Issuu

";{b;l0u; ń 1{ 0u; ƍƋƍƐ

" u; bv{- r-u- l‫܋‬ub1- -{bm-

&u ] - v l- =u;1 ;m1b- -‫܊‬u;- - "-ѐ{o -m m1b- ;ѐ 1olb;m o 7; or;u-1bom;v - !b ;u- -m{;v 7; Cm 7; -‫ށ‬o

r-uߒu 7;ѐ ƌƋ 7; v;ߒ;l0u;ĳ v; v l-uۖ m- m ; - =u;1 ;m1b- ѐov 7olbm]ov - "-ѐ{o 1ol;m -uۖ - or;u-u om{; b7;o !b ;u- -m{;v 7; Cm 7; -‫ށ‬oĶ ѐ bmbv{;ubo 7; $ ubvloĳ ѐ- -;uoѐ‫ݖ‬m;- -u-m-bu ;uor ;u{ov &u ] - -m m1b-uom ѐ- -lrѐb-1b‫ދ‬m 7; ѐ- 1om;1ߒ b7-7 -‫܊‬u;- 7ol‫܊‬vߒ1- 1om ѐ- bm1ouņ rou-1b‫ދ‬m 7; m- m ; - =u;1 ;m1b- ;m ѐ- u {- ;m{u; om{; b7;o "-ѐ{oĶ vblbvloĳ ѐ- -;uoѐ‫ݖ‬m;- 1omCul‫; ދ‬ѐ bmb1bo 7; or;ņ u-1bom;v _-1b- !b ;u-ĳ m- ; Cm-ѐb -7-v ѐ-v - {oub -1bom;v r;m7b;m{;vĳ 1omvoѐb7-m7o -v‫ ݖ‬m m ; o r-vo ;m ѐ- bm{;]u-1b‫ދ‬m -‫܊‬u;- 7;ѐ mou{; 7;ѐ r-‫ݖ‬v l-u1-m7o m lol;m{o _bv{‫ދ‬ub1o rou ѐ- 1om;1ߒ b7-7 7ol‫܊‬vߒ1-Ķ - u {- t ; u;-ѐb - -u-m-bu ;m{u; ;ѐ ;uor ;u{o m{;um-1bom-ѐ 7; -uu-v1o ;ѐ ;uor ;u{o m{;uņ m-1bom-ѐ 7; "-ѐ{o bm1ourou-uۖĳ - r-uߒu 7;ѐ ƌƋ 7; v;ߒ;l0u;ĳ m- {;u1;u- =u;1 ;m1b- ѐov 7olbmņ ]ovĳ t ; v; v l- - ѐ-v ; bv{;m{;v ѐov l-u{;v f ; ;vĶ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

u-m{; ;ѐ -m m1boĳ ѐ- -;uoѐ‫ݖ‬m;- 7;v{-1‫; ދ‬ѐ 7;v;lr;‫ށ‬o 7; ѐ- u {- - "-ѐ{oĳ v;‫ށ‬-ѐ-m7o t ; v; {u-{‫ ދ‬7;ѐ ѐ-m -lb;m{o 7; u {- lۖv ; b{ovo 7; ѐ- 1olr-‫ݖށ‬- ;m v v rubl;uov 7b; l;v;v 7; or;ņ u-1b‫ދ‬m - v r;u‫ ދ‬ѐov ƎĶƊƊƊ r-v-f;uov {u-mvrou{-ņ 7ovĶ ;v7; ѐ- -;uoѐ‫ݖ‬m;- {-l0b‫܊‬m 1omCul-uom v 1olņ ruolbvo 1om ѐ- 1om; b‫ދ‬m 7bu;1{- ;m{u; om{; bņ 7;o !b ;u-ĳ ru; bv{- r-u- 1om1u;{-uv; ;m ѐov ru‫ ދ‬blov l;v;vĶ m7b1-uom t ; ;ѐ ruo1;vo - ;v{ۖ ;m l-u1_- ;m m- ;{-r- - -m -7-ĳ - ѐ- ;vr;u- 7; ѐ- Cm-ѐb -ņ 1b‫ދ‬m 7; ѐov u;t ;ublb;m{ov or;u-ߒ ov rou r-u{; 7; ѐ- - {oub7-7 -;uomۖ ߒ1-ĳ {u-v ѐo 1 -ѐ ѐ- u {- ro7uۖ rom;uv; ;m = m1bom-lb;m{o -m{;v 7; Cm 7; -‫ށ‬oĶ ѐ lbmbv{uo 7; $ ubvloĳ -0ѐo ;mombĳ u;v-ѐ{‫ ދ‬ t ; ;ѐ { ubvlo 1omvߒ{ ; m v;1{ou ;v{u-{‫]܊‬b1o = m7-l;m{-ѐ r-u- ;ѐ 7;v-uuoѐѐo 7;ѐ r-‫ݖ‬vĳ 1om m vb]mbC1-ߒ o ro{;m1b-ѐ r-u- ѐ- ];m;u-1b‫ދ‬m 7; ;lrѐ;oĳ 7b bv-vĳ v;u b1bov ѐ- l;fou- 7; ѐ- 1-ѐbņ 7-7 7; b7- 7; v v 1b 7-7-movĶ m ;v{; v;mߒ7oĳ 7;v{-1‫ ދ‬t ; {u-0-f-u ;m ѐ- 1om;1ߒ b7-7 -‫܊‬u;- 1om ;ѐ bm{;ubou 7;ѐ r-‫ݖ‬v ;v = m7-l;m{-ѐĶ

ou v r-u{;ĳ -bl; -vvoѐ- ;u;m{; ;m;u-ѐ 7; -u-m-bu l-mb=;v{‫ ދ‬v -ѐ;]u‫ݖ‬- rou ѐ- 1omvoѐb7-ņ 1b‫ދ‬m 7; ѐ- u {- - "-ѐ{oĵ ĺ ;v7; -u-m-bu v;] bņ lov 1olruol;ߒ7ov 1om ;ѐ =ou{-ѐ;1blb;m{o 7; ѐ- 1om;1ߒ b7-7 7;m{uo 7;ѐ l;u1-7o u ] - oĶ ѐ - l;m{o 7; =u;1 ;m1b-v ;m ѐ- u {- om{; bņ 7;oŇ"-ѐ{o u;vrom7; - ѐ- 0 ;m- u;vr ;v{- 7; ѐov r-v-f;uov - m ;v{uo 1olruolbvo rou o=u;1;u m- -ѐ{;um-ߒ - -‫܊‬u;- 1omC-0ѐ;ĳ v;] u- -7-rņ {-7- - ѐ-v m;1;vb7-7;v 7;ѐ bm{;ubou 7;ѐ r-‫ݖ‬vĶ &u ņ ] - ;v m l;u1-7o ;v{u-{‫]܊‬b1o r-u- movo{uov rou ;vo ruo ;1{-lovĳ ;m ѐov ru‫ ދ‬blov l;v;vĳ v;] bu 1u;1b;m7o ;m ;ѐ l;u1-7o 7ol‫܊‬vߒ1o 1om ѐ- u {- - !b ;u-Ķ ";] blov -rov{-m7o - m 1u;1bņ lb;m{o vov{;mb7o ;m ѐ- u;]b‫ދ‬mĳ 7; ѐ- l-mo 7; ѐ- 1omC-m - 7; m ;v{uov r-v-f;uov -ѐb-7ov ;v{u-ņ {‫]܊‬b1ov 7;ѐ bmbv{;ubo 7; $ ubvlo ;uor ;u{ov &u ] - ĶĻ u-m{; ;ѐ ; ;m{o v; 7;v{-1‫ ދ‬ѐ- lo7;umb -1b‫ދ‬m 7; ѐ- bm=u-;v{u 1{ u- -;uomۖ ߒ1- 7; ѐov -;uoņ r ;u{ov 7;ѐ bm{;ubou rou r-u{; 7; ;uor ;u{ov &u ] - 1olo mo 7; ѐov 1-{-ѐb -7ou;v 7; ;v{; 1-lbmo 7; 7;v-uuoѐѐo 7; ѐ- 1om;1ߒ b7-7 -‫܊‬u;- 7ol‫܊‬vߒ1-Ķ

&u ] - r-uߓ1br- ;m ;;{ & ƍƋƍƐ

ѐ bmbv{;ubo 7; $ ubvlo r-uߒ1br- rou rubņ l;u- ; ;m ;;{ & ƌƊƌƏĳ ;ѐ ; ;m{o lۖv blrou{-m{; 7;ѐ { ubvlo 7; u; mbom;v ;m u];mߒm-ĳ t ; v; 7;v-uuoѐѐ- ;m ;ѐ ;m{uo 7; om ;m1bom;v 7; ;mov bu;vĳ ;m ;ѐ l-u1o 7; ѐ- );;hĶ - r-uߒ1br-1b‫ދ‬m 7; &u ] - ;m ;;{ & ƌƊƌƏ l-u1- m _b{o ;m v rovb1bom-lb;m{o 1olo 7;vߒmo ;m ѐ- u;]b‫ދ‬mĳ u;-Cul-mņ 7o v 1olruolbvo 1om ;ѐ 7;v-uuoѐѐo 7;ѐ { ubvlo 7; u; mbom;v ѐ- ];m;u-1b‫ދ‬m 7;

67$)) 081'2 785,67,&2 $f2 1 'LUHFWRU \ 5HGDFWRU 5HVSRQVDEOH :LOVRQ 0DUUHUR 9DOGH] &R GLUHFWRUD KRQRUDULD 0HU\ -XGLWK 'H /HyQ 'LUHFWRU GH 55 33 $ULHO 'tD] 5LYHUR &RODERUDGRUHV ,QWHUQDFLRQDOHV -XOLR %XUJRV 0LDPL

m ; -v -ѐb-m -v ;v{u-{‫]܊‬b1-vĶ &u ] - r-uߒ1br- 1olo 7;vߒmo bm{;um-ņ 1bom-ѐ bm b{-7oĳ 1olr-uߒ;m7o ;vr-1bo 1om u;ru;v;m{-m{;v 7; u];mߒm- o{uov r-‫ݖ‬v;v 7; -ߒmo-l‫܊‬ub1- 1olo u-vbѐĳ _bņ ѐ;ĳ oѐol0b-ĳ ;u߯ ‫ ܊‬b1oĶ ;;{ & u];mߒm- ;v m- bmb1b-ߒ - blr ѐv-7- rou ѐ- vo1b-1b‫ދ‬m u];mߒm- 7; u]-mb -7ou;v uo ;;7ou;v 7; rovbņ 1bom;vĳ om]u;vovĳ ;m{ov u‫ދ‬v 7; om ;m1bom;v Ō ōĳ =oul- r-u{; 7; ѐ- -];m7- oC1b-ѐ 7; ѐ- );;hĶ v{; ;m1 ;m{uo ruorom; m- 1olrѐ;{- -];m7- 7; -11bom;v -1-7‫܊‬lb1-vĳ bmvߒ{ 1bom-ѐ;v 1ol;u1b-ѐ;vĳ ];m;u-m7o m ;vr-1bo b7;-ѐ r-u- ;ѐ m;{ ouhbm] 1om {o7- ѐ- 1-7;m- 7; -ѐou 7; ѐ- bm7 v{ub- ĳ {-m{o - mb ;ѐ m-1bom-ѐ 1olo bm{;um-ņ 1bom-ѐĶ u-m{; {u;v foum-7-vĳ );;h u;߯m; - ѐov rubmņ 1br-ѐ;v -1{ou;v 7;ѐ v;1{ou 1om ;ѐ o0f;ߒ o 7; =ou{-ѐ;ņ 1;u ‫ݖ‬m1 ѐovĳ 7;0-ߒu vo0u; ;ѐ ru;v;m{; ;ѐ = { uo 7; ѐ- -1ߒ b7-7ĳ ];m;u-u m ; -v orou{ mb7-7;v 7; m;]o1boĶ ѐ ; ;m{o 1om{-uۖ 1om ;vr-ņ 1bov 7; 1-r-1b{-1b‫ދ‬mĳ ru;ņ

v;m{-1bom;v 7; 7;vߒmov v;7; 7; {o7o ;ѐ r-‫ݖ‬vĳ uom7-v 7; m;]o1bov ;m1 ;m{uov 7; ĺl-{1_Ļ 1om ѐ- 1-7;m- 7; -ѐou 7;ѐ v;1{ouĶ - 7;ѐ;]-1b‫ދ‬m u ] - - v; ;m1 ;m{u- 1omņ =oul-7- rou u;ru;v;m{-m{;v 7;ѐ v;1{ou r߯0ѐb1o rub -7oĳ bm1ѐ ;m7o m bm{;]u-m{; 7;ѐ ;t bro 7;ѐ bmbv{;ubo 7; $ ubvloĳ -v‫ ݖ‬ 1olo - {oub7-7;v 7; ѐ-v bu;11bom;v 7; $ ubvlo 7; om{; b7;oĳ oѐomb- -ѐ7oņ m-7oĳ -7;lۖv 7; 7;v{-1-7ov -1{ou;v 7;ѐ v;1{ou 7;ѐ r-‫ݖ‬vĵ mfo m{- 7;ѐ v{;ĳ "oѐ-m-v om ;mߒom ;m{;uĳ (bh !;{u;-{vĳ "oC{;ѐ om{; b7;o -vbmo -uu-v1o ś "r-ĳ ѐ- - 7; $ouov 7; oѐomb-ĳ vo1b-1b‫ދ‬m $ u‫ݖ‬vņ ߒ1- 7; oѐomb-ĳ !-7bvvom om{; b7;o (b1ņ {oub- ѐ- - o{;ѐĳ !߯0ub1-ĳ om]u;vov !; ņ mbom;v ;l;vĶ

0LJXHO $ $FHUHQ]D 0p[LFR 7HUHVLWD 0DU]DQR ² 3HULRGLVWD ,QWHUQDFLRQDO )RWR GH WDSD

%XHQRV $LUHV $Y &yUGRED 3LVR 2I % ,PSUHVR HQ (/ 3$,6 6 $

'LVHxR

,QVFULSWD HQ HO 0LQLVWHULR GH ,QGXVWULD \ (QHUJtD 1 \ 0LQLVWHULR GH &XOWXUD 7RPR ,; )ROLR GHO 5HJLVWUR GH /H\ GH ,PSUHQWD 'HSyVLWR /HJDO

$ 5 7

$ ' 9 ( 5 7 , 6 , 1 *

DYDQFHJUDILFR#DGLQHW FRP X\ 2ILFLQD &HQWUDO 0DOGRQDGR 'RGHUD $S 7 )D[ 7HO 8UXJXD\

(VWD HGLFLyQ VHUi GLVWULEXLGD D QLYHO ORFDO HQ WRGDV ODV $JHQFLDV GH 9LDMHV KRWHOHV DHURSXHUWRV PXOWLQDFLRQDOHV /tQHDV $pUHDV

WRGDV ODV $VRFLDFLRQHV GH 9LDMHV GH $PpULFD /DWLQD SDUWH GH ORV (( 88 \ (XURSD 'LVW (VSHFLDO HQ %V $V &yUGRED 5RVDULR 6DQ 3DEOR 3RUWR $OHJUH \ $VXQFLyQ ZZZ PXQGRWXULVWLFR FRP X\ ( PDLOV PXQGRWXU#DGLQHW FRP X\ PXQGRWXU#PXQGRWXULVWLFR FRP X\

6RFLR GH OD &iPDUD $OHPDQD DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

&$ o0{ o rou Ə{oĶ -‫ށ‬o 1omv;1 ߒ o ;ѐ u;lbo uo ;m -ѐb7-7 "-ߒv=-11b‫ދ‬m 7; 1ѐb;m{;v

&$ o0{ o ;ѐ ru;lbo 7; uo ;m -ѐb7-7 v-ߒv=-11b‫ދ‬m 7; 1ѐb;m{;v rou ƏoĶ -‫ށ‬o 1omv;1 ߒ o rou r-u{; 7; ѐ- olbvb‫ދ‬m 7; m{;]u-1b‫ދ‬m m;uņ ]‫ߒ܊‬1- !;]bom-ѐ Ō !ōĶ v{; u;1omo1blb;m{o u;v-ѐ{- ѐ- ; 1;ѐ;m1b- ;m ѐ- ];vߒ‫ދ‬m 1-ѐb7-7 7;ѐ v;u b1bo t ; o=u;ņ 1; &$ ĳ 1omvoѐb7ۖm7oѐ- 1olo m- 7; ѐ-v DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

;lru;v-v ;ѐ‫܊‬1{ub1-v lۖv 7;v{-1-7-v 7; -ߒmo-l‫܊‬ub1-Ķ - ru;lb-1b‫ދ‬m v; 0-v- ;m ;m1 ;v{-v u;-ѐbņ -7-v - ѐov r-‫ݖ‬v;v lb;l0uov 7; !ĳ t ; ; -ѐ߯-m ѐ- orbmb‫ދ‬m 7; ѐov 1ѐb;m{;v ;m u;ѐ-ņ 1b‫ދ‬m -ѐ 7;v;lr;‫ށ‬o ;m 1bm1o ۖu;-v ;v{u-{‫܊‬ņ ]b1-vĵ " lbmbv{uo 7; m;u]‫ݖ‬-ĳ -1{ u-1b‫ދ‬mĳ {;m1b‫ދ‬m -ѐ ѐb;m{;ĳ m=oul-1b‫ދ‬m ol mbņ 1-1b‫ދ‬m ; l-];m ourou-ߒ -Ķ

&$ _- 7;lov{u-7o m- -ѐ{- v-ߒv=-11b‫ދ‬m 7; ѐov 1ѐb;m{;v ;m ;v{ov -{ub0 {ovĳ ѐo t ; ѐ- rovb1bom- 1olo m- ;lru;v- u;=;u;m{; ;m ѐ- u;]b‫ދ‬mĶ olr-uߒlov ;v{; u;1omo1blb;m{o 1om ѐ-v = m1bom-ub-v = m1bom-ubovĳ t ; 1om v ;v= ;u o 7;7b1-1b‫ދ‬m ѐo]u-m rovb1bom-u - m ;v{u- ;lru;v- ;m{u; ѐ-v l;fou;v 7; l‫܊‬ņ ub1- -ߒm- ;ѐ -ub0;Ķ

ƐƎ -‫ށ‬ov 7;ѐ -ѐ-1bo 7; ѐ- ĳ C;ѐ {;vߒlombo 7; ѐ- _bv{oub- 7; &$ rou &$ 1ol mb1-1bom;v

m- ] u-7o ;ѐ ƌƌ 7; -]ov{o 7; ƋƑƏƌĳ ;v{; ;7bC1bo u;ru;v;m{- ѐ- bl-];m bmvߒ{ 1bom-ѐ 7; ѐ- ;lru;v- ;v{-{-ѐĳ u;Y;f-m7o v ruo ;1ņ 1b‫ދ‬m _-1b- ѐ- 1b 7-7Ķ ; 7bv;‫ށ‬-7o rou ;ѐ u;1omo1b7o -ut b{;1{o v-ѐ{;‫ށ‬o !olۖm u;vm;7o "bubĳ rou ;m{om1;v = m1bom-ubo 7; &$ ĳ t ; ߒ;m; ;m v _-0;u l-]m‫ݖ‬C1-v o0u-v u;-ѐb -7-v {-m{o ;m ;ѐ r-‫ݖ‬v 1olo ;m ;ѐ ; {;ubouĳ 1olo ѐ- -1 ѐ{-7 7; ut b{;1{ u-ĳ ;ѐ ;7bC1bo 7; ѐ- olbvb‫ދ‬m omou-ub- 7; 1_- mߒ{ 0;u1 ѐov-ĳ "-m-ņ {oubo l;ub1-moĳ ;ѐ om l;m{o - bv -{ņ ѐѐ; ;uu;v ѐ-v v;7;v 7; ѐ- u]-mb -1b‫ދ‬m -m-l;ub1-m- 7; ѐ- "-ѐ 7 ;m )-v_bm]{om u-vbѐb-Ķ ѐ -ѐ-1bo 7; ѐ- ĳ -v‫ ݖ‬mol0u-7o rou rubņ l;u- ; ;m ѐ- ;loub- m -ѐ 7; &$ 7; ƋƑƎёĳ = ; 1omv{u b7o 1om l-mo 7; o0u- l-{;ub-ѐ;v m-1bom-ѐ;vĳ ߒ;m; m ;vߒѐo = { ņ

ubv{- t ; v; 7bvߒm] ; rou v blrom;m{; ;v{u 1{ u- ѐ‫ݖ‬m;-v v;m1bѐѐ-v t ; 1ol0bm- 7; l-m;u- -ulombov- v ;v{u 1{ u- 1om ѐ-v -0;u{ u-vĳ 7om7; ѐ-v =-1_-7-v ;v{ۖm 1omņ =oul-7-v rou rbѐ-u;v t ; v; ; ߒ;m7;m - ѐo ѐ-u]o 7; {o7- v -ѐ{ u-Ķ &m blrom;m{; r-m;ѐ 7; lۖuloѐ m;]uo u;-ѐ - ѐ- ;m{u-7- rubm1br-ѐĶ 7;lۖvĳ 1om{-0- 1om ѐov ߯ѐߒlov -7;ѐ-m{ov {;1moѐ‫]ދ‬b1ov r-u- ѐ- ‫܊‬ro1-ĳ 1olo ѐ- bmvomoņ ub -1b‫ދ‬mĳ ;ѐ vbv{;l- 7; -bu; -1om7b1bom-7o ];m;u-ѐ ѐ- ĺmo ;7-7Ļ 7; ѐ- = { ubv{- ;7bCņ 1-1b‫ދ‬m 7; ;v; ;m{om1;vĵ ѐ-v r ;u{-v 7; -11;ņ vo - {olۖߒ1-vĳ 1om m ĺofo ;ѐ‫܊‬1{ub1oĻĳ t ; ;v{ b;uom ;m v;u b1bo _-v{- mo _-1; {-m{ov -‫ށ‬ovĶ m v bm{;ubouĳ ;ѐ ;7bC1bo -ѐ0;u]- o0u-v rѐۖvņ ߒ1-v 7; 7;v{-1-7ov -uߒv{-v 1olo ov‫ ܊‬ ߯m;oĳ ѐ1; !b0;buoĳ ombo omߒ;ѐ -0ѐo

";uu-moĳ - mt ; l 1_-v v; r;u7b;uom 7 u-m{; ;ѐ bm1;m7bo t ; -=;1{‫ ދ‬ѐov rbvov v r;ubou;v ;m -]ov{o 7; ƋƑƑƍĶ ѐ _-ѐѐ rubm1br-ѐ 1 ;m{- 1om m l u-ѐ 7; ƌƍƊ l;{uov 1 -7u-7ov _;1_o 1om rb;7u-v -l-ņ ߒv{-vĳ 1u;-7o rou ѐ- rbm{ou- l u-ѐbv{-ĳ ѐblrb- $ouu;vĳ m- ;v1 ѐ{ u- 7; v ;vroņ voĳ ;ѐ -uߒv{- 7 -u7o +;r;vĳ t ; vbl0oѐb - m- 7;v1-u]- ;ѐ‫܊‬1{ub1-Ķ v{- = vb‫ދ‬m 7; ѐ-v -u{;v rѐۖvߒ1-v 1om ;ѐ;ņ l;m{ov -ut b{;1{‫ދ‬mb1ov 1olo ;ѐ lۖuloѐ ѐ- l-7;u- -rou{- f;u-ut ‫ݖ‬- vb]mbC1-7o vblņ 0‫ދ‬ѐb1o - ѐov ;vr-1bov 7; l- ou u;ѐ; -m1b-Ķ m ;ѐ -‫ށ‬o ƋƑƑƏ = ; 7;1ѐ-u-7o ĺ b;m 7; m{;ņ u‫܊‬v ;r-u{-l;m{-ѐĻ rou ѐ- m{;m7;m1b- mb1br-ѐ 7; om{; b7;o ;m ƌƊƌƌĳ 1olo bm{;]u-m{; 7;ѐ ĺ omf m{o m7 v{ub-ѐņ 7lbmbv{u-ߒ o 7; &$ Ļ 1olo ĺ om l;mņ {o bv{‫ދ‬ub1o -1bom-ѐĻĶ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

