the efficient market hypothesis through the eyes of an...
TRANSCRIPT
WORKING PAPERS SERIES
WP07-13
The Efficient Market Hypothesis through the Eyes of an Artificial Technical Analyst: An Application of a New Chartist Methodology to High-Frequency Stock Market Data
Timur Yusupov and Thomas Lux
!"# $%&'#() *+,-#) ./01)"#2'2 )",134" )"# $/#2 15 +(
6,)'7&'+8 !#&"('&+8 6(+8/2)9 6( 6008'&+)'1( 15 + :#; <"+,)'2)
*#)"1=1814/ )1 .'4">?,#@3#(&/ A)1&- *+,-#) B+)+
!'C3, D32301E!+(= !"1C+2 F3G"
H+(3+,/ IJK IJJL
!"#$%&'$
!"# +&+=#C'& 8')#,+)3,# "+2 M##( ,#83&)+() )1 +&�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
()*+,%-#9 $%&'#() C+,-#) "/01)"#2'2K )#&"('&+8 +(+8/2'2K ),+(2+&)'1( &12)2K 8#+,('(4 &8+22'7#, 2/2>)#C2K "'4">5,#@3#(&/ =+)+N
. /0$%,-1'$2,0
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
#2'2 ;#,# 1M2#,E#= '( )'C# 2#,'#2 15 0,'N ?'(+88/K 6(=,#; F1 +(= <,+'4 *+&_'(8+/ XTJJZ 32#= + 2'C08#20#&'7&+)'1( )#2) )1 ,#P#&) )"# ,+(=1C ;+8- "/01)"#2'2 51, 2)1&- 0,' +(= ,#)3,(2N !"# )#2) ;+2 M+2#=1( )"# E+,'+(&# 0,10#,)'#2 15 ,+(=1C ;+8- )'C# 2#,'#2N O) '2 ,1M32) )1 ='`#,#() "#)#,12-#=+2)'&')'#2 +(=(1(>(1,C+8')/ 15 =+)+N O( ,#+&)'1( )1 )"'2 )"# +223C0)'1(2 15 )"# ,+(=1C ;+8- "/01)"#2'2 ;#,# ,#8+G#=K7,2)K )1 +881; 1(8/ '(=#0#(=#(&# 15 '(&,#C#()2K +(=K 8+)#,K )1 ,#@3',# 1(8/ [#,1 &1,,#8+)'1( 15 '(&,#C#()2NO( )"# TUaJ2 )#&"('&+8 +(+8/2'2 +00#+,#= +2 + (#; +20#&) '( )"# #C0','&+8 8')#,+)3,# 1( )#2)'(4 )"# $*.N
!"'2 +00,1+&"K ,#01,)#= )1 M# ;'=#>20,#+= +C1(4 0,15#22'1(+8 7(+(&'+8 0,+&)')'1(#,2K +))#C0)2 )1 #G081')
!3,%%)#4,0-205 &1$6,%9 B#0+,C#() 15 $&1(1C'&2K b('E#,2')/ 15 _'#8K c82"+32#( A),N dJK IdTTaK _'#8K e#,C+(/K/32301EfM;8N3('>-'#8N=#
"^# +,# 4,+)#538 51, 7(+(&'+8 23001,) 5,1C )"# $b A!W$g <1C08#G*+,-#)2 &1(),+&) (3CM#, \TVddVN
T
0,#='&)+M'8')/ 15 0,' 51, 0,17)K +(= )"32 '2 '( =',#&) &1(),+='&)'1( )1 )"# ;#+- 51,C 15 C+,-#) #%&'#(&/N?1, #G+C08#K '( TUaU .#8#( 688#( +(= *+,- !+/81, X\Z 23,E#/#= )"+) +) )"# 2"1,)#2) "1,'[1(2K '(),+=+/ )11(# ;##-K +00,1G'C+)#8/ UJh 15 ,#201(=#()2 X0,15#22'1(+8 ),+=#,2 +(= +(+8/2)2 +) 51,#'4( #G&"+(4# C+,-#)2Z32#= 21C# &"+,)'2) '(03) '( 51,C'(4 )"#', #G&"+(4# ,+)# #G0#&)+)'1(2K ;')" VJh P3=4'(4 &"+,)2 )1 M# +)8#+2) +2 'C01,)+() +2 53(=+C#()+82N *1,#1E#,K )"#,# +00#+,#= )1 M# + 0#,2'2)#() Ih 15 0,#23C+M8/ i03,#i&"+,)'2)2K ;"1 1(8/ 32#= )#&"('&+8 +(+8/2'2N :3C#,132 #C0','&+8 2)3='#2 ,#01,)#= #')"#, 0,17)+M'8')/ 15)#&"('&+8 +(+8/2'2 1, ')2 012')'E# +==#= E+83# )1 '(E#2)C#() =#&'2'1( C+-'(4N681(4 ;')" )"# #C0','&+8 2)3='#2 7(+(&'+8 )"#1,/ )3,(#= ')2 +))#()'1( )1 )#&"('&+8 +(+8/2'2N !"'2 0+,+>
='4C ;+2 '(&1,01,+)#= '( M#"+E'1,+8 +22#) 0,'&'(4 C1=#82 )1 &+0)3,# 1M2#,E#= #C0','&+8 i+(1C+8'#2iK 8'-#E18+)'8')/ &832)#,'(4K "'4" ),+(2+&)'1( E183C#2 +(= #,,+)'& M#"+E'1, 15 0,' XTLZN O) ;+2 0#,23+2'E#8/ 2"1;()"+) )#&"('&+8 +(+8/2'2 &138= M,'(4 +==')'1(+8 '(51,C+)'1(K +(= +2 23&" 2"138= M# 32#= M/ ,+)'1(+8 '(E#2)1,2XIIK ILZN *1,#1E#,K )"# +008'&+)'1( 15 )#&"('&+8 +(+8/2'2 51, 20#&38+)'1( &+( 0,1=3&# 2)+M8# #@3'8'M,'+ '( +(#&1(1C/ XTTYZN O( )"# #G),#C# &+2#K )"# =1C'(+(&# 15 +( i',,+)'1(+8i )#&"('@3#K ;"'&" )#&"('&+8 +(+8/2'2;+2 ,#5#,,#= )1 M#K '( )"# C+,-#) &+( &,#+)# ')2 1;( 20+&#K ;"#,# +008'&+)'1( 15 1)"#, i,+)'1(+8i )#&">('@3#2 '2 23M10)'C+8 Xd\ZN 6) 0,#2#() )#&"('&+8 +(+8/2'2 +(= C+,-#) #%&'#(&/ +,# 2)3='#= 5,1C + M#"+E'1,+80,120#&)'E#K ;"'&" 0,1C'2#2 )1 ,#218E# )"#', '(&1(4,3#(&#NA'(&# )"# 1,'4'(+8 51,C38+)'1( 15 )"# ;#+- 51,C 15 )"# #%&'#() C+,-#) "/01)"#2'2 M#&+C# 13)=+)#=K
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
"/01)"#2'2 0,1M8#CN $E'=#(&# +4+'(2) )"# $*. &138= M# #')"#, =3# )1 + ;,1(4 #@3'8'M,'3C C1=#8 1, =3#)1 ),3# C+,-#) '(#%&'#(&/N c(# ;+/ )1 +E1'= )"'2 0,1M8#C '2 )1 &1(2),3&) )#2)2 )"+) =1 (1) +223C# +(/3(=#,8/'(4 C1=#8N!#&"('&+8 +(+8/2'2 2)+(=2 '( =',#&) &1(),+='&)'1( )1 )"# ;#+- 51,C 15 )"# $*.K +(= +2 23&" &+( M#
=',#&)8/ 32#= 51, ')2 )#2)'(4N !"# =#2'4( 15 )"# )#2) '2 +2 51881;2N c(# 2"138= 0,1 0+2) 2)1&- 0,' ;')")#&"('&+8 +(+8/2'2 )1 1M)+'( (#G) 0#,'1= 0,'&# 0,#='&)'1(2N g,#='&)#= E+83#2 2"138= M# 32#= '( "/01)"#)'&+8'(E#2)C#() =#&'2'1(2N 6221&'+)#= ,#)3,(2K +=P32)#= 51, ),+(2+&)'1( &12)2K 2"138= M# +44,#4+)#= +(= &+( M#32#= +2 + C#+23,# 15 7(+(&'+8 C+,-#) '(#%&'#(&/ '5 )"#/ +,# '( #G 15 + 0+22'E# M#(&"C+,-N:1,C+88/ )"# +008'&+)'1( 15 )#&"('&+8 +(+8/2'2 23`#,2 5,1C 23MP#&)'E'2CN !#&"('&+8 +(+8/2'2 '2 )+-#(
,+)"#, +2 +( +,) )"+( + 0,#&'2# 2&'#(&#N !"# +008'&+)'1( 15 0,'(&'08#2 15 )#&"('&+8 +(+8/2'2 '( +( +3)1(1C1321, +,)'7&'+8 =#&'2'1(>C+-'(4 2/2)#C 2"138= #8'C'(+)# )"# 23MP#&)'E# 5+&)1,N 6==')'1(+88/K )"# 2/2)#C 2"138=M# ,#8+)'E#8/ 2'C08# )1 '(23,# ')2 ,1M32)(#22K +(= ),+(20+,#() )1 0,1E'=# ')2 3(=#,2)+(=+M'8')/N A0/,12 A->13,+2 XTdYZ 0,1012#= +( +,)'7&'+8 )#&"('&+8 +(+8/2) +2 + @3+()'7+M8# C#+23,# 15 C+,-#) #%&'#(&/N $G0+(='(4"'2 '=#+K +( +,)'7&'+8 )#&"('&+8 +(+8/2) R6!6S ;'88 +821 M# 32#= 51, 13, )#2)Nc3, '=#+ 15 &,#+)'(4 +(= #C081/'(4 )"# 6!6 1,'4'(+)#2 5,1C )"# 2#C'(+8 0+0#, M/ 6,)"3, #) +8N XUZN
!"# +3)"1,2 "+E# &,#+)#= )"# 6,)'7&'+8 A)1&- *+,-#) R6A*SK -(1;( +2 )"# A+()+ ?# 6A*N !"# C+,-#)'2 01038+)#= M/ +,)'7&'+8 +4#()2 #(4+4#= '( 2)1&- ),+='(4N !"# +4#()2 32# )#&"('&+8 +(+8/2'2 )1 2&,##( )"#C+,-#) +(= +( 'C08#C#()+)'1( 15 +,)'7&'+8 '()#88'4#(&#K F#+,('(4 <8+22'7#, A/2)#C2 RF<ASK 51, )"# 10)'C+8+008'&+)'1( 15 )#&"('&+8 ),+='(4 ,38#2N!"# 23& 15 )"# A+()+ ?# 6A* '(20',#= 32 )1 &,#+)# )"# 6!6N b(51,)3(+)#8/K )"# A+()+ ?# 6A*
"+= 21C# 2"1,)&1C'(429 &1C03)+)'1(+8 +(= +841,')"C'& 8'C')+)'1(2 15 )"+) )'C#K +(= + 2"1,) +(= 7G#= 8'2)15 )#&"('&+8 ),+='(4 ,38#2N 6==')'1(+88/K )"# C#&"+('2C 15 51,C'(4 )"# ),+=#,2Q #G0#&)+)'1(2 ;+2 M+2#= 1(#+,8/ &1(�)2 15 F<A )"+) "+E# 3(=#,41(# 'C01,)+() C1='7&+)'1(2 '( )"# C#+()'C#N c3, 'C08#C#()+)'1()+-#2 '()1 +&&13() )"# 2"1,)&1C'(42 15 )"# A+()+ ?# 6A*N O) '(&1,01,+)#2 )#&"('&+8 +(+8/2'2 '( +( +=+0)'E#;+/K ;"#,# )"# &1,# 15 )"# 6!6 '2 =,'E#( M/ + (#; 'C08#C#()+)'1( 15 F<AN!"'2 (#; 'C08#C#()+)'1( 15 )"# 6!6 '(&1,01,+)#2 )",## C+'( &1C01(#()29 =+)+>0,#0,1'(4K 0+))#,(>
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
I
(1C'&+88/ ,#8#E+() ),+(2+&)'1( &12)2 '2 )"# 'C0+&) 1( )"# 0,'&#K '( + 2)3=/ 15 "/01)"#)'&+8 '(E#2)C#()2 ;')""'2)1,'&+8 =+)+ )"# +20#&) 15 0,17)+M'8')/ '2 '(E#,)#=N O(2)#+= 15 C#+23,'(4 )"# +44,#4+)# ,#)3,( +=P32)#= 51,20#&'7#= ),+(2+&)'1( &12)2K )"# E+83# 15 !"#"$%"& ),+(2+&)'1( &12)2K ;"'&" '(23,# 012')'E# +44,#4+)# ,#)3,(K'2 32#=N !"'2 +881;2 )1 =#,'E# M,#+-#E#( ),+(2+&)'1( &12)2K ;"'&" &138= M# 8+)#, 32#= 51, M#(&"C+,-'(4C+,-#)2K 2#4C#()2K +(= '(='E'=3+8 2)1&-2N!"'2 ;1,- ='`#,2 5,1C 1)"#,2 '( )"# #G)#() )1 ;"'&" )"# =#2'4( 15 )"# C+,-#) #%&'#(&/ )#2) '2 5,## 15
#@3'8'M,'3C C1=#8 8'C')+)'1(2N ]/ +008/'(4 )#&"('&+8 +(+8/2'2 1(# &+( 2## ;"#)"#, 0,'&# )'C# 2#,'#2 "+E#0,#='&)+M8# 0+))#,(2N O( &+2# 0#,2'2)#() 0+))#,(2 +,# =#)#&)#=K )"#', 0,17)+M'8')/ &+( M# 2)3='#= 3(=#, )"#2&"#=38# 15 ,#E#+8#= ),+(2+&)'1( &12)2N O( )"'2 ;+/ +( +M2#(&# 15 0+))#,(2 '2 + &8#+, '(='&+)'1( 15 )"# ;#+-51,C 15 C+,-#) #%&'#(&/K ;"'&" ;+2 +=E1&+)#= '( )"# )"#1,#)'&+8 8')#,+)3,# 15 )"# TULJ2N c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
)1 #G),+&) 3(&"+,)#= 0+))#,(2j 2#&1(=K 5,1C =#E#810'(4 + (#; )/0# 15 0+))#,(>,#&14(')'1( #(4'(#K ;"'&"C+-#2 =#)#&)#= 0+))#,(2 +&'M8# +5)#,;+,=2j +(=K )"',=K 5,1C )#2)'(4 C+,-#) #%&'#(&/ 3(=#, + ;'=#2&"#=38# 15 ),+(2+&)'1( &12)2K ;"'&" +881;2 )1 '=#()'5/ M13(=+,'#2 15 C+,-#) #%&'#(&/N!"'2 0+0#, '2 1,4+('[#= +2 51881;2N A#&)'1( I 0,#2#()2 +( 1E#,E'#; 15 )"# #%&'#() C+,-#) "/01)"#2'2N
O) '2 51881;#= M/ A#&)'1( YK ;"'&" ='2&322#2 )"# 'C0+&) 15 ),+(2+&)'1( &12)2 1( )"# 0#,�)'1( 15 C+,-#)#%&'#(&/N A#&)'1( d 13)8'(#2 )"# &13()#,0+,) 15 )"# ;#+- 51,C 15 C+,-#) #%&'#(&/ > )#&"('&+8 +(+8/2'2NA#&)'1( \ '(),1=3 )"# =#2'4( +(= -#/ &1C01(#()2 15 )"# 6!6N B+)+ 32#= '( #C0','&+8 2)3='#2 +,# 0,#>2#()#= '( A#&)'1( V +81(4 ;')" + 2"1,) =#2&,'0)'1( 15 )"# !1-/1 A)1&- $G&"+(4# C'&,12),3&)3,#N W#238)2 15"/01)"#)'&+8 #C0','&+8 +008'&+)'1( +,# 0,#2#()#= '( A#&)'1( aN <1(&832'1( 7(+8'[#2 )"# 0+0#,N
7 89'2)0$ :&%;)$ <*4,$6)#2#
!"# 1,'4'( 15 )"# $*. =+)#2 M+&- )1 TUJJK ;"#( F13'2 ]+&"#8'#, XTIZ 7,2) '(),1=3&#= )"# '=#+ )"+) )"# 2)1&-C+,-#) k3&)3+)'1(2 51881; + 2)1&"+2)'& 0,1 51, ;"'&" )"# 53)3,# =1#2 (1) =#0#(= 1( )"# 0+2) #G�))",134" )"# 0,#2#() +(= )"# M#2) 0,#='&)'1( 15 )"# 23M2#@3#() 0,'&# '2 )"# E+83# 15 )"# &3,,#() 0,'&#NT !"+)'2 '5 +88 ,#8#E+() '(51,C+)'1( '2 +8,#+=/ &1()+'(#= '( )"# @31)#= 0,'K )"# 1(8/ &+32# 15 (#; E+,'+)'1(2&138= M# #8#C#()2 15 '(51,C+)'1( )"+) +,# (1) 0,#='&)+M8#N ]+&"#8'#, +8,#+=/ 2),#22#2 )"# 'C01,)+(&# 15 )"#'(51,C+)'1( &1(�)K 1( ;"'&" )"# #%&'#(&/ &1(�) '2 M+2#=NI
!"# (1)'1( 15 i#%&'#() C+,-#)2i ;+2 &1'(#= M/ .+,,/ W1M#,)2 +(= 01038+,'[#= M/ $34#(# ?+C+N O("'2 g"NBN ='22#,)+)'1( ?+C+ &1(E'(&'(48/ C+=# )"# +,43C#() )"+) '( +( +&)'E# C+,-#) )"+) '(&83=#2 C+(/;#88>'(51,C#= +(= '()#88'4#() '(E#2)1,2K 2#&3,')'#2 ;'88 M# +00,10,'+)#8/ 0,'&#= +(= ;'88 ,#k#&) +88 +E+'8+M8#'(51,C+)'1(N O5 + C+,-#) '2 #%&'#()K (1 '(51,C+)'1( 1, +(+8/2'2 &+( M# #G0#&)#= )1 ,#238) '( 13)0#,51,C+( +( +00,10,'+)# M#(&"C+,-NO) "+2 M##( &32)1C+,/ 2'(&# .+,,/ W1M#,)2 XTYYZ )1 ='2)'(43'2" )",## 51,C2 15 C+,-#) #%&'#(&/ M/
&1(2'=#,'(4 )",## ='`#,#() )/0#2 15 '(51,C+)'1( 2#)29
! '(" )"$* +,!- 15 )"# $*. +22#,)2 )"+) 0,' 5388/ ,#k#&) )"# '(51,C+)'1( &1()+'(#= '( )"# "'2)1,'&+82#@3#(&# 15 0,'N !"32K '(E#2)1,2 &+((1) =#E'2# +( '(E#2)C#() 2),+)#4/ )1 /'#8= +M(1,C+8 0,17)2 1()"# M+2'2 15 +( +(+8/2'2 15 0+2) 0,'&# 0+))#,(2NY
! '(" ."-/0.1!,23 +,!- 15 )"# $*. +22#,)2 )"+) &3,,#() 2)1&- 0,' ,#k#&) (1) 1(8/ "'2)1,'&+8 0,'&#'(51,C+)'1( M3) +821 +88 03M8'&8/ +E+'8+M8# '(51,C+)'1( ,#8#E+() 51, &1C0+(/ 2#&3,')'#2N O5 C+,-#)2+,# #%&'#() '( )"'2 2#(2#K )"#( +( +(+8/2'2 15 M+8+(&# 2"##)2K '(&1C# 2)+)#C#()2K +((13(&#C#()2 15='E'=#(= &"+(4#2 1, 2)1&- 208')2 1, +(/ 1)"#, 03M8'& '(51,C+)'1( +M13) + &1C0+(/ ;'88 (1) /'#8=+M(1,C+8 #&1(1C'& 0,17)2N
! '(" .1!,23 +,!- 15 )"# $*. +22#,)2 )"+) +88 '(51,C+)'1( )"+) '2 -(1;( )1 +(/ C+,-#) 0+,)'&'0+()+M13) + &1C0+(/ '2 5388/ ,#k#&)#= '( C+,-#) 0,'N .#(&#K (1) #E#( )"12# ;')" 0,'E'8#4#= '(51,C+)'1(
T!"'2 (1)'1( ;+2 8+)#, M,+(=#= M/ _+,8 g#+,21( +2 )"# ,+(=1C ;+8- "/01)"#2'2 XTI\K TIVZNI.1;#E#,K +2 g+38 <11)(#, XYVZ &1CC#()2 > ]+&"#8'#,Q2 ;1,- ,#&#'E#= 8'))8# +))#()'1( 5,1C +&+=#C'&'+(2 +(= ;+2 51,41))#(
51, +8C12) 75)/ 7E# /#+,2N .'2 ;1,- ;+2 ,#='2&1E#,#= '( TU\\ M/ F#1(+,= H'CC'# A+E+4#NY!"# =#7(')'1( 15 *+,- W3M'(2)#'( '( XTYLZ +(= ^'88'+C ]#+E#, '( XTVZ ,#@3',#2 )"+) 03M8'2"'(4 )"# '(51,C+)'1( =1#2 (1)
&"+(4# #@3'8'M,'3C 0,'N W3M'(2)#'(Q2 (1)'1( +881;2 1(# )1 +2- 1(8/ '5 )"# C+,-#) '2 #%&'#() ;')" ,#20#&) )1 +88 '(51,C+)'1(N^'88'+C ]#+E#, 0,1E'=#2 + =#7(')'1( )"+) &1E#,2 )"# '(51,C+)'1( &1()+'(#= '( "'2)1,'&+8 0,'N
Y
&+( C+-# 32# 15 ') )1 2#&3,# 230#,'1, '(E#2)C#() ,#238)2N !"#,# '2 0#,5#&) ,#E#8+)'1( 15 +88 0,'E+)#'(51,C+)'1( '( C+,-#) 0,' XTJ\ZN
!"#2# =#7(')'1(2 15 )"# E+,'+()2 15 )"# $*. +881;2 )1 &1(2),3&) )#2)2 51&32#= 1( )"#', 20#&'7& +20#&)2N6&�)+(&# 1, ,#P#&)'1( 15 21C# 51,C 15 C+,-#) #%&'#(&/ +881;2 )1 '=#()'5/ )"# 8#E#8 15 7(+(&'+8 C+,-#)=#E#810C#()N cM)+'(#= ,#238)2 &+( M# 32#= )1 4#(#,+)# ,#&1CC#(=+)'1(2 +(= 018'&'#2 )1 'C0,1E# #%&'#(&/15 7(+(&'+8 C+,-#)2N!"#1,#)'&+8 +,43C#()2 51, )"# #%&'#() C+,-#) "/01)"#2'2 +,# M+2#= 1( )",## +223C0)'1(2N !"#2# +,#
)"# ,+)'1(+8')/ 15 '(E#2)1,2K )"# ',,+)'1(+8')/ 15 '(E#2)1,2 +(= )"# ,+(=1C(#22 15 ),+=#2 +(=K 7(+88/K )"#0,#2#(&# 15 ,+)'1(+8 +,M'),+4#3,2N $+&" +223C0)'1( '2 0,14,#22'E#8/ ;#+-#, M3) )"#', &1CM'(+)'1( +881;2 )1P32)'5/ C+,-#) #%&'#(&/ '( )"# C12) 15 C+,-#) 2')3+)'1(2N4$1/,2$%/15 ,+ /2#".1,!.N O(E#2)1,2 +,# +223C#= )1 M# ,+)'1(+8 +(= "#(&# )1 E+83# 2#&3,')'#2 ,+)'1(+88/N
O(E#2)1,2 E+83# #+&" 2#&3,')/ 51, ')2 53(=+C#()+8 E+83#N ^"#( '(E#2)1,2 8#+,( 21C#)"'(4 (#; +M13) )"#53(=+C#()+8 E+83#2 15 2#&3,')'#2K )"#/ @3'&-8/ ,#201(= )1 )"# (#; '(51,C+)'1( M/ M'=='(4 30 0,' RM3/'(42#&3,')'#2S ;"#( )"# (#;2 '2 411= +(= M'=='(4 )"#C =1;( R2#88'(4S ;"#( )"# (#;2 '2 M+=N 62 + ,#238)K2#&3,')/ 0,' '(&1,01,+)# +88 )"# +E+'8+M8# '(51,C+)'1( +8C12) 'CC#='+)#8/ +(= +=P32) )1 (#; 8#E#82 &1,>,#201(='(4 )1 )"# (#; (#) 0,#2#() E+83#2 15 #G0#&)#= &+2" k1;2N6!!$1/,2$%/15 ,+ /2#".1,!. $2& !$2&,-2".. ,+ 1!$&".N O) '2 15)#( +=C'))#= M/ 0,101(#()2 15 )"# $*.
