Introduction to Commodities in India

8/4/2019 Introduction to Commodities in India

1/73

!


2/73

"#$ #$ %& '()%#*+ %",% %"( $%-.+ /)($(0%(. 1+ %& ",2-)0$%#%-%( &* ,0,3(4(0% %-.#($ ,0. ($(,)'" #0 /,)% '&4/5(%#&0 &*

-0.() %"( %#%5(

",$1((0.&0(-0.()4+3-#.,0'(#0%"(+(,)

!

"()&6('%#$#0%"(0,%-)(&*&)#3#0,57&)2%",%",$0&%$&*,)1((0$-14#%%(.

*&),0+&%"()'&-)$(#0%"#$#0$%#%-%(&),0+&%"()#0$%#%-%((*()(0'($&*7&)2

,0.)(5,%#8($&-)'($&*#0*&)4,%#&0",8(1((03#8(0,%%"((0.&*%"(/)&6('%

&)7,).(.%")&-3"%"(($(,)'"-#.(

#30,%-)(&*%"(-#.( #30,%-)(&*%"(%-.(0%


3/73

!"

"($-''($$&*4+/)&6('%7,$0&%&05+7#%"4+(**&)%$1-%,5$&7#%"#0%()($%3-#.,0'(,0.

"(5/&**()(.%&4(1+&%"()$

%#$4+.-%+%&,'20&75(.3(7#%"3),%#%-.(%"("(5/)(0.()(.%&4(1+(,'",0.(8()+

#0.#8#.-,57#%"7"&4#0%(),'%(..-)#03%"('&4/5(%#&0&*%"(/)&6('%

#)$%,0.*&)(4&$%7&-5.5#2(%&(9/)($$4+.((/($%$(0$(&*3),%#%-.(%&7,).$4+

/)&6('%3-#.(*&)"#$#08,5-,15(3-#.,0'(,0.'&0%#0-&-$(0'&-),3(4(0%

#0'&0.-'%#03%"()($(,)'"/)&6('%

-)%"()7#$"%&/,+4+$#0'()(%",02$%&8,)#&-$(9('-%#8($*)&4%"('&44&.#%+$('%&)

7"&%&&23)(,%#0%()($%,0.$/,)(.4($&4(:-,5#%+%#4(*)&4%"(#)1-$+$'"(.-5(3#8#03

4(,7(,5%"&*#0*&)4,%#&0&0'&44&.#%#($4,)2(%

;7&-5.,5$&5#2(%&(9/)($$4+%",02$%&4+'&55(,3-($*&)%"(#)'&0$%,0%"(5/,0.

3-#.,0'(%")&-3"&-%%"(/)&6('%

",02+&-,55

#/(0($,#


4/73

#$%&$'

&$%/(&/5(",8(%"(#4/)($$#&0%",%'&44&.#%+4,)2(%$,)(8()+'&4/5(9

,0. .#**#'-5% %& -0.()$%,0. '%-,55+ %"(+ ,)( 0&% "()( ,)( $(8(),5 1,$#'

*,'%$%",%&0(4-$%20&7,0.&0'(%"($(,)(-0.()$%&&.&0($"&-5.",8(5#%%5(

.#**#'-5%+-0.()$%,0.#03%"(0,%-)(&**-%-)($4,)2(%,0."&7%"(+*-0'%#&0

"#$ #$ ,0 ,%%(4/% %& 20&7 "&7 %"( '&44&.#%#($ 4,)2(% ,0. "&7 %"(

'&44&.#%#($ ,)( %),.(. &0 %"( (9'",03($ "( #.(, %& -0.()$%,0. %"(

#4/&)%,0'( &* '&44&.#%+ .()#8,%#8($ ,0. 5(,)0 ,1&-% %"( 4,)2(% *)&4 %"(

35&1,5 $'(0,)#& &)(&8() %"( /)&6('% #0 ,..#%#&0 %& -0.()$%,0.#03 &* %"(

4,)2(%.(,5$7#%""&7,0,5+$#$&*%"(4,)2(%#$.&0(

"#$/)&6('%#$,0,%%(4/%%&-0.()$%,0.,0.,0,5+$#$%"(35&1,5%)(0.$#0%"(

'&44&.#%#($4,)2(%7#%")($/('%%&)-.(#5


5/73

00%)&.-'%#&0&&44&.#%#($,)2(%

8&5-%#&0*&44&.#%+,)2(%00.#,

%)-'%-)(*&44&.#%#($,)2(%

&44&.#%+9'",03($


6/73

)&.-'%#&04/&)%9/&)% !

,%(3&)#($&*)-.( !

0.#,0)#'#03&5#'+ !

,'%&)$0*5-(0'#03)-.(#5)#'($ !,'%&)$0*5-(0'#03(4,0.-//5+&*)-.()#'($ !

>"+08($%#0)-.(#5-%-)($@ !

)#'(&8(4(0%#0)-.(#5 !

)#'#03&*&44&.#%#($ !

",03#03'(0,)#&&*&44&.#%#($,)2(%#00.#,

&5,%#5#%+&4/,)#$&0#00.#,

-%-)()&$/('%$ -0.,4(0%,5,0.('"0#',5,0,5+$#$#0&44&.#%#($ !

(3-5,%&)+(,$-)($

&&4#0&44&.#%+,)2(%

&0'5-$#&0

#15#&3),/"+


7/73

$&

8()$#0'(%"(.,70&*'#8#5#A,%#&0'&44&.#%#($%),.#03",8(1('&4(,0#0%(3),5/,)%#0

5#8($&*4,02#0."(8()+)(,$&0*&)%"#$5#($#0%"(*,'%%",%'&44&.#%#($)(/)($(0%%"(

*-0.,4(0%,5 (5(4(0%$ &* -%#5#%+ *&) "-4,0 1(#03$ "( %()4 '&44&.#%+ )(*()$ %& ,0+

4,%()#,57"#'"',01(1&-3"%,0.$&5.&44&.#%#($#0%"(4,)2(%$'&0%(9%)(*()$%&,0+

4&8,15( /)&/()%+ &%"() %",0 ,'%#&0,15( '5,#4$ 4&0(+ ,0. $('-)#%#($ 8() %"( +(,)$

'&44&.#%#($4,)2(%$",8(1((0(9/()#(0'#03%)(4(0.&-$/)&3)($$7"#'"#$(8#.(0%*)&4

%"(*,'%%",%%"(%),.(#0%"#$$(34(0%#$$%,0.#03,$,1&&0*&)%"(35&1,5('&0&4+%&.,+

"(/)&4#$#030,%-)(&*%"#$4,)2(%$",$4,.(%"(4,0,%%),'%#8(#08($%4(0%,8(0-(*&)

%"(#08($%&)$0.#,",$8()+5,)3(,3)#'-5%-)(/)&.-'%#&0#00-41()&*,3)#'&44&.#%#($

7"#'" 0((.$ -$( &* *-%-)($ ,0. .()#8,%#8($ ,$ /)#'()#$2 4,0,3(4(0% $+$%(4

-0.,4(0%,55+/)#'(+&-/,+*&)3&&.$,0.$()8#'($.(/(0.3)(,%5+&0"&77(551-$#0($$

",0.5( )#$2+-$#03 (**('%#8(5+ *-%-)($ ,0. .()#8,%#8($ 1-$#0($$($ ',0 4#0#4#A( )#$2$

%"-$5&7()#03'&$%&*.-$#0($$&44&.#%+/5,+()$-$(#%,$,"(.3(4('",0#$4,$

7(55,$,4(,0$&*4,2#034&0(+&)(3#0%"(1-55#&04,)2(%$/5,+()$"(.3(%"(#))#$2$

1+-$#03*-%-)($-)&&55,)*5-'%-,%#&0$,0.%"(#0%()0,%#&0,5/)#'($,**('%#03#%&),0

,3)#'-5%-),5 '&-0%)+ 5#2( 0.#, 7#%" /5(%"&), &*4,0.#$ %),.#03 #0 &8() ; ')&/$ %"(

#$$-($#0/)#'(.#$$(4#0,%#&0$%,0.,).$'()%#*#',%#&0,0.7,)("&-$#03,)(1&-0.%&&''-)

&44&.#%+ ,)2(% 7#55 $()8( ,$ , $-#%,15( ,5%()0,%#8( %& %,'25( ,55 %"($( /)&15(4$

(**#'#(0%5+&44&.#%+*-%-)($%),.#03",8(1((0#0(9#$%(0'(#00.#,#0%"((,)5#()%#4($

&7(8() %"()(7,$ 8#)%-,5 1,0 &0 *-%-)($ %),.#03 $#0'( %"( (,)5+ ;BC$ %#55 5,%( ;B!C$

7"(0 %"( $',)'#%+ (08#)&04(0% /)(8,#5(. #0'( %"( 1(3#00#03 &* ;BBC$ '&0'(0%),%(.

(**&)%$7()(4,.( %&(9/,0. $'&/(&*'&44&.#%+ *-%-)($ %),.#03-% %"( /)&3)($$7,$

$5&7.-(%&4,)2(%)($%)#'%#&0$,0.5,'2&* %('"0&5&3#',5,.8,0'(4(0%),.-,55+&05#0(

'&44&.#%+*-%-)($ %),.#03',4( #0%&(9#$%(0'( #0('(41()D7#%" %"( $(%%#03-/&*

&05#0('&44&.#%+(9'",03($5#2(


8/73

%"$('

&41,+ &%%&0 ),.( $$&'#,%#&0 %. $(% -/ #0 ;!EF7,$ %"( *#)$% &)3,0#A(. *-%-)($

4,)2(%&41,+&%%&09'",03(%.7,$($%,15#$"(.#0;!BD*&55&7#03%"(7#.($/)(,.

.#$'&0%(0%,4&03$%5(,.#03'&%%&04#55&70()$,0.4()'",0%$&8()*-0'%#&0#03&*&41,+

&%%&0 ),.( $$&'#,%#&0 "( -%-)($ %),.#03 #0 $((.$ $%,)%(. #0 ;B 7#%" %"(

($%,15#$"4(0% &* %"( -6,),%# +,/,)# ,0.,5# 7"#'" ',))#(. &0 *-%-)($ %),.#03 #0

3)&-0.0-%',$%&)$((.,0.'&%%&0-%-)($%),.#03#07"(,%7()((9#$%(0%,%$(8(),5/5,'($

#0 -06,1 ,0. %%,) ),.($" -% %"( 4&$% 0&%,15( *-%-)($ (9'",03( *&) 7"(,% 7,$

'",41()&*'&44()'(,%,/-)$(%-/#0;B;D-%-)($%),.#03#01-55#&01(3,0#0-41,#

#0;B,5'-%%,($$#,09'",03(%.7,$($%,15#$"(.#0;B;B*&)*-%-)($%),.#03#0),7

6-%(,0.6-%(3&&.$-%&)3,0#A(.*-%-)($%),.#03#0),76-%(1(3,0&05+#0;BE7#%"%"(

($%,15#$"4(0%&*,$%0.#,0-%($$&'#,%#&0%."($(%7&,$$&'#,%#&0$,4,53,4,%(.#0

;BGF%&*&)4%"(,$%0.#,-%(($$#,0%.%&'&0.-'%&)3,0#A(.%),.#03#01&%",7

-%( ,0. -%( 3&&.$ &)7,). &0%),'%$ (3-5,%#&0 '% 7,$ (0,'%(. #0 ;BF ,0. %"(

&)7,).$ ,)2(%$ &44#$$#&0 7,$ ($%,15#$"(. #0 ;BFD -0.() %"( #0#$%)+ &*

&0$-4()**,#)$ ,0. -15#' #$%)#1-%#&0 0.-( '&-)$( $(8(),5 &%"() (9'",03($7()(

')(,%(.#0%"('&-0%)+%&%),.(#0.#8()$('&44&.#%#($


9/73

&)*

;,%#&0,5&44&.#%+()#8,%#8($9'",03(&*0.#,%.

-5%#&44&.#%+9'",03(&*0.#,

D,%#&0,5-5%#&44&.#%+9'",03( #$ 5&',%(. ,%"4(.,1,. % $%,)%(. #%$

&/(),%#&0$#0,0.",$(4()3(.,$,(9'",03($/('#,5#A#03#0$/#'($,0.)-11()

G,%#&0,5&,).&*),.(#$5&',%(.,%0.&)(

+,-

,-

,-

# # ./-"#$%&'

+)))


10/73

'#(&0

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

,%#&0,5 &44&.#%+ ,0. ()#8,%#8($ 9'",03( %. #$ ,0 &05#0( 4-5%# '&44&.#%+

(9'",03(/)&4&%(.1+,0.,0,),,02

%',4(#0%&(9#$%(0'(&0;F('(41() D,0. #$%"(&05+'&44&.#%+(9'",03(#0 %"(

'&-0%)+ /)&4&%(. 1+ 0,%#&0,5 5(8(5 #0$%#%-%#&0$


11/73

1()12,*+--.+*/"#$%&%.++-+*.0

-5%#&44&.#%+9'",03(&*0.#,#4#%(.


