Neuromodulation des racines sacrées pour double incontinence fécale et urinaire‎ : résultats fonctionnels des patients traités au CHU de Grenoble

(1)

HAL Id: dumas-00625512

https://dumas.ccsd.cnrs.fr/dumas-00625512

Submitted on 6 Oct 2011

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.

Neuromodulation des racines sacrées pour double

incontinence fécale et urinaire : résultats fonctionnels

des patients traités au CHU de Grenoble

Marine Chodez

To cite this version:

Marine Chodez. Neuromodulation des racines sacrées pour double incontinence fécale et urinaire : résultats fonctionnels des patients traités au CHU de Grenoble. Médecine humaine et pathologie. 2010. �dumas-00625512�

(2)

! "! !!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! ! ! !

#$%&'()%*+!,-)'./!0-#(%'(!

012#3*+!4'!5+4'2%$'!4'!6('$-73'!

!

1889:!;<""!

!

!!!!!!!!!!$=!

!

5>?@8:!2/-4'A!

$9:!B:!;C!):DE:FG?:!"HI"!J!2K>FD@L8MNOP?N5>?8:!Q&>BNR:N5>?8:S! ! ! ! !

**!"#$%&%'#()+%,-'".-$)/+,".-.)/$0".-1%#$-'%#2("-+,/%,+,",/"-30/)("-**

**"*-#$+,)+$"4-**

**50.#().3%,/+%,,"(.'".1)+",.$)+*0.)#678'"9$",%2("**

-! ! !

/T)'!.(+)'$+'!.-#(!3U-7'$%-$!4#!4-2-(1!'$!5+4'2%$'!

4%.3V5'!4U+1!

! ! !

!

4:W>8E!B:!XP?M!YZFDZO9!R:[!

.?!,:>8N,>Y\P:O!(157'1#4]!D?9O@R:8E!RP!XP?M!

.?!,:>8N3PY!01#2/'(-$]!R@?:YE:P?!R:!EK^O:!

.?!,:>8N3PY!4')2-*')!

4?!7:?8>?R!7-%33-*!

4?!2>?ZB@8:!*/#%33%'(N31&-('3!

! ! ! ! "#$%&!%'()&*(&!+(,-./(&0&*)!1!-2!324(-)5!6&!056&4.*&!6&!78&*',-&!-&!9:!;&+)&0,8&!<=99!

(3)

! ;!

(4)

! C!

5 :;:56<:;:!=>

!

! !

!

1! F:O! D>?:8EO]! DZP?! B:P?! OZPE@:8! @8R9_:YE@GB:! EZPE! >P! BZ8L! R:! Y:O! RZP`:! >889:O! RU9EPR:O!:E!R:O!R@aNKP@E!D?9Y9R:8E:Ob!5>F>8!EP!:O!BJ!DZP?!FZ@!XZP?!:E!8P@E]!\PU@B!DB:PW:]! \PU@B!W:8E:!ZP!\PU@B!8:@L:c!OP?EZPE!R:DP@O!\P:!X:!OP@O!J!6?:8ZGB:d!.>D>]!D?:F@:?!F:FG?:! R:!FZ8!e_>8!YBPGec!'E!YU:OE!?9Y@D?Z\P:d!*P!8UK9O@E:O!X>F>@O!J!E:!DB@:?!:8!\P>E?:!DZP?!E>! eD:E@E:e!_@BB:c!\P:!\P:B\P:!OZ@E!FZ8!fL:]!X:!?:OE:?>@b! ! 1!FZ8!_?^?:]!&@8Y:8E]!\P@!FgF:!>P!GZPE!RP!FZ8R:!:E!:8!W:?O@Z8!>POE?>B@:88:]!OP@E! >OO@RhF:8E! F:O! >W:8EP?:O! >P! D>MO! RP! e_?:8YK! YKZR:ed! 7@:8EiE! B>! )>@OZ8! "C[! e*>! OjP?! >OO@OE>8E:!>P!2/#!R:!6?:8ZGB:eb!

!

1!F>!E>8E:]!B:!4?!)ZDK@:!2KZR:`]!F>BL?9!E>!D>OO@Z8!DZP?!B>!F9R:Y@8:!X:!OP@O!\P>8R! FgF:! R:W:8P:! YK@?P?L@:88:d! 5:?Y@! R:! FU>WZ@?! >@R9! R>8O! B>! D?9D>?>E@Z8! R:! BU@8E:?8>E]! RU>@LP@O:?!FZ8!O:8O!YB@8@\P:!:E!R:!D>?E>L:?!>W:Y!FZ@]!EZ8!>FZP?!R:!B>!FZ8E>L8:b! ! 1!F:O!L?>8ROND>?:8EO]!DZP?!WZE?:!OZPE@:8!FZ?>B]!WZO!:8YZP?>L:F:8EO!?9D9E9O!:E!WZO! YZ8O:@BO!>W@O9O!R>8O!B>!W@:!:8!L989?>B:!:E!B>!F@:88:!:8!D>?E@YPB@:?b! ! 1!5>F@:]!D>?E@:!\P:B\P:O!FZ@O!E?ZD!EiE!DZP?!WZ@?!kJ]!XU>P?>@O!>@F9!\P:!EP!OZ@O!>W:Y! FZ@!>PXZP?RUKP@!DZP?!O@?ZE:?!\P:B\P:O!D:E@E:O!YZPD:EE:Ob!*YK@8d! ! 1!B>!_>F@BB:!0@BB@>OE?:[!2K?@OE@>8:]!(>MFZ8R]!$>EK!Ql!2ZS]!)E:DK!:E!'?@Y!DZP?!FU>WZ@?! O@!G@:8!:8EZP?9:]!J!.>?@O]!J!6?:8ZGB:]!BZ?O!R:!8ZO!G:BB:O!?>8RZO!>BD@8:O!ZP!DM?989:88:O!:E! OP?!EZPO!B:O!E:??>@8Obbbb!R:!WZBB:Mdd! !

'E! J! )E:DK! :8! D>?E@YPB@:?]! 8ZE?:! YZFDB@Y@E9! R:! EZPO! B:O! @8OE>8EO! FU>! _>@E! L?>8R@?b! ,:! OP@O! R9OZB9:! RU>WZ@?! YKZ@O@! P8:! >PE?:! WZ@:! \P:! BU9B:W>L:! GZW@8! ZP! 9\P@8c! -8! 8U>P?>! D?ZG>GB:F:8E!X>F>@O!R:!_:?F:!J!3>LZ?d!

!

1! 1P?9]! D>?E:8>@?:! R:! WZBB:M! R:! EZPXZP?O]! \P:! R:! GZ8O! FZF:8EO! D>?E>L9O! >W:Y! EZ@]! \P:!R:!GZ8O!FZF:8EO!J!W:8@?d!.?ZYK>@8!?:8R:`NWZPO!:8!DBZ8L9:cd!

(5)

! m! 1!5>L]!\P:!R:!YK:F@8!D>?YZP?P!YiE:!J!YiE:c!+BZ@L89:O!OZPW:8E]!O9D>?9:O!X>F>@Od! !

1!18>nO!:E!!o>?@8:]!F:O!>F@:O!R:!.>?@O]!\P@!8UK9O@E:8E!D>O!J!eR:OY:8R?:e!:8!D?ZW@8Y:! DZP?! D>OO:?! R:! F:?W:@BB:Pa! FZF:8EO! EZPE:O! B:O! E?Z@Ob! &ZPO! O:?:`! EZPXZP?O! B:O! G@:8W:8P:O]!Zp!\P:!X:!OZ@Od!!!!! ! 1!F>!WZ@O@8:!RU:8!_>Y:]!4?!29Y@B:!&>BBZE]!XU>@!E?ZPW9!>W:Y!EZ@!P8:!>F@E@9!E>?R@W:!F>@O! O>Y?9F:8E!OZB@R:c!:8!EZPO!Y>O!DBPO!\P:!F:O!L:8ZPad!&@W:F:8E!8ZE?:!D?ZYK>@8!WZM>L:!J! E?>W:?O!B:!FZ8R:d!! !

1Pa! 2>?Z]! 4PRP! :E! *KPEKP]! >POO@! R@__9?:8E:O! BUP8:! R:! BU>PE?:! \PU@FDZ?E>8E:O! DZP?! FZ@]!F:?Y@!R:!FU>WZ@?!D?@O!OZPO!WZO!>@B:O!R>8O!F>!_Z?F>E@Z8!YK@?P?L@Y>B:]!OZPONF>?@8:]! L>OE?Z8ZF@\P:! :E! :8! E>8E! \P:! D@B@:?! R:! G>?d! 1! 8ZE?:! _PEP?:! Y?9>E@Z8! R:! B>! eYB@8@\P:! RP! GZ8K:P?e]!:8!7?:E>L8:q!'8!6P>R:BZPD:q!-p!WZPO!WZPR?:`!DZP?WP!\PUZ8!8:!8ZPO!O9D>?:! D>Od!! ! ! ?#@-&"&2$".-'#-A#$BC--! 5Z8O@:P?!B:!.?Z_:OO:P?!,:>8N,>Y\P:O!(>FG:>PR]!R:!FU>WZ@?!_>@E!>@F:?!BUP?ZBZL@:!:E! F:!BU:8O:@L8:?!>W:Y!RM8>F@OF:]!D>E@:8Y:!:E!D:?O9W9?>8Y:b! !

5Z8O@:P?! B:! .?Z_:OO:P?! ,:>8N3PY! 0>PYK:?Z8]! F:?Y@! R:! FU>WZ@?! O@! G@:8! R@?@L9:! :E! E:BB:F:8E! >@R9:! DZP?! Y:! E?>W>@Bb! 5:?Y@! RUgE?:! >POO@! L:8E@B]! R@ODZ8@GB:]! ZPW:?E]! >@F>GB:]! D>E@:8E]!:8!YK@?P?L@:!YZFF:!DZP?!B:!E?>W>@B!OY@:8E@_@\P:b! ! 5Z8O@:P?!B:!.?Z_:OO:P?!,:>8N3PY!4:OYZE:O]!DZP?!WZO!\P:8:BB:O!O>PY:!$>8EP>c!5>@O! OP?EZPE!DZP?!Y:O!G:>Pa!FZF:8EO!R:!YK@?P?L@:!:E!R:!O9>8Y:O!G@GB@ZL?>DK@\P:Ob! ! 5Z8O@:P?!B:!4ZYE:P?!7:?8>?R!7Z@BBZE]!DZP?!B>!YZ8_@>8Y:!\P:!EP!FU>O!>YYZ?R9:]!DZP?! Y:! E?>W>@B]! F>@O! >POO@! Y:BB:! \P:! EP! F:EO! :8! 8ZPO! DZP?! BU>YYZFDB@OO:F:8E! R:! 8ZO! W@:O! D:?OZ88:BB:Ob! e,:! 8:! E:! D?ZF:EO! ?@:8! 7:?8>?Rc! F>@O! X:! D?ZF:EO! R:! 8:! D>O! E:! B>@OO:?! EZFG:?ecd!

(6)

! r! 5>R>F:! B:! 4?! 2>?ZB@8:! *KP@BB@:?N3>WZ?:B]! YZFD>L8:! RU@8E:?8>E]! G@:8EiE! R:! DZOEN @8E:?8>E]!F:?Y@!DZP?!Y:!F:?W:@BB:Pa!EPEZ?>E!R:!Y@8\!>8O]!XU>@!G:>PYZPD!>DD?@O!J!E:O!YiE9O! :E!XU:OD^?:!\P:!8ZE?:!>OOZY@>E@Z8!jOE?ZL98@\P:!>P!"m^F:!_{!O:?>!>POO@!:aY:DE@Z88:BB:!\P:!} BU:OE!R9XJ!8ZE?:!ODB:8R@R:!GP?:>Pd!!! ! ! ?-&".-&)D*$".-'E+,*"$,)*C-*%#*-1)$*+/#(+F$"&",*C--! 4?!$@YZB>O!*:??@:?]!F>BL?9!R:O!KPF:P?O!@FD?9W@O@GB:O]!EP!O>@O!gE?:!D>?E@YPB@^?:F:8E! D>E@:8E! >W:Y! Y:O! eYK@:8Oe! RU@8E:?8:O! OP?EZPE! BZ?O! R:! 8ZO! D?:F@:?O! D>O! P?ZBZL@\P:Ob! *:O! \P>B@E9O!D9R>LZL@\P:O!D?9Y@:PO:O!FUZ8E!G:>PYZPD!>@R9!:E!O:?W@!BZ?O!R:!Y:O!R@a!O:F:OE?:O! RU@8E:?8>Eb!

!

4?!,:>8N1B:a>8R?:!3Z8L]!EP!?9POO@O!J!_>@?:!P8!D:P!R9E:@8R?:!EZ8!FZ8R:!F:?W:@BB:Pa! OP?! 8ZPO]! EZ8! ZDE@F@OF:! YZ8OE>8E! :OE! P8! DB>@O@?! \PZE@R@:8! RZ8E! XU>@! KfE:! R:! D?Z_@E:?! J! 8ZPW:>Pb!s!R>8O!\P:B\P:O!FZ@Oc!

!

4?!.@:??:!2>R@]!>D?^O!FU>WZ@?!R9FZ8E?:?!\PUZ8!DZPW>@E!ZD9?:?!W@E:!:E!G@:8]!EP!8ZPO! R9FZ8E?:!\PU@B!M!>!P8:!W@:!>D?^O!B:!2/#d!>#!#2++?!62?%@A!Q1@?!YZ88PS!!

!

.?! ,:>8N.>PB! 7Z@E:Pa]! DZP?! WZE?:! :8O:@L8:F:8E! 8Z8! YZ8W:8E@Z88:B! R:! B>! YK@?P?L@:! P?ZBZL@\P:b!,:!F:!OP@O!:8?@YK@!D?Z_:OO@Z88:BB:F:8E!:E!D:?OZ88:BB:F:8E!J!WZE?:!YZ8E>YEb! ! .?!-B@W@:?!7ZPYKZE!:E!4?!3ZnY!3:!$Z?F>8R]!YK>YP8!R>8O!WZE?:!RZF>@8:!P?ZBZL@\P:!:E! L?fY:!WZE?:!:aD:?E@O:]!XU>@!DP!>DD?Z_Z8R@?!F:O!YZ88>@OO>8Y:O!EK9Z?@\P:O!:E!D?>E@\P:O!:8! P?ZBZL@:b! ! .?!3>P?:8E!6PM]!4?!$@YZB>O!&9R?@8:]!4?!7Z8>W:8EP?:!$O>G@FGZ8>]!4?!-B@W@:?!2:BK>M]! F:?Y@! R:! FU>WZ@?! _>@E! YZ88>tE?:! BU1PW:?L8:! :E! R:! FU>WZ@?! O@! G@:8! >YYP:@BB@:! RP?>8E! O@a! FZ@Ob!

!

! .?!6:Z?L:O!o>?>F]!4?!.>OY>B!6B9F>@8]!4?!,9?iF:!(@L>PR]!4?!3ZP@O!5>?YZ88:E]!4?! 1R?@:8! 3:YZPE:Pa]! 4?! 'FF>8P:BB:! 3:W:>P! >W:Y! \P@! XU>@! eP8! EZPE! D:E@E! D:Pe! G:>PYZPD!

(7)

! u! >DD?@O!RP?>8E!EZPE:O!Y:O!8P@EO!G?:EZ88:O!YZ8O>Y?9:O!J!B>!E?>8ODB>8E>E@Z8!?98>B:c!WZ@?:! D>8Y?9>E@\P:d! ! ! 4?!2>?ZB@8:!4PYZO]!YZN:aE:?8:]!YZN@8E:?8:]!YZBBZYU]!YK:_]!F>@O!OP?EZPE!>F@:d!*P!FU>O! EZPE!>DD?@O!R:!B>!W@:]!R:!B>!OPEP?:!W>OYPB>@?:!J!BU>RZOO:F:8E!>P!YZFDEZ@?d!,U>RF@?:!>PE>8E! EZ8!RZ@LE9!YK@?P?L@Y>B!\P:!EZ8!>FZP?!RP!O>PY@OOZ8b!)@!EP!?:E?ZPW:O!B:!8PF9?Z]!@B!_>PR?>! \P:!BUZ8!?:EZP?8:!DBZ8L:?!:8!6P>R:BZPD:[!Z8!8U>!EZPXZP?O!D>O!_>@E!B:!):Y!.fE9c! !

