HAL Id: dumas-01662007
https://dumas.ccsd.cnrs.fr/dumas-01662007
Submitted on 29 Jan 2018
HAL is a multi-disciplinary open access
archive for the deposit and dissemination of sci-entific research documents, whether they are pub-lished or not. The documents may come from teaching and research institutions in France or
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires
Facteurs, modalités et risque de mésusage de
l’automédication avant une consultation médicale. Étude
quantitative sur une population de patients consultant
leur médecin généraliste en Haute-Normandie
Florian Torreton
To cite this version:
Florian Torreton. Facteurs, modalités et risque de mésusage de l’automédication avant une consulta-tion médicale. Étude quantitative sur une populaconsulta-tion de patients consultant leur médecin généraliste en Haute-Normandie. Médecine humaine et pathologie. 2017. �dumas-01662007�
UNIVERSITÉ DE ROUEN
Faculté mixte de Médecine et de Pharmacie
ANNEE 2017 N°
THÈSE POUR LE DOCTORAT EN MÉDECINE
(Diplôme d’État)Par
TORRETON Florian
Né le 15 Mars 1989 à ROUEN (76)
Présentée et soutenue publiquement le mercredi 18 octobre 2017
Facteurs, modalités et risque de mésusage de
l’automédication avant une consultation médicale.
Étude quantitative sur une population de patients consultant leur
médecin généraliste en Haute Normandie.
Président du jury : Monsieur le Professeur Jean DOUCET Directeur de thèse : Monsieur le Dr Stéphane BORD
Membres du jury : Madame le Professeur Elisabeth MAUVIARD Monsieur le Professeur Rémi VARIN
ANNEE UNIVERSITAIRE 2016 - 2017 U.F.R. DE MEDECINE ET DE-PHARMACIE DE ROUEN
---
DOYEN : Professeur Pierre FREGER
ASSESSEURS : Professeur Michel GUERBET
Professeur Benoit VEBER Professeur Pascal JOLY Professeur Stéphane MARRET
I - MEDECINE
PROFESSEURS DES UNIVERSITES – PRATICIENS HOSPITALIERS
Mr Frédéric ANSELME HCN Cardiologie
Mme Isabelle AUQUIT AUCKBUR HCN Chirurgie plastique
Mr Fabrice BAUER HCN Cardiologie
Mme Soumeya BEKRI HCN Biochimie et biologie moléculaire
Mr Ygal BENHAMOU HCN Médecine interne
Mr Jacques BENICHOU HCN Bio statistiques et informatique médicale
Mme Bouchra LAMIA Havre Pneumologie
Mr Olivier BOYER UFR Immunologie
Mr François CARON HCN Maladies infectieuses et tropicales
Mr Philippe CHASSAGNE (détachement) HCN Médecine interne (gériatrie) – Détachement Mr Vincent COMPERE HCN Anesthésiologie et réanimation chirurgicale
Mr Jean-Nicolas CORNU HCN Urologie
Mr Antoine CUVELIER HB Pneumologie
Mr Pierre CZERNICHOW (surnombre) HCH Epidémiologie, économie de la santé Mr Jean-Nicolas DACHER HCN Radiologie et imagerie médicale
Mr Stéfan DARMONI HCN Informatique médicale et techniques de communication
Mr Frédéric DI FIORE CB Cancérologie
Mr Fabien DOGUET HCN Chirurgie Cardio Vasculaire
Mr Jean DOUCET SJ Thérapeutique - Médecine interne et gériatrie
Mr Bernard DUBRAY CB Radiothérapie
Mr Philippe DUCROTTE HCN Hépato-gastro-entérologie
Mr Frank DUJARDIN HCN Chirurgie orthopédique - Traumatologique
Mr Fabrice DUPARC HCN Anatomie - Chirurgie orthopédique et traumatologique
Mr Eric DURAND HCN Cardiologie
Mr Bertrand DUREUIL HCN Anesthésiologie et réanimation chirurgicale
Mme Hélène ELTCHANINOFF HCN Cardiologie
Mr Thierry FREBOURG UFR Génétique
Mr Pierre FREGER HCN Anatomie - Neurochirurgie
Mr Jean François GEHANNO HCN Médecine et santé au travail
Mr Emmanuel GERARDIN HCN Imagerie médicale
Mme Priscille GERARDIN HCN Pédopsychiatrie
Mr Michel GODIN (surnombre) HB Néphrologie
M. Guillaume GOURCEROL HCN Physiologie
Mr Dominique GUERROT HCN Néphrologie
Mr Olivier GUILLIN HCN Psychiatrie Adultes
Mr Didier HANNEQUIN HCN Neurologie
Mr Fabrice JARDIN CB Hématologie
Mr Luc-Marie JOLY HCN Médecine d’urgence
Mr Pascal JOLY HCN Dermato - Vénéréologie
Mme Annie LAQUERRIERE HCN Anatomie et cytologie pathologiques Mr Vincent LAUDENBACH HCN Anesthésie et réanimation chirurgicale
Mr Joël LECHEVALLIER HCN Chirurgie infantile
Mr Hervé LEFEBVRE HB Endocrinologie et maladies métaboliques
Mr Thierry LEQUERRE HB Rhumatologie
Mme Anne-Marie LEROI HCN Physiologie
Mr Hervé LEVESQUE HB Médecine interne
Mme Agnès LIARD-ZMUDA HCN Chirurgie Infantile
Mr Pierre Yves LITZLER HCN Chirurgie cardiaque
Mr Bertrand MACE HCN Histologie, embryologie, cytogénétique
M. David MALTETE HCN Neurologie
Mr Christophe MARGUET HCN Pédiatrie
Mr Stéphane MARRET HCN Pédiatrie
Mme Véronique MERLE HCN Epidémiologie
Mr Pierre MICHEL HCN Hépato-gastro-entérologie
M. Benoit MISSET HCN Réanimation Médicale
Mr Jean-François MUIR (surnombre) HB Pneumologie
Mr Marc MURAINE HCN Ophtalmologie
Mr Philippe MUSETTE HCN Dermatologie - Vénéréologie
Mr Christophe PEILLON HCN Chirurgie générale
Mr Christian PFISTER HCN Urologie
Mr Jean-Christophe PLANTIER HCN Bactériologie - Virologie
Mr Didier PLISSONNIER HCN Chirurgie vasculaire
Mr Gaëtan PREVOST HCN Endocrinologie
Mr Bernard PROUST HCN Médecine légale
Mr Jean-Christophe RICHARD (détachement) HCN Réanimation médicale - Médecine d’urgence
Mr Vincent RICHARD UFR Pharmacologie
Mme Nathalie RIVES HCN Biologie du développement et de la reproduction
Mr Horace ROMAN HCN Gynécologie - Obstétrique
Mr Jean-Christophe SABOURIN HCN Anatomie - Pathologie
Mr Guillaume SAVOYE HCN Hépato-gastrologie
Mme Céline SAVOYE–COLLET HCN Imagerie médicale
Mme Pascale SCHNEIDER HCN Pédiatrie
Mr Michel SCOTTE HCN Chirurgie digestive
Mme Fabienne TAMION HCN Thérapeutique
Mr Luc THIBERVILLE HCN Pneumologie
Mr Christian THUILLEZ (surnombre) HB Pharmacologie
Mr Hervé TILLY CB Hématologie et transfusion
M. Gilles TOURNEL HCN Médecine Légale
Mr Olivier TROST HCN Chirurgie Maxillo-Faciale
Mr Jean-Jacques TUECH HCN Chirurgie digestive
Mr Jean-Pierre VANNIER (surnombre) HCN Pédiatrie génétique
Mr Benoît VEBER HCN Anesthésiologie - Réanimation chirurgicale
Mr Pierre VERA CB Biophysique et traitement de l’image
Mr Eric VERIN HB Service Santé Réadaptation
Mr Eric VERSPYCK HCN Gynécologie obstétrique
MAITRES DE CONFERENCES DES UNIVERSITES – PRATICIENS HOSPITALIERS
Mme Noëlle BARBIER-FREBOURG HCN Bactériologie – Virologie
Mme Carole BRASSE LAGNEL HCN Biochimie
Mme Valérie BRIDOUX HUYBRECHTS HCN Chirurgie Vasculaire
Mr Gérard BUCHONNET HCN Hématologie
Mme Mireille CASTANET HCN Pédiatrie
Mme Nathalie CHASTAN HCN Neurophysiologie
Mme Sophie CLAEYSSENS HCN Biochimie et biologie moléculaire
Mr Moïse COEFFIER HCN Nutrition
Mr Manuel ETIENNE HCN Maladies infectieuses et tropicales
Mr Serge JACQUOT UFR Immunologie
Mr Joël LADNER HCN Epidémiologie, économie de la santé
Mr Jean-Baptiste LATOUCHE UFR Biologie cellulaire
Mr Thomas MOUREZ HCN Virologie
Mme Muriel QUILLARD HCN Biochimie et biologie moléculaire
Mme Laëtitia ROLLIN HCN Médecine du Travail
Mr Mathieu SALAUN HCN Pneumologie
Mme Pascale SAUGIER-VEBER HCN Génétique
Mme Anne-Claire TOBENAS-DUJARDIN HCN Anatomie
Mr David WALLON HCN Neurologie
PROFESSEUR AGREGE OU CERTIFIE
Mme Dominique LANIEZ UFR Anglais – retraite 01/10/2016
II - PHARMACIE
PROFESSEURS
Mr Thierry BESSON Chimie Thérapeutique
Mr Jean-Jacques BONNET Pharmacologie
Mr Roland CAPRON (PU-PH) Biophysique
Mr Jean COSTENTIN (Professeur émérite) Pharmacologie
Mme Isabelle DUBUS Biochimie
Mr Loïc FAVENNEC (PU-PH) Parasitologie
Mr Jean Pierre GOULLE (Professeur émérite) Toxicologie
Mr Michel GUERBET Toxicologie
Mme Isabelle LEROUX - NICOLLET Physiologie
Mme Christelle MONTEIL Toxicologie
Mme Martine PESTEL-CARON (PU-PH) Microbiologie
Mme Elisabeth SEGUIN Pharmacognosie
Mr Rémi VARIN (PU-PH) Pharmacie clinique
Mr Jean-Marie VAUGEOIS Pharmacologie
Mr Philippe VERITE Chimie analytique
MAITRES DE CONFERENCES
Mme Cécile BARBOT Chimie Générale et Minérale
Mr Jérémy BELLIEN (MCU-PH) Pharmacologie
Mr Frédéric BOUNOURE Pharmacie Galénique
Mr Abdeslam CHAGRAOUI Physiologie
Mme Camille CHARBONNIER (LE CLEZIO) Statistiques
Mme Elizabeth CHOSSON Botanique
Mme Marie Catherine CONCE-CHEMTOB Législation pharmaceutique et économie de la santé
Mme Cécile CORBIERE Biochimie
Mr Eric DITTMAR Biophysique
Mme Nathalie DOURMAP Pharmacologie
Mr François ESTOUR Chimie Organique
Mr Gilles GARGALA (MCU-PH) Parasitologie
Mme Nejla EL GHARBI-HAMZA Chimie analytique
Mme Marie-Laure GROULT Botanique
Mr Hervé HUE Biophysique et mathématiques
Mme Laetitia LE GOFF Parasitologie – Immunologie
Mme Hong LU Biologie
Mme Marine MALLETER Toxicologie
Mme Sabine MENAGER Chimie organique
Mme Tiphaine ROGEZ-FLORENT Chimie analytique
Mr Mohamed SKIBA Pharmacie galénique
Mme Malika SKIBA Pharmacie galénique
Mme Christine THARASSE Chimie thérapeutique
Mr Frédéric ZIEGLER Biochimie
PROFESSEURS ASSOCIES
Mme Cécile GUERARD-DETUNCQ Pharmacie officinale
Mr Jean-François HOUIVET Pharmacie officinale
PROFESSEUR CERTIFIE
Mme Mathilde GUERIN Anglais
ASSISTANT HOSPITALO-UNIVERSITAIRE
Mme Sandrine DAHYOT Bactériologie
ATTACHES TEMPORAIRES D’ENSEIGNEMENT ET DE RECHERCHE
Mr Souleymane ABDOUL-AZIZE Biochimie
Mme Hanane GASMI Galénique
Mme Caroline LAUGEL Chimie organique
LISTE DES RESPONSABLES DES DISCIPLINES PHARMACEUTIQUES
Mme Cécile BARBOT Chimie Générale et minérale
Mr Thierry BESSON Chimie thérapeutique
Mr Roland CAPRON Biophysique
Mme Marie-Catherine CONCE-CHEMTOB Législation et économie de la santé
Mme Elisabeth CHOSSON Botanique
Mr Jean-Jacques BONNET Pharmacodynamie
Mme Isabelle DUBUS Biochimie
Mr Loïc FAVENNEC Parasitologie
Mr Michel GUERBET Toxicologie
Mr François ESTOUR Chimie organique
Mme Isabelle LEROUX-NICOLLET Physiologie
Mme Martine PESTEL-CARON Microbiologie
Mme Elisabeth SEGUIN Pharmacognosie
Mr Mohamed SKIBA Pharmacie galénique
Mr Rémi VARIN Pharmacie clinique
III – MEDECINE GENERALE
PROFESSEUR
Mr Jean-Loup HERMIL UFR Médecine générale
PROFESSEURS ASSOCIES A MI-TEMPS
Mr Emmanuel LEFEBVRE UFR Médecine Générale
Mme Elisabeth MAUVIARD UFR Médecine générale
Mr Philippe NGUYEN THANH UFR Médecine générale
MAITRE DE CONFERENCES ASSOCIE A MI-TEMPS
Mr Pascal BOULET UFR Médecine générale
Mr Emmanuel HAZARD UFR Médecine Générale
Mme Lucile PELLERIN UFR Médecine générale
Mme Yveline SEVRIN UFR Médecine générale
ENSEIGNANTS MONO-APPARTENANTS
PROFESSEURS
Mr Serguei FETISSOV (med) Physiologie (ADEN)
Mr Paul MULDER (phar) Sciences du Médicament
Mme Su RUAN (med) Génie Informatique
MAITRES DE CONFERENCES
Mr Sahil ADRIOUCH (med) Biochimie et biologie moléculaire (Unité Inserm 905) Mme Gaëlle BOUGEARD-DENOYELLE (med) Biochimie et biologie moléculaire (UMR 1079)
Mme Carine CLEREN (med) Neurosciences (Néovasc)
M. Sylvain FRAINEAU (phar) Physiologie (Inserm U 1096)
Mme Pascaline GAILDRAT (med) Génétique moléculaire humaine (UMR 1079)
Mr Nicolas GUEROUT (med) Chirurgie Expérimentale
Mme Rachel LETELLIER (med) Physiologie
Mme Christine RONDANINO (med) Physiologie de la reproduction Mr Antoine OUVRARD-PASCAUD (med) Physiologie (Unité Inserm 1076)
Mr Frédéric PASQUET Sciences du langage, orthophonie
Mme Isabelle TOURNIER (med) Biochimie (UMR 1079)
CHEF DES SERVICES ADMINISTRATIFS : Mme Véronique DELAFONTAINE HCN - Hôpital Charles Nicolle HB - Hôpital de BOIS GUILLAUME
* * * * * *
*
;.=* 8315L3=.25C:* 7:* 8.27* 80* ]* 4.=F* DGKJ^* 1.* W./0123* .* .==_23* M07* 17F*
C?5:5C:F*345F7F*8.:F*17F*85FF7=2.25C:F*M05*105*F7=C:2*?=3F7:237F*8C5P7:2*
_2=7*/C:F583=37F*/C447*?=C?=7*I*170=F*.0270=F*72*M0A7117*:A7:27:8*170=*
8C::7=*.0/0:7*.??=CL.25C:*:5*54?=CL.25C:S**
! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! !-<>A<J;!CI+EMMB:>9;<!!
