• Sonuç bulunamadı

*& B N K uVO ]Sr SW > KX KV VK [p

N/A
N/A
Protected

Academic year: 2022

Share "*& B N K uVO ]Sr SW > KX KV VK [p"

Copied!
86
0
0

Yükleniyor.... (view fulltext now)

Tam metin

(1)
(2)

>iF3;I3Fu53D7FH7E3A3IuB63E< /-&KwXAMTMXXQ^U8`YX`\wZM]6`XaM]w/+') AQ]WQe'?pG5=K5 GQXQR[Z2(*/,**0+*+*k(*/,**0((*0 ;MW^2(*/,**0(,,( 9%D[^_M2W`_^[4W`_^[&[]S&_] JQN2bbb&W`_^[&[]S&_] GbU__Q]2?t_MTdMGFC"?HGFC# ;MOQN[[W2?t_MTdMG^[ =Mew]XMdMZ AQXUWQ?s^Q GM^M]wY GM\^5VMZ^

(3)

uguA67>u?7D CBKEDIGLFDHHGJED )&)&CPMYwewZGM]UTrQ^U&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&, )&*&CPM{XQ_UyUY?MZMXXM]w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&- )&+&D[XU_UWMXM]wYwe&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&. )&+&)&?MXU_QD[XU_UWM^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&. )&+&*&AMXUD[XU_UWM&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&. )&+&+&{Z^MZ?MdZMWXM]wD[XU_UWM^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/ )&+&,&6UXSUaQ{XQ_UyUYGQWZ[X[VUXQ]UD[XU_UWM^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/ )&+&-&=MNQ]XQyYQ${XQ_UyUY$KMdwZD[XU_UWM^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0 )&+&.&xUWqdQ_XQ]U9XQ5XYMD[XU_UWM^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&0 )&,&8QzQ]XQ]UYUeBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBE )&,&)&IUed[Z`Y`eBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBE )&,&*&AU^d[Z`Y`e&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1 )&,&+&8QzQ]XQ]UYUe&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1 )&-&C]SMZUeM^d[ZKM\w^w&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)( )&.&HdS`XMZMZFU^_QYXQ]aQ6QXSQXQ]&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)) )&.&)&>FC1(()2*((0?MXU_QKsZQ_UYFU^_QYU&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)) )&.&*&>FC)(((*2*((/Aty_Q]UxUWqdQ_XQ]U9XQ5XYMFU^_QYU&&&&&&&&&&&&&&&&&&&&&&&)) )&.&+&GC66CPM'6[]^M5W]QPU_M^d[ZFU^_QYU&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)) #"(.-,*&$$)1/%-)%+1 *&)&COMW&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&), *&*&x`NM_&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&*. *&+&AM]_&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&+. *&,&BU^MZ&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&,0 *&-&AMdw^&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&.( *&.=MeU]MZ&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&/0 *&/&GQYY`e&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&1( *&0&5z`^_[^&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&10 *&1&9dXtX&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)(. *&)(&9WUY&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&))0 *&))&?M^wY&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&)*0 *&)*&5]MXwW&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&),(

(4)

B 6 3 @ <J ; 3 > > <A 6 3

(5)

BFEDC ,C

)& B N KW pa pX FK [S Rk O\ S

?t_MTdMGUOM]Q_aQFMZMdUCPM^w"?HGFC#$)1*.dwXwZPMW`]`XP`& ?t_MTdMC]SMZUeQFMZMdU6sXSQ^UgZUZW`]`XYM^wUrUZUXWrMXwyYMXM]?HGFC NtZdQ^UZPQdM\wXPw& ?t_MTdMgZwZeQZSUZWsYt]\[_MZ^UdQXUZUZPQzQ]XQZPU]UXYQ^UMYMOwdXMFQdU_sYQ] GQ]YUWFMZ_]MXUgZUZW`]`XYM^wZPMMW_UR][X[dZMdMZ?HGFC$)1/)dwXwZPM?t_MTdM' <QPUegPQdMyMZMZPQ\]QYRQXMWQ_UZUZM]PwZPMZUXrQdQ$*((sz]QZOUWM\M^U_QXU d`]_dM\_w]Pw& ?t_MTdMgZwZPwy\MeM]XM]MMrwXYM^waQPwyRUZMZ^YMZwZUXUYUeQSQXYQ^UMYMOwdXM *)WUyUXUWNU]TQdQ_UXQ5a]`\M_`]`dM\wXPw$MdZw^t]Qr_Q?t_MTdMUXUZPQWUrUZU UYMXM_rwXM]wZwZNU]M]MdMSQXQ]QWW`]P`z`nUZUW[[\TMdM_MSQrU]UXPU& ?t_MTdM8QaXQ_=M^_MZQ^UgZQ_MY_QyQWWtXXt+*[PMaQd[z`ZNMWwYtZU_Q^U WMeMZPw]wXPw& ?t_MTdMGUOM]Q_6[]^M^wZwZW`]`XYM^wUrUZMPwYXM]M_wXPw& Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzURUZMZ^YMZwUXQ?t_MTdM{XAUXXU9zU_UYAtPt]XtztgZQ 5_M_t]W5ZMP[X`9ZPt^_]UAQ^XQW@U^Q^UaQGQWZUW@U^Q^UWMeMZPw]wXPw& ?HGFCRUZMZ^YMZwUXQW`]`XMZ?t_MTdM<tY]tWAtPt]XtztNUZM^w$YtPt]XtztZ TUeYQ_U^[ZMQ]YQ^UUXQNU]XUW_Q?t_MTdMIMXUXUzUgZUZTUeYQ_UZQ^`Z`XP`&?HGFC bQN^U_Q^UTUeYQ_QMrwXPw$Md]wOM$tdQXQ]UZt]tZXQ]UZU^Q]SUXQdQNUXYQXQ]UMYMOwdXM FQ]SU6UZM^wW`]`XP`& pXWQYUePQWU_tYyQTU_XQ]UZMZw^wZM$xQTU_XQ]5Zw_waQDM]WwMrwXPw& ?HGFC_M]MRwZPMZ]Q^_[]QQPUXQZ_M]UTU?t_MTdM?[ZMzw$TMXQZds]Q^QXXQeeQ_XQ]UZ ^`Z`XP`z`NU]]Q^_[]MZ[XM]MWTUeYQ_aQ]YQW_QPU]&*(()dwXwZPMNMyXMdMZ WMXU_Qd[XO`X`z`$GF9>FC1(()2*((0?MXU_QKsZQ_UYFU^_QYU6QXSQ^UUXQPQaMY Q_YQW_QPU]& C]_MWXwWWtX_t]tZtZUdUNU]s]ZQzU[XMZaQN`StZ?t%6X[WYM]WM^wUXQGt]WUdQgPQUXW aQseQXt]Q_UYdM\MZ$?t_MTdMnUYQZ_[FMZMdUaQGUOM]Q_5&x&W`]`XP`& ?t_MTdM>>&C]SMZUeQFMZMdU6sXSQ^UgZUZW`]`XYM^wUrUZsZOtXtWQPUXPU& 5W]QPU_QCPM6QXSQ^UZUMXMZ?HGFC$MdZwdwX?HGFCAM]WMGQ^OUX6QXSQ^UgZU MXPw&*((0dwXwZPM$dQZUNUZM^wZPMTUeYQ_QNMyXMPw& 8`YX`\wZM]pZUaQ]^U_Q^UUXQUyNU]XUzUdM\wXM]MW$GM^M]wYGQWZ[WQZ_5&x&UXQ[]_MW [X`ZP`&

CJGF

CJDG CJGG CJHH CJID CJJH CJJI CJJJ DBBB DBBC DBBE DBBG

pdQXQ]UZPQRUZMZ^MXWM_Ww^MzXMPwzw?HGFC5ZM[W`X`?t_MTdMgdMWMeMZPw]wXPw& pdQXQ]UZrMXwyYMXM]wZMW[XMdXwW^MzXMYM^wMYMOwdXM$?CF<96?t_MTdM=UeYQ_ AQ]WQeUAtPt]XtztgZQTUeYQ_NUZM^wZPMdQ]_MT^U^UdM\wXPw&KUZQ*())dwXwZPM$ 6tdtW5ZMP[X`@[VU^_UWC]SMZUeM^d[ZXM]"65@C#5&x&gdQ$5Rd[ZWM]MTU^M] 56{<9A5&xgdQ[]_MW[X`ZP`& ?HGFCgZ`Z),YQ^XQWW[YU_Q^UZQaQSU]UyUYOUW`]`XXM]wZMTUeYQ_NUZM^w UrQ]U^UZPQMd]wrMXwyYM[PMXM]w_MT^U^QPUXPU&?HGF9I"?t_MTdMGUOM]Q_aQFMZMdU CPM^w9zU_UYIMWRw#W`]`XP`&?HGFC9T]MYU?M]MrMY=M_w]MC]YMZw[X`y_`]`XP`& ?HGFC9ZPt^_]UAQ^XQW@U^Q^UUZyMQPUXPU&LMRQ]6sXSQ^QX=MaMXUYMZwgZPM$ ?HGFC_M]MRwZPMZGC66rM_w^wMX_wZPMWU_tY[PMaQN[]^MYQZ^`\XM]wZwZ dM]M]XMZMOMzw7>D^MX[Z`_MT^U^QPUXPU& DBBI DBBJ

DBCC DBCE jCPMYwewZ),YQ^XQWW[YU_Q^U$+,YQOXU^tdQ^U$1dsZQ_UYW`]`X`tdQ^UN`X`ZYMW_MPw]& j?HGFC$6`]^MGUOM]Q_aQFMZMdUCPM^w$nQrQZU^_MZGUOM]Q_aQFMZMdUCPM^wUXQWM]PQy [PM\][_[W[XtZQ^MTU\_U]& j?HGFC$,RM]WXwdMdwZwQzU_UYaQWtX_t]TUeYQ_U[XM]MWWMeMZPw]Ywy_w]& )&EQZSq]QZW?t_MTdM%5TYQ_KMW`\[zX` *&Gt]WrQgZUZFw]XM]w%BUTMPFMYU6MZM]Xw +&?t_MTdMFMZM_rwXM]w%Hz`]Gt]WYQZ%?MPU]<tXQ] ,&9]StZnQXQNUaQ?t_MTdMAQaXQaUXUzU%6UXMX?QYUWXU%5^UdQGwzXw

*& B N K uVO ]Sr SW > KX KV VK [p

FKOKLQP(*/,**0+*+*k(*/,**0((*0 DGNS(*/,**0(,,( COKNTRQPMNEQSTGW`_^[4W`_^[&[]S&_]%NUXSU4W`_^[&[]S&_] 5,/)-,)/$*/).*bbb&W`_^[&[]S&_] %0*//)-$*/).*?t_MTdMGFC"?HGFC# DGIKHQQNBJRKSM?t_MTdMG^[ &'134+'"(-).*/-&KwXAMTMXXQ^U$8`YX`\wZM]6`XaM]wB[2/+') AQ]WQe'?t_MTdM

(6)

FEDC .D

+& C Y VS] SU KV K[ pW pa

+&)&>KVS]OCYVS]SUK\p ?t_MTdMGUOM]Q_aQFMZMdUCPM^w"?HGFC#_[\X`YM$rMXwyMZXM]wZMaQYty_Q]UXQ]UZQ'tdQXQ]UZQ WM]yw-)/,^MdwXwGt]WUdQCPMXM]aQ6[]^MXM]6U]XUzUUXQCPMXM]aQ6[]^MXM]?MZ`Z`$Ur dsZQ]SQ^U$UXSUXUdsZQ_YQXUWaQYQae`M__MWUdQ_WUXQ]UZQU^_UZMPQZ3aQ]PUzUTUeYQ_XQ]U$TM_M^we PMTMTweXwaQYty_Q]U'tdQYQYZ`ZUdQ_U[PMWXwSQ]rQWXQy_U]YQWUrUZ$ jnMXwyMZXM]wZwZ$Yty_Q]UXQ]UZUZ'tdQXQ]UZUZaQ_[\X`Y`ZWMXU_QNUXUZOUZUM]_w]YMW$_tY^QW_s]XQ]PQ N`X`ZMZYty_Q]UXQ]UYUeQ'tdQXQ]UYUeQs]ZQW[XYMW$ jAty_Q]UXQ]UZUZ'tdQXQ]UZUZQW[Z[YUWaQ^[^dMXTMdM_wUXQUXSUXU^[]`ZXM]wZwZrsetYt MyMYM^wZPM_tYPQaXQ_Q]WqZwZQePUZPQrsetYtZtZ_MWU\rU^U[XYMW$ jnMXwyMZXM]wZwZSs]Qa$dQ_WUaQ^[]`YX`X`WXM]wZwP[WtYMZ_QQPQ]QW$rMXwyMZXM]wZwZ WM_wXwYOwXwzwZw^MzXMdM]MW^t]QWXUSQXUyUYU^MzXMYMW$ jAty_Q]UXQ]UZUZ'tdQXQ]UZUZU^_QWaQ\][NXQYXQ]UZUZNQXU]XQZU\^[Z`rXMZPw]wXYM^wZPM3 YQ^XQWUNUXSUaQNQOQ]UXQ]UZUZSQXUy_U]UXYQ^UZPQ$dQZU_QWZ[X[VUXQ]UZUXUYUeQ_]MZ^RQ]UZUZ SQ]rQWXQy_U]UXYQ^UZPQSQ]QWXU_tYrMXwyYMXM]wdM\YMW$ j{XUYUeUZ$NsXSQYUeUZaQSQ]QW_UzUZPQtXWQYUeUZ3PQzUyQZQW[Z[YUWyM]_XM]wrQ]rQaQ^UZPQ [X`yMOMWW[ZV[ZW_t]XQUXSUXUSQ]QWXUrMXwyYMXM]wdM\M]MW$Yty_Q]UXQ]UYUeUZ'tdQXQ]UYUeUZ_UOM]U Rw]^M_XM]wPQzQ]XQZPU]YQ^UW[Z`^`ZPMsZPQ]XUWQ_YQW$ j{XUYUeUZ^[^dMXaQWtX_t]QXMW_UaU_QXQ]UZQPQ^_QWaQ]YQW$ j=UeYQ_$\][^Q^aQ?MXU_QKsZQ_UYFU^_QYUZUZ^t]QWXUUdUXQy_U]UXYQ^UMPwZMNtZdQ^UZPQWU TQ]NU]QdUZSs]QaMXYM^wZw^MzXMdM]MW$^t]QWXUUdUXQy_U]YQdUW`]`X`y`ZWMXwOwTQPQRUTMXUZQ SQ_U]YQW$ 6`\[XU_UWM_QYQXXQ]UZUZwywzwZPM_M]MRwYweM_QaPUQPUXQOQWTQ]_t]Xt^[]`Z`ZrsetYtUrUZ ?HGFCgZ`ZWQZPUZUdQ_WUXU^Mdw\$SQ]QWXUrMXwyYMXM]wdM\YM^wUrUZ_tYdQ_WUaQ^[]`YX`X`W dsZQ_UOUaQrMXwyMZXM]wYweMaQ]UXYUy_U]&@t_RQZNUeQSs]QaaQ]UZUe& +&*&@KVSCYVS]SUK jpdQXQ]UYUeUZ_MXQ\XQ]UZUaQ^`ZP`z`Y`eTUeYQ_XQ]U$-)/,^MdwXwhGt]WUdQCPMXM]aQ6[]^MXM] 6U]XUzUUXQCPMXM]aQ6[]^MXM]?MZ`Z`iaQPUzQ]dM^MUXQdsZQ_YQXUWXQ]Q`dS`Z[XM]MW WM]ywXMYMW$ jGC666t_rQaQA`TM^QNQKsZQ_YQXUzUZQ`dS`Z[XYMW$ j<QXU]%SUPQ]PQZSQ^UZU^MzXMYMW$ j<QXU]XQ]UQ_WUZaQaQ]UYXUW`XXMZYMW$ jGM^M]]`R_QPNU]XQ]UMXYMW$

