<%BANNER%>

The Association Between Pediatric Peer Victimization and Health Care Costs

Permanent Link: http://ufdc.ufl.edu/UFE0024549/00001

Material Information

Title: The Association Between Pediatric Peer Victimization and Health Care Costs
Physical Description: 1 online resource (58 p.)
Language: english
Creator: Kahhan, Nicole
Publisher: University of Florida
Place of Publication: Gainesville, Fla.
Publication Date: 2009

Subjects

Subjects / Keywords: children, costs, healthcare, pediatric, victimization
Clinical and Health Psychology -- Dissertations, Academic -- UF
Genre: Psychology thesis, M.S.
bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: Peer victimization has been linked to a myriad of negative psychosocial outcomes, psychosomatic symptoms, and health problems in children. No research has been done, however, to examine whether the experience of peer victimization is related to health care expenditures. Currently only 30-40% of the variance in children?s health care use has been accounted for, with family variables, demographics, and child mental/physical health status represented. The purpose of this study was (1) to determine if peer victimization was related to health care utilization (specifically acute care costs); and (2) to determine if this relationship was mediated by child or guardian reported psychosocial variables, or the presence of a mental health diagnosis. Participants were 213 children enrolled in Medicaid, ages 7-15, and their guardian(s), recruited from pediatric primary care clinics. Guardians completed a demographic form and the Child Behavior Checklist (CBCL). Children completed the Social Experience Questionnaire (SEQ) and the Pediatric Quality of Life Inventory (PedsQL). Health care expenditures and previous mental health diagnosis were extracted from the Medicaid database. Child perception of peer victimization was significantly related to acute care costs. Moreover, total child behavioral and emotional problems as measured by the CBCL, child report of quality of life, and presence of a mental health diagnosis each mediated the relationship between peer victimization and health care costs. These data suggest that peer victimization may lead to an increase in health care costs, and child behavioral and emotional functioning may create an important pathway leading to increased acute medical care. Given that current health care use patterns are predictive of future use, further elucidating the relationship between peer victimization and health care use may provide insight into potential points of intervention to decrease children?s medical costs.
General Note: In the series University of Florida Digital Collections.
General Note: Includes vita.
Bibliography: Includes bibliographical references.
Source of Description: Description based on online resource; title from PDF title page.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The University of Florida Libraries, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Statement of Responsibility: by Nicole Kahhan.
Thesis: Thesis (M.S.)--University of Florida, 2009.
Local: Adviser: Janicke, David M.
Electronic Access: RESTRICTED TO UF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE UNTIL 2009-11-30

Record Information

Source Institution: UFRGP
Rights Management: Applicable rights reserved.
Classification: lcc - LD1780 2009
System ID: UFE0024549:00001

Permanent Link: http://ufdc.ufl.edu/UFE0024549/00001

Material Information

Title: The Association Between Pediatric Peer Victimization and Health Care Costs
Physical Description: 1 online resource (58 p.)
Language: english
Creator: Kahhan, Nicole
Publisher: University of Florida
Place of Publication: Gainesville, Fla.
Publication Date: 2009

Subjects

Subjects / Keywords: children, costs, healthcare, pediatric, victimization
Clinical and Health Psychology -- Dissertations, Academic -- UF
Genre: Psychology thesis, M.S.
bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: Peer victimization has been linked to a myriad of negative psychosocial outcomes, psychosomatic symptoms, and health problems in children. No research has been done, however, to examine whether the experience of peer victimization is related to health care expenditures. Currently only 30-40% of the variance in children?s health care use has been accounted for, with family variables, demographics, and child mental/physical health status represented. The purpose of this study was (1) to determine if peer victimization was related to health care utilization (specifically acute care costs); and (2) to determine if this relationship was mediated by child or guardian reported psychosocial variables, or the presence of a mental health diagnosis. Participants were 213 children enrolled in Medicaid, ages 7-15, and their guardian(s), recruited from pediatric primary care clinics. Guardians completed a demographic form and the Child Behavior Checklist (CBCL). Children completed the Social Experience Questionnaire (SEQ) and the Pediatric Quality of Life Inventory (PedsQL). Health care expenditures and previous mental health diagnosis were extracted from the Medicaid database. Child perception of peer victimization was significantly related to acute care costs. Moreover, total child behavioral and emotional problems as measured by the CBCL, child report of quality of life, and presence of a mental health diagnosis each mediated the relationship between peer victimization and health care costs. These data suggest that peer victimization may lead to an increase in health care costs, and child behavioral and emotional functioning may create an important pathway leading to increased acute medical care. Given that current health care use patterns are predictive of future use, further elucidating the relationship between peer victimization and health care use may provide insight into potential points of intervention to decrease children?s medical costs.
General Note: In the series University of Florida Digital Collections.
General Note: Includes vita.
Bibliography: Includes bibliographical references.
Source of Description: Description based on online resource; title from PDF title page.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The University of Florida Libraries, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Statement of Responsibility: by Nicole Kahhan.
Thesis: Thesis (M.S.)--University of Florida, 2009.
Local: Adviser: Janicke, David M.
Electronic Access: RESTRICTED TO UF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE UNTIL 2009-11-30

Record Information

Source Institution: UFRGP
Rights Management: Applicable rights reserved.
Classification: lcc - LD1780 2009
System ID: UFE0024549:00001


This item has the following downloads:


Full Text

PAGE 1

nnrnnnnnn n n nnnnnn n n nnn

PAGE 2

!"#$%&''&(

PAGE 3

) r n*#+$,$!-%.#.'&(-&/!,0&(!"-%1'2#3'!45%(.#34'!6#(.'!463#7%".1&4*%$$&45 23!%(,4&(,2&5!$2#3.'%!3"#(.!(+%,4+66#3.&(,%("#+3&8%5%(.

PAGE 4

9 6&8% r) n: nn; < nn #.%(.!&$22%".4#2%%3!".!5!=&.!#( %%3!".!5!=&.!#(&(,4"'#4#"!&$%/%$#65%(. %%3!".!5!=&.!#(&(,n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

PAGE 5

? %(.&$'%&$.',!&8(#4!4&4&5%,!&.#3!(.'%3%$&.!#(4'!6B%.*%%(&"+.%"&3% %>6%(,!.+3%4&(,6%%3/!".!5!=&.!#() #$$#*C+6(&$4%4D>.%3(&$!=!(8&(,n(.%3(&$!=!(8%'&/!#33#B$% 54) #$$#*C+6(&$4%4D'4!"&$15#.!#(&$1#"!&$1&(,"'##$+&$!.#2!2% ) #$$#*C+6(&$4%4Dr%$$C'%"-!4!.4)) 9nn9 !5!.&.!#(4&(,.3%(8.'49: +.+3%!3%".!#(49 $!(!"&$n56$!"&.!#(4? nEn?) nn?<

PAGE 6

: n &B$% 6&8% )C&3.!"!6&(.,%5#83&6'!",&.&)9 )C!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3.#.&$"'!$,B%'&/!#34 5%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4)? )C)!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3"'!$,A+&$!.#2$!2%5 %,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4)? )C9!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#35%(.&$'%&$.',!&8(#4! 45%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4): )C?!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3!(.%3(&$!=!(8B%'& /!#345%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4): )C:!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3%>.%3(&$!=!(8B% '&/!#345%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4); )C;!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#34#"!&$A+&$!.#2$!2 %5%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,'%&$.'"&3%"#4.4);

PAGE 7

; nn !8+3% 6&8% C%63%4%(.&.!#(#2.'%5%,!&.!#(5#,%$D4"'#4#"!&$2+(".!#(!(85%,!&.!(8. '% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4; )C&3%(.3%6#3.#2.#.&$5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3/!" .!5!=&.!#(&(,&"+.% "&3%"#4.4)< )C'!$,A+&$!.#2$!2%5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5! =&.!#(&(,&"+.% "&3%"#4.4)< )C)3%4%("%#2&5%(.&$'%&$.'/&3!&B$%5%,!&.!(8.'%3%$&.!#(4'!6B %.*%%(6%%3 /!".!5!=&.!#(&(,&"+.%"&3%"#4.4) )C9n(.%3(&$!=!(8B%'&/!#345%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3 /!".!5!=&.!#(&(, &"+.%"&3%"#4.4) )C?>.%3(&$!=!(8B%'&/!#345%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3 /!".!5!=&.!#(&(, &"+.%"&3%"#4.49 )C:#"!&$A+&$!.#2$!2%5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3/!". !5!=&.!#(&(,&"+.% "&3%"#4.49

PAGE 8

< B4.3&".#2'%4!43%4%(.%,.#.'%3&,+&.%"'##$ #2.'%(!/%34!.#2$#3!,&!(&3.!&$+$2!$$5%(.#2.'% %A+!3%5%(.42#3.'%%83%%#2&4.%3#2"!%("% nnrnnnnnn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n(/%(.#3H%,4I%&$.'"&3%%>6% (,!.+3%4&(,63%/!#+45%(.&$ '%&$.',!&8(#4!4*%3%%>.3&".%,23#5.'%%,!"&!,,&.&B&4%'!$,6%3" %6.!#(#26%%3 /!".!5!=&.!#(*&44!8(!2!"&(.$3%$&.%,.#&"+.%"&3%"#4.4#3%#/% 31.#.&$"'!$,B%'&/!#3&$&(, %5#.!#(&$63#B$%54&45%&4+3%,B.'%1"'!$,3%6#3.#2A+&$!.#2$ !2%1&(,63%4%("%#2& 5%(.&$'%&$.',!&8(#4!4%&"'5%,!&.%,.'%3%$&.!#(4'!6B%.*%%(6%%3/!" .!5!=&.!#(&(,'%&$.'

