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Abstract

The smartphone market has experienced a major growth in the past few years and is a relatively

new market. The smartphone is a mobile electronic device, which runs an advance operating

system, that is open to installing new applications, is always connected to the Internet and provides

very diverse functionality to the consumer. This thesis analyses the challenges on the smartphone

market and the rivalling companies, which operate on the market.

The thesis analyse the market through an external analysis, which uses the framework from Lynch’s

Corporate Strategy. The external analysis is based on the general and immediate environment. The

general environment is analysed through a PEST-analysis, degree of turbulence and industry life

cycle. Factors that are identified as important are the technological and economical. The changes of

the factors can in the short run be predicted, but not on the long run. The immediate environment is

analysed through Porter’s Five Forces and Lynch’s Four Links. High entrants barriers and low exit

berries characterise the market, which gives potential for high stable profit. The rivalry appears to

be high, because of the potential growth and profit on the market. What seems to give success on

the market is the link with complementary products, which in the consumer perspective adds more

value to the product. The biggest companies on the market are Apple, Research In Motion, Nokia

and Samsung. The competitors are analysed through their strengths and weaknesses. A common

strategy of the companies is that they integrate their smartphone with other products in company

portfolio, in order to start the self-reinforcing cycle.

The findings in this thesis conclude that it is important for companies to enter the self-reinforcing

cycle. A large OS attracts producers of complementary goods and thereby makes it more attractive

for the consumer to adopt the platform, which attracts more producers etc.

!

Markedsanalyse af det globale smartphone-marked

Andreas Langvad Handelshøjskolen i Aarhus

Kristian Norton Kierkgaard

!

! ! Side 1 !

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!

! ! Side 2 !

5#0!+6*+3./!)()A,%&.-A+ ###################################################################################################################################################### 90!@"D"4$A/F'()'$01$+L&1<)*)'""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 8H!@"D"@$A/'&/)1- """""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 8#!@"D"D"$O)+J0.+J'0,-3"""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""""" 85!

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!

! ! Side 3 !

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!




!

! ! Side 6 !

/PHMIKGEUN!WEQ!HTMKWPF!GHNOUPIP!MQHSKQLX!JPF!RK!UKQMPL!GHIPNHJJPI!O`YWFL!E!WPIRPFPF!

MIOFRPL!aNHFHJEUNP!GHIUNPQQPX!WEQ!ENNP!KQQP!QKFRP!UPU!UHJ!RPL!MQHSKQP!JKINPR#!8PL!LHLKQP!UKQM!

KG!UJKILTVHFPU!UNPI!VHWPRUKMQEML!E!6UEPFX!)OIHTK!HM!.HIR!6JPIENK1X!VWEQNP!UN\QRPU!

aNHFHJEUNP!GHIVHQRX!GHIRE!UJKILTVHFPF!PI!R\IPIP!PFR!JHSEQLPQPGHFPF#!8PIGHIX!VWEU!

WEINUHJVPRPIFP!WEQ!TIaWP!KL!UYQMP!LEQ!VPQP!RPL!MQHSKQP!JKINPRX!UNKQ!RPI!GaIPIU!GHIUNPQQEMP!

ULIKLPMEPI!E!GHIUNPQQEMP!QKFR#!2HI!UEJTPQVPRPFU!UN\QR!KFLKMPU!VHWPRJKINPRPIFP!KL!WYIP!RPL!

MQHSKQP!JKINPRX!RK!REUUP!QEMFPI!JPMPL!VEFKFRPF!JPR!VPFU\F!KRGYIR!HJNIEFM!

GHISIOMPIPQPNLIHFEN#!

!

-!NHFNOIIPFLKFKQ\UPF!WEQX!RPI!SQEWP!GHNOUPIPL!!TZ!UJKILTVHFPU#!8PIJPR!WEQ!RPI!UPU!SHIL!GIK!

KFRIP!TIHRONLPI!HM!UPIWE^PUX!UHJ!WEINUHJVPRPIFPU!THILPGaQ`P!EFRPVHQRPI#!8PIPU!IPULPIPFRP!

THILPGaQ`P!WEQ!SQEWP!FYWFL!E!UKJJPFVYFM!JPR!UJKILTVHFPX!RK!RPF!PI!JPMPL!KGVYFMEM!KG!KFRIP!

TIHRONLPI#!*PF!REUUP!TIHRONLPI!HM!UPIWE^PU!WEQ!ENNP!VKI!PF!UYIUNEQL!KFKQ\UP#!

!

./:-;+*%#+-*PLHRPFX!UHJ!WEQ!SQEWP!KFWPFRL!LEQ!KL!QaUP!TIHSQPJGHIJOQPIEFMPFX!WEQ!E!VPFVHQR!LEQ!-S!6FRPIUPFU!

UNPJKLEUNP!HWPIUEMLX!WYIP!RPF!TIHSQPJQaUPFRP#!&TMKWPF!WEQ!SPIaI!FEWPKOPIFP!SPUNIEWPFRPX!

GHINQKIPFRP!HM!TIHSQPJQaUPFRP#!!

!

:IAJCKLIHMI*#

-FRQPRFEFMUWEUL!WEQ!RPI!WYIP!PF!SPUNIEWPFRP!RPQ!KG!TIHSQPJPL#!8PFFP!WEQ!SPUNIEWP!UJKILTVHFP_

JKINPRPL!VPIOFRPI!JKINPRUORWENQEFMX!JKINPRUWYNUL!HM!GHIRPQEFM!KG!THUELEHFPI#!6GUFELLPL!WEQ!

GHINQKIP!TIHSQPJULEQQEFMPF!GHI!HTMKWPF!MPFFPJ!RKLK!HM!OFRPIUaMPQUPI#!

!

NGCJ>=CIHMI*#

8PL!GHINQKIPFRP!FEWPKO!PI!KFKQ\UPF!TZ!TIHSQPJULEQQEFMPF#!6FKQ\UPFU!GHIJZQ!PI!KL!IPRPMaIP!GHI!

RP!GKNLHIPIX!RPI!TZWEINPI!JKINPRPL!EFRPF!GHI!WEINUHJVPRPIFP!G`PIF_!HM!FYIJEQà#!8PL!

GHINQKIPU!OR!GIK!GHIUNPQQEMP!LPHIPLEUNP!JHRPQQPI!UKJL!PF!UKJJPFQEMFEFM!KG!NHFNOIIPFLPI#!

6FKQ\UPF!WEQ!SPULZ!KG!PF!PNULPIFKFKQ\UP!HM!PF!NHFNOIIPFLKFKQ\UP!KG!ORWKQMLP!NHFNOIIPFLPI#!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1!DEUEHF*HSEQPX!U#:!




!

! ! Side 7 !

OCGP>IB>QAIHMI*#

8PL!TIHSQPJQaUPFRP!FEWPKO!WEQ!WYIP!E!NHFNOIIPFL!KFKQ\UPFX!RPI!GHIPLKMPI!PL!LPHIPLEUN!WKQM!KG!

ULIKLPMEX!UHJ!WEINUHJVPRPIFP!NKF!SPF\LLP!UEM!KG!OR!GIK!RP!JOQEMVPRPI!HM!LIOUQPIX!RPI!SQEWPI!

TZTPMPL!E!JKINPRUKFKQ\UPF#!

!

DERPFUTIHRONLEHFUTIH^PUUPF!GHI!HTMKWPF!GaQMPI!RPF!EFRONLEWP!JPLHRPX!VWHI!RPI!JPR!

ORMKFMUTOFNL!E!PFNPQLP!VYFRPQUPI!UQOLLPU!LEQ!PL!TIEFÊT!PQQPI!MPFPIKQ!QHWJYUUEMVPR#!8PFFP!

JPLHRP!JPFPU!KL!WYIP!RPF!JPUL!TKUUPFRPX!RK!RPI!aFUNPU!PF!SPUNIEWPQUP!KG!JKINPRPL!HM!ENNP!

GHIJP!F\!LPHIE!HJNIEFM!RPL#!8PI!WEQ!RPIJPR!LKMPU!ORMKFMUTOFNL!E!VYFRPQUPI!TZ!JKINPRPL!HM!

KFWPFRP!LPHIPLEUNP!JHRPQQPI!LEQ!KL!!GHINQKIP!REUUP!VYFRPQUPIX!UKJL!GKULUQZ!NIELPIEPIFP!GHI!

JKINPRPL!OR!GIK!JHRPQQPIFP#!

6ISP`RUTIH^PUUPF!WEQ!WYIP!QEFPYIL#!8PL!UN\QRPU!KL!HTMKWPF!KISP`RPU!OR!GIK!PF!LIKMLJHRPQ!HJ!

KL!ULKILP!HWPIHIRFPL!GHI!RPIPGLPI!KL!UFYWIP!UEM!EFR#!&TMKWPF!ULKILPI!ORP!E!JKINPRPLU!

G`PIFJEQàX!UHJ!PI!\RPIUL!E!WEINUHJVPRPI!TPIEGPIE!HM!KISP`RPI!UEM!QYFMPIP!EFR!JHR!FYIJEQàPLX!

GHI!LEQ!UERUL!KL!NOFFP!UEMP!FHMPL!HJ!RP!PFNPQLP!WEINUHJVPRPIU!ULIKLPME#!

!

./<-=+%)0-&TMKWPF!PI!RPQL!E!LH!KFKQ\UPI!RPF!PNULPIFP!KFKQ\UP!HM!NHFNOIIPFL!KFKQ\UPF#!8PF!PNULPIFP!

KFKQ\UP!WEQ!GaQMP!%E^VKIR!(\F^VfU!GIPJMKFMUJPLHRPX!UHJ!PI!S\MMPL!HT!E!VKFU!SHM!!gAHITHIKLP!

+LIKLPM\g#!=HFNOIIPFLKFKQ\UPF!WEQ!GaQMP!*E^VKPQ!)#!$HILPIU!GIPJMKFMUJZRPX!UHJ!VKF!SPUNIEWPI!

E!gAHJTPLPLEWP!+LIKLPMEPUg!!+LIONLOIPF!GHI!HTMKWPF!NKF!UPU!E!GEMOIPF!FPRPFGHI!HM!GaQMPFRP!WEQ!

WYIP!PF!MPFFPJMKFM!KG!PQPJPFLPIFP#!

-FRQPRFEFMUWEU!WEQ!RPI!WYIP!PF!JKINPRUSPUNIEWPQUP#!*KINPRUSPUNIEWPQUP!WEQ!SPULZ!KG!

SKUEUHTQ\UFEFMPI!GHI!JKINPRPL!VPIOFRPI!JKINPRURPGEFELEHFX!JKINPRUWYNUL!HM!GHIRPQEFM!KG!

JKINPRUKFRPQP#!8PLLP!UNKQ!MEWP!QYUPIPF!PL!NHIL!HWPISQEN!HWPI!JKINPRPL!HM!PF!SPRIP!GHIULZPQUP!

GHI!JKINPRPL!EFRPF!KFKQ\UPF#!

!

8PF!PNULPIFP!KFKQ\UP!SPULZI!GaIUL!KG!PF!$)+,)(_KFKQ\UP#!$)+,)(!PI!PF!L`PNQEULP!KG!GKNLHIPI!E!

WEINUHJVPRPFU!HJWPIRPFX!RPI!NKF!VKWP!EFRGQ\RPQUP!TZ!RPF#!*HRPQQPF!EFRRIKMPI!4!IPQPWKFLP!

GKNLHIPI!SPULZPFRP!KG!B$C$HQELENX!B)ChNHFHJEX!B+C+HÊHÔQLOIKQX!B,C,PNFHQHMEX!B)C!*EQà!HM!

B(C(HWMEWFEFM#!&TMKWPF!WEQ!KFWPFRP!PF!JHREGE^PIP!ORMKWP!KG!KFKQ\UPFX!VWHI!JEQà!HM!




!

! ! Side 8 !

QHWMEWFEFM!ENNP!WEQ!VKWP!PF!UYIUNEQL!HWPIUNIEGL#!8PL!SPL\RPI!ENNP!KL!RP!PI!EIIPQPWKFLPX!JPF!KL!RP!

SPUNIEWPU!E!UKJJPFVYFM!JPR!RP!KFRIP!GKNLHIPI#!;PIPGLPI!WOIRPIPU!LOISOQPFUMIKRPF!B8PMIPP!

HG!,OISOQPF^PCX!RPI!UPI!TZ!VKULEMVPRPF!KG!YFRIEFMPIFP!GHI!PQPJPFLPIFP!E!$)+,_KFKQ\UPF#!

8PFFP!JHRPQ!UNKQ!V`YQTP!JPR!KL!SPQ\UP!HJX!VWHIWERL!SIKF^VPF!SPGEFRPI!UEM!E!PL!WHQKLEQL!

JKINPR#!.HMQP!SIKF^VPI!SPGEFRPI!UEM!E!PL!JPMPL!OGHIORUEMPQEML!HM!VOILEML!UNEGLPFRP!JEQàX!JPFU!

KFRIP!WEINUHJVPRPI!HTQPWPI!PL!ULKSEQL!JEQà!JPR!MHR!GHIORUEMPQEMVPR!HM!QKFM!

TQKFQYMFEFMUVHIEUHFL#!/IOFRPF!LEQ!KL!RPL!PI!WEMLEMLX!KL!KFKQ\UPI!R\FKJENNPF!E!JEQàPLX!PI!KL!RPF!

NKF!VKWP!EFRGQ\RPQUP!TZ!RPF!JZRPX!PF!WEINUHJVPR!VZFRLPIPI!HM!EJaRPNHJJPI!GHIKFRIEFMPI#!

(EMPQPRPU!PI!KFKQ\UPF!HMUZ!WEMLEM!GHIREX!RPF!UEMPI!FHMPL!HJ!WKQERELPLPF!KG!RP!KFRIP!KFKQ\UPI#!)I!

LOISOQPFUMIKRPF!Va`!UZ!PI!NHFNQOUEHFPF!E!KFRIP!KFKQ\UPI!ENNP!IPQPWKFLP!TZ!QKFMUEMLX!GHIRE!

JKINPRPL!VOILEML!GHIKFRIP!UEM#!

!

+JKILTVHFP_JKINPRPL!PI!PL!GHIVHQRUWEUL!F\L!JKINPRX!HM!RPIGHI!PI!RPL!WEMLEML!KL!WOIRPIPX!VWHI!

QKFML!SIKF^VPF!PI!FZPL!E!UEF!QEWU^\NQOU#!-FROULI\!(EGP!A\^QP!PI!PF!JHRPQX!RPI!RPQPI!PF!SIKF^VPU!

QEWU^\NQOU!HT!E!GHIUNPQQEMP!GKUPI#!)F!SIKF^VP!NKF!VKWP!PF!ONPFRL!QPWPLERX!HM!RPI!GHIPNHJJPI!

GEIP!ULKREPI!E!SIKF^VPFU!QPWPLER#!+LKREPIFP!WEINUHJVPRPIFP!MPFFPJMZI!PI[!EFLIHRONLEHFUGKUPFX!

WYNULGKUPFX!JHRFEFMUGKUPFX!FPRMKFMUGKUPF#!+LKREPIFP!E!JHRPQQPF!GHIPNHJJPI!KL!WYIP!PFU!

JPR!$(A_NOIWPF!B$IHRO^L!(EGP!A\^QPCX!UHJ!*E^VKPQ!)#!$HILPI!VKI!ORWENQPLX!HM!VKF!UEMPI!KL!-(A!

PI!RPF!SPRULP!JZRPX!VWHITZ!JKF!NKF!KFKQ\UPIP!PF!EFROULIEU!PWHQOLEHF#!+LKREPL!UHJ!JKINPRPL!

SPGEFRPI!UEM!EX!NKF!VKWP!SPL\RFEFM!GHI!RPF!ULIKLPME!UHJ!WEINUHJVPRPIFP!UNKQ!GaIP#!!

)GLPI!KL!VKWP!KFKQ\UPIP!PGGPNLPI!E!HJWPIRPFPFX!RPI!VKI!SPL\RFEFM!GHI!JKINPRPLX!WEQ!RPI!

PGLPIGaQMPFRP!SQEWP!KFKQ\UPIPL!JPIP!UTPÊGEN!NHFNOIIPF^PF!TZ!JKINPRPL#!2HI!KL!KFKQ\UPIP!

NHFNOIIPF^PUELOKLEHFPF!TZ!UJKILTVHFP_JKINPRPL!KFWPFRPU!$HILPIU!2EWP!2HI^PU#!2EWP!2HI^PU!

SIOMPU!LEQ!KL!SZRP!SPUNIEWP!HM!KFKQ\UPIP!PNUEULPIPFRP!GHIVHQRX!HM!NKF!SPF\LLPU!LEQ!WOIRPIEFM!KG!!

GHIWPFLFEFMPI!LEQ!GIPJLEREM!ORWENQEFM#!*HRPQQPF!KFKQ\UPIP!NHFNOIIPF^PF!OR!GIK!GPJ!GHIVHQR[!

GHIVKFRQEFMUUL\INPF!VHU!QPWPIKFRaIPIFP!HM!NOFRPFX!F\P!EFRLIYFMPIPX!UOSULELOPIPFRP!

TIHRONLPI!HM!IEWKQEUPIEFM#!3R!GIK!REUUP!GKNLHIPIFP!SPQ\UPU!JKINPRPLU!KLLIKNLEWELPL!HM!

WOIRPIEFMPF!KG!KLLIKNLEWELPLPF!WEQ!UNP!OR!GIK!PL!NKIKNLPI!U\ULPJ#!!

*HRUYLFEFMUWEU!$HILPIU!2EWP!2HI^PUX!RPI!KFKQ\UPI!FYIQEMMPFRP!LIOUQPI!GHI!WEINUHJVPRPFX!UPI!

2HOI!(EFNU!TZX!VWHIRKF!PF!WEINUHJVPR!PI!KGVYFMEM!KG!RPF!FYIQEMMPFRP!HJWPIRPFPF#!

*HRPQQPF!SPUNIEWPI!RP!JOQEMVPRPI!HM!LIOUQPI!E!WEINUHJVPRPIFPU!MIOFRQYMMPFRP!

UKJKISP`RUFPLWYIN!JPQQPJ!HIMKFEUKLEHFPF!HM!RPLU!JEQà#!*HRPQQPF!SPQ\UPU!MPFFPJ!0!QPR[!




!

! ! Side 9 !

2HIJPQQP!OGHIJPQQP!NPRX!NHJTQEJPLYIP!HM!ULKLPF#!%PUOQLKLPL!KG!KFKQ\UPF!UNKQ!GHILYQQP!VWEQNP!

QEFNUX!UHJ!WEINUHJVPRPIFP!PI!KGVYFMEMP!KGX!GHI!KL!GZ!NOFFP!SPMZ!TZ!UEM!JKINPRPL#!

!)GLPI!KL!VKWP!SPUNIPWPL!JKINPRULIOUQPIFPX!WEQ!RPI!PGLPIGaQMPFRP!SQEWP!SPUNIPWPL!RP!UTPÊGENNP!

LIOUQPI!GHI!WEINUHJVPRPIFP#!8PL!MaIPU!OR!GIK!PF!NHFNOIIPFLKFKQ\UP#!*ZQPL!JPR!NHFNOIIPFL!

KFKQ\UPF!PI!KL!ORWENQP!PF!TIHGEQ!KG!NHFNOIIPFLPFX!RPI!GHILYQQPI!HJ!RPL!PI!JOQEML!KL!GHIPLKMP!!

YFRIEFMPI!E!ULIKLPMEPFX!HM!RPIPU!IPUTHFU!LEQ!PWPFLOPQQP!GHIKFRIEFMPI!GHI!KFRIP!WEINUHJVPRPIU!

ULIKLPMEUNP!YFRIEFMPI#!6FKQ\UPFU!ORGHIJFEFM!WEQ!S\MMP!TZ!*E^VKPQ!)#!$HILPIU!AHJTPLPLEW!

+LIKLPM\#!8PI!PI!GEIP!VHWPRMIOTTPI!E!KFKQ\UPF!PI[!GOLOIP!MHKQX!ÔIIPFL!ULIKLPM\X!KUUOJTLEHFU!HM!

^KTKSEQELEPU#!DPR!KL!GHIULZ!REUUP!GEIP!VHWPRMIOTTPI!NKF!JKF!GHIJP!PF!IPUTHFUTIHGEQX!VWHI!

;HQQUPFUPF!LPHIE!HJ!IPUTHFUTIHGEQPI!KFWPFRPU#!DEINUHJVPRPIX!UHJ!SaI!JPRLKMPU!E!UZRKF!PF!

