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HM VGHBG OQNLHRDR SG@S SGDX VNTKC AD FQ@MSDC @ RS@SD HM EHUD XD@QR VDQD TMCDQRHFMDC

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8

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.QOG@M @HC ƒ $HC BKNSGHMF V@R CHRSQHATSDC SN   NQOG@MR  TFTRS  ƒ )NHMS OQNFQ@LR VDQD NQF@MHYDC HM BNNODQ@SHNM VHSG SGD &@Y@ 2NBH@K 6NQJR ,HMHRSQX SN GDKO ANNRS SGD LNQ@KD NE NQOG@MR ,@QBG   ,@QBG  ƒ   NQOG@MR VDQD RTOONQSDC SGQNTFG SGD 2ONMRNQ %@LHKX $EENQS HM  ƒ $HC BKNSGHMF V@R CHRSQHATSDC SN   NQOG@MR HM /@KDRSHMH@M QDETFDD B@LOR HM &@Y@ @MC +DA@MNM -NUDLADQ  ƒ $HC BKNSGHMF V@R CHRSQHATSDC SN   NQOG@MR VGHKD RS@SHNMDQX RTOOKHDR VDQD CHRSQHATSDC SN   NQOG@MR 2DOSDLADQ  ƒ $HC BKNSGHMF V@R CHRSQHATSDC SN  NQOG@MR @MC RS@SHNMDQX RTOOKHDR VDQD CHRSQHATSDC SN  NQOG@MR @S SGD /@KDRSHMD 1DETFDD "@LO HM +DA@MNM 2DOSDLADQ  ƒ &HESR NE $HC BKNSGHMF VDQD CHRSQHATSDC SN @ SNS@K NE  NQOG@MR HM /@KDRSHMD +DA@MNM @MC )NQC@M #DBDLADQ  ƒ &HESR NE $HC BKNSGHMF VDQD CHRSQHATSDC SN @ SNS@K NE  NQOG@MR NM $HC @K CG@ @S SGD /@KDRSHMH@M QDETFDD B@LOR HM +DA@MNM

)NQC@M @MC 2XQH@ #DBDLADQ 


10

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2NBH@K @HC ƒ 2@OKHMFR VDQD CNM@SDC SN E@QLDQR HM &@Y@  TFTRS  ƒ

A@JDQX V@R DRS@AKHRGDC SN OQNUHCD EQDD RDQUHBD SN SGD MDDCX HM &@Y@  TFTRS 

ƒ   DTQNR HM @HC V@R CNM@SDC SN SGD DEENQS SN CDDODM SGD G@QANQ @S &@Y@ @MC NQF@MHY@SHNM NE SGD ONQS @QD@ V@R B@QQHDC NTS ,@QBG  ƒ  UDGHBKDR NE U@QHNTR LNCDKR VGHBG G@C RDS NTS VHSG SGD 5HU@ /@KDRSHM@ "NMUNX QD@BGDC &@Y@ #DBDLADQ )@MT@QX  ƒ  BNMS@HMDQR NE ENNC @MC BKD@MHMF RTOOKHDR @MC  FDMDQ@SNQR NE U@QXHMF RSQDMFSG VDQD CNM@SDC SN /@KDRSHMH@M QDETFDD B@LOR HM +DA@MNM )TKX #DBDLADQ  ƒ  BNMS@HMDQR NE ENNC @MC BKD@MHMF RTOOKHDR VDQD RDMS SN /@KDRSHMH@M QDETFDD B@LOR HM 2XQH@ )TKX #DBDLADQ  ƒ

V@SDQ LNSNQ V@R OQNBTQDC ENQ SGD &@Y@ ,TMHBHO@KHSX®R V@SDQ VDKK 2DOSDLADQ 

ƒ %HM@MBH@K @HC @MC GNTRDGNKC ETQMHSTQD ADC EQ@LDR L@SSQDRRDR QTFR BNTBGDR HMSDQHNQ EHWSTQDR DSB VDQD CNM@SDC SN   MDDCX BNTOKDR SG@S VDQD OQDO@QHMF SN L@QQX HM /@KDRSHMH@M QDETFDD B@LOR HM 2XQH@ )TKX  ƒ

ATKKCNYDQ V@R OTQBG@RDC ENQ SGD &@Y@ )@A@KH@ ,TMHBHO@KHSX ,@X 

ƒ %TDK ENQ GD@SHMF RSNUDR V@R CHRSQHATSDC HM SGD /@KDRSHMH@M QDETFDD B@LOR HM +DA@MNM %DAQT@QX  ƒ V@SDQ VDKK V@R CTF @S SGD '@MC@MTM /@KDRSHMH@M 1DETFDD "@LO HM 2XQH@ @ V@SDQ CDONS V@R ATHKS @S SGD 2ODM@ /@KDRSHMH@M 1DETFDD "@LO %DAQT@QX 


8LI EGXMZMXMIW SJ -,, MR 4EPIWXMRI JSPPS[MRK 3TIVEXMSR 'EWX 0IEH

$CTB@SHNM@K @HC ƒ  LHKKHNM HM @HC V@R CNM@SDC SN &@Y@ (RK@L 4MHUDQRHSX ENQ SGD O@QSR NE SGD HMRSHSTSHNM SG@S G@C ADDM C@L@FDC -NUDLADQ .MFNHMF ƒ 3GD '@M 8TMHR 6NLDM®R $CTB@SHNM "DMSDQ 3@K @K'@V@ 6NLDM®R $CTB@SHNM "DMSDQ 1@E@G 6NLDM®R $CTB@SHNM "DMSDQ @MC 3@K @K'@V@ "NLOTSDQ @MC "TKSTQ@K "DMSDQR VDQD NODMDC @MC SGDHQ @MMT@K NODQ@SHNM DWODMRDR LDS .MFNHMF ƒ 1DO@HQR VDQD B@QQHDC NTS @S SGD #@QT®K QJ@L 2BGNNK SGD DWODMRDR ENQ SGQDD BNLOTSDQ K@AR @MC G@KE NE SGD SD@BGDQR® R@K@QHDR VDQD BNUDQDC HM @CCHSHNM SGD @MMT@K EDDR ENQ NQOG@MDC RSTCDMSR @S SGD RBGNNK VDQD BNUDQDC )TMD )TMD  ƒ /RXBGNKNFHB@K QDG@AHKHS@SHUD RTOONQS V@R OQNUHCDC ENQ  RSTCDMSR ,@QBG  ƒ %HM@MBH@K @HC V@R RDBTQDC ENQ  EDL@KD GHFG RBGNNK RSTCDMSR #DBDLADQ  ƒ MDDCKDVNQJ BNTQRD V@R NODMDC @S SGD 2ODM@ /@KDRSHMH@M 1DETFDD "@LO HM 2XQH@ -NUDLADQ  ƒ 3GD DCTB@SHNM@K VNQJRGNO @S &@Y@ 3DBGMNKNFX 4MHUDQRHSX V@R QDMNU@SDC SGD C@L@FDC DMFHMDDQHMF CDO@QSLDMS @S &@Y@ (RK@L 4MHUDQRHSX V@R QDBNMRSQTBSDC 2DOSDLADQ .BSNADQ  ƒ 3GD EDDR ENQ  RSTCDMSR @S &@Y@ (RK@L 4MHUDQRHSX @MC &@Y@ 3DBGMNKNFX 4MHUDQRHSX VDQD O@HC 2DOSDLADQ © %DAQT@QX  ƒ 2S@SHNMDQX RTOOKHDR VDQD CHRSQHATSDC SN   MDDCX RSTCDMSR 2DOSDLADQ  ƒ 2S@SHNMDQX RTOOKHDR VDQD CHRSQHATSDC SN  MDDCX RSTCDMSR HM /@KDRSHMH@M QDETFDD B@LOR HM +DA@MNM 2DOSDLADQ  ƒ GHECG 0TQ®@MHB LDLNQHY@SHNM BNTQRD V@R NODMDC HM SGD 1@E@G QDFHNM 2DOSDLADQ  ƒ 2TOONQS V@R RDBTQDC ENQ RTLLDQ RBGNNKR @S /@KDRSHMH@M QDETFDD B@LOR HM &@Y@ @MC +DA@MNM )TMD  ƒ 2TOONQS V@R OQNUHCDC ENQ QDO@HQ VNQJ @S #@QT®K 2BGNNK ,@QBG 

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6GHKD LNQD SG@M SVN LHKKHNM BGHKCQDM HM EQHB@ @QD NQOG@MDC DUDQX XD@Q VD JMNV SG@S EHUD LHKKHNM BGHKCQDM G@UD ADDM NQOG@MDC HM (Q@P CTD SN V@Q @MC NBBTO@SHNM R ('' 'TL@MHS@QH@M 1DKHDE %NTMC@SHNM NUDQ SGD K@RS SGQDD XD@QR VD G@UD ADDM RTOONQSHMF NQOG@MR VGN @QD UTKMDQ@AKD SN DUDQX ENQL NE C@MFDQ VHSG SGD 2ONMRNQ %@LHKX 2XRSDL .TQ @BSHUHSHDR VGHBG RS@QSDC HM  HMBQD@RDC VHSG SGD 2ONMRNQ %@LHKX 2XRSDL VGHBG ADF@M HM  !X 

VD HMBKTCDC   BGHKCQDM EQNL  BNTMSQHDR HMBKTCHMF 3TQJDX HM NTQ BNMSHMTNTR RTOONQS OQNFQ@L 6D @QD V@HSHMF ENQ XNTQ RTOONQS ENQ SGD DWO@MRHNM NE NTQ @BSHUHSHDR BNMBDQMHMF NQOG@MR @MC VD SG@MJ XNT ENQ SGD HMSDQDRS XNT VHKK RGNV SN NQOG@MR

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14

8LI GSYRXVMIW ERH VIKMSRW -,, LSPHW SVTLER EGXMZMXMIW

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3VTLER WYTTSVX EGXMZMXMIW

.QOG@M RTOONQS BDMSDQR ('' HR NQF@MHYHMF L@MX @BSHUHSHDR SN RTOONQS NQOG@MR L@SDQH@KKX @MC ROHQHST@KKX VHSG UNKTMSDDQR EQNL @KK NUDQ 3TQJDX R O@QS NE SGHR DUDQX HSDL SG@S HR CDKHUDQDC SN SGD .QOG@M 2TOONQS "DMSDQ HM !@¸@J¸DGHQ (RS@MATK HR TRDC SN RTOONQS SGD ADMDEHS NE NQOG@MR 5NKTMSDDQR TMCDQS@JD @BSHUHSHDR RTBG @R RDVHMF

DLAQNHCDQX IDVDKQX CDRHFM DSB HM SGDRD BDMSDQR @R VDKK @R OQDO@QHMF GNLDL@CD ENNC @MC BNMCTBSHMF RDLHM@QR HM NQCDQ SN ADBNLD LNQD DEEDBSHUD HM ETKEHKKHMF RNBH@K QDRONMRHAHKHSHDR @MC SN KD@QM @ANTS CHEEDQDMS BTKSTQDR 3GD HSDLR OQNCTBDC ENQ NQOG@MR RNLDSHLDR @QD RDMS CHQDBSKX SN SGD NQOG@MR @MC RNLDSHLDR SGDX @QD RNKC HM ETMCQ@HRHMF DUDMSR SG@S @QD NQF@MHYDC ENQ SGD ADMDEHS NE NQOG@MR SGD LNMDX BNKKDBSDC HR TRDC HM NQOG@M RTOONQS @BSHUHSHDR

V@QDMDRR @BSHUHSHDR ('' NQF@MHYDR RXLONRHTLR RDLHM@QR @MC @B@CDLHB LDDSHMFR @ANTS SGD RHST@SHNMR SG@S BGHKCQDM VGN G@UD ADDM NQOG@MDC ENQ U@QHNTR QD@RNMR G@UD SN E@BD

.QOG@M LDDSHMFR ('' NQF@MHYDR NQOG@M LDDSHMFR VHSG SGD O@QSHBHO@SHNM NE NQOG@MR HM QDFHNMR @MC BNTMSQHDR HM VGHBG HS HR @BSHUD HM NQCDQ SN Q@HRD SGD @V@QDMDRR NE SGD 3TQJHRG OTAKHB @ANTS SGD @BSHUHSHDR SG@S @QD ADHMF B@QQHDC NTS HM U@QHNTR QDFHNMR NE SGD VNQKC SN RTOONQS NQOG@MR @R VDKK @R SN AQHMF GNLD SGD QD@KHSX NE NQOG@MGNNC


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17


18

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UDQX INA G@R @M HMSDQMRGHO @MC VGX RGNTKC NQOG@MGNNC MNS G@UD NMD (E XNT @QD HM @ OK@BD RTQQNTMCDC AX NQOG@MR HS HR MNS ONRRHAKD SN EDDK NSGDQVHRD +HUHMF RHCD AX RHCD VHSG SGDL VD KD@QM SGD LD@MHMF NE RNQQNV FQHDE G@OOHMDRR @MC KNUD DUDM HE VD B@MMNS ROD@J SGD R@LD K@MFT@FD¢