12/73

%#1-)2


13/73

))+)

"()(,)(%),.($',))#(.&0#04(%,5$*&&.3),#0$#0'5-.#03/-5$($*#1()$/#'($')-.(

3 11

4 ,.5,.15,.65+,5+,15+,6

7 '*'.'5/'.'5'*+,52.,-+,512'*.'.*#

8859.$+,+5:52-+#

1 *,%&5*,,*5885+#;,5+%

9


14/73

+)&),-

"(*&55&7#03,)($&4(&*%"(2(+*,'%&)$*&)%"($-''($$&*%"('&44&.#%#($(9'",03($

%),%(3+ 4(%"&. &* (9('-%#&0 1,'23)&-0. &* /)&4&%()$ ')(.#1#5#%+ &* %"( #0$%#%-%#&0

%),0$/,)(0'+&*/5,%*&)4$$',5(,15(%('"0&5&3+)&1-$%0($$&*$(%%5(4(0%$%)-'%-)($7#.()/,)%#'#/,%#&0 &*(.3()$ /('-5,%&)$ ,0. )1#%),3(-)$ ,''(/%,15( '5(,)#03 4('",0#$4

*#0,0'#,5$&-0.0($$,0.',/,1#5#%+'&8()#03,7#.(),03(&*'&44&.#%#($$#A(&*%"(%),.(

3-,),0%((*-0.)(,'"&*%"(&)3,0#A,%#&0,0.,..#038,5-(&0%"(3)&-0.0,..#%#&0%&

%"#$#*%"(0.#,0&44&.#%+9'",03(0((.$%&1('&4/(%#%#8(#0%"(5&1,5,)2(%%"(0

#%$"&-5.1(1,'2(.7#%"/)&/()H,/#%,5''&-0%&08()%#1#5#%+I"(#0%()($%$&*0.#,0

'&0$-4()$"&-$("&5.$,0./)&.-'()$,)(4&$%#4/&)%,0%,$%"($(,)(%"(/(&/5(7"&,)(

(9/&$(.%&)#$2,0./)#'(*5-'%-,%#&0$

+,),-

"( *&55&7#03 ,)( $&4( &* %"( 2(+ (9/('%,%#&0$ &* %"( #08($%&)C$ 7)% ,0+ '&44&.#%+

(9'",03(

J)&/())&.-'%&0'(/%-,5#A,%#&0,0.($#30

J,#),0.),0$/,)(0%)#'(#$'&8()+#$$(4#0,%#&0

J&1-$%),.#03(%%5(4(0%$+$%(4$

J**('%#8(,0,3(4(0%&*&-0%()/,)%+)(.#%#$2

J(5*(3-5,%#&0%&(0$-)(8()8#(7&*),.#03,0.-)8(#55,0'(-.#%,0.)(8#(7&*

(41()$0*&)'(4(0%&*9'",03()-5($

9&2,*/88,A-+''+%*B'*.+%&+%*$--.+*/1;*'

C$,)('-))(0%5+0&%,55&7(.0&).#$,55&7(.-0.(),0+5,7$%"(+",8(,..(..(/%"%&

%"((:-#%+4,)2(%$K%"(+7#55,...(/%"%&%"('&44&.#%#($4,)2(%$$#0'(%"(+35&1,55+

20&7%"('&44&.#%#($


15/73

#*+%,-%*12*2,2%.%.2'*/+%%.+

-))(0%5+ -%-,5 -0.$,)( /)&"#1#%(. *)&40&% -$#03.()#8,%#8($,/,)% *)&4"(.3#03

-%-,5 -0.$ ,$ #08($%&)$ ',0 #08($% #0 3&5. ,0. 3(% )(%-)0$ ,$ %"(+ 3(% *)&4 .(1%

#0$%)-4(0%$(:-#%+4,)2(%$0((.%&'&55('%#8(5+7&)2%&7,).$%"($,4(


16/73

-

()(,)($&4(%+/#',5$%(/$#0%"(/)&'($$&*4,2#03,'&44&.#%+%),.(#0'5-.#03%"(%),.()C$.('#$#&04,2#03/)&'($$,0.%"(/)&'(.-)($#08&58(.#0,'%-,55+/5,'#03%"(%),.(

0&).()%&4,2(.('#$#&0$,1&-%7"(0%&%),.('&44&.#%+*-%-)($+&-4-$%",8(,$&-)'(&*/)#'(.,%,,0+.,#5+0(7$/,/()$',))+$&4('&44&.#%+/)#'($#0%"(#)*#0,0'#,5$('%#&0$"(",$'&4/)("(0$#8('&44&.#%+/)#'(5#$%#03$",$1&%"/)#'(%,15($,0.0-4()&-$/)#'('",)%$

55(9/()#(0'(.'&44&.#%+%),.()$/)(*()%&5&&2,%/)#'(,'%#8#%+&0,'",)%),%"()%",0%)+#03%%()/)(%%,15($&*0-41()$0*#0,0'#,5,0,5+$#$'",)%$,)(#0.#$/(0$,15(*&):-#'25+3),$/#03%"(($$(0'(&*"#$%&)#',5,0.)('(0%/)#'(,'%#&0

"(%+/#',5'&44&.#%+'",)%.(/#'%$.,#5+/)#'(,'%#&0,$,%"#08()%#',51,)7"#'"#0.#',%($

%"(.,+C$"#3",0.5&71+%"(%&/,0.1&%%&4&*%"(1,)"(&/(0#03,0.'5&$#03/)#'($,)($"&70,$%#0+.&%$,%%,'"(.%&%"(5(*%,0.)#3"%$#.(&*%"(1,)%+/#',5.,#5+/)#'('",)%',0$"&7-/%&$#94&0%"$&*/)#'(,'%#&0%"#$7,+

%#$(,$+%&'",03(%"(1,)C$%#4(*),4(*)&4.,+$%&7((2$&)4&0%"$,0.%"-$$"&7*)&4%7&%&%7(0%++(,)$&*"#$%&)#',5/)#'(,'%#&0#0%"($,4(*&)4,%&)$"&)%%()4%),.#03+&-',0'",03(%"(1,)C$%#4(*),4(%&"&-)$&)(8(04#0-%($

&&2#03,%$-'"1,)'",)%$(0,15($,%),.()%&$((%"()('(0%%)(0.&*/)#'($7"(%"()-/.&70&)$#.(7,+$#07",%(8()%#4(*),4("('"&&$($&55&7#03%"('-))(0%%)(0.&*/)#'($#$,'&)0()$%&0(&*$-''($$*-5%),.#03

"()(,)(,0-41()&*7,+$%&&1%,#0%"(/)#'('",)%$,%),.()0((.$%&,0,5+A(%"(4,)2(%$L&-',04,2(+&-)&70-$#033),/"/,/()"#$$&-0.$),%"()/)#4#%#8(1-%$&4((9/()%$)('&44(0.#%,$,3&&.7,+%&/-%+&-)$(5*#0'5&$(%&-'"7#%"/)#'(,'%#8#%+,0.4&0#%&))#$2

0&%"()$&-)'(&*'",)%$#$%"(/)#0%(.'",)%$()8#'("()(,)(,1&-%",5*,.&A(0&*%"($("(+%+/#',55+4,#5,1&&25(%&*0-4()&-$'",)%$'&8()#03,55%"(%),.(,15(4,)2(%$,*%()%"(4,)2(%$'5&$(&0)#.,+"()(#$$/,'(&0%"('",)%$%&-/.,%(%"(4.,#5+.-)#03%"(*&55&7#037((2-0%#50(9%'",)%1&&2,))#8($"($(/)#0%(.'",)%1&&2$0&)4,55+",8(,

0-41()&*#0.#',%&)$/5&%%(.,5&037#%"%"(/)#'(,'%#&0,0.'&0%,#0,7(,5%"&*,..#%#&0,5#0*&)4,%#&0

&)'&4/-%()&70()$%"()(,)(4,0+$&*%7,)(/)&3),4$%",%')(,%(*,0'+'",)%$&0%"('&4/-%()$')((0L&-',0#0/-%%"(/)#'(.,%,4,0-,55+&)8#,%(5(/"&0(4&.(4.&705&,.'&4/)("(0$#8(.,%,,*%()%"(4,)2(%$'5&$(*&)%"(.,+"&$(7#%"5,)3()1-.3(%$',0#0$%,55,$4,55$,%(55#%(.#$",0.7,%'"/)#'('",03($#0,55%"(4,)2(%$0(,)5+


17/73

#0$%,0%,0(&-$5+,$%"(+&''-)"($&*%7,)(')(,%($'",)%$.+0,4#',55+&0%"('&4/-%()$')((0,$(,'"%),.(%,2($/5,'(&0%"((9'",03($L&-',0/-%4,0+.#**()(0%'",)%$&0%"($')((0,0.%"-$7,%'"0-4()&-$4,)2(%$,55,)&-0.%"(7&)5.#0)(,5%#4("('&$%',0),03(*)&4,*(7"-0.)(.%&M;,4&0%".(/(0.#03&0%"($&*%7,)(,0.%"(0-41()&*(9'",03($+&-$-1$')#1(%&

%#$(,$+%&1(5#(8(%",%'&4/-%()$',04,2(,1#3.#**()(0'(#0%),.#03$-''($$(0.&)$&*(9/(0$#8($&*%7,)(7#55%(55+&-%",%$#0'(&%"()%),.()$7"&,)(+&-)'&4/(%#%#&0",8((9/(0$#8('&4/-%()$(%-/$+&-0((.&0(%&&"#$#$0C%)(,55+%)-(

"&$(7"&',0C%%),.(/)&*#%,15+7#%"&-%,'&4/-%()/)&1,15+7&0C%1("(5/(.%&&4-'"1+-$#03,'&4/-%()%4,+,'%-,55+1(.(%)#4(0%,51+',-$#03,0#0')(,$(#0%),.#03*)(:-(0'+>"#5(,'&4/-%()7#550&%4,2(,1,.%),.()#0%&3&&.&0(%"(+,)(*-0%&-$(,0.%"(+.&4,2(,%),.()C$5#*((,$#()

"()(,)(%7&/)#4,)+,0,5+%#'4(%"&.$*&).('#.#037"(0%&%,2(,*-%-)($/&$#%#&0*-0.,4(0%,5,0,5+$#$,0.%('"0#',5,0,5+$#$-0.,4(0%,5,0,5+$#$#08&58($-$#03('&0&4#'.,%,)(5,%#03%&$-//5+,0..(4,0.%&*&)(',$%5#2(5+*-%-)(/)#'(,'%#&0('"0#',5,0,5+$#$#08&58($,0,5+A#03/,$%/)#'(,'%#&0&*%"(4,)2(%#%$(5*%&*&)(',$%%"(5#2(5+*-%-)(/)#'(,'%#&0

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

('"0#',5,0,5+$%$,)3-(%",%$#0'(%"(4&$%20&75(.3(,15('&44()'#,5/,)%#'#/,0%$,)(,'%#8(5+%),.#03#0%"(4,)2(%$%"('-))(0%/)#'(%)(0.#$%"(4&$%,''-),%(,$$($$4(0%&**-%-)($-//5+,0..(4,0.*$&4(&0(#$'&))('%%",%*&)*-0.,4(0%,5)(,$&0$/)#'($7#555#2(5+4&8(-/$%)&035+#0%"(*-%-)(%"('&44()'#,5/,)%#'#/,0%$7"&",8(%"(3)(,%($%20&75(.3(,0.#0*5-(0'(&0%"(4,)2(%$$"&-5.'()%,#05+1(4&8#03%"(/)#'(-/7,).)#3"%0&7*/)#'(#0$%(,.#$4&8#03.&70,5&%&*8()+20&75(.3(,15(/(&/5(4-$%%"#02

/)#'(#0%"(*-%-)(7#555#2(5+1(.&700&%-/

&)%"#$)(,$&0,54&$%,55$-''($$*-5$/('-5,%&)$5(,)0%&*&55&7/)#'(,'%#&0,0.0&%%)+*-%#5(5+%&/)(.#'%%-)0#03/%$#0,.8,0'("(+$((2%&%),.(#0%-0(7#%"%"(5,)3(/,)%#'#/,0%$7"&4&8(%"(4,)2(%$


18/73

0"#$'5,$$#'1&&2*,4&-$,0,5+$%&"0-)/"+$-44,)#A($%"(),%#&0,5(*&)%('"0#',5,0,5+$#$H"(%('"0#'#,01(5#(8($%",%,0+%"#03%",%',0/&$$#15+,**('%%"(4,)2(%/)#'(&*,'&44&.#%+*-%-)($'&0%),'%*-0.,4(0%,5/&5#%#',5/$+'"&5&3#',5&)&%"()7#$(#$,'%-,55+)(*5('%(.#0%"(/)#'(&*%",%'&44&.#%+%*&55&7$%"()(*&)(%",%,$%-.+&*/)#'(,'%#&0#$,55%",%#$)(:-#)(.+$%-.+#03/)#'(

'",)%$,0.$-//&)%#03%('"0#',5#0.#',%&)$%"(%('"0#'#,05(%$%"(4,)2(%%(55"#47"#'"7,+#%#$4&$%5#2(5+%&3&"('",)%#$%20&7$%"()(,)()(,$&0$7"+4,)2(%$3&-/,0..&70(6-$%.&($0C%1(5#(8(%",%20&7#037",%%"&$()(,$&0$,)(#$0('($$,)+H


19/73

$$&

-%-)($'&0%),'%$,)(*#)4'&44#%4(0%$%&4,2(&),''(/%.(5#8()+&*,$/('#*#':-,0%#%+

,0.:-,5#%+&*,'&44&.#%+.-)#03,$/('#*#'4&0%"#0%"(*-%-)(,%,/)#'(,3)((.-/&0,%

%"( %#4( %"( '&44#%4(0% #$4,.(8()+ 5($$/()'(0%,3(&*')-.( *-%-)($ '&0%),'%$%),.(. )($-5% #0 .(5#8()+ &* %"( -0.()5+#03 '&44&.#%#($ 0$%(,. %"( %),.()$ 3(0(),55+

&**$(% %"(#) *-%-)($ /&$#%#&0$ 1(*&)( %"(#) '&0%),'%$ 4,%-)( "( .#**()(0'( 1(%7((0 %"(

#0#%#,5 /-)'",$( &) $,5( /)#'( ,0. %"( /)#'( &* %"( &**$(%%#03 %),0$,'%#&0 )(/)($(0%$ %"(

)(,5#A(./)&*#%&)5&$$

--.+*+'CC2*2.+%&D

"(*&55&7#03,)($&4(&*%"(2(+*,'%&)$7"#'".('#.(%"($-#%,1#5#%+&*%"('&44&.#%#($

*&)*-%-)(%),.#03

J"('&44&.#%+$"&-5.1('&4/(%#%#8(#(%"()($"&-5.1(5,)3(.(4,0.*&),0.$-//5+

&* %"( '&44&.#%+ 0& #0.#8#.-,5 &) 3)&-/ &* /()$&0$ ,'%#03 #0 '&0'()% $"&-5. 1( #0 ,

