en fr

(1)

HAL Id: tel-03093678

https://tel.archives-ouvertes.fr/tel-03093678

Submitted on 4 Jan 2021

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.

Characterization of ipriflavone SNEDDS preparation,

the effects on cardiovascular system and on cellular

viability

Thales de Andrade Martins

To cite this version:

Thales de Andrade Martins. Characterization of ipriflavone SNEDDS preparation, the effects on cardiovascular system and on cellular viability. Human health and pathology. Université Montpellier; Université Fédérale d’Ouro Preto, Brésil, 2019. English. �NNT : 2019MONTT065�. �tel-03093678�

(2)

THESIS TO OBTAIN THE TITLE OF DOCTOR BY

THE FEDERAL UNIVERSITY OF OURO PRETO

AND THE UNIVERSITY OF MONTPELLIER

In Pharmaceutical Sciences, speciality: Chemistry and Pharmacology of Bioactive Substances

At the Post Graduate Program in Pharmaceutical Sciences (CiPharma)

School of Pharmacy/UFOP, Brazil; and

In Health Biology, speciality: Cardiac Physiology

Doctoral School Chemical and Biological Sciences for Health (CBS2)

INSRM U1046/CNRS/UM, France

Unité de recherche CiPharma/UFOP

En partenariat international avec [établissement de cotutelle, PAYS]

Presented by Thales DE ANDRADE MARTINS

On December 19

th

_{, 2019}

Under direction of Romulo LEITE

and Sylvain RICHARD

Before the jury composed by

Jean-François QUIGNARD, Professor, University of Bordeaux !

Sérgio-Henrique SOUSA SANTOS, Professor, Federal University, of Minas Gerais Andrea GRABE GUIMARÃES, Professor, Federal University of Ouro Preto Gérard CROS, Professor, University of Montpellier

Sylvain RICHARD, Researcher, University of Montpellier Romulo LEITE, Professor, Federal University of Ouro Preto

Rapporteur Rapporteur Examiner Examiner Thesis director Thesis director

2 3 " % " 4 & ) % , 5 " & , $ - ' $ 6 ' , # % , 6 7 " 8 $ - ) ' 9 : ; < < 9 ' # % ) # " % " & , $ - = '

& 3) ' ) 6 6 ) 4 & + ' $-' 4 " % (, $8 " + 4 >7 " % ' + ? + & ) @ ' " -(' $-' 4 ) 7 7 >7 " % ' 8 , " A , 7 , & ? '

'

(3)

""!

#$%$&'(!)*"+$&,"-.!/0!12&/!3&$-/!

)"+$&,"-.!/0!4/-5$(("$&!

678'&'9-$&":'-"/!/0!"5&"0('+/$!;<=>>;!5&$5'&'-"/*?!

-8$!$00$9-,!/!9'&%"/+',92('&!,.,-$@!'%!/*!9$((2('&!

+"'A"("-.B!

C8'($,!%$!D%&'%$!4'&-",

!

C8$,",

S&$,$*-$%! -/! -8$! 3/,-E&'%2'-$!

3&/E&'@! "! 38'&@'9$2-"9'(! ;9"$9$,!

F7"38'&@'G)#13GH&':"(I!

'*%! -/! -8$!

78$@"9'(! '%! H"/(/E"9'(! ;9"$9$,! 0/&!

J$'(-8!

>/9-/&'(!

;98//(! F7H;KG

)4G#&'*9$I! 0/&! -8$! %/9-/&'-$! %$E&$$!

"! '! "-$&'-"/*'(! %/2A($L%"5(/@'9.!

9/-2-$(($!@/%'("-.!&$E"@$*M!

'LUHFWLRQN!>&M!O/@2(/!P$"-$!L!)#13

>&M!;.(+'"*!O"98'&%!L!)4

&RGLUHFWLRQ

'U9DQHVVD&DUOD)XUWDGR0RVTXHLUD8)23

"!

(4)

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`4="*>=*!%09=0#4"'(%)*W\4G"9%-*=*5=>.9"G=0#%-* * N,!a-%2$"A%0"-,*L,*DG1$-b=-,*6,*B.-#=G"*9"4>.%A"-91$"4,*c,*!%4"'(%*K*V=0#4d91$%-*K* E%=0'"-,*e,*5"G"K*!f09=4,*a,*T=.#=:*S%G1$%,*aa,*S.9<"4>:*BF$A".0,*aaa,*5%-X1=.4":* V"0=--"*!"4$"*W14#">%,*aV,*[0.A=4-.>">=*W=>=4"$*>=*Q14%*R4=#%,*V,*;.#1$%,* * ***********************************************************************************************************************************!E[)*8NL,N!

(5)

(6)

"!

3&$0'9$!

C8$! 5&$,$*-! Q/&R! Q',! 9'&&"$%! /2-! 2*%$&! %/2A($! %"5(/@'9.! 9/-2-$(($! &$E"@$*! A$-Q$$*! -8$! 3/,-E!"#$"%&'(!)*!"+',-'(."!+"/&$%,/"0'1/,&-/&2'34,(."!+"5'6'1/.))0')7'(."!+"/89:&#&!"0'

;-,<&!2,%8')7'=$!)'(!&%)'6'>!"?,0?!'*%!-8$'@"%,)-"0'A-2%,%$%&')7'B&"0%.'"-#'C&#,/"0'D&2&"!/.E' ;-,%8'FGHI'3A@1JDCE';FGHI5'K'L)/%)!"0'1/.))0'4.&+,/"0'"-#'>,)0)*,/"0'1/,&-/&2'7)!'B&"0%.' 34>1M59;-,<&!2,%8')7'C)-%N&00,&!'6':!"-/&?!2*%$&!'99/&%'*9$!/0!7D3=;G71#=7)H!5'&-*$&,8"5!

'E&$$@$*-M' C8",! 5'&-*$&,8"5! '((/Q$%! -8$! %$+$(/5@$*-! /0! '! ,9"$*-"0"9! 5&/S$9-! A',$%! /*! -8$! $T5$&-",$! /0! A/-8! &$,$'&98! -$'@,M! =T5$&"@$*-,! Q$&$! 9/*%29-$%! '(-$&*'-$(.! A$-Q$$*! -8$! ('A/&'-/&"$,! /0! JON&!,+&-%"0' (."!+"/)0)*8! '*%! 4&00' 4$0%$!&! FH&':"(I! '*%! -8$! ('A/&'-/&.! /0!

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

(7)

! ""!

**/89)+*:)!**

!

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`4!X3?!-8$!$@2(,"0"$%!5&$5'&'-"/*!5&$,$*-$%?!"*!-8$!,'@$!/&%$&?!,@'((!@$'*! %"'@$-$&! /0! KZ[?! ]^_?! abb?! ]__! *@?! Q8"98! @'.! 0'9"("-'-$! 9$((! 25-'R$! '*%! 5/,,"A(.! X3! /&'(! 'A,/&5-"/*M!77Z^!'*%!X7Z^!Q$&$!%$-$&@"*$%!'0-$&!K_!'*%!\b!8!/0!-&$'-@$*-!Q"-8!X3!F^MYZ!L!]^^^! `4IM!X3!77Z^!0/&!47#L]^D!F*/&@'(!A&$',-!9$((,I!9/2(%!*/-!A$!9'(92('-$%!Fc!]^^^!d4I!'0-$&!K_!8! '*%!Q',!K^M_!d4!'0-$&!\b!8M!#/&!e$&/!F*/&@'(!R"%*$.!9$((I?!'0-$&!K_!8!Q',!Ka]!d4!'*%!0/&!\b!8! b_M]!d4M!C8$!X7Z^!/0!X3!0/&!4>DL4HLKY]!F-2@/&'(!A&$',-!9$((,!I!Q',!b\]M[!d4!0/&!K_!8!'*%!Kb^! d4! '0-$&! \b! 8M! #/&! J$5fK! F-2@/&'(! ("+$&! 9$((I?! \b[! d4! '0-$&! K_! 8! '*%! ]^]M]! 0/&! \b! 8M! D0-$&! "*%29-"/*!/0!@$*/5'2,$!A.!A"('-$&'(!/+'&"$9-/@.?!A(//%!5&$,,2&$!FH3I!Q',!"*9&$',$%!Q"-8!,-&/*E! $00$9-!/*!%"',-/("9!5'&'@$-$&M!C8$!+',/&$('T'*-!$00$9-,!/0!'9$-.(98/("*$!'*%!/0!<1L%/*/&!;<3!/*! '/&-'! Q$&$! '--$*2'-$%! "*! 1+T?! "*! ("*$! Q"-8! '! &$%29-"/*! /0! <1! A"/'+'"('A"("-.M! C8$&$! Q',! */! ,"E*"0"9'*-!$00$9-!/*!9'&%"'9!@/&58/(/E.!'*%!,.,-/("9!02*9-"/*!$+'(2'-$%!A.!$98/9'&%"/E&'58.!A2-! '*! "*9&$',$! "*! -8$! ",/+/(2@"9! &$('T'-"/*! -"@$! FXeOCI! &$0($9-"*E! "@5'"&$%! %"',-/("9! 02*9-"/*! ',,/9"'-$%! -/! 1+TL"*%29$%! 8.5$&-$*,"/*M! 1+'&"$9-/@.! "*9&$',$%! 9/*-&'9-"/*! /0! 9'&%"/@./9.-$,! '*%! "@5'"&$%! 7'Kg_{! 9.9("*E! Q"-8! 5&/@/-"/*! /0! 5&/L'&&8.-8@/E$*"9! 7'}Kg_{! $+$*-,M! X5&"0('+/*$! 8'%!} "*-&"*,"9!$00$9-,!/*!%"00$&$*-!5'&'@$-$&,!"*!;8'@LX3!'*%G/&!1+TLX3!&'-,M!>$,5"-$!'!('9R!/0!$00$9-!/*! A(//%! 5&$,,2&$?! X3! -8"9R$*$%! -8$! '/&-"9! Q'((?! '(-$&$%! +',/&$('T'*-! &$,5/*,$,?! %$9&$',$%! <1! A"/'+'"('A"("-.?!'*%!"*9&$',$%!$S$9-"/*!0&'9-"/*!'*%!XeOC!"*!-8$!8$'&-M!X3!'(,/!"@5'9-$%!,"*E($!9$((! 9/*-&'9-"/*!'*%!7'Kg_{!8'*%("*E!8/@$/,-',",M!X3?!E"+$*!a!Q$$R,!'0-$&!/+'&"$9-/@.?!%"%!*/-!&$+$&,$!} $00$9-,!/0!1+T!/*!'&-$&"'(!A(//%!5&$,,2&$?!'/&-"9!Q'((!&$@/%$("*E?!+',/&$('T'*-!5&/5$&-"$,?!9'&%"'9! XeOC?!A2-!'--$*2'-$%!-8$!$00$9-,!/*!&$,-"*E!,'&9/@$&$!($*E-8?!9'&%"/@./9.-$!9/*-&'9-"/*!%2&"*E!