jxQRRMRYMXU\XMZXM]wZM`dS`Z[XM]MWRMMXUdQ_XQ]dM\YMW$ j;MdPM%YMXUdQ_WM]ywXMy_w]YM^wdM\YMW$ j<taQZXUaQQ_WUZdM_w]wYM]MrXM]wZwW`XXMZYMW$ jpdQdM\wYweMaQUXUYUeUZQW[Z[YUWP`]`Y`ZM`dS`Z[XM]MW$MUPM_aQTUeYQ__M]URQXQ]UZU NQXU]XQYQW$ jp^_dsZQ_UYQaQSQ]QWXU[]SMZXM]wYweMPteQZXU]M\[]XM]^`ZYMW$ j8sZQY^QXW[Z_][XaQ]M\[]XMYMXM]UXQSQrYUyaQ]UXQ]UPUWWM_QMXM]MW$SQXQOQzU\XMZXMYMW$ jAQZW`XaQSMd]UYQZW`XSQXU]XQ]UZU$TUeYQ_aQWMXU_QYUeUM]_w]YMPMPQzQ]XQZPU]YQW$ jAMPPUP`]MZaM]XwWXM]wZW[]`ZYM^wZMdsZQXUW_QPNU]XQ]MXYMW$ j=UeYQ_aQRMMXUdQ_XQ]UZP[z]`$TweXwaQQ_WUXUNUrUYPQSQ]rQWXQy_U]UXYQ^UUrUZSQ]QWXUWMdZMWXM]w ^MzXMYMW$ jAMXU\[XU_UWMYwePMdQ]MXMZT`^`^XM]wZSQXUy_U]UXQ]QW^t]Pt]tXQNUXU]XUzUZU^MzXMYMW& +&+&uX\KX>K`XKUVK[pCYVS]SUK\p jCPMYwePMWUTUeYQ_aQRMMXUdQ_XQ]UZdQ]UZQSQ_U]UXYQ^UZQdsZQXUW[XM]MW$`dS`ZQzU_UY$ZU_QXUW aQdQ_QZQWXQ]QTMUeUZ^MZWMdZMzwZwU^_UTPMYQ_YQW$ j?`]`YWtX_t]taQ\[XU_UWMXM]wYweTMWWwZPMNUXSUaQ]YQWaQN`ZXM]wNQZUY^Q_YQW$ j5YMr$^_]M_QVUaQrMXwyYMTQPQRXQ]UYUeW[Z`^`ZPMNU]XUW_QrMXwyYMW$ j5UPUdQ_UaQY[_UaM^d[Z`^MzXMYMW$ j?UyU^QX$YQ^XQWUMrwXM]PMZQzU_UYaQSQXUyUYRw]^M_XM]w^`ZYMW$ j9zU_UYQsZQYaQ]YQW$ j9WU\rMXwyYM^wZwPQ^_QWXQYQW$ j9_WUZ$PteQZXUUXQ_UyUYUaQ^t]QWXUNUXSU\MdXMywYwZw^MzXMYMW$ jnMXwyMZYQYZ`ZUdQ_UZUsZQY^QYQW$ jDQ]R[]YMZ^dsZQ_UY^U^_QYUZU`dS`XMYMWaQ^[Z`rXM]wZw^t]QWXUUdUXQy_U]YQUrUZ PQzQ]XQZPU]YQW$ j;w]^M_QyU_XUzUZUaQMPUXW[y`XXM]w^MzXMYMW$ j{T_UdMr_Q^\U_UdM\M]MW$_MXQ\XQ]P[z]`X_`^`ZPMdsZ_QYXQ]SQXUy_U]YQW$ j<s]tyaQsZQ]UXQ]UPQzQ]XQZPU]YQWaQPUWWM_QMXYMW$ j{T_UdMrP`d`XMZSQ]QWXUWMdZMWXM]w^MzXMYMW& +&,&4SVQS_OuVO]SrSWFOUXYVYTSVO[SCYVS]SUK\p jKQZUaQSQXUyQZ_QWZ[X[VUXQ]U_MWU\Q_YQW$`dS`XMZMNUXU]XUzUZU^MzXMYMW$ j6UXSUaQUXQ_UyUY_QWZ[X[VUXQ]UZUtdQXQ]UYUeUZaQ\MdPMyXM]wYwewZdM]M]wZM`dS`XMYMW$ jpdQXQ]UYUeUZTweXw$WMXU_QXUaQP[z]`NUXSUdQ`XMyYMXM]wUrUZ$NUXSUaQUXQ_UyUY_QWZ[X[VUXQ]UZU aQ]UYXUyQWUXPQW`XXMZYMW$ j<tZOQXaQStaQZUXU]NUXSUdU$UXQ_UyUY[]_MYXM]wZPM^`ZYMW$ j6UXSUStaQZXUzU^MzXMYMW$ j6UXSUaQUXQ_UyUY_QWZ[X[VUXQ]UZUZ`dS`ZdsZQ_UYUUrUZUT_UdMrP`d`XMZWMdZMWXM]w^MzXMYMW$ j<Q]QWXUdMewXwYaQP[ZMZwYUYWqZXM]wZw[X`y_`]YMW$ j6UXSUZUZY`TMRMeM^wUrUZ$]U^WXQ]UPQPQzQ]XQZPU]Q]QWSQ]QWXU_QPNU]XQ]UMXYMWaQdsZQ_YQW&

(7)

BFEDC 0E +&-&;KLO[VOrWO$uVO]SrSW$IK`pXCYVS]SUK\p j=MNQ]XQyYQ^_]M_QVUXQ]UZUNQXU]XQYQWaQN`ZXM]wrMXwyMZXM]M$tdQXQ]QaQ\MdPMyXM]M P`d`]YMW$ jKQ]QXaQ`X`^MX$Ss]^QXaQdMewXwYQPdMdwWM\^MYXwNUrUYPQW`XXMZYMW$ jKQ]QXaQ`X`^MXNM^wZdMdwZW`]`X`yXM]wUXQ^t]Pt]tXQNUXU]Q_WUXUUXQ_UyUY^MzXMYMW$ j;MMXUdQ_XQ]aQTUeYQ_XQ]W[Z`^`ZPMNM^wZNtX_QZXQ]U[X`y_`]YMWaQWMY`[d`UXQ\MdXMyM]MW$ SQZUyWU_XQXQ]QP`d`]YMW$ jpdQXQ]UZ_Q]OUTQ__UzUUXQ_UyUYdsZ_QYUZUNQXU]XQYQWaQN`ZM`dS`ZRMMXUdQ_XQ]dt]t_YQW$ j<QXUyQZaQdQZUXQZQZ_QWZ[X[VUdU_MWU\QPQ]QW$N`ZXM]M`d`Y^MzXMYMW$ jnMzwZSQ]QWXQ]UZQ`dS`ZUXQ_UyUYM]MraQdsZ_QYXQ]UZUW`XXMZYMW$ j8[z]`aQQ_WUXUUXQ_UyUYM]MrXM]wZwW`XXMZYMW$ jJQN^U_Q^U$PQ]SU$QXQW_][ZUW[]_MYXM]PMWUdMdwZXM]UXQ_tYQ_WUZXUWXQ]UP`d`]YMW$ j9zU_UY$^[^dMX^[]`YX`X`W$SU]UyUYOUXUW$dM_w]wYSUNUW[Z`XM]MaQ]PUzUYUesZQYUP`d`]YMW$ j?U_XQUXQ_UyUYM]MrXM]wZPM$tdQXQ]UYUeUZ^seOt^t[XYMW$ j{XUYUeUZ_MZw_wYwZMaQ^[^dMX%QW[Z[YUWSQXUyYQ^UZQWM_Ww^MzXMdMOMWRMMXUdQ_XQ]dM\YMW$ j8[z]`MXMZPM$P[z]`NUXSUXQ]UeMYMZwZPM\MdXMyYMW$ j{T_UdMrXM]MaQSQXUyQZdsZQ_UY^U^_QYXQ]UZQ`dS`Z[XM]MW$UXQ_UyUYM]MraQ[]_MYXM]wZw dQZUXQYQW& )&+&.&qSUj`O]VO[S7VO3VWKCYVS]SUK\p ?t_MTdMGUOM]Q_aQFMZMdUCPM^w[XM]MW$tdQXQ]UYUeUXQ$Q_WUXQyUYTMXUZPQ[XP`z`Y`eW`]`Y aQW`]`X`yXM]PMZSQXQZyUWqdQ_XQ]U$dM^MXYQae`M_yM]_XM]wPMTUXUZPQQXQMXM]MW[NVQW_UR[XM]MW PQzQ]XQZPU]QOQW_U]& GtYyUWqdQ_XQ]UZ[NVQW_URNU]yQWUXPQPQzQ]XQZPU]UXYQ^UZPQ\[XU_UWMYwew[X`y_`]MZ_QYQX `Z^`]XM]ysdXQPU]2 3kpUVpU2xUWMdQ_XQ]UZQdsZQXUW\][^Q^TUrNU]tdQMd]wYwdM\wXYMW^wewZTQ]WQ^QMrwW_w]&=Q]NU] tdQYUePUXQPUzUZPQN`\][^Q^UW`XXMZMNUXU]& FK[KP\paVpU2=Q]NU]yUWqdQ_sZdM]Sw^weyQWUXPQ$yUWqdQ_rUZUZWUYXUzUZQNMWwXYMW^wewZ PQzQ]XQZPU]UXQOQW_U]&DQ]^[ZQXTMWWwZPMNU]yUWqdQ_dM\wXYwy^M$^[]`y_`]YMNMzwY^we[XM]MW dt]t_tXQOQW_U]& 9SaVSVSU2xUWqdQ_rUZUZWUYXUzU$^t]QrN[d`ZOMW[]`ZMOMWaQURyMQPUXYQdQOQW_U]& 7[SrSVOLSVS[VSU2xUWqdQ_rUXQ]$yUWqdQ_XQ]UZU[PMYwewZUXQ_UyUYM]MrXM]wZPMZTQ]TMZSUNU]U^UZU W`XXMZM]MWdM\MNUXQOQWXQ]PU]&6`Z[W_MPM[PMYwe$yUWqdQ_^t]QOUN[d`ZOM$yUWqdQ_UZP`]`Y` TMWWwZPMyUWqdQ_rUdQTQ]eMYMZSQXUyYQXQ]TMWWwZPMNUXSUaQ]QOQW_U]& 4m]mXVmU2xUWqdQ_XQ]_QW_M]MRXwPQzUX$Nt_tZXtWUrUZPQPQzQ]XQZPU]UXQOQW[X`\$yUWqdQ_Q_M]MR [XMZTQ]UWU_M]MR_MZUZ^MZXM]XMW[Z`y`XYM^waQ[]_MWrsetYSQXUy_U]UXYQ^UNQZUY^QZQOQW_U]&

3NSVVSU26t_tZUZ^MZXM]MQyU_Y`MYQXQ`dS`XMZMOMW_w]& 6^`K[VpVpU2?UyU^QXRM]WXwXwWXM]MaQUT_UdMrXM]MsZQYaQ]UXPUzUZPQZP[XMdw$TQ]NU]P`]`Y sZQYUZQSs]QPUWWM_QMXwZMOMW_w]& KsZQ_UYUYUe_M]MRwZPMZ$Yty_Q]UyUWqdQ_XQ]UZUZWMN`XtZPQZ^[Z`rXMZPw]wXYM^wZMWMPM]_tY ^t]QrXQ]PQd`WM]wPM^w]MXMPwzwYwe\]QZ^U\XQ]UZTQ]^QaUdQaQR[ZW^Ud[ZPM`dS`XMZYM^w ^MzXMZMOMW_w]&xUWqdQ_XQ]^[Z`O`ZPMQXPQQPUXQZaQ]UXQ]P[z]`X_`^`ZPM$[PMYwePM^t]QWXU UdUXQy_U]YQRMMXUdQ_XQ]UQZt^_PteQdPQdsZQ_UY[XM]MW_MWU\QPUXQOQW_U]&

,& 6 Ot O[ VO [S W Sa

,&)&HSa`YX^W^a j*()/dwXwZMWMPM]GC66CPM'6[]^M5W]QPU_M^d[ZFU^_QYUZPQ5^QaUdQ^UZPQTUeYQ_ aQ]QNUXQZ[PM[XYMW& j*(*+dwXwZMWMPM]?t_MTdMgYweMtZUaQ]^U_QWMeMZPw]YMW& ,&*&@S\`YX^W^a jpdQXQ]UYUeUZ$CPMYweTUeYQ_XQ]UUXQUXSUXU$U^_QW$NQWXQZ_UaQUT_UdMrXM]wZwZ_MYMYwZwWM]ywXMYMW& ,&+&6OtO[VO[SWSa j8t]t^_XtWaQ_M]MR^weXwW2<Q]rQWXQy_U]UXQZUyaQTUeYQ_XQ]PQPt]t^_aQ_M]MR^wePMa]MZwXw]& j?M]ywXwWXw^MdSwaQStaQZ2pdQXQ]$UraQPwy\MdPMyXM]UXQ^MdSwaQStaQZUXWQXQ]UUrQ]U^UZPQ UXQ_UyUYaQUXUyWUXQ]^t]Pt]tXt]& jpdQYQZRMM_U2AQ^XQWUMTXMWw$PU^U\XUZU$PMdMZwyYMdwW[]`dM]MW$tdQYQZRMM_UdsZtZPQ M]MrQPUZUXYQ^UUrUZrMXwywXw]& jGM^M]]`R2GtYWMdZMWXM]wZP[z]`aQQ_WUZW`XXMZwXYM^wUrUZRM]WwZPMXwW[X`y_`]`X`]& jF[]`YX`X`WNUXUZOU2CPMYwe\MdPMyXM]wZM$?t_MTdMgdMaQ_[\X`YMdsZQXUW^[]`YX`X`W NUXUZOUUXQTM]QWQ_QPUXQ]QW$SQ]QWXUUyNU]XUWXQ]Udt]t_tXt]& j;w]^M_QyU_XUzU2nMXwyMZXM]MaQtdQXQ]QWM]ywRw]^M_QyU_XUzUUXWQ^USseQ_UXU]& jCX`YX`dMWXMywY2<s]QaaQTUeYQ_XQ]PQ[X`YX`dMWXMywYSs^_Q]UXQ]QW$dQZURUWU]XQ]aQ ^[]`ZXM]MrsetYt]Q_UXU]& j<UeXUXUW2CPMYweMseQX_tYNQXSQaQNUXSUXQ]PQSUeXUXUWQ^M^MXwZw]& j5UPUdQ_$\[XU_UWMaQPQzQ]XQ]QNMzXwXwW2nMXwyMZXM]wYweMaQtdQXQ]UYUeQ$MUPUdQ_WtX_t]t$ \[XU_UWMaQPQzQ]XQ]QNMzXwXwWW[Z`^`ZPMRM]WwZPMXwW^MzXMZw]&6`\[XU_UWMaQPQzQ]XQ]Q`dS`Z rMXwyYMNUrUYXQ]UWMeMZPw]wXw]& jAQYZ`ZUdQ_2nMXwyMZXM]wYwe$tdQXQ]UYUeaQ_tY\MdPMyXM]wYwewZYQYZ`ZUdQ_UQ^M^MXwZw]& joZOt[XYM2{Z[aM^d[Z$dsZQ_UY^U^_QYXQ]U$UXUZQW[Z[YUWWMXWwZYM^wZMWM_Ww^MzXMYMW teQ]Q\MdPMyXM]MsZOtXtWdM\wXw]&

(8)

FEDC )())