!
`*\0*4C47:2*8a_2=7*.845F*I*767=/7=*1.*4387/5:7^*T7*?=C472F*72*T7*T0=7*8a_2=7*W58Z17*.06* 1C5F*87*1a<C::70=*72*87*1.*?=CL523bS** 9C:*?=7457=*FC0/5*F7=.*87*=32.L15=^*87*?=3F7=P7=*C0*87*?=C4C0PC5=*1.*F.:23*8.:F*2C0F* F7F*31347:2F^*?<UF5M07F*72*47:2.06^*5:85P58071F*72*FC/5.06S** X7* =7F?7/27=.5* 2C027F* 17F* ?7=FC::7F^* 170=* .02C:C457* 72* 170=* PC1C:23b^* F.:F* .0/0:7* 85F/=545:.25C:*F71C:*170=*32.2*C0*170=F*/C:P5/25C:FS*Xa5:27=P57:8=.5*?C0=*17F*?=C23Q7=*F5* 7117F*FC:2*.WW.5L157F^*P01:3=.L17F*C0*47:./37F*8.:F*170=*5:23Q=523b*C0*170=*85Q:523bS*9_47* FC0F* 1.* /C:2=.5:27^* T7* :7* W7=.5* ?.F* 0F.Q7* 87* 47F* /C::.5FF.:/7F* /C:2=7* 17F* 1C5F* 87* 1a<04.:523bS** Xa5:WC=47=.5* 17F* ?.257:2F* 87F* 83/5F5C:F* 7:P5F.Q37F^* 87* 170=F* =.5FC:F* 72* 87* 170=F* /C:F3M07:/7FS*X7*:7*2=C4?7=.5*T.4.5F*170=*/C:W5.:/7*72*:a76?1C527=.5*?.F*17*?C0PC5=* <3=523b*87F*/5=/C:F2.:/7F*?C0=*WC=/7=*17F*/C:F/57:/7FS** X7*8C::7=.5*47F*FC5:F*I*1a5:85Q7:2*72*I*M05/C:M07*47*17*874.:87=.S*X7*:7*47*1.5FF7=.5* ?.F*5:W107:/7=*?.=*1.*FC5W*80*Q.5:*C0*1.*=7/<7=/<7*87*1.*Q1C5=7S** \845F*8.:F*1a5:254523b*87F*?7=FC::7F^*T7*2.5=.5*17F*F7/=72F*M05*47*F7=C:2*/C:W53FS*&7c0* I* 1a5:23=570=* 87F* 4.5FC:F^* T7* =7F?7/27=.5* 17F* F7/=72F* 87F* WCU7=F* 72* 4.* /C:80527* :7* F7=P5=.*?.F*I*/C==C4?=7*17F*4d0=FS** X7* W7=.5* 2C02* ?C0=* FC01.Q7=* 17F* FC0WW=.:/7FS* X7* :7* ?=C1C:Q7=.5* ?.F* .L0F5P747:2* 17F* .QC:57FS*X7*:7*?=CPCM07=.5*T.4.5F*1.*4C=2*8315L3=347:2S** X7* ?=3F7=P7=.5* 1a5:83?7:8.:/7* :3/7FF.5=7* I* 1a.//C4?15FF747:2* 87* 4.* 45FF5C:S* X7* :a7:2=7?=7:8=.5* =57:* M05* 83?.FF7* 47F* /C4?327:/7FS* X7* 17F* 7:2=7257:8=.5* 72* 17F* ?7=W7/25C::7=.5*?C0=*.FF0=7=*.0*45706*17F*F7=P5/7F*M05*47*F7=C:2*874.:83FS** Xa.??C=27=.5*4C:*.587*I*47F*/C:W=Z=7F*.5:F5*M0aI*170=F*W.45117F*8.:F*1a.8P7=F523bS**e07*17F*<C447F*72*47F*/C:W=Z=7F*4a.//C=87:2*170=*7F2547*F5*T7*F05F*W58Z17*I*
47F*?=C47FF7F*f*M07*T7*FC5F*83F<C:C=3b*72*43?=5F3b*F5*TaU*4.:M07S*g**
*
1<A<>:E<A<J;?!!
!
\*9S*17*;=CW7FF70=*X7.:*+,!Y%(** 97=/5*87*47*W.5=7*1A<C::70=*87*?=3F587=*/7*T0=U*87*2<ZF7S*X7*PC0F*F05F*=7/C::.5FF.:2* 87* PC2=7* 85F?C:5L51523* 72* 87* PC2=7* 7:Q.Q747:2!
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h.L72<*9\!$#\&+** 97=/5* 8A.PC5=* 234C5Q:3* PC2=7* 5:23=_2* ?C0=* 4C:* 2=.P.51* 8ZF* :C2=7* ?=7457=* /C:2./2* 72* 8A.PC5=*.//7?23*87*W.5=7*?.=257*80*T0=U*87*4.*FC027:.:/7S*X7*PC0F*.8=7FF7*2C027*4.* Q=.252087S** * \*9S*17*;=CW7FF70=*&345*$\&#"** 97=/5*87*47*W.5=7*1A<C::70=*8A3P.107=*4C:*2=.P.51*87*2<ZF7*72*8A.??C=27=*PC2=7*=7Q.=8* 8A76?7=2S*$705117h*=7/7PC5=*4.*F5:/Z=7*=7/C::.5FF.:/7S** **
*
*
*
*
*
97=/5*I*47F*/Ci5:27=:7F*72*.45F^*[.F257:^*X0157227^*X0157:^*9.j23^*;.015:7^*,15P5.^*
;C15F<^*Y<=C45:3^*'3154^*YC/k^*+T58T5^*?C0=*PC2=7*FC0257:^*PC2=7*.587*72*2C0F*/7F*
4C47:2F*4.Q5M07F*?.FF3F*7:*F2.Q7*72*7:*87<C=FS**
*
!:*%",&9%*47=/5***
\*47F*?.=7:2F*87*4A.PC5=*?7=45F*8A320857=*72*87*4A.PC5=*.//C4?.Q:3*2C027F*
/7F* .::37FS* 97=/5* 87* PC2=7* FC0257:* F.:F* =71l/<7S* YA7F2* Q=l/7* I* PC0F* M07* T7*
?=3F7:27*.0TC0=8A<05^*?.=*/7*2=.P.51^*1.*2C0/<7*W5:.17*87*4C:*?.=/C0=F*8A32085.:2*
7:*4387/5:7**
\*4C:*W=Z=7*9.22<570*72*$5=Q5:57^*4.*L7117iFd0=^*4.*:5Z/7*Y.:85/7^*47=/5*87*
PC2=7*FC0257:^*87*4A.PC5=*.583*I*?=7:8=7*80*=7/01^*87*=7LC:85=*72*8A.P.:/7=*I*
:C0P7.0S*97=/5*3Q.1747:2*87*?.=2*PC2=7*?=3F7:/7^*87*4A.PC5=*?7=45F*87*FC0WW17=*
M0.:8*TA7:*.P.5F*17*L7FC5:S**
\*9.6547^*?C0=*2C:*.45253^*72*2C027F*/7F*L7117F*.::37F*87*1.*;N*I*.0TC0=8A<05^*
M05*F7*?C0=F05P=C:2S**
\06*!;^*7117F*F7*=7/C::.52=C:2*>72*C05*1.*?385.2=57*.P.52*87F*F7/=72F*?C0=*4C5*72*
PC0F*.P7h*323*?10F*M0A54?C=2.:27*8.:F*4.*WC=4.25C:BS**
\*[7:T.45:^*\::.^*9.2<5187*YS*72*9.2<5187*&S^*?C0=*PC2=7*?=3F7:/7*7:*F2.Q7*72*
8.:F*4.*WC=4.25C:*8A0=Q7:25F27S**
\*47F*/<7WF*87F*0=Q7:/7F*.80127F*87*1A<@?52.1*9C:C8*.0*R.P=7^*?C0=*1.*M0.1523*
87* /7F* F2.Q7F^* 87* /7227* 45F7* 7:* ?=.25M07^* 87* PC2=7* 5:P7F25FF747:2* 72* PCF*
7:/C0=.Q747:2F*8.:F*4.*WC=4.25C:*87*4387/5:*0=Q7:25F27S**
*
\*/706*M07*TAC0L157^*47=/5*3Q.1747:2S**
*
%2*7:W5:^*I*2C5*9.=5:7^*1.*W7447*87*4.*P57^*20*.F*F0*4A7:/C0=.Q7=^*47*FC027:5=^*
47*LCCF27=^*47*4C25P7=^*72*F0=2C02*20*.F*F0*47*=78C::7=*/C:W5.:/7*7:*4C5S*X7*
"N>FKE9;EBJ?!!
\-#;\*V*\FFC/5.25C:*W=.:c.5F7*87*1A5:80F2=57*?<.=4./7025M07*?C0=*0:7* .02C4385/.25C:*=7F?C:F.L17** \-''\;'*V*\Q7:/7*-=.:c.5F7*87*'3/0=523*'.:52.5=7*87F*;=C8052F*87*'.:23** \#"'*V*\:25*#:W1.44.2C5=7*"C:*'23=Cj857:** \99*V*\02C=5F.25C:*87*95F7*F0=*17*9.=/<7** \"'9*V*\Q7:/7*".25C:.17*87*'3/0=523*80*9385/.47:2** \'9&*V*\4315C=.25C:*80*'7=P5/7*9385/.17*&7:80** \$Y*V*\//587:2*$.F/01.5=7*Y3=3L=.1** [;Y,*V*[=C:/<C?:704C?.2<57*Y<=C:5M07*,LF2=0/25P7** +-m*V*+3L52*87*-512=.25C:*m1C43=01.5=7** R\'*V*R.027*\02C=523*87*'.:23** R(\*V*RU?7=27:F5C:*\=23=57117* #"'%&9*V*#:F25202*".25C:.17*87*1.*'.:23*72*87*1.*&7/<7=/<7*9385/.17** Y",9*V*YC:F751*".25C:.1*87*1A,=8=7*87F*9387/5:F** ,9'*V*,=Q.:5F.25C:*9C:85.17*87*1.*'.:23** ,(Y*V*,P7=*(<7*YC0:27=** ,(n*V*YC4L5:.25C:*CW*?=7F/=5?25C:*.:8*CP7=i2<7i/C0:27=** ;9-*V*;=7F/=5?25C:*9385/.17*-./012.25P7** ;&*V*;C1U.=2<=527*&<04.2Cj87** &YR*V*&7/2C/C1527*R34C==.Q5M07* &9,*V*&3W3=7:/7F*9385/.17F*,??CF.L17F* '%;*V*'/13=CF7*%:*;1.M07* '9&*V*'7=P5/7*9385/.1*&7:80** ';\*V*'?C:8U1.=2<=527*\:oU1CF.:27* !;9Y*V*!:5P7=F523*;57==7i72i9.=57iY0=57*;.=5F*$** $#R*V*$5=0F*87*1A#440:C83W5/57:/7*R04.5:7**!
!
