L’artiste contemporain africain : entre construction médiatique et légitimation institutionnelle, une autorité artistique en devenir au service du « dire Afrique »

(1)

HAL Id: dumas-02529845

https://dumas.ccsd.cnrs.fr/dumas-02529845

Submitted on 2 Apr 2020

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 abroad, or from public or private research centers.

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 publics ou privés.

Copyright

L’artiste contemporain africain : entre construction

médiatique et légitimation institutionnelle, une autorité

artistique en devenir au service du “ dire Afrique ”

Charlotte Chiron

To cite this version:

Charlotte Chiron. L’artiste contemporain africain : entre construction médiatique et légitimation insti-tutionnelle, une autorité artistique en devenir au service du “ dire Afrique ”. Sciences de l’information et de la communication. 2019. �dumas-02529845�

(2)

École des hautes études en sciences de l'information et de la communication – Sorbonne Université

77, rue de Villiers 92200 Neuilly-sur-Seine I tél. : +33 (0)1 46 43 76 10 I fax : +33 (0)1 47 45 66 04 I celsa.fr

Master professionnel

Mention : Information et communication

Spécialité : Communication Entreprises et institutions Option : Entreprises, institutions, culture et tourisme

L’artiste contemporain africain

Entre construction médiatique et légitimation institutionnelle, une

autorité artistique en devenir au service du « dire Afrique »

Responsable de la mention information et communication Professeure Karine Berthelot-Guiet

Tuteur universitaire : Dominique Pagès

Nom, prénom : CHIRON Charlotte Promotion : 2018

Soutenu le : 13/03/2019

(3)

! #!

!

A@=@A<.@=@D?1

!

<&! ;*;2$'&! &()! 69255-($2#! G28'! ;2$! +&! '&;&'5$&'! 5O-6&8'&8(&;&#)! Q2;$#$I8&! ,-JR(H! 6-! +$'&5)'$5&!+8!=-()&'!<86)8'&(H!?28'$(;&(!&)!<2;;8#$5-)$2#!+8!<&6(-a!1&(!52#(&$6(!-%$(*(!&)!(-! 3$&#%&$66-#5&!+$'&5)$%&!2#)!3&-8528G!#28''$!;2#!)'-%-$6!&)!;-!'*:6&^$2#H!-8(($!3$&#!-8!528'(!+&! 5&))&!G*'$2+&!+&!'&5O&'5O&!8#$%&'($)-$'&!I8&!G&#+-#)!6&(!($^!;2$(!+&!528'(!I8$!692#)!G'*5*+*&a! ! =&'5$!*J-6&;&#)!b!>#)2$#&!A26-#+H!;2#!'-GG2')&8'!G'2:&(($2##&6H!I8$!-!(8!;&!J8$+&'!+-#(!6-! G-')$&!G68(!2G*'-)$2##&66&!+&!5&))&!'&5O&'5O&a!=&'5$!G28'!(&(!&#528'-J&;&#)(!I8$!:8'&#)!6&(! 3$&#%&#8(! +-#(! 5&))&! G*'$2+&! +&! +28)&(! I8&! 52#()$)8&! 6-! '*+-5)$2#! +98#! ;*;2$'&! +&! '&5O&'5O&a! ! =&'5$!b!,O$6$GG&H!>##-!&)!.#R(H!G28'!6&8'!G-)$&#5&!&)!G28'!)28)!69-;28'!+2#)!$6!;92#)!528%*&! G&#+-#)!5&(!62#J8&(!(&;-$#&(!+&!6-3&8'!&)!+9$(26&;&#)a!<&))&!-%&#)8'&!5&6($&##&H!%*'$)-36&! G-'&#)OR(&!+-#(!8#&!%$&!-5)$%&H!#9-8'-$)!c-;-$(!G8!-328)$'!(-#(!6&8'(!&#528'-J&;&#)(!&)!6&8'! G'*(&#5&!b!;&(!5d)*(a! !

=&'5$! b! )28)&(! 6&(! G&'(2##&(! I8$! ;92#)! -552'+*! +8! )&;G(! 62'(! +&! 5&! I8&! c9-$! -GG&6*! K!;&(! '&#52#)'&(! -%&5!La! <&(! ;2;&#)(! +9*5O-#J&(! ;92#)! G&';$(! +&! #28''$'! ;-! '*:6&^$2#! &)! +&! 52#:'2#)&'!;&(!OZG2)OR(&(!b!6-!'*-6$)*!+8!)&''-$#a!=&'5$!b!1$)2'!1&#JO2'H!<6-8+&!P'8#$)efZH!g86$&! >3$((*J8*H!28!&#52'&!g-#$#&!Q$&8+c$!&)!)-#)!+9-8)'&(H!I8$!;92#)!-552'+*!8#!G&8!+&!6&8'!G'*5$&8^! )&;G(a!! ! @#:$#H!;&'5$!b!/$'J$#$&!Q&##&;2#)H!I8$!:8)!;-!'&(G2#(-36&!+&!()-J&!5O&e!>)28)hC'-#5&a!@#!)-#)! I8&!'*+-5)'$5&!&#!5O&:H!(2#!&^G*'$&#5&H!(&(!52#(&$6(!&)!#2(!#2;3'&8^!*5O-#J&(!2#)!:-$)!#-i)'&! &#! ;2$! 5&))&! $+*&! +&! ;*+$-! UTTj! -:'$5-$#a! =-! ;$(($2#! 5O&e! C'-#5&a:'! -! 6-'J&;&#)! $#(G$'*! 6928%&')8'&!2G*'-)$2##&66&!+&!5&!;*;2$'&a!

!

(4)

! $!

!

E9>A?.1?@!<BD?@=,BA>.D!>CA.<>.D!F!!

@D?A@!<BD1?A"<?.BD!=4Q.>?.k"@!@?!E4P.?.=>?.BD!

.D1?.?"?.BDD@EE@H!"D@!>"?BA.?4!>A?.1?.k"@!@D!Q@/@D.A!>"!

1@A/.<@!Q"!K!Q.A@!>CA.k"@!L!

!

?-36&!+&(!;-)$R'&(! ! !"#"!$%"#"&'()***************************************************************************************************************)+! %&'!,-.$'%,&)/0&0!12")************************************************************************************************)3! 2%('"()-"()(%/2"()"')1$!,&4#"()************************************************************************************)56! 5*271!'%('")$,&'"#8,!1%&)19!%$1%&):),'1/")-7.&)(4&'1/#")9%/0),.)1$'".!)-")(,&) %-"&'%'0)1!'%('%;.")<)*****************************************************************************************************)53! !"!"#$%&'()*(+#,-.(+/0-'&).#&1'),&).2#3.#&'()*(+#,-//+#4+*#&3('+*#5#"""""""""""""""""""""""""""""""""""""""""""#!6! "%"%"%!&'!()**+!,'-.)/)'-0!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"1! "%"%#%!0!,-!2,*!23*456.*!75'8-,9(*!*6:3*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!";! "%"%$%!<,.*!6',!.+)((.5(.3)-35'!7,'-,!2,*!23*456.*!().!7,*!)=.34)3'*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!#$! !"7"#8+*#9)*,-3'*#+.#(+.*)-.*#:#+.;+3<#=,-.-/)>3+*2#?=-0-4)()>3+*2#,34(3'+4*#+(#*@/A-4)>3+*"#""#76! "%#%"%!>)7,.3*-,*!,-!45993**)3.,*!2?,@(5*3-35'!A!+/)'8+73*)-,6.*!,-!)4-,6.*!2,!7)!-.)'*=5.9)-35'!%%%%%%%%%%%%%!#1! "%#%#%!B=.3C6,!!"#$%$!23)*(5.)!A!,'-.,!7?D37!C63!/53-!,-!7?,*(.3-!C63!*,!*56/3,'-!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!$E! "%#%$%!&'!$&'()*&+"#!)=.34)3'!F!2,6@!/3-,**,*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!$$! "%#%G%!<,.*!6'!:567,/,.*,9,'-!2,*!.,7)-35'*!H5.2IJ62!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!$;! !"B"#C.#/&',D=#>3)#*+#0+.*+#+(#*+#/-.('+#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#EE! "%$%"%!&',!(.+*,'4,!4.53**)'-,!,'!K4432,'-L!9)3*!)6**3!*6.!7,!M5'-3','-!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!GG! "%$%#%!N)!(+2)8583,!4599,!/,4-,6.!2,!2+954.)-3*)-35'!2,!7?).-!45'-,9(5.)3'!)=.34)3'!%%%%%%%%%%%%%%%%%%%%%%%%%%%!O#! "%$%$%!P@(.,**35'!2?6'!*56==7,!)=.34)3'!,'!Q.)'4,!,-!F!7?3'-,.')-35')7!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!OO! FGHF$CIJGH#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#K!! +)*)#0-%1'%(1'%,&)"')#0-%1'%,&)-")271!')"')271!'%('")$,&'"#8,!1%&()19!%$1%&():) "&'!")$2%$=0()".8=0#%(0()"')0#1&$%81'%,&)-"()('0!0,'48"(*)*********************************)>?! 7"!"#$%&'()*(+#&1'),&).#&3#')*>3+#9+#4%)/&?+#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#KB! #%"%"%!N?).-3*-,!)=.34)3'!45'-,9(5.)3'!A!'+4,**)3.,9,'-!)=.5(573-)3'!(56.!,@3*-,.!R!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!1G! #%"%#%!NS39(5**3:7,!+9)'43()-35'!2,!7S)=.34)'3-+!R!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!1T! #%"%$%!Q546*!*6.!43'C!).-3*-,*!)=.34)3'*!A!7?3776*-.)-35'!2?6',!)=.34)'3-+!967-3(7,!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!TG! #%"%G%!N,*!=,99,*!)=.34)3',*!A!6',!(5**3:7,!+9)'43()-35'!2,*!4734U+*!R!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!VE! 7"7"#L+'*#3.+#0'-1+**)-..&4)*&()-.#93#*+,(+3'#"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#MB! #%#%"%!W,*!(6:734)-35'*!(76*!'59:.,6*,*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!V$!

(5)

! G! #%#%#%!<,.*!6'!X!95'2,!2,*!).-*!)=.34)3'*!Y!A!6',!3'-,.)4-35'!,'-.,!-56*!7,*!-)7,'-*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!VO! #%#%$%!&'!X!,%$()-.!"!Y!(56.!7,*!8)7,.3*-,*!R!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!V1! 7"B"#83#H-'9#&3#I39#:#4+*#/3*=+*2#N)(').+*#9+#,+((+#/=(&/-'0D-*+#&1'),&).+#""""""""""""""""""""""""""""#MO! #%$%"%!P'Z,6@!,-!(,.*(,4-3/,*!2,!7?39(7)'-)-35'!2,*!96*+,*!,'!B=.3C6,!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!V;! #%$%#%!M5'-.5/,.*,*!,-!(57+93C6,*!)6!J62!2,!7?B=.3C6,!A!7,![,3-\!]KMBB!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!;1! #%$%$%!N,!]BMBBNL!,==34)43-+!.,7)^+,!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"E#! FGHF$CIJGH#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!PM! ?*).&)!"&,.@"22"#"&')('!1'0/%;.")-")27188!,$=")$,##.&%$1'%,&&"22")"') #0-%1'%;.")8,.!)/1/&"!)A)21)B1'1%22")-")21)!"8!0("&'1'%,&)C)**************************)555! B"!"#Q.;+3<#+(#0+'*0+,()N+*#9%3.+#/+)44+3'+#N)*)A)4)(=#9+#4%R1')>3+#"""""""""""""""""""""""""""""""""""""""""""#!!!! $%"%"%!&',!256:7,!:)-)377,!F!9,',.!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!""#! $%"%#%!W,!'56/,77,*!9+23)-35'*!/0)$/(%!R!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!""$! $%"%$%!N)!23)*(5.)L!6'!)773+!3'45'-56.'):7,!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"#"! B"7"#S34()04),&()-.*#9+*#04&(+1-'/+*#9)?)(&4+*#:#4&#9)&*0-'&#&3#*+'N),+#9+#4%&'(#&1'),&).#""""""""""""#!77! $%#%"!<,.*!2,!'56/,)6@!*-+.+5-^(,*!(56.!2+*,@5-3*,.!7,*!.,8).2*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"##! $%#%#%!X!B.-*!W,*38'!B=.34)!Y!A!",.,!8)7,.3,!"EE_!2383-)7,!)6!*,./34,!26!X!23.,!B=.3C6,!Y!%%%%%%%%%%%%%%%%%%%%%%%%%%!"#V! $%#%$%!X!`.6,!B=.34)!Y!A!9+23)!,'!738',!"EE_!)=.34)3'!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"$#! B"B"#@DEDFGE)H71IJDKLM#:#N+'*#3.#'+.-3N+&3#+.#T'&.,+#9+*#'=,)(*#+(#'+?&'9*#*3'#4%R1')>3+#""""""""""#!BU! $%$%"%!&'!9+23)!=)4,!F!2,*!-,'*35'*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"$V! $%$%#%!&'!45'-,@-,!=)/5.):7,!)6!2+(753,9,'-!2?6'!'56/,)6!9+23)!=.)'a)3*!%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%!"G"! $%$%$%!W,!7)!9+45'')3**)'4,!F!7)!.,45'')3**)'4,L!6',!*-.)-+83,!+23-5.3)7,!2?3'=76,'4,!%%%%%%%%%%%%%%%%%%%%%%%%%%%!"G$! FGHF$CIJGH#""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""#!E6! $,&$2.(%,&)/0&0!12")*************************************************************************************************)56N! 1&&"O"()************************************************************************************************************************)53?! B%B2%,/!18=%")***************************************************************************************************************)5>P! !0(.#0)**************************************************************************************************************************)5N>! ! ! ! !

