4933.pdf

57 

Full text

(1)

! ! !

!"#$$%&%'()*(%+*),')(-%)./""%&0)/)12.(#.%3%.)/'/.4*#*),$) (&/'*#(#,'*)/5&,**)(-&%%)6/7%)(-&%*-,."*!)

! ! !

"#$%$&!'($)*(+,! !

!

-!,#(.$.!./01$,,(2!,3!,#(!45)/%,6!34!,#(!78$9(+.$,6!34!:3+,#!;5+3%$85!5,!;#5&(%!<$%%!$8! &5+,$5%!4/%4$%%1(8,!34!,#(!+(=/$+(1(8,.!43+!,#(!2(>+((!34!?5.,(+.!34!-+,.!$8!,#(!

@(&5+,1(8,!34!A3)$3%3>6!! !

! ! ;#5&(%!<$%%!

BCDD! ! !

-&&+39(2!06E! F(2!?3/G! -+8(!H5%%(0(+>! H6%(!;+3G2(+!

(2)
(3)

! $$$! ! ! ! ! ) /8*(&/5()

!

"<LJL"!'NL;HNKFE!@$44(+(8,!A,(&.!38!,#(!J522(+E!-!?/%,$%(9(%!-85%6.$.!34! F+58.$,$38.!-)+3..!F#+((!'5>(!F#+(.#3%2.!

P/82(+!,#(!2$+(),$38!34!F(2!?3/GQ! !

!

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

F#(!.,/26Y.!15Z3+!4$82$8>!$.!,#5,!5!38(U&3$8,!$8)+(5.(!$8!/8(1&%361(8,!$.! 5..3)$5,(2!G$,#!5![\!2()+(5.(!$8!%$*(%$#332!34!,+58.$,$38S!582!,#$.!8(>5,$9(!(44(),!$.! .$>8$4$)58,%6!>+(5,(+!43+!15%(.!,#58!4(15%(.!582!43+!#$>#U.)#33%!2+3&3/,.!,#58! )3%%(>(!>+52/5,(.X!

(4)

! $9! !

) )

(/8.%),$)5,'(%'(*) !

JLAF!]^!F-_JNA````````````````````````````XXX`````````9! JLAF!]^!^LM7KNA```````````````````````````XXX````````XXXX9$! @L^^NKN:F!AFN"A!]:!F<N!J-@@NKE!-!?7JFLJNONJ!-:-JaALA!]^!!!!!!

(5)

! 9!

.#*(),$)(/8.%*! F50%(E!

DX !

5X @(.)+$&,$9(!A,5,$.,$).d;38,$8/3/.!582!_$85+6!O5+$50%(.````XX``be! 0X @(.)+$&,$9(!A,5,$.,$).d;5,(>3+$)5%!O5+$50%(.`````````````b[! BX @(.)+$&,$9(!A,5,$.,$).dA,5,(UJ(9(%````````````````````XXX``b[! bX ?32(%!DE!K(./%,.!34!F#+((UJ(9(%!J3>$.,$)!K(>+(..$38!"+(2$),$8>!J$*(%$#332!!!!

34!7&G5+2!F+58.$,$38E!A,5,(!582!L82$9$2/5%!K58231!L8,(+)(&,.!]8%6````bf! !

VX ?32(%!BE!]22.!K5,$3.!34!7&G5+2!F+58.$,$38E!:3!L8,(+5),$38.````````XbT! cX ?32(%!bE!]22.!K5,$3.!34!7&G5+2!F+58.$,$38E!78(1&%361(8,!L8,(+5),$38.`XVC! eX ?32(%!VE!]22.!K5,$3.!34!7&G5+2!F+58.$,$38E!M(82(+S!?5+$,5%!A,5,/.S!582!

(6)

! 9$!

.#*(),$)$#72&%*! ^$>/+(E!

DX F+58.$,$38.!&(+!]&&3+,/8$,6S!06!6(5+`````````````````````XXVV! BX F+58.$,$38.!&(+!]&&3+,/8$,6S!06!.,5,(X`````````````````````VV! bX F+58.$,$38.!06!]&&3+,/8$,$(.!06!78(1&%361(8,`````````XXX`````XVc! VX 78(1&%361(8,!@(8.$,6!43+!FG3"39!F+58.$,$38!]&&3+,/8$,$(.`X``````XVc! cX -2Z/.,(2!"+(2$),(2!F+58.$,$38!"+3050$%$,$(.S!06!(2/)5,$38!582!

/8(1&%361(8,`````````````````````````````````XXVe! !

(7)

! ! ! !

!"#$$%&%'()*(%+,)-')(.%)/011%&2)3)456(#6%7%6)3'068,#,)-$)9&0',#(#-',)3:&-,,) 9.&%%);0<%)9.&%,.-61,=!)

!

"#$!%&'$%&#(()!(*!+,-./&+&(.!(0+!(*!%(12&.3(4$!/+-+0/51#$+#$,!)$*&.$)!-/! 6(7$,+89!1(,'&.:!6(7$,+89!(,!1$%*-,$!,$3$&6+5&/!-!%(.:/+-.)&.:9!3$.+,-%!-,$-!(*! 3(.3$,.!*(,!;(+#!/(3&(%(:&/+/!-.)!%-;(,!$3(.(4&/+/<!!=.)!1&+#!&.3,$-/&.:!&.3(4$! &.$>0-%&+8!&.!+#$!?.&+$)!@+-+$/!A$<:<!=0+(,!$+!-%!BCCDE!-.)!/+-:.-.+!1-:$/!/&.3$!+#$! FGHC/!A$<:<!I&/#$%!$+!-%!BCCGE9!+#$!&//0$!#-/!;$3(4$!-.!$7$.!4(,$!&46(,+-.+!-.)! 6(60%-,!(.$!&.!,$3$.+!8$-,/<!!J$3-0/$!(*!,&3#$,!%(.:&+0)&.-%!)-+-!-.)!4(,$!

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

! =4(.:!+#(/$!3(.+$K+0-%!7-,&-;%$/!&/!+#$!;0/&.$//!383%$9!1#&3#!:$.$,-%%8!&/! )$*&.$)!;8!$3(.(4&3!(0+60+!(,!+#$!0.$46%(84$.+!,-+$<!!M3(.(4&/+/!*,$>0$.+%8!#-7$! /+0)&$)!+#$!$**$3+/!(*!+#$!;0/&.$//!383%$!(.!7-,&(0/!%-;(,!4-,'$+!(0+3(4$/9!;0+!&+! ,$4-&./!0.)$,/+0)&$)!;8!/(3&(%(:&/+/<!!N.3%0)&.:!-!;0/&.$//!383%$!4$-/0,$!&.!1-:$! +,-./&+&(.!4()$%/9!;(+#!;8!&+/$%*!-.)!&.!&.+$,-3+&(.!1&+#!(+#$,!&.)$6$.)$.+!

(8)

! B!

+,-O$3+(,&$/!-.)!(**$,/!-!1-8!+(!+$/+!3$,+-&.!7$,/&(./!(*!/(3&(%(:&3-%!+#$(,&$/!-;(0+! #&,&.:!-.)!6,(4(+&(.!>0$0$/<!

! "1(!(+#$,!/#(,+3(4&.:/!-,$!3(44(.!&.!6,(;-;&%&+82;-/$)!4()$%/!(*!

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

(9)

! U!

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

!

;0<%,)0'1)#':->%)0:&-,,)(.%),+%:(&5>) !

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

(10)

! X!

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`*$4-%$!(3306-+&(./a!6-8!%$//!+#-.!`4-%$!(3306-+&(./a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b-.3&(!$+!-%! FGGZQ!T-,&+8!-.)!I-/(.!FGGDE<!!=.)!-/!1&+#!1(4$.9!;%-3'/R!%-;(,!4-,'$+!

)&/-)7-.+-:$!(330,/!%-,:$%8!)0,&.:!+#$!O(;!/$-,3#!-.)!#&,&.:!6,(3$//$/!A^&K!-.)! @+,08'!FGGUQ!J$,+,-.)!-.)!I0%%-&.-+#-.!BCCXE<!!!

(11)

! W!

+#,(0:#!+#$!FGDC/!-.)!FGGC/!Ac(%)&.!-.)!_-+\!BCCDE<!!J0+%$,!$+!-%!ABCCDE!*&.)!+#-+! $)03-+&(.-%!-++-&.4$.+!&/9!-%(.:!1&+#!*-4&%8!/+,03+0,$!-.)!/-7&.:/9!(.$!(*!+#$! /+,(.:$/+!)$+$,4&.-.+/!(*!1#$+#$,!=4$,&3-./!4(7$!06!(,!)(1.!+#$!$3(.(4&3! %-))$,<!!I(+#$,#(()9!$/6$3&-%%8!-4(.:!4-,,&$)!1(4$.9!&/!-//(3&-+$)!1&+#!%(1$,! 1-:$/!*(,!1(4$.!AJ0)&:!-.)!M.:%-.)!BCCFE9!-%+#(0:#!-!4-,,&-:$!6,$4&04!$K&/+/! *(,!4$.!Ac,-8!-.)!d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

! "(!/044-,&\$!-!%-,:$!$3(.(4&3/!%&+$,-+0,$!(.!+#$!&.+$,-3+&(.!(*! 0.$46%(84$.+!-.)!1-:$/9!4(/+!,$3$.+!$3(.(4&/+/!1#(!#-7$!&)$.+&*&$)!-.8!

/&:.&*&3-.+!,$%-+&(./#&6!*&.)!+#-+!1-:$/!-,$!6,(383%&3-%9!-%+#(0:#!+#$!,$%-+&(./#&6!&/! 3(46%&3-+$)!;8!/03#!*-3+(,/!-/!1-:$!/+&3'&.$//9!&.7$.+(,&$/9!3-6-3&+8!0+&%&\-+&(.9!-.)! *%03+0-+&(./!&.!1(,'*(,3$!3(46(/&+&(.<!!J(+#!&.!+#$!?<@<!-.)!-;,(-)9!$.+,8!1-:$/!-.)! 1-:$/!*(,!O(;23#-.:$,/!-,$!4(,$!/$./&+&7$!+(!$3(.(4&3!383%$/!A@(%(.!$+!-%!FGGX9! T$7$,$0K!BCCF9!b-,.$&,(!$+!-%!BCFC9!T$7$,$0K!-.)![-,+!BCCZE<F!!"#$,$!&/!3(./$./0/! +#-+!%(.:2+$,4!0.$46%(84$.+!#-/!%$//!$**$3+!(.!1-:$/!+#-.!/#(,+2+$,4!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(12)

! Z!

0.$46%(84$.+9!/&.3$!+#$!/#(,+2+$,4!0.$46%(8$)!-,$!3%(/$,!+(!+#$!4-,:&.!-.)!

+#$,$*(,$!6%-8!-!%-,:$,!,(%$!&.!$/+-;%&/#&.:!+#$!6,&3$!(*!1-:$/!A]&3'$%%!FGGHE<!!!!!

! "#$!4-:.&+0)$/!(*!3$,+-&.!*-3+(,/R!$**$3+/!(.!1-:$/!4-8!#-7$!3#-.:$)!&.!

,$3$.+!8$-,/<!!"#$,$!-,$!/(4$!,$-/(./!+(!+#&.'!+#-+!:$.)$,2!-.)!,-3$2;-/$)!1-:$!

)&/-)7-.+-:$/!#-7$!)$3,$-/$)9!*(,!$K-46%$<!!^,(4!FGHX!+(!BCCX9!&.*%-+&(.2-)O0/+$)!

4$)&-.!&.3(4$!*(,!4$.!&.!+#$&,!UC/!*$%%!;8!FBY!AN/--3/!$+!-%!BCCDE9!1#&%$!1(4$.R/!

1-:$/!#-7$!/#(1.!3(./&)$,-;%$!&46,(7$4$.+!-3,(//!+#$!;(-,)9!;0+!$/6$3&-%%8!*(,!

#&:#$,2&.3(4$!1(4$.!AI&/#$%!$+!-%!BCCGE<!!",$.)/!&.!+#$!)&**$,$.3$!;8!,-3$!&.!

&.3(4$!#-7$!;$$.!%$//!3(./&/+$.+Q!*,(4!FGGW!+(!BCCC9!-7$,-:$!&.3(4$!:,(1+#!1-/!

#&:#$,!*(,!;%-3'!*-4&%&$/!AB<GYE!+#-.!*(,!1#&+$!*-4&%&$/!AB<FYE9!-%+#(0:#!1#&+$!

&.3(4$!#-/!)$3%&.$)!4(,$!/%(1%8!+#-.!;%-3'!&.3(4$!&.!+#$!BCCC/!AI&/#$%!$+!-%!

BCCGE<!!"#$,$!&/!/(4$!)&/-:,$$4$.+!-;(0+!3#-.:$/!&.!1-:$/R!383%&3-%&+8e!=;,-#-4!

-.)![-%+&1-.:$,!AFGGWE!*&.)!+#-+!,$-%!1-:$/R!6,(383%&3-%&+8!#-/!;$$.!:,$-+$,!&.!+#$!

6(/+2FGHC!6$,&()9!1#&%$!_,0$:$,!$+!-%!ABCCFE!*&.)!+#-+!+#$!4-:.&+0)$!(*!1-:$/R!

,$/6(./$!+(!0.$46%(84$.+!-66$-,/!+(!#-7$!)$3%&.$)!&.!+#$!FGDC/!-.)!FGGC/<!!

!

