Citation
Research on the Potential Sustainabiligy of Large Dam

Material Information

Title:
Research on the Potential Sustainabiligy of Large Dam
Creator:
Jiao, Yujing
Place of Publication:
[Gainesville, Fla.]
Publisher:
College of Design, Construction and Planning, University of Florida
Publication Date:
Language:
English
Physical Description:
Project in lieu of thesis

Thesis/Dissertation Information

Degree:
Master's ( Master of Science in Architectural Studies)
Degree Grantor:
University of Florida
Degree Disciplines:
Architecture
Committee Chair:
Nawari, Nawari O
Committee Co-Chair:
Tilson, William L.

Subjects

Subjects / Keywords:
Agricultural land ( jstor )
Canyons ( jstor )
Dams ( jstor )
Electricity ( jstor )
Flood irrigation ( jstor )
Floods ( jstor )
Hydroelectricity ( jstor )
Irrigation ( jstor )
Irrigation systems ( jstor )
Natural reservoirs ( jstor )

Notes

Abstract:
The purpose of the research is to evaluate the benefits and drawbacks in a balanced way, as well as provide sustainable suggestions through learned from case studies whose merits should guide a sustainable future of the TGD project and other large dams. Through previous studies and secondary data, the research constructs a balanced evaluation of large dam. And by discussing the drawbacks and merits of two major cases, the AMP project and Kariba Dam, major lessons can be learned from them which are highly related to potential sustainability of large dams. The conclusion is drawn that we have to admit the necessity of large dam, while we can expect a more sustainable future of them. After concluding and analyzing the case studies and the background of TGD project, several measures and suggestions will be presented for the future development of TGD, which will focus on the potential sustainability of TGD.
General Note:
sustainable design terminal project

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright Yujing Jiao. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.
Resource Identifier:
1022120761 ( OCLC )

Downloads

This item is only available as the following downloads:


Full Text
xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EEGLCE0BJ_86YXF8 INGEST_TIME 2016-04-21T21:06:58Z PACKAGE AA00034614_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES


xml version 1.0 encoding UTF-8
REPORT xmlns http:www.fcla.edudlsmddaitss xmlns:xsi http:www.w3.org2001XMLSchema-instance xsi:schemaLocation http:www.fcla.edudlsmddaitssdaitssReport.xsd
INGEST IEID EAPIGW35Z_GFZ55I INGEST_TIME 2016-04-19T23:08:57Z PACKAGE AA00034614_00001
AGREEMENT_INFO ACCOUNT UF PROJECT UFDC
FILES



PAGE 1

! " " #$%$&#'(")*"+($",)+$*+-&."%/%+&-*&0-.-+1")2".$"4&5 " ! ! ! ! ! ! ! ! 06 " 1 /7-*3"7-&) " ! ! ! " " " " &"+($%-%",#$%$*+$4"+)"+($"3#&4/&+$"%'()). " )2"+($"/*-8$#%-+1")2"2.)#-4&"-*",&#+-&." 2/.2-..5$*+ " )2" +($ " #$9/-#$5$*+%"2)#"+($"4$3#$$")2 " 5&%+$#")2"%'-$*'$"-*"&#'(-+$'+/#&." %+/4-$% " /*-8$#%-+1")2"2.)#-4& " :;!< "

PAGE 2

: " " " " " " " " " " " =" :;!< " 1>?@AB"7@CD " " " " " " " " " " " " "

PAGE 3

E " " " " " " " +D"F6"GCF@H6"CAI"GJ@KAIL " " " " " " " " " " " " " " " " "

PAGE 4

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

PAGE 5

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` " """""" $SDHDB@SCH"@FWCSPL ZZZZZZZZZZZZZZZZZZZ ZZZZZZZZZZ V ZZZZZ ZZZ V!` " #KLKPPHKFKAP"WJDXHKFL"@A"ICF"SDALPJ>SP@DA"WJDSKLL ZZZZZZZZZZZ Z VV ZZZZZ ![ " ,DH@P@SCH"@FWCSPL ZZZZZZZZZZZZZZZZZZZZZZZ ZZZZZZZZZZZZ V ZZ VV!\ " %>LPC@ACXHK"IKYKHDWFKAP"DG"HCJBK"ICFL ZZZZZZZZZZZZZZZZZ ZZZZ V ZZZZZZZ V!\ " ODJHI"SDFF@LL@DA"DA"4CFL"aO'4b ZZZZZZZZZZZZZZZ ZZZZZZZ V ZZZZZ V!\ " &"JKWDJP"DA"c4CFL"CAI"4KYKHDWFKAP^ ZZZZZZZZZZZZZZZ ZZZZZZZZ V ZZZ !] " +QK"WJDFDP@DA"DG"ICFL"PQJD>BQ"PQK"'HKCA"4KYKHDWFKAP"5KSQCA@LF"a'45b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d !]\\_"+QK"&SSKHKJCPKI" 5CQCUKH@",JD?KSP"a&5,b ZZZZ ZZZZZZZZZZZ V ZZ :] " !]\\ d :;;!_"+QK"WDLP d &5,"6KCJL ZZZZZZZZZZZZZ ZZZZZZZZZZZZ V ZZZZ VE; "

PAGE 6

` " " 5C?DJ"XKAKG@PL ZZZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZ VV ZZZ E! " 'DALPJC@APL ZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZ ZZZZZZZ VVE: " 5C?DJ"HKLLDAL"HKCJAKI ZZZZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZ ZZ VEM " +QK"NCJ@XC" 4CF ZZZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZ VE< " 0CSRBJD>AI ZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZZ E< " 5C?DJ"XKAKG@PL ZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZZ E[ " %>LPC@ACX@H@P6 ZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZZ VE \ " 2@LQKJ@KL ZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ ZZZZ VVE\ " +QK"JKLKJYD@J"IJCUIDUA"eDAK ZZZZZZZZZ ZZZZZZZZZZZZZZZ VV ZZZZ VVE] " 2C@H>JKL ZZZZZ V ZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZ ZZZ V VVM! "" " -ACIKf>CPK"UCPKJ"L>WWH6 ZZZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZ Z VM! " 4KBJCICP@DA" WJDXHKFL"DG"JKLKPPHKFKAP"CJKCL ZZZZZ ZZZZZZZZZZZZZZ Z VVM: " 5C?DJ"HKLLDAL"HKCJAKI ZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZ ZZZ VME " +34 " a+QJKK"3DJBKL"4CFb ZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZ ZZZZ VMM " 0CSRBJD>AI ZZZZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZ VV ZZZ VVMM " $AY@JDAFKAPCH"LKPP@AB " DG"PQK"+QJKK"3DJBKL"4CF ZZZZZ ZZZZZZ VV ZZZZZZZZ VVM[ " 5C?DJ"XKAKG@PL ZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ V VM\ " $AKJB6"L>WWH6 ZZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZZZ ZZZZZ M\ " 2HDDI"JKB@FK ZZZZ ZZZZZZZZZZZZZZZZZZZZZZZZZZZ V ZZZZZZZZ M] " $SDHDB@SCH"@FWCSPL"DG"+34 ZZZZZZZZZZ ZZZZZZZZZZZZZZZZZZZZ ZZZ VM] " #KLKPPHKFKAP"WJDXHKFL"DG"+34"WJD?KSP ZZZZZZZZZZZZZZ ZZZZZZZZ ZZZ L"JKLKPPHKFKAP"JKWDJPL ZZZZZZZZZZ ZZZZZZZZZZZZZZ ZZZ V Z VVJK"GJDF"SKAPJCH"BDYKJAFKAP ZZZ ZZZZZZZZZZZZ ZZZZZZZZZZZZZ V<: " +QK"HDLL"DG"HDSCH"GCJFKJL ZZZZZZZZZZ ZZZZ ZZZZZZZZZZZZZZZZ ZZZ VV
PAGE 7

[ " " .-%+")2"2-3/#$% " E d ! """ +KFWHCPK"DG" SCLK"LP>I6"! " E d : """ +KFWHCPK"DG"SCLK"LP>I6": " M d ! """ +QK"& SSKHKJCPKI " 5CQCUKH@",JD?KSP " M d : """ NCJ@XC"4CF"HDSCP@DA " M d E """ +QJKK"3DJBKL"#KLKJYD@J"#KB@DA " " " " " " " " " " " " " " " " "

PAGE 8

\ " " .-%+")2"&00#$8-&+-)*% " &5,"""" ! P QK"&SSKHKJCPKI"5CQCUKH@",JD?KSP " '45 """" " PQK"'HKCA"4KYKHDWFKAP" 5KSQCA@LF " 3(3""""" " 3JKKA"( D >LK"3CL " 3-% """"""" 3KDBJCWQ@S"-AGDJFCP@DA"%6LPKF " -/'*""""" " PQK"O D JHI"'DALKJYCP@DA"/A@DA " +34""""""+QJKK"3DJBKL"4CF " +3#&""""" +QJKK"3DJBKL"#KLKJY D@ J"&JKC " +3##"""""+QJKK"3DJBKL"#KLKJYD@J"#KB@DA " O'4""""" ODJHI"SDFF@LL@DA"DA"4CFL " " " " " " " " " " " " "

PAGE 9

] " " &XLPJCSP"DG"+QKL@L",JKLKAPKI"PD"PQK"3JCI>CPK"%SQDDH " DG" P QK"/A@YKJL@P6"DG"2HDJ@IC"@A",CJP@CH"2>HG@HHFKAP"DG"PQK" " #Kf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gWKSP"C"FDJK"L>LPC@ACXHK"G>P>JK"DG"PQKFV"&GPKJ"SDASH>I@AB" CAI " CACH6e@AB " PQK"SCLK" LP>I@KL " CAI"PQK"XCSRBJD>AI"DG"+34"WJD?KSPT"LKYKJCH"FKCL>JKL" CAI " L>BBKLP@DAL"U@HH"XK"WJKLKAPKI"GDJ"PQK"G>P>JK"IKYKHDWFKAP"DG"+ 34T"UQ@SQ"U@HH"GDS>L"DA"PQK" WDPKAP@CH"L>LPC@ACX@H@P6"DG"+34V " " " ! !

PAGE 10

!; " " '(&,+$#"! " -*+#)4/'+-)* " "#$%&'(!)*+*'(',* ! ! 2DJ"PQD>LCAIL"DG"6KCJLT"ICFLT"@A"D>J"SDFFDA"XKH@KGT"QCYK"WHC6KI"CA"@FWDJPCAP"JDHK" @A"D>J"IKYKHDWFKAP"UDJHIU@IKV"%KYKJCH"G>ASP@DAL"QCYK"XKKA"JKBCJIKI"CL"PQK"HCXKHL"DG"ICFLT" UCPKJ"L>WWH6 T" GHDDI"JKB@FK T"@JJ@BCP@AB"SJDWL"CAI"BKAKJCP@AB"FDP@YK"WDUKJ"CAI"KHKSPJ@ S@P6V" (>FCAL"QCYK"XKKA"JKH@KI"DA"ICFL"PQCP"UK"X>@HI"CXD>P"M<;;;"HCJBK"ICFL"a !BQD>P"PQK"UDJHIV"0KL@IKL"PQK@J"WJCSP@SCH"YCH>KT" X@B"ICFL"UKJK"JKSKAPH6"WKJSK@YKI"CL"C"L6FXDH"DG"WJDBJKLL"@A"KAB@AKKJ@AB"CAI " KYKA"@A" KSDADF@S"IKYKHDWFKAPV" " (DUKYKJT"L>SQ"@IKCH"@FCBK"GC@HKI"PD"I@LL@F>HCPK"PQK"GJ>LPJCP@AB"JKCH@P6"PQCP"X@B"ICFL" AKYKJ"WJDY@IKI"PQK"KgWKSPKI"KSDADF@S"XKAKG@PLV"5DJKDYKJT"PQK@J"IKPJ@FKAPCH"KGGKSPL"DA"PQK" KAY@JDAFKAP"aXDPQ"KSD HDB@SCH " CAI" LDS@CH d KAY@JDAF KAPCH b"QCYK"IJCUA"D>J"CPPKAP@DAV" " +QK"IKXCPKL"DYKJ"HCJBK"ICFL"QCYK"AKYKJ"LPDWWKIV"(DUKYKJT"PQKLK"B@BCAP@S" @AGJCLPJ>SP>JKL"RKKW"CWWKCJ@AB"I>K"PD"PQK@J"F>HP@"G>ASP@DAL"CAI"BJKCP"XKAKG@PLV"&L"O'4" aODJHI"'DFF@LL@DA"DG"4CFLb"QCL"SHC@FKIT " I CFL"QCYK"FCIK"CA"@FWDJ PCAP"CAI"L@BA@G@SCAP" SDAPJ@X>P@DA"PD"Q>FCA"IKYKHDWFKAPV"&AI"PQK"XKAKG@PL"IKJ@YKI"GJDF"PQKF"QCYK"XKKA" SDAL@IKJCXHK V"OK"SCA"DAH6"KgWKSP"PD"LKKR"FKPQDIL"PD"B>@IK"HCJBK"ICF"WJD?KSP"@A"C" L>LPC@ACXHK"UC6"@ALPKCI"DG"CYD@I@AB"PQK"WJDXHKFLV" " +34"a+QJKK"3DJBKL"4CFbT " CL"PQK"X@BBKLP"ICF"WJD?KSP"@A"PQK"UDJHIT"QCL"KYDRKI"PQK" FDLP"@APKALK"IKXCPK"CAI" SJ@P@SL " DYKJ"HCJBK"ICFLV"4>K"PD"PQK"LDS@CH"CAI"WDH@P@SCH"XCSRBJD>AI" @A"'Q@ACT"+34"QCL"GDJ"L>JK"CJ@LKA"LDFK"LKJ@D>L"KAY@JDAFKAPCH"CAI"LDS@CH"WJDXHKFL"UQ@SQ"CJK" L>WWDLKI"PD"XK"> AL>LPC@ACXHKV" 2 DJ"C"P@FKT"+34"UCL"KYKA"JKBCJIKI"CL"C"X@B"F@LPCRKV"1KPT"F6" DUA"KgWKJ@KASK"CAI"WJKY@D>L"LP>I6"DG"XKAKG@PL"GJDF"+34"SD>HI"PKHH"PQCP"PQK" SDALPJ>SP@DA " DG"

PAGE 11

!! " " +34"@L"AKSKLLCJ6V"OK"LQD>HI"LKKR"PQK"WDPKAP@CH"L>LPC@ACX@H@P6"@A"PQK"+34"WJD?KSPV" " ,JKY@D>L"SCLKL"DG"HCJBK"ICF"WJD?KSPL"CAI"KYKA"LDFK"DPQKJ"ICF d JKHCPKI"WJD?KSPL"QCYK" WJKLKAPKI">L"U@PQ"LDFK"BDDI"SH>KT"LDFK"CJK"YCH>CXHK"L>LPC@ACXHK"LPJCPKB@KLT"UQ@HK " DPQKJL" FC6"XK"HKLLDAL"UK"LQD>HI"HKCJAV"+QK"G@JLP"SCLK"DG"%J@".CARC"@L"L>WWDLKI"PD"XK"C"L@F@HCJ"HCJBK" LSCHK"CAI"HDAB d PKJF"Q6IJD"WJD?KSP"CL"+34V"+QKJK"QCYK"XKKA"GC@H>JKL" CAI " SDALPJC@APL"@A"PQK" WJD?KSP"UQ@SQ"LQD>HI"HKCJAP"X6"+34"WJD?KSPV"+QK"LKSDAI"SCLK"@A"N CJ@XC"QCL" L@F@HCJ " JKLKPPHKFKAP " WJDXHKFL"CL"+34" CAI " PQK"L>LPC@ACXHK"LPJCPKB@KL"QCYK"JKGKJKASK"YCH>KV" " -'.'+#/0!)12,131/+,/' ! +QK"FC@A"WJDXHKFL"@A"+34"CJK"LDS@CH d KSDHDB@SCH"WJDXHKFLT" UQ@SQ " QCL"HDAB d PKJF" @FWCSPL"DA"D>J"LDS@KP6"KYKA"@G"PQK"WJD?KSP"@L"SHDLK"PD"K AIV"+Q@L"LP>I6"C@FL"CP"KYCH>CP@AB" PQK " XKAKG@PL"CAI"IJCUXCSRL"@A"C"XCHCASKI"UC6T"CL"UKHH"CL"WJDY@I@AB"L>LPC@ACXHK"L>BBKLP@DAL" PQJD>BQ"HKCJAKI"GJDF"SCLK"LP>I@KLV"+QDLK"FKJ@PL" LQD>HI " B>@IK"C"L>LPC@ACXHK"G>P>JK"DG"+34" CAI"DPQKJ"HCJBK"ICFLV " " " " " " " " " " "

PAGE 12

!: " " '(&,+$#": " . -+$#&+/#$"#$8-$O " 'QCWPKJ":"JKY@KUL" LKYKJCH"CLWKSPL"DG"HCJBK"ICFT"@A"DJIKJ"PD"WJDY@IK"C"SDFWJKQKAL@YK" XCSRBJD>AI"DG"PQK"JKLKCJSQV"+QK"H@PKJCP>JK"JKY@KU" SDAL@LPL"DG"PQJKK"WCJPLT" PQK " FC?DJ"XKAKG@PLT" PQK"IJCUXCSRL"CAI"PQK"L>LPC@ACX@H@P6"DG"HCJBK"ICFV" " 4'%+*'.! $5'#!&+#2'!6+(. ! &SSDJI@AB"PD"PQK"@AYKAP@DA"DG"PQK"ODJHI"'DFF@LL@DA"DA"4CFL"aO'4b"@A":;;;T"PQKJK" CJK"FDJK"PQCA"MP"<;;;"DG"PQKF"X>@HP"L@ASK"!]<;V " 5DLP"DG"PQKLK"ICFL" UKJK"SDALPJ>SPKI"@A"&L@C" a ODJHI"'DFF@LL@DA"DA"4CFLT":;;; b V"&AI"'Q@ACT " XK@AB"PQK"UDJHI ^ L" HCJBKLP"@ALPCHHKI"Q6IJDWDUKJ"SCWCS@P6T"@L"PQK"@IKCH"DX?KSP"DG"LP>I6"UQKA"I@LS>LL@AB"X@B"ICFL" @LL>KLV " .CJBK"4CFLT"XK@AB" PQK " FDLP"B@BCAP@S"@AGJCLPJ>SP>JK"WJD?KSPL"X>@HP"UDJHIU@IKT" >AIKJPCRK"A>FXKJL"DG"F@LL@DAL"H@RK"WJDY@I@AB"Q6IJDKHKSPJ@S" WDUKJT"GHDDI"SDAPJDH"CAI"UCPKJ" L>WWH6 " GDJ"@JJ@BCP@DA"GDJ"XDPQ" @AI>LPJ@CH " >LK"CAI">JXCA">LKV"0K6DAI"PQKLK"XCL@S"G>ASP@DALT" HCJBK"ICFL"CHLD"L6FXDH@eK" FDIKJA@eCP@DA T"ACP@DACH"WJKLP@BK"CAI"Q>FCA ^ L"CX@H@P6"DG" SDALPJ>SP@AB"ACP>JK " a *hLLKJT"5V":;!M bV " " OQ@HK"HCJBK"ICFL"CJK"SJKCP@AB"X@B"XKAKG@PL"GDJ">LT"PQK6"QCYK"CHLD"KYDRKI" SDAPJDYKJL@CH"IKXCPKL"DA"CIYKJLK"KAY@JDAFKAPCH"@FWCSPLT"IKYKHDWFKAP" KGGKSP@YKAKLL T" BDYKJAFKAP"FCACBKFKAPT"CAI"KLWKS@CHH6"L>LPC@ACX@H@P6V"OQKA"UK"CJK"KgS@PKI"CXD>P" PQK " SDAPJ@X>P@DA"DG" HCJBK"ICFL"PD" KSDADF@S " XKAKG@PLT"KGGKSP@YK"UCPKJ"FCACBKFKAP"GDJ"@JJ@BCP@ABT" GHDDI"SDAPJDH"CAI"LD"DAT"PQK"AKBCP@YK"SDALKf>KASKL"GDJ"PQK"HDSCH" JKL@IKAP@CH " CAI"PQK"CIYKJLK" KAY@JDAFKAPCH"@FWCSPL"CHLD"JKF@AI">L"DG"PQK"@AKY@PCXHK"I@LCIYCAPCBKL"DG"HCJBK"ICFLV" " +Q K"FDLP"SDFFDA"LDS@DKSDADF@S"SDASKJAL"CJK"@AL>GG@S@KAP" SDFWKALCP@DA " GDJ"