4?! /9B^8:! 7B>@O:]! F:?Y@! DZP?! EZ8! L?:8@:?c! 1@8O@! \P:! DZP?! E>! XZ@:! R:! W@W?:! :E! E>! ?@LP:P?!D?Z_:OO@Z88:BB:]!\P:!EP!O>@O!F:EE?:!R:!YiE9!BZ?O!R:!8ZO!W@?9:O!:8E?:!YZD@8:O!RZ8E! EP!:O!OZPW:8E!B>!D?@8Y@D>B:!@8@E@>E?@Y:d!5:?Y@d!

!

.?! ,:>8N3PY! 5>L8:]! .?! 2>?F@8:! ):OO>]! 4?! 'FF>8P:B! 2ZYK:E]! 4?! -B@W@:?! (@OO:]! 4?! 4>W@R!&Z@?@8]!4?!%?^8:!5Z??>]!4?!)@FZ8!4PDPM]!4?!4@R@:?!*>?R@_]!4?!)9G>OE@:8!7B>8Y]!4?! .:E:?! *>?>GPB>]! \P@! YK>YP8! R>8O! OZ8! RZF>@8:! FU>! _>@E! R9YZPW?@?! P8:! D>?E@:! R:! Y:! \P:! D:PE! gE?:! B>! YK@?P?L@:[! WZPO! FU>W:`! EZPO! P8! D:P! _>kZ889:! :E! XU:OD^?:! P8! XZP?]! WZPO! B:! ?:8R?:!:8!G@:8b!

! !

?-&".-/)&)$)'".C--!

6>vBB:]! EP! >O! 9E9! :E! O:?>O! F>! D>?E:8>@?:! R:! L>B^?:]! :8E?:! >PE?:Obbb! ,U>DD?9Y@:! 98Z?F9F:8E! E>! YZFD>L8@:]! :8! EZPE:O! Y@?YZ8OE>8Y:Ob! 3UP?ZBZL@:! >! R:! B>! YK>8Y:! R:! E:! YZFDE:?!R>8O!O:O!?>8LOd!,:!YZFDE:!OP?!EZ@!R^O!B:!;!8ZW:FG?:d! ! 1B:a@O!:E!&>B:8E@8]!?:OY>D9O!F>OYPB@8O!R:!BUP?ZBZL@:]!K:P?:PO:F:8E!\P:!WZPO!gE:O!BJ]! DZP?!B:O!OZ@?9:O!R>8O!B:!O:?W@Y:!ZP!:8!YZ8L?^O]!X:!WZPO!>EE:8R!DZP?!GZ@?:!P8!YZPDd! ! (ZF>@8!:E!wZK>88]!>W:Y!\P@!XU>@!D>?E>L9!R:!L?>8RO!FZF:8EO!P?ZBZL@\P:O]!R@L:OE@_O]! Z?EKZD9R@\P:O!F>@O!>POO@!:8!:OY>B>R:!ZP!:8!OZ@?9:]!OZM:`!>OOP?9O!R:!EZPE:!FZ8!>__:YE@Z8b! !

(8)

! x! 5>EEK@:P]!1BG9]!):G]!,9?iF:!:E!.@:??:!1B:a]!&@?L@8@:]!59B@:]!18EZ@8:]!'RZP>?R]!1PR:]! 3PY@:]!2>?ZB@8:]!'B:8>]!6P@BB>PF:]!7:?E?>8R]!YZN@8E:?8:O!R:!D?^O!ZP!R:!BZ@8]!>W:Y!\P@!XU>@! D>?E>L9! G@:8! DBPO! \P:! R:O! R:F@:ON>889:Ocd! ! 7Z88:! YZ8E@8P>E@Z8! J! EZPO! R>8O! WZO! YZ8E?9:Ob!

! !

1!EZPE:O!B:O!9\P@D:O!D>?>F9R@Y>B:O!:E!>Pa!O:Y?9E>@?:O!R:O!O:?W@Y:O!RUP?ZBZL@:!R:O! 2/#! R:! 6?:8ZGB:]! R:! 2B:?FZ8EN0:??>8R]! :E! R:! $>8E:O! \P@! FUZ8E! >YYP:@BB@:]! LP@R9:! :E! :8YZP?>L9:! EZPE! >P! BZ8L! R:! F>! _Z?F>E@Z8]! R:! XZP?! YZFF:! R:! 8P@Eb! 5:?Y@! DZP?! WZE?:! R@ODZ8@G@B@E9]!WZE?:!L:8E@BB:OO:!:E!EZPO!B:O!eE?PYO!:E!>OEPY:Oe!@8R@OD:8O>GB:O!J!P8:!GZ88:! _Z?F>E@Z8!F9R@Y>B:d! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! 5:?Y@!DZP?!B:P?!D?9O:8Y:!:E!B:P?!D>?E@Y@D>E@Z8!J[! 5?!wW:O!5Z?:B!QB>GZ?>EZ@?:!5'4*(-$%2S! 5?!,:>8N5@YK:B!4P?@_!:E!5F:!$>R@8:!)>P8@:?N2>@BBM!QB>GZ?>EZ@?:!)1$-0%N1&'$*%)S! 5:!3>P?:!5>BR:?>!QB>GZ?>EZ@?:!.%'(('!017('S! 5:!$>R^L:!&@>BBZ8!QB>GZ?>EZ@?:!%.)'$S! 5:!$>EK>B@:!7:RZP:E!!:E!5F:!2K>8E>B!o>@O:?QB>GZ?>EZ@?:!.0%A'(S

-

!

(9)

! I!

5G>8;G

-! <!=5HI86=<H!-4-J)- ,"#$%&%'#()*+%,- '".- $)/+,".- .)/$0".- ".*- #,"- *"/K,+L#"-M)(+'0"- '),.- ("- *$)+*"&",*- '"- (N+,/%,*+,",/"- #$+,)+$"- "*- '"- (N+,/%,*+,",/"- 30/)("O-P"#- 'N)#*"#$.- %,*- 0M)(#0- .".- $0.#(*)*.- .#$- ()- '%#2("- +,/%,*+,",/"- #$+,)+$"- "*-30/)("O-- JE%2A"/*+3- '"- ,%*$"- 0*#'"- ".*- 'E0M)(#"$- (".- $0.#(*)*.- 3%,/*+%,,"(.- '".-1)*+",*.- *$)+*0.- 1)$- ,"#$%&%'#()*+%,- 1%#$- #,"- '%#2("- +,/%,*+,",/"- #$+,)+$"- "*-30/)("-)#-678-'"-9$",%2("O

-;?=:5<:J- :=- ;:=7HI:>- 4- QR-1)*+",*.- 1$0.",*),*- #,"- '%#2("-

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

X./%$"-&%B",- '"- U_CU`STZ-"*- (N)&0(+%$)*+%,- )- 0*0- .+^,+3+/)*+M"- )1$F.- ,"#$%&%'#()*+%,-'".- $)/+,".- .)/$0".- X./%$"- &%B",- '"- RCS`STZO- JE+,/%,*+,",/"- #$+,)+$"C-1$+,/+1)("&",*- 1)$- #$^",*#$+"- X_RaZ- %#- &+@*"- Xb_aZC- ".*- 0^)("&",*- )&0(+%$0"- .+^,+3+/)*+M"&",*C-&)+.-1).-c-(E"33%$*-%#-()-'B.#$+"O-J)-L#)(+*0-'"-M+"-.10/+3+L#"- ".*- )&0(+%$0"- 1%#$- #$+,)+$"- "*- 1%#$- (E+,/%,*+,",/"-30/)("O- JE0/K"(("- ,#&0$+L#"- %2A"/*+M"- Rba- '"- 1)*+",*.- ^(%2)("&",*- .)*+.3)+*.- "*- da-'"-1)*+",*.-'0*0$+%$0.-1)$-()-,"#$%&%'#()*+%,-$)/+,".-.)/$0".O-J"-*)#@-'"-$0V+,*"$M",*+%,- ".*- '"- SdaC- '%,*- USa- '"- /%&1(+/)*+%,.C- 1$+,/+1)("&",*- '".-

'%#("#$.O-6H!6J8><H!4- ;)(^$0- ("- /)$)/*F$"- $0*$%.1"/*+3- '"- ,%*$"- .0$+"C- +(- ."&2("- L#"-

,"#$%&%'#()*+%,- '".- $)/+,".- .)/$0".- .%+*- #,- *$)+*"&",*- "33+/)/"- "*- .e$- '"- ()-'%#2("-+,/%,*+,",/"-#$+,)+$"-"*-30/)("O

---

;H=>- 6J:>4- '%#2("- +,/%,*+,",/"C- ,"#$%&%'#()*+%,- '".- $)/+,".-

(10)

-! H!

?f>=5?6=-! ! <!=5HI86=<H!4- >)/$)(-,"$M"-.*+&#()*+%,-+.-)-M)(+')*"'-*"/K,+L#"-*%-*$")*-2%*K-3"/)(- ),'- #$+,)$B- +,/%,*+,",/"O- H,(B- 3"g- .*#'+".- $"1%$*- $".#(*.- +,- '%#2("-+,/%,*+,",/"O- H#$- .*#'B-)+&.- *%- "M)(#)*"- 3#,/*+%,)(- $".#(*.- +,- /%,."/#*+M"-

1)*+",*.-*$")*"'-+,-9$",%2("-3%$-)-'%#2("-+,/%,*+,",/"-X3"/)(-),'-#$+,)$BZO-;?=:5<?J>-?!I-;:=7HI>4-QR-

1)*+",*.-g+*K-'%#2("-+,/%,*+,",/"-g"$"-+,/(#'"'O->#$^+/)(- 1$%/"'#$".- g"$"- 1"$3%$&"'- 2"*g"",- h),#)$B- STTU- ),'- ;)$/K- STUT- 2B-*g%- .#$^"%,.O- P)*+",*.- g"$"- "M)(#)*"'- g+*K-./%$"V.B&1*%&.- L#".*+%,,)+$".-XY"@,"$C- 8$+,)$B- >B&1*%&- P$%3+("Z- ),'- L#)(+*B- %3- (+3"- L#".*+%,,)+$".- X["/)(- <,/%,*+,",/"-\#)(+*B-%3-J+3"C-I+*$%M+"ZO-?-1K%,"-/)((-/%,.#(*+,^-g).-)(.%-(")'"'-*%- "M)(#)*"-1)*+",*E.-.)*+.3)/*+%,-)2%#*-.)/$)(-,"$M"-.*+&#()*+%,-#.+,^-,#&"$+/-./)("O-5:>8J=> 4-["/)(-+,/%,*+,",/"-+.-."M"$"-+,-*K"-1%1#()*+%,-X)M"$)^"-./%$"4- U_CU`STZ-),'-.+^,+3+/),*(B-+&1$%M"'-)3*"$-.)/$)(-,"$M"-.*+&#()*+%,-X)M"$)^"-./%$"4-RCS`STZO- 8$+,)$B- +,/%,*+,",/"C- &%.*(B- #$^",/B- +,/%,*+,",/"- X_RaZ- %$- &+@*"-Xb_aZ- +&1$%M"'- .+^,+3+/),*(BC- 2#*- .*$"..- +,/%,*+,",/"-- ),'- 'B.#$+)- '+'- ,%*O- >1"/+3+/-L#)(+*B-%3-(+3"-+&1$%M"'-3%$-2%*K-3"/)(-),'-#$+,)$B-+,/%,*+,",/"O-!#&"$+/-./)("- .K%g"'- Rba- %3- .)*+.3+"'- 1)*+",*.- ),'- da- %3- 1)*+",*.- 3""(+,^- '"*"$+%$)*"'-g+*K- .)/$)(- ,"$M"- .*+&#()*+%,O- 5"%1"$)*+%,- $)*"- +.- SdaC- )&%,^- gK+/K- USa- %3- /%&1(+/)*+%,.C-&)+,(B-1)+,O-6H!6J8><H!4- ?(*K%#^K- 2"+,^- $"*$%.1"/*+M"C- *K+.- .*#'B- .""&.- *%- 1$%M"-*K)*- .)/$)(- ,"$M"- .*+&#()*+%,- +.- ),- "33"/*+M"- ),'- .)3"- *$")*&",*- 3%$- '%#2("- +,/%,*+,",/"-X3"/)(-),'-#$+,)$B-+,/%,*+,",/"ZO--!! o'wy-(4) [!I%#2("-+,/%,*+,",/"C-.)/$)(-,"$M"-.*+&#()*+%,C-3"/)(-+,/%,*+,",/"C-#$+,)$B-+,/%,*+,",/"C-L#)(+*B-%3-(+3"O-

(11)

-! "<!

=?fJ:-I:>-;?=<i5:>-!

!

**<O-<,$%'#/+%,-jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjOUU--**

**)Z-7+.*%$+L#"-jjjjjjjjjjjjjjjjjjjjjjjjjjjjOOOUU--**

**2Z-<,'+/)*+%,.-jjjjjjjjjjjjjjjjjjjjjjjjjjjjOUb--**

/Z="/K,+L#"/K+$#$^+/)("jjjjjjjjjjjjjjjjjjjjjOUb

-

**<<O;)0$+"(.";0*K%'".jjjjjjjjjjjjjjjjjjjjjjjjjOUd**

-

**<<<O-50.#().-jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjOSU--**

**)Z-6)$)/0$+.+L#".-'"-()-1%1#()*+%,-jjjjjjjjjjjjjjjOSU--**

**2Z->B&1*W&".-jjjjjjjjjjjjjjjjjjjjjjjjjjjjSS--**

**/Z-\#)(+*0-'"-M+"-jjjjjjjjjjjjjjjjjjjjjjjjjjjS_-**

**'Z:33"*.+,'0.+$)2(".jjjjjjjjjjjjjjjjjjjjjjjjSk**

-

<lOI+./#..+%,jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjOOSm

-

lO6%,/(#.+%,jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjbT

-

l<O5030$",/".jjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjOObU

-

l<<O-?,,"@".-jOOjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjjb_--

?,,"@"-U4->/%$"-'"-Y"@,"$jjjjjjjjjjjjjjjjjjjjOOOb_--

**?,,"@"-S4-\#".+%,,)+$"-["/)(-<,/%,+,",/"-\#)(+*B-%3-J+3"jjObQ--**

**?,,"@"-b4-8$+,)$B->B&1*%&-P$%3+("-**

n

jjjjjjjjjjjjjjOOObR--

**?,,"@"-_4-\#".+%,,)+$"-I+$%M+"jjjjjjjjjjjjjjjjj_U!**

(12)

! ""!

<O-<,*$%'#/*+%,-!

3>! 8:P?ZFZRPB>E@Z8! R:O! ?>Y@8:O! O>Y?9:O! :OE! P8:! E:YK8@\P:! \P@! >! _>@E! O:O! D?:PW:O! R>8O! B:! E?>@E:F:8E! R:! Bz@8YZ8E@8:8Y:! _9Y>B:! :E! R:! Bz@8YZ8E@8:8Y:! P?@8>@?:! ["];]]! 8ZE>FF:8E! BZ?O\Pz:BB:O! OZ8E! RzZ?@L@8:! 8:P?ZBZL@\P:b! 'BB:! :OE! F>@8E:8>8E! B>?L:F:8E! ?9>B@O9:]!:8!'P?ZD:!YZFF:!:8!1F9?@\P:!RP!8Z?R!ZP!:8!1O@:b!'8!0?>8Y:]!B:O!OE@FPB>E:P?O! OZ8E! ?:FGZP?O9O! R:DP@O! ;<<;! DZP?! BU@8YZ8E@8:8Y:! P?@8>@?:! :E! R:DP@O! ;<"<! DZP?! BU@8YZ8E@8:8Y:!_9Y>B:]!Y:!\P@!>!D:?F@O!R:!?9D>8R?:!B:P?!PE@B@O>E@Z8b!!

3>! 8:P?ZFZRPB>E@Z8! :OE! P8:! E:YK8@\P:! F@8@N@8W>O@W:! :E! ?9W:?O@GB:]! F>@O! >OO:`! YZhE:PO:!QYZhE!R@?:YE!RP!F>E9?@:B!PE@B@O9!:E!YZhE!@8R@?:YESb!