PAGE 9

"&3%"#4.4'%4%,&.&4+88%4..'&.6%%3/!".!5!=&.!#(5&$%&,.#&(!(" 3%&4%!('%&$.'"&3%"#4.41 &(,"'!$,B%'&/!#3&$&(,%5#.!#(&$2+(".!#(!(85&"3%&.%&(!56#3.&(.6&.'*& $%&,!(8.# !("3%&4%,&"+.%5%,!"&$"&3%!/%(.'&."+33%(.'%&$.'"&3%+4%6&.. %3(4&3%63%,!".!/%#22+.+3% +4%12+3.'%3%$+"!,&.!(8.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(& (,'%&$.'"&3%+4%5& 63#/!,%!(4!8'.!(.#6#.%(.!&$6#!(.4#2!(.%3/%(.!#(.#,%"3%&4%"'!$,3%(@45%,! "&$"#4.4

PAGE 10

nn '!$,3%(#2.%(%>6%3!%("%6%%3/!".!5!=&.!#(1&(#""+33%("%*'!"'.6!"&$ $!(/#$/%4 3%6%&.%,%>6#4+3%.#2#354#2&883%44!#(6%36%.3&.%,B#.'%341&(,5&!(/#$/%& 3%&$#3 6%3"%!/%,6#*%3!5B&$&("%B%.*%%(&B+$$&(,&/!".!5H3!"-K !8B%%1!4.4!(5&(#/%3.&(,"#/%3.2#35 4H&,%(C r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r&3(%31)1r#$-%1r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

PAGE 11

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r! .'!(.'%(!.%,.&.%41

PAGE 12

4!5!$&33&.%4#2/!".!5!=&.!#('&/%B%%(2#+(,&5#(8&+"&4!&(&(,!46&(!"" '!$,3%(H.#3"'1 #"-1&4!&Cr&3(%3K&3$&41)I#*%/%3123!"&(5%3!"&("'!$,3% (&3%$%44$!-%$.#B% /!".!5!=%,.'&(.'%!3&+"&4!&(#3!46&(!"6%%34(2#3.+(&.%$1&5#(8 23!"&(5%3!"&( "'!$,3%(*'#&3%/!".!5!=%,15#3%(%8&.!/%#+."#5%4'&/%B%%(#B4%3/%,!("$+,!(8 $#*%34%$2C %4.%%5&(,!("3%&4%,$#(%$!(%44H3&'&5K0+/#(%(1.%3(&$!=!(8B%'&/!#341.'%63%4%("%#25%(.&$'%&$.',!&8(#4%41$#*%3A+&$ !.#2$!2%1&(, 64"'#4#5&.!"&(,'%&$.'456.#54H%8&(4%$1J+.&$$%=%.&$1;J.#3 "'K%,$%1 ?Irr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

PAGE 13

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r %%3/!".!5!=&.!#('&4&$4#B%%(&44#"!&.%,*!.'B#.'&(!("3%&4%!(1&(,.'% 63%4%("%#21 !(.%3(&$!=!(8B%'&/!#34!("'!$,3%(r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

PAGE 14

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nrn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

PAGE 15

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n"3!.%3!&2#3,%63%44!#(1+4!(8 &3%.3#46%".!/% 3%"&$$#2"'!$,'##,/!".!5!=&.!#(%3%1#/%3?F#2.'%6&3.!"!6&(.43%6#3.%,% >6#4+3%.# B+$$!(8&4"'!$,3%(1*!.'.'%4%6&3.!"!6&(.43%6#3.!(8"#5#3B!,&(>!% .456.#54*'!"'*%3% +(!A+%$63%,!".%,B.'!4/!".!5!=&.!#(H$&,4.#(%1&3-%31#3,#(1K&$'!1:I (2#3.+(&.%$.'%3%.3#46%".!/%&(,"3#44C4%".!#(&$(&.+3%#2.'!44.+,!('!B !.4#+3&B!$!..# 5&-%"&+4&$!(2%3%("%423#5.'!4,&.& (!(,!/!,+&$@46%34#(&$6%3"%6.!#(#2.'%!3#/%3&$$4&.!42&".!#(*!.'$! 2%&(,*%$$CB%!(8 !43%2$%".%,!(.'%!3A+&$!.#2$!2%Hr!$-!(4C'+35%3%.&$1I+&$!. #2$!2%'&45&( ,!5%(4!#(4!("$+,!(8&3%&44+"'&4%5#.!#(&$14#"!&$14"'#$&4.!"1&(,6'4!"&$*% $$CB%!(8 H#55%$1&/!41K&$,&44&(#1
PAGE 16

: /!".!5!=&.!#(!4&(!56#3.&(./&3!&B$%3%$&.%,.#A+&$!.#2$!2%!("'!$ ,3%(1'&/!(8&(%8&.!/% !56&".#(64"'#4#"!&$*%$$CB%!(8Hr!$-!(4C'+35%31@&$$&8'&(1 &75&(1#31r!$$!&541K (,%34#(1)I1/%3$!..$%3%4%&3"''&4B%%(,#(%$##-!(846%"!2!"&$$&..'%3% $&.!#(4'!6 B%.*%%(.'%4%/&3!&B$%4(%4.+,2#+(,.'&.$#*%33&.!(84#264"'#4#"!&$ A+&$!.#2$!2%*%3% 4.3#(8$&44#"!&.%,*!.'&(!("3%&4%,23%A+%("#2B+$$!(8Hr!$-!(4C '+35%3%.&$1I'!4 3%$&.!#(4'!6*&4#B4%3/%,+4!(8B#.'"'!$,4%$2C3%6#3.&(,6&3%(.C3%6#3 .#2.'%"'!$,@4A+&$!.#2 $!2%Hr!$-!(4C'+35%3%.&$1I,,!.!#(&$$13%4%&3"'4+88%4.4.'&.(%8& .!/%%22%".4#26%%3 /!".!5!=&.!#(&3%4%%(!(.#&,+$.'##,H&(4%$1%.&$1I1!("$+,!(8$#(8.%35(%8&.!/% %22%".4 #(A+&$!.#2$!2%H#((!(8%.&$16$&!(%, 64"'#4#5&.!"456.#54H=(!"-!%.&$19I1&(,3%6%&.%,"#55#('%&$.'&!$5%(. 4Hr#$-% %.&$1I(!("3%&4%!("#55#(64"'#4#5&.!"&(,'%&$.'456.#54!("$+,!(8'%&,&"'% 41 4.#5&"'&"'%414#3%.'3#&.41"#$,41&(,4$%%6,!22!"+$.!%4&3%&44#"!&.%,*!. ''!8'%33&.%4#26%%3 /!".!5!=&.!#(H+%%.&$1;J%--%4%.&$1:J!(!1;Jr#$-%%.&$1I1*!.'.'%4%3%$&.!#(4'!64'#$,!(8!($#(8!.+,!(&$4.+,!%4H+%%.&$1;In(2&".1!.!43%"#55% (,%,.'&.&( &44%445%(.#2/!".!5!=&.!#(4'#+$,#""+3,+3!(86'4!"!&(/!4!.4H=(!"-!1 ""&223%%1K #B!(#*!.=19J.#3"'K%,$%1?J&($%&/%K&/!41:I,+%.#.'%%>.%(.*'!"' B+$$!(85&"#(.3!B+.%.#'%&$.'456.#54H%--%4%.&$1:I"&+4&$3%$& .!#(4'!6'&4 B%%(63%/!#+4$%4.&B$!4'%,1*!.'.'%,%/%$#65%(.#2(%*64"'#4#5&.!"45 6.#54#B4%3/%,!( "'!$,3%(*'#*%3%63%/!#+4$/!".!5!=%,H%--%4%.&$1:I'%4%3%$&.!#(4'! 64&3%&$4# ,%5#(4.3&.%,&"3#44(+5%3#+4"#+(.3!%4H&(4%$%.&$19I

PAGE 17

; !".!54#2B+$$!(8&3%&$4#63#(%.#+4%5%,!"!(%.#.3%&.6&!(&(,64 "'#$#8!"&$ 63#B$%545#3%23%A+%(.$.'&(.'#4%*'#&3%(#./!".!5!=%,13%8&3,$%44#24 56.#5$%/%$H+% %.&$1;In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n.'&4B%%(,%B&.% ,*'%.'%3.'%4% 3%$&.!#(4'!64&3%46%"!2!".##/%3./!".!5!=&.!#(#3"#/%3.H3%$&.!#(&$ I/!".!5!=&.!#(1&4#66#4%,.# /!".!5!=&.!#(#/%3&$$1'#*%/%32%*4.+,!%4%>&5!(!(8'%&$.'456.#54&(,/!" .!5!=&.!#('&/% %>&5!(%,.'%4%,#5&!(44%6&3&.%$(%4+"'4.+,2#+(,.'&.#/%3./!".!5!=&. !#(&(, "#5B!(%,#/%3.&(,"#/%3./!".!5!=&.!#(1B+.(#.3%$&.!#(&$/!".!5!=&.!#(&$#(%1* %3%3%$&.%,.# !("3%&4%4!(64"'#4#5&.!"456.#54Hr#$-%%.&$1I !".!5!=&.!#(!4&$4#3%$&.%,.#&(!("3%&4%,3!4-#2"#("+33%(.63#B$%54 !("'!$,3%(*!.' 46%"!2!"'%&$.'"#(,!.!#(4H3%"#13%%5&(1K+2.#(1;I'!45&B%,+%.#.'%6 3%4%("% #2#B4%3/&B$%456.#54#3&,'%3%("%B%'&/!#34&44#"!&.%,*!.'4#5%'%&$. '"#(,!.!#(4&(,.'%!3 .3%&.5%(.3%8!5%(41*'!"'&3%#2.%(.&38%.%,!(B+$$!(8B%'&/!#34H0& (!"-%1%.&$1
PAGE 18