(8)

! """! -8$! ,.,-/($! '*%! 5&/L'&&8.-8@/E$*"9! 7'Kg_{! $+$*-,M! X*! 9/*9(2,"/*?! X3! 8'%! @"T$%! 9'&%"/+',92('&!} $00$9-,!'0-$&!1+T!"*!&'-,?!5&"*9"5'((.!%2$!-/!"*-&"*,"9!'9-"/*,M!

;&,<=+>9?! X5&"0('+/*$?! J.5$&-$*,"/*?! H&$',-! 9'*9$&! 9$((?! 7.-/-/T"9"-.?! >"',-/("9! 02*9-"/*?!

;<=>>;M! ! ! !

@A9#'A!

! P$!-$&@$!@h*/5'2,$!*'-2&$(($!$,-!%h0"*"!9/@@$!(V'&&i-!%h0"*"-"0!%$!('!@$*,-&2'-"/*!&h,2(-'*-!%$!('! 5$&-$!%V'9-"+"-h!0/(("92('"&$!/+'&"$**$M!)*$!9'&$*9$!$*!j,-&/Ek*$!'5&k,!('!@h*/5'2,$!5$2-!'+/"&! %$,! 9/*,hW2$*9$,! 5/-$*-"$(($@$*-! 5'-8/Ek*$,! -$(($,! W2$! (V/,-h/5/&/,$?! ($! %.,0/*9-"/**$@$*-! ,$T2$(!0h@"*"*!$-!($!&",W2$!%$!@'('%"$!9'&%"/+',92('"&$!F7D>I?!'00$9-'*-!%"&$9-$@$*-!('!,'*-h!$-G/2! ('!W2'("-h!%$!+"$!%$,!0$@@$,M!X(!'!h-h!,"E*'(h!W2$!($,!58.-/$,-&/Ek*$,!&h%2",$*-!($!&",W2$!%V"*9"%$*9$! %$,!9'*9$&,!%2!,$"*!$-!%$!('!5&/,-'-$?!%$,!@'('%"$,!9'&%"/+',92('"&$,?!%$!(V/,-h/5/&/,$!$-!&h%2",$*-! hE'($@$*-!($!98/($,-h&/(M!PV"5&"0('+/*$!FX3I?!2*!%h&"+h!%$!(V",/0('+/*$!*'-2&$(($?!'!h-h!2-"(",h!%'*,! ('!5&h+$*-"/*!$-!($!-&'"-$@$*-!%$!(V/,-h/5/&/,$!@'",?!A"$*!W2$!(lX3!'"-!2*!5/-$*-"$(!-8h&'5$2-"W2$! h($+h?!,'!A"/%",5/*"A"("-h!/&'($!$,-!0'"A($!$*!&'",/*!%$!,'!0/&-$!("5/58"("$!W2"!$*!("@"-$!(V'A,/&5-"/*M! >'*,!*/-&$!h-2%$?!2*!,.,-k@$!%V'%@"*",-&'-"/*!%$!@h%"9'@$*-!'2-/L*'*/h@2(,"0"'*-!F;<=>>;I!'! h-h!2-"(",h!5/2&!98'&E$&!(lX3!$-!($,!$00$-,!,-'<,%!)!,2&!('!+"'A"("-h!9$((2('"&$!/*-!h-h!h+'(2h,M!D5&k,! %"(2-"/*!%'*,!(l$'2?!%'*,!2*!0(2"%$!E',-&"W2$!,"@2(h?!%'*,!(2*!0(2"%$!$*-h&"W2$!,"@2(h!/2!$*9/&$!%2! 3H;?!($,!;<=>>;!+"$&E$,!Eh*k&$*-!%$,!E/2--$($--$,!%$!*'*/h@2(,"/*!%l2*!5$-"-!%"'@k-&$!@/.$*! %$?!&$,5$9-"+$@$*-?!KYZ?!K[\?!]^K_?!K]^!*@?!$-!'+$9!2*!0'"A($!"*%"9$!%$!5/(.%",5$&,"-h!F3%XI!%'*,! (l$'2M!P/&,!%2!98'&E$@$*-!%$!]^^^!`4!%lX3?!('!5&h5'&'-"/*!h@2(,"0"h$!'!5&h,$*-h?!%'*,!($!@i@$! /&%&$?!2*!5$-"-!%"'@k-&$!@/.$*!%$!KZ[?!]^_?!abb?!]__!*@!m!9$!W2"!5/2&&'"-!0'9"("-$&!(l'A,/&5-"/*! 9$((2('"&$! $-! h+$*-2$(($@$*-! (l'A,/&5-"/*! /&'($! %$! (lX3M! P$,! 9/*9$*-&'-"/*,! 9.-/-/T"W2$,! $-! "*8"A"-&"9$,!5/2&!Z^n!%$,!9$((2($,!*/&@'($,!$-!9'*9h&$2,$,?!77Z^!$-!X7Z^?!&$,5$9-"+$@$*-?!/*-!h-h! %h-$&@"*h$,!'5&k,!K_!$-!\b!8!%$!-&'"-$@$*-!5'&!X3!F^?YZ!L!]^^^!`4IM!PVX5&"0('+/*$!77Z^!5/2&!($,! 9$((2($,!@'@@'"&$,!*/&@'($,!47#L]^D!*V'!5',!52!i-&$!9'(92(h!Fc!]^^^!`4I!'5&k,!K_!8!$-!h-'"-!%$! K^M_!`4!5$*%'*-!\b!8M!3/2&!('!9$((2($!&h*'($!*/&@'($!e$&/?!'5&k,!K_!8!$-!h-'"-!%$!Ka]!`4!$-!5/2&! \b!8!%$!b_?]!`4M!PVX7Z^!%$!X3!5/2&!($,!9$((2($,!@'@@'"&$!-2@/&'($!4>DL4HLKY]?!h-'"-!%$!b\]?[! `4!5$*%'*-!K_!8!$-!%$!Kb^!`4!'5&k,!\b!8M!3/2&!('!9$((2($!8h5'-"W2$!-2@/&'($!J$5fK?!5$*%'*-!K_! 8!\b[M!`4!$-!]^]?]!5$*%'*-!\b!8M!D5&k,!"*%29-"/*!%l2*$!@h*/5'2,$!5'&!/+'&"$9-/@"$!F1+TI!98$:! ('!&'-$?!"(!.!'!2*$!'2E@$*-'-"/*!%$!('!5&$,,"/*!'&-h&"$(($!'+$9!2*!$00$-!"@5/&-'*-!,2&!($!5'&'@k-&$! %"',-/("W2$M!P$,!$00$-,!+',/&$('T'*-,!%$!(V'9h-.(98/("*$!$-!%2!;<3!F%/**$2&!%$!<1I!,2&!(V'/&-$!,/*-!

(9)

! "+! '--h*2h,!5'&!(l1+T?!5'&'((k($@$*-!o!2*$!&h%29-"/*!%$!('!A"/%",5/*"A"("-h!%2!<1M!X(!*V.!'!5',!%V$00$-! ,"E*"0"9'-"0!,2&!('!@/&58/(/E"$!9'&%"'W2$!$-!('!0/*9-"/*!,.,-/("W2$!h+'(2h,!5'&!h98/9'&%"/E&'58"$?! @'",!2*$!'2E@$*-'-"/*!%2!-$@5,!%$!&$('T'-"/*!",/+/(2@"W2$!FXOeCI!&$0(h-'*-!2*$!'(-h&'-"/*!%$!('! 0/*9-"/*! %"',-/("W2$! ',,/9"h$! o! (l8.5$&-$*,"/*! "*%2"-$! 5'&! 1+TM! PV/+'&"$9-/@"$! '! $*-&'p*h! 2*$! '2E@$*-'-"/*! %$! ('! 9/*-&'9-"/*! %$,! 9'&%"/@./9.-$,! $-! 2*$! '(-h&'-"/*! %2! 9.9($! %2! 7'Kg_{! '+$9! ('!} 5&/@/-"/*! %Vh+h*$@$*-,! 7'Kg_{! 9$((2('"&$,! 5&/L'&.-8@/Eh*"W2$,M! PV"5&"0('+/*$! '! $2! %$,! $00$-,!} "*-&"*,kW2$,!,2&!%"00h&$*-,!5'&'@k-&$,!98$:!($,!&'-,!;8'@LX3!$-G/2!1+TLX3M!=*!%h5"-!%V2*$!'A,$*9$! %V$00$-!,2&!('!5&$,,"/*!'&-h&"$(($?!(lX3!h5'",,"-!('!5'&/"!'/&-"W2$?!'(-k&$!($,!&h5/*,$,!+',/&$('T'*-$,! +"'! 2*$! %"@"*2-"/*! %$! ('! A"/%",5/*"A"("-h! %2! <1?! $-! '2E@$*-$! ('! 0&'9-"/*! %VhS$9-"/*! $-! (lXeOC! 9'&%"'W2$,M! PVX3! '! hE'($@$*-! 2*! "@5'9-! ,2&! ('! 9/*-&'9-"/*! %$,! 9$((2($,! "*%"+"%2$(($,! $-! (l8/@h/,-',"$!%2!7'Kg_{M!PlX3?!%/**h$!a!,$@'"*$,!'5&k,!(l1+T?!*l'!5',!"*+$&,h!($,!$00$-,!%$!(l1+T!} ,2&! ('! 5&$,,"/*! '&-h&"$(($?! ($! &$@/%$('E$! %$! ('! 5'&/"! '/&-"W2$?! ($,! 5&/5&"h-h,! +',/&$('T'*-$,?! $-! (lXeOC! 9'&%"'W2$?! @'",! "(! $*! '! '--h*2h! ($,! $00$-,! ,2&! ('! (/*E2$2&! %$,! ,'&9/@k&$,! '2! &$5/,?! ('! 9/*-&'9-"/*! %$,! 9'&%"/@./9.-$,! '2! 9/2&,! %$! ('! ,.,-/($?! $-! ($,! h+h*$@$*-,! 7'Kg_! 5&/'&.-8@/Eh*"W2$,M!=*!9/*9(2,"/*?!(VX3!'!%$,!$00$-,!9'&%"/+',92('"&$,!@"T-$,!'5&k,!2*$!1+T!98$:! ($!&'-?!5&"*9"5'($@$*-!$*!&'",/*!%V'9-"/*,!"*-&"*,kW2$,M!

