<%BANNER%>

Olympics

Permanent Link: http://ufdc.ufl.edu/UFE0042495/00001

Material Information

Title: Olympics Sports mega-event or political event? A comparison study of U.S. and Chinese media coverage of Atlanta and Beijing Olympics
Physical Description: 1 online resource (77 p.)
Language: english
Creator: Xu, Shifen
Publisher: University of Florida
Place of Publication: Gainesville, Fla.
Publication Date: 2010

Subjects

Subjects / Keywords: beijing, communism, framing, harmonization, nationalism, olympics
Journalism and Communications -- Dissertations, Academic -- UF
Genre: Mass Communication thesis, M.A.M.C.
bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This quantitative framing analysis examines The New York Times? and China Daily?s coverage of the Atlanta Olympics and the Beijing Olympics respectively. Articles published six month before the Games and one month after the Games were selected for analysis. Differences were observed in the frames and their valences in the two media. The differences were mostly apparent in the coverage of the Beijing Olympics by the two newspapers. China Daily framed the Beijing Olympics more positively than it framed the Atlanta Olympics. China Daily also had less topic diversity in its coverage than did The New York Time did, ignoring human rights issues and protests in China, for example. The New York Times reported the Beijing Olympics and the Atlanta Olympics with little difference in affective tone. The Times focused on issues related to human rights and protests in China while covering the Beijing Olympics, mostly with a negative affective tone.
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 Shifen Xu.
Thesis: Thesis (M.A.M.C.)--University of Florida, 2010.
Local: Adviser: Leslie, Michael.

Record Information

Source Institution: UFRGP
Rights Management: Applicable rights reserved.
Classification: lcc - LD1780 2010
System ID: UFE0042495:00001

Permanent Link: http://ufdc.ufl.edu/UFE0042495/00001

Material Information

Title: Olympics Sports mega-event or political event? A comparison study of U.S. and Chinese media coverage of Atlanta and Beijing Olympics
Physical Description: 1 online resource (77 p.)
Language: english
Creator: Xu, Shifen
Publisher: University of Florida
Place of Publication: Gainesville, Fla.
Publication Date: 2010

Subjects

Subjects / Keywords: beijing, communism, framing, harmonization, nationalism, olympics
Journalism and Communications -- Dissertations, Academic -- UF
Genre: Mass Communication thesis, M.A.M.C.
bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This quantitative framing analysis examines The New York Times? and China Daily?s coverage of the Atlanta Olympics and the Beijing Olympics respectively. Articles published six month before the Games and one month after the Games were selected for analysis. Differences were observed in the frames and their valences in the two media. The differences were mostly apparent in the coverage of the Beijing Olympics by the two newspapers. China Daily framed the Beijing Olympics more positively than it framed the Atlanta Olympics. China Daily also had less topic diversity in its coverage than did The New York Time did, ignoring human rights issues and protests in China, for example. The New York Times reported the Beijing Olympics and the Atlanta Olympics with little difference in affective tone. The Times focused on issues related to human rights and protests in China while covering the Beijing Olympics, mostly with a negative affective tone.
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 Shifen Xu.
Thesis: Thesis (M.A.M.C.)--University of Florida, 2010.
Local: Adviser: Leslie, Michael.

Record Information

Source Institution: UFRGP
Rights Management: Applicable rights reserved.
Classification: lcc - LD1780 2010
System ID: UFE0042495:00001


This item has the following downloads:


Full Text

PAGE 1

nnrnrrr nnrnn rr n n rnnnrrrrn rnrrr rrnr nrrnnnr nr

PAGE 2

! n"#$%&'

PAGE 3

( )*rn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nn n%3"%-5+142%3#:5,301&0 0,:%#&1&1-;#&90"%3%4'-04

PAGE 4

= rrrn 519% )*rn ( nrrn > nrr ? r rrnrn @ %.#1n40%:46'-0'3%1&.,2%319% ( ,8'4,$0"%n0'. = rr* > #0%310'3%%2#%+ > #$$%3%&8%4#&"#&%4%1&.n%.#1n40%:4 > r"%:5180,$10#,&1-#4:60"&,8%&03#4:1&.&0#8,::'& #4:,&n %.#1 ? r"%:5180,$A13:,&,::'̪#,&Br"%,3,&"#&% 4%%.#1( 31:#&9&1-4#4 > n1:5-%n0'.#%4,$10#,&1-#4:%0"&,8%&03#4:1&.&0#8,: :':%.#1 31:#&9 C &0#8,::':1&.31:#&9 ? 31:#&90"%-:5#81:%4 ( %4%138"'%40#,&41&.5,0"%4#4 ( (r (( ,&8%50'1-1&.5%310#,&1-%$#�#,&,$13#17-%4 (( 31:%n1-#%&8% (= %+4515%3n%-%80#,& (= r#:%31:%$,30"%&1-4#4 (D 31:%10%9,3#%4 (C 101&1-4#41&.%-#17#-#0r%40 (@ =nrn =( 30#8-%r5% =( n5,3041&.n5,30444'%30#8-%3,5,30#,&4 == n0,31-%&8% =D n0,31-%&8%,$n5,3043#%&0%.n0,3#%4 =D n0,31-%&8%,$44'%3%-10%.30#8-%4 => 5,0"%4%4r%40#&9 =>

PAGE 5

D 31:%4.,50%. =C 31:%n1-#%&8% =? ,:#&1&031:%4 =@ 1-%&8%4,$0"%,:#&1&031:%4 D Dnnnnn D? #48'44#,& D? ,-#0#841&.0"%-:5#84 D? ,2%319%,$E4F1&.Er"%:F > ,2%319%,$E4F1&.Er"%:F7 nr > ,2%319%,$E4F1&.Er"%:F7 1&.13:,&#;10#,&r"%,3>( ,&8-'4#,& >D #:#010#,&4,$0"%n0'.1&.n'99%40#,&4$,3'0'3%% 4%138">> nr >? n >@ nrn C n)r CC

PAGE 6

> nrrn r17-% 519% (0-1&01-:5#84130#8-%4#&r"%%+,3/r#:%4GrH 1&."#&11#GH = (%#I#&9-:5#84130#8-%4#&r"%%+,3/r#:%4GrH 1&."#&11#-GH= ((%4'-04,$0"%#&0%38,.%33%-#17#-#00%40 = (='1&0#0193%%:%&0+#0"/1551,&05%,$130#8-% = (D'1&0#0193%%:%&0+#0"/1551,&,3#%&010#,&,$ 0"%130#8-%= (>'1&0#0193%%:%&0+#0"/1551,&.,:#&1&0:%.#1 $31:%= (C'1&0#0193%%:%&0+#0"/1551,&40,321-%&8% = =,2%319%,$0"%0+,1:%4#&0+,&%+4515%34 D =30#8-%05%4#&8,2%319%,$0+,1:%4 D =(r"%%+,3/r#:%4B130#8-%8,:5,4#0#,&#&0"%8,2%31 9%,$0+,1:%4D =="#&11#-B4130#8-%8,:5,4#0#,&#&0"%8,2%319%,$ 0+,1:%4D =D30#8-%,3#%&010#,&#&r"%%+,3/r#:%4B8,2%319% ,$0"%0+,1:%4D =>30#8-%,3#%&010#,&#&"#&11#-B48,2%319%,$0 "%0+,1:%4D =C2%31--40,321-%&8%,$r"%%+,3/r#:%4B8,2%319 %D =?r"%%+,3/r#:%4B8,2%319%,$0"%0+,-:5#84 D =@2%31--40,321-%&8%,$"#&11#-B48,2%319% D = "#&11#-B48,2%319%,$0"%0+,-:5#84 D =n5,30440,321-%&8% D =r"%%+,3/r#:%4B21-%&8%,$45,3048,2%319%,$ 0"%0+,-:5#84D =("#&11#-B421-%&8%,$45,3048,2%319%,$0"%0+, -:5#84D ==44'%,3#%&0%.1&.45,304#44'%8,:7#&%.40,321-%& 8%D( =Dr"%%+,3/r#:%4B#44'%40,321-%&8%,$0"%0+, -:5#84D(

PAGE 7

C =>"#&11#-B4#44'%40,321-%&8%,$0"%0+,-:5# 84D( =Cr"%%+,3/r#:%4B8,2%319%,$0"%0+,-:5#84 D( =?"#&11#-B48,2%319%,$0"%0+,-:5#84 D ( =@r+,&%+4515%34B100#0'.%0,+13.4,0"%3B4-:5#84 D( = 31:%,88'33%&8% D( =31:%4,88'33#&9#&0"%0+,&%+4515%34B8,2%319%,$ 0"%0-1&011:%4D= =31:%4,88'33#&9#&0"%0+,&%+4515%34B8,2%319%,$ 0"%%#I#&91:%4D= =(r,5$#2%$31:%4,88'33#&9#&0"%0+,&%+4515%34B8, 2%319%,$0"%0-1&01 1:%4 DD ==r,5$#2%$31:%4,88'33#&9#&0"%0+,&%+4515%34B8, 2%319%,$0"%%#I#&9 1:%4 DD =D,:#&1&0$31:%4#&0"%0+,&%+4515%34B8,2%319%,$ 0"%0-1&011:%4DD =>,:#&1&0$31:%4#&0"%0+,&%+4515%34B8,2%319%,$ 0"%%#I#&91:%4D> =C1-%&8%,$.,:#&1&0$31:%4'4%.7r"%%+,3/ r#:%4#&8,2%319%,$0"% 0-1&01-:5#84 D> =?1-%&8%,$.,:#&1&0$31:%4'4%.7"#&11##&0"%8,2%319%,$0"% 0-1&01-:5#84 D> =@1-%&8%,$.,:#&1&0$31:%4'4%.7r"%%+,3/ r#:%4#&8,2%319%,$0"% %#I#&9-:5#84 DC =( 1-%&8%,$.,:#&1&0$31:%4'4%.7"#&11##&0"%8,2%319%,$0"% %#I#&9-:5#84 DC =(r+,:,40$3%J'%&0$31:%4#&"#&11#-1&.r"% %+,3/r#:%4DC

PAGE 8

? 7403180,$r"%4#43%4%&0%.0,0"%31.'10%n8",,,$0"%%34#0,$-,3#.1#&130#1-'-$#--:%&0 ,$0"% %J'#3%:%&04$,30"%%93%%,$140%3,$304 nnrnrrr n nrnnrr n n"#$%&' %8%:7%3 "1#3#8"1%-%4-#%1I,3144,::'̪#,& r"#4J'1&0#010#2%$31:#&91&1-4#4%K1:#&%4 nr 1&. B48,2%319%,$0"%0-1&01-:5#841&.0"%%#I#&9:5#843%45%80#2%-30#8-%4 5'7-#4"%.4#K:,&0"7%$,3%0"%1:%41&.,&%:,&0"1$0 %30"%1:%4+%3%4%-%80%. $,31&1-4#4#$$%3%&8%4+%3%,74%32%.#&0"%$31:%41& .0"%#321-%&8%4#&0"%0+, :%.#1r"%.#$$%3%&8%4+%3%:,40-15513%&0#&0"%8, 2%319%,$0"%%#I#&9-:5#847 0"%0+,&%+4515%34 $31:%.0"%%#I#&9-:5#84:,3%5,4#0#2%-0"1� $31:%.0"%0-1&01-:5#84 1-4,"1.-%440,5#8.#2%34#0#0,2%319% 0"1&.#. n .#.6#9&,3#&9"':1&3#9"04#44'%41&.53,0%404#&"#&16 $,3%K1:5-% nr 3%5,30%.0"%%#I#&9-:5#841&.0"%0-1&01 -:5#84+#0"-#00-%.#$$%3%&8%#&1$$%80#2%0,&%r"% r $,8'4%.,,'%43%-10%.0, "':1&3#9"041&.53,0%404#&"#&1+"#-%8,2%3#&90"% %#I#&9-:5#846:,40-+#0"1 &%910#2%1$$%80#2%0,&%

PAGE 9

@ r rrnrn 3,:0"%2%37%9#&&#&9,$0"%-:5#81:%460"%:5#84B#.%1-"147%%&0"10 45,3044",'-.7%4%51310%.$3,:5,-#0#84,+%2%36#&0" %3%1-+,3-.60"%-:5#8413% ,$0%&#::%34%.#&5,-#0#841&.8,&$-#804r",'9"$3#%&.4" #565%18%1&.' % 3%913.%.14'%341-:,31-53#&8#5-%4,$0"%-:5#846: %.#18,2%319%,$0"%-:5#84 "14&,01-+1453,:,0%.0"%4%53#&8#5-%4+%--&40%1.6: %.#18,2%319%"147%%&:,3% $,8'4%.,&8,&$-#8041&.8,&03,2%34#1-#44'%4&.%%.6#,3.1 &G@@?HJ'%40#,&40"% 5%18%:1/%33,-%,$45,3046%45%8#1--0"%-:5#846#&#& 0%3&10#,&1-3%-10#,&4+"#-% r,:-#&4,&1&.,'&9G >H5,#&0,'00"100"%-:5# 84"12%180'1--#&45#3%. #&0%3&10#,&1-8,:5%0#0#,&1&.%&:#07%0+%%&&10#,& 4 r%K0417,'0:%.#10%.45,30464'8"140"%-:5#846"12%,&97%%&40'.#%.7 8,::'̪#,&43%4%138"%3461&.7#14"147%%&$,'&.#&: %.#18,2%319%0,4'55,30 .,:#&1&0#.%,-,9#%4G)#&/%:1L133#46@@?H4145,30 4%2%&06,3#9#&10%.70"% *%401&.",40%.:,40-7*%40%3&8,'&03#%46E0"%53#&8# 5-%.#48,'34%,&0"%:,.%3& -:5#81:%41&.:,2%:%&0M"143%$-%80%.17,2%1--*%40 %3&#&0%3%4041&. 8,&8%3&4FG-,4%64/%+L'6 ?65>H10#,&1-#40# 82#%+413%%&"1&8%.#&0"% 8,2%319%,$4'8"45,304%2%&047$,8'4#&9,&E&10#,&1-'&# 01&.#.%&0#068"1:5#,&#&9 0"%.,:#&1&021-'%41&.#.%1-4,$0"%&10#,&4#&+"#8" 0"%,3#9#&10%FG)#&/%:1L133#46 @@?65(>H,+%68)11&.#--%3G@@?H139'%0" 10E&,8'-0'31-$,38%G#4H:,3% %J'1-0,0"%014/,$83%10#&91&#:19#&13&10#,&1-'& #00"1&0"%#&0%3&10#,&1-45,304 :%.#18,:5-%KF1&.0"10&10#,&1-#40#.%&0#$#810#,&'4' 1--7%8,:%4:,408,&8%&0310%.#& 0"%:%.#18,2%319%,$5%3#,.#8#&0%3&10#,&1-45,304%2 %&044'8"140"%-:5#841&. 0"%*,3-.'5G5((H

PAGE 10

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n"%4140"10 3%-#1&8%,&E1-139%#&.%5%&.%&069-,71-:%.#1&%0+,3/0,53,I%80#04.%4#3% .#:19%13,'&.0"%+,3-.F73#&94 3#4/0,0"%",40,$0"%-:5#81:%47%81'4%0"%#&0%353 %010#,&,$0"%%2%&070"% #&0%3&10#,&1-:%.#1#4"13.0,:1&19%1&.8,&03,-G5 DHn"%1-4,139'%40"101-#&0%3&10#,&1-:%.#18,2%30"%%2%&047'4#&9#04E31+ :10%3#1-4F7'07'#-.0"%#340,3#%4 0"3,'9"0"%#3,+&&10#,&B45%345%80#2%6+"#8"#4:,3%E3 %-%21&06155%1-#&91&.$12,317-% 0,",:%&10#,&1'.#%&8%FG5CH 88,3.#&90,"%36.'3#&90"%,-.*1360"%-:5#81: %4"1.1E"%124"1.,+ ,$#&0%3&10#,&1-5,-#0#84FG5=>Hn"%1-4,8-1#:40"1 00"%@@138%-,&11:%4+%3% 0"%$#3403%-10#2%-&,&5,-#0#81--:5#840"%348",-1 34139'%0"%n,2#%0&#,&6 %3:1&1&.151&+%3%5,3031%.145,44#7-%%&%:#%4# &0"%n-:5#80%-%2#4#,& .#48,'34%.'%0,n$,3%#9&5,-#88,&$-#804+#0"0"%4%8, '&03#%4100"100#:%G#9946 140:1&L,-,7#86@@(H 00"%,5%&#&98%3%:,&,$0"%@@>0-1&01-:5#846 8,::%&010,3,7 ,4014:1.%0"%$,--,+#&98,::%&04+"%&0"%"#&%4%0%1: %&0%3%.0"%401.#':

PAGE 11

r"%%,5-%N4%5'7-#8,$"#&1&%$#$0",$0"%+,3 -.N45,5'-10#,&*#0"1& %8,&,:93,+#&9100"%310%,$17,'0 O1%136%2% 3%8,&,:#85,+%36 #&8-'.#&90"%�%.n010%46+1&040,015#&0,0"10"' 9%5,0%&0#1-:13/%0 '06,$8,'34%60"%3%13%53,7-%:4+#0""':1&3#9"046 8,53#9"0.#45'0%46 0"%0"3%105,4%.0,r1#+1&M0"%N2%%K8%--%.10"-%0#81 --60"%N3%7'#-.#&9 #&0,15,+%367'01:#.4'45#8#,&46#8/6%45%8#1--8,&8%3&#& 90"%#30318/ 10"-%0%41&.0"%#3$%:1-%4+#::%3465,44#7-'4#&95%3$,3 :1&8%%&"1&8#&9 .3'94,&%81'9"0#&138%-,&167'04#&8%0",4%-:5# 84#&@@64%2%31"12%7%%&81'9"0G3,+&%--6@@>65131=Hr"#48,::%&07,7,4014,&1-#2%73,1.8140#::%.#10% -81'4%.:144#2% 53,0%404#&"#&%4%8,::'�#%47,0"#&0"%�%.n01 0%41&.,2%34%143,+&%-G@@>H8,&8-'.%40"100"%-:5#84+%3%7%#&9'4%.141 5-10$,3:$,3.%710%17,'0 :,.%3&&10#,&1-#4:1&.#&0%3&10#,&1-3%-10#,&4 r"%8,--154%,$0"%n,2#%0&#,&:1.%"#&10"%-139% 403%:1#&#&98,::'( $,38%#&0"%5,40,-.*13%31"#&17%81:%0"%:1#& 8,&8%3&,$n:%.#16+"#8" 100%:50%.0,7'#-.1&#:19%,$"#&1141&%&%:n# &"1G (H4140"101&,'04#.% 0"3%10#40"%7%40+10,'�%14,8#%0%%K5-1#&4 0"100"%,-.*13912%0"%�%. n010%47,0"14%&4%,$:#44#,&1&.153,:#&%&01&019,&# 40%4010%40"10703%10#&9 8,'&03#%44'8"140"%n,2#%0&#,&,3"#&114%&%:#%460 "%�%.n010%4#4:,3% -#/%-0,'�%#045,5'-10#,&1&.180140"%-%1.%3,$ 0"%$3%%+,3-. 1&"#&%4%48",-134"12%83#0#8#;%.+"100"%3%913.14 0"%*%40%3&:%.#1B4 7#14%.1&.&%910#2%8,2%319%,$"#&1,&9G@@?H401 0%40"10E0"%n:%.#1P03Q0, .%$1:%"#&1+#0"1--4,304,$1&0#"#&1:10%3#1-40, 4031&9-%"#&1B44,8#1-440%:FG5 @H%'&91&.'1&9G CH$,'&.0"10:%.#18,2%31 9%,$"#&1#4"#9"-83#0#81+"%,'%4#&"#&18,&$-#80+#0"*%40%3&53#&8#5-%43%10%.0,"':1&3#9"046#&.#2#.'1-#7%301&..%:,8318 r+%-2%%1341$0%30"%0-1&01-:5#846"#&1"#00"% 9-,71-:%.#145,0-#9"0#&0"% 4'::%3,$ ?.'3#&90"%%#I#&9-:5#84,40#&90"% -:5#84+141-,&90#:%

PAGE 12

.3%1:,$0"%(7#--#,&"#&%4%1&.14#9&#$#81&0#& .#810#,&,$"#&1B48,:#&9,$19%14 193,+#&94'5%35,+%3#&0"%+,3-.,+%2%367%81'4%,$ "#&1B48,::'(#.%,-,9 1&.8'33%&08,:5-#810%.1&.:'-0#$18%0%.n#&,:%3#81 &3%-10#,&460"%*%40%3& :%.#1B48,2%319%,$0"#445,304:%91%2%&040#--3%$-%80% .0"%,-.*13#.%,-,9 *%40%3&:%.#1B48,2%319%-%1.#&9'50,1&..'3#&90" %%#I#&9-:5#846%45%8#1--#& 0"%n:%.#165,-#0#8#;%.0"%-:5#84 ,3%K1:5-%6,&138"=6 ?6$#2%:,&0"47%$,3%0" %%#I#&9-:5#846 '.."#40:,&/41&.,0"%3%0"r#7%01&48,--#.%.+#0" "#&%4%4%8'3#0$,38%4#& "1411&.81'4%.1&':7%3,$.%10"46+"#8"-%.0,1:, &0",$0'3:,#-#&r#7%0G1.-%6 ?Hr"%'&3%4081'4%.0"%+,3-.:%.#10,$,8'4,&8% 301#&:100%34#&"#&164'8"14 "':1&3#9"04691:%4B4%8'3#01&..%:,8318,3%K1:5-% 60"% 4010%.0"10E"#&1B48318/.,+&,&.%:,&40310,34#&r#7%0 "1453,:50%. #&0%3&10#,&1-8,&.%:&10#,&1&.181--$,317,8,00 ,$0"#44'::%3N4%#I#&9-:5#84F G"1:7%3-1#&6 ?6519%@H r"%%#I#&9-:5#84B0,38"3%-11-4,81'4%.#:5,301&04% 8'3#08,&8%3&41&. 1003180%.#&0%&4%:%.#1$,8'4 nr 4010%.0"101-0",'9""#&181--%. 0"%0,38"3%-1E1I,'3&%,$"13:,&6F0"%3%-1$1 8%.5,44#7-%'&3%407"':1&3#9"04 93,'541&.#&83%14%.0"%5,-#0#81-8"1--%&9%4,$0"%:5#81:%4G%&&",-.6 ?H r"%0,38"3%-14#&13#46n1&31&8#48,6r#7%01&.&.# 11--$18%.4%8'3#053,7-%:40, 4,:%%K0%&07%81'4%,$"#9"-5'7-#8#;%.53,0%400"3%10 4 n#:#-130,0"%@??n%,'--:5#846.'3#&9+"#8"0"%: %.#1+%3%$,8'4%.,& ),3%1B453,8%44,$.%:,8310#;10#,&1&.1.,50#,&,$*%40%3 &40-%815#01-#4:6#&0"% %#I#&9-:5#8460"%:%.#1+%3%$,8'4%.,&0"%#:5180 ,$0"%-:5#84,&"#&1B4