?+@0&1)>-A#6#(8)0>-'<)6-@B@0<%)@-&C%&,)

! S&'$!+#&/!/+0)89!-!7$,8!%-,:$!;()8!(*!%&+$,-+0,$!#-/!)$-%+!4(,$!/6$3&*&3-%%8!

1&+#!%(12&.3(4$!:,(06/9!0/0-%%8!)$*&.$)!-/!1$%*-,$!,$3&6&$.+/9!+#(/$!0.)$,!+#$!

6(7$,+8!%&.$9!+#(/$!&.!+#$!;(++(4!&.3(4$!>0&.+&%$9!(,!+#(/$!&.!1(,'&.:!6(7$,+8<!!N!0/$!

+#$!1(,'&.:!6(7$,+8!+#,$/#(%)9!*(%%(1&.:!3(44(.5+#(0:#!3$,+-&.%8!.(+!

(13)

! H!

1#(!0/$!+#$!/-4$!+#,$/#(%)9B!*&.)!+#-+9!3(.+,-,8!+(!/(4$!6$,3$6+&(./9!+#(/$!&.! 1(,'&.:!6(7$,+8!-,$!,-,$%8!+$$.-:$,/!A(.%8!HY!(*!+#$4!-,$E9!-.)!+#$8!-,$!4(,$! %&'$%8!+(!#-7$!3#&%),$.!+#-.!;$++$,26-&)!1(,'$,/!-,$<!!S(121-:$!1(,'$,/!-,$! )&/6,(6(,+&(.-+$%8!*$4-%$9!;%-3'9![&/6-.&39!%$//!$)03-+$)9!0.4-,,&$)9!-.)!*(,$&:.2 ;(,.!A=3/!$+!-%!BCCC9!=.)$,//(.!$+!-%!BCCW9!S(6,$/+!$+!-%!BCCGE<!!!

! =+!+#$!%(1$/+!$.)!(*!+#$!/3-%$9!/+0)&$/!(*!+#$!%&'$%&#(()!(*!+,-./&+&(.!(0+!(*! 6(7$,+8!#-7$!*(0.)!,$/0%+/!7-,8&.:!*,(4!-,(0.)!BCY!+(!UWY!6$,!8$-,9!1&+#!-!/%&:#+! )(1.1-,)!+,$.)!&.!%&'$%&#(()!(*!$K&+!)0,&.:!+#$!$-,%8!FGGC/!-.)!-!6(//&;%$!&.3,$-/$! &.!+#$!%-+$!FGGC/!Ab$%%&.&!$+!-%!BCCDE<!f$/$-,3#$,/!*(30/&.:!(.!%(12/'&%%!1(,'$,/! #-7$!*(0.)!+#-+!-!/&\$-;%$!/0;:,(06!+$.)/!+(!;$!/+03'!&.!1-:$/!3%(/$!+(!+#$! 4&.&404!1-:$!+#,(0:#(0+!4-.8!(*!+#$&,!6,&4$!$-,.&.:!8$-,/!AJ(0/#$8!BCCW9! b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`3(46%$+$!+,-./&+&(./9a!:(&.:!*,(4! 3(./&/+$.+%8!$-,.&.:!%$//!+#-.!gFB9CCC!+(!(7$,!gFW9CCC<!]$14-.!ABCCZE9!0/&.:!-! /0;/-46%$!(*!+#$!FGGZ!@NLL!6-.$%!1&+#!-:$!-.)!,-3$!3(46(/&+&(.!4-+3#&.:!+#-+!(*! UCC![-,%$4!*-/+2*(()!1(,'$,/9!*&.)/!+#-+!XCY!$K6$,&$.3$)!-!)$3%&.$!&.!,$-%!1-:$/9! 1#&%$!FBY!-3#&$7$)!,$-%!1-:$!:-&./!(*!:,$-+$,!+#-.!gWV#(0,!(7$,!-!*(0,28$-,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(14)

! D!

6$,&()<!@+0)&$/!%(('&.:!-+!1(,'$,/!&.!+#$!%(1$/+!>0&.+&%$!#-7$!*(0.)!/&4&%-,%8!7-,&$)! 1(,'$,!(0+3(4$/<!!=0+$.!-.)!c$$!ABCCHE!*&.)!+#-+!XHY!(*!#$-)/!(*!+-K6-8&.:!0.&+/! &.!+#$!;(++(4!&.3(4$!>0&.+&%$!&.!FGDH!$K6$,&$.3$)!-+!%$-/+!-!+1(2*(%)!&.3,$-/$!&.! ,$-%!1-:$/!;8!FGGZ9!1#&%$!BUY!$K6$,&$.3$)!.(!:,(1+#!(,!)$3%&.$/<!!"#$!*&:0,$/! AWCY!-.)!FDY9!,$/6$3+&7$%8E!-,$!-%4(/+!+#$!/-4$!*(,!+#$!8$-,/!FGGZ!+(!BCCW<!!h#&%$! (0+3(4$/!*(,!%(121-:$!1(,'$,/!#-7$!;$$.!$K+,$4$%8!7-,&$)9!(.!+#$!-7$,-:$9!+#$8! /$$4!+(!;$!/+-:.-+&.:<!!f$/$-,3#$,/!#-7$!*(0.)!+#-+!4(,$!,$3$.+!1(,'$,!3(#(,+/! #-7$!;$$.!%$//!%&'$%8!+(!4(7$!(0+!(*!%(1!1-:$/!AJ$,.#-,)+!$+!-%!BCCFE!-.)!+#-+! 8(0.:!4-%$!1(,'$,/!1$,$!403#!%$//!%&'$%8!+(!$-,.!4(,$!+#-.!+1&3$!+#$!6(7$,+8!%$7$%! &.!+#$!FGDC/!+#-.!&.!+#$!FGHC/!AT0.3-.!$+!-%!FGGZE<!

(15)

! G!

M3'/+$&.!-.)!h(%6&.!FGGW9!=.)$,//(.!$+!-%!BCCWE<!!=/!I(01!-.)!_-%%$;$,:!ABCFCE!

/#(19!#(1$7$,9!$K6$,&$.3$!-.)!O(;!+0,.(7$,!40/+!;$!3(4;&.$)!6,(6$,%8!+(!;$!

$**$3+&7$Q!(3306-+&(.-%!$K6$,&$.3$9!+#$8!*&.)9!&.3,$-/$/!+#$!6,(;-;&%&+8!(*!061-,)!

4(;&%&+8!+(!(3306-+&(./!1&+#!/&4&%-,!/'&%%!/$+/<!!=.)$,//(.!$+!-%!ABCCWE!*&.)!+#-+!&+!&/!

;$.$*&3&-%!*(,!%(121-:$!1(,'$,/!+(!;$!&.!+#$!3(./+,03+&(.!(,!4-.0*-3+0,&.:!

&.)0/+,&$/!-.)!1(,'!*(,!*&,4/!+#-+!-,$!%-,:$,9!#-7$!%(1$,!+0,.(7$,9!-.)!#-7$!-!

#&/+(,8!(*!6-8&.:!-!1-:$!6,$4&04<!!"#$8!-%/(!*&.)!+#-+!+#$!`3(46%$+$a!+,-./&+&(.!(0+!

(*!%(1!1-:$/9!-/!+#$8!)$*&.$!&+!A/$$!-;(7$E9!&/!3(.3$.+,-+$)!&.!-!,$%-+&7$%8!/4-%%!

.04;$,!(*!*&,4/<!

! "#$,$!#-/!;$$.!%$//!/+0)8!(*!+#$!$**$3+!(*!0.$46%(84$.+9!(,!-.8!4$-/0,$!(*!

+#$!;0/&.$//!383%$9!(.!+,-./&+&(.!%&'$%&#(()<!=.)$,//(.!$+!-%!ABCCWE!*&.)!+#-+!/+,(.:!

$3(.(4&3!:,(1+#!-.)!4&.&404!1-:$!&.3,$-/$/!)0,&.:!+#$!%-+$!FGGC/!)&)!.(+!#-7$!

403#!$**$3+9!-%+#(0:#!$-,.&.:/!:,(1+#!)&)!-66$-,!+(!;$!%$//!)0,&.:!BCCF<!!T-.\&:$,!

-.)!c(++/3#-%'!AFGDZE!*&.)!+#-+!$3(.(4&3!:,(1+#!#-)!-!/+,(.:!-.+&6(7$,+8!$**$3+!

+#,(0:#!+#$!$-,%8!FGHC/9!;0+!+#-+!+#&/!$**$3+!1$-'$.$)!+#,(0:#!+#$!4&)2FGDC/9!

6(//&;%8!&46%8&.:!-!6(/&+&7$9!;0+!)$3%&.&.:9!$**$3+!(*!0.$46%(84$.+!(.!+,-./&+&(.!

%&'$%&#(()<![&.$/!$+!-%!ABCCFE!%(('!-+!)&**$,$.3$/!&.!+#$!-7$,-:$!1-:$!:,(1+#!&.!

+1$%7$!)&**$,$.+!/$3+(,/!-.)!3(.3%0)$!+#-+!&46,(7$)!383%&3-%!3(.)&+&(./!)(!%$-)!+(!-!

/4-%%!&.3,$-/$!&.!1-:$!:,(1+#9!$/6$3&-%%8!*(,!1(,'$,/!&.!+#$!;(++(4!#-%*!(*!+#$!

)&/+,&;0+&(.<!!^,$.3#!$+!-%!ABCCZE9!&.!+#$&,!;-/$!4()$%9!*&.)!+#-+!+#$!,$+0,.!+(!

$K6$,&$.3$!&/!/+,(.:%8!6,(383%&3-%9!;0+!&.!-!4()$%!-33(0.+&.:!*(,!3(44(.!+&4$!

$**$3+/9!+#$8!*&.)!.(!,$%-+&(./#&6!;$+1$$.!+#$!,$+0,./!+(!$K6$,&$.3$!-.)!+#$!;0/&.$//!

(16)

! FC!

! @$7$,-%!,$/$-,3#$,/!#-7$!*(0.)!3#-.:$/!(7$,!+&4$!&.!+#$!$**$3+/!(*!/(4$!(*!

+#$!7-,&-;%$/!%&/+$)!-;(7$!(.!1-:$/!(,!+,-./&+&(.!%&'$%&#(()<!!J$,.#-,)+!$+!-%!ABCCFE!

*&.)!+#-+!.(+!(.%8!&/!+#$!%&'$%&#(()!(*!+,-./&+&(.!%(1$,!*(,!-!4(,$!,$3$.+!3(#(,+!(*!

1(,'$,/9!;0+!+#$!,$+0,./!+(!O(;!3#-.:$!#-7$!)$3%&.$)<!!=3/!-.)!i&44$,4-.!ABCCDE!

0/$!L@NT!)-+-!+(!*&.)!+#-+!+#$!/-%&$.3$!(*!$)03-+&(.!-.)!,-3$!)$3%&.$)!*,(4!FGGX!+(!

BCCX<!!^,$.3#!$+!-%!ABCCZE!*&.)!+#-+!+#$!,$+0,./!+(!1(,'!$K6$,&$.3$9!1#&3#!

)$+$,4&.$!4(/+!(*!+#$!7-,&-+&(.!(7$,!+&4$!&.!1-:$!:,(1+#9!3#-.:$!*,(4!8$-,!+(!8$-,9!

;0+!+#$8!)(!.(+!*&.)!$7&)$.3$!(*!-!/$30%-,!+,$.)!&.!+#-+!3#-.:$<!

! "#$!%&+$,-+0,$!(**$,/!O0/+!-!*$1!&.)&3-+&(./!(*!#(1!+#$!$**$3+/!(*!$&+#$,!

&.)&7&)0-%!(,!3(.+$K+0-%!7-,&-;%$/!4&:#+!)&**$,!-+!#&:#$,!&.3(4$!+#,$/#(%)/<!!=/!1$!

#-7$!/$$.9![&.$/!$+!-%!ABCCFE!*&.)!+#-+!1-:$!:,(1+#!&/!4(,$!A+#(0:#!/+&%%!(.%8!

/%&:#+%8E!6,(383%&3-%!&.!+#$!;(++(4!#-%*!(*!+#$!&.3(4$!)&/+,&;0+&(.<!!"#$!:%-//!3$&%&.:!

+#$(,8!#(%)/!+#-+!1(4$.!-.)!4&.(,&+&$/!$.3(0.+$,!:,$-+$,!,$/&/+-.3$!&.!-33$//&.:!

+(6!6(/&+&(./!+#-.!%(1!(,!4$)&04!(.$/Q!i$.:!ABCFFE!*&.)/!+#$!(66(/&+$9!#(1$7$,e!

+#-+!+#$&,!)&/-)7-.+-:$9!-+!%$-/+!&.!4-.-:$4$.+9!&/!3(.3$.+,-+$)!&.!4&)2%$7$%!

+,-./&+&(./<!!N*!N!1$,$!+(!$K+,-6(%-+$!&.3-0+&(0/%8!*,(4!+#$/$!*&.)&.:/9!N!1(0%)!6,$)&3+!

+#-+!+#$!$**$3+/!(*!0.$46%(84$.+!-.)!(*!;$&.:!*$4-%$!-.)!-!,-3&-%!4&.(,&+8!-,$!%$//!

.$:-+&7$!-+!#&:#$,!+#,$/#(%)/<!!J0+!+#&/!6,(;-;%8!1(0%)!;$!60/#&.:!+#$!$K+$,.-%!

7-%&)&+8!(*!,$/$-,3#$,/R!*&.)&.:/!*0,+#$,!+#-.!+#$8!1(0%)9!+#$4/$%7$/<!

