The Earth as a Basis for World Economy

7/29/2019 The Earth as a Basis for World Economy

1/52

!

!

!

!

"#$!$%&'#!%(!%!)%(*(!+,!-+&./!01+2+34!

!

!"#

$%#&%#'()*+#

!

!

!

!

!

!

!

5!67$1*%.!893)$&!+,!

"#$!

:;0608"!

5


2/52

!

! *!

,-+()+(.#

!"#$%' (('

!

()*"+,-&*(+)' .'!

*/#'#%"*/'%0'%'0*%"'%1+)2'0*%"0' 3'

!

*/#'&+01+4+2(&%4'%),'2#+4+2(&%4'%0!#&*'%0'$+-),%*(+)'$+"'*/#',(0*"(5-*(+)'+$'"%6'1%*#"(%40'

+)'*/#'#%"*/' ..'

!

*/#'&+01+4+2(&%4'+"(2()'+$'1#*%40' .7'

!

*/#'+%)0' .8'

!

*/#'%("'%),'*/#'*#1!#"%*-"#'090*#1'+$'*/#'#%"*/' :;'

!

*/#'0-)'%),'!4%)#*%"9'()$4-#)'+)'6#%*/#"'%),'&4(1%*#'%0'$+-),%*(+)'$+"'/%"


3/52

!

! **!

Preface

!

"#$! ,+..+=*2>! 7%>$(!=$&$! +&*>*2%..4!=&*''$2?! '=+! 4$%&(! %>+?! %'! '#$! (9>>$('*+2! +,!@&A! BA!8A!

B92.+7!%'!%!'*3$!=#$2!#$!=%(!C#%*&3%2!+,!'#$!0D$19'*E$!C+921*.!+,!'#$!-+&./!:+=$&!C+2,$&$21$?!

%2/!=#$2!#$!#%/!%(F$/!3$!'+!'#*2F!+9'!%!(1#$3$!,+&!'#$!+&>%2*G%'*+2!+,!%!1+2,$&$21$!+2!-+&./!

01+2+34A!5,'$&!%!1.+($!,&*$2/(#*7!'#%'!#%/!$D*('$/!)$'=$$2!9(!,+&!3%24!4$%&(?!B92.+7!#%/!1%..$/!

3$!'+!H+2/+2!,&+3!'#$!C+2'*2$2'?!=*'#!'#*(!=+&F!*2!E*$=A!I*(!7&$3%'9&$!%2/!(9//$2!/$%'#!79'!%2!

%)&97'!$2/!'+!'#$($!7%&'*19.%&!7.%2(?!)9'!#$!#+7$/!'+!'#$!.%('!'#%'!'#$!*/$%(!2+=!$D7&$(($/!*2!'#*(!

)++F!=+9./!)$!$.%)+&%'$/!*2!'#$!/*&$1'*+2!#$!*2/*1%'$/A!

6*21$!#$!*(?!*2!'#*(!=%4?!*2'*3%'$.4!1+22$1'$/!=*'#!=#%'!J!#%E$!'&*$/!'+!7&$($2'!#$&$?!J!,$$.!*'!

&*>#'! '+!(%4!(+3$'#*2>!*2! '#*(!:&$,%1$!%)+9'!#*(! .*,$?!#*(! */$%.(?!%2/!#*(!7&%1'*1%.!%1#*$E$3$2'(A!I$!

=%(!%!3+('!,%&K($$*2>!3%2?!=*'#!%!&$3%&F%).$!,%19.'4!,+&!+&>%2*G%'*+2?!%2/!%!/$.*1%'$!7$&1$7'*+2!,+&!

'#$! L&*>#'! 3+3$2'M! *2! %..! +77+&'92*'*$(! '#%'! 7&$($2'$/! '#$3($.E$(! ,+&! '#$! ,9&'#$&%21$! +,! #*(!

=+&./=*/$!7&+N$1'(A!

I$!=%(!)+&2!*2!54&(#*&$?!61+'.%2/?!*2!OPQP?!%2/!)$>%2!#*(!1%&$$&!=*'#!'&%*2*2>!*2!$2>*2$$&*2>R!

*2! OPSQ?! #$! =%(! $37.+4$/! *2! '#$! 53$&*1%2!-$('*2>#+9($! 0.$1'&*1%.! C+37%24?! )$1+3*2>! .%'$&!

%((*('%2'!3%2%>$&!%2/!'#$2!3%2%>$&!+,!*'(!09&+7$%2!:9).*1*'4!B$7%&'3$2'A!J2!OSOO!#$!#$.7$/!'+!

,+92/?! %2/! )$1%3$! ($1&$'%&4! %2/! '#$! /*&$1'+&! +,! '#$! T&*'*(#! 0.$1'&*1%.! 5..*$/! @%29,%1'9&$&(U!

5((+1*%'*+2! *2! H+2/+2?! F2+=2! %(! '#$! TA0A5A@A5A! I$! /*/! %2! *33$2($! %3+92'! *2! %((*('*2>! '#$!

/$E$.+73$2'! +,! '#$! T&*'*(#! $.$1'&*1%.! *2/9('&4! >$2$&%..4?! %2/! '+=%&/(! '#$! 1.+($! +,! #*(! .*,$! =%(!

$.$1'$/!*2/$7$2/$2'!1#%*&3%2!+,!'#$!0.$1'&*1%.!V%*&!"&%/*2>!C+921*.A!!

"#$($! '#*2>(! 1+2('*'9'$/! '#$! >$2$&%.! )%1F>&+92/! +,! #*(! )9(*2$((! %1'*E*'*$(?! *21.9/*2>!

7%&'*1*7%'*+2! *2! 3%24! +'#$&! +&>%2*G%'*+2(A! T9'! %! 3%2! +,! #*(! 1%.*)$&! %2/! *2(*>#'! 1+9./! 2+'! &$('!

(%'*(,*$/! =*'#!=+&F! *2'+!=#*1#!#$! 1+9./!2+'! /&%=! ,%&! =*/$&!#+&*G+2(A! I$!=%(! *2'$&$('$/! *2!'#$!

=#+.$!+,!#93%2*'4A!52/!'#+9>#!#$!1+9./!(7$%F!2+!=+&/!+,!%24!+'#$&!.%2>9%>$!)9'!#*(!+=2?!#$!=%(!

%.=%4(!*33$/*%'$.4!L%'!#+3$M!=*'#!*2/*E*/9%.(!+,!$E$&4!2%'*+2A!I$! =%(! /$$7.4! *37&$(($/! =*'#! '#$! */$%! '#%'! 3+/$&2! '$1#2*1%.! (1*$21$?! =#*1#! =%(! (+!

'&$3$2/+9(.4! %2/! *21&$%(*2>.4! 7+=$&,9.! %(! %! /$('&91'*E$! ,%1'+&! *2! 1*E*.*G%'*+2?! (#+9./! ,*2/! %!

1+37$2(%'*2>!7+(*'*+2!%(!%!=#+..4!)$2$,*1$2'!%2/!1+2('&91'*E$!,+&1$A!6+!%!4$%&!+&!'=+!%,'$&!'#$!=%&!

#$!1+33$21$/!'+!+&>%2*G$!W!%'!,*&('!=*'#+9'!%24!%((*('%21$!=#%'$E$&?!%2/!.%'$&!=*'#!'#$!(977+&'!+,!

'#$!C+921*.!+,!'#$!TA0A5A@A5A!W!'#$!*2('*'9'*+2?!2+=!%!7$&3%2$2'!+&>%2*G%'*+2?!F2+=2!%(!'#$!-+&./!


4/52

!

! ***!

:+=$&! C+2,$&$21$A! V&+3!3%24!1+2E$&(%'*+2(!J! #%/!=*'#! #*3?!%(! =$..! ,&+3!(9)($X9$2'! $E$2'(?! J!

F2+=!'#%'!#$!&$>%&/$/!'#$!*2('*'9'*+2!+,!'#$!-+&./!:+=$&!C+2,$&$21$!Y%2!%,,%*&!*2!*'($.,!)*>!$2+9>#!

'+!(%'*(,4!'#$!%3)*'*+2(!+,!3+('!3$2!+,!,*,'4K,*E$Z!%(!+2.4!'#$!)$>*22*2>!+,!%!($&*$(!+,!('$7(!*2'$2/$/!

)4!#*3!'+!.$%/!'+!'#%'!$2'*&$.4!2$=!+&*$2'%'*+2!+,!(1*$21$!%2/!*2/9('&4!=#*1#!=%(!3$2'*+2$/!%)+E$?!

%2/!'#$!,+92/%'*+2!+,!%!-+&./!01+2+34A!

"#$!*2%9>9&%.!3$$'*2>!+,!'#$!-+&./!:+=$&!C+2,$&$21$?!%''$2/$/!)4!+E$&!%!'#+9(%2/!/$.$>%'$(!

%2/!3$3)$&(!,&+3!,+&'4!/*,,$&$2'!1+92'&*$(?!'++F!7.%1$!*2!OS[\!%'!-$3).$4?!%2/!=%(!+7$2$/!)4!'#$!

7&$($2'!B9F$!+,!-*2/(+&?!'#$2!:&*21$!+,!-%.$(A!YJ'!*(!=+&'#!2+'*2>!'#%'!,+&!'#$!,*&('!'*3$!(*21$!'#$!

=%&!@&A!B92.+7!(911$$/$/!*2!)&*2>*2>!)+'#!$'#$&!*2!%2!*2'$&2%'*+2%.?!

7&*E%'$.4!+&>%2*G$/!1+2,$&$21$AZ!

J2!%! ('%'$3$2'! +,! '#$! %*3(! +,! '#$!-+&./!:+=$&! C+2,$&$21$?! 79).*(#$/! *2! '#$! N+9&2%.!$-/01#

'2/3)"4# *'!*(!(%*/!'#%'!*'!*(!*2'$2/$/^!L'+!,+&3!%!.*2F!)$'=$$2!/*,,$&$2'!)&%21#$(!+,!7+=$&!%2/!,9$.!

'$1#2+.+>4R!)$'=$$2!'#$!$D7$&'(!+,!'#$!/*,,$&$2'!1+92'&*$(!+,!'#$!=+&./R!)$'=$$2!$2>*2$$&(!+2!'#$!

+2$!#%2/?!%2/!+2!'#$!+'#$&!#%2/?!('%'$(3$2?!%/3*2*('&%'+&(?!(1*$2'*('(?!%2/!$1+2+3*('(AM!5'!'#$!,*&('!

3$$'*2>^!L'#$!7%7$&(!7&$($2'$/!1$2'$&$/!&+92/!'#$!7&+).$3(!+,!3%F*2>!%2!*2E$2'+&4!+,!'#$!2%'9&%.!

&$(+9&1$(!+,!'#$!=+&./?!*2!7+=$&!%2/!,9$.?!%2/!9(*2>!'#*(!&$(+9&1$(!'+!'#$!>&$%'!7+((*).$!%/E%2'%>$AM!

5! &$7+&'! +,! '#$! ,*&('! -+&./! :+=$&! C+2,$&$21$! *2! 56)# 5*7).# Y_9.4! [?! OS[\Z! (%4(^!

L"#$!&$7&$($2'%'*E$(!A!A!A!=*..!3$$'!'+>$'#$&!'+!1+2(*/$&!%2/!/*(19((!'#$!,92/%3$2'%.(!+,!%!($&*$(!

7&+).$3(?! +2! '#$! 7&+7$&! 92/$&('%2/*2>! ,9'9&$! /$E$.+73$2'! +,! '#$! =+&./?! %2/! '#$! 3%'$&*%.! %2/!

(+1*%.!=$.,%&$?!39('!E$&4!.%&>$.4!/$7$2/!A!A!A!"#$!3%*2!1+2(*/$&%'*+2?!92/$&.4*2>!%2/!+E$&&*/*2>!*2!

*37+&'%21$!%..!+'#$&(?!=*..!)$!'#$!2$$/!,+&!%!1+33+2!(7*&*'!+,!$2'$&7&*($!%2/!1+37.$3$2'%&4!$,,+&'!

%3+2>!%..!'#$!2%'*+2(!+,!'#$!=+&./!*2!'#$!$2/$%E+&!'+!#%&2$((!'#$!,+&1$(!+,!8%'9&$!,+&!'#$!1+33+2!

>++/AM!

"#$! >&$%'!*2'$&$('! $E*21$/! )4! '#$! :&*21$! +,!-%.$(! *2!'#$!-+&./!:+=$&!C+2,$&$21$?! %2/! #*(!

(7$$1#!%'!'#$!+7$2*2>?!=$2'!,%&!'+!3%F*2>!*'(!*2%9>9&%'*+2!%2!+9'('%2/*2>!(911$((A!J'(!(9)($X9$2'!

/$E$.+73$2'!92/$&!'#$!>9*/%21$!+,!@&A!B92.+7!Y#$!=%(!C#%*&3%2!+,!'#$!J2'$&2%'*+2%.!0D$19'*E$!

C+921*.Z!=%(!%(!)&*..*%2'!%(!*'!=%(!(+92/A!T9'!#*(!/$%'#!+2!@%4!`a?!OS`b?!.$,'!'#$!,9'9&$!+&*$2'%'*+2!

+,! #*(! >&$%'!=+&F! ('*..! 92+&>%2*G$/R! %.'#+9>#! %! ,$=! 3+2'#(! )$,+&$! #$! /*$/! '#$&$! %77$%&$/! '#$!

)$>*22*2>(!+,!#*(!2$D'!('$7!*2!'#$!79).*1%'*+2!+,!'#$!N+9&2%.?!,+92/$/!)4!#*3?!$-/01#'2/3)"%#"#*(!=%(!

/*(1+2'*29$/!%,'$&!#*(!/$%'#A!

6+3$! 4$%&(! $%&.*$&! #$!#%/! '+./! %2! *2'*3%'$! ,&*$2/! '#%'! #$! %.(+! #+7$/! '+! $('%).*(#! =#%'! #$!

/$(1&*)$/! %'! ,*&('! %(! %! LV+92/%'*+2M! *2! 1+22$1'*+2! =*'#! '#$! -+&./! :+=$&! C+2,$&$21$?! ,+&!

*2E$('*>%'*2>!+2!'#$!(%3$!1+37&$#$2(*E$!.*2$(!'#$!9($(!%2/!%)9($(!+,!$.$1'&*1*'4!*2!#$%.*2>R!%2/!,+&!


5/52

!

! *E!

7&+3+'*2>!(7$1*%.! &$($%&1#$(! *2'+!%..*$/!/$7%&'3$2'(!(91#!%(!%>&*19.'9&$?!$'1A!I*(! *33$/*%'$! %*3!

=%(?!#+=$E$&?!'+!%((*('!'+=%&/(!'#$!,*2%.!$('%).*(#3$2'!+,!%!(4('$3!+,!-+&./!01+2+34A!

"#$!7.%2(!#$!#%/!$3)%&F$/!97+2!=$&$!2+'!79&(9$/!'+!%!,9&'#$&!('%>$!%,'$&!#*(!/$%'#!)4!'#$!

+&>%2*G%'*+2!+,!'#$!-+&./!:+=$&!C+2,$&$21$?!=#*1#!($$3(!'+!#%E$!&$(+.E$/!+2.4!'+!1+2'*29$!@&A!

B92.+7U(!*/$%!+,!$D'$2(*+2!*2'+!'#$!/+3%*2!+,!$1+2+3*1(!*2!(+!,%&!%(!$1+2+3*1!7&+).$3(!/*&$1'.4!

1+22$1'$/!=*'#!:+=$&!%2/!-%'$&!:+=$&!%&$!1+21$&2$/A!

5(!J!($$!2+=?!'=+!4$%&(!%,'$&!#*(!/$%'#?!'#%'!#*(!,%&K&$%1#*2>!7.%2(!#%E$!)$$2!,+&>+''$2?!J!#%E$!

&$(+.E$/! '+! 3%F$! '#*(! 921+37.$'$/! 7.%2! F2+=2?! *2! +&/$&! '#%'! ,9'9&$! 7&+3+'$&(! +,! %! -+&./!

01+2+3*1!C+2,$&$21$!3%4!3%F$!9($!+,!'#$!,+92/%'*+2(!=#*1#!=$!#%/!=+&F$/!+9'!'+>$'#$&A!

"#$! &$%/$&! +,! '#$! ,+..+=*2>! 7%>$(!=*..! &$3$3)$&! '#%'! %! (*2>.$! *2/*E*/9%.! #%(!=&*''$2!'#$3?!

=#$&$%(!*2!'&9'#!'#$!1+..%)+&%'*+2!+,!'#$!(1*$2'*,*1!*2('*'9'*+2(!+,!'#$!=#+.$!$%&'#!=+9./!)$!&$X9*&$/!

'+! )&*2>!=#%'! #%(! )$$2! +9'.*2$/! '+! (%'*(,%1'+&4! %2/! 1+37.$'$! ,9.,*..3$2'A! @+&$! '#%2! '#*(! W! '#$!

1+2'$2'(!+,!'#$!)++F!(#+=!'#%'!'#$!$D*('*2>!*2('*'9'*+2(!=*..!#%E$!'+!)$!/$E$.+7$/!%2/!$D'$2/$/!*2!

2$=!/*&$1'*+2(!*,!'#$!>&$%'!>+%.!*(!'+!)$!&$%1#$/!=#$&$)4!%! 1+37&$#$2(*E$!$1+2+3*1!(1*$21$!3%4!

)$1+3$!'#$!)%(*(!+,!%!-+&./!01+2+34!'#%'!&$%..4!/+$(!$3)&%1$!'#$!=#+.$!$%&'#A!

J,!+&/$&!*(!'+!)$!*2'&+/91$/!*2'+!'#$!1#%+(!+,!-+&./!01+2+34?!&%=!3%'$&*%.(!%2/!'#$!.%=(!+,!

'#$*&!/*('&*)9'*+2!39('!)$!'&%1$/!)%1F!'+!'#$*&!1+(3+.+>*1%.!+&*>*2A!5('&+2+34?!>$+.+>4?!3*2$&%.+>4?!

)+'%24?!G++.+>4?!%2/! >$+>&%7#4!39('!1+..%)+&%'$A!0E$2! 7%.$+2'+.+>4!%2/!'#$! (1*$21$(!'#%'!('9/4!

$%&.*$&!1+2/*'*+2(!+,!'#$!$%&'#!%2/!'#$!92*E$&($?!39('!)$!*21.9/$/A!"#*(!)++F!(#+=(!'#%'!'#*(!*(!2+'!

'#$! /&$%3! +,! %! 3*2/! &$3+'$! ,&+3! %1'9%.*'*$(?! )9'! '#$! 7&%1'*1%.! (+.9'*+2! +,! 9&>$2'! %2/! '+7*1%.!

7&+).$3(?!(91#!,+&!$D%37.$!%(!'#%'!+,!+E$&7&+/91'*+2!%2/!'#$!/*('&*)9'*+2!+,!&%=!3%'$&*%.(A!!

:&+).$3(!%&$!)&+9>#'!,+&=%&/!#$&$!=#*1#!#%E$!2+'!4$'!)$$2!E*(9%.*G$/!+2!(91#!%!(1%.$?!%2/!

(+.9'*+2(!%&$!(9>>$('$/!=#*1#!1+9./!)$1+3$!%1'9%.*'*$(!*,!3$%2(!=$&$!,+92/!'+!.*,'!'#$3!+9'!+,!'#$!