< !"r!#r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r#$2%16%(,!.+3%4Hr#$2%1 '&+4%31K"#35!"-1?I#+(8%3"'!$,3%(1&+"&4!&("'!$,3%(1&(,!46&(!""'!$,3%(12#3%>&56$%1.%(,.#+.!$! =%5#3% 4%3/!"%4H*!.''!8'%4.4%3/!"%43&.%4!(,%4"%(,!(8#3,%3B%!(84%%(!( &+"&4!&(41!46&(!"41 &(,23!"&(5%3!"&(4IH#3*!.=1#38%(4.%3(1%3-5&(1'&+4%31 '#564#(1&(,!564#(1J!564#(%.&$1?I#"!#%"#(#5!"4.&.+4!4&$4#&(!56#3.&(.63%,!".#3#2'%&$.'"&3%+4%!,,$%.#'!8'!("#5%"'!$,3%(.%(,.#+4%#2 2!"%CB&4%,

PAGE 19

4%3/!"%45#3%23%A+%(.$.'%($#*%3!("#5%"'!$,3%(H;:?F/4:);FI1*'#+4%5#3%&"+.% B&4%,"&3%14+"'&4.'&.63#/!,%,.'3#+8'%5%38%(",%6&3.5%(.4H!564#(% .&$1?I%&$.' "&3%"#4.42#3#22!"%/!4!.4.6!"&$$2#$$#*&4!5!$&36&..%3(.#+. !$!=&.!#(3&.%41*!.''!8'%4."#4.4 B%!(84%%(&5#(8&+"&4!&("'!$,3%(12#$$#*%,B!46&(!"&(,.'%(23!"&(5 %3!"&("'!$,3%( H!564#(1%.&$1?I '!$,5%(.&$'%&$.'4.&.+4!4&(&,,!.!#(&$!56#3.&(.63%,!".#3#2.#.&$'%&$. '"&3%+4% %(.&$'%&$.'"#(,!.!#(4&3%#(%#2.'%5#4.63%/&$%(.3%&4#(42#3"'!$,3%(@4'#46 !.&$&,5!44!#(4 H!564#(%.&$1?I!43+6.!/%B%'&/!#3,!4#3,%344+"'&41"#(,+".,!4#3,%34 1&(, #66#4!.!#(&$,%2!&(.,!4#3,%3&3%&5#(8.'%63!5&33%&4#(42#3'#46!.&$! =&.!#(!("'!$,3%(23#5 $#*%3!("#5%"#55+(!.!%41*'!$%5##,,!4#3,%344+"'&4,%63%44!/%&(,B!6#$&3,!4#3,% 34&3% 5#3%"#55#(3%&4#(4!(5%,!&(!("#5%"#55+(!.!%4H!564#(%.&$1?In(&,,!.!#(.#.'%!("3%&4%,3&.%4#2"'!$,3%(*!.'5%(.&$'%&$.'"#(,!.!#(4*'#&3%'#46!.&$!=%,15 &("'!$,3%( 63%4%(..#.'%!363!5&3"&3%6'4!"!&(4*!.'.'%4%B%'&/!#3&$1% 5#.!#(&$1#36%%33%$&.!#(4'!6 "#("%3(4H0&(!"-%K!((%1I#.&$B%'&/!#363#B$%541&(,%>.%3(&$!= !(8&(, !(.%3(&$!=!(8456.#54&(,B%'&/!#34&3%$!(-%,.#'!8'%33&.%4#2'%&$.'"&3 %+.!$!=&.!#( H&/!8(%1!((%413%(,1#4%(B&+51%.&$1< $ !$%1!((%1%$$!.41.&32!%$,1%.&$1)J r##,*&3,1#$%122#3,1&,5&(1%.&$1<!4.'#*%/%3*'%(.'%/&3!&B$%2#3"'!$,5%(.&$'%&$.'4.&.+4!45&(!6+$&. %,#3%>&56$%1 6&3%(.3%6#3.4#2.'%(+5B%3&(,!(.%(4!.#2B%'&/!#3&$&(,%5#.!#(63#B$%54H4 +"'&4.'#4%#( .'%'!$,%'&/!#3'%"-$!4.I&3%#2.%(5#3%63%,!".!/%#2'%&$.'4%3/!"%+4% .'&(.'%63%4%("% #2&!&8(#4.!"&(,.&.!4.!"&$&(+&$HIB&4%,5%(.&$'%&$.',!&8(#4 !4H&/!8(%%.&$1
PAGE 20

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n(&,,!.!#(1*%*&(..#,%.%35!(%!264"'#4#"!& $2+(".!#(!(84%3/%4 &4&5%,!&.#3B%.*%%(.'%%>6%3!%("%#26%%3/!".!5!=&.!#(&(,'%&$.'" &3%"#4.4!("% 64"'#4#"!&$2+(".!#(!(8"&(B%5%&4+3%,!((+5%3#+4*&41*%*!$$%>&5!(%.'3% %,!22%3%(. 5%&4+3%4#264"'#4#"!&$2+(".!#(!(8&45%,!&.#34!(.'!43%$&.!#(4'!6DH&I. #.&$B%'&/!#3 63#B$%541HBIA+&$!.#2$!2%1&(,H"I63%4%("%#2&5%(.&$'%&$.',!&8(#4!4 n.!4'6#.'%4!=%, .'&.'!8'%33&.%4#26%%3/!".!5!=&.!#(*!$$B%&44#"!&.%,*!.''!8 '%3'%&$.'"&3%"#4.4 H46%"!2!"&$$&"+.%"&3%"#4.4I+3.'%31!.!4'6#.'%4!=%,.'&.%& "',#5&!(#264"'#4#"!&$ 2+(".!#(!(8H.#.&$B%'&/!#363#B$%541A+&$!.#2$!2%163%4%("%#2&5%(. &$'%&$.',!&8(#4!4I*!$$ &".&4&5%,!&.#3!(.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,'%&$ .'"&3%"#4.44+"'.'&.J

PAGE 21

I'!8'%33&.%4#26%%3/!".!5!=&.!#(*!$$B%&44#"!&.%,*!.'5#3%.#.&$ B%'&/!#363#B$%541&(, '!8'%3'%&$.'"&3%"#4.41I'!8'%33&.%4#26%%3/!".!5!=&.!#(*!$$B% &44#"!&.%,*!.'$#*%3 A+&$!.#2$!2%1&(,'!8'%3'%&$.'"&3%"#4.41&(,)I'!8'%33&.%4#26%%3/!" .!5!=&.!#(*!$$B% &44#"!&.%,*!.'.'%63%4%("%#2&5%(.&$'%&$.',!&8(#4!41&(,'!8'%3'%&$.'"&3 %"#4.4

PAGE 22

&3.!"!6&(.4*%3%)"'!$,3%(1&8%4;C?%&341&(,.'%!36&3%(.#3$%8&$ 8+&3,!&( &..%(,!(8&4"'%,+$%,&66#!(.5%(.&.&6&3.!"!6&.!(863!5&3"&3%" $!(!"H.'%%6&3.5%(.#2 %,!&.3!"43!5&3&3%$!(!"4&.'&(,4#46!.&$&(,&!$%$&(.&. !#(I r '!44.+,*&46&3.#2&$&38%34.+,*'!"'*&4&663#/%,B.'%8#/%3(!(8n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r&$C5&3.8!2."&3,&4"#56%(4&. !#( &'r $$6&3.!"!6&(.4*%3%3%A+!3%,.#5%%..'%2#$$#*!(8"3!.%3!&.#B% %$!8!B$%2#34.+, 6&3.!"!6&.!#(DHI"+33%(.$%(3#$$%,!($#3!,&%,!"&!,1HIB%.*%%(. '%&8%4#2;&(,?%&34 #$,1H)I&""#56&(!%,B&6&3%(.G$%8&$8+&3,!&(1H9I&..%(,!(8&4"'%,+$%, &66#!(.5%(.&.& 6&3.!"!6&.!(863!5&3"&3%"$!(!"1&(,H?I&B$%.#46%&-&(,+(,%34.&(,( 8$!4''!$,3%( ,!&8(#4%,&45%(.&$$3%.&3,%,#3&4'&/!(8&64"'#.!",!4#3,%3*%3%%>"$+ ,%,23#5 6&3.!"!6&.!#(!(.'%4.+,

