPLI(GNLIXYQI7UWDU`X'Y6>NRPUHI(GNLIL+DRUPZ2'YGNDZ*DFUG\JRQI"WU6HIU6PEP\-M]SIM]SIHIXPFVXIWZGNLIYGNXIHPUQIXGN7UUDYHXIF-KD\"[GN#DXPLIKYQIXVDHPIRQI [GNWU6PXGNXV/Y*HIUGF-KMFLIM]SIRQI"

XVDHPIKXGN\JZ'XFGNLIRQIKWZGNLIDZPUFGNE-DHRM]LIKZFV.G#-DEPIUVPX\JZ'U6[NZI\SIHIRFLIRHI[*HIXGNZGNXIZ*HIDRPIYQIRFLIRHI[*HIXXVDHPIKXGN\JZ'U6U[NZI\SID\>NDHPLIU6XVDHPIRGRQI"

[GN#DHPXIXVDHPI\JZ'(6LIKWTXIWR*IM\ZIR*P\JDZPKRQI"


17/33

DMUPXI\GNLIZGNLIUrXVDHPIF*LIKYON\'WHPO,M\HIDHDXPLIYPDRPWFJXVHPIKXGNDMUPXI\GNLIZGNLIUrWM]SIDUU#Z*LIZPHIFHI#YNGXI\JRQI"DHPXIFN(6SITHIDYPXIZ*LIDMUPXI\GNLISSIZGNLIUrM]SIS2ISSI+NFV.\IWS'WS2IWXLIZ\IUVPYB\I6PYPRM]LIKDMUPXI\GNLI6G

XLIZ\IWFV. G#XG NYXIHXI]ZIRQI" [GNXGS3U6P Y*IRQIU>NZI XLIUVPX XVDHPI KWD\+NXQIRM]LIK YXIHXIW\IXRQI"XLIZ\IRPUVPXGNUODUU#WFVXIM\Z\ILIZ*LI[PRQI"[GNXVDHPIYXIHXI]ZI\'[GHIRGUIF-K]ORQIKXLIXFVLI-DEPIWFV.G#(6LIKXVDHPIDHPLI(6SID\JLIUVPS*PXP\'DHPXIM\HIYQIT+NDZ*X\JRQI"ROZGN#U6P$GNYIDHPITGNLIZ\I(6LI KWZOZNZIM\QI\JR*P\'[GNU6ZTLIK

$UPM\QIX*HIMU/HSI\JZ'YXIHXIXGNLIDZPIY6HIDDRWD6#DMUPXISSIDRRGN#M\HI YQIDPXI6GYP\'XVDHPIKU6PYQIFN(6SIUVPDZPFGNXP$UPM\QIX*HIMU/HSI\JZ'RGN#DPXI6GYPPZ*LIWD6#DMUPXISSIDR;PHFV.\I6GP\HITHIU#Z*LIM\HIYQIT+NSQIUGX\JRQI"

[GNWZ*LIU6P\LIDUU#DYP2IX*LIU6 $GNYIFV.\ISUSI*HI]NHITXIRM]LIKDYP2I\V+X*LITLI\'$GNYIFV.\ISUSI*HIZGN#=H'DUPLI(6+XGNR*PDZ*#XPXVDHPIKWGUIRGN#DFYPRQI"

[GNU6RGRQIU6P$GNYIFV.\ISUSI*HIRQIXDYPU#RGN#R*PHIHIXNHIDYTG\IRGN#YPXPZ*LIDYTG\IWH'Z*LIZS+NZ2'XDRHZIM]LIKDFVPLIDMUPLI\SIFZIYN\I X+MFLIF+\JRQI"X+R',EPUU[GFGNXIE-Y*ZIDMUPXIF-KRQI"

7Z*LI$GNYIFV.\ISUSI*HIXS2ISPUGRQIU6PFNYGNRO#WZ*XIW(:PIUVPDRPXPYZ*LIUGZIDT*MUHIUPWP6G X'Z2'2'XGNU6'FGN\'DH[GNLIU6M]SIUQISGZIXO\'U6'FGNUQIROWM]SIXVDHPIKXGND*FVI\'XVDHPI6GPDUU#RGN#YPXMFLIM]SIRQI>NTGN\JRQI"XVDHPIXUIDMUPXIUIRPYXIF+\'XVDHPIKWGUIZ*LIXXIRDYPXIDHHIDM\P\'WGUIZ*LI[P\JRQI"

$GNYIFV.\ISUSI*HIZGN#XVDHPIKWGUIZ*LIDHS2IXVDHPIKRU'LISHISHI(6SIF*-*IRU'XGNROWDZPIFVSIRQI"\JD]PLI`X'\JD]PLI`X'>NH+UQID\,DFZZIMUg/ZZI\JRQI"XVDHPIKRU'W`X'Y6Y6(6SIRU'U6P=PZGR+NTIU#Z*LIXVDHPIKDPX4UUVP(6LIKXVHISIF-K\JRQI"

DHPXIZDH#Z*LI XLIWP6GZFV.G# XVDHPIKWGUIDPXIYP\'$GNYIFV.\ISUSI*HIXGN DZ*#YGNDXPLI F*LI KDZPLI\JRQI"XVDHPIXF*LIKDZPLISPUYGN\JDZ*#FVLIZPDZ*#\JZI>NDM\P\'$GNYIFV.\ISUSI*HI6GPWGUID\[\IRGN#ZXIR*P\'oXLIWUV.GRPWP6GZFV.G#$GNYIFV.\IXGNYPDZ*#\JZI"XVDHPIROZGN#XGN QIKFHIU6PDSPLIKFGNLI[P\JZIp>NDM\P\'U6oXVDHPIX[\IDM\PRQIU6P$GNYIFV.\IFLI$VPROZGN#X$GNYIFV.\IXGNXVDHPIKWGUIU6P]UIT'[PZIYGN#[LIMULIDH\+N\JZI"U>NZIDXPLIDM\PD\\JFLI$VPp>NDM\P\JRQI"$GNYIFV.\ISUSI*HIYQI^QIKFHITLIR*P\'bWP6GZGN#(6LIKIIDUPDUPSXPDM\PDHRQIUVPXGNXP\JRQI"

DHPXIXIWFV.G#XPDRPWFJ$GNYIFV.\ISUSI*HIXXVDHPIZGN#WGUIU6PDHZPWPHPYP,ROZGN#WZ*XIWGUIZY+N6PD\\JHIDYDYHZIHZIDZPLITGNYP\JRQI"XVDHPIX'XPYU6P$GNYIFV.\I(6LIKXVDHPIWZODHXZP(6SI2'SY+NWZ*XIY+NF+ .DXPLIU*HIRQI$UPZFV.G#X$GNYIFV.\IXGNYN\I X+HI`X+SQIYLIXVDHPI6GDH,FXIUQIZ]HIXLIZFV.G#XXVDHPIKXGNYNN\I X+HI`X+SQIYLIYQIZ]XIZ*LI$GNYIFV.\I6GDH,FXIUQI [GNDXPLIKXVDHPIZGN#\GNY+NF+.(GNLIX\JUQI"[GN#DXPLIKUDM\PLIHI(6LIKWPUHPHIDM\P\JRQI"

[GNRGN#XVDHPIZGN#WD\WPUHP]GN#DM\PDRPIYQIWZLIRPDM\PLI]GN#]GDM\PYPRM]LIKDMUPXI\GNLISSI;PHFV.\I6G WP6GG\IRPU6P

YOU6GRM]LIK [GNG\IRPRGN#DM\PLIDH]GN#S'S2ID\\JRQI"WGUID[PLI\GDEPWGNF*XIDZ*Y-WRLIK6GRQIKDHPM]SI\JRQI"XVDHPIXQDH+NTLIZGNLIROZGN#WGUILI,(BZITXIDUMUHIZZI\JRQI"ZQDHXVDHPIDPXIR*PS2I$GNYIFV.\ISUSI*HIU6PWDZPIUVXI(6PUDXPLI\J"XVDHPIX[+NS+WZGNLIDH[GNLIDXPLIUDXPLIYGNW\IZP6GU6GDUMUHI\'M\HI[*XIYPXPXLIDSPLIK-DEPIXGN [GNDH#X'WGUIXGNEIROYPRY->NDUMUHISSIDTP$UPSSIWP6GZ2'YPDXPLIDM\PRM]LIK\N+\HIRPHI\JTXIDUDRPWFJZ\IZ*LIU6TGN6IYSIZ\IUrZ2'M]SIDH\JRQI"[GNTGN6IYSIZ\IUrX$GNYIFV.\ISUSI*HIWPEPUVPDM\PR*PRQIURG\J"$GNYIFV.\ISUSI*HIU6PWDZPI\LIUVXI(6P\VXIDH6P\JRQI"XVDHPIKXGNDZPKEPUDM\PUM\\J"

[GNXPYZ*LIFN(6SI=(0J'YXNHIFJH'Z*LIDZPLILOU#XGNYQIDXPLIFN(6SID]D]PIJ'YXIDH#Z*LIDZPLI\GNLIZGNLIWZ*LI6GWLISGHIU#XGNYQIDXPLIXLIWUVG.RPDXWLI'WGNRO\NHIZ\IZGN#XRGUI\GNXIYGNXIDXPLIRZLIUVP[*XID\YP\JRQI"

[GNWZ*LIXVDHPIKWPHIXNHISSI+NFV.\IXDFZ:TLIYP]GN#DFRM]LIKXVDHPIHIXNHITLIR*P\JRQI"SSI2'S'FV.\IU6P$GNYIFV.\ISUSI*HIU>NZIDZPKE- $GNYIFV.\IDHLIM]SIDH,SSI+NFV/\I6G $GNYIFV.\IDHLI[+R*P,RZLI\GN#\JRQI"