2NLDSHLDR SGD KDRR XNT JMNV @ANTS RNLDSGHMF SGD LNQD D@RHKX HS HR SN ROD@J @ANTS HS R XNT KD@QM LNQD HMENQL@SHNM

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®R ONOTK@SHNM NE      NE SGNRD @QD UHBSHLR NE SGD SRTM@LH @MC SGD QDRS @QD UHBSHLR NE SGD BHUHK V@Q VGHBG K@RSDC ENQ @OOQNWHL@SDKX  XD@QR (RS@MATK #NQLHSNQX HR @M NQOG@M@FD SG@S V@R ATHKS HM !@MC@ BDG @ESDQ SGD SRTM@LH NM  #DBDLADQ  @ B@S@RSQNOGD

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19

SG@S SNNJ GTMCQDCR NE SGNTR@MCR NE KHUDR GTMCQDC NQOG@M FHQKR ADSVDDM SGD @FDR NE MHMD @MC  RS@X HM SGHR BNLOKDW

VGHBG V@R ATHKS AX ('' 'TL@MHS@QH@M 1DKHDE %NTMC@SHNM HM D@QKX  3GD BNLOKDW HR HM !K@MF !HMS@MF 2S@Q %HDKC

VGHBG HR @ LHMTSD CQHUD EQNL !@MC@ BDG S EHQRS FK@MBD SGHR OK@BD HR QDLHMHRBDMS NE @ RL@KK QDRNQS RTQQNTMCDC AX QHBD EHDKCR @MC O@KL ENQDRSR #NQLHSNQX ATHKCHMFR @ KHAQ@QX

BNMEDQDMBD QNNLR @ CHMHMF G@KK LNRPTD BKHMHB CVDKKHMFR

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

HM +GNJMF@®C@ 3GD GTFD BDLDMS OK@MS MDWS SN SGD LNTMS@HM

HR NMD NE SGD K@QFDRS HMCTRSQH@K HMUDRSLDMSR NE SGD BHSX #HM@®R E@SGDQ VNQJDC SGDQD #HM@ HR NMD NE SGD LNRS GD@QSAQD@JHMF B@RDR #HM@ EHX@SSTMMHR@ STQMDC  NM -NUDLADQ SG ( KD@QMDC MNS SN ITCFD SGD BGHKCQDM @BBNQCHMF SN SGDHQ @FD

@KSGNTFG SGHR HR CHEEHBTKS 2GD HR KHJD @ LNMTLDMS NE RDQDMHSX @MC E@HSG 0THDS CDDO 3GDQD HR @ RLHKD NM GDQ E@BD VGHBG


20

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B@MMNS BNMBD@K GDQ RNQQNV DUDM VGDM RGD HR G@OOHDRS 2GD HR SGD NKCDRS NE SGQDD RHRSDQR 2GD CNDR MNS KHJD S@KJHMF 2GD ENQLR RGNQS RDMSDMBDR S@KJHMF @ANTS GDQRDKE .MD MHFGS HM SGD F@QCDM VD ROD@J @R VD V@SBG SGD RS@QR KXHMF NM SGD %DQQHR VGDDK «6GDMDUDQ ( G@UD @ OQNAKDL NQ EDDK TMG@OOX ( KNNJ @S SGDL @MC ( @L G@OOX @F@HM ¬ RGD R@XR +@SDQ ( KD@QM SG@S GDQ XNTMFDQ RHRSDQ®R M@LD HR !HMS@MF 2S@Q 2GD M@LDC GDQ -NV RGD KNNJR @R HE RGD HR KNNJHMF ENQ GDQ @LNMF SGD RS@QR #HM@ V@R MHMD VGDM RGD KNRS GDQ DMSHQD E@LHKX 'DQ BKNRDRS QDK@SHUD HR GDQ TMBKDHMK@V VGN KHUDR HM )@J@QS@ VGHBG HR SGQDD C@XR EQNL BDG 'DQ ENQLDQ GNTRD HR G@KE @M GNTQ EQNL SGD NQOG@M@FD 2GD G@R MDUDQ QDSTQMDC RHMBD RGD RS@QSDC RS@XHMF GDQD 2GD CNDR MNS R@X RN

ATS SGD DUDMSR QDUD@K SG@S RGD B@MMNS DMCTQD FNHMF SGDQD 3GD KNB@SHNM ENQ SGD OTAKHB OHBMHB SG@S HR NQF@MHYDC NMBD @ LNMSG HR BGNRDM +GNJMF@ KK SGD BGHKCQDM FDS HM SGD B@QR VHSG INX ( MNSHBD SGD @ARDMBD NE SGQDD FNNC EQHDMCR VGHKD DUDQXNMD HR DMINXHMF SGD RD@ #HM@ #NM@ @MC -NOH -NANCX JMNVR VGDQD SGDX @QD (M SGD DUDMHMF #HM@ HR NMD NE SGD EHQRS SN FN SGD LNRPTD @R TRT@K 6GDM @RJDC «6GDQD VDQD XNT¬ RGD FHUDR @M @MRVDQ SG@S HR CHEEHBTKS SN AD@Q «( TRDC SN KHUD SGDQD RHRSDQ ( KNRS @KK LX E@LHKX SGDQD GNV B@M ( G@UD ETM HM +GNJMF@ ¬ (S HR NAUHNTR SG@S GDQ EQHDMCR BGNRD SN RS@X ADGHMC RN @R MNS SN KD@UD GDQ @KNMD 5HKC@M V@R SGD EHQRS NQOG@M NE SGD (RS@MATK #NQLHSNQX 'TMCQDCR G@UD BNLD @MC FNMD SGQNTFG SGHR F@SD RHMBD RGD B@LD GDQD HM ,@QBG  2GD JMNVR LNQD @ANTS SGD ODNOKD GDQD SG@M SGD DLOKNXDDR 2GD B@LD EQNL "@K@MF 6DRS BDG 2GD HR RN RTQD NE SGD AD@TSX NE GDQ UHKK@FD SG@S RGD

8LI VSWIW SJ ER SVTLEREKI

CNDR MNS DUDM KNNJ @S SGD RBDMDQX HM !@MC@ BDG 5HKC@M HR @ EHRGDQL@M®R C@TFGSDQ 2GD GDKODC GDQ E@SGDQ B@QQX EHRG SN SGD L@QJDS @MC GDKODC GDQ LNSGDQ R@KS SGD NMDR SG@S VDQD MNS RNKC 2GD JMNVR LTBG @ANTS SGD CHEEDQDMS SXODR NE EHRG 2GD HR SGD LNRS INXNTR ODQRNM HM SGD NQOG@M@FD 2GD KHJDR MDHSGDQ RNQQNV MNQ SD@QR 2NQQNV UHRHSR GDQ EQNL SHLD SN SHLD @R VDKK

ATS CNDR MNS RS@X KNMF 2GD LHRRDR GDQ XNTMFDQ RHAKHMF SGD LNRS ESDQ KNRHMF SGDHQ O@QDMSR SGD E@LHKX RB@SSDQDC KHJD SGD AD@CR NE @ AQNJDM RSQ@MC NE OQ@XDQ AD@CR 'DQ NKCDRS AQNSGDQ HR  XD@QR NKC 'D HR SGD NMKX NMD KDES HM SGD UHKK@FD 'D KHUDR HM @ RHMFKD QNNL ADB@TRD SGDX CN MNS G@UD @ GNTRD 'DQ NSGDQ NKCDQ AQNSGDQ HR @ BNKKDFD RSTCDMS 3VN NE GDQ XNTMFDQ RHAKHMFR KHUD HM SGD NQOG@M@FD 'DQ @TMS HR KNNJHMF @ESDQ SGD XNTMFDRS

@M DHFGSXD@Q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«6GHKD ( V@R QTMMHMF ( STQMDC A@BJ @MC R@V LX FQ@MCLNSGDQ V@SBGHMF TR @S SGD CNNQ ¬ RGD R@XR AQHDEKX 2GD QD@KHYDC SG@S RGD BNTKC MNS FDS @V@X EQNL SGD V@UDR 3GD V@UD B@QQHDC GDQ SN @ SQDD %HM@KKX RGD L@M@FDC SN FQ@A GNKC NE @ SQDD


8LI VSWIW SJ ER SVTLEREKI

SQTMJ 3GD MDWS C@X @ RGHO EQNL SGD NBD@M OHBJDC GDQ @MC GDQ RHAKHMFR TO EQNL SGD GHKK SGDX VDQD NM 2GD KNRS GDQ GNTRD @MC GDQ E@LHKX 6GDM ODNOKD @RJ GDQ RGD R@XR SG@S RGD CNDR MNS G@UD @ GNTRD 6GDQDUDQ XNT KNNJ XNT RDD @M NQOG@M 3GD EHQRS SGHMF XNT MNSHBD GDQD HR SGD NQOG@MR (S HR G@QC MNS SN AD RTQOQHRDC RDDHMF SGHR L@MX NQOG@MDC BGHKCQDM (S RDDLR @R HE NMKX O@QDMSR CHDC 3GD V@SDQR CHC MNS SNTBG SGD BGHKCQDM BDG HR MNS D@RX SN TMCDQRS@MC 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

@MC B@MMNS RGNV HS SN @MXNMD 3GDQD HR @ KNS G@OODMHMF D@QKX HM SGD LNQMHMF ESDQ LNQMHMF OQ@XDQR SGD F@QCDM STQMR HMSN @ EDRSHU@K FQNTMC ATS HS ADBNLDR CDRNK@SD @ESDQ SGD RGTSSKDR KD@UD @S RDUDM N®BKNBJ 3GD QNNLR @MC BNQQHCNQR SG@S QHMF VHSG SGD UNHBDR NE SGD BGHKCQDM HM SGD DUDMHMF ADBNLD DLOSX 3DCCX AD@QR @MC CNKKR NM ADCR

OGNSNFQ@OGR NE SGD LNRS KNMFDC EQHDMCR NQ QDK@SHUDR NM SGD B@AHMDSR /NDLR KXQHBR ONRSDQR LNSHU@SHNM@K PTNSDR NM SGD V@KKR 3GQDD RHCDR NE SGD ADC NE 8}RMHC@Q VGN HR OQDO@QHMF SN @SSDMC TMHUDQRHSX @QD BNUDQDC VHSG MNSDR R@XHMF «XNT B@M CN HS CNBSNQ¬ 'DQ NAIDBSHUD HR SN FN SN LDCHB@K RBGNNK /HOHS HR HM SGD K@RS XD@Q NE GHFG RBGNNK 'DQ

2/.3+(&'3

21

CH@QX MNSDANNJR @MC SGD V@KKR NE GDQ QNNL @QD BNUDQDC VHSG CQ@VHMFR 2GD V@MSR SN AD @ E@RGHNM CDRHFMDQ 'DQ AHFFDRS CQD@L HR SN RSTCX @AQN@C #HM@ V@MSR SN AD @ BNLOTSDQ DMFHMDDQ 2GD @KQD@CX JMNVR @ KNS @ANTS )@O@MDRD BTKSTQD @MC K@MFT@FD 2GD HR OQDO@QHMF SN FN SN )@O@M 2TV@XAD®R CQD@L HR SN AD @ RSTCDMS @S @K GY@Q 4MHUDQRHSX HM $FXOS 3GDX @QD SGD NMDR BKNRDRS SN SGDHQ CQD@LR @LNMF SGD NQOG@MR EQNL BDG SG@MJR SN RTOONQS SGDX FDS EQNL 3TQJDX MC SGDX BNLOKDSDKX @V@QD NE SGHR E@BS 3GDX VQHSD SN SGDHQ RONMRNQ E@LHKHDR KK KDSSDQR RS@QS VHSG SGD R@LD RDMSDMBD «( LHRR XNT RN LTBG CN XNT LHRR LD¬ 'DRSH HR  XD@QR NKC 2GD HR EQNL ,DK@ANG 2GD KNRS GDQ E@SGDQ @MC GDQ LNSGDQ KHUDR HM SGDHQ UHKK@FD (M GDQ K@RS KDSSDQ

RGD @SS@BGDC @ ONDL @CCQDRRDC SN GDQ E@SGDQ 'DQ EDDKHMFR QDS@HM SGDHQ V@QLSG DUDM @ESDQ @ BNTOKD @L@SDTQ SQ@MRK@SHNM @SSDLOSR @MC MN NSGDQ VNQCR @QD MDBDRR@QX #@C 2HMBD XNT VDMS @V@X (®UD ADDM UDQX LNTQMETK ( SGNTFGS MN NMD VNTKC AD KHJD XNT -NV ( @L UDQX G@OOX !DB@TRD SGDQD HR RNLDNMD ( B@M KNUD KHJD ( KNUD XNT +HJD LX E@SGDQ 'D HR E@Q @V@X EQNL LD !TS ( EDDK UDQX BKNRD SN GHL 'D G@R LDS @KK LX RBGNNK DWODMRDR RN E@Q¢