KFKQ\UPX!PI!PNUEULPIPFRP!NHFNOIIPFLPI!KG!SPL\RFEFMX!UKJL!NHFNOIIPFLPI!RPI!E!GIPJLERPF!WEQ!

WYIP!THLPFLEPQQP!NHFNOIIPFLPI#!3R!GIK!RP!GEIP!GKNLHIPIX!WEQ!RPI!SQEWP!MEWPL!PL!SOR!TZ!RPIPU!

KFMIPSU_!PQQPI!GHIUWKIUULIKLPME!HWPIGHI!KFRIP!NHFNOIIPFLPI#!8EUUP!ULIKLPMEPI!PI!HTUOJJPIPL!E!

=HLQPIU!*KINPLEFM!KFR!*KFKMPJPFL#!DOIRPIEFM!KG!REUUP!ULIKLPMEPI!WEQ!SQEWP!GHILKMPL!OR!GIK!

IKTTHILPI!HM!KILENQPIX!UKJL!PF!WOIRPIEFM!OR!GIK!WEINUHJVPRPFU!JZQ!HM!aWIIEMP!ULIKLPMEPI#!

%KTTHILPIFP!PI!ORKISP`RPL!KG!GHQN!JPR!NPFRUNKS!LEQ!SIKF^VPFX!UHJ!NHJJPI!JPR!RPIPU!

WOIRPIEFM!KG!WEINUHJVPRPIFP#!6ILENQPIFP!UEMPI!FHMPL!HJX!VWHIRKF!WEINUHJVPRPF!GaIVPF!VKI!

KMPIPL!HM!RPIGIK!KFLKMPU!KL!RP!GHILUKL!WEQ!MaIP!UZQPRPU#!DPR!KL!UP!TZ!VWHIRKF!RP!KFWPFRPI!RPIPU!

ULIKLPMEPIX!WEQ!RPI!OR!GIK!RPLLP!NHFNQORPIP!RPIPU!KFMIPSU_!HM!GHIUWKIUULIKLPME#!

!

2EMOI!"#4#"[!%KTTHILPFU!ULIONLOI!




!

! ! Side 10 !

-

-

./>-?0'*%)0+-+JKILTVHFPF!VKI!PF!NHIL!VEULHIEPX!RK!RPL!PI!PL!GHIVHQRUWEU!F\L!TIHRONL#!+JKILTVHFP_JKINPRPL!

PIX!UHJ!UZ!JKFMP!KFRIP!PQPNLIHFEUNP!SIKF^VPIX!PL!JKINPRPL!RPI!PI!JPMPL!NHFNOIIPF^PTIYMPLX!

GHIRE!LPNFHQHMEPF!ORWENQPI!UEM!VPQP!LERPF5#!8PI!HTULZI!NHFLEFOPIQEML!F\P!JOQEMVPRPIX!HM!

RPIJPR!ORNHJJPI!RPI!HGLP!F\P!TIHRONLPI!GIK!TIHRO^PFLPIFP#!6G!RPFFP!MIOFR!YFRIP!

JKINPRPL!UEM!IKRENKQL!ZI!GHI!ZI#!8PJX!RPI!WKI!RP!ULHIP!JYINPI!GHI!"<!ZI!UERPFX!PI!E!RKM!ORP!KG!

JKINPRPLX!VPI!NKF!SQKFRPL!KFRPL!FYWFPU!GEIJKPI!UHJ!*HLHIHQKX!;P]QPLL_$K^NKIR!HM!)IEÛUHFX!

UHJ!WKI!ULHIP!E!c<fPIFP#!!

2aI!UJKILTVHFPFU!GIPJLIYRPF!SIOMLP!JKF!KQJEFRPQEMP!JHSEQLPQPGHFPI!HM!$86fPI!B$PIUHFKQ!

8EMELKQ!6UUEULPFUC#!8PL!WKI!-'*X!UHJ!WKI!RP!GaIULP!LEQ!KL!NHJSEFPIP!ERPPF!HJ!PF!JHSEQ!HM!PF!

$86X!JPR!RPIPU!LPQPGHF!+EJHF!E!"cc50#!!8PF!VKWRP!PF!LHO^VUÎPPF!UHJ!UL\IPU!KG!UL\QOUX!HM!RPF!

NOFFP!UPFRP!HM!JHRLKMP!GKiJPRRPQPQUPI#!8PF!EFRPVHQRLP!HMUZ!PF!FHLPUSQHNX!PF!P_JKEQ_NQEPFL!

HM!PF!NKQPFRPI#!-'*!VKWRP!ULHIP!TQKFPI!GHI!+EJHFX!JPF!RPF!SQPW!KQRIEM!RPF!ULHIP!UO^^PUX!

VWEQNPL!NOFFP!UN\QRPU!KL!RPF!WKI!GHI!KWKF^PIPL!GHI!UEF!LER4#!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5!=EQRP!5!0!=EQRP!0!4!=EQRP!4!

-FLIHRONLEHF! *PLHRP! *KINPRU_TIYUPFLKLEHF!

)NULPIFKFKQ\UP! =HFNOIIPFLKFKQ\UP! =HFNQOUEHF!




!

! ! Side 11 !

8PL!WKI!GaIUL!E!SPM\FRPQUPF!KG!1<<<X!KL!JKINPRPL!SPM\FRLP!KL!UTEIPX!GHIRE!RPF!LPNFHQHMEUNP!

ORWENQEFM!M`HIRP!KL!TIEUPF!GKQRL!HM!UKJLEREM!M`HIRPX!KL!RPI!NOFFP!NHJJP!GQPIP!GOFNLEHFPI#!

;WEQNPL!JPRGaILP!KL!*EÎHUHGL!GIPJWEULP!TH^NPLT^fPFX!UHJ!WKI!RPIPU!UWKI!TZ!PF!UJKILTVHFP#!-!

LERPF!PGLPI!QKF^PIPRP!RP!PF!IYNNP!KG!UJKILTVHFPU!JPR!jEFRH]U!*HSEQP!$VHFP!UL\IPU\ULPJ#!

+KJLEREM!WKI!RPL!HMUZ!ZILEPLX!VWHI!JKF!GHI!GaIULP!MKFM!UZ!$KQJ!&+!HM!%-*#!-!ZILEPL!SPM\FRLP!

HMUZ!PF!F\!LIPFR!GHI!WKQM!KG!JHSEQX!FO!WKI!RPL!KISP`RPL!RPI!SPULPJLPX!VWEQNPL!LPQPGHF!JKF!

VKWRP#!*KFMP!WEINUHJVPRPI!WEQQP!NOF!KISP`RP!JPR!'QK^NSPII\X!VWEQNPL!VKI!M`HIL!KL!%-*!E!RKM!

SIOMPU!KG!IEMLEM!JKFMP!WEINUHJVPRPI#!6FRIP!ULPRPI!WKI!WEINUHJVPRPI!LIH!LEQ!jEFRH]U_

GHIJKLPLX!UHJ!GOFMPIPRP!MHRL!JPR!*EÎHUHGL!&GGE^P_TKNNPF#!*PF!UO^^PU!GHI!jEFRH]U!WEULP!UEM!

KL!WYIP!NHILWKIEM#!jEFRH]Uf!GP`Q!WKIX!KL!RP!SPF\LLPRP!UEM!KG!UKJJP!GHIIPLFEFMUJHRPQX!UHJ!RP!

KFWPFRLP!LEQ!RPIPU!UL\IPU\ULPJ!TZ!^HJTOLPIFP#!8P!LEQSaR!LH!GHIUNPQQEMP!WKIEKFLPI!KG!RPIPU!

JHSEQP!U\ULPJX!jEFRH]U!A)!HM!jEFRH]U!*HSEQP#!*PF!RP!LH!WKIEKFLPI!WKI!JPR!LEQ!KL!GHIWEIIP!

NOFRPIFP!HM!RPIGHI!WKI!RPL!NHILWKIEML#!9!

!

+JKILTVHFPFU!NHJJPIÊPQQP!UO^^PU!WKI!E!1<<:X!VWHI!6TTQP!TIYUPFLPIP!RPIPU!E$VHFP!HM!+LPWP!

kHS!UKMRP!lK!IPWHQOLEHFKI\!KFR!JKME^KQ!TIHRO^L!LVKL!EU!QELPIKQQ\!GEWP!\PKIU!KVPKR!HG!KF\!HLVPI!

JHSEQP!TVHFPl:#!!8K!6TTQP!EFLIHRO^PIPRP!E$VHFPX!WKI!RPL!RPF!GaIULP!IPPQQP!YFRIEFM!JKINPRPL!

VKWRP!UPL!UERPF!RPL!SQPW!GaRL#!+JKILTVHFPU!VKWRP!KQLER!WYIPL!IPLLPL!JHR!GHIIPLFEFMUGHQNX!JPF!

6TTQP!HWPIUKLLP!ERPPF!HWPI!LEQ!NHFUOJPFLJKINPRPL>#!-!NaQWKFRPL!TZ!E$VHFPFU!ORMEWPQUP!

KFFHF^PI!/HHMQPX!KL!RP!WEQ!LEQS\RP!RPIPU!U\ULPJ!6FRIHER#!6FRIHER!UNOQQP!WYIP!MIKLEU!HM!

JKINPRPL!GHI!UL\IPU\ULPJPL!SPM\FRLP!VPI#!

-

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!

! ! Side 12 !

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Operating

System

3Q11

Units

3Q11 Market

Share (%)

3Q10

Units

3Q10 Market

Share (%)

Android 60.490,4 52,5 20.544,0 25,3

Symbian 19.500,1 16,9 29.480,1 36,3

iOS 17.295,3 15,0 13.484,4 16,6

Research In

Motion 12.701,1

11,0

12.508,3

15,4

Bada 2.478,5 2,2 920,6 1,1

Microsoft 1.701,9 1,5 2.203,9 2,7

Others 1.018,1 0,9 1.991,3 2,5

Total 115.185

,4

100 81.132

,6

100

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!

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!

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U\ULPJ!HM!UKJLEREM!L`PFP!TPFMP!MPFFPJ!QE^PFU#!*PF!JPR!P`PIUNKS!HWPI!U\ULPJPLX!VKI!

*EÎHUHGL!NHFLIHQQPF!HWPI!TIHRONLPIX!NKF!RPIGHI!ENNP!SPF\LLP!UEM!KG!PNULPIF!WERPF#!!

5/-HB'*+)"-A"A&F'+--!RPLLP!NKTELPQ!WEQ!RPI!SQEWP!GHIPLKMPL!PF!PNULPIF!KFKQ\UP!KG!UJKILTVHFP_JKINPRPLX!UHJ!E!

GHISEFRPQUP!JPR!NHFNOIIPFLKFKQ\UPF!WEQ!SQEWP!SPF\LLPL!LEQ!KL!ERPFLEGE^PIPX!HM!KFKQ\UPIP!RP!

GKNLHIPIX!RPI!VKI!EFRGQ\RPQUP!TZ!WEINUHJVPRPIFPU!EFREWEROPQQP!ULIKLPMEPI#!!

+LIONLOIJYUUEML!WEQ!RPF!PNULPIFP!KFKQ\UP!EFRQPRFEFMUWEU!HJVKFRQP!PF!SPUNIEWPQUPF!

HJWPIRPFUKFKQ\UPX!UHJ!ORGHIJPU!WPR!V`YQT!KG!$)+,!JHRPQQPFX!VWHIPGLPI!RPI!GHILKMPU!PF!

WOIRPIEFM!KG!LOISOQPFUMIKRPF!UKJL!PF!WOIRPIEFM!KGX!VWHI!SIKF^VPF!SPGEFRPI!UEM!E!UEF!

QEWU^\NQOU#!)GLPI!KL!VKWP!UPL!TZ!G`PIFJEQàPLX!WOIRPIPU!FYIJEQàPL!OR!GIK!SIKF^VPGHIVHQRPFP!

MPFFPJ!$HILPIU!2EWP!2HI^PU!HM!(\F^VU!2HOI!(EFNU#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!11!'HORIPK!U#!">41!15!'HORIPK!U#!">41!10!'HORIPK!U#!">41!




!

! ! Side 18 !

5/.-2HI=--2HI!KL!KGRYNNP!VWEQNP!JKNIHGKNLHIPIX!RPI!TZWEINPI!UJKILTVHFP_JKINPRPLX!SIOMPU!$)+,!

JHRPQQPF#!*HRPQQPF!KFWPFRPU!LEQ!KL!EFRRIKMP!IPQPWKFLP!GHIVHQR!EFRPF!GHI!RP!0!GKNLHIPIX!UHJ!

VWPI!EUYI!VKI!PF!EFRWEINFEFM!TZ!RPF!SIKF^VPX!UHJ!RP!TZMYQRPFRP!WEINUHJVPRPI!SPGEFRPI!UEM!

E14#!2HIJZQPL!PI!KL!RKFFP!HWPISQEN!HWPI!JKINPRPLX!HM!WOIRPI!VWEQNP!GKNLHIPI!UHJ!

WEINUHJVPRPIFP!UNKQ!LKMP!Va`RP!GHI#!

8PF!GOQRP!$)+,)(_JHRPQ!NKF!KFWPFRPU!JPF!RPL!KFLKMPU!KL!PF!$)+,!PI!LEQULIYNNPQEM#!8P!

QHWJYUUEMP!GKNLHIPI!WEQ!SQEWP!FYWFL!UKJJPF!JPR!RP!THQELEUNPX!RK!RP!HGLP!VYFMPI!UKJJPF!TZ!

UJKILTVHFP_JKINPRPL#!8P!JEQàJYUUEMP!GKNLHIPI!SPFYWFPU!NHIL!E!UKJJPFVYFM!JPR!RP!

KFRIP!GKNLHIPI#!8PLLP!UN\QRPUX!KL!RPL!PI!UWYIL!KL!GEFRP!JKLPIEKQP!HJ!RPLLPX!HM!NIYWPI!PF!JPIP!

R\SRPMZPFRP!OFRPIUaMPQUP#!

5/./.-J2K-2%&0*0'B+-(%)$%&#--$HQELEUNP!GHIVHQR!TZ!UJKILTVHFP_JKINPRPL!VKI!PF!ULHI!SPL\RFEFM#!/IOFRPL!LPNFHQHMEPFU!

JKFMP!JOQEMVPRPI!GHIPNHJJPI!RPI!PFLPF!MIZoHFPI!PQQPI!GHIYQRPL!IPMQPIX!RPI!PI!HWPIGaIL!GIK!

KFRIP!JKINPRPI#!

*PR!RPF!GEFKFUEPQQP!NIEUP!RPI!IKJLP!E!1<<>!HM!UHJ!ULKREM!PI!EMKFMWYIPFRPX!UZ!PI!RPI!JKFMP!

QKFRPX!RPI!VKI!WKQML!KL!MEWP!GHISIOMPIPF!MOFULEMP!WEQNZIX!WPR!KL!UYFNP!UNKLLPF!GHI!KL!GZ!

aNHFHJEPF!LEQ!KL!NaIP!EMPF#!-!VPFVHQR!LEQ!aNHFHJEUNP!LPHIEPI!WEQ!RPLLP!SPL\RPIX!KQL!KFRPL!QEMPX!KL!

UQOLSIOMPIPF!VKI!GQPIP!TPFMP!JPQQPJ!VYFRPIFP!TZ!NHILUEML!HM!RPIWPR!Gi!SIOMP!TPFMP!TZ!

QONUOU!MHRPI19#!!!!

!

)F!MIZoHFP!HJNIEFM!QHWMEWFEFM!E!VPFVHQR!LEQ!UJKILTVHFPU!PIX!KL!LPNFHQHMEPF!VKI!M`HIL!RPL!

JOQEMLX!KL!PFU!UJKILTVHFP!MPJJPI!HM!UPFRPI!EFGHIJKLEHF!HJNIEFMX!VWHI!P`PIPF!VKI!WYIPL#!

8PLLP!PI!PNUPJTPQWEUL!UPL!E!GHISEFRPQUP!JPR!6TTQPU!E$VHFPX!RPI!MPJJPI!PF!RPLKQ`PIPL!

SPUNIEWPQUPX!KG!VWHI!SIOMPIPF!VKI!WYIPL1:#!8P!SQPW!JPMPL!NIELEUPIPL!GHI!RPLLPX!TZ!MIOFR!KGX!KL!

RPL!PI!PL!SIOR!TZ!EFREWERPLU!TIEWKLQEWX!HM!RPL!SQPW!REUNOLPIPLX!HJ!JKF!WPR!QHWMEWFEFM!UNOQQP!

GHIS\RP!RPLLP#!=IELENNPF!PI!HMUZ!IPLLPL!EJHRX!VWEU!PF!JHSEQ!GHI!PNUPJTPQ!SQEWPI!UL`ZQPFLX!UZ!NKF!

L\WPF!UP!TIEWKLP!HTQ\UFEFMPIX!UHJ!VWHI!P`PIPF!VKI!WYIPL!HM!VWHIFZI#!8EUUP!EFGHIJKLEHF!NKF!RP!

SIOMP!LEQ!KL!GEFRP!PFU!V`PJX!HM!WERP!VWHIFZI!JKF!ENNP!PI!V`PJJP#!/IOFRPF!LEQX!KL!RPL!TZ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!14!(\F^V!U#!>0!19!'QKF^VKIR!U#!:<!1:!=EQRP!""!




!

! ! Side 19 !

FOWYIPFRP!LERUTOFNLX!PI!QHWQEML!LEQ!KL!EFRUKJQP!UZRKFFP!GHILIHQEMP!EFGHIJKLEHF!PIX!KL!RP!

HTQ\UPI!RPL!E!RPIPU!"4#1<<!HIR!QKFMP!SPUNIEWPQUPI!KG!WEQNZI!HM!SPLEFMPQUPIX!UHJ!SIOMPF!UNKQ!

K^^PTLPIP!GHI!KL!NOFFP!SIOMP!RPIPU!LPQPGHF1>#!8PL!PI!WEMLEML!GHI!WEINUHJVPRPIX!KL!VHQRP!UEM!

HTRKLPIP!JPR!QHWMEWFEFM!TZ!HJIZRPLX!RK!RP!UNKQ!FKLOIQEMWEU!YFRIP!U\ULPJPL!HM!YFRIP!RPIPU!

JKINPRUGaIEFMUULIKLPMEX!VWEU!RPL!SQEWPI!WPRLKMPL!KL!RPL!PI!OQHWQEML#!DEINUHJVPRPIFP!JPFPIX!KL!

RP!KFWPFRPI!EFGHIJKLEHFPF!LEQ!KL!NOFFP!LEQTKUUP!IPNQKJPI!LEQ!VWPI!PFNPQL!TPIUHF#!

#

6FRIP!IPMOQPIEFMPIX!UHJ!WEINUHJVPRPF!UNKQ!WYIP!HTJYINUHJJP!TZ!PIX!KL!QKFRP!VKI!

GHIUNPQQEMP!MHRNPFRPQUPU!U\ULPJPI!HM!IPMQPI!VPIOFRPI#!2HI!PNUPJTPQ!E!3+6!UNKQ!KQQP!

IKREHLIKFUJEUUEHFUORUL\I!MHRNPFRPU!KG!2AA!B2PRPIKQ!AHJJOFE^KLEHF!AHJJEUUEHFC#!2AA!PI!PL!

SOIPKO!OFRPI!RPF!KJPIENKFUNP!IPMPIEFMX!HM!RPF!PI!KFUWKIQEM!GHI!QPRPQUP!KG!IKREHGIPNWPFUPI!E!

3+6#!2AA!SPUN\LLPI!JHR!lIKREH!HM!SIHKR^KUL!GHIOIPFEFMlX!WPR!SZRP!KL!VZFRVYWP!ULKFRKIRPI!

GHI!SIHKR^KUL!HM!WPR!KL!IPMOQPIP!PQPNLIHJKMFPLEUNP!ULa`NEQRPI1c#!2AA!LPULPI!TIHRONLPI!HM!UENIPX!

KL!RP!ENNP!ORUPFRPI!GIPNWPFU!ULa`X!HM!UENIP!KL!REUUP!SaQMPI!ENNP!TZWEINPI!KFRIP!PQPNLIHFEUNP!

ULIaJJPX!UHJ!GHIUKMPI!OaFUNPL!EFLPIGPIPFU#!-!)OIHTK!GHIPNHJJPI!RPI!PL!QEMFPFRP!JYINP!