!

D%,%0&:.)E5%,(#-',))

(17)

! FF!

! P*!+#$!/$7$,-%!>0$/+&(./!+#&/!/+0)8!/$$'/!+(!-)),$//9!+#$!4(/+!/6$3&*&3!-.)! &46(,+-.+!&/9!1#-+!&/!+#$!$**$3+!(*!0.$46%(84$.+!(.!+#$!%&'$%&#(()!(*!+,-./&+&(.!(0+! (*!%(121-:$!/+-+0/!-.)!#(1!)($/!+#-+!$**$3+!7-,8!;8!(+#$,!3(7-,&-+$/k!!"#&/!>0$/+&(.! &/!+#$!4-&.!,$-/(.!+#-+!+#$!@NLL!#-/!;$$.!3#(/$.<!!c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e!1#-+!

&.)&7&)0-%2%$7$%!*-3+(,/!-,$!-//(3&-+$)!1&+#!061-,)!+,-./&+&(.!(0+!(*!%(1!1-:$/9!-.)! #-7$!+#$!$**$3+/!(*!+#$/$!*-3+(,/!3#-.:$)!;$+1$$.!FGGC!-.)!BCCHk!!=%+#(0:#!N!#-7$! %&++%$!,$-/(.!+(!$K6$3+!+(!&)$.+&*8!)&**$,$.+!*-3+(,/!+#-.!+#$!,$/$-,3#$,/!3&+$)!-;(7$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

U!"#$!,$/$-,3#!3&+$)!-;(7$!:$.$,-%%8!*&.)/!+#-+!%-;(,!>0$0$/!(6$,-+$!)0,&.:!O(;! /$-,3#$/!4(,$!+#-.!)0,&.:!O(;/9!-.)!48!/+0)8!)($/!.(+!3-6+0,$!,$/6(.)$.+/!1#(! 3-..(+!$.+$,!+#$!1(,'*(,3$!(,!1#(!*-%%!(0+!(*!&+<!!J0+!*$4-%$!-.)V(,!4&.(,&+8! 1(,'$,/!.$7$,+#$%$//!3(0%)!$K6$,&$.3$!-))&+&(.-%!)&/-)7-.+-:$!*,(4!#&:#!

(18)

! FB!

#-7$9!+#$!4$+#()(%(:&3-%!-)7-.+-:$/!(*!+#&/!/+0)8!/#(0%)!-%%(1!&+!+(!&)$.+&*8!+#$! $**$3+/!(*!+#(/$!*-3+(,/!4(,$!-330,-+$%8!+#-.!(+#$,!%(:&/+&3!-.-%8/$/<X!!

! ^&.-%%89!+#$!+#&,)!,$/$-,3#!>0$/+&(.!&/!1#$+#$,!+#$!*-3+(,/!-**$3+&.:!+#$! %&'$%&#(()!(*!+,-./&+&(.!(0+!(*!1(,'&.:!6(7$,+8!#-7$!)&**$,$.+!$**$3+/!-+!#&:#$,!1-:$! +#,$/#(%)/<!!=.8!)&**$,$.3$/!*(0.)!1&%%!#-7$!+(!;$!&.+$,6,$+$)!3-0+&(0/%89!*(,!,$-/(./! $K6%-&.$)!&.!+#$!4$+#()/!/$3+&(.9!-.)!+#&/!-/6$3+!(*!+#$!/+0)8!&/!$.+&,$%8!

$K6%(,-+(,8Q!+#$!4()$%/!1&%%!.(+!;$!,$*&+!+(!$-3#!)-+-!/-46%$!-.)!+#$!4$3#-.&/4/! ;$#&.)!-.8!)&**$,$.3$/!1&%%!.(+!;$!4(,$!*0%%8!-.-%8\$)<!!"#$!60,6(/$!(*!+#&/!>0$/+&(.! $//$.+&-%%8!&/!+(!/$$!1#$+#$,!4(,$!1(,'!/#(0%)!;$!)(.$!+(!)$+$,4&.$!1#$+#$,9!-.)! $K6%-&.!#(1!-.)!1#89!061-,)!4(;&%&+8!(6$,-+$/!)&**$,$.+%8!-+!)&**$,$.+!6(&.+/!(.! +#$!&.3(4$!/6$3+,04<!

!

"0(0F)4%0,5&%,F)0'1)"%,:&#+(#7%)*(0(#,(#:,) !

! "#&/!/+0)8!),-1/!&+/!&.)&7&)0-%2%$7$%!7-,&-;%$/!*,(4!+#$!@0,7$8!(*!N.3(4$!-.)! L,(:,-4!L-,+&3&6-+&(.9!1#&3#!1-/!&.&+&-+$)!;8!+#$!?@!b$./0/!&.!FGDU!-.)!&/!+#$! /(0,3$!(*!(**&3&-%!$/+&4-+$/!(*!&.3(4$!-.)!6(7$,+8<!!"#$!@NLL!3(./&/+/!(*!-!3(.+&.0(0/! /$,&$/!(*!.-+&(.-%!6-.$%/!(*!7-,&-;%$!/&\$9!$-3#!(*!1#&3#!&/!&.+$,7&$1$)!;$+1$$.!$&:#+! -.)!+1$%7$!+&4$/!(7$,!+#$!3(0,/$!(*!+#,$$!(*!*(0,!8$-,/<!!"#$!BCCX!6-.$%!&.3%0)$/! XZ9WCC!#(0/$#(%)/9!1#&3#!1$,$!&.+$,7&$1$)!$&:#+!+&4$/Q!6-.$%/!*,(4!+#$!FGGC/! &.3%0)$!,(0:#%8!#-%*!-/!4-.8!#(0/$#(%)/<!!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(19)

! FU!

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

(20)

! FX!

1-:$/!A&.!BCCG!)(%%-,/E!-,$!%$//!+#-.!gF<!!J$3-0/$!(*!+#$!+1(2)(1.9!+1(206!

)$*&.&+&(.!(*!-!1-:$!+,-./&+&(.9!(.%8!,$/6(.)$.+/!1&+#!-+!%$-/+!*(0,!(;/$,7-+&(./!-,$! ,$+-&.$)<W!f$/6(.)$.+/!8(0.:$,!+#-.!FD!-.)!(%)$,!+#-.!ZX!#-7$!;$$.!),(66$)9!-/! #-7$!+#(/$!1&+#!&.3(./&/+$.+!4$-/0,$/!(*!,-3$!(,!/$K<!!P.%8!1#&+$/9!;%-3'/9!-.)! [&/6-.&3/!-,$!&.3%0)$)<!

! N.)&7&)0-%2%$7$%!&.)$6$.)$.+!7-,&-;%$/!&.3%0)$!-:$!-.)!-:$2/>0-,$)9!1#&3#! 6,(K8!#$,$!*(,!1(,'!$K6$,&$.3$<Z!!c$.)$,!-.)!4-,&+-%!/+-+0/!-,$!&.3%0)$)9!-/!&/!-! 3-+$:(,&3-%!4$-/0,$!(*!+#$!.04;$,!(*!3#&%),$.!0.)$,!FDQ!,$/6(.)$.+/!1&+#!4(,$! +#-.!+1(!3#&%),$.!-,$!6((%$)!&.+(!-!/&.:%$!3-+$:(,8<!!"#$!$)03-+&(.-%!-++-&.4$.+! ,$3()$!&.3%0)$/!*(0,!3-+$:(,&$/e!)&)!.(+!3(46%$+$!#&:#!/3#((%9!3(46%$+$)!#&:#! /3#((%9!/(4$!3(%%$:$9!-.)!J=!(,!#&:#$,<!!f$/6(.)$.+/!1&+#!-)7-.3$)!)$:,$$/!-,$! 3(4;&.$)!1&+#!(+#$,!3(%%$:$!:,-)0-+$/!&.!(,)$,!+(!*-3&%&+-+$!3(.7$,:$.3$!(*!

40%+&%$7$%!%(:&/+&3!4()$%/<!!"#$!@NLLR/!4$-/0,$!(*!,-3$!&.3%0)$/!+#$!3-+$:(,&$/!1#&+$9! ;%-3'9![&/6-.&39!-.)!`(+#$,aQ!`(+#$,a!#-/!;$$.!(4&++$)!;$3-0/$!(*!6,$/04$)!1&+#&.2 :,(06!)&7$,/&+89!;0+!`[&/6-.&3a!#-/!;$$.!,$+-&.$)!)$/6&+$!3(.3$,./!+#-+!&+!(*+$.!&/! 3(./&)$,$)!-.!$+#.&3!,-+#$,!+#-.!-!,-3&-%!3%-//&*&3-+&(.<H!!N.)&3-+(,/!(*!0.&(.! 4$4;$,/#&6!-.)!1(,'2%&4&+&.:!)&/-;&%&+8!-%/(!-,$!&.3%0)$)<!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

W!@(4$!,$/6(.)$.+/!%-3'!(.$!(,!4(,$!1-:$!(;/$,7-+&(./9!/(!+#$!$K-3+!+&4$!(*!/(4$! 1-:$!+,-./&+&(./!&/!4(,$!&46,$3&/$!+#-.!&*!(.%8!,$/6(.)$.+/!1&+#!*0%%!(;/$,7-+&(./! 1$,$!'$6+<!!"#$!6(+$.+&-%!/$%$3+&(.!;&-/!(*!),(66&.:!+#$!%-,:$!4-O(,&+8!(*!+#$!/-46%$9! #(1$7$,9!/$$4/!+(!(0+1$&:#!+#$!,&/'!(*!/(4$!&46,$3&/$!+,-./&+&(.!+&4$!$/+&4-+$/<!!! !

Z!=%+#(0:#!+#$!@NLL!&.3%0)$/!-!4$-/0,$!(*!+(+-%!1(,'!$K6$,&$.3$9!&+!&/!4&//&.:!)-+-! *(,!-!403#!%-,:$,!6,(6(,+&(.!(*!(;/$,7-+&(./!+#-.!+#$!-:$!7-,&-;%$!&/<!

!

(21)

! FW!

! ^&.-%%89!*(,!$-3#!(*!+#$!+#,$$!+#,$/#(%)/9!-!%(::$)!1-:$!,-+&(!#-/!;$$.!3,$-+$)!

3(./&/+&.:!(*!+#$!.-+0,-%!%(:!(*!+#$!>0(+&$.+!(*!-!,$/6(.)$.+R/!-7$,-:$!6,&(,!1-:$!

)&7&)$)!;8!+#$!+#,$/#(%)!&.!>0$/+&(.<!!"#&/!,-+&(!&/!6,$/04$)!+(!;$!-!;$++$,!&.)&3-+(,!

(*!-!,$/6(.)$.+R/!6,(K&4&+8!+(!+#$!+#,$/#(%)!+#-.!/&46%$!1-:$/9!-.)!&+!*-3&%&+-+$/!

3(46-,&/(./!-3,(//!+#,$/#(%)/<!!I-.8!/+0)&$/!(*!3,(//&.:!-!1-:$!(,!1$%*-,$!

+#,$/#(%)!)(!.(+!3(.+,(%!&.!-.8!1-8!*(,!6,&(,!&.3(4$Q!&.3%0)&.:!/03#!-!3(.+,(%!3-.!

,$)03$!1&+#&.2:,(06!/$%$3+&(.!6,(;%$4/!,$/0%+&.:!*,(4!+#$!*-3+!+#-+!/(4$!

,$/6(.)$.+/!-,$!403#!3%(/$,!+(!1-:$!+#,$/#(%)/!(.!&.&+&-%!(;/$,7-+&(.!-.)!

+#$,$*(,$!-,$!403#!4(,$!%&'$%8!+(!3,(//!+#$4<D!!

! "#$!/+-+$2%$7$%!7-,&-;%$!(*!:,$-+$/+!&.+$,$/+!*(,!+#$!60,6(/$/!(*!+#&/!/+0)8!&/!

4(.+#%8!0.$46%(84$.+!-/!,$6(,+$)!;8!+#$!J0,$-0!(*!S-;(,!@+-+&/+&3/Q!&+!&/!0/$)!-/!

-.!-66,(K&4-+$!4$-/0,$!(*!+#$!;0/&.$//!383%$<!!J$3-0/$!+,-./&+&(./!3(0%)!#-7$!

#-66$.$)!-+!-.8!6(&.+!)0,&.:!+#$!4(.+#/!;$+1$$.!(;/$,7-+&(./9!0.$46%(84$.+!

%-::$)!;8!(.$9!+1(9!*(0,9!-.)!/&K!4(.+#/!1-/!3(46-,$)!+(!0.$46%(84$.+!)0,&.:!+#$!

4(.+#!(*!+#$!+,-./&+&(.!(;/$,7-+&(.!0/&.:!%&'$%&#(()!,-+&(!+$/+/<!!S-::$)!

0.$46%(84$.+!)&)!.(+!*&+!+#$!4()$%!-/!1$%%9!#(1$7$,9!/(!N!#-7$!0/$)!+#$!0.%-::$)!

4$-/0,$<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

@NLLR/!4$-/0,$!(*!`/+0)$.+9a!)$/6&+$!3(.3$,./!+#-+!1(,'&.:!3(%%$:$!/+0)$.+/R!1-:$/! -,$!%(1$,!+#-.!+#$8!3(0%)!*&.)!-/!*0%%2+&4$!1(,'$,/9!6$,#-6/!%$-)&.:!+(!-!/4-%%! )(1.1-,)!;&-/!(.!+#$!$/+&4-+$)!$**$3+!(*!`/(4$!3(%%$:$a!(,!`J=!(,!#&:#$,<a! !