PAGE 13

( .%2%-,5:%&0,$*%40%3&40-%5,-#0#81--#7%31-#;10#,& 1&."':1&3#9"04#:53,2%:%&04 G-,4%64/%+L'6 ?Hn'--#21&G =H4140"100" %%#I#&91:%4+%3%5,3031%. #&0"%*%40%3&:%.#1141&,55,30'�,53%44'3%"#& 1#&0,&%9,0#10#,&,&0"%r#7%0 #44'%1&.0"%1--%9%.2#,-10#,&4,$0"%"':1&3#9"04,$ .#$$%3%&0%0"Q&.3%-#9#,'4 93,'54#&"#&188,3.#&90,"#:6#.%,-,9#81-#44'%40 "108,&8%3&%.0"%*%400"% :,40+%3%3%$-%80%.#:%.#1B48,2%319%,$0"%%# I#&9-:5#84$3,:0"%.1 %#I#&9+141&&,'&8%.140"%",40,$0"%-:5#84Gn'--#2 1&6 =H %4#.%40"%r#7%01&0'3:,#-1&.0"%0,38"3%-18,&03,2 %346"#&%4%5,-#8,& 13$'37%81:%13%-10%.#44'%7%$,3%0"%-:5#8440130%. #-:.#3%80,3n0%2%& n5#%-7%39J'#0141&130#40#81.2#4%30,0"%%#I#&9:5#84#&%73'13 ?61--%9#&9 0"10"#&1"1.&,05'0%&,'9"53%44'3%,&n'.1&0,%& .0"%2#,-%&8%#&13$'3'0#' '#I#&61"#&%4%13$'383#4#43%53%4%&010#2%641#.0"10 #0+140,01--'&3%14,&17-%0, -#&/"#&1N45,-#8,&13$'3+#0"0"%-:5#81:%4GE %#I#&9-:5#83#0#846F ?H ':1&3#9"041&.%&2#3,&:%&01-5,--'0#,&#&"#&1+% 3%1-4,",00,5#84#&0"%n :%.#1"#&%4%:%.#115,-,9#404139'%.0"100"%100#0 '.%,$0"%*%40%3&:%.#10"10 03#%.0,0#%0"%45,304%2%&00,5,-#0#84+14'&$1#31& .8,&031.#80%.0"%45#3#0,$0"% -:5#84GE%#I#&9-:5#83#0#846F ?H '3#&90"%-:5#8460"%3%+%3%4%2%31-,0"%3%:7133144# &9#44'%464'8"14 1--%9%.-#:#04,&I,'3&1-#404B$3%%188%440,#&$,3:10#,& 1&..#45'0%417,'00"%19%,$ "#&%4%$%:1-%9:&1404G18'36 ?H nrnr &1..#0#,&0,0"%#.%,-,9#81-403'99-%7%0+%%&0"%0 +,&10#,&460"%"#&%4% :%.#11&.n:%.#113%,5%310%.#&0%3&1--'&.%3 0+,.#$$%3%&05"#-,4,5"#811553,18"%41&.7%-#%$4:%3#81&47%-#%2%0"100"%*%40 %3&:%.#16%45%8#1--

PAGE 14

= :%3#81&&%+44,'38%46,$$%3,7I%80#2%40,3#%46+"#-%0"% 7%-#%2%0"100"%"#&%4% :%.#113%'&.%30"%8,&03,-,$0"%"#&%4%9,2%3&:%& 01&.4%32%,&-141:,'0"5#%8% ,$0"%,::'鳂G1':6 ?R%3:1&L",:4/6 @??Rn#%7%306%0%34,&L n8"31::6@D>H "#&11&.0"%�%.n010%4"12%2%3.#$$%3%&05,#0#81-1&.8'-0'31-"#40,3#%464, 0"%0+,8,'&03#%4B:%.#1440%:4:#9"01-4,7%%K5%80%.0, $'&80#,&J'#0%.#$$%3%&0n:%.#16+"#8"13%,5%310%.'&.%30"%-#7%3013#1& S4,8#1-3%45,&4#7#-#0:,.%-60%&.0, 5'7-#8#;%.#43'50#,&4#&0"%4,8#1-,35,-#0#81-,3.%3 1&.0"3%1040,#04.,:#&1&021-'%4 G-048"'--6@@DH&8,&031406"#&%4%:%.#16+"#8"13% ,5%310%.'&.%31& 1'0",3#013#1& :%.#1440%:1&.8,&03,--%.70"%9,2%3&:%&060%&.0, $12,3:,3%53,9,2%3&:%&0 &%+4,:513%.0,0"%&%910#2%&%+453%$%3%&8%#&0"% *%40%3&:%.#16"#&%4% 8'-0'3%%:5"14#;%4"13:,&#;10#,&,2%38,&$-#801&..#45'0 10#,&r"%3%$,3%"#&%4% :%.#1:#9"07%-%44-#/%-0,53%4%&0&%910#2%&%+43%-1 0%.0,%#0"%3"#&1,3,0"%3 8,'&03#%4G1':6 ?R'./'&406 DR#6 @H &$-'%&8%.70"%4%.#$$%3%&8%46:%.#153180#0#,&%34$3 ,:0"%4%40+,8,'&03#%4 :#9"0"12%.#$$%3%&01&9-%41&.:1/%.#$$%3%&0%.#0, 3#1-8",#8%4+"%&0"%$31:%0"% -:5#81:%4 nn &0"#440'.60"%3%4%138"%38,&.'80%.18,:51310#2%40'. ,$"#&%4%1&.n :%.#18,2%319%,$0"%@@>0-1&01-:5#841&.0"% ?%#I#&9-:5#84%+4 5'7-#4"%.#& nr 1&. $3,:4#K:,&0"47%$,3%0"%,5%&#&9 ,$%18",$0"%-:5#841&.,&%:,&0"1$0%30"%%&., $%18",$0"%-:5#84+14 8",4%&$,3J'1&0#010#2%$31:#&91&1-4#41&..#48,'34%1&1 -4#4

PAGE 15

D 14%.,&0"%144':50#,&4,$&10#,&1-#4:60"%3%4%138"%3% K5%80%.0"107,0"0"% n:%.#11&."#&%4%:%.#1+,'-.$12,30"%#3,+&8, '&03B4-:5#84+"#-% .%⑞#&90"%-:5#84",40%.70"%,0"%38,'&03 14%.,&0"%144':50#,&,$.#$$%3%&8%4#&8'-0'31-#.% ,-,960"%40'.1-4, %K1:#&%.+"%0"%31&0#8,::'(#.%,-,9#&0"%�% .n010%41&."13:,&#;10#,& #.%,-,9#&"#&1+,'-.7%3%$-%80%.#&",+0"%4%0 +,&%+4515%348,2%3%.0"%41:% %2%&00+14"5,0"%4#;%.0"100"%#&$-'%&8%,$1&0# 8,::'(#.%,-,9,&0"%*%40%3& :%.#1+,'-.:1/%*%40%3&:%.#1:,3%-#/%-0,3%5,30& %910#2%-,&0"%%#I#&9 -:5#846+"#-%0"%"13:,&#;#&940-%,$I,'3&1-#4:531 80#8%.7"#&%4%:%.#1+,'-. :1/%#0-%44-#/%-0,3%5,30&%910#2%-,&0"%0-1&01 -:5#84 r"#440'.#44#9&#$#81&0#&0+,+14r"%$#340#40"10%2 %&0",'9"0"%%#I#&9 -:5#84+1419-,71-%2%&00"103%8%#2%.:144#2%100%&0# ,&$3,:0"%+,3-.:%.#162%3 $%+#&0%3&10#,&1-8,:51310#2%40'.#%4"12%7%%&.,&%1 7,'0:%.#18,2%319%,$0"% %2%&0G1#6 >H%81'4%"#&1+140"%$#3408,::'( 8,'&030,",400"%-:5#8 1:%44#&8%0"%%&.,$0"%,-.*1368,&.'80#&918,:5131 0#2%40'.#42%30#:%-14 #01--,+4'40,,74%32%+"%0"%30"%,-.*13#.%,-,9 +1440#--15513%&0#&0"%n :%.#18,2%319%,$0"%-:5#84r"%4%8,&.3%14,&$,30" #440'.B44#9&#$#81&8%#40"10 #01-4,#&8-'.%418'-0'31-5%345%80#2%,&0"%53180#8%,$ I,'3&1-#4:0,.%0%3:#&%+"%0"%3 8'-0'31-.#$$%3%&8%4#&I,'3&1-#40#85"#-,4,5"#&0"%4% 0+,8,'&03#%48,&03#7'0%.0,0"% .#$$%3%&8%4#&8,2%319%,$1&#&0%3&10#,&1-45,304%2% &0

PAGE 16

> r rr* nn $1--:%.#1,7%%.0"%#353,$%44#,&1-&,3:41&.8,2%3% .40,3#%4,7I%80#2%-60"%3% 4",'-.7%$%+.#$$%3%&8%4#&8,2%319%7%0+%%&0+,&%+451 5%34,$.#$$%3%&0 &10#,&1-#0#%4r",'9"I,'3&1-#4048-1#:0"100"%13%& %'031-6,7I%80#2%1&.&,& #.%,-,9#81-6.31:10#8.#$$%3%&8%4%K#40#&&10#,&1-&%+ 4515%34%2%&+"%&0"%8,2%30"% 41:%%2%&0n8",-134,$$%34%2%31-%K5-1&10#,&4$,3+" 0"%4%.31:10#8.#$$%3%&8%4 %K#40rn r",'9":1&.#$$%3%&0:%.#1440%:4%K#40#&0"%+,3-. 6:,40,$0"%:$1--#&0,$,'3 .#$$%3%&053%44:,.%-46+"#8"+%3%$#340,'0-#&%.7n# %7%306%0%34,&1&.n8"31::#& @D> &0"%8-144#88,::'̪#,&:140%35#%8% rrr 6n#%7%306 %0%34,&1&.n8"31::G@D>H5,#&0,'00"100"%3%13% $,'3:%.#1:,.%-40"% 1'0",3#013#1&:,.%-60"%-#7%3013#1&:,.%-60"%4,8#1 -3%45,&4#7#-#0:,.%-1&.0"%n,2#%0 8,::'(:,.%-n#%7%306%0%34,&1&.n8"31::4010%0"1 00"%$,'3:,.%-413% .%3#2%.$3,:0+,714#80"%,3#%46+"#8"13%0"%1'0",3# 013#1&1&.-#7%3013#1&0"%,3#%4 r"%n:%.#16+"#8""12%1."%3%.0,0"%-#7%3013#1 &1553,18"$,3:,3%0"1& %13467%81:%0"%-%1.#&9%K1:5-%,$0"%4,8#1-3%45,&4# 7#-#0:,.%-n#%7%306%0%34,& 1&.n8"31::G@D>H4010%0"10'&.%34,8#1-3%45,&4#7#-# 00"%,360"%:%.#14",'-.7% E3%45,&4#7-%0,4,8#%0$,38133#&9,'08%301#&%44%&0#1$'&80#,&4,$:144 8,::'̪#,&6F#&8-'.#&94%32#&90"%5,-#0#81-1&.%8,&, :#8440%:6%.'810#&90"% 5'7-#86%&4'3#&95'7-#83#9"046%&0%301#&#&91&.7%#&9 $#&1&8#1--#&.%5%&.%&0G5C=H

PAGE 17

C r"%4010%0"104,8#1-3%45,&4#7#-#01&.-#7%3013#1&0" %,313%E&9-,:%3#81&8,&8%504F G5CDHr"%53%44#43%J'#3%.0,4%32%0"%9%&%31-+%-$ 13%'&.%30"%4,8#1-3%45,&4#7#-#0 :,.%-$0"%:%.#1$1#-0,:%%01--,$0"%4%3%45,&4# 7#-#0#%464,:%,0"%35'7-#819%&8 8,'-.3%J'#3%0"%53%440,$'-$#--#043%45,&4#7#-#0#%4 n#%7%306%0%34,&1&.n8"31::G@D>H4010%0"100"%:% .#16'&.%30"%n,2#%0 8,::'Ɛ"%,36+%3%'4%.1410,,-70"%9,2%3&:%& 01&.0"%51300,.#403#7'0% 53,5191&.160,'�%0"%5'7-#861&.0,#&0%353%0%2 %&04$3,:0"%,::'鷑&.5,#&0 r"%7#99%40.#$$%3%&8%7%0+%%&n,2#%08,::'Ɛ"%,3 1&.4,8#1-3%45,&4#7#-#0 0"%,3#40"106$3,:0"%n,2#%05,#&0,$2#%+6E174,'0%$3%%.,:#4#:5,44#7-%F1&.E&, $3%%.,:191#&400"%4010%81&7%5%3:#00%.FGn#%7%306 %0%34,&1&.n8"31::6@D>65 >5CHr"%n,2#%053%44+14,&-17-%0,45%1/0"1 0+"#8"+145%38%#2%.0,7% 03'%75130-%1.%34 ,+%2%364#&8%0"%%&.,$0"%,-.*131&.0"%%2,-'0 #,&,$0"%r"#3.*,3-.6 :1&48",-134"12%139'%.0"10:%.#1440%:4&,+1.1481&&, 07%%14#4'::13#;%.7n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

PAGE 18

? :%.#1$'&80#,&414+%--140"%3%-10#,&4"#57%0+%%&:%.# 1,391&#;10#,&41&. 9,2%3&:%&0FG5> Hn,:%139'%0"100"#48"1&9%E4" #$0%.0"%:%.#1B4-,1-0$3,:0"% 51300,0"%8,&4':%3FG3%%.,:,'4%6 >65CDH ,+%2%36*#&$#%-.1&.%&9 G DH139'%0"101.,50#&90"%*%40%3&-#7%3013#1&5 3%44440%:#4#:5,44#7-%$,3 "#&%4%:%.#118"0%&1&.n8,00,&G CH1-4,4010%0" 100"%"#&%4%:%.#1B4 %8,&,:#8#&.%5%&.%&8%+#--&,0-%1.0,1$3%%53%44& 1..#0#,&6"#&%4%:%.#113%40#-8%&4,3%.70"%"#&%4%,::'񡾖#10"%%&0313,5191&.1%5130:%&0 GE3%%.,:,$0"%3%446F >H & rr 6"#&%4%:%.#1+%3%-#40%.14&,0$3%%6+"#-%0"% n:%.#1+%3%-#40%.14$3%%714'32%0%1:8,&4#40# &9,$#&0%3&10#,&1-:%.#1 53,$%44#,&1-4&0"%4'32%68,'&03#%4+%3%9#2%&10,0 1-48,3%7%0+%%& 1&. 6+#0" 140"%:,40$3%%1&. 140"%-%140"#&%4%:%.#1 48,3%.C6(=1&. 3%45%80#2%-#&-%91-%&2#3,&:%&065,-#0#81-%&2#3,&:% &01&.%8,&,:#8%&2#3,&:%&06 +"#-%0"%n:%.#148,3%.>6>1&.=#&0"%4%0"3%% 810%9,3#%4 &8,&031400,"#&%4%:%.#16$,30"%:,4051306n: %.#1+%3%4%%&14$3%%$3,: 9,2%3&:%&01-8%&4,34"#51&.8,&03,-r"%n:%.#1" 12%7%%&8,::%38#1--714%. $,38%&0'3#%46+"#8":1/%0"%:-%443%-#1&0,&9,2%3&:%&0 ,+%2%36*%#3G (H 4010%40"%n:%.#1440%:"14#04,+&53,7-%:64'8"147 1-1&8#&90"%3%-10#,&4"#5 +#0"1.2%30#4%341&.#04I,'3&1-#40#83,-%*%#3G (H 4140"%E53%44'3%73,'9"0191#&40 &%+4515%3471.2%30#4%345,4%45130#8'-13-03#8/%0"#81.%8#4#,&4100#:%4FG5 (H !n"n#nn$n% ,:513%.0,"#&%4%:%.#16n:%.#1"12%93%10%3$ 3%%.,:1&.13%4'55,4%. 0,7%71-1&8%.#&8,2%3#&9&%+4,+%2%3653%2#,'43%4% 138""144",+&&%+47#14 %K#4045%3214#2%-#&n:%.#1#&213#,'4$,3:46#&8-'. #&94%-%80#,&1&.,:#44#,&,$

PAGE 19

@ #&$,3:10#,&1&.0,5#8464,'38%7#141&.%:5"14#4,&9,2%3& :%&01-,35130#41&4,'38%46 4-1&0%.53%4%&010#,&,$8,&03,2%34#1-#44'%41&.0"%$3%J '%&0'4%,$518/19%.$,3:'-14 G-048"'--6@@DR%&&%006@??R%3:1&1&.",:4/6@ ??Hr"%.,:#&1&8%,$ &10#,&1-#40#81&.1&0#8,::'ƒ#%+4#&n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

PAGE 20

*"%&8,2%3#&9$,3%#9&&%+46%0"&,8%&03#4::%1&40"10I,' 3&1-#404'4%E7#&13 ,55,4#0#,&40"10%44%&0#1-#;%0"%8,:5-%K1&.8,&031.#80,3 3%1-#0#&0,8,3%1003#7'0%4,$ 1&10#,&1&."#40,30,8,&403'8013%.'80#2%#.%,-,9#818,&031407%0+%%&A'4B1&.A0"%:BF G%%%01-6 68#0%.#&%'&9L'1&96 C65 >C>H &0"%814%,$0"%-:5#846#2%&7'39"G =H8-1#:40 "10I,'3&1-#4048,2%3#0#& +140"1053,:,0%E1",:%&10#,&5%345%80#2%T,&%0"1 0#43%-%21&06155%1-#&961&. $12,317-%0,",:%&10#,&1'.#%&8%FG5H'G@@?H 4010%40"10E0,#&8#0%5103#,0#4: +#0",'0%&%:#%4#4#:5,44#7-%FG5(?H&"#&16&10 #,&1-#4:7%81:%%45%8#1--403,&9 1$0%3@?@6+#0"1403,&91&0#:%3#81&100#0'.%<"1 ,G DH4140"100"%-139%40 8"1--%&9%0,0"%5,40r#1&1&:%&"#&%4%-%1.%34"#5+140 ,3%&%+,$$#8#1-#.%,-,91&. %&"1&8%5'7-#8$1#0",&0"%,::'鷸%::5"14#;#&9 "#&%4%,::'( 130B43,-%14E0"%5131:,'&05103#,0#8$,38%1&.9'13 .#1&,$&10#,&1-53#.%F+140"% 7%40+10,'�%0"%8,'&03.'3#&90"100'37'-%&0 %31G<"1,6@@?65?@H &0#n.%:,&40310#,&413,4%#&"#&1#&@@@1$0%3 0"%7,:7#&9,$0"%"#&%4% %:7144#&%-931.%70"%�%.n010%4,+%2%36,&14:1--1:,'&0,$1&0#n &%+4+148,2%3%.7"#&%4%:%.#1#G DH4010%40"10 0"3%%.%81.%41$0%3"#&%4% 3%$,3:1&.,5%&#&9'56"#&%4%8,2%319%17,'00"%& #0%.n010%4"1.7%8,:%:,3% ,7I%80#2%1&.5,4#0#2%6E1-0",'9"4,:%0#:%4#040#--3% 2%1-43%:&1&04,$,-.*13 0"#&/#&9FG#65?>H#4010%40"100"%&%+48,2%319% #&"#&%4%:%.#1"1.0"%%$$%80,$ 9-,3#$#&90"%�%.n010%473%5,30#&9#44'%44'8"14+ %1-0"-#$%40-%460"% $'&80#,&#&9,$#04"%1-0"813%440%:1&.3%5,304,&%&0% 301#&%34 ,+%2%360"%n#&,:%3#81&3%-10#,&4"#50%&4%.1$0%30 "%r#7%01&0'37'-%&8%#& ?6188,3.#&90,3#%4G @H%4010%40"10:%3# 81&4+%3%'54%07"#&1B4

