Public Document Pack
Planning and Highways Committee
Tuesday 20 October 2015 at 2.00 pm
To be held at the Town Hall, Pinstone Street, Sheffield, S1 2HH
The Press and Public are Welcome to Attend
Membership
Councillors Alan Law (Chair), Peter Rippon (Chair), Nasima Akther, David Baker, Jack Clarkson, Tony Damms, Roger Davison, Adam Hurst, Ibrar Hussain, Bryan Lodge, Peter Price, Denise Reaney, Chris Rosling-Josephs, Garry Weatherall and Joyce Wright
Substitute Members
In accordance with the Constitution, Substitute Members may be provided for the above Committee Members as and when required.
PUBLIC ACCESS TO THE MEETING
The Planning and Highways Committee is responsible for planning applications, Tree Preservation Orders, enforcement action and some highway, footpath, road safety and traffic management issues.
A copy of the agenda and reports is available on the Council’s website at www.sheffield.gov.uk . You can also see the reports to be discussed at the meeting if you call at the First Point Reception, Town Hall, Pinstone Street entrance. The Reception is open between 9.00 am and 5.00 pm, Monday to Thursday and between 9.00 am and 4.45 pm. on Friday. You may not be allowed to see some reports because they contain confidential information. These items are usually marked * on the agenda.
Recording is allowed at Planning and Highways Committee meetings under the direction of the Chair of the meeting. Please see the website or contact Democratic Services for details of the Council’s protocol on audio/visual recording and photography at council meetings.
Planning and Highways Committee meetings are normally open to the public but sometimes the Committee may have to discuss an item in private. If this happens, you will be asked to leave. Any private items are normally left until last.
Further information on this or any of the agenda items can be obtained by speaking to Martyn Riley on 0114 273 4008 or email [email protected] .
FACILITIES
There are public toilets available, with wheelchair access, on the ground floor of the Town Hall. Induction loop facilities are available in meeting rooms.
Access for people with mobility difficulties can be obtained through the ramp on the side to the main Town Hall entrance.
PLANNING AND HIGHWAY S COMMITTEE AGENDA 20 OCTOBER 2015
Order of Business
1. Welco me and Housekeeping Arrangements 2. Apologies for Absence 3. Exclusion of Public and Press To identify items where resolutions may be moved to exclude the press and public
4. Declarations of Interest (Pages 1 - 4) Members to declare any interests they have in the business to be considered at the meeting
5. Minutes of Previous Meeting (Pages 5 - 8) Minutes of the meeting of the Committee held on 29 September, 2015
6. Site Visit To agree a date for any site visits required in connection with planning applications prior to the next meeting of the Committee
7. Applications Under Various Acts/Regulations (Pages 9 - 280) Report of the Director of Regeneration and Development Services
8. Enforcement Of Planning Control: 34 Leebrook Avenue (Pages 281 - 288) Report of Director of Regeneration and Development Services
9. Record of Planning Appeal Submissions and Decisions (Pages 289 - 292) Report of the Director of Regeneration and Development Services
10. Date of Next Meeting The next meeting of the Committee will be held on 10 November, 2015
This page is intentionally left blank Agenda Item 4
ADVICE TO MEMBERS ON DECLARING INTERESTS AT MEETINGS
If you are present at a meeting of the Council, of its executive or any committee of the executive, or of any committee, sub-committee, joint committee, or joint sub- committee of the authority, and you have a Disclosable Pecuniary Interest (DPI) relating to any business that will be considered at the meeting, you must not:
• participate in any discussion of the business at the meeting, or if you become aware of your Disclosable Pecuniary Interest during the meeting, participate further in any discussion of the business, or • participate in any vote or further vote taken on the matter at the meeting.
These prohibitions apply to any form of participation, including speaking as a member of the public.
You must :
• leave the room (in accordance with the Members’ Code of Conduct) • make a verbal declaration of the existence and nature of any DPI at any meeting at which you are present at which an item of business which affects or relates to the subject matter of that interest is under consideration, at or before the consideration of the item of business or as soon as the interest becomes apparent. • declare it to the meeting and notify the Council’s Monitoring Officer within 28 days, if the DPI is not already registered.
If you have any of the following pecuniary interests, they are your disclosable pecuniary interests under the new national rules. You have a pecuniary interest if you, or your spouse or civil partner, have a pecuniary interest.
• Any employment, office, trade, profession or vocation carried on for profit or gain, which you, or your spouse or civil partner undertakes.
• Any payment or provision of any other financial benefit (other than from your council or authority) made or provided within the relevant period* in respect of any expenses incurred by you in carrying out duties as a member, or towards your election expenses. This includes any payment or financial benefit from a trade union within the meaning of the Trade Union and Labour Relations (Consolidation) Act 1992.
*The relevant period is the 12 months ending on the day when you tell the Monitoring Officer about your disclosable pecuniary interests.
• Any contract which is made between you, or your spouse or your civil partner (or a body in which you, or your spouse or your civil partner, has a beneficial interest) and your council or authority –
- under which goods or services are to be provided or works are to be executed; and - which has not been fully discharged.
Page 1
• Any beneficial interest in land which you, or your spouse or your civil partner, have and which is within the area of your council or authority.
• Any licence (alone or jointly with others) which you, or your spouse or your civil partner, holds to occupy land in the area of your council or authority for a month or longer.
• Any tenancy where (to your knowledge) – - the landlord is your council or authority; and - the tenant is a body in which you, or your spouse or your civil partner, has a beneficial interest.
• Any beneficial interest which you, or your spouse or your civil partner has in securities of a body where -
(a) that body (to your knowledge) has a place of business or land in the area of your council or authority; and
(b) either - - the total nominal value of the securities exceeds £25,000 or one hundredth of the total issued share capital of that body; or - if the share capital of that body is of more than one class, the total nominal value of the shares of any one class in which you, or your spouse or your civil partner, has a beneficial interest exceeds one hundredth of the total issued share capital of that class.
If you attend a meeting at which any item of business is to be considered and you are aware that you have a personal interest in the matter which does not amount to a DPI, you must make verbal declaration of the existence and nature of that interest at or before the consideration of the item of business or as soon as the interest becomes apparent. You should leave the room if your continued presence is incompatible with the 7 Principles of Public Life (selflessness; integrity; objectivity; accountability; openness; honesty; and leadership).
You have a personal interest where –
• a decision in relation to that business might reasonably be regarded as affecting the well-being or financial standing (including interests in land and easements over land) of you or a member of your family or a person or an organisation with whom you have a close association to a greater extent than it would affect the majority of the Council Tax payers, ratepayers or inhabitants of the ward or electoral area for which you have been elected or otherwise of the Authority’s administrative area, or
• it relates to or is likely to affect any of the interests that are defined as DPIs but are in respect of a member of your family (other than a partner) or a person with whom you have a close association.
Page 2 Guidance on declarations of interest, incorporating regulations published by the Government in relation to Disclosable Pecuniary Interests, has been circulated to you previously.
You should identify any potential interest you may have relating to business to be considered at the meeting. This will help you and anyone that you ask for advice to fully consider all the circumstances before deciding what action you should take.
In certain circumstances the Council may grant a dispensation to permit a Member to take part in the business of the Authority even if the member has a Disclosable Pecuniary Interest relating to that business.
To obtain a dispensation, you must write to the Monitoring Officer at least 48 hours before the meeting in question, explaining why a dispensation is sought and desirable , and specifying the period of time for which it is sought. The Monitoring Officer may consult with the Independent Person or the Council’s Standards Committee in relation to a request for dispensation.
Further advice can be obtained from Gillian Duckworth, Director of Legal and Governance on 0114 2734018 or email [email protected] .
Page 3 This page is intentionally left blank
Page 4 Agenda Item 5 S H E F F I E L D C I T Y C O U N C I L
Planning and Highways Committee
Meeting held 29 September 2015
PRESENT: Councillors Peter Rippon (Chair), David Baker, Tony Damms, Roger Davison, Ibrar Hussain, Alan Law, Bryan Lodge, Peter Price, Denise Reaney, Garry Weatherall, Joyce Wright and Roy Munn (Substitute Member)
1. APOLOGIES FOR ABSENC E
1.1 An apology for absence was received from Councillor Adam Hurst and Councillor Roy Munn attended as the duly appointed substitute. An apology for absence was also received from Councillor Nasima Akther but no substitute was appointed.
2. EXCLUSION OF PUBLIC AND PR ESS
2.1 No items were identified where resolutions may be moved to exclude the press and public.
3. DECLARATIONS OF INTE REST
3.1 There were no declarations of interest.
4. MINUTES OF PREVIOUS MEETING
4.1 The minutes of the meeting of the Committee held on 4 September 2015 were approved as a correct record subject to the removal of Councillor Garry Weatherall from the list of those present at the meeting.
5. SITE VISIT
5.1 RESOLVED: That the Director of Regeneration and Development Services, in liaison with a Co-Chair of the Committee, be authorised to make arrangements for a site visit in connection with any planning applications requiring a visit by Members prior to the next meeting of the Committee.
6. TREE PRESERVATION OR DER NO. 400: 2 TAPT ON PARK MOUNT
6.1 RESOLVED : That no objections having been received, the Tree Preservation Order No. 400 made on 7 April 2015, in respect of trees in the garden of 2 Tapton Park Mount be confirmed as an unopposed Order.
7. TREE PRESERVATION OR DER NO. 401: 297 WE STERN BANK
7.1 RESOLVED : That no objections having been received, the Tree Preservation Order No. 401 made on 23 April 2015, in respect of a large Oriental Plane tree in the front garden of 297 Western Bank be confirmed as an unopposed Order.
Page 5 Meeting of the Planning and Highways Committee 29.09.2015
8. TREE PRESERVATION OR DER NO. 402: 110 IV Y PARK ROAD
8.1 RESOLVED : That no objections having been received, the Tree Preservation Order No. 402 made on 23 April 2015, in respect of a mature pine tree in the front garden of 110 Ivy Park Road be confirmed as an unopposed Order.
9. TREE PRESERVATION OR DER NO. 403: LAND A T STORTH LANE, ADJOINING SLACK FIELDS LANE, WHARNCLIFFE SIDE
9.1 RESOLVED : That no objections having been received, the Tree Preservation Order No. 403 made on 28 April 2015, in respect of trees at land at Storth Lane, Wharncliffe Side be confirmed as an unopposed Order.
10. APPLICATIONS UNDER V ARIOUS ACTS/REGULATI ONS
10.1 RESOLVED: That (a) the applications now submitted for permission to develop land under the Town and Country Planning Act 1990 and the Regulations made thereunder and for consent under the Town and Country Planning (Control of Advertisements) Regulations 1989, be decided as shown in the minutes of this meeting, and the requisite notices issued; the granting of any permission or consent shall not constitute approval, permission or consent by this Committee or the Council for any other purpose;
(b) (i) an application for advertisement consent for a 1 no. illuminated fascia sign at Sahib Restaurant, 138 West Street (Case No. 15/01746/ADV) be refused as the Committee considered that given the scale, design and siting of the fascia sign it was entirely out of character with the existing building and the wider locality, with particular note made to the adjacent City Centre Conservation Area from which it is clearly viewed, and that the sign was therefore considered to be contrary to Paragraph 67 of the National Planning Policy Framework, Policy BE13 (Advertisements) and Policy BE16 (Development in Conservation Areas) within the adopted Sheffield Unitary Development Plan; and (ii) the Director of Development Services or Head of Planning be authorised to take all necessary steps, including enforcement action and the institution of legal proceedings, if necessary, to secure the removal of the sign;
(c) (i) following consideration of representations from the chairman of a local junior football club, a local Ward Councillor and a representative of the applicant, an application for planning permission for the erection of 58 dwellinghouses and 6 affordable housing apartments, public open space and alterations to public highway at site of King Ecgberts Upper School, Furniss Avenue (Case No. 15/01504/FUL) be granted, conditionally, subject to unilateral agreement; and (b) whilst the Committee understood that the expenditure of Community Infrastructure Levy monies was not for the Committee to decide, they requested that it be noted that the Committee would wish to see the neighbourhood portion of the monies from the Community Infrastructure Levy collected as a result of this development to be spent on the provision of toilet and changing facilities on the neighbouring sports pitches site;
Page 6 Meeting of the Planning and Highways Committee 29.09.2015
(d) following consideration of additional representations from the applicant and an officer response, as contained in a supplementary report circulated at the meeting, and representations at the meeting from the applicant against the officer recommendation to refuse, an application for planning permission for demolition of car showroom and associated buildings and erection of mixed use development comprising four blocks ranging from 6-12 storeys in height to provide 2027m2 of retail space, 130 residential apartments, 44 student cluster flats (209 beds) with subterranean car parking accommodation, associated landscaping works, external bin store, cycle parking and electricity substation at 245 Ecclesall Road (Case No. 15/00180/FUL) be refused for the reasons set out in the report; and
(e) (i) following consideration of corrections to the report, a response from the Coal Authority, an additional representation from a local MP and an officer response, and, subject to amended conditions and a revised head of terms, all as detailed in a supplementary report circulated at the meeting, and representations at the meeting from a representative of the applicant speaking in favour of the application, an application for outline planning permission for retail and leisure scheme with associated customer car parking, landscaping and servicing at land between Drake House Crescent and Eckington Way, Drake House Way (Case No. 15/00277/OUT) be granted, conditionally, subject to the completion of a legal agreement; and (ii) whilst not considered relevant to the determination of this application, the Committee expressed concerns regarding traffic problems in the vicinity of the site and the need for this to be investigated further by way of a detailed study and requested that this be recorded.
11. RECORD OF PLANNING A PPEAL SUBMISSIONS AN D DECISIONS
11.1 The Committee received and noted a report of the Director of Regeneration and Development Services detailing (a) the planning appeals recently submitted to the Secretary of State and (b) the outcome of recent planning appeals, along with a summary of the reasons given by the Secretary of State in his decision.
12. DATE OF NEXT MEETING
12.1 RESOLVED: That it be noted that the next meeting of the Committee will be held on Tuesday 20 October 2015 at 2.00 pm at the Town Hall.
Page 7 This page is intentionally left blank
Page 8 Agenda Item 7
SHEFFIELD CITY COUNCIL
Planning and Highways Committee
Report of: Director of Regeneration and Development Services ______
Date: 20/10/2015 ______
Subject: Applications under various acts/regulations ______
Author of Report: John Williamson and Lucy Bond (273 4218) ______
Summary:
______
Reasons for Recommendations (Reports should include a statement of the reasons for the decisions proposed)
Recommendations:
______
Background Papers:
Category of Report: OPEN
Page 9
Page 10 Application No. Location Page No.
15/03117/FUL (Formerly PP- 1B Chambers LaneSheffieldS4 8DA 13 04438558)
15/02950/FUL (Formerly PP- Curtilage Of 1 Stumperlowe Hall 21 04381694) ChaseSheffieldS10 3QY
15/02893/FUL (Formerly PP- Rivelin Water Treatment WorksManchester 37 04389690) RoadCrosspoolSheffieldS6 5SP
15/02720/FUL (Formerly PP- Land Adjoining 288 To 54 04349235) 292ShalesmoorSheffieldS4 8UL
15/01781/LBC (Formerly PP- W A Tyzack & Co LtdGreen Lane WorksGreen 73 04180786) LaneShalesmoorSheffieldS3 8SE
15/01780/FUL (Formerly PP- W A Tyzack & Co LtdGreen Lane WorksGreen 88 04180786) LaneShalesmoorSheffieldS3 8SE
15/01577/FUL (Formerly PP- 57 Stannington View RoadSheffieldS10 1SQ 110 04029624)
15/01262/OUT (Formerly PP- Land Between Europa Link And Europa 124 03786246) CourtEuropa LinkSheffieldS9 1XE
15/00122/FUL (Formerly PP- Dyson Refractories LtdGriffs Fireclay 212 03805971) WorksStopes RoadSheffieldS6 6BW Page 11
Page 12 !"##$"%&'($)*'(+,-($%' ' ./0123'+4')5/'!/67'+4'896::;:<' )1'35/'896::;:<'6:7'!;<5=6>?'(1@@;33//' &63/'+4'A//3;: ' ' (6?/'-N@R/2' FGEDWFFXE#,%'S#12@/29>'88YDZZW[GG[T' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' &/@19;3;1:'14'/\;?3;:<'RN;97;:<'6:7'/2/O3;1:'14'C' ?3126' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page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`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aN9>'CDFG'6:7'35/'41991=;:<'@;3;<63;1:'@/6?N2/?' 7/36;9/7'=;35;:'35/'#.HB' ' ' FU' #;:;?5/7'49112'9/P/9?'62/'?/3':1'91=/2'356:'FGD@@'6R1P/'67^6O/:3'' ' ' <21N:7'9/P/9?U' ' CU' )5/':/='RN;97;:'=;35'35/'' ' ' ' =63/2O1N2?/U' ' WU' "9/O32;O?'31'R/'26;?/7'6'@;:;@N@'14'F'@/32/'6R1P/'35/'4;:;?5/7'49112' ' ' 9/P/9U' ' ZU' )5/'RN;97;: Page 14 )5/'@;3;<63;1:'@/6?N2/?'?5699'R/'4N99>';@09/@/:3/7'02;12'31' 1OON063;1:'6:7'?NR?/_N/:39>';:'6OO1276:O/'=;35'35/'3;@;:<'E'056?;:<' 6226:'6:7'@;3;<63;:<'6<6;:?3'35/' 2;?Q?'14'49117;: ' ' ' ' ' Page 15 ;3/'%1O63;1:' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 16 %+(H)$+-'H-&'8.+8+ H%' ' )5/'02101?69'2/4/2?'31'6:';:7N?32;69'62/6'N?/7'6?'10/:'?3126' O1P/2/7'?3126'6?'6'?O260>627U'')5;?'4699?'=;35;:'6'M[' N?/'O96??'N:7/2'35/',?/'(96??'+27/2U' ' )5/'?;3/';?'0623;699>'=;35;:'49117'b1:/'W'S5;<5'2;?QTU' ' )5/'6009;O63;1:'?//Q?'0/2@;??;1:'31'7/@19;?5'35/'/\;?3;:<'RN;97;:<'1:'?;3/V'6:7'31' /2/O3'C'?3126627'N?/U' ' ."%"fH-)'8%H--$-I'!$ )+.*'' ' )5/2/';?':1'2/O/:3'2/9/P6:3'096::;:<'5;?312>'412'35;?'?;3/U' ' ,AAH.*'+#'."8." "-)H)$+- ' ' -1'=2;33/:'2/02/?/:363;1:?'56P/'R//:'2/O/;P/7';:'O1:^N:O3;1:'=;35'35;?'6009;O63;1:U' ' 8%H--$-I'H " A"-)' ' 82;:O;09/'14'35/',?/' ' )5/'?;3/';?'=;35;:'6'#2;:'6:7'MN?;:/??'H2/6'6?'7/?;<:63/7'R>'35/' 02/?/:3',:;362>'&/P/910@/:3'896:'S,&8TU''819;O>'$Me'421@'35/',&8'g&/P/910@/:3' ;:'#2;:'6:7'MN?;:/??'H2/6?h'096O/?'MF'gMN?;:/??h'N?/?'6?'6'g02/4/22/7h' N?/U''+0/:' 3126'R/'?N00123/7';:'02;:O;09/'R>' 019;O>'$Me'6R1P/U' ' &/?;<:'6:7'H00/626:O/' ' $:''$Mi' S0623'OT'421@'35/',:;362>'&/P/910@/:3'896:V'=5;O5'?//Q?'31'/:?N2/'7/P/910@/:3';?' =/99'7/?;<:/7'=;35'RN;97;:'M"G'gMN;97;:<'&/?;<:'6:7' ;3;: Page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b1:/?'FV'CV'6:7'W6V'=;35'35/'@6^12;3>'=;35;:'b1:/'W6U''%11Q;:<'63'35/' 62/6'O1P/2/7'R>'b1:/'W6V';3';?':13'01??;R9/'412'35/'RN;93'412@'31'R/'2/?32;O3/7'31' 62/6?'1N3?;7/'b1:/'W6U''' ' 8626<2605?'FDD'31'FDZ'14'35/'-63;1:69'896::;:<'819;O>'#26@/=12Q'S-88#T'2/_N;2/' 7/P/910@/:3'31'R/'7;2/O3/7'6=6>'421@'35/'62/6?'14'5;<5/?3'49117'2;?QV'N3;9;?;:<'6' ?/_N/:3;69'600216O5U')5/'6;@'14'35;?'?/_N/:3;69'3/?3';?'31'?3//2':/='7/P/910@/:3' 31=627'62/6?'=;35'35/'91=/?3'021R6R;9;3>'14'49117;: Page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eX'g#9117'.;?Q'A6:6U'')5;?' 2/_N;2/?'7/P/910@/:3'31'R/'7/?;<:/7'31'2/7NO/'49117'2;?Q?U''' ' ]5/2/'7/P/910@/:3'O6:'R/'?N00123/7';:'6:'62/6'=;35'6'5;<5'021R6R;9;3>'14'49117;: Page 19 ' !;<5=6>?' ' 819;O>'$Mi'S0623'4T'2/_N;2/?'7/P/910@/:3'31'R/'67/_N63/9>'?/2P/7'R>'326:?0123' 46O;9;3;/?'6:7'021P;7/'?64/'6OO/??'31'35/'5;<5=6>'=;35'6:'6002102;63/'7/<2//'14'144Y ?32//3'062Q;:<'021P;?;1:U''H?'35/'?;3/';?'=;35;:'35/',2R6:'H2/6'6:7'N3;9;?/?'6:' /\;?3;:<'6OO/??V';3';?'9;Q/9>'3563'35/'6226:'01;:3'14'P;/=U'',&8' Page 20 ' ' (6?/'-N@R/2' FGEDCiGDE#,%'S#12@/29>'88YDZW[FeiZT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' "2/O3;1:'14'7=/99;:<51N?/' ' %1O63;1:' (N23;96' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 21 ./6?1:B''$:'127/2'31'O1:3219'?N246O/'=63/2'2N:'144'421@'35/'?;3/'6:7'@;3;<63/' 6<6;:?3'35/'2;?Q'14'49117;: Page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age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eU' -13=;35?36:7;:<'35/'021P;?;1:?'14'35/')1=:'6:7'(1N:32>'896::;:<'SI/:/269' 8/2@;33/7'&/P/910@/:3T'+27/2'CDFG'S6:7'6:>'127/2'2/P1Q;:<'6:7'2/Y /:6O3;:<'35/'127/2T':1'=;:71=?'12'135/2'10/:;:'0/2@;33/7'=;351N3'35/'02;12'=2;33/:'60021P69'14'35/' %1O69'896::;:<'HN3512;3>U' ' ' ./6?1:B''$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'1OON0;/2?'14'67^1;:;:<'0210/23>U' ' FXU' N246O/'=63/2'726;:6?U' ' ' ./6?1:B'')1'/:?N2/'?63;?46O312>'726;:6?3/@?U' ' ' ./6?1:B'')1'/:?N2/'?63;?46O312>'726;:6'062Q;:<'021P;?;1:';:'35/';:3/2/?3?'14'32644;O' ?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' ' CDU' )5/'/\;?3;:<'O62'062Q;:<'6OO1@@1763;1:'=;35;:'35/'?;3/V'6?';:7;O63/7'1:'35/' 60021P/7'096:?V'?5699'R/'2/36;:/7'412'35/'?19/'N?/'14'35/'1OON0;/2?'14'35/' 7/P/910@/:3'5/2/R>'60021P/7U' ' ./6?1:B'')1'/:?N2/'?63;?46O312>'062Q;:<'021P;?;1:';:'35/';:3/2/?3?'14'32644;O' ?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' '' Page 24 H33/:3;1:';?'&26=:'31'35/'#1991=;:<'&;2/O3;P/?B' FU' )5/'%1O69'896::;:<'HN3512;3>'56?'7/693'=;35'35/'096::;:<'6009;O63;1:';:'6' 01?;3;P/'6:7'0216O3;P/'@6::/2';:'6OO1276:O/'=;35'35/'2/_N;2/@/:3?'14'35/' -63;1:69'896::;:<'819;O>'#26@/=12QU')5/'%1O69'896::;:<'HN3512;3>' O1:?;7/2/7'3563';3'=6?:c3':/O/??62>'31'56P/'7/36;9/7'7;?ON??;1:?';:'35;?' O6?/U' CU' M>'96=V'35;?'7/P/910@/:3'2/_N;2/?'35/'6991O63;1:'14'144;O;69V'2/<;?3/2/7' 6772/??S/?T'R>'35/'(1N:O;9h?' 32//3'-6@;:<'6:7'-N@R/2;:<'+44;O/2U'89/6?/' 2/4/2'31'35/' 32//3'-6@;:<'6:7'-N@R/2;:<'IN;7/9;:/?'6:7'6009;O63;1:'412@?' 1:'35/'(1N:O;9'=/R?;3/U'#12'4N235/2'5/90'6:7'67P;O/'09/6?/'2;:<'DFFZ' CXWeFCX'12'/@6;9'?::l?5/44;/97U<1PUNQU'89/6?/'R/'6=62/'3563'46;9N2/'31' 6009>'412'6772/??/?'63'35/'O1@@/:O/@/:3'14'35/'=12Q?'=;99'2/?N93';:'35/' 2/4N?69'14'?363N312>'N:7/236Q/2?'31'96>EO1::/O3'?/2P;O/?V'7/96>?';:'4;:7;:<'35/' 02/@;?/?';:'35/'/P/:3'14'6:'/@/2'6:7'9/<69'7;44;ON93;/?'=5/:'?/99;:<'12' 9/33;:<'35/'0210/23;/?U' ' ' Page 25 ;3/'%1O63;1:' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page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eGWE#,%'1:'FFEDFECDDeU' ' )5/'6009;O63;1:'?;3/';?'6:'62/6'14'<627/:'31':N@R/2'FV'=5;O5';?'1:'6'?910;:<'?;3/V' =5;O5'2;?/?'31'35/'-1235'6:7']/?3U'')699'5/7' CXEDXEFiXX' ' [XEDC[CiE+,)' "2/O3;1:'14'6'&=/99;:<' ' ./4N?/7' ' ' CiEDCEFi[[' ' [iEDCDe[E#,%' "\3/:?;1:'31'412@'7;:;:<'211@'6:7'R2/6Q46?3'211@V'=;35' R/7211@'R635211@'6:7'72/??;:<'211@'1P/2U' ' ' ' ' ' I26:3/7'(1:7;3;1:699>' WFEDXEFi[i' ' ,AAH.*'+#'."8." "-)H)$+- ' ' ;\'2/02/?/:363;1:?'56P/'R//:'2/O/;P/7'1R^/O3;:<'31'35/'02101?69U''H'?N@@62>'14' 35/'1R^/O3;1:?'62/'021P;7/7'R/91=B' ' &/?;<:' ' Y' )5/'02101?69'=1N97'2/@1P/'6:'62/6'14'<2//:'?06O/U' Y' )5/'02101?69'=1N97'R/'6:'1P/27/P/910@/:3'14'35/'?;3/V'6:7';?'63'177?'=;35' 35/'O5626O3/2'14'35/'91O69;3>U''' Y' MN;97;:<'6'3=1Y?312/>'0210/23>'O91?/'31' 3N@0/291=/'(2143'=;99'O56:'63'35/'310'14'6'?910/'=;99'2/?N93';:'6'71@;://2;:<' 600/626:O/U' $@06O3'1:'35/'H@/:;3>'14'-/;<5R1N2?' ' Page 27 Y' G'!;99O13/'&2;P/'=;99'R/'?NR^/O3/7'31'9;<53'0199N3;1:'421@'35/'2/62'=;:71=?U' Y' G'!;99O13/'&2;P/'=;99'R/'?NR^/O3/7'31':1;?/'421@'35/'51N?/'6:7'<627/:'7N/'31' ;3?'O91?/'021\;@;3>'31'35;?':/;<5R1N2U' Y' )5/'02101?69'=;99'911Q'71=:'N01:'FW' 3N@0/291=/'(2143V'6:7'=;99'1P/2911Q' ?/P/269'211@?'14'35;?'0210/23>U' Y' )5/'N00/2'49112'=;:71=?'=;99'1P/2911Q'W' 3N@0/291=/'!699'(56?/' ' $@06O3'1:')2//?' ' Y' )5/'32//?'1:'?;3/'56P/'6:'6/?35/3;O'P69N/'31':/;<5R1N2?V'6:7'69?1'021P;7/'6' 56R;363'412'=;979;4/V'6:7'=1N97'R/'2/@1P/7'R>'35/'02101?/7'7/P/910@/:3U' Y' )5/'0199627;:<'14'35/'32//?'56?'R//:'O622;/7'1N3'R>'35/'6009;O6:3V'6:7'?51N97' :13'R/'N?/7'31'^N?3;4>'35/;2'2/@1P69U' ' !;<5=6>?'(1:?;7/263;1:?' ' Y' )5/'2167'=;99':13'021P;7/'260;7'6OO/??'412'"@/2'f/5;O9/?U' Y' H77;3;1:69'32644;O'=;99'67P/2?/9>'644/O3'6:7';:O1:P/:;/:O/'0210/23;/?'1:' 3N@0/291=/'!699'(56?/U' Y' )5/'(56?/';?'311':6221='412'677;3;1:69'32644;OU' Y' 64/3>'O1:O/2:?'3563'35/'677;3;1:'31'32644;O'O6N?/7'R>'35/':/='0210/23>'6:7' 96OQ'14'R622;/2?'R/3=//:'<627/:?'6:7'35/'6OO/??'2167'=;99'O6N?/'?64/3>' ;??N/?'6:7'76:'R/9;/P/'35/'02101?69'31'R/'O1:3262>'31'1R^/O3;P/?'31';@021P/' O1@@N:;3>'?64/3>V'31'2/7NO/'/@;??;1:?'421@'P/5;O9/?V'6:7'31'9;@;3'-+\' /@;??;1:?V'=5;O5'35/>'62 Page 28 7/P/910@/:3'6?'<2//:4;/97'7/P/910@/:3'56?':13'R//:';@06O3/7'R>'35/';:3217NO3;1:' 14'35/'-88#U''' ' 8%H--$-I'H " A"-)' ' $:'3/2@?'14'-63;1:69'819;O>V'35/'-63;1:69'896::;:<'819;O>'#26@/=12Q'O622;/?' @63/2;69'=/;<53U''' ' 8626<2605'FZ'?363/?'3563B' K63'35/'5/623'14'35/'-63;1:69'896::;:<'819;O>'#26@/=12Q';?'6'02/?N@03;1:';:' 46P1N2'14'?N?36;:6R9/'7/P/910@/:3LU' ''' $3'69?1'/\096;:?'3563V'412'7/O;?;1:'@6Q;: Page 29 )5/'-88#'<1/?'1:'31'?6>';:'0626<2605'GW'3563'%8H?'?51N97'O1:?;7/2'?/33;:<'1N3' 019;O;/?'31'2/?;?3';:6002102;63/'7/P/910@/:3'14'2/?;7/:3;69'<627/:?V'412'/\6@09/' =5/2/'35/>'=1N97'O6N?/'562@'31'35/'91O69'62/6U' ' )5/2/';?V'35/2/412/V'6'02/?N@03;1:'6<6;:?3';:6002102;63/'7/P/910@/:3';:'02;P63/' <627/:?'?1'31'/?36R9;?5'=5/35/2'12':13'35;?'02101?69';?'g;:6002102;63/h'35/' 6009;O63;1:'://7?'31'R/'?/3'6<6;:?3'699'2/9/P6:3'019;O>'O2;3/2;6U' ' )5/'-88#'69?1'2/Y644;2@?'02/P;1N?':63;1:69'019;O>'67P;O/'R>'/\O9N7;:<'02;P63/' 2/?;7/:3;69'<627/:?'421@'35/'7/4;:;3;1:'14'02/P;1N?9>'7/P/910/7'96:7U''(12/' 3263/<>' 019;O>'( CZ'<;P/?'02;12;3>'412'35/'7/P/910@/:3'14':/='51N?;:<'1:'02/P;1N?9>' 7/P/910/7'96:7'6:7'?363/?'3563':1'@12/'356:'FC`'14'7=/99;:'1OON2'1:'?@699'?;3/?'=;35;:'N2R6:'62/6?V'=5/2/';3'O6:'R/' ^N?3;4;/7'1:'?N?36;:6R;9;3>'<21N:7?U'')5/'ON22/:3'51N?/'O1@09/3;1:'7636R6?/'?51=?' 3563'GUX`'14':/='51N?/?'56P/'R//:'RN;93'1:'I2//:4;/97V'=/99'=;35;:'35/'FC`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g!1N?;:<';:'35/' 1N35']/?3'H2/6hU'')5;?'019;O>'?363/?'3563'35/'?O69/'14' :/='7/P/910@/:3'=;99'R/'6OO1@@1763/7'63'6:'6002102;63/'7/:?;3>U''8626<2605' [UZF'7/?O2;R/?'51='35/':63N269'?/33;: Page 30 =1N97'/:?N2/'3563'6'7/P/910@/:3'=1N97'R/'6OO1@@1763/7'63'6:'6002102;63/' 7/:?;3>'412'35/'91O63;1:'=;35'6:'6226:'O1:32;P/7'6:7';?';:' ?O69/'=;35'35/'411302;:3'14':/;<5R1N2;:<'51N?/?'6:7'7/P/910@/:3?U''' ' &/?;<:'14'35/'82101?/7'&=/99;:<51N?/' ' ./9/P6:O/';?'<;P/:'31'019;O>'( XZV'2/4/22/7'31'6R1P/U''$:'677;3;1:V'019;O>'M"G' gMN;97;:<'&/?;<:'6:7' ;3;: 819;O>'M"e'g%6:7?O60/'&/?;<:h'421@'35/',&8'?//Q?'<117'_N69;3>'96:7?O60/'7/?;<:' ;:':/='7/P/910@/:3?'' ' )5/'71/?'O1:?;?3'14'?/P/269'32//?'6:7';?'?N221N:7/7'R>'3699'5/7<;: Page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e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i'?363/?'3563'?N?36;:6R9/'7/P/910@/:3';:P19P/?'?//Q;:<'01?;3;P/' ;@021P/@/:3'31'0/109/h?'_N69;3>'14'9;4/V';:O9N7;:<';@021P;:<'35/'O1:7;3;1:?';:'=5;O5' 0/109/'9;P/U' ' )1' Page 32 ' )1'35/' 1N35V'35/'51N?/';?'@12/'356:'Fi@'7;?36:3'421@':N@R/2'WU' ' )5/'51N?/'63'F' 3N@0/291=/'!699'(56?/'=;99'56P/'?1@/'=;:71=?';@06O3/7'R>'35/' :/='51N?/U''!1=/P/2V'35/?/'=;99':13'R/'35/'02;@/'?19/'=;:71=?'31'35/'211@?' ?/2P/7V'=5/2/R>'6'@6;:'1N3911Q';?'021P;7/7'31'35/' 1N35U''H?'?NO5V'35/'9;P;:<' O1:7;3;1:?'14'35;?':/;<5R1N2'=;99':13'R/'N:7N9>';@06O3/7'N01:U' ' (1:O/2:;:<'35/';@06O3'1:':/;<5R1N2;:<'<627/:?V'35/':/='51N?/';?'?51=:'?/3';:'63' 9/6?3'WUG@'421@'35/'ON23;96'2/7NO/'35/';@06O3' 14'35/'51N?/'7;2/O39>'1:'35/?/'<627/:'62/6?'31'6'7/<2//'=5/2/R>';3'O6::13'R/' O1:?;7/2/7'31'56P/'6'?;<:;4;O6:3'1P/2R/62;:<';@06O3U''' ' $:'3/2@?'14'02;P6O>V'35/'51N?/'=;99':13'4/63N2/'6:>'=;:71=?'7;2/O39>'46O;:<'31=627?' :N@R/2'FW' 3N@0/291=/'(2143U'')5/'@6;:'421:3'=;:71=?'=;99'R/'63'iDY7/<2//?'31' 35/'2/62'=;:71=?'14'35;?':/;<5R1N2V'6:7'=;99':13'P;/='31=627?'35/'2/62'12'?;7/' =;:71=?'14'35;?'51N?/U''%;Q/=;?/V':1'7;2/O3'1P/2911Q;:<'31'35/'211@?'14'F' 3N@0/291=/'!699'(56?/'=1N97'1OON2U''' ' (1:O/2:;:<'135/2':/;<5R1N2?V'144'14'35/?/'=;99'56P/'=;:71=?'@12/'356:'CF@' 7;?36:3'421@'35/'=;:71=?'?51=:'N01:'35/'?NR^/O3'0210/23>'=5/:'7;2/O3'P;/=?'421@' 35/?/'62/'36Q/:';:31'6OO1N:3U' ' f;/=?';:31':/;<5R1N2;:<'<627/:?'?51N97':13'R/'?;<:;4;O6:3U'')5/'2/62'=;:71=?'=;99' R/'9;@;3/7';:'?;b/'6:7':N@R/2U'')5/>'=;99'R/'60021\;@63/9>'[@'7;?36:3'421@'35/'2/62' ON23;961:7'6'0NR9;O'326OQ=6>U'')5;?'7;?36:O/';?' O1:?;7/2/7'?N44;O;/:3'31'02/P/:3'O1:?;7/26R9/'1P/2911Q;:<'14'35/'6@/:;3>'?06O/' R/>1:7V'<;P/:'3563'35/'I1P/2:@/:3h?'8/2@;33/7'&/P/910@/:3'+27/2'021P;7/?'6:' [@'?/06263;1:'7;?36:O/'31'35/'2/62'ON23;96'/\3/:?;1:?'=;35'O9/62'<96b/7'2/62'=;:71=?V'=5;O5'021P;7/?'6' Page 33 ' $:'9;:/'=;35'35;?V';3';?':13/7'3563'699'35/'@6;:'56R;36R9/'211@?'=;99'/:^1>'6'?N;36R9/' 1N3911QV':136R9>'31'35/'421:3'14'35/'7=/99;:<51N?/V'6:7'3563'6'?N44;O;/:3'02;P63/' <627/:'62/6'=;99'R/'412@/7'31'35/'421:3U''' ' ":P;21:@/:369'8213/O3;1:' ' $:'9;:/'=;35'019;O>'!FZ'S0623'OTV'35/2/';?'6'://7'31'/:?N2/'3563'699'2/?;7/:3?'62/':13' /\01?/7'31'O1:36@;:6:3?E:1;?/'7N2;:<'O1:?32NO3;1:'=12QU''H?'?NO5V'2/9/P6:3' O1:7;3;1:?'=;99'R/'N?/7'31'9;@;3'O1:?32NO3;1:'51N2?'31'?N;36R9/'3;@/?'31'6P1;7'963/' :;<53':1;?/k'31'?//Q'7/36;9?'31'9;@;3'7N?3'7;?01?69k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b/'14'35/'32//?'6:7'?@699'?O69/'096:3;:<'7;2/O39>' ;@06O3/7'N01:'62/';:?N44;O;/:3'31'021P;7/'6'56R;363'412'0213/O3/7'?0/O;/?U'')5/2/';?' :1'/P;7/:O/'14'0213/O3/7'?0/O;/?'1:'35/'?;3/U''-1'?:N449/'519/?'/\;?3'?N Page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eX'g#9117'.;?Q'A6:6'2/02/?/:363;1:?U' ' )5/'019;O>'71/?'2/_N;2/'2/7NO3;1:?'31'2N:144'31':1'@12/'356:'G'9;32/?'0/2'?/O1:7'0/2' 5/O362/U''!1=/P/2V';3'1:9>'6009;/?'35;?'31'?;3/?'14'1P/2'F'5/O362/U''' ' $:'35/'O6?/'14'35;?'7/P/910@/:3V'35/'F'5/O362/'2/_N;2/@/:3'71/?'9;@;3'35/'?0/O;4;O' O1:3219?'1:'2N:144'3563'O6:'R/'^N?3;4;/7U''!1=/P/2V';3';?'6002102;63/'31'2/_N;2/'35/' N?/'14':63N269'?16QY6=6>?'412'35/'72;P/=6>'1:'?;3/'6:7'412'35/':/='7=/99;:<51N?/' 31'56P/':63N269'=63/2'726;:6?3/@'31'91O69'?/=/2?V'=5;O5'O6:' R/'O1:7;3;1:/7U''' ' (1@062;?1:?'31'35/' O5/@/'./4N?/7'N:7/2'[XEDC[CiE+,)''' ' $3';?':13/7'3563'6'?O5/@/'=6?'2/4N?/7'0/2@;??;1:'412'6'51N?/'5/2/';:'Fi[X'1:'35/' R6?;?'14'R/;:<'R6OQ96:7'7/P/910@/:3'3563'=1N97'1P/2911Q'67^6O/:3'0210/23>V'6:7' 56P/'6:';:67/_N63/'2167'6OO/??'412'677;3;1:69'32644;OU''$3'?51N97'R/':13/7'3563'35;?' O622;/7'9;339/'=/;<53'31'35/'6??/??@/:3'14'35;?'O6?/V'6?';3'02/Y763/?'/\;?3;:<'019;O>' 6:7' Page 35 ' ,AAH.*'H-&'."(+AA"-&H)$+-' &N/'31'35/'2/6?1:?'?N@@62;?/7'6R1P/V'35/'7/P/910@/:3';?'O1:?;7/2/7'31'@//3' 2/9/P6:3'096::;:<'019;O>'6:7';?'2/O1@@/:7/7'412'O1:7;3;1:69'60021P69U' ' ' '' Page 36 ' ' (6?/'-N@R/2' FGEDC[iWE#,%'S#12@/29>'88YDZW[ieiDT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' (1:?32NO3;1:'14'6'0623;699>'RN2;/7'=63/2'32/63@/:3' RN;97;:<'S(962;4;/2'RN;97;: FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 37 ' -GDW'.;P/9;:'])]'I/1Y":P;21:@/:369'.;?Q'H??