D!P*!3(0,/$9!+#&/!3(.+,(%!3-..(+!-)),$//!-3,(//2+#,$/#(%)!/$%$3+&(.!6,(;%$4/Q!+#(/$!

(22)

! FZ!

! P+#$,!/+-+$2%$7$%!7-,&-;%$/!&.3%0)$!+#$!6,(6(,+&(.!(*!+#$!(7$,2BW!6(60%-+&(.!

1&+#!-!#&:#!/3#((%!)$:,$$!A1#&3#9!-33(,)&.:!+(!-!%&'$%&#(()!,-+&(!+$/+9!*&+!+#$!*0%%!

4()$%!;$++$,!+#-.!+#$!6,(6(,+&(.!1&+#!-!3(%%$:$!)$:,$$E9!+#$!6$,3$.+!*(,$&:.2;(,.9!

-.)!+#$!4$)&-.!#(0/$#(%)!&.3(4$<!!^(,!-%%!+#,$$!7-,&-;%$/9!)-+-!3(4$!*,(4!+#$!FGGC!

-.)!BCCC!?<@<!b$./0/9!-/!1$%%!-/!+#$!BCCZ2D!=4$,&3-.!b(440.&+8!@0,7$8!A*(,!+#$!

$)03-+&(.!-.)!*(,$&:.2;(,.!4$-/0,$/E!-.)!+#$!BCCH2BCFC!?<@<!b$./0/!=..0-%!@(3&-%!

-.)!M3(.(4&3!@066%$4$.+!A*(,!+#$!&.3(4$!4$-/0,$E<!!^&:0,$/!*(,!(+#$,!8$-,/!1$,$!

$/+&4-+$)!;8!%&.$-,!&.+$,6(%-+&(.<!!J$3-0/$!4(.+#2+(24(.+#!7-,&-+&(.!&.!+#$/$!

4$-/0,$/!3-..(+!;$!$/+&4-+$)!-/!-330,-+$%8!-/!0.$46%(84$.+!3-.9!+#$!

3(,,$/6(.)&.:!3($**&3&$.+/!/#(0%)!.(+!;$!+,$-+$)!1&+#!+#$!/-4$!%$7$%!(*!3(.*&)$.3$<!!

"#$&,!6,&4-,8!,(%$!#$,$!&/!-/!3(.+,(%/<!

! T$/3,&6+&7$!/+-+&/+&3/!-,$!&.3%0)$)!&.!"-;%$/!F-9!F;9!-.)!B<G!!"#$!`-%%a!/-46%$!

&.!"-;%$!F-!&.3%0)$/!-%%!,$/6(.)$.+/!1#(!$-,.$)!1-:$/!&.!-+!%$-/+!(.$!1-7$<!!"#$!

`B6(7!(66/a!/-46%$!&.3%0)$/!-%%!,$/6(.)$.+/!1#(/$!-)O0/+$)!1-:$!1-/!%$//!+#-.!

gFC<DU!*(,!+1(!3(./$30+&7$!(;/$,7-+&(./!;$*(,$!+#$&,!%-/+!-.)!.$K+2+(2%-/+!

(;/$,7-+&(./Q!+#$/$!,$/6(.)$.+/!#-)!-+!%$-/+!(.$!(66(,+0.&+8!+(!$-,.!4(,$!+#-.!

gFC<DUV#,!&.!+1(!3(./$30+&7$!(;/$,7-+&(./!-.)!+#$,$;8!>0-%&*8!*(,!061-,)!

+,-./&+&(.<!!"#$!`B6(7!$K&+/a!/-46%$!&.3%0)$/!+#$!/0;/$+!(*!`B6(7!(66/a!+#-+!

/033$//*0%%8!4-)$!+#$!+,-./&+&(.<!!"#$!,$4-&.&.:!/-46%$/!-,$!)$*&.$)!&.!+#$!/-4$!

1-89!+#(0:#!0/&.:!+#$!+1(!(+#$,!1-:$!+#,$/#(%)/<!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

G!"#$!)$/3,&6+&7$!/+-+&/+&3/!/#(0%)!.(+!;$!3(./&)$,$)!-.!-330,-+$!,$6,$/$.+-+&(.!(*!

+#$!$.+&,$!1(,'&.:!6(60%-+&(.9!/&.3$!+#$8!-,$!.(+!-)O0/+$)!*(,!+#$!@NLLR/!/0,7$8! 1$&:#+/!A61$&:#+/!3-..(+!;$!-66%&$)!+(!K+!3(44-.)/!&.!@+-+-!FFE<!!J0+!;$3-0/$! -.-%8+&3!$/+&4-+$/!3(.+,(%!*(,!-+!%$-/+!-.)!6$,#-6/!-%%!(*!+#$!*-3+(,/!0/$)!+(!

(23)

! FH!

J$3-0/$!+#$!)-+-!-,$!%(.:&+0)&.-%9!+#$!(7$,-%%!7-,&-.3$!*(,!$-3#!7-,&-;%$!3-.! ;$!)$3(46(/$)!&.+(!;$+1$$.2,$/6(.)$.+!-.)!1&+#&.2,$/6(.)$.+!7-,&-.3$/<!!N.!4(/+! 3-/$/9!-/!(.$!1(0%)!$K6$3+9!+#$!1&+#&.2,$/6(.)$.+!7-,&-+&(.!&/!403#!%(1$,!A/$$! "-;%$!F-E<!!J$3-0/$!/(4$!,$/6(.)$.+/!$&+#$,!#-)!3#&%),$.!(,!$-,.$)!-!)$:,$$!)0,&.:! +#$!/+0)8!6$,&()9!"-;%$!F;R/!`&.)&7&)0-%/a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`+1(6(7a!/+-+0/<FC!!"#$!7-%0$/!#$,$!4&:#+! )&**$,!*,(4!+#$&,!3(0.+$,6-,+/!&.!"-;%$!F-!;$3-0/$!)&**$,$.+!/+-+$/!#-)!)&**$,$.+! .04;$,/!(*!6(+$.+&-%!+,-./&+&(.$,/<!!^(,!$K-46%$9!/+-+$/!1&+#!#&:#!6,(6(,+&(./!(*! *(,$&:.2;(,.!3%$-,%8!&.3%0)$)!4(,$!6(+$.+&-%!+,-./&+&(.$,/!+#-.!+#(/$!1&+#!/4-%%$,! 6,(6(,+&(./<!

! =/!1$!1(0%)!$K6$3+!*,(4!+#$!%&+$,-+0,$9!+#(/$!&.!+1(6(7!/+-+0/!-,$!%$//!(*+$.! 1#&+$9!4(,$!(*+$.!*$4-%$9!-.)!%$//!(*+$.!#&:#%82$)03-+$)!+#-.!+#$&,!*0%%2/-46%$! 3(0.+$,6-,+/<!!"#$8!-%/(!-,$!%$//!%&'$%8!+(!;$%(.:!+(!-!0.&(.!-.)!4(,$!%&'$%8!+(!#-7$!-! 1(,'2%&4&+&.:!)&/-;&%&+8<!=:-&.!3(./&/+$.+!1&+#!+#$!%&+$,-+0,$9!/033$//*0%!

+,-./&+&(.$,/9!1#$.!3(46-,$)!+(!-%%!6(+$.+&-%!+,-./&+&(.$,/9!-,$!+#$!(66(/&+$!&.!-%%! +#$/$!,$:-,)/<!!@033$//*0%!+,-./&+&(.$,/!-,$!)&**$,$.+!&.!-.(+#$,!&46(,+-.+!1-8e!-+!-%%! +#,$$!1-:$!+#,$/#(%)/9!+#$8!#-7$!4$)&-.!&.3(4$/!+#-+!$K3$$)!+#$!+#,$/#(%)9!-.)! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(24)

! FD!

+#$&,!6,&(,21-:$2,-+&(/9!-/!&.)&3-+$)!;8!`%.A1:l,-+E9a!-,$!403#!3%(/$,!+(!F!+#-.!+#(/$! (*!+#$&,!0./033$//*0%!3(0.+$,6-,+/9!#&:#%&:#+&.:!+#$!.$$)!+(!3(.+,(%!*(,!6,&(,!&.3(4$<!! N+!-%/(!&/!$7&)$.+!+#-+!+#$!4$-.!+1(6(7!+,-./&+&(.$,!#-)!-!/4-%%$,!)&/+-.3$!+(!:(9! ;(+#!&.!-;/(%0+$!)(%%-,/!-.)!-/!-!6,(6(,+&(.!(*!#&/!(,!#$,!&.3(4$9!+#-.!+#$!4$-.! +#,$$6(7!-.)!*(0,6(7!+,-./&+&(.$,<!!"#&/!)&**$,$.3$!4-8!#$%6!$K6%-&.!1#8!+,-./&+&(.! ,-+$/!-+!+#$!%(1$,!+#,$/#(%)!-,$!/(!403#!#&:#$,<!

N.!:$.$,-%9!#&:#$,2%$7$%!+,-./&+&(.$,/!#-7$!+#$!/-4$!-)7-.+-:$/!(7$,!+1(6(7! +,-./&+&(.$,/!+#-+!+#$!%-++$,!#-7$!(7$,!+#$!`+1(6(7!(66/a!:,(06<!!^(,!$K-46%$9!+#(/$! $K&+&.:!+1(6(7!/+-+0/!-,$!;$++$,!$)03-+$)9!%$//!*,$>0$.+%8!)&/-;%$)9!-.)!4(,$!%&'$%8! +(!;$!&.!-!0.&(.!+#-.!+#(/$!*-&%&.:!+(!$K&+Q!*(0,6(7!$K&+$,/!#-7$!-%%!+#$/$!/-4$!

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

! ^&:0,$/!F!-.)!B!)$4(./+,-+$!/&:.&*&3-.+!7-,&-+&(.!;8!;(+#!8$-,!-.)!/+-+$!&.! +#$!6,(6(,+&(.!(*!/033$//*0%!+,-./&+&(.!(66(,+0.&+&$/9!&.)&3-+&.:!+#$!.$$)!+(!3(.+,(%! *(,!;(+#<!!",-./&+&(.!%&'$%&#(()!-%/(!7-,&$/!;8!0.$46%(84$.+!A^&:0,$!UE9!)$3,$-/&.:! -/!0.$46%(84$.+!&.3,$-/$/<!!^&:0,$!X9!1#&3#!6,(7&)$/!+#$!)&/+,&;0+&(.!(*!

(25)

! FG!

(66(,+0.&+&$/9!/#(1/!1#8!+#$!%&.$!:,-6#/!&.!*&:0,$!U!/#(0%)!;$!3(./&)$,$)!403#! 4(,$!7-%&)!1#$,$!0.$46%(84$.+!&/!-;(7$!+#,$$!-.)!;$%(1!$&:#+Q!7$,8!*$1! +,-./&+&(.!(66(,+0.&+&$/!(330,,$)!(0+/&)$!+#-+!,-.:$<!

!

4%(.-1) !

! P;/$,7-+&(./!-,$!.$/+$)!1&+#&.!&.)&7&)0-%/9!1#(!-,$!.$/+$)!1&+#&.!/+-+$/<!! N)$-%%89!-!,-.)(4!&.+$,3$6+!1(0%)!;$!$/+-;%&/#$)!-+!;(+#!+#$!&.)&7&)0-%!-.)!/+-+$! %$7$%/9!-%%(1&.:!$/+&4-+&(.!(*!;(+#!;$+1$$.2&.)&7&)0-%!-.)!;$+1$$.2/+-+$!7-,&-;&%&+8! &.!+,-./&+&(.!%&'$%&#(()<!!"#&/!&/!.(+!)(.$!-+!+#$!/+-+$!%$7$%9!#(1$7$,9!;(+#!;$3-0/$!(*! +#$!,$/0%+&.:!3(460+-+&(.-%!3(46%$K&+8!-.)!;$3-0/$!+#$!/+-+$2%$7$%!$,,(,!+$,4!4-8! ;$!3(,,$%-+$)!1&+#!+#$!&.)$6$.)$.+!7-,&-;%$/9!1#&3#!1(0%)!7&(%-+$!-!3,&+&3-%!

,-.)(42$**$3+/!-//046+&(.<!!?.(;/$,7$)!/+-+$!3#-,-3+$,&/+&3/5/03#!-/!6(%&+&3-%! 3%&4-+$9!;0/&.$//2*,&$.)%8!6(%&3&$/9!O(;!+,-&.&.:9!-.)!$)03-+&(.!/6$.)&.:9!-.)!

(26)

! BC!

b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c(0%)!BCCFE<!!"#-+!4-8!(,!4-8!.(+!;$!-!/-*$!-//046+&(.!&.!+#&/! 3-/$<!

"(!3(.+,(%!*(,!0.(;/$,7$)!7-,&-+&(.!(7$,!+&4$!&.!*-3+(,/!-**$3+&.:!$K&+!

%&'$%&#(()9!N!#-7$!0/$)!6-.$%!*&K$)!$**$3+/!,-+#$,!+#-.!8$-,!*&K$)!$**$3+/<!!L-.$%!$**$3+/! *&+!+#$!)-+-!;$++$,9!-33(,)&.:!+(!-!%&'$%&#(()!,-+&(!+$/+Q!4(,$!&46(,+-.+%89!+#$8!

