ASTM A262 2015

(IWMKREXMSR % 7XERHEVH 4VEGXMGIW JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW 8LMW WXERHEVH MW MWWYIH YRHIV XLI Â\IH HIWMKREXMSR % XLI RYQFIV MQQIHMEXIP] JSPPS[MRK XLI HIWMKREXMSR MRHMGEXIW XLI ]IEV SJ SVMKMREP EHSTXMSR SV MR XLI GEWI SJ VIZMWMSR XLI ]IEV SJ PEWX VIZMWMSR % RYQFIV MR TEVIRXLIWIW MRHMGEXIW XLI ]IEV SJ PEWX VIETTVSZEP % WYTIVWGVMTX ITWMPSR MRHMGEXIW ER IHMXSVMEP GLERKI WMRGI XLI PEWX VIZMWMSR SV VIETTVSZEP 8LMW WXERHEVH LEW FIIR ETTVSZIH JSV YWI F] EKIRGMIW SJ XLI 97 (ITEVXQIRX SJ (IJIRWI 7GSTI 8LIWI TVEGXMGIW GSZIV XLI JSPPS[MRK ÂZI XIWXW 4VEGXMGI %{3\EPMG %GMH )XGL 8IWX JSV 'PEWWMÂGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI 4VEGXMGI &{*IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX JSV (I XIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI 4VEGXMGI '{2MXVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXM FMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI 4VEGXMGI ){'STTIV´'STTIV 7YPJEXI´7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW 7IGXMSRW XS MRGPYWMZI ERH 4VEGXMGI *{'STTIV´'STTIV 7YPJEXI´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¶EGGITXEFPI· 8LI IXGL XIWX MW ETTPMGEFPI SRP] XS XLSWI KVEHIW PMWXIH MR XLI MRHMZMHYEP LSX EGMH XIWXW ERH GPEWWMÂIW XLI WTIGMQIRW IMXLIV EW ¶EGGITXEFPI· SV EW ¶WYWTIGX· 8LI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX ERH XLI RMXVMG EGMH XIWX EVI FEWIH SR [IMKLX PSWW HIXIVQMREXMSRW ERH XLYW TVSZMHI E UYERXMXEXMZI QIEWYVI SJ XLI VIPEXMZI TIVJSVQERGI SJ WTIGMQIRW IZEPYEXIH -R GSRXVEWX XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX MW 8LIWI TVEGXMGIW EVI YRHIV XLI NYVMWHMGXMSR SJ %781 'SQQMXXII % SR 7XIIP 7XEMRPIWW 7XIIP ERH 6IPEXIH %PPS]W ERH EVI XLI HMVIGX VIWTSRWMFMPMX] SJ 7YFGSQQMXXII % SR 1IXLSHW SJ 'SVVSWMSR 8IWXMRK 'YVVIRX IHMXMSR ETTVSZIH 7ITX 4YFPMWLIH 7ITXIQFIV 3VMKMREPP] ETTVSZIH MR 0EWX TVIZMSYW IHMXMSR ETTVSZIH MR EW % ´ (3- % FEWIH SR ZMWYEP I\EQMREXMSR SJ FIRH WTIGMQIRW ERH XLIVIJSVI GPEWWMÂIW XLI WTIGMQIRW SRP] EW EGGITXEFPI SV RSREGGITXEFPI 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLIWI XIWXW MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LIWI XIWXW HS RSX TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WXVIWWGSVVSWMSR GVEGOMRK 238) µ7II %TTIRHM\ < JSV MRJSVQEXMSR VIKEVHMRK XIWX WIPIGXMSR 8LI ZEPYIW WXEXIH MR 7- YRMXW EVI XS FI VIKEVHIH EW WXERHEVH 8LI MRGLTSYRH IUYMZEPIRXW EVI MR TEVIRXLIWIW ERH QE] FI ETTVS\MQEXI 8LMW WXERHEVH HSIW RSX TYVTSVX XS EHHVIWW EPP SJ XLI WEJIX] GSRGIVRW MJ ER] EWWSGMEXIH [MXL MXW YWI -X MW XLI VIWTSRWMFMPMX] SJ XLI YWIV SJ XLMW WXERHEVH XS IWXEFPMWL ETTVS TVMEXI WEJIX] ERH LIEPXL TVEGXMGIW ERH HIXIVQMRI XLI ETTPMGE FMPMX] SJ VIKYPEXSV] PMQMXEXMSRW TVMSV XS YWI 7SQI WTIGMÂG LEÊVHW WXEXIQIRXW EVI KMZIR MR ERH 6IJIVIRGIH (SGYQIRXW %781 7XERHEVHW % 8IWX 1IXLSHW ERH (IÂRMXMSRW JSV 1IGLERMGEP 8IWXMRK SJ 7XIIP 4VSHYGXW %%1 4VEGXMGI JSV 'PIERMRK (IWGEPMRK ERH 4EWWM ZEXMSR SJ 7XEMRPIWW 7XIIP 4EVXW )UYMTQIRX ERH 7]WXIQW ( 7TIGMÂGEXMSR JSV 6IEKIRX ;EXIV ) +YMHI JSV 4VITEVEXMSR SJ 1IXEPPSKVETLMG 7TIGMQIRW %71) 'SHI %71) &SMPIV 4VIWWYVI :IWWIP 'SHI 7IGXMSR -< 6IEKIRX 'LIQMGEPW 7TIGMÂGEXMSRW ERH 4VSGIHYVIW *SV VIJIVIRGIH %781 WXERHEVHW ZMWMX XLI %781 [IFWMXI [[[EWXQSVK SV GSRXEGX %781 'YWXSQIV 7IVZMGI EX WIVZMGI$EWXQSVK *SV %RRYEP &SSO SJ %781 7XERHEVHW ZSPYQI MRJSVQEXMSR VIJIV XS XLI WXERHEVH¹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µ4EVX *IVVMXMG %YWXIRMXMG ERH *IVVMXMG%YWXIRMXMG (YTPI\ 7XEMRPIWW 7XIIPWµ 'SVVSWMSR 8IWX MR 1IHME 'SRXEMRMRK 7YPJYVMG %GMH 4YVMX] SJ 6IEKIRXW 4YVMX] SJ 6IEKIRXW{6IEKIRX KVEHI GLIQMGEPW WLEPP FI YWIH MR EPP XIWXW 9RPIWW SXLIV[MWI MRHMGEXIH MX MW MRXIRHIH XLEX EPP VIEKIRXW GSRJSVQ XS XLI WTIGMÂGEXMSRW SJ XLI 'SQQMXXII SR %REP]XMGEP 6IEKIRXW SJ XLI %QIVMGER 'LIQMGEP 7SGMIX] [LIVI WYGL WTIGMÂGEXMSRW EVI EZEMPEFPI 3XLIV KVEHIW QE] FI YWIH TVSZMHIH MX MW ÂVWX EWGIVXEMRIH XLEX XLI VIEKIRX MW SJ WYJJMGMIRXP] LMKL TYVMX] XS TIVQMX MXW YWI [MXLSYX PIWWIRMRK XLI EGGYVEG] SJ XLI XIWX VIWYPX 4YVMX] SJ ;EXIV{9RPIWW SXLIV[MWI MRHMGEXIH VIJIVIRGIW XS [EXIV WLEPP FI YRHIVWXSSH XS QIER VIEKIRX [EXIV EW HIÂRIH F] 8]TI -: SJ 7TIGMÂGEXMSR ( 46%'8-') %{3<%0-' %'-( )8', 8)78 *36 '0%77-*-'%8-32 3* )8', 7869'896)7 3* %978)2-8-' 78%-20)77 78))07 7GSTI 8LI 3\EPMG %GMH )XGL 8IWX MW YWIH JSV EGGITXERGI SJ [VSYKLX SV GEWX EYWXIRMXMG WXEMRPIWW WXIIP QEXIVMEP FYX RSX JSV VINIGXMSR SJ QEXIVMEP 9WI SJ % 4VEGXMGI % EW E WXERHEPSRI XIWX QE] VINIGX QEXIVMEP XLEX XLI ETTPMGEFPI LSX EGMH XIWX [SYPH ÂRH EGGITXEFPI WYGL YWI MW SYXWMHI XLI WGSTI SJ XLMW TVEGXMGI 8LMW XIWX MW MRXIRHIH XS FI YWIH MR GSRRIGXMSR [MXL SXLIV IZEPYEXMSR XIWXW HIWGVMFIH MR XLIWI TVEGXMGIW XS TVSZMHI E VETMH QIXLSH JSV MHIRXMJ]MRK UYEPMXEXMZIP] XLSWI WTIGMQIRW XLEX EVI GIVXEMR XS FI JVII SJ WYWGITXMFMPMX] XS VETMH MRXIVKVERYPEV EXXEGO MR XLIWI SXLIV XIWXW 7YGL WTIGMQIRW LEZI PS[ GSVVSWMSR VEXIW MR XLI ZEVMSYW LSX EGMH XIWXW [LMGL VIUYMVI JVSQ XS L SJ I\TSWYVI 8LIWI WTIGMQIRW EVI MHIRXMÂIH F] QIERW SJ XLIMV IXGL WXVYGXYVIW [LMGL EVI GPEWWMÂIH EGGSVHMRK XS XLI GVMXIVME KMZIR MR 7IGXMSR 8LI 3\EPMG %GMH )XGL 8IWX QE] FI YWIH XS WGVIIR WTIGMQIRW MRXIRHIH JSV XIWXMRK MR 4VEGXMGI &µ*IVVMG 7YPJEXI 7YPJYVMG %GMH 8IWX 4VEGXMGI 'µ2MXVMG %GMH 8IWX 4VEGXMGI )µ'STTIV'STTIV 7YPJEXI´ 7YPJYVMG %GMH 8IWX ERH 4VEG XMGI *µ'STTIV'STTIV 7YPJEXI´ 7YPJYVMG %GMH 8IWX )EGL SJ XLIWI SXLIV TVEGXMGIW GSRXEMRW E XEFPI WLS[MRK [LMGL GPEWWMÂGEXMSRW SJ IXGL WXVYGXYVIW SR E KMZIR WXEMRPIWW WXIIP KVEHI EVI IUYMZEPIRX XS EGGITXEFPI SV WYWTIGX TIVJSVQERGI MR XLEX TEVXMGYPEV XIWX 7TIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYGXYVIW RIIH RSX FI WYFNIGXIH XS XLI LSX EGMH XIWX 7TIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW QYWX FI XIWXIH MR XLI WTIGMÂIH LSX EGMH WSPYXMSR %ZEMPEFPI JVSQ -RXIVREXMSREP 3VKERMÊXMSR JSV 7XERHEVHMÊXMSR -73 GL HI PE :SMI'VIYWI '4 ', +IRIZE 7[MXÎ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ÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI SJ XLIWI GSRHMXMSRW &IGEYWI 4VEGXMGIW & ' ERH * MRZSPZI MQQIVWMRK XLI IRXMVI WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI XSXEP WTIGMQIR EVIE ERH FIGEYWI [IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR XLI TVIWIRGI SJ TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR GER EJJIGX XLI XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] HITIRHMRK SR XLI TVSTSV XMSRW SJ XLI EVIE EJJIGXIH -J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI % XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV´'STTIV 7YPJEXI´7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW WLSYPH FI GSRWMHIVIH 7YQQEV] SJ 4VEGXMGI % WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY EXIH MW TSPMWLIH XS E WTIGMÂIH ÂRMWL ERH SZIVIXGLIH YWMRK S\EPMG EGMH IPIGXVSP]XMGEPP] 8LI IXGLIH WTIGMQIR MW XLIR I\EQMRIH YWMRK E QIXEPPYVKMGEP QMGVSWGSTI 8LI IXGLIH WXVYG XYVI MW GSQTEVIH [MXL VIJIVIRGI TLSXSKVETLW XS HIXIVQMRI [LIXLIV XLI QEXIVMEP MW EGGITXEFPI SV WYWTIGX 7YWTIGX QEXIVMEP MW XLIR WYFNIGXIH XS XLI WTIGMÂIH LSX EGMH MQQIVWMSR XIWX 9WI SJ XLI IXGL XIWX EPPS[W VETMH EGGITXERGI SJ WTIGMÂG PSXW SJ QEXIVMEP [MXLSYX XLI RIIH XS TIVJSVQ XMQIGSRWYQMRK ERH GSWXP] LSX EGMH MQQIVWMSR XIWXW SR XLSWI PSXW %TTEVEXYW )XGLMRK 'IPP %R IXGLMRK GIPP QE] FI EWWIQFPIH YWMRK GSQTSRIRXW EW HIWGVMFIH MR XLMW WIGXMSR %PXIVREXMZIP] E GSQQIVGMEP IPIGXVSTSPMWLIVIXGLIV EW YWIH JSV QIXEPPSKVETLMG WEQTPI TVITEVEXMSR QE] FI YWIH JSV WQEPP WTIGMQIRW TVSZMHIH XLI GYVVIRX HIRWMX] VIUYMVIQIRX SJ MW QIX 7SYVGI SJ (MVIGX 'YVVIRX{&EXXIV] KIRIVEXSV SV VIG XMÂIV GETEFPI SJ WYTTP]MRK EFSYX : ERH % %QQIXIV{*SV HMVIGX GYVVIRX YWIH XS QIEWYVI XLI GYVVIRX SR XLI WTIGMQIR XS FI IXGLIH :EVMEFPI 6IWMWXERGI{9WIH XS GSRXVSP XLI GYVVIRX SR XLI WTIGMQIR XS FI IXGLIH 