PAGE 21

8318/.,+&,&r#7%01&'.."#4046+"#-%0"%"#&%4%+%3%'5 4%070"%n:%.#1B4 8,2%319%17,'00"%r#7%01&53,0%4041&.0"%0,38"3%-1 r"%"#&%4%8-1#:%.0"100"% +%40%3&:%.#16%45%8#1--6+14.%-#7%310%-:#43%53 %4%&0#&90"%r#7%01&4#0'10#,& 3#%4G @H8-1#:40"100"%r#7%01,'%-%.:1&:%3 #81&40,E3%.'8%0"% 8,:5-%K#0#%4,$"#&%4%5,-#0#840,14#:5-%&13310#2%, $73'0%$,38%6A,3#%&01-.%45,04B,3 A3%.8,::'࿎BF+"#-%0"%41:%#44'%-%.:1&"#&%4 %0,2#%+n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r"%$#3408,&403 1#&0#48,&8%&0310%.:%.#1 ,+&%34"#51&.0"%53,$#0,3#%&010#,&,$0"%:%.#1$# 3:46+"#8"-#:#00"%8,&0%&0,$&%+4 8,2%319%r"%4%8,&.8,&4031#&0#41.2%30#4#&9140"%:1#& $#&1&8#1-4'55,30,$0"% :%.#16+"#8"5'040"%:%.#1'&.%3%8,&,:#88,&4031#&04r "%0"#3.8,&4031#&0#40"% :%.#1B43%-#1&8%,&#&$,3:10#,&53,2#.%.79,2%3&:%& 06%-#0%41&.,0"%319%&04,$ 5,-#0#81-5,+%3r"%$,'30"8,&4031#&0#4&%910#2%3%45, &4%40,:%.#18,2%319%6

PAGE 22

%45%8#1--&%910#2%3%45,&4%4$3,:9,2%3&:%&064'8"14E 3%9'-13-1441#-#&96 0"3%10%&#&961&.8,33%80#&90"%:%.#1FG5?H&. $#&1--6%3:1&1&.",:4/1.. E1&0#8,::':F140"%$#$0"8,&4031#&0r"%139'%0" 10#&0"%*%40%3&+,3-.61&0# 8,::':#41E&10#,&1-3%-#9#,&1&.8,&03,-:%8"1: FG5Hr"#41&0#8,::': 8,&03,-:%8"1:+,3/4+%--7,0"#&&,3:1-0#:%414+%-14#&5%3#,.4,$E%.4813%4F r"%4010%0"101--$#2%,$0"%4%8,&4031#&04#&0%3180+ #0"%18",0"%30,4'88%44$'-$#-0%3:%.#18,2%319%17,'0,0"%38,'&03#%46%45%8#1-8,::'Ƙ,'&03#%4 r"%$#K0"%53%:#4%4,$.#48,'34%1&.#&0%353%010#,&6 1&.0"%.%$#�#,&,$ +"10#4&%+4+,30"#&0"%$#3405-18%61&.0"%%K5-1# &0"%714#41&. ,5%310#,&4,$+"101:,'&00,53,5191&.181:51#9&4G5 H *%12%31&.*#-",#0G@?=H4010%0"10&%910#2%40%3%,0 5%413%83%10%.1&. %&$,38%.70"%n:%.#16%45%8#1--,$.%2%-,5#&98, '&03#%41&.5,408,::'( 8,'&03#%4r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

PAGE 23

( r,4,:%%K0%&060"%1&0#8,::':#.%,-,91-4,%K#404# &0"%45,304+,3-. 3,+&%--G ?H4010%40"108%301#&40%3%,05%413%"% -.7+%40%3&I,'3&1-#4041&. 5'7-#84"#&1#45,3031%.0,"12%E1$,3:%3n,2#%040 -%68,::'࿍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n&'rn(r r"%3%-10#2%-18/,$&%910#2%&%+4#&"#&%4%:%.#18,' -.1-4,7%%K5-1#&%.7 0"%"#&%4%9,2%3&:%&08%&4,3%.:%.#1440%:1&.0"%"13 :,&0"%,3,$ 8,::'̪#,&6+"#8"40%:4$3,:"#&%4%8'-0'3%G"%&6 ?H "%&4010%40"108,::'̪#,&4%32%41418133#%3,$8'-0 '3%1&.0"108'-0'3% .%0%3:#&%4,'30"#&/#&91&.:1&#$%404#04%-$#&,'38,: :'̪#,&5100%3&4&8,&03140 0,0"%:%3#81&8,::'̪#,&40-%6"%139'%40"108,:: '̪#,&"13:,Ƣ,3% 21-'%,$"#&%4%8'-0'3%0"109'#.%4"#&%4%8,::'Q 0#,&7%"12#,34%&,0%40"10 E0"%'-0#:10%9,1-,$"#&%4%8,::'̪#,(,5'34'% 8,&$-#80$3%%#&0%35%34,&1-1&. 4,8#1-3%-10#,&4"#54FG"%&6 ?65H

PAGE 24

= &,3.%30,18"#%2%"13:,&#&8,::'̪#,&6"%4146& #&%9'#.%-#&%41&. 53#&8#5-%4"12%7%%&1.,50%.70"%"#&%4%6#&8-'.#&9 I%&G"':1:H6# G3#9"0%,'4&%44H6-#G3#0%H64"#"G0%:5,31-8,&0#&9%&8#%4H6 +%#G4510#1-8,&0#&9%&8#%4H6I# G0"%$#340#:5%38%50#7-%7%9#&&#&9,$:,2%:%&0H69'1& K#G#&0%33%-10#,&H6:#%&0;G$18%H 1&.5,+%3G"%&6 ?H%4010%40"10I%)&#&&% 3$,38%'4%.0,%4017-#4"5%34,&18,&&%80#,&1&.$,40%3%.7E4%-$3%4031#&01&.4%-$.#48#5 -#&%FG5(H##40"%E#&0%3&183#0%3#,&F+"#8"8,&4031#&4+"105%,5-%.,1&..,&B0., .'3#&98,::'̪#,&G5(H# 3%53%4%&040"%"':1&#;#&9$,3:0"108,,3.#&10%44,8#1-# &0%3180#,&#&0,1:,3%8#2#-#;%. 4,8#%0n"#"6*%#1&.#13%8,&0#&9%&8#%40"10.%8#.%+" %0"%38,::'̪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̪,34:'40/&,+",+0,4",+1.'%3%45%80$,3,0" %35130#%4B $%%-#&96,30,412%0"%#3$18%M0"%#:5,301&8%,$412#&9 %18",0"%3B4$18% 81&%K5-1#&6%45%8#1--#&1&'&12,#.17-%8,&$-#804#0'10 #,&6+""#&%4% 5%,5-%+,'-.4",+8,'30%47%$,3%'4#&9$,38%0,4,-2%1 53,7-%:G5CH 0"%348",-134"12%1-4,4010%.0"10.#$$%3%&8%4#&#&0%3 &10#,&1-8,::'̪#,& 7%0+%%&0"%�%.n010%41&."#&113%8'-0'31--. %3#2%.'./'&40G DH139'%4 0"108'-0'31-#&.#2#.'1-#4:,38,--%80#2#4:1$$%8048,::' ̪#,&5100%3&4n8'-0'3%

PAGE 25

D 0%&.40,7%:,3%#&.#2#.'1-#40#8+"#-%"#&%4%8'-0'3% 0%&.40,7%:,3%8,--%80#2#40#8% 4140"105%,5-%#&8,--%80#2#40#84,8#%0#%42#%+#&93,'5 "13:,&147%#&92%3 #:5,301&01&.030,12,#.8,&$-#801&.8,:5%0#0#,& <"1,G DH4140"100"%"#&%4%9,2%3&:%&08%&4,341&0 #�%.n010%4 %K53%44#,&4155%13#&9,&0"%&0%3&%0614+%--14#&0"% 4010%3'&:%.#1<"1,G DH 4010%40"10"#&%4%-%1.%34100%:500,12,#.8,&$3,&010# ,&+#0"0"%�%.n010%40, :1#&01#&1$31:%+,3/,$8,,5%310#,&7%0+%%&0"%0+,8, '&03#%461&."#&%4%:%.#1 1-#9&0"%:4%-2%4+#0""#&%4%$,3%#9&5,-#8#&12,#.#& 9&%910#2%n8,2%319% r"%"#&%4%9,2%3&:%&0#&3%8%&0%134"14100%:50%.0 ,7'#-.1:,3% "13:,&#,'44,8#%0G"%K#%4"%"'#H1&.1"13:,&#,'4+,3.G"%K#%4"#I#%H64#&8% 3%4#.%&0'#&01,144':%.0"%3%#&4,$9,2%3&:%&0 #G @H4010%40"100"#4&%+ 53#&8#5-%#44%%&14#:5,301&0$,30"%.%2%-,5:%&0,$ "#&114+%--140"%+",-%+,3-. 88,3.#&90,#G @H6*%40%3&:#4'&.%3401&.#&91&.53% I'.#8%13%7133#%340, 8,::'̪#,&7%0+%%&"#&11&.0"%*%40 '3#&90"%r#7%01&0'3:,#-1&.0"%%#I#&9-:5#84 0,38"3%-160"%*%40%3& :%.#16"%4146+%3%7#14%.191#&400"%"#&%4%9,2%3&:% &014+%--14"#&%4% 8'-0'3%--,$0"%4%&%910#2%2,#8%431#4%.0"%'39%&8 ,$7'#-.#&91"13:,&#,'4+,3-. 140"%"#&%4%9,2%3&:%&0"1.53,5,4%.13:,&#&8, ::'̪#,&7%81:%2%3 #:5,301&0#&9-,71-8,::'̪#,&6%45%8#1--+"%&$18#& 9#&0%3&10#,&1-8'-0'31-7133#%34 "#&%4%8,2%319%,$0"%0-1&011:%4#4%K1:#&%.#&0 "#440'.0,.%0%3:#&% +"%0"%30"%0%&%04,$"13:,&8,::'̪#,&0"%,313% %2#.%&0#&0"%8,2%319%,$0"% -:5#8470"%"#&%4%:%.#1

PAGE 26

> $ 31:#&91&1-4#4653,5,4%.732#&9,$$:1&#&@C?6 +14,3#9#&1--.%2%-,5%. #&0"%.#48#5-#&%,$4,8#,-,9r"#41553,18"81&7%'4 %.0,#.%&0#$1&.1&1-;%0"% 403'80'3%4,$:%.#18,2%319%1&.0"%#.%,-,9#%47%"#&.0 "%:%.#18,&0%&0,$$:1& G@C?H.%$#&%.$31:%414E0"%53#&8#5-%4,$,391&#;10#, &0"109,2%3&4,8#1-%2%&04FG5CH %4010%.0"100"%%K#40%&8%,$213#,'4+14,$#&0%353% 0#&91&9#2%&3%1-#0.%5%&.,& 0"%$31:#&9,$0"%3%1-#0 88,3.#&90,n8"%'$%-%G@@@H6$31:#&91&1-4#481&7%.# 2#.%.#&0,0+,810%9,3#%4 714%.,&0"%180,3%.#1$31:%1&1-4#481&7%'4%.0, .%0%3:#&%",+:%.#153%4%&0 0"%&%+46+"#-%#&.#2#.'1-$31:#&91&1-4#481&7%'4%. 0,.%0%3:#&%",+0"%1'.#%&8% #&0%353%04,38,:53%"%&.40"%&%+4&0"#440'.6,&-0 "%403'80'3%,$:%.#1$31:%4#4 %K1:#&%. 31:#&9#4#&%2#017-%#&0"%53,8%44,$&%+453,.'80#,& ,33#4G@@DH.%$#&%4 &%+4$31:%4148,9�#2%48"%:1010"1013%'4%.7I,'3&1#4040,4#:5-#$653#,3#0#;% 1&.403'80'3%%2%&04,'3&1-#404.%$#&%53,7-%:46.#19& ,4%81'4%41&.:1/%:,31I'.9:%&04+"%&0"%$31:%0"%&%+4 r",'9"$31:#&9"147%%&40'.#%.$,312%3-,&90#:% 60"%53%2#,'440'.#%4"12% &,03%18"%.12%38-%138,&8%50'1-.%$#�#,&,$:%.#1 $31:#&9&0:1&G@@(H4010%4 0"10$31:#&9#4E148100%3%.8,&8%50'1-#;10#,&FG5DH %.%$#&%4:%.#1$31:%414 '&,703'4#2%53180#8%4#&2,-2%.#&&%+44%-%80#,&6%:5"14#46 %K8-'4#,&61&.53%4%&010#,& '4%.7I,'3&1-#404 r,$31:%#40,4%-%804,:%145%804,$15%38%#2%.3%1-#0 1&.:1/%0"%: :,3%41-#%&0#&18,::'̪#&90%K06#&4'8"1+1 140,53,:,0%1 5130#8'-1353,7-%:.%$#�#,&681'41-#&0%353%010#,&6 :,31-%21-'10#,&61&.S,3 03%10:%&03%8,::%&.10#,&M31:%460"%&.%$#&%53,7-%:4T .%0%3:#&% +"10181'41-19%&0#4.,#&9+#0"+"108,4041&.7%&%$#0 46'4'1--

PAGE 27

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n"n%nn$n % &1&9B4G ?H40'.,$31J*133%5,30#&961&98, :513%.3%-%21&08,2%319%#& n6"#&%4%1&.&.#1&53%441&9$,'&.0"100"% n:%.#1B4100#0'.%0,+13.0"% +13+14:,3%&%'031-6+"#-%"#&%4%1&.&.#1&:%.#1 +%3%:,3%1&0#+13r"% "#&%4%53%443%5%10%.-8,&.%:&%.0"%n-%.+13$,3 &,07%#&91553,2%.70"% n%8'3#0,'&8#-&0"%&.#1&53%4461&0#+1340, 3#%4.,:#&10%.0"%8,2%319% 1&98,&8-'.%.0"107%81'4%"#&11&.&.#1+%3%&,0# &2,-2%.#&0"%+1360"% $,8'4%.:,3%,&5,-#0#846%8,&,:#841&.5,+%36+"#-%n :%.#1$,8'4%.:,3%,& 2#80#:464,-.#%346"'&9%31&.-,44,$-#$%1&94010%.0" 101--0"3%%8,'&03#%4+%3%:,3% #&0%3%40%.#&0"%5%345%80#2%,$0"%#3,+&8,'&031&. 53#,3#0#;%.0"%#3,+&8,'&03#%4B 8,&8%3&41&.#&0%3%4041&941#.0"10E0"%+13+14:,3% 3%-%21&0+"%%-10%.0, A'46B1&.0"3,'9"A'4B0"%+137%81:%2#4#7-%FG5CH 1&9139'%.0"10"#440'.4",+%.0"100"%:%.#1+%3% :,40%0"&,8%&03#8#&0#:%4 ,$+131&.53%4%&0%..#$$%3%&05#80'3%4,$0"%+13$3 ,:0"%#3,+&8,'&03B45%345%80#2%

PAGE 28

? $n% r"%814%40'.,$0"%8,2%319%,$0"%),3%1-#&%41 &.0"%31癯%.#%4 #42%3$1:,'41:,&9:%.#1$31:#&940'.#%4n,2#%0 #3,38%$#9"0%3I%04",0.,+& )-#9"0 #&@?(6/#--#&9>@5%,5-%6+"#-%#& @??61n124"#54",0.,+& 31-#9"0>DD6/#--#&9@ 5%,5-%,+%2%360"% 4%0+,2%34#:#-130319%.#%4+%3% 5,3031%.2%3.#$$%3%&0-#&0"%n:%.#1 &0"%40'.8,:513#&9:%.#18,2%319%,$0"%),3%1&# 3-#&%41&.31 #&8#.%&0460"%3%4'-044",+%.0"101"#9"%353,5,30#, &,$#&$%3%&8%41&.I'.9:%&04+%3% :1.%#&0"%8,2%319%,$0"%)#&8#.%&00"1&#&0"% 8,2%319%,$31#&8#.%&0G%" L%-/,0%6@@r"%4",,0#&9.,+&,$)70"%n,2# %0&#,&+145,3031%. &%910#2%-6+"#-%0"%31#&8#.%&0+145,3031%. 4:510"%0#81--&0:1&G =H 4010%40"10#&0"%)814%67%81'4%,$0"%53%21-%&0,.*13#.%,-,960"%E:'3.%3F $31:%+145%3214#2%-'4%.#&0"%n&%+48,2%319%, +%2%36#&0"%8,2%319%,$0"% 31໦%60"%E0%8"Q-9-#08"F$31:%+14'4%.0,5, 30310"%0319%.147%#&9 81'4%.70%8"&,-,9#81-$1--#7#-#06310"%30"1&n1 993%44#,& &8,2%319%,$7,0"%2%&046,$$#8#1-n4,'38%4+%3%,2 %3+"%-:#&9-'4%.1&. 0"%#:19%,$0"%nn5,3031%.70"%:%.#1+1 42%34#:#-130,0"10%45,'4%.7 0"%n9,2%3&:%&0%"1&.%-/,0%G@@H8,&8-'.%. 0"10.#$$%3%&0401&.13.413% 155-#%.0,&%+48,2%319%+"%&0"%%2%&04B180,3413%.# $$%3%&0r"%4010%0"10E0"% &10#,&1-#0,$0"%5%35%0310,344#9&#$#81&0-#&$-'%&8 %.",+0"%83#4#4%2%&0+148,2%3%.6F %45%8#1--7%81'4%0"%nn+1418,::'Ƙ,'&03G5 C=H r"%#:19%,$"#&1#&0"%n:%.#1#4"#9"-3%-10 %.0,n$,3%#9&5,-#8#%4 0,+13."#&1G1&6@@?Hn0,&%1&.#1,G CH4010 %0"10"#&17%91&0,3%8%#2% :,3%1&.:,3%5,4#0#2%8,2%319%#&0"%n:%.#11$0 %33%4#.%&0#K,&B42#4#00,

PAGE 29

@ %#I#&9#&@C1&.0"%&,3:1-#;10#,&,$n#&,:%3# 81&.#5-,:10#83%-10#,&4#&@C@ '3#&9#K,&B403#56"#&1+145,3031%.141E&,&0" 3%10%&#&94,8#1-#408,'&036F7'0 0"%#:19%4,,&0'3&%.0,1E5,-#0#81--3%53%44#2%5-18% F#&0"%-10%@C 4G5@=H6+"%& n5,-#80,+13."#&18"1&9%. $0%30"%r#1&1&:%&nJ'13%#&8#.%&0#&@?@60"%1&0 #8,::'($31:%7%81:% 0"%.,:#&1&0$31:%#&0"%n:%.#1&n:%.#1 6E1&0#8,::':60"% .%8%#0$'-&%44,$8,::'࿉&.0"%53,7-%:41&.$1#-'3%4 ,$13K#409,2%3&:%&0F+%3% 0"%53%.,:#&1&0$31:%4'4%.0,8,2%3"#&%4%#44'%4G),7 -1&.%01-6@@68#0%.#& n0,&%L#1,6 C65@DH,3%K1:5-%6n0,&%1&. #1,8,:513%.0+,4#:#-1340'.%&0 .%:,&40310#,&40"%)+1&I':144183%#&n,'0"),3%11&.0 "%r#1&1&:%&nJ'13% :144183%#&"#&1r"%G CH$,'&.0"100"%$,3:%3+ 145,3031%.141& '&.%3401&.17-%3%45,&4%6+"#-%0"%-100%3,&%'4%.1&1 &0#8,::'($31:%r"% 8,&.'80%.1$31:#&91&1-4#4,$ 6 rn 1&. "##r$%& 5'7-#4"%.$3,:1&'13@?=0,%8%:7%3@??1&.$3,: 1&'13@@D0,%8%:7%3 @@@r"%$,'&.0"105,4#0#2%&%+4.%83%14%.1&.&%91 0#2%&%+4#&83%14%. 4#9&#$#81&0-#&0"%-100%3$,'3%1346%45%8#1--#&#& 0%3&10#,&1-5,-#0#846r1#+1,'%46 031.%6"':1&3#9"041&.0"%48#%&8%1&.0%8"&,-,9$#%.r"%4010%0"101$0%30"% 8,--154%,$0"%nn6"#&1+145,3031%.:,3%&%9 10#2%-14E1&%2%&:,3% .,:%40#81--,553%44#2%&10#,&1&.,&%+#0"4031#&%.3%10#,&4"#54+#0"0"%nFG5 DH %&9G =H8,&8-'.%40"10#&:1&814%46#.%,-,9310"% 30"1&&%+4+,30"#&%44 :,0#210%4&%+43%5,30#&9%4010%40"1014#9&#$#81&01 :,'&0,$&%+417,'0"#&1#4

PAGE 30

( "#9"-83#0#81-6%45%8#1--,$#44'%43%-10%.0,#&.#2#.'1 --#7%306.%:,83181&."':1& 3#9"0463%$-%80#&9:%3#81&8'-0'31-1&.4,8#1-21-'%4 n)!* 1#G >H8-1#:40"100"%1&0#8,::':$31:%#41-4, 1.,50%.#&8,2%3#&9 "#&1#&0"%-:5#841#G >H4010%40"10"#&114 18,::'Ƙ,'&03+140"% ,7I%80,$:'8",$0"%8,2%319%,$0"%-:5#81:%4#& 0"%n:%.#11#4010%40"10 0"%n:%.#140130%.0,3%5,30,&"#&1#&0"%:5#84#&0"%-10%@C 46+"%&"#&1 "1.&B0%2%&4",+&'5,&0"%-:5#84019% 3,:#04@?=.%7'0,&0"%-:5#84019%6%K0%&4#2%100 %&0#,&+149#2%&0, "#&167,0".'3#&90"%-:5#841&..'3#&9,$$5%3#,. 4+"%&"#&1155-#%.0,7%0"% -:5#8",4044'%43%-10%.0,"#&164'8"14E8"#-.17'4%6 440%:10#8.3'9'4%1&. 731#&+14"#&90,53,.'8%10"-%0%4+",+1&00,+#&9-,3 $,30"%&10#,&6F+%3%"#9"-#9"0%. #&0"%-:5#848,2%319%G3,+&%--6@@>68#0%.#&1#6 >H $0%31&1-;#&9n8,2%319%,$"#&1#&0"%-:5# 847%0+%%&@? 1&. =6 1#G >H139'%40"100"%1:,'&0,$9,2%3&:%&03%-1 0%.&%+41&.#44'%,3#%&0%. &%+4#&83%14%.+"#-%0"%1:,'&0,$-:5#843%-10%.&%+ 41&.45,304,3#%&0%.&%+4 .%83%14%.-4,6:,3%&%910#2%21-%&8%4+%3%'4%.1$0%3 0"%@@ 461&.#44'%43%-10%. 0,"':1&3#9"046#&.#2#.'1--#7%30#%41&.r1#+1&"#0 0"%45,0-#9"0.'3#&90"%-:5#8 1:%4 r"#440'.60"3,'9"$31:#&91&1-4#4,$n8,2%319%, $0"%0-1&011:%41&. 0"%%#I#&91:%46%K1:#&%4+"%0"%30"%n:%.#18,2 %3%.-:5#84#&0"%�%. n010%41&.0",4%#&"#&1.#$$%3%&0-1&.+"%0"%31& 0#8,::'($31:%413%40#-%:5-,%.#&0"%n8,2%319%,$0"%%#I#&9-:5# 84