(6)

! O! ! ! ! ! ! ! !

.D?ABQ"<?.BD!P4D4A>E@!

! ! ! ! "!#$%&'(&!)*(!+(*,-(!+%&./*.!,)&!0(!1%*.2*(*.! /3&21/2*!(,.!)*(!.415(!/&')(!./*.!,%*.!.(*/1(,!0(,!+%*123,6!10215-,6!(.!+,()'%71(&.2.)'(,!8)26! 1%99(!)*!5/0%!'(!$&)9(6!*29$(*.!,/!&-/02.-:_;<!! C&6`$#&!1-''! !

!

! ! K!E9-%&#$'!+8!;2#+&!(&!c28&!&#!>:'$I8&!L!)$)'-$)!&#!25)23'&!STU]!6&!c28'#-6!=(!>%*'(6!-552'+-#)! 8#&!62#J8&!$#)&'%$&`S_{!b!C&6`$#&!1-''!&)!>5O$66&!=3&;3*a!<&(!+&8^!G&#(&8'(H!*52#2;$()&!&)!}

GO$62(2GO&! '&(G&5)$%&;&#)! (*#*J-6-$(! &)! 5-;&'28#-$(H! #&! G28''-$&#)! 52#)'&+$'&! 5&! )$)'&! G2')&8'!+98#&!%$($2#!I89$6(!5'2$&#)!:&';&;&#)!l)'&!&#!;-'5O&a!@)!G28')-#)H!69>:'$I8&!&()!)$'-$66*&! G-'! (2#! G-((*! &;G'&$#)! +&! (28::'-#5&(a! Q-#(! 6&! 5-(! +&! #2;3'&8^! G-Z(H! 5&(! (28::'-#5&(! G&'+8'&#)! +-#(! 8#! G'*(&#)! )'2836*! G-'! +&(! 5'$(&(! G26$)$I8&(! +$%&'(&(H! -$#($! I8&! 6-! G'*(&#5&! +&()'85)'$5&!+&!J28%&'#-#)(!52''2;G8(!I8-#+!5&!#9&()!G-(!5&66&!+&!)&''2'$()&(H!6&!)28)!3-$J#*! +-#(!8#&!$#+$J&#5&!;-)*'$&66&!G-':2$(!$#(8GG2')-36&a!<2;;&#)!+-#(!5&!52#)&^)&!&#%$(-J&'!5&! I8&! 1-''! 52#($+R'&! 52;;&! 8#! K!:8)8'! '-+$&8^!L! m! <9&()! G-'! 6&! G'$(;&! +&! 69-')! 52#)&;G2'-$#! -:'$5-$#!I8&!+&!#2;3'&8^!-5)&8'(!&#%$(-J&#)!5&!:8)8'!;&$66&8'H!)*;2$#!+98#&!>:'$I8&!#28%&66&! I8$!(8(5$)&'-$)!'&(G&5)!&)!:-(5$#-)$2#a!@#!&::&)H!69>:'$I8&!#9-!c-;-$(!6-$((*!69B55$+&#)!$#+$::*'&#)! &)! -! (8(5$)*! 5O&e! K!69O2;;&! 36-#5!LH! +&G8$(! )28c28'(H! 8#&! :-(5$#-)$2#! ;l6*&! +9$#52;G'*O&#($2#a! @)! 69-')! -:'$5-$#! #9*5O-GG&! G-(! b! 5&))&! 'RJ6&a! k89$6! (2$)! -#5$&#! 28! 52#)&;G2'-$#H!$6!#&!G&8)!G-(!6-$((&'!$#+$::*'&#)!)-#)!$6!&()!5O-'J*!+9*;2)$2#(H!+&!(Z;326&(!&)! +&!(&#(!5-5O*!;l;&!G28'!6923(&'%-)&8'!I8$!#9Z!&()!G-(!:2';*a!,28'!-8)-#)H!G-'6&'!+9-')!-:'$5-$#H! 59&()!(28%&#)!Z!-((25$&'!+&(!56$5O*(!%2$'&!+&(!()*'*2)ZG&(!I8$!K!2#)!6-!%$&!+8'&!L!&)!:2#)!(28%&#)! *5O2(!b!+&(!$;-J$#-$'&(!G'2G'&(!b!5O-58#a!! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! U_{!C&6`$#&!1-''H!#3&%.%+2/H!*+a!,O$6$GG&!A&ZH!G-J&!Xa!} S_{!O))G(F[[```a6&;2#+&a:'[-:'$I8&[-')$56&[STU][UT[SU[6h-%&#$'h+8h;2#+&h(&hc28&h&#h-:'$I8&n_TUYX\VnWSUSaO);6!}

(7)

! 1! 45'$'&!(8'!69-')!52#)&;G2'-$#!-:'$5-$#!#28(!-!G-'8!*%$+&#)!G28'!+&8^!'-$(2#(!F!+9-32'+!-::&5)$%&H! G8$(I8&!5&)!-')!&()!:-(5$#-#)!&)!)'-#(G2')&!5&68$!I8$!6923(&'%&!+-#(!+&(!52#)'*&(!&)!+&(!586)8'&(! 62$#)-$#&(! 0! &)! G28')-#)! ($! G'25O&(! b! +&! #2;3'&8^! *J-'+(! o! &#(8$)&! G28'! 8#&! '-$(2#! +92GG2')8#$)*H! 69-5)8-6$)*! '&6-)$%&! b! 6-! 5'*-)$2#! 52#)&;G2'-$#&! -:'$5-$#&! &)! -8^! ;*+$-)$2#(! -((25$*&(!*)-#)!)'R(!'$5O&!5&(!+&'#$R'&(!-##*&(a!@#!&::&)H!-%&5!69-GG-'$)$2#!+&(!K!>)&6$&'(!+&!6-! ,&#(*&!LH!+&!;86)$G6&(!28%&')8'&(!+&!;8(*&(!(8'!6&!52#)$#&#)!-:'$5-$#H!+&!#2;3'&8(&(!G'$(&(! +&! G-'26&(! &)! 8#! &#J28&;&#)! '*5&#)! +&(! 5266&5)$2##&8'(! G28'! 5&)! -')! #28%&66&;&#)! K!)&#+-#5&!LH!69-')!52#)&;G2'-$#!-:'$5-$#!(&;36&!)'28%&'!8#!(28::6&!#28%&-8!J'p5&!b!6-!G'$(&!+&! G-'26&!+&!#2;3'&8(&(!G&'(2##-6$)*(!$#:68&#)&(a!@#:$#H!;l;&!($!6-!I8&()$2#!+&!6-!'&()$)8)$2#!+&(! q8%'&(! -#5$&##&(! #9&()! G-(! #28%&66&H! 6&! G'25&((8(! ;$(! &#! ;-'5O&! +&G8$(! 6&! +$(528'(! +8! ,'*($+&#)!=-5'2#!b!B8-J-+28J28!&#!+*5&;3'&!STUY!-!-328)$!b!69-8)2;#&!STUV!b!8#!'-GG2')! $#*+$)!(8'!6-!I8&()$2#!F!J'-#+&!G'&;$R'&!G28'!6&!N*#$#H!G28'!I8$!(928%'&!2::$5$&66&;&#)!6-!%2$&! +98#&!'*-GG'2G'$-)$2#!+&!(2#!G-)'$;2$#&a! ! @#!&::&)H!69-')!-:'$5-$#!-!62#J)&;G(!(28::&')!+&!'*G2#+'&!b!+&(!'RJ6&(!-8^I8&66&(!69>:'$I8&!#9-%-$)! G-(!&8!+'2$)!+&!5$)&'H!*)-#)!'&6*J8*!-8!'-#J!+9-')!(&52#+-$'&a!<&!#9&()!I89-8!+*38)!+&(!-##*&(! UX_T! I8&! 6&(! K!23c&)(! +&! 58'$2($)*!L! G'*(&#)*(! &#! @8'2G&! -G'R(! 6&(! G'&;$&'(! %2Z-J&(! +9&^G62'-)&8'(! (2#)! +&%&#8(! +&(! 23c&)(! +9-')! G28'! 5266&5)$2##&8'(! &^$J&-#)(a! >6$28#&! Q$2GH! -62'(!+$'&5)&8'!+&!?&-,(*1(!/3&21/2*(H!+-#(!6-!G'*:-5&!+&!0@#&.!ABC&(!G836$*!&#!UX_UH!G2$#)-$)! +*cb! 6-! I8&()$2#! +&! G&'5&G)$2#! +&! 5&)! -')! &#! -))-I8-#)! 6&(! 5266&5)$2##&8'(! 255$+&#)-8^!F!K!0@/&.2,.(! /3&21/2*! D%),! (,.! 2*1%**)6! 0(1.()&! '@E)&%+(<! =(,! F)D&(,! '%*.! 20! (,.!

8)(,.2%*! '/*,! 1(! D%0)9(! *(! D%),! -./2(*.! +/,! '(,.2*-(,!W_{La! .6! G'*(8GG2(&! +R(! 62'(! I8&! 69-')!} -:'$5-$#!)&6!I89$6!&()!G&'r8!&#!@8'2G&!&()!3$&#!8#&!$#%&#)$2#!255$+&#)-6&a!E-!G'$;-8)*!+&!5&))&! G&'5&G)$2#H! -c28)*&! b! 69O$()2$'&! 5262#$-6$()&! +&! 69@8'2G&H! -! 52#)'$38*! b! &#J&#+'&'! 8#&! (8G*'$2'$)*!+&!c8J&;&#)!+&!69B55$+&#)!(8'!69-')!-:'$5-$#a!>8c28'+9O8$!&#52'&H!69-')!52#)&;G2'-$#! -:'$5-$#H! ;-6J'*! 6-! ;2#+$-6$(-)$2#! 586)8'&66&! &)! 6&(! ;*+$-)$2#(! I8$! 68$! (2#)! -((25$*&(H! #9*5O-GG&'-$)! G-(! b! 5&))&! %*'$)*a! .6! (&;36&'-$)! I8&! 6&(! '&J-'+(! G&$#&#)! b! *%268&'! &)! I8&! 6&(! %$($2#(!255$+&#)-6&(!#&!(2')&#)!G-(!+98#&!G&'5&G)$2#!:26f62'$I8&!+&!69-')!52#)&;G2'-$#!-:'$5-$#! (8'! 8#! ;-'5O*! +&! 69-')! -8^! 5-'-5)*'$()$I8&(! )'R(! G-')$586$R'&(!F! "!0(,! +&2*12+/)G! /1.()&,! ')!