=#*&.7++.!+,!+7*2*+2(!%2/!)%($!'#$3!97+2!2$=!%2/!1+37&$#$2(*E$!*2E$('*>%'*+2(A!J'!#%(!+2.4!)$$2!

7+((*).$!'+!>*E$!%2!+9'.*2$!+,!'#$($!*2E$('*>%'*+2(!,+&!'#$4!%&$!1+21$&2$/!=*'#!7&+).$3(!'#%'!$E*21$!

$E$&4!/%4!'#$!E*'%.*'4!+,!$1+2+3*1!1*&193('%21$?!%2/!1%2!+2.4!%77$%&!'#&+9>#!'#$!/%*.4!&$1+>2*'*+2!

%11+&/$/!'#$3!)4!*2('*'9'*+2(!+,!=+&./=*/$!(1+7$R!%2/!'#$&$,+&$!+2$!*2/*E*/9%.!1%22+'!)&*2>!'#$3!

,+&=%&/!%.+2$A!

J'!=*..!)$!7+*2'$/!+9'!*2!'#$!,+..+=*2>!7%>$(!'#%'!1+2(*/$&%).$!F2+=.$/>$!%1'9%..4!2+=!*2!+9&!

7+(($((*+2! *(!2+'!%77.*$/! *2! '#$!$1+2+3*1!(7#$&$R!%2/! '#%'! %..! *2/9('&*%.! *2('*'9'*+2(!39('! )$! (+!

+&>%2*G$/!%(!'+!%..+=!+,!'#$!,&$$!/*('&*)9'*+2!+,!'#$!F2+=.$/>$!'#%'!*(!&$X9*&$/A!J'!*(!%!X9$('*+2!+,!%2!

$D7+(*'*+2!+,!=#%'!*(!2+=!/$3%2/$/!)4!'#$!1+2/*'*+2(!+,!+9&!'*3$?!2%3$.4?!+,!'#$!+&>%2*G%'*+2!+,!%..!

'#$!(1*$21$(!*2!'#$!($&E*1$!+,!*2/9('&4A!


6/52

!

! E!

c&*>*2%..4!%!3%'#$3%'*1*%2!%2/!7#4(*1*('?!J! $2/$%E+&$/!'+! 1+3)*2$!'#$($!)%(*1!(1*$21$(!=*'#!

'#%'!9&>$!'+=%&/(!F2+=.$/>$!'#%'!*(!$D7&$(($/!*2!79&$!7#*.+(+7#4?!*2!=#*1#!J!'++F!34!/$>&$$!*2!'#$!

]2*E$&(*'4!+,!d*$22%A!69)($X9$2'.4!J!'9&2$/!34!%''$2'*+2!'+!#*('+&4?!%2/!,+&!'#*&'$$2!4$%&(!('9/*$/!

Y%2/!'%9>#'Z!'#$!>&+='#!+,!#93%2!*2('*'9'*+2(!%2/!'#$*&!/$7$2/$21$!97+2!1.*3%'$!%2/!1+(3+.+>*1%.!

,%1'(A!T9'!,+&!%!.+2>!'*3$!J!=%(!%.(+!*37$..$/!'+!*21.9/$!*2!34!=+&F!'#$!(7$1*%.!7&+).$3(!+,!*2/9('&4!

%2/!('%'*('*1(R!(+!'#%'!=#$2!'#$!'*3$!1%3$!,+&!34!1+..%)+&%'*+2!=*'#!@&A!B92.+7!J!,+92/!*'!%'!.%('!

7+((*).$!'+!%77.4!'#$($!('9/*$(!'+!1+21&$'$!7&%1'*1%.!%,,%*&(A!

I%E*2>! 2+=! (911$$/$/! *2! 1.%&*,4*2>! 3%24! (7$1*%.! 7&+).$3(! +,! *2/9('&4?! $(7$1*%..4! '#$*&!

(*>2*,*1%21$!*2! '#$!.*>#'!+,!('%'*('*1(!%2/!'#$*&!%77.*1%'*+2!'+!7&%1'*1%.!7&+).$3(?!J! ,$$.! '#$!2$$/!'+!

7.%1$! )$,+&$! %! =*/$&! 79).*1! =#%'! (#+9./! )$1+3$! 1+33+2! F2+=.$/>$?! *,! ,9'9&$! *2/9('&*%.! %2/!

$1+2+3*1!%&&%2>$3$2'(!%&$!'+!)$!$,,$1'*E$!*2!%!7+(*'*E$!3%22$&A!

J2!'#*(!=%4?!'#$2?!34!$2/$%E+&(!%&$!/*&$1'$/!'+=%&/(!(F$'1#*2>!%2!+9'.*2$!+,!'#$!($1+2/!('$7!

7.%22$/!)4!34!,&*$2/!BA!8A!B92.+7R!%!('$7!2+'!2+=!7+((*).$!+,!,9.,*..3$2'!X9*'$!*2!'#$!/*&$1'!.*2$!+,!

1+2'*29*'4!'#%'!#$!#%/!E*(9%.*G$/!=#$2!#$!,+92/$/!'#$!-+&./!:+=$&!C+2,$&$21$A!I$!=%(!%!>&$%'!

3%2?!=#+($!*22%'$!3+/$('4!,+&)%/$!#*3!'+!($$F!,+&!7$&(+2%.!&$1+>2*'*+2A!"+! '#$!3$3+&4!+,!#*3?!

=#+($!+2.4!/$(*&$!=%(!,+&!'#$!=$.,%&$!+,!#93%2*'4?!J!/$/*1%'$!'#$($!7%>$(A!

!

Hc8Bc8!

@%4!`a'#?!OS`e!


7/52

O' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%2*(3?!%2/!'#%'!7%&'!+,!*'!=#*1#!*(!$3)+/*$/!*2!$1+2+3*1!.*,$?!1%2!)$!3+/*,*$/!)4!3%2R!

)9'! *'! *(! >+E$&2$/! )4! .%=(! 7$19.*%&! '+! *'($.,! %2/! 3%2U(! *2'&9(*+2! 39('! 2$1$((%&*.4! *2'&+/91$!

3+/*,*1%'*+2(!=#*1#!/+!2+'!=#+..4!1+2,+&3!'+!=#%'!#$!#*3($.,!+&*>*2%..4!*2'$2/$/A!J2!1+2($X9$21$!

*'! 1%2! #%77$2! '#%'!3%2! *(! +E$&=#$.3$/! )4! '#$($! $1+2+3*1! ,+&1$(?! %2/! '#9(! *(! /$7&*E$/!+,! '#$!

1+2/*'*+2(!'#%'!%.+2$!7$&3*'!#*3!'+!.*E$A!@%2?!*2!,*>#'*2>!'+!7&$($&E$!#*(!+=2!#93%2!(7#$&$?!1+3$(!

1+2('%2'.4!*2'+!1+2'%1'!=*'#!$1+2+3*1!,+&1$(!=#*1#!*2!'#$*&!$,,$1'!%&$!%2%.+>+9(!'+!%2/!=#*1#!=+&F!

*2!'#$!(%3$!=%4!%(!'#$!7&*3*'*E$!,+&1$(!*2!2%'9&$A!-#%'$E$&!#$!/+$(!39('!$*'#$&!&92!1+92'$&!'+!+&!

*2!1+2N921'*+2!=*'#!'#$($!7$19.*%&!,+&1$(!*2!$1+2+3*1!.*,$?!%2/!'+!%1#*$E$!%!('%2/%&/!)4!=#*1#!#$!

1%2! $2N+4! .*,$! =#*.$! $D7$2/*2>! '#$! 3*2*393! +,! 922$1$((%&4! $,,+&'?! #$! 39('! )$! 1+2'*29%..4!

('&9>>.*2>! %>%*2('! '#$! ,+&1$(! +,! $1+2+3*1! .*,$A! "#*(! (7$1*,*1%..4! #93%2! (7#$&$! *2! '#$! &$%.3! +,!

$1+2+3*1!,+&1$(!*(!%2+'#$&!1+2('*'9$2'!7%&'!+,!'#$!(+1*%.!+&>%2*(3A!

J'!*(!'&9$!'#%'!)+'#!*2/*E*/9%..4!%2/!1+..$1'*E$.4!3%2!*(!%).$!'+!*2%9>9&%'$!3%24!7&+1$(($(!*2!

(+1*%.!+&!$1+2+3*1!$E+.9'*+2R!)9'!'#$!$1+2+3*1!(4('$3!*(!2+'!'#$!&$(9.'!+,!#93%2!%1'*E*'*$(!%.+2$?!*'!

*(!%! 7%&'! +,!'#$! $%&'#!*'($.,A!J'! *(!'#$! 7&$($2'K/%4! '$2/$214!'+! )$! 1+21$&2$/! +2.4!=*'#! *2/*E*/9%.!

2%'*+2(!%2/!>&+97(?!%2/!'+!&$>%&/!'#$!$%&'#!+2.4!%(!'#$!('%>$!+2!=#*1#!'#$!%1'*+2!'%F$(!7.%1$?!%(!'#$!

3$&$!7&+E*/$&!+,!&%=!3%'$&*%.A!J,!=$!1+21$*E$!$1+2+3*1!.*,$!%(!,+&3*2>!7%&'!+,!'#$!.*,$!+,!'#$!=#+.$!

$%&'#?! '#$! 1+37.$D*+2! +,! '#$! 3%''$&! 1#%2>$(! $2'*&$.4?! '#$! *2$D+&%)*.*'4! +,! '#$! $1+2+3*1! ,+&1$(!

.%&>$.4!/*(%77$%&(!%2/!3%2!*(!'#9(!$2%).$/!'+!)9*./!97!#*(!+=2!(7#$&$A!

"#$!1+21$7'*+2!+,!'#$!$%&'#!%(!%!86-0)!$2>$2/$&(!%!,+&3!+,!3+&%.!*379.($!=#*1#?!92.*F$!'#%'!+,!

'#$!c&*$2'!%(!$D$37.*,*$/!*2!*'(!7#*.+(+7#4!%2/!*'(!&$.*>*+2?!*(!2+'!3+&%.!'#&+9>#!%24!1+2(1*+9(!%1'!+,!

'#$!=*..?!)9'!*(!)%($/!+2!%2!+)N$1'*E$!1+37&$#$2(*+2!+,!'#$!$X9*.*)&*93!+,!%..!(9&&+92/*2>!,+&1$(A!J'!

*(!2+'!2$1$((%&4!'+!=%*'!92'*.!%..!2%'*+2%.!%2/!>&+97!$>+*(3!*(!%)+.*(#$/!)$,+&$!$1+2+3*1!.*,$!1%2!)$!

79&>$/R!*'!*(!$2+9>#!'#%'!1+33+2!($2($!(#+9./!)$!>$2$&%..4!%77.*$/!=*'#!'#$!$%&'#!%(!%!=#+.$!'%F$2!%(!*'(!)%(*(A!"+!+)'%*2!%!($2(*).$!E*$=!+,!'#$!$%&'#!=$!39('!($$!*'!2+'!%(!%2!*2%2*3%'$!1.+/!)9'!%(!%!

.*E*2>!+&>%2*(3!=#+($!7+=$&(!%&$!)%.%21$/?!%2/!=#+($!.*,$K,+&1$!&92(!*2'+!*'(!,9&'#$('!$D'&$3*'*$(?!

/$3+2('&%'*2>!'#$!7&*21*7.$!+,!'#$!=#+.$!*2!$E$&4!7%&'?!%2/!'#$!=%4!*2!=#*1#!'#$!=$.,%&$!+,!$%1#!

(91#!7%&'!*(!)+92/!97!=*'#!'#$!=$.,%&$!+,!'#$!=#+.$A!J'!1%2!)$!7$&1$*E$/!'#9(?!'#%'!'#$!$%&'#!(#+9./!

)$!&$>%&/$/!2+'!+2.4!%(!%!.*E*2>!+&>%2*(3!)9'!%(!'#$!7&+/91$&!+,!3+&%.!('*39.*!%.(+A!


8/52

[' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!(%.'(!*2!'#$*&!&++'(!'$2/!'+!)$1+3$!3*2$&%.*G$/?!(+!/+$(!'#$!(+*.!)4!

7&+/91*2>!7.%2'(!)$1+3$!%! .*E*2>!+&>%2*(3?!>+*2>!%(! (91#!'#&+9>#!'#$!($%(+2(!%2/!'%F*2>!7%&'!*2!

1+(3+.+>*1%.! 7&+1$(($(?! '#$!($%(+2(! '#$3($.E$(!)$*2>! '#$!&$(9.'!+,! '#$!&$.%'*+2(#*7! )$'=$$2!'#$!

$%&'#!%2/!'#$!1+(3+(A!J'!*(!2+'?!'#$&$,+&$?!(9,,*1*$2'!'+!/$(1&*)$!'#$!$%&'#!(+.$.4!,&+3!'#$!1#$3*1%.!

7+*2'! +,!E*$=R!*'!39('!)$! /$(1&*)$/! ,&+3! '#$! 1+(3+.+>*1%.! 7+*2'!+,!E*$=!'++R! ,+&! 2+'! +2.4!/+!'#$!

7&+1$(($(! +,! >&+='#?! ).+((+3*2>! %2/! ,&9*'K)$%&*2>! E%&4! =*'#! '#$! ($%(+2(?! )9'?! %(! *'! #%(! )$$2!

$D7$&*3$2'%..4!7&+E$/?!(+!%.(+!/+!(91#!7#$2+3$2%!%(!1&4('%..*G%'*+2(A f!"#*(!=+9./!*37.4!'#%'!'#$!

1+(3+.+>*1%.!1+2('$..%'*+2!%2/!'#$!1+(3*1!.*,$!%&$!%'!=+&F!+2!$E$&4!7.+'!+,!.%2/A!

-#%'!*(!'&9$!,+&!%!(3%..!7.+'!+,!.%2/!*(!$X9%..4!'&9$!,+&!'#$!=#+.$!$%&'#?!%2/!'#*(!*(!'#$!)%(*(!+,!

$1+2+3*1! .*,$A! "#$! .*E*2>! $%&'#?! &$>%&/$/!%(! '#$! ,+92/%'*+2! +,! $1+2+3*1!%2/!(+1*%.! .*,$?! 7&$($2'(!

X9*'$! %! /*,,$&$2'! %(7$1'! *2! '#$!92/$&('%2/*2>!%2/!(+.E*2>!+,! $1+2+3*1!7&+).$3(?! ,&+3!'#$!$%&'#!

=#$2!.++F$/!97+2!W!%(!*'!9(9%..4!*(!W!%(!%!3$&$!+)N$1'!+,!$D7.+*'%'*+2A!

5(! %! 7.%2$'?! '#$! $%&'#! *(! 92/$&>+*2>! 3%24! 7#%($(! +,! >$+.+>*1%.! $E+.9'*+2A! "#$($! *2E+.E$!

3%2*,+./!'&%2(*'*+2(!*2!%..!,+&3(!+,!#93%2?!%2*3%.?!7.%2'!%2/!7.%2$'%&4!.*,$?!*2!%11+&/%21$!=*'#!'#$!

1#%2>$(! *2!1.*3%'*1!1+2/*'*+2(A!0%1#!('%>$!+,!/$E$.+73$2'! *(! '#$!)%(*(! ,+&! '#$!(911$$/*2>!#*>#$&!

+2$?!%2/!%.'#+9>#!*'!*(!'#$!3+('!7&*3*'*E$!'#%'!%77$%&(!,*&('?!'#$!,+&1$(!'#%'!3%F$!,+&!'#$!#*>#$&!

,+&3(! %&$! %.&$%/4! %'! =+&FA! -$&$! '#*(! 2+'! (+?! '#$! .+=$&! ,+&3(! =+9./! .%1F! '#$! *37$'9(! ,+&!

/$E$.+73$2'!(*21$!$2E*&+23$2'!*(!2+'!*'(!(+.$!1%9($A!J,?!*2!+9&!1+21$7'*+2!+,!$E+.9'*+2?!=$!1+2(*/$&!

'#$($!*2#$&$2'!7+=$&(!'#%'!%&$!%1'*E$!,&+3!'#$!E$&4!)$>*22*2>?!=$!39('!($$!*2!'#$!.+=$&!,+&3(!+,!

.*,$!*21+37.$'$!%''$37'(!'+!7&+/91$!'#$!#*>#$&!,+&3(A!-$!($$!'#$($!('%>$(!+,!.*,$!&$7&$($2'$/!*2!

+&>%2*(3(!+,!/*,,$&$2'!1+37.$D*'4?!%(!'#$!>&%/9%'$/!$D7&$((*+2!+,!7.%('*1!7+=$&(!%'!=+&F!/9&*2>!'#$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!@*''$*.92>$2!/$(!T*+.+>*(1#$2!J2('*'9'$(!%3!%&'?!OS`\?!7A!\`A !!


9/52

`' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%2*G%'*+2?!=%(?!*2!'#$!3+&$!7&*3*'*E$!('%>$(!+,!$E+.9'*+2?!=+&F*2>!%(!%!

1&$%'*E$!7+=$&A!

-$!39('?!'#$&$,+&$?!,+&3!+9&!7*1'9&$!+,!=+&./!$E+.9'*+2!*2!%!'=+,+./!=%4A!"+!1+2(*/$&!('%>$(!+,!

,+&3!+2$!,+..+=*2>!'#$!+'#$&!*2!'#$!&$%.3!+,!'#$!E*(*).$!=+&./?!*(!'+!+)'%*2!%!/*,,$&$2'!7*1'9&$!,&+3!

'#%'!+,! '#$!,+&1$(!=+&F*2>!'#&+9>#!%..!'#$($!,+&3(A!"#%'?!=#*1#!%77$%&(!.%('!*2!'#$!7.%('*1!,+&3?!*(?!

,&+3! '#$! ,+&3%'*E$! 7+*2'! +,! E*$=?! '#$! ,*&('A! 577.*$/! '+! '#$! #93%2! )$*2>?! '#*(! (#+=(! '#%'! #$! *(!

&$7&$($2'%'*E$!+,!'#$!.%('!%2/!#*>#$('!,+&3!*2!'#$!=#+.$!+,!$E+.9'*+2?!)9'!'#%'?!%(!%2!$D7&$((*+2!+,!

1&$%'*E$!7+=$&(?!#$!&$7&$($2'(!'#+($!,+&1$(!'#%'!#%E$!)$$2!%'!=+&F!(*21$!'#$!E$&4!)$>*22*2>A!

@%2!*(!'#9(!%!1&$%'9&$?!'#%'!*(!'+!(%4?!%!7#$2+3$2+2!*2!'#$!7&+1$((!+,!$E+.9'*+2!*2!'#$!(%3$!

=%4!%(!%&$!+'#$&!1&$%'9&$(R!)9'!*2!#*3!'#$!92*E$&($!)$1+3$(!1+2(1*+9(!+,!*'($.,?!%2/!*2!'#$!,+&3!+,!

7$&1$7'*E$!'#*2F*2>?!*'!*(!%).$!'+!92/$&('%2/!'#$!1&$%'*E$!7+=$&(A!@%2!39('!'#$2!)$!&$1+>2*G$/!%(!

'#$! )$*2>! *2! =#*1#! %..! '#$($! 1&$%'*E$! 7+=$&(! %&$! $3)+/*$/?! #+./*2>! '#$&$)4! /+3*2*+2! +E$&! %..!