&u ] - 7buۖ ru;v;m{; ;m ѐ- u;]-{- bm{;um-1bom-ѐ !oѐ; ++ m b{-ߒom-ѐ r ƌƊƌƏŒ

(b1h -u1‫ݖ‬-ĳ "-mߒ-]o "bѐ ;bu-ĳ _bѐbrr &lrb;uu;ĳ -uu b ub-ĳ b t ; "1_b1h;m7-m{ ĳ ѐ; "1_; ;ĳ -m -m ;ѐ (b7-ѐĳ ov‫ ܊‬-mĳ ѐ;f-m7u- ѐ bu- ѐb ;u-

ѐ +-1_{ ѐ 0 m{- 7;ѐ v{; Ō+ ō = ; rou v;] m7- ; 1omv;1 ߒ -ĳ oC1b-ѐl;m{; bm b{-7o - r-uߒ1br-u ;m ѐ- 1olr;{;m1b- mۖ ߒ1- !oѐ; ; +ouh +-1_{ ѐ 0 m b{-ߒom-ѐ r ƌƊƌƏĳ m- 7; ѐ-v u;]-{-v lۖv ru;vߒ]bov-v 7;ѐ l m7oĳ t ; v; 1;ѐ;0u-uۖ 7;ѐ ё -ѐ Ƌƍ 7; v;rߒ;l0u; 7; ƌƊƌƏ ;m ; rou{ĳ !_o7; vѐ-m7ĳ ou]-mb -7- rou ;ѐ 1;m{;m-ubo ; +ouh +-1_{ ѐ 0 Ō ++ ō 7om7; v; bm b{- mb1-l;m{; - ƌƊ ѐ 0;vĳ ѐov lۖv ; 1ѐ vb ov 7;ѐ rѐ-m;{-Ķ "; {u-{- 7;ѐ ߯mb1o ;t bro u ] - o ru;v;m{; ;m ;v{- ;7b1b‫ދ‬mĳ 1omvoѐb7-m7o ;ѐ ru;vߒ]bo bm{;um-1bom-ѐ 7;ѐ + ĳ v ; 1;ѐ;m1b- 7;rouߒ - v 1-r-1b7-7 7; ou]-mb -1b‫ދ‬m 7; 1olr;{;m1b-v mۖ ߒ1-v 7; rubl;u mb ;ѐĶ & " ! ֺ $ & - !oѐ; ++ m b{-ߒom-ѐ r ;v u;-ѐb - 1-7- 7ov -‫ށ‬ov u;߯m; - ƌƊ ;t brov u;ru;v;m{-m{;v 7; ѐov 1ѐ 0;v mۖ ߒ1ov lۖv u;1omo1b7ov 7;ѐ l m7oĵ oubm{_b-m +-1_{ ѐ 0ĳ -v{;um +-1_{ ѐ 0ĳ ; +ouh +-1_{

ѐ 0ĳ "-m b;]o +-1_{ ѐ 0 7; &" Ķ o {_ +-1_{ ѐ 0ĳ !o -ѐ ouh +-1_{ ѐ 0ĳ !o -ѐ ubv_ +-1_{ ѐ 0 7; uѐ-m7-Ķ -r-m "-bѐbm] ;7;u-ߒom -romĶ !o -ѐ -m-7b-m +-1_{ ѐ 0 !o -ѐ (-m1o ;u +-1_{ ѐ 0 7; -m-7-Ķ !o -ѐ om] om] +-1_{ ѐ 0 om] om]Ķ !o -ѐ ; ,;-ѐ-m7 +-1_{ "t -7uom ; - ,;ѐ-m7-Ķ !o -ѐ ubm1; ѐ=u;7 +-1_{ ѐ 0 v{u-ѐb-Ķ !o -ѐ " ;7bv_ +-1_{ ѐ 0 " ;1b-Ķ !o -ѐ $_-l;v +-1_{ ѐ 0 u-m u;{-‫ށ‬-Ķ +-1_{ ѐ 0 ov{- "l;u-ѐ7- +-1_{ ѐ 0 {-ѐb-mo 7; {-ѐb-Ķ +-1_{ ѐ 0 u];mߒmo u];mߒm-ĳ +-1_{ ѐ 0 7; ѐ_-0;ѐ- u- bѐĶ + ;ѐ +-1_{ ѐ 0 m{; 7;ѐ v{;İ - u;]-{- v; 7bvr {- ;m ;l0-u1-1bom;v ƍƐ om;ņ7;vb]mĳ {o7-v b7‫܊‬mߒ1-v ruo bv{-v rou ѐ- ou]-mb -1b‫ދ‬mĳ ѐo t ; ]-u-mߒ - lۖ bl- b] -ѐ7-7 {‫܊‬1mb1- ; b]; m -ѐߔvblo mb ;ѐ {ۖ1ߒ1o _ l-moĶ

m{;v 7; r-uߒu _-1b- v{-7ov &mb7ovĳ ѐ- 7;ѐ;]-1b‫ދ‬m = ; _ol;m-f;-7- ;m ѐ- v;7; 1;m{u-ѐ 7;ѐ ѐ 0 1om ѐ- ;m{u;]- 7;ѐ ]-ѐѐ-u7;{; bmvߒ{ 1bom-ѐ rou r-u{; 7;ѐ olo7ouo -m {1_; ;uub{oĳ ;m m- 1;u;lomb- t ; 1om{‫{ ދ‬-l0b‫܊‬m 1om ѐ- ru;v;m1b- 7;ѐ bu;1{ou 7; $ ubvlo ;rou{; 7; ѐ- m{;m7;m1b- 7; -ѐ7om-7oĳ f m{o - o{u-v - {oub7-7;vĳ 7bu;1ߒ ov m- ;]-m{;vĶ ѐ +-1_{ ѐ 0 m{- 7;ѐ v{; mo voѐo ;v m u;=;u;m{; m-1bom-ѐĳ vbmo t ; v; _- rovb1bom-7o 1olo m- bmvߒ{ 1b‫ދ‬m 7; -ѐ1-m1; bm{;um-1bom-ѐĶ v ;ѐ ߯mb1o 1ѐ 0 mۖ ߒ1o 7; " 7-l‫܊‬ub1- t ; ou]-mb - m- 1olr;{;m1b- !oѐ; oC1b-ѐĳ ;ѐ Ś!oѐ; ĳ bu1 b{o {ѐۖmߒ1o " uŚĳ ; ;m{o t ; u;߯m; 1-7- ;u-mo - lۖv 7; ƏƊƊ m- ;]-m{;v 7; {o7- ѐ- u;]b‫ދ‬mĶ v ; ĳ ;v -mC{ub‫ދ‬m 7; u;]-{-v o1;ۖmb1-v 1olo ѐ- 1;-m ѐo0; !-1;ĳ ѐ- ѐbrr;u !o m7 {_; )ouѐ7 +-1_{ !-1; _- blr ѐv-7o ѐ- =o ul-1b‫ދ‬m 7; f ‫; ދ‬m;v {-ѐ;m{o vĳ 1omvoѐb7-m7o v ѐb7;u- ]o 7;rouߒ o ; bmvߒ{ 1bom-ѐĶ &m- bm b{-1b‫ތ‬m t ; _omu- ruo ;1{ - bm b{-1b‫ދ‬m 7;ѐ ; +ouh +-1_{ ѐ 0 ;v m u;1omo1blb;m{o -ѐ mb ;ѐ -ѐ1-m -7o rou ;ѐ + ;m v v 1b;m -‫ށ‬ov 7; _bv{oub-Ķ

-uߒ1br-u ;m ;v{- u;]-{- bm{;um-1bom-ѐ 7; ‫܊‬ѐb{; mo voѐo rovb1bom- - &u ] - ;m{u; ѐov ]u-m7;v 7;ѐ l m7o mۖ ߒ1oĳ vbmo t ; 1omCul- ѐ- 1-r-1b7-7 7;ѐ + 7; =oul-u - {ubr ѓ-1b‫ތ‬m u ] - &u ] - v;uۖ u;ru;v;m{-7o rou m ;t bro 7;rouߒv{-v 1olr;ߒߒ ov ruolo ;u ѐ- ; 1;ѐ;m1b- ou]-mb -ߒ - t ; ѐo 7bvߒm] ; ;m 1om=oul-7o rou 7;v{-1-7ov m- ;]-m{;v ;ѐ 1omߒm;m{;Ķ vo1bov 7;ѐ ѐ 0ĵ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

ϭϬ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

ϭϭ

ϭϮ ϭ Ϯ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ DƵŶĚŽ D ƵŶĚŽ Ž ddƵƌ dƵƌş dƵ ƵƌƌƌşşƐƚ Ƶƌş Ƶ ƐƚŝĐ Ɛƚŝ ƐƐƚŝĐŽ ƚƚŝŝĐŽ ƚŝĐ ƚŝĐŽ ŝŝĐĐĐŽ Ž DĂŐĂ DĂĂŐ DĂŐ D ĂĂŐĂ ŐĂ ŐĂǌǌŝŶ ǌŝŶĞ ǌŝ ŝŶĞ ŝŶ ŝŶ ŶĞĞ

- =-m{-v‫ݖ‬- 7; bvm; bvm vm m; mo ߒ;m; ѐ‫ݖ‬lb{;vİİİ İİİ rou $;u;vb{- -u -mo bvvb

ѐ;f-m7uo ѐou;vĳ 7bu;1{ou 7; ;m{-v r-u- -{bmo l‫܊‬ub1-

-7- -‫ށ‬o ;m 1-7- =;ub- bm{;um-1bom-ѐ 7; { ubvlo 7 ; { o 7 - v r - u { ; v 7 ; ѐ l m7o ѐ- ]b]-m{;v1- ;lru;v- ;v{-7o mb7;mv; bvm; l-u1- ru;v;m1b- o=u;1b;m7o m ; -v ruoņ r ;v{-v r-u- v v r-ut ;vĳ v r-u-7bv‫ݖ‬-1- bvѐ- ;m ѐ-v -_-l-vĳ v v v_orrbm]v r-u- {o7ov ѐov roѐov 7; -{u-11bom;v t ; ߒ;m; ;m ;ѐ ;v{-7o 7; ѐ- ѐoub7-Ķ ĺ m7o $ u‫ݖ‬vߒ1oĻ 7b-ѐoņ ]‫ ދ‬1om ѐ;f-m7uo ѐou;v 7; bvm; ĳ 7bu;1{ou 7; ;mņ {-v r-u- -ߒmo-l‫܊‬ub1-ĳ t b;m -ѐ u;vr;1{o mov 7;1‫ݖ‬-ĵ ĺ;v{-lov 1;ѐ;0u-m7o t ; v; 1 ѐlbm‫ ދ‬1om {o7- ѐ- u; bl-]bm-1b‫ދ‬m 7;ѐ r-ut ; r1o{ĳ 1om ѐ- r-u{; 7; ѐ- 1omv{u 11b‫ދ‬m Cm-ѐ 7;ѐ olņ l mb ou; -ѐѐ ѐ- -ĳ 7om7; {;m7u;lov m v_o ;vr;1b-ѐ 7; ;m1-m{oĳ {-l0b‫܊‬m m- r-u{; ;ѐ;0u-1b‫ދ‬m m1-m{oĳ 7om7; r ;7;v 0-bѐ-u 1-m{-u 1om r;uvom-f;v 1ѐۖvb1ovĳ ;v{- ;v ѐ- u; bl-]bm-1b‫ދ‬m lۖv ]u-m7; 7; m ;v{u- _bv{oub-ĳ 1om loߒ o 7; v ƎƊ -mb ;uv-uboĶ 7b1bom-ѐ - ;v{o ;m -]b1 bm7ol ;v{u;m-ņ lov ѐo t ; = ; ;ѐ $b-m-«v - o 7 ;m{ u;ĳ m- u; bl-]bm-1b‫ދ‬m 7; ;v{- -{u-11b‫ދ‬m r-u- ro7;u 7-umov m r-v;o ;m {uom1o ;m m ; {;mvo u‫ݖ‬o rou {o7o ;v; l m7o 7; ѐ- ubmņ 1;v- ;ѐ "-roĳ u;1ouub;m7o ѐov 7b=;u;m{;v r-m{-mov 7; ; - uѐ;-mvĳ b;m7o - l 1_ov 7; m ;v{uov r;uvom-f;v =- oub{ovĳ - l b;fov 1omo1b7ov rou {o7ovĳ 1om DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

l߯vb1- oub]bm-ѐĳ 1om 1-‫ݖ‬7-v 7; -] -ĳ m- 7; ;ѐѐ-v ѐ- lۖv ]u-m7; 7; ƋƏ l;{uov 7; -ѐ{ u-Ķ v{- -{u-11b‫ދ‬m t ; -_ou- ;v{-uۖ ;m -]b1 bm7ol {-l0b‫܊‬m ;v{-uۖ ;m bvm; ѐ-m7 !;vou{Ķ !;vr;1{o - ѐ- r-u{; 7; bvm; u bvv; bm; {;m;lov m- m ; - bvѐ- 7;vߒmo t ; ;v ooņ ho { - b]_{_o v;ĳ obm{ t ; ;v{ۖ 0b1-ņ 7- ;m ѐ-v -_-l-vĳ 7om7; _-1;lov m _ol;m-f; - ѐ- 1 ѐ{ u- 7; ;v{; r-‫ݖ‬v r-u- ѐѐ;ņ -u ѐ- l-]b- 7; bvm; ĳ {;mb;m7o vb;lru; m- bvb‫ދ‬m ]ѐo0-ѐ 1 ѐ{ u-ѐ 7; 1-7- 7;vߒmoĳ -v‫ ݖ‬t ; -ѐѐ‫;{ ݖ‬m7u;lov -u{;v-m‫ݖ‬-ĳ l߯vb1-ĳ ]-v{uomol‫ݖ‬- bmvrbu-7-ĳ ;m ;v- 1 ѐ{ u- -7bņ 1bom-ѐ - ;ѐѐo {;m;lov m- rѐ- - rublouov- 1om -] -v 1oѐou { ut ;v-ĳ v߯r;u 1ubv{-ѐbm-vĳ 1om -u;m-v l 0ѐ-m1-v {-l0b‫܊‬m ;m 1oѐou uov-7oĳ ѐo t ; r-u- movo{uov ѐov ѐ-ߒmov t ;

mov ;m1-m{- ѐ- rѐ- - v;- m 7;vߒmo 7; ;mv ;‫ށ‬oĶ =ou{ m-7-l;m{; vb;lru; ;v{-lov 0 vņ 1-m7o {u-{-m7o 7; t ; m ;v{uov 1ѐb;m{;v {;m]-m ѐo l;fouĳ 1om ;ѐѐo {-l0b‫܊‬m ;ѐ rѐ-m 7; {;m;u m- -1-1b‫ދ‬m t ; r ;7-m 1ol0bm-u m 1u 1;uo 1om m- ;v{-7‫ݖ‬- ;m ߒ;uu-ĳ 1olņ 0bm-uѐo 1om m ;v{uov 1 -{uo r-ut ;v {;lۖņ ߒ1ovĳ t ;7-uv; ;m m _o{;ѐ !;vou{ bvm; ĳ bvb{-u m ;v{uov r-ut ;v -1 ۖߒ1ov ; bu - m ;v{uov v_orrbm]v l-ѐѐ 1olo ;v ;ѐ bvm; "rubm]v rou {o7o ;ѐѐo -_ou- {u-;lov m ;ņ -v ruolo1bom;v 1olo ѐ- 7; Ǝ -uh -]b1 $b1h;{ 7om7; ro7u;lov {;m;u 1 -{uo ;m{u-ņ 7-vĳ m 7‫ݖ‬- rou r-ut ;ĳ t ; v;uۖ ; 1;ѐ;m{; r-u- ro7;u ѐѐ; -u - {o7ov 1om m ru;1bo l -{u-1ߒ o -v‫;{ ݖ‬m;u m- l 0 ;m- ; r;ņ ub;m1b- 1 -m7o bvb{;m m ;v{uo 7;vߒmo ;m ѐ- ѐoub7-ĻĶ

ϭϯ

" mm vѓ;v ;-1_Ĵ r-u-‫ݗ‬vo 7; =-lovov dĞƌĞƐŝƚĂ DĂƌǌĂŶŽ >ƵŝƐƐŝ

0bv !ol;uo bu;1{ou- f;1 {b - 7; " mm vѐ;v ;-1_

ϭϰ

!o7;-7- 7; _;ulov‫ݖ‬vbl-v rѐ- -v t ; 7-m vo0u; ;ѐ {ѐۖmߒ1o _-1b- ;ѐ ;v{; -ѐ 1-m-ѐ bm{u-1ov{;uo ;m ;ѐ o;v{;ĳ u;v ѐ{- v;u mo 7; ѐov roѐov { u‫ݖ‬vߒ1ov lۖv -{u-1ߒ ov 7;ѐ v u 7; ѐov v{-7ov &mb7ovĶ 7;lۖv 7; v;u u;1omo1b7- rou v v _;uloņ v-v rѐ- -vĳ 1 ;m{- 1om -{u-1ߒ ov r-ut ;vĳ 1;m{uov 1ol;u1b-ѐ;vĳ m b1‫ދ‬mb1o l ;ѐѐ; 7; r;v1- ;m ѐov ߯ѐߒlov ߒ;lrov ;v ;ѐ ѐ ]-u 7; u;vb7;m1b- 7; r;uvom-ѐb7-7;v =-lov-v 1olo ;ѐ = {0oѐbv{- bom;ѐ ;vvbĳ ;ѐ 1-m{-m{; -ѐ l- ѐ-v ;v{u;ѐѐ-v 7; ѐ- l߯vb1- 1olo $_-ѐ‫ݖ‬- m ;ѐ Ķ b-ѐo]-lov 1om 0bv !ol;uo bu;1{ou- f;ņ 1 ߒ - 7; " mm vѐ;v ;-1_ t b;m -ѐ u;vr;1ņ {o mov 7;1‫ݖ‬-ĵ ĺ" mm vѐ;v ;-1_ vb] ; vb;m7o m 7;vߒmo l ѐbm7o r-u- ѐov -u];mߒmov t ; ѐo 1omoņ 1;m l 1_o 7;v7; _-1; l 1_o ߒ;lroĳ b;ņ

m;m - m ;v{uov 1;m{uov 1ol;u1b-ѐ;v 1olo ;ѐ ;m{ u- -ѐѐĳ 7om7; -1-0-m 7; -0ubu l 1_-v l-u1-v ruo7 1{ov m ; ovĶ v{; ;v m 7;vߒmo ru;=;ub7o rou ѐov ѐ-ߒmovĳ 7om7; _- l 0 ;m ] v{oĳ {u-mt bѐb7-7ĳ l v;ovĳ r-ut ;vĳ 1;m{uo 7; 7b ;uvbom;v {o7ov ѐov 7;lۖv v;u b1bovĳ 1olo ѐ- _o{;ѐ;u‫ݖ‬- 7; l -ѐ{o mb ;ѐĳ ; 1;ѐ;m{;v u;v{- u-m{;v r;uo m ;v{u- ;7; ; vom vb;lru; ѐ-v _;uņ lov‫ݖ‬vbl-v rѐ- -vĶ -u- ;ѐ t ; mo t b;u; ;v{-u ;m ѐ- ѐo1 u- 7; "o {_ ;-1_ r ;7; ;m l ro1o ߒ;lro bu _-v{- -ѐѐ‫ ݖ‬oѐ ;u - m ѐ ]-u r-u-7bv‫ݖ‬-1o 1olo ;v{; 7om7; v; u;vrbu- r- m-{ u-ѐ; -Ķ {uo v;u b1bo blrou{-mߔvblo t ; {;m;lov vom ѐov v;u b1bov 7; 1u 1;uovĳ t ; ߒ;m;m m- ]u-m =u;1 ;m1b- 7b-ub- 1om 7b=;u;m{;v 7;vߒmov 1olo ou{ - 7;uѐ-7;ĳ ѐ-v -_-ņ l-v 7b=;u;m{;v bvѐ-vĻĶ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

$-lr-ĵ ѐ- 1b 7-7 7; ѐ- ѐoub7- 1om m- ; 1ѐ vb - o=;u{- { u‫ݖ‬vߒ1ƉŽƌ dĞƌĞƐŝƚĂ DĂƌǌĂŶŽ >ƵŝƐƐŝ