)"+) 21C# '(E#2)1,2 +,# (1) ,+)'1(+8K +(= )"#/ +,# ),+='(4 ,+(=1C8/N ^"#( )"#,# '2 + 8+,4# (3CM#, 1523&" '(E#2)1,2 +(= ;"#( )"#', ),+='(4 2),+)#4'#2 +,# 3(&1,,#8+)#=K )"#', ),+=#2 +,# 8'-#8/ )1 (#3),+8'[# #+&"1)"#,Nd
7!"."28" ,+ !$1/,2$% $!9/1!$3":!.N 68)"134" 21C# '(E#2)1,2 C'4") M# ',,+)'1(+8 '( + 2'C'8+, ;+/ )"#,#+,# 21C# ,+)'1(+8 +,M'),+4#3,2 '( )"# C+,-#)N 6,M'),+4#\ '2 1(# 15 )"# C12) '()3')'E#8/ +00#+8'(4 +(=08+32'M8# +,43C#()2 '( +88 15 #&1(1C'&2N !"# C+'( &1(=')'1( 51, +,M'),+4# '2 )"# #G'2)#(&# 15 +( 1E#,> 1,3(=#,E+83#= 2#&3,')/ ;')" + &812# 23M2)')3)#NV !"'2 &138= M# )"# &+2# ;"#( )"# ),+=# '(E18E#2 ',,+)'1(+8'(E#2)1,2N :1)'(4 )"# 1E#,0,'&'(4 )"# +,M'),+4#3, ;138= 2#88 R1, #E#( 2"1,) 2#88S )"# 1E#,0,'&#= 2#&3,')/ +(=2'C38)+(#1328/ 03,&"+2# +(1)"#,K l#22#()'+88/ 2'C'8+,m M3) ),38/ E+83#=K 2#&3,')/ )1 "#=4# +(/ ,'2-N !"##`#&) 15 )"'2 +,M'),+4# '2 )1 M,'(4 )"# 0,'&# 15 )"# 1E#,0,'&#= 2#&3,')/ =1;( )1 ')2 53(=+C#()+8 E+83#N!"# +,M'),+4# +,43C#() +881;2 )1 &1E#, )"# C12) &1C08#G &+2# > )"# #G'2)#(&# 15 ',,+)'1(+8 '(E#2)1,2N
!1 )"# #G)#() )"+) )"# 2#&3,')'#2 )"+) ',,+)'1(+8 '(E#2)1,2 +,# M3/'(4 +,# 1E#,0,'&#= +(= )"# 2#&3,')'#2)"#/ +,# 4#))'(4 ,'= 15 +,# 3(=#,E+83#=K 23&" '(E#2)1,2 #+,( 81;#, ,#)3,(2 )"+( #')"#, 0+22'E# '(E#2)1,2 1,+,M'),+4#3,2N W#8+)'E# )1 )"#', 0##,2K ',,+)'1(+8 '(E#2)1,2 812# C1(#/ +(= '( + 81(4 ,3( 2"138= 8#+E# )"#C+,-#)N !"32K (1) 1(8/ '(E#2)1, ,+)'1(+8')/K M3) +821 )"# C+,-#) 51, M,'(4 +M13) )"# #%&'#(&/ 15 7(+(&'+8C+,-#)2 XTdIZNA'(&# )"'2 ;1,- '2 0,#2#()'(4 )"# #%&'#() C+,-#) "/01)"#2'2 5,1C )"# 01'() 15 E'#; 15 )#&"('&+8 +(+8/2)2
)"'2 2)3=/ 51&32#2 1( )"# ;#+- 51,C 15 #%&'#(&/ +(= ')2 )#2)2N!"# #+,8'#2) )#2)2 ;#,# &1(&#,(#= ;')" 2"1,) "1,'[1( ,#)3,(2N !"#2# )#2)2 )/0'&+88/ +223C#= )"+) '(
+( #%&'#() C+,-#) )"# #G0#&)#= ,+)# 15 ,#)3,( ;+2 &1(2)+() )",134" )'C# +(= )"# ,#+8'[#= ,#)3,(2 2"138=(1) M# 2#,'+88/ &1,,#8+)#=N $34#(# ?+C+ XdUZ 7(=2 )"+) )"# 7,2)>1,=#, +3)1&1,,#8+)'1( 15 =+'8/ ,#)3,(2 '2012')'E#N O( XTJVZ +(= XdUZ ') '2 +821 ,#&14('[#= )"+) ,#)3,(2 +,# &"+,+&)#,'[#= M/ E18+)'8')/ &832)#,'(4 +(=8#0)1-3,)'& 3(&1(=')'1(+8 ='2),'M3)'1(2N F+;,#(&# ?'2"#, XVJZ 2344#2)2 )"+) +3)1&1,,#8+)'1(2 15 C1()"8/,#)3,(2 15 + ='E#,2'7#= 01,)518'1 +,# M'44#, )"+( )"12# 15 '(='E'=3+8 2)1&-2N .1;#E#,K )"# #E'=#(&# 15)#(8+&-#= 2)+)'2)'&+8 01;#, +(= )"# $*. ;+2 (1) ,#P#&)#=NL
F+)#, ,#2#+,&" 32#= =+'8/ +(= ;##-8/ :DA$ 1, 6*$n =+)+N 6(=,#; F1 +(= <,+'4 *+&_'(8+/ XTJJZ7(= )"+) ;##-8/ ,#)3,(2 1( 01,)518'12 15 :DA$ 2)1&-2 2"1; ,#8'+M8# 012')'E# +3)1&1,,#8+)'1(K ;"'&" '22),1(4#, 51, 01,)518'12 15 2C+88 2)1&-2N !"'2 &+( M# =3# )1 )"#', 2C+88#, 8'@3'=')/ +(= )"# (1(>2/(&",1(132),+='(4 #`#&) ='2&322#= +8,#+=/ '( XVJZN O( XY\Z H#(('5#, <1(,+= +(= e+3)+C _+38 C')'4+)#= )"'2 0,1M8#CK#G+C'('(4 )"# +3)1&1,,#8+)'1(2 15 #̂=(#2=+/>)1> #̂=(#2=+/ ,#)3,(2 51, 2'[#>4,130#= 01,)518'12N !"#/ +821513(= 012')'E# +3)1&1,,#8+)'1( #20#&'+88/ '( 01,)518'12 15 2C+88 2)1&-2N.1;#E#,K '( XLUZ A"C3#8 _+(=#8 +(= W1M#,) A)+CM+34" 2"1; )"+) 2)1&- ,#)3,( 0,#='&)+M'8')/K ;"'&"
2##C2 ;#+- ;"#( #E+83+)#= M/ &8+22'&+8 2)+)'2)'&+8 &,')#,'+K C+/ (#E#,)"#8#22 M# #&1(1C'&+88/ 'C01,)+() '()"# 2#(2# )"+) + ,+)'1(+8 ]+/#2'+( '(E#2)1,2 ;138= 23M2)+()'+88/ +8)#, 01,)518'1 "18='(42 '( ,#201(2# )1 )"#&3,,#() E+83#2 15 0,#='&)'E# E+,'+M8#2N
d O( 23&" + C+,-#)K )"#,# ;'88 M# + 23M2)+()'+8 ),+='(4 E183C# +2 )"# ',,+)'1(+8 '(E#2)1,2 #G&"+(4# 2#&3,')'#2 ;')" #+&" 1)"#,KM3) )"# 0,' +,# (1(#)"#8#22 &812# )1 )"#', 53(=+C#()+8 E+83#2N
\!"+) '2 )"# 2'C38)+(#132 03,&"+2# +(= 2+8# 15 )"# 2+C#K 1, #22#()'+88/ 2'C'8+,K 2#&3,')/ '( );1 ='`#,#() C+,-#)2 +)+=E+()+4#132 ='`#,#() 0,'N
V O( 21C# &+2#2 )"# +& )1 +8)#,(+)'E# C+,-#)2 &+( M# )+-#( +2 + 51,C 15 23M2)')3)#NLW#01,)#= !! ;+2 15)#( 8#22 )"+( !"!" 51, '(='E'=3+8 2)1&-2N
d
62 (1)#= M/ ?,+(&'2 B'#M18= XdVZ +(= W1M#,) <3CM/ +(= H1"( .3'['(4+ XYaZK )"# 0,#2#(&# 15 &1(=')'1(+8"#)#,12-#=+2)'&')/ 1, #G -3,)12'2 M'+2#2 )"# )#2) )1;+,=2 ,#P#&)'1( 15 )"# (388 "/01)"#2'2 15 3(&1,,#8+)#=,#)3,(2N O( &1(),+2) )1 )"# ;#+- #E'=#(&# 51, +3)1&1,,#8+)'1( '( ,#)3,(2K !'C ]188#,28#E +(= W1M#,) .1=,'&-XIdZ 2),#22 )"# 'C01,)+(&# 15 &1(=')'1(+8 "#)#,12-#=+2)'&')/N c(# 2"138=K "1;#E#,K 2+/ )"+) 7(='(4 + 2),1(4=#0#(=#(&# '( )"# #E#( 1,=#,#= C1C#()2 =1#2 (1) (#+,'8/ 'C08/ C+,-#) '(#%&'#(&/K ;"'&" '2 &1(2'2)#();')" + C+,)'(4+8# "/01)"#2'2 51, 2)1&- 0,'NcE#,+88K C+(/ ,#2#+,&"#2 2"1;#= )"+) =+'8/ +(= ;##-8/ ,#)3,(2 +,# 0,#='&)+M8# 5,1C 0+2) ,#)3,(2N !"32K
)"#2# #C0','&+8 7(='(42 ,#P#&) )"# ;#+- 51,C 15 )"# $*.N 6) )"# 2+C# )'C# )"# #2)'C+)#= +3)1&1,,#8+)'1(2+,# )/0'&+88/ 513(= )1 M# E#,/ 2C+88 +(= )"# E+,'+)'1( 15 )"#2# ,#)3,(2 '2 + 2C+88 0+,) 15 )"# 1E#,+88 ,#)3,(E+,'+(&#NO( ,#&#() )'C#2 )"# ,#)3,( 0,#='&)+M'8')/ ,#2#+,&" 4,+=3+88/ C1E#= '( )"# =',#&)'1( 15 "'4"#, 5,#@3#(&/
)'C# 2#,'#2N O( XaJK aTZ F3=;'4 _+([8#, =#E#810#= + (#; E#,2'1( 15 )"# ]BA )#2) )1 E#,'5/ )"# $*. 1(38),+>"'4" 5,#@3#(&/ 51,#'4( #G&"+(4# C+,-#) =+)+N .# 513(= )"+) )"# $*. "18=2 1(8/ '( 21C# 0#,'1=2K '(0+,)'&38+,K ;"#( + ,#8#+2# 15 'C01,)+() (#;2 )+-#2 08+&#N!"# C1,# 2),'-'(4 #E'=#(&# 1( )"# 0,#='&)+M'8')/ 15 ,#)3,(2 5,1C 0+2) ,#)3,(2 &1C#2 5,1C )#2)2 1(
0,#='&)+M'8')/ 15 81(4>"1,'[1( ,#)3,(2N W1M#,) A"'88#, XTdTZ +(= F+;,#(&# A3CC#,2 XTd\Z &"+88#(4# )"#+,43C#() 15 $*. E+8'=')/K M+2#= 1( E#,/ 81; +3)1&1,,#8+)'1(2 15 2"1,)>"1,'[1( ,#)3,(2N !"#/ 0,1E'=##E'=#(&# 15 2)1&- C+,-#) '(#%&'#(&/ M/ =#C1(2),+)'(4 )"+) 2)1&- 0,' 3(=#,41 8+,4# 281;8/ =#&+/'(42;'(42K #E#( )"134" )"# 2"1,)>)#,C ,#)3,(2 "+E# 8'))8# +3)1&1,,#8+)'1(NO( XdIK dYZ #̂,(#, B#]1(=) +(= W'&"+,= !"+8#, +))+&-#= C+,-#) #%&'#(&/ '( + 2'C'8+, C+((#,K ),/'(4
)1 3(C+2- ',,+)'1(+8 M3MM8#2N !"#/ 7(= )"+) )"# :DA$ 2)1&-2 '=#()'7#= +2 )"# C12) #G),#C# 812#,2 1E#,+ Y> )1 \>/#+, 0#,'1= )#(= )1 "+E# 2),1(4 ,#)3,(2 ,#8+)'E# )1 )"# C+,-#) =3,'(4 )"# 51881;'(4 /#+,2N !"#2)1&-2 '=#()'7#= +2 #G),#C# ;'((#,2 )#(= )1 "+E#K 1( )"# &1(),+,/K ;#+- ,#)3,(2 ,#8+)'E# )1 )"# C+,-#)N!"#/ +)),'M3)# )"#2# ,#238)2 )1 C+,-#) 1E#,,#+&)'1( )1 #G),#C# (#;2NO( XLLZ :+,+2'C"+( H#4+=##2" +(= A"#,'=+( !')C+( 1M2#,E#= )"+) 0+2) ;'((#,2 ,#+8'[#= &1(2'2)#()8/
"'4"#, ,#)3,(2 +,13(= )"#', #+,('(42 +((13(&#C#()2 '( )"# 7,2) L C1()"2 51881;'(4 )"# 01,)518'1 51,C+)'1(=+)# )"+( 0+2) 812#,2N !"#/ +,43# )"+) )1 +)),'M3)# )"# ,#238)2 )1 3(=#,,#+&)'1( '2 1E#,8/ 2'C08'2)'&N ]3/'(40+2) ;'((#,2 +(= 2#88'(4 0+2) 812#,2K &1(2'2)#() ;')" 012')'E# 5##=M+&- ),+='(4K C1E#2 0,' 53,)"#, 5,1C)"#', 81(4>,3( E+83#2 +(= )"#,#M/ &+32#2 0,'&# )1 1E#,,#+&)N !"# '()#,0,#)+)'1( '2 &1(2'2)#() ;')" B#F1(4#) +8N XddZ ;"1 #G081,# )"# 'C08'&+)'1(2 15 012')'E# 5##=M+&- ),+='(4 1( C+,-#) 0,'N F13'2 <"+( XYIZ +(=W+/ ]+88 +(= AN gN _1)"+,' XTYZ +,43# )"+) )"#2# ,#238)2 +,# =3# )1 + 5+'83,# )1 ,'2->+=P32) ,#)3,(2NH+C#2 g1)#,M+ +(= F+;,#(&# A3CC#,2 XTILZ +(= $34#(# ?+C+ +(= _#((#)" ?,#(&" X\dK \\Z +821 ,#+8>
'[#= )"+) )"# (#4+)'E# 2#,'+8 &1,,#8+)'1( '( ,#)3,(2 ;138= C+('5#2) C1,# ),+(20+,#()8/ +) 81(4#, "1,'[1(2N$E'=#(&# '( XTILZ +(= X\dZK 32'(4 C38)'>0#,'1= ,#4,#22'1(2 +(= E+,'+(&# ,+)'1 2)+)'2)'&2K 2344#2)2 )"+) 51,81(4#, ,#)3,( "1,'[1(2 + 8+,4# 0,101,)'1( 15 ,#)3,(2 '2 #G08+'(+M8# 5,1C )"# "'2)1,/ 15 0+2) ,#)3,(2 +81(#Na
H+C#2 g1)#,M+ +(= F+;,#(&# A3CC#,2 XTILZ +,43# )"+) +22#) 0,' +,# &"+,+&)#,'[#= M/ 20#&38+)'E# 5+=2K'( ;"'&" C+,-#) 0,' #G0#,'#(&# 81(4 2/2)#C+)'& 2;'(42 +;+/ 5,1C )"#', ,+)'1(+8 53(=+C#()+8 E+83#2N.1;#E#,K ;"#)"#, )"# 81(4#,>"1,'[1( C#+( ,#E#,2'1( ,#+88/ #G'2)2 '2 &1(),1E#,2'+8N ?1, #G+C08#K :+,+2'C"+(
H#4+=##2" XLVZK _'C #) +8N XadZK *+(-'; #) +8N XTJLZK W'&"+,=21( #) +8N XTYJZK +88 +,43# )"+) )"# &+2# 51,0,#='&)+M'8')/ 15 81(4>"1,'[1( 2)1&- ,#)3,(2 '2 ;#+- ;"#( 1(# &1,,#&)2 51, )"# 2C+88 2+C08# M'+2#2 '( )#2)2)+)'2)'&2N O( +==')'1(K X\dZ 1`#,2 )"# &13()#,+,43C#() )"+) ',,+)'1(+8 M3MM8#2 +(= 2;'(42 '( 2)1&- 0,'+,# '(='2)'(43'2"+M8# 5,1C ,+)'1(+8 )'C#>E+,/'(4 #G0#&)#= ,#)3,(2N!"# 23M2#@3#() ;1,- 2"1;#=K )"+) )"# +00+,#() 0,#='&)+M'8')/ 15 81(4>"1,'[1( ,#)3,(2 2"138= M# '(>
)#,0,#)#= E#,/ &+,#5388/N 62 XIdZ 01'() 13)K )"# 1E#,8+00'(4 (+)3,# 15 )"# =+)+ '( )"# C38)'>/#+, ,#)3,(,#4,#22'1(2 4'E#2 ,'2# )1 + (1(>2)+(=+,= 2C+88 2+C08# ='2),'M3)'1( 15 )#2) 2)+)'2)'&2K ;"'&" +00#+, )1 M#M#))#, +00,1G'C+)#= M/ )"# +8)#,(+)'E# +2/C0)1)'& ='2),'M3)'1( =#,'E#= M/ W'&"+,=21( #) +8N XTYJZNO( XIdZ !'C ]188#,28#E +(= W1M#,) .1=,'&- =#E#810#= )#2)2 M+2#= 1( )"# ')#,+)#= E#,2'1( 15 )"# (388
"/01)"#2'2 32'(4 .+(2#(Q2 e** XVaZ +(= 513(= 21C# 'C0,1E#C#() '( )"# 2C+88 2+C08# 0#,51,C+(&# 15 )"#)#2) 2)+)'2)'&2N .1;#E#,K )"#/ &1(&83=# )"+) )"#,# '2 2)'88 8'))8# #E'=#(&# 51, 0,#='&)+M'8')/ 15 ,#)3,(2N!1 23C 30K )"# =#4,## 15 0,#='&)+M'8')/ '2 4#(#,+88/ 2C+88 &1C0+,#= )1 )"# "'4" E+,'+M'8')/ 15 ,#)3,(2N O(
X\IZ $34#(# ?+C+ 23001,)2 )"'2 +,43C#() 2+/'(4 )"+) C+,-#) +(1C+8'#2 +,# &"+(&# #E#()2K 'N#N )"#/ 208'),+(=1C8/ M#);##( 1E#,,#+&)'1( +(= 3(=#,,#+&)'1( )1 (#;2 R2## 51, #G+C08# XIK TJK TTTK TYVZS +(= )"#/ )#(=)1 =#0#(= 1( )"# C#)"1=1814/ 32#=NO( )"# TULJ2 ,#2#+,&"#,2 '()#,#2)#= '( )"# #%&'#(&/ 15 +22#) C+,-#)2 2"'5)#= )"#', 51&32 5,1C )"# 0,#>
='&)+M'8')/ 15 ,#)3,(2 )1 )"# E18+)'8')/ 15 0,'N !"# C+'( ,#+21( ;+2 )"+) 0,'&# k3&)3+)'1(2 2##C#= )1 M#
a!"# #2)'C+)#= '( X\dZ 51, C1()"8/ bNAN 2)1&- ,#)3,(2 'C08/ )"+) 51, Y> )1 \>/#+, ,#)3,(2 30 )1 dJh 15 E+,'+M'8')/ '20,#='&)+M8#N .1;#E#,K )"'2 =1#2 (1) (#+,'8/ 'C08/ C+,-#) '(#%&'#(&/K 2'(&# )"# E+,'+)'1( &138= M# =3# )1 + )'C#>E+,/'(4,'2- 0,#C'3CN
\
)11 8+,4# )1 M# P32)'7#= M/ )"# 23M2#@3#() E+,'+)'1( '( ='E'=#(= 0+/C#()2N !"# $*. &138= (1) M# )#2)#==',#&)8/ M3) 1(8/ +2 + 0+,) 15 + P1'() "/01)"#2'2N W#2#+,&"#,2 ;#,# 2)'88 ,#@3',#= )1 20#&'5/ + 0+,)'&38+,C1=#8 15 #G0#&)#= ,#)3,(2N O( +==')'1(K )"# 0,#='&)'1(2 15 0,'&# E18+)'8')/ =#0#(=#= 1( )"# +223C#= )'C#2#,'#2 0,10#,)'#2 15 )"# ='E'=#(= 0,1 +(= )"# '(51,C+)'1( 2#)2 15 #&1(1C'& +4#()2 XIdZNA)#0"#( F#W1/ +(= W'&"+,= g1,)#, XUaZ +(= W1M#,) A"'88#, XTYUK TdJZ '(),1=3&#= +(1)"#, 'C01,)+() &8+22
15 )#2)2 51, C+,-#) #%&'#(&/9 )"# E18+)'8')/ 1, E+,'+(&# M13(=2 )#2)2N !"#/ +223C#= + &1(2)+() #G0#&)#=,+)# 15 ,#)3,( C1=#8 +(= ,#01,)#= 1E#,;"#8C'(4 ,#P#&)'1(2 15 C+,-#) #%&'#(&/ 2'(&# #G 0,'&# E18+)'8')/;+2 230012#= )1 'C08/ C+,-#) '(#%&'#(&/NO( )"# 7,2) 4#(#,+)'1( 15 E18+)'8')/ )#2)2 )"# (388 "/01)"#2'2 ;+2 )+-#( )1 M# )"# 2)+(=+,= 0,#2#() E+83#
C1=#8 ;')" + &1(2)+() ='2&13() ,+)#N !"# E+2) C+P1,')/ 15 )"#2# )#2)2 ,#238)#= '( &8#+, ,#P#&)'1(2 15 C+,-#)#%&'#(&/K ;')" +&)3+8 +22#) 0,' M#'(4 #G'E#8/ E18+)'8# &1C0+,#= )1 )"# 'C08'#= 0,'&# 2#,'#2 &+8&38+)#=5,1C )"# ='2&13()#= E+83# 15 )"# #G0#&)#= 1, +&)3+8 53)3,# 53(=+C#()+82N c(# 0122'M8# #G08+(+)'1(2 ;+2)"# '=#+ )"+) +22#) 0,' C+/ M# &"+,+&)#,'[#= M/ 2#85>538788'(4 20#&38+)'E# M3MM8#2 )"+) #+,( )"# 5+', ,+)#15 ,#)3,( M3) &+32# 0,' )1 ='`#, 5,1C )"#', ,+)'1(+8 53(=+C#()+82N.1;#E#,K +2 <"+,8#2 :#821( XTIJZ +(= $34#(# ?+C+ +(= ^'88'+C A&";#,) X\VZ 2"1;#= '( )"#', ;1,-2K )"#
+223C0)'1( 15 &1(2)+() #G0#&)#= ,#)3,( ;+2 3(P32)'7#=N O( ,#201(2# )1 )"'2 0,1M8#CK 23M2#@3#() ,#2#+,&"K'( 0+,)'&38+, M/ *+,P1,'# ?8+E'( XVTZK 688+( _8#'=1( Xa\K aVZ +(= $34#(# ?+C+ X\TZ @3#2)'1(#= )"# 2C+882+C08# 2)+)'2)'&+8 0,10#,)'#2 15 )"#2# +(+8/2#2NU
!"# E18+)'8')/ )#2)2 )"32 &8#+,8/ 2"1; )"+) #G0#&)#= ,#)3,(2 E+,/ )",134" )'C#K M3) 4'E# (1 "#80 1( )"#&#(),+8 '223# 15 ;"#)"#, )"# E+,'+)'1( '( ,#)3,(2 '2 ,+)'1(+8NTJ
!"# '(),1=3&)'1( 15 )"# 10)'1( 0,'&'(4 )"#1,/ M/ */,1( ]8+&- +(= ?'2&"#, A&"18#2 XITZ '( )"# TULJ2 +(=TUaJ2 )3,(#= )"# +))#()'1( 15 )"# 7(+(&'+8 &1CC3(')/ )1 =#,'E+)'E# C+,-#)2N 6N FN !3&-#, XT\VZ 2)3='#=)"# &3,,#(&/ 10)'1( C+,-#)2N 65)#, +&&13()'(4 51, ),+(2+&)'1( &12)2 +(= M'=>+2- 20,#+=2 "# ,#01,)#= (10122'M'8')/ )1 #+,( ,'2-8#22 +,M'),+4# 0,17)2 1( )"# &3,,#(&/ 10)'1(2 C+,-#)N H+C#2 ]1=3,)"+ +(= e#1,4#2<13,)+=1( XIYZ +&"'#E#= 2'C'8+, ,#238)2N !"# &3,,#(&/ 10)'1( C+,-#) ;+2 '(#%&'#() 1(8/ M#51,# +=P32)'(451, ),+(2+&)'1( &12)2N .1;#E#,K )"# E'18+)'1(2 15 )"# $*. ='2+00#+, ;"#( ),+(2+&)'1( &12)2 +,# )+-#( '()1+&&13()NDN gN <"3(4 XYYZ '(E#2)'4+)#= )"# #%&'#(&/ 15 )"# C+,-#) 51, 2)1&- '(=#G 53)3,#2 +(= )"# 0,17)+M'8')/
15 '(=#G +,M'),+4#N !"# ,#238)2 '(='&+)# )"+) )"# 2'[# +(= 5,#@3#(&/ 15 M13(=+,/ E'18+)'1(2 =#&,#+2#=2'4('7&+()8/ 1E#, )"# 2+C08# /#+,2 51, +88 8#E#82 15 ),+(2+&)'1( &12)2K ;"'&" '(='&+)#2 C+)3,'(4 15 )"#53)3,#2 C+,-#) '( ;"'&" +,M'),+4# ),+='(4 "+2 )#(=#= )1 &1,,#&) C'20,'&'(4NO( )"# 0,1 15 )#2)'(4 )"# $*. + 53(=+C#()+8 0,1M8#C M#&+C# 1ME'132N O) '2 -(1;( +2 )"# P1'()
"/01)"#2'2 )#2) 15 )"# $*.N !"# 0,1M8#C &1C#2 5,1C 3(=#,8/'(4 0,1M+M'8'2)'& +223C0)'1(2N c(# &+((1)20#+- 15 #%&'#(&/ M/ ')2#85K #G�) )",134" + C1=#8 )"+) =#7(#2 )"# 4#(#,+)'1( 15 0,' ;')" + ,#0,#2#(>)+)'E# 0,1M+M'8')/ 2/2)#CN $34#(# ?+C+ X\JK \TZ 2),#22#= )"+) )"# C+,-#) #%&'#(&/ 0#, 2# '2 (1) )#2)+M8#Nc(# &+( )#2) ;"#)"#, '(51,C+)'1( '2 0,10#,8/ ,#k#&)#= '( 0,' '( )"# &1()#G) 15 + 0,'&'(4 C1=#8N O) C#+(2)"+) ;"#( 1(# 7(=2 +(1C+8132 #E'=#(&# 1( )"# M#"+E'1, 15 0,' 1, ,#)3,(2 ') '2 +CM'43132 '5 )"'2 '2 &+32#=M/ C+,-#) '(#%&'#(&/ 1,o+(= + M+= C1=#8 15 C+,-#) #@3'8'M,'3CN !"'2 8#+=2 )1 )"# &1(&832'1( )"+) )"##%&'#(&/ )#2)2 +,# +8;+/2 P1'() )#2)2 1( )"# C+,-#) #%&'#(&/ +(= )"# 0,'&'(4 C1=#8 +(= ')2 0,1M+M'8'2)'&+223C0)'1(2NO( XT\LZ <",'2)'+( +̂8)#, &1(2'=#,2 )"'2 1E#,8+0 +2 + &1CC1( &+32# 15 C'2'()#,0,#)+)'1(2 +(= #,,1,2K
8#+='(4 )1 ,#P#&)'1( 15 #%&'#(&/ ;"#( )"#,# '2 1(8/ + C'220#&'7&+)'1( 15 )"# 2)1&"+2)'& 0,1N
= >%&0#&'$2,0 3,#$#
6) )"# #(= 15 )"# TULJQ2 +(= M#4'(('(4 15 )"# TUaJQ2 +( '(&,#+2'(4 (3CM#, 15 2)3='#2 ,#01,)#= )"# E'18+)'1(15 )"# ;#+- 51,C 15 C+,-#) #%&'#(&/N O(>=#0)" +(+8/2#2 2"1;#= )"+) )"# $*. =1#2 (1) ,38# 13) 2C+88+M(1,C+8 ,#)3,(2 M#51,# +&&13()'(4 51, ),+(2+&)'1( &12)2N e'E#( )"+) &188#&)'(4 +(= 0,1'(4 '(51,C+)'1('2 + &12)8/ 0,1K 0,' +,# #G0#&)#= )1 ,#k#&) '(51,C+)'1( )1 )"# 01'() ;"#,# )"# C+,4'(+8 M#(#7)2 15+&)'(4 1( '(51,C+)'1( =1 (1) #G&##= )"# C+,4'(+8 &12)2 XVLK LaZNA)#E#( !"1,8#/ XT\dZ =#7(#2 513, &1C01(#()2 15 ),+(2+&)'1( &12)29 9!,*"!$3" 8,--/../,2.K 9/&0$.*
.;!"$&.K 1$<".K .:9,;1/-$% &/#"!./=8$1/,2 $2& !"."$!8(NTT ]+2#= 1( )"# 0#,51,C#= 2'C38+)'1(2 "# 2)+)#2
U?1, + 23,E#/ 15 )"'2 8')#,+)3,# 2## XVdZNTJ!"# #`1,)2 15 A+(51,= e,122C+( +(= W1M#,) A"'88#, '( XVVZ +(= H1"( <+C0M#88 +(= A"'88#, '( XYTZ )1 ,#218E# )"'2 '223# ,+(
'()1 )"# P1'() "/01)"#2'2 0,1M8#C 15 )#2)'(4 C+,-#) #%&'#(&/ P1'()8/ ;')" )"# "/01)"#2'2 )"+) )"#', &1(23C0)'1(>M+2#= +22#)0,'&'(4 C1=#8 &+0)3,# +88 ,+)'1(+8 E+,'+)'1( '( #G0#&)#= ,#)3,(2NTTc(# ;138= +==')'1(+88/ '(&83=# /-;$81 ,2 1(" ;!/8" 2'(&# '( + 81; 8'@3'=')/ C+,-#) +( +&)3+8 ),+(2+&)'1( &+( =,+C+)'&+88/
2"'5) )"# 0,'&# 8#E#8N
V
)"+) VLh 15 01,)518'12 +,# 3(=#,0#,51,C'(4 ;"#( ),+(2+&)'1( &12)2 +,# &1,,#&)8/ )+-#( '()1 +&&13()N !"32KM,+E+=1 ,#01,)2 15 0,+&)')'1(#,2 M#+)'(4 )"# C+,-#) &138= M# P32) + ,#238) 15 C/10'& +&&13()'(4K M3) (1) 15C+,-#) '(#%&'#(&/NH1"( .322C+( XL\Z +,43#2 )"+) ),+(2+&)'1( &12)2 &,#+)# + ,#4'1( '( ;"'&" )"# C+,-#) C+/ M# '(#%&'#()
;"'8# 2)'88 #G&83='(4 )"# 0122'M'8')/ 15 +M(1,C+8 ,'2->+=P32)#= ,#)3,(2N O5 23%&'#()8/ "'4" ),+='(4 &12)2,#=3&# 81(4>)#,C ,#)3,(2 M#81; )"12# 15 + 0+22'E# +00,1+&"K +( +&)'E# +00,1+&" C+/ 2)'88 M# 10)'C+8 5,1C)"# 2)+(=01'() 15 3)'8')/ C+G'C'[+)'1( 51, lC/10'&m '(E#2)1,2 ;"12# 3)'8')/ '2 =#7(#= 1E#, )"# 2#@3#(&# 15,#)3,(2 =3,'(4 '(='E'=3+8 "18='(4 0#,'1=2K '(2)#+= 15 )#,C'(+8 ;#+8)"N6(+8/2)2 &138= )"#,#51,# 2)'88 "+E# +( '(&#()'E# )1 1M)+'( +(= +&) 1( E+83+M8# '(51,C+)'1(N 62 $8>
,1/ B'C21( +(= *+2213= *322+E'+( XdLZ 2344#2)K )'C#>E+,/'(4 #G0#&)#= ,#)3,(2 &138= +821 #G08+'( )"#2#0+))#,(2N!1 23C 30K ),+(2+&)'1( &12)2K '( 0+,)'&38+, M'=>+2- 20,#+=2K +,# 1(# 15 )"# C+'( ,#+21(2 51, ,#P#&)'(4 )"#
$*.N !"+) '2 )"# 2)1&- C+,-#) '2 #%&'#() ;"#( ),+(2+&)'1( &12)2 +,# &1(2'=#,#= XTTZN <1,,#&) +&&13()'(451, ),+(2+&)'1( &12)2 &+( ,#C1E# 0#,�)'1( 15 C+,-#) '(#%&'#(&/N !"32K )"# C+4(')3=# 15 ),+(2+&)'1(&12)2 '2 &,3&'+8 51, C#+23,'(4 C+,-#) #%&'#(&/N
? >)'602'&@ !0&@*#2#
!"#,# +,# );1 &1C0#)'(4 ;+/2 )1 51,#&+2) )"# 0,'&# =#E#810C#() 15 7(+(&'+8 '(2),3C#()29 53(=+C#()+8+(= )#&"('&+8 +(+8/2'2N !"# 53(=+C#()+8 +(+8/2'2 ,#8'#2 1( )"# 53(=+C#()+8 +)),'M3)#2 15 )"# '(2),3C#()K23&" +2 0,'&#o#+,('(4 ,+)'1K ,#)3,( 1( '(E#2)C#() +(= +221&'+)#= #&1(1C'& 2)+)'2)'&2N !"# +44,#4+)'1( 15)"#2# C#+23,#2 0,1E'=#2 +( '(),'(2'& E+83# 15 )"# '(2),3C#()K ;"'&" '( +( #%&'#() 7(+(&'+8 C+,-#) 2"138=M# #@3+8 )1 )"# ),+='(4 0,'&# 15 )"# '(2),3C#()N b(51,)3(+)#8/K )"'2 '2 (1) )"# &+2# 1M2#,E#= '( ,#+8')/N !"##G'2)#(&# 15 + "3C+( 5+&)1, M,'(42 ='2)1,)'1(2 &+32'(4 =#E'+)'1(2 15 )"# ),+='(4 0,'&# 5,1C ')2 '(),'(2'& E+83#N!#&"('&+8 +(+8/2'2 '2 +'C#= +) =#)#&)'(4 + 02/&"1814'&+8 &1C01(#() 15 7(+(&'+8 ),+='(4 +(= &1(2#@3#()8/&1(E#,)'(4 7(='(42 '()1 0,17)N!#&"('&+8 +(+8/2'2 '2 )"# 0,+&)'&# 15 '=#()'5/'(4 ,#&3,,'(4 0+))#,(2 '( "'2)1,'&+8 0,' '( 1,=#, )1 51,#&+2)
53)3,# 0,'&# ),#(=2NTI !"# )#&"('@3# ,#8'#2 1( )"# '=#+ )"+)K +2 *+,)'( g,'(4 XTIUZ 03)2 ') > 0,' C1E# '(),#(=2 ;"'&" +,# =#)#,C'(#= M/ )"# &"+(4'(4 +))')3=#2 15 '(E#2)1,2 )1;+,= + E+,'#)/ 15 #&1(1C'&K C1(#)+,/K018')'&+8 +(= 02/&"1814'&+8 51,N B#)#&)'1( 15 ),#(=2 '2 0#,51,C#= )",134" '(='&+)1,2 1, )#&"('&+8 ,38#2;"'&" +,# +'C#= )1 &+0)3,# 3(=#,8/'(4 =#0#(=#(&'#2N!"# H+0+(#2# ;#,# )"# 7,2) )1 32# )#&"('&+8 +(+8/2'2 )1 ),+=# ,'&# 1( )"# B1P'C+ W'&# $G&"+(4# '( c2+-+
+2 #+,8/ +2 )"# TVJJ2N 6 H+0+(#2# C+( &+88#= *3(#"'2+ .1CC+ ;"1 ),+=#= '( )"# 53)3,#2 C+,-#)2 '( )"#TLJJ2 ='2&1E#,#= )"+) +8)"134" )"#,# ;+2 + 8'(- M#);##( 23008/ +(= =#C+(= 15 ,'&#K )"# C+,-#)2 ;#,# +8212),1(48/ '(k3#(&#= M/ #C1)'1(2 15 ),+=#,2N 62 + ,#238) )"#,# &138= M# + E+2) ='`#,#(&# M#);##( )"# E+83#+(= 0,'&# 15 ,'&#N .1CC+ ,#+8'[#= )"+) "# &138= M#(#7) 5,1C 3(=#,2)+(='(4 )"# #C1)'1(2 )1 "#80 0,#='&))"# 53)3,# 0,'N .# 51,C38+)#= "'2 ),+='(4 0,'(&'08#2 '( );1 M11-2K >$*$1$ >"2(, +(= >,9$ >$2/ ?, @"2K;"'&" ;#,# 2+'= )1 "+E# M##( ;,'))#( '( )"# TLJJ2N .'2 ;1,-K +2 +008'#= )1 )"# ,'&# C+,-#)2K #E18E#= '()1)"# &+(=8#2)'&- C#)"1=1814/ ;"'&" '2 2)'88 01038+, +C1(4 &"+,)'2)2 '( H+0+(N b(51,)3(+)#8/K )"# ,#238)2 15513, "3(=,#= /#+,2 18= 2)3='#2 ;#,# '218+)#= M/ &38)3,+8 +(= 8+(43+4# M+,,'#,2 5,1C )"# ;#2)#,( ;1,8= 30)1 + C1C#() ;"#( )"#/ "+E# M##( ,#='2&1E#,#= '( )"# 2#&1(= "+85 15 IJ)" &#()3,/ XTITK TVTZNO( )"# ;#2)#,( ;1,8= )#&"('&+8 +(+8/2'2 2)+,)2 '( )"# #+,8/ IJ)" &#()3,/ ;')" )"# B1; )"#1,/N !"#