-& B [Q KX Sa K\ `Y X I KZ p\ p .& G `Q ^ VK XK X E S\ ]O W VO [ _O 4 OV Q OV O[

.&)&<EB1(()2*((0>KVS]OIlXO]SWES\]OWS CPMYwe*(()dwXwZPM$GF9>FC1(()2*((0?MXU_QKsZQ_UYFU^_QYU6QXSQ^UZQ^MTU\[XY`y_`]& Gt]WF_MZPM]PXM]w9Z^_U_t^t"GF9#_M]MRwZPMZ$[PMYwePMdwXPMNU]SseQ_UY_Q_WUWU$trdwXPMNU] NQXSQdQZUXQYQ_Q_WUWUdM\wXYMW_MPw]&GF9>FC1(()2*((0?MXU_QKsZQ_UYFU^_QYUNQXSQYUeUZ SQrQ]XUXUWPQaMYXwXwzwZwZ^MzXMZYM^wdsZtZPQWU^t]QWXUUdUXQy_U]YQrMXwyYMXM]wYweSQXUyQ]QW ^t]Pt]tXYQW_QPU]&5d]wOM*(),dwXwZPMdM\wXMZrMXwyYMXM]UXQGC66CPM'6[]^M5W]QPU_M^d[Z FU^_QYUUXQ_MY`d`YX`TMXQSQ_U]UXYUy_U]& .&*&<EB)(((*2*((/@mr]O[SqSUj`O]VO[S7VO3VWKES\]OWS *(),dwXwZPM$Gt]WF_MZPM]PXM]w9Z^_U_t^tZQ"GF9#$>FC)(((*2*((/Aty_Q]UxUWqdQ_XQ]U 9XQ5XYMFU^_QYUgZUZ[PMYwePMW`]`XYM^waQ`dS`XMZYM^wZMPMU]Yt]MOMM_QPUXYUy_U]& 6QXSQXQZPU]YQ^t]QOUPQaMYQ_YQW_QPU]& .&+&FB44BNK'4Y[\K3U[ONS]K\`YXES\]OWS GC66"Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU#CPM'6[]^M5W]QPU_M^d[ZFU^_QYU$GC66 _M]MRwZPMZ[PMaQN[]^MXM]PM`dS`XMZYM^wUrUZdt]t]XtzQMXwZYwy[XMZNU]^U^_QYPU]&GC66 KsZQ_UY?`]`X`gZ`Z*/&()&*()*_M]UTaQ*/)^MdwXwWM]M]wUXQ]QaUeQ^UdMdwZXMZMZhGC66 CPMXM]aQ6[]^MXM]{rUZ5W]QPU_M^d[Z?wXMa`e`5W]QPU_M^d[ZF_MZPM]Pw%*()(iW]U_Q]XQ]UUXQ `dS`XMZYMW_MPw]& CPMYwe$*((0dwXwZPM5W]QPU_QCPM`ZaMZwZwWMeMZYwy_w]&GC66UXQGt]W@[dP`IMWRwM]M^wZPM dM\wXMZ\][_[W[XSQ]QzUZOQ$trdwXPMNU]Gt]W@[dP`IMWRw_M]MRwZPMZ[PMYwePMh5W]QPU_Q CPM6QXSQ^UiNQXSQdQZUXQYQ_Q_WUWUdM\wXYMW_MPw]& 6`^U^_QYUZGC66_M]MRwZPMZdMdwZXMZYwy[XMZ5W]QPU_QCPMXM]aQ6[]^MXM]UrUZdM]M]XM]w ysdXQPU]2 j?MXU_Q^U_QYUZM_MX_wZPM[XMZ[PM'N[]^MXM]wZNsXSQ^QXaQ`X`^MXMzwZNU]\M]rM^w[XM]MWQXPQ QPQOQWXQ]UStraQ\][RUX& j;UZMZ^Rw]^M_XM]w$NUXUyUY$UXQ_UyUYMzwW`]YMaQWUyU^QXSQXUyUYUrUZ`X`^XM]M]M^w[PM'N[]^MXM] MzwZwZNU]\M]rM^w[XYM& jKM\wXMZPw]wXYwy$Q_WUZNU]PMZwyYMZXwWaQUXQ_UyUY^t]QOUaM^w_M^wdXMtdQSs]tyXQ]UZUZNsXSQ^QX aQ`X`^MXPteQdPQWM]M]MXwOwXM]M`XMy_w]wXMOMzwZPMZQYUZ[XYM& j{y\Q]R[]YMZ^wZwaQaQ]UYXUXUzUZUM]_w]YMWUrUZ_tYMzUrUZPQWU[PM'N[]^MXM]PMUdU `dS`XMYMXM]wZ\MdXMywXYM^wZMdsZQXUWNU]YQWMZUeYMZwZdQ]MXYM^w& jDQ]^[ZQXUZ^t]QWXUYQ^XQWUSQXUyUYUZQdM]PwYOw[XMOMWPQ^_QWNU]dM\w& 6`WMeMZwYXM]wZ^[Z`O`ZPMtdQXQ]3\][RQ^d[ZQXNUrUYPQ$dtW^QWWMXU_QPQTUeYQ_^`Z`XYM^wZw _QYUZQ_YQWMYMOwdXMr[W^wWwNU]PQZQ_UY^t]QOUZPQZSQrU]UXQZNU]PUeUMZMTUeYQ_XQ]QQ]UyUY ^MzXMdMNUXQOQWXQ]PU]&

(9)
(10)

B 5 3 >

(11)

BFEDC ).)/

4SVQSVOXNS[WOFYZVKX]p\p (1COMW*(),DQ]yQYNQ <wPM$GM]wYaQ=MdaMZOwXwW{XAtPt]XtztUyNU]XUzUZPQ$d>p[\KV>KVUpXWKIK]p[pWVK[pXpX 6O\]OUVOXWO\SC[YQ[KWpeNUXSUXQZPU]YQ_[\XMZ_w^w$CPMYwePMSQ]rQWXQy_U]UXPU&G[\XMZ_wPM <wPM$GM]wYaQ=MdaMZOwXwW{XAtPt]XtztdQ_WUXUXQ]U_M]MRwZPMZ$_M]wYMPMdMXwPQ^_QWaQTUNQXQ]$ \][S]MYwZ`dS`XMZYM^wZMUXUyWUZYQae`M_$dM_w]wYOwXM]wZNMya`]`W[y`XXM]waQPUWWM_Q_YQ^U SQ]QWQZT`^`^XM]PMWM_wXwYOwXM]MNUXSUXQ]aQ]UXQ]QW$^[]`XM]wOQaM\XMZPw]wXPw&

4SVQSVOXNS[WOFYZVKX]p\p )(COMW*(),7`YM G&7&nQa]QaQxQTU]OUXUW6MWMZXwzwUyNU]XUzUZPQdg76"gO_[O\OV7]US6OtO[VOXNS[WO\S# IlXO]WOVStS_OG`Q^VKWKVK[peW[Z`X`NUXSUXQZPU]YQ_[\XMZ_w^w$CPMYwePMSQ]rQWXQy_U]UXPU& G[\XMZ_wPM6MWMZXwWdQ_WUXUXQ]U_M]MRwZPMZ$n98KsZQ_YQXUzU$n98EM\[]`$n98WM\^MYwZPM dQ]MXMZ\][VQXQ]$dsZQ_YQXUWWM\^MYwZPMUyXQ_YQXQ]UZdtWtYXtXtWXQ]UW[Z`XM]wZPMNUXSU aQ]UXQ]QW$WM_wXwYOwXM]wZ^[]`XM]wOQaM\XMZPw]wXPw&

(12)

)1

FEDC )0

FYZVKX]p ).COMW*(),DQ]yQYNQ nQrQZU^_MZoeQ]W7`YT`]UdQ_U6MyNMWMZKM]PwYOw^w?TM^MZ?TMWUY[aNMyWMZXwzwZPMWU TQdQ_UZUXUYUeUeUdM]Q_UWM\^MYwZPM$YU^MRU]TQdQ_UZaQtdQYUeUyXQ_YQXQ]UZ_QY^UXOUXQ]U UXQCPMYwePM_[\XMZ_wSQ]rQWXQy_U]UXPU&G[\XMZ_wsZOQ^UZPQ$nQrQZU^_MZGUOM]Q_aQFMZMdU CPM^wUXQCPMYweM]M^wZPMd>K[NOrBNKeC[Y]YUYVmUYeMXMZPw&nQrQZU^_MZaQGt]WUdQ M]M^wZPMWU_UOM]UUXUyWUXQ]USQXUy_U]YQWMYMOwdXMSs]tyYQXQ]UZdM\wXPwzw_[\XMZ_wPM$UWUtXWQZUZ aQ?t_MTdMgZwZ_UOM]UaQQW[Z[YUWP`]`Y`TMWWwZPMWM]ywXwWXwNUXSUMXwyaQ]UyUdM\wXPw&

EOWSXO[ ).COMW*(),DQ]yQYNQ pdQYUe69A5EUyNU]XUzUZPQd3SVO3XK`K\K\p$3SVO%qS[UO]uVSrUSVO[SeW[Z`X`^QYUZQ]_[\XMZ_w ^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU&<tX_QWUZ=`W`W6t][^`dQ_WUXU^U5a`WM_AQTYQ_<tX_QWUZ$ hxU]WQ_XQ]PQ?`]`Y^MXXMyYM$5UXQ?[Z^QdU$5UXQ6U]QdXQ]UZUZaQD][RQ^d[ZQXXQ]UZKsZQ_UyUY {XWQXQ]U$5UXQxU]WQ_XQ]UZPQKQZUBQ^XUZKsZQ_UYQ=Mew]XMZYM^w$5UXQ5ZMdM^M^wiW[Z`XM]wZPM WM_wXwYOwXM]MNUXSUaQ]Q]QW$^[]`XM]wOQaM\XMZPw]Pw&

(13)

BFEDC *(*) IOXSi`OVO[O4O[K]FKUNSWS *(COMW*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

4SVQSVOXNS[WOFYZVKX]p\p *)COMW*(),FMXw ?t_MTdMIMXUXUzU6UXUY$FMZMdUaQGQWZ[X[VU{XAtPt]XtztgZtZd>m]KR`KEKXK`S7X_KX]O[S C[YTO\SeaQ>m]KR`KEKXK`SCY[]KVpFKXp]pWFYZVKX]p\pCPMYwePMSQ]rQWXQy_U]UXPU&

(14)

FEDC ***+

>KL^V *)COMW*(),FMXw Fm[US`Ou\]K]S\]SU>^[^W^"Fiu>#@KXS\K4lVQO@mNm[m6[&@ORWO]3U`YVKsZQ_UY ?`]`X`6MyWMZwYweBMRU<t]MXgweUdM]Q_QPQ]QW$AtPt]XtztZRMMXUdQ_XQ]UaQCPMYweXM dM\wXMNUXQOQWUyNU]XUzUUYWqZXM]wTMWWwZPMSs]tyMXwyaQ]UyUZPQN`X`ZP`&

>KL^V *0COMW*(),FMXw EKKNO]CK[]S\S>m]KR`K4OVONS`O4KrUKXKNK`pu\WKSVF^XMK$KsZQ_UY?`]`X`Y`e` eUdM]Q_Q__U&LUdM]Q__Q$UyPtZdM^wZwZRUWU]aQsZQ]UXQ]UZUZdQ]QXdsZQ_UYXQ]Mrw^wZPMZr[WsZQYXU [XP`z`Z`NQXU]_QZG`ZOM$WM]ywXwWXwRUWU]MXwyaQ]UyUZPQN`X`ZP`&

(15)

BFEDC *,*- 7tS]SW *0COMW*(),FMXw LMRQ]?MXWwZYM5VMZ^wgZwZGQWZUW8Q^_QWD][S]MYwWM\^MYwZPMWUhpdQXQ]UYUe<QXQOQzQ =Mew]XMZwd[]iD][VQYUeUXQ_tYtdQXQ]UYUeUZWM_wXwYwZMMrwWd;OVKV9pNK$;355C9pNK 9m_OXVStSIlXO]SWES\]OWSeW[Z`XM]wZPMWUQzU_UYCPMYwePMSQ]rQWXQy_U]UXPU&

7tS]SW *1COMW*(),nM]yMYNM hpdQXQ]UYUe<QXQOQzQ=Mew]XMZwd[]iD][VQ^UWM\^MYwZPMdCK]OX]$PK`NKVpWYNOV$]K\K[pW$ WK[UK$MYt[KPSSrK[O]eW[Z`XM]wZPMWUQzU_UYCPMYwePMSQ]rQWXQy_U]UXPU&9zU_UYXQ]UZ^[Z`ZPM WM_wXwYOwXM]wZ^[]`XM]wOQaM\XMZPw]wXPw&

(16)

q G 4 3 F

(17)

BFEDC *0*1

>KL^V (,x`NM_*(),FMXw >m]KR`K@SWK[VK[BNK\pIlXO]SW>^[^V^4KrUKXp7[RKX@Y[UYk_OLO[KLO[SXNOUS IlXO]SW>^[^V^i`OVO[S$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U&LUdM]Q__QA[]W[r$SQ]rQWXQy_U]UXQZ ^QrUYXQ]aQdQZUdsZQ_UYW`]`X`TMWWwZPMNUXSUaQ]Q]QW$YQ^XQWU^[]`ZXM]wdXMUXSUXUSs]tyXQ]UZU \MdXMy_w&5d]wOM?t_MTdMgPMWU\XMZXMYMdMWXMywYXM]waQN`\XMZXM]PMWUQW^UWXUWXQ]PQZPQ^se QPQ]QW$yQT]UZYUYM]U^[]`ZXM]wZMPMU]rsetYsZQ]UXQ]UZU\MdXMy_w&

>KL^V (/x`NM_*(),7`YM @iEu369OXOV4KrUKXpAKSVBVZKU_OLO[KLO[SXNOUSRO`O]$KsZQ_UY?`]`X`Y`e` eUdM]Q_QPQ]QW$ApF{58gwZRMMXUdQ_XQ]UaQdMdwZXM]wTMWWwZPMNUXSUaQ]PU&pXWQZUZQW[Z[YUW WMXWwZYM^wZw^MzXMdMOMWMW_s]XQ]UZ$UyMPMYXM]w[XP`z`Z`NQXU]_Q]QW$N`dsZPQrMXwyYMdM SMd]Q_Q__UWXQ]UZUNQXU]__U&

(18)

FEDC +(+) IOXSi`OVO[O4O[K]FKUNSWS )(x`NM_*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUe{XQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

>KL^V *+x`NM_*(),DMeM] Fm[US`O5^WR^[S`O]S4KrLKUKXpDOMOZFK``SZ7[NYtKXgwZ?t_MTdMgdM_Qy]URUZPQ$ ?HGF9I_M]MRwZPMZ?t_MTdMgdMWMeMZPw]wXMOMWGC669W[Z[YUaQGQWZ[X[VUpZUaQ]^U_Q^U "9Gp#?t_MTdMAtTQZPU^XUW;MWtX_Q^U?t_MTdMAQ^XQWKtW^QWCW`X`UXQUXSUXUP[^dM$KsZQ_UY ?`]`X`6MyWMZwYweBMRU<t]MX_M]MRwZPMZWQZPUXQ]UZQ^`Z`XP`&

(19)

++

BFEDC +*

FYZVKX]p *-x`NM_*(),FMXw F[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZaQKsZQ_UY?`]`X`Y`eUXQAQ^XQW?[YU_QXQ]UYUeUZ NU]M]MdMSQXPUzUWMTaMX_wdM$?t_MTdM6QXQPUdQ6MyWMZwA`^_MRM{rMW[Z`W[XM]MW$RMMXUdQ_XQ] TMWWwZPMNUXSUaQ]PU&?MTaMX_wZwZM]PwZPMZ$W[YU_QtdQXQ]UYUe$TUeYQ_NUZMYwePMWQZPUXQ]UZQ _MT^U^QPUXQZrMXwyYM[PMXM]wZPMMdXwW[XMzMZ@O\VOU>YWS]OFYZVKX]p\pgZwSQ]rQWXQy_U]PU&