2%'9&$!%2/!.*E*2>!'#*2>(A!J2!%=%F$2*2>!'+!#*(!+=2!&$(7+2(*)*.*'4!,+&!'#$!=#+.$?!3%2!)$1+3$(!%=%&$!

+,!#*3($.,!%(!%!(+1*%.!)$*2>A!

8+!(+1*%.!=+&F!*(!7+((*).$!=*'#+9'!,*&('!*21&$%(*2>!'#*(!,$$.*2>!+,!(+1*%.!&$(7+2(*)*.*'4A!5(!=$!

.++F!)%1F!*2'+!#*('+&4!=$!,*2/!'#%'!%..K*37+&'%2'!(+1*%.!1#%2>$(!=$&$!=&+9>#'!'#&+9>#!%!2$=!*/$%.!

'#%'! (911$$/$/! *2! *21&$%(*2>! '#*(! ,$$.*2>A!"#$!7&+7$&! ('*39.*! ,+&!7&$($2'K/%4!7&+).$3(! 1+9./! )$!

%&+9($/! *,! 2%'*+2(!%2/! *2/*E*/9%.(! 1+9./! )$!)&+9>#'! '+! &$%.*G$! '#$*&! &$(7+2(*)*.*'*$(! '+=%&/(! '#$!

=+&./! %(! %! =#+.$A! 6+1*%.! 7&+).$3(! (#+9./! )$!%77&+%1#$/! ,*&('! )4! 1+2(*/$&*2>! '#$! $%&'#! %2/! *'(!

$E+.9'*+2A! I+=! 1%2! =$! (911$$/! *2! (+.E*2>! '#$! 9&>$2'! X9$('*+2(! +,! '#$! 7&$($2'! /%4?! %2/! =#*.$!

($$F*2>! ,+&! '#$($! (+.9'*+2(! )$%&! *2! 3*2/! +9&! ,9..! &$(7+2(*)*.*'4! ,+&! '#$! =#+.$! +,! '#$! $%&'#?! %!

&$(7+2(*)*.*'4!'+=%&/(!=#*1#!'#$!(7*&*'!+,!+9&!%>$!*(!.$%/*2>!9(!3+&$!%2/!3+&$h!I+=!1%2!=$!1+3$!

'+!%2!92/$&('%2/*2>!)$'=$$2!*'(!E%&*+9(!>&+97(!*3)9$/!)4!%!,$$.*2>!+,!&$(7+2(*)*.*'4!,+&!'#$!=#+.$h!

-$! 1%2! /+! *'! )4! 1+2('%2'.4! &$3$3)$&*2>! '#$! $E+.9'*+2! +,! '#$! $%&'#! %2/! *'(! 1&$%'9&$(?! %2/! )4!

1+2'$37.%'*2>! *'(!3%>2*,*1$2'! #%&3+24A!"#$2?! ,*..$/!=*'#! '#*(! *37&$((*+2?! =$! (#+9./! %''$37'! '+!

(+.E$!'#$!(+1*%.!7&+).$3(A!H$'!9(?!'#$&$,+&$?!)$>*2!=*'#!%!&$E$&$2'!%''*'9/$!'+=%&/(!'#$!3%>2*'9/$!

+,!2%'9&$?!%2/!$2/!)4!&$%.*G*2>!'#$!9&>$2'!2$$/!,+&!(+1*%.!%1'*+2A!

!


10/52

\' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'#(6)#?*.(-/"#->#@:+A*+1%#J2!'#*(!)++F!%2!%''$37'!#%(!)$$2!3%/$!'+!1+21$*E$!'#$!=#+.$!

+,!#93%2!#*('+&4!*2!&$.%'*+2!'+!'#$!$%&'#U(!1.*3%'*1!%2/!1+(3+.+>*1%.!1+2/*'*+2(A!I$&/$&!+7$2(!#*(!

=+&F!=*'#!'#$!=+&/(^!L"#$!$%&'#!*(!%!('%&!%3+2>!('%&(AM!52/!#$!#%(!#%/!'#$!1+9&%>$!'+!1%&&4!+9'!

1+21&$'$!*2E$('*>%'*+2(!+2!%!1+(3+.+>*1%.!)%(*(A!524!($&*+9(!$2X9*&$&!*2'+!'#$!$1+2+3*1!1+2/*'*+2(!

+,!'#$!'=$2'*$'#!1$2'9&4!39('!#%E$!'#%'!(%3$!1+9&%>$A!J2!'#$!2*2$'$$2'#!1$2'9&4?!3%2U(!E*(*+2!=%(!

/+3*2%'$/!)4!2%'9&%.!(1*$21$R!%!2$=!=+&./K!1+21$7'*+2!=%(!>*E$2!'+!#*3!+2!'#%'!)%(*(R!)9'!*2!'#$!

'=$2'*$'#!1$2'9&4?!$1+2+34!)$1%3$!$%&'#K$3)&%1*2>!%(!%!1+2($X9$21$!+,!'$1#2*1%.!*2E$2'*+2(!%2/!

'#$!3+/$&2*G%'*+2! +,! '&%2(7+&'! %2/!1+3392*1%'*+2(A! "#*(!#%(! )&+9>#'!%)+9'! 2+'!+2.4! 1#%2>$! *2!

$1+2+3*1! %1'*E*'4! )9'! %.(+! %! 1#%2>$! *2! '#$! =#+.$! 1#%&%1'$&! +,! $1+2+3*1! .*,$A! J2! '#$! 2*2$'$$2'#!

1$2'9&4?!'#$!(1*$21$!+,!$1+2+3*1(!)$.+2>$/!'+!3%2A!J2!'#$!'=$2'*$'#!1$2'9&4!*'!#%(!)$1+3$!%!7%&'!+,!

2%'9&$?!%!7%&'!+,!'#$!7.%2$'%&4!.*,$!*2!=#*1#!*2/*E*/9%.!7$&(+2%.*'*$(!%2/!*2/*E*/9%.!>&+97(!,*>#'!,+&!

'#$*&!$D*('$21$!%>%*2('!*37$&(+2%.!,+&1$(Af!"#*(!'&$3$2/+9(!1#%2>$!,*2/(!*'(!$D7&$((*+2!*2!'#$!,%1'!

'#%'!*2!'#$!4$%&!OPeS!'#$!=+&/!L$1+2+34M!=%(!,*&('!(9)('*'9'$/!,+&!'#$!=+&/!L2%'*+2%.!$1+2+34AMi!

"#$! %1'9%.*'*$(!3+E$/!3+&$! X9*1F.4! '#%2! '#$! '#+9>#'(! %2/! '#$+&*$(! '#%'! (+9>#'! '+! $D7.%*2!

'#$3A! J2! 1+2($X9$21$?! =#*.$! =$! #%E$! %! =+&./K$3)&%1*2>! $1+2+34?! '#$&$! *(! 2+! $D*('*2>!

&$7&$($2'%'*E$!%/3*2*('&%'*+2A!5..!'#%'!=$!#%E$!%&$!'#$!$D*('*2>!+&>%2*G%'*+2(!'#%'!&$7&$($2'!'#$!+./!

$1+2+3*1!>&+97!*2'$&$('(A! I$21$! *'!*(! '#%'! 7+.*'*1*%2(!%&$! ('*..!'#$!3+E*2>! ,+&1$(! *2!'#$! &$%.3!+,!

$1+2+3*1(?!%2/!$1+2+3*1(!%(!%!(1*$21$!&$3%*2(!$3)+/*$/!*2!'#$!(1*$21$!+,!7+.*'*1(!*2('$%/!+,!)$*2>!

7%&'! +,! '#$! (4('$3! =*'#*2! '#+($! (1*$21$(! '#%'! %&$! +1197*$/! *2! ('9/4*2>! '#$! $%&'#A! 4?!

>$+>&%7#4?!3$'$+&+.+>4?!1.*3%'+.+>4!%2/!$E$2!%('&+2+34!(#+9./!)$!3+&$!1.+($.4!%..*$/!'+!3+/$&2!

$1+2+3*1(! '#%2! (#+9./! 7+.*'*1(?! ,+&! =$! %&$?! *2! &$%.*'4?! +2! '#$! =%4! '+! '9&2*2>! 7+.*'*1(! *2'+! ,+.FK

7(41#+.+>4A!"#$!+./!92*'(!+,!$1+2+3*1!.*,$!=*'#*2!'#$!2%'*+2%.!>&+97(!%&$!7+=$&,9.?!)9'!'#$4!.%1F!%!

&$%.! ,*$./! +,! +7$&%'*+2?! )$1%9($! '#*(! ,*$./! *(! '#$! $%&'#! '#%'! )$.+2>(! '+! %..! 3%2F*2/A! "#*(! 1%2! )$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!V&$/!I$2/$&(+2?!56)#BC-+-7*C#,-+.)D2)+C).#->#$!

%2/!6+2(?!H+2/+2?!OS``?!7A!OOaA!


11/52

b' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'&$%'$&!X9%2'*'*$(A!0E$2!*2!'#$!0%('!=#$&$!&*1$!=+9./!($$3!'+!'%F$!*'(!7.%1$?!

'#$&$! %&$! (*>2(! +,! %2! *21&$%($/! 7&$,$&$21$! ,+&! =#$%'A! c2$! =+9./! *3%>*2$! '#%'! '#+($! =#+! %&$!

$2>%>$/!*2!'#$!7&+/91'*+2!+,!'#*(!%..K*37+&'%2'!=+&./!1+33+/*'4!=+9./!)$!%).$!'+!(%'*(,4!'#$*&!+=2!

2$$/(?!4$'!=$!,*2/!'#%'!+=*2>!'+!.%&>$!%2/!92(%.%).$!('+1F(!%2/!'#$!1+2($X9$2'!&$/91'*+2!*2!7&*1$(?!

'#$!,%&3$&!/+$(!2+'!+)'%*2!%!.*E*2>!=%>$A!!

J2'$&2%'*+2%.! +&>%2*G%'*+2(! #%E$! 1+3$! '+! .*,$! %2/! #%E$! %''$37'$/! '#&+9>#! &$('&*1'*+2! '+!

&$>9.%'$!%2/! )%.%21$!7&+/91'*+2! *2! '#$!E%&*+9(!=#$%'!>&+=*2>!1+92'&*$(A!5>&$$3$2'(!#%E$!)$$2!

&$%1#$/?!4$'!$E$2!'#$2!'#$4!#%E$!)$$2!*>2+&$/!)4!(+3$!('%'$(A!V*2%..4!'#$!$%&'#!#$&($.,?!*2'$&,$&*2>!

)4!3$%2(!+,!3$'$+&+.+>*1%.!,+&1$(?!7&+/91$(!%2!$2'*&$.4!/*,,$&$2'!4*$./!+,!'#$!1&+7(!,&+3!'#%'!=#*1#!

=%(!+&*>*2%..4!$D7$1'$/!%2/!7.%22$/!)4!3%2A!k$'!'#$!$%&'#!#%(!2+!&$7&$($2'%'*E$!(*''*2>!%'!'#$($!

+&>%2*G%'*+2(?! %.'#+9>#! (#$! *(! %! 7+=$&! )4! 2+! 3$%2(! *2,$&*+&! '+! '#$! .$%/*2>! ('%'$(A! "#$! =#+.$!

7&$3*($!'#%'!92/$&.*$(!'#$($!2$>+'*%'*+2(!*(!3*(.$%/*2>!)$1%9($!'#$&$!*(!&$%..4!2+!(91#!'#*2>!%(!'#$!

+E$&7&+/91'*+2!+,!=#$%'A!"#*(!*2'$&$('*2>!,*2/(!%37.$!7&++,!*2!'#%'!$D1$..$2'!'&$%'*($! E)##!%2/!/$'%*.$/!*2E$('*>%'*+2!1+E$&*2>!

2+'!+2.4!'#$!(*'9%'*+2!+E$&!'#$!=#+.$!$%&'#!)9'!*2!$%1#!($7%&%'$!1+92'&4A!I$!7+*2'(!+9'!'#%'!'#$!

92(%.%).$!('+1F(!'#%'!&$%..4!92/$&3*2$!'#$!3%&F$'?!=#$2!($$2!*2!'#$!.*>#'!+,!'#$!=#+.$!+,!#93%2*'4?!

&$7&$($2'! 2+'#*2>!3+&$!'#%2!%!2$1$((%&4! &$($&E$!'+! 7&+'$1'!3%2!%>%*2('!,%3*2$A!"#$($!&$($&E$(!

&$7&$($2'!%!X9%2'*'4!+,!,++/!(9,,*1*$2'!'+!7&+E*/$!,+&!#93%2*'4!,+&!,*,'4K,+9&!/%4(A!"#$!&$%.!7&+).$3!

*(!2+'!7&*3%&*.4?!'#$&$,+&$?!'#$!2$1$((*'4!,+&!&$/91*2>!7&+/91'*+2?!)9'!&%'#$&!'#$!,*2%21*2>!+,!'#*(!

&$($&E$i?!=#*1#?! '#+9>#! 2$$/$/! ,+&! #93%2*'4?! 39('! )$!F$7'!+9'! +,!'#$!3%&F$'! *2! '#$! *2'$&$('!+,!

=#$%'K7&+/91*2>!1+92'&*$(A!"#$!/*,,*19.'4!+,! +9&!7&$($2'!(*'9%'*+2!*(! '#%'!#93%2*'4!%(!(91#!*(!2+'!

+&>%2*G$/! %2/! #%(! 2$*'#$&! %! &$7&$($2'%'*E$!)+/4!2+&! '#$! ,*2%21*%.! 3$%2(A! "#$! 2$$/! ,+&! (91#! %2!

+&>%2*G%'*+2! *(! '#$&$,+&$! 7&$((*2>A! J'(! $D$19'*E$! 1+921*.?! #+=$E$&?! 39('! )$! +,! %! /*,,$&$2'!

1+37+(*'*+2!,&+3!'#%'!=#*1#!*(!19('+3%&4!'+/%4A!8+'!+2.4!(#+9./!'#$!/*&$1'!&$7&$($2'%'*E$(!+,!'#$!

6'%'$(!#%E$!%!($%'?!)9'!%.(+!'#$!/$.$>%'$(!+,!'#$!>&%*2K7&+/91*2>!%((+1*%'*+2(!(#+9./!)$!'#$&$?!2+'!%(!

/$.$>%'$(!92/$&!'#$!+&/$&(!+,!'#$*&!1+92'&4?!)9'!'+!&$7&$($2'!$1+2+3*1!.*,$!*'($.,A!"#$&$!(#+9./?!*2!

%//*'*+2!)$! &$7&$($2'%'*E$(! +,! '#$! /*('&*)9'+&(! %2/! '#$! 1+2(93$&(?! %2/! $E$2! +,! '#$! $%&'#! *'($.,?!

$D7$&'(!*2!3$'$+&+.+>4?!7.%2'!>$+>&%7#4?!%2/!(+!+2A!

"#*(! 2$1$((%&4! ('$7! *(! 391#! >&$%'$&! '#%2! *'! 3*>#'! ,*&('! %77$%&?! (*21$! *'(! %*3! *(! '#$! $2'*&$!

&$+&>%2*G%'*+2!+,!$1+2+3*1!.*,$!*'($.,?!%!&$+&>%2*G%'*+2!'#%'!39('!($$!$4$!'+!$4$!=*'#!'#$!7+.*'*1%.!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!:%9.!/$!I$E$(4?!E)#&+2/('+,,$2!E%.9'%AM!


12/52

Q' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%2*G%'*+2(!*2!3%''$&(!+,!2%'*+2%.!7(41#+.+>4A!c&>%2*G%'*+2!+,!.%)+&?!'#$!(#%&$!+,!(*2>.$!2%'*+2(!*2!

'#$!'+'%.!7&+/91'*+2?!'#$!X9+'%!+,!=+&F*2>!#+9&(?!'#$!)%.%21$!+,!'#$!('%2/%&/!+,!.*E*2>!*2!E%&*+9(!

1+92'&*$(! W! '#$($! %&$! (+3$! +,! '#$! X9$('*+2(! '#%'! =*..! #%E$! '+! ,*2/! '#$*&! (+.9'*+2! =*'#*2! '#$!

,&%3$=+&F! +,! 2%'*+2%.! %2/! *2'$&2%'*+2%.! %>&$$3$2'(A! "#$($! *37+&'%2'! $1+2+3*1! X9$('*+2(?!

#+=$E$&?!1%22+'! )$! (+.E$/! )$'=$$2! 2%'*+2(! Y'#%'! *(?! '#&+9>#! 1+2,.*1'!+,!2%'*+2%.!E*$=(Z?! )9'! +2!

79&$.4!$1+2+3*1!>&+92/(A!-#%'!#%(!)$$2!(%*/!&$>%&/*2>!=#$%'!%77.*$(?!*2!391#!'#$!(%3$!=%4?!'+!

3+('!+'#$&!7&+/91'(A!-#%'!*(!2$$/$/!*(!'#$!%77.*1%'*+2!+,!%!=+&./K$3)&%1*2>!$1+2+34A!-$!39('!

2+'!%..+=!+9&($.E$(!'+!)$!'9&2$/!%(*/$!,&+3!'#*(!79&7+($!)4!'#$!,%1'!'#%'!'+/%4!3+('!1+92'&*$(!%&$!

%''$37'*2>!'+! (+.E$! '#$*&!$1+2+3*1!7&+).$3(!=*'#*2!'#$*&!+=2!,&+2'*$&(!"#%'!'#*(!*(! *37+((*).$! *(!

391#!3+&$!1.$%&.4!(#+=2!)4!'#$!&$(9.'(!+,!(91#!$D7$&*3$2'(!'#%2!)4!%24!'#$+&$'*1%.!%&>93$2'A!"#$!

$1+2+3*1! *(+.%'*+2! +,! %! 1+92'&4! '#&+9>#! '#$! 1.+(*2>! +,! *'(! ,&+2'*$&(! =+9./! *2$E*'%).4! .+=$&! '#$!

('%2/%&/!+,!.*E*2>!+,!*'(!7+79.%'*+2!52/!2+'!+2.4!'#%'^!'#$!%''$37'!'+!7&+/91$!7+((*).4!%..!=*'#*2!

'#$*&!+=2!)+92/%&*$(!1%9($(!'&+9).$!,+&!+'#$&!1+92'&*$(!'#%'!1+9./!7&+/91$!(+3$!1+33+/*'*$(!+&!

&%=!7&+/91'(!%)(+&)$/!)$,+&$!,&+3!'#$!+'#$&?!2+=!($.,K(9,,*1*$2'!1+92'&4A!T9'!=$!1%2!)$.*$E$!'#%'!

2+! 1+92'&4! %''$37'(! '+! )$! ($.,K(9,,*1*$2'! ,+&! &$%(+2(! '#%'! %.&$%/4! (#+=! 9(! '#$! %''*'9/$! +,! ($.,K

/$7$2/$21$A!H$'!9(!'%F$!,+&!$D%37.$!#!7+.*14A!L6*21$!OSOP!01+2+34!#%(!)$$2!+E$&=#$.3$/!'#&+9>#!7+.*14?M!(%4(!IN%.3%&!61#%1#'!

*2!#*(!.$1'9&$!+2!'#$! 9+()/+:(*-+:0#K)!(.#:+1#,/)1*(. Af!

511+&/*2>!'+!'#$!,*2%21*%.!7&+E*(*+2(!+,!'#$!"&$%'4!+,!d$&(%*..$(?!