/??@/:3'2/0123'R>'' *12Q?5;2/']63/2'6:7'A133'A6O&1:697'M/:39/>'763/7' /03/@R/2'CDFG' ' (1:?32NO3;1:'":P;21:@/:369'A6:6&7?#$('$-#.#%(/"#+&$*(+1!&!(+859 ' ' WU' ];35;:'e'@1:35?'14'35/'O1@@/:O/@/:3'14'7/P/910@/:3V'4N99'7/36;9?'14'35/' 02101?/7'32//'096:3;:<'?5699'R/'2/O/;P/7U''&/36;9?'?5699';:O9N7/';:412@63;1:' 2/<627;:<'35/'?0/O;/?V'?3/@'7;6@/3/2V'6:7'01?;3;1:'14':/='32//'096:3;: Page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iU' &/36;9?'14'6:>'2/096O/@/:3'?31:/=12Q'412'35/'72>'?31:/'=699?'621N:7'35/'?;3/' ?5699'R/'2/O/;P/7'6:7'60021P/7';:'=2;3;:<'R/412/'35/'N?/'14'3563'@63/2;69' O1@@/:O/?U'')5/2/643/2V'6:>':/=';:3217NO/7'@63/2;69'?5699'R/';:' 6OO1276:O/'=;35'35/'60021P/7'7/36;9?U''#N235/2@12/V'35/'60021P/7'?31:/' =699?V'6?'7/36;9/7'1:'35/'60021P/7'096:?'6:7'7/36;9?'?5699'R/'O1:?32NO3/7' R/412/'35/'1OON063;1:'14'35/'60021P/7'RN;97;: Page 39 FWU' 82;12'31'35/'O1@@/:O/@/:3'14'=12Q?'1:'35/'0NR9;O'41130635'S 5/EZGDTV' 7/36;9?'?5699'R/'2/O/;P/7'6:7'60021P/7'R>'35/'%1O69'896::;:<'HN3512;3>' 7/36;9;:<'51='35/'41130635'=;99'R/'3/@01262;9>'7;P/23/7V';:O9N7;:<'69;<:@/:3V' @63/2;69?V'6:7'?;<:6'?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' $ ;&=#)$*("/%!7+,#$*(+1!&!(+5 ' ' FGU' )5/'0NR9;O'41130635'S?5/EZGDT'?5699'R/'2/Y;:?363/7';:'6OO1276:O/'=;35'35/' 60021P/7'7/36;9?'02;12'31'35/'1OON063;1:'14'35/'60021P/7'RN;97;: Page 40 :/O/??62>';:'6OO1276:O/'=;35'35/'2/_N;2/@/:3?'14'35/'-63;1:69'896::;:<' 819;O>'#26@/=12QU' ' CU' H?'35/'02101?/7'7/P/910@/:3'=;99';:P19P/'35/'O91?;: Page 41 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 42 %+(H)$+-'H-&'8.+8+ H%' $ )5/'6009;O63;1:'2/963/?'31'6:'62/6'14'10/:'96:7'31'35/']/?3'14'35/'.;P/9;:']63/2' )2/63@/:3']12Q?'691:<'A6:O5/?3/2'.167'SHGXTU')5/'4;/97?'35/'6009;O63;1:'2/4/2?'31';?' 1=:/7'6:7'10/263/7'R>'*12Q?5;2/']63/2U'$3';?'?;3N63/7'1:'35/'?1N35/2:'?;7/'14' A6:O5/?3/2'.167V'?1@/'WDD@'=/?3'14';3?'^N:O3;1:'=;35'.;P/9;:'f699/>'.167'6:7'9;/?' =;35;:'35/'I2//:'M/93U'')5/'=/?3/2:'?;3/'R1N:762>'R127/2?'6<2;ON93N269'96:7'6:7'?/@;Y @63N2/'7/O;7N1N?'=11796:7V'=;35'35/'?1N35/2:'6:7'/6?3/2:'R1N:762;/?'R127/2;:<'6' ?/2;/?'14'32//?':/\3'31'35/'.;P/2'.;P/9;:'6:7'#1\'!6<<'%1O69'];979;4/' ;3/U'HO21??' A6:O5/?3/2'.167'31'35/':1235'14'35/'?;3/'62/'10/:'4;/97?';:'6<2;ON93N269'N?/U''8NR9;O' 41130635'-1U' !"EZGD'/\3/:7?'71=:'35/'"6?3/2:'?;7/'14'35/'?;3/'R/3=//:'35/' 6009;O63;1:'?;3/'6:7'35/'/\;?3;:<'*12Q?5;2/']63/2'O1@01N:7U' ' )5/'/\;?3;:<'?;3/'51N?/?'6'=63/2'4;93263;1:'?>?3/@'3563';:P19P/?'6'g ;21491Oh'021O/??V' O1@@;??;1:/7';:'FiiZU'')5;?'2/9;/?'1:'35/'N?/'14'A6<:/3;3/'31'6??;?3';:'4;93/2;:<'35/' =63/2'6?'35/'4;2?3'?36'?@699'62/6U''&N/'31'35/'9;@;3/7'7/@6:7'412'A6<:/3;3/V';3?'?19/' ?N009;/2';?'/:7;:<'0217NO3;1:V'=5;O5'2/_N;2/?'6':/='O962;4;O63;1:'021O/??'31'R/'412@/7' 412'35/'=63/2'32/63@/:3'=12Q?U''$3';?'02101?/7'3563'6'O1:P/:3;1:69'g4963'R1331@/7h'O962;4;/2' ;?'35/'1:9>'021O/??'3563'021P;7/?'6:'693/2:63;P/'103;1:U''H?'?NO5V'35;?'6009;O63;1:'?//Q?' O1:?/:3'31'/2/O3'6':/='RN;97;:<'31'51N?/'35/'962'RN2;/7'?;3/V'=;35'R6:Q/7'/@R6:Q@/:3?'1:' 352//'?;7/?'6:7'6'?326;<53'=699'31'35/' 1N35V'=;35'6'<2//:'2114'412'35/'310U''' ' H?'0623'14'35/'2/_N;2/7'?/ON2;3>'@/6?N2/?V'6'06967;:'4/:O/';?'02101?/7'621N:7'35/'R6?/' 14'35/'?32NO3N2/U''' ' HOO/??'31'35/':/='RN;97;:<';?'02101?/7'3521N<5'35/'N?/'14'6':/='6OO/??'2167'421@'35/' /\;?3;:<']63/2=12Q?'?;3/'6O21??'35/'0NR9;O'41130635'31'35/' 1N35/2:'R1N:762>'14'35/' RN;97;: Page 43 FFEDDiCCE#,%'Y'"2/O3;1:'14'RN;97;:<'31'51N?/'=63/2'32/63@/:3'021O/??'/_N;0@/:3'Y' I26:3/7'(1:7;3;1:699>'FFED[ECDFF'S /O2/362>'14' 363/'H0021P69T' ' ."8." "-)H)$+- ' ' .;P/9;:'f699/>'(1:?/2P63;1:'I21N0'S.f(IT'56?'O1@@/:3/7'1:'35;?'6009;O63;1:U''H' ?N@@62>'14'35/'2/?01:?/';?'9;?3/7'R/91=BY' ' Y' )5/'0623;69'RN2>;:<'14'35/'RN;97;: Page 44 )5/'6009;O63;1:'?;3/';?'?;3N63/7';:'35/'I2//:'M/93U'+:/'14'35/'Q/>'02;:O;09/?'14'I2//:' M/93'019;O>';?'31'Q//0'96:7'0/2@6:/:39>'10/:'=;35'35/'019;O>'01?;3;1:'O9/62';:'3/2@?'14' 2/?32;O3;:<':/='7/P/910@/:3'3563'=1N97'9/67'31'35/'N:2/?32;O3/7'<21=35'14'35/'RN;93YN0' 62/6U',:7/2'819;O>'I"W'14'35/',&8V';3'?363/?'3563'35/'O1:?32NO3;1:'14':/='RN;97;:'?0/O;69'O;2ON@?36:O/?V'412'0N201?/?'135/2'356:' 6<2;ON93N2/V'412/?32>V'6:7'/??/:3;69'46O;9;3;/?'412'1N37112'2/O2/63;1:V'O/@/3/2;/?V'6:7' 135/2'N?/?'=5;O5'=1N97'O1@09>'=;35'819;O>'I"FU')5/?/'019;O;/?'62/'R21679>';:'9;:/'=;35' <1P/2:@/:3' Page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g8213/O3;1:'6:7'$@021P/@/:3'14'35/'I2//:'M/93' %6:7?O60/hV'=5;O5'?//Q?'31'/:?N2/'3563'62/6?'=;35'6'5;<5'96:7?O60/'P69N/'62/' @6;:36;:/7U''H?'?NO5V'35/2/';?'6'://7'31'/:?N2/'3563'35/'02101?69'71/?':13'56P/'6:' 67P/2?/';@06O3'1:'35/'96:7?O60/'14';3?';@@/7;63/'?N221N:7;:'I"C'6R1P/V'6:7'71/?':13'56P/'6:'67P/2?/';@06O3'1:'35/' 1P/2699'600/626:O/'14'35/'91O69'/:P;21:@/:3U''' ' )5/'7/P/910@/:3'O1:?;?3?'14'41N2'@6;:'P;?N69'/9/@/:3?B'35/':/='/@R6:Q@/:3?'6:7' <2//:'2114k'35/'?/ON2;3>'4/:O/?k'35/' 1N35/2:']699k'6:7'35/'6OO/??'2167U''H?'?NO5V'35/' 6??/??@/:3'1:'/6O5'/9/@/:3'=;99'R/'7;?ON??/7';:'3N2:'R/91=U' ' )5/':/='"@R6:Q@/:3?'6:7'I2//:'.114' ' )5/'7/?;<:'31'N3;9;?/'<267/7'/@R6:Q@/:3?'6:7'6'<2//:'2114'56P/'R//:';:O1201263/7';:' 127/2'31'@;:;@;?/'35/'P;?N69'021@;:/:O/'14'35/'RN;97;: Page 46 /:P;21:@/:3'=;99'R/'962'O1:?326;:/7'7N/'31'35/'01?;3;1:'14'/\;?3;:<'R6:7?'14'32//?';:' 35/'91O69'62/6U''' ' H'?/2;/?'14'05131@1:36'@;3;<63/7'R>'35/'46O3';3'=;99'R/'O1P/2/7';:'<26??'31' 3;/';:'=;35'35/'<21N:7'O1P/2'14'35/'4;/97?U''' ' )5/'02101?/7'2114'=;99'R/'2/963;P/9>'4963';:'0214;9/U''$3';?':/O/??62>'31';:O1201263/' P/:3;96312?'6:7'6:'/@/2'/?O60/'?36;2=6>V'6:7'C'2114'563O5'N0?36:7?U''f;?;R9/V' 35/?/'/9/@/:3?'=;99'36Q/'N0'1:9>'6'?@699'62/6'14'35/'2114V'6:7'35/'P;?N69'600/626:O/'14' 6'<26??/7'2114'=;99'R/'35/'@6;:'P;?N69'/9/@/:3U'')5/'P/:3?'62/'35/'3699/?3'/9/@/:3?V'6:7' =;99'R/'7/?;<:/7'31'56P/'35/'600/626:O/'14'gR//5;P/?hV'=5;O5';?':13'6:'N:O1@@1:' P;?N69'4/63N2/';:'35/'=;7/2'I2//:'M/93U'')5/'@6;:'P;/=?'14'35/'2114'=;99'R/'421@'35/' 7;?36:O/V':136R9>'421@'%17'021@;:/:3' <;P/:'35/;2'?@699'?O69/'2/963;P/'31'35/'2114U''' ' )5/'96:7?O60/'60026;?69'?NR@;33/7'691:':63N269';:'412@V';3'?51N97'R9/:7';:'=;35'35/':63N2/'14' 35/'I2//:'M/93'96:7?O60/';3'?N221N:7?V'6:7'?51N97'35/2/412/'56P/'6'9;@;3/7'1P/2699' 562@U''' ' )5/' /ON2;3>'#/:O/?' ' 86967;:'4/:O/?'62/'02101?/7'63'35/'R6?/'14'35/'?32NO3N2/'6?'0623'14'?/ON2;3>' 2/_N;2/@/:3?'?/3'R>'35/'&2;:Q;:<']63/2'$:?0/O31263/'S&]$T'31'/:?N2/'?/ON2;3>'14'=63/2' ?N009>U''' ' 86967;:'?3>9/'4/:O/?'62/'14'6'=;2/'@/?5'600/626:O/V'6:7'=;99'6991='412'P;/=?'3521N<5V' RN3'=;99'R/'P;?;R9/'35/@?/9P/?U''$:'127/2'31'/:?N2/'35/'?/ON2;3>'2/_N;2/@/:3?'14'35/'&]$' 62/'@/3V';3';?'O1:?;7/2/7'35/'@1?3'?N;36R9/'3>0/'14'4/:O/'P;?N699>'31'9;@;3'35/'562@'6?' @NO5'6?'01??;R9/U' ' &N2;:<'02/Y6009;O63;1:'7;?ON??;1:?V'7;?ON??;1:?'=/2/'@67/'6?'31'=5/35/2'35/'4/:O/' =6?'2/_N;2/7'621N:7'35/'/:3;2/'?32NO3N2/V'12'=5/35/2';3'O1N97'R/'O1:4;:/7'31'35/'62/6' O91?/'31'35/'@6;:'/:326:O/'62/6U''&N/'31'35/'://7'31'?/ON2/'699'P/:3?'6:7'35/' /@/2'/\;3V';?'56?'R//:'O1:4;2@/7'3563'35/'412@63;1:'14'35/'06967;:'4/:O/';?'6' :/O/??;3>U' ' "44123?'56P/'R//:'@67/';:'127/2'31'9;@;3'35/'P;?;R;9;3>'14'35/'4/:O/'6?'P;/=/7'421@'35/' =;7/2'62/6U'')5/'@1?3'P;?;R9/'6?0/O3?'=;99'R/'421@'35/'-1235V'421@'A6:O5/?3/2'.167V'6?' 35/'/\;?3;:<'32//?'31'35/' 1N35'=;99'1R?32NO3'O91?/'P;/=?V'6:7'35/'?3>9/'14'4/:O/'=;99'R/' 9/??'021@;:/:3'=5/:'P;/=/7'421@'6'7;?36:O/'421@'35/'5;99?'31'35/' 1N35U''H?'?NO5V'421@' A6:O5/?3/2'.167V'/44123?'56P/'R//:'@67/'31'26;?/'35/'5/;<53'14'35/'/\;?3;:<'72>'?31:/' =699':/\3'31'35/'2167U'')5/'02101?/7'5/;<53';?'FUZ@V'=5;O5';?':13'6:'/\O/??;P/'5/;<53' Page 47 O1@062/7'31':/;<5R1N2;:<'=699?V'RN3';?'6'5/;<53'3563'?51N97'6??;?3';:'2/7NO;:<'7;2/O3' P;/=?'421@'P/5;O9/?'31=627?'35/'06967;:'4/:O/'3563'=;99'R/'?;3/7'O91?/'31'35/'2167U'' $:7;O63;P/'32//'096:3;:<'56?'69?1'R//:'?51=:'31'35/']/?3V'=5;O5'=;99'6??;?3';:'2/7NO;:<' 35/'P;/=?'01??;R9/'14'35/'4/:O/'421@'35;?'7;2/O3;1:U''I;P/:'3563'P/5;O9/?'600216O5;:<' 421@'35/']/?3'56P/'6:'/\;?3;:<'O9/62'P;/='14'35/'?;3/V';3';?'O1:?;7/2/7'3563'35;?';?'35/' @1?3'?/:?;3;P/'P;/='=5/2/'35/'4/:O/'=;99'R/'021@;:/:39>'P;/=/7U' ' )5/' 1N35/2:']699' ' $:'127/2'31'6OO/??'35/':/='RN;97;: Page 48 )5/'RN;97;:<'14'35/':/='O962;4;/2'RN;97;:<'6:7'?32NO3N2/'=;99'69?1';:P19P/'135/2'O56:'?31:/'=699'R/3=//:'3=1'4;/97?U''$3';?'02101?/7'31'2/N?/'?31:/'421@'35/'2/@1P/7'=699V' =5;O5';?'02/?/:39>':13';:'6'<117'?363/'14'2/06;2U'')5/':/='=699'?51N97'6??;?3';:' @;:;@;?;:<'7;2/O3'P;/=?'31'35/']/?3/2:'M6:QV'6:7'=;99'2/?312/'6'4;/97'R1N:762>U'')5/' 91O69'<2//:'R/93';?'O5626O3/2;?/7'R>'72>'?31:/'=699'4;/97'R1N:762;/?V'6:7'35;?'2/RN;97;:<';?' O1:?;7/2/7':/O/??62>';:'127/2'31'@6;:36;:'35/'O5626O3/2'14'35/'62/6U' ' )5/'02101?/7'O1:?32NO3;1:'=12Q?'=;99'2/_N;2/'35/'N?/'14'6'O1:?32NO3;1:'O1@01N:7'31'35/' ]/?3'31'6991='412'35/'?3126'31'O1:7;3;1:'35/'2/?31263;1:' 14'35;?'96:7'31'/:?N2/'3563'35;?'1OON2?U' ' %;<53;:<'=;99'R/'2/_N;2/7'691:V'=5;O5';?'35/'7;?36:O/'14'R/6:'7;?0/2?69'421@' /6O5'9;<53V'31'/:?N2/'3563'35/'9;<53?'62/'7/?;<:/7'6:7'91O63/7'31'@;:;@;?/'562@'31'35/' :/;<5R1N2;:<'=;979;4/'?;3/U' ' -1'5;<5'9/P/9'9;<53;:<';?'02101?/7'412'35/'?32NO3N2/U''!1=/P/2V'?1@/'91='9/P/9'9;<53;:<';?' 2/_N;2/7'412'35/' 1N35/2:'/:326:O/'01;:3U''H<6;:V'7/36;9?'31'/:?N2/'35;?'=;99'R/'2/?/2P/7' R>'O1:7;3;1:U' ' !;<5=6>'$??N/?' ' (12/' 3263/<>'( GF'g)26:?0123'82;12;3;/?hh'71/?'2/4/2'31'6'://7'31';@021P/'2167'?64/3>U'' (GZ'g8/7/?32;6:'.1N3/?h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h?'8NR9;O'.;<53?'14']6>' &/0623@/:3'=;35'2/<627'35/'O21??;:<'N01:' 5/EZGDU')5/>'56P/'O1@@/:3/7'3563'35/>' Page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iiD'6?'0623'14'35/' =12Q?'412'35/'32/63@/:3'=12Q?'31'35/'"6?3U'')5;?';:O9N7/7'R12/519/'3/?3?U'')5/?/'7;7':13' ;7/:3;4>'6:>'/P;7/:O/'14'O1:36@;:63;1:U''' ' #1991=;:<'?NR@;??;1:'14'35;?';:412@63;1:V'":P;21:@/:369'8213/O3;1:'(199/6 Page 50 /\O/??'14'FDD@'421@'35/':/62/?3'0623'14'35/'02101?/7'RN;97;: Page 51 %1:<'3/2@'9;<53;:<';?'69?1'02101?/7'412'35/'?;3/V'1:'35/' 1N35/2:'R1N:762>'31'6;7' P/5;O9/?'6:7'0/2?1:69'/:3/2;:<'6:7'9/6P;:<'35/'O962;4;/2'RN;97;: Page 52 N?/?'3563'=1N97'O1@09>'=;35'819;O>'I"FU''H?'35/'02101?69'71/?':13'4699'=;35;:'6:>'14'35/' ?0/O;4;/7'O63/<12;/?'35/'7/P/910@/:3'35/2/412/'O1:49;O3?'=;35'7/P/910@/:3'096:'019;O>' =;35'2/<627':/='RN;97;:';@021P/@/:3?'?/3'71=:'R>'35/'&2;:Q;:<']63/2'$:?0/O31263/U' )5/'RN;97;:<'=1N97'?N00123'35/'?;3/h?'/\;?3;:<'=63/2'32/63@/:3'021O/??'6:7';:O9N7/'6' :/='5;<5Y9;43'0N@0;:<'?363;1:'31'326:?4/2'35/'32/63/7'=63/2'N0'31'35/'/\;?3;:<'?/2P;O/' 2/?/2P1;2'36:Q?U'$3';?'O9/62'421@'35/'?N00123;:<';:412@63;1:'3563'35/2/';?'6'^N?3;4;O63;1:'412' 35/'RN;97;:<'=;35':1'?O10/'31'51N?/'35/':/O/??62>'/_N;0@/:3'=;35;:'6:'/\;?3;:<'RN;97;:<' 1:'?;3/U'+44;O/2?'62/'35/2/412/'?63;?4;/7'3563'gP/2>'?0/O;69'O;2ON@?36:O/?h'56?'R//:' 7/@1:?3263/7'31'^N?3;4>;:<'?/33;:<'6?;7/'7/P/910@/:3'096:'019;O>'6:7'35/'02/?N@03;1:' 6<6;:?3';:6002102;63/'7/P/910@/:3';:'35/'I2//:'M/93U'' ' +44;O/2?'62/'69?1'?63;?4;/7'=;35'35/'02101?/7'91O63;1:'6:7'7/?;<:'14'35/'RN;97;: Page 53 ' ' (6?/'-N@R/2' FGEDCXCDE#,%'S#12@/29>'88YDZWZiCWGT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' "2/O3;1:'14'6'352//'6:7'0623'41N2Y?312/>'RN;97;:<' O1:?32NO3/7'421@'?5;00;:<'O1:36;:/2?'31'O2/63/'6'@;\/7' N?/'7/P/910@/:3'O1@02;?;:<'14'./?36N26:3?EO64/?' S,?/'(96??'HWTV'&2;:Q;:<'"?36R9;?5@/:3?'S,?/'(96??' HZT'S;:O9N7;:<'N?/'14'/\3/2:69'?06O/?'63'<21N:7'49112' 6:7'2114'310'9/P/9TV'+44;O/?'S,?/'(96??'MFTV'H??/@R9>' 6:7'%/;?N2/'S,?/'(96??'&CT' ' %1O63;1:' %6:7'H7^1;:;:<'C[[')1'CiC 569/?@112 5/44;/97 Z' [,%' ' &63/'./O/;P/7' CDEDXECDFG' ' )/6@' (;3>'(/:32/'6:7'"6?3' ' H009;O6:3EH' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 54 ' 82101?/7'"9/P63;1:?'(Y('t'&Y&'Y'&26=;:<'-1U'SDXTDDC'./PU'H' ' /O3;1:?'"Y"V'#Y#'t'IYI'Y'&26=;:<'-1U'SDXTDDW'' '' ' 8/6Q'HO1N?3;O?'-1;?/'H??/??@/:3'./0123'-1U'* CXDXFGZ-.k'FFED[ECDFG' '' ' ./6?1:B''$:'127/2'31'7/4;:/'35/'0/2@;??;1:U' ' 6)#:*(""#+,#"#+&$*(+1!&!(+859 ' ' WU' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'6'2/0123'56?'R//:'?NR@;33/7'31'6:7' 60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>';7/:3;4>;:<'51='6' @;:;@N@'14'FD`'14'35/'02/7;O3/7'/:/2<>'://7?'14'35/'O1@09/3/7' 7/P/910@/:3'=;99'R/'1R36;:/7'421@'7/O/:3269;?/7'6:7'2/:/=6R9/'12'91=' O62R1:'/:/2<>U''H:>'6<2//7'2/:/=6R9/'12'91='O62R1:'/:/2<>'/_N;0@/:3V' O1::/O3;1:'31'7/O/:3269;?/7'12'91='O62R1:'/:/2<>'?1N2O/?'?5699'56P/'R//:' ;:?3699/7'R/412/'6:>'0623'14'35/'7/P/910@/:3';?'1OON0;/7'6:7'6'01?3Y ;:?369963;1:'2/0123'?5699'56P/'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>' 35/'%1O69'896::;:<'HN3512;3>'31'7/@1:?3263/'3563'35/'6<2//7'@/6?N2/?'56P/' R//:';:?3699/7U'')5/2/643/2'35/'6<2//7'/_N;0@/:3V'O1::/O3;1:'12'@/6?N2/?' ?5699'R/'2/36;:/7';:'N?/'6:7'@6;:36;:/7'412'35/'9;4/3;@/'14'35/'7/P/910@/:3U' '' ./6?1:B''$:'127/2'31'/:?N2/'3563':/='7/P/910@/:3'@6Q/?'/:/2<>'?6P;:'35/'%1O69' 896::;:<'HN3512;3>'6:7'3563'?O5/@/'?5699'R/';@09/@/:3/7'6:7'@1:;312/7'31' 35/'?63;?46O3;1:'14'35/'%1O69'896::;:<'HN3512;3>U' '' ./6?1:B')1'/:?N2/'3563'6:>'62O56/191<;O69'2/@6;:?'02/?/:3V'=5/35/2'RN2;/7' 12'0623'14'6'?36:7;:<'RN;97;: Page 55 ./6?1:B'$:'35/';:3/2/?3?'14'32644;O'?64/3>'6:7'35/'2/?;7/:3;69'6:7'P;?N69' 6@/:;3;/?'14'35/'91O69;3>U' ' 6)#:;,,4/7+,<$7+1$;&=#)$>&7?#$('$-#.#%(/"#+&$*(+1!&!(+859 ' ' eU' )5/'RN;97;:<'?5699':13'R/'N?/7'N:9/??'35/'O62'062Q;:<'6OO1@@1763;1:'412'C' O62?'6?'?51=:'1:'35/'60021P/7'096:?'56?'R//:'021P;7/7';:'6OO1276:O/'=;35' 351?/'096:?'6:7'35/2/643/2'?NO5'O62'062Q;:<'6OO1@@1763;1:'?5699'R/' 2/36;:/7'412'35/'?19/'0N201?/';:3/:7/7U'' '' ./6?1:B'')1'/:?N2/'?63;?46O312>'062Q;:<'021P;?;1:';:'35/';:3/2/?3?'14'32644;O' ?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' ' XU' )5/'RN;97;:<'?5699':13'R/'N?/7'N:9/??'699'2/7N:76:3'6OO/??/?'56P/'R//:' 0/2@6:/:39>'?3100/7'N0'6:7'2/;:?363/7'31'Q/2R'6:7'4113=6>'6:7'@/6:?'14' P/5;ON962'6OO/??'?5699'R/'2/?32;O3/7'?19/9>'31'351?/'6OO/??'01;:3?';:7;O63/7' ;:'35/'60021P/7'096:?U'' '' ' ./6?1:B''$:'35/';:3/2/?3?'14'5;<5=6>'?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' ' [U' )5/'7/P/910@/:3'?5699':13'R/'R21N<53';:31'N?/'N:3;9'35/'41991=;:<'7/36;9?' 56P/'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<' HN3512;3>B'' '' ' 6T' )5/'7/?;<:'14'35/'02101?/7'R;:'?312/k'6:7' ' RT' H'R;:E?/2P;O;:<'?3263/<>'7/36;9;:<'35/'@/6?N2/?'3563'=;99'R/'0N3';:' 096O/'31'7/36;9'51='35/'O199/O3;1:?V'7/9;P/2;/?'/3OU'=;99'R/'0N3';:'096O/'31' /:?N2/'O1:49;O3?'=;35'/\;?3;:<'6:7'02101?/7'O62'062Q;:<'6226:'062Q;:<'021P;?;1:';:'35/';:3/2/?3?'14'32644;O' ?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' ' iU' %62'35/'%1O69' 896::;:<'HN3512;3>'R/412/'3563'0623'14'35/'7/P/910@/:3'O1@@/:O/?B''' '' ' Y' A/?5;:<'31'R/'N?/7'3521N<51N3'35/'7/P/910@/:3'S;:O9N7;:<'7/?;<:' ' 6:7'O191N2'4;:;?5Tk' Y' A/?5'86260/3'63'4;2?3'49112'9/P/9V';:O9N7;:<'7/36;9?'14'35/'3>0/'14'096:3' ' ?0/O;/?'02101?/7'6:7'7/36;9?'14'51=';3';:3/26O3?'=;35'35/'06260/3k''' ' Y' .6;:=63/2'I117?' ' Y' ":326:O/'7112?' ' Y' ];:71=?' ' Y' .6@0?' ' Y' f/:3;963;1:'<2;99?E7NO3?' ' Y' M1N:762>'32/63@/:3'7/36;9?'S;:O9N7;:<'09/6O5/7'32//?'6:7'?N00123?Tk' Page 56 ' Y' M69N?3267;: Page 57 ./6?1:B'$:'35/';:3/2/?3?'14'7/9;P/2;:<'?N?36;:6R9/'412@?'14'326:?0123'6:7';:' 127/2'/:?N2/'35/'6002102;63/'_N69;3>'14'7/P/910@/:3U'' '' ' ;&=#)$*("/%!7+,#$*(+1!&!(+5 ' ' FZU' )5/'N?/'14'35/'RN;97;:<'?5699'R/';:'6OO1276:O/'=;35'35/'41991=;:<'(96??/?'14' 35/')1=:'6:7'(1N:32>'896::;:<'S,?/'(96??/?T'+27/2V'Fi[XV'6?'6@/:7/7U' '' ' Y' I21N:7'49112B'./?36N26:3ER62'N?/'6:7'6??1O;63/7'1N3?;7/'3/226O/'' ' ' S,?/'(96??'HWEHZTk' ' Y' #;2?3'49112B'+44;O/?'S,?/'(96??'MFTk' ' Y' /O1:7'49112B'I>@'S,?/'(96??'&CT'6:7'+44;O/?'S,?/'(96??'MFTk'6:7'' ' Y' .114'%/P/9B'M62'6:7'6??1O;63/7'1N3?;7/'3/226O/'S,?/'(96??'HZTU''' '' ' )5/'RN;97;:<'?5699':13'R/'N?/7'412'6:>'135/2'0N201?/U' '' ' ./6?1:B'$:'127/2'31'7/4;:/'35/'01?;3;1:U' ' FGU' ];35'35/'/\O/03;1:'14'35/'=;:71=?'96R/99/7'c+06_N/'];:71=c'1:'35/' 60021P/7'096:?V':1'=;:71=?'?/2P;:<'35/'7/P/910@/:3'?5699'R/'R91OQ/7'N0V' 4;9@/7'1P/2'12'135/2=;?/':1:'326:?062/:3U' '' ' ./6?1:B'$:'127/2'31'/:?N2/'6:'6002102;63/'_N69;3>'14'7/P/910@/:3U' ' FeU' -1'ON?31@/2'?5699'R/'0/2@;33/7'31'R/'1:'35/'O1@@/2O;69'02/@;?/?'412@;:<' 35/'<21N:7'49112'HWEHZ'N?/'0623?'14'35/'RN;97;:<'1N3?;7/'35/'41991=;:<'3;@/?B' D[DD'51N2?'31'DDDD'51N2?'@;7:;<53V'1:'699'76>?U' ''' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' FXU' ];:71=?'?5699'R/'Q/03'O91?/7'R/3=//:'FiBDD'51N2?'6:7'DXBDD'51N2?' =5/:/P/2'6@09;4;/7'?1N:7';?'096>/7'=;35;:'35/'O1@@/2O;69'N?/?'5/2/R>' 0/2@;33/7'63'6R1P/'R6OQ<21N:7'9/P/9?U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' F[U' -1'6@09;4;/7'?1N:7'12'9;P/'@N?;O'?5699'R/'096>/7';:V'12'7;2/O3/7'31=627?'35/' 2114'3/226O/'12'135/2'10/:'62/6'63'6R1P/'R6OQ<21N:7'9/P/9?U'',?/'14'35/'2114' 3/226O/'?5699'O/6?/'63'CCUDD'51N2?'1:'699'76>?'/\O/03'1:'#2;76>?'6:7' 63N276>?'=5/:'35/'N?/'14'35/'2114'3/226O/'?5699'O/6?/'63'CWUDD'51N2?U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' FiU' (1@@/2O;69'7/9;P/2;/?'31'6:7'O199/O3;1:?'421@'35/'RN;97;:<'?5699'R/'O622;/7' 1N3'1:9>'R/3=//:'35/'51N2?'14'DXDD'31'CWDD'1:'A1:76>?'31' 63N276>?'6:7' R/3=//:'35/'51N2?'14'DiDD'31'CWDD'1:' N:76>?'6:7'8NR9;O'!19;76>?U' Page 58 ''' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' CDU' A1P/@/:3V'?123;:<'12'2/@1P69'14'=6?3/'@63/2;69?V'2/O>O96R9/?'12'35/;2' O1:36;:/2?';:'35/'10/:'6;2'?5699'R/'O622;/7'1:'1:9>'R/3=//:'35/'51N2?'14' DXDD'31'CWDD'A1:76>?'31' 63N276>?'6:7'R/3=//:'35/'51N2?'14'DiDD'31'CWDD' 1:' N:76>?'6:7'8NR9;O'!19;76>?U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' CFU' -1'/\3/2:699>'@1N:3/7'096:3'12'/_N;0@/:3'412'5/63;: Page 59 ' FU' *1N'62/'2/_N;2/7V'6?'0623'14'35;?'7/P/910@/:3V'31'O622>'1N3'=12Q?'=;35;:'35/' ' 0NR9;O'5;<5=6>U''*1N'@N?3':13'?3623'6:>'14'35;?'=12Q'N:3;9'>1N'56P/'2/O/;P/7'6' ' ?;<:/7'O1:?/:3'N:7/2'35/'!;<5=6>?'HO3'Fi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iiF'S /O3;1:'GZTV'W27'/7;3;1:'14'35/'(17/'14'826O3;O/'CDDXV'>1N' ' @N?3'<;P/'63'9/6?3'352//'@1:35?'=2;33/:':13;O/'31'35/'(1N:O;9V';:412@;:<'N?'14' ' 35/'763/'6:7'/\3/:3'14'=12Q?'>1N'02101?/'31'N:7/236Q/U' ' ' ' )5/':13;O/'?51N97'R/'?/:3'31BY' ' ' ' 5/44;/97'(;3>'(1N:O;9' ' CYFD'(62R211Q'!699'.167' ' 5/44;/97'' ' i'C&M' ' ' ' #12'35/'633/:3;1:'14'A2'8'f;OQ/2?' ' ' 89/6?/':13/'46;9N2/'31'<;P/'35/'6002102;63/':13;O/'@6>'9/67'31'6'4;\/7'0/:693>':13;O/' R/;:<';??N/7'6:7'6:>'=12Q?'1:'35/'5;<5=6>'R/;:<'?N?0/:7/7U' ' WU' 'M>'96=V'35;?'7/P/910@/:3'2/_N;2/?'35/'6991O63;1:'14'144;O;69V'2/<;?3/2/7' 6772/??S/?T'R>'35/'(1N:O;9h?' 32//3'-6@;:<'6:7'-N@R/2;:<'+44;O/2U'89/6?/' 2/4/2'31'35/' 32//3'-6@;:<'6:7'-N@R/2;:<'IN;7/9;:/?'6:7'6009;O63;1:'412@?' 1:'35/'(1N:O;9'=/R?;3/U'#12'4N235/2'5/90'6:7'67P;O/'09/6?/'2;:<'DFFZ'CXWeFCX' 12'/@6;9'?::l?5/44;/97U<1PUNQU'89/6?/'R/'6=62/'3563'46;9N2/'31'6009>'412' 6772/??/?'63'35/'O1@@/:O/@/:3'14'35/'=12Q?'=;99'2/?N93';:'35/'2/4N?69'14' ?363N312>'N:7/236Q/2?'31'96>EO1::/O3'?/2P;O/?V'7/96>?';:'4;:7;:<'35/'02/@;?/?' ;:'35/'/P/:3'14'6:'/@/2'6:7'9/<69'7;44;ON93;/?'=5/:'?/99;:<'12'9/33;:<'35/' 0210/23;/?U' ' ZU' 'H?'35/'02101?/7'7/P/910@/:3'6RN3?'35/'0NR9;O'5;<5=6>'>1N'62/'67P;?/7'31' 'O1:36O3'35/'!;<5=6>?'(1Y127;:63;1:'I21N0'1:' 5/44;/97'CXWeeXXV'02;12'31' O1@@/:O;:<'=12Q?U'')5/'(1Y127;:6312'=;99'R/'6R9/'31'67P;?/'>1N'14'6:>'02/Y Page 60 O1@@/:O/@/:3'O1:7;3;1:'?N2P/>?V'0/2@;3?V'0/2@;??;1:?'12'9;O/:O/?'>1N'@6>' 2/_N;2/';:'127/2'31'O622>'1N3'>1N2'=12Q?U' ' GU' )5/'%1O69'896::;:<'HN3512;3>'56?'7/693'=;35'35/'096::;:<'6009;O63;1:';:'6' 01?;3;P/'6:7'0216O3;P/'@6::/2'6:7'?1N<53'?19N3;1:?'31'021R9/@?'=5/2/' :/O/??62>';:'6OO1276:O/'=;35'35/'2/_N;2/@/:3?'14'35/'-63;1:69'896::;:<' 819;O>'#26@/=12QU' ' eU' 896:3'6:7'/_N;0@/:3'?5699'R/'7/?;<:/7'31'/:?N2/'3563'35/'31369'%H/_'096:3' :1;?/'263;:<'9/P/9'S;:O9N7;:<'6:>'O5626O3/2'O122/O3;1:'412'31:69;3>'12';@0N9?;P/' :1;?/T'71/?':13'/\O//7'35/'%Hi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eD' 14'35/'(1:3219'14'8199N3;1:'HO3'FiXZU''H?'6''31'R/'644/O3/7V';3';?'/\0/O3/7'3563':1;?>'=12Q?'14'7/@19;3;1:' 6:7'O1:?32NO3;1:'=;99'R/'O622;/7'1N3'7N2;:<':12@69'=12Q;:<'51N2?V';U/U'DXWD'31' F[DD'51N2?'A1:76>'31'#2;76>V'6:7'D[DD'31'FWDD'51N2?'1:' 63N276>?'=;35':1' =12Q;:<'1:' N:76>?'12'8NR9;O'!19;76>?U''#N235/2'67P;O/V';:O9N7;:<'6'O10>'14' 35/'(1N:O;9c?'(17/'14'826O3;O/'412'A;:;@;?;:<'-N;?6:O/'421@'(1:?32NO3;1:'6:7' &/@19;3;1:' ;3/?';?'6P6;96R9/'421@' (('":P;21:@/:369'8213/O3;1:' /2P;O/V'CY FD'(62R211Q'!699'.167V' 5/44;/97V' i'C&MB')/9U'SDFFZT'CXWZeGFV'12'R>'/@6;9' 63'/0?67@;:l?5/44;/97U<1PUNQU ' ' Page 61 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 62 %+(H)$+-'H-&'8.+8+ H%' ' )5/'6009;O63;1:'?;3/'O1@02;?/?'14'6'P6O6:3'062O/9'14'96:7'1:' 569/?@112V'=5;O5';?' 6'RN?>'7N69'O622;6'6:7'0623'14'35/'(;3>h?'$::/2'.;:<'.167'?3263/<;O'2167' ?>?3/@U'' $:'3/2@?'14'/\;?3;:<'O5626O3/2V'35/'?;3/';?'2/O36: Page 63 XGEDCGFFE#,%B'+44;O/'6:7'7;?096>'6:7'?69/'14'01236R9/'RN;97;:V'CCUFDUFiXG' ' $:'677;3;1:V'A/@R/2?'62/'67P;?/7'3563'35/'41991=;:<'/\36:3'096::;:<'0/2@;??;1:?' 2/963/'31'35/'67^6O/:3'?;3/?B'' ' Y' HO12:'!1N?/'C[['q'CiC' 569/?@112'SFGEDCD[XE#,%TB'' ' H93/263;1:?'6:7'/\3/:?;1:?'31'?510'N:;3'6:7'6??1O;63/7'?3126V' /03/@R/2'CDFGU'' ' Y' ;3/'14'];99;6@?'M21?'S 5/44;/97T'%37V'I2//:'%6:/V'HO12:' 32//3'6:7'&N:'#;/97?' SDeEDZiDZE#,%TB' ' 8623'7/@19;3;1:'6:7'0623'2/3/:3;1:'6:7'O1:P/2?;1:'14'/\;?3;:<'RN;97;:'9;:Q/7'R91OQ?'31'021P;7/'FW['2/?;7/:3;69'60623@/:3?' 6:7'eG['?_N62/'@/32/?'14'144;O/'6OO1@@1763;1:'S,?/'(96??'MFT'=;35'6??1O;63/7' 96:7?O60;:<'6:7'021P;?;1:'14'CZ'O62'062Q;:<'?06O/?'Y'I26:3/7'(1:7;3;1:699>V' HN Page 64 ,:;362>'&/P/910@/:3'896:'S,&8T't'(12/' 3263/<>' ' )5/'?;3/'9;/?'=;35;:'6'I/:/269'$:7N?32;/?'H2/6'=;351N3' 0/O;69'$:7N?32;/?';:'35/',&8' SFii[TU'' ' ,&8'819;O>'$MG'S&/P/910@/:3';:'I/:/269'$:7N?32>'H2/6?T'?363/?'3563'35/'02/4/22/7' N?/?'62/'MC'6:7'M[V'6:7'819;O>'$Mi'S6T'S(1:7;3;1:?'1:'&/P/910@/:3';:'$:7N?32>' 6:7'MN?;:/??'H2/6?T'?363/?'35/?/'02/4/22/7'N?/?'?51N97'2/@6;:'71@;:6:3U' ' !1=/P/2V'?;:O/'35/',&8'=6?'67103/7V'7/P/910@/:3';:'35/'62/6'56?'36Q/:'6' 7;44/2/:3'7;2/O3;1:U')5;?';?'7/@1:?3263/7'R>'(12/' 3263/<>'819;O;/?'( e'SRT' SA6:N46O3N2;:<'6:7'35/'(;3>'(/:32/'q')26:?;3;1:'H2/6?T'6:7'( FX'S^T'S(;3>'(/:32/' jN623/2?TV'=5;O5'7/?O2;R/'n/956@E-//0?/:7'6?'6'326:?;3;1:'62/6'=5/2/' @6:N46O3N2;:<'N?/?'62/':1'91:?3'412'2/7/P/910@/:3U')5/'72643'(;3>' 819;O;/?'6:7' ;3/?'7/?;<:63/7'35/'?;3/'6?'6'MN?;:/??'H2/6'=5;O5'021@13/7'@;\/7' N?/?'?O5/@/?'6:7V'69351N<5'35;?'56?'9;@;3/7'=/;<53V';3';?'O9/62'3563'35/',&8' 7/?;<:63;1:'56?'R//:'?N0/2?/7/7'6:7';?':1'91:'( W'g%1O63;1:?'412'+44;O/'&/P/910@/:3h';:'35/'(12/' 3263/<>'SCDDiT' 021@13/?'35/'7/P/910@/:3'14'144;O/?';:'6OO/??;R9/'?;3/?'6:7'5;<59;<53?'35/' ;@01236:3'219/'3563' N0/2326@'?310?'O6:'096>';:'6O5;/P;:<'35;?V'?NO5'6?'35/' N0/2326@'?310':/62'31'35/'?;3/U'#N235/2@12/V'(12/' 3263/<>'819;O>'( Z'g+44;O/?';:' 35/'(;3>'(/:32/h'5;<59;<53?'35/'://7'412'144;O/'7/P/910@/:3?'31'56P/'6O3;P/' 421:36'35;?U'$:'35;?'O6?/'=/'Q:1='14':1'(;3>'(/:32/'?;3/' ?N;36R9/'412'35;?'3>0/'14'O1:?32NO3;1:'6?'02101?/7U'#12'9/;?N2/'N?/?V';:O9N7;:<'HW' 6:7'HZV'35/'?/_N/:3;699>'02/4/22/7'62/6';?'=;35;:'35/'(;3>'(/:32/'R1N:762>U')5/'?;3/' ;?'9/??'356:'WDD@'421@'35/'(;3>'(/:32/'?1';?'/7'02/4/22/7'91O63;1:U'' ' +P/2699'35/'02101?69';?'?N00123/7';:'02;:O;09/'421@'6'096::;:<'019;O>'01;:3'14'P;/=U'' ' 3U'f;:O/:3h?'HO3;1:'896:'SCDDZ'q'CDFZT'' ' )5;?'71ON@/:3'=6?'726=:'N0'31'?N009/@/:3'6:7'N0763/'096::;:<'019;O>'412'35/' 3U' f;:O/:3h?'62/6'02;12'31'35/'O1@09/3;1:'14'35/' 5/44;/97'&/P/910@/:3'#26@/=12QU'' ' &/?0;3/':1='R/;:<'F'>/62'R/>1:7';3?';:3/:7/7'0/2;17'14'N?/V';3';?'O1:?;7/2/7'3563';3?' ;:3/2;@'096::;:<'?363N?'2/@6;:?'@12/'N0Y31Y763/'356:'35/',&8U')5/'HO3;1:'896:' 021@13/?'35/'62/6'6?'g-/='MN?;:/??'H2/6h'=5/2/'35/'02/4/22/7'N?/'?51N97'R/' RN?;:/??'SMFT'6:7'6OO/036R9/'N?/?';:O9N7/'S6@1: Page 65 )5/'02101?69'=;99'2/'^N?3;4;O63;1:' S;:O9N7;:<'/@/2<;:<'019;O>T'6?'=/99'6?'6:'6O3;1:'096:'31'?N00123'35/'@;\'14' 02101?/7'N?/?'63'35;?'?;3/U' ' RT' &/?;<:'$??N/?' ' $:'3/2@?'14'7/?;<:V'35/'-88#'021@13/?'5;<5'_N69;3>'6:7';::1P63;P/'7/?;<:U',&8' 819;O>'M"G'SMN;97;:<'&/?;<:'6:7' ;3;: Page 66 ' )5/'02101?/7'96>1N3'14'35/'7/P/910@/:3';?'O1:?;7/2/7'31'R/'6OO/036R9/'6:7'=;99' :13'R/'7/32;@/:369'31'35/'6@/:;3>'14'35/'?;3/'12'?N221N:7;:<'96:7'N?/?ERN;97;:'N3;9;?/'?5;00;:<'O1:36;:/2?'14'3=1'7;44/2/:3' ?;b/?'?36OQ/7'1:'310'14'/6O5'135/2'31'O2/63/'35/';:3/2:69'6:7'/\3/2:69'62/6?'14'35/' RN;97;: Page 67 693/2:63;P/'@63/2;69?U']5;9?3';3';?'O1:?;7/2/7'3563'35;?'7/P/910@/:3'?51N97'R/' 2/<627/7'6?'6:'/\O/03;1:'2635/2'356:'35/':12@V';3';?'O1:?;7/2/7'3563';3';?':13' N:6OO/036R9/'63'35;?'/7'14'N?/?U'#N235/2@12/V';3' =;99'N?/'6'3267;3;1:69';:7N?32;69'@63/2;69E0217NO3';:'6:';::1P63;P/'=6>'31'O2/63/'6' O1:3/@01262>'@;\/7YN?/'RN;97;:<'1:'6'062O/9'14'96:7'3563';?'ON22/:39>'2/7N:76:3' 6:7'677?':1'6@/:;3>'12'O5626O3/2'31'35/'62/6U'$3';?'510/7'3563'35;?'7/P/910@/:3' 691:' 3U'f;:O/:3h?' jN623/2?U' ' $:'3/2@?'14'35/'7/P/910@/:3h?';@06O3'N01:'35/'67^6O/:3'5;?312;O'?/33;: Page 68 3563':/='7/P/910@/:3'12'O56:'513/9V'51?3/9'2/?;7/:3;69';:?3;3N3;1:'12'51N?;:<'31'?N44/2' 421@'N:6OO/036R9/'9;P;:<'O1:7;3;1:?U'$:'35;?';:?36:O/V'35/2/'62/'2/?;7/:3;69'0210/23;/?' ?;3N63/7'O91?/'R>'1:'&N:'#;/97?V'6R1P/'35/' 5;0'$::'6:7'/\36:3'096::;:<'0/2@;??;1:?'412' 2/?;7/:3;69'N?/'1:'35/'?;3/h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b;:<'?0/O;4;O63;1:V'=699'O1:?32NO3;1:'6:7' 096:3'/_N;0@/:3';:'127/2'31'5/90'@;:;@;?/':1;?/'63'35/':/62/?3'?/:?;3;P/'2/O/0312U' ' )5/'(1N:O;9h?'":P;21:@/:369'8213/O3;1:' /2P;O/'S"8 T'56?'O1:?;7/2/7'35/'02101?69'6:7' O1:O9N7/?'3563'35/'N:N?N69'RN;97'@6>'2/_N;2/'?1@/'P;<;96:O/'31'/:?N2/'3563'R2/6Q1N3'14' :1;?/';?'67/_N63/9>'@;3;<63/7U'']5;9?3'35/'?;3/';?';:'6':1;?>'91O63;1:V'35/2/'62/'6'P62;/3>'14' ?/:?;3;P/'N?/?':/62R>U''!1=/P/2V'35/':1;?/'2/0123'O1:?;7/2?'35/'013/:3;69'412':1;?/'31' 644/O3'1OON0;/2?'14'2/?;7/:3;69'?06O/?';:'35/'67^6O/:3'S6:7'6RN33;: Page 69 ;@06O3'1:'35/'6@/:;3>'14'35/'62/6V';:'6OO1276:O/'=;35',&8'819;O>'$Mi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b/'14'35/' 02101?/7'9;43'?51N97'R/'O1:7;3;1:/7';:'127/2'31'/:?N2/'35/'4;:69'<267;/:3?'6:7'?;b/?'62/' 6OO/036R9/'6:7'O1@09;6:3U' NR^/O3'31'35;?'O1:7;3;1:V';3';?'O1:?;7/2/7'3563'35/'02101?69';?' O1@09;6:3'=;35',&8'819;O>'M"XU''''' ' 4T' H2O56/191<>'$??N/?' ' )5/' 1N35'*12Q?5;2/'H2O56/191<>' /2P;O/'S *H T'67P;?/'3563'35;?';?'35/'?;3/'14'35/' 412@/2' 569/?'A112'#1N:72>'6:7'35/2/412/'35/2/';?'35/'013/:3;69'412'5;?312;O' 4/63N2/?'2/@6;:;:<'N:7/2<21N:7U' ' ,&8'819;O>'M"CC'SH2O56/191<;O69' ;3/?'6:7'A1:N@/:3?T'?363/?'3563'?NO5'4/63N2/?'=;99' R/'02/?/2P/7V'0213/O3/7V'6:7'/:56:O/7U']5/2/'7;?3N2R6:O/'14'6:'62O56/191<;O69'?;3/';?' N:6P1;76R9/V'35/'7/P/910@/:3'=;99'R/'0/2@;33/7'1:9>';4'S6T'6:'67/_N63/'62O56/191<;O69' 2/O127'14'35/'?;3/';?'@67/k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age 70 =1N97'R/'67/_N63/9>'?/2P/7'R>'326:?0123'46O;9;3;/?'6:7'021P;7/'?64/'6OO/??'31'35/' 5;<5=6>':/3=12Q'6:7'6002102;63/'144Y?32//3'062Q;: Page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age 72 ' ' (6?/'-N@R/2' FGEDFX[FE%M('S#12@/29>'88YDZF[DX[eT' ' H009;O63;1:')>0/' %;?3/7'MN;97;:<'(1:?/:3'H009;O63;1:' ' 82101?69' H93/263;1:?'6:7'/\3/:?;1:?'31'RN;97;:<';:O9N7;:<'3=1Y ?312/>'421:3E?;7/E2/62'/\3/:?;1:?'31'O2/63/'@;\/7'N?/' 7/P/910@/:3'O1@02;?;:<'R62EO64/V'144;O/' 6OO1@@1763;1:'6:7'e'60623@/:3?'=;35'6??1O;63/7'O62' 062Q;:<'6:7'96:7?O60;:<'=12Q?' ' %1O63;1:' ]'H')>b6OQ't'(1'%37I2//:'%6:/']12Q?I2//:' %6:/ 569/?@112 5/44;/97 W'[ "' ' &63/'./O/;P/7' F[EDGECDFG' ' )/6@' (;3>'(/:32/'6:7'"6?3' ' H009;O6:3EH' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 73 ' 6:7' ' FZoDFZ'%S09TFDi'./P'O'82101?/7':1235'/9/P63;1:V'?/O3;1:'##'6:7' FZoDFZ'%S09TFDX'./P'7'82101?/7'?/O3;1:?'MM'6:7'(('2/O/;P/7'1:' FEFDECDFG' '' ' ./6?1:B''$:'127/2'31'7/4;:/'35/'0/2@;??;1:U' ' 6)#:*(""#+,#"#+&$*(+1!&!(+859 ' ' WU' -1'7/P/910@/:3V';:O9N7;:<'6:>'7/@19;3;1:'6:7'<21N:7=12Q?V'?5699'36Q/' 096O/'N:3;9'35/'6009;O6:3V'12'35/;2'6'412'2/0123;:<' 35/'62O56/191<;O69'4;/97=12Q'O622;/7'1N3';:'CDDi';:'2/963;1:'31'0/2@;??;1:' DZEDCDFXE#,%'6:7'6'?3263/<>'412'4N235/2'62O56/191<;O69';:P/?3;<63;1:V'6:7' 35;?'56?'R//:'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U'' ' )5/'] $'?5699';:O9N7/BY' '' Y' )5/'021<26@@/'6:7'@/3517'412'2/P;/='14'35/'CDDi'?;3/'62O5;P/?k' ' Y' )5/'021<26@@/'6:7'@/3517'14'4N235/2'?;3/';:P/?3;<63;1:'6:7''' ' ' 2/O127;: Page 74 60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'R/412/'3563'0623'14'35/' 7/P/910@/:3';?'O1@@/:O/7U')5/2/643/2V'35/'7/P/910@/:3'?5699'R/'O622;/7' 1N3';:'6OO1276:O/'=;35'35/'60021P/7'7/36;9?U' ' ' ./6?1:B'$:'127/2'31'/:?N2/'6:'6002102;63/'_N69;3>'14'7/P/910@/:3U' ' GU' M/412/'6:>'=12Q?'1:'35/'/\;?3;:<'RN;97;:<'O1@@/:O/?'6'4N99' O5/7N9/'14' ./06;2']12Q?V';7/:3;4>;:<'699'14'35/'2/06;2'=12Q?';:?;7/'6:7'1N3?;7/'35/' RN;97;: Page 75 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 76 %+(H)$+-'H-&'8.+8+ H%' ' )5/'6009;O63;1:'?;3/';?'91O63/7'1:'35/':1235/2:'?;7/'14'I2//:'%6:/V'1001?;3/'35/' ^N:O3;1:?'=;35'&N:' 32//3'6:7'&N:4;/97?U''$3'O1@02;?/?'14'35/'421:3'26:'35/'4;2@'14'!119/'6:7'O1@06:>V' @6:N46O3N2/2?'14'12:6@/:369'?31P/'<263/?'6:7'4;2/096O/?U'')5/'O1@06:>h?' ?NOO/??/?'9/7'31'35/'2/RN;97;:<'14'35/']12Q?';:'F[eD'R>'35/'35/:'02102;/312'!/:2>' !119/V';:O9N7;:<'35/'O1:?32NO3;1:'14'6'7/O1263;P/'/:326:O/'62O5'1:31'I2//:'%6:/U'' )5/'352//'?312/>'RN;97;: ."%"fH-)'8%H--$-I'!$ )+.*'' ' FZEDZWDDE#,%' $:'A6>'CDFGV'6' /O3;1:'XW'6009;O63;1:'=6?'<26:3/7'31''' ' ' ' P62>'O1:7;3;1:?'iV'FeV'CD'S;'6:7';;TV'S31'6991='056?;:<'14'' ' ' ' 5;<5=6>';@021P/@/:3'=12Q?Tk'FZV'S31'6991='6:'/\3/:?;1:'' ' ' ' 14'35/'3;@/';:'=5;O5'7/36;9?'62/'31'R/'?NR@;33/7'412'35/''' ' ' ' p1:69']69Q=6>Tk'Wi'S31'6991='6:'/\3/:?;1:'14'3;@/'412''' ' ' ' 0NR9;O'623'7/36;9?'31'R/'?NR@;33/7TV'6:7'2/@1P69'14'' ' ' ' ' O1:7;3;1:'Z['S?363;:<':1'2/?;7/:3'?5699'1R36;:'6'062Q;:<'' Page 77 ' ' ' 0/2@;3T'6?';@01?/7'R>'096::;:<'0/2@;??;1:'' ' ' ' ' ' FCEDWWiDE#,%U' FZEDWGZZE#,%' H:'6009;O63;1:'412'35/'2/096O/@/:3'14'R1N:762>'=699'63'' ' ' ' %;339/'n/956@'=6?'60021P/7';:'-1P/@R/2'CDFZU' FWEDFFiFE-AH' H:'6009;O63;1:'412'I63/=6>'RN;97;:<'31'6991='/:962 ' FCEDWWiDE#,%' H' /O3;1:'XW'6009;O63;1:'31'N0763/'056?;:<'6:7'6991=''' ' ' ' 2/=127;:<'14''O1:7;3;1:?'WV'iV'CDV'CFV'CXV'C[V'Ci'6:7'WD'6?'' ' ' ' ;@01?/7'R>'096::;:<'0/2@;??;1:'FCEDFZDFE#,%'=6?'' ' ' ' ' 60021P/7';:'a6:N62>'CDFWU' ' FCEDFZDFE#,%' $:'HN Page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age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aN9>'CDFGU'')5/'I21N0'4/93'3563'35/2/'=6?':1'1R^/O3;1:'31'35/' 02;:O;09/'14'7/P/910@/:3'63'35/'?;3/V'RN3'35/'@/3517'=6?'Q/>';:'P;/='14'35/'013/:3;69' /44/O3'1:'35/'<63/=6>'RN;97;: Page 80 R/'^622;:<'6:7'6/?35/3;O699>';:O1:<2N1N?V'6:7'=1N97'R/'562@4N9'31'35/'?/33;:<'14'35/' 9;?3/7'RN;97;: Page 81 Y' )5/'0623;ON962'05>?;O69'4/63N2/?'14'35/'RN;97;:<'3563'^N?3;4>';3?'7/?;<:63;1:'6?' 6'9;?3/7'RN;97;: Page 82 )5/'7/P/910@/:3'69?1';:P19P/?'693/263;1:?'6:7'/\3/:?;1:?'31'6'<267/'$$J'9;?3/7' RN;97;: Page 83 ;@06O3/7'1:'35;?'?>@@/32>'6:7V'6?'35/'02101?/7'/\3/:?;1:?'?;3'=/99'R/91='35/' /6P/?'14'35/'12;<;:69'352//'?312/>'RN;97;:<'6:7'=;99'O1:326?3'6<6;:?3';3?'02101?/7' 9;@/'2/:7/2'4;:;?5V';3';?'4/93'3563'35/'9;?3/7'RN;97;:<'26:'6:7' ;3?'?36:7;:<'=;35;:'35/'O1:?/2P63;1:'62/6'@12/'U'''' ' )5/'/\3/:?;1:'63'35/'=/?3/2:'/:7'14'35/'RN;97;: Page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age 85 CDDiV'6:7'35/'O1@09/3;1:'14'699':/O/??62>'2/0123;:<'=12Q?'412'RN;97;:'H.(, TU' ]/'567'2/_N/?3/7'3563'35/?/';??N/?'R/'6772/??/7';:'35/'!/2;36'63'35/',:;P/2?;3>'14' 5/44;/97';:'127/2'3563'35/>'O1N97' 6226:'"9@/3' H2O56/191<;O69' /2P;O/?'%37U'')5/?/'71ON@/:3?V'412'O1@09/3;1:'14'35/'62/6'14' /\O6P63;1:'6:7'RN;97;:<'2/O127;: Page 86 H??/??@/:3't'82101?/7'49112'096:?'?NR@;33/7'=;35'35;?'6009;O63;1:'62/' ;@09/@/:3/7'6:7'?/ON2/7'R>'=6>'14'6'096::;:<'O1:7;3;1:'1:'6:>'096::;:<' 0/2@;??;1:U' ' M63?' ' H?'R63?'56P/'R//:'2/O127/7':/62'n/956@'I1;3'6:7'211?3?'56P/'R//:'41N:7' :/62R>V'6'R63'?O10;:<'?N2P/>'=6?'2/_N/?3/7U'')5/'6009;O6:3h?'O1:?N936:3?' N:7/2311Q'6'7N?Q'/@/2'6:7'41N:7':1'/P;7/:O/'14'211?3;:<'R63?V' 351N<5'6'O1@@1:'0;0;?32/99/'=6?'1R?/2P/7'621N:7'35/'?O644197;:<'02/?/:3' 691:'3563'6'O1:7;3;1:'=;99'R/'02101?/7'2/_N;2;:<'35/' @;3;<63;1:'@/6?N2/?'02101?/7'R>'35/'O1:?N936:3'31'R/'2/?/2P/7'R>'O1:7;3;1:U'')5;?' =;99'R/'2/?19P/7'02;12'31'35/'O1@@;33//'@//3;: ' ' Page 87 ' ' (6?/'-N@R/2' FGEDFX[DE#,%'S#12@/29>'88YDZF[DX[eT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' H93/263;1:?'6:7'/\3/:?;1:?'31'RN;97;:<';:O9N7;:<'3=1Y ?312/>'421:3E?;7/E2/62'/\3/:?;1:?'31'O2/63/'@;\/7'N?/' 7/P/910@/:3'O1@02;?;:<'R62EO64/V'144;O/' 6OO1@@1763;1:'6:7'e'60623@/:3?'=;35'6??1O;63/7'O62' 062Q;:<'6:7'96:7?O60;:<'=12Q?' ' %1O63;1:' ]'H')>b6OQ't'(1'%37I2//:'%6:/']12Q?I2//:' %6:/ 569/?