>KL^V *-x`NM_*(),FMXw IQ]SU=MR_M^wW`_XMYMQ_WUZXUWXQ]UWM\^MYwZPM$>m]KR`K6OP]O[NK[p@ORWO]EK`Qp_O LO[KLO[SXNOUSRO`O]$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U&8QR_Q]PM]FMdSw$?t_MTdMgPM rMXwyYMXM]wZwZ[X`YX`dsZPQSQXUy_UzUZUNQXU]_Q]QW$W`_XMYMQ_WUZXUWXQ]UTMWWwZPMNUXSU\MdXMy_w&

(20)

+-

FEDC +,

JS`K[O] *.x`NM_*(),nM]yMYNM {XUYUePQdQZUSs]QaQNMyXMdMZuV7WXS`O]@mNm[m@ORWO]9mVXKaKsZQ_UY?`]`X`Y`e _M]MRwZPMZeUdM]Q_QPUXQ]QW$?t_MTdMgPMWUSs]QaUZUZTMdw]Xw[XYM^wPUXQWXQ]U^`Z`XP`&

EOWSXO[ */x`NM_*(),DQ]yQYNQ {eSs]QZ5WMPQYUUyNU]XUzUaQ[PMYwe[]SMZUeM^d[Z`ZPMd3_^M^X^aNKUS>OVOLOUe^QYUZQ]U$ _[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU&{eSs]QZ5WMPQYUQzU_YQZUCd_`ZK`YyMW$TQPQR NQXU]XQYQaQTQPQRQ`XMyYM$WUyUXUW$dM]M_wOwXwW$[X`YX`PtytZOQ$YtOMPQXQ]`T`W[Z`XM]wZPM NUXSUaQ]Q]QW$N`W[Z`XM]TMWWwZPMs]ZQWaQWw^MTUWMdQXQ]UWM_wXwYOwXM]XM\MdXMy_w&

(21)

@ 3 D F

(22)

+1

FEDC +0

7]USXVSU *,x`NM_%(*AM]_*(), *-&c\SU^]VKXKXHO[QS;KP]K\pO]USXVSUVO[SWM\^MYwZPM$?t_MTdM8QR_Q]PM]Xwzw_M]MRwZPMZ W`]`YXM]M]M^wP^]LYV]^[X^_K\pPteQZXQZPU&CPMYweR`_N[X_MWwYwZwZPMWM_wXPwzwaQ1 WM]ywXMyYMZwZdM\wXPwzw_`]Z`aMPMprtZOtXtWoPtXtUXQ9Z7QZ_UXYQZGMWwYoPtXtgZt CPMYweR`_N[X_MWwYwWMeMZPw&

FYZVKX]p (.AM]_DQ]yQYNQ LMRQ]?MXWwZYM5VMZ^w"L9?5#UyNU]XUzUaQCPMYwe[]SMZUeM^d[Z`ZPM$d*(),%*().>m]KR`K IO[OV7UYXYWSU9OVSrWOC[YQ[KWpe_[\XMZ_w^wCPMYwePMSQ]rQWXQy_U]UXPU&G[\XMZ_wPM$ ?t_MTdMgZwZaQGE++6sXSQ^UZUZQW[Z[YUWSQXUyYQ^UZQWM_Ww^MzXMYMW$^MZMdUOUUXQ dM_w]wYOwXM]wZSs]tyaQsZQ]UXQ]UZUMXYMWteQ]QdQ]QX\MdPMyXM]XMU^_UyM]QdM\wXPw&

(23)

,)

BFEDC ,(

>KL^V (1AM]_*(),DMeM] {XUYUeUeUdM]Q_QPQZ7UYXYWS4KUKXpASRK]JO`LOUkS$CPMYwewZWQZPU^U[Z`]`ZMaQ]PUzU MWyMYdQYQzUZPQ$AQOXU^$KsZQ_UY?`]`X`aQAQ^XQW?[YU_QpdQXQ]UYUeUXQNU]M]MdMSQXPU& KQYQWXU_[\XMZ_wPM$tXWQYUeUZQW[Z[YUWaQ^UdM^USQXUyYQXQ]UPQzQ]XQZPU]UXQ]QW$?t_MTdMgZwZ _UOM]Q_$^MZMdU$QW[Z[YUMXMZXM]wZPMWUSQXUyYQ^UZQWM_Ww^MzXMdMOMWNQWXQZ_UXQ]6MWMZBUTM_ LQdNQWrUgdQM]eQPUXPU&

IOXSi`OVO[O4O[K]FKUNSWS )(AM]_*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

(24)

FEDC ,*,+

FYZVKX]p )(AM]_*(),DMeM]_Q^U >m]KR`KFSMK[O]_OEKXK`SBNK\p7tS]SWHKUPpcXpX">GFE7H#IlXO]SW>^[^V^_O @m]O_OVVS;O`O]FYZVKX]p\p$[PMYwe_[\XMZ_w^MX[Z`ZPMSQ]rQWXQy_U]UXPU&

JS`K[O] )0AM]_*(),FMXw KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MXaQKsZQ_UY?`]`X`pdQXQ]UYUe$>m]KR`KHKVS IK[NpWMpVK[pEONK]BU]K[$;mNK`K[@O]O4^RK[K$@O]SXEOVk^U_O4SVKVhVWOagU YMWMYwZPMeUdM]Q_Q__U&LUdM]Q__Q$?t_MTdMgZwZ^[^dMXaQQW[Z[YUWMrwPMZSQXUyYQ^UZQWM_Ww ^MzXMYMWteQ]QRUWU]MXwyaQ]UyUdM\wXPw&

(25)

,-

BFEDC ,,

4SVQSVOXNS[WOFYZVKX]p\p )0AM]_*(),FMXw G&7&nQa]QaQxQTU]OUXUW6MWMZXwzw5X_dM\waQ?QZ_^QX8sZtytY=UeYQ_XQ]U<QZQXAtPt]Xtzt$ Gt]WUdQ{y6MZWM^w5&x&aQCPMYweUyNU]XUzUZPQWUd>OX]\OV6lXmrmWeNUXSUXQZPU]YQ _[\XMZ_w^w$[PMYwe[]SMZUeM^d[Z`ZPM_[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU& G[\XMZ_wPM$6MWMZXwW`eYMZXM]w_M]MRwZPMZ$dIKrKXKLSVS[gO_[O_O@K[UKqORS[VO[eNMyXwzw MX_wZPMNUXSUXQZPU]YQdM\wXPw&5d]wOM$h.+(.FMdwXw5RQ_EU^WU5X_wZPMWU5XMZXM]wZ8sZty_t]tXYQ^U =MWWwZPM?MZ`ZiUXQN`WMZ`ZWM\^MYwZPMdt]t_tXQZrMXwyYMXM]W[Z`^`ZPMNUXSUaQ]UXQ]QW$ WM_wXwYOwXM]wZ^[]`XM]wOQaM\XMZPw]wXPw&

JS`K[O] *-AM]_*(),FMXw >m]KR`K@SVVO]_OUSVSEYXO[3U\Y`$KsZQ_UY?`]`X`Y`e`eUdM]Q_QPQ]QW$StZOQXQW[Z[YUW aQ^UdM^USQXUyYQXQ]W[Z`^`ZPMRUWU]MXwyaQ]UyUdM\_w&?t_MTdMC]SMZUeQFMZMdU6sXSQ^UgZPQWU GQY^UXOUpdQXQ]UYUe$IQPM_F`Z$5TYQ_5OM]$LQdU_8MYM]$G`z]`X6M]MZ$7QYMXQ__UZ 8[zMZMd$KsZQ_UY?`]`X`G[\XMZ_wYweMWM_wXPw&G[\XMZ_wPM$[]SMZUeQ^MZMdUNsXSQ^UZPQWU SQXUyYQXQ]aQdt]t_tXQZrMXwyYMXM]W[Z`^`ZPMYteMWQ]QdM\wXPw&

(26)

,/

FEDC ,.

FYZVKX]p *-AM]_*(),FMXw AQ^XQW?[YU_QXQ]UYUeAM]_MdwYty_Q]QW_[\XMZ_w^w$_[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU& G[\XMZ_wsZOQ^UZPQ$6UXUY$FMZMdUaQGQWZ[X[VU{XAtPt]txMNMZ?trtWStY]MT$d>m]KR`K EKXK`SCY[]KVpeW[Z`^`ZPMTMeU]`ZMNUXSUaQ]PU& AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUe$AQ^XQW?[YU_Q^U6MyWMZXM]wYweaQAQ^XQW?[YU_Q^U5^UX aQKQPQWpdQXQ]UZUZWM_wXPwzw_[\XMZ_wPM$),AQ^XQW?[YU_QYUeU_QY^UXQZ?[YU_Q6MyWMZXM]w aQpdQXQ]UNU]Q]W[Z`yYMdM\M]MW$SQ]rQWXQy_U]UXQZrMXwyYMaQRMMXUdQ_XQ]UTMeU]`ZM^`ZP`XM]&

(27)

A uE 3 A

(28)

-)

FEDC -(

IOXSi`OVO[O4O[K]FKUNSWS (/BU^MZ*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

FYZVKX]p (0BU^MZ*(),FMXw ?t_MTdMC]SMZUeQFMZMdU6sXSQ^UgZPQRMMXUdQ_Ss^_Q]QZtdQYUeRU]YMXM]wZdQ_WUXUXQ]UUXQ [PMYwePMU^_UyM]Q_[\XMZ_w^wSQ]rQWXQy_U]UXPU&G[\XMZ_wPM$>m]KR`KcNKUSSUSY[QKXSaO\KXK`S LlVQO\SXSXWO_M^]N^[^W^$`OXS`K]p[pWVK[$KV]`KZp_OQOXSrVOWOkKVprWKVK[p W[Z`XM]wZPMNUXSUXQ]\MdXMywXM]MW$RU]YMXM]wZdMyMPwzw^[]`ZXM]UXQrsetYsZQ]UXQ]UTMWWwZPM RUWU]MXwyaQ]UyUdM\wXPw&

(29)

BFEDC -*-+

JS`K[O] (1BU^MZ*(),nM]yMYNM KsZQ_UY?`]`X`Y`eaQAQOXU^8UaMZwYwe_M]MRwZPMZ$dQ]QX^QrUYXQ]ZQ_UOQ^UZPQ>m]KR`K 4OVONS`O4KrUKXp\OkSVOX_OQl[O_SXOLKrVK`KX>KWSVEK[KkYtV^gZM$YMWMYwZPM _QN]UWeUdM]Q_UdM\wXPw&

EOWSXO[ )-BU^MZ*(),FMXw {JB67D"<\pE^EO\_OIKXQpXIKVp]pWMpVK[p6O[XOtS#_OBNKWpaSrLS[VStSXNOUSd<\p IKVp]pWpe^QYUZQ]U${LC89EHeYMZw<tZQyKtetSt]^`Z`Y`ZPM_[\XMZ_w^MX[Z`Y`ePM SQ]rQWXQy_U]UXPU&FQYUZQ]PQ3QZQ]VUaQdMXw_wYMPMU]_QYQXWMa]MYXM]$dMXw_wYYMXeQYQXQ]UZUZ _QWZUWseQXXUWXQ]UaQW`XXMZwYMXMZXM]wTMWWwZPMNUXSUXQ]aQ]UXQ]QWw^wdMXw_wYw`dS`XMYMXM]waQ PUWWM_QPUXYQ^USQ]QWQZT`^`^XM]\MdXMywXPw&

(30)

CC

FEDC -,

FYZVKX]p )-BU^MZ*(),FMXw Fm[US`OBNKVK[_O4Y[\KVK[4S[VStScXNO"FB44#QO[kOUVOr]S[SVOX$IBu>>"IK]p[pW B[]KWpXpu`SVOr]S[WO>YY[NSXK\`YX>^[^V^#FYZVKX]p\pZM$AQOXU^pdQXQ]UYUe=&AU_TM_ 8QXQZaQG[XSM9^WU[zX`WM_wXPwXM]&G[\XMZ_wPMdM\wXMZ^`Z`YPM$rMXwyYMS]`\XM]wZwZ tdQXQ]UZQKC{??\XM_R[]Y`TMWWwZPMNUXSUXQZPU]YQdM\wXPw&5d]wOMTQ]NU]rMXwyYMS]`N`UrUZ NU]6MyWMZaQUWU6MyWMZKM]PwYOw^w^QrUYUdM\wXPw&

FYZVKX]p *)BU^MZ*(),DMeM]_Q^U IMXUXUWG[\XMZ_wFMX[Z`ZPMSQ]rQWXQy_U]UXQZuVu\]SRNKW_O@O\VOUS7tS]SW>^[^V^ FYZVKX]p\pZMaQ?t_MTdMIMXU^UxQ]URKwXYMegwZFQdU_sYQ]@UZdU_{yXQ_YQXQ]UZPQYQdPMZM SQXQZ[XMdXM]XMUXSUXUMrwWXMYMdM\_wzwNM^wZ_[\XMZ_w^wZM$KsZQ_UY?`]`X`6MyWMZIQWUXUYUe 5TYQ_6Mzw]SMZ$CPMYwew_QY^UXQZWM_wXPw&

(31)

BFEDC -.CD

>KL^V **BU^MZ*(),FMXw FK_rKXVpFSMK[O]_OEKXK`SBNK\p"FFEB#RO`O]S$AQOXU^6MyWMZwYwe{^YQ_oe[_]MrgM [PMYwePMZQeMWQ_eUdM]Q_UZPQN`X`ZP`&nQyU_XUW[Z`XM]PMRUWU]MXwyaQ]UyUZPQN`X`ZP`& LUdM]Q__Q$UWU_UOM]Q_aQ^MZMdU[PM^wM]M^wZPMWUUXQ_UyUYaQUyNU]XUzUZUZsZQYUZQa`]S`dM\wXM]MW$ SQ]rQWXQy_U]UXQZaQ\XMZXMZMZrMXwyYMXM]YteMWQ]QQPUXPU&

EOWSXO[ *,BU^MZ*(),DQ]yQYNQ >Z^\QOO[6QXSQXQZPU]YQaQ<seQ_UY=UeYQ_XQ]U@_P&x_U&aQCPMYweUyNU]XUzUZPQ$durEKtVptp _O9m_OXVStS7USZWKXVK[pe^QYUZQ]U$_[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU&HeYMZ =M^MZKwXYMeUXQnQa]QAtTQZPU^UoeXQY5_wXSMZ^`Z`Y`ZPMSQ]rQWXQy_U]UXQZ^QYUZQ]PQ3Uy StaQZXUzUWM\^MYwZPMWU\Q]Ud[PUWsXrtYaQW[Z_][XXQ]$N`UyXQYXQ]UZT`W`WUaQ_QWZUWN[d`_XM]w TMWWwZPMNUXSUXQ]aQ]UXPU&5d]wOM${yFMzXwzwaQ<taQZXUzUAQae`M_wUXQnQa]QAQae`M_XM]w$ YQ^XQWTM^_MXwWXM]w$UyWMeMXM]waQ_QPNU]XQ]W[Z`XM]wZPMMrwWXMYMdM\wXM]MW$WM_wXwYOwXM]wZ ^[]`XM]wOQaM\XMZPw]wXPw&

(32)

FEDC -0CE JS`K[O] *,BU^MZ*(),DQ]yQYNQ F[ZdQ]QX^QrUYXQ]ZQ_UOQ^UZPQ>YX`K3UrORS[4OVONS`O4KrUKXp\OkSVOX>m]KR`K uVhaOVuNK[O\SO\USWmNm[mEKVSR3UUK`K$KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MXgM ZQeMWQ_eUdM]Q_UZPQN`X`ZP`&