9/&15-!'(!0@/&.!9%*'2/02,-!H!9/&15/*',6!1%00(1.2%**()&,6!&(,+%*,/$0(,!'(!C&/*'(,!2*,.2.).2%*,!H! ,(!1%**/2,,(*.!(.!,(!&(*1%*.&(*.!I!0@%11/,2%*!'(,!3%2&(,!(.!'(,!(G+%,2.2%*,!0(,!+0),!29+%&./*.(,<! =(,!D(*'()&,!.(*.(*.!'(!+&-,(*.(&!0/!"!9/&15/*'2,(!;!8)@20,!,)++%,(*.!0/!+0),!/..&/1.2D(<!=(,! 1%00(1.2%**()&,!.(*.(*.!'@/18)-&2&!0(,!F)D&(,!8)@20,!,)++%,(*.!'(D%2&!3/2&(!'/.(!/D/*.!0(,!/).&(,! 1%00(1.2%**()&,<! =(,! &(,+%*,/$0(,! '@2*,.2.).2%*,! &(1)(200(*.! 0(,! 92(..(,6! (*! (,+-&/*.! 8)@20,! &(1(D&%*.!)*!J%)&!0(!&(,.(!(*!5-&2./C(<!K)/*.!/)G!*%)D(/)G!D(*),6!20,!,(!+02(*.!I!'(,!&BC0(,!')! J()!8)2!%*.!-.-!32G-(,!/D/*.!0()&!/&&2D-(<!L0!,@/C2.!'@)*!(,+/1(!,%12/0!*%*!0%1/02,-!H!/D(1!,(,!&BC0(,6! ,(,!1%).)9(,!(.!,(,!1&%M/*1(,!H6!8)2!(G2,.(!,)&!0(,!&-,(/)G!'(!1%99)*21/.2%*!(.!,(!&(1%*,.2.)(! 9/.-&2(00(9(*.!I!0@%11/,2%*!'(!C&/*',!-D-*(9(*.,<!;N_! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! W_{!!"#$%&'()$*H!28%'-J&!5266&5)$:!+$'$J*!G-'!P&2'J&(!N-6-#+$&'!&)!g-5I8&(!72`6&))a!,-'$(H!,'*(&#5&!-:'$5-$#&H!UX_Ua!A*$;G'$;*!} &#!UX]]!&)!STUTa!U]V!G-J&(! \_{!s26:H!E-8'&#)a!K!Et-')!52#)&;G2'-$#!b!6tO&8'&!+&!6-!;2#+$-6$(-)$2#!LH!4)8+&(H!%26a!)2;&!\T]H!#2a!_H!STTYH!GGa!]\Xh]_Va!}

(8)

! T! E-8'&#)!s26:!+*:$#$)!G-':-$)&;&#)!6&!;-'5O*!+&!69-')!52#)&;G2'-$#!52;;&!8#!&(G-5&!(25$-6! '*J$!G-'!+&(!'RJ6&(!-+;$(&(!G-'!)28(a!@#!G68(!+&!#9l)'&!G-(!)28c28'(!;-)*'$-6$(*(H!6&(!*5O-#J&(! (9&::&5)8-#)!3&-8528G!J'p5&!-8^!#28%&-8^!'*(&-8^!+&!52;;8#$5-)$2#(H!6&(!*%*#&;&#)(!I8$! '*8#$((&#)! 6&(! +$::*'&#)(! -5)&8'(! -')$()$I8&(! ;2#+$-8^! #92::'&#)! G-(! 8#&! G6-5&! *I8$)-36&! b! 5O-58#a!E2#J)&;G(!(83$!G-'!69>:'$I8&!I8$!#9-%-$)!G-(!+'2$)!-8!5O-G$)'&!&)!I8$!G28''-$)!:-$'&!G-')$&! +&! K!5&(! #28%&-8^! %&#8(!LH! 69*I8$6$3'&! &#)'&! 6&(! 52#)$#&#)(! (&;36&! *%268&'! &#! :-%&8'! +&! 69>:'$I8&H! I8$! '&)'28%&'-$)! 8#&! G6-5&! +&! 5O2$^a! E&! ;-'5O*! +&! 69-')! 52#)&;G2'-$#! -:'$5-$#! 3*#*:$5$&! -5)8&66&;&#)! +98#&! 3&66&! *#&'J$&! +-#(! 8#! 52#)&^)&! *52#2;$I8&! G28')-#)! -((&e! ;2'2(&a!<9&()!6-!'-$(2#!G28'!6-I8&66&H!+-#(!8#!&(G-5&!;-'5O-#)!+&!G68(!&#!G68(!$#)&'#-)$2#-6H!b! 69O&8'&!+98#&!;2#+$-6$(-)$2#!'*8#$((-#)!)28(!6&(!52#)$#&#)(!(8'!5&!;-'5O*!+&!69-')H!#28(!#28(! I8&()$2##2#(!(8'!6-!G6-5&!+&(!-')$()&(!52#)&;G2'-$#(!-:'$5-$#(!&#!'&5O&'5O&!+&!6*J$)$;$)*!&)!(8'! 6&(!$;-J&(!I89$6(!(&!5'*&#)!28!I8$!6&8'!(2#)!-((25$*&(a! ! @)!I89$6!&()!+$::$5$6&!+&!+*:$#$'!69-')!52#)&;G2'-$#!-:'$5-$#!)-#)!6-!+$%&'($)*!586)8'&66&!+8!52#)$#&#)! &()!$;G2')-#)&!u!,-(!;2$#(!+&!5$#I8-#)&hI8-)'&!G-Z(H!-8^!O$()2$'&(!G26$)$I8&(H!*52#2;$I8&(!&)! (25$-6&(! +$::*'&#)&(H! &#'$5O$((&#)! 6&! <2#)$#&#)a! <9&()! 3$&#! 6b! 6-! 6$;$)&! +8! (Z#)-J;&! I8$! #28(! 52#5&'#&H! )-#)! 5O-I8&! G-Z(! G2((R+&! (2#! G'2G'&! G-'528'(H! (-! G'2G'&! G26$)$I8&H! (&(! G'2G'&(! &#c&8^!&)!(2#!-5)8-6$)*a!Q-#(!5&')-$#(!5-(H!6-!52''8G)$2#H!6-!J8&''&!28!6&!)&''2'$(;&!(2#)!-8)-#)! +&! :'&$#(! I8$! 362I8&#)! 5&')-$#(! G-Z(! &)! 52;;8#-8)*(! +-#(! 6&8'! '&52#()'85)$2#a! .6! &()! G-'! 52#(*I8&#)! +$::$5$6&! +&! G-'6&'! +9-')! 52#)&;G2'-$#! -:'$5-$#H! )-#)! 6&(! ;*+$8;(H! 6&(! (28'5&(! +9$#(G$'-)$2#(!&)!6&(!$#:68&#5&(!(2#)!#2;3'&8(&(a!,28'!-8)-#)H!&#!+*G$)!+&!6-!+$%&'($)*!-:'$5-$#&! I8$! G28''-$)! #28(! 52#)'-$#+'&! +-#(! #2(! '&5O&'5O&(H! #28(! :-$(2#(! 6&! 5O2$^! +-#(! 5&! ;*;2$'&! +9-32'+&'! 69>:'$I8&! +-#(! (-! J623-6$)*H! 52#($+*'-#)! I8&! )28(! 6&(! G-Z(! -:'$5-$#(! G-')-J&#)! 8#! +&()$#! 52;;8#H! '&6$*! G-'! 8#! G-((*! +28628'&8^! &)! 8#&! '*($6$&#5&! I8$! G-((&! G-'! 8#&! %262#)*! 52;;8#&! +&! (&! '&()'85)8'&'a! 1$! 6&(! &^&;G6&(! +&! G-Z(! 5$)*(! +-#(! 5&! ;*;2$'&! $668()'&#)! 6-! +$%&'($)*!+&(!-GG'25O&(H!$6(!($J#$:$&#)!*J-6&;&#)!8#!23c&5)$:!52;;8#!b!)28(!6&(!G-Z(!-:'$5-$#(a! D28(!52#($+*'2#(!*J-6&;&#)!I8&!)28(!+2$%&#)!'*G2#+'&!b!+&(!&#c&8^!52#)&;G2'-$#(!G-')-J*(a! <O-I8&!G-Z(H!b!(-!;-#$R'&!&)!(2#!'Z)O;&H!+2$)!-GG'$%2$(&'!8#!G-((*!5262#$-6!)'2G!628'+!G28'! l)'&!#*J6$J&'H!&)!;R#&!-$#($!8#&!I8l)&!$+&#)$)-$'&!($J#$:$-#)!8#&!%262#)*!+9-::$';&'!(-!6*J$)$;$)*a! >c28)2#(! b! 5&6-! 8#! +*($'! G'2:2#+! &)! 52;;8#! +&! '*)-36$'! 8#&! 5&')-$#&! %*'$)*! (8'! 6-! 5'*-)$2#! -:'$5-$#&H!(-#(!:$6)'&!255$+&#)-6a!<-'!$6!&()!$;G2')-#)!+&!#2)&'!I8&!69-')!52#)&;G2'-$#!-:'$5-$#H! )&6!I892#!6&!52##-i)!-8c28'+9O8$H!#9&()!G-(!-GG-'8!+8!c28'!-8!6&#+&;-$#!-G'R(!6&!+*G-')!+&(! 5262#(a!K!=O/&.!/3&21/2*!1%*.(9+%&/2*!*O/!+/,!,)&C2!'(!*)00(!+/&.!I!0/!32*!'(!0OB&(!1%0%*2/0(6!9/2,!

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{!;a! D28(! %&''2#(! +9-$66&8'(! I8&! 6&(! -')$()&(! -:'$5-$#(H! 5'*-#)! 3$&#! -%-#)! 6&! +*38)! +8!} 5262#$-6$(;&H! 2#)! )28c28'(! &^$()*! &)! 2#)! G'25*+*! b! 8#&! G-')$&66&! K!'*58G*'-)$2#!L! +&! 6&8'! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(9)

! V! G-)'$;2$#&!-')$()$I8&!-G'R(!6&!+*G-')!+&(!5262#(a!<9&()!5&))&!'*-GG'2G'$-)$2#!+98#!J&#'&!6-$((*! +&!5d)*H!K!'/*,!1(!,(*,!,.&)1.)&(06!(.!')!3/2.!'(,!5/$2.)'(,!(.!/..2.)'(,!'(,!/&.2,.(,!+/&!&/++%&.! I!0/!1&-/.2%*!/&.2,.28)(6!+0).S.!8)(!+/&!)*(!8)(01%*8)(!/'5-,2%*!I!)*!,.M0(6!)*!9-'2)96!)*(! .(15*28)(!(*!+/&.21)02(&6!8)(!1(.!/&.!(,.!'2,.2*1.(9(*.!T/3&21/2*U!]_{La!w!)'-%&'(!5&))&!+*:$#$)$2#!+&!} 1$+#&Z!E$))&6:$&6+!M-(:$'H!69-')!52#)&;G2'-$#!-:'$5-$#!#28(!(&;36&!+*cb!3$&#!G-')$586$&'aaa!! ,-'!52#(*I8&#)H!5&))&!+*:$#$)$2#!+&!69-')!52#)&;G2'-$#!-:'$5-$#!:-$)!+&!69-')$()&!52#)&;G2'-$#! -:'$5-$#!8#!5'*-)&8'!-8^!:-5&))&(!;86)$G6&(!&)!8#!l)'&!&#52'&!$#+*:$#$((-36&a!E&(!-')$()&(!&8^h ;l;&(!(&;36&#)!(&!5O&'5O&'!&)!(&!:-r2##&'!+-#(!5&))&!(GOR'&!$#)&'#-)$2#-6&a!@#!28)'&H!+&! #2;3'&8^!G'2:&(($2##&6(!+8!(&5)&8'!2#)!)&#)*!+&!56-((&'!5&(!-')$()&(H!(&62#!+$::*'&#)(!5'$)R'&(!F! G-'!;28%&;&#)(!-')$()$I8&(H!G-'!:2';&!+9-')H!28!&#52'&!G-'!)OR;&(a!<9&()!6&!5-(H!&#)'&!-8)'&(H! +9>#+'*!=-J#$#!&)!g-5I8&(!1286$6628H!I8$!&#!UXX]H!+-#(!V%*.(9+%&/&M!#&.!%3!#3&21/H!G'2G2(&! 8#&!56-(($:$5-)$2#!&#!)'2$(!J'28G&(!#2;;*(!K!?&''$)2$'&(!LH!K!C'2#)$R'&(!L!&)!K!=2#+&!LH!'&6-)$:(! -8^!%$($2#(!+&!5O-58#!+&(!(2$^-#)&!-')$()&(!(*6&5)$2##*(!(8'!)28(!6&!<2#)$#&#)a!<O-58#!Z!%-!+&! (-!+*:$#$)$2#!G2')*&!G-'!+&!;86)$G6&(!5'$)R'&(a!?28)&(!5&(!+*:$#$)$2#(!(&;36&#)!c8()&(!)-#)!K!0O/&.! 1%*.(9+%&/2*!/3&21/2*!(G/1(&$(!0(,!8)(,.2%*,!')!&/++%&.!'(!0O/&.!/)!9%*'(6!/)!+%02.28)(6!'(!0/! D/02'2.-!)*2D(&,(00(!')!1%*1(+.!'O/&.6!')!&(*%)D(00(9(*.!')!1%*.(*)6!')!9),-(!(.!'(!,/!3%*1.2%*! '/*,!0/!,%12-.-6!'(!1(!8)2!D2(*.!'O/200()&,!Y_La!