'EXLSHI{% WXEMRPIWW WXIIP GSRXEMRIV JSV I\EQTPI E 0 UX WXEMRPIWW WXIIP FIEOIV %PXIVREXI 'EXLSHI{% TMIGI SJ ÃEX WXEMRPIWW WXIIP EX PIEWX EW PEVKI EW XLI WTIGMQIR WYVJEGI )PIGXVMGEP 'PEQT{8S LSPH XLI WTIGMQIR XS FI IXGLIH ERH XS GSQTPIXI XLI IPIGXVMGEP GMVGYMX FIX[IIR XLI WTIGMQIR ERH XLI TS[IV WSYVGI WYGL XLEX XLI WTIGMQIR MW XLI ERSHI SJ XLI GIPP 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 8LI TS[IV WSYVGI VIWMWXSV ERH EQQIXIV QYWX FI WMÎH ETTVSTVMEXIP] JSV TVSZMHMRK ERH GSRXVSPPMRK XLI GYVVIRX EW WTIGMÂIH MR SJ XLMW TVEGXMGI %W HIWGVMFIH XLI IPIGXVSP]XI GSRXEMRIV MW XLI GEXLSHI MX QE] FI E WXEMRPIWW WXIIP FIEOIV SV JEFVMGEXIH JVSQ WXEMRPIWW WXIIP WYGL EW F] [IPHMRK E WIGXMSR SJ XYFI SV TMTI XS E ÃEX TPEXI SV WLIIX %PXIVREXMZIP] XLI IPIGXVSP]XI GSRXEMRIV QE] FI KPEWW SV SXLIV RSRGSRHYGXMRK GSVVSWMSR VIWMWXMRK QEXIVMEP MR PMIY SJ E WXEMRPIWW WXIIP GSRXEMRIV ERH XLI GEXLSHI QE] FI E ÃEX TPEXI SV WLIIX SJ E GSVVSWMSR VIWMWXMRK EPPS] -R XLMW PEXXIV GEWI XLI ÃEX WYVJEGI SJ XLI GEXLSHI QYWX FI EX PIEWX EW PEVKI EW JEGMRK ERH ETTVS\MQEXIP] GIRXIVIH SR XLI TVITEVIH WYVJEGI SJ XLI WTIGM QIR 3XLIV GSRÂKYVEXMSRW SJ XLI IPIGXVSHIW QMKLX RSX TVSZMHI YRMJSVQ IXGLMRK SZIV XLI WTIGMQIR WYVJEGI -R ER] GEWI XLI WMÎ ERH WLETI SJ XLI WTIGMQIR HMGXEXI XLI WMÎ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{*SV I\EQMREXMSR SJ IXGLIH QMGVSWXVYGXYVIW EX XS HMEQIXIVW %ZSMH MQQIVWMRK XLI GPEQT LSPHMRK XLI WTIGMQIR MR XLI IXGLMRK WSPYXMSR 6IEKIRXW ERH 1EXIVMEPW )XGLMRK 7SPYXMSR {(MWWSPZI K SJ VIEKIRX KVEHI S\EPMG EGMH GV]WXEPW , ' 3 Å, 3 MR Q0 SJ VIEKIRX [EXIV 7XMV YRXMP EPP GV]WXEPW EVI HMWWSPZIH %PXIVREXI )XGLMRK 7SPYXMSR 7II {(MWWSPZI K SJ VIEKIRX KVEHI EQQSRMYQ TIVWYPJEXI 2, 7 3 MR Q0 SJ VIEKIRX [EXIV 7XMV YRXMP HMWWSPZIH 7EQTPMRK ERH 8IWX 7TIGMQIRW 8LI WTIGMÂIH LSX EGMH XIWX TVSZMHIW MRWXVYGXMSRW JSV WEQTPMRK ERH JSV WTIGMQIR TVITEVEXMSR WYGL EW E WIRWMXMÊXMSR LIEX XVIEXQIRX %HHMXMSREP MRWXVYGXMSRW WTIGMÂG XS 4VEGXMGI % JSPPS[ 8LI TVIJIVVIH WTIGMQIR MW E GVSWWWIGXMSR MRGPYHMRK XLI TVSHYGX WYVJEGI XS FI I\TSWIH MR WIVZMGI 3RP] WYGL ÂRMWLMRK SJ XLI TVSHYGX WYVJEGI WLSYPH FI TIVJSVQIH EW MW VIUYMVIH XS VIQSZI JSVIMKR QEXIVMEP ;LIRIZIV TVEGXMGEP YWI E GVSWWWIGXMSREP EVIE SJ GQ SV QSVI -J ER] GVSWWWIGXMSREP HMQIRWMSR MW PIWW XLER GQ XLIR XLI SXLIV HMQIRWMSR SJ XLI GVSWWWIGXMSR WLSYPH FI E QMRMQYQ SJ GQ ;LIR FSXL HMQIRWMSRW SJ XLI TVSHYGX EVI PIWW XLER GQ YWI E JYPP GVSWW WIGXMSR 4SPMWLMRK{3R EPP X]TIW SJ QEXIVMEPW TSPMWL GVSWW WIG XMSREP WYVJEGIW XLVSYKL '%1-%27- ?*)4%-73 4A MR EGGSVHERGI [MXL +YMHI ) TVMSV XS IXGLMRK ERH I\EQMREXMSR 2SX EPP WGVEXGLIW RIIH XS FI VIQSZIH 4VSGIHYVI ;EVRMRK{)XGLMRK WLSYPH FI GEVVMIH SYX YRHIV E ZIRXMPEXIH LSSH +EW [LMGL MW VETMHP] IZSPZIH EX XLI IPIGXVSHIW [MXL WSQI IRXVEMRQIRX SJ S\EPMG EGMH MW TSMWSRSYW ERH MVVMXEXMRK XS QYGSYW QIQFVERIW )XGL XLI TSPMWLIH WTIGMQIR EX %GQ JSV QMR 8S SFXEMR XLI GSVVIGX WTIGMÂIH GYVVIRX HIRWMX] 1IEWYVI XLI XSXEP MQQIVWIH EVIE SJ XLI WTIGMQIR XS FI IXGLIH MR WUYEVI GIRXMQIXVIW 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 %HNYWX XLI ZEVMEFPI VIWMWXERGI YRXMP XLI EQQIXIV VIEHMRK MR EQTIVIW MW IUYEP XS XLI XSXEP MQQIVWIH EVIE SJ XLI WTIGMQIR MR WUYEVI GIRXMQIXVIW % ]IPPS[KVIIR ÂPQ MW KVEHYEPP] JSVQIH SR XLI GEXL SHI 8LMW MRGVIEWIW XLI VIWMWXERGI SJ XLI IXGLMRK GIPP ;LIR XLMW SGGYVW VIQSZI XLI ÂPQ F] VMRWMRK XLI MRWMHI SJ XLI WXEMRPIWW WXIIP FIEOIV SV XLI WXIIP YWIH EW XLI GEXLSHI [MXL ER EGMH WYGL EW ,23 6MRWMRK{*SPPS[MRK IXGLMRK VMRWI XLI WTIGMQIR XLSV SYKLP] MR LSX [EXIV ERH XLIR MR EGIXSRI SV EPGSLSP XS EZSMH GV]WXEPPMÊXMSR SJ S\EPMG EGMH SR XLI IXGLIH WYVJEGI HYVMRK HV]MRK -X QE] FI HMJJMGYPX XS VIZIEP XLI TVIWIRGI SJ WXIT WXVYGXYVIW SR WSQI WTIGMQIRW GSRXEMRMRK QSP]FHIRYQ %-7 0 0 [LMGL EVI JVII SJ GLVSQMYQ GEVFMHI WIRWMXMÊXMSR F] IPIGXVSP]XMG IXGLMRK [MXL S\EPMG EGMH -R WYGL GEWIW ER EPXIVREXI IPIGXVSP]XI SJ EQQSRMYQ TIVWYPJEXI QE] FI YWIH MR TPEGI SJ S\EPMG EGMH 7II %R IXGL JSV SV QMR EX %GQ MR E WSPYXMSR EX VSSQ XIQTIVEXYVI VIEHMP] HIZIPSTW WXIT WXVYGXYVIW SR WYGL WTIGMQIRW )\EQMRI XLI IXGLIH WYVJEGI SR E QIXEPPYVKMGEP QMGVS WGSTI EX » XS » JSV [VSYKLX WXIIPW ERH EX EFSYX » JSV GEWX WXIIPW )\EQMRI XLI IXGLIH GVSWWWIGXMSREP EVIEW XLSVSYKLP] F] GSQTPIXI XVEZIVWI JVSQ MRWMHI XS SYXWMHI HMEQIXIVW SJ VSHW ERH XYFIW JVSQ JEGI XS JEGI SR TPEXIW 1MGVSWGSTMGEP I\EQMREXMSR SJ E WTIGMQIR WLEPP FI QEHI SR QIXEP YREJJIGXIH F] GSPH[SVOMRK GEVFYVMÊXMSR [IPHMRK ERH XLI PMOI -J ER] SJ XLIWI GSRHMXMSRW EVI JSYRH RSXI XLIMV TVIWIRGI MR XLI VITSVX 'PEWWMJ] XLI IXGL WXVYGXYVIW MRXS XLI JSPPS[MRK X]TIW 2SXI 7XIT 7XVYGXYVI *MK {7XITW SRP] FIX[IIR KVEMRW RS HMXGLIW EX KVEMR FSYRHEVMIW (YEP 7XVYGXYVI *MK µ7SQI HMXGLIW EX KVEMR FSYRHEVMIW MR EHHMXMSR XS WXITW FYX RS WMRKPI KVEMR GSQTPIXIP] WYVVSYRHIH F] HMXGLIW (MXGL 7XVYGXYVI *MK {3RI SV QSVI KVEMRW GSQ TPIXIP] WYVVSYRHIH F] HMXGLIW -WSPEXIH *IVVMXI *MK {3FWIVZIH MR GEWXMRKW ERH [IPHW 7XITW FIX[IIR EYWXIRMXI QEXVM\ ERH JIVVMXI TSSPW -RXIVHIRHVMXMG (MXGLIW *MK {3FWIVZIH MR GEWXMRKW ERH [IPHW (IIT MRXIVGSRRIGXIH HMXGLIW 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 *-+ 7XIT 7XVYGXYVI » 7XITW &IX[IIR +VEMRW 2S (MXGLIW EX +VEMR &SYRHEVMIW *-+ (YEP 7XVYGXYVI » 7SQI (MXGLIW EX +VEMR &SYRHEVMIW MR %HHMXMSR XS 7XITW FYX 2S 3RI +VEMR 'SQTPIXIP] 7YVVSYRHIH )RH+VEMR 4MXXMRK - *MK {7XVYGXYVI GSRXEMRW E JI[ HIIT IRHKVEMR TMXW EPSRK [MXL WSQI WLEPPS[ IXGL TMXW EX » 3J MQTSVXERGI SRP] [LIR XLI RMXVMG EGMH XIWX MW YWIH )RH+VEMR 4MXXMRK -- *MK {7XVYGXYVI GSRXEMRW RYQIVSYW HIIT IRHKVEMR TMXW EX » 3J MQTSVXERGI SRP] [LIR RMXVMG EGMH XIWX MW YWIH 238) µ%PP TLSXSQMGVSKVETLW [IVI QEHI [MXL WTIGMQIRW XLEX [IVI IXGLIH YRHIV WXERHEVH GSRHMXMSRW S\EPMG EGMH VSSQ XIQTIVEXYVI QMR EX %GQ 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 *-+ (MXGL 7XVYGXYVI » 3RI SV 1SVI +VEMRW 'SQTPIXIP] 7YVVSYRHIH F] (MXGLIW *-+ -WSPEXIH *IVVMXI 4SSPW » 3FWIVZIH MR 'EWXMRKW ERH ;IPHW 7XITW &IX[IIR %YWXIRMXI 1EXVM\ ERH *IVVMXI 4SSPW 8LI IZEPYEXMSR SJ IXGL WXVYGXYVIW GSRXEMRMRK SRP] WXITW ERH SJ XLSWI WLS[MRK KVEMRW GSQTPIXIP] WYVVSYRHIH F] HMXGLIW MR IZIV] Â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» 3FWIVZIH MR 'EWXMRKW ERH ;IPHW (IIT -RXIVGSRRIGXIH (MXGLIW 238) µ8LMW SV E KVIEXIV GSRGIRXVEXMSR SJ IRH KVEMR TMXW EX » YWMRK WXERHEVH IXGLMRK GSRHMXMSRW MRHMGEXIW XLEX XLI WTIGMQIR QYWX FI XIWXIH [LIR WGVIIRMRK MW JSV RMXVMG EGMH XIWX *-+ )RH +VEMR 4MXXMRK -- » WXVYGXYVIW WTIGMQIRW LEZMRK EW QYGL SV QSVI IRH KVEMR TMXXMRK XLER XLEX WLS[R MR *MK GERRSX FI WEJIP] EWWYQIH XS LEZI PS[ RMXVMG EGMH VEXIW ERH WLSYPH FI WYFNIGXIH XS XLI RMXVMG EGMH XIWX [LIRIZIV MX MW WTIGMÂIH 7YGL WLEVT HIIT TMXW WLSYPH RSX FI GSRJYWIH [MXL XLI WLEPPS[ TMXW WLS[R MR *MKW ERH 8LI YWI SJ XLIWI GPEWWMÂGEXMSRW HITIRHW SR XLI LSX EGMH GSVVSWMSR XIWX JSV [LMGL WXEMRPIWW WXIIP WTIGMQIRW EVI FIMRK WGVIIRIH F] IXGLMRK MR S\EPMG EGMH ERH MW HIWGVMFIH MR IEGL SJ XLI TVEGXMGIW 4VIGMWMSR ERH &MEW 4VIGMWMSR ERH &MEW{2S MRJSVQEXMSR MW TVIWIRXIH EFSYX IMXLIV XLI TVIGMWMSR SV FMEW SJ 4VEGXMGI %µ3\EPMG %GMH )XGL 8IWX JSV GPEWWMÂGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW WMRGI XLI XIWX VIWYPX MW RSRUYERXMXEXMZI 238) µ8S HMJJIVIRXMEXI FIX[IIR XLI X]TIW SJ TMXW YWI E QEKRMÂGEXMSR SJ » ERH JSGYW MR XLI TPERI SJ IXGLIH WYVJEGI 8LI TMXW [LMGL RS[ ETTIEV GSQTPIXIP] FPEGO EVI IRH KVEMR TMXW *-+ )RH +VEMR 4MXXMRK - » % *I[ (IIT )RH +VEMR 4MXW 7II MR *MKYVI ERH 7LEPPS[ )XGL 4MXW EVI IRXMVIP] EFWIRX ,S[IZIV ER] WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO MW VIEHMP] HIXIGXIH F] TVSRSYRGIH HMXGLIW 7SQI [VSYKLX WTIGMQIRW IWTIGMEPP] JVSQ FEV WXSGO QE] GSRXEMR E VERHSQ TEXXIVR SJ TMXW -J XLIWI TMXW EVI WLEVT ERH WS HIIT XLEX XLI] ETTIEV FPEGO *MK MX MW TSWWMFPI XLEX XLI WTIGMQIR QE] FI WYWGITXMFPI XS IRH KVEMR EXXEGO MR RMXVMG EGMH