FYZVKX]p *0BU^MZ*(),DMeM]_Q^U Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzUgZPQ"GC66#SQ]rQWXQy_U]UXQZ$IBu>>"IK]p[pWB[]KWpXp u`SVOr]S[WO>YY[NSXK\`YX>^[^V^#8SXKX\WKXK7[SrSWgKVprWK9[^L^FYZVKX]p\pZM$ AQOXU^pdQYUe8Q]dM9]PQZnQ]WQyWM_wXPw&

(33)

@ 3 I <E

(34)

.+

FEDC .*

FYZVKX]p (+AMdw^*(),7`YM]_Q^U Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU9W[Z[YUaQGQWZ[X[VUpZUaQ]^U_Q^UgZPQ"GC669Gp# AMXUdQ6MWMZwAQTYQ_xUYyQWaQGC666MyWMZwA&EURM_=U^M]OwWXw[zX`gZ`ZWM_wXwYXM]wZPM SQ]rQWXQy_U]UXQZ$FB44ImU\OU>YY[NSXK\`YX>^[^V^_OFB44E][K]OTS9OVSr]S[WO ImU\OU>^[^V^Wmr]O[OU]YZVKX]p\pZM$W`]`XtdQ^U[XMZKsZQ_UY?`]`X`6MyWMZwYweBMRU <t]MXWM_wXPw&

7]USXVSU (.%(/AMdw^*(), CPMYweUXQGt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]XtztUyNU]XUzUZPQ8`YX`\wZM]pZUaQ]^U_Q^UgZPQ$ d>m]KR`K>K[S`O[9mXVO[SeQ_WUZXUzUSQ]rQWXQy_U]UXPU&D][S]MYMW[Z`W[XMZ=QXaMOweMPQ =[XPUZSKsZQ_UY?`]`X`6MyWMZKM]PwYOw^wGMTU]6tdtWTQXaMOwSUX$UydMyMYwZPMWU _QO]tNQXQ]UZUaQ_Ma^UdQXQ]UZUsz]QZOUXQ]aQWM_wXwYOwXM]UXQ\MdXMy_w&

(35)

BFEDC .,.- 7]USXVSU (-%(.AMdw^ 8tZdM<MeQ_Q^UaQCPMYweUyNU]XUzUZPQdi[O]OX>OX]VO[3XVK]p`Y[eQ_WUZXUzU[PMYweQa ^MTU\XUzUZPQ_[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU&8tZdM<MeQ_Q^UKMeM]w8]&Ety_t6[eW`]_$ 8tZdM<MeQ_Q^U=MNQ]?[[]PUZM_s]t{N]MTUY9WUZOU$8tZdM<MeQ_Q^U6sXSQGQY^UXOU^U =MWMZ?wXwr$8tZdM<MeQ_Q^UA`TMNU]U9PM9]SUZ$LMRQ]?MXWwZYM5VMZ^wdQ_WUXUXQ]UZUZW[Z`W [XP`WXM]w\][S]MYwZNU]UZOUStZtZPQUWU_[\XMZ_wdM\wXPw&6`_[\XMZ_wXM]PM$rUZU^QW_s]t$WQZ_ QW[Z[YU^U$^MZMdU$dM_w]wYXM]$[]SMZUeQ^MZMdUNsXSQXQ]UZUZYQaO`_P`]`Y`$_QyaUWXQ]$rQyU_XU ^QW_s]XQ]UZ?t_MTdMgPMWUSQXUyUYU$UXrQXQ]PQWU_UOM]URMMXUdQ_XQ]SUNUW[Z`XM]PMU^_UyM]QdM\wXPw& D][S]MYwZUWUZOUStZtZPQU^Q$GMayMZXwC]SMZUeQFMZMdU6sXSQ^UZPQRMMXUdQ_Ss^_Q]QZ B`]^MZ?MNX[$?t_MTdMAQ]WQeC]SMZUeQFMZMdU6sXSQ^UZPQN`X`ZMZ$A[PUXdM$?t6X[W$ 5OM]DXM^_UWUyXQ_YQXQ]UeUdM]Q_QPUXQ]QW$dQ_WUXUXQ]UUXQSs]tyYQXQ]dM\wXPw&

>KL^V (/AMdw^*(),nM]yMYNM ?t_MTdMC]SMZUeQFMZMdU6sXSQ^UZPQRMMXUdQ_Ss^_Q]YUy[XMZm`OWSaB[MSKB]YWY]S_ 3&q&9OXOV@mNm[mJS`K>KLYtV^_OuX\KX>K`XKUVK[p@mNm[mEKL[SFYZM^$dsZQ_UY W`]`X`Y`eMZQeMWQ_eUdM]Q_UZPQN`X`ZP`&?t_MTdMgZwZdM_w]wYXM]aQUyStOtMrw^wZPMZ `dS`ZNU]yQTU][XP`z`Z`NQXU]_QZLUdM?MN[zX`$UyXQ_YQXQ]UZUZ5a]`\MgPMdMyMZMZ RUZMZ^^[]`ZXM]wZPMZ[X`Y^`eQ_WUXQZPUzUZU$?t_MTdMgPMWURMN]UWMXM]wZwWM\M_YMWe[]`ZPM WMXPwWXM]wZwURMPQQ__U&

(36)

FEDC .../

EOWSXO[ (/AMdw^*(),nM]yMYNM 5ZWM]M<MeUpZUaQ]^U_Q^U{W_U^MPUaQ{PM]U6UXUYXQ];MWtX_Q^UgZPQPteQZXQZQZH<<&3UKNOWS >K[S`O[9mXVO[S\][S]MYwZM$KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$W[Z`yYMOw[XM]MW W[Z`W[XP`aQsz]QZOUXQ]XQUydMyMYwZPMWU_QO]tNQXQ]UZUaQ_Ma^UdQXQ]UZU\MdXMy_w&

7]USXVSU (0AMdw^*(),DQ]yQYNQ Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzUgZPQ$nMXwyYMaQF[^dMX<taQZXUW6MWMZw;M]`WnQXUW$ AUXXU9zU_UY6MWMZwBMNU5aOwaQGC666MyWMZwA&EURM_=U^M]OwWXw[zX`gZ`ZWM_wXwYXM]wdXM SQ]rQWXQy_U]UXQZ$G@7@4OMO[Sc)("GaWKXVKrWpr@O\VOU7NSXNS[WO@O[UOaVO[S# C[YTO\S\][_[W[XaQsPtX_s]QZUZQ$<QZQXFQW]Q_Q]UYUeFMXUTBMRU5XwrWM_wXPw& KQZU\][_[W[XUXQ_tYYQ^XQWXU^QXQ]UZPQYQ^XQWUW`]^XM]PteQZXQZQNUXYQ^UZQaQRU]YMXM]wZ- dwXMaM]MZU^_UTPMY_QyaUWUZPQZdM]M]XMZMNUXYQ^UZQ$UYWqZ^MzXMZYwy[XP`&5d]wOM$HA9A 6QOQ]Ug)(D][VQ^UW`]^XM]wZMWM_wXMZW`]^UdQ]XQ]Q_Q[]UWaQUyNMywQzU_UYU^t]Q^UZOQStZXtW*- G@&sPQZYQdQPQaMYQPUXQOQW&

(37)

.1

BFEDC .0

F_C[YQ[KWp (1AMdw^*(),7`YM F9DF;KLO[]OVO_Sa`YX^XNKXMKXVpYVK[KU`K`pXVKXKXIOXSFm[US`OZ[YQ[KWpZM$ KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$KsZQ_UY?`]`X`6MyWMZKM]PwYOwYweaQ?t_MTdM *&CF66MyWMZwFMXUTnQ_UZQ]$KsZQ_UY?`]`X`pdQYUe9ZaQ]oeQ]$AQOXU^pdQYUe8Q]dM 9]PQZnQ]WQy$)*&AQ^XQW?[YU_Q^U6MyWMZwYweAQTYQ_5WPQYU]W[Z`W[XP`XM]&D][S]MYPM$ tXWQYUeaQ?t_MTdMTMWWwZPM$^[^dMXaQQW[Z[YUWPQzQ]XQZPU]YQXQ]dM\wXPw&?t_MTdMgZwZ Gt]WUdQQW[Z[YU^UZPQWUdQ]U$VQ[_Q]YMX$dQ]MX_waQdQ]t^_teQZSUZXUWXQ]U$dM_w]wYMrw^wZPMZ MaMZ_MVXM]w$C]SMZUeQFMZMdU6sXSQXQ]UZUZYQaO`_P`]`Y`W[Z`XM]wZPMNUXSUXQ]MW_M]wXPw&

>KL^V )*AMdw^*(),DMeM]_Q^U F[^dMX<taQZXUW=MR_M^wYtZM^QNQ_UdXQEY\`KV9m_OXVSU>^[^W^>m]KR`KuV@mNm[Vmtm `O]USVSVO[S$SVSWSaNO`OXSU^[^VKX>m]KR`KB[QKXSaOEKXK`S4lVQO\SurKNKWVK[p 6O[XOtS">BE4u36#`O]USVSVO[SKsZQ_UY?`]`X`Y`eMZQeMWQ_eUdM]Q_UZPQN`X`ZP`XM]&

(38)

/)

FEDC /(

IOXSi`OVO[O4O[K]FKUNSWS )*AMdw^*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

>KL^V *(AMdw^*(),FMXw 3V]pX]Kr>K`WKUKWp@ORWO]3VZK[\VKX_O3V]pX]Kr4OVONS`O4KrUKXp8O[S]>K[KL^V^]$ ?t_MTdMgZwZtrtZOt[]SMZUeQ^MZMdUNsXSQ^U[XM]MWW`]`XMOMW[XMZLMRQ]C]SMZUeQFMZMdU 6sXSQ^UUXQUXSUXU[XM]MW$6^WV^ZpXK[iXS_O[\S]O\S9OVOXOU\OVFm[U7VEKXK]VK[pFYZV^V^t^ 6KXprWKXpI[N&6Yk&6[&CpXK[IKaUKk$dt]t_tXQZ^MZM_aQ^Q]SUrMXwyYMXM]wW[Z`^`ZPM Ss]tyYQdM\YMWteQ]Q$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__UXQ]&

(39)

/+/+

BFEDC /*/*

JS`K[O] *)AMdw^*(),nM]yMYNM 8`YX`\wZM]pZUaQ]^U_Q^UgZPQMrwXMZ3RWO]IKU^ZYtV^DO\SWEO[QS\S$KsZQ_UY?`]`X`Y`e aQAQOXU^8UaMZwYwe_M]MRwZPMZeUdM]Q_QPUXPU&

FYZVKX]p **AMdw^*(),DQ]yQYNQ 5ZWM]MgPMSQ]rQWXQy_U]UXQZFm[US`OBNKVK[_O4Y[\KVK[4S[VStS"FB44#/(&XMS9OXOV >^[^VFYZVKX]p\pZM$AQOXU^6MyWMZwYwe{^YQ_oe[_]Mr$KsZQ_UY?`]`X`6MyWMZwYweBMRU <t]MX$GC66<QZQX?`]`X8QXQSQXQ]UYUe8Q]dM9]PQZnQ]WQy$=M^MZoZOQX$A`^_MRMGQXXU$ G[XSM9^WU[zX`$6UXMX7UOMa[zX`$<QZQXFQW]Q_Q]UYUeFMXUTBMRU5XwrWM_wXPwXM]&

(40)

DC

FEDC /,

EOWSXO[ *+AMdw^*(),7`YM G&7&9W[Z[YU6MWMZXwzw$HX`PMz{T]MOM_rw6U]XUWXQ]U<QZQXFQW]Q_Q]XUzUaQCPMYweUyNU]XUzUZPQ$ _[\XMZ_w^MX[Z`Y`ePM6prFSMK[O]EOWSXO[SSQ]rQWXQy_U]UXPU&FQYUZQ]PQ$UT]MOM__M^MzXMZMZ PQaXQ_dM]PwYXM]w$\MeM]M]My_w]YM^waQ\MeM]MSU]UyPQ^_QzU$d`]_PwywR`M]PQ^_QWXQ]U$ Gt]W9cUYNMZW{T]MOM_?]QPUFUS[]_MaQ<M]MZ_UD][S]MYXM]wW[Z`XM]wZPMNUXSUaQ]UXQ]QW$ WM_wXwYOwXM]wZ^[]`XM]wOQaM\XMZPw]wXPw&

7tS]SW */AMdw^*(),FMXw CPMYweUXQGt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]XtztM]M^wZPMSU]UyUYOUXUWQzU_UYU\][_[W[Xt UYeMXMZPw&6`\][_[W[XWM\^MYwZPM$?CF<96?t_MTdM=UeYQ_AQ]WQeUAtPt]XtztUXQPQ UyNU]XUzUdM\wXM]MW$(-=MeU]MZ%(*9WUY*(),_M]UTXQ]UZPQ$.RM]WXwS]`\_M$StZXtW0^MM_$1StZ [XYMWteQ]Q$_[\XMY)-(WUyUdQCPMYwePMQS[SrSWMSVSUOtS]SWSaQ]UXPU&

(41)

BFEDC /.DD JS`K[O] */AMdw^*(),FMXw CPMYwe$?t_MTdMGUOM]Q_6[]^M^w"?pG6C#$<QPUe$FUYMa$GMayMZXwGUOM]Q_aQFMZMdUCPMXM]w 6MyWMZXM]w$KsZQ_UY?`]`X`aQAQOXU^pdQXQ]UZPQZ[X`yMZTQdQ_UXQ$@KXS\KcXpXEYWK SVkO\SXNOWO`NKXKQOVOXWKNOXUKaK\pXNKRK`K]pXpUK`LONOX_K]KXNKrVK[pWpapX$ >m]KR`KSVkOVO[SXNOUSKSVOVO[SXO]KaS`OaS`K[O]VO[SdM\wXPw&<QPUe$FUYMa$GMayMZXw UXrQXQ]UYUeUZ?MdYMWMYaQ6QXQPUdQ6MyWMZXM]wUXQSs]tyQZTQdQ_UYUe$YMPQZOUMUXQXQ]UZU eUdM]Q_QPQ]QWNMy^MzXwzwaQ^MNw]PUXQWXQ]UZU^`ZP`&5d]wOM<M]\@UZdU_XQ]U{yXQ_YQ^U"<@{# _MTXU^UdQUyrUXQ]UUXQPQSs]tyQ]QW$W`]_M]YMrMXwyYMXM]wZPMWUSMd]Q_XQ]UZPQZP[XMdw_QyQWWt] Q__U&

JS`K[O] +(AMdw^*(),7`YM 3V]pX]KrSVkOWSaNOPKKVS`O]Ql\]O[OXm`OVO[SWSa$)&AQ^XQW?[YU_QYUe6MyWMZw{N]MTUY KMa`e]QRMWM_UZPQeUdM]Q_QPUXPU&LUdM]Q_QKsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$AQOXU^ 6MyWMZwYwe{^YQ_oe[_]Mr$KsZQ_UY?`]`X`6MyWMZIQWUXUYUe5TYQ_6Mzw]SMZ$AQOXU^ 6MyWMZKM]PwYOwYwe=M^MZoZOQX$KsZQ_UY?`]`X`pdQXQ]UYUe5XU?[ZS`$5XU?M]MMd_MraQ ;M_UT5XWwyWM_wXPw&5X_wZ_MygwZYQaO`_P`]`Y`Z`ZaQdM_w]wYUYWqZXM]wZwZU^_UyM]QQPUXPUzUaQ ?t_MTdMgZwZtrtZOt[]SMZUeQ^MZMdUNsXSQ^U[XM]MWW`]`XYM^w\XMZXMZMZLMRQ]C]SMZUeQ FMZMdU6sXSQ^UgZUZPQzQ]XQZPU]UXPUzUeUdM]Q_aQ_[\XMZ_wXM]^[Z]M^wZPM$UyXQ_YQXQ]UZ_Q^U^ dM_w]wYXM]wdQ]UZPQUZOQXQZPU&

(42)

; 3 J uD 3 A

(43)