$-lr- ;v u;1omo1b7- rou t b;m ѓ- bvb{- 1olo ѓ- 1b 7-7 b7;-ѓ r-u- {o7-v ѓ-v ;7-7;vĴ ѓov ] v{ov ѓov ru;v r ;v{ovĴ t ; v-ߓv=-1; ѓ-v m;1;vb7-7;v 7; =-lbѓb-vĴ r;uvom-v -7 ѓ{-vĴ f‫; ތ‬m;vĴ =-mۗߓ1ov 7; ѓ-v - ;m{ u-vĴ r-v;ov -ѓ -bu; ѓb0u;Ĵ -l-m{;v 7; ѓ- ]-v{uomol‫ݗ‬-Ĵ 7; ѓov =;vߓ -ѓ;vĴ 7; ѓov ;vr;1{ۗ1 ѓovĴ 7;ѓ 7;rou{; ѓ- 1 ѓ{ u-ķ ĺ m7o $ u‫ݖ‬vߒ1oĻ 7b-ѐo]‫ ދ‬1om ;ѐ u;vb7;mņ {; bu;1{ou f;1 ߒ o 7; (bvb{ $-lr- - ĳ "-mߒ-]o ouu-7-ĳ t b;m 7;v7; ;ѐ ƌƊƋƍ ;v ѐ- r;uvom- u;vromv-0ѐ; 7; v r;u bv-u {o7-v ѐ-v -1ߒ b7-7;v 7; ѐ- -];m1b-ĳ ;v ;ѐ rou{- o rubm1br-ѐ 7; ѐ- bm7 v{ub- 7;ѐ { ubvņ lo ѐ- _ovrb{-ѐb7-7Ķ ouu-7- 1oou7bm- ;v{u-{;]b-v 7; l-uh;ߒm] ;m{-v r-u- ]-u-mߒ -u ;ѐ lۖ blo u;{oumo 7; bm ;uvb‫ދ‬m 7; v 1b 7-7Ķ ĺ-ѐ rubm1brbo ѐ- bm{;m1b‫ދ‬m = ; 7;v-uuoѐѐ-u m- r;uvom-ѐb7-7 7; $-lr-ĳ m- l-u1-ĳ rout ; mo ѐ- {;m‫ݖ‬-lovĳ mo mov 1omo1‫ݖ‬-mĳ r;uo vb;lru; _- vb7o m- 1b 7-7 =;mol;ņ m-ѐ r;uo mo _-0‫ݖ‬-lov bm ;uߒ7o ;m l;u1-ņ 7;oĳ mo _-0‫ݖ‬-lov bm ;uߒ7o ;m ;ѐ 7;v-uuoņ ѐѐo 7; m- r;uvom-ѐb7-7Ķ m{om1;v _-1; Ƌƌ -‫ށ‬ov ;lr; -lov 1om ;ѐѐoĳ rout ; {;m‫ݖ‬-lov {-m{o r-u- o=u;1;u 1olo -u{;ĳ 1 ѐ{ u-ĳ ѐ- ];m{;ĳ mo t ;u‫ݖ‬-lov m- l-u1- 1olo {o7ov ѐov o{uov 7;vߒmov 7; ѐ- ѐoub7- _-0ѐ-m7o v‫ދ‬ѐo 7; ѐ-v r-ѐl-vĳ ;ѐ voѐ 7; ѐ-v rѐ- -vĳ rout ; ;m u;-ѐb7-7 {o7ov {;m;lov m ro1o 7; ;vo ;u- lۖv 7; ѐo lbvloĳ rou ѐo t ; t ;u‫ݖ‬-lov m- ; r;ub;m1b- - {‫܊‬mߒ1-l;m{; m ;v{u-ĳ 7b=;ņ u;m{; 1om;1{-7- 1om ѐ- ];m{;ĳ rou ѐo t ; -r m{-lov -ѐ v;mߒu 7; m ;v{uov bvb{-m{;v 1olo m- 1b 7-7 ѐblrb-ĳ v-m-ĳ v;] u-ĳ t ; DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

o=u;1; -ѐ]o r-u- {o7ovĶ "b _-0ѐ-lov 7; =-lbѐb-v {;m;ņ lov m -1 -uboĳ m ooѐ‫]ދ‬bņ 1oĳ r-ut ;vĳ m 1;m{uo 7; -1{ -1b‫ދ‬mĳ t ; ;v ;ѐ ;m{uo "{u- r-u- ѐ-v u{;v v1‫܊‬mb-vĳ m v;o 7; b‫ށ‬ovĳ ;ѐ v;o 7; bv{oub-ĳ ;ѐ v;o 7; u{;ĳ ;ѐ _bv{‫ދ‬ub1o bv{ub1{o +0ou b{ ĳ t ; u;Y;f- ѐ- _;u;m1b- 1 0-m- ;vr-‫ށ‬oѐ- 7; ѐ- 1b 7-7 l 1_o lۖv r-u- ѐ-v =-lbѐb-vĶ -u- r-u;f-v l- ou;v t ; ѐ;v ] v{- ѐ- ]-v{uomol‫ݖ‬-ĳ 1omņ "-mߒ-]o ouu-7-ĳ u;vb7;m{; bu;1{ou f;1 ߒ o 7; (bvb{ $-lr- - ĳ {-lov 1om lۖv 7; ƍƊ u;v{- ņ u-m{;v u;vr-ѐ7-7ov rou ѐ- ‫ݖ‬- b1_;ѐbm;ĳ ѐo t ; ;v ]-v{uomol‫ݖ‬- 7; v-ߒv=;1_ov rou ;ѐѐoĶ v{- ;v m- 1b 7-7 l 7bmۖlb1- r;uo t ; -ѐߔvblo mb ;ѐ 7; {o7-v r-u{;v 7;ѐ l m7o rou ѐo t ; $-lr- {-l0b‫܊‬m _o v; u;1omo1; ߒ;m; m ߒ;lro 7bvߒm{oĳ ;v u;ѐ-f-7-ĳ v; b ; r- ĳ ;v 1ou7b-ѐĳ v ];m{; ;v l -l-ņ 1olo m- 1b 7-7 bm{;um-1bom-ѐĶ m 1 -m{o - ѐ- _o{;ѐ;u‫ݖ‬- _- _o{;ѐ;v 7; 0ѐ; 1om t b;m ѐ- bvb{- ѐov { ubv{-v b;m;m - {o7-v ѐ-v 1-{;]ou‫ݖ‬-vĳ r-u- {o7o r߯0ѐb1o 7;v1-mv-uĶ m ;ѐѐ- v; b ; -u{;ĳ 7;rou{;vĳ 1 ѐ{ u-ĳ =;vߒņ _o{;ѐ;v 7; -ѐߔvblo ѐ fo 1olo ;ѐ -uubo{ $-lr- );v{v_ou;ĳ t ; _- l ro1ov ;m -ѐ;vĳ ; ;m{ovĳ 1om ;m1bom;vĳ 1om1b;u{ov ;ѐ l m7oĳ _o{;ѐ;v 0o ߒt ; 1olo ;ѐ -ѐbņ 7; uo1hĳ ;v{ o l;{ۖѐb1- _-1; ro1o ߒ;lņ o v; 7;ĳ ; uor;oĳ t ; u;1b0b‫ ދ‬m- roĳ ł ĳ om1‫܊‬ĳ {o7ov l =;ѐb1;v rouņ t ; b;m;m v; ѐѐ;m- ѐ- -u;m- 7; r߯0ѐb1o ѐѐ- ; b1_;ѐbm;Ķ $-lr- ;v m 7;vߒmo 7; -ѐ{- 1-ѐb7-7 1om m-1bom-ѐ ; bm{;um-1bom-ѐĶ ruor ;v{-v 7; 1ov{ov l -ub-7-v u;vņ $-lr- ;v m- 1b 7-7 t ; v; l;u;1; ;v- r;1{o - ѐ- 1om;1ߒ b7-7 -1{ -ѐl;m{; 1omņ -{;m1b‫ދ‬m 7- ] v{o {u-0-f-uѐ- r-u- t b;m mov bvb{-ĳ {o7ov movo{uov ѐ- -l-lovĻĶ {-lov 1om l 1_ov ;ѐov bm{;um-1bom-ѐ;vĶ -v ߯ѐߒl-v ;lru;v-v -‫܊‬u;-v bm]u;v-7-v $o7o ѐo t ; m;1;vb{-lov ;m $-lr- ѐo -1olr-‫ށ‬- ;ѐ o0b;umoĳ ѐ-v ;lru;v-v rubņ vom ( 1om ;ѐov 7; o]o{ۖĳ ;uo ‫ ܊‬b1o - 1b 7-7 7; ‫ ܊‬b1oĳ {;m;lov mo -7-vĳ vb (bvb{ {-lr- - ѐѐ-l- ;ѐѐov u;vņ 7; ѐov l;fou;v -;uor ;u{ov 7; ѐov v{-7ov rom7;m vb;lru; movo{uov u;vrom7;lovĳ &mb7ov u;1omo1b7o 1olo 7; ѐov l;fou;v ;m ;v{ov lol;m{ov ;v mo 7; ѐov ѐ ]-u;v 7; {o7o ;ѐ l m7oĳ t ; ߒ;m; l 0 ;mov 7om7; ѐ- o1 r-1b‫ދ‬m _o{;ѐ;u- ;v m- 7; ѐ-v v{ۖm7-u;v 7; ;C1b;m1b-ĳ 1om 1ѐb;m{;v l l- ou;v 7;ѐ r-‫ݖ‬vĶ

ϭϱ

:$ /7 ' , 6 1 ( < : 2 5 / '

6 : $ 1 ' 2 / 3 + , 1

& ( " $ " & " " m ƌƊƌƏĳ ѐ- u;mo -1b‫ދ‬m 7; ѐ-v ƐƏё _-0b{-1boņ m;v v b{;v 7;ѐ _o{;ѐ " -m Cm-ѐb ‫ދ‬ĳ o=u;ņ 1b;m7o m ;vr-1bo ;ѐ;]-m{; lo7;umoĳ 7bv;‫ށ‬-7o r-u- t ; ѐov _ ‫܊‬vr;7;v -0-m7oņ m;m ѐ- u ߒm- v; -7;m{u;m ;m m l m7o 7; l-u- bѐѐ-vĶ ѐ ;vr-1bo buu-7b- m -l0b;m{;

)-ѐ{ bvm; )ouѐ7 " -m -m7 oѐr_bm !;vou{ rou{ mb7-7;v r-u- ƌƊƌƏ

=u;v1oĳ 1ۖѐb7o -1o];7ouĳ 1om ѐ fovov v ;ņ ѐov 7; 0-ѐ7ov-v 7; uo0ѐ; 0ѐ-m1oĳ 1olrѐ;ņ l;m{-7ov 1om m- ;ѐ;]-m{; -ѐ=ol0u- {;fbņ 7- - l-mo t ; -rou{- 1-ѐb7; ĳ lb;m{u-v t ; ѐ-v r-u;7;v 0ѐ-m1-v blr;1-0ѐ;vĳ -1;mņ { -7-v rou m- v;u;m- r-u;7 - ѐĳ bm= mņ 7;m m- v;mv-1b‫ދ‬m 7; 1-ѐl-Ķ є & ( İ $ &! o u0om "{;-h 0 b1_-;ѐ bm- ;v ѐ- ߯ѐߒņ l- bm1ourou-1b‫ދ‬m - ѐ- o=;u{- 7; ƌƍ u;v{- ņ u-m{;v v-ѐom;v 7;ѐ _o{;ѐĶ ѐ 1_;= u;v{- ņ u-7ouĳ ]-m-7ou 7;ѐ ru;lbo -l;v ;-u7ĳ ru;v;m{- v 1‫܊‬ѐ;0u; u;mo -7o 1om1;r{o 7; v{;-h_o v; ;v{-7o mb7;mv; rou ; 1;ņ ѐ;m1b-ĳ 1om 1ou{;v ru;lb l 7; 1-um;

ϭϲ

l-ubv1ov 1om v-0ou;v bm{;um-1bom-ѐ;vĳ t ; u;Y;f-m ѐov {u;v ;ѐ;l;m{ov rubm1br-ѐ;v 7; ѐ- Cѐovo‫ܩ‬- 1 ѐbm-ub- 7; bm-ĵ ruo7 1{oĳ {‫܊‬1mbņ 1- ru;v;m{-1b‫ދ‬mĶ ѐ u;v{- u-m{; v; bm- ] ņ u‫; ދ‬m ;ѐ oѐr_bm ;m f ѐbo 7; ƌƊƌƏĶ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

! ( ‫ ي‬+ ‫ " ي‬ ! ! & " ѐ )-ѐ{ bvm; )ouѐ7 " -m -m7 oѐr_bm ;v{ۖ bm buߒ;m7o ƌƐƏ lbѐѐom;v 7; 7‫ދ‬ѐ-u;v ;m m blrou{-m{; ruo ;1{o 7; {u-mv=oul-ņ 1b‫ދ‬mĳ t ; bm1ѐ ; ѐ- -7b1b‫ދ‬m 7; ƋƋĶƋђƊ l;{uov 1 -7u-7ov 7; ;vr-1bo r-u- ; ;m{ov - v rѐ-m{- -1{ -ѐ 7; u; mbom;v 1om ;mņ 1bom;vĶ - -lrѐb-1b‫ދ‬m ;ѐ; -uۖ ;ѐ ;vr-1bo {o{-ѐ r-u- u; mbom;v 7;ѐ {u‫ݖ‬rѐ; - ƎƍĶђƊƊ l;{uov 1 -7u-7ov ;m{u; v v {u;v ;7bC1bovĳ 1om buߒ‫܊‬m7oѐo ;m mo 7; ѐov 1olrѐ;fov r-u- 1om ;m1bom;v lۖv ]u-m7;v 7; ѐ- ov{- v{;Ķ ѐ ruo ;1{o v; ru; ‫ ܊‬t ; Cm-ѐbņ 1; - Cm-ѐ;v 7;ѐ ;u-mo 7; ƌƊƌёĶ ! ! " " ") ś ) ѐ ; ;m{o -m -ѐ " -m -m7 oѐrņ _bm oo7 ś )bm; ѐ-vvb1ĳ =- oubņ {o 7; ѐov =-mvĳ u;]u;v- ;v{; mo b;l0u; rou ƋёĶ ; -ѐ )-ѐ{ bvm; )ouѐ7 " -m -m7 oѐr_bm o{;ѐĶ v m- C;v{- 1-ѐѐ;f;u- ou]-mb -7- rou ;ѐ _o{;ѐĳ 0b1-7o ;m ;ѐ 1ou- ‫ދ‬m 7; )-ѐ{ bvm; )ouѐ7 !;vou{Ķ ѐ ; ;m{o o=u;1; 1olb7- 7; ѐov ƌƍ u;v{- u-m{;v ѐo m];v 7;ѐ _o{;ѐĳ -v‫ ݖ‬1olo m- -ub;7-7 7; ۖu;-v {;lۖߒ1-vĳ 1olo _bm-{o mĳ -umb -ѐ ouņ m;uĳ ou {_; o ; o= ѐoub7- lۖvĶ $-l0b‫܊‬m o=u;1; 7;] v{-ņ 1b‫ދ‬m bѐblb{-7- 7; bmoĳ 1;u ; - o{u-v 0;0b7-v 7; {o7o ;ѐ l m7oĳ -7;lۖv 7; l߯vb1- ;m b o ѐ- r-uߒ1br-1b‫ދ‬m 7;ѐ =-lovo 1_;= $o77 m]ѐbv_Ķ -u- o0{;m;u ѐ- bm=oul-1b‫ދ‬m lۖv u;1b;m{; o 1olņ ru-u 0oѐ;{ovĳ bvb{; oo7 m7)bņ m; ѐ-vvb1Ķ1olĶ ( ! "ĵ $! " $ " & " ! ! ѐ )-ѐ{ bvm; )ouѐ7 " -m -m7 oѐr_bm o=u;1; - v v _ ‫܊‬vr;7;v {u;v or1bom;v 7; -ѐof-lb;m{o 7bvߒm{-vĵ ;ѐ )-ѐ{ bvm; )ouѐ7 " -mĳ ;ѐ )-ѐ{ bvm; )ouѐ7 oѐr_bm ;ѐ )-ѐ{ bvm; )ouѐ7 " -m !;v;u ;Ķ ѐ )-ѐ{ bvm; )ouѐ7 oѐr_bmĳ ;ѐ lۖv ]u-m7; 7; ѐov {u;vĳ o=u;1; m- ]u-m -ub;7-7 7; u;vņ {- u-m{;vĳ -1ߒ b7-7;v vr- - voѐo mov r-vovĶ ѐ )-ѐ{ bvm; )ouѐ7 " -m o=u;1; - DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

ѐov _ ‫܊‬vr;7;v m- or1b‫ދ‬m l;7b-m- lۖv {u-mt bѐ-ĳ lb;m{u-v t ; ;ѐ )-ѐ{ bvm; )ouѐ7 " -m !;v;u ; o=u;1; m- or1b‫ދ‬m ‫ݖ‬mߒņ l- 7; ѐ foĶ o l;fou 7; {o7o ;v t ;ĳ bm7;ņ r;m7b;m{;l;m{; 7; ѐ- or1b‫ދ‬mĳ ѐov _ ‫܊‬vr;ņ 7;v 7; ѐov {u;v _o{;ѐ;v r ;7;m 7bv=u {-u 7; {o7-v ѐ-v 1olo7b7-7;v 7;ѐ 1olrѐ;foĳ -7;ņ lۖv 7; u;1b0bu ѐov 0;m;C1bov 7; bvm; !;vou{ -1 l ѐ-u r m{ov 7; u;1olr;mv- om o Ķ " " " " + ! &ֹ" " ! " !$ ov 0;m;C1bov ;vr;1b-ѐ;v r-u- ѐov _ ‫܊‬vr;ņ 7;v 7; {o7ov ѐov _o{;ѐ;v )-ѐ{ bvm; )ouѐ7 " -m oѐr_bm bm1ѐ ;m {u-mvrou{; ]u-{ bņ {o - {o7ov ѐov r-ut ;v {;lۖߒ1ov -{u-11boņ

m;v 7; )-ѐ{ bvm; )ouѐ7ĳ -v‫ ݖ‬1olo _ou-ņ ubov ; {;m7b7ovĳ t ; r;ulb{;m - ѐov _ ‫܊‬vņ r;7;v ;m{u-u ƍƊ lbm {ov -m{;v - ѐov r-uņ t ;v {;lۖߒ1ov 7; )-ѐ{ bvm; )ouѐ7 {o7ov ѐov 7‫ݖ‬-v 7bv=u {-u 7; _ou-ubov mo1ņ { umov ; {;m7b7ov ;m mo1_;v v;ѐ;1{-v ;m r-ut ;v {;lۖߒ1ov v;ѐ;11bom-7ovĶ m{;v 7; v bvb{-ĳ ѐov _ ‫܊‬vr;7;v {-l0b‫܊‬m ro7uۖm 1olru-u rѐ-mbC1-u r-v;v b]_{mbm] -m;ĳ

1om Ɛ 7‫ݖ‬-v 7; -m{;ѐ-1b‫ދ‬mĳ t ; ѐ;v r;ulb{;m v-ѐ{-uv; ѐ- Cѐ- 7; ;vr;u- mbuv; - m- Cѐ- lۖv 1ou{- r-u- -{u-11bom;v ; r;ub;m1b-v v;ѐ;1{-vĶ &0b1-7o - r-vov 7; 7ov 7; ѐov 1 -{uo r-uņ t ;v {;lۖߒ1ov 7; )-ѐ{ bvm; )ouѐ7ĳ ;ѐ )-ѐ{ bvm; )ouѐ7 " -m -m7 oѐr_bm !;vou{ ]o - 7; m- 0b1-1b‫ދ‬m rub bѐ;]b-7- r-u- t b;m;v 0 v1-m 7bv=u {-u 7; ѐ-v m ;ņ -v -{u-11bom;v 7; )-ѐ{ bvm; )ouѐ7Ķ Ŋ ov m ; ov ;vr;1{ۖ1 ѐovĵ ĺ bvm; (bѐѐ-bmvĵ &m=-buѐ ;u [;uĻ ĺ - "bu;mb{-ĵ &m- ;m{ u- vb1-ѐĻĳ v; ;v{u;m-uom ;m bvm; Ĺv oѐѐ oo7 "{ 7bov ;ѐ ƌƐ 7; l- oĶ Ŋ ƌƊ ѐo [;u o uvĵ &m- b0u-m{; C;vņ {- mo1{ um- ;m $ r_oom -]oomĶ Ŋ ; o 7;vCѐ; mo1{ umoĳ ĺ bvņ m; "{-uѐb]_{ĵ u;-l {_; b]_{ - Ļĳ ѐѐ;]- - -]b1 bm]7ol ;m ;ѐ ;u-mo 7; ƌƊƌƏĶ 1;u1- 7; )-ѓ{ bvm; )ouѓ7 " -m -m7 oѓr_bm &0b1-7o ;m )-ѐ{ bvm; )ouѐ7 !;vou{ĳ ;ѐ ]-ѐ-u7om-7o )-ѐ{ bvņ m; )ouѐ7 " -m -m7 oѐr_bm o{;ѐ v; ;m1 ;m{u- ;m{u; ѐov r-uņ t ;v {;lۖߒ1ov -{u-11bom;v lۖv blrou{-m{;v 7; ѐoub7- ;m{u-ѐĶ ѐ 1olrѐ;fo v; ;m1 ;m{u- ;m{u; $ bvm; řv oѐѐ oo7 "{ ņ 7bovĳ 1;u1- 7;ѐ r-ut ; {;lۖߒ1o bvm; řv mbl-ѐ bm]7ol ;ѐ r-uņ t ; {;lۖߒ1o -]b1 bm]7olĶ ov _ ‫܊‬vr;7;v r ;7;m 7;v1 0ubu ƌƍ u;v{- u-m{;v v-ѐom;v 7; 1ѐ-v; l m7b-ѐĳ voCvߒ1-7-v _-0bņ {-1bom;v ;ѐ ѐ fovo -m7-u- "r-Ķ ѐ u;vou{ 1 ;m{- 1om v;bv rbv1bm-vĳ {u;v ]blm-vbovĳ 1-lro 7; ]oѐ= 1;uņ 1-moĳ {u-mvrou{; ]u-{ b{o - 0b1-ņ 1bom;v v;ѐ;1{-v 7;m{uo 7; )-ѐ{ bvm; )ouѐ7 !;vou{ĳ ;m{u-7- -mߒ1br-7- - ѐov 1 -{uo r-ut ;v {;lۖߒ1ov {o7ov ѐov 7‫ݖ‬-v _ou-ubo ; {;m7b7o 7; ѐov r-ut ;v {;lۖߒ1ov ;m mo1_;v v;ѐ;1{-vĶ - lۖv u;1b;m{; bm1ourou-1b‫ދ‬mĳ ѐ- !;v;u - 7; bvm;v 7; )-ѐ{ bvm; )ouѐ7 7; ƋƎ rbvovĳ o=u;1; m -l0b;m{; 0o ߒt ; 7; ѐ foĳ -7;ņ lۖv 7; ƋƎƑ v b{;v b7;-ѐ;v r-u- =-lbѐb-v 7ov v b{;v ru;vb7;m1b-ѐ;vĶ -u- lۖv bm=ouņ l-1b‫ދ‬mĳ bvb{; v -m7oѐr_bmĶ1olĶ