SRP] 8LIVIJSVI IZIR XLSYKL XLI KVEMR FSYRHEVMIW EPP LEZI WXIT 46%'8-') &{*)66-' 790*%8)z790*96-' %'-( 8)78 *36 ()8)'8-2+ 797')48-&-0-8= 83 -28)6+6%290%6 %88%'/ -2 %978)2-8-' 78%-20)77 78))07 7GSTI 8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI JSV GSRHYGXMRK XLI FSMPMRK L JIVVMG WYPJEXI´ WYPJYVMG EGMH XIWX [LMGL QIEWYVIW XLI WYWGITXMFMPMX] SJ EYWXIRMXMG WXEMRPIWW WXIIPW XS MRXIVKVERYPEV EXXEGO 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLMW XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LI XIWX HSIW RSX TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR DDDDDDDDDDDDDDDDDDD 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WXVIWWGSVVSWMSR GVEGOMRK -KRSVI ¶TVSGIWWEJJIGXIH·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ÂIH XMQI 8LI VIWYPXMRK QEWW PSWW MW GSRZIVXIH XS E GSVVSWMSR VEXI [LMGL MW GSQTEVIH XS E WTIGMÂIH QE\MQYQ ZEPYI XS HIXIVQMRI [LIXLIV XLI QEXIVMEP LEW XLI VIWMWXERGI XS EXXEGO I\TIGXIH SJ XLI KVEHI SJ QEXIVMEP FIMRK XIWXIH %TTEVEXYW 8LI ETTEVEXYW MW MPPYWXVEXIH MR *MK 238) µ3XLIV KVSYRH KPEWW NSMRXW WYGL EW XLI NSMRX QE] EPWS FI YWIH 8LI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX HIXIGXW WYWGITXMFMP MX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL GLVSQMYQ GEVFMHI TVIGMTMXEXI MR YRWXEFMPMÎH EYWXIRMXMG WXEMRPIWW WXIIPW ERH XS MRXIVKVERYPEV EXXEGO 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6ETMH 7GVIIRMRK 8IWX &IJSVI XIWXMRK MR XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIPW WII 8EFPI QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL TVSGIHYVIW KMZIR MR 4VEGXMGI % 3\EPMG %GMH )XGL 8IWX JSV 'PEWWMÂGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 4VITEVEXMSR IXGLMRK ERH XLI GPEWWMÂGEXMSR SJ IXGL WXVYGXYVIW EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGL WXVYGXYVI IZEPYEXMSRW MR GSRRIGXMSR [MXL XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX MW WTIGMÂIH MR 8EFPI ,IEX XVIEX XLI QEXIVMEP MR EGGSVHERGI [MXL TVMSV XS TIVJSVQMRK XLI IXGL XIWX %GMH )XGL 8IWX [MXL *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX +VEHI 0 0 0 '* '* '*1 '*1 %GGITXEFPI )XGL 7XVYGXYVIW 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP IRH KVEMR - -IRH KVEMR - -IRH KVEMR - -IRH KVEMR - -IRH KVEMR - -IRH KVEMR - -MWSPEXIH JIVVMXI TSSPW MWSPEXIH JIVVMXI TSSPW MWSPEXIH JIVVMXI TSSPW MWSPEXIH JIVVMXI TSSPW 7YWTIGX )XGL 7XVYGXYVIW (MXGL (MXGL 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WSPYXMSR EVSYRH XLI WTIGMQIR 238) µ3XLIV IUYMZEPIRX QIERW SJ WTIGMQIR WYTTSVX WYGL EW KPEWW LSSOW SV WXMVVYTW QE] EPWS FI YWIH &SMPMRK 'LMTW{9WIH XS TVIZIRX FYQTMRK ,MKL :EGYYQ 7MPMGSRI +VIEWI{*SV XLI KVSYRH KPEWW NSMRX ,SX TPEXI GETEFPI SJ TVSZMHMRK LIEX JSV GSRXMRYSYW FSMPMRK SJ XLI WSPYXMSR %R EREP]XMGEP FEPERGI GETEFPI SJ [IMKLMRK XS XLI RIEVIWX K 238) µ(YVMRK XIWXMRK XLIVI MW WSQI HITSWMXMSR SJ MVSR S\MHIW SR XLI YTTIV TEVX SJ XLI )VPIRQI]IV ÃEWO 8LMW GER FI VIEHMP] VIQSZIH EJXIV XIWX GSQTPIXMSR F] FSMPMRK E WSPYXMSR SJ L]HVSGLPSVMG EGMH MR XLI ÃEWO (IWMGGEXSV{*SV WXSVEKI SJ TVITEVIH WTIGMQIRW TVMSV XS XIWXMRK 6IEKIRXW ERH 1EXIVMEPW *IVVMG 7YPJEXI ,]HVEXI *I 73 Å\, 3 EFSYX F] QEWW *I 73 *IVVMG WYPJEXI MW E WTIGMÂG EHHMXMZI XLEX IWXEFPMWLIW ERH GSRXVSPW XLI GSVVSWMSR TSXIRXMEP 7YFWXMXYXMSRW EVI RSX TIVQMXXIH 7YPJYVMG %GMH , 73 XS F] QEWW *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX 7SPYXMSR 4VITEVI Q0 SJ XS WSPYXMSR EW JSPPS[W ;EVRMRK{4VSXIGX XLI I]IW ERH YWI VYFFIV KPSZIW JSV LERHPMRK EGMH 4PEGI XLI XIWX ÃEWO YRHIV E LSSH *MVWX QIEWYVI Q0 SJ 8]TI -: VIEKIRX [EXIV ERH TSYV MRXS XLI )VPIRQI]IV ÃEWO 8LIR QIEWYVI Q0 SJ VIEKIRXKVEHI WYPJYVMG EGMH %HH XLI EGMH WPS[P] ERH [MXL GSRWXERX WXMVVMRK XS XLI [EXIV MR XLI )VPIRQI]IV ÃEWO XS EZSMH FSMPMRK F] XLI LIEX IZSPZIH 238) µ0SWW SJ ZETSV VIWYPXW MR GSRGIRXVEXMSR SJ XLI EGMH ;IMKL K SJ VIEKIRXKVEHI JIVVMG WYPJEXI XS XLI RIEVIWX K ERH EHH XS XLI WYPJYVMG EGMH WSPYXMSR (VST FSMPMRK GLMTW MRXS XLI ÃEWO 0YFVMGEXI KVSYRH KPEWW NSMRX [MXL WMPMGSRI KVIEWI 'SZIV ÃEWO [MXL GSRHIRWIV ERH GMVGYPEXI GSSPMRK [EXIV &SMP XLI WSPYXMSR YRXMP EPP JIVVMG WYPJEXI MW HMWWSPZIH WII 2SXI ;EVRMRK{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ÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI SJ XLIWI GSRHMXMSRW 8LI 4VEGXMGI & XIWX MRZSPZIW MQQIVWMRK XLI IRXMVI WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI IRXMVI WYVJEGI SJ XLI WTIGMQIR ;IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR 8LI QEWW PSWW VEXI JVSQ TVSGIWWEJJIGXIH QIXEP MW I\TIGXIH XS HMJJIV JVSQ XLEX JVSQ FEWI QIXEP XLI TVIWIRGI SJ TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR [MPP EJJIGX XLI GEPGYPEXIH XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] -J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI % XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV´'STTIV 7YPJEXI´ 7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW WLSYPH FI GSRWMHIVIH (IXEMPW SJ XLI XIWX ERH EGGITXERGI GVMXIVME WLEPP FI EW EKVIIH F] XLI TYVGLEWIV ERH TVSHYGIV 9RPIWW SXLIV[MWI WTIGMÂIH F] XLI TYVGLEWIV XLI TVS GIHYVIW JSV SFXEMRMRK VITVIWIRXEXMZI FEWI QIXEP WEQTPIW JSV VIQSZMRK XLI WTIGMQIRW JVSQ XLI WEQTPIW ERH XLI RYQFIV SJ WTIGMQIRW WLEPP FI EX XLI HMWGVIXMSR SJ XLI TVSHYGIV 4VITEVEXMSR SJ 8IWX 7TIGMQIRW ,IEX XVIEX I\XVEPS[ GEVFSR ERH WXEFMPMÎH KVEHIW EX XS ' XS * [LMGL MW XLI VERKI SJ QE\MQYQ GEVFMHI TVIGMTMXEXMSR TVMSV XS XIWXMRK 8LI PIRKXL SJ XMQI SJ LIEXMRK ERH XLI QIXLSH SJ WYFWIUYIRX GSSPMRK YWIH JSV XLMW WIRWMXM^MRK XVIEXQIRX XSKIXLIV [MXL XLI GSVVIWTSRHMRK QE\MQYQ TIVQMWWMFPI GSVVSWMSR VEXI WLEPP FI EW EKVIIH FI X[IIR XLI QEXIVMEP TVSHYGIV ERH TYVGLEWIV 238) µ8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW L EX ' * 4VITEVI XLI WTIGMQIRW IEGL LEZMRK E XSXEP WYVJEGI EVIE SJ XS GQ ;LIVI JIEWMFPI JSV XLI TVSHYGX JSVQ KVMRH EPP XLI WTIGMQIR WYVJEGIW YWMRK '%1-%27- ?*)4%-73 4A TETIVFEGOIH [IX SV HV] GPSWIH GSEXIH EFVEWMZI TETIV [MXL [EXIV EW E GSSPERX -J EFVEWMZI TETIV MW YWIH HV] TSPMWL WPS[P] XS EZSMH SZIVLIEXMRK (S RSX YWI EFVEWMZIW [MXL KVMRHMRK EMHW WSQI KVMRHMRK EMHW GSRXEMR Ã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µ'SRZIVWMSR JEGXSVW XS SXLIV GSQQSRP] YWIH YRMXW JSV GSVVS WMSR VEXIW EVI EW JSPPS[W 1MPPMQIXVIW TIV QSRXL » ! MRGLIW TIV QSRXL 1MPPMQIXVIW TIV QSRXL » ! MRGLIW TIV ]IEV 1MPPMQIXVIW TIV QSRXL » ! QMPPMQIXVIW TIV ]IEV 1MPPMQIXVIW TIV QSRXL » ! QMPW TIV ]IEV 1MPPMQIXVIW TIV QSRXL » » HIRWMX] ! QMPPMKVEQW TIV WUYEVI HIGMQIXVI TIV HE] 1MPPMQIXVIW TIV QSRXL » » HIRWMX] ! KVEQW TIV WUYEVI QIXVI TIV LSYV 4VSGIHYVI -J XLI XIWX WSPYXMSR MW RSX EPVIEH] FSMPMRK FVMRK MX XS FSMPMRK /IIT XLI ÃEWO GSZIVIH [MXL XLI GSRHIRWIV [MXL GSSPMRK [EXIV ÃS[MRK I\GITX [LIR MRWIVXMRK SV VIQSZMRK WTIGMQIRW 7II 2SXI 8YVR SJJ XLI LIEX WSYVGI ERH EPPS[ XLI FSMPMRK XS WYFWMHI 4VIGMWMSR ERH &MEW 4PEGI WTIGMQIRW MR KPEWW GVEHPIW 4VIGMWMSR{8LI TVIGMWMSR SJ 4VEGXMGI & MW FIMRK HIXIV QMRIH 9RGSZIV XLI ÃEWO &MEW{8LMW TVEGXMGI LEW RS FMEW FIGEYWI XLI VIWMWXERGI XS MRXIVKVERYPEV GSVVSWMSR MW HIÂRIH SRP] MR XIVQW SJ XLMW TVEGXMGI -RWIVX XLI WTIGMQIRW 6ITPEGI XLI GSRHIRWIV MQQIHMEXIP] VIWXSVI GSSPMRK [EXIV ÃS[ ERH XYVR SR XLI LIEX WSYVGI 46%'8-') '{2-86-' %'-( 8)78 *36 ()8)'8-2+ 797')48-&-0-8= 83 -28)6+6%290%6 %88%'/ -2 %978)2-8-' 78%-20)77 78))07 1EVO XLI PMUYMH PIZIP SR XLI ÃEWO XS TVSZMHI E GLIGO SR ZETSV PSWW [LMGL [SYPH VIWYPX MR GSRGIRXVEXMSR SJ XLI EGMH -J XLIVI MW ER ETTVIGMEFPI GLERKI MR XLI PIZIP VITIEX XLI XIWX [MXL JVIWL WSPYXMSR ERH VIKVSYRH ERH VI[IMKLIH WTIGMQIRW 7GSTI 'SRXMRYI XLI MQQIVWMSR SJ XLI WTIGMQIRW JSV E XSXEP SJ L Â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ÃEWO I\GIIHW K QSVI JIVVMG WYPJEXI QYWX FI EHHIH (YVMRK XLI XIWX JIVVMG WYPJEXI MW GSRWYQIH EX E VEXI SJ K JSV IEGL K SJ HMWWSPZIH WXEMRPIWW WXIIP % WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY EXIH MW MQQIVWIH MR E FSMPMRK WSPYXMSR SJ RMXVMG EGMH JSV E WTIGMÂIH XMQI 8LI VIWYPXMRK QEWW PSWW MW GSRZIVXIH XS E GSVVSWMSR VEXI [LMGL MW GSQTEVIH XS E WTIGMÂIH QE\MQYQ ZEPYI XS HIXIVQMRI [LIXLIV XLI QEXIVMEP LEW XLI VIWMWXERGI XS EXXEGO I\TIGXIH SJ XLI KVEHI SJ QEXIVMEP FIMRK XIWXIH 7IZIVEP WTIGMQIRW QE] FI XIWXIH WMQYPXERISYWP] 8LI RYQFIV SV MW PMQMXIH SRP] F] XLI RYQFIV SJ KPEWW GVEHPIW XLEX GER FI ÂXXIH MRXS XLI Ã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µ,MKLIV GSVVSWMSR TSXIRXMEP MRHMGEXIW QSVI WIZIVIP] S\MHM^MRK GSRHMXMSRW 8LI LMKL GSVVSWMSR TSXIRXMEP SJ XLI RMXVMG EGMH XIWX WYKKIWXW XLEX MX WLSYPH FI MRZSOIH SRP] [LIR XLI QEXIVMEP MW HIWXMRIH JSV RMXVMG EGMH WIVZMGI [LIVI X ! XMQI SJ I\TSWYVI L % ! EVIE GQ ; ! [IMKLX PSWW K ERH H ! 