)"#1,/ ;+2 =#E#810#= M/ <"+,8#2 B1; M+2#= 1( "'2 +(+8/2'2 15 C+,-#) 0,'&# +&)'1( '( )"# 8+)# TU)" &#()3,/N<"+,8#2 B1; (#E#, ;,1)# + M11- 1, 2&"18+,8/ +,)'&8# 1( "'2 )"#1,/N O(2)#+=K "# 03) =1;( "'2 '=#+2 15 2)1&-C+,-#) M#"+E'1, '( + 2#,'#2 15 #=')1,'+82 )"+) '(" A$%% >1!""1 B,:!2$% 03M8'2"#= +,13(= )"# )3,( 15 )"#&#()3,/N O( TUJYK )"# /#+, +5)#, B1;Q2 =#+)"K AN 6N :#821( &1C0'8#= )"#2# #22+/2 '()1 + M11- #()')8#= '("CDE ,+ >1,8* >;"8:%$1/,2N O( )"'2 ;1,-K :#821( 7,2) &1'(#= )"# )#,C iB1;Q2 !"#1,/iN O( TUIIK ^'88'+CgN .+C'8)1( &+)#41,'[#= +(= 03M8'2"#= B1;Q2 )#(#)2 '( + M11- )')8#= '(" >1,8* F$!*"1 D$!,-"1"!N W1M#,)W"#+ =#E#810#= )"# )"#1,/ #E#( 53,)"#, '( )"# @,) '(",!5 R:#; D1,-9 ]+,,1(Q2SK 03M8'2"#= '( TUYI XTT\ZN!"# B1; )"#1,/ +==,#22#2 )"# 53(=+C#()2 15 )#&"('&+8 +(+8/2'2 +2 ;#88 +2 4#(#,+8 0,'(&'08#2 15 7(+(&'+8
C+,-#)2K ;"'&" +,# 0,'C+,'8/ +008'#= )1 2)1&- '(=#G#2N !"# )"#1,/ +223C#2 'C0122'M'8')/ 15 C+('038+)'(4)"# 0,'C+,/ ),#(=TYK ;"'8# +) 2"1,) )'C# '()#,E+82 1, ;')" '(='E'=3+8 2)1&-2 )"# C+,-#) &138= M# 0,1(# )1C+('038+)'1( M/ 8+,4# '(2)')3)'1(+8 '(E#2)1,2K 20#&38+)1,2K M,#+-'(4 (#;2 1, ,3C1,2 XTYTZN^'88'+C .+C'8)1( +(= <"+,8#2 B1; 10#(8/ +=C'))#= )"+) )"# B1; )"#1,/ '2 (1) + 23,#>7,# C#+(2 15
M#+)'(4 )"# C+,-#)N O) '2 811-#= 301( +2 + 2#) 15 43'=#8'(#2 +(= 0,'(&'08#2 )1 +22'2) '(E#2)1,2 ;')" )"#',
TI H1"( *3,0"/ XTTdZ =#7(#= )"# )#&"('&+8 +(+8/2'2K +2 + 2)3=/ 15 C+,-#) +&)'1(K 0,'C+,'8/ )",134" )"# 32# 15 &"+,)2K 51,)"# 03,012# 15 51,#&+2)'(4 53)3,# 0,'&# ),#(=2NTY7!/-$!5 1!"2& '2 + 81(4>,3(('(4 R30 )1 7E# /#+,2S 4#(#,+8 C1E#C#() '( 0,'&# =+)+N
L
1;( 2)3=/ 15 )"# C+,-#)N !"# B1; )"#1,/ ;+2 )"134") )1 0,1E'=# + C#&"+('2C )1 "#80 C+-# =#&'2'1(2 8#22+CM'43132 XTYTZNB3,'(4 )"# TUIJ2 +(= TUYJ2K W'&"+,= ^N A&"+M+&-#, ,#7(#= )"# 23MP#&) 15 )"# B1; )"#1,/ '( + 21C#;"+)
(#; =',#&)'1(N .# ,#+8'[#= )"+) ;"+)#E#, 2'4('7&+() +&)'1( +00#+,#= '( + 2)1&- '(=#G ') C32) =#,'E# 5,1C2'C'8+, +&)'1( '( &1(2)')3#() 2)1&-2N O( "'2 M11-2K >1,8* F$!*"1 '(",!5 $2& 7!$81/8"K '"8(2/8$% F$!*"1C2$%5./. +(= >1,8* F$!*"1 7!,=1.K A&"+M+&-#, 2"1;#= "1; )"# 0,'(&'08#2 15 )"# B1; )"#1,/ &+( M# +008'#=)1 )"# &"+,)2 15 '(='E'=3+8 2)1&-2 XdaZN?3,)"#, =#E#810C#() 15 )#&"('&+8 +(+8/2'2 ;+2 0,#))/ 2),+'4")51,;+,=N ?',2)K W'&"+,= A&"+M+&-#,K )"#
'()#,0,#)#, 15 )"# B1; )"#1,/K ;+2 P1'(#= M/ W1M#,) BN $=;+,=2N !"#(K '( TUdI H1"( *+4## P1'(#= )"#2)3=/ 15 )#&"('&+8 +(+8/2'2N ^')" "'2 0+,)'&'0+)'1( )"# #()',# 0,1 15 )#&"('&+8 #E+83+)'1( M#&+C# C1,#2&'#()'7&N 62 + ,#238) 15 )"#', ,#2#+,&" 5,1C TUdI )1 TUdaK $=;+,=2 +(= *+4## =#E#810#= (#; )#&"('&+8C#)"1=2 15 )#&"('&+8 +(+8/2'2N !"#/ 03) )"#2# C#)"1=2 )1 0,+&)'&+8 32# '( +&)3+8 C+,-#) 10#,+)'1(N 6(=#E#()3+88/K '( TUdaK )"#2# 7(='(42 ;#,# 03M8'2"#= '( )"#', =#7(')'E# M11-K '"8(2/8$% C2$%5./. ,+ >1,8* '!"2&.XdaZN !"# a)" #=')'1( 15 )"'2 M11- ;+2 03M8'2"#= '( IJJTN O) =#C1(2),+)#2 2),1(4 '()#,#2) 15 '(E#2)1,2 '(C#)"1=2 15 )#&"('&+8 +(+8/2'2N!#&"('&+8 +(+8/2)2 ='2)'(43'2" 7E# 01'()2K ;"'&" =#7(# )"# 'C01,)+(&# 15 )#&"('&+8 +(+8/2'2 XTITZ9
TN ^"'8# 53(=+C#()+8 +(+8/2'2 C+/ 0,1E'=# + 4+34# 15 )"# 23008/o=#C+(= 2')3+)'1(2K 0,'&#o#+,('(42,+)'12K #&1(1C'& 2)+)'2)'&2K +(= 21 51,)"K )"#,# '2 (1 02/&"1814'&+8 &1C01(#() '(E18E#= '( 23&" +(+8/2'2N!#&"('&+8 +(+8/2'2 0,1E'=#2 )"# 1(8/ C#&"+('2C )1 C#+23,# )"# i',,+)'1(+8i R#C1)'1(+8S &1C01(#()20,#2#() '( +88 C+,-#)2N
IN !"# +008'&+)'1( 15 )#&"('&+8 +(+8/2'2 +881;2 '(E#2)1,2 )1 2#0+,+)# '(E#2)C#() =#&'2'1(2 5,1C '(E#2)1,22#()'C#()2 +(= )1 2## )"# C+,-#) ;')"13) )"# 0,'2C 15 23MP#&)'E')/N
YN ?1881;'(4 )#&"('&+8 +(+8/2'2 '2 'C01,)+() #E#( '5 1(# =1#2 (1) 5388/ M#8'#E# '( ')N !"'2 '2 M#&+32#K +))'C#2K )#&"('&+8 +(+8/2)2 )"#C2#8E#2 +,# )"# C+P1, ,#+21( 51, + C+,-#) C1E#N A'(&# )"#/ +,# + C+,-#)C1E'(4 5+&)1,K )"#/ 2"138= M# C1(')1,#=N
dN g#108# ,#C#CM#, 0,' 5,1C 1(# =+/ )1 )"# (#G) +(= +&) +&&1,='(48/N g#108#2Q ,#+&)'1( +`#&) 0,'KM3) 0,' +821 +`#&) 0#108#2Q ,#+&)'1(2N !"32K 0,'&# ')2#85 '2 +( 'C01,)+() &1C01(#() '( C+,-#)+(+8/2'2N
\N !"# 0,'&# &"+(4# '2 )"# C12) =',#&) +(= #+2'8/ +&'M8# '(51,C+)'1( 15 )"# &1CM'(#= #`#&) 15 ='`#,#()5+&)1,2N
688 M3) )"# 2#&1(= 01'() 2##C )1 M# +&�)+M8#N !"# 2#&1(= 01'() '2 3(,#+8'2)'& 2'(&# ') ,#@3',#2 #(1,C1322#85>&1(),18 15 + )#&"('&+8 +(+8/2)N !1 C+-# ') E+8'= 1(# ;138= (##= + C+&"'(# ;')" '()#88'4#(&# +(= #G0#,)'2#15 + )#&"('&+8 +(+8/2) +(= [#,1 ;"+)21#E#, #C1)'1(2N?1881;'(4 )"# &8+22'7&+)'1( M/ <",'2)10"#, :##8/ XTTLZ )"# C#)"1=2 15 )#&"('&+8 +(+8/2'2 +))#C0) )1
'=#()'5/ ),#(=2 +(= ,#E#,2+82 15 ),#(=2N !1 ='2)'(43'2" ),#(=2 5,1C 2"1,)#,>,3( k3&)3+)'1(2K )#&"('&+8+(+8/2)2 #C081/ );1 )/0#2 15 +(+8/2'29 8($!1/23 +(= 1"8(2/8$% G-"8($2/8$%H !:%".N <"+,)'(4K )"# 18=#, 15)"# );1K '(E18E#2 4,+0"'(4 )"# "'2)1,/ 15 0,' 1E#, 21C# 0#,'1= > =#)#,C'(#= M/ + 0,+&)')'1(#, > )1 0,#='&)53)3,# 0+))#,(2 '( )"# =+)+ 5,1C )"# #G'2)#(&# 15 0+2) 0+))#,(2NTd !"# 2#&1(= )/0# 15 C#)"1=2K )#&"('&+8,38#2K 'C012#2 &1(2'2)#(&/ +(= ='2&'08'(# 1( )#&"('&+8 +(+8/2)2 M/ ,#@3','(4 )"#C )1 32# ,38#2 M+2#= 1(C+)"#C+)'&+8 53(&)'1(2 15 0,#2#() +(= 0+2) 0,'N!1 '=#()'5/ ),#(=2 )",134" )"# 32# 15 &"+,)2K )#&"('&+8 +(+8/2)2 C32) 7,2) 7(= ;"$*. +(= 1!,:3(. '( )"#
0,'&# 2#,'#2N 6 0#+- '2 )"# "'4"#2) E+83# 15 )"# 0,'&# ;')"'( + )'C# '()#,E+8 3(=#, &1(2'=#,+)'1( R+ 81&+8C+G'C3CSK ;"'8# + ),134" '2 )"# 81;#2) E+83# )"# 0,'&# "+2 )+-#( 1( ;')"'( )"# 2+C# )'C# 0#,'1= R+ 81&+8C'('C3CSN 6 2#,'#2 15 0#+-2 +(= ),134"2 #2)+M8'2"#2 =1;(),#(=2 +(= 30),#(=2K ,#20#&)'E#8/NB#)#&)'(4 + ),#(=8'(# +881;2 )#&"('&+8 +(+8/2)2 )1 '223# + 2"1,)>)#,C '(E#2)C#() ,#&1CC#(=+)'1(N b23>
+88/ '5 +( 30),#(= '2 =#)#&)#= )"# ,#&1CC#(=+)'1( '2 + 81(4 012')'1(K +8)#,(+)'E#8/K 51, )"# =1;(),#(= ') '2+ 2"1,) 012')'1(NA01))'(4 )"# ,#E#,2+8 15 + ),#(= '2 P32) +2 'C01,)+() +2 =#)#&)'(4 ),#(=2N g#+-2 +(= ),134"2 +,# 'C01,)+()
'( '=#()'5/'(4 ,#E#,2+82 )11N F1&+8 0#+-2 +,# &+88#= !"./.1$28" %"#"%.K +(= 81&+8 ),134"2 +,# &+88#= .:;;,!1%"#"%.N O5 )"# 0,'&# 5+'82 )1 M,#+- + ,#2'2)+(&# 8#E#8 R+ 81&+8 0#+-S =3,'(4 30),#(= 0#,'1=K ') C+/ M# +( #+,8/'(='&+)'1( )"+) )"# ),#(= C+/ 211( ,#E#,2#N
Td O)2 +=E1&+)#2 +=C') )"+) )"'2 23MP#&)'E# 2/2)#C ,#@3',#2 +(+8/2)2 )1 32# P3=4#C#() +(= 2-'88 '( 7(='(4 +(= '()#,0,#)'(40+))#,(2 XTTLZN
a
!#&"('&+8 +(+8/2)2 '=#()'5/ 2#E#,+8 0+))#,(2 )"+) +,# 2+'= )1 51,#)#88 + 2"'5) 5,1C + ),#(= '( 1(# =',#&)'1( )1+ ),#(= '( )"# 10012')# =',#&)'1(N !"# M#2) -(1;( )/0# 15 ,#E#,2+8 51,C+)'1(2 &+88#= i"#+= +(= 2"138=#,2iN!"# "#+= +(= 2"138=#,2 ,#E#,2+8 51881;'(4 +( 30),#(= '2 &"+,+&)#,'[#= M/ )",## 81&+8 0#+-2 ;')" )"# C'==8#0#+- M#'(4 )"# 8+,4#2) 15 )"# )",##N !"# 8'(# M#);##( )"# ),134"2 15 )"# 2"138=#,2 '2 -(1;( +2 )"# i(#&-8'(#iN^"#( )"# 0,'&# 0#(#),+)#2 )"# (#&-8'(# 15 + "#+=2 +(= 2"138=#,2K )#&"('&+8 +(+8/2)2 &1(7,C + ,#E#,2+8 15)"# 0,#E'132 30),#(= +(= '223# + ,#&1CC#(=+)'1( )1 )+-# + 2"1,) 012')'1(NT\
6(1)"#, C#)"1= 15 &"+,)'(4 '2 )"# 8$2&%".1/8* 1"8(2/I:" =#E#810#= '( H+0+( C1,# )"+( 513, &#()3,'#2+41 51, ,'&# +(= ')2 53)3,#2 C+,-#)N !"# )#&"('@3# '2 M+2#= 1( )"# ,#&14(')'1( 15 E'23+8 0+))#,(2 )"+) )+-#)"# 2"+0# 15 &+(=8#2)'&-2N $E#,/ &+(=8# '(&83=#2 '(51,C+)'1( 1( )"# "'4"K 81;K 10#('(4 +(= &812'(4 0,'× + 0+,)'&38+, )'C# '()#,E+8N !"# 743,+)'E# iM1=/i 2"1;2 )"# ='`#,#(&# M#);##( 10#('(4 +(= &812'(40,'K +(= ')2 8#(4)" =#0#(=2 1( )"'2 ='`#,#(&#N O5 )"# &812'(4 0,'&# '2 "'4"#, )"+( )"# 10#('(4 0,'&#K )"#M1=/ '2 ;"')#K ;"'&" 2'4(+82 ,'2'(4 0,'N O5 )"# 10#('(4 0,'&# '2 "'4"#, )"+( )"# &812'(4 0,'&#K )"# M1=/'2 M8+&-K ;"'&" 2'4(+82 5+88'(4 0,'N 6M1E# +(= M#81; )"# &+(=8#Q2 M1=/ +,# )"# i2"+=1;2iK &+88#= 300#,2"+=1; +(= 81;#, 2"+=1;N !"#/ =#0'&) )"# "'4" +(= )"# 81; 15 )"# ),+='(4 '()#,E+8 XVIZN O( 4#(#,+8K )"#&+(=8#2)'&- )#&"('@3# &1(2'2)2 15 + 2#) 15 0+))#,(2K =#7(#= M/ &+(=8#2)'&-2K +(= ,#20#&)'E# #G0#&)+)'1(2 15C+,-#) ,#+&)'1(N!"# +=E+()+4# 15 &+(=8#2)'&- )#&"('@3# '2 )"+)K 7,2)K ') +881;2 )1 #G0,#22 2#E#,+8 ,#8+)'E# )1 #+&" 1)"#,
E+83#2 ;')"'( 1(# 4,+0"'&+8 2/CM18NTV A#&1(=K )"'2 )#&"('@3# &+( M# #+2'8/ &1CM'(#= ;')" 1)"#, &"+,)'(4C#)"1=2 1, ;')" )#&"('&+8 ,38#2NO( 4#(#,+8K )"# 0,1M8#C ;')" &"+,)'(4 '2 )"+) ') '2 E#,/ =#0#(=#() 1( )"# '()#,0,#)+)'1( 15 + )#&"('&+8
+(+8/2) ;"1 '2 =,+;'(4 )"# &"+,)2 +(= '()#,0,#)'(4 )"# 0+))#,(2N A3MP#&)'E')/ &+( 0#,C') #C1)'1(2 8'-# 5#+,1, 4,##= )1 +`#&) )"# ),+='(4 2),+)#4/N !#&"('&+8 ,38#2 C+-# )"# +(+8/2'2 C1,# &1(2'2)#() +(= ='2&'08'(#=+(= )"32 +881; )1 +E1'= )"# 0,1M8#C 15 23MP#&)'E# +(+8/2)2Q P3=4C#() XTTLZN!"#,# +,# C+(/ )/0#2 15 )#&"('&+8 ,38#2N O( 4#(#,+8K )"#/ +'C +) '=#()'5/'(4 )"# '(')'+)'1( 15 (#; ),#(=2N
!"# M#2) -(1;( )#&"('&+8 ,38#2 +,# )"# 51881;'(49
TN J/%1"! !:%". > M3/ ;"#( )"# 0,'&# ,'2#2 M/ + 4'E#( 0,101,)'1( +M1E# + ,#&#() )",134"N
IN '!$&/23 4$23" D!"$* 1, E($22"% !:%". > M3/ ;"#( )"# 0,'&# ,'2#2 M/ + 4'E#( 0,101,)'1( +M1E# +,#&#()8/ #2)+M8'2"#= ),+='(4 ,+(4#N
YN F,#/23 C#"!$3" !:%". > M3/ ;"#( )"# &3,,#() 0,'&# 8#E#8 '2 +M1E# )"# C1E'(4 +E#,+4#N
dN F,#/23 C#"!$3" 621"!."81/,2 !:%". > M3/ ;"#( + 2"1,)#, C1E'(4 +E#,+4# 0#(#),+)#2 + 81(4#, C1E'(4+E#,+4# 5,1C M#81;N !"#/ &+( "+E# + 51,C 15 p+,'+M8# F#(4)" *1E'(4 6E#,+4# 1, ?'G#= F#(4)"C1E'(4 +E#,+4#K ;"'&" ='`#,2 '( )"# (3CM#, 15 =+/2 =3,'(4 ;"'&" )"# M3/ 1, 2#88 2'4(+8 '2 +223C#=)1 M# '223#=N
\N K.8/%%$1,! !:%". > M3/ R2#88S ;"#( )"# 12&'88+)1, '(=#G )+-#2 +( #G),#C#8/ 81; R"'4"S E+83#N 6 2'C08#)/0# 15 12&'88+)1, '(=#G '2 + ='`#,#(&# M#);##( );1 C1E'(4 +E#,+4#2 ;')" 2"1,) +(= 81(4 "1,'[1(2XUdK TTLZN
VN >1$1/.1/8$% !:%". +,# M+2#= 301( !"#!>5+C'8/ C1=#82 51, ,#2&+8#= ,#)3,(2N !"# ,38#2 ,#8/ 1( +2)+(=+,='[#= 51,#&+2)K 4'E#( M/ )"# 1(#>0#,'1=>+"#+= 51,#&+2) ='E'=#= M/ +( #2)'C+)# 15 ')2 2)+(=+,=#,,1,N ?1, #G+C08#K 51, !"#!!"$ "# +( 30;+,= ),#(= '2 0,#='&)#= ;"#( )"# E+83# 15 )"# 2)+(=+,='[#=51,#&+2) '2 012')'E# XT\YZN
LN K1("! !:%".N *+(/ )#&"('&+8 +(+8/2)2 +22'4( + 20#&'+8 ,18# )1 ,13(= (3CM#,2 '( 23001,) 1, ,#2'2)+(#E#82K +(= )1 "'2)1,'&+8 ,#&1,= 0,'NTL c)"#, 0,1C'(#() )/0#2 15 )#&"('&+8 +(+8/2'2 32# #G1)'&C+)"#C+)'&+8 &1(�)2 23&" +2 $88'1) ;+E# )"#1,/ +(=o1, ?'M1(+&&' (3CM#,2NTa ?'(+88/K )#&"('&+8+(+8/2)2 21C#)'C#2 32# )#&"('&+8 +(+8/2'2 15 1(# C+,-#)Q2 0,'&# "'2)1,/ )1 )+-# 012')'1(2 '( +(1)"#,C+,-#)K + 0,+&)'&# &+88#= '()#,C+,-#) )#&"('&+8 +(+8/2'2 XTTLZN
$+&" ,38# "+2 + C',,1, #@3'E+8#()K ;"'&" 2344#2)2 2"1,) 012')'1(N O( #+&" &+2# + )#&"('&+8 +(+8/2) "+2)1 &"112# )"# )'C# "1,'[1( 1E#, ;"'&" ),134"2 +(= 0#+-2 +,# '=#()'7#= +(= C1E'(4 +E#,+4#2 &+8&38+)#= +2;#88 +2 )"# )",#2"18= M#51,# + =#&'2'1( '2 C+=#N
T\?1, C1,# =#)+'82 +(= #G+C08#2 15 &"+,)'(4 )#&"('@3# 2## XdaK TT\ZNTV O( )"'2 ;+/ ') '2 2'C'8+, )1 "'#,148/0"'&2K ;"#,# #+&" 2/CM18 '2 + ;1,= 1, + &1CM'(+)'1( 15 ;1,=2NTLc(# &+( +,43# )"+) )"'2 ,38# &+0)3,#2 )"# #`#&) 15 )"# i02/&"1814'&+8i M+,,'#,K ;"'&" C+,-#) "+2 )1 1E#,&1C#NTa!1 4#) C1,# =#)+'82 1( $88'1) ;+E# )"#1,/ +(= ?'M1(+&&' (3CM#,2 2## XTTdZN
U
A'(&# )"# '(),1=3&)'1( 15 )#&"('&+8 +(+8/2'2 )"#,# '2 + 4,1;'(4 #E'=#(&# )"+) C+(/ &1()#C01,+,/ 0,15#2>2'1(+8 '(E#2)1,2 32# ')N !"# 0,17)+M'8')/ 15 )#&"('&+8 +(+8/2'2 ;138= M# '( &1(),+='&)'1( )1 )"# $*.K ;"'&"012)38+)#2 )"+) '( #%&'#() C+,-#)2 ') '2 'C0122'M8# )1 0,17) M/ 0,#='&)'(4 0,'&# =#E#810C#() M+2#= 1( ')20+2) 0#,51,C+(&#N685,#= <1;8#2 XYLZ ;+2 1(# 15 )"# 7,2) 2&"18+,2 ;"1 +(+8/[#= )"# 0,17)+M'8')/ 15 )#&"('&+8 +(+8/2'2N
O( TUYY "# ,#01,)#= ,#238)2 15 + "/01)"#)'&+8 '(E#2)C#() 2),+)#4/ M+2#= 1( C+,-#) 51,#&+2)2 15 ^'88'+C.+C'8)1( '( "'2 #=')1,'+82 )1 '(" A$%% >1!""1 B,:!2$%N !"# "/01)"#)'&+8 +008'&+)'1( 15 03M8'2"#= 51,#&+2)215 )"# 2)1&- C+,-#) M+2#= 1( )"# B1; )"#1,/ 1E#, + 0#,'1= 15 IV /#+,2K 5,1C TUJd )1 TUIUK +&"'#E#= + ,#238)M#))#, )"+( ;"+) ;138= M# 1,='(+,'8/ ,#4+,=#= +2 + (1,C+8 '(E#2)C#() ,#)3,(K M3) 011,#, )"+( )"# ,#238)15 + &1()'(3132 13),'4") '(E#2)C#() '( ,#0,#2#()+)'E# &1CC1( 2)1&- 51, )"'2 0#,'1=N!"# 2)3=/ 15 .+,,/ W1M#,)2 XTYIZ &1(=3&)#= '( TU\U 1( 6C#,'&+( =+)+K 51, M1)" '(=#G#2 +(= '(='E'=3+8
2)1&-2K @3#2)'1(#= )"# +008'&+M'8')/ 15 )#&"('&+8 +(+8/2'2 2'(&# )'C# 2#,'#2 15 0,' 2##C#= )1 51881; +(#G),#C#8/ 2'C08# &"+(&# C1=#8N .# ,#5#,,#= )1 *+3,'&# eN _#(=+88 XaIZK ;"1 1M)+'(#= )"# 2+C# ,#238)251, ],')'2" 2)1&- '(=#G#2 +(= 6C#,'&+( &1CC1=')/ 0,' '( TU\YN *1,#1E#,K W1M#,)2 513(= )"+) #E#( '(TUYd .18M,11- 1̂,-'(4 XTVIZ +&"'#E#= )"# 2+C# &1(&832'1(9 )"+) X7(+(&'+8Z )'C# 2#,'#2 &1CC1(8/ 0122#22'( C+(/ ,#20#&)2 )"# &"+,+&)#,'2)'&2 15 2#,'#2 15 &3C38+)#= ,+(=1C (3CM#,2NO( &1(),+2) )1 )"#2# ,#238)2 .#(=,'- AN .13)"+--#, XLYZ '( TUVT 513(= #8#C#()2 15 (1(>,+(=1C(#22 '(
20#&38+)'E# 0,'&# C1E#C#()2N .# 0,#2#()#= #E'=#(&# )"+) 2)10 1,=#,2 4+E# ,'2# )1 + (1(>,+(=1C 0,17)NA'=(#/ AN 68#G+(=#, XYZ M/ 32'(4 \>0#,&#() 78)#,'(4 15 (1'2# 2"1;#= )"+) +5)#, 78)#,'(4 8+,4# &"+(4#2 +,#C1,# 8'-#8/ )1 &1()'(3# )"+( )1 ,#E#,2#9 '( 20#&38+)'E# C+,-#)2 0,'&# &"+(4#2 +00#+, )1 51881; + ,+(=1C;+8- 1E#, )'C#K M3) + C1E#K 1(&# '(')'+)#=K )#(=2 )1 0#,2'2)NW1M#,) #̂'(),+3M XT\aZ +(+8/[#= )"# 0#,)'(#() 8')#,+)3,# 15 )"+) )'C# 1( )#2)'(4 )#&"('&+8 +(+8/2'2N .#
513(= )"+) )"# 2)3='#2 30 )1 TUVY ;#,# 32'(4 )11 ,#2),'&)'E# +223C0)'1(2 +M13) )"# M#"+E'1, +(= +M'8')'#215 )#&"('&+8 +(+8/2)2N ?1, #G+C08#K #̂'(),+3M +,43#= )"+) _#(=+88Q2 +223C0)'1( 15 7G#= '()#,E+8 M#);##(),+=#2 ='= (1) ,#k#&) )"# ,#+8')/ +(= ='= ,#=3&# 01)#()'+8 0,17) 1001,)3(')'#2N ]/ 32'(4 + C1,# ,#+8'2)'&E+,/'(4 ;+')'(4 )'C# #̂'(),+3M 1M)+'(#= ,#238)2 ;"'&" 201-# C1,# '( 5+E1, 15 )#&"('&+8 +(+8/2'2 )"+( )"#,+(=1C ;+8- "/01)"#2'2N .# &1(&83=#= )"+) )"# 8+&- 15 2#,'+8 &1,,#8+)'1( M#);##( 7,2) ='`#,#( 15 &812'(40,' 2'C08# C#+() )"+) 20#&38+)1,2 X)#&"('&+8 +(+8/2)2Z ;"1 ;#,# 230012#= )1 2C11)" 13) 0,'&# C1E#C#()21E#, )'C# ;#,# =1'(4 )"#', P1M ;#88NO( TUVd A'=(#/ AN 68#G+(=#, XdZ )#2)#= + (3CM#, 15 78)#, ,38#2N 68)"134" )"#/ +00#+,#= )1 /'#8= ,#)3,(2
+M1E# )"# M3/>+(=>"18= 2),+)#4/ 51, )"# BHO6 +(= Aqg 2)1&- '(=#G#2K "# &1(&83=#= )"+) +=P32)#= 51,),+(2+&)'1( &12)2K )"# 78)#, ,38#2 ;#,# (1) 0,17)+M8#N $34#(# ?+C+ Xd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c2M1,(# XTIYZ 513(= )"+)
+008'&+M'8')/ 15 )"# ,+(=1C ;+8- )"#1,/ +(= )#&"('&+8 +(+8/2'2 &+( M# =#0#(=#() 1( )"# 3(=#,8/'(4 )'C#5,#@3#(&/ 15 0,'N .# &1(&83=#= )"+) '( 4#(#,+8 2"1,)#, '()#,E+82 R=+'8/K ;##-8/S )#(= )1 2"1; C1,#i(1(>,+(=1C ;+8-i 0,10#,)'#2 )"+( 81(4#, '()#,E+82 RC1()"8/SN65)#, $34#(# ?+C+ 2'8#(&#= #C0','&+8 2)3='#2 15 )#&"('&+8 +(+8/2'2 51, +8C12) );#()/ /#+,2K '( )"# 2#&1(=
"+85 15 )"# TUaJ2 )"# '()#,#2) 15 +&+=#C'& &1CC3(')/ ,#)3,(#= )1 )"# )10'&N :#; #C0','&+8 2)3='#2 #')"#,513(= #E'=#(&# '( 5+E1, 15 )#&"('&+8 +(+8/2'2IJ 1, =#7(#= 2#4C#()2 +(= C+,-#)2K ;"#,# )"# ;#+- 51,C 15C+,-#) #%&'#(&/ 0,#E+'82 +(= )#&"('&+8 +(+8/2'2 M,'(42 + 2C+88 +==#= E+83#IT N!"# ,#)3,( +(= 0,'&# 0,#='&)+M'8')/ '2 15 '()#,#2) (1) 1(8/ '( 2)1&- C+,-#)2K M3) +821 '( )"# &3,,#(&/
C+,-#)2 =1C'(+)#= M/ 0,15#22'1(+8 '(E#2)1,2 X\K T\TZNII ]8+-# F#]+,1( XUYZ 2"1;#= )"+) 2'C08# ,38#2 32#=M/ )#&"('&+8 ),+=#,2 "+E# 21C# 0,#='&)'E# E+83# 51, )"# 53)3,# C1E#C#() 15 51,#'4( #G&"+(4# ,+)#2N .##G08+'(#= )"+) )"# ,#+21( &+( M# '( )"# (+)3,# 15 51,#'4( #G&"+(4# C+,-#)2K ;"#,# )"#,# +,# 2#E#,+8 C+P1,08+/#,2 ;"12# 1MP#&)'E#2 C+/ ='`#, 4,#+)8/ 5,1C )"12# 15 C+G'C'['(4 #&1(1C'& +4#()2N !"# ,#238)2 15 "'22)3=/ 2"1;#= )"+) )"'2 0,#='&)+M'8')/ ;+2 4,#+)8/ ,#=3&#=K '5 (1) #8'C'(+)#=K 1( )"# =+/2 '( ;"'&" )"#?#=#,+8 W#2#,E# ;+2 +&)'E#8/ '()#,E#('(4 ;#,# ,#C1E#=NIY
681(4 ;')" #C0','&+8 23001,) )#&"('&+8 +(+8/2'2 +821 ,#&#'E#= C1,# '()#,#2) M/ )"# )"#1,/ 15 7(+(&'+8
TU!"#/ &1(=3&)#= + 2)3=/ 15 )"# )"',)/ B1; H1(#2 O(=32),'+8 A)1&-2 32'(4 Id ='`#,#() 78)#, ,38#2K ,+(4'(4 '( 2'[# 5,1C JN\h)1 \Jh 51, )"# )'C# 0#,'1= 5,1C TU\L )1 TUVIN !"#/ &1(&83=#= )"+) )"# 78)#, ,38#2 ;#,# (1) 0,17)+M8# ;"#( )"# #`#&) 15'()#,'C ='E'=#(=2 +(= M,1-#,+4# &1CC'22'1(2 ;#,# &1(2'=#,#= X\YZNIJ?1, #G+C08#2 2## XTK VK aK I\K ILK dTK \aK LdK aLK UTK TJTK TJIK TJaK TTJK TTIK TTUK TIaK TYdK TYaK TddK TdVK TdLK T\IZNIT?1, #G+C08#2 2## XTdK dJK \LK \UK TJdK TTIK TIIK TIaK TYdK TYaZNII?1, #G+C08#2 2## XTUK VYK UUK TJYK TTVK TIIK TIdK TdaK TdUK T\JZNIY6 2'C'8+, )10'& '2 ='2&322#= M/ <",'2)10"#, :##8/ XTTaZN
TJ
C+,-#)2N 6 )/0'&+8 #G+C08# '2 + 2)3=/ 15 6E,+"+C ]#P+ +(= ]+,,/ e18=C+( XTLZK ;"#,# )"#/ 2"1;#=)"+) '(&1,01,+)'(4 )#&"('&+8 +(+8/2'2 &138= "#80 )1 #G08+'( #C0','&+8 0,10#,)'#2 15 7(+(&'+8 C+,-#)2N B+E'=],1;( +(= W1M#,) H#(('(42 XILZ &1(2),3&)#= + );1>0#,'1= =/(+C'& #@3'8'M,'3C C1=#8 )1 =#C1(2),+)# )"+),+)'1(+8 '(E#2)1,2 2"138= 32# "'2)1,'&+8 0,' '( 51,C'(4 )"#', =#C+(=2N6,)"3, #) +8N XUZ &,#+)#= + C1=#8K 01038+)#= ;')" +,)'7&'+8 )#&"('&+8 +(+8/2)2K -(1;( +2 A+()+ ?# +,)'7&'+8
2)1&- C+,-#) R6A*SN !"# C1=#8 +881;#= )"# +3)"1,2 )1 #G08+'( )"# &1(),+='&)'1( M#);##( )"# )"#1,#)'&+88')#,+)3,# +(= 0,+&)')'1(#,2Q E'#; 1( C+,-#) #%&'#(&/N !"# 2'C38+)'1( ,#238)2 2"1;#= )"+) M1)" E'#;2;#,# &1,,#&)K M3) ;')"'( ='`#,#() ,#4'C#2 15 )"# C+,-#)N !"# C+,-#) 2#))8#= '()1 )"# ,+)'1(+8>#G0#&)+)'1(2#@3'8'M,'3C 15 )"# #%&'#() C+,-#) 8')#,+)3,# ;"#( )"# 6A* +4#()2 "+= #(134" )'C# )1 +&&3C38+)# +(=0,1 '(51,C+)'1(N c)"#,;'2#K '5 '( + "3,,/ )1 +&&3C38+)# +(= 0,1 C+,-#) '(51,C+)'1( '(E#2)1,2 ='=08+&# C1,# ;#'4") 1( )#&"('&+8 ),+='(4N 62 + ,#238)K )"# C+,-#) =1C'(+)#= M/ )#&"('&+8 ),+='(4 #G0#,'#(&#=)#C01,+,/ M3MM8#2 +(= &,+2"#2N^'88'+C <8/=# +(= <+,18 c28#, XYdZ 0,1E'=#= )"#1,#)'&+8 513(=+)'1(2 51, )#&"('&+8 +(+8/2'2 +2 + C#)"1=