PAGE 13

!E " " I@LWHCSKI"W>XH@SL"CAI"PQK"JKHCPKI"LQDJPL@BQPKI"IKYKHDWFKAP"WKJLWKSP@YKLV"OQKA"@P"SDFKL"PD" KAKJB6"WJDXHKFL"CAI"I@LCLPKJ"WJKYKAP@DAT"WKDWHK"CJK">L>CHH6"ADP"LD"LKAL@P@YK"PQCP" PQK@J " @FWCSPL " FC6"XK"@AI@JKSPV"1KP"PQK"@FF@BJCP@DA"WJDXHKFL"I@JKSPH6"CGGKSP"PQK"IC@H6"H@GK"DG"HDSCH" JKL@IKAPL"UQ@SQ"QCL"KYDRKI"U@IK" JCABK " CAI"@APKALK"DWWDLKL"X6"W>XH@SLV" " . C JBK"ICF"SCA"XK"JKBCJIKI"CL"C"L6FXDH"DG" FDIKJA@eCP@DA " CAI"Q>FCA ^ L"IKWKAIKAS6" DA"ACP>JK"JKLD>JSKLV " 4CFL"CJK"CHLD"PKgPXDDR"KgCFWHKL"PQ CP " Q@BQH@BQP" LDFK " SDFWHKg" LDS@D d Q6IJDHDB@SCH"@APKJCSP@DALV")AK"@ASKAP@YK"DG"PQK"SDAP@A>D>L"IKXCPKL"DYKJ"X@B"ICFL"FC6" XK"PQCP"GDJ"6KCJL"PQK" PJCALGDJFCP@DA " DG"GH>Y@CH"KAY@JDAFKAPL" QCL " JCJKH6"XK KA"I@LS>LLKI" U@PQ@A"C"HCJBK"W@ SP>JK"DG"IKYKHDWFKAP"WCJCI@BFL"XDPQ"@A" Q@LPDJ@SCH " CAI"WDH@P@SCH"SDAPKgPLV " 7+8$#!% ','31*.!3#$(!&+#2'!6+(. ! &L"HCJBK"ICFL"QCYK" >ACSSD>APCXHK " XKAKG@PL"PQCP"SD>HI"ADP"XK"I@LS>LLKI"PQDJD>BQH6" @A"PQ@L"PQKL@LT " PQJKK"FC?DJ"XKAKG@PL"UD>HI"XK"WJKLKAPKI"@A"PQ@L"WCJPV"$HKSPJ@S@P6"BKAKJCP@DAT" @JJ@BCP@DA"CAI"GHDDI"SDAPJDH"CJK"JKBCJIKI"CL"PQJKK"FC@A"G>ASP@DAL"DG"HCJBK"ICFLV"+QK6"UD>HI" XK"@APJDI>SKI"@A"PQ@L"WCJP"CL"PQK"FC@A"XKAKG@PL"DG"HCJBK"ICF"CHLD"H@K"@A"PQKLK"G@KHIL V " 4+(.9!1(:+/*.!$,!','#2;!.<::&; ! &JD>AI " [;i"DG"PQK"KCJPQ^ L"L>JGCSK"@L"SDYKJKI"U@PQ"UCPKJ V"*CP>JCHH6"UCPKJ"@L" L>WWDLKI"PD"XK " C"JKLD>JSK"PQCP"QCL"XKKA"KgWHD@PKI"GDJ"FCA6"SKAP>J@KLV " +QK">LK"DG " Q6IJDWDUKJ"QCL"XKKA" KAQCASKI " X6"SDAP@A>D>L"PKSQA@SCH"IKYKHDWFKAP"CAI " JKSKAPH6 " @P" QCL" CHJKCI6"XKSDFK " PQK"LKSDAI"FDLP">LKI"JKAKUCXHK"KAKJB6"LD>JSK"@A"PQK"UDJHIT"?>LP"XKQ@AI" LDH@I"X@DFCLLV " &HH"Q6IJD"@AGJCLPJ>SP>JK"@L"X>@HP"CJD>AI"FC?DJ"HCJBK"ICFLT"PQ>L"ICFL" XKSDFK " PQK"SDJK"DG"Q6IJDWDUKJ " WJD?KSPV " A"PKJFL"DG"KHKSPJ@S@P6"WJDI>SP@DAT"Q6IJD"WDUKJ"@L"PQK"FDLP" @FWDJPCAP"JKAKUCXHK"KAKJB6"LD>JSKT"XDPQ"@A"PQK"$/"CAI"@A"PQK"ODJHI_"@A":;;MT"];i"DG"

PAGE 14

!M " " JKAKUCXHK"KHKSPJ@S@P6"@A"PQK"ODJHI"UCL"WJDI>SKI"U@PQ"Q6IJD"WDUKJ"a-$&T":;;`bV"&XD>P":;i" DG"BHDXCHH6"L> WWH@KI"KHKSPJ@S@P6"@L"BKAKJCPKI"X6"Q6IJDWDUKJ"CAI"@A"LDFK"SD>APJ@KL"@P"WJDY@IKL" FDJK"PQCA"<;i"DG"PQK"KHKSPJ@S@P6"L>WWH6V"-A"*DJUC6"]]i"DG"PQK"KHKSPJ@S@P6"WJDI>SP@DA"@L" BKAKJCPKI"X6"Q6IJDWDUKJ"CAI"*KU"jKCHCAI">LKL"Q6IJDWDUKJ"GDJ"[JJKAPH 6T"CP"HKCLP"EFXKJ"CAI"L@eK"DG"HCJBK" ICFL"QCYK"@ASJKCLKI"@A"JKSKAP"IKSCIKLT"U@PQ"FDLP"DG"PQKF"@A"IKYKHDW@AB"SD>APJ@KLV"5DLP" IKYKHDWKI " SD>APJ@KL"QCYK"K@PQKJ"IKYKHDWKI"HCJBKJ"WJDLWKSP@YK"L@PKL"DJ"QCY K"KgSH>IKI"PQKF" GJDF"IKYKHDWFKAP"I>K"PD"KAY@JDA FKAPCH"SDASKJAL"a0CJPHKT":;;:bV " ( 6IJDWDUKJ" QCL"HDAB"XKKA"JKBCJIKI"CL " DAK"DG"PQK"HDUKLP d SDLP"KAKJB6"PKSQADHDB@KL V " 4KLW@PK " KAY@JDAFKAPCH"SDALPJC@APLT"JKLKPPHKFKAP"@FWCSPLT"CAI"PQK"CYC@HCX@H@P6"DG"L@PKL"QCYK" H@F@PKI"G>JPQKJ"BJDUPQ"@A"FCA6"SD>APJ@KL T " Q6IJDWDUKJ"@L"LP@HH"C"JKH@CXHK"KAKJB6"PKSQADHDB6 V"-A" C"LWKKSQ"PD"PQK " ODJ HI"'DABJKLL"DA"&IYCAS@AB"%>LPC@ACXHK"(6IJDWDUKJ"@A " &APCH6CT"+>JRK6T" :;;[ T"-APKJACP@DACH"(6IJDWDUKJ"&LLDS@CP@DA"a-(&b"$gKS>P@YK"4@JKSPDJ"#@SQCJI"+C6HDJ"LPCPKI" PQCP"CXD>P"`;;;"+OQ"WKJ"6KCJ"CJK"SDAL@IKJKI"PD"XK"JKCH@LP@S"CAI"SDLP d KGGKSP@YKV " (6IJDWDUKJ"QCL" SDAPJ@X>PKI"PD"KSDADF@S"BJDUPQ"PQJD>BQ"JKB@DACH"IKYKHDWFKAP"CAI" KgWCAL@DA"DG"@AI>LPJ6"a-APKJACP@DACH"(6IJDWDUKJ"&LLDS@CP@DAT":;;:bV " 4CFL"DGPKA"QCYK" F>HP@WHK"PCLRLT"@ASH>I@AB"L>WWH6@AB"UCPKJ"GDJ"@JJ@BCP@DAT"@AI>LPJ@CH"WJDI>SP@DAT"CAI"JKL@IKAP@CH" >LKT"CL"UKH H"CL"GHDDI"WJKYKAP@DA"CAI"QCX@PCP"FC@APKACASKV"-A"FCA6"IKYKHDW@AB"SD>APJ@KLT" IKFCAI"GDJ"UCPKJ"@L"@ASJKCL@AB"CAI"SDFWKP@P@DA"GDJ"UCPKJ"JKLD>JSKL"@L"FDLP"H@RKH6"PD" @APKAL@G6"a/A@PKI"*CP@DALT":;;MbV " =+#2'!6+(.!$,! 3&$$6!/$,*#$& !

PAGE 15

!< " " 4CFL T"CL"UKHH"CL"@PL " JKLKJYD@JL T " SCA"XK">LKI"PD"JKB>HCPK"J@YKJ"HKYKHL"CAI"GHDDI@AB" IDUALPJKCF"DG"PQK"ICF V " +QK"ICF"SDAPJDHL"GHDDI"X6 " PKFWDJCJ@H6"LPDJ@AB"PQK"GHDDI"YDH>FK" CAI"JKHKCL@AB"@P"HCPKJV" $CSQ"ICF"@L"DWKJCPKI"X6"C"LWKS@G@S"UCPKJ"SDAPJDH"WHCA"GDJ"JD>P@AB" GHDDIL"PQJD>BQ"PQK"XCL@A"U@PQ D>P"ICFCBKV" +QK"+34"a+QJKK"3DJBKL"4CFb"WJD?KSP"@L"C"BDDI" KgCFWHK"GDJ"PQ@LT"PQK"UKHH d IKL@BAKI " GHDDI"JKB@FK"WHCA"KGGKSP@YKH6"SDAPJDH"PQK"GHDDIV " +Q K" SDASKWP"DG"PQK"LPJCPKB6"@L " HDUKJ@AB"DG"PQK"JKLKJYD@J"HKYKH"PD " WJKWCJK " FDJK"LPDJCBK"XKGDJK"PQK" JC@A6"LKCLDAV" +Q @L"LPJCPKB6" SCA"KGGKSP@YKH6" KH@F@ACPK " GHDDI@ABV " +QK"UCPKJ"SDAPJDH" FCACBKFKAP"WHCAL" DG"HCJBK"ICFL" CJK " >L>CHH6"L>WWDLKI"PD"XK " KLPCXH@LQKI"X6"SDFWJKQKAL@YK" WHCAA@AB"GDJ"KSDADF@S"IKYKHDWFKAP"CAI"U@PQ"W>XH@S"@AYDHYKFKAPV"2HDDI"SDAPJDH"@L " DAK"DG" PQK"FC?DJ " W>JWDLK L " GDJ"FCA6"DG"PQK"Kg@LP@AB" HCJBK" ICFL V " & AI" @P"U@HH" SDAP@A>K" PD"XK " C"FC ?DJ " W>JWDLK"GDJ"LDFK"DG"PQK" HCJBK " ICFL"DG"PQK"UDJHI" ADUCIC6L " >AIKJ"SDALPJ>SP@DAV " +CRK " PQK " +QJKK"3DJBKL"4CF" WJD?KSP " GDJ"KgCFWHKV " P"@L"C"FC?DJ"WJDXHKF"GDJ"PQK" LKCLDACH"J@YKJ"DG"1CABPeKV"$LWKS@CHH6"UQKA"F@HH@DAL"DG"WDW>HCP@DA"H@YKL"IDUALPJKCF"DG" PQK " ICFT" @FWDJPCAP " S@P@KL"H@RK"O>QCAT"*CA?@ABT"CAI"%QCABQC@"CJK"L@P>CPKI"AKCJ"PQK"J@YKJV"&L"DAK" DG"PQK"FDLP"@FWDJPCAP"UCPKJ"JKLD>JSKT"1CABPeK " #@YKJ"@L"L>JJD>AIKI"X6"WHKAP6"DG"GCJF"HCAI" CAI"BDKL"J@BQP"CSJDLL"'Q@AC ^ L"FDLP"@FWDJPCAP"@AI>LPJ@CH"CJKCV" " >$,*#1%<*1$,!$3!6+(.?!1##12+*1$, ! &"HCJBK"WDJP@DA"DG"UCPKJ"LPDJKI"@A"PQK"JKLKJYD@J"@A"PQK"HCJBK"ICF"WJD?KSP"@L"GDJ" @JJ@BCP@DA"W>JWDLK"UQ@SQ"SDFWJ@LKL" SDAL>FWP@YK">LK"GDJ"@JJ@BCPKI"SJDWL"CAI"WHCAPCP@DALV " )A" PQK"L>XFKJBKI"HCAIT"SDFFDA" @A"'Q@AC"CAI"-AI@CT"LKCLDACH"@JJ@BCP@DA"@L"C"JKB>HCJ"L@P>CP@DAV " &" HCJBK"f>CAP@P6"DG"HCJBK"ICFL"X>@HP"@A"PQK"UDJHI"@L"F>HP@W>JWDLKT"6KP" @JJ@BCP@DA " @L"PQK"HCJBKLP" >LKJ"U@PQIJCUAV" "

PAGE 16

!` " " -A"C"IJCGP"JKWDJP"DG"O'4"aODJHI"'DFF@LL@DA"DA"4CFLb"DA" c 4CFL"CAI"4KYKHDWFKAP ^ " @A".DAIDA"DA"!`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gWKJPL"WD@AP"D>P"PQCP_^ " PQK"SDAPJ@X>P@DA"DG"HCJBK"ICFL"@L"ADP" DAH6"H@F@PKI"PD"I@JKSP"@JJ@BCP@DA"X>P"CHLD"PD"BJD>AIUCPKJ"JKSQCJB@ AB"CL"FCA6"DG" PQK " SCACH" L6LPKFL"CJK">AH@AKIV"+Q>LT"PQK"UCPKJT"UQ@SQ"@L"HDLP"CL"LKKWCBKT"KPSV"@A"@JJ@BCP@DA"L6LPKFLT"@L" CYC@HCXHK"CL"L>JGCSK"JKP>JA"GHDU"DJ"BJD>AI"UCPKJ"JKSQCJBKV"+Q>L"@P"XKSDFKL"CYC@HCXHK"GDJ">LK" X6"F@ADJ"LSQKFKL"CAI"3JD>AI"OCPKJ"%SQKFKL"GD J"@JJ@BCP@DA"k"DPQKJ">LCBK"H@RK" KgPJCSP@DA " GDJ" Y@HHCBK " UCPKJ"L>WWH6"KPSV ^ aODJHI"'DFF@LL@DA"DA"4CFLT":;;;b " 0CSR"@A"'Q@ACT"HCJBK"ICFL"CHLD">AIKJPCRKL"PQK"PCLR"DG"@JJ@BCP@DAT" UQKPQKJ " PQK " SDALKf>KASK"@L"@IKCH"DJ"ADPV" +34"a +QJKK"3DJBKL"4CF b " UCL"IKL@BAKI"PD"FKKP"PQK"AKKI"DG" @JJ@BCP@DA"GDJ"HDSCH"CBJ@S>HP>JKV"4KLW@PK"PQK"GCSP"PQCP"PQK" SDALPJ>SP@DA " DG"ICFL"JKL>HPL"@A"PQK" IKLPJD6"DG"FCA6"CBJ@S>HP>JCH"HCAILT"+QJKK"3DJBKL"4CF"WHC6L"@FWDJPCAP"JDHK"@A"WJDY@I@AB" UCPKJ"GDJ"@JJ@BCP@DA"I>J@AB"IJ6"LKCLDAL V" " @,51#$,(',*+&!1(:+/*.!$3!&+#2'!6+(. ! .CJBK"ICFL"QCYK" LKJ@D>L " @FWCSPL"DA"D>J"KAY@JDAFKAPT"XDPQ" ACP>JCH " KAY@JDAFKAP " CAI" LDS@D d KSDADF@S"KAY@JDAFKAPV" -A"PQK"GDHHDU@AB"WCJCBJCWQLT"LKYKJCH"FC@A"CLWKSPL"DG"HCJBK" ICF L^ " @FWCSPL"DA"KAY@JDAFKAP"U@HH"XK"I@LS>LLKIV " @/$&$21/+&!1(:+/*. !

PAGE 17

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gPKAI"GDJ"PKAL"DJ"KYKA"Q>AIJKIL"DG"R@HDFKPKJL"XKHDU" C"ICFV " " &ADPQKJ " X@B"@FWCSP"HCJBK"ICF"QCL"DA"J@YKJ"@L"PQCP"JKLKJYD@J " @A"ICFL"IKHC6L"CAI" JKI>SKL"GHDDIL"IDUALPJKCFV"#@YKJ"CAI"GHDDIWHC@A"KSDL6LPKFL" UQ@SQ" CJK"SHDLKH6"CICWPKI"PD"C" J@YKJ^L"GHDDI@AB"S6SHK " UD>HI"XK"CGGKSPKI V " &AI"PQK" WHCAPL"CAI"CA@FCHL"IKWKAI"DA"@PL"YCJ@CP@DAL" GDJ"JKWJDI>SP@DA " CAI " F@BJCP@DAV" -P"@L"BKAKJCHH6"JKSDBA@eKI"X6"X@DHDB@LPL"PQCP"ICFL"CJK"PQK" FDLP"IKLPJ>SP@YK"DG"PQK"FCA6"CX>LKL"SC>L@AB"PQK"JCW@I"I@LCWWKCJCASK"DG" J@YKJ@AK"LWKS@KLV" &XD>P":;i"DG"PQK"UDJHI^L"JKSDBA@eKI"\T;;;"GJKLQUCPKJ"LWKS@KL"CJK"PQJKCPKAKI"U@PQ" KgP@ASP@DAV a.DJ@T"!]]`b " -'.'**&'(',*!:#$%&'(.!1,!6+(!/$,.*#BQD>P"PQK"UDJHIT"M; d \;"F@HH@DA"WKDWHK"QCYK"XKKA"I@LWHCSKI"I>K"PD"ICF" SDALPJ>SP @DA"CAI"JKHCPKI"GHDDI@AB"aODJHI"'DFF@LL@DA"DA"4CFL":;;;T"WV"!`bV " " )AK"DG"PQK"@AKY@PCXHK"SDALKf>KASKL"DG"GHDDI@AB"CA"CJKC" aUQ@SQ"@L"AKSKLLCJ6"I>J@AB" PQK" SDALPJ>SP@DA " DG"HCJBK"ICFb" @L"PQCP" PQK"JKL@IKAPL " WJKY@D>LH6"H@YKI"PQKJK"QC I " PD"XK" JKLKPPHKIV " -A" CHFDLP" KYKJ6"HCJBK"ICF " SCLKLT"L>SQ"JKLKPPHKFKAP"QCL"@AYDHYKI"PQK" JKLKPPHKFKAP " DG"YCLP"A>FXKJL"DG"WKDWHKV " +CRK"CAI " KgCFWHKT " 3QCAC^L"8DHPC"4CFT " LCU"PQK"KYCS>CP@DA"DG" LDFK"[\T;;;"WKDWHK"GJDF"DYKJ"[;;"PDUAL"CAI"Y@HHCBKL_" @A"CADPQKJ"DAKT" .CRK"NC@A?@"@A"*@BKJ@C" I@LWHCS KI"M:T;;;_"PQK"&LUCA"(@BQ"4CFT"!:;T;;;_"PQK"NCJ@XC"4CFT"<;T;;;_"+>JRK6^L"NKXCA"

PAGE 18

!\ " " 4CFT"E;T;;;_"+QC@HCAI^L"/XDHJCPCAC"4CFT"E;T;;;_"UQ@HLP"PQK",C"FDAB"WJD?KSP"@A"8@KPACF" >WJDDPKI"M<;T;;;"WKDWHKV " a$IUCJIT"!]\Mb " c-A"PQK"WCLPT"WKDWHK"UKJK"DGPKA"JKHDSCPKI"DJ"JKLKPPHKI"U@PQD>P"JKBCJI"PD"PQK@J" @AI@Y@I>CHT"SDFF>A@P6"DJ"LDS@KPCH"AKKILV"'DASKJA"UCL"DGPKA"HCSR@AB"GDJ"PQK@J"G>P>JK"UKHGCJKl" QDU"DJ"UQKPQKJ"PQK6"UD>HI"G@AI"KFWHD6FKAPT"JKSK@YK"KI>SCP@DA"CAI"QKCHPQ"SCJKT"JKPC@A " PQK@J"S>HP>JCH"CAI"LDS@KPCH"@IKAP@P6l"KAL>JK"PQK@J"LCGKP6"CAI"LDS@CH"SDAP@A>@P6V"-P"UCL"ADP" >ASDFFDA"GDJ"PQK"I@LWHCSKI"WKDWHKL"PD"XK"WHCSKI"@A"QCX@PCP@DACH"LKPP@ABL"GDJK@BA"PD"PQK@J" S>HP>JKL_"DJ"PD"XK"HDSCPKI"@A"WJDg@F@P6"PD"DPQKJ"WKDWHKL"U@PQ"UQDF"PQK6"Q CI"AD"CGG@A@P6"DJ" KYKA"HDAB d LPCAI@AB"KAF@P6V^ a$IUCJIT"*@SQDHCLT"!]\Mb " "$&1*1/+&!1(:+/*. ! 4KXCPKL"DYKJ"HCJBK"ICFL"CXD>P"PQK"PJC?KSPDJ@KL"CAI"KGGKSP@YKAKLL"DG"IKYKHDWFKAP" QCYK"XKKA"SDAPKAP@D>LV"+QK"WQKADFKADA"@L"SDALW@S>D>L"@A"&L@CV"+QK"HCJBK d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aO'4b"KLPCXH@LQKI"PQK"FDLP"SDFWJKQKAL@YK" B>@IKH@AKL"GDJ"ICF"X>@HI@ABV"-A":;;;T"PQK"SDFF@LL@DA"W>XH@LQKI"O'4 ^ L"G@ACH" JKWDJP " UQ@SQ"