3(.+,(%!*(,!6(//&;%$!)&/+,&;0+&(.-%!)&**$,$.3$/!;$+1$$.!@NLL!6-.$%/9!1#&3#5;$3-0/$! (*!(7$,%-66&.:!6-.$%/!&.!/(4$!8$-,/58$-,!*&K$)!$**$3+/!1(0%)!.(+!)(<!

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

=%+#(0:#!+#&/!4()$%!.$/+/!(;/$,7-+&(./!1&+#&.!&.)&7&)0-%/!1&+#&.!/+-+$/9!+#$! *-3+!+#-+!/+-+$/9!%&'$!6-.$%/9!-,$!-33(0.+$)!*(,!;8!)0448!7-,&-;%$/!4-'$/!&+!(6$,-+$! -/!-!+1(2%$7$%!,-+#$,!+#-.!-!+#,$$2%$7$%!4()$%<!!N*!

!

(27)

! BF!

-.8!(;/$,7-+&(.!!!+#-+!-.!&.)&7&)0-%!"!3,(//$)!-!1-:$!+#,$/#(%)!&.!/+-+$!#!)0,&.:! 6-.$%!$9!+#$.e!!

S$7$%!F! A(;/E!

!

ln[pij/(1"pij)]=#0j+#1X1ij

+#2(X2ik"X2k)+$k+%m

!

!

"0 j!

!

"1!

!

"2!

!

X1ij!

!

X2ik"X 2k!

! ! !

!

"k!

!

"m!

m!&.)&7&)0-%2%$7$%!&.+$,3$6+!

m!*&K$)!3($**&3&$.+!(.!&.)&7&)0-%2%$7$%!7-,&-;%$/! m!*&K$)!3($**&3&$.+!(.!/+-+$2%$7$%!7-,&-;%$/! m!&.)&7&)0-%2%$7$%!7-,&-;%$/!

m!)&**$,$.3$!;$+1$$.!/+-+$2%$7$%!7-,&-;%$/!-+!! !!!(;/$,7-+&(.!!!-.)!+#$&,!1&+#&.2/+-+$!4$-./<!!! !!!"&4$2&.7-,&-.+!/+-+$!3#-,-3+$,&/+&3/!-,$!! !!!/0;+,-3+$)!(0+!(*!+#$!$>0-+&(.<!

m!*&K$)!$**$3+!*(,!/+-+$!#! m!*&K$)!$**$3+!*(,!6-.$%!$! S$7$%!B!

A&.)&7E!

!

"0 j ="00 j!

!

"0!

!

µ0 j!

m!4$-.!(*!&.)&7&)0-%2%$7$%!,-.)(4!&.+$,3$6+/! m!&.)&7&)0-%2/6$3&*&3!)$7&-+&(.!*,(4!4$-.! ! ](+$!+#-+!+#$,$!-,$!.(!,-.)(4!$**$3+/!&.!+#$!$>0-+&(.9!/(!+#$!-//046+&(.!&/!+#-+!+#$! $**$3+/!(*!+#$!&.)$6$.)$.+!7-,&-;%$/!)(!.(+!7-,8!;8!/+-+$!(,!&.)&7&)0-%<!!=%/(9!+#&/! 4()$%!-//04$/!+#-+!+#$,$!-,$!.(!/-%&$.+!0.(;/$,7$)!/#(,+2+$,4!3#-.:$/!&.!+#$!

$**$3+!(*!%&7&.:!&.!-!:&7$.!/+-+$<FF!

(28)

! BB!

&.+$,-3+$)9!-/!(66(/$)!+(!:$.)$,!-.)!.04;$,!(*!3#&%),$.<!!I0%+&3(%%&.$-,&+89!+#$!

*(0,+#!*-3+(,9!&/!(.%8!-!3(.3$,.!*(,!4()$%/!&.3%0)&.:!&.+$,-3+&(.!+$,4/9!;0+!#&:#2%$7$%!

&.+$,-3+&(./!(*!3-+$:(,&3-%!7-,&-;%$/!)(!,$/0%+!&.!$.(0:#!40%+&3(%%&.$-,&+8!+#-+!+#$!

3($**&3&$.+/!(*!&.+$,$/+!-,$!,$.)$,$)!.(.2/&:.&*&3-.+!&.!+#$!*0%%$/+!)$/&,$)!4()$%<!!

"#$,$*(,$9!+#,$$!)&**$,$.+!`*0%%a!4()$%/!,-+#$,!+#-.!(.$!#-7$!;$$.!)$7$%(6$)9!$-3#!

&.!-!)&**$,$.+!1-8<!!

! ^&,/+9!+(!+$/+!1#$+#$,!+#$!$**$3+/!(*!+#$!&.)&7&)0-%2%$7$%!&.)$6$.)$.+!

7-,&-;%$/9!&.!-))&+&(.!+(!0.$46%(84$.+9!#-7$!7-,&$)!(7$,!+&4$9!$-3#!1-/!&.+$,-3+$)!

1&+#!+#$!6-.$%!7-,&-;%$9!&.)&7&)0-%%8!-+!*&,/+9!+#$.!-%%!+(:$+#$,!&.!-!/&.:%$!4()$%<FB!

d$,8!*$1!(*!+#$!4-.8!,$/0%+&.:!3($**&3&$.+/!(.!&.+$,-3+&(.!+$,4/!1$,$!/&:.&*&3-.+9!

*$1$,!(*!+#$/$!1$,$!/0;/+-.+&-%9!-.)!.(.$!*(,4$)!(,!*(%%(1$)!-!,$3(:.&\-;%$!+,$.)!

A,$/0%+/!-7-&%-;%$!(.!,$>0$/+E<!!"#&/!/+0)89!+#$.9!)($/!.(+!/066(,+!-.8!$-,%&$,!

*&.)&.:/!+#-+!6,$)&3+!3#-.:$!(7$,!+&4$5(,9!-+!%$-/+9!*,(4!FGGC!+(!BCCH5&.!-.8!(*!

+#$!&.)$6$.)$.+!7-,&-;%$/!(*!&.+$,$/+<!!

! @$3(.)9!+(!+$/+!1#$+#$,!+#$!$**$3+/!(*!0.$46%(84$.+!7-,8!-33(,)&.:!+(!-.8!(*!

+#$!&.)&7&)0-%2%$7$%!7-,&-;%$/9!-!/&4&%-,!-66,(-3#!1-/!0/$)<!!=!/$+!(*!+$/+!4()$%/!1-/!

,0.9!$-3#!&.+$,-3+&.:!-!/$6-,-+$!7-,&-;%$!1&+#!0.$46%(84$.+9!+#$.!+#$!*&.-%!4()$%!

&.3%0)&.:!-%%!&.+$,-3+&(.!+$,4/<!![-7&.:!*(0.)!+#-+!:$.)$,!-.)!$)03-+&(.-%!/+-+0/!-,$!

+#$!(.%8!7-,&-;%$/!+#-+!&.+$,-3+!/&:.&*&3-.+%8!1&+#!0.$46%(84$.+9!N!#-7$!&.3%0)$)!-!

4()$%!1&+#!;(+#!(*!+#(/$!&.+$,-3+&(./<!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

FB!"#$!/-4$!+$/+!1-/!3(.)03+$)!&.+$,-3+&.:!1&+#!+#$!8$-,!7-,&-;%$!&./+$-)!(*!+#$!

(29)

! BU!

! "#$!+#&,)!*0%%!4()$%!+$/+/!+#$!&.+$,-3+&(.!(*!:$.)$,9!4-,&+-%!/+-+0/9!-.)!

$)03-+&(.-%!-++-&.4$.+<!!=%+#(0:#!$K6%(,-+(,8!-.-%8/&/!*(0.)9!3(./&/+$.+!1&+#!+#$!

%&+$,-+0,$9!+#-+!#-7&.:!3#&%),$.!%(1$,/!1(4$.R/!%&'$%&#(()!(*!+,-./&+&(.!-.)!

&.3,$-/$/!4$.R/!%&'$%&#(()9!-))&.:!+#-+!&.+$,-3+&(.!,$/0%+$)!&.!40%+&3(%%&.$-,&+8!+#-+!

,$.)$,$)!+#$!3($**&3&$.+/!(*!&.+$,$/+!.(.2/&:.&*&3-.+<!!N.!+#&/!+#&,)!4()$%9!+#$,$*(,$9!

+#,$$!7-,&-;%$/!;0+!.(+!*(0,!-,$!&.+$,-3+$)<!

@(3&(%(:&/+/!(*+$.!6,$/$.+!+#$&,!4()$%/!&.3,$4$.+-%%89!1&+#!-!4(,$!%&4&+$)!

4()$%!*&,/+9!+#$.!(.$!)$4(./+,-+&.:!#(1!+#$!-))&+&(.!(*!4(,$!7-,&-;%$/!-**$3+/!+#$!

3($**&3&$.+/!(.!+#(/$!&.!+#$!*&,/+<!!"#&/!-66,(-3#!&/!.(+!-66,(6,&-+$!+(!.(.2%&.$-,!

4()$%/9!#(1$7$,9!0.%$//!+#$!3($**&3&$.+/!-,$!$&+#$,!*0%%82/+-.)-,)&\$)!(,9!-+!%$-/+9!82

/+-.)-,)&\$)<FU!!"#$!6,(;%$4!&/!+#-+!3($**&3&$.+/!(.!+#$!(;/$,7$)!7-,&-;%$/!-,$!

)$6$.)$.+!(.!+#$!-4(0.+!(*!0.(;/$,7$)!#$+$,(:$.$&+8!&.!+#$!4()$%9!1#&3#!3#-.:$/!

1#$.!&.)$6$.)$.+!7-,&-;%$/!-,$!-))$)!+(!(,!/0;+,-3+$)<!!"#$,$*(,$9!1&+#(0+!82

/+-.)-,)&\-+&(.9!$/+&4-+$/!*,(4!.(.2%&.$-,!,$:,$//&(.!3-..(+!,$%&-;%8!;$!3(46-,$)!

-3,(//!4()$%/<!!?.*(,+0.-+$%89!82/+-.)-,)&\-+&(.!&/!.(+!30,,$.+%8!*$-/&;%$!*(,!+#&/!

/+0)89!/(!,-+#$,!+#-.!3(46-,&.:!4()$%/!1&+#!)&**$,$.+!/$+/!(*!3($**&3&$.+/9!N!/&46%8!

1&%%!6,$/$.+!+#$!*0%%!4()$%!-66,(6,&-+$!+(!$-3#!,$/$-,3#!>0$/+&(.<!!"#$!0.(;/$,7$)!

#$+$,(:$.$&+8!6,(;%$4!-%/(!-**$3+/!3(46-,&/(./!(*!4()$%/!-+!)&**$,$.+!+#,$/#(%)/<!!N!

1&%%!),-1!(.%8!:0-,)$)!3(.3%0/&(./!*,(4!3(46-,&/(./!(*!3($**&3&$.+/!-+!)&**$,$.+!

+#,$/#(%)/9!+#$,$*(,$9!;0+!1&%%!4(,$!3(.*&)$.+%8!3(46-,$!1&+#&.2+#,$/#(%)! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(30)

! BX!

)&**$,$.3$/<!!^(,!$K-46%$9!3(46-,&.:!/6$3&*&3!$/+&4-+$)!%&'$%&#(()/!-3,(//!+#$!

+1(6(7!-.)!+#,$$6(7!+#,$/#(%)/!4-8!;$!6,(;%$4-+&39!;0+!3(46-,&.:!+#$!)&**$,$.3$!

&.!%&'$%&#(()/!;$+1$$.!3(%%$:$2$)03-+$)!-.)!#&:#2/3#((%2$)03-+$)!,$/6(.)$.+/!

-3,(//!+#(/$!+#,$/#(%)/!&/!%$//!/(<!

!

D%,56(,)

!

! "(!/+-,+!1&+#9!-!40%+&%$7$%!%(:&/+&3!4()$%!1&+#!,-.)(4!&.+$,3$6+/!-+!+#$!

&.)&7&)0-%!-.)!/+-+$!%$7$%9!;0+!1&+#(0+!3(7-,&-+$/9!1-/!,0.<!!T$/6&+$!+#$!3(.3$,./!

-%,$-)8!$K6,$//$)!-;(0+!,-.)(4!$**$3+/!-//046+&(./!-+!+#$!/+-+$!%$7$%9!+#&/!4()$%!

3-.!6,(7&)$!-+!%$-/+!-!:$.$,-%!/$./$!(*!+#$!7-,&-.3$!(*!+,-./&+&(.!%&'$%&#(()!-+!$-3#!(*!

+#$!+1(!%$7$%/<!!"#$!,$/0%+/9!*(0.)!&.!"-;%$!U9!/#(1!+#-+!+#$!7-,&-.3$!-+!+#$!

&.)&7&)0-%!%$7$%!&/!403#!:,$-+$,!+#-.!+#-+!-+!+#$!/+-+$!%$7$%Q!.(+!/0,6,&/&.:%89!1#(!

(.$!&/!4-++$,/!403#!4(,$!+#-.!1#$,$!(.$!%&7$/<!!N+!&/!.(+$1(,+#89!#(1$7$,9!+#-+!

;(+#!,-.)(4!&.+$,3$6+/!-,$!7$,8!)&**$,$.+!-+!+#$!*(0,6(7!+#,$/#(%)e!+#$!/+-.)-,)!

)$7&-+&(.!-+!+#$!&.)&7&)0-%!%$7$%!&/!-;(0+!+1&3$!-/!:,$-+!-/!&.!+#$!+1(6(7!4()$%9!-.)!

