ERROR LOADING HTML FROM SOURCE (http://ncf.sobek.ufl.edu//design/skins/UFDC/html/header_item.html)

HOW INDIE KILLED ROCK

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004757/00001

Material Information

Title: HOW INDIE KILLED ROCK THE ROCK HISTORICAL PARADIGM AND THE ENIGMA OF MATH ROCK
Physical Description: Book
Language: English
Creator: Evins, Elliot
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2013
Publication Date: 2013

Subjects

Subjects / Keywords: Math Rock
Rock History
Authenticity
Indie Music
Genre
Tera Melos
Math Rock
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This document explores the current cultural status of rock music and addresses the contemporary state of the empowerment fans have gained from identifying with the genre. Looking at rock's historical narrative, I find that through the formation of a rock canon in the early 1990s, rock became conventionalized as a staple of mainstream American culture. I assert that "indie" music styles inherited rock's "authentic" aesthetic and succeeded rock as a means for fans to identify with a musical subculture parallel to the mainstream of mass culture. Indie music began in the 1980s due to advances in technology and greater access to modes of music distribution. At the same time, changes allowed for more free-form musical practices and the dissolving of previously rigid genre boundaries. In order to explore the nature of indie, I use the subgenre "math rock" and one of its most prolific bands, Tera Melos, as case studies. A rhythmically complex brand of indie rock, math rock draws influence from jazz, punk rock, and metal, as well as musical practices from avant-garde and modern classical music. Based on these case studies I conclude that indie styles of music represent a change in the way individuals form identities through popular music.
Statement of Responsibility: by Elliot Evins
Thesis: Thesis (B.A.) -- New College of Florida, 2013
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida Libraries, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Clark, Maribeth

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2013 E9
System ID: NCFE004757:00001

Permanent Link: http://ncf.sobek.ufl.edu/NCFE004757/00001

Material Information

Title: HOW INDIE KILLED ROCK THE ROCK HISTORICAL PARADIGM AND THE ENIGMA OF MATH ROCK
Physical Description: Book
Language: English
Creator: Evins, Elliot
Publisher: New College of Florida
Place of Publication: Sarasota, Fla.
Creation Date: 2013
Publication Date: 2013

Subjects

Subjects / Keywords: Math Rock
Rock History
Authenticity
Indie Music
Genre
Tera Melos
Math Rock
Genre: bibliography   ( marcgt )
theses   ( marcgt )
government publication (state, provincial, terriorial, dependent)   ( marcgt )
born-digital   ( sobekcm )
Electronic Thesis or Dissertation

Notes

Abstract: This document explores the current cultural status of rock music and addresses the contemporary state of the empowerment fans have gained from identifying with the genre. Looking at rock's historical narrative, I find that through the formation of a rock canon in the early 1990s, rock became conventionalized as a staple of mainstream American culture. I assert that "indie" music styles inherited rock's "authentic" aesthetic and succeeded rock as a means for fans to identify with a musical subculture parallel to the mainstream of mass culture. Indie music began in the 1980s due to advances in technology and greater access to modes of music distribution. At the same time, changes allowed for more free-form musical practices and the dissolving of previously rigid genre boundaries. In order to explore the nature of indie, I use the subgenre "math rock" and one of its most prolific bands, Tera Melos, as case studies. A rhythmically complex brand of indie rock, math rock draws influence from jazz, punk rock, and metal, as well as musical practices from avant-garde and modern classical music. Based on these case studies I conclude that indie styles of music represent a change in the way individuals form identities through popular music.
Statement of Responsibility: by Elliot Evins
Thesis: Thesis (B.A.) -- New College of Florida, 2013
Electronic Access: RESTRICTED TO NCF STUDENTS, STAFF, FACULTY, AND ON-CAMPUS USE
Bibliography: Includes bibliographical references.
Source of Description: This bibliographic record is available under the Creative Commons CC0 public domain dedication. The New College of Florida Libraries, as creator of this bibliographic record, has waived all rights to it worldwide under copyright law, including all related and neighboring rights, to the extent allowed by law.
Local: Faculty Sponsor: Clark, Maribeth

Record Information

Source Institution: New College of Florida
Holding Location: New College of Florida
Rights Management: Applicable rights reserved.
Classification: local - S.T. 2013 E9
System ID: NCFE004757:00001


This item is only available as the following downloads:


Full Text

PAGE 1

! #$%!&'(&)!*&++)(!,$-* .! /#) !,$-*!#&0/$,&-1+!21,1(&34!1'(!/#)!)'&341! $5!41/#!,$-* 67! )++&$/!)8&'0 1!/9:;";! 0<=>"??:@!?A!?9:!("B";"AC!AD!#<>EC"?":;! ':F!-AGG:H:!AD!5GAI"@E! "C!JEI?"EG!D:C?!AD!?9:!I:K<"I:>:C?;!DAI!?9:!@:HI::!! 6EL9:GAI!AD!1I?;! MC@:I!?9:! ;JAC;AI;9"J!AD!4EI"=:?9!-GEIN 0EIE;A?EO!5GAI"@E! 1JI"G O!PQRS

PAGE 2

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

PAGE 3

! """ /16+ )!$5!-$'/)'/0 +";?!AD!5"H!+A;? /9:!,ALN!#";?AI"LEG!2EIE@"H>!"C!%I"?"CH -9EJ?:I!S.!&C@":!3:CI:!EC@!?9:!':F!2EIE@"H> WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWW SS &C@" :.!/9:!':F!1E WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWW ]^ /:;?"CH!?9:!6A
PAGE 4

! "B +&0/!$5!5&3M,)0 5&3M,)!'14) 2EH: RWR.!(I<>!'A?E?"AC;!+:H:C@ WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWW ] PWR.!/9:!,ALN!#";?AI"LEG!2EIE@"H>! d !(A>"CEC?!,ALN!4AB:>:C?; WWWWWWWWWWWWW RP PWP.!-ABEL9V;!-9 EJ?:I!/E=G: WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWWWWWWWWWWWWWWWWWWW RS PWS.!$;=AICV;!)TJ:I">:C?EG!B;W!/IE@"?"ACEG!("EG:L?"L WWWWWWWWWWWWWWWWWWWWWWWWWWWWWWWW WWWWWWW RS ]WR.!5AI>EG!0?IEG!0?I
PAGE 5

! B #$%!&'(&)!*&++)(!,$-*.!/#)!,$-*!#&0/$,&-1+!21,1(&34!1'(!/#)!)'&341! $5!41/#!,$-* )GG"A?!)B"C; ':F!-AGG:H:!AD!5GAI"@EO!PQRS 160/,1-/ /9";!@AL<>:C?!:TJGAI:;!?9:!L<;"L!EC@! E@@I:;;:;!?9:!LAC?:>JAIEIU!;?E?:!AD!?9:!:>JAF:I>:C?!DEC; !9EB: !HE"C:@!DIA>! "@:C?"DU"CH!F"?9!?9: !H:CI: W !+AAN"CH!E?!IALNV;!9";?AI"LEG!CEIIE?"B:O!&!D"C@!?9E?!?9IAE?"AC!AD!E!IALN! LECAC!"C!?9:!:EIGU!RffQ;O!IALN!=:LE>:!LACB:C?"ACEG"`:@!E;!E! ;?EJG:!AD!>E"C;?I:E>!1>:I"LE C!L<;"L!;?UG:;!"C9:I"?:@! IALNV;!aE:EC;!DAI!DEC;!?A!"@:C?"DU!F"?9 E!><;"LEG!;<=LE"C;?I:E>!AD!>E;;!L<;"L!=:HEC! "C!?9:!Rf^Q;!@<:!?A!E@BECL:;! "C !?:L9CAGAHU EC@!HI:E?:I!ELL:;; !?A >A@:;!AD!><;"L! @";?I"=:!?">:O! L9ECH:;!EGGAF:@!DAI!>AI:!DI:: DAI>!><;"LEG! JIEL?"L:;!EC@!?9:!@";;AGB"CH!AD!JI:B"A<;GU!I" H"@!H:CI:!=AE?9!IALNb! EC@!AC:!AD!"?;!>A;?! JIAG"D"L!=EC@;O!/:IE!4:GA;O!E;!LE;:!;?<@":;W!1!I9U?9>"LEGGU!LA>JG:T!=IEC@!AD!"C@":! IALNO!>E?9!IALN!@IEF;!"CDG<:CL:!DIA>!XE``O!J :?EGO!E;!F:GG!E;!><;"LEG! JIEL?"L:;!DIA>!EBEC? HEI@:!EC@!>A@:IC!LGE;;"LEG!><;"LW! 6E;:@!AC!?9:;:!LE;:!;?<@":;! &!LACLG<@:!?9E?!"C@":!;?UG:;!AD!><;"L!I:JI:;:C?!E!L9ECH:!"C!?9:!FEU!"C@"B"@! "@:C?"?":;!?9IA<;"LW! 4EI"=:?9!-GEIN ("B";"AC!AD! #<>EC"?":;

PAGE 6

! B" 2,)51-) &!D"I;?!:TJ:I":CL:@!F9E?!&!CAF!LEGG!>E?9!IALN!E;!E!9"H9!;L9AAG!;?<@:C?!JGEU"CH! ><;"L!F"?9!DI":C@;!"C!?9:!GALEG!;L:C:!AD!4"E>"O!5GAI"@EW!&!LEC!CA F!9:EI!D:E?E?9!IALN!"C!><;"L !&!:CXAU:@!JI:B"A<;GU!=!FE;!"C?IA@:!F"?9!?9:! ><;"L!AD!/:IE!4:GA; O!E!=EC@!=E;:@!"C!-EG"DAIC"E!LA>>"??:@!?A!:TJ:I">:C?"CH!F"?9! ><;"L!?9IA!;?UG: W! 0"CL:!&!:C?:I:@!LAGG:H:O!&!LAC?"C<:@!?A!DAGGAF !?9:! LEI::I!AD!/:IE!4:GA;!EC@!HA ?!?9:!"@:E!?A!"CLAIJAIE?:!?9:!=EC@!"C?A!>U! JG:!AD!?9:!FEU;!"C!F9"L9!G:;;:I NCAFC!JAJ<;"L!;?UG:;!D:EC;!"C!F9"L9!?A!LA>="C:!>U!"C?:I:;?!"C! =A?9!><;"L!EC@!;AL"EG!?9:AIUO!&!:CLAE?:I"EG! AC!F9"L9!?A!=E;:!E!LGE">!?A!;:IB:!E;!E!DA:C?AO!-1!?I"AV;!"C?I"LE?:! EC@!LA>JG:T!;ACH!;?IJG:W!/:IE!4:GA;V!JECU!F"G@!;9"D?;!AD!?">:! ;"HCE?:GA@"L! 9AAN;!EC@!XE=;!?9E?!AC!JEJ:I!>"H9?!;::>!?A!@:DU!?9:!=EC@V; !:TJ:I">:C?EG! :@H:W!/9:I:V;!:B:C!LG:EI!EC@!@";?"CL?!BALEG;!?9IA"TW!6!?9E?!;?"LN;! F"?9!U A<;"L!9E;!I:EGGU!>:EC?!@EI"CH!><;"LW!+"N:!?9:!6:EL9!6AU;! "C!?9:!GE?:!eQ;O!/9:!-GE;9!"C!?9:!cQ;O!(:BA!"C!?9:!^Q;O!5GE>"CH!+"J;!"C!?9:!fQ;! d ?9:!HI:E?:;?!EI?";?;!9EB:!@EI:@!?A!>EN:!><;"L!?9E?!";!9AANU!F9"G:!EG;A!=:"CH! HIAEH:;!AD!="`EII:!EC@!DEC?E;?"L!

PAGE 7

! B"" EG?:ICE?:!I:EG"?":;W!/9"CN!E=A:!UAAC":;O!?I:>AGA FE;9:@! =E;;!EC@!L9"IJ"CH!?9:I:>"CW!/9:!N:U!";!CA?!?A!< C@:I;?EC@!"?O!=<;"L!?IEC;DAI>!:B:IU@EU!I:EG"?U!"C?A!;A>:?9"CH!C:FW!1C@!?9E?!";!?9:!:;;:CL:! AD!2E?EHAC"EC!,E?;W! /9:!EG=<>!AJ:C;!F"?9!F9";J:I:@!BALEG;!EC@!FEG?`"CH!AIHEC!CA?:;!AD!S[ ;:LAC@!"C?IA!a!0A!$LL=G"CH! "C?A!?9:!=G"?`NI":H!9EJG:O!E;L:C@"CH! I"DD!AD!J9E;:@ AEIL9"CH!I9U?9>;!?9E?! JGEU;!A!E!DEBAI"?:!JAJ!;ACH!?9E?!H:?;!;?::?; ?9:!8:C?E?L9!?9E?!?IJ:LLE=G:!><;"L"EC;9"J!AD!,:"C9EI?O!=E;;";?!'E?9EC!+E?ACE! EC@!@I<>>:I!iA9C!-GEI @UW!a1GG!>U!DI":C@;!F"GG!?IU!EC@!;EUOb!,:"C9EI?!;"CH;! d CA?!;A!>!?9:!B":F!AD!:?:IC"?UW! )G;:F9:I:O!a/I"@:C?!/E"Gb!:BAN:;!0U@!6EII:?!:IE!2"CN!5GAU@h!?9:!><;"L!";! ;?<@"A<;!EC@!@:G"=:IE?:O!F9"G:!EG;A!"CD:L?"A<;! EC@!9<>>E=G:W /:IE!4:GA;!DAI>:@!"C!PQQ]!E;!E!K:!E!?I"A!"C! GE?:!PQQeO!I:G:E;"CH!?9:!(IJAIEIU!,:;"@:CL:!EC@! EC!)2!AD!LAB:I!;ACH;O!&@"A>;!8AGW!R!DAGGAF:@!"C!PQQfW!&C!?9:!>:EC?">:O! ,:"C9EI?!LAGGE=AIE?:@!F"?9!JIAG"D"L!@I<>>:I!YEL9!#"GG!:! =UHAC:;O!I:G:E;"CH!?9:!=U !EG=<>!"C!PQQf!EC @!0J"I"?!2E?EHAC"EC!,E?;! FE;!I:G:E;:@!AC!0:J?:>=:I!c ?9 O!PQRQW! R %"?9!?9:!AI"H"CEG!"C?:C?!AD!=AA;?"CH!;EG:;!AD!/:IE!4:GA;V!PQRQ!EG=<>! !"#"$%&'"&()"#* O!?9: !JI:;;!I:G:E;:!?AJAIEIU!JAJ<;"L !&!FEC?!?A!:TJGAI: W! &!I:LAHC"`:@! ;?I>ACGU !DEL:@!=U!LI:E?AI;!"C!?9:! D":G@!AD!JAJ<;"L.!ECT":?":;!AB:I!HA"CH!aJAJOb!;?IE@@G"CH!LACB:C?"ACEG! EC@!:TJ:I">:C?EG!><;"L!JI EL ?"L:;O!D:EI!AD!=:"CH!J"H:AC9AG"CH!"C?A!?9 :!;?UG";?"L! =AJ?;!?A!JAI?IEU!?9:!=EC@!E;!EC!E:!?">: O !>ECU!;:: !?9:!EL?!AD!;:GD LAC;L"A<;GU!LGE">"CH!?9E?!?9:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! R !0EIH:C?!#A<;: P !&="@W

PAGE 8

! B""" ><;"L!";!aE"C:;!?9E?!L GE">W!&C@:J:C@:C?!><;"L"EC;!LAC?"CJAI?ECL:!AD!E<;"L!JIA@<;"L!DIA>!IALNV;!JE;?! J"K< :@!>U!"C?:I:;?!AC !?9:!L JG:T"?Ub!"CBAGB:@!F"?9!>EN"CH!E!LA>JEIE?"B:GU!aJAJb!EG=<>!>A?"BE?:@!>U! :TJGAIE?"AC!AD!"C@":V;!I:GE?"AC;9"J!F"?9!>E"C;?I:E>!;AL":?UW S ( /9:I:!LAEC"D:;?A!?9EC!?9";!JI:;;!I:G:E;:W! &C?:IB":F;!EC@!J:I;ACEG!LACB:I;E?"AC;!F"?9!>:>=:I;!AD!/:IE!4:GA;!"C@"LE?:!?9E?! ?9:U! EI:!LAC;L"A<;!AD!?9:!"C?:GG:L?JG"LE?"AC;!AD!?9:"I!AE"C?E"C"CH!E!@:HI::!AD!E:C?!;:?!?9:!JIAX:L?!"C!>A?"AC!?AFEI@;! :TJGAI"CH!?9:!CE?<;"LEG!L<;"L;!DIA>!?9:!>E"C;?I:E>!AD! >E;;!L<;"LEG!A:!?A! I:JI:;:C?!?9:!H:CI:! 0"#1(-%./ O!E!I9U?9>"LEGGU!LA>JG:TO!"C;?I<>:C?EGGU!AI":C?:@O! ECH!AD! :TJ:I">:C?EG!IALN!F"?9"C!"C@":W!1?!?9:!;E>:!?">: O !9AF:B:IO!?9:!=EC@! EBA"@;!=:"CH!GE=:G:@!>E?9!IALN!DAI!D:EI!AD!=:"CH !aJ ;! ;?E=G: !?9IA:?I"LEGGU!A C"L!GECHEIN:@GUW! /:IE!4:GA;!?9:I:DAI:!>EN:;!EC!"@:EG!LE;:! ;?<@UO!9EB"CH!?IEB:I;:@!?9IA:IA<;!;?UG:;!F9"G:!LAC;";?:C?GU!I:JI:;:C?"CH!?9:!"C9:I:C?!LA>JG:T"?U!AD!>E?9! IALNW /9A:!">J:IE?"B:;!AD!EC@!L9EGG:CH :;!?A!E<;"L!E;!E!>:EC;!AD!"C@"B"@JAF:I>:C?W!&C!?9:!Rf^Q;O!;L9AGEI;! =:HEC!@ ";LA:C?!=<"G@;!AC!?9:!CA?"AC!?9E?!IALN! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ] ,:"C9EI?O!'"LNW!m4E?9!,ALN!5AI!(<>>":;Wm! 23"4(5"$"6'&, W!2A@LE;?O! i
PAGE 10

! P 9E;!HAC:!?9:!FEU!AD!?IE@"?"ACEG!H:CI:;!G"N:!LGE;;"LEG!AI!XE``!EC@!=:LA>:! LAC B:C?"ACEG"`:@!?9IAE?"AC!AD!E!IALN!LECACW!%9:I:!?9IA:EC;!AD!LGE;;"DU"CH!"?;!EH:C?;!E;! ;:JEIE?:!DIA>!?9:!;E"C;?I:E>O!&!EIH<:!"C@":!9E;!CAF!E@AJ?:@!?9:;:! L9ECC:G;!AD!:>JAF:I>:C?! EC@!;:GD LAC;L"A<;GU!E@X <;?:@!?9:!>:EC"CH!AD!aEE?"AC!LE>:!E=A! EC!"CLI:E;:@!@:>EC@!DAI!E!UA! ?9A;:!AD! JI:B"A<;!H:C:IE?"AC;W!&?!;9AF;!?9E?!? 9:!JI">EIU!L9EIEL?:I";?"L!AD!IALN!";!E!;:C;:!AD! LA:!?A!LEGG! 71,()%./(8,*#1,#'. W!&!LAC?"C<:!?A!GAAN! E? !IALN V ;!:BAG;O!=:LA>:;!LA AJ?:@!=U!E!F"@:;JI:E@! E<@":CL:!EC@!LACB:C?"ACEG"`:@!F"?9"C!EC!:C?"I:!LAI: !E!C:E?GU!:TJGE"C;!IALNV;!:BAGA;?!EGG! 9";?AI"AHIEJ9":;!:C @!E=I!?9:!JE;?!?FA! @:LE@:;W! &C@":!DAI>:@!E;!?9:!IALN!CEIIE?"B:!=:HEC!?A!LAGGEJ;:W!4 EXAI!L9ECH:;!"C!?9:! I:LAI@!"C@<;?IU!;?EI?"CH!"C!?9:!Rf^Q;!E;!F:GG!E;!E@BECL:;!"C!?:L9CAGAHU!E?!?9:!;E>:! ?">:!EGGAF:@!DAI!E!HI:E?:I!C<> =:I!AD!"C@"B"@<;"L!JIA@E?"AC!AD !"C@":!;?UG:;!EC@!;<=L
PAGE 11

! S L:C?IEG"`:@!><;"L!"C@<;?IUW!+E?:IO!F"?9!E!IALN!LECAC!DAI>"CH!?9IAE?O!?9:;: !aEG?:ICE ?"B:b !;?UG:; O!CAF!NCAFC!E;!"C@":O !LE>:!?A! I:JI:;:C?!EC!E:EC;!AD!;:JEIE?"CH!AC:;:GD!DIA>!?9:!>E;;!LE"C;?I:E>W! [ -9EJ?:I!S :TE>"C:;!?9:!EG?:ICE?"B: !><;"L!;L:C:;!AD!?9:!Rf^Q;!EC@!9AF!?9:! DAI>E?"AC!AD!"C@":!H:CI:;!LE>:!? A!;U>=AG"`:!E:!?A!D"C@!?9E?!"@:C?"D"LE?"AC!F"?9!A=;L<;"L;!EC@! LAGG:L?"AC! AD!IEI"?":;!E"@;!"C!H:C:IE ?"CH!a J:I;ACE G!EA:!EC@!:DDAI?!;J:C?!"C!?9:"I!ELK<";"?"ACW e !&!LAC?"C<:!?A!GAAN!E?!F9E?!IAG:!H:CI:! LGE;;"D"LE?"AC!JGEU;!EC@!;9AF!?9E?!?9:!DI::!DAI>!EJJIAEL9!?A!LI:E?"B"?U!"C!"C@":! G"K<:D":;!;E?9!IALN!E;!AC:!;JG:!F"?9"C!"C@":! =:F9E?!AD!EC!:C"H>E!"C!?9E?!LAC?:T?!E;!F:GG!E;!F"?9"C! ?9:!IALN!9";?AI"LEG!JEIE@"H>W!&! @";L<;; !?9: !H:CI: !?9IAA:C? !F"?9 !?9:!;<=X:L?!EC@! AEN:!?9:!;?UG:!@";?"CL?W!&C!AI@:I!?A!D<;"LEG!?IAJ:;! AD!>E?9!IALNO!&!JIAB"@:!EC!AI"H"CEG!ECEGU;";!AD!a4:GA@U!] Ob!EC!"C;?I<>:C?EG!I:LAI@"CH DIA> !/:IE!4:GA;V!D"I;?!EG=<>!?9E?!EG;A!9:GJ;!?A!:TJGE"C!?9:!LA>JG:T!IAG:!AD!H:CI:!"C! LAC?:>JAIEIU!LI:E?"B:!JIEL?"L:W! 4U!ECEGU;";!AD !a&C!-"?I<;!#:"H9?;b!ADD! !"#"$%&'"&( )"#* ( ;9AF; !>ECU!AD!?9:!L9EIEL?:I";?"L;!=IAA<;!F"?9!"C@":O!9AF:B:IO!GE?:I!?9:! ?:I>!LE>:!?A!:TJGE"C!><;"L!I:GE?"CH!?A!a3I
PAGE 12

! ] <;"LW! 5"H!CA?E?"AC!<;:@. c 5"H!G";?: C"CH!?A!?9:;:!I:LAI@"CH;O!F9"L9!LEC!=:!DA"CH!F:=;"?:;!;J?;!?A!;<>!"C@!?9E?!F9E?!";! =:"CH!@";L<;;:@!9:I:!FAIN;!"C!E!D":G@!AD! ;?<@U!?9E?!LAC?E"C;!E!@"B:I;"?U!AD!EJJIAEL9:;!DIA>!EGG!EI:E;!AD! ;?<@":;!AD!JAJE?"AC!AD!"C@":!H:CI:;!EC@!E!LA>>AC! "CLI:E;:!"C!ELL:;;!?A!?:L9CAGAHU!G:@!?A!?9:!E@B:C?!A D!E!a@A "? UA<;"L!?9E?! LI:E?:@!E!;L9";>!"C !IALNV;!9";?AI"LEG!CEIIE?"B:W!4E?9!IALN!E;!EC!"C@":! H:CI:!:T:>JG"D":;!?9:!FEU;!"C!F9"L9!"C@":!@:D":;O!;?I:CH?9:C;O!EC@!LAC;:K<:C?GU! LA>JG"LE?:;!IALNV;!9";?AI"LEG!JEIE@"H>W !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! c !%9"G:!?9:!?IEC;LI"J?"AC!AD!a4:GA@U!]b!";!AI"H"CEGO!?9:!;LAI:!DAI!a&C!-"?I<;!#:"H9?;b!";! <;:@!F"?9!J:I>";;"AC!DIA>!E!/:IE!4:GA;!DECW!