3:O! F9Y>8@OF:O! RU>YE@Z8! R:! Y:EE:! OE@FPB>E@Z8! 8:?W:PO:! 8:! OZ8E! D>O! :8YZ?:! EZPO! @R:8E@_@9O! [C]b! .BPO@:P?O! EK9Z?@:O! OZ8E! >W>8Y9:Ob! %B! :a@OE:! J! Bz9W@R:8Y:! P8:! OE@FPB>E@Z8! R@?:YE:! RP! 8:?_! DPR:8R>B! QPE@B@O9! DZP?! B>! DK>O:! R:! E:OE! >@LPSb! 3:! R:Pa@^F:! F9Y>8@OF:! Rz>YE@Z8! O:?>@E! P8:! OE@FPB>E@Z8! R:O! >__9?:8Y:O! 8:?W:PO:O]! D:?F:EE>8E! P8:! FZR@_@Y>E@Z8! R:O!?9_B:a:O!F@YE@Z88:BO!:E!9W>YP>E:P?O]!D?ZG>GB:F:8E!>BZ?O!D>?!OE@FPB>E@Z8!RP!OMOE^F:! OMFD>EK@\P:! :E! D>?>OMFD>EK@\P:b! 3>! E?Z@O@^F:! KMDZEK^O:! _:?>@E! @8E:?W:8@?! B>! F@O:! :8! X:P!R:!B>!8:P?ZDB>OE@Y@E9!Y9?9G?>B:b!2U:OE!>@8O@!\P:!B>!OE@FPB>E@Z8!YZ8E@8P:!RzP8:!?>Y@8:! O>Y?9:!)C!>!P8!:__:E!W9O@YZNP?9E?>B!:E!?:YEZN>8>Bb!4:O!9EPR:O!?9Y:8E:O!E:8R:8E!J!FZ8E?:?! P8!:__:E!O@F@B>@?:!D>?!P8:!OE@FPB>E@Z8!E?>8ONYPE>89:!RP!8:?_!E@G@>B!DZOE9?@:P?![m]b!!

3UZGX:YE@_!R:!Y:EE:!9EPR:!:OE!R:!FZ8E?:?!B:O!?9OPBE>EO!_Z8YE@Z88:BO!YK:`!R:O!D>E@:8EO! YZ8O9YPE@_O!E?>@E9O!R>8O!P8:!O:PB:!@8OE@EPE@Z8!D>?!8:P?ZFZRPB>E@Z8!R:O!?>Y@8:O!O>Y?9:O! DZP?! P8:! RZPGB:! @8YZ8E@8:8Y:! _9Y>B:! :E! P?@8>@?:b! 2:EE:! 9EPR:! DZ?E:! >POO@! G@:8! OP?! B:O! OMFDEiF:O! \P:! OP?! B>! \P>B@E9! R:! W@:! R:O! D>E@:8EO! :E! D:?F:E! R:! DBPO! R:! ?:B:W:?! B:O! YZFDB@Y>E@Z8O!9W:8EP:BB:O!D>?!P8!OP@W@!R:!B>!YZKZ?E:b!

!

)Z-7+.*%$+L#"-!

3U9B:YE?ZOE@FPB>E@Z8! >DD>?>tE! :8! F9R:Y@8:! R^O! BU18E@\P@E9! :8! 'LMDE:]! Zp! BU9B:YE?@Y@E9! D?ZRP@E:! D>?! B:O! DZ@OOZ8ONYK>EO! :OE! PE@B@O9:! J! R:O! _@8O! EK9?>D:PE@\P:O! DZP?! BPEE:?!YZ8E?:!B>!RZPB:P?b!!

%B! _>PE! >EE:8R?:! B:! {&%%:! O@^YB:! :E! B>! F>tE?@O:! R:! BU9B:YE?@Y@E9! OE>E@\P:! DZP?! WZ@?! O:! R9W:BZDD:?!!BU9B:YE?@Y@E9!J!PO>L:!F9R@Y>Bb!

(13)

! ";! 1P!{{:!O@^YB:!:E!DBPO!D?9Y@O9F:8E!:8!"Hux]!BU9B:YE?ZOE@FPB>E@Z8!FPOYPB>@?:!R:W@:8E! 8:P?ZOE@FPB>E@Z8! L?fY:! >P! *'$)! Q*?>8YPE>8:ZPO! 'B:YE?@Y>B! $:?W:! )E@FPB>E@Z8S]! >BZ?O! :OO:8E@:BB:F:8E!PE@B@O9:!DZP?!E?>@E:?!B>!RZPB:P?!YK?Z8@\P:b!3:O!9B:YE?ZR:O!WZ8E!>@8O@!gE?:! OZ@E! O@FDB:F:8E! >DDB@\P9:O! OP?! B>! D:>P]! OZ@E! @FDB>8E9:O! R>8O! B:O! E@OOPO! FZPO! DBPO! ZP! FZ@8O! D?Z_Z8R9F:8E]! :E! B:O! L989?>E:P?O! F@8@>EP?@O9O! B:! DBPO! OZPW:8E! @FDB>8E9O! :8! ?9L@Z8!OZPONYPE>89:b!

3:O! D?:F@^?:O! R:OY?@DE@Z8O! R:! 8:P?ZFZRPB>E@Z8! ! R>8O! B:! E?>@E:F:8E! R:O! E?ZPGB:O! W9O@YZNODK@8YE9?@:8O!>DD>?>@OO:8E!RÔ!"IxI![!)>aEZ?DK!!:OE!B:!D?:F@:?!>PE:P?!J!PE@B@O:?!B>! OE@FPB>E@Z8!@8E?>NW9O@Y>B:!L?fY:!J!P8!Y>EK9E:?!FP8@!RUP8:!9B:YE?ZR:!F9E>BB@\P:]!YK:`!R:O! D>E@:8EO!OZP__?>8E!R:!?9E:8E@Z8!P?@8>@?:!OP?!W:OO@:!:8YZ?:!YZ8E?>YE@B:![r]b!'8!P?ZBZL@:]!B:O! YZP?>8EO!9B:YE?@\P:O!OZ8E!D>?E@YPB@^?:F:8E!PE@B@O9O!R>8O!B:!R9E?POZ?]!R>8O!B:O!FPOYB:O!RP! DB>8YK:?!D:BW@:8!:E!>P!YZ8E>YE!R:O!?>Y@8:O!O>Y?9:Ob!$>OKZBR!:E!YZBb!?>DDZ?E:8E!:8!"Hx"! Bz:__@Y>Y@E9!R:!Bz@FDB>8E>E@Z8!RUP8:!|!D?ZEKÔ:!8:P?>B:!}!R>8O!B>!D>?E@:!O>Y?9:!R:!B>!FZ:BB:! 9D@8@^?:! [u]b! 3U@FDB>8E! :OE! >BZ?O! PE@B@O9! DZP?! >YE@W:?! B>! F@YE@Z8! RUP8! D>E@:8E! GB:OO9! F9RPBB>@?:b! ,Z8>O! :E! *>8>LKZ! :OO>M:8E! RU>F9B@Z?:?! Y:EE:! D?ZEKÔ:]! Y>?! XPO\P:! BJ]! O>! OE@FPB>E@Z8! :8E?>t8:! 8Z8! O:PB:F:8E! P8:! YZ8E?>YE@Z8! RP! R9E?POZ?]! F>@O! 9L>B:F:8E! P8:! OE@FPB>E@Z8!R9B9E^?:!RP!ODK@8YE:?!P?9E?>Bb!.BPO!E>?R]!*>8>LKZ!:E!)YKF@RE!R9FZ8E?:8E!\P:! B>!OE@FPB>E@Z8!R:!B>!?>Y@8:!O>Y?9:!)C!FZRPB:!L989?>B:F:8E!B:!R9E?POZ?!:E!B:!ODK@8YE:?!:E! \Pz:BB:! D:PE! gE?:! PE@B@O9:! :8! D?>E@\P:! YB@8@\P:! [x]b! 5>E`:B! :E! )YKF@RE! ?>DDZ?E:8E! B:O! D?:F@:?O]! :8! "HH<]! P8! :__:E! DZO@E@_! OP?! BU@8YZ8E@8:8Y:! _9Y>B:! >BZ?O! \P:! B:O! D>E@:8EO! OZ8E! E?>@E9O! DZP?! P8:! @8YZ8E@8:8Y:! P?@8>@?:! [I]b! 2:O! ?9OPBE>EO! OZ8E! YZ8_@?F9O! D>?! 5>E`:B! \P:B\P:O!>889:O!DBPO!E>?R!DZP?!R:O!D>E@:8EO!OZP__?>8E!RU@8YZ8E@8:8Y:!_9Y>B:![H]b!

1D?^O!R:Pa!R9Y:88@:O!RU:aD9?@F:8E>E@Z8]!B>!041!Q0ZZR!>8R!4?PL!1RF@8@OE?>E@Z8S!! >DD?ZPW:!:8!"HHx!B>!8:P?ZFZRPB>E@Z8!O>Y?9:!R>8O!B:!E?>@E:F:8E!R:!BU@8YZ8E@8:8Y:!D>?! P?L:8EP?@:!?9_?>YE>@?:]!>Pa!'E>EON#8@O!["<]b!

'8! 0?>8Y:]! BU/1)! Q/>PE:! 1PEZ?@E9! R:! )>8E9S! 9F:E! P8! >W@O! _>WZ?>GB:! DZP?! B:! ?:FGZP?O:F:8E! R:! B>! $:P?ZFZRPB>E@Z8! )C]! R>8O! Bz@8R@Y>E@Z8! R:O! E?ZPGB:O! W9O@YZN ODK@8YE9?@:8O!QKMD:?>YE@W@E9!W9O@Y>B:!:E!?9E:8E@Z8!P?@8>@?:S!:8!;<<;![""]b!.ZP?!Y:!\P@!:OE! R:!BU@8YZ8E@8:8Y:!>8>B:]!BU/1)!>!?:8RP!P8!>W@O!_>WZ?>GB:!:8!;<"<]!>W:Y!P8!O:?W@Y:!>EE:8RP! eF@8:P?e!Q)1!%&S![";]b!

(14)

! "C!

2Z-<,'+/)*+%,.-!

3>! 8:P?ZOE@FPB>E@Z8! )C! :OE! @8R@\P9:! R>8O! B:! E?>@E:F:8E! R:! BU@8YZ8E@8:8Y:! >8>B:! >W:Y! ODK@8YE:?! _Z8YE@Z88:B]! YU:OENJNR@?:! 8Z8! ?ZFDP]! ?9D>?9! ZP! D?9O:8E>8E! P8:! ?PDEP?:! D>?E@:BB:! Q~H<=S]! >D?^O! 9YK:Y! R:O! E?>@E:F:8EO! F9R@Y>F:8E:Pa]! R:O! ?^LB:O! KML@98ZN R@9E9E@\P:O!:E!R:!B>!?99RPY>E@Z8!D9?@89>B:!["C]b!

4>8O! B:! E?>@E:F:8E! R:! BUKMD:?>YE@W@E9! W9O@Y>B:]! :BB:! :OE! @8R@\P9:! :8! R:Pa@^F:! @8E:8E@Z8]! >D?^O! 9YK:Y! R:O! E?>@E:F:8EO! F9R@Y>Pa! D>?! >8E@YKZB@8:?L@\P:Ob! 2U:OE! B:! O:PB! E?>@E:F:8E! R:! R:Pa@^F:! @8E:8E@Z8]! B>! EZa@8:! GZEPB@8@\P:! 8U>M>8E! D>O! RU155! Q1PEZ?@O>E@Z8!R:!5@O:!OP?!B:!5>?YK9S]!O>P_!DZP?!E?>@E:?!BUKMD:?>YE@W@E9!R9E?POZ?@:88:!RP! D>E@:8E!8:P?ZBZL@\P:b!!

4>8O! B:! E?>@E:F:8E! R:! B>! ?9E:8E@Z8! P?@8>@?:! YK?Z8@\P:]! B>! 8:P?ZFZRPB>E@Z8! D:PE! 9L>B:F:8E! >DDZ?E:?! P8! G989_@Y:b! 'BB:! :OE! ?:FGZP?O9:! R>8O! Y:EE:! @8R@Y>E@Z8]! KZ?O! RMOOM8:?L@:!W9O@YZNODK@8YE9?@:88:]!YK:`!R:O!D>E@:8EO!8:P?ZBZL@\P:O!ZP!8Z8!QOM8R?ZF:! R:!2B>?:N0Z•B:?Sb!

!

/Z-="/K,+L#"-/K+$#$^+/)("-!

3>! D?ZY9RP?:! R:! 8:P?ZFZRPB>E@Z8! R:O! ?>Y@8:O! O>Y?9:O! O:! R9?ZPB:! :8! R:Pa! E:FDO! YK@?P?L@Y>Pa]!\P@!D:PW:8E!gE?:!?9>B@O9O!OZPO!>8:OEK9O@:!L989?>B:!ZP!>8:OEK9O@:!BZY>B:![!B>! DK>O:!R:!E:OE!:E!BU@FDB>8E>E@Z8!R9_@8@E@W:b!

!

B.%&!&*!+-24&!6&!-C5-&4)8'6&!6&!)&%)!

2:!L:OE:!:OE!?9>B@O9!>P!GBZY!ZD9?>EZ@?:!YK:`!P8!D>E@:8E!:8!R9YPG@EPO!W:8E?>Bb!3U>8PO! :OE! :aDZO9! >@8O@! \P:! BU>W>8END@:R]! \P@! :OE! DZO@E@Z889! :8! R:KZ?O! R:! B>! E>GB:! ZD9?>EZ@?:]! DZP?!D:?F:EE?:!R:!YZ8E?iB:?!B>!?9DZ8O:!J!B>!OE@FPB>E@Z8b!2:EE:!@FDB>8E>E@Z8!Rz9B:YE?ZR:! D:PE!gE?:!?9>B@O9:!OZPO!>8:OEK9O@:!L989?>B:]!O>8O!YP?>?@O>E@Z8![!>BZ?O!O:PB:O!B:O!?9DZ8O:O! FZE?@Y:O! OZ8E! ZGO:?W9:Ob! 3Z?O\PU:BB:! :OE! ?9>B@O9:! OZPO! >8:OEK9O@:! BZY>B:! Q@8_@BE?>E@Z8! YPE>89:!:E!OZPO!YPE>89:!XPO\PU>P!E?ZP!O>Y?9!)CS]!B:!D>E@:8E!D:PE!_>@?:!D>?E!J!BUZD9?>E:P?! R:O!?9DZ8O:O!O:8OZ?@:BB:O!:8E?>t89:O!D>?!B>!OE@FPB>E@Z8b!

3U9B:YE?ZR:! O:! YZFDZO:! R:! \P>E?:! DBZEO! F9E>BB@\P:O]! 8PF9?ZE9O! R:! <! J! C! R:! B>! D?Z_Z8R:P?!W:?O!B>!OPD:?_@Y@:b!3:!DBZE!8="!:OE!B:!DBPO!B>?L:]!:E!O:?>!DB>Y9!R:!E:BB:!F>8@^?:!

(15)

! "m! \Pz@B! :8E?>t8:! EZPXZP?O! P8:! ?9DZ8O:b! 1@8O@]! B>! FZ@8R?:! FZG@B@O>E@Z8! R:! \P:B\P:O! F@BB@F^E?:O!8:!?ZFD?>!D>O!B:!YZ8E>YEb!3U9B:YE?ZR:!:OE!D?ZE9L9:!D>?!P8:!L>@8:!R:!)@B>OE@Y! \P@!YZFDZ?E:]!:8W@?Z8!R:Pa!Y:8E@F^E?:O!:8!>FZ8E!RP!DBZE!8=C]!\P>E?:!>@B:EE:O!?9D>?E@:O! OP?! O>! Y@?YZ8_9?:8Y:! DZP?! BP@! D:?F:EE?:! P8! >8Y?>L:! J! O>! B@G9?>E@Z8! R:! Bz@8E?ZRPYE:P?]! F@8@F@O>8E! >@8O@! B:O! ?@O\P:O! R:! R9DB>Y:F:8E! O:YZ8R>@?:b! 3:O! >@B:EE:O! 8:! OZ8E! >DD>?P:O! \Pz:8!;<<m![C<]!Q_@LP?:!"Sb!

! ---[+^#$"-UO!$:P?ZFZRPB>E:P?!%8E:?OE@F!"b!

!