!"#$%&'%(&)"*+,-%(&&
& .%-)%/*&'01+2234-"*%&5555555555555555555555555555555555555555555555& 67& 8%)%-4+%)%/*(&555555555555555555555555555555555555555555555555555& 69& :#-;<+"*+3/(&555555555555555555555555555555555555555555555555555555& 6=& !"#$%&'%&)"*+,-%(& 5555555555555555555555555555555555555555555555555& 6>& ?/*-3'@4*+3/&555555555555555555555555555555555555555555555555555555& 6A&B;C+/+*+3/(&'%&$0"@*3);'+4"*+3/&555555555555555555555555555555555555555&6A&
D%&(%$C4"-%&@/&/3@<%"@&43/4%2*& 55555555555555555555555555555555555555&6E&
D%(&'%@F&#-"/4G%(&'%&$0"@*3);'+4"*+3/&55555555555555555555555555555555&7H& .+*@"*+3/&'%&$0"@*3);'+4"*+3/&%/&I-"/4%&55555555555555555555555555555555&7=& J<3$@*+3/&%*&2%-(2%4*+<%(&'%&$0"@*3);'+4"*+3/&%/&I-"/4%&555555555555555555&7A& !"#$%&'(#)*#+"*#)*#,-./0)12&*#30(&%'0,*#)*#41)*/&'*#55555555555555555#67# !"#$%&'(#)*#+"*#)"#4&'&8(9:*#)*#,0#;0'(1# 555555555555555555555555555#6<# !"#$%&'(#)*#+"*#)*#,-.88":0'/*#40,0)&*# 5555555555555555555555555555#=># !"#$%&'(#)*#+"*#)*#,-.?@A.# 55555555555555555555555555555555555555#=B# !"#$%&'(#)*#+"*#)*#,0#$%$",0(&%'#5555555555555555555555555555555555#=6# I"4*%@-(&';*%-)+/"/*(&'%&$0"@*3);'+4"*+3/&55555555555555555555555555555&9=& D%&-+(K@%&);'+4")%/*%@F&55555555555555555555555555555555555555555555&9>& L3*+<"*+3/(&%*&+/*;-M*(&'%&$0;*@'%&5555555555555555555555555555555555555& 9E& J*@'%&555555555555555555555555555555555555555555555555555555555555& NH& ?/*-3'@4*+3/&555555555555555555555555555555555555555555555555555555& NH& O3/*%F*%&%*&2-3#$;)"*+K@%&5555555555555555555555555555555555555555555&N6& P#Q%4*+C(&5555555555555555555555555555555555555555555555555555555555&N6& L"*;-+%$&%*&);*G3'%(&55555555555555555555555555555555555555555555555& N7& 8;(@$*"*(& 55555555555555555555555555555555555555555555555555555555& N=&
B3//;%(&';)3R-"2G+K@%(&5555555555555555555555555555555555555555555&N=&
L3*+C(&'%&43/(@$*"*+3/&%*&'0"@*3);'+4"*+3/&55555555555555555555555555555&NA& 8%2-;(%/*"*+3/&'%&$0"@*3);'+4"*+3/& 55555555555555555555555555555555555&NE&
.3@-4%(&'0+/C3-)"*+3/(&'%(&2"*+%/*(&%*&2-3<%/"/4%&'%(&);'+4")%/*(& 555555&NS&
I"4*%@-(&)3*+<"/*(&%*&$+)+*"/*(&'%&$0"@*3);'+4"*+3/&5555555555555555555555&=6&
J<"$@"*+3/&'%&$0"@*3);'+4"*+3/& 555555555555555555555555555555555555555&=9&
;*,%'#,-CD*#*(#,*#8*E*#5555555555555555555555555555555555555555555#F=# ;*,%'#,0#8&("0(&%'#$:%G*88&%''*,,*#5555555555555555555555555555555555#FH# ;*,%'#,0#/%"+*:(":*#8%/&0,*# 55555555555555555555555555555555555555#FF# ;*,%'#,0#)&8(0'/*#*(#,*#(*::&(%&:*# 55555555555555555555555555555555555#FF# ;*,%'#,*8#0'(1/1)*'(8# 555555555555555555555555555555555555555555#F7# 8+(K@%&'%&);(@("R%&555555555555555555555555555555555555555555555555&=E& ;*,%'#,-CD*#*(#,*#8*E*#5555555555555555555555555555555555555555555#F<# I0(1D%:&80(&%'#)"#21)&/02*'(#555555555555555555555555555555555555#JB# K&8L"*#)-&'(*:0/(&%'8#*(M%"#)-*GG*(8#&')18&:0N,*8#$%88&N,*8# 55555555555555#J=# :@*3);'+4"*+3/&2;'+"*-+K@%&555555555555555555555555555555555555555555&>>& ?)2"4*&'%(&4")2"R/%(&'%&2-;<%/*+3/&5555555555555555555555555555555555&>A& ?/*;-M*(&'%(&2"*+%/*(&T&$"&2-;<%/*+3/&55555555555555555555555555555555555&>E& B+(4@((+3/&5555555555555555555555555555555555555555555555555555555& >S& O3/4$@(+3/&5555555555555555555555555555555555555555555555555555555& A>& U-;<%/*+3/&'%&$0"@*3);'+4"*+3/&55555555555555555555555555555555555555& AE& V+#$+3R-"2G+%(&%*&8;C;-%/4%(&5555555555555555555555555555555555555555& EH&
://%F%(&555555555555555555555555555555555555555555555555555555555& E=&
7J;>BC=:;EBJ!
!
3FOEJE;EBJ!C<!DI9=;BAFCE:9;EBJ!!!
!
#1*765F27*?10F570=F*83W5:525C:F*87*1A.02C4385/.25C:S** * +0*?C5:2*87*P07*80*4387/5:^*17*YC:F751*".25C:.1*87*1a,=8=7*87F*9387/5:F*>Y",9B*1a.* 83W5:5*/C447*`*1A02515F.25C:^*<C=F*?=7F/=5?25C:*4385/.17^*?.=*87F*?7=FC::7F*?C0=*7117Fi 4_47F*C0*?C0=*170=F*?=C/<7F*72*87*170=*?=C?=7*5:525.25P7^*87*4385/.47:2F*/C:F583=3F* /C447*271F*72*.U.:2*=7c0*1A\99^*.P7/*1.*?CFF5L51523*8A.FF5F2.:/7*72*87*/C:F751F*87*1.* ?.=2* 87F* ?<.=4./57:F* g* >DBS* ,:* /C:F2.27* M07* 17* 4387/5:* :a5:27=P57:2* ?.F* 8.:F* 17* ?=C/7FF0F*87*1a.02C4385/.25C:S** * '71C:*0:*=.??C=2*80*45:5F2Z=7*87*1.*F.:23^*1a.02C4385/.25C:*7F2*0:*/C4?C=2747:2*72* :C:*0:7*/.23QC=57*87*?=C8052FS*\5:F5^*7F2*83W5:5*/C447*.02C4385/.25C:*`*17*W.52*?C0=* 0:* ?.257:2* 8A.PC5=* =7/C0=F* I* 0:* C0* ?10F570=F* 4385/.47:2F* 87* ?=7F/=5?25C:* 4385/.17* W./012.25P7*>;9-B*85F?7:F3>FB*8.:F*0:7*?<.=4./57*72*:C:*7WW7/25P747:2*?=7F/=52>FB*?.=* 0:*4387/5:*g*>NBS* * !:7*.02=7*83W5:525C:^*?=C?CF37*?.=*0:7*FC/5C1CQ07*72*.:2<=C?C1CQ07^*.TC027*1a0F.Q7*87* 4385/.47:2F* ?=7F/=52F* .0* /C0=F* 8a0:* ?=3/387:2* 3?5FC87* 72* =7F23F* 5:02515F3F* /C447* =717P.:2*87*1a.02C4385/.25C:S*%117*/C:F58Z=7*1a.02C4385/.25C:*/C447*`*1A./27^*?C0=*17* F0T72^*87*/C:FC447=*87*F.*?=C?=7*5:525.25P7*0:*4385/.47:2*F.:F*/C:F0127=*0:*4387/5:* ?C0=*17*/.F*/C:/7=:3^*M07*17*4385/.47:2*FC52*83TI*7:*F.*?CFF7FF5C:*C0*M0A51*F7*17* ?=C/0=7*I*/72*7WW72*8.:F*0:7*?<.=4./57*C0*.0?=ZF*8A0:7*.02=7*?7=FC::7*g*>]BS* %:*=7P.:/<7^*51*:A765F27*?.F*87*83W5:525C:*/1.5=7*80*4385/.47:2*8A.02C4385/.25C:S*p7* YC87*87*'.:23*;0L15M07*:7*8C::7*M07*1.*83W5:525C:*`*Q3:3=5M07*g*80*4385/.47:2*>qBS* p7*/C87*87*1.*'3/0=523*'C/5.17*2=.527*80*4385/.47:2*=74LC0=F.L17S** *pa5837*/7:2=.17*87*/7F*83W5:525C:F*7F2*1.*:C25C:*8a.02C:C457*72*8A5:525.25P7*80*?.257:2S*#1* 5:27=P57:2* F701* 8.:F* 1.* 83/5F5C:* 87* /C:FC44.25C:* 8a0:* 4385/.47:2^* ?C0=* 0:7* ?.2<C1CQ57*L3:5Q:7*87*1.*P57*M0C25857::7*:7*:3/7FF52.:2*?.F*87*85.Q:CF25/*87*1.*?.=2* 8A0:*4387/5:S* Y7227*83/5F5C:*87*2=.52747:2^*8C:2*1.*80=37*8C52*_2=7*1545237^*?702*/7?7:8.:2*Fa.??0U7=* F0=*1a.P5F*8a0:*257=FS*Y71.*?C0==.*_2=7*17*?<.=4./57:*.0?=ZF*80M071*17*?.257:2*CL257:2*17* 4385/.47:2^* 0:* ?=C/<7* C0* 0:7* FC0=/7* 7627=:7* 8a5:WC=4.25C:F* >#:27=:72^* :C25/7* 87* 4385/.47:2^*=7P07SSSBS** p7* /C:27627* W=.:c.5F* 7:* 4.25Z=7* 87* 4385/.47:2F* 72* 8a.02C4385/.25C:* /C4?C=27* /7=2.5:7F*/.=./23=5F25M07F*M07*:C0F*.11C:F*.LC=87=S** * *
2<!-<DO:9><!=J!JB=K<9=!:BJ:<M;!
!
p7*`*F71W/.=7*g*0:*7F2*27=47*.:Q1.5F*M05*/C==7F?C:8*I*1.*?=5F7*7:*/<.=Q7*72*1.*Q7F25C:* 87* F.* F.:23* 72* 87* FC:* L57:i_2=7* ?.=* 1A5:85P580* 105i4_47S* +7* 4.:5Z=7* Q3:3=.17^* 17* F71W/.=7*83F5Q:7*0:*/C4?C=2747:2*72*0:*4C87*87*P57*5:/10.:2*85WW3=7:27F*/C4?CF.:27F* /C447* 1.* ?=3P7:25C:^* 1A<UQ5Z:7* .1547:2.5=7* C0* 7:/C=7* 1A380/.25C:* ?<UF5M07S* pA.02C4385/.25C:*=7F?C:F.L17*7F2*3Q.1747:2*0:*87F*.F?7/2F*80*F71W/.=7*>EBS* #1*/C==7F?C:8*8C:/*I*1A.02C4385/.25C:^*.//C4?.Q:37*87F*=ZQ17F*<UQ53:C8532325M07F* M05*FA54?CF7:2S** Y7227*?=.25M07*?7=472*.5:F5*0:7*=3?C:F7*Q1CL.17*I*0:*L7FC5:*76?=543*?.=*17F*?.257:2F^* 87*?10F*7:*?10F*I*1.*=7/<7=/<7*87*L57:i_2=7^*8A.02C:C457*72*FC0/5706*87*?=3F7=P7=*170=* F.:23S** p7* F71W/.=7* =7Q=C0?7* ]* F2.202F* 87* ?=C8052F* P7:80F* 7:* CWW5/5:7* 72* 85F?C:5L17F* F.:F* ?=7F/=5?25C:* >72* 8C:/* :C:* =74LC0=F3B* V* 17F* 4385/.47:2F* 8A.02C4385/.25C:^* 17F* 85F?CF525WF*4385/.06*>+9B*r*17F*85F?CF525WF*4385/.06*87*85.Q:CF25/*5:*P52=C*>+9+#$B*72** "#$%&#'!(!)!*+#,-#..&!/'!0&%12#-&!3&%45!%6789:7! ! '71C:* 1A\-#;\^* 17* /C:27627* ./2071* 7F2* W.PC=.L17* I* 1A347=Q7:/7* 80* F71W/.=7* /C447* =3?C:F7*80=.L17*.06*7:T706*87*F.:23*?0L15M07S*p7*FUF2Z47*87*F.:23*7F2*.0TC0=8A<05* /C:W=C:23* I* 87F* 83W5F* F2=0/20=71F* >83W5/52* 87* 1A\FF0=.:/7* 9.1.857^* F.20=.25C:* 87F* /.L5:72F* 4385/.06* 72* 87F* F7=P5/7F* 8A0=Q7:/7F^* 83P71C??747:2* 87F* 4.1.857F* /<=C:5M07F*72*87*1C:Q07*80=37B*72*F7*2=C0P7*7:*5:.83M0.25C:*.P7/*17F*765Q7:/7F*87F* -=.:c.5F*7:*4.25Z=7*87*F.:23S**
pA\-#;\* FC01ZP7* 8C:/* 1A<U?C2<ZF7* M07* 17* 83P71C??747:2* 87* 1A.02C4385/.25C:* ?7=4722=.52*87*83Q.Q7=*87F*3/C:C457F*87*F.:23*:C:*:3Q15Q7.L17F*.0*P0*80*/C:27627* ./2071S** pA.02C4385/.25C:* ?C0==.52* 8C:/* =3Q017=* 17* ?.=/C0=F* 87* FC5:F* ?C0=* 17F* ?.2<C1CQ57F* L3:5Q:7F*72*87P7:5=*0:7*?=745Z=7*32.?7*80*?.=/C0=F*87*FC5:FS** * *
2<?!C<=P!N>9J:Q<?!C<!DI9=;BAFCE:9;EBJ!!
!
!