PAGE 19

!] " " IKLSJ@XKL"CA"@AADYCP@YK" CAI " SDFWJKQKAL@YK"GJCFKUDJR"GDJ" WHCAA@AB " UCPKJ"CAI"KAKJB6" WJD?KSPL"PQCP"@L"@APKAIKI"PD"WJDPKSP"KAY@JDAFKAP"CL"UKHH"CL"ICF d CGGKSPKI"WKDWHKV"&HLDT"PQK" C@F"@L"PD"KAL>JK" PQCP"PQK"XKAKG@PL"GJDF"ICFL"U@HH"XK"I@LPJ@X>PKI"Kf>@PCXH6V " !!!!! + QK"O'4"UCL"C"BHDXCH"F>HP@ d LP CRKQDHIKJ"XDI6"@A@P@CPKI"@A"!]][V"+QK"W>JWDLK" @L"PD"JKLWDALK"PQK"BJDU@AB" DWWDL@P@DA " PD"HCJBK"ICF"WJD?KSPLV" &L"PQK"SDFF@LL@DA"G@JLP"CIF@PL" PQCP " ICFL"QCYK"FCIK"CA" @FWDJPCAP"CAI"L@BA@G@SCAP"SDAPJ@X>P@DA"PD"Q>FCA"IKYKHDWFKAP T"PQK" B>@IKH@AKL"WJDY@IKI"X6"O'4"SCA " XK"LKKA"CL"C"UC6"DG"WJDPKSP@AB"ICF"WJD?KSPL"CAI"CA"KGGDJP" FCIK"PD"B>@IK"PQK"WJD?KSPL"@A"C"L>LPC@ACXHK"UC6V"%>WWDJPKI"X6"ODJHI" 0 CAR"CAI"PQK"O D JHI" 'DALKJYCP@DA"/A@DA"a-/'*bT"PQK"O'4"JKSDFFKAICP@DAL"GDJF"PQK"XCL@L"GDJ"FCA6" IKS@L@DA d FCR@AB"WJDSKLLKL"GDJ"ICFL" CJD>AI"PQK"UDJHI"CAI"SDALP@P>PK"@APKJACP@DACH"LDGP"HCUV " """" +QK"B>@IKH@AK"CAI"JKWDJP"B@YKA"X6"PQK"O'4"@L" SDAY@AS@XHK " CAI" UDJPQ " LP>I6@AB " CL" @P"@L"XCLKI"DA"IKKW"@AYKLP@BCP@DA" CAI " KFWQCL@L " DA"@FWJDYKI" WHCAA@AB " DG"ICFLV" " D! #':$#* ! $,! E 4+(.!+,6!4'5'&$:(',* 9 ! /W"P@HH"ADUT"PQK"FDLP" SDFWJKQKAL@YK " KYCH>CP@DA"DG"PQK"IKYKHDWFKAP"@FWCSP"DG"HCJBK" ICFL" QCL"XKKA " WKJGDJFKI"X6"ODJHI"'DFF@LL@DA"DA"4CFL"aO'4bV"O'4"IJKU"PQK" SDASH>L@DA" CGPKJ"ID@AB"LP>I@KL"CAI"L>JYK6L"DG"FDJK"PQCA"!:;"HCJBK"ICFL_ ^ " 4CFL"QCYK"FCIK"CA" @FWDJPCAP"C AI"L@BA@G@SCAP"SDAPJ@X>P@DA"PD"Q>FCA"IKYKHDWFKAPV"&AI"PQK"XKAKG@PL"IKJ@YKI" GJDF"PQKF"QCYK"XKKA"SDAL@IKJCXHKT"-A"PDD"FCA6"SCLKL"CAI">ACSSKWPCXHK"CAI"DGPKA" >AAKSKLLCJ6"WJ@SK"QCL"XKKA"WC@I"PD"LKS>JK"PQDLK"XKAKG@PLT"KLWKS@CHH6"@A"LDS@CH"CAI" KAY@JDAFKAPCH"PKJFL T"X6"WKDWHK"I@LWHCSKIT"X6"SDFF>A@P@KL"IDUALPJKCFT"X6"PCgWC6KJL"CAI" X6" PQK " ACP>JCH"KAY@JDAFKAP ^ " aO'4":;;;CTWV"E!;b " +QK"LKYKA"LPJCPKB@S"WJ@DJ@P@KL_ "

PAGE 20

:; " " a!b"3C@A@AB"W>XH@S"CSSKWPCASKl " a:b"'DFWJKQKAL@YK"DWP@DAL"CLLKLLFKAPl " aEb"&IIJKLL@AB"Kg@LP@AB"ICFLl " aMb"%>LPC@A @AB"J@YKJL" CAI " H@YKH@QDDILl " aJ@AB"SDFWH@CASKl " a[b"%QCJ@AB"J@YKJL"GDJ"WKCSKT"IKYKHDWFKAP"CAI"LKS>J@P6V " F0'!:#$($*1$,!$3!6+(.!*0#$<20!*0'!>&'+,!4'5'&$:(',*!7'/0+,1.(!B>47C ! "" &HDAB"U@PQ"PQK"J@LK"DG"KAY@JDAFKAPCH@LF"@A"PQK"!]\;LT"W>XH@S"WKJSKWP@DA"DG"HCJBK" ICFL"QCL"XKKA"CIYKJLK " c 4CF"QCL"XKKA"C"I@JP6"UDJI"GDJ"6KCJL ^ " a+QK"$SDADF@LP T " :;;]b V",KDWHK" CJK"U@HH@ABH6"PD"XKH@KYK" PQCP " ICFL"SC>LKI"PQK"IKLPJ>SP@DA"CAI"GJCBFKAPCP@DA"DG"J@YKJ" KSDL6LPKFLT"CHLD"PQK"F@LKJCXHK"@FF@BJCP@DA"QCL"C"LPJDAB"@AGH>KASK"DA"WKDWHK ^ L"JKSDBA@P@DA" DG"HCJBK"ICFLV" 1KP"JKSKAPH6"C"AKU"WKJLWKSP@YK"WD@APL"D>P"PQCP"Q6IJDWDUKJ"ICFL"FC6"UDJR" CL"C"FKCAL"DG"F@P@BCP@A B"SH@FCPK"SQCABKV"+Q@L"FC6"GDJSK"WKDWHK"PD"JK d KYCH>CPK"HCJBK"ICFL"@A" C"WDL@P@YK"UC6V"-A"CII@P@DA"PD"DPQKJ"DHI"@FWDJPCAP"GCSPDJL"H@RK"PQK"@ASJKCL@AB"KAKJB6"IKFCAI" CAI"PQCP"Q6IJDWDUKJ"QCL"HDAB"XKKA"PQK"L6FXDH"DG" c SHKCA"CAI"BJKKA ^ " KAKJB6V " c (6IJDWDUKJ" SDAP@A>K L"PD"XK"PQK"FDLP"@FWDJPCAP"CAI"KSDADF@S"LD>JSK"DG"SDFFKJS@CH"JKAKUCXHK"KAKJB6" UDJHIU@IKT"CAI"@PL"WDW>HCJ@P6"@L"@ASJKCL@ABH6"U@PQ"PQK"L>JBK"DG"@APKJKLP"@A"SHKCA"KAKJB6" WJDFWPKI"X6"SDASKJAL"CXD>P"SH@FCPK"SQCABK ^ " a/*$%')":;;]T"WV"!!\bV " (6IJDWDUKJ"ICFL"CJK" JKB CJIKI " CL"L>LPC@ACXHK"SCJXDA d DGGLKPP@AB"WJD?KSPL"X6"PQK" /A@PKI"*CP@DA ^ L"'HKCA"4KYKHDWFKAP"5KSQCA@LF"a'45bT"UQ@SQ"@L"DAK"DG" PQK " FDLP"@FWDJPCAP" @ALPJ>FKAPL"DG"@APKJACP@DACH"SH@FCPK"WDH@S6V" '45"@L"WCJP"DG"PQK"N6DPD",JDPDSDH"a/*2'''"

PAGE 21

:! " " !]]\bT"CAI"@P"@L"PQK"G@JLP"@ APKJACP@DACHH6"X@AI@AB"SH@FCPK"WJDPKSP@DA"PJKCP6V"+QK" XCL@S " LPJ>SP>JK " @L"PQCP"&AAKg"-"'D>APJ6"a-AI>LPJ@CH@eKI"SD>APJ6" U@PQ " X@AI@AB"KF@LL@DA"JKI>SP@DA"PCJBKPb" @AYKLP L " @A"SH@FCPK"WJDPKSP@DA"CSP@Y@P6"@A"ADA d &AAKg"-"'D>APJ6"a4KYKHDW@AB"SD>APJ6"U@PQD>P" X@AI@AB"KF@LL@DA"JKI>SP@DA"PCJBKPb"CAI"BKPL"SKJP@G@KI"KF@LL@DAL"JKI>SP@DAL"a'$#LbV" 'DALKf>KAPH6T"PQK"'45"SDFWJ@LKL"LKYKJCH"PKSQADHDB@KL" PQCP " CJK"L>WWDLKI"PD"CYD@I"DJ" JKI>SK" PQK"3(3L"aBJKKAQD>LK"BCLbV"+QK6"CJK"FC@AH6"JKAKUCXHK"KAKJB6" CAI " KAKJB6"KGG@S@KAS6" WJD?KSPL"CAI" Q6IJDWDUKJ " @L"S>JJKAPH6"PQK"FDLP"SDFFDA"WJD?KSP"P6WKV"&AI"DAK"@FWDJPCAP" GCSP"@L"PQCP"CXD>P"`Mi"DG"CHH"WJD?KSPL"CJK"HDSCPKI"@A"'Q@ACV " 4CFL"CJK"L>WWDLKI"PD"QCYK"I@ YKJL@G@KI"@FWCSPL"DA"I@GGKJKAP"LWCP@CH"LSCHKLT"LD"PQCP"PQK" CLLKLLFKAPL"DG"PQK"SDAPJ@X>P@DA"DG"ICFL"@AKY@PCXH6"QCYK"PD" CIIJKLL " PQK"I@LPJ@X>P@DA"DG"SDLPL" CAI"XKAKG@PL"CFDAB"I@GGKJKAP"WHCSK d XCLKI"LPCRKQDHIKJ"BJD>WLV"-A"FCA6"SCLKLT" PQK " KHKSPJ@S@P6" BKAKJCPKI"X6 " HCJBK"ICFL"CAI"UCPKJ"JKLD>JSK"CJK"I@JKSPH6"PJCALGKJJKI"PD"SKAPKJ"CJKCLT"UQ@HK" DPQKJ " AKCJX6"CJKCLT"KLWKS@CHH6"IDUALPJKCF"DG"PQK"ICF"L@PKT"FC6"HDLK"CSSKLL"PD"PQDLK" H@YKH@QDDI"JKLD>JSKL"L>SQ"CL"HCAI"CAI"UCPKJV" " " ! ! ! ! ! ! !

PAGE 22

:: " " ! '(&,+$#"E " 5$+()4).)31 " OQ@HK"PQK"+QJKK"3DJBKL"4CF"UDJRL"UKHH"@A" WJKYKAP@AB " GHDDI"CAI"WJDI>S@AB"KHKSPJ@S@P6" GDJ"HDSCH"JKB@DAL"CAI"KYKA"GDJ"PQK"ACP@DAT"@P"SJKCPKL"A>FXKJL"DG">AWJ KI@SPKI"KAY@JDAFKAPCH" @FWCSPLV"+QK"JKLKCJSQ"@APKAIL"PD"WJKLKAP"PQK"IKYDP@DA"DG"+QJKK"3DJBKL"4CF"UQ@HK"C HLD" CAC H6L@L"@PL"KAY@JDAFKAPCH"@FWCSPLV" &AI " PQJD>BQ"SCLK"LP>I6T" L>LPC@ACXHK"LDH>P@DAL"GDJ"HCJBK" ICFL"CJK"KgWKSPKI"PD"XK"SDASH>IKI"CAI"WCJP"DG"UQ@SQ"UD>HI"XK"L>BBKLPKI"PD"CWWH6"PD"+34 " GDJ" L>LPC@ACX@H@P6 V" -"G@JLP"UD>HI"ID"@AYKLP@BCP@DA"DA"@PL" IKYDP@DA " PD"HDS CH"JKB@DALT"IKYDP@DA" JKHCPKI"LWKS@G@SCHH6"PD"PQK"X>@HP"KAY@JDAFKAPV"&AI"CL"PQK"C@F"DG"PQK"JKLKCJSQ"@L"PD"WJDWDLK" LDFK"CAP@S@WCPKI"L>LPC@ACXHK"FKPQDIL"GDJ" @FWJDY@AB " PQK"JKHCP@DALQ@W"XKPUKKA"0@B"4CFL" CAI"PQK"X>@HP"KAY@JDAFKAP " CL"UKHH"CL"A>FXKJL"DG"ICF d JKHCPK I"WJDXHKFL T"PQK"JKLKCJSQ"UD>HI" PQKA"GDS>L"DA"PQK"KAY@JDAFKAPCH"@FWCSPL"DG"+QJKK"3DJBKL"4CFV"+Q@L"WCJP"@L"L>WWDLKI"PD"XK" CJD>AI" L>LPC@ACXHK " IKL@BA"WJ@AS@WHKL"L>SQ"CL"SDAAKSP@Y@P6 " CAI" LSCHKL"CP"I@GGKJKAP"HKYKH L V"&AI" G@ACHH6"X6"KgWHDJ@AB"PQK"JKHCP@DALQ@W"XKPU KKA"PQK"PUD"L@IKL"DG"+QJKK"3DJBKL"4CFT" FKCL>JKFKAPL"CAI"LPJCPKB@KL"CJK"L>WWDLKI"PD"XK"WJDWDLKI"XCLKI"DA"@AYKLP@BCP@DA" CAI " SCLK" LP>I@KLV " 7'*0$6$&$2; ! )'/$,6+#;!6+*+ ! -A"DJIKJ"PD"BC@A"@AL@BQP"DG"PQK"KGGKSP"DG"+QJKK"3DJBKL"4CFT"JKSKAPH6"W>XH@LQKI"L>JYK6L"CAI" JKWDJPL"WJDY@IKI"X6"JKB@DACH"BDYKJAFKAP"CAI"ADA d BDYKJAFKAP"DJBCA@eCP@DAL"UD>HI"XK" AKSKLLCJ6 V" +Q@L"UDJR"U@HH"LP>I6"PQK"ICPC"CYC@HCXHK"CXD>P"PQKLK"ICFL"CAI"WJDY@IKL" SD FWCJCP@YK"JKL>HPLV " +QK"XKGDJK d CAI d CGPKJ"LP>I6"SD>HI"B@YK"C"SHKCJ"W@SP>JK"DG"PQK" IKYDP@DA"

PAGE 23

:E " " GDJF"+QJKK"3DJBKL"4CFV"+QK"ICPC"@L"Kg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d !"+KFWHCPK"DG"SCLK"LP>I6"!""""""""2@B>JK"E d :"+KFWHCPK"DG"SCLK"LP>I6": " """"""" +QK"G@ACH"WCJPL" DG"FKPQDIDHDB6"@L"PD"JKLKCJSQ"PQDLK"Kg@LP@AB"SCLK"CXD>P" L>LPC@ACXHK " LPJCPKB@KL"CAI"FKCL>JKL"GDJ"@AGJCLPJ>SP>JKL"L@F@HCJ"PD"+QJKK"3DJBKL"4CF"aADP"?>LP"H@F@PKI"PD"

PAGE 24

:M " " X@B"ICFLb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

PAGE 25

:< " " " '(&,+$#" M " '&%$"%+/4-$% " &*4"')5,&#-%)* " )#1!=+,G+ 9 .!7+0+H'&1!4'5'&$:(',*!"#$8'/* ! I+/G2#$<,6 ! %J@".CARC ^ L"5CQCUKH@"4KYKHDWFKAP",JD?KSP"@L"C"B@BCAP@S"ICF"JKHCPKI"Q6IJD" @AGJCLPJ>SP>JK"WJD?KSPV"+QK"WJD?KSP"@L"C"F>HP@W>JWDLK"WJD?KSP"H@RK"PQK"+34"WJD?KSPV " " D!.<.*+1,+%&'!.*+#*1,2!:$1,*! ! +QK"LSDWK"DG"PQK"WJD?KSP"@ASH>IKI"GD>J"FC?DJ"ICFL"DA"%J@".CARC ^ L"FC?DJ"J@YKJT"PQK" 5CQUKH@T"CAI"DAK"DA"PQK"5CI>J>T"CAI"DPQKJ"J@YKJ"XCL@AL"@A"ADJPQ d KCLPKJA"CAI" ADJPQ d UKLPKJA"%J@".CARCV" +QK"WJD?KSP"QCI"PQK"WDPKAP@CH"GDJ" SCPCH6e@AB " C"WJDSKLL"DG"JKB@DACH" IKYKHD WFKAPT"CAI"PQCP"UCL"PQK"DJ@B@ACH" L>LPC@ACXHK " Y@KU " DG"PQ@L"WJD?KSPV"/L@AB"PQK"WJD?KSP" GDJ"@APKBJ CPKI"J@YKJ"XCL@A"IKYKHDWFKAP"PDT"CP"C"AKgP"HCJBK"LSCHKT"SCPCH6eK"JKB@DACH" IKYKHDWFKAPV"+QK"@A@P@CH"WJD?KSP"CAI"WHCA"UCL"G>HH"DG"L>LPC@ACXHK"PQD>BQP"CAI"U@HHL" CAI " PQK" F>HP@WH@KJ"KGGKSPL"DG"PQK"WJD?KSP"UKJK"L>WWDLKI"PD"JCI@CPK"PQJD>BQD>P"PQK"SD>APJ6V" " +QK"FC@A"BDCHL"DG"PQK"WJD?KSP"UKJK"KFWHD6FKAP"BKAKJCP@DA"CAI"CSQ@KY@AB" LKHG d L>GG@S@KAS6"@A"KHKSPJ@S@P6"BKAKJCP@DA"CAI"SJDW"WJDI>SP@DAV" +QK"WJD?KSP"KYKA"QCI"LWKS@G@S" A> FXKJ"CAP@S@WCP@DA"GDJ"PQKLK"CSQ@KYKFKAPLV" 1 KP"ADAK"DG"PQKLK"WJ@AS@WCH"BDCHL"UKJK"JKCSQKI" GDJ"JKCLDALV"+QK"SCLK"LP>I6"@L"C@F@AB"CP"WJKLKAP@AB"PQK"UQDHK"WJDSKLL"DG"PQK"WJD?KSP"CAI" PJ6@AB"PD"G@AI"D>P"PQK" SDALPJC@AP " PQCP"RKWP"PQK"WJD?KSP"GJDF"SCPCH6e@AB"JKB@DA CH"IKYKHDWFKAPV " D#'+!+,6!1,0+%1*+,*. ! ! +QK"CJKC"CAI"WKDWHK"CGGKSPKI"X6"PQK"&5,"a&SSKHKJCPKI"5CQCUKH@",JD?KSPb"UCL" U@IK d JCABKIT" @PL"@AGH>KASK"UCL"DYKJ"PQK"KAP@JK"SD>APJ6V"%J@".CARC"SDAPC@AL"G@YK"PDWDBJCWQ@SCH"

