HAL Id: dumas-03150098
https://dumas.ccsd.cnrs.fr/dumas-03150098
Submitted on 23 Feb 2021HAL 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
La révolution numérique et le champ de la beauté : de
nouveaux codes, de nouvelles normes ?
Jade-Sophie Valtat
To cite this version:
Jade-Sophie Valtat. La révolution numérique et le champ de la beauté : de nouveaux codes, de nouvelles normes ?. Sciences de l’information et de la communication. 2017. �dumas-03150098�
École des hautes études en sciences de l'information et de la communication - Université Paris-Sorbonne 77, rue de Villiers 92200 Neuilly tél. : +33 (0)1 46 43 76 76 fax : +33 (0)1 47 45 66 04 www.celsa.fr
Master professionnel
Mention : Information et communication Spécialité : Communication Management et culture
Option : Magistère, management et culture
La révolution numérique et le champ de la beauté
De nouveaux codes, de nouvelles normes ?
Responsable de la mention information et communication Professeure Karine Berthelot-Guiet
Tuteur universitaire : Judith Dehail
Nom, prénom : VALTAT, Jade-Sophie Promotion : 2016-2017
Soutenu le : 26/10/2017 Mention du mémoire : Bien
! "!
!"#"!$%"#"&'()
!
!
#! $%&'()! *+),'-.!/01!2,3302(+%2!%1'4+25'(,'2+.! 6%'!/7,!8%'&9+! &,15! -7028,1'5,('01!&+!/01! (2,4,'-!+(!-+5!'/392,(':5!,;,&9/'6%+5<!!
!
#! =,%2+1;+! >+2,-.! /01! 2,3302(+%2! 320:+55'011+-.! &01(! -7+?392'+1;+! +(! -,! ;%-(%2+! &,15! -+! &0/,'1+! &+! -,! @+,%(9! /701(! 9(9! &7%1! 82,1&! 50%('+1! +(! /701(! :0%21'! &+! 329;'+%5+5! '1:02/,('015!30%2!/01!(2,4,'-!&+!2+;)+2;)+<!!
!
#!=,2,!=,5'5A.!/,!2+53015,@-+!&+!5(,8+.!;)+A!B+3)02,!6%'!/7,!3,2(,89!5+5!;011,'55,1;+5!&%! /,2;)9!&+!-,!@+,%(9!,'15'!6%+!5,!4'5'01!&+!-7'1104,('01!+(!&%!:%(%2!&+5!/,26%+5!&+!@+,%(9<!
&
! C!
(*##+%!")
& <":"<!8":"@;$&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&=& ! $H::%8<"&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&T& ! 8@;<HK'!;8H@&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&U& !89& #+-& (4C*+FF+-& .+DR(4F4G)+-& +.& F+C,-& ?V.R+-& 4(.& ?4)(-& D4(0C).& W& C(+& 5+2C./& 0/?4D,2.)-/+& XCYW& C(& -)?CF2D,+& 0+& EFC,2F)-?+& R25)F+?+(.& )(D4,E4,/& E2,& F+-& 2D.+C,-& .,20).)4((+F-& 0C& DR2?E& 02(-& F+C,-& -.,2./G)+-&0+&?2,XC+S&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&ZZ&
! ,D!=+5!/E()+5!-'@+2(,'2+!+(!98,-'(,'2+5!,550;'95!,%?!10%4+--+5!(+;)10-08'+5!01(!;01&%'(!F!-,!2+4+1&';,('01! &7%1+!10%4+--+!+?392'+1;+!)02'A01(,-+!&+!-,!@+,%(9<!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!GG! ! @D!=+!/E()+!&+!-793,10%'55+/+1(!'1&'4'&%+-!0%!+1;02+!&+!3,20-+!-'@929+!3,2!-+5!10%4+--+5!(+;)10-08'+5! 01(!&0119!%1!30%40'2!10%4+,%!F!&+5!820%3+5!H%56%7,-025!/'102'(,'2+5!&,15!-+!;),/3!&+!-,!@+,%(9<!<<<<<<!"I! !
;D! B'! -7940-%('01! &%! ;),/3! &+! -,! @+,%(9! +(! -7,33,2'('01! &+! 10%4+,%?! ,;(+%25! 5+/@-+1(! '1&91',@-+5.! -,! )'92,2;)'+!&%!;),/3!J!+(!&01;!-+5!;0&+5!&9:'1'55,1(!;+!6%'!+5(!@+,%!J!2+5(+!'1;),189+<!<<<<<<<<<<<<<<<<<<<<<<<<<<<!"K! !
889&12,&-+-&2D.+C,-O&-+-&4C.)F-&+.&-4(&(4C*+2C&,2EE4,.&2C&.+?E-&+.&W&FY+-E2D+O&F2&,/*4FC.)4(&(C?/,)XC+&2& 2?EF)B)/& F+& E4C*4),& 0Y2D.)4(-& 0+-& 2D.+C,-& .,20).)4((+F-& 0C& DR2?E& 0+& F2& 5+2C./& +.& )?E4-/& C(& (4C*+2C& E2,20)G?+&0C&5+2CS&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&TU&
! ,D!=+5!10%4+--+5!(+;)10-08'+5!01(!'1&%'(!%1!2+10%4+--+/+1(!&+!10(2+!2,3302(!F!-7+53,;+!+(!,%!(+/35!6%'!,! ;01(2'@%9!F!2+1&2+!-+5!102/+5!&+!@+,%(9!(0%H0%25!3-%5!0/1'3295+1(+5<!<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<<!CL! ! @D!#4+;!-7,33,2'('01!&+5!295+,%?!50;',%?!&,15!-+!;),/3!&+!-,!@+,%(9.!+1!3-%5!&7M(2+!0/1'3295+1(+5.!-+5! 102/+5!&+!@+,%(9!5+/@-+1(!,40'2!9(9!,/3-':'9+5!,%!30'1(!&+!&+4+1'2!+--+5!,%55'!4'2(%+--+5<!<<<<<<<<<<<<<<<<<<<<!LG! ! ;D!=,!N+,%(E!O+;)10-08E!+1!(,1(!6%+!30(+1('+-!320;),'1!5(,&+!&+!;+((+!,--',1;+!+1(2+!@+,%(9!+(!10%4+--+5! (+;)10-08'+5! 30%22,'(! 5'81':'+2! 101! 3,5! -,! :'1! &+! -7'1H01;('01! 5(2';(+! &,15! -+! 2,3302(! F! 50'! /,'5! @'+1! ,%! ;01(2,'2+!-7'15(,--,('01!&7%1+!10%4+--+!102/+.!;+--+!&7M(2+!&,15!-+!;01(2P-+!3+2/,1+1(!+(!(0(,-<!<<<<<<<<<<<<<!QG! ! !H@!#'$8H@&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&[\& ! L8L#8H]<%1J8"&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&^Z& ! %@@"N"$&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&^=& ! <A$':A&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&Z_Z& ! :H;$&!#A$&SSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS&Z_=!
!
!
! L!
%&'!*,-$'%*&)
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`T&'('015D.!"IIQ! C !*,1'+-!B<!Y,/+2/+5).!N+,%(E!X,E5!^!a)E!#((2,;('4+!X+03-+!#2+!b02+!B%;;+55:%-.!X,3+2@,;c.!"IGC!
! Q!
H%5(+!,32V5!-7d8+!30%2!CQZ!+(!H%5(+!,4,1(!-702'8'1+!30%2!"IZL<!b,'5!;+5!&'5;2'/'1,('015!401(! @'+1! ,%J&+-F! &+! -,! 5+%-+! 53)V2+! 320:+55'011+--+! ;0//+! -+! 294V-+! $+,1J>2,1R0'5! #/,&'+%! &,15!501!9(%&+!^!,'15'.!,%!5+'1!/M/+!&+!-,!;+--%-+!:,/'-',-+.!-,!@+,%(9!&7%1!+1:,1(!,%?!E+%?! &+!5+5!3,2+1(5!'/3,;(+!4'5'@-+/+1(!-,!2+-,('01!3,2+1(e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c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c5!,1&208E1+5!+(!&+5!;0235!9-,1;95<!=+5!,119+5!&702!&7Y0--Ef00&.! +15%'(+.! 57,33,2+1(+1(! F! -,! 8-,/0%2'5,('01! &+! -,! @+,%(9! :9/'1'1+! ,4+;! -+5! 32+/'V2+5! )920g1+5!&+!;'19/,!&01(!-,!3-%5!+/@-9/,('6%+!&+/+%2+!b,2'-E1!b0120+<!=+5!,119+5!GKhI! 501(!2+3295+1(9+5!3,2!%1+!,33,2+1;+!3-%5!;01(+/302,'1+!F!5,40'2!82,1&+.!:'1+!+(!,4+;!3+%! &+!:02/+5.!,33,2+1;+!6%'!4,!3+2&%2+2!F!(2,4+25!-+!(+/35!H%56%7F!-7,4V1+/+1(!&%!(03!/0&+-! i,(+!b055!&,15!-+5!,119+5!GKKI<!T1:'1!-,!29(2053+;('4+!57,;)V4+!,4+;!-+5!,119+5!"III!6%'! 5+/@-+1(!;29+2!%1+!5'-)0%+((+!/0'15!:'-':02/+!/,'5!,4,1(!(0%(!&+5('19+!F!9406%+2!-,!@011+! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! L!j0'2!,11+?+!1kG!! Q !j0'2!,11+?+!1k"!