1D?^O!?:D9?>L:!?>R@ZBZL@\P:!RP!E?Z@O@^F:!E?ZP!O>Y?9]!BU>@LP@BB:!E:OE!:OE!@8E?ZRP@E:!J! BU@8E9?@:P?! R:! Y:BP@NY@! :E! OE@FPB9:! J! P8:! _?9\P:8Y:! R:! r! ZP! "</`]! :8! @FDB9F:8E>8E! Bz@8E:8O@E9!R:!<!J!"<!WZBEO]!D>?!D>B@:?!R:!"!WZBE]!:8!_Z8YE@Z8!R:!B>!?9DZ8O:!FZE?@Y:!:E€ZP! O:8O@E@W:! RP! D>E@:8E]! XPO\PUJ! BUZGE:8E@Z8! RUP8:! ?9DZ8O:! O>E@O_>@O>8E:b! 3U:aD9?@:8Y:! >@8O@! \P:! B>! B@EE9?>EP?:! D?ZPW:8E! \P:! B:O! ?9OPBE>EO! OZ8E! F:@BB:P?O! BZ?O\P:! BU@FDB>8E>E@Z8! :OE! ?9>B@O9:!R>8O!B:!E?ZP!O>Y?9!)C]!DBPEiE!\P:!)mb!3>!OE@FPB>E@Z8!)C!RZ88:!EMD@\P:F:8E!P8:! YZ8E?>YE@Z8!R:!BU>DD>?:@B!ODK@8YE9?@:8!>8>B]!P8:!>OY:8O@Z8!RP!D9?@89:!Q:__:E!OZP__B:ES]!:E! P8:!_B:a@Z8!DB>8E>@?:!R:O!Z?E:@BO!KZFZB>E9?>Pab!3>!OE@FPB>E@Z8!)m!RZ88:!B:O!FgF:O!:__:EO! D9?@89>Pa! F>@O! D>O! R:! YZ8E?>YE@Z8! R:O! _B9YK@OO:P?O! R:O! Z?E:@BOb! 4>8O! \P:B\P:O! Y>O!

(16)

! "r! :aY:DE@Z88:BO]! B>! OE@FPB>E@Z8! );! :OE! YKZ@O@:! [! :BB:! :OE! ?:ODZ8O>GB:! R:O! FgF:O! :__:EO! >P! 8@W:>P!D9?@89>B]!F>@O!>OOZY@:!P8:!?ZE>E@Z8!R:!EZPE!B:!F:FG?:!@8_9?@:P?!KZFZB>E9?>Bb!!

'8! L989?>B]! @B! :OE! ?:YZFF>8R9! R:! DB>Y:?! B:! DBZE! R:! OE@FPB>E@Z8! B:! DBPO! :aE:?8:! Q8=CS]!OP?!B>!E>GB:!>8E9?@:P?:!RP!O>Y?PFb!3:O!E?ZPO!O>Y?9O!)C!R?Z@E!:E!L>PYK:!D:PW:8E!gE?:! E:OE9O]! B:! YKZ@a! R9_@8@E@_! RP! YiE9! O:! _@a>8E! OP?! Y:BP@! \P@! >! D:?F@O! RUZGE:8@?! B>! F:@BB:P?:! ?9DZ8O:b!

#8:! _Z@O! B>! F:@BB:P?:! OE@FPB>E@Z8! ZGE:8P:]! J! B>! DBPO! _>@GB:! @8E:8O@E9! DZOO@GB:]! BU>@LP@BB:!:OE!iE9:!:E!?:FDB>Y9:!D>?!BU9B:YE?ZR:!R9_@8@E@W:!O:BZ8!P8!D?@8Y@D:!WZ@O@8!R:!Y:BP@! R:! B>! E:YK8@\P:! R:! ):BR@8L:?b! 1D?^O! YZ8E?iB:! 9B:YE?@\P:! :E! ?>R@ZBZL@\P:]! BU9B:YE?ZR:! :OE! B>?LP9:!OP?!DB>Y:!:8!?:E@?>8E!B>!L>@8:!:aE:?8:]!Y:!\P@!D:?F:E!R:!R9DB@:?!B:O!>@B:EE:O]!\P@! >8Y?:8E!>@8O@!BU9B:YE?ZR:!:E!B>!OE>G@B@O:8E!R>8O!OZ8!O@E:!RU@FDB>8E>E@Z8b!

#8! E?>X:E! OZPONYPE>89! :OE! :8OP@E:! ?9>B@O9! XPO\PU>P! O@E:! D?ZW@OZ@?:! R:! YZ88:a@Z8! 9B:YE?@\P:! >W:Y! B:! OMOE^F:! E:FDZ?>@?:b! 2:! O@E:! :OE! YKZ@O@! :8! _Z8YE@Z8! RP! O@E:! R9_@8@E@_! RU@FDB>8E>E@Z8!RP!OE@FPB>E:P?]!YU:OENJNR@?:]!R>8O!B:!\P>R?>8E!OPD9?ZN:aE:?8:!R:!B>!_:OO:! YZ8E?ZB>E9?>B:]!:8!E@OOP!OZPONYPE>89!D?Z_Z8R!:E!J!R@OE>8Y:!R:O!?:B@:_O!ZOO:Pab! 3U9B:YE?ZR:!:OE!YZ88:YE9:!J!P8!D?ZBZ8L>E:P?]!\P@!:OE!EP88:BB@O9!B:!DBPO!BZ@8!DZOO@GB:! RP!O@E:!RU@FDB>8E>E@Z8]!XPO\PUJ!OZ8!:aE9?@Z?@O>E@Z8b!%R9>B:F:8E!BU@OOP:!RP!YfGB:!O:!_>@E!RP! YiE9!YZ8E?ZB>E9?>B]!R>8O!B:!GPE!RU9W@E:?!P8:!\P:BYZ8\P:!@8_:YE@Z8!>OY:8R>8E:!RP!_PEP?!O@E:! RU@FDB>8E>E@Z8b! 3U@8Y@O@Z8!>M>8E!D:?F@O!B:!?>YYZ?R:F:8E!R:!Bz9B:YE?ZR:!>P!D?ZBZ8L>E:P?!:OE!:8OP@E:! _:?F9:!:8!R:Pa!DB>8O!OZPONYPE>89!:E!YPE>89!>P!_@B!B:8E:F:8E!?9OZ?G>GB:b! ! D58'(-&0&*)!6&!-2!+#2%&!6&!)&%)!

3>! DK>O:! R:! E:OE! R9GPE:! R^O! B:! ?:EZP?! :8! YK>FG?:! RP! D>E@:8E! D>?! BU>YE@W>E@Z8! RP! GZ@E@:?!R:!YZFF>8R:!:aE:?8:b!3:!D>E@:8E!D:PE!W>?@:?!BU@8E:8O@E9!R:!B>!OE@FPB>E@Z8]!F>@O! 8:!RZ@E!D>O!EZPYK:?!J!B>!_?9\P:8Y:!R:!OE@FPB>E@Z8]!\P@!RZ@E!?:OE:?!>Pa!>B:8EZP?O!R:!"</`b! %B! :OE! :OO:8E@:B! R:! O:8O@G@B@O:?! B:! D>E@:8E! J! BU@FDZ?E>8Y:! R:! Y:EE:! DK>O:! R:! E:OE]! :8! BU:8YZP?>L:>8E!J!W>?@:?!B:O!?9LB>L:O!:8!_Z8YE@Z8!R:!OZ8!?:OO:8E@b!

%B!8U:a@OE:!D>O!R:!?:YZFF>8R>E@Z8O!OP?!BU9W>BP>E@Z8!R:!B>!?9DZ8O:!J!Y:EE:!DK>O:!R:! E:OEb! 'BB:! D:PE! gE?:! G>O9:! OP?! R:O! \P:OE@Z88>@?:O! OYZ?:ONOMFDEiF:O]! P8:! 9YK:BB:! R:! O>E@O_>YE@Z8! R:! EMD:! '&1]! P8! Y>B:8R?@:?! F@YE@Z88:B! ZP! R:O! O:BB:O]! ZP! :8YZ?:! P8! G@B>8! P?ZRM8>F@\P:b!!

(17)

! "u! '8! ?:W>8YK:]! R:Pa! ?:YZFF>8R>E@Z8O! DZP?! B>! DK>O:! R:! E:OE! OZ8E! @FDZ?E>8E:O! J! :aDB@\P:?!>P!D>E@:8E![!B>!RP?9:!O:?>!Rz>P!FZ@8O!O:DE!XZP?O!DZP?!P8:!@8YZ8E@8:8Y:!P?@8>@?:! :E!Rz>P!FZ@8O!E?Z@O!O:F>@8:O!DZP?!P8:!@8YZ8E@8:8Y:!>8>B:]!:8!_Z8YE@Z8!R:O!Y:8E?:O!:E!R:O! @8R@Y>E@Z8O]! F>@O! EZPXZP?O! DBPO! BZ8LP:! :8! Y>O! RU@8YZ8E@8:8Y:! >8>B:]! :8! ?>@OZ8! R:! B>! _?9\P:8Y:!FZ@8O!9B:W9:!R:O!9W>YP>E@Z8O!_9Y>B:O]!D>?!YZFD>?>@OZ8!>Pa!W@R>8L:O!W9O@Y>B:O! •!@B!_>PE!_>@?:!P8:!DK>O:!eZ__e]!RP?>8E!B>\P:BB:!BU:a>F@8>E:P?!RZ@E!>??gE:?!B:!OE@FPB>E:P?!:E! >@8O@!R9FZ8E?:?!B>!?9Y@R@W:!R:O!OMFDEiF:O!RP!D>E@:8Eb! )@!B:!D>E@:8E!XPL:!OZ8!>F9B@Z?>E@Z8!OPD9?@:P?:!J!r<‚!J!BU@OOP:!R:!B>!DK>O:!R:!E:OE]! BU@FDB>8E>E@Z8!R9_@8@E@W:!BP@!:OE!D?ZDZO9:b! ! E0+-2*)2).'*!653.*.).F&! 'BB:!O:!R9?ZPB:!>P!GBZY!ZD9?>EZ@?:]!>W:Y!ZP!O>8O!>8:OEK9O@:!L989?>B:]!:8!R9YPG@EPO! W:8E?>Bb!

3U@8Y@O@Z8! D?9! YKZ@O@:! DZP?! BU@FDB>8E>E@Z8! RP! R@ODZO@E@_! :OE! ?:D?@O:]! XPO\PUJ! :aE9?@Z?@O:?! B>! YZ88:a@Z8! 9B:YE?@\P:! :8E?:! BU9B:YE?ZR:! :E! B:! D?ZBZ8L>E:P?! E:FDZ?>@?:b! 2:EE:!R@OO:YE@Z8!O:?>!:8E?:D?@O:!>W:Y!D?9Y>PE@Z8!>_@8!R:!8:!D>O!:8RZFF>L:?!BU9B:YE?ZR:! ZP!O>!L>@8:b!3:!D?ZBZ8L>E:P?!E:FDZ?>@?:!:OE!:aE?>@E!D>?!Y:EE:!@8Y@O@Z8b!3>!YZ88:a@Z8!:OE! :8OP@E:!:__:YEP9:!>W:Y!B:!OE@FPB>E:P?b!!

%B! :a@OE:! R:Pa! FZR^B:O! R:! 8:P?ZFZRPB>E:P?O![! %8E:?OE@F¨ "! :E! %8E:?OE@F¨ ;! Q_@LP?:O!"!:E!;Sb!3U@8E:?OE@F!;!Q?9_9?:8Y:!54$!C<;;S]!DBPO!?9Y:8E]!:OE!DBPO!D:E@E!\P:!OZ8! D?9R9Y:OO:P?!Q%8E:?OE@F!"]!?9_9?:8Y:!54$!C<;CS]!F>@O!@B!DZOO^R:!>POO@!P8:!RP?9:!R:!W@:! DBPO! B@F@E9:! Qx! >8O! :8! FZM:88:]! W:?OPO! H! >8O! O:BZ8! B:O! RZ889:O! RP! YZ8OE?PYE:P?Sb! 3:O! ?>YYZ?R:F:8EO! 9B:YE?@\P:O! OZ8E! >POO@! R@__9?:8EO![! B:! D?ZBZ8L>E:P?]! RZ8E! R:Pa! BZ8LP:P?O! OZ8E!R@ODZ8@GB:O!Q"<!YF!:E!r<!YFS]!:OE!ZGB@L>EZ@?:!>W:Y!BU%8E:?OE@F!"]!>BZ?O!\Pz@B!:OE!@8PE@B:! DZP?! Bz%8E:?OE@F! ;b! 1W:Y! BU%8E:?OE@F! ;]! BU9B:YE?ZR:! :OE! ?>YYZ?R9:! R@?:YE:F:8E! >P! OE@FPB>E:P?]! B@F@E>8E! >@8O@! B:O! ?@O\P:O! R:! _>PaNYZ8E>YEO! DZPW>8E! :8L:8R?:?! R:O! @FD9R>8Y:O!9B:W9:O!R>8O!B:!Y@?YP@Eb!

3:!OE@FPB>E:P?!:OE!:8_@8!F@O!:8!DB>Y:!R>8O!P8:!BZL:EE:!Y?99:!R>8O!B:!E@OOP!Y:BBPBZN L?>@OO:Pa]! >P! YZ8E>YE! R:! Bz>DZ89W?ZO:! RP! FPOYB:! _:OO@:?b! %B! :OE! YZ8O:@BB9! RU:8_ZP@?! B:! 8:P?ZFZRPB>E:P?! B:! DBPO! D?Z_Z8R9F:8E! DZOO@GB:! DZP?! 9W@E:?]! RUP8:! D>?E! B:! ?@O\P:! R:! 89Y?ZO:!YPE>89:!:E!Rz@8_:YE@Z8!:8!?:L>?R!:E!RU>PE?:!D>?E]!B:!R9O>L?9F:8E!Y>PO9!>P!D>E@:8E! D>?!B>!D:?Y:DE@Z8!RP!YZ?DO!9E?>8L:?b!.ZP?!_@8@?]!Bz@8Y@O@Z8!:OE!_:?F9:!:8!R:Pa!DB>8O!OZPON YPE>89!:E!YPE>89b!

(18)

! "x!

!

! [+^#$"-Sb!$:P?ZOE@FPB>E:P?!%8E:?OE@F!"!:E!;¨!

!

4>8O! 8ZE?:! Y:8E?:]! 8ZPO! ?9>B@OZ8O! B>! DK>O:! R:! E:OE! OZPO! >8:OEK9O@:! L989?>B:! :E! BU@FDB>8E>E@Z8!R9_@8@E@W:!OZPO!>8:OEK9O@:!BZY>B:b!

3>! DK>O:! R:! E:OE! D:PE! gE?:! BZ8LP:]! B>GZ?@:PO:! :E! F>B! EZB9?9:! :8! ?>@OZ8! R:! B>! R@__@YPBE9! BZ?O! RP! ?:D9?>L:! RP! E?ZP! O>Y?9! )C]! R:O! RZPB:P?O! BZ?O! R:O! EP88:BB@O>E@Z8O! OPYY:OO@W:O]! R:! B>! DZO@E@Z8! R:! R9YPG@EPO! W:8E?>B! e_:OO:O! 9Y>?E9:Oe]! :E! R:! B>! 89Y:OO@E9! Rz>PLF:8E:?!E?^O!B:8E:F:8E!B:!WZBE>L:!DZP?!8:!D>O!|!OP?D?:8R?:!}!B:!D>E@:8Eb!!

(19)

! "I! 3U@FDB>8E>E@Z8! R9_@8@E@W:! :OE! D>?! YZ8E?:! FZ@8O! RZPBZP?:PO:! :E! DBPO! ?>D@R:! Y>?! B>! R@OO:YE@Z8!DZ?E:!P8@\P:F:8E!OP?!RP!E@OOP!Y:BBPBZNL?>@OO:Pa!D:P!@88:?W9]!:E!BU@8Y@O@Z8!8:! YZFDZ?E:!\PUP8!O:PB!O@E:]!YZ8E?:!E?Z@O!BZ?O!R:!B>!DK>O:!R:!E:OEb!4U>PE?:!D>?E]!@B!8:!O:FGB:! D>O!:a@OE:?!R:!R@__9?:8Y:!O@L8@_@Y>E@W:!YZ8Y:?8>8E!B:O!?9OPBE>EO!RP!E:OE]!\P:!B>!OE@FPB>E@Z8! 8:!DZ?E:!\P:!OP?!B>!?9DZ8O:!FZE?@Y:!ZP!\PU:BB:!DZ?E:!OP?!B:O!R:Pa!?9DZ8O:O]!FZE?@Y:!:E! O:8OZ?@:BB:!["m]b! ! [+^#$"-bO!1OD:YE!?>R@ZBZL@\P:!>D?^O!@FDB>8E>E@Z8b!! !

(20)

! "H!

<<O-;)*0$+"(-"*-;0*K%'".-!