ϭϳ

ů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ,ŽƚĞů ǇĂ ĂĐĞƉƚĂ ƌĞƐĞƌǀĂƐ ĂŶƚĞƐ ĚĞ ůĂ ĂƉĞƌƚƵƌĂ ĚĞ ƐĞƉƟĞŵďƌĞ ĚĞ ϮϬϮϱ KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ,ŽƚĞů͕ ƵŶĂ ĂĚŝĐŝſŶ ƌĞĐŝĠŶ ĐŽŶƐƚƌƵŝĚĂ Ă ůĂ ĐĂƌƚĞ Ǉ ůĂ ƉƌŝŵĞƌĂ ƉƌŽƉŝĞĚĂĚ ĚĞ ůĂ ŵĂƌĐĂ ĞŶ &Žƌƚ >ĂƵĚĞƌĚĂͲ ůĞ͕ ĂŚŽƌĂ ĞƐƚĄ ĂĐĞƉƚĂŶĚŽ ƌĞƐĞƌǀĂĐŝŽŶĞƐ ĂŶƚĞƐ ĚĞ ƐƵ ĂƉĞƌƚƵƌĂ ĞŶ ƐĞƉƟĞŵďƌĞ͘ ŽŶͲ ǀĞŶŝĞŶƚĞŵĞŶƚĞ ĐŽŶĞĐƚĂĚŽ ĐŽŶ Ğů ĞŶƚƌŽ ĚĞ ŽŶǀĞŶĐŝŽŶĞƐ ĚĞů ŽŶĚĂĚŽ ĚĞ ƌŽͲ ǁĂƌĚ͕ ĞƐƚĂ ĚŝŶĄŵŝĐĂ ƉƌŽƉŝĞĚĂĚ ĚĞ Ϯϵ ƉŝƐŽƐ ŽĨƌĞĐĞ ƵŶĂ ĐŽŵďŝŶĂĐŝſŶ ĞǆĐĞƉĐŝŽͲ ŶĂů ĚĞ ůƵũŽ͕ ĐŽŶǀĞŶŝĞŶĐŝĂ Ǉ ďĞůůĞǌĂ ŶĂƚƵͲ ƌĂů ƚĂŶƚŽ ƉĂƌĂ ǀŝĂũĞƌŽƐ ĚĞ ŶĞŐŽĐŝŽƐ ĐŽŵŽ ĚĞ ƉůĂĐĞƌ͘ Η ů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ĞƐ ƵŶ ŚŝƚŽ ŝŵƉŽƌƚĂŶƚĞ ĞŶ Ğů ĐŽŶƟŶƵŽ ĐƌĞĐŝŵŝĞŶƚŽ Ǉ ĚĞƐĂƌƌŽůůŽ ĚĞ ůĂ ŝŶĚƵƐƚƌŝĂ ƚƵƌşƐƟĐĂ Ǉ ŚŽƚĞͲ ůĞƌĂ ĚĞ ŶƵĞƐƚƌŽ ĐŽŶĚĂĚŽΗ͕ ĚŝũŽ Ğů ĂůĐĂůĚĞ ĚĞů ĐŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ͕ ĞĂŵ &Ƶƌƌ͘ Η ƐƚĂ ŶƵĞǀĂ ƉƌŽƉŝĞĚĂĚ ĞǆĐĞƉĐŝŽŶĂů ĞůĞͲ ǀĂƌĄ ĂƷŶ ŵĄƐ ůĂ ĞǆƉĞƌŝĞŶĐŝĂ ƚĂŶƚŽ ƉĂƌĂ ůŽƐ ǀŝƐŝƚĂŶƚĞƐ ĐŽŵŽ ƉĂƌĂ ůŽƐ ƌĞƐŝĚĞŶƚĞƐ͕ ĐŽŶƚƌŝďƵǇĞŶĚŽ Ă ůĂ ǀŝƚĂůŝĚĂĚ Ǉ ƉƌŽƐƉĞƌŝͲ ĚĂĚ ĞĐŽŶſŵŝĐĂ ĚĞ ŶƵĞƐƚƌĂ ƌĞŐŝſŶ ĞŶ ůŽƐ ĂŹŽƐ ǀĞŶŝĚĞƌŽƐΗ͘ ŽŵŽ ŶƵĞǀĂ ƉŝĞĚƌĂ ĂŶŐƵůĂƌ ƉĂƌĂ ůĂ ŚŽƐͲ ƉŝƚĂůŝĚĂĚ ĞŶ Ğů ĐŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ͕ Ğů ŚŽƚĞů ĞƐƚĄ ĚŝƐĞŹĂĚŽ ƉĂƌĂ ĂƚĞŶĚĞƌ Ă ůĂ ĐŽŵƵŶŝĚĂĚ ůŽĐĂů͕ ůŽƐ ƉůĂŶŝĮĐĂĚŽƌĞƐ ĚĞ ƌĞƵŶŝŽŶĞƐ͕ ůŽƐ ǀŝĂũĞƌŽƐ ĚĞ ƉůĂĐĞƌ Ǉ ůŽƐ ŚƵĠƐƉĞĚĞƐ ĚĞ ĐƌƵĐĞƌŽƐ ĐŽŶ ůĂ ĐĂůŝĚĞǌ Ǉ Ğů ƐĞƌǀŝĐŝŽ ƉĞƌƐŽŶĂůŝǌĂĚŽ ĐĂƌĂĐƚĞƌşƐƟĐŽƐ ĚĞ KŵŶŝ͘ Η ƐƚĞ ƉƌŽǇĞĐƚŽ ƐƵƌŐŝſ ĚĞďŝĚŽ Ă ůĂ ǀŝƐŝſŶ Ǉ Ğů ĐŽŵƉƌŽŵŝƐŽ ĚĞ ŶƵĞƐƚƌĂ :ƵŶƚĂ ĚĞ ŽŵŝͲ

ϭϴ

ƐŝŽŶĂĚŽƐ ĚĞů ŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ ƉĂƌĂ ĚŝƐĞŹĂƌ Ǉ ĐŽŶƐƚƌƵŝƌ ƵŶ ŚŽƚĞů Ǉ ĐĞŶƚƌŽ ĚĞ ĐŽŶǀĞŶĐŝŽŶĞƐ ĚĞ ĐůĂƐĞ ŵƵŶĚŝĂů ƉĂƌĂ Ğů ĚŝƐĨƌƵƚĞ ĚĞ ǀŝƐŝƚĂŶƚĞƐ Ǉ ƌĞƐŝĚĞŶƚĞƐ͘ >ŽƐ ĞƐƉĂĐŝŽƐ ƉƷďůŝĐŽƐ ĐƌĞĂĚŽƐ ƉŽƌ Ğů ƉƌŽǇĞĐͲ ƚŽ ƐĞƌĄŶ ĚŝƐĨƌƵƚĂĚŽƐ ƉŽƌ ůĂƐ ŐĞŶĞƌĂĐŝŽͲ ŶĞƐ ǀĞŶŝĚĞƌĂƐΗ͕ ĚŝũŽ DſŶŝĐĂ ĞƉĞƌŽ͕ ĂĚŵŝŶŝƐƚƌĂĚŽƌĂ ĚĞů ĐŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ͘ Η>Ă ĂƉĞƌƚƵƌĂ ĚĞů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ŝŶŝĐŝĂ ƵŶ ŶƵĞǀŽ Ǉ ĞŵŽĐŝŽŶĂŶƚĞ ĐĂƉşƚƵůŽ ƉĂƌĂ ŶƵĞƐƚƌŽ ĚĞƐƟŶŽΗ͕ ĚŝũŽ ^ƚĂĐǇ ZŝƩĞƌ͕ ƉƌĞƐŝĚĞŶƚĂ Ǉ ĚŝƌĞĐƚŽƌĂ ĞũĞĐƵƟǀĂ ĚĞ sŝƐŝƚ >ĂƵĚĞƌĚĂůĞ͘ ů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ƌĞĚĞĮŶĞ ůĂ ƐŽĮƐͲ ƟĐĂĐŝſŶ͕ ŝŶǀŝƚĂŶĚŽ Ă ůŽƐ ŚƵĠƐƉĞĚĞƐ Ă ĞǆƉĞƌŝŵĞŶƚĂƌ Ğů ĞƐƉşƌŝƚƵ ƌĞůĂũĂĚŽ Ǉ ůĂ ĞŶĞƌŐşĂ ĞůĞŐĂŶƚĞ ĚĞů ƐƵƌ ĚĞ &ůŽƌŝĚĂ͘ ů ŚŽƚĞů ĚĞ Ϯϵ ƉŝƐŽƐ ĐŽŶƚĂƌĄ ĐŽŶ ϴϬϭ ĞůĞŐĂŶͲ ƚĞƐ ŚĂďŝƚĂĐŝŽŶĞƐ͕ ŝŶĐůƵŝĚĂƐ ϴϮ ƐƵŝƚĞƐ ďĞůůĂŵĞŶƚĞ ĚŝƐĞŹĂĚĂƐ ƋƵĞ ŽĨƌĞĐĞŶ ǀŝƐƚĂƐ ĞƐƉĞĐƚĂĐƵůĂƌĞƐ ĚĞů ĂŶĂů /ŶƚƌĂĐŽƐƚĞƌŽ Ǉ ůĂ ƉůĂǇĂ͘ hŶĂ ǀĂƌŝĞĚĂĚ ĚĞ ĐŽŵŽĚŝĚĂĚĞƐ ĞŶ Ğů ůƵŐĂƌ ŝŶĐůƵǇĞŶ Ăů ŵĞŶŽƐ ƐĞŝƐ ŽƉĐŝŽͲ ŶĞƐ ŐĂƐƚƌŽŶſŵŝĐĂƐ ĚŝƐƟŶƚĂƐ͕ ƵŶ DŽŬĂƌĂ ^ƉĂ ĚĞ ƐĞƌǀŝĐŝŽ ĐŽŵƉůĞƚŽ͕ ƵŶĂ ƚĞƌƌĂǌĂ ĚĞ ƉŝƐĐŝŶĂ ĞůĞǀĂĚĂ ĐŽŶ ǀŝƐƚĂƐ ĐĂƵƟǀĂĚŽƌĂƐ͕ ƵŶ ŐŝŵŶĂƐŝŽ Ǉ ĞƐƉĂĐŝŽƐ Ăů ĂŝƌĞ ůŝďƌĞ ĚŝƐĞͲ ŹĂĚŽƐ ƉĂƌĂ ĂůďĞƌŐĂƌ ƵŶĂ ĂŵƉůŝĂ ŐĂŵĂ ĚĞ ĂĐƟǀŝĚĂĚĞƐ͘ DĂƩŚĞǁƐ ^ŽƵƚŚǁĞƐƚ ;D^tͿ ĨƵĞ ƐĞůĞĐͲ ĐŝŽŶĂĚŽ ƉŽƌ Ğů ŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ ƉĂƌĂ ůŝĚĞƌĂƌ Ğů ĚĞƐĂƌƌŽůůŽ ĚĞů ,ŽƚĞů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ͕ ĐŽŵŽ ƉĂƌƚĞ ĚĞ ůĂ ĞǆƉĂŶƐŝſŶ

ŵĄƐ ĂŵƉůŝĂ ĚĞů ĞŶƚƌŽ ĚĞ ŽŶǀĞŶĐŝŽŶĞƐ ĚĞů ŽŶĚĂĚŽ ĚĞ ƌŽǁĂƌĚ͘ >ĂƐ ĐĂƌĂĐƚĞƌşƐƟĐĂƐ ĐůĂǀĞ ĚĞ ůĂ ƉƌŽƉŝĞĚĂĚ ŝŶĐůƵǇĞŶ͗ ŝƐĞŹŽ ĚŝƐƟŶƟǀŽ͗ ů KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂͲ ůĞ ,ŽƚĞů ĨƵĞ ĐƵŝĚĂĚŽƐĂŵĞŶƚĞ ĚŝƐĞŹĂĚŽ ƉŽƌ EƵŶǌŝŽ DĂƌĐ Ğ^ĂŶƟƐ ƌĐŚŝƚĞĐƚƐ ũƵŶƚŽ ĐŽŶ ^ƚĂŶƚĞĐ ĐŽŵŽ ĂƌƋƵŝƚĞĐƚŽ ĚĞ ƌĞŐŝƐƚƌŽ Ǉ ĐŽŶƐƚƌƵĐƚŽƌ ĚĞ ĚŝƐĞŹŽ͕ ĂůĨŽƵƌ ĞĂƩǇ ŽŶƐƚƌƵĐƟŽŶ͕ ƉĂƌĂ ĐŽŵďŝŶĂƌ Ă ůĂ ƉĞƌĨĞĐĐŝſŶ ůĂ ďĞůůĞǌĂ ŶĂƚƵƌĂů ĚĞů ƐƵƌ ĚĞ &ůŽƌŝĚĂ Ǉ ůĂ ŐůĂŵŽƌŽƐĂ ŚŝƐƚŽƌŝĂ ĚĞ Η'ŽůĚ ŽĂƐƚΗ͘ ŽŶ ƵŶ ĚŝƐĞŹŽ ŝŶƚĞƌŝŽƌ ĚĞ Ž 'ƌŽƵƉ͕ ůĂ ƉƌŽƉŝĞĚĂĚ ƐĞ ŝŶƐƉŝƌĂ ĞŶ ůŽƐ ĚŝǀĞƌƐŽƐ ƉĂŝƐĂũĞƐ ĚĞů ĚĞƐƟŶŽ͕ ŝŶĐŽƌƉŽͲ ƌĂŶĚŽ ĞůĞŵĞŶƚŽƐ ƋƵĞ ƌĞŇĞũĂŶ ůĂ ǀŝďƌĂŶƚĞ ŇŽƌĂ͕ ůĂƐ ƐĞƌĞŶĂƐ ǀşĂƐ ŇƵǀŝĂůĞƐ Ǉ ůŽƐ ĂŵƉůŝŽƐ ĐŝĞůŽƐ ĚĞ ůĂ ƌĞŐŝſŶ͘ hŶ ĚĞƐƟŶŽ ĚĞ ƌĞƵŶŝŽŶĞƐ Ǉ ĞǀĞŶƚŽƐ ĚĞ ƉƌŝͲ ŵĞƌ ŶŝǀĞů͗ KŵŶŝ &Žƌƚ >ĂƵĚĞƌĚĂůĞ ĞƐƚĄ Ă ƉƵŶƚŽ ĚĞ ĐŽŶǀĞƌƟƌƐĞ ĞŶ ƵŶ ĐĞŶƚƌŽ ŶĞƵͲ ƌĄůŐŝĐŽ ƉĂƌĂ ĐŽŶǀĞŶĐŝŽŶĞƐ Ǉ ĞǀĞŶƚŽƐ͕ Ğů ŚŽƚĞů ŽĨƌĞĐĞ ƵŶĂ ĐŽŵŽĚŝĚĂĚ ŝŶŝŐƵĂůĂďůĞ ƉĂƌĂ ůŽƐ ƉůĂŶŝĮĐĂĚŽƌĞƐ ĐŽŶ ϭϮϬ͕ϬϬϬ ƉŝĞƐ ĐƵĂĚƌĂĚŽƐ ĚĞ ĞƐƉĂĐŝŽ ŇĞǆŝďůĞ ƉĂƌĂ ĞǀĞŶͲ ƚŽƐ Ǉ ĐŽŶĨĞƌĞŶĐŝĂƐ͕ ƋƵĞ ŝŶĐůƵǇĞ ƵŶ ƐĂůſŶ ĚĞ ďĂŝůĞ tĂƚĞƌǁĂǇ ĚĞ ϯϬ͕ϬϬϬ ƉŝĞƐ ĐƵĂͲ ĚƌĂĚŽƐ Ǉ ƵŶ ƐĂůſŶ ĚĞ ďĂŝůĞ WŽƌƚ ǀĞƌŐůĂͲ ĚĞƐ ĚĞ ϭϱ͕ϬϬϬ ƉŝĞƐ ĐƵĂĚƌĂĚŽƐ͘ s ŝ Ɛ ŝ ƚ Ğ ǁ ǁ ǁ ͘ Ž ŵ Ŷ ŝ Ś Ž ƚ Ğ ů ƐͲ ͘ĐŽŵͬŚŽƚĞůƐͬĨŽƌƚͲůĂƵĚĞƌĚĂůĞ ƉĂƌĂ ŽďƚĞŶĞƌ ŵĄƐ ŝŶĨŽƌŵĂĐŝſŶ͘ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

ϭϵ

";-)ouѐ7 uѐ-m7o ĵ omv;u -1b‫ދ‬m ;7 1-1b‫ދ‬m - {u- ‫܊‬v 7; ѐ- 7b ;uvb‫ދ‬m rou $;u;vb{- -u -mo bvvb

";-)ouѐ7 ;v m- 7; ѐ-v -{u-11bom;v lۖv =-loņ v-v 7;ѐ l m7oĳ 0b1-7- ;m uѐ-m7oĳ v{-7o 7; ѐ- ѐoub7-Ķ - 1-u-1{;ub - {;m;u m l 1;u1-mo ;m1 ;m{uo 1om -mbl-ѐ;vĳ ѐo t ; u;v ѐ{- v;u m- ; r;ub;mņ 1b- ߯mb1- r-u- t b;m ѐ- bvb{- 7; l-m;u- l ;vr;1b-ѐ r-u- ѐ-v =-lbѐb-vĶ -v ou1-vĳ ѐov 7;ѐ=bm;v ѐov ѐ;om;v l-ubmov o=u;ņ 1;m 1om;1{-uv; 1om v r߯0ѐb1o ;m m ;vr;1{ۖ1 ņ ѐo 1;m{u-7o ;m -vr;1{ov ;7 1-{b ovĳ -l0b;m{-ņ ѐ;v 7; ruo{;11b‫ދ‬m 7; =- m- =ѐou- -r-u{; 7; ѐ- 1 b7-7- ruo{;]b7- {;-{u-ѐb7-7 t ; 0ubm7-mĶ ĺ m7o $ u‫ݖ‬v{b1oĻ { o ѐ- orou{ mb7-7 7; 7b-ņ ѐo]-u 1om b-m- "ov-ĳ t b;m -ѐ u;vr;1{o mov 1omņ {-0-ĵ ĺ{;m;lov mo ;7-7;v ;m {o7ov m ;v{uov r-uņ t ;v - ѐo ѐ-u]o -m1_o 7; v{-7ov &mb7ov r;uo ;m ѐoub7-ĳ ";-)ouѐ7 uѐ-m7o -1-0-lov 7; -0ubu r;7b{bom 7 vv; t ; ;v m- -{u-11b‫ދ‬m = ;u- 7; v;ub; t ; 1ol0bm- {;1moѐo]‫ݖ‬- 7; r mņ {-ĳ 1om blۖ];m;v u;-ѐ;vĳ -7;lۖv 7; ;m1 ;m{uov 1;u1-mov 1om -mbl-ѐ;v 7;ѐ թu{b1oĶ v{- ;v m- r ;v{- ;m m vbl ѐ-7ou 7; blۖ];ņ m;v ߯mb1-v ; bm1u;‫ݖ‬0ѐ;vĳ ;ѐ bvb{-m{; - vo0u; oņ ѐ-m7o {o7- ѐ- om- 7;ѐ oѐo թu{b1oĳ ;m m- ; r;ņ ub;m1b- ߯mb1- r-u- ѐ-v =-lbѐb-vĳ bml;uv- ;m l߯vbņ 1- ;m ;vr;1b-ѐ 7; o1;v ;m o== t ; {u-mvlb{;m ѐ- blrou{-m1b- l m7b-ѐ 7; ѐ- ru;v;u -1b‫ދ‬m 7; ѐ- b7- -mbl-ѐĳ 7;ѐ 1 b7-7o 7;ѐ l;7bo -l0b;m{; 1 -m7o ;v; ;vr;1{ۖ1 ѐo 1 ѐlbm-ĳ ѐov { ubv{-v r ;7;m t ;7-uv; - _-1;u m =-m{ۖv{b1o {o u bvbņ {-m7o - ѐ-v ;ѐ ]-vĳ louv-vĳ =o1-vĳ ;{1Ķ ;]o {;m;lovĳ u;1b‫܊‬m {u-‫ݖ‬7ov 7; "-m b;]oĳ -ѐb=oumb-ĳ m- ; _b0b1b‫ދ‬m 7; Ƌё rbm]߱bmov

ϮϬ

lr;u-7ou;vĳ ѐ- ߯mb1- r ;v{- 7;ѐ _;lbv=;ubo o11b7;m{-ѐ t ; ;v{-uۖ ;m uѐ-m7oĶ "; _- -1om7b1bom-7o {o7o r-u- t ; {;m]-m m _-0b{-{ -7;1 -7oĳ ѐ- bѐ lbm-1b‫ދ‬m t ; ;v l blrou{-m{;ĳ ;{1ĳ 7om7; ;v{ۖm l ĳ l 0b;mĶ $-l0b‫܊‬m {;m;lov ѐ- " ll;u b]{_ĳ ѐ- b;vņ {- 7; (;u-mo m ;v{u-ĳ 7om7; ru;v;m{-lov m v_o 7; 7uom;v t ; ;v ;vr;1{-1 ѐ-uĶ m ;ѐ ۖu;- -1 ۖ{b1- ѐov 1ѐۖvb1ov vom ѐov {o0oņ ]-m;v 7; -] -ĳ ;ѐ 1 - ѐo ĳ t ; ;v m- =b;vņ {- 7; ;u-mo -1 ۖ{b1-ĳ {o7o bѐ lbm-7o 1om ѐ 1;v 7; m;‫ދ‬mĳ ;m ;vr;ņ 1b-ѐ rou ѐ- mo1_; ;v bm1u;‫ݖ‬0ѐ;Ķ

b-m- "ov-

m v1_ -u7;mv -0ublov " ll;u )bѐ7 -vbv t ; ;v ѐ- om- lۖv bml;uvb - =-lbѐb-u 7; {o7- l‫܊‬ub1- 7;ѐ ou{;ĳ rout ; {b;m; l 1_‫ݖ‬vblov 1olrom;m{;vĳ r-u- ѐov mb‫ށ‬ov 7b ;uvb‫ދ‬m 1om {ouu;v uo1;-7ou-vĳ o{u- ۖu;- 1om 1 -{uo ;v{u 1ņ { u-v 7; ;v1-ѐ-7-vĳ 1om ёƋ l;{uov r-u- 1-lbm-u _oub om{-ѐl;m{; ;m v;m7;uov ѐ ;]o _-1;u ѐ- ;v1-ѐ-7- ;u{b1-ѐ 7; Ƌƍĳ Ɛ l;{uov 7; -ѐ{ u-ĳ {-lņ 0b‫܊‬m ;v{ۖ ѐ- 0߯vt ;7- 7;ѐ {;vouoĳ t ; ;v o{uo ;ѐ;l;m{o ] b-7o l ;7 1-{b oĳ 7om7; v; -

0 v1-m7o ;m{u; ѐ- m-{ u-ѐ; - 7b=;u;m{;v ;ѐ;ņ l;m{ovĳ rout ; {o7o ѐo m ;v{uo {b;m; t ; ;u 1om 1omv;u -1b‫ދ‬m ;7 1-1b‫ދ‬mĳ ;m o{u- ۖu;- ;v{ۖ ѐ- {ouu; 7; 1-‫ݖ‬7- l ѐ{bv;mvoub-ѐĳ ;m o{u- r-u{; _- m _-0b{-{ 7; -mbl-ѐ;v t ; ;v {o{-ѐl;m{; m ; o 1olo 1-rb0-u-vĳ ovov _oulb] ;uovĳ l 1_‫ݖ‬vbl-v - ;v {uorb1-ѐ;vĳ lomov -u7bѐѐ-vĳ t ; vom -mbl-ѐ;v t ; mo {;m‫ݖ‬-lov ѐov bm1ouņ rou-lov u;1b;m{;l;m{;Ķ ";-)ouѐ7 ;v{ۖ vb;lru; u;mo ۖm7ov; {u- ;mņ 7o -{u-11bom;v m ; -vĳ v‫ދ‬ѐo ;v{; -‫ށ‬o ;v{-lov bm bu{b;m7o ƎƊ lbѐѐom;v 7; 7‫ދ‬ѐ-u;v ;m ;ѐѐoĻĶ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