[R F] XLI SVTLERW ˆ 8LMW TMGXYVIW [IVI HVE %GIL JVSQ -,, HSVQMXSV] MR


22

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8LI XVEYQEXMG IJJIGXW SJ PSWMRK TEVIRXW

3GD SQ@TL@SHB DEEDBSR SJ PSWMRK TEVIRXW /QNE #Q -DUY@S 3 1' - µ#$1 'TL@M 5@KTDR @MC ,DMS@K 'D@KSG %NTMC@SHNM "G@HQL@M/RXBGH@SQHRS

ODQRNM RTEEDQR FQD@SKX EQNL SGD KNRR NE @ KNUDC NMD

MN L@SSDQ VG@S SGDHQ @FD 3GD CD@SG NE @ O@QDMS HR @ OGDMNLDMNM SG@S HR CHEEHBTKS ENQ @KK NE TR SN AD@Q "KD@QKX SGHR O@HM VHKK AD DUDM LNQD CHEEHBTKS SN CD@K VHSG HE SGD ODQRNM HR NE @ XNTMF @FD 3GD KNRR NE @ O@QDMS HR DWODQHDMBDC CHEEDQDMSKX @S U@QHNTR @FDR @MC SGDQDENQD B@TRDR CHEEDQDMS QDRTKSR

VHKK G@UD SN S@JD NM SGD QNKD NE ANSG LNSGDQ @MC E@SGDQ 3GHR HR @ CHEEHBTKS QDRONMRHAHKHSX @MC QDPTHQDR BNMRHCDQ@AKD NQF@MHY@SHNM NE SGD ODQRNM@KHSX (M B@RD NE RTBG @M DUDMS SGD BGHKC RTEEDQR @MC ADBNLDR TORDS @MC RG@JDM 'NVDUDQ HS HR ONRRHAKD SN @BPTHQD @ FQD@S KHED DWODQHDMBD ENQ SGD ETSTQD HM SDQLR NE ODQRNM@K CDUDKNOLDMS

%NQ @ BGHKC SGD KNRR NE @ KNUDC HR @ ORXBGNKNFHB@K HMITQX

@ SQ@TL@ @MC HR @M TM@UNHC@AKD BHQBTLRS@MBD +NRHMF ANSG @ LNSGDQ @MC E@SGDQ B@M B@TRD @ UDQX CHEEDQDMS @MC CDU@RS@SHMF DEEDBS (M SGHR B@RD @ UDQX CHEEHBTKS @MC HLONQS@MS S@RJ E@KKR TONM SGD QDK@SHUDR NE SGD E@LHKX @MC FQ@MCO@QDMSR HE SGDX @QD RSHKK @KHUD 'NVDUDQ SGD HRRTD SG@S VHKK AD DW@LHMDC GDQD HR GNV @ LNSGDQ NQ E@SGDQ VGN G@R KNRS GHRGDQ O@QSMDQ RGNTKC SQD@S SGDHQ BGHKC

GNV SGDX RGNTKC DWOK@HM SGD RHST@SHNM @MC GNV SGDX RGNTKC SDMC SGD BGHKC®R VNTMCR

6D QDBNLLDMC SG@S O@QDMSR MNS GHCD E@BSR SG@S BGHKCQDM B@M DMCTQD .E BNTQRD HS HR CHEEHBTKS SN @BBDOS CD@SG DRODBH@KKX ENQ @ BGHKC 3GHR KD@UDR SGD RTQUHUHMF O@QDMS @M HLONQS@MS S@RJ 'DRGD G@R SN DWOK@HM CD@SG SN SGD BGHKC HM @M TMCDQRS@MC@AKD E@RGHNM @MC FHUD SGD BGHKC @M @BBDOS@AKD BNMBDOS NE «CD@SG ¬

"GHKCQDM VGN G@UD CHEEDQDMS ODQBDOSHNMR @S CHEEDQDMS @FDR L@X MNS DWODQHDMBD CDDOKX SGD KNRR NE SGDHQ E@SGDQ HM SGDHQ EHQRS ENTQ SN EHUD XD@QR @R @S SGHR SHLD SGDX VDQD BKNRDQ SN SGDHQ LNSGDQ 'NVDUDQ HS RSHKK B@TRDR FQHDE ENQ SGD BGHKC HE SGDX KNRD RNLDNMD SN VGNL SGDX G@UD ADBNLD @BBTRSNLDC @ ODQRNM VHSG VGNL SGD BGHKC RODMCR SHLD @MC VGN GDRGD B@KKR «E@SGDQ ¬ DUDM HE SGD BNMBDOS G@R MNS XDS ADDM EHQLKX DRS@AKHRGDC HM SGDHQ LHMC BGHKC NE RBGNNK @FD RTEEDQR LNQD EQNL SGD KNRR NE GHRGDQ E@SGDQ

RNLDNMD VGNL GDRGD KNUDR @MC SQTRSR 'NV SN DWOK@HM SGD KNRR NE @ O@QDMS SN @ BGHKC LNSGDQ NQ E@SGDQ VGN KNRDR GHRGDQ O@QSMDQ VHKK NE BNTQRD

DWODQHDMBD FQD@S O@HM @MC HM @CCHSHNM SN SGHR O@HM SGHR O@QDMS

LNSGDQ VGN KNRS GDQ GTRA@MC SDKKR TR GNV RGD DWOK@HMDC SGD RHST@SHNM SN GDQ BGHKC «( CHC MNS JMNV GNV SN DWOK@HM SGD RHST@SHNM SN LX RNM @ESDQ KNRHMF LX GTRA@MC 3GDM ( ENTMC @ V@X @MC SNKC LX RNM ­+NNJ LX RNM XNTQ E@SGDQ HR NM @ KNMF INTQMDX 'D VHKK MNS QDSTQM ATS VD VHKK LDDS VHSG GHL HM SGD ETSTQD ® ESDQ SG@S GD MDUDQ @RJDC LD VGDQD GHR E@SGDQ V@R @MC GD V@R QDKHDUDC ¬ %DDKHMF KHJD «LX E@SGDQ HR CD@C GD MN KNMFDQ DWHRSR ¬ VNTMCR SGD BGHKC ORXBGNKNFHB@KKX 3GD BNMBDOS «3GHR HR KHED @ L@M HR ANQM

KHUDR @MC CHDR 6D @KK VHKK CHD NMD C@X ¬ C@L@FDR SGD ROHQHS NE SGD BGHKC 3GD BGHKC G@R SN AD FHUDM @ BNMBDOS NE CD@SG @R RS@SDC @ANUD 3GD ADG@UHNQ NE SGD ODQRNM VGN VHKK DWOK@HM SGD RHST@SHNM HR UDQX HLONQS@MS ENQ SGD BGHKC VGN HR FNHMF SN E@BD SGHR SQTSG ENQ SGD EHQRS SHLD (E SGD ODQRNM DWOK@HMHMF HR B@KL SGDM SGD BGHKC TMCDQRS@MCR SG@S GDRGD G@R SN @BBDOS SGHR B@KLKX @MC S@JDR SGD O@QDMS @R @ LNCDK 3GDQDENQD HS HR GDKOETK SN JMNV GNV HLONQS@MS SGD RSXKD


8LI XVEYQEXMG IJJIGXW SJ PSWMRK TEVIRXW

NE M@QQ@SHNM @MC GNV SN HLOKDLDMS SGD R@LD HR ENQ SGD BGHKC SN @BBDOS CD@SG B@KLKX 3GHMFR SN AD CNMD @ESDQ @ CD@SG

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23

ODQRNM VHKK HMSDQM@KHYD SGD BNMBDOSR NE «FNNC @MC A@C¬ @MC «QHFGS @MC VQNMF¬ @BBNQCHMF SN SGD V@X SGDX @QD HLOQDRRDC TONM SGDHQ LHMC %NQ SGHR QD@RNM @ BGHKC RGNTKC AD S@TFGS SGD BG@Q@BSDQHRSHBR NE @ FNNC ODQRNM VGHKD ADHMF FHUDM KNUD @MC B@QD

+NUD HR @ ENNC KHJD V@SDQ @MC AQD@C @MC HS HR @ ORXBGNKNFHB@K MDBDRRHSX 3GD LNRS UHS@K MDBDRRHSX NE @ BGHKC HR KNUD @MC EDDKHMF RDBTQD 3GDRD MDDCR NE SGD BGHKC VGN G@R KNRS NMD NE SGDHQ O@QDMSR RGNTKC AD LDS 3GD BGHKC RGNTKC MNS AD @KKNVDC SN EDDK @R HE «( @L MNS FNHMF SN AD KNUDC @R ADENQD ( VHKK MNV E@BD C@MFDQ ¬ @ESDQ KNRHMF @ O@QDMS 3GD MDDCR NE @ BGHKC QDF@QCHMF KNUD @MC SQTRS LTRS AD LDS

(S HR CHEEHBTKS SN @BS @R ANSG SGD LNSGDQ @MC E@SGDQ SN @ BGHKC @MC B@QQX SGD DMSHQD ATQCDM NE KHED @KNMD 3GD LNSGDQ NQ E@SGDQ L@X EDDK SDMRD @MC TMG@OOX CTD SN SGD VDHFGS NE SGDRD BNMBDQMR ENQ SGD ETSTQD (E @ ODQRNM HR @MWHNTR NQ SDMRD GDRGD L@X MNS AD @AKD SN DRS@AKHRG GD@KSGX DLNSHNM@K BNLLTMHB@SHNM VHSG SGD BGHKC

(S HR HLONQS@MS VGDM LDDSHMF SGD MDDCR NE KNUD @MC SQTRS NE SGD BGHKC SG@S BDQS@HM ANTMC@QHDR MNS AD BQNRRDC 3GD BGHKC LHFGS G@UD DWODQHDMBDC FQD@S O@HM GNVDUDQ SGDX RGNTKC AD FHUDM FNNC @MC BNQQDBS DSGHB@K MNQLR SN ENKKNV @MC RGNTKC AD Q@HRDC SN AD @M TORS@MCHMF ODQRNM VGHKD SGD BNMBDOS NE CHRBHOKHMD RGNTKC AD DUDQOQDRDMS

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48

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/QNIDBS NE UHKK@FD ENQ &@Y@M NQOG@MR K@QFD ODQBDMS@FD NE SGD /@KDRSHMH@M ODNOKD

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K@SDRS QDRD@QBG HM &@Y@ © VGDQD   /@KDRSHMH@MR VDQD JHKKDC CTQHMF .ODQ@SHNM "@RS +D@C VGHBG ADF@M HM #DBDLADQ  @MC K@RSDC  C@XR © SGDQD @QD NUDQ   NQOG@MR (M &@Y@ VGHBG G@R ADDM NMD NE SGD LNRS HLONQS@MS QDFHNMR SN VGHBG ('' G@R ADDM BNMUDXHMF GTL@MHS@QH@M @HC RHMBD HSR DRS@AKHRGLDMS @ MDV OQNIDBS HR SN AD QD@KHYDC SGD DRS@AKHRGLDMS NE @M NQOG@M UHKK@FD ENQ  NQOG@MR 3GD NQOG@M UHKK@FD VHKK BNMS@HM @M NQOG@M@FD @MC RBGNNK ATHKCHMF @R

VDKK @R @ BTKSTQ@K BDMSDQ L@RIHC

VNQJRGNOR GD@KSG BDMSDQ L@QJDS

B@EDSDQH@ FTDRS GNTRD LDDSHMF QNNL @MC QDBQD@SHNM@K @QD@R S SGD OQDRDMS RS@FD NE SGD OQNIDBS VGHBG HR @ EHQRS NE HSR JHMC HM &@Y@ SGD MDBDRR@QX OQDO@Q@SHNMR G@UD ADDM BNLOKDSDC ENQ SGD BNMRSQTBSHNM NE SGD LDDSHMF QNNL @MC L@RIHC (E ETMCHMF HR RDBTQDC ENQ SGD QDRS NE SGD OQNIDBS

HS VHKK AD BNLOKDSDC VHSGHM  LNMSGR 3GD SNS@K OQNIDBS BNRS HR    DTQNR


52

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1DG@AHKHS@SHNM BDMSDQ ENQ /@KDRSHMH@M QDETFDDR @MC CHR@AKDC BGHKCQDM HM +DA@MNM

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@KDRSHMH@MR VGN VDQD CQHUDM EQNL SGDHQ K@MCR HM  RNTFGS QDETFD HM L@MX BNTMSQHDR NMD NE SGD KD@CHMF NMDR HR +DA@MNM 'D@KSG RDQUHBDR @MC DCTB@SHNM@K NOONQSTMHSHDR @QD RDUDQDKX KHLHSDC HM SGD +DA@MDRD QDETFDD B@LOR GDQD   /@KDRSHMH@M QDETFDDR G@UD RSQTFFKDC SN KHUD ENQ FDMDQ@SHNMR VGHKD

