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E KISHIWMG JSV QSWX TVSFPIQW SJ REZMKEXMSR % WQEPP GMVGPI MW XLI PMRI SJ MRXIVWIGXMSR SJ E WTLIVI ERH E TPERI [LMGL HSIW RSX TEWW XLVSYKL XLI GIRXIV 7II *MKYVI E 8LI XIVQ QIVMHMER MW YWYEPP] ETTPMIH XS XLI YTTIV FVERGL SJ XLI LEPJ GMVGPI JVSQ TSPI XS TSPI [LMGL TEWWIW XLVSYKL E KMZIR TSMRX 8LI STTSWMXI LEPJ MW GEPPIH XLI PS[IV FVERGL
IUYEP XS LEPJ XLI HMJJIVIRGI FIX[IIR XLI X[S PEXMXYHIW ERH XEOIW XLI REQI SJ XLI TPEGI JEVXLIWX JVSQ XLI IUYEXSV 0SRKMXYHI P PSRK MW XLI ERKYPEV HMWXERGI FIX[IIR XLI TVMQI QIVMHMER ERH XLI QIVMHMER SJ E TSMRX SR XLI )EVXL QIEWYVIH IEWX[EVH SV [IWX[EVH JVSQ XLI TVMQI QIVMHMER XLVSYKL -X MW HIWMKREXIH IEWX ) SV [IWX ; XS MRHMGEXI XLI HMVIGXMSR SJ QIEWYVIQIRX 8LI HMJJIVIRGI SJ PSRKMXYHI (0S FIX[IIR X[S TPEGIW MW XLI WLSVXIV EVG SJ XLI TEVEPPIP SV XLI WQEPPIV ERKPI EX XLI TSPI FIX[IIR XLI QIVMHMERW SJ XLI X[S TPEGIW -J FSXL TPEGIW EVI SR XLI WEQI WMHI IEWX SV [IWX SJ +VIIR[MGL (0S MW XLI RYQIVMGEP HMJJIVIRGI SJ XLI PSRKMXYHIW SJ XLI X[S TPEGIW MJ SR STTSWMXI WMHIW (0S MW XLI RYQIVMGEP WYQ YRPIWW XLMW I\GIIHW [LIR MX MW QMRYW XLI WYQ 8LI HMWXERGI FIX[IIR X[S QIVMHMERW EX ER] TEVEPPIP SJ PEXMXYHI I\TVIWWIH MR HMWXERGI YRMXW YWYEPP] REYXMGEP QMPIW MW GEPPIH HITEVXYVI T (IT -X VITVIWIRXW HMWXERGI QEHI KSSH IEWX SV [IWX EW E GVEJX TVSGIIHW JVSQ SRI TSMRX XS ERSXLIV -XW RYQIVMGEP ZEPYI FIX[IIR ER] X[S QIVMHMERW HIGVIEWIW [MXL MRGVIEWIH PEXMXYHI [LMPI (0S MW RYQIVMGEPP] XLI WEQI EX ER] PEXMXYHI )MXLIV (0S SV T QE] FI HIWMKREXIH IEWX ) SV [IWX ; [LIR ETTVSTVMEXI (MWXERGI SR XLI )EVXL
*MKYVI F 8LI IUYEXSV MW E KVIEX GMVGPI QMH[E] FIX[IIR XLI TSPIW % TEVEPPIP SV TEVEPPIP SJ PEXMXYHI MW E GMVGPI SR XLI WYVJEGI SJ XLI )EVXL TEVEPPIP XS XLI TPERI SJ XLI IUYEXSV -X GSRRIGXW EPP TSMRXW SJ IUYEP PEXMXYHI 8LI IUYEXSV MW E KVIEX GMVGPI EX PEXMXYHI 7II *MKYVI F 8LI TSPIW EVI WMRKPI TSMRXW EX PEXMXYHI %PP SXLIV TEVEPPIPW EVI WQEPP GMVGPIW