) ƌƊƌƏĵ ou{ - 7;uѐ-7; v;uۖ v;7; ƌƊƌё ƉŽƌ dĞƌĞƐŝƚĂ DĂƌǌĂŶŽ >ƵŝƐƐŝ

m m {u;l;m7o r-0;ѐѐ‫ދ‬m 7; ;v{- =;ub- bm{;um-1bom-ѐ 7;ѐ ) ƌƊƌƏĳ ;v{ۖ bmv{-ѐ-7- ѐ- u;ru;v;m{-1b‫ދ‬m 7; ou{ - ņ 7;uѐ-7;ĳ ѐ- (;m;1b- 7; l‫܊‬ubņ 1-ĳ 1b 7-7 0-ѐm;-ub- v u1-7- rou 1-m-ѐ;v ;m {o7- v ; {;mņ vb‫ދ‬mĳ ruolo1bom-m7o ;ѐ ) ƌƊƌёĳ {-l0b‫܊‬m ѐѐ-l-7- ѐ- 1b ņ 7-7 7; ѐov -{;vĶ 1_o r-u- _-0ѐ-uĳ r-u- -ru;m7;uĳ l 1_- ];m{; r-u- 1om;1{-uĳ l 1_o l-uh;{bm] ]u-m7;v 7;v-uuoѐѐov ;7bѐb1bov 1olo ѐ- -lrѐb-1b‫ދ‬m 7; v ;mņ {uo 7; om ;m1bom;vĳ ѐ- ;7b=bņ 1-1b‫ދ‬m 7;ѐ _o{;ѐ lmb 1om ; -1{-l;m{; ƋƊƊƋ _-0b{-1boņ m;v vom r-u{; 7; ;v{; 7;vrѐb;ņ ] ; l-]m‫=ݖ‬b1o t ; b;m;m 7;v-uuoѐѐ-m7oĶ ĺ m7o $ u‫ݖ‬v{b1oĻ { o ѐ- orou{ mb7-7 7; 7b-ѐo]-u 1om ;ѐ ѐ1-ѐ7; 7; ou{ - 7;uѐ-7;ĳ v;‫ށ‬ou -uh Ķ ou];m t b;m ; ru;v-0- ;ѐ ]u-m 1olruolbņ vo ;m 7;v-uuoѐѐ-u ;ѐ ru‫ ދ‬blo ) ƌƊƌё ;m v 1b 7-7Ķ ĺ{o7ov ѐov -‫ށ‬ov ;mblov -lrѐb-m7o m ;v{u- 1b 7-7 r-u- u;1b0bu lۖv l;fou - ѐov { ubv{-vĳ r;uo ;v{- ; ;v ;vr;1b-ѐ rou ;vo ;v{-lov _-1b;m7o m ;vņ {uov l- ou;v ;v= ;u ovĳ mov ;mblov -1{ -ѐbņ -m7o ;m {o7oĳ ;m m;]o1bovĳ ;m { ubvloĳ ;m l-uņ h;{bm] ;m {;1moѐo]‫ݖ‬- l 1_ov lۖvĶ "-0;lov t ; _-0uۖ m -m{;v m 7;vr ‫܊‬v 7;ѐ ) ƌƊƌё ;m { ubvloĳ ;1omol‫ݖ‬-ĳ ѐov 1u 1;uovĳ ;ѐ 1ol;u1boĳ ;ѐ -;uor ;u{oĳ t ; -1{ -ѐl;m{; u;1b0; ƍƊ lbѐѐom;v 7; r-v-f;uov v‫ދ‬ѐo ;ѐ 7; ou{ - 7;uѐ-7;Ķ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

v{-lov bm{;]u-7ovĳ _- t ; 1omo1;u m ;v{u- _bv{oub-ĳ 7om7; {;m;lov m r;t ;‫ށ‬o 1om7-7o 1om r ;0ѐb{ov r;t ;‫ށ‬-v 1b 7-7;v = blov 1u;ņ 1b;m7o ѐo v;] blov _-1b;m7o v-0;lov t ; ;ѐ ) mov _-uۖ 7-u m ]u-m v-ѐ{o bm{;um-1bom-ѐĶ $o7o {;m;lov r-u- o=u;1;u 7;rou{;v 1olo 0ۖvņ t ;{0-ѐѐĳ =߯{0oѐĳ vo11;uĳ rѐ- -vĳ mۖ {b1-ĳ r;v1-ĳ ; 1;ѐ;m{; ]-v{uomol‫ݖ‬- _o{;ѐ;u‫ݖ‬- m l blrou{-m{; { ubvlo 7; m;]o1bovĳ _- l 1_o r-u- _-1;u l 1_o r-u- lov{u-u 1olr-u{buĶ -m7o ѐ- ];m{; ;m]- -ѐ 1om7-7o 7; uo -u7

o m{ 1olr-u; m ;v{u- o=;u{- -m - u;1omo1;u t ; vo0u;v-ѐbņ lov ;m l 1_ov u 0uovĶ ) ƌƊƌё ;m ou{ - 7;uѐ-7;ĳ v;uۖ m v_o o==ĳ v;uۖ ѐ- r-m{-ѐѐ- r-u- lov{u-mov -ѐ l m7oĻĶ v{ blov 7b-ѐo]-m7o 1om -b{ņ ѐ-m {1_; ;uvĳ ";mbou -m-];uĳ ѐo0-ѐ $u-7; ; ;ѐorl;m{ĳ t b;m -ѐ u;vr;1{o mov 7;1‫ݖ‬-ĵ ĺ1om l 1_ov ru;r-u-{b ovĳ _o {;m;lov -ѐ ѐ1-ѐ7; t ; bmo - _b1-]o - bvb{-umovĳ ;v{-lov {u-ņ 0-f-m7o -t ‫ ݖ‬1om ƎƊ r;uvom-v r-u- ;u 1olo mov ru;r-u-lov ѐo]‫ݖ‬v{b1-l;m{;ĳ ѐov {u-vѐ-7ovĳ ;ѐ {u-0-fo _o{;ѐ;uoĳ ѐ-v 0b;m ;mb7-vĳ ѐ- ]-v{uomol‫ݖ‬-ĳ ;{1ĳ m m1- _;lov {;mb7o m ; ;m{o 7; ;v{- l-]mbņ { 7Ķ om ѐ- ; r-mvb‫ދ‬m 7;ѐ ;m{uo 7; om ;m1bom;v 1om ;ѐ m ; o _o{;ѐ lmb -_ou- v‫ ݖ‬1om{-lov 1om ;ѐ ѐ ]-u r-u- u;-ѐb -u ;ѐ )ĳ ;v{-lov l ;lo1bom-7ov rou lov{u-ѐ; -ѐ l m7o ѐo t ; ;v ou{ ѐ- 7;uѐ-7;ĳ l 1_ov { ubv{-v ѐѐ;ņ ]-m - b-lb -_‫ ݖ‬v; t ;7-m mo mov 1omo1;m -߯mĳ r;uo ;ѐ ) v;uۖ m ]u-m -{u-1{b o r-u- ;ѐѐoĶ ѐ _o{;ѐ lmb {;m7uۖ ƋƊƊƋ _-0b{-1bom;vĳ - {o7o 1om=ou{ĳ ѐbv{o r-u- ѐ- ; r-mvb‫ދ‬m 7;ѐ ;m{uo 7; om ;m1bom;v r;uo {-l0b‫܊‬m l blrou{-m{; r-u- ѐov { ubv{-v 1u 1;ubv{-vĳ -ѐ ;v{-u vo0u; ѐ- rѐ- - mov 7- ѐ- orou{ mb7-7 7; {;m;u 1om ;mņ 1bom;v ; ;m{ov l 1_ov lۖv ]u-m7;vĶ ovo{uov - {;m;lov u;v;u -v l blrou{-mņ {;v bm{;um-1bom-ѐ;v r-u- ;ѐ ƌƊƌђ ƌƊƌƑĳ 7; -voņ 1b-1bom;v 7; {o7-v r-u{;v 7;ѐ l m7o ;m 7bv{bmņ {ov u 0uov r-u- 1ubv{-ѐb -u ;vov ; ;m{ovĻĶ

Ϯϭ

uѐ-m7o ru;v;m{- lۖv 7; ƌƏ m ; -v ; r;ub;m1b-v ;m ;v{; ƌƊƌƏ

uѐ-m7oĳ ѐ- 1-rb{-ѐ l m7b-ѐ 7; ѐov r-ut ;v {;lۖߒ1ov ;ѐ 7;vߒmo lۖv bvb{-7o 7; v{-ņ 7ov &mb7ovĳ bmb1b- m -‫ށ‬o 7; bmmo -1b‫ދ‬m ;lo1b‫ދ‬m 1om lۖv 7; ƌƏ m ; -v ; r;ub;mņ 1b-v ;m ƌƊƌƏĳ bm1ѐ b7o ;ѐ 7;0 { 7; v rubl;u r-ut ; {;lۖߒ1o ;m lۖv 7; ƌƏ -‫ށ‬ovĶ +- v;- ; rѐou-m7o l m7ov ‫܊‬rb1ov ѐѐ;mov 7; bl-]bņ m-1b‫ދ‬mĳ v u1-m7o ѐ- { m7u- ۖuߒ1- o v l;uņ ]b‫܊‬m7ov; ;m m 0-u 1ѐ-m7;vߒmo 7; {;lۖߒ1- ѐb{;u-ub- v‫ދ‬ѐo r-u- -7 ѐ{ovĳ ѐ-v ;l0ѐ;lۖߒņ 1-v -{u-11bom;v 7;ѐ 7;vߒmo ruol;{;m - ;mņ { u-v bmoѐ b7-0ѐ;vĶ om 1-7- ubm1‫ދ‬m ѐѐ;mo 7; ; r;ub;m1b-v ߯mb1-v ņ1;m-v {;lۖߒ1-vĳ b0u-m{; b7- mo1{ um-ĳ ]u-m7;v ; ;m{ov 7;rouߒ ov 7; ;m{u;{;mblb;m{o bm{;um-ņ 1bom-ѐ;v m ; ov -ѐof-lb;m{ov 7; ѐ foņĳ uѐ-m7o vb] ; vb;m7o ;ѐ ;v1;m-ubo r;u=;1{o r-u- m-v -1-1bom;v ŀ m1u;‫ݖ‬0ѐ;l;m{; u;-ņ ѐ;vŁ ;m ƌƊƌƏĶ

ϮϮ

( " + $! " &mb ;uv-ѓ uѓ-m7o !;vou{ ѐ ;vr;u-7o r-ut ; {;lۖߒ1o 7; &mb ;uv-ѐ uѐ-m7o !;vou{ĳ &mb ;uv-ѐ rb1 &mb ;uv;ĳ -0ubuۖ v v r ;u{-v ;ѐ ƌƌ 7; l- oĶ v{; -lrѐbo r-ut ; 1 ;m{- 1om lۖv 7; ƏƊ -{u-1ņ 1bom;v ;m 1bm1o l m7ov bml;uvb ovĵ ;ѓ;vŇ ߓ-ѓ -uh ѐѐ; - - ѐov bvb{-m{;v - m b-f; 7; 7;v1 0ublb;m{o - {u- ‫܊‬v 7; f-u7bm;v b b;mņ {;v uo7;-7ov 7; -ut b{;1{ u- bmvrbu-7- ;m ;ѐ;l;m{ov -v{uom‫ދ‬lb1ov lb{oѐ‫]ދ‬b1ovĶ $_; )b -u7bm] )ouѓ7 o= -uu o ;u ň bmbv{u o= -]b1 ru;v;m{- m- m ; - ;u- 7; l-]b-ĳ l; 1ѐ-m7o ;ѐ -u‫ݖ‬v lۖ]b1o 7; ѐov -‫ށ‬ov ƌƊ 7; ѐ-v r;ѐ‫ݖ‬1 ѐ-v 7; -m{-vߒ1 ;-v{v 1om ;ѐ b1‫ދ‬mbņ 1o bmbv{;ubo 7; -]b- 0ub{ۖmb1o 7; ѐ- v;ub; -uu o ;uĶ "& ! $ ) ! ru;v;m{- ѐ- b1‫ދ‬mb1- rbr- ;u7; ѐov l m7ov 7; r;uvom-f;v {-m t ;ub7ov 1olo -uboĳ bņ

]bĳ ѐ- ubm1;v- ;-1_ omh; om]Ķ ‫ތ‬lo ;m{u;m-u - { 7u-]‫ތ‬m Ň vѓ- 7; ;uh ;v m 1oѐoub7o l m7o ѐѐ;mo 7; - ;m{ u-v bhbm]-v 0-v-7o ;m ѐ- ror ѐ-u =u-mt b1b- 1bm;l-{oņ ]uۖC1- ‫ދ‬lo ;m{u;m-u - { 7u-]‫ދ‬mĶ -uh &mb ;uv; r;ulb{; - ѐov bvb{-m{;v 1omo1;u 7;v7; ѐov ; r;ubl;m{ov 7; ѐ- u-Ķ (b1{oub- u-mh;mv{;bm _-v{- ;ѐ vol0u‫ݖ‬o r-bv-f; 7om7; -]-m ѐov lomv{u ov ;m m l m7o 7; lb{ov lbv{;ubovĶ )-ѓ{ bvm; )ouѓ7 !;vou{ v{; ;u-mo ;m bvm; řv oѐѐ oo7 "{ 7bovĳ ѐov bvb{-m{;v ro7uۖm 7bv=u {-u 7; 7ov m ;ņ ov ;vr;1{ۖ1 ѐovĵ Ł - "bu;mb{- Ň &m- ;mŇ { u- vb1-ѓłĳ m- ruo7 11b‫ދ‬m {o{-ѐl;m{; u;bl-]bm-7- bmvrbu-7- ;m ѐ- r;ѐ‫ݖ‬1 ѐ- 1ѐۖvb1- t ; 7;0 {- ;m ;ѐ u;mo -7o {;-{uo mbl-ņ ߒom o u{ -u7ĳ ł(bѓѓ-mov bvm; Ķ &m=-buѓ ;u [;ułĳ 1om -r-ub1bom;v 7; 7o1;m-v 7; DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

l-ѐ -7ov bm=-l;vĳ 1olo u ;ѐѐ- 7; (bѐĳ ;ѐ -rb{ۖm -uCo -ѐ‫܊‬C1-Ķ $u-7 11b‫ދ‬m u;-ņ ѐb -7- 1om ѐ- ;uvb‫ދ‬m ]u-{ b{- 7;ѐ {u-7 1{ou ;;r Ķ1ol Cm-ѐ;v 7; ;v{; -‫ށ‬oĳ $;v{ $u-1h ru;v;m{;7 0 _; uoѓ;{ 7;0 {-uۖ ;m $ 1om m ;ņ -v ;v1;m-v t ; 7;v{-1-uۖm ѐov - -m1;v {;1moѐ‫]ދ‬b1ovĶ ov m ; -v v-ѐ-v ߒro ѐo m]; 7; )-ѐ{ bvm; )ouѐ7 _-uۖm v 7;0 {ĵ m ;ѐ -]b1 bm]7ol -uhĳ v; -0ubuۖ m m ; o v-ѐ‫ދ‬m {;lۖߒ1o 7; bu-{-v 7;ѓ -ub0; ;m 7 ;m{ u;ѓ-m7ķ m r1o{ v; -0ubuۖ m v-ѐ‫ދ‬m bmvrbu-7o ;m "r-1;v_br -u{_ 1om blru;vbom-m{;v bv{-v

7;ѐ )ouѐ7 "_o 1-v; ;vr;1{ۖ1 ѐov 7; = ;ņ ]ov -uߒC1b-ѐ;vĶ $-l0b‫܊‬m ;m -]b1 bm]ņ 7ol -uhĳ bvm; "{-uѓb]_{ĳ m 7;vCѐ; mo1ņ { umo 1om {;1moѐo]‫ݖ‬- 7; ߯ѐߒl- ];m;u-1b‫ދ‬m 7;0 {-uۖ ;v{; ;u-moĶ ";-)ouѐ7 uѐ-m7oņ ";-)ouѐ7 uѐ-m7o ;v{u;m- ;v{- rubl- ;u- ll;uvb ; r;ub;m1;ĳ ;ѐ rubl;u {;-{uo oѐ-7ou 7;ѐ թuߒ1o {o{-ѐl;m{; bml;uvb o 7;ѐ l m7oĶ -v-7- ;m ѐ- lom{-‫ށ‬- u v- =-lbѐb-u ;m] bm $u;h 7;ѐ r-ut ;ĳ ѐ- m ; - -{u-11b‫ދ‬m {u-mvrou{-uۖ - ѐov bvb{-m{;v -ѐ թuߒ1o vo0u; oѐ-m7o r-bv-f;v _;ѐ-7ovĳ v l;u]b‫܊‬m7ov; ;m -] -v 1om];ѐ-7-v ;m1om{uۖm7ov; 1om ѐ- =- m- ۖuߒ1-Ķ {u-v -{u-11bom;vĵ " ѓoub7-ĳ ѐ- -{u-11b‫ދ‬m -1 ۖߒ1- 7; ѐoub7- !;vou{ o=u;1; - ѐov bvbņ {-m{;v m- - ;m{ u- o1;ۖmb1- 1om 7b ;uv- b7- l-ubm-ĳ ; rovb1bom;v bm{;u-1ߒ -v m DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

Cm-ѐ t ; l ;v{u- ŀ ѐ -ut ; $;lۖߒ1o -fo ;ѐ -uŁĶ m "ro{ uѓ-m7o o=u;1; m- l; 1ѐ- 7; m ; -v - ;m{ u-v ; r;ub;m1b-v =-lbѐb-u;v r-u- 1ѐb;m{;v 7; {o7-v ѐ-v ;7-ņ 7;v 1om m ; -v -{u-11bom;v t ; 7;0 {-uۖm ;m ƌƊƌƏĶ m ѐ- -{u-11b‫ދ‬m 7; uѐ-m7oĳ vb{ -ņ 7- ;m ņ ub ;ĳ ѐov mb‫ށ‬ov ro7uۖm _-1;u rbu ;ņ {-v ;m $;- rvĳ lb;m{u-v t ; & o=u;1;uۖ ѐ- ;lo1b‫ދ‬m 7;ѐ ;ѐo 1om oѐ{;u;ņ {-v ;m 0-uubѐ ; bml;uvbom;v ;m ;vrbu-ѐĶ + ;m v 0b1-1b‫ދ‬m 7; bvvbll;;ĳ f m{o - ѐ7 $o mĳ ѐ-v m ; -v bm1ourou-1bom;v bm1ѐ buۖm " bm] uo m7 ;m ѐ- v;11b‫ދ‬m b7v "ro{ĳ -7;ņ lۖv 7; m- -{u-11b‫ދ‬m 7; r‫܊‬m7 ѐo bm ;uߒ7o 1om ]‫ދ‬m7oѐ-v ];l;ѐ-v ѐѐ-l-7- &r -m7 ;u0o-u7" ;;{ $oo{_ĺv -m7 "_or - ;v{ۖ -0b;u{- ;m -{ouѐ-m7Ķ - ߒ;m7- 7; ]oѐovbm-v ;vr;1b-ѐb -7-vĳ o=u;1; lۖv 7; ёƊ -ub;7-7;v 7; 1_o1oѐ-{;v ;vr;1b-ѐņ l;m{; ;ѐ-0ou-7ovĳ 1om=;11bom;v ]oѐovbņ m-v ;vr;1b-ѐ;vĳ _;ѐ-7ov 0-ߒ7ov 7; ѐ- l-u1- ;uv_; řv _;1_ov - l-moĳ ;{1Ķ ѓ ; -m uo r u;]u;v- - uѐ-m7o ;ѐ ƍ 7; -0ubѐ 1om m- m ; - v;7; ;m -uhĳ 7om7; v; ru;v;m{-uۖ ѐ- 1-u-1{;u‫ݖ‬vߒņ 1- l; 1ѐ- 7; -u{;ĳ l߯vb1- ;m b oĳ 1ol;ņ 7b-ĳ m-uu-1b‫ދ‬m mo ;u0-ѐ r-uߒ1br-1b‫ދ‬m 7;ѐ r߯0ѐb1oĶ ۗv -ѓѓۗ 7; ѓov r-ut ;v {;lۗߓ1ov $_; o m{o m uѐ-m7o oo7 ś u{ $o uĳ ou]-mb -7o rou )-m7;ubm] -ѐl 7 ;mņ { u;vĳ o=u;1; m b-f; ] b-7o rou ѐ- b0u-m{; ;v1;m- -uߔvߒ1- 7; ѐ- 1b 7-7ĳ 1om ]-ѐ;u‫ݖ‬-v 1om{;lrouۖm;-vĳ ѐ ]-u;v ;l0ѐ;lۖߒ1ov 1olo ;ѐ ѐ-]o oѐ- b{ u{vĳ ;v1 ѐ{ u-v -ѐ -bu; ѐb0u;Ķ ov bvbņ {-m{;v 7;] v{-uۖm ;m ѐov l;fou;v u;v{- ņ u-m{;vĳ 1olo -rb "l-v_ř7 u];uĳ lb;mņ {u-v ; rѐou-m ѐ- _bv{oub- ѐ- 1 ѐ{ u- t ; 7;Cm;m ѐ- b7;mߒ7-7 1u;-ߒ - 7; uѐ-m7oĶ m{;uŜ o "{-7b l ;ѓ -lrbm] )ouѓ7 "{-Ň 7b l -1o];uۖm m- v;ub; 7; -1om{;1blb;mņ {ov 7;rouߒ ov 7; -ѐ{o mb ;ѐĳ 1olo ѐ- ѐ- o ѐ ƌƊƌƏ ;ѐ ƋƋ 7; ;m;uoĳ r-uߒ7ov 7; =߯{ņ 0oѐ 7; ѐ- ";ub;v ;m{u; ;ѐ ƋƏ ;ѐ ƌƏ 7; ;m;ņ uoĳ ;ѐ -lbv{ovo 7; =߯{0oѐ ;m{u; ѐ- v;ѐ;11b‫ދ‬m m-1bom-ѐ l-v1 ѐbm- 7; Ķ&&Ķ ov{- !b1-ĳ ;ѐ r-uߒ7o 7; ѐ- uo o ѐ 7;ѐ ƌ 7; =;0u;uo r-uߒ7ov 7; ѐ- 1olr;ߒ1b‫ދ‬m bm- ņ ] u-ѐ 7; ѐ- or- m7b-ѐ 7; ѐ 0;v 7; ѐ- 7;ѐ ƋƎ 7; f mbo -ѐ Ƌƍ 7; f ѐboĶ -lѓbm o v; -77ѓ; -m7 "o1b-ѓ ѓ 0ĳ t ; o=u;1; rbv{-v 7; rb1hѐ;0-ѐѐ 1 0b;u{-v -ѐ -bu; ѐb0u; f m{o 1om m- ;ѐ; -7- o=;u{- ]-v{uom‫ދ‬lbņ 1-ĳ -0ub‫ ދ‬v v r ;u{-v ;m ;ѐ 7bv{ub{o 7; " ;m ƌƊƌƎ r-u- -{;m7;u - ѐ- 1u;1b;m{; 1ol ņ mb7-7 7; rb1hѐ;0-ѐѐ 7;ѐ 1;m{uo 7; uѐ-m7oĶ