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𷁤+))#,( '=#()'7&+)'1( +(= 0,#='&)'1(N68#G+(=,+ O8'(2-+'+ +(= _','8 O8'(2-' XUJZ 32#= )"# 5,+C#;1,- 15 e+34# !"#1,/ 15 6,M'),+4# )1 2"1;
)"+) )#&"('&+8 +(+8/2'2 +(= C+,-#) #%&'#(&/ &1,,#201(=#= )1 ='`#,#() )'C# ,#4'C#(2N ?,1C )"#', 01'() 15E'#;K )#&"('&+8 0,#='&)'1(2 #G'2) =3# )1 +( '()#,(+8 =#)#,C'('2)'& =/(+C'&2K ;"'&" M,'(42 )"# C+,-#) )1 +(#@3'8'M,'3CN !"#/ 2"1;#= )"+) )#&"('&+8 +(+8/2'2 '(='&+)1,2 +(= )"#', 0,#='&)'1(2 #G'2)#= 51, 2"1,) )'C#"1,'[1(2 ;"'8# 51, 81(4 )'C# "1,'[1(2 )"# C1=#8 0,1=3&#= +( $*. 2)+)# ;')" ,#+8'2)'& 2)+)'2)'&+8 M#"+E'1,NId
68+( *1,,'21( +(= :', p38-+( XTTYZ 2)3='#= + E#,2'1( 15 )"# 2)+(=+,= _/8# XaUZ C1=#8 ;')" #(=14#(132'(51,C+)'1( +&@3'2')'1(N !"#/ 513(= )"+) )"#,# ;+2 + ,1M32) #@3'8'M,'3CK ;"'&" +881;#= 5,## #(),/ +(= '(;"'&" 20#&38+)1,2 +))+'(#= 012')'E# 0,17)2N]+2#= 1( )"'2K 1(# C'4") +,43# )"+) '(='E'=3+8 '(E#2)1,2 +,# +;+,# 15 2"1,)>)#,C 7(+(&'+8 C+,-#) ,#)3,(2
+(= 0,'&# 0,#='&)+M'8')/ +(= ),/ )1 #G081') )"# ),+='(4 1001,)3(')'#2 M/ 32'(4 )#&"('&+8 +(+8/2'2N
A !%$2B'2&@ >)'602'&@ !0&@*#$
g,#E'132 2#&)'1(2 "+E# #C0"+2'[#= );1 &1C0#)'(4 0+,+='4C2 '( 7(+(	 )"# #%&'#() C+,-#) "/01)"#2'2+(= )"# 8#4+&/ 15 )#&"('&+8 +(+8/2'2N !"# 1E#,E'#; 15 #C0','&+8 )#2)2 ='= (1) ,#E#+8 + &8#+, =1C'(+(&# 15 1(#0+,+='4C 1, +(1)"#,N !"# C+'( ,#+21( 15 )"'2 +CM'43')/ '2 )"# P1'() "/01)"#2'2 0,1M8#CK ;"'&" &1(2),+'(2)#2)2 15 C+,-#) #%&'#(&/N !1 1E#,&1C# )"'2 8'C')+)'1( 1(# (##=2 )1 =#2'4( + C1=#8>5,## )#2)N A0/,12 A-13,+2XTdYZ 0,1012#= + 2183)'1(K ;"'&" +881;2 )1 )#2) C+,-#) #%&'#(&/ '(=#0#(=#()8/ 15 +( #@3'8'M,'3C C1=#8K > "'2+,)'7&'+8 )#&"('&+8 +(+8/2)2N .'2 &1(�) 15 )"# 6!6 ;'88 M# 32#= )1 =#2'4( 13, +,)'7&'+8 )#&"('&+8 +(+8/2)K;"'&" ;'88 '(&1,01,+)# 8+)#2) +=E+( '( +,)'7&'+8 '()#88'4#(&#K 0+))#,( ,#&14(')'1( +(= =+)+ 0,#0,1'(4N!"'2 2#&)'1( 13)8'(#2 -#/ &1C01(#()2 15 + (#; 'C08#C#()+)'1( 15 )"# 6!6N6 M83#0,'() 15 )"# 6!6 "+2 )",## C+P1, &1C01(#()29 =+)+ 0,#0,1'(4K 0+))#,( ,#&14(')'1( +(=
=#&'2'1(>C+-'(4 C#&"+('2C2N!"# 7,2) 0+,) 15 =+)+ 0,#0,1'(4 '2 + "1C14#('[+)'1( C#&"+('2CN A'(&# )"# '=#+ 15 )#&"('&+8 +(+8/2'2
'2 )"# '()#,0,#)+)'1( 15 0+2) 7(+(&'+8 =+)+K ')2 @3+8')/ +(= &1(2'2)#(&/ &,3&'+88/ =#0#(=2 1( )"# @3+8')/ 15=+)+N !;1 +20#&)2 15 =+)+ 0,#0,1'(4 ;'88 M# )+-#( '()1 +&&13()N !"# 7,2) 1(# '2 + ,#=3&)'1( 15 0,1M8#C&1C08#G')/N 6(= )"# 2#&1(= 1(# '2 + C+G'C'[+)'1( 15 )"# '(51,C+)'1(+8 &1()#() 15 )"# =+)+N ]1)" +20#&)2&+( M# ,#218E#= )",134" )"# C#&"+('2C 15 =+)+ "1C14#('[+)'1(N!"# 2#&1(= 0+,) 15 =+)+ 0,#0,1'(4 '2 + 0'#&#;'2# 8'(#+, +00,1G'C+)'1( RgF6S C#&"+('2CN !"'2
C#&"+('2C 2#,E#2 )1 '=#()'5/ 'C01,)+() 0#+-2 +(= ),134"2 '( )'C# 2#,'#2 15 0,'N A'(&# )"# 6!6 2"138="+E# 411= 0,17&'#(&/ '( =#)#&)'(4 0#+-2 +(= ),134"2 )"# @3+8')/ 15 0'#&# ;'2# +00,1G'C+)'1( "+2 + &,3&'+8,18#N!"# 2#&1(= &1C01(#() '( )"# 6!6 '2 ,#201(2'M8# 51, 0+))#,( ,#&14(')'1(N O) ;'88 32# 0#+-2 +(= ),134"2K
'=#()'7#= M/ )"# gF6K )1 8#+,( 0+))#,(2 '( )"# =+)+N !"# 0+))#,( ,#&14(')'1( 15 )"# 6!6 '2 2'C'8+, '( + 2#(2#)1 )"# &+(=8#2)'&- )#&"('@3#N F'-# ;')" )"# &+(=8#2)'&- 0+))#,(2 +&)3+8 E+83#2 15 0,' "+E# (1 'C01,)+(&#KM3) )"#', ,#8+)'E# E+83#2N O( +==')'1(K )"# 6!6 ;'88 '(&1,01,+)# ,#8+)'E# ;+')'(4 )'C# 15 +00#+,+(&# 15 #+&"0,'&# 1M2#,E+)'1(N !"'2 +00,1+&" ;'88 +881; )1 2## ;"'&" 0+))#,(2 &+( 0,#='&) 0,'&# M#"+E'1,N
Id!"# '(E#2)1,2 +;+,# 15 )"'2 5+&) C'4") '(&,#+2# )"# ),+='(4 5,#@3#(&/ )1 #G081') )"#2# 1001,)3(')'#2N
TT
!"# &14(')'E# C#&"+('2C 15 )"# 6!6 '2 M+2#= 1( +,)'7&'+8 '()#88'4#(&#N A'(&# 8#+,('(4 &8+22'7#, 2/2)#C2RF<AS +,# 1(# 15 5#; 'C08#C#()+)'1(2 15 +,)'7&'+8 '()#88'4#(&# )"+) "+E# + ),+(20+,#() 2),3&)3,# 15 2183)'1(2)"#/ ;'88 M# 32#= 51, M3'8='(4 )"# &14(')'E# C#&"+('2CN !"#,# +,# C+(/ 'C08#C#()+)'1(2 15 F<AK M3)+88 15 )"#C +,# =1C'(+)#= M/ )"# n<AK =#E#810#= M/ A)#;+,) ^'821( XT\UK TVJZN b(51,)3(+)#8/K )"# n<A=1#2 (1) "+E# )"# 01;#, )1 218E# 13, 0,1M8#C ;')"'( ,#+21(+M8# )'C#N !1 1E#,&1C# )"'2 8'C')+)'1( + (#;'C08#C#()+)'1( 15 F<A ;'88 M# 32#= > )"# ),3# &8+22'7#, 2/2)#C R!'<ASK > =#E#810#= M/ !'C3, D32301EN?'(+88/K 32'(4 )"# &1(�) 15 ,#E#+8#= ),+(2+&)'1( &12)2 + =#&'2'1(>C+-'(4 53(&)'1( ;'88 M# '(),1=3&#=N!"'2 2#&)'1( '2 1,4+('[#= +2 51881;2N ?',2)K A3M2#&)'1( \NT 0,#2#()2 )"# =+)+ 0,#0,1'(4 &1C01(#()N
O) '2 51881;#= M/ A3M2#&)'1( \NIK ;"'&" 13)8'(#2 )"# 'C08#C#()+)'1( 15 +,)'7&'+8 '()#88'4#(&#K )"# !'<ANA3M2#&)'1( \NY '(),1=3 )"# 0+))#,( #(&1='(4 C#&"+('2CN O( A3M2#&)'1( \Nd ,#E#+8#= ),+(2+&)'1( &12)2+(= =#&'2'1( C+-'(4 +,# 0,#2#()#=N 6 ='2&322'1( &1(&83=#2 )"# 2#&)'1(N
AC. D&$& E%)4%,')##205
!"'2 23M2#&)'1( =#+82 ;')" )"# 0,#0,1'(4 15 )"# =+)+N^')" )"# =+)+ &1C'(4 '( ,+;K )'&->M/>)'&- 51,C 1(# "+2 )1 +008/ 21C# "1C14#('[+)'1( 0,1&#=3,# )1
,#=3&# )"# =+)+ +(= )"# 0,1M8#C &1C08#G')/N !"#,# +,# );1 C#)"1=2 15 "1C14#('[+)'1(N !"+) '2 0,#E'132>+(= 8'(#+,>)'&- '()#,018+)'1(N $C0','&+8 8')#,+)3,# =1#2 (1) '(='&+)# +(/ 0,1(13(&#= ='`#,#(&# '( )"# ,#238)20,1=3&#= M/ #')"#, C#)"1= XYUZN B3# )1 2'C08'&')/ +(= 5+2) &1C03)+M'8')/ )"# 0,#E'132>)'&- '()#,018+)'1('2 2#8#&)#=N!"# =,+;M+&- 15 "1C14#('[+)'1( '2 '(#%&'#() 32# 15 =+)+N .'4">5,#@3#(&/ =+)+ "+2 C3&" C1,# 1M2#,>
E+)'1(2 )"+( '2 ,#@3',#= 51, 21C# 7G#= 5,#@3#(&/ 15 "1C14#('[+)'1(N 6) )"# 2+C# )'C# )"# 6!6 (##=2 +2C3&" =+)+ +2 0122'M8# 51, 5+2) 8#+,('(4N c(# ;+/ )1 i5##=i )"# 6!6 +(= )1 'C0,1E# )"# #%&'#(&/ 15 =+)+0,1'(4 '2 )1 32# 2#@3#()'+8 ,11) )'C# 2"'5) '( )"# "1C14#('[+)'1( 0,1&#=3,#N !"'2 +881;2 )1 +&"'#E#+8C12) "$$ 0#,&#() #%&'#(&/ 15 =+)+ 3)'8'[+)'1(Nc(# 'C01,)+() +20#&) 15 "1C14#('[+)'1( '2 )"# (#')/ )1 #G14#(1328/ 20#&'5/ )"# 10)'C+8 5,#@3#(&/N
!"# &,')#,'1( 15 10)'C+8')/ '2 0,17)+M'8')/N !1 4#) )"# 2'4( +(= )"# C+4(')3=# 15 )"# 0,17) 1(# "+2 )1 &1(2'=#,),+(2+&)'1( &12)2 R!<SN ^')" (1 -(1;8#=4# 15 !< )"# (1)'1( 15 ,#E#+8#= ),+(2+&)'1( &12)2 &+( 2"#= 8'4") 1("/01)"#)'&+8 0,17)2NI\ 644,#4+)# ,#)3,(2 +=P32)#= 51, + 2&"#=38# 15 ),+(2+&)'1( &12)2K +2 + =',#&) '(='&+)1,15 0,17)+M'8')/K 2"138= M# &1C03)#= 51, + 4,'= 15 5,#@3#(&'#2 15 "1C14#('[+)'1(N !"# C+G'C3C E+83# 15M,#+-#E#( ,#E#+8#= ),+(2+&)'1( &12)2 ;'88 '(='&+)# )"# 10)'C+8 5,#@3#(&/ 15 "1C14#('[+)'1(N6(1)"#, ,#8+)#= +20#&) 15 =+)+ 0,#0,1'(4 '2 2#8#&)'1( 15 )"# 10)'C+8 23M2+C08# 2'[#N ?1, &1(2'2)#()
+008'&+)'1( 15 )#&"('&+8 ),+='(4 ,38#2 )"# 6!6 2"138= "+E# + ;#88 =#7(#= +(= 7G#= 23M2+C08# 15 ,#&#()1M2#,E+)'1(2N F'-# '( )"# 0,#E'132 &+2# )"# 4,'= +(+8/2'2 +(= ,#E#+8#= !< 2"138= M# 32#= 51, )"# 2#+,&"N!1 23C 30K ;')"13) +(/ #G14#(132 '(51,C+)'1( 1( )"# 5,#@3#(&/ 15 "1C14#('[+)'1(K )"# E+83# 15 ),+(2>
+&)'1( &12)2 1, 10)'C+8 23M2+C08# 2'[# 1(# (##=2 )1 0#,51,C 0+,+88#8 2#+,&" +81(4 +88 )",## E+,'+M8#2K ;"'&",#238)2 '( + )",##>='C#(2'1(+8 2#+,&" 0,1M8#CN !"# 10)'C+8 E+83# 15 )"# 23M2+C08# 2'[#K 1, )"# 5,#@3#(&/15 "1C14#('[+)'1( &+( E+,/ +&,122 2)1&-2K C+,-#)2 +(= )",134" )"# )'C#N 62 + ,#238)K ;,1(4 2#8#&)'1( 15)"#2# 0+,+C#)#,2 &+( =#2)'(# )"# 6!6 0#,51,C+(&# )1 M# E#,/ 81; 5,1C )"# E#,/ M#4'(('(4N!"# gF6 '2 +( 'C01,)+() '(4,#='#() 15 )"# 6!6NIV ^')"13) )"'2 C#&"+('2C )"# 2/2)#C '2 '(2#(2')'E#
)1 )3,('(4 01'()2 '( )'C# 2#,'#2N !"# 2#4C#()+)'1( +841,')"C '2 +( #`#&)'E# ;+/ )1 0#,51,C '=#()'5/ )"#2#01'()2N ?1, )"'2 )"# gF6 &1(2),3&)2 + ,#0,#2#()+)'1( 15 )"# 1,'4'(+8 )'C# 2#,'#2 M/ 2#E#,+8 8'(#+, 2#4C#()2N6223C'(4 )"# #(=2 15 8'(#+, 2#4C#()2 +,# &1((#&)#=K 1(# &+( 32# )"12# P1'()2 +2 '=#()'7&+)'1( 01'()2 15)"# 3(=#,8/'(4 )'C# 2#,'#2N !"#2# '=#()'7&+)'1( 01'()2 ;'88 M# 32#= 51, 2'C'8+,')/ 2#+,&" +(= 23M2#@3#()51,#&+2)'(4 15 )"# (#G) 1M2#,E+)'1( '( )"# )'C# 2#,'#2NB#0#(='(4 1( 20##= 1, +&&3,+&/ (##=#= 1(# &+( 0'&- )"# C12) +00,10,'+)# +841,')"C 13) 15 0122'M8# +8>
)#,(+)'E#2NIL A'(&# )"# !10>B1;( +841,')"CIa )+-#2 + &1(2)+() )'C#K +(= "+2 +&�)+M8# =#4,## 15 +&&3,+&/') '2 &"12#( 51, +008'&+)'1( '( )"# 6!6N
I\?1, =#)+'82 1( ,#E#+8#= ),+(2+&)'1( &12)2 2## A3M2#&)'1( \NdNIV!"# 51,C+8 =#7(')'1( 15 )"# ;/"8")/." %/2"$! $;;!,</-$1/,2 '2 +( +00,1G'C+)'1( 15 + )'C# 2#,'#2 15 )"# 8#(4)" # M/ $ 8'(#+,
2#4C#()2N :1,C+88/K 1(# &"112#2 $ )1 M# C3&" 2C+88#, )"+( #K ;"'&" C+-#2 )"# 2)1,+4#K ),+(2C'22'1( +(= &1C03)+)'1( 15 )"#=+)+ C1,# #%&'#() XaYZN !"# +MM,#E'+)'1( 15 )"# 0'#&#;'2# 8'(#+, +00,1G'C+)'1( '2 gF6N c(# &+( ,#5#, )1 ') +2 ."3-"21$1/,2$%3,!/1(- 1, $;;!,$8(NIL?1, +( 1E#,E'#; 15 gF62 2## XaYZNIa O( )"# !10>B1;( +841,')"C + )'C# 2#,'#2 '2 ,#&3,2'E#8/ 0+,)')'1(#= 3()'8 21C# 2)100'(4 &,')#,'+N !"# 7,2) +00,1G'C+)'1(
'2 1(# 8'(#K ;"'&" &1((#&)2 )"# 7,2) +(= )"# 8+2) 01'() '( )"# 1,'4'(+8 )'C# 2#,'#2N !1 7(= + M#))#, +00,1G'C+)'1( 1(# #E+83+)#2#E#,/ 0122'M8# 0+,)')'1('(4 15 )"# 0,#E'132 +00,1G'C+)'1(N !"# 0+,)')'1('(4 ;"'&" 0,1E'=#2 )"# M#2) 411=(#22 15 7) 81&+)#2(#G) 208')N :#;8/ 2#4C#()#= +00,1G'C+)'1( '2 ,##G+C'(#= 51, + (#; 0+,)')'1('(4 +(= )"# 0,1 ,#0#+)2N !"# +841,')"C ,3(23()'8 #')"#, + M#(&"C+,- 411=(#22 15 7) '2 ,#+&"#=K 1, +( +00,1G'C+)'1( 4#)2 #(134" 8'(#+, 2#4C#()2N
TI
AC7 F)&%0205 3@&##2B)% G*#$)H#I >23G
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
'C')+)# )"# "3C+( +M'8')/ 51, &8+22'7&+)'1(K 8#+,('(4 +(= 4#(#,+8'[+)'1(N !"# $(&/&810#='+ ],')+(('&+=#7(#2 )"#2# +M'8')'#2 +2 51881;2N E%$../=8$1/,2 '2 )"# +M'8')/ )1 2/2)#C+)'&+88/ +,,+(4# '( 4,1302 1, &+)#41,'#2+&&1,='(4 )1 #2)+M8'2"#= &,')#,'+N L"$!2/23 '2 )"# +M'8')/ )1 +=+0) )1 )"# #(E',1(C#() +(= )1 +8)#,(+)#M#"+E'1, +2 + ,#238) 15 '(='E'=3+8 #G0#,'#(&#N 6(= 3"2"!$%/M$1/,2 '2 )"# +M'8')/ )1 ,#201(= '( )"# 2+C# ;+/)1 ='`#,#() M3) 2'C'8+, #(E',1(C#()+8 &1(=')'1(2N !1 C##) )"#2# &,')#,'+K F<A 2"138= 0122#22 )"# 51881;'(4&"+,+&)#,'2)'&2N
R'S )"# +M'8')/ 51, 1(>8'(# &8+22'7&+)'1( +(= #2)+M8'2"'(4 )"# 0+))#,(2 15 )"# ='`#,#() #(E',1(C#()+8 2')3>+)'1(2N
R''S )"# +M'8')/ )1 ='2)'(43'2" +(= 0,#2#,E# )"# C12) 0#,2'2)#() 0+))#,(2N
R'''S )"# +M'8')/ )1 '4(1,# +(/ ',,#8#E+() 1, (1'2# '(51,C+)'1(N
!"# F<A ;#,# 7,2) '(),1=3&#= M/ HN .188+(= XLJK LTZNIU F<A ;#,# =#2'4(#= )1 ,#+= )"# &3,,#() #(E'>,1(C#() +) 2)+)# '( )#,C2 15 + 7G#= (3CM#, 15 0,#=#)#,C'(#= &1(=')'1(2 +(= )1 0,1E'=# )"# C12) +=#@3+)#C+00'(4 '()1 )"# 20+&# 15 &1C'(4 #E#()2N ?1, )"'2 03,012# F<A #C081/ e#(#)'& 6841,')"C2 Re6S =3,'(4)"# ),+'('(4 0#,'1= )1 '=#()'5/ + &1,,#&) C+00'(4 5,1C )"# &1CM'(+)'1( 15 0,#=#)#,C'(#= &1(=')'1(2 )1 )"#C12) 0,1M+M8# #E#()N O( )"# 0,1K F<A 2"138= '=#()'5/ ',,#8#E+() &1(=')'1(2 5,1C (1'2# +(= ='2)'(43'2"0#,2'2)#() &1CM'(+)'1(2 15 &1(=')'1(2NO( )"# 2#C'(+8 ;1,- 15 HN .188+(= +(= '( )"# ,#8+)#= 8')#,+)3,# 15 )"# 51881;'(4 =#&+=#2 )"# +=#@3+&/ 15
#+&" &8+22'7#, ;+2 C#+23,#= M/ )"# 0,#=#)#,C'(#= &,')#,'+K -(1;( +2 2),#(4)" 1, 7)(#22N !"'2 0+,+C#)#,;+2 2#,E'(4 M1)" +2 + 0,#='&)1, 15 53)3,# 0+/1` +(= +2 )"# &8+22'7#,Q2 7)(#22 51, )"# 4#(#)'& ,#0,1=3&)'1(Nb(51,)3(+)#8/K )"'2 0,'C')'E# +44,#4+)'1( ,#238)#= '( 81; 0#,51,C+(&# 15 F<AN 62 + ,#238)K )"# &1(2'=#,+M8##()"32'+2C 15 )"# TUaJQ2 =#&8'(#= '( )"# #+,8/ TUUJQ2N F<A 2##C#= )11 &1C08'&+)#= )1 M# 2)3='#=K ;')" 1(8/5#; 23&堊 +008'&+)'1(2 ,#01,)#=N O( )"# C'= TUUJQ2 )"# 7#8= +00#+,#= +8C12) +) =#+= #(= XLIZNO( ,#201(2# )1 )"'2 2')3+)'1( ^'821( XT\UZ '(),1=3&#= )"# n<AN !"# 0,'C+,/ ='2)'(43'2"'(4 5#+)3,# 15
)"# n<A '2 )"+) &8+22'7#, 7)(#22 '2 M+2#= 1( )"# +&&3,+&/ 15 &8+22'7#, 0+/1` 0,#='&)'1( ,+)"#, )"+( 1( 0+/1`0,#='&)'1( R2),#(4)"S ')2#85N68)"134" )"# n<A '2 &3,,#()8/ + 5+E1,')#K ') "+2 21C# ='2+=E+()+4#2N O)2 1E#,&1C08'&+)#= 2),3&)3,# 281;2
=1;( )"# +841,')"C '( 7(='(4 2183)'1(2N !"# n<A 1,'4'(+)#2 5,1C + i[#,12 8#E#8i &8+22'7#, 2/2)#CK ;"'&";+2 '()#(=#= )1 2'C08'5/ .188+(=Q2 &+(1('&+8 5,+C#;1,- ;"'8# ,#)+'('(4 )"# #22#(&# 15 )"# &8+22'7#, 2/2)#C'=#+ XT\UZN 6) 21C# 2)#0 )"# '()#()'1( )1 2'C08'5/ )3,(#= 13) )1 1E#,&1C08'&+)#N !1 '8832),+)# )"'2 01'()XIUK IaZ 8'2) +) 8#+2) Ia 0+,+C#)#,2 +(= 2;')&"#2K ;"'&" (##= )1 M# 20#&'7#=N !"#', (3C#,12')/ +(= E+43##G08+(+)'1( '( )"# 213,&# 8')#,+)3,#YJ C+-#2 )3('(4 15 n<A +( +,) ,+)"#, )"+( + 0,#&'2# 2&'#(&#N !"#2#0+,+C#)#,2 +,# &8+'C#= )1 &"+(4# )"# n<AQ2 M#"+E'1,K +=P32) ') )1 )"# &3,,#() 0,1M8#C +(= 20#&'5/ 13)03)&"+,+&)#,'2)'&2 XIUZN b(51,)3(+)#8/K 81; ),+(20+,#(&/ 15 )"# +841,')"C +(= + 8+&- 15 )"#1,#)'&+8 2)3='#2C+-# ,#>20#&'7&+)'1( 15 )"# 0+,+C#)#,2 15 )"# n<A 'C0122'M8#NYT 62 + ,#238) )"# n<A 2"1;2 "'4" '(#,)'+ '(8#+,('(4 ,#8+)'E#8/ 2'C08# 0,1M8#C2N !1 1E#,&1C# )"12# 8'C')+)'1(2 + (#; &8+22'7#, 2/2)#C ;+2 '(),1=3&#=> )"# !,3# <8+22'7#, A/2)#C R!'<ASN!"# -#/ #8#C#() 15 )"# !'<A '2 )"# *'&,1>e#(#)'& 6841,')"C R%e6SYIN b(8'-# &1(E#()'1(+8 +841,')"C2
)"# %e6 ,#@3',#2 20#&'7&+)'1( 15 1(8/ I 0+,+C#)#,2N !"# 2+C# I 0+,+C#)#,2 +,# 32#= 51, )"# !'<A +&)'E+)'1(+(= ,3(N !"# 7,2) 0+,+C#)#, &! =#7(#2 )"# 481M+8 01038+)'1( 2'[# 15 &8+22'7#,2N !"# 2#&1(= 0+,+C#)#, &"'(2),3&)2 )"# +841,')"C 1( "1; C+(/ &8+22'7#,2 2"138= C+)&" )"# '(03) 2'4(+8 )1 51,C )"# 23M>01038+)'1(N?'43,# T 13)8'(#2 )"# 10#,+)'1( 15 )"# !'<AN O) 51881;2 )"# 1,'4'(+8 '=#+ 15 .188+(=Q2 F<AN ?,1C +
=/(+C'& #(E',1(C#() )"# !'<A #G),+&)2 2)+)'& 23M>0,1M8#C2 )1 0,1E'=# +( +=#@3+)# ,#201(2#N ?1, )"'2
IU?1, )"# '(),1=3&)'1( )1 F<A 2## XV\K TJUZK 51, + ,#&#() 23,E#/2 1( ')2 +008'&+)'1(2 +(= =#E#810C#() 2## XUIZNYJ!"#,# +,# 1(8/ 5#; +,)'&8#2 ;#,# 21C# 15 )"'2 0+,+C#)#,2 +,# 2)3='#= '( =#)+'8N !"# M#2) =#2&,'0)'1( '2 0,1E'=#= M/ XIUK IaZNYT?1, )"'2 ,#+21( )"# &1C0+,+)'E# 2)3=/ 32#2 )"# =#5+38) 0+,+C#)#,2 15 )"# n<ANYI?1, =#)+'82 1( )"# %e6 2## XaaZN
TY
?'43,#T9!'<A+(=')2#(E',1(C#()
Td
03,012# +( '(03) 2'4(+8 '2 C+)&"#= +4+'(2) )"# &1(=')'1( 0+,) 15 #+&" &8+22'7#,N !"# C+)&"#= &8+22'7#,251,C + &3,,#() 23M>01038+)'1(N $+&" &8+22'7#, '( )"# 01038+)'1( 2"138= M# +2 4#(#,+8 +2 0122'M8#K 'N#N ')2"138= &1,,#&)8/ ,#201(= )1 )"# C+G'C3C (3CM#, 15 2)+)#2N 6 C+)&"#= &8+22'7#, '2 +223C#= )1 "+E# )"#&1,,#&) ,#201(2#N e'E#( )"# 41+8 15 4#(#,+8'[+)'1(K )"# C#+23,# 15 7)(#22 '2 )"# @3+()')/ 15 i=1(Q) &+,#i2/CM182 '( )"# &1(=')'1( 0+,)N !"'2 +881;2 )1 ,+(- )"# &8+22'7#,2N O5 )"# (3CM#, 15 C+)&"#= &8+22'7#,2 '2C1,# )"+( &"K )"# &8+22'7#,2 ;')" )"# 81;#2) 7)(#22 +,# #G&83=#= 5,1C )"'2 23M>01038+)'1(N!"# &8+22'7#,2 '( )"# 23M>01038+)'1( +,# ,#5#,,#= )1 +2 G18='#,2K 2'(&# )"#/ +,# )11 G0#&'+8'[#=N !"# M#2)
'( 7)(#22 &8+22'7#, '2 ,#5#,,#= )1 +2 + J#(#,+8K 2'(&# ') +&"'#E#= )"# C12) J#(#,+8 8#E#8 ;')"13) 5+'8'(4N !"#e#(#,+8 51,C2 )"# !'<A ,#201(2# )1 )"# '(03) 2'4(+8N *#+(;"'8#K )"# &8+22'7#,2 '( )"# 23M>01038+)'1( 2"+,#)"# i#G0#,'#(&#i )",134" )"# %e6N !"# 0,1M+M'8')/ 15 M#'(4 2#8#&)#= '2 0,101,)'1(+8 )1 7)(#22N A#8#&)#=&8+22'7#,2 &,1221E#, )"#', &1(=')'1( +(= +&)'1( 0+,)2 )1 51,C + (#; 23M>01038+)'1(N !"# e#(#,+8 #()#,2 )"#(#; 23M>01038+)'1( 1(8/ '5 "'2 ,#201(2# ;+2 +=#@3+)#N !"# (#; 23M>01038+)'1( )"#( ,#08+ )"# &3,,#()23M>01038+)'1( '( )"# 481M+8 01038+)'1(NO( &+2# )"#,# '2 (1) + 23%&'#() (3CM#, 15 &8+22'7#,2 '( )"# 23M>01038+)'1( + &1E#,'(4 C#&"+('2C 7882
C'22'(4 012')'1(2N <1E#,'(4 &,#+)#2 &8+22'7#,2 )"+) C+)&" + &3,,#() '(03) 2'4(+8 M/ &10/'(4 ') )1 )"#&1(=')'1( 0+,) 15 (#; &8+22'7#,2 +(= ,#08+&'(4 21C# &1(=')'1( M')2 ;')" i=1(Q) &+,#i 2/CM18 rN !"#&1,,#201(='(4 +&)'1(2 +,# ,+(=1C8/ 4#(#,+)#=N
AC= E&$$)%0 80',-205 :)'6&02#H
A'(&# )"# !'<A '2 '()#(=#= )1 M# 32#= 51, 0+))#,( ,#&14(')'1( '( )'C# 2#,'#2 ') ,#@3',#2 + 0+,)'&38+, #(&1='(4C#&"+('2CN !"'2 C#&"+('2C +881;2 )1 #(&1=# )'C# 2#,'#2 '()1 2),'(42 15 &1(=')'1(+8 M')2N6) )"# 7,2) 2)#0 + 23M2+C08# 15 )"# )'C# 2#,'#2 '2 =#C#+(#= +(= (1,C+8'[#= )1 "+E# 3(') E+,'+(&#N
!"'2 +881;2 )1 ,#&14('[# 2'C'8+, 0+))#,(2 ',,#20#&)'E# 15 )"# &3,,#() 8#E#8 1, )"# E+,'+(&#N :#G)K )"# gF6+841,')"C '=#()'7#2 012')'1(2 15 -#/ 01'()2 =#2&,'M'(4 )"# 23M2+C08# 15 )'C# 2#,'#2N $+&" -#/ 01'() &1((#&)28'(#+, +00,1G'C+)'1(2 513(= M/ gF6N ^')" ' 0,#=#7(#= 8'(#+, 2#4C#()2 )"#,# +,# '% " -#/ 01'()2N6008'&+)'1( 15 =#C#+('(4 +(= (1,C+8'[+)'1( +881;2 )1 =#2&,'M# )"# 012')'1( 15 #+&" -#/ 01'() ;')"'(
)"# 2+C# );1>='C#(2'1(+8 &11,='(+)# 20+&#N 6( 1,='(+)# ='C#(2'1( &1,,#201(=2 )1 )"# 8#E#8 '( )'C# 2#,'#2+(= '2 &1(2),+'(#= )1 )"# '()#,E+8 &"'$ '(N 6 &11,='(+)# ='C#(2'1( &1,,#201(=2 )1 )'C# 2)+C02 15 )'C# 2#,'#2+(= '2 &1(2),+'(#= M/ )"# '()#,E+8 &"$ ((K ;"#,# ( '2 )"# 8#(4)" 15 )"# 23M2+C08#N6) )"# 2#&1(= 2)#0 )"# #(&1='(4 )+-#2 08+&#N ?',2)K );1 #@3+8 2#4C#()2 15 + &11,='(+)# +(= 1,='(+)#
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c(# (##=2 )1 #(&1=# + 012')'1( 15 + -#/ 01'() 5,1C + =#C#+(#= +(= (1,C+8'[#= 23M2+C08#
15 )$ 1M2#,E+)'1(2N !"# 8#E#8 15 )"# -#/ 01'() '2 "*"*K +(= )"# )'C# 2)+C0 '2 ""N !+M8# T 0,1E'=#2 )"# ,#238)251, #(&1='(4 )"# 7,2) ) M')2N 65)#, 0#,51,C'(4 ')#,+)'E# 0,1 )"# 8#E#8 '2 #(&1=#= +2 !!"""K +(= )"# )'C#2)+C0 '2 #(&1=#= +2 ""!!!N!"# #(&1='(4 C#&"+('2C +881;2 =#&1='(4 15 + &1(=')'1( M')>2),'(4 )1 4#) )"# &11,='(+)# +(= 1,='(+)#
8'C')2N A'(&# )"# !'<A "+2 '( )"# +80"+M#) 15 &1(=')'1( M')2 )"# i=1(Q) &+,#i 2/CM18 rK =3,'(4 =#&1='(4)"# 0,1 2)102 #')"#, ;"#( +88 M')2 +,# 0,1#= 1, ;"#( )"# 7,2) 2/CM18 r '2 513(=N !"# 8+))#, &+2#+881;2 )"# !'<A )1 "+E# E+,/'(4 '()#,E+8 ;')"'( ;"'&" -#/ 01'()2 2"138= M#NN<$-;%" QP b2'(4 )"# 2+C# 2#))'(42 +2 '( )"# 0,#E'132 #G+C08# 1(# (##=2 )1 =#&1=# M')>2),'(42 15
&11,='(+)#2 +(= 1,='(+)#29 "!"## +(= !!"!"K ,#20#&)'E#8/N !+M8# I 0,1E'=#2 )"# ,#238)2 51, =#&1='(4 )"#2#M')>2),'(42N 65)#, =#&1='(4 )"# 8#E#8 '2 513(= )1 M# ;')"'( &$*)$$$ "*$$$#K +(= )"# )'C# 2)+C0 '2 =#&1=#= )1M# ;')"'( &$*$ $+#N
AC? K)L)&@)- >%&0#&'$2,0 3,#$# &0- D)'2#2,0 :&;205
F1(4 +(= 2"1,) 2#88'(4 +,# )"# C12) M+2'& ),+(2+&)'1(2 '( 7(+(&'+8 C+,-#)2N 6(/ &1C08#G +,M'),+4# 2),+)#4/'2 P32) )"#', &1CM'(+)'1(N !"# +008'&+M'8')/ 15 #')"#, ),+(2+&)'1( (1,C+88/ =#0#(=2 1( )"# #G0#&)+)'1( +M13))"# 53)3,# 0,'&# C1E#C#() +(= ),+(2+&)'1( &12)2N ,̂1(4 +22#22C#() 15 #')"#, 15 )"#C &+( &+32# + 7(+(&'+88122N ^')" #(=14#(132 0,'&# #G0#&)+)'1(2 1(# &+( #E+83+)# C+G'C3C ),+(2+&)'1(2 &12)2 +) ;"'&" +,M'),+4#2),+)#4'#2 4#(#,+)# 012')'E# 0,17)2N
T\
A)#0 c,='(+)# 2#4C#() c,='(+)#rr F#5) W'4") M')2
TN &$"$ ')## &')$ )$( !