PAGE 26

:` " " JKB@DAL"PQCP"@ASH>IK"!["CBJD d KSDHDB@SCH"eDAKLV"&A I"5CQCUKH@"#@YKJ"@L"PU@SK"PQK"HKABPQ"DG"PQK" SD>APJ6 ^ L"DPQKJ"J@YKJLV"&HLDT"PQK" J@YKJ " @L"Q@BQ d JC@AGCHH"CJKC"DG"PQK"SKAPJCH"UQKJK"PQK"NDPFCHK" CAI"8SPDJ@C"4CFL"UKJK"X>@HPV"5CA6"@JJ@BCP@DA"L6LPKFL"CJK"DYKJ"PQK"J@YKJV"5DLP"WDW>HCP@DA"DG" PQK"ACP@DA"H@YKL"@A"PQK"Q @BQ d JC@A6"CJKCT"UQKA"PQK"5CQCUK@H@"WJD?KSP"XKBCAT"PQK"IJ6"eDAK"DG" PQK"ACP@DAT"SDAPC@AKI"DAH6"CXD>P":<"WKJSKAP"DG"PQK"WDW>HCP@DAT"KYKA"PQD>BQ"@P"SDYKJKI" CJD>AI"[<"WKJSKAP"DG"PQK"SD>APJ6V " " +QK"@AQCX@PCAPL"PQKJK"CJK"LKWCJCPKI"@A"LSCPPKJKI"Y@HHCBKLV"5DLP"DG" PQK " Y@HHCBKL"H@YK"DA" BJDU@AB"JC@A d GKI"CAI"@JJ@BCP@DA"SJDWLT"U@PQ"@JJ@BCP@DA"WJDY@IKI"X6"LFCHH"JKLKJYD@JLV"+Q>LT" UCPKJ"PD"PQKF"@L" WJKS@D>L " JKLD>JSK" CAI " G@B>JKL"WJDF@AKAPH6"@A"S>HP>JCH"L6FXDH@LFV" "

PAGE 27

:[ " " 2@B>JK"M d !"""+QK"& SSKHKJCPKI " 5CQCUKH@",JD?KSP " J#121,.!+,6!1,1 *1+&!:&+,,1,2! ! +QK"WJD?KSP"QCI"LKYKJCH"WJDWDLCHL"I>J@AB"PQK"@A@P@CH"6KCJLV"+QK"G@JLP"DAK"UCL"GDJ" I@YKJP@AB"5CQCUKH@"UCPKJL"GDJ" IKYKHDWFKAP " CAI"@P"UCL"L>XF@PPKI"X6"/%")YKJLKCL"5@LL@DA"@A" !]`:V"+QK"WHCA"XCL@SCHH6"IKCHP"U@PQ"IKYKHDWFKAP"@A"PQK">WWKJ"XCL@A"6KP"UCL"JK?KSPKI"X6"PQK" ,CJH@CFKAP"CL"PQK6"UKJK"CGJC@I"CP"PQCP"P@FK"PQCP"@P"UD>HI"JKI>SK"UCPKJ"CYC@HCX@H@P6"GDJ"G>P>JK" WJD?KSPL"@A"PQK"HDUKJ" XCL@AV " &AI"PQKA"@A"!]`E"C"FCLPKJ"WHCAA@AB" CBJKKFKAP " UCL"L@BAKI"XKPUKKA"/*4,"CAI"PQK" 3DYKJAFKAP"DG"%J@".CARC"GDJ" PQK " 5CQCUKH@"#@YKJ"0CL@AV" -A"!][;T"PQK"BDYKJAFKAP"SQCABK"CHLD" @AGH>KASKI"PQK"WJD?KSPV"+QK"/A@PKI".KGP"2JDAP"PDDR"DYKJ"PQK"%J@".CARC"2JKKIDF",CJP 6V"&AI" PQK"$AB@AKKJ@AB"%KJY@SKL")JBCA@eCP@DA"UQ@SQ"UCL"KLPCXH@LQKI"U@PQ@A"PQK"4KWCJPFKAP"DG" -JJ@BCP@DA"CL"PQK"BDYKJAFKAP ^ L" SD>APKJWCJP " CBKAS6"UCL"PQKA"@ASDJWDJCPKI"U@PQ@A"PQK"AKUH6" GDJFKI"540"a5CQCUKH@ " 4KYKHDWFKAP"0DCJIbV"4>J@AB"PQ@L"WKJ@DIT"PQK"/A@PKI".KGP"2JDAP" BDYKJAFKAP"SDAPJ@X>PKI"PD"C"WHCAAKI"KSDADF6" U@PQ " H@PPHK"QKHW"GJDF"GDJK@BA"C@I"CAI"FCIK" FCg@F>F">LK"DG"HDSCH"SDAPJCSPDJLV" +QK"FC?DJ"UDJRL"CP",DHBDHHC"UCL"SDFWHKPKI"PQCP"UD>HI" KACXHK"UCPKJ"GJDF"5 CQCUK@H@"PD"XK"PJCALGKJJKI"PD"DPQKJ"PUD"FC@A"CJKCL"U@PQ"FKCAUQ@HK" SJKCP@AB"WDUKJV"-A"PQK" ADJPQ d KCLPKJA"CJKCT"LDFK"WDUKJ"LPCP@DA" SQCAAKHKI " 5CQCUK@H@"UCPKJ" PQJD>BQ"YCJ@D>L"SCACHL"@APD"LDFK"DHI"@JJ@BCP@DA"LSQKFKLV"+QK",DHBDHHC"WJD?KSP"UCL" SDFWHKPKI"@A"!][`T"C AI"@P"CHHDUKI " !E:T;;;"CSJKL"DG"WJKY@D>LH6"@JJ@BCPKI"HCAI"PD"XK"ID>XHK" SJDWWKIV" " 06"!]`]T"C"JKCH"FCLPKJ"WHCA"UCL"SDFWHKPKIT" UQ@SQ"SDYKJKI"E]"WKJ"SKAP"DG"PQK"KAP@JK" SD>APJ6"CAI"<<"WKJ"SKAP"DG"PQK"IJ6"eDAKV"-P"UCL"C"PQJKK"WQCLKL"WHCA"@AYDHY@AB"!<"LKWCJCPK"

PAGE 28

:\ " " WJD ?KSPL V" + QK"WHCA"UCL"JKSDFFKAIKI"PD"XK"@FWHKFKAPKI"DYKJ"C"E; d 6KCJ"WKJ@DIV " (6IJDWDUKJ"BKAKJCP@DA" CAI " @JJ@BCPKI"WJDI>SP@DA"DG"WCII6"J@SK"UKJK"PUD"FC@A"W>JWDLK"DG" PQK"WHCAV"+QK"WHCA"@PL"@A@P@CH"U@H@AB"UCL"PD"CSQ@KYK"ACP@DACH"LKHG d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m KAB@AKKJ@AB" SDFX@ACP@DA" KFWQCL@eKI " DA"@AI@Y@I>CH"5CQCUKH@"@JJ@BCP@DA"L6LPKFLT"UQ@HK"@BADJ@AB"PQK" JKHCP@DALQ@W"DG"PQK"L6LPKFL"PD"KCSQ"DPQKJ"CAI"PD"CI?CSKAP"CJKCLV"+QK"WHCA"CP"PQCP"WD@AP"SQDLK" ADP"PD"GDS>L"DA"JKB@DACH"IKYKHDWFKAPV " +QKA"@A"!][\T"C"AKU"IDS>FKAP"SDAL@LPKI"DG"JKSDFFKAI CP@DA"GDJ"E`"WHCAA@AB"LP>I@KL" WJDY@IK " X6"C"LKP"DG"@APKJACP@DACH"SDAL>HPCAPL"U@PQ"PQJKK"%J@".CARC"SDHHKCB>KLV" 4KLW@PK"PQK" LP>I@KL"UKJK"SCJKG>HH6"WJKLKAPKIT"PQK6"UKJK"ADP"WJ@DJ@P@eKI"I>K"PD"SDLP"CXD>P"/%n:;"F@HH@DAV " (DUKYKJ"PQK"JKWDJP"I@I" WD@AP " D>P"LDFK"@FWD JPCAP"WJDXHKFL"DG"PQK"WJKY@D>L"WHCAT" c PQKJK"QCL" 6KP"PD"XK"C"SDFWJKQKAL@YK"WQ6L@SCHH6"L>@PKI"PD"PQK"YCJ@D>L"CBJD d KSDHDB@SCH"eDAKL"DG"PQK" 5CQCUKH@" IKYKHDWFKAP " CJKC" Z " +QK"KADJFD>L"WJDI>SP@DA"WDPKAP@CH" Z " FC6"ADP"XK"JKCH@eKI" >AHKLL"CA"DJIKJH6"SDFFDI@P6"FCJRKP@A B"CAI"WJ@SK"LPJ>SP>JK"@L"KLPCXH@LQKI ^ " a/*4,T"!][\T"

PAGE 29

:] " " W!VMV!b V"$YKA"FDJKT"PQK"C>PQDJ"DG"PQK"JKWDJP"CHLD" WD@APKI " D>P" PQK"WJD?KSP"UCL"HCSR"DG"PQK" SDDJI@ACP@DA"XKPUKKA"I@GGKJKAP" CBKAS@KL " @A"I@GGKJKAP" X>L@AKLL V"+D"SDASH>IKT"PQK"WHCA"GC@H KI" PD"FCRK"PQK"FCJRKP"CL"U QDHKV " KLMM N KLOO?!F0'!D//'&'#+*'6!7+0+H'&1!"#$8'/*!BD7"C ! +QK"FDLP"@FWDJPCAP"WKJ@DI"DG"PQK"5CQCUK@H@"WJD?KSP"UCL"& F W"UQ@SQ"U@HH"XK" I@LS>LLKI"@A"IKPC@H"@A"GDHHDU@AB"WCJCBJCWQLV"+QK"A>FXKJ"DAK"WJDXHKF"DG"PQ@L"WKJ@DI"UCL"PQK" @ASJKCL@AB">AKFWHD6FKAP"UQ@SQ"UCL" KLP@FCPKI"CP"!< d :; V " +QK"BDYKJAFKAP"CHLD" SQCABK I"CP" PQK"FDFKAPT"PQK"OKLP d DJ@KAPKI"/A@PKI"*CP@DACH",CJP6"a/*,b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f>CPK " SDAPJCSPDJ"f>CH@G@SCP@DAL" QCI"JKL>HP"@A" PQK " WDDJ"HCAI"WJKWCJCP@DA"CAI" SDJJ>WP@DAV")A"PQK"DPQKJ"QCAIT"PQK"@AYDH>APCJ6" JKHDSCPKL " GJDF"JKLKJYD@J"XCL@A" CAI " SCACH"UCL" >AIKJKLP@FCPKIT"PQ>L"KYKA"PQK" KFWHD6FKAP " WJDXHKF"UCL"ADP"LDHYKI"WJDWKJH6V"&AI"PQK" KgWKSPKI"F>HP@WH@KJ"KGGKSPL"QCI"ADP"CW WKCJKIV" "

PAGE 30

E; " " +QK"&5," WHCAL"QCI" SQCABK I"C"H@PPHK"I>K"PD"PQK"DYKJCFX@P@D>L"BDCHLV"*$4$')"UCL"C" JKLWKSPKI"4>PSQ"G@JF"U@PQ"U@IK"JCABK"@APKJACP@DACH" @JJ@BCP@DA " Kg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g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

PAGE 31

E! " " -P"UCL"ADP">AP@H":;;!"UCL"C"G>JPQKJ"@A@P@CP@YK"UCL"JKGKJJKI"PD"PQK", JKL@IKAP" @A"QKJ" X>IBKP"WJKLKAPCP@DA V"+QK"WHCA"UCL"PD"SDAYKJP"5&%."GJDF"C"WJD?KSP"@FWHKFKAPCP@DA"CBKAS6" PD"C"#@YKJ"0CL@A"5CACBKFKAP"&BKAS6T"QDUKYKJV"-P"P>JAKI"D>P"ADP"PD"XK"KCL6T"CL " FDLP"DG"PQK" KgWKJ@KASKI"PKSQA@SCH"LPCGG"QCI"JKL@BAKI" CAI " PQDLK"JKFC@A"QCI"A KYKJ"XKKA"KAD>BQ"PJC@AKIV " ) A K"BDDI"CLWKSP"UCL" PQCP " PQK"AKU"CBKAS6"LPCJPKI"BKPP@AB"XCSR"PD"PQK"DJ@B@AL"DG" 5CQCUKH@"WJD?KSPT " c @A"WHCAA@ABT"IKYKHDW@ABT"CAI"FCACB@AB"@A"C"WCJP@S@WCPDJ6"FCAAKJT"S>JJKAP" CAI"JKFC@A@AB"KSDADF@S"UCPKJ"JKLD>JSKLT"IKYKHDWFKAP"DWWDJP> A@P@KL"@A"PQK"5CQCUKH@"CAI" SDAAKSPKI"J@YKJ"XCL@ALT"G>HH6"@APKBJCP@AB"KAY@JDAFKAPCHT"LD@HT"PKSQA@SCH"CAI"JKLD>JSK" L>LPC@ACX@H@P6"SDAL@IKJCP@DAL ^ " a@X@IT"W!;b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a!][[ d !]\\b"CAI"P@FK"CGPKJ"PQCPV" +QK" & 5,"WJD?KSP" BKAKJCP@AB"SCWCS@P6"@L"`[!"5OT"CAI"PQ@L"A>FXKJ"KgSKKIL"PQK"WHCAAKI"D>P W>P" GDJF"PQK"E; d 6KCJ"5CLPKJ",HCAV" 4>J@AB"PQK"PKA"6KCJL"GDHHDUKIT"PQK"WKJSKAPCBK"DG"&5,"D>PW>P" PD"ACP@DACH"KAKJB6" WJDI>SP@DA " UCL"XKPUKKA"E`"WKJSKAP"CAI"<`"WKJSKAPV" " [LKQDHIL"UKJK"LKPPHKI"DA"@JJ@BCPKI"AKU"HCAIL"@A"PQK"PQJKK"FC@A"5QCUKH@" L6LPKFL"WH>L " L6LPKF"3T"CAI"U@PQ"LDFK"LKSDAI"BKAKJCP@DA"JKSK@Y@AB"QDFKV"&JD>AI" !;;T;;;QC"DG"WJKY@D>LH6"@JJ@BCPKI"HCAI"JKSK@YKI"5CQCUKH@"UCPKJL"GDJ"ID>XHK"SJDWW@ABV"

PAGE 32

E: " " 4>J@AB"PQK"6KCJ"DG"!]]M;!]][T"PQK"WJD?KSP"FCIK"5CQCUKH@"XKSDFK"DAK"DG"PQK"X@BBKLP" WJDI>SKJ L " DG" CBJ@S>HP>J CH"WJDI>SPL"PQJD>BQD>P"PQK"UDJHIV" O@PQ":; d :`"WKJSKAPCBK"DG" ACP@DACH " J@SK"WJDI>SP@DAT":; d <]"WKJSKAPCBK"SQ@HH@KL"WJDI>SP@DAT"E\ d []"WKJSKAPCBK"0DFXC6"DA@DAL" WJDI>SP@DA"CAI":; d <:"WKJSKAPCBK"LD6C"XKCAL"WJDI>SP@DAV" " +QK"KFWQCL@L"DG"%J@".CARC"BDYKJAFKAP"DA"PQK"ID >XHK"SJDWW@AB"DG"WCII6"HKI"PD"C"SJDW" D>PW>P"DG"DYKJ"\;;T;;;"PDAAKL"@A"!]]] " U@PQ"\!"WKJ"SKAP"WCII6V" & AI"PQ@L"QCL"QKHWKI"%J@".CARC" JKCSQ"LKHG d L>GG@S@KAS6"@A"J@SK"WJDI>SP@DAV" " &AI"GDJ"PQK"KHKSPJ@S@P6"BKAKJCP@DAT"OCA@BCJCPAK"@AI@SCPKI"PQCP"X6"PQK"KAI"DG"!]]]"P QK" LCHK"DG"WDUKJ"CHDAK"QCI"KgSKKIKI"PQK"@AYKLPFKAP"SDLP"DG"PQK"WJD?KSPV"& AI " CHDAB"U@PQ"PQK" YCH>K"DG"SJDW"WJDI>SP@DAT"QK"SCHS>HCPKI"C"SDLP d XKAKG@P"JCP@D"DG"!_:"aOCA@BCJCPAK"CAI" 8@FCHCIQCJFCT":;;!T"WEb " 4>K"PD"PQK"WJD?KSP"WJDSKLLT"QKCHPQ"LKJY@SKL"CAI"LSQDDHLT " PQD>BQ"CP"C" I@LCWWD@AP@AB " LWKKIT"L6ASQJDA@e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d L>GG@S@KAS6"@A"KHKSPJ@S@P6"BKAKJCP@DA"CAI"SJDW" WJDI>SP@DA T"FDJKDYKJT"PQK" >HP@FCPK"BDCH"F@BQP"XK" G>JPQKJ"JKB@DACH"IKYKHDWFKAPV"1KP"CHFDLP"ADAK"DG"PQKLK"FC? DJ"BDCHL"

PAGE 33

EE " " UKJK"CSQ@KYKI"GDJ"LDFK"JKCLDALV"+QK"G@JLP"DAK"UD>HI"XK"DJBCA@eCP@DACHV"+QK" Q@KJCJSQ@SCH " 5CQCUKH@"&>PQDJ@P@KL"UKJK">AU@HH@ABH6"PD"LQCJK"@FWHKFKAPCP@DA"JKLWDAL@X@H@P@KL"U@PQ"DPQKJ" CBKAS@KL"DJ"@ALP@P>P@DALV"&AI"@P"I@I"ADP"KASD>JCBK"LKPPHKJ"PD"WCJP@S@ WCPK"I>J@AB"PQK" @FWDJPCAP " @A@P@CH"WKJ@DI"DG"PQK"WJD?KSPV" & AI"PQK"AKg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gWKALK"DG"+CF@H d LWKCR@AB"(@AI >LV"+QCP"UCL"XKSC>LK"L@ASK"PQK" @AIKWKAIKASK"L>SSKLL@YK"FC?DJ@P6 d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d GCJF@AB"?DX"GDJ"KYKJ6" GC JF@AB d QD>LKQDHI"C AI"U@PQ"PQK"QKHW"DG"PQK"BDYKJAFKAPV"+QK6"F@BQP"QCYK"I@LWDLCXHK"

PAGE 34

EM " " @ASDFK"UQ@SQ"UD>HI"LP@F>HCPK"W>JSQCLKL"DG"BDDIL"CAI"LKJY@SKL V"&AI"PQCP"UD>HI"P>JA"@APD" FCJRKP"CAI"QKCHPQ6"KSDADF@S"L6LPKFV" + QK"WD@AP"DG"PQ@L"WHCA"UCL"PD"CSQ@KYK"FC?DJ"F>HP@WH@KJ" KGGKSPL"CAI"UQ@ SQ"UCL"ADP"DSS>JJ@AB"@A"PQK"&5,V " &"JKB@DACH"WKJLWKSP@YK"UCL"AKKIKI"GDJ"PQK" WHCAT"FCJRKP@AB"AKPUDJRLT"SJDW"I@YKJL@G@SCP@DA"CAI"@APKBJCP@DA"DG"SJDW"CBJ@S>HP>JK"U@PQ" H@YKLPDSR"FCACBKFKAP"CAI"DPQKJ"X>L@AKLLKL"UKJK"@FWDJPCAPV " (DUKYKJT"PQK"@JJ@BCP@DA" L6LPKF"X@CL " @A"&5,"UCL"CP" PQK " KgWKALK"DG"C"I@YKJL@G@KI"LKPPHKJ"QD>LKQDHI"WJDI>SP@DA" L6LPKF " CL"UKHH"CL"JKB@DACH"IKYKHDWFKAPV" " 7+8$#!&'..$,.!&'+#,'6 " 5CQCUKH@",JD?KSP"UCL"L>WWDLKI"PD"XK"B@BCAP@S"WJD?KSP" CAI"C"HCJBK"F>HP@W>JWDLK"WJD?KSPV"-P" JKf>@JKL"JKB@DACH"WHCAA@AB"PD " SDAAKSP"PQK"ACP@DACH"LSCHK"WJD?KSP"CAI"QD>LKQDHIL"@AGH>KASKIV" (DUKYKJT"@A"PQ@L"SCLKT"PQK"BDYKJAFKAP"GC@HKI"PD"FCRK"L>SQ"WHCAA@AB"CAI"PQK"JKL>HP"UCL"PQCP" PQK"@AI@Y@I>CH"@JJ@BCP@DA"L6LPKFL"UKJK"WHCAAKI"CAI"@FWHKFKAPKI" LKWCJCPKH6 T"PQK6"UKJK" AK@PQKJ"SDAAKSPKI"PD"KCSQ"DPQKJ"ADJ"JKHCPKI"PD"L>JJD>AI@AB"PDUAL"CAI"Y@HHCBKL"CAI"KYKA"PQK" ACP@DACH " KSDADF6V"-A"C"UDJIT"PQK"WJD?KSP"UCL"HCSR"DG"WHCAL"CP" I@GGKJKAP " LSCHKL"CAI"HKYKHLV " )AK"@FWDJPCAP"LPCAICJI"GDJ"PQ@L"R@AI"DG"FC?DJ"HCAI"LKPPHKFKAP " SDFWDAKAP"@L"PQCP"@P"F>LP" BKAKJCPK"FC?DJ"F>HP@WH@KJ"KGGKSPL" UQ@SQ T"@A"PQ@L"SCLKT"PQK"BDYKJAFKAP"GC@HKIV"-A"PQ@L"UC6T"DAK" SCA"?>LP@G6" PQK"@ASJKCL@AB"SDLP"WKJ"QKSPCJK"CAI"WKJ"QD>LKQDHILV " +QK"@FWHKFKAPCP@DA"@L"PQK"RK6"WJDXHKF"UQKA"BDDI"WDH@S@KL"CAI"WHCAL"CJ K"WJKLKAPKI"PD" CGGKSPKI"WKDWHKT" BDYKJAFKAP " DG"IDADJLV"/L>CHH6T"PQK"WDH@S@KL"CAI"WHCAL"CJK"BDDIT"X>P"PQK" @FWHKFKAP@AB"CBKAS@KL"CJK"HCSR"DG"CIKf>CPK"C>PQDJ@P6"DJ"FDAK6V" " 5DJK" CPPKAP@DA " F>LP"XK"WC@I"PD"PQK"XCHCASK"CAI"H@ARCBKL"XKPUKKA"PQK"SDALPJ>SP@DA"CAI" IKYKHDWFKAP"WQCLKLV" -A"PQ@L"SCLKT"PQK"XCHCASK" CAI " H@ARCBK"XKPUKKA"PUD"WQCLKL"UKJK"XDPQ"