CDOQHUDC NE A@RHB QHFGSR KHJD BHSHYDMRGHO

DLOKNXLDMS @MC SQ@UDK (S HR SGD BGHKCQDM VGN @QD SGD FQD@SDRS UHBSHLR HM SGD B@LOR .UDQ   QDETFDDR KHUD @S SGD !@CC@VH 1DETFDD "@LO RDS TO HM MNQSG +DA@MNM HM  R O@QS NE @M ('' OQNIDBS @S SGD !@CC@VH "@LO

SGDQD @QD OK@MR SN DRS@AKHRG @ BDMSDQ SG@S VHKK OQNUHCD RDQUHBDR ENQ BGHKCQDM

VHSG OGXRHB@K @MC LDMS@K CHR@AHKHSHDR 3GD RPT@QDLDSDQ QDG@AHKHS@SHNM BDMSDQ VGHBG VHKK HMBKTCD QDBQD@SHNM@K

DCTB@SHNM @MC SGDQ@OX QNNLR VHKK BNRS @ SNS@K NE   DTQNR HMBKTCHMF DWODMCHSTQDR ENQ K@MC @MC BNMRSQTBSHNM

DCTB@SHNM@K QDBQD@SHNM@K @MC SGDQ@OX L@SDQH@KR @R VDKK @R DLOKNXLDMS NOONQSTMHSHDR

5NB@SHNM@K DCTB@SHNM BDMSDQR ENQ (Q@PH VNLDM

3

GD VNTMCR @QD ADHMF ANTMC HM (Q@P @ BNTMSQX SG@S TMCDQVDMS G@QQNVHMF DWODQHDMBDR CTQHMF SGD LDQHB@M HMU@RHNM HM  (M SGD BNTMSQX VGDQD LHKKHNMR @QD GNLDKDRR @MC  LHKKHNM BGHKCQDM G@UD ADDM NQOG@MDC GTL@MHS@QH@M @HC FQNTOR G@UD @M HLONQS@MS CTSX SN GDKO SGD (Q@PH ODNOKD FDS A@BJ NM SGDHQ EDDS

M NBBTO@SHNM@K DCTB@SHNM BDMSDQ SG@S @HLR SN AQHMF NBBTO@SHNM@K RJHKKR SN (Q@PH VNLDM VGN @QD RSQTFFKHMF SN L@JD DMCR LDDS @ESDQ G@UHMF KNRS SGDHQ GTRA@MCR HR ADHMF AQNTFGS SN KHED HM !@FGC@C "NTQRDR HM MDDCKDVNQJ

BNNJHMF AQHC@K FNVM RDVHMF SNX L@JHMF G@HQCQDRRHMF BNLOTSDQR @MC B@KKHFQ@OGX VHKK AD S@TFGS @S SGD

BDMSDQ VGHBG VHKK @KRN HMBKTCD @M @CLHMHRSQ@SHUD NEEHBD @MC B@EDSDQH@ 3GD SNS@K BNRS NE SGD OK@MMDC BDMSDQ VGHBG HR SN OQNUHCD DCTB@SHNM ENQ  ODNOKD @MMT@KKX VHSG @ OQHNQHSX ADHMF FHUDM SN VHCNVDC VNLDM @MC XNTMF NQOG@M FHQKR HR   DTQNR


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2BGNNK @MC L@RIHC OQNIDBS HM #@QETQ

53

N

X@K@ SGD B@OHS@K NE SGD 2TC@MDRD RS@SD NE 2NTSG #@QETQ VGHBG HR GNLD SN   LHKKHNM ODNOKD NE CHEEDQDMS SQHADR HR @ BHSX QDBDHUHMF SGNTR@MC NE LHFQ@MSR CTD SN SGD BHUHK V@Q SG@S G@R BNMSHMTDC ENQ XD@QR (M SGHR BHSX

VGDQD SGD DEEDBSR NE SGD BHUHK V@Q @QD RSHKK EDKS SGD RS@SD LDBG@MHRLR @QD HMRTEEHBHDMS SN LDDS SGD RNBHDSX®R DBNMNLHB GD@KSG @MC DCTB@SHNM@K MDDCR ('' OQHNQHSHYDR OQNIDBSR SG@S VHKK OQNCTBD KNMFSDQL K@RSHMF QDRTKSR HM EQHB@ @MC HR AQHMFHMF SN KHED @ OQNIDBS ENQ @ MDV BNLOKDW HM #@QETQ VGHBG VHKK HMBKTCD @ RBGNNK L@RIHC @MC @AKTSHNMR G@KK 3GD RPT@QDLDSDQ SVNRSNQX AC}KF@MH JR}R ,@RIHC V@R ATHKS HM  @R O@QS NE SGD RPT@QD LDSDQ BNLOKDW "NMRSQTBSHNM NE SGD RBGNNK @MC @AKTSHNMR RDBSHNM HR OK@MMDC SN AD BNLOKDSDC VHSGHM  LNMSGR @ESDQ ETMCHMF G@R ADDM RDBTQDC 3GD OQNIDBS®R SNS@K BNRS

HMBKTCHMF SGD RBGNNK ATHKCHMF

A@SGQNNLR @AKTSHNMR RDBSHNM @MC V@KKR SN RTQQNTMC SGD BNLOKDW HR  

-DO@K 'HK@K 2BGNNK @MC ,@RIHC OQNIDBS

N

DO@K HR @M RH@M BNTMSQX NE  LHKKHNM SG@S RG@QDR ANQCDQR VHSG "GHM@ @MC (MCH@ VGHBG HR GNLD SN NUDQ  DSGMHB FQNTOR ,TRKHLR L@JD TO  ODQBDMS NE SGD ONOTK@SHNM (M -DO@K

NMD NE SGD VNQKC®R ONNQDRS BNTMSQHDR

,TRKHLR KHUD OQHL@QHKX HM QTQ@K @QD@R @MC D@QM SGDHQ RTARHRSDMBD SGQNTFG @FQHBTKSTQD 3GD BNTMSQX®R KHSDQ@BX Q@SD HR @QNTMC  ODQBDMS @MC HSR DCTB@SHNM@K RXRSDL HR HMRTEEHBHDMS

O@QSHBTK@QKX HM LDDSHMF SGD MDDCR NE LHMNQHSHDR (M SGD BHSX NE &@RRNJH

VGHBG G@R @ ONOTK@SHNM NE  

 ODQBDMS NE VGHBG HR ,TRKHL SGDQD @QD OK@MR SN BNMRSQTBS @ L@RIHC

@MC DWSQ@ BK@RRQNNLR ENQ SGD 'HK@K 2BGNNK VGHBG OQNUHCDR RDQUHBDR SN ,TRKHLR S SGD OQDRDMS SHLD @S SGD RSTCDMSB@O@BHSX 'HK@K 2BGNNK

 RSTCDMSR QDBDHUD SGDHQ KDRRNMR NTSRHCD SGD RBGNNK ATHKCHMF HM EKHLRX GTSR RDS TO NM SGD A@QD D@QSG 3GD EHUD RTOOKDLDMS@QX RSTCDMS BK@RRQNNLR VHKK RDQUD RSTCDMSR HM SGD DHFGSG MHMSG @MC SDMSG FQ@CDR 3GD BK@RRQNNLR VHKK BNRS   DTQNR SN ATHKC VGHKD SGD L@RIHC VHKK BNRS   DTQNR (S HR GNODC SG@S SGD OQNIDBS VHKK AD BNLOKDSDC VHSGHM NMD XD@Q @ESDQ SGD OQNIDBS®R ETMCHMF G@R ADDM RDBTQDC


54

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5NKTMSDDQ @BSHUHSHDR

3GNTR@MCR NE GD@QSR AD@S HM FNNCVHKK

6

HSG SGD RTOONQS NE HSR UNKTMSDDQR ('' G@R AQNTFGS SGD INX NE $HC @K CG@ SN  BNTMSQHDR @MC QDFHNMR HM SGHR HSR SG XD@Q 4ONM SGDHQ QDSTQM EQNL SGDRD BNTMSQHDR @R @ QDRTKS NE SGDHQ QDRD@QBG HM SGD EHDKC

('' LDLADQR G@UD OK@MMDC @ MTLADQ NE OQNIDBSR @MC UNKTMSDDQR @QD MNV QNKKHMF TO SGDHQ RKDDUDR SN AQHMF SGDL @ANTS 6GHKD ('' UNKTMSDDQR B@QQX NTS @BSHUHSHDR SN QD@KHYD SGD RTRS@HM@AKD OQNIDBSR SG@S G@UD ADDM OK@MMDC HM NQCDQ SN OQNUHCD

RNKTSHNMR ENQ SGNRD HM MDDC

SGDX @QD @KRN BNMSHMTHMF VNQJ SN HMBQD@RD @V@QDMDRR HMBKTCHMF NQF@MHYHMF BNMEDQDMBDR

OGNSNFQ@OG DWGHAHSHNMR DSB ('' G@R NQF@MHYDC MD@QKX  CHEEDQDMS @BSHUHSHDR SN Q@HRD ETMCR HM RTOONQS NE SGD DEENQSR SN GDKO SGD UHBSHLR NE SGD EKNNC VGHBG RSQTBJ /@JHRS@M HM )TKX (M @CCHSHNM UNKTMSDDQR @QD O@QSHBHO@SHMF HM DEENQSR SG@S VHKK RTOONQS NSGDQ ('' OQNIDBSR

HMBKTCHMF NQOG@M B@QD OQNIDBSR

V@SDQ VDKK BNMRSQTBSHNMR @MC B@S@Q@BS NODQ@SHNMR (M SGD SGQDDLNMSG ODQHNC SG@S

G@R ITRS EHMHRGDC NTQ XNTMF UNKTMSDDQR G@UD ENKKNVDC SGD DW@LOKD NE SGDHQ DKCDQR @MC G@UD RTOONQSDC TR HM @KK NTQ DEENQSR /QDRDMS@SHNMR BNMBDQMDC VHSG ('' @MC HSR @BSHUHSHDR G@UD ADDM FHUDM SN FQNTOR NE BGHKCQDM NE CHEEDQDMS @FDR VGN UHRHSDC SGD ENTMC@SHNM HM O@QSHBTK@Q

CDS@HKDC HMENQL@SHNM V@R FHUDM @ANTS SGD 2ONMRNQ %@LHKX 2XRSDL VGHBG HR ADHMF QTM HM  BNTMSQHDR .TQ XNTMF UNKTMSDDQR @KRN CNM@SDC SGDHQ @KKNV@MBDR SN GDKO VHSG SGD $HC @K CG@ 0TQA@M OQNIDBS


5NKTMSDDQ @BSHUHSHDR

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55


56

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5NKTMSDDQ

5NKTMSDDQR BNLODSD HM FNNC VNQJR ('' UNKTMSDDQR ROQTMF HMSN @BSHNM ENQ SGD UHBSHLR NE SGD EKNNCR HM /@JHRS@M

@QQ@MFHMF L@MX DUDMSR HM (RS@MATK @MC U@QHNTR O@QSR NE M@SNKH@ .TQ UNKTMSDDQR HM 3DJHQC@´ $QYTQTL 5@M @MC (RS@MATK®R *g´¶SG@MD !DXN´KT

!@´B¶K@Q @MC &@YHNRL@MO@¸@ NQF@MHYDC BG@QHSX R@KDR @MC ETMC Q@HRHMF DUDMSR CNM@SHMF SGD OQNBDDCR SN /@JHRS@M 3GD `¶M@Q RRNBH@SHNM HM *@QS@K NQF@MHYDC ETMCQ@HRHMF DUDMSR ENQ EKNNC UHBSHLR HM /@JHRS@M .TQ UNKTMSDDQR EQNL SGD $QYTQTL Y@L#DQ RRNBH@SHNM @KRN GDKC @ BG@QHSX R@KD

TRHMF SGD OQNBDDCR SN ATX @ V@SDQ OTQHEHB@SHNM CDUHBD SN RDMC SN /@JHRS@M .TQ !DXN´KT UNKTMSDDQR NQF@MHYDC @ A@JDR@KD @S SGD CHRSQHBS A@Y@@Q HM %@SHG®R `@Q¸@LA@ CHRSQHBS SGHR K@RSDC ENQ RHW VDDJR .TQ UNKTMSDDQR HM SGD !@J¶QJxX *@QS@K

/DMCHJ @MC dRJ}C@Q CHRSQHBSR NE (RS@MATK @MC NTQ UNKTMSDDQR HM 3NJ@S RNKC SHBJDSR ENQ @ AQD@JE@RS OQNFQ@L SN Q@HRD ETMCR ENQ SGD BNMRSQTBSHNM NE GNTRDR HM /@JHRS@M 5NKTMSDDQR EQNL SGD dRJ}C@Q 8$*#$1 RRNBH@SHNM @KRN NQF@MHYDC @ ETMCQ@HRHMF AQD@JE@RS ENQ SGD «dRJ}C@Q 5HKK@FD¬ QDRHCDMSH@K OQNIDBS HM /@JHRS@M 2STCDMSR EQNL SGD (RS@MATK #DUQ@M /QHU@SD "@MCKDKHFGS 2NBH@K HC "KTA CNM@SDC   3+ SN ('' ENQ /@JHRS@M