IN &$"$ "'## &"'$ ')# !
YN &$"$ $,# &$,$ "'## "
dN &$,$ $+# &$+$ "'## "
\N &$+$ "$# &"$$ "'## "
?'(+8 1,='(+)# M')>2),'(49 ! ! " " "
A)#0 <11,='(+)# 2#4C#() <11,='(+)#rr F1; b0 M')2
VN &"'*$$$ $*$$$# &$*$$$$ '*$$$(# "
LN &$*$$$$ "*$$$# &"*$$$$ '*$$$(# "
aN &"*$$$$ "*)$$## &"*)$$$ '*$$$( !
UN &"*$$$$ "*')$## &"*')$$ "*)$$# !
TJN &"*$$$$ "*"')## &"*"')$ "*')$# !
?'(+8 &11,='(+)# M')>2),'(49 " " ! ! !
!+M8# T9 O8832)+)'1( 15 0+))#,(>)1>M')2 #(&1='(4 C#&"+('2C6 23M2+C08# 15 )'C# 2#,'#2 "+2 \J 1M2#,E+)'1( R1,='(+)# +G#SN p+83#2 +,# =#C#+(#= +(= (1,C+8'[#=N
$(&1='(4 15 + -#/ 01'() ;')" )"# 8#E#8 15 "*"* +(= )"# 012')'1( 15 TTN 62)#,'2- =#(1)#2 )"+) )"# 012')'1( '2;')"'( )"# C+,-#= 2#4C#()N
!,+(2+&)'1( &12)2 '(&83=# &1CC'22'1(2 0+'= 0#, ),+(2+&)'1(K '()#,(+8 WqB #G0#(2#2K + M'=>+2- 20,#+=+(= )"# 'C0+&) 1( 0,'&#N $E#,/ &1C01(#() &1C08'&+)#2 C#+23,'(4 +&)3+8 ),+(2+&)'1( &12)2N O5K 51, #G+C08#K)"#,# '2 1(8/ + )'C# 2#,'#2 15 0+2) 0,'K )"#( )"# M'=>+2- 20,#+=K 0+2) &1CC'22'1(2 +(= )"# 'C0+&) 1( 0,'&#"+E# )1 M# #2)'C+)#= 5,1C )"# =+)+N W188 XTY\Z '(),1=3&#= +( 'C08'&') C#+23,# 15 #`#&)'E# M'=>+2- 20,#+=)"+) &+( M# #2)'C+)#= 5,1C )"# 3('E+,'+)# )'C# 2#,'#2N F#2C1(= #) +8N XUVZ 32#= )'C# 2#,'#2 1M2#,E+)'1(2 15[#,1 ,#)3,(2 )1 #2)'C+)# ),+(2+&)'1( &12)2 15 + C+,4'(+8 '(E#2)1,NYY b(51,)3(+)#8/K 51, )"# 0,#&'2# #2)'C+)'1(15 ),+(2+&)'1( &12)2 1(# (##=2 + &1C08#)# =+)+ 2#) )1 &+0)3,# +88 )"# &1C01(#()2K ;"'&" +,# 323+88/ (1)+&'M8# '( )'C# 1, "+E# &1(7=#()'+8 (+)3,#N_(1;( ),+(2+&)'1( &12)2 #(+M8# 1(# )1 ,#E#+8 )"# ,#)3,( 23%&'#() )1 '(23,# + 012')'E# 0,17)N O5K 51,
21C# ,#+21(K )"# #G+&) E+83# 15 ),+(2+&)'1( &12)2 '2 (1) -(1;(K + ,#E#,2# 2183)'1( &+( M# 513(=K 'N#N 1(#&+( 7(= ),+(2+&)'1( &12)2 )"+) '(23,# (1(>(#4+)'E# 0,17)2N !"12# &12)2 &+( M# =#,'E#= 5,1C )"# +,M'),+4#2),+)#4'#2 C#()'1(#= +M1E# +(= +,# ,#5#,,#= )1 +2 !"#"$%"& 1!$2.$81/,2 8,.1.N ]#22#CM'(=#, #) +8N XIJZ 32#=+ 2'C'8+, &1(�)K -(1;( +2 M,#+-#E#( &12)2N O( ,#8+)'1( )1 13, =#7(')'1( )"# M,#+-#E#( ),+(2+&)'1( &12)2+,# C+G'C3C &12)2 )"+) '(23,# [#,1 0,17)N?1881;'(4 )"# ='`#,#()'+)'1( 15 2),+)#4'#2K 1(# &+( =#,'E# ,#E#+8#= ),+(2+&)'1( &12)2 51, )"# &+2# 15 #G>
0#&)#= '(&,#+2# +(= =#&,#+2# '( )"# +22#)Q2 0,'&#N e'E#( )"# "'4">5,#@3#(&/ (+)3,# 15 =+)+ +(= ),+(2+&)'1(2K1(# &+( (#48#&) '()#,#2) ,+)#2 +2 ;#88 +2 )"# '(k3#(&# 15 ='E'=#(=2 +(= 208')2N?1, )"# &+2# 15 #G0#&)#= 0,'&# '(&,#+2# )"# E+83# 15 ,#E#+8#= ),+(2+&)'1( &12)2K !+#$ K '2 =#,'E#= 5,1C 81(4
012')'1(K +(= 2"138= 2+)'25/ )"# 51881;'(4 '(#@3+8')/ )1 '(23,# + 012')'E# 0,17)9
+ ,- &.$!"(" .$- &.$!"( % .$
$ !+#$ $ RTS
;"#,# + '2 +&)3+8 ),+(2+&)'1( &12)2K .$ '2 )"# &3,,#() 0,'&# 8#E#8K +(= - &.$!"( '2 #G0#&)#= (#G) 0#,'1= 0,'&#N?1, )"# 2"1,) 012')'1( )"# E+83# 15 ,#E#+8#= ),+(2+&)'1( &12)2K !+%$ K 2"138= 2+)'25/ )"# 51881;'(4 '(#@3+8')/ )1'(23,# 012')'E# 0,17)9
+ ,.$ " - &.$!"(
- &.$!"( % .$$ !+%$ * RIS
6 &1CM'(+)'1( 15 M1)" &+2#2 +881;2 )1 51,C38+)# + =#&'2'1(>C+-'(4 53(&)'1(K ;"'&" )+-#2 +2 +,43C#()2
YY?1, )"# 8+)#2) ,#E'#; 15 8')#,+)3,# 1( ),+(2+&)'1( &12)2 2## XULZN
TV
A)#0 c,='(+)# c,='(+)# 2#4C#()rr M')>2),'(4 F#5) W'4")
TN ! &$"$ ')## &')$ )$(IN ! &$"$ "'## &"'$ ')#YN " &$"$ $,# &$,$ "'##dN ! &$,$ $+## &$+$ "'#\N " &$,$ $*# &$*$ $+##
?'(+8 1,='(+)# '()#,E+89 &$*$ $+#
A)#0 <11,='(+)# <11,='(+)# 2#4C#()rr M')>2),'(4 F1; b0
VN " &"'*$$$ $*$$$# &$*$$$$ '*$$$(#LN ! &$*$$$$ "*$$$## &"*$$$$ '*$$$(aN " &$*$$$$ $*)$$# &$*)$$$ "*$$$##UN #
TJN #
?'(+8 &11,='(+)# '()#,E+89 &$*)$$$ "*$$$#
!+M8# I9 O8832)+)'1( 15 M')2>)1>0+))#,( =#&1='(4 C#&"+('2C6 23M2+C08# 15 )'C# 2#,'#2 "+2 \J 1M2#,E+)'1( R1,='(+)# +G#SN p+83#2 +,# =#C#+(#= +(= (1,C+8'[#=N
B#&1='(4 15 &11,='(+)# M')>2),'(4 "!"##K +(= 1,='(+)# M')>2),'(4 !!"!"N 62)#,'2- =#(1)#2 2#8#&)#= 2#4C#()N
#G0#&)#= +(= &3,,#() 0,'&#K +(= )"# E+83# 15 +()'&'0+)#= ),+(2+&)'1( &12)29
/$ !+$ .$$ - &.$!"(# -
"####$
####%
0 '5 + ,- &.$!"(" .$- &.$!"( % .$
$
1 '5 + ,.$ " - &.$!"(
- &.$!"( % .$$
& 1)"#,;'2#K
RYS
;"#,# 0 =#(1)#2 + =#&'2'1( )1 M3/K 1 > + =#&'2'1( )1 2"1,)>2#88 +(= & > )1 =1 (1)"'(4N
M >,;*, G$,'; 8N'6&05)I :&%;)$ :2'%,#$%1'$1%) &0- D&$& D)O
#'%24$2,0
!"'2 2#&)'1( =#2&,'M#2 )"# =+)+ 32#= '( )"'2 0+0#,N !"# =+)+ &1E#, "'2)1,'&+8 2)1&- 0,' &188#&)#= 1( )"#!1-/1 A)1&- $G&"+(4# R!A$SN!"# !A$ '2 + &8+22'&+8 #G+C08# 15 +( 1,=#,>=,'E#( C+,-#)N O) 10#,+)#2 +2 + &1()'(312 +3&)'1(K ;"#,# M3/
+(= 2#88 1,=#,2 '()#,+&) =',#&)8/ ;')" 1(# +(1)"#,N !"# 2)3=/ 15 )"# 1,=#,>=,'E#( +&)'E')/ 15 )"# !A$ ='=(1) 2"1; 2'4('7&+() ='`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o=#+8#,
),+='(4 0+,)'&'0+()2 +(= C+)&"#= '( +&&1,=+(&# ;')" ;!/8" ;!/,!/15 +(= 1/-" ;!/,!/15 ,38#2N b(=#, )"# 0,'�,'1,')/ ,38#K + 2#88 RM3/S 1,=#, ;')" )"# 81;#2) R"'4"#2)S 0,'&# )+-#2 0,#&#=#(&#N b(=#, )"# )'C# 0,'1,')/,38#K +( #+,8'#, 1,=#, )+-#2 0,#&#=#(&# 1E#, 1)"#,2 +) )"# 2+C# 0,'&#N !"32K ;"#( )"# 81;#2) 2#88 +(= "'4"#2)M3/ 1,=#,2 C+)&" '( 0,'&#K )"# ),+(2+&)'1( '2 #G#&3)#= +) )"# 0,'&#NYd
6) )"# !A$ )"#,# +,# );1 ),+(2+&)'1( C#)"1=29 )"# /1$5,." +(= M$!$9$N !"# ')+/12# C#)"1= '2 32#=C+'(8/ )1 =#)#,C'(# 10#('(4 +(= &812'(4 0,'N b(=#, )"# ')+/12# C#)"1=K )"# )'C# 0,'1,')/ ,38# '2 (1)+008'#= +(= (3C#,132 1,=#,2 08+&#= M#51,# 0,'&# 2#))'(4 +,# C+)&"#= '( +44,#4+)#N O( &1(),+2)K 3(=#, )"#[+,+M+ C#)"1=K M1)" )"# 0,'&# 0,'1,')/ +(= )'C# 0,'1,')/ ,38#2 +,# +008'#=K +(= 0+',2 15 M3/ +(= 2#88 1,=#,2+,# C+)&"#= &1()'(31328/N
Yd?1, C1,# =#)+'82 +(= 20#&'7& 0+,+C#)#,2 2## )"# 213,&# XT\\ZN
TL
?'43,# I9 $@3+88/ ;#'4")#= '(=#G#2 51, 8'@3'=')/ 01182 15 !A$ 2)1&-2
!"# !A$ +=10)2 2#E#,+8 C#+23,#2 )1 0,#E#() ;'8= 2"1,)>)#,C k3&)3+)'1(2 '( 0,' 20#&'+8 M'= +(= +2-@31)#2K =+'8/ 0,'&# 8'C')2K ),+='(4 3(')2 +(= C+,4'( ),+(2+&)'1(2NY\ !"#2# C#+23,#2 =1 (1) 1(8/ "#80 #(23,#0,'&# &1()'(3')/K M3) +821 '( #`#&) ;1,- +2 i&',&3') M,#+-#,2i '( +( #C#,4#(&/N O( +==')'1( )"# !A$ 32#2 ,R0$:81/,2 1!$&/23 )1 "+(=8# 8+,4# M81&- 1,=#,2N !"# 1`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a9IJ )'88 U9JJK 5,1C TT9JJ )'88 TI9YJ +(= 5,1C T\9JJ
)'88 TV9YJN ?1, "+85>),+='(4 =+/2 1(8/ )"# 7,2) );1 2#22'1(2 )+-# 08+&#N !"# )1)+8 ),+='(4 )'C# 23C2 30 )1IdJ C'(3)#2 1E#, )"# dUJ C'(3)#2 M#);##( )"# 10#('(4 +(= &812'(4 )'C#N!"# #C0','&+8 0+,) 15 )"# 0+0#, 2)3='#2 )"# =+)+ &188#&)#= 1( )"# !A$N B+)+ &1C#2 '( + ,+;K )'&->M/>)'&-
51,CK +(= '(&83=#2 C'=>0,' +(= E183C#2 15 #+&" ),+(2+&)'1(N !"# 0,#&'2'1( 15 )'C# 2)+C02 '2 1(# C'(3)#N!"# =+)+2#) &1E#,2 IILY 2)1&-2 ),+=#= +) )"# !A$ =3,'(4 + 0#,'1= 5,1C TToJYoTUUV )'88 IIoJVoTUUaK 'N#NaYY ),+='(4 =+/2NB3# )1 &1C03)+)'1(+8 8'C')+)'1(2 )",## 23M2#)2 15 )'C# 2#,'#2 ;#,# 2#8#&)#= 51, )"# #C0','&+8 2)3=/N
b(=#, )"# +223C0)'1( )"+) )"# ,#)3,( R1, 0,'&#S 0,#='&)+M'8')/ +(=K &1,,#201(='(48/K '(E#2)1,2Q +))')3=#C'4") M# ='`#,#() 51, ='`#,#() 8#E#82 15 8'@3'=')/ )"# =+)+2#) ;+2 ='E'=#= '()1 )",## 4,1302 M+2#= 1( )"#8'@3'=')/ 8#E#8 15 )"# 3(=#,8/'(4 2)1&-2NYV $+&" 23M2#) ;+2 ,+(=1C8/ R;')" ;')"=,+;'(4S 01038+)#= M/ U)'C# 2#,'#2K ;"'&" M#81(4 )1 2)1&-2 ;')" )"# 2+C# 8#E#8 15 8'@3'=')/N ?1, #+&" 4,130 15 8'@3'=')/ )"# C#='+(2)1&-2 0,1E'=#= )"# )#()" )'C# 2#,'#2K )"32 &,#+)'(4 + "'4">K C#='3C +(= 81;>8'@3'=')/ 0118 15 )'C# 2#,'#2N!+M8# Y 8'2)2 2#8#&)#= 2)1&-2 +(= 0,1E'=#2 2)+)'2)'&+8 0,10#,)'#2 15 )"#', )'C# 2#,'#2N A)+)'2)'&+8 0,10#,)'#2
+,# 1M)+'(#= 51, =+'8/ =+)+ 1E#, )"# )'C# 0#,'1= &1E#,#= '( )"# 2)3=/N 6 2"1,) =#2&,'0)'1( 15 )"# 1&&30+)'1(+8+&)'E')/ 15 3(=#,8/'(4 &1C0+('#2 +&&1C0+('#2 #+&" ,#&1,=N !"# 2)1&- )"+) ,#0,#2#()2 )"# C#='+( '( 8'@3'=')/
Y\?1, )"#', =#)+'82 2## XT\\ZNYV!"# &,')#,'1( 15 8'@3'=')/ '2 )"# (3CM#, 15 ),+=#2 1E#, )"# &1E#,#= )'C# 0#,'1=N
Ta
'2 C+,-#= M/ )"# +2)#,'2- (#G) )1 + &1C0+(/ (+C#N?'43,# I 0,#2#()2 #@3+88/ ;#'4")#= '(=#G#2 51, #+&" 8'@3'=')/ 0118 15 !A$ 2)1&-2 R)"'&- 8'(#SN g,'1, )1
+44,#4+)'1( #+&" &1(2)')3#() )'C# 2#,'#2 ;+2 ,#M+2#= M/ 2#))'(4 ')2 7,2) 1M2#,E+)'1( '( )"# 2#,'#2 #@3+8 )13(')/ R)"'( 8'(#2SN
P !44@2'&$2,0 ,Q $6) !>! $, >6) >,;*, G$,'; 8N'6&05) D&$&
!#&"('&+8 +(+8/2'2K 'N#N =#)#&)'1( 15 0+))#,(2 '( )'C# 2#,'#2 15 0,'K '2 + =',#&) &1(),+='&)'1( )1 )"# ;#+-51,C 15 )"# $*.N !"'2 "/01)"#2'2 '2 + &1,(#, 2)1(# 15 C12) )"#1,'#2 15 7(+(&'+8 C+,-#)2N !"# $*.012)38+)#2 )"+) '( ;#+-8/ #%&'#() 7(+(&'+8 C+,-#)2 ') '2 'C0122'M8# )1 0,17) M/ 0,#='&)'(4 (#G) 0#,'1=Q20,'&# 32#= 1( )'C# 2#,'#2 15 0+2) 0,' 1, ,#)3,(2N !"# &1(),+='&)'1( )3,(2 )#&"('&+8 +(+8/2'2 '()1 +(i13)8+;i 15 7(+(&'+8 )"#1,/ 2#0+,+)'(4 )"# 7(+(&'+8 &1CC3(')/ '()1 );1 &+C029 )"# &+C0 15 +&+=#C'&2K;"1 +=E1&+)# )"# $*.j +(= )"# &+C0 15 0,+&)')'1(#,2K ;"1 -##0 32'(4 )#&"('&+8 +(+8/2'2N!"# 1E#,E'#; 15 0,+&)' '( 7(+(&'+8 '(=32),/ 2"1;2 )"+) C+(/ '(E#2)1,2K '(&83='(4 0,15#22'1(+8 ),+=#,2
+(= +(+8/2)2K +,# ;'=#8/ 32'(4 )#&"('&+8 +(+8/2'2 X\ZN g,#E'132 '(E#2)'4+)'1(2 =#C1(2),+)# )"+) 3(=#, 21C#&1(=')'1(2 )#&"('&+8 +(+8/2'2 &+( 0,1E'=# 23M2)+()'+8 ,#)3,(2N b(51,)3(+)#8/K )"# 7(='(42 +,# 3(=#,C'(#= M/);1 8'C')+)'1(2N !#&"('&+8 +(+8/2'2 '2 + &1C08#G C#)"1=K ;"'&" '(&83=#2 ,'41,132 C+)"#C+)'&+8 51,C38+2 +2;#88 +2 +M2),+&) E'23+8 0+))#,(2 15 )'C# 2#,'#2N 62 + ,#238)K ,#2#+,&"#2 32# 1(8/ + 5,+&)'1( 15 )"# C#)"1=1814/K;"'&" =,+C+)'&+88/ &1(2),+'(2 )"# 01)#()'+8 15 )#&"('&+8 +(+8/2'2N c( )"# 1)"#, "+(=K ;"#( )"# +M'8')/ 15+( #G0#,)K ;"1 '2 -(1;8#=4#+M8# 15 +(= k3#() '( +88 +20#&)2 15 )#&"('&+8 +(+8/2'2K '2 2)3='#= 1(# &+((1)='2)'(43'2" ;"#)"#, )"# ,#238)2 +,# 218#8/ =3# )1 )#&"('&+8 +(+8/2'2 1, + 23MP#&)'E# '()#,5#,#(&# 15 +( +(+8/2)N!"# 6!6 1E#,&1C#2 )"#2# =,+;M+&-2N !"# 6!6 '2 + ,1M32) 'C08#C#()+)'1( 15 )"# )#&"('&+8 +(+8/2)Q2
#G0#,)'2#N O) 51881;2 )"# +'C 15 )#&"('&+8 +(+8/2'2 )1 =#)#&) 0+))#,(2 '( 0,'&# )'C# 2#,'#2N !"# &14(')'E#C#&"+('2C 15 )"# 6!6K )"# !'<AK 32#2 )"# C#)"1=1814/ 15 )#&"('&+8 +(+8/2'2 )1 4#(#,+)# 1(8'(# 51,#&+2)215 (#G) 0#,'1=Q2 0,'&# '( + =/(+C'& #(E',1(C#()N !1 '(23,# )"# ,1M32)(#22 +(= #`#&)'E#(#22 15 4#(#,+)#=51,#&+2)2 )"# 6!6 0#,51,C2 + 2#@3#(&# 15 =+)+ 0,#0,1'(4 2)#02N O(E#2)C#() =#&'2'1(2 +,# 4#(#,+)#= )11M)+'( +44,#4+)#= ,#)3,(2 +=P32)#= 51, ),+(2+&)'1( &12)2NO( )"# 0,1 15 &+8&38+)'1( 2#E#,+8 +223C0)'1(2 +,# C+=#N ?',2)K )"# 'C0+&) 15 '(k+)'1(K ='E'=#(=2
+(= 208')2 '2 ='2,#4+,=#=K 2'(&# +) "'4" 5,#@3#(&/ )"#', 'C0+&) '2 (#48'4'M8#N A#&1(=K )"# +44,#4+)# ,#)3,('2 &1C03)#= 2#0+,+)#8/ 51, #E#,/ )'C# 2#,'#2 '( )"# 2)3=/N !"',=K ),+='(4 2),+)#4'#2 +,# +008'#= +) #E#,/0#,'1=K 'N#N +) )"# M#4'(('(4 15 #+&" 0#,'1= )"# 0,#E'132 012')'1( 2"138= M# &812#=N <1,,#201(='(48/ )"#+44,#4+)# ,#)3,( '2 + 0,1=3&) 15 ,#)3,(2 '( +88 )'C# 0#,'1=2N 6(= 7(+88/K )"# =#&'2'1(>C+-'(4 0,1 +(=&+8&38+)'1( 15 ,#)3,(2 )+-# '()1 +&&13() ,13(=>),'0 !<N
PC. D)'2#2,0O:&;205 R10'$2,0 &0- /$# /0Q,%H&$2,0&@ S&#)
!"'2 2#&)'1( 0,#2#()2 )"# =#&'2'1(>C+-'(4 53(&)'1(2 +(= ')2 '(51,C+)'1(+8 M+2#N!"# '(51,C+)'1(+8 M+2# 15 )"# =#&'2'1(>C+-'(4 0,1 '(&83=#2 );1 &1C01(#()2N !"# 7,2) &1C01(#()
+,# #G0#&)#= ),+(2+&)'1( &12)2N !,+(2+&)'1( &12)2 "+E# + =',#&) '(k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
01(#() > )"# 5,#@3#(&/ 15 =#&'2'1( C+-'(4N O) "+2 +( 'C08'&') '(k3#(&# 1( 13)&1C#2 15 =#&'2'1( C+-'(4N6 81; 5,#@3#(&/ +881;2 ),+=#,2 )1 +E1'= 5,#@3#() #G0#(2#2 1( ),+(2+&)'1( &12)2N 6) )"# 2+C# )'C#K '( +E18+)'8# C+,-#) ') &1(2),+'(2 ),+=#,2 )1 )+-# + 20#&38+)'E# +=E+()+4# 5,1C 81&+8 ),#(=2N !"# 2)3=/ 32#2 +2#) 15 ='2&,#)# 5,#@3#(&'#2 '( + 4,'= ;')"'( )"# '()#,E+8 &"$ "$( 15 C'(3)#2 ;')" +( '(&,#C#() 15 1(# C'(3)#NO( 4#(#,+8K )"# 0,1 15 =#&'2'1(>C+-'(4 '2 51,C+8'[#= )",134" + 53(&)'1( / !#K ;"'&" C+02 )"# +,43>
C#()2 '()1 )"# 20+&# 15 ),+='(4 +&)'1(29
/ !+$ .$$ .$!"$ ***$ .$!&# - %0$1$&& $ RdS
TU
!A$ <1C0+(/ A#&)1, A)+)'2)'&2 15 0,'&# 2#,'#2&1=# (+C# R&1=#S % 3 4
TN .'4">8'@3'=')/ 0118aL\Y A3C')1C1 *+,'(# !"# /"0*+/ +$*', "$*'*
q ?',# O(23,+(&#\dJL :'22"'( A)##8 !'# '//*'0 +**.0 "$*)0VLV\ _#(;11= !.# )'0*/. "''*'' "$*)+LIVI B+'"+)23 *1)1, !0# ,".*'+ *"*++ "$*.'VUTY *#8&1 !)# .$).*." +"**// "0*.+LL\I W'&1" !)# "./,*+/ '""*). $*/'V\JT .')+&"' !,# "$),*)* "$***, "$*".I\JY _','( ],#;#,/ !*# ""0$*,* ""+*/' "$*./VL\I *+)232"')+ $8#&N !.# "++'*'* "*/*$$ $*)*
O(=32),'+8ddJT 6=#-+s !/# **'*)" ",0*," "$*/*
IN *#='3C>8'@3'=')/ 0118TY\T .1-1 ?'2"'(4 !+# '0)*'0 ""'*+. "$*,"LLYa <"'(1( O(=32),'#2 !"$# /)**,' 0/$*+" "'*,'aTTI !1-/1 A)/8# !""# ")"***. '.+*0/ ""*'.d\dd *',+&+ .18='(42 !"'# *"$*)+ '"'*$. ""*"$dJJY <c>cg <"#CN !/# '),*/' "'.**$ "$**$LLYU <+(1( $8#&),N !)# /"/*"' /"**$ $*$$VLLI !1-/1 <12C12 !,# .',*)) ""$*)$ "$*)+
$8#&),'&I\LT <"3(-/1 !*# "$)0*)) ""0*++ "$*0,
<1&+><18+VUTJ .')+&"' *#='&+8 !".# "),+*'0 "+,*'. "$*/,LLIY 6'&"' !1-#' !,# 0)/*./ "*"*$* "$*+,
B#(-'s
YN F1;>8'@3'=')/ 0118aIUT !1('&"' <+,8'5# eg !"0# )$.*', ",0*'/ "$*/,IaUa A1()1( ?11= O(=N !+# "'+,*+$ "0,*+, "$**'VLLV !#(2"1 $8#&N O(=N !"$# .)'*,0 "'$*0. "$*,$aIIU <?A !")# ""'"**, ').*'* ""*0'VYVJ !1-/1 63)1 !"$# 0*'*/" "),*// "$*/,
*+&"'(# 1̂,-2aVIY ACM& ?,'#(= A#&N !",# '+)*'* "0,*)' "$*/$IaUY F1"C#/#, !+# ',+*.* "$+**" "$*,$\VTJ B+';+ .#+E/ O(=N !"$# '*/*." ""$*), "$*,"LUdI HAg !/# "$'"*$, '$**/$ ""*$*VYUV b(1[+;+>e3C' !"$# 0',*)/ ""/*'* "$*),
O,1( 1̂,-2s
!+M8# Y9 F'2) +(= =#2&,'0)'1( 15 2)1&-2 32#= '( )"# #C0','&+8 2)3=/!"# )+M8# 32#2 )"# 51881;'(4 2#&)1, &1=#29
RTS > :1(8'5# O(23,+(&#j RIS > O(=32),'+8 *#)+82j RYS > F#'23,# e11=2j RdS > 63)1C1M'8#2 q g+,)2j R\S >!#&"(1814'&+8 .+,=;+,# q $@3'0C#()j RVS > $8#&),'&+8K $8#&),1('& $@3'0C#()j RLS > ]#E#,+4#2j RaS ><"#C'&+82j RUS > ?11= g,1=3&#,2j RTJS > O(=32),'+8 $(4'(##,'(4j RTTS > g#,21(+8 e11=2j RTIS >
g"+,C+&1814/K ]'1)#&"(1814/j RTYS > .#+8)" $@3'0C#() q A#,E'j RTdS > e#(#,+8 W#)+'8#,2j RT\S > ?11=q B,34 W#)+'8#,2j RTVS > e#(#,+8 ?'(+(&'+8N
A)+)'2)'&+8 0,10#,)'#2 &1E#,2 )"# 51881;'(4 C#+23,#29% > C#+(j 3 > 2+C08# E+,'+(&#j 4 > 2+C08# 2810#N
IJ
;"#,# + 2)+(=2 51, ),+(2+&)'1( &12)2 #G0,#22#= '( 5,+&)'1(2 15 ),+(2+&)'1( E+83#j %.$$ .$!"$ ***$ .$!&& +,#&3,,#() +(= 8+44#= +22#) 0,'j 0 =#(1)#2 )"# M3/ ),+(2+&)'1(j 1 =#(1)#2 2"1,)>2#88'(4j +(= & C#+(2 )1,#C+'( '(+&)'E#N:1,C+88/K )"# =#&'2'1(>C+-'(4 0,1 '(&83=#2 );1 2)#029 51,#&+2)'(4 15 (#G) 0#,'1=Q2 0,'&# +(= C+G>
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b(8'-# )"# &1(E#()'1(+8 51,#&+2) C#)"1=2 )"# 6!6 0#,51,C2 '()#,E+8 0,'&# 51,#&+2)2N !"'2 +881;2 )1
&1(E#/ )"# 51,#&+2) 15 0,'&# =#E#810C#()2 +(= )"# 6!6 &1(7=#(&# '( )"12# 51,#&+2)2NYL !"# &1(7=#(&# '2'(='&+)#= M/ )"# ='`#,#(&# M#);##( )"# 300#, +(= 81;#, 8'C')2 15 )"# 51,#&+2)N 6 "'4" &1(7=#(&# '2 ,#k#&)#='( + 2C+88 ='`#,#(&#K ;"'8# + 81; &1(7=#(&# '2 &1(E#/#= )",134" + "'4" ='`#,#(&#N !"# 2C+88#2) ='`#,#(&#'2 =#7(#= )1 M# 1(# M+2'& 01'() '( )"# C+,-#)N !"# "'4"#2) ='`#,#(&# '2 '(7(')/N!"# 6!6 32#2 )#&"('&+8 +(+8/2'2 )1 1M)+'( )"# '()#,E+8 51,#&+2)K ;"'&" '2 &1(2),+'(#= M/ )"# 300#, +(=
81;#, 8'C')29 .$!" +(=K ,#20#&)'E#8/K .$!"NYa c(&# )"# '()#,E+8 '2 =#7(#= 1(# 15 )"# )",## 0122'M8# ),+='(4
+&)'1(2 '2 2#8#&)#= )1 C+G'C'[# + &3,,#() ,#)3,(N !"'2 '2 51,C+8'[#= '( )"# 6!6 =#&'2'1(>C+-'(4 53(&)'1(9
/$ !+$ .$$ .$!"$ ***$ .$!&# -
"####$
####%
0 '5 + ,.$!"