13/52

e' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!:.%2!'+![! '#+9(%2/!3*..*+2!>+./!3%&F(A!"#*(!3+2$4!=%(!7%*/!

92/$&!$D'$&2%.!:+.*'*1%.!7&$((9&$A!T9'!'#$!%1'9%.!3$'#+/!)4!=#*1#!&$7%&%'*+2(!=$&$!7%*/!=%(!X9*'$!

/*,,$&$2'! ,&+3!=#%'! '#$! 5..*$/! %2/! 5((+1*%'$/! :+=$&(! *3%>*2$/! *'!=+9./!)$A! "#$! 5..*$/! :+=$&(!

$2E*(%>$/!%!7%43$2'!)4!$3$2'(!3%/$!+2!7%7$&!39('!%.=%4(!/$7$2/!+2!'#$*&!,9.,*..3$2'!*2!%1'9%.!'&%/$!%2/!$D1#%2>$!

'&%2(%1'*+2(! *2!+&/*2%&4!1+33$&1*%.! .*,$A!-#%'! &$%..4! #%77$2$/!=%(! '#%'! '#$! (93! '#%'!&%2'$/A!T4! '#$!

1+92'&*$(! &$1$*E*2>! &$7%&%'*+2(?! $!(93(?!%!,%E+&%).$!)%.%21$!+,!'&%/$!+,!'#$!(%3$!

+&/$&!*(!2$1$((%&4A!T9'!'#$!=+&./!=%(!2+'!7&$7%&$/!'+!7$&3*'!(91#!%2! *21&$%($!+,!$D7+&'(!1+3*2>!

,&+3! +2$! 1+92'&4A! ! "#$! TAJAlA! #%/! '+! &$1+>2*G$! '#%'! *'! *(! *37+((*).$A!*1%.!,%1'(A!J'!.*E$(!*2!X9*'$!%2+'#$&!(7#$&$!+,!.*,$A!"#$!&$.%'*E$!

/$7$2/$21$!+,! %..!%(! *'!=+&F(!*2!$1+2+34!97+2!%..!*(!(*37.4!'#$!7&*21*7.$!+,!/*E*(*+2!+,!.%)+&!'#%'!

#%(!$E$&4=#$&$!&$(9.'$/!,&+3!3+/$&2!$1+2+3*1!.*,$A!"+!.+($!'#*(!7&*21*7.$!=+9./!.$%/!9(!)%1F!'+!%2!

$1+2+3*1!.$E$.!)$.+=!+9&!7&$($2'!+2$A!"#$!+'#$&!('&$%3!*2!=#*1#!=$!3+E$!W!'#$!/$E$.+73$2'!+,!

>&+97K1#%&%1'$&*('*1(!W!$D7&$(($(!7+.*14^!2%'*+2%.*(3!*(!7(41#+.+>*1%.!%2/!2+'!$1+2+3*1A!

"#$($!&$,.$1'*+2(! (#+9./! )$!$2+9>#!'+! (#+=! '#%'!%! &$%(+2%).$!79&7+($!1%2! )$!($$2! *2! )+'#!

2%'*+2%.! %2/! *2! $%&'#K$3)&%1*2>! $1+2+3*1! $E+.9'*+2A! T9'! 2%'*+2%.! .*,$! /$%.(! =*'#! 3%2! *2! #*(!

#*('+&*1%.! %2/! 7(41#+.+>*1%.! $E+.9'*+2R! *'! *(! '#$! 1+2'*29%'*+2! +,! '#$! *2/*E*/9%.*('*1! ('&$%3! *2'+!

*2/*E*/9%.!>&+97K1#%&%1'$&*('*1(?!=#*.$!$1+2+3*1(!/$%.(!=*'#!'#+($!'#*2>(!'#%'!39('!)$!92/$&('++/!

*2!'#$*&!1+22$1'*+2!=*'#!$%&'#!%2/!2%'9&$A!5(!%!2%'*+2!.*E$(!*2!'#$!3$3+&4!+,!*'(!#*('+&4?!(+!39('!

$1+2+34!.*E$!*2!1+2'$37.%'*+2!+,!,%1'(!'#%'!1+21$&2!'#$!=#+.$!$%&'#R!%2/!,+&!'#*(!79&7+($!=$!2$$/!

%2!$%&'#K$3)&%1*2>!$1+2+3*1!.$%&2*2>A!!

L"#$!0%&'#!*(!%!('%&!%3+2>!('%&(?M!=&*'$(!I$&/$&A!I$!'#9(!/&%=(!+9&!%''$2'*+2!'+!'#$!$%&'#!%(!%!

.*E*2>! 92*'! *2! &$.%'*+2! '+! '#$! (9&&+92/*2>! #$%E$2(A! V+&! 2+'! +2.4! '#$! ($%(+2(! )9'! %.(+! '#$! >&$%'!


14/52

P' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!+9&!7.%2$'U(!$E+.9'*+2?!%&$!$D7&$((*+2(!+,!'#%'!

&$.%'*+2(#*7A!@%2!*(!)$>*22*2>!'+!>%*2!%(1$2/$214!+E$&!'#$($!2%'9&%.!,+&1$(R!,+&!*2('%21$?!%&*/!%&$%(!

#%E$!)$$2!*&&*>%'$/!*2! '#$!]A6A5A!+2!%!.%&>$!(1%.$R!%2/!*'! *(!#+7$/!'+!1#%2>$!'#$!1#%&%1'$&!+,!'#+($!

%&$%(!W!'+!1#%2>$?!*2!,%1'?!'#$!1.*3%'$!+,!'#$!=#+.$!53$&*1%2!C+2'*2$2'!W!)4!(91#!3$%(9&$(A f!

0..(=+&'#!I92'*2>'+2?!=#+!#%(!('9/*$/!'#$!*37+&'%21$!+,!1.*3%'$!*2!'#$!$E+.9'*+2!+,!#93%2!

19.'9&$?!%2/!#%(!/$(1&*)$/!'#$!#*('+&*1%.!$E+.9'*+2!+,!3%2F*2/!,&+3!'#*(!7+*2'!+,!E*$=?!1+3$(!'+!'#$!

1+21.9(*+2!'#%'!*'!*(!3%2U(!'%(F!'+!3%F$!#*3($.,!3%('$&!+,!'#$!1.*3%'$A!!

"#$&$!*(!2+!/+9)'?!=#$2!=$!1+2(*/$&!'#$!*21&$%(*2>!7$&,$1'*+2!+,!+9&!'$1#2*1%.!3$%2(!%2/!'#$!

.%&>$!(1%.$!+,!3+/$&2!(+1*%.!=+&F?!'#%'!(++2$&!+&!.%'$&!'#*(!3%('$&4!=*..!)$!%1#*$E$/A!"#$!E$&4!,%1'!

'#%'!=$!%&$!7&+>&$((*2>!%.+2>!'#$($!.*2$(!*21&$%($(!+9&!&$(7+2(*)*.*'4!,+&!'#$!=#+.$!$%&'#A!V+&!'#$!

$%&'#!*(!%!.*E*2>!92*'?!%2/!$E$&4!.*E*2>!92*'!,+..+=(!'#$!.%=!'#%'!%!1#%2>$!*2!+2$!+,!*'(!7%&'(!%,,$1'(!'#$!

=#+.$A!J'!*(!)$4+2/!/+9)'!'#%'!*&&*>%'*+2!+,!%!.%&>$!%&$%!(91#!%(?!.$'!9(!(%4?!'#$!6%#%&%?!=+9./!#%E$!%!

1#%2>*2>!*2,.9$21$!+2!+'#$&?!7$%7(!,%&!/*('%2'?!%&$%(A!c9&!F2+=.$/>$!+,!'#$!$%&'#!%(!%!=#+.$!*(!2+'!

4$'!(9,,*1*$2'.4!/$E$.+7$/!,+&!9(!'+!7&$/*1'!'#$!$D%1'!$,,$1'!+,!(91#!3$%(9&$(A!c2!'#$!+'#$&!#%2/!

(+1*%.!1+2/*'*+2(!/$3%2/! '#%'!=$!(#+9./!=+&F!'+! ,9&'#$&!+9&! F2+=.$/>$!*2! '#*(! /*&$1'*+2A!"#$&$!

%&$?!+,!1+9&($?!293$&+9(!(1*$21$(!'#%'!/$%.!=*'#!'#*(!7&+).$3?!(91#!%(!&%7#4?!@$'$+&+.+>4?!%2/!

:#4(*1(A!T9'!'#$($!(1*$21$(!%&$!+2.4!1+21$&2$/!=*'#!'#$*&!+=2!7%&'*19.%&!%(7$1'!+,!*'?!%2/!'#+9>#!'#$!

C%&2$>*$!J2('*'9'$!#%(!/+2$!391#!E%.9%).$!7&$7%&%'+&4!=+&F!*2!'#*(!/*&$1'*+2!=$!%&$!=*'#+9'!%2!

*2('*'9'*+2!=#+($!(+.$!'%(F!*'!=+9./!)$!'+!#%&3+2*G$!%..!'#$!/*,,$&$2'!%(7$1'(!+,!'#$!2%'9&%.!(1*$21$(!

%2/!'+!=+&F!97+2!'#*(!)%(*(!,+&!'#$!(+1*%.!79&7+($!+,!)$2$,*'*2>!'#$!=#+.$!+,!3%2F*2/A!!

-$! F2+=! '#%'! '#$! $D*('$21$! +,! %&*/! %&$%(! +2! '#$! $%&'#! *(! )4! 2+! 3$%2(! %11*/$2'%.R! ,+&! '#$!

#$%E*$('!&%*2,%..!*(!,+92/!*2!'#+($!7%&'(!+,!'#$!$%&'#!=#$&$!'#$!>&$%'!%*&!19&&$2'(!%&$!*2!%2!%(1$2/*2>!

/*&$1'*+2?! =#*.$! '#$! %&*/! %&$%(! %&$! ,+92/! *2! '#%'! G+2$! =#$&$! '#$! %*&! 19&&$2'(! '9&2! /+=2! %>%*2!

'+=%&/(!'#$!$%&'#A!c2!'#$!+'#$&!#%2/?!#+=$E$&?!+'#$&!%&$%(!#%E$!/&*$/!97!+=*2>!'+!'#$!/$('&91'*+2!

+,!,+&$('(A!T9'!*'!=*..!)$!2$1$((%&4!'+!1+2(*/$&!%..!'#$($!X9$('*+2(!2+'!+2.4!,&+3!'#$!7+*2'!+,!E*$=!+,!

+2$! 1+92'&4! )9'! ,&+3! '#%'! +,! %..! 1+92'&*$(A! J'! =+9./! )$! +,! '#$! >&$%'$('! *37+&'%21$! ,+&! '#$!

$21+9&%>$3$2'!+,! $1+2+3*1!'#*2F*2>!*,!)4!3$%2(!+,! 2%'9&%.!(1*$2'*,*1!&$($%&1#! *'!1+9./!)$!1.$%&.4!

(#+=2!'#%'!'#$!$%&'#!*(!%2!+&>%2*1!=#+.$!%2/!'#%'!*'!*(!*37+((*).$!'+!*2'$&,$&$!=*'#!+2$!7%&'!=*'#+9'!

($&*+9(!1+2($X9$21$(!*2!+'#$&!7%&'(A!"#$!=+&F(!+,!I$2&4F!5&1'+=(F*!%&$!+,!'#$!9'3+('!*37+&'%21$!

*2!'#*(!(7#$&$?!)$1%9($!#$!7&+E$(!'#%'!$D1$((!%2/!.%1F!+,!=%&3'#!*2!1$&'%*2!%&$%(!%&$!1+22$1'$/!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!$-/01# O(0:.# -># ,-77)/C*:0# J)-0-;"?! B$7%&'3$2'!+,! '#$! J2'$&*+&?! _+#2! T%&'+2! :%42$?!-%(#*2>'+2?! OS[O ! d+.A! J?!

K*.(/*!2(*-+#->#@*+)/:0#


15/52

S' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'*E$(! '#$! *37&$((*+2! '#%'! %..! '#$($! =&*'$&(?! %.'#+9>#! =+&F*2>! =*'#*2! %! E$&4!

(7$1*%.*G$/!,*$./!+,!&$($%&1#?!+,'$2!#%E$?!921+2(1*+9(.4?!%!1+33+2!%*3A!J'!*(!%(!'#+9>#!'#$!(7*&*'!+,!

+9&!%>$!&$X9*&$/!3%2!'+!&$%.*G$!'#%'!'#$!$%&'#!*(!%!.*E*2>!92*'A!"#$!+&>%2*G%'*+2!+,!2%'9&%.!(1*$21$?!

#+=$E$&?!'#&+9>#!*'(!*2'$2($!(7$1*%.*G%'*+2?!$2(9&$(!'#%'!$E$2!'#$!&$(9.'(!%.&$%/4!7&+E$/!)4!$D7$&'(!

(#%..!2+'!)$!1+33+2!F2+=.$/>$?!%2/!1%22+'?!'#$&$,+&$?!)$!9($/!,+&!$1+2+3*1!79&7+($(!4$'A!J'!*(!'#*(!

E$&4!%(7$1'!+,!2%'9&%.!(1*$21$!'#%'!+9&!7&$($2'K/%4!$1+2+3*('(?!)9(*2$((3$2?!%2/!7+.*'*1*%2(!2$$/!

*2!/$%.*2>!=*'#!$1+2+3*1(A!8+'!92'*.!'#*(!*(!1+33+2.4!92/$&('++/!%2/!%11$7'$/!1%2!'#$&$!)$!%24!

#+7$! ,+&! %! (+.9'*+2!+,! '#$! 7&$((*2>!$1+2+3*1!7&+).$3(! +,! $E$&4/%4! .*,$A!"=+! *37+&'%2'! 02>.*(#!

#*('+&*%2(?!"#+3%(!T91F.$!%2/!-A!0A!IA!H$1F4?!#%E$!(#+=2!1.$%&.4!*2!'#$*&!=+&F(!'#%'!'#$&$!1%2!)$!

2+! 7&+>&$((! ,+&! #93%2*'4! 92'*.! 1$&'%*2! ,92/%3$2'%.! '&9'#(! %&$! %)(+&)$/! )4! '#$! >$2$&%.!

1+2(1*+9(2$((! +,! '#$! 7$+7.$(A! "#$&$,+&$! 2$*'#$&! *2/*E*/9%.! $>+*(3! +&! >&+97! $>+*(3! 1%2! )$!

+E$&1+3$!*2!$1+2+3*1(!=*'#+9'!%!1.$%&!92/$&('%2/*2>!+,!'#$!,%1'!'#%'?!=#$'#$&!=$!%&$!*2/*E*/9%.(!

+&!('%'$(?!=$!%&$?!*2!'#$!&$%.3!+,!$1+2+3*1(?!7%&'(!+,!+2$!.*E*2>!+&>%2*(3A!

691#!%2! */$%!1%2!)$1+3$!+7$&%'*E$!+2.4!=#$2! *2('*'9'*+2(!%&$! 1&$%'$/?!=#*1#?!'#&+9>#!'#$*&!

%1'*E*'*$(?!,9&2*(#!1+2('%2'!7&++,!+,!*'(!'&9'#A!"#$($!*2('*'9'*+2(!39('!)$!92*E$&(%.!*2!1#%&%1'$&A!"#$4!

39('!/$%.!=*'#!$%1#!(*2>.$!7&+).$3!*2!'#$!.*>#'!+,!'#$!=#+.$!$%&'#!%2/!*'(!1+(3+.+>4A!

"#$!7&%1'*1%.!X9$('*+2!3*>#'!%&*($?!,+&!*2('%21$?!%(!'+!=#$&$%)+9'(!1+%.3*2$(!%&$!'+!)$!,+92/R!

%2/! =#$'#$&! *'! *(! 7+((*).$! '#%'! %'! (+3$! ,9'9&$! '*3$! '$1#2*1%.! 3$%2(! 3*>#'! )$! ,+92/! ,+&! '#$*&!

/$E$.+73$2'! %2/!9'*.*G%'*+2!$E$2!(#+9./! '#$4!.*$! 92/$&! '#$!($%A! "#$!%2(=$&! '+! (91#!%2!$2'*&$.4!

7&%1'*1%.!X9$('*+2!1%2!+2.4!)$!>*E$2!)4!'#$!(1*$21$!+,!1+(3+.+>4A!

"#$! /*('&*)9'*+2! +,!1+%.! *2!'#$!$%&'#! *(!X9*'$!92$E$2A!T&+=2!1+%.!%(!=$..!%(! +&/*2%&4!1+%.! *(!

1+21$2'&%'$/!*2!'#$!2+&'#$&2!'$37$&%'$!G+2$?!=#*.$!'#$&$!*(!E$&4!.*''.$!'+!)$!,+92/!*2!'#$!'&+7*1(!

%2/! *2! '#$! (+9'#$&2!7%&'! +,! '#$! $%&'#A! 52/! ,+&! '#*(! &$%(+2! 09&+7$! %2/! 8+&'#$&2!53$&*1%! #%E$!

$1+2+3*1! %/E%2'%>$(! +E$&! '#$! (+9'#$&2! 1+2'*2$2'(A! "+! 92/$&('%2/! '#$! 1%9($! +,! '#*(! 92$E$2!

/*('&*)9'*+2!=$!39('!#%E$! &$1+9&($! '+!%! 1+(3+.+>*1%.! (9&E$4?! (*21$! '#$!1%9($(!%&$!1+(3+.+>*1%.A!

C+%.!)$.+2>(!'+!%..!>$+.+>*1%.!$7+1#(?!)9'!1#%2>$(!*'(!X9%.*'4!%2/!1#%&%1'$&!=*'#!$%1#!$7+1#?!'#9(^!

5&1#%*1!1+%.!m!>&%7#*'$!

:%.%$+G+*1!1+%.!m!1+%.!

@$(+G+*1!1+%.!m!1+%.!

"$&'*%&4!1+%.!m!)&+=2!1+%.?!+&!.*>2*'$!

@+/$&2!/$7+(*'(!m!7$%'!


16/52

Oa' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%9$&?! *2! #*(! )++F! 56)# =-.*(*-+# -># (6)# BD2:(-/# *+# (6)# K*>>)/)+(# J)-0-;*C:0#

B=-C6.?f!(#+=(!'#%'!'#$!1&9('!+,!'#$!$%&'#!*(!3+E*2>!*2!%!1$&'%*2!3$%(9&%).$!=%4!+E$&!'#$!1+&$!+,!'#$!

$%&'#A!C+2($X9$2'.4!2$=!7%&'(!+,!'#$!(9&,%1$!+,!'#$!$%&'#!)$1+3$!8+&'#!%2/!6+9'#!:+.$?!%2/!+'#$&!

7%&'(!)$1+3$!0X9%'+&A!I+=$E$&?!*2!$%1#!>$+.+>*1%.!$7+1#!'#$&$!#%E$!$D*('$/!'=+!)$.'(!+,!3+92'%*2(!

'#%'!$21*&1.$/!'#$!$%&'#!%2/!19'!%1&+((!$%1#!+'#$&!%.3+('!%'!&*>#'!%2>.$(A!c=*2>!'+!'#$!(#*,'*2>!+,!'#$!