/&$#%#&0%*5-(0'(%"(.(4,0.&)$-//5+,0.'&0$(:-(0%5+%"(/)#'($-1$%,0%#,55+

J"()($"&-5.1(*5-'%-,%#&0$#0/)#'(

J"(4,)2(%*&)%"('&44&.#%+$"&-5.1(*)((*)&4$-1$%,0%#,53&8()04(0%'&0%)&5

%+*'2*2.+%&

-%-)($ '&0%),'%$ /()*&)4 %7& #4/&)%,0% *-0'%#&0$ &* /)#'( .#$'&8()+ ,0. /)#'( )#$2

4,0,3(4(0% 7#%" )(*()(0'( %& %"( 3#8(0 '&44&.#%+ % #* -$(*-5 %& ,55 $(34(0%$ &*

('&0&4+%#$-$(*-5%&/)&.-'()1(',-$("(',03(%,0#.(,&*%"(/)#'(5#2(5+%&/)(8,#5,%

,*-%-)(/%&*%#4(,0.%"()(*&)(',0.('#.(1(%7((08,)#&-$'&4/(%#03'&44&.#%#($

%"(1($%%",%$-#%$"#4%(0,15($%"('&0$-4()%&3(%,0#.(,&*%"(/)#'(,%7"#'"%"(

'&44&.#%+7&-5.1(,8,#5,15(,%,*-%-)(/%&*%#4((',0.&/)&/()'&$%#03,0.,5$&

'&8()"#$ /-)'",$($ 1+4,2#03 *&)7,). '&0%),'%$ "( *-%-)($ %),.#03 #$8()+-$(*-5 %&

(9/&)%()$ ,$ #%/)&8#.($,0,.8,0'( #0.#',%#&0&* %"( /)#'( 5#2(5+ %&/)(8,#5 ,0. %"()(1+

"(5/ %"( (9/&)%() #0 :-&%#03 , )(,5#$%#' /)#'( ,0. %"()(1+ $('-)( (9/&)% '&0%),'% #0 ,


20/73

'&4/(%#%#8(4,)2(%,8#03(0%()(.#0%&,0(9/&)%'&0%),'%#%(0,15($"#4%&"(.3("#$)#$2

1+&/(),%#03#0*-%-)($4,)2(%

*$@%+*'2*2'*.+%&E)#'( $%,1#5#A,%#&0 #0 %#4($ &* 8#&5(0% /)#'( *5-'%-,%#&0$"#$ 4('",0#$4 .,4/(0$ %"(

,4/5#%-.(&*/)#'(8,)#,%#&0

(,.$%%(3),%(./)#'($%)-'%-)(%")&-3"&-%%"('&-0%)+

,'#5#%,%($5(03%"+,0.'&4/5(9/)&.-'%#&0,0.4,0-*,'%-)#03,'%#8#%#($

0'&-),3($ '&4/(%#%#&0 ,0. ,'%$ ,$ , /)#'( 1,)&4(%() %& *,)4()$ ,0. &%"() %),.(

*-0'%#&0,)#($

%+*'*%.2'*/-2*2'.+%&

(.3#03%"(/)#'()#$2,$$&'#,%(.7#%"*-%-)($'&0%),'%-,5'&44#%4(0%$

**#'#(0%/)#'(.#$'&8()+/)(8(0%$$(,$&0,5/)#'(8&5,%#5#%+

,'#5#%,%(#0*&)4(.5(0.#03

(.3(./&$#%#&0$&*/)&.-'()$,0./)&'($$&)$7&-5.)(.-'(%"()#$2&*.(*,-5%*,'(.1+

%"(1,02$

)(,%() *5(9#1#5#%+ '()%,#0%+ %),0$/,)(0'+ #0 /)&'-)#03 '&44&.#%#($ 7&-5. ,#. 1,02

5(0.#03

%+*'*"#$%&1-@

''($$ %& "-3( /&%(0%#,5 4,)2(% 4-'" 3)(,%() %",0 %"( $('-)#%#($ ,0. ',$" 4,)2(% #0

'&44&.#%#($

&1-$%$',5,15($%,%(&*,)%%('"0&5&3+.(/5&+4(0%

(41()',0%),.(#04-5%#/5('&44&.#%#($*)&4,$#035(/%&0)(,5%#4(1,$#$


21/73

&44&.#%+-%-)($7"#'"*&)4$,0($$(0%#,5'&4/&0(0%&*&44&.#%+9'",03(',01(

1)&,.5+ '5,$$#*#(. #0%& /)('#&-$ 4(%,5$ ,3)#'-5%-)( (0()3+ ,0. &%"() 4(%,5$ -))(0%

*-%-)($8&5-4($,)(4#0#$'-5('&4/,)(.%&-0.()5+#03$/&%4,)2(%8&5-4($,0.%"-$",8(,%)(4(0.&-$/&%(0%#,5#0%"(

0(,)*-%-)(-%-)($%),.#03#0'&44&.#%#($)($-5%$#0%),0$/,)(0%,0.*,#)/)#'(.#$'&8()+

&0,''&-0%&*5,)3($',5(/,)%#'#/,%#&0$&*(0%#%#($,$$&'#,%(.7#%".#**()(0%8,5-('",#0$%

)(*5('%$ 8#(7$ ,0. (9/('%,%#&0$ &* , 7#.() $('%#&0 &* /(&/5( )(5,%(. %& , /,)%#'-5,)

'&44&.#%+%,5$&/)&8#.($(**('%#8(/5,%*&)4*&)/)#'()#$24,0,3(4(0%*&),55$(34(0%$

&*/5,+()$),03#03*)&4/)&.-'()$%),.()$,0./)&'($$&)$%&(9/&)%()$=#4/&)%()$,0.(0.

-$()$&*,'&44&.#%+%,5$&"(5/$#0#4/)&8#03%"(')&//#03/,%%()0*&)%"(*,)4()$%"-$

4#0#4#A#03 %"( 5&$$($ %& %"( *,)4()$ % ,'%$ ,$, $4,)% #08($%4(0% '"'( 1+/)&8#.#03

"(.3#03 %),.#03 ,0. ,)1#%),3( &//&)%-0#%#($ %&4,)2(% /5,+()$ #$%&)#',55+ /)#'#03 #0

'&44&.#%#($ *-%-)($ ",$ 1((0 5($$ 8&5,%#5( '&4/,)(. 7#%" (:-#%+ ,0. 1&0.$ %"-$

/)&8#.#03 ,0(**#'#(0% /&)%*&5#& .#8()$#*#',%#&0 &/%#&0 ,7 4,%()#,5$ *&)4 %"( 4&$% 2(+

(5(4(0% &* 4&$% &* %"( #0.-$%)#($ "( $#30#*#',0'( &* ),7 4,%()#,5$ ',0 *-)%"() 1(

$%)(03%"(0(.1+%"(*,'%%",%%"(H#0')(,$(#0),74,%()#,5'&$%4(,0$)(.-'%#&0#0$",)(

/)#'($H0&%"()7&).$H",)(/)#'($4#4#'%"('&44&.#%+/)#'(4&8(4(0%$H0.-$%)+#0

0.#,%&.,+)-0$%"(),74,%()#,5/)#'()#$2K"(0'(3*&)7,).%"(#0.-$%)+',0"(.3(

%"#$)#$21+%),.#03#0%"('&44&.#%#($4,)2(%


22/73

-13-

0 3(0(),5 *-%-)($ 4,)2(%$ '&4/(0$,%( ,0 #0.#8#.-,5 *&) %"( '&$% &* /-)'",$#03 ,

'&44&.#%+ %&.,+ $%&)#03 #% ,0. .(5#8()#03 #% #0 %"( *-%-)( $ , )($-5% &0( 7&-5.

&).#0,)#5+(9/('%%&$((,0-/7,).%)(0.#0/)#'($,$'&0%),'%4&0%"$3&*-)%"()&-%-'",'&0.#%#&0#$20&70,$&0%,03&,0.#$%+/#',5&*4,0+*-%-)($4,)2(%$04&$%*#0,0'#,5

4,)2(%$%"(')-'#,5.(%()4#0,0%&*%"(/)#'(.#**()(0%#,51(%7((0%7&'&0%),'%4&0%"$#$

#0%()($% ),%($ $%&),3( ,0. #0$-),0'( '",)3($ -%-)($ '&0%),'%$ #0 4,)2(%$ ,54&$%

,57,+$ )(*5('% , /()*('% ',))+#03'",)3( $%)-'%-)(% %"( %#4( &* 4,%-)#%+ 1&%" *-%-)($

/)#'($ %(0. %& '&08()3( 7#%" $/&% /)#'($ 1(',-$( &* %"( .(5#8()+ 5#02,3( (41(..(. #0

*-%-)($ '&0%),'%$ $'(0,)#&&* 1,'27,).,%#&07"#'" )(*()$ %&, $'(0,)#&7"()( *-%-)(

/)#'($,)(5($$()%",0$/&%/)#'($4,+,)#$(#*%),.()$/()'(#8($"&)%%()4$-//5+%#3"%0($$

#0%"(4,)2(%

1&+%9F2+-%*

-5%#&44&.#%+9'",03(&*0.#,%.)(:-#)($#%$4(41()$%&.(/&$#%,0.4,#0%,#0#0

%"(#) ,''&-0%$ , '()%,#0 4#0#4-4 ,4&-0% &* *-0.$ *&) (,'" &/(0 /&$#%#&0"(5."($(

*-0.$ ,)( 20&70 ,$ 4,)3#0 ,0. )(/)($(0% , 3&&. *,#%" .(/&$#% %",% $()8($ %& /)&8#.(

/)&%('%#&0,3,#0$%5&$$($#0%"(4,)2(%"(5(,)#03"&-$('&55('%$4,)3#0$.#)('%5+*)&4

(,'"&*


23/73

9>1139GG

"( 1,$#' '&0'(/% &* , .()#8,%#8( '&0%),'% )(4,#0$ %"( $,4( 7"(%"() %"( -0.()5+#03

",//(0$%&1(,'&44&.#%+&),*#0,0'#,5,$$(%&7(8()%"()(,)($&4(*(,%-)($7"#'",)(

8()+/('-5#,)%&'&44&.#%+.()#8,%#8(4,)2(%$0%"(',$(&**#0,0'#,5.()#8,%#8($4&$%&*%"($('&0%),'%$,)(',$"$(%%5(.8(0#0%"(',$(&*/"+$#',5$(%%5(4(0%*#0,0'#,5,$$(%$,)(

0&% 1-52+ ,0. .& 0&% 0((. $/('#,5 *,'#5#%+ *&) $%&),3( -( %& %"( 1-52+ 0,%-)( &* %"(

-0.()5+#03 ,$$(%$ /"+$#',5 $(%%5(4(0% #0 '&44&.#%+ .()#8,%#8($ ')(,%($ %"( 0((. *&)

7,)("&-$#03#4#5,)5+%"('&0'(/%&*8,)+#03:-,5#%+&*,$$(%.&($0&%)(,55+(9#$%,$*,),$

*#0,0'#,5-0.()5#03$,)('&0'()0(.&7(8()#0%"(',$(&*'&44&.#%#($%"(:-,5#%+&*%"(

,$$(% -0.()5+#03 , '&0%),'% ',0 8,)+ 5,)3(5+ "#$ 1('&4($ ,0 #4/&)%,0% #$$-( %& 1(

4,0,3(.>(",8(,1)#(*5&&2,%%"($(#$$-($

$/'+#,'**,-%*

"+$#',5$(%%5(4(0%#08&58($%"(/"+$#',5.(5#8()+&*%"(-0.()5+#03'&44&.#%+%+/#',55+

,%,0,'')(.#%(.7,)("&-$("($(55()#0%(0.#03%&4,2(.(5#8()+7&-5.",8(%&%,2(%"(

'&44&.#%#($%&%"(.($#30,%(.7,)("&-$(,0.%"(1-+()#0%(0.#03%&%,2(.(5#8()+7&-5.

",8( %& 3& %& %"( .($#30,%(. 7,)("&-$( ,0. /#'2 -/ %"( '&44&.#%+ "#$ 4,+ $&-0.

$#4/5(1-%%"(/"+$#',5$(%%5(4(0%&*'&44&.#%#($#$,'&4/5(9/)&'($$"(#$$-($*,'(.

#0/"+$#',5$(%%5(4(0%,)((0&)4&-$"()(,)(5#4#%$&0$%&),3(*,'#5#%#($#0.#**()(0%$%,%($

"()(,)()($%)#'%#&0$&0#0%()$%,%(4&8(4(0%&*'&44&.#%#($($#.($$%,%(5(8(5&'%),0.

.-%#($",8(,0#4/,'%&0%"('&$%&*4&8(4(0%&*3&&.$,')&$$5&',%#&0$"(/)&'($$&*

%,2#03 /"+$#',5 .(5#8()+ #0 '&44&.#%#($ #$ :-#%( .#**()(0% *)&4 %"( /)&'($$ &* %,2#03

/"+$#',5.(5#8()+ #0 *#0,0'#,5 ,$$(%$>( %,2( , 3(0(),5&8()8#(7,% %"( /)&'($$ *5&7&*

/"+$#',5 $(%%5(4(0% &* '&44&.#%#($ ,%() &07(7#55 5&&2 #0%& .(%,#5$ &* "&7 /"+$#',5

$(%%5(4(0%",//(0$&0%"(


24/73

%",%#0%"('&44&.#%#($4,)2(%1&%"/&$#%#&0$',0$%#551('5&$(.&-%1(*&)((9/#)+&*%"(

'&0%),'% "( #0%(0%#&0 &* %"#$ 0&%#'( #$ %& ,55&7 8()#*#',%#&0 &* .(5#8()+ ,0. %& 3#8(

,.(:-,%(0&%#'(%&%"(1-+()&*,/&$$#15()(:-#)(4(0%%&%,2(.(5#8()+"($(,)()(:-#)(.