! h! 5,1(9! +(! -,! :02/+! 3)E5'6%+! 50'(! %1+! ,--%2+! 9-,1;9+! /,'5! ,4,1(! (0%(! /%5;-9+.! :+2/+! +(! 1,(%2+--+<!!! *+!/,1'V2+!3-%5!,;,&9/'6%+.!j'8,2+--0!&,15!Y'5(0'2+!&+!-,!@+,%(9^!-+!;0235!+(!-l,2(! &l+/@+--'2!&+!-,!m+1,'55,1;+!F!105!H0%25!50%-'81+!-%'!,%55'!F!6%+-!30'1(!-,!@+,%(9!3+%(!M(2+! 4%+!;0//+!%1+!&9:'1'('01!)%/,'1+!940-%('4+!+(!-'9+!F!-7)'5(0'2+!50;',-+!+(!;%-(%2+--+!&7%1+! 50;'9(9<!*,15!-+!;,&2+!&+!-,!50;'9(9!0;;'&+1(,-+.!6%'!5+2,!98,-+/+1(!-+!;,&2+!&7,1,-E5+!&+!;+! /9/0'2+! &+! 2+;)+2;)+.! j'8,2+--0! &9:'1'(! &'::92+1(5! (+/35! 6%'! 501(! ,33,2%5! ;0//+! &+5! /,26%+%25! &,15! -7940-%('01! &+5! ;0&+5! &+! @+,%(9! +(! 6%'! 01(! ,/+19! %1! ;),18+/+1(! &+! 3,2,&'8/+5!&,15!10(2+!&9:'1'('01!;0//%1+!&+!-,!@+,%(9<!=,!m+1,'55,1;+!(0%(!&7,@02&!:,'(! &+! -,! @+,%(9! %1! 9-9/+1(! 539;':'6%+/+1(! :9/'1'1! ,550;'9! 10(,//+1(! F! j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nj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nj[[[+!;),18+!3+%!+(!57,550;'+!F!-,!40-%3(9.!-,!@+,%(9!&0'(!/+((2+!+1!9/0'!-+5! 5+15<! #%! n[n+! 3,2! ;01(2+.! 01! 2+/,26%+! -79/+28+1;+! &+! -7'&9+! &7%1+! @+,%(9! ,550;'9+! F! -7+15+/@-+! ;0235! +(! 4'5,8+.! ;7+5(! &7,'--+%25! F! ;+((+! 9306%+! 6%+! 3+('(! F! 3+('(! -+5! ;0235! 5+! &940'-+1(!+(!5+!-,'55+1(!,3+2;+40'2<!#%!nn+.!-,!(+1&,1;+!&+/+%2+!+(!01!40'(!5+!&93-0E+2!%1+! ;+2(,'1+! -'@92,('01! &%! ;0235! ;0//+! -+! 50%-'81+! -,! 5%332+55'01! &+5! ;025+(! 3,2! -+! ;0%(%2'+2! X,%-! X0'2+(! +1! GKIh! 0%! +1;02+! -79/+28+1;+! &+5! 3,1(,-015! 30%2! :+//+! 49)';%-95!
! o!
10(,//+1(!3,2!_,@2'+--+!U),1+-!&V5!GKGI<!B'!-7+1(2+!8%+22+!+5(!/,26%9!3,2!-7'/,8+!&+!-,! 8,2R011+!;,2,;(92'59+!3,2!%1+!(,'--+!:'1+.!%1!4+1(2+!3-,(!+(!&+!3+('(5!5+'15.!-7,32V5!B+;01&+! _%+22+! /01&',-+! +(! -7,4V1+/+1(! &%! ;'19/,! :,'(! ,%! ;01(2,'2+! 9/+28+2! &+5! 5'-)0%+((+5! 3%-3+%5+5! +(! -+5! 10('015! &+! p!8-,/0%2!q! 0%! p!5+?! ,33+,-!q! '1;,219+5! 3,2! b,2'-E1! b0120+! @'+1!5r2!/,'5!98,-+/+1(!-+5!3-,E/,(+5!X-,E@0E.!H0%21,-!-,1;9!+1!GKQC<!B+-01!j'8,2+--0.!-+! nn[+!5'V;-+!:'1,-+/+1(!3+%(!M(2+!,550;'9!F!%1+!p!@+,%(9!&9/0;2,('59+!q!0W!5+!/M-+1(!-7'&9+! &+! @'+1! M(2+! /,'5! ,%55'! &+5! 40-01(95! -'@+2(,'2+5! +(! &+5! 6%+5('015! '&+1('(,'2+5! +(! '1&'4'&%+--+5<! =7'&9+! &+! @+,%(9! 4,! &+! 3,'2! ,4+;! ;+--+! &7%1! 30%40'2! '1&'4'&%+-! 5%2! 50'! +(! 5%2! 501! ;0235<! U+! 6%7'-! +5(! '1(92+55,1(! &+! 50%-'81+2! ;7+5(! 6%+! ;+((+! &+21'V2+! 392'0&+! ;0g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s! 3-%5! 3+%(JM(2+! 6%+! @+,%;0%3! &7,%(2+5! '1&%5(2'+5! ;29,('4+5!J!,4+;!-+5!0%('-5.!%5,8+5!+(!,;(+%25!'55%5!&+!;+5!10%4+--+5!(+;)10-08'+5<!U+!-'+1!:02(! +5(!10(,//+1(!&%!,%!:,'(!6%+!&+!10/@2+%?!0%('-5.!195!&+5!10%4+--+5!(+;)10-08'+5.!501(!+1! -'+1! ,4+;! -,! 10('01! &7'/,8+! +(! &+! 2+3295+1(,('01! &+! 50'!^! 295+,%?! 50;',%?.! '1:-%+1;+%25.! E0%(%@+25.! 5+-:'+5.! :'-(2+5! 51,3;),(! +(;t! b;=%),1! /+((,'(! +1! ,4,1(! -+! :,'(! 6%+! (0%(+! 10%4+--+! (+;)10-08'+.! 0%! (0%(! 10%4+,%! /9&',.! ;299+! %1! 10%4+,%! p!!"#"$%!q! 6%'! ,&/+(! 19;+55,'2+/+1(! 501! '/,8'1,'2+! 32032+! +(! &01;! 501! 32032+! 5E5(V/+! &+! 5'81':';,('01<! U+5! 320305! &+! b;=%),1! p!&'"()* +$(,$-'"(* '%* %."#"/$(* %0* +('#'01$!$0.* 2$* /'"3!4!$* /'%/* %0$*
5'(!$* .$,60'#'1"7%$)* ,8$/.* 09,$//:"($!$0.* /8;* /'%!$..($<* =,'%.$(* #:* (:2"')* #"($* %0$* +:1$* "!+("!9$)* ,8$/.* #:"//$(* +909.($(* ,$/* +('#'01$!$0./* 2$* 0'%/3!4!$/* 2:0/* 0'.($* /;/.>!$* +$(/'00$#* $.* /%?"(* #:* /.(%,.%(:."'0* '%* #$* 29+#:,$!$0.* 2$* +$(,$+."'0* 7%"* $0* 29,'%#$*
! u!
"09-".:?#$!$0.!qh! 3+%4+1(! (0%(! F! :,'(! 57,33-'6%+2! ,%?! 10%4+--+5! (+;)10-08'+5.! +1(+1&%+5!
;0//+! &+! 10%4+,%?! (E3+5! &+! p!+('#'01$!$0.* 2$* /'"3!4!$*q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
!
X0%2! 9(%&'+2! ;+! 3)910/V1+! H7,'! ;)0'5'! &702'+1(+2! /+5! 2+;)+2;)+5! 4+25! &+%?! ,?+5! 32'1;'3,%?!;022+5301&,1(5!F!;+5!&+%?!;),/35!&+!5'81':';,('01!6%'!9(,'+1(!/'5!+1!3295+1;+<! O0%(!&7,@02&!H7,'!;+1(29!/01!(2,4,'-!5%2!-7940-%('01!&%!;),/3!&+!-,!@+,%(9!+1!/+!29:92,1(! 10(,//+1(!F!&+5!2+;)+2;)+5!,;,&9/'6%+5.!Y'5(0'2+!&+!-,!@+,%(9^!-+!;0235!+(!-l,2(!&l+/@+--'2! &+!-,!m+1,'55,1;+!F!105!H0%25!&+!_+028+5!j'8,2+--0!0%!GII!III!,15!&+!N+,%(9!3%@-'9!50%5!-,! &'2+;('01! &lv-'5,@+()! #A0%-,E.! 6%'! (2,'(,'+1(! &+! -7940-%('01! &+5! ;0&+5! &%! @+,%! F! (2,4+25! -+! (+/35! +(! ;+! H%56%7,%! nn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h!b,25),--!b;=%),1.!X0%2!;0/32+1&2+!-+5!/9&',<!=+5!320-018+/+1(5!(+;)10-08'6%+5!&+!-7)0//+.!X,2'5.!B+%'-.! X0'1(5.!GKhu.!3<!hhJho<!
! K! 29:92+1;+5!;0//+!=7'/,8'1,'2+!&+!-7'1(+21+(!&+!X,(2';+!>-';)E.!p!w0%4+--+5!(+;)1'6%+5!^!&+5! :02/+5!&+!-,!320&%;('01!50;',-+!q!&+!$05',1+!$0%x(!0%!=7,2(!&+!-,!8%+22+!&'8'(,-+!^!B%24'42+!+(! &0/'1+2!F!-lV2+!&%!1%/92'6%+!3,2!U,20-'1+!>,'--+(<!U+5!0%42,8+5!01(!10%22'!/01!,1,-E5+!5%2! -7'/,8'1,'2+! 49)';%-9! 3,2! -+5! 295+,%?! 50;',%?! &,15! 10(2+! 50;'9(9! +(! 501! '/3,;(! 5%2! -+! ;0150//,(+%2!+(!5%2!-+5!'15('(%('015!89192,(2';+5!&+5!102/+5!&+!@+,%(9<!! b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b01!(2,4,'-!&+! 4+'--+! +(! &+! @+1;)/,2c'18! ,! &01;! 98,-+/+1(! ;015('(%9! %1+! 2+550%2;+! &,15! ;+! (2,4,'-! &+! 2+;)+2;)+! +1! /+! 3+2/+((,1(! &79(%&'+2! -7940-%('01! &+5! '15('(%('015! (2,&'('011+--+5! &+! ;+! 5+;(+%2!&%!@+,%!J!-+5!/,26%+5!&+!@+,%(9!J!89192,(2';+5!/,H+%2+5!&+!;+5!102/+5!&+!@+,%(9! 5(2%;(%2,1(+5<!!
!