@#! '*(8;*H! $6! &()! +$::$5$6&! +&! '&J'28G&'! +-#(! 8#&! (&86&! 5-)*J2'$&! 6&(! -')$()&(! 52#)&;G2'-$#(! -:'$5-$#(H!&)!(8')28)!+&!6&(!52;G-'&'!&#)'&!&8^!)-#)!6&8'!G-'528'(!&)!6&8'!%$&!G&8%&#)!+$::*'&'a! k89$6! '*($+&! +98#! 5d)*! 28! +&! 69-8)'&! +8! <2#)$#&#)H! &#! >:'$I8&! 28! -$66&8'(H! +-#(! 8#&! %$66&! $#+8()'$&66&!28!8#!%$66-J&!'&586*H!I89$6!3*#*:$5$&!28!#2#!+&(!(&'%$5&(!+98#&!J-6&'$&H!28!&#52'&! I89$6!(2$)!:2';*!b!5&')-$#&(!)&5O#$I8&(!-')$()$I8&(!28!-8)2+$+-5)&H!-858#!+9&#)'&!&8^!#&!G&8)! 5-'-5)*'$(&'! 69$+&#)$)*! -')$()$I8&! -:'$5-$#&a! @)! G28')-#)H! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#! &^$()&! 3$&#!G8$(I89$6!&()!6-!#28%&66&!;-(52))&!+&(!;-'5O*(H!&)!I8&!(-!5d)&!-8J;&#)&a!E-!+$::$586)*!G28'! #28(H!+-#(!5&!;*;2$'&H!'*($+&!+2#5!+-#(!6&!G*'$;R)'&!I8&!#28(!5O2$($((2#(!+&!+*:$#$'!G28'! G-'6&'!+&!69-')$()&!52#)&;G2'-$#!-:'$5-$#a!!

!

@#! &::&)H! 6&(! )-6&#)(! #&! ;-#I8&#)! (8'! 6&! <2#)$#&#)a! Q&(! 5O-#)&8'(! G2G86-$'&(! -8! 5$#*-()&(! &#J-J*(H!&#!G-((-#)!G-'!+&(!'(,2C*(&!%$($2##-$'&(!28!+&(!*5'$%-$#(!'*52;G&#(*(H!6-!6$()&!&()! 62#J8&!+&(!(G*5$-6$)*(!+2#)!#28(!G28''$2#(!G-'6&'!G28'!&#%$(-J&'!69&((2'!586)8'&6!&)!-')$()$I8&! -:'$5-$#a! D28(! -8'$2#(! G8! *%2I8&'! 6&(! +$(528'(! (8'! &)! 6-! ;*+$-)$(-)$2#! +9B;28! 1-#J-'*! 28! C-)28;-)-! Q$-`-'-H! 5O-#)&8(&(! ;-6$&##&(! '*5&;;&#)! '*52;G&#(*&(! -8^! /$5)2$'&(! +&! 6-! =8($I8&H!28!69&^$()&#5&!G68(!+$(5'R)&!;-$(!&#J-J*&!+&!N&#!Bf'$H!c28'#-6$()&!&)!*5'$%-$#!#$J*'$-#! %$%-#)!b!E2#+'&(H!28!&#52'&!6-!;2#)*&!&#!G8$((-#5&!(8'!6-!(5R#&!+8!+&($J#!$#)&'#-)$2#-6!+&!

()Z6$()&(!-:'$5-$#x&y(!52;;&!>$(O-!>Z&#(8!"PO-#-yH!?-$32!N-5-'!x=2(-;3$I8&y!28!12GO$&!z$#J-!

x1*#*J-6ya!?28(! 5&(! -')$()&(! 5'*-)&8'(H! -:'$5-$#(H! 2#)! 8#! G2$#)! 52;;8#a! .6(! 2#)! )28(! 6-!

G-')$586-'$)*! +&! (&! '-52#)&'H! +&! '&G'&#+'&! 8#&! G-'26&! 62#J)&;G(! +*)28'#*&! &)! 8#&! G6-5&!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

]_{!=@/&.!1%*.(9+%&/2*!/3&21/2*H!1$+#&Z!E$))&6:$&6+!M-(:$'H!*+a!?O-;&(!v!78+(2#H!G-J&!Xa!!}

Y_{!=O/&.!1%*.(9+%&/2*!/3&21/2*6!W)!1%0%*2/02,9(!/)!+%,.1%0%*2/02,9(H!N"1<>H!gaH!Et7-';-))-#H!STTTH!G!U]Ya!} !

(10)

! ;! (28%&#)!2558G*&!G-'!+9-8)'&(!(8'!6&(!(5R#&(!$#)&'#-)$2#-6&(a!.6(!(2#)!+*52;G6&^*(H!&)!-((8;&#)! 6&8'(!'-5$#&(!&)!6&8'!-))-5O&;&#)!b!69>:'$I8&a!

!

w! 5&)! *J-'+H! #28(! -%2#(! +{! :-$'&! +&(! 5O2$^! &)! G-'! 52#(*I8&#)H! '&#2#5&'! b! &^G62'&'! +&! #2;3'&8(&(! G$()&(a! <9&()! 6-! '-$(2#! G28'! 6-I8&66&! #28(! #28(! 52#5&#)'&'2#(! (8'! 6&(! +$(528'(! '&6-)$:(! -8^! G6-()$5$&#(! 52#)&;G2'-$#(! -:'$5-$#(a! E&(! -')$()&(! I8&! #28(! *%2I8&'2#(! +-#(! 5&! )'-%-$6!&^G62'-)2$'&!(&'2#)!52#5&#)'*(!(8'!8#&!G*'$2+&!I8$!(9*)&#+!+&(!-##*&(!UXYT!b!#2(!c28'(a! k89$6(! (2$&#)! -8)2+$+-5)&(! 28! G-(! #9&()! G-(! 8#! +&(! 5'$)R'&(! +&! 5O2$^! +&! 5&(! -')$()&(! G28'! 5&! )'-%-$6!+&!'&5O&'5O&a!k89$6(!(2$&#)!#2$'(H!;-JO'*3$#(!28!36-#5(!#9&()!G-(!8#!5'$)R'&!#2#!G68(a!>8! 52#)'-$'&H!6-!G68'-6$)*!+&(!G-'528'(H!:-$(-#)!*5O2(!b!6-!;86)$G6$5$)*!+&(!$+&#)$)*(!-:'$5-$#&(H!'&#+! 69&^G62'-)$2#!$#)*'&((-#)&!G28'!(-$($'!6&(!23c&5)$:(!(28(hc-5&#)(!+&!5O-58#a!D28(!-552'+&'2#(! 8#&!$;G2')-#5&!b!6&8'!;2+&!+&!%$&H!&)!5&!;*;2$'&!&^G62'&'-!G28'!8#&!G-')$&!6-!I8&()$2#!+&!6-! +$-(G2'-!&#!)&#($2#!-%&5!6&(!-')$()&(!+8!<2#)$#&#)a!D28(!5O&'5O&'2#(!b!52;G'&#+'&!5&!I8$!:-$)! 69&((&#5&!+98#!-')$()&!-:'$5-$#!-8c28'+9O8$H!52;;&#)!$6!(&!G&'r2$)!+-#(!6&!;2#+&!&)!52;;&#)!$6! &()!G&'r8a!E-!6&5)8'&!+9!K!>:'2)2G$-!LH!&((-$!+&!C&6`$#&!1-''!*5'$)!&#!STU]H!-!3&-8528G!#28''$!6&(! '*:6&^$2#(!I8$!(8$%'2#)!+-#(!5&!;*;2$'&a!E9$#)*'l)!&()!+&!52;G'&#+'&!52;;&#)!5&(!-')$()&(! 52#)&;G2'-$#(!-:'$5-$#(H!+2#)!#28(!&#)&#+2#(!G-'6&'!&#!@8'2G&H!&)!+2#)!#28(!G28%2#(!-+;$'&'! 6&!)'-%-$6!+-#(!#2(!;8(*&(!28!+-#(!+&(!:2$'&(!$#)&'#-)$2#-6&(H!(2#)!'-52#)*(!&)!;2#)'*(!G-'!6-! G'&((&H!G-'!6&8'(!$#)&';*+$-$'&(H!G-'!&8^h;l;&(!&)!G-'!6&(!$#()$)8)$2#(!I8$!6&(!:2#)!+*528%'$'!b! 6&8'(!G836$5(a! !

@#! &::&)H! #28(! 52#($+*'2#(! I8&! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#! :-$)! G-')$&! $#)*J'-#)&! +98#! 8#$%&'(!5&#)'*!(8'!6&!+*%&62GG&;&#)!+&!69>:'$I8&!&)!I89$6!#9&()!G-(!(&86!b!G2')&'!5&!G'2c&)!+&! '&%-62'$(-)$2#!+8!<2#)$#&#)a!.6!(&'-$)!$#52#J'8!+&!G&#(&'!I8&!6&(!-')$()&(!-:'$5-$#(H!b!&8^!(&86(H! G28''-$&#)! +*52#()'8$'&! +&(! +*5&##$&(! +9-6$*#-)$2#H! +&! %$26&#5&(H! +&! (&'%$)8+&! &)! +&! +2;$#-)$2#a!.6(!52#)'$38&#)!G28'!-8)-#)!b!+*%2$6&'!8#!#28%&-8!%$(-J&!+&!69>:'$I8&a!P-6&'$()&(H! ;8(*&(H! (-66&(! +&! %&#)&(H! G836$5(! &)! -5O&)&8'(H! 52#)'$38&#)! -8! '-Z2##&;&#)! &)! -8! +*%&62GG&;&#)! +&! 69-')! 52#)&;G2'-$#! -:'$5-$#H! I8$! 68$h;l;&! (&')! -$#($! 6&! '-Z2##&;&#)! +&! 69>:'$I8&a! <2;;&! 69&^G6$I8&! 72`-'+! N&5f&'H! )28(! '*G2#+&#)! b! K!'(,! 2'-(,! (.! '(,! 3%&9(,! '(!

+(*,-(!1%99)*(,!8)2!,%),7.(*'(*.!0(,!/1.2D2.-,!'(!1%%+-&/.2%*!'@)*!C&%)+(!'(!+(&,%**(,V_!La! 1$!6&(!-5)$2#(!52#52;$)-#)&(!+&!5&(!#2;3'&8^!-5)&8'(!2#)!'*8(($!b!:-$'&!*;&'J&'!69-')!-:'$5-$#! (8'!6&!;-'5O*!$#)&'#-)$2#-6H!$6!#9&#!&()!G-(!;2$#(!%'-$!I8&!698(-J&!+&(!?.<!-!6-'J&;&#)!-55*6*'*! 6&!G'25&((8(a!>c28)2#(!b!5&(!-5)&8'(!+8!9%*'(!'(!0@/&.!52#)&;G2'-$#!-:'$5-$#H!69$#:68&#5&!+&(! ;*+$-(!&)!+&(!'*(&-8^!(25$-8^!D2/!.#)&'#&)!&)!#28(!23)&#2#(!6-!'&5&))&!G-':-$)&!G28'!G-'%&#$'! b! 69*G2I8&! 5O-'#$R'&! +-#(! 6-I8&66&! #28(! #28(! )'28%2#(H! &)! I8$! %2$)! -+%&#$'! 8#&! #28%&66&! G&'5&G)$2#!+8!<2#)$#&#)!b!)'-%&'(!(&(!-')$()&(a! ! .6!(&;36&!-$#($!I8&!69-')$()&!52#)&;G2'-$#!-:'$5-$#!(2$)!G'2:2#+*;&#)!8#!-')$()&!&#J-J*a!@#J-J*! +-#(!8#!;&((-J&H!&#J-J*!+-#(!8#!G'25&((8(!G68(!J623-6!F!$6!#9*5O-GG&!G-(!b!6-!#*5&(($)*!+&! +*52#()'8$'&!6&(!()*'*2)ZG&(!62#J)&;G(!-((25$*(!b!(2#!<2#)$#&#)a!@)!52;;&!+-#(!)28)!9%*'(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! V_{!72`-'+!N&5f&'H!E&(!;2#+&(!+&!69-')H!*+a!C6-;;-'$2#!UXVVa!}

(11)

! "E! '(!0@/&.H!#28(!G'&((&#)2#(!I89-8h+&6b!+&(!-')$()&(H!5&!(2#)!)28)&(!6&(!$#()$)8)$2#(H!;-$(!-8(($!6&(! -5)&8'(!586)8'&6(!&)!G26$)$I8&(!+8!<2#)$#&#)H!I8$!'&G'&##&#)!6-!G-'26&!G28'!(&!'-52#)&'H!5'*&'! 8#&!#28%&66&!+Z#-;$I8&!+2#)!$6(!+&%$&#+'-$&#)!6&(!;2)&8'(!G28'!'*58G*'&'!8#&!G6-5&!6*J$)$;&! :-5&!-8!'&()&!+8!;2#+&a!128(!:2';&!+&!,%3.!+%X(&H!#28(!-(($()2#(!b!8#&!(2')&!+&!'&%-#5O&!(8'! 6&!G-((*H!#2#!'&%-#5O-'+&H!+2#)!#28(!)&#)&'2#(!+&!52;G'&#+'&!6&(!;*5-#$(;&(!+-#(!5&!)'-%-$6! &^G62'-)2$'&a!! !