NKQRPL!A)#!A)!VKI!WYIPL!QHWTQEMLEML!UERPF!"cc5X!HM!PI!PL!JYINPX!RPI!TQK^PIPU!TZ!TIHRONLPIX!RPI!

PI!EFRPF!GHI!8PL!)OIHTYEUNP!hNHFHJEUNP!+KJKISP`RP!B)h+C!JKINPR#!*PR!PL!A)!JYINPI!UENIP!

TIHRO^PFLPFX!KL!TIHRONLPL!PI!E!HWPIPFUULPJJPQUP!JPR!RP!WYUPFLQEMP!NIKW!E!RPL!MYQRPFRP!)3_

REIPNLEWPI5<#!A)!JYINPL!UNKQ!GHIPNHJJP!TZ!KQQP!PQPNLIHFEUNP!WKIPX!UHJ!SQEWPI!EJTHILPIPL!LEQ!

)3#!

#

(HWMEWFEFM!HJNIEFM!TKLPFLPI!VKI!PF!ULHI!SPL\RFEFM!GHI!JKINPRPL#!.ZI!PF!TIHRO^PFL!ORWENQPI!

FHMPL!F\L!HM!SKFPSI\RPFRP!aFUNPI!TIHRO^PFLPFX!KL!UENIP!KL!WEINUHJVPRPF!VKI!IPLLEMVPRPF#!

$KLPFLPL!MaIX!KL!WEINUHJVPRPF!VKI!PFP!IPL!TZ!RPL!TZMYQRPFRP!TKLPFLX!HM!NKF!RPIGHI!FZ!KL!

KFWPFRP!NHFNOIIPF^PGHIRPQPF!GHI!RPLLPX!GaI!NHFNOIIPFLPIFP!SPM\FRPI!KL!NHTEPIPI!RPL#!

$KLPFLPI!PI!LEQ!FZI!WEINUHJVPRPI!HTGEFRPI!PF!F\!LPNFHQHME!HM!NKF!GHIPNHJJP!TZ!SZRP!

UHGL]KIP!HM!VKIR]KIP!RPQP!TZ!JKINPRPL!

$Z!UJKILTVHFP_JKINPRPL!VKI!RPI!WYIPL!GaIL!PF!JKUUP!IPLUUKMPI!HJNIEFM!TKLPFLSIOR#!*PR!

IPLUUKMPIFP!aFUNPI!RPF!UKMUaMPFRP!TKIL!KL!PFLPF!EJTHILGHISOR!PQQPI!aNHFHJEUNULIKG!JHR!RPF!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1>!=EQRP!""!1c2AA!26p!U#!"!!5<!=EQRP!0c!




!

! ! Side 20 !

KFRPF!TKIL#!+KMPIX!VWHI!EJTHILGHISOR!VKI!WYIPL!SIOMLX!PI!VWHI!6TTQP!VKI!NIYWPL!PL!

EJTHILGHISOR!KG!+KJUOFMU!/KQKi\!,KS!E!)OIHTK!HM!6OULIKQEPF5"#!8PLLP!UN\QRPU!KL!6TTQP!

VYWRPRP!KL!+KJUOFM!VKWRP!NHTEPIPL!RPIPU!RPUEMF!GIK!E$KRPF#!)NUPJTQPIX!VWHI!RPL!VKI!GaIL!LEQ!

aNHFHJEUNULIKGX!PI!PF!KGLKQPX!RPI!PI!EFRMZPL!JPQQPJ!*EÎHUHGL!HM!GEIJKPIX!UHJ!SPF\LLPI!UEM!KG!

6FRIHER!TQKLGHIJPFX!GHIRE!TQKLGHIJPF!HWPILIYRPI!FHMQP!IPLLEMVPRPIX!UHJ!*EÎHUHGL!VKI#!

6GLKQPF!MaI!KL!GEIJKPIFP!(/X!;,A!HM!+KJUOFM!UNKQ!SPLKQP!*EÎHUHGL!PL!SPQaS!GHI!VWPIL!UHQMLP!

PFVPR!E!VWPIL!GKQR!E!3+6X!HM!RK!6FRIHER!ORMaI!VKQWRPQPF!KG!UJKILTVHFP_JKINPRPL!PI!RPLLP!ENNP!

OWYUPFLQEM#!8PL!SPL\RPIX!KL!HT!LEQ!:<b!KG!6FRIHER_UKQMPL!TZ!RPL!KJPIENKFUNP!JKINPR51#!!

.PRPFULZPFRP!MIKG!WEUPI!PF!HWPIUEML!HWPI!RP!GHIUNPQQEMP!TKLPFLUKMPIX!RPI!PI!TZ!JKINPRPL#!

!

2EMOI!1#"#"[!%PLUUKMPI!TZ!JHSEQ_JKINPRPL!E!HNLHSPI!1<"<!

--=EQRP!"0-

!

8PL!GIPJMZI!OR!GIK!HWPFULZPFRP!GEMOIX!KL!RPI!GHIPNHJJPI!JKFMP!IPLUUKMPI#!%PLUUKMPIFP!PI!

ENNP!NOF!EJPQQPJ!TIHRO^PFLPIFPX!JPF!HMUZ!JPQQPJ!QPWPIKFRaIPI!KG!VKIR]KIPeUHGL]KIP#!+HJ!

RPL!UPU!E!GEMOIPF!UZ!GaIPI!.HNEK!HM!=HRKN!GQPUL!IPLUUKMPI#!=HRKN!QPWPIP!PF!ULHI!RPQ!NKJPIKPIFP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5"!=EQRP!"1!!51!=EQRP!"5!!




!

! ! Side 21 !

LEQ!JKINPRPL#!!.HNEK!PI!PF!KG!RPJX!RPI!VKI!WYIPL!QYFMUL!LER!TZX!HM!RPIJPR!UERRPI!JPR!PF!JKUUP!

TKLPFLPI#!8PF!EQQOULIPIPRP!GEMOI!ULKJJPI!GIK!1<"<X!HM!UERPF!RK!PI!KFLKQQPL!KG!IPLUUKMPI!NOF!PI!

LKMPL!LEQ#!%PLUUKMPIFP!JPQQPJ!TIHRO^PFLPIFP!GQ\LLPU!JPIP!HM!JPIP!HWPI!TZ!TQKLGHIJPF55#!!!!!

*KFMP!KG!IPLUUKMPIFP!NKF!LKMP!GQPIP!ZI!KL!KGWENQPX!HM!RPL!PI!SQPWPL!NQKILX!KL!TKLPFLPIPI!PI!SQPWPL!

PF!PFHIJ!ÒIEREUN!OQPJTP!GHI!RPJX!RPI!GHIUaMPI!KL!NHJJP!EFR!TZ!UTEIPFRP!JKINPR#!)GLPIUHJ!

UJKILTVHFP_JKINPRPL!PI!PF!KG!RP!QONIKLEWP!EFRPF!GHI!GHISIOMPIPQPNLIHFENX!NKF!JKF!NOF!

GHIPULEQQP!UEMX!KL!RPFFP!GHIJ!GHI!TKLPFLNIEM!WEQ!EFLPFUEWPIPU50#!

!

5/./5-JHK-LB%"%40'B+-(%)$%&#--hNHFHJEUNP!GKNLHIPI!VKI!HMUZ!PF!ULHI!SPL\RFEFM!GHI!JKINPRPL#!hNHFHJEUNP!GKNLHIPIX!UHJ!VKI!

PF!EFRWEINFEFM!TZ!UJKILTVHFP_JKINPRPLX!PI!SQKFRPL!KFRPL!NHFÒFNLOIUWEFMPI!HM!RPF!

REUTHFESQP!EFRNHJUL#!!

/PFPIPQL!WEQ!UKQMPL!KG!KQQP!ENNP!QEWUFaRWPFREMP!TIHRONLPI!SQEWP!TZWEINPL!KG!

NHFÒFNLOIUWEFMFEFMPI#!=HFÒFNLOIUWEFMFEFMPI!E!RPF!MQHSKQP!aNHFHJE!VKI!RPIGHI!PF!

EFRGQ\RPQUP!TZ!-A,!EFROULIEPF#!-!FPRPFULZPFRP!GEMOI!1#"#1!UPU!UKQMPL!KG!JHSEQLPQPGHFPI!HM!

WYNULPFX!HM!RPL!UPU!VPI!PF!FPRMKFM!E!UKQMPL!KG!JHSEQLPQPGHFPI!E!1<<>X!VWHI!GEFKFUNIEUPF!

IKJJPI!WPIRPFPF#!;PI!UPUX!KL!WYNULPF!TZ!JKINPRPL!PI!GKQRPL!LEQ!FYULPF!<b!E!ZIPFPX!VWHI!

GEFKFUNIEUPF!SPM\FRLPX!VWEQNPL!EFRENPIP!KL!JHSEQJKINPRPL!PI!^\NQEUN54#!-!1<<c!m!1<"<!UPU!PF!

ULEMFEFM!E!WYNULPF!GIK!1b!_!"9bX!VWEQNPL!NKF!UN\QRPU!KL!UKQMPL!KG!UJKILTVHFPUX!UHJ!HMUZ!PI!

EFNQORPIPL!E!REUUP!LKQ#!-!VPFVHQR!LEQX!KL!RPL!PI!PL!F\!JKINPRX!WKI!RPL!ENNP!JOQEML!KL!GEFRP!LKQX!RPI!

WEUPI!HWPI!PF!QYFMPIP!ZIIYNNP!HM!GQPIP!NIEUPI#!!

!

!

!

!

!

!

!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!55!=EQRP!"4!!50!=EQRP!"0!54!$EFR\^N!n!%OSEFGPQRX!U#01!




!

! ! Side 22 !

2EMOI!1#"#1[!8PL!MQHSKQP!JHSEQ_JKINPRU!UQKM!HM!WYNUL!

!=EQRP[!-FROULI\!$IHGEQP!m!8KLKJHFELHI!U#!"<!

!

+ERPF!RPF!aNHFHJEUNP!FPRLOI!E!1<<>X!VKI!RPI!WYIP!IP^PUUEHF!E!WPIRPFPFX!HM!WEQ`PF!LEQ!KL!SIOMP!

TPFMP!VKI!ENNP!WYIPL!LEQ!ULPRP#!8PLLP!VKI!EJERQPILER!ENNP!VKGL!PF!PGGPNL!TZ!UKQMPL!KG!

UJKILTVHFPU#!+HJ!RPI!SQPW!WEUL!EFRQPRFEFMUWEUL!E!GEMOI!"#"X!PI!UKQMPL!KG!UJKILTVHFPU!ULPMPL!E!

ZIPFP!1<<>!HM!GIPJPGLPI#!-!PF!IKTTHIL!GHILKMPL!KG!$]A!B$IE^P!jKLPIVHOUP!AHHTPIUC!

GIPJNHJJPI!RPLX!KL!FPLWYINUORS\RPIFP!PI!SQPWPL!TIPUUPL!KG!HJNHULFEFMPI!TZ!MIOFR!KG!

UOSUEREPIFP!WPR!UJKILTVHFPUX!GKQRPFRP!NOFRP!QH\KQELPL!UKJL!GKQRPFRP!KFLKQ!LKQLP!JEFOLLPI#!

8PIGHI!PI!RP!FaRUKMPL!LEQ!KL!YFRIP!RPIPU!GHIIPLFEFMUJHRPQX!HM!FO!UNKQ!L`PFP!TPFMP!TZ!LPQPGHFPI!

TZ!KGSPLKQEFM!HM!RKLKKSHFFPJPFLPI#!6G!RPF!MIOFR!PI!FPLWYINUORS\RPIFP!SPM\FRL!KL!GHIUaMP!!

KL!NHFWPFPIP!UZ!JKFMP!NOFRPI!UHJ!JOQEML!LEQ!UJKILTVHFPUX!GHIRE!RP!SIOMPI!

RKLKKSHFFPJPFL59#!8PLLP!NOFFP!WYIP!PF!KG!MIOFRPFRP!LEQX!KL!UJKILTVHFP!UKQMPL!PI!ULPMPLX!

UPQWHJ!RPI!VKI!WYIP!GEFKFUNIEUP#!!

/PFPIPQL!PI!-,!PI!^\NQEUN!!RIPWPL!UPNLHIX!VWHI!FZI!RPL!MZI!MHRLX!UZ!EFWPULPIPU!RPI!JPMPL!

HTMIKRPIEFM!HM!F\L!-,!ORUL\I#!&JWPFRL!FZI!RPL!MZI!RZIQEML!GHIUaMPI!WEINUHJVPRPIFP!KL!

HTRKLPIP!UHGL]KIPX!UZ!-,!ORUL\IPL!NKF!VHQRP!QYFMPIP5:#!3RPF!GIK!HWPFULZPFRP!UPU!RPLX!KL!

LPQPGHFPI!PI!NHFÒFNLOIGaQUHJJPX!JPF!UHJ!RPL!UPU!E!$jAfU!IKTTHILPFX!UZ!VKI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!59!=EQRP!":!!5:!=EQRP!"9!!




!

! ! Side 23 !

FPLWYINUORS\RPIFP!TIaWPL!KL!TIPUUP!UJKILTVHFPU!EMPFFPJX!VWEQNPL!SQKFRPL!KFRPL!PI!JPR!LEQ!

KL!GZ!UQKMPL!LEQ!KL!ULEMP#!

!

)F!KFRPF!aNHFHJEUN!GKNLHIPI!RPI!PI!LEQULPRP!PI!EFRNHJULGHIRPQEFMX!GHIRE!UJKILTVHFPU!PI!PF!

VEMV_PFR!LPQPGHF#!2HI!QKFML!RP!GQPULP!GHISIOMPIPX!WEQ!NaSPL!KG!PNUPJTPQWEU!PF!UJKILTVHFP!

ORMaIP!PF!WYUPFLQEM!RPQ!KG!RPF!REUTHFESQP!EFRNHJUL#!8PF!PI!R\IL!E!GHIVHQR!LEQ!JHSEQLPQPGHFPIX!

HM!QEMPQPRPU!PI!KSHFFPJPFLPIX!GHIRE!JKF!UNKQ!VKWP!PL!RKLKKSHFFPJPFL!JPR#!8PL!NIYWPI!

RPIGHIX!KL!JKF!VKI!PF!WEU!EFRNHJULX!GHI!KL!NKF!SIOMP!TPFMP!TZ!PF!UJKILTVHFP#!8PLLP!UPU!E!

FPRPFULZPFRP!MIKGX!RPI!WEUPI!KL!UJKILTVHFPF!VKI!HWPILKMPL!HWPI!VKQWRPQPF!KG!JKINPRPL!E!

)OIHTK!HM!.HIR!6JPIE^K#!8PLLP!OFRPIULIPMPU!HMUZ!KGX!VWHI!SPGHQNFEFMPF!VKI!PF!GHIVHQRUWEU!Va`!

REUTHFESPQ!EFRNHJUL!E!REUUP!QKFRPX!HM!RPIGHI!JZ!SPLPMFPU!UHJ!JHRFP!aNHFHJEPI#!

!

/IKG!1#"#5[!+JKILTVHFPF!EFRLIYRPF!TZ!RPL!MQHSKQP!JKINPRPL#!

!=EQRP[!DEUHF*HSEQP!U#!:!

!

.PLWYINUORS\RPIP!GHIUaMPI!KL!OR`YWFP!RPFFP!GKNLHI#!8PL!MaIPU!MPFFPJ!UOSUEREPI#!8PI!PI!LH!

JZRPI!KL!SPLKQP!GHI!PF!JHSEQLPQPGHF[!2HIOR_!HM!PGLPISPLKQEFM5>#!!

2HIORSPLKQEFM!PIX!KL!JKF!SPLKQPI!GHI!RP!JEFOLLPI!HM!RPF!RKLK!JKF!SIOMPI#!*KF!ENNP!PI!SOFRPL!

KG!FHMPF!NHFLIKNLX!HM!NKF!RPIJPR!HTUEMP!UEL!KSHFFPJPFL!LEQ!PF!VWPI!LER!ORPF!JPIHJNHULFEFM#!

*KF!SPLKQPI!GHI!UEL!GHISIOM!GaI!JKF!SPF\LLPI!RPL#!8PL!SPL\RPI!HMUZ!JKF!JEULPI!PWPFLOPQQP!

JEFOLLPIX!VWEU!JKF!HTUEMPI!LEQ!KSHFFPJPFL#!!

)GLPISPLKQEFM!PI!PF!NHFLIKNL!JKF!LPMFPI!VHU!PF!ORS\RPI#!=HFLIKNLPFU!QYFMRP!KGVYFMPI!KG!

QHWMEWFEFMPF!E!RPL!TZMYQRPFRP!QKFR#!+HJ!EFÊLKJPFL!GHI!KL!SEFRP!UEM!LEQ!PL!UPQUNKSX!MEWPI!

ORS\RPIPF!UOSUEREPIX!RPL!WEQ!UEMP!PL!LEQQYM!LEQ!PFU!LPQPGHFX!UZQPRPU!JKF!ENNP!SPLKQPI!GOQR!TIEU!GHI!

RPF#!,EQ!MPFMYQR!GHI!UOSUEREPL!PI!RPL!JPMPL!KQJEFRPQEMLX!KL!ORS\RPI!TZQYMMPI!PL!MPS\I!GHI!KL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5>!=EQRP!4<!!




!

! ! Side 24 !

HTUEMP!LEQ!KSHFFPJPFL#!*KF!SPLKQPI!PL!GKUL!SPQaS!E!JZFPRPFX!HM!RPI!OR!GIK!GZI!JKF!LEQRPQL!RKLK!

HM!JEFOLLPI#!*PR!RPFFP!SPLKQEFMUJHRPQ!NKF!JKF!GZ!IZR!LEQ!PF!R\I!LPQPGHF!ORPF!KL!UNOQQP!QEMMP!

JKFMP!TPFMP!TZ!PF!MKFMX!VWEQNPL!MaI!KL!GQPIP!NKF!GZ!IZR!LEQ!RPL#!!

!

5/./7-JIK-I%M0%B6&*6)+&&+-(%)$%&#--3FRPI!UHÊHNOQLOIPQQP!GHIVHQR!PI!GKNLHIPI!UHJ!LIPFR!HM!KRGYIR!EFRPF!GHI!WKQM!KG!UJKILTVHFP!

WEMLEMP#!,IPFRU!PI!PF!WEMLEM!GKNLHI!GHI!SIKF^VPFX!GHIRE!RPL!UEMPI!FHMPL!RP!GOFNLEHFPIX!UHJ!PF!

UJKILTVHFP!UNKQ!NOFFP#!6G!WEMLEMP!LPNFHQHMEUNP!LPFRU!NKF!FYWFPU!-*!BEFULKFL!JPPUKMEFMCX!

UHÊKQP!JPREPI!HM!UTEQX!VKI!VKGL!PF!ULHI!PGGPNL!TZ!JKINPRPL#!6RGYIR!EFRPFGHI!NaS!KG!

UJKILTVHFP!GHILYQQPI!FHMPL!HJX!VWEQNP!GKNLHIPI!UHJ!NOFRPF!NaSPI!UJKILTVHFP!PGLPI#!

!

8PF!NOQLOIPQQP!LIPFR!PI!KL!WYIP!HFQEFP#!-!RKM!QEMMPI!JKF!VPQP!UEL!QEW!OR!HFQEFPX!VWHI!JKF!RPQPI!

SEQQPRPIX!HTQPWPQUPIX!VHQRFEFMPI!HUW#!JPR!KQQP!UEFP!WPFFPI#!8P!ULaIULP!UHÊKQP!JPREPI!PI!

2K^PSHHN!HM!,]ELLPI#!+JKILTVHFPF!PI!SQPWPL!EFLPMIPIPL!JPR!REUUP!JPREPIX!HM!UZQPRPU!JKF!

KQLER!NKF!RPQP!LEFM!JPR!WPFFPI!TZ!GKILPF#!2aIVPF!NIYWPL!RPL!PF!$A!JPR!GHISEFRPQUP!LEQ!

EFLPIFPLLPL!GHI!KL!SPF\LLP!REUUP!L`PFPULPI#!

!

2EMOI!1#"#0[!+JKILTVHFPU!KFWPFRLP!GOFNLEHFPI!JZQL!TZ!RKLK!

!=EQRP[!+JKILTVHFPU[!'OEQREFM!$IHGELKSEQEL\!KFR!(H\KQL\!EF!LVP!*KUU_JKINPL!U#!""!




!