" .$
.$!"
% .$$
1 '5 + 5.$ " .$!".$ % .$!"
$
& '5 1)"#,;'2#N
R\S
!"# +44,#4+)# ,#)3,( +=P32)#= 51, ),+(2+&)'1( &12)2 '2 &+8&38+)#= +29
" -'&
$#"
6$$ RVS
;"#,# )"# )'C# '2 =#7(#= 1( )"# '()#,E+8 5,1C $ )1 2 N !"# ,#)3,( '( #+&" )'C# 0#,'1=K 6$K '2 &+8&38+)#= +29
6$ !+$ .$$ .$!"# -
"###$
###%
.$ " !.$!" % .$# +
.$!"'5 /$!" - 0$
.$!" " !.$!" % .$# +
.$'5 /$!" - 1$
" '5 /$!" - &*
RLS
T E)%Q,%H&0') ,Q !>! >%&-205 G$%&$)5*
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c( )"# 28'&# E'#; 5+) =1)2 2"1; M,#+-#E#( ),+(2+&)'1(&12)2 +) #')"#, 7G#= 23M2+C08# 2'[# R&183C( IS 1, ),+=# 5,#@3#(&/ R&183C( YSN <181, (1)+)'1( ='2)'(43'2"#2)"# C+4(')3=# 15 4+'(2 R'( 2"+=#2 15 ,#=S 1, 8122#2 R'( 2"+=#2 15 M83#SN!+M8# d 0,#2#()2 )"# 23CC+,/ 15 )"# 743,#2N O) 8'2)2 )"# C+G'C3C M,#+-#E#( ),+(2+&)'1( &12)2 1M)+'(#=
51, )",## 4,1302 15 2)1&- 8'@3'=')/N $+&" E+83# 15 M,#+-#E#( ),+(2+&)'1( &12)2 '2 +&&1C0+('#= M/ )"#5,#@3#(&/ 15 ),+='(4 +(= )"# 23M2+C08# 2'[# +) ;"'&" ') ;+2 1M2#,E#=N!"# 7,2) &1(&832'1( '2 )"+) )"# 6!6 &+( 23&𷁬/ +008/ )#&"('&+8 +(+8/2'2 )1 #G),+&) 012')'E# ,#)3,(2
+=P32)#= 51, ),+(2+&)'1( &12)2N !"# M#2) 0#,51,C+(&# '2 +&"'#E#= +) + ),+='(4 5,#@3#(&/ 15 0 C'(3)#2K )"#
YL!"# 6!6 =1#2 (1) ='2)'(43'2" ;"#)"#, + 81; &1(7=#(&# '2 1(8/ =3# )1 + 8+&- 15 #G0#,'#(&# '( + (#; 2')3+)'1( 1,o+(= =3#)1 + 0,#2#(&# 15 ,'2- +221&'+)#= ;')" +( 3(=#,8/'(4 +22#)K 2'(&# #')"#, &+2# 8#+=2 )1 3(&#,)+'()/NYa!"#2# 8'C')2 +,# )"# =#&1=#= +&)'1( 2344#2)#= M/ )"# !'<AN A'(&# )"# 6!6 10#,+)#2 ;')" "1C14#('[#= =+)+ 1(8/ )"#
8'C')2 15 8#E#82 R'( )"'2 &+2# 0,'S +,# ,#)3,(#=N O( )"# 53)3,#K )"# 6!6 &+( M# #G)#(=#= )1 ;1,- ;')" ',,#438+,8/ 20+&#= )'C#2#,'#2N O( )"'2 &+2# )"# 51,#&+2) 15 )"# 6!6 ;'88 '(&83=# +==')'1(+88/ )"# )'C# '()#,E+8 ;')"'( ;"'&" )"# (#G) 8#E#8 '2 0,#='&)#=N
IT
?'43,#Y96008'&+)'1(156!6),+='(42),+)#4'#21()"#011815"'4"8'@3'=')/2)1&-2
II
?'43,#d96008'&+)'1(156!6),+='(42),+)#4'#21()"#011815C#='3C8'@3'=')/2)1&-2
IY
?'43,#\96008'&+)'1(156!6),+='(42),+)#4'#21()"#01181581;8'@3'=')/2)1&-2
Id
A)1&- 0118 8'@3'=')/.'4" *#='3C F1;
688 !<K h $*'/ $*.' $*'))'C# f 1M2N )$ )$ )$20+(2 f C'(N . 0 0!'C# !<K h $*") $*'$ $*')20+( f 1M2N )$ )$ )$r T f C'(N 0 , 0!'C# !<K h $*'$ $*.* $*."20+( f 1M2N )$ ,$ )$r I f C'(N 0 . 0!'C# !<K h $*.. $*)" $*.'20+( f 1M2N )$ ,$ )$r Y f C'(N . . '
!+M8# d9 6008'&+)'1( 15 )"# 6!6 ),+='(4 2),+)#4/688 )'C# 20+(2 &1E#, =+)+ 5,1C TToJYoTUUV )'88 IIoJVoTUUaN !'C# 20+(2 rTK rI +(= rY +,#
TToJYoTUUV>TYoTIoTUUVK TdoTIoTUUV>TLoJUoTUULK +(= TaoJUoTUUL>IIoJVoTUUaK ,#20#&)'E#8/N $+&" )'C#20+( 1( +E#,+4# &1E#,2 ILL =+/2N
23M2+C08# 2'[# 15 )$ 1M2#,E+)'1(2K ;')" )"# C#='3C 8'@3'=')/ 2)1&-2N .#,# )"# ,#E#+8#= ),+(2+&)'1( &12)2+,# $*.' 0#,&#() 15 )"# ),+(2+&)'1( E+83#N O5 3(=#, )"#2# 2#))'(42 )"# +&)3+8 ),+(2+&)'1( &12)2 ;138= M#2),'&)8/ 8#22 )"+( JNYI 0#,&#() 15 )"# ),+(2+&)'1( E+83#K )"#( + )#&"('&+8 +(+8/2) ;138= 0#,&#'E# )"'2 C+,-#)2#4C#() +) )"+) )'C# +2 ;#+->51,C '(#%&'#()N!"# +(+8/2'2 15 20#&'7& )'C# 20+(2 ,#E#+82 )"+) )"# E+83#2 15 C+G'C3C M,#+-#E#( ),+(2+&)'1( &12)2 +,#
'(&,#+2'(4 )",134" )'C# "1,'[1(2NYU !"'2 1M2#,E+)'1( '2 E+8'= 51, +88 8'@3'=')/ 01182N !"#,# +,# );1 0122'M8##G08+(+)'1(2N !"# 7,2) 1(# '2 )"+) )"# =+)+ "+E# ='`#,#() 2),3&)3,# '( #+&" )'C# 20+(K ;"'&"K '( ,#8+)'1( )1)"# 6!6 51,#&+2)'(4K ),+(28+)#2 '()1 + ='`#,#() =#4,## 15 0,#='&)+M'8')/ +(= ='`#,#() ='2),'M3)'1( 15 ,#)3,(2'( #+&" )'C# 20+(N !"# 2#&1(= #G08+(+)'1( '2 + 8#+,('(4 +M'8')/ 15 )"# 6!6N !"+) '2 '5 )"# ='2),'M3)'1( 150,' +(= )"# =#4,## 15 0,#='&)+M'8')/ '2 )"# 2+C# 51, #+&" )'C# 20+(K )"#( )"# '(&,#+2# '( )"# C+G'C3CM,#+-#E#( ),+(2+&)'1( &12)2 '2 =3# )1 )"# 6!6 8#+,('(4N!1 )#2) )"# E+8'=')/ 15 )"# 7,2) #G08+(+)'1( )"# "'2)14,+C +(= #C0','&+8 <B? 15 ,#)3,(2 ;#,# 0,1=3&#=
51, #+&" )'C# 20+( +(= 8'@3'=')/ 0118N !"# +(+8/2'2 15 ,#)3,(2 '(2)#+= 15 ,+; 0,' +881;2 )1 +E1'= )"#0,1M8#C 15 &1C0+,'(4 )'C# 2#,'#2 ;')" ='`#,#() 8#E#82 15 0,'NdJ ?'43,# V 0,#2#()2 )"# "'2)14,+C2 +(=#C0','&+8 <B? 15 ,#)3,(2N <183C(2 5,1C 8#5) )1 ,'4") &1,,#201(= )1 "'4">K C#='3C> +(= 81;>8'@3'=')/01182K ,#20#&)'E#8/N $+&" 0+(#8 2"1;2 )"# 1E#,8+/ 15 "'2)14,+C2 +(= #C0','&+8 <B? 51, +88 )",## )'C# 20+(2N<"+,)2 2"1; )"+) )"# ='2),'M3)'1( 15 ,#)3,(2 +,# +8C12) '=#()'&+8 51, #+&" )'C# 20+(NdT
!"# ]BA )#2) '2 +008'#= )1 &1C0+,# =#4,##2 15 0,#='&)+M'8')/ )",134"13) +88 )'C# 20+(2Nd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
(+)'1(N !"# '(&,#+2# '( )"# E+83# 15 C+G'C3C M,#+-#E#( ),+(2+&)'1( &12)2 '2 '(=##= =3# )1 6!6 8#+,('(4R2## !+M8# dSN!"# &1(&832'1( '2 )"+) )"# 6!6 '2 +M8# )1 #G),+&) 012')'E# ,#)3,(2 +=P32)#= 51, +(= &1(=')'1(+8 1(
),+(2+&)'1( &12)2 M/ 0,1'(4 0+2) 0,'N !"# ,#)3,(2K 0,1G'#= M/ )"# C+G'C3C M,#+-#E#( ),+(2+&)'1(&12)2K +,# '(&,#+2'(4 )",134" )'C#K ;"'&" =#C1(2),+)#2 )"# +M'8')/ 15 )"# 6!6 )1 C+2)#, )#&"('&+8 +(+8/2'2N
YU!"+) '2 '( )"# 7,2) )'C# 20+( )"# E+83# 15 C+G'C3C M,#+-#E#( ),+(2+&)'1( &12)2 '2 8#22 )"+( '( )"# 2#&1(= 1(#K +(= '( )"#2#&1(= )'C# 20+( )"# E+83# '2 8#22 )"+( '( )"# )"',= )'C# 20+(NdJW#)3,(2 +,# 3(')>5,##K ;"'&" C+-#2 )"#C #+2/ )1 &1C0+,# +(= +44,#4+)#NdT.#,# +(= '( )"# &1C0+,'21( 15 )"# ]BA )#2) 2)+)'2)'& ='2),'M3)'1(2 '( ='`#,#() )'C# 20+(2 )"# +(+8/2'2 1C')2 )"# ,#238)2
15 )"# 2)+)'2)'&+8 )#2)2N $E#( )"134" )"# _18C141,1E>AC',(1E )#2) ,#P#&)#= )"# "/01)"#2'2 15 '=#()'&+8 ='2),'M3)'1(2 )"#"'4" (3CM#, 15 1M2#,E+)'1(2 0,#2#() '( #+&" 2+C08# R1( +E#,+4# ILJJJ 1M2#,E+)'1(2S )"# )#2) ;138= =#)#&) 28'4")#2) ='`#,#(&#M#);##( 2+C08#2N A'C'8+, 0,1M8#C2 ;#,# 1M2#,E#= ;')" 1)"#, (1(0+,+C#),'& )#2)2K ;"'&" ;#,# 32#= )1 &1C0+,# )"# ='2),'M3)'1(15 2+C08#2NdI?1, =#)+'82 1( ]BA )#2) 2## XIVK aTZN
I\
?'43,# V9 !'C# 20+( ='2),'M3)'1( +(+8/2'2 15 ,#)3,(2 +(= ,188'(4 ]BA )#2)
U 3,0'@1#2,0#
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�)'1( 15 C+,-#) #%&'#(&/ 0,#E+'8#=N!"# #%&'#() C+,-#) "/01)"#2'2 '2 1(# 15 )"# &#(),+8 #8#C#()2 15 7(+(&'+8 )"#1,/N <1'(#= M/ .+,,/
W1M#,)2 +(= 51,C+8'[#= M# $34#(# ?+C+ ') 012)38+)#2 )"# 'C0122'M'8')/ 15 4+'('(4 0,17) 1( )"# M+2#15 '(51,C+)'1( &1()+'(#= '( 0+2) 0,' 1, ,#)3,(2 15 7(+(&'+8 2#&3,')'#2N O( 20')# 15 ')2 0,1C'(#() ,18#'( 7(+(&'+8 )"#1,/ #C0','&+8 2)3='#2 0#,2'2)#()8/ 2"1; )"# E'18+)'1( 15 C+,-#) #%&'#(&/N *1,#1E#,K )"#)#&"('@3# 32#= M/ 7(+(&'+8 0,+&)')'1(#,2K )#&"('&+8 +(+8/2'2K =',#&)8/ &1(),+='&)2 )"# $*.NO( )"'2 2)3=/ ;# +(+8/[#= )"# )'C# 2#,'#2 15 "'4">5,#@3#(&/ 2)1&- 0,'K &188#&)#= 1( )"# !1-/1 A)1&-
$G&"+(4# 1E#, )"# )'C# 0#,'1= 5,1C TToJYoTUUV )1 IYoJVoTUUaN !"# 0118 15 13, )'C# 2#,'#2 &1E#,2 IILY2)1&-2 8'2)#= 1( )"# !A$N <1(2'=#,'(4 &1C03)+)'1(+8 '()#(2')/ 1(8/ YJ )'C# 2#,'#2 ;#,# 2#8#&)#= 51, )"#2)3=/N ?1, )"'2 +88 2)1&-2 ;#,# 21,)#= '()1 Y 01182 +&&1,='(4 )1 )"#', 8'@3'=')/K ;"'&" &+( M# =#2&,'M#= +281;>K C#='3C> +(= "'4">8'@3'=')/ 01182 15 2)1&-2N O( #+&" 0118 TJ 2)1&-2 ;#,# ,+(=1C8/ 2#8#&)#=N !"#',&1,,#201(='(4 )'C# 2#,'#2 15 0,' ;#,# 32#= 51, &1C03)+)'1(2N ]#51,# ,#01,)'(4 )"# &1C03)#= ,#238)2 +,#+E#,+4#= ;')"'( + &1,,#201(='(4 8'@3'=')/ 0118N!"# +008'&+)'1( 15 )"# 6!6 +881;2 )1 #G),+&) 2'4('7&+() ,#)3,(2 &1(=')'1(+8 1( )"# E+83# 15 ),+(2+&)'1(
&12)2N !"# 2)3='#= )'C# 2#,'#2 2"1; )"+) 3(=#, )"# ),+(2+&)'1( &12)2 15 8#22 )"+( $*.' 0#,&#() )"# +008'&+)'1(15 )#&"('&+8 +(+8/2'2 0,1=3 + 4+'(N O( 20#&'7& )'C# 20+(2 4+'(2 +,# 0122'M8# #E#( 3(=#, )"# ),+(2+&)'1(&12)2 15 8#22 )"+( $*)" 0#,&#() 15 )"# ),+(2+&)'1( E+83#N!"# &,#='M'8')/ 15 )"#2# ,#238)2 '2 23001,)#= M/ )"# ;+/ )"# 6!6 0,1#2 =+)+N !"# 6!6 '2 +(
1(8'(# 8#+,('(4 )#&"('@3#K ;"'&" =1#2 (1) "+E# &8+22'& '(>2+C08# ),+'('(4N $+&" ')#,+)'1( '2 +( 13)>15>2+C08# +(+8/2'2 15 + )'C# 2#,'#2N *1,#1E#,K ') 10#,+)#2 1(8/ ;')" + 7G#= (3CM#, 15 ,#&#() 1M2#,E+)'1(2NO(51,C+)'1( +M13) )"# 0+2) '2 2)1,#= +2 0+))#,(2 '( )"# C#C1,/ 15 )"# 6!6N !"# +M'8')/ 15 )"# 6!6 )1=#,'E# 012')'E# ,#)3,(2 #E#( +5)#, +=P32)'(4 51, ),+(2+&)'1( &12)2 '2 + &8#+, '(='&+)'1( 15 0+2) 0,#='&)+M'8')/15 )'C# 2#,'#2 15 0,'Nc(# &+( &1C0+,# 1M)+'(#= E+83#2 15 M,#+-#E#( ),+(2+&)'1( &12)2 ;')" E+83#2 =#,'E#= '( 1)"#, C+,-#)2N
IV
.#(=,'- ]#22#CM'(=#, +(= _+81- <"+( XTUK IJZ 32#= )"# 2+C# ,38#2 +(= 0+,+C#)#, &1CM'(+)'1(2 +2 ],1&-#) +8N XI\Z )1 #2)'C+)# M,#+-#E#( ),+(2+&)'1( &12)2 51, )"# BHO6N ?1, )"# 0#,'1= 5,1C TUIV )1 TUUT )"##2)'C+)#= E+83# '2 $*.+ 0#,&#()K ;"'8# 51, + C1,# ,#&#() 0#,'1=K 5,1C TULV )1 TUUTK ') ;+2 ,#=3&#= )1 $*''0#,&#()N ^')" 10)'C'[#= 0+,+C#)#,2 15 ],1&- #) +8N XI\Z C#)"1=1814/ A)#0"#( !+/81, XT\IZ #2)'C+)#=M,#+-#E#( ),+(2+&)'1( &12)2 15 "*$* 0#,&#() 51, )"# BHO6K 5,1C TUVa )1 TUaaN ?1, );#8E# b_ 7,C2 )"# E+83#15 M,#+-#E#( ),+(2+&)'1( &12)2 '2 $*$/ 0#,&#() 51, )"# 0#,'1= 5,1C TULI )1 TUUTN *1,# ,#&#() ;1,- 15 A)#0"#(!+/81, XT\YZ ,#01,)2 )"+) )"# +E#,+4# M,#+-#E#( ),+(2+&)'1( &12)2 #@3+82 )1 $*." 0#,&#() 51, 2'G)##( 7(+(&'+82#,'#2 R'(&83='(4 bA 2)1&- '(=#G#2K '(='E'=3+8 bA 2)1&-2K +(= &1CC1=')'#2SK +(= '( + ,+(4# 5,1C $*)+ )1'*') 0#,&#() 51, 513, &3,,#(&/ #G&"+(4# ,+)# 2#,'#2 RB*obABK e]gobABK A?oD$:K +(= D$:obABS 1E#,)"# 2+C# 0#,'1=N !"32K 5,1C )"# 01'() 15 E'#; 15 M,#+-#E#( ),+(2+&)'1( &12)2 )"# =#4,## 15 !A$ C+,-#)'(#%&'#(&/ '2 &1C0+,+M8# )1 bA 2)1&- C+,-#)N!1 &1(&83=#K )"# +008'&+)'1( 15 )"# 6!6 2),+)#4/ 2"1;2 ;#+- '(#%&'#(&/ 15 )"# !A$ 1M2#,E#= 1( )"#
"'2)1,'&+8 =+)+N !"# ,#238)2 +,# 4#(3'(# 2'(&# )"# +(+8/2'2 15 '(='E'=3+8 )'C# 20+(2 ='= (1) 2"1; 2'4('7&+()&"+(4#2 '( )"# =+)+N !"# =#4,## 15 '(#%&'#(&/ '2 &1(=')'1(+8 1( )"# 8#E#8 15 ),+(2+&)'1( &12)2N b(=#, )"# 81;),+(2+&)'1( &12)2 )#&"('&+8 +(+8/2)2 &+( 0#,&#'E# )"# C+,-#) +2 '(#%&'#()K ;"'8# +) )"# "'4"#, ),+(2+&)'1(&12)2 )"# 0#,�)'1( 15 #%&'#(&/ 0,#E+'82N
K)Q)%)0')#
XTZ 6&+,K $NK N<;"81"& 4"1:!2. ,+ @/!"81/,2$% J,!"8$.1"!.K '( 6=E+(&#= !,+='(4 W38#2K #=N $N 6&+, +(=AN $N A+)&"#88K I(= #=NK cG51,=9 ]3))#,;1,)" .#'(#C+((K 00N \T>aJK IJJIN
XIZ 64,+;+8K 6NK HN ?N H+`#K eN :N *+(=#8-#,K '(" 7,.10F"!3"! 7"!+,!-$28" ,+ C8I:/!/23 J/!-.P C4""<$-/2$1/,2 ,+ $2 C2,-$%5K H13,(+8 15 ?'(+(&# dLK 00N TVJ\>TVITK TUUIN
XYZ 68#G+(=#,K AN ANK 7!/8" F,#"-"21. /2 >;"8:%$1/#" F$!*"1.P '!"2&. ,! 4$2&,- A$%*.SK O(=32),'+8*+(+4#C#() W#E'#; IK 00N L>IVK TUVTN
XdZ 68#G+(=#,K AN ANK 7!/8" F,#"-"21. /2 >;"8:%$1/#" F$!*"1.P '!"2&. ,! 4$2&,- A$%*.K '( <11)(#,K gNR#=2NS !"# W+(=1C <"+,+&)#, 15 A)1&- *+,-#) g,'K p18N IK *O! g,#22K <+CM,'=4#K 00N YYa>YLIKTUVdN
X\Z 688#(K .N +(= *N gN !+/81,K E($!1.T ?,/." $2& J:2&$-"21$%. /2 1(" L,2&,2 J,!"/32 N<8($23" F$!*"1K!"# $&1(1C'& H13,(+8 TJJK 00N dU>\UK TUUJN
XVZ 688#(K ?N +(= WN _+,P+8+'(#(K U./23 V"2"1/8 C%3,!/1(-. 1, J/2& '"8(2/8$% '!$&/23 4:%".K H13,(+8 15?'(+(&'+8 $&1(1C'&2 \T RISK 00N Id\>ILTK TUUUN
XLZ 6C'"3=K DN +(= .N *#(=#821(K W,%$1/%/15T NX8/"285T $2& '!$&/23P N#/&"28" +!,- 1(" B$;$2"." >1,8*F$!*"1K H13,(+8 15 ?'(+(&# dV R\SK 00N TLV\>TLaUK TUUTN
XaZ 6,C+(1K eNK 6N *3,,3 +(= ?N W18'K >1,8* F$!*"1 7!"&/81/,2 95 $ F/<1:!" ,+ V"2"1/80?":!$% N<;"!1.KO()#,(+)'1(+8 H13,(+8 15 g+))#,( W#&14(')'1( +(= 6,)'7&'+8 O()#88'4#(&# TV R\SK 00N \JT>\IVK IJJIN
XUZ 6,)"3,K ^N ]NK HN .N .188+(=K ]N F#]+,1(K WN g+8C#, +(= gN !+/8#,K C.."1 7!/8/23 U2&"! N2&,3"2,:.N<;"81$1/,2. /2 $2 C!1/=8/$% >1,8* F$!*"1K !"# $&1(1C/ +2 +( $E18E'(4 <1C08#G A/2)#C OOK $=2N6,)"3,K B3,8+35K +(= F+(# A?O A)3='#2 '( )"# A&'#(&# 15 <1C08#G')/K E18N nnpOOK 6=='21(> #̂28#/K00N TI>ddK TUULN
XTJZ 62@3')"K gNK F"!3"! D/&.T U28"!1$/215 $2& >1,8*(,%&"! 4"1:!2.K H13,(+8 15 ?'(+(&'+8 $&1(1C'&2 TTK00N \T>aYK TUaYN
XTTZ 6)-'(2K 6N ]N +(= $N 6N B/8K 7!/8" 4"#"!.$%.T D/&0C.* >;!"$&. $2& F$!*"1 NX8/"285K H13,(+8 15?'(+(&'+8 +(= t3+()')+)'E# 6(+8/2'2 I\ RdSK 00N \Y\>\dLK TUUJN
XTIZ ]+&"#8'#,K FN K '(",!5 ,+ >;"8:%$1/,2K 6 )"#2'2 0,#2#()#= )1 )"# ?+&38)/ 15 A&'#( 15 )"# 6&+=#C/15 g+,'2K 6((+8#2 =# 8Q$&18# :1,C+8 A30#,'#3,# ILK 00N IT>aVK TUJJN
XTYZ ]+88K WN +(= AN gN _1)"+,'K :1(2)+)'1(+,/ $G0#&)#= W#)3,(29 OC08'&+)'1(2 51, !#2)2 15 *+,-#) $%>&'#(&/ +(= *+,-#) <1,,#8+)'1( '( W#)3,(2K H13,(+8 15 ?'(+(&'+8 $&1(1C'&2 I\K 00N \T>LdK TUaUN
XTdZ ]+))#(K HN +(= <N $88'2K '"8(2/8$% '!$&/23 >5.1"- 7"!+,!-$28" /2 1(" C:.1!$%/$2 >($!" F$!*"1P >,-"N-;/!/8$% N#/&"28"K 62'+ g+&'7& H13,(+8 15 *+(+4#C#() TY RTSK 00N aL>UUK TUUVN
IL
XT\Z ]+3;#(2K FNK N8,2,-"1!/8 C2$%5./. ,+ 621!$0&$/%5 '!$&/23 C81/#/15 ,2 ',*5, >1,8* N<8($23"K O*$AB'2&322'1( g+0#,K :1N IJJ\>$>YK O(2)')3)# 51, *1(#)+,/ +(= $&1(1C'& A)3='#2K ]+(- 15 H+0+(K IJJ\N
XTVZ ]#+E#,K ^N .NK 62+,!-$1/,2 NX8/"285K 6&&13()'(4 W#E'#; \VK 00N IY>ILK TUaJN
XTLZ ]#P+K 6N +(= *N ]N e18=C+(K K2 1(" @52$-/8 D"($#/,! ,+ 7!/8". /2 @/."I:/%/9!/:-K H13,(+8 15?'(+(&# Y\ RISK 00N IY\>IdaK TUaJN
XTaZ ]#-+#,)K eN +(= WN HN .1=,'&-K E($!$81"!/M/23 7!"&/81$9%" E,-;,2"21. /2 NI:/15 $2& J,!"/32 N<08($23" 4$1". ,+ 4"1:!2K H13,(+8 15 ?'(+(&# dLK 00N dVL>\JUK TUUIN
XTUZ ]#22#CM'(=#,K .N +(= _N <"+(K '(" 7!,=1$9/%/15 ,+ '"8(2/8$% '!$&/23 4:%". /2 1(" C./$2 >1,8*F$!*"1.K g+&'7&>]+2'( ?'(+(&# H13,(+8 YK 00N I\L>IadK TUU\N
XIJZ ]#22#CM'(=#,K .N +(= _N <"+(K F$!*"1 NX8/"285 $2& 1(" 4"1:!2. 1, '"8(2/8$% C2$%5./.K ?'(+(&'+8*+(+4#C#() IL RISK 00N \>TLK TUUaN
XITZ ]8+&-K ?N +(= *N A&"18#2K '(" 7!/8/23 ,+ K;1/,2. $2& E,!;,!$1" L/$9/%/1/".K H13,(+8 15 g18')'&+8$&1(1C/ aTK 00N VYL>V\UK TULYN
XIIZ ]83C#K FNK BN $+28#/ +(= *N cQ.+,+K F$!*"1 >1$1/.1/8. $2& '"8(2/8$% C2$%5./.P '(" 4,%" ,+ W,%:-"KH13,(+8 15 ?'(+(&# dUK 00N T\Y>TaTK TUUdN
XIYZ ]1=3,)"+K HN :N +(= eN WN <13,)+=1(K NX8/"285 '".1. ,+ 1(" J,!"/32 E:!!"285 K;1/,2. F$!*"1K !"#H13,(+8 15 ?'(+(&# dT RTSK 00N T\T>TVIK TUaVN
XIdZ ]188#,28#EK !N +(= WN HN .1=,'&-K J/2$28/$% F$!*"1 NX8/"285 '".1.K :]$W 1̂,-'(4 g+0#, A#,'#2K:1N dTJaK <+CM,'=4#9 :+)'1(+8 ]3,#+3 15 $&1(1C'& W#2#+,&"K TUUIN
XI\Z ],1&-K ^NK HN F+-1('2"1- +(= ]N F#]+,1(K >/-;%" '"8(2/8$% '!$&/23 4:%". $2& 1(" >1,8($.1/8 7!,;0"!1/". ,+ >1,8* 4"1:!2.K H13,(+8 15 ?'(+(&# dL R\SK 00N TLYT>TLVdK TUUIN
XIVZ ],1&-K ^NK BN B#&"#,)K HN A&"#'(-C+( +(= ]N F#]+,1(K C '".1 +,! 62&";"2&"28" D$."& ,2 1("E,!!"%$1/,2 @/-"2./,2K $&1(1C#),'& W#E'#; T\ RYSK 00N TUL>IY\K TUUVN
XILZ ],1;(K BN gN +(= WN .N H#(('(42K K2 '"8(2/8$% C2$%5./.K W#E'#; 15 ?'(+(&'+8 A)3='#2 I RdSK 00N\IL>\\TK TUaUN
XIaZ ]3)[K *N pNK 4:%"0D$."& N#,%:1/,2$!5 K2%/2" L"$!2/23 >5.1"-.P L"$!2/23 D,:2&.T E%$../=8$1/,2T$2& 7!"&/81/,2K O88'e6F W#01,) :1N IJJdJYdK IJJdN
XIUZ ]3)[K *N pNK @,8:-"21$1/,2 ,+ YE>Z'> E0E,&" O[QK O88'e6F W#01,) :1N IJJYJIYK IJJYN
XYJZ <+C0M#88K HN DNK C W$!/$28" @"8,-;,./1/,2 ,+ >1,8* 4"1:!2.K $&1(1C'& H13,(+8 TJTK 00N T\I>TLUKTUUTN
XYTZ <+C0M#88K HN DN +(= WN A"'88#,K '(" @/#/&"2&07!/8" 4$1/,2 $2& N<;"81$1/,2. ,+ J:1:!" @/#/&"2&. $2&@/.8,:21 J$81,!.K W#E'#; 15 ?'(+(&'+8 A)3='#2 TK 00N TU\>IIaK TUaaN
XYIZ <"+(K _N <NK K2 1(" E,21!$!/$2 62#".1-"21 >1!$1"35K H13,(+8 15 ]32'(#22 VTK 00N TdL>TVYK TUaaN
XYYZ <"3(4K DN gNK C '!$2.$81/,2 @$1" '".1 ,+ >1,8* 62&"< J:1:!". F$!*"1 NX8/"285 $2& 62&"< C!9/1!$3"7!,=1$9/%/15K H13,(+8 15 ?'(+(&# dV R\SK 00N TLUT>TaJUK TUUTN
XYdZ <8/=#K ^N <N +(= <N FN c28#,K E($!1/23P E($,. '(",!5 /2 @/.3:/."SK H13,(+8 15 ?3)3,#2 *+,-#)2 TLR\SK 00N daU>\TdK TUULN
XY\Z <1(,+=K HN +(= eN _+38K '/-"0W$!/$1/,2 /2 N<;"81"& 4"1:!2.K H13,(+8 15 ]32'(#22 VTK 00N dJU>dI\KTUaaN
XYVZ <11)(#,K gN 6N 4"=2"-"21 $2& N-;/!/8$% '".1/23P 621!,&:81/,2K '( <11)(#, RTUVLSK !"# W+(=1C<"+,+&)#, 15 A)1&- *+,-#) g,'K <+CM,'=4#9 *O! g,#22K TUVLN
XYLZ <1;8#2K 6NK E$2 >1,8* F$!*"1 J,!"8$.1"!. J,!"8$.1.SK $&1(1C#),'&+ TK 00N YJU>YIdK TUYYN
XYaZ <3CM/K WN $N +(= HN .3'['(4+K '".1/23 1(" C:1,8,!!"%$1/,2 >1!:81:!" ,+ @/.1:!9$28" /2 K!&/2$!5 L"$.1>I:$!". $2& 62.1!:-"21$% W$!/$9%". 4"3!"../,2.K $&1(1C#),'&+ VJK 00N Ta\>TU\K TUUIN
Ia
XYUZ B+&1,14(+K *NK WN e#(&+/K bN 6N *3#88#,K WN ]N c82#( +(= cN pN g'&)#)K C2 621!,&:81/,2 1, \/3(0J!"I:"285 J/2$28"K 6&+=#C'& g,#22K IJJTN
XdJZ B+;21(K AN *NK >/23$;,!" >($!" 4"8,--"2&$1/,2. U./23 '"8(2/8$% C2$%5./.K 62'+ g+&'7& H13,(+8 15*+(+4#C#() I RYSK 00N TaJ>TaaK TUa\N
XdTZ B+;21(K $N WN +(= HN *N A)##8#/K K2 1(" N</.1"28" ,+ W/.:$% 7$11"!2. /2 1(" U] >1,8* F$!*"1KH13,(+8 15 ]32'(#22 ?'(+(&# +(= 6&&13()'(4 YJK 00N IVY>IUYK IJJYN
XdIZ B#]1(=)K ^N ?N *N +(= WN .N !"+8#,K @,". 1(" >1,8* F$!*"1 K#"!!"$81SK H13,(+8 15 ?'(+(&# dJK 00NLUY>aJ\K TUa\N
XdYZ B#]1(=)K ^N ?N *N +(= WN .NK !"+8#,K J:!1("! N#/&"28" ,2 62#".1,!. K#"!!"$81/,2 $2& >1,8* F$!*"1>"$.,2$%/15K H13,(+8 15 ?'(+(&# dIK 00N \\L>\aTK TUaLN
XddZ B#F1(4K HN ]NK 6N A"8#'5#,K FN .N A3CC#,2 +(= WN HN +̂8=C+((K 7,./1/#" J""&9$8* 62#".1-"21 >1!$1"03/". $2& @".1$9/%/M/23 4$1/,2$% >;"8:%$1/,2K H13,(+8 15 ?'(+(&# d\K 00N YLU>YU\K TUUJN
Xd\Z B#F1(4K HN ]NK 6N A"8#'5#,K FN .N A3CC#,2 +(= WN HN +̂8=C+((K ?,/." '!$&"! 4/.* /2 J/2$28/$%F$!*"1.K H13,(+8 15 g18')'&+8 $&1(1C/ Ua RdSK 00N LJY>LYaK TUUJN
XdVZ B'#M18=K ?N nNK '".1/23 +,! >"!/$% E,!!"%$1/,2 /2 1(" 7!"."28" ,+ C4E\K g,1&##='(42 15 )"# 6C#,'&+(A)+)'2)'&+8 6221&'+)'1(K ]32'(#22 +(= $&1(1C'& A)+)'2)'&2 6221&'+)'1(K 00N YIY>YIaK TUaVN