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7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW WLEPP FI XIWXIH MR XLI RMXVMG EGMH XIWX KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL TVSGIHYVIW KMZIR MR 4VEGXMGI % 3\EPMG %GMH )XGL 8IWX JSV 'PEWWMÂGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 8LI YWI SJ XLI IXGL WXVYGXYVI IZEPYEXMSRW MR GSRRIGXMSR [MXL XLI RMXVMG EGMH XIWX MW WTIGMÂIH MR 8EFPI ,IEX XVIEX XLI QEXIVMEP MR EGGSVHERGI [MXL TVMSV XS TIVJSVQMRK XLI IXGL XIWX -KRSVI ¶TVSGIWWEJJIGXIH· EVIEW MJ ER] WII 7IGXMSR ETTPMGEXMSR SJ XLI RMXVMG EGMH XIWX XS TVSGIWWEJJIGXIH EVIEW MW GYVVIRXP] SYXWMHI XLI WGSTI SJ 4VEGXMGI ' 'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYG XYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII SJ MRXIVKVERYPEV EXXEGO MR XLI RMXVMG EGMH XIWX WYGL WTIGMQIRW EVI EGGITXEFPI [MXLSYX XIWXMRK MR XLI RMXVMG EGMH XIWX %PP WTIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW WLEPP FI XIWXIH MR XLI RMXVMG EGMH XIWX %TTEVEXYW 'SRXEMRIV{% 0 )VPIRQI]IV ÃEWO IUYMTTIH [MXL E GSPH ÂRKIVX]TI GSRHIRWIV EW MPPYWXVEXIH MR *MK 7TIGMQIR 7YTTSVXW{+PEWW LSSOW WXMVVYTW SV GVEHPIW JSV WYTTSVXMRK XLI WTIGMQIRW MR XLI ÃEWO JYPP] MQQIVWIH EX EPP XMQIW HYVMRK XLI XIWX ERH WS HIWMKRIH XLEX WTIGMQIRW XIWXIH MR XLI WEQI GSRXEMRIV HS RSX GSQI MR GSRXEGX [MXL IEGL SXLIV ,IEXIV{% QIERW JSV LIEXMRK XLI XIWX WSPYXMSRW ERH SJ OIITMRK XLIQ FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH %R IPIGXVMGEPP] LIEXIH LSX TPEXI MW WEXMWJEGXSV] JSV XLMW TYVTSWI &EPERGI{%R EREP]XMGEP FEPERGI GETEFPI SJ [IMKLMRK XS EX PIEWX XLI RIEVIWX K (IWMGGEXSV{*SV WXSVEKI SJ TVITEVIH WTIGMQIRW TVMSV XS XIWXMRK 2MXVMG %GMH 8IWX 7SPYXMSR 8LI XIWX WSPYXMSR WLEPP FI [IMKLX EGMH HIXIVQMRIH F] EREP]WMW EW RMXVMG 4VITEVI XLMW WSPYXMSR F] EHHMRK VIEKIRX KVEHI RMXVMG EGMH ,23 8EFPI XS VIEKIRX [EXIV EX XLI VEXI SJ Q0 SJ VIEKIRX [EXIV TIV PMXVI SJ VIEKIRX RMXVMG EGMH ;EVRMRK{4VSXIGX XLI I]IW ERH YWI VYFFIV KPSZIW JSV LERHPMRK EGMH 4PEGI XLI XIWX ÃEWO YRHIV E LSSH 8LI RMXVMG EGMH YWIH WLEPP GSRJSVQ XS XLI %QIVMGER 'LIQMGEP 7SGMIX] 7TIGMÂGEXMSRW JSV 6IEKIRX 'LIQMGEPW ERH XLI EHHMXMSREP VIUYMVIQIRXW SJ XLMW XIWX QIXLSH EW WLS[R MR 8EFPI 7EQTPMRK 3FXEMR ERH TVITEVI SRP] FEWI QIXEP WEQTPIW 8LIVI EVI X[S GPEWWIW SJ WTIGMQIRW XS FI GSRWMHIVIH FEWI QIXEP ERH TVSGIWWEJJIGXIH QIXEP 4VSGIWWEJJIGXIH QIXEP GSRXEMRW ER] GSRHMXMSR XLEX EJJIGXW XLI GSVVSWMSR TVSTIVXMIW SJ XLI QEXIVMEP MR E RSRYRMJSVQ [E] WYGL EW FYX RSX PMQMXIH XS [IPHW GEVFYVMÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI SJ XLIWI GSRHMXMSRW 8LI 4VEGXMGI ' XIWX MRZSPZIW MQQIVWMRK XLI IRXMVI WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI IRXMVI WYVJEGI SJ XLI WTIGMQIR ;IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR 8LI QEWW PSWW VEXI JVSQ TVSGIWWEJJIGXIH QIXEP MW I\TIGXIH XS HMJJIV JVSQ XLEX JVSQ FEWI QIXEP XLI TVIWIRGI SJ TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR [MPP EJJIGX XLI GEPGYPEXIH XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] -J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI % XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV´'STTIV 7YPJEXI´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ÂIH F] XLI TYVGLEWIV XLI TVS GIHYVIW JSV SFXEMRMRK VITVIWIRXEXMZI FEWI QIXEP WEQTPIW JSV VIQSZMRK XLI WTIGMQIRW JVSQ XLI WEQTPIW ERH XLI RYQFIV SJ WTIGMQIRW WLEPP FI EX XLI HMWGVIXMSR SJ XLI TVSHYGIV ;LIR WTIGMQIRW EVI GYX F] WLIEVMRK XLI WLIEVIH IHKIW WLEPP FI VIÂRMWLIH F] QEGLMRMRK SV KVMRHMRK TVMSV XS XIWXMRK 4VITEVEXMSR SJ 8IWX 7TIGMQIRW ,IEX XVIEX I\XVEPS[ GEVFSR ERH WXEFMPMÎH KVEHIW EX XS ' XS * [LMGL MW XLI VERKI SJ QE\MQYQ GEVFMHI TVIGMTMXEXMSR TVMSV XS XIWXMRK 8LI PIRKXL SJ XMQI SJ LIEXMRK ERH XLI QIXLSH SJ WYFWIUYIRX GSSPMRK YWIH JSV XLMW WIRWMXM^MRK XVIEXQIRX XSKIXLIV [MXL XLI GSVVIWTSRHMRK QE\MQYQ TIVQMWWMFPI GSVVSWMSR VEXI WLEPP FI EW EKVIIH FI X[IIR XLI QEXIVMEP TVSHYGIV ERH TYVGLEWIV 238) µ8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW L EX ' * 238) µ8LI WMÎ ERH WLETI SJ XLI WTIGMQIR QYWX FI GSRWMHIVIH [MXL VIWTIGX XS EZEMPEFPI JEGMPMXMIW JSV EGGYVEXI [IMKLMRK ERH XLI ZSPYQI SJ XIWX WSPYXMSR XS FI YWIH 2SVQEPP] XLI QE\MQYQ GSRZIRMIRX [IMKLX SJ E WTIGMQIR MW EFSYX K -R XLI GEWI SJ FEV [MVI ERH XYFYPEV TVSHYGXW XLI TVSTSVXMSR SJ XLI XSXEP EVIE VITVIWIRXIH F] XLI I\TSWIH GVSWW WIGXMSR QE] MRÃ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Ã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µ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µ)\GIWWMZI GSVVSWMSR SJ SRI WTIGMQIR QE] VIWYPX MR EGGIPIV EXIH GSVVSWMSR SJ XLI SXLIV WTIGMQIRW XIWXIH [MXL MX )\GIWWMZI GSVVSWMSR QE] SJXIR FI HIXIGXIH F] GLERKIW MR XLI GSPSV SJ XLI XIWX WSPYXMSR ERH MX QE] FI ETTVSTVMEXI XS TVSZMHI WITEVEXI GSRXEMRIVW JSV WYGL WTIGMQIRW [MXLSYX [EMXMRK YRXMP XLI IRH SJ XLI XIWX TIVMSH % VIGSVH WLSYPH FI QEHI WLS[MRK [LMGL WTIGMQIRW [IVI XIWXIH XSKIXLIV %JXIV XLI WTIGMQIRW LEZI FIIR TPEGIH MR XLI EGMH MR XLI GSRXEMRIV TEWW GSSPMRK [EXIV XLVSYKL XLI GSRHIRWIV FVMRK XLI EGMH XS E FSMP SR XLI LSX TPEXI ERH OIIT FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH 2SXI %JXIV IEGL XIWX TIVMSH VMRWI XLI WTIGM QIRW [MXL [EXIV ERH XVIEX F] WGVYFFMRK [MXL VYFFIV SV E R]PSR FVYWL YRHIV VYRRMRK [EXIV XS VIQSZI ER] EHLIVMRK GSVVSWMSR TVSHYGXW XLIR HV] ERH [IMKL XLIQ (V]MRK QE] FI JEGMPMXEXIH MJ HIWMVIH F] HMTTMRK XLI WTIGMQIRW MR EGIXSRI EJXIV XLI] EVI WGVYFFIH ;EVRMRK{-X LEW FIIR VITSVXIH XLEX ZMSPIRX FSMPMRK VIWYPXMRK MR EGMH WTMPPW GER SGGYV -X MW MQTSVXERX XS IRWYVI XLEX XLI GSRGIRXVEXMSR SJ EGMH HSIW RSX MRGVIEWI ERH XLEX ER EHIUYEXI RYQFIV SJ FSMPMRK GLMTW [LMGL EVI VIWMWXERX XS EXXEGO F] XLI XIWX WSPYXMSR EVI TVIWIRX 238) µ8EOI GEVI XS TVIZIRX GSRXEQMREXMSR SJ XLI XIWXMRK WSPYXMSR IWTIGMEPP] F] ÃYSVMHIW IMXLIV FIJSVI SV HYVMRK XLI XIWX )\TIVMIRGI LEW WLS[R XLEX XLI TVIWIRGI SJ IZIR WQEPP EQSYRXW SJ L]HVSÃYSVMG EGMH [MPP MRGVIEWI XLI GSVVSWMSR VEXI MR XLI RMXVMG EGMH XIWX -X MW RSX TIVQMWWMFPI JSV I\EQTPI XS GSRHYGX RMXVMGL]HVSÃYSVMG EGMH XIWXW MR XLI WEQI LSSH [MXL RMXVMG EGMH XIWXW 8LI WXERHEVH XIWX GSRWMWXW SJ ÂZI FSMPMRK TIVMSHW SJ L IEGL [MXL E JVIWL XIWX WSPYXMSR FIMRK YWIH MR IEGL TIVMSH % GSQFMREXMSR SJ SRI L TIVMSH ERH X[S L TIVMSHW RSX RIGIWWEVMP] MR XLEX SVHIV MRWXIEH SJ ÂZI L XIWX TIVMSHW QE] FI YWIH MJ WS EKVIIH F] XLI TYVGLEWIV 'EPGYPEXMSR ERH 6ITSVX 'EPGYPEXMSR{8LI IJJIGX SJ XLI EGMH SR XLI QEXIVMEP WLEPP FI QIEWYVIH F] HIXIVQMRMRK XLI PSWW SJ [IMKLX SJ XLI WTIGMQIR EJXIV IEGL XIWX TIVMSH ERH JSV XLI XSXEP SJ XLI XIWX TIVMSHW 9WMRK )U GEPGYPEXI XLI GSVVSWMSR VEXI JSV IEGL WTIGMQIR JSV IEGL XIWX TIVMSH ERH JSV XLI XSXEP SJ XLI XIWX TIVMSHW 6ITSVX{6ITSVX XLI GEPGYPEXIH GSVVSWMSR VEXIW JSV XLI MRHMZMHYEP TIVMSHW MR GLVSRSPSKMGEP SVHIV EW [IPP EW XLI 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 EZIVEKI JSV XLI ÂZI XIWX TIVMSHW -J XLI QSHMÂIH XIWX TIVMSHW EVI YWIH XLIR MHIRXMJ] IEGL VIWYPX EW XS XLI WIUYIRGI ERH PIRKXL SJ XLI XIWX TIVMSH 4VIGMWMSR ERH &MEW 4VIGMWMSR{8LI TVIGMWMSR SJ 4VEGXMGI ' MW FIMRK HIXIV QMRIH &MEW{8LMW TVEGXMGI LEW RS FMEW FIGEYWI XLI VIWMWXERGI XS MRXIVKVERYPEV GSVVSWMSR MW HIÂRIH SRP] MR XIVQW SJ XLMW TVEGXMGI 46%'8-') ){'344)6'344)6 790*%8)z 790*96-' %'-( 8)78 *36 ()8)'8-2+ 797')48-&-0-8= 83 -28)6+6%290%6 %88%'/ -2 %978)2-8-' 78%-20)77 78))07 7GSTI 8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI F] [LMGL XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX MW GSRHYGXIH XS HIXIVQMRI XLI WYWGITXMFMPMX] SJ EYWXIRMXMG WXEMRPIWW WXIIPW XS MRXIVKVERYPEV EXXEGO 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV GSVVSWMSR MR XLMW XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI QEXIVMEP MR SXLIV GSVVSWMZI QIHME 8LI XIWX HSIW RSX TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS SXLIV JSVQW SJ GSVVSWMSR WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WXVIWW GSVVSWMSR GVEGOMRK &IJSVI XIWXMRK MR XLI GSTTIV´GSTTIV WYPJEXI´ WYP JYVMG EGMH XIWX WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIP WII 8EFPI QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL XLI TVSGIHYVIW KMZIR MR 4VEGXMGI % 7IGXMSRW XLVSYKL 4VITEVEXMSR IXGLMRK ERH XLI GPEWWMÂGEXMSR SJ IXGL WXVYG XYVIW EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGLWXVYGXYVI IZEPYE XMSRW MR GSRRIGXMSR [MXL XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX MW WTIGMÂIH MR 8EFPI 'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYGXYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII SJ MRXIVKVERYPEV EXXEGO MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX 7YGL WTIGMQIRW EVI EGGITXEFPI [MXLSYX %GMH )XGL 8IWX [MXL XLI 'STTIVz'STTIV 7YPJEXIz %GMH 8IWX %-7%-7%-7%-7%-7%-7%-7%-7%-7%-7%-7%-7%-7- 0 , 0 , 0 %GGITXEFPI )XGL 7XVYGXYVIW 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT 7XIT HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP HYEP IRH IRH IRH IRH IRH IRH IRH IRH IRH IRH IRH IRH IRH 7YQQEV] SJ 4VEGXMGI % WYMXEFPI WEQTPI SJ ER EYWXIRMXMG WXEMRPIWW WXIIP IQFIHHIH MR GSTTIV WLSX SV KVMRHMRKW MW I\TSWIH XS FSMPMRK EGMHMÂIH GSTTIV WYPJEXI WSPYXMSR JSV L %JXIV I\TSWYVI MR XLI FSMPMRK WSPYXMSR XLI WTIGMQIR MW FIRX -RXIVKVERYPEV GVEGOMRK SV GVE^MRK MW IZMHIRGI SJ WYWGITXMFMPMX] %PXIVREXMZI 8IWXMRK 4VSGIHYVIW 9RPIWW TVSLMFMXIH F] XLI TYVGLEWIV MR XLI TYVGLEWI SVHIV XLI WYTTPMIV MW TIVQMXXIH XS QIIX XLI VIUYMVIQIRXW SJ 4VEGXMGI ) F] TIVJSVQMRK E XIWX MR EGGSVHERGI [MXL -73 ´ 1IXLSH % TVSZMHIH XLEX XLI XIWXMRK TIVMSH WLEPP FI E QMRMQYQ SJ L ;LIR E WIRWMXMÊXMSR XVIEXQIRX MW VIUYMVIH WIRWMXMÊXMSR LIEX XVIEXQIRX 8 ? ' ' * * QMR [EXIV UYIRGLA WLEPP FI YWIH YRPIWW XLI WYTTPMIV ERH TYVGLEWIV WLEPP EKVII YTSR TVITEVEXMSR SJ [IPHIH XIWX TMIGIW XS FI XIWXIH MR XLI EW[IPHIH GSRHMXMSR ;LIR XLMW EPXIVREXMZI XIWX TVSGIHYVI MW YWIH MX WLEPP FI RSXIH SR XLI XIWX VITSVX %TTEVEXYW 8LI FEWMG ETTEVEXYW MW HIWGVMFIH MR 7IGXMSR 6ETMH 7GVIIRMRK 8IWX +VEHI XIWXMRK MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX %PP WTIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW QYWX FI XIWXIH MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX ,IEX XVIEX XLI QEXIVMEP [LIR VIUYMVIH F] ERH MR EGGSVHERGI [MXL TVMSV XS TIVJSVQMRK XLI IXGL XIWX KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR KVEMR - 7YPJYVMG 7YWTIGX )XGL 7XVYGXYVIW ERH ERH ERH ERH ERH ERH ERH ERH ERH ERH ERH ERH ERH -------------- (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL (MXGL 7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW QYWX FI XIWXIH MR XLI GSTTIVzGSTTIV WYPJEXIz WYPJYVMG EGMH XIWX 7TIGMQIR 7YTTSVXW{%R STIR KPEWW GVEHPI GETEFPI SJ WYTTSVXMRK XLI WTIGMQIRW ERH GSTTIV WLSX SV KVMRHMRKW MR XLI ÃEWO MW VIGSQQIRHIH 238) µ-X QE] FI RIGIWWEV] XS IQFIH PEVKI WTIGMQIRW WYGL EW JVSQ LIEZ] FEV WXSGO MR GSTTIV WLSX SR XLI FSXXSQ SJ XLI XIWX ÃEWO % GSTTIV GVEHPI QE] EPWS FI YWIH ,IEX 7SYVGI{%R] KEW SV IPIGXVMGEPP] LIEXIH LSX TPEXI QE] FI YXMPMÎH JSV LIEXMRK XLI XIWX WSPYXMSR ERH OIITMRK MX FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH (MWWSPZI K SJ VIEKIRX KVEHI GSTTIV WYPJEXI 'Y73 Å, 3 MR Q0 SJ HMWXMPPIH [EXIV EHH Q0 SJ WYPJYVMG EGMH , 73 GT WT KV ERH HMPYXI XS Q0 [MXL HMWXMPPIH [EXIV 238) µ8LI WSPYXMSR [MPP GSRXEMR ETTVS\MQEXIP] [IMKLX ERL]HVSYW 'Y73 ERH [IMKLX SJ , 73 'STTIV %HHMXMSR )PIGXVSP]XMG KVEHI GSTTIV WLSX SV KVMRHMRKW QE] FI YWIH 7LSX MW TVIJIVVIH JSV MXW IEWI SJ LERHPMRK FIJSVI ERH EJXIV XLI XIWX % WYJJMGMIRX UYERXMX] SJ GSTTIV WLSX SV KVMRHMRKW MW XS FI YWIH XS GSZIV EPP WYVJEGIW SJ XLI WTIGMQIR [LIXLIV MX MW MR E ZIRXIH KPEWW GVEHPI SV IQFIHHIH MR E PE]IV SJ GSTTIV WLSX SR XLI FSXXSQ SJ XLI XIWX ÃEWO 8LI EQSYRX SJ GSTTIV YWIH EWWYQMRK ER I\GIWW SJ QIXEPPMG GSTTIV MW TVIWIRX MW RSX GVMXMGEP 8LI IJJIGXMZI KEPZERMG GSYTPMRK FIX[IIR GSTTIV ERH XLI XIWX WTIGMQIR QE] LEZI MQTSVXERGI DDDDDDDDDDDDDDDDDDD 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 SJ 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 8LI GSTTIV WLSX SV KVMRHMRKW QE] FI VIYWIH MJ XLI] EVI GPIERIH MR [EVQ XET [EXIV EJXIV IEGL XIWX 7TIGMQIR 4VITEVEXMSR 8LI WMÎ SJ XLI WEQTPI WYFQMXXIH JSV XIWX ERH XLI EVIE JVSQ [LMGL MX MW XS FI XEOIR IRH SV QMHHPI SJ GSMP QMH[E] WYVJEGI ERH GIRXIV ERH WS JSVXL MW KIRIVEPP] WTIGMÂIH MR XLI EKVIIQIRX FIX[IIR XLI TYVGLEWIV ERH XLI WIPPIV 8LI XIWXMRK ETTEVEXYW HMGXEXIW XLI ÂREP WMÎ ERH WLETI SJ XLI XIWX WTIGMQIR 8LI WTIGMQIR GSRÂKYVEXMSR WLSYPH TIVQMX IEW] IRXVERGI ERH VIQSZEP XLVSYKL XLI RIGO SJ XLI XIWX GSRXEMRIV 8EFPI QE] FI YWIH EW E KYMHI XS HIXIVQMRI EGGITXEFPI WTIGMQIR WMÎW 8LIVI QE] FI VIWXVMGXMSRW TPEGIH SR WTIGMQIR WMÎ F] XLI XIWXMRK ETTEVEXYW 7TIGMQIRW SFXEMRIH F] WLIEVMRK WLSYPH LEZI XLI WLIEVIH IHKIW QEGLMRIH SV KVSYRH SJJ TVMSV XS XIWXMRK 'EVI WLSYPH FI XEOIR [LIR KVMRHMRK XS EZSMH SZIVLIEXMRK SV ¶FYVRMRK· % ¶WUYEVIH· IHKI MW HIWMVEFPI %R] WGEPI SR XLI WTIGMQIRW WLSYPH FI VIQSZIH QI GLERMGEPP] YRPIWW E TEVXMGYPEV WYVJEGI ÂRMWL MW XS FI IZEPYEXIH 'LIQMGEP VIQSZEP SJ WGEPI MW TIVQMWWMFPI [LIR XLMW MW XLI GEWI 1IGLERMGEP VIQSZEP SJ WGEPI WLSYPH FI EGGSQTPMWLIH [MXL KVMX MVSRJVII EPYQMRYQ S\MHI EFVEWMZI )EGL WTIGMQIR WLSYPH FI HIKVIEWIH YWMRK E GPIERMRK WSPZIRX WYGL EW EGIXSRI EPGSLSP IXLIV SV E ZETSV HIKVIEWIV TVMSV XS FIMRK XIWXIH %PP EYWXIRMXMG QEXIVMEP MR XLI ¶EWVIGIMZIH· QMPP ERRIEPIH GSRHMXMSR WLSYPH FI GETEFPI SJ QIIXMRK XLMW XIWX 7TIGMQIRW SJ I\XVEPS[GEVFSR ERH WXEFMPMÎH KVEHIW EVI XIWXIH EJXIV WIRWMXM^MRK LIEX XVIEXQIRXW EX XS ' XS * [LMGL MW XLI VERKI SJ QE\MQYQ GEVFMHI TVIGMTMXEXMSR 8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW 8%&0) 7MÎW SJ 8IWX 7TIGMQIRW 8]TI SJ 1EXIVMEP ;VSYKLX [MVI SV VSH 9T XS QQ MR MR HMEQIXIV MRGP 3ZIV QQ MR MR HMEQIXIV ;VSYKLX WLIIX WXVMT TPEXIW SV µEX VSPPIH TVSHYGXW MR XLMGO MRGP 9T XS QQ 3ZIV QQ MR XLMGO 7MÎ SJ 8IWX 7TIGMQIR *YPP HMEQIXIV F] QQ MR QMR PSRK ']PMRHVMGEP WIKQIRX QQ MR XLMGO F] QQ MR QE\ [MHI F] XS QQ XS MR PSRK L EX ' 'EVI WLSYPH FI XEOIR XS EZSMH GEVFYVM^MRK SV RMXVMHMRK XLI WTIGMQIRW 8LI LIEX XVIEXMRK MW FIWX GEVVMIH SYX MR EMV SV RIYXVEP WEPX 238) µ8LI WIRWMXM^MRK XVIEXQIRX ' MW TIVJSVQIH XS GLIGO XLI IJJIGXMZIRIWW SJ WXEFMPMÎH ERH QE\MQYQ GEVFSR QEXIVMEPW MR VIWMWXMRK GEVFMHI TVIGMTMXEXMSR LIRGI MRXIVKVERYPEV EXXEGO 8IWX 'SRHMXMSRW 8LI ZSPYQI SJ EGMHMÂIH GSTTIV WYPJEXI XIWX WSPYXMSR YWIH WLSYPH FI WYJJMGMIRX XS GSQTPIXIP] MQQIVWI XLI WTIGMQIRW ERH TVSZMHI E QMRMQYQ SJ Q0GQ Q0MR SJ WTIGMQIR WYVJEGI EVIE %W QER] EW XLVII WTIGMQIRW GER FI XIWXIH MR XLI WEQI GSRXEMRIV -X MW MHIEP XS LEZI EPP XLI WTIGMQIRW MR SRI ÃEWO XS FI SJ XLI WEQI KVEHI FYX MX MW RSX EFWSPYXIP] RIGIWWEV] 8LI WSPYXMSR ZSPYQIXSWEQTPI EVIE VEXMS MW XS FI QEMRXEMRIH 8LI XIWX WTIGMQIR W WLSYPH FI MQQIVWIH MR EQFMIRX XIWX WSPYXMSR [LMGL MW XLIR FVSYKLX XS E FSMP ERH QEMRXEMRIH FSMPMRK XLVSYKLSYX XLI XIWX TIVMSH &IKMR