PAGE 13

! [ "#$%&'(!/ 0!(,"1 !*2!-'$-3!*+-*'!4.(*'-!*& %"?9!IALN!><;"L!EJJIAEL9"CH!"?;!;:B:C?9!@:LE@:!E;!E!L:CACO! EC@!><;"L!;L9AGEI V;! 9:;"?EC?! ELL:J?ECL:!AD! "?!E;!E!;:I"A<;!D":G@!AD!;?<@UO!"?; L:C? W !0:C?!I:B:EG;!?9E?! ?9:!:IE!AD!IALN!@F"C@G:@!?9IA<;"LEG!>EIN:?W!&C!AI@:I!?A!ECC:I!"C!F9"L9!?9:!"C@":!>AB:>:C?!?AAN!AB:I!E;!IALN!=:LE> :! LECAC"`:@!"C!?9:!RffQ;W !0L9AGEI;O!LI"?"L;O!EC@!DEC;!EG"N:!?UJ"LEGGU!:TJGE"C!?9:!9";?AIU! AD!IALN!E;!E!G"C:EI!JIAHI:;;"AC!AD!@A>"CEC?!;?UG:;!L9EGG:CH"CH!EC@!I:JGEL"CH!AC:! ECA?9:IW!$D?:C!9AF:B:IO!?9:!;E>:!;AA@:G!"@:C?"DU! AJEIE?"B:GU!A=;LAB:>:C?;!:T";?"CH!F"?9"C!?9:! @A>"CEC?!IALN!>AB:>:C?;!?9E?!;::>"CHGU!LAC?IE@"L?!?9:!CEIIE?"B:W!&C!?9:!:EI GU! Rf^Q;!?9:;:!A: !HI:E?:I!"C!C<>=:I! EC@ !HIEC@:I!"C!;?E?<;O!A=D<;LE?"CH! H:CI:!=A"CEC? !IALN!>AB:>:C?W a/9:!IALN!9";?AI"LEG!JEIE@"H>b!E;!"@:C?"D":@!9:I:!;<>>EI"`:;!?9:!LULG"LEG! CE?"CH!EC@! "CLI:E;"CH!"C!JAJAB:>:C?;!F"?9"C!IALN!?9E?!HE"C:@!

PAGE 14

! e I:LAHC "?"AC!DIA>!EC!E;;AL"E?:@!><;"LEG!E:;?9:?"LO!JAG"?"LEG!"@:AGAHUO!AI!I:EL?"ACEIU! ;:C;"="G"?UW!%:GG!I:JI:;:C?:@!"C!?9:!;"`:E=G:!=A@U!AD!IALN!G"?:IE?!DEGG;!;9AI?!F9:C!LAC;"@:I"CH!?9:!">>:C;:!U:?! A=;L<;"L!DIA>!?9:!JE;?!?9I::!@:LE@:;W! /9";!";! CA?!?A!AB:I;">JG"DU!IALNV;!JE;?. !"C!DEL?!AC:!>EU!;?I>AC!HIA<;"L! AD!IALNV;!AI"H"C;!"C!?9:!Rf]Q;!EC@ !;A>:!E;J:L?;! AD!"?;!JI:;:C?!DAI>W!/9:I:!";!CA!@:CU"CH!?9E?!IALN! 9E;!?IEC;DAI>:@!;<=;?EC?"EGGU!EC@! ?9:!@"B:I;"?U!AD!LACB:C?"AC;!"C!LAC?:>JAIEIU!IALN!LAC?IE;?!:CAI>A<;GU!F"?9!?9A;:! AD!"?;!DAI>E?"B:!U:EI;W!(:;J"?:!?9:!DI:K<:C?!?IEC;DAI>E?"AC!AD!"?;!><;"LEGO!;?UG";?"LO! EC@!JAG"?"LEG!EDD"G"E?"AC;O!IALN!EC@!"?;!DEC;!9EB:!=:: C!LAC?"C:?9"CH!C:FW!/9:;:!@"DD:I:CL:;!DE"C:@!W!6:DAI:!EJJIAEL9"CH!?9:!?AJ"L! AD!IALN!9";?AIUO!F:!C::@!?A!HE"C!E!LG:EI:I!;:C;:!AD!9AF!?9: !?:I> !aIALNb !:CLEJ;<;"L!H:CI:!EC@!L:CAC!";!@"DD"L;W!/FA!D:E?EN:!E! JA;"?"B:!@: D"C"?"AC!JIA=G: >E?"LW!, ALN!";!E! $,&-, !?9E?!LAC?"C;O! @:B:GAJ"CH!"C!E!LAC?:T?!EC@!JIAB"@"CH!E!LAC?:T?! DIA>!F9"L9!;?UG:;!@:B:GAJ W!0:LAC@O! IALN!";!E!L:CAC!?9E?!HA:;!=:UAC@!?9:!><;"L!"?;:GDO!EC@!>:EC"CH! =:9"C@!?9:!><;"L!";!9:?:IAH:C:A<;!E>ACH!"?; !EH:C?;W! 1;!+EFI:CL:!3IA;;=:IH!;EU;O

PAGE 15

! c a1!RS U:EI!AG@!H"IGO!E!LAGG:H:!;?<@:C?O!EC@!E!=G<:!LAGGEI!FAIN:I!>EU!EGG!=:!DEC;!AD!?9:! 2AG"L:!AI!2I"CL:!AI!8EC!#EG:CO!=<;"L!@A!CA?!:T";?W! 3 :CI:;!DAI>!DIA>!JI::T";?"CH!;?UG:;O!>EN"CH!?9:!D":G@!"CLI:@"=GU!DG<"@W!5!IALN!=<;"Lh !IALN!"?;:GD!DAI>:@!AC!?9:!9U=I"@"`E?"AC!AD!6G<:;O!-AACH!A?9:I;kW f !%I"?:I;!AC!?9:!;<=X:L?!<;:!?9:!?:I> !aIALNb !F"?9 !BEIU"CH! @:HI::;!AD!;J:L"D"L"?UW!0 A>:!@:D"C"?"AC;!"CLG<@:!JAJ<;"L;!?9E?!9:GJ: @!DAI>!EC@! =IECL9:@!A!IALN!F9"G:!A?9:I ;!EI:!K<"LN!?A!@";>";;!J:I"J9:IEG !;?UG:;W! $ C:!LEC! :E;"GU!"@:C?"DU!:TE>JG:;!?9E?!>EU!AI!>EU!CA?!I:JI:;:C?!?9:!H:CI:!=A;?! =A! a H:CI: b !">JG":;!E!;>EGG:IO!>AI:!;J:L"EG"`:@!D":G@!F"?9!E!@";?"CL?! "@:C?"?U!F"?9"C!AI!;:JEIE?:!DIA>!E!@A>"CEC?!LEI"GU!F"?9"C!?9:! ?:I>;!AD!LA>>EIUO!EC@!-ABEL9 !!aIALN!EC@!IAGGb!?A!@:;"HCE?:!?9";! D"I;?!FEB:!AD!IALN!DIA>!Rf[]!?A!Rf[f!EC@!aIALNb!DAI!ECU?9"CH!ED?:I!Rfe]W!/9:! ?IEC;DAI>E?"AC!DIA>!aIALN!EC@!IAGGb!?A!aIALNb!JA"C?;!?A!?9:!LI:E?"AC!AD!E!@";?"CL?! DAI>E?"ACW RQ !/9";!?9:;";!<;:;!?9:!?:I>!IALN !"C!E!;:C;:!?9E?!I:JI:;:C?;!E!>"@@G:!HIAJ?!?A!FAIN!F"?9"C!?9:!9:EI?!AD!?9:! H:CI:!"C!AI@:I!?A!EBA"@!GE=:G"CH!K<:;?"AC;!"C!"?;!AJ?!?A! LA>JG:?:GU!I:;AGB:!?9:;:!N"C@;!AD!;? UG";?"L!K<:;?"AC;O!?9:!LA>JG:T"?U!EC@! "C?:ILACC:L?:@C:;;!AD!?9:!H:CI:!;U!GEIH:I!EIH<>:C?!?9E?!?9:!D":G@!9E;! :BAGB:@!=:UAC@!?9:!?:I>!?9E?!JI:B"A<;GU!:CLEJ;3"-(5>*'.; !T"W

PAGE 16

! ^ ?9:!LAC?:T?!AD!IALN !;9AF;!?9E?!?9:!GE=:G!;EU;!G"??G:!E=A<;"L! '*; !EC@! IE?9:I!>AI:!LGA;:GU!@:D"C:;!F9E?!"?! '*(&%#: ,ALN!9E;!EGFEU;!9E@!EC!E"C;?I:E>!EC@!>E;;!L"GU!(AGEC!JA "C?;! A!AD!:;JA<;"CH!?9:!E:;?9:?"L;!AD!I:=:GG"AC!EC@! LA:!?">:!@:J:C@"CH!AC!?9:!>:L9EC";>;!AD!>E;;! L"CE?"AC!EC@!@";?I"=;!DIA>!"?;!I:GE?"AC!?A! ?9:!GEIH:I!>EIN:?O!"C!?9:!LE;:!AD! IALNh!?9";!";!"?;!LA>JG:T!I:GE?"AC;9"J!F"?9!?9:!a>E"C;?I:E>Wb!5E="EC!#AG?!LAC;"@:I;! ?9:!>E"C;?I:E>!EC@!"?;!E;;AL"E?:@!aJAJ!><;"LOb!;:JEIE?:!DIA>!H:CI:!"C!E!;?I"L?!;:C;:! AD!?9:!FAI@W !/9:!E!>E"C;?I:E>!";!E;;AL"E?:@!F"?9!9"?;O!;?EI;O! EC@!LAIJAIE?:!JIA@"?UO!JI:@"L?E="G"?UO!EC@!;!L! IALN! H:CI:!LJ9E;";!AC!>E;; >:@"E!?:T?;!EC@!"C@"B"@:! ;EG:;!EC@!>E;;"B:!J<=G"L!:TJA;:IA<;!:TE>JG:;!"GG<;?IE?:!9AF! ?9:!=AI@:I;! =:?F::C!IALN!EC@!JAJ!EI:!=G:IGU!EC!AJJA;"?"ACEG! ;<=L:;! JEI?!AD!?9:!>E"C;?I:E>W!#AF:B:IO!IALNV;!JA;"?"AC! AE"C;?I:E>! EC@!"?;!E;;AL"E?:@!:>J9E;";!AC!E>:IL"EG!;<;"LEG!EC@!>AI:!AD!E!;AL"EG!" ;;<:W! R] !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! RP (AGECO!m+"??G: MN
PAGE 17

! f /9";!CA?"AC!?9E?!anIALNo!";!CA?!@:D"C:@!=U!?9:! @'334%"-+ !L9EI?;Ob!I:JI:;:C?;!?9:! ;:LAC@!E;J:L?!?9E?!>EN:;!?9:!?:I>!;A!@"DD"LECU!@"DD:I"CH!;?UG:;O!=E?"AC!AD!:EIGU!IALN! I:;!E!?E=AA!LA>="CE?"AC!AD!><;"L;!DAI>:IGU!;:JEIE?:@!EGACH!IEL"EG!G"C:; W 4 A;?!>AB:>:C?;!;"CL:!9EB:!;<=;LI"=:@!?A!EC!"@:AGAHU!AJJA;"CH!;A>:!DAI>!AD! LACB:C?"AC W!/9:!9" JJ":!>AB:>:C?!AD!?9:!GE?:!RfeQ;!EC@!?9:!JAB:>:C?!AD!?9:! RfcQ;!LA:;!?9IA<;"LEG! JIEL?"L:; W!/9:!I:=:GG"A<;!CE?A?"AC!AD!LAEN:!?9:!H:CI:!;A !E??IEL?"B:!?A!DEC;h!? 9:;:!;E>:!"@:E; !EI:!EG;A!IALNV;! JI">EIU!;A< ;"L!9E;!=::C!I:J:E?:@GU!AJJA;:@ O!=ECC:@O!EC@!I"@"L:I"LEC!LJ?!?A!;"G:CL:!"?!>EN:;!"?!I :E;ACE=G:!?A!E;;<>:!?9E?!;A>:!;?I:!AJJA;"?"AC!";!=:"CH!BA"L:@Wb Re !,ALNV;!;?E?<;!E;!E!L>A@"?U!=<;"L! :TLG<;"B:GU!=:C?;!:EIGU!"C!JAJ<;"L!;?<@":;! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! R[ 3IA;;=:IHO! !a 1D?:I!2
PAGE 18

! RQ EC@! EIH<:@O!aJAF:I;!?9:>!EC@!9AF!?9:U!:>JAF:I!"?Wb Rc !1L?AI;!F"?9"C!?9:!IALN!C:?FAIN! :CEL?!E!;AI?!AD!:G"?";>!AI!"CB:I;:!LECAC"`E?"AC!?9E?!@"DD:I:C?"E?:;!=A?9!?9:>!EC@!?9:! ><;"LW!a/9:!JA F:I!AD!IALN!EC@!IAGG!@:J:C@;!EN:;!E!J EI?"L:C?!"C!"?W b R^ !& C!I:?JAF:I>:C?! DIA>!"@:C?"DU"CH!F"?9!E! HIAJAF:I>:C?! 9:GJ;!:TJGE"C!IALN V; G"CN!F"?9!UA:I:GU!E;!E!L9IACAGAH"LEG!>:E;!AD!?9:!p;?IE"H9?V!FAIG@W! /9:!JAG"?"L;!AD!UA!=:LA>:!?9:!;"?:;!AD!C:F!DAI>;!AD!:>JAF:I>:C?W!/9:! JAF:IG:;;C:;;!AD!UA:;!?9:!;"?:!AD!pJG:E;<;"L!E;!E!L<;"L!E;!E!H:C<"C:!I:EL?"AC!?A! LACB:C?"AC!EC@!?9:I:DAI:!EJ9E;";!AC!E:C?;!?9:!EJJ:EG!AD!?9:!IALN!E:;?9:?"L!=<;"L!"C?A!E! >EIN:?E=G:!LA>>A@"?UO!:E;"GU!=E?"LEGGU!EJJIAJI"E?:@!=U!?9:!>E"C;?I:E>W /9:!IALN!9";?AI"LEG!JEIE@"H>!=E;:;!"?;:GD!AC!?9:!IALN!E:;?9:?"L!EC@!"?;! "C9:I:C?!LAC?IE@"L?"AC ;!F"?9"C!L W!% EB:;!AD!IALN !DAI>!E;!I:EL?"AC;! ?A!LACB:C?"AC !=E"C;?I:E>O!=:LA>:!LA>>:IL"EG"`:@!EC@! LACB:C?"ACEG"`:@!=:UAC@!?9:"I!EAB:>:C?;! a;:GG!AE"C;?I:E>O!?9:U!F "?9:I!EFEU!DIA>!E!>AI:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! Rc !&="@W R^ !&="@W Rf !&="@W!feW

PAGE 19

! RR EAB:>:C?!LECC"=EG";?"LEGGU!?EN"CH!?9:"I!JGEL:!EC@!I:DI:;9"CH!?9:!LULG:W! )>"GU!(AGEC!:TJGE"C;!IALN!9";?AIU!E;!aE?"AC!"C?A!E! >EIN:?E=G:!LA>>A@"?UO!DAGGAF:@!=U!E!J<;9!?A!I:C:F!EJ:IE?"B:!DEL?AI!"C!?9:!G"D:;JEC!AD!E! @A>"CEC?!IALN!H:CI:!"C!>"C@O!G:?!<;!CAF!GAAN!"C?A!?9:!JI:BEG:CL:!EC@!J AI?IEUEG;!AD! ?9:!IALN!9";?AI"LEG!JEIE@"H>!"C!G"?:IE??@A!B9C8 /9:!>E"C!;A*'. O!iA9C!-ABEL9V;! D1"#E*(71"#(F%>&+G(8&(H&#-%+>.#'%&(#%( )%./("&+('#*(9'*#%-B;( EC@!(EB"@!0`E?>EIUV;! )%./'&E('&(7'0, O!LAC?E"C!;"HC"D"LEC?! AB:IGEJ! ?9E?!DAI> !E!:C?!F"?9! AC:!ECA?9:IW 0<=?G:!@"DD:I:CL:;!:T";?!9AF:B:I!"C!F9E?!:EL9!BAG<>:!:>J9E;"`:;!EC@! :EL9!EEIH"CEGGU!:TJI:;;:;! ;<=X:L?"B:!AJ"C"AC;!AC!D"H<;"LEG!EC@!LEU!9EB:!>AI:!?A!@A!F"?9!"?W!/9:! A"04-'+$,("%3%$B !@A:;!CA?!;J:L"D"LEGGU!DAL<;!AC!?9:!C<>=:I;!F"?9"C!?9:!L!AD!IALN!=EIUV;!JI">EIU!CA?"AC!?9E?!?9:!;AL"EG! ">JG"LE?"AC;!AD!IALN!9EB:!@";?"CL?!LE<;:;!EC@!LAC ;:K<:CL:;W!/9:;:!@";LI:JECL":;!LEC! =:!E??I"=
PAGE 20

! RP "C?:C@:@!?A!:@:C?!F"? 9!?9:!IALN!9";?AI"LEG! JEIE@"H>W!&C@::@!ECU!J<=G";9:@!FAIN!AC!?9:!;<=X:L?!F"GG!;<=;LI"=:!?A!?9:!CA?"AC! ?9E?!IALNV;!9";?AIU!";!>E@:!:O! >A;?!AD!F9"L9!DEGG!F"?9"C!?9:!LACB:C":C?!=AI@:I;!=:?F::C!@:LE@:;W!,ALN !DAI>:@!E;! E!9U=I"@"`E?"AC!AD!,Z6!EC@!-AJG:T!?9IA:?EG!=:LE>:!"CLI:E;"CHGU!JAJO!F9"G:!P WP! ;9AF;!-ABEL9V;!JAI?IEUEG!AD!?9:!JEIE@"H>!?9IA:!J:I"A@ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! PR !/9:!-E>=I"@H:!#";?AIU!AD!1>:I"LEC!4<;"L!AI!/-#14O!E;!EC!EC?9AGAHUO! E??:>J?;! E?!>A@:IE?:!A=X:L?"B"?UO!-ABEL9V;!=AAN!";!E!?:T?=AAN!"C?:C@:@!?A!"C?IA@JEC":@!LAEIUV;!FAIN!";!>AI:!AD!E!;L9AGEIGU! FAIN!"C?:C@:@!DAI!>A I:!E@BECL:@!;?<@:C?;!AD!><;"LAGAHUW

PAGE 21

! RS 5"HJG"D":;!?9";!:BAGJ:?"?"AC!=:?F::C!?IE@"?"ACEG!EC@!: TJ:I">:C?EG!@"EG:L?"L;h!5"H! ;AB:>:C?;!?9IA<;"LV;!:BAG!9AF:B:IO! EGFEU;!:C@!E?!?9:!EG?:ICE?"B:!>AB:>:C?W!-ABEL9!LACLG<@:;!F"?9!E!=I":D!:TJG AIE?"AC! AD!JAJ<;"L;!?9E?!DAGGAF:@!EG?:ICE?"B:!=:C?"AC!E!@A>"CEC?!IALN! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! PP !-ABEL9O! 71"#(F%>&+; !B""W PS !$;=AICO!a8:I;:!EC@!-9AI<;Ob!SeW

PAGE 22

! R] >AB:>:C?!ECU!?">:!;"CL:!"?!G:D?!?9:!G">:G"H9?O!G:EB"CH!?9:!I:E@:I!?A!FAC@:I!"D!IALN! @":@!F"?9!"?W!#:!X<;?"D":;!9";!CEIIE?"B:!=U!;EU"CH!a#";?AI"EC;!<;!?A! @:?:I>"C:!F9E?!?9:!I:EGGU!">JAI?EC?!:G:>:C?;!EI:! d !AI!E?!G:E;?!?A!=:H"C!?9:!LI"?"LEG! EC@!;L9AGEIGU!@:=E?:!AC!?9";!?AJ"Lb =!?9:!:EIGU!Rf^Q;W P] !&!E;;:I?!?9E?!?9";!@";AI@:I!"C@"LE?:;!E! =AAN:C@!DAI!?9:!IALN!9";?AI"LEG!CEIIE?"B:!?9:!FEU!"?!";!LAB:!EFEU!DIA>!@A>"CEC?!;?UG:;W! &6D!(9:;!#?C89=?:7E! %7=7>?@A!?F!5=?8?F@ /9";!=I":D!;<>>EIU!AD!?9:!CEIIE?"B:!9"H9G"H9?;!?9:!@"DD:I:C?!9";?AI"LEG!DEL?AI;! :EL9!;AJ9E;"`:;!E;!F:GG!E;!:EL9!E! / 9:! ?AJ"L!AD!IALN!9";?AIU!ELLA!9"H9GU!ELE@:>"L!?A!AB:I?GU!E>E?:EN"CH!E!I:B":F!AD!EGG!ELLAJA;;"=G:W! 4ECU!E"CEC?!IALN!H:CI:;!?9IA:! E;!?9:!BEI"A<;!aFEB:;b!AD!IALNW!/A!=AIIAF!?9:!ECEGAHU!DIA>!4EIL<;!,:@@"N:IO!2 :?:I! +"C:=EAB:>:C?; !=:9EB:!G"N:!FEB:;W!%EB:;! 9EB:!E!;::>"CHGU!;9AI?!J:IL:"BE=G:!G"D:;JEC!=A?9!?:>JAIEGGU!EC@!;JE?"EGGUW!/9:U! =<"G@O!LI:;?!EC@!LAGGEJ;:!F"?9"C!E!;9AI?!@";?ECL:O!EGGAF"CH!?9:>;:GB:;!A=;:IBE?"AC! DIA>!?9:!CE N:@!:U:!DAI!ACGU!E!D:F!;:LAC@;W!%9"G:!?9:!EDAI:>:C?"AC:@!EA@:G !?9:!:C?!>U!EIH<>:C?!?9E? !=:H"CC"CH!EIA
PAGE 23

! R[ I:JI:;:C?"CH!@A>" CEC?!;?UG:;!F"? 9"C!IALN !@:HIE@:@!"C?A!>AI:!AD!E!L9EA?"L!L9AJW!/9:! DAGGAF"CH!9";?AI"AHIEJ9U! ?IEL:; !IALNV;! AI"H"C;!?A!?9:!:EIGU!RffQ;!F9:C !>A;?!;AECU!;A"CEC?!>AB:>:C?;!=U!?9:!LACB:C":C?!=A I@:I;! AD!:EL9!@:LE@:W /9:!5"I;?!%EB:!AD!,ALN! d !,9U?9>! EC@!6G<:;O!,ALN!EC@!,AGG! !Rf[Q; /9:!D"I;?!FEB:!AD!IALN!@::>:@!aIALN!EC@!IAGGb!=:HEC!"C!?9:!GE?:!Rf]Q;!EC@! ;?I:?L9:@!"C?A!?9:!>"@ RfeQ;W!1!LA>>AC!;GECH!?:I>!EC@!=G<:;!GUI"L!I:D:II"CH!?A! ;:T!?9:!+A;!1CH:G:;!=E;:@!I9U?9>!EC@!=G<:;! =EC@!iA:!+"HH"C;!EC@!9";!#AC:U@I"JJ:I;W!)EIGU!><;"L"EC;!F"?9"C!?9:!=<@@"CH!H:CI:! "CLAIJAIE?:@!:G:>:C?;!D IA>!:;?E=G";9:@!H:CI:!LE?:HAI":;!?9E?!;:JEIE?:@!EI?";?;!EC@! E<@":CL:;!EGACH!IEL"EG!G"C:;O!JI">EI"GU!@IEF"CH!"CDG<:CL:!DIA>!F9E?!F:I:!NCAFC!E?! ?9:!?">:!E;!9"GG="GGU!EC@!=G<:;W!/9:!?IAJ:;!"CLG<@:@!j;AGA!;"CH:I;O!H<"?EI!AI":C?E?"ACO! =:C?!CA?:;O!I9U?9>"L!@I"B: !"C!]g]!?">:!:?LWkO!@";?"CH<";9:@!?9:!><;"L!E;!@"B:IH:C? DIA>!?9:!RfPQ;!I:LAI@"CH!"C@<;?IU!;U;?:>O !?9:!JI">EIU!AIHEC"`E?"ACEG!EJJEIE?<;!AD! ?9:!><;"L!"C@<;?IU!E?!?9:!?">:W!/9";!G:@!E<@":CL:;!AD!?9:!Rf[Q;!?A!;::!?9:! 9U=I"@"`E?"ACO!F9:?9:I!"C!E!JA;"?"B:!AI!C: HE?"B:!G"H9?O!E;!E!IE@"LEG!=I:EN!F"?9! JI:B"A<;!;?UG:;!AD!JAJ<;"LW! (AI@"EG!?">:!"C!IALNV;!H:C:;";O!> <;"L"EC;!AC!:"?9:I!;"@:!AD!?9:! IEL"EG! @"B"@:!LAC?"C<;"L!W!/9A:I"LEC!JAJ<;"L!;F"D?GU!EC@!;<=;?EC?"EGGUW! 71,( A"04-'+$,(9'*#%-B(%C(80,-'."&(5>*'.( ;?E?:; !aI ALN!EC@!IAGG!@"@CV?!LA>:!A
PAGE 24