!

-=)9! :%A9?! X5&"0('+/*$?! J.5$&-$*,"/*?! 7$((2($! 9'*9h&$2,$! @'@@'"&$?! 7.-/-/T"9"-h?! >"',-/("W2$!

0/*9-"/*?!;<=>>;M! ! ! !

@&9#'=!

! 1!-$&@/!@$*/5'2,'!*'-2&'(!h!%$0"*"%/!9/@/!'!9$,,'qr/!5$&@'*$*-$!%'!@$*,-&2'qr/?!&$,2(-'*-$!%'! 5$&%'!%'!'-"+"%'%$!0/("92('&!/+'&"'*'M!D!%$0"9"i*9"'!%$!$,-&sE$*/!'5s,!'!@$*/5'2,'!5/%$!($+'&!'! 9/*,$W2i*9"',!5/-$*9"'(@$*-$!5'-/Ei*"9',?!9/@/!/,-$/5/&/,$?!%",02*qr/!,$T2'(!0$@"*"*'!$!&",9/! %$!%/$*q'!9'&%"/+',92('&?!'0$-'*%/!%"&$-'@$*-$!'!W2'("%'%$!%$!+"%'!%',!@2(8$&$,M!t!&$('-'%/!W2$! /,! 0"-/$,-&sE$*/,! &$%2:$@! /! &",9/! %$! "*9"%i*9"'! %$! 9u*9$&! %$! @'@'! $! 5&s,-'-'?! %/$*q',! 9'&%"/+',92('&$,?!/,-$/5/&/,$!$!-'@Ah@!&$%2qr/!%/!9/($,-$&/(M!D!"5&"0('+/*'!FX3I?!2@!%$&"+'%/!%$! ",/0('+/*'! %$! /9/&&i*9"'! *'-2&'(?! -$@! ,"%/! 2-"(":'%'! *'! 5&$+$*qr/! $! -&'-'@$*-/! %'! /,-$/5/&/,$?! @',?! $@A/&'! '5&$,$*-$! E&'*%$! 5/-$*9"'(! -$&'5i2-"9/?! ,2'! A"/%",5/*"A"("%'%$! /&'(! h! A'"T'?! /! W2$! ("@"-'!'!'A,/&qr/!/&'(M!<$,-$!$,-2%/?!2@!,",-$@'!'2-/L*'*/$@2(,"0"9'*-$!%$!$*-&$E'!%$!0v&@'9/,! F;<=>>;I!0/"!2,'%/!5'&'!"*9/&5/&'&!'!X3!$?!$@!,$E2"%'?!/,!$0$"-/,!,-'<,%!)!W2'*-/!'!+"'A"("%'%$! 9$(2('&!0/&'@!'+'("'%/,M!D5s,!%"(2"qr/!$@!vE2'?!0(2"%/!Ev,-&"9/!,"@2('%/?!0(2"%/!$*-h&"9/!,"@2('%/!

(10)

! +! /2! 3H;?! /! ;<=>>;! +':"/! E$&/2! 5'&-w92(',! %$! *'*/$@2(,r/! 9/@! %"u@$-&/! @h%"/! %$! KYZ?! K[\?! ]^K_!$!K]^!*@?!&$,5$9-"+'@$*-$?!$!A'"T/!w*%"9$!%$!5/("%",5$&,r/!F3%XI!$@!vE2'M!D/!+$"92('&!]^^^! `4!%$!X3?!'!'2-/$@2(,r/!'5&$,$*-/2?!*'!@$,@'!/&%$@?!A'"T/!%"u@$-&/!@h%"/!%$!KZ[?!]^_?!abb?! ]__!*@?!/!W2$!5/%$!0'9"("-'&!'!9'5-'qr/!9$(2('&!$!5/,,"+$(@$*-$!'!'A,/&qr/!/&'(!%$!X3M!1!77Z^!$!/! X7Z^!0/&'@!%$-$&@"*'%/,!'5s,!K_!$!\b!8!%$!-&'-'@$*-/!9/@!X3!F^MYZ!L!]^^^!`4IM!!1!77Z^!%'!X3! 5'&'!9h(2(',!*/&@'",!%$!@'@'!47#L]^D!*r/!5/%$!,$&!9'(92('%/!Fc!]^^^!d4I!'5s,!K_!8!$!%$!K^M_! d4!'5s,!\b!8M!3'&'!9h(2(',!*/&@'",!%$!&"*,!e$&/?!'5s,!K_!8!0/"!Ka]!$!%$!b_M]!'5s,!`4!\b!8M!D! X7Z^!%'!X3!5'&'!9h(2(',!-2@/&'",!%$!@'@'!4>DL4HLKY]!0/"!b\]M[!'5s,!K_!8!$!Kb^!d4!'5s,!\b! 8M!3'&'!',!9h(2(',!-2@/&'",!8$5v-"9',!J$5fK?!0/"!\b[!'5s,!K_!8!%$!]^]M]!d4!'5s,!\b!8M!!D5s,! "*%2qr/!%'!@$*/5'2,'!5/&!/+'&"$9-/@"'!F1+TI!$@!&'-',!Uxy?!8/2+$!'2@$*-/!%'!5&$,,r/!'&-$&"'(! F3DI!9/@!0/&-$!$0$"-/!,/A&$!5'&u@$-&/!%"',-s("9/M!1,!$0$"-/,!+',/&$('T'*-$,!%'!'9$-"(9/("*'!$!%/! %/'%/&!%$!<1?!/!;<3?!*'!'/&-'!%$!&'-',!Uxy!9',-&'%',?!0/&'@!'-$*2'%/,!5$('!1+T?!$@!5'&'($(/! 9/@!'!&$%2qr/!%'!A"/%",5/*"A"("%'%$!%/!<1M!<r/!8/2+$!$0$"-/!,"E*"0"9'-"+/!*'!@/&0/(/E"'!9'&%w'9'! $!*'!02*qr/!,",-s("9'!'+'("'%'!5$(/!$9/9'&%"/E&'@'?!@',!2@!'2@$*-/!*/!-$@5/!%$!&$('T'@$*-/! ",/+/(2@h-&"9/! FXeOCI! &$0($-"*%/! *2@'! 02*qr/! %"',-s("9'! 5&$S2%"9'%'! ',,/9"'%'! o! 8"5$&-$*,r/! "*%2:"%'!5$('!1+TM!D!/+'&"$9-/@"'!'2@$*-/2!'!9/*-&'qr/!%/,!9'&%"/@"s9"-/,!$!%"@"*2"2!/!9"9(/! %/! 7'Kg_{! 9/@! '! 5&/@/qr/! %$! $+$*-/,! 5&sL'&&"-@/Ei*"9/,! %/! 7'}Kg_{M! D! X3! -$+$! $0$"-/,! "*-&w*,$9/,!} ,/A&$!%"0$&$*-$,!5'&u@$-&/,!$@!&'-',!;8'@LX3!$G/2!1+TLX3M!D5$,'&!%'!0'(-'!%$!$0$"-/!,/A&$!'!3D?! '! X3! 5&/@/+$2! '2@$*-/! %'! $,5$,,2&'! %'! 5'&$%$! 's&-"9'?! '(-$&/2! ',! &$,5/,-',! +',/&&$('T'*-$,?! %"@"*2"2!'!A"/%",5/*"A"("%'%$!%/!<1!$!'2@$*-/2!'!0&'qr/!%$!$S$qr/!$!'!XeOC!*/!9/&'qr/M!D!X3! -'@Ah@!'0$-/2!'!9/*-&'qr/!%$!9'&%"/@"s9"-/,!",/('%/,!$!'!8/@$/,-',"'!%/!7'Kg_{M!D!X3!*r/!&$+$&-$2!} /,! $0$"-/,! %/! 1+T! *'! 3D?! &$@/%$('qr/! %'! 5'&$%$! 's&-"9'?! 5&/5&"$%'%$,! +',/&$('T'*-$,! $! XeOC! 9'&%w'9'?! @',! '-$*2/2! /,! $0$"-/,! */! 9/@5&"@$*-/! %/! ,'&9/@$&/! $@! &$5/2,/?! 9/*-&'qr/! %$! 9'&%"/@"s9"-/,! %2&'*-$! '! ,w,-/($! $! $+$*-/,! 5&sL'&&"-@/Ei*"9/,! %$! 7'Kg_{M! =@! 9/*9(2,r/?! '! X3!} '5&$,$*-/2! $0$"-/,! 9'&%"/+',92('&$,! %"+$&,"0"9'%/,! '5s,! 1+T! $@! &'-/,?! 5&"*9"5'(@$*-$! %$+"%/! '! 'qz$,!"*-&w*,$9',M!