PAGE 31

( +n'!n $0%30"%$,3%9,#&9-#0%310'3%3%2#%+,&:%.#1440%: 46&10#,&1-#4:61&0# 8,::':61&."13:,&#;10#,&8,::'̪#,&0"%,360"# 440'.53,5,4%40"100"%4% $180,341$$%800"%:%.#1$31:%41&.&%+4.#48,'34%#&0"%8, 2%319%,$0"%0-1&011&. %#I#&9-:5#81:%4#&"#&%4%1&.n:%.#1r"% .#$$%3%&8%4#&0"%4% #&.%5%&.%&0213#17-%44",'-.-%1.0,.#$$%3%&0#10#,& #&21-%&8%6#44'%41&.:%.#1 $31:%48",4%&70"%0+,&%+4515%34#&8,2%3#&90"%:5#84r"'460"%$,--,+#&9 3%4%138"J'%40#,&413%53,5,4%. *"#8"$31:%4.#.0"%4%0+,&%+4515%341.,503%45%80# 2%-#&8,2%3#&90"% -:5#84 *"10+%3%0"%0,5$#2%:,4041-#%&0$31:%44%-% 80%.$,3:%.#18,2%319%#& nr 1&.0"%:,4041-#%&0$31:%48",4%&7 $,3 8,2%319%,$0"%0-1&011:%41&.0"%%#I#&91:%4 (*"1021-%&8%.#.:%.#18,2%319%#& nr 1&. 1.,50$,3%18",$0"%4%$31:%414%.,&0"%-#0%310'3%3%2#%+60"%$,--,+#&9"5,0" %4%413%1-4,53,5,4%. n:%.#11&."#&%4%:%.#1+#--8,2%30"%#3, +&-:5#84:,3%5,4#0#2%0"1&%18",0"%3B4-:5#84%81'4%,$0"%#&$-'%&8%,$&10#,&1-#4:6:%.#153,$%44# ,&1-413%:,3%-#/%-0, 3%5,305,4#0#2%-17,'00"%#3,+&8,'&03#%41&.&%910# 2%-17,'00"%,0"%38,'&03 n:%.#1+#--3%5,30:,3%83#0#81--,&0"% %#I#&9-:5#840"1&"#&%4%+#-,&0"%0-1&01-:5#84r"%�%.n010%41&."#&1"12%.#$$%3%&0:%.#15"# -,4,5"#%41&.:%.#1 440%:46+"#8"+#--3%4'-0#&.#$$%3%&0:%.#18,2%319%, $0"%-:5#84r"%-,&9%K#40#&9 E1&0#8,::':F100#0'.%1:,&90"%:%3#81&5'7-#81& .:%.#1614+%--140"% "13:,&#;10#,&8,::'̪#,&53#&8#5-%,$0"%"#&%4%:% .#16+#--1$$%800"%J'1&0#0,$ &%910#2%:%.#13%5,304155%13#&9#&0"%&%+4515%34,$ %18"8,'&030#4:,3%-#/%-

PAGE 32

( 0"10n:%.#1+#--$%10'3%&%910#2%3%5,30417,'0 "#&11&.0"%-:5#840"1&+#-"#&117,'00"%n1&.0"%-:5#84

PAGE 33

(( r( r r!n)!nn,&,3.%30,1&4+%30"%3%4%138"J'%40#,&431#4%.70"%40 '.60"%$,--,+#&9 213#17-%4&%%.0,7%8,&8%50'1--1&.,5%310#,&1--# .%&0#$#%.21-%&8%,$0"%40,36 :%.#1$31:%1&.$31:%41-#%&8% %3%%4%1&.,,:9113.%&G (H4010%0"10E$31:%4" 12%#&"%3%&021-%&8%7 4'99%40#&96$,3%K1:5-%65,4#0#2%,3&%910#2%145%80464, -'0#,&46,303%10:%&04#2%& 0"#421-%&8%6&%+4$31:%481&7%%K5%80%.0,#&$-'%&8%5' 7-#84'55,30$,3213#,'45,-#8 :%14'3%4FG5(>H r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r"% 21-%&8%,$0"%40,3 ,2%31--.%0%3:#&%.0"%21-%&8%,$0"%.,:#&1&0$31:% #&0"1040,3&-0"%21-%&8%,$ 0"%+",-%40,31&.0"%21-%&8%,$0"%.,:#&1&0$31:% +%3%8,.%.$,30"%1&1-4#4

PAGE 34

(= 88,3.#&90,&0:1&G@@(H6:%.#1$31:%E4,:%145%804,$ 15%38%#2%.3%1-#0F +"#8"P13%Q:1.%E:,3%41-#%&0#&18,::'̪#&90%K0M 0,53,:,0%15130#8'-13 53,7-%:.%$#�#,&681'41-#&0%353%010#,&6:,31-%21'10#,&61&.S,303%10:%&0 3%8,::%&.10#,&FG5D(Hr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n &0"#440'.60"%3%4%138"%38,&.'80%.1$31:#&91&1-4# 4,$8,2%319%,$0"% -:5#81:%4#& nr 1&. "#&1"144%2%31-&9-#4" .1#-&%+4515%346#&8-'.#&9 &&' r ,+%2%36 #41n"1&9"1#714%.-,81-&9-#4"&%+4515%36+"#8"#4 ,&-.#403#7'0%.#&1&.13,'&.n"1&9"1# 'r #4-,810%.#& ,&9),&96+"#8"%&I,41J'#0%.#$$%3%&0:%.#1440%:6 8,:513%.+#0":,40,0"%3 "#&%4%&%+4515%34#&:1#&-1&."#&1&1..#0#,&60"% 40-%,$ 'r 6#&8-'.#&9:1&19%:%&01&.:%.#18,2%319%6#4:,3%*% 40%3&#&40-%

PAGE 35

(D & %4017-#4"%.#&@?6"141&( 6 .1#-8#38'-10#,&# &"#&11&. #&0%3&10#,&1--G*#--#&96 @H88,3.#&90,"#&1. 1#-8,:60+,0"#3.4,$#043%1.%3413% %-#0%93,'546#&8-'.#&99,2%3&:%&0,$$#8#1-41&..%8#4#,& :1/%34GE7,'0 F6 @H 4%32%4141&1'0",3#010#2%8"1&&%-$,3#&0%3&10#,&1-5 3,5191&.1$3,: 0"%"#&%4%9,2%3&:%&01&.0"%"#&%4%,::'鳂 01-4,"141&#&0%3&10#,&12%34#,&1&.1,30":%3#81&2%34#,& r"%3%$,3%6#&0"#43%4%138"60"%3%4%138"%3'4%. 0,3%53%4%&0"#&%4% :%.#1r"%3%4%138"%38",4% nr 0,3%53%4%&00"%n:%.#1 4017-#4"%.#&?D6 nr #43%913.%.141&10#,&1-&%+4515%3,$ 3%8,3.6+"#8"5'7-#4"%4E1--0"%&%+40"10B4$#00,53#&0 F nr "1.17,'0 :#--#,&.1#-8#38'-10#,&4#&0"%�%.n010%4G* #--#&96 @Hr",'9" n r B8#38'-10#,&+14-,+%30"1&(:#--#,&8#38'-10#,&,$ "( 1&.:#--#,& .1#-8#38'-10#,&,$ $) 6#0"140"%-139%40#:5180#&0"%�%.n010%41&. #&0%3&10#,&1--GEr,5 n&%+4515%346F CR*#--#& 943%44'#.%6 @H n$ ,2%319%$3,:4#K:,&0"47%$,3%0"%1:%B4,5%&#&98%3% :,&#%41&.,&%:,&0" 1$0%30"%8-,4#&98%3%:,&#%4+141&1-;%.#&0"#440'., 30"%0-1&011:%46+"#8" ,5%&%.,&'-@1&.8-,4%.,&'9'40=6@@>60"%0# :%$31:%$,30"%$31:#&9 1&1-4#4+147%0+%%&1&'13?6@@>61&.n%50%:7%3=6 @@>,30"%%#I#&9 -:5#846+"#8",5%&%.,&'9'40?1&.8-,4%.,&'9'40= 6 ?60"%0#:%$31:% +147%0+%%&%73'13C6 ?61&.n%50%:7%3=6 ? %81'4%0"%3%+14&,.101714%"12#&9138"#2%4$,3 5'7-#4"%.7%$,3% 6 B48,2%319%,$0"%0-1&01-:5#84+14188%44%.70"%3%4% 138"%3 $3,:0"%:#83,$,3:4,$ G,30":%3#81&2%34#,&H2#1#&0%3-#7313-,1&

PAGE 36

(> ,+%2%36$,30"%%#I#&9-:5#846#0+14188%44%.$3,:" #&11#-8,:6+"#8" 8,&01#&%.1:'8"-139%3&':7%3,$130#8-%4,0"8,2%3 19%,$0"%%#I#&9-:5#841&. 0"%0-1&01-:5#847 nr +%3%188%44%.$3,:0"%%K#4%K#4 .101714% '%0,0"%-139%&':7%3,$130#8-%45'7-#4"%..'3#&9 0"%4%0#:%5%3#,.461 8,&403'80%.+%%/+147'#-0$3,:0"%130#8-%45'7-#4"%..'3# &90"%4#K:,&0"53%1:% 5%3#,.88,3.#&90,53%2#,'43%4%138"17,'00"%8,&403'80 %.+%%/:%0",.60+, 8,&403'80%.+%%/413%4'$$#8#%&00,3%53%4%&01%13,$5'7 -#4"#&9G#$$6'40L186 @@(Hr"#440'.'4%.0+,8,&403'80%.+%%/40,3%53%4%&0% 18"4#K:,&0"53%1:%4 5%3#,. %81'4%0"%3%+14193%101:,'&0,$45,304&%+4.'3#&9 0"%-:5#841&.1-,0,$ &%+417,'00"%131-:5#841$0%30"%-:5#81:%460"% 3%4%138"%38",4%0, 1&1-;%1--0"%130#8-%45'7-#4"%.7,0".'3#&90"%:5#841&..'3#&90"%:,&0"1$0%3 0"%-:5#840,8150'3%1--#44'%3%-10%.&%+4 4%138"#&9$,3E%#I#&9F1&.E-:5#8F#&0"%&%+4-% 1.,3E-:5#8F#&0"% "%1.-#&%6(=130#8-%4+%3%-,810%..'3#&90"%0+,8,&403 '80%.+%%/41&.130#8-%4 +%3%#.%&0#$#%..'3#&90"%%2%&05%3#,.1&.,&%:,& 0"1$0%30"%-:5#84#& nr# & 6=130#8-%4+%3%#.%&0#$#%.#&0+,8,&403'80%.+%%/41&. =>(130#8-%4+%3%#.%&0#$#%..'3#&90"%%2%&05%3#,. 1&.,&%:,&0"1$0%30"%-:5#84 &0"%,0"%3"1&.674%138"#&9E0-1&01F1&.E-:5# 8F#&0"%&%+4-%1.,3E-:5#8F #&0"%"%1.-#&%6(>130#8-%4+%3%#.%&0#$#%.#& nr .'3#&90"%0+, ,&403'80%.+%%/$,3@@>0-1&01-:5#846=.1 4+%3%31&.,:-4%-%80%.0,8,&403'800+,+%%/4 r"%.10%413%53C613=6%7(61653?6 %7>613( 613C61 6%7C6'-(6'=6 53D1&.'-(,3 ?%#I#&9-:5#846=.1 4+%3%1-4,31&.,:-4%-%80%.0,8,&403'800+, +%%/4r"%.10%413%13653?653?616 %7=6136%7@6'->6'&613D653( 6 '&>6'-D1&.53D

PAGE 37

(C 8,&403'80%.+%%/47%$,3%0"%-:5#841&.@130#8-%4+%3% #.%&0#$#%..'3#&91&.1$0%3 0"%-:5#84n%2%&130#8-%4+%3%$,'&..'3#&90"%0+, 8,&403'80%.+%%/47%$,3%0"% -:5#841&.D(130#8-%4+%3%5'7-#4"%..'3#&91&.1$0 %30"%-:5#84#& 6 144",+&#&r17-%( &0,01-6(=130#8-%4,&0"%0-1&011&.%#I#&9:5#84+%3%$,'&.$0%3 .%-%0#&90",4%&,0.#3%80-3%-10%.0,0"%-:5#81: %464'8"14130#8-%43%-10%.0,0"% 131-:5#841&.,0"%345,304%2%&0465-'4&%+4515%38,33%80# ,&46@D>130#8-%4+%3% 4%-%80%.$,31&1-4#46#&8-'.#&9(@=130#8-%4G=OH$3,: nr 1&.D> 130#8-%4GD??OH$3,: %13-,&%J'130%3,$0"%130#8-%4.%-%0%.$3,: nr +%3%8,33%80#,&4,$%13-#%33%5,304 r"%130#8-%41&1-;%.#&0"#440'.#&8-'.%&%+46$%10'3% 40,3#%41&.%.#0,3#1-4 3%-10%.0,0"%-:5#81:%4 r"%8,:5-%0%40,3U#&8-'.#&90"%"%1.-#&%60"%-%1.1& .0"%%&0#3%0%K0U+140"% '�,$1&1-4#4 rn %81'4%%&9G =H5,#&04,'00"105,-#0#81-6%8,&,:#8 1&.#.%,-,9#81-$31:%4 +%3%0"%0"3%%:,4053,:#&%&0$31:%4#&8,2%319%,$ "#&160"%:%.#1$31:%44%-%80%. #&0"#440'.+%3%.%3#2%.$3,:0"%4%0"3%%:1#&$31:% 4 3,:0"% 130#8-%431&.,:-4%-%80%.$3,:1--@D>13 0#8-%44%-%80%.$,30"#4 40'.60"%$,--,+#&9:%.#1$31:%4+%3%#.%&0#$#%. Hn%8'3#01&.1&0#0%33,3#4:$31:%30#8-%417,'04% 8'3#01&.1&0#0%33,3#4: 8,&8%3&4,3%K1:5-%60"%7,:7#&90"10,88'33%..'3#&9 0"%0-1&01-:5#84 1&.4%8'3#08"%8/4#&0"%%#I#&94'7+14+%3%5'0#&0,0 "#4810%9,3 H':1&3#9"041&.-#7%30#%4$31:%30#8-%43%-10%. 0,"':1&3#9"046 .%:,8310#;10#,&61&.9,2%3&:%&08%&4,34"#5+%3%8,&4#.%3 %.0,'4%0"#4$31:%

PAGE 38

(? ,3%K1:5-%60"%"#&%4%9,2%3&:%&08%&4,34"#5,$#&$,3 :10#,&+145'0#&0,0"#4 810%9,3 (H&2#3,&:%&01-1&.4'55-$31:%30#8-%43%-10%.0 ,%&2#3,&:%&01-53,0%80#,&6 5,--'0#,&8,&03,-61&.+10%36$,,.1&.:%.#81-4'55-# %4+%3%8,&4#.%3%.0,'4%0"#4 $31:%,3%K1:5-%693%%&",'4%9145,--'0#,&1&.$,, .4'55-#%4$,310"-%0%4+%3% 5'0#&0,0"#4810%9,3 =H&$31403'80'3%$31:%30#8-%43%-10%.0,401.#':8, &403'80#,&1&.5'7-#8 #&$31403'80'3%+%3%5'0#&0,0"#4810%9,3 DH,:%40#85,-#0#81-1&.4,8#1-4017#-#0$31:% 30#8-%417,'00"%",40#&98,'&03B4 .,:%40#85,-#0#81-1&.4,8#1-4017#-#0+%3%8,&4#.%3%.0, 7%'4#&90"#4$31:%,3 %K1:5-%60"%r#7%0#44'%1&.0,38"3%-1#&0"%",40# &98,'&03+%3%5'0#&0,0"#4 810%9,3 >H&0%3&10#,&1-5,-#0#81-1&.8,::'̪#,&$31:% 30#8-%417,'00"%",40#&9 8,'&03B4#&0%3&10#,&1-5,-#0#846$,3%#9&3%-10#,&46#&0 %3&10#,&1-#&$-'%&8%1&. #&0%3&10#,&1-:%.#183#0#84+%3%8,&4#.%3%.0,'4%0"#4$3 1:%r"%13$'383#4#460"% 0,38"3%-1,2%34%141&.,0"%38,'&03#%4B100%&.1&8%#& 0"%-:5#84+%3%5'0#&0, 0"#4$31:% CHn5,304:,31-#01&.3%9'-10#,&$31:% 30#8-%43%-10%.0,.3'9'4%6-:5#8 3%9'-10#,&41&.0"%-:5#845#3#0+%3%8,&4#.%3%.0,7% '4#&90"#4$31:%,3 %K1:5-%6.,'70417,'0"#&%4%$%:1-%9:&1404B19%4+% 3%5'0#&0,0"#4810%9,3 ?H8,&,:#81&.7'4#&%44$31:% r"#4$31:%#&8-'.%.40,3#%43%-10%.0,0"% $#&1&8#1-8,401&.5,0%&0#1-91#&,$0"%-:5#81:%46 0"%,2%31--%8,&,:#8 4010'4J',,$0"%",408,'&031&.0"%#&$-'%&8%,$0"% -:5#84,&45%8#$#8 7'4#&%44%464'8"140,'3#4:63%401'31&041&.$,3%#9&#&2%40 :%&0 @H'-0'31-$31:%r"#4$31:%#&8-'.%.40,3#%43%-10%. 0,-,81-8'-0'3%6#&8-'.#&91306 031.#0#,&41&.-#$%#&0"%",408,'&03 H0"%330#8-%4&,0'4#&90"%53%2#,'4&#&%$31:%4 +%3%810%9,3#;%.14E,0"%3F r"% 130#8-%4'4%.0,53%1&1-;%:%.#1$31:%4+%3% 1-4,#&8-'.%.#&0"%$#&11&1-4#4&0"%$#&1-1&1-4#460+,:,3%:%.#1$31:%4+ %3%1..%.6#&8-'.#&9H 45,&4,341&.45,304#&.'4031&.H1'.#%&8%41&.-:5# 85%34,&&%-r"%45,&4,34 1&.45,304#&.'403$31:%#&8-'.%.130#8-%43%-10%.0, -:5#845,&4,344'8"146 ,81,-11&.,-/4+19%&61&.130#8-%43%-10%.0,45%8#$#8 45,304#&.'40364'8"140"% %3:1&9,2%3&:%&08'00#&9$'&.$,30"%%3:1&45,304 #&.'403r"%1'.#%&8%41&.