(MWXERGI EW YWIH F] XLI REZMKEXSV MW XLI PIRKXL SJ XLI VLYQF PMRI GSRRIGXMRK X[S TPEGIW 8LMW MW E PMRI QEOMRK XLI WEQI ERKPI [MXL EPP QIVMHMERW 1IVMHMERW ERH TEVEPPIPW [LMGL EPWS QEMRXEMR GSRWXERX XVYI HMVIGXMSRW QE] FI GSR WMHIVIH WTIGMEP GEWIW SJ XLI VLYQF PMRI %R] SXLIV VLYQF PMRI WTMVEPW XS[EVH XLI TSPI JSVQMRK E PS\SHVSQMG GYVZI SV PS\SHVSQI 7II *MKYVI (MWXERGI EPSRK XLI KVIEX
'SSVHMREXIW 'SSVHMREXIW SJ PEXMXYHI ERH PSRKMXYHI GER HIJMRI ER] TSWMXMSR SR )EVXL 0EXMXYHI 0 PEX MW XLI ERKYPEV HMWXERGI JVSQ XLI IUYEXSV QIEWYVIH RSVXL[EVH SV WSYXL[EVH EPSRK E QIVMHMER JVSQ EX XLI IUYEXSV XS EX XLI TSPIW -X MW HIWMKREXIH RSVXL 2 SV WSYXL 7 XS MRHMGEXI XLI HMVIGXMSR SJ QIEWYVIQIRX 8LI HMJJIVIRGI SJ PEXMXYHI P (0EX FIX[IIR X[S TPEGIW MW XLI ERKYPEV PIRKXL SJ EVG SJ ER] QIVMHMER FIX[IIR XLIMV TEVEPPIPW -X MW XLI RYQIVMGEP HMJJIVIRGI SJ XLI PEXMXYHIW MJ XLI TPEGIW EVI SR XLI WEQI WMHI SJ XLI IUYEXSV MX MW XLI WYQ SJ XLI PEXMXYHIW MJ XLI TPEGIW EVI SR STTSWMXI WMHIW SJ XLI IUYEXSV -X QE] FI HIWMKREXIH RSVXL 2 SV WSYXL 7 [LIR ETTVSTVMEXI 8LI QMHHPI SV QMH PEXMXYHI 0Q FIX[IIR X[S TPEGIW SR XLI WEQI WMHI SJ XLI IUYEXSV MW LEPJ XLI WYQ SJ XLIMV PEXMXYHIW 1MH PEXMXYHI MW PEFIPIH 2 SV 7 XS MRHMGEXI [LIXLIV MX MW RSVXL SV WSYXL SJ XLI IUYEXSV 8LI I\TVIWWMSR QE] VIJIV XS XLI QMH PEXMXYHI SJ X[S TPEGIW SR STTSWMXI WMHIW SJ XLI IUYEXSV -R XLMW GEWI MX MW
*MKYVI % PS\SHVSQI
-2863(9'8-32 83 1%6-2) 2%:-+%8-32 GMVGPI GSRRIGXMRK X[S TSMRXW MW GYWXSQEVMP] HIWMKREXIH KVIEX GMVGPI HMWXERGI *SV QSWX TYVTSWIW GSRWMHIVMRK XLI REYXMGEP QMPI XLI PIRKXL SJ SRI QMRYXI SJ PEXMXYHI MRXVSHYGIW RS WMKRMJMGERX IVVSV 7TIIH 7 MW VEXI SJ QSXMSR SV HMWXERGI TIV YRMX SJ XMQI % ORSX OR XLI YRMX SJ WTIIH GSQQSRP] YWIH MR REZMKEXMSR MW E VEXI SJ REYXMGEP QMPI TIV LSYV 8LI I\TVIWWMSR WTIIH SJ EHZERGI 73% MW YWIH XS MRHMGEXI XLI WTIIH XS FI QEHI EPSRK XLI MRXIRHIH XVEGO 7TIIH SZIV XLI KVSYRH 73+ MW XLI EGXYEP WTIIH SJ XLI ZIWWIP SZIV XLI WYVJEGI SJ XLI )EVXL EX ER] KMZIR XMQI 8S GEPGYPEXI WTIIH QEHI KSSH 71+ FIX[IIR X[S TSWMXMSRW HMZMHI XLI HMWXERGI FIX[IIR XLI X[S TSWMXMSRW F] XLI XMQI IPETWIH FIX[IIR XLI X[S TSWMXMSRW (MVIGXMSR SR XLI )EVXL (MVIGXMSR MW XLI TSWMXMSR SJ SRI TSMRX VIPEXMZI XS ERSXLIV 2EZMKEXSVW I\TVIWW HMVIGXMSR EW XLI ERKYPEV HMJJIVIRGI MR