XMQMRK XLI XIWX TIVMSH [LIR XLI WSPYXMSR VIEGLIW XLI FSMPMRK TSMRX 238) µ1IEWYVIW WLSYPH FI XEOIR XS QMRMQMÎ FYQTMRK SJ XLI WSPYXMSR [LIR KPEWW GVEHPIW EVI YWIH XS WYTTSVX WTIGMQIRW % WQEPP EQSYRX SJ GSTTIV WLSX IMKLX XS XIR TMIGIW SR XLI FSXXSQ SJ XLI ÃEWO [MPP GSRZIRMIRXP] WIVZI XLMW TYVTSWI 8LI XMQI SJ XLI XIWX WLEPP FI E QMRMQYQ SJ L YRPIWW E PSRKIV XMQI MW EKVIIH YTSR FIX[IIR XLI TYVGLEWIV ERH XLI TVSHYGIV -J RSX L XLI XIWX XMQI WLEPP FI WTIGMÂIH SR XLI XIWX VITSVX *VIWL XIWX WSPYXMSR [SYPH RSX FI RIIHIH MJ XLI XIWX [IVI XS VYR SV IZIR L -J ER] EHLIVIRX GSTTIV VIQEMRW SR XLI WTIGMQIR MX QE] FI VIQSZIH F] E FVMIJ MQQIVWMSR MR GSRGIRXVEXIH RMXVMG EGMH EX VSSQ XIQTIVEXYVI 238) µ6IWYPXW MR XLI PMXIVEXYVI MRHMGEXI XLEX XLMW XIWX MW QSVI WIRWMXMZI MJ MX MW VYR JSV PSRKIV XMQIW &IRH 8IWX 8LI XIWX WTIGMQIR WLEPP FI FIRX XLVSYKL ERH SZIV E HMEQIXIV IUYEP XS XLI XLMGORIWW SJ XLI WTIGMQIR FIMRK FIRX WII *MK -R RS GEWI WLEPP XLI WTIGMQIR FI FIRX SZIV E *YPP XLMGORIWW F] XS QQ XS MR [MHI F] QQ MR QMR PSRK XS QQ XS ¡ MR XLMGO F] XS QQ XS MR [MHI F] QQ MR QMR PSRK 8YFMRK 9T XS QQ ¡ MR MR HMEQIXIV MRGP *YPP VMRK QQ MR [MHI 3ZIV QQ ¡ MR MR HMEQIXIV % GMVGYQJIVIRXMEP WIKQIRX QQ MR QMR PSRK GYX JVSQ E QQ MR [MHI VMRK ;LIR FIRHMRK WYGL WTIGMQIRW XLI GYVZIH WYVJEGI WLEPP FI SR XLI SYXWMHI SJ XLI FIRH 3RI WYVJEGI WLEPP FI ER SVMKMREP WYVJEGI SJ XLI QEXIVMEP YRHIV XIWX ERH MX WLEPP FI SR XLI SYXWMHI SJ XLI FIRH 'SPHVSPPIH WXVMT SV WLIIXW QE] FI XIWXIH MR XLI XLMGORIWW WYTTPMIH EVI WYFNIGXIH XS XLI XIWX WSPYXMSR 7TIGMQIRW JVSQ [IPHIH XYFIW SZIV QQ ¡ MR MR HMEQIXIV WLEPP FI XEOIR [MXL XLI [IPH SR XLI E\MW SJ XLI FIRH 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 *-+ % &IRX 'STTIVz'STTIV 7YPJEXIz7YPJYVMG %GMH 8IWX 7TIGMQIR 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 WQEPPIV VEHMYW SV XLVSYKL E KVIEXIV ERKPI XLER XLEX WTIGMÂIH MR XLI TVSHYGX WTIGMÂGEXMSR -R GEWIW SJ QEXIVMEP LEZMRK PS[ HYGXMPMX] WYGL EW WIZIVIP] GSPH [SVOIH QEXIVMEP E FIRH QE] TVSZI MQTVEGXMGEP 9WIVW WLEPP MRJSVQ XLSWI GSRHYGXMRK XLI 4VEGXMGI ) XIWX [LIR XLI QEXIVMEP MW MR XLI PS[ HYGXMPMX] LMKLP] WXVIWWIH GSRHMXMSR WYGL EW LMKLP] GSPH [SVOIH QEXIVMEP (IXIVQMRI XLI QE\MQYQ ERKPI SJ FIRH [MXLSYX GEYWMRK GVEGOW MR WYGL QEXIVMEP F] FIRHMRK ER YRXIWXIH WTIGMQIR SJ XLI WEQI GSRÂKYVEXMSR EW XLI WTIGMQIR XS FI XIWXIH %JXIV I\TSWYVI XS XLI EGMHMÂIH GSTTIV´GSTTIV WYPJEXI WYPJYVMG EGMH XIWX WSPYXMSR XLI QE\MQYQ ERKPI SJ FIRH [MXLSYX GEYWMRK GVEGOW EW HIXIV QMRIH JVSQ YRXIWXIH PS[ HYGXMPMX] WTIGMQIRW WLEPP FI YXMPMÎH MR IZEPYEXMSR SJ XLI WTIGMQIRW I\TSWIH XS XLI EGMHMÂIH GSTTIV´GSTTIV WYPJEXI WYPJYVMG EGMH XIWX WSPYXMSR 8LI ERKPI SJ FIRH YXMPMÎH MR IZEPYEXMRK XIWXIH WTIGMQIRW WLEPP FI VITSVXIH (YTPMGEXI WTIGMQIRW WLEPP FI SFXEMRIH JVSQ WLIIX QEXIVMEP WS XLEX FSXL WMHIW SJ XLI VSPPIH WEQTPIW QE] FI FIRX 8LMW [MPP EWWYVI HIXIGXMSR SJ MRXIVKVERYPEV EXXEGO VIWYPXMRK JVSQ GEVFYVMÊXMSR SJ SRI WYVJEGI SJ WLIIX QEXIVMEP HYVMRK XLI ÂREP WXEKIW SJ VSPPMRK 238) µ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Â\XYVI SJ WYMXEFPI HIWMKR %R EMV SV L]HVEYPMG TVIWW QE] EPWS FI YWIH JSV FIRHMRK XLI WTIGMQIRW 8YFYPEV TVSHYGXW WLSYPH FI ÃEXXIRIH MR EGGSVHERGI [MXL XLI ÃEXXIRMRK XIWX TVIWGVMFIH MR 8IWX 1IXLSHW ERH (IÂ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ÂGEXMSR JSV FEWI QIXEP SV MR %71) 'SHI 7IGXMSR -< JSV [IPHW )ZEPYEXMSR 8LI FIRX WTIGMQIR WLEPP FI I\EQMRIH YRHIV PS[ XS » QEKRMÂGEXMSR WII *MK 8LI ETTIEVERGI SJ ÂWWYVIW SV 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 GVEGOW MRHMGEXIW XLI TVIWIRGI SJ MRXIVKVERYPEV EXXEGO WII *MK ;LIR ER IZEPYEXMSR MW UYIWXMSREFPI WII *MK XLI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO WLEPP FI HIXIVQMRIH F] XLI QIXEPPSKVETLMG I\EQMREXMSR SJ XLI SYXIV VEHMYW SJ E PSRKMXYHMREP WIGXMSR SJ XLI FIRH WTIGMQIR EX E QEKRMÂGEXMSR SJ XS » 'VEGOMRK XLEX SVMKMREXIW EX XLI IHKI SJ XLI WTIGMQIR WLEPP FI HMWVIKEVHIH 8LI ETTIEVERGI SJ HIJSVQEXMSR PMRIW [VMROPIW SV ¶SVERKI TIIP· SR XLI WYVJEGI [MXLSYX EGGSQTE R]MRK GVEGOW SV ÂWWYVIW WLEPP FI HMWVIKEVHIH EPWS 'VEGOW WYWTIGXIH EW EVMWMRK XLVSYKL TSSV HYGXMPMX] WLEPP FI MRZIWXMKEXIH F] FIRHMRK E WMQMPEV WTIGMQIR XLEX [EW RSX I\TSWIH XS XLI FSMPMRK XIWX WSPYXMSR % ZMWYEP GSQTEVMWSR FIX[IIR XLIWI WTIGMQIRW WLSYPH EWWMWX MR MRXIVTVIXEXMSR 46%'8-') *{'344)6'344)6 790*%8)z 790*96-' %'-( 8)78 *36 ()8)61-2-2+ 797')48-&-0-8= 83 -28)6+6%290%6 %88%'/ -2 %978)2-8-' 78%-20)77 78))07 7GSTI 8LMW TVEGXMGI HIWGVMFIW XLI TVSGIHYVI JSV GSRHYGXMRK XLI FSMPMRK GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX [LMGL QIEWYVIW XLI WYWGITXMFMPMX] SJ WXEMRPIWW WXIIPW XS MRXIV KVERYPEV EXXEGO 8LI TVIWIRGI SV EFWIRGI SJ MRXIVKVERYPEV EXXEGO MR XLMW XIWX MW RSX RIGIWWEVMP] E QIEWYVI SJ XLI TIVJSVQERGI SJ XLI QEXIVMEP MR SXLIV GSVVSWMZI IRZMVSRQIRXW 8LI XIWX HSIW RSX TVSZMHI E FEWMW JSV TVIHMGXMRK VIWMWXERGI XS JSVQW SJ GSVVSWMSR SXLIV XLER MRXIVKVERYPEV WYGL EW KIRIVEP GSVVSWMSR TMXXMRK SV WXVIWWGSVVSWMSR GVEGOMRK 7YQQEV] SJ 8IWX 1IXLSH * XLI 'STTIVz'STTIV 7YPJEXIz 7YPJYVMG %GMH 8IWX % WTIGMQIR VITVIWIRXEXMZI SJ XLI QEXIVMEP XS FI IZEPY EXIH MW MQQIVWIH MR E FSMPMRK WSPYXMSR SJ GSTTIV WYPJEXI ERH WYPJYVMG EGMH JSV E WTIGMÂIH XMQI % TMIGI SJ GSTTIV MW EPWS MQQIVWIH MR XLI WSPYXMSR XS QEMRXEMR E GSRWXERX GSVVSWMSR TSXIRXMEP 8LI VIWYPXMRK QEWW PSWW MW GSRZIVXIH XS E GSVVSWMSR VEXI [LMGL MW GSQTEVIH XS E WTIGMÂIH QE\MQYQ ZEPYI XS HIXIVQMRI [LIXLIV XLI QEXIVMEP LEW XLI VIWMWXERGI XS EXXEGO I\TIGXIH SJ XLI KVEHI SJ QEXIVMEP FIMRK XIWXIH 8LI GSTTIV´GSTTIV WYPJEXI´WYPJYVMG EGMH XIWX HIXIGXW WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL GLVSQMYQ GEVFMHI TVIGMTMXEXI MR YRWXEFMPMÎH GEWX EYWXIRMXMG WXEMRPIWW WXIIPW ERH MR GIVXEMR [VSYKLX KVEHIW 8LI GSTTIV´GSTTIV WYPJEXI´WYPJYVMG EGMH XIWX HSIW RSX HIXIGX WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL WMKQE TLEWI 8LI GSVVSWMSR TSXIRXMEP SJ XLI GSTTIV´GSTTIV WYPJEXI ´WYPJYVMG EGMH XIWX LEW FIIR VITSVXIH EW : EW GSQTEVIH [MXL : JSV 4VEGXMGI & XS : JSV 4VEGXMGI ' ERH : JSV 4VEGXMGI ) 238) µ,MKLIV GSVVSWMSR TSXIRXMEP MRHMGEXIW QSVI WIZIVIP] S\MHM^MRK GSRHMXMSRW 6ETMH 7GVIIRMRK 8IWX &IJSVI XIWXMRK MR XLI GSTTIV´GSTTIV WYPJEXI´ WYP JYVMG EGMH XIWX WTIGMQIRW SJ GIVXEMR KVEHIW SJ WXEMRPIWW WXIIPW WII 8EFPI QE] FI KMZIR E VETMH WGVIIRMRK XIWX MR EGGSVHERGI [MXL TVSGIHYVIW KMZIR MR 4VEGXMGI % 3\EPMG %GMH )XGL 8IWX JSV DDDDDDDDDDDDDDDDDDD 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 &IJSVI 6ITVSHYGXMSR %GMH )XGL 8IWX ;MXL XLI 'STTIVz'STTIV 7YPJEXIz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zGSTTIV WYPJEXI WYPJYVMG EGMH XIWX 7TIGMQIRW LEZMRK XLIWI WXVYGXYVIW WLEPP FI XIWXIH MR XLI GSTTIVzGSTTIV WYPJEXIWYPJYVMG EGMH XIWX 'PEWWMÂGEXMSR SJ )XGL 7XVYGXYVIW SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW 4VITEVEXMSR IXGLMRK ERH XLI GPEWWMÂGEXMSR SJ IXGL WXVYGXYVIW EVI HIWGVMFIH XLIVIMR 8LI YWI SJ IXGL WXVYGXYVI IZEPYEXMSRW MR GSRRIGXMSR [MXL XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX MW WTIGMÂIH MR 8EFPI ,IEX XVIEX XLI QEXIVMEP MR EGGSVHERGI [MXL TVMSV XS TIVJSVQMRK XLI IXGL XIWX -KRSVI ¶TVSGIWWEJJIGXIH· EVIEW WII ETTPMGE XMSR SJ XLI IXGL XIWX XS XLIWI EVIEW MW GYVVIRXP] SYXWMHI XLI WGSTI SJ 4VEGXMGI * 'SVVSWMSR XIWX WTIGMQIRW LEZMRK EGGITXEFPI IXGL WXVYG XYVIW MR XLI 3\EPMG %GMH )XGL 8IWX [MPP FI IWWIRXMEPP] JVII SJ MRXIVKVERYPEV EXXEGO MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX 7YGL WTIGMQIRW EVI EGGITXEFPI [MXLSYX XIWXMRK MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX %PP WTIGMQIRW LEZMRK WYWTIGX IXGL WXVYGXYVIW WLEPP FI XIWXIH MR XLI GSTTIV ´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX DDDDDDDDDDDDDDDDDDD 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 %TTEVEXYW 8LI FEWMG ETTEVEXYW MW HIWGVMFIH MR 7IGXMSR 7YFWXMXYXMSRW JSV