PAGE 39

(@ -:5#85%34,&&%-$31:%#&8-'.%.130#8-%43%-10%.0,:5#8,$$#8#1-46%:5-,%%46 2,-'&0%%3462#4#0,341&.r1'.#%&8%310#&94 n$-nn r"%3%4%138"%38,&.'80%.153%-#:#&13$31:#&91&1-4#4, $7,0" r 1&. nr 8,2%319%,$@@>0-1&01-:5#84614+%--140"%0+, &%+4515%34B8,2%319%,$ ?%#I#&9-:5#84 ,31&.6%18"40,3+141&1-;%.$,3:%.#1$31: %4G130#8-%4+"#8"+%3% 5'3%-45,304+%3%.%-%0%.$3,:$'30"%31&1-4#4Hr"% $#2%:,40$3%J'%&0-'4%.$31:%4 $,3%18",$0"%-:5#84#&7,0" 1&. nr +%3%%K03180%. ,3(61--40,3#%46%K8-'.#&90",4%0"10,&-$,8'4%. ,&45,30448,3%4,310"-%0%46 +%3%1&1-;%.$,321-%&8%61&.8-144#$#%.14&%910#2%65, 4#0#2%1&.&%'0311&.+%3%1..3%44%.7%K1:#&#&90"%53,5,30#,&4 ,$&%910#2%1&.5,4#0#2% &%+4#&,2%31--8,2%319%14+%--140"%.,:#&1&01:,'&0 ,$&%910#2%1&.5,4#0#2% &%+4#&%18"$31:%r"#41--,+%.1.%0%3:#&10#,&,$+" #8"#44'%4+%3%$31:%.:,40 &%910#2%-,35,4#0#2%-#&%18"515%30,7%:1.% 8,.%4"%%01&.1.%01#-%.8,.%7,,/0"10-#4040"%810%9 ,3#%4$,31&1-4#41&. ,5%310#,&1-.%$#�#,&4+%3%83%10%.70"%3%4%138"%3 %+4515%31:% 1:%,$0"%-:5#84 30#8-%r5%G%+46%10'3%6.#0,3#1-S5#&#,&8,-':& 460"%3H n0,33#%&010#,&Gn5,304,3#%&0%.644'%,3#%&0%.6 n5,3041&.44'%,:7#&%.H 2%31--1-%&8%G,4#0#2%6%910#2%6%'031-H 31:%4'4%.#&0"%40,3 n%8'3#0,&8%3&1&.&0#0%33,3#4: ':1 "046#7%30#%4&2#3,&:%&01-1&.4'55-#%4&$31403'80'3%,:%40#8,-#0#81-1&.n,8#1-n017#-#0&0%3&10#,&1-,-#0#81-

PAGE 40

= n5,304,31-#01&.%9'-10#,&8,&,:#8'-0'31-0"%3)n5,&4,341&.n5,304&.'403 '.#%&8%6,-'&0%%341&.%34,&&% ,:#&1&0$31:%'4%.#&0"%40,3 r+,#&.%5%&.%&08,.%3467,0"931.'10%40'.%&04$3,:,-%9%,$,'3&1-#4:1&. 144,::'̪#,&6+%3%#&2,-2%.#&0"%8,.#&953,8%44 ,.%38,.%.1--130#8-%46+"#-%8,.%38,.%.D 130 #8-%4GDOH,$0"%130#8-%4 &0%38,.%33%-#17#-#0+14%K1:#&%.7'4#&9,-40#B4G @>@H3%-#17#-#0$,3:'-16 VGHSW6+"%3%+140"%&':7%3,$0#:%40"%8,. %34193%%.61&.1&. 3%53%4%&0%.0"%0,01-&':7%3,$8,.#&9.%8#4#,&4:1.%7 %18"8,.%3 r"%3%4'-0,$017-%(=4",+%.0"%8,&$#.%&8%#&0%321+14@DOr"%403%&90",$ 193%%:%&0#48,&4#.%3%.0,7%2%39,,.r"%3%4'-0,$017-%(D4",+%.0"%8,&$#.%&8%#&0%321+14@DOr"%403%&90",$ 193%%:%&0#48,&4#.%3%.0,7%2%39,,.r17-%(>4",+%.0"%8,&$#.%&8%#&0%321-+14@DOr"% 403%&90",$193%%:%&0#4 8,&4#.%3%.0,7%2%39,,.r17-%(C4",+%.0"%8,&$#.%&8%#&0%321-+14@DOr"% 403%&90",$193%%:%&0#4 8,&4#.%3%.0,7%2%39,,. --130#8-%4+%3%8,.%.61&.0"%.1018,&2%30%.#&0,1 nnn$#-%$,34010#40#811&1-4#4'4#&9&,&5131:%03#8"#4J'13%0%404r17-%(0-1&01-:5#84130#8-%4#&r"%%+,3/r #:%4GrH1&."#&11#GH %+4515%3 %$,3%-:5#84 '3#&9-:5#84 $0%3 -:5#84 r,01-&':7%3 r (> C CD ? D= D >D >

PAGE 41

= r17-%(%#I#&9-:5#84130#8-%4#&r"%%+,3/r# :%4GrH1&."#&11#GH %+4515%3 %$,3%-:5#84 '3#&9-:5#84 $0%3 -:5#84 r,01-&':7%3 r (= = D ? C = D> =>( r17-%((%4'-04,$0"%#&0%38,.%33%-#17#-#00% 40 13#17-%4&0%38,.%33%-#17#-#0GOH r5%,$0"%130#8-% @ 3#%&010#,&,$0"%130#8-% @ %.#1$31:%4,$0"%130#8-% ? ,:#&1&0$31:%,$0"%130#8-% @> 1-%&8%,$0"%130#8-% ?? r17-%(='1&0#0193%%:%&0+#0"/1551,&05%,$ 130#8-%%+4%10'3%.#0,3#1-0"%3)1551 %+4 %10'3%= .#0,3#10"%3 )1551V ?D r17-%(D'1&0#0193%%:%&0+#0"/1551,&,3#%&01 0#,&,$0"%130#8-%n5,30444'%n5,30444'%8,:7#&%.)1551 n5,304D 44'% > n5,304#44'%8,:7#&%. ( = )1551V ?= r17-%(>'1&0#0193%%:%&0+#0"/1551,&.,:#&1& 0:%.#1$31:%(=D>C?@ /1551 ( = ( ( = D D D > C = ? ( @ = )1551V @>?

PAGE 42

= r17-%(C'1&0#0193%%:%&0+#0"/1551,&40,321 -%&8%,4#0#2%%910#2%%'031-)1551 ,4#0#2%@ %910#2% C %'031( ? )1551V ?

PAGE 43

=( r= nrn 0,01-,$@D>130#8-%4+%3%%K1:#&%.r"%&':7%3,$ 130#8-%43%-10%.0,0"%0-1&01 -:5#84+14(D>6188,'&0#&9$,3(CO,$0"%+",-%41:5 -%6+"#-%0"%&':7%3,$ 130#8-%43%-10%.0,0"%%#I#&9-:5#84+14> 6188,'&0 #&9$,3>?O r"%1:,'&0,$8,2%319%,$0"%0-1&011:%41&.0"% %#I#&91:%47 nr +14&%13-%J'#21-%&0r"%0-1&011:%4"1. 13 0#8-%4#& nr 6+"#-%0"%%#I#&9-:5#84"1.@(130#8-%4#&0"%&% +4515%3 r"%3%4%138"%3'4%.:'-0#5-%.101714%40,4%138"$,38,2% 319%,$0"%0+,-:5#8 1:%47 n0,3#%417,'00"%0-1&011:%4+%3%3%8,2%3%.$3,: :#83,$#8"%8,5#%4,$0"%53#&02%34#,&,$ 6+"#-%40,3#%4$,30"%%#I#&91:%4 +%3%188%44%.$3,:0"%515%3B4,&-#&%4#0%r"%0-1&01 1:%4#%-.%.DD130#8-%4 $3,: G53#&0H+"#-% ,&-#&%#%-.%.= C130#8-%4,&0"%%#I#&9 -:5#84,30"%0-1&011:%460"%#&0%3&10#,&1-2%3 4#,&G/&,+&140"%,30" :%3#81&2%34#,&H,$ +141&1-;%.&-,&%,30+,519%4,$0"% &%+4515%3+%3%.%2,0%.0,8,2%319%,$0"%-:5#84.'3# &90"%5%3#,.,$0"%0-1&01 1:%4,30"%%#I#&91:%460"%3%4%138"%31&1-;%.1 30#8-%45'7-#4"%.,&0"% +%74#0%"#&11#-8,:6+"#8"#&8-'.%.7,0"&%+4515%31& .+%74#0%130#8-%4 $n! &0"#441:5-%67,0" nr 1&. '4%.&%+4140"%#3 :1#&1553,18"0,8,2%3#&97,0"0"%0-1&01-:5#841& .0"%%#I#&9-:5#846$,--,+%. 7$%10'3%40,3#%41&.%.#0,3#1-4S8,-':&4 %+46140"%:1#&05%,$1--0"%130#8-%41&1-;%.6:1. %'5DDD130#8-%4GD?OH ,$0"%+",-%41:5-%6$,--,+%.7$%10'3%40,3#%46+"#8" :1.%'5( 130#8-%4G(>OH,$

PAGE 44

== 0"%+",-%41:5-%.#0,3#1-41&.8,-':&4:1.%'50"%3% :1#&#&9@@130#8-%4G =OH,$ 0"%0,01nr "1.3%-10#2%-8,&4#40%&0130#8-%05%4#&8,2%3#&97,0 "0"% 0-1&01-:5#841&.0"%%#I#&9-:5#84%+4:1.%'5 :,3%0"1&"1-$,$0"% 8,2%319%,$#&7,0"-:5#846$,--,+%.7$%10'3%40,3 #%41&.%.#0,3#1-4S8,-':&4 ,+%2%36+"%&8,:513#&9#048,2%319%,$0"%0-1&011 :%40,#048,2%319%,$0"% %#I#&91:%46$%10'3%40,3#%4+%3%:,3%8,::,&0"1&%. #0,3#1-4S8,-':&4 5%3$,3:%.4#9&#$#81&0-.#$$%3%&0#&8,2%3#&90"%0+, -:5#84:,&9 B48,2%319%,$0"%0-1&01-:5#846&%+4.,:#&10%.0"% 8,2%319%6+"#-% $%+%30"1& $%10'3%130#8-%4+%3%$,'&.1:,&90"% DD40,3#%4#&0"%41:5-%r"%3% +%3%&,%.#0,3#1-4$,'&.#& 64#&8%:,40,$0"%130#8-%40"%3%+%3% 8,&8%&0310%.#&0"%45,3044%80#,&&0"%,0"%3"1&.6 B48,2%319%,$0"% %#I#&9-:5#84"1.13%-10#2%--139%5,30#,&,$$ %10'3%46+"#8":1.%'5= O,$0"% 0,01-6+"#-%0"%5,30#,&,$&%+440,3#%4.3,55%..31:1 0#81--0,-%440"1&D O#& 8,2%3#&90"%%#I#&91:%4,:513%.0,&,%.#0,3#14,38,-':&4#&0"%8,2%319%,$ 0"%0-1&011:%461-:,40D %.#0,3#1-4S8,-':&4+%3%$,' &.#&0"%%#I#&91:%4 8,2%319% # !n!n $n.!n r",'9"0"%-:5#8413%8,&4#.%3%.0,7%145,304%2%&06 0"%0,01-&':7%3,$ #44'%3%-10%.130#8-%41&.45,304#44'%8,:7#&%.130#8-%4#&0 "%r%K8%%.%.0"% &':7%3,$5'3%-45,3043%-10%.130#8-%4n5,304130#8-%4 :1.%'5-%440"1&( O,$0"% +",-%8,2%319%,3%0"1&C O,$0"%8,2%319%#&0"% r+143%-10%.0,,&%,3:,3% #44'%4

PAGE 45

=D nr "1.J'#0%4#:#-1353,5,30#,&4,$45,304&%+46#44'%&%+41 &. 45,304#44'%8,:7#&%.&%+4#&0"%8,2%319%,$0"%0+,:5#84Gr17-%=DH,+%2%36 6#&@@>65-18%.:,40,$#04100%&0#,&,&45,304&%+46 +"#8":#9"07%.'%0, #043%-10#2%-45134%8,2%319%,$0",4%-:5#84-4,6 5'0:,40,$#04 8,2%319%,&519%4?1&.@6+"#8"+%3%0"%031.#0#,&145,3044%80#,&r"%45,304 130#8-%4:1.%'50+,0"#3.4,$0"%0,01-8,2%319%,+% 2%36.'3#&90"% ?%#I#&9 -:5#846 "1.1.31:10#81--#&83%14%.53,5,30#,&,$#44'%,3#%& 0%.40,3#%46 +"#8":1.%'51-:,400"3%%J'130%34,$0,01-3%5,3019% Gr17-%=>H n, %4%138"'%40#,&14/%.17,'00"%21-%&8%,$8,2%319% ,$0"%0+,-:5#8 1:%470"%0+,&%+4515%34 4r17-%=C4",+46 nr "1.13%-10#2%-"#9"%353,5,30#,&,$ &%910#2%3%5,3040"1&5,4#0#2%3%5,304,&7,0"-:5#84 ,:513%.0, nr 6 "1.1"#9"%353,5,30#,&,$5,4#0#2% 24&%910#2%3%5,30417,'07,0"-:5#84Gr17-%=?6r1 7-%= H ,:513#&90"%8,2%319%,$0"%0+,-:5#8460"%%#I# &9-:5#843%8%#2%.:,3% 5,4#0#2%3%5,3040"1&0"%0-1&011:%4$3,:7,0"&%+45 15%34 6",+%2%36 "1.1:'8""#9"%3310%,$5,4#0#2%130#8-%4G=DOH17,'0 0"%%#I#&9-:5#846+"#8" :1.%'51-:,40"1-$#048,2%319%Gr17-%= H n,!n)nn '3%n5,304130#8-%44%-.,:3%$-%80%.&%910#2%21-%&8% :,&91--?=45,304 130#8-%46,&-0"3%%&%910#2%45,30440,3#%4+%3%$,'&.R ,&%+14#& nr B 8,2%319%,$0"%0-1&01-:5#841&.0"%,0"%30+,+%3 %#& B48,2%319%,$ 0"%%#I#&9-:5#84Gr17-%=H'3%n5,3048,2%319% 77,0"0+,&%+4515%34+14

PAGE 46

=> $1#3-&%'031-6+#0"4'8"40,3#%43%53%4%&0#&917,'00" 3%%J'130%34,$0"%45,30440,3#%4 ,0"&%+4515%34"1.13%-10#2%-"#9"%353,5,30#,&,$ &%'031-45,30440,3#%417,'00"% -:5#81:%4"%-.#&0"%#3,+&8,'&03,0"&%+4515%3 45'7-#4"%.1"#9"%3 5%38%&019%,$5'3%45,30440,3#%417,'00"%-:5#84#&0" %,0"%38,'&030"1&0"%.#. 17,'00"%-:5#84#&0"%#3,+&8,'&03Gr17-%=@H n, %n$n ,0"#44'%,3#%&0%.130#8-%41&.45,304#44'%8,:7#&%.130 #8-%4+%3%8,&4#.%3%.0, 7%#44'%3%-10%.130#8-%4$,30"#41&1-4#4 ,:513%.0,45,304,3#%&0%.130#8-%46#44'%3%-10%.130#8%44",+%.:,3%.#2%34#0 #&40,321-%&8%#&7,0"&%+4515%3488,3.#&90,r17-%= >6 nr "1. 14#:#-1353,5,30#,&,$&%910#2%40,3#%417,'00"%0+, 91:%4n#:#-130,45,304,3#%&0%. 130#8-%46 nr "1.1-139%35,30#,&,$5,4#0#2%#44'%3%-10%.130#8-% 4 17,'00"%%#I#&9-:5#840"1&0"%0-1&01-:5#84 &0"%,0"%3"1&.6 "1.1:'8""#9"%353,5,30#,&,$5,4#0#2%40,3#%4 17,'00"%%#I#&9-:5#840"1&17,'00"%0-1&01:5#846+"#8"3%53%4%&0%.:,3% 0"1&"1-$,$0"%#44'%1&.45,304#44'%130#8-%48,:7#&%. 1-4,5'7-#4"%.1"#9"%3 53,5,30#,&,$&%910#2%40,3#%417,'00"%0-1&011:% 40"1'7-#4"%.17,'00"% %#I#&91:%4Gr17-%=>H '!nn 5,0"%4#45,4#0%.0"10n:%.#11&."#&%4%:%.#1 +,'-.8,2%30"%#3,+& -:5#84:,3%5,4#0#2%-0"1&0"%,0"%3B4-:5#84r17-% 4=C1&.=?4",+3%4'-04 ,$0%40#&95,0"%4#4 nr .#.&,053%4%&00"%n-:5#84:,3% 5,4#0#2%-0"1&0"%"#&1-:5#84G5V ?=H67'0 53%4%&0%.0"%"#&1 -:5#84:,3%5,4#0#2%-0"1&0"%n-:5#84G5V (H

PAGE 47

=C 5,0"%4#4+14&,04'55,30%.$,30"% r 8,2%319%7'0+144'55,30%.#& 3%-10#,&0, 8,2%319% 5,0"%4#45,4#0%.0"10n:%.#1+,'-.3%5,30:,3% &%910#2%-,&0"%%#I#&9 -:5#840"1&0"%"#&%4%+,'-.,&0"%0-1&01-:5#84 r17-%=?4",+40"% 3%4'-04,$0%40#&95,0"%4#4-0",'9"8,:513%.+#0" nr 6 53%4%&0%.:,3%5,4#0#2%40,3#%41&.$%+%3&%910#2%40,3 #%417,'00"%%#I#&9 -:5#846#01-4,"1.J'#0%1-139%53,5,30#,&,$&%91 0#2%40,3#%417,'00"%0-1&01 -:5#84 nr .#.&,03%5,30:,3%83#0#81--,&0"%%#I#&9-:5# 84 0"1& .#.,&0"%0-1&01-:5#84G5V (??HGr17-%=@ H 5,0"%4#4+14&,04'55,30%. $!n 88,3.#&90,,33#4G@@DH6$31:%413%8,9�#2%48"%:101 *"%&I,'3&1-#404 $31:%0"%&%+460"%.%$#&%53,7-%:46.#19&,4%81'4%461 &.:1/%:,31-I'.9:%&04 $0%31&1-;#&90"%41:5-%60"%3%4'-044",+0"1017,' 0C O,$0"%8,2%319%'4%. ,&%$31:%6+"#-%17,'0 O,$0"%8,2%319%'4%.0"3% %,3:,3%$31:%4r"%12%319% $3%J'%&8,$$31:%,88'33%&8%+144#:#-13#&7,0"&%+4515 %34B8,2%319%,$0"%0+, 91:%4Gr17-%= H '%40#,& 14/%.+"#8"$31:%4+%3%'4%.70"%0+,&%+4515%34#&8,2%3 #&90"% 0+,91:%4 r17-%=1&.r17-%=4",+0"101--$31:%4-# 40%.70"%3%4%138"%3+%3% 1.,50%.77,0" nr 1&. #&8,2%3#&90"%0+,-:5#846 %K8%500"10 "1.&,130#8-%8,&4#.%3%.E,0"%3F#0,2%319%,$0 "%0-1&01 -:5#84

PAGE 48

=? %4%138"'%40#,&( 14/%.17,'00"%0,5$#2%:,4041-#%&0$31:%4'4%.70"% 0+, &%+4515%34#&0"%8,2%319%,$0"%0+,-:5#84 88,3.#&90,r17-%=60"%0,5$#2%:,40$3%J'%&01.,50%.$31:%4#&0"% 8,2%319%,$0"%0-1&01-:5#847 nr +%3%H4%8'3#01&.1&0# 0%33,3#4:6H%8,&,:1&.7'4#&%446(H%&2#3,&:%&01&.4' 55-#%46=H&0%3&10#,&15,-#0#841&.8,::'̪#,&461&.DHn5,304:,31-#063%9 '-10#,&1&.-:5#845#3#04 :,&90"%4%$#2%$31:%46$,'3,$0"%:1-4,+%3%0"%: ,40$3%J'%&0-'4%.$31:%4 1.,50%.#&0"%8,2%319%,$0"%0-1&01-:5#847 67'0 $12,3%. E8'-0'31-F1&.E1'.#%&8%1&.-:5#85%34,&&%-F310"%3 0"1&E%8,&,:1&.7'4#&%44F E'.#%&8%1&.-:5#85%34,&&%-F6E8'-0'31-F1&.E#&0% 3&10#,&1-5,-#0#841&. 8,::'̪#,&4F$31:%4155%13%.+#0"0"%41:%$3%J'%&8 #&0"%8,2%319%,$0"% 0-1&011:%47 64,0"%1--31&/%.140"%0,5=#&r17-%=( n%8'3#01&.1&0#0%33,3#4:+140"%:,408,::,&-'4%.$ 31:%#&0"%8,2%319%,$ 0"%0-1&01-:5#847 nr 1&.0"%4%8,&.:,40$3%J'%&0-'4%. $31:%7 6.'%0,0"%7,:7#&9#&%&0%&--:5#813/.'3#& 90"% -:5#841&.0"%8314",$r*-#9"0? ,$$,&94-1 &.6%+,3/ n5,304:,31-#063%9'-10#,&61&.-:5#845#3#0+140"% 0,5$31:%'4%.#&0"% 8,2%319%,$0"%0-1&01-:5#847 67%81'4%"#&%4%10"-%0%4+%3% J'%40#,&%.17,'00"%#3'4%,$.3'940,#:53,2%0"%#35 %3$,3:1&8%7%$,3%0"%40130,$0"% 0-1&01-:5#84 ,&2%34%-6$,30"%8,2%319%,$0"%%#I#&9-:5#8460 "%0+,&%+4515%34"1. J'#0%.#$$%3%&0$31:%8",#8%4 nr '4%.4'8"$31:%414E"':1&3#9"04 1&.-#7%30#%4FE.,:%40#85,-#0#84F6E45,304:,31-#063%9' -10#,&61&.-:5#845#3#0F6