U+((+! +?392'+1;+! 320:+55'011+--+! +(! -7+15+/@-+! &+5! 2+;)+2;)+5! +(! ,1,-E5+5! 59/'0-08'6%+5!'1&%'(+5!/701(!;01&%'(+!F!/+!305+2!-,!6%+5('01!5%'4,1(+!^!XC+F&)?E2D.&2&+C& FY)(.,40CD.)4(&0C&`&?)F)+C&a&0+-&(4C*+FF+-&.+DR(4F4G)+-O&+.&04(D&0+&F+C,&)?2G)(2),+O&-C,&F+& DR2?E&0+&F2&5+2C./&3&-+-&D40+-&+.&-+-&(4,?+-&3&XC)&B2b4((+&+(&E,4B4(0+C,&F+&E,4D+--C-&0+& ,+E,/-+(.2.)4(&DCF.C,+FF+&0+&-4)&P&! ! X0%2!29301&2+!F!;+((+!320@-9/,('6%+!H7,'!:02/%-9!&+%?!)E30()V5+5!^!! ! GD =+5! /E()+5! +(! '/,8'1,'2+5! ,550;'95! ,%! ;),/3! &+5! 10%4+--+5! (+;)10-08'+5! `&9/0;2,('5,('01.! 98,-'(,2'5/+.! -'@+2(9! '1&'4'&%+--+D! 01(! /0'15! ;01&%'(! F! -,! &9/0;2,('5,('01!&%!@+,%!6%7F!-7'1;-%5'01!&+!10%4+,%?!,;(+%25!&,15!%1!5E5(V/+!6%'! 17,!3,5!29+--+/+1(!/0&':'9!5+5!102/+5<!
! GI!
"D =+! 10%4+,%! 2,3302(! ,%! (+/35! +(! F! -7+53,;+.! 6%701(! '1(20&%'(! -+5! 10%4+--+5! (+;)10-08'+5! &,15! 10(2+! 50;'9(9.! ,! ,4,1(! (0%(! 3+2/'5! ,%?! ,;(+%25! (2,&'('011+-5! &%! ;),/3!&+!-,!@+,%(9!&7,/3-':'+2!-+%2!30%40'2!102/,(':!,%!30'1(!&+!;29+2!%1!10%4+,%! ;,101!&+!@+,%!+1;02+!3-%5!)0-'5('6%+!/,'5!(0%H0%25!/0'15!,((+'81,@-+<!!
!
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s! 5+5! 0%('-5.!5+5!,;(+%25.!5+5!32,('6%+5!s!01(!3+%(JM(2+!,4,1(!(0%(!,/3-':'9!-+5!102/+5!&+!@+,%(9! 329+?'5(,1(+5.!6%'((+!F!-+5!2+1&2+!'229+--+5!+(!'1)%/,'1+5<!T1:'1.!H7,'!40%-%!94,-%+2!H%56%70W! ;+((+! 2+-,('01! ,4+;! -+5! 10%4+--+5! (+;)10-08'+5! 30%4,'(! /+1+2! -+! ;),/3! &+! -,! @+,%(9! +1! ,1,-E5,1(! -+5! 32+/'+25! +?+/3-+5! &+! N+,%(E! O+;)10-08E! +(! -7'/,8'1,'2+! 6%+! ;+5! &+21'+25! 49)';%-+1(!&025!+(!&9HF<!!
! GG! !
%.) /01) 234506601) 70892363:;01) 07) 604<1) =>7901) 327) =3;21) 832?4;7) @) 420)
A0B47C) ?C=38<B7;1C0) D4E@) 42) 1;=46B8<0) ?0) F64<B6;1=0) 9BA;60=027)
;283<F3<C) FB<) 601) B8704<1) 7<B?;7;322061) ?4) 89B=F) ?B21) 604<1) 17<B7C:;01)
?0)=B<D40G))
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p!29!',(:."/9!q!-0256%+!-701!3,2-+!&7%1+!p!?$:%.9*29!',(:."/9$*q! 0%!&7%1!3-%2,-'5/+!&%!@+,%!'55%!&+5!10%4+--+5!(+;)10-08'+5<!! & & B.) /01) =>7901) 6;A0<7B;<0) 07) C:B6;7B;<01) B1138;C1) B4H) 234506601) 70892363:;01) 327) 832?4;7) @) 6B) <0502?;8B7;32) ?E420) 23450660) 0HFC<;0280) 93<;I327B60) ?0) 6B) A0B47CG)) ! ! =0256%+! -701! 3,2-+! &+! 10%4+--+5! (+;)10-08'+5! 01! 9406%+! -7+15+/@-+! &+5! (+;)1'6%+5! ,E,1(! 3+2/'5! &+5! '1104,('015! +1! /,('V2+! &7,;;V5! F! -7'1:02/,('01.! &+! (2,'(+/+1(! &+! -7'1:02/,('01!0%!+1;02+!&+!5(0;c,8+!&+5!&0119+5<!#!;+!('(2+.!-7[1(+21+(!,33,2,S(!;0//+!-7%1! &+5! 9-9/+1(5! ;+1(2,-! &+! ;+5! 10%4+--+5! (+;)10-08'+5.! ;7+5(J,J&'2+! ;0//+! %1+! 10%4+--+! (+;)1'6%+!&7'1:02/,('01!+(!&+!;0//%1';,('01!&01(!-+5!'/3,;(5!579(+1&+1(!5%2!&+!/%-('3-+5! &'5;'3-'1+5!0%!&0/,'1+5<!=,!@+,%(9.!;0//+!-,!/,H02'(9!&+5!,%(2+5!'1&%5(2'+5.!17,!&01;!3,5! 9;),339!,%?!'/3,;(5!&+!-,!2940-%('01!1%/92'6%+<!=7,;;V5!F!'1(+21+(!+5(!+1!+::+(!&+4+1%!%1! -'+%!;0//%1!30%2!-+5!3,E5!&94+-03395!;0//+!-,!>2,1;+!0W!,%H0%2&7)%'!uQZ!&+5!>2,1R,'5! 01(!,;;V5!F![1(+21+(!+(!0W!oLZ!E!,;;V&+1(!(0%5!-+5!H0%25!s!%1!30%2;+1(,8+!6%'!,((+'1(!KQZ! 6%,1&!'-!57,8'(!&+5!GuJ"L!,15o<!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! o !v(%&+!UmT*]U!"IGh!! G"! =+! ;0150//,(+%2! 17+5(! &01;! 3-%5! %1'6%+/+1(! %1! ;'(0E+1.! '-! +5(! 98,-+/+1(! %1! '1(+21,%(+!+(!;+(!,H0%(!&7'&+1('(9!19;+55'(+!-,!32'5+!+1!;0/3(+!&+!-,!;%-(%2+!(2V5!539;':'6%+! -'9+! ,%?! 10%4+--+5! (+;)10-08'+5! -0256%+! -701! 9(%&'+! -+! 2,3302(! /,26%+! ;0150//,(+%2<! >-';)E.!&,15!5+5!(2,4,%?!5%2!-7'/,8'1,'2+!&+!-7'1(+21+(.!&9:'1'(!,'15'!-,!5'(%,('01!^!p!@0*2$-$0:0.* %0*0'%-$#*"0.$(0:%.$)*'0*0$*2$-"$0.*+:/*/$%#$!$0.*%0*%."#"/:.$%(*2A"05'(!:."7%$*2$*(9/$:%)*2A'%."#/* 2$*,'!!%0",:."'0*'%*2$*($,6$(,6$*2A"05'(!:."'0/)*'0*+90>.($*:%//"*2:0/*%0*:%.($*!'02$*/',":#*'B* #$/* (:++'(./* $0.($* #$/* "02"-"2%/* /'0.* 91:#".:"($/* $.* ,''+9(:."5/)* 'B* #A"05'(!:."'0* $/.* 1(:.%".$<*Cu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
b';)+-! N,%f+15.! ,%(+%2! &+! B,%4+2! -+! /01&+!^! 4+25! %1+! 50;'9(9! 305(J;,3'(,-'5(+! +1! &94+-033,1(! -+! ;01;+3(! &+! p!X++2J(0JX++2!q.! 10%5! :0%21'(! %1+! @011+! '--%5(2,('01! &+! ;+5! /0&':';,('015!'1&%'(+5!3,2!p!#$*!"#"$%*q!&+5!10%4+--+5!(+;)10-08'+5!+(!5+5!5E/@0-'6%+5!5%2!-,! 2+-,('01! +1(2+! ;0150//,(+%25! +(! /,26%+5<! T1! +::+(.! -+5! 10%4+--+5! (+;)10-08'+5! 01(! ;299! %1+! &E1,/'6%+! 10%4+--+! 6%'! ,! 3+2/'5! ,%?! 8+15! &+! 5+5! ;011+;(+2! +1(2+! +%?.! 5,15! -'/'(+! 53,(',-+!0%!(+/302+--+.!/,'5!,%55'!&+!3,2(,8+2!&+5!2+550%2;+5<!U+((+!&E1,/'6%+!,!+18+1&29! -+! &94+-033+/+1(! &+! (+;)10-08'+5! X"X! J! 0%! X++2J(0JX++2! J! 6%'! 3+2/+((+1(! &+! :,'2+! '1(+24+1'2! -,! 50;'9(9! F! &+5! 9;)+--+5! ,%3,2,4,1(! 295+249+5! ,%?! 82,1&+5! +1(2+32'5+5! 0%! F! -7T(,(<! =7+?+/3-+! (E3+! &%! X++2J(0JX++2! 5+2,'(! ;+-%'! &%! :'1,1;+/+1(! 3,2(';'3,(':! J! 0%! ;20f&:%1&'18<! =+! X++2J(0JX++2! +5(! /M/+! &+4+1%! 3,2! -,! 5%'(+! %1! ;01;+3(! /,2c+('18! 6%'! &9:'1'(!;+!/0%4+/+1(!+1(2+!;0150//,(+%25!&7%1+!/M/+!;0//%1,%(9!&+!(2,15/'55'01!&+! ;01(+1%5.!&7'1:02/,('015!0%!&7,4'5!+(!6%'!4,!3+2/+((2+.!5,15!'1(+24+1('015!,33,2+1(+5!&+5! /,26%+5.! -7+18,8+/+1(! &7,%(2+5! ;0150//,(+%25! &+! -,! ;0//%1,%(9<! U+! ;01;+3(! +5(!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
u!X,(2';+!>-';)E.!=7'/,8'1,'2+!&+!-7'1(+21+(.!=,!*9;0%4+2(+.!"IIG.!3<GGQ!