!

B*%*C+*9D:1*C&?! X5&"0('+/*'?! J"5$&-$*,r/?! 9h(2(',! -2@/&'",! %$! @'@'?! 9"-/-/T"9"%'%$?! 02*qr/!

(11)

! +"!

**E*8%&!=F!:=()&()9!**

/89)+*:)!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!..! @A9#'A!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!...! @&9#'=!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!.C! G.9)!=F!F.H#+&9!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!C..! G.9)!=F!)*8%&9!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!C...! !"! #$%&'()*%#'$+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+!+ 5454! -&(=$*#9&!*(>!1,$=&9)+=H&(.9'!444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!56! 54I4! J9)+=H&(!*(>!:*+>.=C*9:#%*+!>.9&*9&9!444444444444444444444444444444444444444444444444444444444444444444444444444444444444!56! 54K4! J9)+=H&(!*(>!:*+>.=C*9:#%*+!>.9&*9&9!444444444444444444444444444444444444444444444444444444444444444444444444444444444444!56! ,"! '-./*%#0/1+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+!2! 2"! 34%/&#451+4$(+3/%6'(1+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+!7! K454! 2(!C.)+=!:,)=)=L.:.),!&FF&:)9!=F!F+&&!.$+.F%*C=(&!*(>!%=*>&>!.(!"MJNN"!44444444444444444444444444444!56! YM]M]M! ;$(0L*'*/$@2(,"0."*E!%&2E!%$("+$&.!,.,-$@!F;<=>>;I!'*%!"5&"0('+/*$!MMMMMMMMMMMMMMMMMMMMMMMMMMMM!]b! YM]MKM! 3'&-"9($!,":$!'*%!,2&0'9$!98'&E$!98'&'9-$&":'-"/*!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]b! YM]MYM! D*"@'(!%$,"E*!'*%!5&/9$%2&$,!0/&!58'&@'9/R"*$-"9,!%$-$&@"*'-"/*!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]b! YM]M_M! 7'-8$-$&":'-"/*!'*%!"5&"0('+/*$!,"*E($!%/,$!-&$'-@$*-!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]a! YM]MZM! ;$&"'(!A(//%!,'@5($!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]a! YM]MbM! >$-$&@"*'-"/*!/0!"5&"0('+/*$!5(',@'!9/*9$*-&'-"/*!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]a! YM]M[M! 38'&@'9/R"*$-"9!5'&'@$-$&,!9'(92('-"/*,!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!]\! YM]Ma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bM! e',92('&!&$'9-"+"-.!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!K_! YMKM[M! J",-/(/E"9'(!,-'"*"*E!'*%!@/&58/@$-&"9!'*'(.,",!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!K_! YMKMaM! X,/('-"/*!'*%!$*:.@'-"9!%",,/9"'-"/*!/0!9'&%"/@./9.-$,!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!KZ! YMKM\M! 7$((!,8/&-$*"*E!'*%!9'(9"2@!-&'*,"$*-!MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM!K[! K4K4! ")*).9).:*%!*(*%,9.9!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!IO! 8"+*9:;<=>+#?+#@+AB<>C+DE<C<CFBDB<E+G<HIE+CJ+B;>BJK:AC@=+"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+2L! 7"+*9:;<=>+##?+*:>IBCA:GDHK:>+;>C<=D<BC@+=JJ=D<+CJ+B;>BJK:AC@=+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+M,! M"!*C@DKHGBC@+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+NN! &/O/&/$*/1+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+!L7+ 1)PP5/3/$%4&Q+34%/&#45+""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""+!L7! /4! P=+Q9!$+&9&()&>!*(>!.(>&L&>!4444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!55R! S4! B+&C.=#9%,!<=+Q!<.)1!2B!3$*$&+!#(>&+!<+.).(H!$+=:&997!4444444444444444444444444444444444444444444444444444!556! 04! B#8%.91&>!*+).:%&!44444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444444!T6OR! !

(12)

! +""!

G.9)!=F!F.H#+&9!

'

:,*$!&'F?!D&N!&2&-%"%,<&'-)!+"0'"-#'+&-)N"$2"0'.)!+)-&'0&<&02'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'M!

:,*$!&' MR!1,*-"0,-*' +)0&/$0&2' "-#' *&-&' &ON!&22,)-' "/%,<,%8' !&*$0"%&#' S8' *&-)+,/' "-#' -)-6 *&-)+,/'N"%.T"82')7'JM'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'H'

:,*$!&'UR!JM'N!)%&/%,)-'+&/."-,2+'"*",-2%'/"!#,)<"2/$0"!'#,2&"2&'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'V'

:,*$!&'HR!C)0&/$0"!'2%!$/%$!&')7'#",#?&,-E'*&-,2%&,-E',N!,70"<)-&'"-#'FVW6&2%!"#,)0'QQQQQQQQQQQQQQQQQQQ'FF' :,*$!&'XR!1$*,/"0'N!)/&#$!&'!&N!&2&-%"%,)-'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FV'

:,*$!&'IR!D&N!&2&-%"%,<&'.&"!%'N&!7$2,)-'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'MX' :,*$!&'VR!Y.&'A)-=N%,O'282%&+'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'MI' :,*$!&'ZR!D&/)!#2')7'%.&'A)-=N%,O'282%&+'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'MV'

01*$)&+!2!

:,*$!&'F?!C)0&/$0"!'2%!$/%$!&')7'#",#?&,-E'*&-,2%&,-E',N!,70"<)-&'"-#'FVW6&2%!"#,)0'QQQQQQQQQQQQQQ'UV!

:,*$!&' MR!D&N!&2&-%"%,<&' +&"-' N"!%,/0&' 2,?&' #,2%!,S$%,)-' S8' ,-%&-2,%8' )7' 7!&2.08' N!&N"!&#' 1@JLL1'3S0"-['"-#'0)"#&#5'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'HU' :,*$!&'UR!(0"2+"'/)-/&-%!"%,)-')7',N!,70"<)-&'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'HH'

:,*$!&'HR'B&+)08%,/'"/%,<,%8')7',N!,70"<)-&'"-#'1@JLL1'3S0"-['"-#'0)"#&#5'PQQQQQQQQQQQQQQQQQQQ'HI' :,*$!&'XR!4&00'<,"S,0,%8'3\5E'44XG'"-#'A4XG')7'7!&&',N!,70"<)-&'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'H]'

:,*$!&'IR!4&00'<,"S,0,%8'3\5'/)+N"!,2)-')7',N!,70"<)-&'"-#'1@JLL15'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'XG'

01*$)&+!22!

:,*$!&' F?! J77&/%' )7' )<"!,&/%)+8' "-#' ,N!,70"<)-&' %!&"%+&-%' )-' "!%&!,"0' N!&22$!&' "-#' ")!%"' +)!N.)0)*8'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']M!

:,*$!&'MR!J77&/%')7')<"!,&/%)+8'"-#',N!,70"<)-&'%!&"%+&-%')-'/)-%!"/%,0&'!&2N)-2&')7'")!%"'QQ']U' :,*$!&'UR!A+N"/%')7'^6@_CJ')-'(J6,-#$/&#'/)-%!"/%,)-'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']H'

:,*$!&'HR'J77&/%')7')<"!,&/%)+8'"-#',N!,70"<)-&'%!&"%+&-%')-'<"2)!&0"O"-%'!&2N)-2&')7'")!%"'%)' "/&%80/.)0,-&'345'"-#'2)#,$+'-,%!)N!$22,#&'3-5'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']X' :,*$!&'XR!J77&/%')7')<"!,&/%)+8'"-#',N!,70"<)-&'%!&"%+&-%')-'2"!/)+&!&'0&-*%.'31^5'"%'!&2%'"-#' #$!,-*'/)-%!"/%,)-',-',-%"/%'^`'+8)/8%&2'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']I' :,*$!&' IR!J77&/%' )7' )<"!,&/%)+8' "-#' ,N!,70"<)-&' %!&"%+&-%' )-' 4"Ma_{' %!"-2,&-%' ,-' ,-%"/%' ^`'}

+8)/8%&2'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']V' :,*$!&'VR!(!)6"!!.8%.+)*&-,/'4"Ma_{'&<&-%2',-',-%"/%'^`'+8)/8%&2'}_{PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']Z'} "#$$%&'&()*+,!'*)&+.*%!

(13)

! +"""!