BNg@<?.C1!Q@!E>!A@<7@A<7@!!

C-5&! b! 6-! ;2#)*&! &#! G8$((-#5&! +&! 69-')! 52#)&;G2'-$#! -:'$5-$#H! &)! b! 69-5)8-6$)*! G26$)$I8&! I8$! 69-552;G-J#&H!6923c&5)$:!+&!5&!)'-%-$6!+&!'&5O&'5O&!&()!+-#(!8#!G'&;$&'!)&;G(!+9-#-6Z(&'!&)! 52;G'&#+'&! 6&(! +$(G2($)$:(H! 6&(! '*5$)(! &)! 6&(! $;-J&(! 5'**(! -8)28'! +&! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#!5&(!+&'#$R'&(!-##*&(a!,-'!I8$H!G28'I82$!&)!52;;&#)!5&!;28%&;&#)!(92'J-#$(&h)h$6!m!.6! (9-J$)!$5$!+&!52;G'&#+'&!6&(!;23$6&(!&)!6&(!&#c&8^!+&!5&))&!'*5&#)&!;$(&!&#!68;$R'&a!! ! <&!:-$(-#)H!6&!+&8^$R;&!&#c&8!+&!5&!;*;2$'&!&()!+&!(-$($'!6&(!;2Z&#(!#8;*'$I8&(!&)!O8;-$#(! 8)$6$(*(!G-'!6&(!-')$()&(!&)!6&8'(!$#)&';*+$-$'&(!G28'!6*J$)$;&'!6&8'!G6-5&!(8'!6-!(5R#&!-')$()$I8&! $#)&'#-)$2#-6&a!.6!#28(!$;G2')&!+&!;&))'&!&#!68;$R'&!6&(!+$(G2($)$:(!+&!;*+$-)$2#!;$(!&#!G6-5&! -8)28'!+&!69-')!52#)&;G2'-$#!-:'$5-$#H!&)!+9-#-6Z(&'!6&(!;$(($2#(!+&(!+$::*'&#)(!$#)&';*+$-$'&(! +8!(&5)&8'!x52;;$((-$'&(H!;8(*&(H!G'&((&H!&)5aya!! ! @#:$#H!$6!-GG-'-i)!I8&!6&!52#)$#&#)!-:'$5-$#!(9$;G2(&!-5)8&66&;&#)!(8'!6-!(5R#&!$#)&'#-)$2#-6&! 52;;&!-5)&8'!;-c&8'!&)!$#52#)28'#-36&!+&!6-!52#()'85)$2#!+8!;2#+&!+&!+&;-$#a!18'!6&!G6-#! -')$()$I8&H!5&6-!(&!)'-+8$)!G-'!69*;&'J&#5&!+&!#28%&-8^!+$(G2($)$:(!586)8'&6(!(8'!6&!)&''$)2$'&H! G'25&((8(!I8$!(&;36&!(9-55*6*'&'!5&(!+&'#$R'&(!-##*&(a!@#!5&!(&#(H!#28(!)&#)&'2#(!+&!;$&8^! -GG'*O&#+&'!6&(!&#c&8^!G'2:2#+(!I8$!(&!c28&#)!+&''$R'&!6-!'&%&#+$5-)$2#!+&!K!O83!586)8'&6!L!28! +&!K!G6-)&:2';&!-')$()$I8&!La! !

,ABNE4=>?.k"@!

E923c&)!+&!5&!)'-%-$6!+&!'&5O&'5O&!'*(86)&!+8!52#()-)!(&62#!6&I8&6!6&(!+$::*'&#)&(!-5)$2#(!;&#*&(! G-'!6&(!-5)&8'(!+8!9%*'(!'(!0@/&.!52#)&;G2'-$#!-:'$5-$#!$#:6*5O$((&#)!6-!)&#+-#5&!(8'!6&!;-'5O*! +&!69-')H!;-$(!*J-6&;&#)!6-!G&'5&G)$2#!+&!6-!5'*-)$2#!-:'$5-$#&a!Q-#(!5&!52#)&^)&H!#28(!#28(! +&;-#+&'2#(! G28'I82$! &)! 52;;&#)! 6&(! -')$()&(! 52#)&;G2'-$#(! -:'$5-$#(! G'&##&#)! 6-! G-'26&! G28'! 6*J$)$;&'! 6&8'! G6-5&! (8'! 6-! (5R#&! -')$()$I8&! $#)&'#-)$2#-6&a! k8&6! 'd6&! G28'! 6&8'(! $#)&';*+$-$'&(!+-#(!5&))&!+*;-'5O&!m!Q-#(!I8&66&!;&(8'&!6&(!-5)8&6(!+$(528'(!xc28'#-6$()$I8&(H! 5'$)$I8&(H!-')$()$I8&(y!&)!6&(!;*+$-)$2#(!+*+$*(!b!6t-')$()&!52#)&;G2'-$#!-:'$5-$#!I8$!(&!+*G62$&#)! &#! C'-#5&! &)! &#! >:'$I8&! )*;2$J#&#)h$6(! +&! ()'-)*J$&(! 52;;8#$5-)$2##&66&(! ;-$(! -8(($! $+&#)$)-$'&(H!G26$)$I8&(H!;-'5O-#+&(!&)!-')$()$I8&(H!&#!)&#($2#!&)!&#!;28%&;&#)!m!Q&!;-#$R'&! G68(! (Z#)O*)$I8&H! $6! 52#%$&#)! +&! (&! +&;-#+&'! G28'I82$! &)! (&62#! I8&66&(! ;2+-6$)*(! 52;;8#$5-)$2##&66&(!&)!;*+$-)$I8&(!6t-')$()&!&)!6t-')!-:'$5-$#!G&8%&#)!G-')$5$G&'H!(-#(!l)'&!G28'! -8)-#)! $#()'8;&#)-6$(*(H! b! 6-! 52#()'85)$2#! +t8#! #28%&-8! '*5$)! &)! +&! #28%&-8^! '&J-'+(! (8'! 6t>:'$I8&H!G68'$&6(!&)!+*()$J;-)$(*(a!

(12)

! ""!

7|,B?7}1@1!

YM+%.5B,(!*Z:!!

D28(! :2';862#(! 69OZG2)OR(&! I8&! 69-')$()&! -:'$5-$#! 52#)&;G2'-$#H! &#:&';*! +-#(! 8#! &^2)$(;&! O$()2'$I8&!62#J)&;G(!(83$H!'&G'&#+!6-!G-'26&!G28'!52#()'8$'&!+&!#28%&-8^!+$(528'(!&)!$;-J&(! +2#)! $6! +&%$&#)! 69*#2#5$-)&8'H! -%&5! G28'! 23c&5)$:(! +&! +*52#()'8$'&! 6&(! ()*'*2)ZG&(! I8$! 69-552;G-J#&#)! O$()2'$I8&;&#)a! E&(! &#c&8^! 52;;8#$5-)$2##&6(! +&! 5&(! $;-J&(! &)! +$(528'(! '&G2(&#)!-8)-#)!(8'!6-!68))&!;&#*&!52#)'&!)28)&(!6&(!()$J;-)$(-)$2#(!(83$&(!I8&!(8'!69$#(5'$G)$2#! +&!69-')$()&!(8'!6-!(5R#&!-')$()$I8&!$#)&'#-)$2#-6&!G28'!l)'&!-%-#)!)28)!8#!-')$()&!52#)&;G2'-$#! &)!(9&;G-'&'!+98#&!$+&#)$)*!-')$()$I8&!6*J$)$;&a!

!

YM+%.5B,(!*Z[!

E&(! -')$()&(! &)! ;&;3'&(! +&! 6-! +$-(G2'-H! +*)-5O*(! +&(! 52#)$#J&#5&(! G26$)$I8&(H! (25$-6&(! &)! *52#2;$I8&(!I8&!(83$((&#)!6&(!-:'$5-$#(!+8!<2#)$#&#)H!52#)'$38&#)!:2')&;&#)!b!6-!52#()'85)$2#! +&! 5&))&! ()'-)*J$&! $+&#)$)-$'&! 586)8'&66&! &)! -')$()$I8&! &#! ;-'5O&a! D28(! :2';862#(! +2#5! 69OZG2)OR(&! I8&! 69*;86-)$2#! +2#)! 3*#*:$5$&! 69-')! 52#)&;G2'-$#! -:'$5-$#! +&G8$(! 5&(! +&'#$R'&(! +*5&##$&(!:-%2'$(&!69-55R(!+&!5&(!-')$()&(!52#)&;G2'-$#(!-:'$5-$#(!(8'!6&!;-'5O*!$#)&'#-)$2#-6a! @#!28)'&H!-8!'&J-'+!+&(!q8%'&(!+$(G2#$36&(!(8'!6&!;-'5O*H!&)!+&(!+$(G2($)$:(!+&!;*+$-)$2#!+2#)! 6&8'(! 5'*-)&8'(! +$(G2(&#)H! 6&(! ;&((-J&(! G2')*(! G-'! 6&(! -')$()&(! &)! 6&8'(! $#)&';*+$-$'&(! (9$;G2(&#)!+&(!;$(($2#(!*56&5)$I8&(H!'*G2#+-#)!G28'!6&(!8#(!b!+&(!52;3-)(!G26$)$I8&(H!&)!G28'! +9-8)'&(H! b! +&(! I8l)&(! -')$()$I8&(H! (25$*)-6&(! 28! &#%$'2##&;&#)-6&(H! ;-$(! I8&! )28(! (&'%&#)! 69$#)*'l)!+8!<2#)$#&#)a!<O-I8&!-')$()&!52#)&;G2'-$#!-:'$5-$#!G2')&!8#!;&((-J&!b!)'-%&'(!(2#! q8%'&H!&)!:-$)!+&!6-!5'*-)$2#!-:'$5-$#&!52#)&;G2'-$#&!8#!-')!&#!'*-5)$2#H!%&5)&8'!+9*5O-#J&(!&)! +&!52;;8#$5-)$2#a! ! YM+%.5B,(!*Z\!! ,-'!-$66&8'(H!69*;86-)$2#!:-$)&!-8)28'!+&!69-')!52#)&;G2'-$#!-:'$5-$#H!G-'!69$#)&';*+$-$'&!+&(!?.<H! +&(! &^G2($)$2#(! &#! B55$+&#)! &)! &#! >:'$I8&H! +&(! %&#)&(! -8^! &#5OR'&(! -8^! '&52'+(! :$#-#5$&'(! c-;-$(!-))&$#)(H!:-%2'$(&!6&!'-Z2##&;&#)!+&!69>:'$I8&!b!69$#)&'#-)$2#-6!)28)!&#!:-$(-#)!#-i)'&!+&! #28%&66&(!$#$)$-)$%&(!(8'!6&!<2#)$#&#)a!D28(!:2';862#(!69OZG2)OR(&!I89-8h+&6b!+&!69*;&'J&#5&! +&!69-')!52#)&;G2'-$#!-:'$5-$#H!59&()!)28)!8#!52#)$#&#)!I8$!'&G'&#+!6-!G-'26&!G28'!(9*#2#5&'H! &#)-;-#)! -$#($! 8#&! '&%-#5O&! (8'! (2#! 7$()2$'&a! @#! 28)'&H! 5&))&! '&G'$(&! &#! ;-$#! +&(! +$(528'(! '*G2#+!b!+&8^!23c&5)$:(!)28'#*(!+98#&!G-')!%&'(!69>:'$I8&!&)!(-!G2G86-)$2#!I8$!(&!'*-GG'2G'$&! (2#!G-)'$;2$#&!586)8'&6!&)!-')$()$I8&H!&)!+9-8)'&!G-')!%&'(!69$#)&'#-)$2#-6H!G28'!I8&!69>:'$I8&!(&! G2($)$2##&!52;;&!*#2#5$-)'$5&!+9&66&h;l;&a!@#!28)'&H!G-'!6&!G'$(;&!+&!69-')!&)!+&!6-!<86)8'&H! 69>:'$I8&!-558&$66&!b!#28%&-8!(&(!$#)&66&5)8&6(!&^$6*(!&)!+*52#()'8$)!6&(!()*'*2)ZG&(!I8$!68$!(2#)! -((25$*(H!&#!G'25*+-#)!b!8#!,%3.!+%X(&!G8$((-#)a! !