$GNYIFV.\IDHLIWFHIRGN#XVDHPIDPXIDXPLIRZLI\GN#HILIR*PDRPWFJ$GNYIFV.\IDHLIU6PYXIZ]XIXDMU\+N `X'ZFV\IXGN

XGNLI[P\'YXIZ]XIXXXI2(6LIKEHI'DP[PDRPWXIF*XIXGNXGNLI[PXPUVXI(6PRNHIRNHIUBHIUBHI(6LIKXVDHPIU6ZIUGRDYPXIXVDHPIKXGNDM\PRQIU6PFNWLISGHIXGNXLIRGUIYGNXI\'"WLISGHIZGNXI\-*`X'M]SIDH\'"FLI$VPDZPLI\GNLISSIZGNLIUr2'DWPLIRLIDHPWMUHIR*PY-\'WLISGHIZGNXI\-*ZGNXID\DZPKTGNXPROXGNLI[PDRPDMU\+N X'XGN[GND\\'FWXPWFHIU6[*XIR*P\JDZPKRQI"

XVDHPIKU6P$GNYIFV.\IDHLIXZPHIY-D\R*PRM]LIKDZPLI\GNLIZGNLIUr$GNYIUrFV.\I2'DWPLIRLI[+U6ZPHIY-DM\PLIOUQIKWDXPLITXI,DRPUQIM]SIP[GNWZ*LI$GNYIUrFV.\IDWPLIRLIWDXPLI>ODRPDFJLIS2IM]LIKXVDHPIDRP[PDRPSPZUIZDSPLIXGNXVDHPKI]GNLIZ*-D>PLIZFNU6XVDHPKIRU'`X'Y6Y6XDZ*#6G\'XVDHPIKXGND\PXVDHPI]ZIXQIKDRPWFJ[GNSPZUIZ*LIXVDHPIDYGNDRPWDXPLIWPUVPXGN\GNUGNM\QIKS+NS*P(6LIKFGNLIY+NZGXVS*PD[PZPDZ*#\JRQI"[GNSPZUIXGNFN(6SIX$UPM\QIX*HIMU/HSI\JZ'DUPIX*HIZGNXIWZ*XIDD\F-KMFLIM]SIRQI"

[GN#DXPLIK [GNXGS3XGNWRSIUDDZPKE- \GNUGNM\QIKS+NDHRQIK [GNSPZUIXGN XOOD]PIM\YGNXI\JRQI"


18/33

$GNYIUrFV.\IDWPLIRLIWDXPLI2'DWPLIRLI=PZGU6PXVDHPKI=H'WTGNWXVDHPIZGN#=PZGR+NTIU#DRX\-M]SI\'UGEDZ*U6PDMU6LI`X'UVG.GNDZ*M]SI\JRQI"

bZGN#Q'WSIXGNZSNU6P\QPZZIUVPM]SI\'$GZGRDWPXIWSGNWUB[UI`X'UVPM]SIF-K\JRQI"ROQ'2'ZLI[*ITGNROU6PFGNLISXI6LIZPRO`X'Z2'>NXP]O\JRQI"$UPM\QIY*ZIY\ID\'S\[UT+NWDUGXHIR+WUZI X'M]SIRO2'SGN*HI#U6PROWSIXGNM]SI\JRQI"2'DWPLIRLIXGNIZGNLIYQIW)YHIU6P2\D\QPR*PRLIF-KROM]SIRQI>NXP]O\JRQI"

XVDHPIFN(6SIXZQIX$GZGRDWPXI$UPKSSIZ\I[-Z*LIDUVP$GNYIUr2'DWPLIRLITGNROZ2'6GDXPLIRG[P\JRQI"

FN(6SI\ZIHIXVLIXVDHPINLIUrM]SIS2IRORQISSIZP+NZFNZ*LI2X8;WM]SIXVDHPIKZ\IWH'ZDHPZ*LIYP+N]*LIKSSIDTR*PZPRGF-K\JRQI"YOFVLIDZPKUDZ*#YGNXI\J"=(0J'$UPKY*ZIY\IDDRPWFJ$UPKSSIZ\IXGN$UPWSGNRGN#W)YG\IXY-S2I$UPM\QIDZPLI\GNLISSI;PHFV.\IZGNLIUrZPHIXGN

$GNYIUrFV.\IP[OM]LIKZPHID\MFLIF+\JRQI"[GNS2IXDMUPXI\GNLIZGNLIUrU6P$GNYIFV.\IDHLIM]SIRQI"[GNS2IX$UPM\QIZ*LISSIZNGLIZGNLIDZPLI(6LIKDMUPXIRP6G

XVDHPIUGZh'YPU6F*LIKM\HIYP\'DHPXIDHPXIT+N\GNLIUVPZ*LI$GNYIUr`X'P[OM]LIKDMUPXI\GNLIZGNLIUrM]SIYP\JRQI"FN(6SID]D]PIJ'YTHIXIDH#Z*LIWLISGHIU#XGNXLIUVPRGUI\'DHPXI ZGNXI\-*UVPSZLI\JDZPKRQI"[GNS2IWSGNX

XVDHPIKXGNDMUPXI\GNLIZGNLIUrM]SIDHPXHIXNHIRGN#TLIYP]GN#DF\JRQI"HIXNHIHIZO\JRQI"XVDHPIRO#WGUI]NHITXIDRPIYQIU\J"7RGN#M]LIKXVDHPIYQIDZPLI\GNLISSIZGNLIUrZPHIO\'WLISGHIZNGXI\*-LI\JDZPKRQI"

XVDHPIFN=OYGNLIYZ*LIZNZIM]/ZGNXI]GN#WZ*XIDMUPXI\GNLIZGNLIUr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r[*HIMUZIDDRPSPWN\IM]SIRQI"[GNSPWN\ILIXGNXVDHPI]ZI]OZPRZGUGRQI"$GNYIUr[*HIMUZI=H'U6PYQIR+NTIU#ROM]SI,ROZGN#(6LIK2'DWPLIRLIDT* H'UV.GS\IDZPI>HI6G,NIO\'[GNSPWN\ID\+NRQI"[GN#DXPLIKHIXNHITLIRQIKWFJ2'DWPLIRLI(6LIKDZ*#\'LIGZI(6LIKYGNXIS2IWDZ*#W`X+.UVPXGN

DUXQIK]GN #SGZIXOUG\JRQI"DHPXIZNZIM]/XGS3WZ*XI HIXNHITLIYPDRPWFJ XVDHPI$GNYIUr[*HIMUZIXGN 6PDFXP2'DWPLIRLI[+R*PX\JRQI"SXPDM\PTGNDT*D(*LI$GNYIUr[*HIMUZIRQIUV.GFVSISGZI(6LIK'UGNXDS'SGZI6GROM]SI\'R+NTI6GXVDHPIKDT*UV.GUVP(6LIKRGX_UIDHZPXGNYQIRGYP\JRQI"2'DWPLIRLIWDXPLIDPU6PYQI$UPZ2'WDXPLIUV.GFVSISGZI(6LIKDRQI>NOT\JRQI"

2'DWPLIRLIWPWLISGHIX#XNHI6GENHI`X'DXVPLIZDXVPLIWH'6GDMUSGNXIWGUILIDYZY+NWZ*LIDZ*#\JRQI"WXIWY*HIWX_+DRPXIUBDXPLIKW*IDPN\IQI\JLIKDPIDHZPDZ*#\JRQI"RORQIDHPXIDXPLIM]SI\IUVPXGNDXPLIS*PUDM\PM\(GNLIDZPK\J"LIGZIX $UPM\QIWDXPLI DXPLIDXPLIW`X+D\(G NLIUQIK ROZDPXI RO#WHPRGN#D\HIDZPLIRM]LI K RO#WDHM]LI K LIGZIWZ*LIDUrYGNWHPX\IYGNXIDXPLILIGZI>PFVLIZ*LIMUSIXGNYXI\SIM]ZIXODXPLISZPDZ*RPDM\PM\\'ZMFPXGS3UVPDUMUHIUDZPK\J"DSPLIXGS3U6PDZPKRORZGRDYPXIRSDZVYVRX8Y\IDSPLIW\JDZ*M]SIDXPLIRGF-K\JRQI"WP6GUVPWZ*XI[NZID\


19/33

DRPDSPLIWSGUIW\JXDYUVPM]SI\'D\JK\J\'D(*DXPLIY-DM\P\JRQI"ROXXVDHPIZGN#XGNYGBXIYGBXIY6-Y6-^QIKF+SXPDM\P6P\JRQI"ZMFPYQIRG\IDUUDZPK,XVDHPIZGN#M\HIF-K\JRQI"RO#EWZ*XIY-SGZIUDXPLIY6\J"U6ZIFVXILIGZIU6PFN(6SIWZ*LIMUHIUPM\QIDMUPXI\GNLIRGN#LIDPXIYPRQIK $ GZGRZ\IU6$GZGRZ\IUr`X'M]SIRQI"

XVDHPISSIZ\IWM\LIDPXI\'FN(6SIWD[*D[*D*DXPXI\*-XGNLIDPXI62I\LIS2IXWZ*LIDUrWM]SIYPXOQ'DHZ-KR+NTIDRRPDT*H'UV.GS\IDZPIROZ2'6G\JRQI"ROYQIR+NTI=PZGRPFVLIM]SIRM]LIK2'DWPLIRLI(6LIKYQIH'S\IRGX_UI>HI6G\JRQI"ROXM\HIDM\PM\RQIU6P2'DWPLIRLIXXVDHPIKWDXPLIUXPFDM\PDXPLIDM\PPZ*LIYQI$G NYIDXVPID=PW)YG\IZGNXIF-KZP