PAGE 49

=@ E%&2#3,&:%&01-1&.4'55-#%4F1&.E1'.#%&8%1&.-:5# 845%34,&&%-F:,&90"%:60"% "':1&3#9"041&.-#7%30#%4$31:%,88'33%.( 0#:%46+"# 8":1.%'5=O,$0"%#44'% 3%-10%.8,2%319%,$0"%%#I#&9-:5#84& 6",+%2%360"%"':1&3#9"041&. -#7%30#%4$31:%,88'33%.,&-4#K0#:%4G(OH6+"#8"+14 0"%-%140'4%.$31:%# 8,2%319%,$0"%%#I#&9-:5#84E'-0'31-F6E%&2#3,& :%&01-1&.4'55-#%4F6E#&0%3&10#,&15,-#0#841&.8,::'̪#,&F6E%8,&,:1&.7'4#&%44F61&. E1'.#%&8%1&.-:5#84 5%34,&&%-F+%3%0"%:,40$3%J'%&0-'4%.$31:%4Gr17-% ==H:,&90"%0,5$#2% 41-#%&0$31:%460"%0+,&%+4515%34,&-"1.0+,#&8,:: ,&6+"#8"+%3% E%&2#3,&:%&01-1&.4'55-#%4F1&.E1'.#%&8%1&.-:5# 845%34,&&%-F n r $,8'4%.:,3%,&.,:%40#85,-#0#81-#44'%4"155%&#&9#& "#&16+"#-% $,8'4%.:,3%,,'%4"155%&#&9#&0%3&10#,&1--.'3#&9 0"%%#I#&9-:5#84 n r,$'30"%31&4+%3%4%138"'%40#,&41&.(60"%3%4%1 38"%38,:513%.0"% 1.,50#,&,$1.,:#&1&0$31:%#&0"%0+,&%+4515%34B 8,2%319%,$0"%0+,-:5#84 r"%3%4'-044",+0"100"%:,3%$3%J'%&0-'4%.$31:%4# &0"%0+,&%+4515%34 +%3%1-4,:,3%-#/%-0,7%0"%:,40$3%J'%&0-'4%.., :#&1&0$31:%4#&0"%#38,2%319% Gr17-%=D6r17-%=>H r"%0,5$#2%.,:#&1&0$31:%4'4%.7 nr 1&. #&0"% 0-1&01-:5#84"1.$,'3$31:%4#&8,::,&r"%4%+%3%E 4%8'3#01&.1&0#0%33,3#4:6F E45,304:,31-#063%9'-10#,&61&.-:5#845#3#046FE1'. #%&8%1&.-:5#85%34,&&%-F1&. E'-0'31-FE8,&,:1&.7'4#&%44F$31:%+141-4,31&/%. 0,5$#2%#& n r B8,2%319%6+"#-%E%&2#3,&:%&01-1&.4'55-#%4F$31:% 1&.E#&0%3&10#,&1-5,-#0#84 1&.8,::'̪#,&F$31:%31&/%.0,5$#2%#& B48,2%319%Gr17-%=DH

PAGE 50

D &0"%8,2%319%,$0"%%#I#&9-:5#840"%0,5$#2%. ,:#&1&0$31:%4'4%.70"% 0+,&%+4515%341-4,"1.0"3%%$31:%4#&8,::,&r"%4%+% 3%E#&0%3&10#,&1-5,-#0#84 1&.8,::'̪#,&6FE45,304:,31-#063%9'-10#,&1&. -:5#845#3#06F1&.E%8,&,:1&. 7'4#&%44F nr 1-4,$3%J'%&0-'4%.E"':1&3#9"041&.-#7%30#%4F1&. E1'.#%&8%1&.-:5#85%34,&&%-F$31:%4 '4%.E%&2#3,&:%&01-1&. 4'55-#%4F1&.E8'-0'31-F$31:%4:,3%$3%J'%&0-Gr17-% =>H r"%E45,304:,31-#063%9'-10#,&61&.-:5#845#3#04F $31:%+1431&/%.#&0"%0,5 $#2%#&7,0"&%+4515%34B8,2%319%,$0"%0+,-:5#84 E8,&,:1&.7'4#&%446F E#&0%3&10#,&1-5,-#0#841&.8,::'̪#,&6FE1'.#%&8% 1&.-:5#85%34,&&%-6F1&. E8'-0'31-F$31:%4+%3%1-4,2%38,::,&#&0"%8,2%319% ,$0"%-:5#84Gr17-%4=D 1&.=>H ,nn ,:513#&9r17-%4=D1&.=>60"%.,:#&1&0$31:%4' 4%.#&8,2%3#&90"% 0-1&011:%40"1031&/%.#&0"%0,5$#2%#&7,0"0+, &%+4515%34+%3%E45,304:,31-#06 3%9'-10#,&61&.-:5#845#3#06FE4%8'3#01&.1&0#0%3 3,3#4:6FE8'-0'31-6F1&.E1'.#%&8% 1&.-:5#85%34,&&%-F 1&. nr 53%4%&0%.1--$,'3 8,::,&.,:#&1&0$31:%4+#0"#&2%34#:#-1321-%&8%4 &r17-%4=@1&.=( 60"%.,:#&1&0$31:%4'4%.#& 8,2%3#&90"%%#I#&9 -:5#84+%3%E#&0%3&10#,&1-5,-#0#841&.8,::'̪#,&6 FE45,304:,31-#063%9'-10#,& 1&.-:5#845#3#0F1&.E%8,&,:1&.7'4#&%44F:,&90"% 4%0"3%%8,::,&$31:%46 ,&-0"%21-%&8%4,$0"%E%8,&,:1&.7'4#&%44F$31:%+%3 %53%4%&0%.4#:#-13-#&0"% 0+,&%+4515%34 ,+%2%360"%,0"%30+,$31:%46E#&0%3&10#,&1-5,-#0# 841&.8,::'̪#,&46F1&. E45,304:,31-#063%9'-10#,&1&.-:5#845#3#06F+%3% 53%4%&0%.+#0"J'#0%.#$$%3%&0

PAGE 51

D 21-%&8%4#& nr 1&. # r"%E#&0%3&10#,&1-5,-#0#841&. 8,::'̪#,&F$31:%#&5130#8'-13+1453%4%&0%.2%3.# $$%3%&0-#&0"%0+,:%.#1G5 X HGr17-%=(H&0"%8,2%319%,$0"%%#I# &9-:5#846 +14-#/%-0, 53%4%&0#44'%43%-10%.0,E#&0%3&10#,&1-5,-#0#841&.8,:: '̪#,&F1&.E45,304:,31-#06 3%9'-10#,&1&.-:5#845#3#0F4#9&#$#81&0-:,3%5,4#0# 2%-0"1& nr r17-%=,2%319%,$0"%0+,1:%4#&0+,&%+4515% 34 r,01-&':7%3,$130#8-%4 -:5#84%+,3/r#:%4"#&11#@D> 0-1&01(D>G(COH DD %#I#&9> G>?OH@( = C r17-%=30#8-%05%4#&8,2%319%,$0+,1:%4 r,01-&':7%3 %+4 %10'3% .#0,3#1-S8,-':& @D> DDDGD?OH ( G(>OH @@G =OH r17-%=(r"%%+,3/r#:%4B130#8-%8,:5,4#0#,&#& 0"%8,2%319%,$0+,1:%4 -:5#84%+4%10'3%.#0,3#1-S8,-':& 0-1&01>GDCCOH D=G>@OH (GD=OH %#I#&9@?GD ?OH C>G(@=OH @G@?OH r17-%=="#&11#-B4130#8-%8,:5,4#0#,&#&0"%8,2 %319%,$0+,1:%4 -:5#84%+4%10'3%.#0,3#1-S8,-':& 0-1&01=>G@=OH @GD?OH %#I#&9@DG=C@OH >(G= OH =@GOH r17-%=D30#8-%,3#%&010#,&#&r"%%+,3/r#:%4B 8,2%319%,$0"%0+,1:%4 30#8-% 3#%&010#,& %+,3/r#:%4 0-1&01-:5#84 %+,3/r#:%4 %#I#&9-:5#84 n5,304 D>GC@OH D GD@OH 44'% @GD@OH DGD==OH n5,304#44'%8,:7#&%. >G@OH (?G@COH r17-%=>30#8-%,3#%&010#,&#&"#&11#-B48,2%3 19%,$0"%0+,1:%4 30#8-%3#%&010#,& "#&11#-,&0-1&01 -:5#84 "#&11#-,&%#I#&9 -:5#84 n5,304 (G>>DOH CDG?=OH 44'% ( G@=OH ( DGC=@OH n5,304#44'%8,:7#&%. G=OH CG>>OH

PAGE 52

D r17-%=C2%31--40,321-%&8%,$r"%%+,3/r#:% 4B8,2%319% n0,321-%&8% %+,3/r#:%4,&0-1&01 -:5#84 %+,3/r#:%4,&%#I#&9 -:5#84 ,4#0#2% (G=OH (?G@COH %910#2% (@G@=OH (@G OH %'031(@G>@OH >G> OH r17-%=?r"%%+,3/r#:%4B8,2%319%,$0"%0+,:5#84 0-1&01 -:5#84 %#I#&9-:5#84 Y .$ ,4#0#2% ( (? r,01-40,3#%4 @( (C== D( r17-%=@2%31--40,321-%&8%,$"#&11#-B48,2% 319% n0,321-%&8% "#&11#-,&0-1&01-:5#84 "#&11#-,&%#I#&9-:5#84 ,4#0#2% (DG>OH ?(G=DOH %910#2% ?G>OH (G(OH %'031G>D?OH GD?OH r17-%= "#&11#-B48,2%319%,$0"%0+,-:5# 84 0-1&01 -:5#84 %#I#&9-:5#84 Y .$ ,4#0#2% (D ?( r,01-40,3&':7%3 DD = C ( ? r17-%=n5,30440,321-%&8% n0,321-%&8% %+,3/r#:%4 ,&0-1&01 -:5#84 %+,3/r#:%4 ,&%#I#&9 -:5#84 "#&11#-,& 0-1&01 -:5#84 "#&11#-,& %#I#&9 -:5#84 ,4#0#2% GC@OH =G?OH >GDOH G>OH %910#2% G?OH G OH G OH GCOH %'031=DG? =OH (>GCOH CCGC=?OH >G?(OH r17-%=r"%%+,3/r#:%4B21-%&8%,$45,3048,2 %319%,$0"%0+,-:5#84 0-1&01 %#I#&9 Y( .$ ,4#0#2% = r,01-&':7%3,$45,30440,3#%4 D> D @CD? ((( r17-%=("#&11#-B421-%&8%,$45,3048,2%319% ,$0"%0+,-:5#84 0-1&01 %#I#&9 Y= .$ ,4#0#2% > r,01-&':7%3,$45,30440,3#%4 ( CD =D ?=

PAGE 53

D( r17-%==44'%,3#%&0%.1&.45,304#44'%8,:7#&%.40,3 21-%&8% n0,321-%&8% %+,3/r#:%4 ,&0-1&01 -:5#84 %+,3/r#:%4 ,&%#I#&9 -:5#84 "#&11#,&0-1&01 -:5#84 "#&11#-,& %#I#&9 -:5#84 ,4#0#2% (G@OH =G>?OH @GC(OH CGDDOH %910#2% (?G>OH (@GC(OH ?G(=>OH G((OH %'031@=G>=?OH ? GDD@OH DG=?OH D G=DOH r17-%=Dr"%%+,3/r#:%4B#44'%40,321-%&8%,$ 0"%0+,-:5#84 0-1&01 %#I#&9 YD .$ 5,4#0#2% ( = r,01-40,3&':7%3 =D =( ( (C ?= r17-%=>"#&11#-B4#44'%40,321-%&8%,$0"%0+ ,-:5#84 0-1&01 %#I#&9 Y> .$ ,4#0#2% @ C r,01-40,3&':7%3 D (( @C ( r17-%=Cr"%%+,3/r#:%4B8,2%319%,$0"%0+, -:5#84 ,4#0#2% 40,3#%4 %910#2%,3&%'03140,3#%4 Y C .$ %+,3/r#:%4,&0-1&01 ( =D %+,3/r#:%4,&%#I#&9 = =( ( (C ?= r17-%=?"#&11#-B48,2%319%,$0"%0+,-:5# 84 ,4#0#2% 40,3#%4 %910#2%,3&%'03140,3#%4 Y ? .$ ,&0-1&01 @ D ,&%#I#&9 C (( @C ( r17-%=@r+,&%+4515%34B100#0'.%0,+13.4,0"%3B4 -:5#84 %910#2% 40,3#%4 ,4#0#2%,3 &%'031-40,3#%4 Y@ .$ %+,3/r#:%4,&%#I#&9 (@ = ,&0-1&01 ? (= @@(@ (?? r17-%= 31:%,88'33%&8% 31:% ,88'33%&8% %+,3/r#:%4 ,&0-1&01 -:5#84 %+,3/r#:%4 ,&%#I#&9 -:5#84 ,& 0-1&01 -:5#84 ,& %#I#&9 -:5#84 (GCOH G>@@OH = GC>@OH =(GC(OH @G(OH (G>OH ?GD=OH >(G@OH (W (GD@OH G=OH =GCCOH >GC?OH

PAGE 54

D= 2%319% ,88'33%&8% D D ( = r17-%=31:%4,88'33#&9#&0"%0+,&%+4515%34B8,2% 319%,$0"%0-1&011:%4 %+,3/r#:%4,& 0-1&01-:5#84 VC "#&11#-,& 0-1&01-:5#84 V>D n%8'3#01&.1&0#0%33,3#4: >=G@DOH G?DOH 8,&,:1&.7'4#&%44 ( G(?OH G(OH &2#3,&:%&01-1&.4'55-#%4 =GOH @G(?OH &0%3&10#,&1-5,-#0#841&. ,::'̪#,&4 G@OH >G@OH n5,304:,31-#063%9'-10#,&6 1&.-:5#845#3#0 G@OH = G(>@OH '.#%&8%1&.-:5#8 %34,&&%DG>@OH >G@O H '-0'31GDDOH > G@OH n5,&4,341&.45,304#&.'403 GDDOH GDO H ,:%40#85,-#0#84 @G=OH G(OH &$31403'80'31>G?OH ':1&3#9"041&.-#7%30#%4 =G?OH 0"%3 G DOH r17-%=31:%4,88'33#&9#&0"%0+,&%+4515%34B8,2% 319%,$0"%%#I#&91:%4 nr ,& %#I#&9-:5#84 VD ,& %#I#&9-:5#84 V=D( ':1&3#9"041&.-#7%30#%4 ( G= OH >G(OH ,:%40#85,-#0#84 @GOH G=>OH n5,304:,31-#063%9'-10#,&6 1&.-:5#845#3#0 @GOH (@G?>OH &2#3,&:%&01-1&.4'55-#%4 G OH C=G>(OH '.#%&8%1&.-:5#8 %34,&&%G OH =G@(OH &0%3&10#,&1-5,-#0#841&. ,::'̪#,&4 G@(OH D?G?OH 8,&,:1&.7'4#&%44 ?G?=OH =@G ?OH n%8'3#01&.1&0#0%33,3#4: GD>OH (G@OH '-0'31GD>OH ?=G?DOH n5,&4,341&.45,304#&.'403 @G=OH =GD(OH 0"%3 CG((OH GOH &$31403'80'31DG(OH (CG?OH

PAGE 55

DD r17-%=(r,5$#2%$31:%4,88'33#&9#&0"%0+,&%+ 4515%34B8,2%319%,$0"%0-1&01 1:%4 %+,3/r#:%4,&0-1&01 -:5#84 "#&11#-,&0-1&01 -:5#84 n%8'3#01&.1&0#0%33,3#4: n5,304:,31-#063%9'-10#,&1&. -:5#845#3#04 8,&,:1&.7'4#&%44 n%8'3#01&.1&0#0%33,3#4: ( &2#3,&:%&01-1&.4'55-#%4 &2#3,&:%&01-1&.4'55-#%4 = &0%3&10#,&1-5,-#0#841&. ,::'̪#,&4 '.#%&8% 1&.-:5#8 5%34,&&%-'-0'31&0%3&10#,&1-5,-#0#841&. 8,::'̪#,&4 D n5,304:,31-#063%9'-10#,&1&. -:5#845#3#04 r17-%==r,5$#2%$31:%4,88'33#&9#&0"%0+,&%+ 4515%34B8,2%319%,$0"%%#I#&9 1:%4 %+,3/r#:%4,&%#I#&9 -:5#84 "#&11#-,&%#I#&9 -:5#84 ':1&3#9"041&.-#7%30#%4 '-0'31,:%40#85,-#0#84 n5,304:,31-#063%9'-10#,&61&. -:5#8445#3#0 &2#3,&:%&01-1&.4'55-#%4 ( &0%3&10#,&1-5,-#0#841&. 8,::'̪#,&4 = &2#3,&:%&01-1&.4'55-#%4 '.#%&8%1&.-:5#84 %34,&&%8,&,:1&.7'4#&%44 D '.#%&8% 1&.-:5#84 5%34,&&%r17-%=D,:#&1&0$31:%4#&0"%0+,&%+4515%34B8, 2%319%,$0"%0-1&011:%4 ,:#&1&0$31:% %+,3/r#:%4,& 0-1&01-:5#84 V=D "#&11#-,&0-1&01 -:5#84 VD n%8'3#01&.1&0#0%33,3#4: D G(=DOH G@OH 8,&,:1&.7'4#&%44 G=DOH G OH n5,304:,31-#063%9'-10#,&6 1&.-:5#845#3#0 ?G=OH G= =OH '.#%&8%1&.-:5#8 %34,&&%GC>OH > GDOH '-0'31G>@OH =GCCO H &2#3,&:%&01-1&.4'55-#%4 @G>OH DG@>OH n5,&4,341&.45,304#&.'403 @G>OH G OH &0%3&10#,&1-5,-#0#841&. ,::'̪#,&4 ?GDDOH =GCCOH ,:%40#85,-#0#84 =G?OH ':1&3#9"041&.-#7%30#%4 (GOH &$31403'80'31G COH 0"%3 G COH

PAGE 56

D> r17-%=>,:#&1&0$31:%4#&0"%0+,&%+4515%34B8, 2%319%,$0"%%#I#&91:%4 ,:#&1&0$31:% %+,3/r#:%4,& %#I#&9-:5#84 V=( "#&11#-,&%#I#&9 -:5#84 V(( n5,304:,31-#063%9'-10#,&6 1&.-:5#845#3#0 =G>?OH (G@(OH '.#%&8%1&.-:5#8 5%34,&&%G=OH @G?COH ':1&3#9"041&.-#7%30#%4 CG@OH (G @OH &0%3&10#,&1-5,-#0#841&. 8,::'̪#,&4 >GOH ==G((OH 8,&,:1&.7'4#&%44 =G@?OH (@GCOH &2#3,&:%&01-1&.4'55-#%4 (G@OH =@G=?OH ,:%40#85,-#0#84 @G>(OH (G(@OH n%8'3#01&.1&0#0%33,3#4: ?GD>OH @GCOH '-0'31CG=@OH >(G@OH 0"%3 CG=@OH G( OH n5,&4,341&.45,304#&.'403 > G=OH (G>@OH &$31403'80'31G=OH @GDCOH r17-%=C1-%&8%,$.,:#&1&0$31:%4'4%.7r"% %+,3/r#:%4#&8,2%319%,$ 0"%0-1&01-:5#84 ,4#0#2% %910#2% %'031n%8'3#01&.1&0#0%33,3#4: G=OH (?GC>OH n5,304:,31-#063%9'-10#,& DGC?OH >G(((OH CG(?@OH 8,&,:1&.7'4#&%44 '-0'31'.#%&8%1&.-:5#85%34,&&%G@DOH G?OH >G?>OH G?OH (G>@OH G OH CG>(>OH r17-%=?1-%&8%,$.,:#&1&0$31:%4'4%.7"#&1 1#-#&0"%8,2%319%,$0"% 0-1&01-:5#84 ,4#0#2% %910#2% %'031n%8'3#01&.1&0#0%33,3#4: (G( OH CGC OH &2#3,&:%&01-1&.4'55-#%4 (G> OH G= OH &0%3&10#,&1-5,-#0#841&.8,::'̪#,& n5,304:,31-#063%9'-10#,& '.#%&8%1&. -:5#85%34,&&%'-0'31GD OH DG(?OH G(((OH @G=@OH G(((OH GDOH GD OH CG(((OH G(((OH (GCDOH

PAGE 57

DC r17-%=@1-%&8%,$.,:#&1&0$31:%4'4%.7r"% %+,3/r#:%4#&8,2%319%,$ 0"%%#I#&9-:5#84 ,4#0#2% %910#2% %'031':1&3#9"041&.-#7%30#%4 >G@=OH GD@OH &0%3&10#,&1-5,-#0#841&. ,::'̪#,&4 GDOH DG(DOH @GD>DOH n5,304:,31-#063%9'-10#,&1&.45#3#04 CG@OH >GDOH G=C?OH 8,&,:1&.7'4#&%44 '.#%&8%1&.-:5#8 5%34,&&%DG(DCOH =GOH GCOH G DOH ?GDCOH (G>?=OH r17-%=( 1-%&8%,$.,:#&1&0$31:%4'4%.7"#&1 1#-#&0"%8,2%319%,$0"% %#I#&9-:5#84 ,4#0#2% %910#2% %'031&2#3,&:%&01-1&.4'55-#%4 &0%3&10#,&1-5,-#0#841&. 8,::'̪#,&4 n5,304:,31-#063%9'-10#,&61&.45#3#0 8,&,:1&.7'4#&%44 '-0'31>GD(OH ?G>(>OH G>=DOH CG=(>OH =G(?OH G OH G(OH (G@COH GDOH G(OH G==@OH DG(=OH ?GD?OH GD(OH (CG> COH r17-%=(r+,:,40$3%J'%&0$31:%4#&"#&11#1&.r"%%+,3/r#:%4 ,4#0#2%%910#2%Y 5.$ &0%3&10#,&1-5,-#0#841&.8,::'̪#,&4r"%%+,3/r#:%4"#&11#? D ?C> X n5,304:,31-#063%9'-10#,&1&.-:5#845#3#0r"%%+,3/r#:%4"#&11#C > ( =?D> CD

PAGE 58

D? rD nnnnn .nn)! -0",'9"0"%-:5#8#.%1-53,:,0%421-'%4-#/%$1#35 -16%J'1-#061&. #&0%3&10#,&1-'&.%3401&.#&961&.100%:5040,4%51310% 5,-#0#84$3,:45,30460"%1&1-4#4 ,$0"%8,2%319%,$0"%0-1&011&.%#I#&91:%47 nr 1&. 4",+40"100"%4%:%91%2%&0413%&,04#:5-45,304%2%&0 46148-1#:%.100"% #&8%50#,&,$0"%:,.%3&-:5#8444'%,3#%&0%.130#8-% 46%45%8#1--0",4%3%-10%.0, 5,-#0#81-1&.%8,&,:#8#44'%46.,:#&10%.8,2%319%,$0"% 4%0+,-:5#84 r"%3%4'-04,$0"%3%4%138"4",+0"100"%8,2%319%,$0" %0-1&011&.%#I#&9 -:5#847 nr 4"13%44#:#-13#0#%4#&0"%53,5,30#,&,$.#$$%3%&0130 #8-% 05%41&.0"%53,5,30#,&,$45,3041&.#44'%130#8-%4, &2%34%-60"%8,2%319%,$0"% 0-1&011&.%#I#&9-:5#847 4",+%.2#30'1--&,4#:#-13#0#%4#&0"%4%0+, 145%804r"%8,2%319%,$0"%0-1&01-:5#847 +14&%13'&#.#:%&4#,&1-#&130#8-%05%6,$+"#8"@=O+14&%+4 '3#&90"%%#I#&9-:5#846 ",+%2%360"%&':7%3,$$%10'3%130#8-%41&.%.#0,3#14#& #&83%14%. .31:10#81--r"#48"1&9%:#9"07%81'4%.70"%0+,. #$$%3%&0.101714%4'4%.$,30"#4 1&1-4#4 B48,2%319%,$0"%0-1&01-:5#84+14188%44%.70"% 3%4%138"%3$3,:0"%&%+4515%3B4,30":%3#81&2%34#,&6+ "#-%6$,30"%%#I#&9 -:5#846#0+14188%44%.$3,:"#&11#-8,:6+"#8"8,&01#& %.1:'8"-139%3 &':7%3,$130#8-%4

PAGE 59

D@ ,37,0"&%+4515%3460"%#38,2%319%+1493%10-#&$-'%& 8%.7&,&45,304#44'%4 0"10,88'33%.7%$,3%,3.'3#&90"%-:5#8444'%4.#48'44% .:,40$3%J'%&0-7%$,3% 0"%-:5#848,&0#&'%.0,7%0"%:1#&:%.#1$,8'4.'3#& 90"%-:5#84 ,30"%0-1&01-:5#8467,0" 1&. nr %K%38#4%. 4#:#-13I'.9:%&0#&3%5,30#&9,,'%4r"#43%4%138"4", +40"10 1&. nr 8",4%2%34#:#-13.,:#&1&0$31:%4En%8'3#01&.1&0# 0%33,3#4:6F E#&0%3&10#,&1-5,-#0#841&.8,::'̪#,&6FE45,304:,31 -#063%9'-10#,&61&.-:5#8 45#3#06F1&.E%&2#3,&:%&01-1&.4'55-#%4F+%3%0"%:, 40$3%J'%&0-'4%.$31:%4$,37,0" &%+4515%34 %4#.%40"%41:%8,&8%3&$,345,304:,31-#01&.3%9'-10 #,&464'8"14.3'9'4% 1&.$1#38,:5%0#0#,&67,0"0+,&%+4515%34$,8'4%.,&4%8' 3#0#44'%41$0%317,:7 %K5-,.%.#&%&0%&--:5#813/,0"&%+4515%3414,912%100%&0#,&0,0"%-,81031&45,3010#,&440%:60"%2%&'%B48,:5'0%3440%:60"%", 0+%10"%361&.0"%,2%3 8,::%38#1-#;10#,&,$0"%-:5#84r"%4%#44'%4+%3%&,0& %+6"12#&97%%&53%.#80%. 783#0#84-,&97%$,3%0"%40130,$0"%-:5#841&.8,& 0#&'#&90,7%0"%$,8'4,$:%.#1 8,2%319%.'3#&90"%:Gn%&&6@@@H-0",'9"8,:513%. 0, nr 6 "1.-%448,2%319%,$0"%7,:7#&96-,81-031&45,3061&. 0"%8,:5'0%3440%:61-0"%4%0,5#84+%3%:%&0#,&%.#&0"%&%+4515%31&.0"%,2 %31--21-%&8%,$0"%8,2%319% +144#:#-130,0"10,$ nr &4'::1360"%0+,&%+4515%34B8,2%319% ,$0"%0-1&01-:5#84+14J'#0%4#:#-13#&$31:%48", 4%&1&.21-%&8%453%4%&0%. r"%.#$$%3%&8%47%0+%%&0"%0+,&%+4515%34B3%5,30#&9 +14:1#&-%2#.%&0#&0"% 8,2%319%,$0"%%#I#&9-:5#84r"%0+,&%+4515%348",4% .#$$%3%&0#44'%40,8,2%3 1&.'4%..#$$%3%&021-%&8%4#&0"%#38,2%319%

PAGE 60

> 3,:0"%5%345%80#2%,$$31:%41-#%&8%60"%3%4'-044",+% .0"100"%0+, &%+4515%34%18"$12,3%.4'8"$31:%414E#&0%3&10#,&1-5,-# 0#841&.8,::'̪#,&6F E45,304:,31-#063%9'-10#,&61&.-:5#845#3#06F1&. E%8,&,:1&.7'4#&%44Fr"%#3 .#$$%3%&8%4%K#40%.#&%18"&%+4515%3B4:,40$3%J'%&0-' 4%.$31:%6E"':1&3#9"041&. -#7%30#%46F7 nr 61&.E8'-0'31-F7 ,3 nr 6130#8-%40"10'4%.1E"':1&3#9"041&.-#7%30#%4F$31: % :1.%'5=O,$0"%8,2%319%30#8-%4'4#&90"#4$31:% +%3%%45%8#1--3%-10%.0, #44'%417,'00"%3#9"00,$3%%45%%8"1&.53,0%407,0"# &"#&11&.173,1.&0"% 8,&031360"10:,408,::,&$31:%#& nr 7%81:%0"%-%140'4%. $31:%#& 6+"%3%#0188,'&0%.$,3,&-(O,$ B48,2%319%,$0"% %#I#&9-:5#84 '%0,0"%r#7%01&0'37'-%&8%6 nr 1-4,$,8'4%.100%&0#,&,&0"% "#&%4%9,2%3&:%&0B4100#0'.%0,+13.0"%1-1#1:11 &.0"%r#7%01&#&.%5%&.%&8% :,2%:%&0r"%4%#44'%4&,0,&-3%8%#2%.:'8"100%&0#,&6 7'01-4,+%3%8,2%3%.+#0" 13%-10#2%-&%910#2%21-%&8%*"%&8,2%3#&90"%13 #4#1&0,38"3%-18,&$3,&010#,&41&. 0"%53,0%404,$"#&%4%"':1&3#9"0417'4%46 nr 1553,18"%.0"%4% #44'%4+#0"1&100#0'.%,$#&0%3&10#,&1-8,&8%3& *"%&8,:513%.0, nr 6 B48,2%319%,$0"%%#I#&9 -:5#844",+%.-%44.#2%34#0,$#44'%4r"%&%+4515%31-:,4 0#9&,3%.#44'%43%-10%. 0,"':1&3#9"041&.4,8#1--#7%30#%41&..#.&,00,'8" '5,&.,:%40#81&.#&0%3&10#,&153,0%404051#.-#00-%100%&0#,&0,0"%53,7-%:4#& r#7%01&."1.12%3.#$$%3%&0 5%345%80#2%+"%&8,2%3#&90"%0,38"3%-10.#.519 3%10100%&0#,&0,%&2#3,&:%&01-

PAGE 61

> #44'%461&.+#0"12%35,4#0#2%21-%&8%6$,8'4#&9,&+"10 0"%"#&%4%9,2%3&:%&0"1. .,&%0,/%%5#0453,:#4%0,#:53,2%0"%%&2#3,&:%&01& .1#3J'1-#0 ,3"#&%4%10"-%0%4B18"#%2%:%&04#&0"%%#I#&9-:5 #846 nr $,8'4%.,&J'%40#,&#&90"%"#&%4%45,304440%:& r 60"%3%+%3%130#8-%4 3%913.#&90"%#&$-10#,&,$"#&%4%$%:1-%9:&1404B19 %41&.%:5"14#4:1#&-,&9,-. :%.1-46+"#-% 8,::%&.%.0"%5%3$,3:1&8%,$"#&%4%10"-%0%4+#0",'0 0,'8"#&9'5,&0"%4%#44'%4r/0/0 5,0"%4#40%40%.+"%0"%3,3&,0 nr 1&. +,'-. 8,2%30"%#33%45%80#2%-:5#84:,3%5,4#0#2%-0"1&0"% ,0"%38,'&03B4-:5#84r"% 3%4%138"3%4'-0.#.&,04",+,72#,'4.#$$%3%&8%4#& nr B8,2%319%,$ 0"%0-1&011:%41&.0"%%#I#&91:%4 6",+%2%36"1.2%3.#$$%3%&0 100#0'.%4+"%&8,2%3#&90"%0+,-:5#846+#0"1:,3% $12,317-%100#0'.%0,+13.#04,+& -:5#84r/0/0nr r"%3%$'010#,&,$5,0"%4#41&.0"%3%4%138"3%4'-04, & nr B 8,2%319%,$0"%0+,-:5#84:#9"07%81'4%.70"%8"1 3180%3,$0"%0+,-:5#84 -0",'9" nr 4%%:40,"12%7%%&%J'1-1&.$1#3#&8,2%3#&90"%0+, -:5#8463%913.#&90"%3%:13/417,'00"%0+,-:5#846 nr 6 #&$-'%&8%.7&10#,&1-#4:6:#9"0&,0"12%7%%&14'& 7#14%.1&.4031#9"0,&0"%0-1&01 -:5#84140"%8,'-."12%7%%&#&&,3:1-0#:%4$0"% 0-1&011:%4"1.7%%& %21-'10%.147%#&9144'88%44$'-140"%%#I#&91:%46 nr 4",'-. "12%3%5,30%.0"%0-1&011:%4:,3%5,4#0#2%-0"1& 0"%.#.0"%%#I#&91:%4

PAGE 62

> &3%1-#06,0"%3#&0%3&10#,&1-3%5,30#&9,&0"%0 -1&011:%4.#.&,09#2%0"% -:5#84"#9":13/4 '* 8,::%&0%.0"10E&0"%8-,4#&9 8%3%:,&#&0-1&0163n1:131&8"$1#-%.0,9#2%0" %0-1&011:%4"#4'4'1-531#4% 147%#&9A0"%7%40%2%3-:5#84F&40%1.6"%41#.0"% +%3%A:,40%K8%50#,&1-6B1 5"314%+"#8"8,'-.7%#&0%353%0%..#$$%3%&0-FG),35,3 11-6@@>68#0%.#&n%&&6@@@65 D>H '* 1-4,4010%.0"100"% n.&%-:5#84:'40 -%13&-%44,&4$3,:0-1&01B4:#401/%46#&8-'.#&97%00%34%8' 3#06031&45,3061&..3'9 483%%&#&965-'4-%44#&03'4#2%8,::%38#1-#4: r #&,&.,&5,#&0%.,'00"100"% 0-1&011:%4$18%.4'8"53,7-%:414'&3%-#17-%"#9"0% 8"8,:5'0%3440%:41&. #&1.%J'10%188,::,.10#,&4G3#.9%6@@>68#0%.#&n%&&6 @@@65D?H ,:513%.0,8,::%&013#%4,&0"%0-1&01-:5#8460"%5 '7-#4"%.8,::%&013#%4 ,&0"%%#I#&9-:5#84+%3%:,3%5,4#0#2%r"%8, &9310'-10%.#04%-$$,3:1/#&90"% 3#9"08",#8%0,,$$%3%#I#&90"%8"1&8%0,",400"%:5#841&.41#.0"%-:5#84 +,'-.7%1E-140#&9-%918F$,3"#&1G%#8%40%36 ?H '* 8,::%&0%.0"10E0+140"%7#99%40%2%3r"%481-%+14'& $10",:17-21407#9 8,&8%50467#90%8"&,-,9#%467#9401.#':467#9,5%310#,&67 #9%$$#8#%&867#9.%5-,:%&0 ,.%01#-4513%.,3,2%3-,,/%.FG1':6 ?H r 8,::%&0%.0"10%#I#&95'0 '&#:19#&17-%3%4,'38%4,$5%,5-%#&0,53%51310#,&$,3 1&.#:5-%:%&010#,&,$0"% -:5#840,4",+0"%8,'&030,0"%+,3-.r"%1-4,4010 %.0"10Er"%"#&%4%10"-%0%4 4",+%.0"%5,+%31&.0"%.%50"1&.0"%403%&90",$0" %&10#,&0"%7%-,&90,0"% :%.1-8,'&03,4%"#9"%361&.0"%+,3-.U4,:%,$#0U81:% 1&.155-1'.%.FG13&%46 ?H

PAGE 63

>( %45#0%0"%5,,3#:5-%:%&010#,&,$0"%0-1&01-:5 #846I,'3&1-#404$3,: nr 8,'-.&,0"12%8,2%3%.#0:,3%5,4#0#2%-65%3"154,'0 ,$&10#,&1-#40#853#.% &.%30"%#&$-'%&8%,$&10#,&1-#4:6%2%&0",'9"0"% %#I#&9-:5#84%&I,%."#9"%3 53%441553,21-0"1&0"%0-1&01-:5#8460"%3%4%138"3 %4'-044",+0"106#& nr& 0"%53,5,30#,&,$&%910#2%8,2%319%,$0"%%#I#&9 -:5#84GC(OH+14 4-#9"0-17,2%0"%53,5,30#,&,$&%910#2%8,2%319%#& 0"%&%+4515%3B48,2%319%,$0"% 0-1&01-:5#84G>OH ':1&3#9"04#44'%4+%3%100"%0,5,$ nr B#44'%461&.0"%#3 3%5,304"1.1@=O&%910#2%21-%&8%%4#.%4"':1&3#9 "046#44'%43%-10%.0,45,304 :,31-#01&.0"%45,304440%:4+%3%1-4,5,3031%.:,3% &%910#2%-#& n r GDO24@DO$,3 r r/0/0'1n 5,0"%4#40%40%.+"%0"%3,3&,0 nr +,'-.3%5,30:,3% 83#0#81--,&0"%%#I#&91:%40"1& +,'-.,&0"%0-1&011:%4r"% 3%4'-04.#.&,04",+1&.#$$%3%&8%7%0+%%&0"%4%0+,&% +4515%34B8,2%319%,$0"% ,0"%38,'&03B4-:5#8461-0",'9" 8,2%3%.0"%0-1&01-:5#84:,3% &%910#2%-0"1,+&%#I#&9-:5#84 B440,3#%4,&0"%0-1&011:%4"1.1&%910#2%21-%&8% ,$(DOr"% "#9"5%38%&019%,$&%910#2%40,3#%417,'00"%0-1&01 1:%4:#9"0"12%7%%&81'4%. 70"3%%3%14,&4%4#.%40"%#&$-'%&8%,$&10#,&1-#4: 1&.0"%.%$%804,$0"%0-1&01 1:%45%34%61&,0"%3%K5-1&10#,&$,30"%&%910#2%3% 5,304#& :#9"07% "#&%4%5,-#8100"100#:%-0",'9"0"%"13:,&#;10# ,&1553,18""147%%&%:7%..%. #&"#&%4%8'-0'3%$,30",'41&.4,$%1346#0+14&,0188 %50%.70"%"#&%4% ,::'鳂GH'&0#G'6 ?H%$,3% 0"1060"%$,8'4%.,&8-144

PAGE 64

>= 403'99-%615,-#0#81-#.%,-,9#&"%3#0%.$3,:)13-1 3K1&."1#3:1&1,& (60"% 8,&8%50,$"13:,&+14J'#8/-1.,50%.70"%51301&. 9,2%3&:%&0G'6 ?H n#&8%"#&%4%:%.#1+%3%#&$-'%&8%."%12#-70"%"# &%4%9,2%3&:%&01&.6 0"%:#9"0&,0"12%%K%38#4%.0"%"13:,&#;10#,&0"%,3 #&@@>60"%%13,$0"%0-1&01 1:%46148-,4%-140"%.#..'3#&90"%%#I#&9-:5# 84 r"%3%4%138"4",+40"10,&-((O,$#44'%3%-10%.130#8-% 4+%3%8,2%3%. &%910#2%-7 6+"#-%=DO,$#44'%3%-10%.130#8-%4+%3%8,2%3%.5, 4#0#2%r"%53%.,:#&1&0-5,4#0#2%8,2%319%,$0"%%#I#&9 -:5#84#&0"%"#&%4%:%.#1 4'55,3040"%8,&0%&0#,&0"10"#&%4%:%.#113%40#---1 39%-8,&03,--%.71&.0"% 7%-#%$0"100"%"#&%4%:%.#1-18/0"%17#-#00,83#0 #8#;%#44'%40"109,191#&40 .,803#&% r"%53%.,:#&1&0-5,4#0#2%8,2%319%#&"#&%4%:%.#1 ,$0"%%#I#&9-:5#84 :11-4,5,#&00,0"%93,+#&9#&$-'%&8%,$&10#,&1-#4: 7%$,3%0"%-:5#84,&0"% :%.#1B43%5,304,$0"%-:5#81:%4%4#.%4&10#,&1-#4 :61&,0"%3%K5-1&10#,&$,30"% 53%.,:#&1&0-5,4#0#2%8,2%319%#40"10"#&1+1&0%.0 ,%314%#045%34#40%&0&%910#2% #:19%,$7%#&90"%E4#8/:1&,$1404#1F1&.3%7'#-. 1$12,317-%#&0%3&10#,&1-#:19% 2#10"%-:5#84G3,+&%--6 ?H r"%3%4%138"3%4'-044",+0"10"#&%4%:%.#18,2%319%,$ 0"%%#I#&9-:5#84 %45%8#1--$,8'4%.,&#&0%3&10#,&1-8,::'̪#,&68'-0'3 %61&.%&2#3,&:%&06+"#8" :108"%.0"%#:19%0"%"#&%4%8%&031-9,2%3&:%&0"1. 100%:50%.0,7'#-.$,3%#I#&9 14E1&#&0%3&10#,&1-:%91-,5,-#46FE1$1:,'48'-0'31%&0#06F1&.E1-#217-%8#0FG<"1&9 1&.<"1,6 @H%4#.%40"#461'0",3#0#%4410"100"% %#I#&9-:5#84188%-%310%. %8,&,:#8.%2%-,5:%&01&.%-%210%.#&$31403'80'3%401&.1 3.4G<"1&91&.<"1,6 @H

PAGE 65

>D r"%4%145%804+%3%1-4,3%$-%80%.#& N48,2%319%,$0"%-:5#845,4#0#2% #:19%,$0"%-:5#841&.0"%8,'&030,0"%+,3-.:%. #1+1453%4%&0%.0,7,0"( 7#--#,&"#&%4%1'.#%&8%:%:7%341&.0"%#&0%3&10#,&1 -:%.#1 r r"%3%4%138"4",+40"10-:5#8413%&,04#:5-45,304%2%&0 40,.16148-1#:%. 100"%#&8%50#,&,$0"%:,.%3&-:5#8444'%43%-10%. 0,5,-#0#846%8,&,:#841&. 8'-0'3%0"10,88'3.'3#&90"%-:5#85%3#,.13%8-,4%8,2%3%.6%2%&:,3%8-,4%0"1&45,3041&.10"-%0%45%34% r"%3%4%138"4",+40"10&10#,&1-#4:#440#--#&$-'%&8#&9:% .#18,2%319%0,.1 %.#1"12%1.#$$%3%&0100#0'.%#&8,2%3#&90"%-: 5#84"%-.70"%#3,+&8,'&031&. 0"%,0"%3B48,'&033,:0"%3%4'-046#0#4.#$$#8'-00, 4%%+"%0"%3&10#,&1-#4:"1418-%13 #&$-'%&8%,& nr B8,2%319%,&0"%0-1&011:%41&.0"%%#I#&9 1:%464#&8%#048,2%319%,$0"%0+,1:%44"13%.:1&4#: #-13#0#%4#&130#8-%1:,'&06 130#8-%05%53,5,30#,&1&.40,321-%&8% ,:513%.0, nr 60"%3%4%138"4",+40"10&10#,&1-#4:"1.1 :,3%4#9&#$#81&0#&$-'%&8%,& B48,2%319%,$0"%%#I#&91:%467%81'4%1 :1I,3#0,$40,3#%4+%3%53%4%&0%.5,4#0#2%r"%8,2%319%70"%0+,:%.#1,$0"%0-1&011:%44" 13%.:,3%4#:#-13#00"1& 0"%#38,2%319%,$0"%%#I#&91:%4&0#8,::':8, '-.40#--7%$,'&.#& nr B8,2%319%,&0"%%#I#&9-:5#846 nr $,8'4%.:,40-,& #44'%43%-10%.0,"#&%4%"':1&3#9"041&.-#7%30#%41&. 53%4%&0%.0"%:&%910#2%-0 1-4,83#0#8#;%."#&1B45%3$,3:1&8%#&#&0%3&10#,&1-5, -#0#84614+%--140"%"#&%4% 45,304440%:

PAGE 66

>> &.%30"%#&$-'%&8%,$0"%"13:,&8,::'̪#,&0"%, 3,7%%.7"#&%4% :%.#16 "1.1"#9"%353,5,30#,&,$5,4#0#2%3%5,304,&7,0" -:5#84 ,+%2%36#03%5,30%.0"%%#I#&91:%4:'8":,3%5,4#0 #2%-0"1&0"%0-1&011:%4 "#&%4%&10#,&1-#4:4%%:%.0,7%0"%:1I,3#&$-'%&8%, & B4.,:#&1&0 5,4#0#2%3%5,30,&0"%%#I#&91:%46310"%30"1&0"% "13:,&8,::'̪#,&0"%,3 nnnnnn r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n 1&."#&%4%:%.#18,2%319% ,$0"%-:5#84 n%8,&.60"#440'.,&-1&1-;%.0+,-:5#84%134151 30%0+%%&@@>1&. ?67,0".,:%40#81&.$,3%#9&5,-#8#%4,$0"%�%. n010%41&."#&1"1.8"1&9%. r"%4%8"1&9%4:,40-#/%-+,'-.#&$-'%&8%:%.#153180#8%46 %45%8#1--#&"#&1 -,&9%30#:%$31:%#44'99%40%.$,3$'0'3%3%4%138"..# &90"% 1&. =1:%4 #&0,0"%3%4%138"8,'-.3%2%1-18-%13%35#80'3%,$8" 1&9#&9#&$-'%&8%4,&:%.#1 8,2%319%