! Re CAF9:I:O!?9AECU!J:AJG:!F9A! F:I:!"G"EI!F"?9!=GELN!EC@!F9"?:! FAIN"CH!LGE;;!><;"LO!"?!;::>:@!?AWb P[ !1;!+"J;"?`!J=A@":@!"C!IALN!EC@!IAGGV;!GUI"L;O!D;!HE"C:@!LI:@"="G"?U!F"?9!GEIH:!C<>=:I;!AD!J:AJG:Wb Pe !,ALN!EC@!IAGG!9E@!E! GACH!9";?AIU !DAI!?9:!@:>AHIEJ9"L!AD!FAIN"CH!LGE;;!E@<;"L!EC@!JIEL?"L:;!=U!E!UA:I"LEC!JAJ!L"CHGU!;<@@:C! EJJ:EIECL:!AD !IALN!EC@!IAGG!E;!1>:I"LEC!UA:@!?9:!=E;";!AD!?9:!IALN!E:;?9:?"L!=U! ;:JEIE?"CH!E@BALE?:;!EC@!E;;E"GEC?;!EGACH!E!H:C:IE?"ACEG!G"C:W!/9:!JA;?FEI! :LACA>"L!JIA;J:I"?U!EC@!;<=;:K<:C?!HIAF?9!AD!9"H9:I! :@:C?!AD!E!;AL"EG!HIA!?A!I:E;;:;;!@A>"CEC?!LACB:C?"AC;!HAB:IC"CH!;AL"EG!JIEL?"L:;!; "?:@!;J9:I:!AD!EU!"C!EC! "CLI:E;"CHGU!I:H">:C?:@!FAIG@Wb Pc !%"?9!?9:!D"I;?!FEB:!AD!JA;?!FEI!=E=":;!I:EL9"CH! E@AG:;L :CL:!EC@!?9:!LI:E?"AC!AD!E!C:F!LO!JI:@A>"CEC?GU! F9"?:!>"@@G: LGE;;!UA<;"L!?9E?!@ "@!CA?!;A!EC@!=G<:;!IE@"A!;?E?"AC;!;&+(#1,(A3%./( 9"?!C<>=:I!AC:!AC! @'334%"-+E*( =:;?!;:GG:I! L9EI?W!'"L9AGG;O! -E>=I"@H:O!S]^! d !S[SW Pe !+"J;"?`O! )"'&4%I; !SPeW Pc !&="@W!SPc SP^

PAGE 25

! Rc JIAB"@:@!?9:;:!N"@;!F "?9!EC!:TA?"LO!@ECH:IA<;O!EC@!;:T:EC;!AD!I:=:GG"ACW !% 9"?:! E@AG:;L:C?; !EJJIAJI"E?:@!ELIA;; !?9:!IEL"EG!G"C:!CA?!ACGU!E;!E!DAI>!AD!DAI="@@:C! JG:E;"GE?"AC!"C?A!?9:!E@!EC@!=G<:;!"C;J"I:@!><;"L!AD! =GELN;!=:LE>:!I:CE>:@!IALN!EC@! IAGG!EC@!=IAN:!"C?A!?9:!>E"C;?I:E>!AD!JAJ:I"LEC!L&$3, W!/9:!Rf[[!?::CEH:I!AI":C?:@!D"G>!E=AV;!"CLG<;"AC!AD! ?9:!;ACH!J<;9:@!"?!?A!?9:!C<>=:I!AC:!JAJ!;ACH!EC@!>E@:!" ?!AC:!AD!?9:!=:;?!;:GG"CH! ;"CHG:; !AD!?9:!U:EIO!=<;"L!F"?9!X<;"L! AD!?9:!UAE;;"B:! LE>JE"HC;!?A!E=AG";9!"?O!EC@!?9AAB:@!=U!EC@!>AB"CH!G"N:!=GELN!><;"L"EC;q!1??ELN;!AC!IALN!EC@!IAGG!F:I:! DA!EC@!JEI?GU!AC!EC!ELL:C?!AD!?9:!><;"LV;!JAF:I! ?A!G:H"?">E?"`:!EG?:ICE?"B:!LAC;?I;!F"?9"C!?9:!9"H9GU!AIHEC"`:@!><;"L!=<;"C:;;W!!3:CI:!j"C!;A>:!FEU;!EC! "C@<;?I"EG!LAC;?I"C:@!DIA>! E;;<>:@!J !?9I::!IEL"EG!EC@!LGE;; AI":C?:@!@:>AHIEJ9"L;! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! P^ !-ABEL9O! 71"#(F%>&+; !e[W Pf !+"CN:@!F"?9!LAC?IAB:I;U!AB:I! @-%I&(K*:(@%"-+(%C(L+>."#'%& O !IEL";?;!E??ELN:@!=GELN! ><;"L!E;!E!LAIIEG";?"L!I9U?9>;Wb!&="@W!S[c! S[^

PAGE 26

! R^ :;?E=G";9:@!?9IAEIN:?"CH!?:L9C"K<:;W!a2 AJb!L9EI?;!DAGGAF:@! ><;"L!>EIN:?E=G:!?A!>"@@G: LGE;;!F9"?:!G";?:C:I;O!aIEL:b!AI!a;:J"Eb!GE?:I!LEGG:@! aI9U?9>!EC@!=G<:;b!L9EI?;!F: I:!DAI!=GELN!<;"L!DAI!I:!F9"?:;W!,ALN!EC@! IAGG!;ACH;!IEI:GU!D"?!ECU!AC:!LE?:HAIUO!AI"H"CEGGU!EJJ:EI"CH!AC!AC:!L9EI?!?9:C!GE?:I! LIA;;"CH!AB:I!?A!ECA?9:Ih!=GEIN:?"CH! LE?:HAI":;W SQ 5AI!"C;?ECL:O!-9!Z!=G<:;!EC@!LA!=GELN!><;"L "EC;k!LE>:!DIA>!;>EGG!"C@:J:C@:C?! GE=:G;! ;"CA!,:LAI@;O! AEXAI; !G"N:!1?GEC?"L W! 2IA>J?"CH !?9:!LAIJAIE?:!><;"L!FAIG@!?A!?EN:!LAC?IAG!AD!?9:!>EIN:?!=U!AJ:?"CH!?9:!C:?FAIN!AD!IE@"A!;?E?"AC;O!I:LAI@!GE=:G;O!EC@!@ECL:!9EGG;! ?9E?! C!EC@!=G<:;!=U! JIA>A?"CH!F9"?:!a?::C!"@AG;b!F9A !AD?:C!JIA@<;"L!AI"H"CEGGU! LI:E?:@ !=U!=GELN;W!!$D?:C!B":F:@!E;!E!>ACAJAG";?"L!"C@<;?IU! aFE?:I"CH!@AFCb!?9:!?IE@"?"AC;!AD!=GELN!><;"LO!?9:!="H!GE=:G;!;AB:@!?9:! JAJ<;" L!"C@<;?IU!?A!E!>AI:!=<;"C:;;!DI":C@GU!>A@:G!=U!JIA@<;"L!DAI! >"@@G:!LGE;;!?::C;!?9E?!FAA@:G!F"?9!EC!"CLI:E;"CHGU!JAF:IDACAJAG";?"L!>A@:GW &?!";!>AI:!ELLECU!AD!IALN!EC@!IAGGV;!L9EGG:CH:;h!?9:U!>AB:@! JAJ<;"L!=ELN!?AFEI@!/"C!2EC!1GG:U!>A@:G;!EC@!;:C;"="G"?":;h!?9:U! JI:;:C?:@!E!>AI:!JE;;"B:O!JE?I"EIL9EGO!EC@!I:JI:;;:@!;:C;:!AD!?9:!=A@U! E?!?9:! ;E>:!?">:!?9E?!?9:U!I:DG:L?:@!?9:!J:IBE;"B:C:;;!AD!F9"?:!IEL";>!EC@!?9:! :DD:L?"B:C:;;!AD!>ACAJAGU!>EIN:?"CHW SR !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! SQ !&="@W!cQW SR !'"L9AGG;O! A"04-'+$, O!S[^W

PAGE 27

! Rf %"?9!?9:!L:C?IEG"`:@!"C@<;?IU!;:"`"CH!LAC?IAG!AD!AEH"CH! "C@:J:C@:C?!GE=:G;!"C!9:EI"CH;!AC!?9:!JIEL?"L:!AD!aJEUA GEOb!EC@!>ECU!AD!IALN!EC@! IAGGV;!N:U!J:IDAI>:I;!@IAJJ"CH!A<;"LV;!;AC"LO!=<;"C:;;!@I"B:C!>A@:G;!AD!? 9:![Q; O!eQ;!IALN!";! JAI?IEU:@!E;!>AI:!AJJA;"?"ACEGW! ,ALN!DIA>!?9:!;"T?":;!?A!>ECU!I:JI:;:C?;!?9:! @:LE@:!AD!2;UL9:@:G"EO!%AA@;?ALNO!0<>>:I!AD!+AB:O!EC@!?9:!6I"?";9!&CBE;"ACW!%9"G:! ?9:!;AL"AJAG"?"LEG!E;J:L?;!AD!?9:!9"JJU!>AB:>:C?!L9EIEL?:I"`:!?9:!@:LE@:O!F:! LEC! ;U>JE?9"`:!F"?9! 7A985 V; !JA"C?!?9E?!aEGG!9";?AI"LEG!J:I;J:L?"B:;!EI:!JEI?"EG.!?9:!D"B:! =:;?!;:GG"CH!EI?";?;!AD!?9:!@:LE@:!F:I:!)GB";!2I:;G:UO!6I:C@E!+::O!-ACC":!5IECL"; O!,EU! -9EIG:;O!EC@!?9:!6:E?G:;W b! $CGU!/9:!6:E?G:; !9EB:!ECU?9"CH! ?A!@A!F"?9!J;UL9:@G" E!AI! 9"JJ":; O!EC@!:B:C!?9:C!"?!";!GE?:!"C!?9:!@:LE@: W!5I:K< :C?GU!JAI?IEU:@!E;!?9:!@EIN!EH: AD!IALNO!AC!?9:!;>:IL"EG!A:!AD!B"HAI!DAI!>EIH"CEG"`:@!"C@:J :C@:C?! GE=:G; != GELNO!EC@!D:>EG:!><;"L"EC; W!5AI!"C;?ECL: 4A?AFC!HE"C:@!JAJ:!EC@ !]P!J:IL:C?!AD!?9:!=:; ? ;:GG"CH!;"CHG:;!AD!RfeP!LE>: !DIA>!=GELN! J:IDAI>:I;W SP !1?!?9:!;E>:!?">:O!?9:!IALN!E:;?9:?"L!EHE"C!;GAFGU!=:HEC!J<;9"CH!=ELN! EHE"C;?!?9: !LAIJAIE?:GU!@"L?E?:@!;:C;"="G"?":;!AD!?9:!>E"C;?I:E>W! /9:!:EIGU!RfeQ;!ADD:I:@!E!F"@:!BEI":?U!AD!><;"LEG!;?UG:;!?A!1>:I"LEC!UA!?9:!;">JG:!?::CU=AJJ:I!GAB:!;ACH;!AD!?9:!?::C!"@AG;!?A!?9:!>AI:! LA>JG"LE?:@!?IE@"?"ACEG";>!EC@!;AL"EG!LAC;L":C?"A<;C:;; !AD!DAGNW!0A>:F9:I:! "C!?9:!><;"L ;?UG";?"L!;JEL:!=:?F::C!?9:;:!?FA!AJJA;"CH!JAG:;!F:I:!H"IG HIA<;"LO!IALNE="GGUO!;<;"L!EC@!;F::?!;A:@!?A! =:!LA>J:?"CH!?A!=:!?9:!aC:T?!="H!?9"CHb!"C!IALN!EC@!IAGGh!DAGGAF"CH!?9:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! SP !&="@W!S[f SeQW

PAGE 28

! PQ AB:IF9:G>"CH! JAJ<;"L"EC;! EC@!=<;"C:;;!J:AJG:!F:I:!9AJ"CH!?A!@A<;!;J:?"?"AC!F"?9"C!?9:! H:CI:O!=!AD!DA:C!DIA>!ELIA;;!?9:!JAC@W /9:!6:E?G:;! >EIN:@!?9:!=:H"CC"CH!AD!F9E?!";!CAF!NCAFC!E;!?9:!6I"?";9! "CBE;"AC!F"?9!;"T!?AJ!;:GG"CH!;"CHG:;! "C!Rfe] W!/9:!=EC@V;!:EIGU!><;"L! D"?!C"L:GU!F"?9! =A?9! ?9:!LE?L9U!;ACH!DAI>;!EGI:E@U!JIA>"C:C?!"C!1>:I"LEC!JAJ<;"L! EC@! LACB:I;:GU !I:GE?:@!?A!?9:!><;"LEG!:@H"C:;;!AD!:EIGU!IALN!F"?9!AC":;!EC@! GUI"L;!@:CA?"CH!G"H9? 9:EI?:@!;:T;!EC@!?9:!CAB:G!9E="?!AD!FI"?"CH!AI"H"CEG!>E?:I"EG!G"CN:@!?9:>!?A! ?9:!JAG"?"LEG!:@H:!AD!6A=!(UGECO!JIA>J?"CH!=A?9!">"?E?"AC!EC@!LI"?"L";>W!/9:!HIA:I"LEC!><;"L"EC;O!;?EI?"CH!A"CH!LAB :I;!AD !+"??G:!,"L9EI@!EC@!-9:I"LEC!/AJ!/:C!"C!RfeS!EC@!AB:I!E!?9"I@!DAI!Rfe]!LA>"CH! DIA>!6I"?";9!=EC@;!LE>:!E!;"HC"D"LEC?!@IAJ!"C!?9:!C<>=:I!AD!=GELN!EI?";?;!AC!?9:! L9EI?;W! S] 1;!?9:!RfeQ;!LAC?" C<:@!?9IA<;"L!=:LE>:!"CLI:E;"CHGU!E;;AL"E?:@!F"?9! LAAB:>:C?;!DAI!;AL"EG!L9ECH:W!&CDG<:CL:@!=U!?9:!-"B"G!,"H9?;! 4AB:>:C?O!I:=:GG"AC;!EHE"C;?!LAGAC"EG";>!EIA:I"LEC!FEI!"C!8":?CE>O!&+; !R[cW S] !'"L9AGG;O! A"04-'+$, O!SePW

PAGE 29

! PR :>:IH:@!E;!DALEG!JA"C?;!DAI!UA"@@G: LGE;;!F9"?:!E@"@!RfeQ;!D:G?!?9E?! ?9:!LEGOV!;A!?9:U!=:HEC!?A! L9EGG:CH:!>"@@G: LGE;;!BEG<:;!=U!;::N"CH!AAI:!E;;:I?"B:!?9EC!?9:"I!JI:@:L:;;AI;!"C!?9:![Q;O!@I:C?E?"AC! AD!9EGG<;"L!E?!?9:!9:EI?!AD!"?!EGGW %9:?9:I!E!>E??:I!AD!LA"CL"@:CL:!jABEL9k!AI!"CDG<:CL:!j 7A985 k! ?9:!LAI:!E>="?"A<;!EJJIAEL9!?A!IALN!><;"L!LA>JA;"?"AC! EC@!JIA@:GU! /9:!6:EL9!6AU;! !,#(F%>&+*( EC@!/9:!6:E?G:;V! F$# :(!,==,-E*(M%&,3B(9,"-#*(A3>4(@"&+ !E;! ?9:!>A>:C?!><;"L"EC;9"J!"C!IALN!LE>:!?A!?9:!>E"C;?I:E>W!&@:C?"D":@!=U!-ABEL9!E;! a/9:!#"JJ":!1:;?9:?"LOb!?9:;:!?FA!EG=<>;!@:EG?!F"?9!>AI:!;:I"A<;!?AJ"L;O!:T?:C@:@! "C;?I<>:C?E?"AC!EC@!;AJ9";?"LE?:@!JIA@AI:!EI?";?"L!@"I:L?"AC l ?9:!><;"L!=:LE>:!>AI:!E=A;!"CDG<:CL:@!EL?;!?9E?!DAGGAF:@!=U!:TJEC@"CH!IALNV;!;?UG";?"L! IECH:O!@IEF"CH!DIA>!LGE;;"LEGO!:G:L?IAC"LO!EC@!XE``!"C!AI@:I!?A!LI :E?:!E!><;"LEGGU! JIAB ALE?"B:!G";?:C"CH!:TJ:I":CL:W!1 ;!-ABEL9!J!FE;!E!p?I"JVWb! /9:!@:B:GAJ>:C?!AD!?9:!9"JJ":!E:;?9:?"L!>EIN;!IALNV;!"C"?"EG!E??:>J?!?A!=:! ELL:J?:@!E;!E!><;"LEGGU!L9EGG:CH"CH!EI?!DAI>!E;!AJJA;:@!?A!E!; &+; !PePW

PAGE 30

! PP > E;;!>:@"EW!1;!E!I:;:! "CLI:E;"CHGU!=G=IEL:@!:LG:L?"L!;?UG:;!IECH"CH!DIA>!?9:! DAGN! I:B"BEG!AD!6A=!(UGECO!?9:! XE`` D<;"AC !AD!4"G:;!(EB";O!EC@!?9:!JIAHI:;;"B:! :TJ:I">:C?EG";>!AD!/9:!6:E ?G:;W! /UJ"LEG!AD!IALN!L:O!EC?" :G"?";?!BEG<:;!EC@!JIA>A?"AC!AD! LA>><;"L!D:;?"BEG;!JIA>"C:C?!AC! =A?9!;"@:;!AD!?9:!1?GEC?"LW!7:?!E;!?9:!@:LE@:!@I:F!?A!E!LGA;:!F"?9!?9:!9"JJ":!E:;?9:?"L! EC@!=EC@; !JIA@<;"L!DAI!G";?:C"CHOb!HIA:IH:@!DIA>!?9:!J;UL9:@:G"L! JIAB:>:C?W!)TJ:I">:C?EG";>! HIE@:;!LACB:C?"ACEG! !2IAHI:;;"B:!?A!2:!FEU;O!?9:!=:H"CC"CH!AD!?9:!RfcQ;!I:JI:;:C?;!EC!A=B"A<;!;E@:!"C!?9:!eQ;h!A?9:I!J:I;J:L?"B:;!9AF:B:I!B":F!?9";!?">:! E;!IALN!"C!@:L G"C:W!/9:! >A@:G!AD!@:LG"C: !@IEF;!DIA>!IALNV;!AB:IF9:G>"CH! LA>>:IL"EG!;!?9:!><;"L!AD!E! LA<;"L!AD!B"I?<;"L!"C@ <;?IU!@A<=G:@!"C!;"` :!=U!Rfc^W!&?!L9ECH:@ !DIA>!E!=<;"C:;;!IA;?GU!=U!:C?:I?E"C>:C?!LA>JEC":;!?A!E!=<;"C:;;!AFC:@!EC@!AJ:IE?:@!=U! >:!>AI:!I:H">:C?:@!EC@! =EN:!>EIN:?"CH!>AI:!:DD"L":C?O!"?!"CLI:E; "CHGU!I:G":@!AC! H:CI:!LE?:HAI":;!EC@!;?I"L?!>EIN:?"CH!DAI>E?;W!%"?9!IALN!J<;9"CH!D
PAGE 31

! PS >E"C;?I:E>O!?9:!;?UG";?"LEGGU!@"B:I;:!IALN!AD!?9:!eQ;!DIEH>:C?:@!"C?A!;:B:IEG!@";?"CL?! ;?UG:;!F"?9"C!?9:!H:CI:W!/9A:!>AI:!EINE=GU!BEI":@!><;"L!;?UG:;!AD!JIAHI:;;"B:!IALN!;9EI:@!EC!EJJIAEL9!@IEFC!DIA>! J;UL9:@:G"E !EC@!?9:!9"JJ":!E:;?9:?"L!=U!LAC?"C<"CH!?A!:TJ:I">:C?!><;"LEGGU!?9E?! GE?:I!=:LE>:!LACB:C?"AC!EC@!I:JI:;:C?:@!?9:!;?E?<;!K:C?"AC:@!E=AB:O!JEI?!AD!-ABEL9V;!9"JJ":!E:;?9:?"L!"CBAGB:;!@IEF"CH! "CDG<:CL:!DIA>!E!BEI":?U!AD!; AEN: !?9:!><;"L !>AI:! ;AJ9";?"LE?:@ W!3IA<;"LEG!E;J:L?;!?EN:C!DIA>!=G<:;O!F9"G:!A?9:I;!j/9:!1GG>EC!6IA?9:I;O!YY!/AJO!EC@! +UCUI@!0NUCUI@k!DAI>:@!;?UG:;!?9E?!LA>="C:@!LA<;"L!F"?9!IALNW!/9 :;:! 9U=I"@ !;?UG:;!;9EI:@!?9:!JIAHI:;;"B:!?:L9C"K<:!AD! JIAHI:;;"CH! ?9:!><;"L!=U!" C!JEI?! >EN"CH!"?!DE;?:I!EC@! 9EI@:I !9"??"CH !?9IAEC"J:C?;W!&CLAIJAIE?"AC!AD!LGE ;;"LEG!><;"L!EC@!LACL:J?! EG=<>;O !"C?IA@:! JI">EIU!:G:>:C? ; !F"?9"C!JIAHI:;;"B:! IALNW!(:;J"?:!"?;!:TJ:I">:C?EG!"C?:C?"AC;O! a JIAH!IALN b HE"C:@!">>:C;:!JAJ"@@G:!AD!?9:!@:LE@:O!JIAHI:;;"B:!=:LE>: !?9:!@A>"CEC?!IALN!>AB:>:C?W Sf !1! JAJ:O !F"?9!IALN!HA"CH!>E"C;?I:E>O!><;"L"EC;!F:I:!HIAF"CH! DE?!AC!?9:!:B:I!"CLI:E;"CH!E>AAC:U!?A!=:!>E@:!EC@!@:;"HC:@!><;"L!?A!HE"C! F"@:;JI:E@!EJJ:EGW ]Q !'AF!;::C!E;!aLAIJAIE?:b!EC@!a>E?:I"EG";?"LbO!?9:!JIAHI:;;"B:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! S^ !-ABEL9O! 71"#(F%>&+;( SQf! d !SRRW Sf !a2IAHOb!?9:!JAJ #<@;ACO! ),.%&*'+,-,+ O!R[W ]Q !-ABEL9O! 71"#(F%>&+; !]QSW

PAGE 32

! P] :IE!LAC?"C<:@!?9IAAB:>:C?;! DAI>"CH!?A!@:DU!"?W!/9:!;:GD LAC;L"A<;GU!GAD?U!><;"LEG!E>="?"AC!AD!?9:!JIAHI:;;"B:!:IE! ?A!IE";:!IALN!?A!?9:!G:B:G!AD!LGE;;"LEG!EC@!I:G:E;:!EG=<>;!E;!;:GD LAC?E"C:@!EI?";?"L! ;?E?:>:C?; l EG=<> AI":C?:@!IALN!AI!1$, l :B :C?";:W!!1;! -ABEL9!;?E?:;O 6U!?9:!GE?:!RfcQ;O!IE>=G"CH!XE>!?IELN;!EC@!IALN!;U>J9AC":;!F:I:!CA!GACH:I! LAC;"@:I:@!aIE@"A!DI":C@GUbO!?9:U!F:I:!?AA!GACHO!EC@!:"?9:I!@"@!CA?!G:EB:! :CA:!DAI!LA>>:IL"EG;!AI!JIA>J?:@!G";?:C:I;!?A! L9ECH:!?9:!;?E?"ACW! 4<;"L"EC;!EC@!I:LAI@!LA>JEC":;!"C! FAJGU!CA?!H:?!?9:"I!><;"L!JGEU:@W! ]R 1;"@:!DIA>!;G"H9?GU!;?I"L?:I!IE@"A!DAI>E??"CH! ;?EC@EI@;O!?9:!LE;<;"L!DIA>!?9:!=:H"CC"CH!?A!?9:!:C@!AD! ?9:!cQ;W!(:;J"?:!>ECU!AD!?9:!;E>:!EL?V;!J:I;";?:C?!JI:;:CL:!EC@!C:F!AC:;!9EI@GU! @:JEI?"CH!=U!ECU!IE@"LEG!>:EC;O!="H!L9ECH:;!"C!IALN!IA;:!A B:I!?9:!9AI"`AC!=U!RfccW! (";LA!LAAB:>:C?!=U!:>J9E;"`"CH!J:I;ACEG!JG:E;!><;"L"EC;9"J!E;!"C?:HIEGW!1?!?9:!;E>:!?">:!9AF:B:IO!E!I:EL?"ACEI U! ;<=L:@!F"?9"C!IALN!?9E?!;?AA@!EHE"C;?!?9:!:G"?";>!AD!?9:!JIAH!IALN:I;W! 0`E?>EIU!:TJGE"C;. $JJA;:@!?A!?9:!:TL:;;"B:!LAIJAIE?:!IALN!AD!?9:!>"@ RfcQ;O!?9:U!n?9:!'7! J"C">EG";?"LO!ECHIU!><;"L!?9E?!?9I:E?:C:@!?9:"I! >E?:I"EG";?"L!=E=U =AA>!:G@:I;W!,"L9EI@!#:GG!9:GJ:@!@:D"C:!?9:!@A "? UA"?9W!1;!E!>:>=:I!AD! /:G:B";"ACO!#:GG!LI:E?:@!E!>"C">EG";?O!JAJEH:!?9E?!FAEH:!AD!(EB"@!6AF":W ]P !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ]R !&="@W!]Q]W ]P !0`E?>EIUO! )%./'&E; !PS[W