:,*$!&'MR!182%)0,/'"!%&!,"0'N!&22$!&')7'2&-&2/&-%'1BD'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FMV'

:,*$!&'UR!(.)%)+,/!)*!"N.2')7'<"*,-"0'2+&"!2'8)$-*'1BD'PQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FMZ'

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

:,*$!&' ZR!4."-*&2' ,-' ,-%!"<"*,-"0' /."-*&2' ,-' N!&22$!&' 3++B*5' ,-#$/&#' S8' N&0<,/' -&!<&' 2%,+$0"%,)-',-'8)$-*'"-#'2&-&2/&-%'1BD'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FUM' :,*$!&']R!`"2)/)-*&2%,<&'!&2N)-2&2',-#$/&#'S8'"N)+)!N.,-&',-'8)$-*'1BD'QQQQQQQQQQQQQQQQQQQQQQQ'FUU' :,*$!&'FGR!`"2)/)-*&2%,<&'!&2N)-2&2',-#$/&#'S8'"N)+)!N.,-&',-'2&-&2/&-%'1BD'QQQQQQQQQQQQQQQ'FUH' :,*$!&'FFR!4)+N"!"%,<&'<"2)/)-*&2%,<&'&77&/%2')7'JM'"-#'A(',-'8)$-*'1BD'QQQQQQQQQQQQQQQQQQQQQQQQQ'FUH'

:,*$!&'FMR!4)+N"!"%,<&'<"2)/)-*&2%,<&'&77&/%2')7'JM'"-#'A(',-'2&-&2/&-%'1BD'QQQQQQQQQQQQQQQQQQ'FUX'

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

'

**G.9)!=F!)*8%&9!**

' Y"S0&'F?!1$++"!8')7'+)$2&'+)#&0')7'JD2'[-)/[)$%9+$%"%,)-'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'X! Y"S0&'MR'@$+S&!')7'N"%,&-%2'T,%.'"#<&!2&'#!$*'!&"/%,)-'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FG' 01*$)&+!2! Y"S0&'F?!(."!+"/)[,-&%,/'N"!"+&%&!2'7,%%&#',-'"'-)-6/)+N"!%+&-%"0'+)#&0'FVW6&2%!"#,)0'QQQ'HX! Y"S0&'MR!4&00'<,"S,0,%8'3\5'"7%&!',-/$S"%,)-'T,%.'1@JLL1'"-#'&O/,N,&-%2'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'XF' 01*$)&+!22!

Y"S0&' F?! J77&/%' )7' )<"!,&/%)+8' "-#' ,N!,70"<)-&' %!&"%+&-%' )-' S)#8' T&,*.%' "-#' /"!#,"/' +)!N.)0)*,/"0'"-#'7$-/%,)-"0'N"!"+&%&!2'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ']F!

"#$$%&'&()*+,!'*)&+.*%!

Y"S0&'F?!>,)/.&+,2%!8'#)2"*&')7'8)$-*'1BD'QQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQQ'FU]!

(14)

! "T!

**G.9)!=F!8+&C.).=(9!**

' /:1?!!!!!!!!!!'9$-.(98/("*$!! /(H22?! '*E"/-$*,"*!XX! /B?! '&-$&"'(!5&$,,2&$! /U0?! '&$'!2*%$&!-8$!92&+$! S"/?!! A/+"*$!,$&2@!'(A2@"*! 0*IV_?! _9'(9"2@!! 0/N?! 9'&%"/+',92('&!%",$',$,! 0TN?! 9/&/*'&.!8$'&-!%",$',$! :;W?!! 9/*%"-"/*'(!R*/9R/2-m!>H>?!><DLA"*%"*E!%/@'"*! 0M"?! 9$*-&'(!*$&+/2,!,.,-$@! 0XB!RYZ?! 9.-/98&/@$!3_Z^! N/B?! %"',-/("9!'&-$&"'(!5&$,,2&$! NSN?!!! ><DLA"*%"*E!%/@'"*! N"G?! >.*'@"9!("E8-!,9'--$&"*E! JI?! ! $,-&/E$*! JIDK[N! $,-&'%"/(!YLE(.92&/*"%$! J0[?! $($9-&/9'&%"/E&'@! J-?! $'&(.!@$*/5'2,$! &MW"?! $*%/-8$("'(!*"-&"9!/T"%$!,.*-8',$! J@α?! $,-&/E$*!&$9$5-/&,!'(0'! J@β?! $,-&/E$*!&$9$5-/&,!A$-'! J@;?! $T-&'9$((2('&!,"E*'(!&$E2('-$%!R"*',$! J@9?! $,-&/E$*!&$9$5-/&,! \/W?! 0'--.!'9"%!/T"%'-"/*!! \"N?! 0$@'($!,$T2'(!%.,02*9-"/*! \"T?! 0/(("9($!,-"@2('-"*E!8/&@/*$! [2E?! E',-&/"*-$,-"*'(!-&'9-! [(@T?! E/*'%/-&/5"*L&$($',"*E!8/&@/*$! [B@KZ?! fL5&/-$"*L9/25($%!=O! T\$J\?! 8$'&-!0'"(2&$!Q"-8!$S$9-"/*!0&'9-"/*! TBG0?! 8"E8!5$&0/&@'*9$!("W2"%!98&/@'-/E&'58.! TEMN! 8.5$&-$*,"/*!

(15)

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{$-'!5/-$*-"'(! !

(16)

! ]! ! !

!

]M!X<CO1>)7CX1<!

! !

(17)

! K!

545!-&(=$*#9&!*(>!1,$=&9)+=H&(.9'!

!

4$*/5'2,$! ",! '! A"/(/E"9'(! 58',$! Q/@$*! $T5$&"$*9$! Q8"98! 2,2'((.! /992&,! '-! 'E$! /0! Z]! .$'&,M!X-l,!%"'E*/,$%!'0-$&!]K!@/*-8,!/0!'@$*/&&8$'!F'A,$*9$!/0!@$*,-&2'-"/*I!'*%!'(-8/2E8!"-l,!'! *'-2&'(!5&/9$,,?!"-!8',!'!E&$'-!58.,"9'(!'*%!5,.98/(/E"9'(!"@5'9-!"*!Q/@$*l,!("0$M!C8$!9$,,'-"/*!/0! $,-&/E$*! F=KI?! '(,/! R*/Q*! ',! ][β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f*OJ?!#;J!'*%!PJM!X*9&$',$%!#;J!",!5'&-"92('&(.!98'&'9-$&",-"9!/0!5/,-@$*/5'2,'(! Q/@$*!FD*'E*/,-",!$-!'(M!K^]\m!>'+",!$-!'(M!K^]ZIM!C8$!9/@5'&'-"+$!8/&@/*$!($+$(,!%2&"*E!-8$! &$5&/%29-"+$!58',$!/0!Q/@$*!'*%!@$*/5'2,$!'&$!,8/Q*!"*!:,*$!&'FM!<$+$&-8$($,,?!-8$!+',92('&! $*%/-8$("2@?!'/&-"9!,@//-8!@2,9($!9$((,?!A&'"*?!A/*$!'*%!'%"5/,$!-",,2$!8',!A$$*!&$5/&-$%!-/!'(,/! 5&/%29$!=K!"*!@298!,@'(($&!9/*9$*-&'-"/*!FJ$Q"--!'*%!x/&'98!K^]am!;"@5,/*!K^^YIM! ! ! ! :,*$!&'FRD&N!&2&-%"%,<&'-)!+"0'"-#'+&-)N"$2"0'.)!+)-&'0&<&02Q'3"5'Y.&'28-%.&2,2'"-#'!&0&"2&' )7' 7)00,/0&62%,+$0"%,-*' .)!+)-&' 3:B15' "-#' 0$%&,-,?,-*' .)!+)-&' 3^B5' )//$!2' "7%&!' %.&' *)-"#)%!)N,-6!&0&"2,-*' .)!+)-&' 3b-DBc' S0"/[' "!!)T25' ,2' !&0&"2&#Q' :1B' "/%2' ,-' %.&' )<"!,"-' 7)00,/0&2' 2%,+$0"%,-*' %.&' N!)#$/%,)-' )7' JM' "-#' ,-.,S,-' >E' S)%.' -&*"%,<&08' 7&&#S"/[' %.&'

.8N)%."0"+,/6N,%$,%"!86)<"!,"-'$-,%E'+)#,78,-*'%.&'N!)#$/%,)-')7'b-DBE'^B'd-#':1BQ'3S5'JM'"-#'

,-.,S,-'>'N!)#$/%,)-'#&/!&"2&'"7%&!'+&-)N"$2&')-/&'%.&')<"!,&2'"!&'#&N0&%&#')7'7)00,/0&2Q'_#"N%&#' 7!)+'L"<,2'&%'"0Q'3MGFX5Q'

(18)