TRHMF SGDHQ NVM @KKNV@MBDR @MC BNMSQHATSHNMR EQNL SGDHQ O@QDMSR #HROK@XHMF @M DW@LOKD NE RNBH@K QDRONMRHAHKHSX ('' #HX@QA@J¶Q UNKTMSDDQR VNQJDC SN @HC ODNOKD VHSG CHR@AHKHSHDR HM SGDHQ QDFHNM HM BNNODQ@SHNM VHSG SGD #HR@AKDC /DQRNMR® HC RRNBH@SHNM  VGDDKBG@HQR VDQD

BSHUHSHDR

CNM@SDC SN BHSHYDMR VHSG CHR@AHKHSHDR VGN B@MMNS @EENQC SN OTQBG@RD @ VGDDKBG@HQ

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&}M¶¸¶´¶ 2TKS@M %@SHG /QHU@SD 'HFG

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HLONQS@MBD NE BG@QHSX @MC SGD @BSHUHSHDR

RDSR NE A@BJO@BJR MNSDANNJR ANNJR

ODMBHKR DQ@RDQR OQNSQ@BSNQR @MC U@QHNTR RS@SHNMDQX RTOOKHDR @MC F@UD

OQNUHCDC VHSG HMENQL@SHNM @ANTS SGD QTM AX ('' NM EHUD BNMSHMDMSR @MC HM  BNTMSQHDR @MC QDFHNMR

SGDL @R FHESR SN MDDCX BGHKCQDM HM *NMX@®R 2DXCH¸DGHQ UHKK@FDR @MC SGD SNVMR NE !@¸J@Q@xQDM .QS@J@Q@xQDM

#HJHKHS@¸ @MC ,DRTCHXD

/GNSNFQ@OGR SDKK SGD RSNQX .TQ UNKTMSDDQR RDS TO HMENQL@SHNM RS@MCR HM 3DJHQC@´ $QYTQTL 5@M @MC (RS@MATK @R O@QS NE (''®R  $HC @K CG@ 0TQA@M R@BQHEHBD .QF@MHY@SHNM HM /@JHRS@M SGDX NQF@MHYDC @ OGNSNFQ@OGHB DWGHAHSHNM @ANTS SGD «EKNNCHMF HM /@JHRS@M¬

%NQ @M HMENQLDC ETSTQD ('' UNKTMSDDQR HM C@O@Y@Q¶

`@M@JJ@KD !TQR@ !@K¶JDRHQ 3NJ@S

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3RGHQSR RVD@SDQR BN@SR RJHQSR RGNDR

ANNSR @MC RMD@JDQR SN  E@LHKHDR @MC  NQOG@MR 6HSG SGD RTOONQS NE FDMDQNTR CNM@SHNMR SGD !QHCFD NE 'D@QSR RRNBH@SHNM HM #HX@QA@J¶Q @MC SGD #HX@QA@J¶Q 'TL@MHS@QH@M 1DKHDE RRNBH@SHNM LDS VHSG  NQOG@MR @S SGD GHRSNQHB '@R@MO@¸@ '@M #TQHMF SGD AQD@JE@RS OQNFQ@L ATRHMDRRLDM @MC NQOG@MR B@LD SNFDSGDQ @MC SGD BGHKCQDM VGN O@QSHBHO@SDC HM SGD OQNFQ@L VDQD FHUDM ANNJR @MC V@SBGDR

8@KNU@ @MC (RS@MATK CHRSQHBSR NE 2TKS@MADXKH $RDMKDQ %@SHG dLQ@MHXD

!@J¶QJxX !@XQ@LO@¸@ ,DQSDQ ·H¸KH

/DMCHJ *@C¶JxX *@QS@K *g´¶SG@MD @MC &}MFxQDM @MC UNKTMSDDQR EQNL $RDMKDQ 3GD "DMSDQ ENQ $CTB@SHNM @MC "TKSTQD 8$*#$1 #DQX@ cMB} /QHU@SD 'HFG 2BGNNK @MC SGD µR@Q &QNTO GDKC BNMEDQDMBDR @MC RDLHM@QR BNMBDQMDC VHSG SGD DEENQSR SN GDKO EKNNC UHBSHLR HM /@JHRS@M $HC @K CG@

3GD @HC RDMS AX SGD SQTBJKN@C 5NKTMSDDQR @KK @BQNRR 3TQJDX G@UD ADFTM VNQJHMF SN GDKO SGD UHBSHLR NE SGD EKNNC HM /@JHRS@M RDMCHMF @HC BNMS@HMDQR SGDX G@UD BNKKDBSDC SN (RS@MATK 3GD @HC HR SN SQ@UDK SN /@JHRS@M NM AN@QC SGD B@QFN RGHO #DEMD SGDX RDS NTS NM INTQMDX VHSG


5NKTMSDDQ

SGD RKNF@M « BNMS@HMDQR EQNL 3TQJDX®R  OQNUHMBDR ¬ (M @CCHSHNM SN @HC BNKKDBSDC AX NTQ UNKTMSDDQR HM #HX@QA@J¶Q ,@K@SX@ @MC *@XRDQH ('' MJ@Q@ @MC ´Q¶ UNKTMSDDQR F@SGDQDC   3+ HM B@RG @HC @MC ENTQ SQTBJR KN@CDC VHSG @HC L@SDQH@KR VDQD RDMS SN (RS@MATK 5NKTMSDDQR EQNL `NQTL RDMS   3+ HM OQNUHRHNMR @MC @ SQTBJKN@C NE @HC RTOOKHDR BNMRHRSHMF NE BKNSGHMF @MC GNLD ETQMHRGHMFR SN NTQ ENTMC@SHNM M @HC B@LO@HFM QTM AX ·@E@J 8¶KC¶Y¶ `@´K@X@M %QHDMCRGHO @MC 2NKHC@QHSX @MC &xJJT¸@´¶ %@LHKX RRNBH@SHNMR SGD $MR@Q %NTMC@SHNM @MC ('' UNKTMSDDQR EHKKDC @ BNMS@HMDQ VHSG @HC RTOOKHDR ENQ EKNNC UHBSHLR HM /@JHRS@M SGHR SQ@HKDQ V@R KN@CDC NMSN SGD #DEMD R @ QDRTKS NE SGD HMBQDCHAKD DEENQSR NE SGD µ98 # VNQJDQR BNTOKDC VHSG FQD@S HMSDQDRS EQNL CNMNQR HM µYLHQ @ BNMS@HMDQ ETKK NE CQX FNNCR ENNC OQNCTBSR KHJD EKNTQ @MC NKHUDR AK@MJDSR QTFR @MC BKNSGHMF VNQSG MD@QKX   3+ V@R @KRN RDMS SN (RS@MATK ('' UNKTMSDDQR HM -DU¸DGHQ @KRN RTOONQSDC NTQ B@LO@HFM VHSG SGD OQNIDBS «8NT RDMC @ AK@MJDS SNN¬

#QNO AX CQNO @ K@JD V@R ENQLDC (M 9@MYHA@Q 3@MY@MH@ @ L@CQ@R@G V@R NODMDC SG@MJR SN ETMCHMF RDBTQDC AX ('' UNKTMSDDQR EQNL $QYTQTL %NKKNVHMF SGD NODMHMF NE SGD L@CQ@R@G SGD VNLDM HM $QYTQTL G@UD MNV ADFTM DEENQSR SN Q@HRD LNMDX SN LDDS SGD DCTB@SHNM@K BNRSR NE SGD RSTCDMSR

BSHUHSHDR

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8#$1 @KRN CNM@SDC @RRNQSDC RBGNNK RTOOKHDR SN  NQOG@MDC @MC MDDCX BGHKCQDM HM CHEEDQDMS QDFHNMR 5NKTMSDDQR EQNL ('' @MC SGD *NMX@ M@SNKH@M 'TL@MHS@QH@M HC %NTMC@SHNM CNM@SDC RGNDR SN MDDCX RSTCDMSR @S SGD 2DXCH¸DGHQ µL@L '@SHO 'HFG 2BGNNK @MC M@CNKT µL@L '@SHO 'HFG 2BGNNK

,@RR VDCCHMF BDQDLNMX HM /@KDRSHMH@M QDETFDD B@LO .M %QHC@X .BSNADQ   @ L@RR VDCCHMF BDQDLNMX V@R GDKC ENQ  /@KDRSHMH@M BNTOKDR @S SGD 8@QLTJ /@KDRSHMH@M 1DETFDD "@LO HM SGD 2XQH@M B@OHS@K BHSX NE #@L@RBTR 5NKTMSDDQR EQNL ('' 'TL@MHS@QH@M 1DKHDE %NTMC@SHNM HM *NMX@ C@M@ @MC *@XRDQH @SSDMCDC

57


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3

GD FQD@S BQHRDR SG@S GTL@MHSX DWODQHDMBDR VHSG SGD DWBDOSHNM NE M@STQ@K CHR@RSDQR @QD SGD QDRTKSR NE ONKHBHDR SG@S @QD ENQLDC LDC AX L@M $WONMDMSH@K HMBQD@RDRR HM @QL@LDMS ATCFDSR DUDQX XD@Q @MC ONKHBHDR CDUDKNODC HM O@Q@KKDK VHSG SGHR G@UD S@JDM NM @ MDV CHLDMRHNM MRHNM SG@S SGQD@SDMR @KK NE GTL@MHSX 2TOONQSDQR NE V@Q @MC NBBTO@SHNM

SHNM

VGN BNMRS@MSKX OQNCTBD MDV @QFTLDMSR CDUDKNO @BSHUD ONKHBHDR BHDR HM SGHR CHQDBSHNM ESDQ 2DOSDLADQ ADQ SG GTL@M QHFGSR @MC EQDDCNLR LR G@UD ADDM R@BQHEHBDC ENQ «RDBTQHSX QHSX BNMBDQMR ¬ (M SGHR DMUHQNMLDMS

HLONQS@MS S@RJR E@KK TONM @KK HS HR SGD -&.R SG@S ROD@J NTS @F@HMRS ONKHBHDR SG@S @QD @HLDC @S BTQAHMF ETMC@LDMS@K QHFGSR @MC EQDDCNLR A@RDC NM SGD BNMBDOS NE SGD «V@Q NM SDQQNQ ¬ "NMSQ@QX SN FNUDQMLDMS ONKHBHDR VGHBG @QD HM OTQRTHS NE @ U@QHDSX NE HMSDQDRSR SGD HRRTD NE GTL@M QHFGSR @MC EQDDCNLR NEEDQR RGDKSDQ ENQ @KK HM @ BHUHK RNBHDSX SG@S @BSR NM M SGD A@RHR NE FNNC E@HSG @MC LNQ@KR MN L@SSDQ VGDQD SGDX @QD HM SGD VNQKC

@MC CHEEDQDMS HCDNKNFHB@K @MC E@HSG A@RDC FQNTOR BNLD SNFDSGDQ ENQ SGD R@LD OTQONRD SN @BS HM @M NQF@MHYDC L@MMDQ 3GD HLOKDLDMS@SHNM NE GTL@M M @K QHFGSR ENQ @KK ODNOKD NM @ ITRS @MC LNQ@K @WHR VHKK ETMC@LDMS@KKX BG@MFD SGD MTLADQ @MC OQNEHKD NE ODNOKD HM MDDC @QNTMC SGD VNQKC 6HSG @CU@MBDR HM BNLLTMHB@SHNM -&.R SG@S BNMCTBS L@MX K@QFDRB@KD @MC RTBBDRRETK NODQ@SHNMR @QNTMC SGD VNQKC B@M @BS KHJD JD RS@SDR HE SGDX VNQJ HM BNNODQ@SHNM 6D B@M RDD SG@S -&.R VGHBG @QD @BSHUD HM M SGD HMSDQM@SHNM@K @QDM@ @QD DEEDBSHUD HM BDQS@HM HMRS@MBDR VGDQD RS@SDR B@MMNS FDS HMUNKUDC 3NC@X L@MX RS@SDR G@UD ADBNLD @V@QD NE SGD ONVDQ NE SGD -&.R SG@S DWONRD SGD GTL@M QHFGSR UHNK@SHNMR SG@S NBBTQ VHSGHM SGDHQ