@112 5/44;/97 W'[ "' ' &63/'./O/;P/7' F[EDGECDFG' ' )/6@' (;3>'(/:32/'6:7'"6?3' ' H009;O6:3EH' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 88 ' H:7' ' ' FZoDFZ'%S09TFDi'./P'O'82101?/7':1235'/9/P63;1:V'?/O3;1:'##'6:7' ' FZoDFZ'%S09TFDX'./P'7'82101?/7'?/O3;1:?'MM'6:7'(('2/O/;P/7'1:' ' FEFDECDFG' '' ' ./6?1:B''$:'127/2'31'7/4;:/'35/'0/2@;??;1:U' ' 6)#:*(""#+,#"#+&$*(+1!&!(+859 ' ' WU' -1'7/P/910@/:3V';:O9N7;:<'6:>'7/@19;3;1:'6:7'<21N:7=12Q?V'?5699'36Q/' 096O/'N:3;9'35/'6009;O6:3V'12'35/;2'6'412'2/0123;:<' 35/'62O56/191<;O69'4;/97=12Q'O622;/7'1N3';:'CDDi';:'2/963;1:'31'0/2@;??;1:' DZEDCDFXE#,%'6:7'6'?3263/<>'412'4N235/2'62O56/191<;O69';:P/?3;<63;1:V'6:7' 35;?'56?'R//:'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U'' '' ' )5/'] $'?5699';:O9N7/B' '' ' Y' )5/'021<26@@/'6:7'@/3517'412'2/P;/='14'35/'CDDi'?;3/'62O5;P/?' ' Y' )5/'021<26@@/'6:7'@/3517'14'4N235/2'?;3/';:P/?3;<63;1:'6:7''' ' ' 2/O127;:<' Y'' )5/'2/_N;2/@/:3'31'?//Q'02/?/2P63;1:';:'?;3N'14';7/:3;4;/7'4/63N2/?'14' ;@01236:O/' Y' )5/'021<26@@/'412'01?3Y;:P/?3;<63;1:'6??/??@/:3'14'699'056?/?'14' ;:P/?3;<63;1:' ' Y'' )5/'021P;?;1:'31'R/'@67/'412'6:69>?;?'6:7'2/0123;:<' ' Y' )5/'021P;?;1:'31'R/'@67/'412'0NR9;O63;1:'6:7'7;??/@;:63;1:'14'35/' ' 2/?N93?' ' Y' )5/'021P;?;1:'31'R/'@67/'412'7/01?;3;1:'14'35/'62O5;P/?'O2/63/7' ' Y' -1@;:63;1:'14'6'O1@0/3/:3'0/2?1:E0/2?1:?'12'12<6:;?63;1:'31'' ' ' N:7/236Q/'35/'=12Q?' Y' )5/'3;@/36R9/'412'O1@09/3;1:'14'699'?;3/';:P/?3;<63;1:'6:7'01?3Y ;:P/?3;<63;1:'=12Q?' '' )5/2/643/2'35/'7/P/910@/:3'?5699'1:9>'36Q/'096O/';:'6OO1276:O/'=;35'35/' 60021P/7'] $'6:7'35/'7/P/910@/:3'?5699':13'R/'R21N<53';:31'N?/'N:3;9'35/' %1O69'896::;:<'HN3512;3>'56?'O1:4;2@/7';:'=2;3;:<'3563'35/'2/_N;2/@/:3?'14' 35/'] $'56P/'R//:'4N94;99/7'12'693/2:63;P/'3;@/?O69/?'6<2//7U' '' ./6?1:B')1'/:?N2/'3563'6:>'62O56/191<;O69'2/@6;:?'02/?/:3V'=5/35/2'RN2;/7' 12'0623'14'6'?36:7;:<'RN;97;: Page 89 R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U' NO5'7/36;9?'?5699';:O9N7/'35/'6226:'63'35/'60021P/7'01;:3?U' '' ./6?1:B'$:'35/';:3/2/?3?'14'0213/O3;:<'35/'42//'6:7'?64/'491='14'32644;O'1:'35/' 0NR9;O'5;<5=6>';3';?'/??/:3;69'3563'35;?'O1:7;3;1:';?'O1@09;/7'=;35'R/412/'6:>' =12Q?'1:'?;3/'O1@@/:O/U' ' GU' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'35/'6O3N69'12'013/:3;69'96:7' O1:36@;:63;1:'6:7'<21N:7'<6?'O1:36@;:63;1:'63'35/'?;3/'?5699'56P/'R//:' ;:P/?3;<63/7'6:7'6'856?/'F'82/9;@;:62>'.;?Q'H??/??@/:3'./0123'?5699'56P/' R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U' )5/'./0123'?5699'R/'02/062/7';:'6OO1276:O/'=;35'(1:36@;:63/7'%6:7' ./0123'(%.FF'S":P;21:@/:3'H'CDDZTU' '' ./6?1:B'$:'127/2'31'/:?N2/'3563'6:>'O1:36@;:63;1:'14'35/'96:7';?'0210/29>' 7/693'=;35'6:7'35/'?;3/';?'?64/'412'35/'7/P/910@/:3'31'021O//7V';3';?'/??/:3;69' 3563'35;?'O1:7;3;1:';?'O1@09;/7'=;35'R/412/'35/'7/P/910@/:3';?'O1@@/:O/7U' ' e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age 90 ' ./6?1:B'$:'127/2'31'/:?N2/'6:'6002102;63/'_N69;3>'14'7/P/910@/:3U' ' iU' M/412/'6:>'=12Q?'1:'35/'/\;?3;:<'RN;97;:<'O1@@/:O/?'6'4N99' O5/7N9/'14' ./06;2']12Q?V';7/:3;4>;:<'699'14'35/'2/06;2'=12Q?';:?;7/'6:7'1N3?;7/'35/' RN;97;: Page 91 '' ' ./6?1:B'$:'35/';:3/2/?3?'14'?N?36;:6R9/'7/P/910@/:3U' ' FZU' M/412/'35/'7/P/910@/:3';?'O1@@/:O/7V'6:7'N:9/??'135/2=;?/'6<2//7';:' =2;3;: Page 92 F[U' M/412/'35/'N?/'14'35/'7/P/910@/:3';?'O1@@/:O/7V'f69;763;1:')/?3;:<'14'35/' ?1N:7'633/:N63;1:'=12Q?'?5699'56P/'R//:'O622;/7'1N3'6:7'35/'2/?N93?' ?NR@;33/7'31'6:7'60021P/7'R>'35/'%1O69'896::;:<'HN3512;3>U' NO5'f69;763;1:' )/?3;:<'?5699BY' '' ' 6T'M/'O622;/7'1N3';:'6OO1276:O/'=;35'6:'60021P/7'@/3517'?363/@/:3U' RT'&/@1:?3263/'3563'35/'?0/O;4;/7':1;?/'9/P/9?'56P/'R//:'6O5;/P/7U'$:'35/' /P/:3'3563'35/'?0/O;4;/7':1;?/'9/P/9?'56P/':13'R//:'6O5;/P/7'35/:V' :13=;35?36:7;:<'35/'?1N:7'633/:N63;1:'=12Q?'35N?'462'60021P/7V'6'4N235/2' ?O5/@/'14'?1N:7'633/:N63;1:'=12Q?'O606R9/'14'6O5;/P;:<'35/'?0/O;4;/7':1;?/' 9/P/9?'6:7'2/O1@@/:7/7'R>'6:'6O1N?3;O'O1:?N936:3'?5699'R/'?NR@;33/7'31' 6:7'60021P/7'R>'35/'%1O69'896::;:<'HN3512;3>'R/412/'35/'N?/'14'35/' 7/P/910@/:3';?'O1@@/:O/7U' NO5'4N235/2'?O5/@/'14'=12Q?'?5699'R/' ;:?3699/7'6?'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'R/412/'35/' N?/';?'O1@@/:O/7'6:7'?5699'35/2/643/2'R/'2/36;:/7U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'4N3N2/'1OON0;/2?'14'35/' ' RN;97;: Page 93 7=/99;:'35/'%1O69'896::;:<'HN3512;3>U')5/?/'7/36;9?'?5699' ;:O9N7/BY' '' ' 6T'896:?'?51=;:<'35/'91O63;1:'6:7'3/2@;:63;1:'14'35/'4N@/'/\326O3;1:'?>?3/@' ' 6:7'49N/V';:O9N7;:<'6'91=' ' 2/?;?36:O/'O1=9U' ' RT'HO1N?3;O'/@;??;1:?'7636U' ' OT'&/36;9?'14'6:>'4;93/2?'12'135/2'171N2'6R63/@/:3'/_N;0@/:3U' ' 7T'&/36;9?'14'35/'?>?3/@c?'2/_N;2/7'O9/6:;:<'6:7'@6;:3/:6:O/'?O5/7N9/U' ' /T'&/36;9?'14'6'?O5/@/'14'=12Q?'31'02/P/:3'35/'326:?@;??;1:'14'?32NO3N2/' ' R12:/':1;?/'12'P;R263;1:'31'135/2'?/:?;3;P/'0123;1:?'14'35/'RN;97;: Page 94 ' ;&=#)$*("/%!7+,#$*(+1!&!(+5 ' ' CZU' H99'35/'26;:=63/2' Page 95 ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' CiU' (1@@/2O;69'7/9;P/2;/?'31'6:7'O199/O3;1:?'421@'35/'RN;97;:<'?5699'R/'O622;/7' 1N3'1:9>'R/3=//:'35/'51N2?'14'DXDD'31'CWDD'1:'A1:76>?'31' 63N276>?'6:7' R/3=//:'35/'51N2?'14'DiDD'31'CWDD'1:' N:76>?'6:7'8NR9;O'!19;76>?U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ' WDU' A1P/@/:3V'?123;:<'12'2/@1P69'14'=6?3/'@63/2;69?V'2/O>O96R9/?'12'35/;2' O1:36;:/2?';:'35/'10/:'6;2'?5699'R/'O622;/7'1:'1:9>'R/3=//:'35/'51N2?'14' DXDD'31'CWDD'A1:76>?'31' 63N276>?'6:7'R/3=//:'35/'51N2?'14'DiDD'31'CWDD' 1:' N:76>?'6:7'8NR9;O'!19;76>?U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' ' 67^1;:;:<'0210/23>U' ''''' ' H33/:3;1:';?'&26=:'31'35/'#1991=;:<'&;2/O3;P/?B' ' FU' *1N'62/'2/_N;2/7V'6?'0623'14'35;?'7/P/910@/:3V'31'O622>'1N3'=12Q?'=;35;:'35/' 0NR9;O'5;<5=6>U''*1N'@N?3':13'?3623'6:>'14'35;?'=12Q'N:3;9'>1N'56P/'2/O/;P/7'6' ?;<:/7'O1:?/:3'N:7/2'35/'!;<5=6>?'HO3'Fi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iiF'S /O3;1:'GZTV'W27'/7;3;1:'14'35/'(17/'14'826O3;O/'CDDXV'>1N' @N?3'<;P/'63'9/6?3'352//'@1:35?'=2;33/:':13;O/'31'35/'(1N:O;9V';:412@;:<'N?'14' 35/'763/'6:7'/\3/:3'14'=12Q?'>1N'02101?/'31'N:7/236Q/U' ' ' ' )5/':13;O/'?51N97'R/'?/:3'31BY' ' ' ' 5/44;/97'(;3>'(1N:O;9' ' CYFD'(62R211Q'!699'.167' ' 5/44;/97'' Page 96 ' i'C&M' ' ' ' #12'35/'633/:3;1:'14'A2'8'f;OQ/2?' ' ' 89/6?/':13/'46;9N2/'31'<;P/'35/'6002102;63/':13;O/'@6>'9/67'31'6'4;\/7'0/:693>':13;O/' R/;:<';??N/7'6:7'6:>'=12Q?'1:'35/'5;<5=6>'R/;:<'?N?0/:7/7U' ' WU' H?'35/'02101?/7'7/P/910@/:3'6RN3?'35/'0NR9;O'5;<5=6>'>1N'62/'67P;?/7'31' O1:36O3'35/'!;<5=6>?'(1Y127;:63;1:'I21N0'1:' 5/44;/97'CXWeeXXV'02;12'31' O1@@/:O;:<'=12Q?U'')5/'(1Y127;:6312'=;99'R/'6R9/'31'67P;?/'>1N'14'6:>'02/Y O1@@/:O/@/:3'O1:7;3;1:'?N2P/>?V'0/2@;3?V'0/2@;??;1:?'12'9;O/:O/?'>1N'@6>' 2/_N;2/';:'127/2'31'O622>'1N3'>1N2'=12Q?U' ' ZU' 'M>'96=V'35;?'7/P/910@/:3'2/_N;2/?'35/'6991O63;1:'14'144;O;69V'2/<;?3/2/7' 6772/??S/?T'R>'35/'(1N:O;9h?' 32//3'-6@;:<'6:7'-N@R/2;:<'+44;O/2U'89/6?/' 2/4/2'31'35/' 32//3'-6@;:<'6:7'-N@R/2;:<'IN;7/9;:/?'6:7'6009;O63;1:'412@?' 1:'35/'(1N:O;9'=/R?;3/U'#12'4N235/2'5/90'6:7'67P;O/'09/6?/'2;:<'DFFZ'CXWeFCX' 12'/@6;9'?::l?5/44;/97U<1PUNQU'89/6?/'R/'6=62/'3563'46;9N2/'31'6009>'412' 6772/??/?'63'35/'O1@@/:O/@/:3'14'35/'=12Q?'=;99'2/?N93';:'35/'2/4N?69'14' ?363N312>'N:7/236Q/2?'31'96>EO1::/O3'?/2P;O/?V'7/96>?';:'4;:7;:<'35/'02/@;?/?' ;:'35/'/P/:3'14'6:'/@/2'6:7'9/<69'7;44;ON93;/?'=5/:'?/99;:<'12'9/33;:<'35/' 0210/23;/?U' ' GU' )5/'%1O69'896::;:<'HN3512;3>'56?'7/693'=;35'35/'096::;:<'6009;O63;1:';:'6' 01?;3;P/'6:7'0216O3;P/'@6::/2'6:7'?1N<53'?19N3;1:?'31''021R9/@?'=5/2/' :/O/??62>';:'6OO1276:O/'=;35'35/'2/_N;2/@/:3?'14'35/'-63;1:69'896::;:<' 819;O>'#26@/=12QU' ' ' ' Page 97 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 98 %+(H)$+-'H-&'8.+8+ H%' ' )5/'6009;O63;1:'?;3/';?'91O63/7'1:'35/':1235/2:'?;7/'14'I2//:'%6:/V'1001?;3/'35/' ^N:O3;1:?'=;35'&N:' 32//3'6:7'&N:4;/97?U''$3'O1@02;?/?'14'35/'421:3'26:'35/'4;2@'14'!119/'6:7'(1@06:>V' @6:N46O3N2/2?'14'12:6@/:369'?31P/'<263/?'6:7'4;2/096O/?U'')5/'O1@06:>h?' ?NOO/??/?'9/7'31'35/'2/RN;97;:<'14'35/']12Q?';:'F[eD'R>'35/'35/:'02102;/312'!/:2>' !119/V';:O9N7;:<'35/'O1:?32NO3;1:'14'6'7/O1263;P/'/:326:O/'62O5'1:31'I2//:'%6:/U'' )5/'352//'?312/>'RN;97;: FZEDZWDDE#,%' $:'A6>'CDFGV'6' /O3;1:'XW'6009;O63;1:'=6?'<26:3/7'31''' ' ' ' P62>'O1:7;3;1:?'iV'FeV'CD'S;'6:7';;TV'S31'6991='056?;:<'14'' ' ' ' 5;<5=6>';@021P/@/:3'=12Q?Tk'FZV'S31'6991='6:'/\3/:?;1:'' ' ' ' 14'35/'3;@/';:'=5;O5'7/36;9?'62/'31'R/'?NR@;33/7'412'35/''' ' ' ' p1:69']69Q=6>Tk'Wi'S31'6991='6:'/\3/:?;1:'14'3;@/'412''' ' ' ' 0NR9;O'623'7/36;9?'31'R/'?NR@;33/7TV'6:7'2/@1P69'14'' ' ' ' ' O1:7;3;1:'Z['S?363;:<':1'2/?;7/:3'?5699'1R36;:'6'062Q;:<'' ' ' ' 0/2@;3T'6?';@01?/7'R>'096::;:<'0/2@;??;1:'FCEDWWiDE#,%U' Page 99 FZEDWGZZE#,%' H:'6009;O63;1:'412'35/'2/096O/@/:3'14'R1N:762>'=699'63'' ' ' ' %;339/'n/956@'=6?'60021P/7';:'-1P/@R/2'CDFZU' FWEDFFiFE-AH' H:'6009;O63;1:'412'I63/=6>'RN;97;:<'31'6991='/:962 FCEDWWiDE#,%' H' /O3;1:'XW'6009;O63;1:'31'N0763/'056?;:<'6:7'6991=''' ' ' ' 2/=127;:<'14''O1:7;3;1:?'WV'iV'CDV'CFV'CXV'C[V'Ci'6:7'WD'6?'' ' ' ' ;@01?/7'R>'096::;:<'0/2@;??;1:'FCEDFZDFE#,%'=6?'' ' ' ' ' 60021P/7';:'a6:N62>'CDFWU' ' FCEDFZDFE#,%' $:'HN Page 100 3563'35/'02101?/7'7/P/910@/:3'@6;:36;:?'6:7'/:56:O/?'35/'n/956@'$?96:7' (1:?/2P63;1:'H2/6U' ' !;?312;O'":<96:7' ' $:'35/;2';:;3;69'O1@@/:3?V'!;?312;O'":<96:7'=/9O1@/7';:'02;:O;09/'35/'02101?69'31' O1:P/23'6:7'2/4N2R;?5'35;?'?;<:;4;O6:3'RN;97;:<'63'2;?Q'6:7'35/>':13/7'3563'3563'6' :N@R/2'14'3=1'?312/>'RN;97;:'67^1;:/7'35/'?1N35'=/?3'/9/P63;1:' 421:3;:<'I2//:'%6:/'31'412@'6'?1N35'=/?3'26:'?363/'3563'35/'412@V' 411302;:3'6:7'69;<:@/:3'14'35/'02101?69?'421:3;:<'I2//:'%6:/'7;44/2?'?;<:;4;O6:39>' 421@'35/'5;?312;O'?32NO3N2/?V':1='7/@19;?5/7V'35/>'56P/':1'1R^/O3;1:'31'35/' /\3/:?;1:'14'35/'02;:O;069'26:'7/?;<:U''!1=/P/2V'35/>' 2/_N/?3/7'3563'4N235/2'O1:?;7/263;1:'R/'<;P/:'31'35/'2/963;1:?5;0'14'35/?/' /\3/:?;1:?'=;35'35/'96:7@62Q'<267/'$$J'9;?3/7'RN;97;:<';:'127/2'31'/:56:O/'6:7' @6;:36;:'35/'?363N?'14'35/'<63/=6>U' ' !;?312;O'":<96:7'67P;?/7'3563'6'O1:?;?3/:3'62O5;3/O3N269'P1O6RN962>'R/'N?/7'1:' R135'=;:<'/\3/:?;1:?V'=;35'6:'/@056?;?'1:'?19;7'2635/2'356:'<96b/7'/9/P63;1:?V'6:7' _N/2;/7'35/'069/33/'14'@63/2;69?V'?N<'14'35/'62/6U'')5/>'69?1'O1@@/:3/7'3563'35/'O191N2'14' 35/'02101?/7'2/:7/2'?51N97'@63O5'35/'O191N2'14'35/'/\;?3;:<'?31:/=12QU' ' #1991=;:<'35/'?NR@;??;1:'14'6@/:7/7'096:?V'!;?312;O'":<96:7':13/'3563'6':N@R/2' 14'6@/:7@/:3?'56P/'R//:'@67/'31'35/'?O5/@/';:'9;:/'=;35'35/;2'02/P;1N?' O1@@/:3?U'')5/?/';:O9N7/'35/'2/096O/@/:3'14'35/'02101?/7'?31:/'O9677;:<'1:'35/' ?1N35'/9/P63;1:'=;35'R96OQ'R2;OQk'699':/='2/:7/2'=;99'R/'N:7/236Q/:';:'9;@/'2/:7/2k' 2/O1:4; Page 101 7/36;9?'14'35/'02101?/7'@63/2;69?V'35/'02101?/7'?;:<9/'?312/>'60623@/:3'/:326:O/' 6:7'35/'0213/O3;1:'6:7'?N00123'14'35/'2/@6;:;:<'?32NO3N2/'31'/:?N2/'35/'?36R;9;3>' 6:7'4;:;?5';?'6002102;63/'31'35/'9;?3/7'RN;97;:<'6:7'(1:?/2P63;1:'H2/6U' ' )5/' 5/44;/97'(1:?/2P63;1:'H7P;?12>'I21N0'O1:?;7/2/7'35/'02101?69?'63'35/;2' @//3;:<'1:'CF ?3 'aN9>'CDFGU'')5/'I21N0'4/93'3563'35/2/'=6?':1'1R^/O3;1:'31'35/' 02;:O;09/'14'7/P/910@/:3'63'35/'?;3/V'RN3'35/'@/3517'=6?'Q/>';:'P;/='14'35/'013/:3;69' /44/O3'1:'35/'<63/=6>'RN;97;: Page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x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age 103 )5/>'67P;?/'3563'35/'6009;O63;1:'?51N97':13'021<2/??'=;351N3'6'0210/2'!/2;36'56P/'62;?/:'421@'35/'96OQ'14';:P19P/@/:3'14'6' O1:?/2P63;1:'6OO2/7;3/7'62O5;3/O3U' ' 8%H--$-I'H " A"-)' ' %6:7',?/'6:7'35/' /_N/:3;69')/?3' ' )5/'?;3/';?'91O63/7'=;35;:'35/'n/956@'A;\/7',?/'H2/6'6?'7/4;:/7';:'35/',:;362>' &/P/910@/:3'896:'S,&8TU''819;O>'A,i'Sn/956@'A;\/7',?/'H2/6T'7/?O2;R/?'10/:' ?06O/V'RN?;:/??'SMFTV'51N?;:<'S(WT'6:7'9/;?N2/'6:7'2/O2/63;1:'46O;9;3;/?'S&CT''6?'35/' 02/4/22/7'N?/?'14'96:7V'=5;9?3'4117'6:7'72;:Q'N?/?'62/'O1:?;7/2/7'31'R/'6OO/036R9/U' 819;O>'A,FF'S(1:7;3;1:?'1:'&/P/910@/:3';:'A;\/7',?/'H2/6?T'2/_N;2/?V'6@1:'019;O>'( FX'S(;3>'(/:32/' jN623/2?T'S^T'=5;O5';7/:3;4;/?'n/956@'6:7'-//0?/:7'6?'6'41ON?'412':/='2;P/2?;7/' 51N?;:<'6:7'^1R?U'' ;@;9629>'019;O>'( CX'S!1N?;:<';:'35/'(;3>'(/:32/T'021@13/?' (;3>'(/:32/'9;P;:<';:'35/'n/956@'62/6'6?'0623'14'6'@;\'14'N?/?U'' ' H'R62EO64v'14'6R1N3'CDD'?_N62/'@/32/?';?'02101?/7'6?'0623'14'35/'7/P/910@/:3V'6:' 6OO/036R9/'N?/';:'02;:O;09/'6?'7/4;:/7'R>'019;O>'A,iU''(64/?'62/'@6;:'31=:'O/:32/' N?/?V'6?'7/?O2;R/7'63'H::/\'C'14'35/'-63;1:69'896::;:<'819;O>'#26@/=12Q'S-88#T' 6:7V'6?'?NO5V'62/'2/_N;2/7'31'O1@09>'=;35'35/'?/_N/:3;69'600216O5U''H?'35/' 02101?/7'R62EO64v'=1N97'677'31'35/'P;369;3>'14'35/'62/6V'6:7';:'127/2'31'71'?1'O1N97' :13'R/'91O63/7'/9?/=5/2/V';3';?'O1:?;7/2/7'31'R/'6OO/036R9/'N:7/2'35/'?/_N/:3;69' 600216O5U' ' )5/'02101?69?'62/'35/2/412/'O1:?;7/2/7'31'R/'6OO/036R9/';:'96:7'N?/'3/2@?U' ' &/?;<:'6:7'!/2;36'M"Fe'14'35/',&8'S&/P/910@/:3';:'(1:?/2P63;1:'H2/6?T'/\0/O3?':/=' 7/P/910@/:3'31'02/?/2P/'12'/:56:O/'35/'O5626O3/2'12'600/626:O/'14'35/' O1:?/2P63;1:'62/6V';3'?N00123?'35/'2/3/:3;1:'14'RN;97;:'M"Fi'14'35/',&8'S&/P/910@/:3'H44/O3;:<'%;?3/7'MN;97;: Page 104 )5/'-63;1:69'896::;:<'819;O>'#26@/=12Q'S-88#T'?363/?'3563V';:'7/3/2@;:;:<' 096::;:<'6009;O63;1:?';:P19P;:<'6'5/2;36'14'?N?36;:;:<'6:7'/:56:O;:<'35/'?;<:;4;O6:O/'14'5/2;36k'6:7' Y' 35/'7/?;26R;9;3>'14':/='7/P/910@/:3'@6Q;:<'6'01?;3;P/'O1:32;RN3;1:'31'91O69' O5626O3/2'6:7'7;?3;:O3;P/:/??'S0626UFWFTU' ' $3'69?1'67P;?/?'3563'<2/63'=/;<53'?51N97'R/'<;P/:'31'35/'6??/3h?'O1:?/2P63;1:U')563' 35/'@12/';@01236:3'35/'6??/3V'35/'<2/63/2'35/'=/;<53'?51N97'R/V'6:7'3563' ?;<:;4;O6:O/'O6:'R/'562@/7'12'91?3'3521N<5'693/263;1:'12'7/?32NO3;1:'14'35/'5/2;36'/\O/03;1:69'S0626UFWCTU' ' A12/'V'019;O>'A,FF'S(1:7;3;1:?'1:'&/P/910@/:3';:'A;\/7',?/'H2/6?T' 2/_N;2/?':/='7/P/910@/:3'31'R/'=/99'7/?;<:/7V'14'6'?O69/'6:7':63N2/'6002102;63/' 31'35/'?;3/U' ' )5/'<267/'$$J'9;?3/7'I2//:'%6:/']12Q?';?'ON22/:39>';7/:3;4;/7'6?'6'MN;97;:<'63'.;?Q' 6:7'?1V';:'02;:O;09/V';3?'2/7/P/910@/:3';?'?321:<9>'?N00123/7U')5/'O1:7;3;1:'14'35/' 9;?3/7'O91OQ'31=/2'56?'7/3/2;1263/7'1P/2'2/O/:3'>/62?'6:7'69351N<5'=12Q?'31' ?36R;9;?/'35/'?32NO3N2/'56P/'36Q/:'096O/V'?/ON2;:<'6'91:'/\3/:?;1:?'31'35/'RN;97;: Page 105 @/32/?'R/>1:7'35/'/\;?3;:<'?1N35'46O;:<'/9/P63;1:'14'I2//:'%6:/']12Q?U''$3';?'O967' =;35'<96b/7'ON236;:'=699;:<'6:7'412@?'0623'14'35/'R62EO64v'63'<21N:7'49112'9/P/9V' 677;3;1:?'31'35/'60623@/:3?'02101?/7'63'4;2?3'49112'9/P/9'6:7'3=1'3/226O/?'?/2P;:<' 35/'9;P;:<'6OO1@@1763;1:'63'?/O1:7'49112'9/P/9U'')5/'<96b/7'4;:;?5'14'35/'/\3/:?;1:V' =5;O5'O1N97'600/62'9;<53=/;<53'O1@062/7'31'35/'21RN?3'6:7'?19;7'412@?'14'35/' 62/6h?'5;?312;O';:7N?32;69'RN;97;:'=6>?V'35/'2/963;P/9>'?@699' ?O69/'6:7'326:?062/:O>'14'35;?'/\3/:?;1:'5/90?'31'@6;:36;:'35/'P;?N69'021@;:/:O/'14' 35/'/\;?3;:<'RN;97;:<'6:7V'62 Page 106 :/<9;<;R9/U''A12/1P/2V'41991=;:<'35/'O56:'!;?312;O'":<96:7V';3' ;?'O1:?;7/2/7'3563'35/'02101?/7'7/P/910@/:3'=;99'56P/'6'01?;3;P/';@06O3'1:'35/' =;7/2'O5626O3/2'6:7'600/626:O/'14'35/'n/956@'$?96:7'(1:?/2P63;1:'H2/6U'' ' ./?;7/:3;69'H@/:;3>' ' )5/'02101?/7'@;\'14'N?/?'62/'O1:?;7/2/7'31'R/'6OO/036R9/V'7/?;26R9/'/P/:V'>/3' ;??N/?'O6:'62;?/'R/3=//:':/;<5R1N2;:<'2/?;7/:3;69'6:7'O1@@/2O;69'6O3;P;3;/?V' 0623;ON9629>';:'35/'O6?/'14'R62?'6:7'2/?36N26:3?U''819;O>'A,FF'S(1:7;3;1:?'1:' &/P/910@/:3';:'A;\/7',?/'H2/6?T'?363/?'3563':/='7/P/910@/:3'@N?3':13'562@'35/' 9;P;:<'O1:7;3;1:?'14'0/109/'9;P;:<':/62R>'6:7'?1'6'?/2;/?'14'O1:7;3;1:?'62/'02101?/7' ;:'127/2'31'0213/O3'35/'6@/:;3;/?'14'R135'35/'02101?/7'6:7'/\;?3;:<'2/?;7/:3?U'' )5/?/'O1:7;3;1:?';:O9N7/'35/';:?369963;1:'14'6'?O5/@/'14'?1N:7'633/:N63;1:'31'35/' 02101?/7'60623@/:3?';:'127/2'31'6O5;/P/'?63;?46O312>';:3/2:69':1;?/'9/P/9?V'6?'=/99' 6?'6'?O5/@/'14'?1N:7'633/:N63;1:'31'35/'O1@@/2O;69'N:;3?';:'127/2'31'2/?32;O3':1;?/' R2/6Q1N3'31'699'67^1;:;:<'2/?;7/:3;69'6OO1@@1763;1:V';:O9N7;:<':/;<5R1N2;:<' M211Q9>:']12Q?U' ' $:'677;3;1:V'<;P/:'35/'021\;@;3>'14'35/'02101?/7'R62'31'2/?;7/:3;69'6OO1@@1763;1:V' 51N2?'14'N?/'=;99'R/'9;@;3/7'31'R/3=//:'D[DD'51N2?'6:7'CWDD'51N2?'A1:76>'31' 63N276>'6:7'R/3=//:'Di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iV'6:7'35/'O1@09/3;1:'14'699':/O/??62>' 01?3Y/\O6P63;1:'6:7'2/0123;:<'=12Q?k' Y' 35/'O1@09/3;1:'14'35/'RN;97;:<'2/O127;:<'021<26@@/'SR>'N:7/236Q;:<'6' =63O5;:<'R2;/4'1:'6:>'=12Q?'31'35/'RN;97;:'H.(, ';:' CDDiV'6:7'35/'O1@09/3;1:'14'699':/O/??62>'2/0123;:<'=12Q?'412'RN;97;:'H.(, TU' ]/'567'2/_N/?3/7'3563'35/?/';??N/?'R/'6772/??/7';:'35/'!/2;36'63'35/',:;P/2?;3>'14' 5/44;/97';:'127/2'3563'35/>'O1N97' 6226: Page 107 ]5;9?3'35;?';:412@63;1:'7;7':13'412@'0623'14'35/'!/2;36'"9@/3' H2O56/191<;O69' /2P;O/?'%37U'')5/?/'71ON@/:3?V'412'O1@09/3;1:'14'35/'62/6'14' /\O6P63;1:'6:7'RN;97;:<'2/O127;: Page 108 N:7/2311Q'6'7N?Q'/@/2'6:7'41N:7':1'/P;7/:O/'14'211?3;:<'R63?V' 351N<5'6'O1@@1:'0;0;?32/99/'=6?'1R?/2P/7'621N:7'35/'?O644197;:<'02/?/:3' 691:'3563'6'O1:7;3;1:'=;99'R/'02101?/7'2/_N;2;:<'35/' @;3;<63;1:'@/6?N2/?'02101?/7'R>'35/'O1:?N936:3'31'R/'2/?/2P/7'R>'O1:7;3;1:U'')5;?' =;99'R/'2/?19P/7'02;12'31'35/'O1@@;33//'@//3;: Page 109 ' ' (6?/'-N@R/2' FGEDFGXXE#,%'S#12@/29>'88YDZDCieCZT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' ,?/'14'7=/99;:<51N?/'S,?/'(96??'(WT'6?'6'!1N?/';:' AN93;09/'+OON063;1:'S,?/'(96??'(ZT'6:7'6??1O;63/7' 3=1Y?312/>'?;7/'/\3/:?;1:V'?;:<9/Y?312/>'2/62'/\3/:?;1:' 6:7'021P;?;1:'14'C'062Q;:<'?06O/?'31'2/62' ' %1O63;1:' GX' 36::;:<31:'f;/='.167 5/44;/97 FD'F j' ' &63/'./O/;P/7' DeEDGECDFG' ' )/6@' ]/?3'6:7'-1235' ' H009;O6:3EH' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page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f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e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age 111 DFFZ'CXW'ZeGFT'?51N97'R/'O1:36O3/7';@@/7;63/9>U''./P;?;1:?'31'35/' ./@/7;63;1:' 3263/<>'?5699'R/'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>U']12Q?'?5699'35/2/643/2'R/'O622;/7'1N3';:' 6OO1276:O/'=;35'35/'60021P/7'2/P;?/7'./@/7;63;1:' 3263/<>U' '' ' ./6?1:B''$:'127/2'31'/:?N2/'3563'6:>'O1:36@;:63;1:'14'35/'96:7';?'0210/29>' ' 7/693'=;35U' ' [U' ,01:'O1@09/3;1:'14'6:>'@/6?N2/?';7/:3;4;/7';:'35/'60021P/7'./@/7;63;1:' 3263/<>'12'6:>'60021P/7'2/P;?/7'./@/7;63;1:' 3263/<>'6'f69;763;1:'./0123' ?5699'R/'?NR@;33/7'31'35/'%1O69'896::;:<'HN3512;3>U'')5/'7/P/910@/:3'?5699' :13'R/'R21N<53';:31'N?/'N:3;9'35/'f69;763;1:'./0123'56?'R//:'60021P/7';:' =2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U'')5/'f69;763;1:'./0123'?5699'R/' 02/062/7';:'6OO1276:O/'=;35'(1:36@;:63/7'%6:7'./0123'(%.FF' S":P;21:@/:3'H'CDDZT'6:7' 5/44;/97'(;3>'(1N:O;9'019;O;/?'2/963;:<'31' P69;763;1:'14'O600;:<'@/6?N2/?'6:7'P69;763;1:'14'<6?'0213/O3;1:'@/6?N2/?U' '' ' ./6?1:B''$:'127/2'31'/:?N2/'3563'6:>'O1:36@;:63;1:'14'35/'96:7';?'0210/29>' ' 7/693'=;35U' ' iU' )5/'!1N?/'14'AN93;09/'+OON063;1:'S!A+T'?5699':13'R/'N?/7'N:9/??'7/36;9?' 56P/'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<' HN3512;3>V'?51=;:<'51='?N246O/'=63/2'=;99'R/'02/P/:3/7'421@'?0;99;:<'1:31' 35/'0NR9;O'5;<5=6>U'+:O/'6<2//7V'35/'@/6?N2/?'?5699'R/'0N3';:31'096O/'02;12' 31'35/'N?/'14'35/'!1N?/'14'AN93;09/'+OON063;1:'S!A+T'O1@@/:O;: Page 112 ' FWU' )5/'<267;/:3'14'?562/7'0/7/?32;6:EP/5;ON962'6OO/??'?5699':13'/\O//7'FBFC'U' '' ' ./6?1:B''$:'35/';:3/2/?3?'14'35/'?64/3>'14'2167'N?/2?U' ' FZU' )5/'2/62'<627/:'62/6'?51=:'1:'35/' ;3/'896:'S?NR@;33/7'R>'/Y@6;9'1:'35/'e' +O31R/2'CDFGT'?5699'R/'91=/2/7'R>'ZDD@@'02;12'31'35/'!A+'R/;:<'R21N<53' ;:31'N?/U')5/2/643/2V'35/'2/62'<627/:'<21N:7'9/P/9?'?5699'R/'2/36;:/7U''' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'0213/O3;:<'35/'2/?;7/:3;69'6@/:;3>'14'-1U'GG' ' 36::;:<31:'f;/='.167' ''''' ' H33/:3;1:';?'&26=:'31'35/'#1991=;:<'&;2/O3;P/?B' ' FU' $3';?':13/7'3563'>1N2'096::;:<'6009;O63;1:';:P19P/?'35/'O1:?32NO3;1:'12'693/263;1:' 14'6:'6OO/??'O21??;:<'31'6'5;<5=6>'@6;:36;:/7'63'0NR9;O'/\0/:?/U' ' ' )5;?'096::;:<'0/2@;??;1:'&+" '-+)'6N31@63;O699>'0/2@;3'35/'96>1N3'12' O1:?32NO3;1:'14'35/'6OO/??'O21??;:<';:'_N/?3;1:V'35;?'R/;:<'6'@633/2'=5;O5';?' O1P/2/7'R>' /O3;1:'F[Z'14'35/'!;<5=6>?'HO3'Fi[DV'6:7'7/693'=;35'R>B' ' ' ' &/P/910@/:3' /2P;O/?' ' !1=7/:'!1N?/' ' F',:;1:' 32//3'' ' 5/44;/97' F'C !' ' ' #12'6OO/??'O21??;:<'60021P69'>1N'?51N97'O1:36O3'35/'!;<5=6>'&/P/910@/:3' (1:3219' /O3;1:'14' 5/44;/97'(;3>'(1N:O;9'1:' 5/44;/97'SDFFZT'CXWeFWe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age 113 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' Page 114 %+(H)$+-'H-&'8.+8+ H%' ' )5/'6009;O63;1:'2/963/?'31'GX' 36::;:<31:'f;/='.167V'6:'/:7'3/226O/'51N?/';:'(211Q/?U' )5/'RN;97;:<';?'?;3N63/7'1:'35/'O12:/2'14' 36::;:<31:'f;/='.167'6:7' N35627'(21??'.167' 6:7' 9;/?' =;35;:' 6' !1N?;:<' H2/6U' )5/' ?N221N:7;:<' 62/6' ;?' @6;:9>' O5626O3/2;?/7' R>' 3=1Y ?312/>'3/226O/'6:7'?/@;Y7/36O5/7'51N?;: Page 115 Y' M>'021P;7;:<'144Y?32//3'062Q;: Page 116 Y' &/?0;3/' 35/' O1:O/2:?' 26;?/7' =;35' 2/<627' 31' 062Q;:<' 6:7' 6OO;7/:3?k' 35/?/' ;?' 6' ' 469?/'6OO1N:3'=;35':1'2/0123/7';:O;7/:3?'6:7'3563'35/2/';?'@6:>'062Q;:<'?06O/?' ' 6P6;96R9/' Y' '-1U'ZD'A;74;/97'.167'56?':/P/2'R//:'9/3'1N3'31'i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f"'MH(nI.+,-&'' ' #1991=;:<'2/P;?;1:?'31'35/',?/'(96??/?'+27/2';:'H02;9'CDFDV'6':/='N?/'O96??'S(96??'(ZT' =6?';:3217NO/7U')5/':/='(Z'O96??'2/963/?'?0/O;4;O699>'31'!1N?/?';:'AN93;09/'+OON063;1:' S!A+T'6:7'O1P/2?'?@699'?562/7'7=/99;:<51N?/?'1OON0;/7'R>'R/3=//:'W'6:7'e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age 117 PT'' +35/2'$??N/?' ' )5/?/'62/'O1:?;7/2/7';:'3N2:'R/91=U'' ' S;T''82;:O;09/'14'&/P/910@/:3'Y'819;O>'6:7'%6:7',?/' ' )5/'6009;O63;1:'0210/23>';?'?;3N63/7'=;35;:'6'!1N?;:<'H2/6U'$:'!1N?;:<'H2/6?V'N:7/2',&8' 819;O>' !FDV' 51N?;:<' S(WT' ;?' 9;?3/7' 6?' 35/' 02/4/22/7' N?/' =;35' N?/?' ;:O9N7;:<' 513/9?V' 2/?;7/:3;69';:?3;3N3;1:?'6:7'51?3/9?'9;?3/7'=;35;:'35/'@/:N'14'6OO/036R9/'N?/?U'' ' ,&8'819;O>'!G'2/963/?'31'4963?V'R/7Y?;33/2?'6:7'?562/7'51N?;: Page 118 $:'?N00123'14'35/'6009;O63;1:V'35/'6009;O6:3'56?'69?1'021P;7/7'144;O/2?'=;35'6'096:'?51=;:<' 35/':N@R/2'14'0210/23;/?'3563'56P/'144Y?32//3'062Q;:<'6:7'05131<2605;O'/P;7/:O/'?51=;:<' 35/'062Q;:<'6P6;96R;9;3>'691:<'35/'67^6O/:3'5;<5=6>?'63'6'3;@/'=5/:'062Q;:<';?'9;Q/9>'31'R/' 63' ;3?' 5;<5/?3' S643/2' Fi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h?'2/62'/9/P63;1:'R>'W@U' )5/' 21149;:/' 14' 35/' /\;?3;:<' 7=/99;:<51N?/' =1N97' O1:3;:N/' 6O21??' 35/' 9/:<35' 14' 35/' ?;7/' /\3/:?;1:' =;35' 35/' 2/62' ?/O3;1:' <6R9/' =699/7' 6:7' 0;3O5/7' 63' 2;<53' 6:<9/?' 31' 35/' @6;:' 21149;:/U' )5/' 02101?/7' ?;:<9/' ?312/>' 2/62' /\3/:?;1:' SW@' R>' CUW@T' =1N97' R/' /2/O3/7' R/3=//:' 35/' 2/62' =699' 14' 35/' 51N?/' 6:7' ?;7/' =699' 14' 35/' 02101?/7' 3=1' ?312/>' 2/62' /\3/:?;1:U'$3';?'02101?/7'31';:?/23'3=1'=;:71=?'=;35;:';3?'421:3'/9/P63;1:'S<21N:7'6:7'4;2?3' 49112T'31'2/49/O3'35/'=;:71='6226:'6:7'=1N97' :13' 7/326O3' 421@' 35/' O5626O3/2' 6:7' 600/626:O/' 14' 35/' 7=/99;:<51N?/' 12' ?32//3?O/:/U' H9351N<5';3';?'6OO/03/7'3563'35/'02101?/7'/\3/:?;1:?'=1N97'6@1N:3'31'71NR9;:<'35/'?;b/'14' 35/'/\;?3;:<'7=/99;:<51N?/V';:'144;O/2?h'10;:;1:V'35;?'O6:'R/'^N?3;4;/7'<;P/:'35/''6'2/4N?69U' "P/:'=5/:'6OO1N:3;:<'412'35/'62/6'14'35/'<627/:'3563'=1N97'R/'g91?3h'31'021P;7/'062Q;: Page 119 35/' ?32//3V' 6:7' =1N97'2/02/?/:3' 6:'/?36R9;?5/7' 6:7' 6OO/03/7'412@'14' 7/P/910@/:3' 1:31' N35627'(21??'.167U'' ' S;PT'%;P;:<'O1:7;3;1:?'14'4N3N2/'1OON06:3?'14'35/'!A+?'6:7'/44/O3'14'35/'7/P/910@/:3'1:' 35/'2/?;7/:3;69'6@/:;3>'14':/;<5R1N2;:<'0210/23;/?' ' ,&8' 819;O>' !G' 6009;/?' 31' g?562/7' 51N?;: Page 120 @12/'?/:?;3;P/U'$:'677;3;1:'31'35;?V'1:'35/'67P;O/'14'144;O/2?V'35/'6009;O6:3'56?'6<2//7'31' ;:?N963/' R135' 35/' <21N:7' 6:7' 4;2?3' 49112' =699?' 3563' 6RN3' -1U' GG' =;35' ?1N:7' 6R?12R;:<' @63/2;69U')5;?';?'7/?0;3/':1'2/_N;2/@/:3'31'71'?1'412'6'3>0;O69'eYR/7211@'!A+'?NO5'6?' 35;?' 412' 35/' 0N201?/?' 14' MN;97;:<' ./ Page 121 +P/2?5671=;: Page 122 @63/2;69'31'35/'6009;O63;1:';:'144;O/2?h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h?'<117' ?;b/7'0913'6:7'35/'46O3'3563'3=1'/:7'3/226O/'51N?/?'421:3;:<'1:31' N35627'(21??'.167'56P/' R//:' /\3/:7/7' 31' 35/;2' ?;7/V' ;3' ;?' O1:?;7/2/7' 3563' 35/' 0210/23>' O6:' 6R?12R' 35/' 9/P/9' 14' /\3/:?;1:'=;351N3'2/?N93;:<';:'6:>'?;<:;4;O6:3'562@'31'35/'O5626O3/2'6:7'600/626:O/'14'35/' 0210/23>'12'?32//3?O/:/U'-1'1R^/O3;1:?'62/'26;?/7';:'3/2@?'14'35/'?;b/V'?;3;:<'12'7/?;<:'14' 35/' 02101?/7' /\3/:?;1:?' 6:7' =1N97' :13' R/' N:2/49/O3;P/' 14' ?;@;962' 3=1Y?312/>' /\3/:?;1:?' 6991=/7'31'/:7'3/226O/'51N?/?';:'35/'P;O;:;3>'14'35/'?;3/U'' ' $3' ;?' 6OQ:1=9/7' 14' :/;<5R1N2;:<' 0210/23;/?V' 0623;ON9629>' ;:' 3/2@?' 14' ;:O2/6?/':1;?/'7;?3N2R6:O/U'!1=/P/2V'144;O/2?'2/@6;:'?63;?4;/7'3563'35/'O56:'?;<:;4;O6:3'562@'3563'=1N97'^N?3;4>'<21N:7?'412'2/4N?69U' (1:7;3;1:?'56P/'R//:'6336O5/7'3563'=1N97'?/ON2/'?1N:7'02114;:<'R/3=//:'35/'?;7/'0623>' =699?'14'35/'RN;97;:<'31'-1U'GG'6:7'91=/2;:<'35/'2/62'<627/:'31';@021P/'02;P6O>'14'35/'2/62' <627/:' 14' 35/' 6336O5/7' :/;<5R1N2V' =5;9/' 35/' 7;?36:O/' R/3=//:' 35/' 02101?/7' !A+' 6:7' :/;<5R1N2;:<' 0210/23;/?' ;?' ;:' 35/' 127/2' 14' CF@' 3563' 6:>' ;@06O3' 1:' :1;?/' 6:7' ;??N/?' 14' 1P/2911Q;:<'1:'35/?/'0210/23;/?';?'9;Q/9>'31'R/'@;:;@69U'' ' #12'35/'2/6?1:?'?/3'1N3'=;35;:'35/'2/0123V';3';?'O1:?;7/2/7'3563'35/'6009;O63;1:'2/02/?/:3?'6:' 6002102;63/'412@'14'7/P/910@/:3'6:7'=1N97'R/';:'' 819;O>' ( ZF' 6:7' Page 123 ' ' (6?/'-N@R/2' FGEDFCeCE+,)'S#12@/29>'88YDWX[eCZeT' ' H009;O63;1:')>0/' +N39;:/'896::;:<'H009;O63;1:' ' 82101?69' &/P/910@/:3'14'H7P6:O/7'A6:N46O3N2;:<'6:7' ./?/62O5'(/:32/'(6@0N?'SHA.(CT';:O9N7;:<' 7/@19;3;1:'14'56:<62?U'&/P/910@/:3'31';:O9N7/'N0'31' eeVi[W?_@'14'MFSRT'6:7'MFSOT'H7P6:O/'@6:N46O3N2;:<' 6:7'2/?/62O5'49112?06O/V'N0'31'WXVGGF?_@'14'(C' 2/?;7/:3;69'326;:;:<'O/:32/'6:7'O1:4/2/:O;:<'49112?06O/V'' &C'1N37112'6:7';:7112'2/O2/63;1:'SN0'31'ZGD?_@'14' 49112'?06O/T'SH@/:7/7'&/?O2;03;1:T' ' %1O63;1:' %6:7'M/3=//:'"N2106'%;:Q'H:7'"N2106'(1N23"N2106' %;:Q 5/44;/97 i'Fy"' ' &63/'./O/;P/7' FDEDZECDFG' ' )/6@' (;3>'(/:32/'6:7'"6?3' ' H009;O6:3EH1N3V'?O69/V'600/626:O/V'6OO/??'6:7'96:7?O60;:<' S5/2/;:643/2'O699/7'35/'u2/?/2P/7'@633/2?uT'14'6:>'056?/'14'35/'7/P/910@/:3' ?5699'R/'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<' HN3512;3>'R/412/'6:>'7/P/910@/:3'R/<;:?'1:'?NO5'056?/'6:7'35/' 7/P/910@/:3'14'3563'056?/'?5699'R/'O622;/7'1N3'6?'60021P/7U' ' ./6?1:B',:3;9'4N99'0623;ON962?'6:7'096:?'14'35/'7/P/910@/:3'S;:O9N7;:<'7/36;9?' 14'35/'@633/2?'5/2/R>'2/?/2P/7T'62/'?NR@;33/7'31'6:7'60021P/7'R>'35/'%1O69' 896::;:<'HN3512;3>'35/>'O6::13'6<2//'31'35/'7/P/910@/:3'021O//7;: Page 124 ./6?1:B'$:'127/2'31'O1@09>'=;35'35/'2/_N;2/@/:3?'14'35/')1=:'6:7'(1N:32>' ' 896::;:<'HO3'6:7'021P;7/'6:7'/\3/:7/7'0/2;17'31';@09/@/:3'35;?'0/2@;??;1:' ' <;P/:';3?'?O69/'6:7'O1@09/\;3>U' ' WU' )5/'7/P/910@/:3'?5699'R/'R/ Page 125 /?36R9;?5/7'R>'35/'8626@/3/2?'896:?V';:'35/';:3/2/?3'14'?/ON2;:<'6'0210/29>' O1Y127;:63/7'7/P/910@/:3U' ' eU' )5/'7/P/910@/:3'?5699':13'R/'R/ Page 126 )5/?/'@/6?N2/?'?5699';:O9N7/'6'O1:?32NO3;1:'@/3517191<>'?363/@/:3'6:7' 096:'?51=;:<'6OON263/'2113'0213/O3;1:'62/6?'6:7'35/'91O63;1:'6:7'7/36;9?'14' 0213/O3;P/'4/:O;:<'6:7'?;<:?U'8213/O3;1:'14'32//?'?5699'R/';:'6OO1276:O/'=;35' M 'G[WXV'CDDG'S12';3?'2/096O/@/:3T'6:7'35/'0213/O3/7'62/6?'?5699':13'R/' 7;?3N2R/7V'O1@06O3/7'12'N?/7'412'6:>'3>0/'14'?3126'=6>U')5/'%1O69' 896::;:<'HN3512;3>'?5699'R/':13;4;/7';:'=2;3;:<'=5/:'35/'0213/O3;1:'@/6?N2/?' 62/';:'096O/'6:7'35/'0213/O3;1:'?5699':13'R/'2/@1P/7'N:3;9'35/'O1@09/3;1:'14' 35/'7/P/910@/:3U' ' ./6?1:B'$:'35/';:3/2/?3?'14'0213/O3;:<'35/';7/:3;4;/7'32//?'1:'?;3/U'$3';?' /??/:3;69'3563'35;?'O1:7;3;1:';?'O1@09;/7'=;35'R/412/'6:>'135/2'=12Q?'1:'?;3/' O1@@/:O/'<;P/:'3563'76@6V'6' @;:;@N@'FG'@/32/'=;7/'96:7?O60/'RN44/2'31'35/'67^1;:;:<'6:O;/:3' =11796:7?'691:<'35/'?1N35/2:'6:7':1235/2:'?;3/'R1N:762;/?'6?'?51=:'1:' 0626@/3/2'096:'726=;:<'2/4/2/:O/B'DFeFe'2/P'Di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age 127 ' e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b/U' ' RT'O606O;3>U'' ' OT'7/035U' ' 7T'96:7?O60;: Page 128 $:32N?;P/' ;3/'$:P/?3;<63;1:'./0123'=5;O5'?5699'56P/'R//:'?NR@;33/7'31'6:7' 60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'02;12'31'35/'7/P/910@/:3' R/;:<'O1@@/:O/7U')5/'./0123'?5699'R/'02/062/7';:'6OO1276:O/'=;35' (1:36@;:63/7'%6:7'./0123'(%.'FF'S":P;21:@/:3'H'CDDZTU' ' ' ./6?1:B'$:'127/2'31'/:?N2/'3563'6:>'O1:36@;:63;1:'14'35/'96:7';?'0210/29>' ' 7/693'=;35U' ' Fe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c:1YRN;97c'b1:/?'2/_N;2/7'6??1O;63/7'=;35'35/'5;<5=699U'$:' 35/'/P/:3'3563'35/'?6;7'2/0123';7/:3;4;/?'35/'://7'412'2/@/7;69E@;3;<63;1:' =12Q?'2/963;:<'31'35/'2/0123c?'4;:7;:'14'4N3N2/'1OON0;/2?'6:7' N?/2?'14'35/'?;3/U' ' F[U' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'35/'%1O69'896::;:<'HN3512;3>'56?' 60021P/7'6'(1:?32NO3;1:'":P;21:@/:369'A6:6'R/'6@/:7/7T'?5699'R/'1R?/2P/7'6:7'O1@09;/7'=;35' 7N2;:<'35/'O622>;:<'1N3'14'35/'7/P/910@/:3U' ' ./6?1:B''$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'1OON0;/2?'14' 67^1;:;:<'0210/23>'6:7'31'@;3;<63/'35/'/44/O3?'14'35/'O1:?32NO3;1:'056?/?'14' 35/'7/P/910@/:3U' ' FiU' $:'2/?0/O3'14'/6O5'0623'14'35/'7/P/910@/:3'35/'?NR^/O3'14'6'?/06263/' 2/?/2P/7'@633/2?'60021P69V':1'7/P/910@/:3'?5699'O1@@/:O/'14'3563'056?/' N:3;9'7/36;9?'62/'?NR@;33/7'412'=2;33/:'60021P69'R>'35/'%1O69'896::;:<' HN3512;3>'?0/O;4>;:<'@/6?N2/?'31'@1:;312'6:7'O1:3219'35/'/@;??;1:'14'7N?3' 6:7'8AFD'S0623;ON963/'@633/2T'421@'7/@19;3;1:V'326OQ'1N3V'/6235=12Q?'6:7' O1:?32NO3;1:'7N2;:<'/6O5'056?/?'14'35/'?O5/@/U')5/'60021P/7'7N?3' @;3;<63;1:'?3263/<>'S6?'@6>'R/'6@/:7/7'R>'6<2//@/:3'=;35'35/'%1O69' Page 129 896::;:<'HN3512;3>T'?5699'R/'02/062/7';:'6OO1276:O/'=;35'6:7';:O9N7/' @/6?N2/?';7/:3;4;/7';:'35/'$:?3;3N3/'14'H;2'jN69;3>'A6:6'CDFZTV'6:7E'12'67103'35/'%1:71:'(1N:O;9?c'M/?3' 826O3;O/'IN;76:O/V'-1P/@R/2'CDDeV'u)5/'(1:3219'14'&N?3'6:7'"@;??;1:?' 421@'(1:?32NO3;1:'6:7'&/@19;3;1:uU'H99'=12Q?'?5699'35/2/643/2'R/'O622;/7'1N3' ;:'6OO1276:O/'=;35'35/'60021P/7'7/36;9?U' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' 67^1;:;:<'0210/23>'6:7'31'@;3;<63/'35/'/44/O3?'14'7N?3'7N2;:<'35/'O1:?32NO3;1:' 056?/'14'35/'?O5/@/U' ' CDU' M/412/'35/'O1@@/:O/@/:3'14'6:>'7/P/910@/:3'0/2@;33/7'R>'6:>'2/?/2P/7' @633/2V'35/'6009;O6:3'?5699'?NR@;3'6'9;<53;:<'?O5/@/'412'3563'056?/'14'35/' 7/P/910@/:3V'<;P;:<'7/36;9?'14'35/'9;<53;:<'?O5/@/'SRN;97;:<'6:7'42//' ?36:7;: Page 130 )5/2/643/2'35/'7/P/910@/:3'?5699'R/'O622;/7'1N3';:'6OO1276:O/'=;35'35/' 60021P/7'7/36;9?U' ' ./6?1:B'$:'127/2'31'/:?N2/'3563'67/_N63/'6OO/??'6:7'/<2/??'6226:'6:7'31'/:?N2/' =;7/2'6OO/??'31'67^1;:;:<'?;3/?U' ' CWU' $:'2/?0/O3'14'/6O5'0623'14'35/'7/P/910@/:3'35/'?NR^/O3'14'6'2/?/2P/7'@633/2?' 6009;O63;1:U'82;12'31'6:>'=12Q?'O1@@/:O;:<'1:'3563'0623'14'35/'7/P/910@/:3' 60021P/7V'6'?O5/@/'?5699'R/'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>'?0/O;4>;: Page 131 6)#:;,,4/7+,<$7+1$(&=#)$>&7?#$('$-#.#%(/"#+&$*(+1!&!(+859$ ' CeU' "6O5'2/?/2P/7'@633/2?'6009;O63;1:'?5699'R/'6OO1@06:;/7'R>'4N99'7/36;9?'14' ?N;36R9/'6:7'?N44;O;/:3'O>O9/'6:7'@1312O>O9/'062Q;:<'6OO1@@1763;1:';:' 6OO1276:O/'=;35'35/'(1N:O;9c?'O>O9/'062Q;:<' Page 132 HN3512;3>V'35/2/643/2'35/'60021P/7'7/36;9?'?5699'R/';@09/@/:3/7'R/412/'35/' 2/9/P6:3'RN;97;:<'12'RN;97;:'@/6:?'135/2'356:'35/'02;P63/'O62V'31'/:?N2/'3563'35/' 32644;O''14'699'35/'5;<5=6>?'6RN33;:<'35/' 2/?/2P/7'@633/2?'6009;O63;1:'?;3/V';:O9N7;:<'6:>'?32NO3N269'?N2P/>?'7//@/7' :/O/??62>V'?5699'R/'?NR@;33/7'31'6:7'60021P/7'R>'35/'%1O69'896::;:<' HN3512;3>U''H:>'7/3/2;1263;1:';:'35/'O1:7;3;1:'14'35/'5;<5=6>'6332;RN36R9/'31' 35/'O1:?32NO3;1:'=12Q?'?5699'R/'2/O3;4;/7';:'6OO1276:O/'=;35'6'?O5/@/'14' =12Q'31'R/'6<2//7'=;35'35/'%1O69'896::;:<'HN3512;3>U' ' ' ./6?1:B'$:'35/';:3/2/?3?'14'32644;O'?64/3>'6:7'35/'6@/:;3;/?'14'35/'91O69;3>U' ' WCU' "6O5'2/9/P6:3'2/?/2P/7'@633/2?'6009;O63;1:'?5699'R/'6OO1@06:;/7'R>'6' 2/0123'=5;O5'?5699'R/'?NR@;33/7'31'6:7'60021P/7'R>'35/'%1O69'896::;:<' HN3512;3>V'?/33;:<'1N3'35/'@/6?N2/?'31';:O1201263/'26;:=63/2'562P/?3;:<';:' 35/'7/?;<:U')5/2/643/2'35/'2/9/P6:3'056?/'14'35/'7/P/910@/:3'?5699'R/' ;@09/@/:3/7';:'6OO1276:O/'=;35'35/'60021P/7'7/36;9?U' ' ./6?1:B'$:';:'127/2'31'?/ON2/'6'?N?36;:6R9/'7/P/910@/:3';:'6OO1276:O/'=;35' )5/'-88#'6:7'(12/' 3263/<>'819;O>'( e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`'14'35/'2114'6:7'?5699'R/'021P;7/7'02;12'31'35/'N?/'14'35/'RN;97;:<' O1@@/:O;: Page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eU' -1'0;0/7'7;?O562'1N34699'412'?N246O/'=63/2'56P/' R//:'O1@09/3/7';:'6OO1276:O/'=;35'7/36;9?'31'R/'?NR@;33/7'31'6:7'60021P/7' R>'35/'%1O69'896::;:<'HN3512;3>'R/412/'7/P/910@/:3'O1@@/:O/?U'' ' ./6?1:B')1'/:?N2/'3563'35/'?;3/';?'0210/29>'726;:/7'6:7'?N246O/'=63/2';?':13' 7;?O562?3/@'=5;O5'=;99'02/P/:3'1P/29167;: Page 134 R/'7/?;<:/7'6:7'O1:?32NO3/7'31'56P/'6'O606O;3>'O1@063;R9/'=;35'35/'62/6' R/;:<'726;:/7V'?5699'R/';:?3699/7'02;12'31'35/'1OON063;1:'14'35/'7/P/910@/:3' 6:7'?5699'35/2/643/2'R/'2/36;:/7'6:7'@6;:36;:/7'3521N<51N3'35/'9;4/3;@/'14' 35/'7/P/910@/:3U'(9/6:'2114'=63/2'?5699':13'06??'3521N<5'35/';:3/2O/0312S?TU' f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`'14'35/'/:/2<>'://7?'14'35/'1P/2699' 7/P/910@/:3'R>'N?;:<'6:>'O1@R;:63;1:'14'7/O/:3269;?