! GC! ,%H0%2&7)%'! ;015'&929! ;0//+! 3,2(';%-'V2+/+1(! 3+2('1+1(! ,%! 5+15! 0W! %1! ;0150//,(+%2! 5+2,!(0%H0%25!3-%5!+1;-'1!F!;20'2+!%1!&+!5+5!5+/@-,@-+5!0%!%1!/+/@2+!&+!5,!;0//%1,%(9! 3-%(P(! 6%7%1+! /,26%+! ,550;'9+! 32+56%+! ,%(0/,('6%+/+1(! F! -7%1'4+25! /,2;),1&! +(! -+5! 5(2,(98'+5!/,2c+('18<!! ! U+5!10%4+--+5!32,('6%+5.!'55%+5!&%!/'-'+%!&+5!10%4+--+5!(+;)10-08'+5.!'/3,;(+1(!&01;!-,! 50;'9(9!,%!5+15!-,28+!+(!&+!;+!:,'(!-+!/01&+!&+!-,!@+,%(9<!T1!+::+(.!-+5!;0150//,(+%25!&+! 320&%'(5!&+!@+,%(9!501(!30%2!-,!3-%3,2(!98,-+/+1(!&+5!'1(+21,%(+5!6%'!01(!9(9!'/3,;(95!3,2! ;+5!/E()+5!-'@+2(,'2+!+(!98,-'(,'2+!49)';%-95!3,2!-+5!10%4+--+5!(+;)10-08'+5<!*0291,4,1(!;+5! &+21'+25!,33,2,'55+1(!;0//+!+1!,((+1(+!&7%1+!+?392'+1;+!3-%5!p!)02'A01(,-+!q!&+!-,!@+,%(9! +(! 4+%-+1(! '1(+24+1'2! F! &+5! 9;)+--+5! 6%'! -+%2! 9(,'+1(! ,%3,2,4,1(! '1(+2&'(+5<! =7'&9+! &7%1+! +?392'+1;+! p!)02'A01(,-+!q.! ;7+5(! ;+--+! &+! 30%40'2! 4'42+! 501! +?392'+1;+! @+,%(9! 101! 3,5! %1'6%+/+1(! &,15! %1+! 2+-,('01! ;0150//,(+%2e+1(2+32'5+.! 6%,-':'9+! &+! 4+2(';,-+.! /,'5! 98,-+/+1(! 4',! &+5! 9;),18+5! +1(2+! ;0150//,(+%25! 6%'! :02/+1(! ,-025! %1+! ;0//%1,%(9! 3,2-,1(!&798,-!F!98,-!,4+;!-,!/,26%+!+(!+1(2,1(!&,15!%1!3)910/V1+!&+!;0J;29,('01<!!
=+! -'42+! a'c'@2,1&5!^! m+'14+1('18! E0%2! ;0/3,1E! '1! ,! ;%5(0/+2J&2'4+1! /,2c+(3-,;+! ;0J 9;2'(!3,2!B+,1!b0::'((.!b'c+!*04+2!,1&!*01!O,35;0((!/+(!+1!94'&+1;+!;+((+!940-%('01!&+5! ,((+1(+5! ;)+A! -+5! ;0150//,(+%25! +1! /01(2,1(! ;0//+1(! -70@H+(! p!/,26%+!q! ,! 940-%9! &+3%'5! 3-%5! &+! GII! ,15! 30%2! M(2+! ,%H0%2&7)%'! ,550;'9! F! -,! 10('01! &+! ;0//%1,%(9! +(! &7)02'A01(,-'(9<!=+5!,%(+%25!9(%&'+1(!,'15'!-+!3,55,8+!5%;;+55':!&+!-,!p!(2,&+/,2c!q!J!;7+5(JFJ &'2+! -,! 2+;011,'55,1;+! &7%1! 320&%'(! F! (2,4+25! %1! 10/! +(! %1! 5'81+! J! F! -,! p!@2,1&/,2c!q! ;015('(%('4+!&7%1!+15+/@-+!&+!4,-+%25!,--,1(!,%!&+-F!&%!320&%'(!J!3%'5!&+!-,!p!-04+/,2c!q!J! '153'2,('011+--+! +(! +?392'+1('+--+! s! ,! :'1,-+/+1(! -,! p!f'c'@2,1&5!q! ,550;'9+! F! %1+! ;0//%1,%(9!&+!;0150//,(+%25!6%'!;0J;015(2%'5+1(!-+5!4,-+%25!+(!-+5!320&%'(5<!=,!/,26%+.! +(!10(,//+1(!-+5!/,26%+5!&+!@+,%(9.!1+!&0'4+1(!3-%5!5+%-+/+1(!;015(2%'2+!%1!%1'4+25!+(! %1+! 320/+55+! /,'5! +?3-'6%+2! +(! 320%4+2! -+%2! 305'('011+/+1(! :,;+! F! &+5! ;0150//,(+%25! 6%'! 01(! &+! 3-%5! +1! 3-%5! &70%('-5! &7+?32+55'01! +(! &+! ;2'('6%+5! +1! &+)025! &+5! /9&',5! (2,&'('011+-5.!@'+1!3-%5!;01(2P-,@-+5<!!
!
U+(! '1(92M(! 302(9! F! -7,4'5! &+! 501! 5+/@-,@-+! +5(! 3,2(';%-'V2+/+1(! '1(92+55,1(! &,15! -+! ;,&2+! &+! -7%1'4+25! &+! -,! @+,%(9! 0W! -701! 3+%(! 0@5+24+2! -,! ! 3-,;+! 329&0/'1,1(+! 6%701(!
! GL!
&9502/,'5!&+5!:02/,(5!;0//+!-+5!@-085.!-+5!4-085!+(!-+5!'1:-%+1;+%25<!!\1!9(%&+!29,-'59+!+1! "IGQ! 3,2! X'?,@'-'(E.! '1('(%-9+! p!N+,%(E! 01! y0%(%@+!q.! 3+2/+(! &+! 29,-'5+2! F! 6%+-! 30'1(! -+5! 10%4+--+5! (+;)10-08'+5! 01(! /0&':'9! -+5! 2+-,('015! +1(2+! -+5! /,26%+5! +(! -+5! ;0150//,(+%25! +1!'/305,1(!%1!/0&V-+!3-%5!)02'A01(,-!+(!;0//%1,%(,'2+!+(!&01;!F!;+!('(2+!3+%(!M(2+!3-%5! &9/0;2,('6%+<!#'15'.!;),6%+!/0'5!;+!501(!3,5!/0'15!&+!oII!/'--'015!&+!4'&905!+1!-'+1!,4+;! -+!5+;(+%2!&+!-,!@+,%(9!6%'!501(!4'5'0119+5!5%2!y0%(%@+.!;+!6%'!:,'(!&+!-,!@+,%(9!-+!(20'5'V/+! 5+;(+%2! -+! 3-%5! 2+8,2&9! &+! ;+((+! 3-,(+:02/+! 4'&90<! B'! -701! 0@5+24+! -+! &9(,'-! &+! ;+5! 4'&905! @+,%(9.!01!57,3+2R0'(!6%+!-+5!/,26%+5!&+!@+,%(9.!;7+5(JFJ&'2+!-+5!,;(+%25!(2,&'('011+-5!&+!;+! 5+;(+%2.!501(!-0'1!&7M(2+!-+5!32'1;'3,-+5!50%2;+5!&7,%&'+1;+<!#%!;01(2,'2+!3,2/'!-+5!2+6%M(+5! y0%(%@+!-'9+5!,%!5+;(+%2!&+!-,!@+,%(9!;+--+5!;01;+21,1(!&+5!'1:-%+1;+%25!J!;0//+!z0+--,!0%! U04+2_'2-! J! &93,55+1(! &+! -0'1! ;+--+5! -'9+5! F! &+5! /,26%+5! (2,&'('011+--+5! ;0//+! B+3)02,.! =7]29,-! 0%! +1;02+! T5(+2! =,%&+2<! *+4+1%5! 320:+55'011+-5! 30%2! -+5! 3-%5! 303%-,'2+5! ;+5! '1:-%+1;+%25!@+,%(9.!5(,25!&+!y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f,2Ac03:! 3-,;9+! F! -,! (2+'A'V/+!
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p!=7'/3,;(!&+!-7+J293%(,('01!5%2!-+!320;+55%5!&7,;),(!q!29,-'59!+1!"IGL.!oCZ!&+5!'1(+220895! &9;-,2+1(! ;015%-(+2! &+5! ,4'5! &+! ;0150//,(+%25.! &+5! @-085.! &+5! :02%/5! 0%! &+5! 5'(+5! &+! ;0150//,(+%25! ,4,1(! &7+::+;(%+2! %1! ,;),(! +1! /,8,5'1<! U+! ;)'::2+! 579-V4+! F! LLZ! 6%,1&! '-! 57,8'(! &+! ;015%-(+2! &+5! ,4'5! 5%2! -+5! 295+,%?! 50;',%?<! T1:'1.! 3,2/'! -+5! 29301&,1(.! -+5! 3-%5! H+%1+5.!-,!(2,1;)+!GuJCQ!,15.!501(!-+5!3-%5!5+15'@-+5!F!;+5!,4'5!+1!-'81+<!!
! Gh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
! Go!
&+!-,!/,26%+!5%2!-+%25!B/,2(3)01+5.!&7,40'2!,;;V5!3,2!%1!5'/3-+!5;,1!F!(0%(!%1!+15+/@-+! &+!;01(+1%5!-'95!,%!320&%'(!5;,119!+(!10(,//+1(!,%?!,4'5!;0150//,(+%25.!6%'!501(!;+%?! &9HF!&'5301'@-+5!5%2!-+!+J5)03<!!
!
U7+5(! 98,-+/+1(! ;+! 10%4+,%! 30'&5! &+! -,! ;0//%1,%(9! 6%'! ,! ,/+19! -+5! /,26%+5! &+! @+,%(9! F! &94+-033+2! &+5! p!B0;',-! a,--!q! +1! /,8,5'1<! U+5! /%25! &'8'(,%?! 501(! &+5('195! F! 2+3295+1(+2.!+1!(+/35!29+-.!-7,;('4'(9!&+5!;0150//,(+%25!5%2!-+5!295+,%?!50;',%?!+(!&01;!F! &'::%5+2! +1! %1! /M/+! +1&20'(! -+5! 305(5! >,;+@00c.! [15(,82,/! 0%! +1;02+! Of'((+2! -'95! F! -,! /,26%+!0%!F!%1!&+!5+5!320&%'(5<!T1!%('-'5,1(!%1!;01(+1%!3,2-,1(!&7+--+!/,'5!891929!3,2!5,! ;-'+1(V-+!-,!/,26%+!(2,15:02/+!5+5!;-'+1(5!+1!,/@,55,&+%25!+(!&011+!%1+!32+%4+!(,18'@-+! &+!-7+?'5(+1;+!&7%1+!;0//%1,%(9!:'&V-+<!#%H0%2&7)%'.!(0%5!-+5!10%4+,%?!/,8,5'15!B+3)02,! J!0%4+2(%2+!+(e0%!29104,('015!s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
!