0)

BFEDC 0(

FYZVKX]p (*=MeU]MZ*(),DMeM]_Q^U LMRQ]?MXWwZYM5VMZ^wgZPM$PQ^_QWMXYMdMTMWWMeMZMZ\][VQ^MTU\XQ]UUXQdM\wXMZ^seXQyYQ UYeM_s]QZUZQ$KsZQ_UY?`]`X`6MyWMZIQWUXUYUe5TYQ_6Mzw]SMZ$KsZQ_UY?`]`X`pdQYUe ;M_UT5XWwy$<QZQXFQW]Q_Q]UYUeFMXUTBMRU5XwrWM_wXPw&LMRQ]?MXWwZYM5VMZ^w"L9?5#G`]UeY$ 9ZQ]VUaQnQa]Q5X_dM\wAMXU8Q^_QWD][S]MYwWM\^MYwZPM^`Z`XMZaQPQ^_QWMXYMdM TMWWMeMZMZCPMYwed>m]KR`K@K[UKVK[pFKXp]pW@O[UOaSeZ[YTO\SZQPMU]^seXQyYQ UYeMXMZPw&

JS`K[O] (+=MeU]MZ*(),FMXw KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$AQOXU^6MyWMZwYwe{^YQ_oe[_]MrUXQKsZQ_UY?`]`X` pdQXQ]UYUePQZ[X`yMZTQdQ_$6^WV^ZpXK[iXS_O[\S]O\S"6Ci#@mROXNS\VSU8KUmV]O\S 6OUKXpC[YP&6[&B\WKXqKXgweUdM]Q_Q__U&LUdM]Q__Q$CPMYweRMMXUdQ_XQ]UUXQUXSUXUNUXSU aQ]UXQ]QW$8DpAtTQZPU^XUW;MWtX_Q^UUXQUyNU]XUzUTMWWwZPMNQWXQZ_UXQ]PUXQSQ_U]UXPU&pZUaQ]^U_Q% FMZMdUUyNU]XUzUZUZSQXUy_U]UXYQ^UZQdsZQXUWrMXwyYMXM]wZ^t]Pt]tXQOQzUZQPMU]WM]ywXwWXwRUWU] MXwyaQ]UyUdM\wXPw&

(44)

0+

FEDC 0*

7tS]SW ))=MeU]MZ*(),nM]yMYNM CPMYweUXQ?t_MTdM=MXW9zU_UYAQ]WQeU5&F&C&AtPt]XtztaQ?t_MTdMAQ^XQWU9zU_UY AQ]WQeUAtPt]XtztUyNU]XUzUZPQ$CPMYwePM\O[]SPSUKVpRST`OXOtS]SWSPteQZXQZYQdQ NMyXMZPw&=UVdQZQzU_UYUMXwZYM^wSQ]QWQZ^QW_s]XQ]PQRMMXUdQ__QN`X`ZMZtdQXQ]UYUePQZ SQXQZ_MXQ\XQ]P[z]`X_`^`ZPMNMyXM__wzwYweTUVdQZQzU_UYXQ]UZQ$TMeU]MZMdwN[d`ZOM$RM]WXw ^QW_s]XQ]PQZ.Md]wS]`\_M)-,WUyUWM_wXPw&

JS`K[O] )*=MeU]MZ*(),DQ]yQYNQ Gt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]XtztaQCPMYweUyNU]XUzUZPQ$<QZQXFQW]Q_Q]XUzUYUe ]QTNQ]XUzUZPQWO\VOUVS\O\Slt[OXMSVO[SSVOSrVO]WOaS`K[O]VO[SdM\wXPw&

(45)

BFEDC 0,0- IOXSi`OVO[O4O[K]FKUNSWS ).=MeU]MZ*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^6MyWMZwYwe{^YQ_oe[_]MraQKsZQ_UY ?`]`X`6MyWMZwYweBMRU<t]MX_M]MRwZPMZ$CPMYweMdQZUWMdw_[XMZtdQXQ]UYUeQ$tdQXUW NQ]M_XM]w_MWPUYQPUXPU&

FYZVKX]p ).=MeU]MZ*(),DMeM]_Q^U >m]KR`KHKVS\SqO[SPIpVWKa$>m]KR`K4OVONS`O4KrUKXp>KWSVEK[KkYtV^$>m]KR`K uVhaOVuNK[O\S9OXOVEOU[O]O[S@^RS]]SXqKRSX$>m]KR`KuV9OXOV@OMVS\S4KrUKXp @^\KIpVWKa$>m]KR`KuV9OXOV@OMVS\Si`OVO[SXSXUYX^UYVN^UVK[pZ[YQ[KWNK$ `O[OV`lXO]SWVO[SVO\S_SV]YZV^WU^[^V^rVK[pXpXSrLS[VStSXSXlXOWSa`]S`XMZPw&5d]wOM$ UyNU]XUzUZUZaQStrNU]XUzUZUZ^t]Pt]tXYQ^UZQPMU]WM]ywXwWXwSs]tyXQ]PUXQSQ_U]UXPU&

(46)

FEDC 0.0/

7tS]SW )/=MeU]MZ*(),FMXw G[\XMZ_w^MX[Z`Y`ePM^Q]_URUWMXwSU]UyUYOUXUWQzU_UYXQ]USQ]rQWXQy_U]UXYQdQNMyXMZPw& ?CF<96?t_MTdM=UeYQ_AQ]WQeUAtPt]Xtzt$Gt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]Xtzt aQCPMYweUyNU]XUzUZPQUYeMXMZMZdG`Q^VKWKVp9S[SrSWMSVSU7tS]SWSe\][_[W[XtSQ]QzUZOQ SQ]rQWXQy_U]PUzUYUeQzU_UYXQ]Q$=MeU]MZMdwN[d`ZOM$UWURM]WXwS]`\_M-(WUyUWM_wXPw& ?QZPUUyUZUW`]YMWU^_QdQZSU]UyUYOUXQ]QPQ^_QW[XYMW$_UOM]Q_aQ^MZMdUdQdsZaQ]QOQW[XMZ SU]UyUYOUXQ]WMeMZPw]YMWMYMOwdXMPteQZXQPUzUYUe`dS`XMYMXwSU]UyUYOUXUWQzU_UYXQ]U$(, 5z`^_[^*(),%(*9WUY*(),_M]UTXQ]UZPQPs]_RM]WXwS]`\_M)((WM_wXwYOwUXQSQ]rQWXQy_U]UXQ]QW$ _[\XMYPM)-(dQZUSU]UyUYOUMPMdw^Q]_URUWMMXM]MW$UyPtZdM^wZMWMeMZPw]wXPw&

7tS]SW )0=MeU]MZ%(,GQYY`e*(), G&7&LMRQ]?MXWwZYM5VMZ^wgZPMZPQ^_QWMXYMdMTMWWMeMZMZCPMYwed3U[ONS]OBNK gKVprWK\peZ[YTO\SUXQh6Ue8MZwyYMZXwWiRU]YM^w`eYMZwAQTYQ_9y^Ue_M]MRwZPMZ?HGFC rMXwyMZXM]wZM)(StZ$/(^MM_QzU_UYaQ]UXPU& 6`WM\^MYPMWUrMXwyYMXM]wYweUrUZQWU\[X`y_`]`XM]MW$_tYrMXwyMZXM]wZPMWM_wXwYwaQWM_Ww^w ^MzXMZPw&5d]wOM$GC665W]QPU_M^d[ZF_MZPM]PwgZwZ$CPMYwePM`dS`XMZYMW_M[XMZGF9 9B>FC1(()2*((0?MXU_QKsZQ_UYFU^_QYUUXQQZ_QS]QQPUXYQ^UZQdsZQXUWdM]M]XwrMXwyYMXM] dM\wXPw&

(47)

BFEDC 00

>KL^V *,=MeU]MZ*(),FMXw 3ULKXU>m]KR`Kq^LO\S@mNm[m@O]SXgOVSU$KsZQ_UY?`]`X`Y`eMZQeMWQ_eUdM]Q_UZPQ N`X`ZM]MW$RMMXUdQ_XQ]W[Z`^`ZPMRUWU]MXwyaQ]UyUZPQN`X`ZP`&

(48)

F7 @ @ G J

(49)

1+

BFEDC 1*

7tS]SW (/%)(GQYY`e*(), CPMYweUXQ?t_MTdM=MXW9zU_UYAQ]WQeU5&F&C&AtPt]XtztaQ?t_MTdMAQ^XQWU9zU_UY AQ]WQeUAtPt]XtztUyNU]XUzUZPQ$CPMYwePM\O[]SPSUKVpRST`OXOtS]SWVO[SSQ]rQWXQy_U]UXPU& =UVdQZQzU_UYUMXwZYM^wSQ]QWQZ^QW_s]XQ]PQRMMXUdQ__QN`X`ZMZtdQXQ]UYUePQZSQXQZ_MXQ\XQ] P[z]`X_`^`ZPM=MeU]MZMdwZPMPteQZXQZYQdQNMyXMZMZTUVdQZQzU_UYXQ]UZQ$_QYY`eMdw N[d`ZOM$RM]WXw^QW_s]XQ]PQZ.Md]wS]`\_M*()WUyUWM_wXPw&

7]USXVSU (/%(0%(1GQYY`e*(), F[^dMX_Q^U^UYUe5XMEQ^_[]MZgPM$QOVOXOU\OVSP]K[`OWOtSYUeSQ]rQWXQy_U]UXPU&prStZ ^t]QZSQXQZQW^QXUR_M]dQYQzUYUePQ$?t_MTdM\][_[W[Xt$AQ^XQW?[YU_QXQ]U$AQOXU^$KsZQ_UY ?`]`X`pdQXQ]UYUeaQPUzQ]tdQXQ]UYUe[XYMWteQ]Q)+0(WUyUYU^MRU]QPUXPU&

(50)

FEDC 1,EC FYZVKX]p )-GQYY`e*(),FMXw LMRQ]?MXWwZYM5VMZ^wgZPMZPQ^_QWMXYMdMTMWWMeMZMZ?m]KR`K@K[UKVK[pFKXp]pW @O[UOaSZ[YTOWSaUKZ\KWpXNKUSSaVOWO_ONOtO[VOXNS[WO]YZVKX]p\pCPMYwePM SQ]rQWXQy_U]UXPU&LMRQ]?MXWwZYM5VMZ^w"L9?5#{eXQYQHeYMZXM]wA`]M_xQZQ]aQAQTYQ_ ;M_UTFQaQ]gUZWM_wXPwWXM]w_[\XMZ_wdM$\][VQQWUNUYUePQdQ]MXMZ$KsZQ_UY?`]`X`6MyWMZ KM]PwYOwYweFMXUTnQ_UZQ]$KsZQ_UY?`]`X`pdQXQ]UYUe5XU?[ZS`aQ;M_UT5XWwy$<QZQX FQW]Q_Q]UYUeFMXUTBMRU5Xwr$<QZQXFQW]Q_Q]KM]PwYOwYwepY]MZ?Q]_Uy$\Q]^[ZQXUYUeAtSQ xMTNMeTMew]N`X`ZP`&

>KL^V )0GQYY`e*(),7`YM 5^WR^[S`O];KVUCK[]S\S"5;C#EY\`KVCYVS]SUKVK[9OXOV4KrUKXIK[NpWMp\p4^[RKX qOXK]KVK[$CPMYweweUdM]Q_Q__U&LUdM]Q__Q$?t_MTdMgZwZQW[Z[YUWaQ^[^dMXP`]`Y`$_UOM]Q_ aQ^MZMdUUXQdM_w]wYUYWMZXM]w$[PMYwewZQzU_UYRMMXUdQ_XQ]UaQ\][VQXQ]UUXQ$tZUaQ]^U_Q%^MZMdU UyNU]XUzUrMXwyYMXM]wYweW[Z`XM]wZPMNUXSU\MdXMywXPw&

(51)

BFEDC 1.

IK[NpW )(%*-GQYY`e*(), ;UZMZ^YMZwGt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU"GC66#UXQ[PMYwe_M]MRwZPMZWM]ywXMZMZaQ UT_UdMr^MTU\XQ]UZQPMzw_wXYMWteQ]QTQ]dwXEMYMeMZMdwZPMTMew]XMZMZQpNK`K[NpWVK[p PMzw_wXPw&=Q]NU]UdMWXMywW--G@&PQzQ]UZPQWUSwPMdM]PwY\MWQ_XQ]U$KsZQ_UY?`]`X`aQ AQOXU^tdQXQ]UYUe$AQ^XQW?[YU_Q^U6MyWMZXM]wYweaQrMXwyMZXM]wYwe[XYMWteQ]QdMWXMywW.( WUyUZUZM]MOwXwzwdXM$UT_UdMr^MTUNU/((MUXQdQ`XMy_w]wXPw&

(52)

3 s G E FB E

(53)

)()

BFEDC )((

7tS]SW (,%),5z`^_[^*(),'*-5z`^_[^%(,9dXtX G[\XMZ_w^MX[Z`Y`ePM^Q]_URUWMXwSU]UyUYOUXUWQzU_UYXQ]USQ]rQWXQy_U]UXPU&?CF<96?t_MTdM =UeYQ_AQ]WQeUAtPt]Xtzt$Gt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]XtztaQCPMYweUyNU]XUzUZPQ UYeMXMZMZdG`Q^VKWKVp9S[SrSWMSVSU7tS]SWSe\][_[W[XtSQ]QzUZOQSQ]rQWXQy_U]PUzUYUe QzU_UYXQ]Q$5z`^_[^MdwPsZQYUZPQ$UWURM]WXwS]`\_M-(WUyUWM_wXPw&

FYZVKX]p (/5z`^_[^*(),DQ]yQYNQ Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzUTUYMdQ^UZPQ5ZWM]MgPMSQ]rQWXQy_U]UXQZH<<&Fm[US`O FSMK[O]_OEKXK`Sq^[K\pgZM$KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$9SQ6sXSQ^U^seOt^t [XM]MWWM_wXPw&{XUYUeUZaQNsXSQYUeUZ$`XMywY$X[VU^_UWP`]`Y`$NsXSQPQWUUyStOtaQU^_UTPMY$ QW[Z[YUWaQ_UOM]UP`]`Y$^MZMdU$[]SMZUeQ^MZMdUNsXSQXQ]UUXQUXSUXUNQWXQZ_UXQ]$UyXQ_YQXQ]UZ RUZMZ^MX^[]`ZXM]w$9SQ6sXSQ^UgZUZ^[]`ZXM]waQrsetYsZQ]UXQ]UTMWWwZPMNUXSUXQ]aQ]PU&

(54)

FEDC )(*)(+

IOXSi`OVO[O4O[K]FKUNSWS ))5z`^_[^*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

>KL^V )+5z`^_[^*(),nM]yMYNM 6^WV^ZpXK[iXS_O[\S]O\S"6Ci#uVKRS`K]8KUmV]O\S6OUKXpC[YP&6[&4SVKV>OWSUVS$ KsZQ_UY?`]`X`Y`eMZQeMWQ_eUdM]Q_UZPQN`X`ZP`&Kt]t_tXQZrMXwyYMXM]aQSQ]rQWXQy_U]UXQZ RMMXUdQ_XQ]W[Z`^`ZPMWM]ywXwWXwSs]tyYQdM\wXPw&?t_MTdMgZwZ_UOM]UaQQW[Z[YUWSQXUyYQ^UZQ WM_WwPMN`X`ZMOMWUyaQTUeYQ_XQ]PQCPMYwewZUyNU]XUzUZQTMew][XP`z`URMPQQPUXPU&

(55)