/7'6:7'2/:/=6R9/V'12' 91='O62R1:'/:/2<>'?1N2O/?'6:7'35/'O1:32;RN3;1:'31'35;?'362'3563' 056?/U'')5/'0/2O/:36'3563'://7?'31'R/'@/3'412'/6O5'056?/'14' 7/P/910@/:3'421@'7/O/:3269;?/7'6:7'2/:/=6R9/'12'91='O62R1:'/:/2<>' ?1N2O/?'?5699'R/'7/3/2@;:/7'63'35/'3;@/'/6O5'2/?/2P/7'@633/2?'6009;O63;1:';?' @67/V'36Q;:<';:31'6OO1N:3'91O69'6:7':63;1:69'019;O>' Page 135 ' ./6?1:B'$:'127/2'31'/:?N2/'3563':/='7/P/910@/:3'@6Q/?'/:/2<>'?6P;:'819;O>' ( eGU' ' ZFU' H99'RN;97;:'<117'263;:<'6:7' R/412/'/6O5'RN;97;:<';?'1OON0;/7'S12'=;35;:'6:'693/2:63;P/'3;@/?O69/'31'R/' 6<2//7T'35/'2/9/P6:3'O/23;4;O63;1:V'7/@1:?3263;:<'3563'M.""HA'cP/2>'<117c' 56?'R//:'6O5;/P/7V'?5699'R/'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>U' ' ./6?1:B'$:'127/2'31'/:?N2/'3563':/='7/P/910@/:3'@6Q/?'/:/2<>'?6P;:'819;O>' ( eGU' ' ZCU' H'?N?36;:6R;9;3>'2/0123'?5699'R/'?NR@;33/7'31'35/'%1O69'896::;:<'HN3512;3>'412' 60021P69'=;35'/6O5'2/?/2P/7'@633/2?'6009;O63;1:'=5;O5'2/P;/=?'35/' ?36:7627?'?/3'1N3';:'O1:7;3;1:?':N@R/2?'ZD'6:7'ZF'6:7'O1:?;7/2?'=5/35/2' 35/'?N?36;:6R;9;3>'@/6?N2/?'?51N97'R/'/:56:O/7';:'35/'9;<53'14'2/9/P6:3'91O69V' :63;1:69'019;O>'6:7' Page 136 ZZU' H99',:;P/2?;3>'O1:32199/7'7/9;P/2>'6:7'?/2P;O/'P/5;O9/?'?/2P;:<'35/'?;3/'7N2;:<' ;3?'10/263;1:69'056?/?'?5699'6O5;/P/'"N21'eE$f'?36:7627'12'?5699'R/'4;33/7'=;35' 6:'/\56N?3'643/2'32/63@/:3'3/O5:191<>'?NO5'6?'6'O1:3;:N1N?9>'2/3;O'./7NO3;1:'O6369>?3U' ;3/'O1:?32NO3;1:'P/5;O9/?' ?5699'69?1'6O5;/P/'"N21'eE$f'?36:7627'=5/2/'01??;R9/V'=5/2/'35/?/'62/':13' 6P6;96R9/V'12'O6::13'R/'1R36;:/7'35/':/\3'R/?3'0/2412@;:<'P/5;O9/'"N21'UGEf' 12'"N21UZE$f'?5699'R/'N?/7U' ' ./6?1:B'$:'127/2'31'@;:;@;?/'35/';@06O3?'35/'02101?69'=;99'56P/'1:'6;2' _N69;3>U' '' ZGU' "6O5'2/?/2P/7'@633/2?'6009;O63;1:'?5699'R/'6OO1@06:;/7'R>'6' O1@02/5/:?;P/'6:7'7/36;9/7'5627'6:7'?143'96:7?O60/'?O5/@/'=5;O5'?5699' 021P;7/'7/36;9?'14'35/'?0/O;/?V':N@R/2'6:7'91O63;1:'14':/=E2/096O/@/:3' 32//?V'5/7U' ' ZeU' ,01:'O1@09/3;1:'14'6:>'@/6?N2/?';7/:3;4;/7';:'35/'60021P/7'./@/7;63;1:' 3263/<>'12'6:>'60021P/7'2/P;?/7'./@/7;63;1:' 3263/<>'6'f69;763;1:'./0123' 412'/6O5'056?/'E'0913'?5699'R/'?NR@;33/7'31'35/'%1O69'896::;:<'HN3512;3>U'')5/' 7/P/910@/:3'12'6:>'0623'35/2/14'?5699':13'R/'R21N<53';:'31'N?/'N:3;9'35/' f69;763;1:'./0123'412'3563'056?/'E'0913'56?'R//:'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>U'')5/'f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age 137 <6@/?'62/6'SA,IHTV'O56:<;:<'46O;9;3;/?'6:7'1:Y?;3/'062Q;:<'6:7'?5699' ;:O9N7/'7/36;9?'14'02;O;:<'019;O>V'51N2?'14'N?/V'6OO/??'R>':1:Y?3644'N?/2?E:1:Y @/@R/2?V'@6:6'6OO/??'31'35/'?0123?' 46O;9;3>V'31'/:?N2/'?N44;O;/:3'R/:/4;3'31'35/'7/P/910@/:3'14'?0123U' ' ZiU' 82;12'31'35/'412@63;1:'14'35/'60021P/7'?;3/'6OO/??'421@'"N2106'%;:Q'35/' 7/36;9/7'O1:?32NO3;1:'14'35/'6OO/??'31';:O9N7/';@09;O63;1:?'412'/\;?3;:<' :63;1:69'<2;7';:426?32NO3N2/'?5699'R/'?NR@;33/7'31'6:'60021P/7';:'=2;3;:<'R>' 35/'%1O69'896::;:<'HN3512;3>U')5/2/643/2'35/'7/P/910@/:3'?5699'R/'O622;/7' 1N3';:'6OO1276:O/'=;35'35/'60021P/7'7/36;9?U' ' ./6?1:B'$:'127/2'31'0213/O3':63;1:69'<2;7';:426?32NO3N2/U' $ ;&=#)$*("/%!7+,#$*(+1!&!(+5 ' ' GDU' )5;?'0/2@;??;1:'1:9>'6991=?'412'35/'41991=;:<'N?/?'6:7'@6\;@N@'49112' ?06O/?'?/3'1N3'R/91=BY' S6T' H7P6:O/7'A6:N46O3N2;:<'=;35;:'N?/'(96??'MF'SR'6:7'OTk',0'31'6'' ' ' @6\;@N@'49112'?06O/'14''eeVi[W'@zU' ' SRT' ./?;7/:3;69'326;:;:<'6:7'O1:4/2/:O;:<'46O;9;3;/?'=;35;:'N?/'O96??'(Ck'' ' ' ,0'31'6'@6\;@N@'49112'?06O/'14'WXVGGF'@zU' ' SOT' ,?/?'=;35;:'(96??'&F'6:7'&C'S;:O9N7;:<'?0123?'0;3O5/?'6:7';:7112'' ' ' 2/O2/63;1:'46O;9;3;/?Tk',0'31'6'@6\;@N@'49112'?06O/'14'ZGD'@zU' ' S/T' (62'862Q;: Page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eU' H99'7/P/910@/:3'6:7'6??1O;63/7'2/@/7;63;1:'?5699'021O//7';:'6OO1276:O/' =;35'35/'2/O1@@/:763;1:?'14'35/'60021P/7'./@/7;63;1:' 3263/<>U'$:'35/' /P/:3'3563'2/@/7;63;1:';?'N:6R9/'31'021O//7';:'6OO1276:O/'=;35'35/' 60021P/7'./@/7;63;1:' 3263/<>V'12'N:/\0/O3/7'O1:36@;:63;1:';?' /:O1N:3/2/7'63'6:>'?36'6:7'":P;21:@/:369'8213/O3;1:' /2P;O/'S3/9B' DFFZ'CXW'Ze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iDT'R/91='' R6OQ<21N:7':1;?/'9/P/9?'S%HiDT'=5/:'@/6?N2/7'63'35/'?;3/'R1N:762>U' ' ./6?1:k'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'35/'91O69;3>'6:7'1OON0;/2?'14' 67^1;:;:<'0210/23>U' ' Page 139 GiU' H3'699'3;@/?'3563'O1:?32NO3;1:'=12Q?'62/'R/;:<'O622;/7'1N3'/_N;0@/:3'?5699'R/' 021P;7/7'31'35/'?63;?46O3;1:'14'35/'%1O69'896::;:<'HN3512;3>'412'35/'/44/O3;P/' O9/6:;:<'14'35/'=5//9?'6:7'R17;/?'14'P/5;O9/?'9/6P;:<'35/'?;3/'?1'6?'31' 02/P/:3'35/'7/01?;3;:<'14'@N7'6:7'=6?3/'1:'35/'5;<5=6>U'' ' ' ./6?1:B'$:'35/';:3/2/?3?'14'0213/O3;:<'35/'42//'6:7'?64/'491='14'32644;O'1:'35/' ' 0NR9;O'5;<5=6>';3';?'/??/:3;69'3563'35;?'O1:7;3;1:';?'O1@09;/7'=;35'R/412/'6:>' ' =12Q?'1:'?;3/'O1@@/:O/U' ' eDU' 82;12'31'35/'1OON063;1:'14'6:>'0623'14'35/'7/P/910@/:3V'6'7/36;9/7')26P/9' 896:S?TV'7/?;<:/7'31B'2/7NO/'35/'://7'412'6:7';@06O3'14'@1312'P/5;O9/?V' ;:O9N7;:<'49//3'10/263;1:?k';:O2/6?/'?;3/'6OO/??;R;9;3>k'6:7'31'46O;9;363/'6:7' /:O1N26'35/'%1O69'896::;:<'HN3512;3>U'&/36;9/7')26P/9'896:S?T' ?5699'R/'7/P/910/7';:'6OO1276:O/'=;35'6'02/P;1N?9>'60021P/7'#26@/=12Q' )26P/9'896:'412'35/'02101?/7'7/P/910@/:3V'=5/2/'3563'/\;?3?U'' ' )5/')26P/9'896:S?T'?5699';:O9N7/BY' ' ' FU' (9/62'6:7'N:6@R; Page 140 6N3512;3>'R/;:<'1R36;:/7'412'35/'O91?N2/E7;P/2?;1:'14'35/'41130635S?T'N:7/2' /O3;1:'CGX'14'35/')1=:'6:7'O1N:32>'896::;:<'HO3'FiiDU' WU' )1'/:?N2/'3563'35/'2167'6:7E12'41130635?'1:'35;?'7/P/910@/:3'62/'O1:?32NO3/7' ;:'6OO1276:O/'=;35'35/'60021P/7'096:?'6:7'?0/O;4;O63;1:?V'35/'=12Q'=;99'R/' ;:?0/O3/7'R>'2/02/?/:363;P/?'14'35/'(;3>'(1N:O;9U''H:';:?0/O3;1:'4//'=;99'R/' 06>6R9/'1:'O1@@/:O/@/:3'14'35/'=12Q?U'')5/'4//';?'R6?/7'1:'35/'263/?'N?/7' R>'35/'(;3>'(1N:O;9V'N:7/2'35/'H7P6:O/'86>@/:3?'(17/'14'35/'!;<5=6>?'HO3' Fi[DU' $4'>1N'2/_N;2/'6:>'4N235/2';:412@63;1:'09/6?/'O1:36O3'A2' 'H')N2:/2'1:' 5/44;/97' SDFFZT'CXWZW[WU' ZU' *1N'62/'2/_N;2/7V'6?'0623'14'35;?'7/P/910@/:3V'31'O622>'1N3'=12Q?'=;35;:'35/' 0NR9;O'5;<5=6>U''*1N'@N?3':13'?3623'6:>'14'35;?'=12Q'N:3;9'>1N'56P/'2/O/;P/7'6' ?;<:/7'O1:?/:3'N:7/2'35/'!;<5=6>?'HO3'Fi[DU''H:'67@;:;?3263;1:E;:?0/O3;1:'4//' =;99'R/'06>6R9/'6:7'6'M1:7'2/_N;2/7'6?'0623'14'35/'O1:?/:3U' ' *1N'?51N97'6009>'412'6'O1:?/:3'31BY' ' !;<5=6>?'H7103;1:'I21N0' ' &/P/910@/:3' /2P;O/?' ' 5/44;/97'(;3>'(1N:O;9' ' !1=7/:'!1N?/V'F',:;1:' 32//3'' ' 5/44;/97'' ' F'C !' ' #12'35/'633/:3;1:'14'A2' ')N2:/2' ' )/9B'SDFFZT'CX'WZW[W' GU' *1N'62/'2/_N;2/7'6?'0623'14'35;?'7/P/910@/:3V'31'O622>'1N3'=12Q?'=;35;:'35/' 0NR9;O'5;<5=6>B'H?'0623'14'35/'2/_N;2/@/:3?'14'35/'-/='.167?'6:7' 32//3' ]12Q?'HO3'FiiF'S /O3;1:'GZTV'W27'/7;3;1:'14'35/'(17/'14'826O3;O/'CDDXV'>1N' @N?3'<;P/'63'9/6?3'352//'@1:35?'=2;33/:':13;O/'31'35/'(1N:O;9V';:412@;:<'N?'14'35/' 763/'6:7'/\3/:3'14'=12Q?'>1N'02101?/'31'N:7/236Q/U' ' )5/':13;O/'?51N97'R/'?/:3'31BY' ' 5/44;/97'(;3>'(1N:O;9' ' CYFD'(62R211Q'!699'.167' ' 5/44;/97'' ' i'C&M' ' #12'35/'633/:3;1:'14'A2'8'f;OQ/2?' 89/6?/':13/'46;9N2/'31'<;P/'35/'6002102;63/':13;O/'@6>'9/67'31'6'4;\/7'0/:693>':13;O/' R/;:<';??N/7'6:7'6:>'=12Q?'1:'35/'5;<5=6>'R/;:<'?N?0/:7/7U' Page 141 ' eU' *12Q?5;2/']63/2' "y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iiF'3563'69?1'2/_N;2/?'35/'7/P/910/2'31'06>'35/'4N99'O1?3'14' O622>;:<'1N3'35/':/O/??62>'=12Q?U' +=;:<'31'35/'2/0/69'14'?/O3;1:F['14'35/'MN;97;:<'HO3'Fi[ZV';:'35;?';:?36:O/V' *12Q?5;2/']63/2'4//9?'3563'6:'6002102;63/'096::;:<'O1:7;3;1:';?':/O/??62>'31' 67/_N63/9>'0213/O3'35/'0;0/?'421@'R/;:<'RN;93'1P/2'12':/62'31U'$3';?'0/2O/;P/7'3563' 35;?'=;99'69?1'R/';:'35/';:3/2/?3?'14'4N3N2/'1OON0;/2?'=51'@6>'135/2=;?/'R/' 7;??63;?4;/7U'$:'35;?';:?36:O/V'6'?36:7Y144'7;?36:O/'14W'S352//T'@/32/?';?'2/_N;2/7'63' /6O5'?;7/'14'35/'2;?;:<'@6;:?'O/:32/Y9;:/'6:7'6'?36:7Y144'7;?36:O/'14'Z'S41N2T'@/32/?' ;?'2/_N;2/7'63'/6O5'?;7/'14'35/'WDD@@'0NR9;O'41N9'?/=/2'O21??;:<'35/'?;3/U' #+,%']H)".'Y')5/'0NR9;O'?/=/2':/3=12Q'71/?':13'56P/'67/_N63/'O606O;3>' 6P6;96R9/'31'6OO1@@1763/'35/'6:3;O;063/7'41N9'=63/2'7;?O562'67^6O/:3'31'35/'?;3/U'+=;:<'31'35/'?;<:;4;O6:3'7/P/910@/:3'02101?/7'412'35/' 62/6';:'' 6P6;96R9/'31'6OO1@@1763/'35/'6:3;O;063/7'41N9'=63/2'7;?O562'35/2/';?':1'/6?>'?19N3;1:'31'021P;7;:<'35/'677;3;1:69'O606O;3>' 2/_N;2/7V'35/'=12Q?'62/'/\0/O3/7'31'R/'O1?39>'6:7'2/_N;2/'@6^12';:P/?3@/:3U'H' #/6?;R;9;3>' 3N7>'=;99'R/'2/_N;2/7';:'127/2'31'6?O/236;:'6P6;96R9/'O606O;3>'6:7'01;:3?' 14'7;?O562'41N9'=63/2'421@'Q;3O5/:?'6:7E12'4117'02/06263;1:'62/6?'14'6:>'2/?36N26:3?' 6:7E12'O6:3//:?'/3OU'@N?3'06??'3521N<5'6'463'6:7'<2/6?/'3260'14'67/_N63/'7/?;<:' R/412/'6:>'7;?O562?3/@?'412'41N9'6:7' ?N246O/'=63/2'726;:6' S02/062/7'R>')5/',:;P/2?;3>'14' 5/44;/97'S./0123'2/4B'XGGW[Y#.HY M'763/7' FFEDWECDFGTT'O1:4;2@k'6'=63/2O1N2?/'/\;?3?':/62'31'35/'?;3/'Y'O1::/O3;1:';?'?NR^/O3' 31'":P;21:@/:3'H'E'%1O69'%6:7'&26;:6U' N246O/'=63/2'=;99'R/' @6:6'1N34699'31'35/'.;P/2'.135/2U'' )5/'0NR9;O'?/=/2':/3=12Q';?'412'71@/?3;O'?/=6' 726;:6 Page 142 ]63/2' N009>' "y$ )$-I'$-#.H ).,(),."'Y'(1@06:>'2/O127?';:7;O63/'35/2/';?'6'Wu'02;P63/' =63/2'@6;:'O21??/?'3521N<5'35/'2/7'9;:/'?;3/'R1N:762>U')5/'02;P63/'=63/2'@6;:'=;99' ://7'31'R/'6R6:71:/7'12'7;P/23/7'31'6OO1@@1763/'35/'6R1P/'02101?69U')5/' 7/P/910/2'?51N97';:P/?3;<63/'1:'1:Y?;3/U'#12'4N235/2';:412@63;1:'6:7'67P;O/V'35/' &;?32;RN3;1:'H??/3'A6:6'O6:'R/'021P;7/7'N:7/2'35/'3/2@?'14'35/']63/2'$:7N?32>'HO3V'FiiFU'' XU' ":P;21:@/:3'H'S"HT'' #12'4N235/2';:412@63;1:'6:7'67P;O/'6R1N30199N3;1:'02/P/:3;1:'09/6?/'2/4/2'31'35/' ":P;21:@/:3'Hc?'=/R?;3/'31'6OO/??'8199N3;1:'82/P/:3;1:'IN;76:O/'-13/?' 5330BEE===U/:P;21:@/:3Y6U<1PUNQERN?;:/??E310;O?E0199N3;1:EWiD[WU6?0\'6:7' 67P;O/'1:'51='31'1N2'?;3/'7/?;<:'2;<53' 5330BEE===U/:P;21:@/:36U<1PUNQE?363;OE71ON@/:3?EMN?;:/??E00o06>?oR11Q9/ 3o/oFCFC[WCU074' *1N'@6>'69?1'=;?5'31'O1:36O3'1N2'-63;1:69'(N?31@/2'(1:36O3'(/:32/'1:'3/9U'D[XD[' GDe'GDe'412'?;3/Y?0/O;4;O'67P;O/'1:'0199N3;1:'02/P/:3;1:U' ' I21N:7=63/2'6:7'%6:7'(1:36@;:63;1:' ' )5/'"H'2/O1@@/:7'3563'7/P/910/2?'?51N97BY' FT'#1991='35/'2;?Q'@6:6' O1:36@;:63;1:U'' CT'./4/2'31'35/'":P;21:@/:3'H'IN;7;:<'82;:O;09/?'412'%6:7'(1:36@;:63;1:'412' 35/'3>0/'14';:412@63;1:'3563'=/'2/_N;2/';:'127/2'31'6??/??'2;?Q?'31'O1:32199/7'=63/2?' 421@'35/'?;3/U')5/'%1O69'HN3512;3>'O6:'67P;?/'1:'2;?Q'31'135/2'2/O/0312?V'?NO5'6?' 5N@6:'5/6935U'' WT'./4/2'31'1N2' Page 143 =;35;:'35/'<2//:'R/93T'=5/:'35/>'62/':1'91:'R/;:<'2/7NO/7';:'9/:<35'12'135/2=;?/' 693/2/7'?NO5'3563';3';?':1'91:'4;\/7'=;:<'6;2O2643U' iU' )5/'6009;O6:3';?'67P;?/7'3563':1;?/'6:7'P;R263;1:'421@'7/@19;3;1:'6:7' O1:?32NO3;1:'?;3/?'O6:'R/'O1:32199/7'R>' 5/44;/97'(;3>'(1N:O;9'N:7/2' /O3;1:'eD' 14'35/'(1:3219'14'8199N3;1:'HO3'FiXZU''H?'6''31'R/'644/O3/7V';3';?'/\0/O3/7'3563':1;?>'=12Q?'14'7/@19;3;1:' 6:7'O1:?32NO3;1:'=;99'R/'O622;/7'1N3'7N2;:<':12@69'=12Q;:<'51N2?V';U/U'DXWD'31' F[DD'51N2?'A1:76>'31'#2;76>V'6:7'D[DD'31'FWDD'51N2?'1:' 63N276>?'=;35':1' =12Q;:<'1:' N:76>?'12'8NR9;O'!19;76>?U''#N235/2'67P;O/V';:O9N7;:<'6'O10>'14'35/' (1N:O;9c?'(17/'14'826O3;O/'412'A;:;@;?;:<'-N;?6:O/'421@'(1:?32NO3;1:'6:7' &/@19;3;1:' ;3/?';?'6P6;96R9/'421@' (('":P;21:@/:369'8213/O3;1:' /2P;O/V'CYFD' (62R211Q'!699'.167V' 5/44;/97V' i'C&MB')/9U'SDFFZT'CXWZeGFV'12'R>'/@6;9'63' /0?67@;:l?5/44;/97U<1PUNQU' FDU'-63;1:69'<2;7'?5699'R/':13;4;/7'14'6:>'7/@19;3;1:'=;35;:'FGD'@/32/?'14':63;1:69' <2;7';:426?32NO3N2/'63'096:30213/O3;1:l:63;1:69<2;7UO1@U' '' Page 144 ;3/'%1O63;1:' ' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 145 FUD' $-).+&,()$+-'H-&'MH(nI.+,-&' FUF' 5/44;/97',:;P/2?;3>'62/'?//Q;:<'1N39;:/'096::;:<'0/2@;??;1:'412'6:' 67P6:O/7'@6:N46O3N2;:<'2/?/62O5'O6@0N?'91O63/7'1:'0623'14'35/'412@/2' 5/44;/97'H;20123'?;3/U')5/',:;P/2?;3>'56?'60021\;@63/9>'CXV[DD'@z'14' /?36R9;?5/7'67P6:O/7'@6:N46O3N2;:<'6:7'2/?/62O5'O/:32/'SHA.(T' 6OO1@@1763;1:'?02/67'6O21??'X'RN;97;:'/@091>;:<'1P/2'WXD'?3644' 6?'=/99'6?'6:'/:<;://2;:<'326;:;:<'O/:32/'412'FeYF['>/62'197?'1:'35/' H7P6:O/7'A6:N46O3N2;:<'862Q'SHA8T'63']6P/29/>V'699'14'=5;O5';?'91O63/7' 60021\;@63/9>'GDD'@/32/?'31'35/'/6?3'14'35/'6009;O63;1:'?;3/'=;35;:' .135/256@'AM(h?'S.AM(T'7;?32;O3'R1N:762>U')5/'2/@6;:7/2'14'35/'HA8';?' 1OON0;/7'R>'02;P63/'O1@06:;/?';:O9N7;:<'.199?'.1>O/U' ' FUC' 5/44;/97',:;P/2?;3>';?';7/:3;4;/7'6?'6'=1297'9/67/2';:'326:?963;1:69'2/?/62O5V' =5;O5';?'/:<;://2;:<'2/?/62O5'3563'6;@?'31'36Q/'4;:7;:'O1996R1263;1:'?//Q?'31'R2;7'6:7'<1P/2:@/:3U')5/'/\;?3;:<' HA.(';7/:3;4;/?V'2/?/62O5/?'6:7'2/?19P/?'67P6:O/7'@6:N46O3N2;:<' 021R9/@?'Y'=12Q;:<';:'0623:/2?5;0'=;35'?@699'?O69/'/:3/202;?/?'6?'=/99'6?' @N93;Y:63;1:69'6:7'962O/'6:7'M1/;:<'H/21?06O/U')5/2/'62/'ON22/:39>'XD'O1@06:;/?'=51'06>' 6:'6::N69'4//'31'6OO/??'35/'/\;?3;:<'2/?1N2O/?'6:7'/\0/23;?/'14'35/'HA.(' 6:7'5/90'31'7/3/2@;:/'2/?/62O5'021<26@@/?U'' ' FUW' )5/',:;P/2?;3>h?'HA.('46O;9;3;/?'1:'35/'HA8'ON22/:39>'O1@02;?/'14'-NO9/62' HA.(V'35/'HA.('326;:;:<'O/:32/V'(6?3;:<')/O5:191<>'$:3/2:63;1:69V'35/' -63;1:69'A/369?')/O5:191<>'(/:32/'S-6@3/OTV'6:7'35/'HA.(')/O5:191<>' )26:?4/2'(/:32/U')5/?/'7/P/910@/:3?'62/'?N00123/7'R>'35/'"N210/6:' ./<;1:69'&/P/910@/:3'#N:7V'35/')/O5:191<>' 3263/<>'M1627V'!;<5/2' "7NO63;1:'#N:7;:<'(1N:O;9'412'":<96:7'S!"#("TV'&/0623@/:3'412'MN?;:/??' $:412@63;1:'6:7' Q;99?'SM$ T'6:7'35/'./<;1:69'I21=35'#N:7U')5/'HA.(';?'6' 0623:/2';:'35/'!;<5'f69N/'A6:N46O3N2;:<'(6360N93V'R6OQ/7'R>'35/' )/O5:191<>' 3263/<>'M1627U')5;?'/:6R9/?'35/'HA.('31'360';:31'6':63;1:69' :/3=12Q'14'@6:N46O3N2;:<'2/?/62O5'/\O/99/:O/'6:7V';4'6'0623;ON962'3/O5:191<>' 4699?'1N3?;7/'14'35/'62/6'14'/\0/23;?/V'O6360N93'0623:/2?'O6:'021P;7/'35/' ?N00123'://7/7U' ' FUZ' ];35'35/'/\O/03;1:'14'02101?69?'31'71NR9/'35/'?;b/'14'35/'/\;?3;:<' /:<;://2;:<'326;:;:<'O/:32/'6:7'/\06:?;1:'14'35/'(6?3;:<')/O5:191<;/?' $:?3;3N3/'S()$T' @/93;:<'896:3'35/',:;P/2?;3>'56?';7/:3;4;/7'3563'96:7' 6P6;96R;9;3>'56?'R/O1@/'6'9;@;3;:<'46O312'31'O1:3;:N/7'HA.('7/P/910@/:3'1:' 35/'HA8'63']6P/29/>V'0623;ON9629>'=;35'2/<627'31'962'14':/='67^1;:;:<'2/?;7/:3;69'7/P/910@/:3';?' O1:?;7/2/7'6'@6^12'9;@;3;:<'46O312'31'O1:3;:N/7'/\06:?;1:U')5/'02101?/7' 2/7/P/910@/:3'14'35/'2/@6;:7/2'14'35/'412@/2' 5/44;/97'H;20123'?;3/'=;99' 021P;7/'35/',:;P/2?;3>'=;35'35/'6R;9;3>'31'O1:3;:N/'31'/\06:7'35/'HA.(' 46O;9;3;/?'6:7'021P;7/'6'O6@0N?'?3>9/'7/P/910@/:3'3563'=;99'/:6R9/' Page 146 6O67/@;O?'31'=12Q'O1996R1263;P/9>'/6?;9>'?562;:<'6:7'7/P/910;:<'Q:1=9/7h?'HA.('46O;9;3;/?'69?1'2/49/O3?' <21=;:<'7/@6:7'412'/:<;://2;:<'096O/?'63'35/',:;P/2?;3>'6:7'35/'6??1O;63/7' /\06:?;1:'14'35/',:;P/2?;3>h?'/:<;://2;:<'46O;9;3;/?'63'35/'O;3>'O/:32/'O6@0N?U' )5/',:;P/2?;3>'56?'?//:'6'O1:3;:N/7'<21=35';:'6009;O63;1:?'412' N:7/2<267N63/'/:<;://2;:<'7/<2//?'1P/2'35/'06?3'e'>/62?'=;35'6'FX`' ;:O2/6?/';:'6009;O63;1:?';:'CDFW'6:7'6'4N235/2'F[`';:O2/6?/';:'CDFZV' 41991=;:<'2/O/:3';:P/?3@/:3';:'/:<;://2;:<'46O;9;3;/?'63'35/'O;3>'O/:32/' O6@0N?';:O9N7;:<'35/'86@'%;P/2?;7'R//:'O1@09/3/7'6:7';?':1='10/:U'' +P/2'XDD'?3N7/:3?'<267N63/';:'35;?'4;/97'/P/2>'>/62U')5/',:;P/2?;3>'56?' ;7/:3;4;/7'3563'35;?'O1:3;:N/7'<21=35'56?'O2/63/7'6'://7'31'36Q/'35/'2/?/62O5' '3521N<5'31'35/'HA.('31'326:?963/' 35;?';:31'026O3;O69'6009;O63;1:?'412'$:7N?32>U' ' CUD' %+(H)$+-'H-&'8.+8+ H%' ' CUF' )5/'6009;O63;1:'?;3/'1OON0;/?'6:'62/6'14'60021\;@63/9>'F[Ue'5/O362/?'6:7' O1@02;?/?'14'35/'/6?3/2:'0623'14'35/'412@/2' 5/44;/97'H;20123'=5;O5'=6?' O91?/7'31'O1@@/2O;69'49;<53?';:'CDD[U')5/'6009;O63;1:'?;3/'ON22/:39>' O1@02;?/?'14'35/'412@/2'2N:=6>V'6??1O;63/7'6021:V'6;24;/97V'56:'CUG' 5/O362/?'14'35/'6009;O63;1:'?;3/';?';:'35/'021O/??'14'R/;:<'7/P/910/7'31' 6OO1@@1763/'#6O312>'CDGD'=5;O5'A/@R/2?'@6>'2/O699'=6?'0/2@;33/7' N:7/2'096::;:<'2/4/2/:O/'FZEDDWCFE#,%';:'A6>'CDFZU'#6O312>'CDGD'412@?' 0623'14'35/',:;P/2?;3>h?'/\06:?;1:'14'35/;2'/\;?3;:<'HA.('46O;9;3;/?'6:7';?' /:P;?6'CDGD';?'/:O1@06??/7'=;35;:' 35/'ON22/:3'2/7'9;:/'6009;O63;1:'?;3/'R1N:762>k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h?'7;?32;O3V'4N235/2' Page 147 R/>1:7'=5;O5';?'35/' 5/44;/97'862Q=6>'SHeWDTU')1'35/'?1N35'=/?3'14'35/'?;3/' ;?'35/');:?9/>'862Q'I194'(9NR'6:7'XD'HO2/'!;99'10/:'?06O/'62/6U' ' CUW' $:'3/2@?'14'3101<2605>'35/'6009;O63;1:'?;3/';?'2/963;P/9>'4963'1OON0>;:<'6:' /9/P63/7'01?;3;1:'6R1P/'"N2106'%;:QU')5/'P/2>'?1N35/2:'0623'14'35/'?;3/'4699?' 60021\;@63/9>'Z'31'G'@/32/?'31=627?'35/'^N:O3;1:'14'35/' 5/44;/97'862Q=6>' ?9;0'2167'6:7'35/'"N2106'%;:Q'21N:76R1N3U' ' CUZ' )5/':1235'/6?3/2:'0623'14'35/'?;3/';?'ON22/:39>'91O63/7';:'35/'!;<5' 0//7'.6;9' )=1'S! CT'7/P/910@/:3'b1:/V'=5;O5'6?'>/3';?':13'412@699>'7/?;<:/7U')5/' ;:7;O63;P/'96>1N3'?NR@;33/7'=;35'35;?'6009;O63;1:';:7;O63/?'3563'RN;93' 7/P/910@/:3'=;99'R/'9;@;3/7';:'35/'! C'b1:/V'O1@021@;?;:<'14'?N246O/'9/P/9' 062Q;: Page 148 #6O312>'CDGD';?'1:'?;3/'6:7':/62;:<'O1@09/3;1:'6:7';?'35/2/412/';7/:3;4;/7'6?' 412@;:<'35/'4;2?3'056?/'14'35/'02101?/7'=;7/2'HA.('O6@0N?'7/P/910@/:3' 02101?/7'N:7/2'35;?'1N39;:/'6009;O63;1:U')5/'7/?;<:'6:7'6OO/??'?363/@/:3' ;:7;O63/?'35/'013/:3;69'412'6:'FF'0913'056?/7'7/P/910@/:3k'51=/P/2'35/' 7/P/910@/:3'056?;:<'6:7'0913'7/4;:;3;1:';?'0N2/9>';:7;O63;P/'63'35;?'?36 Page 149 Y' 8913?'['6:7'i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iC'14'35/')1=:'6:7'(1N:32>'896::;:<'6O3'FiiD' 35/'0/2;17'?1N<53'412'35/';@09/@/:363;1:'14'35/'096::;:<'0/2@;??;1:';?'X' >/62?U')5/'6009;O6:3'O1:?;7/2?'35;?'31'R/'?N44;O;/:3'0/2;17'31'?NR@;3'2/?/2P/7' @633/2?'6009;O63;1:?'6:7'O1@09/3/'699'/9/@/:3?'14'35/'02101?/7' 7/P/910@/:3U' ' CUFW' ":P;21:@/:369'$@06O3' ' )5/'02101?/7'7/P/910@/:3'4699?'=;35;:' O5/7N9/'CV'(63/<12>'FDSRT'14'35/' )1=:'6:7'(1N:32>'896::;:<'S":P;21:@/:369'$@06O3'H??/??@/:3T' ./ Page 150 2/<627/7'6?'g"$H'&/P/910@/:3h'6:7'35/'6009;O63;1:';?'6OO1@06:;/7'R>'6:' ":P;21:@/:369' 363/@/:3'S" TU' ' WUD' ."%"fH-)'8%H--$-I'!$ )+.*'' ' WUF' S6T'./963;:<'31'35/'6009;O63;1:'?;3/B' ' FZEDDWCFE#,%'Y'H7P6:O/7'A6:N46O3N2;:<'6:7'./?/62O5'(/:32/V'O1@02;?;:<' MFSRT'H7P6:O/7'A6:N46O3N2;:<'6:7'./?/62O5'?06O/V'6:O;9962>'144;O/?'6:7' 6@/:;3;/?V'O62'062Q;: Page 151 FGEDFGiFE+,).'Y'A;\/7'N?/'7/P/910@/:3'O1@02;?;:<'35/'/2/O3;1:'14' RN;97;:'6:7'7;?32;RN3;1:'SN?/' O96??/?'MFV'MC'6:7'M[TV'35/'/2/O3;1:'14'6:O;9962>'RN;97;:'821^/O3'677/:7N@'763/7' DeUDWUCDDeT'SH009;O63;1:'31'/\3/:7'3;@/'9;@;3'412';@09/@/:363;1:'14' 6009;O63;1:'-1'DGEDZWW[E+,)T'q'8/:7;:<'O1:?;7/263;1:' ' ZUD' ,AAH.*'+#'."8." "-)H)$+- ' )5/'6009;O63;1:V'R/;:<'6:'"$H'7/P/910@/:3V'56?'R//:'67P/23;?/7'6?'?NO5V';3' 56?'69?1'R//:'67P/23;?/7'6?'6'7/0623N2/'421@'35/'021P;?;1:?'14'35/',&8'6:7' 6?'7/P/910@/:3'644/O3;:<'6'0NR9;O'2;<53'14'=6>U')5/'?O5/@/'56?'R//:' 67P/23;?/7'R>'02/??':13;O/';:'35/' 5/44;/97')/9/<2605k'R>'?;3/':13;O/k'6:7' 9/33/2?'56P/'R//:'?/:3'31';@@/7;63/':/;<5R1N2?E96:71=:/2?U' #1991=;:<'6@/:7@/:3?'31'35/'":P;21:@/:369' 363/@/:3'6:7'35/'7/?O2;03;1:' 14'7/P/910@/:3'35/'6009;O63;1:'=6?'2/Y67P/23;?/7'1:'35/'CD 35 'HN Page 152 7N/'021O/??'/P/2>'/44123'?51N97'R/'@67/'31'7/9;P/2'35;?'021^/O3'63'35/' /629;/?3'100123N:;3>' ' ZUC' )5/'41991=;:<'2/?01:?/?'56P/'R//:'2/O/;P/7'421@'O1:?N93//?U' ' ZUCUF' .135/256@'A/321019;36:'M121N<5'(1N:O;9'S.AM(T' .AM('096::;:<'O1@@;33//'2/?19P/7'1:'35/'FX 35 ' /03/@R/2'31'26;?/':1' 1R^/O3;1:'31'35/'6009;O63;1:'?NR^/O3'31'35/'60021P69'14'6'?;3/'?0/O;4;O'21RN?3' 326P/9'096:'7/?;<:/7'31'096O/'<2/63/2'/@056?;?'1:'@;3;<63;1:'R>'@/6:?'14' P/5;O9/'32;0'2/7NO3;1:k'O60?'R/;:<'096O/7'1:'32;0''7/P/910@/:3'R1N:762>U'H:'6002102;63/'RN44/2'62/6'=;99'7/0/:7'1:'35/' 91O69'O;2ON@?36:O/?'6:7'35/'3>0/'14'7/P/910@/:3'RN3'962'R/' 2/_N;2/7U'' ' )5/'0/2@6:/:3'2/3/:3;1:'14'RN44/2'b1:/?'@N?3'R/'?/ON2/7'6?'0623'14'35/' 096::;:<'0/2@;??;1:U')5/?/'?51N97'R/'6991=/7'31'7/P/910';:31'?/@;Y:63N269' 56R;363U' ' )5/'/\;?3;:<'2/'/\;?3?U'M/O6N?/'14'35/'9;:/62':63N2/'14'35/?/' =11796:7?V'=5;O5'6991=?'7/32;@/:369'/7'7/P/910@/:3V'6:7'@6:>'=117?'?N44/2'6332;3;1:' 3521N<5';:ON2?;1:?'63'35/;2'R1N:762;/?U'"P/:';4'35/'=11796:7';3?/94';?' 0213/O3/7V';3'O6:'?N44/2'?/2;1N?'7;?3N2R6:O/'=5/2/'51N?/?'12'2167?'62/'RN;93' 2;<53'N0'31';3?'@62<;:?V'R135'7;2/O39>'421@'35/';@06O3'14'7/P/910@/:3V'12' ;:7;2/O39>'3521N<5'O56:'(1@@;??;1:E-63N269'":<96:7'?36:7;:<'67P;O/'412' 096::;:<'6N3512;3;/?'7/69;:<'=;35'6009;O63;1:?'3563';@06O3'6:O;/:3'=11796:7' 6:7'5;<59;<53'8626<2605'FDi'14'35/'-63;1:69'896::;:<'819;O>'#26@/=12Q' =5;O5'?363/?'3563'35/'096::;:<'?>?3/@'?51N97'O1:32;RN3/'31'6:7'/:56:O/'35/' :63N269'6:7'91O69'/:P;21:@/:3'R>B' Page 153 ' Y'' 0213/O3;:<'6:7'/:56:O;:<'P69N/7'96:7?O60/?V'?3/@'?/2P;O/?k' Y'' @;:;@;?;:<';@06O3?'1:'R;17;P/2?;3>'6:7'021P;7;:<':/3'<6;:?';:' ' R;17;P/2?;3>'=5/2/'01??;R9/V'O1:32;RN3;:<'31'35/'I1P/2:@/:3h?' ' O1@@;3@/:3'31'5693'35/'1P/2699'7/O9;:/';:'R;17;P/2?;3>U' '' -63N269'":<96:7' ' Y' 363N312>':63N2/'O1:?/2P63;1:'?;3/?'q':1'1R^/O3;1:' M6?/7'N01:'35/';:412@63;1:'021P;7/7V'-63N269'":<96:7'67P;?/?'35/' (1N:O;9'3563'35/'02101?69';?'N:9;Q/9>'31'644/O3'6:>'?363N312;9>'0213/O3/7' ?;3/?'12'96:7?O60/?U Y' 8213/O3/7'?0/O;/?' -63N269'":<96:7'56P/':13'6??/??/7'35;?'6009;O63;1:'6:7'6??1O;63/7' 71ON@/:3?'412';@06O3?'1:'0213/O3/7'?0/O;/?'6:7'2/4/2'35/'O1N:O;9'31'35/' 36:7;:<'H7P;O/'1:'0213/O3/7'?0/O;/?'=5;O5';?'6'@63/2;69'O1:?;7/263;1:' ;:'35/'7/3/2@;:63;1:'14'6009;O63;1:?';:'35/'?6@/'=6>'6?'6:>';:7;P;7N69' 2/?01:?/'2/O/;P/7'421@'-63N269'":<96:7U' ' -63N269'":<96:7'?363/'3563'35/' 36:7;:<'H7P;O/'?51N97':13'R/'32/63/7'6?' <;P;:<'6:>';:7;O63;1:'12'021P;7;:<'6:>'6??N26:O/';:'2/?0/O3'14'"N210/6:' 8213/O3/7' 0/O;/?'S"8 T'3563'35/'02101?/7'7/P/910@/:3';?'N:9;Q/9>'31'644/O3' 35/'"8 '02/?/:3'1:'35/'?;3/k':12'?51N97';3'R/';:3/202/3/7'6?'@/6:;:<'3563' -63N269'":<96:7'56?'2/6O5/7'6:>'P;/=?'6?'31'=5/35/2'6'9;O/:O/';?'://7/7' S=5;O5';?'35/'7/P/910/2h?'2/?01:?;R;9;3>T'12'@6>'R/'<26:3/7U' ' Y' %1O69'?;3/?' -63N269'":<96:7'?363/'3563';4'35/'02101?69'?;3/';?'1:'12'67^6O/:3'31'6'91O69' ?;3/V'/U Page 154 ' )5/'":P;21:@/:3'H' ' .6;?/':1'1R^/O3;1:'31'35/'02101?69'?NR^/O3'31'35/';@01?;3;1:'14'6':N@R/2'14' O1:7;3;1:?'31'7/69'=;35'49117;:<'6:7'726;:6?'":<96:7' ' !;<5=6>?'":<96:7';:;3;699>';??N/7'6'g5197;:<'2/O1@@/:763;1:h'6<6;:?3'35/' 6009;O63;1:'7N/'31'O1:O/2:?'3563'35/'02101?69'=1N97'7/32;@/:3699>';@06O3'35/' 3263/<;O'.167'-/3=12Q'S .-TV'?0/O;4;O699>'35/'10/263;1:'14'aN:O3;1:?'WW' 6:7'WZ'14'35/'AFU'#1991=;:<'4N235/2'7;?ON??;1:?'=;35'!;<5=6>?'":<96:7';3' 56?'R//:'6<2//7'3563V'?NR^/O3'31'35/'?;<:;:<'14'6' /O3;1:'FDe'6<2//@/:3'31' ;@01?/'6'9;@;3'1:'35/':N@R/2'14'32;0?'35/'7/P/910@/:3'O6:'0N3'3521N<5' aN:O3;1:?'WW'6:7'WZ';:'35/'6@'0/6Q'51N2'SX6@Yi6@TV'6:7'?/ON2;:<'6' 2/_N;2/@/:3'31'N:7/236Q/'@;3;<63;1:'=12Q?'31'/;35/2'12'R135'14'35/?/' ^N:O3;1:?'?51N97'35/'?0/O;4;/7'32;0'263/?'R/'/\O//7/7V'35;?'=1N97'?63;?4>'35/;2' O1:O/2:?U')5;?'56?':1='R//:'?/ON2/7';:'35/'6<2//7'72643'?/O3;1:'FDe' 6<2//@/:3'6:7'!;<5=6>?'":<96:7'56P/'9;43/7'35/;2'5197;:<'2/O1@@/:763;1:' ?NR^/O3'31'35/'O1@09/3;1:'14'35;?'6<2//@/:3U' ' 5/44;/97' N?36;:6R;9;3>'6:7',2R6:'&/?;<:'86:/9' ' 86:/9'O1@@/:3?'62/'2/0/63/7';:'4N99'R/91=B' ' )5/'86:/9'=/9O1@/7'35;?'100123N:;3>'31'O1@@/:3'63'1N39;:/'?36'6:7'35/'=;7/2'2/<;1:V'6:7'?321:<9>' ?N00123/7'35/'6@R;3;1:'14'35/'0623:/2?'31'7/9;P/2'6'=1297Y9/67;:<' 67P6:O/7'@6:N46O3N2;:<'6:7'2/?/62O5'O/:32/'=;35;:' 5/44;/97U' ' -13=;35?36:7;:<'35;?V'35/'86:/9'2/O1<:;?/7'35/'?NR?36:3;69'O5699/:'O1:O1276:3'=;35'35/' 6@R;3;1:'02/?/:3/7U' ' S;T' +P/2699'H00216O5' )5/'86:/9'6002/O;63/7'35/'R696:O/'3563'567'31'R/'?32NOQ'R/3=//:' 4;\;:<' 35/'/??/:3;69'O1@01:/:3?'://7/7'31'/?36R9;?5'6'O1:P;:O;:<':/=' 096O/' 6:7'2/36;:;:<'35/'49/\;R;9;3>'2/_N;2/7'31'2/?01:7'31'/@/2<;:<'N?/2' 2/_N;2/@/:3?U'$3'=6?'4/93'3563'35/'@6?3/2096:'?51N97'021P;7/'6'O9/62' 426@/=12Q'6:7'?32NO3N2/'412'/6O5'056?/'6:7'://7/7'31'7/P/910' ?1@/' 14'35/'@12/';@01236:3'4/63N2/?V'?NO5'6?'35/'O/:3269'?0;:/'q';:'412@';4' :13'4;:;?5/7'?363/'Y'63'35/'/629;/?3'01??;R9/'?36 Page 155 ' $3'=6?'O1:?;7/2/7'3563'35/'02101?69?'412'35/'RN;97;:'3563'35/'O;2ON963;1:'6:7' 96:7?O60/V' 56P;:<'6'<2/63/2'7/<2//'14'O/236;:3>V'=1N97''14'35;?':/='RN?;:/??'6:7'9/62:;:<'/:P;21:@/:3U'$3'=6?'4/93'3563' 0N33;:<'<2/63/2'/@056?;?'1:'35/?/'62/6?':1='=1N97'06>'91: Page 156 @63/2;69;3>V' 412@V'P19N@/V'12'O191N2'31'O/9/R263/'6:7'021@13/'35/'6O3;P;3>' 6OO1@@1763/7'6:7'?N00123/7'R>'35;?'7/P/910@/:3U')5/'R96OQ'?5/7?' 14'35/'&1:'f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w' $3'=6?'7;?6001;:3;:<'3563'35/'@12/'P62;/7'N?/?V'9;Q/9>'31''63'7;44/2/:3'3;@/?'14'35/'76>V'?NO5'6?'?0123?'46O;9;3;/?'6:7'35/' 513/9V'567'R//:'7;?0/2?/7'31'35/'0/2;05/2>'14'35/'?;3/'2635/2'356:' O9N?3/2/7'621N:7'35/'?0;:/U')5/'7/?;<:'3/6@'=6?'N2O9/'21N3/?' =;35;:'35/'?;3/'=6?'=/9O1@/7V'RN3'35/'86:/9'6<2//7'3563'35/>'://7/7' 31' R/'<;P/:'<2/63/2'633/:3;1:'6:7'41ON?'31'/:?N2/'35/>'=/2/'91O63/7' =5/2/' ://7/7'6:7'=/2/'?N44;O;/:39>'63326O3;P/'31'/:O1N26'2/@13/'91O63;1:V';3';?';@01236:3'3563'35/'013/:3;69' 412'O1::/O3;1:?'R/>1:7'35/'?;3/V'?NO5'6?'=;35'35/':/;<5R1N2;:<' 5/44;/97'MN?;:/??'862QV'62/'@6\;@;?/7U'$3'=6?'4/93'3563'35/')26:?' 8/::;:/')26;9'O1N97'R/'R/33/2';:3/<263/7'2635/2'356:'2N:'621N:7'35/' 0/2;@/3/2'14'35/'?;3/U' ' SPT' (1:O9N?;1:' )5/'86:/9'O1@@/:7/7'35/'6@R;3;1:'14'35;?'021^/O3'6:7'N:7/2?3117' 35/' ://7'31'/:?N2/'6:'6002102;63/'9/P/9'14'49/\;R;9;3>'=6?'6OO1@@1763/7' 63' 35;?'2/963;P/9>'/629>'1N39;:/'?36'O1:O/03?V'?NO5'6?'35/' /?36R9;?5@/:3'14'6'?321:<'?0;:/V'=/2/'?N00123/7';:'02;:O;09/U' !1=/P/2V' ;3'=6?'35/'86:/9h?'4;2@'P;/='3563'6'4N235/2';3/263;1:'14'35/'7/?;<:'=6?' ://7/7'31'0217NO/'35/'7/<2//'14'O962;3>'2/_N;2/7U')5/'?0;:/V'412' /\6@09/V'://7/7'31'=12Q'5627/2V'31'021P;7/'6'41O69'01;:3'412'@12/' P62;/7'6O3;P;3;/?'6:7'021P;7/'6'O9/62'?/:?/'14'622;P69U' ' )5/'86:/9'O1:?;7/2/7'3563'6'?321:<'96:7?O60/'426@/=12Q'=1N97'021P;7/' 6'2/69'100123N:;3>'31'/?36R9;?5'35/'O5626O3/2'14'35;?':/='/:P;21:@/:3' Page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e@T'31'/:?N2/'35/'4N3N2/'6P6;96R;9;3>'14' RN?'?/2P;O/?'31'N?/'35;?'2167U')5;?'=;99'56P/'?;<:;4;O6:3'6OO/??;R;9;3>'R/:/4;3?' 6?'RN?'?/2P;O/?'O1N97'R/'91O63/7'O91?/2'31'35/'RN;97;:'69?1' 021P;7/'6'7/<2//'14'^1N2:/>'3;@/'?6P;: Page 158 -1'O1@@/:3?'56P/'R//:'@67/'R>'35/'019;O/'1:'35;?'6009;O63;1:' ' 1N35'*12Q?5;2/'#;2/' /2P;O/' ' -1'1R^/O3;1:?'31'35/'02101?/7'7/P/910@/:3' ' (2/63;P/' 5/44;/97' ' (2/63;P/' 5/44;/97'56P/'=2;33/:';:'?N00123'14'35/'6009;O63;1:'6:7'35/;2' O1@@/:3?'62/'?/3'1N3'R/91=k' ' (2/63;P/' 5/44;/97';?' 5/44;/97'(;3>'(1N:O;9h?'"O1:1@;O'&/P/910@/:3' 7/0623@/:3V'9/67;:<'1:'35/'7/P/910@/:3'14'35/'O;3>h?'/O1:1@;O'?3263/<>'6:7' 02;12;3>'/O1:1@;O'7/P/910@/:3'096:?U')5/'(;3>'./'14' @6^12'05>?;O69'/O1:1@;O'2/U' ' $3';?';:'35/?/'219/?'3563'=/'62/'021P;7;:<'O1@@/:3?'1:'35/'6R1P/'6009;O63;1:V' 6:7'6?'?NO5'=/'=;99'41ON?'1:B' ' Y'' 3263/<;O'4;3';:'35/'O;3>h?'/O1:1@;O'096:?' Y'' "O1:1@;O'263;1:69/'6:7';@01236:O/'14'35/'02101?/7'H7P6:O/7' ' A6:N46O3N2;:<'$::1P63;1:'&;?32;O3'S14'=5;O5'HA.(C';?'6'O2;3;O69' ' /9/@/:3T' Y'' 82;:O;09/?'N:7/20;::;:<'35/'91O63;1:'14'35/'HA.(C' ' S;T' 3263/<;O'#;3 $ ' 5/44;/97'(;3>'./<;1:h?'S (.T' 3263/<;O'"O1:1@;O'896:'S "8T'56?'63';3?' O/:32/'6:'/O1:1@;O'6@R;3;1:'31'7/9;P/2'XDVDDD'^1R?'1P/2'35/'FD'>/62?'31' CDCGU')5/' 5/44;/97'"O1:1@;O' 3263/<>';7/:3;4;/?'35/' 5/44;/97'.135/256@' "O1:1@;O'(122;712'S ."(T'6?'6'?1N2O/'14'O1@0/3;3;P/'67P6:36'6:7'7/@6:7'6:7'35/' "8'2/O1<:;?/?'3563'35/'4N3N2/'<21=35'14' 35;?'/O1:1@;O'O122;712'=;99'R/'4N:76@/:369';:'7/9;P/2;:<'6<6;:?3' (.h?' <21=35'6@R;3;1:?U $ #12'1P/2'CDD'>/62?'35/' ."('56?'R//:'6'O/:32/'14';:7N?32;69';::1P63;1:V' 0623;ON9629>';:'@/369'6:7'@63/2;69?U')5/'62/6'56?'=;35?3117'35/'5N' 1P/2'35/'06?3'WD'>/62?'6:7':1='56?'?;<:;4;O6:3'013/:3;69'412'4N3N2/'<21=35U' ' )5/'O2;3;O69'O606R;9;3>'6:7'@6??'14'35/'@6:N46O3N2;:<'?/O312';:'35/' ."(' 6:7'35/'=;7/2'(;3>'./<;1:';?'O2NO;69'31',n'@6:N46O3N2;: Page 159 31'<21=;:<'@62Q/3?'?NO5'6?'6/21?06O/'6:7'7/4/:O/V';:426?32NO3N2/V'/:/2<>' 6:7'@/7;O69'/_N;0@/:3'?/O312?k'=/'R/9;/P/'35;?'096O/?'35/' (.'63'35/' O/:32/'14'35/',n'@6:N46O3N2;:<';:7N?32>U' ' )5/' ."('51N?/?'@6:>'14'35/',nh?'9/67;:<'@6:N46O3N2/2?V';:O9N7;:<' :63;1:699>'6:7';:3/2:63;1:699>'2/:1=:/7'/:3/202;?/?'?NO5'6?')636V' +N31QN@0NV'#12'#;235'.;\?1:TU'$:'2/O/:3' >/62?'35/'?32/:<35?'14'35/?/'91:<'/?36R9;?5/7'@6:N46O3N2;:<'RN?;:/??/?'56?' R//:'/:56:O/7'R>'35/'/?36R9;?5@/:3'6:7'<21=35'14'35/'H7P6:O/7' A6:N46O3N2;:<'862Q'SHA8T'6:7'7/P/910@/:3?'63' 5/44;/97'MN?;:/??'862Q' S M8T' )5/'HA8'56?'?//:'6'7/O67/'14'7/P/910@/:3V'0210/99/7'R>';3?'0623:/2?5;0' =;35'<91R69'R26:7?';:O9N7;:<'M1/;: Page 160 )5/'/?36R9;?5@/:3'14'35/' (.'":3/202;?/'p1:/'S"pT';:'CDFF';?'69?1'5/90;:<' 31'?/ON2/'91:<'3/2@'O1@@;3@/:3?'R>'962'31'35/'HA8U']/'096:'31'562:/??'35/'"p';:O/:3;P/?'6:7' /?36R9;?5'6'4N3N2/'96:7'?N009>'=;35;:'35/'"p'021O/??'31'N:7/20;:'6':/=' ;:7N?32;69'?3263/<>'31'/?36R9;?5' (.'6?'35/'A6:N46O3N2;:<'f699/>'412'35/',n' 691:<'35/'AF'O122;712U' ' )5/'HA.(C'?;3/';?'67^6O/:3'31V'RN3'1N3?;7/'14'35/'"p'?;3/?'63' M8'6:7'35/' HA8V'6:7';3';?';@01236:3'31':13/'3563'35/';:O/:3;P/?'6P6;96R9/'31'RN?;:/??/?' 31'91O63/'=;35;:'35/'"p'62/'14'@NO5'@12/'9;@;3/7'4;:6:O;69'R/:/4;3'31'35/' ,:;P/2?;3>U' ' #N:76@/:369'31'72;P;:<'<21=35V';?'35/'4N3N2/'O606R;9;3>'14'35/' ."('31' O1:3;:N/'31'021@13/';::1P63;1:V'63326O3';:P/?3@/:3'6:7'72;P/'7/@6:7';:'35/' @6:N46O3N2;:<';:7N?32>'412':/='3/O5:191<>'6:7'021O/??/?'3563'O6:'35/:'R/' 7/9;P/2/7'421@'35/'O199/O3;P/'@6:N46O3N2;:<'?32/:<35?'6O21??'35/' (.U' )5/?/'02;:O;09/?'62/'63'35/'5/623'14'6':/='P;?;1:'412'31'O2/63/'6:'H7P6:O/7' A6:N46O3N2;:<'$::1P63;1:'&;?32;O3'SHA$&TU' ' S;;T' "O1:1@;O'263;1:69/'6:7';@01236:O/'14'H7P6:O/7'A6:N46O3N2;:<' $::1P63;1:'&;?32;O3B' ' 5/44;/97'6:7'.135/256@'%1O69'HN3512;3;/?';:'0623:/2?5;0'=;35'35/',:;P/2?;3>' 14' 5/44;/97'62/'0N2?N;:<'6':/='P;?;1:'31'O2/63/'35/',nh?'H7P6:O/7' A6:N46O3N2;:<'$::1P63;1:'&;?32;O3V'RN;97;:<'1:'35/'R/721OQ'14'@6:N46O3N2;:<' /\0/23;?/'6:7'.t&'2;O5'6??/3?'=;35;:'35/' ."(U'' ]/'62/'=12Q;:<'=;35'M211Q;:' 35/;2'f;O/'82/?;7/:3'M2NO/'n63bV';:'6009>;:<'35/'02;:O;09/?'14'35/'$::1P63;1:' &;?32;O3'O1:O/03'31'67P6:O/7'@6:N46O3N2;: Page 161 32/:7?'6:7'021P;7/?'6'N?/4N9'g3119'Q;3h'31'2/Y35;:Q'35/'=6>'=/'02;12;3;?/'1N2' ;:3/2P/:3;1:?V'6:7'35/'=6>'=/'7/?;<:'6:7'7/P/910'?06O/?'6:7'096O/?U' ' )5/'41991=;:<'426@/=12QV'=12Q/7'N0'=;35'35/'M211Q;:'14'35/'HA$&'02101?69?U' )5/'7/P/910@/:3'14'35/'HA.(C'1:'35/'?;3/'02101?/7';?'63'35/'5/623'14' P;23N699>'699'14'35/?/'O12/'?3263/<;/?U'' ' ' )5/'2/?/62O5'6??/3?'3563'=;99'R/'7/9;P/2/7'63'35/'HA.(C'62/'O2;3;O69'31'35/' HA$&V'021P;7;:<'6'O6369>?3'412'<21=35'3521N<5'63326O3;1:'14'+"A?'6:7' O9N?3/2;:<'14' A" '=51'://7'E'=6:3'31'R/:/4;3'421@'35/';::1P63;1:V'2/?/62O5' 6:7'3/O5:191<>U' ' $3'=;99'69?1'?N00123'@6:N46O3N2/2?';:' ."('6:7' (.'31'@1P/'N0'35/'P69N/' O56;:'R>'/\091;3;:<':/='3/O5:191<>'6:7';::1P63;1:U'H'@6^12'6;@'412'35/' HA.(';?'31'?3;@N963/'35/'7/P/910@/:3'14'6'?N009>'O56;:'=;35;:'67P6:O/7' @6:N46O3N2;:<'?/O312?V'=;35'O1@06:;/?'N?;:<'HA.('31'7/P/910'0217NO3?'12' 021O/??/?V'6:7'35/:'91O63;:<':/62R>';:'127/2'31'O1:3;:N/'6OO/??;:<';3?' Page 162 46O;9;3;/?U')51?/'O1@06:;/?h'?N009;/2?';:'3N2:'=1N97'69?1'R/'/:O1N26U'' ' )5/?/'O6369>3;O'.t&'/O1:1@;O'?0;99'1P/2'/44/O3?'62/':13'ON22/:39>'6??/??/7' R>'35/'/O1:1@;O';@06O3'?3N7>'0217NO/7'R>'+\4127'"O1:1@;O?';:'?N00123'14' 35/'096::;:<'6009;O63;1:'6:7'62/'9;Q/9>'31'R/'?;<:;4;O6:3'q'677;:<'31'35/' ?NR?36:3;69'7;2/O3V';:7;2/O3'6:7';:7NO/7'^1R?'5;<59;<53/7'R>'+\4127' "O1:1@;O?U' S;;;T'82;:O;09/?'N:7/20;::;:<'35/'91O63;1:'14'35/'HA.(C' )5/'R/:/4;3?'1N39;:/7'6R1P/'=;99'R/';:O2/6?/7'31'35/;2'@6\;@N@'013/:3;69';4' 35/':/='O6@0N?';?'91O63/7'6?'1N39;:/7'1:'35/' M8';:'021\;@;3>'31'35/' /\;?3;:<'HA.('6:7'HA8U')5/2/'62/'4N:76@/:369'02;:O;09/?';:'O2/63;:<'6:' $::1P63;1:'&;?32;O3'3563'62/'0/23;:/:3'31'35;?'6009;O63;1:U')5/?/'62/B' $ Y' &/:?;3>B'(2/63;:<'6:'6<<91@/263;1:'12'2/?/62O5'6??/3?'=;35'?06O/';:' O91?/'021\;@;3>'412'35/'O9N?3/2;:<'14'+"A?V'?N009>'O56;:'O1@06:;/?' 6:7' A"?U' Y' 821\;@;3>B'A6\;@;?;:<'.t&'?0;99'1P/2'/44/O3?'R>'O2/63;:<'?321:<' O1::/O3;1:?' R/3=//:'2/?/62O5'6??/3?'6:7'RN?;:/??/?' Y' jN69;3>'14'096O/B'":?N2;:<'3563'35/'?06O/?'R/3=//:'35/'RN;97;:<'62/' 7/?;<:/7'6:7'096::/7'31'/:O1N26';:'96:7'N?/'O6:'/:O1N26'6991=;:<'.t&'6??/3?V'4;2@?'6:7'?N00123;:<'6@/:;3;/?'31'O1Y/\;?3';:' O91?/'021\;@;3>' ' )5/'2/?/62O5'6O3;P;3;/?'36Q;:<'096O/'63'35/'/\;?3;:<'HA.('6:7'HA8'62/' =1297'O96??'6:7'63'35/'ON33;:<'/71N3'14'R135'35/'HA8'6:7'35/' M8'71':13'2/49/O3' 35;?U'M135'062Q?'62/';:=627'911Q;: Page 163 862Q=6>'6:7'6'@12/'6@R;3;1N?'91:U' $3';?'P;369'412'35/'?NOO/??'14'35/?/'02;:O;09/?'3563'35/'HA.(C'7/P/910@/:3';?' 91O63/7'6?'O91?/'6?'01??;R9/'31'35/'/\;?3;:<'HA8'2635/2'356:'4N235/2'6=6>'1:' 35/'?;3/'14'35/'412@/2'6;20123'2N:=6>U' ' H'4N235/2';@01236:3'02;:O;09/';?'3563'=/'://7'31'/:?N2/'3563'35/'?NOO/??'6:7' <21=35'14'35/'67P6:O/7'@6:N46O3N2;:<'?3;@N963/7'R>'35/'HA.(EHA8';?' @6\;@;?/7'6:7':13'?3>@;/7'R>'6'96OQ'14'6P6;96R9/'96:7'412'4N3N2/' 7/P/910@/:3U'' +:/'14'35/'2/6?1:?'3563'35/',:;P/2?;3>'56P/'91O63/7'#6O312>'CDGD'6:7'35/' HA.