PAGE 35

E< " " @ACIKf>CPKV"%DFKP@FKL"PQK"SDALPJ>SP@DA"WQCLK"KAIKI"XKGDJK" PQK " IKYKHDWFKAP"WQCLK"XKBCA" PD"LQDU"JKL> HPLV"&ADPQKJ"L@P>CP@DA"UCL"PQCP" PQK"C>PQDJ@P@KL"LDFKP@FKL"GDJSKI"PQK"WCSK"DG" @FWHKFKAPCP@DA"F@BQP"HKCI"PD"PDD"FCA6"@JJ@BCP@DA"CAI"HCAI"WJKWCJCP@DA"IKGKSPL"UQ@HK"PDD" H@PPHK"CPPKAP@DA"UCL"WC@I"PD"LKPPHK"QKCHPQ"CAI"UKHH d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

PAGE 36

E` " " I+/G2#$<,6 ! +QK"NCJ@XC"4CF"UCL"X>@HP"@A"0J@P@LQ"SDHDA@CH"&GJ@SC"@A"PQK"!]<;LT"CAI"@P"UCL"PQK"G@JLP" FC@ALPJKCF"ICF"DA"PQK"jCFXKe@"#@YKJV " &AI"@P"UCL"CHLD"PQK"G@JLP"HCJBK"ICF"G@ACASKI"X6"PQK" ODJHI"0CAR"@A"&GJ@SC"CAI"@AYDHYKI"PQK"@AYDHYKI"PQK"0CAR ^ L"HCJBKLP"HDCA"CP"PQCP"P@FKV"5DJK" @FWDJPCAPH6T"@P"FC6"XK"PQK"G@JLP"ICF"@A" PQK " PJDW@SL"CAI"L>XPJDW@SL"LP> I@KI"X6"@AIKWKAIKAP" JKLKCJSQKJLT"UQ@SQ"FKCAL"PQK"WHCAAKJL"UCL"WJDY@IKI"U@PQ"SJ>S@CH"@AGDJFCP@DA"CAI"HKLLDAL" UQ@SQ"@AGH>KASKI" PQK " WHCA"DG"PQK"ICFV " +QD>BQ"@P"UCL"SDAL@IKJKI"C"L>SSKLLG>H"ICF"X6"CGGKSPKI"WKDWHK"XCLKI"DA" SDAYKAP@DACH"SDLP d XKAKG@P"CACH6L@LT"PQK" <[T;;;"+DABC"WKDWHK"UCL"GDJSKI"JKLKPPHKFKAP"I>K"PD" PQK"SJKCP@DA"DG"PQK"JKLKJYD@J" CAI " PQ@L"UCL"L>WWDLKI"PD"QCYK"LDFK"@JJKYKJL@XHK"@FWCSPL"DA" PQKLK"JKLKPPHKJLV"(DUKYKJT"UK"QCYK"PD"CIF@P"PQCP"PQK" BDYKJAFKAP " BCYK" L>XLPCAP@CH " JKLKPPHKFKAP"C@I"PD"PQK" I@LWHCSKI " P J @XKLV"&L"4CY@I"(DUCJPQ"UJDPK"@A o " +QK"%QCIDU " DG"+QK" 4CF o " @A" PQK " !]`;L_ ^ " K YKJ6PQ@AB"PQCP"C"BDYKJAFKAP"SCA"ID"DA"C"FKCBJK"X>IBKP"@L"XK@AB"IDAKV" 4KFDALPJCP@DA"BCJIKAL"QCYK"XKKA"WHCAPKIT"PD"PJ6"PD"PKCSQ"PQK"+DABC"FDJK"LKAL@XHK" FKPQDIL"DG"CBJ@S>HP>JKT" CAI " PD"PJ 6"PD"G@AI"SCLQ"SJDWL"UQ@SQ"PQK6"SCA"BJDUV" Z V"'DDWKJCP@YK" FCJRKPL"QCYK"XKKA"DJBCA@eKIT"CAI"+DABC"CJK"XK@AB"PC>BQP"PD"J>A"PQKFV"$APKJWJ@L@AB"+DABC" QCYK"XKKA"B@YKA"HDCAL"PD"LKP"PQKFLKHYKL">W"CL"GCJFKJLV"5DJK"LSQDDHL"QCYK"XKKA"X>@HP"PQCA" PQK"+DABC"KYKJ"QCI"XKG DJKT"CAI"FDLP"DG"PQK"+DABC"CJK"ADU"U@PQ@A"JKCSQ"DG"I@LWKALCJ@KL" CAI " QDLW@PCHLV ^ " 4KLW@PK"PQK"CIYKJLK"KAY@JDAFKAPCH"@FWCSPL" NCJ@XC " 4CF"QCI"DA"PQK" IKHPC" CAI " DPQKJ" UKPHCAIL"DG"PQK"jCFXKe@"#@YKJT"PQK"WJD?KSP"WJDY@IKI"C"A>FXKJ"DG"@FWDJPCAP"XKAKG@PL"GDJ" JKLKPPHKJL"PQCP"UDJPQ"CACH6L@L"CAI"UKJK"JKBCJIKI"CL"@FWDJPCAP"HKLLDAL"PQCP"QCYK"PD"XK" CIKf>CPKH6"CWWH@KI"PD"JKSKAP"HCJBK"ICF"WJD?KSPV"+QK"KgCFWHKL"@ASH>IK"C"L>SSKLLG>H"@ALQDJK"

PAGE 37

E[ " " G@LQKJ@KL"WJDBJCF"CAI"KGGKSP@YK">P@H@eCP@DA"DG"JKLKJYD@J ^ L"KgPKAL@YK"IJCUIDUA"CJ KC"@A"PQK" jCFX@CA"WDJP@DA"DG"PQK"NCJ@XC".CRK"0CL@AV"&ADPQKJ"KgCFWHK"FC6"XK"PQK"G@JLP" JKWCJCP@DAL" WJD?KSPL"GDJ"SDFWKALCP@AB" LDFK"DG"PQK"@FWDYKJ@LQ@AB"CLWKSPL"DG"PQK"JKLKPPHKFKAPV" " +QK"JKWCJCP@DALT"DA"PQK"j@FXCXUK"L@IKT"QCYK"XKKA"W>LQKI"X6"PQK"X@ACP@DACH"jCF XKe@" #@YKJ"&>PQDJ@P6"UQ@HK"DA"PQK"jCFX@CA"L@IKT"PQK6" QCYK"XKKA " L>WWDJPKI"X6"PQK"BDYKJAFKAP c L" KHKSPJ@S@P6"WCJCLPCPCH"U@PQ"G>AI@AB"GJDF"PQK"ODJHI"0CAR"CL"UKHH"CL"PQK"4KYKH DWFKAP"0CAR"DG" %D>PQKJA"&GJ@SCV " " 2@B>JK"M d :"""NCJ@XC"4CF"HDSCP@DA " 7+8$#!%','31*. ! +QK"F C@A"IKFCAI"CAI"W>JWDLK"PQCP"NCJ@XC"ICF"UCL"X>@HP"UCL"KAKJB6"WJDXHKFLT"@P"@L" @FWDJPCAP " PD"JKF@AI"PQCP"PQK"BJDU@AB"KAKJB6"SJ@L@L"@A"PQK"*DJPQKJA"#QDIKL@CA"SDWWKJ"XKHP"

PAGE 38

E\ " " I>J@AB"PQK"!]<;LT"PQK"@ASJKCL@AB"IKFCAI"@A"jCFX@C ^ L"XKPUKKA"!]`M"CAI"!][MT"CAI" j@FXCXUK ^ L"J Kf>@JKFKAPL"CGPKJ"!]\;V"&SSDJI@AB"PD"PQK"ICPC"WJDY@IKI"X6"+QC6KJ"%S>IIKJ"@A" PQK" p +QK"2>P>JK"DG".CJBK"4CFL o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gPKAL@YKH6"CWWH@KI"KHLKUQKJK"@L" PQCP" NCJ@XC" BDYKJAFKAP " SDASKJAL"PQK"WDPKAP@CH"DG"G@LQKJ@KL"@A"PQK"JKLKJYD@J"CJKC"CAI"@P"FCIK" KGGDJPL"PD"L>WWDJP"@FF@BJCAPL"CAI " HDSCH"JKL@IKAP"PD"ID"G@LQ@AB"GDJ " SDFFKJS@CH"W>JWDLKV" +QK" FKCL>JK"BDYKJAFKAP"WJDY@IKI"PD"PQK"JKLKPPHKJL"CAI"QDLPL"UKJK"L>XLPCAP@CH"XKAKG@PL"@A"PQK" @ALQD JK"G@LQKJ6"X>L@AKLL"DA"PQK"jCFX@CA"L@IKT"LD"PQCP"PQK"@FF@BJCAPL"UD>HIA ^ P"BKP"FDLP" XKAKG@PL"CUC6V"-P"UCL"H@RK"C"WJDPKSP@DA"GDJ"JKLKPPHKJLV" " 5CA d FCIK"JKLKJYD@JL"H@RK"PQKLK"CJK"L>WWDLKI"PD"XK"CA"@A@P@CH" KgWHDL@DA " DG"WJ@FCJ6" CAI"LKSDAICJ6"WJDI>SP@Y@P6"XKSC>LK" DG"PQK"A>PJ@KAPL"JKHKCLKI"GJDF"GHDDIKI"LD@H"CAI" YKBKP CP@DAV"+Q@L"UCL"DXY@D>L"@A"PQK"NCJ@XC"SCLKT" PQK"LD@H"CAI"UCPKJ"SDAI@P@DA"CL"FKCL>JKI" UCL"@IKCH"GDJ"G@LQKJ6V"4>J@AB"PQK"!]<] d !]`E"WKJ@DI L T"ADP"DAH6"I@I"SDFFKJS@CH"LWKS@KL"DG"G@LQ" L>SQ"CL"P@HCW@C"G@AI"CA"C X>AICAP"GDDI"L>WWH6" CAI " XJKKI@AB"SDAI@P@DALT"X>P"CHLD"WJKICPDJL"H@RK"

PAGE 39

E] " " P@BKJ"G@LQ"CAI"SJDSDI@HKLV".DSCH"LWKS@KLT">AIKJ"PQ@L"SDAI@P@DAT"@ASJKCLKI"GJDF":\"PD"M!T"CAI" PQ@L"!E"AKU"LWKS@KL"UKJK"JKBCJIKI"CL" c KSDADF@SCHH6"WJKGKJJKI"LWKS@KL ^ " @A"G@LQKJ6V " &L"PQK"JCW@I " @ASJKCLK"CP" PQK " XKB@AA@AB"FC6"ADP"HCLP"HDAB"I>K"PD"PQK"IKSH@AK"DG" A>PJ@KAPL"HKYKHL"CAI"WJKICPDJLT"C"SDFFKJS@CH"G@LQKJ6"F>LP"XK"LPCJP"GJDF"PQKAV"-A"NCJ@XCT"PQ@L" Q@BQKLP"WJDI>SP@Y@P6"WKJ@DI"HCLPKI"GDJ"G@YK"6KCJLV"&AI"UQCP"UCL " SHKYKJ"GDJ"PQK" ADJPQ"XCAR" CIF@A @LPJCP@DA"UCL"PQCP" PQK6"LKP"C"JKLPJ@SP@DA"GDJ"@FF@BJCAPL"LD"PQCP"PQK"JKLKPPHKJL"CAI"QDLPL" SD>HI"XKAKG@P"GJDF"PQK"XKBB@AB"Q@BQ"WJDI>SP@Y@P6V"2DJ"PQK"JKCLDA"PQCP"PQK"@FF@BJCAPL" WDLL@XH6"SD>HI"XK"FDJK"KgWKJ@KASKIT"PQ@L"FKCL>JK"UCL"AKSKLLCJ6V"5DJKDYKJT"UKHH"DJ BCA@eKI" PJC@A@AB"WJDBJCF"UCL"WJDY@IKIT"CAI"CFCe@ABH6"PQCP"?>LP"CL"PQK"JKLKJYD@J"XKBCAT"PQK"G@JLP" JKLKPPHKJL"UKJK"CHJKCI6"CP"UDJRV" " +QKAT"FDJK"C@IL"UKJK"B@YKA"PD"JKLKPPHKJL"@A"YCJ@D>L"UC6LV"4>J@AB"!]`!"C"G@LQKJ@KL" PJC@A@AB"SKAPKJ"UCL"DWKAKIT"DGGKJ@AB"LQDJP" SD>JLKL"CAI"KYKA"PC>BQP"WKDWHK"QDU"PD"X>@HI" @FWJDYKI"XDCPV"5DJKDYKJT"C"L>SSKLLG>H"SJKI@P"WJDBJCF"U@PQ"C"JKWC6FKAP"JCPK"DG"DYKJ"];" WKJSKAP"UCL"@APJDI>SKI"PD"SDYKJ"PQK"SDLP"DG"PDDHLV" 06"!]`ET"U@PQ"PQK"QKHW"DG"HDSCH" BDYKJAFKAPT"JKLKPPHKJL"L>SSKLLG>HH6"XKSCFK" PQK"FC@A"WDW>HCP@DA"@A"PQK"G@LQKJ6"X>L@AKLLV" 2>JPQKJFDJKT"PQK@J"GCF@H6" FKFXKJ L"UKJK"CHLD"KABCBKI"@A"FCJRKP"KSDADF6"JKHCPKI"PD"G@LQKJ6V" +QK"AKgP"LPCBK"DG"PQ@L"WHCA"UCL"H@RK"KYDHY@ABT"PQK"JKLKPPHKJL"PQKA">LKI"PQK@J"G@LQ@AB"WJDG@PL" CAI"DPQKJ"G>AIL"PD"X>@HI">W " QKJIL"DG"SCPPHKV"&AI"PQKLK"BJKU"CP"CA"CFCe@AB"LWKKIV"&GPKJ"PQCPT" FDLP"GCJF@AB"GCF@H@KL"BJCI>CHH6"LU@PSQKI"GJDF"QDK"S>HP@YCP@DA"PD"Dg"PJCSP@DA"CAI"PQKA"PQK" BJDU@AB"DG"SCLQ"SJDWLV"&AI"PQKAT"FDJK"CAI"FDJK"X>L@AKLL"CWWKCJKI"CAI"FDJK"XKAKG@PL"PQK" JKLKPPHKJL"BD PV" + QK"H@GK"DG"JKLKPPHKJL"P>JAKI"UKHH"?>LP"CL"4CY@I"(DUCJPQ"IKLSJ@XKIV " F0'!#'.'#5$1#!6#+H6$H,!T$,' !

PAGE 40

M; " " 0KGDJK"PQK"SDALPJ>SP@DA"DG"NCJ@XC".CJBK"4CFT"PQK"<[T;;;"WKDWHK"UCL"IKPKJF@AKI"PD" FDYK"PD"PQK"GKJP@HK"CHH>Y@CH"LD@HL"CHDAB"PQK"XCARL"DG"PQK"jCFXKe@"CAI"PQK"HDUKJ"JKCSQKL"DG"@PL" FC?DJ" PJ@X>PCJ@KL V"(DUKYKJT"UQKA"PQK6"UKJK"PQKA"LKPPHKIT"FDLP"DG"PQKF"UKJK" LKPPH KI " @A"PQK" @AHCAI"PD"F>SQ"HKLL"GKJP@HK"NCJJDD"LKI@FKAPLT"UQ@SQ"SD>HI"XK"S>HP@YCPKI"DAH6"DASK"C"6KCJ"CAI" PQCP"@L">AIKJ"PQK"L@P>CP@DA"DG"JC@A@AB"L>GG@S@KAPV"%>SQ"JKLKPPHKFKAP"PD"HKLL"GKJP@HK"HCAI" UCL " PQK" FC@A"JKCLDA"PQCP"PQK6"UKJK"LKCJSQ@AB"GDJ"AKU" DWWDJP>A@P @KL V"&AI"PQ@L"GDJP>ACPKH6"HKI"PD" CADPQKJ"@APKJKLP@AB"FKCL>JK"PQCP" UDJPQ " LP>I6@ABV " " -A"PQK"HCJBK"ICF"JKLKPPHKFKAP"WHCAT">L>CHH6"PQK">P@H@eCP@DA"DG"PQK"JKLKJYD@J"IJCUIDUA" CJKC"@L" C"LKHIDF">LKI"FKCL>JK"UQ@SQ"GDJ"FCA6"JKCLDAL"AKKIL"F>SQ"FDJK"SDAL@IKJCP@DA"X6" W HCAAKJL"CAI"IKS@L@DA"FCRKJLV" 2DJP>ACPKH6T"@A"NCJ@XC"SCLK"LP>I6T"PQK"HDSCH"SD>AS@H"DG" 3UKFXK"+DABC"AKBDP@CPKI"U@PQ"PQK"SDHDA@CH" BDYKJAFKAP"PQCP"JKLKPPHKJL"CAI"QDLPL"SD>HI">LK" PQK"KIBKL"DG"PQK"JKLKJYD@JL"CAI">P@H@eK"@PL"IJCUIDUA"CJKC"@G"NCJ@XC".CRK"JKCSQKI"G >HH"LPDJCBK" HKYKHV"+Q@L"@L"@FWDJPCAP"CAI"GDJ" PQK " JKLKPPHKJL"CAI"SCA"XK"LKKA"CL"BJKCP"JKLD>JSKT"CL"@A"FDLP" 6KCJL"PQK"LPDJCBK"HKYKH"XKB@A"PD"IJCU"IDUA"@A"7>AK d 7>H6"CAI" PQK " LPCP>L"SD>HI"FC@APC@A">AP@H" L>XLPCAP@CH"@AGHDUL"XKB@A"CGPKJ"PQK"JC@A6"LKCLDA"@A"*DYKFX KJ d 4KSKFXKJV"+QCP"FKCAL"PQKJK" SD>HI"XK"C"GD>J"PD"G@YK"FDAPQL"WKJ@DI"GDJ"SJDWL"PD"BJDU"@A"PQK">WWKJ"IJCUIDUA"eDAKLV" #KCH@e@AB"PQCP"PQK"HCAI"JKLD>JSK"FC6"XK"PQK"FDLP"SJ>S@CH"DAK"GDJ"JKLKPPHKJL"CAI"QDLPLT"PQ@L" FKCL>JKT"FC6"PD"C"BJKCP"KgPKAPT"B@YK"QKHW"PD"PQKF V" " &SSDJI@AB"PD"PQK"SCLK" LP>I6 " KLP@FCP@DA"WJKLKAPKI"X6"PQK"O'4T"PQK"CJKC"GDJ" IJCUIDUA"S>HP@YCP@DA"CYC@HCXHK"DA"PQK" ADJPQ " XCAR"UCL"CJD>AI":M<;QCT"DYKJ"QCHG"DG"UQ@SQ" UCL"CYC@HCXHK"@A"PQK">WWKJ"PQ@JI"DG"PQK"JKLKJYD@J"XCL@A"a%D@HL"-AST":;;;T"W<]bV"+Q@L"@L"C" L@ BA@G@SCAP"CJKC" PQCP"QCL"WHC6KI"CA"@FWDJPCAP"JDHK"@A"QKHW@AB"PQK"3UKFXK"+DABC"L>JY@YK"C"