1+8#)%-(&*%"(*,'%%",%%"(,'%-,5/"+$#',5$(%%5(4(0%&*'&44&.#%#($)(:-#)($/)(/,),%#&0*)&4 1&%" .(5#8()#03 ,0. )('(#8#03 4(41()$ +/#',55+ #0 ,55 '&44&.#%+ (9'",03($

.(5#8()+0&%#'(#$)(:-#)(.%&1($-//&)%(.1+,7,)("&-$()('(#/%"(7,)("&-$()('(#/%

#$%"(/)&&**&)%"(:-,0%#%+,0.:-,5#%+&*'&44&.#%#($1(#03.(5#8()(.&4((9'",03($

",8('()%#*#(.5,1&),%&)#($*&)8()#*+#03%"(:-,5#%+&*3&&.$0%"($((9'",03($%"($(55()

",$%&/)&.-'(,8()#*#',%#&0)(/&)%*)&4%"($(5,1&),%&)#($,5&037#%".(5#8()+0&%#'(


25/73

*2-*

&)#$2',01((5#4#0,%(.1-%%"($,4(',01(%),0$*())(.%&$&4(&0(7"&',0",0.5(#%

1(%%()&)%&$&4(&0(7"&",$%"(,//(%#%(*&))#$2&44&.#%+(0%()/)#$($/)#4,)#5+*,'(

%"(*&55&7#03'5,$$($&*)#$2$0,4(5+%"(/)#'()#$2%"(:-,0%#%+)#$2%"(+#(5.=&-%/-%)#$2,0.%"(/&5#%#',5)#$2,52#03,1&-%%"(0,%#&07#.('&44&.#%+(9'",03($%"()#$2&*%"(

'&-0%() /,)%+ %),.#034(41() '5#(0%8(0.&)$ (%'0&% *-5*#55#03 "#$ &15#3,%#&0$&0.-(

.,%(&),%,0+%#4(%"()(,*%()#$%"(4&$%'&44&0)#$2"#$)#$2#$4#%#3,%(.1+'&55('%#&0

&*%"(*&55&7#034,)3#0$

J0#%#,5,)3#0$

J9/&$-)(4,)3#0$

J,)2(%%&4,)2(%&*/&$#%#&0$&0,.,#5+1,$#$

J&$#%#&0#4#%$,0.0%),.,+/)#'(5#4#%$

J-)8(#55,0'(

&44&.#%+/)#'()#$2$#0'5-.(

J0')(,$(#0/-)'",$('&$%8#$O8#$'&44#%4(0%&0$,5($/)#'(

J",03(#08,5-(&*#08(0%&)+

J&-0%()/,)%+)#$2%),0$5,%#03#0%&'&44&.#%+/)#'()#$2


26/73

19G3113H4319


27/73

"()(5,%#&0$"#/1(%7((0%"(0,%-)(&*,'&44&.#%+,0.#08($%4(0%&//&)%-0#%#($,)2(%

$#A(,5$&.(%()4#0($ %"( %+/(&*,''($$ #08($%&)$",8( %&.#**()(0% '&44&.#%#($)&,.5+

$/(,2#03,''($$',01(.#8#.(.#0%&*&-)%+/($,$3#8(01("#0.

P08($%4(0%

P#)('%&70()$"#/&*%"('&44&.#%+#%$(5*

P08($%4(0%#0/)&.-'#03'&4/,0#($

P-%-)($,0.&/%#&0$

0( '&0$#.()$ .()#8,%#8($ ,0. &%"() $%)-'%-)(. /)&.-'%$ %& 1( , $-1$(% &* %"( &/%#&0$

',%(3&)+*&)'-))(0%/-)/&$($()+*(7'&44&.#%#($5(0.%"(4$(58($%&.#)('%&70()$"#/&)#08($%4(0%.#)('%5+#0%"('&44&.#%+#%$(5*,$%"(/&$$#1#5#%+&*.%"#$.(/(0.$&0

%"( *(,$#1#5#%+ &* $%&)#03 %"( '&44&.#%+ "#$ #$ 1,$#',55+ #0 ',$( &* 4(%,5$ 7"()( %"(

#08($%&)$ -)3( %&%,2(/"+$#',5.(5#8()+&* ,4(%,5),03(&* $&/"#$%#',%(.,5%()0,%#8($

(9#$% 4(%,5 ,''&-0%$ (9'",03( %),.(. *-0.$ '&55('%#8( #08($%4(0% 8("#'5($ ,0. $& &0

5%"&-3"7(",8(#.(0%#*#(.4,0+(9'",03($7"()('&44&.#%+*-%-)($,)(%),.(.4,0+

&* %"($( ,)( 5#4#%(. #0 %()4$ &* %"( 8&5-4( &* %),.($ ,0. %"( ),03( &* '&44&.#%#($ #$

'&8()(. &$% &* %"( 7&)5.Q$ '&44&.#%+ (9'",03($ (8&58(. ,$ , *-0'%#&0 &* 0,%#&0,5

/)&.-'%#&0,0+&*%"($(4,)2(%$,)($#4/5+%&&$4,55%&1(&*#0%()($%%%()0,%#&0,5

#08($%&)$,0.7()(0&%$(%-/*&)%"#$/-)/&$("()(*&)(7"(0'&0$#.()#03#08($%4(0%8#,

%"('&44&.#%+*-%-)($4,)2(%7( )($%)#'%&-)$(58($%&R#08($%,15('&44&.#%#($I7"#'"

0(',01)&,.5+#.(0%#*+,5-4#0-4,5-4#0-4,55&+'&//()5(,.0#'2(5%#0A#0'3&5.

$#58() /5,%#0-4 /,55,.#-4 (0()3+ 3,$ ,0. /&7() 1,)5(+ 4,#A( 7"(,% )-11()

/,54$&+1(,0$'&%%&07&&5%&/$'&**(('&'&,,0.$-3,)"($(*-%-)($',0&*'&-)$(

1(%),.(.8#,'&44&.#%+#0.#'($''($$#03'&44&.#%#($8#,%"(*-%-)($4,)2(%7"(%"()

#0#0.(9*&)4&)0&%#$,8()+.#**()(0%/)&/&$#%#&0*)&4#08($%#03#0'&)/&),%($('-)#%#($


28/73

-%-)($'&0%),'%",8(1((0-$(.,$*#0,0'#,5&**$(%$%&',$"4,)2(%)#$2*&)4&)(%",0,'(0%-)+(.3#03,55&7$,4,)2(%/,)%#'#/,0%%&5&'2#0/)#'($,0.4,)3#0$#0,.8,0'(,0.

)(.-'($%"(/&%(0%#,5*&)-0,0%#'#/,%(.5&$$&)'&4/(%#%#8(.#$,.8,0%,3(

"(.3(#08&58($($%,15#$"#03,/&$#%#&0#0%"(*-%-)($4,)2(%%",%#$(:-,5,0.&//&$#%(%&&*,/&$#%#&0#0%"(/"+$#',54,)2(%&)#0$%,0'(,)-.((*#0()+'&4/,0+7"/&)%$')-.(',0"(.3(1+1-+#033#&03&0%"(')-.(*-%-)($%",%7#553#8(#%,'-$"#&0,3,#0$%$-..(0#0')(,$(#0/)#'($(.3#037&)21(',-$(',$"/)#'($,0.*-%-)($/)#'($%(0.%&4&8(#0%,0.(4'&08()3#03,$(,'".(5#8()+4&0%")(,'"($(9/#),%#&0

6.&+%&"-8,I2.+,

0/)#5F,')-.((9/5&),%#&0'&4/,0+#$$-//&$(%&.(5#8()&0(5,2"1,))(5$#0('(41()F%&,)(*#0(),%%"(%"(0/)(8,#5#03),%(&7(8()#0('(41())-.(#5/)#'($,)((9/('%(.%&)-5(5&7&/)&%('%#%$(5**)&4.&707,)./)#'(4&8(4(0%%"('&4/,0+.('#.($%&%),.(#09'",03(/5,%*&)4%&"(.3(%"#$/)#'()#$2

0/)#5F%"('&4/,0+$(55$;'&0%),'%$;1,))(5$(,'"&*


29/73

2,,+'$#%+

+('(41()F%"(*-%-)($/)#'($)#$(%&'&08()3(7#%"$/&%4,)2(%,%$;/()

1,))(5

/&%,)2(% -%-)($,)2(%/)#5F (55$('F'&0%),'%,%$/()1,))(5

('(41()F(55$,%$;/()1,))(5 -+$('F'&0%),'%,%$;/()1,))(5

)&*#%$$;/()1,))(5 &$$($$;/()1,))(5

),0$,'%#&0)($-5%(.#00&/)&*#%0&5&$$


30/73

-%.'+.#*'

)0%#-,'*+#+*/.-%.

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

#$7#%")($/('%%&1,$#'('&0&4#'$-)8#8,5%,5$&%(55$-$"&7.(4,0.*&)/,)%#'-5,)3&&.$4#3"%(8&58(,$('&0&4#($1('&4(7(,5%"#()#(,$#0'&4($&)/()',/#%,)#$(*&),'&-0%)+,$,7"&5(-)%"()#0'&4(',01(4(,$-)(.1&%"#0%()4$&*%"(3(0(),5('&0&4#'7(,5%"&*,'&-0%)+,$,7"&5(&)$/5#%#0%&.#**()(0%#0'&4(3)&-/$7#%"#0,'&-0%)+&).(*#0(.#0%()4$&*,8(),3(=',/#%,

)@0+#,'*+#+*/.-%.

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


31/73

4,)2(%)($(,)'"&*%"#$%+/(,)(%"(4$(58($,*-0'%#&0&*7"(%"()%"($#A(&*,4,)2(%#%$(5*4,2($%"($(,'%#8#%#($,0('&0&4#',55+8#,15(/)&/&$#%#&0

288,/'+.#*'

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

*#%#$(,$+,0.'&$%(**('%#8(%&$%&)(,'&44&.#%+,0.#*,'&44&.#%+",$,5&03R$"(5*5#*(I %"(0 %"#$ ",$ #4/5#',%#&0$ *&) $('&0.,)+ $-//5+ $#0'( #% %"(01('&4($/&$$#15( %&

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


32/73

'&44&.#%#($,)($-$'(/%#15(%&.(4,0.$:-((A($*)&4%#4(%&%#4(7"#'"#0%-)05(,.$%&1,'27,).,%#&0#0%"(*-%-)($4,)2(%#(,$#%-,%#&07"()(%"($/&%/)#'((9'((.$%"(*-%-)(/)#'(

"($($-//5+$#.(*,'%&)$,5$*5-(0'(%"(4,)2(%$%)-'%-)(&*(,'"$-1$('%&)3#8(0%"(

),03(&*4#0#4-4(**#'#(0%$',5($&*/)&.-'%#&0,)2(%$%)-'%-)(#0#%$(5*,5$*5-(0'($/)#'(,$%"($('%&)",$.(4&0$%),%(.)(/(,%(.5+


33/73

$"

41G9G>

)-.(#$%"(7&)5.C$4&$%,'%#8(5+%),.(.'&44&.#%+,0.%"(L($%(9,$0%()4(.#,%(#.5,0.>($%(9,$&-),0.,)$5(0.


34/73

'4'

#5,0.3,$,)(&*/,),4&-0%#4/&)%,0'(#0('&0&4#($7&)5.7#.("()(#$",).5+,0,%#&0

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

"(#4/&)%,0'(&*%"(5,$$('%&)#$/()",/$1($%(9/5,#0(.#0%()4$&*%"(('&0&4#'(**('%$%",%$-//5+.#$)-/%#&0$",8(#5/)#'($"&'2$,''&4/,0+#03$-//5+.#$)-/%#&0$",8("-)%,0-41()&*('&0&4#($,0.",8(1((0,4,6&)',-$(&*#0*5,%#&0,0.)('($$#&0,$7,$%"(',$(#0%"(;BE$"(('&0&4#'#4/,'%&*$-//5+.#$)-/%#&0$#0%()4$&*#0')(,$(.#0*5,%#&0,0.-0(4/5&+4(0%,0.)(.-'(.('&0&4#'3)&7%"',01($&$(8()(,$%&)($-5% #0, 5&$$&*3)&$$.&4($%#'/)&.-'% 4&$%5+1(',-$(&*5&$% #08($%4(0%$#30#*#',0%5+%"($"&'2$#0;BED,0.;BEB",.',-$(.$#30#*#',0%.#$)-/%#&0$%&7&)5.('&0&4#($"( /)#'( )#$( #0 1&%" %"( (,)5#() ')#$($ 7,$ 5,)3( (0&-3" %& ',-$( ,7&)5.7#.( )('($$#&0 ,0. , $#30#*#',0% .('5#0( #035&1,5 ('&0&4#' ,'%#8#%+ &) #0$%,0'(.-)#03%"(;BED$"&'2.('5#0(.*&)%"(-)&/(,0.,/,01+GESFS,0.ES)($/('%#8(5+#4#5,)5+#0%"(;BEB$"&'27&)5..('5#0(.1+DS"("#3"

/)#'($ $#0'(; ,)( (9/('%(.%&",8(,0(3,%#8( #4/,'% &07&)5.('&0&4#'3)&7%"&7(8() %"( #4/,'% #$ 0&% (9/('%(. %& 1( %",% $(8()( ,$ %"( )&5( &* #0 %"(7&)5.('&0&4+ ",$ .#4#0#$"(. &8() %"( +(,)$ -)%"() %"( /)#'( ,% &8() MD=115 #0(/%(41() 7,$ &05+ ",5* %"( /)#'( #0 ;B! #0 )(,5 %()4$ ''&).#035+ %"(0%()0,%#&0,5&0(%,)+-0.",.($%#4,%(.#0;%",%$-$%,#0(./)#'($&*MD=1157#55)(.-'(%"(7&)5.3)&7%"),%(1+DS,0.#0')(,$(#0*5,%#&01+S


35/73

&7(8()(0()3+#0%(0$#8(.(8(5&/#03'&-0%)#($5#2(0.#,7#%"5#4#%(.)($()8($'&-5.1((9/('%(.%&",8(,%&-3"%#4(