! B0%2;+!^!B+3)02,!
! Gu!
b,'5.! &,15! -+5! 10%4+,%?! /,8,5'15! B+3)02,! '55%5! &%! 3-,1! /,2c+('18! p!w+f! B(02+! U01;+3(!q.! -+! N+,%(E! N0,2&! 17+5(! 3,5! -,! 5+%-+! 32+%4+! 4'5'@-+! &+! ;+((+! '/302(,1;+! 10%4+--+/+1(! ,;;02&9+! F! -,! ;0//%1,%(9<! T1! +::+(.! -7+53,;+! /M/+! &%! /,8,5'1! ,4+;! 10(,//+1(!-,!/'5+!+1!3-,;+!&7%1!N+,%(E!Y%@!,%!;{%2!&+!-7+53,;+!/,2;),1&!+5(!5'81':';,(':! &+! ;+! 2+10%4+--+/+1(! 0@-'8,(0'2+! &+! -7+?392'+1;+! ;-'+1(! ;)+A! -+5! ,;(+%25! (2,&'('011+-5! &%! ;),/3!&+!-,!@+,%(9<!U+(!+53,;+!,!9(9!+1('V2+/+1(!;01R%!30%2!3+2/+((2+!F!-,!;0//%1,%(9! B+3)02,!&+!2+32+1&2+!&+!-7'1&93+1&,1;+!4'5!F!4'5!&+!501!+?392'+1;+!@+,%(9!^!F!(2,4+25!&+5! [3,&5! -+5! ;-'+1(5! 3+%4+1(! 5+! /,6%'--+2! 4'2(%+--+/+1(! +(! 3,2(,8+2! -+%25! -00c5.! '-5! 3+%4+1(! 98,-+/+1(! 2+;+40'2! &+5! 02&011,1;+5! 3+25011,-'59+5.! 2+8,2&+2! &+5! (%(02'+-5! @+,%(9! +(! -'2+! -+5!;0//+1(,'2+5!-,'5595!3,2!-+5!,%(2+5!;-'+1(5<!U+5!10%4+--+5!:01;('011,-'(95!501(!'55%+5!&+! -7+532'(!;0//%1,%(,'2+!+(!&+!3,2(,8+!49)';%-9!3,2!-+5!0%('-5!&'8'(,%?!/,'1(+1,1(!%('-'595!3,2! -,! /,H02'(9! &+! -,! ;-'+1(V-+!^! F! ('(2+! &7+?+/3-+.! +1! >2,1;+! +1! "IGh.! ;7+5(! ;),6%+! /'1%(+! o! /'--'015!&+!3)0(082,3)'+5!6%'!501(!+140E9+5!5%2!B1,3;),(.!CQI!III!(f++(5!5%2!Of'((+2.!"Gh! /'--'015! &+! 3)0(05! ,'/9+5! 5%2! >,;+@00c! +(! ! ".L! /'--'015! 5%2! [15(,82,/<K! *+! 3,2(! ;+((+! 2+;)+2;)+!&7%1+!+?392'+1;+!3-%5!)02'A01(,-+!+(!;0//%1,%(,'2+.!-,!@+,%(9!5+/@-+!5+!:,'2+! 3-%2'+--+!3%'56%+!%1+!3-%5!82,1&+!&'4+25'(9!&+!4'5,8+5!;0//+1;+!F!M(2+!4'5'@-+.!+1!@0%('6%+! (0%(!,%!/0'15<! ! ! B0%2;+!^!B+3)02,! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! K!v(%&+!UmT*]U!"IGh!
! GK! ! #%!5+'1!&+!-,!10%4+--+!@0%('6%+!\2@,1!*+;,E!&%!b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
! "I!
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
! !
A.) /0) =>790) ?0) 6ECFB234;110=027) ;2?;5;?406) 34) 0283<0) ?0) FB<360) 6;AC<C0) FB<) 601) 234506601) 70892363:;01) 327) ?322C) 42) F3453;<) 23450B4) @) ?01) :<34F01) J41D4EB63<1)=;23<;7B;<01)?B21)60)89B=F)?0)6B)A0B47CG)) ! ! =,!;29,('01!&+!;0//%1,%(95!0%!+1;02+!-+!3,2(,8+!&7'1:02/,('01!+1(2+!3,'25.!6%'!501(! &+%?!9-9/+1(5!195!&+!-,!/E()0-08'+!&+5!10%4+--+5!(+;)10-08'+5.!01(!+%!%1!'/3,;(!:02(!5%2! -+!5+;(+%2!&+!-,!@+,%(9<!T1!&011,1(!&+!10%4+,%?!0%('-5!,%?!;0150//,(+%25!J!'1(+21+(.!-+5! B/,2(3)01+5.!-+5!,33-';,('015!+(;t!J!-+5!10%4+--+5!(+;)10-08'+5!01(!320:01&9/+1(!/0&':'9! 10(2+! 2,3302(! ,%! /01&+! /,'5! 98,-+/+1(! 10(2+! 2,3302(! ,%?! ,%(2+5<! $0%x(! &9:'1'(! ,'15'! -,! 5'(%,('01!&,15! 501! ,2(';-+! p!w0%4+--+5! (+;)1'6%+5!^! &+5! :02/+5! &+! -,! 320&%;('01! 50;',-+!q^! p#:* /+9,"5",".9* 2$* ,$/* !:,6"0$/* 7%"* ($+'/$* /%(* #$%(* :(,6".$,.%($* "05'(!:."7%$* 0A$/.* +:/* 0$%.($*$.*D*"#*C*$E"/.$*%0$*"0.$(:,."'0*9.('".$*$0.($*#:*,'!+'/:0.$*.$,60"7%$*$.*#$/*5'(!$/*2$* #:* +('2%,."'0* /',":#$* 7%"* /$* ."//$0.* :%.'%(* 2$* #:* .9#9!:."7%$* $.* #:* !",('3"05'(!:."7%$*q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x(.!p!w0%4+--+5!(+;)1'6%+5!^!&+5!:02/+5!&+!-,!320&%;('01!50;',-+!q.!O+;)10-08'+5!&+!-7'1:02/,('01! +(!50;'9(9.!40-<!G.!1k!C.!GKuK!
! "G! 82,1&+!3,2('+!F!(2,4+25!-,!&'::%5'01!&7'/,8+5.!'-!5+/@-+!3,2(';%-'V2+/+1(!3+2('1+1(!&79(%&'+2! ;+!10%4+,%!30%40'2!9/+289!&7%1!0%('-!&+!-,!2940-%('01!1%/92'6%+!;0//+!-+!B/,2(3)01+<!! ! *,15!=7#2(!&+!-,!8%+22+!&'8'(,-+!U,20-'1+!>,'--+(!9(%&'+!;+5!10%4+,%?!30%40'25!:0%21'5!3,2! -,! 2940-%('01! 1%/92'6%+!,%?! %('-'5,(+%25! ^! +--+! &'5('18%+! (20'5! 9(,(5! &%! f+@! 6%'! ;022+5301&+1(!F!(20'5!5(,&+5!&+!30%40'2!&'::92+1(5<!O0%(!&7,@02&!-+!f+@!G<I!6%'!,!,3302(9! -+5! 5'(+5! '1(+21+(! +(! -+5! /0(+%25! &+! 2+;)+2;)+! +(! 6%'! ;022+5301&! ;)+A! -7%('-'5,(+%2! F! -7p!"05'(!$2* ,'0/%!$(*q! ;7+5(JFJ&'2+! ;+-%'! 6%'! ,! -+! 30%40'2! &+! 57'1:02/+2! 50'J/M/+! +(! &+! 492':'+2!10(,//+1(!-+5!'1:02/,('015!:0%21'+5!3,2!-+5!,%(02'(95!(2,&'('011+--+5!(+--+5!6%+!-+5! /,26%+5<!T1!&+%?'V/+!(+/35.!+--+!0@5+24+!,4+;!-+!f+@!"<I!-7,33,2'('01!&+5!/9&',5!+1!-'81+! +(! &+5! 295+,%?! 50;',%?! +(! &01;! -,! :02/,('01! &%! p!!'?"#"F$2* ,'0/%!$(*q! ;,3,@-+! &+! 57028,1'5+2!+(!5+!/0@'-'5+2!+1!295+,%<!=+!p!!'?"#"F$2*,'0/%!$(*q!3,2!2,3302(!F!-7p!"05'(!$2*
,'0/%!$(*q! 57,2/+! ,'15'! &7%1+! -'@+2(9! 10%4+--+! 6%'! +?3-'6%+! -7,33,2'('01! &+! 3)910/V1+!
;0//+! -+! @,&! @%AA.! -,! @,5)'18! +(;t! T1! &+21'+2! (+/35.! ,4+;! -7,33,2'('01! &%! f+@! C<I! +(! -7,4V1+/+1(! &+5! @'8! &,(,.! ;7+5(! -79306%+! &+! -7p!:%1!$0.$2* ,'0/%!$(*q! ;7+5(JFJ&'2+! &7%1! ;0150//,(+%2!6%'!(2,15;+1&+!501!5'/3-+!5(,(%(!&+!;0150//,(+%2!,%!30'1(!&7M(2+!;,3,@-+! &+!(+1'2!!%1!2P-+!&,15!-,!;),'1+!&+!4,-+%25!&+5!+1(2+32'5+5!(2,&'('011+--+5!0%!&+!57,332032'+2! ;+2(,'1+5! 4,-+%25! &+! -7+1(2+32'5+<! #4+;! -+! f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p!:%1!$0.$2*
,'0/%!$(*q<!!
U+((+!940-%('01!&+5!30%40'25!&%!;0150//,(+%2!9(%&'9+!&,15!-+!;,&2+!&%!;),/3!&+!-,! @+,%(9!30%22,'(!98,-+/+1(!,40'2!;01&%'(!F!%1+!940-%('01!&+5!;0&+5!&+!-,!@+,%(9<!X2+1015! &+5! ,33-';,('015! ;0//+! >,;+@00c.! B1,3;),(! +(! 3+%(! M(2+! 3-%5! +1;02+! [15(,82,/.! 6%'! 5+! 539;',-'5+! 5%2! -+! 3,2(,8+! &+! 3)0(082,3)'+5! +(! ,33,2,S(! ;0//+! -,! 3-,(+:02/+! 32'4'-98'9+! 30%2! &'::%5+2! &+5! 5+-:'+5.! (0%(+5! 3,2(';'3+1(! F! -,! /%(,('01! &+! 105! ;0&+5! +5()9('6%+5! +(! 10(,//+1(!&+5!;0&+5!+5()9('6%+5!)%/,'15<!=+5!/9&',5!(2,&'('011+-5!;0//+!-+5!/,8,A'1+5! 0%!-,!(9-94'5'01!1701(!3-%5!-+!/01030-+!&+!-,!&'::%5'01!&+5!;0&+5!&%!@+,%!+(!;7+5(!&01;!-,!