PAGE 41

M! " " LKJ@D>LH6"JKLKPPHKFKAP"WJD?KSPV"-A"PQK"SKAPJCH"&GJ@SC"CJKCT"PQ@L"@L"C"BDDI"SCLK"KLWKS@CHH6"GDJ" PQDLK"GJKf>KAP"IJD>BQP"CJKCLV"2>JPQKJFDJKT"PQK"IJCUIDUA"CJKCL"XKSCFK"FDJK" KgPKAL@YK" I>J@AB"!]\!k\: d !]]\k]]"JC@A6"LKCLDALV " OK"SCA"LKK"PQK"L>SSKLL"DG"PQK" WJDBJCF " UQKA"G@AI@AB"D>P"PQCP"@A"JKSKAP"6KCJL"FDJK" QD>LKQDHIL"QCYK"FDYKI"PD"PQK" IJCUIDUA " CJKCL"PD"S>HP@YCPK"@PT"PD"BJCeK"CAI"UCPKJ"PQK@J" SCPPHK"CAI"DPQKJ"H@YKLPDSR"CAI"DG"SD>JLK" PD"G@LQV" " OQKA"UK"LP>I6"PQK" >P@H@eCP@DA " DG"IJCUIDUA"eDAKLT"UK"SD>HI"G@AI" D>P " PQCP"PQK" DWWDJP>A@P@KL " WJDY@IKI"X6"IJCUIDUA"eDAKL"SD>HI"XK"@FWJDYKI"L@BA@G@SCAPH6"@A"PUD"UC6LV" 2@JLPT" PQK"JKHCPKI"@ALP@P>P@DA"CAI"BDYKJAFKAP"LQD>HI"LKP">W"C"L@FWHK"Q6IJDHDB@SCH"FDIKH"PD" DJBCA@eK"CP"C"X@B"LSCHKT"U@PQ"PQK"FDIKH"PQK" BDYKJAFKAP " SD>HI"CIY@LK"GCJFKJL"UQKA" IJCUIDUA"CJKCL"UKJK"JKH@CXH6"XK"KgWKSPKI"PD"XKB@A"U@PQ"WDPKAP@CH"GDDI"CAI"SCLQ"SJDWLV"+QK" B DYKJAFKAP"DG"NCJ@XC"@A"PQ@L"SCLK"QCI"IDAK"PQJD>BQ"LP>I6"DG"PQK"WHCA"LD"PQCP"PQK6"SD>HI" G@ACHH6"FCRK"PQ@L" WJD?KSP " QCWWKAV"+QK"LKSDAI"UC6"@L"PD"SJKCPK"PUD"P6WKL"DG"eDA@ABT"DAK"GDJ" ADJFCH"@AHCAI"CJKCL"CAI"DAK"GDJ"IJCUIDUA"CJKCLV" " S+1&<#'.! ! ! U,+6'V<+*'!H+*'#!. <::&; ! -ACIKf>CPK"UCPKJ"L>WWH6"PD"JKLKPPHKFKAPL"UCL"C"X@B"GC@H>JK"PQCP" LQD>HI"SC>LK" CPPKAP@DA"DG"DPQKJ"ICF d JKHCPKI"JKLKPPHKFKAPV" -A"PQK"NCJ@XC"SCLKT"PQK"WJDXHKF"CWWKCJKI"KYKA" CP"PQK" XKB@AA@AB " UQKA"PQK"G@JLP"GD>J"Y@HHCBKL"UKJK"FDYKI"@A"!]<`" CL"PQK6"UKJK"PQK" SHDLKJ" Y@HHCBKL"PD"PQK"ICF"L@PKV"&L"ADPKI"@A"PQK"!]<`"&AA>CH"#KWDJP"DG"4@LPJ@SP"'D>AS@HT"@P"UCL" IKLSJ@XKI " CL"CA">AGDJP>ACPK"IKHC6"@A"WJDY@I@AB"UCPKJ"L>WWH@KLV"(DUKYKJT"PQK"SDAI@P@DA"UCL" UDJLK"CAI"U@IKJ " @AGH>KASKI " CL"P@FK"FDYKL"DA"UQKA"G>P>JK"JKLKJYD@J"FDYK I"@AHCAIV" +QK"XCI"

PAGE 42

M: " " L@P>CP@DA " GDJSKI"PQK"JKL@IKAPL"FDYK"PD"PQK".>L@P>"CJKC"XKHDU"PQK"ICF"L@PKT"6KP"PQK"L@P>CP@DA" PQKJK"UCL"ADP"@IKCH"K@PQKJV"$YKA"CGPKJ"PQCP"C"JKP@S>HCP@DA"LSQKFK"DG"W@WKI"UCPKJ"W>FWKI" GJDF"PQK"jCFXKe@"UCL"X>@HP"WJDY@I@AB">AW>J@G@KI"UCPKJV"&A I"PQCP"L6LPKF"XJDRK"IDUA" DSSCL@DACHH6 V"+Q>LT"UK"SD>HI"LC6"PQCP"PQK"UCPKJ"L>WWH6"UCL" I@LCWWD@AP @ABV " +QK"@A@P@CH"UCPKJ"L>WWH@KL"WJDXHKFL"GDJSKI"PQK"JKLKPPHKJL " PD"FDYK"PD"DPQKJ"CJKCL" UQ@SQ"JKL>HPKI"@A"S>JJKAP"PUD"JKLKPPHKFKAP"CJKCL"U@PQ"PQK"IKALKLP"WDW>HCP@DA"DG"JKL@IKAPLV" )AK"@L".>L@P>"CJKC"CAI"PQK"DPQKJ"%@CFK?C"CJKC"CP"PQK">WWKJ"KAI"DG"NCJ@XC".CRKV " +QK"G>JPQKJ" WJDXHKF"KYDRKI"X6"PQK"LQDJPCBK"DG"UCPKJ"UCL"I@LKCL KV" " c -P"JKFC@AL"CA"@JDA6"PD"PQK"#@YKJ"+DABC"PQCP"FDLP"DG"PQKF"ID"ADP"6KP"XKAKG@P"GJDF"PQK" BJKCP"JKLD>JSK"DG"NCJ@XC".CRKT"PQK@J"GDJFKJ"UCPKJL V " 4KLW@PK"CHH"PQK"KGGDJPL"PQCP"QCYK"XKKA" FCIK"@A"PQK"WCLPT"PQKJK"JKFC@AL"C"LKJ@D>L"WJDXHKF"@A"0@ABC " 4@LPJ@SP"JKBCJI@AB" PQK " CYC@HCX@H@P6 " DG"LCGK"IJ@AR@AB"UCPKJ ^ " a+JKFFKHT"!]]MT"WWM\ d M]b " 4'2#+6+*1$,!:#$%&'(.!$3! #'.'**&'(',* ! +#'+. ! +QK"@ACIKf>CPK"HCAI"GDJ"JKLKPPHKFKAP"DA"PQK"ADJPQ"XCAR" CAI " PQK"SDAP@A>D>L"AKU" JKLKPPHKJL"QCL"SC>LKI"LKJ@D>L"IKBJCICP@DA"DG"PQK" FDLP"IKALKH6"WDW>HCPKI"JKLKPPHKFKAP"CJKCLV" +DD"FCA6"WKDWHK" BCPQKJ KI"CP"C"LDFK"WHCSK"CAI"JKFDPK"LKAL@AB"@AI@SCPKI"@ASJKCL@AB" HCAI d SDYKJ" SQCABK " GJDF"GDJKLP"PD"S>HP@YCP@DA" CAI " XCJK"LD@HL"I>J@AB"PQK"!]\;L"CAI"!];;L" a,KP@P"KP"CHT":;;!b " +QK"CJKC"UCL"KgPJKFKH6"@A GKJP@HK"I>K"PD"PQK"IKBJCICP@DA"WJDXHKFLT"@A"IJD>BQP"6KCJLT" U@PQ"PQK"U@AI"LUKKW@AB" CSJDLL " PQK"HCAILSCWKT"PQK"PDWLD@H"UCL"JKFDYKI"CAI"KYKA"PQK"X>J@KI" HCPKJCH"JDDPL"DG"PJKKL"CJK"KgWDLKI"DA"PQK"L>JGCSKV"4>J@AB"PQK"JKSKAP"6KCJLT" H@YKLPDSR " QCL"PD" FDYK"CUC6"DJ"I@ KV"&HLDT" CSSDJI@AB"PD"PQK"L>JYK6LT"L@F@HCJ"L@P>CP@DA"QCL"XKKA"IKYKHDW@AB"@A"

PAGE 43

ME " " PQK"%@CFK?C"JKLKPPHKFKAP"CJKCV" %>SQ"WCPQKP@S"L@P>CP@DA"@L"PQCP"WKDWHK"UQD"LCSJ@G@SK"LD"F>SQ" GDJ"HCJBK"ICFL"BKP"H@PPHK"XKAKG@PL"GJDF"@P"CAI"QCL"PD"L>GGKJ"C"HDPV"5DJKDYKJT"WJDXHKFL"H @RK" IKBJCICP@DA" CAI " UCPKJ"L>WWH6"LQDJPCBK"CJK"C"LKJ@KL"DG"WJDXHKFL"UQ@SQ"DAK"DSS>J"CADPQKJV" " 7+8$#!&'..$,.!&'+#,'6 ! +QK"G@LQKJ@KL"@A"NCJ@XC"SCLK"FC6"B@YK">L"CA"@FWH@SCP@DA"PQCP" C>PQDJ@P@KL"LQD>HI"KFWQCL@L"DA" C"L>LPC@ACXHK" SDFWKALCP@DA " GDJ"JKLKPPHKFKAPLV"+QK"C@IL"B@YKA"X6"PQK"BDYKJAFKAP"LQD>HI"ADP" H@F@PKI"PD"G@ACAS@CH"DAKLT"UQ@SQ"QCL"GDJ"FCA6"P@FKL"LQDUA">L"PD"XK"PKFWDJCJ@H6"CAI"GC@HKI"PD" LDHYK"PQK"WJDXHKFL"PQDJD>BQH6V" +QK" SDFWKALCP@DA " GDJ"PQK"HDLL"DG"JKLKPPHKFKAP"@L"ADP"?>LP" FCPQKFCP@S " WJDXHKFLV"+QK"JKLKPPHKFKAPL"CSP>CHH6"XJKCR"PQK"L6LPKF"DG"JKLKPPHKJV"%KYKJCH" DPQKJ"CIYKJLK"@FWCSPL"CJK"F>SQ"FDJK"LKJ@D>L"PQCA"PQK"I@LCWWKCJCASK"DG"QDFKLV"+QK" JKLKPPHKL">L>CHH6"XKSDFK">ADJBCA@eKI"CAI"?DXHKLL"UQ@SQ"@AKY@PCXH6"HKCIL"PD"CA">AL>LPC@ACXHK" G>P>JK V " -A"FCA6"DPQKJ"SCLKL"JKHCPKI"PD"ICF"WJD?KSPL"QCYK"LQDUA">P@H@eCP@DA"DG"JKLKJYD@J"CJKCLV" 1 KPT" PQK"JKLD>JSK"@L"CHUC6L">P@H@e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

PAGE 44

MM " " +QK"IJCUIDUA"eDAKL">P@H@eCP@DA"@A"PQ@L"SCLK"PKCSQ">L"PD">LK"PQK"JKLD>JSK"DG"HCJBK"ICF" WJD?KSP"@A"C"I6ACF@S"UC6V" 4 JCUIDUA"eDAKL"CJK" CYC@HCXHK " DAH6"@A"WCJP@S>HCJ"WKJ@DI"DG"C"6KCJT" 6KP"@P"SCA"KGG@S@KAPH6" WJDY@IK " L>GG@S@KAP"HCAI"JKLD>JSK"GDJ"JKLKPPHKJLV"+Q@L"JKf>@JKL"SJKCP@YK" PQD>BQP"CAI"AKBDP@CP@DA"PD"FCRK"@P"QCWWKAV"2DJP>ACPKH6T"@A"PQ@L"SCLKT"PQK" BDYKJAFKAP " FCIK" @P"CAI"PQK"KGGKSP"@L"WKJGKSP"CAIT " @A"CADPQKJ"UDJIT"JKCHH6"AKSKLLCJ6V"-A"JKLKPPHKFKAP"WHCAL"H@RK" PQ@L"SCLKT"JKLD>JSKL"GDJ"JKLKPPHKFKAP"CJK">L>CHH6"H@F@PKIV"$YKA"@G"PQK"BDYKJAFKAP"@L"U@HH@ABH6" PD"QKHW"C"HDPT"PQCP"FC6"SDLP"F>SQV"1KP"@G"PQK6"SCA">LK"UKHH d DJBCA@eKI"HCAI d >LK"WHCA"PD"FCRK" >LK"DG " PQK"Kg@LP@AB"JKLD>JSKT"@P"U@HH"SDLP"F>SQ"HKLL"CAI"PQK"JKLKPPHKJL"SCA"XKAKG@P"I@JKSPH6" GJDF"PQK"ICF"WJD?KSPV " +QK"GC@H>JKL"@A"PQ@L"SCLKT"KLWKS@CHH6"PQK"FC?DJ"DAKLT"CJK"SDFFDA"WJDXHKFL"@A"DPQKJ"ICF" WJD?KSPLV"+QK"FC@A"WJDXHKF"@L"PQCP"PQK"WJD?KSP" >L>CHH6 " LKKF L"PD"WJDSKKI"CP"PQK"SDLP"DG" QCJF@AB"C"HCJBK"A>FXKJ"DG"WDW>HCP@DA L V"&AI"C"SDAPJCI@SP@DA"QKJK"@L"PQCP"WKDWHK"UQD"CJK" SHDLK"PD"ICF"L@PK" >L>CHH6 " L>GGKJ"FDJK"CAI"XKAKG@P"HKLLV"+Q@L"WQKADFKADA"CHUC6L"KYDRKI" @APKALK"LDS@CH"IKXCPKL"CAI"FCRKL"ICF"WJD?KSPL"HDDRL">AL >LPC@ACXHKV"-P"LKKFL"PQCP"PQK" KYCH>CP@DA"DG"PQK"HDLL"DG"HDSCH"JKL@IKAPL" CAI " PQK"WDLL@XHK"KAY@JDAFKAPCH"@FWCSPL"CJK"CHUC6L" ADP"KAD>BQV" " " FW4!BF0#''!W$#2'.!4+(C ! I+/G2#$<,6 ! +QKJK"CJK"CHFDLP"!V:"F@HH@DA"WKJLDAL"XKKA"I@LWHCSKI"CHDAK"GDJ"PQK"+QJKK"3DJBKL"4CF" @A" 'Q@AC"a.@"KP"CHV":;;!T"WV":;!l"1CJIHK6":;;[bV"+QK"HCSR"DG"LPKUCJILQ@W"I>J@AB"PQK" SDALPJ>SP@DA"WJDSKLL"DG"+QJKK"3DJBKL"4CF"G@ACHH6"JKL>HPKI"@A">AKgWKSPKI"A>FXKJ"DG" @FF@BJCAPLV"5DLP"DG"PQK"@FF@BJCAPL"CJK"KgSH>IKI"GJDF"PQK"WHCAT"CAI"PQK6"CJK"DGPKA"

PAGE 45

M< " " SDFWD>AIKI" X6"@ACIKf>CPK"SDFWKALCP@DA"GDJ"PQK@J"FCPKJ@CH"CAI"S>HP>JCH"HDLLKLV"+Q@L" WQKADF KADA"SC>LKL"PQK"JKSDBA@P@DA"PQCP"KAY@JDAFKAPCH"SDAGH@SPL"SCAADP"XK">AIKJLPDDI" U@PQD>P"PCR@AB"@APD"SDAL@IKJCP@DA"PQK"WDH@P@SCH"CAI"LDS@DKSDADF@S"SDAPKgPL"U@PQ@A"UQ@SQ" PQK6"KFKJBKV " %@ASK"PQK" SDALPJ>SP@DA " DG"+34"XKBCA"@A"!]]ET"PQJKK d BDJBK"@FF@BJCP@DA"WJD?KSP"QCL" XKSDFK"DAK"DG"PQK"FDLP"SJ>S@CH" BDYKJAFKAP " WJD?KSPL"DG"PQK"ACP@DAV"+QK"WJD?KSP"@L"Q>BK"CL" PQK"BDYKJAFKAP"QCL"PD"JKFDYK"JKL@IKAPL"DG"!:"S@P@KL"@A"'QDABf@AB"S@P6"CAI"(>XK@"WJDY@ASKV" +QKLK"S@P@KL"U@HH"XK" >AIKJ " UCPKJ"CGPKJ"PQK"SDALPJ>SP@DA" DG"+34"I>K"PD" PQK " GH>SP>CP@DA"DG" UCPKJ"HKYKHV"&SSDJI@AB"PD"PQK " LPCP@LP@SL"DG"%4,'"a%PCPK"4KYKHDWFKAP",HCAA@AB"'DFF@LL@DAbT" S>HP@YCPKI"HCAI"CAI"G@KHI" @AGH>KASKI " X6"PQK"YCJ@CP@DA"DG"UCPKJ"HKYKH"U@HH"@AYDHYK"!]<["Y@HHCBKL" CAI"`\;!"BJD>WL"a>A@PL"DG"LFCHH"CJKCLbT"UQ@SQ"@ASH>IK":HP@YCPKI"HCAIT"!;V\"CSJKL" G@KHIT " L" LSCHKL"CJK"GDJSKI"PD"SHDLKT"@ASH>I@AB"!<]]"@AI>LPJ@CH"CAI"F@A@AB"KAPKJWJ@LKL"a`"HCJBK" KAPKJWJ@LKLT":`"FKI@>F d L@eKI"KAPKJWJ@LKL"CAI"!<`["LFCHH d L@eKIVb"CSSDJI@AB"PQK"I@Y@L@ DA" LPCAICJI " WJDY@IKI"X6"'Q@AKLK"F@A@LPJ6"DG"G@ACASKV" 5 DJKDYKJT"JDCIL"U@HH"XK"ICFCBKI" U@PQ " C" HKABPQ"DG"!`E:"R@HDFKPKJL"@A"PDPCHT"CAI"PQ@L"U@HH"CHLD"CGGKSPL"PJCGG@S"DG"CI?CSKAP"CJKCL"PD"C" BJKCP"KgPKAPV"&AI"G@ACHH6T"!!EV:"F@HH@DA"WKDWHK"U@HH"QCYK"PD"FDYK"CUC6 " GJDF"PQK@J"QDFKPDUAV" " +34"@L"?>LP"H@RK"DPQKJ"B@BCAP@S"@AGJCLPJ>SP>JK"WJD?KSP"@A"'Q@ACT" X>@HI@AB " CP"C"SJCe6" LWKKI"U@PQ"AD"@AL>GG@S@KAP"DG"JKHCPKI"WJDXHKFLV"+QK"BDYKJAFKAP">LKI"PD"QCYK"LWKS@G@S"WHCAL" PD"SDWK" U@PQ " @FF@BJCAPLV"0>P" PQK " PJ>PQ"@L"LPKUCJILQ@W"@L" C"FKLL"CAI" SDFWKALCP@DA " @L"AKYKJ" KAD>BQ"GDJ"PQDLK"QDFKHKLL"WKDWHKV"+QK" BDYKJAFKAP " QCL"PUD"FC?DJ"FKCL>JKL"PD"SDWK"U@PQ" PQ@L" L@P>CP@DA T"DAK"@L"PD"LKP"AKU" JKL@IKAP@CH " CJKCL"GDJ"JKLKPPHKFKAP"CAI"PQK"DPQKJ"@L"PD"B@YK"