HIKVIIW JVSQ E VIJIVIRGI HMVIGXMSR YWYEPP] RSVXL SV XLI WLMTยงW LIEH 'SYVWI ' 'R MW XLI LSVM^SRXEP HMVIGXMSR MR [LMGL E ZIWWIP MW MRXIRHIH XS FI WXIIVIH I\TVIWWIH EW ERKYPEV HMWXERGI JVSQ RSVXL GPSGO[MWI XLVSYKL ย 7XVMGXP] YWIH XLI XIVQ ETTPMIW XS HMVIGXMSR XLVSYKL XLI [EXIV RSX XLI HMVIGXMSR MRXIRHIH XS FI QEHI KSSH SZIV XLI KVSYRH 8LI GSYVWI MW SJXIR HIWMKREXIH EW XVYI QEKRIXMG GSQTEWW SV KVMH EGGSVHMRK XS XLI VIJIVIRGI HMVIGXMSR 8VEGO QEHI KSSH 81+ MW XLI WMRKPI VIWYPXERX HMVIGXMSR JVSQ XLI TSMRX SJ HITEVXYVI XS TSMRX SJ EVVMZEP EX ER] KMZIR XMQI 'SYVWI SJ EHZERGI '3% MW XLI HMVIGXMSR MRXIRHIH XS FI QEHI KSSH SZIV XLI KVSYRH ERH GSYVWI SZIV KVSYRH '3+ MW XLI HMVIGXMSR FIX[IIR E ZIWWIPยงW PEWX JM\ ERH ER )4 % GSYVWI PMRI MW E PMRI HVE[R SR E GLEVX I\XIRHMRK MR XLI HMVIGXMSR SJ E GSYVWI -X MW WSQIXMQIW GSRZIRMIRX XS I\TVIWW E GSYVWI EW ER ERKPI JVSQ IMXLIV RSVXL
SV WSYXL XLVSYKL ย SV ย -R XLMW GEWI MX MW HIWMKREXIH GSYVWI ERKPI ' ERH WLSYPH FI TVSTIVP] PEFIPIH XS MRHMGEXI XLI SVMKMR TVIJM\ ERH HMVIGXMSR SJ QIEWYVIQIRX WYJJM\ 8LYW ' 2 ย ) ! 'R ย ย ย ' 2 ย ; ! 'R ย ย ย ' 7 ย ) ! 'R ย ย ย &YX 'R ย QE] FI IMXLIV ' 2 ย ; SV ' 7 ย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ย GPSGO[MWI XLVSYKL ย -X MW IEW] XS GSRJYWI LIEHMRK ERH GSYVWI ,IEHMRK GSRWXERXP] GLERKIW EW E ZIWWIP ]E[W FEGO ERH JSVXL EGVSWW XLI GSYVWI HYI XS WIE [MRH ERH WXIIVMRK IVVSV &IEVMRK & &VK MW XLI HMVIGXMSR SJ SRI XIVVIWXVMEP TSMRX JVSQ ERSXLIV I\TVIWWIH EW ERKYPEV HMWXERGI JVSQ ย 2SVXL GPSGO[MWI XLVSYKL ย ;LIR QIEWYVIH XLVSYKL ย SV ย JVSQ IMXLIV RSVXL SV WSYXL MX MW GEPPIH FIEVMRK ERKPI & &IEVMRK ERH E^MQYXL EVI WSQIXMQIW YWIH MRXIVGLERKIEFP] FYX XLI PEXXIV QSVI EGGYVEXIP] VIJIVW XS XLI LSVM^SRXEP HMVIGXMSR SJ E TSMRX SR XLI GIPIWXMEP WTLIVI JVSQ E TSMRX SR XLI )EVXL % VIPEXMZI FIEVMRK MW QIEWYVIH VIPEXMZI XS XLI WLMTยงW LIEHMRK JVSQ ย HIEH ELIEH GPSGO[MWI XLVSYKL ย ,S[IZIV MX MW WSQIXMQIW GSRZIRMIRXP] QIE WYVIH VMKLX SV PIJX JVSQ ย EX XLI WLMTยงW LIEH XLVSYKL ย 8LMW MW TEVXMGYPEVP] XVYI [LIR YWMRK XLI XEFPI JSV (MW XERGI SJ ER 3FNIGX F] 8[S &IEVMRKW
*MKYVI E 'SYVWI PMRI XVEGO XVEGO QEHI KSSH ERH LIEHMRK