! ""!
)'92,2;)'+! &+5! ,;(+%25! &%! ;),/3! &+! -,! @+,%(9! 6%'! 5+/@-+! '/3,;(9+! 3,2! -,! 2940-%('01! 1%/92'6%+<! U+! (E3+! &7,33-';,('015.! (E3'6%+5! &%! f+@! C<I! &9;2'(! 3,2! U,20-'1+! >,'--+(.! &011+2,'+1(! &01;! F! ;),;%1! -+! 30%40'2! &+! 2+&9:'1'2! ;+! 6%7+5(! -,! @+,%(9! +(! 5+5! ;,1015<! T1! +::+(.! 01! 40'(! ,%H0%2&7)%'! ,33,2,S(2+! 5%2! -+5! 295+,%?! 50;',%?! %1! ;+2(,'1! 10/@2+! &+! /0%4+/+1(5! 6%'! 2+4+1&'6%+1(! ;+! 10%4+,%! 30%40'2! '1&'4'&%+-! &+! &9:'1'('01! &+! -,! @+,%(9!^! &+5! ),5(,8! ;0//+! |1,(%2,-),'2.! |10/,c+%3.! |-04+E0%2-'1+5.! |)0102/E;%24+5! 0%! +1;02+! |+::E0%2@+,%(E5(,1&,2&5GG! 2+4+1&'6%+1(! (0%5! F! -+%2! /,1'V2+! ;+! &20'(! F! %1+! @+,%(9! ,%?! ;,1015!3-%2'+-5!+(!:01(!&+5!295+,%?!50;',%?!%1+!,2/+!30%2!-7'/305+2<!U+5!),5(,85!01(!%1+! 42,'+! 4,-+%2! /'-'(,1(+! 3%'56%7'-5! 3+2/+((+1(! &+! ;29+2! &+5! 820%3+5! +(! &+! 89192+2! %1! /0%4+/+1(! 6%'! 30%22,! 2+H0'1&2+! &7,%(2+5! ;0/@,(5! 50;',%?! /0'15! &'2+;(+/+1(! -'95! F! -7,53+;(! 3)E5'6%+<! #'15'.! -+! |1,(%2,-),'2! s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j0'2!,11+?+!1kC!
! "C!
*+! /M/+! -+! |-04+E0%2-'1+5! ;)+2;)+! F! :,'2+! ,;;+3(+2! -7+?'5(+1;+! &+! 2'&+5! +(! &+! 4+28+(%2+5! ;)+A! -+5! :+//+5.! 50'(! &+5! &9(,'-5! 3)E5'6%+5! 6%'! 501(! 6%,5'! 5E5(9/,('6%+/+1(! 80//95!&+5!'/,8+5!49)';%-9+5!&,15!-+5!;,/3,81+5!(2,&'('011+--+5!&+5!/,26%+5!&+!@+,%(9<!! ! !!!!!!!!!!!!!! ! ! B0%2;+!^!U,3(%2+!&79;2,1![15(,82,/!! !
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i,(+!a'15-+(!:,55+!,H0%(+2!F!501!;01(2,(!0::';'+-!%1+!;-,%5+!&+!101!2+(0%;)+5!1%/92'6%+5! &+!5+5!3)0(05<!! ! ! !
! "L! ! ! !!!!!!!!!!!!!!!!!! ! ! B0%2;+!^!#505! ! !!!!!!!!!!!!!!!!!!!! ! ! B0%2;+!^!*+5'8%,-!! ! *+!501!;P(9!,4+;!-,!;,/3,81+!p!*04+!B+-:'+!}!m+&+:'1'18!N+,%(E!]1+!X)0(0!#(!#!O'/+!q.! 4%+! 3-%5! &7G."! /'--'015! &+! :0'5! 5%2! y0%(%@+.! -,! /,26%+! *04+! H0%+! 5%2! -,! 29501,1;+! &+5!
! "Q!
295+,%?! 50;',%?! +(! ;+((+! 3055'@'-'(9! &7E! 305(+2! 5,! 32032+! 4'5'01! &+! -,! @+,%(9! 5,15! 5+! 50%/+((2+!,%?!;0&+5!'55%5!&+5!,;(+%25!(2,&'('011+-5!&%!;),/3<!#'15'!,4+;!-7'1(+24+1('01!&+! -,! 3)0(082,3)+! b';),+-! U200c! *04+! ,! -,1;9! %1! ;),--+18+! ,%?! H+%1+5! :'--+5! &%! -E;9+! b01%/+1(!b0%1(,'1!m+8'01,-!&,15!-+!b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|@+,%(E'5! &01(! -+! @%(! +5(! &+! ;0--+;(+2! &'::92+1(+5! &9:'1'('015!0%!'/,8+5!&+!;+!6%7+5(!-,!@+,%(9<!!
!
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p!;01(0%21'18!q! +(! &+! -,! p!8+1&+2:-%'&'(E!q! 501(! &+! @015! +?+/3-+5! &+! ;+((+! ;,3,;'(9!&+5!295+,%?!50;',%?!F!&011+2!-,!3,20-+!F!&+5!/'102'(95!H%56%7,-025!+?;-%+5!0%!3+%! 4'5'@-+!&,15!-+!;),/3!&+!-,!@+,%(9!+(!&01;!%1!5'81+!&+!-,!3055'@'-'(9!&7,550;'+2!-+!@+,%!F!&+! 10%4+,%?!(E3+5!&7,;(+%25.!&+!4'5,8+5!+(!3-%5!89192,-+/+1(!F!-7'&9+!&+!3-%2,-'5/+<!!
#'15'.!@'+1! ,4,1(! &7M(2+! ,550;'9! ,%?! 5{%25! i,&,25)',1.! -+! ;01(0%21'18! 3+%(! M(2+! &9:'1'! ;0//+! %1+! /9()0&+! &+! /,6%'--,8+! 6%'! 3%'5+! 501! '153'2,('01! +(! 5+5! (+;)1'6%+5! &,15! -+5! /,6%'--,8+5!&+!5;V1+5!`-+!;'19/,.!-+!()9d(2+D!,:'1!&7+?,892+2!-+5!(2,'(5.!40'2+!/M/+!&+!-+5! (2,15:02/+2!+1!H0%,1(!5%2!-+5!96%'-'@2+5!&70/@2+5!+(!&+!-%/'V2+5<!=+!32+/'+2!,!,40'2!%('-'59! ;+! (+2/+! &+! ;01(0%21'18! 5+2,'(! b,c5E/'-',1! >,c(020f';A.! -+! :01&,(+%2! &+! -,! -'81+! &+! ;05/9('6%+!b,?!>,;(02.!-0256%+!&,15!-+5!,119+5!GKCI!,%!5+'1!&+!501!9;0-+!&7+5()9('6%+!;+! &+21'+2!&94+-033,'(!-7,332+1('55,8+!&+5!(+;)1'6%+5!&+!/,6%'--,8+!&+!5;V1+!+(!10(,//+1(! -+5! (+;)1'6%+5! 32032+5! ,%! ;01(0%21'18<! =7'&9+! &+! (2,15:02/,('01! +5(! ;+1(2,-+! &,15! -+! ;01(0%21'18!;+!6%'!+?3-'6%+!6%+!501!&94+-033+/+1(.!+(!-7,/3-+%2!&%!/0%4+/+1(!;7+5(JFJ &'2+! -,! /%-('3-';,('01! &+5! (+;)1'6%+5! +(! &+5! 320&%'(5.! ,'(! (0%(! &7,@02&! +%! -'+%! &,15! -+5!
! "h!
/'-'+%?! (2,15:02/'5(+5.! &2,8! 6%++15! +(! (2,155+?%+-5<! U+5! &+21'+25! 30%4,'+1(! ,'15'! 5+! /9(,/023)05+2! +1! 5+! &+55'1,1(! &+! 10%4+,%?! (2,'(5! !3-%5!! :9/'1'15<! *+! 3,2(! -+%25! ;011,'55,1;+5!+(!-+%2!5,40'2J:,'2+.!;+5!/'-'+%?!/'102'(,'2+5!01(!8,819!+1!'/302(,1;+!&,15!-,! 53)V2+! &+! -,! @+,%(9! ,%! 30'1(! &7,33,2,S(2+! ,%H0%2&7)%'! ;0//+! &+5! 29:92+1(5! 5%2! ;+((+! ()9/,('6%+! &%! ;01(0%21'18! +(! &+! @919:';'+2! ,'15'! &7%1+! 82,1&+! 4'5'@'-'(9! 5%2! %1! 5%H+(! &+4+1%! 3)910/V1+! &+! /0&+! +(! &+! 50;'9(9<! N'+1! 5r2! '-! 17+5(! 3,5! 10%4+,%! &+! 40'2! &+5! )0//+5! /,6%'--+%25! /,'5! -+5! 295+,%?! 50;',%?.! '55%5! &+! -,! 2940-%('01! 1%/92'6%+.! -+%2! 01(! &01195! &+! 10%4+,%?! 0%('-5! &7+?32+55'01! +(! &01;! %1+! 4'5'@'-'(9! +(! %1! 5(,(%(! +1;02+! H,/,'5! ,((+'1(5<!X0%2!32+%4+!b,11E!_%('+22+A!,4+;!5+5!L!/'--'015!&+!:0--0f+25!5%2![15(,82,/!+(!C.Q! /'--'015!5%2!y0%(%@+!0%!X,(2';c!B(,222!+(!5+5!C.Q!/'--'015!&+!:0--0f+25!5%2![15(,82,/!+(!".u! /'--'015!5%2!y0%(%@+!;0/3(+1(!(0%(!5'/3-+/+1(!3,2/'!-+5!3+25011,-'(95!-+5!3-%5!'1:-%+1(+5! &%!/'-'+%!&+!-,!@+,%(9<![-!+5(!98,-+/+1(!,%H0%2&7)%'!3055'@-+!&+!40'2!&+5!)0//+5!9892'+5! 0%!,/@,55,&+%25!&+!320&%'(5!&+!@+,%(9.!(0%(!3,2(';%-'V2+/+1(!6%,1&!'-!57,8'(!&+!320&%'(5! &+! ;01(0%21'18<! =7+?+/3-+! -+! 3-%5! 5'81':';,(':! ,33,2,S(! ;0//+! -,! 10/'1,('01! +1! $,14'+2! "IGo! &+! $,/+5! U),2-+5.! '1:-%+1;+%2! @+,%(9! &+! Go! ,15.! ;0//+! 32+/'+2! ,/@,55,&+%2! /,5;%-'1!&+!-7+15+/@-+!&+!-70::2+!/,c+J%3!&+!-,!/,26%+!U04+28'2-.!+(!101!3,5!%1'6%+/+1(! &+!-,!-'81+!/,5;%-'1+!&+!-,!/,26%+<!!