! ! Side 25 !

!

8PF!HWPFULZPFRP!MIKG!WEUPI!LIPFRU!EFRPF!GHI!SIOMPF!KG!UJKILTVHFPFX!JZQL!TZ!RKLKGHISIOM!KG!

GHIUNPQQEMP!L`PFPULPI!GHIRPQL!TZ!KQRPI#!8PL!UPU!KL!RP!OFMP!SIOMPI!RP!UHÊKQP!JPREPI!JPMPL!JPIP!

PFR!RPF!YQRIP!MPFPIKLEHF#!8PLLP!SPNIYGLPI!NOF!KLX!RP!UHÊKQP!JPREPI!SPL\RPI!JPMPL!GHI!

JKINPRPLX!RK!RPL!JZ!KFLKMPUX!KL!RP!VKI!LKMPL!SIOMPF!KG!UHÊKQP!JPREPI!LEQ!UEMX!HM!WEQ!KFWPFRP!

RPJ!IPULPF!KG!QEWPL#!*PR!RP!UHÊKQP!JPREPI!NKF!KFRIP!GHQN!GaQMP!JPR!EX!VWKR!EFREWERPL!QKWPI!HM!

LYFNPI!EMPFFPJ!2K^PSHHN!HM!,]ELLPI#!3RHWPI!KL!SIOMPIPF!NKF!SPF\LLP!RP!UHÊKQP!JPREPI!

REIPNLP!GIK!RPIPU!UJKILTVHFPX!UZ!PI!RPI!JKFMP!EFLPMIPIPRP!HM!LIPR`P!TKILU!KTTUX!RPI!LEQQKRPI!

NHJJOFENKLEHF!JPQQPJ!KTTfPF!HM!RPL!UHÊKQP!JPREPX!PFLPF!WEK!OTQHKREFM!KG!SEQQPRPIX!VPFLP!HM!

UPFRP!EFGHIJKLEHF#!

8PIX!VWHI!KQRPIUMIOTTPIFP!QEMFPI!JPMPL!VEFKFRPFX!PI!FZI!RPL!NHJJPI!LEQ!KL!QYUP!P_JKEQUX!

^VKLLP!EMPFFPJ!EFULKFL!JPUUPKMP!TIHMIKJJPI!HM!FKWEMKLEHF#!-UYI!P_JKEQ!PI!PF!WEMLEM!GOFNLEHF!

RKX!RPL!PI!VPI!WEMLEMP!EFGHIJKLEHFPI!MZI!EMPFFPJ!SZRP!TIEWKLP!HM!KISP`RUIPQKLPIPRP#!8EUUP!

GOFNLEHFPI!PIX!RPIGHI!WEMLEMP!GHI!UJKILTVHFPX!RK!KQQP!KQRPIUMIOTTPI!KFWPFRPI!RPJ!JPMPL#!8K!

P_JKEQ!ENNP!PI!RPL!JPUL!NIYWPFRP!KG!EFLPIFPLLPLX!PI!RPL!RPIGHI!JPMPL!KL!KFWPFRP!5<b!KG!UEF!

RKLK!TZ!RPLLPX!VWEQNPL!SPL\RPI!KL!RPFFP!GOFNLEHF!SIOMPU!JPMPLX!HM!RPL!ULEQQPI!RPIGHI!NIKW!LEQ!

SIOMPIWPFQEMVPRPF!KG!P_JKEQ#!

6L!UTEQQP!UTEQ!TZ!UJKILTVHFPF!PI!SQPWPL!PF!WEMLEM!GOFNLEHFKQELPLX!HM!PF!ULHI!LIPFR!EFRPF!GHI!

SIOMPF!KG!UJKILTVHFPU#!3R!GIK!MIKGPF!GHIPNHJJPI!RPLX!KL!RP!54_40!ZIEMP!SIOMPI!FYULPF!QEMPUZ!

JPMPL!RKLK!TZ!UTEQ!UHJ!RP!"9_50!ZIEMP#!8PLLP!NOFFP!MHRL!L\RP!TZX!KL!SPVHWPL!GHI!KL!UTEQQP!TZ!

PFU!UJKILTVHFP!PI!ULHIL!HM!GIPJLERPFX!WEQQP!SQEWP!ULaIIP#!8PL!NOFFP!L\RP!TZX!KL!JKF!E!GIPJLERPF!

WEQ!PGLPIUTaIMPP!SPRIP!UTEQ!HM!RPIWPR!NIKGLEMPIP!UJKILTVHFPU#!

!

8PL!PI!ENNP!NOF!LIPFRU!EFRPF!GHI!UHGL]KIPX!JPF!HMUZ!TZ!VKIR]KIPX!RPI!PI!WEMLEMP#!8EUUP!LIPFRU!

S\MMPI!TZ!RPL!EFRPIULP!QKM!KG!UJKILTVHFPF#!8PF!SQEWPI!NIKGLEMPIP!JPR!LERPFX!HM!RPF!NKF!RPIGHI!

\RP!JPIP!RPULH!SPRIP!VKIR]KIPX!RPI!NHJJPI!E!PF!UJKILTVHFP!RPULH!SPRIP!TIHMIKJJPI!NKF!

RPF!NaIP#!8PL!WEQ!V`YQTP!EUYI!UTEQSPVHWPL!TZ!WP`X!UZ!RPI!NKF!LEQS\RPU!SPRIP!UTEQ!LEQ!UJKILTVHFP#!

)GLPI!*HSEQP!jHIQR!AHFMIPUU!VKI!AHJTOLPIjHIQR!TPMPL!TZ!GPJ!LPNFHQHMEUNP!LIPFRUX!UHJ!

TIHRO^PFLPIFP!UKLUPI!TZX!RPI!GZI!PF!SPL\RFEFM!GHI!JKINPRPL!E!1<"15c#!8P!JPFPIX!KL!RPL!PI!

WEMLEML!KL!VKWP!PF!TIH^PUUHI!JPR!GEIP!NPIFPI!E!UEF!UJKILTVHFPX!VWEU!JKF!aFUNPI!KL!NYJTP!TZ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!5c=EQRP!">!!




!

! ! Side 26 !

VEMV_PFR#!*PR!RPF!NIKGLEMPIP!TIH^PUUHI!NHJJPI!JOQEMVPRPF!GHIX!KL!UJKILTVHFP!NKF!ORGaIPI!

NIYWPFRP!TIH^PUUPI#!)F!LIPFRX!RPI!HMUZ!UPU!PI!ULaIIPQUPF!HM!NWKQELPLPF!KG!UNYIJPF#!8PLLP!

VYFMPI!UKFRU\FQEML!UKJJPF!JPRX!KL!LKSQPL!PI!SPM\FRL!KL!NHJJP!EFR!TZ!JKINPRPLX!HM!RPF!

ULHIP!UNYIJ!UNKQ!WYIP!JPR!LEQ!KL!RYNNP!SPVHWPL!GHI!PL!ULaIIP!HWPISQEN!HWPI!UJKILTVHFPF#!

+KJJPF!JPR!SPRIP!NKJPIK!PI!SPVHWPL!GHI!KL!UP!RP!SEQQPRPIX!JKF!VKI!LKMPL!E!MHR!NWKQELPL!HM!UP!

RPL!E!RP!RPLKQ`PI!UHJ!NKJJPIPL!NKF!HTGKFMP#!.PKI_2EPQR!AHJJOFE^KLEHFU!B.2AC!PI!SPM\FRLP!

KL!NHJJP!GIPJ!TZ!UJKILTVHFPU#!*PR!RPFFP!LPNFHQHMEX!MaI!JKF!RPL!QPLLPIP!GHI!GHISIOMPIPF!KL!

UPFRP!HM!JHRLKMP!RKLK!TZ!PFVPRPI!LYL!TZ!PF#!,PNFHQHMEPF!PI!EUYI!ORLYFNL!LEQ!UHJ!

SPLKQEFMUGHIJX!HM!RPIWPR!SPF\LLP!UEM!KG!UJKILTVHFPF!UHJ!SPLKQEFMUJOQEMVPR!QEMPUHJ!PL!

RKFNHIL#!(,)X!UHJ!SPLPMFPU!UHJ!0/!HTNHSQEFMX!RPI!PL!RPL!F\PULP!EFRPF!GHI!LIZRQaU!FPLWYIN#!

*PR!RPFFP!LPNFHQHME!aMPI!JKF!VKULEMVPRPF!GHI!RKLKGHISEFRPQUPIX!VWEQNPL!MaI!KL!GHISIOMPIPF!

WEQ!NOFFP!RH]FQHKRP!GEQPI!HM!TIHMIKJJPI!TZ!NHILPIP!LER#!$Z!JPUUPF!GHIPNHJ!HMUZ!PF!IYNNP!

QH]_^HUL!UJKILTVHFP#!;WEQNPL!NKF!UPU!E!UKJJPFVYFM!JPR!GHISIOMPIPF!WYQMPI!PGLPI!TIEUX!HM!

TIHRO^PFLPI!PGLPINHJJPI!RPFFP!LIPFR#!(EMPQPRPU!NKF!REUUP!UPU!E!GHIVHQR!LEQ!RP!aNHFHJEUNP!

GKNLHIPIX!UHJ!REUNOLPIPL!QYFMPIP!HTTPX!KL!UJKILTVHFPF!ENNP!PI!UZ!ORSIPRL!E!

ORWENQEFMUQKFRPFPX!HM!TIHRO^PFLPF!GHIUaMPI!FZ!KL!RP!JKINPRPI#!

DPR!LERQEML!KL!NOFFP!GEFRP!LIPFRU!TZ!JKINPRPLX!NKF!WEINUHJVPRPIFP!ORF\LLP!REUUP!HM!GZ!PF!

NHFNOIIPF^PGHIRPQ!HWPI!GHI!NHFNOIIPFLPIFP#!

!

=IELPIEPI!GHI!WKQM!KG!UJKILTVHFP!PI!HMUZ!PF!WEMLEM!GKNLHIPI!EFRPF!GHI!JKINPRPL#!.ZI!JKF!UNKQ!

WYQMP!UJKILTVHFPX!PI!RPI!PF!IYNNP!WYIREPIX!UHJ!NOFRPF!WYQMPI!OR!GIK#!!

$IEUPF!PI!JZUNP!ENNP!HWPIIKUNPFRP!RPF!WEMLEMULP!GKNLHIPI!GHI!NaS!KG!UJKILTVHFP0<#!8PLLP!

UN\QRPUX!KL!GHQN!ENNP!aFUNPI!KL!SPLKQP!JPIP!HM!GZ!JEFRIPX!JKF!WYQMPI!RPF!JHSEQX!RPI!PI!SEQQEMUL!

OR!GIK!RP!UTPÊGENKLEHFPI!JKF!aFUNPI#!8PLLP!VYFMPI!FHN!UKJJPF!JPRX!KL!UJKILTVHFPF!SQEWPI!

NaSL!JPR!R\IP!KSHFFPJPFL!HM!RPIGIK!aFUNPI!RPL!SEQQEMULP#!*PR!LPNFHQHMEPFU!ORWENQEFM!WEQ!JKF!

JPR!LERPF!NOFFP!TIHRO^PIP!TIEUSEQQEMP!UJKILTVHFPUX!UHJ!aMP!UKQMPL!E!ORWENQEFMUQKFRPFP!HM!

RPIWPR!UNKSP!PL!ULaIIP!SPVHW!GHI!RKLKKSHFFPJPFLPI!E!REUUP!QKFRP#!8PLLP!JKINPR!VKI!+KJUOFM!

HTRKMPLX!UHJ!RPL!SQPW!SPUNIPWPL!E!JKINPRUTIYUPFLKLEHFPFX!VWEQNPL!VKI!M`HIL!KL!RP!VKIPF!WYNUL!

TZ!5<<b!JPQQPJ!1<"<!HM!1<""X!TZ!MIOFR!KG!PL!ULEMPFRP!UKQM!LEQ!(KLEFKJPIENKX!=EFK!HUW#!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0<!+JKILTVHFPU[!'OEQREFM!$IHGELKSEQEL\!KFR!(H\KQL\!EF!LVP!*KUU_JKINPLX!U#9!




!

! ! Side 27 !

!

,KSPQ!1#"#!"[!,HT!"<!GOFNLEHFPI!GHISIOMPIP!HWPIWP`PI!E!NaSUSPUQOLFEFMPF!GHIRPQL!TZ!KQRPI!

!M-3*)W$A?&'/J<0.)+W$XC-3*-.1$J'0,-/&I-3-/F$&.*$30F&3/F$-.$/<)$?&++7?&'()/$+"$5$

!

.ZI!RPL!NHJJPI!LEQ!WKQM!KG!UJKILTVHFP!OR!GIK!RP!GOFNLEHFPI!RPF!SPUERRPIX!UZ!GHIPNHJJPI!RPI!

PF!IYNNP!GOFNLEHFPI!UHJ!NOFRPF!VKI!JPR!E!UEF!HWPIWP`PQUP#!!

3R!GIK!HWPFULZPFRP!LKSPQ!GIPJMZI!RPLX!KL!RPF!WEMLEMULP!GOFNLEHFX!FZI!RPL!NHJJPI!LEQ!KL!WYQMP!

UJKILTVHFPX!PI!NKJPIKPLU!TEiPQ!HTQaUFEFM#!8PLLP!UN\QRPU!KL!ORWENQEFMPF!KG!RPFFP!GOFNLEHF!PI!

MZPL!ULYINX!HM!KL!LPQPGHFPI!LKMPI!SEQQPRPIX!UHJ!NKF!NHFNOIIPI!JPR!PL!NKJPIK#!8PIJPR!SPF\LLPI!

GHQN!JPIP!HM!JPIP!RPIPU!UJKILTVHFP!UHJ!KJKLaI!REMELKQ!NKJPIKX!HM!RPIWPR!UTKIP!TPFMPFP!

WPR!ENNP!KL!NaSP!PL!NKJPIK0"#!8PL!GHIPNHJJPI!HMUZ!KL!GHQN!SIOMPI!RPIPU!GaIULP!LER!TZ!KL!LPULP!

NKJPIKPL!E!LPQPGHFPFX!GHI!KL!UP!VWEQNP!GOFNLEHFPI!NKJPIKPL!VKI#!!

*OQEMVPRPF!GHI!KL!SIH]UP!TZ!EFLPIFPLLPLX!GHIPNHJJPI!HMUZ!LEQ!KL!WYIP!Va`L#!8PLLP!VKI!PF!MHR!

UKJJPFVYFM!JPRX!KL!RP!OFMP!SPF\LLPI!JPMPL!RPIPU!RKLKX!TZ!KL!UaMP!TZ!FPLLPL#!8PL!UKJJP!

MYQRPI!GHI!P_JKEQX!RK!KQQP!KQRPIUMIOTTPI!SPF\LLPI!JPMPL!KG!RPIPU!RKLK!TZ!RPFFP!GOFNLEHF#!8PLLP!

MEWPI!PL!LPMF!LEQ!TIHRO^PFLPFX!KL!GHISIOMPIPF!SPF\LLPI!REUUP!GOFNLEHFPI!E!Va`!MIKR!HM!JOQEMWEU!

aFUNPI!KL!SIOMPIWPFQEMVPRPF!TZ!REUUP!GOFNLEHFPI!UNKQ!WYIP!E!LHT!FZI!RP!UNKQ!WYQMP!

UJKILTVHFP#!!

!

.ZI!RPL!NHJJPI!LEQ!SPF\LLPQUP!KG!UJKILTVHFP!TZ!KISP`RUTQKRUPFX!UZ!GHIPNHJJPI!RPLX!KL!GHQN!

UPQW!aFUNPI!KL!WYQMP!RPIPU!UJKILTVHFP#!;WEU!RPLLP!ULIERPI!EJHR!KISP`RUTQKRUPF!UZ!PI!GHQN!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0"!=EQRP!"c!!




!

! ! Side 28 !

WEQQEMP!LEQ!KL!UPQW!EFWPULPIP!E!PF!LPQPGHF!ORPF!V`YQTP!GIK!GEIJKPL!JKF!PI!KFUKL!KG#!6G!PMPFUNKSPI!

UZ!GHIPNHJJPI!RPL!KL!L`PNNP!UEF!JKEQ!HM!NKQPFRPIX!KL!WYIP!RPL!JPUL!WEMLEMP#!;WEQNPL!PI!FHMQP!KG!

MIOFRPUUPFUPIFP!WPR!PF!UJKILTVHFP#!!

!

5/./:-J=K-=+B"%&%,0-8PI!PI!EFMPF!LWEWQ!HJX!KL!RPF!LPNFHQHMEUNP!ORWENQEFM!PI!PF!WEMLEM!GKNLHI!GHI!UJKILTVHFPFU!

UO^^PU#!!8PULH!VOILEMPIP!ORWENQEFMX!RPULH!HGLPIP!NKF!GHISIOMPIPF!WYIP!LWOFMPL!LEQ!KL!ORUNEGLP!

PNUPJTPQWEU!^HJTOLPIPFX!GHI!KL!NOFFP!SPF\LLP!UEM!KG!RPF!F\PULP!UHGL]KIP#!*EFRIP!

LPNFHQHMEUNP!GIPJUNIERL!NKF!UZQPRPU!VKWP!PF!ULHI!EFRGQ\RPQUP!TZ!ORUNEGLFEFMUIKLPF!!

-!1<"1!SQEWPI!RPL!NKJTPF!HJ!(,)X!Va`HTQaUFEFMU_UNYIJPX!TIH^PUUPI!HM!A$3fPI01#!*PR!KFRIP!

HIRX!JKF!TIaWPI!KL!MaIP!UJKILTVHFP!NIKGLEMPIP!HM!TZ!RPL!JZRPX!NKF!RPF!NHFNOIIPI!JPR!GQPIP!

TIHRONLPI#!2HIRE!RPULH!GQPIP!GOFNLEHFPI!RPF!NKF!PIULKLLPX!RPULH!JPIP!EFÊLKJPFL!MEWPI!JKF!

GHISIOMPIPF!LEQ!KL!NaSP!PF!UJKILTVHFP#!2i!EFRPVHQRPI!UJKILTVHFPF!FKWEMKLEHFUU\ULPJ!HM!

REMELKQNKJPIKX!HM!REUUP!GOFNLEHFPI!NKF!PIULKLLP!SPVHWPL!GHI!KL!VKWP!PL!PMPFLQEM!NKJPIK!HM!/$+#!

!

)F!KG!RP!WEMLEMULP!GKNLHIPI!GHI!RPF!LPNFHQHMEUNP!ORWENQEFM!PI!PWFPF!LEQ!KL!GZ!JPIP!FPR!E!JEFRIP#!

8PL!SPL\RPI!KL!NHJTHFPFLPIFP!SQEWPI!JEFRIPX!JPF!TZ!UKJJP!LER!NKF!RP!\RP!JPIP#!8PLLP!

SPLPMFPU!UHJ!*HHIPU!QHW05#!*HIIPU!QHW!HTULHR!LEQSKMP!E!"c:4X!VWHI!/HIRHF!*HIIP!JPRULEGLPI!

KG!-FLPQ!SQPW!UTOIMLX!HJ!VKF!WEQQP!UNIEWP!PF!KILENPQ!LEQ!)QP^LIHFEÛ!*KMKoEFPX!UHJ!HTUOJJPIP!

RPF!PQPNLIHFEUNP!EFROULIE#!;KF!FHLPI!VHU!PL!KFLKQ!PFVPRPIU!^VETTP!SQPW!GHIRHSQPL!VWPIL!ZI#!8PL!

SPLaRX!KL!\RPPWFP!HM!NKTKÊLPL!KG!VKQWQPRPIP!WHNUPRP!PNUTHFPFLEPQL#!)WFPF!LEQ!KL!GZ!JPIP!

NKTKÊLPL!FPR!E!JEFRIP!LPNFHQHMEX!SQPW!RPIGHI!RaSL!*HIIPU!(HW#!,PNFHQHMEPF!ORWENQPI!UEM!

VOILEMLX!JPF!QHWPF!JPFPU!ULKREM!KL!VHQRPX!JPF!RHM!ENNP!E!UKJJP!VKULEMVPR#!!

*HHIPU!QHW!GIPJNHJJPI!HMUZ!TZ!JKINPRPL!GHI!UJKILTVHFP!E!VKIR]KIP_RPQPF#!=HFNOIIPF^PF!

TZ!VKIR]KIPF_RPQPF!HJVKFRQPIX!VWHI!JKFMP!GOFNLEHFPI!JKF!NKF!LEQRPQP!LPQPGHFPFX!HM!VPIPGLPI!