PAGE 33

! P[ $@@GU!?IEL"CH!IAA?;!?A!:I"LEC!;L:C:;!AD!?9:!RfeQ;O!2!?9:!MC"?:@!0?E?:;!?A!?9:!M*!ACGU!?A!I:?W!/9:! JAB:>:C?!:>=A@":@!?9:!IALN!E:;?9:?"L!=U!I:X:L?"CH!>E"C;?I:E>! LA>>:IL"EG"?U!EC@!"?;!E;;AL"E?:@!=IEL:@!E>E?:!EC@! I:?JG"L"?U!=U!;?I"JJ"CH !?9:!><;"L!?A!E!@:G"=:IE?:GU!CA";U!=EI:!>"C"><>W! -EGLAB:>:C?!HI:FW!-AC;:IBE?"B: !"C!E!;:C;:O!?9:;:!=EC@;! I:JI:;:C?:@!E!=ELNGE;9!EHE"C;?!?9:!:TJ:I">:C?EGgLGE;;"LEGGU "CDG<:CL:@!;:C;"="G"?":;! AD!?9:!AB:I LA>>:IL"EG"`:@!JIAHI:;;"B:!IALNO!EC@!E??:>J?:@!?A!I:ELK<"I:!IALN!DAI! ?9:!LA>>AC:I!=U!<;"LEG!:G:>:C?;!AD!:EIGU!IA LN!j;9AI?!;ACH;O! B:I;:gL9AI<;!DAI>O!I:J:E?:@!L9AI@!JIAHI:;;"AC;kW! /9:!:TJ:I">:C?EG!><;"L"EC;!DIA>!?9:!GE?:!eQ;!?9IA>A@"?U!AD!>E;;!>:@"EO!E!CA?"AC!?9:!J:!E!;UC?9:? "L!LA>>A@"?U!"C!"?;:GDW! &?!";O!ED?:I!EGGO!CA?!LA"CL"@:C?EG!?9E?!"C!Rfce!?9:!D"I;?!AD!?9:!=E=U!=AA>:I;!F:I:! ?AC"L!I:EG"?UW!&?!E??ELN:@!IALN!EC@!IAGG!"C!?9:!H<";:!AD!>:HE HIA:I;!?9E?!9E@!LG:EIGU!=:LA>:!JEI?!AD!F9E?! FE;!;<;"L!L:G:=IE?"CH!>EC"L!D:!"C!IALN!9";?AIUO!?9:!H:CI:!L9EGG:CH:@! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ]S !3IA;;=:IHO!a1D?:I!2
PAGE 34

! Pe "?;:GD!=!?9:!9"JJ":;!"C!?9 :"I!;:GD LAC;L"A<;GU!@:;?IE@:!"?!E!;9AI?!>AB:>:C?!?9E?!=U! "?;!B:IU!CE?>:IL"EG!;JAIEIU!I:?IA;J:L?"B:!ELLGE">!DAI!1>:I"LEC!JAB:>:C?!C:B:I!I:L:"B:@!LA>>:IL"EG!;EIN:?E="G"?U!AD!?9:!I:=:GG"A<;!;:C;"="G"?":;O!FE?:I:@!@AFC! EC@!I:JELNEH:@!? 9:>!=U!;"HC"CH!=EC@;!"@:C?"D":@!E;!aC:F!FEB:bW!/9:!DAE"C;?I:E>! EJJIAJI"E?"AC!EC@!I:JI:;:C?!?9:!IALN!E:;?9:?"LV;!>A;?!:T?I:>:!AJJA;"?"ACEG! DAI>W!& ?! LAA?:!;:C?"CH!?9:! EGI:E@U!@";"C?:HIE?"CH!D":G@!AD!IALN!"C?A!?9:!L9EA;!"?!;A!:C?9<;"E;?"LEGGU!J!"C!;?E?"CH!a:B:C!E;!"?! ;::>:@!?A!L:G:=IE?:!ECEIL9U!EC@!?9:!J!AD!EJJEIE?<;:;!EC@!;?UG:;!j E!JG!?9E?!LA;LI"=:@!IECH:!AD!;A"CH!"C?A!E!C:F!;?UG:! G" C:EIGUO!J:C?EG"?U!D";;>:IL"EGGU! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ]] !&="@W

PAGE 35

! Pc B"E=G:!C:F!FEB:O!EC@!@:;L:C@!=ELN!J9E;";!AC!@A "? UA<;"L!;?UG:;!=:U AC@!?9:!;LAJ: !AD!?9:!>E"C;?I:E>W !/9:!E@BECL:>:C?!AD!?9:;:! JIEL?"L:;!FAE?"AC!AD!"C@":!E;!?9:!@:LE@:!:C@:@!F"?9!?9:! I:LAI@"CH!"C@<;?IU!"C!E!BAGE?"G:!;?E?:W 5A:!DAI!JAJ<;"L!=A?9!E;!EC! "C@<;?IU!E;!F:GG!E;!E!LI:E?"B:!JIEL?"L:W!/9:!@:LE@:!=:HEC!F"?9!?9:!I:LAI@"CH! =<;"C:;;!"C!;9E>=G:;!ED?:I!E!@:BE;?E?"CH!=GAF!DIA>!?9:!AB:I;E?:@!DIA>!"?;!9:U@ EU!"C?A !1>:I"LEV;!>A;?! 9E?:@!H:CI:W!5AI!E!=I":D!?">:!=:?F::C!?9:!@:LE@:;!"?!;::>:@!?9:!J"H9?!9EB:! ;J?!?A!?EN:!@AFC!?9:!L:C?IEG"`:@!"C@<;?I"EG!JAF:I;!?9E?!=:W! /9:!a="H!eb!I:LAI@!GE=:G;!@:;J:IE?:GU!C::@:@!I:B"?EG"`E?"AC!"C!?9:!DA I>!AD!CAB:G! JIA@:?9A@;!AD!@";?I"=:I!2!@:;JE"I:@!F9:C!?9:!JAJ!><;"L!"C@<;?IU! HA?!?9:!=AA;?!"?!C::@:@!"C!?9:!DAI>!AD!LE;;:??:!?EJ:;O!4/8O!EC@!4"L9E:G!iELN;ACW!1?! ?9:!;E>:!?">:!9AF:B:IO!@"B:I;:!><;"L;!DGA:?EG!EC@!IEJW! %"?9"C!?9:!>E"C;?I:E>O!?9:!?:L9CAGAH"LEG!@:B:GAJ>:C?;!?9E?!>EIN:@!?9:!^Q;! E"@:@!?9:!9"H9GU!JIAD"?E=G:!LEI::I;!AD!"C@" B"@:I;!?9E?!;: !E<@":CL:;!EC@!=GEIN:?!I:;:EIL9!JIAB"@:@!E!CAB:G!:>J9E;";!AC!;J:L?EL<;"L!EC@!9:GJ:@!I:LAI@!LA>JEC":;!JIAD"?!DIA>!;:GG"CH!"C@"B"@
PAGE 36

! P^ ?I:> :C@A<;GU!JAJ;!E;!AJJA;:@!?A!E!HI:E?:I!C<>=:I!AD!;>EGG:I!;:GG:I;W! 4"L9E:G!iELN;ACV;!D"I;?!;AGA!EG=<>! NCC(#1,(D"33( IEJ"@GU!;AG@!;:B:C!>"GG"AC!LAJ":;!"C! Rfcf! EC@ 71-'33,!jRf^Pk!=IAN:!ECU!:T";?"CH!I:LAI@;!=U!;:GG"CH!DAI?U!>"GG"AC!LAJ":;! "C?:ICE?"ACE GGUh!"?;!ELLA>JEC":@!:T?:C@:@!B"@:A!EC@!"CLAIJAIE?"AC!AD!E!BEI":?U!AD! ;?UG";?"L!?IAJ:;!;:?!"?!EJEI?!DIA>!ECU?9"CH!@AC:!JI:B"A<;GUW!2I"CL:!I:L:"B:@!ELLGE">! F"?9!><;"L!F9"?:!IALN!E<@":CL:;!LA"GEIGU!4E@ACCE!=:LE>:!J:I9EJ;!?9:!>A;?! JAJ<;"L"EC!"C!?9:!FAIG@!F9"G:!JAI?IEU"CH!E!9UJ:I;:T:EC?!?A! LA:CW! ][ %"?9!?9:!JAJ<;"L!"C@<;?IU!JIAD"?"CH!;A!9:EB"GU!DIA>!?9:;:!N"C@ ;!AD! ;J:L?ELG:O!>:?EGO!E!H:CI:!?9E?!9E;!EGFEU;!I:G":@!AC!:GE=AIE?:!B";AB:@! DIA>!?9:!"CEC?!JA;"?"AC!"C!1>:I"LEC!JAJ<;"LW!3GE>! >:?EG!;J:EI9:E@:@!?9:!H:CI:V;!I:B"?EG"`E?"AC!EC@!:>J9E;"`:@!?9:!DEC?E;?"L!?9IA<;"LEG!:>J9E;";!AC! ?:L9C"LEG"?U!EC@!B"I?:?EG!I:LAI@;!ACGU!ELLAAB:@!?A!PQ !J:IL:C? !?9:!DAGGAF"CH!U:EI!EC@!LAC?"C<:@!?A!LG">=!F"?9! "CLI:E;"CH!E"I?">:!AC!IE @"A!EC@!4/8W!1;!>:?EG!HI:FO!"?!EG;A!@"B:I;"D":@. 5IEH>:C?E?"AC!ELLA>JEC":@!?9:!:TJEC;"AC!AD!?9:!>:?EG!;L:C:!@EHE`"C:!FI"?:I;O!EC@!I:LAI@! >EIN:?:I;!=:HEC!I:D:II"CH!?A!?9IE;9!>:?EGO!LA>>:IL"EG!>:?EGO!G" ?:!>:?EGO! JAF:I!>:?EGO!1>:I"LEC!>:?EGO!=GELN!j0E?EC"Lk!>:?EGO!F9"?:!j-9I";?"ECk!>:?EGO! @:E?9!>:?EGO!;J::@!>:?EGO!EC@!HGE>!>:?EGW ]e /9:;:!;<=H:CI:;!F"?9"C!>:?EG!@I:F!DIA>!?9:!JIAHI:;;"B:!:IE!=U!<;"LEG!?:L9C"LEG"?U!?A!@"DD:I"CH!@:HI::;h!?9IE;9! DAI!:TE>JG:!=AIIAF:@!DIA>!JE"C?E"C"CH!?9:! "C;?I<>:C?EG!LAC?IAG!E;;AL"E?:@!F"?9!>:?EGW! -I"?"L;!E?!?9";!?">:O!AD!G<>J:@!IEJ!EC@!>:?EG!?AH:?9:I O !@";>";;"CH!?9:!><;"L;! E;!CA";U!EC@!@:B"EC? /9:U!E??IEL?:@!L:C;AI;9"J!=:LE<;:!AD!?9:!JAF:I!EC@!LI:@"="G"?U!AD!?9:"I! I:JI:;:C?E?"AC;!EC@!LI"?"K<:;!AD!?9:!FAIG@;!?9:"I!DEC;!"C9E="?:@W!6A?9!H:CI:;O! G"N:!>ECU!A?9:I!N"C@;!AD!><;"L!?9E?!F:I:!ELL:;;"=G:!?9IAECL:O!><;"L!?:G:B";"ACO!EC@!I:L AI@;!9A;?:@!">JAI?EC?!@";L<;;"AC;!EC@! LA>J:?"CH!JI:;:C?E?"AC;!AD!H:C@:IO!IEL:O!;AL"EG!9":IEIL9UO!B"AG:CL:!EC@! LA>>"CH!"C@<;?I"EG!@A>"CE?"ACO! ?9:;:!JAJ<;"L;! ;JAN: !JAG"?"LEGGU!EC@!LI"?"K<:!;A L":?U!E?!GEIH:W ]^ !2AJ<;"L! DAI>;!AD!?9:!^Q;!@"DD:I :@ !DIA>!JI:L:@"CH!@:LE@:;!"C!?9E?!?9:!DIEH>:C?"CH!@A>"CEC?! ;?UG:;!?9E?!>EU!AI!>EU!CA?!DEGG!=I:GGE!"CLAIJAIE?: @ !E;J:L?;!AD!?9:! IALN!E:;?9:?"LW!-9EGG:CH"CHO!LI"?"K<"CHO!EC@!AJJA;"CH!@A>"C EC?!;:C;"="G"?":;!F:I:! LA>>ACJGEL:!DAI!EI?";?;!I:HEI@G:;;!AD!F9:I:!?9:U!D:GG!AC!?9:!;J:L?I<>!AD! JAJEIN:?E="G"?U!AD!?9:!IALN!E:;?9:?"LO!A C!?9:! A?9:I!9EC@!"?!LAACH!JIA@<;"LW !& D!?:L9CAGAH"LEG!E@BECL:;!L9EIEL?:I"`:@!^Q;!><;"LO!?9:C!EC!"CLI:E;:! "C!ELL:;;"="G"?U!EC@!E!LAC;:K<:C?"EG!"CLI:E;:!"C!@"B:I;"?U!F"?9"C!?9:!D":G@!FA:!?A!I:JI:;:C?! ;:B:IEG!@"DD:I:C?!;?UG:;W!(:;J"?:!"?;!I:JI:;:C?E?"AC!AD!?9:!IALN!E:;?9:?"L!EC@!?":;!F"?9! >:?EG!"?!";!E!LE?:HAIU!AD!"?;!AFC!A< ?;"@:!AD!IALNW

PAGE 38

! SQ %"?9!>:?EG!ALL"CEC?!;?UG:!E?!?9:!:C@!AD!?9:! Rf^Q;!EC@!"?;!AB:IF9:G>"CH!LA>>:IL"EG!;EIN:@! ?9:!=:H"CC"CH!AD!E!I:E L?"ACEIU!>AB:>:C?!?A!LAAB:>:C?!AJJA;:@!>:?EGV;!B"I?JG"L"?U! F"?9!E>E?:<;"L"EC;9"J!EC@!E!>A @:;?!@"I:L?C:;;!AD!:TJI:;;"ACW!i<;?!E;!?9:! 6I"?";9!J"L!@:LG"C:!?9:"I!LA:C?!"C!?9:!M0. 1G?:ICE?"B:!><;"L!";!AD?:C!G"CN:@!?A!E!LUC"LEG!a3:C:IE?"AC!rOb!@";"GG<; "AC:@! 9:"I;!AD!?9:!6E=U!6AA>:I;W!6A="G"?UW! $C:!U:EI!ED?:I!HIE@JGAU:@!AI!FAIN"CH!E?!E!XA=!?9 E?!@"@!CA?!I:K<"I:!E!@:HI::W ]f 5AI!?9:;:!><;"LEG!EC@!JAG"?"LEG!;">"GEI"?":;O!EG?:ICE?"B:!";!AD?:C!L"?:@!E;!1>:I"LEV;! JAB:>:C?W 1G?:ICE?"B:!";!CAF!;::C!E;!EC!AEIN:?E=G:!;?UG:!?A!?9: !"C@<;?IU!JEC":;!=:HEC!?A!<;:!?9:;:!;?E?"AC;!?A!?9:"I!E@BEC?EH:W [Q !1G?:ICE?"B:!=:LE>:! ;UCACU>A<;!F"?9!HI>:@!DIA>!0:E??G:V;!;:GD!?A!?9:!"@:E!?9E?!?9:!HIA<;"L!I:X:L?:@!?9:!:C?"I:!IALN!;?EI! EJJEIE?<;!"C!;9AF!=<;"C:;;O!;A>:F9E?!"IAC"LEGGU!>EN"CH!9">;:GD!EC!"@AG!E?!?9:!;E>:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ]f !'"L9AGG; ;(A"04-'+$,; !S^P [Q !&="@W!S^R

PAGE 39

! SR ?">:W! 1;!:TJ:I":CL:@!=U!?9:!J<;"L!?AJJ"CH!?9:!L9EI?;!EC@! =:LA>"CH!E!L!AC:!>"H9?!=:H"C!?A!E;N!aEG?:ICE?"B:!?A!F9E?\b!/9";! "C9:I:C?!LAC?IE@"L?"AC!FAAB:>:C? V;!;9AI?!G"D:W!4ECU!;AA>:C?!EC@!ELLA<;"L!?9E?!DAGGAF:@!F"?9!G"??G:!>AI:!?9EC!E!DAA?CA?:W #:I:!F:!;::!9AF!?9:!JIAHI:;;"AC!AD!IALN!LAI:!LA>JG"LE?:@!?9EC!?9:!^Q;!DIA>!E!9";?A I"LEG!J:I;J:L?"B:!DAI!>ECU!AD!?9:!;E>:! I:E;AC;W!/9:!@:LE@:!=:HEC!F"?9!EG?:ICE?"B:!EC@!HI"CEC?!IALN! DAI>!=! "C?A!ECA?9:I!@A>"CEC?!IALN!;?UG:W 1!LAC?I"=A>:C?<>!AD!IALNV;!9";?AI"LEG! CEIIE?"B:!";!?9:!I";:!AD!aLGE;;"Lb!IALN!E;!E!LJEC":;!=:HEC!I:I:G:E;"CH!EG= <>;!E?!DIA>!B"CUG!?A!LA>JEL?!@";L;!j-(;k!=>:C;:!JAJE?!?9E?!JIAB:@!;AHIEJ9"L;W! 8#R!E@@:@!?A!?9";!=ELNFEI@;!;9"D?!"C!DAL<;!F"?9!JIAHIE>>"CH!?9E?!DAL<;:@!AC!?9:! 9";?AIU!AD!IALN!EC@!I:"CDAIL:@!?9:!"@:E!?9E?!IALN!9E@!EC!">JAI?EC?!JE;?!E;!E!><;"LEG! ?IE@"?"ACW!,ALN!H"EC?;!AI"H"CEGGU!DIA>!Rfee Rfc^!ACL:!EHE"C !=:LE>:!I:G:BEC?!EC@! JIAB"@:@!?9:!H:CI:!F"?9!E!LECAC!AD!;?EC@EI@;h!E;!E!I:;:!EC! ECEL9IAC";?"L !?IE@"?"ACW [R !1;!;E@:!IAA>!DAI!"C@":O!E!;?UG:!?9E?! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! [R !-ABEL9O! 71"#(F%>&+;( [PS [PcW

PAGE 40

! SP FE;!DI::!?A!@IEF!DIA>!IALNV;!=ELNHIA
PAGE 41

! SS "#$%&'(!G *+-*'3!H'+('3!$+-!&#'!+'5!%$($-*HI 2EIN:@!?9:!=:H"CC"CH!AD!E!HI:E?!;9"D?! F"?9"C!?9:! JAJ<;"L!"C@<;?IUW! /9:!H:CI:s;!E>="?"AC!?A!=I"CH!IALN!=ELN!?A!?9:! >E;;:;!;AC;?IE?:@!9AF!B"I?<;"L!E;! E!DAI>!AD!:TJI:;;"ACW! 1D?:I!J=:I!AD!;?UG:;!:>:IH:@!DIA>!E>E?:EIN:?"CHO!EC@! @";?I"=<;"L!DIA>!9A>:!EC@!:@!"C@":!E;!E!C AB:G! @";?"CL?"AC!F"?9"C!><;"LW!/9";!DAI>E?"AC!FE;!D <:G:@!LA"CL"@:C?GU!=U!E@BECL:;!?9E?! >E@:!I:LAI@"CHO!JI"C?"CHO!EC@!LA>>AEIU!EIH<>:C?!9:I:!";!?9E?!"C@":V;! @:>ALIE?"`E?"AC!AD!LI:E?"B:!A:C?"CH!EC@!=G<;"LW!&C!A?9:I! FAI@ ;!"C@":!N"GG:@!IALN!=U!EGGAF"CH!ECUAC:!?A!>EN:!><;"L!F"?9!ECU!"CDG<:CL:W! &C!Rf^eO!E!JIAG"D"L!;L9AGEI!"C!?9:!D":G@!AD!JAJ<;"L!;?<@":;O!+EFI:CL:! 3IA;;=:IH O !E@@I:;;:@!?9:!B";"=G:!;"?<;"L!E;!F:GG!E;!?9:! ?9:C!BAGE?"G:!:LACA>"L!JIEL?"L:;!;J?O!9:!@IEF;!AC!?9:!"CLI:E;"CHGU!LA>>AC!I9:?AI"L! AD!a?9:!@:E?9! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! [P !1`:IIE@O! N>-(@"&+:

PAGE 42

! S] AD!IALN!EC@!IAGGWb !1;!:B "@:CL:!AD!IALNV;!;9"D?"CH!:LACA>"L!;?E?<;O!3IA;;=:IH!L"?:;!?9:! @:LI:E;"CH!;EG:;!AD!I:LAI@;!EC@!E??:C@ECL:!E?!G"B:!B:C<:;W!/9A"CEC? !IALN!>AB :>:C?;O!?9";!@AFC?<;"LW!5AI:O!IALN!><;"L!=:LE>:!"CLI:E;"CHGU!;:HI:HE?:@!DIA>!JAJ<;"L!=U!?9:!E?"B:!U:EI;!DAI!?9:!=A<;"L!"C@<;?IU!@ :C?!AD!(&7!JIEL?"L:;!?9E?!G:E@!?A!"C@":!><;"L!JG EU:@!E!;?IACH!JEI?!"C!"?;! DAI>E?"ACh!9AF:B:I !?9: !LAGG:L?"B:!EL?;!AD!"C@"B"@AI:!?A!J:IJ:?AI:!?9EC!ECUAC:!E?!?9:!?">:!FA<;"LEG!L"H9?!CA?!=:!IALN!ED?:I!J<;"L!"C@<;?IU!"C!?9:!DAI>!AD! LE;;:??:!?EJ:;!EC@!><;"L!?:G:B";"AC!j4/8kW!/9:;:!?:L9CAGAH"LEG!"CCABE?"AC;!CA ?!ACGU! @";?I"=!AD! LA>>EIN:?"CH!?A!;:GG!"?W!/9:;:!E@BEC?EH:;! =<;"L! "C@<;?IU!F9"G: !?9:!>EXAI!GE=:G;!F:I:!;!E!;:I":;!AD!@";E;?:I;!"CBAGB"CH! ?9:!AB:I;E?JE?9"`:@!F"?9!?9:! J:C?EG!@";?I<;?!AD!>E;;!"C@<;?IU!;:C?:@!?9"; W!/9:! IE@"LEG !JA;? >A@:IC! ;:C;"="G"?":; !AD!?9:!J
PAGE 43

! S[ =E"C;?I:E>!EC@!>EIN:?:@!AB:>:C?! AE"C;?I:E> W!/9:!="H!D"B: !I:LAI@!GE=:G;!j )4&O!643O!0ACUO!MC"B:I;EGO!EC@! %)1 k !F:I:!CA?!?9:!ACGU!AC:;!?A!=:C:D"?! DIA>!?9:!?:L9CAGAH"LEG!E@BECL:;!"C!><;"L! JIA@:EC;!AD!JIA@"CH!>AI:!EDDAI@E=G:! ?9EC!:B:IO!I:LAI@"CH!EC@!@";?I"=<;"L!=:LE>:!G:;;!AD!EC!:G"?:! JIAD:;;"ACEG!JIEL?"L:!EC@!>AI:!ELL:;;"=G:!?A!E!HI:E?:I!C<>= :I!AD!E>E?:=:I!AD!@"B:I;:! EGG!HIAE"C;?I:E>! JAJ<;"LW 1G?9A:!;UCACU>A<;!F"?9! 0 :E? ?G:V;!E?!EC@! )%33'&$(F#%&,( D:E?EN:;!?9:!LE;:!?9E?!LAC?:>JAIEC:A<;!F"?9!?9:!'"IBECE! >E"C;?I:E>!=IEC@!AD!EG?:ICE?"B:!IALNO!?9:I:!:T";?:@!E!GEIH:!;?UG";?"LEGGU!:LG:L?"L! LAGG:L?"AC!AD!LA>JEIE?"B:GU!A=;L>:IL"EG"`:@! E@EJ?E?"AC!AD!AC:!AD!?9:!>ECU!EG ?:ICE?"B:!;<= ;?UG:;!?9E?!DAI>:@!=:I !AD!"C@":!H:CI:;! ?9E?!@I:F!"CDG<:CL:!DIA>!EGG!>ECC:I!AD!;AE?9!IALN!I:JI:;:C?;!AC:!;!JIAHI:;;"B:!LAC?IEIU!?A!HIJG"L"?UW!