XdLZ B'C21(K $N +(= *N *322+E'+(K 6 ],'#5 .'2)1,/ 15 *+,-#) $%&'#(&/K $3,10#+( ?'(+(&'+8 *+(+4#C#()d RTSK 00N UT>TUYK TUUaN
XdaZ $=;+,=2K WN BNK *+4##K HN +(= ^N .N <N ]+22#))'K '"8(2/8$% C2$%5./. ,+ >1,8* '!"2&.K a)" #=NK A)NF3&'# g,#22K IJJTN
XdUZ ?+C+K $N ?NK '(" D"($#/,! ,+ >1,8* F$!*"1 7!/8".K H13,(+8 15 ]32'(#22 YaK 00N Yd>TJ\K TUV\N
X\JZ ?+C+K $N ?NK NX8/"21 E$;/1$% F$!*"1P C 4"#/") ,+ '(",!5 $2& N-;/!/8$% A,!*K H13,(+8 15 ?'(+(&#I\K 00N YaY>dTLK TULJ
X\TZ ?+C+K $N ?NK NX8/"21 E$;/1$% F$!*"1.P 66K !"# H13,(+8 15 ?'(+(&# dV R\SK 00N T\L\>TVTLK TUUTN
X\IZ ?+C+K $N ?NK F$!*"1 NX8/"285T L,230'"!- 4"1:!2. $2& D"($#/,!$% J/2$28"K H13,(+8 15 ?'(+(&'+8$&1(1C'&2 dUK 00N IaY>YJVK TUUaN
X\YZ ?+C+K $N ?N +(= *N $N ]83C#K J/%1"! 4:%". $2& >1,8* F$!*"1 '!$&/23[ >"8:!/15 7!/8".P C >:;;%"-"21KH13,(+8 15 ]32'(#22 YUK 00N TUT>II\K TUVVN
X\dZ ?+C+K $N ?N +(= _N WN ?,#(&"K 7"!-$2"21 $2& '"-;,!$!5 E,-;,2"21. ,+ >1,8* 7!/8".K H13,(+8 15g18')'&+8 $&1(1C/ UVK 00N IdV>ILYK TUaaN
X\\Z ?+C+K $N ?N +(= _N WN ?,#(&"K @/#/&"2& ^/"%&. $2& N<;"81"& >1,8* 4"1:!2.K H13,(+8 15 ?'(+(&'+8$&1(1C'&2 IIK 00N dIL>dV\K TUaaN
X\VZ ?+C+K $N ?N +(= ^N A&";#,)K C.."1 4"1:!2. $2& 62_$1/,2K H13,(+8 15 ?'(+(&'+8 $&1(1C'&2 \K 00NTT\>TdVK TULLN
X\LZ ?+(4K DN +(= BN n3K '(" 7!"&/81$9/%/15 ,+ C.."1 4"1:!2.P C2 C;;!,$8( E,-9/2/23 '"8(2/8$% C2$%5./.$2& '/-" >"!/". J,!"8$.1.K O()#,(+)'1(+8 H13,(+8 15 ?1,#&+2)'(4 TUK 00N YVU>Ya\K IJJYN
X\aZ ?#,(+(=#[>W1=,'43#[K ?NK AN A12E'88+>W'E#,1 +(= *N BN e+,&'+>6,)'8#2K U./23 ?"$!".10?"/3(9,:! 7!"0&/81,!. 1, J,!"8$.1 1(" >;$2/.( >1,8* F$!*"1K O(E#2)'4+&'1(#2 $&1(1C'&+2 IT RTSK 00N L\>UTK TUULN
X\UZ ?#,(+(=#[>W1=,'43#[K ?NK <N e1([+8#[>*+,)#8 +(= AN A12E'88+>W'E#,1K K2 1(" 7!,=1$9/%/15 ,+ '"8(02/8$% '!$&/23 4:%". D$."& ,2 C!1/=8/$% ?":!$% ?"1),!*.P N#/&"28" +!,- 1(" F$&!/& >1,8* F$!*"1K$&1(1C'& F#))#,2 VUK 00N aU>UdK IJJJN
XVJZ ?'2"#,K FNK >,-" ?") >1,8*0F$!*"1 62&"<".K H13,(+8 15 ]32'(#22 YUK 00N TUT>II\K TUVVN
XVTZ ?8+E'(K *NK N<8".. W,%$1/%/15 /2 J/2$28/$% F$!*"1.P C 4"$.."..-"21 ,+ 1(" N-;/!/8$% N#/&"28"K H13,>(+8 15 g18')'&+8 $&1(1C/ UTK 00N UIU>U\VK TUaYN
IU
XVIZ ?1&-K HN .NK <N _8#'( +(= ]N u;#,4#8K 7"!+,!-$28" ,+ E$2&%".1/8* C2$%5./. ,2 621!$&$5 J:1:!". @$1$KH13,(+8 15 B#,'E+)'E#2K 00N Ia>dJK ?+88 IJJ\N
XVYZ e'8#2K <N FNK AN F+;,#(&# +(= 6N <N !21'K ?,/.5 '/-" >"!/". 7!"&/81/,2 U./23 $ 4"8:!!"21 ?":!$%?"1),!* $2& V!$--$1/8$% 62+"!"28"K *+&"'(# F#+,('(4 dd RToISK 00N TVT>TaYK IJJTN
XVdZ e'88#2K <N +(= AN ?N F#W1/K N8,2,-"1!/8 C.;"81. ,+ 1(" W$!/$28"0D,:2&. '".1.P C >:!#"5K W#E'#; 15?'(+(&'+8 A)3='#2 dK 00N L\Y>LUTK TUUTN
XV\Z e18=M#,4K BN $NK V"2"1/8 C%3,!/1(-. /2 >"$!8(T K;1/-/M$1/,2T $2& F$8(/2" L"$!2/23K W#+='(4 *696=='21(> #̂28#/K TUaUN
XVVZ e,122C+(K AN HN +(= WN HN A"'88#,K '(" @"1"!-/2$21. ,+ 1(" W$!/$9/%/15 ,+ >1,8* F$!*"1 7!/8".K6C#,'&+( $&1(1C'& W#E'#; LTK 00N III>IILK TUaTN
XVLZ e,122C+(K AN HN +(= HN A)'48')[K K2 1(" 6-;,../9/%/15 ,+ 62+,!-$1/,2$%%5 NX8/"21 F$!*"1.K 6C#,'&+($&1(1C'& W#E'#; LJK 00N YUY>dJaK TUaJN
XVaZ .+(2#(K FN gNK L$!3" >$-;%" 7!,;"!1/". ,+ V"2"!$%/M"& F"1(,& ,+ F,-"21. N.1/-$1,!.K $&1(1C#),'&+\JK 00N TTT>TIJK TUaIN
XVUZ .1=,'&-K WN HNK @/#/&"2& ^/"%&. $2& N<;"81"& >1,8* 4"1:!2.P C%1"!2$1/#" 7!,8"&:!". +,! 62+"!"28"$2& F"$.:!"-"21K W#E'#; 15 ?'(+(&'+8 A)3='#2 \ RYSK 00N Y\L>YaVK TUUIN
XLJZ .188+(=K HN .NK C&$;1$1/,2 /2 ?$1:!$% $2& C!1/=8/$% >5.1"-.K 6(( 6,M1,K *O9 b('E#,2')/ 15 *'&"'4+(g,#22K TUL\N
XLTZ .188+(=K HN .N +(= HN AN W#')C+(K E,32/1/#" >5.1"-. D$."& ,2 C&$;1/#" C%3,!/1(-.K '( BN 6N +̂)#,>C+( +(= ?N .+/#2>W1)" R$=2NSK g+))#,(>=',#&)#= O(5#,#(&# A/2)#C2K :#; D1,-9 6&+=#C'& g,#22K 00NYTY>YIUK TULaN
XLIZ .18C#2K HN .NK F+(['K gN FNK A)18[C+((K ^NK +(= ^'821(K AN ^NK L"$!2/23 E%$../="! >5.1"-.P ?")F,&"%.T >:88"..+:% C;;%/8$1/,2.K O(51,C+)'1( g,1'(4 F#))#,2 aI RTSK 00N IY>YJK IJJIN
XLYZ .13)"+--#,K .NK >5.1"-$1/8 $2& 4$2&,- N%"-"21. /2 >(,!1 '"!- 7!/8" F,#"-"21.K 6C#,'&+( $&1>(1C'& W#E'#; \TK 00N TVd>TLIK TUVTN
XLdZ .3(=21(K WNK *N B#C02#/ +(= _N _#+2#/K C ?,1" ,2 1(" A"$* J,!- NX8/"285 ,+ E$;/1$% F$!*"1.P'(" C;;%/8$1/,2 ,+ >/-;%" '"8(2/8$% '!$&/23 4:%". 1, U] >1,8* 7!/8". 0 O`ab 1, O``cK H13,(+8 15]+(-'(4 +(= ?'(+(&# IJK 00N TTIT>TTYIK TUUVN
XL\Z .322C+(K HN gNK '/-" W$!/$1/,2 /2 F$!*"1 NX8/"285P C F/<1:!"0,+0@/.1!/9:1/,2 C;;!,$8(K .322C+(?3(=2K C'C#1K TUUaN
XLVZ H#4+=##2"K :NK N#/&"28" ,+ 7!"&/81$9%" D"($#/,! ,+ >"8:!/15 4"1:!2.K H13,(+8 15 ?'(+(&# d\K 00NaaT>aUaK TUUJN
XLLZ H#4+=##2"K :N +(= AN !')C+(K 4"1:!2. 1, D:5/23 A/22"!. $2& >"%%/23 L,."!.P 6-;%/8$1/,2. +,! >1,8*F$!*"1 NX8/"285K H13,(+8 15 ?'(+(&# daK 00N V\>UTK TUUYN
XLaZ H#(2#(K *NK >,-" C2,-$%,:. N#/&"28" 4"3$!&/23 F$!*"1 NX8/"285K H13,(+8 15 ?'(+(&'+8 $&1(1C'&2VK 00N U\>TJTK TULaN
XLUZ _+(=#8K AN +(= WN A)+CM+34"K K2 1(" 7!"&/81$9/%/15 ,+ >1,8* 4"1:!2.P C2 C.."1 C%%,8$1/,2 7"!.;"801/#"K H13,(+8 15 ?'(+(&# \TK 00N Ya\>dIdK TUUVN
XaJZ _+([8#,K FNK C >1:&5 ,+ 1(" NX8/"285 ,+ 1(" J,!"/32 N<8($23"T '(!,:3( C2$%5./. ,+ U%1!$0(/3(J!"I:"285 @$1$K g"NBN B'22#,)+)'1(K cG51,= b('E#,2')/K TUUaN
XaTZ _+([8#,K FNK W"!5 J$.1 $2& E,!!"81%5 >/M"& N.1/-$1/,2 ,+ 1(" D@> >1$1/.1/8K B#0+,)C#() 15 $&1(1C'&215 cG51,= b('E#,2')/K 6E+'8+M8# +) "))09oo32#,2N1GN+&N3-ov#&1(8,-K TUUUN
XaIZ _#(=+88K *NeNK '(" C2$%5./. ,+ N8,2,-/8 '/-" >"!/". d 7$!1 OP 7!/8".K H13,(+8 15 W1/+8 A)+)'2)'&+8A1&'#)/ RA#,'#2 6S UVK 00N TT>I\K TU\YN
YJ
XaYZ _#14"K $NK AN <"3K BN .+,) +(= *N g+[[+('K C2 ,2%/2" $%3,!/1(- +,! ."3-"21/23 1/-" ."!/".K '(g,1&##='(42 15 )"# O$$$ O()#,(+)'1(+8 <1(5#,#(&# 1( B+)+ *'('(4K 00N IaU>IUVK IJJTN
XadZ _'CK *N HNK <N WN :#821( +(= WN A)+,)[K F"$2 4"#"!./,2 /2 >1,8* 7!/8".S C 4"$;;!$/.$% ,+ 1("N-;/!/8$% N#/&"28"K W#E'#; 15 $&1(1C'& A)3='#2 \aK 00N \T\>\IaK TUUTN
Xa\Z _8#'=1(K 6N ^NK W$!/$28" D,:2&. '".1. $2& >1,8* 7!/8" W$%:$1/,2 F,&"%.K H13,(+8 15 g18')'&+8 $&1(>1C/ UdK 00N U\Y>TJJTK TUaVN
XaVZ _8#'=1(K 6N ^NK D/$. /2 >-$%% >$-;%" '".1. ,+ >1,8* 7!/8" 4$1/,2$%/15K H13,(+8 15 ]32'(#22 \U RISK00N IYL>IVIK TUaVN
XaLZ _1,&[+-K HN +(= gN W14#,K >1,8* '/-/23 U./23 V"2"1/8 C%3,!/1(-.K 6008'#= A)1&"+2)'& *1=#82 '(]32'(#22 +(= O(=32),/ TaK 00N TIT>TYdK IJJIN
XaaZ _,'2"(+-3C+,K _NK F/8!,0V"2"1/8 C%3,!/1(-. +,! >1$1/,2$!5 $2& ?,20>1$1/,2$!5 J:281/,2 K;1/-/M$01/,2K AgO$ g,1&##='(429 O()#88'4#() <1(),18 +(= 6=+0)'E# A/2)#C2K TTUVK 00N IaU>IUVK TUaUN
XaUZ _/8#K 6NK E,21/2:,:. C:81/,2. $2& 62./&"! '!$&/23K $&1(1C#),'&+ \YK 00N TYT\>TYY\K TUa\N
XUJZ O8'(2-+'+K 6N +(= _N O8'(2-'K \,) 1, 4"8,28/%" F$!*"1 NX8/"285 $2& '"8(2/8$% C2$%5./.K"))09ooGGGN8+(8N41Eo+M2o&1(=>C+)oUUJIJddK TUUUN
XUTZ F+CK *NK ?":!$% ?"1),!* '"8(2/I:". +,! J/2$28/$% 7"!+,!-$28" 7!"&/81/,2P 621"3!$1/23 J:2&$-"21$%$2& '"8(2/8$% C2$%5./.K B#&'2'1( A3001,) A/2)#C2 YLK 00N \VL>\aTK IJJdN
XUIZ F+(['K gN FNK ^N A)18[C+((K AN ^N ^'821( R$=2NSK L"$!2/23 E%$../="! >5.1"-.P J!,- J,:2&$1/,2. 1,C;;%/8$1/,2.K p18N TaTY 15 F:6OK ]#,8'(9 A0,'(4#,>p#,8+4K IJJJN
XUYZ F#]+,1(K ]NK '"8(2/8$% '!$&/23 4:%" 7!,=1$9/%/15 $2& J,!"/32 N<8($23" 621"!#"21/,2K H13,(+8 15O()#,(+)'1(+8 $&1(1C'&2 dU RTSK 00N TI\>TdYK TUUUN
XUdZ F#]+,1(K ]NK '"8(2/8$% '!$&/23 4:%". $2& 4"3/-" >(/+1. /2 J,!"/32 N<8($23"K '( 6=E+(&#= !,+='(4W38#2K #=')#= M/ $N 6&+, +(= AN A+)&"#88 K I(= $=')'1(K ]3))#,;1,)">.#'(#C+((K 00N \>dJK IJJIN
XU\Z F#"C+((K ]N :N +(= BN *N *1=#2)K '!$&/23 $2& L/I:/&/15 ,2 1(" ',*5, >1,8* N<8($23"P C D/!&e.N5" W/")K H13,(+8 15 ?'(+(&# dU RYSK 00N U\T>UadK TUUdN
XUVZ F#2C1(=K BN 6NK HN gN c4=#( +(= <N 6N !,[&'(-+K C ?") N.1/-$1" ,+ '!$2.$81/,2 E,.1.K W#E'#; 15?'(+(&'+8 A)3='#2 TIK 00N TTTYwTTdTK TUUUN
XULZ F#2C1(=K BN 6NK *N HN A&"'88 +(= <N u"13K '(" 6%%:.,!5 ?$1:!" ,+ F,-"21:- 7!,=1.K H13,(+8 15?'(+(&'+8 $&1(1C'&2 LTK 00N YdUwYaJK IJJdN
XUaZ F#W1/K AN ?N +(= WN BN g1,)#,K !"# g,#2#()>p+83# W#8+)'1(9 !#2) ]+2#= 1( OC08'#= p+,'+(&# ]13(=2K$&1(1C#),'&+ dUK 00N \\\>\LdK TUaTN
XUUZ F#E'&"K WN *N +(= FN WN !"1C+2K '(" >/32/=8$28" ,+ '"8(2/8$% '!$&/2304:%" 7!,=1. /2 1(" J,!"/32N<8($23" F$!*"1P C D,,1.1!$; C;;!,$8(K H13,(+8 15 O()#,(+)'1(+8 *1(#/ +(= ?'(+(&# TI R\SK 00Nd\T>dLdK TUUYN
XTJJZ F1K 6N ^N +(= 6N <N *+&_'(8+/K >1,8* F$!*"1 7!/8". @, ?,1 J,%%,) 4$2&,- A$%*.P N#/&"28" +!,-$ >/-;%" >;"8/=8$1/,2 '".1K W#E'#; 15 ?'(+(&'+8 A)3='#2 T RTSK 00N dT>VVK TUaaN
XTJTZ F1K 6N ^NK .N *+C+/2-/ +(= HN +̂(4K J,:2&$1/,2. ,+ '"8(2/8$% C2$%5./.P E,-;:1$1/,2$% C%3,0!/1(-.T >1$1/.1/8$% 62+"!"28" $2& N-;/!/8$% 6-;%"-"21$1/,2K H13,(+8 15 ?'(+(&# \\K 00N TLJ\>TLV\KIJJJN
XTJIZ F3-+&K FN gNK ]N ^N ],1,2#( +(= AN .N O,;'(K C '".1 ,+ J:1:!". F$!*"1 @/."I:/%/9!/:- U./23 ')"%#"@/R"!"21 '!$&/23 >5.1"-.K 6008'#= $&1(1C'&2 IJK 00N VIY>VYUK TUaaN
XTJYZ F3-+&K FN gNK ]N ^N ],1,2#(K C E,-;!"("2./#" '".1 ,+ J:1:!". -$!*"1 @/."I:/%/9!/:-K ?'(+(&'+8W#E'#; I\K 00N \UY>VIIK TUUJN
XTJdZ *+'88#)K ]N +(= !N *'&"#8K '"8(2/8$% C2$%5./. 7!,=1$9/%/15 )("2 N<8($23" 4$1". $!" 7"33"&P C ?,1"K$3,10#+( H13,(+8 15 ?'(+(&# TT RVSK 00N dVY>dLJK IJJ\N
YT
XTJ\Z *+8-'#8K ]NK NX8/"21 F$!*"1 \5;,1("./.K '( :#;C+(K gNK *N *'84+)#K +(= HN $+);#88 R#=2NSK :#;g+84,+E# B'&)'1(+,/ 15 *1(#/ +(= ?'(+(&#K F1(=1(9 *+&C'88+(K TUUIN
XTJVZ *+(=#8M,1)K ]NK '(" W$!/$1/,2 ,+ E"!1$/2 >;"8:%$1/#" 7!/8".K H13,(+8 15 ]32'(#22 YVK 00N YUd>dTUKTUVYN
XTJLZ *+(-';K :N eNK BN W1C#, +(= *N BN A"+0',1K >1,8* F$!*"1 J,!"8$.1$9/%/15 $2& W,%$1/%/15P C >1$1/.1/8$%C;;!$/.$%K W#E'#; 15 $&1(1C'& A)3='#2 \aK 00N d\\>dLLK TUUTN
XTJaZ *+)'88+>e+,&'+K *NK C!" '!$&/23 4:%". D$."& ,2 V"2"1/8 C%3,!/1(-. 7!,=1$9%"SK 6008'#= $&1(1C'&F#))#,2 TYK 00N TIY>TIVK IJJVN
XTJUZ *'&"+8#;'&[K uNK V"2"1/8 C%3,!/1(-. Z @$1$ >1!:81:!". f N#,%:1/,2 7!,3!$-.K Y,= $=NK ]#,8'(9A0,'(4#,>p#,8+4K TUUUN
XTTJZ *'882K !N <NK '"8(2/8$% C2$%5./. $2& 1(" L,2&,2 >1,8* N<8($23"P '".1/23 '!$&/23 !:%". U./23 1("J'agK O()#,(+)'1(+8 H13,(+8 15 ?'(+(&# q $&1(1C'&2 IK 00N YTU>YYTK TUULN
XTTTZ *')&"#88K *N +(= $N A)+`1,=K F$2$3"!/$% @"8/./,2. $2& L,2301"!- >1,8* 7!/8" 7"!+,!-$28"K H13,(+815 ]32'(#22 LYK 00N IaL>YIUK IJJJN
XTTIZ *'),+K AN _NK 7!,=1/23 +!,- '"8(2/8$% C2$%5./. /2 62&/$2 >1,8* F$!*"1K ?'(+(&# O(='+ TV RTSK 00NTJU>TIJK IJJIN
XTTYZ *1,,'21(K 6N BN +(= :N p38-+(K F$*/23 F,2"5 ,:1 ,+ 7:9%/8%5 C#$/%$9%" 62+,!-$1/,2K $&1(1C'&2F#))#,2 aU RTSK 00N YT>YaK IJJ\N
XTTdZ *3,0"/K HN HNK '"8(2/8$% C2$%5./. ,+ 1(" J:1:!" F$!*"1.K :#; D1,-9 g,#()'&# .+88K TUaVN
XTT\Z *3,0"/K HN HNK '"8(2/8$% C2$%5./. ,+ 1(" J/2$28/$% F$!*"1.P C E,-;!"("2./#" V:/&" 1, '!$&/23F"1(,&. $2& C;;%/8$1/,2.K :#; D1,-9 g,#()'&# .+88K TUUUN
XTTVZ :##8/K <N HNK gN #̂88#, +(= WN B'))C+,K 6. '"8(2/8$% C2$%5./. /2 1(" J,!"/32 N<8($23" F$!*"1 7!,+0/1$9%"S C V"2"1/8 7!,3!$--/23 C;;!,$8(K H13,(+8 15 ?'(+(&'+8 +(= t3+()')+)'E# 6(+8/2'2 YI RdSK00N dJ\>dIVK TUULN
XTTLZ :##8/K <N HNK '"8(2/8$% C2$%5./. /2 1(" J,!"/32 N<8($23" F$!*"1P C L$5-$2e. V:/&"K ?#=#,+8 W#2#,E#]+(- 15 A)N F13'29 W#E'#;K 00N IY>YaK A#0)#CM#, TUULN
XTTaZ :##8/K <N HNK '"8(2/8$% C2$%5./. $2& 7!,=1$9/%/15 ,+ U> J,!"/32 N<8($23" 621"!#"21/,2K ?#=#,+8 W#>2#,E# ]+(- 15 A)N F13'29 W#E'#;K 00N Y>TLK H38/ TUUaN
XTTUZ :#5)&'K AN :N +(= 6N HN g18'&+(1K E$2 E($!1/.1. K:1;"!+,!- 1(" F$!*"1S F$!*"1 NX8/"285 '".1. +,!'"8(2/8$% C2$%5./.K H13,(+8 15 ?3)3,#2 *+,-#)2 d RdSK 00N dV\>dLaK TUadN
XTIJZ :#821(K <N WNK 62_$1/,2 $2& 4$1". ,+ 4"1:!2 ,2 E,--,2 >1,8*.K H13,(+8 15 ?'(+(&# YTK 00N dLT>daYKTULVN
XTITZ :'21(K ANK B$;$2"." E$2&%".1/8* E($!1/23 '"8(2/I:".P C E,21"-;,!$!5 V:/&" 1, 1(" C28/"21 '"8(02/I:". ,+ 1(" J$! N$.1K :DO?K I(= $=NK IJJTN
XTIIZ cC,+(#K ^N ]N +(= .N p+( c00#(2K '(" 7"!+,!-$28" C2$%5./. ,+ E($!1 7$11"!2.P F,21" E$!%,>/-:%$1/,2 $2& N#/&"28" +!,- 1(" N:!,h@,%%$! J,!"/32 N<8($23" F$!*"1K $C0','&+8 $&1(1C'&2 YJK00N UdV>ULTK IJJVN
XTIYZ c2M1,(#K *N ?N *NK >,-" i:$21/1$1/#" '".1. +,! >1,8* 7!/8" V"2"!$%/15 F,&"%. $2& '!$&/23 J,%*%,!"KH13,(+8 15 )"# 6C#,'&+( A)+)'2)'&+8 6221&'+)'1( VI RYTaSK 00N YIT>YdJK TUVLN
XTIdZ c28#,K <N F +(= gN .N _N <"+(4K \"$& $2& >(,:%&"!.P ?,1 B:.1 $ J%$*5 7$11"!K ?#=#,+8 W#2#,E# ]+(-15 :#; D1,- A)+` W#01,)K :1N dK ?#=#,+8 W#2#,E# ]+(- 15 :#; D1,-K TUU\N
XTI\Z g#+,21(K _NK '(" 7!,9%"- ,+ 1(" 4$2&,- A$%*K :+)3,# LI RTaV\SK 0N IUdK TUJ\N
XTIVZ g#+,21(K _NK '(" 7!,9%"- ,+ 1(" 4$2&,- A$%*K :+)3,# LI RTaVLSK 0N YdIK TUJ\N
YI
XTILZ g1)#,M+K HN +(= FN .N A3CC#,2K F"$2 4"#"!./,2 /2 >1,8* 7!/8".P N#/&"28" $2& 6-;%/8$1/,2.K H13,(+815 ?'(+(&'+8 $&1(1C'&2 IIK 00N IL>\UK TUaaN
XTIaZ g1)E'(K HN>DNK gN A1,'+(1 +(= *N p+88##K V"2"!$1/23 '!$&/23 4:%". ,2 1(" >1,8* F$!*"1. )/1( V"2"1/87!,3!$--/23K <1C03)#,2 q c0#,+)'1(2 W#2#+,&" YTK 00N TJYY>TJdLK IJJdN
XTIUZ g,'(4K *N HNK '"8(2/8$% C2$%5./. N<;%$/2"&P 1(" >:88"..+:% 62#".1,!e. V:/&" 1, >;,11/23 62#".1-"21'!"2&. $2& ':!2/23 7,/21.K I(= $=NK :#; D1,-9 *&e,+; .'88K TUa\N
XTYJZ W'&"+,=21(K *N +(= HN .N A)1&-K @!$)/23 62+"!"28". +!,- >1$1/.1/8. D$."& ,2 F:%1/0 "̂$! C.."1 4"01:!2.K H13,(+8 15 ?'(+(&'+8 $&1(1C'&2 I\K 00N YIY>YdaK TUaUN
XTYTZ W"#+K WNK '(" @,) '(",!5K ?,+2#, g3M8'2"'(4K TUUYN
XTYIZ W1M#,)2K .NK >1,8*0F$!*"1 7$11"!2. $2& J/2$28/$% C2$%5./.P F"1(,&,%,3/8$% >:33".1/,2.K H13,(+8 15?'(+(&# TdK 00N T>TJK TU\UN
XTYYZ W1M#,)2K .NK >1$1/.1/8$% #"!.:. E%/2/8$% 7!"&/81/,2 ,+ 1(" >1,8* F$!*"1K 3(03M8'2"#= C+(32&,'0)K TUVLN
XTYdZ W1M#,)2K *N <NK '"8(2/8$% C2$%5./. $2& V"2"1/8 7!,3!$--/23P E,2.1!:81/23 $2& '".1/23 $ E,--,&0/15 7,!1+,%/,K H13,(+8 15 ?3)3,#2 *+,-#)2 I\ RLSK 00N VdY>VVJK IJJ\N
XTY\Z W188K WNK C >/-;%" 6-;%/8/1 F"$.:!" ,+ 1(" NR"81/#" D/&0C.* >;!"$& /2 $2 NX8/"21 F$!*"1K H13,(+815 ?'(+(&# YU RdSK 00N TTIL>TTYUK TUadN
XTYVZ W188K WNK '(" \:9!/. \5;,1("./. ,+ E,!;,!$1" '$*",#"!.K H13,(+8 15 ]32'(#22 \UK 00N TUL>ITVK TUaVN
XTYLZ W3M'(2)#'(K *NK >"8:!/15 F$!*"1 NX8/"285 /2 $2 C!!,)0@"9!": N8,2,-5K 6C#,'&+( $&1(1C'& W#>E'#; V\K 00N aTI>aIdK TUL\N
XTYaZ A#"4+8K AN +(= 6N e+,"/+(K C92,!-$% 4"1:!2. U./23 '"8(2/8$% C2$%5./.P '(" 62&/$2 N<;"!/"28"K?'(+(&# O(='+ TV RTSK 00N TaT>IJYK IJJIN
XTYUZ A"'88#,K WN HNK '(" W,%$1/%/15 ,+ L,230'"!- 621"!".1 4$1". $2& N<;"81$1/,2. F,&"%. ,+ 1(" '"!- >1!:801:!"K H13,(+8 15 g18')'&+8 $&1(1C/ aLK 00N TTUJ>TITUK TULUN
XTdJZ A"'88#,K WN HNK @, >1,8* 7!/8". F,#" 1,, -:8( 1, 9" B:.1/="& 95 >:9."I:"21 E($23". /2 @/#/&"2&.SK6C#,'&+( $&1(1C'& W#E'#; LTK 00N dIT>dYVK TUaTN
XTdTZ A"'88#,K WN HNK >1,8* 7!/8". $2& >,8/$% @52$-/8.K ],11-'(42 g+0#,2 1( $&1(1C'& 6&)'E')/ IK 00Nd\L>\TJK TUadN
XTdIZ A&"8#'5#,K 6NK 62"X8/"21 F$!*"1. P C2 621!,&:81/,2 1, D"($#/,!$% J/2$28"K cG51,= b('E#,2')/ g,#22KIJJJN
XTdYZ A-13,+2K ANK J/2$28/$% 4"1:!2. $2& NX8/"285 $. >""2 95 $2 C!1/=8/$% '"8(2/8$% C2$%5.1K H13,(+8 15$&1(1C'& B/(+C'&2 +(= <1(),18 I\ RT>ISK 00N ITY>ddK IJJTN
XTddZ A388'E+(K WNK !'CC#,C+( 6N +(= .N ^"')#K @$1$0>2,,;/23T '"8(2/8$% '!$&/23 4:%" 7"!+,!-$28" $2&1(" D,,1.1!$;K <$gW B'2&322'1( g+0#,K :1N TULVK <#()#, 51, $&1(1C'& g18'&/ W#2#+,&"K +̂2"'(4)1(BN<NK TUUaN
XTd\Z A3CC#,2K FN .NK @,". 1(" >1,8* F$!*"1 4$1/,2$%%5 4"_"81 J:2&$-"21$% W$%:".SK H13,(+8 15 ?'(+(&#dTK 00N \UT>VJTK TUaVN
XTdVZ A;##(#/K WN HNK D"$1/23 1(" J,!"/32 N<8($23" F$!*"1K H13,(+8 15 ?'(+(&# dTK 00N TVY>TaIK TUaVN
XTdLZ A;##(#/K WN HNK >,-" ?") J/%1"! 4:%" '".1.P F"1(,&. $2& 4".:%1.K H13,(+8 15 ?'(+(&'+8 +(= t3+()'>)+)'E# 6(+8/2'2 IYK 00N Ia\>YJJK TUaaN
XTdaZ !+/81,K AN HNK >1!$1"3/". +,! 62#".1,!. /2 C;;$!"21%5 62"X8/"21 J:1:!". F$!*"1.K '( ?3)3,#2 *+,-#)2> *1=#88'(4K *+(+4'(4 +(= *1(')1,'(4 ?3)3,#2 !,+='(4K #=N *N $N A),#')K cG51,=9 ]+2'8 ]8+&-;#88K00N TV\>TUaK TUaYN
XTdUZ !+/81,K AN HNK F,&"%%/23 J/2$28/$% '/-" >"!/".K <"'&"#2)#,9 ^'8#/K TUaVN
YY
XT\JZ !+/81,K AN HNK 4")$!&. C#$/%$9%" 1, E:!!"285 +:1:!". >;"8:%$1,!.P E,-;"2.$1/,2 +,! 4/.* ,! N#/&"28",+ 62"X8/"21 7!/8/23SK $&1(1C'& W#&1,= Va R23008#C#()SK 00N TJ\>TTVK TUUIN
XT\TZ !+/81,K *N gNK '(" U." ,+ '"8(2/8$% C2$%5./. /2 1(" J,!"/32 N<8($23" F$!*"1K H13,(+8 15 O()#,(+)'1(+8*1(#/ +(= ?'(+(&# TTK 00N YJd>YTdK TUUIN
XT\IZ !+/81,K AN HNK >1,8* 62&"< $2& 7!/8" @52$-/8. /2 1(" U] $2& 1(" U>P ?") N#/&"28" +!,- $ '!$&/234:%" $2& >1$1/.1/8$% C2$%5./.K $3,10#+( H13,(+8 15 ?'(+(&# YK 00N YU>VUK IJJJN
XT\YZ !+/81,K AN HNK C.."1 7!/8" @52$-/8.T W,%$1/%/15T $2& 7!"&/81/,2K g,'(&#)1( b('E#,2')/ g,#22K IJJ\N
XT\dZ !"1,8#/K ANK '(" 62"X8/"21 F$!*"1. C!3:-"21 +,! 7$../#" 62#".1/23K !"# *+,,'1)) A&"118 +) ]DbKC'C#1K TUUaN
XT\\Z !1-/1 A)1&- $G&"+(4#K ',*5, >1,8* N<8($23" J$81 D,,* QggjK IJJVN
XT\VZ !3&-#,K 6N FNK N-;/!/8$% '".1. ,+ 1(" NX8/"285 ,+ 1(" E:!!"285 K;1/,2 F$!*"1K !"# H13,(+8 15?'(+(&'+8 W#2#+,&" a RdSK 00N IL\>Ia\K TUa\N
XT\LZ +̂8)#,K <NK '(" NX8/"21 F$!*"1 \5;,1("./.T 1(" V$:../$2 C..:-;1/,2T $2& 1(" 62#".1-"21 F$2$3"0-"21 62&:.1!5K O(2)')3) =Q$)3=#2 g18')'@3#2K C'C#1K IJJYN
XT\aZ #̂'(),+3MK WN $NK K2 >;"8:%$1/#" 7!/8". $2& 4$2&,- A$%*.P C @"2/$%K H13,(+8 15 ?'(+(&# Ta RTSK00N \U>VVK TUVYN
XT\UZ ^'821(K AN ^NK E%$../="! J/12".. D$."& ,2 C88:!$85K $E183)'1(+,/ <1C03)+)'1( YK TUU\N