+#$!/+-.)-,)!)$7&-+&(.!-+!+#$!/+-+$!%$7$%9!<CCDZG9!&/!-!+&.8!*,-3+&(.!(*!&+/!3(0.+$,6-,+!

&.!+#$!+1(6(7!-.)!+#,$$6(7!4()$%/<!!M7$.!&*!1$!+-'$!+#$/$!,$/0%+/!1&+#!/$7$,-%!

:,-&./!(*!/-%+5(.!-33(0.+!(*!+#$!,-.)(4!$**$3+/!-//046+&(./9!3,(//24()$%!

)&/3,$6-.3&$/!&.!0.(;/$,7$)!#$+$,(:$.$&+89!-.)!+#$!%-,:$,9!4(,$!$3(.(4&3-%%8!

)&7$,/$!/-46%$!$%&:&;%$!*(,!*(0,6(7!+,-./&+&(.5&+!/$$4/!/-*$!+(!3(.3%0)$!+#-+!-+!+#$!

#&:#$/+!+#,$/#(%)!0/$)!#$,$9!&.)&7&)0-%!3#-,-3+$,&/+&3/!-**$3+!%&'$%&#(()!4(,$!-.)!

(31)

! BW!

! f$/0%+/!*,(4!I()$%!B9!1#&3#!&.3%0)$/!-%%!3(7-,&-+$/!;0+!.(!&.+$,-3+$)!+$,4/9!

3-.!;$!*(0.)!&.!"-;%$!X<!!N*!1$!*(30/!(.!+#$!+1(6(7!4()$%9!1$!/$$!+#-+!4(/+!(*!+#$!

&.)&7&)0-%2%$7$%!7-,&-;%$/!#-7$!/&:.&*&3-.+!$**$3+/!&.!+#$!6,$)&3+$)!)&,$3+&(./<!!=:$!A-!

6,(K8!*(,!1(,'!$K6$,&$.3$E!&/!30,7&%&.$-,9!1&+#!&+/!4-K&404!6(/&+&7$!$**$3+!(.!+#$!

%&'$%&#(()!(*!+,-./&+&(.!(330,,&.:9!(.!-7$,-:$9!-+!-:$!UW<FX!!J$&.:!*$4-%$!&/!-//(3&-+$)!

1&+#!XUY!%(1$,!())/!(*!+,-./&+&(.9!1#&%$!;$&.:!4-,,&$)51#&3#!&/!+,$-+$)!&.!+#&/!

4()$%9!0.,$-%&/+&3-%%89!-/!-.!$>0&7-%$.+!$7$.+!*(,!4$.!-.)!1(4$.5&/!-//(3&-+$)!

1&+#!BHY!#&:#$,!())/!(*!+,-./&+&(.<!![-7&.:!3#&%),$.!&/!-//(3&-+$)!1&+#!/%&:#+%8!

%(1$,!())/!(*!+,-./&+&(.9!1#&%$!#&:#$,!$)03-+&(.-%!/+-+0/9!6-,+&30%-,%8!-!3(%%$:$!

)$:,$$9!&.3,$-/$/!+#$!())/!),-4-+&3-%%8<!!J%-3'/!#-7$!FDY!%(1$,!())/!(*!+,-./&+&(.!

+#-.!1#&+$/9!1#&%$![&/6-.&3/!#-7$!UFY!%(1$,!())/9!-%+#(0:#9!-/!4$.+&(.$)!$-,%&$,9!

6,$%&4&.-,8!+$/+/!&.)&3-+$!+#-+!*(,$&:.2;(,.![&/6-.&3/!#-7$!%(1$,!())/!+#-.!.-+&7$2

;(,.!(.$/9!-!)&/+&.3+&(.!+#-+!&/!.(+!-66-,$.+!&.!+#&/!4()$%<!!f$/6(.)$.+/!1&+#!1(,'2

%&4&+&.:!)&/-;&%&+&$/!#-7$!XUY!%(1$,!())/!(*!+,-./&+&(.9!1#&%$!+#$!*$1!0.&(.!1(,'$,/!

&.!1(,'&.:!6(7$,+8!-,$!*0%%8!BUWY!4(,$!%&'$%8!+#-.!.(.20.&(.!1(,'$,/!+(!+,-./&+&(.!

(0+<!

! =/!)$/3,&;$)!$-,%&$,9!,$/0%+/!*(,!&.)&7&)0-%2%$7$%!3(7-,&-+$/!-,$!;-/$)!(.!-!

3(4;&.-+&(.!(*!1&+#&.2&.)&7&)0-%!-.)!;$+1$$.2&.)&7&)0-%!7-,&-+&(.9!+#$!/$3(.)!(*!

1#&3#!6,(;-;%8!*-3+(,/!4(,$!&.+(!+#$!$/+&4-+$/<!!@+-+$2%$7$%!,$/0%+/9!(.!+#$!(+#$,!

#-.)9!-,$!;-/$)!(.!1&+#&.2/+-+$!7-,&-+&(.!-.)!+#$,$*(,$!(.!3#-.:$!(7$,!+&4$!&.!+#$!

&.)$6$.)$.+!7-,&-;%$/<!!^(,!$K-46%$9!&*!-%%!3#-,-3+$,&/+&3/!(*!-%%!&.)&7&)0-%/!&.!-!/+-+$!

1$,$!+(!,$4-&.!3(./+-.+9!;0+!0.$46%(84$.+!&.3,$-/$)!(.$!6(&.+9!$-3#!,$/6(.)$.+R/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

FX!"#&/!3-%30%-+&(.!&/!;-/$)!(.!+#$!4(,$!6,$3&/$!0.$K6(.$.+&-+$)!3($**&3&$.+/!-.)!&/!

(32)

! BZ!

())/!(*!+,-./&+&(.!1(0%)!;$!$K6$3+$)!+(!;$!HY!%(1$,<FW!!"#$!(+#$,!/+-+$!7-,&-;%$/R!

$**$3+/!(.!())/!(*!+,-./&+&(.!-%%!-,$!/&:.&*&3-.+!-.)!&.!+#$!)&,$3+&(.!&.)&3-+$)!;8!+#$!

)$/3,&6+&7$!/+-+&/+&3/Q!-/!)$/3,&;$)!-;(7$9!#(1$7$,9!+#$/$!3($**&3&$.+/!/#(0%)!.(+!;$!

3(./&)$,$)!-/!+,0/+1(,+#8!-/!+#-+!(.!0.$46%(84$.+<!

! I(/+!(*!+#$!)&**$,$.3$/!;$+1$$.!+#$!3($**&3&$.+/!-+!+#$!+1(6(7!%$7$%!-.)!

+#(/$!-+!+#$!#&:#$,!+1(!%$7$%/!-,$!.(+!%-,:$9!-.)!&+!&/!&46(,+-.+!+(!,$4$4;$,!+#-+9!

;$3-0/$!(*!+#$!0.(;/$,7$)!#$+$,(:$.$&+8!6,(;%$49!)&**$,$.3$/!/#(0%)!;$!>0&+$!

/0;/+-.+&-%!;$*(,$!*0%%8!-3'.(1%$):$)<!!=:$!#-/!/%&:#+%8!4(,$!6(/&+&7$!-.!$**$3+!-+!

#&:#$,!+#,$/#(%)/9!-.)!&+/!4-K&404!;$.$*&+!3(4$/!%-+$,!-+!+#$!+#,$$6(7!%$7$%!AXC!

8$-,/!(%)E!-.)!*(0,6(7!%$7$%!AXB!8$-,/!(%)E!+#-.!-+!+#$!+1(6(7!%$7$%!AUW!8$-,/!(%)E<!!

N+!&/!1(,+#!.(+&.:!+#-+!+#$!$**$3+/!(*!:$.)$,!-.)!,-3$!3#-.:$!%&++%$!-+!)&**$,$.+!

+#,$/#(%)/Q!+#$!6$.-%+&$/!(.!$-3#!-,$!/%&:#+%8!%-,:$,!-+!+#$!+#,$$6(7!%$7$%!+#-.!+#$!

+1(6(7!%$7$%!;0+!+#$.!-,$!,$)03$)!-:-&.!-+!+#$!*(0,6(7!%$7$%<!!"#&/!(**$,/!/(4$!

&.)&3-+&(.!+#-+!+#$!.$+!$**$3+9!&*!-.89!(*!#&,&.:!>0$0$/9!6,(4(+&(.!>0$0$/9!-.)V(,!O(;!

&.*(,4-+&(.!.$+1(,'!$**$3+/!6,(;-;%8!&/!.(+!/0;/+-.+&-%%8!)&**$,$.+!-+!+#$/$!)&**$,$.+!

6(&.+/!(.!+#$!1-:$!/6$3+,04<!!"#$!;$.$*&+!(*!#&:#$,!$)03-+&(.-%!-3#&$7$4$.+9!

,$%-+&7$!+(!;$&.:!-!#&:#!/3#((%!),(6(0+9!&/!/0;/+-.+&-%%8!:,$-+$,!-+!#&:#$,!+#,$/#(%)/9!

/(!403#!/(!+#-+!1$!3-.!+$.+-+&7$%8!3(.3%0)$!+#-+!$)03-+&(.!-**$3+/!+,-./&+&(.!

%&'$%&#(()!4(,$!6(/&+&7$%8!+#-.!1(,'!$K6$,&$.3$!)($/<!J$&.:!)&/-;%$)!-.)!;$&.:!&.!-!

0.&(.!-%/(!#-7$!>0&+$!)&**$,$.+!$**$3+/!-+!+#$!+#,$$!)&**$,$.+!+#,$/#(%)/<!!=%1-8/! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(33)

! BH!

;$.$*&3&-%9!0.&(.!4$4;$,/#&6!&/!403#!4(,$!/(!-+!%(1$,!+#,$/#(%)/<!![-7&.:!-!

)&/-;&%&+8!#-/!-!/4-%%$,!.$:-+&7$!&46-3+!(.!3,(//&.:!#&:#$,!+#,$/#(%)/!+#-.!%(1$,!

(.$/9!1#&3#!-:-&.!4-8!;$!)0$!+(!+#$!)&**$,$.+!(3306-+&(./!-+!#-.)<!!P.$!,$-/(.!*(,!

+#$!)&**$,$.3$!3(0%)!;$!+#-+!%(1$,21-:$!(3306-+&(./!4-8!4(,$!*,$>0$.+%8!&.7(%7$!

6#8/&3-%!%-;(,9!+(!1#&3#!)&/-;&%&+&$/!3-.!6,$/$.+!4(,$!(*!-.!(;/+-3%$<!!^&.-%%89!6,&(,!

1-:$/!4-++$,!403#!4(,$!-+!#&:#$,!+#,$/#(%)/Q!$7&)$.+%89!+#$!/-4$!6$,3$.+-:$!:-&.!

&.!1-:$/!&/!$-/&$,!+(!-3#&$7$!-+!-!%(1$,!6(&.+!(.!+#$!1-:$!/6$3+,049!1#$,$!*$1$,!

-3+0-%!)(%%-,/!-,$!&.7(%7$)<!

! =/!1$!1(0%)!$K6$3+!*,(4!+#$!*&.)&.:!+#-+!/+-+$/!4-++$,!%$//!-+!#&:#$,!

+#,$/#(%)/9!+#$!$**$3+!(*!0.$46%(84$.+!&/!%(1$,!*(,!+#,$$6(7!A+#(0:#!.(+!

/&:.&*&3-.+%8E!-.)!*(0,6(7!+,-./&+&(./<!!N.!+$,4/!(*!%&'$%&#(()!(*!061-,)!4(;&%&+89!-+!

%$-/+9!%(1$,21-:$!1(,'$,/!$7&)$.+%8!-,$!4(,$!/0/3$6+&;%$!+#-.!4$)&0421-:$!

1(,'$,/!+(!$3(.(4&3!383%$/<!

! =/!$K6%-&.$)!&.!+#$!4$+#()/!/$3+&(.9!&.!(,)$,!+(!)$+$,4&.$!1#$+#$,!+#$!$**$3+!

(*!0.$46%(84$.+!&/!3(./&/+$.+9!-!/$+!(*!4()$%/!&)$.+&3-%!+(!+#$!6,$7&(0/!1-/!,0.9!

1&+#!+#$!-))&+&(.!(*!+1(27-,&-;%$!&.+$,-3+&(.!+$,4/!;$+1$$.!0.$46%(84$.+!-.)!

;(+#!:$.)$,!-.)!$)03-+&(.-%!/+-+0/<!J$3-0/$!(*!0.(;/$,7$)!#$+$,(:$.$&+89!+#$!

-))&+&(.!(*!.$1!7-,&-;%$/!+(!-!.(.2%&.$-,!4()$%!3-.!3#-.:$!$K&/+&.:!3($**&3&$.+/!

1#$+#$,!(,!.(+!+#$!7-,&-;%$/!-,$!(,+#(:(.-%!+(!(.$!-.(+#$,<!!^(,!+#&/!,$-/(.9!N!1&%%!

*(30/!(.%8!(.!+#$!&.+$,-3+&(.!+$,4/!-.)!+#$&,!,((+!7-,&-;%$/9!-//04&.:!+#-+!I()$%!BR/!

,$/0%+/!*(,!-%%!(+#$,!3(7-,&-+$/!-,$!4(,$!,$%&-;%$<!!!

=33(,)&.:!+(!+#$!+1(6(7!7$,/&(.!(*!I()$%!U9!,$/6(.)$.+/!1&+#!3(%%$:$!

(34)

! BD!