(C'02101?69?'1:' M8';?'3563'35/'HA8'56?'R/O1@/'?1'?NOO/??4N9'3563' 35/2/';?':1=';:?N44;O;/:3'96:7'35/2/'31'@//3'35/'7/@6:7?'6:7'6?0;263;1:?'14' 35/',:;P/2?;3>U' #N235/2@12/'35/'=;7/2';@06O3'6:7';@01236:O/'14'35/'HA8'56?'R//:'35/' 63326O3;1:'14'@6^12'5;<5'P69N/'RN?;:/??'?NO5'6?'.199?'.1>O/'31'91O63/':/=' 46O312;/?'67^6O/:3'31'35/'.t&'46O;9;3;/?U')5/2/';?'/P/2>'2/6?1:'31'6??N@/' 3563'35/'7/P/910@/:3'14'#6O312>'CDGD'6:7'35/'=;7/2'HA.(C'46O;9;3;/?'=;35;:' 35;?'096::;:<'6009;O63;1:'=;99'56P/'6'?;@;962'O6369>3;O'/44/O3'5/2/U'' #12'35;?'2/6?1:';3';?'O1:?;7/2/7'31'R/'O2;3;O69'3563'35/'67^1;:;:<'GD'6O2/?'14' 35/'2/@6;:;:<' M8';?':13'7/P/910/7'R>'35/',:;P/2?;3>'6:7';?'6P6;96R9/'412' 4N3N2/'02;P63/'?/O312'7/P/910@/:3'R>'RN?;:/??/?'=51'=;?5'31'91O63/'O91?/'31' 35/?/'46O;9;3;/?U' H?'?363/7'6R1P/'35;?'67^1;:;:<'96:7';?'=;35;:'35/' (.'"p'6:7'35/';:O/:3;P/?' 6P6;96R9/'31'02;P63/'?/O312'4;2@?'=;99'677'31';3?'63326O3;P/:/??'31'?NO5' RN?;:/??/?'RN3';?'14'@12/'9;@;3/7'R/:/4;3'31'35/',:;P/2?;3>U' #12'699'14'35/'2/6?1:?'?/3'1N3'6R1P/'(2/63;P/' 5/44;/97'4N99>'?N00123?'35/' HA.(C'7/P/910@/:3';:'35;?'91O63;1:'6:7V';:'1N2'P;/='35/';@01236:O/'14' 35/?/'02101?69?'31'35/'91O69'6:7':63;1:69'/O1:1@>';?'6:'/\O/03;1:69' O;2ON@?36:O/'=5;O5'^N?3;4;/?'6991=;:<'35/'7/P/910@/:3'31'R/'91O63/7';:'35/' I2//:'M/93U' ' GUD' 8,M%$('(+- ,%)H)$+-' ' GUF' $:'677;3;1:'31'35/'(1N:O;9h?'?363N312>'O1:?N9363;1:'021O/??V'02;12'31'35/'412@69' ?NR@;??;1:'14'35/'6009;O63;1:V')5/',:;P/2?;3>'O622;/7'1N3'6:';:7/0/:7/:3' O1:?N9363;1:'/\/2O;?/U'')5/'(1N:O;9h?'019;O>'1:'02/Y6009;O63;1:'O1:?N9363;1:' ;?'?/3'1N3';:'35/'67103/7'2/P;?/7' 363/@/:3'14'(1@@N:;3>'$:P19P/@/:3'S ($T' HN Page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f/:N/?'=51'2N:');:?9/>'862Q'I194'(9NR')5/',:;P/2?;3>'56P/' 69?1';:7;O63/7'3563'!6:7?=1235'aN:;12'#113R699')/6@'62/';:3/2/?3/7';:'N?;:<' 35/'02101?/7'?0123?'0;3O5/?U')5/'O1:?N9363;1:'021O/??';?'O1:?;7/2/7'31' R21679>'6OO127'=;35'35/'6;@?'6:7'1R^/O3;P/?'14'35/'(1N:O;9h?'2/P;?/7' ($U' ' 8%H--$-I'H " A"-)' ' eUD' %H-&', "' ' eUF' )5;?'6009;O63;1:'2/02/?/:3?'6'?;<:;4;O6:3'7/P/910@/:3'31'7/9;P/2'6'@6^12' /\06:?;1:'14'35/',:;P/2?;3>h?'/\;?3;:<'67P6:O/7'@6:N46O3N2;:<'6:7'2/?/62O5' 46O;9;3;/?U')5/'096::;:<'01?;3;1:';?'2/963;P/9>'O1@09/\'6:7'35/'013/:3;69' R/:/4;3?'14'35/'?O5/@/'://7'31'R/'=/;<5/7'6<6;:?3'35/'2/9/P6:3'91O69'6:7' :63;1:69'096::;:<'019;O>'6:7' Page 165 eUCUC' 819;O>'$Me'14'35/',&8'2/963/?'31'7/P/910@/:3';:'#2;:'6:7' MN?;:/??'H2/6?'6:7'67P;?/?'3563'MN?;:/??'S,?/'(96??'MFTV'I/:/269'$:7N?32>' SMCT'6:7']62/51N?;:<'SM[T'N?/?'62/'02/4/22/7'N?/?'14'96:7';:'35/'019;O>' 62/6U'')5/'019;O>'69?1';7/:3;4;/?'./?;7/:3;69'$:?3;3N3;1:?'S(CT'6:7'?0123'6:7' 2/O2/63;1:'N?/?'S&CT'6?'6OO/036R9/'6:7';7/:3;4;/?'3563'699'135/2'N?/?'?51N97' R/'O1:?;7/2/7'1:'35/;2'1=:'@/2;3?U'' ' eUCUW' )5/'S(CT'2/?;7/:3;69'O1:4/2/:O;:<'/9/@/:3'14'35/'?O5/@/'=1N97'R/'1=:/7' 6:7'10/263/7'R>'35/',:;P/2?;3>V'2/@6;:;:<'6:O;9962>'31'35/'HA.(V'021P;7;:<' ?06O/'412'P;?;3;:<'2/?/62O5'?3644'=51'@6>'R/'?36>;:<'412'?5123'12'91:<'0/2;17?' 31'O1:7NO3'35/;2'2/?/62O5'6?'=/99'6?'021P;7;:<'46O;9;3;/?'412'P;?;3;:<'ON?31@/2?' 6:7'RN?;:/??/?';:3/2/?3/7';:';:P/?3;:<';:'35/'HA.('O1:O/03U' ' eUCUZ' 819;O>'( C'14'35/'(12/' 3263/<>'?//Q?'31'02;12;3;?/':/='RN?;:/??'6:7' ;:7N?32>'1:'02/P;1N?9>'7/P/910/7'?;3/?U'$:'6OO1276:O/'=;35'35/'-63;1:69' 896::;:<'819;O>'#26@/=12Q'S-88#T'35/'962'14'35/'?;3/V'7/?0;3/';3?' I2//:'M/93'91O63;1:V';?'O1:?;7/2/7'31'R/'02/P;1N?9>'7/P/910/7U' ' eUCUG' 819;O>'( G'14'35/'(12/' 3263/<>'g%1O63;1:?'412'A6:N46O3N2;: Page 166 ' eUWUW' ];35'35/'/\O/03;1:'14'35/'1N37112'?0123?'N?/'6:7'6:>'?@699'?O69/';:7112' ?0123?'6:7'2/O2/63;1:'N?/V'35/'02101?/7'7/P/910@/:3V'=5/:'O1:?;7/2/7';:' 35/'O1:3/\3'14'91O69'6:7':63;1:69'096::;:<'019;O>V'=1N97'R/';:6002102;63/' 7/P/910@/:3';:'35/'I2//:'M/93'6:7V'6?'?NO5V'P/2>'?0/O;69'O;2ON@?36:O/?'412' 7/P/910;:<'35;?'?;3/'@N?3'R/'7/@1:?3263/7U')5/'-88#'?363/?'3563'cP/2>' ?0/O;69'O;2ON@?36:O/?c'=;99':13'/\;?3'N:9/??'35/'013/:3;69'562@'31'35/'I2//:' M/93'R>'2/6?1:'14';:6002102;63/:/??V'6:7'6:>'135/2'562@V';?'O9/629>' 1N3=/;<5/7'R>'135/2'@63/2;69'O1:?;7/263;1:?U')5/2/';?':1'7/4;:;3;1:'=;35;:' :63;1:69'12'91O69'019;O>'14'=563'=1N97'O1:?3;3N3/'gP/2>'?0/O;69'O;2ON@?36:O/?h' 6?'/6O5'02101?69'@N?3'R/'O1:?;7/2/7'1:';3?';:7;P;7N69'@/2;3?U' ' eUWUZ' )5/',&8'02101?69?'@60'67103/7';:'Fii['?3;99'7/4;:/?'35/'/\3/:3'14'35/' I2//:'M/93';:' 5/44;/97U'!1=/P/2V'35/'(12/' 3263/<>V'67103/7';:'CDDiV'6:7' ;3?'6336O5/7'Q/>'7;6<26@V';?'6'@12/'N0'31'763/'019;O>'71ON@/:3U'819;O>'( XF' 14'35/'(12/' 3263/<>'g8213/O3;:<'35/'I2//:'M/93h'71/?';7/:3;4>'3563'35/' O1N:32>?;7/'6:7'10/:'96:7'621N:7'35/'/\;?3;:<'RN;93'N0'62/6'14'35/'O;3>'=;99' R/'?64/ Page 167 R/'2/@1P/7'421@'35/'I2//:'M/93k'2/02/?/:3/7'R>'6'@;:N?'?>@R19'1:'35/'Q/>' 7;6<26@'6:7'=6?5/7'1P/2'R>'35/'N2R6:'62/6U')5/'/\096:6312>'3/\3'14'819;O>' ( XF'71/?V'51=/P/2V'?0/O;4;O699>'2/4/2'31'35/'g6;20123'2N:=6>h'R/;:<'35/' 4/63N2/'31'R/'2/@1P/7'421@'35/'I2//:'M/93k'69R/;3'=;351N3'6'7/4;:;3;1:';:' =127?'12';:'7/36;9?'6?'31'=563'3563'02/O;?/9>'2/4/2?'31U')5/'6009;O63;1:'?;3/' /:O1@06??/?'35/'2/@6;:;:<'6;20123'2N:6=6>'6?'=/99'6?'35/'6021:V'56:h'=;35;:'35/'/\096:6312>'3/\3'14'819;O>'( XFU'-13=;35?36:7;:<' 35;?V'0623?'14'35/'7/P/910@/:3'?;3/'62/'91O63/7'1:'0623?'14'35/'412@/2'6;20123' 2N:=6>';3?/94'6:7'35/'6021:'31'35/'421:36'3/\3'14'819;O>'( XFU')5/'72643'%1O69'896:' 82101?69?'A60'SCDFW'02/Y?NR@;??;1:'P/2?;1:TV'=5;O5'56?'R//:'35/'?NR^/O3' 31'0NR9;O'O1:?N9363;1:V'02/O;?/9>';:7;O63/?'6'2/P;?/7'I2//:'M/93'R1N:762>';:' 9;:/'=;35'35/'=127;:<'14'819;O>'( XFU')5/'2/P;?/7'I2//:'M/93'R1N:762>' 41991=?'35/'?1N35/2:'/\3/:3'14'35/'412@/2'6;20123'2N:=6>V'/\O9N7;:<' 60021\;@63/9>'e'5/O362/?'14'96:7'421@'35/'I2//:'M/93V'=5;O5';:O9N7/?'35/' 5627'?N246O/7'2N:=6>'6:7'6021:';:'421:3'14'35/'412@/2'3/2@;:69'RN;97;:<'6:7' 35/'/\;?3;:<'56:'6:7'MN?;:/??'819;O>'H2/6'=6?' ;:7;O63/7'31'R/'/\3/:7/7'31';:O9N7/'0623'14'35/'6009;O63;1:'?;3/';:O9N7;:<'35/' 2/@6;:7/2'14'35/'2N:=6>'62/6'6:7'5/9;0123'56:'6:7'RN?;:/??'N?/?'S &#'?;3/'6991O63;1:'2/4B' 8DDZXFTU'' ' eUWU[' )5/'72643'%1O69'896:'82101?69?'@60';:7;O63/7'35/'(1N:O;9h?'02101?/7'019;O>' 7;2/O3;1:'=;35'2/?0/O3'31'35/'02/O;?/'4N3N2/'I2//:'M/93'R1N:762>'63'35/' 6;20123U')5/'2/6991O63;1:'14'35/'96:7'63'35/'6;20123'=6?''?N00123/7'63' 35/'P62;1N?'O1:?N9363;1:'?36'71/?':13'<1'462'/:1N<5V'6:7' @12/'96:7'31'35/'?1N35'14'35/'2N:=6>'?51N97'69?1'R/'/\O9N7/7'421@'35/' I2//:'M/93U'' ' eUWUi' )5/'(1N:O;9'7/O;7/7'41991=;:<'(6R;:/3'6N3512;?63;1:';:'&/O/@R/2'CDFWV':13' 31'?NR@;3'35/'(;3>'819;O;/?'6:7' ;3/?'71ON@/:3'S;:O9N7;:<'35/'02101?69?' @60T'31'35/' /O2/362>'14' 363/'412'/\6@;:63;1:'7N/'31'35/'96OQ'14'6:' ;7/:3;4;/7'G'>/62'51N?;:<'96:7'?N009>U'(6R;:/3'6N3512;?/7'3563'=12Q'1:'35/' ON22/:3'/@/2<;:<'%1O69'896:'(;3>'819;O;/?'6:7' ;3/?'71ON@/:3'6:7'35/' 02101?69?'@60'?51N97'R/';:O1201263/7';:31'35/':/='%1O69'896:U'$3'=6?' ;7/:3;4;/7'3563'6?'0623'14'35/'%1O69'896:'021O/??'@12/'96:7'412'51N?;:<'@N?3' R/'R1N<53'412=627'6:7'0623'14'35/'021O/??'14';7/:3;4>;:<'4N235/2'96:7'=1N97' 2/_N;2/'6'2/P;/='14'35/'I2//:'M/93'R1N:762>U''' ' eUWUFD')5/'(12/' 3263/<>'Q/>'7;6<26@'6:7'819;O>'( 'XF'O9/629>';:7;O63/'3563'6' O56:'63'35/'6;20123';?'2/_N;2/7'31'O122/O3'6:' N:3/:6R9/'6:1@69>'=;35'35/'/\;?3;:<'R1N:762>U')5/2/412/'35/'2/9/6?/'14'63' 9/6?3'0623'14'35/'?;3/'412'7/P/910@/:3';?'/?36R9;?5/7'R>'35/'(12/' 3263/<>' 6:7';?'O1:?;7/2/7'31'O622>'?;<:;4;O6:3'=/;<53';:'35/'7/3/2@;:63;1:'14'35;?' 6009;O63;1:U')5/':/='I2//:'M/93'R1N:762>';?';7/:3;4;/7'6?'R/;:<'35/'6;20123' 2N:=6>';:'35/'?N00123;:<'3/\3'14'819;O>'( XF'6:7'6?';99N?3263/7'1:'35/'72643' Page 168 %1O69'896:'02101?69?'@60?U')5//'R1N:762>'?51=:'1:'35/'/@/2<;:<'096:';?' :13'O1:?;7/2/7'31'41991='RN;93Y412@'12'6'0/2@6:/:3'05>?;O69'4/63N2/'1:'35/' <21N:7'?NO5'6?'6'4/:O/V'5/7'6:7'0623?'14'35/'412@/2' 2N:=6>'6:7'6021:'56P/'R//:'2/@1P/7U')5/'02/O;?/'R1N:762>';?'69?1' O1:?;7/2/7'31'O622>'9/??'=/;<53';:'9;<53'14'1R^/O3;1:?'3563'35/'/:3;2/'6;20123' ?51N97'R/'/\O9N7/7'421@'35/'I2//:'M/93k'6:7'35/'46O3'3563'35/'(1N:O;9' 7/O;7/7':13'31'?NR@;3'35/'(;3>'819;O;/?'6:7' ;3/?'&1ON@/:3'S;:O9N7;:<' 82101?69?'A60Tk'=5;O5';:7;O63/7'35/'02/O;?/'I2//:'M/93'R1N:762>'31'35/' /O2/362>'14'35/' 363/k'7N/'31'6'2/_N;2/@/:3'31'4;:7'@12/'7/P/910@/:3'96:7V' =5;O5'56?''6:7'HN Page 169 ;:O9N7;:<'96:7'=;35;:'35/'I2//:'M/93V';?':13'O1:?;7/2/7'31'R/';:6002102;63/' 7/P/910@/:3U'' ' eUZUC' H::/\'C'14'35/'-88#'<1/?'1:'31'7/4;:/'02/P;1N?9>'7/P/910/7'96:7'6?'g96:7' =5;O5';?'12'=6?'1OON0;/7'R>'6'0/2@6:/:3'?32NO3N2/V';:O9N7;:<'35/'ON23;96'7/P/910/7'96:7U')5/'412@/2'5627' ?N246O/7'6;2'?32;0'6:7'412@/2'5627'?N246O/7'6021:'62/6?'62/'O9/629>' 0/2@/6:3'4/63N2/?U')5/'6??1O;63/7'56:' 412@'0623'14'35/'ON23;96' ?/ON2;3>'4/:O;:<'6:7'35/;2'P/2>'O9/62'1:Y<1;:<'@6;:3/:6:O/U'!1=/P/2V'6' 062O/9'14'96:7'/\3/:7;:<'31'35/'?1N35'31'^1;:'35/'862Q=6>'?9;0'2167';?'O9/629>' 1N3?;7/'35/'/\;?3;:<'ON23;961:7'35/'ON22/:3' ?/ON2;3>'4/:O/U'&/?0;3/'2/4/2/:O/?'31'35;?'062O/9'14'96:7'R/;:<'?01;9V' 6??1O;63/7'=;35'02/P;1N?'O169'@;:;:<'6O3;P;3;/?';:'35/'91O69;3>V';3';?'O1:?;7/2/7' 31'56P/'2/3N2:/7'31'6':63N269'?363/'1P/2'35/'06??6'7/P/910/7U'' ' eUZUW' -13=;35?36:7;:<'35/'6R1P/'O1:?;7/263;1:'@N?3'O9/629>'R/'<;P/:'31'35/';@06O3' 35/'2/7/P/910@/:3'14'35/'02/P;1N?9>'7/P/910/7'6:7'N:7/P/910/7'0623?'14' 35/'?;3/'=1N97'56P/'1:'35/'10/::/??'14'35/'I2//:'M/93U'H:>'135/2'562@' 6??1O;63/7'=;35'35/'7/P/910@/:3'6:7'6:>'O1:49;O3'=;35'35/'0N201?/?'14' ;:O9N7;:<'96:7';:'35/'I2//:'M/93'@N?3'69?1'R/'O1:?;7/2/7U' eUZUZ' $:'677;3;1:'31'562@'31'35/'I2//:'M/93V'R>'7/4;:;3;1:V'6?'6'2/?N93'14' ;:6002102;63/'7/P/910@/:3V'O1:?;7/263;1:'@N?3'69?1'R/'<;P/:'31'6:>'4N235/2' I2//:'M/93'562@'R>'2/6?1:'14'O1:49;O3'=;35'35/'4;P/'I2//:'M/93'0N201?/?U'' 8626<2605'[D'14')5/'#26@/=12Q'S-88#T';7/:3;4;/?'3563'I2//:'M/93'?/2P/?' 4;P/'0N201?/?B' ' Y' 31'O5/OQ'35/'N:2/?32;O3/7'?026=9'14'962?;7/'421@'/:O216O5@/:3k' Y' 31'02/?/2P/'35/'?/33;:<'6:7'?0/O;69'O5626O3/2'14'5;?312;O'31=:?k'6:7' Y' 31'6??;?3';:'N2R6:'2/'/:O1N26<;:<'35/'2/O>O9;:<'14' 7/2/9;O3''6:7'135/2'N2R6:'96:7U'' ' eUZUG' )5/'02101?69';?':13'O1:?;7/2/7'31'2/?N93';:'N:2/?32;O3/7'?026=9'14'962'/?36R9;?5/7'RN;93'412@';@@/7;63/9>'31'35/' :1235V'O1@02;?;:<'14'35/' 5/44;/97'MN?;:/??'862QU')5/'=/?3/2:'?;3/'R1N:762>' ;?'412@/7'R>'6'7/P/910@/:3'?;3/'S M8'856?/'$$TV'=5;O5'56?'/\36:3' 0/2@;??;1:'412'@6^12'O1@@/2O;69'2/7/P/910@/:3U')5/'/6?3/2:'?;3/'R1N:762>' ;?'P/2>'O9/629>'7/4;:/7'R>'6'05>?;O69'R1N:762>';:'35/'412@'14'35/'"N2106'%;:Q' 6:7'35/' 5/44;/97'862Q=6>U')5/'?1N35/2:'?;3/'R1N:762>';?':13'7/4;:/7'R>' RN;93'412@'6?'35/'96:7'31'35/'?1N35'/\3/:7?'412'60021\;@63/9>'C'Q@'691:'N:3;9';3'@//3?'51N?;:<'7/P/910@/:3'63'&62:699'=5;O5' 412@?'35/'I2//:'M/93'6?'7/4;:/7'1:'35/',&8'02101?69?'@60U'!1=/P/2V'35/' Page 170 /?36R9;?5/7');:?9/>'862Q'H:O;/:3'=11796:7V');:?9/>'862Q'I194'O1N2?/'6:7' 5/44;/97'862Q=6>'?9;0'2167'71'021P;7/'?1@/'O1:36;:@/:3'6:7'6' 2/O1<:;?6R9/'R1N:762>'31'35/'?;3/U')5/')26:?'8/::;:/')26;9'412@?'6:' ;7/:3;4;6R9/'R1N:762>'31'35/'2/@6;:7/2'14'35/'?1N35/2:'0623'14'35/'6009;O63;1:' ?;3/U''$3';?'O9/62'3563'6'962'14'35/'?;3/'67^1;:?'/?36R9;?5/7'N2R6:' 7/P/910@/:3'6:7'6:>'0/2O/03;1:'14'N2R6:'?026=9';?':13'gN:2/?32;O3/7h'6?'35/' ?;3/';?'O1:?;7/2/7'31'R/'O1:36;:/7'6:7'31'4699'=;35;:'O9/62'9;@;3?'/?36R9;?5/7' R>'/\;?3;:<'4/63N2/?'1:'35/'<21N:7'6:7'RN;93'412@U']5/:'O1:?;7/2;:<'35/' 6009;O63;1:'?;3/';:';3?'=;7/2'O1:3/\3';:O9N7;:<'/?36R9;?5/7'RN;93'412@V' ;:426?32NO3N2/V'3101<2605>'6:7'96:7?O60/'4/63N2/?V'35/'02101?69'O1N97'R/' O1:?;7/2/7'31'21N:7'144'35/'/\;?3;:<'0633/2:'14'7/P/910@/:3'63'35/'6;20123U' ' eUZUe' $:'3/2@?'14'02/P/:3;:<':/;<5R1N2;:<'31=:?'421@'@/2<;:<';:31'1:/'6:135/2';3' ;?'O1:?;7/2/7'3563'35/'6009;O63;1:'?;3/':1'91:';:';3?'ON22/:3'412@U')5/'?;3/';?'962'?N221N:7/7'R>'RN;93'412@V' ;:O9N7;:<'7/P/910@/:3'=5;O5'4699?'=;35;:'.AM(h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h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h?'219/';:'02/P/:3;:<'35/'0/2O/;P/7'@/2<;:<'14'?/339/@/:3?U'' ' eUZUX' )5/'0/2O/03;1:'14'6:>'05>?;O69'?/06263;1:'14'?/339/@/:3?';:'35;?'91O63;1:';?' :1'91:'05>?;O69'4/63N2/?'=5;O5'62/'P;?N699>' 2/O1<:;?6R9/'6?'4/63N2/?'=5;O5'?/06263/'35/'?/339/@/:3?'14' 5/44;/97'6:7' .135/256@'62/'91O63/7'1N3?;7/'14'35/'6009;O63;1:'?;3/'6:7'R135'62/' O1:?;7/2/7'31'4699'R/>1:7'35/'ON22/:3'I2//:'M/93'R1N:762>'6:7'9;/'=;35;:' .AM(h?'R1N:762>k'35/?/'4/63N2/?'R/;:<'35/' 5/44;/97'862Q=6>'SHeWDT'6:7' 35/'26;9=6>'ON33;:<'4N235/2'31'35/':1235'14'35/'?;3/V'R/>1:7'"N2106'%;:QV'=5;O5' 6O3N699>'P;?N699>'?/06263/?'M2;:?=1235'S.AM(T'421@'0623?'14'35/');:?9/>' A62?5699;:<'*627?'S ((TU' ' eUZU[' )5/'?;3/';?':13'O1:?;7/2/7'31'6??;?3';:'35/'?64/ Page 171 356:'2N269'6:7k'P;?N699>'7;?3;:O3'421@'35/'10/:'?06O/'6:7'96:7?O60/7'62/6?' 4N235/2'31'35/'?1N35'14'35/'?;3/U'8623?'14'35/'?1N35/2:'R1N:762>'62/'7/4;:/7' R>'35/')26:?'8/::;:/')26;9'6:7'/\;?3;:<'/?36R9;?5/7'96:7?O60/'4/63N2/?' =5;O5'=1N97'962'2/@6;:'N:644/O3/7'R>'35/'7/P/910@/:3U'#N235/2@12/'35/' ?;3/';?':13'O1:?;7/2/7'31'R/'O1N:32>?;7/';:'35/'O1@@1:9>'N?/7'?/:?/'14'3563' =127U' ' eUZUi' )5/'?;3/'71/?':13'ON22/:39>'0/2412@'35/'4N:O3;1:'14'02/?/2P;:<'35/'?/33;:<' 6:7'?0/O;69'O5626O3/2'14'6'5;?312;O'31=:U' ' e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e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eUG' H??/??@/:3'14'I2//:'M/93'f/2>' 0/O;69'(;2ON@?36:O/?'' ' eUGUF' )5/'/O1:1@;O'R/:/4;3?'14'35/'02101?/7'7/P/910@/:3'31')5/' 5/44;/97'(;3>' ./<;1:'@N?3'R/'O1:?;7/2/7U'H'02/?N@03;1:';:'46P1N2'14'?N?36;:6R9/' 7/P/910@/:3';?';7/:3;4;/7'6?'6'<197/:'352/67'14'7/O;?;1:'@6Q;:<'=;35;:'35/' -88#V'6:';:3/<269'0623'14'=5;O5'35/'<1P/2:@/:3'?363/?';?'RN;97;:<'6'?321: Page 172 O1N:32>h?';:5/2/:3'?32/:<35?V'6:7''@//3;:<'35/'3=;:'O5699/:?3/@'71/?'/P/2>35;:<';3'O6:'31' ?N00123'?N?36;:6R9/'/O1:1@;O'<21=35U'896::;:<'?51N97'10/263/'31' /:O1N26?3/@U' ' eUGUG' +:/'14'35/'P/2>'O9/62'1R^/O3;P/?'14'35/'(12/' 3263/<>'S( T'6?'?/3'1N3';:' (5603/2'W'Sf;?;1:'6:7'+R^/O3;P/?T';?'31'O2/63/'g6'O;3>'3563'=;99'R/' /O1:1@;O699>'021?0/21N?'6:7'63326O3;P/'31'RN?;:/??'6:7':/=';:P/?3@/:3'6:7' =;99'?N?36;:'/@091>@/:3'412'699'=5;O5'?//Q';3h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ii['q'CDD['35/' (.'=6?'35/'1:9>'(;3>'./<;1:'31'/\0/2;/:O/'6':/3' 7/O2/6?/';:'02;P63/'?/O312'/@091>@/:3'=;35'35/'2/O/??;1:'6:7'71=:3N2:':13' 5/90;:<'35/'(;3>'./<;1:'6O5;/P/'35/'326:?412@63;1:'3563';?'O1:?;7/2/7'31'R/' 2/_N;2/7U'IfH'<21=35'S(1:32;RN3;1:'31'35/'/O1:1@>'14'/6O5';:7;P;7N69' 0217NO/2V';:7N?32>'12'?/O312';:'35/',:;3/7'n;:<71@T'R/3=//:'Fii['6:7'CDD[' 69?1'96 Page 173 (122;712'=5;O5';?';7/:3;4;/7'6?'35/'962/62' 0/2;17'31'CDCG';:O9N7;:<'60021\;@63/9>'WDVDDD'5;<59>'?Q;99/7'1OON063;1:?'31' O2/63/'6'@12/'021?0/21N?'/O1:1@>'6:7';:';:O2/6?/'IfH'R>'{WUF'@;99;1:U' )5/'I21=35'896:'?0/O;4;O699>';7/:3;4;/?'35/'H7P6:O/7'A6:N46O3N2;:<' ./?/62O5'(/:32/'SHA.(T'6?'6'Q/>'6??/3'6:7'35/'2/3/:3;1:'6:7'<21=35'14' 5;<5'P69N/'@6:N46O3N2;:<'6:7'@/6:?'3563'35/' (.'O1N97'O9/629>'5/90' I1P/2:@/:3'7/9;P/2'1:';3?';@01236:3'6@R;3;1:'412'/\0123Y9/7'?N?36;:6R9/' <21=35'6:7'=;99'096>'6'Q/>'219/';:'72;P;:<'<21=35';:'IfHV'O1:32;RN3;:<'31=627?' 35/'I1P/2:@/:3h?'6@R;3;1:?'31'/?36R9;?5'35/'-1235/2:'81=/251N?/U' ' eUGUi' $:'9;<53'14'35/'6R1P/';3';?'O9/62'3563'35/'O1:3;:N/7'7/P/910@/:3'14'35/' ,:;P/2?;3>h?'HA.(';?'O/:3269'31'35/'326:?412@63;1:'6:7'<21=35'14'35/' (.' /O1:1@>V'6??;?3;:<'?;<:;4;O6:39>';:'@//3;:<'35/'6@R;3;1N?'/@091>@/:3'6:7' /O1:1@;O'362'56?';7/:3;4;/7' 3563'35/'7/P/910@/:3'02101?69'=;99'?63;?4>'6:'1P/2=5/9@;:<'/7NO63;1:69' ://7V'=5;O5';?'31'021P;7/'?363/'14'35/'623'3/6O5;:<'46O;9;3;/?'6:7'100123N:;3;/?' 412'6009;/7'2/?/62O5'6:7'35/'7/P/910@/:3'14'?0;:Y144'RN?;:/??/?'412'35/' ,:;P/2?;3>h?'<21=;:<'":<;://2;:<'#6ON93>U' ' eUGUFD'H?':13/7'/629;/2';:'35/'2/0123'35/',:;P/2?;3>h?'2/?/62O5';?';:3/2:63;1:699>' 2/O1<:;?/7'6:7';?'O1:?;7/2/7'31'R/'=1297'9/67;:<';:'/:<;://2;:<'2/?/62O5U' +:'35/'R6OQ'14'35;?'<21=;:<'2/0N363;1:'35/',:;P/2?;3>'56?'@67/'?;<:;4;O6:3' ;:P/?3@/:3?';:';3?'=;7/2'O6@0N?'31'46O;9;363/'35/'<21=35';:'7/@6:7'412' /:<;://2;:<'096O/?U')5/'O1:3;:N/7'<21=35';:'/:<;://2;:<';?'O1:?;7/2/7'31'R/' O91?/9>'69;<:/7'=;35'HA.('6O3;P;3;/?'N:7/236Q/:'R>'35/',:;P/2?;3>U'' ' eUGUFF')5/',:;P/2?;3>h?'/\;?3;:<'HA.('326;:;:<'O/:32/'326;:?'ZDD'/:<;://2;:<' 6002/:3;O/?'6'>/62V'35/?/'5;<59>'?Q;99/7'6:7'326;:/7'<267N63/?'=;99'9/6P/'=;35' 35/'?123?'14'?Q;99?'=5;O5'56P/'35/'013/:3;69'31'O1:32;RN3/'7;2/O39>'31=627?'35/' /O1:1@;O'7/P/910@/:3'6:7'2/'?/ON2;:<' 5;<5'_N69;3>'/@091>@/:3'6:7'O1:32;RN3;:<'31=627?'35/'<21=35'096:'362@/:3';:'5;<5'P69N/'^1R?'=;35'6'326;:/7'6:7'2/67;9>'6P6;96R9/' =12Q412O/U')5/'02101?/7'/\06:?;1:'14'35/'HA.('=;99'?3;@N963/'<21=35'6:7' 35/'013/:3;69'O6369>3;O'/44/O3?'14':/='RN?;:/??'=;99'7;2/O39>'R/:/4;3'421@'35/' 6P6;96R;9;3>'14'5;<59>'_N69;4;/7'6:7'326;:/7'?3644U' ' eUGUFC')5/',:;P/2?;3>'56?'?NR@;33/7'6:'"O1:1@;O'$@06O3' 363/@/:3';:'?N00123'14' 35/;2'6009;O63;1:'=5;O5'?/3?'1N3'35/'013/:3;69'/O1:1@;O'6:7'^1R'O2/63;1:' R/:/4;3?'421@'35/'7/P/910@/:3U')5/'6009;O6:3h?'/O1:1@;O'@17/99;:<'' 6:69>?/?'35/';@06O3'14'35/'02101?/7'7/P/910@/:3'63'?NRY2/<;1:69'S 5/44;/97' (;3>'./<;1:Tk'2/<;1:69'S*12Q?5;2/'6:7'!N@R/2Tk'6:7':63;1:69'S,:;3/7' n;:<71@T'9/P/9';:'3/2@?'14'35/';@06O3'3563'R135'35/'O1:?32NO3;1:'056?/?'6:7' 10/263;1:69'056?/?'14'35/'7/P/910@/:3'=;99'56P/'1:'^1R'O2/63;1:'6:7' O1:32;RN3;1:'31':63;1:69'/O1:1@;O';@06O3'SIfHTU'' ' eUGUFW')5/'6:69>?;?'6:7'@17/99;:<';?'R6?/7'1:'35/'0/2412@6:O/'6:7'10/263;1:'14' 35/',:;P/2?;3>h?'HA.('7/P/910@/:3'63'35/'HA8'S?O/:62;1'FT'6:7'/\0/O3/7' Page 174 9/P/9?'14'4N3N2/'/O1:1@;O'6O3;P;3>V'<;P/:'096::/7'$:P/?3@/:3'R>'.199?'.1>O/' S?O/:62;1'CT'63'35/'HA8U')5/?/'?O/:62;1?'6:7'35/'IfH'6:7'^1R'O2/63;1:' 4; Page 175 ,:;P/2?;3>'71/?V'6:7'35/'6??1O;63/7';:P/?3@/:3'6:7'RN?;:/??'<21=35'35;?'=;99' V'31';:O2/6?/'35/'02;P63/'?/O312'/@091>@/:3'=5;O5';?'69?1'1:/'14'35/' /\09;O;3'Q/>'1R^/O3;P/?'14'35/'I21=35'896:' ' eUGUCD'H?'6'?36:7691:/'02101?69'35/'?O5/@/'=1N97'O1:32;RN3/'?;<:;4;O6:3'677;3;1:69' ^1R?'3521N<5'35/'O1:?32NO3;1:'056?/?'6:7'7;2/O39>'O2/63/'N0'31'G`'14'35/' I21=35'896:h?'362'?Q;99/7'1OON063;1:?'6:7'@6Q/'6' ?;<:;4;O6:3'O1:32;RN3;1:'31'If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h?':63;1:69'/O1:1@;O'1R^/O3;P/?U')5/2/412/'35/'/O1:1@;O';@06O3' 14'35/'7/P/910@/:3'?51N97'R/'644127/7'?;<:;4;O6:3'=/;<53';:'6OO1276:O/'=;35' 35/'-88#U' ' eUe' (1:?;7/263;1:'14'693/2:63;P/'?;3/?'6:7'7/P/910@/:3'?0/O;4;O'7/?;<:V'96>1N3' 6:7'91O63;1:';??N/?' ' eUe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gO/:3269'5NRh'=5;O5'=;99'021P;7/'100123N:;3;/?'412'?O;/:3;?3?'6:7' 2/?/62O5/2?'31'O1996R1263/'412'35/'67P6:O/@/:3'14'2/?/62O5'=5;O5'=;99'R/' 46O;9;363/7'R>'35/'7/?;<:'6:7'96>1N3'14'35/'?O5/@/U' ' eUeUC' (1Y91O63;1:'6:7'O91?/'021\;@;3>'31'35/'/\;?3;:<'HA.('46O;9;3;/?'63']6P/29/>' 62/'69?1'O1:?;7/2/7'/??/:3;69'31'35/'O1:3;:N/7'?NOO/??'14'35/'HA.(U' H9351N<5'35/'6009;O63;1:'?;3/'=;99'R/'05>?;O699>'?/06263/7'421@'35/'HA8'R>' 35/' 5/44;/97'862Q=6>k'?3263/<;O699>'35/'?;3/?'62/'O1:?;7/2/7'O91?/'/:1N<5'31' R/'O1:?;7/2/7'6?'6'?;:<9/'/:3;3>'412'35/'0N201?/?'14'R2;:<;:<'<91R69' O1@06:;/?'6:7';:=627';:P/?3@/:3'31'35/'2/<;1:U')5/'HA.(';?'R6?/7'1:' O91?/'O1Y10/263;1:'R/3=//:'2/?/62O5'?3644'6:7'O1@06:;/?'=;35'2/?/62O5' ?3644'=12Q;:<';:'O1@06:;/?k'6:7'/:<;://2?'421@'O1@06:;/?'=12Q;:<' Page 176 691:'135/2'5;<5'P69N/'O6360N93'O/:32/?'?NO5'6?'!62=/99'+\4127U' "9/O32;O'P/5;O9/?'=;99'R/'021P;7/7'31'46O;9;363/'@1P/@/:3'R/3=//:'?;3/?'6?' =/99'6?'/\;?3;:<'0/7/?32;6:'6:7'O>O9/'21N3/?'R/3=//:'35/'3=1'?;3/?'46O;9;363;:<' 6OO/??U')5/'&/?;<:'6:7'HOO/??'?363/@/:3'69?1'02101?/7'6'RN;97;:<'14'?O69/' O91?/'31'35/'"N2106'%;:Q' 5/44;/97'862Q=6>'21N:76R1N3'31'021P;7/'6'gP;?N69h' 9;:Q6'1:'=5;O5'35/'7/P/910@/:3'O1N97'R/'91O63/7V'51=/P/2' ?NO5'02101?69?'31'2/91O63/'35/'HA.('46O;9;3;/?'=1N97'1:9>';:O2/6?/'7;P;?;1:' R/3=//:'35/'/\;?3;:<'46O;9;3;/?'63'35/'HA8'=5;O5'4N:76@/:3699>'<1/?'6<6;:?3' 35/'/351?'14'O1996R1263;P/'=12Q;:<';7/:3;4;/7'R>'35/',:;P/2?;3>'6:7'=1N97':13' 144/2'6:>'14'35/'/O1:1@;O'R/:/4;3?'31'35/'(;3>'./<;1:'5;<59;<53/7'/629;/2';:' 35/'2/0123U'!1=/P/2'O1:?;7/263;1:'56?'R//:'<;P/:'31'693/2:63;P/'?;3/?';:' 5/44;/97'6:7'35/'6P6;96R;9;3>'14'96:7'1:'35/'/\;?3;:<'HA8'63']6P/29/>'412' /\06:?;1:U'H':N@R/2'14'?;3/?'=/2/'O1:?;7/2/7'6:7'7;?O1N:3/7'7N/'31' 7;?36:O/'421@'35/'6009;O63;1:'?;3/'6:7'35/'://7'31'2/36;:'O91?/'9;:Q?'=;35'35/' /?36R9;?5/7'HA8V'R/;:<'6'Q/>'7/3/2@;:;:<'46O312';:'35/'O1:?;7/263;1:'14' P;6R9/'693/2:63;P/'?;3/?U'' ' eUeUZ' H99'?;3/?'6??/??/7'=/2/'O1:?;7/2/7'R>'35/'6009;O6:3'31'R/'91O63;1:699>' ;:4/2;12'31'35/'02101?/7'6009;O63;1:'?;3/'6:7'N:6R9/'31'021P;7/'35/'9;:Q?'31'35/' /\;?3;:<'HA.('46O;9;3;/?'=5;O5'O6:'R/'/?36R9;?5/7'R>'021\;@;3>'14'35/' 6009;O63;1:'?;3/U')5/'02101?/7'! C'21N3;:<'=1N97'013/:3;699>'2/@1P/'0623?'14' 35/');:?9/>'A62?5699;:<'*627?'6:7'35/'+N3NQN@0N'?;3/'S 5/0O13/'%6:/T' 2/7NO;:<'35/'?;3/?h'6P6;96R9/'7/P/9106R9/'62/6'6:7'35/2/412/'35/>'62/':13' O1:?;7/2/7'31'R/'91:<'3/2@'7/9;P/26R9/'693/2:63;P/?U'896::;:<'0/2@;??;1:' 69?1'/\;?3?'1:'35/');:?9/>'A62?5699;:<'*627U')5/'#12@/2',O62'?;3/' SA;779/=117TV' @;35>']117'S(5609/31=:T'6:7'H99P6O' 36>R2;<53'=12Q?'?;3/' S]//71:' 32//3'A/671=5699T'=/2/'O1:?;7/2/7'31'R/'311'7;?36:3'421@'35/' /\;?3;:<'HA.('46O;9;3;/?'63'35/'HA8'6:7'35/'7/9;P/26R;9;3>'14'35/'?;3/?';?' 644/O3/7'R>'6'O1@R;:63;1:'14'/\36:3'096::;:<'0/2@;??;1:?'6:7'6OO/??' ;??N/?U'$:'3/2@?'14'35/'HA8'35/2/'62/':1'91:'O1@0626R9/'?;3/?'14'35/' ?6@/'?;b/'6?'35/'6009;O63;1:'?;3/'SF[Ue'5/O362/?T'=5;O5'=1N97'644127'6' O6@0N?'?3>9/'7/P/910@/:3U')5/'2/@6;:;:<'?;3/?'1:'35/'HA8'62/'R/3=//:'G' 6:7'['5/O362/?'=;35'6':N@R/2'14'35/?/'?;3/?'56P;:<'096::;:<'0/2@;??;1:V' 56P;:<'R//:'0623;699>'RN;93'1N3'12'56P;:<'91O63;1:69'O1:?326;:3?'?NO5'6?'35/' 021\;@;3>'31'2/?;7/:3;69'0210/23>'3563'021P;7/?'7/?;<:'6:7'10/263;1:69' O1:?326;:3?'31'4N3N2/'7/P/910@/:3U'H99'35/'2/@6;:;:<'?;3/?'1:'35/'HA8'62/' P;?N699>'7;?3;:O3'6:7'=1N97'2/_N;2/'7;?6<<2/<63;1:'14'35/'02101?/7'?O5/@/' 6:7'35/2/412/':13'7/9;P/2'35/'?;:<9/'O6@0N?'?3>9/'7/P/910@/:3'O1:?;7/2/7' 4N:76@/:369'31'35/'4N3N2/'7/P/910@/:3'14'67P6:O/7'@6:N46O3N2;:<'2/?/62O5' 6:7'35/'2/6?1:'=5>'35/',:;P/2?;3>'62/':1='911Q;:<'31'/\06:7'/9?/=5/2/' R/>1:7'35/'/\;?3;:<'HA8U'+:/'14'35/'2/@6;:;:<'?;3/?'1:'35/'HA8'31'35/' ?1N35'14'!;<54;/97' 02;:<'SMeDeT';?'35/'?NR^/O3'14'6:'6009;O63;1:'412'35/' 2/91O63;1:'14'35/']6P/29>':/='O1@@N:;3>'7;?32;O3'O/:32/V'4N235/2'2/7NO;:<' 6P6;96R9/'96:7U' ' Page 177 eUeUG' )5/'O91?/?3'693/2:63;P/'?;3/'=5;O5'O1N97'6OO1@@1763/'6'7/P/910@/:3'14' F[Ue'5/O362/?'6:7';?'91O63/7';:'35/';@@/7;63/'P;O;:;3>';?'35/' 5/44;/97' MN?;:/??'862Q'856?/'$$'SM9N/' Q;/?T'?;3/'=5;O5'O1@02;?/?'14'35/'=/?3/2:' /:7'14'35/'412@/2'6;20123'2N:=6>'SCD'5/O362/?TU')5/'6009;O6:3'56?';:7;O63/7' 3563'35/'7/P/910@/:3'14'35;?'?;3/'=1N97'2/@1P/'6'962'14'135/2'RN?;:/??'6:7';:7N?32;/?'63326O3/7'31' O1Y91O63/'=;35'35/'02101?/7'HA.('46O;9;3;/?U')5;?'@6>'N:7/2@;:/'35/';@06O3' 3563'35/',:;P/2?;3>h?'/\06:?;1:'6:7'7/P/910@/:3'=1N97'56P/'1:'35/'=;7/2' 5/44;/97E'.135/256@'/O1:1@;O'O122;712'6:7'35/'H7P6:O/7'A6:N46O3N2;:<' $::1P63;1:'&;?32;O3'SHA$&T'=5;O5';?'R/;:<'021@13/7'R>' 5/44;/97'(('6:7' .AM(U )5/'"p'R/:/4;3?'31'35/'=;7/2'/O1:1@>'=1N97'R/'2/7NO/7'6?'35/' ,:;P/2?;3>';?'2/<;?3/2/7'6?'6'O562;36R9/'12<6:;?63;1:'Y';3'71/?':13'35/2/412/' 7/2;P/'6:>'4N235/2'R/:/4;3?'421@'35/'"p'=5;O5'=1N97'R/'6P6;96R9/'31':/=' 02;P63/';:P/?312?'12'RN?;:/??U''A12/'4N:76@/:3699>'35/'6R;9;3>'31'7/9;P/2'35/' O6@0N?'?3>9/'7/P/910@/:3'2/_N;2/7'1:' M8'056?/'$$'=1N97'R/'?;<:;4;O6:39>' O1:?326;:/7'7N/'31'35/'9;:/62':63N2/'SFUC'n@'/:7'31'/:7T'6:7'9;@;3/7'=;735' =5;O5'=1N97'0N3'O1:?326;:3?'1:'35/'6R;9;3>'31'6OO1@@1763/'12'2/36;:'35/' O2;3;O69'O/:3269'5NREQ:1=9/7'9;@;3'6:>'9629/'7/P/910@/:3U' ' eUeUe' )5/'O1Y91O63;1:'R/:/4;3?'14'35/'?;3/'7N/'31';3?'021\;@;3>'31'35/'/\;?3;:<'HA8' 6:7'35/'02101?69?'412'35/'/\06:?;1:'14'35/',:;P/2?;3>h?'2/?/62O5'R6?/7' 67P6:O/7'@6:N46O3N2;:<'1:'35;?'?;3/'=1N97'RN;97'1:'35/'6;@?'6:7'1R^/O3;P/?' ?/3'1N3';:'35/' (.'I21=35'896:'6:7'69;<:'=;35'(12/' 3263/<>'?3263/<;O' P;?;1:?'6:7'1R^/O3;P/?'6?'=/99'6?'?0/O;4;O'019;O>'=5;O5'/:O1N26h?'/\;?3;:<'46O;9;3;/?'6:7'67P6:O/7'@6:N46O3N2;: Page 178 ;@021P/'0NR9;O'6OO/??'31'35/'?;3/V'51=/P/2'35/'?;3/'=;99'2/@6;:';:'O1@@/2O;69' N?/'6:7V'=5;9?3'35/'02101?/7'7/P/910@/:3'=;99'693/2'35/'O5626O3/2'14'35/'?;3/V' 10/:;:<'N0'?1@/'14'35/'/\;?3;:<'?;3/'4/63N2/?V'35/'R/:/4;3'31';:O2/6?/7'0NR9;O' 6OO/??'31'35/'I2//:'M/93';?'9;@;3/7U'' ' eU[' +35/2'562@'6?'6'2/?N93'14'35/'&/P/910@/:3' ' eU[UF' )5/'-88#'2/_N;2/?'g135/2'562@h'6?'6'2/?N93'14'35/'7/P/910@/:3'31'69?1'R/' O1:?;7/2/7'=5/:'R696:O;:<'35/'=/;<53'31'R/'6332;RN3/7'31'35/'P/2>'?0/O;69' O;2ON@?36:O/?'14'35/'7/P/910@/:3U' ' eU[UC' ];35'2/<627'31'135/2'562@'35;?';?'O1:?;7/2/7'31'2/963/'31'35/'5;<5=6>?'6:7' 326:?012363;1:k'/O191<>'6:7'R;17;P/2?;3>k'96:7?O60/'6:7'P;?N69';@06O3k' 49117;:<'6:7'726;:6k'6:7'ON@N963;P/';@06O3?'14'35/' 7/P/910@/:3U')5/''?0/O;69'O;2ON@?36:O/?' /\;?3'O6::13'R/'@67/'N:3;9'35;?'56?'R//:'4N99>'6??/??/7' ' XUD' H88"H.H-("V'%H*+,)'H-&'%H-& (H8$-I' ' XUF' 819;O>'( XZ'g&/?;<:'82;:O;09/?h $'?//Q?'31'7/9;P/2'5;<5Y_N69;3>'7/P/910@/:3' =5;O5'2/?0/O3?V'36Q/?'67P6:36V';3?'7;?32;O3?'6:7':/;<5R1N25117?U'' ' XUC' )5/'-88#'6336O5/?'<2/63';@01236:O/'31'35/'7/?;<:'14'35/'RN;93'/:P;21:@/:3' 6:7'?363/?'3563'<117'7/?;<:';?'6'Q/>'6?0/O3'14'?N?36;:6R9/'7/P/910@/:3V';?' ;:7;P;?;R9/'421@'<117'096::;: Page 179 ' XUe' )5/'41ON?'14'35/';:7;O63;P/'96>1N3';?'35/'7/9;P/2>'14'6'0/7/?32;6:;?/7'O/:3269' R1N9/P627E5NR'=5;O5'2N:?'6?'6'O/:3269'?0;:/'3521N<5'35/'?;3/U'MN;97;:'6:7'@1P/@/:3';?'O2;3;O69'31'35/'?NOO/??4N9'7/P/910@/:3'14'6' O6@0N?U')5/'&tH';7/:3;4;/?'6:';:3/:3;1:'31'@;:;@;?/'2167';:426?32NO3N2/' =5;9?3'?3;99'/:?N2;:<'3563'35/'6002102;63/'5/6P>'<117?'P/5;O9/?'S!Ifh?T'6:7' 962'0623?' 14'35/'7/?;<:'6:7'96>1N3'14'35/'?;3/U'H'5;/262O5>'14'?32//3?'14'7;44/2;:<' O5626O3/2'=5;O5'2/49/O3?'35/'7;44/2/:3'6OO/??'6:7'?/2P;O;:<'2/_N;2/@/:3?'14' 35/'?;3/';?';7/:3;4;/7';:'35/'&t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g6'5;<59>' @6;:36;:/7'96:7?O60/hk'=;35'2;7'@6;:36;:/7h' 96:7?O60/?'62/'71@;:63/7'R>'@6:6'0N201?/?V';:O9N7;:<' ?0123'6:7'2/O2/63;1:'6:7'062Q?V'6:7'143/:'91O63/7'67^6O/:3'31'N2R6:'62/6?' 6?';?'35/'O6?/'=;35'35/'6009;O63;1:'?;3/U'' ' XUi' )5/'7/P/910@/:3'14'6'?321:<'96:7?O60/'O5626O3/2';?'O1:?;7/2/7';@01236:3' <;P/:'35/'?;3/h?'91O63;1:';:'35/'I2//:'M/93'6:7';3?'021\;@;3>'31'67^6O/:3' @63N2/'96:7?O60/'4/63N2/?U'H'96:7?O60/'?3263/<>';?'02101?/7'31'2/;:412O/' /\;?3;:<'4/63N2/?U')1'/6?/'35/'326:?;3;1:'14'RN;93'412@'31'35/'/?36R9;?5/7' 67^1;:;:<'?;3/?V'96:7?O60/'RN44/2?'=;99'R/'021P;7/7'31'35/'?1N35/2:'6:7' :1235/2:'/7'=;35'67^1;:;:<'?;3/?';:O9N7;:<'35/' M8V' M8'856?/'$$V'35/' 67^1;:;:<');:?9/>'862Q']11796:7'6:7'XD'HO2/'!;99'10/:'?06O/'62/6'=;99'69?1' R/'O2;3;O69'31'/:?N2/'3563'35/'7/P/910@/:3';?';:3/<263/7';:31'35/'96:7?O60/' 6:7'35/'02101?/7'6:7'/?36R9;?5/7'RN;93'412@'=5;O5'?N221N:7?'35/'?;3/U' 8/7/?32;6:'6:7'O>O9/'21N3/?'621N:7'35/'?;3/'62/'31'R/'/:56:O/7'6?'0623'14' Page 180 35/'7/P/910@/:3'6:7'35/'5;?312;O'41130635'6O21??'35/'?;3/'7;P/23/7'R>'35/' 02/P;1N?'6;20123'7/P/910@/:3';?'31'R/'2/Y/?36R9;?5/7'6?'0623'14'35/'67^1;:;:<' 7/P/910@/:3'14' M8'856?/'$$'=5;O5'=;99'R/'9;:Q/7';:31'35/'6009;O63;1:'?;3/U' ' XUFD' O69/'6:7'@6??;:<'q'$:7;O63;P/'0626@/3/2?'?N'6:7'35/' 6009;O63;1:'?;3/U')5/'5/;<53'6:7'?O69/'14'RN;97;:'72;P/:' R>'35/'://7?'14'35/'?0/O;4;O'2/?/62O5'31'R/'N:7/236Q/:';:'/6O5'RN;97;:<'6:7' =;99'R/'O1:?;7/2/7'6?'0623'14'6:>'2/?/2P/7'@633/2?'6009;O63;1:?U'MN;97;:'6'@6\;@N@'5/;<53'14'FC'@/32/?U' MN;97;:;:<'?O69/' 7/0/:7/:3'1:'35/'/:7'N?/2?'6:7'35/'://7?'14'35/'1OON0;/2?U'']5;9?3' RN;97;:'O1:7;3;1:U ' ' XUFF' &/?;<:'jN69;3>'q')5/'6009;O6:3'56?';:7;O63/7'3563'35/'02101?/7' 7/P/910@/:3'=;99'2/02/?/:3'6'?;<:;4;O6:3'?3/0'O56:h?'7/?;<:'9/7' 600216O5';?'=/99'/P;7/:O/7'R>'5;<5'_N69;3>'7/P/910@/:3?'63'35/'HA8'63' ]6P/29/>'6:7'@12/'2/O/:39>'#6O312>'CDGD'=5;O5'1OON0;/?'0623'14'35/' 6009;O63;1:'?;3/V'=5/2/'5;<5'_N69;3>'7/?;<:V'96:7?O60;:<'6:7'@63/2;69?'62/' N?/7'31'2/49/O3'35/'67P6:O/7'@6:N46O3N2;:<'6:7'2/?/62O5'N?/'14'35/' RN;97;:'2/?/2P/7'@633/2?'6009;O63;1:?' ' XUFC' (1:O9N?;1:'q'H00/626:O/'96>1N3'6:7'96:7?O60;:<' ' )5/';:7;O63;P/'096:?';99N?3263/'3563'35/'_N6:3N@'14'7/P/910@/:3'02101?/7' O1N97'R/'6OO1@@1763/7'1:'35/'?;3/'?NR^/O3'31'7/36;9/7'7/?;<:U')5/'&tH' ?363/@/:3';?'O1:?;7/2/7'31'?/3'1N3'6'?/2;/?'14'R2167'02;:O;09/?'=5;O5'=;99' 5/90'31'7/9;P/2'6'5;<5'_N69;3>'O6@0N?'7/P/910@/:3V'O/:32/7'621N:7'35/' 7/9;P/2>'14'6'0/7/?32;6:;?/7'R1N9/P627'=5;O5'=;99'6O3'6?'35/'5/623'14'35/' 7/P/910@/:3V'6:7'=;99'021@13/'Q:1=9/7'/:P;21:@/:3U')5/' 02101?69';?'35/2/412/'O1:?;7/2/7'31'6OO127'=;35'819;O>'( XZ'14'35/'( '6:7' 35/' Page 181 ?N00123;:<'/O1:1@;O'<21=35'3521N<5'7/@6:7'@6:6'( GW'gA6:6'0NR9;O'326:?0123V'=69Q;:<'6:7'O>O9;:<'6:7'N?/'326P/9'096:?'31' @6\;@;?/'N?/'14'?N?36;:6R9/'412@?'14'326P/9'6:7'@;3;<63/'35/':/<63;P/' ;@06O3?'14'326:?0123U' ' [UC' ,:;P/2?;3>'14' 5/44;/97'HA.(')26:?0123'H??/??@/:3' ' )5/'A6?3/2096:')26:?0123'H??/??@/:3'S)HT'56?'R//:'O622;/7'1N3'31' ;:P/?3;<63/'35/'5;<5=6>';@06O3'14'35/',:;P/2?;3>'14' 5/44;/97h?'02101?/7' H7P6:O/7'A6:N46O3N2;:<'6:7'./?/62O5'(/:32/U')5/'HA.('A6?3/2096:';?' @67/'N0'14'FF'0913?'=5;O5'/_N63/'31'6'RN;97;:<'62/6'14'FDZVi[Z'@z'14'=5;O5' eeVi[W'@z'';?'N?/'O96??'MFSRT'6:7'SOTV'ZGD @z''N?/'O96??'&C'6:7'WXVGGF @z'' N?/'O96??'(CU')5/')H'O1:?;7/2?'R135'35/';@06O3'14'35/'P/5;ON962'32;0?' /?3;@63/7'31'R/''35/'02101?69'691:<'=;35'<;P;:<'O1:?;7/263;1:'31' 35/'?;3/h?'6OO/??;R;9;3>'6:7'013/:3;69'412'326P/9'R>'693/2:63/'@17/?'14' 326:?0123'31'35/'02;P63/'O62U' ' [UW' O10/'14'35/' 3N7>' ' )5/'4;2?3'?36'35/'/\3/:3'14'35/'5;<5=6>' :/3=12Q'31'R/'O1:?;7/2/7U'$3'=6?'6<2//7'3563'35/'41991=;:<'^N:O3;1:?'=1N97' 2/_N;2/'O606O;3>'6??/??@/:3B' Y' "N2106'%;:QEHeWD' 5/44;/97'862Q=6>' Y' "N2106'%;:QE ;3/'6OO/??' Y' "N2106'%;:QEM2;36::;6']6>' Y' "N2106'%;:QE"N2106'(1N23' Y' "N2106'%;:QE"N2106'f;/=' Y' "N2106'%;:QE *'819;O/'6OO/??'' Y' "N2106'%;:QE"N2106'(1N23' Y' "N2106'%;:QE]117'%6:/' Y' "N2106'%;:QE 5/0O13/'%6:/' ' [UZ' H'@12/'9;@;3/7'6??/??@/:3'=6?'69?1'36Q/:'14'AF'a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age 182 ' )5/'0/2O/:36'/6O5'@17/'14'326P/9';?'35/:'6009;/7' 31'35/'6R1P/'4; Page 183 2/69;?3;O699>'2/09;O63/7'3521N<5'35/'N?/'14'6'@635/@63;O69'@17/9U'I;P/:'35;?' 46O3V'O1@R;:/7'=;35'35/'N:O/236;:3>'2/<627;:<'35/'9/P/9?'14'/?3;@63/7'32644;O' '35/'?;3/'S6?'@/:3;1:/7'02/P;1N?9>T';3'=6?'6<2//7'3563'7/36;9/7' @1:;312;:<'14'35/'6O3N69'7/P/910@/:3'491=?'=1N97'36Q/'096O/'3521N<5'35/' )26P/9'896:'31'/:?N2/'3563'35/'2/0123/7':N@R/2'14'32;0?'O1@;:<'3521N<5'35/' .-';:'35/'6@'0/6Q'=1N97':13'R/'/\O//7/7U' 51N97'35/'02/7;O3/7'32;0'263/' R/'/\O//7/7V'@/6?N2/?'O1:36;:/7';:'6' /O3;1:'FDe'6<2//@/:3'56P/'R//:' ?/ON2/7'31'02/P/:3'6:>'4N235/2'7/P/910@/:3'421@'36Q;:<'096O/'N:3;9' @;3;<63;1:'=12Q?'31'35/' .-'62/'6<2//7'=;35'!"'6:7'62/';@09/@/:3/7U'' ' [UZUW' (1@@;33/7'&/P/910@/:3' ' $:'127/2'31'/:?N2/'3563'6?'6OON263/'6:'6??/??@/:3'6?'01??;R9/';?'R/;:<' N:7/236Q/:';3';?':/O/??62>'31';:O9N7/'32644;O''O1@@;33/7' 7/P/910@/:3'S02101?69?'=5;O5'56P/'096::;:<'O1:?/:3'RN3'56P/':13'>/3'R//:' RN;93TU')5/'O1@@;33/7'7/P/910@/:3';:O9N7/7';:'35/'6??/??@/:3'56?'R//:' 6<2//7'6:7':13'1:9>';:O9N7/?'7/P/910@/:3';:' 5/44;/97'RN3'69?1'.135/256@U' ' [UZUZ' aN:O3;1:'H??/??@/:3?' ' )5/'^N:O3;1:?';:7;O63/7'6R1P/'56P/'R//:'6??/??/7'412'35/'HA'6:7'8A'0/6Q' 0/2;17?'412'35/'>/62'CDFG'6:7'CDWDU'$:'127/2'31'021P;7/'6'4N99'0;O3N2/'14'35/' 10/263;1:'14'35/'5;<5=6>':/3=12Q'6:7'35/';@06O3'14'35/'7/P/910@/:3' 02101?69'35/'6??/??@/:3?'56P/'31'R/'O622;/7'1N3'412'35/'41991=;:<'?O/:62;1?B' ' Y' M6?/'32644;O'S32644;O'692/67>'1:'35/'2167T'|'O1@@;33/7'7/P/910@/:3' Y' M6?/'32644;O'S32644;O'692/67>'1:'35/'2167T'|'O1@@;33/7'7/P/910@/:3'|' ' 02101?/7'7/P/910@/:3' ' M>'O622>;:<'1N3'35/?/'6??/??@/:3?';3';?'01??;R9/'31'N:7/2?36:7'35/';@06O3'14' 35/'7/P/910@/:3'N:7/2'O1:?;7/263;1:U' ' )5/'6??/??@/:3?';:7;O63/7'3563'35/'5;<5=6>':/3=12Q'=;99V'=;35'35/' O1@@;33/7'7/P/910@/:3'6:7'7/P/910@/:3'32644;OV'O1:3;:N/'31'10/263/' ?63;?46O312;9>'=;35'35/'/\O/03;1:'14'35/'HeWD' 5/44;/97'862Q=6>'^N:O3;1:'6:7' 35/'?1N35/2:'?;3/'6OO/??U' ' A;3;<63;1:'@/6?N2/?'56P/'R//:'02101?/7'412'35/'6R1P/'^N:O3;1:?U')5/' @;3;<63;1:'@/6?N2/?'02101?/7'62/B' ' Y' ;<:69;?63;1:'14'35/'02;12;3>'^N:O3;1:'63'35/' 1N35'?;3/'6OO/??'=;35'"N2106' 9;:Q' Y' -/='?/<2/<63/7'9/43'3N2:'?9;0'2167'31'?/06263/':1235R1N:7'HeWD'/\;3'62@' 32644;O'5/67;:<'31=627?'"N2106'%;:Q':1235/2:'62@'63'35/'HeWD' 5/44;/97' 862Q=6>'E'"N2106'%;:Q'^N:O3;1:' Y' $:O2/6?/'/:32>'=;735'6:7'3=1'96:/'600216O5'1:'"N2106'%;:Q'31'"N2106' %;:Q'21N:76R1N3U' ' Page 184 #N235/2'@;3;<63;1:'=6?'02101?/7'63'35/'HeWD'862Q=6>'E'810962']6>'?/O3;1:' 14'35/'HeWD' 5/44;/97'862Q=6>'E'"N2106'%;:Q';:3/2O56:'.AM(U'$3'=6?'51=/P/2'6<2//7'3563' :1'1R^/O3;1:'=1N97'R/'26;?/7'SR>'.AM(T'31'35/'7/P/910@/:3'02101?69?' =;351N3'35/'02101?/7'@;3;<63;1:'?NR^/O3'31'35/'02/06263;1:'14'6'21RN?3')26P/9' 896:U'' ' 821P;?;1:'56?'R//:'@67/';:'35/' /O3;1:'FDe'31'?