! Y! =,-&/E$*!&$9$5-/&,!F=O,I!5&$,$*9$!"*!-8$!2-$&2,?!/+'&"$,!'*%!A/*$,!'&$!9/@@/*(.!R*/Q*?! A2-! -8$! -Q/! ,2A-.5$,! '&$! '(,/! $T5&$,,$%! "*! %"00$&$*-! -",,2$,M! 4/&$! 5&$9",$?! -8$! ,2A-.5$! =Oα! ",! @'"*(.!0/2*%!"*!A&$',-?!A/*$?!2-$&2,?!/+'&.?!("+$&?!R"%*$.?!9'&%"/+',92('&!,.,-$@!'*%!Q8"-$!'%"5/,$! -",,2$M!4$'*Q8"($?!=Oβ!",!$T5&$,,$%!"*!-8$!9'&%"/+',92('&!,.,-$@?!9$*-&'(!*$&+/2,!,.,-$@!F7<;I?! (2*E?!9/(/*?!'*%!'(,/!A&$',-?!/+'&"$,?!R"%*$.!'*%!"@@2*$!,.,-$@!F(.@58!*/%$,I!F|"'!$-!'(M!K^]ZIM! X*!'!&$+"$Q!A.!J$Q"--!'*%!x/&'98!FK^]aI!,-2%."*E!-8$!%"00$&$*-!$00$9-,!/0!=O,!"*!R*/9R/2-!@/2,$! @/%$(,!&$5/&-$%!%"00$&$*-!0"*%"*E,!&$('-$%!-/!-8$!-.5$!'*%!(/9'(!/0!=O!FC"S0&'FIM!X*-$&$,-"*E?!-8$! %$5($-"/*!/0!=Oα!($'%,!-/!"*0$&-"("-.!"*!A/-8!0$@'($!'*%!@'($!@/2,$!'*%!&'-!Q8$&$',!%$5($-"/*!/0! =Oβ!($'%,!-/!&$%29$%!/+2('-"/*!"*!0$@'($,!A2-!8',!*/!$00$9-,!"*!@'($,!&$E'&%"*E!&$5&/%29-"/*M! ! C8$&$!'&$!-8&$$!R*/Q*!0/&@,!/0!=KN!$,-&'%"/(?!Q8"98!",!5&"@'&"(.!0/&@$%!"*!/+'&"'*!E&'*2('&! 9$((,!'*%!",!-8$!@/,-!5/-$*-!'*%!Q"%$(.!0/2*%!"*!-8$!82@'*!A/%.?!'*%!$,-&/*$!'*%!$,-&"/(?!9/*+$&-$%! 0&/@!=K!"*!-8$!("+$&!A.!-8$!'9-"/*!/0!-8$!'&/@'-',$,!Ff'/!$-!'(M!K^]bIM!=K!5&/@/-$,!"-,!$00$9-!Q8"($! A"*%"*E!$"-8$&!-/!=Oα!'*%!=Oβ!/&!fL5&/-$"*L9/25($%!=O!Ff3OYÎM!=K!",!9'5'A($!-/!%"&$9-!"*-$&'9-! Q"-8!$,-&/E$*!&$,5/*,$!$($@$*-,!5&$,$*-!"*!-8$!*29($2,!',!Q$((!Q"-8!-&'*,9&"5-"/*!0'9-/&,!0/&!-'&E$-,! ("R$!+',92('&!$*%/-8$("'(!E&/Q-8!0'9-/&!Fe=f#m!:,*$!&'MIM!H$,"%$,!-8",!E$*/@"9!5'-8Q'.?!A"*%"*E! /0! =K! -/! =O,! '*%! f3OY^! '(,/! ($'%,! -/! '! */*LE$*/@"9! &$,5/*,$! ',! -8$! '9-"+'-"/*! /0! @"-/E$*L '9-"+'-$%! 5&/-$"*! R"*',$,G$T-&'9$((2('&! ,"E*'(L&$E2('-$%! R"*',$! F4D3xG=OxI?! 58/,58'-"%.("*/,"-/(LYLR"*',$! F3XYxI! '*%! '%$*/,"*$! YV?ZVL@/*/58/,58'-$! F9D43I! 9',9'%$,?! R*/Q*!-/!"*%29$!E$*$!$T5&$,,"/*!"*9(2%"*E!-8$!$*%/-8$("'(!*"-&"9!/T"%$!,.*-8',$!F$<1;I!FX/&E'!$-! '(M! K^][IM! X*! '%%"-"/*?! A"*%"*E! =K! -/! @"-/98/*%&"'(! @$@A&'*$! =O,! %$9&$',$,! &$'9-"+$! /T.E$*! ,5$9"$,!FO1;I!5&/%29-"/*?!"@5&/+"*E!@"-/98/*%&"'(!02*9-"/*!'*%!"*9&$',"*E!9$((!,2&+"+'(!FH/5',,'! $-!'(M!K^]^m!>$,98'@5,!$-!'(M!K^]ÎM!D(-8/2E8!-8$!5&"@'&.!,"-$!/0!5&/%29-"/*!/0!=K!'&$!-8$!/+'&"$,?! "*! 5/,-@$*/5'2,'(! Q/@$*! "-! 9'*! A$! (/9'((.! -&'*,0/&@$%! 0&/@! -$,-/,-$&/*$! "*! A&$',-?! A&'"*! '*%! '%"5/,$!-",,2$,!A.!'&/@'-',$,!5&$,$*-!"*!-8$!9.-/98&/@$!3_Z^!F7y3!_ZÎ!F|"'!$-!'(M!K^]ZIM!!

(19)

! _! !

!

:,*$!&' MR' ' 1,*-"0,-*' +)0&/$0&2' "-#' *&-&' &ON!&22,)-' "/%,<,%8' !&*$0"%&#' S8' *&-)+,/' "-#' -)-6 *&-)+,/'N"%.T"82')7'JMQ'D&#'"!!)T2R'*&-)+,/'N"%.T"8c'S0$&'"!!)T2R'-)-6*&-)+,/'N"%.T"8Q'JMR'

&2%!)*&-E' JDR' &2%!)*&-' !&/&N%)!E' JDJR' &2%!)*&-' !&2N)-2&' &0&+&-%E' YR' %&2%)2%&!)-&E' b(4DR' b6 N!)%&,-6/)$N0&#' !&/&N%)!E' (AUeR' N.)2N.),-)2,%,#&' U6[,-"2&E' C_(eR' +,%)*&-' "/%,<"%&#' N!)%&,-' [,-"2&E'_eYR'N!)%&,-'[,-"2&'>E'`Jb:R'<"2/$0"!'&-#)%.&0,"0'*!)T%.'7"/%)!'3A)!*"'&%'"0Q'MGFV5Q' '

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l,! ("0$! W2'("-.! FD*'E*/,-",!$-!'(M!K^]\m!H/&&$(("!'*%!=&*,-!K^]^m!>'+",!$-!'(M!K^]ZIM!

(20)

! "! ! ! ! "#$%&!'(!)*++#,-!./!+.*0&!+.1&%!./!230!45.64.*78+*7#79.5!+.1&%0:! #$%&'! (&)*+,-.,$/! 0,/%,/1)23$/*'4),$/)! "#$%&'((!)*'+,! 5'$67'!%&'&.,$/!$8!9:;! <$.=!)&>&)!,/8&+.,'&! #7'&)?!%,)+4-.&%!@7.,/1!6&=7A,$+)B!'$))!$8!)-&+@7.$1&/&),)!%4&!.$!,@-7,+&%! &88&+&/.!%4*.!84/*.,$/! 0&@7'&)?!%,)+4-.&%!@7.,/1!6&=7A,$+C!'7*D!$8!$A4'7.,$/C!=E-$-'7).,*! /$/84/*.,$/7'!4.&+4)!

"#$%&'((!-./! 5'$67'!%&'&.,$/!$8!9:;! <$.=!)&>&)!,/8&+.,'&!

0&@7'&)?!'7*D!$8!$A4'7.,$/C!=E-$-'7).,*!/$/84/*.,$/7'!4.&+4)!

"#0%&'((!)*'+,! 5'$67'!%&'&.,$/!$8!9:F! #7'&)?!/$+@7'!

0&@7'&)?!+&%4*&%!$A4'7.,$/!

"#0%&'((!-./! 5'$67'!%&'&.,$/!$8!9:F! #7'&)?!/$+@7'!

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

3/,-4&,!"#$789! (&'&.,$/!$8!9:;!,/!4.&+,/&!*&'')! (&A&'$-@&/.!$8!$A7+,7/!.4@$+)K!ME-$-'7).,*!/$/84/*.,$/7'!4.&+4)!

121!)'/.&/! #4.7.,$/!$8!(<(! I9:NG2OP!8&@7'&)!,/8&+.,'&!%4&!.$!$A7+,7/!7/%!4.&+,/&!,))4&)!

:;"#%&'((! (&'&.,$/!$8!5Q9:! I$+@7'!+&-+$%4*.,A&!)E).&@B!/$/+&-+$%4*.,A&!-=&/$.E-&)C!,/*'4%,/1!6$/&C!

*7+%,$A7)*4'7+C!7/%!,/)4',/21'4*$)&! 121!)'/.&/! (<(!@4.7.,$/!$/!9:;H/4''!67*D1+$4/%! #7'&)!7/%!8&@7'&)!,/8&+.,'&K!J6&++7/.!4.&+,/&!.+7/)*+,-.,$/7'!+&)-$/)&!%4&!.$! (IJH6,/%,/1!-+&8&+&/*&!*=7/1&!8$+@!9:9!.$!M:9C!.=&!@$.,8!.=7.!/$+@7''E! 6,/%)!Q5:! "</-.&'7(,.-!"#$!+4=&.(4&=! #4.7.,$/!$8!R<(! #7'&)!7/%!8&@7'&)!,/8&+.,'&K!I$!4.&+,/&!+&)-$/)&!.$!9S!

>,)?-.&,!(*7.(4@./4*&!)'/.&/! Q7'@,.$E'7.,$/!),.&!@4.7/.! I$!4.&+,/&!9S!+&)-$/)&24.&+,/&!1+$T.=K!

>,)?-.&,%*&(A!"#$! 9:;!R<(!84)&%!.$!@4'.,-'&!-7'@,.$E'7.,$/!),.&)! #7'&)!7/%!8&@7'&)!,/8&+.,'&C!/$!4.&+,/&!9S!+&)-$/)&!

B'7(,.-!(*7.(4@./4*&!)'/.&/! #4.7.,$/)!,/!.=&!/4*'&7+!'$*7',U7.,$/!)&V4&/*&!

7/%!7%%,.,$/!$8!7!/4*'&7+!&>*'4),$/!)&V4&/*&! #7'&)!7/%!8&@7'&)!,/8&+.,'&!

(21)

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

!