RG\IDXPLIDXPLIRG\IU6HIDXPLI(6LIK$GNYIDXVPID=P>PZXI\-SGZI[PDXPLIU*HIROM]SIDXPLIDM\PM\ZZI\'W[XIZ*LIXVDHPIDF-KRQIKWZGNLIRO(6LIKZPHIR*PY-S2IXWM]SIW\VXIUVPXGNDM\PM\ZZIRQI>NTGN\JRQI"2'DWPLIRLIU6PUOYXW)YG\IUVPWD\YGNYPROM]SIF-KDRPIYQIW)YG\IXGNZGNXIZPU6HIXHIDXPLIRGYP,ZDXPLISGZIHPSPDZ*6G>HI6GYGN#YQIZDXPLI7X-KRGN#DM\P>HIZO\JRQI"

ZGNXIXXVDHPIKWGUILI[*XIDHZ-K\LISLISP$GNYI`X'EXLITGNRO6G\JRQI"RORQIXVDHPIZNZIM]/ZGNXIS2IXVDHPIWLIVLIH'PW`X+D\Y-M]SIWZ*LIDUr YQIM]SIF-K\'W)YG\IZ\ID>PLIU6YQI M]SI\JRQI"ZDH#Z*LIROX2'DWPLIRLIXGNXVDHPIKSUIDFVPLIWGUIRGN#DFYPF-K\JRQI"[GNDH#XXVDHPIZGN#WGUIZ*LIWNHI(GN#DFJXIT*-FVXISPRQI(6LIKZGNDHRM]LIKROZGN#XGNYQIDX_DU*^QIKF+YGNXI\JRQI"2'DWPLIRLIU6PWTSIWMUSIXGNXIDPJDH\'M]SI,W[GNLIW[Z*-[OZ*-[D\\JRQI"XVDHPIZGN#YQID6D>PLID(6PLIM]SIUVPXGNDM\PTGNX\'DHPXIROZGN#M\HIR*PX\JRQI"SXPDM\PLIU6ZIUGYNGXIRQIU6PRO#U6PRU'ZDPXI6G\'MUHIUPDYDXPLIXNUC'Z*LIWYN\IYN\IDHDXPLIDM\PR*P\JRQI"

2'DWPLIRLIXGN$GNYIDHLIZGN#XWMUHI]ZI \SIYGNXIRQIKWDXPLIXGNXVDHPIU6HITXQIKPZ*LIYQIDXPLI[GNZGNLISSI;PHD[PXIY6UIDUr$GNYI X'SGNULIXVT+NX*IY*HIXGN[GNXGS3XGNZ'DFJXIXQIKPZ*LIRGYPRQIUVPWYQIDXPLIXVDHPIHPYQI

RDEPD\JXIRQIU6PDWPXI\JWZGNLIM]SI\JRQI"2'DWPLIRLI(6LIKDSPE2'`X'DXWLI'WGN2X8ZGN#U6PYHIHI


20/33

WLISGHIZGNXI\*-WDXPLIXGNXVDHPIU6PXVDHPIKSGZIZ*LI U6ZIRPS*-U-UGRUXGNRPWGXWDMFF+\'DRP\JDZPKUQI"W[XI\JSPWN\IUVPXGNM\HIYQI]ZIB\'DHPXIXVDHPIZGN#M]ZIRHIZGNXIFGNXIYPDRPXVDHPIZGN#ZGNLIM\QIM\QIZ*LISSI X'WD\

M\HITLIMFLIDZ*DZPUG\' UVPS*PLIHPSGZIUDXPLI M]SIUG\JRQI"XVDHPIRQI DHPXIDXPLI M]SI\IDZ*XGNM\HIS2ISP\'UVPS*PYQISGZI[GFGNXIUGRQI"

M\QIZ*LISSI`X'WZ*LIU6PZFVGHIX$UPKY*ZIY\IDWZ*XIWZOZGNXI\*-LIYPF-KXROUVPWFVLIFVLIWXPM\HIYQIZGNXIFGNXIX\'$UPKRPDXPLIRU'DXPLIDMUPXIMUPS*PDRDXVF-KXD\RQI"ZGNLIM\QIWZ*XI(6DUPZRSPT+N+BUB X'\LIM]SIRQI"WFVLIFVLIXP

UZGNXIXE-UDRT+NXNHIXE-WPY+NZGNLIM\QIM\HIYQI[OD[PLIDZQIDTPXIDUVPU6PRPGNLIWYNN\IYN\IXUQITGNYLIZGNLIM\QIWZ*XIEIDYPXIDXPLIYGNXIUY->NYQIOTS2ISPDHUG\JRQI"M\QIZ*LISSIRQIXVDHPIZGN#ZGNLIM\QIZGNZXIDWZ*XIWD(6PLIKW6XIM]SIDSF-KDRPWDXPLITGN`X'M]SIF-KRQI>NXVDHPIKSGZIZ*LI[LIMULIUGRQI"

7RGN#XVDHPIDRM]LIKXVDHPIKXGNDZPIY6HIDRUP[XIDM\QIDWRUP>N[LIMULIDXPLI[LIMULI(GNLIUQIM]SIDRPIYQIM\QIZ*LISSIWD\XVDHPIZ)[GDZ*#F+SPUBXGNUIHQIHPXVQIS*PD]PIM\UGMFLIRPM]SI\JRQI"

WU6HIDZPKYQIWLISGHIZGNXI\*-M\QIZ*LISSISRQIZGN#U6PHIFV-#\DP(6LIKUXLID\"XVDHPIRQIoSSIpRDEPXGNTXI,S2ISPDHUG\JRQI"oSSIpTGNRQIU6PYOZHISPZGNXI\-*WTLIKWMULIKT+NZGNXI\-*\LIM]SIRQI"XU%PKRUGNLITGNRQIU6PYQIWDMFF+WPM]LIK YOZHISPZGNXI\-*RUGNLIRPM]SID\RQI"[GN#DXPLKIYOZHISPZGNXI\-*WMULIKT+NRPHIM]SIDRPoSSIpTGNRQIU6PYQIXU%PKRUGNLIZ*LI\JLIZ*HIDTPIDHD\RQI"SSITGNRQIU6PWHG;PHI+NM]SI,XVDHPIZGN#XSSIWPY+NXGNUNHIZ'THI#XVLIHIURLIKD\"SSITGNRQIU6PYOZHISPZGNXI\-*\LIM]SI,

WTGNWDXPLIZPZ-KSSIUZPZ-KSSI>O,(6SIUVG.(6SISPWU-6GDHD\RQI"XVDHPIZGN#RQIUZPDRPSSIXGNUNHIZ'THI#XVLIUQIM]SIDRPIYQIZPDRPSSIXGNUOD[PXIF+WPD\UQIM]SID\RQI"RGN#U6PRPXU%P`X'ZGNZXIYPUQIM]SI\JRQI"

[GN#DXPLIKSSITGNRQIU6PYO#RUGNLIM]SID\ZGNZXIUB(6LIKUXLI(GNLI[GN#DXPLIK\LIXVDHPIZGN#RQIZPDRPSSIXGND[PXIF+WPD\\'UZPDRPSSIXGNTHI#XVLIBZIFV\SI\ID\UQI"

XVDHPIZGN#RQIoWLISGHIZGNXI\-* X'pXGNUY-RP,ZGNXID\DZPKRQI"(6SIEXISY+NXNGIKEXIXWU6HI>N OTDHXD\UQI"WLISGHISSI\- *RQIXVDHPI\[UT+NSSIZX8RGNYIM]SIF- K\JRQI"XVDHPIRQI7SSI\- *U 6SSIWZZI\QPW(6SIRPXGN

WDMFF+RDEPD\JXIHPYQIYPMFLIM]SI\JRQI"[GN#M\LIWLISGHIZGNXI\-* X'RQIXVDHPISSIRPEZ*LIWFXIF-T+NW\LI\HIT+NWXV\IWZQIW6GT+NDEW(:PIWUVPT+N(6LIK

[GFGNXIXVT+NUBWUVPT+NWFVGHIWXPT+NTLI(-F-KDRPZRXIUDUK(GNLIRQIKZGNXI\*-`X'\LIM]SID\RQI"WLISGHIZGNXI\-*RQIXVDHPI\[UT+N SSIZX8RGNYI>NDM\PMFLIU6P'WLIXXVDHPIZGN#ZGNXIF-KDRPSSIWDZ*#WX+UVPU6P

WGXWPM]LIKDM\PXIXVPSSI\-*UVPRPUVPF-K\JRQI"XVDHPIZGN#WGXSSIWDZ*#WX+U6PFN(6SI]XITSIV\HIDZPIY6HIDSSI\-*\LIM]SIRQI"V\HIZGNXIFGNXIDZ*LIWGXZ\IUVPU6PU>PUGZISSIZ\IUVPM]SI\'XVDHPIZGN#XZ\IT*IUVPRPM]SIRQI"[GN#DXPLIKXVDHPIZGN#ZGNXI\*-\+NS+U6PYQIDM\PXIXVPSSIRPWGXM]SI\'DHPOSSIUVPU6PXIWHQIRLI(6LIKDFZ:FZSGZIZ\GNLIUVPRPM]SIF-KRQI"

SSIZ*LIDHPOSSIUVPRPZXIKSSI\*-M]SI,DM\PXIXVPSSIU6PDENVWUVPWPM]LIKDHPOSSI\-*WD[PXIWXOORPM]SIRQI"DM\PXIXVPSSIRPWGXZGNXIF-KDRPXVDHPIZGN#U6PWLISGHIZGNXI\-*Z*LIZDYPXIY+NoYpWFV.G#XPDWPLIDFJLIUPDRPHIROUVP(6LIKDHPOSSI\-* X'XGNSZLIDZ*#X+TLI(-RM]LIKbRQIXVDHPIZGN#\[USSIZX8RGNYIM]SID\DZPKRQI"