-2863(9'8-32 83 1%6-2) 2%:-+%8-32
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ยง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
,EVVMWSRยงW FILEPJ ERH EX XLI EKI SJ ]IEVW ,EVVMWSR VIGIMZIH LMW JYPP VI[EVH SJ ย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
GSEPXMXYHI ERH XLI TSPEV HMWXERGI SJ XLI ^IRMXL GSPEXMXYHI SJ XLI SFWIVZIV % WTLIVMGEP XVMERKPI [EW JMVWX YWIH EX WIE MR WSPZMRK PYREV HMWXERGI TVSFPIQW 7MQYPXERISYW SFWIVZEXMSRW [IVI QEHI SJ XLI EPXMXYHIW SJ XLI 1SSR ERH XLI 7YR SV E WXEV RIEV XLI IGPMTXMG ERH XLI ERKYPEV HMWXERGI FIX[IIR XLI 1SSR ERH XLI SXLIV FSH] 8LI ^IRMXL SJ XLI SFWIVZIV ERH XLI X[S GIPIWXMEP FSHMIW JSVQIH XLI ZIVXMGIW SJ E XVMERKPI [LSWI WMHIW [IVI XLI X[S GSEPXMXYHIW ERH XLI ERKYPEV HMWXERGI FIX[IIR XLI FSHMIW 9WMRK E QEXLIQEXMGEP GEPGYPEXMSR XLI REZMKEXSV ยคGPIEVIHยฅ XLMW HMWXERGI SJ XLI IJJIGXW SJ VIJVEGXMSR ERH TEVEPPE\ ETTPMGEFPI XS IEGL EPXMXYHI 8LMW GSVVIGXIH ZEPYI [EW XLIR YWIH EW ER EVKYQIRX JSV IRXIVMRK XLI EPQEREG 8LI EPQEREG KEZI XLI XVYI PYREV HMWXERGI JVSQ XLI 7YR ERH WIZIVEP WXEVW EX LSYV MRXIVZEPW 4VIZMSYWP] XLI
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ยงW QIXLSH 8LMW IPMQMREXIH XLI RIIH JSV TEVEPPIP WEMPMRK ERH XLI PSWX XMQI EWWSGMEXIH [MXL MX 8EFPIW JSV XLI PYREV HMWXERGI WSPYXMSR [IVI GEVVMIH MR XLI %QIVMGER REYXMGEP EPQEREG MRXS XLI XL GIRXYV] 8LI 8MQI 7MKLX 8LI XLISV] SJ XLI XMQI WMKLX LEH FIIR ORS[R XS QEXL
IQEXMGMERW WMRGI XLI HIZIPSTQIRX SJ WTLIVMGEP XVMKSRSQIXV] FYX RSX YRXMP XLI GLVSRSQIXIV [EW HIZIPSTIH GSYPH MX FI YWIH F] QEVMRIVW 8LI XMQI WMKLX YWIH XLI QSHIVR REZMKEXMSREP XVMERKPI 8LI GSHIGPMREXMSR SV TSPEV HMWXERGI SJ XLI FSH] GSYPH FI HIXIVQMRIH JVSQ XLI EPQEREG 8LI ^IRMXL HMWXERGI
GSEPXMXYHI [EW HIXIVQMRIH F] SFWIVZEXMSR -J XLI GSPEXMXYHI [IVI ORS[R XLVII WMHIW SJ XLI XVMERKPI [IVI EZEMPEFPI *VSQ XLIWI XLI QIVMHMER ERKPI [EW GSQTYXIH 8LI GSQTEVMWSR SJ XLMW [MXL XLI +VIIR[MGL LSYV ERKPI JVSQ XLI EPQEREG ]MIPHIH XLI PSRKMXYHI 8LI XMQI WMKLX [EW QEXLIQEXMGEPP] WSYRH FYX XLI REZMKEXSV [EW RSX EP[E]W E[EVI XLEX XLI PSRKMXYHI HIXIVQMRIH [EW SRP] EW