E)(! %*(6%-(.%! &9! 2)&12(! 9&*! 43-0%&-4! 6.:! 0*(8(.%1&.! &9! 2$1.126$! 2&-0$126%1&.! &9! )30&(4%*&'(.14-! 14! %)(! -(.&06746$! )&*-&.(! %)(*603! >LDEB;! Q7%+! %)(! $&.'R%(*-! 74(! &9! %)14! %)(*603! 2&7$:! 2&.%*157%(! %&! 4(*1&74! 6:8(*4(! (99(2%4+! (40(216$$3! %)(! 1.2*(64(:! *14=! &9! %)*&-5&(-5&$12! 6221:(.%4+! 4%*&=(! 6.:! 5*(64%! 26.2(*! >Q&**($$1! 6.:! S*.4%! GHNHB;! #$%)&7')! %)(! 5(.(91216$!74(!&9!SG!14!2&.414%(.%+!1%!0$634!6.!1-0&*%6.%!*&$(!1.!%)(!:(8($&0-(.%!6.:!0*&'*(441&.!&9! )&*-&.(R:(0(.:(.%!5*(64%!26.2(*+!%*1''(*1.'!6.!1.2*(64(!0*&$19(*6%1&.!&9!%)(4(!2($$4!>@1$86+!GHNTB;! #-&.'! %)(! (/14%1.'! %30(4! &9! 5*(64%! 26.2(*+! %)(! -&4%! 0*(86$(.%! >65&7%! IHU! &9! 06%1(.%4B! 14! %)(! )&*-&.(R:(0(.:(.%!475%30(!,)12)!(/0*(44(4!SP4!6.:C&*!0*&'(4%(*&.(!*(2(0%&*4!>VPB!>W(1'($!6.:! A&,4(%%!GHNHB;! ! !"#$%&'()*+,$-,.$/-(.0)1-&/23-($.0&+-&+&$ ! <.2*(64(:!*6%(!&9!2&*&.6*3!)(6*%!:14(64(!>XDAB!&227*4!,1%)!6:86.21.'!6'(!9&*!5&%)!4(/(4;! E)(*(!14!6!4)6*0!1.2*(64(!&9!XDA!*6%(!6-&.'!,&-(.!69%(*!600*&/1-6%($3!YH!3(6*4!&9!6'(;!E)(! *(64&.4! 6*(! 4%1$$! 7.2$(6*! 6.:! 6*(! 7.:&75%(:$3! -7$%1962%&*16$;! #! )1')(*! 1.21:(.2(! &9! DEF! 1.! 0&4%-(.&06746$! ,&-(.! $(6:4! %&! 65.&*-6$! 26*:162! 4%*72%7*(! 6.:C&*! 97.2%1&.+! 1.2$7:1.'! $(9%! 8(.%*127$6*!)30(*%*&0)3+!434%&$12!6.:!:164%&$12!:3497.2%1&.+!6.:!1.!-&*(!6:86.2(:!264(4+!1.2*(64(:! *14=!&9!6**)3%)-164!6.:!47::(.!:(6%)!;!X6*:1&0*&%(2%1&.!1.2$7:(4!6$$!-(2)6.14-4!6.:!-(6.4!%)6%! 2&.%*157%(! %&! %)(! -61.%(.6.2(! &9! %)(! )(6*%! 53! *(:721.'! &*! 0*(8(.%1.'! 26*:162! :6-6'(! 6.:! %)74+! 0*(8(.%1&.! &9! 2&*&.6*3! :14(64(! 6.:! -3&26*:16$! 1.96*2%1&.! 6.:! 1%4! 2&-0$126%1&.4+! ,)12)! 2&7$:! 1.8&$8(! 6:60%18(+! 627%(! >(;';+! (.(*'3! 6861$651$1%3B! &*! 2)*&.12! -(2)6.14-4+! 472)! 64! 4%*72%7*6$! *(-&:($1.'! >M75$(*! 6.:! D6644! NOO"B;! <%! )64! 5((.! :(-&.4%*6%(:! %)(! 0*&%(2%1&.! (99(2%4! &9! SG! 1.!

(22)

! Z! :199(*(.%! 9(-6$(! (/0(*1-(.%6$! -&:($4+! $1=(! W14%6*+! @DP! 6.:! A[X#R46$%! *6%4! >X6-0&*(\! (%! 6$;! GHNNJ!X)(.!6.:!L(.'!NOONJ!E&4%(4!(%!6$;!GHHHB;!<.!47--6*3+!%)(!0*&%(2%18(!(99(2%4!&.!SG!*('6*:4! %)(! 26*:1&86427$6*! 434%(-! 14! 644&216%(:! ,1%)! 915*&414! *(:72%1&.+! 6.'1&'(.(414! 6.:! 864&:1$6%1&.! 4%1-7$74+!1-0*&8(:!-1%&2)&.:*16$!97.2%1&.!6.:!*(:72(:!&/1:6%18(!4%*(44;!!

!

<.!6!*(81(,!0(*9&*-(:!53!]1$$6!(%!6$;!>GHNOB+!:199(*(.%!962%&*4!,(*(!9&7.:!%&!1.9$7(.2(!LDE! (99(2%18(.(44;! ?62%&*4! 1.)(*(.%! %&! %)(! 40(21^2! %*(6%-(.%! *('1-(.! >*&7%(! &9! 6:-1.14%*6%1&.+! 9&*-7$6%1&.+!:&4(+!6.:!:7*6%1&.!&9!74(B!&*!%&!%)(!06%1(.%!>6'(!&9!%)(!&.4(%!&9!-(.&0674(+!5('1..1.'! &9!LDE!6.:!4-&=1.'!9&*!1.4%6.2(B;!

!

<.!4&-(!264(4+!%)(!&.4(%!&9!-(.&0674(!26.!5(!(6*$3!>SL+!_TY!3(6*4B!&*!$6%(!>`L+!a!YY! 3(6*4B;!<.!%)(!91*4%!264(+!%)(!2$1.126$!43-0%&-4!6$4&!600(6*!(6*$3!6.:!14!644&216%(:!,1%)!*14=!&9!(6*$3! :(6%);! <.! 6! -(%6R6.6$3414! 4%7:3+! ,&-(.! ,)&! )6:! SL! $18(:! K;K! 9(,(*! 3(6*4! %)6.! ,&-(.! ,)&! (/0(*1(.2(:! .&*-6$! 6.:! $6%(! -(.&0674(;! #$4&+! SL! 14! 644&216%(:! ,1%)! 1.2*(64(:! *14=! &9! 26*:1&86427$6*!:14(64(!6.:!4%*&=(;!>#4$$6.6b!(%!6$;!GHNOB;!Q(41:(4+!%)(!5('1..1.'!&9!43-0%&-4!14! *($6%(:!%&!.&%!&.$3!)&*-&.6$!6.:!'(.(%12!640(2%4+!57%!6$4&!%&!$19(4%3$(!>:1(%!6.:!(/(*214(B!6.:!%&!%)(! (.81*&.-(.%!,)12)!,&-(.!6*(!1.8&$8(:;!>c&$(\6*!(%!6$;!GHNOB;!!"#$%&'(!4)&,4!%)(!5(.(91%!(99(2%4! &9!SG!1.!%)(!26*:1&86427$6*!434%(-;!!

!"#$%&' ()' *+' ,%-.&/."-0' 1&/230"41' 3#3"04.' /3%5"-634/$73%' 5"4&34&8' 9*:!;' 634/$73%'

&05-.2&7"37' #%-<.2' =3/.-%>' &?@A;' &05-.2&7"37' 0".%"/' -B"5&' 4C0.234&>' D0#EE' 30#"-.&04"0' EE;' FFG+;'13.%"B'1&.377-,%-.&"034&'+>'H@A;'%&3/."6&'-BC#&0'4,&/"&4>'!D@;'=3..C'3/"5'-B"53."-0' IE-%#3'&.'378'+JKLM'

(23)

! I! Q&%)! SP4! )68(! 5((.! :(42*15(:! 1.! %)(! 26*:1&86427$6*! 434%(-! ,1%)! (/0*(441&.! 1.! 4-&&%)! -742$(!6.:!86427$6*!(.:&%)($17-;!<.!&*:(*!%&!62%!&.!1%4!1.%*62($$7$6*!*(2(0%&*4+!(4%*&'(.!0(.(%*6%(4! 2($$4! 53! 064418(! :199741&.! 6.:! ,)(.! :140(*4(:! 1.! %)(! 23%&0$64-! 51.:4! %&! *(2(0%&*4+! %*1''(*1.'! %*6.42*10%1&.6$!>'(.&-12B!6.:!.&.R%*6.42*10%1&.6$!>.&.R'(.&-12B!62%1&.4;!@1.2(!%)14!$64%!06%),63! :&(4.d%! *(e71*(! '(.(! %*6.42*10%1&.! 6.:! 0*&%(1.! 43.%)(414+! %)(! *(40&.4(! 14! 964%+! %6=1.'! 4(2&.:4! %&! -1.7%(4;! <.! 86427$6%7*(+! %)(4(! (99(2%4! 6*(! -61.$3! 644&216%(:! ,1%)! 864&:1$6%1&.! 6.:! 86427$6*! 0*&%(2%1&.! 816! 0*&4%6232$1.! 0*&:72%1&.+! 62%186%1&.! &9! -(-5*6.(! =1.64(4+! 0)&40)6%64(4+! 6.:! 1&.! 2)6..($4+! $(6:1.'! %&! 26$217-! -&51$1\6%1&.+! 4(2&.:! -(44(.'(*! 62%186%1&.+! 6.:! .1%*12! &/1:(! >F[B! 0*&:72%1&.!>A6814!(%!6$;!GHNYJ!<&*'6!(%!6$;!GHNZB;!

!

$

!"4$567')+&'()*+,&$-,.$89(0:3-1),+$

!