DHPOSSI\-*TGNRQIU6PZ]XI(6LIKZ]XIXVXVHHWZGWXVDHPF+XZNZIUVPS*-\'WFVGHI6QIYVPS*PZGNXI\'DM\PXIXVPSSIU6PDZPKF+XZNZIUVPS*-U[PE-UGUGWZ*XIWF*LIKRPUQIKDHP(6LIKWF*LIKRPUQIKWFVGHIZ*LINZIZXIWYSILIDPXI\'[GNRNZIZGNXIFGNXIMFLIM]SIRQI"[GNRGN#ZGNXIFGNXI\'HIRO#EXIXM\HIY6HI,Z+N#M\HIZGNNXIFGNNXI(GNLIMFLIU6GU'RUYXIHXI\S3QIUVPO\'FVXIFVLITNZIF*PX*ID\VPXIR*PMFLIUVG.M]SIRQI"

DM\PXIXVPSSIU6PDENVWPM]LIKFV'ZXIYB\I6PDHDRPD\Y*LIDHDRPHIROXGN\NHIYG.YP\'RLIKDZPIDRPDHPZ*LIWYSI

WLGNXIZ*LINZIZXINHIXH-LIDPXI[GNRNZIZGNXIFNGXIMFLIM]SI,UGUGEXIXW[GWFGNXIWXVWT+NUUVPD\"oUtSpDRPYXIHXI X'R+FV\IXPXPSRQIK WXOWQ'UVP RG\IUYGNW\ID\"RGN#DRPIYXIHXI`X'UVPR+FV\IXPXPWXOWQ'(6LIK NZIZXILIZGNXIDRPDM\PXIXVPSSIUVPYQI6GX\JRQI"WY*HIHQI\JRQI"

DHPOSSIU6PDENVWPM]LIKF+XZNZIM]LIK XVXVHH WDRZ\IS-*[PDRP HIROXGN UGUGYXIHXIX']GWP R+FV\IXPXPWXOZGN#M]LIKXVXVHHS'S2I\'ZGNXID\RQI"

DENVWPM]LIKDM\PXIXVPSSIU6PYB\I6PDHDRPD\Y*LIDHDRPHIROXGNYG.#6XI\NHIDWPLI\'NZIZXILIZGNXIMFLIM]SIRQI"DHPOSSIZ*LIF+SSIS- *[PDRPHIROXGNoUtSpDRPU'WPR+FV\IXPXPWXOU\JE-ZFJZ+WYSI[GND]PXI\'

[GNRNZIZGNXIFGNXIMFLIUVG.YQIWFJDXPLIWF*LIKDXPLIZ*LIZGNXIFGNXI(GNLIMFLIYQI6GD\RQI"WLISGHIZGNXI\-*RQIXVDHPISSIRPEZ*LIWFXIWF-T+NWXV\IZQIT+NM]SIF-KRQIU6PWDXPLILIUVPS*P6G\JRQI"


21/33

\[UT+NWDXPLIU6P [GNS2IXXVDHPIKU6P SSIWDZ*#WX+\QP$>NRNZWPHQIDHDRMFLIRQIWGXWDXPLILIM]SIDH\JRQI"XVDHPIRPWDZ*#WX+WPHQIDHRQIRPUX[GNS2IXWLISGHIZGNXI\-*Z*LIXVDHPI(6LIKWZO\JLIZGNXIFGNXIDHXDRPZ\IUr`X'UVPM]SIXDRP$GNYIUr`X'EYG\IN$GNYIUr`X'FVSIULIN$GNYIUr`X'XQIDUPLIN$GNYIUr`X'DSPMULIKSROZGN#U6PYQIXVDHPKIYGN\LIWDZ*#WX+WPHQIDHDRPXPYM]SIDHD\RQI"RGN#DRPIXVDHPIZGN#WPY+NZZI(GNLIRUSQIY+NQ'*ZIS*PM]LIKZGNLIZGNLI\LI\LIDT*D(*YN\IXGNLIDTPLI*XIF-KX\JRQI"

NZGWDXPLIU6P[GNS2IXHIROUVPM]SIDHXDRPDXWLI'WGNZ\IUrWFV.G#U6P$GZGRZ\IU6\JYPROUVPM]SI,SSIDWDZPIWZHIX_UIXVLIX\'DHPOSSI\*-WDZ*#WX+UVP6G[PXRQI"[GN#WM\LIDXWLI'WGNZ\IRPUVPU6PYQIZGNXIFGNXIDSGZIPZI

MULIKUP\'WY*HIDFJLIUP`X+#FGNLIXDRPROUVPM]SIDRPDXPLIKYQIM]SIRQI"7RGN#M]SIRQIU6PXVDHPIKW[LIWFVXIWFVG.#6G\JRQI"\[UWFVXIU6P[GNWFVGHIXPYXDXWLI'WGNZGN#U6PWUVG.RPDSGZIPZIWM\LI[HIT+NXPYM]SIDHD\RQI"NZGWFVXIY-M]SIWGXWFVXIYQIM]SIRQIU6P[GNWLISGHIHIXVLIDRU6P XLIWUVG.RPUVPS*P =PZGPDHDR M]SIF-KRQI"[GN#DXPLIKROZGN#SSIB+DHDRPIYQIROZGN#=PZGU6UGUGWGUIRPUVP(6LIKF*-F*P\'UTNZIF*PYGNUF-*F*PYGNXD\"[GN#DXPLIKD\DZ\'S*-U-S*P=*-DXPLIDXPLI(6LIKFNF+XRQI"

[GN#M\LIWLISGHIWLI(BZIFUIUVPZ*LI6GDRPoULIU5XNHIpoDZPLIROXNHIpSDRPYXIHXILIF+SSIWZ*XIUVPS*PWR+NLI(GNLIDRPWFVXIWFVPXVRQIKDZPLIXNHIXDYR+NDYY+N6GDHP[GNXNHIDZ*D\U6Z\IS-*[PROZGN#XGNXVDHPIZGN#FXIF-S*PZGNXIFGNXIZ*HIY6HIF-KD\RQI"

DHPXIWDXPLIZFNU6PDHPOF+SSIZ\IS-*[PDRPHIROXGNZGNXIFGNXIPZ*LIZGNXIROEXIXY+NDYPXIDRPWDMUPXIT+U'WPR+FV\IXPWPZGN#6GUQIM]SIPXVDHPIZGN#Z*LIWDMUPXIT+$+NR+FV\IXPWPZGN#UY+NDYPXID\"WGXDMFYVLIZ\IYXIHXI(6LIK\LIZGNXIDHRQI"ZHISZO\IZLIKXPDY(6SIS'R+NS'6GDRPIYQIbWDMUPXIT+U6G,SSI\-*Z*LIU[GDPXIY6D\"[GN#DXPLIKoUtSpDRPYXIHXI X'WPUY+NDYPXI,YQIWLISGHIZGNXI\-*RQIFXIF-XHI#XPD\RQI"

WY*HIFXIF-XV\IZQIR*PDRPWDXPLIXDZPK$UPKZ\IUDZPIZ*LI6GXLIWUVG.RPDRHZIXGNLIZ\ILI(6SILIWSGNXGN

\NHIXHIR*PMFLI\LIM]SI\JDZPKRQI"DZPLILO6GXLIZ\ILIU6PWLISGHIXGNDXWLI'WGNUVPURGUI\GNXIU'XDYZ*LIFN(6SI=(0J'YXNHIXIDH#DYPXIZ*LIWSGNXGN \NHIXHI\'DZPLILOU#XGN RGUI\GNXIYGNXIRQI"WYPZOD]D]PIJ'Z*LIM\QIU#Z*LIZ\IS-*[PDRPXLIWUVG.RPDRHZIXGNLIZ\ILIXM\QIU#XGN RGUI\GNXIYGNXIRQI"

[GNWFVGHIXLIWUVG.RPUVPS'U+XGHIU6PWLISGHIXGNRPRGUIOHIUX$UPWSGNU#DZPIHIXNHIU#XGN\JRGUI\'$UPM\QIXGN\JYUIUGNWN\ISGN(GNLIHIM]SI\JRQI"RGN#U>NZIXLIM\QIHIXGNROZGN#SGZIXXIDZPLITGNOHIM]SI(GNLID\RQI"

DXWLI'WGNZGN#[GNS2IXS'U+XGHIU6PW[XIZ*LID]PIM\F-KDRPDZPLILO(6LIKM\QIU#U6P6GDRPXLIDRHZIXGNLIZ\ILILIXHIXNHIU#DZPIEXITLIYPX\'WLISGHIZ*LIWLISGHIU#6GDXWLI'WGNZGN#(6LIK \OND\JLI\'HIXNHIU#DZPIXGNZGNXIFGNXIRGUIOHIM]SID\RQI"

[GNWFVGHIZ*LIXVDHPIZGN#HIXNHIXPX*IDWZ*XIHIU6Z\IUVPXGNRIO(GNLIDRPYUIU6PYQIDXPLIHIXNHI(6LIKHIDRTXIR*IDU6PYQIDXPLIU)YP+NNDYP2I\V+TG\IRP6GD\RQI"WMFPDRPHIXNHILIYUIUVP\GZITGN#DH\JRQI"