$ " & ( " + ! ( " vѓ-m7 $o ;u ;m bvm; Śv oѓ m;vb-m (bѓѓ-v Ŝ m]-ѓo vĳ m- m ; - bm1ourou-1b‫ދ‬m -ѐ bvm; (-1-ߒom ѐ 0ĳ -0ub‫ ދ‬v v r ;u{-v ;m 7b1b;l0u;Ķ =u;1; bѐѐ-v r-u- 1bm1o - m ; ; _ ‫܊‬vr;7;vĶ - {ouu; bm1ѐ ; ۖߒ1ov 7; 7ov 7oulb{oubov 1om bv{-v - ѐ- ѐ-] m- - -]b1 bm]7olĶ &mb ;uv-ѓ "{;ѓѓ- o - !;vou{ĳ t ; -0u; ;ѐ ƌƋ 7; ;m;uoĳ &mb ;uv-ѐ $;uu- m- !;vou{ĳ t ; -0u; ;ѐ ƌƏ 7; =;0u;uoĳ -‫ށ‬-7b;m7o ƋĶƏƊƊ _-0b{-1bom;v - ѐ- 1-u{;u- 7; _o{;ѐ;v 7; &mb ;uv-ѐ uѐ-m7o !;vou{Ķ -v m ; -v ruorb;7-7;v 1 ;m{-m 1om ƐƏƊ _-0b{-1boņ m;v 7o0ѐ;v 1om ;m{-m-v ;vߒѐo m- ; ;vr-ņ 1b-ѐĳ m- -ub;7-7 7; or1bom;v ]-v{uom‫ދ‬lbņ 1-v v;u b1bov t ; bm1ѐ ;m rbv1bm-v 7; ;vߒņ ѐo u;vou{ĳ ]blm-vbovĳ v-ѐ-v 7; f ;]ovĳ v-ѐ-v 7; u;1u;-1b‫ދ‬m l 1_o lۖvĶ &mb ;uv-ѓ ;ѓbov u-m7 o{;ѓĳ 1om m- ;m{u-7- 7;7b1-7- -ѐ m ; o &mb ;uv-ѐ rb1 &mb ;uv;ĳ -0ubuۖ ;m l- o 7; ƌƊƌƏĶ ѐ _o{;ѐ o; v {;m7uۖ ƏƊƊ _-0b{-1bom;v ƍƏ v b{;vĳ 1om{-uۖ 1om {;1moѐo]‫ݖ‬- 7; 1omņ {uoѐ;m 7b]b{-ѐl;m{; 7; ѐ- _-0b{-1b‫ދ‬mĶ omņ {-uۖ 1om m 0-u ;m ѐ- - o{;-ĳ m u;v{- u-mņ {; r-u- {u;v r;uvom-vĳ m 0-u ;m ѐ- rbv1bm- m r ;v{o 7; 1olb7- r-u- ѐѐ; -uĶ (bѓѓ-{;ѓ uѓ-m7o !;vou{ĳ vb{ -7o ;m ѐ- ;l0ѐ;lۖߒ1- om- 7; m{;um-ߒom-ѐ ub ;ĳ bmb1b‫ ދ‬v -r;u{ u- rou =-v;v - Cm-ѐ;v 7; ƌƊƌƍ ;v{-uۖ {o{-ѐl;m{; {;ulbm-7o - rubmņ 1brbov 7; ƌƊƌƏĳ {;m7uۖ Əƌё mb7-7;v 1om v b{;v ߒro -r-u{-l;m{o b b;m7-v mb=-ņ lbѐb-u;vĳ -v‫ ݖ‬1olo m r-ut ; -1 ۖߒ1o 7; - ;m{ u- 1om {o0o]-m;v 7; -ubov rbvov m u‫ݖ‬o ѐ;m{oĳ ]blm-vboĳ u;v{- u-m{; 7; v;uņ b1bo 1olrѐ;{o om-v 7; f ;]ov bm=-mߒѐ;vĶ ou{ )bѓ7;um;vv !;vou{ Ŝ -lr]uo m7 ;m )-ѐ{ bvm; )ouѐ7 !;vou{ ru;v;m{-uۖ ƍёƏ 1-0-‫ށ‬-v u;1b‫܊‬m u;mo -7-vĳ t ; ;v{-uۖm {o{-ѐl;m{; {;ulbm-7-v ;v{- rubl- ;u-Ķ ov vo1bov 7;ѐ bvm; (-1-ߒom ѐ 0 ߒ;m;m -11;vo -1{ -ѐl;m{; - m m߯l;uo v;ѐ;1{o 7; 1-0-‫ށ‬-v {;ulbm-7-vĶ v{ۖ ru; bv{o t ; ѐ-v u;lo7;ѐ-1bom;v 7;ѐ " -m -m7 oѓr_bm 7; )-ѓ{ bvm; )ouѓ7 Cm-ѐb1;m ;v{; -‫ށ‬oĶ $o7-v ѐ-v _-0b{-1bom;v 7;ѐ )-ѐ{ bvm; )ouѐ7 " -m _-m vb7o u;loņ 7;ѐ-7-v ;v{ۖm - 7bvrovb1b‫ދ‬m 7; ѐov _ ‫܊‬vņ r;7;v 7;v7; Cm-ѐ;v 7; ƌƊƌƎĶ ѐ ;vr-1bo r-u- u; mbom;v ; bv{;m{; ;m ;ѐ _o{;ѐ " -m -m7 oѐr_bm v; l;fou-uۖ 1om m -vr;1{o lo7;umo m ; -v 1-r-1b7-7;v ;m {;1moņ ѐo]‫ݖ‬- r-u- ; ;m{ovĶ -u- lۖv bm=oul-1b‫ދ‬m 7; ru;mv-ĳ bvb{; (bvb{ uѐ-m7oĶ1olłl;7b-

Ϯϯ

-m7o ѐ- 0b;m ;mb7- - {o7ov 0-fo ;ѐ voѐ

&m r-ut ; bm=-mߒѐ {uorb1-ѐ 1ovloroѐb{- 1olo mbm]߯m o{uo ѐ; ;vr;u- ;m u;-{;u ou{ - 7;u7-ѐ;ĳ ѐoub7-Ķ t ‫ݖ‬ĳ v v 1ѐb;m{;v r ;7;m u;ѐ-f-uv; ;m rѐ- -v 7ou-7-vĳ ; rѐou-u m- ru‫ދ‬vr;u- ;v1;m- 1 ѐbm-ub-ĳ mbuv; - ѐ- C;v{- ;m 0-u;v ;m ѐ- - o{;- 0-u;v 1ѐ-m7;vߒmov ;v1om7b7ovĳ 7bv=u {-u 7; 1olru-v 7; 1ѐ-v; l m7b-ѐĳ ;u ѐ- -v{- 0;ѐѐ; - m-{ u-ѐ 7; ѐov ;u]ѐ-7;vĳ 7bv=u {-u 7; r-v;ov ;m 0o{; 7;rou{;v -1 ۖߒ1ov ;m m -] -Ķ r-‫ݖ‬v 7; ѐ-v l-u- bѐѐ-v 7;ѐ‫܊‬b{;v; 1om ѐov ѐ fov 7; ѐov =-lovov _o{;ѐ;v u;vou{v 7; rѐ- -Ķ

- 1-rb{-ѐ l m7b-ѐ 7; ѐ- m- ;]-1b‫ދ‬m u;-{;u ou{ - 7;u7-ѐ; ;v 1omo1b7- 1olo ѐ- 1-rb{-ѐ l m7b-ѐ 7; ѐ- m- ;]-1b‫ދ‬m - ;ѐ- ѐ- Ś(;m;1b- 7; l‫܊‬ub1-Ś 7;0b7o - v v Ǝђƌ hbѐ‫ދ‬l;{uov 7; ‫ݖ‬-v m- ;]-0ѐ;v bm{;ubou;vĳ

Ϯϰ

t ; v; m;m - ƍђ hbѐ‫ދ‬l;{uov 7; ѐ- 1ov{- -{ѐۖmߒ1-Ķ v{; r-u-‫ݖ‬vo -1 ۖߒ1o ru;v;m{- orou{ mb7-7;v ; 1;r1bom-ѐ;v r-u- m- ;]-uĳ - v;- t ; v v 1ѐb;m{;v t b;u-m -ѐt bѐ-u m 0-u1o o 7bv=u {-u 7; mo 7; ѐov l 1_ov 1u ņ

1;uov r-mouۖlb1ov 7; ѐ- om-Ķ ѐ )-{;u $- b ;v m- =oul- ror ѐ-u 7; ;u ѐov ѐ ]-u;v 7; bm{;u‫܊‬v ; bm1ѐ ; ƋƋ r-u-7-v ;m ;ѐ 1;m{uo 7; ou{ - 7;u7-ѐ; v v -ѐu;7;7ou;vĳ _o]-u 7; ѐ- -mbl-7- ;v1;m- 7; 1olru-vĳ u;v{- u-mņ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

{;v b7- mo1{ um- - ѐo ѐ-u]o 7; -v ѐ-v o ѐ; -u7Ķ ѐ ۖu;- {-l0b‫܊‬m -ѐ0;u]- m l;ņ uovov ;v{-0ѐ;1blb;m{ov 7; l ;ѐѐ; 1;m-Ķ " v 1ѐb;m{;v {-l0b‫܊‬m r ;7;m 7bv=u {-u 7; -0 m7-m{;v 7;rou{;v -1 ۖߒ1ovĳ 7;v7; ; 1 uvbom;v 7; r;v1- ;m -ѐ{- l-u h- -h _-v{- v u= 7; u;loĳ v u=ĳ 0 1;o lۖvĶ ;m{ u-v ;m ѐ-v rѐ- -v 7ou-7-v ѐov ;uņ ]ѐ-7;v u;-{;u ou{ - 7;u7-ѐ; -ѐ0;u]- o1_o 1ol mb7-7;v 7; rѐ- - 7b=;u;m{;vĳ 7;v7; ѐ- {u-mt bѐ- ;;uC;ѐ7 ;-1_ ;m ;ѐ mou{; _-v{- -ѐѐ-m7-ѐ; ;-1_ ;m ;ѐ ; {u;lo v u 7; ѐ- 1ov{- 7;ѐ ۖu;- -m{;v 7; b-lbĶ $o7-v ѐ-v rѐ- -v vom r;u=;1{-v r-u- u;ѐ-f-uv;ĳ {ol-u ;ѐ voѐĳ m-7-u ru-1ߒ1-u 7;rou{;v -1 ۖߒņ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

1ovĳ ѐ- l- ou‫ݖ‬- {-l0b‫܊‬m o=u;1; v r-u{; 7; _o{;ѐ;vĳ ߒ;m7-vĳ u;v{- u-m{;v ;m{u;ņ {;mblb;m{o ; 1;r1bom-ѐ;vĶ $-lro1o v; r ;7; r;u7;u ѐov l m7b-ѐl;m{; =-lovov ;u]ѐ-7;vĳ 7om7; v v 1ѐb;m{;v r ;7;m 7bvņ =u {-u 7; m ;lo1bom-m{; r-v;o ;m _b7uo 7;vѐb -7ou r-u- o0v;u -u ѐ- b7- v-ѐ -f;ĳ 7;v7; - ;v -m1 7-v _-v{- 1-bl-m;vĶ om b‫܊‬u{-v; ;m m ѐ;-ѐbv{- 7; - 7;u7-ѐ; ;v{uo ]-ѐ-u7om-7o ruo]u-l- 7; 1-r-1bņ {-1b‫ދ‬m - 7;u7-ѐ; u;-ѐbv{- o=u;1; {o7o ѐo t ; m;1;vb{- r-u- ;m7;u u;-{;u ou{ - ņ 7;u7-ѐ; 7bu;1{-l;m{; - v 1olr {-7ou- o {;ѐ‫=܊‬omo Ō- {u- ‫܊‬v 7; ѐ- -rѐb1-1b‫ދ‬mōĶ ;v7; rѐ- -v m-{ u-ѐ; - ; 1;r1bom-ѐ;v _-v{- -u{;v 1 ѐ{ u- b0u-m{;vĳ _-v{- ;ѐ ;vr‫ݖ‬ub{

7; bm1ѐ vb‫ދ‬m ;m {o7o ;ѐ 7;vߒmoĳ -ru;m7;uۖ 1omv;fov 7; ; r;u{ov r-u- 1u;-u ; r;ub;mņ 1b-v bmoѐ b7-0ѐ;v r-u- v v 1ѐb;m{;vĶ -m7o v; m- - ;v{; ruo]u-l- ]u-{ b{oĳ {;m7uۖ -11;vo - ru;v;m{-1bom;v 7; ;m{-v ѐbv{-v r-u- v-uĳ l-{;ub-ѐ;v ruolo1bom-ѐ;v l 1_o lۖvĶ om ;v{; mb ;ѐ 7; vorou{;ĳ 7;v1 0ubuۖ t ; ;v lۖv =ۖ1bѐ t ; m m1- -ѐ1-m -u v v o0f;ߒ ov 7; ;m{-vĶ ou ;f;lņ rѐoĳ ћv-0‫ݖ‬- t ; u;-{;u ou{ - 7;u7-ѐ; ߒ;m; m- {;lr;u-{ u- ruol;7bo 7; ƌƏ š 1om lۖv 7; ƍƊƊ 7‫ݖ‬-v 7; voѐ -ѐ -‫ށ‬oı ru;mņ 7;uۖ lۖv 7-{ov 1olo ;v{ov vo0u; u;-{;u ou{ - 7;u7-ѐ;ĳ -v‫ ݖ‬t ; u;]‫ݖ‬v{u;v; _o ;m - 7;u7-ѐ;ņ o -ѐbv{Ķ1olĶ $-l0b‫܊‬m o0{;m]- lۖv bm=oul-1b‫ދ‬m ;m (bvb{ - 7;u7-ѐ;Ķ1olł$u- ;ѐņ$u-7;Ķ

Ϯϱ

;v7; m- r-u-7- ;m ;ѐ 7;vb;u{o _-v{- m 7;vߒmo ]ѐo0-ѐĳ -v (;]-v 1;ѐ;0u- ƋƌƊ -‫ށ‬ov 7; _bv{oub- b1‫ދ‬mb1- u;bm ;m1b‫ދ‬m $UFKLYR GH /DV 9HJDV

o ĳ -v (;]-v 1;ѐ;0u- v ƋƌƊ -mb ;uv-ņ uboĳ _omu-m7o lۖv 7; m vb]ѐo 7; 1u;1bņ lb;m{oĳ bmmo -1b‫ދ‬m lol;m{ov bmoѐ bņ 7-0ѐ;v t ; _-m u;7;Cmb7o ;ѐ { ubvlo _-m 1om ;uߒ7o - ѐ- 1b 7-7 ;m ѐ- 1-rb{-ѐ l m7b-ѐ 7;ѐ 7;rou{; ;ѐ ;m{u;{;mblb;mņ {oĶ m7-7- ;ѐ ƋƏ 7; l- o 7; ƋƑƊƏ 1olo m- r;t ;‫ށ‬- r-u-7- 7; =;uuo1-uubѐ ;m ;ѐ 7;vb;u{oĳ -v (;]-v v; 1om buߒ‫ ދ‬uۖrb7-ņ l;m{; ;m m- ro{;m1b- l m7b-ѐ r-u- ;ѐ { ubvloĳ ѐ- _ovrb{-ѐb7-7 ;ѐ ;m{u;{;mbņ lb;m{oĶ ;v7; ѐ- ѐ;]-ѐb -1b‫ދ‬m 7; ѐov f ;ņ ]ov 7; - -u ;m ƋƑƍƋ _-v{- ѐ- -r;u{ u- 7;ѐ o{;ѐ ѐ-lbm]o ;m ƋƑƎёĳ -v (;]-v ru;ņ r-u‫; ދ‬ѐ ;v1;m-ubo r-u- m- m ; - ;u- 7; ;lo1b‫ދ‬mĶ ѐ b1‫ދ‬mb1o ѐ;{u;uo Ś b;m ;mb7o - ѐ- =-0 ѐov- -v (;]-vŚĳ ;ub]b7o ;m ƋƑƏƑĳ v; 1om buߒ‫; ދ‬m m v‫ݖ‬l0oѐo 7;ѐ ;vr‫ݖ‬ub{ b0u-m{; 7; ѐ- 1b 7-7Ķ ;ѓ;0u-1b‫ތ‬m ;vr;1b-ѓ -u- 1;ѐ;0u-uѐoĳ ѐ- b1‫ދ‬mb1- r-m{-ѐѐ- ; {;ubou 7; "r_;u;ĳ ѐ- lۖv ]u-m7; 7;ѐ l m7oĳ v; bѐ lbm‫ ދ‬1om v t ;ub7o ;lofb u0bşĶ ;v7; v 7;0 {ĳ u0b v; _- 1omņ ;uߒ7o ;m m =;m‫ދ‬l;mo ]ѐo0-ѐ ;v{- v;l-m- {;m7uۖ ;ѐ _omou 7; vorѐ-u ;ѐ-v 7; 1 lrѐ;-‫ށ‬ov ;m ѐ-v 1-ur-v 7; {o7o ;ѐ 7;vߒmoĳ 1om1ѐ ;m7o 1om l;mv-f;v ;vr;ņ 1b-ѐ;v 7; 1 lrѐ;-‫ށ‬ov ;m !;vou{v )ouѐ7 -v (;]-v (b - (bvbom 7; u;lom{ "{u;;{ r;ub;m1;Ķ u0b v; _- 1om ;uߒ7o ;m r-u{; 7; ѐ- 1ol mb7-7 7; -v (;]-vĳ v 7-m7o 7 u-m{; m- oѐ- 7; 1-ѐouĳ 7;vņ r;u{ۖm7ov; 1om m- {- - 7; 1-=‫ ܊‬7b-ub- romb‫܊‬m7ov; v vol0u;uo 7; C;v{- {o7ov ѐov b;um;v vۖ0-7ov rou ѐ- mo1_;Ķ

DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

- ; oѓ 1b‫ތ‬m 7; -v (;]-v m ѐ-v 7‫܊‬1-7-v 7; ƋƑƏƊ ƋƑёƊĳ -v (;]-v ;u- m r-u-‫ݖ‬vo r-u- ѐov l-CovovĶ - 1b ņ 7-7 ;v{-0- ѐ;fov 7;ѐ -ѐ1-m1; 7; ѐ- l- oņ u‫ݖ‬- 7; ѐ-v = ;u -v 7;ѐ ou7;mĳ ;ѐ 7bm;uo Y ‫ݖ‬- ѐb0u;l;m{; ѐ- v r;u bvb‫ދ‬m ;u- l‫ݖ‬mbl-Ķ ol0u;v 1olo ]v "b;];ѐĳ o; -ѐb{ ĳ $om Ś$_; m{Ś "rbѐo{uo u-mh !ov;m{ņ _-ѐ = ;uom = m7-l;m{-ѐ;v r-u- ѐ- ;v1;m- 7;ѐ _-lr- 7; -v (;]-vĶ -v ru ;0-v m 1ѐ;-u;v ;m ;ѐ ߯mb1o vbߒo 7; ru ;0-v m 1ѐ;-u;v vo0u; ;ѐ v ;ѐo - 7-ņ uom - ];m;u-u ѐ- orou{ mb7-7 7; 1ol;uņ 1b-ѐb -u -v (;]-v 1olo m 7;vߒmo { u‫ݖ‬vߒņ 1o ߯mb1oĶ 7;lۖv 7; ];m;u-u { ubvloĳ ;ѐ "bߒo 7; u ;0-v 7; ; -7- {-l0b‫܊‬m {u-fo lbѐ;v 7; r;uvom-ѐ lbѐb{-uĳ lbѐ;v 7; ;lrѐ;ov lۖv 7; ѳƋƐё lbѐѐom;v ;m =omņ 7ov =;7;u-ѐ;v - ѐ- u;]b‫ދ‬mĶ ѐ bvĳ ѐ-v 1oubv{-v ;ѐ !-{ -1h - 7-uom - 7;Cmbu -v (;]-v 1olo m r-ߒo 7; u;1u;o r-u- ѐ- ruo7 11b‫ދ‬m 7; ;vr;1{ۖ1 ѐov ;ѐ ;m{u;{;mblb;m{o 7; rubl;u- ѐ‫ݖ‬m;- ;m ѐ-v 7‫܊‬1-7-v 7; ƋƑёƊĳ ƋƑƐƊ lۖv -ѐѐۖĶ ѐ bu-];ĳ bm- ] u-7o ;m ƋƑђƑĳ l-u1‫; ދ‬ѐ 1olb;m o 7; ѐ- {;m7;m1b- 7; ѐov l;]-u;ņ vou{v t ; 1omv lbu‫ݖ‬- ѐ- 7‫܊‬1-7- 7; ƋƑƑƊĶ "; 1omv{u ;uom u;vou{v {;lۖߒ1ov b1‫ދ‬mbņ 1ov 1olo ou -v (;]-vĳ ;ѐѐ-]bo !;vou{ ś -vbmoĳ ; +ouh ; +ouh o{;ѐ ś -vbmoĳ -ubv -v (;]-v o{;ѐ ś -vbmo $_; (;m;ߒ-m !;vou{ -v (;]-vĳ 1om buߒ;m7o ;ѐ "{ubr ;m m l m7o 7; =-mņ {-v‫ݖ‬- bml;uvb oĶ ѐo ѐ-u]o 7; ѐ-v 7‫܊‬1-7-vĳ -v (;]-v 1omߒņ m ‫ ދ‬u;bm ;m{ۖm7ov;ĳ 7;v7; ѐov l;]-ņ u;vou{v 7; ѐ- 7‫܊‬1-7- 7; ƋƑƑƊ _-v{- ;ѐ - ]; 7; ѐov 7;rou{;v ruo=;vbom-ѐ;vĳ bm1ѐ b7- ѐ- ѐѐ;]-7- 7; ѐov (;]-v oѐ7;m

mb]_{vĳ ѐov !-b7;uvĳ -v (;]-v 1;vĳ ѐ- ‫ދ‬ul ѐ- Ƌ ; ;m{ov blrou{-m{;v 1olo ;ѐ " r;u o ѐ ( )u;v{ѐ; -mb- ƎƋĶ Ś - _bv{oub- 7; -v (;]-v ;v m- 7; bvb‫ދ‬m - 7- ĳ u;vbѐb;m1b- ; bl-]bm-1b‫ދ‬m bѐblb{-ņ 7-Śĳ 7bfo "{; ; bѐѐĳ ru;vb7;m{; 7bu;1{ou ;f;1 ߒ o 7; ѐ- {oub7-7 7; om ;m1boņ m;v (bvb{-m{;v 7; -v (;]-v Ō ( ( ōĶ Ś ѐ 1;ѐ;0u-u ƋƌƊ -‫ށ‬ov bm1u;‫ݖ‬0ѐ;vĳ _omu-lov - ѐ-v r;uvom-vĳ ѐ-v -vo1b-1bom;v ѐ- bmmoņ -1b‫ދ‬m t ; _-m _;1_o 7; -v (;]-v m ѐ ]-u 7b=;u;m{; - 1 -ѐt b;u o{uo ѐ ]-uĳ -r;m-v ;v{-lov 1ol;m -m7oŚĶ ۗv rou ;mbu -v (;]-v _- ѐѐ; -7o - 1-0o m- 7; ѐ-v u;bm ;m1bom;v lۖv blru;vbom-m{;v 7; ѐ- _bv{oub- lo7;um- 7; ѐ- 1b 7-7Ķ o t ; m- ; = ; m ѐ ]-u 1omo1b7o rubm1br-ѐņ l;m{; rou 1olb7-v 0-u-{-vĳ lۖt bm-v {u-]-lom;7-v 1oubv{-vĳ v; _- 1om ;uߒņ 7o ;m m- ro{;m1b- r-u- ѐov 7;rou{;v 7; ѐ-v ]u-m7;v ѐb]-vĳ 1om1b;u{ov 7; 1ѐ-v; l m7b-ѐĳ ; ;m{ov 7;v{-1-7ov -{u-11boņ m;v bml;uvb -vĶ om ѐ ]-u;v 1olo ѐѐ;]b-m{ "{-7b l $ņ o0bѐ; u;m- -ѐѐ-m-m7o ;ѐ 1-lbmo r-u- ѐov 7;rou{;v ѐ-v orou{ mb7-7;vĳ "r_;ņ u; ;v{-0ѐ;1b;m7o m m ; o ;v{ۖm7-u r-u- ;ѐ ;m{u;{;mblb;m{o bml;uvb oĳ {o7- ‫ݖ‬- _- Śrublb1b-vŚ - ѐ-v t ; lbu-uĳ bm1ѐ b7o m -lr;om-{o 7; ѐ- o@v 7; ߯{0oѐ l;ub1-mo &mb ;uvb{-ubo ŌƌƊƌƐō ;ѐ bm-ѐ o u l-v1 ѐbmo 7; ѐ- ŌƌƊƌђōĶ m ƌƊƌђĳ ѐ-v u-m7;v b]-v 7; ‫܊‬bv0oѐ _-uۖm 7; -v (;]-v v _o]-u 1om ѐov {ѐ‫ߒ܊‬1ov ;m ;ѐ ;v{-7bo 7; ߯ѐߒl- ];m;u-1b‫ދ‬m 7; ƍƍĳƊƊƊ -vb;m{ovĳ t ; 1ol;m -uۖ - 1omvņ {u buv; ;v{; -‫ށ‬oĶ