"#$%&#'!;!)!<&3!/&'=!$-#52>&3!/&!%6#'?4.@/+2#?+45! ! *pA.02C4385/.25C:* F7* F3?.=7* 7:* 8706* L=.:/<7F* V* 1.* 4385/.25C:* `* W.4515.17* g* 72* 1A.02C4385/.25C:*=7F?C:F.L17*CWW5/5:.17S*** p.* 4385/.25C:* W.4515.17* W.52* =3W3=7:/7* I* 1A7:F74L17* 87F* 4385/.47:2F* ?=3F7:2F* .0* 8C45/517*87F*?.257:2F^*8.:F*170=*.=4C5=7*I*?<.=4./57^*F0F/7?25L17F*8A_2=7*02515F3F*?.=* 1A7:F74L17*87F*474L=7F*87*/7227*W.45117*>.80127*/C447*7:W.:2BS*p7F*4385/.47:2F* ?70P7:2*?=CP7:5=*8A0:*./<.2*?7=FC::71*7:*?<.=4./57^*8A0:7*8315P=.:/7*7:*`*76/ZF*g* F0=*0:7*C=8C::.:/7*.:23=570=7^*C0*L57:*8A0:*?<3:C4Z:7*87*?10F*7:*?10F*?=3F7:2*V* 1A./<.2* ?.=* 5:27=:72S* Y7227* /C:FC44.25C:* 4385/.47:270F7* 7F2* .1C=F* 7:25Z=747:2* .02C:C47*72*?702*F7*W.5=7*F.:F*.P5F*4385/.1*C0*?<.=4./C1CQ5M07S**%117*F7*L.F7*F0=* 1A.:.1UF7*80*?.257:2*0:5M0747:2*C0*87*FC:*7:2C0=.Q7^*F7*Q058.:2*?.=*F.*/C::.5FF.:/7* 4385/.17*?=C?=7^*72*FC:*.FF5451.25C:*I*0:7*FU4?2C4.2C1CQ57*0123=570=7*587:25M07*C0* .??.=7:27S*Y7227*`*.02C*?=7F/=5?25C:*g*?702*8C::7=*1570*I*0:*=5FM07*87*43F0F.Q7*C0*I* 0:7*02515F.25C:*5:.??=C?=537*80*4385/.47:2S** p.*4385/.25C:*CWW5/5:.17*>/*4R/*SB*=3?C:8*M0.:2*I*7117*I*87F*/=52Z=7F*P5F.:2*I*Q.=.:25=* 1.*F3/0=523*80*?.257:2S*Y7F*4385/.47:2F*852F*87*`*4385/.25C:*CWW5/5:.17*g*FC:2*87F25:3F* I*FC5Q:7=*87F*FU4?2@47F*/C0=.:2F*?7:8.:2*0:7*/C0=27*?3=5C87^*M05*:7*:3/7FF527:2* ?.F* 1A5:27=P7:25C:* 8A0:* 4387/5:^* 72* 8C5P7:2* _2=7* .//C4?.Q:3F* 87F* /C:F751F* 80* ?<.=4./57:S*#1F*85F?CF7:2*87*?10F*8A0:*/C:8525C::747:2*>8CF.Q7^*80=37*87*2=.52747:2B* 72*87*:C25/7F*8a5:WC=4.25C:F*.8.?237FS* Y7227*/.23QC=57*87*4385/.47:2F*/C4?=7:8^*8A0:7*?.=2^*17F*4385/.47:2F*852F*87*`*15L=7* .//ZF*g*>/*4B*8C:2*1.*?=745Z=7*15F27*.*323b*83W5:57*?.=*17*83/=72*:sNOOHiKqD*80*]O*T05:* NOOHS*Y7227*15F27*7F2*=3Q015Z=747:2*45F7*I*TC0=*>87=:5Z=7*45F7*I*TC0=*7:*4.5*NODJ^*15F27* 85F?C:5L17*F0=*17*F527*87*1A\"'9BS*+A.02=7*?.=2^*17F*.02=7F*4385/.47:2F*.//7FF5L17F* F.:F*C=8C::.:/7*>C0*87*?=7F/=5?25C:*4385/.17*W./012.25P7B*M05*:7*FC:2*?.F*.02C=5F3F* 7:*`*15L=7*.//ZF*gS** p7F*4385/.47:2F*852F*87*`*DEN><!9::T?*g*FC:2*85=7/2747:2*.//7FF5L17F*?.=*17*?.257:2^* 8.:F*0:*7F?./7*45F*7:*?1./7*PC1C:2.5=747:2*?.=*17*?<.=4./57:^*F?3/5.1747:2*=3F7=P3^* L57:* 83154523* 72* I* ?=C654523* 80* /C4?2C5=* >KBS* Y72* 7F?./7* /C4?C=27* 3Q.1747:2* 87F* 47FF.Q7F*8A380/.25C:*2<3=.?7025M07*72*87*?=3P7:25C:S*p7F*?=56*8C5P7:2*_2=7*F5Q:.13F* 87*4.:5Z=7*.8.?237*72*15F5L17*?C0=*17*/C:FC44.270=*>JB*>HBS*
'71C:* 1A.=25/17* N* 80* +3/=72* :s* NOOHiKqD* 80* ]O* T05:* NOOH* =71.25W* .06* 4385/.47:2F* 85F?C:5L17F*7:*.//ZF*85=7/2*8.:F*17F*CWW5/5:7F*87*?<.=4./57^*87F*W5/<7F*8A5:WC=4.25C:F* F0=*0:7*?.2<C1CQ57^*C0*F0=*0:*?=C8052^*8C5P7:2*_2=7*45F7F*I*1.*85F?CF525C:*80*?.257:2S*#1* ?702*3Q.1747:2*F7*17F*?=C/0=7=*F0=*17*F527*5:27=:72*87*1A\Q7:/7*".25C:.17*87*'3/0=523* 80*9385/.47:2*72*87F*?=C8052F*87*F.:23*>\"'9BS*Y7F*W5/<7F*P57::7:2*/C4?1327=*17* /C:F751*80*?<.=4./57:^*.8.?23*I*FC:*?.257:2S** %:*/C:/10F5C:^*17F*CLT7/25WF*80*15L=7*.//ZF*FC:2*V** •* ** ;7=4722=7* .0* ?.257:2* 87* /<C5F5=* 15L=747:2* FC:* 4385/.47:2* 2C02* 7:* 32.:2* .//C4?.Q:3*?.=*17*/C:F751*5:85P580.15F3*80*?<.=4./57:^*M05*?702*F5*:3/7FF.5=7* 17*=3C=57:27=*8.:F*FC:*/<C56** •* **;7=4722=7*1A.//ZF*.0*4385/.47:2*87*?=745Z=7*:3/7FF523^*.//C4?.Q:3*8A0:7* 5:WC=4.25C:*.8.?237*72*87*M0.1523^*P5.*17*/C:F751*72*1.*8C/047:2.25C:^*2C02*7:* FA.WW=.:/<5FF.:2*8A0:7*/C:F012.25C:*4385/.17** •* **+.:F*FC:*=@17*87*?=CW7FF5C::71*87*F.:23*=7F?C:F.L17^*17*?<.=4./57:*85F?7:F7* 0:* /C:F751* .8.?23* .06* .:23/387:2F* 87* FC:* ?.257:2S* #1* .FF0=7* 3Q.1747:2* 0:* F7=P5/7*87*?=C654523*72*0:7*?7=4.:7:/7*8A.//7FF5L51523*.0*4385/.47:2^*2C02*7:* F7*Q.=8.:2*17*8=C52*87*=7W0F7=*0:7*P7:27^*F5*1.*F520.25C:*:3/7FF527*0:*.P5F*4385/.1S* %:*7WW72^*1.*?=5F7*7:*/<.=Q7*?.=*.02C4385/.25C:*=7F?C:F.L17^*:7*8C52*?.F*W.5=7* /C0=5=*87*=5FM07*.0*?.257:2^*:5*=72.=87=*17*85.Q:CF25/^*:5*4.FM07=*0:7*?.2<C1CQ57* FC0FiT./7:27^*:5*=72.=87=*1.*45F7*7:*=C027*8A0:*2=.52747:2*?C27:2571S** #1*765F27*0:7*?.=25/01.=523*?C0=*17F*4385/.47:2F*87*15L=7*.//ZFS*YC:2=.5=747:2* .06*.02=7F*4385/.47:2F^*170=*?0L15/523*.0?=ZF*80*Q=.:8*?0L15/*7F2*.02C=5F37S** '71C:* 17* YC87* 87* 1.* '.:23* ;0L15M07^* `* ,:* 7:27:8* ?.=* ?0L15/523* ?C0=* 17F* 4385/.47:2F* I* 0F.Q7* <04.5:* 2C027* WC=47* 8a5:WC=4.25C:F^* U* /C4?=5F* 17* 834.=/<.Q7^* 87* ?=CF?7/25C:* C0* 8a5:/52.25C:* M05* P5F7* I* ?=C4C0PC5=* 1.* ?=7F/=5?25C:^*1.*8315P=.:/7^*1.*P7:27*C0*1.*/C:FC44.25C:*87*/7F*4385/.47:2F^* I*1a76/7?25C:*87*1a5:WC=4.25C:*85F?7:F37^*8.:F*17*/.8=7*87*170=F*WC:/25C:F^*?.=* 17F*?<.=4./57:F*Q3=.:2*0:7*?<.=4./57*I*0F.Q7*5:23=570=*g*>GBS* *
#1*765F27*/7?7:8.:2*87F*76/7?25C:FS*%:*7WW72^*87F*/.4?.Q:7F*?=C4C25C::7117F*.0?=ZF* 80*Q=.:8*?0L15/*FC:2*.02C=5F37F*?C0=*17F*P.//5:F*>FC045F*I*?=7F/=5?25C:*4385/.17*C0* =74LC0=F.L17FB*.5:F5*M07*?C0=*17F*?=C8052F*87*F7P=.Q7*2.L.Q5M07*>DOBS** p.*?0L15/523*87F*P.//5:F*.0?=ZF*80*Q=.:8*?0L15/*.*/7?7:8.:2*0:7*/C:8525C:*I*=7F?7/27=S* #1F*8C5P7:2*W5Q0=7=*F0=*1.*15F27*32.L157*?.=*1A\==_23*80*NH*F7?274L=7*NODNS*p7F*P.//5:F* /C:/7=:3F*FC:2*17F*F05P.:2F*>DOB*V** •* *p7F*P.//5:F*/C:2=7*1.*=C0Q7C17^*17F*C=7511C:F^*1.*=0L3C17*f** •* *p7F*P.//5:F*/C:2=7*1.*43:5:Q527*Y*f** •* *p7F*P.//5:F*/C:2=7*1.*Q=5??7*F.5FC::5Z=7*f** •* *p7F*P.//5:F*/C:2=7*1.*85?<23=57^*17*232.:CF^*1.*?C15C4U31527^*1.*/CM0710/<7*f** •* *p7F*P.//5:F*/C:2=7*1.*20L7=/01CF7*f** •* p7F*P.//5:F*/C:2=7*17F*5:W7/25C:F*I*?:704C/CM07FS** Y7F*8706*76/7?25C:F*C:2*?C0=*CLT7/25W*1.*?=C27/25C:*87*1.*F.:23*?0L15M07S** * p7F* 4385/.47:2F* `* /*S* g* >/C4L5:.25C:* CW* ?=7F/=5?25C:* .:8* CP7=i2<7i/C0:27=B* /C==7F?C:87:2* I* 87F* 4385/.47:2F* 87* ;9-* =74LC0=F.L17F^* 85F?C:5L17F* F.:F* C=8C::.:/7* 8C:/* 1.* ?10?.=2* 80* 274?F* :C:* =74LC0=F3F* 4.5F^* 51F* ?70P7:2* _2=7* =74LC0=F3F*F0=*?=3F7:2.25C:*8A0:7*?=7F/=5?25C:*4385/.17S** * * * * * * *
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
9385/.25C: ,WW5/5:.17
9385/.25C:*-.4515.17*
%2.?7*D t%:*5:27==CQ7.:2*4C:* ?<.=4./57:^*51*4a.587*I* 587:25W57=*47F*FU4?2@47F %2.?7*N t#1*4aC=57:27*P7=F*17*2=.52747:2* 17*?10F*.8.?23* %2.?7*] t#1*47*/C:F75117*F0=*17*LC:* 0F.Q7*80*4385/.47:2*72*17F* =ZQ17F*I*F05P=7* %2.?7*q* t#1*47*/C:F75117*8a.117=*PC5=*4C:* 4387/5:*F5*47F*FU4?2@47F* Fa.QQ=.P7:2*C0*?7=F5F27:2*.0i 871I*87*1.*80=37*87*2=.52747:2* M0a51*4a.*5:85M03* %2.?7*D tXa587:25W57*47F*FU4?2@47F* .06M071F*Ta.5*83TI*323*/C:W=C:23* %2.?7*N tX7*/<C5F5F*0:*4385/.47:2*8.:F* 4C:*.=4C5=7*I*?<.=4./57*M05*47* F74L17*.8.?23* %2.?7*] tX7*15F*1.*:C25/7^*=7F?7/27*1.* ?CFC1CQ57*72*1.*80=37*87*2=.52747:2* tX7*P3=5W57*1.*8.27*87*?3=74?25C:*80* 4385/.47:2 %2.?7*q* tX7*/C:F0127*4C:*4387/5:*F5*47F* FU4?2@47F*Fa.QQ=.P7:2*C0* ?7=F5F27:2*.0i871I*87*1.*80=37*87* 2=.52747:2*5:85M037*-E;=9;EBJ!C<!DI9=;BAFCE:9;EBJ!<J!8>9J:<!!
!
p7* 4.=/<3* W=.:c.5F* 87* 1A.02C4385/.25C:* 7F2* 4C5:F* 83P71C??3* 7:* /C4?.=.5FC:* 87F* .02=7F*?.UF*70=C?37:F*>DDBS** %:*7WW72*17*NZ*,LF7=P.2C5=7*%0=C?37:*F0=*1A\02C4385/.25C:*87*X05:*NODq*=7:8*/C4?27* 72* /C4?.=7* 1.* F520.25C:* 87* 1A.02C4385/.25C:* 8.:F* <052* ?.UF* 70=C?37:F* >-=.:/7^* \1174.Q:7^* [71Q5M07^* ;.UFi[.F^* %F?.Q:7^* #2.157^* '0Z87* 72* &CU.047i!:5* u%!* HvB* I* 2=.P7=F*1A.:.1UF7*87*85WW3=7:2F*/=52Z=7F*72*5:85/.270=F*>?.=2*87*4.=/<3^*:5P7.0*87F*?=56* 87F* F?3/5.1523F* /C:/7=:37F^* ?C58F* 87F* /.:.06* 87* 85F2=5L025C:^* ?C27:2571* 87* 83P71C??747:2^*72/B*>DNBS* * p.*-=.:/7*.WW5/<7*.5:F5*2C0TC0=F*0:7*?.=2*87*4.=/<3*87*1A.02C4385/.25C:*5:W3=570=7*I*1.* 4CU7::7*87F*H*?.UF*320853F*>DESJw*PFS*NESJw*7:*PC1047*7:*NOD]BS*** \02=7* /C:F2.2^* 1.* 83?7:F7* 4CU7::7* 7:* -=.:/7* ?.=* 4C5F* 72* ?.=* <.L52.:2* 7:* 4385/.47:2F* 8A.02C4385/.25C:* 7F2* ?.=45* 17F* ?10F* W.5L17F* 8A%0=C?7* V* I* F.PC5=* 0:7* 83?7:F7*5:W3=570=7*I*]*70=CF*>]N^qO*70=CF*?.=*.:*FC52*N^JO*70=CF*?.=*4C5FBS*\*1A5:P7=F7^* 17F*.02=7F*?.UF*%0=C?37:F*83?7:F7:2*7:*4CU7::7*qN^qO*70=CF*?.=*.:*72*?.=*<.L52.:2^* FC52*]^E]*70=CF*?.=*4C5FS*** p7F* 17.87=F* 7:* 27=47F* 8A.02C4385/.25C:* FC:2* =7?=3F7:23F* ?.=* 1A\1174.Q:7* 72* 17* &CU.047* !:5S* p.* -=.:/7* ?=3F7:27^* :3.:4C5:F^* 0:* ?C27:2571* 87* 83P71C??747:2* 87* 1A.02C4385/.25C:*54?C=2.:2S** * Y7F*85F?.=523F*FA76?15M07:2*?.=*1A5:W107:/7*87*8706*4C8Z17F*8AC=Q.:5F.25C:*87F*FC5:F* ?=54.5=7F* 85WW3=7:2F* V* 17* FUF2Z47* [7P7=58Q7* P7=F0F* [5F4.=/o57:* f* 1.* /0120=7* 87* 1.* =7F?C:F.L51523*87F*?.257:2F*72*17*:5P7.0*87*?=56S** p7*FUF2Z47*[7P7=58Q57:*=7?=7:8*0:7*1CQ5M07*.FF5F2.:257117^*83P71C??37*?.=*17F*5837F* 87*1A3/C:C45F27*x5115.4*[7P7=58Q7S** '0527*I*1.*874.:87*80*QC0P7=:747:2*L=52.::5M07*7:*DGqN^*51*=385Q7*0:*=.??C=2*F0=*17* FUF2Z47*8A.FF0=.:/7*4.1.857^*?=C?CF.:2*87*17*=7WC:87=*F0=*?10F570=F*?=5:/5?7F*V** i* !:5P7=F.1523* 87* 1.* ?=C27/25C:* FC/5.17* ?.=* 1.* /C0P7=20=7* 87* 2C027* 1.* ?C?01.25C:* >C0P7=20=7*87F*8=C52F*5:85P58071FB*72*87*2C0F*17F*=5FM07F**i* !:5WC=4523*87F*?=7F2.25C:F*WC:837*F0=*17F*L7FC5:F*87F*5:85P580F*72*:C:*F0=*170=F* ?7=27F*87*=7P7:0F*7:*/.F*87*F0=P7:07*8A0:*=5FM07** i* !:523*87*Q7F25C:*32.25M07*87*1A7:F74L17*87*1.*?=C27/25C:*FC/5.17** i* -5:.:/747:2*L.F3*F0=*1A54?@2** * p7* FUF2Z47* [5F4.=/o* 32.:2^* M0.:2* I* 105^* L.F3* F0=* 0:7* 1CQ5M07* .FF0=.:257117* 72* 83P71C??3*?.=*17*/<.:/7157=*.1174.:8*,22C*$C:*[5F4.=/oS* +7P7:0* 0:7* W5Q0=7* 74L134.25M07* 87* 1.* ?=C27/25C:* FC/5.17* 7:* \1174.Q:7* I* 1.* W5:* 80* n#nZ* F5Z/17^* F0527* I* 1.* 45F7* 7:* ?1./7* 80* FUF2Z47* 87* ?=C27/25C:* FC/5.17* /C:2=7* 17F* =5FM07F* 4.1.857* >DHH]B^* .//587:2F* 87* 2=.P.51* >DHHqB^* P575117FF7* 72* 5:P.158523* >DHHGBS* ;10F570=F*?=5:/5?7F*FC0Fi27:87:2*/7*4C8Z17*.FF0=.:2571*V** i* ;=C27/25C:*WC:837*0:5M0747:2*F0=*17*2=.P.51*72*F0=*1.*/.?./523*87F*5:85P580F*I* FAC0P=5=*87F*8=C52F*Q=l/7*I*170=*./25P523*?=CW7FF5C::7117** i* ;=C27/25C:*CL15Q.2C5=7** i* ;=C27/25C:* =7?CF.:2* F0=* 0:7* ?.=25/5?.25C:* W5:.:/5Z=7* 87F* C0P=57=F* 72* 87F* 74?1CU70=F*M05*?=7:8*1.*WC=47*87*/C25F.25C:F*FC/5.17F** i* YC25F.25C:F* M05* :7* FC:2* ?.F* ?=C?C=25C::7117F* .06* =5FM07F* y* /C447* 8.:F* 1.* 1CQ5M07*.FF0=.:257117*?0=7*y*4.5F*.06*F.1.5=7FS*,:*?.=17*.5:F5*87*`*FC/5.15F.25C:* 80*=5FM07*g** i* ;=C27/25C:*Q3=37*?.=*17F*F.1.=53F*72*17F*74?1CU70=F** \02=7F* 76?15/.25C:F^*8.:F* /7=2.5:F* ?.UF* 70=C?37:F^* 87F* 4385/.47:2F* ?70P7:2* _2=7* P7:80F*7:*87<C=F*87F*?<.=4./57F*>&CU.047i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qE*w*80*:C4L=7* 87*LCz27F*P7:807F*7:*?<.=4./57*72*DGw*87*170=*/<5WW=7*8A.WW.5=7*>Y\BS*!:7*45:C=523*
$KBD=;EBJ!<;!M<>?M<:;EK<?!C<!DI9=;BAFCE:9;EBJ!<J!8>9J:<!!