[GNS2IXWLISGHI6GDXWLI'WGNZGN#XDSPIE*P`X'XNHISSIUVXI(6PZ*LIbZGN#YXI6GSFHIU6D6#RGN#XGNXIUZGN\'Z\IS-*YGNXI(GNLIYLIDYP2IWTLIWZXIXGNYXIHXILIUVPM]LIKYXIY6UIU'S*P\SIFZI(GNLIUQIM]SI,U)YP+NDYP2IX*LIR+NUM]SID\DZPKUQI"WLISGHIU6YX5DUPIZPZGN#M]LIKWY6UIU'(GNLIDRPIYQIWLISGHIU#RGUIDXWLI'WGNZGN#Z*LIYX5DUPIZPUVPU6GD\"[GN#DXPLIKXVDHPIZGN#ZFNZQIDRPHIXNHIU#RGN#TXIR*IDYUIDXPLIM]SIRQIKU)YP+NDYP2IX*LIXGN Y+NF+S*PWR+N\(GNLI F-KXD\RQI"

[GNWFVGHIRQI$UPM\QIWZ*XIDEW(:PIW`X'T+NWSGNGUIT+NWFVGHIM]SID\RQI"DXWLI'WGNZGN#S'U+XGHIWZGNLIbZGN#WLISGHIDZPLILOM\QIZ\IR+NZ\IWLISGHIU6PT+NX\'HIXNHIU#`X'XGN YN\I X+XYLI

XVDHPIZGN#FNF+(GNLI]GN#F-2IRQI"WDMFWDH`X' S*PB\ID[*R*PDZPKUQIM]SIRQI"XVDHPIRQIMUSIX_HID\DR(BZIFUIZ*LIWRLIK6GDHDRPN$GNYIUr`X'FVSIULIDFJLIDTPLIDRP$UPKDRHZIXGNILIZLILIU6P

XVDHPIXGNLIF-KDRPUOYZ\ILIM]SI,[GNZ\ILIXGNWLIT+N(6LIKWDSPT+NHIXNHIRGN#DFOYGNXI\JRQI"[GNWFVGHIXZ+*DZZODMUPLIXGNDXWLI'WGNZGN#RGUI\GNXIZ\IS*-[PRM]LIK[GNZ\ILIU6P\LIYIEXIU6DY6UVPM]LIKF-2IS*PFV'ZXIYP\'XVDHPIZGN#6GPHIXNHIRGN#DFVPDUPS*PDPXI6GF-K\JRQI"[GNZ\ILIXGN\LIM\QIU#XHIXNHIRGUIHITLIYPDRPN$GNYIUr`X'DSPMUDUPLI2'S'RQIKXLIDRHZIXGNLIZ\ILIXGNYUIU6XZGNXIHIZPHID\\JRQI"

N$GNYIUr`X'FVSIULIZGN#WMUHIFV'ZXIR*PPYUI6GRPPZ'FGNLIHZ:YLIU#HIoXIDXPIp*PZ*LIM\QIU#XTLIYPDRPXLIDRHZIXGNLIZ\ILI(6LIKDZ*T+NZGNXI\-*M]SIX\JRQI"XLIDRHZIXGNLIZ\ILIZ\ILIUrU6PSSIWDZ*#WX+WPHQIRM]LIK [G NXIDXPIZGNXI\*-Z*LIN$G NYIUr`X'FVSIULI2'S'DRP

$UPKDRHZIXGNLIZ\ILIXY+NDWPLI(GNLIF-K\'XLIDRHZIXGNLIZ\ILIU6PY+N]GN]-\X*-R*P\JRQI"XVDHPIZGN#RQIM\QIU#EXIXTLIYPDRPHIROWD\Y+NDWPLI(GNLIYGNXI\JRQI"

[GNWFVGHIDYPXIZ*LI\LIWLISGHI6GXLIRO\NHIUVPXWSGN(6LIKDSKS\IDT*D(*\'LGUIFVUIYGNRQI"W\SIWFZI\IS-D\\J>NDZPLITGNYP\JRQI"XVDHPIZGN#UIDMUPXIS*PW\SIWFZI\IS-\'bZGN#DFJLIDTPLIUVPHIXNHIU#Z*LI6GWSGN(6LIKDZ*#HI S'S2ID\\JRQI"

XLIWUVG.RPDFJLIDTPLIDSPE2'`X'XGNIZGNILIDFJLIDTPLIDRPXLIW]-*#HIXNHI[-LI\' WSGNW]-*#(6LIKDT*D(*X\JRQI"XVDHPIZGN#UIRPDHXDRPIYQIDT*D(*\-*(6SIXIDYPXIXP\'DHPXIXLIZGN#EXIXDT*D(*\-*M]XIYGNXI\'>NDXQPRQI"XVDHPIKSGZI


22/33

W[LIDZPLILOXLIDRHZIXGNLIZ\ILIXZPMUSIYGN#>NR+R6GDH\JRQI"XVDHPIZGN#TXI\'ZGNXIX\JDZPKRQI"DZPLILOU#U6TLIYPDRPN$GNYIUr`X'DSPULIDUPLI2'S'DRPXLIZ\I]-*#"bZ\I]-*#U6PWU6ZIXLIDRHZIXGNLIZ\ILIM]SI\JRQI"bZ\IRQI[GNDR6GDXWLI'WGNZGN#(6LIK\OD\JLIXPWLIWP

DYPXI(6LIKWLISGHI6GDXWLI'WGNZ\IZGN#(6LIKD\JLI,HIXNHIU#XGNRGUI\GNXIHIDUPIDZPIP2IUVP(6LIKU(:DYHIXNHIXPYUIWZGNLIWLISGHIHIXNHIEXIRGN#TLIYPRQI"

[GNWFVGHIWFJZ*LIXLIRO\NHIZ\I]-*#UVPWHXI7Z\I]-*#RQIWLIWPW`X'T+NM]SIRQI"ROZGN#X\-FORGUIUI"HIXNHIRGUIUISRQIKDXDXPIR+UVPM]LIKTLIYPX\'M]SIRQI"U)YP+NZ*LI6GDHDRPXLIWDMUPXIZ\IF-*RQIYQIWLISGHI6GXLIDRPLIXVHIROZGN#(6LIK\OD\JLIR*PF-KRQI"WDMUPXIUVPXGN

OUR*PE-XVQIGNXIZ+(Firing Pin) UVPXGNGNXIFVG.R*PF-KRQI"U)YP+N6GXLIZ\I]-*#UVPU6XLISSIRQIWUVPYQIWLISGHI6GXLIDRPLIXVHIROUVP(6LIK \OD\JLIR*PXRQI"

[GNWFVGHIZ*LIZ(GNLIL+Y+N6GZ\IUDZPIWLIWPU6PWY*HIHQI\JYXI6GRQI"XLIDRPLIXVHIROUVPRQIW[XI$UPM\QIZ*LIDUU#U(:DYUGZh'YPU#`X'UVPMUSIX_HID\6GU#`X'ZFVG.#R[+NFGNLIWZ*LI(6LIKDUPIYULIU#`X'UVPXGND]D]PIJ'YZDYPXIY+NZU#\'ZU#RGUI\GNXIR*PF-KRQI"HIXNHIU#DZPIXGN\LI ZGNXIFGNXIRGUI\GNXIHIFGUIDMFPXIYXI 6GDHD\\'"

[GNWFVGHIZ*LI(GNLIL+DZPIU6P`X'S*PDRPW(:PI(6LIKLITGNLIDHD\RQI"DFVPXI[-XVHIZ-Z-XDYRPXVHIDZPKRQI"YXIZY+NRPYGNDZPKRQI>NWFVG.#ROZGN#XDM\PTGNDHX\JRQI"WDHPXI(GNLIL+SPHI=LIUVPXYQI$UPWSGNXGNoHIXNHIWSGNp>NDY6PLIDM\PLIDFDYPX\JRQI"

[GNWFVGHIZ*LIXVDHPIZGN#XWLISGHIU#XGN]G\'ZGNXIDH\JRQI"WLISGHIU#XGND6#ZQIKZQIKHIXNHISSIUVXI(6PXZGNNXIDH+NRPUXWLISGHIDXVPDHPXIEXIU)YP+NEXIX\JSSIUVXI(6P]*LIK\'(6SIEXI6\IZGNXIDH\JRQI"WLISGHIZ*LIWLIWPRG\IUXVHIDZPK\J"RGN#DRPIDXWLI'WGNUVPRQIDFJLIUPS*PM]LIK FNF+DHX\JRQI"ROZGN#RQIDZPLILOU#EXIU6[G NTLIYPUQIKWU6ZIXLIDRHZIXGNLIZ\ILISSIDXPLIXGNUVPS*PDUPIYLIKDH\+N\JRQI"

DZPLILOU6[GNTLIYPRQIKXLIDRHZIXGNZ\ILISSIDXPLI`X'XGN ZGNXI]VXIHIU6PUGUGZGN#EXIX$UPKDRHZIXGNLIZ\ILI(6LIKZ\ILIUrN$GNYIUr`X'ZLI2'ENZLI2'>NYQIDFRQI2'S'DRPXVDHPIZGN#\-FOU#HIXVLIDRU6Z\I]-*#UVPWD\ZPHIXVDHD\DZPKRQI"

[GNXPYWZ*LIXVDHPKIZRXIUDUK(GNLIDRPZGNXI\-*`X'Z\-*WLISGHIZGNXI\-*Z*LIM]SI\*PF-K\JRQI"XVDHPIZGN#WLISGHISSIUVXI(6PZGNXI\-*UVPZ*LI\JLIRQIKWGXZ\IZZ\IU6P$UPKDRHZIXGNLIZ\ILIM]SIRQI"Z\ILIUrU6PN$GNYIUr`X'DSPMULIKM]SIRQI"[GNZ\ILIU6P[GNWFVGHIXFGNLIZ*LIDM\PXIXVPRO\NHIUVPXGNZGNXIFGNXIDHPU6WLISGHISSIUVXI(6PZ*LIZPHID\HIM\HIYQIDFOYPMFLIM]SIRQI"ROZGN#XM\QIUXGNM\HIYQIDPXI6GYPRM]LIKUVPS*PUIDMUPXIZXIXYVXI6GRQI"bM\LIROZGN#U6PDXWLI'WGNUVP(6LIKZFJU6ULITGNLI]ODR,F\ID\JKD\JK\LIRDEP[PDHRQI"