PAGE 23

) rr'%2#$$#*!(85%&4+3%4*%3%"#56$%.%,&46&3.#2&$&38%36&"-%.#2A+% 4.!#((&!3%4 !rr H%,4C&3(!1%!,1+3.!(1I'%%,4 5%&4+3%4"'!$,3%(@4'%&$.'3%$&.%,A+&$!.#2$!2%n."#(4!4.4#2)!.%541&( ,"&(B%+4%,.# 5%&4+3%A+&$!.#2$!2%!('%&$.'"'!$,3%(1&(,!(.'#4%*!.'&"+.%#3"'3#(!""#(,!. !#(4$$ !.%54&3%3&.%,#(&?6#!(.!-%3.4"&$%1&("'#3%,23#5LC%/%3&63#B $%5M.#L9C$5#4. &$*&4&63#B$%5Mn.%545&-%+62#+3!(,!/!,+&$4+B4"&$%41&""#+(.!(82 #36'4!"&$1 %5#.!#(&$14#"!&$1&(,4"'##$3%$&.%,&3%&4#2A+&$!.#2$!2%'%4%4"&$%4"#5 B!(%.#"3%&.%& 5%&4+3%#2#/%3&$$A+&$!.#2$!2%1*'!"'*!$$B%+.!$!=%,!(63!5&3&(& $4%4'!45%&4+3%'&4 B%%(3%6#3.%,.#'&/%%>"%$$%(.!(.%3(&$"#(4!4.%("1"$!(!"&$/&$!,!. 1&(,2&".#3C&(&$.!"4+66#3. 2#3%&"'#2!.44"&$%4H&3(!1%.&$1I%nr HC3!"-K3#.6%.%31:I'!4!4&9C!.%55%&4+3% 5#,!2!%,23#5.'%#3!8!(&$?C!.%5#"!&$>6%3!%("%+%4.!#((&!3%'%9C !.%55%&4+3%+4%, !(.'!44.+,"#(4!4.4#2.*#4+B4"&$%41.#.&$6%%3/!".!5!=&.!#(H!.%5 4I&(,.'%3%"%!6.#2 63#4#"!&$B%'&/!#34H?!.%54I'%.#.&$6%%3/!".!5!=&.!#(4"#3%*!$$ B%+.!$!=%,!(.'%63!5&3 &(&$4%42#3.'!44.+,'%!.%54&3%3&.%,#(&?6#!(.!-%3.4"&$%13 &(8!(823#5LC$*&4M .#L?C%/%3Mn.!("$+,%4A+%4.!#(44+"'&4L#*#2.%(,##+8%.6+4'%,&3#+(,#34'#/%,M ##,64"'#5%.3!"63#6%3.!%4'&/%B%%(3%6#3.%,2#3.'!45%&4+3%H3 !"-K3#.6%.%31:I n(.%3(&$"#(4!4.%("2#3.'%.#.&$6%%3/!".!5!=&.!#(4"&$%4"#3%H+4%,! (63!5&3&(&$4%4I!(.'% "+33%(.4&56$%*&48##,HNO.%3(&$!=!(8B%'&/!#363#B$%541&4*% $$&4&$$#*!(82#3.'%

PAGE 24

9 "&$"+$&.!#(#2&.#.&$B%'&/!#363#B$%544"#3%!("'!$,3%(n.%54&3%3& .%,#(&)6#!(.!-%3. 4"&$%'%&("'#343&(8%23#5LC#..3+%M.#LC2.%(.3+%Mn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r* '!4A+%4.!#((&!3%8&.'%342&5!$B&"-83#+(,!(2#35&.!#( !("$+,!(8"'!$,&8%18%(,%31%&3!(4"'##$1&(,3&"%J5&3!.&$4.&.+41&(,'!8'%4.%,+ "&.!#( "#56$%.%,B6&3%(.4#38+&3,!&(4J"'!$,+4%#25%,!"&.!#(2#364"'!&.3! ""#(,!.!#(4J,!&8(#4%4 #2"'!$,64"'!&.3!"#3#B%4!.C3%$&.%,'%&$.'"#(,!.!#(4J6&3%(.&$8%(% 3&$'%&$.'4.&.+4123%A+%(" #26&3%(.&$6'4!"!&(&(,/!4!.4#/%3.'%6&4..'3%%5#(.'4J&(,6&3%(. 6%3"%6.!#(#2.'%!3 "'!$,@4*%!8'.+r*%&$.'"&3%%>6%(,!.+3%4&(,nC,!&8(#4!4*%3%%>.3&".%,23#5.'%%, !"&!,,&.&B&4%2#3 %&"'%,!"&!,"$&!542#3.'%%&363!#3.#.'%4.+,A+%4.!#((&!3%"#56$%. !#(,&.%2#3%&"' 6&3.!"!6&(.'!4,&.&*&4%>.3&".%,B&4%,#(%&"'"'!$,@4!(,!/!,+&$%,!"& !,!,%(.!2!"&.!#( (+5B%3rr* 3%4%("%#2&5%(.&$'%&$.',!&8(#4!4*&4,%.%35!(%,BnC "#,%4&44#"!&.%,*!.'64"'!&.3!""#(,!.!#(4&"'6&.!%(.*&42$&88%,&4% !.'%3'&/!(8#3(#. '&/!(8&,!&8(#4%,5%(.&$'%&$.'"#(,!.!#(1"3%&.!(8&%4G(#,!"'#.#5#+4/&3!&B$%

PAGE 25

? r* %,!"&!,%>6%(,!.+3%4*%3%"&$"+$&.%,+4!(8.'%&5#+(.%,!"&!, 6&!,.#'%&$.'"&3%63#/!,%342#3.'%!34%3/!"%4>6%(,!.+3%4*%3%%>.3& ".%,&(,!,%(.!2!%,B&4%, #(%,!"&!,63#"%,+3%"#,%4#4.4*%3%&""+5+$&.%,2#3#+.6&.!%(.*%$$C"'%"&(,&"+.%"&3% /!4!.4r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r(rr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

PAGE 26

: #23%83%44!#(&(&$4%4*%3%6%32#35%,#3%&"'5#,%$1.'3%%'!%3&3"'!"& $3%83%44!#(4*%3%3+( n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r'!$%.'%.'!3,5%,!&.#3163%4%("%#2&5 %(.&$'%&$.' ,!&8(#4!4*&4.%4.%,+4!(8&4%3!%4#2$#8!4.!"3%83%44!#(41&4%3!%4#2 $!(%&33%83%44!#(4*%3%&$4# 3+(!(#3,%3.#8&!(.'%(%"%44&34.&.!4.!"&$,&.&.#"#56$%.%.'%#B%$. %4.

PAGE 27

; !8+3%C%63%4%(.&.!#(#2.'%5%,!&.!#(5#,%$D4"'#4#"!&$2+(".!#(!(85%,! &.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4 4"'#4#"!&$+(".!#(!(8 H#.&$3#B$%5%'&/!#341 1%(.&$%&$.' !&8(#4!4I "+.%&3%#4.4 %%3!".!5!=&.!#(

PAGE 28

< ) r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n(&,,!.!#(1&(!(,%6%(,%(.4&56$%4.C.%4.2 #+(,.'&.&"+.% "&3%"#4.4,!,(#.,!22%3B8%(,%3'%3%2#3%.'%4%,%5#83&6'!"/&3!&B $%4*%3%(#.!("$+,%,&4 "#(.3#$/&3!&B$%4!(2+3.'%3&(&$4%4 !!rr '%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%'%&$.'"&3%"#4. 4*&4%>&5!(%, +4!(8&$!(%&33%83%44!#(%%3/!".!5!=&.!#(*&44!8(!2!"&(.$&44#"! &.%,*!.'&"+.%'%&$.'"&3% "#4.4H,%6%(,%(./&3!&B$%I1H H1IO? P?1QO?9I14+"'.'&.'!8'%3$%/%$4#26%%3

PAGE 29

/!".!5!=&.!#(*%3%&44#"!&.%,*!.''!8'%3&"+.%"&3%%>6%(,!.+3%4'!43 %$&.!#(4'!6&""#+(.%, 2#39F#2.'%/&3!&("%!(&"+.%"&3%%>6%(,!.+3%4rr+rrr&r,( !!rr '%5%,!&.!(83#$%#264"'#4#"!&$2+(".!#(!(8!(.'%3%$&.!#(4'!6B%.*% %(6%%3/!".!5!=&.!#( &(,&"+.%'%&$.'"&3%"#4.4*&4&44%44%,+4!(8.'3%%5%&4+3%4#264 "'#4#"!&$2+(".!#(!(8D 6&3%(.3%6#3.#2"'!$,.#.&$B%'&/!#363#B$%541"'!$,3%6#3.#2A+&$!.#2$! 2%1&(,5%,!"&$ ,!&8(#4!4#25%(.&$'%&$.'"#(,!.!#(4&4(#.%,BnC"#,%4 -++rrr+, r '%4.%64#+.$!(%,B&3#(&(,%((H<:I*%3%+4%,.#.%4..'%'6#.'%4!=% 5%,!&.!#(&$3%$&.!#(4'!6n(4.%6#(%6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!& B$%I*&42#+(,.#B% 4!8(!2!"&(.$"#33%$&.%,*!.'6&3%(.3%6#3.#2.#.&$B%'&/!#363# B$%54H5%,!&.#3I1H H1IO 9<: P14%%&B$%)CIn(4.%6.*#16%%3/!".!5!=&.!#(*&44!8(!2!"&(.$3%$ &.%,.# &"+.%"&3%"#4.4H,%6%(,%(./&3!&B$%I1H H1IO?1 P?1&B$%I1&""#+(.!(82#3 9F#2.'%/&3!&("%n(4.%6)1*'%(B#.'6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!&B$% I&(,6&3%(. 3%6#3.#2.#.&$B%'&/!#34H5%,!&.#3I*%3%3%83%44%,+6#(&"+.%"&3%" #4.4H,%6%(,%(./&3!&B$%I1 .'%6&3%(.3%6#3.#2.#.&$B%'&/!#34*&44!8(!2!"&(.$&44#"!&.%,*!.''% &$.'"&3%"#4.4n( &,,!.!#(1.'%!("$+4!#(#2.'%5%,!&.#33%,+"%,.'%%22%".4#26%%3/!".!5!=&.!#(#(& "+.%"&3% "#4.4.#(#(C4!8(!2!"&(.$%/%$4'%.#.&$5#,%$*&44!8(!2!"&(.H H1IO9?1HO<)I RO?1 PI#B%$.%4."#(2!35%,.'&..'%%22%".#2.'%5%,!&.#3#(.'!43%$&.!#(4 '!6 *&44!8(!2!"&(.O;1 P?'%&,,!.!#(#2.'%5%,!&.#3!("3%&4%,.'%6%3"%(.&8%#2 /&3!&("%%>6$&!(%,23#59F.#<)FH4%%!8+3%)CI