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59

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

@R SGHR HR O@QS NE SGDHQ M@STQD 3 3GQNTFGNTS GHRSNQX ODNOKD HM ADSSDQ BNMCHSHNMR G@UD RTOONQSDC ODNOKD HM CHEEHBTKS ONRHSHNMR NQ ODNOKD HM SGD R@LD ONRHSHNM G@UD RTOONQSDC NMD @MNSGDQ 3 3GHR RNKHC@QHSX L@MHEDRSR HSRDKE TMCDQ CHEE CHEEDQDMS M@LDR @MC HM CHEEDQDMS V@XR 2NLDSHLDR GDKO HR NEEDQDC AX HMCHUHCT@KR RNLDSHLDR AX -&.R

RNLDSHLDR AX BNLLNM OK@SENQLR NE ODNOKD @MC NQF@MHY@SHNMR @MC RNLDSHLDR AX RS@SDR NQ LDBG@MHRLR SG@S G@UD ADDM BQD@SDC AX SGD RS@SD


60

%."42

8LI VSPI SJ 2+3W EKEMRWX TSPMGMIW XLEX GEYWI LYQERMXEVMER GVMWIW

('' VGHBG V@R DRS@AKHRGDC CTQHMF SGD !NRMH@M 6@Q @BGHDUDC @ EHQRS HM 3TQJDX SGD @BSHUHSHDR NQF@MHYDC AX @ FQNTO NE UNKTMSDDQR SQ@MRENQLDC ('' EQNL @ M@SHNM@K NQF@MHY@SHNM HMSN @M

@HC @QD FDMDQ@KKX ONKHSHB@K VHSG SGD DWBDOSHNM NE M@STQ@K CHR@RSDQR RTBG @R D@QSGPT@JDR EKNNCR DSB %NQ DW@LOKD

HS HR VDKK JMNVM SG@S SGD BNMCHSHNMR NE /@KDRSHMD @MC (Q@P G@UD ADDM B@TRDC AX SGD HMSDQM@SHNM@K ONKHBHDR NE SGD 4MHSDC 2S@SDR (RQ@DK @MC SGD 4* (M SGHR B@RD DEENQSR RGNTKC AD L@CD SN OTS @M DMC SN SGD NBBTO@SHNM HM (Q@P

HM @CCHSHNM SN OQNUHCHMF GTL@MHS@QH@M @HC 3GD B@TRD NE GTMFDQ @MC ONUDQSX

@MC SGD BQD@SHNM NE BNMCHSHNMR HM VGHBG ODNOKD B@M OQNUHCD ENQ SGDLRDKUDR @MC RTRS@HM SGDHQ NVM KHUDR RNLDSHLDR LD@MR HLOQNUHMF SGD BNMCHSHNMR NE @ RNBHDSX @MC RNLDSHLDR @ BNTMSQX 3GDQDENQD HS HR ADRS SN @RRDRR @KK @RODBSR NE GTL@MHS@QH@M @BSHUHSHDR @MC @KK LDSGNCR LTRS AD HLOKDLDMSDC DEEDBSHUDKX (M @CCHSHNM HM SGD ETSTQD

M@SHNM@K @MC HMSDQM@SHNM@K LDBG@MHRLR RGNTKC CDUDKNO ONKHBHDR SN D@RD SGD

HMSDQM@SHNM@K RSQTBSTQD SG@S CDKHUDQR @HC NUDQRD@R ('' G@R G@C @ TMHPTD RS@MBD RHMBD HSR DRS@AKHRGLDMS @MC VNQJR VHSG @M TMCDQRS@MCHMF SG@S B@M AD CDRBQHADC @R «OQDUDMSHUD LDCHBHMD ¬ (''®R LHRRHNM B@M AD CDRBQHADC AQHDEKX @R ENKKNVR «('' HR MNS NMKX @ QDKHDE ENTMC@SHNM SG@S OQNUHCDR @HC SN ODNOKD HM MDDC HS HR @KRN @ ENTMC@SHNM SG@S A@SSKDR VHSGHM @ KDF@K EQ@LDVNQJ SGD ONKHBHDR SG@S B@TRD ODNOKD SN AD HM MDDC NE @HC ¬ 3GHR HR ADB@TRD SGD QNNSR NE SGD OQNAKDLR SG@S QDPTHQD GTL@MHS@QH@M

HM EQHB@ HR @ QDRTKS NE SGD BNKNMH@K LDMS@KHSX SG@S G@R ADDM OQDRDMS NM SGHR BNMSHMDMS 'TL@MHS@QH@M @HC NQF@MHY@SHNMR NE BNTQRD RGNTKC L@HMS@HM SGDHQ ONRHSHNMR @MC QDL@HM NTSRHCD ONKHSHB@K L@MHOTK@SHNMR HM QDK@SHNMR SN RS@SDR ATS SGHR CNDR MNS QDLNUD SGD MDBDRRHSX NE @EEDBSHMF ONKHSHB@K OQNBDRRDR SG@S VHKK DKHLHM@SD SGD B@TRDR 3GDQD HR MN CNTAS NE SGD UHS@K HLONQS@MBD NE GTL@MHS@QH@M @HC NQF@MHY@SHNMR HM V@QR CHR@RSDQR DSB 'NVDUDQ ODQL@MDMS KNMFSDQL OQNIDBSR

@BSHUHSHDR NE GTL@MHS@QH@M NQF@MHY@SHNMR @MC S@JD OQDUDMS@SHUD LD@RTQDR 3GD DWDLOK@QX ONRHSHNM NE ('' VGHBG G@R ADDM BNMSHMTNTRKX @MC RTBBDRRETKKX VNQJHMF HM SGHR @QD@ ENQ L@MX XD@QR

@R VDKK @R SGD &@Y@ 'TL@MHS@QH@M HC %KNSHKK@ VGHBG RDS R@HK ENQ SGD R@JD NE GTL@MHS@QH@M @HC @MC SN OTS @M DMC SN SGD HKKDF@K DLA@QFN NM &@Y@ G@UD ADDM @CLHQDC @MC @QD @ RNTQBD NE HMROHQ@SHNM ENQ L@MX M@SHNM@K @MC HMSDQM@SHNM@K GTL@MHS@QH@M @HC NQF@MHY@SHNMR

6D B@M RDD GNV SGDRD LDBG@MHRLR @BS SN RTOOKX GTL@MHS@QH@M @HC HM RHST@SHNMR HM VGHBG BQHRDR @QHRD RTBG @R V@QR

M@STQ@K CHR@RSDQR DOHCDLHBR NQ BGQNMHB ONUDQSX


8LI VSPI SJ 2+3W EKEMRWX TSPMGMIW XLEX GEYWI LYQERMXEVMER GVMWIW /DNOKD EQNL EQHB@ +@SHM LDQHB@

RH@ @MC SGD ,HCCKD $@RS RTOONQS SGHR LNUDLDMS 'NVDUDQ SGDQD G@UD ADDM RHFMHEHB@MS B@LO@HFMR @F@HMRS GTL@M QHFGSR @MC SGD GTL@MHS@QH@M @HC NQF@MHY@SHNMR SG@S @QD HMUNKUDC HM SGD BQHRHR @MC VGHBG @QD CDL@MCHMF ITRSHBD @MC EQDDCNL VHSG RS@SDLDMSR RTBG @R «HS RTOONQSR SDQQNQHRL HS HR @ Q@CHB@K FQNTO @MC SGDX RTOONQS RTBG @MC RTBG NQF@MHY@SHNM ¬ DSB AX

TMVHKKHMF ENQ VG@SDUDQ QD@RNM SN S@JD ONRHSHUD @BSHNM 3NN NESDM SGDX @QD @BBTRDC NE ADHMF LDCCKDRNLD @MC @S VNQRS SDQQNQHRSR NQ DMDLX @FDMSR ¬ (S RGNTKC MNS AD ENQFNSSDM SG@S L@INQ GTL@MHS@QH@M BQHRDR MNS NMKX SGQD@SDM NMD RNBHDSX ATS @KK NE GTL@MHSX %NQ DW@LOKD VGDM 42 HMU@CDC (Q@P

GTL@MHS@QH@M OQNAKDLR HM (Q@P MNS NMKX @EEDBSDC SGD QDFHNM ATS SGD

%."42

61

NTS OQNIDBSR SN BG@MFD SGD RHST@SHNM VHSG @M @V@QDMDRR SG@S SGD ONUDQSX @MC BGQNMHB OQNAKDLR HM EQHB@ RSDL EQNL SGD LDMS@KHSX BQD@SDC AX BNKNMH@KHRL @MC SGD DEEDBS NE BNKNMH@K ONVDQR NM KNB@K FNUDQMLDMSR F@HMRS @ MTLADQ NE TMK@VETK OQ@BSHBDR RTBG @R SGD (RQ@DKH NBBTO@SHNM NE /@KDRSHMD SGD DLA@QFN DSB ('' HR CDKHUDQHMF @HC SN /@KDRSHMH@M ODNOKD HM MDDC @R VDKK @R VNQJHMF NM @M HMSDQM@SHNM@K RB@KD SN DMC

('' @BGHDUDC @ EHQRS HM 3TQJDX SGD @BSHUHSHDR NQF @MHYDC AX @ FQNTO NE U NKTMSDDQR SQ@MRENQLDC ('' EQNL @ M@SHNM@K NQF@MHY @SHNM HMSN NMD VHSG @M HMSDQM@SH NM@K RSQTBSTQD SG@S CDKHUDQR @HC NUDQRD@R 2HMBD HSR DRS@AKH RGLDMS

('' G@R @CNOSD C @ TMHPTD RS@MBD @MC VN QJR VHSG @M TMCDQRS@MCHMF SG@S B@M AD CDRBQHADC @R «O QDUDMSHUD LDCHBHMD ¬

SGD ONVDQR SG@S AD VGNRD HMSDQDRSR G@UD ADDM @CUDQRDKX @EEDBSDC AX RTBG @BSHNMR (M E@BS SGHR HRRTD V@R S@JDM TO HM SGD BNMBKTRHNM NE SGD GTL@MHS@QH@M @RRHRS@MBD EKNSHKK@ QDONQS NE SGD 4'TL@M 1HFGSR "NTMBHK SGD "NTMBHK ENBTRDC SGD @SSDMSHNM NE SGD HMSDQM@SHNM@K BNLLTMHSX NM SGHR HRRTD 3GD QDONQS R@XR «3GD ,HRRHNM G@C FHUDM SGNTFGS SN SGD ONRHSHNM NE GTL@MHS@QH@M NQF@MHY@SHNMR VGN VHRG SN HMSDQUDMD HM RHST@SHNMR NE KNMFRS@MCHMF GTL@M BQHRHR VGDQD SGD HMSDQM@SHNM@K BNLLTMHSX HR

DMSHQD VNQKC ,@MX -&.R EQNL UDQX CHEEDQDMS A@BJFQNTMCR @MC HCDNKNFHDR

B@LD SNFDSGDQ SN ENQL NMD NE SGD LNRS HLONQS@MS BNNODQ@SHUD DEENQSR HM SGD VNQKC @MC GHRSNQX SN OQDUDMS SGD HMU@RHNM RHFMHEHB@MS DEENQSR VDQD L@CD R @M @HC NQF@MHY@SHNM ('' 'TL@MHS@QH@M 1DKHDE %NTMC@SHNM NQF@MHYDC LDDSHMFR @MC @BSHUHSHDR @MC VNQJDC ENQ SGD @BSHU@SHNM NE SGD 4@MC NSGDQ HMSDQM@SHNM@K LDBG@MHRLR SN OQDUDMS SGD HMU@RHNM ADENQD LNQD ODNOKD ADB@LD UHBSHLR ('' HR B@QQXHMF

SGD (RQ@DKH ONKHBHDR VGHBG G@UD KDC SN GTL@MHS@QH@M BQHRDR HM NQCDQ SN RNKUD SGD OQNAKDLR NE SGD /@KDRSHMH@M ODNOKD

VGN @QD BNMRS@MSKX HM MDDC NE @HC 3GD LNRS HLONQS@MS RNTQBD NE GNOD SNC@X HR SG@S -&.R SGD UNHBD NE SGD ODNOKD

VHKK OK@X @ LNQD CDBHRHUD QNKD HM ENQLHMF RNKTSHNMR SN SGD OQNAKDLR SG@S G@UD ADDM B@TRDC AX SGD GTL@MHS@QH@M BQHRDR HKKTRSQ@SDC @ANUD


62

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8LI KEXIW SJ QIVG] MR 4EROMWM

3GD F@SDR NE LDQBX HM /@MJHRH %PPEL WE]W «1] [VEXL MW WYVTEWWIH Q] QIVG]¬ 8LI WEHI]IH SVTLER MW E WXEXYI SJ QIVG] 2 * /µWEO‚VIO ,TRS@E@ c93d1*


8LI KEXIW SJ QIVG] MR 4EROMWM

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@MJHRH &NQFD HR KNB@SDC NM SGD &DNQFH@M"GDBGDM ANQCDQ  JL MNQSGD@RS NE 3AHKHRH HM &DNQFH@   SN   "GDBGDMR RNTFGS QDETFD HM SGD QDFHNM CTQHMF V@Q HM "GDBGMX@ @MC L@MX "GDBGDM QDETFDDR KHUD HM SGD  JL KNMF FNQFD