$%&'#U(!1&9('!*2!&$.%'*+2!'+!'#$!1+&$?!#+=$E$&?!'#$($!(4('$3(!+,!3+92'%*2(!1+E$&$/!/*,,$&$2'!7%&'(!+,!

'#$!$%&'#! *2!$%1#!$7+1#A!"#$!'$&'*%&4?!%(!=$..!%(!'#$!1%&)+2*1?!3+92'%*2!(4('$3(?!=#*1#!&$7&$($2'!

'#$!3%*2!/$7+(*'(!+,!.*>2*'$!%2/!1+%.?!%&$?!'+/%4!(*'9%'$/!*2!(91#!%!=%4!'#%'!'#$*&!)9.F!.*$(!*2!'#$!

2+&'#$&2! #%.,! +,! '#$! $%&'#A! "#*(! (#+=(! '#%'!=*'#+9'! 1+(3+.+>*1%.! F2+=.$/>$?! %! (*37.$! X9$('*+2!

/$%.*2>!=*'#!'#$!/*('&*)9'*+2!+,!&%=!3%'$&*%.(!1%22+'!)$!%2(=$&$/A!J'!*(?!'#$2?!2$1$((%&4!'+!/$(1&*)$!

*2! '#$! 2$D'! 1#%7'$&! '#$! 1+(3+.+>*1%.! %2/! >$+.+>*1%.! 3$'%3+&7#+($(! +,! '#$! $%&'#! /9&*2>! '#$!

/*,,$&$2'!$7+1#(A!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!B%3*%2!g&$*1#>%9$&^!K*)#O)D2:(-/>/:;)#*+#1)/#J)-0-;*) ?![2/!$/*'*+2?!OS[\^!@*((*+2(/&91F$&$*?!6'$4.?!g%./$2F*&1#$2?!

;$*#2.%2/A!


17/52

OO' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'2(!+2!'#$!(9&,%1$?!(#+=*2>!(9&7&*($!'#%'!g&$*1#>%9$&!/+$(!2+'!&$,$&!'+!*'A!T9'!

g&$*1#>%9$&U(! =+&F! 7&+E*/$(! $E*/$21$! '#%'! (91#! (*>2(! %&$! 3%2*,$('! *2! '#$! =#+.$! ,+&3%'*+2! +,!

3+92'%*2(!+E$&!'#$!$%&'#A!511+&/*2>!'+!#*3!'#$!8+&'#!:+.$!/9&*2>!:&%$F%3)&*93!Y2%3$.4!/*&$1'.4!

%,'$&!'#$!)$>*22*2>!+,!'#$!:%.%$+G+*F93Z!=%(!(*'9%'$/!*2!6+9'#!c1$%2*%A!"#$2! *'!3+E$/!%.+2>!'#$!

.*2$! )$'=$$2! I%=%**! %2/! @$D*1+! '+=%&/(! @$D*1+?! =#$&$! '#$! 7+.$! *(! '+! )$! ,+92/! /9&*2>! '#$!

1%&)+2*,$&+9(!%>$!Y=*'#*2!'#$!:%.%$+G+*F93ZA!B9&*2>!'#$!1&$'%1$+9(!7$&*+/!Y@$(+G+*F93Z!'#$!7+.$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f! 6$$! '#$! =+&F(!+,! -*$1#$&'! %2/! +,!#*(! 797*.(?!gA! l+$7&*'G?! HA!$&?!TA!


18/52

O[' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'! +9&! $7+1#A! "#$! E%&*+9(! 1.*3%'*1! 1#%2>$(! +2! '#$! $%&'#U(! (9&,%1$! %&$! 1+22$1'$/! =*'#! '#*(!

3+E$3$2'!+,!'#$!$%&'#U(!1&9('!+E$&!'#$!*2'$&*+&A!!

"#$! (4('$3(! +,! 3+92'%*2(! '#%'! =$! ,*2/! +2! '#$! $%&'#! '+/%4! (#+=! %2! $X9%'+&*%.! %2/! %!

3$&*/*+2%.! )$.'A! "#$! $X9%'+&*%.! )$.'! 1+2(*('(! +,! '#$!5'.%(! 3+92'%*2(?! :4&$2$$(?! 5.7(?! C%&7%'#*%2!

3+92'%*2(?! T%.F%2!3+92'%*2(?! C&*3$%?! C%91%(9(?! '#$!3+92'%*2(!+,!5(*%!@*2+&! %2/!5&3$2*%?! '#$!

J&%2! :.%'$%9?! I*2/9! g9(#?! :%3*&?! "*$2! 6#%2! @+92'%*2(?! g9$2! H92?! g%&%F+&%3?! I*3%.%4%(?! '#$!

:.%'$%9!+,!"*)$'?!'#$!1#%*2!+,!3+92'%*2(!*2!=$('$&2!,9&'#$&!J2/*%?!@%.%4%?!%2/!'#$!59('&+2$(*%2!6$%?!

$'1A!!

"#$!3$&*/*+2%.! )$.'! +,! '#$!3+92'%*2(!=#*1#! &*($! &*>#'!&+92/! '#$! :%1*,*1! ,&+3! "*$&&%! /$.!

V9$>+!'#&+9>#!'#$!=#+.$!=$('$&2!(*/$!+,!6+9'#!53$&*1%!+E$&!'#$!52'*..$(?!%.+2>!'#$!=#+.$!=$('$&2!

7%&'!+,!8+&'#!53$&*1%!+E$&!'#$!5.$9'*%2!J(.%2/(?!g%31#%'1%?!g9&*.$!J(.%2/(?!6%1#%.*%2?!_%7%2?!H*9F*9!

V+&3+(%?!:#*.*77*2$(?!%2/!'#$!692/%!6$%A!:$%7(!'#$!1+2'*29%'*+2!*(!'+!)$!,+92/!$%('!+,!59('&%.*%!

E*%!8$=!l$%.%2/!%2/!'#$!52'%&1'*1?!)%1F!'+!"*$&&%!/$.!V9$>+A!

"#$($! '=+!3+92'%*2!)$.'(!1&+((!$%1#!+'#$&!*2!'#$!692/%!%2/!C%&*))$%2!6$%(A!g&$*1#>%9$&!

(#+=(!'#%'!'=+!(*3*.%&! (4('$3(!+,!)$.'(! +,!3+92'%*2(!#%E$! $D*('$/! *2!$%1#!>$+.+>*1%.!$7+1#A!I$!

/$(1&*)$(?!*2!%..?!,*E$!(91#!(4('$3(A!"+!92/$&('%2/!'#$!/*('&*)9'*+2!+,!3*2$&%.!&%=!3%'$&*%.(?!'#$2?!*'!

*(!2+'!(9,,*1*$2'!'+!,*2/!'#$*&!1+22$1'*+2!=*'#!(7$1*,*$/!>$+.+>*1%.!,+&3%'*+2(?!,+&!*'!*(!2$1$((%&4!'+!

'%F$! *2'+!1+2(*/$&%'*+2!'#$!3+E$3$2'(!+,! '#$!1&9('!+,!'#$!$%&'#A!"#*(!%77.*$(?!1+&&$(7+2/*2>.4?!'+!

+9&!92/$&('%2/*2>!+,!'#$!/*('&*)9'*+2!+,!7.%2'(!%2/!%2*3%.(!+E$&!'#$!$%&'#A!!


19/52

O`' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!'+!B93%(!$'!T+9((*2>%9.'? i!L"#$!%2*3%.!=+&./!%)(+&)(!$E$&4'#*2>!=#*1#!'#$!7.%2'(!

&$1$*E$!,&+3!'#$!%*&?!%2/!7%(($(!*'!)%1F!*2'+!'#$!%'3+(7#$&$A!-$!+)($&E$!%2!$'$&2%.!141.$!*2!=#*1#!

'#$! .*E*2>! 7&+1$(($(! $E+.E$! %2! *21%.19.%).$! E%&*$'4! +,! ,+&3(?! %2/! *2!=#*1#!3%''$&! *'($.,! 3$&$.4!

1#%2>$(! *'(!7.%1$A! J2! '#$!7.%2'(?! '#$!.*,$.$((! (9)('%21$! +,! '#$!%*&! >&%/9%..4! %((93$(! %2!+&>%2*G$/!

,+&3?!'#$2?!=*'#+9'!,921'*+2%.!%.'$&%'*+2!%77$%&(!*2!'#$!%2*3%.(?!,*2%..4!)$1+3*2>!%2!*2('&93$2'!+,!

'#$! (7*&*'A! "#$2?! 1+2X9$&$/! %2/! )&+F$2! %(!*'! =$&$!)4!'#*(!%1#*$E$3$2'?! *'!&$'9&2(! +21$!3+&$! %(!

.*,$.$((!3%''$&!*2'+!'#%'!)+2/.$((!&$($&E+*&!,&+3!=#$&$!*'!=%(!'%F$2AM!

"#$! *2E$('*>%'*+2! +,! '#$!1#$3*1%.!1*&19.%'*+2!+,! (9)('%21$(! ,&+3!%! 3$&$.4! 1#$3*1%.!7+*2'! +,!

E*$=!=+9./!)$!$2'*&$.4!=&+2>?!(*21$!'#$!*2'$&%1'*+2!+,!.*E*2>!)$*2>(!7.%4(!(91#!%!/$1*(*E$!7%&'!*2!'#$!

$%&'#U(!1#$3*('&4A!0E*/$21$!+,!'#*(!,%1'!*(!(#+=2!)4!'#$!+)($&E%'*+2!'#%'!1$&'%*2!(7$1*$(!+,!%2*3%.(?!

=#*1#!%(! '#$4!)$1+3$!$D'*21'!*2!'#$!1+9&($!+,! '#$!>$+.+>*1%.!$7+1#(?!%&$!*33$/*%'$.4!&$7.%1$/!)4!

+'#$&(!=#*1#!'%F$!+E$&!'#$!1#$3*1%.!'%(F!7&$E*+9(.4!7$&,+&3$/!,+&!'#$!$%&'#!)4!'#$!,+&3$&An!

J'!*(!%!,%1'!'#%'!1$&'%*2!%2*3%.(!%&$!%11939.%'+&(!+,!(7$1*,*1!1#$3*1%.!(9)('%21$(?!+9'!+,!=#*1#!

'#$*&!)+/*$(!%&$!)9*.'!97A!J2!'#*(!=%4?!293$&+9(!($%K%2*3%.(!%11939.%'$!(*.*1%A!"#$!;%/*+.%&*%!=#*1#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f! IA!:&%''?!'C*)+C)! Y[Z! `b!8kA?! OSOO?!\Qe?!(%4(! '#%'!b[[?aaa! (7$1*$(! +,! %2*3%.(! #%E$!)$$2!/$(1&*)$/?!%2/!:A! E%2!

"*$>#$3?!5/:*()#1)#G-2(*D2) ?!&$E*($/!)4!0/A!C+2('%2'*2?!O[!:!OSOP?!7A!Q``?!Oeb?`aa!(7$1*$(!+,!7.%2'(A!i!B..:*#1)#.(:(*D2)#1).#F(/).#-/;:+*D2).4 !`&/!$/*'*+2?!:%&*(?!OP\\?!77A\bKQA!n!-A!_A!d$&2%/(F4?!J)-C6)7*)?!H$*7G*>?!OS`a?!7A![a[?!%.(+!7A!e[A!


20/52

O\' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'2$(*%?!G*21?!1+77$&?!*&+2?!%2/?!*2!7%&'*19.%&?!3%2>%2$($R!%2/!1$&'%*2!)%1'$&*%!1+..$1'!

*&+2A!@%2>%2$($!*(!%11939.%'$/!)4! G:C()/*27#@:+;:+*C27#Y@A!T$*N$&2*1F?!Q-0*:#7*C/-!*:04#[?!B$.,'!

OSO`?! O[QZ! +&!,:/)R# 6*/(:! YIA! 6=+)+/%! C%&*2'#*%?! [! OS[A! OSa[Z! %2/! (+3$! (7$1*$(! +,!,/)+-(6/*R#

E)=(-(6/*R4!=#*1#!1+2'%*2!97!'+!QKe!7$&!1$2'!3%2>%2*'$A!Y@A!T$*N$&2*1F?!Q-0*:#7*C/-!*-0-;*C:![?!B$.,'!

OSO`?!O[P!,,AZ!

"#$!1*&19.%'*+2!+,!1#$3*1%.!(9)('%21$(!*(?!'#$&$,+&$?!*2'*3%'$.4!1+22$1'$/!=*'#!)+'#!'#$!.*,$!%2/!

'#$!1#%2>$!+,!(7$1*$(!+,!7.%2'(!%2/!%2*3%.(A!:.%2'(!'++!1+..$1'!1#$3*1%.!(9)('%21$(A!6$%=$$/!Y5.>%$Z!

%11939.%'$(! *+/*2$Af! 6$E$&%.!=%'$&! 7.%2'(! 1+..$1'!3%2>%2$($?! $A>A!S-.()/:# 7:/*(*7)! YCA! :$'$&($2?!

&$7+&'!+,!'#$!B%2A!)*+.A!('%'*+2![a?!C+7A!OSOOA![OA!%2/![[!C+7A!OSObZA!c'#$&!7.%2'(!1+..$1'!*&+2?i!

5..!7.%2'(!%2/!%2*3%.(!.*E*2>!+2!'#$!.%2/!%11939.%'$!=*'#*2!'#$*&!)+/*$(!2*'&+>$2!%2/!1%&)+2!

%2/!3%24!+,!'#$3!1%.1*93!%(!=$..A!

c2$!1%22+'?!'#$&$,+&$?!,+..+=!'#$!1*&19.%'*+2!+,!'#$!(9)('%21$(!,&+3!%!3$&$!1#$3*1%.!E*$=7+*2'?!

,+&!%..!7.%2$'%&4!.*,$!39('!)$!'%F$2!*2'+!1+2(*/$&%'*+2?!(*21$!SS!7$&!1$2'!+,!'#$!=$*>#'!+,!'#$!$%&'#U(!

1&9('!*(!(9)N$1'!'+!'#$!*2,.9$21$!+,!'#$!.*E*2>!(9)('%21$A n!

-#$'#$&! .*,$! 1%2! )$! $D7.%*2$/! %(! %! 1+37.*1%'*+2! +,! 7#4(*1%.! %2/! 1#$3*1%.! ,+&1$(! *(! %!

,92/%3$2'%.!X9$('*+2A!037*&*1%.!&$($%&1#!%2(=$&(!L2+AM!d$&2%/(F4!/$%.(!=*'#!*'!*2!#*(!J)-C6)7*)!

)4!'#$!,+..+=*2>!('%'$3$2' #

$*(6*+# (6)# !-2+1.# -># )7=*/*C:0# >:C(.# (6)# *1):# -># (6)# )()/+*("# -># 0*>)4# 86*C6# >*00.# (6)# =6*0-.-=6*C:0# :+1#/)0*;*-2.# 0*>)# -># O.*:# *+# .-# 6*;6# :# 7):.2/)4# :+1# 86*C6# *.# +-8# !);*++*+;# (-# =)+)(/:()# *+(-# -2/# .C*)+(*>*C#

C-+C)=(*-+.#->#(6)#2+*3)/.)#:0.-4#*.#)+(*/)0"#I2.(*>*)1%#

TJ)-C6)7*)4#=%#UUV%W#

J2!2+!>$+.+>*1%.!$7+1#!/+!=$!($$!%24'#*2>!'+!1+2'&%/*1'!'#$!,%1'!'#%'!.*,$!*(!/$(1$2/*2>!,&+3!

(+3$!+'#$&!%.&$%/4!$D*('*2>!.*,$A!-$!39('?!'#$&$,+&$?!'&%1$!)%1F!'#$!.*,$!+,!'#$!+&>%2*(3(!'+!(+3$!

+'#$&!.*,$?!%2/!'#%'!1%2!+2.4!)$!'#$!.*,$!+,!'#$!7.%2$'A!J'!*(!+2.4!(97$&,*1*%..4!'#%'!'#$!7.%2$'!$%&'#!

1+2(*('(!+,!%!1&9('!+,!/$%/!(9)('%21$A!"#$!$%&'#!%(!%!=#+.$!*(!%!.*E*2>!+&>%2*(3A!J'!#%(!>*E$2!+,!*'(!.*,$!

'+!'#$!+&>%2*(3R!%2/?!+=*2>!'+!'#*(!>*E*2>!+,!.*E$?!'#$!$%&'#!*'($.,!*(!/4*2>!+,,!+2!'#$!(9&,%1$A!0E$&4!

,%&3$&!F2+=(!'#%'!2+'!+2.4!'#$!7.%2'!=#*1#!#$!>&+=(!#%(!.*,$?!)9'!'#%'!'#$!$%&'#!%(!(91#?!'#$!(+*.!%(!

(91#?!7%(($(!/9&*2>!'#$!1+9&($!+,!'#$!4$%&(!'#&+9>#!%!3%2*,+./!7&+1$((!+,!.*,$?!=#*1#!2$$/(!'+!)$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f! ;$>%&/*2>!*+/*2$!*2! +&>%2*(3(!($$! "A!EA! V$..$2)%1F?!K:.# X-/A-77)+#1)/#L/)*.0:2>#2+1# 1)/#'(->>8)C6.)0#1).# &-14#

0&>$)2*(($!/$&!:#4(*+.+>*$![b?!OS[QA!i!IA!@+.*(1#?!K*)#0:+M)+#*+#*6/)/#G)M*)62+;#M27#B*.)+ ?!OPS[A!IA!@+.*(1#?!K*)#B*.)+!:A()/*)+?!OSOaA!n!6$$!'#$!X9%2'*'%'*E$!3$%(9&*2>(!'%F$2!)4!-A!_A!d$&2%/(F4?! J)-C6)7*)?!7A![aO!,,A!


21/52

Ob' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'! 141.$(A! "#$!

)*+(7#$&$! %2/!'#$!1#$3*1%.!(9)('%21$!,+&3! %2!*2($7%&%).$!92*'A!"#$!1+21$7'*+2!=#*1#!($7%&%'$(!

1#$3*('&4!,&+3! .*,$! +2!$%&'#! *(!%2!92,&9*',9.?!3*(.$%/*2>! %)('&%1'*+2A!"#$! (9)('%21$(!+,! '#$!$%&'#!

39('!)$!92/$&('++/!*2!1+22$1'*+2!=*'#!'#$!$E+.9'*+2!%2/!'#$!.*,$!+,!'#$!=#+.$!7.%2$'!%(!*'!7%(($(!

'#&+9>#!*'(!3%24!>$+.+>*1%.!$7+1#(A!8%'9&%.!,+&1$(!1#%2>$!*'(!,+&3%'*+2!,&+3!'*3$!'+!'*3$A!5'!.%('?!

#+=$E$&?!@%2!3%F$(!#*(!%77$%&%21$?! *2!+&/$&!'#%'!#$!3%4?!=#$2!7.%2'(!%2/!%2*3%.(!#%E$!7.%4$/!

'#$*&!7%&'!*2!'#$!(#%7*2>!+,!'#$!7.%2$'?!>*E$!*'! ('*..!%2+'#$&!,+&3?!%! ,+&3!=#*1#!#$!%.+2$?!+9'!+,!#*(!

1+2(1*+9(2$((?!*(!%).$!'+!7&+/91$A!

"#$! *2'$&E$2'*+2! +,! 3%2U(! '$1#2*X9$! *(! 1&$%'*2>! %! 3+E$3$2'! +,! (9)('%21$! =#*1#! 39('! )$!