ORWENQPI!TZ!RP!GOFNLEHF#!2HI!PNUPJTPQ!NKF!NKJPIK!FYWFPUX!UHJ!RP!GQPULP!LPQPGHFPI!SQEWPI!

TIHRO^PIPL!JPR#!8P!GaIULP!NKJPIK!LEQ!LPQPGHFPIX!RPI!SQPW!KFWPFRLPX!WKI!PL!<X4!JPMKTEiPQ!HTLENX!

JPF!E!RKM!NKF!JKF!NaSP!LPQPGHFPIX!RPI!EFRPVHQRPI!PL!>!JPMKTEiPQ#!(EMPQPRPU!GHIUaMPI!JKF!

UPQWGaQMPQEM!KL!GZ!UJKILTVHFPF!LEQ!KL!KISP`RP!VOILEMUL!JOQEML#!;PI!UPU!SQKFRPL!KFRPL!TZ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!01=EQRP!1<!!05!=EQRP!1"!!




!

! ! Side 29 !

TIH^PUUHIPFU!NIKGL!UHJ!JZQPU!E!/Vo#!-!1<"1!WEQ!RP!GaIULP!LPQPGHFPI!SQEWP!QKF^PIPL!JPR!qOKR_

^HIP00#!)F!UJKILTVHFP!NKF!RPIJPR!HTFZ!1!/VoX!VWEQNPL!UWKIP!LEQ!RPL!PF!QKTLHT!SPF\LLPI#!

!

+JKILTVHFP!PI!KGVYFMEM!KG!UOTTQPIPFRP!LPNFHQHME!E!GHIJ!KG!HTULEQQEFM!KG!Va`LPNFHQHMEUNP!

JKULPI!JPR!IKREHLPNFHQHMEX!RPI!NKF!HTNHSQP!PFVPRPIFP!LEQ!EFLPIFPLLPL#!8PFFP!LPNFHQHME!PI!

OFRPI!VKULEM!ORWENQEFM!E!IPLFEFMPF!KG!JKULPI!GZI!PFRFO!JPIP!NKTKÊLPL!HM!VOILEMPIP!

EFLPIFPLGHISEFRPQUPX!VWEQNPL!VKI!ULHI!SPL\RFEFM!GHI!GOFNLEHFKQELPLPF!KG!PF!UJKILTVHFPX!GHIRE!

JKFMP!KG!RPFU!GOFNLEHF!KFWPFRPI!EFLPIFPLLPL#!8PF!LIZRQaUP!EFGIKULIONLOI!PI!HGLPUL!TIEWKLEUPIPLX!

HM!RPIGHI!JZ!RPL!KFLKMPUX!KL!RP!WPRQEMPVHQRPI!HM!HTMIKRPIPU!RPIPU!FPLWYIN!GHI!KL!LEQGIPRUP!

GHISIOMPIPF#!)GLPIVZFRPF!UHJ!RPFFP!LPNFHQHME!ORWENQPU!HM!ORSIPRPUX!WEQ!JKINPRPL!GHI!

UJKILTVHFPU!HMUZ!WHNUP#!

!

8PF!NHFULKFLP!LPNFHQHMEUNP!ORWENQEFM!NKF!HMUZ!SPL\RPX!KL!GQPIP!TIHRONLPI!JZ!QKRP!QEWPL!LEQ!

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!

5/5-NO=-

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PF!LOISOQPFUMIKR!PI!Va`X!WEQ!PF!SIKF^VPKFKQ\UP!WYIP!EIIPQPWKFLX!GHIRE!RPF!PGLPI!NHIL!LER!WEQ!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!00=EQRP!1<!!04!=EQRP!11!!09!(\F^V!U#!><!




!

! ! Side 30 !

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8PIFYUL!UP!TZ!TIPRE^LKSEQEL\X!RPI!UPI!TZX!VWHIWERL!REUUP!GHIKFRIEFMPI!NKF!GHIORUPU#!/IKGEUN!

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!

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!

! ! Side 31 !

.

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LPNFHQHMEPI!GaIUL!LEQMYFMPQEMP!LEQ!JKUUPTIHRONLEHF!UPFPIP#!

!!

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JEFRIP!KFLKQ!WEINUHJVPRPX!RPI!ORGHIRIPU!WPR!KL!LEQGIPRUULEQQP!UNEGLPFRP!REGGPIPFLEPIPRP!SPVHW!

GIK!NOFRPIFP#!*KFMP!GKNLHIPI!NKF!GHIORUPU!TZ!NHILUEMLX!JPF!TZ!QKFM!UEML!PI!JEQàPL!JPMPL!

LOISOQPFL#!.PRPFULZPFRP!tabel er en grafisk fremstilling af de forskellige faktorer og deres

indflydelse på den samlede turbulensgrad

Tabel 2.2.1: Opsummering af degree of turbulence

!Kilde: Egen tilvirkning af model i Ansoff, Igor, Implanting Strategic Management!




!

! ! Side 32 !

-

5/7-!"#6'*)F-P0(+-QFM&+-J!PQK-6QQP!EFROULIEPI!VKI!PF!QEWU^\NQOUX!UHJ!RP!MPFFPJMZI#!DKIEMVPRPF!GHI!QEWU^\NQOUUPF!PI!

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!

! ! Side 33 !

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!

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!

! ! Side 34 !

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!

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!

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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!41!(\F^V!U#!>>!45!=EQRP!15!40!(\F^V!U#!>1!




!

! ! Side 35 !

LKMPI!ORMKFMUTOFNL!E!4!MIOFRQYMMPFRP!NIYGLPIX!UHJ!VKI!EFRGQ\RPQUP!TZ!WEINUHJVPRPIFPX!HM!

NKF!UPU!KGSEQQPRPI!E!SEQKM!5#!,EQ!UKJJPF!MEWPI!RP!PF!EFRENKLEHF!KG!SIKF^VPNHF^PFLIKLEHFPFX!HM!

RP!NIYGLPI!RPI!RIEWPI!JKINPRPL#!2HIJZQPL!JPR!$HILPIU!2EWP!2HI^PU!PIX!KL!NQKIMaIP!VWEQNP!

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NHFNOIIPF^PF!GIK!RP!KFRIP!UTEQQPIP!TZ!JKINPRPL#!8PL!MEWPI!PL!IPRUNKS!LEQ!RPF!ULIKLPMEORWENQEFM!

GHI!RP!PFNPQLP!WEINUHJVPRPI!E!RPF!NHJJPFRP!NHFNOIIPFLKFKQ\UP#!!

5/:/.-TF+-0"#*)9",+)+-,IOUQPF!GIK!F\P!ORS\RPI!KFUPU!KL!WYIP!QKW!MIOFRPL!Va`P!EFRMKFMUSKIIEPIPI#!*PR!RPLLP!JPFPU!

KL!ENNP!VWEQNPF!UHJ!VPQUL!WEINUHJVPR!LIYFMP!REIPNLP!EFR!TZ!UJKILTVHFP_JKINPRPLX!GHIRE!KL!

WEINUHJVPRPI!UNKQ!VKWP!PF!WEU!GHIJ!GHI!NPFRUNKS!LEQ!LPNFHQHME!HM!UHGL]KIP#!*PR!NPFRUNKSPL!

NHJJPI!NFH]VH]!E!GHIJ!KG!VWEQNPF!LPNFHQHMEX!RPI!UNKQ!SPF\LLPU!HM!RPI!PI!PF!WEU!GHIJ!GHI!

NPFRUNKS!LEQ!HJNHULFEFMPIFP!WPR!KL!SPM\FRP!E!RPF!SIKF^VP#!!

!

&JNHULFEFMPIFP!WPR!KL!LIYFMP!EFR!TZ!UJKILTVHFP_!JKINPRPL!NKF!WYIP!GHIUNPQQEMPX!RPL!

KGVYFMPI!KG!VWEQNPF!GHIJ!GHI!REWPIUEGENKLEHF!JKF!SPF\LLPI!UEM!KG#!8EWPIUEGENKLEHF!PI!E!VPFVHQR!

LEQ!6FUHGGU!WYNULJKLIE^PX!WYNUL!MPFFPJ!UQKM!KG!F\P!TIHRONLPI!TZ!F\P!JKINPRPI44#!

)L!PNUPJTPQ!VWHI!LIOUQPF!WEQ!WYIP!QKWX!PI!FZI!WEINUHJVPRPI!GHIPLKMPI!PF!NHFMQHJPIKL!

REWPIUEGENKLEHF#!8PL!SPL\RPI!KL!WEINUHJVPRPI!EFMPF!NPFRUNKS!VKI!LEQ!JKINPRPLX!HM!RP!

HJNHULFEFMPIX!RPI!NF\LLPI!UEM!LEQ!RPL#!;WHI!WEINUHJVPRPIX!RPI!GHIPLKMPI!NHF^PFLIEUN!

REWPIUEGENKLEHFX!PI!PF!ULaIIP!LIOUUPQ#!8PVKI!PF!WEU!GHIJ!GHI!NPFRUNKS!LEQ!ORS\RPI!KG!LPNFHQHMEX!

HM!VKI!RPIGHI!ENNP!UZ!ULHIP!HJNHULFEFMPIX!RK!WEINUHJVPRPIFP!KQQPIPRP!VKFRQPI!JPR!LPNFHQHME!

ORS\RPIFP#!)NUPJTQPI!TZ!WEINUHJVPRPIX!RPI!VKI!UO^^PUGOQRL!VKI!EFRLKMPL!UJKILTVHFP_

JKINPRPL!JPR!PF!NHF^PFLIEUN!REWPIUEGENKLEHFX!PI!WEINUHJVPRPI!UHJ!6TTQP!HM!/HHMQP#!6TTQP!

VKI!UEF!UL\INP!E!^HJTOLPI!VKIR]KIP!HM!UHGL]KIP!HM!/HHMQP!VKI!RPIPU!UL\INP!E!UHGL]KIP!

ORWENQEFM#!!

#

8PF!aNHFHJEUNP!EFRMKFMUSKIIEPIP!PI!GHIVHQRUWEU!Va`!HM!NIYWPI!Va`!EFWPULPIEFMUNIKW!E!

HTULKILPF#!2HI!UHJ!UNIPWPL!GaI!UNKQ!RPI!GaIUL!UNKSPU!NPFRUNKS!LEQX!VWEQNP!WEINUHJVPRPI!RPI!

ORS\RPI!LPNFHQHMEPIX!RPFFP!HJNHULFEFM!KGVYFMPI!KG!VWEQNPF!GHIJ!GHI!REWPIUEGENKLEHF!JKF!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!44!=HLQPI!U#!c4!




!

! ! Side 36 !

GHILKMPI!UEM#!8PIPGLPI!NHJJPI!HJNHULFEFMPIFP!LEQ!%n8X!UHJ!GHIPNHJJPI!Va`P!TZ!JKINPRPL49#!

8PL!UN\QRPUX!KL!WEINUHJVPRPIFP!UNKQ!SIOMP!JKFMP!HJNHULFEFMPI!TZ!PFLPF!KL!NHFULIOPIPI!PL!

U\ULPJ!PQQPI!WPRQEMPVHQRP!PL!KRHTLPIPL!U\ULPJ#!+KJLEREM!UNKQ!WEINUHJVPRPI!HMUZ!KFWPFRP!

JPMPL!LER!TZ!KL!RPUEMFP!RPIPU!UJKILTVHFPX!RK!RPLLP!VKI!PF!UEMFEGENKFL!SPL\RFEFM!GHI!

GHISIOMPIPF#!8PUEMFPL!KG!PF!UJKILTVHFP!PI!SPM\FRL!KL!SQEWP!JPIP!HM!JPIP!KNLOPQLX!RK!RPL!

JKLPIEKQEULEUNP!KGUTP`QPI!SIOMPIPF#!-!PF!LER!VWHI!RPL!VKFRQPI!HJ!KL!WYIP!JHRPSPWERULX!UNKQ!

LPQPGHFPF!HMUZ!WYIP!JHRPSPWERUL#!)F!OFRPIUaMPQUP!GIK!*^/IK]_;EQQ!WEUPI!KL!15b!KG!

UJKILTVHFPSIOMPIPU!LEQGIPRUVPR!SQEWPI!RYNNPL!KG!UJKILTVHFPFU!G\UEUNP!RPUEMF4:#!

#

8PF!TIHRONLJYUUEM!EFRMKFMUSKIIEPIP!PI!HMUZ!GHIVHQRUWEU!Va`X!RK!NOFRPQH\KQELPL!PI!WEMLEM!TZ!

JKINPRPL#!*KINPRPL!S\RPI!TZ!GQPIP!GHIUNPQQEMP!TQKLGHIJP!HM!WKQM!KG!TQKLGHIJ!VKI!ULHI!

SPL\RFEFM!GHI!TIHRO^PFLPIFPX!RK!RPL!PI!TQKLGHIJPFU!SIOMPIWPFQEMVPR!SIOMPIPF!QYFPI!UEM!HT!

KR!HM!UNKSP!PF!GHIJ!GHI!QH\KQELPL!HWPIGHI#!+KJLEREM!UNKSPI!TIHRO^PFLPIFP!PF!GHIJ!GHI!

U]EL^VEFM!^HUL!HWPI!GHI!NOFRPI#!DPR!KL!UNEGLP!TQKLGHIJ!JPRGaQMPI!ENNP!RP!KTTQENKLEHFPIX!UHJ!

SIOMPIPF!VKI!NaSL!HM!RPIJPR!UNKQ!RP!NaSPU!PFRFO!PF!MKFM#!)F!OFRPIUaMPQUP!WEUPI!KL!

GHISIOMPI!U\FLPUX!RPL!PI!FPJJPIP!KL!UNEGLP!SKFN!PFR!UJKILTVHFP4>#!!

#

)FRFO!PI!EFRLIYFMFEFMUSKIIEPIPX!RPI!GHIPNHJJPI!Va`!TZ!UJKILTVHFP_JKINPRPLX!PI!

TKLPFLU\ULPJPLX!HM!REUUP!PI!REUNOLPIPL!E!$)+,_KFKQ\UPF!OFRPI!THQELEUNP!GKNLHIPI#!)F!F\!

WEINUHJVPRPI!WEQ!GHIUaMP!KL!NHJJP!EFR!TZ!JKINPRPLX!NKF!VKWP!UWYIL!WPR!KL!GEFRP!ORX!VWPJ!

VKI!VWEQNPL!TKLPFLPI#!8PI!NKF!RP!FPJL!NHJJP!LEQ!KL!HWPILIYRP!TKLPFLIPLLEMVPRPIFPX!HM!

RPIJPR!EFRP!E!PF!IPLUUKQ#!

!

5/:/5-I63'*0*6+)+"#+-U)%#6B*+)-+OSULELOPIPFRP!TIHRONLPI!PI!UWYIP!KL!TIYÊUPIPX!GHIRE!UJKILTVHFP!RYNNPI!JKFMP!SPVHW!UHJ!

REUNOLPIPL!E!$)+,_KFKQ\UPFX!HM!NHJJPI!LEQ!KL!RYNNP!GQPIP!SPVHW!PGLPIUHJ!LPNFHQHMEPF!

ORWENQPI!UEM#!+JKILTVHFPF!VKI!PIULKLLPL!SPVHWPL!GHI!JKFMP!TIHRONLPI!TZ!MIOFR!KG!RPFU!JKFMP!

GOFNLEHFKQELPLPIX!UHJ!MaI!MIYFUPF!GHI!UOSULELOPIPFRP!TIHRONLPI!GQ\RPFRP#!+OSULELOPIPFRP!

TIHRONLPI!WEQ!RPIGHI!SQEWP!HTRPQL!E!LH!MIOTTPIX!RP!TIEJYIP!UOSULELOPI!HM!UPNOFRPI!UOSULELOLLPI#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!49!=EQRP!10!!4:k8!$H]PI!m!$IPUU!%PQPKUP!X!U#!"!4>=EQRP!14!!




!

! ! Side 37 !

!

+JKILTVHFPU!TIEJYIP!UOSULELOL!PI!JHSEQLPQPGHFPF4c#!!/IOFRPF!LEQ!KL!GHISIOMPI!WEQ!WYQMP!PF!

KQJEFRPQEM!JHSEQLPQPGHF!PIX!KL!RP!ENNP!VKI!SIOM!GHI!RPF!PNULIK!GOFNLEHFKQELPLX!UHJ!!

UJKILTVHFPF!LEQS\RPIX!JPF!VKI!SIOM!GHI!RP!SKUKQP!GOFNLEHFPI#!@RPIQEMPIP!NKF!NaSPIP!KG!

JHSEQLPQPGHFPI!ENNP!UP!RPF!PNULIK!GOFNLEHFKQELPL!E!PF!UJKILTVHFP!UHJ!WYIPFRP!WYIREGOQRP!

FHNX!FZI!RP!KQQPIPRP!VKI!GHIUNPQQEMP!PFVPRPIX!RPI!QPWPIPI!RPF!GOFNLEHFKQELPL!Gi!NKJPIKPIX!/$+X!

SYISKIP!^HJTOLPIP!HUW9<#!8PF!ULaIULP!GHIUNPQ!HM!RPF!JZUNP!RPF!WEMLEMULP!PI!TIEUPF#!)F!

UJKILTVHFP!NIYWPIX!KL!NOFRPF!SPLKQPI!PF!ULaIIP!TIEU!WPR!NaS!UKJL!PF!Va`PIP!

KSHFFPJPFLUTIEU!GHI!RKLKX!VWHIEJHR!JHSEQLPQPGHFPF!NHULPI!JEFRIP!HM!ENNP!VKI!RPF!PNULIK!

HJNHULFEFM#!$IEUPF!PI!RPIGHI!RPL!KGMaIPFRP!GHI!KL!HJ!GHISIOMPIPF!UNKQ!WYQMP!PF!UOSULELOL#!-!

$)+,_KFKQ\UPF!SPUNIEWPU!\RPIQEMPIPX!KL!OFRPIUaMPQUP!WEUPI!KL!TIEUPF!WYMLPI!4<bX!FZI!RPI!UNKQ!

NaSPU!LPQPGHF#!2KULFPL!LPQPGHFPF!KFUPU!HMUZ!GHI!KL!WYIP!PF!TIEJYI!UOSULELOLX!RK!RPF!RYNNPI!

HWPI!SPVHWPL!GHI!KL!GHIPLKMP!HTNKQR#!8PL!GHIPNHJJPI!RHM!PF!LPFRPFU!LEQ!KL!RIHTTP!GKULFPL!

LPQPGHFPF!LEQ!GHIRPQ!GHI!JHSEQLPQPGHFPF9"#!

!

+PNOFRYIP!UOSULELOPIPFRP!TIHRONLPI!PI!QYFMPIP!ORP!E!TPIEGPIEPF!HM!NKF!WYIP!TIHRONLPI!UHJ!

JT5_KGUTEQQPIPX!^HJTOLPIX!/$+!HM!NKJPIK#!8EUUP!PI!TIHRONLPIX!UHJ!UJKILTVHFPF!SPVHWPL!GHI!

UPNOFRYILX!HM!GQPIP!WEQ!NHJJP!LEQ!E!GIPJLERPF!JPR!RPF!LPNFHQHMEUNP!ORWENQEFM#!8PLLP!PI!

QEMPQPRPU!REUNOLPIP!E!$)+,_KFKQ\UPF!OFRPI!LPNFHQHMEUNP!GHIVHQRX!VWHI!RPL!UPUX!VWEQNPL!PFVPRPI!

GHISIOMPIP!VKI!ORUNEGLPL!JPR!PF!UJKILTVHFP#!*KF!NKF!RPIGHI!ULEQQP!UTaIMUJZQULPMF!WPRX!

VWHIWERL!RPF!PNULIK!HJNHULFEFMX!RPL!PI!KL!VKWP!PF!UJKILTVHFPX!NKF!SPLKQP!UEMX!PGLPIUHJ!RPF!

PGLPIUHJ!RPF!PIULKLLPI!PF!JKUUP!KFRIP!SPVHW#!!

!

8PL!NKF!RPIGHI!NHFNQORPIPUX!KL!UOSULELOPIPFRP!TIHRONLPI!VKI!PF!QEQQP!LIOUUPQ#!8PL!UN\QRPU!KL!

JHSEQLPQPGHFPF!ENNP!PI!FHMPF!IPPQ!LIOUUPQX!RK!RPFFP!PI!E!FPRMKFMUGKUPF!E!RPF!SIKF^VPU!