#4#5,)5+5&7/)#'($,5$&",8(,0(3,%#8(#4/,'%>"(0/)#'($*(55%&"#$%&)#'5&7$#0;BB!T #0 )(,5 %()4$ %"(+ 7()( 5&7() %",0 %"( ;BED 5(8(5T%"( )(8(0-($ &* %"(

4(41()$/5-03(.%&,1&-%M;10&05+&0(*#*%"&*%"(#);BB!)(8(0-($#0)(,5%()4$#5/)#'(4&8(4(0%$",8(,5$&",.(**('%$&0%"(*#0,0'#,5/()*&)4,0'(&*'&4/,0#($"($#91#33($%4()#',0*#)4$/&$%(.3)#4*&-)%":-,)%())($-5%$*&);BB!%"(#),*%()%,9/)&*#%$*(551+BS&)MG!10'&4/,)(.7#%"%"($,4(:-,)%(),+(,)(,)5#()

"()(,)( %7&7,+$ #07"#'" $"&'2$7(,2(0 ,0,%#&0Q$('&0&4+%")&-3".#)('% &)7(,5%"%),0$*()'&$%$,0.#0.#)('%&),.6-$%4(0%'&$%$"(('&0&4+1(,)$.#)('%'&$%$7"(0%"()#$#03/)#'($&*#4/&)%(.',-$(,%),0$*()&*#0'&4(*)&4%"('&0$-4#03%&%"(/)&.-'#030,%#&0$"(#0.#)('% '&$%$,)(',-$(.1+%"()#$(#0 %"(/)#'(&* )(5,%#8(%&&%"()/)&.-'%#&0#0/-%$#0'(#$/)#4,)#5+,),74,%()#,5-$(.%&/)&.-'(&%"()"#3"()

8,5-(,..(./)&.-'%$-//5+.#$)-/%#&0$),#$('&$%$)(.-'#03%"(/)&*#%4,9#4#$#03&-%/-% &* -$#03 *#)4$ ,0. %"()(1+ 5&7()#03 $ $")#02$ %"( .(4,0. *&)5,1&-),0.0&0(0()3+#0/-%$.('5#0($*-)%"()#0')(,$#03-0(4/5&+4(0%"()(#$,$%)&035#02,3( 1(%7((0 ,0. (0()3+ '&0$-4/%#&0 &* 7"#'" ,0. 3,$ ,)( 4,6&)'&4/&0(0%$,0.7#%"%"((9'(/%#&0&*&05+%7&/()#&.$T;BEG;BEF,*%()%"(;BED')#$#$,0.;B!;B!,*%()%"(;BEB;B!')#$#$(0()3+,0.%"(('&0&4+",8(*&55&7(.,$#4#5,)/,%"&*/)&3)($$


36/73

)-.(&)')-.(#$,4#9%-)(&*"+.)&',)1&0$%",%(9#$%$#0,5#:-#./",$(#00,%-),5-0.()3)&-0.)($()8)$ % )(4,#0$ 5#:-#.,%,%4&$/"()#'/)($$-)(,*%() /,$$#03%")&-3"$-)*,'($(/,),%#03*,'#5#%#($)&.-'%#&08&5-4($)(/&)%(.,$')-.(#0'5-.(

#:-#.$%('"0#',55+.(*#0(.,$')-.(K4,55,4&-0%$&*"+.)&',)1&0$%",%(9#$%#0%"(3,$(&-$ /",$( #0 0,%-),5 -0.()3)&-0. )($()8)$ 1-% 7"#'" ,)( 5#:-#. ,% ,%4&$/"()#'/)($$-)(,*%()1(#03 )('&8()(.*)&49(55 ',$#03"(,.3,$ #05(,$($(/,),%&)$K4,55,4&-0%$&*0&0"+.)&',)1&0$/)&.-'(.7#%"%"(

'+#'2.+,

;)-.($ ,)( '&4/5(94#9%-)($ '&0%,#0#034,0+ .#**()(0% "+.)&',)1&0 '&4/&-0.$%",%8,)+#0,//(,),0'(,0.'&4/&$#%#&0*)&4&0(*#(5.%&,0&%"())-.($),03(#0

'&0$#$%(0'+ *)&47,%()%&%,)5#2($&5#.$ ,0. #0'&5&)*)&4'5(,) %&15,'20H,8(),3(H')-.('&0%,#0$,1&-%!GS',)1&0;GS"+.)&3(0;SDS$-5*-),0.5($$%",0;S(,'"&* 0#%)&3(0 &9+3(0 4(%,5$ ,0. $,5%$ )-.( $ ,)( 3(0(),55+ '5,$$#*#(. ,$ /,),**#0#'0,/"%"(0#' &) ,)&4,%#' 1,$(. &0 %"( /)(.&4#0,0% /)&/&)%#&0 &* $#4#5,) "+.)&',)1&04&5('-5($#9(.1,$(')-.($",8(8,)+#03,4&-0%$&*(,'"%+/(&*"+.)&',)1&0(*#0()+')-.(1,$($%&'2$-$-,55+'&0$#$%&*4#9%-)($&*%7&&)4&)(.#**()(0%')-.($

(5,%#8(5+ $#4/5( ')-.( ,$$,+$ ,)( -$(. %& '5,$$#*+ ')-.( $ ,$ /,),**#0#'0,/"%"(0#' ,)&4,%#' &) 4#9(. 0( ,$$,+ 4(%"&. 0#%(. %,%($ -)(,- &* #0($ #$1,$(.&0.#$%#55,%#&0,0.,0&%"()4(%"&.HH*,'%&)#$1,$(.&03),8#%+,0.1#03/%$&)('&4/)("(0$#8(')-.(,$$,+$.(%()4#0(%"(8,5-(&*%"(')-.(#(#%$+#(5.,0.:-,5#%+&*-$(*-5/)&.-'%$,0./)&'($$#03/,),4(%()$)-.($,)(-$-,55+3)&-/(.,''&).#03%&+#(5.$%)-'%-)(

D)-.($,)(,5$&.(*#0(.#0%()4$&*4()#',0(%)&5(-40$%#%-%(3),8#%+"("#3"()%"(3),8#%+%"(5#3"%()%"(')-.(&)(9,4/5(5#3"%')-.($",8("#3"3),8#%#($,0.5&7$/('#*#'3),8#%#($)-.($7#%"5&7',)1&0"#3""+.)&3(0,0."#3"3),8#%+,)(-$-,55+)#'"#0/,),**#0$,0.%(0.%&+#(5.3)(,%()/)&/&)%#&0$&*3,$&5#0(,0. 5#3"% /(%)&5(-4 /)&.-'%$K %"&$( 7#%" "#3" ',)1&0 5&7 "+.)&3(0 ,0. 5&7 3),8#%#($,)(-$-,55+)#'"#0,)&4,%#'$

G)-.($%",%'&0%,#0,//)('#,15(:-,0%#%#($&*"+.)&3(0$-5*#.(&)&%"())(,'%#8($-5*-)'&4/&-0.$,)(',55(.H$&-)H"&$(7#%"5($$$-5*-),)(',55(.H$7((%H&4((9'(/%#&0$%&%"#$)-5(,)(>($%(9,$')-.($7"#'",)(,57,+$'&0$#.()(.H$&-)H)(3,).5($$&*%"(#)'&0%(0% ,0. ),1#,0 "#3"$-5*-) ')-.($7"#'" ,)( 0&% '&0$#.()(. H$&-)H 1(',-$( %"(#)$-5*-)'&4/&-0.$,)(0&%"#3"5+)(,'%#8(


37/73

&

>,.

,5,0'()('&8(),15()($()8(#$,1&-%;GE1#55#&0%&0($&*7"#'"#$;;

1#55#&0%&0($ )&.-'%#&0#$,1&-%DFFE4#55#&0%&0($&*7"#'"#$;D!G4#55#&0%&0($ (*#0()+',/,'#%+#$,1&-%G;40%&0($=+(,)0.#, ,5,0'()('&8(),15()($()8(#$,1&-%EDD4#55#&0%&0($D&*7"#'"&**$"&)(#$DBG

40%&0($,0.&0$"&)(#$DDB4#55#&0%&0($ )&.-'%#&0&*')-.(#0D#$DDG4#55#&0%&0($ 4/&)%&*')-.(!;BB40%&0($8,5-(.,%$E;BF1#55#&0D )-.(/)&.-'(.&0$"&)(#0-6),%$$,4,3,5,0.)-0,'",5),.($",4#5

,.-0."),),.($"

"("#$%&)+&*%"($('%&)#00.#,.,%($1,'2%&%"(5,%(;B%"'(0%-)+7"(09,$*#)$%$%)-'2,%#31#0$$,4#0;!!B0%"($-1$(:-(0%/()#&.%#55%"(;B$(9/5&),%#&0,0. /)&.-'%#&0 ,'%#8#%#($ 7()( 5,)3(5+ '&0*#0(. %& %"( &)%",$%()0 )(3#&0 "( .,#5+')-.( /)&.-'%#&0 %"(0 ,8(),3(. F 1,))(5$ /() .,+ "( 5,%() .#$'&8()+ &* %"(,41,+ &0$"&)(1,$#0 #0 ;BF! ,0. %"( &41,+ &**$"&)(1,$#0 #0 ;BEG (0",0'(. %"(/)&.-'%#&0%&%"('-))(0%5(8(5&*E401,))(5$/().,+41.0%"(.&70$%)(,4$('%&)%"(*#)$%)(*#0()+7,$$(%-/,%#31#0;B;&7(8()0(7',/,'#%#($7()(,..(.&05+#0%"(5,%(;BF$(,)5+;B$1+#0%()0,%#&0,54,6&)$$-'",$"(55,5%(9,0.$$&(*#0()#($

7()(,5$&$(%-/1+%"(&8()04(0%#0%"(;B$5%"&-3"%"((9/5&),%#&0,0./)&.-'%#&0,'%#8#%#($ 7()( .&4#0,0%5+ -0.() &8()04(0% '&0%)&5 %"( 0,%#&0,5#$,%#&0 &* 1&%" %"(-/$%)(,4,0..&70$%)(,4$('%&)$7,$#0#%#,%(.,*%()%"(#5"&'2&*;BE$,0.'&4/5(%(.&0'%&1() ;G ;B!;$ , )($-5% %"( #0%()0,%#&0,5 '&4/,0#($ 7#%".)(7 *)&4 0.#,&55&7#030,%#&0,5#$,%#&0'&0%)&5$7()(#4/&$(.1+%"(&8()04(0%&0%"(/)#'#03,0..#$%)#1-%#&0&*')-.(,0./(%)&5(-4/)&.-'%$#00.#,

0.#,),02$,4&03%"(%&/;5,)3($%'&0$-4#03'&-0%)#($ #5,''&-0%$*&),1&-%D/()'(0%&*0.#,Q$%&%,5(0()3+'&0$-4/%#&0 "('&-0%)+Q$%&%,5'&0$-4/%#&0#$,1&-%G4#55#&01,))(5$/().,+

0.#,",.,%&%,5&*F4#55#&01,))(5$/().,+#0)(*#0#03',/,'#%+ 0.()$()#($3&8()04(0%#$(0'&-),3#03,'%#8(/,)%#'#/,%#&01+/)#8,%(,0.

#0%()0,%#&0,5/,)%#($#0(9/5&),%#&0&*#5,%-),5,$ 0.#,0 3&8()04(0% #0 &**#'#,55+ (0.(. %"( .4#0#$%()(. )#'#03('",0#$4

#$#08($%4(0%=($%)-'%-)#03 &* /-15#' $('%&) -0#%$ ,0. '&4/5(%( .()(3-5,%#&0 &*

0.#,0)(%,#5/(%)&5(-4/)&.-'%$$('%&)#$-0.()7,+


38/73

5

48'*-+,

"( -/$%)(,4 $('%&) #$ ,0 #0%()0,%#&0,5 4,)2(% 7#%" #08($%4(0% ,0. &/(),%#&0,5.('#$#&0$ #0')(,$#035+ .(%()4#0(. ,3,#0$% 7&)5. 0&)4$ "(,8#5+ #0*5-(0'(. 1+ 1&%" %"('-))(0%7&)5./)#'(,0.,0%#'#/,%(./)#'(*&)#%$#4/,'%&00(7*#(5..(8(5&/4(0%$"(8&5,%#5#%+&*%"(/)#'(",$5(.%&'",03($#0%"($%)-'%-)(&*%"($('%&)(0'&4/,$$#031&%" %"( '&4/,0#($ ,0. %"(#) 8,)#&-$ '&0%),'%&)$ 0 /,)%#'-5,) %"()( ",$ 1((0'&0$&5#.,%#&01&%""&)#A&0%,55+,0.8()%#',55+#0%"(%),.#%#&0,5'&0%),'%#03$-//5+'",#0

0 )('(0% +(,)$ %"( '&0%#0-(. /)($$-)($ &0 '&$%$ ",8( (0'&-),3(. $",)#03 &*)($/&0$#1#5#%#($1(%7((0%"('&4/,0#($,0.%"(#)4,6&)'&0%),'%&)$8();BB!=;BBB

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

"( 5(8(5&*,'%#8#%+#0,0+&0('&-0%)+#$#0*5-(0'(.3(0(),55+1+%"((9/('%,%#&0&0/)#'( ,0. 5&',5 '&0.#%#&0$ )(*5('%#03 %"( '&-0%)+C$ '&4/(%#%#8( /&$#%#&0 7#%" )($/('% %&&%"()$ &',5 '&0.#%#&0$ 3(0(),55+ %"( ,%%),'%#8(0($$ &* %"( /)&8#0'( 3(&5&3#',55+#0.#',%(. /()",/$ 1+ )('(0% .#$'&8()+ ),%($ ,0. $#A( &* .#$'&8()(. *#(5.$ 5(3#$5,%#&0,**('%#03'&0.#%#&0$,0.%,9,%#&0&0.(8(5&/4(0%$,0.%"('&0*#.(0'(#0/&5#%#',5$+$%(4,0./)&9#4#%+%&4,)2(%$,)(,55*,'%&)$%&1(%,2(0#0%&,''&-0%

