85
DR. PAUL YONGGI CHO Giaûi quyeát NAN ÑEÀ Cuûa Cuoäc soáng Thaân taëng hieàn theâ yeâu quí , ngöôøi ñaõ trung tín giuùp toâi trong chöùc vuï (To my dear wife Who has been my faithful help in the ministry) Thö vieän Nieàm tin Cô-ñoác www.tinlanh.ru

Giai quyet nan de

Embed Size (px)

Citation preview

- 1 -

��������������� ����������������� �����������������������������

������������ ���

�����������������

����

�� ���� ��

��������������������� ���������

����������������������������������������

������������� �

��������������� ��� �����������������������

��������������������������

!!!����"#���$%

- 2 -

��������������� ����������������� �����������������������������

����������� ��������� ����� �����������

��� ������������������������

���� ���������� �������

��� ������������������ ���������

�� �!����� ������"���������� ��#���

��� �!����� ������"���������� ��#����

���� ����$��������%���

����� $��� ����� ������ �����������%���������

� � �����������$���%�������

� �#����#� ��������&��'������"�������� ��(

�� ������ ������������������������ �� �!

- 3 -

��������������� ����������������� �����������������������������

��������

���� �����������������������)*+�,-.��/01�,234.5�,067�89:�5-0;-�<=>9?,�.@)A.5�.0.�89B�,23.5�+=3C+�D3?.5�EF

G04.�E01�,36-�8)H4+�,043�89:�8)H4+�83:�80B>�8)*+�,-.���@-�+@=*.5�,0�8)H4+�83:�80B>�8)*+,-.�+=;0��)*+��@=*0��2H1-�,@F�+@=*.5�,0�80.5�,-9?.�,296.�+3.�8)H1.5�,2H;�,@01.@�7364,I06.�D)4�,@93�>*�7=3?.�+=;0��)*+��@=*0��2H1-���=>�.@-96.�J@-�+@=*.5�,0�.50K.�,2H;�E01/017�,2F�,29C�I31.5�.)H*+�E01�D)4�/H*.�/96.�+=;0�8)*+�,-.�,23.5�+=3C+�D3?.5�+@=*.5�,0�,@F+=A.5�J9*3�,@93�D)4�,@0?,�G04-�,23.5�8H1-�D3?.5�,@=3C+�/-.@�+=;0�+0*�.@06.�+@=*.5�,0.)A0��$)4�G9?�,0L+�.01>�D9A�/0.�23C.5�D0.5�.@-9B=�.0.�89B�J@0*+�+=;0�+@=*.5�,0�

�������������������� ���)*+�,-.�M�D)4�,-.�<=>9?,�N�D)4�G0;3�80;7�I3��)*+��@=*0��2H1-�G0.�M�@01.@

83C.5�,@93�G0�+0*+@�,23.5�8H1-�D3?.5�+=;0�,O.�@)A=��$)4�@-9:=�G-9?,�E9B��@=*0�P9D=DE01�/H1-�+=;0��)*+��@=*0��2H1-�@F.@�,@01.@�,296.�.9B.�,0;.5�+0K.�G0;.�+@3�D)4�80B=�Q@=4+�0?.5��@2-D,���@).5�+=A.5�G0R.5�8)*+�,-.S�+@=*.5�,0�G0L,�80B=�+=3C+�D3?.5�7H*-,23.5��0?.5��@2-D,���06>�+=A.5�/01��)*+�,-.�I0T.�E013�+=3C+�D3?.5�+=;0�+H�83?+�.@06.�

�@).5�+@U�8H.�5-0;.�<=0�.5)HA.5�+);0�+=;0�8)*+�,-.�,@F�+@)0�8=;���@=*.5,0�+=A.5�Q@0;-�@34+�+0*+@�Q@0*,�,2-9:.�.9?Q�D3?.5�+H�83?+�+=;0�7F.@���@)A.5�+H�83?+.@06.�+@)0�,2)H;.5�,@01.@�[email protected]�I0*7�,-9?.�E013�+=3C+�D3?.5�+H�83?+�D06=�.@-9C7��9?Q�D3?.5�+H�83?+�.@06.�,2)H;.5�,@01.@�831-�@3;-�8)*+�,-.�Q@0;-�Q@0*,�,2-9:.S�EF�8)*+,-.�+@06.�,@)4+�+3*�D06=�D0L+�,@F�7H*-�I0T.�+@=*.5�,0�89?.�.@)A.5�G)H*+�D06=�.@-9C7EH*-��0?.5��@2-D,���06>�/01�/304-�8)*+�,-.�,@)*�@0-V��)*+�,-.�Q@0*,�,2-9:.�

�@)*�G0S�+=A.5�+@U�<=0�8)*+�,-.�+@=*.5�,0�,-9?Q�.@0C.�Q@9*Q�/04���34-�.5)[email protected]�,@9:�J@0*7�Q@0*�W0�@H.�,2)H*+�J@-�>*�,@)*+�20R.5�+=3C+�D3?.5�+=;0�+@=*.5�,0�/0173C,�,@9?�5-H*-�80B>�.@=�+0B=��"=0�8)*+�,-.��+@=*.5�,0�+3*�,@9:�J@0-�Q@3*.5�<=>9B..0K.5�+=;0��)*+��@=*0��2H1-�89:�)*.5�.@)A.5�.@=�+0B=�83*���06>�/01�8)*+�,-.�89:�[email protected]@9*Q�/04�

�01.5�.501.�.5)H1-�+0;7�.@0C.�8)H4+�,0B7�<=0.�,234.5�+=;0�8)*+�,-.S�80A89?.�EH*-�,36-�E01�@3;-V�X%017�D03�89:�,36-�,0K.5�,2)H;.5�8)*+�,-.Y�@0>�X%017�D03�89:,36-�+3*�,@967�8)*+�,-.Y�

�06=�@3;-�.01>�/-96.�<=0.�89?.�.9?Q��D=>�.5@Z�+=;0�@9?,�,@0;>�+H�83?+�[email protected]�I06.�D)4�+@O.@�,36.5�+=;0��)*+��@=*0��2H1-�Q@0;-�/01�73C,�I06.�D)4�+3*�8)*+�,-.�,@0C,D)4���@).5�+@=*.5�,0�,@-96*=�J-96.�[email protected]�+@=*.5�,0�7=3?.�8)*+�,-.�+=;0�7F.@�/H*./96.�.50>�/0CQ�,)*+���@=*.5�,0�,@-9?=�,20*+@�.@-9C7S�+@=*.5�,0�7=3?.��)*+��@=*0

- 4 -

��������������� ����������������� �����������������������������

�2H1-�,0K.5�+)H1.5�8)*+�,-.�+@3�+@=*.5�,0�E01�+@=*.5�,0�/04-�[email protected]�+346.5�,0*+�EH*-�501-�,23.5�G0?,�J>1�D)4�,@0>�83:-�.013�I3�@0C=�<=0;�897�/04-���@=*.5�,0�,@-9?=�@-9:=G-9?,S�+@=*.5�,0�J@03�J@0*,�8-�W0�E013�,@9?�5-H*-�+=;0�8)*+�,-.�701�[email protected]�7=3?.�@34+,0CQ�.536.�.5)A�+=;0�8)*+�,-.�

�������� �����������������

�536.�.5)A�5-=*Q�+@=*.5�,0�,2=>9B.�,@36.5���3*�/01�73C,�3?.5�I0T.�,)�,)H;.5S>*�.5@Z0�E01�,F.@�+0;7���536.�.5)A�8=*+�J@=36.�+=3C+�D3?.5�+@=*.5�,0S�0;.@�@)H;.589?.�.9?Q�D=>�.5@Z�E01�+0*+@�+)�W);�+=;0�+@=*.5�,0�

�)*+�,-.�E01�.536.�.5)A�/-96.�<=0.�70C,�,@-9?,�EH*-�.@0=��X�F�I3�8)*+�,-.,23.5� /31.5�73T-� .5)H1-� 8)H4+�.50>� ,@0C,� EH*-��)*+��@=*0��2H1-� I3�736-�7-9C.5.5)H1-�0?>�.3*-�+@3�.5)H1-�J@0*+�G-9?,�E9B�8)*+�,-.�+=;0�7F.@�,@)10�.@0C.�D)4�+)*=�23T-Y'�370�[\V[\��%�(��%H1-�.3*-�+=;0�.536.�.5)A�W0*+�.@0C.�D)4�E)A.5�E01.5�8)*+�,-..5)H1-�0?>�

%-96.�,=4+�W).5�.@0C.�8)*+�,-.�.H-�/H1-��)*+��@=*0��2H1-�/01�8-9:7�+0K.�G0;.+=;0�.536.�.5)A�8)*+�,-.S�73C,�.536.�.5)A�8)H4+�D);�I=4.5�@0R.5�.501>�,23.5�+=3C+D3?.5�+@=*.5�,0���@)4+�@01.@�/304-�.536.�.5)A�.01>�73C,�+0*+@�+@O.@�W0*+�+3*� ,@9:70.5�/04-�Q@9*Q�70B=�/017�,@0>�83:-�+=3C+�8H1-�+@=*.5�,0���536.�.5)A�8)*+�,-.�+=A.5+3*�,@9:�J@-9?.�+@3�.5)H1-�J@0*+�80B=�Q@=4+��0?.5��@2-D,S�/017�Q@0*,�,2-9:.�8H1-�D3?.5,@=3C+�/-.@�+=;0�+@=*.5�,0�E01�/017�+@3�<=>9B.�.0K.5�+=;0��)*+��@=*0��2H1-�,@-�,@3?.@-9B=�Q@9*Q�/04�

�3C,�EO�I=4�23A�201.5�.@0?,�+=;0�.536.�.5)A�8)*+�,-.�,23.5�@01.@�83C.5�+3*,@9:�.@F.� ,@0?>� 23A� ,23.5��@-��@-96.�]^S�73C,�G01-�+0�+=;0��0EO,S�E_�E=0�+@0K.+@-96.���@-�.5@-96.�+)*=��@-��@-96.�.01>�+@=*.5�,0�+3*�,@9:�@34+�,0CQ�.536.�.5)A��8)*+,-.�,3?,�@H.S�73C,�.536.�.5)A�8)H4+�I-9T.�804,�,23.5�734-�,@H1-�8-9:7S�/=*+�GF.@�0.S/=*+�.5=>�@-9:7�E01�/=*+��83?-�I-9C.�EH*-�J9;�,@=1�

������������������� �����

�3T-�<=06.�.@06.�,23.5�<=06.�83C-�/=*+�+@-9?.�80?=�89B=�,-.�+0C>��)*+��@=*0�2H1-���@).5�8)*+�,-.�.H-�D)4�5F.�5-)A�,@-96.5�/-96.5�89B=�+0B.�,@-9?,�+@3�734-�.5)H1-+@)*�[email protected]�2-96.5�5F�+@3�.@)A.5�0-�Q@0;-�83?-�I-9C.�+0*-�+@9?,�

�@=*.5�,0�+0B.�8)*+�,-.�,23.5�+=3C+�D3?.5�@0R.5�.501>���@=*.5�,0�+0B.�D);I=4.5�.536.�.5)A�8)*+� ,-.�.50>�+0;� /=*+�734-�E-9C+�+@=.5�<=0.@�89B=�3:.�8_.@��0EO,�.96=�5)H.5�+@3�+@=*.5�,0�E9B�8-9B=�.01>� ,23.5�Q@0B.� ,@)*�.@0?,�+=;0��@-�@-96.�]^V�X�)*+� -96@36E0�/01��0?.5�+@0K.�5-)A�,36-S�,36-�D9A�+@0`.5�,@-9?=�,@3?.�5FY'�06=�[(���0EO,�>*� ,@)*+�E9B�D)4� ,9:� ,2_�E01�06.�Q@)H*+�+=;0��)*+��@=*0��2H1-�.50>,23.5�/=*+�GF.@�0.�

- 5 -

��������������� ����������������� �����������������������������

�04.�E01�,36-�+=A.5�Q@0;-�/017�.@)�,@9?S�.50>�@367�.0>�+@=*.5�,0�.96.�,-9?Q,=4+�W).5�.@0C.�D)4�G0.�+@3�I)�I0C,�+=;0��)*+��@=*0��2H1-�83?-�EH*-�+@=*.5�,0�E01I06.5�E-.@�@-9:.�+@3���501-���06>�/01�+@F0�J@3*0�+=;0�.536.�.5)A�8)*+�,-.��@0A>�/017+@3�D)4�E-.@�@-9:.�+=;0��)*+��@=*0��2H1-�G)1.5�+@0*>�D0*.5�

�@0B.�,@)*�.@0?,�,23.5��@-��@-96.�.01>�+=;0��0EO,�/-96.�<=0.�89?.�G0�/0A.@E)4+V�%0A.@�E)4+�,@9:�+@0?,S�/0A.@�E)4+�,067�/-.@�E01�/0A.@�E)4+�W0A�@3C-

������ !"#�$�%&�#��'$�0EO,�+0�,=4.5��@=*0�,23.5�/0A.@�E)4+�,@9:�+@0?,V�X��501-�+@3�,36-�.0R7

.5@U�,23.5�83B.5�+3;�W0.@�,)H-Y�']^V](���@-�+3.�+@-96.�.0R7�.5@U�.H-�83B.5�+3;W0.@�,)H-�/01�/=*+�.3*�8)H4+�,@3;0�70A.�734-�.@=�+0B=�+0B.�,@-9?,���@=*.5�,0�/01�+@-96.+=;0��0?.5�+@0K.�+@-96.��@-96.�,@=H4.5S���501-�89:�+@=*.5�,0�.0R7�.5@U�.5H-�,23.583B.5�+3;�W0.@�,)H-�����806>��0EO,�I=1.5�.536.�.5)A�8)*+�,-.�89:�E9A�/96.�G)*+�,20.@GF.@�0.S�I-9T.�,0;�D)4�.@06.�,)1�+=;0��)*+��@=*0��2H1-���3T-�.501>�+@=*.5�,0�.96.�+0,=4.5��)*+��@=*0��2H1-�.@)�E0C>�

������ !"#� �()*#�+,���-9B7�@0A.@�I-9C.�J9?�,-9?Q�+=;0��0EO,�/01��)*+��@=*0��2H1-�XI0T.�,36-�89?.

79*�.)H*+�GF.@�,_.@Y�']^V]S����(S�J@-�834+�89?.�+06=�.01>�G04.�+3*�,@9:�+0;7�.@0C.@04.@�Q@=*+�J>1�I-9C=S�D)4�,@3;0�70A.�E01�GF.@�0.�,23.5�,067�@3B.���06=�.01>�/01�EO�I=480a+�G-9C,�E9B�Q@)H*+�@04.@�80B>�,234.�+=;0��)*+��@0*.@�%-.@S�G)*+�,20.@�E9B�I31.5.)H*+�0.�,_.@�,)H4.5�@F.@�73C,�+0*+@�+@O.@�W0*+�E9B�D)4�80B>�I0T>���501-S

�@-�W).5�,3C-�/3T-�7F.@�20�,2)H*+�70a,��)*+��@=*0��2H1-S�G04.�8)H4+�,0:>D04+@�G0R.5�I31.5�@=>9?,�+=;0��)*=��@=*0�P9D=D��@2-D,���9?�83*S�I31.5�D36.5�D)4D3?.5S��)*+��@0*.@�%-.@�+03�<=OS�D9A�,=36.�+@0;>�E013�/31.5�G04.�E01�J@-9?.�/31.5G04.�,2H;�.96.�+@3:�H;�+=;0���501-���9?=�G04.�,-9?Q�,=4+�+0B=�.5=>9C.�E01�,F7�J-9?7��)*+�@=*0��2H1-�89:�8)H4+�80B>�I0T>��@0*.@�%-.@S��@F��0?.5��@2-D,�D9A�/017�G0*Q,967+@3�G04.� ,23.5��@0*.@�%-.@�E01� /017�+@3�G04.� ,=36.� ,201.� 20�D36.5�.)H*+�@01.5D3?.5�

�9?=�.536.�.5)A�8)*+�,-.�,-9B7�,01.5�,23.5�8H1-�D3?.5�G04.�,@F�G04.�Q@0;-�89:+06=��-.@��@0*.@�.01>�,2H;�,@01.@�@-9C.�,@)4+���3*-�73C,�+0*+@�,@=3C+�/-.@S�@0A>�89: -96@36E0��)*+��@=*0��2H1-�I0T.�G04.�89?.�79*�.)H*+�GF.@�,_.@S�89?.�D)4�80B>�I0T>�)*+��@0*.@�%-.@���3B-�/-.@�@3B.�J@03�J@0*,�+=;0�G04.�D9A�8)H4+�,@3;0�.5=>9C.�G04.D9A�.@0C.�8)H4+�.0K.5�<=>9B.�+=;0��)*+��@=*0��2H1-�EH*-�I0?=�Q@9*Q�J>1�/04�+0aQ�,@9389:�@0B=�E-9C+��)*+��@=*0��2H1-S�+@0L+�+@0L.�+36.5�,0*+�Q@=4+�E=4��@=*0�+=;0�G04.�[email protected]�Q@=*�@H.�E01�J9?,�<=0;�.@-9B=�@H.�

������ !"#�-����)*,�@-��0EO,�W0*+�<=>9?,V�X��501-�G3:� /04-� /-.@�@3B.S�I0T.�,36-�E013�+0*+�/3?-

+36.5�GF.@�EF�+H*�I0.@���501-Y�']^V^����(S�,@F�36.5�80.5�D);�I=4.5�.536.�.5)A+=;0�8)*+�,-.�E013�D-.@�@304,�W0A�@3C-�+=;0�36.5�

$3?.5�5-)A0�.@)A.5�.501>�G-9?.�83C.5�+=;0�,@9?�5-H*-�@-9C.�,04-S�/31.5�+@=*.5

- 6 -

��������������� ����������������� �����������������������������

,0�,@)H1.5�+@0*.�+@)H1.5S�/-.@�@3B.�+0;7�,@0?>�J@36�+0R.S�836-�J@-�+@=*.5�,0�+0;7,@0?>�@0B=�.@)�7F.@�[email protected]�8=;�D)*+�E)H4,�<=0�I31.5�.)H*+�/=4,�+=;0�E-9C+�/017�D0-<=0?>�<=0*�70A.@�/-9C,�

�50>�,04-�8-9:7�.3?-�J9?,�.01>S�.536.�.5)A�8)*+�,-.�897�/04-�+@3�+@=*.5�,0+@F0�J@3*0�+=;0�D)4�80L+�,@0L.5���@=*.5�,0�+3*�,@9:�83B.5�,@0.@�EH*-��0EO,V���501-/017�+@3�D)4�D3?.5�,23.5�,36-�,)H-�,Z.@�/04-S���501-�I0T.�,36-�,23.5�+0*+�/3?-�8-�+36.5+@O.@���@-�W0*+�<=>9?,�.@)A.5�/H1-�.01>�G0R.5�D)4�/0CQ�/04-S�+@=*.5�,0�D9A�+0;7�[email protected]�D)*+�/)4+�E01�D)4�0.�=;-S�0?7�0*Q�80.5�D3?.5�I0C>�,23.5�+@=*.5�,0�

�@-�83?-�I-9C.�EH*-�,@0*+@�,@)*+�+=;0�,@9?�5-H*-� ,3C-� /3T-S�+@=*.5�,0�,@)H1.5+0;7� ,@0?>�G0?,� /)4+S�E36�<=>9B.���@)A.5�@301.�+0;.@�.50.5� ,20*-�E01�.@)A.5� ,@);,@0*+@�+=;0�8H1-�.01>�80.5�20�D)*+�,23*-�G=3C+�+@=*.5�,0���@=*.5�,0�+0;7�,@0?>�W0*+,@_,�7F.@�<=0*�>9?=�8=3?-�

�23.5�J@-�+@=*.5�,0�[email protected]�,@9:�D3?.5�73C,�+=3C+�D3?.5�80L+�,@0L.5�G0R.5D)*+�2-96.5�+=;0�7F.@�G0R.5�>*�+@OS�,@F��-.@��@0*.@�I-9T.�,0;�20R.5��)*+��@=*0��2H1-/017�+@3�D)4�D3?.5�,23.5�+@=*.5�,0�,)H-�,U.@�/04-S���501-�5-=*Q�8HA�E01�I0T.�+@=*.5�,0,23.5�/3?-�8-�+36.5�+@O.@�EF�+H*��0.@���501-���0A>�,=>96.�G3?�E01�W0*+�<=>9?,�.@)E0C>���0A>�D);�I=4.5�.536.�.5)A�8)*+�,-.��,23.5�@301.�+0;.@�W0A�@3C-�+=;0�7F.@�J@-G04.�G_�/04+�,23.5�E=A.5�G=1.�,3C-�/3T-�E01�@01.@�E-�D0-�,20*-���0A>�.3*-�/H*.�/96.�20R.5�)*+��@=*0��2H1-�I0T.�G04.�E013�/3?-�+36.5�+@O.@���0A>�+)*�/0CQ�/04-�/0CQ�/04-�89:�+@3�%H1-�@=*0�+@-9?.�80?=�E01�897�/04-�80L+�,@0L.5�+@3�G04.���0A>�D);�I=4.5�.536.�.5)A�8)*+,-.�89:�80L+�,@0L.5�+=3C+�+@-9?.�+=;0�7F.@�,23.5�/0A.@�E)4+�W0A�@3C-�

����������������./���0

�=3?+�D3?.5�+@=*.5�,0�/01�[email protected]�5-H*-�@04.�,23.5�.@)A.5�/=*+�GF.@�>96.��@=*.5�,0�+=A.5�50aQ�.@)A.5�/=*+�.5=>�@-9:7���5=>�@-9:7�506>�20�I3�.@-9B=�.5=>96..@06.�,3C-�/3T-S�>9?=�8=3?-S�+0*7�I3TS�DH4�+@9?,���@).5�.50>�,23.5�/=*+�@-9:7�.5=>�0EO,�+=A.5�.96=�5)H.5�E9B�,0B7�<=0.�,234.5�+=;0�.536.�.5)A�8)*+�,-.�

1�2#�3(4%'$�5!"��,%*��6,%*��#(7���!2#���(2�� 89:,;�0A>�J@0;3�D0*,�.536.�.5)A�+=;0��0EO,�J@-�36.5�50aQ�.5=>�@-9:7�X�0T=�J@-

,36-�8-�,23.5�,2=A.5�G3*.5�+@9?,S�,36-�+@0`.5�DH4�,0-�@340�.013S�EF��@=*0�H;�+=1.5�,36-Y']^Vb(���0EO,�,=>96.�G3?�20R.5�36.5�[email protected]�DH4�50aQ�.5=>�@-9:7�EF��)*+��@=*0��2H1-H;�+=1.5�36.5���@0>�EF�.@F.�E013�G3*.5�,3?-�E01�.3*-�E9B�X,2=A.5�G3*.5�+@9?,YS��0EO,W0*+�<=>9?,�E01�.3*-�E9B�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0��2H1-�

�@-�8-�<=0�,2=A.5�G3*.5�+@9?,�+3*�,@9:�+@=*.5�,0�[email protected]�.@F.�,@0?>�@0>+0;7�,@0?>�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0��2H1-S�.@).5�+@=*.5�,0�8)1.5�831-�+@38)H4+�+0;7�5-0*+�0?>���0EO,�,043�20�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0��2H1-�G0R.5�.536..5)A�8)*+�,-.�+=;0�7F.@����.5�W0*+�<=>9?,�X�@=*0�H;�+=1.5�,36-Y���0EO,�[email protected]�,@0?>I0?=�@-9C=�.013�E9B�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0��2H1-S�+=A.5�[email protected]�.5@9�5-34.5

- 7 -

��������������� ����������������� �����������������������������

.3*-�.013�+=;0��@=*0S�.@).5�.50>�,23.5�@301.�+0;.@�.@)�E0C>S�36.5�80A�[email protected]�89:+=3C+�,0?.�+36.5�0-�@9?,�I-9T.�20�,23.5�,2=A.5�G3*.5�+@9?,�89�I340�7F.@����.5�8H.5-0;.�W0*+�<=>9?,�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0��2H1-�

�04.�E01�,36-�+3*�,@9:�/017�.@)�E0C>�,23.5�.@)A.5�/=*+�.5=>�@-9:7���@-�8-<=0�,2=A.5�G3*.5�+@9?,S�8)1.5�.@F.�E013�@301.�+0;.@�+@=.5�<=0.@�7F.@��.9?=�G04./0L.5�.5@9�.536.�.5)A�+=;0�D)4�DH4�@0A-�@0>�.5=>�@-9:7�.3*-�EH*-�G04.�@30a+�80*.@�/)10+0;7�5-0*+�+=;0�G04.�D9A�G_�,@0?,�G04-�

�@0>�E013�83*S�@0A>�.3*-�.536.�.5)A�80L+�,@0L.5�+=;0�8)*+�,-.�G0R.5�/H1-�.3*-,@)10�.@046.�D)4�@-9C.�I-9C.�+=;0��@=*0�P9D=D��@2-D,�,23.5�,2=A.5�G3*.5�+@9?,���0A>,=>96.�G3?�20R.5��0?.5��@2-D,�80.5�H;�EH*-�G04.�.50>�+0;�J@-�+3*�.@-9B=�.5=>�@-9:7E06>�/0?>�7F.@��"=0�.536.�.5)A�8)*+�,-.�8)H4+�.3*-�20S�G04.�D9A�+0;7�,@0?>�D)4�@-9C.I-9C.�+=;0��)*=��@=*0�P9D=D��@2-D,�

���4���<�����*��5!"�=�7)� %*�#(7���!2#���(2�� 89:,�0EO,�.@0C.�G-9?,�D)4�G0;3�E9C�+=;0��)*+��@=*0��2H1-�J@-�36.5�,=>96.�G3?V

X+06>� ,2)H4.5�E01� +06>�50C>� +=;0��@=*0�0.�=;-� ,36-Y� ']^Vbc(���5=H1-� +@0K.� +@-96.,23.5�,@H1-��0EO,�80A�I=1.5�+06>�,2)H4.5�89:�80*.@�.@)A.5�+3.�E0C,�.013�/017�+@3G0B>�+@-96.�DH4�@0A-���@-�.@)A.5�,@=*�I)A�89?.�,0?.�+36.5�G0B>�+@-96.�,@F�.5)H1-�[email protected]�I=1.5�D)*+�/)4+�+=;0�7F.@�89:�8=3:-�+@=*.5�8-�

�0EO,�80A�I=1.5�Q@9*Q�D3�D0*.@�.01>�,23.5�.536.�.5)A�8)*+�,-.�M�36.5�D3D0*.@��)*+��@=*0��2H1-�EH*-�.5)H1-�+@0K.�+@-96.��,23.5�73C,�/H1-�.3*-�+3*�,0*+�I=4.5�,3?,VX�)*+��@=*0��2H1-�I=1.5�+06>�,2)H4.5�89:�G0;3�E9C�,36-Y���@0>�EF�.@0C.�,@0?>�D)4�.5=>@-9:7�G03�G34+�7F.@S�36.5�80A�.3*-�E9B��)*+��@=*0��2H1-S��0?.5�G03�Q@=;S�5-)A�5F.E01�0.�=;-�36.5���0E-I�80A�5-)A�5F.�0.�,301.�J@3;-�734-�W=.5�83C,�E01�,20.@�+@0?Q,23.5�+=3C+�D3?.5S�.@H1�36.5�@34+�G-9?,�E01�D);�I=4.5�.536.�.5)A�+=;0�8)*+�,-.�W0*+<=>9?,�E9B�D)4�G0;3�E9C�+=;0��)*+��@=*0��2H1-�

���4�$(4%>��=)'�5!"�6�?��6�@$�#(7���!2#���(2�� 89:, -)A0�@-9:7�.5=>S��0E-I�80A�I0T.�I0L,�D)4�,=>96.�G3?�+=;0��)*+��@=*0��2H1-V

X�06>�50C>�+=;0��@=*0�0.�=;-�,36-Y��']^V^b(���06>�50C>�/01�I=4.5�+=4�I01-�=3?.�+3.5�H;80B=S�.5)H1-�+@0K.�+@-96.�/=*+�.013�+=A.5�897�,@93�+06>�50C>��G96.�7F.@��W97�73C,+3.�+@-96.�G0L,�80B=�8-�/0.5�,@0.5�S�.5)H1-�+@0K.�8)0�+06>�50C>�83*�20�J9*3�+3:�+3.+@-96.�E01�.@94�[email protected]�I0T.�.3*� ,2H;�E9B�@)H*.5�8-�8=*.5���=A.5�E0C>S�.@H1�<=>9B..0K.5�+=;0��)*+��@0*.@�%-.@S��)*+��@=*0��2H1-�I0T.�+@=*.5�,0�,296.�+3.�8)H1.5+@O.@�80*.5���23.5�/=*+�.5=>�@-9:7S��0E-I�80A�G-9?,�D);�I=4.5�.536.�.5)A�8)*+�,-.,=>96.�G3?�D)4�I0T.�I0L,�+=;0��)*+��@=*0��2H1-�

�@-�734-�D)4�I)H1.5�.@)�89.�,3?-�E01�,=>9C,�E34.5S�J@-�G04.�+0;7�,@0?>�/04+/3A.5S�80.5�8-�E013�+3.�8)H1.5�<=0.@�+3�J@=*+�J@=>;=�+=;0�+=3C+��D3?.5S�,@0>�EF23?-�,2O�E01�/3�/0L.5�,@F�G04.�D);�I=4.5�.536.�.5)A�8)*+�,-.�+=;0��0E-IV�X�36-�[email protected]?,�8)H1.5�8-�.@).5��)*+��@=*0��2H1-�80.5�I0T.�I0L,�,36-Y���50>�G06>�5-H1�G01.,0>�06=�>9?7�+=;0���501-�80.5�80a,�,296.�80B=�,36-���@-�G04.�,@)10�.@0C.�D)4�I0T.�I0L,

- 8 -

��������������� ����������������� �����������������������������

+=;0��)*+��@=*0��2H1-S�G04.�D9A�+0;7�,@0?>�<=>9B.�.0K.5�I0T.�I0L,�+=;0��)*+��@=*0�2H1-�,@)4+�@)A=�,23.5�8H1-�D3?.5�G04.�

�23.5�+@067�.536.�+@=*.5�,0�8)H4+�@34+�G-9?,�20R.5V�X�0A>�@9?,�/31.5�,-.+0C>�.H-��)*+� -96@36E0S�+@H*�,-.�+0C>�.H-�D)4�,@36.5�D0*.5�+=;0�+3.S�@0A>�D=>�.5@ZE9B���501-�,23.5�+0*+�8)H1.5�/3?-�7F.@�,@F���501-�D9A�G0.�G0R.5�/3?-�8-�+=;0�+3.Y�'�@067�^VdNc(�

�9?=�G04.�E01�,36-�,=>96.�G3?�W0*+�<=>9?,�.H-�D)4�I0T.�I0L,�+=;0��)*+��@=*0�2H1-�,@F���501-�D9A�G0.�G0R.5�/3?-�8-�+=;0�+@=*.5�,0���0E-I�80A�D);�I=4.5�.536.�.5)A+=;0�8)*+�,-.�,23.5�/=*+�.5=>�@-9:7�,@9?�.013�,@F�+@=*.5�,0�+=A.5�Q@0;-�/017�.@)E0C>���F��)*+��@=*0��2H1-�,301.�.0K.5�/=36.�/=36.�H;�EH*-�+@=*.5�,0�.96.�+@=*.5�,[email protected]�+0B.�DH4�.5=>�@-9:7�@0>�8-9B=�0*+�

����A�����B��C�.D��E����A.�� ��

�23.5�+=3C+�D3?.5�[email protected]�.@)A.5�+@=*.5�,0�50aQ�.@-9B=�.5=>�@-9:7�I38-9B=�0*+�70.5�/04-S�.@).5�+@=*.5�,0�+31.�+3*�.@-9B=�J9;�,@=1V�.5@-�.5H1S�,@0?,�E34.5S,@0?,�G04-�E01�.@)A.5�+3.�.5)H1-�7=3?.�,@0?>�+@=*.5�,0�G_�,-96=�I-9C,���23.5�J@-�83?-I-9C.�EH*-�.@)A.5�8-9B=�83*S�.536.�.5)A�8)*+�,-.��E0T.�+)*�.0L7�73C,�E0-�,231�<=0.,234.5�

���4�$(4%>��=)'�5!"�#(�F�!2�F�#(7���!2#���(2�� 89:,;�0E-I�80A�,=>96.�G3?�D)4�+=.5�)*.5�+=;0��)*+��@=*0��2H1-V�X��501-�I34.�G01.

+@3�,36-� ,2)H*+�J9;� ,@=1�.5@_+@�,36-Y���@=*0�80A�D);0�D304.�73C,�+0*-�G01.�80B>�+03/)H.5�7>A�E_�,2)H*+�70a,�J9;�,@=1�+=;0��0E-I���)*+��@=*0��2H1-�80A�+=.5�)*.5�,0?,�+0;.@=�+0B=�+=;0��0E-I�89:�36.5�+3*�8=;�D)*+�,@-�@01.@�734-�+36.5�,0*+�E01��0E-I�80A,=>96.�G3?�/H*.�,-9?.5�E9B�D)4�+=.5�)*.5�+=;0��)*+��@=*0��2H1-�

�9;�,@=1�7=3?.�+@=*.5�,0�+@9?,�8-�E01�G_�@=;>�I-9C,S�.@).5�7=4+�8O+@�+=;0�)*+��@=*0��2H1-�/04-�J@0*+�N��)*+��@=*0��2H1-�I34.�D0e.�73C,�G01.�80B>�,@)*+�0K.�.53.7-9C.5�+@3�+@=*.5�,0�,2)H*+�70a,�J9;�,@=1�.5@_+@�+=;0�+@=*.5�,0���23.5�J@-�+@=*.5,0�,=>96.�G3?�D)4�+=.5�)*.5�+=;0��)*+��@=*0��2H1-�G0R.5�.536.�.5)A�8)*+�,-.S��)*+�@=*0��2H1-�+@)*.5�,3;�+@3�J9;�,@=1�,@0?>�06.�@=9C�+=;0��)*+��@=*0��2H1-�83?-�EH*-�+3.+0*-���501-�,@0C,�J>1�I-9C=�

���4����*��=,%'$�5!"�=��� ,���6!"�#(7���!2#���(2�� 89:,;�0E-I�80A� ,@0?>�8)H4+V�X��501-�80A� ,0L7�)H*,�80B=� ,36-�G0R.5�I0B=� ,@H7Y

']^Vd����(���013�73C,�.501>�.3*.5�G)*+S�.9?=�G04.�W)*+�I0B=�,@H7�,296.�80B=�73C,.5)H1-�.013�83*S�G04.�/017�+@3�.5)H1-�0?>�+0;7�,@0?>�J@30.�J@30*-�� )*+�I0B=�[email protected])H1-�.013S�+31.�,)H4.5�,2).5�+@3�E-9C+�,36.�,234.5S�+0?,�.@0L+�.5)H1-�0?>�+03�@H..5)H1-�J@0*+�

�-.@��@0*.@�J>*� ,@=0C,� 20R.5��)*+��@=*0��2H1-�80A�W)*+�I0B=�+@3��0?.5�@2-D,�E01�/0CQ���501-�+03�@H.�+0*+�,@-96.�D)*���2)H*+�70a,�J9;�,@=1S��0E-I�.@0C.

- 9 -

��������������� ����������������� �����������������������������

,@0?>�7F.@�8)H4+��)*+��@=*0��2H1-�G0.�E-.@�I)4�+@3S�36.5�.3*-� 23A� 20R.5V�X�)*+�@=*0��2H1-�,0L7�)H*,�80B=�,36-�G0R.5�I0B=�,@H7S���501-�+0?,�.@0L+�,36-S�/017�+@3�,36-.3:-�@H.�J9;�,@=1�.5@_+@�,36-Y��$)4�@-9C.�I-9C.�E01�+=.5�)*.5�+=;0���501-�+@3�+@=*.5,0�+=A.5�E0C>����501-�/0CQ�+@=*.5�,0�+03�@H.�J9;�,@=1�.5@_+@�+=;0�7F.@�

�@=*.5�,0�Q@0;-�.@0C.�G-9?,�8-9B=�.01>�E01�+36.5�G3?�G0R.5�.536.�.5)A�8)*+,-.�

���4�$(4%>��=)'���!��F�G�!92#���"����#(7���!2#���(2�� 89:,;�0E-I�+31.�8-�W0�@H.�J@-�,=>96.�G3?V�X�@9*.�+=;0�,36-�80B>�,201.Y���23.5

+0*-�.@F.�+=;0�J9;�,@=1��0E-IS��)*+��@=*0��2H1-�80A�+@=*+�Q@)H*+�+@3�36.5�E)H4,�<=0*.@=�+0B=�+=;0�36.5�N���501-�+@=*+�Q@)H*+�+@3��0E-I�.@-9B=�89?.�.3T-�/017�+@3�+@9*.+=;0�36.5�I)�,201.�20�.5301-�

�23.5�$0*.5�,@9?�J>;S��)*+��@=*0��2H1-�80A�@)*0�G0.�73C,�/H1-�@)*0�J>1�I-9C=+@3�G20@07V�X�0�D9A�/017�+@3�.5)H-�,@01.@��@0�+=;0�73C,�I06.�,3C+�EZ�804-���0D9A�+@=*+�Q@=*+�+@3�.5)H-�E01�/017�.3:-�I0.@�.5)H-S�E01�.5)H-�D9A�,2H1�,@01.@�.5=3B.Q@)H*+�+@3�.@-9B=�I06.�,3C+�J@0*+Y��'$0*.5�[]V]��%�(��$0=�/H1-�@)*0�83*S�Q20@07Q@0;-�,20;-�<=0�73C,�@01.@�,2F.@�/06=�I01-�89:�@34+�.536.�.5)A�+=;0�8)*+�,-.���@-�/017.@)�E0C>S�36.5�80A�,=>96.�G3?�Q@)H*+�@04.@��+=;0��)*+��@=*0��2H1-S�.@)A.5�Q@)H*+@04.@��+31.�/)=�/04-�+@3�+@=*.5�,0�.501>�.0>�

�@-�+31.�,29;S��0E-I�80A�G-9?,�8)H4+�,0B7�<=0.�,234.5�+=;0�E-9C+�,=>96.�G3?.@)A.5�Q@)H*+�@04.@��+=;0��)*+��@=*0��2H1-���@-�36.5�8-�+@-9?.�80?=�EH*-�.5)H1-J@3:.5�/3B� 36/-0*,S�36.5�G-9?,��)*+��@=*0��2H1-�80A�G0.�+@3�36.5�73C,�80a+�06.�,@-96.5/-96.5�E01�36.5�,=>96.�G3?�8-9B=�.01>�G0R.5�.536.�.5)A�8)*+�,-.���3?-�EH*-�5-3?.5�E3-J@3:.5�/3B��0.N7=*,S�+3*�D)*+�704.@�EZ�804-S�.@).5�,@0.@�.-96.��0E-I�,=>96.�G3?�VX�5)H-�+0B7�5)H7�5-0*3�89?.�+=1.5�,0S�+31.�,0�.@H.�I0.@��)*+� -96@36E0S�E04.<=06.�+=;0�!DH2096.S��)*+��@=*0��2H1-�701�.5)H-�I0*7�,@0*+@�83?���501>�.0>��@=*0D9A�80*.@�@04�.5)H-�E01�,0�D9A�5-9?,�.5)H-���301.�,@9:�,@9?�5-H*-�D9A�G-9?,�20R.5�+3*�73C,�)*+��@=*0��2H1-�,23.5�!DH2096.���01�!DH2096.�D9A�@34+�G-9?,�20R.5��)*+��@=*0��[email protected]�/9C�,@=3C+�E013�E=A�J@O�+=;0�.5)H1-�89:�@301.�,0?,�+@)H.5�,2F.@�+=;0���501-��501-� @01.@� 83C.5�701� [email protected]� +0B.� 89?.� .@)A.5� Q@)H.5� ,-9C.� +=;0� /301-� .5)H1-��501-�D9A�Q@3*�.5)H-�E013�,0>�+@=*.5�,0Y��'$07=96.�[fVbdNbf��%�(�

�0R.5�.536.�.5)A�+=;0�8)*+�,-.S��0E-I�80A�W06>�.96.�+@-9?.�,@0L.5S�80*.@G04-�J9;�,@=1�704.@�D)*+�G0R.5� 36/-0*,���536.�.5)A�8)*+�,-.�+=;0��0E-I�I)4.5�/96.�G3?-+0;.@�+@3��)*+��@=*0��2H1-�@01.@�83C.5���@9B�EH*-��0E-I�89?.�EH*-� 36/-0*,�G0R.5�+0*-,20.@�.9*7�80*S�.9*7�73C,�+=4+�80*�2H-�.50>�E013�,20*.�+=;0� 36/-0*,���23.5�+0*-�.@F.+=;0�80*7�<=06.�,@=1�I01.�,20C.�H;�Q@O0�GH1�G96.�J-0S��0E-I�80A�5-9?,� 36/-0*,S�70.5�>*7=3?.�+=;0��)*+��@=*0��2H1-�,2H;�,@01.@�J9?,�<=0;�.@)�>*�

�0E-I�G-9?,�8)H4+�.536.�.5)A�8)*+�,-.���3*�/9A�Q@0B.�@=1.5�G-9C.�.@06*,�+=;0.536.�.5)A�.01>�/01�J9?,�/=0C.�+=;0��@-��@-96.�+=;0�36.5V�X"=0;�,@0C,S�,234.�8H1-�,36-Q@)H*+�@04.@��E01�D)4�,@)H.5�W3*,�D9A�,@93�,36-�/=36.S�E01�,36-�D9A�H;�,23.5�.@01��)*+

- 10 -

��������������� ����������������� �����������������������������

-96@36E0�+@3�89?.�,234.�8H1-�7F.@Y��'�@-�^^Vc����(��%H1-�J9?,�/=0C.�+=;0�.536..5)A�8)*+�,-.�/01��)*+��@=*0��2H1-��/01�,@01.@�,O.S��)*+��@=*0��2H1-�/01�,3?,�/01.@S��)*+�@=*0��2H1-�G0.�+@3�+@=*.5�,0�Q@)H*+�@04.@��I)�I0C,�

�0A>�@34+�,0CQ�.536.�.5)A�8)*+�,-.���34+�,0CQ�D);�I=4.5�.536.�.5)A�.01>�,23.5/=*+�GF.@�,@)H1.5S�/=*+�.5=>�@-9:7�@0>�,2)H*+�70a,�J9;�,@=1�

$);�I=4.5�.536.�.5)A�8)*+�,-.�M�,23.5�/=*+�GF.@�,@)H1.5S�@0A>�I=1.5�.536..5)A�.01>�,23.5�8H1-��D3?.5�,@=3C+�,@9:S�8H1-�D3?.5�,@=3C+�/-.@�E01�8H1-�D3?.5�W0A�@3C-��23.5�J@-�50aQ�.5=>�@-9:7S�@0A>�I=1.5�.536.�.5)A�8)*+�,-.�W0*+�,-.�D)4�G0;3�E9C�+=;0�)*+��@=*0��2H1-�E01�,=>96.�G3?�D)4�I0T.�I0L,�+=;0���501-���2)H*+�70a,�J9;�,@=1S�G0?,�J>10-�@0>�G0?,�J>1�8-9B=�5F�M�@0A>�D);�I=4.5�.536.�.5)A�8)*+�,-.�89:�,=>96.�G3?�D)4�+=.5)*.5�+=;0��)*+��@=*0��2H1-S�E01�+36.5�G3?�E9B�Q@)H*+�@04.@��+=;0���501-�

�0A>�+@0L+�+@0L.�20R.5S�G0?,�J>1�@301.�+0;.@�.013S�I=1�J@3*�J@0K.�89?.�G03.@-96=�.)A0�,@F��)*+��@=*0��2H1-�E0T.�,@01.@�,O.�,3?,�/01.@S�E01�20?,�7=3?.�G0.�Q@)H*++@3�G04.�I3B-�I013�I)�I0C,���0A>�89:�.536.�.5)A�8)*+�,-.�+@-9?7�@)A=�+=3C+�8H1-�G04.SQ@0*,�,2-9:.�G)H*+�8)H1.5�+H�83?+�+=;0�G04.�E01�80R7�,@0L7�8H1-�D3?.5�G04.�EH*-��0?.5�@2-D,��@0A>�I=1.5�.536.�.5)A�8)*+�,-.�J@0-�Q@3*.5�<=>9B.�.0K.5�+=;0��)*+��@=*0�2H1-�E01�@0A>�89:�.@)A.5�Q@9*Q�/04�+=;0��)*+��@=*0��2H1-�,=36.�+@0;>�<=0�8H1-�D3?.5G04.�

- 11 -

��������������� ����������������� �����������������������������

��������

���������� �������� ���0?,�+0;�+@=*.5�,0�89B=�7=3?.�@04.@�Q@=*+���@-9B=�.5=)H1-�.5@Z�20R.5�@04.@

Q@=*+�/01�I3�+3*�.@-9B=�+=;0�+0;-�E0C,�+@0?,���34�.5@Z�20R.5�7F.@�D9A�804,�8)H4+�@04.@Q@=*+��.9?=�7F.@�,@0C,�5-01=�+3*�E01�80B>�8=;�,-9C.�.5@-�

�H*-�806>�+3*�@0-�.5)H1-�5-01=�.@0?,�.)H*+��>A�+@9?,���@01�,>;�Q@=*��3g02I�=5@9D�/=*+�+@9?,�80A�89:�/04-�@0-�,U�836�/0���@).5�[\�.0K7�+=3?-�+=;0�+=3C+�8H1-�36.55-3?.5�.@)�73C,�.5)H1-� +@0*.�8H1-S� /=*+�+@9?,�[email protected]�EH4S�[email protected]�+3.S�[email protected]�0-J@3*+�+@3�36.5�+0;���=1�5-01=�+3*�.@).5�+=3C+�8H1-�E01�.50>�+0;�+0*-�+@9?,�89B=�D0;.D-.@�D)4�+36�8H.�EZ�804-�

�5)H1-�,@)*�@0-�/01�,>;�Q@=*�h3@.��0=/� 9,,>S�.5)H1-�80A�80B=�,)�,)1�@0-�89?.G3?.�,U�836�/0�E013�I_+@�E=4�I0B=�J@O���@).5�8H1-�,)�+=;0�36.5�E36�+=1.5�G0?,�@04.@���.5�80A�+)H*-�E01�/>�I_�,0?,�+0;�d�/0B.���0K7�[id^S�8)*0�+3.�,20-�=*,�+=;0�36.5�+@9?,S�EFD).5�Q@3:-S�E01�.0K7�[if^S�+3.�,20-�,2)H;.5�.07�+=;0�36.5�+@9?,�EF�.5@-9C.�2)H4=�

�9?=�E-9C+�DH;�@)A=�8)H4+�.@-9B=�+=;0�+0;-�E0C,�+@0?,�70.5�/04-�@04.@�Q@=*+,@F�@0-�.@01�,U�Q@=*�J-0�/01�.@)A.5�.5)H1-�@04.@�Q@=*+�.@0?,�,@9?�5-H*-���@).5�@04.@Q@=*+�/04-�.0R7�H;�.9B.�,0;.5�E)A.5�E01.5�@H.�/01�,3B.�,04-�@H.�.@)A.5�5F�I3�E0C,�+@0?,897�/04-���@36.5�+3*�.@)A.5�8-9B=�D06=�W0�0?>S�+=3C+�8H1-�+@=*.5�,0�D9A�,23?.5�23T.5SE36�E_�E01�80B>�I0T>�G0?,�@04.@�

�9B.�,0;.5�8=*.5�80L.�+=;0�@04.@�Q@=*+�,@0C,�G03�53B7�G0�>9?=�,3?���04.@Q@=*+�/01�D)4�J9?,�@H4Q�+=;0�.@)A.5�,@01.@�Q@0B.�.01>�

�����H��

�@=;�8O+@�+=;0�+=3C+�D3?.5�/01�,@01.@�Q@0B.�<=0.�,234.5�,23.5�.9B.�,0;.5E)A.5�+@0L+�89:�W06>�I)4.5�@04.@�Q@=*+�G9B.�/06=���3C,�+=3C+�8H1-�[email protected]�+3*�8_.@@)H*.5�/01�+=3C+�8H1-�E36�8_.@S�/3.5�83.5S���9T�806=�[email protected]�+3*�+@=;�8O+@�,@0C,S�83*+=A.5�[email protected]�+3*�@04.@�Q@=*+�,@0C,�

�("#�IJ#��$�!9:�F�$8!"#�=1�H;�,296.�/0A.@�E)4+�,@9:�+@0?,�@0>�E0C,�+@0?,S�,@F�Q@0;-�+3*�.@)A.5�7=4+

,-96=�23A�201.5�89:�897�/04-�,@01.@�+36.5�+@0L+�+@0L.���=>�[email protected]�)H*+�7=3?.�,@01.@,)4=�+@U�+3*�73C,�+)*=�+0*.@�,3?-�@0C=V�D)4�+@9?,���F�,@9?�+@U�+3*�73C,�7=4+�8O+@�.@0?,,@H1-�,23.5�+=3C+�D3?.5�D9A�+@0`.5�G03�5-H1�70.5�/04-�>*�.5@Z0�,@3;0�70A.�E01�@04.@

- 12 -

��������������� ����������������� �����������������������������

Q@=*+�+@3�+=3C+�D3?.5�+@=*.5�,0���F�/>*�I3�.01>�.5)H1-�,0�,@)H1.5�+3-�+=3C+�8H1-�/010;3�,)H;.5S�73C,�D)4�5-0;�I3?-�G03�G34+�G0R.5�8=;S�89B=�/017�EHA�73C.5�

�@-9B=�.5)H1-�5-3?.5�.@)��36N/=7NG36����.5�+@U�+3*�73C,�I)4�8_.@�7H�@3BS,@)4+�,9?�36.5�[email protected]�G-9?,�+@0L+�7F.@�8)H4+�201.5�G=3C+�E013�806=���=3?-�+=1.5�36.5,F7�20��06>��.��3C�.@).5�+@)0�@9B�>*�,@)*+�.H-�7F.@�89?.�/01�+@3:�.013����.5�J@H;-@01.@�E9B�.@01�.@).5�+@0`.5�G-9?,�Q@0;-�+@34.�@)H*.5�.013�

�36N/=7NG36� /01�73C,�.5)H1-�70>�70L.�8)H4+�734-�.5)H1-�+36.5�.@0C.�/01.5)H1-�J@0*7�Q@0*�20��@06=��>A���@).5�80�D3?�[email protected]�8)H4+�70>�70L.�.01>���@0>EF�J@0*7�Q@0*�20�73C,�+@06.�,2H1-�7H*-�.013S�,@F�.H-�@34�,H*-�/01�73C,�+@3?.�80B>�+H�+)4+E01�J@3?.�J@3:S�80B>�,-9?.5�296.�/0�,@0?,�G04-�

�36-�8)H4+�I_Q�E31.5�<=0.@�,@9?�5-H*-�@H.�7)H1-�/0B.S�<=0.�D0*,�I06.�+)�H;.@)A.5�.H-�,36-�<=0���9?=�E-9C+�+@)*0�80B>�+=;0�+0;-�E0C,�+@0?,�897�/04-�@04.@�Q@=*+,@F�+@0L+�@0`.�.@)A.5�0-�D3?.5�H;�+0*+�<=3?+�5-0�Q@0*,�,2-9:.��@06=��=�E01��>A��@06=/01�.@)A.5�.5)H1-�@04.@�Q@=*+�.@0?,���=>�.@-96.�8-9B=� ,20*-�.5)H4+� /04-�E0T.� /=36./=36.�8=*.5���3?-�EH*-�.@)A.5�0-�@)H*.5�+@=;�8O+@�+=3C+�D3?.5�7F.@�E9B�E0C,�+@0?,N@F.@�0;.@�,@=�.@3;�+=;0�.@)A.5�7=4+�8O+@�,047�,@H1-NI)H1.5�.@)�/01�.@)A.5�.5)H1-J@3?.�J@3:�@H.�@9?,�

�=4+�8O+@� ,3?-�@0C=�+=;0�+=3C+�8H1-�G04.�Q@0;-�80a,�.9B.� ,0;.5�.H-� D)4� ,-.,)H;.5�E013�+0*-�5F�H;�G96.�J-0�+=3C+�8H1-�.01>NH;�,23.5�+3A-�EZ.@�@0R.5���@36.5�+3*8-9B=�.01>S�,@F�.50>�+0;�7=4+�8O+@�8)H4+�80a,�J9?�@304+@�@301.�@0;3�.@0?,�E01�80.58)H4+�,234.5�.9:�.@0?,�+=A.5�,@-9?=�8-�,O.@�/017�G9B.�

=5=D,-.9�80A�E-9?,V�X��501-�80A�I)4.5�.96.�+@=*.5�,36-�+@3�+@O.@���501-SE01�/31.5�+@=*.5�,36-�[email protected]�@9B�0.�.5@U�+@3�89?.�J@-�,F7�8)H4+�+@3:�H;�,23.5���501-Y��=4+�8O+@�Q@3:�<=0*,�+=;0�+3.�.5)H1-��/01�Q@0;-�+@-9?7�8)H4+�/H1-�.3*-�+=;0�=5=D,N-.9V��3*��)*+��@=*0��2H1-�,23.5�/31.5�7F.@S�+3*�8)H4+�D)4�+@0K7�D3*+�+=;0��0?.5EZ.@�@0R.5�,23.5�,)1.5�G)H*+�8-�+=;0�7F.@�

�)*+��@=*0�P9D=D��@2-D,�/01��)*+��@=*0��2H1-�.@=4+�,@9:S�80A�2H1-�G3;�,@-96.8)H1.5�E01�W=3?.5�,20B.�5-0.�D3?.5�5-)A0�/301-�.5)H1-���5)H1-�+@9?,�,296.�,@0CQ�,)4�5-0*89:�+)*=�G04.�20�J@3;-�D)4�,23?.5�23T.5�E36�E_�E01�.0K.5�.3:�[email protected]�7=4+�8O+@�N���501-D3?.5�/04-�,)1�,23.5�Q@0T.�.3C�E01�,2H;�E9B�,@-96.�801.5�89:�G0.�+@3�G04.�7=4+�8O+@�80a,.9B.�73*.5�/04-�+3A-�EZ.@�@0R.5�

�("#�IJ#��6%?����*��6,%*��0?.5��@2-D,�@-9:=�23A�7=4+�8O+@��+=;0��501-�H;�,296.�,20*-�80?,S���501-�,=>96.

G3?V�X�0�G-9?,�,0�89?.�,)1�806=���0�/01�8)H1.5�8-S�,0�/01�+@06.�/>*�E01�,0�/01�D)4�D3?.5S+@0`.5�GH;-�,0�,@F�[email protected]�0-�89?.�+=1.5��@0Y��' -0K.5�jV[bS[bVc����(��%H1-�+36.5G3?�+=;0���501-�8H.�5-0;.�E01�704.@�I04.S�G01>�,3;�+@3�+@=*.5�,0�,@0?>�20R.5�<=0�8)*+,-.�E013��0?.5��@2-D,S�+@=*.5�,0�+3*�,@9:�73C,�/0B.�.)A0�8)H4+�@310�,@=0C.�EH*-��)*+�@=*0��2H1-��0R.5��)A=���=3?.�8)H4+�@)H;.5�73C,�+=3C+�8H1-�@04.@�Q@=*+�,04-�,20B.5-0.�.01>S�G04.�Q@0;-�+3*��@=*0�P9D=D��@2-D,�/01�7=4+�,-96=�+3?�8_.@�E01�7=4+�8O+@+@3�+=3C+�D3?.5�7F.@���@H1��@=*0�P9D=D�+@=*.5�,0�G-9?,�7F.@�,)1�806=�89?.S�80.5

- 13 -

��������������� ����������������� �����������������������������

8-�806=�E01�D3?.5�,296.�,@9?�5-0.�.01>�EH*-�7=4+�8O+@�5F��@).5��0?.5��@2-D,�+31.�G0.�+@3�+@=*.5�,0�.@-9B=�+06=�,20;�/H1-�E)H4,�<=0

E-9C+�5-=*Q�8HA�+@=*.5�,0�,@-9?,�/0CQ�7=4+�8O+@�+@3�+=3C+�8H1-�7F.@���@=*.5�,0�+31.8)H4+�83B.5�.@0?,�EH*-���501-�

�9?=�+@=*.5�,0�+3*�8)*+�,-.�.H-��)*+��@=*0��2H1-�,@0C,�D)4S�X�@=*.5�,0�/01+3.�+0*-�+=;0��)*+��@=*0��2H1-���@=*.5�,0�/01�.@)A.5�.5)H1-�,@)10�J9?�+=;0��)*+��@=*0�2H1-�E01�/01�.@)A.5�.5)H1-�,@)10�J9?�83B.5�@04.�EH*-��0?.5��@2-D,Y��'�@2-D,kD�l9/N/3gD�@9-2D(�M��3670�jV[c��������@=*.5�,0�[email protected]�+3*�7=4+�8O+@�,@)H1.5�,2)4+S.@).5�+@=*.5�,0�+31.�+3*�7=4+�8O+@�89:�.@0C.�I-9C.�

�("#�IJ#��#)2�K��7���L�F��)�:��$�'$�0?,�J>1�7=4+�8O+@�.013�[email protected]�+3*�J@0;�.0K.5�,@)4+�@-9C.�+@3�36.5�89B=�,2H;

,@01.@�E36�I=4.5��73C,�J@-�G04.�/01�+3.�+0*-�+=;0��)*+��@=*0��2H1-�,@F�.5=3B.�+@)*0<=>9B.�.0K.5�[email protected]�@04.�+@9?�D9A�+3*�5-0*�,2_�83?-�EH*-�G04.���-9B=�G04.�+0B.�0?>�/01�@34+,0CQ�+0*+@�8=4.5�+@047�8=*.5�E013�G3B.�+@)*0�<=>9B.�.0K.5�0?>���@)�73C,�.5)H1-�80AE-9?,�X�9?=��)*+��@=*0��2H1-�H;�E9B�Q@O0�+@=*.5�,0S�,@F�+31.�0-�.5@_+@�EH*-�+@=*.5,0Y�'�3670�jV^\(���H1-�D3?.5�+H�83?+�.@06.�[email protected]�Q@0;-� /01�[email protected]�+3*�E0?.�89B,@0*+@�,@)*+�.@).5�+=3C+�D3?.5�83*�+3*�.5=3B.�I)4�,2)A�[email protected]�@04.�+@9?�89:�,=1>�.5@-D);�I=4.5�

M�����������=3?.�W06>�I)4.5�@04.@�Q@=*+S�[email protected]�.@)A.5�G04.�+0B.�+3*�7=4+�8O+@�.@).5

G04.�+=A.5�+0B.�+3*�D)4�GF.@�0.�,23.5�,067�@3B.���@).5�+=3C+�D3?.5�+=;0�+@=*.5�,080B>�I0T>�.@)A.5�@04.�+@9?���@=*.5�,0�D3?.5�I)H*-�.@)A.5�@04.�+@9?�+=;0�5-0*+�<=0.S+=;0�,@F�5-H1S�+=;0�[email protected]�5-0.�E01�+=;0�,)H.5�/0-�[email protected]�8_.@�,2)H*+���@)A.5�G-96.+)H.5�.01>� ,@)H1.5�8)0�+@=*.5� ,0�E013�+0;7�5-0*+�G)4+�7F.@�EF� D)4�[email protected]�I9TI01.5S�8)0�D)4�G0?,�70A.�50C7�.@0?7�>*�,@)*+�7F.@�

�@=*.5�,0�[email protected]�G-9?,�8)H4+�.@)A.5�5F�D9A�W0;>�89?.�+@3�.501>�70-���9?=.3*�[email protected]�.0R7�,234.5�,067�E01�.@F.�+=;0�+@=*.5�,0S�,@F�+@=*.5�,0�D9A�[email protected]�G-9?,�D)45F�W0;>�20�,23.5�5-06>�Q@=*,�J9?�89?.�

�04.�.5@9�,@0?>�,-9?.5�53A�+);0�.@01�E013�G=3:-�,3?-���@F.�20�+);0�D3:�G04.,@0?>�73C,�.5)H1-�J@0*+@�/04�+03�/H*.�.@).5�I-9C.�7043�5@96�DH4�E01�80B>�/3�/0L.5���)4.@-96.� G04.� +0;7� ,@0?>� G0?,� 0.S� [email protected]� ,@9:� ,@0K7�I31� 8)H4+� >*� .5@Z� +=;0� .5)H1-J@0*+@�/04S�G04.�[email protected]�G-9?,�36.5�,0�+3*�>*�8_.@�5F��.@)A.5�@04.�+@9?�+=;0�G04.�/01.@)A.5�8-9B=�506>�J@3*�[email protected]�D3?�Q@0C.�,2)H*+�70L,�+=;0�G04.�+@U�/01�73C,�@F.@�,@)*+,=>9C,�E34.5���067�,)�G04.�/3�/0L.5S�D)4�GF.@�0.�+0B.�,@-9?,�+@3�@04.@�Q@=*+�G-9?.�8-806=�70?,�

�0K.�G_.@�J@3*�+@_=�.01>�80.5�/017�,96�/-9C,�D)4�GF.@�0.�,23.5�,067�,2O�+=;0+3.�.5)H1-���@=*.5�,0�[email protected]�J-9:7�D30*,�8)H4+�.3*�E01�.3*�[email protected]�@04.�+@9?�,23.55-0-�8304.�.013�+=;0�+=3C+�8H1-�+@=*.5�,0�

- 14 -

��������������� ����������������� �����������������������������

M����������D��������N�������0?,�+0;�+@=*.5�,0�89B=�+3*�<=>9?,�8_.@�D0-� /0B7���0?,�+0;�+@=*.5�,0�89B=

Q@047�,3C-��3C,�D3?�,3C-�W=0?,�@-9C.�23A�201.5�E01�+36.5�J@0-S�I9T�.@F.�,@0?>���31.�73C,�D3?