QEWU^\NQOUX!HM!GaI!PQQPI!UERPF!WEQ!ORMZ!GIK!JKINPRPL#!8PF!PFPULP!MIOFR!LEQX!KL!UNOQQP!WYQMP!PF!

JHSEQLPQPGHF!GIPJ!GHI!PF!UJKILTVHFP!UNOQQP!WYIP!TIEUPF#!*PF!E!VPFVHQR!LEQ!*HIIPU!QHW!WEQ!

TIEUPF!GaI!PQQPI!UERPF!GKQRP!GHI!UJKILTVHFPUX!HM!RPIJPR!WEQ!TIEUPIFP!ORQEMFPU#!2KULFPL!

LPQPGHFPF!PI!VPQQPI!ENNP!FHMPF!LIOUUPQX!RK!RPFFP!ENNP!NKF!PIULKLLP!UJKILTVHFPF!JPF!KL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4c!=EQRP!19!9<!=EQRP!19!9"!=EQRP!41!




!

! ! Side 38 !

UJKILTVHFP!NKF!PIULKLLP!RPFX!GHIRE!GKULFPL!ENNP!NKF!RYNNP!UKJJP!SPVHW!GHI!JHSEQELPL#!8P!

UPNOFRYIP!UOSULELOPI!PI!GOFNLEHFPIX!VWHI!UJKILTVHFP!VKI!PIULKLLPL!SPVHWPL!GHI!RPJX!GHIRE!

RPF!SPUERRPIPU!RPIPU!TIEJYIP!GOFNLEHFX!Gi!WP`WEUFEFMX!JOUENKGUTEQFEFMX!WYNNPOI!HUW#X!JPF!KL!

REUUP!TIHRONLPI!ENNP!PIULKLLPI!UJKILTVHFPU!TIEJYIP!SPVHW#!8PIJPR!JPFPU!RP!VPQQPI!ENNP!KL!

VKWP!FHMPF!IPPQ!LIOUUPQ#!

!

5/:/7-P+S+)A"#C)-)F!UJKITVHFP!PI!NHJTQPNUL!HM!SPULZI!KG!JKFMP!RPQP#!.HMQP!WEINUHJVPRPI!TIHRO^PIP!UPQW!

NHJTHFPFLPIFPX!JPFU!KFRIP!NaSPI!VHU!QPWPIKFRaIPI#!(PWPIKFRaIPI!LEQ!UJKILTVHFP!

TIHRO^PFLPIFP!NKF!RPQPU!HT!E!LH!MIOTTPI[!QPWPIKFRaI!KG!VKIR]KIP!HM!UHGL]KIP#!!

;KIR]KIP!NHJTHFPFLPIFPX!UHJ!KFWPFRPU!E!UJKILTVHFPFX!PI!KQL!GIK!^VETUX!NKJPIKX!KFLPFFPX!

UNYIJX!TIH^PUUPI!HM!UZ!WERPIP#!*KFMP!KG!RPQPFP!RPI!L\TEUN!ORMaI!PF!UJKILTVHFP!PI!E!RKM!

SQPWPL!QPRL!LEQMYFMPQEMP!HM!ULKFRKIREUPIPLX!HM!NKF!NaSPU!UKJQPL!NQKI!LEQ!UKJQEFM91#!-!VPFVHQR!

$HILPIU!LPHIE!PI!RPL!JPR!LEQ!KL!UWYNNP!SKIIEPIPF95X!GHIRE!JPR!ULKFRKIREUPIPL!TIHRONLPI!

JPRGaQMPI!UOSULELOLLPI#!(EMPQPRPU!PI!TIHRO^PFLPF!HGLP!ULaIIP!PFR!QPWPIKFRaIPFX!HM!RPL!NKF!

RPIGHI!VKWP!EFRGQ\RPQUP!TZ!NHFLIKNLPF90X!GHIRE!TIHRO^PFLPF!VKI!PF!ULHI!SPL\RFEFM!GHI!

QPWPIKFRaIPI#!8PL!PI!\RPIQEMPIP!JPR!LEQ!KL!UWYNNP!SKIIEPIPF!E!VPFVHQR!$HILPIU!LPHIE94#!;WKR!

RPI!EJERQPILER!MEWPI!GHIVKFRQEFMUUL\INP!LEQ!QPWPIKFRaIPFX!PI!KL!TIHRO^PFLPF!PI!KGVYFMEM!KG!

NWKQELPLPF!HM!PGGPNLEWELPLPF!KG!TIHRONLPL#!8PUORPF!NKF!FHMQP!KG!NHJTHFPFLPIFP!UZ!UHJ!

EFLPMIPIPL!NIPRUQaSX!WYIP!UTPÊGEN!GHI!VWPI!WEINUHJVPRX!VWEQNPL!NKF!MaIP!RPJ!KGVYFMEMP!KG!

QPWPIKFRaIPF#!8PI!VKI!HMUZ!WYIPL!PF!ULEMFEFM!TZ!IZWKIP!TIEUPI!TZ!VPFVHQRUWEU!ULZQ!HM!RP!

U`YQRFP!`HIRJKLPIEKQPIX!RPI!KFWPFRPU!E!UJKILTVHFPU!LHO^VUÎPPF!E!RP!UPFPIP!ZIX!VWEQNPL!VKI!

VKGL!PGGPNL!TZ!TIHRO^PFLPFU!KWKF^P99#!

!

)L!KG!WEMLEMULP!RPQP!WPR!PF!UJKILTVHFP!PI!RPL!KWKF^PIPL!UL\IPU\ULPJX!UHJ!HTPIPI!LPQPGHFPF#!!

,ERQEMPIP!SQPW!RPL!FYWFL!E!KGUFELLPL!HJNIEFM!UL\IPU\ULPJPIX!KL!RPI!PI!VHWPRUKMQEML!LH!

ULIKLPMEPIX!UHJ!WEINUHJVPRPIFP!NKF!GaQMP#!)FLPF!NKF!RP!KRHTLPIP!PL!ZSPFL!PQQPI!RPQWEUL_ZSPFL!

U\ULPJ!PQQPI!UPQW!UNKSP!PL#!)F!KG!LIKRP_HGGPFP!WPR!PF!ZSPF!LPNFHQHMEX!PI!KL!RP!UYFNPI!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!91!=EQRP!1:!95!AHJTPLPLEW!+LIKLPMEPU!U#!1>!90!*KINPRU!TIHGEQ!_!8KLKJHFELHI!U#!"4!94!AHJTPLPLEW!+LIKLPMEPU!U#!1:!99!*KINPRU!$IHGEQ!_!8KLKJHFELHI!U#!"4!




!

! ! Side 39 !

KRMKFMUSKIIEPIFP9:!HM!QEMPQPRPU!FPMQEMPIP!RP!QPWPIKFRaIPIFPU!GHIVKFRQEFMUUL\INP#!2HIRE!

6FRIHER!PI!MIKLEU!KL!RH]FQHKRPX!HM!TIHRO^PFLPIFP!UNKQ!SIOMP!JEFRIP!%n8!TZ!KL!LEQTKUUP!RPL!LEQ!

RPIPU!LPQPGHFX!UZ!G`PIFP!JKF!EFÊLKJPFLPL!GHI!KL!SPLKQP!GHI!QE^PFUSKUPIPL!U\ULPJPI!UHJ!Gi!

*EÎHUHGLU!jEFRH]U!$VHFP!:#!!

)L!ZSPFL!U\ULPJ!WEQ!KQL!KFRPL!QEMP!WEQ!WEFRP!JPIP!LEQUQOLFEFMX!GHIRE!RPL!IPRO^PIP!NOFRPFU!GI\ML!

GHI!KL!SQEWP!QZUL!LEQ!PF!PFNPQL!TIHRO^PFL#9>#!*PR!GI\MLPF!GHI!KL!QZUP!UEM!LEQ!PL!U\ULPJX!WEQ!

GHISIOMPIFP!UaMP!JHR!RPF!ULaIUL!JOQEMP!TQKLGHIJX!VWEQNPL!UWYNNPI!\RPIQEMPIP!

GHIVKFRQEFMUUL\INPF!VHU!UHGL]KIP!QPWPIKFRaIPIX!RPI!TIaWPI!KL!L`PFP!TPFMP!TZ!JKINPRPL#!

*PF!VWKR!RPI!LKQPI!GHI!PL!RPQWEU_QONNPL!U\ULPJX!HM!RPIJPR!MEWPI!QPWPIKFRaIPF!PF!QEQQP!

GHIVKFRQEFMUUL\INP!PIX!KL!KQL!KFRPL!QEMPX!WEQ!PL!ZSPF!U\ULPJ!UNKRP!GIPJLEREMP!EFFHWKLEHFPI9c#!8PL!

KIMOJPFLPIU!OR!GIKX!KL!VWEU!JKF!NKF!SERIKMP!JPR!FHMPL!EFFHWKLEWL!LEQ!PL!ZSPFL!U\ULPJX!WEQ!JKF!

ENNP!NOFP!L`PFP!TZ!RPLX!JPF!EMPFFPJ!PL!RPQWEUL_ZSPFL!U\ULPJPI!NOFFP!L`PFP!TZ!RPL!MPFFPJ!

IH\KQLEPU#! !

!

8PL!PI!EJERQPILER!UWYIL!KL!KFWPFRP!PL!QONNPL!U\ULPJX!UHJ!TIHRO^PFLPIFP!UPQW!GIPJULEQQPIX!

SQKFRPL!KFRPL!TZ!MIOFR!GHISIOMPIPFU!GI\ML!GHI!QZUP!UEM!LEQ!PL!U\ULPJ#!8PIGHI!PI!RPL!PF!MHR!ERP!KL!

KFWPFRP!PF!QPWPIKFRaIPI!KL!UHGL]KIPX!VWEQNPL!NOFFP!MEWP!RPJ!GHIVKFRQEFMUUL\INP#!8PI!NKF!

RPIGHI!UYLLPU!UTaIMUJZQULPMF!WPR!HJ!HJ!/HHMQP!VKI!M`HIL!NQHML!E!KL!KZSFP!RPIPU!U\ULPJX!RK!

RPI!PI!EFRL`PFEFMUJOQEMVPRPI!TZ!RPLLP!JKINPR#!

!

(PWPIKFRaIPFU!GHIVKFRQEFMUUL\INP!WOIRPIPU!UKJQPL!LEQ!KL!WYIP!QEQQP#!-!VPFVHQR!LEQ!VKIR]KIP!

RPQPF!PI!GHIVKFRQEFMUUL\INPF!JHRPIKL#!8PLLP!SPMIOFRPU!OR!GIKX!KL!RPI!PI!JKFMP!QPWPIKFRaIPI!

KG!VKIR]KIP!NHJTHFPFLPI!HMX!KL!JKFMP!KG!VKIR]KIP!RPQPFP!PI!SQPWPL!ULKFRKIREUPIPL#!8HM!

GEFRPUX!RPI!PFNPQLP!RPQP!UHJ!QKWPU!UTPÊGEN!LEQ!VWPI!WEINUHJVPR#!2HIVKFRQEFMUUL\INPF!GHI!

HTPIKLEWU\ULPJPI!PI!QKW!PGLPIUHJ!/HHMQP!VKI!FPMQEMPIPL!GHIVKFRQEFMUUL\INPF!GHI!KFRIP!

QPWPIKFRaIPI#!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!9:!'HORIPKO!U#!">4"!9>!'HORIPKO!U#!">4"!9c!'HORIPKO!U#!">40!




!

! ! Side 40 !

5/:/:-V6"#+)-8PI!PI!JKFMP!NOFRPI!TZ!JKINPRPL!GHI!UJKILTVHFPU!HM!RP!NKF!HTRPQPU!E!LH!VHWPRMIOTTPI#!8PF!

GaIULP!PI!OKGVYFMEMP!SOLENNPI!UHJ!Gi!AKITVHFP!jKIPVHOUP!HM!jKQQ_*KILX!'EQNK!HUW#X!RPI!

UYQMPI!JHSEQLPQPGHFPI!OQZULPX!HM!RPIGHI!PI!RP!TIEJYIP!GHIVKFRQPI!PI!LPQPGHFPI!TZ!

GHIORSPLKQEFM#!8PF!FYULP!PI!FPLWYINUHTPIKLaIPI!UZ!UHJ!DPIEoHFX!6,n,!HM!&1!HUW#X!UHJ!

UYQMPI!RPIPU!LPQPGHFPI!TIEJYIL!WPR!PGLPISPLKQEFM#!8PL!SPL\RPIX!KL!RP!NKF!SEFRP!GHISIOMPIPF!LEQ!

RPIPU!FPLWYINX!HM!KL!GHISIOMPIPF!UZ!KGRIKMPI!HWPI!LER!TZ!RPIPU!LPQPGHF#!8PIJPR!SQEWPI!

PFMKFMUORMEGLPF!QKW!JPF!SPLKQPU!JPR!UJZ!SPQaS!HWPI!LER#!&JWPFRL!NKF!JKF!WPR!RP!

OKGVYFMEMP!SOLENNPI!NaSP!PF!JHSEQ!UHJ!PI!OQZULX!HM!RPIGHI!KFWPFRP!VWEQNPF!UHJ!VPQUL!

FPLWYINU!HTPIKLaI#!!

!

8PI!PI!PL!QEQQP!KFLKQ!KG!ULHIP!FPLWYINUHTPIKLaIPIX!VWEQNPL!MEWPI!RPJ!FHMQP!GHIVKFRQEFMUUL\INPX!

FZI!RPL!NHJJPI!LEQ!NHFLIKNLPI!JPR!TIHRO^PFLPIFP#!*PF!RPIPU!UL\INP!JEFRUNPLX!RK!KQQP!NaSPIP!

PI!GHITQEMLPL!LEQ!KL!QKMPIGaIP!RP!F\PULP!EFFHWKLEWP!TIHRONLPI!JPR!VPFSQEN!TZ!KL!HTG\QRP!

UQOLSIOMPIPFU!SPVHW:<#!!8PLLP!UNPI!RK!RPI!HGLP!PI!LKQP!HJ!KL!TIHRO^PFLPF!KFWPFRPI!PF!TOQQ_

ULIKLPME#!8P!IPNQKJPI!GHI!RPIPU!F\P!JHSEQX!HM!NOFRPF!VPFWPFRPI!UEM!LEQ!RPIPU!

FPLWYINUORS\RPI!HM!UTaIMPI!PGLPI!RPF:"#!8PLLP!NKF!UWYNNP!RPIPU!GHIVKFRQEFMUUL\INP!

PGLPIUHJX!RPL!GHIWPFLPU!KG!GHISIOMPIPF!KL!RP!VKI!RPF!TZ!QKMPI#!

!

)F!UJKILTVHFP!PI!Va`L!REGGPIPFLEPIPL!TIHRONLX!RPI!VKI!ULHI!NHJTQPNUELPL#!;WEQNPL!EGaQMP!$HILPI!

PI!JPR!LEQ!KL!MEWP!QEQQP!GHIVKFRQEFMUUL\INP#!8PLLP!EQQOULIPIPU!WPRX!KL!JKF!UPI!EFR!E!JPQQPJ!KL!RPI!

SQEWPI!GHILKMPL!PNUNQOUEWP!KGLKQPI!JPR!NaSPIFP#!2i!E!3+6!PI!RPI!PF!NKJT!HJX!KL!GZ!

IPLLEMVPRPIFP!LEQ!KL!UYQMP!E$VHFP#!6,n,!VKWRP!PNUNQOUEWL!IPL!UERPF!RPF!GaIULP!WPIUEHF!E!1<<:!

IKJLP!JKINPRPL!LEQ!KL!UYQMP!RPFX!JPF!E!kKFOKI!1<""!GZI!DPIEoHF!HMUZ!RPFFP!JOQEMVPR#!8PLLP!

VKI!VKGL!ULHI!SPL\RFEFM!GHI!JKINPRPL!E!3+6X!RK!E$VHFP!PI!RPF!JPUL!UHQMLP!LPQPGHF#!*KINPRPL!GHI!

JHSEQHTPIKLaIPI!PI!RHJEFPIPL!KG!LIP!UPQUNKSPIX!DPIEoHFX!6,n,!HM!+TEIEL!.PiLKQX!HM!KGLKQP!JPR!

6TTQP!VKI!M`HIL!KL!6,n,!GEN!KGWYIMPL!NHFNOIIPF^PF!GIK!DPIEoHF:1#!(EMPQPRPU!WKI!E$VHFP!

PNUNQOUEWL!UHQML!GIK!&1!PQQPI!AKITVHFP!jKIPVHOUP!E!)FMQKFR:5#!8PLLP!JZ!UPU!UHJ!PF!WEMLEM!

KGLKQP!GHI!NOFRPIFPX!PGLPIUHJ!E$VHFP!PI!PF!KG!RP!JPUL!THTOQYIP!JHRPQQPI#!8PFFP!GHIJ!GHI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:<!*KINPRU!$IHGEQ!_!8KLKJHFELHI!U#!"0!:"!=HLQPI!U#!951!:1!=EQRP!1>!:5=EQRP!1c!




!

! ! Side 41 !

KGLKQPI!PI!ENNP!UPL!VHU!KFRIP!WEINUHJVPRPIX!HM!PI!RPIGHI!ENNP!ORSIPRL!KFWPFRL!JPF!EQQOULIPIP!

RHMX!KL!NOFRPFU!GHIVKFRQEFMUJKML!ENNP!PI!ULHI#!!

!

=aSPIPFU!GHIVKFRQEFMUUL\INP!WOIRPIPU!LEQ!KL!WYIP!JHRPIKL#!8PL!PI!U`YQRPFL!KL!RPI!GHIPNHJJPI!

PNUNQOUEWP!KGLKQPI!JPQQPJ!TIHRO^PFL!HM!FPLWYINX!HM!KGLKQPF!JPR!6TTQP!UN\QRPU!WEUL!JPUL!RPIPU!

GEIUL_JHWPI_KRWKFLKMP#!2HIVKFRQEFMUUL\INPF!GHI!RP!OKGVYFMEMP!GHIVKFRQPIP!PI!QEQQP#!8PL!

UN\QRPU!KL!RP!GQPULP!UJKILTVHFPU!PIVWPIWPU!MPFFPJ!PGLPISPLKQEFMX!GHIRE!RP!PI!GHIVHQRUWEU!

R\IP:0HM!RPFFP!JOQEMVPR!LEQS\RPI!RP!ENNP#!*PF!VHU!RP!OKGVYFMEMP!GHIVKFRQPIP!JPFPU!RPI!KL!

WYIP!PL!KGVYFMEMVPRUGHIVHQR!JPQQPJ!NaSPI!HM!TIHRO^PFL#!)F!LPQPGHF!NKF!ENNP!GOFMPIP!ORPF!PL!

FPLWYIN!HM!PL!FPLWYIN!VKI!ENNP!FHMPF!GOFNLEHFX!VWEU!RPL!ENNP!SQEWPI!KFWPFRLX!RPIGHI!PI!SPMMP!

TKILPI!KGVYFMEMP!KG!VEFKFRPF#!;WEQNPL!WEQ!SQEWP!ORR\SPL!E!2HOI!(EFNU!KFKQ\UPF#!

!

5/:/<-W0SA&0'+)0",-+JKILTVHFP_JKINPRPL!PI!TIYMPL!KG!NHFULKFLP!TIHRONLQKF^PIEFMPIX!VOILEML!ORWENQPFRP!

LPNFHQHME!HM!RPUEMFX!NHIL!TIHRONLQEWU^\NQOUX!KMMIPUUEW!TIEUUYLFEFMX!VOILEM!PGLPIQEMFEFMPI!KG!

TIHRONLPL!HM!Va`!TIEUGaQUHJJP!GHISIOMPIP:4#!!*KINPRPL!VKI!RPIGHI!PF!Va`!IEWKQEUPIEFM!SQKFRL!

RPL!PLKSQPIPL!WEINUHJVPRPIX!HM!RPL!UN\QRPU!Va`P!GKULP!HJNHULFEFMPIX!GIKMJPFLPIP!

JKINPRUKFRPQP!HM!U]EL^VEFM!^HUL#!

!

$Z!JKINPRPL!GHIPNHJJPI!PL!KFLKQ!WEINUHJVPRPIX!UHJ!KQQP!VKI!FYULPF!QEMP!JPMPL!

JKINPRUKFRPQ#!8PL!SQPW!ORQPRL!E!KGUFELLPL!HJNIEFM!-FROULI\!(EGP!AEI^QP!B-(ACX!KL!JKINPRPL!