)(-

BFEDC )(,

7tS]SW )+%),5z`^_[^*(), CPMYweUXQ?t_MTdM=MXW9zU_UYAQ]WQeU5&F&C&AtPt]XtztUyNU]XUzUZPQ=MeU]MZMdwZPM SQ]rQWXQy_U]UXYQdQNMyXMZMZ^Q]_URUWMXwTUVdQZQzU_UYXQ]UZUZPQaMYw[XM]MW$CPMYwePM*1 WM_wXwYOwUXQ).^MM_XUWRST`OXOtS]SWSSQ]rQWXQy_U]UXPU&

JS`K[O] )15z`^_[^*(),FMXw KsZQ_UY?`]`X`Y`e`ZaQAQOXU^8UaMZwYwewZWM_wXwYwdXM$UXUYUeQ3tp[5OaKDOS\SYVK[KU K]KXKX@^RKWWONIK_^agMZQeMWQ_eUdM]Q_UdM\wXM]MW$UdUPUXQWXQ]UYUe$_QN]UWaQNMyM]w _QYQZZUYUe^`Z`XP`&5d]wOM?t_MTdMgPM^[^dMXaQQW[Z[YUWMrwPMZUdUXQy_U]YQdQWM_Ww ^MzXMdMOMWrMXwyYMaQRMMXUdQ_XQ]PQCPMYwewZUyNU]XUzUZQTMew][XP`z`NQXU]_UXPU& 5dZwStZ$UXUYUePQdQZUSs]QaQNMyXMdMZuV=KXNK[WK>YW^]KXp=&3VL&@^\]KPKGt^[$ YMWMYwZPMeUdM]Q_QPUXQ]QW?t_MTdMgPMWUSs]QaUZUZTMdw]Xw[XYM^wZMPMU]UdUPUXQWXQ]UYUe ^`Z`XP`&pXWQYUeaQUXUYUeXQUXSUXUStZOQXW[Z`XM]wZPMSs]tytXPtzteUdM]Q__Q$CPMYwewZ W`]`Y^MXdM\w^waQrMXwyYMXM]wTMWWwZPMNUXSUXQ]\MdXMywXM]MWCPMYwewZ$UXUYUePQWUPUzQ] W`]`YaQW`]`X`yXM]UXQUyNU]XUzUZQPQaMYQPQOQzUNUXPU]UXPU&

(56)

7 I ?i ?

(57)

BFEDC )(0)(1

>KL^V (*9dXtX*(),FMXw {XUYUeQ3tp[5OaKDOS\SYVK[KUK]KXKX@^RKWWONIK_^a$KsZQ_UY?`]`X`Y`eMUMPQ%U eUdM]Q__QN`X`ZM]MW$MPXUdM]SwaQSs]QaXQ]UUXQrMXwyYMNUrUYXQ]UW[Z`^`ZPMNUXSU\MdXMy_w& KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MXPM$?t_MTdMUrUZdM\wXMOMWrMXwyYMXM]PM$CPMYwewZ teQ]UZQPtyQZSs]QaXQ]UdQ]UZQSQ_U]YQdQTMew][XP`z`Z`URMPQQ__U&

F_C[YQ[KWp (09dXtX*(),DMeM]_Q^U KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$5A45%OUKXKVpXNKMKXVp`K`pXVKXKXd8SXKX\ 5KPOe_QXQaUed[Z\][S]MYwZMW[Z`W[XP`& D][S]MY^`Z`O`^`Z`Z^[]`XM]wZwOQaM\XMZPw]MZ6MyWMZwYwe$RUZMZ^aQ\M]M\[XU_UWMXM]wUXQRMUe []MZXM]w$N`SQXUyYQXQ]UZUyPtZdM^wZMdMZ^wYMXM]wTMWWwZPMMrwWXMYMXM]PMN`X`ZP`&GtOOM] aQ^MZMdUOUXQ]UZ$\UdM^MPMWU[X`Y^`eX`WXM]PMZQ_WUXQZYQPQZ$UyXQ_YQXQ]UZUaQ_QWZ[X[VUXQ]UZU dQZUXQYQXQ]UZUZsZQYXU[XP`z`Z`NQXU]__U&

(58)

)))

FEDC ))(

IOXSi`OVO[O4O[K]FKUNSWS )-9dXtX*(),DMeM]_Q^U 5dXwW[XMzMZYQOXU^_[\XMZ_wYwesZOQ^UZPQ$AQOXU^aQKsZQ_UY?`]`X`pdQXQ]UYUeUXQAQ^XQW ?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPMPteQZXQZQZMWyMY dQYQzUZPQ$CPMYweMdQZUWMdw_[XMZpdQXQ]UYUeQ$pdQXUW6Q]M_XM]w_MWPUYQPUXPU&

4SVQSVOXNS[WOFYZVKX]p\p )/9dXtX*(),nM]yMYNM FORVSUOVS_OgYUFORVSUOVSur>YVVK[pXNKUSurEKtVptp_O9m_OXVStSLSVQSVOXNS[WO ]YZVKX]p\p$CPMYwePMSQ]rQWXQy_U]UXPU&G[\XMZ_wdM$Gt]WUdQ{y?`]`Y`?t_MTdM{XAtPt]t ;&9]QZGt]WYQZaQPUzQ]{yW`]dQ_WUXUXQ]U$tdQYUeUyXQ_YQXQ]UZdQ_WUXUXQ]UWM_wXPw&G[\XMZ_wPM$ .++)FMdwXw{yFMzXwzwaQ<taQZXUzU?MZ`Z`TMWWwZPM$Md]wOM$HeYMZXMyYwyAQ^XQW9PUZPU]YQ AQ]WQeU"HA9A#6QOQ]Ug)(\][VQ^UW[Z`^`ZPMNUXSUXQ]aQ]UXPU&5d]wOM$_QTXUWQXUaQr[W_QTXUWQXU ^wZwR_MdQ]MXMZUyW[XXM]wZPMrMXwyMZXM]wZQzU_UYUT_UdMrXM]waQWMZ`ZWM\^MYwZPMWUPUzQ] T`^`^XM]TMWWwZPMYteMWQ]QdM\wXPw&

(59)

BFEDC ))*))+

JS`K[O] )19dXtX*(),7`YM 8`YX`\wZM]pZUaQ]^U_Q^UAtTQZPU^XUW;MWtX_Q^U8QWMZXwzwUXQCPMYweSU]UyUYUaQUyNU]XUzUZPQ TMew]XMZMZ4lVQOEKXK`SB[`KX]K\`YX^EY\`KVEY[^WV^V^UC[YTO\ScZUZ?t_MTdM ^MZMdU^UZQ_MZw_wXYM^wUrUZ$B[QKXSaOEKXK`S4lVQO\ScXNOPKKVS`O]Ql\]O[OXSrVO]WOVO[ eUdM]Q_QPUXQ]QW$dQ_WUXUXQ]Q\][VQTMWWwZPMaQdt]t_tXQZrMXwyYMXM]W[Z`^`ZPMNUXSUXQ]aQ]UXPU&

>KL^V *+9dXtX*(),FMXw >SMU4YU\6mX`KqKWZS`YX^YVKX>m]KR`KVpWSVVS\ZY[M^uVUX^[9ONSU$>SMU4YU\ 8ONO[K\`YX^6KXprWK>^[^V^i`O\S_O>SMU4YU\uVFOW\SVMS\S3RWO]3[KLKMp _O3X][OXl[5OXQSaFKrNOVOXUXQNU]XUW_Q$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U&6MyWMZwYwe BMRU<t]MX$8tZdMxMY\Ud[Z`{XWZ`]<QPUWgU_QN]UWQ__UaQNMyM]wXM]wZwZPQaMYwZwPUXQdQ]QW$ CPMYweMPwZMTQPUdQXQ]UZUaQ]PU& 3`XpQmX$@m\]KUSVEKXK`SMS_OurKNKWVK[p6O[XOtS"@iEu36#>m]KR`KuV4KrUKXp IpVWKa>p[NK[_OLO[KLO[SXNOUSNO[XOUm`OVO[S$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U& LUdM]Q__Q$?t_MTdMaQGt]WUdQStZPQYUZQPMU]StZOQXW[Z`XM]UXQQW[Z[YUWaQ_UOM]UP`]`Y W[Z`^`ZPMYteMWQ]QdM\wXPw&5d]wOM$UyPtZdM^wZwZ^[]`YX`X`WXM]waQYQae`M_XM]M`d`Y TMWWwZPMNUXSUMXwyaQ]UyUZPQN`X`Z`XP`&

(60)

FEDC )),))- FYZVKX]p */9dXtX*(),7`YM]_Q^U 3P`YXUK[KRS\K[>Y[OVFO[WKVB]OVcNOQO[kOUVOr]S[SVOXJKPO[>KVUpXWK3TKX\p"J7>3# *(),`pVpNYU^a^XM^IlXO]SW>^[^V^FYZVKX]p\pZM$KsZQ_UY?`]`X`6MyWMZwYweaQ L9?5KsZQ_UY?`]`X`pdQ^UBMRU<t]MXWM_wXPw&G[\XMZ_wPM$*()-KwXwnMXwyYMD][S]MYwaQ GM^XMW6t_rQ^U$*()-KwXwD][VQGQWXURnMz]wXM]w$*(),KwXw8[z]`PMZ;MMXUdQ_8Q^_QW"8;8# 6Mya`]`XM]w$\][VQXQ]XQUXSUXU_MXQ\XQ]aQUPM]UW[Z`XM]Ss]tytXPt&

8^K[ *09dXtX*(),DMeM] CPMYwe)*&AQ^XQW?[YU_Q^U_M]MRwZPMZ[X`y_`]`XMZ,-WUyUXUWTQdQ_UXQ{^_MZN`XgPM SQ]rQWXQy_U]UXQZdFiI3C%3tKkurVOWO@KUSXOVO[S8^K[peZMStZtNU]XUWeUdM]Q_dM\wXPw&

(61)

))/

BFEDC )).

JS`K[O] *19dXtX*(),DMeM]_Q^U IlXO]SW>^[^V^4KrUKXpWpaAKPS9m[KVLKrUKXVptpXNKUSBNKWpaRO`O]S$\KXK`SNO PKKVS`O]Ql\]O[OXm`OWSaSrVO]WOVO[SX`O]USVSVO[SSVOltVO`OWOtSXNOUS]YZVKX]pPM N`X`y_`&6QyUZOUaQ)*&AQ^XQW?[YU_QYUepdQXQ]U$N`YQ^XQWS]`N`ZPMWMdw_XwN`X`ZMZ tdQXQ]UZ^QW_s]_QY^UXOUXQ]U[XM]MW_[\XMZ_wPMTMew]N`X`ZP`&FMZMdU^U_Q^UZPQRMMXUdQ_Ss^_Q]QZ tdQYUeUyXQ_YQXQ]UZ^[]`ZXM]wZwZdQ]UZPQ_Q^\U_UaQrsetYsZQ]UXQ]UZUZt]Q_UXYQ^UMYMOwdXM SQ]rQWXQy_U]UXQZdQYQWXU_[\XMZ_wPM$UyXQ_YQdQ_WUXUXQ]UUXQU^_UyM]QdM\wXM]MW$tdQXQ]UZ^[]`ZXM]w aQrsetYsZQ]UXQ]UYteMWQ]QQPUXPU&

FYZVKX]p +(9dXtX*(),FMXw *(),`pVpSUSXMS@O\VOU>YWS]OVO[S@mr]O[OUFYZVKX]p\p$^[^dMX_Q^U^UYUePQdM\wXMZ WMTaMX_wZwZM]PwZPMZ$_[\XMZ_w^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU&8teQZXQZQZWMTaMX_wdMW[Z`W [XMZ?t_MTdM6QXQPUdQ6MyWMZw?MYUXFM]Mr[zX`$UyPtZdM^w_QY^UXOUXQ]UZQTU_M\QPQ]QW$ UXUYUePQ_UOM]Q_aQ^MZMdUZUZP`]`Y`$[]SMZUeQ^MZMdUNsXSQXQ]U$_`]UeYaQ_MZw_wY\[_MZ^UdQXU UXQN`MXMZPMWUrMXwyYMXM]$_Q]YMX_`]UeY$WQZ_^QXPsZtytY$QzU_UY$^[^dMXRMMXUdQ_XQ]SUNU W[Z`XM]PMSQ]rQWXQy_U]UXQZRMMXUdQ_XQ]aQ\XMZXMZMZ\][VQXQ]TMWWwZPMNUXSUaQ]PU&

(62)

7 > u@

(63)

)*)

BFEDC )*(

gKVpr]K` )(%))9WUY*(), Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU"GC66#_M]MRwZPMZGC66TUeYQ_NUZM^wZPMSQ]rQWXQy_U]UXQZ ESQY[]K3MOX]OVO[SgKVpr]K`pZM$KsZQ_UY?`]`X`A`TM^U\pdQYUe5XU?[ZS`$GC66FUS[]_M 5OQZ_QXQ]UFQW_s]AQOXU^U6MyWMZIQWUXU[XM]MWWM_wXPw&GtYUXXQ]PQZ^QW_s]_QY^UXOUXQ]UZUZ WM_wXPwzwrMXwy_MdPM$^US[]_MMOQZ_QXUzUMXMZwZPMRMMXUdQ_Ss^_Q]QZUyXQ_YQXQ]UZ^[]`ZXM]w TMWWwZPMSs]tyMXwyaQ]UyUdM\wXM]MW$sZtYtePQWUtrdwXMPMU]TQPQRXQ]aQ\XMZXM]NQXU]XQZPU&

FYZVKX]p ))9WUY*(),7`YM]_Q^U KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$@^tVKFSMK[O]_OEKXK`SBNK\p@OMVS\ FYZVKX]p\pgZMW[Z`W[XM]MW$TMeU]`ZMTU_M\Q__U&pXWQQW[Z[YU^UaQStZOQXSQXUyYQXQ]U PQzQ]XQZPU]PUzUW[Z`yYM^wZPM$*(*+dwXwZPMGt]WUdQQW[Z[YU^UZUZPtZdMZwZUXW)( QW[Z[YU^UM]M^wZMSU]YQ^UTQPQRUZQdsZQXUWUyPtZdM^wMrw^wZPMZSs]tyXQ]UZU\MdXMy_w&6` TQPQRQ`XMywXMNUXYQ^U$tXWQQW[Z[YU^UZUZNtdtYQ^UaQSQXUyQNUXYQ^UUrUZ$tXWQYUePQWUYUW][ UyXQ_YQXQ]UZPQNtdt_tXYQ^USQ]QW_UzUZUNQXU]__U&5d]wOM$MUXQyU]WQ_XQ]UaQW`]`Y^MXXMyYM TMWWwZPMWUNUXSUXQ]UZU$_QO]tNQaQ_Ma^UdQXQ]UZU\MdXMy_w&

(64)

)*+

FEDC )**

EOWSXO[ ).9WUY*(),DQ]yQYNQ CPMYweUXQGt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU"GC66#9W[Z[YUaQGQWZ[X[VUpZUaQ]^U_Q^U "9Gp#UyNU]XUzUZPQ$_[\XMZ_w^MX[Z`Y`ePMFY[LKIK\K\OWSXO[SSQ]rQWXQy_U]UXPU&nMXwyYM aQF[^dMX<taQZXUW6MWMZXwzw6MyYtRQ__UyU{^M?M]MWMy^`Z`Y`ZPMWU^QYUZQ]PQ3WMZ`ZPM dM\wXMZPQzUyUWXUWaQSQ_U]UXQZdQZUXUWXQ]${yFMzXwzwaQ<taQZXUzU$F[^dMX<taQZXUW${y?MZ`Z`$ FQZPUWMXM]${x?HEaQKMNMZOwXM]AQae`M_w$F<?"FF?%6Mz%?`]%9YQWXUFMZPwzw#\]UYXQ]U$ UPM]U\M]MOQeMXM]wUXQPUzQ]N[]rXM]wZdM\wXMZPw]wXYM^waQ`dS`XMYMXM]wTMWWwZPMMd]wZ_wXw NUXSUXQ]aQ]UXPU&