PAGE 30

) rr+, r '%4.%64#+.$!(%,B&3#(&(,%((H<:I*%3%&8&!(+4%,.#.%4..'%'6#.'%4 !=%, 5%,!&.!#(&$3%$&.!#(4'!6n(4.%6#(%6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!& B$%I*&42#+(,.#B% &44#"!&.%,*!.'"'!$,3%6#3.#2A+&$!.#2$!2%H5%,!&.#3I1H H1IO9?;)1 P14%% &B$%)C)I.%6.*#*&4.'%4&5%&4!(.'%63%/!#+4&(&$4%41*!.'6%%3/! ".!5!=&.!#( 4!8(!2!"&(.$3%$&.%,.#&"+.%"&3%"#4.4H,%6%(,%(./&3!&B$%I1&""#+(.!(8 2#39F#2.'% /&3!&("%n(4.%6)1*'%(B#.'6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!&B$%I&(," '!$,3%6#3.#2 A+&$!.#2$!2%H5%,!&.#3I*%3%3%83%44%,+6#(&"+.%"&3%"#4.4H,%6 %(,%(./&3!&B$%I1.'%"'!$, 3%6#3.#2A+&$!.#2$!2%*&44!8(!2!"&(.$&44#"!&.%,*!.'&"+.%"&3% "#4.4n(&,,!.!#(1.'% !("$+4!#(#2.'%5%,!&.#33%,+"%,.'%%22%".4#26%%3/!".!5!=&.!#(#(&"+.%"&3 %"#4.4.#(#(C 4!8(!2!"&(.$%/%$4'%.#.&$5#,%$*&44!8(!2!"&(.H H1IO9<):1HO99IRO1 P ?I#B%$.%4."#(2!35%,.'&..'%%22%".#2.'%5%,!&.#3#(.'!43%$&.!#(4'!6 *&44!8(!2!"&(. O;?1 P?'%&,,!.!#(#2.'%5%,!&.#3!("3%&4%,.'%6%3"%(.&8%#2/&3!&("%%>6$&! (%, 23#59F.#99FH4%%!8+3%)CIrrrr+, r n(#3,%3.#%>&5!(%63%4%("%#2&5%(.&$'%&$.'"#(,!.!#(H&,!"'#.#5#+4/&3!&B$%I &4& 5%,!&.#3!(.'%3%$&.!#(4'!6B%.*%%(&"+.%"&3%"#4.4&(,6%%3/!".!5!= &.!#(1.'%4&5%4.%64&4 #+.$!(%,B&3#(&(,%((H<:I*%3%2#$$#*%,*!.'&4$!8'.5#,!2!"&.!#(4(#.%, B &"!((#(&(,*%3H)I1.'!45%,!&.!#(&$&(&$4!4*&4"#56$%.%,+4!(8$#8! 4.!"&4 #66#4%,.#$!(%&33%83%44!#(4n(4.%6#(%6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3! &B$%I*&42#+(,.# B%&44#"!&.%,*!.'63%4%("%#2&5%(.&$'%&$.',!&8(#4!4H5%,!&.#3I1&" "#+(.!(82#3)F#2.'% /&3!&("%H STHIO:9<1 P?4%%&B$%)C9I.%6.*#*&4.'%4&5%&4!(.'%63%/!#+4 &(&$4%41*!.'6%%3/!".!5!=&.!#(4!8(!2!"&(.$3%$&.%,.#'%&$.'"&3% "#4.4H,%6%(,%(./&3!&B$%I1

PAGE 31

) &""#+(.!(82#39F#2.'%/&3!&("%n(4.%6)1*'%(B#.'6%%3/!".!5!=&.!#(H!(,% 6%(,%(. /&3!&B$%I&(,63%4%("%#2&5%(.&$'%&$.'"#(,!.!#(H5%,!&.#3I*%3%3%83 %44%,+6#('%&$.'"&3% "#4.4H,%6%(,%(./&3!&B$%I1.'%63%4%("%#2&5%(.&$'%&$.'"#(,!.!#(*&44 !8(!2!"&(.$&44#"!&.%, *!.''%&$.'"&3%"#4.4n(&,,!.!#(1.'%!("$+4!#(#2.'%5%,!&.#33%,+"%,.'%%22% ".4#26%%3 /!".!5!=&.!#(#('%&$.'"&3%"#4.4.#(#(C4!8(!2!"&(.$%/%$4'%.#.&$5#,%$*&4 4!8(!2!"&(.H H1 IO<);1HO9IRO?1 P?I#B%$.%4."#(2!35%,.'&..'%%22%".#2.'% 5%,!&.#3#(.'!43%$&.!#(4'!6*&44!8(!2!"&(.O?:;1 P'%&,,!.!#(#2.'%5%,!&.#3 !("3%&4%,.'%6%3"%(.&8%#2/&3!&("%%>6$&!(%,23#59F.#9FH4%%!8+3% )C)I .,/(rr0n+r* #8&!(2+3.'%3!(4!8'.!(.#.'%5%,!&.!#(&$!56&".#2B%'&/!#3&$&(,%5#.!#(&$6 3#B$%54 #(.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%%>6%(,!.+3% 416&3%(.3%6#3.#2"'!$, .#.&$B%'&/!#363#B$%54*&4B3#-%(,#*(!(.#.*#4+B4"&$%41!(.%3(&$!=!(8 B%'&/!#34&(, %>.%3(&$!=!(8B%'&/!#34 '%4.%64#+.$!(%,B&3#(&(,%((H<:I1*%3%2!34.+4%,.#%>&5!(%!(.%3 (&$!=!(8 B%'&/!#363#B$%54&4&5%,!&.#3n(4.%6#(%6%%3/!".!5!=&.!#(H!(,%6 %(,%(./&3!&B$%I*&4 2#+(,.#B%&44#"!&.%,*!.'6&3%(.3%6#3.#2"'!$,!(.%3(&$!=!(8B%'&/!#34 H5%,!&.#3I1H H1IO ?1 P?14%%&B$%)C?I.%6.*#*&4.'%4&5%&4!(.'%63%/!#+4&(&$4%41*!.'6 %%3 /!".!5!=&.!#(4!8(!2!"&(.$3%$&.%,.#&"+.%"&3%"#4.4H,%6%(,%(./&3 !&B$%In(4.%6)1*'%(B#.' 6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!&B$%I&(,6&3%(.3%6#3.#2!(.%3(&$!= !(8B%'&/!#34H5%,!&.#3I *%3%3%83%44%,+6#(&"+.%"&3%"#4.4H,%6%(,%(./&3!&B$%I1.'%"'!$,!(. %3(&$!=!(8B%'&/!#34*%3% 4!8(!2!"&(.$&44#"!&.%,*!.'&"+.%"&3%"#4.4n(&,,!.!#(1.'%!("$+4! #(#2.'%5%,!&.#33%,+"%, .'%%22%".4#26%%3/!".!5!=&.!#(#(&"+.%"&3%"#4.4.#(#(C4!8(!2!"&(.$% /%$4'%.#.&$5#,%$ *&44!8(!2!"&(.H H1IO<:;;1HO;;IRO?1 PI#B%$.%4."#(2!35%,

PAGE 32

) .'&..'%%22%".#2.'%5%,!&.#3#(.'!43%$&.!#(4'!6*&44!8(!2!"&(.O)?1 P?H4%%!8+3% )C9I '%4.%64#+.$!(%,B&3#(&(,%((H<:I*%3%.'%(+4%,.#,%.%35!(%!2 %>.%3(&$!=!(8B%'&/!#363#B$%544%3/%,&4&5%,!&.#3n(4.%6#(%6%% 3/!".!5!=&.!#( H!(,%6%(,%(./&3!&B$%I*&42#+(,.#B%&44#"!&.%,*!.'6&3%(.3%6#3.#2"'! $,%>.%3(&$!=!(8 B%'&/!#34H5%,!&.#3I1H H1IO99;1 P14%%&B$%)C:I.%6.*#*&4.'%4&5%&4 !(.'%63%/!#+4&(&$4%41*!.'6%%3/!".!5!=&.!#(4!8(!2!"&(.$3%$& .%,.#&"+.%"&3%"#4.4 H,%6%(,%(./&3!&B$%In(4.%6)1*'%(B#.'6%%3/!".!5!=&.!#(H!(,%6%(,%(./&3 !&B$%I&(,6&3%(. 3%6#3.#2%>.%3(&$!=!(8B%'&/!#34H5%,!&.#3I*%3%3%83%44%,+6#(&"+.% "&3%"#4.4H,%6%(,%(. /&3!&B$%I1.'%"'!$,%>.%3(&$!=!(8B%'&/!#34*%3%4!8(!2!"&(.$&44# "!&.%,*!.'&"+.%"&3%"#4.4 n(&,,!.!#(1.'%!("$+4!#(#2.'%5%,!&.#33%,+"%,.'%%22%".4#26%%3/!".!5!=&. !#(#(&"+.%"&3% "#4.4.#(#(C4!8(!2!"&(.$%/%$4'%.#.&$5#,%$*&44!8(!2!"&(.H H1IO<;1HO;I RO9;1 PI#B%$.%4."#(2!35%,.'&..'%%22%".#2.'%5%,!&.#3#(.'!43%$&.!#(4'!6 *&44!8(!2!"&(.O?)1 P?H4%%!8+3%)C?I .,/(rr0r1n1%1% #8&3(%3&,,!.!#(&$!(2#35&.!#(#2.'%5%,!&.!#(&$!56&".#2A+&$!.#2$!2%#(. '% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%%>6%(,!.+3%41" '!$,3%6#3.#2A+&$!.#2 $!2%*&4B3#-%(,#*(!(.#2#+34+B4"&$%416'4!"&$1%5#.!#(&$14#"!&$1&(,4"'##$A+&$ !.#2$!2% '%4.%64#+.$!(%,B&3#(&(,%((H<:I1*%3%.'%(+4%,.#%>&5!(%%&"',#5&!( #2A+&$!.#2$!2%&4&5%,!&.#3B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3% "#4.4($4#"!&$ A+&$!.#2$!2%*&42#+(,.#&".&4&5%,!&.#3!(.'!43%$&.!#(4'!6r'%(%>&5!(! (84#"!&$A+&$!. #2$!2%1!(4.%6#(%16%%3/!".!5!=&.!#(H!(,%6%(,%(./&3!&B$%I*&42#+(,.#B%4 .3#(8$&44#"!&.%, *!.'"'!$,3%6#3.#24#"!&$A+&$!.#2$!2%H5%,!&.#3I1H H1IO;:;1 P1&B$%)C;I .%6.*#*&4.'%4&5%&4!(.'%63%/!#+4&(&$4%41*!.'6%%3/!".!5!=&. !#(4!8(!2!"&(.$3%$&.%,