=4?7BQBEBP.@!

E&(! (5$&#5&(! +&! 69$#:2';-)$2#! &)! +&! 6-! 52;;8#$5-)$2#! x1.<y! '&J'28G&#)! +&! #2;3'&8(&(! +$(5$G6$#&(!I8$!&#!:2#)!8#&!(G*5$-6$)*!b!G-')!&#)$R'&a!E9-GG'25O&!+&!#2)'&!(8c&)!G-'!6&!3$-$(!+&(!

(13)

! "#! 1.<!&()!#28''$&!G-'!G68($&8'(!&#)'*&(!G2(($36&a!.6!&()!+2#5!#*5&((-$'&!+&!+*:$#$'!6&(!&#)'*&(!I8$! (&'2#)!6&(!#d)'&(!+-#(!5&!;*;2$'&a! ! @#!G'&;$&'!6$&8H!#28(!#28(!(2;;&(!:25-6$(*(!(8'!6-!G6-5&!+&!69-')$()&!52#)&;G2'-$#!-:'$5-$#!&)! 6&(!+$(528'(!52#()'8$)(!&)!8)$6$(*(!G28'!6*J$)$;&'!5&))&!G6-5&!(8'!6-!(5R#&!$#)&'#-)$2#-6&a!k8&6(! &#c&8^! (&! 5-5O&#)! +&''$R'&! 5&)! &#J28&;&#)! &)! 5&))&! 5O-((&! -8! +$(G2($)$:! -')$()$I8&!m! <&))&! -GG'25O&!52;;8#$5-)$2##&66&H!&)!&#!;$#&8'!-')$()$I8&H!$+*262J$I8&!&)!J*2G26$)$I8&H!(9-GG8$&'-! (8'!+&(!52#5&G)(!+&!586)8'&!G2()5262#$-6&!&)!+9-:'2G26$)-#$(;&!+*5'$)(H!&#)'&!-8)'&H!+-#(!6&(! *5'$)(!+&!C&6`$#&!1-''!28!&#52'&!>5O$66&!=3&;3&!x13a!3$36$2J'-GO$&!G-J&!U_]ya!@#!&::&)H!5&!)'-%-$6! +&! '&5O&'5O&! :8)! 6-'J&;&#)! #28''$! G-'! 6&(! #2;3'&8(&(! '*:6&^$2#(! +&! G&#(&8'(! -:'$5-$#(! I8$! (9$#%&()$((&#)!G28'!8#&!#28%&66&!*#2#5$-)$2#!+&!69>:'$I8&a!

!

,28'! 52;G6*)&'! 5&(! '&5O&'5O&(! )O*2'$I8&(H! #28(! (2;;&(! G-')$(! b! 6-! +*528%&')&! +9-')$()&(! -:'$5-$#(H! +&! J-6&'$()&(! 28! +9-5)&8'(! $#52#)28'#-36&(! +8! (&5)&8'! b! )'-%&'(! +&(! &#)'&)$&#(H! 6-! 6&5)8'&!+928%'-J&(!(G*5$-6$(*(!28!+9-')$56&(!+&!G'&((&H!28!&#52'&!69&^G62'-)$2#!+&!($)&(!.#)&'#&)a! @#!&::&)H!#28(!-%2#(!:-$)!6&!5O2$^!+9-GG8Z&'!#2)'&!)'-%-$6!+&!'&5O&'5O&!(8'!6-!G&'5&G)$2#!+&!5&(! -')$()&(!G-'!6&8'(!$#)&';*+$-$'&(!G28'!&#!52;G'&#+'&!6&(!'*-6$)*(!52;;8#$5-)$2##&66&(H!&)!G-'! 6-!G'&((&H!G28'!&#!(-$($'!6&(!'&G'*(&#)-)$2#(!x13a!-##&^&(!G-J&!U_W!&)!3$36$2J'-GO$&!G-J&!U]Vya! !

E-! I8&()$2#! +&! 69$;G6$5-)$2#! +&(! -')$()&(! +-#(! 6&! ;-'5O*! +&! 69-')! 52#)&;G2'-$#! %$&#+'-! 52;G6*)&'! 5&(! *6*;&#)(! +2#)! 6923c&5)$:! &()! +&! +*5'$'&! 5&! I8&! ($J#$:$&! l)'&! -')$()&! -:'$5-$#! 52#)&;G2'-$#H!&)!52;;&#)!697$()2$'&!+2#)!$6(!(2#)!6&(!O*'$)$&'(!$;G-5)&!6&8'!5'*-)$2#!&)!6&8'! G2($)$2##&;&#)!(8'!6-!(5R#&!-')$()$I8&!$#)&'#-)$2#-6&a!!

!

,-'! -$66&8'(H! $6! #28(! (&;36&! $;G2')-#)! +9*%2I8&'! 6-! I8&()$2#! +&(! ;*+$-)$2#(! &)! +&(! $#)&';*+$-$'&(!I8$!%-62'$(&#)!6&(!-')$()&(!-:'$5-$#(!52#)&;G2'-$#(H!(8'!6-!(5R#&!-')$()$I8&!-8)-#)! I8&!;-'5O-#+&!&)!G26$)$I8&a!@#!&::&)H!5&(!-GG'25O&(!(&;36&#)!'*G2#+'&H!&)!5&!G28'!)28(!6&(! -5)&8'(H!b!+&(!()'-)*J$&(!52;;8#$5-)$2##&66&(!+$::*'&#)&(H!I8&!#28(!+*5'$'2#(!&)!-#-6Z(&'2#(! b! 69-$+&! +9$#)&'%$&`(! +&! G'2:&(($2##&6(! +8! ;-'5O*! +&! 69-')! 52#)&;G2'-$#H! ;-$(! *J-6&;&#)! b! )'-%&'(! 6-! G'&((&! 28! &#52'&! -%&5! 69-#-6Z(&! +&! +$::*'&#)(! (8GG2')(! +&! 52;;8#$5-)$2#! xG6-I8&))&(H!G'*(&#)-)$2#(!+9-')$()&(H!+2(($&'(!+&!G'&((&!&)!($)&(!.#)&'#&)H!'-GG2')(!:$#-#5$&'(H! '-GG2')(! +&! ;-'5O*y! G&';&))-#)! +9*%-68&'! 6-! G6-5&! +&! 69-')! 52#)&;G2'-$#! -:'$5-$#! (8'! (2#! ;-'5O*a!D28(!#28(!&::2'5&'2#(!G-'!-$66&8'(!+&!+*)&';$#&'!6&!'d6&!&)!6&(!;$(($2#(!+&(!;8(*&(H! I89$6(! (&! )'28%&#)! &#! B55$+&#)! 28! (8'! 6&! 52#)$#&#)! -:'$5-$#a! E923c&5)$:! &()! +&! 52;G'&#+'&! 6&(! &#c&8^!-8^I8&6(!$6(!'*G2#+&#)H!&)!6&(!5$36&(!I8$!(2#)!6&(!6&8'(!+-#(!5&))&!%262#)*!+&!;2#)'&'! 69-')!52#)&;G2'-$#!-:'$5-$#a!

!

<&!)'-%-$6!%$(&!b!52;G'&#+'&!5&!I89&()!l)'&!8#!-')$()&!-:'$5-$#!52#)&;G2'-$#!&#!STUVhSTUXH!&)! (2#! '-GG2')! -8^! -8)'&(! -5)&8'(! +8! (&5)&8'H! $#:68&#5*! G-'! 6-! G26$)$I8&H! 69O$()2$'&! &)! 69-')! 52#)&;G2'-$#a!.6!(9-J$)!G28'!#28(!+&!;&))'&!&#!68;$R'&!6&!'d6&!+&(!-')$()&(!+-#(!6&!'&#28%&-8! +&! 69>:'$I8&a! 12#)h$6(! -5)&8'(H! 28)$6(! 28! *#2#5$-)&8'(! +&! 5&))&! ;*)-;2'GO2(&!m! >8)-#)! +&!

(14)

! "$! I8&()$2#(!I8$!:2#)!-GG&6!b!+&!;86)$G6&(!(28'5&(!+9$#:2';-)$2#(!G28'!-;2'5&'!I8&6I8&(!G$()&(! +&! '*G2#(&a! <9&()! 6-! '-$(2#! G28'! 6-I8&66&! 5&! ;*;2$'&! (&! ($)8&! -8! 5-''&:28'! +&! G68($&8'(! +$(5$G6$#&(!I8&!(2#)!69*52#2;$&!+&!69-')!52#)&;G2'-$#H!69O$()2$'&!+&!69-')!H!6&(!(5$&#5&(!O8;-$#&(H! 6-!J*2G26$)$I8&H!6-!(25$262J$&!&)!3$&#!({'H!6&(!(5$&#5&(!+&!69$#:2';-)$2#!&)!+&!6-!52;;8#$5-)$2#a!

!

,E>D!

D28(!'&%$&#+'2#(!+-#(!8#!G'&;$&'!5O-G$)'&!(8'!6&!628'+!G-((*!5262#$-6!+&!69>:'$I8&!I8$!236$J&! 6&(!+$::*'&#)(!*#2#5$-)&8'(!+8!;2#+&!+&!69-')!52#)&;G2'-$#!-:'$5-$#!b!+*G62Z&'!8#&!()'-)*J$&! $+&#)$)-$'&! :2')&H! '*G2#+-#)! b! 8#&! -GG'25O&! 52;;8#$5-)$2##&66&! -8(($! *56&5)$I8&! I89&#! ;28%&;&#)a! .6! (9-J$)! $5$! +&! 52;G'&#+'&! 5&! I8$! :-$)! 6-! G-')$586-'$)*! +&! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#!-8!5q8'!+&!)&#($2#(!-8(($!3$&#!-')$()$I8&(H!I89*52#2;$I8&(H!G26$)$I8&(H!586)8'&66&(!&)! (Z;326$I8&(a!<&!G'&;$&'!5O-G$)'&!-!+2#5!G28'!23c&5)$:!+&!;&))'&!&#!68;$R'&!6-!52;G6&^$)*!+8! (Z()R;&!I8$!&#)28'&!69-')$()&!52#)&;G2'-$#!-:'$5-$#H!&)!I8$!+*G-((&!6-'J&;&#)!6&!($;G6&!5-+'&! +&!6-!G'2+85)$2#!-')$()$I8&!+&!69>:'$I8&a! ! >G'R(!5&)!*)-)!+&(!6$&8^H!$6!#28(!(&;36&!$;G2')-#)!+9$668()'&'!69*#2#5$-)$2#!&#!;-'5O&!+&!5&(! -')$()&(!G28'!&#!G&'5&%2$'!6&!:2$(2##&;&#)!&)!6-!+$%&'($)*a!D28(!-%2#(!52#()-)*!8#!:2')!;-$66-J&! +&(!)-6&#)(!&)!+&(!(-%2$'h:-$'&!G28'!($J#$:$&'!8#&!>:'$I8&!#28%&66&H!59&()!G28'I82$!6&!+&8^$R;&! 5O-G$)'&! +&! 5&! ;*;2$'&! (&'-! 52#(-5'*! b! 69$;-J&! '&#%2Z*&! -8! ;2#+&! G-'! 6&(! -')$()&(! 52#)&;G2'-$#(! -:'$5-$#(H! ;-$(! *J-6&;&#)! -8^! 'd6&(! +&! 6&8'(! $#)&';*+$-$'&(! +-#(! 5&))&! +*;-'5O&a!Q&(!J-6&'$&(!+9-')!-8^!;8(*&(H!&#!G-((-#)!G-'!6&(!:2$'&(!&)!6&(!'*(&-8^!+$J$)-8^H!#28(! &^G62'&'2#(! 6-! +$%&'($)*! +&! 6-! ;*+$-)$(-)$2#! &)! +&(! ;*+$-)$2#(! '&6-)$%&(! -8^! -')$()&(! 52#)&;G2'-$#(! -:'$5-$#(a! E923c&5)$:! &()! +&! ;$&8^! 5&'#&'! 6&(! &#c&8^! I8$! -552;G-J#&#)! 5&))&! *#2#5$-)$2#H!-8(($!3$&#!&#!C'-#5&!I89&#!>:'$I8&a!!