PAGE 44

! Se 4"L9E:G!1`:IIE@!@:;LI"=:;!AC:!AD!?9: !>A;?!"CDG<:C?"EG!AD!?9:;:!!?9:!:EIGU!Rf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e !1`:IIE@O! N>-(@"&+ O!R SPW! $C!iEC!EC@!I:LAI@!C:F!>E?:I"EGW

PAGE 45

! Sc / 9:!L<;"L!JIA@"GEI!=EC@;!LI:E?:@ EG?:ICE?:!L9ECC:G;!AD!><;"L!JIA@E"C;?I:E>W!/9";!";! CA?!?A!; EU!?9E?!=EC@;!DIA>!?9";!?">:!F:I: !?9:!D"I;?!?A!LI:E?:!E!DGA;:GB:;! DAI!;:! F"?9AE"C;?I:E>W!)>"GU!(AGEC!I:"?:IE?:;! ?9";!LA>>AC!B":F!"C!;?E?"CH.! 0?UG";?"LEGGUO!"C@":V;!AI"H"C;!LEC!=:!?IEL:@!=ELN!?A!?9:!@";?AI?:@!><;"L!AD!?9:! 8:GB:?!MC@:IHIA"C H!AD!:EIGU!J:!AD!IALNV;!>AI:!K<"INU!EC@!:LL:C?I"L!D"HECh! ?9:!EL?<;"LO!9AF:B:IO!LIU;?EGG"`:@!ACGU!"C!?9:!Rf^Q;!EC@! :EIGU!RffQ;W [c 0">JGU!J<;"L;!?9E?!"CDG<:CL:@!?9:!@:>ALIE?"`E?"AC!AD !LI:E?"B: !A:@!DIA>!E;; L:F9E?! JEIE@AT"LEGGU!E@EJ?:@!J:!?">:! E??ELN"CH!?9:!EAB:>:C?!"C!E!;">"GEIGU!J?!?A!;?AJ!?9:!?">: ?:;?:@!LULG:!AD!=EC@;!=:"CH!LA AJ?:@!EC@!JI:;<>E=GU!LAIIE"C;?I:E>W! /9:!DAI>E?"AC!AD!"C@":!LA>="C:@!E!@I"B:!DAI!E! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! [c !(AGECO!a+"??G:!MN
PAGE 46

! S^ AD!LGE">"CH!"? O!EGGAF"CH!AB:>:C?;!?A!@:B:GAJ!:B:C! ?9IAE;;!EJJ:EG!AD!HI:!=:LE<;:!AD!"?;!AI"H"CEG! A<;!>:EC"CH!AD!HI"CH!X<;?!ECA? 9:I!;?UG:!AD!><;"L!@";?"CL?!DIA>!"?;!I:GE?"AC;9"J!F"?9! ?9:!>E"C;?I:E>O!"C@":!>AB:>:C?;!LAC?"C<:@!?A!@:B:GAJ!E;;! >:@"EW! /9:!CEIIE?"B:!AD !?9:!IALN!9";?AI"LEG!JEIE@"H>!:C@:@!F"?9!?9:!LI:E?"AC!AD! "C@":!EC@!"?;!E@AJ?"AC!AD!?9:!IALN!E:;?9:?"L !J:I?E"C"CH!?A!E?DJ!$ !+DK!$ L86DF8?:?8M &C@": !";!>AI:!AD!E!;AL"EG!JIEL?"L:!EC@!G:;;!AD!E!@";?"CL?!;?UG:O!F9"L9 !>EHC"D":;! >ECU!AD!?9:!";;<:;!J:I?E"C"CH!?A!E!JA;"?"B:!@:D"C"?"AC!AD!IALN !AI!ECU!;AL"EG!LAC;?I!;EU;!CA?9"CH!E=A<;"L!;A!?9EC! a IALNW b !+E=:G"CH!;A>:?9"CH! a "C@": b !JGEL:;!"?!F"?9"C!E!D":G@!G"CN:@!?AH:?9:I!CA?!=U!;9EI:@!><;"LEG!?IAJ:;!AI! ;">"GEI!;AE"C;?I:E>W!&C!;A>:!FEU;! "C@": !";!E!H:CI:!F9:C!LAC;"@:I"CH!"?;!<;"L W!6 :C?EG"?U!"C!?9:!LI:E?"B:!JIAL:;;!>EN:;!LEGG"CH!"C@":!E!H:CI:!@"DD"LE"C!E!N:U!EC@!LAC?IAB:I;"EG!;"?:!F"?9"C!;?<@":;!AD!JAJ<;"LW! /9:!FAIN!AD!)>"GU!(AGEC!9:GJ;!LGEI"DU!?9:!">>:C;:!EC@!J:IJG:T"CH!=A@U!AD!FAIN!

PAGE 47

! Sf J:I?E"C"CH!?A!?9:!;<=X:L?!=U!=A"G"CH!"?!@AFC! ?A!JAGEI"`:@!LI"?"L;!AI!E@BALE?:;!AD!?9:! ><;"L!"?;:GDW! &C!>ECU!FEU;O!;L9AGEI;V!A=;:;;"AC!F"?9!EE?"AC!AI!@:LAC;?IE;;!L<;"L!E;!;A>:?9"CH!A?9:I!?9EC!E!=U JIA@=:I!AD!LAC?:>JAIEIU!EJ?"AC;!?9E?! JAJ<;"L!;A>:9AF!I:JI:;:C?:@!>E;;!>:@"EV;!;?EC@EI@"`:@!EC@! "CEECEH:;!?A!G:C?;!AD!EJ?:@!?A!LEIB:!A>:! ;AI?!AD!JIAHI:;;"B:!;AL"EG!LI"?"K<:!j2E@@";AC!Rf^PkW!MG?">E?:GU!D"C@"CH!IALNV;! @:J:C@:CL:!AC!>E;;!>:@"E!EC!"C;A!E!JIAHI:;;"B:!D:EC;! AD!;AL"EG!LI"?"K<:O!="C:@!"?!E;!EC!ELL:J?E=G:!";;<:!AD!;?<@U!"C!?9:!D"I;?! JGEL:W!,:HEI@G:;;O!<;"CH!EA;?!:C?"I:GU!AC!E!LGA;:O!:B:C!JEIE;"?"L! I:GE?"AC;9"J!F"?9!?9:!>E"C;?I:E>W!&C@":!=U!CE?<;?!:T";?!A
PAGE 48

! ]Q >EIH"C;!AD!?9:!>E"C;?I:E>!@:;J"?:!ALLE;"ACEGGU!;:IB"CH!aE;!EC!"CL<=E?AI!DAI!;?UG:;! ?9E?!GE?:I!=:LA>:!LA AJ?:@!=U!?9:!>E"C;?I:E>Wb eQ !#AGGU!*I<;:!:TJGE"C;.! % "?9A"CEC?O!>E"C;?I:E>!><;"L;!EHE"C;?!F9"L9!?A!I:EL?O!"C@:J:C@:C?! ><;"L!LECCA?!=:!"C@:J:C@:C?W!&?;!:T";?:CL:!@:J:C@;!"CEC?!><;"L! ;?I<;"L!9E;! ?9:I:DAI:!=::C!L AC?"C"L!EC@!"@:AGAH"LEG!;?I"C:@O!I: @:D"C:@O!EC@!I: EI?"L<;"LEG!JIEL?"L:;W eR 1;!;::C!"C!?9:!FEB:;!AD!IALNO!@:;J"?:!"C@":V;!E??:>J?!E?!EC!AI"H"CEG!"@:C?"?U!;:JEIE?:! DIA>!?9:!>E;;:;!"?!>E"C?E"C;!E!JA;"?"AC!E;!E!JGEU:I!F"?9"C!?9:!GEIH:I!>EIN:?W!!/9";!";! ?9:!"C9:I:C?!"IACU!F"?9"C!ECU!><;"LV;!LGE">!E;!E!"?;!;?E?<;!E;!E!LA>>A@"?UW! &C@":!IALNV;!BEGAI"`E?"AC!A D!CAC >EXAI!GE=:G!JIA@<;"L!@"I:L?GU!DIA>!=EC@;!?9:>;:GB:;!E?!H"H;O!>";;:@!?9:!DEL?!?9E?! "C@":!EC@!>E"C;?I:E>!><;"LEG!LAC;<>J?"AC!EI:!=A?9!JEI?!AD!LAC;<>:I! LEJ"?EG";>O!@"DD:I:C?!ACGU!"C!?9:!@:HI::!AD!?9:"I!LA>JG"L"?UW!& C@":!IALN!";! @:D"C:@!=U!"?;!LACL:IC!DAI!?9:!;LEG:!AD!LAC;<>:I!LEJ"?EG";>O!IE?9:I!?9EC!=U!"?;! IE@"LEG!I:X:L?"AC!AD!EC!:LACA>"L!;U;?:>W!/9";!LACL:IC!F"?9!I:@EU!EG;A!=:!HG">J;:@!"C!"C@":!L:C?!"C!?9:!>"C"E?!;"CHG:;O!;>EGG!I: >E@:!LE;;:??:;O! AI!?9:!I:B:I:C?!I:LI:E?"AC!AD!>"C"E?A@:G;!AD!JE;?!:IE;!AI!EG=<>;W eP #:I: !F:!;::!9AF!"C@":!><;"L!HIE;J;!E?!EE"C;?I:E>V!EC@!LGA;:I!?A!:G"?";>W! ,UEC!#"==:??!E@@I:;;:@!?9"; !?:C@:CLU !"C!9";!:;;EU!AC!?9:!>EIN:?"CH!AD!"C@":!IALN! EC@!<;:;!2":II:!6A<;"LV;! BEG<:!"CLI:E;:;!JI:L";:GU!=:LE<;:!"?!EJJ:EI;!?A!EJJ:EG!?A! E!;>EGG:I!JEI?!AD!;AL":?UW! /9:!"IACU!;EIN:?E="G"?U!F"?9"C! LAC;<>:I!LEJ"?EG";>.! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! eQ !&="@W!]eQ eR !*I<;:O! F'#,("&+(F%>&+;( R]fW eP !*:"H9?G:UO! W ,:LAC;"@:I"CH!,ALNOb!RPfW

PAGE 49

! ]R 5AI!EGG!"?;!JIALGE">:@!:@H"C:;;O!"C@":!IALN!FAAI:!?9EC! "?!L9EGG:CH:;!JI: :T";?"CH!;AL"EG!EC@!:LACA>"L !;?IAC;?IE?:@!=U!I:L:C?!E@!LE>JE"HC;O!?9:!@:;"I:!DAI!A?9:IC:;;O!DAI! @";?"CL?"AC!DIA>!?9:!>E;;:;q!";!9"H9GU!>EIN:?E=G:W!8AGN;FEH:CV;!<;:!AD! ;ACH;!=U!iEU!5EIIEI!EC@!'"LN!(IEN:h!"?;!;>EGG!HIA!?9:!JEI?UO!JI:D:II"CH!"C;?:E@!?9:!;:G:L?! LA>JECU!EC@!;>:IL"EG!EC@! F,X("&+(#1,(A'#B( :J";A@:! d !EGG!?9:;:! ;AI:!?9EC!LA> >ACJGEL:O!?9E?! ?9:!"C@":!:G"?:!EI:!>AI:!C<>:IA<;!?9EC!?9:U!FA";?"L!?9A:?9A@!AD!@"DD:I:C?"E?"AC!"C!G:;;:I NCAFC!><;"L!EJJ:EGO!#"==:??! I:"?:IE?:;!?9:!EGI:E@U!F:GG :TJGAI:@!E;J:L?;!AD!JAJ<;"L! l !E?:GU!;EU"CH! >AI:! E=AE;;!LEIN:?"CH!?9EC!?9:!FEU;!"C!F9"L9!DEC;!"@:C?"DU!F"?9!?9:! ><;"L!EC@!?9:!L9ECC:G;!AD!:>JAF:I>:C?!F"?9"C!?9:!L;O!J:I9EJ;!;L9AGEI;9"J!;9AJ?!?A!@"DD:I:C?"E?:!?9:>;:GB:;W! )EIGU!AC!"C!?9:!EI?"LG:O!#"==:??!@:CA?:;!"C@":!><;"L!EC@!LEI"GU!@<:!?A!?9:!:DD AI?!I:K<"I:@!DAI!DEC;!?A!J"GA?!?9:!:TJEC;"B:!;:E!AD!"C@":!>:@"E! EC@!N::J!AC!?AJ!AD!?9:!BAGE?"G:!@:B:GAJ>:C?;W!/9:!@:BA?"AC!AD!DEC;!@";JGEU:@!"C!?9:"I! "CB:;?>:C?!AD!LI"?"LEG!?9A:IA<;!"C@":! :G"?:!"C!?9:"I!JJGU!JE"C?E"C"CH!E!LI"?"LEG! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! eS !#"==:??O!&C@":!,ALNO!eQW e] &="@W

PAGE 50

! ]P ;?EC@JA"C?!JIAB"@:;!E>JG:!X<;?"D"LE?"AC!DAI!EL?AI;!F"?9"C!?9:!D":G@!AD!"C@":!?A!LI"?"K<:! ?9:!>E;;:;!AD!?9:!>E"C;?I:E>W !&C!:TJ:C@"CH!:T?IE!:C:IHU!?A!;::N!AJGU!?9E?!?9:!>E;;:;!AD!?9:!>E"C;?I:E>! ;JG"D":;!?9:! IE?"ACEG!EC@!C:F!N"C@!AD!E:@!F9:C!?9:!IALN!E:;?9:?"L! >EC"D:;?:@!"C!"C@":V;!LAC;?I!E=:I!AD!LA>JG:T!BEG<:;!F"?9"C!>E??:I;!AD!?E;?:!EC@!:TJI:;;"ACh!=:DAI:! HA"CH!DJ9E;"`:;! E!IALN!EC@!9AF!JEIE@AT:;!F"?9"C!IALNV;!9";?AI"LEG! JE"C;?I:E>O!=J9E;";!AC!"?;!;E?"I"L!?:C@:CL":;!=AI@:I;!AC!?9:!N"C@!AD! I:@:!;L9AGEI;!?9<;!DEIW!(AGEC!ACL:!EHE"C!JIAB"@:;! "C;"H9?!"C?A!?9:!>AI:!LAC;?I<;"LEG!;<= HIAE"C;?I:E>!EC@!=U!?9:! >EIN:?JGEL:O!EC@!?9A;!";!?A!@:D"C:!"?!C:HE?"B:GU.!"C@":!><;"L!";!?9E?!F9"L9!";! CA?!jU:?k!>E"C;?I:E>O!?9E?!F9"L9!";!CA?!;AG@!"C!="H!I: LAI@!;?AI:;!AI!CA?!G"N:@! =U!>E;;:;!AD!J:AJG:!q!?9:;:!:TJGECE?"AC;!LECCA?!D;O!9AF!"C@":!H:C:IE?:;!E!?9E?!CA?!ACGU! LEC!EECU!DAI>;!"C!I:HEI@!?A!9AF!EC!A=X:L?!LEC!;">ECU!:T";?"CH! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! e[ !(AGECO!a+"??G:!MN
PAGE 51

! ] S BEI"E?"AC;!AD!E#1,&#'."#,+ !IE?9:I!?9EC!AC!?9:!E#1,&#'.'#',* jEEN:!?9:!;U;?:>!G:;;!:DD:L?"B:!"C! ECEGU`"CH!?9:!;<=X:L?!>E??:I!E?!9EC@!;A!&!F"GG!"C;?:E@!LAC?"C<:!F"?9!(AGECV;!AFC! ?UJAGAHUW!#:I!:TJGECE?"A C!";!:DD:L?"B:GU!=I":DO!X<;?"DU"CH!"?;!:C?"I:?U!9:I:h!;9:! :TJGE"C;.! % :!LAJ;AC !EL?A;?!JEI?O!;?IE"H9?DAIFEI@GU!DEL?AI:!I:GE?"B:h!F:!LEC!><;?:I! :B"@:CL:! d !9";?AI"LEG!AI!EC?9IAJAGAH"LEG! d !?A!;;!A D!LE?:GU!?9:!K<:;?"AC!AD!F9:?9:I!EC!A=X:L?!AI!JIEL?"L:!";! EC!pEA;?! ;<=X:L?"B :!DAI>!AD!E"H9?!=:!E!D::G"CH!AD!9AC:;?UO!;"CL:I"?UO! I:EGC:;;O!=A;?!">JAI?EC?GU!"?!";!E!D::G"CH!EC@!F9E?!D::G;!E"H9?!;::>!DEN:!EC@!"C;"CL:I:!?A!ECA?9:IW!&C@::@O!J:I;ACEG! E;!AD! E<;"L!CA?!DAJG:!JIEL?"L:;!AD! ;E>JG"CH!EC@!I:D:I:CL:!?9IAJAIEIU!:G:L?IAC"L! @ECL:!><;"L!j)(4k!EC@!9"J 9AJ!=G"GEI!;:C;:!?9:!CA?"AC!AD!J:I;ACEG!E:C?EG"?U!"C!?9:!JIAL:;;!AD!IE?"ACEG"`E?"ACW!#AF:B:IO!E;!?9:!GE??:I!AD!?9:;:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ee !4AAI:O!a1
PAGE 52

! ]] DAI>;!?9:!EIH<>:C?!?9E?!"C@":!";!F:GG!;<"?:@!"C!?9:!LI:E?"AC!AD!J:I;ACEG!E<;?!LAC?"C<:!F"?9A:I"?!AI!;;W !1D?:I!EGG! E;!F:!;EF!"C!IALN!9";?AIUO!EL?"AC;!B"C@"LE?:@!=U!=:G":D;!?9E?!?9:!:>JAF:I>:C?! "C@"B"@!"@:C?"DU"CH!F"?9!E!><;"LEG!;?UG:!LEC!=:!;A>:9AF!@ECH:IA<;! IEI:GU!"D!:B:I!JIAB:!BEG"@W!/A!E!L:I?E"C!:T?:C?O!F:!><;?!N::J!"C!>"C@!?9E?!F:!EI:!CAF! @ :EG"CH!F"?9!";;<:;!AD!J:I;ACEG!?E;?:!EC@!?9E?!?9:;:!LAC?IE@"L?"AC;!@A!CA?!"C@"LE?:!EC! :?9"LEG!@:LG"C:!"C!A<;"LO!(AGECV;! EIH<>:C?!@:B"E?:;!DIA>!"C@":!><;"L!E;!E!LA>>A@"?U!EC @!?I:E?;!"?!"C;?:E@!E;!EC! E:;?9:?"L!A=X:L?!G"CN:@!F"?9!;A;:GB:;!E;!"C@"B"@A?"BE?:!?9 :>!?A!:TJGAI:!EC@! ;W!(AGEC !EJJG":;!E!>A@"D":@!LACL:J?!AD!aN"?;L9b !?A! "C@": JAJ!EC@!;9AF;!9AF!"?!EL?;!E;!EC!E:;?9:?"L!DEL?AI!"C!LI:E?"CH!J:I;ACEG! E:>AIUO!@";?AI?:@!EC@!E;!>:I:!"GG<;"ACO!AD!E!DAI>EG!A=X:L?"B"?U!?9E?!9E;! JE;;:@!EFEUb ef l !;">"GEI!?A!?9:!"C?:C?"AC;!AD!"C@": JAJV;!GA D"!;A!9E;!=::C!JEI?"LE?"L!F9:C!EJJG":@!?A!JAJ<;"L!=!AD!E:;?9:?"L!?">:!?IEB:G!"C!F9"L9!JE;?!@:B"L:;! EI:!I:;JG"D":;!:>A?"AC!?9IA!AD!GE?:!PQ ?9 L:C?-"Q !E!L
PAGE 53

! ][ >EN:!F9E?:B:I!AC:!@A:;!AI!;EU;!EJJ:EI!?A!=:!F"?9AA;?!F"?9A"?:@ I< CO!=A:IL9EC@";:W!/9:!DEL?!?9E?!"C@":!";!@";?I"=EGG!GE=:G;!EC@!CA?!:E;"GU! ELL:;;"=G:!I:K<"I:;!E !LA>>"?>:C?!AC!?9:!JEI?!AD!?9: !LAGG:L?AI!?A!ELK<"I:!?9:!"?:> ; h! a?9:!LAGG:L?"AC! ";!?9:!<;"L!DAI>;!E!GEIH:! JEI?!AD!?9:!"C@":!E:;?9:?"LWb cR !-AGG:L?"CH!L:C?EG"?U!F"?9"C!>E;;!L!AD!E<;"L!EC@!LJG:TO!H:CI:!";!E!@"DD"LJAIEIU!JAJ<;"LW! 1LLAI@"CH!?A 7A985 O! ?9:!9E`U!EC@!AD ?:C!EI="?IEIU! =AI@:I;!=:?F::C!H:CI:;!F:I:!LI:E?:@ !=U!"C@<;?IU!ADD"L"EG;!?A!;:JEIE?:!?9:>!E;! @";?"CL?!DAI!>EIN :?E="G"?UV;!;EN:W!%"?9"C!?9:!ELE@:>UO!?9:!;<=X:L?!AD!H:CI:!AD!JAJ<;"L!9E;!=::C!X<;?!E;!LAC?IAB:I;"EG!E;!ECU!A?9:IO!F"?9!;L9AGEI;!EIH<"CH!DAI!EC@! EHE"C;?!"?;!:T";?:CL:!E;!X<;?!ECA?9:I!JIA@E;;!LW!5E="EC! #AG?V;!FAIN! ?,&-,('&(!% =>3"-(5>*'.( I:JI:;:C?;!?9:!>A;?!:T?:C;"B:!EC@!L
PAGE 54

! ]e F"?9"C!?9:!L9EA?"L!FAIG@!AD!><;"L EG!?E;?:W!0"CL:!>U!EIH<>:C?!?9<;!DEI!9E;!=E;:@! "?;:GD!AC!?9:!CA?"AC!?9E?!><;"LEG!;?UG:!DIEH>:C?:@!F9:C!"C@":!E@AJ?:@!?9:!IALN! E:;?9:?"LO!F:!LEC!CAF!GAAN!E?!9AF!H:CI:!;JG"L"CH!EC@!LE?:HAI"`E?"AC!AD!"C@":!;?UG:;! E"@;!EC@!"C9"="?;!EA@:G;!AD!LE?:HAI"`E?"AC!?9E?!FAIN!DAI!A?9:I!DAI>;!AD! LI:E?"B:!JIA@AI:! DG<"@!?9EC!"C!JAJ<;"Lq!><;"L"EC;!EI:!L:E;:G:;;GU!LI:E?"CH!C:F!D<;"AC;!EC@! :T?:C;"AC;!AD!J AJA@:!AD!DEN:;!"?!LA>JEIE?"B:GU!G:;;!JI:L";:!"C!>:EC"CH!?9EC!G"?: IE?<;"LV;! >:?EJ9AI"LEG !>:EC"CH;!GELN! @:;"HCE?"B:! a=ELN <;?! =:! LI:E?:@ !?9 IAEN"CH!LE?:HAI":;! "CLI:E;"CHGU!@"B:I;: W cS #AG?!ELNCAFG:@H:;!?9E?! "C@<;?I"EG !JIA@J9E;";!AC! LA>="CE?"AC;!=:?F::C!;?UG:;!CA?!ACGU!>EN:!=AAI:!DG<"@O!ELLA!?9:!LA>JG:T!;<=X:L?W! 1!>AI:!@"I:L?!:TJGECE?"AC!DAI!?9:!G">"?:@!"C?:I:;?!"C!H:CI:!"C!LAC?:>JAIEIU! L<;"L!";!?9E?!?9:!;?IACH!"C?:I:;?!"C!9U=I"@"?U!9E;!@IEFC! E??:C?"AC!EFEU!DIA>!LE?:HAI":;W!/9:!:IA;"AC!AD!LE;;"B:!"CLI:E;:!"C!?9:!L"IL;!AD!LE?:HAI"LEG!LA>JG:T"?U!EC@!H"B:C!I";:!?A!LI"?"LEG!I:EL?"AC;!EHE"C;?!?9:! GEIH:!J9"GA;AJ9"LEG!;U;?:>;!AD!%:;?:IC!>A@:IC"?UW! c] 1;!#AG?!;ALIE?"`:@!JGE"C!AD! LEIN:?"CH!?AAGW!)B:C! ?9AEU!=:! >AB"CH !EFEU!DIA>!E!J"BA?EG!E; J:L?!AD!><;"L!E;!E!LA>>A@"?UO! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! cP !%E;G:IO!a/9:!(:B"GOb!Pc cS !6AICO!a&C?IA@
PAGE 55

! ]c ?9:!?:I> !I:>E"C;!JI:BEG:C?!F"?9"C!@";LAAI:! C<;"LEG!LE;;!L:!><;"L;!E;!DAI>:!AD!><;"LV;!@::JGU! ;AL"EG!CE?<;"L!F"?9"C!E!@";?"CL?"B:!L<;"LWb!6"C@;!EC@!=A@":;!AD!E!JEI?"L<;"LEG! ?:T?;!EC@!EI?";?;!EC@!?9:!LAC?:T?;!"C!F9"L9!?9:U!EI:!J:IDAI>:@!EC@! :TJ:I":CL:@W! %"?9!JAJ<;"L!D:EC;!AD!;AL"EG"`E?"ACO!H:CI:!EC@!@";LA:EC"CH!?A!E!LA>JEIE?"B:GU!G:;; I:JI:;:C?E?"ACEG!>:@"<>W! &C!;A>:!LE;:;O!?:I>;!@:CA?"CH!H:CI:;!AD!><;"L!LEC!=:!"C!HGA=EG!L"ILJ9E;";!AC!?9:!A=;LEN:;!LGE;;"DU"CH!;<=?UJ:;!F"?9"C!?9:!D":G@!:B:C! >AI:!JIA=G:>E ?"LW 0"CL:! EI?";?;!;:JEIE?:!"C@": !DIA>!E!L:C?IEGGU!LAC?IAGG:@!>E"C;?I:E>O!"C@":V;! ;<=H:CI:;!I:GU!AC!B:ICEL;O !DAI!@:D"C"?"ACW!&C!AI@:I!?A!ELK<"I:!ECU!DE>"G"EI"?U!F"?9! EC!"C@ ":!;<=H:CI:O!E;!:T:>JG"D":@!=U!>E?9!IALN!"C!?9:!DAGGAF"CH!L9EJ?:IO!EC!"CK<"I:I! ><;?!I:GU!AC!?9:!@";L<;;"AC;!EC@!AJJA;"?"AC;!AD!"C@"B"@JG:!AD !>E?9!IALN O!@";L<;;"AC!AD!F9"L9!DAGGAF;O!