,3C-�,@F�5-0?=�JO.S�GO�70C,�.@)�J@3�+@)*0�E=A�J@O�+=;0�.@)A.5�.5)H1-�,3?.5�,-9B.�89?..3T-� /017�+@3�80=�J@3:� I0>�I)*,S� .50>�+0;� +0*+�@01.@�83C.5� /)H.5� ,@-9C.� [email protected]�,@9:��W30�I_=�8)H4+�

�@=*.5�,0�+@_=�8)4.5�80=�J@3:�EF�+0*-�/3T-�/0B7�.01>�S�,)1�+0*-�<=>9?,�8_.@D0-�/0B7�E01�,3C-�/3T-�+=;0�+@=*.5�,0��%3T-�/0B7�.01>�201.5�G=3C+�+@=*.5�,0S�+)H*Q�70?,D)*+�704.@�N�,@9:�+@0?,S�,-.@�,@0B.�E01�,@=3C+�/-.@�+=;0�+@=*.5�,0��$)4��201.5�G=3C+�+=;0/3T-�/0B7�.01>�5-3?.5�.@)�.@)A.5�+3.�+@3B.�.@3;�Q@0*�@304-�E)H1.�.@3�@04.@�Q@=*+��9?=�+@=*.5�,0�[email protected]�8)H4+�5-0;-�Q@3*.5�20�J@3;-�8-9B=�.01>S�,@F�+@=*.5�,0�+@0`.5G03�5-H1�+3*�@04.@�Q@=*+�,@0C,S�+@=*.5�,0�[email protected]�,@9:�.013�+3*�8)H4+�D)4�GF.@�0.�+@06.+@O.@�

������ �������.�� �B��������D��M�B��E�����O�;�0K.�G_.@�G)4+�G3C-�.01>�+=A.5�+31.�0;.@�@)H;.5�23C.5�20A-�J@-�+@=*.5�,0

[email protected]�,@9:�@-9:=�8)H4+�@0>�J-.@�.5@-9C7�8)H4+�>*�.5@Z0�,23.5�+=3C+�D3?.5�+@=*.5,0��.9?=�+@=*.5�,0�70?,�G04.�G91S�70?,�E-9C+�/017�S�+01.5�.501>�+01.5�5-01�8-S�+@0L+�@0`.+@=*.5�,0�+0K.5�,@0`.5�E01�G)4+�G3C-���@=*.5�,0�DH4�20R.5�7F.@�D9A�70?,�>*�.5@Z0�+=;0+=3C+�D3?.5�+@=*.5�,0�

�0;.@�,204.5�.0.�5-0;-�+=;0�,=3:-�5-01�/01�73C,�EO�I=4�+=4�,@9:���3T-�.0K7�@01.5.501.�.5)H1-�5-01�,@F.@�/F.@�+0;7�,@0?>�7F.@�G_�W0A�@3C-�G3;�2H-���34-�E-9C+�734-.5)H1-�+)*�,-9?.�G)H*+�701�[email protected]�.53*�.501.5�5F�89?.�@34���36�8H.�@34�+0;7�,@0?>+=3C+�8H1-�,2H;�.96.�,23?.5�23T.5���31.�5F�,9C�@04-�@H.�+3.�.5)H1-�80A�70?,�>*�.5@Z0�+=;0+=3C+�D3?.5S�+3*�.@-9B=�.5)H1-�,)4�,);�EF�+0;7�<=0.�G_�,96�/-9C,�

�04.�E01�,36-�+0B.�+3*�D)4�.@0C.�,@)*+�/-96.�,=4+�E9B�8-9B=�.01>���@-�83?-�I-9C.EH*-�+0*-�+@9?,S�+@=*.5�,0�7=3?.�,043�20�>*�.5@Z0�+@3�+=3C+�D3?.5�+@=*.5�,0���3C,�D3?.5)H1-�80A�89?.�8)H4+�73C,�.H-�+3*�>*�.5@Z0S�.@).5�J@-�804,�89?.�>*�.5@Z0�.01>S�@34/04-�DH4�G_�70?,��!��.5@Z0�,047�,@H1-�.01>�,043�20�73C,�D)4�+0K.5�,@0`.5S�/04-�/01�73C,70B7�73*.5�506>�20�+0K.�G9C.@�G)4+�G3C-�

A.�� ����P������������9?=�+@=*.5�,0�E0T.�,)4�7F.@�[email protected]�,@9:�G3;�8)H4+�.@)A.5�G)4+�G3C-�506>�20

I3�D)4�@04.�+@9?�+=;0�7F.@S�[email protected]�8)H4+�D)4�5-0;-�,@30*,�J@3;-�D)4�0*7�0;.@�+=;0�/3T-/0B7S�[email protected]�G)H*+�20�J@3;-�+0;.@�=�0*7�+=;0�D)4�E36�.5@Z0S�,@F�+@=*.5�,0�[email protected]�,@9:.013�,F7�8)H4+�D)4�GF.@�0.�,23.5�,067�,2O�M�+@=*.5�,0�+=A.5�[email protected]�+3*�D)4�GF.@�0.,23.5�/31.5���0*.@�G04-�8)H4+�.@)A.5�J9;�,@=1�.01>�89:�+3*�8)H4+�GF.@�0.�/01�20?,�J@3*SE)H4,�<=0*�J@0;�.0K.5�+3.�.5)H1-�

- 15 -

��������������� ����������������� �����������������������������

%H1-� 5-0;-� 80*Q�I=>�.@0?,� 0?>� /01� ,-.� +0C>��@=*0� P9D=D���0?.5��@2-D,� /01�0?.5�,301.�,2_�E01�,301.�.0K.5��"=0�8)*+�,-.�.H-��0?.5��@2-D,S�+@=*.5�,0�[email protected])H4+�D)*+�704.@�89:�,@0L.5�,20C.�+@-9?.S�80*.@�G04-�J9;�,@=1�+=;0�D)4�GF.@�0.�,23.5,067�,2O�7F.@���0?.5��@2-D,�80A�Q@0*.V�X�0?,�+0;�<=>9B.�.0K.5�H;�,296.�,2H1-�E01�I)H*-80?,�80A�5-03�+@3�,0m�@0A>�+@0L+�+@0L.�8-9B=�.01>S�,0�H;�EH*-�+0*+�.5)H-�/=36.�/=36.S.50>�+0;�J@-�+@=.5�J9?,�8H1-�.01>Y��'�0,@-H�]jV[j�M]\��%�(���0R.5�D)4��+@9?,+=;0���501-�,296.�,@0CQ�,)4�5-0*S��0?.5��@2-D,�80A�+=.5�)*.5�D)4�GF.@�0.�I)�I0C,�+0B.,@-9?,�+@3�@04.@�Q@=*+�+=;0�+@=*.5�,0�

�3*� 836-� /=*+� G04.� .5@-� .5H1� [email protected]�G-9?,��0?.5��@2-D,� D9A� /017�5F� +@37F.@���3*�73C,�+06=��-.@��@0*.@�+@3�+@=*.5�,0�D)4�G0;3�80;7�.01>N�X�@H1��0?.5�@2-D,S��0?.5�>96=�,@)H.5�+@=*.5�,0�E01�+@9?,�,@0>�+@3�+@=*.5�,0�701�+@=*.5�,0@)H;.5�8)H4+�D)4�+@-9?.�,@0L.5�E)H4,�,23C-���F�,36-�+@0L+�20R.5�[email protected]�8-9B=�5F�+3*�,@9:Q@06.�+0*+@�+@=*.5�,0�20�J@3;-� ,F.@�>96=�+=;0� ��501-S�G0?,�J>1�D)4�+@9?,S�D)*�D3?.5S,@-96.�D)*S�E01�+0;�,@9?�/)4+�+=;0�8_0�.5=4+�+=A.5�[email protected]�,@9:�Q@06.�29A�+@=*.5�,0�20J@3;-�,F.@�>96=�+=;0��)*+��@=*0��2H1-��$)4�DH4�@0A-�+=;0�+@=*.5�,0�+@3�@367�.0>S�.3T-/3�/0L.5�+=;0�+@=*.5�,0�+@3�.501>�70-�@30a+�G0?,�J>1�.H-�.013�+@=*.5�,0�H;S�+03�@H.+0*+�G0B=� ,2H1-�E01�D06=�@H.�+0*+�804-�I)H.5���@0L.5�8-9B=�5F�+3*� ,@9:�Q@06.�+0*+@+@=*.5� ,0�EH*-� ,F.@�>96=�+=;0��)*+��@=*0��2H1-�G01>� ,3;� ,23.5��)*=��@=*0� P9D=D�@2-D,�+@=*.5�,0�J@-���501-�+@9?,�,@0>�+@3�+@=*.5�,0Y��'�3670�jV^fN^i��%�(�

"=0�D)4�+@9?,�E01�D)4�Q@=4+�D-.@��0?.5��@2-D,�80A�+=.5�)*.5�+@3�+@=*.5�,0D)*+�704.@�89:�+@-9?.�,@0L.5�J9;�,@=1�+=;0�D)4�GF.@�0.�

�3?-�EH*-�.@)A.5�@04.�+@9?�,)4�[email protected]��@=*0�P9D=D�,20;�/H1-V�X�0?,�+)*�8-9B=�5F+=A.5�+3*�,@9:�W0;>�20�.9?=�G04.�+3*�8)*+�,-.Y��'�0*+�iV]^��%�(���3?-�EH*-�D)4�201.5G=3C+�+=;0�/3T-� /0B7S�+@=*.5�,0�+3*� ,@9:� ,20;� /H1-� V�X-�I0*7�G=3C+�,3C-�+@=*.5�,0�/01.@)A.5�.5)H1-�8)H4+��)*+��@=*0��2H1-�+@34.�/017�+H�.5@-9CQ�+=;0���501-n��3*�Q@0;-�)*+��@=*0�[email protected]� ��501-� /01��0?.5� ,@0� ,@)*� +@3�+@=*.5� ,0�E01� +@3�+@=*.5� ,0@)H;.5�+@3:� 8)*.5�8=*.5�80L.�EH*-� ��501-Y�� '�3670�jV^^��%�(���3?-�EH*-� +0;.@,204.5�89.�,3?-�+=;0�D)4�E36�.5@Z0�+@=*.5�,0�+3*�,@9:�+36.5�G3?�D)4�23A�201.5�D0*.5�2H;�+=;0�0?.5��@2-D,����501-�/01�,@)4+�,@9:�E01�7=4+�8O+@�+=;0�D)4�GF.@�0.�+@06.�+@O.@S�G0.+@3�+=3C+�8H1-�+@=*.5�,0�80B>�>*�.5@Z0�E01�Q@)H*+�@04.@�,@)H1.5�,2)4+�

����0.��E���M��� �����1�� �F.@�>96=�+=;0��0?.5��@2-D,�+=.5�)*.5�73C,�.9B.�,0;.5��+@3�D)4�GF.@�0.

,23.5�,067�,2O�/06=�I01-���@).5�.9?=�+@=*.5�,0�/0CQ�73C,�.9B.�,0;.5�8=*.5�80L.�+@3@04.@�Q@=*+S�+@=*.5�,0�Q@0;-�+3*�73C,�I31.5�D36.5�,F.@�>96=�E01�D)4�,@)H.5�W3*,�H;,23.5�+=3C+�D3?.5�2-96.5�7F.@�

�23.5�W0A�@3C-�+36.5�.5@-9CQ�@3*0S�+=3C+�D3?.5�[email protected]�+3*�,F.@�>96=S�[email protected]+3*�D)4�8=4.5�+@047�+=;0�73C,�D)4� ,@)H.5�W3*,�+@06.� ,@01.@S�80A�506>�20�G-9?,�G03.@-96=� .0.�89B���H.�E_� 5-0� 8F.@�[email protected]� +31.� 8)H4+� 80*.@� 5-0*� +03���5)H1-� ,[email protected]�+3*�50.�53?+S�I-�+@=>9:.�,)1�,@01.@�Q@3?�.01>�D0.5�,@01.@�Q@3?�J@0*+S�W0�2H1-

- 16 -

��������������� ����������������� �����������������������������

J@3;-�.@)A.5�73?-�<=0.�@9C�E)A.5�+@0L+���3C,�J@-�D)4�+06.�83?-�G_�,0.�20AS�+@=*.5�,0+@0`.5�+31.�J-9B7�+@9?�.)A0���5)H1-�.07�.5)H1-�.)A�,23.5�,@H1-�804-�,06.�,@H1-�+)*G3B.5�G9B.@�,236-�.3:-S�+@0`.5�G03�/06=�G_�2H-�E013�+047�G0:>�+=;0�D)4�/)H1.5�504,�E01.@)A.5�@0?Q�I0T.�,23?.5�23T.5�

�3.�.5)H1-�[email protected]�+31.�+)�W);�EH*-�.@0=�.@)�.@)A.5�+0*�.@06.���5)H1-�,08)H4+�+0�.5H4-�,@93�J@0;�.0K.5�E01�5-0*�,2_�,-9B.�,9C���_�+=3?.�@=*,�,23.5�+=3C+�D3?.570*>�73*+�@01.5�.501>S�+3.�.5)H1-�+0;7�,@0?>�G_�70?,�.@06.�,O.@���3C,�D3?�.5)H1-+@3?.5�/04-�W0A�@3C-S�,F7�+0*+@�.3:-�I0.@�<=0�+0*+�@01.@�83C.5�Q@047�Q@0*Q�E01�.9?QD3?.5�,2=4>�/04+���_.@�=.5�,@)�G0?,�70A.�,-9?Q�,=4+�Q@0*,�,2-9:.�23C.5S�,)4�Q@36�G01>7F.@�20�,23.5�+0*+�@304,�83C.5�@=.5�G043���@=*.5�,0�[email protected]�+31.�D3?.5�,23.5�,F.@>96=�,@)H.5��,@06.�@)A=�+=;0�X,36-�E01�G04.�X�.@).5�/01�X,36-�E01�.3*Y�

�������A���������$)4�@3T.�83C.�+=;0�5-0*�,2_�80A�.50K.�,2H;�+3.�.5)H1-�@-9:=�G-9?,�,0B7�<=0.

,234.5�+=;0�,F.@�>96=�E01�D)4�,@)H.5�W3*,�,23.5�73?-�<=0.�@9C�804,�89?.�@04.@�Q@=*+��3*�73C,�+06=�+@=>9C.�7-.@�@340��8-9:7�.01>�20?,�D3?.5�83C.5�

�@);H�W)0�+3*�73C,�+=4�5-01�J@36.�.530.�D3?.5�,23.5�73C,�/01.5�.@3;���0;I06.�/01.5�20?,�JO.@�.9:�+=4���9T�J@-�.013�@34�+3*�.0.�89BS�@34�89B=�89?.�EH*-�+=4�W-.�+@UI0T.�

�23.5�J@-�.3*-�+@=>9C.�EH*-�@34S�+=4�5-01�@)*0�+@U�I0T.�+@3�I06.�/01.5�+3.8)H1.5�8-�89?.�@04.@�Q@=*+���3B-�@34�G0;3�36.5�@0A>�5H;-�73C,�.5)H1-�804-�I-9C.�89?.S.5)H1-�701�I06.�/01.5�+@3�/01�.5)H1-�@04.@�Q@=*+�.@0?,�,23.5�/01.5�

$0=�83*�I06.�/01.5�,=4�/04-�G01.�/=0C.�23B-�8)0�89?.�J9?,�/=0C.�20R.5�.5)H1-�894Q.@0?,�Q@0;-�/01�.5)H1-�@04.@�Q@=*+�.@0?,���0;�I06.�/01.5�.@0?,�,2O�+@34.�73C,�.5)H1-�Q@=4.)A�/017�804-�I-9C.�+@3�@34�

�@-�,236.5�,@0?>�,@-9?=�.)A�W-.@�W0L.�.01>S�+=4�5-01�<=0>�/).5�8-S�+=4�[email protected]*-�73C,�/H1-S�D)4�>96.�/0a.5�+=;0�+=4�/01�73C,�D)4�,)1�+@3?-�23A�201.5�

�06.�/01.5�@H4Q�/04-�/0B.�,@)*�@0-S�/0B.�.01>�@34�<=>9?,�8_.@�20R.5�.5)H1-5-01=+3*�.@0?,�Q@0;-�/01�.5)H1-�@04.@�Q@=*+�.@0?,���34�+@34.�73C,�.5)H1-�5-01=�.@0?,�,23.5/01.5�5H;-�89?.�+@3�36.5�+=4�

�@F.�,@0?>�J9?,�<=0;�+=;0�D)4�/)40�+@34.�/0B.�,@)*�@0-S�+=4�5-01�J@36.�.530.@301.�,301.�,@0?,�E34.5���=4�,-9?.�G)H*+�20�73C,�+0*.@�83B.5S�+3*�E01-�.5)H1-�,@93�D0=+=4���@F.@�/F.@S�+=4�I)1.5�G)H*+S�G96.�+04.@�+=4� /01�97�G9*� ,20-�80.5�J@3*+S� ,0>80.5�+0B7�73C,�+3.�+@-7�+@9?,���=4�5-01�@3;-V�X�04-�D03�+@0*=�J@3*+nY��)10�,@3:.,@)*+�E)10�79?=�70*3S��97�G9*�,20;�/H1-V�X�@0*=�8-�.50.5�<=0�+0*.@�83B.5�.01>���@-80.5�8-�+@0*=�,@0?>�+3.�+@-7�9*.�.01>���3*�G_�,@)H.5�20?,�.0K.5���@0*=�,F7�8=;+0*+@�89:�+)*=�+3.�E0C,���@).5�.3*�E0T.�+)*�+@9?,Y�

�3C,�.=4�+)H1-�@-9:=�G-9?,�.H;�20�,296.�736-�+=4�5-01S�70a,�+=4�D0*.5�.5H1-�/96.S<=0>�D0.5�.@)A.5�.5)H1-�8-�,@93S�+=4�5-01�J@36.�.530.�5-0;-�,@O+@V�X�06>�/01�+3.8)H1.5� 8-� 89?.� @04.@� Q@=*+���0A>� >96=� ,@)H.5�E01� ,3;� /31.5� ,@)H.5�W3*,� .5)H1-

- 17 -

��������������� ����������������� �����������������������������

J@0*+Y�

����������� ����������$)4�5-01=�D0.5�@30a+�D0L+�894Q�[email protected]�897�/04-�@04.@�Q@=*+S�.@).5�,F.@

>96=�E01�/31.5�,@)H.5�W3*,�/01�.@)A.5�>9?=�,3?�D3?.5�83C.5�,23.5�E-9C+�70.5�/04-�+=3C+8H1-�@04.@�Q@=*+�,23:�@30�2)4+�2HA���9?=�G04.�[email protected]�,@9:�D3?.5�@01-�@310�EH*-�.5)H1-83B.5�/304-�,@F�,F.@�>96=�E01�/31.5�,@)H.5�W3*,�J@3*�+3*�,@9:�,)1�G04.�/)=�W=0?,�20�

�@0;�.0K.5�80*Q�)*.5�E01�,@O+@�.5@-�,3?,�EH*-�.5)H1-�J@0*+�+3*�,@9:�,F7�,@0?><=0�73C,�,-9?.�,2F.@�Q@0*,�,2-9:.���2)H*+�J@-�E013�8H1-S�+@=*.5�,0�83?-�W);�EH*-�+@0�794E01�,@0B>�5-0*3��$0=�83*S�80�D3?�+@=*.5�,0�89B=�/0CQ�5-0�8F.@S�,043�,@01.@�73C,�DH4-�I06>,@06.�70C,�EH*-�.5)H1-�G04.�8)H1.5���9?=�+@=*.5�,0�[email protected]�@34+�,0CQ�D3?.5�@01-�@310,23.5�+0*+�73?-�/-96.�@9C�<=0.�,234.5�.01>�,@F�+@=*.5�,0�+@0`.5�G03�5-H1�J-.@�.5@-9C78)H4+�73C,� D)4� @04.@�Q@=*+�G9B.� +@0a,� E01� ,@)H1.5�W=>96.� ,23.5�+=3C+� D3?.5�+=;07F.@�

$0=�G0�7)H-�.0K7�.5@-96.�+)*=�>�J@30S��0_�@34+�P3@.��3QJ-.D�8)0�2073C,�J@0*7�Q@0*�,@=*�E_���34�,@0?>�20R.5�J@-�,@-9?=�8-�,F.@�+0;7�8=*.5�80L.S�.5)H1-�,0I9T�G_�.@)*+�80B=S�G)H*=S�80=�,-7�E01�.50>�+0;�=.5�,@)���34�+31.�J@0*7�Q@0*�W0�@H..)A0� /01�.@)A.5�G9C.@�.@06.�G_�G9C.@�=.5�,@)�,@)H1.5�@0>�+36�8H.�E01�@0>�.3:-<=04=S�@34�[email protected]�@-9:=�8)H4+�73?-�<=0.�@9C�,3?,�EH*-�+@0�794�7F.@�E01�G_�G3;�2H-�/=*+0?=�,@H���@).5�.5)H1-�+@0`.5�G03�5-H1�+@-0�W9;�,F.@�>96=�E01�D)4�,@)H.5�W3*,�/01.@)A.5�.5)H1-�I9T�G_�G_.@�E01�D)*+�J@3;9�>9?=�J9*7�

�9:�+@)A0�+@)*.5�,@-9?=�,@3?.�.01>S��0?.5��@2-D,�80A�,@)4+�@-9C.�Q@9*Q�/0480B=�,-96.�,04-��0.�'�0..9D(���501-�I)4�73C,�,-9C+�+)H*-S�73?-�<=0.�@9C�EH*-�,-9B7�/)4+/H*.�.@0?,�89:�,@3;0�70A.�+@-9B=�D06=�@0>�89:�Q@0*�,0.�D)4�G0?,�@04.@���23.5�G)A0�,-9C+73C,�.@=�+0B=�/H*.�Q@0*,�D-.@�E01��0?.5��@2-D,�80A�/017�+@3�.)H*+�/0A�G-9?.�,@01.@2)H4=�.@3�

"=0�Q@9*Q�/04�.01>S��0?.5��@2-D,�+@U�+@3�+@=*.5�,0�,@0?>�73C,�+0*+@�+=4,@9:�/01���501-�+3*�<=>9B.�G-9?.�83:-�+=3C+�D3?.5�+@=*.5�,0�,)1�.@04,�.@9A3�89?.�E36�E_.@)�.)H*+�/0A�,@01.@�2)H4=�.@3�.53.�.534,�,@H7�Q@)*+��"=0�Q@9*Q�/04�.01>S��0?.5�@2-D,�G0;3�80;7�EH*-�+@=*.5�,0�20R.5���501-�+3*�,@9:�G-9?.�83:-�+=3C+�D3?.5�,23?.5E0L.5�+36�8H.�+=;0�+@=*.5�,0�,@01.@�+=3C+�8H1-�80B>�,F.@�>96=�E01�D)4�,@)H.5�W3*,�80*Q)*.5�8)H4+�+0*+�.@=�+0B=�+=;0�.@)A.5�.5)H1-�W=.5�<=0.@�7F.@�

�0?.5��@2-D,�>96=�,@)H.5�G04.S���501-�[email protected]�<=0.�,067�E9B�,2F.@�83C�@34+E0?.S�D)4�5-01=�+3*S�8_0�E_S�,=3:-�,0*+S�Q@0*-�,O.@�@0>�<=3?+�,_+@�+=;0�G04.���0A>�,2H;�/04-EH*-��0?.5��@2-D,���0A>�89:���501-�,=36.�83:�E013�G04.�,F.@�>96=�+=;0���501-S�,F.@�>96=+=;0��0?.5��@2-D,�+3*�,@9:�Q@=4+�@3B-�.@06.�+0*+@�+=;0�G04.�E0�897�D)4�+@)A0�/01.@89?.�+@3�,@06.�,@9:S�/-.@�@3B.�E01�,067�/-.@�+=;0�G04.�

�0A>�7H1-��0?.5��@2-D,�89?.�E01�,@0>�83:-�+=3C+�8H1-�G04.���0A>�W-.���501-G0.�+@3�G04.�D)4�J-96.�.@0T.�@H.S�D)4�@-9:=�G-9?,�.@-9B=�@H.�83?-�EH*-�5-0�8F.@S�G04.

- 18 -

��������������� ����������������� �����������������������������

G91�E01�/0*.5�5-9B.5�+=;0�G04.���0A>�W-.���501-�5-=*Q�G04.�,@0�,@)*�E01�897�D)4�+@)A0/01.@�89?.�+@3�.@)A.5�73?-�<=0.�@9C�+0B.�G-9?.�83:-���01�73C,�J@-�G04.�.@0C.�8)H4+,F.@�>96=�+=;0��0?.5��@2-D,S�@0A>�G0L,�80B=�+=.5�)*.5�,F.@�>96=�+=;0��)*+��@=*0�2H1-�+@3�.5)H1-�J@0*+���04.�D9A�.504+�.@-96.�E9B�D)4��7)1.5�E=-�701�8-9B=�83*�89789?.�+@3�G04.�

�=3?.�,-.�@04.@�Q@=*+�,@0C,S�@0A>�,@-9?,�/0CQ�73C,�7=4+�8O+@�,@)H1.5�,2)4+SI9T�.@0C.�,@0?>�E01�+3*�.0K.5�/)4+��"=0�8)*+�,-.�.H-��0?.5��@2-D,�G04.�D9A�8)H4+�5-0;-+)*=�J@3;-�D)4�201.5�G=3C+�+=;0�/3T-�/0B7�E01�+0;.@�,204.5�89.�,3?-�+=;0�D)4�E36�.5@Z0S�E01.@0C.�8)H4+�D)4�GF.@�0.�+0B.�,@-9?,�+@3�@04.@�Q@=*+�+@06.�+@O.@���@-�,@01.@�,3?�+=3?-+=1.5�/01�>96=�,@)H.5�E01�/31.5�,@)H.5�W3*,�8)H4+�,2=>9B.�I0T.�E013�+=3C+�8H1-�E01,@0*-�83C�+=;0�G04.S� ,@F�G04.�D9A� ,@0?>�7F.@�+@-9?7�@)A=�8)H4+�73C,� ,23.5�.@)A.5Q@)H*+�/01.@�EZ�804-�.@0?,S�@04.@�Q@=*+�+@06.�,@0C,�E01�,2)H1.5�+);=�

- 19 -

��������������� ����������������� �����������������������������

�������

������������ ��������3*�73C,�/0B.�,36-�.5@Z�20R.5�.5@913�J@3*�+3*�73C,�5-0*�,2_�/=06.�/>*�20?,�/H*.�

�04-��2-9B=��-96.S�+0*+��=4+�D)4� ,@)H1.5�5-0;.5�20R.5�.5@913�J@3*� /01�73C,�Q@)H*+@04.@��E01�.@)A.5�.5)H1-�.5@913�J@3*�/01�.@)A.5�.5)H1-�2=*,�8)H4+�.@-9B=�J-.@�.5@-9C7+=;0�+=3C+�D3?.5���=>�.@-96.�+0*+��=4+�D)4�0?>�/04-�+=A.5�,-9?Q�,=4+�+3:�83C.5�@3C-�,@0*.@@34�83*.5�53*Q�+01.5�.@-9B=�,-9B.�@H.�+@3�@3C-�,@0*.@���04>�E9B�5-0*�,2_�+=;0�D)4�.5@913J@3*�.@).5�83B.5�,@H1-�@34�+=A.5�I04>�E9B�.-9B7�E=-�J@-�,@0?>�D3?�,-9B.�I06.5�,0K.5/96.�

�-9B=�.5@_+@�/>*�.01>�<=0?>�20B>�,36-���@-�,36-�,2H;�,@01.@��=4+�D)�S�,36-�,)4.5=>9C.�/017�7=4+�D)�,04-�73C,�E=1.5�.5@913�J@3*�+=;0�,@01.@�Q@3?�$9*3=/���06.�+)�H;E=1.5�83*�D3?.5�73C,�+=3C+�D3?.5�20?,�.5@913S�80�D3?�+@U�0K.�73C,�.501>�73C,�G)A0���29;+3.�D=>�I-.@�I)HA.5�E01�.@-9B=�.5)H1-�G_�+@9?,�83*-���36-�,@0?>�20R.5�.5@913�J@3*[email protected]�Q@0;-�/01�73C,�H.�Q@)H*+�,)1��)*+��@=*0��2H1-���0?>�5-H1�,36-�834+��-.@��@0*.@73C,�+0*+@�,)H-�7H*-�@H.S�,F7�+0*+@�5-0;-�<=>9?,�E0?.�89B���36-�7=3?.�G-9?,�>*�+@U�+=;0�)*+��@=*0��2H1-�E9B�D)4�.5@913�J@3*�

�36-�J@0*7�Q@0*�20�20R.5�D)4�I04>�I3T�+=;0��)*+��@=*0��2H1-�E9B�D)4�.5@913J@3*�@301.�,301.�,20*-�.5)H4+�EH*-�D)4�I04>I3T�,2)H*+�J-0�+=;0��2=>9B.�,@3?.5�5-0*3�@3C-,04-��2-9B=��-96.���)*+��@=*0��2H1-�+@0`.5�G03�5-H1�,043�I)4.5�D)4�.5@913�J@3*���@-,043�I)4.5�,2H1-�E01�80?,S���501-�,043�I)4.5�734-�E0C,�,23.5�D)4�D=.5�70A.���)H1.���[email protected]�+3*�+)H*Q�G3*+S�83*�/01�.H-�+)4+�J>1�894Q�89A�E01�D=.5�,=*+�

�@-�I07�E01��E0�Q@047�,3C-S� ,3C-� /3T-�8)0�89?.�D)4�@F.@�Q@04,�E01�@0-.5)H1-�G_�8=3:-�20�J@3;-�J@=�E)H1.�80B>�8=;�734-�D)4�83*��+3.�20L.�+36.5�+=4�+=;0�$0,0.I=1.5�89:�+0*7�I3TS�G_�2=;0�D0;�Q@0;-�G31�G0R.5�G=4.5���E0�G_�2=;0�D0;�Q@0;-�80=�8H*.,23.5�J@-�D-.@�D0;.���0?,�G_�2=;0�D0;�E01�I07�+=1.5�734-�.5)H1-�801.�36.5�.3?-�I3A-36.5S�89B=�Q@0;-�83:�73B�@36-�7H*-�701� +@=;� 80?,� 80-� +@3�89?.� +@9?,�� '$0*.5�^V[i�%�(���5@913�J@3*�,2H;�,@01.@�J9?,�<=0;�+=;0�,3C-�/3T-�

�@-��0?.5��@2-D,�89?.�,@9?�5-0.S�[email protected]�.@)A.5���501-�+0?,�,3C-�/3T-�+=;0+@=*.5�,0�8-�.@).5���501-�+31.�+)*=�+@)A0�+@=*.5�,0�J@3;-�.@)A.5�8-9B=�I3�D)4�2=;0D0;�+=;0�@F.@�Q@04,�897�/04-��X�@).5��0?.5��@2-D,�80A�+@=3C+�+@=*.5�,0�20�J@3;-�D3?Q@0C.�+=;0�@9C�,@3?.5�G0?,�/)4+�83*�G0R.5�+0*+@�50*.@�/04-�,0?,�+0;�D)4�2=;0�D0;�+=;0�E-9C+/017�D0-�<=0?>�+=;0�+@=*.5�,0�/96.�,@06.�,@9:���501-Y�' 0/0,-�^V[^��%�(���F��0?.5�@2-D,�70.5�@9?,�,3C-�/3T-�+=;0�+@=*.5�,0�/96.�,@0CQ�,)4�5-0*�.96.�+@=*.5�,0�[email protected]�+31.H;�I)H*-�D)4�201.5�G=3C+�+=;0�,3C-�/3T-S�+@=*.5�,0�8)H4+�,@0�,@)*S�8)H4+�,@30*,�J@3;-�D)4

- 20 -

��������������� ����������������� �����������������������������

2=;0�D0;�+=;0�,3C-�/3T-��3*�.@-9B=�.5)H1-�I=1.5�D)4�J-9C.�.5@913�J@3*� ,04-� ,20B.�5-0.�+=;0��0?.5

�@2-D,�/017�D)4�+36.5�GF.@�2-96.5�+@3�7F.@���23.5�73C,�+@)1.5�7)4+�.013�83*S�,@F�0?.5��@2-D,�.5@913S�70a+�I=1�+=1.5�8-�EH*-���501-�+3*�73C,�.@3*7�Q@=4�.)A�+=.5+0?Q�.@=�+0B=�E0C,�+@0?,�+@3���501-�E01�+0*+�736.�89C�+=;0���501-���-.@��@0*.@�736�,0;20R.5��0?.5��@2-D,�.5@913�89:�+@=*.5�,0�J@3;-�G_�.5@913��X.@�97�+3*�G-9?,�,F.@>96=�,@)H.5�E01�D)4�.@06.�,)1�+=;0��@=*0�P9D=D�80B>�8=;�+@)1.5�.013�[email protected]�70a+�I=1�501-�20?,�5-01=�.@).5�7=3?.�5-=*Q�8H;�0.@�97���501-�,2H;�.96.�.5@913S�89:�.@H1�D)4.5@913�I3���501-�/017S�0.@�97�,2H;�.96.�5-01=�+3*S�,=>��20?,�.@-9B=�.5)H1-�E0T.�+31..5@913���34� ,@0?,�G04-� ,23.5�+36.5�E-9C+�+36.5�G3?�Q@)H*+�@04.@��+=;0��)*+��@=*0�2H1-�E9B�D)4�5-01=�+3*�

�@);H�W)0S�+3*�73C,�,@H1-�J>1�.@-9B=�.5)H1-�.@�D0.5��>A�89:�/017�5-01=�%=*+�0?>�+3*�73C,�.5)H1-�.5@913S�[email protected]�,@0.@�.-96.�.5)H1-�.@�.01>�<=>9?,�8_.@/017�73C,�+=3C+�@01.@�,2F.@�D0.5��>A�89:�,@);�,@H1-�E0C.���@01.5�,0�20*.5�I01.@�I=47,-9B.�E01�+=3?-�+=1.5�E)10�8=;�,-9B.�89:�7=0�73C,�E9*�,01=�@04.5�G0�,296.�+@-9?+�,01=G-9:.�8-�D0.5��>A���=1�[email protected]�,20-�,29;�.01>�[email protected]�+3*�,-9B.�89:�7=0�/)H.5�,@)4+S.@).5�E0T.�<=>9?,�8_.@�20R.5�7F.@�Q@0;-�@>�D-.@�@H.�.)A0�89:�W)*.5�80*.5�+@3+=3C+�7043�@-9:7�.01>�

$0=�J@-�/96.�,01=S�0.@�,0�W=3?.5�J@=�E)4+�I01.@�+@3�@04.5�G0���23.5�5-H10K.�,04-�[email protected]�0K.S�0.@�,0�73C,�7F.@�,23.5�73C,�+0K.�[email protected]�23C.5�/H*.S�+)*�,@0?Q,@3;7�8H4-�+@3�70=�89?.��0;-�+0;.5��9g�!32J�

�@).5�5-06>�Q@=*,�83*�J9*3�I01-�89?.�@0-�,=0B.���3C,�,20C.�+=3B.5�[email protected]?,�.5H1�W0;>�89?.�/017�+@3�+3.�,01=�/04+�@)H*.5�E01�,@=;>�,@=;�8301.�Q@0;-�70?,�7)H1-G3?.�.501>�7H*-�8-9B=�+@U.@�8)H4+�+3.�,01=�,2H;�E9B�8=*.5�@)H*.5�8-���=3?-�@0-�,[email protected]�,@0.@�.-96.�.01>�+0;7�,@0?>�7F.@�D0LQ�+@9?,�EF�83*-���=1�0.@�,0�+3*�,@9:�,@0?>�9g�!32J�,296.�+@06.�,2H1-�.@).5�0.@�,0�E0T.�.5@Z�X�30a+�7F.@�Q@0;-�+@9?,�83*-@0>�+@9?,�EF�G_�@F.@�Q@04,�J@-�.@01�0K.�[email protected]�,@0?>�7F.@�+3*�,-9B.�,20;�,@F�+=A.5�.@).@0=�,@36-Y�

�3�83*�0.@�,0�8-�W=3?.5�[email protected]�0K.�/0B.�80B=�,-96.�E01�J96=�I34.�73C,�G)A00K.�80B>�8=;��.@�,0�0K.�.50?=�.5@-9?.�.@)�73C,�.5)H1-�83*-�E01�+)*�J96=�@9?,�73*..01>�D0.5�73*.�J@0*+�+@3�89?.�J@-�,@3;0�70A.��$0=�83*�J@-�36.5�534-�.5)H1-�@0B=G01.V�X��.5�H-S�+@3�,36-�W97�Q@-9?=�,20;�,-9B.���36-�7=3?.�G-9?,�Q@0;-�,20;�G03�.@-96=Y�

�5)H1-�@0B=�G01.�.@F.�,@0`.5�E013�70a,�0.@�,0V�X�@)0�36.5S�36.5�7=3?.W97�/304-�Q@-9?=�.013Y���@01.5�,@0.@�.-96.�,20;�/H1-V�X�@-9?=�,O.@�,-9B.�+0*+�73*.�0K.,36-�80A�0K.�W3.5Y���5)H1-�@0B=�G01.�,20;� /H1-V�X�@-�36.5�7=0�E9*� ,01=�89:�8-�,296.+@=>9?.�,01=�.01>S�36.5�80A�,20;�,-9B.�+0*+�G=3:-�0K.�+0B.�,@-9?,�+@3�+=3C+�@01.@�,2F.@���.5�80A�,20;�,-9B.�23B-Y�

�@01.5�,@0.@�.-96.�D0LQ�+@9?,�EF�83*-�.@).5�0.@�,0�80A�Q@0;-�,20;�,-9B.�E9B,0?,�+0;�+0*+�,@)*+�0K.�7F.@�+0B.�

�@-9B=�+H�83?+�.@06.�5-3?.5�.@)�,@0.@�.-96.�.01>���34�.@0C.�8)H4+�73C,

- 21 -

��������������� ����������������� �����������������������������

E9*�8-�,@-96.�801.5�<=0�8)*+�,-.�.H-��)*+��@=*0�P9D=D��@2-D,���34�.5@Z�20R.5�E-9C+,-.�.H-��0?.5��@2-D,�+@U�+3*�5-0*�,2_�E9B�Q@)H.5�,-9C.�+)*=�23T-�,@=3C+�/-.@���@).5,23.5�E9*�83*�+31.�+3*�/H1-�@)*0�G0.�+@3�+=3C+�D3?.5�D=.5�70A.�.)A0���_�,@01.@�J-9?./017�+@3�7=1�70L,S�@34�D3?.5�73C,�+=3C+�D3?.5�.5@913�J@3*S� ,@0.@�8047S�+31.�D)45-01=�+3*�I)H1.5�.@)�/01�73C,�8-9B=�W0�EH1-S�J@3*�+3*�,@9:�W0;>�20���9?=�G04.�7=3?.�,2H;.96.�5-01=�+3*S�,2)H*+�@9?,�@0A>�>*�,@)*+�20R.5��0?.5��@2-D,�80A�80a,�.9B.�73*.5�23B-�

��D����

�)1�G0;.�+@0?,�+=;0�D)4�J@03�J@0*,�,-9B.�G04+S�I0.@�E34.5�E01�=>�,O.�+@0`.5G03�5-H1� +@047�89?.� /31.5� +=;0��)*+��@=*0��2H1-���)*+��@=*0��2H1-� [email protected]�G0.Q@)H*+�/06=�I01-�+@3�.@)A.5�0-�+@U�D3?.5�EF�83C.5�+H�O+@�J>;�

�@-�G0L,�80B=�+@)*+�E=4S�,36-�80A�+3*�.@)A.5�83C.5�+H�D0-�/0B7���9?,�<=0�,36-80A�,20;-�<=0�.@-9B=�5-0-�8304.�J@3*�J@0K.��"=0�8-9B=�.01>S�,36-�>*�,@)*+�8)H4+�,0B7<=0.�,234.5�+=;0�83C.5�+H�8=*.5�80L.�,23.5�734-�E-9C+�+H�83?+�.@06.�,@)4+�@-9C.�@0>)H*+�7=3?.�,@)4+�@-9C.�

�9?=�G04.�7=3?.�,2H;�.96.�5-01=�+3*S�@0A>�I31�W9*,�/31.5�7F.@�89:�,F7�.@)A.583C.5�+H�+@06.�,@0C,���04.�+3*�7=3?.�,2H;�.96.�5-01=�+3*�/017�73C,�Q@)H.5�,-9C.�89:70.5�.@-9B=�@-9C=�<=0;�@H.S�89:� /017� /36-� 20�.@-9B=�@H.S�+@3��)*+��@=*0��[email protected]���04.�+3*�,@)4+�D)4�<=0.�,067�89?.�D)4�,@_.@�E)H4.5�,@=3C+�/-.@�+=;0�.5)H1-J@0*+S�+3*�7=3?.�I=1.5�D)4�5-01=�+3*�+=;0�7F.@�/017�3?.5�I0:.�89:�897�.@-9B=�.5)H1-E013�E)H.5�<=3?+�+=;0��)*+��@=*0��2H1-�[email protected]�n

���4�I�Q$��!2#���(2�� 89:,� �:)� R�$8J�!(�$,%>��S)*$$)4�J@03�J@0*,�,-9B.�G04+�+=A.5�W067�.@0CQ�E013�@01.5�.5=A�7=4+�D)���3*�E01-

.@01�,2=>9B.�5-0*3�.3:-�,-9?.5�80A�89?.��2-9B=��-96.S�80a+�G-9C,�,36-�.@H*�23A�E9B�73C,

.5)H1-��@01�,2=>9B.�5-0*3��@=*+�067�.01>�80A�89?.�EH*-�+@=*.5�,36-�+0*+@�806>�E01-

.0K7�'[ij\(S�@)H*.5�I0T.�73C,�+@)H.5�,2F.@�.@3*7�@34Q�J9*3�I01-�D=3?,�,=0B.�,04-73C,�@3C-�,@0*.@�,36-�/017�+@=;�,340�,@93�/H1-�>96=�+0B=�+=;0�+@=*.5�,36-���2)H*+�J@-�36.589?.S�,36-�J@H;-�80B=�73C,�J9?�@304+@�<=0;.5�+0*3�20B7�23CS�,F7�734-�+0*+@�G0*3�83C.5+@3�73C,�+=3C+��@=4+�@).5�D0LQ�W0;>�89?.���0-�8967�80B=�,-96.S�.@01�,2=>9B.�5-0*3.01>�5-0;.5�.@)A.5�G01-�5-0;.5�,296.�7)*+�,2=.5�GF.@�+@3�80*7�836.5�23C.5�/H*.�E01.@-9B=�Q@9*Q�/04�80A�W0;>�20�

�@).5�,2)H*+�G=3:-�,@H1�Q@)H4.5�8967�,@)*�G0S�36.5�<=0;�<=>9?,�73C,�+0*+@+)*.5�20L.V�X�06>�5-H1�,36-�,@=�W9?Q�83B�804+�E01�,36-�E9B�.50>Y���36-�D);.5�D3?,V�X�;0S,04-�D03n��@)A.5�G=3:-�.@3*7�.01>�8)H4+�<=0;.5�+0*3�20B7�23C����.5�[email protected]�,@9:�2H1-J@3;-� 806>�8)H4+���3T-� ,3?-� +3*� @01.5�.501.�.5)H1-� 89?.�89:� .5@9�36.5�5-0;.5� ,@FD03nY�

��.5�80A�,20;�/H1-V�X�@U�+3*�73C,�+0*+@�J@-9?.�,36-�+3*�,@9:�H;�/04-�/01�.9?=�+3*�,@9:

- 22 -

��������������� ����������������� �����������������������������

8)H4+S�+0*+�36.5�5-=*Q�8HA�+@3�,36-�73C,�.501.�836�/0���9?=�[email protected]�,36-�Q@0;-�<=0>�E9B�>A�89:�J-9?7�.50>�D3?�,-9B.�83*Y�

%31.5�,36-�D36-�D=4+�D)4�,)*+�5-0C.S�E_�7=4+�D)�8)H4+��J96=�534-�89:�203�5-0;.5�@=*+��7�+@)*�[email protected]�Q@0;-�89:�J-9?7�,-9B.���=>�[email protected]�,36-�+=A.5�G-9?,�+3*�73C,�D3?836.5�.5)H1-�+@H1�8H4-�.5@9�36.5�,0�5-0;.5���36-�.@F.�,@0`.5�E013�70L,�36.5�V�X�9?=,-9B.�G04+�/01�8-9B=�<=0.�,234.5�83?-�EH*-�36.5S�,@F�,36-�D9A�E-9?,�.50>�73C,�,0?7�XD9*+Y[�\\\�836�/0�+@3�36.5�E01�J@-�.@0C.�8)H4+�,0?7�D9*+�.01>S�W-.�36.5�E=-�/31.5�5-0;.5@9?,�,=0B.�.01>Y�

�)1�,3?-�@367�0?>S�D)4�@-9C.�I-9C.�+=;0��@0*.@�%-.@�G-9?.�70?,���@)A.5�G01-5-0;.5�+=;0�.@01�,2=>9B.�5-0*3�.01>�[email protected]�+31.�+3*�>9?=�,3?�.013�E9B�D)4�W)*+�I0B=�+=;0�@0*.@�%-.@���@=�+0B=�+3.�.5)H1-�+0B.��)*+��@=*0��2H1-�[email protected]�+31.�,@0?>�,@9:@-9C.���3*�/01�73C,�,23.5�.@)A.5�+=3C+�Q@=4+�@).5�,9C�.@0?,�+=;0�@3C-�,@0*.@�+@=*.5,36-���23.5�D)4�@07�7=3?.�,-9B.�G04+�.01>S�.@01�,2=>9B.�5-0*3�80A�80*.@�70?,�8-�D)45-01=�+3*�,@=3C+�/-.@�701�36.5�+3*�,@9:�70.5�89?.�+@3�G=3:-�.@3*7�+31.�/04-o�36.5+=A.5�/017�+@3�+@=*.5�,36-�,@0?,�E34.5�89?.�.3T-�+@=*.5�,36-�[email protected]�G01>�,3;�D)4�,36.,234.5�36.5�,2)H*+�70a,�80*7�836.5�.@)�80A�I)4�J-9?.�

�@0�,@-96.�,@)H4.5�+=;0�+@=*.5�,0�G-9?,�.@)A.5�.@=�+0B=�+=;0�+@=*.5�,0�E01�501-�D9A�+=.5�)*.5���=>�.@-96.�83C.5�+H�E01�.@)A.5�D)4�)=�,-96.�+=;0�+@=*.5�,0Q@0;-�8)H4+�W9?Q�80a,�,@93�,@)*�,)4�8=*.5�80L.�D0=V�X�)*+��@=*0��2H1-�80A�+@0K7�D3*+/301-�@30S�/301-�.01>�+31.�70-�70?,S�J>1�I-9C=�,@0>���=3?.5�+@-S���501-�[email protected]�+@0K7D3*+�+@3�0.@�97�D03S�@H;-�.@)A.5�0-�O,�8)*+�,-.��E0C>�8)1.5�/3�/0L.5�/017�D03�+@3�I)0K.�I)�70a+���@0�,@-96.�,@)H4.5�+=;0�0.@�97�G-9?,�23A�0.@�97�+0B.�8-9B=�83*�23B-�E01�501-�D9A�G0.�+@3�0.@�97�.9?=�0.@�97�G-9?,�80a,���501-�E013�+@3T�<=0.�,234.5�.@0?,+=3C+�8H1-�7F.@�E01�D3?.5�.@)�+0*+@���501-�7=3?.�0.@�97�D3?.5Y��'�0,@-H�cV^\N^^��%�(�

�9?=�G04.�7=3?.�8)H4+�5-01=�+3*S�8-9B=�<=0.�,234.5�/01�Q@0;-�+3*�83C.5�+H8=*.5�80L.���0A>�80a,��)*+��@=*0��2H1-�E013�E_�,2O�<=0.�,234.5�.@0?,�,23.5�+=3C+�8H1-G04.�E01�80a,�.@)A.5�)H*+�7=3?.�80B=� ,-96.�+=;0�G04.�E013�E-9C+�W06>�I)4.5�E)H.5<=3?+�+=;0���501-

�,%&(�I!9"#�S("#�IJ#��#(7��#)���F!9:,X�@0L+�+@0L.�0.@�97�G-9?,�7F.@�/01�89B.�,@H1�+=;0��)*+��@=*0��2H1-S�.H-

/-.@�+=;0��)*+��@=*0��2H1-S�.H-�+)�,2=*S���9T�0-�@=;>�Q@0*�89B.�,@H1�+=;0��)*+��@=*0�2H1-S�.5)H1-�0?>�D9A�G_��)*+��@=*0��2H1-�,-96=�I-9C,S�EF�89B.�,@H1�+=;0��)*+��@=*0��2H1-/01�,@0*.@�E01�89B.�,@H1�0?>�/01�0.@�97Y��'���32�^V[cN[fS����(�

�)*+��@=*0��2H1-�534-�+@=*.5�,0�/01�89B.�,@H1S�/01�.@01�+=;0���501-S�E01�89B.�,@H1+=;0��)*+��@=*0��2H1-�Q@0;-�8)H4+�/-.@�+=;0���501-�.5)4�,23.5�83*�7H*-�+3*�5-0*�,2_��3T-�89B.�,@H1�[email protected]�+3*�/-.@�+=;0��)*+��@=*0��2H1-�+@0`.5�J@0*+�5F�73C,�,310�.@01,23?.5�,20;-�I=1.5�89:�+@)*0�.@)A.5�E0C,�E36�I=4.5�

�=>�[email protected]�.9?=�+@=*.5�,0�@-9:=�8)H4+�7=4+�8O+@�+=;0�/301-�.5)H1-�/01�,2H;,@01.@�89B.�,@H1�+=;0��)*+��@=*0��2H1-N.H-�H;�+=;0��501-N,@F�+0*-�.@F.�+=;0�+@=*.5�,0

- 23 -

��������������� ����������������� �����������������������������

Q@0;-�8)H4+�D0L+�G9*.�@H.���3B-�+@=*.5�,0�+3*�,@9:�@-9:=�23A�EF�D03�+@=*.5�,0�Q@0;-�80a,�)*+��@=*0��2H1-� ,2)H*+� ,-96.� ,23.5�)H*+�7=3?.�5-01=� +3*� +=;0� +@=*.5� ,0���9?�83*+@=*.5�,0�+3*�,@9:�>*�,@)*+�20R.5��)*+��@0*.@�%-.@S��0?.5�H;�,23.5�+@=*.5�,0S�+3*�,@9:@)H*.5�I0T.�8)H1.5�/3?-�+@=*.5�,0�E013�D)4�,@04.@�E)H4.5�/H*.�@H.�

�3*�73C,�,@)H.5�5-0�.34�20?,�,-.�,)H;.5�.H-�D)4�I0T.�I0L,�+=;0��)*+��@0*.@%-.@���2)H*+�73T-�<=>9?,�8_.@�+@O.@S�36.5�89B=�E013�E0K.�[email protected]�+=;0�7F.@�E01�+0B=.5=>9C.���@)A.5�/H1-�+0B=�W-.�D)4�I0T.�I0L,�.01>�+3*�,@9:�J9*3�I01-�,)1�[\�Q@=*,�89?.�[\5-H1�

�50>�+0;�J@-�.@)A.5�.5)H1-�+346.5�,0*+�+=;0�36.5�,@=*+�80:>�36.5�<=>9?,�8_.@.@0.@�+@3*.5S�,@F�36.5�[email protected]�+@_=�<=>9?,�8_.@S�36.5�.@0?.�704.@�20R.5�36.5�Q@0;-.@0C.�8)H4+�D)4�I0T.�I0L,�+=;0��@0*.@�%-.@�,2)H*+�@9?,���3T-�<=>9?,�8_.@�+@O.@�+=;036.5�M�@30a+�36.5�Q@0;-�7=0�.5=>96.�E0C,�/-9C=�H;�WO�.5@-9CQ�80a+�G-9C,�.34S�J9?,�@H4Q@0-�+36.5�,>�/04-�EH*-�.@0=S�@30a+�G0*.�+3:�Q@0B.�+=;0�+36.5�E-9C+�/017�0K.�M�89B=�80a,.9B.�,0;.5�,296.�D)4�I0T.�I0L,�+=;0��)*+��@0*.@�%-.@�

�5)H1-�,0�.3*-�20R.5�36.5�+@)0�@9B�G_�Q@047�/3T-�,23.5�E-9C+�7=0�G0*.�+=;07F.@���@36.5� .@)A.5� 36.5� ,2H;� ,@01.@�73C,� ,23.5�.@)A.5� .5)H1-� 5-01=� +3*� .@0?,,23.5� /0A.@�E)4+� ,@)H.5�704-S�.@).5� /H1-�J@=>96.�+=;0�36.5�+=A.5�8)H4+�.@-9B=.5)H1-�@)H;.5�)*.5���0?,�+0;�8-9B=�83*�W0;>�20�EF�36.5�>*�,@)*+�E0-�,231�<=0.�,234.5�+=;0D)4�+)�,2=*�+=;0��@0*.@�%-.@�E01�D)4�+0B.�,@-9?,�+=;0�E-9C+�W-.��@0*.@�%-.@�I0T.�I0L,�

C������D ��T����������

�9?,M236M/03M79�/01�E=0�+=;0��/07S�73C,�.)H*+�H;�E=1.5��0L+�+=;0�E_.@�0��)�,@H1-�W)0��$=3?,�7)H1-�@0-�.0K7S��9?,M236M/03M79�/01� /0A.@�,=4�+=;0�734-/-96.�7-.@��%-96.�7-.@�.01>�G03�53B7�@0-�,@01.@�Q@3?�$36N8367�E01� 36N7HN2HS,@01.@�Q@3?�.01>�,@=3C+�83B.5�G0R.5�701�+3*�/0B.�.5)H1-�,0�,-.�20R.5�.3*�.0R7�E013�E_,2O�H;�80B=�+@3*Q�+=;0�G-9:.�+@9?,�

$0=�7)H1-�@0-�.0K7S�.@)A.5�.)H*+�+@)�@0B=�+=;0��9?,M236M/03M79�J9:�+0;I06.�,@01.@�$36N8367�E01� 36N736N2H�.3:�I0C>�+@3?.5�/04-��$0*+@�$0*.5�,@9?�J>;�,)H1.5,@=0C,�/04-�,20C.�+@-9?.�+0?Q�,3?+�5-)A0��9?,M236M/03M79�+=1.5�+0*+�83B.5�7-.@�+=;036.5�+@3?.5� /04-� +=3C+�.3:-� /304.�.01>���9?,M236M/03M79�+@-9?.� ,@0L.5S� D=*+�E0C,S/)H.5�,@)4+�E01�.@)A.5�73*.�83B�+3*�5-0*�,2_���23.5�D3?�,=1�G-.@�.01>�+3*�%3*,S�+@0*=Q20@07�E01�/01�73C,�+36.5�I06.�+=;0�$36N8367�

�@-�Q20@07�.5@9�,-.�+@0*=�7F.@�80A�G_�897�8-�/01�,=1�G-.@S�36.5�/0CQ,)*+�,20.5�G_�+@3�@H.�^\\�,36-�,H*�8)H4+�@=0?.�/=>9C.�+=;0�36.5���34�8=3:-�,@93�J9;W067�/)H4+�E01�,@0L.5�,20C.�73C,�+0*+@�J@0;-�@301.���34-�.5)H1-�E01�734-�E0C,�8)H4+�/0?>/04-�73C,�+0*+@�0.�,301.�

Q20@07� ,2H;� E9B� 5@-� .@H*� +@-9?.� ,@0L.5�7H*-� W0;>� 20�� �06>� 5-H1�96.+@- 9689*+S�E=0�$0/07�M�8)H4+�+3-�/01�J@=�E)4+�+3:�W)0�+=;0� -962=D0/97�M897�G0*.@�E01�2)H4=�+@3�Q20@07���96.+@-W9689*+�/01�,@0B>�,9?�/9T�+=;0��)*+��@=*0

- 24 -

��������������� ����������������� �����������������������������

�2H1-� +@O� +03�E01� 36.5� +@=*+� Q@)H*+� +@3�Q20@07V� X�HA-�Q20@07S� .5=>9C.Q@)H*+� /01.@�+=;0��)*+��@=*0��2H1-� +@O�+03���0?.5� ,043�I)4.5� ,2H1-�E01�80?,� D9A�H;.5)H-�E01�80.5�+@=*+�,=4.5��)*+��@=*0��2H1-S��0?.5�5-0;-�+)*=�.5)H-�J@3;-�,0>�J9;,@=1�.5@_+@�.5)H-�'$0*.5�[bV[iN]\S��%�(�

$0=�J@-�.@0C.�Q@)H*+�/01.@�.01>S�Q20@07�I06.5�+@3��96+@-W9689*+�73C,Q@0B.�7)H1-�,0?,�+0;�+0*+�E0C,�Q20@07�/0?>�8)H4+���9B�D0=��)*+��@=*0��2H1-�Q@0*.EH*-�Q20@07�,23.5�73C,�J@0;-�,)H1.5V�X�)1.5�DH4�+@-S�@HA-�Q20@07S�,0�D9A�5F.5-)A�.5)H-�E01�,0�D9A�G0.�+@3�.5)H-�.@)A.5�Q@)H*+�@04.@�/H*.Y��'$0*.5�[dV[S��%�(��)*+��@=*0��2H1-�+@3�Q20@07�.@)A.5�/H1-�@)*0�E9B�D)4�5-01=�+3*�E01�D)4�G0;3�E9C�

�(�*$�=���#�)� �:�$,%'G����*��#(7�� (��$8("�23.5�/H1-�J>*�,@=0C,�.01>S��96.+@-W9689*+�,)H4.5�,2).5�+@3��0?.5��@2-D,

+31.�Q20@07�,)H4.5�,2).5�+@3�+@=*.5�,0S�+H�83?+�.@06.���@-�.5@-96.�+)*=��-.@�@0*.@S�,36-�J@0*7�Q@0*�20�.@-9B=�Q@)H*+�@04.@��,23.5�E-9C+�I06.5�73C,�Q@0B.�7)H1-+3*�/-96.�<=0.�89?.�/=0C,�+@3�E01�.@0C.�+=;0�E=A�,2=4�

�23.5� ,@9?� 5-H*-� ,)4� [email protected]� .5=>96.� ,0L+� .@0C.�G0.�+@3�E01� ,-9?Q�.@0C.,@)H1.5�Q@3:�G-9?.���9?=�+3*�/301-�E0C,�.013�+@U�,-9?Q�.@0C.�D)4�D3?.5�E01�,)1�+@3?-�E-9C++@3�20S�+@0`.5�G03�/06=�83B.5�/304-�+=;0�.3*�D9A�G_�,=>9C,�+@=;.5�

���E=1.5��2=.5��36.5S�+0;�G-9:.� 0/-/96�E01�G-9:.�+@9?,�89B=�.@0C.�8)H4+�,)1.@)A.5�.534.�.=*-�%-G0.���-9:.� 0/-/96�,@F�80B>�+0*+�/301-�E0C,�E01�D)4�D3?.5�EF�.)H*+,23.5�G-9:.�83*�/=36.�/=36.�7H*-S�+)*�/-96.�,=4+�83:�E013�I31.5�D36.5� -H80.@���-9:. 0/-/96�E)10�.@0C.�E01�E)10�+@3�.96.�.3*�,2H;�,@01.@�.5=3B.�,01-�.5=>96.�[email protected]�Q@=*�

�=>�[email protected]�G-9:.��@9?,�8=*.5�.5@Z0�EH*-�,96.�+=;0�.3*���23.5�J@-�G-9:.�@9?,�,-9?Q�.@0C.�.)H*+�,)1�+0*+�I31.5�D=3?-�,296.�.=*-S�.@).5�.3*�[email protected]�+3*�+@3:�+@0;>20���)H*+�+)*�+@0;>�E013�E01�,)1�,)1�G3?+�@H-S�89:�/04-�7=3?-�E01�+@0?,�J@30*.5�J@0*+���@U+3*�73C,�D3?�O,�/301-�E0C,�+3*�,@9:�H;�8)H4+�,23.5�83*���50>�+0;�,23.5�/0A.@�E)4+�,@[email protected]�+=A.5�+0B.�Q@0;-�+3*�D)4�,-9?Q�.@0C.�E01�D)4�G0.�+@3���-9B=�5F�,)1�+@3?-�G0.�+@3D9A�,2H;�,@01.@�E36�I=4.5�E01�+@9?,�+@3*+�

�0*+�,3C+�,2)H;.5�+=;0�!DH2096.�80A�+@3�+@=*.5�,0�,@0?>�20R.5S�I06.5�73C,Q@0B.�7)H1-S�73C,�@F.@�,@)*+�<=0.�,234.5�+=;0�E-9C+�I06.5�+@3��)*+��@=*0��2H1-,23.5�,@)4+�,9?� /01�+0K.�.5=>96.�897�/04-�D)4� ,@_.@�E)H4.5��Q20@07�I06.5�73C,Q@0B.�7)H1-��!D0*+�E01� -0+3?Q�I06.5�73C,�Q@0B.�7)H1-���@F.�E013�+=3C+�D3?.5�+=;0+0*+�E_�.01>S�+@=*.5�,0�[email protected]�@9B�,@0?>�@34�80=�J@3:�EF�0;.@�@)H;.5�+=;0�D)4�.5@913J@3*�,23.5�.@)A.5�5-0-�8304.�I01-�+=;0�+=3C+�8H1-�@34���34�/01�.@)A.5�.5)H1-�5-01=�+3*��0?,�+0;�.@)A.5�.5)H1-�83*�I=1�,20;-�<=0�,@);�,@0*+@�E01�@304.�.04.S�.@).5�[email protected]�0-+@9?,�83*-�E01�+3*�/=36.�/=36.�+3*�I=1�89:�+@3�.@)A.5�.5)H1-�J@0*+�

�23.5�$0*.5�,@9?�J>*�+3*�,@=0C,�/04-�/H1-�,@9B�+=;0� -0+3?Q�,2)H*+�70a,��)*+�@=*0��2H1-�J@-�36.5�2H1-�J@3;-�5-0�8F.@�89:�89?.�D3?.5�EH*-�+0C=�7F.@V�X��9?=��)*+�@=*0��2H1-�5-=*Q�8HA�E01�G0;3�E9C�,36-�,23.5�+@=>9?.�8-�.01>S�G0.�+@3�,36-�,@)*+�0K.S0*3�70a+�E01�8)0�,36-�,2H;�E9B�.@01�+@0�,36-�GF.@�>96.S�,@F�,36-�D9A�I06.5�/04-�+@3���501-73C,�Q@0B.�7)H1-�734-�D)4���501-�G0.�+@3�,36-�'$0*.5�]jV]\N]]��%�(� -0+3?Q�G-9?,

- 25 -

��������������� ����������������� �����������������������������

/=0C,�G0.�+@3�E01�,-9?Q�.@0C.�+=;0�E=A�,2=4����.5�G-9?,�20R.5�.9?=�36.5�I06.5�73C,�[email protected])H1-�+@3��)*+��@=*0��2H1-�,@F���501-�D9A�G0.�+@3�36.5�D)4�5-01=�+3*��

�9B�D0=��)*+��@=*0��2H1-�/0CQ�E-9C+�I06.5�Q@0B.�7)H1-�,@01.@�704.5�/_.@VX�0A>�897�,0?,�+0;�Q@0B.�7)H1-�E013�J@3�89:�+3*�8=;�/)H.5�,@)4+�,23.5�89B.�,@H1�+=;0,0���9?=�+0*+�.5)H-�/017�.@)�E0C>S�,0�D9A�7H;�+);0�D3:�,296.�,2H1-�E01�83:�Q@)H*+�W=3?.5.@-9B=�89?.�.3T-�+0*+�.5)H-�[email protected]�8=;�+@3:�+@)*0Y��'70/0+@-�^o[\��%�(���06.573C,�Q@0B.�7)H1-�70.5�/04-�.@-9B=� /H4-� O+@�+@3�+=3C+�D3?.5�+@=*.5�,0S�80a+�G-9C,.@)A.5�D)4�+=.5�)*.5�E9B�D)4�G0;3�E9C�E01�,@_.@�E)H4.5���9?=�G04.�I06.5�+@3��)*+�@=*0��2H1-S���501-�D9A�G0.�,2H;�/04-�+@3�G04.�.@-9B=�E36�D3?�J9:�

��:S�$�%'���:)�I%&�6�>�F�S)*$�G��U��S!9:,�06.5�73C,�Q@0B.�7)H1-�/01�73C,�D)4�,@)4+�@01.@�,2)H*+�,301.�,@9:�D3?�,-9B.�,@=

8)H4+V�X�0A>�,36.�E-.@��)*+� -96@36E0�G0R.5�E-9C+�I06.5�+@3���501-�Q@0B.�80B=�,296.734-�/H4-�,)*+�+=;0�+3.�E01���501-�D9A�/017�E)40�+3.�+@)*0�80B>�/=*0�7F�E01�804-�704+@SE01�83:�E013�@=;�+@0?,�2)H4=�.@3�.53.�.@0?,Y��'�@067�.536.�^ViN[\��%�(

�06.5�73C,�Q@0B.�7)H1-�+=;0�D3?�,-9B.�G04.�,@=�8)H4+�70.5�,@93�.@)A.5�/H1-@)*0�E9B�Q@)H*+�@04.@��E01�D)4�5-01=�+3*�

�3*�.@-9B=�+H�83?+�.@06.�/0A.@�/)H.5S�,2)H*+�@9?,�@34�,20;�734-�+@-�Q@O�D-.@@304,S�23B-�@34�I06.5�73C,�Q@0B.�7)H1-�D3?�,-9B.�+31.�/04-���=>�.@-96.�8-9B=�.01>�[email protected]@0;-�/01�D)4�I06.5�73C,�Q@0B.�7)H1-�+@06.�,@)4+���-9B.�I06.5�73C,�Q@0B.�7)H1-�Q@0;-/01�.@)A.5�,20*-�80B=�7=01�+=;0�,3:.5�D3?�,-9B.�,@=�.@0CQ�+=;0�73C,�.5)H1-S�I06.5�D)4E-.@�@-9:.�+@3��)*+��@=*0��2H1-���)*+��@=*0��2H1-�,36.�,234.5�D)4�,2=.5�,O.S�0-�I06.5+@3���501-�,@93�+0*+@�0?>S���501-�D9A�G0.�Q@)H*+�+@3�@34�I)�I0C,�

�3C,�D3?�.5)H1-�J@0*+�.5@Z�20R.5�@34�/01�.@)A.5�.5)H1-�<=>9?,�8_.@�.5)H1-.@0C.�D3?�,-9B.�I06.5�73C,�Q@0B.�7)H1-�+=;0�@34���34�5H;-�D3?�,-9B.�I06.5�73C,�[email protected])H1-�+@06.�,@0C,���-9B.�I06.5�73C,�Q@0B.�7)H1-�Q@0;-�8)H4+�5H;-�/96.��@=*0�G0R.5+0*+@�8)0�+@3�@3C-�,@0*.@�8_0�Q@)H.5�.H-�73C,�.5)H1-�D-.@�@304,�,@)H1.5�W=>96.��0A>�.@H*�20R.5�Q20@07�I06.5�73C,�Q@0B.�7)H1-�+@3�E=0�$0/97�5-01=�+3*�E01�<=0736-�7-9C.5�+=;0�E_�E=0�0?>�701�Q20@07�.@0C.�8)H4+�.@)A.5�Q@)H*+�@04.@��+=;0�)*+��@=*0��2H1-�

�9T�J@-�.013�G04.�.@0C.� ,@0?>�G0*.@�E01�.)H*+S�.@3�+=;0� /H1-��)*+��@=*0�2H1-S�@0A>�.@H*�,2=.5�,O.�,2)H*+�D0=�.@)�73C,S�I06.5�73C,�Q@0B.�7)H1-�+=;0�D3?�,-9B.,@=�.@0CQ�+=;0�G04.�+@3�@3C-� ,@0*.@�8_0�Q@)H.5��.9?=�G04.�[email protected]� ,@93�J@=36.70T=�+=;0��)*+��@=*0��2H1-�,23.5�E-9C+�I06.5�73C,�Q@0B.�7)H1-S�D3?�,-9B.�I06.5�73C,Q@0B.�.)H1-�+=;0�G04.�[email protected]�8)H4+�+36.5�.@0C.���04.�[email protected]�,@9:�,-9?Q�.@0C.�,234.E94.�Q@)H*+�@04.@��+=;0�D)4�5-01=�+3*�701��)*+��@=*0��2H1-�73.5�)H*+�G0.�+@3�G04.�

��:,�$�!"#��F�,%*S�#�)��)>S���4�@-9B=�.5)H1-�G01.�/=0C.�+@3?.5�/04-�E-9C+�I06.5�73C,�Q@0B.�7)H1-���34�.3*-

20R.5�E-9C+�I06.5�73C,�Q@0B.�7)H1-�,@=3C+�E9B�/=0C,�Q@0*Q�,@H1-��)4=��H*+���=>�[email protected]�@367�.0>�+@=*.5�,0�D3?.5�I)H*-�06.�8-9:.S�D)4�I06.5�73C,�Q@0B.�7)H1-�[email protected]�+31.

- 26 -

��������������� ����������������� �����������������������������

0*Q�I=4.5�.)A0���34�/>*�/=0C.�.@)�E0C>��@).5�D)4�,@)4+�@01.@�I06.5�73C,�Q@0B.�7)H1-�.501>�.0>�E0T.�D3?.5�83C.5

.@)�,23.5�,@H1-��)4=�)H*+���@O.@��@=*0�P9D=D�.@0?.�704.@�E-9C+�I06.5�73C,�[email protected])H1-���@=*0� P9D=D�Q@0*.V�X�0*+�.5)H-�I06.�73C,�Q@0B.�7)H1-�89?.� D3?� /0*� +=3?-+=1.5�,23.5�E)H1.�.5)H-S�.@).5�[email protected]�G-9?,�.@)A.5�8-9B=�<=0.�,234.5S�D)4�+36.5GF.@S�D)4�,@)H.5�W3*,�E01�8)*+�,-.���@0;-S�+0*+�.5)H-�Q@0;-�I06.5�73C,�Q@0B.�7)H1-S.@).5�+=A.5�8)1.5�G3;�+0*+�8-9B=�<=0.�,234.5S�D)4�+36.5�GF.@S�D)4�,@)H.5�W3*,�E018)*+�,-.���@0;-S�+0*+�.5)H-�Q@0;-�I06.5�73C,�Q@0B.�7)H1-S�.@).5�+=A.5�8)1.5�G3;�+0*+8-9B=�<=0.�,234.5�J-0�701�[email protected]�/017Y��'�0,�]^V]^S��%�(���23.5�J-.@�,@0*.@�0?.5��@2-D,�.3*-�E9B�D)4�<=0.�,234.5�+=;0�E-9C+�I06.5�73C,�Q@0B.�7)H1-�E01�[email protected])H4+�80*.@�70?,�E-9T.�+0;.@�.01>�

�@-�.@F.�E013�/_+@�D);�E01�.@F.�E013�J-.@�.5@-9C7�2-96.5�=;0�7F.@�+@=*.5,0�+3*�,@9:�,@0?>�20R.5�E-9C+�,@)4+�@01.@�I06.5�73C,�Q@0B.�7)H1-�70.5�.@-9B=�/H4-�O+@�"=0�/_+@�D);S�D)4�I06.5�73C,�Q@0B.�7)H1-�/017�+@3�.@-9B=�<=3?+�5-0�,@_.@�E)H4.5��06>�/01�G0R.5�+@)*.5�H;�E01-�.9B.�E0K.�7-.@��06>��@)H.5S�80a+�G-9C,�H;��30��>1�$0=�J@-�,-9?Q�.@0C.��0?.5��@2-D,�E013�.9B.�E0K.�@3*0�+=;0�7F.@�E01�@34+�,0CQ�,23.5/H1-�+=;0���501-S�.5)H1-��>A�G0L,�80B=�5H;-�+0*+�5-0*3�DZ�E01�G0L,�80B=�I06.5�73C,�[email protected])H1-�E01�+0*+�J@30;.�I06.5�@-9?.�89:�5-=*Q�.5)H1-�J@0*+���F�/>*�I3�.01>S��)*+��@=*0�2H1-�80A�+@_=�Q@)H*+�+@3��30��>1S�+@3�Q@9*Q�@34�5-01=�+3*�

�2)H1.5�@H4Q�.01>�J@0*+�@0`.�EH*-�+0*+�<=3?+�5-0�H;��36.5��)H.5�E01��@-�@06=���@)A.5�E=1.5�80?,�,01-�.5=>96.�,@-96.�[email protected]�,@0C,�[email protected]�Q@=*�.@).5�80�D3?+0*+�.)H*+�H;�+0*+�E=1.5�.01>�[email protected]�+3*�8)H4+�80a+�06.�Q@0*,�,2-9:.�E01�D);�I=4.5�.@)A.5.5=3B.�,01-�.5=>96.�.01>���34�80A�,)1�+@3?-��@=*+�067�+=;0��0?.5��@2-D,�E01�I06.�,3C+@34�80A�,@0?,�G04-�,23.5�E-9C+�+@-0�D9;��Q@)H*+�@04.@�E0C,�+@0?,�EH*-�.5)H1-�J@0*+�

�04-��2-9B=��-96.�+3*�73C,�.5)H1-�D3?.5�,23.5�+0;.@�.5@913�D=3?,�,@H1-�J>1,@0.@�.-96.�+=;0�7F.@���013�+=3?-�.0K7�7)H-S�36.5�I)4�G=3:-�,@H1�Q@)H4.5�,04-�.@01,@H1�/0B.�80B=�,-96.S�/0L.5�.5@9�+@0K7�+@=*�E013�G01-�5-0;.5�E9B�D)4�I06.5�Q@0B.�7)H1-E01�D)4�5-01=�+3*�,@93�D0=��$0=�83*�36.5�,0�.5@Z�7F.@�.96.�G0L,�80B=�I06.5�73C,�[email protected])H1-����.5�,)4�.@=;V�X�F�D3?�,-9B.�,@=�.@0CQ�+=;0�7F.@�<=0*�O,S�.9?=�I06.5�73C,�[email protected])H1-�+@3��@=*0�,@F�+3*�,@0?7�E013�806=Y���9B�D0=�36.5�,2H;�,@01.@�+H�83?+�.@06.�E01G0L,�80B=�I06.5�73C,�Q@0B.�7)H1-�,@)H1.5�W=>96.���2)H*+�J-0�36.5�+@)0�G03�5-H1�+3*73C,�+36.5�E-9C+�+@0L+�+@0L.���=>�.@-96.�D0=�J@-�G0L,�80B=�I06.5�Q@0B.�7)H1-S�36.5.@0C.�8)H4+�73C,�+36.5�E-9C+�/017�.5)H1-�G0*.�@01.5�+@3�73C,�+36.5�,>�,@9*Q���@F.@/F.@�36.5�8)H4+�+36.5�E01�,2H;�,@01.@�+@=;�+@-�.@0*.@�.H-�36.5�/017�E-9C+��$0=�7)H1-@0-�.0K7S�36.5�,2H;�,@01.@�73C,�.5)H1-�5-01=���50>�+0;�.@)A.5�J@3*�[email protected]�.5)H1-801.�36.5�.01>�E0T.�[email protected]�,@0?,�E34.5S�36.5�+)*�,-.�20R.5�D)4�,2=.5�,O.�I06.5�73C,Q@0B.�7)H1-�D9A�I0T.�89?.�D)4�5-01=�+3*���5)H1-�801.�36.5�.01>�,-9?Q�,=4+�8)H4+�Q@0*,804,S� ,0?,�+0;�8-9B=�83*�W0;>�89?.�I3�E-9C+�36.5�@34+� ,0CQ�8)H4+�GO�<=>9?,� /017�5-01=XI06.5�73C,�Q@0B.�7)H1-Y�

�23.5�73C,�@301.�+0;.@�J@0*+S�+3*�@0-�.5)H1-S�73C,�/01�+H�83?+�.@06.�E01

- 27 -

��������������� ����������������� �����������������������������

.5)H1-�J-0�/01�[email protected]�,-.��@=*0���34�<=>9?,�8_.@�/017�+@=.5�EH*-�.@0=���3C.5�,0*+E-96.�[email protected]�,-.��@=*0�J-0�/017�8)H4+�@0-�+@=4+�.501.�836�/0�73C,�.0K7���3C.5�,0*+.5)H1-�+H�83?+�[email protected]�70a+�I=1�+@U�J-9?7�7)H1-�@0-�.501.�836�/0�73C,�.0K7�.@).536.5�,0�+)*�,2=.5�,O.�I06.5�73C,�Q@0B.�7)H1-�73T-�,@0*.5���=>�.@-96.�@301.�+0;.@@0-�.5)H1-�J@0*+�.@0=�20?,�23A���=1�.5)H1-�[email protected]�,-.��@=*0�/017�8)H4+�.@-9B=�,-9B.@H.�.@).5�36.5�,0�E0T.�[email protected]�5-01=�� -0�8F.@�36.5�,@)H1.5�W=>96.�50aQ�80=�3?7S@3*0�8H.�,@=3?+�[email protected]�+@0?,�E01�36.5�,0�G_�50*.@�.04K.5�,01-�+@0*.@�891�G94Q�W=3?.5��31.�+H�83?+�.@06.�.34S�.5)H1-� ,2=.5�,O.�I06.5�73C,�Q@0B.�7)H1-�+)*�+01.5�.501>8)H4+�,@_.@�E)H4.5����.5�[email protected]�.@)A.5�8)H4+�+@_=�Q@)H*+�,23.5�+36.5�E-9C+�/017S.@).5�+31.�8)H4+�,@_.@�E)H4.5�E9B�D)4�GF.@�0.�E01�D)4�@01-�@310�,23.5�8H1-�D3?.5�+0*.@06.�+=;0�7F.@�

�9?=�G04.�7=3?.�8)H4+�5-01=�+3*S�8)1.5�.96.�G3;�<=0�E-9C+�I06.5�73C,�[email protected])H1-�+@3��)*+��@=*0��2H1-���06.5�73C,�Q@0B.�7)H1-�/01�/H1-�@)*0�+=;0��)*+��@=*0�2H1-�G0.�+@3�D)4�5-01=�+3*�I06.�D)4���501-�E01�D)4�5-01=�+3*�.01>�[email protected]�@04.�+@9?�,23.5/0A.@� E)4+� E0C,� +@0?,���)*+��@=*0��2H1-� +=A.5� D9A� G0.�Q@)H*+� +@3�G04.� D)4� ,@_.@E)H4.5�E9B�.-9B7�E=-S�GF.@�0.�D)*+�J@3;9�E01�@01-�@310�,23.5�5-0�8F.@�

"=0�D)4�+@9?,�+=;0��0?.5��@2-D,�,296.�,@0CQ�,)4�5-0*S�.9B.�,0;.5�80A�8)H4+�80a,D0e.�+@3�73T-�+H�83?+�.@06.�89:�@34�8)H4+�5-01=�+3*���9*�8-�,@-96.�801.5�+=;0�[email protected]�@04.�+@9?�H;�D)4�+)*=�23T-S�.@).5�G03�53B7�+0*+�/H1-�@)*0�E9B�Q@)H*+�@04.@��E01D)4�5-01=�+3*���2H;�.96.�5-01=�+3*�/01�73C,�E0?.�89B�83C.5�E-96.���04.�E01�,36-�Q@0;-�@-9:=20R.5�7=4+�8O+@�+=;0�+3.�.5)H1-�/01�,2H;�.96.�89B.�,@H1�+=;0��@0*.@�%-.@��)*+��@=*0�2H1-S�E01�73.5�)H*+�/-96.�,=4+�8)H4+��@0*.@�%-.@�I0T.�I0L,�8H1-�D3?.5�7F.@���@=*.5,0�Q@0;-�80a,��)*+��@=*0��2H1-�E013�E_�,2O�)=�,-96.�73C,�,23.5�,0?,�+0;�734-�E-9C+�+@=*.5,0�/017�E01�,2)H*+�@9?,�Q@0?.�80?=�+@3�E-9C+�,@-9?,�/0CQ�E)H.5�<=3?+�+=;0���501-�

�@)H1.5�W=>96.�I06.5�73C,�Q@0B.�7)H1-�E013�@3C-�,@0*.@�8_0�Q@)H.5�+=;073C,�.5)H1-�/01�GO�<=>9?,�89:�8)H4+�5-01=�+3*S�73C,�Q@0B.�+=;0�<=-�/=0C,�+@3�E01�.@0C.+=;0�E=A�,2=4��"=0�E-9C+�,@-9?,�/0CQ�I06.5�73C,�Q@0B.�7)H1-�H;�,@H1-�J>1��)4=�)H*+S�.501>.0>�E-9C+�I06.5�73C,�Q@0B.�7)H1-�/01�D)4�,@)4+�701�G04.�E01�,36-�Q@0;-�,-9?Q�,=4+S�73C,�D)4,@)4+�@01.@�897�/04-�Q@)H*+�@04.@��E01�5-01=�+3*��X�5=>9C.�E-.@�@-9:.�E9B�.H-��)*+�@=*0��2H1-��0?.5�I3�<=>9B.�.0K.5�704.@�79A�+=;0���501-�@01.@�83C.5�,23.5�+@=*.5,0�+3*�,@9:�5-=*Q�+@=*.5�,0�/017�8)H4+�E)H4,�<=0*�8-9B=�+@=*.5�,0�+0B=�W-.�@0>�D=>.5@ZS�.@0?,�8_.@�E)H4,�<=0�.@)A.5�/H1-�+0B=�.5=>9C.S�.@)A.5�J@03�J@0*,S�.@)A.5D=>�.5@Z�@0>�.@)A.5�@>�E34.5�+03�.@0?,�+=;0�+@=*.5��'�Q@9DH�^V]\��%�(�

- 28 -

��������������� ����������������� �����������������������������

�������

� ���������� ��������� ���� ���0CQ� ,2=.5�E013� D)4� ,@01.@�+36.5� ,@01.@� ,@0C,� /01�@F.@� ,@01.@�734-� +@06.

I=.5�G0;.�,@06.�'D9/l�M�-7059(�,O+@�+)4+�,@)4+�,9?���@).5�50T7�/04-�,@H1-�5-0.�80A<=0S�+@=*.5�,0�,@0?>�7F.@�G_�I3C-�.5)H4+�/04-��"=0�.@)A.5�I-9T.�G-9?.�+=;0�+=3C+D3?.5�+@=*.5�,0�,@)H1.5�+@)*0�+@0?Q�.@)A.5�+@06.�I=.5�G0;.�,@06.�,@0?,�G04-���@=*.5,0�7=3?.�,)4�I3S�7=3?.�J@0*7�Q@0*�20�,-9B7�.0K.5�,@0C,�+=;0�7F.@S�.@).5�[email protected])H4+���9C�@04-�@H.�E-9C+�J@03�J@0*,�,F7�+0*+@��7H;�2346.5�.@0A.�<=0.S�+@=*.5�,0�/04-,@3;0�/31.5�EH*-�+@06.�I=.5�G0;.�,@06.�.5@9;3�.01.�+=;0��7F.@���@36.5�,@3;0�70A.EH*-�+3.�.5)H1-�2-96.5�+=;0�7F.@S�+@=*.5�,0�+3?�50L.5�G0L,�+@)H*+�.5)H1-�J@0*+�

�@-�,36-�G0L,�80B=�+@)*+�E=4S�20?,�O,�G01-�5-0;.5�,36-�8)H4+�,@01.@�+36.5���3T-,@0?,�E34.5�+=;0�,36-�+01.5�,0K.5�E01�,36-�[email protected]�I0*7�@F.@�,@01.@�+@06.�I=.5�G0;.,@06.�7F.@�/01�73C,�.5)H1-�5-0;.5�8043�

�2)H*+�@9?,�,36-�7=3?.�5-3?.5�.@)��-//>� 20@07S�,36-�,@)H1.5�.5@9�36.5,0�5-0;.5�E01�+=A.5�@34+�73C,�O,�G01-�5-0;.5�+=;0�36.5���@-�5-0;.5�,04-�.@01�,@H1S�,36-�+3?50L.5�5-0;.5�5-3?.5�.@)�36.5���36-�+=A.5�G0L,�80B=�G01-�5-0;.5V�X�@)0�<=O�G01S�<=O36.5�m�X�.@).5�/=*+�5-0;.5�8)H4+�.);0�G01-S�,36-�,@H;�@=4,�@H-�E01�,@0?>�7F.@�@301.,301.�79C,�/0AS�,36-�.@0C.�,@0?>�7F.@�[email protected]�,@9:�/01��-//>� 20@07�8)H4+�

�9?�83*S�,36-�.@0?,�8_.@�7F.@�Q@0;-�/01��20/��3G92,DS�,36-�+3?�50L.5�5-0;.5,@93�J-9:=�.0K.5�83C.5�+=;0��20/��3G92,DS�+=A.5�+@H1�8H4-�J9?,�<=0;�,)H.5�,)4�W0;>20�,23.5�@3C-�,@0*.@�+=;0�7F.@���@).5�+@0`.5�+3*�5F�W0;>�20���36-�@301.�,301.�,@0?,E34.5���36-�+0B=�.5=>9C.V�X%04>��@=*0S�+3.�7=3?.�5-3?.5�.@)��-//>� 20@07�@0>5-3?.5�.@)��20/��3G92,D�� -.���501-�5-=*Q�+3.Y�

$0=�83*��@0*.@�%-.@�Q@0*.�EH*-�/31.5�,36-V�X�37�,20-�>96=�<=O�+=;0�,0���0+@U�+0B.�73C,��-//>� 20@07�E01�73C,��20/��3G92,D�H;� ,296.� ,@9?�5-0.�.01>���07=3?.�+3.�,2H;�,@01.@�73C,�E01�+@U�73C,���%�!�� ������701�,@36-Y�

������ ���� ����� ����E�.D������� ��������D ������C�� H�������

�3?-�EH*-�+@=*.5�,0�+=A.5�E0C>���)*+��@=*0��2H1-�,043�I)4.5�73T-�+@=*.5�,0,@01.@�73C,�,043�E0C,�83C+�/0CQS�73T-�.5)H1-�+3*�73C,�+@06.�I=.5�G0;.�,@06.�2-96.5�G-9C,��20*+@�.@-9C7�+=;0�+@=*.5�,0�/01�W06>�I)4.5�+@06.�I=.5�G0;.�,@06.�+=;0�7F.@S�J@0*7Q@0*�E01�Q@0*,�@=>�.@)A.5�,-9B7�.0K.5�,@-96.�Q@=*���=>�.@-96.�+3*�.@-9B=�,2H;�.504-

- 29 -

��������������� ����������������� �����������������������������

+0B.�J@0L+�Q@=4+�.9?=�+@=*.5�,0�7=3?.�Q@0*,�,2-9:.�80B>�8=;��2H;�.504-�,@)*�.@0?,�+3*�/-96.�<=0.�89?.�,@3*-�<=9.�,)4�@04�,@0?Q�5-0*�,2_�+=;0

7F.@��.@-9B=�.5)H1-�80*.@�5-0*�+@O.@�7F.@�20?,�,@0?QS�/=36.�/=36.�.3*-�EH*-�7F.@[email protected]�+3*�J@0;�.0K.5���34�+3*�,@9:�+3*�73C,�)H*+�7=3?.�G)H*+�E013�73C,�/0A.@�E)4+�80a+G-9C,�.013�83*S�.@).5�/04-�+)*�/-96.�,=4+�@04�,@0?Q�5-0*�,2_�+=;0�J@0;�.0K.5�7F.@�23B-�/04-+)*�,@0?,�E34.5�EF�7F.@�[email protected]�/017�8)H4+�.@)�E0C>���34�D3?.5�73C,�+=3C+�D3?.5�GF.@,@)H1.5�+@0`.5�G03�5-H1�,2H;�,@01.@�+3.�.5)H1-�7F.@�73.5�7=3?.�

�@)A.5�.5)H1-�J@0*+�/04-�G_�+0;7�5-0*+�0.�.-.@�.50K.�,2H;���=1�@34�+3*�,@9:G0?,�70A.�EH*-�+=3C+�D3?.5�+=;0�7F.@S�.@).5�@34�/04-�[email protected]�I0*7�/-9B=�/Z.@���34�/>*/=0C.V�X�F.@�+3*�73C,�+36.5�E-9C+�,3?,S�,@=0C.�/H4-���=1�836-�J@-�7F.@�.5@Z�20R.5�+3*,@9:�,-9?.�,@06.�W0�@H.���@).5�,3?,�@H.�/01�+)*�.@)�E0C>S�,@3;0�/31.5�EH*-�E_�,2O�@-9C.,04-�/01�,3?,�23B-�

$)4�+04.@�,20.@�+=A.5�/01�,2H;�.504-�83?-�EH*-�73C,�D3?�.5)H1-���3T-�DH4�@0A-�/H*..@0?,�+=;0�@34�/01�,@0?,�G04-���9;�,@=1�/H*.�.@0?,�+=;0�@34��/01�+@O.@�7F.@�@34���34�D3?.5+=3C+�D3?.5�/0a.5�/9AS�+@0`.5�G03�5-H1�@-9:=�8)H4+�D)4�Q@-96=�/)=�+=;0�+=3C+�D3?.5�

�3?-�EH*-�804-�80�D3?�J9;� ,@=1� /H*.�.@0?,�+=;0�+@06.�I=.5�G0;.� ,@06.�J@3;9704.@�/01�J>*�)*+�D0L+�G9*.�E9B�.@)A.5�+@-�,-9?,�+=;0�.@)A.5�,@0?,�G04-�,23.5�<=0�J@)*S/3T-�/0B7�E01�D)4�J9?,�0*.���36-�J@-�.@)A.5�.5)H1-�.01>�+@3?-�,)1�D)4�+@)A0�/01.@�J>*�)*++=;0�7F.@S�+)*�+0;7�,@0?>�I9T�+@_=�,23.5�D)4�J9?,�0*.�+=;0�<=0*�J@)*�@H.�/01�D)4�@)*.5J@H;-�,23.5�,)H.5�/0-�

�@).5�I=1�,@9?�.013�8-�.)A0S�G04.�+3*�,@9:�E)H4,�<=0�.@)A.5�,2H;�.504-�+=;0E-9C+�Q@0*,�,2-9:.�+@06.�I=.5�G0;.�,@06.�,O+@�+)4+�G0R.5�+0*+@�0*Q�I=4.5�.0K7�G)H*+D0=�806>V

���4�5!7�6("�F�$8J�$!97�F�$!9"�F�#(7��S<���@-9B=�.5)H1-�80=�J@3:�EF�80A�+3*�.@)A.5�/3?-�D=>�.5@Z�,-96=�+)4+���34�.5@Z

20R.5�,F.@�,204.5�D)*+�J@3;9�+=;0�7F.@�,3B-�,9CS�+@0`.5�+31.�@>�E34.5�89?.�.3T-�@34�,@0?,G04-�,23.5�E-9C+�/017�0K.�@30a+�+@0`.5�+31.�0-�>96=�79?.�@34���)*+��@=*0��2H1-�@[email protected]�<=0�,2O�,)H;.5�,)H4.5�+=;0�+3.�.5)H1-���9T�.5)H1-�.013�+)*�89:�+0*+�,)�,)H;.5/-96.�,=4+�+@9?�.5)4�7F.@�,@F�.5)H1-�83*�80A�.50K.�,2H;�@01.@�83C.5�+=;0��)*+��@=*0�2H1-�EF� ,2O� ,)H;.5� ,)H4.5�+31.�704.@�@H.�<=>9B.� /)4+� +=;0�>*� +@O� +@-�Q@3?-� +3..5)H1-�

�3*�73C,� .5)H1-� 80A� G3;� 2)H4=� +0*+@�806>� D0*=� .0K7���013�73C,� .501>�@91.5)H1-�0?>�,@-=�,@U=�.5=;S�+@H4,�,@0?>�73C,�5-0?+�7HS�/=*+�,U.@�0.@�,0�,)4�.@=;V�X�@0173C,�/>�G-0�+@0L+�=3?.5�.53.�/0L7���5301-�20S�+@U�73C,�/>�,@36-�806=�+3*�@04-�5FY�

$0=�83*�0.@�,0�20�<=0*.�E01�=3?.5�73C,�/3.�G-0���)1�83*�,@3*-�<=9.�,23.5<=0*�J@)*�,23:-�I0C>���9?=�.5)H1-�83*�[email protected]�89:�,2O�,)H;.5�,)H4.5�+=;0�7F.@�8-�Q@-96=/)=�,23.5�5-0?+�7H�G0.�.501>�83*S�+@0L+�.5)H1-�83*�8)H4+�+)*=�J@3;-�+@06.�I=.5�G0;.,@06.�+=;0�73C,�.5)H1-�.5@-9C.�2)H4=�

�36-�8)H4+�G-9?,�+3*�73C,�.5)H1-�Q@=4�.)A�70CQ�Q@9CS�G01�8-�89?.�.@-9B=�G9C.@

- 30 -

��������������� ����������������� �����������������������������

E-9C.�E01�50aQ�.@-9B=�G0*+�DZ���01�,@);�I=1.5�.@-9B=�/304-�,@=3?+�E01�0*Q�I=4.5�.@-9B=Q@)H.5�Q@0*Q���@).5�8-9B=�83*�+@U�5-=*Q�G01�73C,�O,�,@36-�E01�+@)*.5�.013�,0C,�0?>S�G01+)*�0K.�=3?.5�/-96.�,=4+�E01�+01.5�.501>�+01.5�,@0?,�E34.5�

$0=�83*�G01�<=>9?,�8_.@�,@0>�83:-�+@06.�I=.5�G0;.�,@06.�G0R.5�+0*+@�D);I=4.5�,2O�,)H;.5�,)H4.5���01�@F.@�I=.5�7F.@�/01�73C,�+3.�.5)H1-�3?7S�,@0.@�.@0AS+06.�83?-���)4�[email protected]�E-9C+�,@917�0K.�+=;0�G01�5-0;7�W=3?.5���01�D=4,�+06.�E01�[email protected]+31.�70CQ�Q@9C�.@)�,2)H*+�

�-.@��@0*.@�I04>�+@=*.5�,0�E9B�,0B7�<=0.�,234.5�+=;0�E-9C+�D);�I=4.5��,2O,)H;.5�,)H4.5���06=�+@=>9C.�+=;0�I07�E01���E0�/01�73C,�G0R.5�+@)*.5�+=4�,@9:���E0G_�$0,0.�+0*7�I3T�0K.�,20*-�+06>�+0?7���@3�Q@9*Q�/H1-�.3*-�+=;0�D0,0.�E013�,067�,2OS+@=*.5��80A�+@-9?7�/Z.@�,2O�,)H;.5�,)H4.5�+=;0���E0���01�+)*�,-9?Q�,=4+�89?.�.50L7�,20*-+06>�E01�+)*�,)H;.5�,)H4.5�20R.5�,20*-�+06>�83*�.53.�/0L7���9?�83*�G01�7H*-�@F.@�,@01.@73C,�J@03�J@0*,�70A.@�/-9C,�E9B�E-9C+�0K.�,20*-�+06>�+0?7���F�<=>9B.�/)4+�E01�>*�+@O�20?,704.@�79AS�G01�G_�J9*3�89?.�+06>�0?>�E01�@0*-�,20*-�+0?7�89:�0K.���9?�83*�G01�+=A.5�8)0+@3�[email protected]�7F.@�0K.�.)A0�

"=0�@01.@�83C.5�.01>S�,2O�,)H;.5�,)H4.5�+=;0��E0�80A�,043�@F.@�0;.@S�+0;�@0-36.5�G01�807�E01��E0�D0�.50A��"=0�,3C-�/3T-�.01>�@34�80A�@F.@�,@01.@�+@06.�I=.5+=;0�+3.�.5)H1-�G_�D0�.50A���@U�<=0�+=3C+�D3?.5�E36�,3C-S�D)4�+@9?,�E01�D)4�Q@=4+�D-.@+=;0��0?.5��@2-D,�M�I07�,@)*�@0-�M�$)4�+=.5�)*.5�80B>�8=;�+@3�+3.�.5)H1-�7H*-@3B-�Q@=4+�/04-�8)H4+�+@06.�I=.5�G0;.�,@06.�J@3;9�704.@�

�9?=�G04.�7=3?.�,@0>�83:-�+@06.�I=.5�G0;.�,@06.�7F.@S�,2)H*+�@9?,�@0A>,@0>�83:-�,2O�,)H;.5�,)H4.5���04.�@0A>�80a,�,2O�,)H;.5�,)H4.5�+=;0�7F.@�E013�Q@)H*+@04.@��,07�I-9C.�+=;0��)*+��@=*0��2H1-�8)H4+�89B�+0CQ�H;�+06=�D0=V�X�HA-�0.@�97�>96=I0?=S�,36-�+0B=�W-.��@=*0�EH*-�,0?,�+0;�,0?7�/31.5�+@06.�,@01.@�89:�0.@�97�8)H4+�,@04.@E)H4.5S� 8)H4+� D)*+� J@3;9� ,3?,� E01� /-.@� @3B.� 0.@�97�+=A.5� D=.5�70A.� .)A0Y�� '^ -0K.5�]��$(���06>� /01� Q@)H*+�@04.@� � ,07�I-9C.�701��)*+��@=*0��2H1-�73.57=3?.�0.@�97�+@-9?7�@)A=����501-�7=3?.�0.@�97�8)H4+�D=.5�,=*+�,23.5�/0A.@�E)4+,@=3C+�/-.@�I3B-�I013�D)*+�J@3;9�E01�,@04.@�E)H4.5�,23.5�/0A.@�E)4+�E0C,�+@0?,�

%0?>�+06=�J-.@�.01>�/017�.9B.�,0;.5S�G04.�@0A>�,)H;.5�,)H4.5�7F.@�80.5,0K.5�,2)H;.5�E9B�8H1-�D3?.5�,@=3C+�/-.@���)H;.5�,)H4.5�20R.5�+36.5�E-9C+�/017�0K.�+=;07F.@�.501>�+01.5�Q@0*,�804,�E01�@0A>�,)H;.5�,)H4.5�20R.5�,@06.�,@9:�7F.@�80.5�8)H4+<=>9B.�.0K.5�+@)A0�G9C.@�+=;0��)*+��@=*0��2H1-�8=4.5�+@047�E013���F.@�I=.5�+3..5)H1-�7F.@�,@93�Q@)H*+�@04.@��,047�I-9C.�.01>S�@0A>�89:�<=>9B.�.0K.5�+=;0��)*+�@=*0��2H1-�,=36.�83:�I3B-�I013�W=3?.5�,296.�+@O.@�7F.@��@0A>�,0CQ�,2=.5�,067�,2O�E013G0�8-9B=�.01>�E01��)*+��@=*0��2H1-�D9A�G0L,�80B=�@F.@�,@01.@�+@06.�I=.5�G0;.�,@06.7H*-�.H-�G04.�

���*��6,%*��#)���F!9:,�S<���$�%)�#�2#��S92,�9?=�G04.�.@F.�+3.�.5)H1-�7F.@�,@93�+@06.�I=.5�G0;.�,@06.�,@0?Q�J9*7S

G04.�D9A�+)*�,@0?>�7F.@�.5@931�J@3*�70A-�[email protected]�.@)A.5�G04.�I=1.5�,2O�,)H;.5�,)H4.5+=;0�7F.@�89:�,@0>�83:-�>*�.-9C7�+0*�[email protected]�701�G04.�Q@0;-�D)4�I=4.5�>*�+@O�E01�<=>9?,

- 31 -

��������������� ����������������� �����������������������������

,067�89:�+3*�+0*-�.@F.�7H*-�E9B�+3.�.5)H1-�+=;0�7F.@���@36.5�+31.�80*.@�5-0*�+@O.@7F.@�,@0?Q�J9*7S�8)H4+�5-0;-�,@30*,�J@3;-�+0;7�5-0*+�0.�.-.@�5-0;�,043S�5-0;-�,@30*,J@3;-�J>*�)*+�DH4�,@0?,�G04-S�5-0;-�,@30*,�J@3;-�70a+�+0;7�,3C-�/3T-�E01�/96.�0*.

�)H1.5�.@)�J@3*�+3*� ,@9:�.@0C.�I-9C.�+3.�.5)H1-�7F.@�,@93�+0*+@�7H*-.01>���@).5�EH*-��0?.5��@2-D,�,@F�734-�D)4�89B=�8)H4+�+0;���04.�@0A>�80a,�8)*+�,-.7F.@�.H-��@06.�Q@=4��)1��-�E01�,23.5��@=*0�P9D=D�+@=*.5�,0�,2H;�,@01.@�+3.�.5)H1-80L+�,@0L.5S�8)H4+�,0*-�,043�,@93�.@06.�,O.@�7H*-���36-�G-9?,�8)H4+�8-9B=�.01>�<=0�[email protected]@-9C7�G0;.�,@06.�

�36-�20�8H1-�E013�,@H1-�J>1��@0C,�+@-9?7�83*.5���@H1-�G0?>�5-H1�.@)A.5�.5)H1-8-�+@-.@�Q@=4+�+@=*.5�,36-�/=36.�/=36.�89B�+03�.5=3B.�53?+�+=;0�@34�E01�@04�,@0?Q�5-0*,2_�,3:� ,-96.�.5)H1-��2-9B=��-96.�+@=*.5�,36-���=1�H;� ,23.5�80?,�.)H*+�7F.@S�.@).5+@=*.5�,36-�G_�W9?Q�E013�@04.@�+36.5�I06.� ,@)*�G0���301.� ,@9:�I06.� ,3C+�Q@0;-�+@_=8)4.5�73C,�>*�.-9C7�+0*�.@06.�E9B�I06.�,3C+�,@0?Q�J9*7�

�@-�,36-�E013��2=.5�@34+S�W)*�DH;�,36-�/04-�G_�.3C-�+@-9?.��07��0L+���=3C++@-.@�Q@=4+�.01>�J@H;-�80B=�+=3C+�+@-9?.�,04-��2-9B=��-96.���@-9?.�,20.@�80A�+)H*Q�8-Q@0B.�,01-�D0;.�O,�3;-�+=;0�+@=*.5�,36-�� -0�8F.@�,36-�D3?.5�,23.5�+0;.@�.5@913�83*-,@)H1.5�,2)4+���3*�.@)A.5�.501>�+@=*.5�,36-�[email protected]�G-9?,�G)A0��0K.�,H*-�D9A�+3*�5FS�E01G0.�8967�G9C.@�,0C,�5-01>�E31�,@06.�,@9:�,36-�

�@).5�J@-�,36-�,-9?Q�.@0C.�P9D=D��@2-D,�/017��)*=��@=*0�+=;0�7F.@S�/0CQ,)*+�,36-�.@0C.�G-9?,�7F.@�83:-�J@0*+���36-�/01�+3.�+=;0�E_��=0�+=;0�+0*+��=0�E01��@=*0+=;0�+0*+��@=*0���36-�,@)0�+@=>9C.�EH*-��)*+��@=*0��2H1-�.@)�.3*-�EH*-�G04.�,@06.�+=;07F.@���36-�8)H4+�G-9?.�83:-�E01�G0L,�80B=�@F.@�,@01.@��73C,�,@0*-�83C�,-96=�+)4+�,23.5�,2O,)H;.5S�+=3C+�D3?.5�E01�+@06.�I=.5�G0;.�,@06.�7F.@��"=0�8)*+�,-.�.H-�P9D=D��@2-D,,36-�D3?.5�E)H4,�<=0�,296.�,F.@�,204.5�.5@913�J@3*�E9B�,@9:�+@0?,S�,-.@�,@0B.�E01�,067/-.@�+=;0�7F.@���36-�+3*�73C,�+0*-�.@F.�7H*-�

�36-�J@0*7�Q@0*�20�20R.5�,2H;�,@01.@�73C,�+H�83?+�.@06.�+3*�.5@Z0�/01�[email protected])H4+�73C,�<=3?+�,_+@�7H*-���3*�,@9:�G04.�/01�+36.5�I06.�.@S��@0*QS��)*+S��30��>1S+31.�,36-�/01�+36.5�I06.��2-9B=��-96.���@).5�J@-�+@=*.5�,0�80a,�8)*+�,-.�.H-��0?.5�@2-D,S�73T-�+@=*.5�,0�89B=�,@01.@�+36.5�I06.�+=;0�E)H.5�<=3?+��296.��2H1-��X�F�501-�80A�Q@0;-�+)*=�+@=*.5�,0�J@3;-�E)H.5�<=3?+�,3?-�,0K7�E01�=�0*7�+=;0�$0,0.S�701897�+@=*.5�,0�E013�E)H.5�<=3?+�+=;0�+3.�>96=�I0?=�+=;0���501-Y��'�36/36D9�[V[^�%�(�

�@0C.�I-9C.�+@O.@�7F.@�73C,�+0*+@�7H*-�+31.�+3*�>*�.5@Z0�/01�7F.@�+3*�73C,E_�,2O��7H*-���@-9B=�.5)H1-�.5@Z�20R.5�.@)A.5�+H�83?+�.@06.�+@U�/01�.@)A.5�.5)H1-GF.@�,@)H1.5S�+3*�J@-�,3?,�@H.�73C,� O,���@).5�J@-�+@=*.5�,0�,2H;� ,@01.@�+H�[email protected]�+@=*.5�,0�Q@0;-�+H;-�G3;�D)4�,0B7�,@)H1.5�0?>���@)�06.�8-9:.�+=;0�P9D=D��@2-D,G04.�E01�,36-�8)H4+�.53B-�H;�.H-�,296.�,2H1-���=1�,23.5�,@06.�,@9:�E0C,�+@0?,�+@=*.5�,0D3?.5�,23.5�,)1.5�<=3?+�5-0�2-96.5�/9;S�.@).5�E9B�Q@0B.�@,=3C+�/-.@�+@=*.5�,0�8)H4+.53B-�EH*-��0?.5��@2-D,�,04-��9?.��)*0�+=;0��)*+��@=*0��@0��X�)*+��@=*0��2H1-�8)0+@=*.5�,0�89?.�Q@0B.�73C�89:�E013�D)4�E-.@�<=0.@�+=1.5�EH*-��0?.5��@2-D,S�,04-�83*

- 32 -

��������������� ����������������� �����������������������������

+@=*.5�,0�83B.5�.53B-�EH*-���501-�,04-�+0*+�E=1.5�,296.�,2H1-��,0?,�+0;�8-9B=�83*�W0;>�20�EF�0?.5��@2-D,�80A�/017Y��']V�������]Vc��%�(

�@93�+0*+@�.@0C.�I-9C.�7H*-S�,36-�+=A.5�,@0?>�7F.@�+3*�73C,�/304-�D)4�D3?.57H*-�J@-�+@013�8H1-S�+@=*.5�,0�,-9?Q�.@0C.�G0;.�+@0?,�,)4�.@-96.�+=;0�+3.�.5)H1-���06>5-H1�+@=*.5�,0�8)H4+�I)4�Q@0B.�E013�D)4�D3?.5�EZ.@�+);=�+=;0��)*+��@=*0��2H1-���06>�/01D)4��J@0*+�G-9C,�5-)A0�,O.�@)A=�E01�.5)H1-�[email protected]�,-.��.5)H1-�+@)0�,-.�+@U�+3*�D)4�D3?.5,@-96.�.@-96.���5)H1-�,-.�+31.�+3*�D)4�D3?.5�+=;0��)*+��@=*0��2H1-�

�9?=�G04.�80a,�+=3C+�D3?.5�7F.@�E013�D)4�,047�,@H1-S�G04.�D9A�G_�,@0?,�E34.5��0?.5��@2-D,�+=.5�)*.5�+@3�G04.�.@-9B=�@H.�G3C-�[email protected]�73C,�<=3?+�,_+@��7H*-�/017+@3�G04.�@0A.@�I-9C.�E01�,-.�<=>9?,�@H.S�73C,�E_�,2O�0.�.-.@�7H*-�E01�+3*�+H�@3C-J@0*7�Q@0*�.@-9B=�8-9B=�7H*-�/04S�73C,�+=3C+�D3?.5�7H*-�,23.5�83*�,3C-�/3C-�8)H4+�,@0,@)*�E01�734-� /3T-� /0B7�89B=�8)H4+� ,0:>�W3*0���0A>�89?.�EH*-��0?.5��@2-D,�E01�@F.@,@01.@�73C,�+0*-�.@F.�7H*-�89:�G04.�+3*�,@9:�,-9?.�E013�+3A-�EZ.@�@0R.5�

��Q$���!��F�S("#�$,%>(����'$�IR���3.�.5)H1-�/01�73C,�G3C�Q@0C.�,F7�J-9?7�7=4+�,-96=�' 30/�D99J�3250.-D7(

+0*�,O.@�+3.�.5)H1-�[email protected]�.@)A.5�G_�.@)A.5�,@01.@�+36.5�@0>�,@0?,�G04-�,23.5�<=0*J@)*� +@-�Q@3?-�.@).5�+31.�G_�@301.�+0;.@�@-9C.� ,04-�E01� .@)A.5�7=4+� ,-96=� ,23.5,)H.5�/0-�+@-�Q@3?-�

�36-�80A�J@=>96.�G0;3�@01.5�+@=4+�.501.�.5)H1-S�80�D3?�89B=�83?-�I-9C.�EH*-.@)A.5�,@0?,�G04-�,23.5�<=0*�J@)*���34�80A�[email protected]�80a,�.@)A.5�7=4+�,-96=�.@0?,�8_.@,23.5�+=3C+�D3?.5�7F.@�E01�80A�,@01.@�+36.5�20?,�O,���3C,�+=3C+�D3?.5�[email protected]�+3*�+@=;8O+@�/01�73C,�+=3C+�D3?.5�Q@O�Q@047S�E01�73C,�+=3C+�8H1-�Q@O�Q@047�,@)H1.5�,043�2073C,�+@06.�I=.5�G0;.�,@06.�,@0?Q�J9*7���9?=�G04.�[email protected]�+3*�7=4+�8O+@S�,@F�G04.�D9A,0CQ�,2=.5�J@0;�.0K.5�+=;0�7F.@�E013�806=n�%017�D03�@)H*.5�I0T.�+=3C+�8H1-�+=;07F.@�8)H4+n��@).5�.9?=�G04.�8)H4+��)*+��@=*0��2H1-�+@U�8043�89:�80a,�73C,�7=4+,-96=�.@0?,�8_.@S�G04.�D9A�,@01.@�+36.5��$)4�,@01.@�+36.5�0?>�/01�D)4�,@01.@�+36.5�

�04.�Q@0;-�80a,�.@)A.5�7=4+�,-96=�+3?�8_.@�,23.5�+=3C+�D3?.5�@01.5�.501>+=;0�7F.@���3T-�D0*.5�@0A>�E-9?,�W=3?.5�7=4+�,-96=�7F.@�7=3?.�@301.�,@01.@�,23.5.501>�0?>���0A>�E-9?,�7=4+�,-96=�+=;0�73T-�.0K7���0A>�89:�+0;�+=3C+�D3?.5�7F.@�+@=*,067�E01�.@0?.�704.@�.@)A.5�7=4+�,-96=���0A>�89:�+0*-�891.�.9636.5�+=;0�/31.5�G04.�234-D0*.5�E01�/-96.�,=4+�E013�.@)A.5�7=4+�,-96=�.01>���3B-S�J@-�G04.�,F7�J-9?7��)*+��@=*0�2H1-� ,@93�.@)A.5�7=4+�,-96=�+=;0�G04.S�G04.�D9A� ,@0?>�+@06.�I=.5�G0;.�,@06.�+=;07F.@�D9A�8)H4+�+0;-�,-9?.S�.@)A.5�,@01.@�,)4=�+=;0�G04.�D9A�,2H;�,@01.@�.@)A.5�E-96.504+@�W06>�,301�.@01�>*�.-9C7�+0*�.@06.�7F.@�/96.�+01.5�+03�@H.�

�0*+�.@01�J@30�@34+�.3*-�20R.5�+3.�.5)H1-�+@U�D);�I=4.5�[\p�.@)A.5�J@0;.0K.5�+=;0�7F.@�,23.5�+0;�+=3C+�8H1-�7F.@��EF�E0C>S�,23.5�8H1-�D3?.5�7F.@S�G04.+=A.5�+0B.�Q@0;-�+3*�7=4+�,-96=�.@0?,�8_.@�,3?-�@0C=�E01�,2)H1.5�+);=���=4+�,-96=�,2)H1.5+);=�.01>�/01�D)4�D3?.5�8H1-�8H1-�,296.�,@-96.�801.5�<=0�8)*+�,-.�.H-��)*=��@=*0�P9D=D�@2-D,�E01�+=3C+�D3?.5�,296.�80?,�.01>�/017�E-.@�@-9:.�I0.@��)*+��@=*0��2H1-��806>Q@0;-�/01�7=4+�,-96=�,3?-�@0C=��E01�,2)H1.5�+);=�+=;0�G04.���@3�I=1�G04.�,@01.@�+36.5

- 33 -

��������������� ����������������� �����������������������������

,23.5�734-�/0A.@�E)4+�7F.@�@304,�83C.5S�,@)H.5�704-S�+@O.@�,2_S�,2)H1.5�@34+S�W0A@3C-�E01�5-0�8F.@���9?=�G04.�[email protected]�+3*�7=4+�,-96=�,3?-�@0C=�,2)H1.5�+);=�.01>S�G04.�D9A+@0`.5�G03�5-H1�80*Q�)*.5�8)H4+�>96=�+0B=�+0B.�,@-9?,�89:�,043�,@01.@�73C,�+@06.�I=.5G0;.�,@06.�/01.@�704.@�

�)2,���!��F�+9:,�$J#��#!"#�@-9B=�.5)H1-�D);�I=4.5�.536.�.5)A�@01.5�.501>�73C,�+0*+@�G)10�G0A-���-9B=

.01>�20?,�.5=>�@-9:7��%H1-�.3*-�/01�+@0?,�/-9C=�+0K.�G0;.�701��)*+��@=*0��2H1-�I=1.5�89:,043�I)4.5�.96.�E=A�,2=4���)*+��@=*0��2H1-�G0.�+@3�+@=*.5�,0�J@0;�.0K.5�.3*-�E01�I-9:.,0;�,)�,)H;.5�7F.@�G0R.5�/H1-�.3*-���3�/H1-�.3*-S�+@=*.5�,0�,043�I)4.5�E=A�,2=4S�@301.+0;.@�W=.5�<=0.@�7F.@�

�0B=�@9?,�+@=*.5�,0�D3?.5�G0R.5�I-9C.�7043�G96.�.5301-�.@).5�8-9B=�83*[email protected]�8=*.5��"=0�/H1-�.3*-S�G04.�,043�20�73C,�+@06.�I=.5�,@01.@�+36.5�@0>�73C,+@06.�I=.5�,@0?,�G04-�

�36-�W-.�7-.@�@340�D)*+�704.@�+=;0�/H1-�.3*-�� -0;�D);�,36-�.3*-V�X�367�.0>,2H1-� /04.@�<=0*S� /04.@�89?.�.3:-� +0*+�3?.5�I0T.�.)H*+�89B=�836.5� ,@01.@�80*� E01� +3*.@-9B=�/H*Q�.)H*+�80*�83*.5�,296.�70*-�.@01Y��%0CQ�,)*+��G04.�@F.@�I=.5�G)*+�,20.@,@H1-�,-9?,�20?,�/04.@�/9A3���3*�,@9:�G04.�.5@9�,-9?.5�5-3*�2O,�/96.S�/=3B.5�5-3*�/04.@�,@3:-,04,�E013�E01�,@0?>�,=>9?,�80.5�2H-�W=.5�<=0.@�7F.@���)*+�,20.@�83*�+3*�,@9:�D3?.583C.5��,23.5�,2O�3*+�G04.��89?.�.3T-�G04.�8-�,F7�+@-9?+�0*3�/9.�@30a+�D)4+�.@H*�[email protected]?,�7F.@�89:�0*3�70K.5�,36�H;�806=�

�3B-�D0=�83*S�,36-�.3*-V�X�367�.0>�<=0*�D)*+�.3*.5���3*.5�89?.�.3T-�[email protected],@9:�8)*.5�>96.�701�70a+�+@3�W3.5�G3C�83BV���F.@�0;.@�+=;0�G04.��E9B�.501>�83*�,@0>83:-S�I)H1.5�.@)�G04.�,@0?>�70a,�,2H1-�/96.�+03S�5-34-�.0L.5�W=3?.5S�[email protected]�J@O�,[email protected]�.5=;�0?7�0*Q�/96.S�@H-�,@H;�G04.�.50L.�/04-�E01�+0;7�,@�0?>�+3:�@34.5�J@36�+0B.=3?.5�.)H*+�

�36-�+@U�.3*-�E9B�73C,�.501>�.@).5�/H1-�.3*-�+=;0�,36-�83:-�J@0*+�E01�@F.@�0;.@+=;0�G04.�E9B�.501>�83*�+=A.5�83:-�J@0*+���0?.5��@2-D,�80A�@-9:=�D)*+�704.@�+=;0�/H1-.3*-���@-��@=*0�P9D=D�50aQ�$-736.S� ��501-�83:-� ,96.�36.5� ,@01.@��@-92H���23.5,-9?.5��>G0*/0-S�X$-736.Y�+3*�.5@Z0�/01�+06>�/0=�D0C>�+@U�E9B�73C,�+0*�,O.@�,@)H1.5@0>�G_�5-3*�/0>�83C.5S�/=36.�/=36.�,@0>�83:-�>*�J-9?.���@).5��@-92H�+3*�.5@Z0�/01X,0;.5�80*YS�5H4-�/96.�@F.@�0;.@�73C,�.5)H1-�E)A.5�E01.5S�[email protected]�/0>�83C.5�E01�+@0L++@0L.���F�E0C>S�@9T�0-�/01��@-92H�,@F�>*�.-9C7�G0;.�,@06.�/01�+3.�.5)H1-�E)A.5�E01.5,043�20�,23.5�,067�,2O�36.5S�36.5�[email protected]�+31.�/01�73C,�+06>�D0C>�I9T�=3?.�+3.5�701�/0173C,�E0B.5�80*�E)A.5�+@0L+�E01�73T-�J@-�W).5�,96.�7F.@�,@F�36.5�W0*+�.@0C.�73C,+@06.�I=.5�G0;.�,@06.�,O+@�+)4+���@-92HS��@-92HS��@-92HS�,0;.5�80*S�,0;.5�80*S�,0;.580*S�+@=*.5�,0�[email protected]�.504+�.@-96.�J@-�,@0?>��@-92H�,2H;�,@01.@�73C,�D)*�83B�E)A.5E01.5S�J-96.�8_.@�,23.5�,0?,�+0;�+0*+�D)*�83B�+=;0��0?.5��@2-D,�

�@U.@�,@30;.5�+@=*.5�,0�,@)H1.5�,@0?,�E34.5S�.@).5�+@=*.5�,0�8)1.5�G035-H1�89:�.@)A.5�,@0?,�E34.5�0?>�506>�.96.�.@)A.5�/H1-�.3*-��,-96=�+)4+S�G0?,�70A.�E01�5-0C.I)AS�.@)A.5�/H1-�.3*-�,043�20�D)4�,@)H.5�@04-�G0;.�,@06.�E01�80*.@�5-0*�5-0*�,2_�7F.@

- 34 -

��������������� ����������������� �����������������������������

,@0?Q�W=3?.5S�.@)A.5�/H1-�.3*-�/017�+@3�>*�.-9C7�+0*�.@06.�/=�7H1��0A>�+0;-�,-9?.�+@06.�I=.5�G0;.�,@06.�G04.�20R.5�.@)A.5�/H1-�.3*-�,O+@�+)4+�

%H1-��)*+��@=*0��2H1-�@)*0�20R.5V�X�0?,�+0;�734-�D)4�W0;>�20�+@3�+@=*.5�,0�89B=�,0*+83C.5S�897�/04-�/H4-�O+@�+@3�+@=*.5�,0�.9?=�+@=*.5�,0�>96=�79?.��)*+��@=*0��2H1-�E0180.5�@310�@H4Q�E013�J9?�@304+@�+=;0���501-Y��'�3670�jV]jS��%�(���-9?,�8)H4+�/H1-@)*0�+=;0��)*+��@=*0��2H1-�G04.�+3*�,@9:�.3*-�.@)A.5�/H1-�,O+@�+)4+S�G04.�+3*�,@9:�H;�,23.5,@0*-�83C�+0�.5H4-��)*+��@=*0��2H1-S�.50>�,23.5�.@)A.5�@301.�+0;.@�J@3*�J@0K.�.@0?,��0C>�@0A>�+0.@�5-)A�/H1-�.3*-�7F.@�E01�8)0�+@06.�I=.5�G0;.�,@06.�G04.�/96.�.@)A.5�83C+03�,23.5�+0*+�,)1.5�,2H1-�

M!7�6("�F�I!2#�$,��$J#��#!"#�@).5�.9?=�+@U�.3*-�.@)A.5�/H1-�.3*-�,O+@�+)4+�,@F�E0T.�+@)0�8=;��G04.�+=A.5

Q@0;-�D)A�I=4.5�8)*+�,-.�,O+@�+)4+�,23.5�E-9C+�/0CQ�@F.@�0;.@�+@06.�I=.5�G0;.�,@06.7F.@�G0R.5�,2O�,)H;.5�,)H4.5���@-�/01�73C,�.5)H1-�+3*�+0*-�.@F.�7H*-�E9B�+3.�.5)H1-7F.@S�G04.�Q@0;-�Q@3*.5�,0B7�.@F.�E013�+=3C+�D3?.5�8)*+�,-.S�,-.�<=>9?,�.H-�.@)A.57=4+�,-96=�+3?�8_.@�G04.�80A�89B�W)H*.5�

�3T-�.5)H1-�20�8H1-�EH*-�73C,�D3?�/)H4.5�8)*+�,-.�.013�83*���9?=�+0*+�,@-96.�,[email protected]�+3*�D)4�,)4�,-.S�/017�D03�@34�+3*�,@9:�804,�8)H4+�.@)A.5�,@01.@�,)4=�EZ�804-�83*��=A.5�+3*�.@)A.5�,2)H1.5�@H4Q�.@)A.5�D-.@�E-96.�+@U�@34+�GF.@�,@)H1.5S�.@).5�D0=J@-�,3?,�.5@-9CQ�@34�804,�8)H4+�.@)A.5�,@01.@�+36.5�D0*.5�+@3*-���@)A.5�+)4=�D-.@E-96.�83*�80A�8)0�8)*+�,-.�E013�@01.@�83C.5�E01�EH*-�D)4�,-.�<=>9?,�.H-�+@06.�I=.5�G0;.,@06.�.06.5�+03�+=;0�7F.@S�E01�G01>�,3;�.@)A.5�J@0;�.0K.5�E)H4,�,23C-�

�23.5�/0A.@�E)4+�,@=3C+�/-.@�+=A.5�E0C>S�7=3?.�+3*�.@)A.5�J9?,�<=0;� /H4-.@0?,�E01�J9*3�I01-�E)A.5�+@0L+�,@F�8)*+�,-.�+=;0�+3.�.5)H1-�Q@0;-�50L.�+@0a,�E013��)*+�@=*0��2H1-���36.5�E-9C+�+=;0��)*+��@=*0��2H1-��/01�8)*+�,-.S�EF���501-�+3*�,@9:�,043I)4.5�734-�E0C,�,23.5�+=3C+�D3?.5�.01>���9?=�G04.�80a,�8)*+�,-.�7F.@�.H-�8)*+�,-.�+=;0�)*+��@=*0��2H1-S�8)*+�,-.�+=;0��)*+��@=*0��2H1-�D9A�+@=>9:.�D0.5�J@0;�.0K.5�E01@01.@�83C.5�+=;0��)*+��@=*0��2H1-�,23.5�G04.S�83:�<=>9B.�.0K.5�+@3�G04.�89:�+0;-,-9?.�E01�I=>�,2F�73C,�+@06.�I=.5�G0;.�,@06.�J@3;9�704.@�

�9?=�G04.�7=3?.�+0;-�,-9?.�+@06.�I=.5�G0;.�,@06.�+=;0�G04.S�@0A>�G0L,�80B=�D);I=4.5�,2O�,)H;.5�,)H4.5�+=;0�7F.@���0A>�@F.@�I=.5�+0*+�,)�,)H;.5�,O+@�+)4+S�,@-9?,/0CQ�73C,�+0*-�.@F.�7H*-�80a,�.9B.�,0;.5�,296.��0?.5��@2-D,S�E01�G04.�D9A�J@0*7�Q@0*�20<=3?+�,_+@�7H*-S�E_�,2O�7H*-�E01�/304-�+=3C+�D3?.5�7H*-�

�)1.5�G03�5-H1�+3-�,@)H1.5�E-9C+�80a,�.@)A.5�7=4�,-96=�.@0?,�8_.@�E01�D)4<=0.�,234.5�+=;0�.@)A.5�/H1-�.3*-�,O+@�+)4+���296.�@9?,S�@0A>�,@)4+�@01.@�8)*+�,-.�,O+@+)4+���0A>�89:��)*+��@=*0��2H1-�+0;-�,-9?.�+@06.�I=.5�G0;.�,@06.�+=;0�G04.S�,@F�G04.�D9A,2H;�,@01.5�.534.�891.�+@-9?=�D0*.5�E013�,@9?�5-H*-�,0K7�,3?-�E01�80B>�I0T>�.@=�+0B=�.01>�

- 35 -

��������������� ����������������� �����������������������������

�������

� ������������� � ������������ !���

�.��� ����������V�

�@06.�I=.5�G0;.�,@06.�/01.@�704.@�E01�,@)4+�,9?�/01�8-9B=�20?,�<=0.�,234.5��@06.�I=.5�G0;.�,@06.�+=;0�G04.�,)*+�/01�73?-�<=0.�@9C�+=;0�G04.�EH*-�+@O.@�7F.@S0;.@�@)H;.5�,296.�734-�E-9C+�G04.�/017���@).5�+31.�73?-�<=0.�@9C�EH*-�.@)A.5�.5)H1-J@0*+�,@F�,@9?�.013n�%017�D03�89:�W06>�I)4.5�8)H4+�.@)A.5�73?-�<=0.�@9C�8=*.5�80L.n

���73C,�+@)1.5�7)4+�.013�83*S�E-9C+�W06>�I)4.5�73C,�73?-�<=0.�@9C� /01.@704.@�+3*�,@9:�8)H4+�D3�D0*.@�EH*-�E-9C+�W06>�I)4.5�73C,�+0K.�.@01���=3?.�G0L,�80B=EH*-�.9B.�73*.5�+@06.�I=.5�G0;.�,@06.�,3?,S�G04.�+0B.�W06>�I)4.5�73C,�.9B.�,0;.5�+@[email protected][email protected]�+3*�.9B.�,0;.5�+@0L+�+@0L.�.01>�+0*+�73?-�<=0.�@9C�,@93�D0=�D9A�83:�EHA�

���� H������������9B.�,0;.5�E)A.5�+@0L+�+3*�@0-�J@O0�+04.@V�73C,�/01�D)4�+=.5�+0?Q�+=;0��)*+

�@=*0��2H1-�,301.�.0K.5S�@0-�/01�D)4�Q@0*,�,2-9:.�73C,�+0*�,O.@�E)A.5�E01.5���3C,�+0*,O.@�70.5�+0*+�D0L+�,@0*-�,@01.@�,@0C,S�,2=.5�,O.�E01�J-96.�.@0T.�

������ ��D �@-�I=�/_+@��@06=��=S�,36-�8)H4+�,@07�<=0.�20?,�.@-9B=�,310�.@01�=>�.5@-

,20*.5�/9C���0a+�G-9C,�+3*�73C,�,310�.@01�5@-�D06=�E013�J>*�)*+�+=;0�,36-���3*�/01�73C,�,310.@01�,=>9C,�894QS�,20.5�,2O�G0R.5�.@)A.5�83B�804+�,3?-�,06.�.@0?,S�0-�+=A.5�,@O+@�.50L7�

�@).5�D);�I=4.5�,310�.@01�0?>���0*+�+@)*+�E-96.�+=;0�+@O.@�<=>9B.�[email protected]+@3�Q@9*Q� 0-� 8-� E013� ,310� .@01���23.5� /=*+� W06>� +0?,�73C,� D3?� .5)H1-� +@_=� ,20*+@.@-9C7�80A�,@07�.@=A.5���34�80A�I=1.5�.@)A.5�E0C,�/-9C=�W06>�+0?,�J9*7�+@0?,�/)H4.5W06>�I)4.5�,310�.@01�,296.�.9B.�,0;.5�I3?-�,20*���0R.5�,2-9C=�836�/0�80A�83:�E013�,310�.@010?>���@).5�D)4�[email protected]�,@01.@�,@0C,�80A�,@0L.5�,@9?���@3�89?.�.501>�.0>�,310�.@01�894Q89A�0?>�E0T.�[email protected]�,@9:�D);�I=4.5�

�@)A.5�0-�D3?.5�G0R.5�D)4�5-0;�I3?-�E01�[email protected]�,@01.@�,@0C,�[email protected]�,@9:�W06>I)4.5�.9B.�,0;.5�+0B.�,@-9?,�89:�,043�/0CQ�.@)A.5�73?-�<=0.�@9C�8=*.5�80L.���=1�@34�+3*,@9:�20?,�@0?Q�I0T.�J@-�,-9?Q�W=*+S�.@).5�0-�,@)4+�D)4�G-9?,�@34�,@F�D9A�,20*.@�5-03�,-9?Q50B.�5=A-���34�D9A�,@-9?=�8-�D)4�0.�=;-�+=;0�,F.@�G04.�+@06.�,@0C,S�/017�@04-�+@3�,0?,�+0;.@)A.5�0-�I0*7�J9?,�G04.�EH*-�@34�

�9?=�+@=*.5�,0�7=3?.�W06>�I)4.5�73?-�<=0.�@9C�,@=3C+�/-.@�+3*�J9?,�<=0;S+@=*.5�,0��+=A.5�Q@0;-�,@01.@�,@0C,�EH*-��)*+��@=*0��2H1-���@06.�/>*�.01>�8)H4+�7-.@

- 36 -

��������������� ����������������� �����������������������������

@340�+0*+@�D3?.5�83C.5�,23.5�%=+0�8304.�[j���06=�+@=>9C.�J>*�,@=0C,�E9B�/H1-�+0B=.5=>9C.�J@39�J@30.�E9B�D)4�+36.5�GF.@�2-96.5�+=;0�73C,�.5)H1-�/0A.@�8043�,36.�5-0*383?-�+@-9?=�EH*-�/H1-�+0B=�.5=>9C.�+=;0�.5)H1-�,@06=�,@=9?�/)10�80;3�

�5)H1-�/0A.@�8043�,36.�5-0*3�+0B=�.5=>9C.V�X�0;7�,04��)*+��@=*0��2H1-S�,[email protected]�Q@0;-�/01�73C,�,3C-�.@06.�.@)�.5)H1-�J@0*+S�80a+�G-9C,�.@)A.5�.5)H1-�,@06=�,@=9?H;�80R.5�J-0���F�,36-�[email protected]�G03�5-H1�/)10�80;3S�,36-�[email protected]�Q@047�,3C-�.5304-�/-.@S�,36-J-96.5�0K.�@0-�/0B.�73C,�,=0B.�E01�I06.5�+@3��)*+��@=*0��2H1-�73C,�Q@0B.�7)H1-�E9B734-�,@)*�,36-�J-9?7�8)H4+Y�

�5)H1-�,@06=�,@=9?�G04-�@304-�J-0�8)*.5�+0*+@�W0�.5)H1-�/0A.@�8043�,36.�5-0*[email protected]�I0*7�.5)H*+�70a,�/96.�,2H1-���5)H1-�0?>�/0?>�,0>�80?7�E013�.5)4+�7F.@�701J@3*+�/3*+V�X%04>��)*+��@=*0��2H1-S�W-.�,@)H.5�W3*,�,36-S�73C,�,346-�[email protected]��'%=+0[jV[[N[^��%�(�

�5)H1-�/0A.@�8043�,36.�5-0*3�Q@=;�.@0C.�,F.@�,204.5�,3C-�/3T-�+=;0�7F.@���23.5D)4�[email protected]�,@01.@�,@0C,�EH*-��)*+��@=*0��2H1-S�.5)H1-�0?>�80A�+0;.�,2H;�E-9C+�,@-9?,�/0CQ73?-�<=0.�@9C�+@06.�,@0C,�EH*-��@0�,@-96.�,@)H4.5�+=;0�7F.@���@).5�.5)H1-�,@06=,@=9?�/04-�J@0*+�@0`.���5)H1-�0?>�80A�D0-�/0B7�,23.5�E-9C+�0K.�+0LQ�,01-�D0;.�+=;0�I06.+@=*.5�G0R.5�D)4�,@06=�,@=9?�,23C-�/96.�.5)H1-�0?>��,@01.@�,@0C,�.@F.�,3C-�+=;0�7F.@�E01W).5�20�,2)H*+�70a,��)*+��@=*0��2H1-�M�EF�D)4�,@01.@�,@0C,�.01>S�D)4�,@0�,@)*�+=;0��)*+�@=*0��2H1-�7H*-�+3*� ,@9:� ,=36.�+@0;>�I9T�I01.5���5)H1-� ,@06=� ,@=9?�80A�+3*�.@)A.5G)H*+�G0L,�80B=�+=0;�73?-�/-96.�@9C�8=*.5�80L.�EH*-��)*+��@=*0��2H1-��D)4�,@01.@�,@0C,+36.5�J@0-�20?,�+0B.�,@-9?,�+@3�,0?,�+0;�+0*+�73?-�<=0.�@9C�89:�80a,�.9B.�73*.5�E)A.5+@0L+�

��� H��@9?�5-H*-�+=;0�+@=*.5�,0�80B>�20T>�D)4�G0?,�,2=.5�M�[email protected][email protected]�,2=.5

,@=;>�EH*-�EH4S�E01�EH4�G0?,�+@=.5�EH*-�[email protected]���23.5�/_+@�D);�.@06.�/304-�+@)0�G035-H1�+3*�D)4�/>�I_�M�D)4�Q@0*�@=;>�73?-�<=0.�@9C�,@06.�,@-9?,�.@0?,�+=;0�+3.�.5)H1-�Q@3:G-9?.�.@)�.501>�.0>���@)A.5�.5)H1-� ,@)10�@01.@� /)10�504,�5-H*-� /0A.@�8043S�+36.5.@06.�[email protected]�,2=.5�,@01.@�EH*-�+@=;S�G04.�G91�G3C-�Q@0;.�/0T.�.@0=��$)4�G0?,�,2=.5�/01.0.�89B�.3:-�G0C,�,23.5�W0A�@3C-�@-9C.�804-�E01�83*�/01�73C�/>*�I3�+@3�,@0?>�D)4�[email protected].�,23.5�E-9C+�Q@0*,�,2-9:.�.@)A.5�73?-�<=0.�@9C�,3?,�

�2=.5�,O.�70.5�/04-�/H4-�O+@�+@3�+0;�@0-�83?-�,)H4.5�+=;0�73?-�<=0.�@9C��36-�8)H4+�834+�73C,�+06=�+@=>9C.�J9:�E9B�73C,�[email protected]�,@0.@�.-96.�.34�/017�E-9C+�,04-73C,�+);0�@01.5�G0*+@�@30*��-,,DG=25@�M��0.D>/E0.-0S�G96.�.5301-�,2H1-�7)0�E01+@0`.5�0-�8-�7=0�D0L7�

�23.5�J@-�+0*+�,@)�J>*�J@0*+�.53B-�,0*.�50T=�EH*-�.@0=S�[email protected]�,@0.@�.-96..01>�89:�>*�73C,�G01�+=4�80.5�I0*3�I0*+�.@F.�<=0.@���0a+�I=1�G-9?,��01�+=4�.01>�+@U8)*.5�+@H1�+@3�<=0�,@F�5-H1S�.@).5�0.@�+=A.5�7H1-��01�+=4�E013�E0K.�[email protected]�.53B-8H4-��0.@�7H1-�G01�.53B-�,296.�+@-9?+�5@9?�.9C7�967�0*-�E01�@3;-�G01�+0B.�0.@�5-=*Q�8HA5F���01�+=4�.3*-�G01�80.5�8)*.5�+@H1�73C,�.5)H1-�G04.�8-�.50.5�<=0�83*.�G01�8-�

�5)H1-�,@H�J>*�.01>�20�.5301-�E01-�/0B.�89:�,F7�W97�.5)H1-�G04.�+=;0��01�+=4�

- 37 -

��������������� ����������������� �����������������������������

�=3?-�+=1.5�0.@�,F7�8)H4+�E01�7H1-�G01�E013�E0K.�[email protected]�.H-�G01�+=4�4�5-01�80.5�+@H1�.@�,0�[email protected]�Q@0;-�/01�73C,�,-9?Q�E-96.�.@).5�0.@�,0�/01�73C,�+36.5�.@06.�,2=.5,@01.@S�+0:.�,@0C.�+@=*�>*�89:�5-=*Q�8HA�734-�.5)H1-�7F.@�,-9?Q�W=*+�

�=4�5-01�E01�.5)H1-�G04.�,)1�5-0A�89:�8-���01-�.501>�D0=S�[email protected]�,20-�[email protected])H4+� ,0?7� +02I� +0*7�H.� ,@0C,� 894Q���)H*-� ,0?7� +02I� +3*� +@)A� J>*� +=;0�.I29g�02.95-9S�+@=;�.@06.�+=;0�+36.5�,>��@9*Q�+=;0�7>A�'792-+0.�$,99/��32Q320N,-3.(S�36.5�,0�/01�+3.�,20-�G01�+=4�8)H4+�[email protected]�,@0.@�.-96.�.01>�7H1-�E013�[email protected]+=;0�0.@�89:�.53B-�8H4-�

$)4�,);�,9?�+=;0�0.@�,@0.@�.-96.�.01>�[email protected]�G_�G3;�<=96.��$0=�83*��02.95-9+0B.�+=.5�+0?Q�73C,�D3?�E0C,�/-9C=�89:�,2-9:.�J@0-�J9?�@304+@�36.5�80B=�,)�,04-�$+3,/0.I��01�794�+=;0��02.95-9�>96=�+0B=�36.5�89?.�+);0�@01.5�+=;0�.5)H1-�,@0.@�.-96.�/017E-9C+�89:�5H;-�+=.5�+0?Q�.@)A.5�70a,�@01.5�+0B.�,@-9?,���@)A.5�8H.�80a,�@01.5�EH*-�D3?/)H4.5�/H*.�80A�/017�+@3�+);0�@01.5�.01>�,0K.5�,2_�5-0*�/96.�@01.5�,2-9C=�836�/0���@01.5,@0.@�.-96.�,2H;�,@01.@�73C,�,@)H.5�5-0�,@01.@�+36.5��0.@�80A�,2=.5�,O.�/017�+36.5E-9C+�+=;0�7F.@S�E)H4,�<=0�,20*+@�.@-9C7�+=;0�7F.@�.)A0��$)4�,2=.5�,O.�+=;0�0.@J@H;-�80B=�+@3�73C,�73?-�<=0.�@9C�897�/04-�/H4-�O+@�+@3�+0;�+=3C+�8H1-�7F.@�

�0?.5��@2-D,�7-.@�@340�,0B7�<=0.�,234.5�+=;0�D)4� ,2=.5�,O.�G0R.5�+06=+@=>9C.�+=;0�73C,�.5)H1-�8-�I=�/_+@�Q@)H.5�W0���2)H*+�J@-�8-�.5)H1-�0?>�534-�+0*+,36-�,H*�+=;0�7F.@S�5-03�+@3�@34�,-9B.�G04+�89:�80B=�,)�J@-�36.5�8-�E0L.5���5)H1-�+@=;+@-0�,-9B.�,=>1�,@93�J@0;�.0K.5�+=0;�73T-�.5)H1-�80B>�,H*S�.5)H1-�,@)*�.@0?,�8)H4+�5-03+@3�J@30;.� ,-9B.� ,)H.5�8)H.5�d�\\\�836� /0S� .5)H1-� ,@)*� @0-� ]�\\\�836� /0S� E01.5)H1-�+@3*,�[�\\\�836�/0��$0=�83*�36.5�8-�J@3;-�

�5)H1-�80B>�,H*�+3*�d�\\\�836�/0�/0CQ�,)*+�I=1.5�,-9?.�83*�7=0�G0*.S�J-9?7,@967�8)H4+�d�\\\�836�/0�.)A0���5)H1-�,@)*�@0-�EH*-�]�\\\�836�/0�+=A.5�,2=.5�,O.�EH*-+@=;�E01�80A�/017�,@967�]�\\\�836�/0�.)A0���@).5�.5)H1-�+@3*,�,@F�8013�73C,�/3T�I)H*-80?,�E01�+@36.�D3?�,-9B.�0?>�

$0=�73C,�,@H1-�5-0.�.5)H1-�+@=;�,2H;�E9BS�>96=�+0B=�+0*+�80B>�,H*�J@0-�,2F.@+36.5�,0*+���5)H1-�8)H4+�5-03�d�\\\�836�/0�80A�8)0�+@3�36.5�+@=;�[\�\\\�836�/0��@=;�.3*-�V�X�5)H-�80A�,2=.5�,O.�,23.5�E-9C+�<=0;.�/>*�D3?�,-9B.�.@3;�.01>S�E0C>�G06>5-H1�,0�D9A�5-03�+@3�.5)H-�.@-9B=�,20*+@�.@-9C7�@H.��@0A>�G0L,�80B=�+36.5�,0*+�,05-03�+@3�.5)H-�73C,�+0*+@�E=-�7)1.5�

�5)H1-�80B>�,H*�,@)*�@0-�.3*-�V�X�@)0�+@=;S�+@=;�80A�5-03�+@3�,36-�]�\\\�E01,36-�80A�/017�/H1-�50?Q�836-�

�@=;�,20;�/H1-�V�X�3?,�/0L7S�.5)H-�/01�73C,�80B>�,H*�,2=.5�,O.���5)H-�80A�,2=.5,O.�<=0;.�/>*�D3?�,-9B.�.@3;�.01>S�E0C>�,0�D9A�5-03�+@3�.5)H-�.@-9B=�E-9C+�.)A0�Y

�9?�83*�.5)H1-�80B>�,H*�,@)*�G0�.3*-�V�X�@)0�+@=;S�,36-�G-9?,�+@=;�/01�.5)H1-�J@3*,O.@S�,36-�DH4�+@=;�D9A�/0?>�D3?�,-9B.�,36-�/017�/H4-�,@967�20�.96.�,36-�80A�+@36.�D3?�,-9B.�.01>I)H*-�80?,�E01�G06>�5-H1�D3?�,-9B.�0?>�806>�Y

�5)H1-�+@=;�.3:-�5-0C.S�,@0?>�20R.5�/>*�/=0C.�+=;0�.5)H1-�80B>�,H*�+@U�/01�D)4G=3C+�,3C-�[email protected]�,2=.5�,O.�+=;0�.5)H1-�0?>��+@=;�,20;�/H1-�V�X�HA-�J9;�5-0.�0*+���96.�80B>

- 38 -

��������������� ����������������� �����������������������������

,H*�/)H1-�G-9?.5S�EF�.5)H-�G-9?,�,0�D9A�831-�/04-�/H4-�,)*+�+=;0�.5)H-S�O,�20�.5)H-�+=A.5Q@0;-�5H;-�.506.�@01.5�89:�,0�/0?>�8)H4+�73C,�O,�/H4-�,)*+�Y��@=;�20�/9C.@V�X%0?>�D3?�,-9B.+=;0�.5)H1-�.01>�E01�+@3�.5)H1-�+3*�[\�\\\�836�/0�m�8=3:-�8)*0�80B>�,H*�E36�I=4.5�0?>8-Y��'�0,@-H�]dV][�M^\S�,2O+@�,)1�G0;.��%�(�

�@)A.5�.5)H1-�80B>�,H*�,2=.5�,O.�EH*-�D)4�=;>�,@0*+�+=;0�+@=;�+)*�,-9?Q�,=4+�5-)A73?-�<=0.�@9C�G9B.�+@0a,�E01�E)A.5�+@0L+���=>�.@-96.�.5)H1-�80B>�,H*�G0?,�,2=.5�G_/304-�,2)1S�[email protected]�G03�5-H1�8)H4+�Q@9*Q�H;�,23.5�73?-�,)H.5�5-03�EH*-�+@=;�

A�.������N��23.5�E-9C+�W06>�I)4.5�.9B.�,0;.5�E)A.5�+@0L+�+@3�+0*+��73?-S�8-9B=�+0B.

>9?=�/01�Q@0;-�,@01.@�,@0C,�E01�,2=.5�,O.���@).5�+0;�D)4�,@01.@�,@0C,�/0T.�D)4�,2=.5�,O.89B=�[email protected]�<=0?>�83C.5�80B>�8=;�.9?=�+@=*.5�,0�,@-9?=�D)4�J-96.�.@0T.���-.@��@0*.@I04>�E9B�+0*+�.5=>96.�,0L+�J-96.�,2F�,23.5�+06=V�X�0A>�W-.�D9A�8)H4+�8-9B=�7F.@�W-.S@0A>�,-.S�D9A�50aQ���0A>�53A�+);0S�D9A�8)H4+�7H;�+@3Y���'�0,@-H�fVfNi��%�(�� -.S831-�@3;-�E-9C+�D);�I=4.5�,-9?.5S�.3*-S�,F7�Q@0;-�+@0K7�+@=*�.@F.���3*S�Q@0;-�+3*�73C,@01.@�83C.5�23A�201.5���9?=�+@=*.5�,0�J@03�J@0*,�8-9B=�5F�83*S�+@=*.5�,0�Q@0;-�8=;�D)4J-96.�,2F�E01�D-96.5�.0K.5���9?=�7=3?.�W06>�I)4.5�73C,�73?-�<=0.�@9C�,3?,S�+@=*.5�,0Q@0;-�J-96.�,2F�E)H4,�<=0�+0*+�,2H;�.504-�

�36-�8)H4+�I_Q�I=� /_+@�.@-9B=�.)H*+���23.5�J@-� ,@07�<=0.� ,36-�.@0C.,@0?>� 20�73C,�J-9:=�+0*+@�D0=V�H;�.@)A.5�.)H*+�J@O�@0C=�0?7�0*QS�.@)A.5�E=1.5�H;7-9B.�.07S� +3*� .@-9B=� ,01-� .5=>96.� ,@-96.�.@-96.�I9T� ,F7S� ,@F� .5)H1-� ,0� /)H1-� 20.5301-�.0L.5�E01�J9?,�<=0;�.@)A.5�.)H*+�83*�8)H4�534-� /01�XJ9*7�7H;�70.5Y���=>[email protected]�H;�.@)A.5�.)H*+�7-9B.��0L+S�H;�.@)A.5�E=1.5�,01-�.5=>96.�20?,�@04.�+@9?�,@F.5)H1-�,0�/04-�J-96.�,2F�@H.���23.5�.@)A.5�.3:�/)4+�D-96.5�.0K.5�83*S�@34�I=1.5�G0?,�+)*+0*-�5F�J-9?7�8)H4+S�.@)A.5�.)H*+�.01>�/04-�/01�+0*+�<=3?+�5-0�Q@0*,�,2-9:.�

�-96.�.@0T.�+=A.5�+0B.�,@-9?,�,23.5�E-9C+�Q@0*,�@=>�+0*+�.5=3B.�.0K.5�/)4++=;0�73C,�73?-�<=0.�@9C���@)A.5�.5)H1-�J-96.�,2F�.@-9B=�.@0?,�/01�.@)A.5�.5)H1-�@34+,0CQ�8)*.5�E)A.5�,2)H*+�.@)A.5�,@0>�83:-�+=;0�,@H1-�,-9?,�I3�+=3C+�D3?.5�70.5�/04-�

M��������������C��������� �����3C,�+0*�,O.@�,@01.@�,@0C,�E01�,2=.5�,O.�+@-9?7�@)A=�8)H4+�D)4�J-96.�,2F�D9A

+=.5�+0?Q�.@)A.5�>9?=�,3?�<=0.�,234.5�+0B.�,@-9?,�+@3�E-9C+�,043�I)4.5�.9B.�,0;.5�+=;073?-�/-96.�@9C�/01.@�704.@���@).5�+0*�,O.@��+=;0�+3.�.5)H1-�+3*�.@-9B=�8-9B=�D0-�/0B7E01�+3*�.@-9B=�5-06>�Q@=*,�>9?=�8=3?-���-9B=�+3?,�>9?=�,23.5�73?-�<=0.�@9C�+=;0�+@=*.5,0�EH*-�.@)A.5�.5)H1-�J@0*+�0?>�/01�,2)H*+�@9?,�+@=*.5�,0�Q@0;-�+3*�73?-�<=0.�@9C�EH*-�0?.5�[email protected]�G03�5-H1�,@0>�83:-S��0?.5�[email protected]�G03�5-H1�,@0?,�@)*0�EH*-�+@=*.5�,0��3*�/01�/>*�I3�,04-�D03�73C,�.9B.�,0;.5�E)A.5�+@0L+�+0B.�Q@0;-�8)H4+�W06>�I)4.5�G0R.5.@)A.5�>9?=�,3?�I3�73C,�7F.@��)*+��@=*0��2H1-�+3*�,@9:�+=.5�+0?QS�73C,�73?-�<=0.@9C�EZ.@�+);=�E01�73C,�.-9B7�E=-�J9*3�I01-�

��B�������.D� ����������04.�E01�,36-S�E01�,0?,�+0;�.@06.�/304-�,23.5�<=0*�J@)*�/0T.�@-9C.�,04-�89B=�80A

- 39 -

��������������� ����������������� �����������������������������

Q@047�,3C-�� -3?.5�.@)�807�E01��E0S�+@=*.5�,0�80A�Q@0*�EHA�73?-�,@36.5�+36.5�E01D)4�,-.�+0C>�+=;0�+@=*.5�,0�.H-��)*+��@=*0��2H1-���23.5�,@H1-��)4=�)H*+S��)*+��@=*0�2H1-�+@3�Q@9*Q�+3.�.5)H1-�I=1.5�+=;0�/9T�@>�D-.@S�73C,�@01.@�83C.5�,047�,@H1-�89:.3?-�/04-�73?-�<=0.�@9C�5-)A0�+3.�.5)H1-�EH*-��)*+��@=*0��2H1-��$0=�83*S�J@-��0?.5�@2-D,�89?.�,@9?�5-0.�D)4�+@9?,�+=;0���501-�,296.�,@0CQ�,)4�5-0*�/01�+=;0�/9T�@>�D-.@�,3C,8U.@�D)4�D3?.5�+=;0���501-�/01�G0R.5�+H*�E9B�D)4�D3?.5�/04-�+=;0�<=>9B.�.0K.5��)*+��@=*0�2H1-�,23.5�734-�@301.�+0;.@�+=;0�+3.�.5)H1-�

"=0�8)*+�,-.�.H-��0?.5��@2-D,S�+@=*.5�,0�8)H4+�+)*=�J@3;-�D)4�830;.�Q@04,+=3?-�+=1.5�+=;0�,3C-�/3T-���@9?,�,)*+�/01�@301.�,301.�W0�+0*+@�J@3;-��)*+��@=*0��2H1-�"=0�8)*+�,-.�+)*=�83C�,23.5��0?.5��@2-D,�73?-�<=0.�@9C�5-)A0�+@=*.5�,0�E01��)*+�@=*0��2H1-�8)H4+�,@-9?,�/0CQ�+@3�89?.�+3A-�8H1-�8H1-���=1�+@=*.5�,0�E0T.�+31.�Q@047/3T-S�.@).5�+@=*.5�,0�E0T.�+3*�8)H4+�D)4�,@0�,@)*�/-96.�,=4+�+=;0��)*+��@=*0��2H1-���=1+@=*.5�>9?=�8=3?-�.@).5��0?.5��@2-D,�D9A�G0.�D)*+�704.@�+=;0���501-�E01�,23.5�73?-<=0.�@9C�,2)H1.5�+);=�.01>�,@F�+0*+�73?-�<=0.�@9C�J@0*+�+=;0�+@=*.5�,0�+=A.5�8)H4+E)A.5�+@0L+S�+@0`.5�G03�5-H1�/0>�83C.5�

����@)H.5��36.5S�.5)H1-�+@0�/01�73C,�.@06.�E0C,�+3*�<=>9B.�@01.@���@-+31.�.@3;S�,36-�20?,�DH4�+@0�,36-S�D)4�DH4�@0A-�Q@0*,�D-.@�I3�.@)A.5�5-0*�,2_�W0A�@3C-�+=;0.5)H1-��2-9B=��-96.S�E01�I3�.@)A.5�/H1-�.3*-�.5@-967�J@0L+�+=;0�+@0�,36-���36-�[email protected],@O+@�+@0�,36-�E01�+0;7�,@0?>�,@30;-�70*-�J@-�/0*.@�70a,�36.5�

�9?.�,=3:-�,@0.@�.-96.S�,36-�G3;�,36.�5-0*3��@0C,�5-0*3�+=;0�5-0�8F.@�E01�,2H;,@01.@�+H�83?+�.@06.���3�<=>9?,�8_.@�.01>�,36-�G_�8=3:-�20�J@3;-�.@01�E01�G_�5-0�8F.@J@0-�,2)1���=1�+0;7�,@0?>�80=�8H*.�D06=�W0�E9B�D)4�+@-0�+0L,�.01>S�.@).5�,23.5�+368H.�,36-�E0T.�G-9?,�7F.@�+0B.�+3*�73?-�<=0.�@9C�,2)H1.5�+);=�EH*-��)*+��@=*0��2H1-@H.�/01�D)4�0.�=;-�201.5�G=3C+�+=;0�5-0�8F.@�

�F.@�>96=�+=;0�,36-�I01.@�+@3�5-0�8F.@�E0T.�+)*�,-9?Q�,=4+�E01�,36-�,-.�/H1-�@)*0+=;0��-.@��@0*.@V�X@0A>�,-.�.H-��)*=��@=*0�P9D=DS�.5)H-�E01�,301.�,@9:�5-0�[email protected])H-�D9A�8)H4+�+)*=�Y�'�36.5�E=4�[cV^[S��%�(���36-�80a,�8)*+�,-.�+=;0�7F.@�.H-�/H1-�-.@��@0*.@�.01>�E01�G0L,�80B=�+0B=�.5=>9C.�+@3�D)4�+)*=�23T-�+=;0�5-0�8F.@�73T-.501>�^�/0B.�

�36-�E-9?,�,@)�E9B�+@3�+@0�,36-S�.@).5�36.5�[email protected]�,20;�/H1-���_�8=3:-�20�J@3;-.@01�J@30;.5�73C,�.0K7S�/H1-�+0B=�.5=>9C.�+=;0�,36-�,2H;�,@01.@�,@0?,�E34.5���@).5+@0�,36-�+01.5�.501>�+01.5�+)*.5�/31.5�

�36-�,-9?Q�,=4+�+0B=�.5=>9C.�,23.5�@0-�.0K7�E01�23B-�+=A.5�.5@9�.3*-�E-9C+G=36.�G0*.�50K.5�,0>�E01�GO,�,0?,�+=;0�+@0�,36-�G_�EHA�.H4����.5�80A�70?,�,0?,�+0;��$0=�83*[email protected]�/06=S�36.5�89?.�$93=/S�E9;�70a,�W0.@�W03�E01�IH�G0:.�

��.5�89?.�50aQ�,36-�2=;0�D0;V�X�01>�/01�.5=>96.�.@06.�506>�20�,0?,�+0;�.@)A.5J@3*�J@0K.�,23.5�5-0�8F.@���)1�J@-�701>�,2H;�,@01.@�+H�83?+�[email protected]�,0?,�+0;�,01-�D0;.89B=�,-96=�,0.���@0C,�E01�+0*+�,@0B.�,@0*.@�+=;0�,3:�Q@=4�80A�.3:-�5-0C.�EH*-�5-0�8F.@�,0��03�,@0?,�G04-�,23.5�E-9C+�/017�0K.�E01�[email protected]�+31.�+0*+@�Q@=4+�@3B-�/04-���03�D9A�,)4�,2_,2)H*+�70a,�701>���01>�Q@0;-� ,20;� @9?,�.H4�.0B.� 23B-� /3�.=36-�794�E01� +0*+�97�+=;0

- 40 -

��������������� ����������������� �����������������������������

701>�Y�0?>�5-H1�,36-�80.5�@34+�H;�,2)H1.5��-.@��@0*.@�E01�+@0�,36-�H;�E=1.5�Q@=4

+0C.���36-�+)*�,-9?Q�,=4+�+0B=�.5=>9C.�+@3��@0�,36-�E01�.3*-�+0*+�G04.�,36-�E9B�36.5���34@)*0�D9A�8-�G0*.�I=17�+@3�36.5�50K.5�,0>�E01�GO,�,0?,��$0=�83*S�,36-�,F7�+@0�,36-�E01�.3*-VX�9?=�+@0�89?.�73C,�G=3:-�.@3*7�H;�.@01�.5=>9C.�+=;0�+@=*.5�+3.S�G04.�+3.�D9A5-=*Q�+@0�G0*.�D3?�@01.5�0?>�Y

��.5��E=-�/31.5�J@-�.5@9�.@)�,@9?�70a+�I=1�36.5��+@0`.5�)0�5F�+H�83?+5-0*3S�.@).5�EF�G0C.�,067�E9B�.@)A.5�73*.�@01.5�+@)0�G0*.�@9?,�.96.�36.5�83B.5�>*�8-EH*-�.@3*7�

�23.5�G=3:-�,@H1�Q@)H4.5�,04-�.@01�.5=>9C.�83*S�,36-�/017�,@36.5�I_+@�+@373C,�5-0*3�DZ�.5)H1-��>A���@-�E_�5-0*3�D)�.01>�5-0;.5�,36-�>96.�/0a.5�J@0:.�,@-9?,�W-.�)*+��@=*0��2H1-�5-=*Q�,36-�I=1.5�+H�@3C-�.01>�73C,�+0*+@�80B>�8=;�.@0?,���23.5�/=*+�E_7=4+�D)4�5-0;.5�73C,�G01-�5-0;.5S�,@F�,36-�/04-�5-0;.5�73C,�G01-�5-0;.5�@301.�,301.�J@0*+.@0L7�,@0`.5�E013�+@0�,36-�

�@F.@�/F.@�+@0�,36-�.50:.5�80B=�/96.S�36.5�7H;�,3�836-�70L,�E01�/0L.5�.5@9+@0K7� +@=*�� $0=�83*� 36.5� +=3?-� 80B=� W=3?.5� E01� G0L,� 80B=� J@3*+���=>�.@-96.� ,[email protected]�G-9?,�+@0L+�.@)A.5�5-34,�.)H*+�70L,�+=;0�36.5�/01�.)H*+�70L,�0K.�.0K.�,36-�@0>.)H*+�70L,�.5)H1-�G_�,@0?,�G04-�,23.5�E-9C+�/017�0K.�

�@-�G=3:-�.@3*7�,0.S�,0?,�+0;�D-.@�E-96.�20�E9BS�+@U�+31.�73C,�7F.@�+@0�,36-.53B-�/04-���36-�G)H*+�W=3?.5�E01�,)1�,)1�8HA�.@94�36.5�/96.��X�@0S�+3*�E-9C+�5F�W0;>�20+@3�+@0�,@9?nY

�@-�36.5�<=0>�70a,�.@F.�,36-S�5)H.5�70a,�36.5�+@-9?=�D0*.5�.@)�70a,�,2H1-S,36-�G-9?,��)*+��@=*0��2H1-�80A�8=4.5�+@047�/31.5�36.5���36-�@3;-�/H*.V�X�@0S��@0�/0173C,�+H�83?+�.@06.�23B-�D03nY

��.5�,20;�/H1-V�X�3.�H-S�@0A>�.5@9�+@0�.3*-�806>��/0B.�80B=�J@-�G)H*+�[email protected]�806>S�+@0�Q@96�GF.@�+3.���@0�.5@Z�+@0�+31.�G-9?,�.@-9B=�@H.�80*7�D-.@�E-96..01>�E01�G=3:-�.@3*7�@34Q�J9*3�I01-�/06=�<=0*�

�@).5�,@F.@�/F.@�70L,�+@0�G_�7H1-�8-�E01�+@0�[email protected]�,@0?>�5F�+0;���@=*0P9D=D�W=0?,�@-9C.�E01���501-�534-�,96.�+@0����501-�@3;-�+@0�+31.�+)*�+@3?.5�+)4���501-+@3�89?.�G03�/06=�.)A0�

�@0�,@0?>��@=*0�P9D=D���@0�G-9?,���501-�/01��)*+��@=*0��2H1-�@0R.5�D3?.5��@0�W).5�,36-�7F.@�20�,2)H*+�70a,���501-�E01�5-H1�806>�+@0�8)H4+�GF.@�0.�E01�,-.<=>9?,���@0�20?,�D=.5�D)H*.5�Y

�@=*.5�,36-�+@-0�D9A�.-9B7�E=-�/H*.�,23.5�5-06>�/0*,���0A�/06=�23B-�+@0�+3.+@=*.5�,36-�W0�+0*+@�.@0=S�,2)H*+�/01�D)4�DH4�@0A-�=>�<=>9B.�+=;0�+@0�,36-S�D0=�83*�/01�D)4/>�J@0-�J@3;-�5-0�8F.@�EF�,36-�,-.��@=*0���06>�5-H1�@0-�+@0�+3.�+@=*.5�,36-�+=1.5�+3*73?-�<=0.�+);=�EH*-��)*+��@=*0��2H1-S�,296.�.9B.�,0;.5�83*�+@=*.5�,36-�+01.5�50B.�5=A-.@0=�E01�,-.�+0C>�.@0=�@H.�@9?,���0>�,23.5�,0>S�+@=*.5�,36-�@H*.�@H;�G)H*+�20�J@3;-.@01�.5=>9C.�

%=*+�G0?>�5-H1S�,=>9?,�G0L,�80B=�2H-���36-�/)=�>*�+@0�,36-V�X�@0�H-q��06>�5-H1

- 41 -

��������������� ����������������� �����������������������������

,=>9?,�80.5�2H-S�+@0L+�+@0L.�/01�+@0�D9A�G0*.�8)H4+�.@-9B=�50K.5�,0>S�EH*�I01-�E01�EH*.50L.�Y

��.5�,20;�/H1-V�X�3.�H-q�G06>�5-H1�+@0�+@0`.5�<=0.�,067�5F�89?.�,=>9?,�+0;��3.�@0A>�.@F.�.@)A.5�+06>�,@36.5�J-0S�+@)0�G03�5-H1�+@0�,236.5�,@0?>�+06>�,@36.5894Q�.@)�,@9?Y�

%31.5�+=;0�+@0�,36-�,@0>�83:-�E01�,301.�,@9?�5-H*-�+@=.5�<=0.@�36.5�89B=7H*-�+0;���0?>�.-9B7�E=-S�36.5�.3*-V�X�501>�70-�+@0�D9A�E9B�.@01S�+@0�D9A�+@3�794+3.�G-9?,�E9B�73?-�<=0.�@9C�7H*-�5-)A0�+@0�E01��)*+��@=*0��2H1-�Y

�501>�@367�D0=S�36.5�83*.�W9�/);0�E9B�.@01���0;�.@01�89B=�J@-9?Q�80;7�EF36.5�[email protected]�G0*.�8)H4+�5F�+0;�� -3?.5�.@)�734-�.5)H1-�,23.5�5-0�8F.@S�794�,36-�[email protected]�+@0�,36-�D9A�.3:-�5-0C.�/36-�8F.@���01�,@)*+�D=3?,�8967�0?>S�.H7�.H*Q�/3�DH4�E9B�+H.5-0C.�D0LQ�G=1.5�.3:�

�@0?>�Q@0;.�)*.5�+=;0�5-0�8F.@S�+@0�,36-�+0;7�,@0?>�W0?=�@3:�EF��[email protected]�G0*.8)H4+�5F�+0;S�E01�36.5�+=A.5�[email protected]�.3*-�+@3�0-�G-9?,�36.5�80A�,2H;�,@01.@�73C,�+H�83?+.@06.���=3:-� D0*.5�J@-�+@=36.5�.@01� ,@H1� 2=.5� /96.S� +@0� ,36-� <=>1� W3?.5�E01� +0B=.5=>9C.V�X%04>��@0�,@-96.�,@)H4.5S�W-.�,@0�,36-�+@3�+3.�EF�+3.�80A�5@9*,�EH4�+3.��20;-�<=0�.@-9B=�.0K7�+3.�80A�+)�W);�,9C�G04+�EH*-�.01.5���06>�5-H1�+3.�W-.���501-�,@0,@)*�+@3�+3.�EF��@=*0�P9D=D�80A�.5)4�E013�/31.5�+3.�.96.�+3.�+3*�,F.@�>96=�7H*-�83?-EH*-�EH4�E01�5-0�8F.@�+=;0�+3.���3.�[email protected]�7=3?.�I=1.5�D)4�89�I304�89:�+0-�,2_�@34S.@).5�+3.�7=3?.�83?-�EH*-�@34�G0R.5�D)4�.@06.�,)1�Y

�94�,36-�.5@9�/H1-�+0B=�.5=>9C.�+=;0�+@0�,36-S�G01�+0;7�83C.5�89?.�.3T-�G01.3*-S�X�@=*0�H-S�+3.�+=A.5�7=3?.�,2H;�,@01.@�73C,�+H�83?+�.@06.�.)A0�Y��3B-�@34�06=>9?7�367�+@0a,�.@0=�

�23.5�<=0A.5�8H1-�<=0*�J@)*S� ,36-�+@)0�G03�5-H1� ,@0?>�+@0�794� ,36-�@36..@0=�E01�,3;�E9;�06=�>9?7���@).5�J@-��0?.5��@2-D,�G)H*+�E013�+=3C+�8H1-�@34S�734-�D)489B=�,2H;�.96.�7H*-��.@�+@_�97�+=;0�,36-�,@0?>�D)4�I_=�I01.5�7H*-�+=;0�+@0�794�,36-S@34�/0CQ�,)*+�80*.@�8-9C.�534-�,36-�E9B�.@01�50?Q�E01�D0e.�D01.5�.5@9�D)*�8-9CQ�+=;0�,36-�

�36-�80*Q�W9�/);0�E9B�.@01S�E9B�/04-�+@3T�7F.@�80A�G_�8=3:-�20���36-�5-0;.5��E9BD)*�8-9CQ�+=;0��@=*0�P9D=D�+@3�,301.�,@9:�5-0�8F.@�,36-���)1�/=*+�0?>S�,0?,�+0;�7)H1-�73C,,@01.@�E-96.�,23.5�5-0�8F.@�,36-�89B=�8)H4+�+)*=�

%0CQ�.9B.�,0;.5�,296.�73?-�,@36.5�+36.5�,2)H1.5�+);=�EH*-��)*+��@=*0��2H1-<=0�8)*+�,-.�.H-��@=*0�P9D=DS�,301.�,@9:�5-0�8F.@�,36-�/H*.�/96.�,23.5�,F.@�>96=�E01,36.�,234.5�/0T.�.@0=���@=*.5�,36-�+3*�,@9:�/0CQ�/04-�73?-�<=0.�@9C�D06=�D0L+�701�,2)H*[email protected]�,@9:�.013�+3*�8)H4+�

��D ���.���E��A.���C���"=0�D)4�@>�D-.@�+=3C+�8H1-�E36� ,3C-�+=;0��@=*0�P9D=D��@2-D,S� ��501-�80A

+=.5�+0?Q�+@3�+@=*.5�,0�Q@)H.5�+0*+@�89:�G)H*+�E013�73?-�<=0.�@9C�,2)H1.5�+);=EH*-��)*+��@=*0��2H1-���@).5�.9?=�[email protected]�+3*��)*+��@0*.@�%-.@S�+@=*.5�,0�+@0`.5G03�5-H1�,-9?Q�.@0C.�,234.�E94.�,0?,�+0;�+0*+�Q@)H*+�@04.@�I3�73?-�<=0.�@9C�,2)H1.5+);=�EH*-��)*+��@=*0��2H1-�<=0��0?.5��@2-D,�70.5�/04-���)*+��@=*0��2H1-�80A�.@H1

- 42 -

��������������� ����������������� �����������������������������

�@0*.@�%-.@�5-=*Q�8HA�+@=*.5�,0�@)H;.5�+0*+�Q@)H*+�@04.@��83*���9?=�[email protected]�+3*<=>9B.�.0K.5�+=;0��@0*.@�%-.@S�+@=*.5�,0�[email protected]�,@9:�@)H;.5�8)H4+�D)4�5-01=�+3*+=;0��)*+��@=*0��2H1-�

�@-�.3*-�E9B�D)4�@-9C.�I-9C.�+=;0��@0*.@�%-.@S��0?.5��@2-D,�Q@0*.V�X�@-�@0*.@�%-.@�/01��@0B.��@06.�%>*�89?.S���501-�D9A�I0T.�I0L,�+3.�E013�,0?,�+0;�/9A�,@0C,S�EF�501-�D9A�[email protected]�5-H*-�,@-9C=�.@)A.5�>*�,)H;.5�2-96.5�+=;0���501-m���501-�D9A�G01>�,3;+@3�+0*+�+3.�,@0?>�E-.@�<=0.5�+=;0�,0�Y�' -0K.5�[cV[^N[d��%�(���01�,296.�,20B.5-0.�.01>S� [email protected]� +3*� 8-9B=� 5F� J>1� I-9C=� G0R.5�.@)A.5�Q@)H*+� @04.@� �701��0?.5�@2-D,S�<=0��)*+��@0*.@�%-.@�/=36.�83:�,296.�.@)A.5�0-�+3*�8)*+�,-.�

�)*+��@0*.@�%-.@�5-=*Q�+@=*.5�,0�@)H;.5�,@=4�.@)A.5�Q@)H*+�@04.@�+=;0�)*+��@=*0��2H1-�,23.5�G0�Q@)H.5�+0*+@V���501-�H;�EH*-�+@=*.5�,0�E01���501-�W)*+I0B=�+@3�+@=*.5�,0���0R.5�<=>9B.�.0K.5�+=;0��)*+��@=*0��2H1-�.-9B7�E=-�@)H;.5,@=4�.@)A.5�Q@)H*+�@04.@��.01>�D9A�Q@0*,�,2-9:.�73?-�<=0.�@9C�5-)A0�+@=*.5�,0�EH*-��)*+�@=*0��2H1-�G9B.�+@0a,�@H.�E01�W06>�I)4.5�.9B.�,0;.5�8=*.5�80L.�83?-�EH*-�73?-�<=0.@9C�5-)A0�+@=*.5�,0�EH*-�.@)A.5�.5)H1-�J@0*+�

�@-�,-9?Q�.@0C.�P9D=D��@2-D,�/017��)*=��@=*0�+@3�+0*�.@06.�7F.@S�+@=*.5,0�+=A.5�+3*�73?-�<=0.�@9C�EH*-��)*+��@0*.@�%-.@���)*+��@0*.@�%-.@�H;�EH*-�+@=*.5,0�5-3?.5�.@)�G0B=�J@O�<=>9:.�G03�,2=17�<=0;�80?,�E01�G03�,2=17�,0?,�+0;�734-�.5)H1-��501-�/01�80?,�,043�D)4�9*Q�89:�+@=*.5�,0�7H;�/31.5�7F.@�20�,-9?Q�.@0C.�P9D=D��@2-D,��)*+��@0*.@�%-.@�/-96.�,=4+�E04+@�,20B.�,3C-�/3T-�+=;0�+@=*.5�,0S�+@U�+@3�+@=*.5�,0,@0?>�D)4�+=.5�)*.5�+=;0��)*+��@=*0��2H1-�E9B�+=3C+�D3?.5�EZ.@�+);=�/01�Q@)H.5�+0*+@I=>�.@0?,�

�@).5��)*+��@0*.@�%-.@�[email protected]�5-3?.5�.@)�G0B=�[email protected]�J@O�G03�<=0.@+@=*.5�,0�� ��501-�8-�E013� ,067�/-.@�+@=*.5�,0�E01� ,043�I)4.5�,@06.� ,@9:�+@=*.5�,0,@01.@�.H-�.5)4�+=;0���501-���01�<=0�D)4�.3C-�,2=*�+=;0��@0*.@�%-.@S���501-�,2=>9B.,@=4�+@3�+@=*.5�,0�D)4�@-9:=�G-9?,�E01�70a+�J@0;-�E9B��@=*0�P9D=D��@2-D,�E01�/H1-�+=;0�)*+��@=*0��2H1-S�,)*+�/01��-.@��@0*.@���9?,�<=0;S�+@=*.5�,0�804,�8)H4+�73C,�+@-9B=JO+@�7H*-�E9B�+=3C+�D3?.5�E01�D)4�@-9:=�G-9?,���@=*.5�,0�@34+�D3?.5�73C,�+=3C+�D3?.580B>�,234.S�+=3C+�D3?.5�,201.�80B>�.-9B7�E=-�@)H;.5�,@=4�.@)A.5�Q@)H*+�@04.@��[email protected]@=*�+=;0��)*+��@=*0��2H1-�

�)*+��@0*.@�%-.@�+31.�W)*+�I0B=�+@3�+@=*.5�,0�G0R.5�<=>9B.�.0K.5�+=;0�)*+��@=*0��2H1-S�<=>9B.�.0K.5�89:�+@=>9:.�5-03�.@)A.5�Q@)H*+�@04.@��+=;0��)*+�@=*0��2H1-�+@3�.5)H1-�J@0*+���0?.5��@2-D,�7=3?.�,@)4+�@-9C.�+36.5�,0*+�+=;0���501-<=0�G04.�E01�,36-���@).5�.9?=�[email protected]�+3*�D)4�W)*+�I0B=�+=;0��@0*.@�%-.@S�+@=*.5�,[email protected]�8)H4+�,20.5�G_�89:�,2H;�,@01.@�3?.5�I0T.S�<=0�83*��0?.5��@2-D,�+3*�,@9:�,=36.+@0;>�89:�80*Q�)*.5�.@=�+0B=�+=;0�.5)H1-�J@0*+���F�/>*�I3�.01>S�,0?,�+0;�+@=*.5�,0�89B=+0B.�G0*Q,967�G0R.5��@0*.@�%-.@���@-��)*+��@0*.@�%-.@�G0*Q,967�+@3�+@=*.5�,0,@F�8H1-�D3?.5�+H�83?+�+=;0�+@=*.5�,0�+3*�,@9:�,2H;�.96.�.0K.5�83C.5�E01�704.@�79A�@H.�

�F�E0C>S�73T-�+H�83?+�.@06.�Q@0;-�/0CQ�73?-�<=0.�@9C�[email protected]�J@O,�EH*-��@0*.@%-.@S�[email protected]�+3*�73?-�<=0.�@9C�.01>S�G04.�E01�,36-�[email protected]�,@9:�@)H;.5�,@=4�80B>�8=;

- 43 -

��������������� ����������������� �����������������������������

.@)A.5�Q@)H*+�@04.@��701��)*+��@=*0��2H1-�7=3?.�G0.�+@3�+@=*.5�,0S�[email protected]�Q@0*,,2-9:.�73?-�<=0.�@9C�EH*-��@0*.@�%-.@S�G04.�+@U�7H*-�DH1�E013�E3;�+=;0�,20*-�I)0�@0?=�

�0A>�.@F.�.@0C.�D)4�@-9C.�I-9C.�+=;0��@0*.@�%-.@�H;�W=.5�<=0.@�G04.��0A>�@30.�.5@96.@�D)4�@-9C.�I-9C.�+=;0���501-�J@-���501-�/017�+@3�G04.�,@01.@�89B.,@H1���501-�.3C-�,2=*���0A>�+@3�Q@9*Q���501-�W)*+�,296.�G04.�I0B=�<=>9B.�.0K.5�89:�Q@=4+E=4���0?>�5-H1�G04.�D9A�@34+�,0CQ�+0*+@�@)H;.5�,@=4�.@)A.5�Q@)H*+�@04.@��,201.�80B>�+=;0�)*+��@=*0��2H1-���04.�D9A�+0L,�<=0;�I)0�@0?=�20���04.�D9A� ,@)H;.5�,@)*+�E_�.534,S.53.�/01.@�80B>�.=H*+�+=;0�7-9?.5�I)0�@0?=�897�/04-S�E_�.534,�.5013�+=;0�.-9B7�E=-0?>�D9A�J9*3�I01-�D=3?,�+=3C+�D3?.5�+H�83?+�.@06.�+=;0�G04.�

- 44 -

��������������� ����������������� �����������������������������

��������

� ������������� � ������������ !����

E�D ���.D�1��0���B �������V��3C,�J@-�.9B.�73*.5�80A�8)H4+�80a,�89:�+@O.@�W0*+�E01�80A�+3*�8=;�,@F�5-H1�+@3

E-9C+�W06>�+0?,S�,@F�+3*�,@9:�,-9?.�@01.@�W06>�+0?,�+0K.�.@01���296.�.9B.�,0;.5�E)A.5�+@0L++=;0�D)4�+=.5�)*.5�+=;0��)*+��@=*0��2H1-�+@3�73?-�<=0.�@9C�,2)H1.5�+);=�E01�.-9B7E=-�J9*3�I01-�E01�,296.�,O.@�+@0?,�,@01.@�,@0C,S�,2=.5�,O.�E01�J-96.�[email protected]�,@F�+3*�,@9:W06>�I)4.5�8)H4+�73?-�<=0.�@9C�,3?,�894Q�E01�/06=�G9B.���=>�[email protected][email protected]�,@9:�I=1.5D)4�+@34.�/)40�70>�2=;-�E01�,F.@�+H1�701�W06>�I)4.5�73?-�<=0.�@9C�/01.@�704.@�8)H4+��@0;-�I=1.5�.@)A.5�E0C,�/-9C=�.@)A.5�E0C,�/-9C=�+3*�+@0?,�/)H4.5�89:�W06>�+0?,�

��B������M ������������������0*�80B=�53*+�.@01�,-96=�G-9:=�+@3�+@3T�J@H;-�80B=�,23.5�+36.5�,2F.@�W06>�+0?,

+0;�,310�.@01����0a,�80*�53*+�.@01S�<=>9?,�8_.@�+@3�+0*+�53*+�.@01�+=;0�+0*+�G)*+�,)H1.5J@0*+���9?=�80a,�80*�53*+�.@01�[email protected]�+@O.@�W0*+�,@F�,301.�,@9:�,310�.@01�.0R7�,23.5,F.@�,204.5�.5=>�@-9:7S�.3*�D9A�>9?=�8-�E01�5-0;7�D)4�0.�,301.�+=;0�+0;�.536-�.@01�

�@0;-� +3*�80*�53?+�.@01�89:� +@=*.5� ,0�W06>�I)4.5�+0*+�73?-�<=0.�@9C� +=;0+@=*.5�,0���3?-�EH*-�73C,�D3?�.5)H1-S�80*�53*+�.@01�+=;0�@34�20?,� ,-9C.�.5@-�W0A�@3C-��23.5�.@)A.5�73?-�<=0.�@9C�.01>S�.5)H1-�.01>�J9?,�G04.�EH*-�.5)H1-�J@0*+�EF�,@0?>I)H1.5�.@)�,@O+@�@H4Q�@0>�EF�73C,�D3?�/H4-�,=*+�+=;0�W0A�@3C-�,)H.5�)*.5���=>�[email protected]*�53*+�.@01�G0R.5�,-9C.�.5@-�W0A�@3C-�,@F�20?,�.@3;�G9*�E01�>9?=�H*,���3?-�<=0.�@9C�0?>+@0`.5�G03�5-H1�+3*�,@9:�@30a+�[email protected]�,@9:�.013�/017�/0L.5�I_=�@0>�E)H4,�<=0�.@)A.5,2H;�.504-�I3�+=3C+�D3?.5�897�/04-�

%04-�+3*�+0*+�73?-�<=0.�@9C�J@0*+�80a,�.@=�E+0B=�+0*�.@06.�+0?Q�G0*+@�/017�80*53*+�.@01���3C,�.5)H1-�+0B.�8-9B=�.5)H1-�J@0*+�+3*�E01�EH*-�.5=>96.�,0L+�+@U�8043�.@),@9?�,@F�73?-�<=0.�@9C�8)H4+�/0CQ�/96.���50>�+0;�73C,�D3?�<=0.�@9C�@36.�.@06.�8)H4+W06>�I)4.5�,296.�.9B.�,0;.5�.@=�+0B=�+0*�.@06.�+0?Q�G0*+@���@).5�.@=4+�I=4+�+@0`.5G03�5-H1�+3*�,@9:�,@0>�,@9?�+@3�,F.@�>96=S�,-9B.�G04+�+@0`.5�G03�5-H1�+3*�,@9:�,@0>�,@9?+@3�D)4�+@=.5�,@=;>�E01�+@0?Q�.@0C.�+@3�73?-�<=0.�@9C�W0A�@3C-�+@0`.5�G03�5-H1�,@0>,@9?�+@3�D)4�,@01.@�,@0C,���0*�53*+�.@01�G0R.5�.@=�+0B=�+0*�.@06.�+0?Q�G0*+@�D9A�80*.@I0?=�D)4�,@0?,�G04-�,23.5�73?-�<=0.�@9C�83*�

�3*�.@-9B=�/304-�E01�Q@0:7�+@0?,�J@0*+�.@0=�+=;0�80*�53*+�.@01���3C,�D3?�+3*,@9:�E)A.5�+@0L+�E01�894Q�89A�@H.�73C,�D3?�J@0*+���@).5�+@3�I=1�80*�53*+�.@01�+3*�+03<=O�89?.�806=S�.9?=�80A�Q@0*,�W=0?,�,)1�D)4�.3T�/)4+�E01�J@0*,�E34.5�+=;0�+3.�.5)31-�,@F�D9A

- 45 -

��������������� ����������������� �����������������������������

[email protected]�,3B.�,04-�/06=�G9B.���3?-�<=0.�@9C�W06>�I)4.5�,)1�+0*+�/304-�80*�53*+�.@01�0?>�[email protected]�,@3;0�70A.�EH*-�8-9B=�.3*�+=.5�+0?Q�

�=>�[email protected]� +3*�73C,� ,0;.5� 80*� 53*+� .@01� @301.� @0;3���0*� 53*+� .@01� .01>[email protected]�204.�.)*,S�/=36.�/=36.�J@=>9?.�J@O+@�E-9C+�W06>�I)4.5�,0K.5�,-9?.�+0*+�73?-<=0.�@9C�J@0*+���0*�53*+�.@01�0?>�,3B.�,04-�EZ.@�E-9T.S�.@)A.5�73?-�<=0.�@9C�W06>I)4.5�,@93�@)H*.5�+=;0�80*�53*+�.@01�0?>�+3*�,@9:�8)*.5�E)A.5�+@3?.5�+@34-�+0*+�+H.G0A3�,0*Q�G=3B.�G0AS�.@)A.5�,20C.�/=4,�DH4�@0A-�E01�.@)A.5�,20C.�+=3B.5�[email protected]�G0?,�/)4+��0*�53*+�.@01�0?>�+@O.@�/01�P9D=D��@2-D,�

��0?.5��@2-D,�D3?.5�73C,�+=3C+�8H1-�E36�,3C-S���501-�/01�5)H.5�70T=�,301.GO+@�+@3�734-�E-9C+�+@=*.5�,0�/017S�.@0?,�/01�,23.5�E-9C+�W06>�I)4.�.@)A.5�73?-�<=0.@9C�+=;0�+@=*.5�,0�EH*-�.@)A.5�.5)H1-�J@0*+��<=0�D)4�834+�/H1-��)*+��@=*0��2H1-S��-.@�@0*.@S�+@=*.5�,0�+3*�,@9:�@-9:=�8)H4+�.@)A.5�5-0*�,2_�80a+�06.�E01�.5=>96.�,0L+��0?.5�@2-D,�I04>�I3T�E01�/017�5)H.5�+@3�+@=*.5�,0�73C,�+0*+@�80B>�8=;�@H.��<=0�D)4�+0B=.5=>9C.S��)*+��@0*.@�%-.@�+3*�,@9:�+@U�+@3�+@=*.5�,0�,@0?>�23A�201.5�@H.�.@)A.5@)H*.5�8-�,23.5�+=3C+�D3?.5�+@=*.5�,0�E01�.@)A.5�73?-�<=0.�@9C�+@=*.5�,0�+0B.�.0L75-)A��"=0�D)4�,@36.5�+36.5�EH*-�,O.�@)A=S�+@=*.5�,0�+3*�,@9:�G0L,�50aQ�.@)A.5�,-0�.@F.+=;0��0?.5��@2-D,�.H-�.5)H1-�J@0*+�E01�@-9:=�23A�@H.�,@9?�.013��0?.5��@2-D,�7=3?.@01.@�83C.5�<=0�+@=*.5�,0�

P9D=D��@2-D,�[email protected]�+@U�/01��)*=��@=*0�+=;0�G04.��P9D=D��@2-D,�[email protected]+@U�/01��0?.5�+=.5�+0?Q�.@=�+0B=�@01.5�.501>�+@3�G04.��P9D=D��@2-D,�Q@0;-�/01��)*=�@=*0�+=;0�.@)A.5��73?-�<=0.�@9C�+=;0�G04.S��@2-D,�/01�80*�53*+�.@01�

���� �����0.�� �����23.5�+=3C+�+@-9?.�,20.@�H;��2-9B=��-96.S�+3*�73C,�,@-9?=�Q@=4�,29;�70.5

,@0-�80.5�,23?.�+@04>�E013�Q@O0��07��2-9B=��-96.�89:�,F7�,)4�I3���@36.5�G04.�G91.@).5�+@_�E0T.�Q@0?.�80?=�E)H4,�<=0�.@)A.5�,2H;�.504-�,296.�+=3C+�@01.@�,2F.@�/04.@G=3?,���@-�50B.�89?.�+=3?-�[email protected]�8)H1.5S�,@F.@�/F.@�+@_�+0;7�,@0?>�+H�80=�G=4.589;�+=3C.�89?.�

�@_�+0B.�D)4�5-=*Q�8HA�.96.�73.5�7=3?.�89?.�73C,�,@_�W0A�J9?�83*S�.H-�+3*�@0-E_�5-0*3�DZ�.5)H1-��>A�+)�,2=*S�+=3?-�+=1.5�+@_�Q@0;-�I)1.5�/04-�E01�+@3�8)*0�G9*�20�8H1-I)H*-�73C,�+@-9?+�+0B=�.@3;���2H1-�<=0*�D)*+�/04.@S�D0=�J@-�8)*0�G9*�,20-�20�8H1-S�+@_�+3?D)*+�,23.5�,=>9C,�E34.5�89:�5-)A�+@3�8)*0�G9*�0?7���@_�/0?>�@9?,�<=0B.�0*3�7F.@�<=0?.+@3�8)*0�G9*S�E01�367�+@0a,�E013�7F.@�89:�+3*�.H-�0?7�5-)A�+@3�+@0*=�G9*�D3?.5�

$0*.5�DH*7�@367�D0=S�J@-�EH4�[email protected]�5-0*3�DZ�/0*-�W9�,296.�+@-9?+�+0B=�.@3;SG01�EH4�.5@Z�20R.5�7F.@�.5@9�,-9?.5�J@3*+�+=;0�,29;�DH�D-.@���34�I)1.5�W9�/04-�E01.5)H1-�[email protected]�8-�W=3?.5�I)H*-�50B7�+0B=�<=0.�D0*,���04-�80?>�36.5�,@0?>�73C,�,@-9?=Q@=4�,20B.�,2=3B.5S�+@9?,�EF�/04.@�+3*.5S�,296.�,0>�+31.�367�73C,�53*-�.@3;�

�)*0�G9*�50B.�+@9?,�EF�+H.�5-3*�/04.@�+3*.5S�.@).5�EF�+31.�+3*�<=0B.�0*3�0?7.96.�.3*�+31.�,@H;�,@3-�,@3*Q��$0=�J@-�+@36.�+0?,�,@-9?=�Q@=4�,04-�D)H1.�83B-�,23.5�73C,.0?7�73C�80a+�G-9C,S�EH4�[email protected]�5-0*3�DZ�897�G9*�,203�7H*-�D-.@�E9B�.@01���@)A.5.0K7�D0=�83*S�@34�.=36-�+0C=�G9*�/017�+3.�+=;0�7F.@�

- 46 -

��������������� ����������������� �����������������������������

�@H1-�5-0.�,236-�<=0�89?.�J@-�+0C=�G9*�89?.�,=3:-�8-�@�34+���)*0�G9*�+)*�@3;-+@0�794�5-0*3�DZ�E9B�+@0�79�2=3C,�+=;0�7F.@���=3?-�+=1.5�36.5�G01�5-0*3�DZ�Q@0;-�.3*-+@3�+0C=�G9*�G-9?,�734-�E-9C+�W0;>�20���5)H1-�,0�,@=0C,�/04-�20R.5�D0=�J@-�J@0*7�Q@0*20�.5=3B.�53?+�,@0C,�+=;0�7F.@S�+0C=�80a,�/96.�73C�E01�J@3*+�89?.�.3T-�,@0?7�)H*,�80?,+=;0�.536-�73C�

-03� ,@0*+S� 20?,�.@-9B=�.5)H1-�.3*-�.@).5� ,@)4+� ,9?� O,�.5)H1-� ,@)4+�@-9C.��@36.5�+3*�D)4�5-03�,@0*+�+@06.�,@0C,�,@F�+0*+�73?-�<=0.�@9C�J@3*�+3*�,@9:�W06>�I)4.5E)A.5�+@0L+S�Q@0*,�,2-9:.�80B>�8=;�@30a+�,3B.�,04-�/06=�G9B.�� -03�,@0*+S�80a+�G-9C,�Q@0*,D-.@�,)1�,F.@�>96=�/01�73C,�,23.5�.@)A.5�E0C,�/-9C=�W06>�I)4.5�,3?,�.@0?,�,23.5�E-9C+J-9?.�,043�73?-�<=0.�@9C�8=*.5�80L.���@O.@�EF�D)4�@>�D-.@�5-03�,@0*+�+=;0�.5)H1-794S�8)*0�G9*�8)H4+�D3?.5���F�D)4�@>�D-.@�5-03��,@0*+S�G04.�+3*�,@9:�G0.�D)4�D3?.5�7H*-+@3�.@)A.5�.5)H1-�+3*�.@=�+0B=�H;�W=.5�<=0.@�G04.�

�0?.5��@2-D,�>96=�,@)H.5�E01�80A�@>�D-.@�+@3�,0?,�+0;�.@)A.5�0-�89?.�EH*-�501-����501-�+@0K7�/01.@�+@3�.@)A.5�.5)H1-�G_�,3:.�,@)H.5S�.06.5�8HA�.@)A.5�,0?7/31.5�,0.�EHAS�.=36-�.@)A.5�.5)H1-�83*-S�I0T.�.5)H1-�W).5�+36.5�GF.@�2-96.5�E013�/9A,@0C,�E01��G0.�D)4�5-0;-�80*Q�+@3�0-�,F7�J-9?7����501-�+@0?Q�.@0C.�73T-�+0*�.@06.�,@93.5=>9C.�E34.5�+=;0�.5)H1-�0?>�E01�80*Q�)*.5�734-�.@=�+0B=�

�0?.5��@2-D,�80A�@>�D-.@�,23.5�73?-�<=0.�@9C�5-)A0���501-�E01�+0*+�736.89C�+=;0���501-S�5-03�,@0*+�W06>�I)4.5�73?-�<=0.�@9C�,3?,�.@0?,�,23.5�73T-�8H1-�.5)H1-��@-�H;�EH*-�@34S���501-�80A�G0.�+@3�@34�+@06.�/>*�E01�<=>9B.�.0K.5���0R.5�D)4�+@9?,�+=;0�501-S���501-�G0.�+@3�+@=*.5�,0�,234.�+0;�G0;.�,@06.�+=;0���501-�

�@-92H�73C,�,23.5�+0*+�736.�89C�+=;0��0?.5��@2-D,�80A�8)H4+�Q@)H*+�@04.@[email protected]�Q@=*�+=;0�D)4�@>�D-.@�+=;0��0?.5��@2-D,�8=4.5�+@047���@O.@�36.5�80A�E-9?,VX.@�97�+3*�7=3?.�8)H4+�5-0�,@967�+01.5�.@-9B=�D)4�.@06.�,)1�E01�D)4�GF.@�0.�+=;0�)*+��@=*0��2H1-�[email protected]��@F�@0A>�@34+�,0CQ�89:�@-9:=�G-9?,���501-�.@-9B=�@H.���F�@9T0.@�97�G-9?,���501-�.@-9B=�@H.�,@F�<=>9B.�.0K.5�EZ�804-�+=;0���501-S���501-�D9A�80*Q)*.5�734-�8-9B=�0.@�97�+0B.�89:�D3?.5S�73C,�+=3C+�D3?.5�,@0C,�D)4�,@-9C.�@0;3o���501-+=A.5�+@-0�D9;�+@3�+@=*.5�,0�.50>�+0;�D)4�E-.@�@-9:.�E01�D)4�.@H.�,)1�+=;0���501-�.)A0��01�+=A.5�+3*�<=>9B.�.0K.5�E36�@04.�83*� ��501-�G0.�+@3�+@=*.5�,0�,0?,�+0;�.@)A.5Q@)H*+�@04.@��J>1�I-9C=�E01�D)4�[email protected]�Q@=*�I)�I0C,�701���501-�80A�@)*0�Y�'����@-92H[V]Nb��%�(�

)H.5�70T=�E9B�D)4�5-03�,@0*+�E01�,F.@�>96=�+=;0��0?.5��@2-D,�83?-�EH*-+@=*.5�,0S�+@U�+@3�+@=*.5�,0�,@0?>�7F.@�Q@0;-�5-03�,@0*+�E01�>>96=�,@)H.5�.5)H1-J@0*+�.@)�,@9?�.013���@=*.5�,0�Q@0;-�+@0?Q�.@0C.�.5)H1-�J@0*+�,@93�.5=>96.�,204.5+=;0�@34�E01�@34+� ,0CQ�>96=� ,@)H.5�@34���@=*.5� ,0�Q@0;-�@>�D-.@�83?-�EH*-�.@)A.5.5)H1-�7F.@�,@-9?,�/0CQ�73?-�<=0.�@9CS�,)1�G3;�89:�80*Q�)*.5�.@=�+0B=�+=;0�@34�E01�/017+@3�.@)A.5�8-9B=�,3?,.@0?,�,23.5�@34�.3:-�G0C,��$)4�5-03�,@0*+�83*�Q@0;-�+3*�>9?=�,3?�@>D-.@��$)4�5-0�,@0*+�83*�Q@0;-�+3*�7)*+�83C�>96=�,@)H.5�

�����1�������D�� H������� -3?.5�.@)�+3.�,0R7�/017�,@01.@�+0*-�J9*.�G0R.5�.@)A.5�DH4-�,H�,)1�7-9C.5

- 47 -

��������������� ����������������� �����������������������������

.3*S�,@F�G04.�W06>�I)4.5�73?-�<=0.�@9C�+=;0�G04.�+=A.5�G0R.5�/H1-�.3*-�+=;0�7F.@���9?=G04.�Q@01.�.01.�E01�+@U�,2O+@S�.3*-�20�+0*+�,)�,)H;.5�E01�5-0?+�7H�,-96=�+)4+�,@F�73?-<=0.�@9C�+=;0�G04.�D9A�G_�83:�EHA���=3?.�W06>�I)4.5�+0*+�73?-�<=0.�@9C�E)A.5�+@0L+SG9B.�+@0a,S�G04.�Q@0;-�.3*-�20�.@)A.5�/H1-�W0*+�.@0C.�,O+@�+)4+���04.�Q@0;-�W06>�I)4.5.5)H1-�J@0*+�G0R.5�E-9C+�+@U�+@3�@34�,@0?>�.@)A.5�8-9:7�<=0.�,234.5�+=;0�@34�E01�+@3@34�,@0?>�20R.5�G04.�70.5�H.�@34�E01�G04.�+3*�73?-�<=0.�@9C�EH*-�@34�

%0B.�.34S�@0B=�.@)�EH4�,36-�7=3?.�G3;�,36-���3T-�.501>�J@-�E9B�.@01S�,36-�G0L,80B=�+@U�,2O+@�.01.5V�X�F.@�H-S�D03�.@01�+);0�IH�G0:.�<=0*���F.@�H-S�,23.5�[email protected],0L7�70?>�+0*-�J@0K.�,0L7�[email protected]�D04+@�5F�+0;�Y

�3B-�,36-�8-�E013�.@01�G9?QV�X�F.@�H-S�7F.@�80.5�/017�5F�80?>n�$03�70?>+0*-�8Z0�.01>�[email protected]�D04+@�5F�@9?,���3-�+0*-�7=3T.5�.01>S�+@0`.5�D04+@�+@=*,�.013��F.@�/017�5F��D=3?,�+0;�.501>�H;�,23.5�.@01�.01>�E0C>nY

�36-�.5@Z�20R.5�.@)A.5�/H1-�+@U�,2O+@�83*�D9A�W06>�I)4.5��%01�80B=�+=;0�5-08F.@S�,36-�+0;7�,@0?>�7F.@�8=*.5�80L.�,23.5�D)4�<=0.�D0*,�+@0a,�+@9A�.@)�,@9?���@).5+01.5�.501>�.=4�+)H1-�+01.5�5-0;7�I0B.�J@3;-�J@=36.�70a,�+=;0�EH4�,36-�E01�+01.5�.501>EH4�,36-�+01.5�G0?,�70A.S��01.5�7=3?.�/F0�G3;�,36-�

�36-�G0L,�80B=�+0B=�.5=>9C.V�X%04>��@=*0S�+3.�897�.@-9B=�,-9B.�E9B�+@3�EH4+3.���3.�7=0�<=0B.�0*3�894Q�+@3�.01.5���3.�D0L7�+0K.�.@01�894Q�+@3�.01.5�E01+=.5�+0?Q�/)H.5�,@)4+�80B>�8=;���04-�D03�+36�,0�G0?,�70A.n��04-�D03�+36�,0�/04-�[email protected]@04.@�Q@=*+n

$0=�83*��@0*.@�%-.@�Q@0*.�EH*-� /31.5�,36-� V�X�HA-�+3.S�+3.�/01�73C,� ,[email protected]�,04-�D03�+3.�7=3?.�EH4�+3.�/01�73C,�.5)H1-�,234.�E94.n��9?=�+3.�+)*�,-9?Q�,=4+83�/)H1.5�EH4�+3.�G0R.5�.@)A.5�,-96=�+@=0:.�,234.�E94.�+=;0�+3.S�.01.5�D9A�[email protected],@9:�.013�+@=.5�D3?.5�EH*-�+3.���H4�+3.�[email protected]�+0B.�73C,�.5)H1-�[email protected]�+36.5�[email protected]���H4�+3.�+0B.�73C,�.5)H1-�[email protected]�>96=�,@)H.5����36�,0�+0B.�.@)A.5�/H1-�W0*+.@0C.�,O+@�+)4+�.9?=�+3.�7=3?.�W06>�I)4.5�73?-�<=0.�@9C�83?-�EH*-�.01.5��Y

�)1�83*S�,36-�83?-�EH*-�EH4�,36-�J@0*+�@H.�J@-�E9B�.@01S�,36-�J@9.�EH4�,36-�E9B�+0*++36.5�E-9C+�/017�J@3*�.@34+�+=;0�.01.5S�,36-�,@0*.�Q@=4+�J@-�.01.5�+@=0:.�G_�G)A0�0K..53.�E01�G-9?,�H.�.01.5�80A�+3*�+36.5�D)*+�5-)A�5F.�.@01�+);0�+3*�,@)*�,)4���36-�[email protected]�E9B�E9;�894Q�+=;0�.01.5�E01�D)4�5-=*Q�8HA�+=;0�.01.5�+3*�>*�.5@Z0�+@3�,36-�G-9?,G03�

�H4�,36-�+=A.5�80*Q�)*.5�/04-�.@)A.5�/H1-�W0*+�.@0C.�+=;0�,36-���=4�+)H1-�/04-�W=0?,@-9C.�,296.�J@=36.�70a,�.01.5���3?-�<=0.�@9C�+=;0�+@=*.5�,36-�,2)H*+�J-0�G_�83:�EHA�I3.@)A.5�/H1-�+@U�,2O+@�,-96=�+)4+���06>�5-H1�+@=*.5�,36-�+@-0�D9;�.@)A.5�5-H1�Q@=*,�80B70?7�EH*-�.@0=�701�,2)H*+�J-0�,36-�+@)0�,)1.5�+3*�

��������D��A��W���P���36-�+=A.5�@34+�G-9?,�20R.5�,23.5�E-9C+�W06>�I)4.5�73?-�<=0.�@9C�,3?,�894Q�,@F

.@)A.5�/H1-�W0*+�.@0C.�,O+@�+)4+�+=A.5�83*.5�E0-�,231�D3?.5�83C.5�.@).5�E0T.�+@)08=;��%H1-�.3*-�+=;0�,36-�Q@0;-�J917�,@93�@01.@�83C.5�J@0`.5�8_.@�.)A0���0R.5�@[email protected]�+=;0�,36-S�,36-�Q@0;-�+@)*.5�,3;�+@3�EH4�,36-�,@0?>�,36-�<=O�,234.5S�>96=�,@)H.5�E01

- 48 -

��������������� ����������������� �����������������������������

80*.@�5-0*�+03�EH4�,36-���@-�/H1-�.3*-�@01.@�83C.5�J9?,�@H4Q�EH*-�.@0=S�@0C=�<=0;�D9A,234.�E94.�@H.�

�3*�73C,�.5)H1-��3��@0*-�8-�,)1� -962=D0/97�89?.� -929+36S�,@F.@�/F.@�G_G34.�+)H*Q�,0?.�+36.5���@=*.5�,20?.�/3C,�,0?,�+0;�.@)A.5�5F�.5)H1-�0?>�+3*S�23B-�/3C,�@9?,<=0B.�0*3�E01�80*.@�G0B7�7F.@�70:>S�G_�,@)H.5�.0a.5�50B.�+@9?,�

�9?�83*�+3*�73C,�.5)H1-�,-9?.�50B.���5)H1-�D0LQ�+@9?,�@>�E34.5�/)A�J@0*+@�J-05-=*Q�8H1-�7F.@���@-�I=�J@0*+@�89?.�50B.�@H.S�.04.�.@06.�.@0C.�I-9C.�83*�/01�,@0B>�,9?/9T���@).5�,@0B>�,9?�/9T�,-96=�G-9:=�+@3�/=0C,�Q@0*Q�+@0`.5�5-=*Q�5F�8)H4+�+@3�0.@�,0+0;�

%=0C,�Q@0*Q�+@U�,@)4+�@-9C.�D)4�@F.@�Q@04,�E01�D)4�+@9?,��%=0C,�Q@0*Q�+@U�J9?,0*.���9?=�+@=*.5�,0S�5-3?.5�.@)�,@0B>�,9?�/9T�/017�/=0C,�Q@0*Q�,23.5�73?-�<=0.�@9C�EH*-.5)H1-�J@0*+S�+@=*.5�,0�D9A�[email protected]�5-=*Q�O+@�5F��+@3�@34���23.5�,@)4+�,9?S�73C,�G01-@34+�D06=�D0L+��,23.5�73?-�<=0.�@9C�5-)A0�,36-�EH*-�EH4�,36-S�D)4�.5@-967�J@0L+�J>;�/=0C,+=;0�+@=*.5�,0�D9A�/017�+@3�.5)H1-�J@0*+�,20*.@�W0�+@=*.5��,0�

�5)H1-�,@)*�@0-�89?.�50B.�.04.�.@06.���@=*.5�,0�+3*�,@9:�,)H;.5�,)H4.5�@F.@0;.@�+=;0�.5)H1-�G_��.04.�E0.�W-.V�X��.5�H-S�W-.�2=;�/31.5�,@)H.5�5-=*Q�8HA�,36-�YX�@-�I=�J@0*+@�,@)*�@0-�89?.�50B.S�.04.�.@06.�.@0C.�20�73C,�.5)H1-�%96E-���@)A.5.5)H1-�%96E-�/01�.5)H1-�@=4+�E=4�,23.5�89B.�,@H1���5)H1-�%96E-�.01>�,-96=�G-9:=�+@3@F.@�,@)*+�/9T�.5@-S�@F.@�,@)*+�G9B�.5301-�+=;0�73C,�,2=>9B.�,@3?.5�,23?.5�23T.5�

�@=*.5�,0�,@)H1.5�/01�.@)A.5�.5)H1-�%96E-S�+3?�50L.5�,@);�W06>�I)4.5�+0*+73?-�<=0.�@9C� ,@93�,2=>9B.� ,@3?.5�+3:�8-9:.���@)A.5�.5)H1-�801.�36.5�7=0�@30,0a.5�EH4���04.�._.@�@3*,�G04.�23B-�.53B-�,0*.�50T=�.@)A.5�/3T-�/0B7�.5)H1-�J@0*+���@)A.5.5)H1-�+@=;�,06.5�G3?+�E-9C+�/017�+=;0�,@H4�.@).5�/04-�,)1�+@3?-�E-9C+�,0K.5�/)H.5�@0>80a,�89:�@34�H;�E_�,2O�,@O+@�@H4Q���0?,�+0;�.@)A.5�.5)H1-�,@)H.5�W3*,�83*�/01�%96E-S�80B>I0T>�@F.@�,@)*+�701�+@0`.5�+3*�D)4�,@)H.5�W3*,�

�5)H1-�,@)*�G0�,)1� -92-+36�/96.� -962=D0/97���5)H1-�801.�36.5�.01>�89?.50B.�.5)H1-��3��@0*-�G_� ,@)H.5�50B.�+@9?,����.5� ,0� /01�.5)H1-�$0702-����.5� /01.5)H1-�+3*�@01.@�83C.5�+=4�,@9:���3;�/31.5�,@)H.5�+0;7�D06=�W0S�.5)H1-�$0702-�/0CQ,)*+�89?.�+@3T�.5)H1-�G_�.04.�@0?Q�@3?-����.5�,0�<=F�W=3?.5�G96.�+04.@�.5)H1-��3�@0*-�G_�,@)H.5�,O+@S�/0?>�I0B=�W30�G3*Q�E01�G0K.5�G3*�E9?,�,@)H.5���3B-�36.5�80a,.5)H1-�G_�,@)H.5�/96.�/).5�/)10S�897�.5)H1-�0?>�89?.�73C,�<=0*.�,234�23B-�+@0K7�D3*+D=3?,�8967���F�Q@0;-�8-S�.5)H1-�$0702-�5);-�+@3�.5)H1-�+@=;�<=0*.�+@0K7�D3*+�.04..@06.�E01�@)*0�D9A�,20;�,@967�,-9B.�.9?=�.5)H1-�G9C.@�+0B.�

�06>�/01�+06=�+@=>9C.�+=;0�.5)H1-��3��@0*-�G_�,@)H.5�,O+@S�/01�.5)H1-�701.@)A.5�G04.�@)A=��3��@0*-�+3*�,20*+@�.@-9C7�Q@0;-�+@0K7�D3*+���@).5�.@)A.5�,@0B>,9?�/9T�EH*-�+0*+�/=0C,�X�@0;-�/017Y�E01�X8)1.5�/017Y�80A�G0?,�/)4+�,23.5�E-9C+�5-=*Q�8HA.5)H1-�.01>���31.�.5)H1-�%96E-�EH*-�,0?,�+0;�,2=>9B.�,@3?.5�+=;0��7F.@�E3?.�/01�+0*-�G0T>+@3�D)4�@0?Q�I0T.�,23?.5�23T.5�

�@)A.5�.5)H1-�$070-S�+@0`.5�+3*�G-96.�+)H.5�W0A�@3C-�.013�+0;.�,2H;�36.55-=*Q�8HA�.5)H1-��3��@0*-S�36.5�/01�.5)H1-�+3*�@01.@�83C+���3C,�.5)H1-�+3*�/31.5�,20L+

- 49 -

��������������� ����������������� �����������������������������

0:.S�36.5�,0�D0`.�/31.5�80*Q�)*.5�.@=�+0B=�+=;0�.04.�.@06.���@H1�D)4�+@0K7�D3*+�+=;036.5S�.5)H1-��3��@0*-�D0LQ�+@9?,�J-0�8)H4+�D3?.5�

�296.�+3.�8)H1.5�8H1-S�+3*�20?,�.@-9B=�.5)H1-�G_�80*.@�G0B7�7F.@�70:>�I3,@0?,�G04-�E01�G_�Q@0;.�G3C-���34�80.5�@0?Q�@3?-�E9B�70a,�,@=3C+�/-.@�E01�,F.@�+0;7���3C,D3?�.5)H1-�+3*�,@9:�/01�G0.d�@)A=�@0>�<=9.�G-9?,�EH*-�+@=*.5�,0���34�[email protected]�+0B.�/=0C,XQ@0;-�/017Y�@0>�X+@H*�/017Y���34�+=A.5�[email protected]�+0B.�/9T�.5@-�E01�@F.@�,@)*+�,23?.523T.5���@).5�@34�+0B.�.@)A.5�.5)H1-�G04.�73.5�7=3?.�/H1-�W0*+�.@0C.�,O+@�+)4+�E01.@)A.5�.5)H1-�G04.�+3*�@+�

��� ����@36.5�+3*�73?-�<=0.�@9C�.013�@301.�,301.�Q@0`.5�/0a.5�E01�[email protected]�50aQ

J@3*�J@0K.���H.�.)A0S�I)H1.5�.@)�73?-�<=0.�@9C�+01.5�+0B.�G03�.@-96=�,@F�.501>/04-�.501>�D)4�,3:.�,@)H.5�+01.5�5-0�,0K.5�G0?>�.@-96=�

�3*�/9A�.@)A.5�8-9B=�,3:.�,@)H.5�[email protected]�8)H4+�,@0�,@)*�/01�.5=3B.�53?�/H*..@0?,�506>�20�83:�EHA���9?=�+)*�89:�D)4�,3:.�,@)H.5�.0:>�.H;S�.3*�D9A�D06=�80C7�@H.���3*D9A�,043�@01.5�2013�.50K.�+0*+@�5-)A0�@-0�.5)H1-�E01�+@U�+3*�D)4�,@0�,@)*�7H*-�@01.�50L.D)4�83:�EHA���50>�+0;�.9?=�73C,�.5)H1-�G013�+@)A0�E9B�+0;7�5-0*+�,@)H.5�,3:.S�.9?=�D)4,@)H.5�,3:.�0?>�E0T.�+@)0�8)H4+�0?>�E0T.�+@)0�8)H4+�,@0�,@)*�,@F�.5)H1-�0?>�+@0`.5+3*�5F�.5304-�,2)1�D)4�,@-9C,�@04-�

�-.@��@0*.@�+3*�,@=0C,�/04-�06=�+@=>9C.�+=;0�73C,�.5)H1-�<=91���01-�.5)H1-G04.�897�.5)H1-�0?>�89?.��0?.5��@2-D,�89:�8)H4+�+@)A0�/01.@���@).5��0?.5��@2-D,[email protected]�+@)A0�/01.@�+@3�0.@�0?>�.50>�/0CQ�,)*+���20*-�/04-S���501-�Q@0*.�EH*-�0.@�,0VX�HA-�+3.S�,3C-�/3T-�+=;0�+=;0�+3.�80A�8)H4+�,@0�Y�'�0,@-H�iV]����(���3*�/9A�,F.@,204.5�,@9:�+@0?,�+=;0�.5)H1-�.01>�I3�.@=�+0?=�8)H4+�,@0�,@)*�506>�20S�EF�D)4�+@)A0/01.@�8-�D0=�.@)A.5�/H1-�.3*-�0?>���06=�+@=>9C.�.01>�.@0L+�.@H;�+@=*.5�,0V��9T�/=*+.013�+@=*.5�,0�+3*�D)4�,@)H.5�,3:.�,3B.�,04-�+@)0�8)H4+�,@0�,@)*�,@F�+@=*.5�,0�/017�+@3+0*+�73?-�<=0.�@9C�G_�,96�/-9C,S�G_�<=91�

�06=�+@=>9C.�E9B�.5)H1-�+3.�,20-�@30.5�801.5�/01�73C,�,23.5�.@)A.5�+06=+@=>9C.�.5=4�.536.�.3:-�G0C,�.@0?,�,23.5��-.@��@0*.@���-.@��@0*.@�E9A�20�73C,G)*+�,20.@�+=;0�73C,�.5)H1-�+@0�,)1��0*-�+3*�]�+3.�,20-���34-�E-9C+�GF.@�,@)H1.5�+@389?.�73C,�.501>�.34S�73C,�8)*0�+3.�,20-�<=>9?,�8_.@�8-�,@93�+3.�8)H1.5�2-96.5�+=;07F.@�

�@93�[email protected]�,=4+��@)H.5��36.5S�806>�/01�8-9B=�E36�Q@=*+�+@3�,301.�,@9:5-0�8F.@���@0>�EF�+@H1�8H4-�+@3�89?.�J@-�+@0�+@9?,S�.5)H1-�+3.�7=3?.�.@0C.�5-0,01-�+=;0�7F.@�.50>�/0CQ�,)*+���5)H1-�+3.�,20-�0?>�D);�I=4.5�,301.�G3C�5-0�,01-�7H*-.@0C.�73C,�+0*+@�O+@�J>;�E01�Q@=.5�Q@O�+@3�,@3;0�70A.�/04+�,@=*�+=;0�7F.@�

�Z�.@-96.�,-9B.�G04+�+04.�I0B.���3C,�+H.�83*-�J9*7�/0.�,201.�J@0LQ�E=1.5�E01.5)H1-�+3.�,20-�0?>�Q@0;-�8-�+@0K.�@93�89:�J-9?7�D3?.5S�73C,�.5@9B�@91.�@04�.@0?,�+=;0.5)H1-��>NG0N/0-���0?,�/)4+�E01�83?-�I-9C.�EH*-�+0*-�83*-S�[email protected]�,20-�.01>�<=>9?,�8_.@E9B�.@01S�+@=0:.�G_�I=1.5�/H1-�.3*-�@>�E34.5�8)H4+�+@0�,@0�,@)*S�,067�,2O�0.@�E0K.5E0`.5�/H1-�.3*-V�X�@0�H-S�+3.�80A�Q@047�,3C-�EH*-�,2H1-�E01�EH*-�+@0S�+3.�[email protected]�80*.5

- 50 -

��������������� ����������������� �����������������������������

8)H4+�534-�/01�8)*0�+3.�+=;0�+@0�.)A0S�W-.�+@0�@0A>�80A-�+3.�.@)�8)*0�/017�7)H*.�Y�F�,@9?�.3*�J@H;-�80B=�+=3C+�@01.@�,2F.@�E9B�.@01���23.5�J@-�.3*�+31.�H;�80R.5�W0S�+@0,236.5�,@0?>���0?>�5-H1�.5)H1-�+@0�+0;7�83C.5�D06=�D0�E9B�@01.@�83C.5�+=;0�.5)H1-�+3.,2)H*+�J@-�831-�@3;-�+@-0�5-0�,01-�,)*+�/01�.3*�,2=1�G3;�+@3�.5)H1-�+@0�+@9?,���@=*.5�,0+3*�,@9:�,)H;.5�,)H4.5�@F.@�0;.@�+=;0�I06.�/01.5�,=4�@34Q�.@-9B=�5-H1�G01.�,0*.�D)4�D0-/0B7�+=;0�8)*0�+3.�@30.5�801.5�E01�D)4�80=�/31.5�E36�J9:�+=;0�.5)H1-�+@0�

�@0�+=;0�[email protected]�,@0.@�.-96.�.01>�/01�.5)H1-�+3*�8_0�E_�,23.5�W0A�@3C-���9?=36.5�,0�+@H1��8H4-�+3.�7F.@�G31�734Q�,23.5�,=>9C,�E34.5�89?.�EH*-�36.5�E01�36.5�80A2,=*,�G3;�@9?,�D)4�,)*+�5-0C.�+=;0�7F.@�,296.�.5)H1-�+3.�@9?,�/31.5�@3?-�/3T-S�,@F�I)H1.5.@)�G)*+�,20.@�D9A�,@O+@�@H4Q�@H.�

�@).5�.5)H1-� +@0�>96=� ,@)H.5� +3.� D06=� D0L+S� 5-3?.5� .@)��@0� ,@-96.,@)H4.5�>96=�+@=*.5�,0���@0>�EF�89:�+@3�+3.�J9*3�/96�G)H*+�+@06.�79C,�73;-�E9B�.@01S,@0>�EF�.5)H1-�+@0�5-)A�8_0�E_�+03�,234.5�E01�J-96=�@0A.@�+=;0�7F.@S�36.5�80A�X80B>/31.5�,@)H.5�W3*,S�+@04>�20�367�+3:�701�@36.Y�'%=+0�[dV]\��%�(�

�5)H1-�+3.�+3?�50L.5�,@3:.�,@)*+�/H1-�.3*-�80A�8)H4+�+@=0:.�G_�,2)H*+S�.@).5.3*�[email protected]�,@9:�.3*-�@9?,�+=A.5�[email protected]�+0B.�.3*-�.)A0��$)4�,@0�,@)*�+=;0�.5)H1-�+@0�80A,=36.�+@0;>�I9T�I01.5���5)H1-�+@0�20�/9C.@�/0?>�<=0B.�0*3�894Q�70a+�E013�+@3�+3.S/0?>�.@0T.�E01�5-01>�70.5�+@3�+0C=�,0���@0�.3*-V�X�@=*.5�,0�Q@0;-�/017�,-9C+�0K.7)1.5S�EF�+3.�,0�80A�+@9?,�701�.0>�8)H4+�D3?.5���0A�70?,�701�G06>�5-H1�,F7�8)H4+�Y'%=+0�[dV]^N]bS��%�(

�5)H1-�+@0�@>�D-.@�+@3�+3.S�73.5�7=3?.�80*Q�)*.5�734-�.@=�+0B=�+=;0+3.���5)H1-�+@0�80A�Q@=4+�+@06.�G0;.�,@06.�+=;0�.5)H1-�+3.�G0R.5�.@)A.5�/H1-�W0*+.@0C.���9?�,-9?Q�D0=�/H1-�.3*-�+=;0�36.5�/01�@01.@�83C.5�,@-9?,�,@)4+�

�F�D)4�,@0�,@)*�+=;0�.5)H1-�+@0S�73?-�<=0.�@9C�+@0�+3.�8)H4+�Q@=4+�@3B-,234.�E94.���@3�I=1�D)4�,3:.�,@)H.5�80=�8H*.�89?.�7)*+�83C�.013S�.3*�89B=�+0B.�D)4�,@0,@)*���9?=�+@=*.5�,0�+@3?-�,)1�D)4�,@0�,@)*�,@F�73?-�<=0.�@9C�80a+�G-9C,�83*�D9A�G_�89�I340E01�,-9?.�,2F.@�W06>�+0?,�D9A�G_�,2F�@30A.�

�@=*.5�,0�Q@0;-�/=36.�/=36.�D0e.�D01.5�,@0�,@)*S�.@).5�8)1.5�G03�5-H1�831-@3;-�D)4�,@0�,@)*�+@3�7F.@��X�0A>�,);�,9?�E01�D0e.�D01.5�,@0�,@)*S�8)1.5�G03�5-H1�+0K75-0C.���0A>�.@H*��@=*0�80A�,@0�,@)*�+@3�0.@�97�,@9?�.013S�0.@�97�Q@0;-�,@0�,@)*+@3�.5)H1-�J@0*+�,@9?�0?>V�'�36/3D9��^V[^��%�(���0A>�89:�+06=�J@0:=�@-9C=�,@0�,@)*E0.5�I3C-�E013/31.5�+@=*.5�,0S�E01�@0A>�89:�<=>9B.�.0K.5�+=;0�D)4�,@0�,@)*�897�/04-�D)4+@)A0�/01.@�,=36.�+@0;>�I9T�I01.5�,23.5�+=3C+�D3?.5�+@=*.5�,0�

�9?=�G04.�7=3?.�W06>�I)4.5�73?-�<=0.�@9C�,3?,�894QS�@0A>�G0L,�80B=�G0R.573C,�.9B.�73*.5�E)A.5�+@0L+���0A>�G-9?,�+@0L+�20R.5�7F.@�80.5�+3*�D)4�,@01.@�,@0C,E01�8)*+�,O.@�J-96.�.@0T.�,2=.5�,O.���0A>�+@0L+�+@0L+�20R.5�G04.�80.5�+3*�D)4�+=.5)*.5�+=;0��)*+��@=*0��2H1-�E9B�73?-�<=0.�@9C�,2)H1.5�+);=�E01�73C,�@>�E34.5�/06=�I01-�

�0A>�+0:.�,@0C.�D)A�I=4.5�.@)A.5�E0C,�/-9C=�W06>�I)4.5�+3*�+@0?,�/)H4.5���0A>W06>�I)4.5�G0R.5�D)4�5-03�,@0*+�89:�80*Q�)*.5�.@=�+0B=�+=;0�.5)H1-�J@0*+�E01�5-=*Q�8HA@34�Q@0*,�,2-9:.�8-9B=�,3?,�.@0?,�+=;0�@34���0A>�W06>�I)4.5�G0R.5�.@)A.5�/H1-�W0*+�.@0C.

- 51 -

��������������� ����������������� �����������������������������

8O+@�,@)4+��@0A>�W06>�I)4.5�G0R.5�D)4�,@)H.5�W3*,�J917�,@93�@01.@�83C.5�,@-9?,�,@)4+��0A>�W06>�I)4.5� ,@0*-�83C� ,@0� ,@)*� /-96.� ,=4+�E01� ,296.�@9?,�734-�D)4S�@0A>�89:��0?.5�@2-D,�/01��0*�53*+�.@01�

�96.�.@H*V��)*+��@=*0��2H1-�7=3?.�G04.�+3*�.@)A.5�73?-�<=0.�@9C�,234.�E94.E01�,@3;0�/31.5����501-�G0.�.5=3B.�,01-�.5=>96.�+@3�G04.�D);�I=4.5���0A>�/H4-�I=4.5.@)A.5�8-9B=�83*�E01�@0A>�E=-�D)H*.5�@)H;.5�,@=4�+0*+�73?-�<=0.�@9C�701�+@0`.5�G035-H1�.5@Z�20R.5�8-9B=�83*�+3*�,@9:�W0;>�20�

- 52 -

��������������� ����������������� �����������������������������

��������

�� ���"����� �# �����.@-9B=�J@O0�+04.@�J@0*+�.@0=S�@0B=�@9?,�734-�.5)H1-�+@=*.5�,0�89B=�G_

80=�3?7S�G9C.@�,0C,���@)H1.5�,@)H1.5S�,@H1-�5-0.�80=�3?7�,20;-�<=0�.50L.�.5=;-S�+3*J@-�+@=*.5�,0�+0B.�.5@U�.5H-�,@F�,@06.�,@9:�,)4�8-9B=�+@U.@�23B-�+@=*.5�,0�/017�E-9C+GF.@�,@)H1.5�

�=>�[email protected]�+=A.5�+3*�.@)A.5�G9C.@�70A.� ,O.@���3*�.@)A.5�,0-�.04.�701734-�+3?�50L.5�+=;0�+3.�.5)H1-�I)H1.5�.@)�[email protected]�897�/04-�@-9C=�<=0;�G03�.@-96=��3*�.@)A.5�,2)H1.5�@H4Q�20?,�+0B.�D)4�+@)A0�/01.@�+=;0��@0B>�,@=3?+�,@-96.�,@)H4.5�

�-.@��@0*.@�J>*� ,@=0C,�73C,� +06=� +@=>9C.� />*� ,@=*V� X�013�.501>� /9T� +=;0.5)H1-��3��@0*-S��@=*0�P9D=D�,2H;�E9B� -962=D0/97���96.�,23.5�,@01.@�Q@3?S�50B.�);0��/-296.S�+3*�03��96,9?,80�EH*-�.0K7�E317�+);0�G03�<=0.@���0*7�836.5�.5)H1-G9C.@�<=91S�7=1S�G04-�/-9C,S�.0R7�I)H*-�E317�+);0�'�@H1�J@-�+3*�.)H*+�83C.5S�EF�73C,,@-96.�D)*�+=;0��@=*0�,@U.@�,@30;.5�5-0*.5�W=3?.5�/017�+@3�.)H*+�83C.5�E01�D0=�83*.5)H1-�.013�G)H*+�W=3?.5�,2)H*+�+@)A0�/01.@(�

X�3*�73C,�.5)H1-�801.�36.5�.0R7�,04-�80?>S�.5)H1-�.01>�80A�G_�G9C.@�G0�7)H-,0*7�.0K7���@-��@=*0�P9D=D�.@F.�,@0?>�.5)H1-�E01�G-9?,�.5)H1-�80A�80=�/06=�/0L7��501-�G91.�@3;-V�X�3.�+3*�7=3?.�J@3;9�704.@�[email protected]

�5)H1-�G_.@�.3*-V�X�36-�[email protected]�,@9:�W=3?.5�03S�EF�[email protected]�+3*�0-�5-=*Q�,36-W=3?.5�03�J@-�.)H*+�83C.5���23.5�J@-�,36-�+3?�50L.5�W3?.5�8)H4+�,@F�+3*�.5)H1-�J@0*+W=3?.5�,2)H*+�,36-�Y

�@=*0�P9D=D�Q@0*.�EH*-�.5)H1-�20R.5V�X�0A>�8)*.@�I0C>S�+=3C.�+@-9?+�89C7.5)H-�.0R7�E01�,2H;�E9B�.@01�Y�%0CQ�,)*+S�.5)H1-�801.�36.5�8)H4+�+@)A0�/01.@���5)H1-+=3C.�+@-9?+�89C7�/04-�E01�G0L,�80B=�G)H*+�8-�X�' -0K.5�dV[Ni��%�(�

�@-�834+�+06=�+@=>9C.�.01>S�,36-�,@0*.�Q@=4+�D)4�,@)H.5�W3*,�+=;0��)*+��@=*0�2H1-S�.@).5�,36-�+=A.5�.504+�.@-96.�,04-�D03��)*+��@=*0��2H1-/04-�+@34.�E-9C+�.01>G01>�,3;�<=>9B.�.0K.5�+@)A0�G9C.@�+=;0���501-�,04-�03��96,9?,80���3*-�+@3�+=1.5S�E0T.+3*�70?>�03�J@0*+�H;� -962=D0/97�E01�+31.�.5)H1-�G9C.@�+3*�,@9:�,@0?>�H;�J@0LQ�.H-�

$0=�83*��@0*.@�%-.@�7H;�70L,�,@=3C+�/-.@�89:�,36-�@-9:=�8)H4+����501-�+@3,36-�G-9?,�20R.5�+3*�70?>�/>*�I3�89:��)*+��@=*0��2H1-�+@34.�/)40�E01�.@)A.5�/>*�I3�+@=*.5,0�Q@0;-�,@)4+�@-9C.�89:�.@0C.�D)4�+@)A0�/01.@���23.5�,-9?.5��>�%04QS��96,9?,80�+3*.5@Z0�/01�X.@01�G0.�H.�@0>�/017�Q@=*+Y�'@3=D9�3l�520+9�32�792+>(�D)4�+@)A0/01.@�/01�H.�Q@)H*+�701��)*+��@=*0��2H1-�7=3?.�83:�W=3?.5�+@3�+3.�+0*-���501-�

��� �/0�M����

- 53 -

��������������� ����������������� �����������������������������

3��96,9?,80�H;�G96.�+04.@�+@H4�G0*.�+@-96.�+=A.5�+3*�.5@Z0���@-�73C,�.5)H1-�3��@0*-�7=3?.�,@H1�Q@)H4.5��)*+��@=*0��2H1-�+=;0�/9T�@>�D-.@�,@F�,2)H*+�@9?,�.5)H1-0?>�Q@0;-�89?.�+@H4�G0*.�+@-96.��$0=�J@-�80A�+@34.�/)40�E01�7=0�73C,�+3.�[email protected])H1-�0?>�897�.50>�+3.�+@-96.�89?.�50B.�03�83*S�03��96,9?,80���04-�806>S�.5)H1-.01>�,0L7�2)A0�+3.�+@-96.,�@0C,�D04+@��%017�.@)�E0C>�EF�/>*�I3�D0=�806>V��)*+��@=*0�2H1-�[email protected][email protected],�+3.�+@-96.�IH�G0:.�/017�/9T�E0C,�@>�D-.@S�+3.�+@-96.�8)H4I06.5�/96.�Q@0;-�[email protected]�+3*�E9?,�@0>�[email protected]�+3*�+@3T�.013�+@96�,20*+@�8)H4+�

�0EO,�.3*-�20R.5�+@=*.5�,0�89B=�D-.@�20�,)1�,3C-�/3T-��X�36-�20�8H1-�/01�73C,�,[email protected]�E06.5S�,)1�5-06>�Q@=*,�794�,36-�+)=�70.5�,36-��X�'�@-�,@-96.�d[Vd��%�(���9?=+@=*.5� ,0�7=3?.�8)H4+��)*+��@=*0��2H1-�+@0?Q�[email protected]�+@=*.5� ,0�Q@0;-�8)H4+� 2);0D04+@���@).5�03�,0:>�+=;0�+@=*.5�,0�J@0*+�@0`.�

�0?.5��@2-D,�D3?.5�73C,�8H1-�D3?.5�E36�,36-S�[email protected]�,F�E9?,�@0>�[email protected]�+3*+@3T�.013�+@96�,20*+@�8)H4+����501-�89?.�E01�70.5�@9?,�,3C-�/3T-�GE01�G9C.@�,0C,�+=;0+@=*.5�,0�,296.�,@06.�,@9:���501-�,296.�+06>�,@0CQ�,)4���3�D)4�+@9?,�,296.�+06>�,@0CQ�,)45-0*S���501-�80A�83:�@=>9?,�20�EF�+@=*.5�,0���@U�+3*�I31.5�@=>9?,�83:�+=;0����501-S+@=*.5�,0�7H*-�8)H4+�2);0�E01�,0:>�D04+@�J@3;-�734-�,3C-�/3T-���=>96,[�+=;0��@=*0�P9D=D,2H;�,@01.@�03��96,9?,80�+=;0�+@=*.5�,0�

�@U�@0A>�/0?>�8)*+�,-.�8H.��DH�.H-��)*=��@=*0�P9D=D��@2-D,�89:�,0:>�D04+@,04-�03�,0:>�D04+@�+=;0��)*+��@=*0��2H1-���50>�G06>�5-H1S��)*+��@0*.@�%-.@�D9A�0*QI=4.5�@=>9?,�+=;0��@=*0�P9D=D�E013�/31.5�G04.�E01�/017�+@3�G04.�8)H4+�D04+@���9?=G04.�8)H4+�@=>9?,�+=;0��0?.5��@2-D,�,0:>�D04+@S�,@F�G04.�+3*�,@9:�I04.�IZ�89?.�50B.�)*+��@=*0��2H1-�E01�+@0L+�+@0L.���501-�D9A�80*Q�/H1-�+0B=�W-.��@=*0�+@)A0�G9C.@�+@3G04.�

��� �/0�M�����X���D ��������.B��M����0�M����3.�+@-96.�8)H4+�,0L7�2);0�H;�03S�+@0`.5�G03�/06=�.3*�D9A�8)H4+�I06.5�/017

+=;0�/96�@>�D-.@�,296.�G01.�,@H1���04.�+3*�+0B.�73C,�Q@9*Q�/04� ,23.5�,@06.�,@9:�[email protected]��04.�+3*�7=3?.�<=>9B.�.0K.5��)*+��@0*.@�%-.@�8-�E013�+=3C+�8H1-�[email protected]���04.�+3*�7=3?.��)*+��@=*0��2H1-�.5@9�/H1-�+0B=�.5=>9C.�[email protected]�%01�73C,+3.�+0*-�8)H4+�@=>9?,�,0:>�D04+@�G04.�Q@0;-�80a,�+=3C�D3?.5�.F.@�/017�+=;0�/9T�@>�D-.@,296.�G01.�,@H1�+=;0��)*+��@=*0��2H1-�

�06>�[email protected]�Q@0;-� /01�73C,� G)H*+�I9T� I01.5�89:� +@0?� .@0C.���@).5��)*+�@=*0��2H1-�[email protected]�,@9:�+@)A0�/01.@�+@3�G04.�73C,�+0*+@�,234.�E94.�,2)1�Q@-�G04.�,2H;,@01.@�+=;0�/9T�I06.5�/96.�+@3���501-�

�@-�G04.�@301.�,301.�@>�D-.@�+=3C+�8H1-�7F.@�+@3��)*+��@=*0��2H1-����501-D9A�7H;�+);0�,@-96.�801.5�E0�,=36.�83:�.@)A.5�Q@)H*+�@04.@�+=;0���501-�,296.�G04.�

������Y�A�.��� ���E������N�������23.5�,@9?�5-H*-�@-9C.�,04-�+=;0�+@=*.5�,0S�.5)H1-�,0�,@)H1.5�.@0?.�704.@

@01.@�83C.5���34-� E-9C+�89B=� +@=>9:.�83C.5�.@0.@V��-q��-q��-q��@0.@� /96.� q�@0.@�/96.�q��@0.@�/96.�q

- 54 -

��������������� ����������������� �����������������������������

�50>�+0;�E-9C+�8-�.@01�,@H1S�+@=*.5�,0�+=A.5�,@)H1.5�73.5�8H4-��)*+��@=*0�2H1-�,20;�/H1-�/0CQ�,)*+�

�@=*.5�,0�+0B=�.5=>9C.V�X%04>��)*+��@=*0��2H1-S���501-�G-9?,�+3.�80=�8H*.E01�J@3:�DH;�G-9?,�G03����501-�/01��0?.5�,301.�<=>9B.�,296.�E=A�,2=4S�E0C>�W-.���501-+@)A0�/01.@�+@3�+3.�.50>�5-H1�.01>Y

�3B-�+@=*.5�,0�7H;�70L,�/H*.�E01�,236.5�+@H1���501-�+@)A0�/01.@�/0CQ�,)*+�+@3+@=*.5�,0��.9?=���501-�[email protected]�+@)A0S�+@=*.5�,0�G0?,�70A.�.50>�E01�,@)H1.5�.3:-�5-0C..)A0���@).5S�EH*-� ,@0*-� 83C� 83*S��)*+��@=*0��2H1-� +@0`.5� /017�5F� +@3� +@=*.5� ,08)H4+����501-�7=3?.�+@=*.5�,0�I01.@�,@F�5-H1�H;�EH*-���501-����501-�7=3?.�+@=*.5�,0J-96.�.@0T.�E01�G9B.�83T�+@H1�8H4-�7=4+�8O+@�,@-96.�,@)H4.5�+=;0���501-�G01>�23A�

�@)A.5�.5)H1-�G9C.@�,04-�03��96,96,80�20?,�J-96.�.@0T.���34�.@0T.�.04-�+@H1+@3�89?.�J@-�+3*�.)H*+�83C.5�,@-�+@=*.5�,0�Q@0;-�+@H1�+@3�89?.�J@-��@0*.@�%-.@<=0?>�83C.5�/31.5�+@=*.5�,0�

A�����������������B0���D��23.5�.@)A.5�.501>�GF.@�,@)H1.5S�.@)A.5�.5)H1-�+@H1�8H4�G96.�+04.@�03

�96,9?,80�E0T.�I=1.5�.)H*+�03�2);0�70a,���3*�+@U�/01�73C,�/304-�.)H*+�GF.@�,@)H1.5S.@).5�J@-�+3*�73C,�,@-96.�D)*�5-0*.5�W=3?.5�/017�+@3�.)H*+�83C.5�/96.�,@F�03�83*�,2H;,@01.@�03�+=.5�+0?Q�Q@9*Q�/04�

�3*�.@-9B=�.5)H1-�E0T.�8-�.@01�,@H1�E01�+@U�.5@9�5-0;.5���@)H1.5�,@)H1.5.@)A.5�/H1-�5-0;.5�+@U�89:�+=.5�+0?Q�D)4�@-9:=�G-9?,�+@=.5�+@=.5�E9B��-.@��@0*.@S73C,�J-9?.�,@)*+�89:�+@3�.5)H1-�834+�@30a+�.5@9�,-9?Q�,@=��%H1-�.3*-�E01�J-9?.�,@)*+.01>�,@)H1.5�8)H4+�+3-�.@)�/01�%353D��%H1-�/353D

�23.5�D0*+@��3670�+3*�8)0� 20�@0-�>*�.5@Z0�J@0*+�.@0=�E9B� +@)A�.01>VX�@)A.5�8)*+�,-.�Q@0*,�D=0?,�,)1�D)4�/0L.5�.5@9�Q@=*+�067�.01>N�Q@=*+�067�E9B��0?.5�@2-D,Y�'�3670�[\V\f��%�(�����806>�+@)A��@970�8)H4�I=1.5���@970�/01�73C,�/H1-.3*-�80a+�G-9C,�+@3�73C,�.5)H1-�80a+�G-9C,�,23.5�73C,�@301.�+0;.@�80a+�G-9C,���0a+�I=1,23.5�/H1-�%353D�E0T.�+3*�+@06.�/>*S�.@).5�/H1-��@970�7H*-�897�/04-�8)*+�,-.�,@=*+80B>�+@=*.5�,0�@01.@�83C.5�+3*�@-9C=�<=0;�E01�G0.�+@3�8)*+�,-.�+0B.�,@-9?,�89:�.@0C.�D)4+@)A0�/01.@�

�@-�834+��-.@��@0*.@S�G04.�80.5�834+�/H1-�%353D��$0=�J@-�G04.�D=>�50T7/H1-��@=*0S�73C,�Q@0B.�@0>�.@-9B=�Q@0B.�+=;0��-.@��@0*.@�I)H1.5�.@)�I01.@�2-96.5+@3�G04.���@-��@0*.@�%-.@�<=0?>�83C.5�/31.5�G04.S�%H1-�%353D�D9A�,2H;�,@01.@�/H1-�@970�E01�,2H;�,@01.@�/H1-�.3*-�80a+�G-9C,�+@3�G04.�,23.5�J@=.5�+0;.@�80a+�G-9C,�

%H1-��@970�+=;0�%H1-��)*+��@=*0��2H1-�D9A�<=0?>�83C.5�.H-�G04.�.-9B7�,-.,O+@�+)4+�� -3?.5�.@)�.)H*+�03��96,96,80�8)H4+�<=0?>�83C.5S�,@F�.@)A.5�Q@0B.��-.@�@0*.@�83*��D9A�83C.5�/31.5�G04.���3B-�+@U�+3*�/=*+�0?>�G04.�7H*-�J-.@�.5@-9C7�8)H4+Q@9*Q�/04�W0;>�20�

��D ��.������������������067�,2O�,36-�E0T.�[email protected]�G03�+�G-9?.�+3?�W0;>�20�+0*+@�806>�@0-�7)H-�.0K7

- 55 -

��������������� ����������������� �����������������������������

'[ic\(�,23.5�.@)A.5�.501>*�80B=�+=;0�+@)*+�E=4�+=;0�,36-���3C,�D0*.5��@=*0��@0C,�.34S,36-�89?.�.@01�,@H1�/9B=�,204-�.H-�+@=*.5�,36-�,3:�+@)*+�.@3*7�@34Q���@-�5-0;.5�D)*�8-9CQG=3:-�D0*.5�,36-�>*�,@)*+�20R.5�7F.@�[email protected]�+0;7�,@0?>�D)4�@-9C.�I-9C.�+=;0��)*+��@=*0�2H1-��%=*+�5-0;.5S�,36-�2=1.5�7F.@�E01�.3*-�/0LQ�G0LQ�EF�.@-9B=�.5)H1-�I)4�.@3*7�.5=;5=4+�

$0=�G=3:-�,@H1�Q@)H4.5�D0*.5S�,36-�7=3?.�,)1�+@)*+���36-�,)4�@3;-�[email protected]�G-9?,�)*+��@=*0��2H1-�+3*�,@)4+�D)4�J96=�534-�,36-�E013�+@)*+�E=4�[email protected]�G_�70?,�+0;7�5-0*+0K..53.S�,36-�.@_.�0K.�,2)0���@0>�E013�83*�,36-�8-�+0B=�.5=>9C.�E01�+@=0:.�G_�.@3*7@34Q�,3?-���36-�7=3?.�G=3:-�.@3*7�,3?-�D9A�,@01.@�+36.5�2)4+�2HA�

�@).5�G=3:-�,@H1�Q@)H4.5�,3?-�/04-�+31.�,9C�@04-�@H.�G=3:-�D0*.5���36-�,@0?>7F.@�80*.5�5@9*,�+3.�.5)H1-�7F.@�

�0a+�I=1�,2H1-�7=10�836.5�20?,�/04.@S�.@).5�,36-�E0T.�@J36.5�,@9:�E013�5-)H1.5��36-�/0?>�+0*-�79B.�<=0?.�+@0a,�E01�.53B-�H;�.@01�,@H1�/9B=�,204-�83*�+0B=�.5=>9C.��+0;7,@0?>�,@0?,�E34.5�D06=�W0S�,36-�,@0?>�I)H1.5�.@)�/H1-�+0B=�.5=>9C.�+=;0�7F.@�+@0`.5897�/04-�@-9C=�<=0;�,3?,�894Q�.013�

�@F.@�/F.@�,36-�.5@9�73C,�,-9?.5�83C.5���3C,�.5)H1-�,@0.@�.-96.�G_�<=91S80B=�5H*-�G_�,@)H.5�,O+@�.0a.5S�G31�/04-�50B.�.53B-���36-�,)H;.5�0.@�.01>�89?.�W-.,-9B.�

.@�,0�@3;-V�X�=4+�D)�H;�806=�23B-nY- �36-�/01�7=4+�D)�806>�- .@�,0�W0*+�[email protected]��04S�,36-�89?.�806>�89:�8)H4+�+@)A0�/01.@��36-�[email protected]�,@9:�5-0;.5�73C,�G01-��%017�,@9?�.013�,36-�+3*�,@9:�+0B=�.5=>9C.