&$>%&/$/!%(!%!2$=!>$+.+>*1%.!$7+1#?!'#$!L:(41#+G+*F93AM!"+!X9+'$!d$&2%/(F4^!

9+#(6)#=/).)+(#;)-0-;*C:0#)=-C64#(6)#=."C6-M-*A27#T(6)#)/:#->#(6)#.=*/*(W4#(6)/)#:/*.).#:#+)8#>:C(-/#->#(6)#

;/):().(#;)-C6)7*C:0#*7=-/(:+C)Y#(6)#;)-C6)7*C:0#:C(*3*("#->#7:+%#

J,!'#*(!*(!'&9$!W!%2/!*'!*(!'&9$!W!%2!*33$%(9&%).$!&$(7+2(*)*.*'4!,%..(!97+2!3%2A!

"#$! $%&'#! #%(! >*E$2! +,! *'(! .*,$! '+! *'(! 1&$%'9&$(A! "#$4! #%E$! )$$2! %).$! '+! 92,+./! '#$*&! +=2!

*2/*E*/9%.!.*,$!%2/?!&*(*2>!('$7!)4!('$7?!%'!.%('!#%E$!F*2/.$/!*2!@%2!%!1+2(1*+9(2$((!+,!#*(!+=2!($2($!

+,! &$(7+2(*)*.*'4A! J2!@%2!'#$! 92*E$&($!#%(! %=%F$2$/!'+! *'($.,A!?!'#%'!*'!*(!*37$&%'*E$!'+!&$%.*G$!'#%'!%24!,9&'#$&!7&+>&$((*+2!*37.*$(!*21&$%($/!

&$(7+2(*)*.*'4A!

c9&! +)N$1'*E$! (#+9./! )$! 2+'! +2.4! '#$! *33$/*%'$! 79&7+($! +,! $%1#! *2/*E*/9%.! $1+2+3*1!

'&%2(%1'*+2?!)9'!+9&!$E$&4!/$1*(*+2!%2/!%1'!*2!$1+2+3*1!.*,$!(#+9./!)$!>9*/$/!)4!'#$!X9$('*+2?!#+=!/+$(!*'!($&E$!'#$!$%&'#!%(!%!=#+.$h!

I+=!'+!%/N9('!+9&!$1+2+3*1!.*,$!*2!%11+&/%21$!=*'#!+9&!&$(7+2(*)*.*'4!'+=%&/(!'#$!7.%2$'?!'#*(!

*(!=#%'!'#$!>$+1#$3*1%.!%(7$1'!'$%1#$(!9(A!

!


22/52

OQ' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%($+9(!%1'*+2?!+&!7+((*).4!%(!%!1+2($X9$21$!+,!'#$!

%1'*+2!+,!=%'$&A!T9'!'#$!,%1'!'#%'!'#$!3$'%.(!,*2/!'#$*&!=%4!,&+3!)$.+=!*2'+!'#$!1&$E*1$(!%2/!7+1F$'(!

+,!'#$!977$&!('&%'%?!+=$(!*'(!+&*>*2!'+!1+(3*1!&%4(!=#*1#!&$%1#$/!'#$!(9&,%1$!+,!'#$!$%&'#!,&+3!

=*'#+9'?!7&+)%).4!%'!%!'*3$!=#$2!'#$!7&$($2'!/$7'#(!,+&3$/!'#$!(9&,%1$A!

"#$!1+(3*1!+&*>*2!+,!'#$!3$'%.(!*(!1+2,*&3$/!)4!1$&'%*2!1#$3*1%.!&$%1'*+2(?!=#*1#!HA!g+.*(F+!

#%(!/$3+2('&%'$/!*2!$D7$&*3$2'%.!&$($%&1#!$D'$2/*2>!+E$&!3%24!4$%&(Af!J'!#%(!)$$2!7&+E$/!*2!'#*(!

=%4!'#%'!3$'%.(!*2!(+.9'*+2!3+E*2>!%>%*2('!'#$!,+&1$(!+,!>&%E*'4!Y'#*(!1%2!)$!/+2$!)4!$D7$&*3$2'*2>!

=*'#!,*.'$&!7%7$&!+&!>%.%2'*2$Z!(#+=!1#$3*1%.!&$%1'*+2(?!=#*1#!E%&4!=*'#!'#$!1+2('$..%'*+2(!+,!

1$&'%*2!7.%2$'(A!V+&!$D%37.$?!'#$!/9&%'*+2!+,!%2!$1.*7($!+,!'#$!(92!1%2!)$!%(1$&'%*2$/!*2!'#$!>+./K

7*1'9&$!=#*1#!'#$!(+.9'*+2!+,!>+./!7%*2'(!*2!/&%=*2>!*'($.,!97!*2!'#$!,*.'$&!7%7$&A!"#$($!$D7$&*3$2'(?!

=#*1#!*'!*(!7+((*).$!'+!$D'$2/!*2'+!'#$!)*+.+>*1%.!&$%.3!%(!=$..?!%&$!+,!'#$!>&$%'$('!*37+&'%21$!*2!+9&!

F2+=.$/>$!+,!'#$!2%'9&$!+,!'#$!3$'%.(A!"#$!'&%/*'*+2%.!1+22$1'*+2!)$'=$$2?!

6%'9&2!W!.$%/! d$29(!W!1+77$&!

_97*'$&!W!'*2! @$&19&4!W!3$&19&4!

@%&(!W!*&+2! @++2!W!(*.E$&!

692!K!>+./! !

1%2!'#9(!)$!7&+E$2!'+!)$!1+&&$1'Ai

!J2!+./$2!'*3$(!(+3$'#*2>!=%(!F2+=2!%)+9'!'#$!1+(3*1!1+22$1'*+2!%2/!'#$!+&*>*2!+,!'#$!3$'%.(A!

-$!,*2/!*2!'#$!0>47'*%2!.%2>9%>$!'#%'!'#$!=+&/!,+&!*&+2!*(! !::)2)=)!=#*1#!1+&&$(7+2/(!'+!'#$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!HA!g+.*(F+^!K:.#'*0!)/#2+1#1)/#@-+14#1)/#&2=*()/#2+1#1:.#S*++#Y79).*1%'*+2!+,!'#$!T*+.A!J2('*'9'$?!g%2+2$2=$>!\\?!

6'9''>%&'ZR!K*)#'-++)+>*+.()/+*.#&2+* !\]U^?!'()/+)+8*/A)+#*+#B/1)+.(->>)+# Yc&*$2'Kc11*/$2'!d$&.%>?!6'9''>%&'ZA!i! 6$$! %.(+! HA! g+.*(F+^!


23/52

Oe' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'+./!3$%2(!L&%4$/!*2!,&+3!'#$!.*>#'!+,!'#$!(92AM!"#$($!=+&/(!7+*2'!'+!'#$!3$'%.(U!'&9$!

+&*>*2A!"#$4!%1'9%..4!%&$!&$(*/9$(!+,!(9)('%21$(!/$&*E$/!,&+3!1+(3*1!&%4K*2,.9D$(!/9&*2>!>$+.+>*1%.!

$7+1#(?!*2!=#*1#!'#+($!7%&'(!=#*1#!%&$!2+=!*2!'#$!/$7'#(!=$&$!,+&3$&.4!+2!'#$!(9&,%1$A!

I$21$!%.(+!'#$!&$.%'*+2!(#*7!+,!1$&'%*2!3$'%.(!)+'#!'+!1$&'%*2!7.%2$'(!%2/!'+!1$&'%*2!>$+.+>*1%.!

,+&3%'*+2(A!"*2!,+&!$D%37.$!*(!1+22$1'$/!2+'!+2.4!=*'#!_97*'$&!)9'!%.(+!=*'#!>&%2*'$A!L"#$!E$*2(!+,!

'*2!+&$AMnnnnn!

"#9(!=$!39('!*3%>*2$!'#$!3%>3%'*1!3%(($(!7$&3$%'$/!)4!'#$!*2,.9$21$!+,!1+(3*1!&%4(!=#*1#!

%//!3$'%.!(9)('%21$(!'+!'#$*&!1+37+(*'*+2A!"#%'!*&+2?!#+=$E$&?!('%2/(!%7%&'!,&+3!%..!'#$!+'#$&(?!

)$1+3$(!$E*/$2'!%(!(++2!%(!=$!1+37%&$!'#$!&$.%'*E$!X9%2'*'*$(!+,!'#$!3$'%.(A!"#*(!'%).$!)$.+=?!

! '#$2!'#$!)$.*$,!'#%'!*&+2!#%(!'#9(!)$$2!(9)('%2'*%..4!*21+&7+&%'$/!*2!

'#$!/$E$.+73$2'!+,!'#$!$%&'#A!J&+2!7.%4(!%!(7$1*%.!7%&'!*2!'#$!#93%2!+&>%2*G%'*+2?!'++?!,+&!*'!*(!'#$!

+2.4!3$'%.!=#*1#!$D*('(!*2!7$&1$7'*).$!X9%2'*'*$(!*2!'#$!).++/A!"#$!1+3*2>!*2'+!$D*('$21$!+,!=%&3K

).++/$/!%2*3%.(!%77$%&(!'+!#%E$!+119&&$/!7%&%..$.!=*'#!'#$!*21&$%($!+,!'#$!*&+2K1+2'$2'!+,!'#$!

$%&'#A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!nnnnn!T$4(1#.%>!g&9(1#!d+>'?! K*)#E:;)/.(:)(()+#1)/#+2(M!:/)+#@*+)/:0*)+#2+1#J).()*+)4# [2/!$/*'*+2?!02F$?!6'9''>%&'?!

OSO\?!7A!\QQA!ooooo!J)*/A?!E+.!*?!7A!Obe?!%2/!H%2/+./KT+$&2('$*2A!


24/52

OP' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!97+2!'#$!#93%2!

+&>%2(?!=+9./!(*37.4!)$!'+!/$(1&*)$!%!/$%/!)+/4!*2!=#*1#!'#$!1*&19.%'*+2!+,!.*X9*/!(9)('%21$(!%2/!

'#$!)&$%'#*2>!#%/!1$%($/A!"+!('9/4!.*,$!+,!'#$!+&>%2*(3!*2!*'(!3%2*,+./!7&+1$(($(!*'!*(!2$1$((%&4!'+!

>+!%!('$7!,9&'#$&!%2/!('9/4!'#$!,921'*+2(!+,!'#$!1*&19.%'*+2?!'#$!)&$%'#*2>!7&+1$(($(!%2/!(+!+2A!

J2!'#$!(%3$!=%4?!%!/$(1&*7'*+2!+,!'#$!$%&'#!=#*1#!*(!(*37.4!1+21$&2$/!=*'#!'#$!(#%7$(!+,!'#$!

1+2'*2$2'(!%2/!'#$!,+&3%'*+2!+,!'#$!3+92'%*2(?!=+9./!2+'!>*E$!'#$!(.*>#'$('!*/$%!+,!*'(!3*>#'4!.*,$!

7&+1$(($(A!"#$!$3*2$2'!>$+.+>*('?!0/9%&/!69$((?!('%'$(!*2!#*(!=+&F!%)+9'!'#$!,%1$!+,!'#$!$%&'#?ffffff!

'#%'!4!1%2!+2.4!/$(1&*)$!'#$!/4*2>!7&+1$(($(!+,!'#$!7.%2$'!+2!*'(!(9&,%1$A!I$!(%4(^!LJ'!*(!'#$!

)&$%F*2>!97!+,!'#$!7.%2$'?!=#*1#!=$!=*'2$((AM!

"#*(!7*1'9&$!+,!'#$!$%&'#?!#+=$E$&?!'%F$(!+2!%!/*,,$&$2'!%(7$1'!*,!=$!3%F$!%!('9/4!+,!

+1$%2+>&%7#4?!=#$2!'#$!7.%2$'!*33$/*%'$.4!%77$%&(!'+!)$1+3$!%.*E$A!"#$!+1$%2?!)+92/!97!%(!*'!*(!

=*'#!'#$!1*&19.%'*+2!+,!=%'$&!%2/!%*&?!%2/!'#$!293$&+9(!3$'$+&+.+>*1%.!1+22$1'*+2(!+,!'#$!$%&'#?!*(!

'#$!)$%&$&!+,!*2$D#%9('*).$!.*,$A!

J,!=$!#%E$!$E$&!$D7$&*$21$/!'#$!*37&$((*+2!+,!$'$&2*'4!>*E$2!'+!9(!)4!'#$!+1$%2?!)4!*'(!1+3*2>!

%2/!>+*2>?!%/E%21*2>!%2/!&$'&$%'*2>?!%2/!*'(!34('$&*+9(!'#3?!'#$2!=$!#%E$!92/$&('++/!*2!(+3$!

=%4!'#$!*2/$('&91'*).$!.*,$!+,!'#$!7.%2$'A!-$&$!'#$!$%&'#!2+'!%!.*E*2>!+&>%2*(3?!*'(!)+/4!=+9./!,+&3!%!

1&4('%.A!"#*(!'$2/$214!/+$(!$D*('?!)9'!'#$!+'#$&?!+77+(*'$!'$2/$214?!=#*1#!*(!1+2('%2'.4!

1+92'$&%1'*2>!'#$!1&4('%..*G%'*+2!+,!'#$!$%&'#!*(!%.(+!'#$&$!'+!+E$&1+3$!'#$!/$%'#!%2/!7%&%.4G%'*+2!

+,!$%&'#!.*,$A!_9('!%(!'#$&$!*(!(+3$'#*2>!*2!'#$!#93%2!$4$!=#*1#!*(!%.=%4(!7&$E$2'*2>!'#$!.$2(!+,!'#$!

$4$!,&+3!)$1+3*2>!%!1&4('%.?!(+!'#$&$!*(!(+3$'#*2>!=#*1#!7&$E$2'(!'#$!$%&'#!,&+3!1&4('%..*G*2>A!

H+='#*%2!


25/52

OS' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'(!=#*1#!$D#*)*'!'#$!(%3$!7#$2+3$2+2A!0E$2!*2!

'#$!.*E*2>!7.%2'!=+&./!=$!,*2/!'#$!7#$2+3$2+2!+,!$))!%2/!,.++/A!J'!=%(!%.&$%/4!F2+=2!'+!'#$!7&*$('?!

H%37&$1#'?!=#$2!#$!=&+'$!'#$!3$/*%$E%.!7+$3!*2!=#*1#!#$!/$(1&*)$(!E$&4!%''&%1'*E$.4!%2!

$D7$&*$21$!+,!5.$D%2/$&!'#$!!)%1F!*2'+!'#$!>&+92/?!(+!'#%'!'#$!

(#%7$!+,!'#$!'&$$!*(!,+&3$/!)4!'#$!,.9*/!(%7A!51'9%..4!(91#!'#*2>(!#%/!%.&$%/4!)$$2!+)($&E$/!)4!

5&*('+'.$?!=#+!7&+)%).4!'%9>#'!'#$3!'+!#*(!797*.A!J'!*(!%2!+./!&9.$!+,!'#$!=++/K19''$&(!'#%'!'#+($!

'&$$(!*2'$2/$/!,+&!,9$.!(#+9./!)$!,$..$/!%'!'#$!2$=!3++2?!)$1%9($!%'!'#%'!'*3$!'#$!(%7!#%(!&$1$/$/!

%2/!'#$!=++/!*(!/&4A!5'!,9..!3++2!'#$!'&$$!*(!,*..$/!'+!'#$!1&+=2!=*'#!(%7?!%2/!%!.*''.$!)$,+&$!'#$!2$=!

3++2!'#$!(%7!,.+=(!)%1F!'+!'#$!&++'(A!-$!1%2!+)($&E$!'#$($!3+2'#.4!%2/!/%*.4!'#3(?!)9'!'#$4!

%&$!2+'!1+22$1'$/!+2.4!3$1#%2*1%..4!=*'#!'#$!1+9&($!+,!'#$!(92!%2/!'#$!3++2A!"#$!$%&'#!%(!%!.*E*2>!

)$*2>!&$E$%.(!*'(!'#3!*2!3%24!7#$2+3$2%?!+2$!+,!=#*1#!*(!'#$!&$E+.9'*+2!+,!'#$!3++2?!%2+'#$&!

$))!%2/!,.++/A!

J'!*(!2+'!+2.4!'#$!($%!=#*1#!$))(!%2/!,.+=(!)9'!%.(+!'#$!(+K1%..$/!/&4!.%2/?!'#$!,.91'9%'*+2!+,!

=#+($!(9&,%1$!*2!1+22$1'*+2!=*'#!'#$!3++2U(!'#3?!#%(!%!3%>2*'9/$!+,!7.9(!+&!3*29(![`!13Annnnnn!

J'!#%(!)$$2!/*(1+E$&$/!'#%'!'#$!'#3(!+,!'#$!(92!%2/!3++2!(421#&+2*G$!'+!%!3$%(9&%).$!

$D'$2'!=*'#!'#$!/$,+&3%'*+2(!+,!'#$!(+.*/!>&+92/!+,!'#$!$%&'#Aoooooo!

"#$!$%&'#!#%(!79.(%'*+2(A!"#$!$%&'#!*(!%1'9%..4!%.*E$A!5!.+2>!'*3$!%>+!=$!%/E%21$/!)$4+2/!'#$!

1+21$7'*+2!+,!('%).$!1+2'*2$2'(!=#*1#!2$E$&!%.'$&!'#$*&!7+(*'*+2A!"#%'!*/$%!#%(!)$$2!/$('&+4$/!)4!

5.,&$/!-$>$2$&Afffffff!"#$!/*('%21$!)$'=$$2!09&+7$!%2/!53$&*1%!*21&$%($(!4$%&.4!)4!%)+9'!+2$!

3$'&$?!J1$.%2/!3+E$(!%=%4!,&+3!8+&=%4!%'!'#$!&%'$!+,!%)+9'!S!'+!OP!3$'&$(!%!4$%&?!%(1%&!,&+3!5,&*1%?!%)+9'!S!3$'&$(A!5.'#+9>#!,9&'#$&!

+)($&E%'*+2(!3%4!(#+=!E%&*%21$!*2!'#$($!,*>9&$(?iiiiiii!+2$!'#*2>!*(!1$&'%*2?!2%3$.4!'#%'!'#$!$%&'#!*(!

2+'!%!&*>*/!)+/4?!%2/!'#%'!'#$!1#%2>*2>!1+2/*'*+2(!%&$!2+'!+2.4!/9$!'+!%2/!(9)N$1'!'+!'#$!>&$%'!

>$+.+>*1%.!$7+1#(?!(*21$!'#$!$%&'#!*2!*'($.,!#%(!3+E$3$2'!%2/!3+E$(A!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!nnnnnn!;9/+.,!"+3%(1#$F!*2!K:.#$)0(:004!"&$7'+=$&!6'$&2=%&'$!`[?!_%#&>%2>A!I$,'!\Kb!T$&.*2?!_%29%&4!OS`[A!oooooo!;$)$9&!:%(1#=*'G?!O.(/-+-7*.C6)#P:C6/*C6()+?!OPS[?!E+.A!1DDDA!cA!I$1F$&?!G)-!:C6(2+;)+#:+#?-/*M-+(:0=)+1)0+#

2)!)/# K)>-/7:(*-+# 1).#B/1A-)/=)/.#2+()/# 1)7#B*+>02..# 3-+#'-++)# 2+1#@-+1?! T$&.*2?!OSaeA! -A! 61#=$4/%&?!56)-/*)# 1)/#

K)>-/7:(*-+#1)/#B/1)#12/C6#Q02(A/:)>()?!T$&.*2?!OSOQA!;A!5A!B%.4?!56)#B:/(6Z.#,/2.(#:+1#*(.#'(:!*0*("4#O7%#&-2/+%#->#'C*)+C) ?!