6D R@BQHEHBDC SGD @MHL@KR SGD 0TQA@MR SG@S G@C ADDM DMSQTRSDC SN TR HM &DNQFH@ VGDQD VD VDQD ENQ SGD NBB@RHNM NE $HC @MC VD UHRHSDC @MC CNM@SDC $HC BKNSGHMF @MC NQOG@M @KKNV@MBDR SN SGD NQOG@MDC BGHKCQDM NE SGD U@KH@MS BGHKCQDM NE "@TB@RH@ VGN ED@Q MNSGHMF ATS KK@G $UDQX NQOG@M VD UHRHS HM /@MJHRH G@R @ CHEEDQDMS RSNQX 3GDHQ RSNQHDR @QD RN SNTBGHMF SG@S XNT CN MNS JMNV GNV SN L@JD RDMRD NE VG@S XNT GD@Q¢ 6D EDDK @R HE VD G@UD DWODQHDMBDC SGD BQTDKSX @R VD

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

63


64

8LI KEXIW SJ QIVG] MR 4EROMWM

(- 3'$ %($+#

VNL@M GNKCR LX G@MC S@KJHMF SN LD HM @ FQHDERSQHBJDM UNHBD 3GHR NKC VNL@M VGNRD E@BD HR @R VQHMJKX @R @ CQHDC @OOKD HR SGD FQ@MCLNSGDQ NE SGQDD NQOG@MR (S HR NAUHNTR SG@S RGD HR ENQBHMF GDQRDKE MNS SN BQX 2GD HR GNKCHMF GDQ O@SHDMBD HM GDQ G@MC RPTDDYHMF HS G@QC HM NQCDQ SN HLOQHRNM SGD SD@QR HM GDQ DXDR 2GD KNNJR @S LD HM SGD V@X SG@S NMKX @ O@SHDMS VGN JMNVR GD HR FNHMF SN CHD KNNJR @S GHR HL@FD HM @ LHQQNQ 3GD NKC VNL@M VGN HR ODQG@OR HM SGD VHMSDQ NE GDQ KHED @MC G@R ADDM KDES @KNMD VHSG SGQDD XNTMF FQ@MCBGHKCQDM

EHMCR OD@BD JMNVHMF SG@S RNLDNMD VHKK S@JD B@QD NE SGD BGHKCQDM @ESDQ GDQ 2GD B@MMNS BNMSQNK GDQ EDDKHMFR @MXLNQD VGDM VD @QD KD@UHMF 2GD GNKCR LD AX SGD G@MC OTKKR LD SNV@QCR GDQ @MC GTFR LD ( B@MMNS GNKC A@BJ LX SD@QR @MX KNMFDQ 3GDM VD RDS NEE ENQ @MNSGDQ GNTRD (S HR SQTKX C@QJ MNV 6D V@MS SN UHRHS @R L@MX BGHKCQDM @R ONRRHAKD SNC@X

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ADHMF @MC CDKHUDQHMF SGDHQ NQOG@M @KKNV@MBD VD GD@C SNV@QCR SGD GNTRD NE @MNSGDQ BGHKC 6D FN SN GLDS®R GNTRD @ESDQV@QCR GLDS G@R MNS KDES NTQ RHCD @KK C@X KNMF 6GN HR GLDS 'D HR @ BKDUDQ ANX VGN @S SGHR XNTMF @FD G@R KD@QMDC 3TQJHRG EQNL B@QSNNMR 'D G@R MDUDQ ADDM SN 3TQJDX « GLDS¬ ( R@X «6GDQD HR XNTQ E@SGDQ¬ «( CNM®S

JMNV ¬ GD R@XR 3GD 1TRRH@MR SNNJ GHR E@SGDQ -NANCX JMNVR VGDQD GD HR NQ HE GD HR RSHKK @KHUD 3GD VNQCR ADBNLD @ KTLO HM LX SGQN@S 2HKDMBD BNUDQR DUDQXVGDQD 3GD BGHKCQDM @QD BG@MFHMF ATS SGD RBDMDQX QDL@HMR @KLNRS SGD R@LD 'D HR UDQX G@OOX SG@S VD B@LD SN GHR GNTRD 'D HR QTMMHMF @QNTMC TR 'D RDQUDR TR EQTHS

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


8LI TPEGI [LIVI XLI WYR JMVWX VMWIW /EQGLEXOE

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3GD OK@BD VGDQD SGD RTM EHQRS QHRDR *@LBG@SJ@

*@Lk@SJ@

;I I\TIVMIRGI XLI LETTMRIWW SJ TIVJSVQMRK XLI )MH TVE]IV WLSYPHIV XS WLSYPHIV WXERHMRK MR PMRI [MXL SYV FVSXLIVW FIJSVI EPP XLI SXLIV 1YWPMQW MR XLI [SVPH 2DQJ@M -$1&µ2

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NQ SGD SG ('' 'TL@MHS@QH@M 1DKHDE %NTMC@SHNM 0TQA@M .QF@MHY@SHNM VD VDMS SN SGD LNRS D@RSDQM ONHMS NE SGD VNQKC

*@LBG@SJ@ *@LBG@SJ@ HR @M @TSNMNLNTR QDFHNM NE 1TRRH@ VHSG @ ONOTK@SHNM NE @ANTS   'DQD

SGD L@HM DBNMNLHB @BSHUHSX HR EHRGHMF !DB@TRD NE SGD RTQQNTMCHMF FK@BHDQR @MC UNKB@MHB LNTMS@HMR SGDQD @QD MN QN@CR SQ@MRONQS@SHNM HM *@LBG@SJ@ HR OQNUHCDC NMKX AX @HQ @MC RD@ 3GD LNRS HLONQS@MS ED@STQD NE *@LBG@SJ@ HR SG@S SGD (MSDQM@SHNM@K #@SD +HMD O@RRDR ADSVDDM *@LBG@SJ@ @MC

3GD UNKB@MHB LNTMS@HMR RTQQNTMCHMF SGD BHSX BDMSDQ NE *@LBG@SJ@ @QD @M @L@YHMF RHFGS 8NT B@M D@RHKX RDD SGD ETLDR QHRHMF EQNL RNLD NE SGD LNTMS@HMR SG@S @QD @BSHUD UNKB@MNDR

KD@QM EQNL NTQ AQNSGDQR VGN FTHCD TR SG@S SGDQD @QD MD@QKX   ,TRKHLR HM SGD QDFHNM YDQHR

,DRJGDSH@M 3TQJR 4YADJR 3@S@QR

3@IHJR #@FDRS@MHR "GDBGDMR !TS SGDQD @QD MN LNRPTDR HM SGD QDFHNM VGDQD ,TRKHLR B@M VNQRGHO SNFDSGDQ SGDQD®R NMKX @ RL@KK L@RIHC VGHBG HR SGD FQNTMC EKNNQ NE @ ATHKCHMF SG@S G@R ADDM OQNUHCDC AX SGD @TSNMNLNTR FNUDQMLDMS @MC VGHBG B@M NMKX @BBNLLNC@SD  ODNOKD

'DQD SGD LNQMHMF OQ@XDQ HR SGD EHQRS LNQMHMF OQ@XDQ HM SGD VNQKC 6D

3GD @TSNMNLNTR FNUDQMLDMS @KKNB@SDC @ OHDBD NE K@MC SN ,TRKHLR SN ATHKC @ LNRPTD ATS DUDM SGNTFG

K@RJ@ 3GD C@X ENQ SGD VNQKC ADFHMR HM *@LBG@SJ@ 'DQD SGD QHRHMF RTM HR BNMRHCDQDC SN AD SGD EHQRS QHRHMF RTM ENQ SGD C@X SGQNTFGNTS SGD VNQKC #DROHSD ADHMF @CI@BDMS K@RJ@ HR NMD VGNKD C@X ADGHMC *@LBG@SJ@


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SGD ENTMC@SHNMR G@UD ADDM K@HC SGD ATHKCHMF G@R MNS ADDM @AKD SN AD BNLOKDSDC CTD SN U@QHNTR QD@RNMR HM SGD DMC SGD K@MC V@R S@JDM A@BJ EQNL SGD ,TRKHLR @MC @ GTFD RONQSR BNLOKDW V@R ATHKS NM HS (MRSD@C SGD ,TRKHLR VDQD FHUDM SGD @O@QSLDMS NM SGD FQNTMC EKNNQ NE SGD ATHKCHMF SGDX @QD MNV TRHMF 3GD QDFHNM@K FNUDQMLDMS @KKNB@SDC @MNSGDQ OHDBD NE K@MC SN SGD ,TRKHLR HM  NM VGHBG SN ATHKC @ LNRPTD SGHR HR NM SGD ATRHDRS RSQDDS NE SGD BHSX BDMSDQ

ATS SGDX G@UD ADDM TM@AKD SN L@JD TRD NE SGHR K@MC XDS 3GDHQ FQD@SDRS ED@Q @S SGD OQDRDMS SHLD HR SG@S SGHR K@MC VHKK @KRN AD S@JDM EQNL SGDL

@MC SGDX VHKK AD FHUDM @ RONS E@Q @V@X EQNL SGD BHSX BDMSDQ

/QDO@Q@SHNMR ENQ $HC 6D V@JD TO VHSG RMNV NM SGD C@X ADENQD $HC 'DQD VGDM SGD RMNV ADFHMR SN E@KK XNT MDUDQ JMNV GNV KNMF HS VHKK K@RS 6D G@UD CHEEHBTKSX V@KJHMF HM SGD AKHYY@QC (E XNT CN MNS V@KJ VHSG SGD VHMC ADGHMC XNT XNT B@M NMKX RDD  LDSDQR @GD@C 2DDHMF SGD RBDMDQX @ESDQ SGD RMNV VD TMCDQRS@MC VGX SGHR OK@BD HR QDEDQQDC SN @R SGD «K@MC NE

8LI TPEGI [LIVI XLI WYR JMVWX VMWIW /EQGLEXOE

8LI TISTPI [I XEPO XS GERRSX LMHI XLIMV WYVTVMWI EX SYV TVIWIRGI LIVI 8LI] LEZI RIZIV [MXRIWWIH WYGL EGXMZMX] FIJSVI -R JEGX WSQI [SQIR EWOIH XLI MQEQ XLI TVMGI SJ XLI QIEX XLMROMRK XLEX [I [IVI WIPPMRK MX

HBX QN@C 6D FN A@BJ SN NTQ GNSDK D@QKX ADB@TRD HS FDSR C@QJ @S  GDQD (M *@LBG@SJ@ HS HR VHMSDQ ENQ MHMD LNMSGR NE SGD XD@Q @MC ROQHMF SGD NSGDQ SGQDD LNMSGR 6GHKD HS FDSR C@QJ @S ENTQ N®BKNBJ HM SGD @ESDQMNNM HM VHMSDQ SGDQD HR RTMKHFGS ENQ  GNTQR CTQHMF SGD ROQHMF 3GD RTM RDSR @S LHCMHFGS @MC QHRDR @S ENTQ N®BKNBJ HM SGD LNQMHMF 3GD RD@ BNNKR CNVM DUDM LNQD HM SGD ROQHMF ADB@TRD NE SGD LDKSHMF FK@BHDQR

6D DMSDQ $HC EHQRS EHQD @MC HBD¬ SGHR HR @ K@MC NE HBD VHSG CNYDMR NE UNKB@MNDR QD@CX SN DQTOS 3GD R@LD C@X VD KD@UD ENQ SGD *NQX@JH QDFHNM VGHBG HR  JL EQNL SGD BHSX BDMSDQ SN SDMC SN SGD 0TQA@MR SG@S ODNOKD EQNL 3TQJDX G@UD CNM@SDC SN TR 3GHR QDFHNM S@JDR HSR M@LD EQNL SGD M@SHUD ODNOKD NE *@LBG@SJ@ SGD *NQX@JR 3GD *NQX@JR F@UD SGDHQ M@LD SN SGD QDFHNM ATS SGDX CN MNS KHUD GDQD SGDX KHUD HM SGD FK@BHDQ @QD@  JL @V@X EQNL SGD BHSX BDMSDQ VGDQD SGD SDLODQ@STQD B@M QD@BG " ESDQ S@JHMF B@QD NE SGD R@BQHEHBDR HM *NQX@JH @S @ E@QL KDES EQNL SGD 2NUHDS DQ@ VD QDSTQM NM SGD R@LD

R LDLADQR NE SGD ('' SD@L VD DWODQHDMBDC SGD G@OOHMDRR NE ODQENQLHMF SGD $HC OQ@XDQ NM SGD EHQRS C@X NE $HC RGNTKCDQ SN RGNTKCDQ