! ! !
! "o!
!!!!!!!!!!!!!!!!!!!!!!!!!!! !
!
B0%2;+!^!U04+28'2-! !
=+! 3)910/V1+! &%! 8+1&+2:-%'&'(E.! &+! -7,18-,'5! p!8+1&+2:-%'&! 3+2501!q.! +5(! %1! /0%4+/+1(!&+!&93,55+/+1(!&+!-,!@'1,2'(9!&+5!8+12+5!6%'!2+-V4+!98,-+/+1(!&+!;+((+!/M/+! 940-%('01!&%!;),/3!&+!-,!@+,%(9!+1!6%+5('011,1(!-+5!;0&+5!(2,&'('011+-5!&%!/'-'+%<![1'('9! 3,2! -+5! /'--+1',-5! +(! ,32V5! +%?! -,! _9192,('01! z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b'-c!b,c+%3!J!,%!&93,2(!%1'6%+/+1(!3%2+!3-,E+2.!+--+!+5(! ,%H0%2&7)%'!4+1&%+!;)+A!B+3)02,!+(!\2@,1!]%(:'((+25!J!,!(0(,-+/+1(!930%59!;+!/0%4+/+1(! +1!+1!:,'5,1(!/M/+!501!305'('011+/+1(!&+!/,26%+!^!5,!;,/3,81+!p!N-%2!()+!='1+5!q!&011+! ,'15'!F!40'2!5+3(!4'5,8+5!6%'.!;),;%1!F!-+%2!/,1'V2+.!6%+5('011+1(!0%4+2(+/+1(!-,!6%+5('01! &%!8+12+<!=7'&9+!&+!-,!/,26%+!+5(!:'1,-+/+1(!&+!3295+1(+2!5+5!320&%'(5!,4,1(!(0%(!;0//+! &+5! /0E+15! &7+?32+55'01! +(! &79/,1;'3,('01! '1&'4'&%+--+<! #! (2,4+25! ;+! (E3+! &7'1'(',('4+.!
! "u!
:02(+/+1(! 10%22'+! &+5! /E()+5! &+5! 10%4+--+5! (+;)10-08'+5.! ;7+5(! -F! +1;02+! %1+! @+,%(9! 3-%2'+--+!+(!3+25011+--+.!%1!p!H+!4+%?!2949-+2!b#!@+,%(9!%1'6%+!q!6%'!+5(!2+4+1&'6%9+<!! ! !!!!!!!!!!! !!!!!!!!!!!!!!!! !! ! B0%2;+!^!b'-c!b,c+%3!! ! b,'5! -+5! /,26%+5! 3-%5! (2,&'('011+--+5.! +--+5! ,%55'.! '1(V82+1(! F! -+%25! 32032+5! '/,8+5! &+! /,26%+5! -+5! (+1&,1;+5! '55%+5! &+! -,! 2940-%('01! 1%/92'6%+! +(! 10(,//+1(! ;+(! ,33+-! F! -,! &'4+25'(9! +(! ,%! 3-%2,-'5/+<! T--+5! 57,550;'+1(! ,-025! F! &+5! 3+25011+5! '55%+5! &+! ;+(! %1'4+25! 1%/92'6%+.! -+5! @-08%+%25! +(e0%! '1:-%+1;+%25.! ,%?6%+--+5! +--+5! 17,%2,'+1(! 3,5! ,;;02&9! &+! ;29&'(!,%(2+/+1(<!#'15'.!+1!3-%5!&+!2+;2%(+2!&+5!'1:-%+1;+%25!;0//+!9892'+5!J!F!-7'/,8+!&+! B,1,1,5!+(!5+5!G.u!/'--'015!&7,@01195!5%2!y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
! "K!
/,2c+('18! '1&%'(! 3,2! -,! 2940-%('01! 1%/92'6%+!^! -+! N(0[(0U.! ;7+5(JFJ&'2+! N%5'1+55! (0! [1:-%+1;+25!(0!U015%/+25!0%!/,2c+('18!&7'1:-%+1;+<!! ! ! ! ! B0%2;+!^!=7]29,-!J!N+,%(EO\NT! ! U+!4'2,8+!5(2,(98'6%+!&+5!/,26%+5!5+/@-+!29301&2+!F!%1+!,((+1(+!&+!3-%5!+1!3-%5!:02(+! &+5! H+%1+5! ;0150//,(+%25! 6%'! 5+! 501(! ;015(2%'(5! ,%(0%2! &+! ;+! /E()+! -'@+2(,'2+.! &793,10%'55+/+1(! '1&'4'&%+-! 49)';%-9! 3,2! -+5! 10%4+--+5! (+;)10-08'+5<! U7+5(! +1! +::+(! ;+! /M/+! /E()+! 6%'! -+5! ;01&%'(! ,%H0%2&7)%'! F! 40%-0'2! 57+?(2,'2+! &+5! 5E5(V/+5! 9(,@-'5! +(! 10(,//+1(!;+-%'!(2V5!;0&':'9!&+!-,!@+,%(9<!
!
8.) (;) 6EC53647;32) ?4) 89B=F) ?0) 6B) A0B47C) 07) 6EBFFB<;7;32) ?0) 23450B4H) B8704<1) 10=A6027) ;2?C2;BA601K) 6B) 9;C<B<89;0) ?4) 89B=F) L) 07) ?328) 601) 83?01) ?CM;2;11B27) 80)D4;)017)A0B4)L)<0170);289B2:C0G))
! !
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p!;),/3!q! ;,2! -0256%+! -701! 9(%&'+! -7%1'4+25! &+! -,! @+,%(9! 01! 3+%(!@+-!+(!@'+1!;015'&92+2!-7+?'5(+1;+!&7%1!/01&+!+1!50'!6%'!,&/+(!5+5!32032+5!2V8-+5!+(! ;0&+5<!U7+5(!;+((+!10('01!&+!/01&+!;-05!6%'!3+2/+(!&+!3,2-+2!&+!p!;),/3!q!&+!-,!@+,%(9!,%!
! CI!
5+15! 0W! N0%2&'+%! -+! &9:'1'55,'(! &,15! 5+5! 9(%&+5! 50;'0-08'6%+5<! X0%2! 492'(,@-+/+1(! 5,'5'2! -7'/3,;(! &+5! &E1,/'6%+5! 329,-,@-+/+1(! 9406%9+5! &,15! ;+! ;),/3! &+! -,! @+,%(9! s! 2+-,('01! )02'A01(,-+.!/E()+!-'@+2(,'2+.!10%4+,%?!+1(2,1(5!J!'-!5+/@-+!'/302(,1(!&+!5+!2,3302(+2!F!-,! &9:'1'('01! 6%7+1! :,'5,'(! N0%2&'+%G"!^! -+! ;),/3! ,33,2,S(! ,'15'! ;0//+! %1! +53,;+! 5(2%;(%29.! ,&/+((,1(! &+5! +1H+%?! +(! &+5! '1(92M(5! 539;':'6%+5! +(! ,%! 5+'1! &%6%+-! %1! ;+2(,'1! 10/@2+! &7,;(+%25! J! &+5! ,8+1(5.! &+5! '15('(%('015! +(;t! J! 0;;%3+1(! &+5! 305'('015! &'::92+1(+5! 6%'! -+5! -'+1(! 3,2! %1! 2,3302(! &+! :02;+5<! =+! ;),/35! +5(! &01;! %1! +53,;+! &E1,/'6%+! 0W! 5+! H0%+! &+5! p!-%((+5!q! +1(2+! -+5! ,;(+%25! +1! 3295+1;+! ,:'1! &70@(+1'2! -,! 305'('01! &0/'1,1(+! +(! &01;! &7'/305+2!5+5!102/+5!+(!5+5!;0&+5!;0//+!29:92+1;+!&%!;),/3<!!
U+5! -%((+5! 3+%4+1(! M(2+! &7,%(,1(! 3-%5! '1(+15+5! -0256%+! &+! 10%4+,%?! +1(2,1(5! ,33,2,'55+1(.!;),;%1!,&/+((,1(!,-025!%1+!3-,;+!6%'!5+2,!3-%5!0%!/0'15!&0/'1,1(e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p!(>1#$/*2%*G$%*q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p!N+,%(E!,1&!()+!=,@02!b,2c+(!q! 501(!-+5!32+/'+25!F!,40'2!&9/01(29!6%+!,$.$("/*+:("?%/!s!(0%(+5!,%(2+5!;)05+5!9(,1(!98,-+5! 3,2! ,'--+%25! s! -+! 5,-,'2+! ;20'(! ,4+;! -,! @+,%(9! 3+2R%+! &%! 5,-,2'9GL<! #! (2,4+25! ;+((+! 9(%&+.! Y,/+2/+5;)!+(!N'&&-+!501(!98,-+/+1(!-+5!32+/'+25!,!,40'2!50%-'819!6%+!-+5!'1&'4'&%5!&7%1+! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! G"!=,!50;'0-08'+!&+5!028,1'5,('015.![1!=,:,E+!U.!X,2'5.!w,(),1.!33<KoJKu!`GKKhD! GC
! T?32+55'01! %('-'59+! 3,2! N0%2&'+%! +(! &9:'1'+! &,15! -7,2(';-+! &7#-,'1! *+f+23+.! p! =,! p!5(2,(98'+! q! ;)+A! X'+22+! N0%2&'+%!q.!T16%M(+!~T1!-'81+.!C!}!GKKh.!/'5!+1!-'81+!-+!GG!H%'--+(!"IGC!