XTVJZ ^'821(K AN ^NK V"2"!$%/M$1/,2 /2 1(" YE> E%$../="! >5.1"-K TUUaN
XTVTZ 1̂(4K ^N>_NK *N *+([3, +(= ]N>_N <"#;K \,) 4")$!&/23 /. '"8(2/8$% C2$%5./.S N#/&"28" +!,->/23$;,!" >1,8* F$!*"1K 6008'#= ?'(+(&'+8 $&1(1C'&2 TY RLSK !+/81, +(= ?,+(&'2 H13,(+82K 00N \dY>\\TK IJJYN
XTVIZ 1̂,-'(4K .NK C 4$2&,- @/R"!"28" >"!/". +,! U." /2 1(" C2$%5./. ,+ '/-" >"!/".K H13,(+8 15 6C#,'&+(A)+)'2)'&+8 6221&'+)'1( IU RTa\SK 00N TT>IdK TUYdN
Yd
!!"#$%&'()*)+#,(,+#%+,(
(
List of other working papers:
2007
1. Timur Yusupov and Thomas Lux, The Efficient Market Hypothesis through the Eyes of an Artificial Technical Analyst: An Application of a New Chartist Methodology to High-Frequency Stock Market Data, WP07-13
2. Liu Ruipeng, Di Matteo and Thomas Lux, True and Apparent Scaling: The Proximity of the Markov- Switching Multifractal Model to Long-Range Dependence, WP07-12
3. Thomas Lux, Rational Forecasts or Social Opinion Dynamics? Identification of Interaction Effects in a Business Climate Survey, WP07-11
4. Thomas Lux, Collective Opinion Formation in a Business Climate Survey, WP07-10 5. Thomas Lux, Application of Statistical Physics in Finance and Economics, WP07-09 6. Reiner Franke, A Prototype Model of Speculative Dynamics With Position-Based Trading,
WP07-08 7. Reiner Franke, Estimation of a Microfounded Herding Model On German Survey
Expectations, WP07-07 8. Cees Diks and Pietro Dindo, Informational differences and learning in an asset market with
boundedly rational agents, WP07-06 9. Markus Demary, Who Do Currency Transaction Taxes Harm More: Short-Term Speculators
or Long-Term Investors?, WP07-05 10. Markus Demary, A Heterogenous Agents Model Usable for the Analysis of Currency
Transaction Taxes, WP07-04 11. Mikhail Anufriev and Pietro Dindo, Equilibrium Return and Agents' Survival in a Multiperiod
Asset Market: Analytic Support of a Simulation Model, WP07-03 12. Simone Alfarano and Michael Milakovic, Should Network Structure Matter in Agent-Based
Finance?, WP07-02 13. Simone Alfarano and Reiner Franke, A Simple Asymmetric Herding Model to Distinguish
Between Stock and Foreign Exchange Markets, WP07-01
2006
1. Roman Kozhan, Multiple Priors and No-Transaction Region, WP06-24 2. Martin Ellison, Lucio Sarno and Jouko Vilmunen, Caution and Activism? Monetary Policy
Strategies in an Open Economy, WP06-23 3. Matteo Marsili and Giacomo Raffaelli, Risk bubbles and market instability, WP06-22 4. Mark Salmon and Christoph Schleicher, Pricing Multivariate Currency Options with Copulas,
WP06-21 5. Thomas Lux and Taisei Kaizoji, Forecasting Volatility and Volume in the Tokyo Stock Market:
Long Memory, Fractality and Regime Switching, WP06-20 6. Thomas Lux, The Markov-Switching Multifractal Model of Asset Returns: GMM Estimation
and Linear Forecasting of Volatility, WP06-19 7. Peter Heemeijer, Cars Hommes, Joep Sonnemans and Jan Tuinstra, Price Stability and
Volatility in Markets with Positive and Negative Expectations Feedback: An Experimental Investigation, WP06-18
8. Giacomo Raffaelli and Matteo Marsili, Dynamic instability in a phenomenological model of correlated assets, WP06-17
9. Ginestra Bianconi and Matteo Marsili, Effects of degree correlations on the loop structure of scale free networks, WP06-16
10. Pietro Dindo and Jan Tuinstra, A Behavioral Model for Participation Games with Negative Feedback, WP06-15
11. Ceek Diks and Florian Wagener, A weak bifucation theory for discrete time stochastic dynamical systems, WP06-14
12. Markus Demary, Transaction Taxes, Traders’ Behavior and Exchange Rate Risks, WP06-13
13. Andrea De Martino and Matteo Marsili, Statistical mechanics of socio-economic systems with heterogeneous agents, WP06-12
14. William Brock, Cars Hommes and Florian Wagener, More hedging instruments may destabilize markets, WP06-11
15. Ginwestra Bianconi and Roberto Mulet, On the flexibility of complex systems, WP06-10 16. Ginwestra Bianconi and Matteo Marsili, Effect of degree correlations on the loop structure of
scale-free networks, WP06-09 17. Ginwestra Bianconi, Tobias Galla and Matteo Marsili, Effects of Tobin Taxes in Minority Game
Markets, WP06-08 18. Ginwestra Bianconi, Andrea De Martino, Felipe Ferreira and Matteo Marsili, Multi-asset
minority games, WP06-07 19. Ba Chu, John Knight and Stephen Satchell, Optimal Investment and Asymmetric Risk for a
Large Portfolio: A Large Deviations Approach, WP06-06 20. Ba Chu and Soosung Hwang, The Asymptotic Properties of AR(1) Process with the
Occasionally Changing AR Coefficient, WP06-05 21. Ba Chu and Soosung Hwang, An Asymptotics of Stationary and Nonstationary AR(1)
Processes with Multiple Structural Breaks in Mean, WP06-04 22. Ba Chu, Optimal Long Term Investment in a Jump Diffusion Setting: A Large Deviation
Approach, WP06-03 23. Mikhail Anufriev and Gulio Bottazzi, Price and Wealth Dynamics in a Speculative Market with
Generic Procedurally Rational Traders, WP06-02 24. Simonae Alfarano, Thomas Lux and Florian Wagner, Empirical Validation of Stochastic
Models of Interacting Agents: A “Maximally Skewed” Noise Trader Model?, WP06-01
2005
1. Shaun Bond and Soosung Hwang, Smoothing, Nonsynchronous Appraisal and Cross-Sectional Aggreagation in Real Estate Price Indices, WP05-17
2. Mark Salmon, Gordon Gemmill and Soosung Hwang, Performance Measurement with Loss Aversion, WP05-16
3. Philippe Curty and Matteo Marsili, Phase coexistence in a forecasting game, WP05-15 4. Matthew Hurd, Mark Salmon and Christoph Schleicher, Using Copulas to Construct Bivariate
Foreign Exchange Distributions with an Application to the Sterling Exchange Rate Index (Revised), WP05-14
5. Lucio Sarno, Daniel Thornton and Giorgio Valente, The Empirical Failure of the Expectations Hypothesis of the Term Structure of Bond Yields, WP05-13
6. Lucio Sarno, Ashoka Mody and Mark Taylor, A Cross-Country Financial Accelorator: Evidence from North America and Europe, WP05-12
7. Lucio Sarno, Towards a Solution to the Puzzles in Exchange Rate Economics: Where Do We Stand?, WP05-11
8. James Hodder and Jens Carsten Jackwerth, Incentive Contracts and Hedge Fund Management, WP05-10
9. James Hodder and Jens Carsten Jackwerth, Employee Stock Options: Much More Valuable Than You Thought, WP05-09
10. Gordon Gemmill, Soosung Hwang and Mark Salmon, Performance Measurement with Loss Aversion, WP05-08
11. George Constantinides, Jens Carsten Jackwerth and Stylianos Perrakis, Mispricing of S&P 500 Index Options, WP05-07
12. Elisa Luciano and Wim Schoutens, A Multivariate Jump-Driven Financial Asset Model, WP05-06
13. Cees Diks and Florian Wagener, Equivalence and bifurcations of finite order stochastic processes, WP05-05
14. Devraj Basu and Alexander Stremme, CAY Revisited: Can Optimal Scaling Resurrect the (C)CAPM?, WP05-04
15. Ginwestra Bianconi and Matteo Marsili, Emergence of large cliques in random scale-free networks, WP05-03
16. Simone Alfarano, Thomas Lux and Friedrich Wagner, Time-Variation of Higher Moments in a Financial Market with Heterogeneous Agents: An Analytical Approach, WP05-02
17. Abhay Abhayankar, Devraj Basu and Alexander Stremme, Portfolio Efficiency and Discount Factor Bounds with Conditioning Information: A Unified Approach, WP05-01
2004
1. Xiaohong Chen, Yanqin Fan and Andrew Patton, Simple Tests for Models of Dependence Between Multiple Financial Time Series, with Applications to U.S. Equity Returns and Exchange Rates, WP04-19
2. Valentina Corradi and Walter Distaso, Testing for One-Factor Models versus Stochastic Volatility Models, WP04-18
3. Valentina Corradi and Walter Distaso, Estimating and Testing Sochastic Volatility Models using Realized Measures, WP04-17
4. Valentina Corradi and Norman Swanson, Predictive Density Accuracy Tests, WP04-16 5. Roel Oomen, Properties of Bias Corrected Realized Variance Under Alternative Sampling
Schemes, WP04-15 6. Roel Oomen, Properties of Realized Variance for a Pure Jump Process: Calendar Time
Sampling versus Business Time Sampling, WP04-14 7. Richard Clarida, Lucio Sarno, Mark Taylor and Giorgio Valente, The Role of Asymmetries and
Regime Shifts in the Term Structure of Interest Rates, WP04-13 8. Lucio Sarno, Daniel Thornton and Giorgio Valente, Federal Funds Rate Prediction, WP04-12 9. Lucio Sarno and Giorgio Valente, Modeling and Forecasting Stock Returns: Exploiting the
Futures Market, Regime Shifts and International Spillovers, WP04-11 10. Lucio Sarno and Giorgio Valente, Empirical Exchange Rate Models and Currency Risk: Some
Evidence from Density Forecasts, WP04-10 11. Ilias Tsiakas, Periodic Stochastic Volatility and Fat Tails, WP04-09 12. Ilias Tsiakas, Is Seasonal Heteroscedasticity Real? An International Perspective, WP04-08 13. Damin Challet, Andrea De Martino, Matteo Marsili and Isaac Castillo, Minority games with
finite score memory, WP04-07 14. Basel Awartani, Valentina Corradi and Walter Distaso, Testing and Modelling Market
Microstructure Effects with an Application to the Dow Jones Industrial Average, WP04-06 15. Andrew Patton and Allan Timmermann, Properties of Optimal Forecasts under Asymmetric
Loss and Nonlinearity, WP04-05 16. Andrew Patton, Modelling Asymmetric Exchange Rate Dependence, WP04-04 17. Alessio Sancetta, Decoupling and Convergence to Independence with Applications to
Functional Limit Theorems, WP04-03 18. Alessio Sancetta, Copula Based Monte Carlo Integration in Financial Problems, WP04-02 19. Abhay Abhayankar, Lucio Sarno and Giorgio Valente, Exchange Rates and Fundamentals:
Evidence on the Economic Value of Predictability, WP04-01
2002
1. Paolo Zaffaroni, Gaussian inference on Certain Long-Range Dependent Volatility Models, WP02-12
2. Paolo Zaffaroni, Aggregation and Memory of Models of Changing Volatility, WP02-11 3. Jerry Coakley, Ana-Maria Fuertes and Andrew Wood, Reinterpreting the Real Exchange Rate
- Yield Diffential Nexus, WP02-10 4. Gordon Gemmill and Dylan Thomas , Noise Training, Costly Arbitrage and Asset Prices:
evidence from closed-end funds, WP02-09 5. Gordon Gemmill, Testing Merton's Model for Credit Spreads on Zero-Coupon Bonds, WP02-
08 6. George Christodoulakis and Steve Satchell, On th Evolution of Global Style Factors in the
MSCI Universe of Assets, WP02-07 7. George Christodoulakis, Sharp Style Analysis in the MSCI Sector Portfolios: A Monte Caro
Integration Approach, WP02-06 8. George Christodoulakis, Generating Composite Volatility Forecasts with Random Factor
Betas, WP02-05 9. Claudia Riveiro and Nick Webber, Valuing Path Dependent Options in the Variance-Gamma
Model by Monte Carlo with a Gamma Bridge, WP02-04 10. Christian Pedersen and Soosung Hwang, On Empirical Risk Measurement with Asymmetric
Returns Data, WP02-03 11. Roy Batchelor and Ismail Orgakcioglu, Event-related GARCH: the impact of stock dividends
in Turkey, WP02-02
12. George Albanis and Roy Batchelor, Combining Heterogeneous Classifiers for Stock Selection, WP02-01
2001
1. Soosung Hwang and Steve Satchell , GARCH Model with Cross-sectional Volatility; GARCHX Models, WP01-16
2. Soosung Hwang and Steve Satchell, Tracking Error: Ex-Ante versus Ex-Post Measures, WP01-15
3. Soosung Hwang and Steve Satchell, The Asset Allocation Decision in a Loss Aversion World, WP01-14
4. Soosung Hwang and Mark Salmon, An Analysis of Performance Measures Using Copulae, WP01-13
5. Soosung Hwang and Mark Salmon, A New Measure of Herding and Empirical Evidence, WP01-12
6. Richard Lewin and Steve Satchell, The Derivation of New Model of Equity Duration, WP01-11
7. Massimiliano Marcellino and Mark Salmon, Robust Decision Theory and the Lucas Critique, WP01-10
8. Jerry Coakley, Ana-Maria Fuertes and Maria-Teresa Perez, Numerical Issues in Threshold Autoregressive Modelling of Time Series, WP01-09
9. Jerry Coakley, Ana-Maria Fuertes and Ron Smith, Small Sample Properties of Panel Time-series Estimators with I(1) Errors, WP01-08
10. Jerry Coakley and Ana-Maria Fuertes, The Felsdtein-Horioka Puzzle is Not as Bad as You Think, WP01-07
11. Jerry Coakley and Ana-Maria Fuertes, Rethinking the Forward Premium Puzzle in a Non-linear Framework, WP01-06
12. George Christodoulakis, Co-Volatility and Correlation Clustering: A Multivariate Correlated ARCH Framework, WP01-05
13. Frank Critchley, Paul Marriott and Mark Salmon, On Preferred Point Geometry in Statistics, WP01-04
14. Eric Bouyé and Nicolas Gaussel and Mark Salmon, Investigating Dynamic Dependence Using Copulae, WP01-03
15. Eric Bouyé, Multivariate Extremes at Work for Portfolio Risk Measurement, WP01-02 16. Erick Bouyé, Vado Durrleman, Ashkan Nikeghbali, Gael Riboulet and Thierry Roncalli,
Copulas: an Open Field for Risk Management, WP01-01
2000
1. Soosung Hwang and Steve Satchell , Valuing Information Using Utility Functions, WP00-06 2. Soosung Hwang, Properties of Cross-sectional Volatility, WP00-05 3. Soosung Hwang and Steve Satchell, Calculating the Miss-specification in Beta from Using a
Proxy for the Market Portfolio, WP00-04 4. Laun Middleton and Stephen Satchell, Deriving the APT when the Number of Factors is
Unknown, WP00-03 5. George A. Christodoulakis and Steve Satchell, Evolving Systems of Financial Returns: Auto-
Regressive Conditional Beta, WP00-02 6. Christian S. Pedersen and Stephen Satchell, Evaluating the Performance of Nearest
Neighbour Algorithms when Forecasting US Industry Returns, WP00-01
1999
1. Yin-Wong Cheung, Menzie Chinn and Ian Marsh, How do UK-Based Foreign Exchange Dealers Think Their Market Operates?, WP99-21
2. Soosung Hwang, John Knight and Stephen Satchell, Forecasting Volatility using LINEX Loss Functions, WP99-20
3. Soosung Hwang and Steve Satchell, Improved Testing for the Efficiency of Asset Pricing Theories in Linear Factor Models, WP99-19
4. Soosung Hwang and Stephen Satchell, The Disappearance of Style in the US Equity Market, WP99-18
5. Soosung Hwang and Stephen Satchell, Modelling Emerging Market Risk Premia Using Higher Moments, WP99-17
6. Soosung Hwang and Stephen Satchell, Market Risk and the Concept of Fundamental Volatility: Measuring Volatility Across Asset and Derivative Markets and Testing for the Impact of Derivatives Markets on Financial Markets, WP99-16
7. Soosung Hwang, The Effects of Systematic Sampling and Temporal Aggregation on Discrete Time Long Memory Processes and their Finite Sample Properties, WP99-15
8. Ronald MacDonald and Ian Marsh, Currency Spillovers and Tri-Polarity: a Simultaneous Model of the US Dollar, German Mark and Japanese Yen, WP99-14
9. Robert Hillman, Forecasting Inflation with a Non-linear Output Gap Model, WP99-13 10. Robert Hillman and Mark Salmon , From Market Micro-structure to Macro Fundamentals: is
there Predictability in the Dollar-Deutsche Mark Exchange Rate?, WP99-12 11. Renzo Avesani, Giampiero Gallo and Mark Salmon, On the Evolution of Credibility and
Flexible Exchange Rate Target Zones, WP99-11 12. Paul Marriott and Mark Salmon, An Introduction to Differential Geometry in Econometrics,
WP99-10 13. Mark Dixon, Anthony Ledford and Paul Marriott, Finite Sample Inference for Extreme Value
Distributions, WP99-09 14. Ian Marsh and David Power, A Panel-Based Investigation into the Relationship Between
Stock Prices and Dividends, WP99-08 15. Ian Marsh, An Analysis of the Performance of European Foreign Exchange Forecasters,
WP99-07 16. Frank Critchley, Paul Marriott and Mark Salmon, An Elementary Account of Amari's Expected
Geometry, WP99-06 17. Demos Tambakis and Anne-Sophie Van Royen, Bootstrap Predictability of Daily Exchange
Rates in ARMA Models, WP99-05 18. Christopher Neely and Paul Weller, Technical Analysis and Central Bank Intervention, WP99-
04 19. Christopher Neely and Paul Weller, Predictability in International Asset Returns: A Re-
examination, WP99-03 20. Christopher Neely and Paul Weller, Intraday Technical Trading in the Foreign Exchange
Market, WP99-02 21. Anthony Hall, Soosung Hwang and Stephen Satchell, Using Bayesian Variable Selection
Methods to Choose Style Factors in Global Stock Return Models, WP99-01
1998
1. Soosung Hwang and Stephen Satchell, Implied Volatility Forecasting: A Compaison of Different Procedures Including Fractionally Integrated Models with Applications to UK Equity Options, WP98-05
2. Roy Batchelor and David Peel, Rationality Testing under Asymmetric Loss, WP98-04 3. Roy Batchelor, Forecasting T-Bill Yields: Accuracy versus Profitability, WP98-03 4. Adam Kurpiel and Thierry Roncalli , Option Hedging with Stochastic Volatility, WP98-02 5. Adam Kurpiel and Thierry Roncalli, Hopscotch Methods for Two State Financial Models,
WP98-01