3U9EPR:! DZ?E:! OP?! P8:! YZKZ?E:! R:! rx! D>E@:8EO! ! D?9O:8E>8E! EZPO! P8:! RZPGB:! @8YZ8E@8:8Y:! P?@8>@?:! :E! _9Y>B:b! *ZPO! Y:O! D>E@:8EO! OZ8E! DZ?E:P?O! RUP8! 8:P?ZOE@FPB>E:P?! R:O! ?>Y@8:O! O>Y?9:Ob! %BO! Z8E! 9E9! @FDB>8E9O! :8E?:! X>8W@:?! ;<<"! :E! F>?O! ;<"<! >P! 2/#! R:! 6?:8ZGB:]!OZ@E!D>?!B:!.?!0>PYK:?Z8!R>8O!B:!O:?W@Y:!R:!YK@?P?L@:!R@L:OE@W:]!OZ@E!D>?!B:!4?! 7Z@BBZE! R>8O! B:! O:?W@Y:! RUP?ZBZL@:]! :8! _Z8YE@Z8! RP! OMFDEiF:! D?9DZ8R9?>8E! B:O! >M>8E! >F:89O!J!YZ8OPBE:?b!2:EE:!YZKZ?E:!>!9E9!:aE?>@E:!RzP8:!DZDPB>E@Z8!R:!D>E@:8EO!@FDB>8E9O! >P!2/#!R:!6?:8ZGB:]!\P@!YZFDZ?E:!"mx!D>E@:8EO!OP@W@O!D?ZOD:YE@W:F:8E!R>8O!B:!O:?W@Y:! R:!YK@?P?L@:!R@L:OE@W:!:E!Cr!D>E@:8EO!OP@W@O!D?ZOD:YE@W:F:8E!R>8O!B:!O:?W@Y:!RzP?ZBZL@:b!

#8! \P:OE@Z88>@?:! OYZ?:NOMFDEiF:O! :E! P8! \P:OE@Z88>@?:! R:! \P>B@E9! R:! W@:! DZP?! B>! D9?@ZR:! D?9NE:OE! :E! DZP?! B>! D9?@ZR:! DZOEN@FDB>8E>E@Z8! RP! 8:P?ZOE@FPB>E:P?! Z8E! 9E9! :8WZM9O!>Pa!D>E@:8EOb!

.ZP?! BU@8YZ8E@8:8Y:! _9Y>B:]! P8! OYZ?:! R:! y:a8:?! :E! P8! \P:OE@Z88>@?:! 0%ƒ3! Q0:Y>B! %8YZ8E@8:8Y:!ƒP>B@EM!Z_!3@_:S!!Z8E!9E9!PE@B@O9Ob!.ZP?!BU@8YZ8E@8:8Y:!P?@8>@?:]!B:O!D>E@:8EO! Z8E!?:kP!P8!\P:OE@Z88>@?:!#).!Q#?@8>?M!)MFDEZF!.?Z_@B:S!:E!P8!\P:OE@Z88>@?:!4@E?ZW@:b! *ZPO!Y:O!\P:OE@Z88>@?:O!OZ8E!W>B@R9O!:8!_?>8k>@O]!DZP?!B>!DZDPB>E@Z8!9EPR@9:b! 3:!OYZ?:!R:!y:a8:?!:OE!P8!\P:OE@Z88>@?:!YZFD?:8>8E!Y@8\!\P:OE@Z8O]!DZ?E>8E!OP?! B:O!OMFDEiF:O!RU@8YZ8E@8:8Y:!>8>B:!>Pa!L>`!:E!>Pa!O:BB:O]!>@8O@!\P:!OP?!B:!?:E:8E@OO:F:8E! R:!Y:EE:!@8YZ8E@8:8Y:!OP?!B>!\P>B@E9!R:!W@:!QR:Pa!\P:OE@Z8OSb!3:O!?9OPBE>EO!WZ8E!>@8O@!R:!<! QYZ8E@8:8Y:! 8Z?F>B:S! J! ;<! Q@8YZ8E@8:8Y:! EZE>B:S•! >PNR:BJ! R:! "C]! @B! Oz>L@E! RzP8:! @8YZ8E@8:8Y:!O9W^?:!["r]b!

3:!\P:OE@Z88>@?:!0%ƒ3!YZFDZ?E:!\P>E?:!\P:OE@Z8O!D?@8Y@D>B:O!OPGR@W@O9:O!:8!OZPO! \P:OE@Z8O! YZ8Y:?8>8E! B>! \P>B@E9! R:! W@:! OD9Y@_@\P:! J! BU@8YZ8E@8:8Y:! >8>B:b! 2:! OYZ?:! :OE! @8E:?D?9E9!:8!_Z8YE@Z8!R:!\P>E?:!R@F:8O@Z8O!R:!?:E:8E@OO:F:8E![!B:!FZR:!R:!W@:!Q@E:FO! ;1]!;7]!;2]!;4]!;']!;6]!;/]!C7]!C3]!C5S]!B:!YZFDZ?E:F:8E!\P@!:8!?9OPBE:!Q@E:FO!;0]!;%]!;,]! ;o]!;5]!C2]!C/]!C,]!C$S]!B>!R9D?:OO@Z8!:E!BU:OE@F:!R:!OZ@!Q@E:FO!"]!C4]!C0]!C6]!C%]!Co]!mS!:E! :8_@8!B>!Lg8:!?:OO:8E@:!W@ONJNW@O!R:O!>PE?:O!Q@E:FO!;3]!C1]!C'Sb!%B!8UM!>!D>O!R:!OYZ?:!LBZG>B! ?9OPBE>8E! R:! Y:! \P:OE@Z88>@?:]! F>@O! P8! OYZ?:! OD9Y@_@\P:! DZP?! YK>\P:! R@F:8O@Z8! R:! \P>B@E9!R:!W@:b!2K>\P:!@E:F!:OE!YiE9!R:!"!QB:!DBPO!_>@GB:S!J!mQB:!F:@BB:P?S]!B>!FZM:88:!R:O! ?9DZ8O:O!:OE!:8OP@E:!_>@E:]!D>?!R@F:8O@Z8!RP!?:E:8E@OO:F:8E!OP?!B>!W@:!\PZE@R@:88:!["u]b!

3:!\P:OE@Z88>@?:!#).!:OE!P8!\P:OE@Z88>@?:!OP?!B:O!OMFDEiF:O!B@9O!J!BU@8YZ8E@8:8Y:! P?@8>@?:!RU:__Z?E!QE?Z@O!\P:OE@Z8O]!8ZE9:O!OP?!HS!:E!D>?!P?L:8EP?@:!QO:DE!\P:OE@Z8O]!8ZE9:O!

(21)

! ;<! OP?!;"S!:E!OP?!B:O!OMFDEiF:O!R:!RMOP?@:!QE?Z@O!\P:OE@Z8O]!8ZE9:O!OP?!HSb!2K>\P:!D>?E@:! :OE! :8OP@E:! ?:DZ?E9:! OP?! P8:! 9YK:BB:! >BB>8E! R:! <! QD>O! R:! OMFDEiF:S! J! H! QF>a@FPF! R:! OMFDEiF:O]!;"!DZP?!BUP?L:8EP?@:S!["x]b!

3:! \P:OE@Z88>@?:! 4@E?ZW@:! :OE! P8:! 9YK:BB:! R:! \P>B@E9! R:! W@:! YZFD?:8>8E! E?Z@O! \P:OE@Z8O!D?@8Y@D>B:O!\P@!9EPR@:8E!B:!?:E:8E@OO:F:8E!R:O!E?ZPGB:O!P?@8>@?:O!OP?!B>!\P>B@E9! R:!W@:b!2K>\P:!?9DZ8O:!:OE!8ZE9:!R:!"!J!rb!3:!OYZ?:!LBZG>B!:OE!B>!FZM:88:!R:O!8ZE:O!>Pa! \P:OE@Z8O!["I]b!

4>8O!P8!R:Pa@^F:!E:FDO]!P8:!:8\PgE:!E9B9DKZ8@\P:!>!9E9!YZ8RP@E:!>PD?^O!R:!EZPO! B:O! D>E@:8EOb! #8:! YZ8OPBE>E@Z8! E9B9DKZ8@\P:! OP?! B:P?! YZ8R@E@Z8! R:! W@:! >W:Y! B:! 8:P?ZOE@FPB>E:P?!>!9E9!F:89:b!'8_@8!P8:!O@FDB:!\P:OE@Z8!B:P?!>!9E9!DZO9:!>_@8!Rz9W>BP:?! B:P?! O>E@O_>YE@Z8! [! e2ZFF:8E! XPL:?@:`NWZPO! BU>DDZ?E! R:! B>! 8:P?ZOE@FPB>E@Z8! OP?! WZE?:! \P>B@E9!R:!W@:!qe!:8!B:P?!D?ZDZO>8E!R:!BU9W>BP:?!OP?!P8:!9YK:BB:!8PF9?@\P:!Q'$S!>BB>8E!R:! „r!QYU:OE!D@?:!\P:!EZPES!J!…r!QYU:OE!D>?_>@ES]!<!9E>8E!P8!9E>E!@8YK>8L9!D>?!?>DDZ?E!J!BU9E>E! >8E9?@:P?!>P!E?>@E:F:8Eb!!

3:O! ?9DZ8O:O! >Pa! R@__9?:8EO! \P:OE@Z88>@?:O! Z8E! 9E9! >8>BMO9:O]! R:! FgF:! \P:! B:O! ?9DZ8O:O! \P>B@E>E@W:O! ?:YP:@BB@:O! D>?! :8E?:E@:8! E9B9DKZ8@\P:b! 3>! FZ?G@R@E9! R:! Y:EE:! YZKZ?E:!R:!D>E@:8EO!OP@W@O!D?ZOD:YE@W:F:8E!>!9L>B:F:8E!9E9!YZBB@L9:!:E!>8>BMO9:b! #8!E:OE!E!R:!)EPR:8E!>!9E9!>DDB@\P9!DZP?!YZFD>?:?!B:O!9YK>8E@BBZ8O!>DD>?@9O]!>D?^O! W9?@_@Y>E@Z8!R:!B:P?!YZFD>?>G@B@E9b!1@8O@]!B:O!9YK>8E@BBZ8O!R:O!R:Pa!D9?@ZR:O!>W>8E!B:!E:OE! :E!>D?^O!B>!DZO:!RP!8:P?ZFZRPB>E:P?!Z8E!DP!gE?:!>8>BMO9Ob!3:!O:P@B!R:!O@L8@_@Y>E@W@E9!>!9E9! R9_@8@!J!r‚b! ! !

-

(22)

-! ;"!

**<<<O-50.#().-**

)Z-6)$)/*0$+.*+L#".-'"-()-1%1#()*+%,-X*)2(")#-UC-3+^#$"-bZ-! 3U9EPR:!DZ?E:!OP?!P8:!DZDPB>E@Z8!R:!rx!D>E@:8EO!Qrm!_:FF:O!:E!C!KZFF:OS]!fL9O!R:! rI]m!>8O!:8!FZM:88:!Q"uNIu!>8OS]!EZPO!OZP__?>8E!RUP8:!RZPGB:!@8YZ8E@8:8Y:!P?@8>@?:!:E! _9Y>B:b!!3:!OP@W@!FZM:8!:OE!Rz:8W@?Z8!r!>8O!Qu;]I!FZ@OSb! .ZP?!EZPO!B:O!D>E@:8EO]!B>!8:P?ZFZRPB>E@Z8!R:O!?>Y@8:O!O>Y?9:O!>!9E9!D?ZDZO9:!:8! R:Pa@^F:! @8E:8E@Z8]! >D?^O! 9YK:Y! R:O! EK9?>D@:O! R:! D?:F@^?:! B@L8:! [! E?>@E:F:8EO! F9R@Y>F:8E:Pa! :E! †@89O@EK9?>D@:b! 3:O! D>E@:8EO! Z8E! 9E9! OP@W@O! :E! ZD9?9O! D>?! R:Pa! YK@?P?L@:8O!Q.?!0>PYK:?Z8!:E!4?!7Z@BBZES]!:8E?:!X>8W@:?!;<<"!:E!F>?O!;<"<b!!

3:O! @8R@Y>E@Z8O! R:! B>! 8:P?ZFZRPB>E@Z8! OZ8E! W>?@9:Ob! %B! Oz>L@E! :OO:8E@:BB:F:8E! R:! 8:P?ZD>EK@:! DPR:8R>B:! QC<! D>E@:8E:OS]! Rz@8YZ8E@8:8Y:! @R@ZD>EK@\P:! Q""! D>E@:8EOS]! R:! 8:P?ZD>EK@:! >PE?:! Q";! D>E@:8EO]! RZ8E! C! Y>O! R:! OYB9?ZO:! :8! DB>\P:O! :E! ;! Y>O! R:! )D@8>! 7@_@R>]!C!Y>O!R:!OM8R?ZF:!R:!B>!\P:P:!R:!YK:W>B]!"!1&2]!"!5>B>R@:!R:!7:Kk:E]!"!)M8R?ZF:! R:!6P@BB>@8N7>??9!:E!"!OYB9?ZR:?F@:Sb!'8_@8]!m!D>E@:8EO!Z8E!P8:!@8YZ8E@8:8Y:!O9\P:BB>@?:! RUP8:!YK@?P?L@:!D:BW@:88:b! ! I!D>E@:8EO!Z8E!9E9!D?@O!:8!YK>?L:!@8@E@>B:F:8E!D>?!B:!O:?W@Y:!RUP?ZBZL@:]!DZP?!P8:! @8YZ8E@8:8Y:!P?@8>@?:!D?9DZ8R9?>8E:!OP?!BU@8YZ8E@8:8Y:!>8>B:b!mH!D>E@:8EO!D?ZW@:88:8E! RP!O:?W@Y:!R:!YK@?P?L@:!R@L:OE@W:]!J!Y>PO:!RzP8:!@8YZ8E@8:8Y:!>8>B:!>P!D?:F@:?!DB>8b!2:O! Z?@L@8:O! R@__9?:8E:O! :aDB@\P:8E! B:O! K9E9?ZL989@E9O! R:! D?@O:! :8! YK>?L:]! 8ZE>FF:8E! B>! ?9>B@O>E@Z8!8Z8!:aK>POE@W:!R:O!:aDBZ?>E@Z8O!YZFDB9F:8E>@?:Ob!3:O!D>E@:8EO!R:!YK@?P?L@:! R@L:OE@W:! 8UZ8E! D>O! EZPO! :P! RU:aDBZ?>E@Z8O! YZFDB9F:8E>@?:O! P?ZBZL@\P:O! QG@B>8! P?ZRM8>F@\P:]! Y>B:8R?@:?! F@YE@Z88:BS! :E! @8W:?O:F:8E! B:O! D>E@:8EO! RzP?ZBZL@:! 8UZ8E! D>O! EZPO!:P!R:!F>8ZF9E?@:!>8Z?:YE>B:]!ZP!Rz9YKZN:8RZOYZD@:!>8>B:b!

r;‚! QC<S! R:O! D>E@:8EO! Z8E! P8! >8E9Y9R:8E! R:! YK@?P?L@:! D:BW@ND9?@89>B:]! \P@! >! YZ8O@OE9! :8! P8:! YP?:! R:! D?ZB>DOPO! YK:`! "x! D>E@:8E:O]! P8:! YK@?P?L@:! RU@8YZ8E@8:8Y:! P?@8>@?:! RU:__Z?E! YK:`! x! D>E@:8E:O! Qu! G>8R:B:EE:! OZPONP?9E?>B:]! "! _?Z8R:! OZPONP?9E?>B:S]! P8:! ?9D>?>E@Z8! ODK@8YE9?@:88:! >8>B:! YK:`! r! D>E@:8EO]! P8:! YK@?P?L@:! DZP?! Y>8Y:?! YK:`! R:Pa!D>E@:8EO!QD?ZOE>E:YEZF@:!?>R@Y>B:!:E!YZBDZNKMOE9?:YEZF@:!EZE>B:!>W:Y!>88:a:YEZF@:! G@B>E9?>B:S!•! :8_@8]! "! D>E@:8E! >! :P! R:! FPBE@DB:O! P?9E?ZEZF@:Ob! #8:! D>E@:8E:! >! :P! P8:! D?ZYE:YEZF@:!DZP?!>†@89O@:!?:YE>B:!:E!:OE!R:W:8P:!@8YZ8E@8:8E:!>8>B:!R>8O!B:O!OP@E:Ob!