XLMW GSRHIRWIV SV ÃEWO EVI RSX EPPS[IH 7TIGMÂGEPP] XLI GSPHÂRKIV X]TI SJ GSRHIRWIV [MXL WXERHEVH )VPIRQI]IV ÃEWOW WLEPP RSX FI YWIH 'SVVSWMSR VEXIW SFXEMRIH YWMRK XLI GSPHÂRKIV X]TI SJ GSRHIRWIV EVI PS[IV XLER XLSWI SFXEMRIH YWMRK XLI %PPMLR X]TI SJ GSRHIRWIV [LIXLIV HYI XS PSWW SJ ZETSV SV XS LMKLIV S\]KIR GSRXIRX MR XLI WSPYXMSR SV FSXL 6IEKIRXW ERH 1EXIVMEPW 'YTVMG 7YPJEXI 4IRXEL]HVEXI 'Y73 Å, 3 EFSYX 'Y73 F] QEWW 'YTVMG WYPJEXI MW E WTIGMÂG EHHMXMZI XLEX IWXEFPMWLIW ERH GSRXVSPW XLI GSVVSWMSR TSXIRXMEP 7YFWXMXYXMSRW EVI RSX TIVQMXXIH 7YPJYVMG %GMH , 73 XS F] QEWW % TMIGI SJ GSTTIV QIXEP EFSYX F] F] QQ ¾ F] ¾ F] ¾ MR [MXL E FVMKLX GPIER ÂRMWL %R IUYMZEPIRX EVIE SJ GSTTIV WLSX SV GLMTW QE] FI YWIH ;EWL HIKVIEWI ERH HV] XLI GSTTIV FIJSVI YWI 238) µ% VMRWI MR GSTTIV , 73 [MPP GPIER GSVVSWMSR TVSHYGXW JVSQ XLI 'STTIVz'STTIV 7YPJEXIz 7SPYXMSR 7YPJYVMG %GMH 8IWX 4VITEVI Q0 SJ XIWX WSPYXMSR EW JSPPS[W ;EVRMRK{4VSXIGX XLI I]IW ERH JEGI F] JEGI WLMIPH ERH YWI VYFFIV KPSZIW ERH ETVSR [LIR LERHPMRK EGMH 4PEGI ÃEWO YRHIV LSSH 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 *MVWX QIEWYVI Q0 SJ 8]TI -: VIEKIRX [EXIV ERH TSYV MRXS XLI )VPIRQI]IV ÃEWO 8LIR QIEWYVI Q0 SJ VIEKIRX KVEHI WYPJYVMG EGMH %HH XLI EGMH WPS[P] XS XLI [EXIV MR XLI )VPIRQI]IV ÃEWO XS EZSMH FSMPMRK F] XLI LIEX IZSPZIH 2SXI ;IMKL K SJ VIEKIRX KVEHI GSTTIV WYPJEXI 'Y73 Å , 3 ERH EHH XS XLI WYPJYVMG EGMH WSPYXMSR 4PEGI XLI GSTTIV TMIGI MRXS SRI KPEWW GVEHPI ERH TYX MX MRXS XLI ÃEWO (VST FSMPMRK GLMTW MRXS XLI ÃEWO 0YFVMGEXI XLI KVSYRHKPEWW NSMRX [MXL WMPMGSRI KVIEWI 'SZIV XLI ÃEWO [MXL XLI GSRHIRWIV ERH GMVGYPEXI GSSPMRK [EXIV ,IEX XLI WSPYXMSR WPS[P] YRXMP EPP SJ XLI GSTTIV WYPJEXI MW HMWWSPZIH ;EVRMRK{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ÎH RMXVMHIH SV S\MHMÎH WYVJEGIW QIGLERMGEP HIJSVQEXMSR ERH EVIEW EJJIGXIH F] LIEX &EWI QIXEP LEW RSRI SJ XLIWI GSRHMXMSRW 8LI 4VEGXMGI * XIWX MRZSPZIW MQQIVWMRK XLI IRXMVI WTIGMQIR ERH EZIVEKMRK XLI QEWW PSWW SZIV XLI IRXMVI WYVJEGI SJ XLI WTIGMQIR ;IPHMRK GEVFYVMÊXMSR QIGLERMGEP HIJSVQEXMSR ERH XLI PMOI EJJIGX SRP] TEVX SJ E WTIGMQIR 8LI QEWW PSWW VEXI JVSQ TVSGIWWEJJIGXIH QIXEP MW I\TIGXIH XS HMJJIV JVSQ XLEX JVSQ FEWI QIXEP XLI TVIWIRGI SJ TVSGIWWEJJIGXIH QIXEP MR E WTIGMQIR [MPP EJJIGX XLI GEPGYPEXIH XIWX VIWYPX MR ER YRTVIHMGXEFPI [E] -J XLI TVIWIRGI SJ XLIWI SV SXLIV PSGEPMÎH GSRHMXMSRW MW E GSRGIVR XS XLI TYVGLEWIV XLIR XIWXW XLEX HS RSX EZIVEKI XLI QEWW PSWW SZIV XLI XSXEP WTIGMQIR WYVJEGI EVIE WYGL EW 4VEGXMGI % XLI 3\EPMG %GMH )XGL 8IWX SV 4VEGXMGI ) XLI 'STTIV´'STTIV 7YPJEXI´ 7YPJYVMG %GMH 8IWX JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR %YWXIRMXMG 7XEMRPIWW 7XIIPW WLSYPH FI GSRWMHIVIH (IXEMPW SJ XLI XIWX ERH EGGITXERGI GVMXIVME WLEPP FI EW EKVIIH F] XLI TYVGLEWIV ERH TVSHYGIV 9RPIWW SXLIV[MWI WTIGMÂIH F] XLI TYVGLEWIV XLI TVS GIHYVIW JSV SFXEMRMRK VITVIWIRXEXMZI FEWI QIXEP WEQTPIW JSV VIQSZMRK XLI WTIGMQIRW JVSQ XLI WEQTPIW ERH XLI RYQFIV SJ WTIGMQIRW WLEPP FI EX XLI HMWGVIXMSR SJ XLI TVSHYGIV 4VITEVEXMSR SJ 8IWX 7TIGMQIRW ,IEX XVIEX I\XVEPS[ GEVFSR ERH WXEFMPMÎH KVEHIW EX XS ' XS * [LMGL MW XLI VERKI SJ QE\MQYQ GEVFMHI TVIGMTMXEXMSR TVMSV XS XIWXMRK 8LI PIRKXL SJ XMQI SJ LIEXMRK ERH XLI QIXLSH SJ WYFWIUYIRX GSSPMRK YWIH JSV XLMW WIRWMXM^MRK XVIEXQIRX XSKIXLIV [MXL XLI GSVVIWTSRHMRK 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 QE\MQYQ TIVQMWWMFPI GSVVSWMSR VEXI WLEPP FI EW EKVIIH FI X[IIR XLI QEXIVMEP TVSHYGIV ERH TYVGLEWIV 238) µ8LI QSWX GSQQSRP] YWIH WIRWMXM^MRK XVIEXQIRX MW L EX ' * 4VITEVI XLI WTIGMQIRW IEGL LEZMRK E XSXEP WYVJEGI EVIE SJ XS GQ ;LIVI JIEWMFPI JSV XLI TVSHYGX JSVQ KVMRH EPP XLI WTIGMQIR WYVJEGIW YWMRK '%1-%27- ?*)4%-73 4A TETIVFEGOIH [IX SV HV] GPSWIH GSEXIH EFVEWMZI TETIV [MXL [EXIV EW E GSSPERX -J EFVEWMZI TETIV MW YWIH HV] TSPMWL WPS[P] XS EZSMH SZIVLIEXMRK (S RSX YWI EFVEWMZIW [MXL KVMRHMRK EMHW WSQI KVMRHMRK EMHW GSRXEMR Ã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ÃEWO GSZIVIH [MXL XLI GSRHIRWIV [MXL GSSPMRK [EXIV ÃS[MRK I\GITX [LIR MRWIVXMRK SV VIQSZMRK WTIGMQIRW 7II 2SXI 8YVR SJJ XLI LIEX WSYVGI ERH EPPS[ XLI FSMPMRK XS WYFWMHI 4PEGI XLI WTIGMQIR MR E WIGSRH KPEWW GVEHPI 9RGSZIV XLI ÃEWO -RWIVX XLI WTIGMQIRW 6ITPEGI XLI GSRHIRWIV MQQIHMEXIP] VIWXSVI GSSPMRK [EXIV ÃS[ ERH XYVR SR XLI LIEX WSYVGI 1EVO XLI PMUYMH PIZIP SR XLI Ã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{8LMW TVEGXMGI LEW RS FMEW FIGEYWI XLI VIWMWXERGI XS MRXIVKVERYPEV GSVVSWMSR MW HIÂRIH SRP] MR XIVQW SJ XLMW TVEGXMGI 4VIGMWMSR{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ÎH EPPS]W ERH MR GEWX QSP]FHIRYQFIEVMRK WXEMRPIWW EPPS]W 7YGL WMKQE TLEWI QE] SV QE] RSX FI ZMWMFPI MR XLI QMGVSWXVYGXYVI HITIRHMRK SR XLI IXGLMRK XIGLRMUYI ERH QEK RMÂGEXMSR YWIH 2SX EPP SJ XLI XIWX QIXLSHW GER HIXIGX WMKQE TLEWI WII XLI HMWGYWWMSRW FIPS[ < -R QSWX GEWIW IMXLIV XLI L GSTTIV´GSTTIV WYP JEXI´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ÂZI XIWXW < 8LI L RMXVMG EGMH XIWX WLSYPH FI ETTPMIH XS WXEFMPMÎ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{3<%0-' %'-( )8', 8)78 < 8LI 3\EPMG %GMH )XGL 8IWX MW YWIH JSV EGGITXERGI SJ QEXIVMEP FYX RSX JSV VINIGXMSR SJ QEXIVMEP 8LMW QE] FI YWIH MR GSRRIGXMSR [MXL SXLIV IZEPYEXMSR XIWXW XS TVSZMHI E VETMH QIXLSH JSV MHIRXMJ]MRK XLSWI WTIGMQIRW XLEX EVI GIVXEMR XS FI JVII SJ WYWGITXMFMPMX] XS VETMH MRXIVKVERYPEV EXXEGO MR XLIWI SXLIV XIWXW < 8LI IXGL XIWX MW WYMXEFPI JSV YWI SRP] [LIR MX MW PMWXIH MR XLI ETTPMGEFPI XEFPI YRHIV XLI WTIGMÂIH LSX EGMH XIWX < +VEHIW RSX PMWXIH MR XLI ETTPMGEFPI XEFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI % [MXL XLEX LSX EGMH XIWX SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX [LMPI KMZMRK YREGGITXEFPI VIWYPXW MR XLI LSX EGMH XIWX -R XLI PEXXIV GEWI XLI IXGL XIWX [SYPH TEWW QEXIVMEP XLEX WLSYPH LEZI FIIR VINIGXIH < ;LIR PMWXIH XLI IXGL XIWX GER VIHYGI XLI XMQI VIUYMVIH XS HIXIVQMRI [LIXLIV XLI QEXIVMEP VITVIWIRXIH F] XLI WTIGMQIR [MPP LEZI E PS[ GSVVSWMSR VEXI MR XLEX LSX EGMH XIWX ,S[IZIV [LIR XLI IXGL XIWX WLS[W E WYWTIGX WXVYGXYVI XLI WTIGMÂIH LSX EGMH QYWX FI TIVJSVQIH XS EZSMH VINIGXMRK KSSH QEXIVMEP 46%'8-') &{*)66-' 790*%8)790*96-' %'-( 8)78 < 4VEGXMGI &µ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ÎH EYWXIRMXMG WXEMRPIWW WXIIPW 0 0 0 '* '* '*1 '*1 '+1 ERH '+1 XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL WMKQE TLEWI MR '*1 '*1 '+1 ERH '+1 -X EPWS VIZIEPW WYWGITXMFMPMX] EWWSGMEXIH [MXL E WMKQE PMOI TLEWI GSRWXMXYIRX MR WXEFMPMÎH WXEMRPIWW WXIIPW ERH ERH MR GEWX GLVSQMYQRMGOIPQSP]FHIRYQ WXEMRPIWW WXIIPW '*1 '*1 '+1 ERH '+1 < 8LI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX HSIW RSX HIXIGX WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL WMKQE TLEWI MR [VSYKLX GLVSQMYQRMGOIPQSP]FHIRYQ WXEMR PIWW WXIIPW 0 0 [LMGL MW ORS[R XS PIEH XS VETMH MRXIVKVERYPEV EXXEGO MR GIVXEMR RMXVMG EGMH IRZMVSRQIRXW -X HSIW RSX HIXIGX WYWGITXMFMPMX] XS IRH KVEMR EXXEGO [LMGL MW EPWS JSYRH MR GIVXEMR RMXVMG EGMH IRZMVSRQIRXW 238) <µ8S HIXIGX WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL WMKQE TLEWI MR EYWXIRMXMG WXEMRPIWW WXIIPW GSRXEMRMRK QSP]FHIRYQ XLI RMXVMG EGMH XIWX 4VEGXMGI ' WLSYPH FI YWIH < 8LI 3\EPMG %GMH )XGL 8IWX 4VEGXMGI % QE] FI YWIH XS WGVIIR GIVXEMR KVEHIW JVSQ XIWXMRK MR XLI JIVVMG WYPJEXI WYPJYVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR 8EFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI % [MXL XLI JIVVMG WYPJEXIWYPJYVMG EGMH XIWX SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX [LMPI KMZMRK YREGGITXEFPI VIWYPXW MR XLI JIVVMG WYPJEXI´WYPJYVMG EGMH XIWX XLYW TEWWMRK QEXIVMEP XLEX WLSYPH FI VINIGXIH 46%'8-') '{2-86-' %'-( 8)78 < 4VEGXMGI 'µ2MXVMG XIWX MW E L XIWX MR FSMPMRK WSPYXMSR JSV I\XVEPS[GEVFSR QSP]FHIRYQFIEVMRK KVEHIW YRPIWW XLI QEXIVMEP