),(6(0+/!-,$9!-/!3-.!;$!/$$.!&.!"-;%$!W<!!"#$!/-4$!+,$.)!&/!-66-,$.+!*(,!#&:#!/3#((%!

:,-)0-+$/!-.)!+#(/$!1&+#!/(4$!3(%%$:$9!;0+!+#$!)&**$,$.3$/!-,$!.(+!/&:.&*&3-.+!&.!

+#(/$!3-/$/<!!=%/(9!-+!+#&/!+#,$/#(%)9!*$4-%$/!-,$!/&:.&*&3-.+%8!%$//!.$:-+&7$%8!-**$3+$)!

;8!0.$46%(84$.+!+#-.!4$.<!!N*!1$!%(('!-+!#&:#$,!+#,$/#(%)/9!1$!/$$!+#-+!(.$!(*!

+#$/$!$**$3+/!&/!/+,(.:$,!-.)!+#$!(+#$,!1$-'$,<!!=+!+#$!*(0,6(7!%$7$%9!*(,!$K-46%$9!-%%!

(+#$,!$)03-+&(.!3-+$:(,&$/!-,$!/&:.&*&3-.+%8!%$//!.$:-+&7$%8!-**$3+$)!;8!

0.$46%(84$.+!+#-.!#&:#!/3#((%!),(6(0+/!-,$9!-.)!+#$!)&**$,$.3$!&/!/03#!+#-+!+#$!.$+!

$**$3+!(*!0.$46%(84$.+!*(,!3(%%$:$!:,-)0-+$/!&/!7$,8!3%(/$!+(!\$,(9!/&.3$!&+!&/!$.+&,$%8!

(**/$+!;8!+#$!$**$3+!(*!+#$!&.+$,-3+&(.!+$,4<!!=+!#&:#$,!+#,$/#(%)/9!+#$!&.+$,-3+&(.!(*!

*$4-%$!-.)!0.$46%(84$.+!&/!.(+!/&:.&*&3-.+9!4$-.&.:!+#-+!1(4$.!-,$!.(!%$//!

.$:-+&7$%8!-**$3+$)!;8!#&:#!0.$46%(84$.+!+#-.!4$.!-,$<!!"#$8!-%/(!-,$!/%&:#+%8!

;$++$,!(**!1#$.!0.$46%(84$.+!&/!%(1!+#-.!&.!+#$!+1(6(7!4()$%9!#(1$7$,9!-/!3-.!;$!

/$$.!;8!+#$!3($**&3&$.+/!(.!*$4-%$<!

@&40%+-.$(0/%8!&.+$,6,$+&.:!3($**&3&$.+/!(.!&.+$,-3+&(.!+$,4/!-.)!+#$&,!,((+/!

&/!7$,8!)&**&30%+9!$/6$3&-%%8!1#$.!+#$8!-,$!$K6,$//$)!&.!+$,4/!(*!())/!,-+&(/9!/(!N!

6,(7&)$!4-,:&.-%!$/+&4-+$/!+(!)$4(./+,-+$!+#$!7-,&-;%$/R!3(4;&.$)!$**$3+/<!!"(!

3,$-+$!+#$!$/+&4-+$/!0/$)!&.!^&:0,$/!W!-.)!Z9!-%%!3(7-,&-+$/!(+#$,!+#-.!+#$!,$%$7-.+!

&.+$,-3+&(.!+$,4!-.)!&+/!,((+!7-,&-;%$/!#-7$!;$$.!#$%)!3(./+-.+<!!"#$!6,&(,!1-:$!

,-+&(/!#-7$!;$$.!/$+!+(!<GW9!4$-.&.:!+#-+!&.!(,)$,!+(!3,(//!+#$!+#,$/#(%)!&.!>0$/+&(.9!

-!,$/6(.)$.+R/!1-:$/!40/+!;$!W<BZY!#&:#$,!+#-.!+#$!-7$,-:$!(*!#&/!(,!#$,!1-:$/!&.!

-%%!6,$7&(0/!(;/$,7-+&(./<!!"#$!/3-%$/!-,$!.(+!&)$.+&3-%!-+!+#$!)&**$,$.+!+#,$/#(%)/9!/(!

+#$!/%(6$/!3-.!;$!)$3$6+&7$<!!N.)&7&)0-%!%&.$/!-.)!%&'$%&#(()/!(*!+,-./&+&(.!/#(0%)!.(+!

(35)

! BG!

%&'$%&#(()/9!#(1$7$,9!3-.!;$<!!^&.-%%89!&+!&/!1(,+#!,$4$4;$,&.:!+#-+9!)0,&.:!+#&/!

/+0)89!0.$46%(84$.+!-%4(/+!-%1-8/!1-/!;$+1$$.!U!-.)!D9!/(!6,$)&3+&(./!(0+/&)$!

+#(/$!%&.$/!-,$!3(./&)$,-;%8!%$//!/(%&)<!

^&:0,$!W!3%$-,%8!/#(1/!+#-+!#&:#!$)03-+&(.-%!-++-&.4$.+9!$/6$3&-%%8!-!3(%%$:$!

)$:,$$9!:,$-+%8!&46,(7$/!+#$!%&'$%&#(()!(*!+,-./&+&(.!-+!$-3#!+#,$/#(%)<!!=+!+#$!

%(1$/+!+#,$/#(%)9!#(1$7$,9!#&:#!0.$46%(84$.+!)($/!/0;/+-.+&-%%8!,$)03$!+#$!

%&'$%&#(()!(*!+,-./&+&(.!$7$.!*(,!+#$!4(/+!$)03-+$)<!!J0+!&+!&/!$7&)$.+!+#-+!*(,!

+#,$$6(7!-.)9!$/6$3&-%%89!*(0,6(7!+,-./&+&(./9!0.$46%(84$.+!-**$3+/!3(%%$:$!

:,-)0-+$/R!3#-.3$/!*-,!%$//!.$:-+&7$%8!+#-.!&+!)($/!+#(/$!(*!(+#$,!:,(06/<!!"#$!/3-%$!

(*!+#$!:,-6#!&/!/03#!+#-+!&+!&/!#-,)$,!+(!/$$!+#$!)&/+&.3+&(./!;$+1$$.!+#$!+#,$$!%(1$/+!

$)03-+&(.-%!3-+$:(,&$/9!8$+!#$,$9!+((9!+#$!)&**$,$.3$/!;$3(4$!/+-,'$,!-+!#&:#$,!1-:$!

+#,$/#(%)/<!![&:#$,!$)03-+&(.!#$%6/!-+!-%%!+#,$/#(%)/9!;0+!&+!&/!&.+$,$/+&.:!+#-+!&+!

(**$,/!:,$-+$,!6,(+$3+&(.!-:-&./+!#&:#!0.$46%(84$.+!-+!#&:#$,!+#,$/#(%)/<!!N+!4-8!

;$!+#-+!4(,$!(*!+#$!(3306-+&(./!+#-+!6-8!+1(6(7!1-:$/!-,$!#&:#%8!-**$3+$)!;8!

0.$46%(84$.+9!&.!1#&3#!3-/$!-%%!1(,'$,/!1&+#&.!+#(/$!(3306-+&(./9!$7$.!+#$!4(,$!

#&:#%8!$)03-+$)!(.$/9!1(0%)!;$!70%.$,-;%$!+(!$3(.(4&3!383%&3-%&+8<!

^&:0,$!Z!/#(1/!+#-+!4$.R/!%&'$%&#(()!(*!+,-./&+&(.!-%1-8/!&/!#&:#$,!+#-.!

1(4$.R/!-+!$-3#!+#,$/#(%)9FZ!;0+!&+!-%/(!)$4(./+,-+$/!+#-+!-+!%(1$,!+#,$/#(%)/9!+#$!

.$:-+&7$!$**$3+!(*!0.$46%(84$.+!*-%%/!4(,$!#$-7&%8!(.!4-%$!1(,'$,/<!!N.!+#$!*(0,6(7!

+#,$/#(%)9!#(1$7$,9!1(4$.R/!%&'$%&#(()!(*!+,-./&+&(.!&/!-**$3+$)!;8!0.$46%(84$.+!

O0/+!-/!.$:-+&7$%8!&.!)(%%-,!+$,4/!A-.)!*(,!1#-+!&+!&/!1(,+#9!$7$.!4(,$!&.!6$,3$.+-:$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

FZ!h(,'$,/!1#(!-,$!%-&)!(**!),(6!(0+!(*!+#&/!/-46%$9!#(1$7$,9!-.)!+#$,$*(,$!)(!.(+!

(36)

! UC!

+$,4/E!+#-.!4$.R/<!![$,$!-:-&.9!+#$!$K6%-.-+&(.!3(0%)!;$!(3306-+&(./<!!I$.!&.!

1(,'&.:!6(7$,+8!4-8!;$!4(,$!%&'$%8!+(!1(,'!&.!&.)0/+,&$/!%&'$!4-.0*-3+0,&.:!(,!

3(./+,03+&(.9!1#&3#!3-.!;$!6-,+&30%-,%8!/$./&+&7$!+(!;0/&.$//!383%$/<!!I-%$!1(,'$,/!

#&:#$,!(.!+#$!1-:$!/6$3+,04!4&:#+!1(,'!&.!&.)0/+,&$/!-.)!(3306-+&(./!+#-+!-,$!

403#!%$//!/$./&+&7$<!!!

"-;%$!Z!3(.+-&./!$/+&4-+$/!*(,!I()$%!X9!1#&3#!&/!&)$.+&3-%!+(!I()$%!B!$K3$6+!

*(,!-!+#,$$21-8!&.+$,-3+&(.!;$+1$$.!:$.)$,9!4-,&+-%!/+-+0/9!-.)!$)03-+&(.9!-/!1$%%!-/!

+1(21-8!&.+$,-3+&(./!;$+1$$.!+#$!+#,$$!,((+!7-,&-;%$/<!!"#$!())/!,-+&(/!#$,$!-,$!

)&**&30%+!+(!&.+$,6,$+!.(+!(.%8!;$3-0/$!+#$8!-,$!)&**&30%+!+(!-))9!;0+!;$3-0/$!+#$8!3-.!

,$*$,!+(!-!.-,,(1$,!:,(06!+#-.!&+!4&:#+!/$$4<!!^(,!$K-46%$9!+#$!$**$3+!(*!+#$!

&.+$,-3+&(.!(*!:$.)$,!-.)!$)03-+&(.-%!-++-&.4$.+!/#(1/!+#-+!1(4$.!:-&.!403#!

#&:#$,!;$.$*&+/!*,(4!#&:#!$)03-+&(.-%!-++-&.4$.+!A,$%-+&7$!+(!+#$!%(1$/+!$)03-+&(.!

3-+$:(,8E!+#-.!4$.!)(<!!"#$/$!())/!,-+&(/!-,$!/6$3&*&3!+(!4-,,&$)!*$4-%$/9!#(1$7$,Q!

+#$!%(1!())/!,-+&(/!%&/+$)!&.!+#$!+#,$$1-8!&.+$,-3+&(.!/#(1!+#-+!+#$!$)03-+&(.!

;$.$*&+!&/!403#!%$//!*(,!4-,,&$)!+#-.!*(,!0.4-,,&$)!1(4$.<!

I()$%!XR/!'$8!*&.)&.:/!3-.!;$!/$$.!4(,$!$-/&%8!&.!^&:0,$!H9!1#&3#!&/!;-/$)!(.!

4-,:&.-%!$/+&4-+$/!1&+#!-//046+&(./!/&4&%-,!+(!+#(/$!0/$)!*(,!^&:0,$/!W!-.)!Z<!!

J$:&..&.:!(.3$!-:-&.!;8!*(30/&.:!(.!+1(6(7!+,-./&+&(./9!1$!/$$!+#-+!4-,,&$)!4$.!

$.O(8!-!/0;/+-.+&-%!-)7-.+-:$!&.!+,-./&+&(.!%&'$%&#(()!(7$,!+#$!(+#$,!+#,$$!:,(06/9!

6-,+&30%-,%8!A&.!6$,3$.+-:$!+$,4/E!-+!+#$!`#&:#!/3#((%!:,-)0-+$a!-.)!`/(4$!3(%%$:$a!

$)03-+&(.!%$7$%/<!!I-,,&$)!4$.R/!-)7-.+-:$!&/!3(./&/+$.+!1&+#!+#$!$K&/+&.:!%&+$,-+0,$!

(37)

! UF!

6,&(,&+&$/!*(,!4-,,&$)!4$.9!+#$!:,$-+$,!%&'$%&#(()!+#-+!-!4-.!1&+#!#&:#$,!1-:$/!1&%%!

;$!4-,,&$)9!(,!$46%(8$,/R!)$3&/&(./!+(!6-8!4-,,&$)!4$.!4(,$!*(,!$>0-%!1(,'<!!

P.!+#$!1#(%$9!1(4$.!-,$!%$//!%&'$%8!+#-.!4$.!+(!+,-./&+&(.9!;0+!+#-+!

)&/-)7-.+-:$!:,(1/!/4-%%$,!-+!$-3#!#&:#$,!/+-:$!(*!$)03-+&(.-%!-++-&.4$.+9!1&+#!+#$!

$K3$6+&(.!(*!4-,,&$)9!3(%%$:$2$)03-+$)!1(4$.<!!@&.:%$!3(%%$:$2$)03-+$)!1(4$.9!&.!

*-3+9!-,$!-/!%&'$%8!+(!+,-./&+&(.!(0+!-/!+#$&,!4-%$!$>0&7-%$.+/<!!b%$-,%89!+#$!/0;/+-.+&-%!