PAGE 56

! ]^ @:>AC;?IE?:;!?9: !">JAI?ECL:!AD!:TE>"C"CH!L<;"LEG!JIEL?"L:; ?9IA"L!FAIN;!E;!F:GG!E;!?9:!J:I;J:L?"B:!AD!"?;!DEC; W

PAGE 57

! ]f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`:! AC:! :EIGU!EC@ !AC:!I:L:C?!I:LAI@"CH !DIA>!?9:!HIAE"C;?I:E>W! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! c[ !a1JG":;!EC!A=X:L?V;!E="G"?U!?A! EL9":B:!E
PAGE 58

! [Q 5678!-986!I786!(9:;< 4:>=:I;!AD!/:IE!4:GA;!EI:!LAC;L"A<;!AD!?9:!">J:IE?"B:!?9E ?!>ECU!DEC;!D::G!?A! LGE;;"DU !?9 :"I!><;"L!E;!E!JEI?"L:C?EG!IALN! =EC@O!=:EC;W!%9E?!EI:!F:! :TJ:I">:C?"CH!F"?9!F"?9"C!?9:!EL?"GG"AC!?9"CH;!?9E?!F:!:TJ:I">:C?!F"?9h!?A!>:!?9E?V;!?9:!>A;?!;J:L"D"L!?:I>! ?9E?!&!LAU!AFC!><;"LW RS /9";!;?E?:>:C?!DIA>!EC!"C?:IB":F!F"?9!/:IE!4:GA;!H<"?EI";?!EC@!DA:>=:I!'"LN!,:"C9EI?!C:E?GU!:TJG E"C;!?9:!=EC@V;!GAA;: DAA?:@!;:C;"="G"?":;!?9E?! ELLA:C?E?"AC! ?9IA";;:;!EJJGU"CH!?9:!?:I>!>E?9!IALN! ?A!?9:!=EC@!"C!?9:!B:IU!;E>:!"C?:IB":FO!JI">E I"GU!E;!EC!E??:>J?!?A!LACB:U!?9:! LA>>AC!D:EI!AD!=:"CH!aJECEH:!?A!:T:>JG"DU!?9:!H:CI:h!AC:!>"H9?!:B:C!;EU!?9E?!?9:!><;"LE G!LACB:C?"AC;!AD! ?9:!H:CI:!:BAGB:!E;!?9:!=EC@V;!@AW!! 3:C:IEGGU!;J:EN"CHO!><;"LEGGUO!>E?9!IALN!";!EC!ECH>:?I"LEG!I9U?9>;!EC@!;<@@:CGU!;9"D?"CH!?">:!;"HCE?JG:T!H<"?EI!D"CH:I!?EJJ "CH!EC@!LA!I"DD; W!1C@! ?9:!><;"L!AD!/:IE!4:GA;O!@:;J"?:!?9:"I!I:;";?ECL:!EHE"C;?!" ?O!D"?;!?9";!LE?:HAIU!AI! H:CI:W! /9:!><;"L!JI">EI"GU!;?IEU;!DIA>!?:G:AGAH"LEG!CA?"AC;!AD!?ACEG!9EI>ACU!EC@! >:?:I!"C!DEBAI!AD!HGEI"CH!EG?:IE?"AC;!=:?F::C!;LEG EIg9EI>AC"L!JE??:IC;!EC@!?">:! ;"HCE?;W!0A>:F9E?!JEIE@AT"LEGGUO!?9:!H:CI:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ce ,:"C9EI?O!'"LNW!m4E?9!,ALN!5AI!(<>>":;Wm! 23"4(5"$"6'&, W!2A@LE;?O !i:?EGW!1;!E!LJAIEG!IAA?;!F"?9!>A;?! "C@":!;<=H:CI:;!"C! ?9:!A>:C?<>!@AB:>:C?!AD!?9:!:EIGU!RffQ;W!/A@EUO!=EC@;!GE=:G:@g"@:C?"DU"CH!E;!>E?9! IALN!>EN:!9"H9GU!;?UG";?"LEGGU!"C@"B"@<;"L!?9E?!LI:E?:;!E!B:IU!=IAE@! ;J :L?I<>!AD!>< ;"L;!EN"CH!AC: !"C@"B"@E;;!ELL:;;"="G"?U!EC@!?9:! >E"C;?I:E>!E?!EI>;!G:CH?9h!E;!E!I:;!IEI:GU!>EN:;!"?!"C?A!?9:!BALE=<;"L!XA:C?"AC!?9:!H:CI:O!EC@!:B:C!?9:C!AD?:C!?ECH:C?"EGGUW!%:!9EB:! EGI:E@U!;::C!9AF!:B:C!?9:!>A;?!F"@:;JI:E@!AD!H:CI:;!EI:!LAC?E"C:@!F"?9"C!DG<"@! =AE?9!IALNV;! jEC@!>A;?!"C@":!H:CI:;Vk!A=;LE?9!IALN!FA>EI"`:;!?9:! ;?UG:!E;. 1!I9U?9>"LEGGU!LA>JG:TO!A D?:C!H<"?EI!=E;:@O!;?UG:!AD!:TJ:I">:C?EG!IALN!EC@! "C@":!IALN!EL?;!?9E?!:>:IH:@!"C!?9:!GE?:!RffQ;O!"CDG<:CL:@!=U!JIAHI:;;"B:! IALN!=EC@;!G"N:!*"CH!-I">;AC!EC@!PQ ?9 !L:C?"C">EG";?!LA>JA;:I;!;JG:TO!E?UJ"LEG!I9U ?9>"L!;?I:! ;"HCE?:GA@":;O!EC@!:T?:C@:@O!AD?:C @";;ACEC?!L9AI@;W c^ 2:I9EJ;!CA?!;A!;EXAI"?U!AD!@:D"C"?"AC;!JIAB"@:@!=U!">JEI?"EG!ACG"C:! ;AE?9!IALN!DIA>!?9";!%"N"J:@"E!JEH:!F"?9!ACGU! >"CAI!@";LI:JECL":;O!"CLG<@"CH!?9:!EJG:O! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! c^ !4E?9!,ALNO!%"N"J:@"EW

PAGE 60

! [P %"N"J:@"E!:>J9E;"`:;!a2IAHI:;;"B:!,ALNV;b !"CDG<:CL:!"C!>E?9!IALNO!9AF:B:I!?9:!N:U! L"?E?"AC!DAI!?9:!EI?"LG:!1GG><;"LWLA>O!;EU;!CA?9"CH!E=AE?9!IALN!JI">EI"GU!?A!a2A;? ,ALNb !;EU"CHO!a%9:I:!JA;? IALN!9E;!@";?"CL?!iE``!"CDG<:CL:;O!>E?9!IAL N!";!?9:!AJJA;"?:!;"@:!AD!?9:!;E>:!LA"CWb cf 5<;"LWLA>V;!;"?:!JA"C?;!?A!*"CH!-I">;AC!E;!E!JIA>"C:C?!>E?9!IALN!=EC@! IE?9:I!?9EC!E!=EC@!?9E?!"CDG<:CL:@!?9:!H:CI:W!#:I:!F:!;::!9AF!LAGGE=AIE?"B:GU! :@"?:@!EI?"LG:;!LEC!"C@"I:L?GU!@:J"L?!B":F;!AD!"C@"B" @;!DIA>!?9";!@:>ALIE?"`:@!;<=X:L?"B"?UW ^Q 4A;?!;A:!;"HCE?EG!9EI>AC"L!GECH:C?EG!?IAJ:;. %9:I:E;!>A;?!IAL N!><;"L!<;:;!E!=E;"L!]g] >:?:I!j9AF:B:I!ELL:C?:@!AI! ;UCLAJE?:@kO!>E?9!IALN!DI:K<:C?GU!<;:;!E;U>>:?I"LEG!?">:!;"HCE?:?:I;!=E;:@!AC! BEI"A<;!HIA"L!LA>JG:T"?UO!;::C !E;! a>E?9:>E?"LEGb!"C!L9EIEL?:I!=U!>ECU!G";?:C:I;!EC@!LI"?"L;!";!F9E?!H"B:;!?9:! H:CI:!"?;!CE>:W ^R 0A"L!E=CAI>EG"?U!E;!E!N:U!L9EIEL?:I";?"L!AD!>E?9! IALN!E;!F:GG!E;!H<"?EI!D"CH:I!?EJJ"CH!EC@!:T?:C@:@!"C;?I<>:C?EG!JE;;EH:;W! (I<> >:I;!F"?9"C!>E?9!IALN!HIAAI:!AD!E!;JA?G"H9?!?9EC!"C!A?9:I! IALN!EC@!"C@":!;?UG:;O!"CLAIJAIE?"CH!9:EBU!;UCLAJE?"AC!EC@!JAGUI9U?9>!?A!ELL:C?! ?9:!LAC?IE;?"CH!;AD?!AI!aLG:ECb!;:L?"AC;!F"?9!?9:!9:EB":I!@";?AI?:@!JE;;EH:;W! 1LE@:>"L!FI"?"CH!LAAI:! LAC;L"A<;GU!JEI?"EG !L9EIEL?:I"`E?"AC! AD!H:CI:;!=E?"AC!LE>:!DIA>!ACHA"CH!@";J:>=:I;!?9E?!9EB:!;"CL:! =::C!=ECC:@!DIA>!:@"?"CH!?9:!F:=;"?:W!4E?9!,ALNO!%"N"J:@"EW ^R !&="@W

PAGE 61

! [S G">"?:@W!1?!?9";!?">:O!/9:A!-E?:DAI";V! FAIN 9%I(83#,-&"#'K,(7>-&,+(!-%$-,**'K,Q(71,( F#-"&$,(A"*,(%C(5"#1()%./ !:T";?;!E ;!?9:!L:C?IEG!FAIN!?A!:TJGAI:!EC@!>EN:!<;:!AD!?9:! H:CI:W!-A>JEIE?"B:GU!?9:AI:?"LEGO!?9:!EECU!AD!?9:!L9EIEL?:I";?"L;!EGI:E@U!>:C?"AC:@.! +"N:!>ECU!A?9:I!F:GG ?IEB:G:@!EG?:ICE?"B:!;<=H:CI:;O!;:!I:LAI@"CH;kO!?9:!LG<:;!?A!>E?9!IALNV;!=E;"L!>:EC"CH;! EI:!DA:W!4E?9!IALN!=EC@;!EI:!?9A;:!F9A;:!;ACH;!;:! JEIEGG:G;!=:?F::C!>E?9:>E?" LEG!E=;?IEL?"AC!EC@!DAI>;!AD!><;"LEG!LA>JG:T"?UW! 0AI:!D"H!=ELN!?A!"?;!IAA?;!?9E?!LECCA?!=:!JI:L";:GU! ELLA:IH"CH!"C!?9:!GE?:!Rf^Q;!F"?9!E!C<>=:I!AD!>"@ 1?GEC?" L!EC@!>"@ F:;?:IC!1>:I"LEC!aLAGG:H:!?AFCb!=EC@;!?9E?!E>A;!?9E?!"C"?"E?:@!?9:!CAB:G!=IEC@!AD!IALNW!-E?:DAI";!EG;A! "@:C?"D":;!?9:!:T?:C;"B:!<;:!AD!E;U>>:?I"LEG!?">:!;"HCE?"T:@! >:?: I;!E;!?9:!@:D"C"CH!D:E?<;"L!"C!;EU"CHO!aDAI!DECE?"LEG!G";?:C:I;!EC@! ><;"L!ECEGU;?;!EG"N:O!?9:!:TJ:I":CL:!AD!E!>E?9!IALN!;ACH!LEC!AD?:C!?:?I"LEG!LAC;?I:;! "CLI:E;"CHGU!@:J:C@:C?!AC!"?;!E<@":CL:;!EC@!JIEL?"?"AC:I;W!/9";!=:LE>:!>A;?! EJJEI:C?!DAI! 9"> !F9:C!9:! E;N:@ !F9E?!?9:!?:I>! a >E?9!IALN b ( >"H9?!>:E C!EC@!F9E?! =EC@;!I:JI:;:C?!"?!AC !EC!&C?:IC:?!><;"L!G" ;?:IBW!/9:!I:JG":;!CA?!ACGU!"CLG<@:@!=EC@;! >:C?"AC:@!"C!9";!L9EJ?:I!=ECU!A?9:I!I:L:C?!"C@":!=EC@;!EG"HC:@!ACGU! ?9IA:C?EG!E??"?<@:!EC@!E!@:;"I:!?A!:TJEC@!JAJ<;"LV;!GECH:C?;!E;!XE``!LGE;;"LE G!><;"LO!EC@!:G:L?IAC"L;Wb ^] 4ECU!AD!?9:!=EC@;!9:!E@@;O!;9EI:!B:IU!G"??G:!"C!LA>>AC!;?UG";?"LEGGU!F"?9!?9:!H:C:IEG! LAC;:C;<;!?9E?!>E?9!IALN!I:G":;!AC!?9:!>E?9:>E?"LEG!LA>JAC:C?!AD!aLA=I:W!#:!I:LACL"G:;!?9";!"C!;EU"CH .! 1JJEI:C?GU!?9:! 0"#1(-%./ !GE=:G!9E;!HIEB"?E?:@!?AFEI@!?9:;:!=EC@;!=:LE<;:! ?9:"I!CACIALN!"CDG<:CL:;!>EN:!?9:!><;"L!;A>:9AF!>AI:!a@"DD"LE?9!IALN!";!:KJG:T"?U !"?;:GDW!4E?9:>E?"L;!";!AD?:C! ;::C!"C!%:;?:IC!L=AG!AD!LA>JG:T"?UO!;A!>E?9!IALN!9E;! =:LA>:!E!DI:: DGAE?"CH!aLA>JG:Tb!;"HC"D":IW!4E?9!IALN!9E;!LA>:O!?9IA"CE?"ACO!?A!;"HC"DU!LA>JG:T"?U!AD!B"I?<;"L!;L:C:W ^[ /9";!H:C:IEG!<;EH:!AD!?9:!?:I>!">JG":;!?9E?!"C@":!JIEL?"?"AC:I;!EI:!CA?!;?I"L?GU!=A<;"LW!&C;?:E@O!F"?9!>E?9!IALN!I:JI:;:C?"CH!aLA>JG:T"?UOb!F:! ;::!?9:!FEU;!"C!F9"L9!?9:!DIEH>:C?:@!FAIG@!AD!"C@":!@"D D<;:;!E!LI"?"LEG!:>J9E;";!AC! =EGNEC"`:@!H:CI:!=AE?9!IALN! =U!I:GE?"CH !?9:! ><;"LEG!JIEL?"L:!?A!9AF!E!G";?:C:I!>EU!"@:C?"DU!F"?9!?9:!LA<;"LW! 4E?9!IALNO!DAI!:TE>JG:O!;::>;!CA?E=G: !DAI!?9:!@:HI::!?A!F9"L9!"?!>EN:;! @"DD"L<;"LV;!>A;?! :C@E?9!IALN!LAC;";?;!AD!JA;O! ?9:!><;"L!H:C:IEGGU!GELN;!E!I:J:?"?"B:!I9U?9>"L!L9EIEL?:IO!;"H9?! D"C@!"C!?9:!;9EJ:!AD!E!=ELN!=:E?O!AC: @IAJO!DAO!EI:!ADD:I:@!D:F!JA"C?;!AD!=A@"GU! "@:C?"D"LE?"ACW!&C!?9:!E=;:CL:!AD!E!;?:E@UO!@"B";"=G:!JE?9!IALN!9E;! "C;?:E@!=::C!@:J"L?:@!E;!a ;9EIJOb!aXEHH:@Ob!EC@!aECH<;"LW!/9:;:! @:;LI"J?"AC;O!AD!LA=G:!>AI:!?9:!@";?AI?:@!=A@":;!AD!E!L<=";?!2E=GA! 2"LE;;A!JE"C?"CH!?9E?!?9:!;>AA?9!;FEU!AD!=A@":;!AC!E!@ECL:!DGAA IW ^e !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ^] !&="@W!P[c ^[ !&="@W!P[c ^e !&="@W!P][

PAGE 63

! [[ / 9:!E:C?;!?9";!CA?"AC!AD!>E?9!IALNV;!I:GE?"AC!?A!?9:!=A@U!?9IA<;"LEG!ECEGU;";!AD!E!JIA>"C:C?!>E?9!IALN!=EC@O! (AC!-E=EGG:IA W! /9:!LA>JG:T"?U!?9E?! ;?:>;!DIA>!?9:!;9"D?"CH!>:?:I;!EC@!@:C;:!?:T?"L! >A?"AC!AD!>E?9!IALN!LEC!=:!;::C!E;!H:;?ECL:!EC@!J:IL:J?J?U!;JEL:!?A!D"GG!?9IAAB:>:C?!X<;?!E;!"II: H:C?EG!ELL:C?;!FEIIEC?!J9U;"LEG!H:;?"L!E>="H<"?":;! AD!>E?9!IALN!I:GE?:!?A!F9E?!,"L9EI@! /EI<;N"C!"@:C?"D":;!E;!a0?IEB"C;N"ECb!?:L9C"K<:;!AD!:TJI:;;"ACW!5AI!:TE>JG:O! @"DD:I:C?!"C;?I<>:C?;!AD?:C!I:J:E?!JE??:IC;!AI!I"DD ;!"C!AJJA;"CH!?">:!;"HCE?"L!@";JGEL:>:C?!I:;!E!I:;?!AC!?9:!@AFC=:E?!AD!E!J:IL:"B:@ !>:?:IW! 4E?9!IALN!;9EI:;!?9:;:!N"C@;!AD!I9U?9>"L!E;!F:GG!E;!9EI>AC"L!EI?"LJA;"?"AC;!AD!&HAI!0?IEB"C;NU!@:;J"?:!"CLI:@"=GU!@"DD: I"CH!LA>JA;"?"ACEG! EJJIAEL9:;W! 0;O! -E?:DAI";!:TJGE"C;!?9E?!G"N:!>ECU!IALN!><;"L"EC;!a>E?9!IALN!JGEU:I;!@A!CA?!FEC?!?9:! LA>JA;"?"ACEG!JIAL:;;!?A!=:LA>:!JI:>:@"?E?:@Wb ^c !&C;?:E@!?9:!EL?!AD!LA>J A;"CH! >E?9!IALN!";!>AI:!AD!EC!"C?<"?"B:!LI:E?"AC!AD!E!JE??:IC!EC@!GE?:I!E;;"HC"CH!E!>:?:I!"D! C:L:;;EIUW! -E?:DAI";!LGE">;!?9E?!"C!?9:!EL?!AD!LI:E?"CHO!>E?9!IALN!><;"L"EC;!aFAIN! ?9IAE?9:>E?"LEG!JIA=G:>!=ELNFEI@O!=:H"CC"CH!F"?9!?9:!EC;F:I!N:UO!EC@! D" GG"CH!"C!?9:!;AG:?:Ik!ACGU!?A!>EN:!;:C;:!AD!?9:!EC;F:IWb! %"?9AE?9!IALN!EG;A!JI:;:C?; !E!N"C@!AD! >E?9:>E?"LEG!JIA=G:>W!&C!?IEC;LI"="CH!?9:!><;"L!AC:!JEI?"EGGU!E??:>J?;!?A!DI::`:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ^c !&="@W!P[S

PAGE 64

! [e ?9:!9UJ:I ?:>JAIEG!;A<;"L!?9E?! I:JI:;:C?;!LA>JG:T"?U!LEC!G:E@!?A!;:B:IEG!LACLG<;"AC;W!i<;?!E;!>E?9:>E?"LEG! JIA=G:> ;!AD?:C!9EB:!>ECU!EC;F:I;O!;A!?AA!@A:;!?9:!"C?:IJI:?E?"AC!AD!>E?9!IALN! ;ACH;W!1;!EC!:TE>JG:!AD!?9";!EC@!A?9:I!L9EIEL?:I";?"L;!AD!>E?9!IALNO !F:!LEC!?:C?EG!a4:GA@U!]b!DIA>!AC:!AD! ?9:!H:CI:V;!>A;?!JIAG"D"L EG=<>;! R&#'#3,+; !I:G :E;:@!"C!PQQ[!=U!/:IE!4:GA;W! &D=7!IDE9C!TIDE9>M!OU! V !$F7EMW?F@!*F8L?8?9F /9:!=EC@V;!D"I;?!D!G"?:IEGGU!9E;!CA!CE>:!EC@!";!I:D:II:@!?A!E;! R&#'#3,+ !AI! 7,-"(5,3%* W!/9:!JI">EI"GU!"C;?I<>:C?EG!EG=<>!I:>E"C;!E!LAIC:I;?AC:!AD! >E?9!IALNO!LAC?"C:C?EG!HIA!;>AA?9 XE``!?A!?9IE;9 >:?EG!EC@!JE?9!IALN!"C@"LE?AI;O!?9:!>A;?!JIA>"C:C?!AD!F9"L9!";!LA>JG:T"?UW /:IE!4:GA;V!JECU!F"G@!;9"D?;!AD!?">:!;"HCE?"C"@@G:! HIA!RV!Rcb!V;!BEI":@!;?UG";?"L!;J:L?I<>!E;!F:GG!E;!>ECU!AD!?9:!>E?9!IALN! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ^^ !(AAG:UO!a,:?IA;J:L?"B:Wb ^f !/:IE!4:GA;O!0EIH:C?!#A<;:W fQ !0"CL:!?9:!>EXAI"?U!AD! R&#'#3,+ V;!?IELN;!GELN!GUI"L;!AI!BALEG;!AD!ECU!N"C@O!?9:U!LECCA?! =:!I:D:II:@!?A!E;!a;ACH; b!"C!E!;?I"L?!;:C;:!AD!?9:!FAI@O!?9<;GU!&!;<=;?"?! "C;?I<>:C?EGW

PAGE 65

! [c LACB:C?"AC;!@";L<;;:@!"C!?9:!JI:B"A<;!;:L?"ACW!1CEGU;";!AD!?9:!I:LAI@"CH!CA?!ACGU! 9:GJ;!LGEI" DU!HGEI"CH!LA>JG:T"?":;!F"?9"C!?9:!><;"LO!=>AC!?A!>E?9! IALN! l !I9U?9>"L!"II:H:?I"LEG!E>="H<"? UO! EC@ :T?:C@:@! "C;?I<>:C?E?"ACW %"?9!E!;"CHG:!G";?:C"CHO!?9:! GAA;:GU!LACC:L?:@ !DAI>!?9E?!>EN:;!EU! ;A<;"L! >A@:G;!AD!;?IAC"LEGGUO!?9:!;ACH!DAI:! LGA;:GU!?A!?9:!DI:K<:C?!L9IA>E?"L";>!AD!=:=AJW!0">"GEIGUO ?9: !;<@@:C!?">:!L9ECH:;! EC@! AJEK<:!;UCLAJE?"AC !AD !?9:!;A CHV;!I9U?9> "L!LAC?"C<"?U J<;9:;!XE``!I9U?9>;!?A!EC! :T?I:>: W!%"?9!>E?:I"EG! ?9E? !DAI>!EC!AB:IEGG!;?I:?:I; O !ALLE;"ACEGGU!@";IJEC":@ !=U!E!JA;?!AJJA ;"?" ACEG! ;:L?"AC;O!;9AFC!"C!D"HE?9!IALNV;!I:J<;"LW!/9:!:L9EC" ;?"L!AI!>EL9"C: G"N:!KE?9!IALNW!/9:!?E=G:!;9AF;!9AF!?9:!; :B:C!;:L?"AC;!D>"C<;"L!?9E?!LAC?IE@"L?!?9:!H"B:C! >:?:IW!