PAGE 46

M` " " G@ACAS@CH" SDFWKALCP@DA " PD"PQDLK"WKDWHKV"+QK" JKCH@P6"@L"PQCP"PQK"WJDXHKF"P>JAKI"D>P"PD"F>SQ" FDJK"SDFWHKg"PQCA"PQK"KgWKJPL"KgWKSPKIT"PQK"WJDXHKFL"XJDRK"D>P"BJCI>CHH6"CP"I@GGKJKAP" HKYKHL"U@PQ"PQK"SDALPJ>SP@AB"DG"+34V" OQCP " I@LCWWKCJKI"CJK"ADP"?>LP"PQK@J"QDFK"X>P"CHLD"PQK@J" ?DXT"LD"KYKA"PQK6"BDP"WHCSK"PD " LKPPHK"IDUA"CAI" JKSK@YKI " SDAL@IKJCXHK" SDFWKALCP@DA " T"@P"U@HH" ADP"XK"L>LPC@ACXHK"@G"C"HCJBK"A>FXKJ"DG"WKDWHK"CJK"?DXHKLLV"&AI"S>HP>JCHH6T"PQK"WJD?KSP"LKKFL" PD"IKWJ@YK"PQK"WKDWHK"DG" PQK@J " DUA"H@Y@AB"QCX@PL"CAI"S>HP>JK"XCSRBJD>AI"CAI"GDJSK"PQKF"@APD" CA"KAP@J K"AKU"KAY@JDAFKAPV" " -A"7>AKT"E JI T":;!!T"DA"PQK" c 'H@FCPK"CAI"Q6IJDWDUKJ"IKYKHDWFKAP"SDAGKJKASK ^ T"OCAB" 3>CABf@CAT" CSCIKF@S@CA " DG"'&%"a'Q@AKLK"&SCIKF6"DG"%S@KASKLbT"QCL"WD@APKI"D>P" PQCP " PQK" HDSCH"JKL@IKAPL"CJK">AU@HH@ABH6"PD"FDYK"CUC6"GJDF" PQK@J " QDFKPDUAT"CAI"L>SQ"HCJBK"f>CAP@P6" DG"WKDWHK"@L"@FWDLL@XHK"PD" LKPPHK " @A" PQK " AKCJX6"CJKCLV"%D"PQCP"HKCYKL"PQK"BDYKJAFKAP"AD" SQD@SK"X>P"PD"W>P"WKDWHK"DA"PD"PQK"Q@BQKJ"CJKCL"DG"PQK"FD>APC@A"CAI"PQK"KgPJKFK"BKDFKPJ6" SDAI@P@DA"XKSDFKL"X@B"PQJKCPL"GDJ"PQK"QCX@PC PLV"&P"HCLPT"PQK"JKL@IKAPL ^ " H@Y@AB"SDAI@P@DA"QCL" AKYKJ"SQCABKI"CL"UKHH"CL"PQK@J"WDYKJP6V"OCAB"3>CABf@CA"XKH@KYKI"PQCP"@P"U@HH"XK"C"HDAB d PKJF" WJDXHKFV" p -P"@L" AKSKLLCJ6 " GDJ"BDYKJAFKAP"PD"LPCJP"PQ@L"@FF@BJCP@DA"WJD?KSP"PD"KAL>JK"PQK" PQJKK d BDJBK"WJD?KSPV"(DUKY KJT"JKHCPKI"C>PQDJ@P@KL"GC@HKI"PD"SDWK"U@PQ"PQK"IKFDH@P@DA"CAI" @FF@BJCAPL"UKHHV"&AI"-"U@HH"B@YK"C"2C@H"PD"PQ@L"@G"-"QCYK"PD"B@YK"C"LSDJK"DG"D>J"BDYKJAFKAP"@A" PQ@L"WJD?KSPT o " LC@I"OCABV"" "

PAGE 47

M[ " " " 2@B>JK"M d E"""+QJKK"3DJBKL"#KLKJYD@J"#KB@DA " @,51#$,(',*+&!.'**1,2!$3! *0' ! F0#''!W$#2'.!4+( ! +QK"+34"a+QJKK"3DJBKL"4CFb"@L"X>@HP"DA"PQK"1CABPeK"#@YKJ"@A"LD>PQ d SKAPJCH"'Q@AC T" UQ@SQ"@L"PQK"UDJHI ^ L"PQ@JI"HDABKLP"J@YKJV"&"I@LPCASK"DG"CWWJDg@FCPKH6"`;;"RF"XKPUKKA" 'QDABf@AB"CAI"1@SQCAB"'@P6"aPQK"HDSCP@DA"DG"+34b"@L"SCHHKI"+3##"a+QJK K"3DJBKL"4CF" #KLKJYD@J"#KB@DAbV"+QK"CJKC"DG"+3##"@L"-A"PDPCH"<\;;;"RF T"PQ@L"@ASH>IKL"!]"CIF@A@LPJCP@YK" >A@PL"CAI"LDFK"DPQKJ"ACP>JCH"CJKCLV" " +QK"+34"WJD?KSP"@L"I@Y@IKI"@APD"PQJKK"WQCLKL_ " ,QCLK"! d ,HCAA@AB"CSP@Y@P6"a!]]: d !]][b " ,QCLK": d 4CF"SDALPJ>SP@DA"CAI"WC JP@CH"@FWHKFKAPCP@DA"DG"Q6IJDKHKSPJ@S"WDUKJ" GCS@H@P@KL"a!]]\ d :;;Eb " ,QCLK"E d 2>HH" @FWHKFKAPCP@DA " DG"Q6IJDKHKSPJ@S"GCS@H@P@KL"a:;;E d :;;]b " 'H@FCPK"@A"+3##"@L"P6W@SCHH6"Q>F@I"L>XPJDW@SCH"FDALDDA"SH@FCPKV"+QK"PKFWKJCP>JK"@L" !< d !] T"FKCA"CAA>CH" WJKS@W@PCP@DA " DG"! :<;"FFT"CAI"JKHCP@YK"Q>F@I@P6"DG"[`iV"&AI"PQK" YKBKPCP@DA"@L"YCJ@KI" U@PQ " CP"HKCLP"!MM"I@LP@ASP"WHCAP"SDFF>A@P@KL"a'QKA"KP"CHV"!]]Ml"(>CAB" :;;!l"%QKA"CAI"jQCAB":;;;bV"+DAL"DG"LP>I@KL"QCYK"@AI@SCPKI"PQCP"PQK"YKJP@SCH"YKBKPCP@DA"

PAGE 48

M\ " " eDAKL"@L" @FWDJPCAP " PD"PQK"KSDL6 LPKF"@L"PQK"FD>APC@A"CJKCLV"&AI"PQK"YKBKPCP@DA"@L"CHLD" JKHCPKI"PD" PQK " FD>APC@A"SH@FCPK"CAI"HCAIGDJF"SQCJCSPKJ@LP@SL"CL"UKHH"CL"PQK"GHDJ@LP@S" SDFWDL@P@DAV"1KP"F>SQ"DG"PQK"DJ@B@ACH"+3##"GDJKLP"QCL"XKKA"IKLPJD6KI"I>K"PD"CBJ@S>HP>JCH" W>JWDLK"CAI"DPQKJ"Q>FCA"CS P@Y@P@KLV " &L"GDJ" PQK " SJKCP>JKLT"+3##">LKI"PD"XK"PQK"QCX@PCAPL" DG"C"HCJBK"A>FXKJ"DG"XDPQ" PKJJKLPJ@CH"CAI"Cf>CP@S" LWKS@KL V"%@ASK"+3##"@L"C"I@LP@ASP@YK"ACP>JCH"CJKC"U@PQ"SDFWHKg" PDWDBJCWQ6T" CAI " I@YKJL@G@KI"SH@FCPK"P6WKLT"@P"QCL"J@SQ"X@DI@YKJL@P6V"+D"XK"FDJK"L WKS@G@SCHH6T" +3##"@L"UKHH"RADUA"GDJ"@PL"CAS@KAP"JCJK"LWKS@KLT"UQ@SQ"CJK"WJKS@D>L"JKLD>JSKL"GDJ"HDSCH"JKB@DA" CAI"KYKA"GDJ"PQK" ACP@DA V" " 7+8$#!%','31*. ! @ ,'#2;!.<::&; ! &"FDJK"I@JKSP"CAI" >AIKJLPCAICXHK " IKLSJ@WP@DA " DG"PQ@L"BJKCP"SDAPJ@X>P@DA"SDFKL"GJDF" F6"DUA"KgWKJ@KASKV"&L"C"JKL@IKAP@CH"DG"O > QCA"S@P6"aUQ@SQ"@L"PQK"SCW@PCH"S@P6"DG"(>XK@" WJDY@ASK"AKgP"PD"+QJKK"3DJBKL" Q6IJDKHKSPJ@S " ICFbT"-"QCYK"U@PAKLLKI"PQK" SQCABK " @A"KAKJB6" L>WWH6"CGPKJ"PQK"X>@HP"DG"+QJKK"3DJBKL"4CFV " 0KGDJK"PQK"X@B"ICF"LPCJPKI"UDJR@ABT"O>QCA" >LKI"PD"QCYK"H@F@PL"DA"KHKSPJ@S@P6">LKV"-A"L>FFKJT"PQK"S@P6">L>CHH6"GC@HKI"PD"FKKP" PQK " IKFCAI" DG"PQK"HCJBK" KHKSPJ@S@P6 " SDAL>FWP@DA"CAI"PD"CHHKY@CPK"PQK" KHKSPJ@SCH" HDCI"DG"PQK"S@P6T"PQK" BDYKJAFKAP"UCL" DXH@BKI " PD"SD APJDH"PQK"KHKSPJ@S@P6">LK"DG"I@GGKJKAP"CJKCL"@A"PQK"S@P6V"-A"PQK" WKCR d QD>J"@A"PQK"L>FFKJ"LKCLDAT"DAK"PQ@JI"DG"PQK"S@P6"CJKC"UCL"WDUKJKI"DGG"I>J@AB"SKJPC@A" P@FKL"DG"PQK"IC6V"+Q@L"L@P>CP@DA"UCL" @ASDAYKA@KAP">JXCA"H@GK" CAI " KYKA"SC>LKI"LDFK" L>ALPJDRK"KFKJBKAS6 " I>K"PD"PQK"HCSR"DG"C@J d SDAI@P@DA"@A"Q@BQ"PKFWKJCP>JK"LKCLDAV" " " (DUKYKJ"PQK"L@P>CP@DA"QCL"XKKA"CFKH@DJCPKI"C"HDP"L@ASK":;;]"UQKA"+QJKK"3DJBKL"

PAGE 49

M] " " ICF"KAB@AKKJ@AB"G@A@LQKIV"&HPQD>BQ"PQK"KHKSPJ@S@P6"SDAL>FWP@DA"DG"O>QCA"S@P6" CAI " DPQKJ" AKCJX6"CJKCL"QCL"@ASJKCLKI" LPKCI@H6"KCSQ"6KCJ"SC>LKI"X6"PQK"SH@FCPK"UCJF@ABT"PQK"+QJKK" 3DJBKL"4CF"LP@HH"L>SSKKIL"@A"WJDY@I@AB"KAD>BQ"KHKSPJ@S@P6"GDJ">LV"2>JPQKJFDJKT"+QJKK"3DJBKL" 4CF"KYKA"WJDY@IKL"KHKSPJ@S@P6"PD"LDFK"GCJ"CUC6"JKB@DALV"+QK"GCSP"@L"PQCP"+QJKK"3 D JBKL"4CF" PJ>H6"LDHYKL"C " X@B"KAKJB6"WJDXHKF"GDJ"SD>APJ6V" " " )A"PQK"DPQKJ"QCAIT"UQKA"W>PP@AB"PQK"KAY@JDAFKAPCH"@FWCSPL"DG"X@B"ICFL"CL@IKT" +QJKK"3DJBKL"4CF"ADP"DAH6"?>LP"WJDY@IK" f>CAP@P6 T"X>P"CHLD"f>CH@P6V" p -P"@L"PQK"Kf>@YCHKAP"DG" X>JA@AB"<;"F@HH@DA"DG"SDCH"C"6KCJT o " LC6L"$HHKA"ODQHT " C"'DHDJCID"%PCPK"/A@YKJL@P6"BKDHDB@LP" UQKA"PCHR@AB"CXD>P"PQK"BJKCP"CFD>AP"DG" KHKSPJ@S@P6 " PQCP"+QJKK"3DJBKL"F@BQP"WJDY@IKV"+Q@L" LPCPKFKAP"PD"LDFK"KgPKAI"WJKLKAP">L"U@PQ"PQK"KADJFD>L"KHKSPJ@S@P6"BKAKJCP@AB"CX@H@P6"DG" +QJKK"3DJBKL"4CFT"UQ@HK"UK"SCA"CHLD"LKK" PQK"Q@AP"PQCP"UK"ID"ADP"QCYK"PD"X>JA"PQDLK"SDCH"@G" UK">LK"Q6IJDWDUKJV" " S&$$6!#'21(' ! (@LPDJ6"QCL"LQDUA">L"PQCP"PQK"J@YKJT"XKGDJK"PQK"ICF"UCL"X>@HPT"UCL"KgPJKFKH6"ICABKJV " -A"!]]\"C"GHDDI"@A"PQK"LCFK"CJKC"SC>LKI"X@HH@DAL"DG"IDHHCJL"DG"ICFCBKV"&WCJP"GJDF"PQK"Q>BK" f>CAP@P6 " DG"GCJF"HCAI"I@LCWWKCJKIT"PQK"GHDDI"CGGKSPKI":VE"F@HH@DA"WKDWHK"a!T<:`"R@HHKIbV" (DUKYKJT"CGPKJ"PQK"+34"UCL"SDALPJ>SPKIT"@A":;;]T"PQK" 1CABPeK " #@YKJ"KgWKJ@KA SKI"CADPQKJ" X@B"GHDDIT"UQ@SQ"UCL" KLP@FCPKI " DYKJ"PQK"DAK"@A"!]]\V"+QK"ICF"H@F@PKI"PQK"UCPKJ"GHDU"PD"C" LKS>JK"HKYKH" CAI " L>SSKKIKI"@A"WJKYKAP@AB"PQK"GHDDIV " "" +QK"W>JWDLK"DG"PQK"SDALPJ>SP@DA"DG"+34"UCL"G@JLP"PQK"I@LCLPKJ"SDAPJDHT" U@PQ " KAKJB6" L>WWH6"PQK"LKSDAIV " 4KLW@PK" PQK " @APKALK"IKXCPK"DYKJ"+34"CAI"@PL"CIYKJLK"@FWCSPL"DA" KAY@JDAFKAPT"@P"@L"AKSKLLCJ6"PD"X>@HI"+34">AIKJ"PQDLK"S@JS>FLPCASKLV "

PAGE 50

<; " " @/$&$21/+&!1(:+/*.!$3!FW4 ! 7@CAB"O>"GJDF"&J@eDAC"%PCPK"/A@YKJL@P6"CAI"Q@L"PKCFT"@A":;;MT">LKI"C"I@B@PCH" KHKYCP@DA"FDIKH"a4$5 b"U@PQ"<; d FKPKJ"SDAPD>J"@APKJYCHL"CAI"C"3-%"a3KDBJCWQ@S"-AGDJFCP@DA" %6LPKFb"PD"KLP@FCPK"PQK"A>FXKJ"CAI"LWCP@CH"I@LPJ@X>P@DA"DG"@LHCAIL"@A" PQK " +3#&"a+QJKK" 3DJBK L"#KLKJYD@ J"&JKCb V"+QJD>BQ"PQK"CACH6L@LT"PQK6"WJKI@SPKI"PQCP"UCPKJ"HKYKH"UD>HI"JC@LK"PD" ![<"FT"CA I"@P"UCL"KLP@FCPKI"PQCP"PQK"PDPCH"@A>AICPKI"CJKC"@A"PQK"+3##"UD>HI"XK"CXD>P"!;\;" RF " CAI"PQK"CYKJCBK"U@IPQ"UD>HI"XK"!V!"RFV"+QCP"UCL"PU@SK"PQK"U@IPQ"DG"PQK"J@YKJ"XKGDJK" PQK"ICF"UCL"X>@HPV"2@ACHH6T"CL"C"JKL>HPT"FDJK"PQCA"!;;"FD>APC@AL"CAI"J@IBKL"UD>HI" WJDXC XH6 " XK"@LDHCPKI"X6"GHDDI@AB"DJ"J@L@AB"LKC"HKYKHLV" " +QK" JKLKCJSQ " IKL@BA"@PLKHG"UCL"ADP"CA"KgPJKFKH6"CSS>JCPK"DAK"GDJ"PQK"HCSR"DG" DPQKJ " I@JKSP"@AGDJFCP@DA"DA"PQK"GDJFCP@DA"DG"@LHCAIL"CP"PQCP"P@FKV"+QK"JKLKCJSQ"PQD>BQT"PD"LDFK" Kg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f>K"LD>JSK"GDJ">AIKJLPCAI@AB"PQK"X@DI@YKJL@P6"CAI"KSDL6LPKF"LKJY@SKL" WJDXHKFLV"2JDF"PQ@LT"UK"SCA"G@AI"BJKCP"WDPKAP@CH"DG"X@B"ICFLV"+Q>LT"PQK"KYCH>CP@DA"DG"

PAGE 51

LL@DAV " +QK"X>@HP"DG"PQJKK d BDJBKL"ICF"P>JAL"D>P"PD"QCYK"I@LCLPJD>L"@AGH>KASKL"DA"FCA6"WHCAPL" CAI"CA@FCHLV"(DUKYKJT"HDLL"DG"X@DI@YKJL@P6"U@HH"PCRK"WHCSK"XDPQ"DA"HCAI"CAI"@A"PQK"UCPKJV"-A" PQ@L"SCLKT"DAK"PQ@AB"LQD>HI"XK"B@YKA"FDJK"CPPKAP@D AV"+QCP"@L"CAS@KAP"KAIKF@S"G@LQ T"X KSC>LK" @P" @L " KgPJKFKH6"GJCB@HKV " 4>K"PD"PQ@L"L@P>CP@DAT"W>XH@S"SDASKJAL"QCYK"XKKA"IJCUA"PD"PQK"ICFLV"&AI"PQ@L"SC>LKI" WJDFDP@AB">JBKAP"CIDWP@DA"DG"C"SDALKJYCP@DA"CBKAIC"CAI"JKHCPKI"JKLKCJSQ"CAI"WJDPKSP@DA" GDJ"PQDLK"G@LQKLV") A"PQK"DPQKJ"QCAIT"PQK"BDYKJAFKAP"LP@HH"WHCAL"PD"X>@HI"CADPQKJ"!;"ICFL"I>K" PD"KSDADF@S"CAI"KAKJB6"JKCLDALV" " &L"PQK"SDALPJ>SP@DA"DG"ICFL"@L"BJCI>CHH6"JKBCJIKI"CL"PQK"X@BBKLP"PQJKCP"PD"Cf>CP@S" X@DI@YKJL@P6T"UK"PJ@KI"PD"HKCJA"CAI">AIKJLPCAI"PQK"KSDHDB@SCH"SDAL Kf>KASKL"DG"C"ICFV"+QKLK" CJK"PUD"L@IKL"DG"C"SD@AT"@P"WJDY@IKL"BJKCP"KAKJB6"UQ@HK"ID"QCJFL"PD"KSDL6LPKF"CAI"F@HH@DAL"DG" 6KCJL"DG"KYDH>P@DAV " -'.'**&'(',*! :#$%&'(.! $3!FW4!:#$8'/* ! 0KGDJK"!]M]T"'Q@AC"QCI"AKYKJ"X>@HP"DAK"Q@BQ d J@LK"ICFLT"DAH6"U@PQ"M;"LFCHH"LSCHK" Q6IJD"@AGJCLPJ>SP>JKLV"%@ASK"!]M]T"GDJ"PQK"W>JWDLK"DG"KHKSPJ@S@P6"BKAKJCP@DAT"KAQCAS@AB" @JJ@BCP@DA"CX@H@P6"CAI"GHDDI"SDAPJDHT"PQK"BDYKJAFKAP"QCL"X>@HP"DYKJ"\;T;;;"JKLKJYD@JL" CAI" [;T;;;"Q6IJDWDUKJ"LPCP@DALV " U,5'#+/1$<.! #'.'**&'(',* ! #':$#*. ! &HPQD>BQ"PQK"'Q@AKLK"BDYKJAFKAP"QCI"RKWP"@AL@LP@AB"PQCP"JKHCPKI"C>PQDJ@P@KL"QCI" HKCJAP"CXD>P"PQK"WJKY@D>L"KgCFWHKL" CAI " QCI"KAD>BQ"KgWKJ@KASK"PD"SDWK"U@PQ"PQK"SDF@AB" JKLKPPHKFKAP " WJDXHKFLT"PQK"PJ>PQ"UCL"QDUKYKJT"PQK"DWWDL@PKV"%@ASK"!]]MT"UQKA"+34"WJD?KSP"

PAGE 52

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

PAGE 53

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g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