.$:-+&7$!$**$3+!(*!;$&.:!*$4-%$!&/!#&:#%8!)$6$.)$.+!(.!4-,&+-%!/+-+0/!-.)!

$)03-+&(.-%!-3#&$7$4$.+<!!!

b(46-,&.:!+#$!+1(6(7!,$/0%+/!+(!+#(/$!-+!#&:#$,!+#,$/#(%)/9!1$!/$$!+#-+!

4-,,&$)!4$.!,$+-&.!+#$&,!-)7-.+-:$!(7$,!0.4-,,&$)!4$.9!;0+!&+!&/!/%&:#+%8!/4-%%$,<!!

=%/(9!3(./&/+$.+!1&+#!$-,%&$,!4()$%/9!+#$!-)7-.+-:$!-//(3&-+$)!1&+#!-!3(%%$:$!)$:,$$!

&/!:,$-+$,!*(,!+#,$$6(7!-.)!*(0,6(7!+,-./&+&(./<!!"#$!4(/+!&.+$,$/+&.:!+,$.)!-3,(//!

4()$%/!6,(;-;%8!&/!+#$!)&/-66$-,-.3$!(*!3(%%$:$2$)03-+$)!1(4$.R/!`4-,,&-:$!

6$.-%+8a!-+!#&:#$,!+#,$/#(%)/9!-!+,$.)!+#-+!&/!),&7$.!;8!&.3,$-/$)!)&/-)7-.+-:$!*(,!

/&.:%$!1(4$.!,-+#$,!+#-.!,$)03$)!)&/-)7-.+-:$!*(,!4-,,&$)!1(4$.<!!"#$!,$-/(./!

*(,!+#&/!30,&(0/!+,$.)!-,$!.(+!3%$-,!-.)!+#$!/0;O$3+!4$,&+/!*0,+#$,!-.-%8/&/<!!I-,,&-:$!

#(4(6#&%8!A#&:#%82$)03-+$)!1(4$.!-,$!%&'$%8!+(!4-,,8!#&:#%82$)03-+$)!4$.E!-.)!

3(./$>0$.+!%-3'!(*!*&.-.3&-%!6,$//0,$!3(0%)!$K6%-&.!1#8!$)03-+$)!4-,,&$)!1(4$.!

1(0%)!6%-3$!-/!#&:#!-!6,&(,&+8!(.!-!#&:#2+,-O$3+(,8!O(;<!!J0+!+#&/!)($/!.(+!$K6%-&.!

1#8!+#&/!6-,+&30%-,!4-,,&-:$!6$.-%+8!(.%8!/$$4/!+(!$K&/+!*(,!(.$!$)03-+&(.-%!

3-+$:(,89!-+!(.$!1-:$!+#,$/#(%)<!

!

(38)

! UB! !

! "(!/04!069!+#&/!/+0)8!3(.*&,4/!/$7$,-%!6,&(,!,$/$-,3#$,/R!*&.)&.:/!-;(0+!

4-.8!&.)&7&)0-%2%$7$%!7-,&-;%$/R!$**$3+!(.!+,-./&+&(.!(0+!(*!1(,'&.:!6(7$,+8!;0+9!

;$3-0/$!(*!+#$!0/$!(*!40%+&%$7$%!%(:&/+&3!,$:,$//&(.!1&+#!/+-+$!-.)!6-.$%!*&K$)!$**$3+/9!

&+/!$/+&4-+$/!4&:#+!;$!3(./&)$,$)!4(,$!6,$3&/$!-.)!7-%&)!+#-.!+#$!%&.$-,!6,(;-;&%&+8!

-.-%8/$/!-.)!/&46%$!%(:&/+&3!,$:,$//&(./!+#-+!:$.$,-%%8!#-7$!;$$.!0/$)!6,$7&(0/%8<!!

?.%&'$!/(4$!6,&(,!,$/$-,3#9!&+!)($/!.(+!*&.)!/&:.&*&3-.+9!3(./&/+$.+!3#-.:$!(7$,!+&4$!

&.!+#$!&.)$6$.)$.+!7-,&-;%$/R!$**$3+/<!N+!*&.)/!-!/4-%%!;0+!/&:.&*&3-.+!$**$3+!(*!/+-+$2

%$7$%!)&**$,$.3$/!(.!+,-./&+&(.!%&'$%&#(()<!!"#$!4(/+!&46(,+-.+!(*!+#$/$!&/!+#$!

$/+&4-+$!+#-+!-!(.$26(&.+!&.3,$-/$!&.!0.$46%(84$.+!&/!-//(3&-+$)!1&+#!-!HY!

,$)03+&(.!&.!&.)&7&)0-%!%&'$%&#(()!(*!+,-./&+&(.Q!+#&/!$**$3+!&/!4(,$!.$:-+&7$!*(,!4$.!

+#-.!1(4$.!-.)!*(,!#&:#!/3#((%!),(6(0+/!+#-.!3(%%$:$!:,-)0-+$/<!!=%/(9!1#&%$!

+,-./&+&(.!(0+!(*!1(,'&.:!6(7$,+8!-%4(/+!-%1-8/!&/!%$//!%&'$%8!*(,!1(4$.!+#-.!*(,!

4$.9!+#&/!/+0)8!*&.)/!+#-+!%$//2$)03-+$)!1(4$.!-.)!4-,,&$)!1(4$.!$K6$,&$.3$!

4(,$!)&/-)7-.+-:$!+#-.!#&:#%8!$)03-+$)!-.)!/&.:%$!(.$/<!!

! N.!-))&+&(.9!)$/6&+$!6,(;%$4/!3(46-,&.:!3($**&3&$.+/!-3,(//!4()$%/9!+#$!

)&**$,$.3$/!;$+1$$.!,$/0%+/!(*!4()$%/!,0.!-+!)&**$,$.+!+,-./&+&(.!6(&.+/!)(!6$,4&+!

/(4$!:0-,)$)!3(.3%0/&(./e!!@+-+$2%$7$%!7-,&-;%$/!4-++$,!%$//!-+!#&:#$,!1-:$!

+#,$/#(%)/!-.)!&.)&7&)0-%2%$7$%!7-,&-;%$/9!(.!+#$!1#(%$9!4-++$,!4(,$<!!"#$!$**$3+/!(*!

$)03-+&(.!-.)!1(,'!$K6$,&$.3$!-,$!:,$-+$,!-+!#&:#$,!+#,$/#(%)/9!1#&%$!+#(/$!(*!

#-7&.:!3#&%),$.9!;$%(.:&.:!+(!-!0.&(.9!-.)!;$&.:!)&/-;%$)!-,$!%$//<!!b0,&(0/%89!;$&.:!

;%-3'!(,![&/6-.&3!&/!-//(3&-+$)!1&+#!:,$-+$,!)&/-)7-.+-:$!-+!+#,$$!+&4$/!+#$!6(7$,+8!

(39)

! UU!

"#&/!-.-%8/&/!&/!)$/&:.$)!+(!$/+&4-+$!-!6-,+&30%-,!/$+!(*!$**$3+/e!+#$!$**$3+/!(*!

/+-+$2%$7$%!0.$46%(84$.+!(.!%&'$%&#(()!(*!3,(//&.:!-!1-:$!+#,$/#(%)9!*(,!&.)&7&)0-%/!

(*!)&**$,$.+!$)03-+&(.-%!-3#&$7$4$.+!-.)!/$K<!!J0+!;$3-0/$9!+(!48!'.(1%$):$9!(+#$,!

6-6$,/!#-7$!.(+!3(46-,$)!+#$!%&'$%&#(()/!(*!3,(//&.:!)&**$,$.+!1-:$!+#,$/#(%)/9!+#&/!

-%/(!&/!$K6%(,-+(,8!-.-%8/&/<!!b(./$>0$.+%89!+#$,$!&/!4(,$!(*!-!*(30/!#$,$!(.!

&)$.+&*8&.:!$**$3+/!-.)!$**$3+!+,$.)/!+#-.!(.!*0%%8!$K6%-&.&.:!+#$!4$3#-.&/4/!;$#&.)!

+#$4<!!@(4$!+$.+-+&7$!$K6%-.-+&(./!-,$!(**$,$)!&.!+#&/!6-6$,9!;0+!4(,$!,$/$-,3#!

3%$-,%8!&/!.$$)$)<!!=))&+&(.-%!3(.+$K+0-%!7-,&-;%$/!/03#!-/!,$/&)$.+&-%!/$:,$:-+&(.9!

/+-+$!$)03-+&(.!6,(:,-4/9!(,!/+-+$!$3(.(4&3!6(%&38!3$,+-&.%8!1(0%)!;$!0/$*0%9!

-//04&.:!+#-+!+#$8!3(0%)!;$!4$-/0,$)!*,$>0$.+%8!$.(0:#!-.)!+#-+!+#$!0/$!(*!/+-+$!

*&K$)!$**$3+/!1(0%)!.(+!4-/'!+#$&,!/-%&$.3$<!!N.+,()03&.:!4$-/0,$/!(*!(3306-+&(.!-.)!

&.)0/+,8!/$$4/!-!4(,$!6,(4&/&.:!-66,(-3#9!/&.3$!&+!3(0%)!#$%6!$K6%-&.!1#89!-4(.:!

(+#$,!>0$/+&(./9!+#$!$**$3+!(*!0.$46%(84$.+!7-,&$/!;8!:$.)$,9!$)03-+&(.-%!/+-+0/9!

-.)!+#$!1-:$!+#,$/#(%)!-+!#-.)<!!P3306-+&(.-%!)-+-!-%/(!3(0%)!;$!0/$)!+(!&)$.+&*8!

+#,$/#(%)2/6$3&*&3!%-))$,/9!/&.3$!+#$!/'&%%/!(,!(3306-+&(.-%!$K6$,&$.3$!+#-+!4-'$!

&.)&7&)0-%/!4(,$!%&'$%8!+(!+,-./&+&(.!(0+!(*!1(,'&.:!6(7$,+8!4&:#+!.(+!;$!$**$3+&7$!-+!

#&:#$,!+#,$/#(%)/<!!!

! N.!-))&+&(.9!+#$!061-,)!+,-./&+&(./!&.!+#&/!-.-%8/&/!3(0%)!;$!)&/-::,$:-+$)!

&.+(!1&+#&.2O(;!-.)!;$+1$$.2O(;!+,-./&+&(./!(,9!6(//&;%89!1&+#&.2(3306-+&(.!-.)!

;$+1$$.2(3306-+&(.!(,!1&+#&.2*&,4!-.)!;$+1$$.2*&,4!+,-./&+&(./<!!J$3-0/$!+#$!

%&'$%&#(()!(*!-!1-:$!&.3,$-/$!-.)!+#$!4$3#-.&/4!0.)$,%8&.:!&+!4-8!;$!)&**$,$.+!*(,!

$-3#!(*!+#$/$!6(//&;&%&+&$/9!)&**$,$.+!*-3+(,/!4-8!;$!4(,$!(,!%$//!/-%&$.+!*(,!$-3#<!

(40)

! UX!

(3306-+&(./!+(!(.$/!,$>0&,&.:!/'&%%/!-3>0&,$)!&.!6,$7&(0/!(3306-+&(./!$K6$,&$.3$!

:,$-+$,!1-:$!&.3,$-/$/!+#-.!$&+#$,!+#(/$!1#(!,$4-&.!1&+#&.!+#$&,!(,&:&.-%!

(3306-+&(./!(,!+#(/$!1#(!/1&+3#!+(!0.,$%-+$)!(.$/<!!=66%8&.:!-!/&4&%-,!-66,(-3#!+(!

+#,$$!)&**$,$.+!1-:$!+#,$/#(%)/!4&:#+!/#$)!%&:#+!(.!+#$!7-%0$!(*!/1&+3#&.:!O(;/!-.)!

+#$!+,-./*$,-;&%&+8!(*!O(;!/'&%%/!-+!)&**$,$.+!6(&.+/!(.!+#$!1-:$!/6$3+,04<!!"#&/!

>0$/+&(.!&/!6-,+&30%-,%8!&46(,+-.+!:&7$.!+#$!$7&)$.3$!+#-+!1(4$.R/!-.)!;%-3'/R!

1-:$!)&/-)7-.+-:$!(330,/!4(,$!-+!+#$!6(&.+!(*!#&,$!+#-.!1&+#&.!O(;/<!

"#$!,$-%!+-'$-1-8/!-,$!+#-+!&.)&7&)0-%!3#-.3$/!(*!061-,)!+,-./&+&(.!-,$!

/0;/+-.+&-%%8!-**$3+$)!;8!$3(.(4&3!3(.+$K+!-.)!+#-+!;(+#!&.)&7&)0-%!-.)!3(.+$K+0-%!

*-3+(,/R!&.*%0$.3$/!06(.!+#(/$!3#-.3$/!-,$!)&**$,$.+!-+!#&:#$,!6(&.+/!(.!+#$!1-:$!

/6$3+,04<!!M/6$3&-%%8!/&.3$!1$!/$$4!+(!#-7$!$.+$,$)!-.!$K+$.)$)!$3(.(4&3!

)(1.383%$9!*0,+#$,!,$/$-,3#!&/!.$$)$)!+(!;$++$,!0.)$,/+-.)!#(1!+#&/!.$1!3%&4-+$!

4&:#+!-**$3+!+#$!3#-.3$/!(*!061-,)!4(;&%&+8!*(,!;(+#!%(1!-.)!4$)&0421-:$!

(41)

! UW! !

Figure

Updating...

References

Updating...

Related subjects :