(23)

! ;;! ! =)2(")#-U[!2>?>YE9?@OE@\P:O!R:!B>!DZDPB>E@Z8! - ,-1)*+",*.-XaZ-o^"-X),,0".Z- rI]m!Q"uNIuS!! >"@"-$)*+%-X["&&"`7%&&"Z- "I!Qrm€CS! >#+M+-X&%+.Z- u;]I!Q"rN""uS! ;%*+3-'"-/%,.#(*)*+%,4- ! ---V-<,/%,*+,",/"-#$+,)+$"- I!Q"m‚S! V <,/%,*+,",/"-30/)(" mH!QIu‚S ?,*0/0'",*.-/K+$#$^+/)#@4- C;!Qru‚S! ---V-6#$"-'"-1$%()1.#.- "x!C<‚S! ---V-6K+$#$^+"-<8:- x!Q";‚S! ---V-501)$)*+%,-.1K+,/*0$+",,"-),)("- u!Q"<‚S! ---V-6),/"$- ;!QC‚S! ! ! ! ! [+^#$"-bO!+E@ZBZL@:O!R:!BU@8YZ8E@8:8Y:!_9Y>B:!ZP!P?@8>@?:! !

2Z->/%$".-.B&1*W&".-XY"@,"$-"*-8>PZ-! 3:!OYZ?:!R:!y:a8:?!>!9E9!B>?L:F:8E!PE@B@O9]!8ZE>FF:8E!DZP?!B:!OP@W@!R:O!D>E@:8EO! D?ZW:8>8E! RP! O:?W@Y:! R:! YK@?P?L@:! R@L:OE@W:b! 3:! OYZ?:! #).! >M>8E! 9E9! DBPO! ?9Y:FF:8E! R@__PO9! Q;<<IS! ["r]]! @B! 8U>! D>O! 9E9! R@OE?@GP9! OMOE9F>E@\P:F:8E! >Pa! D>E@:8EO]! :E! 8ZPO! R@ODZOZ8O!RZ8Y!P8@\P:F:8E!R:O!RZ889:O!?:YP:@BB@:O!W@>!B:O!\P:OE@Z88>@?:O!E?>8OF@O!D>?! YZP??@:?b!3:!E>GB:>P!;!@BBPOE?:!B:O!?9OPBE>EO!R:O!OYZ?:O!OMFDEiF:Ob! C<•!rC‚! ""•!"H‚! ";•!;"‚! m•!x‚! $'#(-.1*/%'!.#4'$413'! %4%-.1*/%ƒ#'! $'#(-3-6%ƒ#'! .-)*N2/%(#(6%213!

(24)

! ;C! 3U@8YZ8E@8:8Y:! _9Y>B:! >W>8E! 8:P?ZFZRPB>E@Z8! 9E>@E! O9W^?:! R>8O! B>! DZDPB>E@Z8! 9EPR@9:! Q"m]"€;<! :8! FZM:88:Sb! 1! B>! _@8! RP! OP@W@]! B:! OYZ?:! R:! y:a8:?! :OE! >F9B@Z?9! R:! _>kZ8!O@L8@_@Y>E@W:]!DP@O\P:!B>!FZM:88:!:OE!R:!x];€;<!:8!FZM:88:!QD!~<]<<"Sb! 3U@8YZ8E@8:8Y:!P?@8>@?:!YZ8Y:?8>@E!DBPEiE!P8:!@8YZ8E@8:8Y:!D>?!@FD9?@ZO@E9!Q8‡!;uS! ZP!F@aE:!Q8‡!"HS]!F>@O!\P:B\P:O!D>E@:8E:O!D?9O:8E>@:8E!P8:!@8YZ8E@8:8Y:!J!BU:__Z?E!DP?:! Q8‡ISb!'8_@8]!E?Z@O!D>E@:8EO!9E>@:8E!?9E:8E@Z88@OE:O!Q_@LP?:!mSb! ! ! [+^#$"-_O!)9F9@ZBZL@:!R:!BU@8YZ8E@8:8Y:!P?@8>@?:! ! 3:!OYZ?:!#).!>!9E9!>F9B@Z?9!OP?!B:O!OMFDEiF:O!R:!DZBB>†@P?@:!:E!RUP?L:8EP?@:]!R>8O! P8:! FZ@8R?:! F:OP?:! OP?! BU@8YZ8E@8:8Y:! P?@8>@?:! RU:__Z?E]! F>@O! D>O! RP! EZPE! DZP?! B>! RMOP?@:b!1@8O@]!B:!OYZ?:!RU@8YZ8E@8:8Y:!P?@8>@?:!J!BU:__Z?E!:OE!D>OO9!R:!C]I€H!:8!FZM:88:! >W>8E!E?>@E:F:8E!J!C];€H!:8!FZM:88:!>D?Ô!E?>@E:F:8E!QD!8Z8!O@L8@_@Y>E@_Sb!3U@FD9?@ZO@E9! :OE! D>OO9:! R:! I]I€;"! J! u]H€;"! QD~<]<rS! :8! FZM:88:]!?:OD:YE@W:F:8E! >W>8E! :E! >D?Ô! E?>@E:F:8Eb!1BZ?O!\P:!B>!RMOP?@:!:OE!R:F:P?9:!OE>GB:!J!"]m€H!:8!FZM:88:]!>W>8E!:E!>D?Ô! 8:P?ZFZRPB>E@Z8b

3:O! :8E?:E@:8O! E9B9DKZ8@\P:O! Z8E! D:?F@O! RUZGE:8@?! B:! W9YP! R:O! D>E@:8EO! OP?! B:P?O! OMFDEiF:O!_9Y>Pa!:E!P?@8>@?:Ob!!

2Z8Y:?8>8E! BU@8YZ8E@8:8Y:! _9Y>B:]! B:O! D>E@:8EO! B:O! DBPO! >F9B@Z?9O! R9Y?@W:8E! P8! ?9OPBE>E! eD>?_>@Ee]! O>P_! OU@BO! D?9O:8E:8E! R:O! O:BB:O! B@\P@R:O! QD>E@:8E:O! 8=! "x]! ;<! :E! mrSb! 2:?E>@8O!OP@W:8E!P8!?9L@F:!O>8O!_@G?:O!:E!D?:88:8E!R:!E:FDO!J!>PE?:O!R:O!F9R@Y>F:8EO! ?>B:8E@OO:P?O!R:!E?>8O@E!QR:!EMD:!3ZD9?>F@R:Sb! I•!"m‚! ;u•!mx‚! "H•!Cm‚! C•!r‚! !"#$"%!"&"#&'()!"*!)&'+' ,-&..$)%' !"#$"%!"&"#&'/*)' ()0&"%()!&' !"#$"%!"&"#&'()!"*!)&' 1!2%&' )3%&"%!$"'()!"*!)&' #4)$"!5(&'

(25)

! ;m! %B! >DD>?>tE! \P:! B:O! D>E@:8E:O! D?9O:8E>8E! P8:! @8YZ8E@8:8Y:! P?@8>@?:! RU:__Z?E! 8UZ8E! D>O! 9E9! >F9B@Z?9:O! D>?! B>! 8:P?ZFZRPB>E@Z8! QD>E@:8E:O! 8="]! u]! H]! "C]! "m]! ;u]! ;I! :E! mIS]! F>@O! P8:! D?ZFZ8EZ_@a>E@Z8! W9O@Y>B:! ZP! B>! DZO:! RUP8:! G>8R:B:EE:! P?@8>@?:! Z8E! D:?F@O! RU>F9B@Z?:?! B:P?O! OMFDEiF:O! P?@8>@?:Ob! 1@8O@]! B>! D>E@:8E:! 8=r<! \P@! D?9O:8E>@E! P8:! @8YZ8E@8:8Y:! P?@8>@?:! F@aE:! >! 9E9! >F9B@Z?9:! D>?! B>! DZO:! RUP8! *-*! DZP?! BU@8YZ8E@8:8Y:! P?@8>@?:! J! BU:__Z?E]! F>@O! :BB:! D?9O:8E:! P8:! DZBB>†@P?@:! BZ?O\P:! B:! 8:P?ZOE@FPB>E:P?! :OE! >??gE9b! 3:O! D>E@:8E:O! ?9E:8E@Z88@OE:O! Z8E! 9E9! >F9B@Z?9:O! Q8="<]! ""! :E! CHS! :E! B:O! >PEZOZ8R>L:O! Z8E! FgF:! DP! gE?:! >??gE9O! DZP?! B>! D>E@:8E:! 8="<b! ! 3:O! ";! D>E@:8E:O! R9Y?@W>8E!P8:!RMOP?@:!8UZ8E!D>O!9E9!>F9B@Z?9:O]!O>P_!B>!D>E@:8E:!8=!mC!\P@!>!D?9O:8E9!P8:! >F9B@Z?>E@Z8!R:!OZ8!OYZ?:!#).!R:!RMOP?@:!QD>OO>8E!R:!m€H!J!"€HSb!!

'8_@8]! Y:?E>@8O! D>E@:8EO! Q8="m]! mx! :E! ruS! R9Y?@W:8E! P8:! @FG?@Y>E@Z8! R:! B:P?O! OMFDEiF:O!D:BW@:8O]!>W:Y!P8!?:E:8E@OO:F:8E!P?@8>@?:!R:!B:P?!E?ZPGB:!RP!E?>8O@E!:E!W@Y:! :E!W:?O>b!!!

!

=)2(")#-S[!)YZ?:O!OMFDEiF:O!

>/%$"-.B&1*W&".- P$0+&1(),*)*+%,- P%.*V+&1(),*)*+%,- 1-Y"@,"$- "m]"!Q<N"HS! x];!Q<N"HS! ~<]<<"! 8>P4- ! ! ! ---V-<,/%,*+,",/"-'E"33%$*- C]I!Q<NHS! C];!Q<NHS! $)! ---V-7B1"$)/*+M+*0-M0.+/)("- I]I!Q<N"xS! u]H!Q<N"xS! ~<]<r! ---V-IB.#$+"- "]m!Q<NrS! "]m!Q<NuS! $)! !

/Z-\#)(+*0-'"-M+"-X[<\JC-I+*$%M+"-"*-:!Z-! 3>!\P>B@E9!R:!W@:!>!9E9!9W>BP9:!D>?!R:Pa!9YK:BB:O!OD9Y@_@\P:O!R:!Bz@8YZ8E@8:8Y:!_9Y>B:! Q0%ƒ3S!:E!R:!Bz@8YZ8E@8:8Y:!P?@8>@?:!Q4@E?ZW@:Sb!

3>! \P>B@E9! R:! W@:! OD9Y@_@\P:! R:! BU@8YZ8E@8:8Y:! _9Y>B:! :OE! >F9B@Z?9:! R>8O! EZPO! B:O! RZF>@8:O]! YU:OENJ! R@?:! FZR:! R:! W@:! QD~<]<;S]! YZFDZ?E:F:8E! QD~<]<"S]! @F>L:! R:! OZ@! QD~<]<"S! :E! \P>B@E9! R:! W@:! L989?>B:! QD~<]<"Sb! 3:! E>GB:>P! C! ?9OPF:! BU9WZBPE@Z8! R:! Y:O! OYZ?:O!R:!\P>B@E9!R:!W@:b!!

3>! \P>B@E9! R:! W@:! OD9Y@_@\P:! R:! BU@8YZ8E@8:8Y:! P?@8>@?:! :OE! >F9B@Z?9:! R:! _>kZ8! O@L8@_@Y>E@W:b! 1@8O@]! B>! FZM:88:! >W>8E! E?>@E:F:8E! 9E>@E! R:! C]<€"<! :E! R:W@:8E! >D?^O! E?>@E:F:8E!!;]C€"<!QD!~<]<rSb!

(26)

! ;r! 6BZG>B:F:8E]! B:O! D>E@:8EO! OZ8E! O>E@O_>@EO! DZP?! xC‚! Qm<€ruS! RU:8E?:! :Pab! "I‚! Q"<€ruS! O:! E?ZPW:8E! @8YK>8L9! D>?! ?>DDZ?E! J! B:P?! 9E>E! >8E9?@:P?! :E! H‚! Qr€ruS! D:8O:8E! \P:! B:! E?>@E:F:8E! D>?! 8:P?ZFZRPB>E@Z8! >! :FD@?9! B:P?! 9E>E! Q_@LP?:! rSb! ! 3:P?! @8R@Y:! R:! O>E@O_>YE@Z8! :OE! :8! FZM:88:! R:! ;]"€r! [Nr•! …r]b! ! 3>! _@LP?:! u! @BBPOE?:! B>! R@OE?@GPE@Z8! R:O! ?9DZ8O:O!R:O!D>E@:8EO!J!B>!\P:OE@Z8!DZO9:!D>?!E9B9DKZ8:[!e2ZFF:8E!XPL:`NWZPO!BU>DDZ?E! R:!B>!8:P?ZFZRPB>E@Z8!R>8O!B:!E?>@E:F:8E!R:!WZE?:!@8YZ8E@8:8Y:!qe! =)2(")#-b[!ƒP:OE@Z88>@?:O!\P>B@E9!R:!W@:! \#".*+%,,)+$".-\'l- P$0V+&1(),*)*+%,- P%.*V+&1(),*)*+%,- 1-[<\J4- ! ! ! ---V-;%'"-'"-M+"- "]H!Q"NC]"S! ;]m!Q"]xNC]uS! ~<]<"! ---V-6%&1%$*"&",*- "]C!Q"N;]"S! "]H!Q"NC]CS! ~<]<;! ---VI01$"..+%,-'"-.%+- ;!Q"NC];S! ;]x!Q"Nm];S! ~<]<"! ---V-90,0$)(- "]m!Q"N;]CS! ;]<!Q"NC]uS! ~<]<"! I+*$%M+"- C]<!Q"Nm]IS! ;]C!Q"Nm]"S! ~<]<r! ! ! ! [+^#$"-QO!(9D>?E@E@Z8!R:O!E>Pa!R:!O>E@O_>YE@Z8b! ! m<•!xC‚! r•!H‚! "<•!"I‚! 15+3%-(+! 4+*+(%-(+! %$2/1$6+!

(27)

! ;u! ! [+^#$"-kO!'W>BP>E@Z8!LBZG>B:!R:!B>!\P>B@E9!R:!W@:!>W:Y!B>!8:P?ZFZRPB>E@Z8b! !

'Z-:33"*.-."/%,')+$".-!

3:! E>Pa! R:! ?9N@8E:?W:8E@Z8O! R>8O! 8ZE?:! O9?@:! :OE! R:! ;I]r‚b! 2@8\! YK>8L:F:8EO! R:! GZ@E@:?!:8!?>@OZ8!RzP8:!R9DB9E@Z8!R:!B>!G>EE:?@:!RP!OE@FPB>E:P?!Z8E!9E9!?9>B@O9O]!OP?W:8>8E! :8E?:!m!:E!"<!>8O!>D?^O!B>!DZO:]!OZ@E!:8!FZM:88:!>D?^O!u!>8O!:E!C!FZ@O!RUPE@B@O>E@Z8b!#8:! 9B:YE?ZR:!>!Rh!gE?:!YK>8L9:!:8!?>@OZ8!RUP8:!F@L?>E@Z8!QD>E@:8E:!8=CSb!!

)@a! D>E@:8EO! Z8E! D?9O:8E9! R:O! RZPB:P?O! >M>8E! 89Y:OO@E9! BU:aDB>8E>E@Z8! DZP?! Y@8\! RU:8E?:! :Pab! 3:O! RZPB:P?O! 9E>@:8E! O@EP9:O! >P! 8@W:>P! RP! O@E:! RU@FDB>8E>E@Z8! RP! GZ@E@:?b! .ZP?! Y:?E>@8O! D>E@:8EO]! @B! OU>L@OO>@E! R:! RZPB:P?O! 8:P?ZBZL@\P:O! R>8O! B:! E:??@EZ@?:! )C]! :E! DZP?!R:Pa!D>E@:8EO!R:!RZPB:P?O!DOMYKZBZL@\P:O!ZP!RU>8LZ@OO:!QD>E@:8EO!8=;C!:E!r"Sb!3:O! RZPB:P?O! D:BW@:88:O! R:! B>! D>E@:8E:! 8=;C! 8UZ8E! D>O! 9E9! >F9B@Z?9:O! D>?! BU>GB>E@Z8! RP! 8:P?ZOE@FPB>E:P?b!

4:Pa! @8_:YE@Z8O! RP! O@E:! ZD9?>EZ@?:! QC]u‚S! Z8E! 9E9! J! R9DBZ?:?]! \P@! Z8E! 89Y:OO@E9! BU>GB>E@Z8!RP!F>E9?@:Bb!1PYP8:!@8_:YE@Z8!L?>W:!8U>!9E9!8ZE9:b!#8:!D>E@:8E:!Q8=m<S!8U>!D>O! OZPK>@E9! gE?:! ?9N@FDB>8E9:! F>BL?9! B:O! GZ8O! ?9OPBE>EO! @8@E@>Pab! #8:! D>E@:8E:! >! 9E9! ?9N @FDB>8E9:!R>8O!P8!>PE?:!Y:8E?:!:8!?>@OZ8!RzP8!R9F98>L:F:8E!Q8=r;Sb!