GL
! CG!
/M/+!50;'9(9!(0/@+1(!+1!82,1&+!/,H02'(9!&7,;;02&!5%2!-+5!;2'(V2+5!&+!@+,%(9!+(!&01;!6%7'-! +?'5(+!&+5!;,1015!&+!@+,%(9!'&+1(':',@-+5!+(!/+5%2,@-+5!,%!5+'1!&7%1!820%3+!&+!3+25011+5! 3,2(,8+,1(!%1+!/M/+!;%-(%2+<!v(%&'+2!-+!;),/3!&%!@+,%.!+(!-+5!2,3302(5!&+!:02;+!F!-7{%42+! +1! 501! 5+'1.! ;7+5(! &01;! 98,-+/+1(! ;0/32+1&2+! 5%2! 6%0'! -7'1&%5(2'+! ;05/9('6%+! 2+305+! +(! ;0//+1(!-+!@+,%!57+5(!:,'(!320&%'(!&+!;0150//,('01<!!
!
=+5!10%4+,%?!+1(2,1(5.!+1!%('-'5,1(!&+5!40'+5!,-(+21,('4+5!6%+!501(!-+5!0%('-5!'55%5!&+5! 10%4+--+5! (+;)10-08'+5! ;0//+! -+5! 295+,%?! 50;',%?.! 01(! @+-! +(! @'+1! 29%55'! F! 5+! :,'2+! +1(+1&2+! +(! F! 5+! :,'2+! %1+! 3-,;+! &,15! -+! ;),/3! &+! -,! @+,%(9<! U+3+1&,1(.! 01! 3+%(! 5+! &+/,1&+2! 5'! ;+((+! ,22'49+! ,! 42,'/+1(! +%! %1! '/3,;(! 5%2! ;+((+! )'92,2;)'+! &+5! 102/+5!&+! -,! @+,%(9!!X2+1015!30%2!30'1(!&+!&93,2(!-+5!&+%?!10%4+,%?!,/@,55,&+%25!/,5;%-'15!b,11E! _%('+22+A! 30%2! _+/+E! b,E@+--'1+! +(! $,/+5! U),2-+5! 30%2! U04+2_'2-.! ;+5! &+%?! 8,2R015! ,33,2,'55+1(!;0//+!&+5!5E/@0-+5!&+!;+5!10%4+,%?!4'5,8+5!&%!;),/3!&+!-,!@+,%(9!+(!501(! 3295+1(95! 3,2! -+5! /9&',5! /,'5! ,%55'! 3,2! -+5! /,26%+5! +--+5J/M/+5! ;0//+! -+! 5'81+! &7%1+! &'4+25'(9! 10%4+--+<! T1! ,1,-E5,1(! &+5! ;0%3%2+5! &+! 32+55+! :2,1R,'5+! (2,'(,1(! &+! ;+5! &+%?! 10%4+--+5! 9892'+5! 01! 3+%(! 2+-+4+2! (0%(! %1! ;),/3! -+?';,-! 6%'! /+(! +1! 94'&+1;+! -7'&9+! &+! @0%-+4+25+/+1(!+(! &7940-%('01GQ! ^! p!%0$* +$.".$* (9-'#%."'0*q.! p!'%-$(.%($* 2A$/+(".*q.! p!291$0($(*#A%0"-$(/*2$*#:*?$:%.9*q<!!
U+3+1&,1(.! -0256%701! 9(%&'+! ;+5! 10%4+,%?! ,/@,55,&+%25! +(! 10(,//+1(! 6%701! -+5! ;0/3,2+! ,%?! 329;9&+1(5! 4'5,8+5! &+5! /,26%+5! 6%7'-5! 2+3295+1(+1(.! 01! ,3+2R0'(! &+5! 5'/'-'(%&+5! /,26%,1(+5<! T1! "IGL! +(! "IGh! N+;cE! _! +(! z+1&,E,! 01(! 9(9! 2+53+;('4+/+1(! -+5! 4'5,8+5!&+!U04+2_'2-!+(!(0%(!;0//+!$,/+5!U),2-+5!'-5!57,8'(!&+!H+%1+5!3+25011+5!,%?!4'5,8+5! -'55+.!04,-+5.!F!-,!5E/9(2'+!3,2:,'(+.!'-5!,&/+((+1(!(0%5!-+5!(20'5!%1!(+'1(!-98V2+/+1(!)d-9.!%1! 1+A! :'1.! ,4+;! &+! 82,1&5! E+%?! +(! &+! -0185! ;'-5.! %1+! @0%;)+! 3%-3+%5+! 0%! +1;02+! &+5! 30//+((+5!),%(+5!+(!&+55'19+5<!T1!;0/3,2,1(!;+5!(20'5!4'5,8+5!'-!5+/@-+!&'::';'-+!&+!3,2-+2! &7%1! ;),18+/+1(! &+! 102/+5! 0%! &7%1+! p!2940-%('01!q<! T1! +::+(.! ;+5! (20'5! ,/@,55,&+%25! 3,2(,8+1(! &+5! 5'/'-'(%&+5! 3)E5'6%+5! 10/@2+%5+5! 6%'! ;022+5301&+1(! (0%(+5! ,%?! ;,1015! (2,&'('011+-5!&%!;),/3!-,!@+,%(9<!!
! !
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! GQ!j0'2!,11+?+!1kL!
! C"! ! ! B0%2;+!^!U04+28'2-!! ! =,!/M/+!,1,-E5+!3+%(!M(2+!:,'(+!+1!;0/3,2,1(!b,11E!_%('+22+A!,%!;0J4'5,8+!&+!-,! /,26%+!_+/+E!b,E@+--'1+!F!5,40'2!-7'1:-%+1;+%5+!B),E-,<! ! !!!!!!! ! ! B0%2;+!^!_+/+E!b,E@+--'1+!! !
[-! 5+/@-+! &01;! 6%+.! -0'1! &+! @0%-+4+25+2! -+5! 102/+5! +(! -+5! ;0&+5! &%! ;),/3! &+! -,! @+,%(9.! -+5! 10%4+,%?! +1(2,1(5! ,'+1(! ,4,1(! (0%(! 9(9! '1(98295! ,%! 5E5(V/+! 329+?'5(,1(<! T1! +::+(.! -+5! 10%4+--+5! (+;)10-08'+5! 01(! @'+1! 3+2/'5! -79/+28+1;+! &+! 10%4+,%?! 4'5,8+5! /,'5! ;+((+!&'4+25'(9!&+/+%2+!(0%(+!2+-,('4+<!=+5!;0&+5!5(2%;(%2,1(5!&+/+%2+1(!'1;),1895.!'-5!01(!
! CC! ,4,1(!(0%(!9(9!&%3-'6%95!F!&+!10%4+--+5!;,(9802'+5!&+!3+25011+5!;0//+!-+5!)0//+5.!-+5! 5+1'025.!-+5!p!@'8!@+,%(E!q!+(;!t!=79;,2(!F!-,!102/+!2+5(+!,'15'!(2V5!;01(2P-9!+(!;+5!10%4+,%?! +1(2,1(5!5+/@-+1(!,4,1(!(0%(!2+3295+1(+2!&+!10%4+,%?!/,2;)95!30%2!-+5!,;(+%25!;-,55'6%+5! &%!;),/3<!B+-01!%1+!+16%M(+!29,-'59+!3,2!B,-01!B+24';+.!01!0@5+24+!,'15'!6%7,%!m0E,%/+J \1'!-+5!)0//+5!;015,;2+1(!&9502/,'5!,%(,1(!&7,28+1(!6%+!-+5!:+//+5!&,15!-+5!320&%'(5!&+! @+,%(9<! =+! /,2;)9! &+! -,! @+,%(9! /,5;%-'1+! ,! ,'15'! 32082+559! &+! hhZ! ,%! ;0%25! &+5! &0%A+! &+21'+25!/0'5<!!
!
! B'! -701! 5+! 2,3302(+! F! -79(%&+! 29,-'59+! 3,2! j'8,2+--0! 5%2! -7)'5(0'2+! &+! -,! @+,%(9! +(! -7940-%('01!&+5!102/+5!F!(2,4+25!-+!(+/35Gh.!;+!&+21'+2!,550;'+!-+!nn[+!5'V;-+!F!%1+!p!?$:%.9*
29!',(:."/9$!q! 6%'! 32+1&! +1! ;0/3(+! -+! &94+-033+/+1(! 3+25011+-! +(! -+! @'+1! M(2+<! U+((+!
10('01! &+! &9/0;2,('5,('01! 57,550;'+! (0%(! F! :,'(! ,%?! /E()+5! 49)';%-95! 3,2! -+5! 10%4+--+5! (+;)10-08'+5!6%'.!01!-7,!4%!329;9&+//+1(.!01(!:,'(!+1(2+2!&,15!-+!;),/3!-7'&9+!&7+?392'+1;+! )02'A01(,-+!0%!+1;02+!&+!@+,%(9!'1&'4'&%,-'59+<!!
b,'5!5'!-+5!(E3+5!+5()9('6%+5!5+/@-+1(!+1!+::+(!5+!&'4+25':'+2!+(!57,550;'+2!F!-7'&9+!&+! 3-%2,-'5/+! +(! &+! @+,%(9! '1&'4'&%,-'59+.! '-! 1+! 5+/@-+! 3,5! 6%+! -+5! ;,1015! 320:01&5! 6%'! 5(2%;(%2+1(!-7'&9+!&7p!M(2+!@+,%!q!&,15!10(2+!50;'9(9!17,'+1(!29+--+/+1(!9(9!@0%-+4+2595<!#%! ;01(2,'2+.!-,!2940-%('01!1%/92'6%+!,!'/302(9!&+!10%4+,%?!/E()+5.!&+!10%4+,%?!,;(+%25.!&+! 10%4+,%?! 0%('-5! /,'5! ,%55'! &+! 10%4+,%?! ;0/302(+/+1(5! 6%'! 30%22,'+1(! @'+1! M(2+! ,4,1(! (0%(!-+!5'81+!&7%1!3)910/V1+!&+!&'::%5'01!&+5!102/+5!&+!@+,%(9!5,15!329;9&+1(<!! ! ! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Gh !Y'5(0'2+!&+!-,!N+,%(9.!_+028+!j'8,2+--0.!=7\1'4+25!Y'5(02'6%+.!B+%'-.!"IIL!