Ϯϳ

dĂŵƉĂ ĂǇ Ăů ŽƚƌŽ ůĂĚŽ ĚĞů ĐŚĂƌĐŽ͕ Ă >ŽŶĚƌĞƐ͕ ĐŽŵŽ ƉĂƚƌŽĐŝŶĂĚŽƌ ĞǆĐůƵƐŝǀŽ ĚĞ ůĂ &ĞƌŝĂ ĚĞ ƌƚĞ ĚĞ >ŽŶĚƌĞƐ ϮϬϮϱ͕ ƋƵĞ ƐĞ ƌĞĂůŝǌſ Ğů ϮϮ Ăů Ϯϲ ĚĞ ĞŶĞƌŽ

>ůĞǀĂŵŽƐ Ğů ĐŽƌĂǌſŶ Ǉ Ğů ĂůŵĂ ĚĞ dĂŵƉĂ ĂǇ Ăů ŽƚƌŽ ůĂĚŽ ĚĞů ĐŚĂƌĐŽ͕ Ă >ŽŶĚƌĞƐ͕ ĐŽŵŽ ƉĂƚƌŽĐŝŶĂĚŽƌ ĞǆĐůƵƐŝǀŽ ĚĞ ůĂ &ĞƌŝĂ ĚĞ ƌƚĞ ĚĞ >ŽŶĚƌĞƐ ϮϬϮϱ͕ ƋƵĞ ƐĞ ƌĞĂůŝǌĂƌĄ ĚĞů ϮϮ Ăů Ϯϲ ĚĞ ĞŶĞƌŽ͕ ƉĂƌĂ ĐŽŵƉĂƌƟƌ ŶƵĞƐƚƌĂ ǀŝďƌĂŶͲ ƚĞ ĐƵůƚƵƌĂ͕ ĐƌĞĂƟǀŝĚĂĚ Ǉ ĐŽŵƵŶŝĚĂĚ ĞŶ ƵŶ ĞƐĐĞŶĂƌŝŽ ŐůŽďĂů͘ Ŷ Ğů ĐŽƌĂǌſŶ ĚĞ ůĂ ƉƌĞƐĞŶĐŝĂ ĚĞ dĂŵƉĂ ĂǇ ĞŶ ůĂ &ĞƌŝĂ ĞƐƚƵǀŽ ůĂ ƌĞĐŽŶŽĐŝĚĂ ĂƌƟƐƚĂ ůŽĐĂů zĂ >ĂΖĨŽƌĚ͕ ĐƵǇĂƐ ĐƌĞĂĐŝŽŶĞƐ ŐĞŽŵĠƚƌŝĐĂƐ Ǉ ĂƵĚĂĐĞƐ ŚĂŶ ĐĂƵƟǀĂĚŽ Ă ĂƵĚŝĞŶĐŝĂƐ ĚĞ ƚŽĚŽ Ğů ŵƵŶĚŽ͘

Ϯϴ

^Ƶ ŽďƌĂ ĚĞ ĂƌƚĞ͕ ƵŶĂ ƉŝĞĚƌĂ ĂŶŐƵůĂƌ ĚĞů ƉĂƚƌŽĐŝŶŝŽ͕ ƐĞ ƉƌĞƐĞŶƚſ ĚĞ ŵĂŶĞƌĂ ĚĞƐƚĂĐĂͲ ĚĂ ĞŶ ůĂ &ĞƌŝĂ͕ ƌĞŇĞũĂŶĚŽ Ğů ĚŝŶĄŵŝĐŽ ƉĂŝƐĂͲ ũĞ ĐƵůƚƵƌĂů ĚĞ dĂŵƉĂ ĂǇ͘ DĞ ƐĞŶơ ŚŽŶƌĂĚŽ ĚĞ ĨŽƌŵĂƌ ƉĂƌƚĞ ĚĞ ƵŶ ƉĂŶĞů ũƵŶƚŽ Ă >ĂΖĨŽƌĚ Ǉ Ğů ĂƌƟƐƚĂ ĐŽŶ ƐĞĚĞ ĞŶ >ŽŶĚƌĞƐ :ĂƐŽŶ ƌƵŐĞƐ͕ ƋƵĞ ĞǆƉůŽƌĂďĂ Ğů ŝŵƉĂĐƚŽ ƚƌĂŶƐĨŽƌŵĂĚŽƌ ĚĞů ĂƌƚĞ ƉƷďůŝĐŽ ĞŶ ůĂƐ ĐŽŵƵŶŝĚĂĚĞƐ͕ Ǉ ŵĞ ĞŶŽƌŐƵůůĞĐŝſ ĐŽŵͲ ƉĂƌƟƌ ůĂ ŚŝƐƚŽƌŝĂ ĚĞ dĂŵƉĂ ĂǇ ĐŽŶ ƵŶĂ ĂŵƉůŝĂ ĂƵĚŝĞŶĐŝĂ͘ ƌƵŐĞƐ ƟĞŶĞ ƵŶĂ ŝŶƐƚĂůĂĐŝſŶ ĂĐƚƵĂů ĞŶ

dĂŵƉĂ Ǉ ƉƌĞƐĞŶƚĂƌĄ ŶƵĞǀĂƐ ŝŶƐƚĂůĂĐŝŽŶĞƐ ƚĂŶƚŽ ĞŶ Ğů ĞŶƚƌŽ ĚĞ ŽŶǀĞŶĐŝŽŶĞƐ ĚĞ dĂŵƉĂ ĐŽŵŽ ĞŶ Ğů ĞƌŽƉƵĞƌƚŽ /ŶƚĞƌŶĂĐŝŽͲ ŶĂů ĚĞ dĂŵƉĂ Ă ĮŶĂůĞƐ ĚĞ ĞƐƚĞ ĂŹŽ͘WĂƌĂ ĐŽŵƉůĞŵĞŶƚĂƌ ůĂ ŵƵĞƐƚƌĂ ĂƌơƐƟĐĂ͕ ǇůĂŶ WĞƌƌǇ͕ ƌĞƐŝĚĞŶƚĞ ĚĞ ƚŽĚĂ ůĂ ǀŝĚĂ ĚĞ dĂŵƉĂ ĂǇ Ǉ ĂƌƟƐƚĂ͕ ĚŝƌŝŐŝſ ĚŽƐ ĂĐƟǀŝĚĂĚĞƐ ĚĞ ĂƌƚĞ ŝŶƚĞƌĂĐƟǀĂƐ ĚƵƌĂŶƚĞ ůĂ &ĞƌŝĂ͘ WĞƌƌǇ ƐĞ ĂƐŽĐŝſ ĐŽŶ ůĂƐ ĞƐƚƌĞůůĂƐ ĚĞů ƌĞŶƞŽƌĚ & ĚĞ ůĂ WƌĞŵŝĞƌ >ĞĂŐƵĞ ŝŶŐůĞƐĂ ƉĂƌĂ ĐƌĞĂƌ ŽďƌĂƐ ĚĞ ĂƌƚĞ ƷŶŝĐĂƐ ƋƵĞ ƐĞ ƐƵďͲ ĂƐƚĂƌĄŶ Ǉ ƚŽĚĂƐ ůĂƐ ŐĂŶĂŶĐŝĂƐ ƐĞ ĚĞƐƟŶĂƌĄŶ Ă ůĂ ŝŶŝĐŝĂƟǀĂ ďĞŶĠĮĐĂ ,ĞĂƌƚ ŽĨ tĞƐƚ >ŽŶͲ ĚŽŶ ĚĞ ƌĞŶƞŽƌĚ͘ ĞƐƚŽ ůĞ ƐŝŐƵŝſ ƵŶ ŐƌĂŶ ĞǀĞŶƚŽ ŵĞĚŝĄƟĐŽ ĞŶ Ğů ŵƵŶĚŝĂůŵĞŶƚĞ ĨĂŵŽƐŽ 'ůŽďĞ dŚĞĂƚƌĞ Ǉ ƐĞ ƉƌĞƐĞŶƚſ ƵŶĂ ƉĂƌĞĚ ĚĞ ŐƌĂĮƟƐ ĚŝŐŝƚĂůĞƐ ĚŽŶĚĞ ůŽƐ ĂƐŝƐͲ ƚĞŶƚĞƐ ƉƵĚŝĞƌŽŶ ĐŽŵƉĂƌƟƌ ƐƵƐ ƚĂůĞŶƚŽƐ ĂƌơƐƟĐŽƐ͘ EƵĞƐƚƌĂ ĂƐŽĐŝĂĐŝſŶ ĐŽŶ ůĂ >ŽŶĚŽŶ ƌƚ &Ăŝƌ ĞƐ ƵŶĂ ĚĞ ůĂƐ ǀĂƌŝĂƐ ŝŶŝĐŝĂƟǀĂƐ ĞƐƚƌĂƚĠŐŝĐĂƐ ĚĞ ůĂ ĐĂŵƉĂŹĂ ĚĞ ŵĂƌŬĞƟŶŐ ĚĞ sŝƐŝƚ dĂŵƉĂ ĂǇ ĞŶ >ŽŶĚƌĞƐ͘ ĞƐĚĞ ůŽƐ ĂƵƚŽƐ ĚĞ ŵĂƌĐĂ sŝƐŝƚ dĂŵƉĂ ĂǇ ƋƵĞ ƌĞĐŽƌƌĞŶ ůĂƐ ĐĂůůĞƐ ĚĞ >ŽŶĚƌĞƐ ŚĂƐƚĂ ůĂƐ ůůĂŵĂƟǀĂƐ ĞǆŚŝďŝĐŝŽŶĞƐ ĞŶ ůĂƐ ĞƐƚĂĐŝŽŶĞƐ ĚĞ tĂƚĞƌůŽŽ Ǉ ƵƐƚŽŶ͕ ŶƵĞƐƚƌĂ ƉƌĞƐĞŶĐŝĂ ƐĞ ƐŝĞŶƚĞ ĞŶ ƚŽĚŽ Ğů ZĞŝŶŽ hŶŝĚŽ͘ ƐƚĂƐ ŝŵĄŐĞŶĞƐ ĚĞ ĂůƚŽ ŝŵƉĂĐƚŽ ƐŽŶ ƉĂƌƚĞ ĚĞ ŶƵĞƐƚƌĂ ĐĂŵƉĂŹĂ ĚĞ ŵĂƌŬĞƟŶŐ ĚĞ ŵĄƐ ĚĞ ƵŶ ŵŝůůſŶ ĚĞ ĚſůĂƌĞƐ ĞŶ >ŽŶĚƌĞƐ ƋƵĞ ŵŽƐͲ ƚƌſ ůĂ ĞǆĐĞůĞŶĐŝĂ ĂƌơƐƟĐĂ ĚĞ dĂŵƉĂ ĂǇ Ăů ƟĞŵƉŽ ƋƵĞ ŝŶƐƉŝƌſ Ă ůŽƐ ǀŝĂũĞƌŽƐ ĚĞů ZĞŝŶŽ hŶŝĚŽ Ă ĞǆƉĞƌŝŵĞŶƚĂƌ ůĂ ǀŝƚĂůŝĚĂĚ Ǉ Ğů ĞŶĐĂŶƚŽ ƷŶŝĐŽƐ ĚĞ ůĂ ƌĞŐŝſŶ͕ ůŽ ƋƵĞ ůĂ ĐŽŶͲ ǀŝĞƌƚĞ ĞŶ ƵŶ ĚĞƐƟŶŽ ĚĞ ǀŝƐŝƚĂ ŽďůŝŐĂĚĂ͘ ƐƚĂŵŽƐ ĂŐƌĂĚĞĐŝĚŽƐ ƉŽƌ ůĂ ŽƉŽƌƚƵŶŝĚĂĚ ĚĞ ĐŽŵƉĂƌƟƌ ŶƵĞƐƚƌŽ ĂƌƚĞ͕ ĐƵůƚƵƌĂ Ǉ ĞƐƉşƌŝƚƵ ĂĐŽŐĞĚŽƌ ĐŽŶ Ğů ŵƵŶĚŽ͘ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

^ĞĂtŽƌůĚ Ǉ ƵƐĐŚ 'ĂƌĚĞŶƐ ƉƌĞƐĞŶƚĂŶ Ğů ĐĂůĞŶĚĂƌŝŽ ĚĞ ĞǀĞŶƚŽƐ ƉĂƌĂ ϮϬϮϱ ĞŶ &ůŽƌŝĚĂ

hŶŝƚĞĚ WĂƌŬƐ Θ ZĞƐŽƌƚƐ͕ ůşĚĞƌ ĞŶ ƉĂƌƋƵĞƐ ƚĞŵĄƟĐŽƐ Ǉ ĞǆƉĞƌŝĞŶĐŝĂƐ͕ ĂŶƵŶĐŝſ ƐƵ ĞŵŽͲ ĐŝŽŶĂŶƚĞ ƉƌŽŐƌĂŵĂĐŝſŶ ĚĞ ĞǀĞŶƚŽƐ ƉĂƌĂ ϮϬϮϱ ĞŶ ůŽƐ ƉĂƌƋƵĞƐ ^ĞĂtŽƌůĚ KƌůĂŶĚŽ Ǉ ƵƐĐŚ 'ĂƌĚĞŶƐ dĂŵƉĂ ĂǇ͕ ĞŶ &ůŽƌŝĚĂ͘ >Ă ŵĂǇŽƌşĂ ĚĞ ůŽƐ ĞǀĞŶƚŽƐ ĞƐƚĄŶ ŝŶĐůƵŝĚŽƐ ĞŶ ůĂ ĞŶƚƌĂĚĂ ƌĞŐƵůĂƌ ĚĞ ůŽƐ ƉĂƌƋƵĞƐ͕ ĐŽŶ ĞǆĐĞƉĐŝſŶ ĚĞů ,ŽǁůͲKͲ^ĐƌĞĂŵ͕ ƵŶ ĞǀĞŶƚŽ ŶŽĐƚƵƌŶŽ ĚĞ ,ĂůůŽǁĞĞŶ ĚŝƐĞŹĂĚŽ ƉĂƌĂ ĂĚƵůͲ ƚŽƐ͘ ^ĞĂtŽƌůĚ KƌůĂŶĚŽ Ŷ ϮϬϮϱ͕ ^ĞĂtŽƌůĚ KƌůĂŶĚŽ ƉƌŽŵĞƚĞ ƵŶ ĂŹŽ ůůĞŶŽ ĚĞ ĐĞůĞďƌĂĐŝŽŶĞƐ ƉĂƌĂ ƚŽĚĂ ůĂ ĨĂŵŝůŝĂ͕ ĐŽŶ ĨĞƐƟǀĂůĞƐ ŐĂƐƚƌŽŶſŵŝĐŽƐ͕ ŵƵƐŝͲ ĐĂůĞƐ Ǉ ĂĐƟǀŝĚĂĚĞƐ ƚĞŵĄƟĐĂƐ͗ ^ĞǀĞŶ ^ĞĂƐ &ŽŽĚ &ĞƐƟǀĂů ;ϯϭ ĚĞ ĞŶĞƌŽ Ăů ϰ ĚĞ ŵĂǇŽ͕ ĞŶ ĨĞĐŚĂƐ ƐĞůĞĐĐŝŽŶĂĚĂƐͿ ʹ ĞůĠŝͲ ƚĂƚĞ ĐŽŶ ƐĂďŽƌĞƐ ĞǆƋƵŝƐŝƚŽƐ Ǉ ĐĞƌǀĞǌĂƐ ĂƌƚĞͲ ƐĂŶĂůĞƐ ŵŝĞŶƚƌĂƐ ĚŝƐĨƌƵƚĂƐ ĚĞ ĞƐƉĞĐƚĄĐƵůŽƐ ĞŶ ǀŝǀŽ͘ ^ĞĂtŽƌůĚ DĂƌĚŝ 'ƌĂƐ ;Ϯϳ ĚĞ ĨĞďƌĞƌŽ Ăů Ϯ ĚĞ ŵĂƌǌŽ͖ ϰ ĚĞ ŵĂƌǌŽ͖ ϲ Ăů ϵ ĚĞ ŵĂƌǌŽͿ ʹ WůĂƚŽƐ ơƉŝĐŽƐ͕ ĐſĐƚĞůĞƐ Ǉ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽ ƚĞŵĄƟͲ ĐŽ Ăů ŵĞũŽƌ ĞƐƟůŽ ĚĞ EƵĞǀĂ KƌůĞĂŶƐ͘ ^ƚ͘ WĂƚƌŝĐŬ͛Ɛ ĂǇ ĞůĞďƌĂƟŽŶ ;ϭϯ Ăů ϭϳ ĚĞ ŵĂƌǌŽ͖ ϮϬ Ăů Ϯϯ ĚĞ ŵĂƌǌŽͿ ʹ sŝǀĞ ůĂ ĞŶĞƌŐşĂ ĚĞ ůĂ ĐƵůƚƵƌĂ ŝƌůĂŶĚĞƐĂ ĐŽŶ ĞƐƚĂ ĚŝǀĞƌƟĚĂ ĐĞůĞďƌĂĐŝſŶ͘ ŝŶĐŽ ĚĞ DĂǇŽ ;ϭ Ăů ϱ ĚĞ ŵĂǇŽͿ ʹ ĞůĞďƌĂ ĞƐƚĂ ĨĞĐŚĂ ŵĞǆŝĐĂŶĂ ĐŽŶ ĂƵƚĠŶƟĐĂ ŐĂƐƚƌŽͲ ŶŽŵşĂ Ǉ ŵƷƐŝĐĂ ĞŶ ǀŝǀŽ͕ ƉĂƌƚĞ ĚĞů ^ĞǀĞŶ ^ĞĂƐ &ŽŽĚ &ĞƐƟǀĂů͘ sŝǀĂ >Ă DƷƐŝĐĂ ;ϭϬ Ǉ ϭϭ ĚĞ ŵĂǇŽ͖ ϭϳ Ǉ ϭϴ ĚĞ ŵĂǇŽͿ ʹ &ĞƐƟǀĂů ƋƵĞ ƌĞƐĂůƚĂ ůĂ ĞƐĞŶĐŝĂ ůĂƟͲ ŶĂ ĐŽŶ ŵƷƐŝĐĂ ĞŶ ǀŝǀŽ͕ ƐĂďŽƌĞƐ ơƉŝĐŽƐ Ǉ ƌĞĐƵĞƌĚŽƐ ƚĞŵĄƟĐŽƐ͘ ^ƵŵŵĞƌ ^ƉĞĐƚĂĐƵůĂƌ ;Ϯϯ ĚĞ ŵĂǇŽ Ăů ϭ ĚĞ ƐĞƉƟĞŵďƌĞ͕ ĞŶ ĨĞĐŚĂƐ ƐĞůĞĐĐŝŽŶĂĚĂƐͿ ʹ ŝƐͲ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ

ĨƌƵƚĂ ůĂƐ ŶŽĐŚĞƐ ĚĞ ǀĞƌĂŶŽ ĐŽŶ ŚŽƌĂƌŝŽƐ ĞǆƚĞŶĚŝĚŽƐ Ǉ ĞƐƉĞĐƚĂĐƵůĂƌĞƐ ĨƵĞŐŽƐ ĂƌƟĮͲ ĐŝĂůĞƐ͘ ĂŶĚƐ͕ ƌĞǁ Θ Y ;ϱ ĚĞ ũƵůŝŽ Ăů Ϯϰ ĚĞ ĂŐŽƐͲ ƚŽ͕ ĮŶĞƐ ĚĞ ƐĞŵĂŶĂͿ ʹ ĂƌďĂĐŽĂ ĂŵĞƌŝĐĂŶĂ͕ ĐĞƌǀĞǌĂƐ ĂƌƚĞƐĂŶĂůĞƐ Ǉ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽ ĞƐƉĞĐŝĂů ƉĂƌĂ ƵŶ ǀĞƌĂŶŽ ŝŶŽůǀŝĚĂďůĞ͘ ,ĂůůŽǁĞĞŶ ^ƉŽŽŬƚĂĐƵůĂƌ ;ϯϬ ĚĞ ĂŐŽƐƚŽ Ăů Ϯ ĚĞ ŶŽǀŝĞŵďƌĞ͕ ĞŶ ĨĞĐŚĂƐ ƐĞůĞĐĐŝŽŶĂĚĂƐͿ ʹ hŶ ,ĂůůŽǁĞĞŶ ĨĂŵŝůŝĂƌ ĐŽŶ ĂĐƟǀŝĚĂĚĞƐ ƚĞŵĄƟĐĂƐ ƉĂƌĂ ůŽƐ ŵĄƐ ƉĞƋƵĞŹŽƐ͕ ĐŽŵŽ ĚĞƐĮůĞƐ ĚĞ ĚŝƐĨƌĂĐĞƐ Ǉ ďƷƐƋƵĞĚĂ ĚĞ ĚƵůĐĞƐ͘ ^ĞĂtŽƌůĚ ,ŽǁůͲKͲ^ĐƌĞĂŵ ;ϱ ĚĞ ƐĞƉƟĞŵͲ ďƌĞ Ăů Ϯ ĚĞ ŶŽǀŝĞŵďƌĞ͕ ĞŶ ŶŽĐŚĞƐ ƐĞůĞĐĐŝŽͲ ŶĂĚĂƐͿ ʹ ů ,ĂůůŽǁĞĞŶ ŵĄƐ ĂƚĞƌƌĂĚŽƌ ĚĞ KƌůĂŶĚŽ ƌĞŐƌĞƐĂ ĐŽŶ ŶƵĞǀĂƐ ĞǆƉĞƌŝĞŶĐŝĂƐ ĚĞ ƚĞƌƌŽƌ͘ ŶƚƌĂĚĂ ƐĞƉĂƌĂĚĂ ƌĞƋƵĞƌŝĚĂ͘ ŚƌŝƐƚŵĂƐ ĞůĞďƌĂƟŽŶ ;ϳ ĚĞ ŶŽǀŝĞŵďƌĞ Ăů Ϯ ĚĞ ĞŶĞƌŽ ĚĞ ϮϬϮϲ͕ ĞŶ ĨĞĐŚĂƐ ƐĞůĞĐĐŝŽŶĂĚĂƐͿ ʹ sŝǀĞ ůĂ ŵĂŐŝĂ ŶĂǀŝĚĞŹĂ ĐŽŶ ĚĞůŝĐŝĂƐ͕ ƉĂƟͲ ŶĂũĞ ƐŽďƌĞ ŚŝĞůŽ Ǉ ĞƐƉĞĐƚĄĐƵůŽƐ ĨĞƐƟǀŽƐ͘