+@3�0-�,23.5�8-9B=�J-9C.�83*��36-�@3;-V�.@�,)1�806=�89?.�806>�X�36-�80.5�8-�W-.�0K.�H;�50�W9�/);0�$93=/S�D0=�83*�+3*�73C,�.5)H1-�801.�36.5

7H1-�,36-�89?.�.@01�,@H1�+=;0�36.5����.5�0?>�.3*-�20R.5�36.5�+3*�,@9:�+0B=�.5=>9C.�+@3,36-�8)H4+�+@)A0�/01.@�Y

�36-�+3?�D)*+�,F7�73C,�/H1-�+0*3�/3T-��X�@).5�0.@�Q@0;-�/01�+H�83?+�.@06.��)*+��@=*0��2H1-�[email protected]�G03�5-H1�+@)A0�/01.@�+@3�,3C-�.@06.�.013�+0;�Y

.@�,0�<=0>�/04-��X%017�D03�,36-�,2H;�,@01.@�73C,�+H�83?+�.@06.�Y�@9?� 23B-� ,36-�Q@0;-�5-0;-� ,@O+@�+@3�0.@� ,0�+@)H.5� ,2F.@�+)*=�+=;0��)*+

�@=*0��2H1-��.@�G0L,�80B=�J96=�+0B=��0.@�P9D=D��@2-D,�E01�8)H4+�+)*=�+0*+@�J>1I-9C=���=3C+�D3?.5�+=;0�0.@�8)H4+�,0:>�D04+@�I3�03��96,9?,80�+=;0��0?.5��@2-D,�

$0=�83*�0.@�,0�.@0?.�704.@S�X�@)0�7=4+�D)4S�,36-�D0e.�D01.5�Y�%H1-�.3*-,@0*-�83C�+=;0�0.@�G01>�,3;�73C,�D)4�@>�D-.@�,234.�E94.��.@�,F.@�.5=>9C.�80a,�734-�D)4/96.�G01.�,@H1�80B=�Q@=4+��)*+��@=*0��2H1-

�36-�+@=0:.�G_�+0B=�.5=>9C.�+@3�0.@���@).5�E9?,�,@)H.5�.H-�80B=�53?-+=;0�0.@�,20B7�,234.5�<=0*�89?.�.3T-�,36�,@0L+�70L+�[email protected]�G-9?,�+@O.@��0?.5��@2-D,+3*�,@9:�+@)A0�/01.@�8)H4+�[email protected]���36-�80a,�,0>�,296.�0.@�E01�+3?�+0B=�.5=>9C.�.@).5J@3*�7H;�7-9C.5�20�8)H4+S�,36-�.3*-�.@0.@V�X�@0�H-S�.@H.�I0.@��@=*0�P9D=DS�W-.

- 56 -

��������������� ����������������� �����������������������������

+@)A0�/01.@�+@3�[email protected]�,20-�.01>�Y�@36.5�8)*+�,-.�701�E0T.�20�/9C.@�+@3�.5)H1-�,@0.@�.-96.�83*S�X�0A>�,@);

8)*.5�/96.Y��3B-�,36-�5-=*Q�0.@�,0S�.@).5�+@U�,@0?>�836-�+@06.�J9*3�/96�5-3?.5�.@)+3.�G=1�.@F.�

�36-�20�/9C.@V�X.@�@0A>�.53B-�806>S�,36-�D9A�8-�E01�J-9?7�,@967�+@=*,�8)*+�,-..)A0�Y

�-9?.�50B.�,H*-�,310�5-0;.5�H;�Q@O0�,2)H*+�.@01�,@H1S�,36-�G0L,�80B=�+0B=�.5=>9C.��@).5�70a+�I=1�,36-�20?,�J-96.�,2FS�/H1-�+0B=�.5=>9C.�+=;0�,36-�,201.�80B>�/H1-�Q@01.�.01.+@)*�[email protected]�+0B=�,@0>V�X%04>��)*+��@=*0��2H1-S�,04-�D03���501-�D0-�.5)H1-�.01>�89?.@3C-�,@0*.@�+3.n���501-�G-9?,�+3.�[email protected]�,@9:�5-=*Q�5F�+@3�0.@�,0�8)H4+����501-�Q@0;-G0.�+@3�+3.�8)*+�,-.�.@-9B=�@H.�.)A0�Y

$0=�83*S�,36-�G0L,�80B=�/0CQ�/04-�+0*+�06=�J-.@�,@0*.@�/-96.�<=0.�89?.�D)4�+@)A0G9C.@�701�,36-�.@H*�8)H4+���@).5�.@)A.5�+06=��-.@��@0*.@�83*�+@U�/01�/H1-�%353D83?-�EH*-�,36-���=1�[email protected]�+0;7�,@0?>�+3*�D)4�,@0>�83:-�.013S�,36-�E0T.�+)*�,2H;�/04-�+@3:�+=;[email protected]�,@0.@�.-96.�.34�

X�@=*.5� ,0�@0A>� ,@);�W97�/0B..)A0�YS� ,36-�80a,� ,0>� ,296.�0.@� ,0�E01�.3*-�X�@H.�I0.@��@=*0�P9D=DS�@0A>�/01.@�G9C.@�Y

�36-�.0L7�/0?>�,0>�0.@�,0S�X�06>�5-H1�0.@�@0A>�,@);�8)*.5�I0C>�Y��3C,�/0B..)A0S�836-�+@06.�0.@�,0�E0T.�D=47�W=3?.5S

X�@36-�0.@�+)*�.53B-�806>Y�36-�,2H;�/04-�,310�5-0;.5�E01�+0B=�.5=>9C.S�X%04>��@=*0S�.9?=���501-�[email protected]

,0K.5�+)H1.5�8)*+�,-.�+@3�+3.S�,3?,�@H.�+3.�+)*�.53B-�/F�H;�806>�E01�+@9?,�<=0*+@�Y$0=�83*S�D=3?,�70?>�,-9?.5�83B.5�@3B�,36-�+)*�.53B-�83*�+0B=�.5=>9C.S�.5@Z

.@-9B=�E9B��@0*.@�%-.@�E01�+@H1�8H4-��@=*0���@01.5�,@0.@�.-96.�.01>�<=91�EF�E9?,,@)H.5S�+31.�,36-�G_�<=91�EF�.5@-�.5H1���@).5�G06>�5-H1S�+0;�@0-�+@=*.5�,0�80B=�Q@0;-J-96.�.@0T.�E01�G9B.�83TS�+@H1�8H4-��@0*.@�%-.@�89?.�<=0?>�83C.5�.)H*+�/96.�

�@F.@�/F.@�,36-�+0;7�,@0?>��@0*.@�%-.@�+=;0��)*+��@=*0��2H1-�5-0*.5�W=3?.5,296.�,36-�+0*+@�80a+�G-9C,�� -3?.5�.@)��,@-96.�D)*�<=0?>�83C.5�.)H*+�03�H;��96,9?,80S�,@F/31.5�,36-�+=A.5�80.5�8)H4+��@0*.@�%-.@�<=0?>�83C.5���)*+�,-.�+=;0�,36-�G0L,�80B=,0K.5�+)H1.5��%353D�,2H;�,@01.@��@970��E01�,36-�+0;7�,@0?>�7F.@�+3*�,@9:�/017�<=0;80?,�+@=>9:.�83C.5���@-�,2H;�/04-�89:�.@F.�E013�[email protected]�,@0.@�.-96.�G_�<=91�.01>S�D)4+@)A0�/01.@�+=;0�0.@�,0�I)H1.5�.@)�[email protected]�+31.�/01�8-9B=�J@3*���36-�8)*.5�/96.�E01J@H;-�D)4�,-9?.�89?.�50B.�0.@�,0�73C,�/0B.�.)A0�

��� .������� ��D��A���������=1.5�/=*+�83*�+3*�G0�,96.�0K.�,23C7�8-�E013�.@01�,@H1�89:�0K.�+0LQ�E0C,�I=4.5�+3*

5-0*�,2_���36-�+@U�@34�E01�.3*-V�X�0?>�.5)H1-�J-0S�89?.�IF=�0.@�<=91�/04-�806>S�,36-�D9A+0B=�.5=>9C.�+@3�0.@�,0�8)H4+�+@)A0�/01.@�Y

�31�731�@34�.5@9�/H1-�,36-���3B-�,36-�8)*.5�,296.�80B=�53?-�+=;0�[email protected]�,@[email protected].�E01�+0B=�.5=>9C.V�X�@H.�I0.@��@=*0�P9D=DS�Q@0;-�,2H;�/04-�.@)�+=A�Y

- 57 -

��������������� ����������������� �����������������������������

$0=�83*�,36-�.@0;>�D0.5�73C,�G96.���@)A.5�J@H*Q�W)H.5�H;�80B=�53?-�0.@�,0G0L,�80B=�J96=�20K.5�20L+���30;.5�J-.@S�[email protected]�,@0.@�.-96.�G0L,�80B=�/0�/H*.�X�)*=,36-S�36.5�80.5�5-9?,�,36-�Y

�-.@�@0A-�G0�,96.�,23C.�+@04>�8-�70?,��@-�,36-�5-=*Q�8HA�.5)H1-�,@0.@�.-96.�8)*.5�I0C>S�+@06.�+=;0�0.@�,0�E0T.�G0?,

83C.5���@).5�8)*+�,-.�+=;0�,36-�20?,�704.@���0L7�+@0a,�/0?>�.5)H1-�0?>S�,36-�,2=>9B./9C.@V�X�@H.�I0.@��@=*0�P9D=DS�@0A>�G)H*+�8-Y

�3B-�,36-�80:>�.@94�0.@�,0�E01�70L,�.@0L7�/04-���36-�DH4�.@F.�,@0?>�D)4�E-9C+W0;>�20�

$0=�83*�.5@9�,-9?.5�83C.5S�J@-�7H;�70L,�20S�,36-�,@0?>�[email protected]�,@0.@�.-96.S80B>�D)*+�J@3;9�80.5�+@04>�<=0.@�J@=�E)4+�83*���0� ,96.� ,23C7� ,2H;� /04-�E01� ,@0?>.@)A.5�5F��)*+��@=*0��2H1-�80A�/017�+@3�8H1-�D3?.5�[email protected]�,@0.@�.-96.�J-0���@3*+/3*+S�@34�W-.��)*+��@=*0��2H1-�,@0�,@)*�,3C-�/3T-�@34�

�@=*�.@0C,�D0=�83*S�73C,�E_�G0*+�DZ�.3:-�,-9?.5�89?.�.@01�,@H1�E01�+36.5�J@0-+@)*.5�7-.@�20R.5��)*+��@=*0��2H1-�80A�+@)A0�/01.@�+@3�[email protected]�,@0.@�.-96.�<=91.01>���0*+�DZ��83*�80A�,2H;�,@01.@�+H�83?+�.@06.�E01�E9B�D0=�/01�73C,�,2)H;.5�/0A3�,23.5@3C-�,@0*.@�+=;0�,36-���31.�G0�,96.�,23C7�J-0S�D0=�J@-�,-.��@=*0�80A�E013�,2)H1.5��-.@�@0*.@�E01�G06>�5-H1�/01�.@)A.5�7=4+�D)4�.3:-�,-9?.5�H;��2-9B=��-96.�

���������� �������Z��M�B��0?.5��@2-D,�[email protected]�Q@0;-�/01�73C,�,36.�5-0*3S�+=A.5�[email protected]�Q@0;-�/01�736,�+H

+@9?�@0>�/01�73C,�@9C�,@3?.5�8043�8)*+S���501-�/01��)*+��@=*0��2H1-�@0R.5�D3?.5 -3?.5�.@)�.5)H1-�G04-S��-.@��@0*.@�J>*�,@=0C,�80A�+@_=�80=�8H*.�D=3?,�G0

7)H-�,0*7�.0K7S�G04.�+3*�,@9:�,@0?>�.@-9B=�Q@9*Q�/04�W0;>�20�+@=.5�<=0.@�7F.@��5)H1-�GF.@�,@)H1.5�,236.5�,@0?>�.)H*+�83C.5�I3��@-96.�D)*�+=;0��)*+��@=*0��2H1-<=0?>�83C.5S�.@).5�[email protected]�+3*�0-�5-=*Q�0.@�,0�W=3?.5�03�

$0=�83*��@=*0�P9D=D�G)H*+�E013�+=3C+�D3?.5�.5)H1-�83*��0?.5��@2-D,�G0;30.@�,0�E=1.5�I0C>�E01�G)H*+�8-���0?.5��@2-D,�.@0?.�704.@�E013�.@)�+06=�+=;0�.5)H1-0?>�E01�5-H*-�,@-9C=�0.@�,0�+H�@3C-�8)H4+�+@)A0�/01.@��%H1-��@970�+=;0��0?.5��@2-D,80A�<=0?>�83C.5�/31.5�.5)H1-�801.�36.5�.01>�E01�.5)H1-�.01>�80A�.@0C.�8)H4+�8)*+�,-.��0?.5��@2-D,�,@)4+�@-9C.�Q@9*Q�/04�.5)H1-�.01>�+0B.S�E01�.5)H1-�.01>�8)H4+�+@)A0�/01.@,234.�E94.�

M��������������������0� ���� �0�0?.5��@2-D,�+@3�+@=*.5� ,0� ,@0?>�20R.5�+@=*.5� ,0�[email protected]�+0B.�Q@0;-�8-

@01.@�@)H.5�89?.� -962=D0/97�E01�.53B-�W=.5�<=0.@�03��96,9?,80�89:�8)H4+�+@)A0/01.@���)*+��@=*0��2H1-�7=3?.�/017�+@3�G04.�8-9B=�,)H.5�,)4�.@)���501-�80A�/017�[email protected])H1-�G04-�H;�G96.�+04.@�03��96,9?,80�

�04.�+3*�,@9:�8-�.@01�,@H1�E01�.5@9�8-�.5@9�/04-�.@-9B=�G0;-�5-01.5S�.@).5+@0`.5�J-.@�.5@-9C7�8)H4+�8-9B=�5F�+0;��.@).5�.9?=�G04.�+3*�Q@9*Q�/04�+H�G0;.�E9B�D)4+)*=�23T-S�,@F�@0A>�,236.5�+@H1�E01�,F7�J-9?7��)*+��@=*0��2H1-���0A>�I06.5�+=3C+�D3?.5

- 58 -

��������������� ����������������� �����������������������������

7F.@�/017�+=;0�/9T�@>�D-.@�+@3��)*+��@=*0��2H1-S�80B=�Q@=4+���501-�89:���501-�G01>,3;�7=4+�8O+@�+=;0��)*+��@=*0��2H1-���0A>�,2H;�,@01.@�.5)H1-�J-96.�.@0T.�

�3C,�.501>�J-0S�/H1-�+=;0��)*+��@=*0��2H1-�)*+��@=*0��2H1-�D9A�5-3?.5�.@).)H*+�,@0.[@�<=0?>�83C.5�,23.5�/31.5�G04.��%H1-�%353D�D9A�,2H;�,@01.@�/H1-��@97080a+�G-9C,S�E01��)*+��@=*0��2H1-�D9A�83:�8)*+�,-.�+=;0���501-�W=3?.5�+@3�G04.���@-�8-9B=83*�W0;>�20S�@0A>�/0?>�8)*+�,-.�J96=�+0B=���501-�+@)A0�/01.@���3B-�G04.�D9A�E=1.5�I0C>J@3;-�D)4�/)H1-�G-9?.5S�+=3?.�+@-9?+�89C7�.0R7�E01�G)H*+�704.@�I04.�

- 59 -

��������������� ����������������� �����������������������������

�������

"����������

������������ ��#���������=3C+�8H1-�+=;0�D)*�83B��@03/36�80B>�.@)A.5�G0R.5�+H*�E9B�<=>9B.�.0K.5�D-96=

.@-96.�+=;0��)*+��@=*0��2H1-���3*�73C,�/0B.�36.5�8)H4+�/96.�,@-96.�801.5�.)A0����.5,@=0C,�/04-�J-.@�.5@-9C7�83*�.@)�D0=V�X�0*+@�806>�7)H1-�G3?.�.0K7S�,36-�8)H4+�897/96.�,@-96.�801.5�89:�,@07�<=0.���)1.5�@3;-�,36-�E9B�E-9C+�,@06.�,@9:�,36-�@0>�,067�/-.@,36-�8)H4+�897�/96.�83*S�EF�,36-�[email protected]�G-9?,S�+@F�+3*�73C,�7F.@��)*+��@=*0��2H1-�7H*-+3*�,@9:�,20;�/H1-�8)H4+���@).5�,04-�.H-��0208-�0?>�,36-�8)H4+��.5@9�.@)A.5�89B=�/04/=1.5�89?.�.3T-�E)H4,�<=0*�.0K.5�/)4+�+=;0�+3.�.5)H1-�89:�736�,0;�@0>�I-9T.�,0;�G0R.5/H1-Y��'����32�[]V]Nb��%�(�

�04-�,@01.@�Q@3?�%-,2HS�D)*�83B��@03/36�8)H4+�80a+�06.�+@)A0�/01.@�73C,�.5)H1-<=91�,)1�,@=H;�7H*-�D0.@���9B�D0=S�.@)A.5�.5)H1-��3��@0*-S�,)4�W).5�+36.5�GF.@�89?.%-,2HS�W=*-�5-=4+�<=0B.�+@=*.5�/017�@04-��@03/36���0*7�836.5�G0L,�80B=�.9*7�80*�E01336.5���5@Z� 20R.5��@03/36� 80A� +@9?,S� @34� J9*3� 36.5� 20�.5301-� ,@01.@� ,04-� J@=�E)4++@=0:.�G_�897�.5)H1-�+@9?,�8-�+@36.���0?>�5-H1�+0*+�,O.�@)A=�E06>�<=0.@��@03/36S�@34+0B=�.5=>9C.�+@3�36.5���@F.@�/F.@S��@03�/36�8)H4+�,U.@�/04-�E01�36.5�8)H4+�D3?.5�

�@03/36� /01�73C,� ,O.� @)A=� ,20;-� <=0�.@-9B=� 8-9B=� J@3*� [email protected]� X�0K7� /0B..5)H1-��3��@0*-�80*.@�831.S�/0B.�.013�+=A.5�G_�G0�7)H-�+@O.�/0R.�23-�+3*�73*+�D0L,��0�/0B.�G_�80*.@�G0R.5�50C>���3C,�/0B.�G_�.9*7�80*���0�/0B.�G_�+@F7�,01=���3C,�/0B.�H;,296.�G-9:.�D=3?,�8967�E01�.501>�@367�D0=���36-�80A�8-�G3C�.@-9B=�I0a7�8)H1.5�79C,73;-�E01�,@)H1.5�50aQ�.5=>�@-9:7�J@-�G_�/=4,�/3C-S�,23C7�+)H*QS�G_�I06.�,3C+�7F.@�/01.5)H1-��3��@0*-�/017�@04-S�+=A.5�.@)�G_�I06.�.5304-�G0.5�/017�J@3*��I9TY�'����32[[V]bN^c+S��%�(

�@03�/36�+@_=�8)4.5�.@-9B=�.@)�E0C>�EF�.-9B7�,-.�+=;0�36.5�E01�8)*+�,-.�.H-�)*+��@=*0��2H1-���@).5�+=A.5�+@O.@��@03/36�E-9?,�.@-9B=�D0*+@�89:�G-9C.�@3C�+@3D)4�.@H.�,)1�,@-9C.�@0;3�+=;0��)*+��@=*0��2H1-V�X�F�,36-�,-.�<=>9?,�20R.5�+@0`.5�+3*8-9B=�5F�+3*�,@9:�Q@06.�29A�+@=*.5�,0�20�J@3;-�,F.@�>96=�+=;0���501-S�D)4�+@9?,�[email protected],@9:S�D)4�D3?.5�+=A.5�[email protected]�,@9:���@-96.�D)*�D9A�[email protected]�+0;.�,2H;�+@=*.5�,0�E01�,0?,�+0;<=>9B.�GO.@�+=;0�8_0�.5=4+�+=A.5�[email protected]�,@9:�.50K.�+0*+@�+@=*.5�,0�J@3;-�,F.@�>96=+=;0��)*+��@=*0��2H1-��$)4�DH4�@0A-�+=;0�+@=*.5�,0�.501>�@367�.0>S�D)4�/3�/0L.5�E9B.501>�70-�+=;0�+@=*.5�,0�@30a+�.H-�.013�+@=*.5�,0�H;S�+03�.@)�H;�,296.�+0*+�G01.�,@H1S

- 60 -

��������������� ����������������� �����������������������������

D06=�.@)�E)4+�804-�I)H.5�D06=�.@0?,S�+@0`.5�+3*�5F�Q@06.�+0*+@�+@=*.5�,0�J@-���501-+@9?,�,@9?�+@3�+@=*.5�,0Y��'�3670�jV^jN^iS��%�(

�@-�834+�,@H��3670�E01� 0/0,-S�83C+�5-0;�.504+�.@-96.�E9B�D)4�70a+�J@0;-D06=�.@-9C7�E)H4,� ,23C-�701��@03/36�5-0;-� /=06.���@-9B=� ,O.� �@)A=�+0;7�,@0?>�20R.57F.@�Q@0;-�5-)A�/=0C,�Q@0*Q�89:�804,�8)H4+�D)4�+)*=�23T-���@).5�,23.5�.@)A.5�,@H�,O.+=;0��@03/36S�36.75�G01>�,3;�23A�201.5�20R.5�.@H1�D)4�+@9?,�+=;0��0?.5��@2-D,�,296.,@0CQ�,)4�5-0*S�D)4�+)*=�+@=3C+�W0;>�89?.�+@3�8)*+�,-.�.H-�+36.5�E-9C+�80A�@301.�,0?,�+=;0�)*+��@=*0��2H1-��$)*�83B��@03/36�80A�89:�/0CQ�73C,�5-0�,01-�J9?+@�W=1�89:�/017�+@3+=3C+�D3?.5�+@=*.5�,0�,@967�[email protected]�Q@=*S�.50>�+0;�.501>�@367�.0>���3?-�EH*-�.@-9B=+H�83?+�[email protected]�D)*�83B��@03/36�/01�,0?7�5)H.5�E9B�.@)A.5�5F�701�73T-�+H�83?+�Q@0;-.3-�,@93�

�@).5�+3*�73C,�8-9B=� ,@U.@� ,@30;.5�+@=*.5� ,0�<=96.���)*+��@=*0��2H1-I0ib�+@3�X73C,�+0*-�5-0R7�W3*+�E013�,@_,Y�+=;0��@03/36���=1�80A�G0�/0B.��@03/36�+0B=W-.��@=*0�/0?>�+0*-�5-0R7��0?>�8-S�.@).5���501-�,)1�+@3?-�701�20R.5�X�.�Q@=*+�+=;0�,0/01�,0?,�+0;�.@)A.5�5F�+3.�+0B.S�<=>9B.�.0K.5�D9A�89?.�EH*-�D)*+�704.@�,201.�80B>�,23.5D)4��>9?=�8=3?-�Y�'����32�[^V^S����(�

�)*+��@=*0��2H1-�+@3�Q@9*Q�+0*-�5-0R7�83*S�73C,�D)*�5-0;�+=;0�$0,0.�89:�<=0?>20B>��@03/36�/-96.�,=4+���)*+��@=*0��2H1-�[email protected]�7=3?.��@03/36�G_�G03�G34+�GH;-�>*.5@Z0�E9B�+@O.@�7F.@�E01�.@)A.5�D)4�70a+�J@0;-�J>1�I-9C=�@0>�.@)A.5�J-.@�.5@-9C7E)H4,�<=0�J@3*�J@0K.���)*+��@=*0��2H1-�[email protected]�7=3?.��@03/36�G_�+@36.�,23.5�J>*�)*++=;0�<=0*�J@)*���)*+��@=*0��2H1-�7=3?.��@03/36� /9C� ,@=3C+�E013��0?.5��@2-D,�E9BQ@)H.5�,-9C.�D-.@�D3?.5�@01.5�.501>���)*+��@=*0��2H1-�7=3?.��@03/36�D3?.5�+@=.5EH*-�5-0R7�0?>S�EH*-�.@)A.5�Q@)*+�,04Q�/-96.�,=4+S�89:�<=>9B.�.0K.5�+=;0��0?.5��@2-D,8)H4+�,=36.�83:�[email protected]�.5)1.5�,23.5�8H1-�D3?.5��36.5�

-3?.5�.@)�E-9C+��)*+��@=*0��2H1-�+@3�Q@9*Q�73C,�+0*-�5-0R7�.0R7�,23.5I0�,@_,�+=;0��@03/36�,)*+�/01�D)4�Q@)*+�,04Q�J@3*�J@0K.�I0-�I0`.5�,@F�836-�J@-���501-+=A.5�+@3�Q@9*Q�.@)A.5�Q@)*+�,04Q�I0-�I0`.5�W0;>�20�,23.5�+=3C+�8H1-�+@=*.5�,0��501-�7=3?.�+@=*.5�,0�,-9?Q�,=4+�,F7�J-9?7���501-S�,-9?Q�,=4+�Q@0*,�2-9:.�8H1-�D3?.5�8)*+,-.�E01�,-9?Q�,=4+�,0CQ�,2=.5�,)�,)H;.5�E01�D)4�7H)H*+�+=;0�7F.@�E013���501-���06>�/01/>*�I3�EF�D03��)*+��@=*0��2H1-�[email protected]�W-9B.5�$0,0.��/0-�E01�<=0K.5�.3*�E013�8_0.5=4+�G06>�5-H1���)*+��@=*0��2H1-�+@3�Q@9*Q�$0,0.�,0?.�+36.5�E013�+@=*.5�,0�89:+@=*.5�,0�[email protected]�/)H1-�G-9?.5�@0>�+@9:.@�70;.�,23.5�73?-�<=0.�@9C�+=;0�7F.@�EH*-�@=*0���F�/>*�I3�83*S�.@)A.5�J@3*�J@0K.�/-96.�,=4+�D9A�8)H4+�70.5�,96.�X�0*-�5-0R7W3*+�06.�Q@=*+Y

�@).5�J@-�.@)A.5�J@3*�J@0K.�/-96.�,=4+�W0;>�20S�.@)A.5�+0*-�5-0R7�W3*+�E013+@=*.5�,0�,@F�+@=*.5�,0�/04-� /0R7�G0R7���=>�[email protected]�.9?=�+@=*.5�,0�+3*� ,@9:�.@F.,2)H*+�E013�,)H.5�/0-S�+@=*.5�,0��D9A�,@0?>�20R.5�,@)4+�,9?�8-9B=�0?>�/01�73C,�Q@)H*+@04.@�J>1�I-9C=� ,)1��)*+��@=*0��2H1-���9?=�+@=*.5�,0�+)*�+@0?Q�.@0C.�.@)A.5�J@3*J@0K.�I0-�I0`.5�83*S�,@F�.3*�D9A�,2H;�,@01.@�Q@)H.5�,-9C.�06.�Q@=*+�897�/04-�D)4�,@01.@+36.5�+@3�8H1-�D3?.5�+H�83?+

- 61 -

��������������� ����������������� �����������������������������

�01-�J@3*�J@0K.�Q@)*+�,04Q�,23.5�,@H1-�5-0.�.50L.S�+3*�.@)A.5�8-9B=�J@0*+J9*3�I01-�D=3?,�+=3C+�8H1-�+@=*.5�,0���9:�J@0*7�Q@0*�.@-9B=�/0A.@�E)4+�@H.S�+@=*.5�,0@0A>�J@0;3�D0*,�+0*-�5-0R7�+=;0��@03/36�Q@)*+�,04Q�/-96.�,=4+�+=;0��@03/36�,@93�>*�.5@Z0,)H4.5�,2).5�E01�.@0?.�704.@�E013�+0*-�/304-�Q@)*+�,04Q�20L+�23?-�+3*�,@9:�W0;>�20�,23.5+=3C+�D3?.5�+=;0�+@=*.5�,0�

��V����B��T����� ��T�C������B����0����0=�>9?=�G9C.@�,0C,�+3*�,@9:�H;�.@-9B=�I04.5V�80=�3?7�E9B�,@06.�,@9:�E9B�,F.@

+0;7S�G9C.@�,0C,�E9B�W0A�@3C-S�G9C.@�,@0B.�J-.@�@0>�E9B�,067�/>*���=1��)*+��@=*0��2H1-+3*�,@9:�+0L,�G3;�.@)A.5�20L+�23?-�Q@)*+�,04Q�I3�>9?=�8=3?-�G9C.@�,0C,�506>�20S�.@).5�836-J@-���501-�+@3�Q@9*Q�.@)A.5�8-9B=�83*�+)*�,3B.�,04-���=1�D)4�80=�3?7�S�5-3?.5�.@)�+0*-5-0R7�/017�+@3�+@=*.5�,0�J@3*�+@_=S�.@).5�.3*�/04-�897�+@=*.5�,0�E013�J-.@�.5@-9C7D06=�D0L+�@H.�,23.5�,)1.5�,20;-�G)H*+�8-�EH*-��@=*0�

"=0�D)4�+@9?,�E01�D)4�Q@=4+�D-.S��@=*0�P9D=D�[email protected]�.@)A.5�<=0`.5�G3;�,3C-/3T-�+=;0�+@=*.5�,0�.@).5���501-�+31.�50*.@�E0*+�D)4�80=�3?7�+=;0�+@=*.5�,0S�80=�3?7E9B�,@9:�+@0?,���@=*.5�,0�+=A.5�+3*��<=>9B.�+36.5�G3?�D)4�+@)A0�/01.@�G9C.@�,0C,�+=;07F.@�.@)�/=*+�+@=*.5�,0�+36.5�G3?�E9B�,3C-�/3T-�+=;0�7F.@���@).5�+3*�.@)A.5�/=*+�)*+��@=*0��2H1-�+@3�Q@9*Q�G9C.@�,0C,�+=;0�+@=*.5�,0�J9*3�I01-S�89:� ,23.5�.@)A.5,2)H1.5�@H4Q�80a+�G-9C,�83*S���501-�+3*�J9?�@304+@�EZ�I0id���+@3�+@=*.5�,0�@H.�E-9C+Q@=4+�@3B-�D)*+�J@3;9�+@3�+@=*.5�,0�

�0;.�,@06.�,36-�J-.@�.5@-9C7�8-9B=�.01>���013�.0K7�[icbS�,36-�/01�7=4+�D)+31.�,29;�EH*-�E01-�.501.�,O.�@)A=�,23.5�@3C-� ,@0*.@�,36-���36-�G0L,�801c=�.5@Z�20R.57F.@�/01�73C,�,23.5�.@)A.5�80B>�,H*�+=;0��)*+��@=*0��2H1-�I0ib�/017�E-9C+�,O+@�+)4+SE01�@0B=�.@)�,36-�G)H*+�E013�D)4�,)4�70A.�,23.5�+@)*+�E=4�+=;0�7F.@�

$0=�83*��)*+��@=*0��2H1-�+@3�Q@9*Q�D)4�20L+�23?-�E9B�G9C.@�,0C,�,@9:�+@0?,�/017+0*-�5-0R7�73*+E013�,@_,�,36-���36-�G_�D=>�.@)H4+�,@0B.�J-.@�E01�80=�,-7���)1�5-H1Q@=*,�83*�,2H;�8-�,36-�G_�G=3C+�Q@0;-�/9C�,@=3C+�E013�D)*+�/)4+�+=;0��0?.5��@2-D,S�.50>�+0;E-9C+�,@)4+�@-9C.�+c.5�,0*+�@01.5�.501>�+=;0�7F.@���23.5�,@H1-�5-0.�@3B-�Q@=4+S��)*+�@=*0��2H1-�80A�+3*�,@F�5-H1�E01�+H�@3C-�89:�+@U�+@3�,36-�,@0?>�,23.5�8H1-�D3?.5�,36-S,23.5�+@)*+�E=4�+=;0�,36-�E01�@3C-�,@0*.@�+=;0�,36-�+0B.�Q@0;-�+3*�.@-9B=�D)4�,@0>�83:-�

�013�,@H1-�8-9:7�0?>�,36-�,@0L+�70L+�,04-�D30�D)4�J@36.�.530.�+=;0��)*+��@=*0�2H1-�/04-�+@3�Q@9*Q�G9C.@�,0C,�/017�<=91�+=3C+�8H1-�@304,�83C.5�+=;0�,36-���@).5�D0=J@-��)*+��@=*0��2H1-�80A�83:-�73C,�Q@0B.�+=;0�,067�,2O�@0>�IH1-�83:-�+=;0�,36-S�,@F�D)420L+�23?-�E9B�G9C.@�,0C,�8)H4+�I)*,�G3;���36-�/0?>�/04-�8)H4+�D)*+�J@3;9�E01�<=>9B.�.0K.5�89:@301.�,@01.@�.@)A.5�,@0>�83:-�+0B.�,@-9?,���)1�83*S�+=3C+�8H1-S�+@)*+�E=4�E01�@346-�,@0*.@+=;0�,36-�[email protected]�5-3?.5�.@)�,2)H*+�.)A0���0�8-9B=�.01>�804,�89?.�8U.@�+03�701�,2)H*+J-0�,36-�@01.5�7H�)H*+�

��V����B��T����� ��T�C�����B����B����0����@03/36�G-9?,�.@-9B=�E9B�Q@)*+�,04Q�+=;0�D)4�+@3?.5�8H*-����.5�80A�89?.�.@-9B=

,@01.@�,04-�83*�.5)H1-�83B.5�@)H.5��3��@0*-�+=;0�36.5�80A�8=3:-�8-����.5�E-9?,V�X�36-

- 62 -

��������������� ����������������� �����������������������������

50aQ�.@-9B=�.5=>�@-9:7�J@-�<=0�D36.5S�.5=>�@-9:7�,)1�.@)A.5�G34.�,23C7�+)H*QS.5=>�@-9:7�,)1�.@)A.5�.5)H1-�83B.5�@)H.5�S�.5=>�@-9:7�,)1�.5)H1-�.5304-�<=3?+S.5=>�@-9:7�,)1�G04.�G91�5-0;�I3?-��'����32�[[V]cS����\���@O.@�EF��D)4�G=3C+�,3C-�J9?,0*.�+=;0�.5)H1-�83B.5�@)H.5��3��@0*-S�701��@03/36�G_�W-9B.5�WO+@S�8_.@�0*.�+@9?,�

�36-�J@-�+@=*.5�,0�+=A.5�50aQ�J@3*�J@0K.�I3�+@3?.5�83?-�506>�20��[email protected])H4+�,0CQ�,@9:�@0>�G04.�G91�=;.5�@3CS�+3*�J@-�+0*-�5-0R7�W3*+�+=;0�D)4�+@3?.5�83?-�8067D06=S�J9*3�I01-S�89?..3T-�+@=*.5�,0�J@03�J@0*,�8)H4+�+0L,�G3;�8-�

��V����B��A����A�����C������A��/���0��� -0.�J@3:�/01�73C,�,23.5�.@)A.5�+0*-�5-0R7�W3*+�06.�Q@=*�+=;0��)*+��@=*0

�2H1-�8)0�89?.�� -0.�J@3:�+3*�/-96.�<=0.�89?.�.@)A.5�J@3*�J@0K.�506>�+@3�+@=*.5�,0J@3*�+@_=S�.5@913�83*-S�80=�8H*.S�70?,�+0;7�G-9?,�@0>�7H�73C.5�@0A3�@=>9B.�� -0.J@3:�+31.�/-96.�<=0.�89?.�.@)A.5�,0-�)H.5�G0?,�@04.@�,20B7�,234.5�@0>�.@)A.5�,0-@340�506>�+@3�+@=*.5�,0�J@3?.�J@3:�

�=3C+�8H1-�+=;0��80B>�I0T>�J@3*�J@0K.�5-0.�J@3:S�EF�8)H4+�+@0�)=�80A-S�36.5G_�+0*+�0.@�97�G0*.�+@3�.@)A.5�.5)H1-�G=36.�.36�/9C��/017�.36�/9C�+@3�<=0.�,@_�E9C�@36,-Q@0S� -36D9*Q�+@3?-�,)1�/H1-�I=4�I3T�+=;0�EH4��@36,-Q@0�/017�8-9B=�E36�/=06.S�.96.36.5�G_�G3;�,=1���@3*�J@0K.�5-0.�J@3:�+)*�G0*7�/0?>�+=3C+�8H1-� -36D9*Q���@).5�36.580A�@34+�G01-�@34+�D3?.5�83C.5�<=0�+0*+�G-9?.�+3?�83*����.5�@34+�G-9?,�E9B�D)4�.)H.5�I)0.H-�06.�Q@=*+�+=;0��)*+��@=*0��2H1-�E01�@34+�+0*+@�G-9?,��)*+��@=*0��2H1-�/01�,@0.@�,-.I=1�H;�5-)A0�J@3*�J@0K.�,@);�,@0*+@�

�06=�+@=>9C.�E9B� -36D9*Q�+31.�8)0�20�J9?,�<=0;�+=;0�+=3C+�D3?.5�J@3*�[email protected].�J@3:�+=;0�36.5����.5�,2H;�,@01.@�.5)H1-�+0-�,2_�+0;�.)H*+�-�+0CQ���F�D)4�[email protected].�+=;0� -36D9*Q�.96.�J@-�+H.�83*-�W0;>�20�,04-�-�+0CQS�36.5�80A�+3*�,@9:�+=.5�+0?Q/)H.5�,@)4+�89:�G0;3�E9C�5-0�8F.@�E01�.@06.�I06.��-��0CQ�J@3;-�+@9?,�83*-�

�367�<=0S�.501>�.0>�E01�+@3�89?.�8H1-�8H1-��)*+��@=*0��2H1-�[email protected]�G035-H1�,@0>�83:-���)*+��@=*0��2H1-�83?-�W);�EH*-��@03/36�,@9?�.013S���501-�+=A.5�83?-�W);EH*-�G04.�.@)�,@9?�0?>���)1.5�,@0?,�E34.5�.9?=�.@)�G04.�,@0?>�.@)A.5�+0*-�5-0R7�W3*+Q@)*+�,04Q�/-96.�,=4+�W0;>�20�,23.5�+=3C+�8H1-�G04.���30a+�20L+�23?-�I3�G9C.@�@304.S�I3G_�Q@0;.�83?-S�I3�.5)H4+�80A-�@0>�I3�5-0.�J@3:�506>�20S�,@F�@0>A�<=>9?,�8_.@�8)1.5G03�5-H1� 2H1-�G3;� ,@0C,� D)4�@-9C.�I-9C.�+=;0��@=*0���.�Q@=*+�+=;0� ��501-� /01� ,0?,�+0;.@)A.5�5F�+@=*.5�,0�+0B.S�<=0�.@)A.5�D)4�G0?,�W)*.5S�.@)A.5�,@0?,�E34.5�E01�>9?=8=3?-�+=;0�+@=*.5�,0�,@O�<=>9B.�.0K.5�+=;0��)*+��@=*0��2H1-�+3*�,@9:�+@-9?=�204.5�

�)1.5�,@0?,�E34.5�E9B�.@)A.5�J@3*�J@0K.�+)*�J9*3�I01-�,23.5�+=3C+�8H1-���0A>2=*,� 20�G01-� @34+� ,)1� .@)A.5�8-9B=�83*���0A>�.@0C.�G-9?,� D)4� G0?,� /)4+� +=;0�7F.@�E01.)H.5�I)40�.H-�D)*+�/)4+�+=;0��)*+��@=*0��2H1-���01.@�,@F�5-H1�+0B=�.5=>9C.���0A>89:�06.�Q@=*+�+=;0��@=*0�P9D=D�/017�+@3�G04.�,@01.@�.5)H1-�,3?,�894Q�

- 63 -

��������������� ����������������� �����������������������������

��������

�������������"��#�� ������3C,�,23.5�.@)A.5�8-9B=�,F7�J-9?7�+=;0�+3.�.5)H1-�/01�,F7�J-9?7�+@06.�/>*�

�@).5�,0?,�+0;734-�.5)H1-�89B=�H;�I)H*-�G3*.5�7H1�+=;0�E0?.�89B�5-0;�I3?-���H.�.)A0S,2)H*+�J@-�J@0*7�Q@0*�20�+@06.�/>*�,@F�Q@0;-�,-96=�I-9C,�D)4�/)10�I3?-�

�3C,�+H�83?+�.@06.�89B=�Q@0;-�,@07�5-0�E013�,23.5�+=3C+�+@-9?.�,@=3C+�/-.@/-96.�,=4+���3C,� ,23.5�.@)A.5�+36.5�,0*+�80B=�,-96.�/01�Q@0;-� ,-96=�I-9C,�D)4� /)10�I3?-��@)A.5�.5)H1-�[email protected]�,-.��@=*0�D3?.5�I)H*-�D)4�201.5�G=3C+�+=;0�$0,0.S�80=�J@3:�I32=;0�D0;�E01�+@9?,�+@3*+�,)1�,@H1-�I07�89?.�.0>���@=*.5�,0�[email protected]�.@)A.5�+3*�,20*+@.@-9C7��,23.5�E-9C+�,-96=�I-9C,�D)4�/)10�I3?-�W=.5�<=0.@�+@=*.5�,0�701�+@=*.5�,0�+31.Q@0;-�+@-9?.80?=�89:�5-0;-�+)*=�.@)A.5�.5)H1-�J@0*+�20�J@3;-�D)4�/)10�I3?-�

�304.�E0K.�+31.�,-9?QS�8)0�20�Q@)H.5�+0*+@�,07�I-9C.�89:�,2)1�I-9C,�D)4�/)10I3?-V�X�2-9C,�@04�,2O�,)H;.5�,)H4.5S�E01�734-�8-9B=�,)4�+03�I0?>�/96.�.5@_+@�/04-�D)4�@-9:=G-9?,��)*+��@=*0��2H1-�E01�897�734-�,)�,)H;.5�G_�8-9B=�J@0*+�+@-�Q@3?-�Q@0;-�E06.5Q@=4+��0?.5��@2-D,�Y�'����32�[\VdS��P�(��$)4�/)10�I3?-�+3*�,@9:�G_�,-96=�I-9C,�,@93�^+0*+@�83*

��.D �����������M��� ����� �����0*+@�80B=�,-96.�89:�+@3?.5�/04-�D)4�/)10�I3?-�+=;0�$0,0.�/01�,2-9C,�,@04�.@)A.5

,)�,)H;.5S�.@)A.5�/>*� /=0C.�+=;0�+3.�.5)H1-���3C,�G0;.�.@=0C.�+@0*.@�J@0*+S�+@)A,)H;.5�,)H4.5�8)H4+�I_+@�/01�V�X�@)A.5�/H1-�/>*�/=0C.�J-96=�.5043Y�'�%�(S�73C,�G0;.J@0*+�534-�/01�X.@).5�Q@9*Q�.5=4>�G-9C.Y�'���(��%H1-�.3*-�,9?�.@_S�5-0;�,043�I9T�,-.S.@).5�.3*-� +@=.5� /01�.@)A.5�Q@)H.5�Q@0*Q� />*� /=0C.�I3?-� ,20*���9?=�G04.�E01� ,36-7=3?.�,-96=�I-9C,�D)4�/)10�I3?-S�,@F�+@=*.5�,0�Q@0;-�,2-9C,�@04�.@)A.5��D)�,)H;.5�,)H4.5SQ@0*�83:�+0*+�/H1-�/>*�/=0C.�J-96=�.5043�E01�/304-�,2)1�.@)A.5�Q@9*Q�.5=4>�G-9C.�

�@-�834+�D0*+@�$0*.5��@9?�J>*�E9B�+=3C+�8H1-�+=;0�I07�E01��E0� ,23.5E)H1.��89.S�G04.�+3*�,@9:�.@0C.�20�D)4�J@H;-�.5=>96.�+=;0�D)4�/)10�I3?-�+=;0�$0,0.��23.5�E)H1.��89.S�I07�E01��E0�8)H4+�Q@9*Q�0K.�+0*+�/304-�,20*-�+06>�,23.5�E)H1.S,2)1�+06>�@-9:=�G-9?,�8-9B=�,@-9C.�E01�8-9B=�0*+S�EF�.501>�.013�+0*+�+3.�0K.�,20*-�+06>�83*S+@0L+�+@0L.�D9A�+@9?,Y��'$0*.5�]V[cN[f����(

�@93�73C,�>*�.5@Z0�+06>�,2O�,@)*+�G-9?,�8-9B=�,@-9C.�E01�0*+�/01�+06>�/>*�,2O��)*+��@=*0��2H1-�80A�+3*�E01�+31.�+3*�,@0:7�<=>9B.�,=>9C,�83?-���04.5�/9C.@�+=;0���501-Q@0;-�8)H4+�,=06.�@01.@�E36�8-9B=�J-9C.S�[email protected]�8)H4+�I=1.5�/>*�/=0C.�+=;0�+3.�.5)H1-+3*�/-96.�<=0.�89?.�8=*.5�@0>�D0-S�,@-9C.�@0>�0*+�

�@-�$0,0.�E013�E)H1.��89.S�.3*�I=1.5�,@=;�8304.�/017�D03�G-9?.�704.5

- 64 -

��������������� ����������������� �����������������������������

/9C.@�+=;0��)*+��@=*0��2H1-�,@01.@�83?-�,)H4.5�+=;0�D)4�,)H;.5�,)H4.5�+=;0�/>*�/=0C.,@-9C.�E01�0*+���06=�+@=>9C.�,23.5�D0*.5�,@9?�/>*�E04+@�,20B.�8-9B=�83*�20�

X�3.�20L.�/01�/301-�<=>;�<=>9C,�.@0?,�,23.5�734-/301-�701��)*+��@=*0��2H1-,043�I)4.5���F�,@9?�.3*�89?.�+=1.5�.5)H1-�.)AV�X�;0YS�.3*�@3;-S�[email protected]�+3*�,20*-�+06>,23.5�E)H1.�D03n��)*+��@=*0��2H1-�G0;3�.5)H1-�8)1.5�0K.��0?,�+)*�,20*-�.013�,23.5E)H1.n

�5)H1-�.)A�,20;�/H1-V�X�Z�.@-96.�+@=*.5�,0�+3*�,@9:�0K.�,20*-�+06>�,23.5�E)H1.+@U�+3*�,20*-�+=;0�+06>�H;�5-)A0�E)H1.�,@F�+@=*.5�,0�[email protected]�8)H4+�0K.���)*+��@=*0��2H1-Q@0*.�20R.5�+@=*.5�,0�+@H*�0K.�@0>�.50>�+0;�DH1�89?.S�.9?=�[email protected]�.5@9�/H1-�+@=*.5,0�D9A�+@9?,Y�

�3.�20L.�2O,�/96.V�X�3*-�/0*3V��5)H-�[email protected]�+@9?,�806=q��)*+��@=*0��2H1-G-9?,�23A�201.5�J@-�.5)H-�0K.�,20*-�+06>�83*S�.5)H-�D9A�5-3?.5�.@)���501-�EF�70L,�.5)H-8)H4+�7H;�20���5)H-�D9A�+3*�J@0;�.0K.5�Q@06.�G-9C,�8-9B=�,@-9C.�E01�8-9B=�0*+�Y�'$0*.5,@9?�J>*�^V[Nd��%�(�

�@)A.5�/>*�/=0C.�,@-9C.�0*+�,0CQ�,2=.5�E013�+3.�.5)H1-�831-�@3;-�E_�,2O�+=;0+3.�.5)H1-� ,2)H*+�70L,I� ,@0>�83:-� ,)1�E0C,� ,@36� ,043�D0.5�E0C,�83C+� /0CQ���9?=�+3..5)H1-�.@F.�704.5�/9C.@�+=;0��)*+��@=*0��2H1-�G0R.5�D)4�+06.�.@0L+�,3?,�W0?=S�8=*.5D0-�+=;0�7F.@�,@F�.5)H1-�0?>�,)4�.@0C.�7F.@�.50.5�@01.5�EH*-��0?.5�,043�@3*0S�GF.@80`.5�EH*-��)*+��@=*0��2H1-�E9B�D)4�D=>�.5@Z�E01�<=>9?,�8_.@���@)4+�,9?�806>�/01�D)4Q@0;.�/304.��$0,0.�+3?�,F.@�897�/H1-��)*+��@=*0��2H1-�20�G01.�/=0C.�EH*-��E0���@).5/H1-� +=;0��)*+��@=*0��2H1-�Q@0;-�8)H4+�Q@9*Q� ,@)4+�@-9C.� ,@93� ,)1.5�+@-� ,-9?,� +@)*[email protected]�G03�5-H1�8)H4+�Q@9*Q�897�,0�,@0;3�/=0C.�

�06>�/01�+@3T�I07�E01��E0�Q@047�/3T-� /0B7�/H*.���34�80a,� /H1-�+=;0��)*+�@=*0��2H1-�E013�GF.@�I-9C.�G01.�+0A-S�,@0;3�/=0C.S�J9?,�<=0;�@34�G_�/)10�I3?-�E01�0K.�,20*-+06>�G-9?,�8-9B=�,@-9C.�E01�8-9B=�0*+���23.5�.@)A.5�.3:-�+@=0�+@0*,�+=;0�D)4�Q@0;.�/304..01>S�@34�80A�,=>96.�G3?�7F.@�83C+�/0CQ�E01�GF.@�80`.5�EH*-��)*+��@=*0��2H1-��,043�E0C,[email protected]�,@9:�.013�GF.@�80`.5�EH*-��0?.5�,043�I)4.5�20�7F.@S�.@).5�EF�D)4�/)10�I3?-+=;0�$0,0.S�807�E01��E0�80A�/017�8-9B=�83*�

�3�E-9C+�@01.@�83C.5�,296.�.9B.�,0;.5�+=;0�D)4�,)H;.5�,)H4.5S�+=;0�D)4�/>*�/=0C.+=;0�+3.�.5)H1-S�.96.�@34�80A�Q@0*�@3;.5�D)4�,-.�+0C>��)*+��@=*0��2H1-S�Q@047�,3C-�89:70.5�/04-�D)4�Q@06.�+0*+@���@0>�EF�,2-9C,�@04�.@)A.5�D)4�,)H;.5�,)H4.5S�@34�80A�@3Q@9*Q�D)4�/)10�I3?-�+)�.5=4�,23.5�,067�,2O�7F.@�E01�@34�80A�G_�8=3:-�20�J@3;-�E)H1.��89.�

�23.5�+0B=�.5=>9C.�E=0�$0./H�,23.5�,@H1-��)4=�)H*+S�,2O�,)H;.5�,)H4.5+=A.5�8)H4+�80a,�@01.5�80B=S�83*�/01�+06=�+@=>9C.�E9B�D)4�Q@0;.�/304.�+=;0�/>*�,2O�+3..5)H1-���)*+��@=*0��2H1-�20�/9C.@�+@3�$0./H�20?,�23A�201.5���06.�70/9*+�80A�,0?.+36.5�I06.�DH2096.�J@-�@34�8-�,)1�-�+0CQ�/96.�W)*��0.00.���06>�5-H1��)*+��@=*0��2H1-G0*3�,@=1�8-9B=�0*+�83*S�E01�,2=>9B.�/9C.@�,-96=�I-9C,�I06.�70/9*+�'��$07=96.�[dV^S�%�(�,)1.5�.5)H1-�73C,�+=A.5�.@)�,)1.5�+0;�D=*+�E0C,

�@).5�$0./H� +3*� >*� J-9?.� +=;0�7F.@���=1� 5-9?,� @9?,� ,0?,� +0;�734-� .5)H1-

- 65 -

��������������� ����������������� �����������������������������

.@).5�36.5�+@)10�/04-�E=0�I06.�70/9*+�/017�+@-9?.�/H4-�Q@0:7�E01�@)A.5�@H1�,23.5E-9C+�,@-�@01.@�79C.@�/9C.@�,29-cd,�89:��X$0./H�E01�.@)A.5�.5)H1-�,@93�36.5�5-)A�/04-.@)A.5�+3.�G9*3�70CQS�,@)4+�,9?S�736-�E0C,�89B=�@0?Q�I0T.�83?-�EH*-�@34���34�+@U�I-9C,.@)A.5�5F�[email protected]�+3*�5-0*�,2_�E01�Q@0:7�+@0?,�J9*7Y��'��$07�[dViS��%�(�

$07=96.S�73C,�,-96.�,2-�8)H4+��)*+��@=*0��2H1-/)40�[email protected]�G-9?,�8)H4+�E-9C+$07/H�80A�/017�E01�36.75�8-�20�83*.�8)H1.5�$0./H�G0R.5�D)4�,3?�+0*3�,3C-�/3T-��$07=96.@3;-V�X�04-�D03�E=0�[email protected]�E06.5�/H1-��)*+��@=*0��2H1-���04-�D03�E=0�/04-�8=3:-�,@93+0*+�,01-�E0C,�Q@-�Q@0*Q�[email protected]�/017�>�.@)�/H1-��)*+��@=*0��2H1-�Q@0*.�G0;3�Y

$0./H�.@0?.�704.@V�X�@).5�,36-�80A�E06.5�/H1-��@=*0S�,36-�80A�/017�8-9B=�501-�G0;3�,36-�/017�E01�70.5�E9B�E=0�50S�+31.�,36-�5-9?,�,0?,�+0;�23B-���@-�83C-�<=06.,36-�20�,2c04.�,36-�+@3�Q@9*Q�@34�5-)A�/04-�.@)A.5�+3.�+@-96.�E01�G31�,3?,�.@0?,�+=1.5�83BE0C,�89:�I06.5�+@3��@=*0�Y

$07=96.�,20;�/H1-�+@3�D)4�/)10�I3?-�+=;0�D0./HV�X�)*+��@=*0��2H1-�@0*�E=-�E9BE-9C+�36.5�I06.5�+=;0�/9T�@>�D-.@�E01�+=;0�/9T�,@-96=��G0R.5�E-9C+�E=0�E06.5�/H1-�D03��$)4E06.5�/H1-�,3?,�@H.�+=;0�/9T�@>�D-.@�20?,�.@-9B=����501-�)0�,@O+@�E-9C+�E=0�/0L.5�.5@9/H1-���501-�@H.�/01�I06.5�+=;0�/9T�G0R.5�+3.�G31�+3.�70CQ�G9*3�+@3���501-S�EF�D)4�Q@0;./304.�+=A.5�W0?=�W0�.@)�,3C-�,01�,@=0C,S�E01�D)4�)H.5�.504.@�+=A.5�,9C�@04-�.@)�D)4�,@H1@F.@��,)H4.5���01�G06>�5-H1�EF�E=0�80A�+@3?-�,)1�/H1-�+=;0��)*+� -96@36E0�.96.���501-+=A.5�[email protected]�.@F.�.@0C.�E=0�.)A0S�E=0�G_�+0*+@�+@)*+�Y�'��$07=96.�[dV]]N]^S�%�(�

�=0�$0./H�80A�[email protected]�,2-9C,�89:�+@0?Q�@01.@�79C.@�/9C.@�+=;0��)*+��@=*0�2H1-����.5�80A�+@0?Q�.@0C.�79C.@�/9C.@�+=;0���501-�,@93�D)4�,)H;.5�,)H4.5�E01�/>*/=0C.�+=;0�7F.@S�,@93�D)4�@-9:=�G-9?,�8-9B=�,@-9C.�E01�8-9B=�0*+S�E01�,36.�,234.5�/H*-�O+@E01�D=>�.5@Z�+=;0�7F.@�

�@=*.5�,0�89B=�+3*�J@=>.@�@)H*.5�/017�.@)�E0C>�� -3?.5�.@)�E=0�$0./HSE01�5-3?.5�.@)�I07�M��E0S�+@=*.5�,0�D01.5�D0;>�79C.@�/9C.@�+=;0��)*+��@=*0�2H1-S�+@06.�/>*�,3?-�@0C=S�<=0�D)4�@-9:=�G-9?,�2-96.5�E9B�,@-9C.�E01�0*+�+=;0�7F.@���@=*.5,0�Q@06.�,O+@�+@06.�/>*�+=;0��)*+��@=*0��2H1-�,23.5�0*.@�D0*.5�+=;0�,2O�,)H;.5�,)H4.5+=;0�+@=*.5� ,0S�D)*+�704.@�+=;0� />*� ,2O�+=;0�7F.@��+@=*.5� ,0�G01.� /=0C.�EH*-��)*+�@=*0��2H1-S�7=3?.�7F.@�83C+�/0CQ�E01�GF.@�80`.5�EH*-��)*+��@=*0��2H1-�

�@).5�,2O�,)H;.5�,)H4.5�+=;0�+3.�.5)H1-S�/>*�/=0C.�,@-9C.�0*+�+=;0�+3.�.5)H1-+@U�/017�.50K.�+@0a.�+@06.�/>*���9?=�7=3?.�,-96=�I-9C,�D)4�J)10�I3?-�,@F�+@=*.5�,0�Q@0;-,2-9C,�@04�.@)A.5�/>*�/=0C.�J-96=�.5043�EH*-��)*+��@=*0��2H1-�

�)*+�,-.�/01�>9?=�,3?�<=0.�,234.5�,23.5�E-9C+�,2-9C,�@04�.01>���9T�J@-�.013�8)*+,-.�+=;0�G04.�EH*-��)*+��@=*0��2H1-�/H*.�/96.�E01�8067�29T�D06=�@H.�,@F�.@)A.5�/>*�/=0C..5@_+@� �+=1.5��)*+��@=*0��2H1-� D9A� O,�8-���@-�.@)A.5� />*� /=0C.�+=;0�+3.�.5)H1-S.@)A.5�D)4�,)H;.5�,)H4.5�5-0;7�W=3?.5�,@F�G04.�+3*�,@9:�D3?.5�70C,�,@-9?,�EH*-��)*+�@=*0��2H1-�@H.S�E01�$0,0.�D9A�O,�+3*�+H�@3C-�/)10�I3?-�G04.�@0A>�.50K.�,2H;�G04.�,F7J-9?7�/9A�,@0C,�

�0C>�+@=*.5�,0�@0A>� ,2-9C,�@04�.@)A.5�D)4� ,)� ,)H;.5�+=;0�7F.@�.@)A.5�/>*

- 66 -

��������������� ����������������� �����������������������������

/=0C.�+=;0�+3.�.5)H1-�2-96.5�+=;0�7F.@���0A>�E06.5�/H1-��)*+��@=*0��2H1-�+0*+@�,2-9C,89:S�[email protected]�,@0L+�70L+S�@0A>�.9*7�W0�D)4�,)H;.5�,)H4.5�+=;0�7F.@�E01�@0A>�+@3�Q@9*Q/9A�,@0C,�+=;0��)*+��@=*0��2H1-�D3-�D0*.5�

��.D ������������.�� �������@=*.5�,0�+31.�Q@0;-�,-96=�I-9C,�D)4�/)10�I3?-�G0R.5�+0*+@�X�2-9C,�@04�734-�8-9B=

,)4�+03�I0?>�/96.�.5@_+@�/04-�D)4�@-9:=�G-9?,��)*+��@=*0��2H1-�Y�'����32�[\Vd(���06=.01>�+31.�8)H4+�I_+@�/01�X�0?,�+0;�734-�8-9B=�8)0�+0*-�80B=�J-96=�.5043�/96.�+@3?.5.5@_+@�/04-�D)4�@-9:=�G-9?,�E9B��)*+��@=*0��2H1-Y�'����32�[\VdS����(�89:�/0CQ�.9B.,0;.5�+@3�D)4�/)10�I3?-�,2H�,20*3�+@3?.5�.5@_+@��)*+��@=*0��2H1-S�.5@_+@�/04-�+@06.�/>*,@-96.�,@)H4.5�

�-9C+�W06>�I)4.5��@0*Q��0G96.�736�,0;�@F.@�0;.@�+=;0�/301-�/)10�I3?-�.01>�%0CQ�,2)H1.5�+=;0��)*+��@=*0��2H1-�83?-�EH*-�I06.�+)�,296.�80?,�,@H1-�G0?>�5-H1��,@0C,�,3?,894Q��$0=�+H.�.)H*+�/=4,���501-�@)*0V�X�9T�<=0;�80?,�+31.S�,@F�+31.�7=10�W=06.�E017=10�50a,S�/04.@�E01�.3*.5S�7=10�836.5�E01�7=10�@91S�.501>�E01�8967�Y�'$0*.5�jV]]S�%�(�)*+��@=*0��2H1-�.3*-�,-9?Q�/H1-�@)*0�E9B�D)4�,3B.�,04-��+=;0�+3.�.5)H1-�G0R.5�/H1-@)H*.5�I0T.�23A�201.5V�X�0A>�+3*�.@-9B=�+3.�E01�/017�80B>�I0T>�I06.�+)�,296.�,20*-�80?,+=1.5�<=0;.�,2_�80?,Y��'$0*.5�iVfS��%�(�

�@).5�I06.�+)�/=*+�G0?>�5-H1�Q@0;.�83?-�J9?�@304+@�+=;0��)*+��@=*0��2H1-�X%=*+�G0?>�5-H1�+0;�.@06.�/304-�.3*-�73C,�.536.�.5)A���@-�I06.�+)�Q@0*,�,2-9:.�E01�7H;23C.5�D0.5�@)H*.5�836.5� ,@F�+3*�73C,�GF.@�.5=>96.�8)H4+�J@0*7�Q@0*� ,23.5�W)*�0G>/36.S�+@0`.5�G03�/06=�.5)H1-�,0�89?.�H;�836.5�8=*+���@)A.5�.5)H1-�D3?.5�H;�83*G0L,�80B=�G01.�8_.@�W06>�+0?,�73C,�801-�J>;�.-9C7�,2)H1.5�+);=�,)4�@013�+@3�7F.@�

�34�.3*-V�X�-9B=�.01>�D9A�50L.�+@0a,�+@=*.5�,0�/04-�EH*-�.@0=S�E01�5-)A�+@=*.5,0�[email protected]�20;-�20*+�J@0LQ�,@9?�5-H*-�Y�E0C>�@34�/017�.@)A.5�83?.5�504+@�.=.5�,@0C,�/H*.E01�,F7�.@)40�+@0-�,@9?�+@3�@3B�Y�'$0*.5�[[V[Nb�S��%�(�

�0A>�/)=�>*�E9B�>*�8_.@�+=;0�@34S�W06>S�X�3C,�801-�J>;�.-9C7�,2)H1.5�+);=�,)4@013�+@3�7F.@YS�89:�5-)A�+@=*.5�,0�J@3;-�20;-�20*+�J@0LQ�,@9?�5-H*-��$)4�/)10�I3?-�+=;0�@34I0?>�/96.�,)1�J@0*,�E34.5�7=3?.�/017�73C,�801-�J>;�.-9C7�/017�204.5�I0.@�+=;0�7F.@��34�8)0�D)4�.@F.�.@0C.��+3.�.5)H1-�2-96.5�7F.@�/96.�,296.�D)4�.@F.�.@0C.��)*+��@=*0�2H1-�

�)*+��@=*0��2H1-�,2=>9B.�G0;3�@34�Q@0;-�Q@06.�,0*.�E01�/017�+@3�80?,�836.5I06.�+)���@).5�@34�/04-�7=3?.�.5)H4+�/04-V�7=3?.�J9?,�+@0a,�E01�50L.�G3*�EH*-�.@0=S73C,�.@3*7�.@)A.5�,@0B.�,)H.5�,)4�,@3;0�70A.�E01�,)4�,043�20�

�@-�83?-�I-9C.�EH*-�D)4�/)10�I3?-�+=;0�@34S��)*+��@=*0��2H1-�Q@0;-�20�,0>�@[email protected]����501-�/017�+@3�@34�.3*-�.@-9B=�.536.�.5)A�J@0*+�.@0=S�506>�20�/3C.�W3C.�+@3@34S�D)4�/3C.�W3C.�I0T.�89?.�,96.�534-�,@01.@�Q@3?��+=;0�@34�/01��0G96.���536.�.5)A�G0?,83B.5�S�D)4�@-9B=�G-9?,�/3C.�W3C.S�,@F�J9?�@304+@�W06>�+0?,�+0*-�,@0*Q�G_�@=;>�G3;���@-�@34G0L,�80B=�Q@06.�,0*.�20�,@F�8-9:7�,@3?.5�.@0?,�0?>�/01�+=1.5�.3*-�73C,�,@)*�,-9?.5�

%304-�D)4�E-9C+�.01>�E0T.�+)*�/0CQ�8-�/0CQ�/04-���9T�J@-�.013�+@=*.5�,0�+3?�.@0L+7F.@�/96.�+03�@H.��)*+��@=*0��2H1-�,@F�/=*+�0?>�+@=*.5�,0�G_�/)10�I3?-S�Q@0;-�G_�8F.@

- 67 -

��������������� ����������������� �����������������������������

+@U�+36.5�E-9C+�E01�/3C.�W3C.��536.�.5)A�/01�Q@)H.5�,-9C.�,2=>9B.�,@36.5�>*�.5@U�E01�,)�,)H;.5�@34+�,@=>9?,�

�@9?�5-H*-�@-9C.�,04-�+@=.5�<=0.@�,0�+3*�E36�D3?�/>*�,)H;.5�+36.5�D0;.S�,)�G0;.S�,2=.5/0CQS�.@06.�G0;.���3.�.5)H1-�80A�+3?�.06.5�7F.@�/96.�+03�G0R.5��)*+��@=*0��[email protected]�E06.5�,@93�/9C.@�,2=>9B.�+=;0���501-���F�/>*�I3�83*���501-�+@3�Q@9*Q�,-.@,@0B.�W0*3�,23C.�+@-9?7�5-)A�,@9?�5-H*-�.501>�.0>�

$)4�@=;>�I-9C,�+=;0�89?�<=3?+�%0�70A�+=A.5�7-.@�@340�+@3�/304-�/)10�I3?-�.01>�@9C� ,@3?.5� ,36.� 5-0*3� +0?Q� G0C+� +=;0�%0�70A� 80A� ,2H;� ,@01.@� ,-.@� ,@0B.� +=;0��@0*Q�0G96.���0?>�5-H1��)*+��@=*0��2H1-�J@-9?.�+@3�89?�<=3?+�EZ�804-�.01>�W0*3�,23C.5���3*G-�+@-0�,@01.@�@0-�89?�<=3?+�836.5�E01�,06>�E01�+=3?-�+=1.5�.3*�G_�I06.�70.�2H4�89?.,-96=�I-9C,�

�@).5�.9B.�E0K.�7-.@ �J@0*+�.0R7�,23.5�D)4�/)10�I3?-�.01>�+=A.5�G_�,-96=I-9C,�+=1.5�EH*-�@34��$);�5-0��3>G99�E-9?,�20R.5�,23.5�,@9?�J>;�]\�+3*�@H.�@0-�7)H-.9B.�E0K.�7-.@��80A�I0?>�/96.�E01�@04�W=3?.5���34-�8-9B=�,)4�+03�.013�I0?>�/96.�.5@_+@+=1.5�D)4�@-9:=�G-9?,��)*+��@=*0��2H1-�Q@0;-�G_�,2-9C,�@04�

������ �� ������P���.��A���������T��B��0*+@�,@)*�G0�89:�+@=*.5�,0�+3*�,@9:�,-96=�I-9C,�D)4�/)10�I3?-�/01�897�X�3-�,)

,)H;.5�G_�8-9B=�J@0*+�+@-�Q@3?-�E06.5�Q@=4+��0?.5��@2-D,Y�'����32�[\Vd(���3*�73C,D)4�,@0C,�<=0.�,234.5�.0R7�,23.5�.@)A.5�/H1-�.01>���9?=�G04.�G0?,�Q@=4+�,)�,)H;.5�+=;0.5)H1-�83*S�G04.�D9A�G0L,�Q@=4+�+3.�.5)H1-�83*�

�0A>�D=>�.5@Z�E9B�Q@)H.5�+0*+@�,@9?�5-H*-�,@)H.5�704-�D);�I=4.5�Q@)H.5,-9C.�,2=>9B.�,@3?.5���H;�,-E-�@0>��0I-3S�E01�834+�G0*3���04.�89B=�,@0?>�+0*+�/304-<=0;.5�+0*3�W=.@�<=0.@�G04.���06>�/01�,@H1-�804-�<=0;.5�+0*3S�E01�J@0LQ�734-�.H-,23.5�W0A� @3C-� +@=*.5� ,0�G_�.50CQ� /=4,�G0R.5�<=0;.5�+0*3S��H*-�806>�G0�+3.� ,20-+@=*.5�,36-�80.5�W97��-E-�,@F�+@=*.5�,@0?>�<=0;.5�+0*3�73C,�/304-�7F�0K.�/-9B.�7H*-D0;.�W=0?,���@=*.5�89?.�50B.�EH4�,36-V�X�0*�H-S�+3*�/304-�7F�7H*-�D0;.�W=0?,�83*���0*7=0�+@3�,=4-�+3.�0K.�,@);Y�

�@-�,36-�H;�.@01�,@H1�E9B�.@01S�8)*0�+3.�,20-�,@)*�@0-�+@04>�.50>�E36�G9?QS�36720�73C,�G03�8)4.5�.@)A.5�53*-�7F�.01>�5-3?.5�.@)�/304-�7F�@34�<=0;.5�+03�,296.,-E-Y�

"=0�E-9C+�<=0;.5�+0*3S�,@9?�5-H*-�,@)H.5�704-�80A�+@-�Q@3?-�,)�,)H;.5�E01�,2O,)H;.5�,)H4.5�+=;0�<=0B.�+@=*.5�M�G04.�E01�,36-�M�80.5�G_�+0*+�Q@)H.5�,-9C.�,2=>9B.,@36.5�+@-�Q@3?-���@=*.5�,0�.5@Z�20R.5�7F.@�+3*�.@)A.5�<=>9?,�8_.@�83C+�/0CQ�,@93DH;�,@O+@�2-96.5�+=;0�7F.@���@)A.5�8-9B=�83*�[email protected]�8=*.5�

�@=*.5�,0�/-96.�,=4+�G_�7)=�7943�+=;0�,@9?�5-H*-� ,@)H.5�704-�+@-�Q@3?-S73C,�,@9?�5-H*-��[email protected]�.5)1.5�+=.5�+0?Q�<=0;.5�+0*3�E013�,)�,)H;.5S�>*�.5@Z�E36�,@)*++=;0�+@=*.5�,0���@=*.5�,0�[email protected]�+31.�<=>9?,�8_.@�,@93�DH;�,@O+@�2-96.5�+=;0�7F.@S.@).5�,@93�DH;�,@O+@�I3�<=0;.5�+0*3�+@-�Q@3?-���@)A.5�.5)H1-�,@93�I_�5-0*3�E01.@)A.5�.5)H1-�E36� ,@0B.�+=A.5�I=1.5�+@-9?.� ,@=0C,�+@-�Q@3?-� ,)� ,)H;.5�E01�.@)A.579C.@�/9C.@�+=;0�@34�

- 68 -

��������������� ����������������� �����������������������������

��@U�J@-�.013�,)�,)H;.5�+=;0�+@=*.5�,0�G_���0?.5��@2-D,�G0L,�Q@=4+S�+@=*.5,0�7H*-�+3*�,@9:�,-96=�I-9C,�D)4�5-0;�I3?-�73C,�+0*+@�,234.�E94.��%=*+�0?>S�+@=*.5�,0�7H*-8)H4+�D)4�,@0C,�5-0;-�Q@3*.5�+@=*.5�,0���@O.@���@=*0�P9D=D��@2-D,�/01�+@06.�/>*�,3?-@0C=S���501-�70.5�D)4�D3?.5S�D)4�,)4�I3�E01�Q@)H*+�@04.@�89?.�EH*-�+@=*.5�,0���=3?.,-96=�I-9C,�D)4�/)10�I3?-�E01�@)H;.5�,@=4�D)4�,)4�I3�,23.5�+@06.�/>*�,@-96.�,@)H4.5S�,),)H;.5�+=;0�G04.�Q@0;-�G_�G0L,�Q@=4+�89:�E06.5�/H1-��0?.5��@2-D,���0A>�+3?�50L.5�,-9?Q,@=�.@)A.5�,)�,)H;.5�+=;0��@=*0�P9D=D�E01-�,067�,2O�G04.���0A>�834+�/H1-��)*+��@=*0�2H1-�89:�-.�.@)A.5�,)�,=H;.5�0?>�E013�,067�,2O�7F.@���34+�E01�.5@-9B.�.50T7��-.@�@0*.@�73C,�+0*+@�.@-9C,�,F.@�E01�89:�/H1-��@=*0�,2H;�,@01.@�73C,�Q@0B.�+=;0�,-9?.�,2F.@D=>�.5@Z�+=;0�G04.���0A>�,@)H1.5�W=>96.�,@07�I)4�+0*+�G=3:-�.@3*7S�+@=*�>*�/0L.5.5@9�/H1-�5-0;.5�E01�D)4�I04>�I3T�8)H4+�G0.�Q@0*,�

�0A>�+0B=�W-.��)*+��@0*.@�%-.@�5-=*Q�8HA�G04.���96.�.@H*V�X�@)A.5�0-�89:G0;.�+@0?,�,@-96.�.@-96.�,@0?Q�J9*7�+@-�Q@3?-�7F.@�,@F�D3?.5�+@U�89:�,@3;0�70A.�,)I=4+�7F.@YS�.96.�+)*�G_�D)4�/)10�I3?-�.=3?,�,234.���@).5�X.@)A.5�0-�8-�,@93�D)4�I0T.I0L,�+=;0��@0*.@�%-.@�,@F��D9A��,@0?>�7F.@�/017�.@)A.5�8-9B=��894Q�>*��)*+��@=*0�2H1-Y� '�3670�jVd��%�(���34�@34+� ,0CQ�+0*+@� ,-96=�I-9C,� D)4� /)10�I3?-�G0R.5�+0*[email protected]�.@)A.5�,)�,)H;.5�G_�8-9B=�J@0*+�+@-�Q@3?-�89?.�E06.5�Q@=4+��0?.5��@2-D,��9?=�+@=*.5�,0�7=3?.�8)H4+�,)4�I3�89:�@)H;.5�,@=4�D)4�,@0C,�,@-96.�,@)H4.5�,@F�+@=*.5,0�Q@0;-�89:�,)�,)H;.5�7F.@�/9C�,@=3C+��E013��0?.5��@2-D,�

�)*+��@=*0��2H1-�/01�,0*+�5-0;�+=;0�734-�D)4�,@0C,�'+@06.�/>*(��$)4�,@0C,�,@-96.,@)H4.5�+3*�5-0*�,2_�+@3�+@=*.5�,0�.0R7�H;�,23.5�/H1-��)*+��@=*0��2H1-S�,)*+�/01��-.@�@0*.@���@).5�,2)H*+�J@-�D)4�,@0C,�83*�,2H;�,@01.@�73C,�,@)4+�,9?�+@3�+@=*.5�,0S�D)45-0;�I3?-S�+@=*.5�,0�Q@0;-�,2-9C,�@04�.@)A.5�D)4�,)H;.5�,)H4.5S�/>*�/=0C.�+=;0�+3.�.5)H1-5-)A0�,@-9C.�E01�0*+���=3?.�,-96=�I-9C,�D)4�5-0;�I3?-S�734-�,)�,)H;.5�+=;0�+@=*.5�,0�+0B.Q@0;-�Q@=4+�,=1.5��0?.5��@2-D,���@U�J@-�.013�D)4�/)10�I3?-�G_�,-96=�I-9C,�,@F�+@=*.5�,07H*-�.5).5�+@-9?.�80?=�,23.5�E-9C+�,F7�J-9?7�+@06.�/>*��%=*+�0?>S�G04.�E01�,36-�@301.,301.�@)H;.5�,@=4�D)4�D3?.5S�GF.@�0.�E01�Q@)H*+�@04.@��.@H1�D)4�,@0C,�,23.5��0?.5�@2-D,�70.5�/04-

- 69 -

��������������� ����������������� �����������������������������

���������

�$���� � �������� ��@)A.5� ,20C.�G0A3� ,3?� ,@-96.�.@-96.� ,@)H1.5�W0;>� 20���0a+�I=1� +@=*.5� ,0

[email protected]�7=3?.�.@).5�G0A3�,3?S�+=3B.5�[email protected]�/=4,�/3C-�E0T.�+)*�89?.S�89:�/04-�80R.5�D0=7F.@�G-9?,�G03�D)4�,@-9C,�@04-S�.@01�+);0�D=4Q�83:S�2=36.5�E)H1.�@)�@04-S�+@9?,�+@3*+S,0.5�,3*+�

�@)�.@)A.5�,20C.�G0A3�,@-96.�[email protected]�+=3C+�8H1-�+@=*.5�,0�+31.�50aQ�.@-9B=,20C.�G0A3�,@=3C+�/-.@S�,-.@�,@0B.�E01�73?-�<=0.�@9C���@);�,@0*+@�J@3*�[email protected]�5-0.J@3:�W0;>�89?.� ,23.5�+=3C+�D3?.5�+@=*.5�,0S�89�I340�89:� /04-�D)4� ,=>9C,�E34.5�@0A3@=>9B.��%01�+H�83?+�[email protected]�.@)A.5�,20C.�G0A3�[email protected]�7H1-�.01>�89?.�EH*-�+=3C+�D3?.5+@=*.5�,0�.@-9B=�/0B.���@36.5�+3*�73C,�.5304-�/9C�.013V��0?,�+0;�+@=*.5�,0�89B=�83?-I-9C.�.@)A.5�,20C.�G0A3�J@3*�J@0K.�,@);�,@0*+@�

�@-�+=3C+�8H1-�G_�80*7�706>�89.�J@3*�J@0K.�G0*3�,2)H*+S�G04.�+3*�,@9:�Q@0;-+@_=�D)4�,@-9C,�@04-�J-.@�J@=;.5�.9?=�G04.�[email protected]�G-9?,�+0*+@��W);�W)4���@).5�+3*�73C,5-0;-�Q@0*Q��"=0�E-9C+�.3-�,@93�5)H.5�E01�,@0*-�83C�+=;0�D)*�83B��@03/36�,23.5�+36.5E=4�]fS�+@=*.5�,0�+3*�,@9:�/01�.@)A.5�.5)H1-�80L+�,@0L.5S�E)H4,�<=0�,2H;�.504-�

��V����.������� �.B�������������V��F�D)4�203�5-0;.5��@=*+�067�+=;0��0?.5��@2-D,S��@03/36�Q@0;-�/01�73C,�,23.5

.@)A.5� ,=1�.@06.�G_�W-9B.5� ,296.� ,01=� ,@=;>���23.5�+=3C+�@01.@� ,2F.@��@03/36�E01

.@)A.5�,=1�Q@047�J@0*+�G_�80a,�I)H*-�D)4�<=0;.�/>*�+=;0�73C,�83C-�,2)H;.5�,96.�P=/-=*,��34�I)1.5�/04-�@0;-�+0;.5�,96.��>A�+0;.5�'r0-2��90E9.D(�,@=3C+�80;3��29,9�'�H�M29?,(�E01�/)=�/04-�83*�70?>�.501>�

�@H1-�,-9?,�.501>�+01.5�W0?=�@H.S�EF�7=10�836.5�D0LQ�89?.���F��>A�+0;.5�/0173C,�@0;-�+0;.5�,@30*.5S�,23?.5�,20;-�.96.�[email protected]�8=;�8-9B=�J-9C.�89:�.=*Q�/04.@�+=;07=10�836.5���0�D3?�,@=;>�,@=;�8301.�89B=�.5@Z�20R.5�8-�89?.��@96.-W-�H;�7=10�836.5,04-�83*�,@F�,@=0C.�/H4-�@H.���34�/0L.5�.5@9�,-9?.5�.3*-�+=;0�/>*�,2O�+3.�.5)H1-�E01�89:�/>*,2O�I0T.�8043�D)4�<=>9?,�8_.@�+=;0�@34�

�@03/36�.5@9�73C,�,-9?.5�.3*-�J@0*+S�,-9?.5�.3*-�+=;0��)*+��@=*0��2H1-��%=*+0?>S��@03/36�.3*-�EH*-�734-�.5)H1-�X�@)0�+0*+�36.5S�,36-�.5@Z�20R.5�D9A�+3*�D)4�.5=>@-9:7�/H*.�.9?=�+@=*.5�,0�,-9?.�@01.@S�+3*� ,@9:�80L7�,01=S�70?,�70*,�@01.5�@3*0S�G_,@)H.5�,O+@�E01�G_�+@9?,�Y�'�36.5�E=4�]fV[\S��%�(�

�@).5� ,@=;>� ,@=;� 8301.� +3*� >*� .5@Z� J@0*+� EH*-� �@03/36S� @34� .5@9� ,@93,-9?.5�.3*-�+=;0�/>*�,2O�E01�,)4�<=>9?,�8_.@�D3?�Q@0C.�7F.@�

�501>�.0>��-.@��@0*.@�+=A.5�+@U�+@3�+@=*.5�,0�,@0?>�23A�+3*�@0-�/304-

- 70 -

��������������� ����������������� �����������������������������

,-9?.5�.3*-�,)H.5�Q@0;.�80.5�.3*-�EH*-�+@=*.5�,0���3C,�,-9?.5�.3*-�,)1�,2H1-�E01�,-9?.5.3*-�J@0*+�5-H*-�@04.�,23.5�Q@047�E-�<=0;�80?,���@-�G04.�834+��-.@��@0*.@S�J@-�G04.8-�.@01�,@H1�E01�.5@9�/H1-�+=;0��)*+��@=*0��2H1-�8)H4+�5-0;.5�20S�,@F�G04.�.5@9�,@0?>,-9?.5�.3*-�+=;0�E)H.5�<=3?+�,@-96.�,@)H4.5���@).5�J@-�G04.�8-�E013�,@9?�5-H*-�,047,@H1-S�G04.�G_�,-9?.5�.3*-�+0*7�I3T�+=;0�,20B.�5-0.S�,-9?.5�.3*-�+=;0�$0,0.�Q@=;�/=*,�G04.� -3?.5�.@=)�,@=;>�,@=;�8301.�+=;0�+@-9?+�,01=��@03/36�8-�G_�G=3C+�Q@0;-�<=>9?,�8_.@,@F�G04.�+=A.5�.@)�E0C>���01�.9?=�G04.�[email protected]�/0L.5�,-9?.5�.3*-�8=*.5�80L.�,@F�.@).5J9?,�<=0;�[email protected]�E)10�>*�+@0L+�+@0L.�D9A�W0;>�20�

�@-9B=�.0.�89B�J@3*�J@0K.�,236.5�5-3?.5�.@)�.@)A.5�.=*-�/H*.S�I)H1.5�.@)[=0*�/H*.�[email protected]�,@9:�5-0;-�<=>9?,�8)H4+��$)4�Q@0*,�,2-9:.�E9B�J@30�@34+�E01�J>A�,@=0C,5-0�,0K.5S�.@).5�+@=*.5�,0�E0T.�,@-9?=�D)4�J@36.�.530.�89:�<=>9?,�8_.@�8=*.5�80L.E01�D3?.5�+=3C+�8H1-�,@01.@�+36.5

%H1-�.3*-�+=;0��@03/36� /01�D)4� ,@0C,� ,23.5�@301.�+0;.@�80a+�G-9C,�+=;0�36.5��-.@��@0*.@�/01�D)4�,@0C,�+@3�734-�,@H1-�804-���-.@��@0*.@�/01�.5=3B.�+=.5�+0?Q�I3B-I013�E9B�D)4�J@36.�.530.�E01�,2-�,@)*+�+=;0��)*+��@=*0��2H1-��"=0�/H1-��-.@��@0*.@S,-9?.5�.3*-�,)1�,296.�+03�D9A�Q@0*,�.536.�23A�201.5S�+=.5�)*.5�.@)A.5�/H1-�+0;.@�+0*3J@36.�.530.�+@3�.@)A.5�0-�83?-�I-9C.�.@)A.5�D)4�J@3*�J@0K.�

�@).5�.@-9B=�.5)H1-�@H1�@)A.5�,23.5�E-9C+�834+��-.@��@0*.@S�@34�.3*-VX�sS��-.@��@0*.@�,@=3C+�E9B�,@H1-�W0�W)0S�[email protected]�I01.@�+@3�.501>�.0>�.)A0�Y��36-/0?>�/017�,-9?+�+@3�.@)A.5�.5)H1-�83*���-9?.�,@)*+�J@30�@34+�E01�/>*�,2O�@-9C.�804-�+=;0@34�[email protected]�G03�5-H1�+3*�,@9:�,@0>�,@9?�+@3�D)4�J@36.�.530.�+@)*0�8)4.5�,23.5�/H1-�)*+��@=*0��2H1-��"=0�D)4�I04>�I3T�+=;0��-.@��@0*.@S��)*+��@=*0��2H1-�+@U�23A�+@3+@=*.5�,0�,@0?>�20R.5�+@=*.5�,0�Q@0;-�80a,�.9B.�,0;.5�.@)A.5�<=>9?,�8_.@�@01.5�.501>+=;0�7F.@�,296.�%H1-�[email protected]�,@0>�83:-�+=;0��)*+��@=*0��2H1-�E01�[email protected]�80a,�.9B.,0;.5�,296.�,-9?.5�.3*-�,@0>�83:-�+=;0�/>*�,2O�+3.�.5)H1-

�)1�G06>�5-H1�,2-H;�8-�J@-�G04.�83?-�I-9C.�.0.�89B�J@3*�J@0K.�.013�@0A>�834+�E01D=>�.50T7�/H1-��)*+��@=*0��2H1-���0A>�89?.�EH*-��@=*0�,23.5�D)4�+0B=�.5=>9C.�E01/0L.5�.5@9�,-9?.5�.3*-�D9A�I0T.�I0L,�G04.�E013�+=3C+�D3?.5�>96=�,@)H.5�,2)H1.5�+);=�

0�� �����������M����������������������0.�80B=�I)H1.5�.@)�,-9?.�@01.@�73C,�+=3C+�@01@�,2F.@�,3?,�894Q���@H1-�,-9?,

I)H1.5�.@)�@301.�@0;3S�+0*+�,=1�.@06.�8)H4+�83?-�W);�,);�,9?�E01�+0*+�,@)H.5�G=36.�89B=H;�,296.�G33.5�,01=�

�@-�@34�5-)H.5�G=3B7�<=0�G-9:.�9590.S�,@F.@�/F.@�,@H1-�,-9?,�,@0>�83:-��3C,�,20C.�G0A3�5-3*�704.@�E01�+=3B.5�[email protected]�I)A�I3C-�J9*3�89?.���@-9?+�,01=�/04-�2H-.50>�E013�5-)A0�+H.�G0A3S�G_�80:>�20�G-9:.�J@H-�E01�,236-�8-�E36�8_.@�

�501>�,@)*�.@0?,�+=;0�,20C.�G0A3S�@34�/0?>�I06>�201.5�Q@O0�I)H*-�+@-9?+�,01=�/04-89:�/017�+@3�+@0L+�+@0L.�'�36.5�E=4�]]V[f��%�(

�501>�,@)*�@0-�+H.�G0A3�/04-�+01.5�I)A�,H.�@H.S�E01�D3*.5�80:>�704.@�89?..3:-�@34�G-9?,�20R.5�7F.@�+0B.�8)H4+�,@)H.5�W9*���34�G=3B.�,@0;7�<=0K.5�,0?,�+0;�+0*[email protected]�@3*0�W=3?.5�G-9:.�89:� /017�.@94� ,01=���01.@�83C.5�.01>�+@0?7�I)*,�734-�@>

- 71 -

��������������� ����������������� �����������������������������

E34.5�,F7�J-9?7�/H4-�,)*+���04-�,@H1-�8-9:7�.01>S�@34�+@-9?.�80?=�+@3�D)4�D3?.5�+31.�+=;0704.5�D3?.5�7F.@���20C.�G0A3�,-9?Q�,=4+S�.501>�,@)*�G0S�E01�D3*.5�G-9:.�I06.5�+03@H.���@)H.5�D0*+@�+=3?-��+=1.5�+=;0�@34�/01�<=0K.5�83B�804+�I=4.5�+=4�I06>S�73C,�@[email protected]�70.5�>*�.5@Z0�/01�@34�[email protected]�+31.�J-9:7�D30*,�+@-9?+�,01=�8)H4+�.)A0���301.+0;.@�<=0*�,0B7�J-9:7�D30*,�+=;0�@34S�8-9:7�,)40�I=>�.@0?,�+=;0�@34�/01�@>�E34.5�

�@).5�5-3*�G0A3�E0T.�[email protected]�5-0;7�GH*,���-9:.�D3*.5�+=3B.�+=3C.�/04-�+01.5,9C�@04-�@H.��X�23.5�70?>�.501>�+H.�G0A3�I)A�,H4.�E0T.�J36.5�5-0;7�D=*,�89?.�.3:-�@>E34.5�+=3?-�+=1.5�+=;0�+@=*.5�,36-�+=A.5�,-96=�,0.�Y�'�36.5�E=4�]fV]iS��%�(�E01�83*/01�+0;.@�.53C�+=;0�D)4�J@36.�.530.�+3.�.5)H1-�J@-�83?-�I-9C.�,206.�G0A3�J@3*�[email protected].�5-0;-�

�36-�80A�@0B=�E-9C+��@=*0�,296.�@0-�7)3-�.0K7S�50aQ�20?,�.@-9B=�.5)H1-�,20;-<=0�.@)A.5�+H.�G0A3�+=;0�+=3C+�D3?.5�@34���3*�/=*+�@34�+3?�50L.5�W);�W)4�5-3?.5�.@).@)A.5�.5)H1-�,296.�,01=���34�.3:�/)4+�+=.5�+0?Q�+@3�5-0�8F.@�7F.@S�+36.5�E-9C+�/0170K.�E01�+=3C+�D3?.5�+0*�.@06.�G0R.5�D)4�J@36.�.530.�2-96.5S�<=>9?,�8_.@�2-96.5�E01J-.@�.5@-9C7�2-96.5�+=;0�7F.@��%=*+�80B=S�I)H1.5�.@)�@34�,@0?>�20R.5�+3*�,@9:�80;7.@-9C7�8)H4+�

�=>�[email protected]�+@0`.5�G03�/06=�@34�D9A�,@0?>�20R.5�D)4�J@36.�.530.�2-96.5�+=;07F.@�+@0`.5�+3*�,@9:�J-9:7�D30*,�8)H4+�@301.�+0;.@���3B-�@34�G0L,�80B=�/017�+@3�.@94+@-9?+�,01=�+=;0�+=3C+�D3?.5�7F.@���34�J@H;-�D)4�,)1�G3;�@>�E34.5S�/H4-�O+@�E01�.50>�+0;8_0�E_�+=;0�7F.@�

�-9B=�83*�+=A.5�[email protected]�/017�+@3�+@-9?+�,01=�+=;0�+=3C+�D3?.5�@34�0.�,301.�$0=�J@-�,0?,�+0;�734-�@>�E34.5�+=;0�@34�,-96=�,0.S�@34�,=>9C,�E34.5S�@34�G0L,�80B=�>*�,@)*+D)4�@04.�+@9?�+=;0�J@0;�.0K.5�7F.@��%=*+�G0?>�5-H1�.@-9B=�.5)H1-�7H*-�+@04>�89?.�W-.�)*+��@=*0��2H1-�5-=*Q�8HA�

�3.�.5)H1-�+@=*.5�,0�,@)H1.5�704.@�79A�E01� ,)4� ,-.�J@-�734-�E-9C+�,-9?.@01.@�967�W=36-�G0R.5�Q@0`.5���@).5�J@-�,20C.�5-3*�G0A3�J@3*�J@0K.�G0L,�80B=�,@3:-E013�+=3C+�D3?.5�+=;0�7F.@�,@F�.-9B7�,-.�.H-�D)4�J@36.�.530.�E01�J>A�,@=0C,�+=;0�+3..5)H1-�>9?=�8-���@=*.5�,0�[email protected]�+@0C.�8)*.5�8)H4+�.@)A.5�+H.�G0A3�J9*3�89?.�+=3C+8H1-�7F.@���@0;-�>*�,@)*+�D)4�@04.�+@9?�+=;0�7F.@�Q@0;-�/-96.�,=4+�D0e.�D01.5�J96=�+0B=�)*+��@=*0��2H1-S�E01�,-9?Q�.@0C.�D)4�J@36.�.530.�+=A.5�.@)�D)4�5-=*Q�8HA�,)1�,296.+03S

��.���������������V�����V������M���[ ��D��E.�\�@-�,@=;>�,@=;�8301.�E01�I=�J@0*+@�70?,�@9?,�@>�E34.5S�@34�,=>9C,�E34.5�E01

G3;�0K.�=3?.5���=>�[email protected]��@03/36�@01.@�83C.5�J@0*+�@0`.����.5�G-9?,�+0*+@�E)H4,<=0�.@)A.5�+H.�G0A3�+=;0�+=3C+�8H1-�

�@=*.5�,0�@34+�8)H4+�G0�GO�<=>9?,�<=0.�,234.5�.@)A.5�/=*+�G_�J@3*�[email protected].�I0CQ�89?.�,23.5�.@)A.5�/H1-��@03/36�.3*-�EH*-�.@)A.5�.5)H1-�+=1.5�,01=���2)H*+@9?,S�J@-�J9:�+@3�734-�.5)H1-�,296.�,01=�.5@9�E9B�E-9C+�E-9?.5�,@0K7�+=;0�,@-96.�D)*��@03/36�,=>96.�G3?V�X�)*+��@=*0��2H1-�701�,36-�,@=3C+�E9BY�'+36.5�E=4�]fV]^��%�(

�3?-�EH*-�.@)A.5�0-�,@=3C+�E9B��)*+��@=*0��2H1-S��)*+��@=*0��2H1-� /01�+H

- 72 -

��������������� ����������������� �����������������������������

.5@-9CQ�+=;0�@34��%01�+H�83?+�[email protected]�+@=*.5�,0�[email protected]�.@F.�W97�,@9?�5-0.S�,-9B.G04+S� I0.@�E34.5�@0>� D)4� +@06.� ,@0C,� +=;0� +3.�.5)H1-���5=3B.� ,01-� .5=>96.� +=;0+@=*.5�,0�89?.�,)1��)*+��@=*0��2H1-���)*+��@=*0��2H1-�/01�.506.�@01.5�+=;0�+@=*.5�,0S�)*+��@=*0��2H1-�/01�D)4�D3?.5�+=;0�+@=*.5�,0S��)*+��@=*0��2H1-�/01�D)4�,@01.@�+36.5+=;0�+@=*.5�,0�

�@-��0?.5��@2-D,�+@9?,�,296.�,@0CQ�,)4�5-0*S���501-�[email protected]�89:�/04-�,01-�D0;.@)A=�@F.@S�80?,�80-S� ,-9B.�G04+�@0>�8_0�E_�.013�+@3�.@)A.5�.5)H1-� ,@93� ��501-��@).5���501-�89:�/04-�+@3�.@)A.5�.5)H1-�,@93���501-�8-9B=�J>1�I-9C=�.@0?,�+=;0�734-,01-�D0;.����501-�7H;�+3.�8)H1.5�+@3�+@=*.5�,0�Q@=4+�@310�73?-�<=0.�@9C�EH*-��)*+�@=*0��@0S��0?.5�I)4.5�.96.��2H1-�E01��0?,��"=0�P9D=D��@2-D,S��)*+��@=*0��2H1-,2H;�.96.�+H�.5@-9CQ�5-0*�,2_�EZ�804-�+=;0�+@=*.5�,0���@)A.5�.5=3B.�,01-�.5=>96.�+=;0�)*+��@=*0��2H1-�/01�+=;0�+@=*.5�,0���@=*.5�,0�,@=3C+�E9B��)*+��@=*0��2H1-�E01�,23.5D)4�,-.�<=>9?,�+@0L+�+@0L.�83*S�+@=*.5�,0�,-.�20R.5��)*+��@=*0��2H1-�D9A�,@0?>�+@=*.5,0�8)H.5�80B=�+0*+�.3T-�J@3*�J@0K.�

�36-�8)H4+�834+�73C,�+06=�+@=>9C.�E9B�G01�EH4�+=;0�7=4+�D)4�.5@913���@3B.5G01�+3*�73C,�+36.5�E-9C+�/017�Q@=4�J@-�@34�,-96.�[email protected]�89?.�73C,�.@01�,@H1�.@3;���=3C+D3?.5�+=;0�@34�20?,�,=*.5�,@-9?=S�+=3?-�73T-�,@0*.5�@34�,@0?>�7F.@�+@0`.5�+3*�5F�+31./04-��$0=�83*�.5)H1-�[email protected]�/04-�70?,�E-9C+���F�@3C-�,@0*.@�<=0*�.@3;�.96.�D3?�/)H4.5�I3@3C-�,@0*.@�+=.5�+0?Q�+@0`.5�8=;�,@0?7�E013�806=���@)A.5�@3*0�8H.�5H;-�89?.�,H*-�,0?Q.@).5�@34�+@0`.5�+3*�J@30;.�,-9B.�.013�+@-�,20;���34�[email protected]�G-9?,�Q@0;-�/017�5F�

�5)H1-�EH4�8-�20�,F7�8)H4+�E-9C+�/017�.@).5�E0T.�[email protected]�8=;�+=.5�+0?Q+@3�.@=�+0B=�5-0�8F.@���3C,�.501>�.34S�Q@0*,�W=0?,�,)1�D)4�,=>9C,�E34.5S�.5)H1-�EH47H*-�J@H;-�D)4�834+��-.@��@0*.@���0L,�G01�+@=*�>*�E013�73C,�8304.�D0*+@�+=;0��0,@-H��304.�83*�J>*�,@=0C,�/04-�D)4��E-9C+�W0;>�20�H;��0G96.0=7S�/=*+�G0?>�5-H1�73C,�.5)H1-,@06=�,@=9?�89?.�.@01�,@H1�89?.�50B.��@-92H�E01�@3;-S�,@0B>�+=;0�0.@�+3*�.3CQ�,@=9?�89B.,@H1�[email protected]��@-92H�/0CQ�,)*+�,20;�/H1-��X�Z�.@-96.�+3*�+@)*Y�

�@-��@-92H�89?.�+=1.5��@=*0�P9D=DS���501-�@3;-S�X�0*+�E=0�8H1-�.01>�+3*,@=�,@=9?�,@06.�I06.�D)4�7F.@�@0>�,@=�,@=9?�.@)A.5�I06.�.5304-�<=3?+�G_�@34�+@-.@Q@=4+nY�

�@-92H�,20;�/H1-V�X�@=�,@=9?�+=;0�.5)H1-�.5304-�<=3?+Y�0?>�5-H1��0?.5��@2-D,�.3*-�20R.5V�X�=>�[email protected]�+@=*.5�,0�[email protected]�7=3?.

/017�@34�E06>�Q@047S�E0C>�+3.�@0A>�20�GH1�G-9:.��E01�G3;�+06=�+0*�.013�+0L.�+06=�,2)H*+@9?,S�+3.�@0A>�G0.@�7-9C.5�.3*�20���3.�D9A�,@0?>�73C,�83B.5�G04+�89:�,20;�,@=3?+�+@3@0-�+@=*.5�,0S�@0A>�/0?>�E01�897�8-�,20;�Y�'�0,�[fV]dN]fS�%�(

�H4��+=;0�7=4+�D)�J-0�+0;7�83C.5�D06=�W0�E9B�+06=��-.@��@0*.@�.01>���@0B.+06=��-.@��@0*.@�80CQ�704.@�E013�@301.�+0;.@�@-9C.�,04-�+=;0�G01�0?>�/01�+@3T��@=*0P9D=D�+@U� +@3�+0*+@��@-92H� ,20;� ,@=9?� X+@3�@0-� +@=*.5� ,0Y���01� >*� ,@)*+�7F.@,@=3C+�E9B��0?.5��@2-D,�E01���501-�,@=3C+�E9B�G01���=3C+�8H1-�+=;0�G01�E01�+=3C+�8H1-+=;0��0?.5��@2-D,�[email protected]�+31.�/01�@0-�.@).5�/01�73C,�

�)H4+�+0;7�83C.5�I3�>*�,@)*+�+@0L+�+@0L.�+=;0�D)4�X�@=3C+�E9BY�.01>S�G01

- 73 -

��������������� ����������������� �����������������������������

J@3*+�/96.��$0=�83*�G01�+@-0�D9;�+@06.�/>*�+=;0�8304.��-.@��@0*.@�.01>�+@3�[email protected]���01�.3*-�EH*-�[email protected]�X+@=*.5�,0�+=1.5�D3?.5�EH*-��0?.5��@2-D,���0?.5��@2-D,�D9A,F7�+0*+@�+=.5�+0?Q�+@3�.@=�+0B=�+=;0�+@=*.5�,0�Y

�0B>�8)*+� ,-.S�@34�+=1.5�.@0=�+0B=�.5=>9C.��D0=�83*� O,� /06=S��)*+��@=*0�2H1-�80*Q�/H1-�+0B=�.5=>9C.���5=H1-�[email protected]�,F7�8)H4+�73C,�E-9C+�/017�,3?,S�@34�+3*�,@9:,20;�@9?,�.H4�.0B.���9B�D0=�@34�,2H;�,@01.@�.@)A.5�7=4+�D)�,@01.@�+36.5�E01�@3C-�,@0*.@Q@0*,�,2-9:.�704.@�

"=0�J-.@�.5@-9C7S�EH4�+=;0�7=4+�D)�J-0�J@0*7�Q@0*�20�G01�,@=3C+�E9B��)*+�@=*0��2H1-��$)4�+@0L+�+@0L.�+=;0�E-9C+�>*�,@)*+�.01>�70.5�89?.�.@)A.5�J9?,�<=0;�/04/=1.5���@36.5�J9:�5F�89?.�G0A3�,3?�5@96�2H4.S�5-3*�704.@�,=>9C,�E34.5�+=;0�+3.�.5)H1-S�@03/36�+=A.5�G-9?,�+@0L+�7F.@�,@=3C+�E9B��)*+��@=*0��2H1-�

�@)A.5�+3.�.5)H1-�[email protected]�,-.�.H-��0?.5��@2-D,�+@0`.5�+3*�73C,�5-0;-�Q@0*Q+@06.�,@0C,�.013�89:�,F7�J-9?7�J@-�734-�E-9C+�[email protected]�8-�8=*.5�@)H*.5S�J@-�.@)A.5+H.�G0A3�+=;0�+=3C+�8H1-�89�I304�,01.�@04-S�J@-�,0?,�+0;�,@9?�5-H*-�+@=.5�<=0.@�I)H1.5.@)�.3:-�5-0C.�EH-�@34���@).5�+@=*.5�,0S�+H�83?+�[email protected]�G-9?,�+@0L+�7F.@�,@=3C+�E9B�)*+��@=*0��2H1-���50>�+0;�.9?=�,301.�,@9:�<=0;�80?,�.01>�89B=�/01�J9;�,@=1�,@F�+@=*.5,0�E)A.5�80?.5�E)A.5�,296.�E0B.5��80*�[email protected]�G03�5-H1�/0>�+@=>9:.���@=*.5�,0�,@=3C+E9B��)*+��@=*0��2H1-�E01���501-�,@=3C+�E9B�+@=*.5�,0�

H�����.D�� ����M���T����E��@03/36� +=A.5� ,=>96.�G3?�73C,� X�)*+��@=*0��2H1-V��0?.5� ,36-� Q@=4+�E=4Y

'�36.5�E=4�]fV]^�S��%�(��@03/36�5-0;-�,@O+@�23A�201.5�GO�<=>9?,�,@)*�@0-�,23.5�E-9C+J@0L+�Q@=4+�J@3*�J@0K.���@=*.5�,0�Q@0;-�5-03�734-�D)4�/3�/0L.5�+=;0�7F.@�+@3��0?.5�@2-D,S�+3.�+=;0��)*+��@=*0��2H1-�[email protected]�@9B�,@0>�83:-S��0?.5�[email protected]�@9B�,@0?,�,O.EH*-�+@=*.5�,0��,0?,�+0;�+@=*.5�,0�@30a+�Q@=4+�E=4�+@3��)*+��@=*0��2H1-�@30a+�Q@=4+�E=4J@0*,�E34.5�2-96.5�+=;0�7F.@���@)A.5�J@0*,�E34.5�83*�,@)H1.5�/01�I=4.5�+=4�+=;0�,3C-/3T-S�73C,�Q@0B.�+=;0�,@9?�5-H*-�G_�36�.@=4+�I3�Q@0;.�G3C-�

�@0B.�836.5�734-�.5)H1-S�J@-�+31.�,29;�E01�80B>�D)*+�/)4+�@34�Q@=4+�E=4�,@9?5-H*-�,@93�J@0*,�E34.5�2-96.5�+=;0�7F.@���34�.5@Z�20R.5�,@9?�5-H*-�.01>�D9A�,-9?Q�,=4++=.5�+0?Q�+@3�@34�E01�,-9?Q�,=4+�G0;3�80;7�.@)A.5�/04+�,@=*�+0*�.@06.�+=;0�@34���@36.5DH*7�,@F�7=3C.S�,@F�,@9?�5-H*-�.01>�D9A�Q@0;.�G3C-�@34���=3:-�,@0.@�.-96.�+=;0�@34�G-9?.70?,S�J@-�@34�,2H;�,@01.@�.5)H1-�5-01�2=.�/0:>�G0:>�E01�[email protected]�G-9?,�+@9?,�J@-�.013�

�-.�+0C>�.H-�,-9B.�G04+S�,-9B.�G04+�D9A�Q@0;.�G3C-�G04.���-.�+0C>�.H-�8_0�E_SG04.�D9A�G_�70?,�8_0�E_���-.�+0C>�.H-�I0.@�E34.5S�I0.@�E34.5�D9A� /304-� ,2)1�G04.��@).5�,-.�+0C>�.H-��)*+��@=*0��2H1-S���501-�+@0`.5�G03�5-H1�,@0?,�,O.�83?-�EH*-�G04.�

�0?.5��@2-D,�D3?.5�73C,�8H1-�D3?.5�Q@=4+�E=4S��@=*0�P9D=D�20�8H1-�,23.570*.5�+3;�5-)A0�D)4�.5@913�.01.����501-�7=3?.�J9?,�G04.�EH*-�.@)A.5�.5)H1-�+36�8H.��F���501-�50*.@�,3C-�/3T-�+=;0�+@=*.5�,0�,296.�+06>�,@0CQ�,)4���)*+��@=*0��2H1-�80A�,)1�G3;�501-�� -06>�Q@=*,�83*S��@=*0�P9D=D�J96=�/H*.�,-9?.5�,04-�,@0CQ�,)4�5-0*��X�)*+��@=*0�2H1-�,36-�H-S�D03���501-�/F0�G3;�,36-nY���501-�7=3?.J9?,�G04.�EH*-�.@)A.5�,0?7�/31.5,0.�EHA���@=*0�P9D=D�.9?7�,20;-�D)4�+@9?,�E01�80A�Q@=4+�D-.@����501-�7=3?.�J9?,�G04.

- 74 -

��������������� ����������������� �����������������������������

+@3�.@)A.5�0-�+0B.�D)4�D3?.5�EZ.@�@0R.5�E01�GF.@�0.��9?=��@=*0�P9D=D�/01��)*=��@=*0�+=;0�G04.S���501-�D9A�83?-�W);�EH*-�G04.�+=1.5

,@0*-�83C�0?>���04.�D9A�7=3?.�Q@=4+�E=4���501-S���501-�7=3?.�Q@=4+�E=4�G04.���=1�G04.+3*�,@9:�.5@913S�+3*�,@9:�+36�8H.S�+3*�,@9:�,0.�.0*,�+3A-�/31.5�E01�.50>�+0;�G04.�80A�.9?77=1-�D)4�+@9?,S��)*+��@=*0��2H1-�D9A�+@0`.5�G03�5-H1�/F0�G3;�G04.S���501-�E0T.�/01�,@-9?,@)A=�+=;0�G04.�<=0�734-�8-9B=�G04.�J-.@�.5@-9C7�

�@03/36�G-9?,�23A�8-9B=�.01>���0a+�I=1�Q@0;-� ,20;-�<=0�+H.�G0A3�,3?�J@=;.5J@-9?QS�.@).5�36.5�G-9?,�20R.5��@=*0�P9D=D�+=1.5�8-�EH*-�36.5�� -)A0�@301.�+0;.@�G-,@)H.5�.01>S��@03/36�+3*�,@9:�8)*.5�E)A.5�E01�,=>96.�G3?�20R.5S�36.5�Q@=4+�E=4��)*+�@=*0��2H1-���F��@03/36�Q@=4+�E=4��)*+��@=*0��2H1-S�.96.���501-�D0-�73C,�,@-96.�D)*S73C,�D)*�5-0;�,@-96.�,@)H4.5�G0*3�+@3�36.5�/H1-�@)*0�5-0;-�+)*=V�X�)*+��@=*0��2H1-�80A,@)10�.@0C.�/H1-�>96=�+0B=�+=;0�+3.S�E01�D9A�+)*=�734-�.5)H1-�+=1.5�8-�,01=�EH*-�+3.Y�'�36.5�E=4�]fV]^S��%�(�

�9?=�G04.�,2=.5�,O.�Q@=4+�E=4��)*+��@=*0��2H1-�G0R.5�,-9B.�G04+S�G0R.5�,@F5-H1S�G0R.5�+=3C+�D3?.5�E01�J@0;�.0K.5�+=;0�G04.�,@F�J@3*�J@0K.�W0;>�20S��)*+��@=*0�2H1-�D9A�D0-�,@-96.�D)*�+=;0���501-�5-=*Q�8HA�G04.���)*+��@=*0��2H1-�D9A�H;�EH*-�[email protected]�.@)A.5�,23.5�/=*+�,3?,�894Q�,@=0C.�/H4-�.@).5�+31.�H;�EH*-�G04.�J@-�G04.�,20;-<=0�G0A3�,3?�89.�,3?-�+=;0�+=3C+�8H1-�7F.@���50>�+0;�.9?=�,301.�,@9?�5-0.�,)1�G3;�G04.8-�.)A0�,@F�D)4�,-.�+0C>��)*+��@=*0��2H1-�E0T.�+31.�,3B.�,0-�EZ.@�E-9T.�

M�����������������������"=0� ,@-96.� D)*S��)*+��@=*0��2H1-� Q@0*.� @)*0� EH*-� �@03/36���@-��@03/36

,=>96.�G3?�/H1-�@)*0�0?>�,23.5�8)*+�,-.S�36.5�80A�J@0-�Q@3*.5�8)H4+�D)*+�704.@�70.5/04-�J9?,�<=0;V�X�0C>�@0A>�+0.�80;7q����,36-�,-.�+0C>��)*+��@=*0��2H1-����501-�D9A�/017,@01.@�8-9B=���501-�Q@0*.�Y�'+36.5�E=4�]fV]d��%�(�D)*+�704.@�+=;0�%H1-�@)*0��)*+�@=*0��2H1-�/01�GO�<=>9?,�,@)*�G0���@03/36�/017�5)H.5�+@3�+@=*.5�,0�,23.5�J@-�83?-I-9C.�,20C.�G0A3�,@);�,@0*+@�

�)*+��@=*0��2H1-�/01��0?.5��301.��0K.5����501-�/01��0?.5�I)4.5�.96.��2H1-E01��0?,���)*+��@=*0��2H1-�[email protected]�,@9:�/)10�I3?-�EF���501-�/01�D)4�,@0C,���@)A.5�5F���501-Q@0*.S���501-�D9A�,@)4�@-9C.���F�E0C>S�G04.�@0A>�@301.�,301.�80a+�8)*+�,-.�+=;0�[email protected]��-.@��@0*.@��%H1-�+=;0��)*+��@=*0��2H1-���04.�+0B.�Q@0;-�,@)H1.5�W=>96.�834+�-.@��@0*.@�E01�W-.��@0*.@�%-.@�+@U�+@3�G04.�.@)A.5�/H1-�@)*0� ��501-�D9A� /0*7D3?.5�83C.5�,23.5�G04.���36,�J@-�8-9B=�83*�W0;>�20S�G04.�D9A�.)H.5�I)40�.H-��)*+�@=*0��2H1-�,301.�.0K.5��%=*+�80B=�G04.�,@0?>�[email protected]�,@0>�83:-�.013S�.@).5�/H1-�@)*0+=;0��)*+��@=*0��2H1-�D9A�/=36.�/=36.�8)*.5�E)A.5���)*�,-9?Q�,=4+�,-.�+0C>�.H-��)*+�@=*0��2H1-S���501-�E0T.�,2=.5�,O.�5-)A�/H1-�@)*0�+=;0���501-�

�3C,�,23.5�.@)A.5�7=4+�D)4�Q@=4�,0*�+@3�@3C-�,@0*.@�+@=*.5�,36-�>96.�[email protected]�/H1-�+=;0��)*+��@=*0��2H1-�,23.5�E-9C+�+=.5�+0?Q�.@)A.5�.@=�+0B=��+0B.�,@-9?,�+@3+=3C+�D3?.5�E01�,F7�8)H4+�.5=3B.�+=.5�+0?Q�20?,�G0?,�,@)H1.5�

�@-�.@)A.5�.5)H1-�+3C.5�D0;.S�+@-.@�Q@=4+�7-9B.��0L*+��2-9B=��-96.S�@34�+3?8_.@�G01-�,2)1�+H�83?+�5-0*3S�@34�E36�+H*�5-9?,�@04-�d\\�7=4+�D)4�E01�Q@0*�@=>;�]�\\\�.@01

- 75 -

��������������� ����������������� �����������������������������

,@H1���@-9B=�7=4+�D)�,F7�+0*+@�+@04>�,23?.���@).5�+3*�73C,��7=4+�D)�<=>9?,�8_.@�H;/04-�89:�,-9?Q�,=4+�+@0K7�D3*+�G0B>�+@-96.�+=;0�7F.@���0.�.501>�36.5�,23?.�,23.5�.=*-S,3?-�89?.�36.5�E9B�/04-�@3C-�,@0*.@�89:�5-0;.5�I04>�E01�.06.5�8HA�,O.�@)A=�

�=>�.@-96.�E013�73C,�8967�.34S�,=>9?,�2H-�.@-9B=�89?.�.3T-�36.5�/04+�8)H1.5���.5�,F7�J-9?7�20�/3?-�8-�,2H;�E9B�.@01�.@).5�/04+�70?,���01.5�,3?-S�,2H1-�+01.5�/04.@SE)10�83*-�E)10�79C,�/0;S�I=1�E0C>�36.5�E0T.�[email protected]�,F7�20�8)H1.5�E9B�.@01���F�,@9?S�36.5<=>1�,23.5�,=>9?,�E01�+0B=�.5=>9C.V�X�@=*0�P9D=D�>96=�<=O�+=;0�+3.S�D)4�D3?.5�E01�D)4+@9?,�+=;0�+3.�89B=�,=1>�,@=3C+�E031���501-���3.�80a,�7F.@�E013�,0>���501-���3.�,-..H-�/H1-�@)*0�+=;0���501-�D9A�5-)A�5F.�E01�.06.5�8HA�+3.�

X�3.�[email protected]�,@9:�/017�5F�G06>�5-H1�.5304-�,2)1�.0R7�W=3?.5�,23.5�,=>9?,.01>�E01�.5=;�� -.���501-�I=1.5�,0?7�79B.�80LQ�+@3�+3.�E01�+0.@�5-)A�+3.�D=3?,�8967.0>Y

�3B-�36.5�.0R7�.5=;S�D0*.5�70-�36.5�,@)*+�I0C>S�+0;7�,@0?>�0?7�0*Q�E01�[email protected]@30*-���@-�7H;�70L,�20S�36.5�,@0?>�73C,�+3.�+34Q�,@0C,�,3�80A�89?.�E01�.0R7�[email protected]�D=3?,�8967���3.�+34Q�G0L,�80B=�/-9?7�70a,�36.5�.@).5��36.5�[email protected]�DH4����.580B>�I0T>�<=>9B.�.0K.5�+=;0��)*+��@0*.@�%-.@�E01�D)*+�704.@�+=;0��)*+��@=*0��2H1-�+3.�+34Q�,3�/H*.�J-0�+@U�5-3?.5�.@)�73C,�+3.�7913�.@3;�

-)A0�+0;.@�G0A3�,3?�@=.5�,H4.�5013�,@9*,S�.@)A.5�/)H4.�D3*.5�+03�.@)�.=*-83:�W=3?.5S�+@-9?+�,01=�<=0>�+=3B.5�.@)�83B�+@H-S�+=1.5�EH*-�D)4�@301.�,301.�,=>9C,E34.5�+=;0�.@)A.5�.5)H1-�,296.�,01=�,@F��@03/36�GF.@�,Z.@�E01�+36.5�G3?�20R.5�36.5,@=3C+�E9B��)*+��@=*0��2H1-���50>�+0;�/=*+�0?>�36.5�E0T.�,=>96.�G3?�20R.5�7F.@�Q@=4+E=4��)*+��@=*0��2H1-���50>�+0;�/=*+�0?>�36.5�E0T.�,=>96.�G3?�,-.�+0C>�.H-�/H1-�@)*0��)*+�@=*0��2H1-��"=0�G0�/H1-�W).5�.@0C.�8)*+�,-.�.01>S�.@)A.5�GO�<=>9?,�89:�J@0L+�Q@=4+.@)A.5�+H.�G0A3�J@3*�[email protected]��@03/36�E)A.5�E01.5�[email protected]�IH1-�83:-�

�@=*.5�,0�+=A.5�@0A>�,=>96.�G3?�J@0`.5�8_.@�20R.5�7F.@�,@=3C+�E9B��)*+�@=*0��2H1-�<=0�8)*+�,-.�.H*-��0?.5��@2-D,���9?=�G04.�[email protected]�+@0L+�[email protected]�G04.�E01,0?,�+0;�.@)A.5�.5)H1-�8-�EH*-�G04.�D9A�J@3?.�J@3:S�G06>�5-H1�@0A>�,@0>�83:-�G0R.5�+0*+@7H1-��0?.5��@2-D,�/017��)*=��@=*0�E01��)*+��@=*0��2H1-�/01��@0�+=;0�G04.�

�3B-�+@=*.5�,0�+=A.5�D9A�Q@=4+�E=4��)*+��@=*0��2H1-���9?=�G04.�80a,�D)4�,-.+0C>�7F.@�.H-�.@)A.5�I=4+�E34.5�E0C,�+@0?,�,047�,@H1-�,@F�@0A>�.@H*-�20R.5�.@)A.58-9B=�83*�D9A�Q@0;.�G3C-�G04.���0A>�7H1-��0?.5��@2-D,�/017�+@=;�+=A.5�.@)�/017��)*=�@=*0�+=;0�G04.���0A>�80a,�D)4�,-.�+0C>�+=;0�7F.@�.H-��)*+��@=*0��2H1-�EZ.@�@0R.5S�501-�D9A�+@0`.5�G03�5-H1�,@0?,�,O.�EH*-�G04.�

�@=*.5� ,0�@0A>�80a,�@>�E34.5�+=;0�7F.@�.H-�.@)A.5� /H1-�@)*0�+=;0��)*+�@=*0��2H1-S�,@)H1.5�834+�J-.@�,@0*.@�E01�@0A>�89:��@0*.@�%-.@�/017�+@3�.@)A.5�/H1-@)*0�,2H;�,@01.@�D3?.5�83C.5�83?-�EH*-�G04.���0A>�704.@�I04.�,=>96.�G3?�.@)A.5�/H1-�@)*083*�E01�G04.�D9A�J@0L+�Q@=4+�8)H4+�.@)A.5�,20C.�+=3B.5�[email protected]�G0A3�,0*Q�J@3*�[email protected]?.5�.@)��@03/36�+=1.5�EH*-�734-�.5)H1-�/96.�GH1�0.�,301.�'�36.5�E=4�]fVbbS��%�(

- 76 -

��������������� ����������������� �����������������������������

���������

������������������� ������

������ ���01-�.0K7�,2)H*+�806>S�,36-�8)H4+�I_Q�8-�,@0K7�E01�5-0;.5�I04>�H;�.@-9B=�.)H*+�

�04-�73C,�<=3?+�5-0�.34S�,36-�8)H4+�I_Q�5-0;.5�,296.�G0�7)H-�,2)H1.5�@H4Q�+@3�.@-9B=.@3*7�J@0*+�.@0=S�,3:.5�D3?�.5)H1-�I)4�+3*�,296.�]d�\\\�.5)H1-���=1�73C,�E01-�G=3:-.@3*7�80A�J9*3�I01-�J9?,�<=0;�@).5�Q@0?.�,@=3C+�/-.@S�.@).5�,36-�E0T.�+31.�/3�/0L.589?.�,F.@�,204.5�,@=3C+�/-.@�+=;0�80�D3?�@3C-�,@0*.@�,04-�<=3?+�5-0�83*�

�3*�.@-9B=�.@01�,@H1�894Q�.@).5�73T-�G=3:-�D0*.5�+@=;�.@0C,�@0B=�.@)�,23?.523T.5���50>�+0;�.@)A.5�+H�83?+�.@06.�I)4�.@3*7�,@F�I)H1.5�.@)�@34�[email protected]�>96..5@U�E01�[email protected]�+3*�.9B.�,0;.5�D06=�D0L+�.013S�+@0`.5�J@0*+�5F�.H-�,0CQ�,2=.5�+=;0�+0*+,29;�73B�+36-�+@)*�[email protected]�Q@0;-�/01�73C,�5-0�8F.@�,O.�@)A=�

�@)A.5�,O.�@)A=�.01>�,@)H1.5�/01�.@)A.5�.5)H1-�,3?,���@).5�D)4�@-9:=�G-9?,E9B�.@)A.5�5F��)*+��@=*0��2H1-�7=3?.�,@)4+�@-9C.�,296.�8H1-�D3?.5�@34�20?,�@04.�+@9?�E01.-9B7�E=-�.H-�@34� ,@9:�@-9C.�20?,� O,���34�[email protected]�89:��0?.5��@2-D,�D3?.5�83C.5�E01+@-9?=�D0*.5�,23.5�+=3C+�D3?.5�@01.5�.501>�+=;0�@34���34�G_�70?,�+0*-�.@F.�E9B�.@=+0B=�J-.@�.5@-9C7��)*+��@=*0��2H1-�@01.5�.501>�

�F��0?.5��@2-D,�[email protected]�Q@0;-� /01� ,@)4+�,9?�D0*.5�+@3*-� ,23.5�+=3C+�[email protected]�.501>�+=;0�@34�.96.�.@)A.5�.0.�89B�+=;0�@34�+01.5�.501>�+01.5�/H*.�@H.���[email protected]�,-9?Q�,=4+�83*.�.5@9�8)H4+�,-9?.5�.3*-�+@U�8043�@34�8-�8=*.5�@)H*.5���34�,@0LQ+=3C+�8H1-�+H*�83?+�.@06.�+=;0�7F.@�G0R.5�G3*.5�891.�b\�t0,,S�J@-�<=>9B.�.0K.5+=;0��)*+��@=*0��2H1-�+3*�,@9:�+=.5�+0?Q�8)H4+�.5=3B.�8-9C.�/)4+�8=;�,@0LQ�D0*.5�,301.,@9:�,@9?�5-H*-�+=;0�@34���06>�/01�,2)H1.5�@H4Q�836-�J@-�W0;>�20�+@3�73T-�.5)H1-�,23.5+@=*.5�,0�

M����������������B������M Y�����T����������������� �� �B ��.�T

%01�+H�83?+�[email protected]�+@=*.5�,0�,@)H1.5�.5@9�.3*-�E9B�06.�Q@=*+�+=;0��0?.5�@2-D,���=47�,)1�.01>�I)H1.5�.@)�D3?.5�83C.5�EH*-�+@=*.5�,0�,23.5�.@)A.5�.501>80B=�/017�+H�83?+�.@06.�+=;0�+@=*.5�,0��I=1�,0-�E0T.�+31.�.5@9S�.@).5�83?-�EH*-�80�D3?,O.�@)A=S�,)1�.5)A�.01>�/04-�,2H;�,@01.@�,@=0C,�.5)A�,@0B.�@34+�

�23.5�,-9?.5��>�M�/04QS�06.�Q@=*+�/01��02-D���@-�.@)A.5�.5)H1-��>�M�%04Q/H*.�,=3:-�.50L7�73C,�+0;.@�894QS�+3*�.=*-�+03S�I31.5�D36.5�+@0;>�,23.5�E0L,S�@34�.3*-

- 77 -

��������������� ����������������� �����������������������������

�02-D���@-�.5@9�G0;.�.@04+�@0>�+@-9?7�@)A=�,067�,2O�@34S�/017�+@3�@34�,@O+@�,@=*D06=�D0�@H.S�@34�.3*-��02-D���02-D�0*7�+@U�E9B�73C,�D3?�>9?=�,3?�80a+�G-9C,�,23.5�+0;.@894Q�,@-96.�[email protected]�894Q�.5@9C�,@=0C,�E01�@0>�E9B�067�.@04+S�+=A.5�.@)�.@)A.5�@[email protected]�+03�894Q�+=;0�+3.�.5)H1-�

�.�Q@=*+�8)H4+�+=.5�)*.5�<=0�D)4�D3?.5�+=;0��0?.5��@2-D,�,296.�,20B.�5-0.E01�D)4�+@9?,�+=;0���501-�,296.�,@0CQ�,)4�5-0*��"=0�E-9C+�,-9?Q�.@0C.�06.�Q@=*+�+=;0��0?.5�@2-D,�G0R.5�8)*+�,-.S��0?.5��@2-D,�G)H*+�E013�+=3C+�8H1-�G04.�E01�,043�I)4.5�G04.,@01.@�73C,�,043�E0C,�,3?,�894Q����501-�,@0>�83:-�+0*�,O.@�+=;0�G04.S�J@-�G04.�+@3�Q@9*Q�501-S���501-�D9A�@F.@�,@01.@�.@06.�+0*+@�7H*-�E01�,3?,�894Q��,23.5�G04.����501-�+3*�,@9:/017�+@3�+0K.�.@01�+=;0�G04.�894Q�89A����501-�+3*�,@9:�/017�+@3�8H1-��D3?.5�G04.�[email protected]@=*�

�23.5��-.@��@0*.@S� +@=*.5� ,0�834+�8)H4+�XD)4� 5-01=� +3*� +=;0�06.�Q@=*+7-9T.�Q@O�+=;0��)*+��@=*0��2H1-�,=36.�83:�I3B-�I013�,296.�+@=*.5�,0Y�'��Q@96D36�[VfS���(���06>�/01�/304-�06.�Q@=*+�[email protected]�Q@0;-�89:�+@3�+@=*.5�,0�J-.@�.5@-9C7�73C,/0B.�,23.5�+=3C+�8H1-�7F.@S�.@).5�20?,�.@-9B=�/0B.�

�0*+@�806>�50B.�@0-�7)H-�.0K7S�,36-�+=1.5�.@04+�70T=�+=;0�,36-�8-�,@0K773C,�5-0�8F.@�.5@913�,36-�+@)0�,)1.5�,@0?>�� -0�8F.@�80B>�7)H1-�8)*0�+3.�.@93.@3*+�.@).5�/04-�,23?.5�23T.5�83B�804+���@3B.5�E01�+@0�+=;0�5-0�8F.@�83*�/01�.5)H1-.5@-9C.�2)H4=�

�2)H*+�J-0S�.5)H1-�.01>�G_�.5@-9C.�,@=3?+�.5=;���@0*=�+=;0�36.5�/01��-9C.,2)H;.5�+=;0�73C,�804-�@34+�>�J@30�.3:-�,-9?.5�,04-��2-9B=��-96.�E01�80A�,@);�,F7�734-+0*+@�89:�+@)A0�+@3�+@=*�36.5�,@30*,�J@3;-�+H.�.5@-9C.�.01>�.@).5�80A�,@0?,�G04-���0?>5-H1S�36.5�J@=>96.�+@=*�36.5�+@=>9:.�,@3*-�<=9.�.01>�,)1�,@=3?+�.5=;�D0.5�2)H4=�

�=>�[email protected]�E-9C+�+@=>9:.�83:-�.01>�506>�J9?,�<=0;�,9C�@04-�@H.���@=*�36.5S.5)H1-�+@0�+=;0�7)H1-�8)*0�+3.�8)H.5�.@-96.�,2H;�,@01.@�.5)H1-�.5@-9C.�2)H4=����.5,0�=3?.5�2)H4=�,)1�D0*.5�DH*7�+@3�89?.�J@=>0�

�0?,�+0;�+3.�,20-�+=;0�36.5�Q@0;-�8-�80*.@�5-01>�89:�J-9?7�,-9B.�@0B=�+=.5+0?Q�+@3�5-0�8F.@���@).5�+@0�+=;0�+@=*.5�/0?>�,0?,�+0;�89:�8-�=3?.5�2)H4=���@36.5+3*�J@30;.�,-9B.�.013�+@-�I=1.5S�,301.�,@9:�5-0�8F.@�5-3?.5�.@)�.@)A.5�.5)H1-�0K.701>�

�@-�,36-�.3*-�EH*-�.5)H1-�EH4�E9B�+=3C+�D3?.5�,23.5��@=*0�P9D=D��@2-D,S�G01,0�Q@0;.�83?-�EF�,@-9?=�I-.@�I)HA.5�G01�,0�3?7�,93���01�G_�80=�,-7�E01�80=�G03�,);S,F.@�,204.5�,-.@�,@0B.�+=;0�G01�W=3?.5�J-9C,�<=9C���01�[email protected]�7=3?.�.5@9�J@-�,36-�.3*-+@=>9C.�EH*-�G01�

�01�,20;�/H1-S�X�36-�+@U�7=3?.�+@9?,S�8-9B=�,3?,�.@0?,�W0;>�20�+@3�,36-�0?>�/01�D)4+@9?,���@).5�EF�,F.@�>96=�5-0�8F.@�,36-�[email protected]�7=3?.�,)4�,);����.5�H-S�W-.�36.5�/017H.�5-=*Q�,36-��%-9C=�36.5�[email protected]�,@9:�5-9?,�,36-�8)H4+�D03nY

�36-�.3*-�73C,�+0*+@�+)*.5�20L.S�X�36-�89?.�806>�[email protected]�Q@0;-�89:�5-9?,�+@_��36-�89?.�806>�89:�.3*-�+@3�+@_�.5@9�E9B�06.�Q@=4+�+=;0��@=*0�P9D=D��@2-D,�Y

�01� ,0� ,20;� /H1-S�X�@).5� ,36-�+@0`.5�<=0.� ,067�5F�89?.S�E-9C+� /96.� ,@-96.

- 78 -

��������������� ����������������� �����������������������������

801.5S�+=A.5�+@0`.5�+@=*�>*�89?.�8_0�.5=4+���36-�80A�D3?.5�,23.5�8_0�.5=4+�/06=�<=0*23B-�Y

X�@_�H-SY�,36-�,@0*+@�,@)*+S�X�@_�+3*�7=3?.�,@0?>�+=3C+�8H1-�7F.@�,@0>�83:[email protected]��@_�+3*�7=3?.� ,@0?>�[email protected]�+@_�8)H4+� ,@0>�83:-�[email protected]��@_�+3*� ,@O+@�@=*0�P9D=D�G)H*+�E013�.@01�+@_�E01�/017�+@3�.@01�.01>�,@01.@�.H-�H;�894Q�[email protected]�Y

X�sq��@36.5�,@9:�.013�+3*�8)H4+�Y��@_�,=>96.�G3?��36-� 8-9B=� +@U.@S�X�@O.@��@=*0� P9D=D��@2-D,�89?.�G0.�06.�Q@=*+� +=;0

�501-�+@3�+@_S�73C,�<=01� ,0a.5�+@_�[email protected]�Q@0;-� ,20;�� ��501-�Q@0*.�06.�Q@=*+�+=;0�501-�80*Q�)*.5�734-�.@=�+0B=���H�83?+�5-0*3�[email protected]�Q@0;-�/01�.@)A.5�D)4�I04>�I3T�,3?,894QS�+=A.5�[email protected]�Q@0;-�/01�73C,�,36.�5-0*3���@-�+@_�,2H;�,@01.@�73C,�+H�83?+�.@06.�,@F�@=*0�P9D=D��@2-D,�8-�E013�+=3C+�D3?.5�+@_�� ��501-�G0.�+@3�+@_�06.�Q@=*+�+=;0�501-S���501-�D9A�/017�+@3�+@_�894Q�/96.�Y

�01�,0�+@=*�>*�.5@9�/H1-�.3*-�+=;0�,36-�73C,�+0*+@�,@O+@�,@=*�E01�G0L,�80B=�.@3*7,04-�.@01�,@H1�+@=*.5�,36-���@0`.5�G03�/06=�+@_�8)H4+�.06.5�E)4+�J@3;-�D)4�,=>9C,�E34.5S�)*+��@=*0��2H1-�+@)A0�/01.@�G9C.@�80=�G03�,);�E01�80=�,-7�+@3�+@_���@_�<=>9?,8_.@�,2H1�,@01.@�+H�83?+�.@06.�E01�/01�.5)H1-�,3?,�894Q���@H1�<=>9B.�.0K.5�+=;0��0?.5�@2-D,�.@06.�+0*+@�+=;0�+@_�8)H4+�,@0>�83:-���)1�83*�,2H;�8-S�,36-�E01�.@04+�70T=�+=;0,36-�+=1.5�+0B=�.5=>9C.�EH*-�+@_�W-.��@=*0�5-0;-�+)*=�[email protected]�+@_�J@3;-�+H.�[email protected])H4=�

�34-�.5)H1-�J@-�.5@9�+@=*.5�,36-�+0B=�.5=>9C.�+@3�[email protected]�+@_S�@34�89B=+)H1-�+@=*.5�,36-���)4�>*�36.5�+=A.5�89?.�.@01�,@H1�E01-�/0B.�.@).5�89:�+@9?�5-9T=�+@=*.5,36-���@).5�+@=*.5�,36-�J-96.�,2F�,23.5�D)4�+0B=�.5=>9C.�I06.5�/96.��)*+��@=*0��2H1-��@=*.5�,36-�G-9?,�20R.5�06.�Q@=*+�+=;0��@=*0�P9D=D�+3*�,@9:�,@0>�83:-�D)4�,@917�7=3?.E01�+0*�,O.@�+=;0�36.5�

�01-�,@0*.5�,236-�<=0S�73C,�D0*.5�.34S�,36-�I0C>�/=*+�b�5-H1�D0*.5�89:�+@=0:.�G_.@3*7�+0B=�.5=>9C.�D0*.5���@-�5-0;.5�,0?,�+0;�+@=*.5�,36-�G0L,�80B=�+0B=�.5=>9C.�

�@F.@�/F.@�,36-�+0;7�,@0?>�7F.@�2H-�E013�73C,�5-0?+�.5=;�,@06,�D06=���)H1.5.@)�,067�,@0B.�,36-�8)H4+�.@0?+�/96.�E01�,36-�+3*�,@9:�,@0?>�8)H4+�E-.@�<=0.5�,@-96.801.5���3B-�,-9?.5�.3*-�+=;0��0?.5��@2-D,�E0.5�E34.5�E013�/31.5�,36-V�X�HA-�+3.S�,080A�.@0C.�/H1-�+0B=�.5=>96.�+=;0�+3.�Y

�0B>� ,201.� .-9B7�E=-S� ,36-� +@04>� 89?.� EH*-� .@04+�70T=� E01� .3*-V� X�94� H-S�@=*0�P9D=D�80A�.@0C.�/H1-�+0B=�.5=>9C.�+=;0�+@=*.5�,0�23B-�Y

$0=�83*S�80.5�J@-�0K.�D0*.5S�73C,�8)*0�+3.�,20-�+=;0�36.5�5-01�D0>�2)H4=+@04>�E013�.@01�,36-���23.5,0>�.3*�+0B7�,H1�5-0?>�G0*3�,-.V��@0�+0C=�D0LQ�+@9?,���36-J-.@�.504+V�7H*-�D0*.5�@367�.0>��@=*0�+@3�,36-�/H1-�G0;3�80;7�20R.5�36.5�,0�D9A�J@3;9704.@�

�F�E0C>�,36-�+=1.5�.@04+�70T=�8-�89?.�.@01�@34���04-�806>�+@=*.5�,36-�,@0?>.5)H1-�801.�36.5�50B.�+@9?,���H4�36.5�G=3B.�G0A�.3*-�EH*-�+@=*.5�,36-S�X��.5�,0�296.�/0D=3?,�8967�E01�D0LQ�+@9?,S�36.5�+31.�89�I340�5-9?,�,0?,�+0;�794�+3.�+@=*.5�,36-�Y

�@-�,@0?>�36.5�,0�/0�@9*,S�,36-�+3*�,@9:�,@0?>�73C,�8-9B=�J@0*+�G-9C,V���.5�,0

- 79 -

��������������� ����������������� �����������������������������

[email protected]�,@0C,�D)4�+@9?,���=>�[email protected]�$0,0.�J-96.�<=>9?,�+@=4Q�/0?>�D)4�D3?.5�E01�,067�,2O+=;0�.5)H1-�.01>S�/017�36.5�,0�.5@Z�89?.�@01.@�83C.5�D0LQ�+@9?,�/01�73C,�,@)4+�,9?�

�F�,@9?�+@=*.5�,36-�@-9CQ�/04-�+0B=�.5=>9C.S�<=H;�,20*+@�,-.@�,@0B.�+=;0�$0N,0.���@=*.5�,36-�.@H.�I0.@��@=*0�P9D=D�,=>96.�G3?�D)4�80L+�,@0L.5���0?>�5-H1�+@=*.5,36-�+0;7�,@0?>�D)4�,201.�.50CQ�+=;0��)*=��@=*0�

%0CQ� ,)*+�.5)H1-�801.�36.5�.5=;� D0>���@=*.5� ,36-� 2H1-�J@3;-� +0K.�.@01�EH*-.-9B7�,-.�<=>9?,S�.5H4-�J@9.��)*+��@=*0��2H1-�E9B�D)4�80L+�,@0L.5���@=*0�P9D=D�80A8=4.5�+@047�E013�.5)H1-�D0>�2)H4=�83*�G0R.5�06.�Q@=*+�+=;0���501-���)1�83*�,2H;�8-S36.5�,0�+@0`.5�G03�5-H1�.9?7�73C,�5-34,�2)H4=���.�Q@=*+�+=;0��)*+��@=*0��2H1-�G0L,80B=�,@0>�83:-�36.5�,0�,@01.@�73C,�+3.�.5)H1-�J@0*+�

�04.�G91�+=;0�36.5�J@H;-�D)4�5-=*Q�36.5���3C,�.5)H1-�G04.�+=;0�36.5�+@3�5-08F.@�36.5�73C,�G03�5043�E01�.5)H1-�+@0�70.5�5043�E9B�.@01�,@0>�EF�G0*.�89:�7=02)H4=���06>�/01�/0B.�80B=�,-96.�,23.5�7)H1-�.0K7�<=0�36.5�80A�897�5043�E9B�.@01���H436.5�+0;7�83C.5�89?.�.3T-�G0C,�J@3*+

$0=�83*�G01�.@H*�/04-�G01-�5-0;.5�+=;0�,36-�E9B�D)4�I06.5�73C,�Q@0B.�7)H1-���FE0C>�G01�/0?>�20�73C,�Q@0B.�7)H1-�5043S�.@).5�+0;7�,@0?>�J@3*�+@_=�E9B�D)4�I06.5�5043+@3��)*+��@=*0��2H1-���01�/>*�/=0C.�X�@=*0�P9D=D�H-S���501-�G-9?,�G06>�5-H1�+@=*.5+3.�+0B.�5043�.01>����501-�D9A�@-9:=�8)H4+�@301.�+0;.@�+@=*.5�+3.�.9?=�I06.5�73C,Q@0B.�7)H1-�+=;0�D3?�5043�.01>�Y

�3�83*�G01�,0�,2=*,�5043�,2H;�/04-�G03���3B-�G01�,0�.@H*�/04-�.5=>96.�,0L+�+=;0�)*+��@=*0��2H1-�E9B�D)4�I06.5�73C,�Q@0B.�7)H1-�E01�83.5�,2H;�20�73C,�Q@0B.�7)H1-�$0=�73C,�/=*+�G01�,0�/04-�83:�,2H;�E013�G03���01�+@-9?.�80?=�20?,�+0K.5�E9B�8-9B=�.01>�

�@).5�E013�b�5-H1�D0*.5�@367�D0=S�/0?>�@9?,�+0.�80;7�G01�/0?>�20�73C,�[email protected])H1-�5043�,2H;�/04-���01�2H1-�.@01�E01�8-�,@0`.5�89?.�.@01�,@H1���23.5�J@-�8-S�70L,�G0180T7�/9C���F�[email protected]�,@0?>�8)H1.5�8-�G01�80A�E0?Q�,9*�W=3?.5�80?,�.@-9B=�/0B.���=3?-+=1.5�G01�+=A.5�89?.�8)H4+�G=3:-�.@3*7�+0B=�.5=>9C.�D0*.5S�<=0B.�0*3�/0?7�/97S�G015-03�+@3�,36-�D3?�5043�23B-�.50A�W=3?.5�80?,�J@3*+���01�G=3B.�89?.�.3T-�,36-�7=3?.�+@3G01� /04-� ,=*-�5043�.@3;�83*���@).5� ,36-�80A�[email protected]� /017���01�Q@0;-�@34+� ,0CQ�.@)A.5.5=>96.�,0L+�+H�G0;.�+=;0�+=3C+�D3?.5�+H�83?+�.@06.���01�,0�Q@0;-�@34+�+0*+@�[email protected]@-9C7�06.�Q@=*+�+=;0��0?.5��@2-D,�73T-�.501>���F�,@9?�+@=*.5�,36-�+0B=�.5=>9C.EH*-�.@0=�E01�,36-�.@06.�I0.@��@=*0�P9D=D�+@=*+�Q@)H*+�+@3�G01�

�3C,�,@0*.5�D0=S�G01�+@04>�89?.�.@01�+@=*.5�,36-S�J96=�0B7�U�X�=4+�D)�H-S7=4+�D)�H-S�+3*�73C,�Q@9*Q�/04�W0;>�20�Y

�36-�@3;-V�X�-9C+�5F�,@9?nY�01�,20;�/H1-�EH*-�E9;�70a,�@H*.�@H;V�X�@=*.5�,36-�80A�0K.�73C,�G03�5043�@H.

73C,�,@0*.5��$0*.5�.0>�[email protected]�,36-�@3;-�,36-�/017�D03��,36-�.=36-�.3:-�5-0�8F.@�EH*-�73C,G03�5043S�E-9C+�0?>�W0;>�20�J9*3�I01-�@H.�73C,�,@0*.5�23B-Y�

�@=*.5�,36-�89?.�.@01�G01�E01�.@F.�E013�D3?�5043���=*.5�73C,�Q@0B.�7)H1-S�D3?/)H4.5�5043�@34�80A�I06.5�73C,�Q@0B.�7)H1-�+31.�/04-�,23.5�G03���3C,�/0B.�G01�/0?>�504320�.0?=S�73C,�Q@0B.�7)H1-�0?>�+)*�+31.�/04-�/=36.���3*�/01�73C,�Q@9*Q�/04�+)*�,-9?Q�,=4+�+@3

- 80 -

��������������� ����������������� �����������������������������

89?.�J@-�[email protected]�G01�70.5�E9B�73C,�G03�5043�J@0*+���@-�[email protected]�G01�70.5�G03�5043J@0*+�E9B�.@01�,@F�G03�,@)*�.@0?,�@9?,�.@0e.�

6.�Q@=*+�@01.5�.501>�+=;0��0?.5��@2-D,�G0L,�80B=�@01.@�83C.5�,23.5�5-08F.@�@34���F�.5@913�J@3*�.96.�,0?,�+0;�+3.�+0*-�+=;0�@34�/017�E-9C+�E0?,�E0;�D=3?,�.501>��@).5�,)1�83*�,2H;�8-�+3.�+0*-�@34�8-�@34+�,2H;�/04-�

�5)H1-�[email protected]�@-9C.�,04-�/01�73C,�,2)H;.5�/0A3�+=;0�73C,�@3C-�,@0*.@���0-�+3.+=;0�@34�/01�.@)A.5�7=4+�D)S�73T-�5-0�8F.@�89B=�80B>�I0T>�E9;�894Q�+=;0�.@)A.5�+=3C+D3?.5�80B=�Q@=4+��0?.5��@2-D,���301.�,@9:�5-0�8F.@�89B=�@34+�,0CQ�,0B7�<=0.�,234.5+=;0�D)4�J-.@�.5@-9C7�06.�Q@=*+�+=;0��0?.5��@2-D,�@01.5�.501>�

M���������M������������������ ����]�0.��� ������./M�B�

�23.5�,-9?.5��>�%04Q�+3*�\b�+@)A�I-9T.�,0;�G3?.�/304-�,F.@�>96=���@)A�,@)*.@0?,�/01�+23D���06>�/01�,F.@�>96=�.07�.)A�

�36-�20?,�>96=�EH4�,36-�E01�EH4�,36-�>96=�,36-���23.5�.@)A.5�+@=>9?.�8-��,2=>9B.5-0;.5�W0S�,36-�89B=�E-9?,�,@H�+@3�EH4�,36-�73T-�.501>���=>�[email protected]�,36-�,@0?>�+3*�D)4�O+@J>;�,23.5�,F.@�>96=�+=;0�+@=*.5�,36-S�+3*�.@-9B=�/=*+�,36-�7=3?.�EH4�,36-�Q@0;-�>96=�,36-@H.�,36-�>96=�.01.5�S�+3*�.@-9B=�/=*+�EH4�,36-�7=3?.�.@0C.�.@-9B=�,F.@�>96=�@H.�/01�G0.,F.@�>96=���F�,@9?�+3*�836-�J@-�+@=*.5�,36-�+0A-�.@0=S�D)4� ,20.@�+0A-�Q@0*,�W=0?,� ,)1+@-9?.�80?=�I01.@�<=>9B.�@H.�/01�D)4�+@0L+�+@0L.�H;�,F.@�>96=�E36�J>*�

�36-�80A�H;�,23.5�+@)*+�E=4�@H.�@0-�,@0CQ�.-96.���23.5�,@H1-�5-0.�.01>�,36-80A�J@=>96.�G0;3�.@-9B=�+0aQ�EH4�[email protected]�50aQ�J@3*�J@0K.�,23.5�@36.�.@06.���0�D3?.0.�89B�+=;0�@34�/01�I3�G0;.�.50A�,2=.5�,067�506>�20S�,F.@�>96=�,0CQ�,2=.5�E013�G0;..50A���F.@�>96=�+=;0��)*+��@=*0�J@0*+�@0`.���F.@�>96=�+=;0���501-�[email protected]�,@=3C+�E9BG0;.�.50AS�[email protected]�Q@0;-�/01�,F.@�>96=�+23D�

�@)A��>�%04Q�+@U�E9B�,F.@�>96=�/01�+@)A��@-/+3���06>�/01�/01�/304-�,F.@�>96=5-)A0�+0*+�G04.�@)A=���F.@�>96=�G91�G04.�O,�+@=*�>*�89?.�G0;.�.50A�@H.S�.@).5�E0T.�+31.@04.�+@9?���@-�G04.�+3*�I3B-�I013�,-9B.�G04+�E01�E-9C+�/017�0K.�,@_.@�E)H4.5�,@F�G04.�+3*.@-9B=�G04.�@)A=���@).5�J@-�G04.�50aQ�,@0?,�G04-�@30a+�/067�E013�@301.�+0;.@�J@3*J@0K.�,@F�/0B.�/)H4,�G91�G04.�D9A�2H1-�W0�G04.���F.@�>96=�Q@-/+3��+=A.5�D9A�,@0?,�G04-�EH*-E-9C+�J@0L+�Q@=4+�J@3*�J@0K.�

$,3259�/01�+@)A��>�/04Q�,@)*�G0�+@U�E9B�,F.@�>96=���06>�/01�,F.@�>96=�5-)A0+@0�794�E01�+3.�+0*-��%304-�,F.@�>96=�.01>�/-96.�<=0.�89?.�.@)A.5�80B=�Q@=4+�J@0*+.@0=�

�23.5�+=3C+�+@-9?.�,20.@��2-9B=��-96.S�.@-9B=�.5)H1-�80A�8-�89?.��=D0.S7-9B.�+)4+�.04.�+=;0��2-9B=��-96.���0�D3?�I06.�+)�H;��=D0.�5-0�8F.@�,36-�+=A.5�H;�80?>E013�,@H1-�8-9:7�83*S�89B=�20?,�.5@913S�D3?.5�,)1.5�G)A0S�[email protected]�,-17�8)H4+�E-9C+�5F�89:/017�

�F�+@=*.5�,36-�J-9?7�[email protected]�8)H4+�,@)*+�0K.�.96.�89?.�.3:-�Q@0;-�0K.�+0LQ�,@FE0T.�+)*�/017���@-�.@)A.5�.5)H1-�/O.@��30��>1�G0L,�80B=�+@=>96.�+@H;�,@0.�G0R.5�W9

- 81 -

��������������� ����������������� �����������������������������

/);0�,)1�@0;-�+0;.5��=D0.S�.@-9B=�97�,20-�+=A.5�.@)��,36-�89B=�,2913�/96.�,30�80B>�,@0.5-3?.5�.@)�.@)A.5�+3.�J-9?.�83*-���@=*.5�,36-�0K.�+0LQ�,@0.�89:�G0*.S�73.5�7=08)H4+�,@)4+�Q@0:7�E01�<=0B.�0*3�89:�D3?.5�<=0�7=10�836.5�J@0L+�.5@-9C,�

�3C,�.501>�.34S�+3*�73C,�I06.�,u�.04.�,2913�/96.�,30�,@0.�89:�0K.�+0LQ���0?>5-H1�73C,�.5)H1-�+0;.@�D0*,��>A�+@04>�E9B�@)H*.5�@34S�89�I340�89:�+@3�@34�/93�W=3?.5�$H4�@0A-�80*7�836.5�83*�.@0;>�20�,30�@01.5�

�3C,�G9*�,20-�J@30;.5�f�,=3:-�H;�,23.5�80*7�@01.5�83*�+=A.5�+@04>�8-���@-G0L,�80B=�+@04>�+=1.5�EH*-�80*7�.5)H1-�+31.�/04-S�.3*�,@0?>�73C,�O,�,@0.�2H-�I)H*-�W9/);0���3*�G31�W=3?.5�I)H*-�W9�/);0�89:�@3?,�,@0.���50>�/=*+�.3*�50B.�89?.�+@3:�+3*�,@0.,@F�+@=>9?.�,01=�G0L,�80B=�+@=>9:.�G0*.@���@)A.5�.5)H1-�8)*.5�50B.�83*�@9*,� /96.S.@).5�[email protected]�0-�I0*7�+)*=�+0C=�G9*�E01�/-9B=�/Z.@�@>�D-.@�704.5�D3?.5�7F.@

$0=�83*�.5)H1-�801.�36.5�8)*.5�,=3:-�+@04>�89?.�50B.�+@-9?+�,01=S�I=1.5�@9?,D)*+� /)4+�704.@�79A� +=;0�7F.@�36.5�80:>�+0C=�G9*� 20�.5301-� +0*+@�0.� ,301.�J@3;-8)H1.5�20B>�W9�/);0���@).5�.5)H1-�801.�36.5�[email protected]�8)H4+�0.�,301.�.)A0���50>�D0=83*�+@=*.5�,36-�.5@9�,@0?>�,-9?.5�20K.5�20L+�+=;0�W)H.5�.5)H1-�801.�36.5�J@-�G0*.@�W9/);0�.5@-9?.�836-�,@06.�,@9:�36.5�,0���5)H1-�801.�36.5�83*�80A�Q@3*�D)4�D3?.5�7F.@�+@397�G9*�,20-�J-0���5)H1-�83*�+@O.@�/01�+@0�8)*0�G9*�

�3*�/01�,F.@�>96=�+@0K7�D3*+�+=;0�+@0�794���F.@�>96=�$+3259�JO+@�,@O+@+@0�794�+3*�@01.@�83C.5�I=A.5�+0;7�,296.��83*�/01�/304-�,F.@�>96=�J>1�I-9C=���@).5+@O.@�.3*�+=A.5�+3*�5-H*-�@04.���3*�/01�,F.@�>96=�@04.�+@9?�5-)A0�+@0�794�E01�+3.�+0*-�

�23.5�,-9?.5��>/04QS�,F.@�>96=�+=;0��)*+��@=*0��2H1-�/01�050Q9��50Q9J@0*+�EH*-��23D9�+=A.5�J@0*+�EH*-��@-/+3�E01�J@0*+�EH*-�$+3259��50Q9�/01�,F.@�>[email protected]�8-9B=�J-9C.S�,F.@�>96=�+=;0��)*+��@=*0��2H1-�G01>�,3;�<=0�+=3C+�8H1-�+=;0��0?.5�@2-D,�E01�<=0�D)4�+@9?,�+=;0���501-�,296.�,@0CQ�,)4�5-0*�

�)*+��@=*0��2H1-�[email protected]�>96=�+@=*.5�,0�EF�+@=*.5�,0�+3*�,@9:�897�8-9B=�5F89?.�+@3���501-����501-�[email protected]�>96=�+@=*.5�,0�EF�+H*�+@=*.5�,0�+3*�,@9:�I01.@�,@F�5-H1,231�+@=>9C.�EH*-��501-���501-�[email protected]�>96=�+@=*.5�,0�EF�+@=*.5�,0�804,�89?.�7)*+�83C.013�83*�+=;0�D)4�,234.�E94.�+=;0�+3.�.5)H1-���501-�>96=�+@=*.5�,0�[email protected]�+0B.�+3*�8-9B=J-9C.�.013�+0;���)*+��@=*0��2H1-�/01�D)4�>96=�,@)H.5�E01�G0;.�+@0?,�+=;0���501-�/01�>96=�

�0?.5��@2-D,�D3?.5�73C,�+=3C+�8H1-�E36�,3C-�E01�,F.@�.5=>9C.�+@9?,�73C,�+0*+@.@=4+�.@0A�EF� ,F.@�>96=�050Q9�+=;0��501-���0?.5��@2-D,�80A� +@9?,� ,@9?� +@3T� +=;0+@=*.5�,0�,296.�,@0CQ�,)4�5-0*�

"=0��0?.5��@2-D,��)*+��@=*0��2H1-�+@)*.5�7-.@�20R.5���501-�>96=�+@=*.5,0S�G04.�E01�,36-S�[email protected]�J9:�89?.�,3C-�/3T-�+=;0�+@=*.5�,0S�D)4�>9?=�8=3?-�+=;0�+@=*.5�,0E01�.50>�+0;�D)4�J-9C.�+@=*.5�,0�[email protected]�80*Q�)*.5�,F.@�>96=�+=;0���501-�

�3�E-9C+�80a,�8)*+�,-.�.H-��)*+��@=*0��2H1-S���501-�+3*�,@9:�,0:>�D04+@�,3C-�/3T-+=;0�G04.�E01�G0.�+@3�G04.�D)4�,@0�,@)*�+=;0���501-��"=>9B.�.0K.5�+=;0��)*+��@=*0�2H1-� 8)H4+� +@)*.5�7-.@�<=0� D)4� D3?.5� /04-� +=;0��@=*0� P9D=D��@2-D,�E01� <=>9B..0K.5�83*�+3*�,@9:�50*.@�E0*+�D)4�>9?=�8=3?-�+=;0�G04.�

�)*+��@=*0��2H1-�80.5�J96=�534-�+@=*.5�,0�X�HA-�,0?,�+0;�.@)A.5�0-�.@34+

- 82 -

��������������� ����������������� �����������������������������

[email protected]�70.5�,296.�50*.@�.0a.5S�@0A>�89?.�EH*-� ,0�E01� ,0�D9A�G0.�+@3�+3.�D)4� �0.

.5@UY�'�0,�[[V]j����(���F.@�>96=�+=;0��)*+��@=*0��2H1-�/01�,F.@�>96=�I01.@�+@3,@F�@-9C.�,04-S�73C,�,F.@�>96=�701�G04.�E01�,36-�D9A�D3?.5�.@H1�E013�83*�

�)1.5�G03�5-H1�.5@-�.5H1�20R.5��)*+��@=*0��2H1-�[email protected]�>96=�G04.���04.�+3*J@0;�.0K.5�E01�80a+�06.�.3*-�,@0`.5�EH*-��)*+��@=*0��2H1-���)1.5�/3�/0L.5�E9B�,3C-�/3T-<=0*�J@)*�+=;0�G04.���)*+��@=*0��2H1-�+3*�,@9:�G0.�+@3�G04.�D)4�,@0�,@)*�<=0�8)*+�,-..H-��0?.5��@2-D,���)1.5�/3�/0L.5�E9B�.@)A.5�,@0?,�G04-�+=;0�7F.@V��)*+��@=*0��2H1-D9A�G0.�+@3�D)*+�/)4+�89:�E)H4,�<=0�E01�,@01.@�+36.5���)1.5�G03�5-H1�/3�.504-�E9B�D)[email protected]�,@O+@�80*.5�+=;0�7F.@S�<=0��0?.5��@2-D,�G04.�D9A�8)H4+�704.@�79A���)1.5G0C.�,067�E9B�D)4�,=>9C,�E34.5�+=;0�7F.@���)*+��@=*0��2H1-�D9A�+@U�+@3�,@0?>�D)4�,=>9C,83?-�,3C,�83C�@0>�D)4�+@9?,�D9A�,2H;�.96.�E36�<=>9B.�J@-���501-�+3*�7=4+�8O+@�

�0�D3?�.@)A.5�Q@0B.�,23.5��-.@��@0*.@�89B=�736�,0;�,F.@�>96=�+=;0��)*+�@=*0��2H1-�83?-�EH*-�+3.�.5)H1-���0A>�834+��-.@��@0*.@�@01.5�.501>�E01�@0A>�89:�/H1-�@=*0�G01>�,3;�,F.@�>96=�+=;0��)*+��@=*0��2H1-��+@3�G04.���0A>�I=1.5�D)4�+0B=�.5=>9C./01�73C,�Q@0B.�+=;0�+=3C+�D3?.5�@01.5�.501>�+=;0�G04.���0A>�,@01.@�,@0C,�.3*-�EH*-��)*+�@=*0��2H1-�,)1�.H-�D06=�,@0`7�+=;0�/31.5�E01�,067�,2O�7F.@���0A>�89:��)*+��@=*0��2H1-,20;�/H1-�+@3�G04.�G0R.5�/H1-�>96=�,@)H.5�E01�/H1-�J@36.�.530.�

�04.�80.5�8)H4+��)*+��@=*0��2H1-�>96=�,@)H.5�,@0�,@-9?,�

E��� ������������� �����������23.5�,@H�,@)*�@0-�5H;-�+@3�,O.�@)A=�H;�,@01.@��362-.@,36S��@03/36�J9?,�/=0C.

.@)�D0=V�X�5=>9C.�W-.�06.�Q@=*+�+=;0��)*=��@=*0�P9D=D��@2-D,S�,F.@�,@)H.5�>96=+=;0��)*+��@=*0��2H1-�E01�D)4�,@36.5�+36.5�+=;0��)*+��@0*.@�%-.@�H1�+=1.5�0.@�97@9?,�,@0;>�Y�'����32�[^V[bS����(�,23.5�.@)A.5�/H1-�.01>��@03/36�.@0C.�,@0?>�,0B7<=0.�,234.5�+=;0�D)�J-.@�.5@-9C7�06.�Q@=*+�+=;0��0?.5��@2-D,�E01�,F.@�>96=�+=;0�)*+��@=*0��2H1-����.5�+=A.5�8)0�20�J@O0�+04.@�,@)*�G0V�D)4�@-9C.�I-9C.�+=;0��)*+�@0*.@�%-.@�+06=�.01>�,2)4+�,-9?Q�,)1�,-9?.5��>/04QS�D9A�834+�.@)�D0=V�X�5=>9C.�W-.06.�Q@=*+�+=;0��@=*0�P9D=D��@2-D,�E01�,F.@�>96=�,@)H.5�+=;0��)*+��@=*0��2H1-�H;+=1.5�0.@�97�<=0�D)4�,@36.5�+36.5�+=;0��)*+��@0*.@�%-.@�Y��)*+��@0*.@�%-.@�/01Q@)H.5�,-9C.�<=0�83*�+@=*.5�,0�.@0C.�8)H4+�06.�Q@=*+�+=;0��@=*0�P9D=D�E01�,F.@�>96=+=;0��)*+��@=*0��2H1-�

�@)A��>/04Q� +@U� E9B� D)4� ,@36.5� +36.5� Xl9//3gD@-QY� ,23.5� +06=� .01>� /01�3-.3.-0����3-.3.-0�/01�X,F.@�,@06.�@)A=Y�73C,�,F.@�,@06.�@)A=�+3*�/-96.�<=0.�89?.G0�J@O0�+04.@�+@=;�>9?=�

M��� ��� ����� ������B�� ����������@H1-�804-�+=;0��)4=��*H+�/01�,@H1-�J>1�80B=�,-96.�J@-��@0�,@-96.�,@)H4.5�+=;0

+@=*.5�,0�83?-�W);�EH*-�+3.�.5)H1-�,2)4+�,-9?Q�@H.�,@H1-�804-�@-9C.�.0>��$0=�83*S��)*+�@=*0��2H1-�D0-��)*+��@=*0��3.S�,)*+�/01��0?.5��@2-D,�89?.�D3?.5�E01�H;�5-)A0�/301-.5)H1-�G0�7)H-�G0�.0K7�

�@-�+31.�H;�,296.�,20B.�5-0.���0?.5��@2-D,�Q@0*.�EH*-�.@)A.5�.5)H1-�,@93

- 83 -

��������������� ����������������� �����������������������������

�501-V�X�0�D9A�W-.��@0�E01���501-�D9A�G0.�+@3�+0*+�+3.��0?.5�0.�=;-�,@0>�,@9?�,0S�E01.@H1��0?.5�0.�=;-�,0�+3*�>*�.3*-��0?.5��@0*.@�%-.@����501-�D9A�I04>�+@3�+0*+�+3..@-9B=�8-9B=S�+=A.5�.@)�,@0L+�70L+�+@3�+0*+�+3.�.@H*�734-�8-9B=�,0�80A�.3*-�EH*-�+0*++3.�Y�' -0K.5�[]V[c�M]c��%�(�

�501>�.0>�<=0�,@06.�E_��)*+��@0*.@�%-.@S�+@=*.5�,0�+3*�,@9:�J-.@�.5@-9C7,F.@�>96=�+=;0��)*+��@=*0��2H1-�E01�06.�Q@=*+�+=;0��0?.5��@2-D,���)*+��@0*.@�%-.@/01�73C,�,@06.�E_S�,@06.�E_�,@)*�G0�,23.5�G0�.536-��)*+��@=*0��2H1-�

�04.�[email protected]�,@9:�,@0C,�G-9?,�73C,�.5)H1-�<=0�E-9C+�G-9?,�,96.�.5)H1-�83*S�[email protected]�,@9:�G-9?,�<=0�E-9C+�5-H*-��,@-9C=�+3*�,O.@�+0*+@�@F.@�,@)*+�@0>�+@013�@3;-�+3*,O.@�+0*+@�W0A�5-03���04.�+@U�+3*�,@9:�G-9?,�23A�.5)H1-�83*�<=0�E-9C+��,231�+@=>9C.�,@06.70C,�E01�+@-0�W9;�,F.@�>96=�+@3�.@0=���9:�,@36.5�D=3?,�EH*-�73C,�.5)H1-�G04.�Q@0;-@-9:=�8)H4+�.5)H1-�83*S�+@=>9C.�,231�,067�D)4S�+@-0�W9;�.@)A.5�)=�,)�/3�/0L.5S�7H�)H*+E01�.-9B7�@>�E34.5�

�=3?.�J-.@�.5@-9C7��)*+��@=*0��2H1-�@01.5�.501>S�G04.�Q@0;-� +3*� /304-,@36.5�+36.5�EH*-��@0*.@�%-.@�.@)�,@9?���04.�Q@0;-�7H1-���501-�E013�/31.5�G04.S�.3*-+@=>9C.�EH*-��501-�73C,�+0*+@�,@01.@�,@0C,�E01�D=.5�D)H*.5�H;�,23.5�D)4�@-9C.�I-9C.+=;0��501-�

�@-9B=�,2)H1.5��@0B.�@34+�.3:-�,-9?.5�80A�Q@0*-�D-.@�E-96.�+=;0�@34�89?.�,-9?QW=*+�EH*-�,36-���34�7=3?.�,F7�20�GO�<=>9?,�+=;0�D)4�,@01.@�+36.5�+=;0�,36-���06=�,20;�/H1-+=;0�,36-�+@3�@34��X�36-�+3*�8)H4+�D)4� � ,@01.@�+36.5�.01>�/01�.@H1�E013��)*+��@0*.@%-.@Y

�-9B=�<=0.�,234.5�/01�Q@0;-�.@F.�.@0C.�E01�+0;7�JO+@�D06=�W0�D)4�@-9C.�I-9C.+=;0��@0*.@�%-.@���9T�J@-�.013�,36-�G)H*+�/96.�,310�5-0;.5S�,36-�89B=�+0B=�.5=>9C.VX%04>��)*+��@0*.@�%-.@�>96=�I0?=S�W-.��501-�@)H*.5�I0T.�,)�,)H;.5�+=;0�+3.�E01+@=*+�Q@)H*+�+@3�/H1-�+3.�.3*-Y���3B-�,36-�+0B=�.5=>9C.�VX�)*+��@0*.@�%-.@�>96=I0?=�H-S�W-.�+@=*+�Q@)H*+�+@3��.@)A.5�.5)H1-�80.5�.@3*7�G=3:-�,@H1�Q@)H4.5�.01>�$0=�J@-�5-0;.5� ,36-�+0B=�.5=>9C.V�X�@=*0��@0*.@�%-.@�>96=�<=O� �+3.� �+0;7� ,04�501-�EF�<=>9B.�.0K.5�<=O�G0*=�+=;0���501-���@-�834+��-.@��@0*.@�+@-9?=�D0*.5�E013/31.5�+3.�� -.���501-�I04>�I3T�+3.�� -.���501-�G01>�,3;�+@3�+3.�G-9?,�.@)A.5�+@06./>*�+=;0��)*+��@=*0��2H1-�Y

�0A>�,-9?Q�,=4+�83*.��)*+��@=*0��2H1-�E013�@304,�83C.5�@01.5�.501>�+=;0�+=3C+D3?.5�G04.S�I=1�@304,�83C.5�83*�[email protected]�<=0.�,234.5�G03�.@-96=���0A>�/9C�,@=3C+�E013�)*+��@0*.@�%-.@S�@0A>�.3*-�EH*-� ��501-� 20R.5�G04.�80.5�80*.@�5-0*��501-�8=*.57)*+���06>�/01�D)4�,@36.5�+36.5�EH*-��)*+��@0*.@�%-.@���0A>�.@H*�X�501-�+@0`.5�@9B/F0�J@3;-�0.@�97�Y�' -0K.5�[bV[cS��%�(

M���������������M������T�T�����3-.3.-0�+31.�+3*�.5@Z0�/01�D)4�53*Q�Q@0B.���@36.5�+3*��)*+��@0*.@�%-.@

/01�.5)H1-�+36.5�,0*+�EH*-�+@=*.5�,0S�+@=*.5�,0�+@0`.5�G03�5-H1�@301.�,@01.@�G0?,�+)*+36.5�,0*+�EZ�804-�.013�+@3��)*+��@=*0��2H1-�

- 84 -

��������������� ����������������� �����������������������������

�06>� /01�73C,� ,23.5�.@)A.5� />*� I3�+@O.@�EF� D03�.@-9B=�.@01� ,@H1� ,23?.5E0L.5���06>�/01�/>*�I3�EF�D03�.@-9B=�,@0.@�.-96.�2H1-�J@3;-�.@01�,@H1���@36.5�+3*��)*+�@0*.@�%-.@�S�E)H.5�<=3?+�+=;0��)*+��@=*0��2H1-�J@3*�+3*�,@9:�W06>�I)4.5�8=*.5�80L.8)H4+�E01�+@=*.5�,0�[email protected]�,@9:�J-.@�.5@-9C7�06.�Q@=*+�+=;0��@=*0�P9D=D�@0>�,F.@>96=�+=;0��)*+��@=*0��2H1-�

�@-�8-�,@0K7�E-9?.5�+0*+�.)H*+�J@0*+S�EH*-�.536.�.5)A�G0?,�83B.5S�,36-�Q@0;-I=1.5�736,�,@36.5�I_+@�E-96.���36-�.3*-�G0R.5�,-9?.5�.@�E01�.5)H1-�,@36.5�I_+@�I_+@20�.@)A.5�,)�,)H;.5�/H1-�.3*-�+=;0�,36-�20�,-9?.5�G0;.�W)*���@93�73C,�>*�.5@Z0�+@=*.5,36-�/01�.@)A.5�+36.5�,0*+�E-96.���9?=�D)4�83*.5�53*Q�,3?,S�G=3:-�,@H1�Q@)H4.5�D9A�,@01.@+36.5���9?=�.5)H1-�+3C.5� ,0*+�+=;0� ,36-�.3*-� /=.5�,=.5S�I)*,�<=0;.5� ,@F� ,@O.@�5-0;.5@9�D9A�[email protected]�@-9:=�5FS�E01�G=3:-�,@H1�Q@)H4.5�+3*�,@9:�,@0?,�G04-�

�04.�+3*�G03�5-H1�.504+�.@-96.�@3;-� ,04-� D03�+3*�.@)A.5� ,@0?,�G04-��@=3C+%-.@�W0;>�20�,23.5�8H1-�D3?.5�,@93��@=*0�+=;0�7F.@�[email protected]��04.�+3*�,)4�@3;-�,04-D03�IH1-�D3?.5�+0B=�.5=>9C.�+=;0�7F.@�O,�,@01.@�+36.5�[email protected]�G04.�+3*�,)4�@3;-�,04-D03�Q@9*Q�/04�/04-�[email protected]�W0;>�20�,23.5�8H1-�7F.@�[email protected]��@O.@�EF�G04.�80A�,@0?,G04-� ,23.5�E-9C+�+36.5� ,0*+�EH*-��@0*.@�%-.@�@01.5�.501>���@).5�J@-�G04.�7H1-�@0*.@�%-.@�.5)4�89?.S���501-�D9A�,@-9?,�/0CQ�D)4�+36.5�,0*+�D-96=�.@-96.�EH*-�G04.���04.D9A�/01�73C,�.5)H1-�+36.5�,0*+�,23.5�E-9C+�W06>�I)4.5�E)H.5�<=3?+�+=;0��)*+��@=*0�2H1-�

�04.�Q@0;-�+0B=�W-.��@0*.@�%-.@�/017�+36.5�,0*+�E-96.�80B>�J-.@�.5@-9C7S+@=;�+@3?,�+=;0�G04.����501-�80A�H;�EH*-�G04.�.@).5���501-�80A�G_�G3;�2H-����501-�80A�G_83?-�W);�,9C�G04+���04.�Q@0;-�@30.�.5@96.@���501-�J@-��)*+��@0*.@�%-.@�G)H*+�E013+=3C+�8H1-�G04.S�/017�.5)H1-�+@U�8043�+@3�G04.S���501-�D9A�+0B=�.5=>9C.�<=0�G04.S�/017+@3�+=3C+�D3?.5�G04.�,@01.@�+36.5�

�)*+��@0*.@�%-.@�7=3?.�W06>�I)4.5�E)H.5�<=3?+��)*+��@=*0��2H1-�<=0G04.����501-�7=3?.�G0.�+@3�G04.�<=>9B.�.0K.5�+=;0��)*+��@=*0��2H1-�701�+@U�+3*�D)4+36.5�,0*+�70C,�,@-9?,�EH*-���501-�7H*-�+3*�,@9:�Q@0*,�,2-9:.�8)H4+�

E�� �H��� ����M���T�����T��� �3-.3.-0�+31.�0*7�+@U�D)4�5-03�,@36.5�� -03�,@36.5�/01�73C,�I_+@�E=4�,0?,

+0;�734-�.5)H1-�+@=*.5�,0�89B=�+0B.���@-�G04.�7=3?.�20�.5304-�<=3?+S�G04.�,@)H1.580*Q�70*>�G0>S�W9�/);0�@30a+�W9�@H-���50>�+0;�,23.5�+0*+�D-96=�,@_�+@=*.5�,0�+=A.5,@0?>�E01-�J9?,�<=0;�+=;0�D)4�E0C.�+@=>9:.S�,@)*+�0K.�E01�20=�<=0;�8)H4+�I-�+@=>9:.�,)[email protected]�,20K7�I0a7S�E01�Q@)H.5�,-9C.�5-03�,@36.5�/017�[email protected]�Q@=*�+=3C+�D3?.5�+@=*.5,0�

�0�D3?�+@=*.5�,0�89B=�.@H*�89?.�.@)A.5�.5)H1-�70.5�89?.�.@)A.5�73*.+0B.�,@-9?,�+@3�+@=*.5�,0V��5)H1-�Q@06.�Q@3?-���5=H1-�0?>�70.5�+@3�+@=*.5�,0�734-,@)*�,)1�,@)*+�0K.�89?.�,-E-�+0B.�I=1.5���=1�+@=*.5�,0�,@)H1.5�[email protected]�G-9?,�,0B7�<=0.,234.5�+=;0�.5)H1-�0?>S�.5)H1-�0?>�70.5�+@3�+@=*.5�,0�.@)A.5�8-9B=�/017�+@3�+=3C+D3?.5�+@=*.5�,0�,-9C.�.5@-�@H.�

- 85 -

��������������� ����������������� �����������������������������

�@93�73C,�>*�.5@Z0S��@0*.@�%-.@�/01�80?.5�Q@06.�Q@3?-�+=;0��)*+��@=*0�2H1-S��)*+��@0*.@�%-.@�70.5�06.�Q@=*+�+=;0��@=*0�P9D=D��@2-D,�E01�,F.@�>96=�+=;0�)*+��@=*0��2H1-�,)1�.50-�,2H1-�89?.�/31.5�G04.S�.@01�G04.�E01�@3C-�,@0*.@���)*+��@0*.@%-.@�+=A.5�70.5�.@)A.5� /H1-� +0B=�.5=>9C.�+=;0�G04.� /96.�.50-�+=;0��)*+��@=*0�2H1-�

�)*+��@0*.@�%-.@�/-96.�,=4+�I-�83C.5�5-)A0��)*+��@=*0��2H1-�E01�G04.���)*+�@0*.@�%-.@�/01�<=01�,0a.5�+=;0��)*+��@=*0��2H1-�G0.�+@3�G04.����501-�+@_=�,20*+@.@-9C7�+=.5�+0?Q�+@3�.@)A.5�0-�+3*�8)*+�,-.�,0?,�+0;�.@)A.5�<=01�,04K.5�<=O�5-0*�+=;0�)*+��@=*0��2H1-S���501-�+@_=�,20*+@�.@-9C7�,20;�/H1-�+0B=�.5=>9C.�I)40�,296.�D)4�I0T.I0L,�+=;0��)*+��@=*0��2H1-���01���501-�,@O+@�,@=*�,23.5�.@)A.5�,20*+@�.@-9C7�+=;0�501-�EF�+@O.@���501-�73.5�7=3?.�/017�,@93�73C,�79C.@�/9C.@�,2=>9B.�+=;0��)*+�@=*0��@0�

�=3?.�+3*�73C,�8H1-�D3?.5�+H�83?+�.@06.�,O+@�+)4+S�G04.�Q@0;-�J-.@�.5@-9C7�)*+��@=*0��2H1-�@01.5�.501>���@=*0�P9D=D��@2-D,�80A�+=.5�+0?Q�+@3�G04.�06.�Q@=*+/017�+@3�G04.�894Q�89A���23.5�D)4�+@0K7�D3*+�,)1�0*-�+=;0��)*+��@=*0��2H1-����501-�G0.+@3�G04.�,F.@�>96=�89:�D3?.5��"=0�D)4�,@36.5�+36.5�EH*-��@0*.@�%-.@S�06.�Q@=*+�+=;0�0?.5��@2-D,�E01�,F.@�>96=�+=;0��)*+��@=*0��2H1-�,@=3C+�E9B�G04.���0A>�7H1-��)*+�@0*.@�%-.@�/017��0?.5�+36.5�,0*+�.-96.�,2)H;.5�+=;0�G04.�S�@0A>�89:�<=>9B.�.0K.5S06.�Q@=*+�E01�,F.@�>96=�+=;0��)*+��@=*0��2H1-�,=36.�+@0;>�,)4�I3�,23.5�+=3C+�D3?.5G04.���0A>�J-.@�.5@-9C7��)*+��@=*0��2H1-�@01.5�.501>�E01�@0A>�89:�D)4�E0.5�83C.5+=;0�J-.@�.5@-9C7�83*�+@-9?=�D0*.5�+@3�73T-�.5)H1-�+@=.5�<=0.@�G04.