PAGE 54

HCP@DA"FKPQDI"DG"SDFWKALCP@AB " UCL " SDFWHKg"CAI"DWCf>KV " '>JJKAPH6T"SDFWKALCP@DA" XKPUKKA"PQK"SD>APJ6q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gCFWHK T " @ A"1>A6CAB"'D>AP6T"KYKJ6"Lf>CJK"FKPKJ" SDFWKALCP@DA"LPCAICJIL" DG" FCLDAJ6"CAI"SDASJKPK" SDALPJ>SP@DA"DG"DGG@S@CH"JKB>HCP@DAL " UKJKT" GDJ" SD>AP6"JKL@IKAPL T " E;;"6>CAT"::<"6>CA" GDJ " PDUALQ@W"JKL@ IKAPLT"J>JCH"JKL@IKAPL"!\;"6>CA V " A" j@B>@"'D>A P6T"PQK"SDFWKALCP@DA"LPCAICJI" UCL " PQCP"SD>AP6"JKL@IKAPL"M\;"6>CAT":;;"6>CA"DG" PDUALQ@W"JKL@IKAPLT"GCJFKJL"!<; " 6>CAV " " " " " %KSDAIH6T" PQK"KLP@FCP@DA"GDJ" PQK"DJ@B@ACH"WJ@SK"DG"PQK"WJDWKJP6T"JKFDYCH"DG" F@BJCP@DA"CAI"X>@HI"AKU"QDFKL " UK JK"SCHS>HCPKI"CSSDJI@AB"PD"!]]:"WJ@SKL T"A DP"@A"CSSDJICASK" U@PQ"PQK"@AGHCP@DA"JCPK"PD"FCRK"PQK"AKSKLLCJ6"CI?>LPFKAPLV " 2JDF"!]]:"PD" PQKA T" WJ@SKL"JDLK"CP" HKCLP"`;i"PD"[;iT"PQK"W>JSQCL@AB"WDUKJ"DG"PQK"SDFWKALCP@DA"GKK"CSSDJI@AB"PD"!]]:"WJ@SKL" QCI"XKKA"JKI>SKI"X6"PUD d PQ@JILV " 2CJFKJL" UKJK"CGGKSPKI"X6"PQKLK"C"HDPT"X KSC>LK"PQK6"B D P"PD" >LK"PQK"SDFWKALCP@DA" PD" JK d X>@HI"DAK" AKU"QD>LK"PQCP"UCL" PQK"LCF K"f>CH@P6"DG"AKU"QDFKLT" UQ@SQ"UCL " @FWDLL@XHKV " " " " " &BC@AT"L@ASK"SDJJ>WP@DA"CAI"KFXKeeHKFKAP " DG"BDYKJAFKAP"DGG@S@CHL T"KYKA"PQ @L"P@A6" CFD>AP"DG" SDFWKALCP@DA " U CL"ADP" CSP>CHH6"BD@AB " @APD"PQK"QCAIL"DG"GCJFKJLV" &HFDLP"KYKJ6" GCJFKJ"PQCP"UCL " @APKJY@KUKI" QCI" FKAP@DA KI " PQCP T" PQKJK"UCL" @FF@BJCP@DA"DGG@S@CHL ^ " SDJJ>WP@DA"DJ"XJ@XKJ6"WC6FKAPL"@A"PQK"F@B JCP@DA"CJKC"SDALPJ>SP@DA"WJD?KS P V" +CR@AB " 1>A6CAB"

PAGE 55

<< " " 'D>AP6"CL"CA"KgCFWHKT " @A"!]][ " CHDAK"K@BQP"DGG@SKJL"UKJK"I@LF@LLKI"GDJ"PCR@AB"XJ@XKLT" @ASH>I@AB"C"IKW>P6"BDYKJADJ"@A"SQCJBK"DG"@FF@BJCP@DAT"CL"UKHH"CL"PQK"SD>AP6qL"I@JKSPDJ"DG" FCACBKFKAP"SDFF@PPKK"DG"PQK"AKU"SD>AP6"CAI"L@g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f>@JKI"@A"PQ@L"R@AI"DG"WJD?KSPV"-A" 5CQCUK H@"WJD?KSPT"PQK" BDYKJAFKAP T"CL"PQK"WJKY@D>L"JKLKCJSQKJL"QCL"WD@APKI"D>PT" I@I " ADP" SDAL@IKJ KI"JKB@DACH"WHCAA@AB" DYKJ"PQK"HDAB"PKJF V"O@PQD>P" PQK " JKB@DACH"WHCAA@ABT"PQK" @AI@Y@I>CH"@JJ@BCP@DA"L6LPKF"@A"5CQCUKH@"WJD?KSP"XKSCFK"LKWCJCPKIV"-A"+34T"LCFK"WJDXHKF" QCL " QCWWKAKI V"2DJ" KgCFWHK T"PQK"PUD"FC@A"CJKC L " CGGKSPKI"X6"PQK"SDALPJ>SP@DA"DG"HCJBK"ICF" CJK"%@SQ>CA"WJDY@ASK"CAI"(>XK@T"6KP"PQK" LPKUCJILQ@W T"KSDADF@S"C@I"CAI"JKLKPPHKFKAP" UDJR@AB"BJD>W"@A"XDPQ"CJKCL"CJK"PDPCHH6"LKWCJCPKIV" +QK " @FWHKFKAPCP@DA"DG"JKLKPPHKFKAP" CA I " DPQKJ"ICF d JKHCPKI"UDJR"@L"@AI@Y@I>CHH6"LKWCJCPKIV"+QCP"JKL>HPL"@A"JKLD>JSK"@FXCHCASK" CAI " PQK" BCW"XKPUKKA" I@GGKJKAP " WJDSKLL"PQK" WJD?KSP " @A"I@GGKJKAP"CJKCLV" %DT" UQCP " LQD>HI"XK"CWWH@KI"PD"

PAGE 56

<`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

PAGE 57

<[ " " UQ@HK"PDD"H@PPHK"CPPKAP@DA"UCL"WC@I"PD"LKPPHKFKAPT"QKCHPQ"CAI"UKHH d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gCFWHK"@A"PQK"NCJ@XC"SCLK"FC6"L>BBKLP"PQCP"C>PQDJ@P@KL"LQD>HI"GDS>L"DA" GDJFL"DG"L>LPC@ACXHK"SDFWKALCP@DA"GDJ"JKLKPPHKFKAPLV"+QK"CLL@LPCASK"B@YKA"X6"PQK" BDYKJAFKAP"LQD>HI"ADP"XK"H@F@PKI"PD"G@ACAS@C H"C@IT"UQ@SQ"QCL"FCA6"P@FKL"LQDUA"PD"XK"

PAGE 58

<\ " " PKFWDJCJ6"CAI"GC@HKI"PD"LDHYK"PQK"HDAB"PKJF"WJDXHKFLV"'JKCP@AB"C"AKU"FCJRKP"KAY@JDAFKAP" CAI"LKHG d L>GG@S@KAP"FCJRKPL"GDJ"PQK"JKLKPPHKJL"@L"@FWDJPCAPV" &L"PQ@L"FC6"PD"BJKCP"KgPKAP"B@YK" JKSDYKJ6"GDJ"PQK"HDLL"DG"PQK" JKLKP PHKJLV" -A"FCA6"DPQKJ"SCLKL"JKHCPKI"PD"ICF"WJD?KSPL"QCYK" LQDUA">P@H@eCP@DA"DG"JKLKJYD@J"CJKCLV" 1 KPT"PQK"JKLD>JSK"@L"CHUC6L">P@H@eKI"FDJK"KGG@S@KAPH6"X6" @FF@BJCAPLT"ADP" PQK " JKLKPPHKJLV" %DT"@P"@L"AKSKLLCJ6"PD"LKP"WJDPKSP@DA"CJKC"GDJ"PQK"JKLKPPHKJL"PD" KAL>JK" P QK@J " WJDG@PT"L D"PQCP"PQK6"SCA"X>@HI">W" PQK@J " DUA"X>L@AKLL"KYKA"FCJRKP"L6LPKF"I>J@AB" PQK"XKB@AA@AB"WKJ@DIV"5DJKDYKJT"PQK" BDYKJAFKAP " B@YKL"FCA6"DPQKJ"C@IL"@A"QKHW@AB"PQKF"PD" FCRK"PQK"X>L@AKLL"XKPPKJV"+QK"@A@P@CH"X>L@AKLL " @L"KgWKSPKI"PD " XKSDFK"FDJK"SDFWH@SCPK I"CAI" L>WWDJPL"PQK"JKLKPPHKI"WDW>HCP@DA"P@HH"PQK6"G@ACHH6"JKX>@HI" PQK@J " AKU"H@PPHK"LDS@KP6V"+QK" WD@AP " @L" PQCP"BDYKJAFKAP"LQD>HI"QKHW"PQK"JKLKPPHKJL"@A"C"L>LPC@ACXHK"UC6T"@ALPKCI"DG"?>LP"WJDY@I@AB" JKLD>JSKL"DG"FDAK6V"3DYKJAFKAP"LQD>HI"B>@IK"WKDWHK"@A"PQK"JK LKPPHKFKAP"CJKC"PD"JKX>@HI" PQK@J"QDFKLV " " +QK">P@H@eCP@DA"DG"IJCUIDUA"eDAKL"@A"PQK"NCJ@XC"SCLK"PKCSQKL">L"PD">LK"PQK"JKLD>JSKL"DG"C" HCJBK"ICF"WJD?KSP"@A"C"I6ACF@S"UC6V"4JCUIDUA"eDAKL"CJK"CYC@HCXHK"DAH6"@A"WCJP@S>HCJ" WKJ@DIL"DG"PQK"6KCJT"6KP"SCA"KGG@S@KAPH6 " WJDY@IK"CII@P@DACH"HCAI"JKLD>JSKL"GDJ"JKLKPPHKJLV"-A" +34T"JKLD>JSKL"GDJ"JKLKPPHKFKAP"CJK">L>CHH6"H@F@PKIT"KLWKS@CHH6"GCJF"HCAIL"GDJ"JKLKPPHKJLV"-G" PQK6"SCA">LK"C"UKHH d DJBCA@eKI"HCAI d >LK"WHCA"PD"PCRK"CIYCAPCBK"DG"PQK"Kg@LP@AB"JKLD>JSKT"L>SQ" CL"PQK"IJCUIDUA " eDAKL"@A"PQK"NCJ@XC"SCLKT"@P"U@HH"SDLP"F>SQ"HKLL"CAI"PQK"JKLKPPHKJL"SCA" XKAKG@P"I@JKSPH6"GJDF"PQK"ICF"WJD?KSPV " "$*',*1+&!.<.*+1,+%1&1*;!$3!&+#2'!6+( ! O@PQ " PQK"XCHCASKI"CLLKLLFKAP"DG"HCJBK"ICFLT"U K"QCYK"PD"CIF@P"PQK"AKSKLL@P6"DG"PQK"

PAGE 59

<] " " Kg@LPKASK"DG"HCJBK"ICFLV " 4>K"PD"@PL"@AI@LWKALCXHK"IKYDP@DA"PD"Q>FCA"LDS@KP6 T"UK"U@HH"JKH6"DA" PQKF"@A"PQK"GDJKLKKA"G>P>JKV"(DUKYKJT"UK"SD>HI"ADP"@BADJK" PQK " CIYKJLK"@FWCSPL"DG"PQKF" PQCP"UK"CJK"LP@HH"LKKR@AB"PQK" L>LPC@ACX@H@P6 " DG"PQKF"CAI"PJ6"PD"@FWJDYK"PQKFV"06"SDFWCJ@AB" PQK"SCLK"L P>I@KL"CAI"CACH6e@AB"PQKFT"UK"SCA"IJCU"PQK" XCL@S " SDASH>L@DA"PQCP"PQKJK" @L T"GDJ"L>JKT" WDPKAP@CH"L>LPC@ACX@H@P6"@A" PQK " HCJBK"ICF"WJD?KSP"UQ@SQ"AKKI L"PD"XK"KgWHDJKIV"+QJD>BQ" SDASH>I@AB"PQK"K@BQP"FC?DJ"CLWKSPL"DG"HCJBK"ICF"L>LPC@ACXHK"WJDXHKFLT"UK"SCA"GDJF"PQK " L>LPC@ACXHK"L>BBKLP@DAL"GDJ"HCJBK"ICF"WJD?KSP"CL"GDHHDU@AB_ " !V"'DAAKSP@Y@P6"CAI"PQK"SDAL@IKJCP@DA"CP"C"HCJBK"LSCHK"a@AP KBJCP@DA"XKPUKKA"PQK"FCA6"WCJPL" UQ@SQ"FCRK">W"PQK"UQDHK"WJD?KSPbV " :V" 3 KAKJCPK"FC?DJ"F>HP@WH@KJ"KGGKSPL"PD"GDJF"AKU"FCJRKP"CAI"LPCXHK"H@Y@AB"SDAI@P@DA"GDJ" JKLKPPHKJLV " EV" 3 DYKJAFKAP"LQD>HI"LKP"FDJK"JKCH@LP@S"BDCHL"GDJ"+34"CAI"FCRK"L>JK"PQK"@FWHKFKAPCP@DA" BDKL"UKHH"I>J@AB"KCSQ"LPKWV " MV" 5DJK"CPPKAP@DA"F>LP"XK"WC@I"PD"PQK"XCHCASK " CAI"SDDJI@ACP@DA"XKPUKKA"PQK"SDALPJ>SP@DA" CAI"IKYKHDWFKAP"LPKWLV " PQDJ@P@KL"DG"L>SQ"HDAB"PKJF"WJD?KSPL"AKKI"C"FDA@PDJ@AB"CAI"KYCH>CP@DA"L6LPKFV" &AI"PQK"L6LPKF"LQD>HI"XK"@AIKWKAIKAP V " `V" 0CHCASK"LQD>HI"XK"SJKCPKI"XKPUKKA"QD>L@ABT"LDS@CH"LKJY@SKL " CAI"PQK"QD>LKQDHI"KSDADF6 V " [V" 'JKCP@AB"C"AKU"FCJRKP"KAY@JDAFKAP"CAI"LKHG d L>GG@S@KAP"FCJRKPL"GDJ"PQK"JKLKPPHKJL"@L"@FWDJPCAPV" " \V"/ LK"PQK"JKLD>JSKL"DG"C"HCJBK"ICF"WJD?KSP"@A"C"I6ACF@S"UC6V " " "

PAGE 60

`; " " .-%+")2"#$2$#$*'$% " '$#*"a'Q@AKLK"$SDL6LPKF"#KLKCJSQ"*KPU DJRbT":;;EV"'Q@AC"+KJJKLPJ@CH"$SDHDB@SCH"-AGDJFCP@DA" %WCP@CH"5KPKDJDHDB6" " " 'QKA"OT"jQCAB"rT".@CAB"%T" !"# $% V"!]]MV",HCAPL"CAI"SDFWDL@PK"CBJ@S>HP>JCH"KSDL6LPKFL"DG"PQK" +QJKK"3DJBKL"#KLKJYD@J"#KB@DAV"0K@?@ABT",#"'Q@AC_"%S@KASK",JKLLV " " $HCLL@D>P@T"-V"5V" a!]];bV"$AY@JDAFKAPCH"CLWKSPL"DG"UCPKJ"JKLD>JSKL"IKYKHDWFKAPV" -A " &'()$*%+,-.&'()/%/0'#/1#2)+(#3$4(-#5&6237 " aWWV"! d `bV"&%'$V " " 3HK@SRT",V"(V"a:;;]bV"+QJKK"3DJBKL"4CF",JD?KSPT"1CABPeK"#@YKJT"'Q@ACV"-A+QK"UDJHIqL"UCPKJ" :;;\ m :;;]_"PQK"X@KAA@CH"JKWDJP"DA"GJKLQUC PKJ"JKLD>JSKL " aWWV"!E] d !<;bV"-LHCAI",JKLL" OCLQ@ABPDA"4'V " " 3DHILF@PQT"$VT"s"(@HI6CJIT"*V"a!]\`bV " 89!#-/,+$%#$4(#!4:+)/4;!4"$%#!11!,"-#/1#%$)0!#($;-<# =/%*;!#>?#,$-!#-"*(+!V"OCIKXJ@IBK"$SDHDB@SCH"'KAPJKV " " 7CSRLDAT"%VT"s"%HK@BQT"&V"a:;;;bV " #KLKPPHKFKAP"GDJ"'Q@ACqL"+QJKK"3DJBKL"4CF_"LDS@D d KSDADF@S" @FWCSP"CAI"@ALP@P>P@DACH"PKAL@DALV " @/;;*4+-"#$4(#A/-" B @/;;*4+-"#C"*(+!T " DD a:bT"::E d :M!V " " .DJ@",DPP@ABKJ V"a!]]`bV" $AY@JDAFKAPCH"-FWCSPL"DG".CJBK"4CFL_"&GJ@SCA"KgCFWHKL V"GJDF " QPPW_kkUUUV@APKJACP@DACHJ@YKJLVDJBkJKLD>JSKLkKAY@JDAFKAPCH d @FWCSPL d DG d HCJBK d ICFL d CGJ@SCA d KgCFWHKL d :;:] " " 5KAIHKJT"%VT"s")IKHHT"OV"a:;;;bV " 89 !#&EF#0*+(!G//H#"/#-*-"$+4$G%!#(!-+04 V"7DQA"O@HK6"s" %DALV " " *$4$')T " I$9$J!%+#K$40$#L!:!%/M;!4"#A)/0)$;?#N;M%!;!4"$"+/4#C")$"!0'#C"*(' V" %KWPKFXKJ"!][] " " *hLLKJT"5V"a:;!MbV".CJBK"4CFL"@A"&L@CV " " %CJFCT"8V"a!]\:bV"+CLFCA@CA"KAY@JDAFKAP_"4CF"PQJKCPKAL"U@HIKJAKLLV O$"*)! T " DPP T"`[]V " " %S>IIKJT"+V"+V"a:;!:bV " 89!#Q*"*)!#/1#3$)0!#L$;-?R#L!$%+40#J+"9#C/,+$%S#T4:+)/4;!4"$%S# N4-"+"*"+/4$%#$4(#A/%+"+,$%#@/-"-R V"+C6HDJ"s"2JCAS@LV " " +@HPT"0VT"0JC>AT"1VT"s"(KT"4V"a:;;]bV"%DS@CH"@FWCSPL"DG"HCJBK"ICF"WJD?KSPL_"&"SDFWCJ@LDA"DG" @APK JACP@DACH"SCLK"LP>I@KL"CAI"@FWH@SCP@DAL"GDJ"XKLP"WJCSP@SKV U/*)4$%#/1#T4:+)/4;!4"$%# I$4$0!;!4" T " VP T"%:M] d %:<[V " " O>T"7VT"(>CABT"7VT"(CAT"rVT"r@KT"jVT"s"3CDT"rV"a:;;EbV"+QJKK d 3DJBKL"4CF dd $gWKJ@FKAP"@A"

PAGE 61

`! " " (CX@PCP"2JCBFKAPCP@DAtV " C@NTO@T B OTW#XEYF#8&TO#W2C&NOK8EO B T " !:E] d !:E]V " " O>T"7VT"(>CABT"7VT"(CAT"rVT"3CDT"rVT"(KT"2VT"7@CABT"5VT"VVV"s"%QKAT"jV"a:;;MbV"+QK"PQJKK"BDJBKL" ICF_"CA"KSDHDB@SCH"WKJLWKSP@YKV " Q)/4"+!)-#+4#T,/%/0'#$4(#"9!#T4:+)/4;!4" T " > aT"7VT"(>CABT"7VT"s"(CAT"rV"a:;;EbV"+QJKK d 3DJBK L"4CF_"J@LR"PD"CAS@KAP" G@LQV " C,+!4,! T " DP> a<`M\bT"!!M] d !!PHDDR":;;`T")$'4k-$&T",CJ@LT"2JCASKV " " O8-'T":;;MV"2CSPL"CXD>P"(6IJDWDUKJT # W+-,/4-+4#=$%%!'#N;M)/:!;!4"#@/;M$4' V"&YC@HCXHK" CP_ " " QPPW_kkUUUVUY@SVSDFkQ6IJD d GCSPLVQPF " ! -APKJACP@DACH"(6IJDWDUKJ"&LLDS@CP@DAT":;;:V"(6IJDWDUKJ" d " C"NK6"+DDH"GDJ" %>LPC@ACXHK" 4KYKHDWFKAP . ! /A@PKI"*CP@DALT":;;MV"0K@?@AB"4KSHCJCP@DA"DA"(6IJDWDUKJ"CAI"%>LPC@ACXHK"4KYKHDWFKAP ! " " " " " " " " " " " " "

PAGE 62

`: " " 0-)3#&,(-'&."%N$+'( " 7@CDT"1>?@AB"UCL"XDJA"@A"O>QCAT"(>XK@"WJDY@ASKT"'Q@ACV"%QK"BDP"QKJ"0CSQKHDJ"IKBJKK"DG"&JP"CP" (/%+"a(>CeQDAB " /A@YKJL@P6"DG"%S@KASK"CAI"+KSQADHDB6b"CAI"UCL"CSSKWPKI"PD"PQK"BJCI>CPK" LSQDDH"DG"(/%+"CGPKJ"LQK"BJCI>CPKIV"%QK"CPPKAIKI"PQK"@APKJI@LS@WH@ACJ6"WJDBJCF"XKPUKKA" (/%+"CAI"/A@YKJL@P6"DG"2HDJ@IC"GJDF":;!M"PD":;!<"@A"L>LPC@ACXHK"IKL@BAV "