PAGE 33

)) .#'%&$.'"&3%"#4.4H,%6%(,%(./&3!&B$%In(4.%6)1*'%(B#.'6%%3/!".!5!= &.!#(H!(,%6%(,%(. /&3!&B$%I&(,"'!$,3%6#3.#24#"!&$A+&$!.#2$!2%H5%,!&.#3I*%3%3%8 3%44%,+6#('%&$.'"&3% "#4.4H,%6%(,%(./&3!&B$%I14#"!&$A+&$!.#2$!2%*&44!8(!2!"&(.$& 44#"!&.%,*!.''%&$.'"&3% "#4.4n(&,,!.!#(1.'%!("$+4!#(#2.'%5%,!&.#33%,+"%,.'%%22%".4#26%%3/!".! 5!=&.!#(#( '%&$.'"&3%"#4.4.#(#(C4!8(!2!"&(.$%/%$4'%.#.&$5#,%$*&44!8(!2!"&(.H H1IO9:<1 HO9?IRO1 P?I#B%$.%4."#(2!35%,.'&..'%%22%".#2.'%5%,!&.#3#(.'!4 3%$&.!#(4'!6*&44!8(!2!"&(.O1 P?H4%%!8+3%)C:I .,/(rr02/!)rr n(#3,%3.#2+3.'%3%>6$#3%.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&. !#(&(,'%&$.'"&3% "#4.41"#4.4&44#"!&.%,*!.'*%$$C"'%"-/!4!.4*%3%&$4#%>&5!(%,!/&3! &.%"#33%$&.!#(&(&$4%4 %>&5!(!(8.'%&44#"!&.!#(B%.*%%(*%$$C"'%"-%>6%(,!.+3%4&(,/!".!5!=& .!#(2#+(,.'&..'%4% "#4.4*%3%(#.4!8(!2!"&(.$"#33%$&.%,*!.'6%%3/!".!5!=&.!#('+41.'% 3%*&4(#(%%,.# 2+3.'%3%>&5!(%6#44!B$%5%,!&.!#(&$&(&$4%4

PAGE 34

)9 &B$%)C&3.!"!6&(.,%5#83&6'!",&.&&(8%F '!$, 8%))9:?<%(,%3&$%?:%5&$%)9<9&"%G.'(!"!.&+"&4!&(?9?923!"&(5%3!"&()::!46&(!"9::.'%39:?r%!8'..&.+4n=C4"#3%):#./%3*%!8'.9:/%3*%!8'.:;)?B%4%9::&3%(.%$&.!#(4'!6.#'!$,#.'%3:);:?&.'%39;3&(,6&3%(.9.'%3:;?,+"&.!#(%/%$!,,$%"'##$?9#5%!8'"'##$)9:9 !8'"'##$3&,+&.%: #5%#$$%8%<)3&,+&.%,#$$%8%) #4.C3&,+&.%"'##$9 &3!.&$.&.+4&33!%,<9:!(8$%?;9 O+5B%3#2&3.!"!6&(.4JO%&(JO.&(,&3,%/!&.!#(

PAGE 35

)? &B$%)C!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3.#.&$"'!$,B%' &/!#345%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4n(,%6%(,%(.&3!&B$%%6%(,%(.&3!&B$%QT A+&.!#(<9<:UU %%3!".!5!=&.!#(#.&$%'&/!#34: :
PAGE 36

): &B$%)C9!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#35%(.&$'%&$.',!& 8(#4!45%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4n(,%6%(,%(.&3!&B$%%6%(,%(.&3!&B$%r&$,STT A+&.!#() %%3!".!5!=&.!#(%(.&$%&$.'!&8(#4!4:9
PAGE 37

); &B$%)C:!%3&3"'!"&$3%83%44!#(&(&$4!44+55&32#3%>.%3(&$!= !(8B%'&/!#345%,!&.!(8.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,&"+.%"&3%"#4.4n(,%6%(,%(.&3!&B$%%6%(,%(.&3!&B$%QT A+&.!#()99;UU %%3!".!5!=&.!#(>.%3(&$!=!(8%'&/!#34: 9)9UU A+&.!#(9?U%%3!".!5!=&.!#("+.%&3%#4.4? ??9U A+&.!#();<;UU%%3!".!5!=&.!#("+.%&3%#4.4:? ?<: >.%3(&$!=!(8%'&/!#34) <)
PAGE 38

)< U P?1UU P !8+3%)C&3%(.3%6#3.#2.#.&$5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6 %%3/!".!5!=&.!#(&(,&"+.% "&3%"#4.4 U P?1UU P !8+3%)C'!$,A+&$!.#2$!2%5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6% %3/!".!5!=&.!#(&(,&"+.% "&3%"#4.4 +&$!.#2!2% "+.%&3%#4.4 %%3!".!5!=&.!#( QOC??:UU QOC;UU QO?9U n(,!3%".QO?< #.&$%'&/!#34 "+.%&3%#4.4 %%3!".!5!=&.!#( QO
PAGE 39

) U P?1UU P !8+3%)C)3%4%("%#2&5%(.&$'%&$.'/&3!&B$%5%,!&.!(8.'%3%$&.!#(4'! 6B%.*%%(6%%3 /!".!5!=&.!#(&(,&"+.%"&3%"#4.4 U P?1UU P !8+3%)C9n(.%3(&$!=!(8B%'&/!#345%,!&.!(8.'%3%$&.!#(4'!6B%.*% %(6%%3/!".!5!=&.!#(&(, &"+.%"&3%"#4.4 n(.%3(&$!=!(8 %'&/!#34 "+.%&3%#4.4 %%3!".!5!=&.!#( QO);UU QO):UU QO?9U n(,!3%".QO 3%4%("%#2& %(.&$%&$.' !&8(#4!4 "+.%&3%#4.4 %%3!".!5!=&.!#( QO99UU QO):UU QO?9U n(,!3%".QO

PAGE 40

9 U P?1UU P !8+3%)C?>.%3(&$!=!(8B%'&/!#345%,!&.!(8.'%3%$&.!#(4'!6B%.* %%(6%%3/!".!5!=&.!#(&(, &"+.%"&3%"#4.4 U P?1UU P !8+3%)C:#"!&$A+&$!.#2$!2%5%,!&.!(8.'%3%$&.!#(4'!6B%.*%%(6% %3/!".!5!=&.!#(&(,&"+.% "&3%"#4.4 #"!&$+&$!.#2 !2% "+.%&3%#4.4 %%3!".!5!=&.!#( QOC?;UU QOC;.%3(&$!=!(8 %'&/!#34 "+.%&3%#4.4 %%3!".!5!=&.!#( QO)9UU QO
PAGE 41

9 9 nn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

PAGE 42

9 '%&,,!.!#(#264"'#4#"!&$2+(".!#(!(8H&"3#446&3%(.1"'!$,1&(,5%,!"&$3%" #3, 3%6#3.4I&4&5%,!&.#3!(.'%3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&. !#(&(,&"+.%"&3%"#4.483%&.$ !("3%&4%,.'%.#.&$/&3!&("%%>6$&!(%,B.'%5#,%$123#59F.#&45+"'&49F44 +"'1 2+3.'%3%>&5!(&.!#(#2%&"'#2.'%4%5#,%$4"&('%$6+446%"+$&.%#(6#.%(.!&$ 6&.'*&4#2 %22%".n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n(&,,!.!#(1.'%!("3%&4%,/&3!&("%4%%(*!.'.'%!("$+4!#(#2 .'!45%,!&.#3 5&3%2$%"..'%5#3%,!3%".3%$&.!#(4'!6B%.*%%(&,!&8(#4!4&(,.'%(%%,2 #3'%&$.'"&3%/!4!.4.# 5&-%&(,G#3.3%&.4+"',!&8(#4%4