ŝŶƐƉŝƌĂĚŽƐ ĞŶ ůĂ ŐĂƐƚƌŽŶŽŵşĂ ŵƵŶĚŝĂů͘ 'ŝƌĂīĞƐ 'ĂůůŽƌĞ ;Ϯϭ Ǉ ϮϮ ĚĞ ũƵŶŝŽͿ ʹ ĞůĞďƌĂ ƵŶ ĮŶ ĚĞ ƐĞŵĂŶĂ ĚĞĚŝĐĂĚŽ Ă ůĂƐ ŵĂũĞƐƚƵŽͲ ƐĂƐ ũŝƌĂĨĂƐ ĞŶ ůĂ ^ĞƌĞŶŐĞƟ WůĂŝŶ͘tŝůĚ ^ƵŵͲ ŵĞƌ ;Ϯϯ ĚĞ ŵĂǇŽ Ăů ϭϬ ĚĞ ĂŐŽƐƚŽͿ ʹ ,ŽƌĂƌŝŽƐ ĞǆƚĞŶĚŝĚŽƐ͕ ĞŶƚƌĞƚĞŶŝŵŝĞŶƚŽ ĞƐƉĞĐŝĂů Ǉ ĨƵĞͲ ŐŽƐ ĂƌƟĮĐŝĂůĞƐ ƉĂƌĂ ĐĞůĞďƌĂƌ Ğů ǀĞƌĂŶŽ͘ ƌĞǁƐ Θ Y ;ϭϲ ĚĞ ĂŐŽƐƚŽ Ăů Ϯ ĚĞ ƐĞƉƟĞŵͲ ďƌĞ͕ ǀŝĞƌŶĞƐ Ă ĚŽŵŝŶŐŽͿ ʹ ĞůĠŝƚĂƚĞ ĐŽŶ ƐĂďŽƌĞƐ ĂŚƵŵĂĚŽƐ Ǉ ĐĞƌǀĞǌĂƐ ƌĞĨƌĞƐĐĂŶƚĞƐ͘ ƵƐĐŚ 'ĂƌĚĞŶƐ ,ŽǁůͲKͲ^ĐƌĞĂŵ ;ϱ ĚĞ ƐĞƉͲ ƟĞŵďƌĞ Ăů Ϯ ĚĞ ŶŽǀŝĞŵďƌĞ͕ ŶŽĐŚĞƐ ƐĞůĞĐͲ ĐŝŽŶĂĚĂƐͿ ʹ dĞƌƌŽƌ ŐĂƌĂŶƟǌĂĚŽ ĐŽŶ ŶƵĞǀĂƐ ĞǆƉĞƌŝĞŶĐŝĂƐ͘ ŶƚƌĂĚĂ ƐĞƉĂƌĂĚĂ ƌĞƋƵĞƌŝĚĂ͘ ^ǁĞĞƚĂĐƵůĂƌ ĞůĞďƌĂƟŽŶ ;ϲ ĚĞ ƐĞƉƟĞŵďƌĞ Ăů ϭ ĚĞ ŶŽǀŝĞŵďƌĞ͕ ĮŶĞƐ ĚĞ ƐĞŵĂŶĂͿ ʹ hŶ ,ĂůůŽǁĞĞŶ ĚŝƐĞŹĂĚŽ ĞƐƉĞĐŝĂůŵĞŶƚĞ ƉĂƌĂ ůŽƐ ƉĞƋƵĞŹŽƐ͘ ŚƌŝƐƚŵĂƐ dŽǁŶ ;ϭϰ ĚĞ ŶŽǀŝĞŵďƌĞ Ăů ϱ ĚĞ ĞŶĞƌŽ ĚĞ ϮϬϮϲͿ ʹ dƌĂŶƐĨŽƌŵĂ ƚƵƐ ĮĞƐƚĂƐ ŶĂǀŝĚĞŹĂƐ ĐŽŶ ůƵĐĞƐ ďƌŝůůĂŶƚĞƐ͕ ĞƐƉĞĐƚĄĐƵͲ ůŽƐ ĨĞƐƟǀŽƐ Ǉ ĚĞůŝĐŝĂƐ ŝƌƌĞƐŝƐƟďůĞƐ͘

ƵƐĐŚ 'ĂƌĚĞŶƐ dĂŵƉĂ ĂǇ ů ƵƐĐŚ 'ĂƌĚĞŶƐ dĂŵƉĂ ĂǇ ŽĨƌĞĐĞ ƵŶ ĂŹŽ ůůĞŶŽ ĚĞ ĞǀĞŶƚŽƐ ĚŝƐĞŹĂĚŽƐ ƉĂƌĂ ƚŽĚĂƐ ůĂƐ ĞĚĂĚĞƐ͗ ZĞĂů DƵƐŝĐ ^ĞƌŝĞƐ ;ŚĂƐƚĂ Ğů ϮϮ ĚĞ ĨĞďƌĞͲ ƌŽ͕ ůƵŶĞƐ Ă ƐĄďĂĚŽͿ ʹ ŝƐĨƌƵƚĂ ĚĞ ůĂ ƐĞƌŝĞ ŵƵƐŝĐĂů ĞŶ ǀŝǀŽ ŵĄƐ ĞǆƚĞŶƐĂ ĚĞů ƉĂƌͲ ƋƵĞ͘DĂƌĚŝ 'ƌĂƐ ;ŚĂƐƚĂ Ğů Ϯ ĚĞ ŵĂƌǌŽ͕ ǀŝĞƌŶĞƐ Ă ĚŽŵŝŶŐŽͿ ʹ &ŝĞƐƚĂƐ ůůĞŶĂƐ ĚĞ ĚĞƐĮůĞƐ͕ ŵƷƐŝĐĂ Ǉ ŐĂƐƚƌŽŶŽŵşĂ ĐĂũƷŶ͘ <ŝĚƐ͛ tĞĞŬĞŶĚƐ ;Ϯϱ ĚĞ ĞŶĞƌŽ Ăů ϵ ĚĞ ĨĞďƌĞƌŽ͕ ĮŶĞƐ ĚĞ ƐĞŵĂŶĂͿ ʹ ŝǀĞƌƐŝſŶ ĨĂŵŝůŝĂƌ ĐŽŶ ůŵŽ͕ ŽŽŬŝĞ DŽŶƐƚĞƌ Ǉ ŵĄƐ ĂŵŝŐŽƐ ĚĞ ^ĞƐĂŵĞ ^ƚƌĞĞƚΠ͘ ƵƐĐŚ 'ĂƌĚĞŶƐ &ŽŽĚ Θ tŝŶĞ &ĞƐƟǀĂů ;ϳ ĚĞ ŵĂƌǌŽ Ăů ϭϴ ĚĞ ŵĂǇŽ͕ ǀŝĞƌŶĞƐ Ă ĚŽŵŝŶŐŽͿ ʹ ŝƐĨƌƵƚĂ ĚĞ ƉůĂƚŽƐ Ǉ ďĞďŝĚĂƐ

Ϯϵ Ϯϵ

͞^Ğ ǀŝĞŶĞ ŽƚƌĂ ĞƚĂƉĂ ĚĞ ƌĞǀŝƐĂƌ Ǉ ƌĞŽƌĚĞŶĂƌ ůĂ ŶŽƌŵĂƟǀĂ͟ ƉŽƌ ŝƉǁ͘ƚƌĂǀŵĞĚŝĂ

ů ǀĞƌĂŶŽ ĞŶ <ŝƐƐŝŵŵĞĞ ĞƐƚĄ ƋƵĞ ĂƌĚĞ ĐŽŶ ĞǆƉĞƌŝĞŶĐŝĂƐ ŝŶŽůǀŝĚĂďůĞƐ͕ ĞǀĞŶƚŽƐ ĨĂŵŝůŝĂƌĞƐ Ǉ ĂǀĞŶƚƵƌĂƐ ďĂũŽ Ğů ƐŽů ĞŶ ĐĂĚĂ ƌŝŶĐſŶ͘ zĂ ƐĞĂ ƋƵĞ ƐĞ ƐƵŵĞƌũĂ ĞŶ ĐĞůĞďƌĂͲ ĐŝŽŶĞƐ ũƵŶƚŽ Ă ůĂ ƉŝƐĐŝŶĂ͕ ĞǆƉůŽƌĞ ŶƵĞǀĂƐ ĐĂƐĂƐ ǀĂĐĂĐŝŽŶĂůĞƐ ĚĞ ůƵũŽ Ž ĚĞƐĐƵďƌĂ ůĂƐ ƷůƟŵĂƐ ĂƚƌĂĐĐŝŽŶĞƐ ĞŶ ƉĂƌƋƵĞƐ ƚĞŵĄƟĐŽƐ ĚĞ ƌĞŶŽŵďƌĞ ŵƵŶĚŝĂů͕ ŚĂǇ ĂůŐŽ ƉĂƌĂ ƚŽĚŽƐ ůŽƐ ŐƵƐƚŽƐ ĞƐƚĂ ƚĞŵƉŽƌĂĚĂ͘ ĞƐĚĞ Ğů ĮŶ ĚĞ ƐĞŵĂŶĂ ĚĞů şĂ ĚĞ ůŽƐ ĂşĚŽƐ ŚĂƐƚĂ ĮŶĂůĞƐ ĚĞ ƐĞƉƟĞŵďƌĞ͕ ƚĂŶƚŽ ƌĞƐŝĚĞŶƚĞƐ ĐŽŵŽ ǀŝĂũĞƌŽƐ ƉŽĚƌĄŶ ĚŝƐĨƌƵƚĂƌ ĚĞů ƐŽů͕ ƐĂďŽƌĞĂƌ ƐĂďŽƌĞƐ ĨƌĞƐĐŽƐ Ǉ ĐƌĞĂƌ ƌĞĐƵĞƌĚŽƐ ŝŵďŽƌƌĂďůĞƐ ĞŶ Ğů ĐŽŶĚĂĚŽ ĚĞ KƐĐĞŽůĂ Ǉ ŵĄƐ ĂůůĄ͘ >K: D/ EdK^ DĞůŝĄ KƌůĂŶĚŽ ĞůĞďƌĂƟŽŶ ůĂŶǌĂ ůĂ ƐĞƌŝĞ ĚĞ ĮĞƐƚĂƐ ĚĞ ǀĞƌĂŶŽ ĞŶ ůĂ ƉŝƐĐŝŶĂ Ă ƉĂƌƟƌ ĚĞ ũƵŶŝŽ͘ >Ă ƐĞƌŝĞ ĚĞ ĮĞƐƚĂƐ ĚĞ ǀĞƌĂŶŽ ĞŶ ůĂ ƉŝƐĐŝŶĂ ĚĞ DĞůŝĄ KƌůĂŶĚŽ ĞůĞďƌĂƟŽŶ ĐŽŵŝĞŶǌĂ ĞŶ ĨĞĐŚĂƐ ƐĞůĞĐĐŝŽŶĂĚĂƐ ĚĞů Ϯϴ ĚĞ ũƵŶŝŽ Ăů ϮϬ ĚĞ ƐĞƉƟĞŵďƌĞ͘ ƐƚŽƐ ĞǀĞŶƚŽƐ ůůĞŶŽƐ ĚĞ ĞŶĞƌŐşĂ ŝŶĐůƵŝƌĄŶ ƐĞƐŝŽŶĞƐ ĚĞ : ĞŶ ǀŝǀŽ͕ ũƵĞŐŽƐ ũƵŶƚŽ Ă ůĂ ƉŝƐĐŝŶĂ͕ ĚĞĐŽƌĂͲ ĐŝſŶ ƚĞŵĄƟĐĂ Ǉ ŽĨĞƌƚĂƐ ĞǆĐůƵƐŝǀĂƐ ĚĞ ĐŽŵŝĚĂ Ǉ ďĞďŝĚĂ͘ ǆƉůŽƌĂ ĚŽƐ ŶƵĞǀĂƐ ĐĂƐĂƐ ĚĞ ůƵũŽ ĐŽŶ DĂŐŝĐĂů sĂĐĂƟŽŶ ,ŽŵĞƐ ĞŶ ϮϬϮϱ DĂŐŝĐĂů sĂĐĂƟŽŶ ,ŽŵĞƐ ƐĞ ĐŽŵƉůĂĐĞ ĞŶ ŽĨƌĞĐĞƌ ĚŽƐ ŶƵĞǀĂƐ Ğ ŝŵƉƌĞƐŝŽŶĂŶƚĞƐ ƉƌŽͲ ƉŝĞĚĂĚĞƐ ƋƵĞ ƌĞĂůǌĂƌĄŶ ƚƵƐ ǀĂĐĂĐŝŽŶĞƐ ĞŶ &ůŽƌŝĚĂ ĞŶƚƌĂů͘ ŵďĂƐ ĐĂƐĂƐ͕ ƵďŝĐĂͲ ĚĂƐ ĞŶ Ğů ZĞƵŶŝŽŶ ZĞƐŽƌƚ͕ ŽĨƌĞĐĞŶ ĂĐĐĞƐŽ Ă ĐĂŵƉŽƐ ĚĞ ŐŽůĨ͕ ƵŶ ƉĂƌƋƵĞ ĂĐƵĄƟĐŽ ƉƌŝͲ ǀĂĚŽ͕ ƌĞƐƚĂƵƌĂŶƚĞƐ Ǉ ŵƵĐŚŽ ŵĄƐ͘

ϯϬ

dŚĞ tŝǌĂƌĚŝŶŐ DĂŶƐŝŽŶ ĂƉŽƌƚĂ ƵŶ ƚŽƋƵĞ ŵĄŐŝĐŽ Ă ƚƵ ĞƐƚĂŶĐŝĂ ĐŽŶ ůƵũŽƐĂƐ ĐŽŵŽĚŝͲ ĚĂĚĞƐ Ǉ ŚĂďŝƚĂĐŝŽŶĞƐ ƚĞŵĄƟĐĂƐ ƋƵĞ ƚĞ ƚƌĂŶƐƉŽƌƚĂƌĄŶ Ă ŽƚƌŽ ŵƵŶĚŽ͘ dŚĞ >ƵǆĞ ZĞƚƌĞĂƚ ĞƐ ŽƚƌŽ ĚĞ ůŽƐ ĨĂǀŽƌŝƚŽƐ ĚĞ ůŽƐ ŚƵĠƐƉĞĚĞƐ͕ ĐŽŶ ƵŶ ƐŝŵƵůĂĚŽƌ ĚĞ

ŐŽůĨ͕ ƵŶĂ ƐĂůĂ ĚĞ ũƵĞŐŽƐ ƐĞĐƌĞƚĂ Ǉ ĞǆƋƵŝƐŝͲ ƚŽƐ ĂĐĂďĂĚŽƐ ĚĞ ĐŝŶĐŽ ĞƐƚƌĞůůĂƐ͘ ŽŶ ĐĂƉĂͲ ĐŝĚĂĚ ƉĂƌĂ ŚĂƐƚĂ Ϯϴ ŚƵĠƐƉĞĚĞƐ͕ ĞƐ ŝĚĞĂů ƉĂƌĂ ŐƌƵƉŽƐ ŐƌĂŶĚĞƐ ƋƵĞ ďƵƐĐĂŶ ƵŶĂ ĞƐĐĂƉĂĚĂ ĚĞ ůƵũŽ͘ ĞůĞďƌĞ Ğů ĮŶ ĚĞ ƐĞŵĂŶĂ ĚĞů şĂ ĚĞ ůŽƐ ĂşĚŽƐ ĞŶ ĞůƚĂ ,ŽƚĞůƐ ďǇ DĂƌƌŝŽƩ KƌůĂŶĚŽ ĞůĞďƌĂƟŽŶ ƐƚĞ ĮŶ ĚĞ ƐĞŵĂŶĂ ĚĞů şĂ ĚĞ ůŽƐ ĂşĚŽƐ͕ ůŽƐ ŚƵĠƐƉĞĚĞƐ ĞƐƚĄŶ ŝŶǀŝƚĂĚŽƐ Ă ĞůƚĂ ,ŽƚĞůƐ ďǇ DĂƌƌŝŽƩ KƌůĂŶĚŽ ĞůĞďƌĂƟŽŶ ƉĂƌĂ ƵŶĂ ĂŶŝŵĂĚĂ ĐĞůĞďƌĂĐŝſŶ ũƵŶƚŽ Ă ůĂ ƉŝƐĐŝŶĂ͘ dŽĚŽƐ ůŽƐ ĚşĂƐ͕ ĚĞ ϭϭ͗ϬϬ Ă͘ ŵ͘ Ă ϯ͗ϬϬ Ɖ͘ ŵ͕͘ Ğů ĞǀĞŶƚŽ ĐŽŶƚĂƌĄ ĐŽŶ ƵŶ ĂŶŝͲ ŵĂĚŽ : Ǉ ƵŶĂ ďĂƌďĂĐŽĂ ĞƐƉĞĐƚĂĐƵůĂƌ͘ 'ĂǇůŽƌĚ WĂůŵƐ ZĞƐŽƌƚ ƉƌĞƐĞŶƚĂ ΗsĞƌĂŶŽ Η ĐŽŶ tĂƌŶĞƌ ƌŽƐ͘ ŝƐĐŽǀĞƌǇ 'ůŽďĂů ǆƉĞƌŝĞŶĐĞƐ ƐƚĞ ǀĞƌĂŶŽ͕ 'ĂǇůŽƌĚ WĂůŵƐ ZĞƐŽƌƚ ƐĞ ƵŶĞ

Ă tĂƌŶĞƌ ƌŽƐ͘ ŝƐĐŽǀĞƌǇ 'ůŽďĂů ǆƉĞͲ ƌŝĞŶĐĞƐ ƉĂƌĂ Ğů sĞƌĂŶŽ ͕ ƋƵĞ ƐĞ ĐĞůĞͲ ďƌĂƌĄ ĚĞů Ϯϯ ĚĞ ŵĂǇŽ Ăů ϭ ĚĞ ƐĞƉƟĞŵďƌĞ͘ >ŽƐ ŚƵĠƐƉĞĚĞƐ ƉŽĚƌĄŶ ƐƵŵĞƌŐŝƌƐĞ ĞŶ Ğů ŵƵŶĚŽ ĚĞ ůŽƐ ƐƵƉĞƌŚĠƌŽĞƐ Ǉ ƐƵƉĞƌǀŝůůĂͲ ŶŽƐ ĚĞ ĐŽŶ ĞƐƉĞĐƚĄĐƵůŽƐ ĞŶ ǀŝǀŽ͕ ĐĞŶĂƐ ĐŽŶ ůŽƐ ƉĞƌƐŽŶĂũĞƐ͕ ĞŶĐƵĞŶƚƌŽƐ Ǉ ŵŝƐŝŽŶĞƐ ĚĞ ƌŽŵͲ ƉĞĐĂďĞǌĂƐ ĐŽŶ ƉĞƌƐŽŶĂũĞƐ ĨĂǀŽƌŝƚŽƐ ĐŽŵŽ ůĂ DƵũĞƌ DĂƌĂͲ ǀŝůůĂ͕ ^ƵƉĞƌŵĂŶ Ǉ ĂƚŵĂŶ͘ ,ĂǇ ƉĂƋƵĞƚĞƐ ĚĞ ŚĂďŝƚĂĐŝſŶ ĚĞ ƐƵƉĞƌŚĠƌŽĞƐ ĚŝƐƉŽŶŝďůĞƐ͕ ƋƵĞ ŝŶĐůƵǇĞŶ ƵŶ ƉĂƋƵĞƚĞ ĚĞ ďŝĞŶǀĞŶŝĚĂ ĐŽŶ ĐĂƉĂ͕ ůŝďƌŽ ĚĞ ĂƵƚſŐƌĂĨŽƐ Ǉ ĂƌơĐƵůŽƐ ƚĞŵĄƟͲ ĐŽƐ͘ >ŽƐ ĞǀĞŶƚŽƐ ŵĄƐ ĚĞƐƚĂĐĂĚŽƐ ŝŶĐůƵǇĞŶ͗ sŝǀĞ ůĂ >ĞǇĞŶĚĂ͗ ů ĞƐƉĞĐƚĄĐƵͲ ůŽ ĞŶ ǀŝǀŽ ĚĞ ůĂ ĐĂĚĞŵŝĂ ĚĞ ^ƵƉĞƌŚĠƌŽĞƐ ĚĞ ͕ ĚŽŶĚĞ ůŽƐ ǀŝƐŝƚĂŶƚĞƐ ƌĞƐƵĞůǀĞŶ ĂĐĞƌƟũŽƐ Ǉ ƉŽŶĞŶ Ă ƉƌƵĞďĂ ƐƵƐ ŚĂďŝůŝĚĂͲ ĚĞƐ ŚĞƌŽŝĐĂƐ ŵŝĞŶƚƌĂƐ ƐĞ ĞŶĐƵĞŶƚƌĂŶ ĐŽŶ ƐƵƉĞƌŚĠƌŽĞƐ͘ ĞŶĂ ĐŽŶ ,ĠƌŽĞƐ͗ hŶĂ ĞǆƉĞƌŝĞŶĐŝĂ ŐĂƐͲ ƚƌŽŶſŵŝĐĂ ĐŽŶ ƉĞƌƐŽŶĂũĞƐ ĞŶ Ğů ^ĂůſŶ ĚĞ ůĂ :ƵƐƟĐŝĂ ĐŽŶ ůĂ DƵũĞƌ DĂƌĂǀŝůůĂ͕ ĂƚŵĂŶ Ǉ ^ƵƉĞƌŵĂŶ͘ DĂŶŽƐ ,ĞƌŽŝĐĂƐ ĞŶ ĐĐŝſŶ͗ >ŽƐ ũſǀĞŶĞƐ ǀŝƐŝƚĂŶƚĞƐ ƉƵĞĚĞŶ ĐƌĞĂƌ ƵŶ ƌĞĐƵĞƌĚŽ ƉĂƌĂ ůůĞǀĂƌ Ă ĐĂƐĂ ĞŶ ůĂ ŽŶĂ ĚĞ DĂŶƵĂůŝͲ ĚĂĚĞƐ ĚĞ ^ƵƉĞƌŚĠƌŽĞƐ ĚĞ ͘ ĚŝǀŝŶĂ ĞƐƚŽ͗ ZĞƐƵĞůǀĞ ĂĐĞƌƟũŽƐ ĞŶ ůĂ ƷƐͲ ƋƵĞĚĂ ĚĞů dĞƐŽƌŽ ĚĞ >Ă sĞŶŐĂŶǌĂ ĚĞů ĐĞƌͲ ƟũŽ ƉŽƌ ƚŽĚŽ Ğů ƌĞƐŽƌƚ͘ DĞĚŝĂ ŽŶƚĂĐƚ͗ ǆƉĞƌŝĞŶĐĞ <ŝƐƐŝŵŵĞĞ DĞĚŝĂ ZĞůĂƟŽŶƐ dĞĂŵ ŵĞĚŝĂΛĞǆƉĞƌŝĞŶĐĞŬŝƐƐŝŵŵĞĞ͘ĐŽŵ DƵŶĚŽ dƵƌşƐƚŝĐŽ DĂŐĂǌŝŶĞ