'8_@8]! E?Z@O! D>E@:8EO! Z8E! OZPK>@E9! BU>GB>E@Z8! RP! F>E9?@:B! R:W>8E! BU9YK:Y! RP! E?>@E:F:8E!Q8="r]!;r!:E!CISb! Nr! Nm! NC! N;! N"! <! "! ;! C! m! r! "! C! r! x! H! ""!"C!"r!"x!"H!;"!;C!;r!;x!;H!C"!CC!Cr!Cx!CH!m"!mC!mr!mx!mH!r"!rC!rr! >) *+ .3 )/ *+ % , -^( % 2 )( "-

(28)

P)*+",*.-! ;x! ! 1@8O@]!D>?F@!Y:O!?9N@8E:?W:8E@Z8O]!O:PB:O!";‚!BUZ8E!9E9!DZP?!R:O!YZFDB@Y>E@Z8O!R:! B>! 8:P?ZFZRPB>E@Z8! R:O! ?>Y@8:O! O>Y?9:O! Q@8_:YE@Z8O]! RZPB:P?OSb! 3:O! >PE?:O! ?9N @8E:?W:8E@Z8O]!OZ@E!"u‚]!Z8E!9E9!?9>B@O9:O!OZ@E!D>?!YZ8W:8>8Y:!O@!B:O!D>E@:8EO!8:!WZPB>@:8E! D>O! L>?R:?! B:! OMOE^F:! D>?Y:! \PU@BO! B:! XPL:>@:8E! @8:__@Y>Y:]! OZ@E! :8! ?>@OZ8! R:! BU9WZBPE@Z8!

(29)

! ;I!

<lO-I+./#..+%,-!

.:P!RU9EPR:O!Z8E!9E9!?9>B@O9:O!DZP?!9W>BP:?!BU:__@Y>Y@E9!R:!B>!8:P?ZFZRPB>E@Z8!R>8O! B>! RZPGB:! @8YZ8E@8:8Y:! P?@8>@?:! :E! _9Y>B:! ["H]b! 2:! E?>@E:F:8E! :OE! @8R@\P9! DZP?! E?>@E:?! O9D>?9F:8E!Y:O!R:Pa!D>EKZBZL@:O!["•;]]!\P@!OZ8E!B@9:O!R>8O!P8!8ZFG?:!8Z8!89LB@L:>GB:! R:!Y>O![;<N;;]b!1@8O@]!B>!RZPGB:!@8YZ8E@8:8Y:!YZ8Y:?8:!C‚!R:!B>!DZDPB>E@Z8!L989?>B:b!;"! J! C<‚! R:O! D>E@:8EO! D?9O:8E>8E! P8:! @8YZ8E@8:8Y:! P?@8>@?:! D?9O:8E:8E! 9L>B:F:8E! P8:! @8YZ8E@8:8Y:! _9Y>B:! :E! R:! B>! FgF:! _>kZ8]! m<! J! ux‚! R:O! D>E@:8EO! D?9O:8E>8E! P8:! @8YZ8E@8:8Y:!_9Y>B:!D?9O:8E:8E!9L>B:F:8E!P8:!@8YZ8E@8:8Y:!P?@8>@?:!["H]b!

4>8O!8ZE?:!9EPR:]!xC‚!R:!D>E@:8EO!OZ8E!LBZG>B:F:8E!O>E@O_>@EOb!4>8O!B>!B@EE9?>EP?:]! B:O!E>Pa!R:!O>E@O_>YE@Z8!OZ8E!R:!I<‚!:8!FZM:88:!OP?!B:!DB>8!P?@8>@?:!:E!R:!xr!J!"<<‚! OP?!B:!DB>8!_9Y>B![;C]b!#8:!9EPR:!!8ZE:!R:O!E>Pa!RU>F9B@Z?>E@Z8]!9W>BP9O!OP?!B:!Y>B:8R?@:?! F@YE@Z88:B]!B:!OYZ?:!5/#!Q5:OP?:!RP!/>8R@Y>D!#?@8>@?:S!:E!B:!G@B>8!P?ZRM8>F@\P:]!R:! mu‚! [;m]b! 3:! OYZ?:! 5/#! 9E>@E! DZP?E>8E! >F9B@Z?9! R>8O! EZPO! B:O! RZF>@8:O]! F>@O! B:O! Y?@E^?:O!R:!XPL:F:8E!9E>@:8E!DBPO!O9W^?:Ob!!

1@8O@]! ! R>8O! 8ZE?:! 9EPR:]! P8! _>@GB:! E>Pa! RU>F9B@Z?>E@Z8! :OE! ZGO:?W9! >P! 8@W:>P! R:O! OYZ?:ONOMFDEiF:Ob!3>!\P>B@E9!R:!W@:!O:FGB:!G:>PYZPD!DBPO!O:8O@GB:!J!R:O!YK>8L:F:8EO! F@8@F:O!R>8O!B>!W@:!R:O!D>E@:8EO!:E!O:!E?ZPW:!>F9B@Z?9:!R:!_>kZ8!8Z8!D?ZDZ?E@Z88:BB:b! 4>8O!Y:?E>@8:O!9EPR:O]!@B!:OE!8ZE9!B>!R@__@YPBE9!R:!_>@?:!>GOE?>YE@Z8!R:!BU:__:E!DB>Y:GZ]!Y:! \P@!O:FGB:!O:!?:_B9E:?!R>8O!Y:O!?9OPBE>EO![;r]b!! 3:!Y>?>YE^?:!?9E?ZOD:YE@_!R:!8ZE?:!O9?@:]!R:!FgF:!\P:!BUK9E9?ZL989@E9!R:!D?@O:!:8! YK>?L:!R:O!D>E@:8EO!:8E?:!B:O!O:?W@Y:O!RUP?ZBZL@:!:E!R:!YK@?P?L@:!R@L:OE@W:!8:!D:?F:E!D>O! R:! YZ8YBP?:! OP?! B:O! FZR@_@Y>E@Z8O! D>?>YB@8@\P:O! QF>8ZF9E?@:! >8Z?:YE>B:]! 9YKZN :8RZOYZD@:!RP!ODK@8YE:?!>8>B]!G@B>8!P?ZRM8>F@\P:]!@F>L:?@:]!'56!D9?@89>BSb!%B!M!>!E?ZD! R:! RZ889:O! F>8\P>8E:Ob! 2U:OE! DZP?\PZ@! @BO! 8UZ8E! D>O! 9E9! >RF@O! YZFF:! Y?@E^?:! R:! XPL:F:8Eb! 2:D:8R>8E]! B:O! RZ889:O! R:! B>! B@EE9?>EP?:! [;m];r]]! 8:! E:8R:8E! D>O! J! FZ8E?:?! BU:a@OE:8Y:! RUP8:! YZ??9B>E@Z8! :8E?:! B:O! ZGO:?W>E@Z8O! YB@8@\P:O! :E! D>?>YB@8@\P:O]! \P>8R! G@:8!FgF:!:BB:O!OZ8E!_>@E:O!OP?!R:!D:E@EO!9YK>8E@BBZ8Ob!

%B!O:FGB:!O:!R9L>L:?!R:!Y:O!?9OPBE>EO!\P:!B:O!D>E@:8EO!OZ8E!DBPO!>F9B@Z?9O!OP?!B:P?O! OMFDEiF:O! D?9DZ8R9?>8EOb! 1@8O@]! B:O! D>E@:8EO! D?@O! :8! YK>?L:! @8@E@>B:F:8E! DZP?! P8:! @8YZ8E@8:8Y:! _9Y>B:! F>@O! D?9O:8E>8E! P8! Y:?E>@8! R:L?9! RU@8YZ8E@8:8Y:! P?@8>@?:]! O:?Z8E! DBPO! W?>@O:FGB>GB:F:8E! O>E@O_>@EO! OP?! B:! DB>8! >8>B! \P:! OP?! B:! DB>8! P?@8>@?:! :E!

(30)

! ;H! ?9Y@D?Z\P:F:8Eb! #8:! :8\PgE:! R:! O>E@O_>YE@Z8! F:89:! >Pa! .>MON7>O! OP?! DBPO! R:! ;<<! D>E@:8EO!OZP__?>8E!RU@8YZ8E@8:8Y:!P?@8>@?:]!FZ8E?:!R:O!?9OPBE>EO!O@F@B>@?:O]!>W:Y!H<‚!R:! O>E@O_>YE@Z8! LBZG>B:b! 2:D:8R>8E]! BZ?O\P:! \PUP8:! @8YZ8E@8:8Y:! >8>B:! M! :OE! >OOZY@9:]! B:O! D>E@:8EO! 8:! ?>DDZ?E:8E! \P:! mI‚! RU>F9B@Z?>E@Z8b! (>8R>BB! YZ8YBPE! \P:! B:! E>Pa! R:! O>E@O_>YE@Z8!R@F@8P:!BZ?O\P:!B:!8ZFG?:!R:!YZFZ?G@R@E9O!D9?@89>B:O!>PLF:8E:![;u]b!!

2Z8Y:?8>8E! B:O! YZFDB@Y>E@Z8O! R:! B>! 8:P?ZFZRPB>E@Z8! R:O! ?>Y@8:O! O>Y?9:O]! 8ZE?:! O9?@:! OU@8OY?@E! R>8O! B>! FZM:88:! DPGB@9:! R>8O! B>! B@EE9?>EP?:! [;xN;H]]! >W:Y! ";‚! R:! YZFDB@Y>E@Z8O! :E! ;I]r‚! R:! ?9W@O@Z8O! YK@?P?L@Y>B:Ob! 3>! RZPB:P?! ?:D?9O:8E:! BU:__:E! O:YZ8R>@?:!B:!DBPO!_?9\P:8E!Q"<‚Sb!1@8O@]!B>!L?>8R:!O9?@:!:P?ZD9:88:!:E!8Z?R!>F9?@Y>@8:! R:!)@:L:B!:E!>Bb!ZGX:YE@W:!"r]C‚!R:!RZPB:P?O]!u]"‚!RU@8_:YE@Z8!:E!CC]C‚!R:!?9W@O@Z8O!R:O! R@ODZO@E@_Ob!

.>?!>@BB:P?O]!@B!_>PE!8ZE:?!\P:!Y:?E>@8O!D>E@:8EO!L?:8ZGBZ@O!Z8E!9E9!@FDB>8E9O!:8E?:! ;<<"! :E! ;<<rb! -?]! R:DP@O! ;<<r]! @B! :a@OE:! P8:! 8ZPW:BB:! 9B:YE?ZR:! DZOO9R>8E! R:O! >@B:EE:O! RU>8Y?>L:!\P@!D:?F:EE:8E!R:!?9RP@?:!B:!?@O\P:!R:!F@L?>E@Z8![C<]b!1@8O@]!R>8O!8ZE?:!O9?@:]! P8:!O:PB:!F@L?>E@Z8!>!9E9!?:B:W9:]!>BZ?O!\P:!C<‚!R:O!D>E@:8EO!Z8E!9E9!@FDB>8E9O!>W>8E! ;<<rb!

#8! OP@W@! YB@8@\P:! D>?! >PEZN\P:OE@Z88>@?:]! Y>B:8R?@:?! F@YE@Z88:B! :E! Y>B:8R?@:?! R:O! O:BB:O!O:FGB:!B:!DBPO!>DD?ZD?@9]!Y>?!B>!L?>W@E9!R:O!OMFDEiF:O!D?9O:8E9O!D>?!B:O!D>E@:8EO! 8U:OE! D>O! YZ??9B9! J! B:P?! @FD>YE! OP?! B>! \P>B@E9! R:! W@:b! 2:! OP@W@! YB@8@\P:! :OE! RU>@BB:P?O! ?:YZFF>8R9! D>?! BU/1)]! >@8O@! \P:! D>?! B:! YZF@E9! RU:aD:?E! R:! BU1OOZY@>E@Z8! 0?>8k>@O:! RU#?ZBZL@:! [C"]b! 3:! G@B>8! D>?>YB@8@\P:! QF>8ZF9E?@:! >8Z?:YE>B:]! YMOEZF>8ZF9E?@:]! @F>L:?@:S!D:?F:EE?>!D:PENgE?:]!BP@]!R:!YZFD?:8R?:!B:O!F9Y>8@OF:O!DKMO@ZBZL@\P:O!R:!B>!

(31)

(32)

! C"!

l<O5030$",/".

-["]b! G2*! H&88&,8'&4I! JKLKGK! &)! 2-K! M&%(-)%! '3! %2482-! *&(8'0'6(-2).'*! )#&82+?! 3'8! (8.*28?! F'.6.*N!6?%3(*4).'*!O!>()4'0&%!'3!2!+8'%+&4).F&P!Q'8-6Q.6&P!4-.*.42-!%)(6?K!R!S8'-!<==T!U!9TV! O!<=<:W<=XY! ! [;]b!B2)Z&-!HL!&)!2-P!;+.*2-!*&8F&!%).0(-2).'*!3'8!32&42-!.*4'*).*&*4&!"#&![2*4&)P!<==YP!X\X! O!9<T=W9<T\! ! [C]b!R288&))!BLP!B'Q2))!7P!7-2Z&*&8!]B^P!_82%&8!]P!`.4#'--%!MRP!782*)!^B!&)!2-K!;?%)&02).4! 8&F.&Q!'3!%2482-!*&8F&!%).0(-2).'*!3'8!32&42-!.*4'*).*&*4&!2*6!4'*%).+2).'*K!a8!R!;(8NK!<==Y! U!:9!O!9bb:W9b\:! !

[m]b!6&! ;$Z&! BP!M2.,2()! JP!72--.&*! JP!LF&*W;4#*&.6&8! ^P!D&*?%! JP!a'**.2(6! GP!7205! cP!

^028&*4'! 7K! "82*%4()2*&'(%! +'%)&8.'8! ).,.2-! *&8F&! %).0(-2).'*! 3'8! )8&2)0&*)! '3! )#&! 'F&824).F&! ,-266&8! %?*68'0&! .*! 0(-).+-&! %4-&8'%.%O! 8&%(-)%! '3! 2! 0(-).4&*)&8! +8'%+&4).F&! %)(6?K!`&(8'(8'-!S8'6?*K!<=99!U!X=!O!X=\WX99!

! !

[r]b! G2*! H&88&,8'&4I! JLK! ^6F2*4&%! .*! )#&! 8'-&! '3! %2482-! *&8F&! *&(8'0'6(-2).'*! .*! -'Q&8! (8.*28?! )824)! %?0+)'0%K! E*)! S8'N?*&4'-! R! J&-F.4! 3-''8! 6?%3(*4)K! <=9=! U! <9! d%(++-! <e! O! Y\TW YTY! ! [u]b!`2%#'-6!a;!R8P!_8.&602*!fP!7-&**!R_P!78.0&%!RfP!a288?!g_P!^F&8?!MK!L-&4)8'0.4)(8.).'*! .*!+282+-&N.2K!E0+-2*)2).'*!'3!2!%+.*2-!*&(8'+8'%)#&%.%K!^84#!;(8NK!9:T<!U!9=Y!O!9:bW<=<! ! [x]b!"2*2N#'!L^P!;4#0.6)!M^K!a-266&8!+24&02I&8U!%4.&*).3.4!,2%.%!2*6!4-.*.42-!3()(8&K!R!S8'-! 9:V<!U!<=!O!\9Yh\9:! !

[I]b! B2)Z&-! HLP! ;4#0.6)! M^P! "2*2N#'! L^K! `&(8'2*2)'0?! '3! )#&! %)8.2)&6! 0(%4(-28! 2*2-! 4'*).*&*4&!0&4#2*.%0O!.0+-.42).'*%!3'8!)#&!(%&!'3!*&(8'%).0(-2).'*K!D.%!]'-!M&4)(0!9::=!U! XX!O!\\\W\TX!

!