E+.A![ab?!OS[`A!fffffff!5.,&$/!-$>$2$&?!K*)#B+(.()62+;#1)/#,-+(*+)+()#2+1#_C):+) ?!T&%92(1#=$*>?!OS[[A!iiiiiii!-$>$2$&?!K*)#


26/52

[a' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'$2$&!#%(!7+*2'$/!+9'!'#%'!'#$!1+2'*2$2'(!1#%2>$!'#$*&!&$.%'*+2!'+!+2$!%2+'#$&A!g&$*1#>%9$&!

#%(!7&+E$/!'#%'!'#$!1&9('!+,!'#$!$%&'#!>.*/$(!+E$&!'#$!291.$9(A!;A!I+$&2$( f!#%(!$D7.%*2$/!'#$!*/$%(!

=#*1#!#%E$!)$$2!$E+.E$/!1+21$&2*2>!'#$!3+E$3$2'(!+,!'#$!$%&'#K%D*(A!

8+'#*2>!*(!.$,'!+,!'#$!+./!1+21$7'*+2!+,!%!>.+)$!(7*22*2>!$'$&2%..4!97+2!*'(!2$E$&K1#%2>*2>!%D*(A!

"#$!'#3*1!&*($!%2/!,%..!+,!'#$!=%'$&(!+,!'#$!($%!E%&*$(!1+2(*/$&%).4!%11+&/*2>!'+!.+1%.*'4A!J'!

#%(!)$$2!,+92/!*2!(7$%F*2>!+,!'#$!$))!%2/!,.++/!+,!'*/$(?!'#%'!'#$!/9&%'*+2!+,!'#$!,.++/!W!'#%'!*(!'#$!

'*3$!)$'=$$2!'#$!.+=$('!.$E$.!%2/!'#$!'+91#*2>!+,!'#$!#*>#K=%'$&!3%&F!W!/+$(!2+'!%3+92'!'+!

$D%1'.4!(*D!#+9&(?!)9'!,&+3!/%4!'+!/%4!*(!7&+.+2>$/!)4!%)+9'!,+&'4!3*29'$(A!J'!*(!%.(+!'&9$!'#%'!$E$&4!

,+9&'$$2!/%4(!'#$!=%'$&!&$%1#$(!%!3%D*393!#$*>#'?!%2/!'#%'!$*>#'!/%4(!)$,+&$!%2/!%,'$&!(91#!%!

3%D*393?!%!3*2*393!*(!&$%1#$/A!6*21$!*'!)$1+3$(!1.$%&!*2!1+2($X9$21$!'#%'!'#$!/9&%'*+2!+,!'#$!

'*/$(!1+&&$(7+2/(!'+!'#$!977$&!%2/!.+=$&!19.3*2%'*+2!+,!'#$!3++2?!%2/!'#%'!,9..!3++2!%2/!2$=!

3++2!%.(+!$D$&1*($!%!('&+2>!*2,.9$21$!+2!'#$!'*/$(?!*'!=%(!2%'9&%.!'#%'!1+37%&*(+2(!(#+9./!)$!3%/$!

)$'=$$2!'#$!'#3!+,!'#$!3++2!%2/!'#$!'#3!+,!'#$!'*/$(A!0))!%2/!,.++/!%&$!%.&$%/4!3$2'*+2$/!

)4!I$&+/+'9(Ri!6'&%)+!3$2'*+2(!'#$!1+22$1'*+2!=*'#!'#$!3++2Rn!C%$(%&!(7$%F(!+,!'#$!1+22$1'*+2!+,!

,.++/(!=*'#!'#$!7#%($(!+,!'#$!3++2?o!%2/!:.*24!%(1&*)$(!%2!*2,.9$21$!+2!'#$!'*/$(!2+'!+2.4!'+!'#$!

3++2?!)9'!%.(+!'+!'#$!(92Aff!

8$='+2!$D7.%*2$/!'#$!'*/$(!%(!'#$!$,,$1'!+,!'#$!/*,,$&$21$!*2!/$>&$$!+,!'#$!>&%E*'%'*+2!+,!(92!

%2/!3++2?!=#+($!%''&%1'*+2!+2!'#%'!(*/$!+,!'#$!$%&'#!=#*1#!$*'#$&!,%1$(!+&!*(!'9&2$/!%=%4!,&+3!

'#$3?!1%9($(!'#$!3+E$3$2'!+,!'#$!=%'$&(A!@+&$!3+/$&2!(1*$2'*('(!'%F$!*2'+!%11+92'!'#$!*2,.9$21$!+,!

+'#$&!7.%2$'(!%(!=$..!%(!3$'$+&+.+>*1%.!,%1'+&(!%2/!1+%('!,+&3%'*+2A!

J2!#*(!?:/7-+*-2.#O+:0".*.?!79).*(#$/!*2!OPQP?!H+&/!g$.E*2!*2E$2'$/!%2!*2('&93$2'!)4!3$%2(!+,!

=#*1#!*'!*(!7+((*).$!'+!%(1$&'%*2!=#*1#!E%&*+9(!(*2>.$!,%1'+&(!%'!%!>*E$2!7+*2'!+2!'#$!1+%('!7&+/91$!

'#$!1+37.*1%'$/!&$(9.'(!+,!'#$*&!1+3)*2$/!%1'*+2Aii!

$2oo!#%E$!/$E$.+7$/!'#$!'#$+&4!,9&'#$&A!-*'#!'#$!%*/!+,!H+&/!g$.E*2U(!

#%&3+2*+9(!1+2('%2'!*'!*(!2+=!7+((*).$!'+!1%.19.%'$!'#$!,.+=!+,!'#$!'*/$(!*2!%/E%21$?!%2/!'#9(!>*E$!

%/E%21$!*2,+&3%'*+2!'+!'#$!2%E*>%'+&?!(*21$!#$!#%(!*2E$2'$/!%2!%77%&%'9(!=#*1#!%9'+3%'*1%..4!

&$>*('$&(!'#*(!1+37.*1%'$/!1%.19.%'*+2Afff!"#&$$!+,!'#$($!'*/%.!7&$/*1'+&(!%&$!*2!'#$!7+(($((*+2!+,!'#$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f! ;A! I+$&2$(?! L5$.'$&$! 92/!2$9$&$! 52(*1#'$2! 9$)$&! /*$! d$&.$>92>! /$&!0&/%1#($?M!@*(()*02+;)+# 1)/# J)-0-;*.C6)+#J).)00.C6:>(#$*)+#94!6$*'$!ObSK[a[A!

i!?)/-1-(2.?!E+.A!**?!1#%7A![A!n!'(/:!-?!E+.A!***?!1#%7A!b?!7A!Oe`!C%(A!o!G)0027#J:00*C27?!E+.A!*E?!7A![SA!ff!?!OSa[A!oo!O++%#1)/#?"1/-;/:=6*)?!OPPbA!fff!C+37%&$!L;+)+'(M!*2!P:(2/)4!OPeS?!E+.A!DD?!7A![POA!


27/52

[O' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!&+92/!'#$!$%&'#!=*'#*2!'#$!7.%2$!

+,!'#$!0X9%'+&?!3%*2'%*2*2>!'#$!(%3$!(7$$/!%2/!'#$!(%3$!/*('%21$!%..!'#$!'*3$A!-$!,*2/!'#%'!)4!(91#!

%((937'*+2(!%(!'#*(!=$!1%2!)$!,9&2*(#$/!*2!%/E%21$!=*'#!X9%2'*'%'*E$!$2'*'*$(!)4!=#*1#!=$!%&$!

$2%).$/!'+!F2+=!+,!'#$!7#$2+3$2+2!$E$2!)$,+&$!*'!+119&(A!

I+=$E$&?!(91#!/$(1&*7'*+2(!)&*2>!9(!2+!2$%&$&!'+!%!&$%.!92/$&('%2/*2>!+,!'#$!3%''$&A!I$!=#+!

7$&1$*E$(!'#$!7#$2+3$2+2!%2/!$D7$&*$21$(!'#$!.*,$!('&$%3!*2!'#*(!'#3*1!*2'$&%1'*+2!*(!2$%&$&!'+!

&$%.*'4?!%2/!'#*(!&$%.*'4!1+2(*('(!*2!'#$!,%1'!'#%'!'#$!$%&'#?!.*F$!$E$&4!.*E*2>!)$*2>?!.*E$(!'#3*1%..4A!

8+!3%'#$3%'*1%.!1%.19.%'*+2!1%2!$D7.%*2!.*,$?!(*21$!*'(!*22%'$!.%=(!/$,4!$D%1'!1%.19.%'*+2A!"#%'!=#*1#!

1%2!)$!1%.19.%'$/!39('?!%'!(+3$!'*3$?!1+3$!'+!%!('%2/('*..?!)$1%9($!'#$!%((937'*+2!+,!,*2*'$!

7&$1*(*+2!.$%/(!'+!%!/42%3*1!(4('$3!=#*1#!=*..!9.'*3%'$.4!('+7!+,!*'(!+=2!%11+&/A!H*,$!1%22+'!)$!

1%.19.%'$/A!8$E$&'#$.$((!1%.19.%'*+2!*(!2$1$((%&4!,+&!7&%1'*1%.!79&7+($(R!%7%&'!,&+3!7&%1'*1$!*'!#%(!

%)(+.9'$.4!2+!'#$+&$'*1%.!E%.9$A!"#$!%1'9%.!'*/$(!(#+=!$D'&%+&/*2%&*.4!E%&*$/!7#$2+3$2%A!J2!(+3$!

7.%1$(!'#$&$!%&$!,+9&!'*/$(!=*'#*2!%!3++2!/%4?!%(!,+&!*2('%21$?!%'!:++.$!%2/!-$43+9'#!*2!

B+&($'(#*&$R!=#*.$!*2!+'#$&!7.%1$(!'#$&$!*(!+2.4!+2$!'*/$?!%(!+2!'#$!1+%('!+,!"+2F*2?!+2!'#$!8+&'#!%2/!

6+9'#!1+%('(!+,!8$=!I+..%2/?!%'!:$'&+7%E.+E(F?!%2/!+2!'#$!1+%('!+,!'#$!*(.%2/!+,!_9%2!V$&2%2/$GA!

5>%*2?!'#$&$!%&$!+'#$&!7.%1$(!=#$&$!'#$&$!*(!7&%1'*1%..4!2+!E*(*).$!3+E$3$2'!=#*1#!1+9./!)$!

1+22$1'$/!=*'#!'#$!3++2A!"#$!#$*>#'!+,!'#$!'*/$(?!'++?!E%&*$(!1+2(*/$&%).4A!J2!(+3$!)%4(?!%(!*2!'#$!

)%4!+,!6'A!@*1#$.?!'#$!'*/$(!&*($(!'+!%2!$D1$7'*+2%.!#$*>#'!+=*2>!'+!'#$!=%'$&(!>%*2*2>!*2!#$*>#'!=#%'!

*'!.+($(!*2!=*/'#A!"#$!&+'%'*+2!+,!'#$!$%&'#?!'++?!*2,.9$21$(!'#$($!7#$2+3$2%?!%2/!1%9($(?!,+&!

$D%37.$!#*>#$&!'*/$(!+2!'#$!V&$21#!1+%('!+,!'#$!02>.*(#!C#%22$.!'#%2!+2!'#$!02>.*(#!1+%('A!

5.$D%2/$&!697%2!('%'$(!*2!#*(!,92/%3$2'%.!+9'.*2$(!+,!7#4(*1%.!>$+>&%7#4^!L"+/%4!(1*$2'*,*1!

&$($%&1#!=*'#!&$>%&/!'+!'#$!+1$%2(!*(!('*..!,%&!,&+3!)$*2>!%).$!'+!>*E$!9(!(%'*(,%1'+&4!%2%.4(*(!+,!'#$!

7#$2+3$2+2!+,!'*/$(A!;$%.!7&+>&$((!1%22+'!)$!$D7$1'$/!92'*.!=$!%&$!%).$!'+!('9/4!'#$!'*/$(!+2!'#$!

+7$2?!/$$7!+1$%2?!=#$&$!'#$4!1+9./!)$!+)($&E$/!*2!'#$*&!>&$%'$('!7+((*).$!(*37.*1*'4?!+&!%'!%24!&%'$!

.$%('!(9)N$1'$/!'+!'$&&$('&*%.!*2,.9$21$(A!V+&!'#*(?!#+=$E$&?!'#$!2$1$((%&4!'$1#2*1%.!3$%2(!%&$!%(!4$'!

.%1F*2>AMf!"#$&$!*(!2+!/+9)'!'#%'!'#$!7#$2+3$2+2!+,!$))!%2/!,.++/!*(!%!E$&4!1+37.$D!+2$?!*2!=#*1#!

'#$!3+('!3%2*,+./!,+&1$(!%&$!%'!=+&F?!2%3$.4!'#$!#%.,K/%*.4!'*/$(!=#*1#!1+&&$(7+2/!'+!'#$!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!5.$D%2/$&!697%2?!Q2+1:7)+(:0#_2(0*+).#->#?!T$&.*2?!OS[e?!7A!`O[A!


28/52

[[' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'*1%.!*2,.9$21$(A!"#$($!

%&$!%77&+D*3%'$.4!'#$!3%*2!,%1'+&(A!T9'!'#$4!%&$!%..!3+&$!+&!.$((!+,!%!3$1#%2*1%.!2%'9&$?!%2/!

+)E*+9(.4!1%2!+2.4!&$7&$($2'!'#%'!&$%.3!*2!=#*1#!%!'#3*1!.*E*2>!,+&1$!#%(!*'(!7.%4R!%!,+&1$!%(!

*2/$7$2/$2'!+,!'#$!3$1#%2*(3!+,!*'(!,*$./!+,!%1'*+2!%(!'#$!X9%.*'4!+,!'+2$!*(!*2/$7$2/$2'!+,!'#$!

=%E$(!*2!'#$!%*&!=#*1#!1%&&4!*'A!J'!=+9./!)$!3*(>9*/$/!'+!2$>.$1'!'#$!+2$!,+&!'#$!+'#$&?!%2/!*'!=+9./!

)$!$X9%..4!=&+2>!'+!*/$2'*,4!'#$!*22$&!3$%2*2>!+,!'#$!.*E*2>!'#3!+,!'#$!+1$%2!=*'#!'#$!

1+37.*1%'$/!1+3)*2%'*+2!+,!3$1#%2*1%.!7#$2+3$2%!=*'#*2!=#*1#!*'!3%2*,$('(!*'($.,A!J'!'&%2(1$2/(!

'#$($!3$1#%2*1%.!,+&1$(!%2/!*(!(+3$'#*2>!,92/%3$2'%..4!/*,,$&$2'A!J'!*(!'#%'!(%3$!#%&3+2*1!%2%.4(*(!

=#*1#!(#+=(!9(!'#%'!X9*'$!/*,,$&$2'!3$1#%2*1!.%=(?!%(?!,+&!*2('%21$?!%!293)$&!+,!#47+'#$'*1%.!

3++2(!%2/!(92(?!1%2!#%E$!+2$!%2/!'#$!(%3$!3$1#%2*1%.!$,,$1'A!

8+=!.$'!9(!'&4!'+!,%'#+3!'#$!X9%.*'%'*E$!*22$&!)$*2>!+,!$))!%2/!,.++/A!"+!%77&+%1#!'#*(!7&+).$3!

=$!39('!('9/4!1+(3*1!*2,.9$21$(!=#*1#?!'#+9>#'!+,!2+!>&$%'!X9%2'*'%'*E$!*37+&'%21$?!)&*2>!9(!

2$%&$&!'+!*'(!*22$&!3$%2*2>A!5(!'#$!'*/$K1&$%'*2>!,+&1$!W!'+!9($!'#$!(1*$2'*,*1!'$&3(!+,!>&%E*'4!W!

/$7$2/(!+2!'#$!'#*&/!7+=$&!+,!'#$!/*('%21$!+,!'#$!'*/$K1&$%'*2>!#$%E$2.4!)+/*$(!W!2%3$.4!'#$!(92!+&!

3++2!W!(+!$E$&4!1#%2>$!*2!'#$!/*('%21$!)$'=$$2!(92!+&!3++2!,&+3!'#$!$%&'#!39('!1#%2>$!'#$!

7#$2+3$2%!+,!'#$!'*/$A!"#$!/*('%21$!)$'=$$2!'#$!(92!%2/!'#$!$%&'#!E%&*$(!,&+3![[?S\S!'$&&$('&*%.!

>.+)$!&%/**!+2!_%29%&4![ 2/!'+![`?e`O!>.+)$!&%/**!+2!_9.4![ 2/A!"#$($!/%4(!+,!2$%&$('!7&+D*3*'4!%2/!

>&$%'$('!/*('%21$!)$'=$$2!'#$!(92!%2/!'#$!$%&'#!%&$!3+E%).$!%2/!*2'$&1#%2>$!'#$*&!7+(*'*+2!*2!

Oa?\aa!4$%&(A!J2!'#$!#%.,K4$%&.4!7$&*+/!)$'=$$2!'#$!2$%&$('!7&+D*3*'4!%2/!>&$%'$('!/*('%21$!+,!'#$!

(92!Y57#$.*+2!%2/!:$&*#$.*+2Z!'#$&$!*(!%2!*21&$%($!*2!'#$!'*/$K1&$%'*2>!,+&1$!+,!Oaa!^!OaaAQ!*(!

+)($&E$/?!#+=$E$&?!,+&!'#$!#$*>#'!+,!'#$!(92!,.++/!'*/$(!E%&*$(!,&+3![`\!'+![bS!33A!J2!'#$!1%($!+,!

'#$!3++2?!=#*1#!3+E$(!*2!%!391#!3+&$!$%(*.4!/$,*2$/!$..*7($?!'#$!/*('%21$!,&+3!'#$!$%&'#!E%&*$(!

)$'=$$2!beAa`!%2/!Q`AQQ!&%/**!+,!'#$!>.+)$!+,!'#$!$%&'#?!%2/!%11+&/*2>.4!'#$!.$E$.!+,!'#$!3++2!,.++/K

'*/$(!E%&*$(!,&+3!\bb!33A!*2!57+>%$93!Y'#$!7+*2'!+2!'#$!1+9&($!+,!'#$!3++2!,9&'#$('!,&+3!'#$!

$%&'#Z!'+!Q`[!33A!*2!:$&*>%$93!Y'#$!7+*2'!2$%&$('!'#$!$%&'#ZA!"#*(!%3+92'(!'+!%2!*21&$%($!+,!Oaa!^!

O`S?!%!E$&4!391#!3+&$!7&+2+921$/!*21&$%($!'#%2!'#%'!+,!'#$!(92!,.++/(A!J'!*(!'#$($!E%&*%).$!

*2,.9$21$(?!'#$&$,+&$?!=#*1#!%.'$&!'#$!=#+.$!7#$2+3$2+2!+,!'#$!'*/$(!*2!'#$!1+9&($!+,!E$&4!.+2>!