PAGE 43

9) 2.'%.'3%%4!8(!2!"&(.5%,!&.!(8/&3!&B$%4+4%,!(.'%"+33%(.4.+,.#5% &4+3% 64"'#4#"!&$2+(".!#(!(81.*#*%3%B&4%,#(4%$2C3%6#3.5%&4+3%4"#56$%. %,B.'%6&3%(. HI&(,"'!$,H%,4Ir'!$%!(!.!&$&(&$4%4%>&5!(%,.'%4%5%,!&.! (8/&3!&B$%4+4!(8 .#.&$4"#3%41B#.'.'%.#.&$B%'&/!#363#B$%54&(,A+&$!.#2$!2%5%&4+3% 4!("#36#3&.%4"&$%4 *'!"'!("$+,%,,!22%3%(.,#5&!(4#264"'#4#"!&$2+(".!#(!(8'+412+3.'%3%>&5!(& .!#(#2 .'%4%4!8(!2!"&(.5%,!&.#34*&4"#(,+".%,.#B%..%3+(,%34.&(,.'%"#(.3!B+ .!#(#264"'#4#"!&$ 2+(".!#(!(8.#.'%!("3%&4%,/&3!&("%%>6$&!(%,!(.'%5#,%$(,%34.&(,!(8!2&( #2.'% ,!22%3%(."&.%8#3!%42+(".!#(&4&4.3#(8%35%,!&.#3B%.*%%(6%%3/! ".!5!=&.!#(&(,%>6%(,!.+3%4 "#+$,'%$6!(2#352+.+3%3%4%&3"'&(,.3%&.5%(.6$&((!(8!34.1.'%.#.&$B% '&/!#363#B$%54 4"#3%*&4B3#-%(,#*(!(.#!(.%3(&$!=!(8&(,%>.%3(&$!=!(84+B4"&$%4n(.%3(& $!=!(8&(, %>.%3(&$!=!(8B%'&/!#343%63%4%(..*#2&!3$,!4.!("."&.%8#3!%4#2 B%'&/!#3&$&(,%5#.!#(&$ 2+(".!#(!(8n(.%3(&$!=!(8,!22!"+$.!%4&3%.6!"&$$3%2$%".%,!(!(" 3%&4%,&(>!%.1,%63%44!#(1 $#(%$!(%441&(,*!.',3&*&$1*'!$%%>.%3(&$!=!(863#B$%54.6!"&$$!(" $+,%!("3%&4%,"#(,+". 63#B$%541'6%3&".!/!.1&(,#66#4!.!#(&$&(,&883%44!/%B%'&/!#34H%8 #(,%.&$1J!(!1 ;In.!46#44!B$%.'&..'%4%,!22%3%(."&.%8#3!%4#264"'#4#"!&$2+( ".!#(!(85&'&/% ,!22%3%(.3%$&.!#(4'!64*!.'6%%3/!".!5!=&.!#(&(,'%&$.'"&3%+4%#3% >&56$%14#5%3%4%&3"' 4+88%4.4.'&./!".!54#26%%3/!".!5!=&.!#(&3%5#3%$!-%$.#%>6%3!%( "%!("3%&4%,$%/%$4#2 &(>!%.&(,,%63%44!#(1&4#66#4%,.#5#3%#66#4!.!#(&$#3&883%44!/%B%'&/!#341*'! $%#.'%3 3%4%&3"'3%2$%".4.'%#66#4!.%.3%(,H#(,%.&$1J!(!;1+.&$$&=%.&$1;I n( &,,!.!#(1!(.%3(&$!=!(8&(,%>.%3(&$!=!(8B%'&/!#34"&('&/%,!22%3%(.!56&" .4#('%&$.'"&3% +.!$!=&.!#(n(.%3(&$!=!(8B%'&/!#34"&(B%5!4!(.%363%.%,#35&63 %4%(.&44#5&.!""#56$&!(.41 *'!"'"&($%&,.#5!4,!&8(#4%41$%44.'&(#6.!5&$.3%&.5%(.1&(,+$.!5&.%$! ("3%&4%, %>6%(,!.+3%4H0&(!"-%K!((%1I(.'%#.'%3'&(,1"'!$,3%(@4!(.%3(&$!=!(8456 .#54

PAGE 44

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r'!$%#+34.+,"&((#.%>6$&!(.'%46%"!2!"5%"'&(!454 B*'!"'.'%4%,!22%3%(. .6%4#2B%'&/!#3&(,%5#.!#(&$63#B$%54"#+$,!56&".&"+.%"&3%%>6%(,! .+3%41.'%"+33%(.,&.& 4+88%4.4.'&.B#.'.6%4#263#B$%54&3%6#.%(.!&$$!56#3.&(.6& .'*&4#2%22%"..'&.4'#+$,B% %>&5!(%,!(2+.+3%63#46%".!/%3%4%&3"' #B%..%3+(,%34.&(,.'%3#$%#2A+&$!2#2$!2%!(#+35#,%$15%,!&.!#(&$&(&$4%4 #2%&"' #2.'%2#+34+B4"&$%4#2A+&$!.#2$!2%H6'4!"&$1%5#.!#(&$14#"!&$1&(,4" '##$A+&$!.#2$!2%I *%3%"#56$%.%,+3&(&$4%42#+(,.'&.#($.'%4#"!&$A+&$!.#2$!2%,#5 &!(5%,!&.%,.'% 3%$&.!#(4'!6B%.*%%(6%%3/!".!5!=&.!#(&(,'%&$.'"&3%"#4.43%/!#+4 3%4%&3"''&42#+(,.'&. 6%%3/!".!5!=&.!#(4!8(!2!"&(.$&22%".44#"!&$2+(".!#(!(8!("'!$,3% (1&"3#44,#5&!(4!("$+,!(8 4#"!&$&,7+4.5%(.1,%/%$#65%(.1&(,B%'&/!#34H&*-%3K#+$.#(1J&(4%$% .&$1I !5!$&3.#%22%".44%%(!(#.'%3,#5&!(4#264"'#4#"!&$2+(".!#(!(81.'%4% ,%.3!5%(.&$%22%".4#2 /!".!5!=&.!#(5&6#.%(.!&$$$%&,.#6'4!"&$456.#54&44#"!&. %,*!.'64"'#$#8!"&$ ,!22!"+$.!%41.'%&/#!,&("%#24#"!&$4!.+&.!#(4.'3#+8'2&-!(86'4!"&$!$$(% 44%41#34#"!&$&(>!%. &"'#2.'%4%"&(B%"#(4!,%3%,"#56#(%(.4#24#"!&$A+&$!.#2$!2%'!4!(.+3("#+$ ,!56&". '%&$.'"&3%"#4.4.'3#+8'.'%!("3%&4%,+4%#24%3/!"%4.#&,,3%44.'%4%456. #54

PAGE 45

9? "'##$A+&$!.#2$!2%&45%&4+3%,!(.'%"+33%(.4.+,%>&5!(%,A+&$!.#2$!2 %&44#"!&.%, *!.'4"'##$6%32#35&("%'4!"&$A+&$!.#2$!2%!(.'!45%&4+3%63!5 &3!$%>&5!(%,6'4!"&$ &B!$!.!%4H%8*&$-!(813+((!(81&(,$!2.!(8'%&/#B7%".4I1&4#66#4%,.# 6'4!"&$456.#54 %3%1!.!4(#.4+363!4!(8.'&..'%4%.*#4"&$%4,!,(#.4%3/%&44!8(!2!"&(.5% ,!&.#34!(.'&. ,!22!"+$.!%4!(.'%4%,#5&!(4&3%(#.#2.%(&44#"!&.%,*!.'!("3%&4%,/!".!5! =&.!#(n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r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

PAGE 46

9: r%r '%3%&3%4%/%3&$$!5!.&.!#(4!(.'!44.+,*'!"'4'#+$,B%.&-%(!(.#&""#+(.*'% ( !(.%363%.!(8!.42!(,!(84(%*%&-(%44!4.'&..'%/&3!&("%*'!"'6%%3/! ".!5!=&.!#(63%,!".4!( &"+.%'%&$.'"&3%"#4.4!43%$&.!/%$$#*H9FI#*%/%313%4%&3"'+4+&$$ &""#+(.42#31&.5#4.1 &B#+.).#9F#2.'%/&3!&("%!('%&$.'"&3%+4%!("'!$,3%(*!.'.'%!("$+4!#(#2&*!,%3&(8 % #2/&3!&B$%4H0&(!"-%K!((%1I&"'&,,!.!#(&$/&3!&B$%*'!"'&,,4.##+3-(#* $%,8%!( .'!4,#5&!(!4!56#3.&(.r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n(.'%"+33%(.4&56$%1.'%5&7#3! .#2.'% 6#6+$&.!#(*&45&,%+6#223!"&(5%3!"&("'!$,3%(#2$#*'+41B%>&5! (!(8&"+.%

PAGE 47

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nC"#,% 4&.&(.!5% 6#!(.#/%3.'%%&363!#3.#.'%!(!.!&$6&3.!"!6&(."#(.&".'+41!.!4+(-(#*(& 4.#*'%.'%3 ,!&8(#4%4*%3%#(8#!(8&..'%.!5%.'%A+%4.!#((&!3%4*%3%&,5!(!4.%3%, '%+4%#2.'!4"3#44C 4%".!#(&$&(,3%.3#46%".!/%,&.&,!,(#.&$$#*2#3"&+4&$#363%,!".!/%"#("$+4 !#(4.#B% %4.&B$!4'%,,,!.!#(&$$1.*##2.'%/&3!&B$%43%63%4%(.!(864"'#4#" !&$2+(".!#(!(8H"'!$, 3%6#3.#2A+&$!.#2$!2%&(,6&3%(.3%6#3.#2.#.&$B%'&/!#363#B$%54I *%3%4+B7%"..#$!5!.&.!#(4 "&+4%,B4%$2C3%6#3..!$!=!(84%$2C3%6#3.5%&4+3%4'&4.'%6#.%(. !&$#263#,+"!(8B!&4%,

PAGE 48

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n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

PAGE 49

9 .r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

PAGE 50

? %5%38%("3##5/!4!.4&3%&44#"!&.%,*!.'$#*%3&(,5!(#3!."'!$,3%( H!564#(%.&$1 ?I463%/!#+4$(#.%,1.'%"+33%(.4.+,6&3.!"!6&(.45&'&/%+4%,'!8'%33 &.%4#2 %5%38%(""&3%1*'!"'*%3%(#.&B$%.#B%%>&5!(%,,,!.!#(&$$163%/!#+42! (,!(84!(,!"&.% .'&.'!8'%33&.%4#2/!".!5!=&.!#(&3%&44#"!&.%,*!.''!8'%35%,!"&.! #(+4%!("'!$,3%(.#.3%&. 456.#544+"'&4'%&,&"'%4&(,4.#5&"'+64%.4H+%%.&$1;In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

PAGE 51

? !r n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n.!4%>6%".%,.'&.63#46%".!/%3%4%&3"'%>&5!(!(8.'%%22%".4#26% %3/!".!5!=&.!#(#( "'!$,3%(@4'%&$.'"&3%"#4.4*!$$&$$#*2#3"&+4&$3%$&.!#(4'!64.#B%%4. &B$!4'%,r!.'&( !("3%&4%,+(,%34.&(,!(8#26#.%(.!&$6&.'*&4!(.'%4%3%$&.!#(4'!64146 %"!2!"6#!(.4#2 !(.%3/%(.!#(5&B%!,%(.!2!%,&,,3%44!(8.'%(%8&.!/%!56&".4#26%%3 /!".!5!=&.!#(#( "'!$,3%(@45%(.&$'%&$.'1&(!56&".#(&"+.%'%&$.'"&3%+4%5&B%4%%(% 3%1.'% !56$%5%(.&.!#(#263#83&54,%4!8(%,.#!("3%&4%4%$2%4.%%51.%&"'&663#6 3!&.%"#(2$!".