!
*'!C4+5?!/&!F'&!/&!%672#/@.+&!G#?+45#%&!/&!D@/&2+5&!!
!!
%:*NOOJ^*0:7*F3.:/7*87*1A\/.83457*".25C:.17*87*9387/5:7*27:07*/C:TC5:2747:2*.P7/* 1A\/.83457*".25C:.17*87*;<.=4./57^*W.52*17*?C5:2*F0=*1A.02C4385/.25C:*72*F0=*1A3PC1025C:* 87F*?=.25M07F*I*P7:5=*>D]BS* %:* 7WW72^* /7227* F3.:/7* W.52* 17* /C:F2.2* M07* 17* W106* 8A5:WC=4.25C:F* 5:525.1747:2* P7=25/.1^* 3PC107*P7=F*1.*2=.:FP7=F.1523^*87*?.=2*1A.//ZF*85=7/2*/=C5FF.:2*I*/7227*5:WC=4.25C:S*p7* 4.1.87*87P57:2*.1C=F*0:*./270=*85=7/2*87*F.*F.:23*?.=*/7227*5:WC=4.25C:*72*FA54?15M07* 8.:F* 17* ?=C/7FF0F* 85.Q:CF25M07* 72* 2<3=.?7025M07S* #1* 765F27* .1C=F* 0:* =5FM07* 8A7==70=* ?C0P.:2*7:2=.5:7=*0:*2=.52747:2*5:.8.?23^*PC5=7*5:02517S** %:*?.=.11Z17*7F2*3Q.1747:2*.??.=07*1.*:C25C:*?10F*WC=47117*87*/C:F7:2747:2*3/1.5=3b* .06*FC5:FS*Y7227*F520.25C:*87*W.52*.*323*7:/C=7*.//7:2037*?.=*1A.8C?25C:*87*1.*pC5*80*q* 4.=F*NOON*8527*80*{{*+=C52*87F*4.1.87F*AA*/C:805F.:2*I*0:*87PC5=*8A5:WC=4.25C:F*?C0=*17* ?=CW7FF5C::71S** #1*7F2*54?C=2.:2*87*?=7:8=7*7:*/C4?27*M07^*/C:2=.5=747:2*I*/7=2.5:7F*5837F*=7c07F^*17F* FC0=/7F*8A5:WC=4.25C:F*80*?0L15/*87P57::7:2*87*?10F*7:*?10F*W5.L17F^*72*4_47*?C5:207F* V*FUF2Z47*87F*L1CQF*72*87F*k5o57F*.06M071F*?.=25/5?7:2*87F*F?3/5.15F27F*M05*31ZP7:2*17* :5P7.0*8A5:WC=4.25C:F*I*0:*87Q=3b*?.=WC5F*2=ZF*F.25FW.5F.:2S** i*17F*L1CQF*FC:2*87F*7F?./7F*87*85.1CQ07*?7=4722.:2*.06*?.=25/5?.:2F*87*8C::7=*87F* 5:WC=4.25C:F^*8A76?=547=*170=*C?5:5C:^*72*4_47*87*8C::7=*87F*/C:F751F*FC0F*0:7*WC=47* 2=ZF*85=7/27^*.8.?237*.06*M07F25C:F*M0A51F*?70P7:2*F7*?CF7=S** i*17F*k5o57F*>x5o5?785.^*FC=27*8A7:/U/1C?3857*P5=207117B*?7=47227:2*0:7*45F7*7:*/C440:* 80*F.PC5=^*2<Z47*?.=*2<Z47^*Q=l/7*I*0:7*.1547:2.25C:*85=7/27*87F*?.=25/5?.:2FS** 9.5F*7:*?=.25M07*=57:*:7*Q.=.:252*.0*4.1.87*1A76./252087*87*1A5:WC=4.25C:*8C:2*51*?=7:8* /C::.5FF.:/7S**-./7* I* /7227* F520.25C:^* 17F* ?=CW7FF5C::71F* 87* F.:23b^* .?=ZF* 17F* ?=745Z=7F* =325/7:/7F* 87P=C:2*FA.8.?27=^*:C:*F701747:2*7:*?.=2.Q7.:2*170=*F.PC5=*.P7/*170=F*4.1.87F^*7:* =3?C:8.:2*L57:*F|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l/7*I*87F*/C:F751F*.8.?23FS*#1*7F2*I*FC015Q:7=* M07*17F*?=C8052F*8A.02C4385/.25C:*:7*FC:2*?.F*7674?2F*87*=5FM07F*8A7WW72F*5:83F5=.L17F* ?.=WC5F* Q=.P7F* 4.5F* .0FF5* 8A5:27=./25C:F* 4385/.47:270F7F* .P7/* 87F* 4385/.47:2F* ?=7F/=52F*?.=*.51170=FS** +A.02=7* ?.=2^* 1A\/.83457* ".25C:.17* 87* 9387/5:7* =7/C44.:87* 0:* 83P71C??747:2* 8A./25C:F* /C:TC5:27F* ?7=4722.:2* 8A.4315C=7=* 1.* ?=3P7:25C:* 87* 1.* 5.2=CQ3:ZF7* 4385/.47:270F7*72*17*LC:*0F.Q7*80*4385/.47:2*.02C0=*87*/C:2=.2F*87*LC:*0F.Q7*I* 4722=7*7:*?1./7*1C/.1747:2*7:2=7*17F*?=CW7FF5C::71FS** *
*'!C4+5?!/&!F'&!/'!D+5+3?H-&!/&!%#!0#5?@!!
!
%:* X.:P57=* NOOJ^* 17* 95:5F2Z=7* 87* 1.* '.:23* ?0L157* 0:* =.??C=2* F0=* 1.* F520.25C:* 87* 1A.02C4385/.25C:* 7:* -=.:/7* 72* ?7=F?7/25P7F* 8A3PC1025C:^* 7:* .:.1UF.:2* ]* ?C5:2F* V* 4.=/<3F^*/C4?C=2747:2F*72*?CF525C:F*87F*./270=FS*pA.02C4385/.25C:*C//0?7*0:7*?1./7*/7:2=.17^*?.=*=.??C=2*I*1.*:3/7FF523*8A0:7*?C1525M07* 3/C:C45M07* 80* 4385/.47:2* =7F?C:F.L17* 72* 87* 1.* =7F?C:F.L515F.25C:* 80* /52CU7:* F0=* F7F*?=CL1Z47F*87*F.:23^*.//7:2037*?.=*1.*1C5*80*q*4.=F*NOON^*8527*80*`*+=C52F*87F* 4.1.87F* g^* 32.L15FF.:2* ?.=* .51170=F* 17* 87PC5=* 8A5:WC=4.25C:F* ?.=* 17* ?=CW7FF5C::71* 87*
Y7*=.??C=2*?=3/C:5F.52*V** i*+7*/C:W5=47=*1A0:5/523*80*4385/.47:2^*?.=*1.*4_47*3P.10.25C:*72*1.*4_47*Q.=.:257* 87* F3/0=523^* .5:F5* M07* 17* 4_47* /5=/052* 87* 85F2=5L025C:* CWW5/5:.1* 76/10F5W* ?C0=* 17F* F?3/5.1523F*8a.02C4385/.25C:*72*17F*4385/.47:2F*87*;=7F/=5?25C:*9385/.17*,L15Q.2C5=7* >;9,BS** i*+7*Q.=.:25=*1a.8.?2.25C:*87F*4385/.47:2F*I*0:*0F.Q7*7:*.02C4385/.25C:S*Y7/5*?.FF7* ?.=*?10F570=F*31347:2F*V** DS* !:7*587:25W5/.25C:*87F*4385/.47:2F*.8.?23F*I*0:7*?=5F7*7:*/<.=Q7*?7=FC::7117* 87*170=F*FU4?2@47FS** NS* p.* 15F5L51523* 87F* :C25/7F* 8C52* _2=7* .4315C=37* .W5:* 87* Q.=.:25=* 17* LC:* 0F.Q7* 80* 4385/.47:2S** ]S* p7F* 5:85/.25C:F* 72* 17F* /C:8525C::747:2F* 8C5P7:2* _2=7* .8.?23F* ?C0=* 154527=* 17* =5FM07*87*43F0F.Q7*72*/C==7F?C:8=7*I*1.*80=37*87F*2=C0L17FS** qS* p.* +3:C45:.25C:* YC440:7* #:27=:.25C:.17* >+Y#B* 8C52* W5Q0=7=* 87* W.cC:* /1.5=7^* 15F5L17*72*.5F347:2*=7?3=.L17*F0=*17*/C:8525C::747:2S** ES* p7F* =7/<7=/<7F* L5C4385/.17F* 7WW7/2037F* 8.:F* 17* /.8=7* 87* 1aCL27:25C:* 87* 1a\02C=5F.25C:* 87* 95F7* F0=* 17* 9.=/<3* >\99B* 8C5P7:2* /C4?C=27=* 87F* 7FF.5F* .8.?23F*I*1a02515F.25C:*7:*.02C4385/.25C:S** KS* p7*85F?CF525W*87*?<.=4./CP5Q51.:/7*8C52*_2=7*.8.?23*I*/7*4.=/<3S** i*+7*W./51527=*17*8315F2.Q7*87F*4C13/017F*5::CP.:27F*8.:F*17*L02*8a.8.?27=*17*/<.4?*87F* ?=C8052F* .//7FF5L17F* 7:* .02C4385/.25C:* .06* L7FC5:F* 87F* ?.257:2FS* p.* FC0=/7* 8a.1547:2.25C:* 80* 4.=/<3b* 87* 1a.02C4385/.25C:* :7* 8C52* .5:F5* ?.F* F7* 154527=* .0* 83=74LC0=F747:2*87F*4385/.47:2F*:7*L3:3W5/5.:2*?.F*8a0:*'7=P5/7*9385/.1*&7:80* >'9&B*F0WW5F.:2S*Y7/5*8C52*?7=4722=7*17*83P71C??747:2*72*1.*/=385L51523*80*F7/270=*87* 1a.02C4385/.25C:S** i*+A5:F/=5=7*1a.02C4385/.25C:*8.:F*17*4C0P747:2*87*=7F?C:F.L515F.25C:*87F*?.257:2F*72* 87*LC:*0F.Q7*80*4385/.47:2S*Y7/5*8C52*?.FF7=*?.=*1.*/C440:5/.25C:*87F*5:F252025C:F* 72* 1a38525C:* 87* W5/<7F* 8a5:WC=4.25C:F* 72* 87* =3W3=7:2571F* 87* ?=5F7* 7:* /<.=Q7* ?C0=* 17F* ?.257:2FS**
i* +7* 83P71C??7=* 1a5:WC=4.25C:* 87F* ?.257:2F* 72* 87F* ?=CW7FF5C::71F* 87* F.:23b* F0=* 1a.02C4385/.25C:S*pa5:WC=4.25C:*?C0=*17*?.257:2*8C52*?.=25=*80*FU4?2@47*?102@2*M07*80* ?=C8052S* !:* 7F?./7* 87* /C:F751* 8C52* _2=7* .43:.Q3* ?.=* 17* ?<.=4./57:S* !:7* L.F7* 87* 8C::37F*.8.?237F*8C52*_2=7*45F7*I*85F?CF525C:*87F*4387/5:F*72*?<.=4./57:FS*!:*157:* 7:2=7* 17* +;* 72* 17* +9;* 8C52* ?7=4722=7* 17* F05P5* 87* 1a7:F74L17* 87F* 4385/.47:2F* /C:FC443F*?.=*17*?.257:2S** i* +7* /1.=5W57=* 17* 4.=/<3S* %2.L15=* 0:7* /C<3=7:/7* 87* 1.* ?C1525M07* 87* 45F7* F0=* 15F27* 72* 8315F2.Q7* 7:* .8C?2.:2* 0:7* =3W1765C:* ?.=* /1.FF7* ?<.=4./C1CQ5M07* C0* 2<3=.?7025M07S* $75117=* I* :7* ?10F* W.5=7* /C765F27=* 87F* 4C13/017F* F5451.5=7F* =74LC0=F.L17F* 72* :C:* =74LC0=F.L17F^*?C0=*0:7*4_47*5:85/.25C:S*;=3W3=7=*1.*:C25C:*87*4385/.47:2F*`*:C:* ?=5C=52.5=7F*g*I*/7117*87*`*'9&*5:F0WW5F.:2*g^*4.1*/C4?=5F7*72*?3TC=.25P7S**
!