/ON2/'=12Q?'31'35/'810962' ]6>'21N:76R1N3';:'35/'4N3N2/'?51N97';3'021P/'31'R/':/O/??62>';:'9;:/'=;35'35/' 6<2//7'!;<5=6>?'":<96:7'AF'^N:O3;1:'@;3;<63;1:'32;<'412=627'=;35'!"U' ' I;P/:'35/'P/5;ON962'32644;O''35;?'02101?69'6:7'35/'/\;?3;:<' O1:7;3;1:?'=5;O5'02/P6;9'1:'35/'91O69'5;<5=6>':/3=12Q';3';?'6OO/03/7'3563' 35/2/'=;99'R/'?1@/'677;3;1:69'P/5;O9/?'^1;:;:<'35/'/\;?3;:<'_N/N/'1:'35/'HeWD' 5/44;/97'862Q=6>'7N2;:<'35/'8A'0/6Q'S_N/N;:<'421@'a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e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age 185 [UZUX' (>O9;:<' ' $3';?'6OO/03/7'3563'O>O9;:<'56?'35/'013/:3;69'31'2/096O/'O62'32;0?'412'^1N2:/>?' 14'9/??'356:'GQ@U'I;P/:'35;?'35/2/';?'6'01??;R;9;3>'14'32;0?'R>'O>O9/'R/;:<' @67/'421@'62/6?'?NO5'6?'&62:699V'!6:7?=1235V'M2;:?=1235'6:7'(63O9;44/U' ' $3';?'6OO/03/7'3563'35/'5;<5=6>?';:'35/';@@/7;63/'P;O;:;3>'14'35/'?;3/'@6Q/' <117'021P;?;1:'412'O>O9;?3?V';:O9N7;:<'7/7;O63/7'6:7'?/<2/<63/7'O>O9/'96:/?V' =;35'/:56:O/@/:3?'?/ON2/7'31'35/'21N3/?';:'35/';@@/7;63/'P;O;:;3>'14'35/' ?;3/U' ' [UZU[' 8NR9;O')26:?0123' ' )5/'?;3/';?':13';:'6'?N?36;:6R9/'91O63;1:'421@'6'0NR9;O'326:?0123'0/2?0/O3;P/' =5;O5'@/6:?'6OO/??;:<'35/'?;3/'R>'@/6:?'135/2'356:'35/'02;P63/'O62';?'P/2>' 7;44;ON93U'(N22/:39>'35/2/';?'P/2>'9;@;3/7'RN?'?/2P;O/'021P;?;1:V'021P;7/7'R>'35/' HFV'XCM'6:7'XZ'?/2P;O/?U'')5/'HF'RN?'71/?':13'10/263/'421@' 5/44;/97'31' .135/256@k'35/'?/2P;O/'1:9>'ON22/:39>'2N:?'421@'A/671=5699'31']6P/29/>'P;6' "N2106'%;:QV''1:'6'WD'@;:N3/'42/_N/:O>V'6:7'1:9>'10/263/?'1:/'32;0' ;:'35/'@12:;:<'63'DZBWG'421@' 5/44;/97U')5/'XCM'?/2P;O/'10/263/?'1:9>'1:/' 32;0';:'35/'@12:;:<'0/6Q'0/2;17'31=627?'35/'?;3/'421@'35/' 5/44;/97' $:3/2O56:'?/2P;O/'421@' 5/44;/97'$:3/2O56:'31'35/'?;3/'421@'35/' (;3>'(/:32/'6:7'35/',:;P/2?;3>h?'@6;:'O6@0N?V';:O9N7;:<'35/'/\;?3;:<' /:<;://2;:<'46ON93>U''' ' 8626<2605'WC'14'35/'-88#';7/:3;4;/?'3563'7/O;?;1:?'1:'7/P/910@/:3?'3563' '9;@;3?'35/' ?;<:;4;O6:3';@06O3?'14'35/'7/P/910@/:3U'' ' )5/'96OQ'14'0NR9;O'326:?0123'021P;?;1:'31'35/'62/6';?'2/O1<:;?/7';:'35/'(12/' 3263/<>'6:7'819;O>'( ['g);:?9/>'862Qh'=5;O5'?363/?'3563'0NR9;O'326:?0123' 9;:Q?'31');:?9/>'862Q'412'=12Q/2?'=;99'R/';@021P/7'6:7')26P/9'096:?'=;99'R/' 2/_N;2/7'412'699':/='7/P/910@/:3'31'/:?N2/'3563'6;2'_N69;3>'71/?':13'?N44/2' 6:7'31'/:6R9/'?N?36;:6R9/'412@?'14'0NR9;O'326:?0123'31'R/';@021P/7U$3';?':13' O1:?;7/2/7'3563'35/'21N3;:<'12'42/_N/:O>'14'35/'/\;?3;:<'0NR9;O'326:?0123' ?/2P;O/?'31'35/'?;3/';?'?NO5'3563';3'=;99'?;<:;4;O6:39>'/:O1N26'6:3;O;063/'FD`'14' 32;0?'6??1O;63/7'=;35'35/'7/P/910@/:3'S@1769'?562/T'31'R/'N:7/236Q/:'R>' RN?V'51=/P/2'/\;?3;:<'?/2P;O/'021P;?;1:'31'35/'?;3/';?'?1'9;@;3/7'3563V'=;351N3' ;@021P/@/:3?V';3';?'O1:?;7/2/7'3563'?N?36;:6R9/'6OO/??'O1N97':13'2/6?1:6R9>' R/'6O5;/P/7U'$:'127/2'31'021P;7/'@12/'?N?36;:6R9/'6OO/??'31'35/'?;3/'6:7'6:' 693/2:63;P/'31'35/'N?/'14'35/'O62'6:741991=;:<'7;?ON??;1:?'=;35'35/'6009;O6:3V' Page 186 O1:32;RN3;1:?'31=627?'0NR9;O'326:?012363;1:'/:56:O/@/:3?'56P/'R//:' ?/ON2/7'P;6'6' /O3;1:'FDe'6<2//@/:3U')5;?'=;99'36Q/'35/'412@'14'6:'6::N69' O1:32;RN3;1:'31'0NR9;O'326:?0123'/:56:O/@/:3'412'6'0/2;17'14'G'>/62?'421@'35/' O1@09/3;1:'14'CXV[XD@z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i' (62'6:7'(>O9/'862Q;:<''' ' $3';?'6:3;O;063/7'3563'35/'O62'6:7'O>O9/'062Q;:<'021P;?;1:'=;99'R/'4;:69;?/7'6?' 35/'7/36;9'14'/6O5'056?/'14'35/'?O5/@/';?'021<2/??/7U'!1=/P/2'6:' ;:7;O63;1:'14'35/'9;Q/9>'9/P/9'14'062Q;:<'021P;?;1:'56?'R//:'@67/'R>'@6Q;:<' 2/4/2/:O/'31'35/'(1N:O;9h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e'6<2//@/:3U' )5/',:;P/2?;3>h?'1:<1;:<'1=:/2?5;0'14'35/'?;3/'=;99'021P;7/'35/@'=;35'<2/63/2' O1:3219'1P/2'326P/9'096::;:<'356:';4'35;?'=6?'6'?0/ON963;P/'O1@@/2O;69' 7/P/910@/:3'=5/2/'0623?'14'35/'?O5/@/'=/2/'?197'144'?/06263/9>U')5/' 6009;O6:3'56?';:7;O63/7'3563'6'?/2;/?'14'@/6?N2/?'=;99'R/';:O9N7/7';:'35/' )26P/9'896:';:O9N7;: Page 187 Y' ' $@09/@/:3;:<'6'O62'062Q;:<'O562<;:<'?3263/<>V'' Y' ' HO3;P/9>'021@13;:<'35/'N?/'6'0NR9;O'326:?0123V'' Y' ' 8119'R;Q/?V'' Y' ' "9/O32;O'P/5;O9/?'31'/:6R9/'6OO/??'R/3=//:'35/'/\;?3;:<'46O;9;3;/?V''' Y' ' +0/263;1:'14'6'O62'?562/'?O5/@/V' Y' A1769'?5;43'362?' ' )5/'326:?0123'6??/??@/:3'?NR@;33/7';:'?N00123'14'35/'6009;O63;1:'56?'R//:' 6??/??/7'6<6;:?3'91O69'6:7':63;1:69'096::;:<'019;O>' Page 188 1R^/O3;P/?'412'0199N36:3?V'36Q;:<';:31'6OO1N:3'35/'02/?/:O/'14'H;2'jN69;3>' A6:6'421@';:7;P;7N69' ?;3/?';:'91O69'62/6?U'896::;:<'7/O;?;1:?'?51N97'/:?N2/'3563'6:>':/=' 7/P/910@/:3';:'H;2'jN69;3>'A6:6'6O3;1:'096:U' ' iUZ' )5/'=519/'14'35/',2R6:' 5/44;/97'(;3>'(1N:O;9'67@;:;?3263;P/'62/6'=6?' 7/O962/7'6?'6:'H;2'jN69;3>'A6:6'@/6:'1R^/O3;P/T' 6:7'8AFD'SCZ'!1N2'@/6:TU)5/'?;3/';?'69?1'O91?/'31'35/'.135/256@'AF'H;2' jN69;3>'A6:6' 6??/??@/:3'31'6??/??'35/'013/:3;69'/44/O3?'421@'7N?3'6:7'P/5;O9/'/@;??;1:?' 6:7'6:'10/263;1:69'056?/'6??/??@/:3'31'7/3/2@;:/'35/';@06O3'14'35/' 02101?/7'7/P/910@/:3'1:'32644;O'7/2;P/7'0199N36:3'O1:O/:3263;1:?'63':/62R>' ?/:?;3;P/'2/O/0312?' ' iUe' )5/'02101?69'=1N97'R/'7/P/910/7';:'3=1'056?/?V'CDFG'31'CDWDV'6:7'=1N97' 2/?N93';:'7N?3''31'56P/'6:';@06O3'1:'91O69'6;2'_N69;3>U' ' iUX' )5/'?0/O;4;O'0199N36:3?'6??/??/7'=/2/':;321'0217NO/7'421@';:3/2:69'O1@RN?3;1:'?>?3/@?V'?NO5'6?'@1312'P/5;O9/' /:<;:/?'7N2;:<'R135'35/'O1:?32NO3;1:'6:7'10/263;1:69'056?/?U')5/' I1P/2:@/:3'56P/';7/:3;4;/7'-+CV'8AFD'6:7'8ACUG'0199N36:3?'412'O1:3219V' 6@1:' S":<96:7T' 36:7627'./ Page 189 =6?'0210/29>'O622;/7'1N3U')5/'HjH'2/0123'2/O1@@/:7?'3563'35/2/';?'://7'412' ?1@/'@;3;<63;1:'@/6?N2/?'31'R/'O1:?;7/2/7'6:7'=5/2/'01??;R9/'67103/7' 0623;ON9629>'7N2;:<'35/'O1:?32NO3;1:'056?/U'' ' iUFF' )5/'6??/??@/:3'=6?'N:7/236Q/:';:'6OO1276:O/'=;35'35/'"8,n'IN;76:O/' 71ON@/:3'g&/P/910@/:3'(1:3219B'896::;:<'412'H;2'jN69;3>h'S"8,n'CDFDTU' -/=' Page 190 421@'(1:?32NO3;1:'6:7'&/@19;3;1:LU'";35/2'?/3'14'35/'IN;76:O/'?51N97'R/' N?/7'6?'6' Page 191 ;:O9N7;:<'R>'/?36R9;?5;:<'O15/2/:3'/O191<;O69':/3=12Q?'3563'62/'@12/' 2/?;9;/:3'31'ON22/:3'6:7'4N3N2/'02/??N2/?U' ' FDUW' 8626<2605'FF['14'35/'-88#'?363/?'3563';4'?;<:;4;O6:3'562@'2/?N93;:<'421@'6' 7/P/910@/:3'O6::13'R/'6P1;7/7'S3521N<5'91O63;:<'1:'6:'693/2:63;P/'?;3/'=;35' 9/??'562@4N9';@06O3?TV'67/_N63/9>'@;3;<63/7V'12V'6?'6'96?3'2/?123V' O1@0/:?63/7'412V'35/:'096::;:<'0/2@;??;1:'?51N97'R/'2/4N?/7U')5;?'019;O>';?' 35/2/412/'O1:?;7/2/7'31'R/'0/2@;??;P/'14'7/P/910@/:3'=5/2/'6:>'013/:3;69' ?;<:;4;O6:3'562@'31'R;17;P/2?;3>';?'67/_N63/9>'@;3;<63/7'12'O1@0/:?63/7U' ' FDUZ' 819;O>'I"FF'g-63N2/'O1:?/2P63;1:'6:7'7/P/910@/:3h'14'35/',&8'?//Q?'31' 0213/O3'6:7'/:56:O/'35/':63N269'/:P;21:@/:3'/:?N2;:<'3563'35/'7/?;<:V'?;3;:<' 6:7'96:7?O60;:<'14'7/P/910@/:3'2/?0/O3?'6:7'021@13/?':63N2/' O1:?/2P63;1:'6:7';:O9N7/?'@/6?N2/?'31'2/7NO/'6:>'013/:3;699>'562@4N9' /44/O3?'14'7/P/910@/:3U'' ' FDUG' 819;O>'I"FW'69?1'?//Q?'31'/:?N2/'3563'7/P/910@/:3'=5;O5'=1N97'76@6'$:3/2/?3'?51N97':13'R/'0/2@;33/7'6:7'7/P/910@/:3' 644/O3;:<'91O69':63N2/'?;3/?'?51N97V'=5/2/P/2'01??;R9/V'R/'?;3/7'6:7'7/?;<:/7' ?1'6?'31'0213/O3'6:7'/:56:O/'35/'@1?3';@01236:3'4/63N2/?'14':63N269'5;?312>' ;:3/2/?3U']5/2/'7/P/910@/:3'=1N97'7/O2/6?/'35/':63N2/'O1:?/2P63;1:'P69N/' 14'6:'H2/6'14'-63N269'!;?312>'$:3/2/?3'12'%1O69'-63N2/' ;3/V'3563'7/O2/6?/' @N?3'R/'Q/03'31'6'@;:;@N@'6:7'O1@0/:?63/7'412'R>'O2/63;1:'12' /:56:O/@/:3'14'=;979;4/'56R;363?'/9?/=5/2/V'=;35;:'35/'?;3/'12'91O69'62/6U' ' FDUe' 819;O>'I"FG'?//Q?'31'0213/O3'32//?'6:7'=11796:7?'R>'2/_N;2;:<'7/P/910/2?' 31'2/36;:'@63N2/'32//?V'O10?/?'6:7'5/7'32//?'=5;O5'62/'91?3k'6:7':13'0/2@;33;:<'7/P/910@/:3'=5;O5' =1N97'76@6'$:3/2/?3U'!1=/P/2'35/',&8'019;O>'62/6'7/4;:/7'1:'35/' 02101?69?'@60'71/?':13'2/49/O3'35/'?;3N63;1:'1:'<21N:7V'6?'35/',&8' R1N:762>'/\3/:7?'R/>1:7'35/'7/4;:/7'6;20123'R1N:762>'31'/:O1@06??'0623' 14'35/'6;24;/97U')5/',&8'019;O>'62/6'R1N:762>';?'O1:?;7/2/7'31'2/49/O3'6' 5;?312;O'=11796:7'R1N:762>'=;35'35/'?;3/'=5;O5':1'91:' ;:3/2/?3'?51=:'1:'35/'02101?69?'@60V';3';?':13'O1:?;7/2/7'31'O1:49;O3'=;35'35/' 02;:O;09/'14'35/'019;O>'6?'35;?'0623'14'35/'?;3/'56?'R//:'02/P;1N?9>'7/P/910/7' O1@02;?;:<'14'0623'14'35/'6;24;/97U'(1:?;7/263;1:'14'6:>';@06O3?'1:'35/' 6:O;/:3'=11796:7?'6:7'2/@6;:;:<'62/6?'14':63N269'5;?312>';:3/2/?3'4N235/2'31' 35/'?1N35'62/'O1:?;7/2/7'R/91=U''' ' FDU[' $@06O3?'1:'M;27?' ' )5/'?;3/'O1:36;:?'G'?0/O;/?';:O9N7;:<' Q>962QV' 1:<')52N?5V'&N::1OQV' %;::/3'6:7'MN99'#;:O5'=5;O5'62/';7/:3;4;/7'6?'?0/O;/?'14'g82;:O;069' ;@01236:O/'412'35/'(1:?/2P63;1:'14'M;17;P/2?;3>'$:'":<96:7'6?'7/4;:/7'R>' ?/O3;1:'ZF'14'35/'-63N269'":P;21:@/:3'6:7'.N269'(1@@N:;3;/?'S-".(T'HO3hU' Page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h?'O1@@;3@/:3'31'5693'35/'1P/2699'7/O9;:/';:' R;17;P/2?;3>U'-63N269'":<96:7' Page 193 ?/ON2;:<'35/'91:<'3/2@'4N3N2/'6:7'?N;36R;9;3>'14'35/'?;3/'412' Q>962QV'A/671=' 8;0;3'6:7'%;:;3'=5;9?3'69?1'021P;7;:<'=;7/2'/O191<;O69'R/:/4;3?'412'6'26:'=;99'R/'2/_N;2/7'31' R/'?NR@;33/7'6:7'6<2//7'R/412/'6:>'=12Q?'62/'N:7/236Q/:'1:'?;3/'6:7'35/' O1@0/:?6312>'56R;363'021P;7/7'R/412/'7/P/910@/:3'O1@@/:O/?V'35;?' 2/_N;2/@/:3'=;99'R/'?/ON2/7'R>'=6>'14'6' /O3;1:'FDe'6<2//@/:3'6:7';?' O1:?;7/2/7'?63;?46O312>'31'144?/3'35/'91??'14'<21N:7':/?3;:<'6:7'R2//7;:<' R;27'56R;363U' ' M;27':/?3;:<'S?=;43'R2;OQ?ER1\/?E?06221=':/?3'R1\/?'/3OUT'=;99'R/'?/ON2/7'R>' O1:7;3;1:'31'R/';:O9N7/7';:':/='RN;97;:U')5/'6<2//7'=11796:7'RN44/2?'@6>'69?1' 021P;7/'677;3;1:69':/='56R;363'62/6?'6?'0623'14'35/'7/P/910@/:3'RN3'71':13' O1:?3;3N3/'O1@0/:?63;1:'412'35/'?0/O;4;O'<21N:7':/?3;:<'R;27'56R;363'91?3'6?' 0623'14'35/'7/P/910@/:3U' ' FDUi' $@06O3'1:'32//?'6:7'=11796:7?'6:7'/\;?3;:<'96:7?O60;:<' ' )5/'@6^12;3>'14'35/'?;3/';?'O9/62'14'32//?'7N/'31';3?'02/P;1N?'N?/'6?'6:'6;20123V' =;35'35/'/\O/03;1:'14'6'062O/9'14'96:7'31'35/'?1N35'=5;O5'/\3/:7?'421@'35/' /7'35/'2/@6;:;:<'0623?'14'35/');:?9/>'862Q'H:O;/:3' ]11796:7?'=5;O5'=/2/'962'O9/62/7'31'46O;9;363/'35/'7/P/910@/:3'14'35/' 12;<;:69'6;20123U')5/'6:O;/:3'=11796:7?'62/';7/:3;4;/7'6?'6'g91=96:7'@;\/7' =11796:7h'6:7'6'56R;363'14'02;:O;069';@01236:O/'6?'6'7/4;:/7'R>'35/',n' M;17;P/2?;3>'HO3;1:'896:'S,n'MH8TU')5/'=11796:7'?N00123?'2/7'7636'6:7' MH8'02;12;3>'?0/O;/?'6:7';?'6'91O69'=;979;4/'?;3/k'6?'?NO5';3?'0213/O3;1:'421@' 562@4N9'/44/O3?'14'35/'7/P/910@/:3'6:7';3?'/:56:O/@/:3';?'/\32/@/9>' ;@01236:3'421@'=11796:7?V'/O191<>'6:7'R;17;P/2?;3>'0/2?0/O3;P/U'' ' H'FD'@/32/'RN44/2'S@/6?N2/7'421@'35/'32//'32N:Q?'1:'35/'/7'?N<'35/'6009;O6:3U'-63N269'":<96:7'6:7'35/'#12/?32>' (1@@;??;1:h?'?36:7;:<'67P;O/'412'0213/O3;:<'6:O;/:3'=11796:7'6:7'P/3/26:' 32//?'2/O1@@/:7?'6'@;:;@N@'FG'@/32/'RN44/2'R/3=//:'6:O;/:3'=11796:7' 6:7'7/P/910@/:3'31'0213/O3';3'421@'35/'562@4N9'/44/O3?'421@'7/P/910@/:3U'' ' )5/'6009;O6:3'56?'N:7/236Q/:'6'412@69'32//'?N2P/>'14'35/'32//?'1:'35/' =11796:7'/7'/7'7/4;:;:<' 6'FG'@/32/'=;7/'RN44/2'b1:/U')5/'RN44/2'=;99'R/'91O63/7'=;35;:'35/'6009;O63;1:' ?;3/'=5;O5'=;99'R/'96:7?O60/7'6:7';?'O1:?;7/2/7'31'021P;7/'?N;36R9/' 0213/O3;1:'31'35/'6:O;/:3'=11796:7?U')5/'RN44/2'b1:/?'62/'?51=:'1:'35/' 0626@/3/2'096:U'(1:O/2:?'56P/'R//:'26;?/7'3563'35/'5/;<53'14'6:>'RN;97;:' 56P/'6'@12/'?/2;1N?';@06O3'1:'35/'=11796:7?U'!1=/P/2'35/'6009;O63;1:';?';:' 1N39;:/'6:7'?O69/';?':13'31'R/'O1:?;7/2/7'63'35;?'?36'RN;97;: Page 194 =11796:7?'=;99'2/_N;2/'4N235/2'6??/??@/:3'6:7'@6>'2/?N93';:'6:';:O2/6?/';:' 35/'?;b/'14'35/'96:7?O60/'RN44/2'12'135/2'@;3;<63;1:'6?'0623'14'35/'2/?/2P/7' @633/2?'6009;O63;1:U' ' $:'2/963;1:'31'35/'62/6'14'6:O;/:3'=11796:7'31'35/':1235'/6?3'14'35/'?;3/V'35;?' 62/6'14'6:O;/:3'=11796:7';?'91O63/7'63'6'91=/2'9/P/9'356:'35/'6009;O63;1:'?;3/' =;35'6'?3//0'/@R6:Q@/:3'=5;O5'2;?/?'N0'31'35/'/\;?3;:<'?;3/'0963/6NU'')5/' 32//?'1:'35/'/@R6:Q@/:3'62/'O1:?;7/2/7'31'021P;7/'63'9/6?3'0623'14'35/' 2/_N;2/7'FG'@/32/'=11796:7'RN44/2'6:7'6?'?NO5'35/';@06O3'1:'35/'6:O;/:3' =11796:7';?'9/??'1:'35;?'0623'14'35/'?;3/U' ' )5/'=11796:7?'RN44/2'?51N97';:O9N7/'6002102;63/'96:7?O60;:<';:O9N7;:<' ?/@;Y:63N269'56R;363V'?O2NR'6:7'<26??'96:7'096:3;:<'31'2/;:412O/'35/' =11796:7'/7'096::;:<'O1:7;3;1:?U'' ' 82101?69?'412'144Y?;3/'32//'096:3;:<'67^6O/:3'31'35/'?1N35/2:'R1N:762>'14'35/' ?;3/V'56P/V'41991=;:<'7;?ON??;1:?'=;35'35/'(1N:O;9h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e' 5/O362/?TU')5/'56R;363';:O9N7/?'O1@@1:'?0/O;/?'6:7';3'1OON2?'42/_N/:39>' 91O699>'6:7'3521N<51N3'35/',nU')5/'6009;O6:3h?'/O191<;?3'56?'O1:O9N7/7'3563' 35/';@06O3'14'35/'91??'14'35;?'62/6';?'67P/2?/'63'35/'?;3/'9/P/9'1:9>V'6?';3';?'6' O1@@1:9>'1OON22;:<'56R;363V'6:7'35/2/412/'35/';@06O3';?':13'O1:?;7/2/7'31' =6226:3'6:>'O1:?326;:3?'1:'7/P/910@/:3'12'7;2/O3'@;3;<63;1:U'H?'0623'14'35/' 2/_N;2/@/:3'31'2/36;:'6'FG'@/32/'RN44/2'31'35/'6:O;/:3'=11796:7?V'0623?'14' 35/'/\;?3;:<'?O2NR'096:3;:<'O6:'R/'2/36;:/7V'?1'35/'6O3N69'31369'91??'14'?O2NR' ;?'2/7NO/7U'8623?'14'35/':/=9>'02101?/7'?;3/'=11796:7'RN44/2V'?NR^/O3'31' 7/36;9/7'96:7?O60/'7/?;<:V'O1N97'69?1'021P;7/':/='677;3;1:69'?O2NR'096:3;:<' 691:<'35/'?;3/'R1N:762;/?'@;3;<63;:<'6:>'67P/2?/';@06O3?U')5/'41130635' P/T'=5;O5'O1::/O3?'35/'2/@6;:;:<'62/6?'14' 6:O;/:3'=11796:7'31'31'6OO1@@1763/'35/'7/P/910@/:3'=;99'R/'2/096O/7'6:7' ?N009/@/:3/7'6?'0623'14'6'7/36;9/7'96:7?O60/'?O5/@/U''' ' FDUFF' $@06O3?'1:'M67 Page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age 196 )5/'?1N35/2:'726;:6'412'2/03;9/?V'0623;ON9629>'<26??'?:6Q/?V'=5;O5'=;99'69?1'6O3'6?'6' <2//:'O122;712'9;:Q;:<'?;3/'56R;363?'31'=;7/2'144Y?;3/'01:7?U'#N235/2'56R;363' ;@021P/@/:3'=;99'69?1'R/'@67/'31'6'01:7'91O63/7'1:'35/'?1N35Y=/?3/2:'/7'14'35/'=117?'R>'ON33;:<'R6OQ'/:O216O5;:<' 32//?'31'2/7NO/'35/'/44/O3?'14'?567;:<'6:7'O2/63;1:'14'56R;363'0;9/?U')5/'01:7' 6:7'726;:6'351?/' 91O63/7'1:'35/'/7U'H?'35/'?O5/@/';?';:'1N39;:/':1' 412@69'9;<53;:<'02101?69?'56P/'R//:'0N3'412=627U'!1=/P/2';3';?'O1:?;7/2/7' 3563'?NR^/O3'31'?/:?;3;P/'7/?;<:'6:7'N?/'14'@17/2:'9;<53;:<'?>?3/@?V' ;:O9N7;:<'35/'O62/4N9'O1:?;7/263;1:'14'35/'91O63;1:'6:7'://7?'412'9;<53;: Page 197 =63/2'2N:144V'3521N<5'35/'N?/'14' N?36;:6R9/'726;:6?3/@?'S N7?TV'7/Y ON9P/23;:<'=63/2O1N2?/?'=5/2/P/2'01??;R9/'=;35'6''3/2@;:63;:<';:31'0;0/7'ON9P/23?'=5;O5'35/:'O21??'35/'?;3/V' O1:P/2'14'35/'7;3O5'1:9>'6:7'71':13'2/963/'31'35/'ON9P/23/7'?/O3;1:' 12'35/'=;7/2'?;3/'62/6U')5/2/412/'49117'2;?Q';?'O1:?;7/2/7'91='6:7'O6:'R/' @;3;<63/7'R>'1:'?;3/'726;:6' 6:7'=5;O5'=6?'6<2//7'N:7/2'096::;:<'2/4/2/:O/'FFEDDeFDE+,)'412'35/' 2/7/P/910@/:3'14'35/' 5/44;/97'MN?;:/??'862Q'856?/'$$U' ' FFUZ' H'4N235/2'?N246O/'=63/2'633/:N63;1:'01:7'=;35'6'@6\;@N@'O606O;3>'14' XDDD@z';?'69?1'2/_N;2/7'31'633/:N63/'?N246O/'=63/2'2N:144'=;35'677;3;1:69' ?N246O/'=63/2'?3126?3/@?';:O1201263/7' ;:31';:7;P;7N69'0913?'6:7';:31'96:7?O60;:<'62/6?U')5/'0626@/3/2'096:' ?NR@;33/7'=;35'35/'6009;O63;1:';:7;O63/?'3563'35/'633/:N63;1:'01:7'=;99'R/' 91O63/7'67^6O/:3'31'35/'/6?3/2:'R1N:762>'14'35/'?;3/'O91?/'31'35/'/\;?3;:<' ON9P/23/7'726;:6'=;35'7/36;9?'14'96>1N3'6:7'96:7?O60;:<' 2/?/2P/7'412'?NR?/_N/:3'60021P69'35/'726;:6?3/@'=;99'R/'?NR^/O3'31' 7/36;9/7'7/?;<:'6?'0623'14'35/'2/?/2P/7'@633/2?'6009;O63;1:?U'!1=/P/2'35/' 6009;O6:3'56?';:7;O63/7'3563'35/';:O1201263;1:'14'?1N2O/' N7?'O1:3219' @/6?N2/?'31'9;@;3'35/'1P/2699'?31266:O/'?=69/?'3563'62/';:3/<263/7';:31'35/' 1P/2699'96:7?O60/'?O5/@/'6:7'35/'N?/'14'0/2@/6R9/'06P;:<';:'5627'?N246O/' 62/6?'6:7'O62'062Q?V'699'14'=5;O5'=;99'O1:32;RN3/'31'=63/2'_N69;3>';@021P/@/:3' 6:7'1:Y?;3/'6@/:;3>'/:56:O/@/:3?U' ' FFUe' (1:O9N?;1:'q'#9117'.;?Q'6:7'&26;:6'56?'26;?/7':1' 1R^/O3;1:'31'35/'02101?69'?NR^/O3'31'35/';@01?;3;1:'14'O1:7;3;1:?U')5/' 726;:6';@09;O63;1:?'412' Page 198 35/'?;3/'6:7'4/63N2/?'31'O1:P/>'=63/2V'5197'6:7'O1:3219'35/'491='14'=63/2'=;99' ;@021P/'1P/2699'=63/2'_N69;3>V'35/'' ;:7;O63/?'3563'35/'?;3/';?';:'6:'62/6'14'7/4;:/7'O169'@;:;:<'!;<5'.;?Q'H2/6k' 35/2/412/'=;35;:'35/'6009;O63;1:'?;3/'6:7'?N221N:7;:<'62/6'35/2/'62/'O169' @;:;:<'4/63N2/?'6:7'56b627?'=5;O5'://7'31'R/'O1:?;7/2/7';:'2/963;1:'31'35/' 7/P/910@/:3'14'35/'?;3/U')5;OQ'O169'1N3O210?'@6>'R/'02/?/:3'N:7/2'35/'?;3/' 6:7'35/?/'@6>'56P/'R//:'?NR^/O3'31'5;?312;O'N:2/O127/7'=12Q;:'14'6'?;3/'421@'=5;O5'O169'56?'R//:' 2/@1P/7'R>'?N246O/'@;:;:<'@/3517?U'' ' FCUC' )5/''6:7'2/O1@@/:7?'3563'4N235/2' ;:32N?;P/'?;3/';:P/?3;<63;1:?'?51N97'R/'O622;/7'1N3'1:'?;3/';:'127/2'31'/?36R9;?5' ;4'35/2/'62/'6:>'?56991='O169'@;:/'=12Q;:'35/' 7/P/910@/:3'14'35/'?;3/'O6::13'R/'O622;/7'1N3'?64/9>U')5/2/';?'69?1':1' 2/6?1:'=5>'35/'?;3/'O1:36@;:63;1:'?51N97'56P/'6'?;<:;4;O6:3';@06O3'1:'35/' 0/2@6:/:3'N?/?'02101?/7'1:'35/'?;3/U'#N235/2';:32N?;P/'<21N:7' ;:P/?3;<63;1:?'6:7'7/36;9/7'2/@/7;63;1:'=;99'://7'31'R/'02/062/7'412'/6O5' 056?/'14'35/'7/P/910@/:3'31'/:?N2/'35/'0210/2'@;3;<63;1:'@/6?N2/?'62/';:' 096O/V'7/36;9?'14'=5;O5'=;99'R/'?/ON2/7'R>'O1:7;3;1:U'' ' FWUD' , )H$-HM$%$)*' ' FWUF' 819;O;/?'( eWV'eZ'6:7'eG'14'35/'( '?/3'1N3'35/'(1N:O;9c?'600216O5'31' 7/69;:<'=;35'O9;@63/'O56:U'' ' FWUC' 819;O>'( eW'?/3?'1N3'35/'1P/262O5;:<'02;:O;09/?'412'@;3;<63;:<'35/';@06O3?'14' O9;@63/'O56:'31'7/P/910@/:3'6:7'5;<5/2'7/:?;3>'7/P/910@/:3'91O63/7';:' ?N?36;:6R9/'91O63;1:?'3563'62/'=/99'?/2P/7'R>'0NR9;O'326:?0123V'<;P;:<' 02/4/2/:O/'31'02/P;1N?9>'7/P/910/7'96:7V'/:O1N26<;:<'=69Q;:<'6:7'O>O9;:<' 6:7'35/'N?/'14'0NR9;O'326:?0123U'&/?;<:'?51N97'69?1';:O2/6?/'/:/2<>' /44;O;/:O>V'2/7NO/'=6?3/V'/9;@;:63/'49117'2;?Q'3521N<5'35/'N?/'14'?N?36;:6R9/' 726;:6U' ' Page 199 FWUW' )5/'?O5/@/';?'O1:?;7/2/7'31'?63;?4>'6':N@R/2'14'35/?/'01;:3?';:O9N7;:<'35/' 2/'N?/'14'02/P;1N?9>'7/P/910/7'96:7V'@;:;@;?/'49117'2;?Q'3521N<5'35/'N?/'14' N7?'6:7'R;17;P/2?;3>'/:56:O/@/:3U'!1=/P/2'35/'?;3/';?':13'ON22/:39>' O1:?;7/2/7'31'R/'=/99'?/2P/7'R>'0NR9;O'326:?0123'6:7'71/?':13'?32;O39>'6OO127' =;35'699'/9/@/:3?'14'819;O>'( eWV'69351N<5'35/'7/P/910@/:3'71/?';:O9N7/' 02101?69?'31';@021P/'6:7'/:56:O/'0NR9;O'326:?0123'?/2P;O/?'6:7'=69Q;:<' 6:7'O>O9;:<';:426?32NO3N2/';:'6:'633/@03'31'@6Q/'35/'?;3/'@12/'?N?36;:6R9/U' ' FWUZ' )5/'?N00123;:<'3/\3'31'( eZ'67P;?/?'3563'31'?63;?4>'35/'019;O>V'699':/=':1:Y 2/?;7/:3;69'7/P/910@/:3?'1P/2'GDD'?_N62/'@/32/?'?51N97'6O5;/P/'6' M.""HA'263;:<'14'P/2>'<117'S12'/_N;P69/:3TU')5/'6009;O6:3'56?':13'021P;7/7' 6:>'7/36;9?'14'?0/O;4;O'?N?36;:6R;9;3>'@/6?N2/?'6?'35/'7/?;<:'2/_N;2/@/:3?' 6:7'4N3N2/'N?/'14'35/'RN;97;:'69?1'2/_N;2/?'RN;97;:'O1:?N@03;1:'421@'35/'1N3?/3'R>'@6Q;:<'35/'R/?3'N?/' 14'?1962'/:/2<>V'06??;P/'5/63;: Page 200 %62'7/P/910/7'96:7U'$3';?' 6OQ:1=9/7'/44;O;/:O>'6:7'0217NO3;1:'14'2/:/=6R9/'/:/2<>' 6:7'819;O>'(F'14'35/'O9;@63/'O56:'=6>'096::;:<'O1:7;3;1:U')5/' 2/:/=6R9/'/:/2<>'6:7'/:/2<>'/44;O;/:3'362'6?0;263;1:?U')5/'@/6?N2/?'6R1P/'=;99' /:?N2/'3563'35/'?O5/@/';?'7/?;<:/7'31'0217NO/'4/=/2'O62R1:'/@;??;1:?'6:7' ;:O2/6?/7'/:/2<>'/44;O;/:O>'356:'6'?O5/@/'7/?;<:/7'31'@//3'35/'@;:;@N@' ?363N312>'2/_N;2/@/:3?U'$3';?'O1:O9N7/7'3563'?NR^/O3'31'35/';@01?;3;1:'14' O1:7;3;1:?'35;?'/9/@/:3'14'35/'?O5/@/';?'O1:?;7/2/7'6OO/036R9/U' ' FZUD'' (,A,%H)$f"'$A8H() '' ' )5/'" '6??/??/?'35/'ON@N963;P/';@06O3?'14'35/'7/P/910@/:3';:'O1:^N:O3;1:' =;35'@6^12'O1@@;33/7'7/P/910@/:3';:'35/'P;O;:;3>'14'35/'?;3/'6?'6<2//7'=;35' 35/'(1N:O;9U' ' FZUF' H;2'_N69;3>' ' )5/'6;2'_N69;3>'6??/??@/:3'N?/7'32644;O'491='7636'3563';:O1201263/7' O1@@;33/7'7/P/910@/:3?'=5;O5'56P/'2/O/;P/7'096::;:<'0/2@;??;1:'6?'=/99' 6?'2/<;1:69'32644;O'<21=35'6:7'35/'7/P/910@/:3'=6?'6??/??/7'6<6;:?3'6' R6?/9;:/'=;35';:O9N7/?'35/?/'?O5/@/?U')5/'ON@N963;P/'644/O3?'7N2;:<'35/' O1:?32NO3;1:'6:7'10/263;1:69'056?/'14'35/'7/P/910@/:3'62/'O1:?;7/2/7'6:7' O6:'R/'67/_N63/9>'@;3;<63/7'R>'O1:7;3;1:?U' ' FZUC' )2644;O'6:7'!;<5=6>?'$@06O3?' ' )5/'2/9/P6:3'O1@@;33/7'7/P/910@/:3?'=/2/';7/:3;4;/7'6:7'6??/??/7'6?'0623' 14'35/'6<2//7' * ).H'326:?0123'@17/99;:<'/\/2O;?/U'H?'?NO5'35/'2/9/P6:3' ON@N963;P/';@06O3?'56P/'R//:'O1:?;7/2/7'6:7'35/';@06O3'14'35/' 7/P/910@/:3';:'O1:^N:O3;1:'=;35'35/?/'O1@@;33/7'?O5/@/?';?'O1:?;7/2/7' 6OO/036R9/'?NR^/O3'31'@;3;<63;1:'?/ON2/7'3521N<5'O1:7;3;1:?'6:7'6'9/<69' 6<2//@/:3U' ' FZUW' N246O/'=63/2'6:7'&26;:6?3/@?';:'35/'91O69;3>'31'O1:3219'35/'491='14'?N246O/'=63/2'421@'35/'?;3/'6?' 0210123;1:'14'6'02/'6<2//7'7;?O562 Page 201 7/P/910@/:3'=;99';:O9N7/'6'?N246O/'=63/2'633/:N63;1:'4/63N2/';:'35/'7/?;<:'31' 2/7NO/'2N:'144V'6:7'7N/'31'35/'91O63;1:'14'35/'?;3/';:'35/'91=/?3'62/6'14'49117' 2;?Q'S#9117'p1:/'FT'6?'7/4;:/7'R>'35/'":P;21:@/:3'H'35/'02101?69V';:' O1:^N:O3;1:'=;35'/\;?3;:<'O1@@;33/7'7/P/910@/:3V';?':13'O1:?;7/2/7'31'<;P/' 2;?/'31'6:>'ON@N963;P/'726;:6'6:7'M;17;P/2?;3>' ' )5/'02101?/7'2/7/P/910@/:3'691:<'=;35' M8'856?/'$$'6:7'35/']6P/29/>' :/='O1@@N:;3>'=;99'2/?N93';:'35/'91??'14'962'56R;363' 021P;?;1:U')5/'3/@01262>'<26??96:7'63']6P/29/>';?'2/963;P/9>':/=9>' /?36R9;?5/7V':13'O1:?;7/2/7'31'R/'?0/O;/?'2;O5'6:7'1:9>'021P;7/7'3/@01262;9>' ;:'67P6:O/'14'7/P/910@/:3'056?;: Page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e'6<2//@/:3?'31'144?/3'6:>'?;<:;4;O6:3'67P/2?/';@06O3?U' ' FGUD' 8+%$(*'H-&'f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h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h?'N2R6:'O1:3/\3'6:7';3?'O1:36;:@/:3'R>' /\;?3;:<'4/63N2/?U'.AM('69?1'02101?/'31'2/@1P/'6':/;<5R1N2;:<'?;3/'421@' 35/'I2//:'M/93'6:7'6991O63/'35/'96:7'412'7/P/910@/:3'6?'0623'14'35/;2'%1O69' Page 203 896:'021O/??'=5;O5'=;99'9/67'31'35/'?;3/'R/;:<'4N235/2'/:O91?/7'R>'N2R6:' 7/P/910@/:3U'!1=/P/2V'35/?/'2/6?1:?'62/':13';:'35/@?/9P/?'O1:?;7/2/7'31' O1:?3;3N3/'P/2>'?0/O;69'O;2ON@?36:O/?'412'35/'7/P/910@/:3U'-1:/35/9/??'35/' /O1:1@;O'6:7'/7NO63;1:69'R/:/4;3?'14'35/'?O5/@/'62/'O1:?;7/2/7'31'R/' @63/2;69'O1:?;7/263;1:?';:'35;?'O6?/'6:7'62/'644127/7'?;<:;4;O6:3'=/;<53';:' 6OO1276:O/'=;35'35/'-88#U')5/'O1:?32NO3;1:'6:7'10/263;1:69'056?/?'14'35/' ?O5/@/'=;99'O1:32;RN3/'31'35/'?0/O;4;O'6;@?'6:7'1R^/O3;P/?'?/3'1N3';:'35/' (.' I21=35'896:';:'3/2@?'14'5/90;:<'31'326:?412@'35/'(;3>'./<;1:h?'/O1:1@>'R>' ?N00123;:<'6:7'7/P/910;:<'35/',:;P/2?;3>h?'2/?/62O5'219/'6:7'7/P/910@/:3' 14'67P6:O/7'@6:N46O3N2;: Page 204 FGUG' )5/'02101?69';?'O1:?;7/2/7'31'R/';:6002102;63/'7/P/910@/:3';:'35/'I2//:' M/93'=5;O5'@N?3'R/'<;P/:'?;<:;4;O6:3'=/;<53';:'6OO1276:O/'=;35'35/'-88#U' !1=/P/2';3';?'O1:O9N7/7'3563V';:'O1@R;:63;1:V'35/'O1:?;7/26R9/'/O1:1@;O' R/:/4;3?'31'35/'(;3>'6:7'35/'(;3>'./<;1:'3563'=1N97'R/'7/2;P/7'421@'35/' /\06:?;1:'14'35/',:;P/2?;3>h?'67P6:O/7'@6:N46O3N2;:<'2/?/62O5'O/:32/k' 6772/??;:<'Q/>'1R^/O3;P/?';:'35/' (.'I21=35'896:k'35/'6R?/:O/'14'P;6R9/' 693/2:63;P/'6P6;96R9/'?;3/?'=5;O5'=1N97'644127'35/'O1Y91O63;1:'R/:/4;3?'35/' 6009;O63;1:'?;3/'144/2?k'6:7'35/'96OQ'14'?;3/?'=5;O5'O1N97'6OO1@@1763/'35/' ;:3/<263/7'O6@0N?'?3>9/'7/P/910@/:3';:';3?'/:3;2/3>V'62/'O1:?;7/2/7'31' 6@1N:3'31'P/2>'?0/O;69'O;2ON@?36:O/?'=5;O5'1N3=/;<5'562@'31'35/'I2//:' M/93'R>'2/6?1:'14';:6002102;63/:/??V'12'6:>'135/2'562@'62;?;:<'421@'35/' 7/P/910@/:3';:'35;?'?0/O;4;O'N:;_N/'O6?/U'#N235/2@12/'35/'(1N:O;9'56?' O9/629>';:7;O63/7';3?';:3/:3;1:'31'2/@1P/'96:7'421@'35/'I2//:'M/93'63'35/' 6;20123';:'35/'67103/7'(12/' 3263/<>U' ' FeUD' (+AA,-$)*'$-#.H ).,(),."'%"f*'S($%T' ' -1'0623'14'35/'7/P/910@/:3';?'($%'O562'6:7'6?'?NO5'=1N97V';:'6:>'/P/:3V'R/'35/'?NR^/O3'14'6:' /\/@03;1:'421@'06>@/:3';:'6OO1276:O/'=;35'35/'2/ Page 205 F[UF' )5/'6009;O63;1:'?;3/'1OON0;/?'6:'62/6'14'60021\;@63/9>'F[Ue'5/O362/?'6:7' O1@02;?/?'14'35/'/6?3/2:'0623'14'35/'412@/2' 5/44;/97'H;20123'=5;O5'=6?' O91?/7'31'O1@@/2O;69'49;<53?';:'CDD[U' ' F[UC' )5;?'6009;O63;1:'56?'R//:'?NR@;33/7'R>'35/',:;P/2?;3>'14' 5/44;/97'6:7';?' @67/';:'1N39;:/'=;35'35/'@/6:?'14'6OO/??'1:9>'31'R/'O1:?;7/2/7'63'35;?' ?361N3'6:7' ?O69/'62/'2/?/2P/7'412'?NR?/_N/:3'60021P69U')5/'6009;O63;1:'2/963/?'31'F[Ue' 5/O362/?'14'96:7'6:7'35/'1N39;:/'6009;O63;1:';:7;O63/?'3563'35/'?O5/@/'=;99' 7/9;P/2'6'@6\;@N@'14'FDZVi[Z'@z'14'RN;97;:'2/_N;2/@/:3?U' ' F[UZ' ];35;:'35/' 5/44;/97',&8'35/'6009;O63;1:'?;3/'4699?'=;35;:'3=1'019;O>'62/6?'6?' 7/4;:/7'1:'35/'02101?69?'@60'Y'6'#2;:'6:7'MN?;:/??'H2/6'6:7'35/' I2//:'M/93U'H'?@699'?/O3;1:'14'35/'?;3/';?'69?1';:'H:'H2/6'14'-63N269'!;?312>' $:3/2/?3U'82;:O;0699>'35/'N?/?'02101?/7'62/':13'O1:?;7/2/7'31'O1:49;O3'=;35' ;:7N?32>'6:7'RN?;:/??'019;O;/?'O1:36;:/7';:'35/',&8'6:7'35/'(12/' 3263/<>k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age 206 F[Ue' %62'7/P/910/7' =;35'35/'/\O/03;1:'14'6'?@699/2'0623'14'35/'?1N35/2:'?/O3;1:'14'35/'?;3/k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age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h?'67P6:O/7'@6:N46O3N2;:<'2/?/62O5'O/:32/V'35/' 6R?/:O/'14'P;6R9/'693/2:63;P/'6P6;96R9/'?;3/?'=5;O5'=1N97'644127'35/'O2;3;O69' O1Y91O63;1:'R/:/4;3?'35/'6009;O63;1:'?;3/'144/2?k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e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h?'67103/7'019;O;/?U'' ' F[UFX' )5/'?;3/';?':13'O1:?;7/2/7'31'R/';:'6'?N?36;:6R9/'91O63;1:'421@'6' 326:?012363;1:'0/2?0/O3;P/U'!1=/P/2'35/'?O5/@/';:O1201263/?'@/6?N2/?'31' ;@021P/'326:?012363;1:';:426?32NO3N2/';:'35/'412@'14'RN?'?/2P;O/'021P;?;1:'6:7' /:56:O/@/:3U'H'21RN?3'426@/=12Q'326P/9'096:'6:7' /O3;1:'FDe'6<2//@/:3' =5;O5'9;@;3?'P/5;O9/'32;0?''35/'7/P/910@/:3';:'127/2'31'@;:;@;?/' 6:>';@06O3'1:'35/' 3263/<;O'.167'-/3=12Q'S .-TV'?0/O;4;O699>'aN:O3;1:?'WW' 6:7'WZ'14'35/'AFV'56?'R//:'?/ON2/7'63'35/'2/_N/?3'14'!;<5=6>?'":<96:7U' Page 208 )5/'32;0''?;<:;4;O6:3';:O2/6?/';:' O1:'5;<5=6>?';@021P/@/:3?'31'35/'HeWD' 5/44;/97' 862Q=6>'^N:O3;1:'=;35'"N2106'%;:Q'6:7'35/'02101?/7'/6?3/2:'?;3/'6OO/??' O6:'R/'?/ON2/7'R>'O1:7;3;1:'31'/:?N2/'3563'35/':/3=12Q'O6:'O1:3;:N/'31' 10/263/'?63;?46O312;9>U'8626<2605'WC'14'35/'-88#'?363/?'3563'7/P/910@/:3' ?51N97'1:9>'R/'02/P/:3/7'12'2/4N?/7'1:'326:?0123'<21N:7?'=5/2/'35/' 2/?;7N69'ON@N963;P/';@06O3?'14'35/'7/P/910@/:3'62/'?/P/2/U']5;9?3'35/' )26:?0123'H??/??@/:3';:7;O63/?'?1@/'677;3;1:69'P/5;O9/?'421@'35/' 7/P/910@/:3'=;99'^1;:'35/'/\;?3;:<'_N/N/'1:'35/' 5/44;/97'862Q=6>'7N2;:<'35/' 8A'0/6Q'51N2';3';?'O1:?;7/2/7'3563'35;?';@06O3';?':13'?/P/2/U' ' F[UFi' )5/'/44/O3?'14'35/'7/P/910@/:3'1:'6;2'_N69;3>'7N2;:<'35/'O1:?32NO3;1:'6:7' 10/263;1:69'056?/?'14'35/'7/P/910@/:3'62/':13'O1:?;7/2/7'31'R/'?;<:;4;O6:3V' ?NR^/O3'31'35/';:O9N?;1:'14'@;3;<63;1:'@/6?N2/?U')5/'/44/O3?'14'35/' 7/P/910@/:3'=1N97':13'2/?N93';:'6:>'R2/6O5/?'14':63;1:69'12'",'6;2'_N69;3>' ?36:7627?'12'9;@;3?'12'<;P/'2;?/'31'6:>'?;<:;4;O6:3'562@'31'?/:?;3;P/'2/O/0312?U'' ' F[UCD' )5/'?;3/';?';:'35/'91=/?3'49117'2;?Q'b1:/'6:7'35/'7/P/910@/:3';:O9N7/?' @/6?N2/?'31'2/7NO/'?N246O/'=63/2'2N:Y144'6:7';:O1201263/?'?N?36;:6R9/' 726;:6?3/@?';:O9N7;:<'6:'1:Y?;3/'?N246O/'=63/2'2/3/:3;1:'01:7'31' @;:;@;?/'35/';@06O3'1:'35/'/\;?3;:<'726;:6' 56R;363'=;35'91:<'3/2@'@6:6'6:7'/O191<>'O1:O/2:?';:O9N7;:<'35/';@06O3'1:'67^1;:;:<'6:O;/:3' =11796:7'O6:'35/2/412/'R/'?N;36R9>'@;3;<63/7'3521N<5'096::;:<'O1:7;3;1:?' 6:7'35/' /O3;1:'FDe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age 209 O1@09/3;1:'14'6'9/<69'6<2//@/:3'S=;35'35/'41991=;:<'5/67?'14'3/2@?T'6:7' 2/4/2269'31'35/' /O2/362>'14' 363/U'' ' !"H& '+#')".A ' ' MN?'?/2P;O/'/:56:O/@/:3?' ' 86>'6'31369'?N@'14'N0'31'{FV[iGVZDD'31=627?'35/'/\;?3;:<'HF'RN?'?/2P;O/' 6:7E12'135/2':/='12'/:56:O/7'0NR9;O'326:?0123'?/2P;O/'?/2P;:<'35/'?;3/U' 86>@/:3'31'R/'@67/';:'4;P/'6::N69';:?369@/:3?'=;35'35/'4;2?3';:?369@/:3' R/;:<'06;7'N01:'35/'1OON063;1:'14'CXV[XD'@z'14'49112?06O/'14'35/' 7/P/910@/:3'6:7'35/'41991=;:<'41N2';:?369@/:3?'1:'/6O5'6::;P/2?62>'14'35/' 4;2?3'06>@/:3'?NR^/O3'31'6:'6002102;63/'2/P;/='@/O56:;?@'6?'?/3'1N3';:'35/' )26P/9'896:' ' )26P/9'896:'' ' -13'31'+OON0>'6:>'MN;97;:<'N:3;9B' ' H'7/36;9/7'326P/9'096:'412'35/'2/9/P6:3'?/O3;1:'14'35/' ;3/'56?'R//:'?NR@;33/7' 31'6:7'60021P/7'R>'35/'(1N:O;9k' f/5;O9/')2;0?'421@'35/'?;3/'?5699':13'/\O//7'35/'6<2//7'AF'aN:O3;1:')2;0' .63/?'=;35;:'6:>'51N2'0/2;17'7N2;:<'35/'A12:;:<'!;<5=6>'8/6Q'6:7'412'35/' 6P1;76:O/'14'71NR3'35/'5;<5/?3'51N29>'491='?5699'R/'N?/7'412'35;?'0N201?/' $:'35/'/P/:3'3563'f/5;O9/')2;0?'/\O//7'35/'AF'aN:O3;1:')2;0'.63/?'35/:'35/' %6:71=:/2'?5699k' ' (622>'1N3'@;3;<63;1:'=12Q?'31B' ' S6T' 2/9;/P/'O1:'621N:7'^N:O3;1:?'WW'6:7'WZV' ?NO5'=12Q?'31'R/'6<2//7';:'=2;3;:<'=;35'35/'(1N:O;9';:'O1:?N9363;1:' =;35'!;<5=6>?'":<96:7k'6:7'' SRT' 2/9;/P/'O1:'21N:76R1N3V'?NO5'=12Q?' 31'R/'6<2//7';:'=2;3;:<'=;35'35/'(1N:O;9k' ' -13'0/2@;3'6:>'4N235/2'7/P/910@/:3'0N2?N6:3'31'35/'896::;:<'8/2@;??;1:'12' 6:>'4N235/2'+OON063;1:'14'35/'&/P/910@/:3'N:3;9'35/'677;3;1:69'@;3;<63;1:' =12Q?'6<2//7'56P/'R//:'O622;/7'1N3'12'?/ON2/7'31'35/'2/6?1:6R9/' ?63;?46O3;1:'14'35/'(1N:O;9'6:7'!;<5=6>?'":<96:7U' ' "O191<>'@;3;<63;1:' ' -13'31'(1@@/:O/'&/P/910@/:3'N:3;9'6'!6R;363'6:7'R;17;P/2?;3>' A6:6'35/'(1N:O;9'6:7' 35/'O1@0/:?6312>'=12Q?'?/3'1N3'35/2/;:'56P/'R//:'?/ON2/7'6:7'7/9;P/2/7';:' 4N99k' ' ]5;O5'?5699';7/:3;4>B' ' Page 210 Y' H'?N;36R9/'?;3/'12'?;3/S?T'412'35/'O1@0/:?6312>'56R;363'021P;?;1:'3563' ' ?5699'56P/'6'@;:;@N@'?;b/'14'F[Ue'5/O362/?U' Y' &/36;9?'14'35/'6;@?'6:'1R^/O3;P/?'14'35/'@6:6'14'35/';7/:3;4;/7'?;3/'412'?Q>962QV'@/671=' ' 0;0;3V'9;::/3'6:7'135/2'<21N:7':/?3;:<'R;27?'=5;9?3'021P;:<'=;7/2' ' /O191<;O69'R/:/4;3?'31'6'26:'56R;3'=;99'R/'@6:6' ' 1N3'35/'56R;363'@6:6'35/'(1N:O;9' ' ' Page 211 ' ' (6?/'-N@R/2' FGEDDFCCE#,%'S#12@/29>'88YDW[DGiXFT' ' H009;O63;1:')>0/' #N99'896::;:<'H009;O63;1:' ' 82101?69' &/@19;3;1:'6:7'?;3/'O9/626:O/V'/2/O3;1:'14'[['7=/99;:?1:'./426O312;/?'%37I2;44?'#;2/O96>']12Q? 310/?' .167 5/44;/97 e'eM]' ' &63/'./O/;P/7' FWEDFECDFG' ' )/6@' ]/?3'6:7'-1235' ' H009;O6:3EH' ' ' NR^/O3'31B' ' !"#$%!"!&$'()$*(""#+,#"#+&$('$-#.#%(/"#+& ' ' FU' )5/'7/P/910@/:3'?5699'R/'R/ Page 212 ' ZFZWYCWD'H'":326:O/'&/36;9?'FBCGD'' ' ZFZWE#8 '#1N9'8N@0' 363;1:'' ' ZFZWE(62'(5621N3'' ' GFeZY%YDC'('896:3;:<'%6>1N3'FBCGD'' ' GFeZY%YDW'('896:3;:<'%6>1N3'FBCGD'' ' GFeZY%YDZ'('896:3;:<'%6>1N3'FBCGD'' ' GGe'#I]DF'"'8NR9;O'+0/:' 06O/'%6:7?O60/'A6?3/2096:'FBGDD'' ' GGe'#I]DC'('8NR9;O'+0/:' 06O/'896:3;:<'&/36;9?'FBCDD'' ' GGe'#I]DW'-63N269'896>'H2/6?'FBFDD' ' GGe'#I]DZ'H'I2;44?' _N62/'A6?3/2096:'FBFDD'' ' GFeZYHYDGUF'H')2//'8213/O3;1:'896:']/?3'FBFDDD'' ' GFeZYHYDGUC'H')2//'8213/O3;1:'896:'"6?3'FBFDDD'' ' &EDDFEDD['H'8/2@/6R9/'86P;:<'&/36;9'-EH'M2/33' ' ZFZWECDCUF'8NR9;O'+0/:' 06O/' /O3;1:?'SF'14'CT'' ' ZFZWECDCUC'8NR9;O'+0/:' 06O/' /O3;1:?'SC'14'CT'' '' ' 896:?E"9/P63;1:?'Y'!1N?/')>0/?'/3O' '' ' MMUCFWCFZU!)UFFD'('-"A' )+-"'FBFDD'' ' MMUCFWCFZU!)UFFF'('-"A'M.$(n'FBFDD'' ' MMUCFWCFZU!)UFFC'H'-"A'Y'8%H--$-I'8%H- 'F'FBFDD'' ' MMUCFWCFZU!)UFFW'-"A'Y'8%H--$-I'8%H- 'C'FBFDD'' ' MMUCFWCFZU!)UFFZ'('n$A' )+-"'FBFDD' ' MMUCFWCFZU!)UFFG'M'n$A' )+-"'M.$(n'FBFDD'' ' MMUCFWCFZU!)UFFe'n$A'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFFX'('&,A' )+-"'FBFDD'' ' MMUCFWCFZU!)UFF['M'&,A'M.$(n'FBFDD'' ' MMUCFWCFZU!)UFFi'&,A'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFCD'(')!*' )+-"'FBFDD' ' MMUCFWCFZU!)UFCF'(')!*' )+-"'M.$(n'FBFDD' ' MMUCFWCFZU!)UFCC')!*'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFCW'M' )*'Y'8%H--$-I'"%"f 'F'FBFDD'' ' MMUCFWCFZU!)UFCZ'H' )*'Y'8%H--$-I'"%"f 'C'FBFDD'' ' MMUCFWCFZU!)UFCG'H' )*'Y'8%H--$-I'"%"f 'W'FBFDD'' ' MMUCFWCFZU!)UFCe'H' )*'Y'8%H--$-I'8%H- 'F'FBFDD'' ' MMUCFWCFZU!)UFCX' )*'Y'8%H--$-I'8%H- 'C'FBFDD'' ' MMUCFWCFZU!)UFC['M'.+*' )+-"'FBFDD'' ' MMUCFWCFZU!)UFCi'H'.+*'Y'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFWD'H')!-'SZ'M%+(nT'F'FBFDD'' ' MMUCFWCFZU!)UFWF'H')!-'SZ'M%+(nT'C'FBFDD'' ' MMUCFWCFZU!)UFWG'M')!-'SZ'M%+(nT'F'FBFDD'' ' MMUCFWCFZU!)UFWe'H')!-'SZ'M%+(nT'C'FBFDD'' ' MMUCFWCFZU!)UFWX')!-'SZ'M%+(nT'8%H- 'F'FBFDD'' ' MMUCFWCFZU!)UFW[')!-'SZ'M%+(nT'8%H- 'C'FBFDD'' ' MMUCFWCFZU!)UFWi'('&H*' )+-"'FBFDD' ' MMUCFWCFZU!)UFZD'H'&H*'8%H- 'FBFDD'' Page 213 ' MMUCFWCFZU!)UFZF'M'!H*' )+-"'FBFDD'' ' MMUCFWCFZU!)UFZW'!H*'S "A$T'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFZZ'('&H-F' )+-"'FBFDD''' ' MMUCFWCFZU!)UFZG'H'&H-F'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFZe'M'&H-C' )+-"'FBFDD' ' MMUCFWCFZU!)UFZX'('&H-C' )+-"'H%)'FBFDD'' ' MMUCFWCFZU!)UFZ['H'&H-C'8%H- 'FBFDD' ' MMUCFWCFZU!)UFZi'H'n"-' )+-"'FBFDD'' ' MMUCFWCFZU!)UFGD'M'n"-' )+-"'SH%)'.++#T'FBFDD'' ' MMUCFWCFZU!)UFGF'n"-'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFGC'H'(.&|'W'M%+(n'FBFDD'' ' MMUCFWCFZU!)UFGW'M'(.&|' "A$'FBFDD' ' MMUCFWCFZU!)UFGZ'(.&|'Y'W'M%+(n'8%H- 'FBFDD' ' MMUCFWCFZU!)UFGX'(')!-'&H-C'M.$(n'FBFDD' ' MMUCFWCFZU!)UFG[')!-'&H-C'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFGi'('!H*'&H-F' )+-"'FBFDD'' ' MMUCFWCFZU!)UFeF'H'!H*'&H-F'8%H- 'FBFDD'' ' MMUCFWCFZU!)UFeC'H'IH.HI" 'F'FBFDD'' ' MMUCFWCFZU!)UFeW'H'IH.HI" 'C'FBFDD'' ' MMUCFWCFZU!)UFeZ'IH.HI"'8CiYWD'FBFDD'' ' MMUCFWCFZU!)UFee'&H-F'M.$(n'FBFDD'' (ieiZC['M' 36:7627'&;?32;RN3;1:' NR?363;1:'&26=;:<'Y'.114'&/36;9?'H?' 51=:'-8' (iiFGZC'(' 36:7627'&;?32;RN3;1:' NR?363;1:'&26=;:<'Y'A6?1:2>'":O91?N2/' H?' 51=:'-8' '' ' N00123;:<' NR@;??;1:?' '' ' 82/7;O3/7'":/2<>'H??/??@/:3'412'/6O5'0913'S2/O/;P/7'FC35'aN:/'CDFGT'' ' aN:/'CDFGV'./P'"'Y'":/2<>'6:7'(62R1:'H:69>?;?'S#" T' ' i' /03U'CDFGV'f/2?;1:'Z' N?36;:6R;9;3>' N@@62>'-13/'' ' &/?;<:'t'HOO/??' 363/@/:3'' ' "\3/:7/7'856?/'$'!6R;363' N2P/>'' ' M63' N2P/>'SR>'M211Q?'"O191<;O69T' ' M63'A;3;<63;1:' 363/@/:3'SR>'M211Q?'"O191<;O69T' ' H2R12;ON93N269'H??/??@/:3'S=;35')2//'./3/:3;1:'896:?T'' ' %6:7?O60/'6:7'f;?N69'$@06O3'H??/??@/:3'' I/1/:P;21:@/:369'H0026;?69';:O9N7;:<'(169'A;:;:<'.;?Q'H??/??