SPGEFRPI!UEM!E!WYNULGKUPFX!VWEQNPL!SPL\RPI!KL!JKINPRPL!PI!GIKMJPFLPIPL!HM!WEINUHJVPRPIFP!VKI!

LEQFYIJPQUPUWEUL!QEMP!JPMPL!JKINPRUKFRPQ#!-!VPFVHQR!LEQ!$HILPIU!LPHIEX!PI!RPL!JPR!LEQ!KL!MEWP!Va`!

IEWKQEUPIEFM!TZ!JKINPRPLX!GHIRE!PF!PQQPI!GQPIP!WEINUHJVPRPI!WEQ!GHIUaMP!KL!GZ!JPIP!

JKINPRUKFRPQ:9#!8PL!VYFMPI!HMUZ!UKJJPF!JPR!LPHIEPF!HJNIEFM!-FROULI\!(EGP!AEI^QP!B-(ACX!

RPI!UEMPI!KL!WYNULGKUPF!PI!RPIX!VWHI!WEINUHJVPRPIFP!EFRLKMPI!RPIPU!THUELEHF#!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:0!=EQRP!15!:4!=EQRP!5<!:9!$HILPI!U#!0:!




!

! ! Side 42 !

$Z!JKINPRPL!GHIPNHJJPI!RPI!Va`P!GKUL!HJNHULFEFMPI!E!GHIJ!KG!%n8X!GHIRE!RPI!NHFULKFL!UNKQ!

EFWPULPIPU!E!LPNFHQHME::#!)F!KG!MIOFRPFP!LEQ!KL!RPI!UNKQ!EFWPULPIPU!JPMPL!E!%n8X!PI!TZ!MIOFR!KG!

RP!JPMPL!HJGKLLPL!TKLPFLUKMPI#!$KLPFLPIEFMPF!JPRWEINPI!LEQX!KL!WEINUHJVPRPI!UNKQ!SIOMP!ULHIP!

TPFMPSPQaS!TZ!%n8!GHI!KL!UNKSP!PL!TIHRONLX!UHJ!ENNP!SI\RPI!KFRIP!WEINUHJVPRPIU!TKLPFLPI#!

;WEU!PF!WEINUHJVPR!HWPILIYRPI!PF!KFRPF!WEINUHJVPRU!TKLPFLX!NKF!RPL!JPRGaIP!PL!

EJTHILGHISOR!PQQPI!PIULKLFEFMUNIKW!UHJ!SPUNIPWPL!E!$)+,_KFKQ\UPFX!HM!NKF!E!UERULP!PFRP!

JPRGaIPX!KL!PF!WEINUHJVPR!SQEWPI!VEFRIPL!VEFKFRPF!E!KL!L`PFP!TPFMP!TZ!JKINPRPL#!;a`P!GKULP!

HJNHULFEFMPI!PI!RPIGHI!JPR!LEQ!KL!UNKSP!Va`!IEWKQEUPIEFM!TZ!JKINPRPLX!GHIRE!WEINUHJVPRPI!

GHIUaMPI!KL!WEFRP!JPUL!JOQEM!JKINPRUKFRPQ!GHI!RPIWPR!KL!L`PFP!JPULX!UZ!SQEWPI!SIPKN_PWPF!

JPR!HJNHULFEFMPIFP:>#!

!

=HFNOIIPF^PF!TZ!JKINPRPL!PI!HMUZ!EFLPFUEW!GHIREX!RPI!UHJ!GaI!FYWFL!PI!U]EL^VEFM!^HUL!GHI!

GHISIOMPIPF#!.ZI!RP!VKI!LEQUQOLLPL!UEM!PF!TQKLGHIJX!NaSPI!GHISIOMPIPF!HGLP!KTTQENKLEHFPI!LEQ!RPFX!!

HM!FZI!RP!WEQ!UNEGLP!TQKLGHIJX!GHIPNHJJPI!RPI!PF!JPIHJNHULFEFM!GHIRE!KTTQENKLEHFPI!ENNP!

GaQMPI!JPR#!8PL!SPL\RPIX!KL!FZI!PF!TIHRO^PFL!VKI!GZPL!PF!GHISIOMPI!LEQUQOLLPL!PF!TQKLGHIJX!PI!RP!

RPIGHI!gQZULg!LEQ!RPFFPX!HM!RPIJPR!PI!UKFRU\FQEMVPRPF!Va`PIP!GHI!MPFNaSX!EFRPF!GHI!UKJJP!

TIHRO^PFL#!DEINUHJVPRPIFP!NKF!JEFEJPIP!RPLLP!WPR!VKWP!GHIUNPQQEMP!JHRPQQPI!JPR!

GHIUNPQQEMP!U\ULPJPIX!JPF!EFRPF!GHI!VWPI!TIHRO^PFL!GHIPNHJJPI!RPI!UTPÊGENNP!KTTQENKLEHFPIX!

UHJ!ENNP!NKF!GZU!VHU!KFRIP!NHFNOIIPFLPIFP:c#!

!

8PL!UHJ!LKQPI!GHI!QKW!IEWKQEUPIEFM!TZ!JKINPRPL!PIX!KL!RPI!PI!QKWP!PiEL_SKIIEPIP#!8PL!UN\QRPUX!KL!

UJKILTVHFPF!HGLP!ENNP!PI!WEINUHJVPRPIFPU!VHWPRJKINPR><#!6TTQP!QKWPI!GHI!PNUPJTPQ!

^HJTOLPIX!UHGL]KIP!HM!JOUEN_KGUTEQQPIP#!+KJUOFM!TIHRO^PIP!,DX!JOUEN_KFQYM!HM!VZIRP!

VWERPWKIPI#!8PL!SPL\RPIX!KL!WEINUHJVPRPIFP!WEQ!NOFFP!GHIQKRP!JKINPRPL!UPQWGaQMPQEM!JPR!LKSX!

JPF!KL!RPIPU!EFRL`PFEFM!NHJJPI!KFRIP!ULPRPI!GIKX!HM!RPIGHI!NKF!RP!EFRL`PFP!LKSPL!EMPF#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!::!*KINPRU!$IHGEQ!m!8KLK!*HFELHI!U#!1<!:>!$HILPI!U#!0:!:c=EQRP!45!><!*KINPRU!$IHGEQ!m!8KLKJHFELHI!U#!1<!




!

! ! Side 43 !

-

5/<-R%6)-P0"B'-,PNFHQHMEUNP!TIHRONLPI!KGVYFMPI!HGLP!KG!FPLWYINU!PNULPIFKQELPLPI!PQQPI!THUELEWL!GHISIOMU!

PNULPIFKQELPLX!VWEQNPL!SPL\RPI!KL!TIHRONLPL!WYIRE!ULEMPI!E!LKNL!JPR!KL!GQPIP!SIOMPI!RPL#!

*KINPRPL!GHI!UJKILTVHFPU!PI!RPIGHI!JPMPL!KGVYFMEMP!KG!RPLU!FPLWYINX!HM!RPI!WEQ!E!GaQMPFRP!

WYIP!PF!KFKQ\UP!KG!WEINUHJVPRPIFPU!KGVYFMEMVPR!KGX!GHIJPQQP!HM!OGHIJPQQP!GHISEFRPQUPIX!

NHJTQEJPFLPIP!WEINUHJVPRPI!HM!ULKLPF#!8PF!GaQMPFRP!KFKQ\UP!WEQ!LKMP!ORMKFMUTOFNL!E!(\F^VU!

2HOI!(EFNU!JHRPQX!UHJ!NKF!UPU!E!SEQKM!0X!RPI!KFKQ\UPIP!REUUP!GHISEFRPQUPI!OR!GIK!RPIPU!UL\INPI!

HM!UWKMVPRPI#!!

!

5/</.-!"(%)4A&-Q%G%U+)A*0S+-&0"B'-A"#-"+*X%)B-3GHIJPQQP!QEFNU!PI!UELOKLEHFPIX!VWHI!WEINUHJVPRPI!KISP`RPI!UKJJPF!HJ!PL!GYQQPU!JZQ!ORPF!KL!

WYIP!ÒIEREUN!SEFRPFRP>"#!$Z!UJKILTVHFP!JKINPRPL!HJVKFRQPI!RP!OGHIJPQQP!QEFNU!NHFMIPUUPI!

HM!KFRPF!GHIJ!GHI!OFEHFX!RPI!NKF!WYIP!JPQQPJ!WEINUHJVPRPIFP#!;WKR!RPI!UKJQPI!JKFMP!

GHIUNPQQEMP!TIHRO^PFLPI!EFRPF!GHI!JKINPRPLX!PI!RP!JKFMP!JPUUPIX!VWHI!RP!WEUPI!LPQPGHFPI!HM!

F\!LPNFHQHME!GIPJ#!+TPÊGEN!GHI!LPQPGHFPI!GEFRPU!RPI!*jA!B*HSEQP!jHIQR!AHFMIPUUC#!*HSEQP!

jHIQR!AHFMIPUU!PI!PF!NHJSEFKLEHF!KG!WPIRPFU!ULaIULP!ORULEQQEFM!GHI!RPF!JHSEQP!EFROULIE!HM!PF!

NHFGPIPF^PX!UHJ!S\RPI!TZ!GHIPRIKM!KG!LHTQPRPI!RPI!IPTIYUPFLPIPI!FPLWYINUORS\RPIPX!

JHSEQTIHRO^PFLPIX!QPWPIKFRaIPI!HM!KTTQENKLEHFUORWENQPIP!GIK!VPQP!WPIRPF>1#!8PL!GYQQPU!JZQ!GHI!

WEINUHJVPRPIFP!PIX!KL!KQQP!aFUNPI!KL!WEUP!RPIPU!F\PULP!TIHRONLPIX!ERPPI!HM!TIHLHL\TPI!GIPJ!GHI!

`HOIFKQEULPI!HM!KFRIP!EFLPIPUUPIPL!NOFRPI#!+L\INPF!WPR!RPLLP!QEFN!PIX!KL!RPL!UNKQ!UPU!UHJ!

ULKILUNORRPL!TZ!PL!TIHRONLU!$(A#!!DEINUHJVPRPIFP!VPFWPFRPI!UEM!REIPNLP!LEQ!PKIQ\!KRKTHILPIUX!

UHJ!PI!RPJ!LEQ!KL!TIaWPI!RPL!F\P!TIHRONL!GaIULX!RPFFP!MIOTTP!VKI!PF!ULHI!SPL\RFEFM!GHI!

TIHRONLPL!GaQMPFRP!ORWENQEFMX!GHIRE!QKLPI!KRKTLHIPI!WEQ!VPFWPFRP!UEM!LEQ!PKIQ\!KRKTLHIU#!

!

5/</5-R%)4A&-Q%G%U+)A*0S+-&0"B'-2HIJPQQP!QEFNU!NKF!LKMP!JKFMP!GHIJPI!JPF!GYQQPU!PIX!KL!RP!PI!SOFRPL!UKJJPF!KG!ÒIEREUN!

NHFLIKNL#!8P!KRUNEQQPI!GIK!OGHIJPQQP!QEFNU!WPR!KL!VKWP!PF!Va`PIP!MIKR!KG!GHIJKQELPL!HM!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>"!(\F^V!U#!"<<!>1!=EQRP!40!




!

! ! Side 44 !

WKIEMVPR>5#!8P!GHIJPQQP!QEFN!TZ!UJKILTVHFP_JKINPRPL!GHIPNHJJPI!E!GHISEFRPQUP!JPR!RPIPU!

QPWPIKFRaIPI!HM!NOFRPIX!UHJ!RP!VKI!PL!KGVYFMEMVPRU!GHIVHQR!LEQ#!

-!GHIPMZPFRP!KFKQ\UP!SQPW!RPL!FYWFLX!KL!QPWPIKFRaIPF!LEQ!UJKILTVHFP!NKF!HTRPQPU!E!VKIR]KIP!

HM!UHGL]KIP#!8PLX!UHJ!VKI!ULHI!SPL\RFEFM!GHI!UJKILTVHFPFX!PI!RPL!UHGL]KIP!RPF!KFWPFRPIX!HM!

RPIGHI!PI!RPLLP!QEFN!WEMLEM!GHI!WEINUHJVPRPIFPX!GHIRE!UHGL]KIP!HM!VKIR]KIP!UNKQ!TKUUP!

UKJJPF#!)L!PNUPJTPQ!TZ!PL!QEFN!PI!KQQEKF^P!JPQQPJ!*EÎHUHGL!HM!.HNEK#!6QQEKF^PF!PI!QKWPL!TZ!

SKMMIOFR!KG!LH!WEINUHJVPRPIX!UHJ!VKI!VKGL!RPL!UWYIL!TZ!JKINPRPL#!.HNEK!VKI!LKSL!

JKINPRUKFRPQ!MPFFPJ!QYFMPIP!LERX!HM!RPIPU!JKINPRUKFRPQ!PI!GKQRPL!GIK!51Xcb!LEQ!"4X:b!TZ!

UJKILTVHFP!JKINPRPL#!8P!VKI!HTQPWPL!JPMPL!NIELEN!KG!RPIPU!U\ULPJX!UHJ!RPIGHI!RPQWEUL!GEN!

UN\QRPF!GHI!RPIPU!LEQSKMPMKFM#!.HNEK!SIOMLP!UERULP!ZI!0!JEQQEKIRPI!TZ!%n8X!VWEQNPL!PI!0!MKFMP!

JPIP!PFR!6TTQPX!JPF!ORPF!UO^^PU#!8PIGHI!SPUQOLLPRP!KRJEFEULIPIPFRP!REIPNLaI!+LPTVKFR!

)QHTX!KL!FPRQYNNP!RPIPU!PMPL!U\ULPJ!+\JSEKFX!HM!E!ULPRPL!SPF\LLP!*EÎHUHGLU!jEFRH]U!$VHFP!

:#!)L!UKJKISP`RP!RPI!PI!UNKSL!TZ!SKMMIOFR!KGX!KL!RP!SPMMP!VKI!VKGL!UWYIL!WPR!KL!LEQLIYNNP!

NOFRPFU!HTJYINUHJVPR#!+KJKISP`RPL!PI!WEMLEML!GHI!SPMMP!TKILPIX!JPF!RPI!WEQ!MZ!LER!GaI!

IPUOQLKLPL!KG!RPIPU!UKJKISP`RP!NKF!UPU#!+KJKISP`RPL!VKI!RHM!PF!GHIRPQ!GHI!.HNEKX!TZ!MIOFR!KG!

*EÎHUHGLU!QKWP!TPFPLIKLEHFU!MIKRX!UHJ!UPU!HWPFGHI!E!JKINPRUSPUNIEWPQUPF#!.HNEK!VKI!RPIGHI!

PF!UHGL]KIP!TKILFPIX!RPI!EFWPULPIP!E!.HNEKU!WYNUL!HM!JOQEMVPR!GHI!KL!RPGEFPIP!PL!UPMJPFL!LEQ!

RPIPU!PMPL!TIHRONL>0#!+ZRKFFP!QEFNU!GHIPNHJJPI!TZ!JKINPRPI!E!WYNULGKUPFX!HGLP!GHIRE!KL!

JKINPRPL!ENNP!VKI!GHIJPL!UEM!PFRFO#!'PMMP!WEINUHJVPRPI!UPI!RPLLP!QEFN!UHJ!PF!IPQKF^PIEFM!KG!

UEM!UPQWX!WPR!KL!NHJSEFPIP!RPIPU!NPIFPNHJTPLPF^PI#!

!

)L!KFRPL!QEFN!RPI!HMUZ!VKI!ULHI!SPL\RFEFM!GHI!UJKILTVHFPF!PI!LPQPFPLWYINPL#!,PQPGHFPF!SIOMPI!

JKFMP!GOFNLEHFKQELPLPIX!RPI!KFWPFRPI!EFLPIFPLLPLX!HM!RPL!ULEQQPI!NIKW!LEQ!FPLWYINPL#!2HI!KL!

REULIESOPIP!UJKILTVHFPU!SPRUL!JOQEMLX!SQEWPI!ULaIULPRPQPF!KG!LPQPGHFPIFP!UHQML!MPFFPJ!

LPQPORS\RPIFPU!SOLENNPI!LEQ!UQOLGHISIOMPIPF#!,PQPORS\RPIPF!UKJJPFUYLLPIX!RPIGHI!PL!

NHJTQPJPFLYIL!JHSEQKSHFFPJPFL!JPR!UJKILTVHFPF#!6SHFFPJPFLPL!NKF!UPUX!UHJ!PL!

NHJTQPJPFLYIL!TIHRONLX!UHJ!UJKILTVHFPF!PI!JPMPL!KGVYFMEM!KG#!)L!LPQPFPLWYIN!PI!ENNP!

FHMPL!ORPF!LPQPGHFPI!HM!HJWPFRL!PF!LPQPGHF!PI!ENNP!FHMPL!ORPF!FPLWYINPL#!8PIGHI!NKF!JKF!

KIMOJPFLPI!GHI!KL!KSHFFPJPFLPL!HM!LPQPGHFPF!UPU!UHJ!PL!UKJQPL!TIHRONLX!HM!ENNP!

NHJTQPJPFLYIP!TIHRONLPI#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>5!(\F^V!U#!"<"!>0!=EQRP!5"!




!

! ! Side 45 !

.PLWYINUORS\RPIFP!TQK^PIPU!E!GHIJPQQP!QEFNU!GHIREX!RPI!NKF!GHIPNHJJP!UTPÊPQQP!KGLKQPI!

JPQQPJ!TIHRO^PFL!HM!FPLWYINUORS\RPI#!8PL!ULHIP!MPFFPJSIOR!GHI!UJKILTVHFPF!WKI!RK!

E$VHFPF!SQPW!TIYUPFLPIPL!E!1<<:#!(EMPUHJ!PNUPJTQPL!E!KGUFELLPL!HJ!$HILPIU!2EWP!2HI^PUX!QKWPL!

6TTQP!E!1<<:!HMUZ!PF!KGLKQP!JPR!,PQEKUHFPIK!HJX!KL!RP!WKI!RPF!PFPULP!REULIESOLaI!E!FHIRPF#!

2HIRPQP!WPR!KL!WYIP!RPF!PFPULP!REULIESOLaI!PIX!KL!JKF!NKF!TIEUGKULUYLLP!LEQ!NOFRPF!JKNUEJKQL!

WEQ!MEWP#!8PLLP!VHQRLP!PL!ZIX!VWHI!E$VHFPF!PGLPIGaQMPFRP!SQPW!UHQML!E!KFRIP!SOLENNPI#!3QPJTPI!

WPR!RPFFP!GHIJ!GHI!KGLKQPIX!PI!KL!RPF!NKF!VKWP!PF!FPMKLEW!PGGPNLX!VWEU!TIHRONLPL!ENNP!PI!

THTOQYIL!FHN#!;KI!TIHRONLPL!ENNP!PF!ULHI!FHN!NOFRPSKUPX!UZ!WEQ!RPL!ENNP!SQEWP!NaSLX!HM!

FPLWYINUORS\RPIPF!NKF!ENNP!GZ!NOFRPF!LEQ!KL!SPLKQP!UEF!JKNUEJKQP!TIEU#!

#

5/</7-Q%4U&+4+"*A*%)'-AHJTQPJPFLKLHIU!PI!WEINUHJVPRPIX!VWEU!TIHRONL!LEQGaIP!JPIP!WYIRE!LEQ!RPF!KFKQ\UPIPL!

SIKF^VPU!TIHRONL#!8PL!NKF!WYIP!PF!GHIRPQX!KL!ORWENQP!IPQKLEHF!HM!UKJKISP`RP!JPR!

^HJTQPFLHIUX!GHIRE!JKF!NKF!UKJJPF!aMP!WYIREPF!KG!SPMMP!TIHRONLPI>4#!!

-FRPF!GHI!LPNHFHQHME!MYQRPI!RPULH!GQPIP!RPI!LEQUQOLLPI!UEM!PF!LPNFHQHMEX!RPULH!JPIP!WYIREGOQR!

SQEWPI!RPF#!-!VPFVHQR!LEQ!+^VEQQEFM!WEQ!NHJTQPNUP!LPNFHQHMEPI!HGLP!ORWEUP!ULEMPFRP!KGNKUL!WPR!

ULEMPFRP!LEQUQOLFEFM!GHIRE!FZI!RP!SQEWPI!SIOML!JPIPX!SQEWPI!RP!GHISPRIPL#!)F!LPNFHQHME!RPI!