7]USXVSU *(9WUY*(),DMeM]_Q^U 5dXwWCXMzMZAQOXU^G[\XMZ_wYwesZOQ^UZPQ$UYX^UVK[pWpa$@OMVS\_OIlXO]SW>^[^V^ i`OVO[SWSauVO@O\VOU>YWS]O\S4KrUKXVK[pWpapX_Oi`OVO[SWSaSXUK]pVpWpXNK$^[^dMX _Q^U^UYUemXqEQ^_[]MZgPMKUrKW`OWOtSPteQZXQZPU& KQYQzUZM]PwZPMZSQ]rQWXQy_U]UXQZ@OMVS\FYZVKX]pWpaKu\]KXL^VFSMK[O]iXS_O[\S]O\S DOU]l[mC[YP&6[&AKapW7U[OXSVOu\]KXL^VFSMK[O]iXS_O[\S]O\Sht[O]SW9l[O_VS\S _OFm[US`O5^WR^[S`O]S@O[UOa4KXUK\p"F5@4#4^[\Kq^LO\S6KXprWKXpC[YP& 6[&uVUO[CK[K\paUYX^UYVN^&?[Z`WXM]wYwe$h{yPtZdM^w\Q]^\QW_URUZPQZYMW][QW[Z[YUW SQXUyYQXQ]UXQNQWXQZ_UXQ]UZUeXQZYQ^UaQPQzQ]XQZPU]UXYQ^UiTMWWwZPMTMeU]`ZXMNUXSU\MdXMy_w&

(65)

)*-

BFEDC )*,

FYZVKX]p **9WUY*(),nM]yMYNM @Y]]@KM6YXKVNPS[WK\pSVOGXS5[ONS]4KXU`O]USVSVO[S$KsZQ_UY?`]`X`6MyWMZwYwe BMRU<t]MXUXQ6MyWMZIQWUXUYUe5TYQ_6Mzw]SMZ_M]MRwZPMZCPMYwePMWMN`XQPUXPU&?MN`XPQ dM\wXMZSs]tyYQXQ]PQ$6sXSQ^QXLMRQ]=MaMXUYMZwgZwZPMTMQ_WUZW`XXMZwXYM^wZMdsZQXUW U^_UyM]QdM\wXM]MW$UXUYUeQaQNsXSQYUeQ[X`YX`Q_WUXQ]UPQzQ]XQZPU]UXPU&

EOWSXO[ *+9WUY*(),DQ]yQYNQ CPMYweUXQ?t_MTdM8QR_Q]PM]XwzwUyNU]XUzUZPQ$_[\XMZ_w^MX[Z`Y`ePMFY[LKIK\K\OWSXO[S SQ]rQWXQy_U]UXPU&+(5z`^_[^IQ]SU8MU]Q^UAtPt]tAQaXt_5X_wZ_MyUXQnUZUXUIQ]SU8MU]Q^U AtPt]tAQTYQ_KMzOwgZwZ^`Z`YXM]wZPMdM\wXMZ^QYUZQ]PQ3h..-*FMdwXw{y?MZ`Z`UXQ 6Mew?MZ`ZaQ?MZ`Z=tWYtZPQ?M]M]ZMYQXQ]PQ8QzUyUWXUWKM\wXYM^wUXQ6Mew5XMOMWXM]wZ KQZUPQZKM\wXMZPw]wXYM^wZM8MU]?MZ`ZiUXQSQ_U]UXQZdQZUXUWXQ]aQPteQZXQYQXQ]W[Z`^`ZPM NUXSUXQ]aQ]UXQ]QW$WM_wXwYOwXM]wZ^[]`XM]wOQaM\XMZPw]wXPw&

(66)

FEDC )*.

JS`K[O] +)9WUY*(),7`YM 8`YX`\wZM]pZUaQ]^U_Q^UAtTQZPU^XUW;MWtX_Q^U8QWMZXwzwUXQCPMYweSU]UyUYUaQUyNU]XUzUZPQ TMew]XMZMZaQdt]t_tXQZh6sXSQFMZMdUC]dMZ_M^d[Z`F[^dMXF[]`YX`X`WD][VQ^UgZUZ?t_MTdM ^MZMdU^UZQ_MZw_wXYM^wUrUZ$SrVO]WOaS`K[O]VO[SdM\wXM]MW$dQ_WUXUXQ]Q\][VQTMWWwZPMaQ dt]t_tXQZrMXwyYMXM]W[Z`^`ZPMNUXSUXQ]aQ]UXPU&

(67)

> 3 E <@

(68)

)+)

FEDC )+(

6OXO]SW ))?M^wY*(),FMXw Gt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU"GC66#CPM'6[]^M5W]QPU_M^d[ZFU^_QYUSQ]QzUZOQ$Fm[U ?Y`N^HKUPpNOXO]kS\S]K[KPpXNKX$CPMYwePMd3U[ONS]OBNKeLOVQO`OXSVOWONOXO]SWS SQ]rQWXQy_U]UXPU&8QZQ_UYUZMrwXwyaQWM\MZwy_[\XMZ_wXM]wZM$KsZQ_UY?`]`X`6MyWMZwYweBMRU <t]MXUXQKsZQ_UY?`]`X`pdQXQ]UYUe$5W]QPU_M^d[Z{eXQYQ?[YU_QYUepdQXQ]UaQrMXwyMZXM]wYwe WM_wXPw&prdwXPMNU]dQ]UZPQdM\wXMZMW]QPU_M^d[ZPQZQ_UYUZQ_UOQ^UZPQ7^QaUdQ^UZPQMW]QPU_Q [XMZCPMYwe$6^QaUdQ^UZQdtW^QXPU&

6OXO]SW )+?M^wY*(),DQ]yQYNQ Fm[UE]KXNK[NVK[p7X\]S]m\m"FE7#LKrNOXO]kS\S]K[KPpXNKX$CPMYwePMFE<EB)(((* @mr]O[S@OWX^XS`O]SIlXO]SWES\]OWSLOVQOVOXNS[WONOXO]SWSSQ]rQWXQy_U]UXPU&6`Pwy PQZQ_UY^[Z`O`ZPM3GF9gPQZNQXSQMXYMdMTMWWMeMZMZCPMYwe$[PM'N[]^MOMYUM^wZPM N`dsZQ_UY^U^_QYUZU`dS`XMYMdMMXM]MW$tdQYQYZ`ZUdQ_U[PMWXwrMXwyYM\]QZ^UNUZU UdUXQy_U]QZ[ZNQyUZOU_UOM]Q_aQ^MZMdU[PM^w[XP`&

(69)

)++

BFEDC )+*

7]USXVSU )+?M^wY*(),DQ]yQYNQ CPMYwe^[^dMX_Q^U^UmXqEQ^_[]MZPM$>m]KR`K\ZY[cKWY[KV_OWY]S_K\`YX`OWOtS PteQZXQZPU&KsZQ_UY?`]`X`pdQXQ]UYUe$?t_MTdM^\[]dQ_WUXUXQ]UaQR`_N[XO`XM]wZWM_wXPwzw MWyMYdQYQzU^[Z`ZPM$?t_MTdM^\[]6MyWMZIQWUXUFQXUY8`]YMe$KsZQ_UY?`]`X`6MyWMZ KM]PwYOwYwe5TYQ_KMeM][zX`gZM$StZtZMZw^wZM?t_MTdM^\[]RXMYM^wTQPUdQQPQ]QW$ CPMYwewZ?t_MTdM^\[]gMdMWwZUXSU^UZPQZP`dP`z`YQYZ`ZUdQ_UaQ_QyQWWt]tNQXU]__U&

6OXO]SW ),?M^wY*(),7`YM Fm[UE]KXNK[NVK[p7X\]S]m\m"FE7#LKrNOXO]kS\S]K[KPpXNKX$CPMYwePMFE7 <EB1(()2*((0>KVS]OIlXO]SWES\]OWSQlaO]SWNOXO]SWSSQ]rQWXQy_U]UXPU&8QZQ_UY ZQ_UOQ^UZPQ$GF9?MXU_QKsZQ_UYFU^_QYU6QXSQYUeUZSQrQ]XUXUzUZUZPQaMYwZMWM]M]aQ]UXPU&

(70)

)+-

FEDC )+,

7]USXVSU )0?M^wY*(),FMXw ?MXU_Q8Q]ZQzU"?MX8Q]#_M]MRwZPMZ{^_MZN`X?[ZS]QAQ]WQeUgZPQSQ]rQWXQy_U]UXQZ*+&>KVS]O >YXQ[O\S@mUOWWOVVStSIKrKWKUY]^[^W^ZM$KsZQ_UY?`]`X`6MyWMZwYweBMRU<t]MX$ W[Z`yYMOw[XM]MWYU^MRU][XP`&

7]USXVSU )1?M^wY*(),nM]yMYNM CPMYwe[]SMZUeM^d[Z`ZPM$Fm[US`Our>^[^W^>m]KR`KuV@mNm[Vmtm_O>BE974 >m]KR`K;SaWO]@O[UOaSSrLS[VStSXNOQO[kOUVOr]S[SVOXQS[SrSWMSVSUOtS]SWSZU _MYMYXMdM]MW$NQXSQMXYMdMTMWWMeMZMZW`]^UdQ]XQ]UZ\O[]SPSUK]KUNSW]l[OXS$_[\XMZ_w ^MX[Z`Y`ePMSQ]rQWXQy_U]UXPU& FQ]_URUWM_MWPUY_s]QZUZUZM]PwZPMZ$Fm[US`O9OXkur3NKWVK[p>YXPONO[K\`YX^"Fi9u># 4KrUKXp7[UKX9m[KV$SU]UyUYOUMPMdXM]wZMTU_M\QPQ]QW$UyPtZdM^wZMPMU]]OM[mLOVO[SXS _O]K_\S`OVO[SXSZK`VKr]p&

(71)

BFEDC )+.)+/

>KL^V 1?M^wY*(),nM]yMYNM >m]KR`K9mW[mU@mNm[mB\WKX7[NYtKX$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U&LUdM]Q__Q$ W`]`X`yUyXQYXQ]UZUZ_MYMYXMZPwzwaQrMXwyYMXM]wZNMyXMPwzwTMWWwZPMNUXSU\MdXMywXM]MW$ dM\wXYM^w\XMZXMZMZrMXwyYMaQRMMXUdQ_XQ]TMWWwZPM$Ss]tyMXwyaQ]UyUZPQN`X`Z`XP`&

>KL^V *.?M^wY*(),nM]yMYNM GV^NKt9mW[mU_OFSMK[O]4lVQO@mNm[m;K\KX7UOXSVO>m]KR`K9mW[mU@mNm[m B\WKX7[NYtKX$KsZQ_UY?`]`X`Y`e`eUdM]Q_Q__U&LUdM]Q__Q$?t_MTdMgPM<tY]tW AtPt]XtztTUeYQ_XQ]UZUZQZUdUyQWUXPQdQ]UZQSQ_U]UXYQ^UUrUZSQ]QWXUrMXwyYMXM]YteMWQ]Q QPUXPU&;UWU]MXwyaQ]UyUdM\wXMZeUdM]Q__Q$U^_UyM]QaQUyNU]XUzUZUZPQaMYQPQOQzUdsZtZPQ WM]ywXwWXwUdUPUXQWXQ]^`Z`XP`&

(72)

FEDC )+0)+1 IOXSi`OVO[O4O[K]FKUNSWS *.?M^wY*(),nM]yMYNM 5dXwWCXMzMZAQOXU^G[\XMZ_wYwesZOQ^UZPQ$W[Z`WXM]wYwewZ$AQOXU^aQKsZQ_UY?`]`X` pdQXQ]UYUe{XQAQ^XQW?[YU_Q^U6MyWMZXM]wYwewZWM_wXwYwZPM$^[^dMX_Q^U^UYUemXqEQ^_[]MZgPM MWyMYdQYQzUPteQZXQZPU&KQZUWMdw_[XMZpdQXQ]UYUeQ$AQOXU^6MyWMZwYwe{^YQ_oe[_]Mr _M]MRwZPMZpdQXUW6Q]M_XM]w_MWPUYQPUXPU&

IK[NpW (,%*0?M^wY*(), ;UZMZ^YMZwGt]WUdQCPMXM]aQ6[]^MXM]6U]XUzU"GC66#aQCPMYwe_M]MRwZPMZWM]ywXMZMZ OtS]SW`K[NpWp${XAUXXU9zU_UYAtPt]Xtzt_M]MRwZPMZUT_UdMr^MTUNU[XP`z`_Q^\U_QPUXQZ,0 [W`XPMZ/,1sz]QZOUdQ$N[_aQWMNMZ[XM]MWPMzw_wXPw&

(73)

3 D 3 ?< >

(74)

),+

FEDC ),*

FYZVKX]p (*5]MXwW*(),FMXw .&YQ^XQWW[YU_QYUeNMyWMZwA`^_MRM?w]M_XwUXQNQ]MNQ]UZPQWUW[YU_QtdQXQ]U$KsZQ_UY ?`]`X`Y`e`eUdM]Q_QPQ]QW$kSXS\OU]l[mXO`lXOVSUS\]SrK[O]YZVKX]p\pSQ]rQWXQy_U]PU& G[\XMZ_wPM3?t_MTdMrUZU^UZUZYM]WMXMyYM^waQ\MeM]XMZYM^wT`^`^`ZPMTMew]XMZMZ]M\[]XM UXSUXUNUXSU^`Z`XP`&5d]wOM$rUZU^QW_s]tZtZUXUYUePQWUYQaO`_P`]`Y`aQN`MXMZPMdt]t_tXQZ rMXwyYMXM]W[Z`^`ZPMSs]tyMXwyaQ]UyUdM\wXPw&

8^K[ (,%(/5]MXwW*(), {eYU]gPQSQ]rQWXQy_U]UXQZF[K_OVF^[UO`8^K[pgZPMUXUYUeUZ_MZw_wXYM^wUrUZMrwXMZ?t_MTdM ^_MZPwZM$IMXUXUWaQ6QXQPUdQUXQUyNU]XUzUdM\wXM]MW[PMYwe_M]MRwZPMZWM_Ww^MzXMZPw&;`M]PM$ _Q]YMX$_M]UT$_`]UeYeQZSUZXUWXQ]U$rUZUaQQX^MZM_XM]w$WtX_t]aQ^MZM_PQzQ]XQ]U$ds]Q^QX XQeeQ_XQ]$SQXQZQW^QXWwdMRQ_XQ]_MZw_wXPw&

Referanslar

Benzer Belgeler

[r]

Kube Pumps have two different unique designed protec- tion systems to prevent any hard metal and similar subs- tances from damaging the pump and engine if they enter the suction

Marmara Üniversitesi Fen Bilimleri Enstitüsü Yüksek Lisans/Doktora Öğrencisi Bülent MERTOĞLU’nun “Lisansüstü tez nasıl yazılır” başlıklı tez çalışması, 24

Bu sayede ulaşmak istediğiniz asıl hedef kitlenin , ürününüzle doğrudan buluşmasını sağlıyor ve tüketicinizin ürününüzü denemesi için fırsat yaratmış oluyoruz..

30 Aralık 1994 tarihinde, polise ifade veren başvuran, polis memuru Ender’in kontrol sırasında aracına ait evrakları kendisine iade etmediğini ve Belediye’ye

çeşidi çeltik ürününden TMO mevzuat hükümleri doğrultusunda numune alınmış olup numune üzerinde TMO 2020 dönemi çeltik alım şartları talimatında

(2) Birbirlerine aşağıdaki usullerden biri ile eklenmiş olan iki veya daha şok ÎLÎNMEKSÎZ BÎTÎG'- den ibaret dizme-koşma [ccmpound] cümle:. • Dizici dirkegiç

Aktarıcı için: kaynak cihazın HDMI çıkış portuna bağlanma yeri Alıcı için: görüntüleme cihazının HDMI giriş portuna bağlanma yeri 3 Aktarım Butonu