!
*'!C4+5?!/&!F'&!/&!%6733'-#52&!D#%#/+&!!
!
p7* YC:F751* 87* 1A,=8=7* 87F* 9387/5:F* W.52* ?.=2* 87* 1.* P5F5C:* 87* 1A\FF0=.:/7* 9.1.857* /C:/7=:.:2*1A.02C4385/.25C:^*8.:F*FC:*=.??C=2*87*W3P=57=*NOOD*>DBS**
9_47* F5* 1A.02C4385/.25C:* 3/<.??7* I* 1A.:.1UF7* 87* 1A.FF0=.:/7* 4.1.857^* /7117i/5* :7* F.0=.52*=7F27=*5:85WW3=7:27*.06*?=CL1Z47F*87*FC/5323^*M05*/C:/7=:7:2*1.*/C:FC44.25C:* 87*4385/.47:2F*72*17*83P71C??747:2*87*1A5:80F2=57*?<.=4./7025M07f*I*/7*F0T72^*51*W.02* =.??717=*17F*/.4?.Q:7F*8A5:WC=4.25C:F*87*1.*Y"\9*.0*/C0=F*87F*.::37F*DGGD^*DGGN* 72* DGG]* V* }* '5! .@/+2#.&5?! I#! 5&! 3&! C-&5/! C#3! J! %#! %@,H-&! K! M05* /C:/7=:.57:2* 4.:5W7F2747:2* 1A.02C4385/.25C:* 72* =.??717=* .0FF5* 1.* F7:F5L515F.25C:* 87F* /7:2=7F* 87* ?<.=4./CP5Q51.:/7*F0=*17F*=5FM07F*5.2=CQ3:5M07F*8A0:7*.02C4385/.25C:*5:/C:F583=37S** p7F*.//587:2F*5.2=CQZ:7F*153F*I*1A.02C4385/.25C:*?70P7:2*7:2=.5:7=*87F*FC5:F*C:3=706* 72*?=C1C:Q3F^*PC5=7*:3/7FF527=*0:7*<CF?52.15F.25C:*>H^q*w*87F*?.257:2F*<CF?52.15F3F*17* FC:2*80*W.52*8A0:*7WW72*5:83F5=.L17*8AC=5Q5:7*4385/.47:270F7*8C:2*]E*w*87*?.257:2F*87* ?10F* 87* KE* .:FBS* p7F* .==_2F* 87* 2=.P.51* M05* ?70P7:2* 7:* =3F0127=* C:2* L57:* F|=* 87F*
=3?7=/025C:F* 3/C:C45M07F* :C:* :3Q15Q7.L17FS* p7F* ?=CW7FF5C::71F* 87* F.:23* 8C5P7:2* =7F27=*P5Q51.:2F*87P.:2*/7227*?=CL134.25M07S** p7F* ?C1525M07F^* 72* 17F* ?=CW7FF5C::71F* 87* 1A.FF0=.:/7^* 27:23F* 87* ?=C4C0PC5=* 1A.02C4385/.25C:* /C447* 4CU7:* 87* W./51527=* 87F* 3/C:C457F* 8.:F* 17F* 83?7:F7F* 87* F.:23* 8C5P7:2* 3Q.1747:2* /C::.52=7* /7* =5FM07* 5.2=CQZ:7* 72* 27:5=* /C4?27* 80* =.??C=2* L3:3W5/7*r*=5FM07*8.:F*1.*?=C4C25C:*87*1A.02C4385/.25C:S**
!
!
*'!C4+5?!/&!F'&!/&!%6789:7!!!
!
pa\-#;\* >\FFC/5.25C:* -=.:c.5F7* 87* 1a#:80F2=57* ;<.=4./7025M07* ?C0=* 0:7* \02C4385/.25C:* =7F?C:F.L17B* =7Q=C0?7* 17F* 5:80F2=571F* 80* F7/270=* M05* ?=C805F7:2* 72* /C447=/5.15F7:2*87F*?=C8052F*87*F.:23*85F?C:5L17F*7:*?<.=4./57*F.:F*C=8C::.:/7S* %117*83W5:52*F.*45FF5C:*/C447*87*?=C4C0PC5=*17*83P71C??747:2*87*1a.02C4385/.25C:* =7F?C:F.L17* 72* 87F* ?=C8052F* 80* 4.=/<3b* 80* 0&%12#-&! >M05* ?C0==.52* F7* 2=.805=7* ?.=* `.02CQ7F25C:gBS*%117*.FF0=7*.Q5=*8.:F*17*/.8=7*87*1.*F.:23*?0L15M07^*8.:F*1a5:23=_2*87F* ?.257:2F^* 87F* ?<.=4./57:F* 72* 87F* 5:80F2=571F* 474L=7F* 87* 1a.FFC/5.25C:^* 72* ?C0=* 1.* ?3=7::523b* 80* FUF2Z47* 87* FC5:FS* ,:* U* 83:C4L=7* ]J* 1.LC=.2C5=7F* ?<.=4./7025M07F* .8<3=7:2F^*=7?=3F7:2.:2*HO*w*80*4.=/<3b*87*1a.02C4385/.25C:S** pA\-#;\*/C440:5M07*?.=*FC:*87=:57=*CLF7=P.2C5=7*70=C?37:*F0=*1A.02C4385/.25C:*87* NOD]^*1A32.2*87F*15706*87*1.*-=.:/7*?.=*=.??C=2*I*F7?2*.02=7F*?.UF*70=C?37:F*>DNBS*%:* 7WW72^* /7* NZ* CLF7=P.2C5=7* =72=C0P7* 0:7* ?.=2* 87* 4.=/<3* 8A.02C4385/.25C:* 2C0TC0=F* 5:W3=570=7*I*1.*4CU7::7*70=C?37::7*>DE^Jw*PF*NJ^JwB^*72*87F*83?7:F7F*87*F.:23*7:* .02C4385/.25C:*?.=45*17F*?10F*W.5L17F*8A%0=C?7*f*4.1Q=3*87F*/C:8525C:F*W.PC=.L17F*.0* 83P71C??747:2* 87* 1A.02C4385/.25C:* 7:* -=.:/7* .P7/* 0:7* 87:F523* 87* 4387/5:F* Q3:3=.15F27F* 72* 5:W5=457=F* 8.:F* 1.* 4CU7::7* 70=C?37::7^* 72* 0:* ?=56* 4CU7:* W.5L17* 72* 5:W3=570=F* .06* .02=7F* ?.UF* 70=C?37:F* 87* F?3/5.1523* 8A.02C4385/.25C:* >.P7/* 0:* ?=56* 4CU7:* ((Y* 87F* F?3/5.1523F* 8A.02C4385/.25C:* I* q^E~* P7=F0F* K^N~* 7:* 4CU7::7* 7:* %0=C?7BS**pA\-#;\* 472* 7:* .P.:2* 0:* ?C27:2571* 87* 83P71C??747:2* W.PC=.L17* I* 1A.02C4385/.25C:* .P7/* 85WW3=7:2F* .67F* I* 83P71C??7=^* F0=* 0:7* 54?01F5C:* ?C1525M07* 72* 0:7* PC1C:23* 87F* ?C0PC5=F* ?0L15/F* V* :C2.447:2* F0=* 0:* 8315F2.Q7* F54?17* 87* 4C13/017F^* 0:7* 4751170=7* =3?.=2525C:*87F*/5=/052F*87*85F2=5L025C:F*72*0:7*=745F7*7:*M07F25C:*87*1.*/0120=7*F0=*1.* =7F?C:F.L51523*87*1.*?=5F7*7:*/<.=Q7*5:85P5807117S***
*
*'!C4+5?!/&!F'&!/&!%#!C4C'%#?+45!!
!
%:* NODE* 0:7* 7:M0_27* .* 323* =3.15F37* ?.=* KO* 45115C:F* 87* /C:FC44.270=F* F0=* GqK* ?7=FC::7F^*=7?=3F7:2.25P7F*8A0:7*?C?01.25C:*W=.:c.5F7*lQ37*87*DH*.:F*72*?10F*>DqBS** p7* /C:F2.2* 7F2* W.52* M07* H* W=.:c.5F* F0=* DO* ?=.25M07:2* 1A.02C4385/.25C:S*Y7117i/5* 7F2* 1.=Q747:2*?=.25M037^*?05FM07*JH*w*87F*?7=FC::7F*5:27==CQ37F*85F7:2*U*.PC5=*=7/C0=FS* (C027WC5F^*/71.*87470=7*C//.F5C::71*V*F7017F*K*w*85F7:2*?=7:8=7*=3Q015Z=747:2*87F* 4385/.47:2F* F.:F* C=8C::.:/7* >.0* 4C5:F* 0:7* WC5F* ?.=* F74.5:7B^* .1C=F* M07* ]q* w* ?=7::7:2*=3Q015Z=747:2*87F*4385/.47:2F*?=7F/=52F*?.=*0:*4387/5:S* p7F*-=.:c.5F*M05*?=.25M07:2*1A.02C4385/.25C:*17*WC:2*?.=/7*M0A51F*85F7:2*83TI*/C::.z2=7* 17*2=.52747:2*I*?=7:8=7*>JN*wB*C0*?C0=*F7*FC5Q:7=*F.:F*.227:8=7*>KK*wB^*?10F*M07*?C0=* 3P527=*87F*83?7:F7F*5:02517F*I*1A\FF0=.:/7*4.1.857*>]O*wB*C0*3/C:C45F7=*17*?=56*8A0:7* /C:F012.25C:*>Nq*wBS* \06*?=7457=F*FU4?2@47F*8A0:7*4.1.857*L3:5Q:7^*qK*w*87F*FC:83F*85F7:2*/C447:/7=* ?.=*.227:8=7*M07*c.*?.FF7S*p7F*4385/.47:2F*:C:*?=7F/=52F*FC:2*FC0P7:2*?=5F*F0=*17* /C:F751*80*?<.=4./57:*>ED*w*87F*FC:83F*17*WC:2*FC0P7:2*C0*87*274?F*7:*274?FBS*9.5F* ]J* w* /C:F58Z=7:2* M0A51F* FC:2* 17F* 45706* ?1./3F* ?C0=* F.PC5=* M071F* 4385/.47:2F* 170=* /C:P57::7:2*17*45706S* +.:F*17*8C027^*/A7F2*2C027WC5F*P7=F*17*4387/5:*M0AC:*F7*2C0=:7=.*V*1C=FM0A51F*C:2*L7FC5:* 8A0:*.P5F*4385/.1^*GJ*w*87F*FC:83F*85F7:2*W.5=7*/C:W5.:/7*I*170=*4387/5:^*M0A51*FC52* Q3:3=.15F27*C0*F?3/5.15F27S*;.=.8C6.1747:2^*qD*w*87F*FC:83F*/C:F58Z=7:2*M07*17F*4387/5:F*?=7F/=5P7:2*2=C?*87* 4385/.47:2F^*4.5F*F701F*DK*w*?7:F7:2*7:*/C:FC447=*2=C?S* %2*F5^*I*GD*w^*17F*-=.:c.5F*5:27==CQ3F*85F7:2*.PC5=*/C:W5.:/7*8.:F*17F*4385/.47:2F* M0A51F*?=7::7:2^*F701F*ND*w*C:2*L!?4'?!J!1#+?!2451+#52&!MN* •*1.*4.5FC:^*?=ZF*87*8706*-=.:c.5F*F0=*2=C5F*>Kq*wB*85F7:2*.PC5=*8.:F*170=*?<.=4./57* W.4515.17*L!%&!3?-+2?!.+5+.'.!C4'-!%&3!C&?+?3!$4$43!/'!O'4?+/+&5!M!P*2C027WC5F^*D]*w*U* /C:F7=P7:2*87F*LCz27F*87*4385/.47:2F*7:2.437F*8C:2*51F*:7*/C::.5FF7:2*?10F*1A0251523S* p7F*<C447F*72*W7447F*F7*FC5Q:7:2*85WW3=7447:2S*p7*/15P.Q7*4.5:27F*WC5F*/C:F2.23* 7:2=7* <C447F* 72* W7447F* 7:* 4.25Z=7* 87* F.:23* F7* =72=C0P7* 7:* 4.25Z=7* 8A.02C4385/.25C:S* p7F* W7447F* FC:2* ?10F* :C4L=70F7F* M07* 17F* <C447F* I* U* .PC5=* =7/C0=F* V* ?.=45* 17F* ?7=FC::7F* 5:27==CQ37F^* K]* w* 87F* W7447F* 1.* ?=.25M07:2*L!-@,'%+H-&.&5?!M*C0*L!C#-14+3!MQ*/C:2=7*q]*w*87F*<C447FS* •* 1A5:P7=F7^* 17F* <C447F* FC:2* ?10F* :C4L=706* I* :7* ?=7:8=7* :5* 4385/.47:2F* 8A.02C4385/.25C:* >]D* w^* /C:2=7* Dq* wB^* :5* P52.45:7F* >KD* w^* /C:2=7* q]* wB^* :5* /C4?1347:2F*.1547:2.5=7F*>KG*w^*/C:2=7*EO*wB*C0*2=.52747:2F*I*L.F7*87*?1.:27F*>KG*w^* /C:2=7*ED*wBS* +7F* 85WW3=7:/7F* Q3:3=.25C::7117F* FC:2* /C:F2.237FS* '.:F* F0=?=5F7^* 17F* ?10F* lQ3F* ?=7::7:2* L7.0/C0?* ?10F* 87* 4385/.47:2F* ?=7F/=52F* F0=* C=8C::.:/7* M07* 17F* ?10F* T70:7F*V*?.=45*:CF*FC:83F^*KK*w*87F*?10F*87*KE*.:F*7:*?=7::7:2*=3Q015Z=747:2*>.0* 4C5:F* 0:7* WC5F* ?.=* F74.5:7B^* /C:2=7* DK* w* 87F* 4C5:F* 87* EO* .:FS* %:* =7P.:/<7^* 51F* ?=.25M07:2*4C5:F*1A.02C4385/.25C:*V*]D*w*:7*?=7::7:2*T.4.5F*87*4385/.47:2F*F.:F* C=8C::.:/7^*/C:2=7*DJ*w*87F*4C5:F*87*EO*.:F€* #1*=7F27*I*F.PC5=*F5*1.*:C0P7117*Q3:3=.25C:*.0=.*87F*?=.25M07F*85WW3=7:27F*1C=FM0A7117*F7=.* ?10F*lQ37^*C0*F5*/A7F2*F54?1747:2*1A.P.:/37*7:*lQ7*M05*W.52*PC5=*17F*/<CF7F*.02=747:2^* 1.*/C4?176523*87F*?.2<C1CQ57F*31C5Q:.:2*87*1A.02C4385/.25C:S* ,:* :C27* ?70* 87* 85WW3=7:/7F* 7:2=7* 17F* /.23QC=57F* FC/5C?=CW7FF5C::7117F* 7:* 4.25Z=7* 8A.02C4385/.25C:S* Y7=27F^* /706* M05* .??.=257::7:2* .06* /.23QC=57F* .5F37F^* 8527F* `Y';•g^* FC:2* 4C5:F* :C4L=706* M07* 17F* .02=7F* I* 83/1.=7=* 1.* ?=.25M07=* L! ?-H3! -@,'%+H-&.&5?!M*>DJ*w^*/C:2=7*NH*wBS**