PAGE 66

! [^ 5"HJG:O!?9:!><;"L!LEC!GEIH:GU!=:! ;::C!"C!]g]!=AI:!AD?:C!?9EC!CA?!J9IE;:;! EI:!JABEG!AI!E@@"?"AC!AD!=:E?;O!@";I: ?:I!EC@!LE?L9"CH!E!G";?:C:I!ADD H:!;:L?"AC;! "CLG<@:!"C;?I<>:C?;! JGEU"CH!EHE"C;?!AC: ECA?9:I O!J :IJ:?:?I"LEG! E>="H<"?U!>:E;:E;EU!I:EL9!;:B:IEG!LACLG<;"AC;!DIA>!?9";!LGA;:I!GAAN! F:!LEC!EG;A!;ED:GU!E;;<>:!?9E?!?9";!J":L:!FE;!LA>JA;:@!?9IA:C?EG!F"?9!E!?EJJ:@!H<"?EI!G"C:! F"?9!AD!?9:!I:;?!AD!?9:!:C;:>=G:!EG?:ICE?"CH!=:?F::C!)!CE?AC"L!>"CAI! =U!J GEU"CH!( !"C!?9:!=:H"CC"CH!AD!?9:!J9IE;:!EC@!GE?:I!;<=;?"?EG!><;"L!?IE"C"CH

PAGE 67

! [f 5"H:?:I!?A!?9:!;:L?"ACO!?9:!H<"?EI!EC@!=E;;!JGEU! LAC?"C:?:I! F"?9!9EI>AC"L! L9ECH:;!EC@!GEIH:!G:EJ;!@AFC!?9:!;LEG:!H"B"CH!?9:!"GG<;"AC!AD!E!@AFC=:E?!F9:I:! CAC:!FA>:I!8"CL:!,AH:I;V!;?UG:O! F9"L9!@:B"E?:;!DIA>!?9:!"C;?I<>:C?V;!?IE@"?"ACEG!IAG:!E;!?">:N::J:Ih!9:!"C;?:E@ !EL?;! E;!ECA?9:I!JIA>"C:C?!BA"L:!F"?9"C!?9:!?:T?:E;"CHO!E!@AFC=:E?!LA>:;!AC!?9:!DAEXAI!F"?9!EC!ALLE;"ACEG!"CLG<;"AC!AD!6!DGE?! jCA?E?:@!9:I:!E;!1!09EIJk!E;!FA:C?E?"A C!JI:;:C?!"C!?9:!?FA!;:L?"AC;O!EL?"CH!E;!=A?9!"C?IA!EC@! D"I;?!B:I;:O!@:>AC;?IE?:;!:EL9!>:>=:IV;!E@BECL:@!;N"GG!AC!?9:"I!"C;?I<>:C?W!%9"G:! :EL9!"C;?I<>:C?!>AB:;!?9IA
PAGE 68

! eQ >AI:!AD!E!;N:G:?EG!><;"LEG!DIE>:FAI N!IE?9:I!?9EC!E!B"I?>:IV;!:TL:;;"B:! @:JEI?!E!@AFC=:E?!E;!EC!E??:>J?!E?!;9AF"CH!ADDO!=E?9!IALNV;!N:U!EDD"C"?":;W!1;!/9:A!-E? :DAI";V!ECEGU;";!AD!?9:!H:CI:!;9AF;O!>E?9! IALN!DIAFC;!EC;9"JW fP !%9"G:!>ECU!>E?9!IALN! ;ACH;!=E;:!?9:>;:GB:;!AC!@EAC;?IE?:!E! J:IDAI>:IV;!@:T?:I"?UO!?9:U!IEI:GU!"D!:B:I!@:J"L?!B"I?ECU!FAW! 4E?9!IALN!";!><;"L!AD!JI:L";:O!I"H"@!LAC?IAG!EC@!@E``G"CH!><;"LEG! LA>><;"LV;!;N:G:?EG! DI E>:FAIN!AD!I"DD;!EC@!JE??:IC;W!&C!?9:!:C@O!>E?9!IALNV;!"C?:C;:!;:GD @";L"JG"C:!EC@!;:GD @:C"EG!I:;:>=G:;!>A;?!AD!EGG!E!DAI>!AD!><;"LEG! E;L:?"L";>W fS -E?:DAI";V!JA"C?!JIAB"@:;!E!J:I;J:L?"B:!DIA>!F9"L9!?A!B":F!?9:!H:CI:W!&C!>ECU!FEU;! >E?9!IALNV;!LA>="CE?"AC! AD!?:L9C"K<:;!DIA>!;?UG:;!E;!@"DD:I:C?!E;!JIAHI:;;"B:!EC@! J:FAINW! a4:GA@U!]b!LAC?"C<:;!"C!"?;!"CLI:E;"CHGU!EXAIV;!@A>"C EC?!;LEG:!@:HI::!AI!>"TAGU@"EC!>A@:W!/9:! BEI"E?"AC!=:?F::C!E!LE?L9U!>:GA@U!;AG"@GU!"C!]g]!;F::J"CH!E@:!A;?GU !;?ELN:@!]?9;!j;9AFC!"C!D"H:E;<;"L! 9E;!:TJI:;;:@!EC! ECHIU!"C?:C;"?U!?9IA=:IC:;;!?9IA:C?!AD!>EXAI!N:U;W!/9:!I"DD!j"@:C ?"D":@!E;!?9:!L9AI<;! "C! D"H"C";L:C?!AD!JJA! EC@!;">JG"L"?UW f] !6AI@:I"CH!AC!CEuB:!"C!"?;!LA>JEIE?"B:!GELN!AD!;AJ9";?"LE?"ACO!?9:! >: GA@U!AC!?AJ!AD!?9:!9EI>ACU!E;!F:GG!E;!?9:!@IE;?"LEGGU!;">JG"D":@!@I<>=:E?!H"B:!?9:! :DD:L?!AD!E!UA !?9:!=EC@V; !?UJ"LEG ;?UG:W! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! f] !2AF:I!-9AI@;

PAGE 70

! eP 5"H:!FEU;!?9:!"IAC"LEGGU!;">JG";?"L!G"C:!LE;?;!?9:!J9IE;:!E;!?A CH<: "C L9: :NW!& ?! D"C@:I!?9E?!?9:!><;"L!";!CA?!?A!=:!?EN:C!?AA!;:I"A<;GU!F9:C! ?9:!LE?L9U!>A>:C?<>!";!@";IJI:;;"AC!";!;:GA@U!"C!H<"?EI!RO!F9"L9!CE "B:GU! ">JG":;!E!3!>EXAI!L9AI@! l !LEJE=GU!DJGU"CH!?9E?!?9:!><;"L!";!;?"GG!CA?! EGG!?AH:?9:IW!(AGECV;!N"?;L9!E:GA@U!"CB"?:;!?9:! G" ;?:C:I!?A!9:EI!?9";!JEI?!AD!?9:!;ACHh!"?;!:BALE?"AC!AD!E!?F";?:@!B:I;"AC!AD!>"@ RfeQ;! ;EXAI!DE?9!IALN!a9"H9G"H9?!?9";!"@:E!AD!?:>JAIEG!EC@! E:;?9:? "L!@";X:>AIU!AD! ;A>:!@";?EC?!EC@!">EH"CEIU!JE;?Wb!/9";!L9AI<;!";!AC:!:TE>JG:!"C!F9"L9!/:IE!4:GA;! ?EN:;!E!;?EC@JA"C?!?9E?!I:?IA;J:L?"B:GU!EG?:I; !?9:!JIEL?"L:;!AD!EIL9E"L!><;"LEGO! JEI?"LJGA;"AC!F"?9!E!L9AI@!AD!:T?:C@:@!;?ELN:@! ?9"I@;!JGEU:@!=U!LG:EC!AI!JA!EC@!@UCE>"L! G:B:G!I:JI:;:C?;!E!F:GLA>:@!L9ECH:!AD!JEL:!E;!F:GG!E;!>E?9!IALNV;!I:H
PAGE 71

! eS F"?9! ><;"LEG!?IAJ:;!DIA>!XE``W!1?!?9";!JA"C?!?9:!LGEI"?U!AD!?9:!?IELNV;!;?I:;!G:;;!?IEC;JEI:C?!E;!:EL9!:TJI:;;"AC!AD!?9";!I"DD! l !E;!F:GG!E;!?9A;:!?A!DAGGAF! "C!?9:!>"@@G:!;:L?"AC!j;:L?"AC!)k! l !";!:"?9:I!JIAGACH:@!AI!J=:I!AD!=:E?;W!/9:!;>AA?9!XE``! E:;?9:?"L!";!LJA!EC@!EHHI:;;"B:GU! E??ELN:@!L9AI@;!>E@:!JA="CE?"AC;!AD!>:?:I;W! /9:!JAF:IDAC;?IE?:;!ECA?9:I!AD!>E?9!IALNV;!EIL9:?UJ"LEG!EDD"C"?":;!EC@!ECA?9:I!LA>JG:T! E;J:L?!AD!"?;!I:GE?"AC;9"J!F"?9!"?;!"CDG<:CL:;W /9:!=:GG"H:I:C?!9ELN"CH!AD!L9AI@;!=<"G?!AC!?9:!?I"?AC:!F"?9!9:EBU!@";?AI?"AC! I:B"B:;!JIA?A?UJ"LEG!:B:C!LG"L9v!:G:>:C?;!AD!JAF:I!>:?EG!AD!?9:!Rf^Q;W!$CL:!EHE"C! F:!LEC!E;;<>:!?9E?!=U!DGE:C?!EC@!=I"CH"CH!"?!?A!;:O!?9: !=EC@!;?IEU;!DIA>!?9:!GAD?U!><;"LEG"?U!AD!>:?EG!EC@!"CBAN:;!>AI:!?9:! HI"??U!I:EG";>!AD!JE?9!IALN!>EU!E@AJ?!;A>:!AD!9:EBU! >:?EGV;!?">=I:!EC@!9EI>AC"L!GECH<;"L!?9E?!E!9:EBU!>:?EG!=EC@!FAE?9!IALNV;!JI:L";"ACO!>ECU!?">:;!"?!";!CA?!:TEL?W!1! 9:EBU!>:?EG!=EC@!?UJ"LEGGU!FA:I:!:T?:C;"AC!AD!?9:!L9AI<;!?9E?!DEGG;!EJEI?!E;!?9:!@I<>;!JGEU!EC!AB:IGU ;">JG";?"L! Pg]!EG?:ICE?"AC!AD!?9:!N"LN!EC@ !;CEI:!@I<>!F"?9!?9:!H<"?EI;!ELL:C?"CH!E!?I"JG:!>:?:IW! /9:!="`EII:!L9EIEL?:I!AD!?9:;:!I"DD;!;:C?;!?9:!:DD:L?!AD!?9:!?IELN!DEGG"CH!EJEI?! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! f[ !&="@W!P]^! !P]f

PAGE 72

! e] E?!?9:!;:E>;W!/9:!DI:C`":@!@I<>!;?UG:!LA>>AC!"C!>E?9!IALN!E@@;!?A!?9:!@";EIIEU! E;;AL"E?:@!F"?9!?9:!;?UG:!EG?9A:!AD!?9:!L9EA;!LA!DIA>!/:IE!4:GA;V! I:D<;EG!?A!I:LAI@!F"?9!E!>:?IACA>:!AI!LG"LN!?IELNW fe 1D?:I!I:B";"?"CH!?9:!;:L?"AC;!?9E?!AJ:C:@!?9:!"C;?I<>:C?EGO!ACGU!?9";!?">:!"C! I:B:I;:!AI@:I!EC@!ACGU!;G"H9?GU!>A@"D":@!"C!JIA@!E!B:I;:kO!?9:!=EC@!LAC?"C<:;!?A!@";>EC?G:! ?9:!G";?:C:IV;!:TJ:L?E?"AC;!F"?9!E!>"@@G:!;:L?"AC!?9E?!I:GE?:;!"C!CA!FEU!?A!ECU!A?9:IW! /9:!B:I;:!LE@:CL:;!=!;:L?"AC!ELL:C?"CH!E!J:?:I!LECCA?!EGGAF!DAI!E!;">:C?!AD!?9:! L9AI<;W! /9:!"CLG<;"AC!AD!?9:!;:LAC@!L9AI<;!LAC?IE;?;!F"?9! R&#'#3,+E ;!;JEI;:!<;:!AD! I:J:E?:@!>E?:I"EGO!E;!E!L9AI<;!LAW!6IE@!$;=AIC V;!:TJGAIE?"AC!AD!LA>JA;"?"AC!?:L9C"K<:;!"C!JA;? >"GG:CC"EG! :TJ:I">:C?EG!IALN!><;"L!G"CN;!=EC@;V!JI:D:I:CL:!DAI!CAC I:LEJ"?E?:I"EGk!F"?9!E!@:;"I:!?A!;?IEU!DIA>!?9:! L9AI<;!E;!E!;ACHV;!;:GG"CH!JA"C?!EC@!? 9<;GU!"?;!;?E?<;!E;!E!LA>>A@"?UW!/:IE!4:GA;! HIEC?;!?9:!G";?:C:I!E!I:J:?"?"AC!AD!?9:!LE?L9U!L9AI<;!ACGU!?A!@"HI:;;!"C?A!EC!EG>A;?! AG"?"AC!AD!"?O!DJG:>:C?"CH!"?;!;A>:F9E?!"IAC"L! JI:;:CL:W !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! fe !-G"LN!?IELN;!EI:!@"H"?EG!I:JI:;:C?E?"AC;!AD!E!>:?IACA>:O!LA>>AC!"D!CA?!:;;:C?"EG! ?A!LA>>:IL"EG!I:LAI@"CHW!

PAGE 73

! e[ 1;!?9";!ECEGU;";!;9AF;O!"C!;A>:!FEU;! a4: GA@U!]b!E;!EC!:TE>JG:!AD! >E?9!IALN! I:JI:;:C?;!"C@": IALNV;!>AB:>:C?!?AFEI@;!>AI:!:TJ:I">:C?EG!EC@!DI::!DAI>! JIEL?"L:;!AB:I!?9:!JE;?!?FA!@:LE@:;W !6EC@;! G"N:!#:GGEO!6E??G:;O!AI!4EJ;!Z!1?GE;:;O! JI:L:@:!/:IE!4:GA;!EC@!<;:!;">"GEI!><;"LEG!@:B"L:;!X<;?!E;!>AI:!I :L:C?!=EC@;!G"N:! 'E?"B:O!/9";!/AFC!'::@;!3E@ACCE!9EB:!LAC?"C<:@!?A!:TJ:I">:C?!F"?9! ?9:!=G: !j@I<>;O!:G:L?I"L! H<"?EI; O !EC@!=E;;kO !"?;!:>J9E;";!AC!JEI?"L=I:;O!EC@!J:I9EJ;!>A;?!">JAI?EC?GU! "?;!;::>"CHGU!"C@";LI">"CEC?!=AIIAF"CH!DIA>!JI:B"A<;!I ALN!;?UG:;O!I:"CDAIL:!?9:! aIALNb !JEI?!AD!"?;!H"B:C!CE>:W!#AF:B:IO!F9:C!LAC;"@:I"CH!>E?9!IALNV;!JGEL:!"C!?9:! JEIE@"H>!EC@!"?;!J:I;";?:C?! ;A>:IL"EG!I:LAHC"?"ACO!"?!>EN:;!AC:!LAC;"@:I!?9:!IAG:!AD!"C@":!H:CI:;!JA;? JEIE@"H> W 4 AB:>:C?!AD!?9:! :EIGU!RffQ;!IA;:!?A!DE>:!AC!aI:?JG"L"?Ub!JI"CL"JG:;W!1 G?:ICE?"B:!G";?:C:I;! @:D"C:@!?9:>;:GB:;!EHE"C;?!?9:!9:EBU!>:?EGO!9EI@!IALNO!EC@!JIAHI:;;"B:!IALN!AD!?9:"I! ?">:!?9E? O!F"?9!"?;!:>J9E;";!AC!B"I?A;?! LA >>ACGU!9:G@!=:G":D!J :IJ:?h!?9:I:!EI:!A?9:I;W!& C!DEL?O!?9:!aEG?:ICE?"B:b!AI!"C@:J:C@:C?!><;"L!;L:C:;! ;E"C;?I:E>! EC@! EJJ:EG"CH!?A!E!;>E GG:I! @:>AHIEJ9"LW!4E?9!IALN !I:JI:;:C?; !=JG :!=E?"B:!U:EI;W!5
PAGE 74

! ee 9";?AIU!IEI:GU!"D!:B:I!"CL<=E?:;!AI:!?9 EC!?F:C?U!U:EI;! F"?9A!?9:!>E"C;?I:E>W!a&C!?9";!I:;J:L?!?9:!"C"?"EG!:>:IH:CL:!AD! >E?9!IALN!"C!?9:!:EIGU!RffQ;!>EIN;!AC:!AD!?9:!>EXAI!JA"C?;!F9:I:!?9:!"C;<;"L!"C!?9:!GE?:!Rf^Q;!= :HEC!?A! DEGG!=U!?9:!FEU;"@:Wb f^ !/9:!DEL?!?9E?!>E?9!IALN!CA?!ACGU!=:HEC!=<;"LEGGU!JIAHI:;;"B:!H:CI:!F9"G:!?9:!@A>"CEC?!IALN!>AB:>:C?!AD!?9:!?">:! AJJA;:@!;E!F"?9"C!?9:!JEIE@"H>W!/9:! CEIIE?"B:!AD!9 ";?AIU!E;!JI:;:C?:@!=U!?9:!JEIE@"H>!FAE?9!IALN!LAO!>;?EC?"EG! BEG<:;!AD!"?;!?">:W! &C!?9";!;:C;:!>E?9!IALN!I:"CDAIL:;!?9:!"@:E!?9E?!"C@":!H:CI:;!EGGAF:@!DAI!?9:! =I:EN"CH! AD!;?UG";?"L!=EII":I;!F"?9"C!jCA?!;Ak!JAJ<;"Lh!:B:C!?9:CO!;?UG";?"LEGGU! >E?9!IALN!";!E!>:C?EGGU!EHHI:;;"B:!JIEL?"L:;!AD!>E?9!IALN!I:GE?:!>AI:!?A!?9:!JI:?:C?"A<;! E>="?"AC;!AD!JIAH I:;;"B:!IALN!EC@!?9:!JA;?>A@:IC!LUC"L";>!AD!?9:!JE?9!IALN!I:JI:;:C?;!AC:!AD!;:B:IEG! EJJIAEL9:;!?A!E:!>EU!J:IL:"B:!?9:!><;"L"EC;9"J! EC@!?:L9C"LEG"?U!AD!>E?9!IALN!E;!EC!EIIAHEC?!:G"?";>O!E?!"?;!@::J:;?!G:B:G!"?!>E"C?E"C;! E!;:C;:!AD!"IACU!?9IA="CE?"AC!AD!I:LNG:;;C:;;!EC@!JI:L" ;"ACW! !4U! @";L<;;"AC!AD!a4:GA@U!]b !EG;A! @:>AC;?IE?:@ !9AF!>E?9!IALNV;!?:C@:CLU!?A! 9EJ9E`EI@GU!LA>="C:!@IE;?"LEGGU!@"DD:I"CH!><;"LEG!?IAJ:;!I:GE?:;!?A!"C@":V;!:>=IEL:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! f^ !&="@W!P[c

PAGE 75

! ec AD!N"?;L9!EJAIEIU!;:??"CHO! /:IE!4:GA;!EC@!>E?9!IALN!"C!H:C:IEG!JIAB"@:! G";?:C:I;!EC!AJJAI?!;<=;LI"="CH!:TLG<;"B:GU!?A!E!;"CHG:!;?UG:!AD!"C@":!><;"LW!&C@":!IALN:I;!>EU!E?! ?">:;!I:GE?:!?A!?9:!>:L9EC";?"L!K:C?EG GU!IA>EC?"L !><;"L!AD!/9:!4EHC: ?"L!5":G@;!E;!:TJGAI:@!=U! (AGECW! &C@::@!?9:!DEL?!?9E?!>E?9!IALN!EC@!A?9:I!"C@":!H:CI:;!9EB:!=:LA>:!;A! @"DD"L"CE?"AC!AD!=EII":I;!JIAB"@ :;!><;"L"EC;!F"?9! E!HI:E?!@:EG!AD!;?UG";?"L!DI::@A>!EC@!LI:E?"B:!EU!=:UAC@!?9:!J"H:AC9AG"CH! CE?! !"#"$%&'"&()"#* ?9E?!LACB:U ; !?9:!LA>J G:T"?U!AD!>E?9!IALNO !=>!"?;! J:IL:"B:@! EECU!EE"C;?I:E>!JAJ! F"?9AV;!JI:;;!I:G:E;:!;?E?:;O /:IE!4:GA;V!D"I;?!JIAJ:I!D:GA@"L! 9AAN;!EC@!XE=;!?9E?!AC!JEJ:I!>"H9?!;::>!?A!@:DU!?9:!=EC@V;!:TJ:I"> :C?EG! :@H:W!/9:I:V;!:B:C!LG:EI!EC@!@";?"CL?!BALEG;!?9IA"TW!6!?9E?! ;?"LN;!F"?9!UAA;?!;?I"N"CH!E;J:L?!AD! !"#"$%&'"&()"#* !F9:C! LA>JEI"CH!"?!?A!?9:!I:;?!AD!?9:!=EC@V;!@";LAHIEJ9UO!?9:!;?IACH!:>J9E;";!BALEG;!EC@!

PAGE 76

! e^ LG:EI!GUI"L;!EGGAF;!<;!?A!CAF! LACL:J?"L!LA>JG:T"?UO!?9:!;<@@:C! ?">:!L9ECH:;!@A!CA?!LGE;9!F"?9!E!G";?:C:IV;!"C?<"?"AC!E;!?9:U!9E@!AC!J I:B"A<;! I:G:E;:;W!&C;?:E@ O !?9:!=EC@! LA>JA;:; !"C!E!>AI:!ELL:;;"=G:!;?UG:!F9"G:!;?"GG! >ECEH"CH!?A!LACB:U!?9:!"C?I"H<"CH!><;" LEG"?U !DEC;!E;;AL"E?:!F"?9!?9:!HIAEG!;?IJG"D":;!?9:!=EC@V;!CAB:G!;?UG";?"L! EJJIAEL9!"C!"?;!I:>EINE=G:!;?IE"H9?DAIFEI@C:;;!F9:C!LA>JEI:@!?A!a4:GA@U!]bO! F9"G:!EG;A!>ECEH"CH!?A!@:B"E?:!DIA>!E! ?IE@"?"ACEG!IALN!AI!JAJ!;ACH!;?I!AD!a&C!-"?I <;!#:"H9?;b!j;9AFC!"C!D"HJEI:@!?A!?9:!;?I!?9:!JAJ!;ACH!;?I"CEIN! F"?9!0:L?"AC!(! @";>EC?G"CH!?9:!LACL:"B:@!JE??:ICW!&C!E!JAJ!;ACH!;?I
PAGE 77

! ef LACL:"BE=GU!"C?IA@<;"LEG!>E?:I"EG!"C!AI@:I!?A!LACC:L?!?9:!;:LAC@!L9AI<;! ?A!E!?9"I@!?9E?!FA!FAEN:!?9:!L9AI<;!E!F:GLA>:@!I:LEJ"?EN:;!CA!A?9:I!EJJ:EIE CL:!ED?:I!"?;!;:LAC@!I:J:?"?"ACW!& C;?:E@!?9:!=EC@! D"GG ; !?9:!I:>E"C"CH!?9I::!>"CE?:I"EGW! /A!;:C?!ECEGU;";!F:!LEC!ACL:!E HE"C!?EG!;?I"GG:CC"EG!:TJ:I">:C?EG!><;"LW!%:VB:! ;::C!9AF!!a4:GA@U!]b!LEC!=:!GAA;:GU!;::C!E;!F9E?!?9:!E:?:I;!AD!)2&-! "C!?9:!DAI>!AD!a&C!-"?I<;!#:"H9?;Ob!C E>:GUO !C:F!>E?:I"EG!LI:E?"CH! EA<;!;:L?"AC;!E?!?9:!:C@!AD!?9:!;ACH;!IE?9:I!?9EC!EC!EJJ:C@:@!;:L?"AC !?9E?! I:GE?:;!?A!;A>:!JI:B"A<;GU!9:EI@!>E?:I"EG !G"N:!E!LA@EW!/9:! D"I;?!EC@!;:LAC@!JEI?; !AD! a&C!-"?I<;!#:"H9?;b!I:;:>=G:;!?FA!@"DD:I:C?!;ACH;!j16-!w!()5k!E;!=A?9!;:L?"AC;! :TLG<;"B:GU!<;:!>E?:I"EG!DIA>!F"?9"C!?9:>h!DIA>!?9";!F:!;::!9AF!>AI:!I:L:C?!;ACH;! DIA> !/:IE!4:GA;!"CLI:E;:!ELL:;;"="G"?U!DAI!G";?:C:I;!F9"G:!;?"GG!>E"C?E"C"CH!EC!E"I!AD! :TJ:I">:C?EG";>W! -A>JEI:@!?A!?9E?!AD!a4:GA@U !]Ob!ECEGU;";!"GG<>"CE?:;!HI:E?:I!LACB:C?"ACEG"?U! "C!?9:!?ACEG!GECH:I!DAIL:;!AC:!?A!B":F!a4:GA@U!]b!E;!E!C:?FAIN!AD!BEI"A<;!;LEG:;!AI!>A@:;! F9"G:!?9:!GE??:I!>E"C?E"C;!E!N:U!;"HCE?EXAIO!?9:!9EI>AC "L! JIAHI:;;"AC!IEI:GU!JAI?IEU;!)!E;!?9:!?ACEG!L:C?:IW!