V)3%&(4%*&'(.4! >VfB! 6*(! .6%7*6$! 62%18(! 0)(.&$12! 2&-0&7.:4! &9! 0$6.%4! &*1'1.! %)6%! 4%*72%7*6$$3!*(4(-5$(4!%&!%)(!SG!9&7.:!1.!-6--6$4;!E)(4(!0)3%&)&*-&.(4!6*(!0*&:72(:!53!0$6.%4! 9&*!%)(1*!&,.!'*&,%)!6.:!51&$&'126$!.((:4!6.:!6*(!26065$(!%&!,(6=$3!62%186%(!SP4!1.!-6--6$4! >#:$(*2*(7%\!GHHGB;!L&*(&8(*+!Vf!)68(!5((.!*(2&'.1\(:!9&*!%)(1*!6.%1R1.9$6--6%&*3+!6.%1&/1:6.%+! 6.%1%)*&-5&%12+! 6.%1.(&0$64%12+! 6.%16$$(*'12! 6.:! $18(*! 62%181%3! 0*&0(*%1(4;! E)(3! 26.! 5(! 9&7.:! .&%! &.$3!1.!4&3+!57%!6$4&!&%)(*!$('7-(4+!*&&%!8('(%65$(4!$1=(!26**&%4!6.:!36-4+!'*61.4+!4((:4+!.7%4+!64! ,($$! 64! 1.! )(*54;! E)(3! 6*(! *(0*(4(.%(:! 53! 9&7*! 2$644(4g! 14&h68&.(4+! 4%1$5(.(4+! 2&7-(4%6.4+! 6.:! $1'.6.4;! E)(! -&4%! 4%7:1(:! 0)3%&2)(-126$4! 6*(! :61:\(1.+! '(.14%(1.+! *(48(*6%*&$! 6.:! e7(*2(%1.! >#:$(*2*(7%\!NOOYJ!Q647!6.:!L61(*!GHNIJ!L(.4(!(%!6$;!GHHIB;! ! @&3!14&9$68&.(4+!472)!64!'(.14%(1.!6.:!:61:\(1.+!6*(!0*(4(.%!1.!4&35(6.4!6.:!6*(!=.&,.!%&! 5(!97.2%1&.6$!9&&:!2&-0&.(.%4;!E)(3!)68(!6.!(4%*&'(.R$1=(!4%*72%7*(!>!"#$%&'NM!6.:!6*(!26065$(! &9!51.:1.'!%&!SP4;!<.%(*(4%!1.!Vf!2&-(4!9*&-!%)(!&54(*86%1&.!%)6%!%)(!1.21:(.2(!&9!5*(64%!26.2(*! 1.!#416.!,&-(.!14!$&,(*!,)(.!2&-06*(:!%&!,(4%(*.!,&-(.!6.:+!,)(.!6.6$3\1.'!4(2&.:!6.:!%)1*:! '(.(*6%1&.! &9! #416%12! ,&-(.! ,)&! -1'*6%(:! %&! W(4%(*.! 2&7.%*1(4+! %)(1*! *14=! &9! 5*(64%! 26.2(*! 14! 41-1$6*!%&!%)&4(!&9!,&-(.!1.!%)(1*!)&4%!2&7.%*3+!1.:126%1.'!%)6%!$19(4%3$(!6.:!.&%!'(.(%12!962%&*4! ,&7$:!(/0$61.!%)(!$&,(*!*14=!#416.!,&-(.!:(%61.;>V*&54%RD(.42)!(%!6$;!GHHHJ!i471!GHH"B!!

!

#-&.'! %)(! Vf+! 10*19$68&.(! >ZR14&0*&0&/3R14&9$68&.(J! <VB! 14! 6! 43.%)(%12! :(*186%18(! &9! :61:\(1.! 6.:! 14! 26065$(! &9! *(:721.'! *(.6$! 26$217-! (/2*(%1&.+! 1.2*(641.'! 26$217-R4%1-7$6%(:! 26$21%&.1.! 4(2*(%1&.+! 6.:! 1-0*&81.'! $&,R26$217-R1.:72(:! &4%(&0(.16;! E)(*(9&*(+! 1%! 0*&-&%(4! 1.)151%1&.!&9!5&.(!*(4&*0%1&.!1.!6.1-6$!-&:($!4%7:1(4!,1%)!(/0(*1-(.%6$!&4%(&0&*&414!6.:!6$4&!1.!

(24)

! O! 2$1.126$!%*16$4!,1%)!06%1(.%4!,1%)!&4%(&0&*&414;!D(.2(+!1%!)64!5((.!(-0$&3(:!&*6$$3!1.!%)(!%*(6%-(.%! &9!&4%(&0&*&414!>P('1.4%(*!NOOKJ!P&)6%6'1!(%!6$;!NOOZB;! $ E0'6".%-!6.:!"0'6"6-!4%7:1(4!1.:126%(!%)6%!<V!6.:!1%4!-(%65&$1%(4!-63!1.)151%!XfV!N#G+!GXI+! GXO!6.:!GXNO!>(.\3-(4!&9!%)(!XfV!TYH!96-1$3B+!,)12)!-63!2674(!0&4415$(!:*7'!1.%(*62%1&.4!6.:! )68(!4)&,.!%)6%!%)14!14&9$68&.(!14!(/%(.418($3!-(%65&$1\(:!1.!*6%4+!:&'4!6.:!)7-6.4+!7.:(*'&1.'! (/%(.418(! 91*4%! 0644! -(%65&$14-;! <.! 6! 4%7:3! ,1%)! *6%4! %*(6%(:! ,1%)! XfV! 1.:72(*4! 6.:! 1.)151%&*4+! 2&-06*1.'!%)(!*(47$%4!,1%)!%)(!2&.%*&$!'*&70!47''(4%(:!%)6%!XfV!N#NCG+!GQNCG!6.:!GXNNCG!-63! 5(!*(40&.415$(!9&*!%)(!-(%65&$14-!&9!<V!1.!*6%4!>M1-!6.:!`((!GHHGJ!`((!(%!6$;!GHHOJ!L&&.!(%!6$;! GHHZB;!@(8(.!-(%65&$1%(4!>LNRLZB!)68(!5((.!1:(.%191(:!1.!6.1-6$4!6.:!)7-6.4;!P&.:($$1!(%!6$;! >NOONB! 47''(4%(:! %)6%! <V! 14! -(%65&$1\(:! 0*1-6*1$3! 53! &/1:6%1&.! &9! %)(! 14&0*&03$! '*&70! &*! )3:*&/3$6%1&.!&9!1%4!j!*1.'!9&$$&,(:!53!0)64(!<<!'$327*&.1:6%1&.!&*!47$96%1&.!1.!%)(!$18(*;!<.!%)(1*! 4%7:3+! 4-6$$! 6-&7.%4! &9! <V! ,(*(! 0*(4(.%! 1.! )7-6.! 0$64-6! 6.:! 7*1.(+! 6.:! %)(! -&4%! 9*(e7(.%! -(%65&$1%(4!,(*(!LN+!LG+!6.:!LY+!47''(4%1.'!%)6%!%)(!0)6*-62&$&'126$!62%1&.!&9!<V!14!*(0*(4(.%(:! 53!%)(!7.2)6.'(:!%&%6$!0&%(.21(4!&9!<V!6.:!1%4!-(%65&$1%(4;!LN!6.:!LG!21*27$6%(!1.!%)(!5$&&:!64! 2&.b7'6%(:!9&*-4+!57%!LY!6.:!<V!)68(!5((.!*(2&8(*(:!64!7.2&.b7'6%(:!9&*-4+!47''(4%1.'!%)6%!LY! -63!2&.%*157%(!'*(6%$3!%&!%)(!62%1&.!&9!<V;!

!

L&*(! 0*(214(+! <V! 14! 51&%*6.49&*-(:! 1.%&! LN+! LK! 6.:! LT! 6.:! 4754(e7(.%$3+! LT! 14! 51&%*6.49&*-(:!%&!LY+!,)12)!14!97*%)(*!-(%65&$1\(:!%&!L"!6.:!LZ;!<.!6::1%1&.+!LN!6.:!LK!6*(! 2&.8(*%(:! %&! LG;! <%4! -(%65&$1%(4! LN+! LG+! LK! 6.:! LY! 6*(! 4)&,.! %&! :(%61.4! 0)6*-62&$&'126$! 62%181%3! *($6%(:! %&! 5&.(! 9&*-6%1&.! 6.:! *(4&*0%1&.! 6.:! -63! 2&.%*157%(! %&! %)(! &8(*6$$! (9912623! &9! 10*19$68&.(! >M1-! 6.:! `((! GHHGJ! P&.:($$1! (%! 6$;! NOONB;! <V! 6$4&! 1.2*(64(4! 7%(*&%*&0)12! (4%*&'(.! 62%181%1(4+!57%!)64!.&!%&/12+!-7%6'(.12!&*!26*21.&'(.12!(99(2%4;!<.%(*(4%1.'+!W1$$16-4!(%!6$;!>GHHGB! :(-&.4%*6%(:!%)6%!<V!1.:72(4!%)(!9&*-6%1&.!&9!SGRKc!>(4%*6:1&$!KR'$327*&.1:(B!6%!6!*6%(!65&7%!N;Z! %1-(!'*(6%(*!%)6.!2&.%*&$!'*&704!6.:!(/0$61.(:!%)6%!%)(!1.2*(64(!1.!SGRKc!,)(.!6.:!<V!14!0*(4(.%! 1.!)7-6.!$18(*!-12*&4&-(4!14!(1%)(*!:7(!%&!6.!6$$&4%(*12!(99(2%!&9!%)(!(.\3-(!icEN#N!>6.!14&9&*-! &9!%)(!(.\3-(!iAVR'$127*&.3$%*6.49(*64(+!*(40&.415$(!9&*!%)(!SG!2&.b7'6%1&.!*(62%1&.B+!&*!:7(!6! 2)6.'(!1.!2&.9&*-6%1&.!&9!%)(!62%18(!41%(!&9!%)14!(.\3-(!*(47$%1.'!1.!!%)(!51.:1.'!&9!%,&!4754%*6%(4! 9&*!%)(!62%18(!41%(;! !

#.! 1-0&*%6.%! *(81(,! 0(*9&*-(:! 53! #'.74:(1! 6.:! Q796$1.&! >NOOZB! 0*(4(.%(:! %)6%! %)(! 1.21:(.2(!&9!6:8(*4(!(99(2%4!1.!06%1(.%4!>a!"Y!3(6*4B!%*(6%(:!,1%)!GHH!-'!%65$(%!<V!6%!-(6$4!,64! 41-1$6*!%&!0$62(5&!%*(6%(:!'*&70!>O3P7&'+B;!#.!1.%(*(4%1.'!91.:1.'!,64!%)6%!%)(!41'.19126.%!1.2*(64(! 1.! -1.(*6$! 5&.(! -644! &9! ,&-(.! %*(6%(:! ,1%)! <V! ,64! 9&$$&,(:! 53! 6! :(2*(64(:! .7-5(*! &9! .(,!