=%'*-+,

"()( #$ , 5&03 %()4 %)(0. &* )(*#0()#($ 1(#03 1-#5%4&)( #0 .(8(5&/#03 ,0. /(%)&5(-4/)&.-'#03'&-0%)#($,0.,7,+*)&4.(8(5&/(.'&0$-4#03'&-0%)#($,$/)&.-'()$$((2%')(,$(%"(#),..(.8,5-(,0..(8(5&/#03'&-0%)#($$((2%&)(.-'(%"(#).(/(0.(0'(&0

#4/&)%$ "( .(8(5&/(. 7&)5.C$ )(*#0()#($ &/(),%(. (**#'#(0%5+ ,0. /)&*#%,15+ 7"#5( /)#'($7()(5&7'"(,/*((.$%&'2,0.$-//5+)(,.#5+,8,#5,15(-1$(:-(0%5+7#%"%#3"% $-//5#($ "#3"() *((.$%&'2 /)#'($ ,0. /)($$-)( *)&4 '&0$-4()$ &0 /)#'($ %"(+ ,)(&/(),%#035($$/)&*#%,15+

&7(8())(*#0()#($#0&%"()/,)%$&*%"(7&)5.($/('#,55+$#,",8($-**()(.*)&45&7.(4,0.#0)('(0%+(,)$5(,.#03%&'&0%#0-#035&74,)3#0$


39/73

(4,0.*&)0(7)(*#0()#($#$5#4#%(.3(0(),55+.)#8(01+0,%#&0,5/&5#'#($&0,..#038,5-(7#%" /)&.-'%$ *)&4 ')-.( &) 4((%#03 0,%#&0,5 .(4,0. *&) )(*#0(. /)&.-'%$ *)&4#0.#3(0&-$ /)&.-'%#&0 ',/,'#%+ &7(8() %"()( #$ ,0 &03 )(:-#)(4(0% *&) %"(-/3),.#03&*)(*#0()#($%/)&8(,0.)(8#$(%"(/)&.-'%4#9,0.%&4((%4&)((9,'%#03(08#)&04(0%,5$%,0.,).$"(.(4,0.$*&).#**()(0%/)&.-'%$#0%"(,-%&4&1#5($('%&),)(

,0#4/&)%,0%.)#8()#0%"#$


40/73

"()3,0#A,%#&0&*(%)&5(-49/&)%#03&-0%)#($7#%",ES$",)(&*7&)5.)($()8($ ,''&-0%$ *&) 6-$% ,)&-0. GS &* %"( 7&)5. /)&.-'%#&0 "( )(5,%#8(5+ 5&7/)&.-'%#&0 $",)( &* 0,%#&0$ #$ .-( %& $(8(),5 )(,$&0$ + 0,%#&0,5#A#03 %"(#)

#0.-$%)#($,0.. %"(#)1($%%")&-3"%"(',)%(5 %&2((//)#'($"#3"#0%"(;BE$,0.;B!$%"(+(0'&-),3(..(8(5&/4(0%(5$(7"()(>#%"$&/)&*#%,15(/)&$/('%&)$$(,)'"(.#0"&$/#%,15(/,)%$&*%"(7&)5.

"(/()8()$()($-5%#$%",%"#3"'&$%)(3#&0$$-'",$%"(&)%"(,",8(1((0(9/5%(.1(*&)(5&7'&$%&0($$-'",$),0('"0&5&3#',5,.8,0'(4(0%$",8(5&7()(.%"('&$%&**#0.#03.(8(5&/#03,0./)&.-'#03')-.(#0)(,5%()4$#0'&-0%)#($&-%$#.(%"(#..5(,$% *)&44&)( %",0MF=115 #0%"( (,)5+;B!$ %&1(5&7M;=115"#$",$ 5(. %&(4()3(0'( &* 5&7'&$% /)&.-'()$ #0 .#**()(0% /,)%$ &* %"( 7&)5. >"#5( %"( 0,%#&0$$%#55",8(%"(5&7($%1)(,2(8(0/%*&)/)&.-'%#&0M=115*&)%"(#..5(

,$%ME=115*&)#3()#,,0.(0(A-(5,M=115*&)0.&0($#,&%"()/5,'($$-'",$(9#'& M;=115 ,0. &)%" (, M;;=115 ,)( ,5$& (4()3#03 ,$ 5&7'&$% /)&.-'()$

"(#4/5#',%#&0&*%"#$#$%",%#*/)#'($,)(0&%.#'%,%(.1+/&5#%#'$,0.',)%(51(",8#&),0..(%()4#0(.4&)(1+3(&5&3+,0.'&$%&*/)&.-'%#&0%"(0%"('&0$-4()$7&)5.7#.(4,+$((,0(),&*5&7/)#'($)#'%#&0,4&034(41()$%&$-$%,#0/)&.-'%#&0'-%$,0.(9/,0$#&0&*$-//5#($1+%"(5&7'&$%0&00,%#&0$,)(%"(*,'%&)$%",%4,+5(,.%&/)#'(*,55$

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

()(#% #$#4/&)%,0% %&/%&-% %"(1(",8#&-)&*4,)3#0$&*,'&4/5(9)(*#0()+8()$-$%"&$(&*,$#4/5()(*#0()+$',01(&1$()8(.%"('),'2#03/)#4,)+.#$%#55,%#&0&*')-.(

7#%"$('&0.,)+/)&'($$#034,)3#0$%(0.%&$"&73)(,%())($#5#(0'(#0,.(/)($$(.4,)2(%,0. %(0. %& 1( "#3"() %",0 %"( "+.)&$2#44#03 %",% #$ /)#4,)+ .#$%#55,%#&0 &* ')-.(7#%"&-%$('&0.,)+/)&'($$#034,)3#0$-0.(),55$#%-,%#&0$"#$#$%)-(&*&%"()4,)2(%$,5$&


41/73

5

"( )3,0#A,%#&0 &* (%)&5(-4 9/&)%#03 &-0%)#($ 7,$ *&-0.(. #0 ,3".,.),: #0 (/%(41() ;B %& -0#*+ ,0. '&&).#0,%( 4(41()$C /(%)&5(-4 /&5#'#($ 4(41()$C 0,%#&0,5 4#0#$%()$ 4((% )(3-5,)5+ %& .#$'-$$ /)#'($ ,0. $#0'( ;B! %& $(%

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


42/73

5

'&55('%$/)#'#03.,%,&0,H1,$2(%H&*$(8(0')-.($#0'5-.#0353()#,C$,",),05(0.0.&0($#,#0,$#3()#,&00+#3"%,-.#),1#,),1-1,#,%("(0(A-(5,#,-,0,,0.(9#'&$%"4-$,0&0"(/)#'(T7"#'"7,$#0%)&.-'(.

&0,0-,)+;;B!ET#$,0,)#%"4(%#',8(),3(&*%"($($-$($%"#$/)#'(%&4&0#%&)7&)5.6,)2(%'&0.#%#&0$(',-$(%"(1(0'"4,)2>($%(9,$0%()4(.#,%(>')-.(#$,8()+5#3"%$7((%5&7$-5*-)'&0%(0%')-.(#%#$3(0(),55+4&)((9/(0$#8(%",0 %"( 1,$2(% 7"#'" #$ ,0 ,8(),3( &* 5#3"% $7((% ')-.( $ $-'" ,$ 53()#,C$,",),05(0.,0."(,8#() $&-) ')-.(7#%""#3"$-5*-) '&0%(0%$-'",$-1,#C$,%(")(0%#$,5$&5#3"%()$7((%(),0.4&)((9/(0$#8(%",0%"(1,$2(%,5%"&-3"5($$$&%",0>

%#%$,)'"4((%#03$(%-/,/)#'(1,0.4('",0#$4%)#33()(.1+%"(1,$2(%/)#'(%&)($/&0.%&'",03($#07&)5.6,)2(%'&0.#%#&0$''&).#03%&%"(/)#'(

1,0.4('",0#$41,$2(%/)#'($,1&8(M!/()1,))(5*&)'&0$('-%#8(%),.#03.,+$&) 1(5&7 M /() 1,))(5 *&) ; '&0$('-%#8( %),.#03 .,+$ 7&-5. )($-5% #0 /)&.-'%#&0,.6-$%4(0%$"#$,.6-$%4(0%7,$&)#3#0,55+,-%&4,%#'1-%4(41()$'",03(.%"#$$&%",%%"(+'&-5.*#0(%-0(/)&.-'%#&0,.6-$%4(0%$,%%"(#).#$')(%#&0#0'(#%$#0'(/%#&0%"( #0*&)4,5/)#'(1,0.4('",0#$4 ",$ 1((0 ,'%#8,%(. &05+&0'(0'%&1() D; ,'%#8,%(.%"(4('",0#$4%')(,$(,33)(3,%(/)&.-'%#&0:-&%,$1+F1,))(5$/().,+


43/73

&

"( 0.#,0 $('%&) ",$ "#$%&)#',55+ 1((0 , )(3-5,%(. &0( .&4#0,%(. 1+ &8()04(0%-0.()%,2#03$ &7(8() 7#%" %"( &8()04(0% 5&&$(0#03 #%$ '&0%)&5 0(7 /)#8,%( $('%&)/5,+()$ ,)( 0&7 3,#0#03 /)($(0'( 05#2( %"( #0%()0,%#&0,5 4,6&)$ 7"#'" ",8(

#0%(3),%(.&/(),%#&0$ ,5&03%"( (0()3+ 8,5-('",#0 %"( 0.#,0 $('%&) ",$ '&4/,0#($&/(),%#03#0%")((.#$%#0'%$-1$(34(0%$#5,$9/5&),%#&0,0.)&.-'%#&0#5(*#0#03,0.4,)2(%#03&*)(*#0(./)&.-'%$,0.#$%)#1-%#&0&*,%-),5,$"(8,)#&-$/5,+()$#0(,'"&*%"($($-1$('%&)$,)(5#$%(.#0%"(*#3-)(1(5&7


44/73


45/73

$6&4#&$"

0.#,*,'($,5,)3($-//5+.(*#'#%,$.&4($%#'/)&.-'%#&0#$-05#2(5+%&2((//,'(7#%".(4,0.0.#,Q$)&-3"/)&.-'%#&07,$&05+!4#55#&01,))(5$/().,+

0.#,#4/&)%$4&)(%",0E/()'(0%&*#%$%&%,5'&0$-4/%#&0,0.#%4,2($0&(9/&)%$

"()($()8($&*%"('&-0%)+,1&-%FG1#55#&01,))(5$,)(5&',%(./)#4,)#5+#0-41,##3"//()$$,4,41,+)#$"0,&.,8,)#,0.,-8()+1,$#0$

,5,0'()('&8(),15()($()8(7,$,1&-%EDD4#55#&0%&0($#0D&*7"#'"&**$"&)(7,$DBG4#55#&0%&0($,0.&0$"&)(7,$DDB4#55#&0%&0($

0.#,C$/)&8(.)($()8($,)('-))(0%5+($%#4,%(.,$&*,0-,)+F,%,1&-%F1#55#&01,))(5$&),1&-%GFS&*%"(7&)5.%&%,5&$%&*%"($()($()8($5#(&**$"&)(0(,)-41,#

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


46/73

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


47/73

9%; 2%*/ -2%*)@,'A./0

2%*/ -*)@,'A./0

2%*/ -2%*)@,'A./0

2.+

@+

55*$2'%. 4 55 4 55

92''+ 55*$2'%. $+% 55 :8% !55 % 55*$2'%. :8% !5!5 -%/ 55 1"+# 5!5*$2'%. 92''+ 55 %# 5!5! =/ 55*$2'%. -%

/55 *,/ 55

$+% 55*$2'%. %.+ 55 $+% 55 %. 55*$2'%. %. 55 8+% 5!5


48/73


49/73


50/73

)

0(&*%"(#4/&)%,0%4(41()$&*%"(5#3"%$7((%')-.(#$>($%(9,$0%()4(.#,%(>>')-.(#$&*8()+"#3":-,5#%+,0.#$(9'(55(0%*&))(*#0#03,5,)3(/&)%#&0&*3,$&5#0(%$3),8#%+#$DB.(3)(($4,2#03#%,R5#3"%I')-.(,0.#%'&0%,#0$&05+,1&-%G

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

"#0,0.#,,$%"(#)4,#01-+()$&*#0$#,*&)$(8(),5+(,)$%&'&4(


51/73


52/73

"'

((.5($$%&4(0%#&0%",%')-.(#0*5-(0'($%"(('&0&4+#04,0+7,+$&%&05+#%.#)('%5+,**('%%"(4,0-*,'%-)#03#0.-$%)+1-%,5$&,**('%$&0(Q$/()$&0,5.#$/&$,15(#0'&4(#0)(,5

%()4$0.#,#$,54&$%,*)((4,)2(%('&0&4+0&7-05#2((8(0,.(',.(1,'2"(0.#,0#0.-$%)+",$1((0.()(3-5,%(.%"(/)#'($.('&0%)&55(.$-//&$(.5+"(')#%#'$')+*&-5?.()(3-5,%#&07#%"3&8()04(0%.#'%,%#03/)#'(5#0($@"(/&&)'&44&04,07&0.()$7",%Q$#0$%&)(*&)"#40(9%

#)$% 7#%" ,1&-% !S #4/&)% .(/(0.(0'( 7( ',00&% ,**&). %& .#8&)'( .&4($%#' )(%,#5/)#'($ *)&4 #0%()0,%#&0,5 /)#'($ -+#03 ')-.( ,% "#3" /)#'($ ,0. $(55#03 /)&.-'%$/)&'($$(.*)&4%",%8()+')-.(,%,)%#*#'#,55+5&7)(%,#5/)#'($#$6-$%0&%$-$%,#0,15()#'($",8(%&)(*5('%'&$%$