XIWXIH MW XS FI YWIH MR RMXVMG EGMH WIVZMGI < 8LI FSMPMRK RMXVMG EGMH XIWX QE] FI YWIH XS IZEPYEXI XLI LIEX XVIEXQIRX EGGSVHIH ¶EWVIGIMZIH·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ÎH KVEHIW SJ EYWXIRMXMG WXEMRPIWW WXIIPW ERH QE] SV QE] RSX FI ZMWMFPI MR XLI QMGVSWXVYGXYVI 8LMW XIWX EPWS VIZIEPW WYWGITXMFMPMX] XS IRH KVEMR EXXEGO MR EPP KVEHIW SJ WXEMRPIWW WXIIPW < -RXIVKVERYPEV EXXEGO MR RMXVMG EGMH MW EWWSGMEXIH [MXL SRI SV QSVI SJ XLI JSPPS[MRK MRXIVKVERYPEV TVIGMTMXEXMSR SJ GLVSQMYQ GEVFMHIW WMKQE SV XVERWMXMSR TLEWIW MR QSP]FHIRYQFIEVMRK KVEHIW ERH WMKQE TLEWI GSRWXMXYIRXW MR WXEFMPMÎH KVEHIW 8LI FSMPMRK RMXVMG EGMH XIWX WLSYPH RSX FI YWIH < 8LI RMXVMG EGMH XIWX HIXIGXW WYWGITXMFMPMX] XS MRXIV KVERYPEV EXXEGO EWWSGMEXIH TVMQEVMP] [MXL GLVSQMYQ GEVFMHI TVIGMTMXEXI MR 0 0 0 '* '* '*1 ERH '*1 XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL WMKQE TLEWI MR 0 0 DDDDDDDDDDDDDDDDDDD 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 '*1 ERH '*1 ERH XS IRHKVEMR EXXEGO MR 0 0 0 ERH 8LI RMXVMG EGMH XIWX QE] FI EPWS ETTPMIH XS ERH '21 8LSWI KVEHIW MR [LMGL WMKQE TLEWI QE] JSVQ QYWX FI XIWXIH MR RMXVMG EGMH XIWX [LIR HIWXMRIH JSV WIVZMGI MR RMXVMG EGMH < 8LI 3\EPMG %GMH )XGL 8IWX 4VEGXMGI % QE] FI YWIH XS WGVIIR GIVXEMR KVEHIW JVSQ XIWXMRK MR XLI RMXVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR 8EFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI % [MXL XLI RMXVMG EGMH XIWX SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX [LMPI KMZMRK YREGGITXEFPI VIWYPXW MR XLI RMXVMG EGMH XIWX XLYW TEWWMRK QEXIVMEP XLEX WLSYPH FI VINIGXIH 7TIGMÂGEPP] KVEHIW 0 0 ERH GERRSX FI WGVIIRIH FIGEYWI XLIWI WXIIPW QE] GSRXEMR WMKQE TLEWI RSX ZMWMFPI MR XLI IXGL WXVYGXYVI 8LMW QE] GEYWI VETMH MRXIVKVERYPEV EXXEGO MR XLI RMXVMG EGMH XIWX 46%'8-') ){'344)6z'344)6 790*%8)z 790*96-' %'-( 8)78 < 4VEGXMGI )µ'STTIV´'STTIV 7YPJEXI´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´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR 8EFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI % [MXL XLI GSTTIV´GSTTIV WYPJEXI WYPJYVMG EGMH XIWX SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI XIWXW MR XLI IXGL XIWX [LMPI KMZMRK YREGGITXEFPI VIWYPXW MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJY VMG EGMH XIWX XLYW TEWWMRK QEXIVMEP XLEX WLSYPH FI VINIGXIH < 4VEGXMGI ) MRHMGEXIW WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL XLI TVIGMTMXEXMSR SJ GLVSQMYQVMGL GEVFMHIW MR 0 0 0 ERH 46%'8-') *{'344)6z'344)6 790*%8)z < 4VEGXMGI *µ'STTIV´'STTIV 7YPJEXI´ 7YPJYVMG %GMH 8IWX MW E L XIWX MR E FSMPMRK WSPYXMSR XLEX GSRXEMRW QIXEPPMG GSTTIV < 8LMW XIWX HIXIGXW WYWGITXMFMPMX] XS MRXIVKVERYPEV EXXEGO EWWSGMEXIH [MXL XLI TVIGMTMXEXMSR SJ GLVSQMYQVMGL GEVFMHIW MR '*1 '*1 ERH 8M < 8LMW XIWX HSIW RSX HIXIGX WYWGITXMFMPMX] XS EXXEGO EWWSGMEXIH [MXL WMKQE TLEWI 790*96-' %'-( 8)78 < 8LI 3\EPMG %GMH )XGL 8IWX 4VEGXMGI % QE] FI YWIH XS WGVIIR GIVXEMR KVEHIW JVSQ XIWXMRK MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX WII 8EFPI +VEHIW RSX PMWXIH MR 8EFPI IMXLIV LEZI RSX FIIR IZEPYEXIH JSV YWI SJ 4VEGXMGI % [MXL XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX SV LEZI FIIR JSYRH XS KMZI EGGITXEFPI VIWYPXW MR XLI IXGL XIWX [LMPI KMZMRK YREGGITXEFPI VIWYPXW MR XLI GSTTIV´GSTTIV WYPJEXI´ WYPJYVMG EGMH XIWX XLYW TEWWMRK QEXIVMEP XLEX WLSYPH FI VINIGXIH 6)*)6)2')7 *SV SVMKMREP HIWGVMTXMSRW SJ XLI YWI SJ IXGL WXVYGXYVI GPEWWMÂGEXMSRW WII 7XVIMGLIV 1 % ¶7GVIIRMRK 7XEMRPIWW 7XIIPW JVSQ XLI L 2MXVMG %GMH 8IWX F] )PIGXVSP]XMG )XGLMRK MR 3\EPMG %GMH· %781 &YPPIXMR 2S *IFVYEV] T EPWS ¶6IWYPXW SJ 'SSTIVEXMZI 8IWXMRK 4VSKVEQ JSV XLI )ZEPYEXMSR SJ XLI 3\EPMG %GMH )XGL 8IWX· %781 &YPPIXMR 2S .ERYEV] T *SV SVMKMREP HIWGVMTXMSRW SJ XLI FSMPMRK RMXVMG EGMH XIWX WII ,YI] ; 6 ¶'SVVSWMSR 8IWX JSV 6IWIEVGL ERH -RWTIGXMSR SJ %PPS]W· 8VERWEGXMSRW %QIVMGER 7SGMIX] SJ 7XIIP 8VIEXMRK :SP T EPWS ¶6ITSVX SJ 7YFGSQQMXXII -: SR 1IXLSHW SJ 'SVVSWMSR 8IWXMRK· 4VSGIIHMRKW %781 :SP 4EVX - T 7XVIMGLIV 1 % ¶8LISV] ERH %TTPMGEXMSR SJ )ZEPYEXMSR 8IWXW JSV (IXIGXMRK 7YWGITXMFMPMX] XS -RXIVKVERYPEV %XXEGO MR 7XEMRPIWW 7XIIPW ERH 6IPEXIH %PPS]W4VSFPIQW ERH 3TTSVXYRMXMIW· -RXIVKVERYPEV 'SVVS 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 WMSR SJ 7XEMRPIWW %PPS]W %781 784 6 * 7XIMKIV[EPH IH %781 TT ´ 8LI YWI SJ GSTTIV XS EGGIPIVEXI XLI MRXIVKVERYPEV GSVVSWMSR SJ WIRWMXMÎH EYWXIRMXMG WXEMRPIWW WXIIPW MR GSTTIV WYPJEXI´WYPJYVMG EGMH [EW ÂVWX HIWGVMFIH F] , . 6SGLE MR XLI HMWGYWWMSR SJ E TETIV F] &VEYRW ) ERH 4MIV + 7XELP YRH )MWIR :SP T *SV SVMKMREP IZEPYEXMSR SJ XLI GSTTIV´GSTTIV WYPJEXI´WYPJYVMG EGMH XIWX WII 7GLEVJWXIMR 0 6 ERH )MWIRFVS[R ' 1 ¶%R )ZEPYEXMSR SJ %GGIPIVEXIH 7XVEYWW 8IWXMRK· %781 784 %781 TT ´ 7YFXPI IJJIGXW HYI XS ZEVMEXMSRW MR GSTTIV WYVJEGI EVIEW KEPZERMG GSRXEGX GSRHIRWIV HIWMKR IXG EVI HIWGVMFIH F] ,IVFWPIF + ERH 7GL[IRO ; ¶9RXIVWYGLYRKIR ^YV )MRWXIPPYRK HIW 6IHS\TSXIRXMEPW HIV 7XVEYWWGLIR 0~WYRK QMX >YWEX^ ZSR 1IXXEPMWGLIQ /YTJIV· 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8 'SVVSWMSR 7GMIRGI :SP TT ´ ;EPOIV ; 0 ¶:EVMEXMSRW MR XLI )ZEPYEXMSR SJ %781 % 4VEGXMGI ) 6IWYPXW %781 7YFGSQQMXXII % 6SYRH 6SFMR · -RXIVKVERY PEV 'SVVSWMSR SJ 7XEMRPIWW %PPS]W %781 784 6 * 7XIMKIV[EPH IH %781 TT ´ &VS[R 1 , ¶&ILEZMSV SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW MR )ZEPYEXMSR 8IWXW JSV XLI (IXIGXMSR SJ 7YWGITXMFMPMX] XS -RXIVKVERYPEV 'SVVSWMSR· 'SVVSWMSR :SP .ERYEV] TT ´ &-&0-3+6%4,= *SV SVMKMREP HIWGVMTXMSR SJ JIVVMG WYPJEXIWYPJYVMG EGMH XIWX WII 7XVIMGLIV 1 % ¶-RXIVKVERYPEV 'SVVSWMSR 6IWMWXERGI SJ %YWXIRMXMG 7XEMRPIWW 7XIIPW % *IVVMG 7YPJEXI7YPJYVMG %GMH 8IWX· %781 &YPPIXMR 2S %TVMP TT ´ *SV HIXEMPW WII (I0SRK ; & ¶8IWXMRK 1YPXMTPI 7TIGMQIRW SJ 7XEMRPIWW 7XIIPW MR E 1SHMÂIH &SMPMRK 2MXVMG %GMH 8IWX %TTEVEXYW· 7]QTSWMYQ SR )ZEPYEXMSR 8IWXW JSV 7XEMRPIWW 7XIIPW %781 784 %781 T 7II -RHYWXVMEP ERH )RKMRIIVMRK 'LIQMWXV] :SP T EPWS ¶%'7 %REP]XMGEP 6IEKIRXW 7TIGMÂGEXMSRW 6IGSQQIRHIH F] 'SQQMXXII SR %REP]XMGEP 6IEKIRXW· %QIVMGER 'LIQMGEP 7SGMIX] 1EVGL 7911%6= 3* ',%2+)7 'SQQMXXII % LEW MHIRXMÂIH XLI PSGEXMSR SJ WIPIGXIH GLERKIW XS XLMW WXERHEVH WMRGI XLI PEWX MWWYI % ´ XLEX QE] MQTEGX XLI YWI SJ XLMW WXERHEVH %TTVSZIH 7ITX %HHIH 2SXI XS EPPS[MRK SXLIV KPEWW NSMRXW 6IZMWIH %TTEVEXYW VIUYMVIQIRXW MR XS VIJIV XS 7IGXMSR %HHIH RI[ WYFWIGXMSR XS 4VEGXMGI ) XS GPEVMJ] VIUYMVIH LIEX XVIEXQIRX XLI TVMSV XS TIVJSVQMRK XLI 6ETMH 7GVIIRMRK )XGL 8IWX 'SQQMXXII % LEW MHIRXMÂIH XLI PSGEXMSR SJ WIPIGXIH GLERKIW XS XLMW WXERHEVH WMRGI XLI PEWX MWWYI % ´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´ZI ]IEVW ERH MJ RSX VIZMWIH IMXLIV VIETTVSZIH SV [MXLHVE[R =SYV GSQQIRXW EVI MRZMXIH IMXLIV JSV VIZMWMSR SJ XLMW WXERHEVH SV JSV EHHMXMSREP WXERHEVHW ERH WLSYPH FI EHHVIWWIH XS %781 -RXIVREXMSREP ,IEHUYEVXIVW =SYV GSQQIRXW [MPP VIGIMZI GEVIJYP GSRWMHIVEXMSR EX E QIIXMRK SJ XLI VIWTSRWMFPI XIGLRMGEP GSQQMXXII [LMGL ]SY QE] EXXIRH -J ]SY JIIP XLEX ]SYV GSQQIRXW LEZI RSX VIGIMZIH E JEMV LIEVMRK ]SY WLSYPH QEOI ]SYV ZMI[W ORS[R XS XLI %781 'SQQMXXII SR 7XERHEVHW EX XLI EHHVIWW WLS[R FIPS[ 8LMW WXERHEVH MW GST]VMKLXIH F] %781 -RXIVREXMSREP &EVV ,EVFSV (VMZI 43 &S\ ' ;IWX 'SRWLSLSGOIR 4% 9RMXIH 7XEXIW -RHMZMHYEP VITVMRXW WMRKPI SV QYPXMTPI GSTMIW SJ XLMW WXERHEVH QE] FI SFXEMRIH F] GSRXEGXMRK %781 EX XLI EFSZI EHHVIWW SV EX TLSRI JE\ SV WIVZMGI$EWXQSVK IQEMP SV XLVSYKL XLI %781 [IFWMXI [[[EWXQSVK 4IVQMWWMSR VMKLXW XS TLSXSGST] XLI WXERHEVH QE] EPWS FI WIGYVIH JVSQ XLI 'ST]VMKLX 'PIEVERGI 'IRXIV 6SWI[SSH (VMZI (ERZIVW 1% 8IP LXXT[[[GST]VMKLXGSQ 'ST]VMKLX%781-RXIVREXMSREP 4VSZMHIHF]-,7YRHIVPMGIRWI[MXL%781 2SVITVSHYGXMSRSVRIX[SVOMRKTIVQMXXIH[MXLSYXPMGIRWIJVSQ-,7 0MGIRWII!4IXVSJEG-RXIVREXMSREP0XH9WIV!6ENY1ERM 2SXJSV6IWEPI1(8

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