!

E-! G68'-6$)*! +&(! -5)$2#(! ;&#*&(! &#! :-%&8'! +&! 69*#2#5$-)$2#! -:'$5-$#&! #28(! 52#+8$'-! +-#(! 6&! )'2$($R;&! 5O-G$)'&! +&! 5&! ;*;2$'&! b! &^G62'&'! 6&! '&#28%&66&;&#)! ()'-)*J$I8&! +&! 69-GG'25O&! 52;;8#$5-)$2##&66&! &#! 528'(a! D28(! 6923(&'%&'2#(! b! )'-%&'(! 6&(! -5)&8'(! $#52#)28'#-36&(! +&! 69*#2#5$-)$2#! -:'$5-$#&! I8&! '&G'*(&#)&#)! 6&(! -:'$5-$#(! +&! 6-! +$-(G2'-a! .6! (9-J$)! +-#(! 5&))&! )'2$($R;&!G-')$&!+9&^G62'&'!+98#&!G-')H!6&(!8(-J&(!+$J$)-8^!I8$!(2#)!-+2G)*(!G-'!6-!+$-(G2'-!&#! '*G2#(&!-8^!G'236*;-)$I8&(!+8!<2#)$#&#)H!&)!+9-8)'&!G-')H!+9-GG2')&'!8#!*6*;&#)!+&!'*G2#(&! 2G*'-)$2##&66&!G28'!'*G2#+'&!-8!+*:$!:'-#r-$(!+8!'&#28%&-8!+&(!'*5$)(!(8'!69>:'$I8&a!! ! !

!

(15)

! "G!

E.1?@1!Q@1!1.PE@1!@?!><ABD|=@1!

!

UF_\!F!C2$'&!I8$!'*8#$)!6&(!_\!G-Z(!+8!52#)$#&#)!-:'$5-$#! >.<>!F!>((25$-)$2#!.#)&'#-)$2#-6&!+&(!<'$)$I8&(!+9>')! >M>>!F!>6(2`!M#2`!>(!>:'$5-! >D!F!>:'$I8&!+8!D2'+! >s>A@!F!>'5O$%&(!2:!s2;&#!>')$()(H!A&(&-'5O!-#+!@^O$3$)$2#(!! <PE"!F!<$)*(!&)!P28%&'#&;&#)(!E25-8^!"#$(! <=BB>!F!<2;G-J#$&!=-'25-$#&!+&(!~8%'&(!&)!B3c&)(!+t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s>P!F!12;&)O$#J!s&!>:'$5-#(!P2)! ?.<!F!?&5O#$I8&(!+&!69$#:2';-)$2#!&)!+&!6-!52;;8#$5-)$2#! "@=B>!F!"#$2#!452#2;$I8&!&)!=2#*)-$'&!B8&()!>:'$5-$#&!! "D.QB!F!"#$)&+!D-)$2#(!.#+8()'$-6!Q&%&62G;&#)!B'J-#$e-)$2#! z<><!F!z2;-!<2#)&;G2'-'Z!>')!<&#)&'!x4)O$2G$&y!

!

(16)

! "O!

UaE9>A?.1?@!<BD?@=,BA>.D!>CA.<>.D!F!B?>P@!Q9"D!1|D?>P=@!C.P4!

B"!><?@"A!Q@!1BD!.Q@D?.?4!>A?.1?.k"@!m!

! ! ! ! "!=@/&.!/3&21/2*!*@(,.!+/,!1%+2(<!L0!*@(,.!J/9/2,!1%+2(6!3].71(!'(!,%279^9(<!L0!*@(,.!J/9/2,! &(+&%')1.2%*6!&-+-.2.2%*6!&(')+021/.2%*6!9/2,!/)!1%*.&/2&(!2*,+2&/.2%*6!1@(,.7I7'2&(!/C&(,,2%*!'(! 0@%$J(.6!2*D(,.2,,(9(*.!'(!0@%$J(.!+/&!0@5%99(!8)2!/!/,,(_!'(!3%&1(!2*.-&2()&(!+%)&!0(! .&/*,3%&9(&!(*!)*(!3%&9(!'(!.%./0(!1%99)*21/.2%*!`ab;c_<! >$;*!<*(-$'&! ! ! .;G2(($36&!+9$J#2'&'!69&::&'%&(5&#5&!I8$!(&!;-#$:&()&!-8)28'!+&!69-')!52#)&;G2'-$#!-:'$5-$#!5&(! +&'#$R'&(! -##*&(a! <&! #28%&-8! (&5)&8'H! +&%&#8! $#52#)28'#-36&! G28'! 6&(! -;-)&8'(! +9-')! 52#)&;G2'-$#H! G'2:$)&! +98#&! *;86-)$2#! ;-#$:&()&;&#)! 5'**&! G-'! 6&(! -')$()&(! &)! 6&8'(! $#)&';*+$-$'&(! G28'! +Z#-;$(&'! 6-! 5'*-)$2#! -:'$5-$#&a! @#)'&! &^G2($)$2#(! $0%1d$),.(&H! %&#)&(! &^5&G)$2##&66&(!&)!J-6&'$&(!+*+$*&(H!59&()!)28)!8#!*52(Z()R;&!I8$!(&!52#()$)8&!G28'!6*J$)$;&'!6-! G6-5&! +&(! -')$()&(! 52#)&;G2'-$#(! -:'$5-$#(! (8'! 6-! (5R#&! -')$()$I8&! 52#)&;G2'-$#&a! ,28'! 52;G'&#+'&! 6&(! G'25&((8(! &#! ;-'5O&! I8$! 6&(! -552;G-J#&#)H! $6! 52#%$&#)! +&! (-$($'! )28)&(! 6&(! G-')$586-'$)*(!+&!5&(!-')$()&(!+&%&#8(!&^)'l;&;&#)!%$($36&(!(8'!6-!(5R#&!:'-#r-$(&a!A&%&#$'!(8'! 6&!G-((*!+&!69>:'$I8&!#28(!G-'-i)!+2#5!$#+$(G&#(-36&!G28'!($)8&'!5&(!-')$()&(H!&)!&#(8$)&!(-$($'!6&(! &#c&8^!I8$!-552;G-J#&#)!6&8'!*#2#5$-)$2#!(8'!8#!;-'5O*!*;&'J&#)!&#!C'-#5&a!!

!

UaUa!E9-')$()&!52#)&;G2'-$#!-:'$5-$#H!8#!-')$()&!52;;&!6&(!-8)'&(!m!!

!

>8h+&6b! +&! 6-! G2($)$2#! +&! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#H! $6! Z! -! 6-! I8&()$2#! +9-:'$5-#$)*! I8$! (8GG2(&! +9&#%$(-J&'! 6&! 52#)&^)&! O$()2'$I8&! J623-6! +-#(! 6&I8&6! 5&(! -')$()&(! &)! 6&8'(! $#)&';*+$-$'&(! *%268&#)! -8c28'+9O8$a! 1$! 692#! G&8)! G&#(&'! I8&! 69-')$()&! 52#)&;G2'-$#! -:'$5-$#! ;R#&!8#&!528'(&!b!69*J-6$)*H!8#&!;-'5O&!:2'5*&!%&'(!8#&!'*-GG'2G'$-)$2#!+&!(-!%-6&8'!+9-')$()&H! &)!8#&!5'2$(-+&!G28'!'*)-36$'!8#&!%*'$)*!&)!+*)'8$'&!6&(!()*'*2)ZG&(!I8$!69-552;G-J#&#)!)'2G! (28%&#)H! 59&()! I8&! (-! 5'*-)$2#! &()! -#5'*! +-#(! 8#! G-((*! 628'+H! %$5)$;&! +&! '&J-'+! 62#J)&;G(! :-8((*(a!,28'!C&6`$#&!1-''H!K!20!*@M!/!+(&,%**(!I!&/..&/+(&6!,2!1(!*@(,.!^.&(!/)!9(200()&!'(!,%27

9^9(a•€•!e%).(,!0(,!C&/*'(,!12D202,/.2%*,!%*.!,)!I!)*!9%9(*.!,@/).%*%92,(&6!15%2,2&!0/!*/.)&(! '(,!&(0/.2%*,!8)@(00(,!-./$02,,(*.!/D(1!0(!&(,.(!')!9%*'(6!0(!.(9+,!'(!3/2&(!C&/*'2&!0()&!J()*(,! +%),,(,6! (.! '@^.&(! +&^.(,! I! 0@%)D(&.)&(! (.! /)G! ,M*.5B,(,! 5()&(),(,UT_{!La! .6! #28(! (&;36&! I8&!} 69-')$()&!52#)&;G2'-$#!-:'$5-$#!&()!8#!+&(!-5)&8'(!+&!5&!G'25&((8(!G68(!J623-6a! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! X_{!K!Q$(528'(!G'2#2#5*!G-'!>$;*!<*(-$'&!b!Q-f-'!6&!]!-%'$6!UX]]!LH!f&/'52D/!•@#!6$J#&•H!UT!‚!STTXH!;$(!&#!6$J#&!6&!T_!:*%'$&'!} STUTa!! "AE!F!O))GF[[c28'#-6(a2G&#&+$)$2#a2'J[J'-+O$%-[U]T\!o!QB.!F!UTa\TTT[J'-+O$%-aU]T\! UT_{!C&6`$#&!1-''H!K!>:'2)2G$-!LH!*+a!,O$6$GG&!A&ZH!STU]H!G-J&!UWa}_!

(17)

! "1! UaUaUa!"#!G-((*!&#)'-%-#)€! ! >G'R(!-%2$'!-;2'5*!(-!52#()'85)$2#!$+&#)$)-$'&!&)!586)8'&66&H!-8!:$6!+&(!($R56&(!+&!;$J'-)$2#(H!+&! +$(G&'($2#!&)!+9$;;&'($2#H!+9*5O-#J&(!&)!+9-5586)8'-)$2#H!69>:'$I8&!(9&()!)'28%*&!+*G2((*+*&! +&!(2#!*%268)$2#!G'2G'&H!:2'5*&!b!G'&#+'&!8#!5O&;$#!G26$)$I8&H!*52#2;$I8&!&)!-')$()$I8&H!I8$! #&!+&%-$)!G-(!l)'&!6&!($&#a!E&(!-')$()&(!-:'$5-$#(!#9*5O-GG&#)!G-(!b!5&))&!628'+&!$#:68&#5&!&)!6&(! &#c&8^!(2#)!+&!)-$66&!G28'!:-$'&!*%268&'!)28)&(!6&(!;&#)-6$)*(a! !

<O-I8&! e2#&! J*2J'-GO$I8&! +&! 69>:'$I8&! &#)'&)$&#)! 8#! '-GG2')! +$::*'&#)! b! 69B55$+&#)H! -Z-#)! 52##8! +&(! G*'$2+&(! 5262#$-6&(! %-'$*&(a! D28(! G-'6&'2#(! %262#)-$'&;&#)! +-#(! 5&))&! G'&;$R'&! G-')$&! +8! 52#)$#&#)! -:'$5-$#! +-#(! 8#&! J*#*'-6$)*! *%$+&;;&#)! $;G'*5$(&H! ;-$(! +-#(! 6-I8&66&! G&8%&#)!l)'&!'&)'28%*&(!+&(!&^G*'$&#5&(!52;;8#&(!b!G68($&8'(!G-Z(!+8!52#)$#&#)a!<9&()!6&!5-(! #2)-;;&#)! +&(! &^G*'$&#5&(! 5262#$-6&(! (83h(-O-'$&##&! &)! #2'+h-:'$5-$#&H! I8$! 6-$((&#)! +&(! ()$J;-)&(!52;G-'-36&(!(8'!6-!5'*-)$2#!-')$()$I8&!52#)&;G2'-$#&a!

!

,28'! +&! ;86)$G6&(! '-$(2#(! I8&! #28(! -662#(! *%2I8&'! +-#(! 5&))&! G'&;$R'&! G-')$&H! 69-')$()&! 52#)&;G2'-$#!-:'$5-$#!#28(!(&;36&!l)'&!b!G-')!(8'!6&!;-'5O*!+&!69-')!52#)&;G2'-$#a!E2$#!+9l)'&! b! G-')! +-#(! 6-! I8-6$)*! +&! 6-! 5'*-)$2#H! 69-')$()&! -:'$5-$#! (&;36&! -8c28'+9O8$! (&! 52#()'8$'&! &#! '*-5)$2#H!G28'!*5O-GG&'!-8!G2$+(!+&!(2#!O$()2$'&!&)!+&!(-!52#+$)$2#a!