[H]b!B2)Z&-! HLP! ;)26&-02.&8! SP! f'#&*3&--*&8! BP! 72--! _J! d9::be! L-&4)8.42-! %).0(-2).'*! '3! %2482-!%+.*2-!*&8F&%!3'8!)8&2)0&*)!'3!32&42-!.*4'*).*&*4&K![2*4&)!XY\!dV:VXe!O!99<Yh99<T! ! ["<]b#))+OiiQQQK362KN'FiB&6.42-D&F.4&%iJ8'6(4)%2*6B&6.42-J8'4&6(8&%iD&F.4&^++8'F2 -%2*6]-&282*4&%iJB^^++8'F2-%i(4099:VY\K#)0! ! [""]b!#))+OiiQQQK#2%W%2*)&K38i+'8)2.-i(+-'26i6'4%i2++-.42).'*i+63i++=<==<:K+63! ! [";]b! #))+OiiQQQK#2%W%2*)&K38i+'8)2.-i(+-'26i6'4%i2++-.42).'*i+63i<==:W9<i4*&6.0)%W <9X<W.*)&8%).0K+63! ! ["C]b!]#&&)#20!BRP!H&*&3.4I!`RP!H200!B^K!`'*W%(8N.42-!)8&2)0&*)!'3!32&42-!.*4'*).*&*4&K! f'%+!B&6!<==9!U!\<!O!bXV!h!bY9! ! !

(33)

! C;! ["m]b!J&)&8%!HBP!H.--.*N&8!H^P!a'(82!R^K!E%!%&*%'8?!)&%).*N!6(8.*N!-&26!+-24&0&*)!48(4.2-!3'8! 24#.&F.*N! +'%.).F&! '()4'0&%! 23)&8! %2482-! *&(8'0'6(-2).'*j! ! `&(8'(8'-! S8'6?*K! <=99! R(*! 9YK!6'.O!9=K9==<i*2(K<99<<K!kL+(,!2#&26!'3!+8.*)l!

!

["r]b!R'8N&! RBP! g&m*&8! ;DK! L).'-'N?! 2*6! 02*2N&0&*)! '3! 3&42-! .*4'*).*&*4&K! D.%! ]'-'*! M&4)(0K!9::X!U!X\!O!TTW:K! ! ["u]b!M'4IQ''6!"fP!]#(84#!RBP!_-&%#02*!RgP!&)!2-K!_&42-!.*4'*).*&*4&!/(2-.)?!'3!-.3&!%42-&O! /(2-.)?!'3!-.3&!.*%)8(0&*)!3'8!+2).&*)%!Q.)#!3&42-!.*4'*).*&*4&K!D.%!]'-'*!M&4)(0!<===!U!YX!O! :h9\! !

["x]b!f22,! _P!M.4#286! _P!^028&*4'! 7P!]'-',?! JP!^8*'(-6! aP!a&*0&6n2#&6! HP!7(.--&0.*! EP!

78.%&! JK! ]'0+8&#&*%.F&! &F2-(2).'*! '3! ,-266&8! 2*6! (8&)#82-! 6?%3(*4).'*! %?0+)'0%O! 6&F&-'+0&*)! 2*6! +%?4#'0&)8.4! F2-.62).'*! '3! )#&! S8.*28?! ;?0+)'0! J8'3.-&! dS;Je! /(&%).'**2.8&K!S8'-'N?!<==V!U!T9!O!\Y\W\b\!

!

["I]b!B28/(.%!JKP!^028&*4'!7KP!;2+&6&!]KP!R'%%&82*6!_KP!B4!]28)#?!]KP!o&8,.,!BKP!M.4#286!_KP! R24/(&).*! aK! PG.--&)! MKP! [&8.4#&! aKP! ]2%2*'F2! R0K! pL-2,'82).'*! &)! F2-.62).'*! 6C(*! /(&%).'**2.8&! /(2-.)5! 6&! F.&! %+54.3./(&! 6&! -C.0+58.'%.)5! 0.4).'**&--&! 4#&Z! -2! 3&00&p! J8'N! S8'-!9::T!U!T!O!b\W\X! ! ["H]b![&8'.!^BK!"#&!8'-&!'3!%2482-!*&(8'0'6(-2).'*!.*!6'(,-&!.*4'*).*&*4&K!]'-'8&4)2-!D.%! <=99!U!9Xd%(++-!<e!O!9bW9V! ! [;<]b! 7'*Z2!"#W!"#$%&$'(' )*+' ,-.%' !+' /0#1$"-2' ,,+' 3-4.5-' 67+' 7$.22' 86+' 7$9%$"' :3;' J8&F2-&*4&!2*6!%&F&8.)?!'3!(8.*28?!.*4'*).*&*4&!2*6!+&-F.4!N&*.)2-!+8'-2+%&!.*!3&02-&%!Q.)#! 2*2-!.*4'*).*&*4&!'8!8&4)2-!+8'-2+%&K!D.%!]'-'*!M&4)(0!<==9!U!YY!O!:<=h:<\! !

[;"b! ]B&%4#.2! BP! a('*2N(.6.! ^P! J.328')).! JP! ;'0.N-.2*2! LP! ;+&**244#.'! BP! ^0.428&--.! _K! J8&F2-&*4&! '3! 2*2-! .*4'*).*&*4&! .*! Q'0&*! Q.)#! %?0+)'0%! '3! (8.*28?! .*4'*).*&*4&! 2*6! N&*.)2-!+8'-2+%&K!>,%)&)!7?*&4'-!<==<!U!9==!O!T9:hT<X!

!

[;;]b!R24I%'*! ;[P! g&,&8! ^BP! f(--! "[P! B.)4#.*%'*! ^MP! g2-)&8%! BDK! _&42-! .*4'*).*&*4&! .*! Q'0&*! Q.)#! (8.*28?! .*4'*).*&*4&! 2*6! +&-F.4! '8N2*! +8'-2+%&K! >,%)&)! 7?*&4'-! 9::T! U! V:! O! Y<XhY<T!

!

[;C]b! ^K!LF&*W;4#*&.6&8P!^K!;4#*.)Z-&8P!LK!]#28).&8WH&%%-&8P!JK!D&*?%K!`&(8'0'6(-2).'*!6&%! 824.*&%!%2485&%O!8&F(&!6&!-2!-.))582)(8&K![&))K!B&6K!J#?%K!M5262+)K!<=9=!U!<\!O!!V\W:9!

!

[;m]b! ! 7.N*'(m! ^P! [&! `'802*6! [P! [2,2)! RRP! a'(4#')! >P! M.N2(6! RP! a(Z&-.*! RBK! L)(6&! %(8! -C&33.424.)5! &)! -&%! 4'0+-.42).'*%! 1! 0'?&*! )&80&! 6&! Y9! .0+-2*)2).'*%! 6&! *&(8'0'6(-2)&(8! 6&%! 824.*&%! %2485&%! 62*%! -&%! )8'(,-&%! (8.*2.8&%! 853824)2.8&%K! J8'N8! S8'-! <==T! U! 9T! O! 9XbbW 9X\9!

! ! !

(34)

! CC! [;r]b! _2(4#&8'*! R[P! a'%)! MP! D(33'(8*&)! GP! D(+(?! ;P! ]286.*! `P! a'*2Z! aK! ;2482-! *&(8'0'6(-2).'*! .*! )#&! )8&2)0&*)! '3! %&F&8&! 2*2-! .*4'*).*&*4&K! _'8)?! 4'*%&4().F&! 42%&%! )8&2)&6!.*!'*&!.*%).)().'*K!72%)8'&*)&8'-!]-.*!a.'-K!<==\!U!X=!O!\\:W\T<!

!

[;u]b! [&'*N!MHP!B284&-.%%&*!"^P!`.&02*!_fP!D&!a.&!M^P!G2*!H&88&,8'&4I!JLP!D&!g24#)&8! ;7K! ;2).%324).'*! 2*6! +2).&*)! &m+&8.&*4&! Q.)#! %2482-! *&(8'0'6(-2).'*O! 8&%(-)%! '3! 2! %.*N-&! 4&*)&8!%20+-&!%(8F&?K!R!S8'-!<=99!U!9Vb!O!bVVWb:<!

!

[;x]b!;.&N&-! ;gP! ]2)2*Z28'! _P! D.nI&02! fLP! L-#.-2-.! BBP! _'Q-&8! ]RP! 72n&Q%I.! RaP! f2%%'(*2! BBP! R2*I*&N)! M^P! R'*2%! SP! F2*! H&88&,8'&4I! JLP! [?4I-202! 2! `.n&#'-)! ^^P! >-&%'*! H^P! ;4#0.6)! M^! d<===e! ['*NW)&80! 8&%(-)%! '3! 2! 0(-).4&*)&8! %)(6?! '*! %2482-! *&8F&! %).0(-2).'*! 3'8! )8&2)0&*)! '3! (8.*28?! (8N&! .*4'*).*&*4&P! (8N&*4?h38&/(&*4?P! 2*6! 8&)&*).'*K! S8'-'N?! <===!U!b\!O!VTh:9!

! !

[;I]b! _2(4#&8'*! R[P! G'.8.*! DP! a26.4! aK! ;2482-! *&8F&! %).0(-2).'*! 3'8! 3&42-! .*4'*).*&*4&O! 42(%&%!'3!%(8N.42-!8&F.%.'*!38'0!2!%&8.&!'3!VT!4'*%&4().F&!+2).&*)%!'+&82)&6!'*!.*!2!%.*N-&! .*%).)().'*K!D.%!]'-'*!M&4)(0!<=9=!U!bX!O!9b9=W9b9T!

!

[;H]b!g&m*&8!;DP!f(--!"P!L66&*!qP!]'--&8!R^P!D&F8'&6&!7P!B4]2--(0!MP!]#2*!BP!^?%4(&!RBP!

;#',&.8.!^;P!B28N'-.*!DP!L*N-2*6!BP!H2(302*!fP!;*2+&!gRP!B()-(!LP!]#(2!fP!J&)).)!JP!`2N-&! DP!B26'33!MDP![&8&Q!DMP!B&--N8&*!^K!E*3&4).'*!82)&%!.*!2!-28N&!.*F&%).N2).'*2-!)8.2-!'3!%2482-! *&8F&!%).0(-2).'*!3'8!3&42-!.*4'*).*&*4&K!R!72%)8'.*)&%)!;(8N!<=9=!U!9Y!O9=V9W9=V:!

! ! [C<]b!;+.*&--.BP!7.286&--'!7P!^86(.*.!^P!G2*!D&8!f'0,&8#!SK!`&Q!+&84()2*&'(%!)&4#*./(&!'3! %2482-!*&8F&!%).0(-2).'*!#2%!#.N#!.*.).2-!%(44&%%!82)&O!+8&-.0.*28?!8&%(-)%K!L(8!S8'-!<==X!U! YX!O!T=WTY! ! ! !

[C"]b! ]286')! GP! a&8-.Z')! JP! [&! `'802*6! [U! ]'00.))&&! '*! g'0&*C%! S8'-'N?! 2*6! +&-F.+&8.*&'-'N?P! _8&*4#! ^%%'4.2).'*! '3! S8'-'N?K! 7(.6&-.*&%! 3'8! )#&! )8&2)0&*)! '3! (8.*28?! .*4'*).*&*4&! .*! Q'0&*! Q.)#! 8&3824)'8?! .6.'+2)#.4! F&%.42-! #?+&824).F.)?! (%.*N! %2482-! *&(8'0'6(-2).'*K!J8'N!S8'-!<=9=!U!<=!;(++-!<!O!;9\9W9\:! !

(35)

! Cm!

l<<O-?,,"@".--

?,,"@"U4>/%$"'"Y"@,"$

- UO-l%#.-)$$+M"V*V+(-'N)M%+$-'".-3#+*".-+,/%,*$W(0".-'"-^)p-q--! <!N!,>F>@O]!! "!N!5Z@8O!RzP8:!_Z@O!D>?!FZ@O]!! ;!N!5Z@8O!RzP8:!_Z@O!D>?!O:F>@8:]!! C!N!.BPO!RzP8:!_Z@O!D>?!O:F>@8:]!! m!N!#8:!_Z@O!D>?!XZP?!ZP!DBPO! ! ! SO-l%#.-)$$+M"V*V+(-'E)M%+$-'".-3#+*".-),)(".-+,/%,*$W(0".-'"-."((".-(+L#+'".q--! <!N!,>F>@O]!! "!N!5Z@8O!RzP8:!_Z@O!D>?!FZ@O]!! ;!N!5Z@8O!RzP8:!_Z@O!D>?!O:F>@8:]!! C!N!.BPO!RzP8:!_Z@O!D>?!O:F>@8:]!! m!N!#8:!_Z@O!D>?!XZP?!ZP!DBPO! ! ! bO-l%#.-)$$+M"V*V+(-'E)M%+$-'".-3#+*".-),)(".-+,/%,*$W(0".-'"-."((".-3%$&0".q-! <!N!,>F>@O]!! "!N!5Z@8O!RzP8:!_Z@O!D>?!FZ@O]!! ;!N!5Z@8O!RzP8:!_Z@O!D>?!O:F>@8:]!! C!N!.BPO!RzP8:!_Z@O!D>?!O:F>@8:]!! m!N!#8:!_Z@O!D>?!XZP?!ZP!DBPO! ! ! _O-r-/)#."-'".-3#+*".-),)(".C-'"M"pVM%#.-1%$*"$-'".-^)$,+*#$".q-! <!N!,>F>@O]!! "!N!(>?:F:8E]!! ;!N!.>?_Z@O]!! C!N!)ZPW:8E]!! m!N!*ZPXZP?O! ! ! QO-J".-3#+*".-),)(".-%,*V"((".-#,-$"*",*+.."&",*-.#$-M%*$"-L#)(+*0-'"-M+"q-! <!N!$Z8]!! "!N!39L^?:F:8E]!! ;!N!#8!D:P]!! C!N!7:>PYZPD]!! m!N!2Z8O@R9?>GB:F:8E

-

!

(36)

! Cr!

**?,,"@"S4\#".+%,,)+$"["/)(<,/%,+,",/"\#)(+*B%3J+3"**

-! ! UO-I),.-(E",."&2("C-1",."pVM%#.-L#"-M%*$"-.),*0-".*4-! r!N!'aY:BB:8E:!!!!!!!!!!m!„!*?^O!GZ88:!!!!!!!!!!!C!N!7Z88:!!!!!!!!!!!!;!„!59R@ZY?:!!!!!!!!!!!!"!„!5>PW>@O:! ! ! ! SO-r-/)#."-'"-M%.-1$%2(F&".-'"-."((".C-+,'+L#"p-)M"/-L#"(("-3$0L#",/"-/K)/#,-'".- 1%+,*.-.#+M),*.-".*-#,-1$%2(F&"-1%#$-M%#.O-! \SO- ?- /)#."- M%.- 1$%2(F&".- '"- ."((".4-- =$F.- .%#M",*-\#"(L#"3%+.- 5)$"&",*- h)&)+.-)O-h"-,E%."-1).-.%$*+$O- "! ;! C! m! 2O-hE0M+*"-'"-$",'$"-M+.+*"-c-'".-)&+.O- "! ;! C! m! /O- hE0M+*"- '"- 1).."$- ()- ,#+*- )+(("#$.-L#"-/K"p-&%+O- "! ;! C! m! 'O- <(- &E".*- '+33+/+("- '"- .%$*+$- 1%#$-3)+$"- '".- /K%.".- /%& &"-1$%&","$C- )(("$- )#- /+,0&)- %#- c- (E0^(+."O--"! ;! C! m! "O-h"-&),^"-&%+,.-)M),*-'"-.%$*+$O- "! ;! C! m!

3O- \#),'- A"- ,"- .#+.- 1).- /K"p- &%+C-AE"..)B"- )#*),*- L#"- 1%..+2("- '"-

$".*"$-1$F.-'".-*%+("**".O-"! ;! C! m!

^O- <(- ".*- +&1%$*),*- L#"- AE%$^),+."-&%,- *"&1.- X&".- )/*+M+*0.-L#%*+'+",,".Z- ",- 3%,/*+%,- '"- &%,- *$),.+*-"! ;! C! m! KO-hE0M+*"-'"-M%B)^"$O- "! ;! C! m! +O- hE)+- 1"#$- '"- ,"- 1).- 1%#M%+$-)**"+,'$"-(".-*%+("**".-c-*"&1.O- "! ;! C! m! AO- hE)+- (E+&1$"..+%,- '"- ,E)M%+$-

)#/#,-/%,*$W("-.#$-&".-+,*".*+,.O- "! ;! C! m! sO- h"- ,E)$$+M"- 1).- c- &"-

$"*",+$-.#33+.)&&",*- (%,^*"&1.- 1%#$-

)**"+,'$"-(".-*%+("**".O-"! ;! C! m!

(O-hE)+-'".-1"$*".-'"-."((".-.),.-&]&"-&E",-$",'$"-/%&1*"O- "! ;! C! m! &O- hE"..)B"- 'E0M+*"$- (".-

)//+'",*.-X1"$*".- '"- ."((".Z- ",- $".*),*- *%#*-

1$F.-'".-*%+("**".O-"! ;! C! m!