('&0. /)#'( 8&5,%#5#%+ #0 #0%()0,%#&0,5 4,)2(%$ #$ %&.,+ , 0&)4 ),%"() %",0 %"((9'(/%#&0 "()( ,)( 6-$% %&& 4,0+ *,'%&)$ #0*5-(0'#03 /)#'($ ? )3,0#$,%#&0 &*(%)&5(-49/&)%#03&-0%)#($.('#$#&0$K'&0*5#'%$#0%"(#..5(,$%K')-.($%&'25(8(5$K%"(",)$"0($$&*%"(-)&/(,07#0%()$K,0.$&&0,0.$&*&)%"

"#). %"( ()$%7"#5(,.4#0#$%()(. /)#'#03 4('",0#$4 /)&%('%(. %"( 0.#,0'&0$-4()*)&4%"(-/$,0..&70$#0 %"(35&1,54,)2(%$%")&-3" %"(/&&5"(/&&5,1$&)1(.%"(8&5,%#5#%+,0.2(/%)(%,#5/)#'($$%,30,0%0/)#5"&7(8()%"(*&)%"( #0.-$%)+ 7,$ .#$4,0%5(. "( /&&5 #$ 0&7 .(*-0'% ,8( %"( 3&8()04(0%.#)('%#8(%&'&4/,0#($%&"&5./)#'(5#0($*&)$&4(%#4(%"('&44&04,07&-5.",8(,5)(,.+1((0*-55+(9/&$(.%&%"(8,3,)#($&*%"(35&1,56,)2(%$

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

/)#'( &* %",% /)&.-'% ()(3-5,%#&0 %& %"#$ (**('% #( ,**('%#03 )(*#0()+ /-)'",$($ ,0.)('(#8,15($,%#4/&)%/,)#%+/)#'($,'%-,55+%&&2/5,'(7,+1,'2#0/)#5;BB!#%$(5*

"#$)(*#0()+3,%(/)#'(($$(0%#,55+1('&4($%"(1,$(/)#'(*&)%"(*#0,5'&0$-4()..(.%&%"#$,)(.#$%)#1-%#&0'&$%$K(9'#$(.-%#($K$,5($%,9,0.&%"()5&',55(8#($K,0.*#0,55+%"(4,)2(%#034,)3#0"(&05+8,)#,15((5(4(0%#0%"#$(0%#)(5#$%&*4,)2-/$#$%"(4,)2(%#034,)3#0 ,0. "(0'( #% 1('&4($ &0( &* %"( 4&$% ')-'#,5 (5(4(0%$ #0 /)#'( *#9,%#&0 #0 ,


53/73

.()(3-5,%(. (08#)&04(0% 0.() %"( 4,)2(%#03 4,)3#0$ 7()( .('#.(. 1+ %"(3&8()04(0%#0)(5,%#&0%&%"(0(%7&)%"&*%"('&4/,0#($,0.)(#41-)$(.%")&-3"%"(/&&50#4/&)%,0%/%%&0&%(#$%",%%"(4,)3#07,$*#9(.,0.7,$0&%,.6-$%(.*)&4,4&0%"%&4&0%"1,$#$,$.&0(*&)%"()(*#0()+3,%(/)&.-'%/)#'($'%-,55+%"()(,)(.,#5+8,)#,%#&0$#0/)#'($#0#0%()0,%#&0,56,)2(%$1-%#00.#,%"($(7()(,8(),3(.&-%&8(),

/()#&.*&)$#4/5#*#',%#&0,0.,.4#0#$%),%#8((,$(%#$%"#$$+$%(47"#'"'",03($7#%"%"(0&7,00&-0'(.*-55.()(3-5,%#&0&*%"(#0.-$%)+0,.()(3-5,%(.(08#)&04(0%4,)2(%/)#'($7&-5.1(.)#8(01+'&4/(%#%#&004,%-)(4,)2(%$#0%"(>($%*&)#0$%,0'(/-4//)#'($ &* &0( '&4/,0+ .#**() *)&4 %",% &* ,0&%"()#5 '&4/,0#($ 8#( *&) 4,)2(% $",)(%")&-3" ,33)($$#8( $%,0.$ &0 4,)2(%#03 4,)3#0$ 0 ,..#%#&0 %"()( ,)( 7((25+=*&)%0#3"%5+/)#'()(8#$#&0$0%#4($&*"#3"/)#'($'&4/,0#($4&.(),%(%"(#4/,'%&*"#3"#0%()0,%#&0,5/)#'($1+%,2#03,$:-((A(&0%"(#)4,)3#0$

"(5&03,0.$"&)%&*#%?%"(0.#,0'&0$-4()$"&-5.)('&0'#5("#4$(5*%&*)(:-(0%/)#'(,.6-$%4(0%$(#%"()7,+-/7,).$,0..&707,).$$#0%()0,%#&0,56,)2(%$1('&4(

%#3"%35&1,5/)#'($7&-5.)#$(,0.$&7&-5..&4($%#')(%,#5/)#'($"('&44&04,04,+1(&0%"($"&)%(0.&*#%&0,''&-0%&*4,)2(%$(0%#4(0%$,5&0("('&4/,0#($7&-5./5,+ %"(#) )&5( #0 4&.(),%#03 %"( /)#'( *5-'%-,%#&0$ %& $&4( .(3)(( 1+'&0%),'%#03=(9/,0.#03%"(#)4,)2(%#034,)3#0$0.()%"(%"(+(06&+(.3-,),0%((.)(%-)0$&7%"('&44&04,0&0%"($%)((%#$%"(#)1)(,.4,2(),0.%"(+7#553&,55&-%%&,//(,$("#4*'&-)$(%"(1&%%&45#0(&*%"(3,4(#$$%#55/)&*#%$


54/73

)

"(/(%)&5(-4$('%&)",$,4,6&)#0*5-(0'(&0%"(#0*5,%#&0,)+%)(0.#0,'&-0%)+5#2(0.#,"#$#$1(',-$(#00.#,5#2(#04,0+&%"().(8(5&/#03'&-0%)#($%"(%&%,5'&0$-4/%#&0#0)(5,%#&0%$)(5,%#8(5+"#3",$'&4/,)(.7#%"4,0+.(8(5&/(.'&-0%)#($#0&)%"

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

,)&-0.ES&*%"(%&%,5)(8(0-((,)0#03%),**#'

"(%),**#'-$#03%"(),#57,+$4&)(%",0.&-15(.%&D4#55#&04(%)#'%&00($.-)#03;*)&4;GBF4#55#&04(%)#'%&00($#0;B!!;#4#5,)5+/(%)&5(-4,''&-0%$*&),)&-0.D!S&*%"(%&%,5/&)%%),**#'#00.#,,0.#08&5-4(%()4$%"(%),**#'4&)(%",0%)(15(.%&;E4#55#&04(%)#'%&0($.-)#03;*)&4DG4#55#&04(%)#'%&00($#0;B!!;#0'( 0.#, #$ , 3)&7#03 ('&0&4+7#%" (9/('%(. %& 3)&7 ,% ! ? ;S /() ,00-4.(4,0. *)&4 %"( 4,0-*,'%-)#03 $('%&) #$ (9/('%(. %& 3)&7 4,0#*&5.$ 0 *,'%.(8(5&/4(0%('&0&4#$%/)(.#'%%",%1+F0.#,7#551(%"(%"#).5,)3($%('&0&4+#0%"(7&)5.

9,&%-%*

0.#,#$&0(&*%"(%&/;'&0$-4#03'&-0%)#($#0%"(7&)5.#5,0.3,$)(/)($(0%&8()G /() '(0% &* %"( %&%,5 (0()3+ '&0$-4/%#&0 #0 0.#, "( '&0$-4/%#&0 &* /(%)&5(-4/)&.-'%$#0 %"( '&-0%)+ #$&0 %"( )#$(,0..(4,0.,5)(,.+*,) (9'((.$.&4($%#'$-//5+"()(*&)( %"( '&-0%)+",$ %&.(/(0. 5,)3(5+ &0 #4/&)%$"( '&-0%)+Q$ (9#$%#03 ,00-,5')-.(/)&.-'%#&0#$/(,2(.,%,1&-%D4#55#&0%&00($,$,3,#0$%%"(.(4,0.&*,1&-%


55/73

;;4#55#&0%&00($>#%"#0,.(:-,%(')-.(/)&.-'%#&0%"('&-0%)+#$"(,8#5+.(/(0.(0%&0#4/&)%$)-.( #$ %"( $#035( 5,)3($% #%(4&0 0.#,Q$ #4/&)% 5#$%$%#4,%($ $"&7 %",% %"(.(4,0. #$5#2(5+%&3)&7,%,*,$%()/,'(&8()%"(0(9%.(',.(#*0.#,#$%&4,#0%,#0 %"( 3)&7%" %,)3(% &* ! /() '(0% "#$ #4/5#($ 5,)3() #4/&)%$ -05($$ 0(7 .&4($%#' )($()8($,)( *&-0.>#%" %"#$ #08#(7 %"( 3&8()04(0% ,00&-0'(. %"( (79/5&),%#&0

#'(0$#03 &5#'+ #0 >#%" , 8#(7 %& (0$-)( 5&03%()4 (0()3+ $('-)#%+ %"(3&8()04(0%#$,5$&1-#5.#03,0.3,$(:-#%+,1)&,.


56/73

)4&+)

&-%/-%,0.$-//5+ ())&)#$4>(,%"()=$%&)4$>,),0.,0+&%"()-0*&)($((03(&/&5#%#',5*,'%&)$%",%

',-$($$-//5+.#$)-/%#&0$ 5&1,5.(4,0./,)%#'-5,)5+*)&4(4()3#030,%#&0$ &55,)*5-'%-,%#&0$ =#4/&)%$,0.$%&'2$ (*#0()+*#)($*-0.$1-+#03

)-.(#5*-%-)($'&0%),'%"&5.#44(0$(/&%(0%#,5*&)0.#,

0.#,",$4&)(%",0;'&4/,0#($.#)('%5+&)#0.#)('%5+,**('%(.1+')-.(/)#'()#$2&*7"#'"&05+*(7',0"(.3(&-%$#.(,$,'%-,5-$()$

0.#,",$4&)(%",0F'&44&.#%+,0.$%&'21)&2()$7"&7&-5.%),.(#0')-.(7"#'"#$&0($#035('&44&.#%+)(/)($(0%#03(0()3+'&$%#0*5,%#&03(&/&5#%#',5$#%-,%#&0(%'

0.#,",$4,0+Q$,0.-%-,5-0.$7"&,)((9/('%(.%&1(/()4#%%(.1+%"()(3-5,%&)$"&)%5+%&%),.(#0'&44&.#%#($

,02$7&-5..&1-$#0($$&01(",5*&*%"(#)'5#(0%$7"#'"%"(+'-))(0%5+.&0&%.&,%#0%()0,%#&0,5(9'",03(.-(%&5,)3('&0%),'%$#A(,0.5&7,''($$#1#5#%+*)&40.#,0.#,0$"#//#03'&4/,0#($/&7()/)&.-'()$*()%#5#A()'&4/,0#($)(*#0()#($,0.(0()3+%),.()$.&0&%,''($$#0%()0,%#&0,5(9'",03($%&"(.3(')-.(/)#'()#$2

($()8(,02&*0.#,,0.%"(&8()04(0%)(3-5,%#&0/()4#%$&05+,'%-,5-$()%&"(.3(#0%"(#0%()0,%#&0,5(9'",03($,0.%"#$#$,)($%)#'%(.'5,-$(.-(%&*&)(#30(9'",03()#$2(9/&$-)(,0./&$$#15(*&)(#30(9'",03(&-%3&.-(%'&))('%%),.#03*&)/)&*#%%),0$*()

)-.(#$%"(4&%"()/)&.-'%#0%"("+.)&',)1&0"#(),)'"+)#'($&*,55.#$%#55,%($&*)-.(,)("#3"5+'&))(5,%(.&


57/73

!-+17

0.#,Q$#4/&)%,0'(#07&)5.4,)2(%$,$&0(&*%"(5,)3($%#4/&)%()$&*')-.(,0.)($/&0$#8(0($$%&7&)5.(8(0%$4,2(


58/73

1

$=1,))(5

D;('F E!D;$%,0 B;%"(1 ;W!%"(1 EGD;$%,) BF!0./) DD!EXB%"/) D!BD;$%,+ DD;%"-0 DB!

&-)'(


59/73

(!&

'&44&04#$'&0'(/%#&0#$%",%'&44&.#%+(9'",03($.(%()4#0(&)($%,15#$"%"(/)#'($,%7"#'"'&44&.#%+*-%-)($,)(1&-3"%,0.$&5."#$#$%&%,55+#0'&))('%)#'($,)(.(%()4#0(.$&5(5+1+$-//5+,0..(4,0.'&0.#%#&0$*%"()(,)(4&)(1-+()$%",0%"()(,)(

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

-%-)($%),.#03#0'&44&.#%#($/()*&)4$%7&*-0'%#&0$/)#'(.#$'&8()+,0./)#'()#$24,0,3(4(0%"(/)#'(.#$'&8()+*-0'%#&0(0,15($4,)2(%/,)%#'#/,0%$%&20&7%"(4,)2(%

$(0%#4(0%,0.%,2(%),.#03.('#$#&0$,''&).#035+"()#$#03'&44&.#%+/)#'($,)(,0(7"&/(*&)(4()3#03('&0&4#($,$%"(+,)(%"($-//5#()$*&),5,)3(/)&/&)%#&0&*'&44&.#%+)(:-#)(4(0%$&*%"(7&)5.

$

)0+#+'#/

"(/)#'(.#$'&8()+ *-0'%#&0 (0,15($ /,)%#'#/,0%$ %&20&7%"( 4,)2(% $(0%#4(0% ,0.