@/:3' S%;351?T' ' H?R/?31?' N2P/>'S?NR@;33/7';:'352//'0623?T'SAC'":P;21:@/:369T' ' #9117'.;?Q'H??/??@/:3'S"6?3=117't'8623:/2?T' ' &26;:6'S"6?3=117't'8623:/2?T' ' "FZEeCZFEDDF'M'&26;:6'&/?;<:'S!6;<5'!N779/?31:T' ' H;2'jN69;3>'H??/??@/:3'SM]MT' ' )26:?0123'H??/??@/:3'S)8 T' ' )26P/9'896:'S)8 T' '' ' ./6?1:B''$:'127/2'31'7/4;:/'35/'0/2@;??;1:U' ' 6)#:*(""#+,#"#+&$*(+1!&!(+859 ' Page 214 ' WU' M/412/'35/'7/P/910@/:3';?'O1@@/:O/7V'12'6:'693/2:63;P/'3;@/426@/'31'R/' 6<2//7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>V'4N99'7/36;9?'14'02101?69?'412' 35/';:O9N?;1:'14'0NR9;O'623'=;35;:'35/'7/P/910@/:3'?5699'56P/'R//:'?NR@;33/7' 31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U' NO5'7/36;9?' ?5699'35/:'R/';@09/@/:3/7'02;12'31'35/'1OON063;1:'14'35/'7/P/910@/:3U' '' ./6?1:B''$:'127/2'31'?63;?4>'35/'2/_N;2/@/:3?'14'819;O>'M"FC'14'35/',:;362>' &/P/910@/:3'896:'6:7'31'/:?N2/'3563'35/'_N69;3>'14'35/'RN;93'/:P;21:@/:3';?' /:56:O/7U' ' ZU' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'4N99'6:7'4;:69'7/36;9?'14'699'@/6?N2/?' 31'0213/O3'35/'/\;?3;:<'32//?E?52NR?'31'R/'2/36;:/7V'56P/'R//:'?NR@;33/7'31' 6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'6:7'35/'60021P/7' @/6?N2/?'56P/'35/2/643/2'R//:';@09/@/:3/7U'')5/?/'@/6?N2/?'?5699' ;:O9N7/'6'O1:?32NO3;1:'@/3517191<>'?363/@/:3'6:7'096:'?51=;:<'6OON263/' 2113'0213/O3;1:'62/6?'6:7'35/'91O63;1:'6:7'7/36;9?'14'0213/O3;P/'4/:O;:<'6:7' ?;<:?U'8213/O3;1:'14'32//?'?5699'R/';:'6OO1276:O/'=;35'M 'G[WXV'CDFC'S12';3?' 2/096O/@/:3T'6:7'35/'0213/O3/7'62/6?'?5699':13'R/'7;?3N2R/7V'O1@06O3/7'12' N?/7'412'6:>'3>0/'14'?3126'=6>U')5/'%1O69'896::;:<'HN3512;3>'?5699'R/' :13;4;/7';:'=2;3;:<'=5/:'35/'0213/O3;1:'@/6?N2/?'62/';:'096O/'6:7'35/' 0213/O3;1:'?5699':13'R/'2/@1P/7'N:3;9'35/'O1@09/3;1:'14'35/'7/P/910@/:3' N:9/??'135/2=;?/'60021P/7U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'0213/O3;:<'35/';7/:3;4;/7'32//?'1:'?;3/U'$3';?' ' /??/:3;69'3563'35;?'O1:7;3;1:';?'O1@09;/7'=;35'R/412/'6:>'135/2'=12Q?'1:'?;3/' ' O1@@/:O/'<;P/:'3563'76@6'35/'%1O69'896::;:<'HN3512;3>U')5/'%6:7?O60/'6:7'"O191<;O69' A6:6?3/@'56P/'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69' 896::;:<'HN3512;3>U')5/'?>?3/@'?5699'R/';@09/@/:3/7'6:7'35/2/643/2' @6:6'6:>'0NR9;O'R17>'12'?363N312>'N:7/236Q/2V'12' Page 215 6:>'135/2'6226:?3/@'3521N<51N3';3?'9;4/3;@/U' '' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'?N?36;:6R9/'7/P/910@/:3'6:7'<;P/:'3563'726;:6?3/@'=;99'R/'4;3'412'0N201?/U' ' XU' -1'7/@19;3;1:'6:7'E'12'O1:?32NO3;1:'=12Q?'?5699'R/'O622;/7'1N3'N:9/??' /_N;0@/:3';?'021P;7/7'412'35/'/44/O3;P/'O9/6:;:<'14'35/'=5//9?'6:7'R17;/?'14' P/5;O9/?'9/6P;:<'35/'?;3/'?1'6?'31'02/P/:3'35/'7/01?;3;:<'14'@N7'6:7'=6?3/' 1:'35/'5;<5=6>U'#N99'7/36;9?'14'35/'02101?/7'O9/6:;:<'/_N;0@/:3'?5699'R/' 60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'R/412/';3';?';:?3699/7U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'?64/3>'14'2167'N?/2?U' ' '[U' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'/;35/2BY' ' ''''' 6T';@021P/@/:3'=12Q?'31'35/'5;<5=6>?'?0/O;4;/7'R/91='56P/'R//:'O622;/7' 1N3'31'/:6R9/'?NO5'5;<5=6>?'31'0/2412@'?64/9>'=5/:'?NR^/O3/7'31'35/'32644;O' =5;O5';:'35/'10;:;1:'14'35/'%1O69'896::;:<'HN3512;3>'=;99'R/''35/' 7/P/910@/:3V'12' RT'7/36;9?'56P/'R//:'?NR@;33/7'31'6:7'60021P/7'R>'35/'%1O69'896::;:<' HN3512;3>'14'6226:'412'35/';@021P/@/:3'=12Q?' 31'R/'O1:?32NO3/7';:'6OO1276:O/'=;35'6'3;@/9;:/'3563'?5699'4;2?3'56P/'R//:' ?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>U' '' ' )5/']12Q?BY' '' Y' ./P;/=E021@13;1:'14')2644;O'./ Page 216 Y' ;<:;: Page 217 ' ./6?1:B'$:'35/';:3/2/?3?'14'7/9;P/2;:<'?N?36;:6R9/'412@?'14'326:?0123U' ' FCU' -1'7/P/910@/:3'?5699'O1@@/:O/'N:3;9'6'(1:?32NO3;1:'A6:6' 56?'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<' HN3512;3>U')5/' 3263/<>'?5699';:O9N7/'4N99'7/36;9?'14'35/'41991=;: Page 218 ' FeU' H:>'2/@/7;63;1:'=12Q?'2/O1@@/:7/7';:'35/'60021P/7'856?/'$$'$:32N?;P/' ;3/'$:P/?3;<63;1:'./0123'?5699'R/'35/'?NR^/O3'14'6'./@/7;63;1:' 3263/<>' ./0123'=5;O5'?5699'56P/'R//:'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>'02;12'31'O1:?32NO3;1:'=12Q?'O1@@/:O;: Page 219 '' ' ./6?1:B')1'/:?N2/'3563'6:>'62O56/191<;O69'2/@6;:?'02/?/:3V'=5/35/2'RN2;/7' ' 12'0623'14'6'?36:7;:<'RN;97;: Page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age 221 7/@1:?3263/7U')5/'7/36;9/7'02101?69?'412'?N246O/'=63/2'7;?01?69V';:O9N7;:<' O69ON963;1:?'31'7/@1:?3263/'35/'2/7NO3;1:V'@N?3'R/'?NR@;33/7'31'6:7' 60021P/7'R>'35/'%1O69'896::;:<'HN3512;3>'02;12'31'35/'O1@@/:O/@/:3'14' 7/P/910@/:3U')5/2/643/2V'35/'7/P/910@/:3'?5699'R/'O1@09/3/7';:' 6OO1276:O/'=;35'35/'6R1P/'7/36;9?U' '' ' ./6?1:B'$:'127/2'31'@;3;<63/'6<6;:?3'35/'2;?Q'14'49117;: Page 222 6:7'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<'HN3512;3>'6:7'')5/'7/36;9?' ?5699';:O9N7/BY'' '' ' Y' #N99'O1:?32NO3;1:'7/36;9?' ' Y' 0/O;4;O63;1:E@63/2;69?' ' Y' 8/2@/6R9/'06P;:<'7/36;9?' ' Y' %1: Page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age 224 91='O62R1:'/:/2<>'6:7'/6O5'7=/99;:<'?5699'69?1''12';:O1201263/'7/?;<:'@/6?N2/?'?N44;O;/:3'31'2/7NO/' 35/'7/P/910@/:3c?'1P/2699'02/7;O3/7'O62R1:'7;1\;7/'/@;??;1:?'R>'ZD`V'6?';?' ?/3'1N3';:'35/'?NR@;33/7'71ON@/:3'/:3;39/7'f/2?;1:'Z' N?36;:6R;9;3>' N@@62>' -13/'Si35' /03/@R/2'CDFGTU' '' H:>'6<2//7'2/:/=6R9/'12'91='O62R1:'/:/2<>'/_N;0@/:3V'O1::/O3;1:'31' 7/O/:3269;?/7'12'91='O62R1:'/:/2<>'?1N2O/?'?5699'56P/'R//:';:?3699/7'R/412/' 6:>'0623'14'35/'7/P/910@/:3';?'1OON0;/7'6:7'6'01?3Y;:?369963;1:'2/0123'?5699' 56P/'R//:'?NR@;33/7'31'6:'60021P/7';:'=2;3;:<'R>'35/'%1O69'896::;:<' HN3512;3>'31'7/@1:?3263/'3563'35/'6<2//7'@/6?N2/?'56P/'R//:';:?3699/7U'' )5/2/643/2'35/'6<2//7'/_N;0@/:3V'O1::/O3;1:'12'@/6?N2/?'?5699'R/'2/36;:/7' ;:'N?/'6:7'@6;:36;:/7'412'35/'9;4/3;@/'14'35/'7/P/910@/:3U' '' ' ./6?1:?B'$:'127/2'31'/:?N2/'3563':/='7/P/910@/:3'@6Q/?'/:/2<>'?6P;:'?5699'R/'@6;:36;:/7' 6:7'2/36;:/7'412'35/'9;4/3;@/'14'35/'7/P/910@/:3''' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'@;3;<63;:<'35/'/44/O3?'14'O9;@63/'O56:?3/@T'?5699'R/'021P;7/7'1:' 35/'2114S?T';:'35/'91O63;1:?'?51=:'1:'35/'60021P/7'096:?'02;12'31'35/'N?/'14' 35/'RN;97;:'35/'%1O69'896::;:<'HN3512;3>'02;12'31'41N:763;1:' =12Q?'O1@@/:O;:<'1:'?;3/'6:7'N:9/??'135/2=;?/'6<2//7';:'=2;3;:<'?5699' ;:O9N7/'6'?NR?3263/'R6?/7'<21=;:<'@/7;N@'14'[D@@'@;:;@N@'7/035' ;:O1201263;:<'FGYCG`'O1@01?3'12'135/2'12<6:;O'@63/2;69U'!/2R6O/1N?'096:3?' ?5699'R/'/@091>/7'6:7'35/'096:3?'?5699'R/'@6;:36;:/7'412'6'0/2;17'14'G'>/62?' 421@'35/'763/'14';@09/@/:363;1:'6:7'6:>'46;9N2/?'=;35;:'3563'0/2;17'?5699'R/' 2/096O/7U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'@;3;<63;:<'35/'/44/O3?'14'O9;@63/'O56:'819;O>' ' ( eZU' ' ZFU' )5/'%1O69'896::;:<'HN3512;3>'?5699'R/':13;4;/7';:'=2;3;:<'N01:'O1@09/3;1:'14' ' 35/'<2//:'2114U' '' Page 225 ' ./6?1:B')1'/:?N2/'3563'35/'91O69'096::;:<'6N3512;3>'O6:'O1:4;2@'=5/:'35/' ' @6;:3/:6:O/'0/2;17?'?0/O;4;/7';:'6??1O;63/7'O1:7;3;1:?EO1:7;3;1:'56P/' ' O1@@/:O/7U' ' ZCU' )5/'7/P/910@/:3'?5699'R/'O622;/7'1N3';:'6OO1276:O/'=;35'35/'60021P/7' ' #9117'.;?Q'H??/??@/:3'S#.HT'O1@0;9/7'R>'"t8V'6:7'763/7'&/O/@R/2'CDFZ' ' 6:7'35/'41991=;:<'@;3;<63;1:'@/6?N2/?'7/36;9/7'=;35;:'35/'#.HBY' '' Y' #9117'491='21N3;:<'31'R/';:O1201263/7';:31'35/'?;3/'31'7;P/23'1P/296:7' 491=?'6=6>'421@'RN;97;:';@09/@/:3/7'02;12'31'1OON063;1:'6:7' ?NR?/_N/:39>';:'6OO1276:O/'=;35'35/'3;@;: Page 226 ZeU' -13=;35?36:7;:<'35/'021P;?;1:?'14'35/')1=:'6:7'(1N:32>'896::;:<'SI/:/269' 8/2@;33/7'&/P/910@/:3T'+27/2'CDFG'S6:7'6:>'127/2'2/P1Q;:<'6:7'2/Y /:6O3;:<'35/'127/2T':1'=;:71=?'12'135/2'10/:;:'0/2@;33/7'=;351N3'35/'02;12'=2;33/:' 60021P69'14'35/'%1O69'896::;:<'HN3512;3>U' '' ./6?1:B'$:'35/';:3/2/?3?'14'35/'P;?N69'6:7'2/?;7/:3;69'6@/:;3>'14'35/' 7/P/910@/:3U' ' ZXU' -13=;35?36:7;:<'35/'021P;?;1:?'14'35/')1=:'6:7'(1N:32>'896::;:<'SI/:/269' 8/2@;33/7'&/P/910@/:3T'SH@/:7@/:3T'S-1UCT'S":<96:7T'+27/2'CDFGV'8623'F' S(96??/?'H'31'!';:O9N?;P/TV'8623'C'S(96??'HTV'12'6:>'+27/2'2/P1Q;:<'12'2/Y /:6O3;:<'3563'+27/2V':1'/\3/:?;1:?V'012O5/?V'<626'ON23;96'644/O3'35/'/\3/2:69'600/626:O/'14'35/'7=/99;:U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'6@/:;3;/?'14'1OON0;/2?'14'67^1;:;:<'0210/23>V' ' R/62;:<';:'@;:7'35/'2/?32;O3/7'?;b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eGFT'?51N97'R/'O1:36O3/7';@@/7;63/9>U''./P;?;1:?'31'35/' ./@/7;63;1:' 3263/<>'?5699'R/'?NR@;33/7'31'6:7'60021P/7';:'=2;3;:<'R>'35/' %1O69'896::;:<'HN3512;3>U']12Q?'?5699'35/2/643/2'R/'O622;/7'1N3';:' 6OO1276:O/'=;35'35/'60021P/7'2/P;?/7'./@/7;63;1:' 3263/<>U' '' Page 227 ' ./6?1:B'$:'127/2'31'/:?N2/'3563'6:>'O1:36@;:63;1:'14'35/'96:7';?'0210/29>' ' 7/693'=;35U' ' GCU' H99'RN;93'412@'6:7'=699?'=;35;:'35/'7/P/910@/:3V'?51=:'1:'35/'60021P/7' 096:?V'?5699'R/'O1:?32NO3/7';:':63N269'?31:/'6:7'6:>'4N3N2/';@021P/@/:3?'12' @6;:3/:6:O/'31'35/'7/P/910@/:3'?5699'69?1'N?/':63N269'?31:/'31'@63O5'35/' ?31:/'60021P/7'412'35/'O1:?32NO3;1:'14'35/'7/P/910@/:3'S;:O9N7;:<'?;b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b/V'3/\3N2/'6:7'O191N2TU'H3' :1'3;@/'?5699'623;4;O;69'?963/'R/'N?/7'6?'6'?NR?3;3N3/U' '' ' ./6?1:B'$:'35/';:3/2/?3?'14'35/'P;?N69'6@/:;3;/?'14'35/'91O69;3>'6:7'31'/:?N2/' ' 35/'6002102;63/'_N69;3>'14'7/P/910@/:3U' ' GGU' 82;12'31'O1:?32NO3;1:'=12Q?'O1@@/:O;:<'1:'35/'?;3/V'4N99'7/36;9?'14'699' 96:7?O60/7'62/6?V';:O9N7;:<'35/'0635=6>'31'35/'421:3'14'35/'?;3/'6:7'35/'4;:69' 01?;3;1:;:<'14'6:>'6:7'699'O5;972/:c?'096>'/_N;0@/:3'6:7'35/'u)2;@')26;9u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age 228 CU' )1'/:?N2/'3563'35/'2167'6:7E12'41130635?'1:'35;?'7/P/910@/:3'62/'O1:?32NO3/7' ;:'6OO1276:O/'=;35'35/'60021P/7'096:?'6:7'?0/O;4;O63;1:?V'35/'=12Q'=;99'R/' ;:?0/O3/7'R>'2/02/?/:363;P/?'14'35/'(;3>'(1N:O;9U''H:';:?0/O3;1:'4//'=;99'R/' 06>6R9/'1:'O1@@/:O/@/:3'14'35/'=12Q?U'')5/'4//';?'R6?/7'1:'35/'263/?'N?/7' R>'35/'(;3>'(1N:O;9V'N:7/2'35/'H7P6:O/'86>@/:3?'(17/'14'35/'!;<5=6>?'HO3' Fi[DU'' ' ' '$4'>1N'2/_N;2/'6:>'4N235/2';:412@63;1:'09/6?/'O1:36O3'A2' ')N2:/2'1:' 5/44;/97' SDFFZT'CXWZW[WU' ' WU' *1N'62/'2/_N;2/7V'6?'0623'14'35;?'7/P/910@/:3V'31'O622>'1N3'=12Q?'=;35;:'35/' 0NR9;O'5;<5=6>U'*1N'@N?3':13'?3623'6:>'14'35;?'=12Q'N:3;9'>1N'56P/'2/O/;P/7'6' ?;<:/7'O1:?/:3'N:7/2'35/'!;<5=6>?'HO3'Fi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eeXXV'02;12'31' O1@@/:O;:<'=12Q?U'')5/'(1Y127;:6312'=;99'R/'6R9/'31'67P;?/'>1N'14'6:>'02/Y O1@@/:O/@/:3'O1:7;3;1:'?N2P/>?V'0/2@;3?V'0/2@;??;1:?'12'9;O/:O/?'>1N'@6>' 2/_N;2/';:'127/2'31'O622>'1N3'>1N2'=12Q?U' ' eU' M>'96=V'35;?'7/P/910@/:3'2/_N;2/?'35/'6991O63;1:'14'144;O;69V'2/<;?3/2/7' 6772/??S/?T'R>'35/'(1N:O;9c?' 32//3'-6@;:<'6:7'-N@R/2;:<'+44;O/2U'89/6?/' 2/4/2'31'35/' 32//3'-6@;:<'6:7'-N@R/2;:<'IN;7/9;:/?'6:7'6009;O63;1:'412@?'1:' 35/'(1N:O;9'=/R?;3/U'#12'4N235/2'5/90'6:7'67P;O/'09/6?/'2;:<'DFFZ'CXWeFCX'12' /@6;9'?::l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eD`'14' Page 229 35/'6::N69'26;:4699U'H'@;:;@N@'14'C'@6;:3/:6:O/'P;?;3?'0/2'>/62'=;99'R/'2/_N;2/7' 31'2/@1P/'N:=6:3/7'?0/O;/?'S6?';?'35/'O6?/'=;35':12@69'2114?TU'H??;?36:O/';:' <2//:'2114'?0/O;4;O63;1:'O6:'R/'<6;:/7'421@'35/' 5/44;/97'I2//:'.114'#12N@'Y' O1:36O3'+44;O/2?';:'":P;21:@/:369'896::;:<';:'35/'4;2?3';:?36:O/B'CXWZFi['E' CXWZFieU'H93/2:63;P/9>'P;?;3'===U9;P;:<2114?U12<'12'?//'35/'%1O69'896::;:<' HN3512;3;/?'I2//:'.114'896::;:<'IN;76:O/'1:'35/'(1N:O;9'=/R'?;3/U' ' [U' )5/'6009;O6:3';?'2/@;:7/7'3563'6' /O3;1:'FDe'6<2//@/:3';?'2/9/P6:3'31'6:7' 6OO1@06:;/?'35;?'6009;O63;1:U' ' i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age 230 ;3/'%1O63;1:' ' ' d'(21=:'O10>2;<53'6:7'7636R6?/'2;<53?'CDFW'+27:6:O/' N2P/>'FDDF[[Fe' ' '' Page 231 %+(H)$+-'H-&'8.+8+ H%' ' )5/'6009;O63;1:'2/963/?'31'35/'?;3/'14'35/'412@/2'&>?1:'./426O312;/?';:7N?32;69' O1@09/\'91O63/7'1:' 310/?'.167V' 5/44;/97'6:7'6'4;/97'1001?;3/'35/'?;3/'=5;O5';?' =;35;:'35/'?6@/'1=:/2?5;0U'' ' )5/'@6;:'7/P/910@/:3'?;3/'O1@02;?/?'6'O1@09/\'14'412@/2';:7N?32;69'RN;97;:'14'RN;97;:<'412@?'6:7'5627Y?36:7;: Page 232 H'0/3;3;1:'O1:36;:;:<'WDF':6@/?'56?'69?1'R//:'2/O/;P/7'1R^/O3;:<'1:'35/'<21N:7?' 3563k'35/2/';?'692/67>'311'@NO5'32644;O'O6N?;:<'O1:';??N/?'6:7' 35/2/'=1N97'R/'311'@6:>'@12/'P/5;O9/?V'0623;ON9629>'63'0/6Q'0/2;17?k'35/'?O5119?' 6:7'71O312?'62/'692/67>'4N99'6:7':13'/:1N<5'412'35/'ON22/:3'P19N@/'14'2/?;7/:3?V' @12/'7/@6:7'=1N97'R/'N:R/626R9/'6:7'N:46;2'31'/\;?3;:<'2/?;7/:3?k'35/'O2/63;1:'14' 6':/='7/P/910@/:3'R/3=//:' 36::;:<31:'6:7'&N:<=1235';?'@6??;P/' 1P/27/P/910@/:3k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k'35/'O56:'31'02/P;1N?'600/69'7/O;?;1:?'k'3563'R/33/2'?;3/?'/\;?3'412' 7/P/910@/:3k'3563'?/=6'14'91O69' 6@/:;3;/?U'$3';?':13'51=/P/2V'O1:?;7/2/7'3563'35/?/'01;:3?'14'O1:O/2:'O6:'R/' 7//@/7'31'6009>'31'699'35/'0/109/'=51'02/P;1N?9>'?;<:/7'35/'0/3;3;1:'1:'35/'R6?;?' 3563'35/>'56P/':13'?;<:/7'N0'31'699'35/?/'677;3;1:69'01;:3?U'' ' )5/'1R^/O3;1:?'26;?/7'6?'0623'14'35;?'?/O1:7'21N:7'14'O1:?N9363;1:'62/'?N@@62;?/7' R>'35/@/'691:?1:?'?;3/';?'6'?O6R'1:'35/'96:7?O60/'RN3';3';?':13'6'0/2@6:/:3'1:/k' ' 51N?;:<'=1N97'R/'0/2@6:/:3U'' Y' )5/'7/P/910@/:3'=;99'R/'P;?;R9/'421@'35/'8/6Q'-63;1:69'862QU' Y' )5/'?;3/'096:'?//@?'P/2>'1P/2O21=7/7'6:7'35/'51N?/?'62/'O91?/'31'f699/>';?'6:'62/6'14':63N269'R/6N3>V'7/P/910@/:3'?51N97':13'R/' ' O1:?;7/2/7';:'35;?'62/6'=5;9?3'693/2:63;P/?'/\;?3';:'2/?;7/:3;69'62/6?U'' Y' )5/2/'=1N97'R/'6'?;<:;4;O6:3'P;?N69';@06O3U'' Y'' )5/'7=/99;:'M/:'M6;9/>'1:'35/']117'%6:/'?;3/' ' 35/>'=;99'R/'6'R9;<53'1:'35/'96:7?O60/'6:7'1N3'14'Q//0;: Page 233 Y' )5/'?;3/'=1N97'R/'5;<59>'P;?;R9/V';:'6:'62/6'14'5;<5'96:7?O60/'P69N/'6:7' ' O91?/'31'35/'8/6Q'&;?32;O3'-63;1:69'062QV';:'R135'35/'76>'6:7'63':;<53U' Y' )5/'O5626O3/2'14'35/'62/6';?'91='7/:?;3>'51N?;: Page 234 Y' )5/'326:?0123'6??/??@/:3';?'5627'31'N:7/2?36:7'6:7'35/'?363;?3;O?'62/' ' @6:;0N963/7U')5/'32644;O'4; Page 235 Y' .N269'72;P;:<';?'6'?Q;99'6:7':/='2/?;7/:3?'R21N<53';:31'6'2N269'?/33;:<'31'=5;O5' ' 35/>'62/':13'N?/7'31'=;99'R/'6'56b627U'' Y' )5/2/'56?'R//:'6':N@R/2'14'32644;O'6OO;7/:3?';:'35/'62/6'6:7'?64/3>';??N/?' ' 56P/':13'R//:'351N<53'1N3U'' Y' 64/'062Q;:<'63'35/'91O69'O5N2O5'6:7'O5N2O5'5699'=;99'R/'O1@021@;?/7U'' Y' O5119'^1N2:/>?'=;99'R/'R>'O62'6:7'062Q;:<'63'91O69'?O5119?';?'692/67>' ' 1P/2?32/3O5/7U'' Y' ];:3/2'062Q;:<'=;99'R/'6'56b627'6?';?'?//:';:' 36::;:<31:'f;996'://7'31'R/'7N<'N0U'' Y' )5/'326:?0123'6??/??@/:3'?51N97'R/';:7/0/:7/:3'2635/2'356:'412'35/'R/:/4;3' ' 14'35/'7/P/910/2?U'' Y' )5/'RN?'?/2P;O/?'2/4/22/7'31V'31'O1::/O3'31'35/'O;3>'O/:32/V'62/'2N:'R>' ' 7;44/2/:3'10/26312?'@6Q;:<'3521N<5'3;OQ/3;:<'7;44;ON93'12'/\0/:?;P/U'' Y' "\;?3;:<'2/?;7/:3?'4;:7'02;P63/'O62'35/'@1?3'/44;O;/:3'103;1:U'' Y' )5/'6??/??@/:3'^N?3;4;/?'35/'P19N@/'14'32644;O'1:'35/'R6?;?'3563';:7N?32;69'N?/' ' O1N97'R/'2/?312/7'63'6:>'3;@/'=;351N3'096::;: Page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age 237 Y' (6:'6'O1P/:6:3'R/'0N3';:'096O/';4'35;?'7/P/910@/:3';?'<26:3/7'31'?310'4N235/2' ' 7/P/910@/:3'6:7'?310'35;?'?;3/'^1;:;:<'N0'=;35' 36::;:<31:w'' Y' )5/'&>?1:h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age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age 239 Y' )5/'7/P/910@/:3'=;99'2/?N93';:'4N3N2/'O699?'412'35/'2/@1P69'14'32//?'31'R/' ' 2/36;:/7'1:'?;3/U'' ' ' N?36;:6R;9;3>' Y' )5/'2/4/2/:O/?'31'?1962'<6;:'62/'_N/2;/7';:'3563'35/'?;3/';?'31=627?'35/' ' R1331@'14'6'?3//0':1235'46O;:<'?910/'6:7';?'?;<:;4;O6:39>'1P/2?5671=/7'R>' ' 32//?U'$3';?'_N/2;/7'=5/35/2'6'?N:E76>9;<53'6:69>?;?'56?'R//:'O1:7NO3/7U'$:' ' =;:3/2'35/'?:1='6:7';O/'91;3/2?';:'35;?'62/6U'' Y' (562<;:<'01;:3?'412'/9/O32;O'O62?'?51N97'R/'46O312/7';:31'35/'1P/2?0;99'062Q;:<' ' 6?'35/?/'=;99'R/'P;369'412'35/':/\3'U'' ' C'9/33/2?'14'?N00123'56P/'69?1'R//:'2/O/;P/7'412'35/'7/P/910@/:3U')5/'41991=;:<' O1@@/:3?';:'?N00123'56P/'R//:'@67/B'' ' Y' )5/'7/:?;3>'14'7/P/910@/:3';?'?;@;962'31'35/'6O12:'/?363/U'' Y' H:';:O2/6?/';:'6441276R9/'51N?;:<'6:7'?3623/2'51N?/?'=1N97';:O2/6?/' ' 7/:?;3>U'' Y' H'7/P/910/2'://7?'31'R/'?//;:<'6'0214;3';:'127/2'31'36Q/'1:'35/'7/@19;3;1:' ' 6:7'2/Y9/P/99;:<'14'35/'?;3/U' Y' )5/2/'62/'6'P62;/3>'14'51N?;:<'103;1:?'1:'?;3/'=5;O5'2/49/O3'35/'62/6U' Y' ];351N3';:P/?3@/:3'35/'?;3/'=;99'7/O6>'4N235/2U' Y' )5/'O1@@/:3?'2/<627;:<';:426?32NO3N2/'96OQ'412/?;<53U'$3';?'O1@@/:3/7'3563' ' XD'>/62?'6<1V' 36::;:<31:'=6?'6'O199/O3;1:'14'O1336'41991=?'7/@6:7U' Y' (1:'?3100;:<'35/'7/P/910@/:3U'' Y' (1:U'' Y' #6@;9>'51N?;:<'=;99'/:O1N261N:<'0/109/'6:7'46@;9;/?'=5;O5'=;99'R11?3' ' 35/'/O1:1@>ERN?;:/??'6:7'35/'91O69'6/?12/' ' 6:7'021P;7/'100123N:;3;/?'412'2N269'9;P;: Page 240 819;O;/?'6:7' ;3/'71ON@/:3U'')5/'?;3/';?'FGDD@/32/?'412@'35/':/62/?3'02;@62>' ?O5119'6:7'FXDD@'31'35/'91O69'?5100;:<'O/:32/U'MN?'?/2P;O/?'62/';:42/_N/:3'6:7' 35/'41130635'6:7';:67/_N63/'?32//3'9;<53;:<'@6Q/?'35;?'6'0112'=69Q;:<'/:P;21:@/:3U' )5/'02;:O;09/'14'O2/63;:<'6:'N2R6:'/?363/';:'6:'62/6'2/@1P/7'421@'35/'N2R6:'62/6' ;?':13'6OO/036R9/'6:7'=1N97'R/'1N3'14'Q//0;:<'6:7'5;<59>'P;?;R9/U'')5/'?O5/@/' 71/?':13'6772/??'35/'://7'412'6'@;\'14'51N?;:<'=;35'6:'/@056?;?'1:'6441276R9/' 51@/?U')5/'7/P/910@/:3'=;99'2/?N93';:'2;RR1:'7/P/910@/:3'6:7'=1N97'9;Q/9>'9/67'31' 6009;O63;1:?'412'51N?;:<'6009;O63;1:?'R/3=//:'35;?'?;3/'6:7' 36::;:<31:U',:3;9'35/' ?3263/<;O'2/P;/='14'51N?;:<'2/_N;2/@/:3?'6:7'?;3/?'6:7'35/'I2//:'M/93'2/P;/=';?' O1:O9N7/7'35/'<26:3;:<'14'096::;:<'0/2@;??;1:'412'35;?'?;3/'=1N97'R/'02/@63N2/'6:7' =1N97'9/67'31'02/??N2/'412'35/'02/@63N2/'7/P/910@/:3'14'135/2'?;3/?'?NO5'6?'35/' 412@/2'!/0=1235'?;3/';:'35/'%1\9/>'f699/>U' ' $:'35/'4N3N2/'.f(I'4//9'3563'6'01?;3;P/'6:7'?N?36;:6R9/'4N3N2/'412'35/'?;3/'?51N97'R/' 41N:7'RN3'6:>'7/P/910@/:3'2/_N;2/7';:'127/2'31'6O5;/P/'/O1:1@;O'P;6R;9;3>'?51N97' ;:P19P/'@;:;@69'5627'7/P/910@/:3'6:7'6O5;/P/'?N?36;:6R;9;3>'O2;3/2;6U')5/' O1@@N:;3>'?51N97'56P/'35/'100123N:;3>'31'/\02/??'35/;2'P;/=?';:'35/'O1:3/\3'14'35/' 096:'2/P;/='R/412/'6:>'6009;O63;1:'412'7/P/910@/:3'14'35/'?;3/';?'36Q/:U' ' $:'35/'?/O1:7'2/?01:?/'.f(I'?363/'3563'35/'6@/:7@/:3?'?NR@;33/7'71':13'?63;?4>' 35/'1R^/O3;1:?'02/P;1N?9>'@67/'1:'35/'<21N:7?'3563k'35/'7/P/910@/:3';?'6:'N2R6:' 7/P/910@/:3';:''2N269'91O63;1:V'6?'=;35'%17;:<'51N?/'3>0/?' 643/2'O1:?/:3'567'R//:'<26:3/7V'35;?'O1N97'R/'2/0/63/7'1:'35/'&>?1:?'?;3/U')5/' ?NR@;??;1:';:'2/?0/O3'14'O1::/O3;P;3>'71/?':13'6772/??'35/'1R^/O3;1:'31' ?N?36;:6R;9;3>V'35/'?;3/';?':13';:'6'?N?36;:6R9/'91O63;1:'6:7'35/'7/P/910@/:3'O1:49;O3?' =;35':63;1:69'6:7'91O69'019;O;/?U'.f(I'69?1'?363/'3563'P/2>'?0/O;69'O;2ON@?36:O/?' 56P/':13'R//:'7/@1:?3263/7'6:7'35/'02;@6O>'14'35/'7/P/910@/:3'096:'2/@6;:?U'$3' ;?'69?1'?363/7'3563';3';?';:6002102;63/'412'35;?'7/P/910@/:3'31'R/'60021P/7'63'6'3;@/' =5/:'35/'2/P;/=?'14'35/'%1O69'896:'6:7'35/'I2//:'M/93'62/'R/;:<'N:7/236Q/:U'' ' %1\9/>'f699/>'8213/O3;1:' 1O;/3>' ' )5/'?;3/';?'6'021@;:/:3'4/63N2/';:'6'5;<5'_N69;3>'96:7?O60/U'')5/'7/P/910@/:3' 02101?69';?'1N3'14'O5626O3/2';:'3/2@?'14';3?'?O69/'6:7';?'@12/'6Q;:'31'35/'P;996'6<2//'=;35'35/'P;/=?' ?/3'1N3'R>'.;P/9;:'f699/>'(1:?/2P63;1:'I21N0'6:7'(8."U'' ' )5/'02101?69';?'O1:3262>'31'35/',:;362>'&/P/910@/:3'896:V'(12/' 3263/<>'6:7' -88#';:'2/?0/O3'14'I2//:'M/93'019;O>'6:7'35/'2/N?/'14'02/P;1N?9>'7/P/910/7'96:7U''' ' )5/2/';?':1'6441276R9/'51N?;:<'02101?/7U'' ' )5/'?19/'O1@@N:;3>'R/:/4;3'14'35/'?;3/'=1N97'R/'3563'35/'?;3/';?'O9/62/7'N0'6:7'35;?' ;?':13'?N44;O;/:3'^N?3;4;O63;1:'31'O2/63/'35/'P/2>'?0/O;69'O;2ON@?36:O/?'412'6'@6^12' :/='7/P/910@/:3'1:'35/'?;3/U'H:>'677;3;1:69'6@/:;3;/?'=1N97'R/'021P;7/7'63'6:' N:?N?36;:6R9/'7;?36:O/'421@'35/'?;3/U' ' )5/'7/P/910@/:3'02101?69'71/?':13'@//3'35/'3/?3?'14'?N?36;:6R9/'7/P/910@/:3'6?' ?/3'1N3';:'35/'-88#U' Page 241 ' )5/'326:?0123'6??/??@/:3'6:7'326P/9'096:';?'N:Y2/69;?3;O';:'3563'0/109/'=;99'=69Q'12' N?/'R;O>O9/?'7N/'31'35/'7;?36:O/V'3101<2605>'6:7'=/635/2U'(62?'62/'@12/'9;Q/9>'31' R/'N?/7V'35;?'O1N97'R/'?N?36;:6R9/';4'2/O562<;:<'01;:3?'=/2/'021P;7/7'412' /9/O32;OE5>R2;7'P/5;O9/?'RN3';3';?'?3;99'9;Q/9>'31'R/'0/3219V'7;/?/9';:'?1@/';:?36:O/?U'' )5/'RN?/?'62/'9;@;3/7';:'35/;2'2/ Page 242 $3';?';:O122/O3'31'?363/'3563'35/2/'56P/'R//:'@6^12'7/P/910/7'?;3/?'7/?;<:63/7';:'35/' I2//:'M/93U' ' )5/2/';?'35/'2;?Q'3563'35;?'?;3/'@6>'?/3'6'02/O/7/:3'412'135/2'962' 7/P/910/7'?;3/?';:'35/'I2//:'M/93V';:'02/P;1N?9>'N:?N?36;:6R9/'91O63;1:?U')5;?' =1N97'R/'O636?32105;O'412'35/'I2//:'R/93'6:7'6:'1P/2?32/3O5/7'91O69';:426?32NO3N2/U'' ' )5/2/';?'69?1'35/'2;?Q'14'02/O/7/:3'3563'35/'?;3/'=;99'6991='412'N2R6:'?026=9'6:7'3563' 35/'96:7'R/3=//:'35/'?;3/'6:7' 36::;:<31:'=;99'R/'7/P/910/7'6?'=/99U'' ' )5/'096::;:<'O1@@;33//'?51N97'P;?;3'35/'?;3/'6:7'35/'?N221N:7;:<'62/6?'31'?//'35/' P;?;R;9;3>'6:7';@06O3'14'35/'7/P/910@/:3'421@'6'7;?36:O/U'' ' +P/2699V'35/'?;3/';?';:6002102;63/';:'3/2@?'14'7/?;<:'6:7'@63/2;69?';:'6'<2//:'R/93' ?/33;:<'14'5;<5'96:7?O60/'P69N/V'1:'35/'R127/2'14'35/'8/6Q'&;?32;O3'-63;1:69'062QV' 3563'35/'91O63;1:';?':13'?N?36;:6R9/'6:7'=1N97':13'/:56:O/'12';@021P/'35/'I2//:' R/3'12'O1:4;2@'31'019;O>U'' ' $:'35/'?/O1:7'21N:7'14'O1:?N9363;1:'%f8 '69?1'2/;3/263/'35/;2'1R^/O3;1:?'02/P;1N?9>' @67/'3563'35/'?;3/';?'N:?N;36R9/'412'51N?;:<'6:7'3563'35/'7/:?;3>V'@63/2;69?'6:7' R1N:762>'32/63@/:3'?51=';3?'N:?N;36R;9;3>U')5/'?;3/';?'69?1':13'O1:?;7/2/7'31'R/' ?N?36;:6R9/'6?'0/2'35/'-88#V'6:7'35/'7/P/910@/:3'=;99'N93;@63/9>'56P/'6'<2/63/2' ;@06O3'1:'35/'I2//:'M/93'356:'6'g762QV'?;9/:3V'N:P;?;3/7'?;3/h'=1N97U')5/>'69?1'?363/' 3563'7/?0;3/'35/'@;3;<63;1:?'02101?/7'35;?'71/?':13'O56:'?51N97'R/' 2/:1P63/7'6:7'2/36;:/7U'!/2;36'?0/O;4;O63;1:'6:7'51N?/':N@R/2?'2/7NO/7U'+35/2'91O69';:6002102;63/' 7/P/910@/:3'?51N97':13'R/'6'02/O/7/:3U'%f8 '69?1'4//9'3563'35/'96OQ'14'6' 7/P/910@/:3'096:'?51N97':13'R/'6'^N?3;4;O63;1:'412'7/P/910@/:3V';:7//7';3'?51N97'R/' 35/'1001?;3/U'MN?/?'62/'ON22/:39>'R/;:<'2/P;/=/7'6:7'ON3?'=;99'@/6:'3563'35/' ?N?36;:6R;9;3>'14'35/'7/P/910@/:3'4N235/2U'%f8 '69?1'O;3/'35/'02101?/7'2/96\63;1:';:' <1P/2:@/:3' Page 243 ' )5/'?;3/';?'2/@13/'421@' 36::;:<31:'6:7'=;99'R/'O62'7/0/:7/:3U'$3'=;99'56P/':1' 6@/:;3;/?'6:7'=;99'0N3'?32/??'N01:'35/'6@/:;3;/?';:' 36::;:<31:U'$3'@6>'9/67'31' 4N3N2/'02/??N2/?'412';:4;99'7/P/910@/:3'R/3=//:'35/'?;3/'6:7' 36::;:<31:U'' ' (('?51N97'2/4N?/'35/'6009;O63;1:'6:7'=12Q'=;35'35/'1=:/2?'6:7'?36Q/5197/2?'31' @6Q/'6'?19N3;1:'=5;O5'=1N97'/:56:O/'35/'O1N:32>?;7/V'35/'O;3>h?'P69N/?'6:7'R/'6:' ;::1P63;P/'@17/9'412'135/2?'31'41991=U''' ' 8H("'2/;3/263/?'35/;2'02/P;1N?'1R^/O3;1:'31'35/'02101?69';:'35/'?/O1:7'21N:7'14' O1:?N9363;1:U'' ' /O2/362>'14'&N:<=1235'f;996'0/109/'7;7':13'Q:1='6R1N3'35/'6009;O63;1:V'35/'?;3/';?'P;?;R9/';:'35/'76>'RN3'63' :;<53';3';?';:'762Q:/??U')5;?'=1N97':1'91:'?363/?'3563'35/2/'?51N97'R/':1'@12/';@06O3'356:'63'02/?/:3'6:7'35;?' =1N97':13'R/'35/'O6?/U'' ' )5/2/';?':1'6441276R9/'51N?;: Page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k')5/' 096:?'600/62'31'R/'1N3'14'O1:3/\3'=;35'351?/'02/P;1N?9>'02/?/:3/7'63'O1:?N9363;1:' /P/:3?U'' ' M8('69?1'?363/?'3563'35/2/';?'6'96OQ'14'6002102;63/';:426?32NO3N2/';:'3/2@?'14'71O312?h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gP/2>'?0/O;69'O;2ON@?36:O/h'412'I2//:'M/93' 7/P/910@/:3U' ' )5/'7/P/910@/:3';?'O1:3262>'31'35/'-88#'0626'[D';:'2/?0/O3'14'?64/ Page 245 6OO/036R;9;3>'6?'6'51N?;:<'7/P/910@/:3'=1N97'56P/'6:'/:3;2/9>'7;44/2/:3';@06O3' =5;O5'=1N97'R/'562@4N9'31'35/'I2//:'M/93V'6:7'=1N97'69?1':13'6OO127'=;35'0626'[i' ;:'3/2@?'14'35/';@06O3'14'35/'N?/'2635/2'356:'35/'411302;:3'14'7/P/910@/:3U'' ' )5/'7/P/910@/:3'6@1N:3?'31'6':/='?/339/@/:3'=;351N3'6@/:;3;/?'6:7'35/2/';?':1' :63;1:69'12'91O69'019;O>'O1:3/\3'412'O1:?;7/2;:<':/='?/339/@/:3U'H991=;:<'35/' 7/P/910@/:3'02101?/7'=1N97'R2/6O5'35/'4N:76@/:369'0N201?/'14'35/'I2//:'M/93'31' 02/P/:3'?026=9U'$3'=1N97'69?1'O2/63/'7/P/910@/:3'02/??N2/'1:'135/2'?;3/?'691:<'3563' 5/44;/97h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b/21'O62R1:'6:7' 3563'=;35;:'35/'FUCQ@'7;?36:O/'35/2/'62/':1'2/36;:'46O;9;3;/?U' ' 5/44;/97'6:7'.135/256@'];979;4/')2N?3'56P/'O1@@/:3/7'1:'35/'6009;O63;1:'6:7' @6Q/'35/'41991=;:<'01;:3?B'' ' Y' $3';?':13'O9/62'=5/35/2'35/'019;O>'6OO127?'=;35'35/'6;@?'14'019;O;/?'( XF' ' g8213/O3;:<'35/'I2//:'M/93h'12'35/'/@/2<;:<' 5/44;/97'(;3>'819;O;/?'6:7' ;3/?' ' 019;O;/?'IeU' Y'' )5/2/'?51N97'R/'6'<2/63/2'RN44/2'R/3=//:'35/'=/?3/2:'/7'144/2?'9;339/'013/:3;69'412'=;979;4/U'' Page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c?' 2/P;?/7'096::;:<'019;O;/?'412'":<96:7'6:7'51=';3'/\0/O3?'35/@'31'R/'6009;/7U'')5/' Q/>'<169'14'35/'-88#';?'35/'0N2?N;3'14'?N?36;:6R9/'7/P/910@/:3V'=5;O5';:P19P/?' ?//Q;:<'01?;3;P/';@021P/@/:3?';:'35/'_N69;3>'14'35/'RN;93V':63N269'6:7'5;?312;O' /:P;21:@/:3V'6?'=/99'6?';:'0/109/c?'_N69;3>'14'9;4/U')5/'41991=;:<'6??/??@/:3'=;99' 56P/'7N/'2/<627'31'35/?/'1P/262O5;:<'02;:O;09/?U'' ' 82;:O;09/'14'&/P/910;:<';:'35/'I2//:'M/93' ' )5/'-63;1:69'896::;:<'819;O>'#26@/=12Q'S-88#T'32/63?'35/'O1:?32NO3;1:'14':/=' RN;97;:'7/P/910/7'?;3/?'=;35;:' 35/'I2//:'M/93';?'1:/'14'?/P/269'/\O/03;1:?'31'35;?'2N9/'021P;7/7'2/7/P/910@/:3' =1N97'56P/':1'<2/63/2';@06O3'356:'35/'/\;?3;:<'7/P/910@/:3'1:'35/'10/::/??'14' 35/'I2//:'M/93'6:7'35/'0N201?/'14';:O9N7;:<'35/'96:7'=;35;:';3'S-88#V'0626U'[i' RN99/3'01;:3'eTU'' ' )5/'7/P/910@/:3';?'O9/629>'6'02/P;1N?9>'7/P/910/7'?;3/'=;35;:'35/'I2//:'M/93V'6:7' 412'35/'2/6?1:?'?/3'1N3'R/91=';3';?'O1:?;7/2/7'3563'N93;@63/9>'35/'7/P/910@/:3'=1N97' 56P/':1'<2/63/2';@06O3'356:'35/'/\;?3;:<'7/P/910@/:3'1:'35/'10/::/??'14'35/' I2//:'M/93'6:7'35/'0N201?/'14';:O9N7;:<'96:7'=;35;:';3U' Page 247 ];35'2/<627?'35/'7/P/910@/:3'56P;:<':1'<2/63/2';@06O3'356:'35/'/\;?3;:<' 7/P/910@/:3';3';?'4;2?39>':13/7'3563'35/'6O3N69'411302;:3'14'7/P/910@/:3'=;99'2/7NO/U' )5/'/\;?3;:<'7/P/910/7'411302;:3';?'60021\U'CWDDD?_N62/'@/32/?'=5;9?3'35/'2/P;?/7' 7/P/910/7'411302;:3'=;99'R/'60021\U'XDDD'?_N62/'@/32/?U')5/'1P/2699'411302;:3'14' 7/P/910@/:3'=;99'69?1'R/';:3/2?0/2?/7'R>'<2//:'?06O/?'=5;O5'=;99'4N235/2'9;@;3'35/' /\06:?/'14'7/P/910@/:3'02101?/7V'O1@062/7'31'35/'ON22/:3'412@U' '' ]5;9?3'35/'7=/99;:'R/'O9/629>'P;?;R9/'6?'?NO5V'35/;2':63N2/'6:7' @6??;:<';?':13'O1:?;7/2/7'31'56P/'6'<2/63/2';@06O3'N01:'35/'10/::/??'14'35/' I2//:'M/93'356:'35/'/\;?3;:<'7/P/910@/:3U')5;?'O1:O9N?;1:';?';:412@/7'R>'35/' ?NR@;33/7'P;?N69';@06O3'6??/??@/:3V'35/'?NR@;33/7'05131@1:36?;7/'421@'/:O216O5@/:3k'31'02/?/2P/'35/' ?/33;:<'6:7'?0/O;69'O5626O3/2'14'5;?312;O'31=:?k'6:7'31'6??;?3';:'N2R6:'2/'/:O1N26<;:<'35/'2/O>O9;:<'14'7/2/9;O3'6:7'135/2'N2R6:'96:7U'' ' )6Q;:<'/6O5'14'35/?/'01;:3?';:'3N2:B'' ' )5/'7/P/910@/:3'=;99':13'2/?N93';:'35/'N:2/?32;O3/7'?026=9'14'962'7/P/910/7'?;3/'6:7'O1N97'2/6?1:6R9>'R/'O1:?;7/2/7'31' R/'gN:2/?32;O3/7'?026=9hU')5/'7/P/910@/:3'=;99'69?1':13';:O9N7/'6:>'/\3/:?;1:'14' RN;93'412@'/;35/2'31'12'421@'35/':/;<5R1N2;:<'?/339/@/:3?'31'/:6R9/'6'?026=9'31'R/' O1:?;7/2/7'6?'1OON22;: Page 248 ;99N@;:63/7'63':;<53V'N:7/2'0/2@;33/7'7/P/910@/:3V'6:7'35;?'=1N97'56P/'6'<2/63/2' ;@06O3'N01:'35/'10/::/??'14'35/'I2//:'M/93'63':;<53k'=5;O5';?'=5/2/'144;O/2?' O1:?;7/2'35/'62 Page 249 )5/'02101?/7'7/P/910@/:3V'6:7';3?';@06O3';:'3/2@?'14'35/'@6;:36;:;:<'35/' 10/::/??'14'35/'I2//:'M/93'6:7'35/'0N201?/'14';:O9N7;:<'96:7'=;35;:';3V'=5/:' O1@062/7'=;35'35/'/\;?3;:<'7/P/910@/:3'9/67?'144;O/2?'31'O1:O9N7/'3563'35/' 7/P/910@/:3';?':13';:6002102;63/'7/P/910@/:3'=;35;:'35/'I2//:'M/93'6:7';?' ?63;?46O312>'=;35'2/<627?'35/'6;@?'14'0626<2605?'[DV'[F'6:7'[iU' ' A1P;:<'1:'421@'35/'-88#'31'35/'(12/' 3263/<>V'019;O>'( XF'g8213/O3;:<'35/'I2//:' M/93h'?363/?'3563V'O1N:32>?;7/'6:7'135/2'10/:'96:7'621N:7'35/'/\;?3;:<'RN;93'N0'62/6?' 14'35/'O;3>'=;99'R/'?64/ Page 250 )5/'?;3/';?'91O63/7'=;35;:'6:'62/6'14'5;<5'96:7?O60/'P69N/'6:7'O1N97':13'2/6?1:6R9>' R/'O1:?;7/2/7'6?'6'01?;3;P/'677;3;1:'31'35;?'96:7?O60/U')5/'2/@1P69'14'35/'7/2/9;O3' ;:7N?32;69'?;3/'=1N97'2/?N93';:'6:'/:56:O/@/:3'14'35/'96:7?O60/U']5/35/2'35/' 2/7/P/910@/:3'14'35/'?;3/'412'2/?;7/:3;69';?'O1:?;7/2/7'31'R/'6:'/:56:O/@/:3';?' O9/629>'6'?NR^/O3;P/'P;/=V'RN3';3';?'35/'10;:;1:'14'144;O/2?'3563'35/''2/7/P/910@/:3' ?O5/@/V'6?'ON22/:39>'02101?/7V'=;99'2/?N93';:'35/'@6;:3/:6:O/'14'35/'600/626:O/'14' 6:'62/6'14'5;<5'96:7?O60/'P69N/U'' ' )5;?'10;:;1:';?'R6?/7'N01:'35/'?O5/@/'=5;O5';?'ON22/:39>'0N3'412=627'6:7'=5;O5' =;99'R/'O1:?32NO3/7';:'02;@62;9>':63N269'?31:/S'=;35'?1@/'R2;OQ'51N?/?'O91?/'31'35/' O5;@:/>TV':63N269'?963/'2114?V'6'5;<5'_N69;3>'7/?;<:'6:7'96>1N3'=;35'O9N?3/2?'14' RN;97;:'2/02/?/:3'6'?@699'?/339/@/:3'6:7'5;<5'_N69;3>'10/:' ?06O/?';:3/2?0/2?;:<'35/'7/P/910@/:3U'SH'@12/'7/36;9/7'6??/??@/:3'14'35/'7/?;<:' =;99'41991='963/2';:'35;?'2/0123TU'H99'35/?/'46O312?'O1@/'31'7/P/910@/:3V'=5;O5'=;99'?;3'=/99'6:7'2/?0/O3'35/'96:7?O60/';:'=5;O5';3'?;3?' 6:7'35/2/412/';3';?':13'O1:?;7/2/7'3563'35/'7/P/910@/:3'=1N97'R/'O1:3262>'31'35/' 6;@?'14'819;O>'I"CU'' ' 819;O>'I"W'g'-/='MN;97;:<';:'35/'I2//:'M/93h'?363/?'3563'K'$:'35/'I2//:'M/93V'35/' O1:?32NO3;1:'14':/='RN;97;:'?0/O;69' O;2ON@?36:O/?V'412'0N201?/?'135/2'356:'6<2;ON93N2/V'412/?32>V'/??/:3;69'46O;9;3;/?'412' 1N37112'?0123'6:7'1N37112'2/O2/63;1:V'O/@/3/2;/?V'6:7'135/2'N?/?'=5;O5'=1N97' O1@09>'=;35'819;O>'I"FUL' ' )5/'?N00123;:<'3/\3'31'35;?'019;O>'69?1'?363/?'3563'K-1'?0/O;69'021P;?;1:?'56P/'R//:' @67/';:'35/'819;O>'412'/\;?3;:<'@6^12'7/P/910/7'?;3/?';:'35/'I2//:'M/93U' &/P/910@/:3'02101?/7'1:'?NO5'?;3/?'=;99'R/'O1:?;7/2/7'6<6;:?3'35;?'6:7'135/2' 2/9/P6:3'819;O;/?'6:7'56P;:<'2/<627'31':63;1:69'096::;:<' Page 251 ?363/?'3563'35/'P;?N69'6@/:;3;/?'14'35/'I2//:'M/93'?51N97':13'R/';:^N2/7'R>' 02101?69?'412'7/P/910@/:3'=;35;:'12'O1:?0;ON1N?'421@'35/'I2//:'M/93U')5/2/';?'6' ://7'31'/:?N2/'3563'6:>'7/P/910@/:3'3563'71/?'36Q/'096O/';:'35/'I2//:'M/93'56?' 2/<627'412'35/'/\;?3;:<'O5626O3/2'14'35/'62/6'6:7';?'6002102;63/';:'3/2@?'14'?;3;: Page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f;?N69'$@06O3'S];7/2'6:7'%1O69T' ' H'96:7?O60/'6:7'P;?N69';@06O3'6??/??@/:3'56?'R//:'?NR@;33/7'=;35'35/' 6009;O63;1:U')5/'6??/??@/:3'O1:?;7/2?'35/'/44/O3?'63'R135'35/'O1:?32NO3;1:'6:7'35/' 10/263;1:69'?36';@06O3?'=;99';:O9N7/B'&/@19;3;1:'14'/\;?3;:<'RN;97;:' 32644;O'6:7'0/7/?32;6:'@6:6k'6:7'%;<53;:<'6??1O;63/7'=;35' O1:?32NO3;1:'6:7'?/ON2;3>U' ' $3';?'O1:?;7/2/7'3563'35/'91O63;1:'6:7'7/?;<:'14'6:>'3/@01262>'?;3/'O1@01N:7?V' ?;<:6'?NR^/O3'31'35/'91O63;1:'6:7' ;:3/:?;3>'14'35/'O1:?32NO3;1:'6O3;P;3>'2/963;P/'31'35/'2/O/0312U')5/'0210/23;/?'12' 2/O/0312'O91?/?3'31'35/'?;3/'=;99'R/'?NR^/O3'31'35/'<2/63/?3'/44/O3V'=5/2/6?'351?/' 4N235/2'6=6>'=;99'R/'?NR^/O3'31'6'@12/'9;@;3/7'/44/O3'7N/'31'35/'96:7412@'144/2;:<' ?O2//:;:<'12'?;@09>'3521N<5'7;?36:O/U'' ' $:'3/2@?'14'35/'10/263;1:69'/44/O3?'14'35/'7/P/910@/:3V'35;?'=1N97'2/?N93';:' 0/2@6:/:3'O56:k';:3217NO3;1:'14':/='<2//:';:426?32NO3N2/';:O9N7;:<'0NR9;O'10/:' ?06O/'6:7'?32NO3N269'R1N:762>'096:3;: Page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age 254 )5/'R1N:762>'14'35/'8/6Q'&;?32;O3'-63;1:69'862Q';?'60021\U'FUGQ@'=/?3'14'35/'?;3/' 6:7'35/'?;3/';?'=5199>'1N3?;7/'14'35/'-63;1:69'862QU')5/'05>?;O69'?/06263;1:'6:7' /\;?3;:<';:7N?32;69'RN;97;:'/44/O3'35/'7/P/910@/:3'@6>'56P/'1:'35/' 8/6Q'&;?32;O3'-63;1:69'862Q'R/;:<'O1:?;7/2/7'9;@;3/7U'$3';?'69?1':13/7'3563'35/'8/6Q' &;?32;O3'-63;1:69'862Q'6N3512;3>'=/2/'O1:?N93/7'1:'35/'6009;O63;1:'6:7'?363/7'3563V'K' &N/'31'35/'?;3;:<'14';3';?':13'O1:?;7/2/7'3563';3'=1N97'56P/'6'?;<:;4;O6:3';@06O3'1:' 35/'96:7?O60/'V'P69N/7'O5626O3/2;?3;O?'12'P;/=?';:31'12'1N3'14'35/'-63;1:69'862QL'6:7' 35/2/412/'56P/':1'O1@@/:3?'31'@6Q/'1:'35/'7/P/910@/:3U'' ' !1N?;:<' N009>'' ' )5/'-88#'2/_N;2/?'%1O69'896::;:<'HN3512;3;/?'31';7/:3;4>'6'GY>/62'7/9;P/26R9/' ?N009>'14'51N?;:<'96:7'S0626'ZXSCTTU'' ' (N22/:39>V' 5/44;/97';?'6R9/'31';7/:3;4>'1:9>'621N:7'WUG'>/62?Y=1235'14'7/9;P/26R9/' 51N?;:<'?;3/?'S!1N?;:<'%6:7' N009>'A1:;312;:<'./0123'#/R'CDFGTU''#N235/2@12/' 0626<2605'Zi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age 255 135/2'<2//:4;/97'?;3/?V'=5;O5'@6>'62;?/';:'35/'4N3N2/U'$3';?'69?1':13/7'3563'63'WD' 7=/99;:' 2/O1@@/:7/7';:'019;O>'( CeU' ' (12/' 3263/<>'819;O>'( 'ZF'S(2/63;:<'A;\/7'(1@@N:;3;/?T'/:O1N260/?U')5/?/'P62>;:<'51N?/'3>0/?'=;99' >;/97B'G:1U'C'R/7'7=/99;:0/?'=;99'6991='35/'7/P/910@/:3'31'@//3'6'26:'( ZFU'' ' !;<5=6>?' '' 8626<2605'WC'14'35/'-88#'?/3?'1N3'3563V'699'7/P/910@/:3'=5;O5''6')26:?0123' 363/@/:3'12' )26:?0123'H??/??@/:3U'8626<2605'WC'69?1'<1/?'1:31'?363/'3563'7/O;?;1:?'?51N97' 36Q/'6OO1N:3'14'=5/35/2B'100123N:;3;/?'412'?N?36;:6R9/'326:?0123'@17/?'56P/'R//:' 36Q/:'N0'7/0/:7;:<'1:'35/':63N2/'6:7'91O63;1:'14'35/'?;3/'31'2/7NO/'35/'://7'412' @6^12'326:?0123';:426?32NO3N2/k'3563'?64/'6:7'?N;36R9/'6OO/??'31'35/'?;3/'O6:'R/' 6O5;/P/7'412'699'0/109/k'6:7';@021P/@/:3?'O6:'R/'N:7/236Q/:'=;35;:'35/'326:?0123' :/3=12Q'3563'O1?3'/44/O3;P/9>'9;@;3'35/'?;<:;4;O6:3';@06O3?'14'35/'7/P/910@/:3U')5/' -88#'69?1'<1/?'1:'31'?363/'3563'7/P/910@/:3'?51N97'1:9>'R/'02/P/:3/7'12'2/4N?/7' 1:'326:?0123'<21N:7?'=5/2/'35/'2/?;7N69'ON@N963;P/';@06O3?'62/6'?/P/2/U' ' N009/@/:3;:<'35;?';?'0626<2605'WG'=5;O5'?/3?'1N3'3563'7/P/910@/:3?'?51N97'R/' 91O63/7'6:7'7/?;<:/7V'=5/2/'026O3;O69'31'6OO1@@1763/'35/'/44;O;/:3'7/9;P/2>'14' <117?'6:7'?N009;/?V'<;P/'02;12;3>'31'0/7/?32;6:'6:7'O>O9/'@1P/@/:3?'6:7'56P/' 6OO/??'31'5;<5'_N69;3>'0NR9;O'326:?0123'46O;9;3;/?k'O2/63/'?64/'6:7'?