EGGYVEXI EW XLI PEXMXYHI ERH XSKIXLIV XLI] QIVIP] JSVQIH E TSMRX SR [LEX MW ORS[R XSHE] EW E PMRI SJ TSWMXMSR -J XLI SFWIVZIH FSH] [EW SR XLI TVMQI ZIVXMGEP XLI PMRI SJ TSWMXMSR VER RSVXL ERH WSYXL ERH E WQEPP IVVSV MR PEXMXYHI KIRIVEPP] LEH PMXXPI IJJIGX SR XLI PSRKMXYHI &YX [LIR XLI FSH] [EW GPSWI XS XLI QIVMHMER E WQEPP IVVSV MR PEXMXYHI TVSHYGIH E PEVKI IVVSV MR PSRKMXYHI
*MKYVI 8LI JMVWX GIPIWXMEP PMRI SJ TSWMXMSR SFXEMRIH F] 'ETXEMR 8LSQEW 7YQRIV MR
-2863(9'8-32 83 1%6-2) 2%:-+%8-32
8LI PMRI SJ TSWMXMSR F] GIPIWXMEP SFWIVZEXMSR [EW YR ORS[R YRXMP HMWGSZIVIH MR F] ]IEV SPH 'ETXEMR 8LSQEW , 7YQRIV E ,EVZEVH KVEHYEXI ERH WSR SJ E 9RMXIH 7XEXIW GSRKVIWWQER JVSQ 1EWWEGLYWIXXW 8LI HMWGSZIV] SJ XLI ยค7YQRIV PMRI ยฅ EW MX MW WSQIXMQIW GEPPIH [EW GSRWMH IVIH F] 1EYV] ยคXLI GSQQIRGIQIRX SJ E RI[ IVE MR TVEGXMGEP REZMKEXMSR ยฅ 8LMW [EW XLI XYVRMRK TSMRX MR XLI HIZIPSTQIRX SJ QSHIVR GIPIWXMEP REZMKEXMSR XIGLRMUYI -R 7YQRIVยงW S[R [SVHW XLI HMWGSZIV] XSSO TPEGI MR XLMW QERRIV
8LI 7YQRIV QIXLSH VIUYMVIH XLI WSPYXMSR SJ X[S XMQI WMKLXW XS SFXEMR IEGL PMRI SJ TSWMXMSR 1ER] SPHIV REZMKEXSVW TVIJIVVIH RSX XS HVE[ XLI PMRIW SR XLIMV GLEVXW FYX XS JM\ XLIMV TSWMXMSR QEXLIQEXMGEPP] F] E QIXLSH [LMGL 7YQRIV LEH EPWS HIZMWIH ERH MRGPYHIH MR LMW FSSO 8LMW [EW E XI HMSYW FYX TSTYPEV TVSGIHYVI
,EZMRK WEMPIH JVSQ 'LEVPIWXSR 7 ' XL 2SZIQ FIV FSYRH XS +VIIRSGO E WIVMIW SJ LIEZ] KEPIW JVSQ XLI ;IWX[EVH TVSQMWIH E UYMGO TEWWEKI EJXIV TEWW MRK XLI %^SVIW XLI [MRH TVIZEMPIH JVSQ XLI 7SYXL[EVH [MXL XLMGO [IEXLIV EJXIV TEWWMRK 0SRKMXYHI ย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ย 2 MW REYXMGEP QMPIW XLMW WIIQIH XS EKVII XSPIVEFP] [IPP [MXL XLI HIEH VIGOSRMRK FYX JIIPMRK HSYFXJYP SJ XLI 0EXMXYHI XLI SFWIVZEXMSR [EW XVMIH [MXL E 0EXMXYHI JYVXLIV 2 JMRHMRK XLMW TPEGIH XLI WLMT )2) REYXMGEP QMPIW SJ XLI JSVQIV TSWMXMSR MX [EW XVMIH EKEMR [MXL E 0EXMXYHI 2 SJ XLI HIEH VIGOSRMRK XLMW EPWS TPEGIH XLI WLMT WXMPP JYVXLIV )2) ERH WXMPP REYXMGEP QMPIW JYVXLIV XLIWI XLVII TSWMXMSRW [IVI XLIR WIIR XS PMI MR XLI HMVIGXMSR SJ 7QEPPยงW PMKLX -X XLIR EX SRGI ETTIEVIH XLEX XLI SFWIVZIH