9.5F*/7227*85WW3=7:/7*7F2*?702i_2=7*1.*=3F012.:27*8A0:*4751170=*32.2*87*F.:23*V*KK*w*87F* Y';•*F7*85F7:2*L!-#-&.&5?!M*4.1.87F^*/C:2=7*qG*w*87F*Y';iS*+7*4_47^*KJ*w*87F* Y';•*85F7:2*?=.25M07=*0:7*./25P523*?<UF5M07*=3Q015Z=7^*/C:2=7*ED*w*87F*Y';iS*
pA7:M0_27* $5.PC5/7* =3.15F37* ?C0=* NO* 95:027F* >DEB^* =3.15F37* 7:* NOOH^* .??C=27* 8706* P5F5C:F* F0??1347:2.5=7F* I* /7227* ?=3/383:27* 7:M0_27* V* 17* =5FM07* 87* 1A.02C4385/.25C:* ?7=c0*?.=*1.*?C?01.25C:*72*1.*?=3W3=7:/7*87F*7F?./7F*8A./<.2F*83853FS** +7* 4.:5Z=7* Q3:3=.17^* 1A.02C4385/.25C:* 7F2* ?7=c07* /C447* 0:7* ?=.25M07* `8.:Q7=70F7gV* Jq* w* 87F* -=.:c.5F* ?.=2.Q7:2* /7227* C?5:5C:S* Y7227* :C25C:* 87* =5FM07* =7?CF7*F0=*8706*.=Q047:2F*V** i*pA.02C4385/.25C:*Q3:Z=7*0:*83W5/52*8A5:WC=4.25C:F*V*KN*w*87F*-=.:c.5F*7F2547:2*M07*** `*1C=FM0A0:*4385/.47:2*g*7F2*`*?=7F/=52*g*?.=*0:*`*4387/5:*g*C0*0:*`*?<.=4./57:*g^* 51F*FC:2*`*45706*5:WC=43F*g*f* * i* pA.02C4385/.25C:* Q3:Z=7* 87F* FC5:F* 4C5:F* ?7=WC=4.:2F* V* K]* w* /C:F58Z=7:2* M07* `* 1C=FM0AC:* /<C5F52* FC5i4_47* F7F* 4385/.47:2F* F.:F* /C:F0127=* 17F* 4387/5:F* C0* 17F* ?<.=4./57:F*g^*C:*7F2*`*?10F*4.1*FC5Q:3*gS** +A.02=7*?.=2^*17F*-=.:c.5F*?=3WZ=7=.57:2*./<727=*87F*4385/.47:2F*8.:F*87F*7F?./7F* 83853F^*?102@2*M07*8.:F*87F*7F?./7F*:702=7F*V* * i*EE*w*PC08=.57:2*./<727=*87F*4385/.47:2F*`*7:*?<.=4./57^*8.:F*87F*7F?./7F*7:* 15L=7*.//ZF*g*f** i*qK*w*8.:F*87F*Q=.:87F*F0=W./7F*F?3/5.15F37F*f** i*]q*w*7:*Q=.:87F*F0=W./7F*Q3:3=.15F27FS** *
!
89:;<=>?!CF;<>AEJ9J;?!CI9=;BAFCE:9;EBJ!!
*!:7* 32087* 87* 1A!:5P7=F523* ;57==7i72i9.=57iY0=57* y* ;\&#'* $^* =3.15F37* 7:* NODN^* FA7F2* 5:23=7FF37* .06* 8327=45:.:2F* I* 1A./<.2* 87* 4385/.47:2F* 8A.02C4385/.25C:^* 8.:F* 0:7* ?C?01.25C:*Q3:3=.17*W=.:c.5F7*lQ37*87*DH*.:F*72*?10F*>DKBS* ;=7457=* /C:F2.2^* 1A.02C4385/.25C:* F7* ?=.25M07* 1C=FM07* 17* /C:FC44.270=* 87* F.:23* ?7:F7*?C0PC5=*Q03=5=*F.:F*1A.587*80*4387/5:S** #1*02515F7*17F*4385/.47:2F*8A.02C4385/.25C:*8.:F*17*/.8=7*80*2=.52747:2*87*?.2<C1CQ57F* L3:5Q:7F^*?C0=*W.5=7*87*1.*?=3P7:25C:*C0*8.:F*17*/.8=7*80*L57:i_2=7S*'C:*CLT7/25W*32.:2* 8A3P527=*1.*/C:F012.25C:*4385/.17*?.=*1A./<.2*87*?=C8052F*8A.02C4385/.25C:*M05*PC:2*.587=* I*Q03=5=*F.:F*.PC5=*=7/C0=F*I*0:7*/C:F012.25C:*72*F.:F*`*?7=27*87*274?F*gS** p7*/C:FC44.270=*?=7:8*?70*87*274?F*?C0=*W.5=7*F7F*/<C56*>q]wB^*/7F*87=:57=F*FC:2* 2=ZF*FC0P7:2*83W5:5F*.P.:2*8A7:2=7=*8.:F*1ACWW5/5:7*72*:C:*.?=ZF*>ENw*.//C=87*17*274?F* 8A0:*/C:F751*.0*?<.=4./57:BS*Y7?7:8.:2*17*?<.=4./57:*TC07*0:*=@17*/7:2=.1*8.:F*17* /<C56*W5:.1*80*?=C8052S*'C:*5:W107:/7*7F2*0:7*87F*?10F*54?C=2.:27F*.?=ZF*17F*<.L52087F* W.4515.17F*C0*1A5:W107:/7*87*1A7:2C0=.Q7S*YA7F2*1A./270=*M05*?702*/C:F75117=*72*?=7:8=7*17* 274?F*8A76?15M07=*I*FC:*5:27=1C/0270=*17*?=C/7FF0F*8A.02C4385/.25C:^*17F*?CFC1CQ57F*72* 17F*4C87F*8A02515F.25C:F*?C0=*17F*?10F*.:65706S**
pA54?C=2.:/7* 87* 1A7WW5/./523* 80* ?=C8052^* C0* ?102@2* 1A7WW5/./523* ?7=c07* ?.=* 17* /C:FC44.270=* .* 0:7* 5:W107:/7* 85WW5/517* I* M0.:25W57=S* %117* 7F2* FC0P7:2* .FFC/537* I* 1A<.L52087* 80* /C:FC44.270=* M05* F7* L.F7* F0=* 87F* 76?3=57:/7F* ?=3/387:27F* F.25FW.5F.:27FS*Y7227*?7=/7?25C:*?702*_2=7*5:W107:/37*:C2.447:2*Q=l/7*.06*4385.FS* e0.:2*.0*?=56^*0:7*1.=Q7*4.TC=523*87*/C:FC44.270=F*:7*W.52*.0/0:7*/C4?.=.5FC:*C0* 2=ZF*?70*7:2=7*?<.=4./57F*>JNwB*72*?=C8052F*.0*F75:*8A0:7*4_47*?<.=4./57*>KNwBS* ,:*=74.=M07*?.=*/C:2=7*M07*17F*/C:FC44.270=F*M05*/C4?.=7:2*17F*?=56^*17*WC:2*.0FF5* L57:*7:2=7*17F*?<.=4./57F*M0A.0*F75:*87*1.*4_47*?<.=4./57S**
YC:/7=:.:2* 17* 1570* 8A./<.2^* ?10F* 87* HOw* 87* /C:FC44.270=F* :7* FC:2* ?.F* ?=_2F* I* ./<727=* 170=F* 4385/.47:2F* F0=* 5:27=:72S* p7F* ?=5:/5?.06* W=75:F* FC:2* /1.5=F* V* ?70=* 87* ?=C8052F*87*/C:2=7W.cC:^*8C027*F0=*1.*M0.1523*87F*?=C8052F*72*1A.LF7:/7*80*/C:F751*80* ?<.=4./57:S**
2<!>E?G=<!AFCE:9A<J;<=P!
* #1*7F2*:3/7FF.5=7*87*=7P7:5=*2C02*8A.LC=8*F0=*M071M07F*83W5:525C:FS** p.* 5.2=CQ3:57* 7F2* 83W5:52* F71C:* 1A,9'* /C447* `* 2C027* =3?C:F7* :3W.F27* 72* :C:* =7/<7=/<37*I*0:*4385/.47:2*F0=P7:.:2*I*87F*8CF7F*02515F37F*/<7h*1A<C447*I*87F*W5:F* 87*?=C?<U1.657^*87*85.Q:CF25/*72*87*2=.52747:2*g*>DJBS** !:* 3P3:747:2* 5:83F5=.L17* 3P52.L17* F7* 83W5:52* /C447* 0:* 3P3:747:2* 5:83F5=.L17* M05* :A.0=.52*?.F*70*1570*F5*17F*FC5:F*.P.57:2*323*/C:WC=47F*I*1.*?=5F7*7:*/<.=Q7*/C:F583=37* /C447*F.25FW.5F.:27*.0*4C47:2*87*F.*F0=P7:07S*p7*/.=./2Z=7*3P52.L17*7F2*.??=3/53*I* 1A5FF07*8A0:7*3P.10.25C:*?=3/5F7*87*1.*F520.25C:*/15:5M07*80*?.257:2*72*87F*/C:8525C:F*87* ?=5F7*7:*/<.=Q7*>DHBS** p7*43F0F.Q7*4385/.47:2706*7F2*83W5:5*?.=*17F*0F.Q7F*5:.??=C?=53F*?.=*=.??C=2*.06* 8C::37F* 87* =3W3=7:/7F* ?7=25:7:27F^* F0=P7:.:2* .0* /C0=F* 87* 1.* /<.z:7* 87F* FC5:F^* 76?CF.:2*0:*?.257:2*8C::3*I*0:*=5FM07*.P3=3*C0*?C27:2571^*F.:F*L3:3W5/7*/C==31.25WS** 'C:2* :C2.447:2* /C:F583=3F* /C447* 87F* 8C::37F* 87* =3W3=7:/7F* ?7=25:7:27F* V* 17* =3F043*87F*/.=./23=5F25M07F*80*?=C8052^*17F*=7/C44.:8.25C:F*87*[C::7F*;=.25M07F^* 17F* /C:W3=7:/7F* 87* /C:F7:F0F^* 17F* W5/<7F* 87* F7=P5/7* 4385/.1* =7:80* >'9&B* 72* 8a.4315C=.25C:* 80* F7=P5/7* 4385/.1* =7:80* >\'9&B^* 17F* W5/<7F* 87* 2=.:F?.=7:/7^* 17F* &3W3=7:/7F*9385/.17F*,??CF.L17F*>&9,B^*1a.P5F*8a76?7=2F^*1.*15223=.20=7S*,:*7:27:8* ?.=*1.*/<.z:7*87*FC5:F^*1a7:F74L17*80*/5=/052*80*4385/.47:2*i*?=7F/=5?25C:^*?=3?.=.25C:^* 85F?7:F.25C:^*.845:5F2=.25C:^*F0=P7511.:/7*i*/C:/7=:.:2*2C0F*17F*./270=F*87*F.:23^*17* ?.257:2*72*170=F*7:P5=C::747:2F*>DGBS* p7*=5FM07*4385/.47:2706*153*I*1A.02C4385/.25C:*F7*F3?.=7*7:*M0.2=7*PC172F*V** i* p7F*=5FM07F*F.:F*43F0F.Q7*80*4385/.47:2*V*7WW72F*5:83F5=.L17F*54?02.L17F*I* 1.*?=5F7*4385/.47:270F7*>7WW72F*F7/C:8.5=7FB^*** i* p7F* =5FM07F* ?.=* 43F0F.Q7F* 4385/.47:2706* V* 5:85/.25C:* 5:.??=C?=537^* :C:i =7F?7/2* 87F* /C:2=7i5:85/.25C:F^* 7==70=* 87* ?CFC1CQ57^* 80=37* 76/7FF5P7^* 72/* >/C:/7=:7*.0FF5*1A.02C4385/.25C:*`*4385/.47:2F*.4.5Q=5FF.:2F*g*72*17*8C?.Q7BS* i* p7F*=5FM07F*?.=*5:23=./25C:F*4385/.47:270F7F** i* p7F*=5FM07F*87*=72.=87=*17*85.Q:CF25/*87*1.*4.1.857*7:*/.0F7^*/A7F2*:C2.447:2* 17* /.F* /<.M07* WC5F* M07* 1A.02C4385/.25C:* 7F2* ?=C1C:Q37* .0i831I* 87* M071M07F** p7*43F0F.Q7*87F*4385/.47:2F*:C2.447:2*/<7h*17F*?7=FC::7F*lQ37F*F7=.52*54?15M03b* 8.:F*?10F*8A0:*M0.=2*87F*/C:F012.25C:F*8.:F*17F*83?.=2747:2F*8A0=Q7:/7F*72*8.:F*?10F* 87*DO*w*87F*<CF?52.15F.25C:F^*.P7/*0:*/C|2*2C2.1*F0?3=570=*I*NE*45115.=8F*87*8C11.=F* >NOBS*9SXS*,27=C*pC?7h*5:85M07*17*/<5WW=7*87*DO*w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w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m*5:W3=570=7*I*KO4pr45:rD^J]4N^*]NK*?=7F/=5?25C:F*/C==7F?C:8.:2*I*ND]J*15Q:7F*87* ?=7F/=5?25C:F* C:2* 323* .:.1UF37FS* \0* 2C2.1^* DG* w* 87F* ?.257:2F* >5‚KNB* .P.57:2* 0:* 4385/.47:2*5:.??=C?=53*.0*=7Q.=8*87*170=*32.2*=3:.1S*+.:F*17*FC0FiQ=C0?7*87*?.257:2F* .U.:2* 0:* +-m* 5:W3=570=7* I* ]O4pr45:rD^J]4N^* qN* ?=7F/=5?25C:F* /C==7F?C:8.:2* I* NGD* 15Q:7F* 87* ?=7F/=5?25C:* C:2* 323* .:.1UF37FS* \0* 2C2.1^* EJ^D* w* 87F* ?.257:2F* >5‚NqB* .P.57:2*0:*4385/.47:2*5:.??=C?=53*.0*=7Q.=8*87*170=*32.2*=3:.1*>N]BS* * #1*765F27*8C:/*3Q.1747:2*0:*43F0F.Q7*54?C=2.:2*/C:F2.23*I*1.*FC=257*87F*?.257:2F*72* M05*.*?=CL.L1747:2*87F*=3?7=/0FF5C:F*F0=*1.*?=7F/=5?25C:*7:*P5117*f*17F*C=8C::.:/7F*87* FC=257* 32.:2* /C:F583=37F* /C447* `* P.15837F* g* ?.=* 17F* 4387/5:F* Q3:3=.15F27FS* +7F* FC1025C:F* 8A.4315C=.25C:* 87P=.57:2* _2=7* ?=C?CF37F^* .W5:* 87* F7:F5L515F7=* 17F* ?=7F/=5?270=F^*4.5F*.0FF5*17F*?<.=4./57:F*.06*.8.?2.25C:F*87*8CF7F*:3/7FF.5=7FS*
!