D]D]PIJ'YXIDH#Z*LIZ\ILIU6Z\IF-*Ur$GNYIUrY6DRPLI2'S'DRPZ\IXGN\*G.LIKUIUIZODZPLIXNHID6#6GDZPLIXNHILIZFNXGNZXIDPXIRGUI\GNXIDSPZ*LIUDUPIYLIKE-WY*HIFXIF-M\LI[HIS*PZGNXIFNGNXI\'U6[GN\SIU6ZIXGN6GF-K\JRQI"RGN#DRPIXVDHPIZGN#EXIU6$GNYIUrY6DRPLIW\JWLIWP6GWPF+WX\IZ\IRPFHI#XVT+N,U[GFGNXIIP6GF-K\JRQI"

XVDHPIDXPLIS*PU6ZIUGDH\JRQI"ZGNXI\-*ZGNXIDHS2IWZ*LID6#ZHISSIDMUM\LIU6WY*HIFXIF-DHDXPLI$GNYIUrY6DRPLIXWS'LIF+RM]LIKXVDHPIRO6GGPD6#ZHIZDHPXGNR*PDPXIDZ*#T+NF-K\JRQI"RO(6LIKXVDHPIRSI\LI `X'Z\LIDWPXIZ*LIUIYVPDU6PXI,D6#ZHI SSI\-*WDMFWDHXGNDT*D(*R+NR\I\'D6#EIYGNTXIYN\IHIZGNLI\LIF-KX\JRQI"DT*D(*ZGNLI\LI\'DHPXI[GNRSI\LI`X'DWPXIU6XVDHPIWLI[*XIYP\'YOFVLIF-*F-KX\JRQI"SSI[+NS+WP[O\GNUGN X'ROXWLI[*XI\JRQI"XVDHPID6#ZHISSIDMUM\LI;PHFV.\IRGN#M\HIDPXIPXIMFLIU6P\LI$GNYIUrY6DRPLIXVT+NR*P\'TGNDRPRZLIXGNUIHQI]*IXPRGYGNXI\JRQI"XVDHPI(6LIKZGNLI\LIDT*D(*F-KDRPRSI\LI X'DWPXIU6W[*XIHIROYXIDM]PLIKZ\IRPYXIFVXI(6LIKXVT+NR*PMFLI\LIM]SI\JRQI"

[GNZGNXI\-*W\'XVDHPIDRDXVIPROUVPSPLI6GDRPWFJDTPXI ZQIPUUVPS*PZNHIYB\IDMFPXIMFPR*PUG\JRQI"XVDHPISSIRPERXIZUIZ*LIZFJU7UU[GFGNXI]OD\"-DEPIWUVPWM\PYQISGZI[GFGNXIX\'LGNGNXRQI"XVDHPIYQIJLJKDXPLIKM]SIZP>NDRPXDPXI\'XVT+NROUVP(6LIKWZODPD(6P\JLIDRT+NR*PYGNSGZI\LILIYP\JRQI"XVDHPKIWDH(6LIKD[PXIY6UIDDXPLIDXPLIUYN\I(GNLIF-KUBWUGHI#D\PZ*LIUDSKS\IUDRFVPUBDXPLIKM]SIZP>NR+NR\IUG\JRQI"'RLIFHISPXGNZRXIY+NU6ZIXDP>NXGNIKXGNIXGNIYQIDM\PUG\JRQI"

XVDHPIWUGHI#Z\I FVXIFVLI[NZIM\HIYGNXI\JRQI"ZGNXI\-*UVPXGNS'S2IPZ*LIWDRW`X'WPY+NNSGNXI\' YN\IDTPLIXHIM]SI\JRQI"

[GNDHPXI\GNLIZGNXI\-*UVPZ*LIDZPKXVDHPIRQIXGNIZGNLIZZI(GNLIRDYPXIXLID[PXIF-KRQI"HIRO#Z\IRPWXVWG\IZ*LID]PLIZGHIFVGZI[PRQIXGNU6HIDM\PLI(6LKIMULIRQIW[GFV2IX\I\'XLID[PXIF-KRQI"DYP2I(6LIKXLID[PXIPZ*LIYQIDMUM\LIXGNSHSIZXV


23/33

XLID[PXIF-KPDHPLIWFJXVDHPIKWDH(6LIKDYP2ID\XDWPXIDMUM\LIXGNXQIKYGNXI\JX$UPM\QIEIDHPDYPXIM]SIUQITGNRQIXGNWXUI]VLIFHI#U6HIZZIYPRQIW[G\LINZSGNXIDYKYPF-K\JRQI"

7RQIZGN#U6PXVDHPIZRXIUDUK(GNLIDYPXIDWPLIM]SIF-KRQIKWLISGHIZGNXI\*-S2IWZ*LIXZGNXI\-*Z\-*(6LIK[GNZGNXI\-*XXVDHPIKXGND\F-KRQIKRLIFHISPUVP\LIM]SIDZPKRQI"

\-FOHI6GXVDHPIZGN#YXIHXIXGNLIZ\IWLIWPU6P

X"Z\ILIUrN$GNYIUr`X'ZLI2'2'S'RQIK$UPKDRHZIXGNLIZ\ILI"F"OWUI\'DF$GNYIUrDWDL*2'S'RQIKM\QID[PLISNSSI-Z\ILI""$GNYIUrDYLI(6LIK$GNYIXP*HI#ZGN#2'S'RQIKE'Z'WXI]IDFMUHIUPHIDSPLIKZ\ILI"&"Z\ILIUr$GNYI X'EDRPLI2'S'RQIKM\QIDZPLISNNSSI-Z\ILI"L"DHPXI\-FODRZ*LI-DEPIM]/WLIWPFHI#6GPWS\GNLIN[LIMULIOTYPHI\GPITLI,YN\IDTPLIMFLIM]SIRQI"U#YO[NSGZIWPZXIXYPDSHIM]SID\RQI"

ZGNXI\*-M]SIRQIKD]D]PIJ'YXIDH#QHP'DXVPIZ*LIENP`X'Z*LIXLIRO\NHIZGN#(6LIKLITGNLIZGNXI\*-M]SIPUGUGZGN#Z\IUVPUF+(GNLI,Z\ITNZIF*PYP\'\-FOU#WLIXYGGZIZ*LIDHPO[PDRPWDMFRGN#DPXIF-KRQI"UGUGZGN#Z\IUVP\-FOU#X\-WDRF+FNF+ZGNXIFGNXIUQIKERGN#DPXIF-KRQI"

RGN#DRPIQRHIDFJLIHP'DYPXIZ*LI\-FOU#RGN#SSIXOYPDHDRPOWUI\'SSI-Z\ILIDJRGN#DPXIDHPU6bZ\ILIUr$GNYIUrDWDL*XTXIRPH-#SPZDSPLI\-FO6GN$GNYIUr`X'ZLI2'[+DPXI6GYPRQI"[OTHIDHRQIU6P[GNTXIRP-DEPIRQISXIE'M]LIKDJU6ENP`X'*PXGNM]ZI,\-FOXGNDPXIYPMFLI\LIM]SIRQI"[GN#DXPLIKENP`X'*PRGN#XLIRO\NHIDZ*ULIDPXIDRDXPLIRGYGNXIRQI"

SSIRUGNLIUVPZ*LI(6SIEXIHILJZGNXIFGNXIXS2I(6SIEXISY+NU6ROUVPXZ]XIHIROTNZIF*PU6HIURGE-(6SIEXISY+NTNZIF*PXPZ]XIROTNZIU6HIWLIRGROXDHPM\HILIO\'W(GNLI6GX\+NDZ*6P6P\J\J6GDXPLI6GUQIM]SIRQI"

FNYQIENP`X'*PZGNXI\*-Z*LI7WZGNLIM]SIYPPXVDHPIZGN#EXIXXLIRO\NHIUVPTNZIU6HIWLIRGYGNXI\'UGUGZ\IUVPXGNWMUHIM\HI,ENP`X'*PRGN#M\HILIOYGNXI\JDZPKRQI"

[GNTXIRP-DEPIXGNYQIDJU#RGN#M\HIYZI\'$GNYIUrDWDL*WPSPYLIFVLIRO#Z\I(6LIK ENP`X'RGN#WMUHILI\OD\JLIHIN$GNYIUr`X'ZLI2'XHIXPYGNXIRQI"


24/33

DHPXIDH#D]D]PIJ'YXIH+HXIHP'FHI#Z*LIENP`X'*PZ*LIXVDHPIZGN#Z\IUVPF+XZNZIUVPWFGNLIWUPFV[P\'DXPLIZIY']NHIM]LIKRZLI\GN#FVXIXGN \-FOX\'M]SI,XVDHPIZGN#WLISGHISSIUVXIHPXYOUVPWDZPI SGZIDWR*P\JRQI"

D]D]PIJ'XIH+HXIDSPDSPU6P\LI\-FORH\CLIRGN#SSIXO-DEPIM]/WLIWPDXVPIYXIHXIS+NM]LIKDPXI6GYP\JDZPKRQI"FVXIFVLI\LIRH\CLIU6ENP`X'SSIUVXI(6PRGN#DUPIDZPIP2IUVPM]LIKD\\GN#WPM]QIK (GNLI\JDZPKRQI"