PAGE 52

? 3%4#$+.!#(&(,"#55+(!"&.!#(4-!$$41&(,,%"3%&4%/!".!5!=&.!#(#/%3&$$"#+$,6#.%(.! &$$ ,%"3%&4%.'%(%8&.!/%%22%".4#2/!".!5!=&.!#( ,,!.!#(&$$1&(!("3%&4%!(63#/!,%3&*&3%(%44!4(%"%44&3.#!("3%&4%. '%3%"#8(!.!#(#2 .'%,%$%.%3!#+4%22%".4#26%%3/!".!5!=&.!#(#("'!$,3%(@45%(.&$'%&$.'&(, '#*.'!45&!56&". .'%!36'4!"&$456.#54&(,63%4%(.&.!#(!(&63!5&3"&3%4%.. !(8n.'&4B%%(4+88%4.%,.'&.&( &44%445%(.#2/!".!5!=&.!#(!("'!$,3%(4'#+$,#""+3,+3!(86'4!"!&(/!4!.41%46 %"!&$$*'%( "'!$,3%(&(,&,#$%4"%(.463%4%(.*!.'+(%>6$&!(%,64"'#4#5&.!"&(,B%'&/!#3 456.#54 H=(!"-!%.&$19I1#3*'%(4%%!(8"'!$,3%(*!.'3%6%&.%,"#55#('%&$.'&!$5%(. 4#34"'##$ *#33!%4Hr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

PAGE 53

?) n "'%(B&"'1HIn(.%83&.!/%8+!,%.#.'%G9C<11&(,63#2!$%4 +3$!(8.#( "'%(B&"'11K%4"#3$&1HI&(+&$2#3.'%"'##$C&8%2#354 K 63#2!$%4+3$!(8.#( (8#$,11%44%311.&(8$11&35%311#4.%$$#101K+3(410H6$&(&.!#(2#3.'%#B%4!.5&-%&,!22%3%("%X0#+3(&$#2%,!&.3!"4 "'#$#81?H)I1);C 9? %3(4.%!(11&-+"11K!$'%!5%31H;I%&$.'1(!.%,.&.%41; %.3!%/%,".#B%31< #(,11&3$!(101'#5&411+B!(11K&..#(1HI#%4B+$$!(8"&+4% %5#.!#(&$63#B$%54X63#46%".!/%4.+,#2#+(8.%%(&8%343!.!4' %,!"&$0#+3(&$1 ))H;)I19
PAGE 54

?9 !%'311&(%=114'11#3(B3##-11K!(1HI%.'#,42#3&(&$=!(8'%&$.' "&3%+.!$!=&.!#(&(,"#4.4((+&$%/!%*#2+B$!"%&$.'1HI1?C99 +%11&(4%(11%3$#101(,%34%(11K#$4.%!(1H;In4/!".!5!=&.!#(23#5 B+$$!(8&44#"!&.%,*!.'5%,!"!(%+4%&5#(8&,#$%4"%(.4X(&.!#(&$$3 %63%4%(.&.!/% "3#44C4%".!#(&$4+3/%!(%(5&3-%,!&.3!"41HI1C; &".4#(.'%"#4.#2'%&$.'!(4+3&("%&(,'%&$.'"&3%HI%.3!%/%,G?G%--%411!76%341n13%,3!-411#8%$411K%3$##/%C&('#3!"-1H:I #B+$$!%,"'!$,3%(8%.!$$1#3,#!$$"'!$,3%(8%.B+$$!%,X63#46%".!/%"#' #3.4.+,#(.'% 3%$&.!#(4'!6B%.*%%(B+$$!(8&(,'%&$.'C3%$&.%,456.#54%,!&.3! "41;H?I1?:6%3! %("%4&5#(8 #/%3*%!8'."'!$,3%(/4(#(C#/%3*%!8'.6%%34)H
PAGE 55

?? 0&"#B41H;I#56#(%(.4#2%/!,%("%CB&4%,!(.%3/%(.!#(42#3B+$$!(8&(,6%%3 /!".!5!=&.!#(n(.%%$%1$-!(11#B%3.41H,I1&(,B##-#2%/!,%("%C B&4%,.'%3&6!%42#3"'!$,3%(&(,&,#$%4"%(.4D3!,8!(84"!%("%&(,63&". !"%H#$I 0&(!"-%1K!((%10rHI%.%35!(&(.4#2"'!$,3%(W463!5&3'%&$ .'"&3%+4% 0#+3(&$#2$!(!"&$4"'#$#8!(%,!"&$%..!(841;HI1C) 0&(!"-%113&1r&''&(1#$$&(4B%%0+(8%31r&3"!%$1.#3"'1 1 K0#$$%1H'&+4%311'#564#(101K!564#(1HI((+&$ 3%6#3.#(&""%44.#&(,+.!$!=&.!#(#2'%&$.'"&3%2#3"'!$,3%(&(,#+.'!(.'%(!.%,.&.%4%,!&.3!"41?HI1C) &(4%$113&!81r1/%36%"-11&$+7&11K+&(1r0H9I3#44C(&.!#(&$ "#(4!4.%("!(.'%3%$&.!#(4'!6B%.*%%(B+$$!(8B%'&/!#34&(,64"'#4#" !&$&,7+4.5%(. 3"'!/%4#2%,!&.3!"K,#$%4"%(.%,!"!(%1?
PAGE 56

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n1!3.'11!$$!%31 1!$$%311 K'#5&41H:I+&$!.#2$!2%!("'!$,3%(*!.''3#(W4!4%&4%0#+3(&$#2%,!&.3!"&4.3#%(.%3#$#8K+.3!.!#(1)H?I1?'&+4%311K "#35!"-1H?I%&$.'"&3%2#3"'!$,3%(&(,#+.'!(.'%(!.%,.&.%4D((+&$3%6#3.#(6&..%3(4#2"#/%3&8%1+.!$!=&.!#(1A+&$!.1&(,%>6%(,!.+3%4B!(" #5% 5B+$&.#3%,!&.3!"41?HI1: .#3"'11K%,$%1H?I%%3/!".!5!=&.!#(&(,64"'#4#"!&$&,7+4.5% (.!( "'!$,3%(D+33%(.-(#*$%,8%&(,2+.+3%,!3%".!#(4$!(!"&$%,!&.3!"4199HI1 C)< .#3"'113&44&3,11K&4!&Cr&3(%31H)I'%3%$&.!#(4'!6#26% %3 /!".!5!=&.!#(.#4#"!&$&(>!%.&(,$#(%$!(%44!(&,#$%4"%("%'!$,.+,0#+3 (&$1))HI1 C< .#3"'11#"-11&4!&Cr&3(%311K&3$&41H)I%%3/!".!5!=&.! #(&(, 4#"!&$C64"'#$#8!"&$&,7+4.5%(.!(!46&(!"&(,23!"&(C5%3!"&(" '!$,3%(0#+3(&$#2 '!$,&(,&5!$.+,!%41H9I19)C9? &($%&/%101K&/!41H:I+$$!(8&(,6%%3/!".!5!=&.!#(&5#(8"'!$,3%(*!. 46%"!&$'%&$.'"&3%(%%,4%,!&.3!"41
PAGE 57

?; &3(!10r1%!,11K+3.!(1HI%,4HI9D%$!&B!$!.&(,/&$!,!.#2 .'% 6%,!&.3!"A+&$!.#2$!2%!(/%(.#3HI/%34!#(98%(%3!""#3%4"&$% 4!('%&$.'&(, 6&.!%(.6#6+$&.!#(4%,!"&$&3%1)H
PAGE 58

nn !"#$%&''&(3%"%!/%,'%3B&"'%$#3@4,%83%%23#5.'%(!/%34!.#2 $#3!,&!(&1 ;'%5&7#3%,!(64"'#$#8&(,5!(#3%,!(2&5!$1#+.'1&(,"#55+(!.4"!%("%'%! 4 "+33%(.$&5&4.%3@4,%83%%"&(,!,&.%!(.'%%6&3.5%(.#2$!(!"&$&(,% &$.'4"'#$#8&..'% (!/%34!.#2$#3!,&'%3%"%!/%,'%35&4.%3@4,%83%%!(&1&(,!4"+33 %(.$ "#(.!(+!(8'%3,#".#3&$.3&!(!(8!("$!(!"&$64"'#$#8*!.'&2#"+4!(6%,!&.3 !"64"'#$#8