/ON2/'96>1N3?' =5;O5'2/7NO/'O1:49;O3'R/3=//:'32644;OV'O>O9;?3?'6:7'0/7/?32;6:?'6:7'6P1;7'?32//3' O9N33/2'6:7'=5/2/'6002102;63/'/?36R9;?5;:<'51@/'b1:/?U'8626<2605'WG'69?1'2/4/2?' 31';:O1201263;:<'46O;9;3;/?'412'O562<;:<'09N<';:'6:7'135/2'N9326Y91='/@;??;1:?' P/5;O9/?V'6:7'O1:?;7/2;:<'35/'://7?'14'0/109/'=;35'7;?6R;9;3;/?'R>'699'@17/?'14' 326:?0123U'8626<2605'We'?N009/@/:3?'35;?'R>'67P;?;:<'3563'6'Q/>'3119'31'46O;9;363/' 35/?/'6;@?'=;99'R/'6')26P/9'896:U'' ' (12/' 3263/<>'019;O>'( GW'gA6:6' 14'=6>?';:'=5;O5'35/';:O2/6?/7'7/@6:7'412'326P/9'=;99'R/'@6:6U' ' H'962V' 6@/:;3>'<21N0?'6:7'35/'862;?5'(1N:O;9'2/<627;:<'35/'5;<5=6>?';@09;O63;1:?'14'35/' 7/P/910@/:3U'' ' )5/'@6;:'O1:O/2:?'62/'R21679>'?N@@62;?/7'6?'R/;:<'3563'35/'7/P/910@/:3'=;99' ;:O2/6?/'32644;O''6:7'3563'35/'N:?N?36;:6R9/'91O63;1:'=;99'O6N?/';:O2/6?/7' 9/P/9?'14'32644;O'6:7'O1:'.167'62/'692/67>'63' O606O;3>k'35/2/'=;99'R/':1;?/'6:7'/\56N?3'0199N3;1:k'3563'35/2/'=;99'R/'FDDD'/\326' P/5;O9/'@1P/@/:3?'0/2'76>k'3563'35/2/'=;99'R/'263Y2N::;: Page 256 ;:67/_N63/'412'?O5119'O5;972/:k'3563'062Q;:<'1N3?;7/'?O5119?'=;99'R/'021R9/@63;Ok' 3563'062Q;:<';:3/2:699>';?';:67/_N63/'=5;O5'@/6:?'062Q;:<'=;99'?0;99';:31' 310/?' .167k'3563'35/'02;@62>'?O5119';?'FGDD'@/32/?'6=6>'6:7'91O69'?510?'62/'FXDD' @/32/?'6=6>k'3563'0/109/'=;99'N?/'35/;2'O62?'@12/'7N/'31'35/'91O63;1:V'7;?36:O/'6:7' 3101<2605>V'3563'<2;33;:<'=;99'R/'6'021R9/@k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h?' ;@06O3':13'^N?3'421@'6'32;0''6:7' O1::/O3;1:?'=;35'91O69'46O;9;3;/?V'7/@1:?3263/?'O1@09;6:O/'=;35':63;1:69E91O69'019;O>' 6:7'35/'5;?312;O'N?/'14'35/'?;3/';?'69?1'2/P;/=/7U' ' )5/'P/5;ON962'32;0?'9;Q/9>'31'R/''35/'02101?/7'[['7=/99;:';:3/221<63;:<'35/'O1@0N3/2'7636R6?/').$( V'=5;O5'=6?'69?1'N?/7'31' /?36R9;?5'35/'9;Q/9>'32;0?'6??1O;63/7'=;35'35/'197'@6:N46O3N2;:<'N?/'1:'35/'?;3/U' ' ).$( ';?'6'7636R6?/'O1:36;:;:<'6O3N69'32644;O'?N2P/>';:412@63;1:'421@'7;44/2/:3' 3>0/?E?O69/'14'7/P/910@/:3'6O21??'35/'O1N:32>U']5/:'N?;:<').$( V'026O3;3;1:/2?' ?/9/O3':N@/21N?'?;3/?'=;35'?;@;962'O5626O3/2;?3;O?'31'3563'14'35/'096::;:<'6009;O63;1:' N:7/2'O1:?;7/263;1:'S3>0/E?O69/EN2R6:'91O63;1:E2N269'91O63;1:E9/P/9'14'0NR9;O' 326:?0123'021P;?;1:TU')5/'6P/26?'144;O/2?'62/'O1:3/:3'=;35'35/'@/3517191<>'N?/7'5/2/'31' 02/7;O3'35/':N@R/2'14'32;0?'9;Q/9>'31'R/'';?'3563'35/' 6O3N69':N@R/2'14'32;0?'@;<53'R/'?9;<539>'5;<5/2U').$( '<;P/?'35/'R/?3' /?3;@63/E02/7;O3;1:U' ' ];35'2/<627?'35/'412@/2'&>?1:?'2/426O312>V'35;?'02/P;1N?'N?/';?'7//@/7'31'R/' 7;?O1:3;:N/7V'?1'35/?/'5;?312;O'32;0?'56P/:h3'R//:':/33/7'144'35/':/='2/?;7/:3;69'32;0?' ;:'35/'O1:?;7/263;1:'14'35;?'096::;:<'6009;O63;1:U'')5/>'71'51=/P/2k'<;P/'6:' ;:7;O63;1:'14'=563'35/'197'N?/'@;<53'56P/'0217NO/7'567';3'?3;99'R//:' 3267;: Page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age 258 )5/'$:?3;3N3;1:'412'!;<5=6>?'6:7')26:?0123'?N'14'35/'?;3/' 6:7'=;99'R/'6OO/??/7'421@'35/'7/P/910@/:3'P;6'0635?'9/67;:<'71=:'421@'35/' 7/P/910@/:3U' ' )1'5/90'2/7NO/'2/9;6:O/'1:'02;P63/'O62'32;0?V'6'426@/=12Q')26P/9'896:'56?'R//:' ?NR@;33/7V';:'6OO1276:O/'=;35'35/'6;@?'14'8626<2605'We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age 259 (;3>h?'96OQ'14'7/@1:?326R9/'51N?;:<'?N009>V'3563';3'=1N97'R/'6'026<@63;O'600216O5' 31'?//Q'@;3;<63;1:'14'35/'/44/O3?'14';3?';?1963;1:V';:'127/2'31'^N?3;4>'35/'6OO/036R;9;3>'14' 35/'02101?69U'' ' $:'127/2'31'1P/2O1@/'35/'/44/O3?'14';3?'2/@13/'91O63;1:V'6:7'35/'9;Q/9>'O62' 7/0/:7/:O>V'144;O/2?'56P/'2/_N/?3/7'3563'6'@NO5'5;<5/2'?36:7627'14'?N?36;:6R;9;3>' R/'144/2/7'3521N<51N3'35/'?;3/'356:'144;O/2?'=1N97':12@699>'?//'12'2/_N;2/'1:'6' 51N?;:<'7/P/910@/:3V';:'6OO1276:O/'=;35'35/'021P;?;1:?'14'019;O;/?'( eZ'6:7' ( eGk'6:7'35/'6009;O6:3'56?'2/?01:7/7'01?;3;P/9>'31'35;?U'' ' 819;O>'( eZ'g'(9;@63/'(56:'<1/?'1:'31' ?363/'3563'7/P/910@/:3?'=;99'R/'2/_N;2/7'31'6O5;/P/'6'5;<5'?36:7627'14'/:/2<>' /44;O;/:O>k'@6Q/'35/'R/?3'N?/'14'?1962'/:/2<>V'06??;P/'5/63;:<'6:7'O119;: Page 260 ' Y' )5/'7/P/910@/:3'?O5/@/'=;99'6O5;/P/'(17/'Z'O/23;4;O63;1:'N:7/2'35/'(17/' 412' N?36;:6R9/'!1@/?'?O5/@/'=5;9?3'6O5;/P;:<'6'01;:3'?O12/';:'35/'2/<;1:' 14'XGU'S./4/2/:O/'36R9/'412'O17/'01;:3?'We'01;:3?'%/P/9FV'Z['01;:3?'%/P/9' CVGX'81;:3?'%/P/9'WV'e['01;:3?'%/P/9'Z'SXG'01;:3?'4699?';:'35/'@;779/'14'O17/' Z'6:7'GTV'[Z'01;:3?'%/P/9'G'iD'01;:3?'%/P/9'eT' Y' )5/'7/P/910@/:3'?O5/@/'=;99'69?1'021P;7/'6'@;:;@N@'0/2O/:36'2/_N;2/@/:3'14'35/'/:/2<>' ?/O3;1:'O17/'Z'=5;O5';?'CG`' Y' )5/'7/P/910@/:3'?O5/@/'=;99'R/'7/P/910/7'=;35'=63/2'N?/'0217NO3?'3563' =;99'6O5;/P/'6:';:3/2:69'=63/2'O1:?N@03;1:'14':1'<2/63/2'356:'FDG' 9;32/?E0/2?1:E76>U'' Y' )5;?';?'/_N69'31'35/'@6:76312>'2/_N;2/@/:3'14'O17/'Z'6:7';?'6'2/7NO3;1:';:' 6P/26':13/7'3563'6':N@R/2'14'35/'02101?69?'62/'2/9;6:3'N01:'35/'021P;?;1:'14' 8f'06:/9?U')5/'/:/2<>'6:7'O62R1:'/9/@/:3?'14'35/'?N?36;:6R;9;3>'02101?69'62/' 2/9;6:3'N01:'35/'021P;?;1:'14'8f'06:/9?U')5/'1P/2699'021P;?;1:'14'8f'06:/9?'56?' R//:'O62/4N99>'R696:O/7'6<6;:?3'35/';@06O3'N01:'35/'I2//:'M/93'6:7'35/'1P/2699' O5626O3/2'14'7/P/910@/:3V'6:7'35/2/412/'=5;9?3';3'@6>'R/'3/O5:;O699>'01??;R9/'31' 6O5;/P/'5;<5/2'9/P/9?'14'/:/2<>'3521N<5'8fV'35;?'=1N97'2/?N93';:'6:'1P/2Y 0219;4/263;1:'14'8f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h?'600216O5' ;:'2/?0/O3'14'(17/'412' N?36;:6R9/'!1@/?V'2635/2'3563'35/'0623;ON962'4/63N2/?'14'35;?' 6009;O63;1:'02101?69'@/6:?'3563'144;O/2?'O1:?;7/2'35/'600216O5'6:7'2/_N;2/@/:3'412' O17/'01;:3?'31'R/'6002102;63/'6:7'^N?3;4;6R9/';:'35;?'1:/';:?36:O/U'' ' )5/'@;3;<63;1:'@/6?N2/?';:'35;?';:?36:O/'62/'0623;ON9629>'^N?3;4;/7'1:'35/'R6?;?'3563' 35/'@/6?N2/?'=;99'7/9;P/2'6'2/7NO3;1:';:'<2//:51N?/'<6?/?'6:7'1P/2699'/:/2<>' O1:?N@03;1:'3563'1:/'@;<53'3>0;O699>'?//'421@'6'2/?;7/:3;69'51N?;:<'7/P/910@/:3' ?NO5'6?'35;?U')5;?'6:3;O;063/7'2/7NO3;1:';:'<2//:51N?/?'<6?/?'01?3'1OON063;1:'=;99' 5/90'31'144?/3'6:>';:O2/6?/';:'<2//:51N?/'<6?/?'3563'@6>'62;?/'6?'6'2/?N93'14' ;:O2/6?/7'O62'7/0/:7/:O>'<;P/:'35/'91O63;1:'14'35/'?;3/'6:7'35/'3101<2605>'14'35/' 62/6U''' ' Page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age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age 263 @12/'O91?/9>'2/963/7'31'351?/'0210/23;/?'67^6O/:3'31'35/'R2;OQ'O5;@:/>U')5/2/'=;99' R/'FD'0210/23;/?'=;35;:'35/'?;3/'=5;O5'=;99'56P/'R2;OQ'31'35/@V'=;35'35/'6O3N69' 6@1N:3'14'R2;OQ'N?/7'7/0/:7/:3'N01:'35/'51N?/'3>0/U'')5/'@6^12;3>'14'35/'R2;OQ' N:;3?'=;99'56P/'?1@/'?31:/'7/36;9;:<'31'35/@V'/;35/2'=;35'6'?31:/'R6?/'6:7'R2;OQ' 6R1P/'31'35/'352//'?312/>'0210/23;/?'621N:7'35/'O5;@:/>'412'/\6@09/'12'6'?31:/' RN;93'021^/O3;:<'7/36;9'6:7E12'=;:71='?N221N:7'412'135/2?U')5/'1:9>'0210/23>'=5;O5' =;99'R/'02/71@;:6:39>'R2;OQ'=;35'1:9>'6'?31:/'O6:10>E496:Q;:<'=699'=;99'R/'35/' 0210/23>'31'0913'WXV'=5/2/'35/'O12:/2';?'3N2:/7'1:'I2;44h?' _N62/U']5;9?3';3'@6>'R/' N93;@63/9>'7/?;26R9/'412'35/'/:3;2/'7/P/910@/:3'31'R/'O1:?32NO3/7';:'?31:/V';3';?' 6OQ:1=9/7'R2;OQ'1:'?;3/'6:7'35/2/412/'35/2/';?'?1@/' 02/O/7/:3'412'35;?'@63/2;69'O51;O/V'6:7'=5/:'R696:O/7'6<6;:?3'35/'1P/2699'562@'31' 35/'I2//:'M/93V';3';?'O1:?;7/2/7'3563'6'?@699'6@1N:3'14'R2;OQ';?'6OO/036R9/';:' 02;:O;09/U''' ' ];35'2/<627?'35/'N?/'14'?31:/V'35/'1P/22;7;:<'O5626O3/2'14'35/'62/6';?':63N269'?31:/' RN;93'0210/23;/?V'=5;O5'56P/V'1P/2'3;@/V'=/635/2/7';:'31'35/'96:7?O60/k'35/2/412/' 35/'N?/'14':63N269'?31:/'6:7'?963/'62/'O1:?;7/2/7'35/'6002102;63/'O1:?32NO3;1:' @63/2;69'412'35/'@6^12;3>'14'35/'0210/23;/?U')5/'%1O69'896::;:<'HN3512;3>'56?' O1:?;7/2/7'35/'?N<'35/'6009;O6:3V'RN3' 71/?':13'N93;@63/9>'O1:?;7/2'3563'35;?'=;99'2/?N93';:'6:'6002102;63/'_N69;3>'6:7'2/49/O3' 35/'O5626O3/2'14'35/'62/6';:'35;?'?/:?;3;P/'91O63;1:U'$3';?'35/';:3/:3;1:'3563':63N269' ?31:/';?'N?/7'3521N<51N3'35/'?;3/'412'35/'7=/99;:' 32/63@/:3?'/3OU';:'127/2'31'O1:3;:N/'3521N<5'35/'_N69;3>'14'7/P/910@/:3U''$3';?' 2/O1@@/:7/7'3563'35/'N?/'14':63N269'?31:/';?'O1:7;3;1:/7V'6:7'35;?';?'O1:?;7/2/7'31' R/'2/6?1:6R9/'6?'=;351N3'35;?'35/'_N69;3>'6:7'35/2/412/'35/'6OO/036R;9;3>'14'35/' 7/P/910@/:3'=1N97'R/'_N/?3;1:/7U'' ' )5/'@6^12;3>'14'35/'5;<5=6>?'6:7'41130635?'=;99'R/'362@6OQ/7V'69351N<5'35/'62/6?' 31'?1@/'14'35/'ON9'7/'?6O?V'02;P63/'72;P/?'6:7'062Q;:<'62/6?'=;99'R/';:'O1:326?3;:<' @63/2;69?'?NO5'6?'06P;:<'12'?/33?U')5;?';?'O1:?;7/2/7'31'R/'6OO/036R9/';:'02;:O;09/U'' ' ;3/'":O91?N2/' ' )5/'1P/2699'/:O91?N2/'14'35/'?;3/'=;99'R/'P;6'6'@;\'14'2/36;:;:<'=699?V'/?363/'26;9;:'14'35/'?;3/'/;35/2' 63'O91?/'26:'14'35/'?;3/'2/963;P/'31'35/'5;<5=6>' 6:7'35/'4;:;?5/7'9/P/9?'14'35/'?;3/U'$3';?':13'N93;@63/9>'O1:?;7/2/7'3563'35;?'=1N97'R/' 562@4N9'31'35/'P;?N69'6@/:;3>'14'35/'?;3/U'' ' H:O;9962>']12Q?' ' )1'35/'@6;:'10/:'?06O/'62/6'63'35/'/:326:O/'31'35/'?;3/'=;99'R/'6'41N9'=63/2' 0N@0;:<'?363;1:U')5/'P;?;R9/'/9/@/:3'14'35;?'=;99'/??/:3;699>'O1@02;?/'6:'62/6'14' ?36:7;: Page 264 R/'?/P/2/U',3;9;3;/?'62/'2/_N;2/7'412'?NO5'6'?;3/'6:7'35/2/'62/'96:7?O60;:<'=12Q?' =5;O5'O1N97'R/'N:7/236Q/:'31'4N235/2'?O2//:'35/'=12Q?V'69351N<5'35/'O6R;:/3';?'6' 3>0;O69';:?369963;1:U' ' H':/='?NR?363;1:'=;99'R/'021P;7/7'31'35/':1235/2:'R1N:762>'14'35/'?;3/V'6:7'6<6;:';3' ;?'O1:?;7/2/7'31'R/'6'4N:O3;1:69'0623'14'35/'7/P/910@/:3'=5;O5';?'2/_N;2/7'6:7'=;99' :13'O1@021@;?/'35/'10/::/??'14'35/'I2//:'M/93U')5;?'=;99'R/'O1:?32NO3/7';:':63N269' ?31:/'31'@63O5'35/'7=/99;:'!Fe'S+0/:' 06O/';:'-/='!1N?;:<'&/P/910@/:3?T'2/_N;2/?'3563'35/' H009;O6:3'@6Q/?'6:'6002102;63/'O1:32;RN3;1:'31=627?'35/'021P;?;1:'12'/:56:O/@/:3' 14'0NR9;O'?06O/'1:'12'=;35;:'35/'P;O;:;3>'14'35/'6009;O63;1:'?;3/U'' (12/' 3263/<>'819;O>'( 'ZG'SjN69;3>'6:7'HOO/??;R;9;3>'14'+0/:' 06O/T'?363/?'3563' ?64/ Page 265 )5/'1P/262O5;:<'96:7?O60/'?3263/<>';?'O1:?;7/2/7'31'R/'6OO/036R9/';:'02;:O;09/V'RN3' ;3';?'O1:?;7/2/7'6002102;63/'3563'6'O1:7;3;1:';?'6009;/7'=5;O5'2/_N;2/?'4N99'7/36;9?'14' 699'5627'6:7'?143'96:7?O60;:<'7/36;9?';:O9N7;:<'4;:69'?0/O;/?'6:7':N@R/2?U'' ' )5/'7/P/910/2'56?'67P;?/7'3563'35/'10/:'?06O/'=;99'R/'@6;:36;:/7'R>'6')2N?3'6:7';3' ;?':13'35/2/412/'4N235/2'?06O/'=5;O5';?'31'R/'67103/7'6:7'@6;:36;:/7'R>'35/'(;3>' (1N:O;9U'$:'127/2'31'/:?N2/'3563'35/'@6:6' ' ,&8'819;O>'!FG'g&/?;<:'14'-/='!1N?;:<'&/P/910@/:3?h'/\0/O3?'35/'7/?;<:'14' :/='51N?;:<'7/P/910@/:3?'31'021P;7/'<117'_N69;3>'9;P;:<'6OO1@@1763;1:U')5;?' ;:O9N7/?'67/_N63/'02;P63/'<627/:'?06O/'12'O1@@N:69'10/:'?06O/'31'/:?N2/'3563' R6?;O'?36:7627?'14'76>9;<53V'02;P6O>V'?/ON2;3>'6:7'1N3911Q'62/'@/3U'$3'69?1'/\0/O3?' 3563'=699?'12'4/:O/?'62/'021P;7/7'621N:7'2/62'<627/:'62/6?':/\3'31'2167?V'41130635?' 12'135/2'10/:'62/6?U'' ' H77;3;1:699>V'6?'=;35'699'51N?;:<'7/P/910@/:3?V'35/2/';?'6'://7'31'/:?N2/'3563' 7/P/910@/:3';?'6OO/036R9/';:'3/2@?'013/:3;69':N;?6:O/?'q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age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b627'31'35/'0213/O3/7' ?0/O;/?U' ' $:'6OO1276:O/'=;35'35/'-88#'100123N:;3;/?'62/'69?1'31'R/'36Q/:'412'35/' /:56:O/@/:3'14'R;17;P/2?;3>'6?'0623'14'7/P/910@/:3'02101?69?'6:7'35;?'=;99'R/' 6O5;/P/7'R>'@/6:?'?NO5'6?'35/'021P;?;1:'14'R63'R1\/?'6?'@;3;<63;1:V'35/'021P;?;1:' 14'<2//:'2114?'31'35/'<626'14'35/' ?;3/V'6:7'35/?/'=;99'R/'O1:?;7/2/7';:'35/'2/?01:?/'31'2/02/?/:363;1:?'?/O3;1:'14'35/' 2/0123U' ' %6:7?O60/'6:7')2//?' ' ,&8'819;O>'M"e'g%6:7?O60/'&/?;<:h'/\0/O3?'<117'_N69;3>'96:7?O60;:<';:':/=' 7/P/910@/:3?'6:7'2/4N2R;?5@/:3'?O5/@/?U'%6:7?O60/'=12Q'?51N97'021P;7/'6:' ;:3/2/?3;:<'6:7'63326O3;P/'/:P;21:@/:3'6?'=/99'6?';:3/<263;:<'=;35'/\;?3;:<'4/63N2/?' 6:7'021@13;:<':63N2/'O1:?/2P63;1:U'' ' Page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e'6:7'I"FG'14'35/',:;362>'&/P/910@/:3'896:U' ' H;2'jN69;3>' ' 819;O>'( ee'gH;2'jN69;3>h'?363/?'3563'6O3;1:'=;99'R/'36Q/:';:'699'62/6?'14'35/'O;3>'31' 0213/O3'6;2'_N69;3>U'' ' ,&8'819;O>'I"CW'SH;2'8199N3;1:T'?363/?'3563'7/P/910@/:3'=;99'R/'0/2@;33/7'1:9>' =5/2/';3'=1N97':13'91O63/7'?/:?;3;P/'N?/?'=5/2/'35/>'=1N97'R/'67P/2?/9>'644/O3/7' R>'?1N2O/?'14'6;2'0199N3;1:U''#N235/2@12/V'(12/' 3263/<>'819;O>'( 'ee'gH;2'jN69;3>c' Page 268 /:O1N26';:'699'62/6?'14'35/'(;3>V'0623;ON9629>'=5/2/' 2/?;7/:3?';:'2167'O122;712?'=;35'5;<5'9/P/9?'14'32644;O'=;99'R/'/\01?/7'31'9/P/9?'14' 0199N3;1:'6R1P/':63;1:69'362'H??/??@/:3'SHjHT'2/963;:<'31'35/' 02101?/7'7/P/910@/:3U')5/'7/P/910@/:3'6?'02101?/7'=1N97'2/?N93';:'7N?3' '31'56P/'6:';@06O3'1:'91O69'6;2'_N69;3>U'' ' )5/'?0/O;4;O'0199N36:3?'6??/??/7';:'35/'HjH'=/2/':;321'0217NO/7'421@';:3/2:69'O1@RN?3;1:'?>?3/@?V'?NO5'6?'096:3'6:7'@1312' P/5;O9/'/:<;:/?'6:7'O1:?32NO3;1:'7N?3U')5/'I1P/2:@/:3'56P/';7/:3;4;/7'-+CV' 8AFD'6:7'8ACUG'0199N36:3?'412'O1:3219V'6@1:'S":<96:7T' 36:7627'./ Page 269 RT' ":?N2/'3563'7/9;P/2>'P/5;O9/?'31'35/'7/P/910@/:3'?;3/'62/'63'9/6?3'"N21'f$Ee' ?36:7627?'12'62/'4;33/7'=;35'6:'/\56N?3'643/2'32/63@/:3'3/O5:191<>'?NO5'6?'6' O1:3;:N1N?9>'2/3;O'./7NO3;1:'O6369>?3U' OT' &N2;:<'35/'10/263;1:69'056?/V';:?3699'63'9/6?3'C'260;7'/9/O32;O'O562<;:<'01;:3?' 412'/9/O32;O'P/5;O9/?U' ' ' )5/'6R1P/'@/6?N2/?'=1N97'5/90'35/'7/P/910@/:3'6O5;/P/'6':/N3269';@06O3'N01:' 91O69'6;2'_N69;3>U')5/';@01?;3;1:'14'2/O1@@/:763;1:?V''6T'6:7'OT'62/'O1:?;7/2/7'31' R/'2/6?1:6R9/'6:7'/:412O/6R9/'6:7';3';?'2/O1@@/:7/7'3563'35/?/'62/'36Q/:' 412=627'6:7'O1:7;3;1:/7U''$3';?'69?1':13/7'3563'ZC'O562<;:<'01;:3?'=;99'R/'021P;7/7' 6?'0623'14'?N?36;:6R;9;3>'144?/33;:<'6:7'35/2/412/'35;?';?'6'?;<:;4;O6:3';@021P/@/:3'1:' 35/'C'2/O1@@/:7/7'31'6772/??'6;2'_N69;3>U'' ' +P/2699V'35/'7/P/910@/:3'02101?69';?'O1:?;7/2/7'31'R/'?63;?46O312>'=;35'2/<627?'35/' ;@06O3'N01:'6;2'_N69;3>'6:7'019;O>'I"CW'6:7'( ee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h?' O5119'+2<6:;?63;1:'821^/O3')/6@'=/2/';:;3;699>'O1:?N93/7'1:'35;?' 6009;O63;1:'=;35'6'P;/='31'35/'://7'412'35/'06>@/:3?'31=627?'/7NO63;1:'46O;9;3;/?V' RN3'35;?'56?':1='R//:'?N0/2?/7/7'R>'35/';:3217NO3;1:'14'($%U'' ' )5/'?NR^/O3'?;3/';?';:'35/'?O5119'O63O5@/:3'62/6?'14'M2674;/97'&N:<=1235'82;@62>' O5119'6:7'M2674;/97' /O1:762>' O5119U')5/'02101?/7'7/P/910@/:3';?'412'[['N:;3?' 14'C'R/7211@?'12'@12/U'' ' M6?/7'1:'35/'>;/97'O69ON963;1:'14'W'0N0;9?'0/2'>/62'<21N0'421@'/P/2>'FDD'0210/23;/?V' 35/'/\0/O3/7'0N0;9'>;/97'421@'35/'7/P/910@/:3'SO1N:3;:<'1:9>'0210/23;/?'14'C'R/7?' 12'@12/T';?'F['412'35/'02;@62>'056?/'6:7'FW'412'35/'?/O1:762>'056?/U' ' )5/'ON22/:3'67P;O/';?'3563'69351N<5'3;<53'M2674;/97'&N:<=1235'82;@62>' O5119'O1N97' 6OO1@@1763/'35/'412/O6?3'677;3;1:69'0N0;9?';:'@1?3'02/Y?O5119'O15123?U')5/'?6@/' 02;:O;09/'6009;/?'63'M2674;/97' /O1:762>' O5119'6:7'?1'O1N97'6OO1@@1763/'35/' 412/O6?3'677;3;1:69'0N0;9?';:'@1?3'O15123?U' ' )5/'&>?1:'./426O312;/?'?;3/'?;3?'=;35;:'O63O5@/:3'62/6'412'M2674;/97'&N:<=1235' 82;@62>' O5119'RN3'O91?/'31'35/'O63O5@/:3'R127/2'=;35' 36::;:<31:'$:46:3' O5119' Page 270 6:7'-11Q'%6:/'aN:;12' O5119U'' 36::;:<31:'$:46:3' O5119'56?'eD'096O/?'0/2'>/62' 6:7'=5;9/';3';?'6'010N962'91O69'?O5119V'412/O6?3?';:7;O63/'3563';3';?':13'/\0/O3/7'31'4;99' 699'14';3?'096O/?'421@'O63O5@/:3'6009;O6:3?'412'35/'412/O6?3'0/2;17'SW'>/62?TU''H:>' 1N3'14'O63O5@/:3'6009;O6:3?'=;99'R/'O1:?;7/2/7'N?;:<' 5/44;/97'(;3>'(1N:O;9h?'8N0;9' H7@;??;1:?'+P/2?NR?O2;03;1:'(2;3/2;6U'' ' HOO127;:<9>V';3';?'2/6?1:6R9/'31'O1:?;7/2'3563'35/2/';?'?N44;O;/:3'O606O;3>'=;35;:'35/' 91O69'62/6'63'35/'ON22/:3'3;@/V'6:7'3563';:'35;?'2/<627'35/';@06O3'14'35/'7/P/910@/:3' ;?'6OO/036R9/U' ' 8NR9;O'.;<53'14']6>' ' H'0NR9;O'41130635'2N:?'31'35/'=/?3/2:'R1N:762>'14'35/'?;3/V'6:7'35;?'=;99':13'R/' 67P/2?/9>'644/O3/7'R>'35/'7/P/910@/:3U')5/2/'62/'ON22/:39>'726;:6' ' )5/'6009;O63;1:'?;3/'4699?'=;35;:'35/'7/4;:/7'&/P/910@/:3'!;<5'.;?Q'H2/6k';:'2/?0/O3' 14'O169'@;:;:<'6:7'35/2/412/'35/'4/63N2/?'6??1O;63/7'=;35'O169'@;:;:<'4/63N2/?'6:7' 56b627?'://7'31'R/'O1:?;7/2/7';:'2/963;1:'31'35;?'6009;O63;1:U' ' HOO127;:<'31'(169'HN3512;3>'2/O127?'35/2/'62/'4;43//:'@;:/'/:32;/?'S?5643?'6:7'67;3?T' 62/'91O63/7'=;35;:V'12'=;35;:'CD@'14'35/'7/P/910@/:3U')5/'(169'HN3512;3>'56?':1' 7/36;9?'2/963;:<'31'35/;2'91O63;1:?'12'32/63@/:3U'' ' )5/'6009;O6:3'56?'021P;7/7'O1:4;2@63;1:'3563'6:';:32N?;P/'?;3/';:P/?3;<63;1:'56?' R//:'N:7/236Q/:'6:7'56?'69?1'1R36;:/7'6002102;63/'6:7'N0Y31Y763/'O169'@;:;:<' ;:412@63;1:'412'35/'02101?/7'7/P/910@/:3'?;3/k';:O9N7;:<'6'(169'A;:;:<'./0123V'+ ' 5;?312;O69'@600;: Page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age 272 N:7/2'35/'2/@;3'14'35/'/:P;21:@/:369'0213/O3;1:'?/2P;O/U')5/'096::;:<'R696:O/'14' 9;<53';:'35/'I2//:'M/93';?'7;?ON??/7'/629;/2';:'35;?'2/0123U'' ' $3';?'6OQ:1=9/7'35/'$:?3;3N3;1:'14'%;<53;:<'8214/??;1:69?' ;:'35/;2'71ON@/:3'I-DFB'CDFF'KIN;76:O/'-13/?'412'35/'./7NO3;1:'14'+R32N?;P/' %;<53LU'' ' #9117'.;?Q'$??N/?' ' (12/' 3263/<>'819;O>'( eX'2/963/?'31'S#9117'.;?Q'A6:6'14'49117;: Page 273 35/'O1@@/:O/@/:3'14'7/P/910@/:3U' NR^/O3'31'35/';@01?;3;1:'14'35;?'O1:7;3;1:V';3';?' O1:?;7/2/7'3563'35/'02101?69';?'?63;?46O312>'=;35'2/<627?'35/'6;@?'14'019;O>'( eXU' ' &26;:6'56P/':1'1R^/O3;1:'31'35/'7/P/910@/:3' 02101?69'6:7'56P/'O1:4;2@/7'3563'35/>'56P/':1'1R^/O3;1:';:'02;:O;09/'31k'35/' 02101?/7'?/06263/'?>?3/@?'14'726;:6'41N9'=63/2V'RN3'*12Q?5;2/']63/2'6?'35/'2/?01:?;R9/'R17>'56P/'2/;3/263/7' 35/;2'P;/='3563'35/'02101?69';?'6OO/036R9/';:'02;:O;09/U'"\;?3;:<';??N/?'=;35'41N9' ?/=6'819;O>'( 'ZD'SH441276R9/'!1N?;: Page 274 ,&8'819;O>'M"FC'S8NR9;O'H23T'/:O1N26'?//:'R>'35/'0NR9;O'6:7'6?'6:';:3/<269'0623'14'35/'7/?;<:'14'@6^12' 7/P/910@/:3?U')5/'6009;O6:3';?'6=62/'14'35/'2/_N;2/@/:3'412'35/'021P;?;1:'14'0NR9;O' 623'1:'?;3/V'RN3'63'35;?'?36'R/'/\0/O3/7'31'2/4/2/:O/'35/'5;?312>'14'35/'?;3/V' 6:7'6'O1:7;3;1:'=1N97'021P;7/'35/'7/P/910/2'=;35'35/'100123N:;3>'31'O1:?;7/2'35/' R/?3'100123N:;3>'412';:O9N7;:<'0NR9;O'623'=;35;:'35/'?;3/U'' ' !;?312;O69'H??/3?' ' )5/'-88#'?/O3;1:'FC'g(1:?/2P;:<'6:7'":56:O;:<'35/'!;?312;O'":P;21:@/:3h'?/3?' 1N3'51='91O69'096::;:<'6N3512;3;/?'?51N97'O1:?;7/2'5/2;36'35/'?;<:;4;O6:O/'14'6'5/2;36R/'644/O3/7'R>'6'02101?69'6:7'36Q/'35;?';:31'6OO1N:3'=5/:'O1:?;7/2;:<'35/' ;@06O3'14'35/'02101?69'1:'6'5/2;36'14'@6;:36;:;:<' 35/'6??/3'P/2?N?'35/'R/:/4;3?'14'35/'7/P/910@/:3U'' ' ,&8'819;O>'M"CC'2/963/?'31'SH2O56/191<;O69' ;3/?'6:7'A1:N@/:3?T'6:7'?363/?'3563' ?;3/?'14'62O56/191<;O69';:3/2/?3'=;99'R/'02/?/2P/7V'0213/O3/7'6:7'/:56:O/7U']5/2/' 7;?3N2R6:O/';?'N:6P1;76R9/V'35/'7/P/910@/:3'=;99'R/'0/2@;33/7'1:9>';4'S6T'6:' 67/_N63/'62O56/191<;O69'2/O127'14'35/'?;3/';?'@67/k'6:7'SRT'=5/2/'35/'?;3/';?'41N:7' 31'R/'?;<:;4;O6:3V'35/'2/@6;:?'62/'02/?/2P/7';:'35/;2'12;<;:69'01?;3;1:U'' ' 1N35'*12Q?5;2/'H2O56/191<>' /2P;O/'56?'R//:'O1:?N93/7'1:'35;?'6009;O63;1:'6:7' 56?'67P;?/7'3563'35/'7/P/910@/:3'14'35/'6009;O63;1:'?;3/'56?'013/:3;69' 62O56/191<;O69';@09;O63;1:?U'' ' *H '67P;?/'3563';:'35/'/629>'Fi35'O/:3N2>V'3=1'R2;OQ'=12Q?'Y' 36::;:<31:'M2;OQ' ]12Q?'6:7'I2;44?'M2;OQ']12Q?'=/2/'0217NO;:<'2/426O312>'R2;OQ?'412'35/'?3//9' ;:7N?32>U')5/?/'?;3/?'6:7'35/;2'6??1O;63/7'Q;9:?V'=/2/'7/P/910/7'6:7'/\06:7/7' 1P/2'35/'Fi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age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age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h?'/O191<>'?/2P;O/'35/'?N2P/>?'?NR@;33/7'62/' O1:?;7/2/7'6OO/036R9/V'0/:7;:<'6'2/P;/='1:''35/'/\;?3/:O/'14'R63?'02;12'31'35/' O1@@/:O/@/:3'14'7/P/910@/:3V'6:7':1'4N235/2'6??/??@/:3?'?NO5'6?'412'=5;3/' O96=/7'O26>4;?5'62/'2/_N;2/7'R6?/7'1:'35/'/P;7/:O/'5/97';:'35/'2/O127?'O/:32/U'' ' &26;:6';?'/:O1N26' 02101?/7U'$3';?':13'N93;@63/9>'O1:?;7/2/7'3563'35/'96:7?O60;:<'=;99'56P/'6:' N:6OO/036R9/';@06O3'N01:'35/'I2//:'M/93h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age 277 )5/'2/4/2/:O/'31'9;<53;:<'6:7'?/ON2;3>';?'R696:O/7'6<6;:?3'35/'562@'31'35/'I2//:' M/93'/:P;21:@/:3V'6:7'144;O/2?'6OO/03'3563'35;?';?'1:/'14'35/'O5699/:'O1:7;3;1:';:'127/2'31' 6991='412'?N;36R9/'?19N3;1:?'31'R/'/\0912/7U'' ' ' &6>9;<53;: Page 278 )5/'%8H'O6::13'2/_N;2/'35/'96:7'31'R/'2/;:?363/7'31'462@96:7'12'<2//:'?06O/'12'6:' 693/2:63;P/'7/P/910@/:3V';3'@N?3'O1:?;7/2'35/'6009;O63;1:'6?'0N3'412=627U'' ' )5/'02101?69';?'7/3/2@;:/7'1:';3?'1=:'@/2;3?'6:7'6:>'6OON?63;1:?'14'N:7/256:7' 7/69;:'f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b/'14'35/'7/P/910@/:3'=;99'R/'14'?N44;O;/:3'O2;3;O69'@6??'31'R/' 6R9/'31'?N?36;:'6'?@699'O1:P/:;/:O/'?312/V'?NO5'3563'35/'%8H'O1N97'2/_N;2/'35/' 021P;?;1:'14'1:/U' ' !N@6:'.;<53?' ' $:'@6Q;:<';3?'7/O;?;1:V'35/'%8H'?51N97'R/'6=62/'14'6:7'36Q/';:31'6OO1N:3'6:>' ;@09;O63;1:?'3563'@6>'62;?/'421@'35/'!N@6:'.;<53?'HO3'Fii[U',:7/2'35/'HO3V';3';?' N:96=4N9'412'6'0NR9;O'6N3512;3>'31'6O3';:'6'@6::/2'=5;O5';?';:O1@063;R9/'=;35'35/' "N210/6:'(1:P/:3;1:'1:'!N@6:'.;<53?U'8623;ON962'2/4/2/:O/';?'@67/'31'H23;O9/'[' S2;<53'31'2/?0/O3'412'02;P63/'6:7'46@;9>'9;4/T'6:7'H23;O9/'F'14'35/'#;2?3'82131O19' S0213/O3;1:'14'01??/??;1:?V';:O9N7;:<'96:7TU'$:'677;3;1:V'N:7/2'H23;O9/'e'35/'6009;O6:3' 6:7'351?/'35;27'0623;/?'S;:O9N7;:<'91O69'2/?;7/:3?T'=51'56P/'@67/'2/02/?/:363;1:?' 56P/'35/'2;<53'31'6'46;2'5/62;:<'=5;O5'@/6:?'3563'4N99'O1:?;7/263;1:'?51N97'R/'<;P/:' 31'35/;2'O1@@/:3?U' ' ]5/:'@6Q;:<';3?'7/O;?;1:'35/'%8H'@N?3'R696:O/'6:>'9;Q/9>'02;P63/'562@'6<6;:?3'35/' =;7/2'0NR9;O'<117'31'/:?N2/'3563';:3/24/2/:O/'=;35'6:>1:/h?'2;<53?'?5699'1:9>'R/' 0/2@;33/7';4';3';?'0210123;1:63/'S35/'7/<2//'14'562@'31'35/';:7;P;7N69'R696:O/7' 6<6;:?3'35/'0NR9;O';:3/2/?3TU''+:'35;?'1OO6?;1:';3';?'35/'P;/='14'+44;O/2?'3563'6:>' ;:3/24/2/:O/';?';:'6OO1276:O/'=;35'35/'96='6:7'^N?3;4;/7'6?'R/;:<';:'35/'0NR9;O' ;:3/2/?3'6:7'1:'35/'R6?;?'14'35/'096::;:<'@/2;3?'14'35/'02101?69U''H:>'2/?32;O3;1:'1:' 2;<53?'O6N?/7'6?'6'2/?N93'14'35/'02101?/7'7/P/910@/:3';?'O1:?;7/2/7'31'R/' 0210123;1:63/'31'35/'=;7/2'R/:/4;3?'14'<26:3;:<'0/2@;??;1:'6:7'3563'?NO5'6'7/O;?;1:' 4699?'=;35;:'35/'@62<;:'14'7;?O2/3;1:'644127/7'31'35/'%8HU'' ' Page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h?'46P1N2'<;P/:'135/2'019;O>' O1:?;7/263;1:?U'' ' )5/'7/P/910@/:3'=;99'7/9;P/2'6'5;<5'_N69;3>'2/?;7/:3;69'/:P;21:@/:3V'N3;9;?;:<':63N269' @63/2;69?'412'35/'@6^12;3>'14'35/'0210/23;/?'6:7'6??1O;63/7'?32NO3N2/?V';:'6:' 6002102;63/'7/?;<:'600216O5'=5;O5';?'6002102;63/'31'35/'1P/2699'?/33;:<'6:7'O1:3/\3' 14'35/'7/P/910@/:3U',?/6R9/'6:7'=/99Y7/?;<:/7'10/:'?06O/'31'O1@09/@/:3'35/' 7=/99;:'12'35/2/';?'O1:?;7/2/7'31'R/'2/6?1:6R9/'^N?3;4;O63;1:'412'35/'7/P/910@/:3' =5/2/';3';?'O1:3262>'31'019;O>U')5/';@01?;3;1:'14'6002102;63/'O1:7;3;1:?'=;99'/:?N2/' 3563'35/'7/P/910@/:3';?'?63;?46O312>V'=5/2/'4N235/2'7/36;9?'12';:412@63;1:'62/' 2/_N;2/7V'6:7';3'=1N97':13'R/'6002102;63/'31'2/_N;2/'699'35;?';:412@63;1:':1=U'' ' )5/'6002102;63/'($%'6:7'6441276R9/'51N?;:<'O1:32;RN3;1:?'=;99'R/'06>6R9/'1:'35/' O1@@/:O/@/:3'14'7/P/910@/:3U'' ' +P/2699V'35/'02101?69';?'O1:?;7/2/7'31'N93;@63/9>'R/'?63;?46O312>'=;35'2/<627?'35/' -88#'6:7'019;O;/?'( CeV'( ZDV'( ZFV'( ZGV'( ZeV'( GWV( eZV'( eGV'( eeV' ( eXV( XF'6:7'( XZ'14'35/'(12/' 3263/<>V'819;O;/?'I"FV'I"CV'I"WVI"ZV'I"GV' I"FGV'I"CWV'M"GV'M"eV'M"FCV'M"CCV!XV'!FGV'!Fe'6:7'(#G'14'35/',:;362>' &/P/910@/:3'896:V'35/' 8&'1:'(9;@63/'(56:' f699/>'&/?;<:' 363/@/:3'6:7'($%U'' ' H'2/O1@@/:763;1:';?'35/2/412/'@67/'412'60021P69'?NR^/O3'31'O1:7;3;1:?'6:7'9/<69' 6<2//@/:3U' ' !"H& '+#')".A ' ' H'4;:6:O;69'O1:32;RN3;1:';:'35/'?N@'14'{FV[GeUeZFUWG'31=627?'35/'021P;?;1:'12' /:56:O/@/:3'14'6441276R9/'51N?;:<';:'35/'91O69'62/6'6:7'021P;7/7';:'6OO1276:O/' =;35'35/'02;:O;09/?'?/3'1N3';:'35/'(1N:O;9h?'H441276R9/'!1N?;:<'$:3/2;@'896::;:<' IN;76:O/U' ' ' ' ' Page 280 Agenda Item 8 SHEFFIELD CITY COUNCIL Planning & Highways Committee Report Report of: Director of Regeneration & Development Services ______ Date: 20 October 2015 ______ Subject: Enforcement Report 34 Leebrook Avenue ______ Author of Report: Jonathan Baker ______ Summary: Unauthorised extension of rear garden into green belt land ______ Reasons for Recommendations: To inform committee members of a breach of the Planning Regulations and to make recommendations on any further action required. Recommendations: That the Director of Regeneration & Development Services or Head of Planning be authorised to take any appropriate action including, if necessary, enforcement action and the institution of legal proceedings to cease the unauthorised change of use and extension onto Green Belt land, return the land to its former condition and remove all means of enclosure. The Head of Planning is delegated to vary the action authorised in order to achieve the objectives hereby confirmed, including taking action to resolve any associated breaches of planning control. ______ Background Papers: Category of Report: OPEN Page 281 REGENERATION & DEVELOPMENT SERVICES REPORT TO THE PLANNING AND HIGHWAYS COMMITTEE 20 OCTOBER 2015 ENFORCEMENT REPORT 1.1 UNAUTHORISED EXTENSION OF REAR GARDEN CURTILAGE INTO GREEN BELT LAND. 2. PURPOSE OF THE REPORT The purpose of this report is to inform Committee Members of a breach of planning control and to make recommendations on any further action required. 3. BACKGROUND 3.1 Complaints were received about the unauthorised extension of garden curtilage into Green Belt land. 3.2 At the initial site visit it was observed that the rear garden had been extended 4 metres across its width into Green Belt woodland and a wooden means of enclosure of 2 metres high had been erected. Inside the enclosure, garden landscaping had taken place and a patio and summer house had been installed. 3.3 A letter was sent to the householder informing him that this was a breach of planning control and was unacceptable. He was advised to remove the means of enclosure and return the land back to its previous condition within 28 days. A letter was also sent to the landowners of the land where encroachment had taken place. 3.4 A site meeting was held with the householder and he showed me where he had started to remove the patio from the encroached area. He asked for a time extension. It was agreed a further six weeks should be allowed – to Friday 10 July – to allow the fence to be removed and the land returned to its previous condition. This was confirmed in a letter to the householder. 3.5 A site visit on 21 July confirmed that the means of enclosure and outbuilding was still in place. A reminder letter was sent out. To date, no attempt has been made to remove the enclosure and return the land to its previous condition and it is still being used as an extension to the garden. Page 282 4. ASSESSMENT OF THE BREACHES OF CONTROL 4.1 Under the Town and Country Planning Act (1990) (The Act) an extension of residential garden space into public open space or on to land with other uses requires planning permission for change of use. 4.2 This extension of garden curtilage requires planning permission, however, as this is extending on to Green Belt land and extends far beyond the natural garden boundary line, consistent to neighbouring gardens, any application is likely to be refused. 5. POLICY 5.1 Section GE1 of the The Green Environment section of the Unitary Development Plan (UDP) ‘Development in the Green Belt’ states - In the Green Belt, development will not be permitted , except in very special circumstances, where it would: (c) lead to encroachment of urban development into the countryside; 5.2 Section GE4 ‘Development of the Green Belt Environment states Th e Government's national pl anning g uidance states th at th e v isual am enities of the Green Belt shou ld no t b e in jured by p roposals f or developm ent wit hin or conspi cuous from the G reen Belt. There is a need to ensure that any d evelopment th at does take place in the Green Belt has r egard f or the e xisting char acter of th e a rea and i s appropriate in t erms of siting, m aterials a nd design . 5.3 Policy CS 71 of the Sheffield Development Framework; Core Strategy seeks to maintain and protect the Green Belt. 5.4 The National Planning Policy Framework, paragraph 87 states that Inappropriate development is, by definition, harmful to the Green Belt and should not be approved except in very special circumstances There are no special circumstances in this case. 6. REPRESENTATIONS 6.1 Two local residents have complained about the extension of curtilage being out of keeping with the area and ruining green belt land. Page 283 7. ASSESSMENT OF ENFORCEMENT OPTIONS 7.1 Section 172 of the Act provides for the service of an enforcement notice, (EN). In this case such a notice would require the removal of the unauthorised extension of the garden into green belt and the means of enclosure; and for the land to be returned to its previous state. 8. EQUAL OPPORTUNITIES 8.1 There are no equal opportunity implications arising from the recommendations in this report. 9. FINANCIAL IMPLICATIONS 9.1 There are no additional financial implications expected as a result of this report. If an appeal is made against the enforcement notice, costs can be made against the Council if it is shown that they have behaved “unreasonably” in the appeal process, it is unlikely that this will happen in this case. However, in the unlikely event compensation is paid, it would be met from the planning revenue budget. 10. RECOMMENDATION 10.1 That the Director of Regeneration and Development Services or Head of Planning be authorised to take any appropriate action including if necessary, enforcement action and the institution of legal proceedings to secure the removal of the unauthorised curtilage extension. 10.2 That the Head of Planning, in liaison with the chair of the committee, be authorised to vary the action in order to achieve the objectives hereby confirmed, including taking action to resolve any associated breaches of planning control. Page 284 SITE PLAN PHOTOGRAPHS - BEFORE & AFTER Before Page 285 After Page 286 Maria Duffy Interim Head of Planning 20 October 2015 Page 287 This page is intentionally left blank Page 288 Agenda Item 9 SHEFFIELD CITY COUNCIL Planning & Highways Committee Report of: Director of Regeneration & Development Services ______ Date: 20 OCTOBER 2015 ______ Subject: RECORD OF PLANNING APPEALS SUBMISSIONS & DECISIONS ______ Author of Report: Claire Woods 0114 2734219 ______ Summary: List of all newly submitted planning appeals and decisions received, together with a brief summary of the Inspector’s reason for the decision ______ Reasons for Recommendations Recommendations: To Note ______ Background Papers: Category of Report: OPEN Page 289 This page is intentionally left blank Page 290 DEVELOPMENT SERVICES REPORT TO PLANNING & HIGHWAYS COMMITTEE 20 October 2015 1.0 RECORD OF PLANNING APPEALS SUBMISSIONS AND DECISIONS This report provides a schedule of all newly submitted planning appeals and decisions received, together with a brief summary of the Secretary of State’s reasons for the decisions. 2.0 NEW APPEALS RECEIVED (i) An appeal has been submitted to the Secretary of State against the decision of the Council at its meeting of 7 th July 2015 to refuse planning consent for alterations and extension to height of building to provide 5 student cluster flats at second, third and fourth floor levels with ancillary cycle store and bin store at ground floor level (As amended 23/06/2015) at Broom park House, 200-208 Broom hall Street, Sheffield, S3 7SQ (Case No 15/00467/FUL) (ii) An appeal has been submitted to the Secretary of State against the delegated decision to refuse planning consent for single-storey rear extension to dwellinghouse and alterations to glazing on side elevation at 3 Mosborough Hall Farm, Hollow Lane, Sheffield, S20 5DN (Case No 15/01861/FUL) (iii) An appeal has been submitted to the Secretary of State against the decision of the Council at its meeting of 10 th February 2015 to refuse planning consent for laying out and construction of a hard standing measuring 17m by 31.2m at South Yorkshire Police Sports and Social Club, Club House, Niagara Grounds, Niagara Road, Sheffield S26 1LU (Case No 14/04066/FUL) 3.0 APPEALS DECISIONS - DISMISSED (i) An appeal against the delegated decision of the Council to refuse planning consent for the erection of a conservatory to rear of the dwelling at 4 Parker Way, Sheffield, S9 3DE (Case No 15/00453/HPN) has been dismissed. Officer Comment:- The Inspector noted that, under the terms of the General Permitted Development Order, an application for a larger home extension cannot be made retrospectively, which this application was. He went on to note that the extension would occupy most of the width and much of depth of the small garden and would also appear visually dominant and obtrusive in relation to numbers 2 & 6 adjacent and would also result in Page 291 overshadowing at certain times of day and a reduction in light to rear gardens of neighbouring dwellings. He concluded that that the extension would harm the living conditions of the occupiers of neighbouring dwellings and was therefore unacceptable. Members should note that enforcement action will be required to remedy this situation and a separate enforcement report will follow if the matter cannot be resolved my mutual agreement. 5.0 RECOMMENDATIONS That the report be noted Maria Duffy Acting Head of Planning 20 October 2015 Page 292