HM SGD R@LD KHMD VHSG NTQ AQNSGDQR

ADENQD @KK SGD NSGDQ ,TRKHLR HM SGD VNQKC 6D FN SN SGD NMKX LNRPTD HM SGD QDFHNM VGDQD   ,TRKHLR KHUD

ENQ SGD $HC OQ@XDQ 6D RDD SG@S SGD LNRPTD HR ETKK 3GDQD @QD LNQD ODNOKD V@HSHMF NTSRHCD SG@M HMRHCD 3GDX HLLDCH@SDKX NODM SGD EHQRS KHMDR ENQ TR ADB@TRD VD @QD FTDRSR ( OQDEDQ SN RS@X NTSRHCD NE SGD QNNL SN NARDQUD VG@S HR G@OODMHMF ( VNMCDQ


8LI TPEGI [LIVI XLI WYR JMVWX VMWIW /EQGLEXOE GNV @KK SGDRD ODNOKD VHKK ODQENQL SGD OQ@XDQ (S HR MNS ONRRHAKD SN LNUD VGDM ODNOKD ENQL SGD KHMDR ENQ SGD $HC OQ@XDQ 3GD NAKHF@SNQX OQ@BSHBD NE OQNRSQ@SHMF VHSG SGD ODQRNM OQ@XHMF HM EQNMS NE NMD S@JDR NM RHFMHEHB@MBD GDQD 6GDM ( KNNJ NTS SGD VHMCNV @ESDQ SGD OQ@XDQ ( RDD @ GTFD BQNVC 6GDM VD KD@UD SGD LNRPTD SGDRD AQNSGDQR DMSDQ SGD LNRPTD ( KD@QM EQNL NTQ EQHDMCR SG@S SGD $HC OQ@XDQ HR ODQENQLDC HM FQNTOR

ADB@TRD NE SGD K@BJ NE RO@BD ( OQ@X VHSG SGD RDBNMC FQNTO @R ( V@R UHCDNS@OHMF VGHKD SGD EHQRS FQNTO V@R OQ@XHMF $UDM SGD HL@L CNDR MNS QDLDLADQ GNV L@MX ODNOKD OQ@XDC SG@S C@X 6D FN SN SGD E@QL HM *NQX@JH ENQ SGD R@BQHEHBD "GDBGDM @MC ,DRJGDSH@M 3TQJ AQNSGDQR INHM TR SN GDKO 3GDQD HR LNQD RMNV GDQD @MC HS HR HMBQDCHAKX BNKC 6D L@JD R@BQHEHBD HM SGD RMNV

VGHBG QD@BGDR NTQ JMDDR 6D B@M NMKX BNLOKDSD SGD R@BQHEHBD NM SGD EHQRS C@X ADB@TRD SGD C@XR @QD RGNQS @MC SGD LD@S G@R SN AD CHRSQHATSDC SGD ENKKNVHMF C@X

«(R SGD LD@S ENQ R@KD¬

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@ANTS SGD R@LD SGHMF SGD LNRPTD 3GDX @KK OQ@X SG@S *@LBG@SJ@ VHKK G@UD @ LNRPTD @R RNNM @R ONRRHAKD M DKCDQKX 3@S@Q VNL@M R@XR «6D LHRR SGD @CG@M ¬ @MC @M YDQH VNL@M R@XR «( V@MS SN GD@Q SGD @CG@M NMBD LNQD ADENQD ( CHD¬ SGDRD RS@SDLDMSR L@JD @M HLO@BS NM @KK OQDRDMS

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3YV JMVWX )MH MR 4SPERH

3YV JMVWX )MH MR /NK@MC .RL@M

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LNMF /NK@MC®R  LHKKHNM ODNOKD  ODQBDMS NE VGHBG HCDMSHEHDR HSRDKE @R "@SGNKHB SGDQD @QD @OOQNWHL@SDKX   /NKDR VGN G@UD BGNRDM (RK@L @MC   ,TRKHL 3@S@QR 3GDQD @QD @KRN   ,TRKHLR VGN B@LD SN SGHR BNTMSQX EQNL SGD ,TRKHL VNQKC ENQ DCTB@SHNM NQ SQ@CD @MC G@UD RDSSKDC GDQD

,TRKHLR HM /NK@MC KHUD HM SGD !NGNMHJH *QTRYXMH@MX !H@KXRSNJ

6@QR@V &C@MRJ @MC &NQYNU 6HDKJNONKRJH QDFHNMR 'DQD SGD ,TRKHLR BNMCTBS @BSHUHSHDR UH@ SGD /NK@MC (RK@LHB 1DKHFHNTR RRNBH@SHNM SGD /NKHRG 4MHNM NE ,TRKHLR SGD ,TRKHL 2NBHDSX ENQ /QNO@F@SHNM @MC "TKSTQD NE (RK@L SGD 6@QR@V (RK@LHB "DMSDQ @MC SGD !H@KXRSNJ (RK@LHB "DMSDQ HS HR SGQNTFG SGDRD NQF@MHY@SHNMR SG@S SGDX SQX SN OQDRDQUD SGDHQ E@HSG @MC BTKSTQD

3GD ,TRKHL 1DOQDRDMS@SHUDR NE SGD "NTMSQX 3@S@QR ,TRKHL 3@S@QR VGN LHFQ@SDC SN /NK@MC EQNL +HSGT@MH@ HM SGD SG BDMSTQX G@UD ADDM SQXHMF SN OQDRDQUD SGDHQ QDKHFHNM @MC BTKSTQD ENQ BDMSTQHDR 3GD 3@S@QR VGN BNLOQHRD O@QS NE

SGD ENTMC@SHNM NE /NK@MC KHUD HM SGD BHSX NE !H@KXRSNJ VGHBG HR BKNRD SN +HSGT@MH@ @MC HM SGD UHKK@FDR NE !NGNMHJH @MC *QTRYXMH@MX 3GD /NKHRG ,TRKHL 3@S@QR VGNL VD LDS VHSG ENQ SGD NBB@RHNM NE SGD $HC LDDS HM G@OOHMDRR 3GD NBB@RHNM G@R ADBNLD @ AHSSDQRVDDS NBB@RHNM @R SGDX @QD NMKX @AKD SN BNLD SNFDSGDQ CTQHMF SGD $HC @MC ADB@TRD SNC@X HS HR NMKX @ BTRSNL ENQ SGD DKCDQKX 3GD 3@S@Q DKCDQR HM SGD BNTMSQX VNQQX @ANTS ETSTQD FDMDQ@SHNMR CTD SN SGD VD@J ANMC SGDX G@UD VHSG SGDHQ AQNSGDQR @MC RHRSDQR HM SGD ,TRKHL VNQKC @MC HM O@QSHBTK@Q SGD XNTMFDQ ONOTK@SHNM

VGHBG HR LNUHMF @V@X EQNL SGDHQ QDKHFHNM SQ@CHSHNMR @MC BTKSTQD

$HC 6D FN SN SGD !H@KXRSNJ (RK@LHB "DMSDQ SN ODQENQL SGD $HC OQ@XDQ 3GD FQNTMC EKNNQ NE SGD SVNRSNQX ATHKCHMF @BSR @ LNRPTD $@QKX HM SGD LNQMHMF ODNOKD SGD L@INQHSX NE VGNL


3YV JMVWX )MH MR 4SPERH @QD O@RS LHCCKD @FD RS@QS BNLHMF SN SGD LNRPTD VHSG A@FR HM SGDHQ G@MCR 3GDX FHUD D@BG NSGDQ B@MCHDR BGNBNK@SDR

B@JDR RVDDSR @MC BNNJHDR SGDX G@UD AQNTFGS EQNL GNLD 3GDM VD KHRSDM SN SGD (L@L®R $HC RDQLNM ESDQ SG@S

VD RHMF GXLMR @MC VD ODQENQL SGD OQ@XDQ 6D RS@QS DWBG@MFHMF FQDDSHMFR $UDQXNMD S@KJR SN NMD @MNSGDQ 3@S@QR BNLHMF EQNL CHEEDQDMS UHKK@FDR @MC SNVMR EHMC SGD BG@MBD SN G@UD @ EQHDMCKX BG@S (S HR NAUHNTR SG@S SGDX B@MMNS LDDS NESDM +HUHMF HM RB@SSDQDC @QD@R HR NMD NE SGD E@BSNQR ADGHMC SGHR

«(E NMKX SGD XNTMF VDQD GDQD¢¬ 6D RONS SGD @ARDMBD NE SGD XNTMF

@KSGNTFG $HC HR @ FQD@S NOONQSTMHSX ENQ NTQ AQNSGDQR @MC RHRSDQR SN RDD NMD @MNSGDQ 6D KD@QM SG@S SGD XNTMF BGHKCQDM NE SGD BNTMSQX®R ,TRKHLR @QD ENQFDSSHMF SGDHQ LNSGDQ SNMFTD @MC SGDHQ QDKHFHNM @MC VD R@CKX VHSMDRR SGHR RHST@SHNM CTQHMF NTQ UHRHS SN /NK@MC 3GHR HR SGD L@HM B@TRD NE R@CMDRR @LNMFRS SGD ,TRKHL DKCDQR HM SGD BNTMSQX

DRODBH@KKX ,TESH 3NL@RY ,HRJHDVHBY

"DLDSDQX UHRHS ESDQ DWBG@MFHMF FQDDSHMFR VD FN SN SGD UHKK@FD NE !NGNMHJH SN UHRHS SGD BDLDSDQX SNFDSGDQ VHSG ,TESH 3NL@RY 3GD BDLDSDQX HR VDKKL@HMS@HMDC @MC BKD@M -DV @MC NKC FQ@UDR RS@MC RHCD AX RHCD @MC @QD @CNQMDC VHSG EKNVDQR 3GD .SSNL@M RBQHOS @MC !DRLDKD KHMDR @QD DMFQ@UDC B@QDETKKX NM SGD FQ@UDRSNMDR KSGNTFG SGDQD @QD MNS L@MX 3@S@QR UHRHSHMF SGD UHRHSNQR L@JD @M DEENQS SN QD@C SGD 0TQ®@M ENQ SGD ROHQHSR NE SGD CDBD@RDC @MC SN L@HMS@HM SGD SQ@CHSHNMR

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

RGNVHMF SGDL @ FDMTHMD HMSDQDRS

3GD OQNAKDLR NE ,TRKHLR HM SGD BNTMSQX #TQHMF NTQ UHRHS VD SQX SN TMCDQRS@MC SGD OQNAKDLR NE SGD BNTMSQX®R ,TRKHLR @MC SN EHMC RNKTSHNMR 3GD LNRS RHFMHEHB@MS OQNAKDLR @QD SG@S SGD


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,TRKHLR KHUD HM RB@SSDQDC @QD@R SGDQD @QD OQNAKDLR HM BNLLTMHB@SHNM

SGDX G@UD VD@J SHDR VHSG SGD ,TRKHL VNQKC @MC LNRS HLONQS@MSKX SGDX @QD ADBNLHMF LNQD @MC LNQD @RRHLHK@SDC (M @CCHSHNM HS BNLDR SN NTQ @SSDMSHNM SG@S SGDX K@BJ @ Q@CHN BG@MMDK

L@F@YHMD NQ MDVRO@ODQ KSGNTFG SGD E@BS SG@S RNLD (RK@LHB BDMSDQR G@UD ADDM BNMRSQTBSDC HM QDBDMS XD@QR HR OQNLHRHMF ENQ SGD ETSTQD HS HR NAUHNTR SG@S SGDRD BDMSDQR VGHBG B@M NMKX AD L@HMS@HMDC VHSG SGD RTOONQS OQNUHCDC @QD MNS UDQX DEEHBHDMS ,TRKHLR HM /NK@MC @QD BNLENQS@AKD @MC EQDD SGDX @QD SQD@SDC DPT@K SN NSGDQ ODNOKD 6HSG SGD DBNMNLHB QDBNUDQX SG@S ADF@M HM 

3YV JMVWX )MH MR 4SPERH

VGDM /NK@MC INHMDC SGD $4 SGD KHUHMF RS@MC@QCR NE ,TRKHL 3@S@QR HMBQD@RDC (M NQCDQ SN OQDRDQUD SGDHQ K@MFT@FD QDKHFHNM BTRSNLR @MC SQ@CHSHNMR @MC HM NQCDQ SN SQ@MREDQ SGD R@LD SN SGDHQ BGHKCQDM SGDX MDDC L@SDQH@K @MC ROHQHST@K RTOONQS QDKHFHNTR SDWSR

SGDNKNFHB@K RBGNK@QR @MC NQF@MHYDC @MC @B@CDLHB RTOONQS

%@QDVDKK ENQ MNV 6D KD@UD VHSG SGD FQDDSHMFR @MC OQ@XDQR NE NTQ ,TRKHL 3@S@Q AQNSGDQR VGN G@UD ADDM RSQTFFKHMF ENQ SGDHQ RTQUHU@K ENQ  XD@QR SN SGDHQ 3TQJHRG AQNSGDQR SHKK VD LDDS @F@HM ENQ (ES@Q CHMMDQR HM 1@L@C@M


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