!

:<:<:<:<!g*(!'%92*/*1(!1%0%*2/0(!1/,.&/.&21(!!

!

>$#($H! G28'! 52;G'&#+'&! 69-5)8-6$)*! +8! 52#)$#&#)! &)! +&! 6-! 5'*-)$2#! -')$()$I8&! 52#)&;G2'-$#&! -:'$5-$#&H! $6! &()! $#52#)28'#-36&! +&! (&! '-GG&6&'! 697$()2$'&! 52;G6&^&! +&! 69>:'$I8&a! 1-#(! #28(! -))-'+&'!(8'!8#!23c&)!I8$!#9&()!G-(!6&!:2#+!+&!#2)'&!(8c&)H!$6!&()!$#+$(G&#(-36&!+9-32'+&'!6&!628'+! G-((*!5262#$-6!+8!52#)$#&#)!-:'$5-$#H!I8$!-!62#J)&;G(!(28::&')!+8!+*#$J'&;&#)!+&(!!255$+&#)-8^a! @#)'&! 2GG'&(($2#! &)! -5586)8'-)$2#H! 6-! 5'*-)$2#! -')$()$I8&! -:'$5-$#&! &()! 62#J)&;G(! '&()*&! &#! J&()-)$2#H!G-((*&!(28(!($6&#5&!&)!+*%-62'$(*&a!E9&^G2($)$2#!K!,&$#)8'&(!+&(!E2$#)-$#(!L!-8!k8-$!

N'-#6ZUU_{! x-5O&%*&! &#! :*%'$&'! STUXyH! $668()'&! 3$&#! 6&! (&#)$;&#)! +&! (8G*'$2'$)*! +&(! 5262#(! &)!}

G&';&)!+&!;$&8^!52;G'&#+'&!6&(!G&'5&G)$2#(!-5)8&66&(H!:$J*&(!+-#(!8#!$#52#(5$&#)!5266&5)$:!b!

69-#5'-J&!628'+!-8(($!3$&#!G28'!6&(!255$+&#)-8^!I8&!G28'!6&(!-:'$5-$#(a!@#!&::&)H!+-#(!6&!52#)&^)&!

5262#$-6$()&!+&!69*G2I8&H!62$#!+9l)'&!+&(!;*+$-)&8'(!586)8'&6(!-8!(&'%$5&!+&!69$#:2';-)$2#!&)!+&! 69&#(&$J#&;&#)! (8'! 6&(! 586)8'&(! +&(! G-Z(! 62$#)-$#(H! 6&(! G&$#)'&(! *)-$&#)! ;$(($2##*(! 52;;&! GO2)2J'-GO&(!+&!G'2G-J-#+&!-8!(&'%$5&!+8!5262#$-6$(;&!)28)!G8$((-#)a!<9&()!69-((&'%$((&;&#)! +8!52#)$#&#)!I8$!-!*)*!;$(!&#!(5R#&H!'-52#)*!&)!;2#)'*!G&#+-#)!G68($&8'(!($R56&(a!K!=(!1%*.2*(*.!

'(,! 9(&D(200(,! (,.! '(D(*)! +%)&! 1(&./2*,! 0@(G).%2&(! '@)*(! ,/)D/C(&2(! 8)(! &(3%)0/2(*.! '/*,! ,(,! 029$(,!0(,!*/.2%*,!12D202,-(,:[_<!L!!

E9>:'$I8&!&()!-62'(!;2#)'*&H!+*5'$)&!&)!'-52#)*&!b!)'-%&'(!)28)&(!(&(!+$::*'&#5&(H!G28'!$668()'&'! 6-! G8$((-#5&! 255$+&#)-6&H! -8(($! 3$&#! G26$)$I8&H! I89*52#2;$I8&H! $#()$)8)$2##&66&! 28! 586)8'&66&a! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

UU_{!V3!-##&^&!G-J&!U]U!F!-')$56&!+&!G'*(&#)-)$2#!(8'!69&^G2($)$2#!-8!k8-$!N'-#6Za}_! US_{!C&6`$#&!1-''H!K!#3&%.%+2/!LH!*+a!,O$6$GG&!A&ZH!STU]H!G-J&!UTa!}

(18)

! "T! Q-#(! 6&! K!W21.2%**/2&(! '(! 0/! ,%12%0%C2(!;H! <6-8+&! Q83-'! &^G6$I8&! &#! G-'-GO'-(-#)! @'%$#J! P2::;-#H! I89! K!20! ,)332.! 8)@)*(! '233-&(*1(! ,%2.! .&/2.-(! 1%99(! )*(! 2*-C/02.-! +%)&! 8)(! 0(,!

-.28)(..(,!/..&2$)-(,!I!/).&)2!'(D2(**(*.!)*!,.2C9/.(!:\_{La!<&!+&'#$&'!&^G6$I8&!-$#($!6&(!)&#($2#(!} I8$!&^$()&#)!&#)'&!8#&!K!$+&#)$)*!-))'$38*&!G-'!-8)'8$!L!&)!8#&!K!$+&#)$)*!'&%&#+$I8*&!G-'!(2$!La! E9>:'$I8&H!+-#(!(-!J623-6$)*H!:8)!G'$%*&!+&!)28(!6&(!G'25&((8(!G28'!(&!'-52#)&'!&66&h;l;&!&)!G28'! (9-))'$38&'! 5&))&! $+&#)$)*H! (9-::$';&'! &)! (&! ;2#)'&'! +-#(! (-! :2';&! 6-! G68(! c8()&a! @#! 28)'&H! 6923(&'%-)$2#! +&! 6-! 5'*-)$2#! -:'$5-$#&! G-'! 6&(! 255$+&#)-8^! (9&()! :-$)&! G-'! 6&! G'$(;&! +&! 69&)O#2J'-GO$&!&)!+&!6-!(25$262J$&H!-%-#)!+9l)'&!52#($+*'*&!G-'!8#!3$-$(!-')$()$I8&a!<9&()!G28'! '*G2#+'&!-8!;-6-$(&H!-8^!(28::'-#5&(!&)!b!69$#c8()$5&!$#+8$)(!G-'!5&))&!()$J;-)$(-)$2#H!I8&!6&(! %2$^!(9*6R%&#)!-8c28'+9O8$!&)!+*%&62GG&#)!+&(!()'-)*J$&(!$+&#)$)-$'&(!:2')&(a!B#!-(($()&!-$#($!b! 8#&!'&G'$(&!&#!;-$#!+&(!+$(528'(!(8'!&)!G28'!6-!5'*-)$2#!-:'$5-$#&H!;-$(!-8(($!G68(!6-'J&;&#)!(8'! 69$+&#)$)*H!6-!G26$)$I8&H!6&(!G'2G'&(!&#c&8^!&)!6-!G6-5&!+&!69>:'$I8&!+-#(!6&!;2#+&a!! ! :<:<:<[<!g*(!+-&2%'(!/*.-1%0%*2/0(!9-1%**)(!(.!+%,.1%0%*2/0(!'-*/.)&-(!P!'(,! ,.2C9/.(,!1%*.(9+%&/2*,<! ! ,-'!-$66&8'(H!2#!G-'6&!G&8!+&!6-!G*'$2+&!-#)*5262#$-6&H!I8$!-!%8!69>:'$I8&!(&!52#()'8$'&H!(9&#'$5O$'! &)!(&!G&#(&'!-%-#)!;l;&!69-''$%*&!+&(!G'&;$&'(!255$+&#)-8^a!<2;;&!69-::$';&!1$;2#!Dc-;$! +-#(!8#&!$#)&'%$&`!-552'+*&!b!?/_!=2#+&H!K!9^9(!/D/*.!0O/&&2D-(!'(,!+&(92(&,!()&%+-(*,6!

0O#3&28)(! -./2.! '-JI! )*! D/,.(! $/,.&2*C)(! '(! 12&1)0/.2%*! `ab! 0(,! C(*,! ,(! 9-0/*C(/2(*.:N_{!;<! <&!} G'25&((8(! +&! 52#()'85)$2#! $+&#)$)-$'&H! :-$)! +&! ;*6-#J&(! +&! 586)8'&(H! +&! +$(G&'($2#(! &)! +9$;;&'($2#(!(8'!6&!<2#)$#&#)H!-!*)*!()2GG*!x&)!+&!:-$)!:$J*y!G-'!69*G$(2+&!5262#$-6$()&!I89-!52##8! 6&!<2#)$#&#)a!E9>:'$I8&!#9-!-62'(!G68(!*%268*!G-'!&66&h;l;&H!;-$(!G-'!6&!)'85O&;&#)!+9-8)'&(! G-Z(H!I8$!6-!%2Z-$&#)!-62'(!(&62#!6&8'(!G'2G'&(!52#5&G)(a!E9>:'$I8&!(9&()!%8&!'-52#)*&H!&)!(8')28)! :-#)-(;*&!G-'!6&(!255$+&#)-8^!I8$!)&#)-$&#)!+&!68$!-GG6$I8&'!6&8'(!52+&(H!6&8'(!52#5&G)(!&)!6&8'! *G$()*;R!+&!+*%&62GG&;&#)!b!)'-%&'(!+&(!$#+$5-)&8'(!$#-+-G)*(a!>$#($H!5&(!+&'#$&'(!(2#)!G-((*(! b!5d)*!+&!5&!I8&!C&6`$#&!1-''!%2$)!52;;&!8#&!'$5O&((&!:2';$+-36&a!K!=/!8)/02.-!'(,!&/++%&.,!

,%12/)G6! 0()&! 2*.(*,2.-6! 0()&! 3-1%*'2.-6! 0/! '2,./*1(! ,%12/0(6! 0/! */.)&(! '(! 0/! D2(! (G2,.(*.2(00(6! 1)0.)&(00(6!,+2&2.)(00(6!(.1<6!.%).!1(!8)2!3/2.!0@(G2,.(*1(6!,%*!,)1!(.!,%*!,(*,6!0(,!&/2,%*,!'(!D2D&(6!(*! ,%99(6!+/,,(*.!I!.&/D(&,!0(,!9/200(,!'(!0()&,!320(.,!.&%+!0/&C(,!+%)&!0(,!/++&-5(*'(&:R_!La!! !

>8c28'+9O8$! &#52'&H! b! 69O&8'&! 2ƒ! 6-! J'-#+&! &)! (&#($36&! I8&()$2#! +&! 6-! K!'&()$)8)$2#!L! (&;36&! )'28%&'!8#&!$((8&!b!)'-%&'(!6&!'-GG2')!1-%2Zh1-''H!2#!G&8)!(&!I8&()$2##&'!(8'!6-!6*J$)$;$)*!+&(! -')$()&(!&)!%&#+&8'(!+&!69*G2I8&a!<-'!I8$!+$)!'&()$)8)$2#!(28(h&#)&#+!I89$6!Z!-!&8!G'*c8+$5&a!19$6! Z!-!&8!G'*c8+$5&!G28'!5&')-$#(H!$6!#9&#!&()!G-(!;2$#(!%'-$!I8&!+9-8)'&(!2#)!5'**!+&(!$),2*(,,! :'85)8&8^H!2::$5$&6(!&)!&::$5-5&(a!>$#($H!+R(!6&(!-##*&(!UX_TH!+&(!;-'5O-#+(!-:'$5-$#(H!-8!=-6$H! &#! <d)&! +9.%2$'&! 28! &#! P8$#*&H! &^$()-$&#)! 3&6! &)! 3$&#H! &)! :28'#$((-$&#)! 2::$5$&66&;&#)! 6&(! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

UW_{!<6-8+&!Q83-'H!K!W21.2%**/2&(!'(!0/!h%12%0%C2(!LH!@#5Z562G*+$&!"#$%&'(-6$(H!STU]}_!

U\_{1$;2#! Dc-;$H! '&)'-#(5'$G)$2#! +98#&! $#)&'%$&`! )*6*%$(8&66&! -552'+*&! b! ?/_! =2#+&! &#! STTVa! 1&(! G'2G2(! (2#)! '&6-)$:(! b!}

69&^G2($)$2#! K!>:'$5-! A&;$^! 0! <2#)&;G2'-'Z! >')! 2:! -! <2#)$#&#)!L! b! 6-! g2O-##&(38'J! >')! P-66&'Z! [! 128'5&!F! O))GF[[```a)%_a2'J[?/_1$)&[G836$5-)$2#[J-6&'$&hU]hUTh1$;2#nDc-;$aO);!