EPXMXYHI QYWX LEZI LETTIRIH EX EPP XLI XLVII TSMRXW ERH EX 7QEPPยงW PMKLX ERH EX XLI WLMT EX XLI WEQI MRWXERX SJ XMQI ERH MX JSPPS[IH XLEX 7QEPPยงW PMKLX QYWX FIEV )2) MJ XLI 'LVSRSQIXIV [EW VMKLX ,EZMRK FIIR GSRZMRGIH SJ XLMW XVYXL XLI WLMT [EW OITX SR LIV GSYVWI )2) XLI [MRH FIMRK WXMPP 7) ERH MR PIWW XLER ER LSYV 7QEPPยงW PMKLX [EW QEHI FIEVMRK )2) ) ERH GPSWI EFSEVH
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
-R 7YQRIV TYFPMWLIH E FSSO % 2I[ ERH %GGYVEXI 1IXLSH SJ *MRHMRK E 7LMTยงW 4SWMXMSR EX 7IE F] 4VSNIGXMSR SR 1IVGEXSVยงW 'LEVX ,I TVSTSWIH WSPZMRK E WMRKPI XMQI WMKLX X[MGI YWMRK PEXMXYHIW WSQI[LEX KVIEXIV ERH WSQI[LEX PIWW XLER XLEX EVVMZIH EX F] HIEH VIGOSRMRK ERH NSMRMRK XLI X[S TSWMXMSRW SFXEMRIH XS JSVQ XLI PMRI SJ TSWMXMSR
2EZMKEXMSREP 8EFPIW
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ยงW HIZIPSTQIRX SJ XLI JMVWX TVEGXMGEP IGLS WSYRHIV MR 6EHEV ERH L]TIVFSPMG W]WXIQW KVI[ SYX SJ ;;-- 8SHE] IPIGXVSRMGW XSYGLIW EPQSWX IZIV] EWTIGX SJ REZMKEXMSR ,]TIVFSPMG W]WXIQW WEXIPPMXI W]WXIQW ERH IPIGXVSRMG GLEVXW EPP VIUYMVI ER MRGVIEWMRKP] WSTLMWXMGEXIH IPIGXVSRMGW WYMXI ERH XLI I\TIVXMWI XS QEREKI XLIQ 8LIWI W]WXIQWยง EGGYVEG] ERH IEWI SJ YWI QEOI XLIQ MRZEPYEFPI EWWIXW XS XLI REZMKEXSV FYX XLIVI MW JEV QSVI XS YWMRK XLIQ XLER ORS[MRK [LMGL FYXXSRW XS TYWL
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
TVSJIWWSV SJ QEXLIQEXMGW EX ;IWX 4SMRX XLI JMVWX (MVIGXSV SJ XLI ¤7YVZI] SJ XLI 'SEWX ¥ 8LI WYVZI] FIGEQI XLI ¤'SEWX 7YVZI]¥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¤'SEWX ERH +ISHIXMG 7YVZI] ¥ -R XLI WYVZI] FIGEQI XLI ¤2EXMSREP 3GIER 7YVZI] ¥ ERH MR MX FIGEQI XLI ¤2EXMSREP 3GIER 7IVZMGI ¥ 8LI 3JJMGI SJ 'LEVXMRK ERH +ISHIXMG 7IVZMGIW EGGSQTPMWLIH EPP GLEVXMRK ERH KISHIXMG JYRGXMSRW -R XLI REQI [EW GLERKIH FEGO XS XLI SVMKMREP ¤'SEWX ERH +ISHIXMG 7YVZI] ¥ SVKERM^IH YRHIV XLI 2EXMSREP 3GIER 7IVZMGI EPSRK [MXL WIZIVEP SXLIV IRZMVSRQIRXEP SJJMGIW 8SHE] MX TVSZMHIW XLI QEVMRIV [MXL XLI GLEVXW ERH GSEWX TMPSXW SJ EPP [EXIVW SJ XLI 9RMXIH 7XEXIW ERH MXW TSWWIWWMSRW ERH XMHI ERH XMHEP GYVVIRX XEFPIW JSV QYGL SJ XLI [SVPH -XW