RGN#M]LIKDZPLILOSSIDXPLIXLIRO\NHIHIXGNDXPLIS*PFNF+XPX*IZ*HIY6HI(GNLIDRPWDMFWDHRGN#DPXIYP\'M]SI,XVDHPIZGN#EXIU6WDZPISGZIDWRXIRPYP\JDZPKRQI"

W[XI\JZGN#U6PFN(6SID]D]PIJ'YXIDH#\-FOSSIUVXI(6PENP`X'ZGNXI\-*(6LIK\ZIRXI,FNXVDHPKI[+Z*LI 6GDHDRPSPWN\ISPZUIUVPWDRPZLIM\MFLIM]SI\JRQI"RGN#DRPI [GNXPYWZ*LIXVDHPIX+DZ**#M]SI\VXIF-KDRPWM]SIW\VXIXVDHPIU6ZIUGRDYPXI(6LIKX* -Y*-DHRQIUVP6GDH\JRQI"

[GNSPWN\ISPZUIUVPWN$GNYIUr`X'ZLI2'ZGN#W]*-#\-FOZ*LIWDRF+FNF+UQI>N TGN[P\JRQI"XVDHPIRZGU6ZIUGZ-KWFVXIWFV.G#X7RGN#M]SI\JRQI"XVDHPIRQI$UPM\QIDZPI\GNLISSI;PHFV.\IUrWM]SIU)YP+NZ*LIDTPLI*XIDHS2IWLISGHIZGNXI\*-XGNYQIXGNIZGNLI2'S'\'ZGNXIFGNXI

DH\JRQI"[GNS2IFN(6SID]D]PIJ'XIDYPXIXXVDHPIKXGN \-FOU6N$GNYIUr`X'ZLI2'XGNLIPYXISXI(6LIKSXPDM\PYGNRQITGN,

GNLIPYXIWFHIXGNR*P\JRQI"$GNYIUrZLI2'XRO#Z\IUVPENP`X'ZGNXI\*-XTNZIYP\'\-FOM\HIDPXIYPX\'ROZGN#UOYWS'WS2IWZGNLIENP`X'XVR*P\'LI\-FOU#XVIX'XUFNF+DZPKE-\-FOXRH\CLIRGN#TNZIF*P]IDD\DZPKUQIM]SIRQIKWZGNLIFNROZGN#\-FOU6RH\CLIRGN#TNZIDZPKUQI>NTGN\JRQI"XVDHPIUVPS*PSGZI[GFGNXIZNHIYB\IR*P\JRQI"[GNHIROXGNHIXNHIU#`X'XFNF+ZGNXIFGNXIHIWY*HIFXIF-DZPKUQIXGN

RGMULI,M]SI\JRQI"RGN#DRPIXVDHPIEPU6UZZI(GNLI\J"FLI$VPZNG#\-FOXTNZIF*PLI\-FOU#WS\I6G\-FOMUSID\X\-FOHIXNHIXPYUIZ+ZPH-#[PYUIZ+ZPZGN#XGNDZPKUNFVFV.G\']VXIT'\J>NU6PXP\JDZPKRQI"

XVDHPISXPDM\P\'DHPXIXVDHPI+NFHIRGN#M\HIYPXP+NZ*LI6GDHDRPWLIVLIH'PWP6GXGNFVXIFVLIDF\'FNFVXIFVLI\-FO HIXNHIXPYUID\6GY6QIXOU#WH'XoHIDEPIZIpZ+ZP`X'XGNR*P,D]PXIF*-FV.G]VXIHI HIXP\JRQI"SSIWDMFWDHXGNYQIWZGNFV.\I,DM\PM\YGNXI\JRQI"

[GN#DHPXIXVDHPISGZIDRPX`X'S*P(6LIKHIXNHIU#U6FNF+XPX*IDXGNS2ISPDHUG\JRQI"XVDHPIU6ZIUGDH\JDRRQI"XVDHPIK+NFHIU6UZIZZI\I\'XQIKYGNXIYLIM\ZLID\JXIU6XGNXIDYPXIDDRPM\QIHIXNHIXPYUIU`X'XGNMULIDHP\-FOEXIU6[LIDRPW\IROW\IRPWFV.G# DUPIDZPIXPUVPD\ \S3QIUVPWM\QIK W(6XIZLIXP HIXNHIU#Z*LIRGN# FGNDWPLIHI WDM\WYP LIDPXIDHXRQIXGNDZ**#MULIDH\JRQI">PYODZ*XHIXNHIU#Y+NF+UI[LI\'DM\LIDHX\'LJEIYGNYN\IXPX*I(GNLI\JKUY->NUGUGZPHIWZ*XISGZIDRPX`X'S*PDPXIDHS2IFWXPNWS'LIF+\JRQI"

XVDHPIWZGNLIURGUIDMUPXIR*P\JDZPKRQI"RGN#PZ*LIXVDHPIXoHIDEPIZIpZ+ZP`X'XGNFV.G]VXIFGNLI[PZPXGNFVXIFVLIRZG\'ZPHID\DSYZI[PDRPWLIVLIH'P

WP6GR*P\'YP>NFVXIFVLIDUP[*XIR*P\'>NRG\JRQI"[GNS2IXVDHPIS2ISPUGRQIU6PZ+ZPUFV.GFLIU'DWPLIDYP2I\V+(6LIKYGNXI\'SPFVD\LI U'(GNLIRQI>N Z*XIFVXIYGNXI\JRQI"

XVDHPIX$UPKDYZ\IUDZPIU6DYP2IZSIS'WDD\XGS3X+YLIR+NHIWRLIKWU-6GDH]GN#ZPHID\[PP[GNDYP2IYQIWTLIRLIK6GDH\JRQI"

XVDHPIX[GNWLIVLIH'PWP6GRGN#WUGHI#SPZGNDYZDSPLID\JRQI"oENP`X'*PU6HIROUVPTNZIR*P\'UGUGZGN#Z\IUVPENP`X'*PXGNLIRGUI\'DHPO\'\'"HIDEPIZIZ+ZPXGNFV.G]VXISPUYGN

DZPKM\HIYP\Jp>ODRPRDEP\JRQIKWUGHI#SPXGNXVDHPIYXIU6ZI[GN\'DHPXI[\IWP6GZ2'XGNDYP2I(6LIKYGNXI\'[GNSPXGNmFVnD\HISPXGNR+EOLIZFNZ*LI[QIKD\\'DYP2I(6LIKWMUHIDSYZIYGNXI\JRQI"[GNDYP2IXHIDEPIZIZ+ZPD\DPXIDRPWFJZ+ZPWH'Z*LIXPZS'\I[PZPMULIRM]LIKDYP2IXGNHGUIKHGUIKTLI\'

-DH\JRQI"Z+ZPXGN]VXIFGNLI[PDRPWLIVLIH'PWP6GYQIZ+ZPZ*LI GNLIHUGNLIUVPFVQID(6LIHIYN\IDH\JRQI"[GNS2IDFJLID\Z*LIDYP2I-YPRM]LIK[OMFPRQI>NOT\'Z+ZPU6F*P\'DYP2IXGNDUPKXQIKS2IDYP2ID\U6R+EOXDYXVYP\'XVDHPIKSPXGN]ZIXPUD]PXIF*-DZPKE-M\HIYP(GNLI\JDZPKRQI"

7Z*LIXVDHPIZGN#WDMFWDHDFVDUPR*P\JDZPKRQI"7RQIZGN#U6P\-FOSSIUVXI(6PENP`X'*PXGS3XVDHPIU6ZIUGDHDRPWDXPLIWPM]SI\JRQII"X*-Y*-FVXIU6PSPWN\ISPZUIUVPDRPFVXIWUGUGZGN#Z\IUVPENP`X'U6TNZIYPS2IN$GNYIUr`X'ZLI2'ZGN#XEP\-M]SIM]SI\-FOU#X\-


25/33


26/33

YQIDXPLIWXVLIKSPGZ:XGNYQIDXPLIRG6G\'WM\HIWY6HIDYSPFVSIFLIXDRPUGZIDT* X'UVPM]SIYPX\JRQI"XVDHPI X*HIMU/HSI(6LIKTXIR*IRQI>ODRPS*\IS*-FVXI(6LIKZ\IUDZPIXFN(6SIX[*XI\'DHPXI\GNLIZ*LIYQI$GNYIUr`X'

XQIDUPLIRQIUGZIDT*U\VXIXVDHPIKWGUIXGNLI[*XIR*PYPTXIT+DH\JRQI"ROZ*LIUXRO=H'(6LIKUGRPSNLIUVP\JXVDHPIKWGUIRPUVP(6LIKLI(6'FLIULIYPX\JRQI"

X*HIMU/HSI>NOTROXVDHPIKWD\$GNYIUr`X'XQIDUPLIXFLIFLIULIULIDYDYSPSPTXIT+DHMFLI(6LIKX*HIMU/HSIUVPXGNUNHIZ'THI#XVLIRO$G NYIUr`X'XQIDUPLIWD\YQIXVDHPIXDYDYSPSPTXIT+DHMFLIUVPXGN YOWFV.G#XW+KRDHXD\RQI"

THI#XVLIEXIM]SIXDRPXVDHPIZGN#(6SI2'UGZIDT*X'UVPM]SIDHMFLIU6PXVDHPIZGN#2'WZ*LIZ2'WPDXPLIFVXIXGNZ2'XDYSPFVSIFLIXPZ2'WPHQIFVXIXGNZ2'XF*LIKYZI(GNLIXMFLIZGN#DXPLIKM]SIUQI[LI\JRQI"$GNYIUr`X'XQIDUPLIRQIZ\IUDZPIU6WHPON\'DHPXIWUV.GRP'UGNXDS'W]*-#FV.\IZ*LIDFJLIDTPLIZ2'WM]SILIDPXIYN\IDTPLI