%,2( %),.#03 .('#$#&0$ ,''&).#035+ 4(%"&. &* .(%()4#0#03 %"( /)#'( *&) , $/('#*#''&44&.#%+&)$('-)#%+%")&-3"1,$#'$-//5+,0..(4,0.*,'%&)$)(5,%(.%&%"(4,)2(%)#'(.#$'&8()+#$%"(3(0(),5/)&'($$-$(.#0.(%()4#0#03$/&%/)#'($"($(/)#'($,)(.(/(0.(0%-/&04,)2(%'&0.#%#&0$,**('%#03$-//5+,0..(4,0.&)(9,4/5(#*%"(.(4,0.*&),/,)%#'-5,)'&44&.#%+#$"#3"()%",0#%$$-//5+%"(/)#'(7#55%+/#', 55+#0')(,$(,0.8#'(8()$,

"(*-%-)($4,)2(%#0*5-(0'(%"($/&%4,)2(%,0.*,'#5#%,%($1(%%()/)#'(.#$'&8()+#0%"($/&% 4,)2(% "( $/&% ,0.=&) *-%-)($ 4,)2(% .&4#0,%($ %"( /)#'( .#$'&8()+ 1-% #%,//(,)$%",%,1(%%()/)#'(.#$'&8()+&''-)$7"(0%"()(#$,4,%-)(*-%-)($4,)2(%*&)

%"('&44&.#%+


60/73

#''8+#.+'#/

-%-)($ /)#'($ #0')(,$( ,0. .(')(,$( 5,)3(5+ 1(',-$( &* %"( 4+)#,. *,'%&)$ %",% #0*5-(0'(1-+()$C,0.$(55()$C6-.34(0%$,1&-%7",%,/,)%#'-5,)'&44&.#%+7#551(7&)%",%,3#8(0%#4(#0%"(*-%-)( ,0+7"()(*)&4 5($$ %",0 ,4&0%"%&4&)( %",0 %7&+(,)$$0(7$-//5+ ,0.

.(4,0..(8(5&/4(0%$&''-),0.,$0(7,0.4&)('-))(0%#0*&)4,%#&01('&4($,8,#5,15(%"($( 6-.34(0%$ ,)( )(,$$($$(. ,0. %"( /)#'( &* , /,)%#'-5,) *-%-)($ '&0%),'% 4,+ 1( 1#.-/7,).&).&707,)."(/)&'($$&*)(,$$($$4(0%T&*/)#'(.#$'&8()+T#$'&0%#0-&-$

"-$#0,0-,)+%"(/)#'(&*,-5+*-%-)($'&0%),'%7&-5.)(*5('%%"('&0$(0$-$&*1-+()$C,0.$(55()$C&/#0#&0$ ,%%",% %#4(,$ %&7",%%"(8,5-(&* , '&44&.#%+&) #%(47#55 1(7"(0 %"('&0%),'% (9/#)($ #0 -5+ 0 ,0+ 3#8(0 .,+ 7#%" %"( ,))#8,5 &* 0(7 &) 4&)( ,''-),%(#0*&)4,%#&0%"(/)#'(&*%"(-5+*-%-)($'&0%),'%4#3"%#0')(,$(&).(')(,$(#0)($/&0$(%&'",03#03(9/('%,%#&0$

&4/(%#%#8( /)#'( .#$'&8()+ #$ , 4,6&) ('&0&4#' *-0'%#&0T,0. #0.((. , 4,6&) ('&0&4#'1(0(*#%T&* *-%-)($ %),.#03 "( %),.#03 *5&&) &* , *-%-)($ (9'",03( #$ 7"()( ,8,#5,15(#0*&)4,%#&0,1&-%%"(*-%-)(8,5-(&*,'&44&.#%+&)#%(4#$%),0$5,%(.#0%&%"(5,03-,3(&*/)#'(0 $-44,)+ *-%-)($/)#'($ ,)( ,0(8()'",03#031,)&4(%() &* $-//5+ ,0..(4,0.,0. #0 ,.+0,4#' 4,)2(% %"( &05+ '()%,#0%+ #$ %",% /)#'($ 7#55 '",03( ,$% /()*&)4,0'( #$ 0&%0('($$,)#5+#0.#',%#8(&**-%-)()($-5%$"()#$2&*5&$$(9#$%$#0*-%-)($,0.&/%#&0$%),.#03

)09+';1%&-%*

2(+ (5(4(0% &* $(%%5(4(0% ,0. $,*(%+ &* %"( 4,)2(% #$ 3-,),0%((. $(%%5(4(0%$ "#$(5#4#0,%($ '&-0%()/,)%+ )#$2 ,$ (9'",03(='5(,)#03 "&-$( 1('&4($ '&-0%()/,)%+ %&%),0$,'%#&0$ "( (9'",03(='5(,)#03 "&-$( 1($#.($ /)&8#.#03 '5(,)#03 ,0. $(%%5(4(0%$()8#'($4,0,3($4,)2(% )#$2 ,0.3-,),0%(($ '&4/5(%#&0 &*$(%%5(4(0%$ "#$ (0'&-),3($7#.() /,)%#'#/,%#&0 1+ ,55 $('%#&0$ &* #08($%&)$ ,0. %),.()$ "#$ )(:-#)($ (**('%#8( )#$24,0,3(4(0%$+$%(4$,0.,5(3,5*),4(7&)27"#'"$-//&)%$%"($,4(

"()(,)(*,#)5+7(55-0.()$%&&.4(%"&.$&*)#$24,0,3(4(0%-$(.1+.()#8,%#8($(9'",03($,0. #%$"&-5.1(/&$$#15(*&)'&44&.#%+(9'",03($ %&:-#'25+#4/5(4(0%,0(**('%#8()#$24,0,3(4(0%$+$%(4,#5+4,)2%&4,)2(%$(%%5(4(0%$'&41#0(.7#%"#0#%#,5&)-/*)&0%

4,)3#0$ ,)( %"(1,$#'1)(,.,0. 1-%%() &* )#$24,0,3(4(0%"()( ,)( .#**()(0%7,+$&*$(%%#03 #0#%#,5 4,)3#0$ /&)%*&5#& 1,$(. ,5-( ,% #$2 , $+$%(4 7&-5. 1( 4&$%,//)&/)#,%(+/#',55+(9'",03($-$(, $'(0,)#&,0,5+$#$$-'",$%&',5'-5,%(/&$$#15(, &* (,'" 4(41() /&)%*&5#& "($( /)&8#.( *&) #0%() '&44&.#%+ $/)(,.$ ,$ 7(55 ,$',5(0.,)$/)(,.$%&(0$-)(%",%,//)&/)#,%(4,)3#0$,)('",)3(.


61/73

8() ,0. ,1&8(%"( #0#%#,54,)3#0 %"( (9'",03(4,+ 7,0% %& #4/&$( )(,5 %#4(/&$#%#&05#4#%$1,$(.&0&/(0/&$#%#&0$,%8,)#&-$5(8(5$4,)2(%%),.()'5#(0%"#$#$#4/&)%,0%#0%"('&0%(9%&*,0,-%&4,%(.%),.#03(08#)&04(0%7"#'",55&7$*&)),/#.1-#5.-/&*&/(0/&$#%#&0$ -'" , $+$%(4 7#55 4&0#%&) &/(0 /&$#%#&0$ &0 , )(,5 %#4( 1,$#$ ,0. ,55&7 %"((9'",03( %& %,2( $7#*% )(4(.#,5 4(,$-)($ -0.() -0-$-,5 '#)'-4$%,0'($ +/#',55+ %"()(

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


62/73

($&&

$#$%&''$=*$*#--.+*/-;*+'-+%&*=.'@#-+%&&,@,-;*'

E

&.()09'",03($

1$(0%

#3"

'%-,5-$()$

&7

(.#-4

0$%#%-%#&0,51)&2()$

1$(0%

(.#-4

,02$ 1$(0% &%,55&7(.#0%),.#03

$

1$(0%

&7

1$(0%

1$(0%

&4/,0#($

1$(0%

&7

0.(/(0.(0%'5(,)#03

&7

&7

(%%5(4(0%-,),0%((*-0.

1$(0%

(.#-4

5('%)&0#'),.#03

1$(0%

(.#-4

$,3(&*7,)("&-$()('(#/%

1$(0%

(.#-4


63/73

%""'&

"(*&55&7#03,)(%"()(,$&0$*&)8&5,%#5#%+#0%"('&44&.#%#($4,)2(%#00.#,0%"(5,$%%")((+(,)$ /)#'($ &* '&44&.#%#($ ",8( 1((0 -0'()%,#0 5-'%-,%#&0$ ",8( 1((0 ,**('%(. 1+(9%),0(&-$ *,'%&)$'&0&4#' ,'%#8#%+ #08&58(. 7#%" %"($( '&44&.#%#($8-50(),15( %& %"($(

$7#03$&)/&),%(4,)2(%8,5-(",8(,5$&1((0,**('%(.1+8,)#,%#&0$#0'&44&.#%+/)#'($

$$(%5,$$

8(),3(00-,5&5,%#5#%+

(0$(9&)#*%+

FDS

&8%('0.(9

F;S

&5.

;;!S

#58()

;FFS

&%%&0

;;S

#5$((.$

;FS


64/73

&&

>#%" %"( 3),.-,5 7#%".),7,5 &* %"( 3&8()04(0% *)&4 8,)#&-$ $('%&)$ #0 %"( /&$%5#1(),5#A,%#&0(),%"(0((.",$1((0*(5%%",%8,)#&-$&/(),%&)$#0%"('&44&.#%#($4,)2(% /)&8#.(. 7#%" , 4('",0#$4 %& "(.3( ,0. %),0$*() %"(#) )#$2$ 0.#,C$ &15#3,%#&0 -0.()

> %& &/(0 ,3)#'-5%-)( $('%&) %& 7&)5. %),.( 7&-5. )(:-#)( *-%-)($ %),.( #0 , 7#.(8,)#(%+&*/)#4,)+'&44&.#%#($,0.%"(#)/)&.-'%$%&(0,15(.#8()$(4,)2(%*-0'%#&0,)#($%&'&/(7#%"%"(/)#'(8&5,%#5#%+/)(8,#5#03#0%"(7&)5.4,)2(%$

"(%(4/%,%#&0*&)1,02$%&(0%()#0%&'&44&.#%+*-%-)($%),.#03#$%"(#0')(,$#031-$#0($$#0%"#$,)(,,0.%&.#8()$#*+%"(#)&70/&)%*&5#&$(5,9,%#&0$#0%"(1,02#03)(3-5,%#&0,'%7&-5."(5/%"(*,)4()$,5$&%7&-5.1(/&$$#15(*&)%"(4%&1&))&7%&.,+*)&41,02$,0.$(55%"(#)/)&.-'(#0%"(*-%-)($4,)2(%,%,"#3"()/)#'(

)($(0%5+1,02$',0/)&8#.(,7&)2#03',/#%,55&,0,3,#0$%'&44&.#%+,$'&55,%(),5"(+

',05&&2%&/)&8#.(4&)(*,'#5#%#($,3,#0$%7,)("&-$()('(#/%$,$%"($+$%(4,%%,#0$4,%-)#%+ 0'#.(0%,55+ &)/&),%#&0 ,02 ",$ ,5)(,.+ .('#.(. %& 5(0. ,3,#0$%'&44&.#%+7,)("&-$()('(#/%$

&44&.#%#($ ,)( #0.#8#.-,55+ 8&5,%#5( #08($%4(0%$ %"( #0'5-$#&0 &* , $4,55 .(3)(( &*'&44&.#%+ (9/&$-)( #0 , .#8()$#*#(. /&)%*&5#& ',0 )(.-'( %"( &8(),55 8&5,%#5#%+ 7"#5(#4/)&8#03)(%-)0/&%(0%#,5

&44&.#%+4-%-,5*-0.$/)&8#.(,0-41()&*1(0(*#%$%&%"(#08($%&)"(+",8(,0(3,%#8('&))(5,%#&0%&(:-#%#($,0..(1%$('-)#%#($,0.,/&$#%#8('&))(5,%#&0%*5,%#&0&)(&8()'&44&.#%#($,'%,$,'&8()%&3-,).%"(/&)%*&5#&&*#08($%&)$,3,#0$%8&5,%#5#%+#0%"(*#0,0'#,54,)2(%$

&7(8() %"( '&44&.#%+ /)#'($ #0')(,$( #0 $-'" $#%-,%#&0$ ,$ %"(+ ,)( %"( 4,#0 ),74,%()#,5$ *&) , 4,6&)#%+ &* %"( #0.-$%)#($ "#$ %),0$5,%($ #0%& , 3&&. /()*&)4,0'( 1+'&44&.#%+ 1,$(. *-0.$ 0 0.#, #% 7&-5.1( , 0(7(9/()#(0'( *&) #08($%&)$ %& #08($% #0'&44&.#%+1,$(.

554,6&)C$,)(3(%%#03)(,.+%&5,-0'"%"(#)'&44&.#%+*-0.$5$&%),.#03#0'&44&.#%+&/%#&0$#$/)&"#1#%(.#00.#,

"()(3-5,%&)$$"&-5.%&7,).$ #0%)&.-'#030(7'&0%),'%$#0%"(0.#,04,)2(%#0&).()%&/)&8#.( %"( #08($%&)$7#%"'"'(/5-$/)&8#.(%"(*,)4()$,0.'&44&.#%+%),.()$7#%"4&)(%&&5$%&4#0#4#A(%"(#))#$2

>"(0%"(3&8()04(0%,55&7$#0$%#%-%#&0,5#08($%&)$%&/,)%#'#/,%(#0'&44&.#%+*-%-)($,0.7"(0%),.#03#0'&44&.#%+&/%#&0$$%,)%$K#%7&-5.$((%"('&44&.#%+4,)2(%$#0,0(7C8,%,,)C


65/73

(&!(%&&

$*=-*$.'*;%=*$8+#--%*'#--.+*+'E

)02%.-%*,%,/'+')0#$%+#,%,/'+'

2%.-%*,%,/'+'

%#$'&0'()0(.7#%"1,$#'$-//5+,0..(4,0.#0*&)4,%#&0$-'",$'&0$-4()/-)'",$($

',))+&8()$-//5#($,0.)(5(8,0%/&5#'#($&*%"(&8()04(0%

-0.,4(0%,50,5+$#$&*&44&.#%#($#08&58($*

Documents

Introduction to Commodities in India