PAGE 67

>C r"#3.6$'0'3%3%4%138"4",'-.#&8-'.%10"#3.213#17-% U&%+4:%.#18,2%319%$3,: 1&,0"%38,'&037%4#.%40"%�%.n010%41&."#&1r" #48,:513#4,&40'.7%0+%%& n:%.#18,2%319%1&."#&%4%:%.#18,2%319%,$0"% 0-1&01-:5#841&.0"% %#I#&9-:5#84-18/%.18,:51310#2%401&.13.&%+4515 %3$3,:13%-10#2%-&%'0314010%0"10.,%4&,0"12%$,3%#9&3%-10#,,'%4,3,0"% 3:1I,3#44'%4+#0"%#0"%30"% �%.n010%,3"#&1+,'-.7%0"%7%408",#8% ,'30"60"#440'.%K1:#&%.:%.#1$31:%4141.%5%&.%&0 213#17-%%.#1$31:%4 1&.0,&%4#&$-'%&8%5'7-#8'&.%3401&.#&91&.5%38%50#,& ,$0"%-:5#84'0'3% 40'.#%44",'-.0"%3%$,3%%K5-,3%:%.#1$31:%4141&#&. %5%&.%&0213#17-%#&$-'%&8#&9 1'.#%&8%4B100#0'.%41&.,5#&#,&4

PAGE 68

>? nr 30#8-%&':7%3%+4515%3&1:% nr V V (-:5#84B&1:%0-1&01-:5#84V%#I#&9:5#84V ='7-#810#,&.10%ZZSZZZSZZZD*,3.8,'&0ZZZZZZZZZZZ>n%80#,&1:%ZZZZZZZZZZZZC30#8-%05%%+4V%10'3%V.#0,3#1-S 8,-':&4V(,0"%3V= @40"%130#8-%45,304,3#%&0%.,3#44'%,3#%&0%.n5,304,3#%&0%.V44'%,3#%&0%.Vn5 ,3041&.44'%4 ,:7#&%.V(?$#0B41,'%,3#%&0%.,345,3041&.#44'%48,:7#&%. 130#8-%6+"10#40"%,2%31-21-%&8%,$0"%130#8-%%910#2%V,4#0#2%V%'031-V( $#0B41,'%,3#%&0%.,345,3041&.#44'%48,:7#&%. 130#8-%60"%&+"#8"$31:%413% '4%.#&0"%130#8-%n%8'3#08,&8%3&1&.1&0#0%33,3#4:V':1&3#9 "041&.-#7%30#%4V &2#3,&:%&01-1&.4'55-#%453,7-%:4V( &$31403'80'31-V= ,:%40#85,-#0#84VD&0%3&10#,&1-5,-#0#84V>n 5,304:,31-#01&.3%9'-10#,&VC 8,&,:V?'-0'31-V@0"%3V n5,& 4,341&.45,304#&.'403V 1'.#%&8%62,-'&0%%31&.-:5#85%34,&&%-V*"#8"$31:%#40"%.,:#&1&0$31:%n%8'3#08,&8%3&1&.1&0#0%33,3#4:V':1&3#9" 041&.-#7%30#%4V &2#3,&:%&01-1&.4'55-#%453,7-%:4V( &$31403'80'31-V= ,:%40#85,-#0#84VD&0%3&10#,&1-5,-#0#84V>n 5,304:,31-#01&.3%9'-10#,&VC 8,&,:V?'-0'31-V@0"%3V n5,& 4,341&.45,304#&.'403V 1'.#%&8%62,-'&0%%31&.-:5#85%34,&&%-V

PAGE 69

>@ n $n"U&5'0"1&.+3#00%&&':7%30"10155%134100"%7%9#&& #&9,$%18" 130#8-% "!! U&5'0&':7%30"108,33%45,&.40,0"%&%+4515%3#&+"# 8"0"% 130#8-%+145'7-#4"%. ( )!( T&5'0&':7%30"108,33%45,&.40,0"%1:%4+"#8"0"% 130#8-% +1417,'0 = .-nn U%&0%3140"3%%810%9,3#%4.16:,&0"61&.%13 D 2n U&0%3+,3.8,'&01453,2#.%.7130#8-%$&,+,3.8 ,'&0#453,2#.%.6 %&0%3E F > n" U&5'04%80#,&&1:%#$9#2%&,3%K1:5-%En5,304F,3 E&0%3&10#,&1-F$&,09#2%&6%&0%3E F C $n! U&5'0&':7%30"108,33%45,&.40,8,33%80130#8-%05% %+4130#8-%4 13%0#:%-1&.0"%#321-#.#0#43%-#1&0,&8'33%&0 %2%&04G&.#810%EFH%10'3%40%&. 0,9#2%173,1."#40,3#81-,2%32#%+,$0"#40,5#861&. 8,'-.7%5'7-#4"%.+#0"#&1& 0#:%$31:%+#0",'01$$%80#&90"%8,&0%K0,$0"%40,3 G&.#810%EFH5#&#,&S%.#0,3#1130#8-%40%&.0,01/%15,4#0#,&,&0"%0,5#8G&.#810% E(FH&130#8-%0"10.,%4&,0 $1--#&0,,&%,$0"%4%810%9,3#%44",'-.7%8,'&0%.1 4E,0"%3FG&.#810%E=FH ? )nn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nn%n3 130#8-%417,'04%8'3#01&.1&0#0%33,3#4: 8,&8%3&4,3%K1:5-%67,:7#&9"155%&%..'3#&90-1&01 -:5#841&.4%8'3#08"%8/ #&%#I#&94'7+1481&7%5'0#&0,0"#4810%9,3&0%3 EF$,3130#8-%'4#&90"#4$31:%

PAGE 70

C 'n-n3 130#8-%43%-10%.0,"':1&3#9"046.%:,8310#;10#,&6 1&.9,2%3&:%&08%&4,34"#513%8,&4#.%3%.0,'4%0"#4$31 :%,3%K1:5-%6"#&%4% 9,2%3&:%&0B48%&4,34"#5,$#&$,3:10#,&81&7%5'0#&0, 0"#4810%9,3&0%3EF$,3 130#8-%'4#&90"#4$31:%#n!!3 130#8-%43%-10%.0,%&2#3,&:%&01-53,0%80#,&6 5,--'0#,&8,&03,-61&.+10%36$,,.1&.:%.#81-4'55-# %413%8,&4#.%3%.0,'4%0"#4$31:% ,3%K1:5-%693%%&",'4%9145,--'0#,&1&.$,,.4'55-# %40,10"-%0%481&7%5'0#&0,0"#4 810%9,3&0%3E(F$,3130#8-%4'4#&90"#4$31:% nn3 130#8-%43%-10%.0,401.#':8,&403'80#,&6031$$#81&.5'7#8 #&$31403'80'3%8,&403'80#,&'4%0"%#&$31403'80'31-$31 :%&0%3E=F$,3130#8-%4'4#&90"#4 $31:%n!nn-n3 130#8-%417,'00"%",40#&98,'&03B4 .,:%40#85,-#0#81-1&.4,8#1-4017#-#013%8,&4#.%3%.0,' 4%0"#4$31:%,3%K1:5-%60"% r#7%0#44'%1&.0,38"3%-181&7%5'0#&0,0"#4810%9,3 &0%3EDF$,3130#8-%43%-10%.0, 0"#4810%9,3 nn!n 130#8-%417,'00"%",40#&98,'&03B4#&0%3&10#,&1-5,#0#84 1&.$,3%#9&3%-10#,&413%8,&4#.%3%.0,'4%0"#4$31:% ,3%K1:5-%60"%13$'383#4#4 1&.0,38"3%-1,2%34%1481&7%5'0#&0,0"#4810%9,3 &0%3>$,3130#8-%43%-10%.0,0"#4 810%9,3!nnn3 130#8-%43%-10%.0,.3'9'4%1&.,0"%3-:5#8 3%9'-10#,&413%8,&4#.%3%.0,'4%0"#4$31:%,3%K1:5 -%6.,'70417,'00"%19%4,$ "#&%4%$%:1-%9:&140481&7%5'0#&0,0"#4810%9,3& 0%3ECF$,30"#4810%9,3 #3 0"#4$31:%#&8-'.%440,3#%43%-10%.0,0"%$#&1&8#1-8,40 1&.5,0%&0#191#&,$0"%-:5#81:%41&."#&1B4,2%31--%8,&,:#840 10'4J',&0%3E?F$,30"#4 810%9,3rn3 0"#4$31:%#&8-'.%440,3#%43%-10%.0,-,81-8'-0'3%64'8" 141306031.#0#,& 1&."#40,3&0%3E@F$,30"#4810%9,3)n3 130#8-%4&,0'4#&90"%'5&#&%$31:%413%:13/%.14E,0" %3F&0%3E F$,30"#4 810%9,3!!nn r"%45,&4,341&.45,304#&.'403$31:%#&8-'.%4 130#8-%43%-10%.0,-:5#845,&4,344'8"146,81,-1 1&.,-/4+19%&61&. 130#8-%43%-10%.0,45%8#$#845,304#&.'40364'8"140"%9, 2%3&:%&0$'&.8'00#&9,$ %3:1&45,304#&.'403&0%3EF$,30"#4810%9,3

PAGE 71

C $)!!3 r"%1'.#%&8%41&.-:5#85%34,&&%-$31:% #&8-'.%4130#8-%43%-10%.0,-:5#8,$$#8#1-46%:5-,%%46 2,-'&0%%3462#4#0,341&.r 1'.#%&8%310#&9&0%3EF$,30"#4810%9,3

PAGE 72

C nrn 4#1&,-#0#81-%+4G ?6138"@H%#I#&9-:5#8483 #0#84"12%N,-.*13:%&01-#0N "#&1%&2,%03#%2%.1D6 @6$3,: "005SS$#&.130#8-%48,:S5S130#8-%4S:#Z: *S#4Z ?Z13 8"Z@S1#Z&=@@=CS -048"'--6G@@DH (r+',--# *"#0%-1#&46 ,&9:1& 1':6G ?H,-#0#81-#:5-#810#,&4,$"#&1N4#&$ ,3:10#,&3%2,-'0#,&r"%:%.#160"% :#&.%3461&.0"%#3:%4419%&6#G.H6 .r--r-+ r-r-G55>?DH*14"#&90,&63,,/#&94&40#0'0#,& %&&%006*G@??H r+-r/r# %+,3/,&9:1& %&&",-.6)G ?653#-?H4-:5#80,38"2#4#04 13#4653,0%4041&.48'$$-%4$,--,+ nr& @ 3,+&%--6nG@@>H ,r0-1r+$$r rr2r# %03#%2%.%8%:7%3D6 ?6$3,: "005SS#%147%3/%-%%.'S4",3%&40%#&S@@> "0:-3,+&%--6nG ?H 32r1r+$0-r# %+,3/ ,+:1&L#00-%$#%-.'7-#4"%346&81:7%3-1#&6G ?6138">H1--$,31&-:5#8 7,8,00140"%+,3-.3%1804+#0" 1&9%30,73'01-#071:1-%1.4+13&#&9,$.#5-,:10# 88,&.%:&10#,&1$0%30%13 91410018/,&53,0%4083,+.-%.7'.."#40:,&/4 & @ 135#BL*#--#1:46G@?CHr%-%2#4#,& 1&.0%33,3#4:100%3&4,$ 53%4%&010#,&1&.,88'33%&8%6@>@0,@? $r-4& 5 GH6=D>= "%&6G ?Hr,+13.4031&48'-0'31-'&.%3401&.#&9 "13:,&0"%,3,$"#&%4% 8,::'̪#,& '%r-&5 G=H%03#%2%.53#-6 @6$3,: "005SS+++8"#&1:%.#13%4%138"&%0 G ?H (,# %03#%2%.%8%:7%3>6 ?6$3,: "005SS+++8"#&1.1#-8,:8&S%&9-#4"S4010#8S17,'08"#&1.1 #-"0:-,4%664/%+66L'6G CHr"%%#I#&9:5#1.r"%5,-#0#81-%8,&,:,$1 45,30#&9:%91%2%&0,&.,&,'0-%.9%1#6G >H 677+"##r-7 01r&89: ; 5# %03#%2%.%8%:7%3C6 ?6$3,: "005SS+++1--181.%:#88,:SS:%01S5Z:-1Z151Z3%4%138"Z8#0 10#,&S S@SS?S=S519%4 @?==S5@?==5"5

PAGE 73

C( 11&66L)10;6G@@H '7r+7,-rr 1:73#.9%13213.%34#03%44%3%%4%66L,,:9113.%&6G (H <-rr,r6"# 15%353%4%&0%.100"%&0%3&10#,&1-,::'̪#,& 44,8#10#,&&&'1,&2%&0#,&6n1&#%9,6 %:%30;#4661510"1&144,5,'-,'46n6L3:%&1/#46 G@@@H%.#11&. &10#,&1-#4:r"%18%.,&J'%40#,& */) rr-r&5 G(H6>D &0:1&6G@@(H31:#&9r,+13.18-13#$#810#,& ,$1$3180'3%.5131.#9: ) -&5= G=H6DD? &0:1&6G =H 2-r+r&,-0& -# "#819,%34#0,$"#819,3%44 3%%.,:,'4%G >H rr !# 1&"1:,+:1&L#00-%$#%-. '7-#4"%34 1&46G@C@H%8#.#&9*"10B4%+4%+,3/1&0"%, & ,$$:1&6G@C?H (rr# "#-1.%-5"#16%34#0,$%&&4-21 %44 3#%46G @H3,7-%:4,$:#45%38%50#,&#&n "#&13%-10#,&4 0,r&>= GH655 ('./'&406*G DHr"%,3#%4,$#&0%38'-0'31-8,::' ̪#,& %r-&8 GH6>CD 18"0%&6*61&.n8,00,&6G CH $rr?1,/ ( GC0"%.H1-.%&6144-18/+%--'7-#4"#&9 %3:1&66L",:4/6G@??H '-r+-6'rr'# %+,3/1&0"%,&,,/4%03#%2%.%8%:7%3D6 ?6 $3,:"005SS+++%,'%.'S4,8:%.#1S4'55,30S8",:4/5.$,&96G@@?H%.#11&.n"#&13%-10#,&4&1 &1-4#4,&4,:%0"%,3%0#81145%804L<,&9G.4H6 /&-&'n "##;%r# %+,3/%34#03%44,$:%3#81 )#&/%:16)6L133#46G@@?H%.#1n5,30440'.#%4 )%3%4%138"1&.%:%39#&9 #44'%4&*%&&%3G.H6 G55CD>H,&.,&,'0-%.9% %#8%40%36G @680,7%3CH8,&9310'-10%4#04% -$$,3%#I#&9-:5#84%03#%2%. 80,7%3=6 @6$3,:"005SS++++0,58,:S&#.V(@(L 4#.VC? ??

PAGE 74

C= %'&966L'1&9G CHr"%5131.,K,$I,'3 &1-#40#83%53%4%&010#,&,$0"%,0"%3 r"%814%,$nn8,2%319%,&"#&11&.#%0&1:7+% 40%3&-%.&9-#4" -1&9'19%:%.#1#&$#2%8,'&03#%4 )r&: G>H6>CD>@C #6G @H&0"%031.#0#,&1-"#&%4%&,0#,&,$ E"13:,&F%4,'38%40,0"% #&0%38'-0'31-8,::'̪#,& #'%r-&> GH6DDD? #6G DH"#&%4%:%.#153,$%44#,&1-4B2#%+,$: %3#81&8#$$%30G.H6 r/r"r *14"#&90,&6r"%nn3%44 18'36G ?H'-#&9718/4"#&%4%9:&1404%03#%2%. 80,7%3(6 @6$3,: "005SS+++&0#:%48,:S ?S S S45,304S,-:5#84S 9:&1 40#84"0:-Z3VL3%$ V,-:5#84 ,33#46G@@DHr"%3%40-%444%138"-#9"0%0+,3/&%+4 $31:#&9,$0"%5,40,-.*13 +,3-. --&8 6(DC=C %'-#%56*G >H /--+(@(-# ,&.,& n19%'7-#810#,&4 40#G H%,&.0"%$,'30"%,3#%4,$0"%53% 44&%+:,.%-,$&10#,&1-:%.#1 440%: 'rr-A-&> GH6=D> %"66L%-/,0%6nG@@H#14#&&%+4515%33% 5,30#&98,&0%&01&1-4#4,$0"% 8,2%319%,$),3%1-#&%41&.31&1#37'44",,0#&9 4#&0"%n%-#0%53%44 /-1B&5C& D@C? %&96
PAGE 75

CD #2%&7'396)G (Hr"%-:5#81:%4r+%&0$ #3408%&0'38"1--%&9%4141 9-,71-:%.#1%2%&0&6%3&40%#&6L6-1#&G .4H6 &'&+ 1,-rr&D#=8;>8E# ,&.,&31&/144'7-#4"%34 #2%&7'39"6)G =Hr"%-:5#81:%46:%.#161& .0"%8"1--%&9%4,$9-,71#:19%:1/#&9%03#%2%.53#-6 @6$3,:"005SS,-:5#840'.#%4'17%4S-%80'3%4S+%7S5.$S3#2%&7'3 9"5.$ 8)166L#--%3rG@@?H,:%0,9%0"%3n5,306& 10#,&1-#4:61&.0"%:%.#1& *%&&%3G.H6 G55@((H,&.,&,'0-%.9% n8"%'$%-%6G@@@H631:#&91410"%,3,$:%.#1%$ $%804 )-& 59 GH6 ( n%&&6G@@@H &-r0-1r "1:51#9&6':1& )#&%0#84n#%7%30n6%0%34,&r6Ln8"31::6*G@D>H rrr# 371&1 %34#0,$--#&,#43%44n#&"16G (H ;(-%r+' %+,3/1-9312% 18:#--1&n0,&%66L#1,6H 320-r+-n %03#%2%. 53#-6 @6$3,::%.#1:,�,4&%0+,3/6*%74#0% "005SS'41:%.#1:,�,34&%0S%1.-#&%4S%#I#&9-: 5#8455,30'�,3,8/%3 r1&/13.6G (Hr"%%:5#3#81-1553,18"0,0"%40'. ,$:%.#1$31:#&9&n %%4%61&.6L31&0G.4H6 ,-+r-7r rrG55@D >H1"+1"6 1+3%&8%3-71':r,:-#&4,&66L,'&96G >H /1,r67r %+ ,3/n010%%34#0,$%+,3/3%44*%12%366L*#-",#06G@?=H,3%#9&&%+4#& 0"%+%40%3&19%&8#%4& n0%2%&4,&1&.n"1+G.4H6 r$/ 0 G55D(?DH:%46r"%,+1n010%%34#03 %44 *%#36G (H�%.n010%4&'#8/66G.H 6 $rr6-T ( 7rrrr$ G&.%.62,-HG55 ? D=H%03,#0 r",:4,&1-%

PAGE 76

C> *#--#&96G @H $rrr1 ,&.,&*#--#&943%44n%32#8% *#&$#%-.66L%&96 1&96G ?H 0&-r+(-rr;-rr =/F$# 15%353%4%&0%.100"%1&&'1-:%%0#&9,$0"%&0%3 &10#,&1-,::'̪#,& 44,8#10#,&6%+,3/'6G@@?H3,I%80#&90"%"#&1#:19%%+4:1/#&9 1&.&%+43%5,30#&9#&0"% �%.n010%4L<,&9G.4H6 /&-&'n "##;%r# %+,3/%34#03%44,$:%3#81 <"1&966L<"1,6nG ?H#0731&.#&91&.0 "%-:5#8%$$%80814%40'.,$ %#I#&9 r&! 6=DD= <"1,6nG DH"#&1B45319:10#8&10#,&1-#4:4#0 :1&19%17-% $r 4&9 GH6(==

PAGE 77

CC n)r n"#$%&'6+147,3&#&#&97,6"#&1#&@?('+%& 00,48",,-4#&#&97, ,3%#9&1&9'19%n8",,-1&.#&97,#1,4"##..-%n8" ,,-$0%30"1064"%3%8%#2%. "%3718"%-,3B4.%93%%#&I,'3&1-#4:$3,:n"1&9"1#& 0%3&10#,&1-n0'.#%4%34#0& 8,--%9%6'1-4,45%&00+,%134:#&,3#&9#&8,&,:#84#& '.1&%34#06,&%,$0"% 7%40'%34#0#%4#&"#&1 $0%3931.'10#,&$3,:8,--%9%6'+,3/%.$,3n"1&9"1 #,3&#&9,4060"%-139%40 .1#-&%+4515%3#&n"1&9"1#'+,3/%.141$#&1&8%3%5 ,30%31&.0"%&4"#$0%.0,:,2#% 3%5,30%3$0%38,'5-%,$%13B4813%%3-#$%6'.%8#. %.0,9,718/0,48",,-#& C n"%+141931.'10%40'.%&0:1I,3#&:1448,::'̪#,&# &0"%,--%9%,$ ,'3&1-#4:1&.144,::'̪#,&100"%%34#0,$,3#.1