PAGE 78

! cQ 5"H:;!"C!?9:!D"I;?!B:I;:!EC@!I:J:E?:@!ECA?9:I!DA:C?!;?EU; !"C!?9:!N:U!;"HCE?EXAI! F"?9!?9:!:TL:J?"AC!AD!?9:! =ELNHIAACU!"C!?9:!;:LAC@!>:E;AB:;!L9IA>E?"LEGGU!DIA>! -!;9EIJO!?9:!;"T?9!;LEG:!@:HI::O!?A!(!;9EIJO!?9:!;:B:C?9W!0"CL:!?9:!?AC"L!";!U:?!?A!=:! :;?E=G";9:@!E;!?9:!?ACEG!L:C?:I !EC@!?9:!BALEG!G"C:!E=AB:!"?!@IAFC;!?9:!K<":?!9EI>ACU! A"CEC? ;LEG:O!F9"L9!EXAI!EC@!>"CAI!;:B:C?9 ;!E=AB:!?9:!IAA?W!%9"G:!?9:! H<"?EI";?;!>A;?GU!<;: !"?!E;!L9IA>E?"L!JE;;"CH!>A?"ACO!?9:!E@@:@!@:HI::!AD!?9:!=:=AJ! ;LEG:!LI:E?:;!EC!:T?IE!?I"?AC:! ?9E?!?9:U!"CLG<@:!"C!;A>:!:T?:C@:@!L9AI@;W!/9:!?I"?AC:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! ff !/9";!?IEC;LI"J?"AC!FE;!JIAB"@:@!=U!EC@!<;:@!F"?9!J:I>";;"AC!DIA>!"?;!?IEC;LI"=:IO! (ECCU!/AIH:I;:C!AD! -EJ?E"C!0K<::H::W!/9:!Dg>:@"Eg;:?g\;:?xEWRQR[QPePRfQS^[SR^WSSRPP]WRP[^P ]Sc[SRcZ?UJ:xS W

PAGE 79

! cR I:GE?"A C;9"J!=:?F::C!(!CE?;!?9:!=E;";!AD!;:L?"AC!(O!E;!;9AFC! "C! ?9:!D"I;?!;U;?:>!AD! D"H"C";9:@!D"D?9!EC@!JGEU;! JI">EI"GU!>"CAI!?9"I@;!?A!:TJI:;;!?9:!@";;ACECL:!AD!@">"C";9:@! "C?:IBEG; W 4:EC F9"G: O !?9:!=E;;!X<>J;!?A!"?;!9"H9:;?!IECH: !?A!;:C?!?9";!@";;ACECL:!=U! >AB"CH!DIA>!?9:!DGE??:C:@!;:B:C?9!j(!CE?E?"LEGGU W! /9:!;: LAC@!;U;?:>!AD!D"H!ELL:C?"CH!:EL9!=:E?!EC@!?9:!=E;;!>AB"CH!EXAI!"CEC?!;LEG:!@:HI::W!/9:!H<"?EI!;F"?L9"CH!"?;!JE??:IC!DIA>! > A;?GU!@">"C";9:@!"C?:IBEG;!?A!;?IACH!J"?L9:;!AD!)!>EXAIO!CE>:GU!)!CE?
PAGE 80

! cP CE?JG"D":; !?9:!:DD:L?!AD!E!LE@:CL:W!/ 9:![g]!=EI!"C!>:E;A?"AC!?A!?9:!?AC"L!L9AI@!?9E?!=:H"C;!;:L?"AC!)W! %9:I:E;!;ACH;!ADD! R&#'#3,+( AD?:C!>AB:@!DIA>!AC:!;:L?"AC!?A!ECA?9:I!;<@@:CGUO!/:IE! 4:GA;V!<;:!AD!LE@:C?"EG!>E?:I"EG!AC! !"#"$%&'"&()"#* !:T:>JG"D":;!?9:!=EC@V;! JIAHI:;;"AC!?AFEI@;!ELL:;;"="G"?UW! &C!E!;">"GEI!DE;9"AC!?9:!>:?I"LEG!;9"D?;!AD!a&C!-"?I<;!#:"H9?;b!LAII:;JAC@;!?A! ?9:!=EC@V;! :BAGAI:!JAJ G"N:!;A>AC!?">:!;"HCE?:?:I!AJ:C!?A!"C?:IJI:?E?"ACO! =:!L9ECH:;!LAC;";?:C?!F"?9"C!:EL9!;:L?"AC!=E@:!=:I;!AD!I:J:?" ?"AC;O!H"B"CH!?9:!;?IJEIE?"B:GU!JI:@"L?E=G:!>A>:C?<>W! 5"H:E;EIU!I"DD!AD!F9"L9!EJJ:EI;!?9:>E?"LEGGU!?9IAE"C@:I!AD!?9:! ;ACHW

PAGE 81

! cS 5"H"C:!@U!D"I ;?!E??:>J?!?A!?IEC;LI"=:!?9";!;:L?"ACkO ?9:!D"I;?!?FA!=EI;!;::>!?A!I: J:E?!:GA@UO!:T?:C@"CH!"?!DIA>!AC:!=EI!AD!eg]! ?A!AC:!=EI!AD!cg]W RQQ !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! RQQ !/9";!I"DD!j0:L?"AC!)k!9"H9G"H9?;!?9:!E>="HE?9!IALN! I9U?9>;W!&!9:EI!?9:!;:LAC@! a$AAOb!AI!?9:!@A??:@!9EGD!CA?:!AC!-!CE?:E;EN:!?9:!JI:L:@"CH!>:E;A;?!G"N:GU!;:JEIE?: @!?9:!I"DD!"C?A!eg]!EC@!cg]!"C!AI@:I!?A! ELLA>>A@E?:!?9:!@I<>;W

PAGE 82

! c] 5"H"L!E>="H<"?U! 9"H9G"H9?;!F9E?!?9:!JI:;;!I:G:E;:! :>J9E;"`:;!E;!? 9:!>A;?!;?I"N"CH!E;J:L?!AD! !"#"$%&'"&()"#* !LA>JEI:@!?A!:EI G":I!/:IE! 4:GA;!I:G:E;:;W!' A? !ACGU EI:!GUI"L;!"CLG<@:@!EC@!LA>JEIE?"B:GU!LG:EIO !=;!AD!?9: ;: !BALEG!>:GA@":;!;9EJ:!?9:! :DD:L?!AD!?9:! ><;"L !;<=;?EC?"EGGU W !5"H
PAGE 83

! c[ ]WRQ !CA?E?:;!?9:!L9AI<;!EC@!:T:>JG"D":; !9AF!? 9:!BALEG!G"C:;!AD!a&C!-"?I<;!#:"H9?;b! EC@! !"#"$%&'"&()"#*;( ;?EC@ !AC!?AJ!AD!? 9:! "C;?I<>:C?EG! ?:T?:?I"LEGGU!E>="H!H<"?EIV;! LA>J"CH!JE??:IC!EC@!?9:!@I<>!;:?V;!N"LN!@I<>!ELL:C?!?9:!E;U>>:?I"LEG!>:?:I;! CA?E?:@W! 4U!E@X<;?>:C?;!?A!?9:!?IEC;LI"J?"AC!;9AF!9AF!?9:!BALEG!>:GA@U!LEC!=:! ;JG"?!<;"L!EG?:ICE?:;!=:?F::C!?FA!A@@!>:?:I;O!?9:!BALEG! >:GA@U!";!;UCLAJE?:@! ?A!e!I:H<;"L ?9E?!:B:C! I:J:E?:@!G";?:C"CH;!LA;:GB:;W! /9:!>A;?!;? I"N"CH!E;J:L?;!AD!/:IE!4:GA;!I:LAI@"CH;! EC@! !"#"$%&'"&()"#* !;?:>!CA?!ACGU!DIA>!><;"LEG!"CCABE?"AC!=EH:;!AD!="`EII:!EC @!DEC?E;?"L!EG?:ICE?:! I:EG"?":;Wb RQR !/9:!JIA@AI:!JIA>"C:C?! "C;?I<>:C?E?"ACW!&C!E@@"?"ACO!?9:!H<"?EI!EC@!=E;;!DI:K<:C?GU!E@@!><;"L!EI:! ;:C?:@!=U!?9:!=EC@V;!B";E?:I"EG;!E;!F:GGW!5AI!:TE>JG:O!a/9:!0N"C!0<;"L!B"@:AO!?9:! !!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!!!!!!!!!!!!!!!!!!!!!! RQR !0EIH:C?!#A<;:O!/:IE!4:GA; RQP !)DD:L?!J:@EG;!EI:!B"I?
PAGE 84

! ce E:;?9:?"L;!AD!F9"L9 !EI:!>AI:!="`EII:!?9EC!DEC?E;?"LW !5"H:!AD!?9:!B"@:AO!F9"L9! ED?:I!>">"LN"CH!?9:!;?EI?"LEGGU! LAJUI"H9?;!?9:!B"@:A!"C!Rff[ !DIA>!a4EH"L!4A>:C?;!8"@:A!0:IB"L: W b 5"H;!?A!9EB:! =::C!;9A?!F"?9!E!?:C!U:EI!AG@!#" ^!LE>LAI@:IO! J:IJ:?JAIEG!JGEL:>:C?W /9:!B"@:A!LAC?E"C;!B";E?"L!"C@"LE?AI;!?9E?!EJJ:EI!"C!?9:!EG=<>! EI?FAIN!E;!F:GG!E;!"C!A?9:I!><;"L!B"@:A;W!)TE>JG:;!AD!?9";!"CLG<@:!?9:!;9"I?;!FAIC!=U! :EL9!>:>=:I!"C!D"HE?!AD!?9:! EG=<>O!EC@!?9:! :E?O!EC@!J"GG!LEJ;<;"L!B"@:A!DAI!a5IA`:C!YAAWb !/9:! :LL:C?I"L!;J:L?ELG: ; !?9:!=EC@!J:IJ:?
PAGE 85

! cc I:GE?:!?A!?9:!LACL:J?! N"?;L9!"C!?9:!;:C;:!?9E?!?9:!">EH:IU!JAI?IEU; !E! J:LEH:; !EI:!E=;"LEG EC@!:TJI:;;!E!N"C@!AD!CACL9EGECL:!?9E?!LGE;9:;!F"?9!?9:!=EC@V;! LA>JG:T!;A<;"L!>EU!=:!>AI:!JAJ G"N:O!=
PAGE 86

! c^ "#$%&'(!X! ",+"B.2*,+ ,ALN!=:HEC!E;!E!LA!:DD:L?"B:GU!:TJGE"C;!?9:! :BAG!"?;!AI"H"C; !?A!"?;!LECAC"`E?"AC!=<;"L"EC;!HE"C:@!E!;?UG";?"L! DA:!>AI:!I"H"@W!1;!?9:! H:CI:!JIAHI:;;:@O!>AI:!IE@"LEG!>:EC;!AD!L9EGG:CH"CH! ?9:!LACB:C?"AC;!AD!E!@A>"CEC ?! IALN!>AB:>:C?!F:I:!I:K<"I:@W!6IE@!$;=AICV;!CA?"AC!?9E?!IALNV;!9";?AIU!LAC?E"C;! ACGU!?FA!:JAL9;!?9E?!I:;!LACDG"L?!=:?F::C!:TJ:I">:C?EG!EC@!?IE@"?"ACEG! @"EG:L?"L;! ;9AF;!9AF!E! JAJ<;"L! L=:I!AD!?"> :;!=:DAI:!>EN"CH!IAA>!DAI!=IAE@:I!:TJI:;;"AC!EC@!"CLG<;"B"?U!E>ACH! JA?:C?"EG!DEC;W 1;!IALN!DAI>:@!EC@!HI:F!?9IA<;"L"EC;!?AAN!?9:!><;"L!?9E?O! E;!?9:U!;EF!"?O!9E@!=:LA>:!E!;>A@"?U!EC@!EJJG":@!a?9:!9"JJ":! E:;?9:?"Lb!?A!JIAHI:;;!?9:!;?UG:!"C!E!>AI:!;AJ9";?"LE?:@! @"I:L?"ACW! /9:!LG">ET!EC@! @:LG"C:!AD!JIAHI:;;"B: !IALN!"C!?9:!RfcQ;!I:JI:;:C?;!IALNV;!LI:;?!"C!?9:!EI:CE!AD! E>="?"A<;!:TJ:I">:C?EG";> O !X<;?!E;!JJG"L"?U! :T:>JG"D":;!?9:!J:EN!AD!?IE@"?"ACEG!=ELNGE;9 W!/9:!?:L9C"LEG"?U!AD!>:?EG!"C!?9:!Rf^Q;! ?9E?!FE;!L9EGG:CH:@!=U!EG?:ICE?"B:!" C!?9:!fQ;!I:DG:L?;!?9";! LACDG"L?!AC!E!;>EGG:I!;LEG:W! &D!LGE;9:;!=:?F::C!:TJ:I">:C?EG!EC@! ?IE@"?"ACEG!;:C;"="G"?":;!@I"B: !IALNV;!:BAG
PAGE 87

! cf EC@!"D!>AB:>:C?;!DIA>!:EL9!;"@:!AD!?9:!LACDG"L?!9EB: !CAF !ALLE"C! ;?EH: O!?9:C!?9:!H:CI:!9E;!CA!FEU!AD!JIA HI:;;"CH!AI!I:"?:IE?"CH!"?;:GD!E;!;A >:?9"CH! C:FW!,ALNV;!EJJ:EG!;?:>>:@ !DIA>!?9:!E??IEL?"B:!I:=:GG"A<;C:;;!"?;!E:;?9:?"L! JAI? IEU:@O!F9"L9!:TJGE"C;!"?;!E;;AL"E?"AC!F"?9!?9:!C:V:I @A F:GG!JAG"?"L;!AD!UA:! :>=:@@:@!F"?9"C!?9:!G"B:;!AD!JE;?!H:C:IE?"AC;W!&D!IALN!LE>:!E=A<;"L!?9E?!@"@!CA?!;A<;"L! LECCA?!I:JI:;:C?!DAI!LAC?:>JAIEIU!UA<;"L!LAC?"C<:;!?A!?9I"B:!=A?9!E;!E!LA>>A@"?U!EC@!E! ><;"LEG! L:!;AACW!1G?:ICE?"B:!EC@! LGE;;"L!IALN!IE@"A!;?E?"AC; !;<=;";?!AC!?9:!E"IFEB:;!EC@!H"EC?;!DIA>!IALNV;!JE;?! LAC?"C<:!?A!J:IDAI >!AC!"C?:ICE?"ACEG!?A! I:;<>:!"@:C?"DU"CH!F"?9!EC@!=:"CH!"C;J"I:@!=U!IALN!><;"L!DIA>!:EL9!:IE!AD!"?;! 9";?AIUW!/9:!;E>:!9AF:B:I!LEC!=:!;E"@!E=AECU!EIL9E"L!><;"L!;?UG:;!?9E?!EI:! LAC?"C:I"?!?9:U!">JGU!E;!E!?IE@"?"ACW!5IA>!?9";!F:! LEC!E;;<>:!?9E?!E;!GACH!E;!>EC"D:;?E?"AC;!AD!IALN!:T";?O!I:LAI@"CH;!AI!A?9:IF";:O! ?9:I:!F"GG!=:!J:AJG:!"C?:I:;?:@!"C!"?W!%9E?!";!EL?!I:EL9"CH!E!=AAN:C@!";! ?9:!AI"H"CEG!"@:AGAH":;!DIA>!F9"L9!:EL9!FEB:!AD! IALN!FE;!=E;:@W!,ALN!LEC!CA!GACH:I!;:IB:!E;!E!>:EC;!AD!:TJI:;;"CH!LA:!E!LACB:C?"AC!?9E?!DEU!=A?9!@IEF!DIA>!EC@! LA
PAGE 88

! ^Q $C:!LEC!JA"C?!?A!><;"LEG!;<=L"GEI!?A!?9:!LAC?IAB:I;U! ?9E?!J:JJ:I; IALNV;! 9";?AIUO!?9:!>AI:!;LEC@EG!E!><;"L!>EU!JIABAN:O!?9:!>AI:!EJJ:EG!"?!>EU!HE"CW! /9:!"CLI:E;"CHGU!JIABALE?"B:!GUI"LEG!LAC?:C?!AD!9"J 9AJ!EC@!E=IE;"B:!?">=I:!AD!@ECL:! ><;"L!:T:>JG"D":;!?9:!><;"L!LAC?"C<:;!?A! L9EGG:CH:!?9:!BEG<: ;!AD!E! ?IE@"?"ACEG";? !;AL":?UW!/9";!N"C@!AD!@";LAE;;!L:O! I:JI:;;:;!EC!"C@"B"@<;"L! I:JI:;:C?;!AC:!;!?9:!@I:E@:@!>E"C;?I:E>W &C@":!L"?:@ IJ?!?A!LAE?"L!CE?!=!=AC;?IE?:;!?9:! "C?:GG:L?! E?!FAIN!"C!?9:!@:B:GAJ>:C?!AD!?E;?: !EC@!LI:E?"B:!BA"L: W! 6:C:D"??"CH! DIA>!?9:!9";?AI"LEG!G:;;AC;!DEGG:C!JAJ<;"L!;?UG:;!JIAB"@:O!" C@":!><;"L! HIE;J;!E?! EECC:IW!i<;?!E;!IALN!DAI>:@! DIA>!L"IL<>;?ECL :;!?9E?!EGGAF:@ 9U=I"@"`E?"AC!AD!:;?E=G";9:@!;?UG:;O!"C@":V; !G"=:IEG ;?UG";?"L =AE?"AC!AD!:LG:L?"L!LA>="CE?"AC;!EC@!:C?!"C!E !J9"GA;AJ9U!?9E?!LACC:L?;!?9:>!F"?9!A?9:I;W!2AJ<;"L!JIAB"@:;! E!>:EC;!DAI! EC!"C@"B"@;:GD!AI!9:I;:GDW!/9IA
PAGE 89

! ^R =:9"C@!AC:V;!J:I;ACEG!><;"L!?E;?:;O!F:!EI:!E=G:!?A!JA;"?"AC!A<;"LEG!BEG<:;!AD! AC:V; :CB"IAC>:C? O !AI!AJJA;"C H!?9:>O!JIEL?"L:;!"C !><;"LEG!L
PAGE 90

! ^P 4*4B*,H($%#Q 1@AICAO!/9:A@AI!%WW! !1'3%*%=1B(%C(5 %+,-&(5 >*'. W !':F!7AIN.!0:E=*'. W!6:IN:G:UO!-EG"DW.! MC"B:I;"?U!AD!-EG"DAIC"E!2I:;;O!PQQPW 1GG!4<;"LO!m4E?9!,ALNWm!1LL:;;:@! iEC<;"LWLA>g;?UG:g>E?9 IALN >EQQQQQRPP[QW 1`:IIE@O!4"L9E:GW! N>-(@ "&+(A %>3+(4,(P %>-(M 'C,Q (F .,&,*(2 -%0(#1,(80,-'."&() %./( R &+,-$-%>&+(STUS V STTS W!6A;?AC.!+"??G:O!6IAFCO!PQQRW 6AICO!3:AIH"CEO!EC@!(EB"@!#:;>AC@9EGH9W D,*#,-&(5>*'.("&+('#*(N #1,-*Q(Y 'CC,-,&.,;( ( ) ,=-,* ,&#"#'%&;("&+(8 ==-%=-'"#'%&('&(5 >*'. W!6:IN:G:U.!MC"B:I;"?U!AD!-EG"DAIC"E 2I:;;O!PQQQW -E?:DAI";O!/9:AW!m#AF!1G?:ICE?"B:!/*'.(F #B3,*Q(8 (9 '*#%-B W!SI@!:@W!6A;?ACO!4E;;W.!4L3IEF!#"GGO! RffcRff^W -ABEL9O!iA9C!,<@AGJ9W! D1"#Z*(71"#(F %>&+GQ(8&(H &#-%+>.#'%&(#%()%./("&+('#*(9 '*#%-B W! ':F!7AIN.!%W%W!'AI?AC!Z!-AWO!PQQeW (AGECO!)>"GUW!msWWW/9";!+"??G:!MN3"-(5>*'. !PfO!CAW!S!jPQRQk.!][c! !]efW! 9??J.gg@TW@A"WAIHgRQWRQRcg0QPeRR]SQRQQQQ]Sc! (AAG:UO!iELNW!m,:?IA;J:L?"B:!y!/:IE!4:GA;! !sMC?"?G:@s!4<;"LEG!4E?9:>E?"L; W!1LL:;;:@! 'AB:>=:I!RPO!PQRPW!9??J.gg><;"LEG>E?9:>E?"L;WLAW:GA; &+"#'%&*(%C() %./(C-%0([@3>,(F >,+ ,(F 1%,*[(#%([F>'#,(Q(J>+B(@ 3>,( L B,*[ W!$TDAI@.!$TDAI@!MC"B:I;"?U!2I:;;O!PQQfW 5I"?9O!0">ACW! F%>&+(L CC ,.#*Q(P%>#1;(M,'*>-,;("&+(#1,(! %3'#'.*(%C() %./Z&Z-%33 W!':F!7AIN.! 2EC?9:AC!6AAN;O!Rf^RW lll EC@!1C@I:F!3AA@F"CW! N&(-,.%-+Q() %./;(! %=;("&+(#1,(D -'##,&(D %-+ W!':F! 7AIN.!2EC?9:AC!6AAN;O!RffQW 3IA;;=:IHO!+EFI:CL:W!m&;!/9:I:!,ALN!1D?:I!2
PAGE 91

! ^S #"==:?O!,UECW!m%9E?!";!&C@":!,ALN\Wm! !%=>3"-(5>*'.("&+(F%.',#B !P^O!CAW!R!jPQQek.![[ ccW!9??J.ggFFFW?EC@DACG"C:WLA>gGA"gIJ>;PQ!jELL:;;:@!$L?A=:I!RPO!PQRPkW #AG?O!5E="ECW! ?,&-,('&(! %=> 3"-(5 >*'. W!-9"LEHA.!MC"B:I;"?U!AD!-9"LEHA!2I:;;O!PQQcW #AG> #<@;ACO!*:B"CW! !-%$-,**'K,()%./() ,.%&*'+,-,+ W!':F!7AIN.!,A-+',> W!+AC@AC.!,A=I"@H:!MC"B:I;"?U!2I:;;O!PQQRW!RQf! !R]PW +"J;"?`O!3:AIH:W! 2%%#*#,=*('&(#1,(Y "-/Q(# 1,(9 '++,&(9 '*#%-',*(%C(! %=>3"-(5 >*'. W! 4"CC:EJAG";.!MC"B:I;"?U!AD!4"CC:;A?E!2I:;;O!PQQcW lll )"'&4%I("#(5'+&'$1#Q(M"4%-("&+(A>3#>-,(' &(#1,(ST\]* W!-9"LEHA.! MC"B:I;"?U!AD! &GG"CA";!2I:;;O!Rff]W m4E?9!IALN! !%"N"J:@"EO!?9:!DI::!:CLULGAJ:@"EWm!%"N"J:@"EO!?9:!DI::!:CLULGAJ:@"EW! 9??J.gg:CWF"N"J:@"EWAIHgF"N"g4E?9zIALN!jELL:;;:@!iEC*'. W!-E>=I"@H:O!M*.! -E>=I"@H:!MC"B:I;"?U!2I:;;O!Rff^W $;=AICO!6IE@W!m6:UAC@!8:I;:!EC@!-9AI<;.!)TJ:I">:C?EG!0?Ig/:IEz4:GA;!jELL:;;:@!0:J?:>=:I!PO!PQRPkW 09:"C=E<>O!iA9CW!m2:I"A@;!"C!2IAHI:;;"B:!,ALN!EC@!?9:!2IA=G:>!AD!1--,&#(5>*'.%3%$B !RO!CAW!^[!jPQQ^k.!Pf [RW! 9??J.ggFFFW><;"LWLAG<>="EW:@!"C!2AJ ,ALN!4<;"LWm! 7I,&#',#1(A,&#>-B(5>*'. !RO! CAW!R!jPQQ]k.!Pf e]W! 9??J.ggXA=I"@H:WAIHgEL?"ACg@";JGEU1=;?IEL?\DIA>2EH:xACG"C:ZE" @xPPfQ^c!jELL:;;:@!1ECW! 80,-'."&(!%=>3"-(5 >*'.Q(2 -%0( 5 '&*#-,3*B(#%(5!^ W!PC@!:@W!':F!7AIN.!$TDAI@!MC"B:I;"?U!2I:;;O!PQQcW 0?:J9:C;ACO!*:CW! D1"#(#%(M'*#,&(C%-('&()%./Q(8 (F#B3'*#'.(8 &"3B*'* W!':F!#EB:C.!7EG:! MC"B:I;"?U!2I:;;O!PQQPW

PAGE 92

! ^] 0`E?>EIUO!(EB"@!2WW! )%./'&Z('&(7'0,Q(8 (F %.'"3( 9'*#%-B(%C() %./ V "&+ V -%33 W!]?9!:@W!MJJ:I! 0E@@G:!,"B:IO!'WiW.!2I:C?"L:!#EGGO!PQQQW /EI<;N"CO!,"L9EI@W!m4U?9;!DAI!)TJAI?Wm!&C! F#-"K'&*/B("&+(#1,()>**'"&(7 -"+'#'%&*Q(8( @ '%$-"=1B(%C(#1,(D%-/*(7 1-%>$1(5"K-" W!$TDAI@!n:?LW.!-GEI:C@AC!2I:;;O!RffeW! [[[ e[^W /AUC=: :O!iE;ACW! 5"/'&$(! %=>3"-(5 >*'.Q(5>*'.'"&*;(A -,"#'K'#B("&+(H &*#'#>#'%&* W! +AC@AC.!1ICAG@!hO!PQQQW /E;W! 5>*'.("*(F %.'"3(M 'C,Q(71,(! %3'#'.*(%C(! "-#'.'="#'%& W!-9"LEHA.!MC"B:I;"?U! AD!-9"LEHA!2I:;;O!PQQ^W %EG;:IO!,A=:I?W )>&&'&$(I'#1(#1,(Y,K'3Q(! %I,;(?,&+,-;("&+(5 "+&,**('&(9 ,"KB(5 ,#"3( ( 5 >*'. W!#ECAB:IO!'#.!MC"B:I;"?U!2I:;;!AD!':F!)CHGEC@O!RffSW


ERROR LOADING HTML FROM SOURCE (http://ncf.sobek.ufl.edu//design/skins/UFDC/html/footer_item.html)