5B;EK9;EBJ!<;!EJ;F>U;?!C<!DIF;=C<!
*
"C0F*FC447F*17*?=7457=*?.UF*/C:FC44.270=*87*4385/.47:2F*8A%0=C?7^*72*?C0=2.:2* <052*?.257:2F*F0=*856*83/1.=7:2*.PC5=*/C:W5.:/7*8.:F*0:*4387/5:*F./<.:2*=74?1./7=*0:* 4385/.47:2* ?.=* 87F* /C:F751F* 02517F^* 4.5F* 17F* 32087F* 4C:2=7:2* M07* GOw* 87F* /C:F012.25C:F*F7*/C:/107:2*?.=*0:7*?=7F/=5?25C:*4385/.47:270F7S** pA.02C4385/.25C:*7:*-=.:/7*:A7F2*?.F*:3Q15Q7.L17^*:5*F.:F*/C:F3M07:/7FS*%:*7WW72^* :C0F*/C::.5FFC:F*./20711747:2*0:*54?./2*4.T70=*87F*?.2<C1CQ57F*4385/.47:270F7F* /C447*/.0F7F*8A<CF?52.15F.25C:F^*FA5:23Q=.:2*8.:F*0:*FUF2Z47*87*F.:23*7:*85WW5/0123^* .P7/* 0:* 83W5/52* 80* =3Q547* Q3:3=.1* 87* 1.* '3/0=523* 'C/5.17* FA317P.:2* I* ]^q* 45115.=8F* 8A70=CF*7:*NODKS** \02C4385/.25C:*M05*F74L17*87*?10F*7:*?10F*L.:.15F37*80*?C5:2*87*P0*87F*?.257:2F^*.P7/* 0:7*?C1525M07*87*F.:23*?0L15M07*87*?=3P7:25C:*=.=7*72*M05*.??.=.z2*F.:F*54?./2S** !:7*32087*87*?<.=4./CP5Q51.:/7*87*T05:*NODE*F0=*17F*=5FM07F*72*7WW72F*5:83F5=.L17F*87* 1A.02C4385/.25C:* 472* 7:* 3P587:/7* 17F* .:2.1Q5M07F* 72* 17F* \#"'* /C447* ?=5:/5?.06* =7F?C:F.L17F*8A<CF?52.15F.25C:F*>NqBS*** +7*?10F^*7117*:C27*M07*]Hw*87F*7WW72F*5:83F5=.L17F*4385/.47:2706*C:2*323*/C:F583=3F* /C447*3P52.L17F^*72*153F*I*0:*4.0P.5F*0F.Q7*4385/.47:2706*>NqBS* ;C0=2.:2^* 17* /0=F0F* 0:5P7=F52.5=7* 4385/.1* 2<3C=5M07* =7F27* ?.0P=7* F0=* 17F* F0T72F* 87* ?<.=4./CP5Q51.:/7^*.02C4385/.25C:^*43F0F.Q7*72*5.2=CQ3:57S** p.*F7:F5L515F.25C:*87F*32085.:2F*7:*4387/5:7*I*/7F*31347:2F*F7*W.52*7FF7:25711747:2* 1C=F*87*1.*?=.25M07*7:*F2.Q7*V*87*?.=2*1.*83/C0P7=27*87*1A54?./2*87F*7WW72F*F7/C:8.5=7F* 72*/C:2=7i5:85/.25C:F*1C=F*87*1.*?=7F/=5?25C:^*4.5F*.0FF5*?.=*1A7:F75Q:747:2*87F*F3:5C=F* .0*152*87F*4.1.87FS* pA7:F74L17*87*/7F*31347:2F*.5:F5*M07*170=*/C:W=C:2.25C:*1C=F*87*47F*85WW3=7:2F*F2.Q7F* >m3=5.2=57^*!=Q7:/7F*72*9387/5:7*m3:3=.17B*C:2*323*17*?C5:2*87*83?.=2*87*/7*2=.P.51S*#1*47*F74L1.52*54?C=2.:2*87*/C4?=7:8=7*/7227*.02C4385/.25C:*7:*1A3P.10.:2*.0?=ZF*87* 1.*?C?01.25C:*85=7/2747:2*.P.:2*0:7*/C:F012.25C:*4385/.17*7:*4387/5:7*Q3:3=.17^*.W5:* 87*1.*=35:23Q=7=*2.:2*8.:F*17*/0=F0F*4385/.1*M07*8.:F*1.*?=.25M07*4385/.17S** pA7:F74L17* 87F* 32087F* =3.15F37F* C:2* 323* 7FF7:25711747:2* /7:2=37F* F0=* 17* P7=F.:2* ?<.=4./C1CQ5M07* C0* =3.15F37F* .0* F75:* 87* F7=P5/7F* 8A0=Q7:/7FS* p7F* ?.257:2F* =7F2.:2* /C:W5.:2F*8.:F*170=F*4387/5:F*Q3:3=.15F27F*72*?.=25/5?.:2*87*?10F*7:*?10F*./25P747:2* .P7/*706*8.:F*17F*83/5F5C:F*=71.25P7F*I*F.*F.:23S** pA.02C4385/.25C:*27:8*8C:/*I*F7*83P71C??7=*7:*-=.:/7*.P7/*0:*?C27:2571*54?C=2.:2^*51* 7F2*8C:/*?=54C=85.1*M07*17F*4387/5:F*7:*.57:2*?175:747:2*/C:F/57:/7*.W5:*87*1A5:23Q=7=* 8.:F* 1.* ?=5F7* 7:* /<.=Q7* 87* 170=F* ?.257:2F^* 2.:2* F0=* 17* ?1.:* ?<.=4./C1CQ5M07* M07* ?=3P7:25WS** * * * * *
!
!
!
!
!
!
!
!
$;=C<!
*
!
7J;>BC=:;EBJ!!
!
pa.02C4385/.25C:* 7F2* 83W5:57* ?.=* 17* YC:F751* ".25C:.1* 87* 1a,=8=7* 87F* 9387/5:F^* ?C0=* =.??71^*/C447*`*1A02515F.25C:^*<C=F*?=7F/=5?25C:*4385/.17^*?.=*87F*?7=FC::7F*?C0=*7117Fi 4_47F*C0*?C0=*170=F*?=C/<7F*72*87*170=*?=C?=7*5:525.25P7^*87*4385/.47:2F*/C:F583=3F* /C447*271F*72*.U.:2*=7c0*1A\99^*.P7/*1.*?CFF5L51523*8A.FF5F2.:/7*72*87*/C:F751F*87*1.* ?.=2*87F*?<.=4./57:F*g*>DBS** +706*F2U17F*8A.02C4385/.25C:*F7*85F25:Q07:2*V*1A0:7*87*?.257:2F*.11.:2*/<7=/<7=*170=>FB* 4385/.47:2>FB*:C:*FC045F*I*?=7F/=5?25C:*7:*?<.=4./57*72*3P7:20711747:2*Q05837*?.=* 17*?<.=4./57:^*1A.02=7*?.=*17F*?.257:2F*F317/25C::.:2*170=>FB*4385/.47:2>FB*8.:F*170=* .=4C5=7*I*?<.=4./57*.0*8C45/517*F71C:*170=F*/C::.5FF.:/7F*72*76?3=57:/7F*?=C?=7FS* Y71.* /1.FF5W57* 8C:/* /7F* 8706* F2U17F* 7:* 4385/.25C:* CWW5/5:.17^* /C==7F?C:8.:2* I* 87F* 4385/.47:2F*87*15L=7F*.//ZF*=74LC0=F.L17F*C0*:C:*>,(Yi,(nB*P5F.:2*I*Q.=.:25=*1.* F3/0=523* 80* ?.257:2* f* 72* 4385/.25C:* W.4515.17^* 1.5FF.:2* 17* ?.257:2* F701* W./7* I* F7F* /C::.5FF.:/7F*4385/.17F*72*=7/C::.5FF.:/7*87*F7F*FU4?2@47FS** Y7227*87=:5Z=7*/1.FF5W5/.25C:*1.5FF7*.??.=.z2=7*17*=5FM07*87*43F0F.Q7^*83W5:5*/C447*0:* 0F.Q7*5:.??=C?=53*?.=*=.??C=2*.06*8C::37F*87*=3W3=7:/7F*?7=25:7:27F^*F0=P7:.:2*.0* /C0=F*87*1.*/<.z:7*87F*FC5:F^*76?CF.:2*0:*?.257:2*8C::3*I*0:*=5FM07*.P3=3*C0*?C27:2571^* F.:F*L3:3W5/7*/C==31.25WS* (C027WC5F*17F*32087F*W=.:c.5F7F*4C:2=7:2*M07*/7227*.02C4385/.25C:*7F2*7:*=72=.52^*?.=* =.??C=2*.06*.02=7F*?.UF*70=C?37:F^*80*W.52*87*85WW3=7:/7F*:C2.L17F*F0=*17F*/5=/052F*87* 85F2=5L025C:^* 17F* FUF2Z47F* 8AC=Q.:5F.25C:* 87F* FC5:F* ?=54.5=7F* 72* 87* 1.* /0120=7* 87* 1.* =7F?C:F.L51523*80*?.257:2S** "3.:4C5:F*1A.02C4385/.25C:*?CFFZ87*0:*WC=2*?C27:2571*8A3PC1025C:*7:*-=.:/7*72*8C:/* 0:*=5FM07*87*43F0F.Q7*?C0P.:2*FA.//=C52=7^*72*87*/7*W.52*:C:*:3Q15Q7.L17S
!
B45?&=?&!&?!C-4$%@.#?+O'&!!
pA.02C4385/.25C:* ?=3* /C:F012.25C:* 7F2* 0:* ?<3:C4Z:7* FC0P7:2* FC0Fi7F2543* ?.=* 17F* 4387/5:F*72*?70*=7:F75Q:3*?.=*17F*?.257:2FS*%:*7WW72^*:C0F*FC447F*8.:F*17*?=7457=* ?.UF* /C:FC44.270=* 87* 4385/.47:2F* 8A%0=C?7^* 80* W.52* 8A0:7* F0=4385/.15F.25C:* /=C5FF.:27^*874.:837*8A0:*/@23*?.=*17F*?.257:2F*72*.FF0=37*8A0:*.02=7*/@23*?.=*17F* 4387/5:FS*;C0=2.:2*<052*?.257:2F*F0=*856*83/1.=7:2*.PC5=*/C:W5.:/7*8.:F*0:*4387/5:* F./<.:2*=74?1./7=*0:*4385/.47:2*?.=*87F*/C:F751F*02517F^*4.5F*17F*32087F*4C:2=7:2* 3Q.1747:2* M07* GOw* 87F* /C:F012.25C:F* F7* /C:/107:2* ?.=* 0:7* ?=7F/=5?25C:* 4385/.47:270F7*>NEBS** "C0F* =72=C0PC:F* M0A7:P5=C:* HJw* 87* 1.* ?C?01.25C:* .8472* FA.02C4385M07=^* ?=5:/5?.1747:2*17F*W7447F*72*17F*T70:7F*:C:*32085.:2F^*72*:C0F*/C:F2.2C:F*0:*4.:M07* 8A7WW5/./523*87F*/.4?.Q:7F*87*?=3P7:25C:*>NEBS** +7*?10F^*17F*87=:5Z=7F*32087F*87*?<.=4./CP5Q51.:/7F*F0=*17*F0T72^*47227:2*7:*3P587:/7* M07*]Hw*87F*7WW72F*5:83F5=.L17F*4385/.47:2706*FC:2*3P52.L17F*72*153F*I*0:*4.0P.5F* 0F.Q7*4385/.47:2706^*7:*5:/=545:.:2*?=5:/5?.1747:2*/C447*/.0F7*8A<CF?52.15F.25C:* 17F*.:2.1Q5M07F*72*.:25i*5:W1.44.2C5=7F*>NqBS* #1*.??.=.52*8C:/*54?C=2.:2*V** •* +7*/C4?=7:8=7*/7227*.02C4385/.25C: •* +A7:*8327=45:7=*17F*?=5:/5?.06*W./270=F*4C25P.:2F*.W5:*8A7:*8545:07=*17*=5FM07* 87*43F0F.Q7*5:8052 •* +7*4722=7*7:*d0P=7*87F*./25C:F*87*?=3P7:25C:*7WW5/./7FS