7$&*+/(!+,!'*3$A!"#$!/*E$&>$21$!*(!'#9(!1%..$/!7%&%..%1'*1!+&!$..*7'*1?!)$1%9($!*'!*(!'#$!$..*7'*1!1+9&($!

+,!'#$!#$%E$2.4!)+/4!=#*1#?!'#&+9>#!*'(!1#%2>*2>!/*('%21$(?!1%9($(!'#$!1#%2>$(!*2!'#$!7#$2+3$2+2!

+,!'#$!'*/$(A!J2!%(!,%&!%(!'#$!*2,.9$21$!+,!'#$!3++2!*(!&$(7+2(*).$!,+&!'#$!*2/*1%'$/!'#3?!*'!$D'$2/(!

+E$&!%!7$&*+/!+,!OPAQ!4$%&(?!%,'$&!=#*1#!'#$!(%3$!1+2/*'*+2(!%&$!&$7$%'$/R!)9'!'#+($!'#3(!=#*1#!

/$7$2/!+2!'#$!(92!/+!2+'!&$7$%'!'#$3($.E$(!92'*.![O?aaa!4$%&(!#%E$!$.%7($/?!=#$2!'#$!:$&*#$.*+2!


29/52

[`' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'%*2!+2!'#$!(%3$!/%4!*2!'#$!4$%&A!6*21$!'#$!293)$&!+,!,.++/!'*/$(!/9&*2>!+2$!4$%&!%3+92'(!'+!

%)+9'!eab?!&+9>#.4!Ob!3*..*+2!,.++/!19&E$(!39('!7%((!)$,+&$!'#$!(%3$!,+&3(!&$19&A!J2!%//*'*+2?!'#$!

*2'$&,$&*2>!*2,.9$21$!$D$&1*($/!)4!'#$!*2'$&/$7$2/$2'!%''&%1'*+2!)$'=$$2!'#$!'#&$$!)+/*$(!+,!'#$!

(92?!3++2?!%2/!$%&'#?!39('!)$!'%F$2!*2'+!1+2(*/$&%'*+2?!%2/!*'!39('!%.(+!)$!&$3$3)$&$/!'#%'!'#$!

E$.+1*'4!+,!'#$!3++2U(!1*&19*'!*(!2+'!1+2('%2'A!J2!1$&'%*2!7+(*'*+2(!'#$!(92!/&%=(!'#$!3++2!%=%4!

,&+3!'#$!$%&'#?!=#*.$!*2!+'#$&(!(92!%2/!$%&'#!/&%=!'#$!3++2!2$%&$&!'+!'#$!$%&'#?!=#*1#!%>%*2!

*2,.9$21$(!'#$!7+(*'*+2!+,!'#$!3++2!)4!O!/$>&$$!%2/!Ob!3*2A!5!,9&'#$&!/*E$&>$21$!+,!a!/$>A!`S!3*2A!

*(!/9$!'+!'#$!=$..KF2+=2!(+K1%..$/!LE%&*%'*+2AM!"#$!/*,,$&$21$!&$(9.'*2>!,&+3!%..!'#$($!1%9($(!*2!'#$!

'+'%.!/*('%21$!+,!'#$!3++2!*(!+2.4!+2$!(*D'#!=#$&$%(!'#$!/*,,$&$21$!*2!'*3$!*2!'#$!3++2U(!1*&19*'!

%3+92'(!'+^!O!/$>A!Ob!3*2A!7.9(!a!/$>A! S!3*2A!m!O!/$>A!b\!3*2A!+&!e!'+!P!3*29'$(!+,!'*3$A!

"#$!>&$%'!1+(3*1!7$&*+/(!1%2!'#9(!)$!($$2!%'!=+&F!*2!'#$!7#$2+3$2+2!+,!'#$!'*/$(A!"#$4!%&$!

92/$&!'#$!*2,.9$21$!2+'!+2.4!+,!'#$!/%4?!'#$!3+2'#?!%2/!'#$!4$%&?!)9'!+,!'#$!1+(3*1!'#3(!%(!

3$%(9&$/!)4!'#$!7.%'+2*1!=+&/!4$%&!+,![b?S[a!4$%&(?!1%..$/!)4!3+/$&2!%('&+2+34!L7&$1$((*+2AM!

:&$1$((*+2!*(!%!3+E$3$2'!+,!'#$!(92!*2!'#$!+77+(*'$!/*&$1'*+2!+,!*'(!4$%&.4!1+9&($!=#*1#!*(!/9$!'+!

'#$!,%1'!'#%'!=*'#*2!'#$!1+9&($!+,!%!4$%&!*'!/+$(!2+'!X9*'$!&$%1#!*'(!('%&'*2>K7+*2'?!)9'!&$3%*2(!%!.*''.$!

)$#*2/!'#$!7&$1$/*2>!4$%&A!J2![b?S[a!4$%&(?!'#*(!%3+92'(!'+!%!1+37.$'$!1*&19*'!)9'!&922*2>!*2!'#$!

+77+(*'$!/*&$1'*+2!+,!'#$!4$%&.4!1*&19*'A!52/!%>%*2?!'#$!1+22$1'*2>!.*2$!)$'=$$2!'#$!7+*2'(!+,!

$D'&$3$!7&+D*3*'4!+&!/*('%21$!+,!'#$!(92!%2/!$%&'#?!$D$19'$(!%!1*&19*'+9(!3+E$3$2'!,+9&!'*3$(!%(!

.+2>!%(!3$%(9&$/!)4!'#$!1*&19*'!+,!'#$!:.%'+2*1!4$%&A!Y@+E$3$2'!+,!'#$!%7(*/%.!.*2$ZA!

"#$!293)$&![b?S[a!*(!2+'!%2!%11*/$2'%.!+2$A!-$!/&%=!OP!)&$%'#(!%!3*29'$? f!OaPa!*2!%2!#+9&?!

%2/![b?S[a!*2!%!/%4?!%2/!=$!#%E$!,+9&!'*3$(!%(!3%24!79.($!)$%'(A!"#*(!*(!'+!(%4!'#%'!=#%'!*'!'%F$(!

'#$!92*E$&($![b?S[a!4$%&(!'+!7$&,+&3?!3%2?!=#+!*2!$E$&4!&$(7$1'!*(!%!3*1&+1+(3?!/+$(!*2!+2$!/%4A!

"#$!=+&./K4$%&!*(!1+37&$(($/!*2'+!+2$!/%4R!%2/!=#%'!=$!$D7$&*$21$!*2!'#$!*2'$&7.%4!+,!79.($!)$%'(!

%2/!)&$%'#*2>?!'#$!92*E$&($!$D7$&*$21$(!*2!'#$!&$.%'*+2!)$'=$$2!'#$!7&$1$((*+2!%2/!%7(*/%.!

3+E$3$2'A!c&/$&$/!=*'#*2!'#$($!7#$2+3$2%!*(!'#%'!+,!'#$!'*/$(A!J2!'#$!1+(3*1!($2($!*'!*(!'&9$!'#%'!

'#$!+1$%2!)&$%'#$(A!"#%'!=#*1#!%!2%pE$!1+2(1*+9(2$((!$D7$&*$21$(!(7+2'%2$+9(.4?!'#$!&$%(+2*2>!

*2'$..$1'!>&%(7(!.%('?!)9'!*'!39('!'%F$!*2'+!%11+92'!%..!%(7$1'(!%2/!2+'!X9%2'*'%'*E$!E%.9$(!+2.4A!

J2!'#$!(%3$!=%4!'#%'!)&$%'#*2>!%2/!).++/!79.(%'*+2!7.%4!E$&4!*2'*3%'$.4!*2'+!'#$!97)9*./*2>!

%2/!/4*2>!7&+1$(($(!+,!'#$!($2($(!+,!'#$!#93%2!+&>%2*(3?!(+!$))!%2/!,.++/!&$>9.%'$(!*'($.,!*2!'#$!

+&>%2*(3!+,!'#$!$%&'#A!"#$!$%&'#!*(!%!.*E*2>!)$*2>!=#*1#!$D7$&*$21$(!*2!'#$!1+9&($!+,!'#+9(%2/(!+,!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!C+37%&$!$!+,!OP!)&$%'#(!%!3*29'$!Y,+&!'#$!2+&3%.!%/9.'!'#$&$!*(!+2$!)&$%'#!'+!$E$&4!,+9&!79.($!)$%'(Z!

'#$!293)$&!+,!)&$%'#(!*2!%!/%4!*(![b?S[aA!"#$!`Qbq!7%&'!+,![b?S[a!4$%&(!W!'#$!>&$%'!(+K1%..$/!7.%'+2*1!4$%&!W!Y'#$!7$&*+/!

+,!'#$!%/E%21$!+,!'#$!$X9*2+D$(Z!*(!e[r`!4$%&(?!'#%'!*(!'#$!%E$&%>$!/9&%'*+2!+,!3%2U(!.*,$A!-$!)&$%'#$?!'#$&$,+&$?![b?S[a!

'*3$(![b?S[a!'*3$(!*2!%!.*,$'*3$AM!


30/52

[\' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'9*/$/!)4!%!

($2($!+,!&$(7+2(*)*.*'4!%&*(*2>!,&+3!'#$!F2+=.$/>$!'#%'!=$!(#%..!)$!1%..$/!'+!%11+92'!)4!'#$!

3*..$22*%A!

J2!%//*'*+2!'+!'#+($!7#$2+3$2%!+,!'#$!'*/$(!=#*1#!#%E$!%!/$,*2*'$.4!'#3*1!1#%&%1'$&!%2/!%&$!

*2'$&=+E$2!*2'+!'#$!.%&>$&!%2/!(3%..$&!1+(3*1!'#3(?!'#$&$!%&$!19&&$2'(!*2!'#$!+1$%2(!=#*1#?!

=+&F*2>!*2!1+2'*29*'4?!1&$%'$!%!E$&4!$,,$1'*E$!1*&19.%'*+2!'#&+9>#!'#$!=#+.$!=%'$&4!3%(($(!+,!'#$!

+1$%2(A!I$&$!'#$4!/&*E$!'#$!7+.%&!=%'$&!'+!'#$!$X9%'+&?!'#$&$!'#$!=%'$&(!+,!'#$!'&+7*1(!'+!'#$!%&1'*1!

%2/!52'%&1'*1!($%(?!2+=!=%&3?!2+=!1+./?!'#9(!$2%).*2>!9(!'+!1+37%&$!'#$!19&&$2'(!'+!%!(4('$3!+,!

%&'$&*$(!%2/!E$*2(!=*'#*2!'#$!3+E*2>!/$7'#(!+,!'#$!+1$%2Af!J,!=$!=$&$!'+!(F$'1#!'#$($!19&&$2'(?!

(#+=*2>!'#$*&!1+9&($!2+&'#!%2/!(+9'#!+,!'#$!$X9%'+&!*2!$%1#!+,!'#$!>&$%'!+1$%2(?!=$!=+9./!+)'%*2!%!

7*1'9&$!+,!(+3$'#*2>!.*F$!'#*(A!

I$&$!=$!#%E$!'=+!$%('K=$('!$X9%'+&*%.!19&&$2'(?!%2/!)$'=$$2!'#$3!%!=$('K$%('!$X9%'+&*%.!

1+92'$&!19&&$2'A!8+&'#!%2/!(+9'#!+,!'#$!$X9%'+&!'#$!19&&$2'(!=+9./!1*&19.%'$!*2!+77+(*'$!/*&$1'*+2(?!

3%F*2>!%.'+>$'#$&!(*DR!(+!'#%'!'+!$%1#!1*&19.%'*+2!*2!'#$!2+&'#$&2!(*/$!'#$&$!=+9./!)$!%!

1+&&$(7+2/*2>!+2$!+2!'#$!(+9'#$&2!(*/$!+,!'#$!$X9%'+&A!

OZ C*&19*'+9(!('&$%3!)$'=$$2!ba!/$>A!.%'A!%2/!'#$!7+.$!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!@%9G4?!#(6)#'): ?!H+2/+2?!OPe\A!


31/52

[b' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'A!.%'A!`Z C*&19*'+9(!('&$%3!)$'=$$2!Oa!/$>!.%'A!%2/!a!/$>A!.%'A!

%2/!\Z?!bZ?!QZ!1+&&$(7+2/*2>.4!*2!'#$!(+9'#Af!

5..!'#$($!19&&$2'(!&$3%*2!+2!'#$!(9&,%1$!+,!'#$!+1$%2(?!%2/!*'!*(!1.$%&!'#%'!'#$&$!%&$!+'#$&(!*2!

'#$!/$7'#(A!H+2>!%>+!*'!=%(!/*(1+E$&$/!'#%'!'#$!=*2/(!%&$!+2$!+,!'#$!7&*21*7%.!,+&1$(!+,!'#$($!

19&&$2'(A!gA!l+$77&*'Gi!#%(!*2E$('*>%'$/!'#$!1+22$1'*+2!)$'=$$2!=*2/!%2/!($%!19&&$2'(A!I$!(%4(^!LJ'!

*(!2+'!+2.4!'#$!(9&,%1$!=#*1#!.*$(!+7$2!'+!'#$!=*2/!=#*1#!*(!)$*2>!(#*,'$/?!)9'!'#$!.+=$&!7%&'(!%(!

=$..?!*2!/$1&$%(*2>!E$.+1*'4?!+=*2>!'+!'#$!*22$&!+&!3+.$19.%&!,&*1'*+2!*2!'#$!=%'$&A!:&+E*/$/!'#%'!'#$!

=*2/!1+2'*29$(!(9,,*1*$2'.4!.+2>!*2!'#$!(%3$!/*&$1'*+2?!2+!/$7'#!.*3*'!1%2!)$!($'!'+!'#$!19&&$2'R!)9'!

*'!=+9./!&$X9*&$!%!/9&%'*+2!+,!'#$!.$2>'#!+,![`S!4$%&(!'+!)&*2>!#%.,!+,!'#$!(9&,%1$!E$.+1*'4!'+!%!/$7'#!

+,!%!#92/&$/!3$'$&(A!J2!+'#$&!=+&/(^!'#$!>&$%'!($%!19&&$2'(!+,!'+/%4!%&$!'#$!&$(9.'(!+,!%..!'#$!=*2/(!

'#%'!#%E$!(=$7'!,+&!1+92'.$((!'#+9(%2/(!+,!4$%&(!+E$&!'#$($!7%&'(!+,!'#$!+1$%2AM!

"#$($!+1$%2*1!('&$%3(?!*2!%(!,%&!%(!'#$4!#%E$!)$$2!1%9($/!)4!'#$!=*2/(!&$7&$($2'!'#9(!%!F*2/!+,!

&$1+&/!*2!'#$!$%&'#U(!3$3+&4!=#*1#!7&$($&E$(!'#$!,.$$'*2>!,+&3%'*+2(!+,!'#$!=*2/A!"#$!/&%=*2>!+,!

'#$!('&$%3!*2'+!'#$!/$7'#(!1%22+'!#+=$E$&!)$!92/$&('++/!%(!%!3$&$!/$$7$2*2>!+,!'#$!19&&$2'?!,+&!

%(!'#$!('&$%3!7&+>&$(($(!*2!*'(!/+=2=%&/!3+E$3$2'!'+!.+=$&!%2/!.+=$&!.$E$.(?!'#$!&+'%'*+2!+,!'#$!

$%&'#!)&*2>(!%)+9'!%!'9&2*2>!+,!'#$!19&&$2'A!"#9(!*2!'#$!1%($!+,!'#$!$X9%'+&*%.!%'!%!/$7'#!+,!%)+9'!

OOaKOQb!4%&/(?!'#$!E$.+1*'4!#%(!)$$2!&$/91$/!'+!+2$K'=$2'*$'#?!%2/!'#$!/*&$1'*+2!+,!'#$!('&$%3!#%(!

'9&2$/!OPa!/$>&$$(?!(+!'#%'!'#$!19&&$2'!*2!'#$!/$7'#!#%(!'9&2$/!1+37.$'$.4!&+92/?!%2/!*(!,.+=*2>!*2!

'#$!+77+(*'$!/*&$1'*+2A!8+&!/+$(!'#$!=%'$&!'%F$!)4!%24!3$%2(!'#$!(%3$!/*&$1'*+2!%(!'#$!=*2/?!)9'!

/$E*%'$(!%'!%2!%2>.$!+,!\b!/$>&$$(!+2!'#$!(9&,%1$R!%2/!#%.,K=%4!/+=2!)$'=$$2!'#$!(9&,%1$!%2/!'#$!

.+=$&!.$E$.?!=#$&$!'#$!,.+=!#%(!'%F$2!'#$!+77+(*'$!/*&$1'*+2?!*'!/$E*%'$(!%'!%2!%2>.$!+,!%)+9'!Sa!

/$>&$$(An!

"#$!7&+1$((!+,!'&%2(3*((*+2!,&+3!%*&K'+K=%'$&!3+E$3$2'!39('?!'#$&$,+&$?!)$!*3%>*2$/!%(!%!

(7*&%.!+2$?!=*'#!%!&*>#'K'9&2!*2!'#$!2+&'#$&2!%2/!.$,'K'9&2!*2!'#$!(+9'#$&2!#$3*(7#$&$(A!"#$!=*2/!

L(1&$=(M!*'($.,!*2'+!'#$!($%A!

-#$2$E$&!'#$!=*2/!).+=(!'#$!=%'$&!%=%4?!'#$!7+1F$'(!'#9(!,+&3$/!%&$!,*..$/!97!)4!+'#$&!

=%'$&(?!%2/!('&$%3(!+,!%!E$&4!1+37.*1%'$/!%2/!*2/$7$2/$2'!2%'9&$!%&*($!=#*1#!%&$!F2+=2!%(!

L1+37$2(%'*+2M!('&$%3(A!"#$!L,*..*2>!97M!=%'$&!1%2!%.(+!&*($!,&+3!'#$!/$7'#(?!%(!,+&!$D%37.$!+2!'#$!

=$('!1+%('(!+,!8+&'#!%2/!6+9'#!53$&*1%!%2/!5,&*1%Ao!c'#$&!19&&$2'(!3%4!)$!/9$!'+!'#$!E%&4*2>!(%.'K

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!f!c''+!g&9$33$.?!?:+1!2C6#1)/#_M):+-;/:=6*)4#6'9''>%&'?!OS[`A!i!gA!l+$77&*'G?!Ll9&!"#$+&*$!/$&!@$$&$('&+$392>$2?M! O++:0)+#1)/#


32/52

[Q' CCC?DEFGHFIFJDKLF?JFD?'*EF'GHFIFJD'KLF?'!(%.'4!7*..%&(!+,!=%'$&?!79(#!%.+2>!'#$!)+''+3!'+=%&/(!

'#$!5'.%2'*1?!=#*.$!'#$!.*>#'$&!=%'$&(!+,!'#$!5'.%2'*1!(=*3!+2!'+7!%2/!,.+=!*2'+!'#$!@$/*'$&&%2$%2A f!

J2!'#$!(%3$!=%4!'#$!=%'$&(!+,!'#$!T.%1F!6$%?!=#*1#!1+2'%*2!)9'!.*''.$!(%.'!W!%!,%1'!,*&('!

&$1+>2*G$/!)4!5&*('+'.$!W!,.+=!*2!%!(9&,%1$!('&$%3!'#&+9>#!'#$!T+(7+&9(!%2/!'#$!B%&

The Earth as a Basis for World Economy

Documents