F-KPU6FNWFJWRXIW*I X'LIKYP\'M]SI,XVDHPIK[XI(6SIFHI#`X'\JRQI"HIXNHIZ*LIWHPONDH[GNLIYVXI6GDXPLIRG\JRQI"7SPDLI7X-KRGN#WYPZOX*HIMU/HSIXGNTHI#XVLIDRPIYQIXVDHPI(6LIKUGZIDT* X'M]SIDHF-KDRP\NaG.YIZ2'XGNRZGUG\JRQI"

[GN\NaG.YIU6P$GNYIUr`X'FVSIULIM]SI\'FNWFJWDUGXHIM\QID[PLISNZ*LIDH[GNLIYVXI6G\JRQI"[GNWLISGHIZGNXI\*-XGNWM\LIW[HIZGNXIFGNXIDHS2IWZ*LIUZIYTHIDYPXIZ*LI[LI\JRQI"XVDHPIDUU#Z*LIFVHI[PSIF-KDRP

=H'RQI(6LIKRU'LIZGN#HIXNHIRGN#M\HIYQIDPXI6GYP\JRQI"XVDHPIDUU#NWDXPLIXP[P,W[N\IW\GNM\LIDSPLIKTGNLIDHPQDHDSPLIRQIW[GYPDFMFLIU6GE-DUU#XLIRO\NHIUVPYXIXVDPXIR*P\'>ODRPRZLIRP6GYGNXI\JDZPKRQI"[GNQZ*LIFVLI U6P\LIDMUPXI\GNLIZGNLISSI;PHFV.\IWP6GG\IRPZ*LIXVDHPIDHPFV[PD\DRP$GNYIFV.\ISUSI*HIXYOYZI,ROH-#YPDHHIROZGN#RPWUGXGNYPDFRM]LIKROZGN#YGNXIR*PX\'$GNYIFV.\ISUSI*HIZGN#UGRPSN(6LIKD\JLIDHF-KX\JRQI"$GNYIFV.\ISUSI*HIX$GNYIDXVPID=PXXV.\IXGNXIZLIDSPLIKD6PXIF-KZI"JDXPLIKXV.\IXY-FLI$VPXGNDSPLIKD6PXIUI"XV.\IWRXI6LIDHRD*#FLI$VPEPU6UM]SIDSEOSGZIFV\J>NRO#XGNWPD\DXPLIXVDHPIK=H'XXVDHPIKXGNM\HIDM\PM\\JRQI"

DHPXIXIWFVG.#XP\'DHPXI$GNYIFV.\ISUSI*HIZGN#UGRPSNXMUSI`X'HPRGN#DM\PLIFVLIDXPLIWDXPLIXPYPRM]LIK$GNYIFV.\ISUSI*HIUGRPSNXGNMUSI`X'HPRGN#\GN#D\UQIWM\HIWY6HIWPM]LIK$GNYIDXVPID=PUGRPSNXGNHIXNHIDFUQI>NWSGN(6LIKDXWLI'WGNZGN#WD\WOYN\IXPOE'DWDYP2I\V+(6SIS'M]LIKS'S2IYGNXIUBDXPLIKROZGN#RPWUGHIXNHIDPXIYPMFLIM]SI\JRQI"XVDHPIZGN#YQI[GNWFVGHIXS,$GNYIFV.\ISUSI*HIH-#X*-R*PPM\HIYQIT+NDZ*#(GNLIMFLIU6GDZPKD\"

XVDHPIU)YP+NDYTG\IRGN#WXYZIYGNXIDRPWP6G(6SIDPXI(6LIKWZOROZGN#RPWUGDPXIYPPXVDHPIX[GNWP6GUVPXGNROZGN#WPZFJZQIR+NTIU#RO#UGEUVP[+M\HI\GN#HIDSFGNLIYGNXI\JRQI"

XVDHPIYQIZ]XIZYUIXSGZIDWR*P\JRQI"DUU#XVR*PDXPLIXVDHPIXPXZQIXXVDHPI#=H'ZFNFNM]SIR*PXRO#UGEUVPXGNEIYGNDM\PUY->N \O\HIDHUGPFNDZPKZ\ODWR*P\JDZPKRQI"

XVDHPIWLISGHIZGNXI\-*WDXPLIDDHS2IWFVXIWYXIWDZPIUVPUVPXGNDUKDYVPKDH\'M]SI,XVDHPIYXII6GDHDRPSPWN\ISPZUIUVPXGNYQIUXPFM\HIYQI]ZIB\JRQI"[GNW[-XoZ\IUDZPIRUGNLIpSZNZhZ*-SPWN\IZ*LIWDRSGZIWFVXIWDZPIUVPUVP[\IU+DZ*#6GRM]LIKXVDHPIKDRPFVXIUVPM\QIKM\QIKS+N R*PDSHIWYGN#L6P[\IU+M]QIKS*XI\'XOOD]PIM\YGNXI\JRQI"

WLISGHISSIUVXI(6PZ\IUDZPIU6XLIDRHZIXGNLIZ\ILIUVPRQIDXWLI'WGNUVP(6LIK \OD\JLI,WZGWYLI\NHIXHIRM]LIKWSGNXXLIZ\IUVPU6

YXIHXIRGUIOHIFN(6SI=(0J'YDH#Z*LIWUGHI#[NZIM\HI,D]D]PIJ'YXIDH#Z*LI$GNYIFV.\IDHLIXGNSSI2'S'FV.\IFHI#RQI"=(0J'YXIDH#Z*LI\LIU)YP+N6GTXIR*IDZ\ILI


27/33

D]D]PIJ'YXIDH#Z*LIRUGNLI6GWLISGHISSIUVXI(6PHQI$V/>P;PHFV.\IRGN#XGNLIZGNLIYPDPXI X*\IX-RQI"[GNWFVGHIUZGNLIU'XN$GNYIUr`X'XQIDUPLIRQIHIXNHIM\QID[PLISNW+Z\ILIODWWXI]IZ\ILIXGN X*\IX-YVXIRUGNLISSIUVXI(6PZ*LIP'2'S'YVXI6GRQI"[GNS2IXLISSIUVXI(6PZ*LI6GDRPM\QID[PLISNWSGNZ\I]-*#UVPU6PDWPXI\JWZGNLIM]SIRQI"

"HIXNHIM\QID[PLISNW+Z\ILIODWWXI]I"WU6ZIM\QID[PLISNSSI-"WU6ZIM\QID[PLISNSSI-

"WU6ZIM\QID[PLISNSSI-"D]D]PIJ'YXIDH#Z*LIHIXNHISSIDXPD(6LIKZQIFGNDSFHI6GZ\ILIU6Z\ISN(6SISNXGNWU6ZIDMFYVLIZ\ILIU6YXIHXIZ\ITLID\\'UGUGZ\ISNZSN(6LIKD\JLI,DUPIZPZ\I]-*#\JZ\IF-*WM]SIRUGNLISSIUVXI(6PZ*LIZPHID\RQI"WTGN\JZ\ILI-DEPIUVPRQIRXIU6DZPFGNR*NPF-KDRPZ\ILIU6M]SI,SSIDXPDSFHIZ*LI[GUIRGUI[PMFLIM]SID\RQI"

"W+SSI-Z\IUVPSSIHI[UIUVPDXVPLIRP-DFJLI(6LIK R+UGZ\IUVP"FVLIDRHZIXGNLIZ\ILI"D]D]PIJ'YXIU6XIWZ*LIDUPIYULI6GWU6ZIXFVLIDRHZIXGNLIZ\ILIXGNDYP2IM]LIKWLISGHISSIUVXI(6PRGN#

\GN#D\RQI""WU6ZIDMFYVLIZ\ILI"D]D]PIJ'YXI(6LIKXIDH#UVPZ*LIWU6ZIDMFYVLIZ\ILIU6Z\ISNSNWPM]QIK

D\[PRQI""WU6ZI$UPKDRHZIXGNLIZ\ILI"WS\GNLIX$GNYIUrY6DRPLIZ\I]*-#RP6GF-K\'D]D]PIJ'YXIDH#UVPZ*LISSIDZ*6G

Z\ILIUr(6LIKZ\I]*-#UVPXGNDYP2IM]LIKD#DM\PLID\\GN#RQI""WU6ZI$UPKDRHZIXGNLIZ\ILI]VP\+NU6D]D]PIJ'XIDH#Z*LIHIXNHIRGN#DPXI6GYPDRPIYQIDHPXIZDH#Z*LI

M\QIU6TLIYPDRPWU6ZIXLIZ\ILIXGN>HI#ZPZGNXIFGNXIHIRPPZ'RGN#FV'ZXIRQI"D]D]PIJ'YXIDH#U6WLISGHISSIUVXI(6PZ*LI\JLIZGNXIFGNXI(GNLIRQI"

"DZ\IU6DWPIY'X*HISXIWDMUPXI(6LIKD\JLIJWDMUPXIZ\I]*-#"WLISGHISSIUVXI(6PZ*LIZGNXI\*-UVPSZLIM]SI\*PRQIU6P[GNWFVGHI[NZIRZLISPUVPWYGNWFN(6SI=(0J'YXIDH#U6\LI

SZLIF-KMFLIM]SID\RQI"[GNDH#Z*LI$GNYIUrSGN$GNYIQ*HI#LI$GNYIS+Y6DEPI(6LIK$GNYIDXVPILIZGN#2'S'DRPM\QID[PLISNSSI-Z\ILIRQIRUGNLI6GF-F+XGNGNLI[P\'YXIHXIFVFGNLIXPXV.GX8YP(6LIKWLISGHIYUID[PLIK[PZ*-\VXIUVP6GPDHPW[GZGNXI\*

bkz bio part3

Documents