WEFRPI!LEQUQOLFEFM!MPFPIPI!HGLPUL!TIHGELX!RPI!NKF!SIOMPU!LEQ!KL!GHISPRIP!RPF#!@RPIJPIPX!FZI!PF!

LPNFHQHME!SIOMPU!GZI!JKF!JPIP!WERPF!HM!GHIULZPQUPX!VWEQNPL!NKF!SIOMPU!LEQ!GHISPRIEFMPI!KG!

LPNFHQHMEPF!PQQPI!TIHMIKJJPIFP#!.ZI!PF!LPNFHQHME!WEFRPI!ULHI!LEQUQOLFEFM!UPU!PF!WEGLP!KG!

NHJTQPJPFLYIP!TIHRONLPIX!RPI!PI!ORWENQPL!LEQ!KL!UKJKISP`RP!JPR!LPNFHQHMEPF>9#!8PL!SPUNIEWPI!

VKF!UHJ!PF!UPQWGHIULYINPFRP!ÊINPQX!RPL!WEQ!UEMPX!FZI!PF!WEINUHJVPR!GZI!PF!ULHI!KRKTLEHF!KG!

RPIPU!TQKLGHIJX!LEQLIYNNPI!RPL!NHJTQPJPFLYIP!TIHRONLPIX!HM!RP!NHJTQPJPFLYIP!TIHRONLPI!

LEQLIYNNPI!GHISIOMPIP!RPI!aMPI!KRKTLEHFPF#!

!

8PF!UPQWGHIULYINPFRP!ÊINPQ!NKF!UPU!E!GHIVHQR!LEQ!UJKILTVHFP_JKINPRPL!WPR!KL!GIK!

UQOLSIOMPIPF!TPIUTPNLEWX!LEQGaIPI!VWPI!F\!KTTQENKLEHF!WYIRE!LEQ!TQKLGHIJPF#!2IK!PF!

TIHMIKJORWENQPIU!TPIUTPNLEWX!GZI!TQKLGHIJPF!WYIRE!JPR!VWPI!F\!SIOMPI#!.ZI!KFLKQQPL!KG!

ORWENQPIPX!KTTQENKLEHFPI!HM!SIOMPIP!TZ!PF!TQKLGHIJ!FZI!NIELEUN!TOFNLX!SPM\FRPI!TQKLGHIJPF!KL!

WHNUP!PNUTHFPFLEPQL#!8PLLP!UN\QRPU!RPF!UPQWGHIULYINPFRP!PGGPNL!PQQPI!lFPLWYIN!PGGPNLPIl!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>4!(\F^V!U#!"<"!>9!+^VEQQEFM!U#!94!




!

! ! Side 46 !

JPQQPJ!SIOMPIP!HM!KTTQENKLEHFUORWENQPIP#!$IHMIKJJPI!LEQLIYNNP!SIOMPIPX!UHJ!JHLEWPIPI!

ORWENQPIP!KL!UNKSP!GQPIP!KTTQENKLEHFPIX!UHJ!EMPF!LEQLIYNNPI!GQPIP!SIOMPIP!###!HM!UZ!WERPIP>:#!8PF!

UPQWGHIULYINPFRP!ÊINQP!GHIPNHJJPI!SZRP!TZ!VKIR]KIP!HM!UHGL]KIPX!HM!NHJTQPJPFLYIP!

TIHRONLPI!NKF!RPIGHI!HTRPQP!E!RP!LH!MIOTTPI#!!

=HJTQPJPFLYIP!TIHRONLPI!LEQ!VKIR]KIP!NKF!WYIP!VPKRUPLX!RH^N_ULKLEHFPIX!^HWPI!HUW#!8PL!PI!

TIHRONLPI!RPI!MZI!UKJJPF!JPR!LPQPGHFPF#!&GLPUL!TKUUPI!REUUP!LEQ!PF!PFNPQL!JHRPQQPIX!GHIRE!

ORGHIJFEFMPF!PI!GHIUNPQQEMP!GIK!LPQPGHF!LEQ!LPQPGHFX!HM!RPIGHI!KGVYFMPI!NHJTQPJPFLYIP!

VKIR]KIP!TIHRONLPI!KG!JHRPQQPFU!ORSIPRPQUP#!!

#

+JKILTVHFPF!VKI!HMUZ!PF!SIPRL!ORWKQM!KG!NHJTQPJPFLYIP!TIHRONLPI!LEQ!UHGL]KIPRPQPF#!

8PI!PI!VPI!LKQP!HJ!JOQEMVPRPF!GHI!KL!EFULKQQPIP!LIPR`PTKILU!KTTQENKLEHFPI!BKTTUC#!+HGL]KIP!

KTTQENKLEHFPIX!PQQPI!lKTTUXl!PI!PF!WYUPFLQEM!RPQ!KG!UJKILTVHFP!JKINPRPL!E!RKM#!;WPIL!

HTPIKLEWU\ULPJ!VKI!PF!HFQEFP!SOLENX!VWHI!RPI!NKF!NaSPU!HM!RH]FQHKRPU!KTTU!!LEQ!PFU!

UJKILTVHFP!LEQ!KL!ORWERP!GOFNLEHFKQELPLPF!KG!UJKILTVHFPF#!8EUUP!NaS!NKF!UNP!REIPNLP!GIK!

LPQPGHFPF!HM!HJGKLLPI!JPMPL!GHIUNPQQEMP!GOFNLEHFPI!UZ!UHJ!UTEQX!IKREHX!NHIL!HM!/$+!FKWEMKLEHFX!

LPNULSPVKFRQEFMUTIHMIKJJPIX!HUW#!2HISIOMPIFP!GEFRPI!ULHI!WYIRE!E!KTTU!TZ!MIOFR!KG!RPF!

PNULIK!GOFNLEHFKQELPLX!UHJ!RP!NKF!GZ!GIK!RPIPU!UJKILTVHFP>>#!6TTQENKLEHFPI!VKI!RPIGHI!GZPL!PF!

WEMLEM!IHQQPX!HM!MIOFRPF!LEQ!6TTQPU!HM!/HHMQPU!UO^^PU!TZ!UJKILTVHFP_JKINPRPL#!!

!

*HSEQTIHRO^PFLPIFP!VKI!UNKSL!PL!JKINPRPL!E!RP!UPFPULP!TKI!ZIX!WPR!KL!LKMP!RP!KTTU!WYN!GIK!

JHSEQGHIVKFRQPIPX!HM!MaIP!RPJ!LEQMYFMPQEMP!TZ!RPIPU!TQKLGHIJX!RPLLP!VKI!SERIKMPL!LEQ!

ORWENQEFMPF!TZ!JKINPRPL>c#!8PFFP!ORWENQEFM!VKI!FHMQP!UL\INPI!HM!UWKMVPRPI#!!

;WPIRKM!PI!RPI!JPIP!PFR!LOUEFRP!KG!RH]FQHKRPU!E!KTT_ULHIPU!HM!GHIRPQPF!WPR!KL!KFWPFRP!

SOLENNPI!TZ!LPQPGHFPF!PIX!KL!RP!UKJQPI!KTTQENKLEHFPI!GIK!JKFMP!ULPRPI!E!ULPRPL!GHIX!KL!

GHISIOMPIPF!UNOQQP!UaMP!TZ!RP!JKFMP!GHIUNPQQEMP!ORWENQPIPU!V`PJJPUERP#!=HJJEUUEHFPF!GHI!

UKQM!KG!KTTQENKLEHFPI!PI!TZ!HJNIEFM!5<b!E!RKMX!E!GHIVHQR!!LEQ!RP!4<b!_!c<bX!RPI!WKI!

NHJJEUUEHFPF!GHI!UKQM!MPFFPJ!LPQPORS\RPIFPc<#!8PL!JPRGaIPIX!KL!GHISIOMPI!RPIWPR!NKF!GZ!

SEQQEMPIP!KRMKFM!LEQ!REUUP!\RPQUPI!PFR!GaIVPF#!8PIFYUL!VKI!RPL!WYIPL!JPR!LEQ!KL!MEWP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!>:!DEUEHF!*HSEQP!U#!>!>>!=EQRP!51!>c!=EQRP!51!c<!DEUEHF!*HSEQP!U#!c!




!

! ! Side 47 !

U\ULPJORWENQPIFP!TIHGELX!UHJ!JPRGaIPIX!KL!RP!NKF!GHISPRIP!RPIPU!U\ULPJX!VWEQNPL!PI!PF!WP`!EFR!

E!RPF!UPQWGHIULYINPFRP!PGGPNL#!3RWENQEFMPF!VKI!HMUZ!JPRGaIL!JOQEMVPRPF!GHI!KL!HSUPIWPIP!

NOFRPIFPU!NaSUKRGYIRX!MPFFPJ!KTTQENKLEHFUSOLENNPIFP#!*PR!RP!LPNFHQHMEUNP!GIPJUNIERL!PI!

RPL!JOQEML!KL!HSUPIWPIP!NOFRPFU!KRGYIR!ORPF!RP!WPR!RPLX!HM!WEINUHJVPRPIFP!NKF!KFWPFRP!

RPLLP!LEQ!KL!LEQIPLLPQYMMP!IPNQKJPX!HM!UTPÊGE^PIP!TIHRONLPI!LEQ!RPL!PFNPQLP!UPMJPFLc"#!8PL!PI!

FKLOIQEMWEU!PF!UL\INP!GHI!WEINUHJVPRPFX!JPF!UTaIMUJZQPL!PI!HJ!RPLLP!PI!PLEUN!IEMLEMLX!HM!NKF!

UPU!E!GHISEFRPQUP!JPR!MIZoHFPIFP!UHJ!REUNOLPIP!E!$)+,_KFKQ\UPF#!@RPIQEMPIP!VKI!ORWENQEFMPF!

JPRGaIL!gU]EL^VEFM!^HULgX!UHJ!SPUNIPWPL!2EWP!2HI^PU#!6TTQENKLEHFPI!NaSL!LEQ!TQKLGHIJPF!

JPRGaQMPIX!FZI!GHISIOMPIPF!UNEGLPI!TQKLGHIJ#!8PLLP!PI!PF!UL\INP!GHI!JHSEQTIHRO^PFLPF!GHIREX!

FZI!LIYRPI!EFR!E!RPF!UPQWGHIULYINPFRP!PGGPNLX!HM!GZI!ORWERPL!RPIPU!TQKLGHIJX!UZ!SQEWPI!

GHISIOMPIPF!gQZULg!LEQ!U\ULPJPL#!

!

DPR!KL!GQ\LLP!NaS!KG!KTTQENKLEHFPIFP!HWPI!TZ!TQKLGHIJPFX!VKI!WEINUHJVPRPIFP!UNKSL!PL!WEMLEML!

JKINPR!GHI!NHJTQPJPFLYIP!TIHRONLPI#!8P!NHJTQPJPFLYIP!TIHRONLPI!PI!FaMQPF!LEQX!VWHIRKF!

PF!TQKLGHIJ!NKF!GZ!KRKTLEHF!TZ!JKINPRPLX!GHIRE!RP!NKF!ULKILP!RPF!UPQWGHIULYINPFRP!PGGPNL#!8PL!

NKF!UPU!TZ!E$VHFPU!UO^^PUX!VWHI!KTTQENKLEHFPIFP!VKI!GZPL!YIPF!GHI!RPFc1#!8PI!PI!SQPWPL!UNKSL!PL!

KGVYFMEMVPRU!GHIVHQR!JPQQPJ!REUUP!LH!JKINPRPIX!GHIRE!KTTQENKLEHFU_ORWENQPIPF!QPWPI!KG!

UJKILTVHFPU!NOFRPIX!HM!TQKLGHIJPFU!ORSIPRPQUP!KGVYFMPI!KTTQENKLEHFUORWENQPIP#!8PL!VKI!

SPL\RPL!KL!JHSEQTIHRO^PFLPI!UNKQ!WYQMP!RPF!IEMLEMP!ULIKLPME!GHI!RPIPU!UL\IPU\ULPJPIX!GHIRE!

ORSIPRPQUPF!KG!RPIPU!JHRPQQPF!KGVYFMPI!KG!UL\IPU\ULPJPIX!HM!WPR!ULaIIP!ORSIPRPQUP!KG!RPIPU!

JHRPQQPF!JPRGaQMPI!NHJTQPJPFLYIP!TIHRONLPI!LEQ!RPIPU!JHRPQQPF!E!GHIJ!KG!NHJTQPJPFLYIP!

VKIR]KIP!TIHRONLPI#!

!

5/</:-Y%S+)4+"*-&0"B'-A"#-"+*X%)B-%PMPIEFMUeULKLU!QEFNPL!HJVKFRQPI!UKJKISP`RPLX!UHJ!JKFMP!WEINUHJVPRPI!VKI!JPR!PL!QKFRU!

IPMEHFKQP!THQELENPIP!HM!LEQVaIPFRP!KRJEFEULIKLEHF#!8EUUP!NHFLKNLPI!NKF!WYIP!KG!EFLPIPUUP!GHI!

EFWPULPIEFMPIX!UNKL!HM!QHWMEWFEFMPIc5#!!$Z!UKJJP!LER!NKF!ULKLPF!HMUZ!WYIP!PF!ULHI!NOFRP!GHI!

WEINUHJVPRPIFP#!2HI!PNUPJTPQ!PI!RPL!KJPIENKFUNP!JEQELYI!PI!SPM\FRL!KL!KFWPFRP!

UJKILTVHFPUX!GHIRE!UENNPIVPRPF!TZ!LPQPGHFPIFP!PI!WPR!KL!UZ!MHRX!KL!RP!NKF!UPFRP!GHILIHQEMP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c"!DEUEHF!!*HSEQP!U#!"<!c1!=EQRP!55!c5!(\F^V!U#!"<"!




!

! ! Side 48 !

RHNOJPFLPI!EMPFFPJ!RPJ#!'ZRP!/HHMQP!HM!6TTQP!VKI!VKGL!ULHI!EFLPIPUUP!GHI!RPLLP!JKINPRPLc0#!

;PIOFRPI!PI!RPI!%PUPKI^V!-F!*HLEHF!B%-*CX!RPI!PI!PF!WEINUHJVPRPF!RPI!VKI!UTPÊKQEUPIPL!UEM!E!

UENNPIVPR!EFRPF!GHI!UJKILTVHFPU#!8PFFP!GHIIPLFEFMUJHRPQ!VKI!WEUL!UEM!KL!WYIP!UO^^PUGOQR!GHI!

SOUEFPUUJKINPRPLX!HM!E!RPIPU!NOFRPTHILPGaQ`P!GEFRPI!JKF!RPL!VWERP!VOU!HM!2'-c4#!

DEINUHJVPRPIFP!PI!HMUZ!EFLPIPUUPIPL!E!KL!TZWEINP!QHWMEWFEFM!LEQ!RPIPU!GHIRPQ#!;PIOFRPI!NKF!

FYWFPU!TKLPFLQHWPFX!UHJ!VKI!ULHI!SPL\RFEFM!GHI!JKINPRPLX!HM!RPIGHI!PI!WEINUHJVPRPIFP!

FKLOIQEMWEU!EFLPIPUUPIPL!E!KL!GZ!EFRGQ\RPQUP!TZ!RPFX!UZ!QHWMEWPI!LEQ!RPIPU!GHIRPQ#!6FRIP!GHIJPI!GHI!

QHWMEWFEFMX!UHJ!WEINUHJVPRPIFP!NOFFP!aFUNP!KL!VKWP!EFRGQ\RPQUP!TZX!PI!MHRNPFRPQUPU!

U\ULPJPIFP!UHJ!2AA!HM!)A#!8PL!NKF!UN\QRPUX!KL!RPI!NKF!UYLLPU!UTaIMUJZQULPMF!WPR!HJ!REUUP!

MHRNPFRPQUPU!NHJJEUUEHFPI!NKF!WYIP!JPR!LEQ!KL!VEFRIP!LPNFHQHME!E!KL!SQEWP!ORWENQPL#!8PL!NKF!

UNP!WPR!GHI!PNUPJTPQ!KL!PL!TIHRONLX!UHJ!EFRPVHQRPI!PF!F\!LPNFHQHMEX!NKF!SQEWP!KGWEULX!HM!

RPIJPR!NKF!RPF!SQEWP!MQPJL!HM!ENNP!WERPIPORWENQPL#!!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c0!=EQRP!50!c4!=EQRP!54!




!

! ! Side 49 !

7/-V%"B6))+"*A"A&F'+--

*KINPRPLU!NKIKNLPIEULENKX!UHJ!PI!GYQQPU!GHI!WEINUHJVPRPIX!PI!REUNOLPIPL!E!$HILPIU!2EWP!2HI^PU!

HM!(\F^VU!2HOI!(EFNU!JHRPQ!HWPFGHIX!JPF!VWPI!PFNPQL!WEINUHJVPR!VKI!HMUZ!VKI!FHMQP!OFENNP!

PMPFUNKSPI#!DEINUHJVPRPIFP!VKI!VWPI!RPIPU!JZRPX!KL!VZFRLPIP!IEWKQEUPIEFMPF!HM!

NHFNOIIPF^PF!JPR!RP!aWIEMP!WEINUHJVPRPI#!8EUUP!WEQ!SQEWP!OFRPIUaML!E!RPLLP!KGUFELX!VWHI!RPI!

UPU!TZ!UTPÊGENNP!JOQEMVPRPI!GHI!WEINUHJVPRPIFP#!

!

&WPFULZPFRP!KFKQ\UP!NHFNQORPIX!KL!VKIR]KIPF!PI!WPR!KL!SQEWP!JPIP!ULKFRKIREUPIPLX!HM!KL!

WEINUHJVPRPIFP!NHFNOIIPIPI!MPFFPJ!UL\IPU\ULPJPIFP#!8PL!PI!VPI!NKJTPF!HJ!UJKILTVHFP_

JKINPRPL!NYJTPUX!HM!RPL!PI!KG!RPF!MIOFR!KL!NHFNOIIPFLKFKQ\UPF!WEQ!KFKQ\UPIP!OR!GIK!

TIHRO^PFLPFU!WKQM!KG!UL\IPU\ULPJPL#!8PI!WEQ!ENNP!SQEWP!LKMPL!Va`RP!GHI!WEINUHJVPRPIFP!

\RPIQEMP!KNLEWELPLPI!HM!TIHRONLPI!TZ!KFRIP!JKINPRPI#!8PI!UaMPU!MPFFPJ!KFKQ\UPF!KL!SPUNIEWP!

VWEQNP!JZQ!HM!ULIKLPMEPIX!UHJ!WEINUHJVPRPI!KFWPFRPIX!HM!VPI!SPQ\UP!UTPÊGENNP!LIOUQPI!HM!

JOQEMVPRPI#!;PIOFRPI!WEQ!RPI!WYIP!PF!WOIRPIEFM!KG!VWEQNP!KFMIPSUULIKLPMEPI!PQQPI!

GHIUWKIUULIKLPMEPIX!RP!KFWPFRPI!HWPI!GHI!RPIPU!NHFNOIIPFLPI#!

!

2aI!KFKQ\UPF!SPM\FRPI!WEQ!RPI!WYIP!SPIPMFEFM!KG!JKINPRUNHF^PFLIKLEHFPF#!8PF!GHILYQQPI!

FHMPL!HJX!VWEQNPF!L\TP!JKINPR!WEINUHJVPRPIFP!SPGEFRPI!UEM!E#!8PL!MaIP!OR!GIK!PL!A%!EFRPi#!

*PR!RPFFP!IKLEH!PI!RPL!JOQEML!KL!UPX!VWHIRKF!JKINPRPL!PI!ORGHIJPLX!HM!RPL!NKF!VKWP!

EFRGQ\RPQUP!TZ!RP!WKQMX!UHJ!WEINUHJVPRPIFP!GHILKMPI!UEM!TZ!JKINPRPL#!)L!KG!RP!JPUL!KFWPFRLP!

JZQ!PI!PL!A%0!EFRPNUX!RPI!JZQPI!JKINPRUKFRPQPF!GHI!RP!GEIP!ULaIULP!WEINUHJVPRPI!TZ!JKINPRPL#!

!

CR5

= si

i=1

5

" = 19,1% +19% +15,7% +10,4% = 64,2%!

8PL!NKF!OR!GIK!SPIPMFEFMPF!UPUX!KL!RP!GEIP!ULaIULP!WEINUHJVPRPI!VKI!90b!KG!JKINPRPLX!HM!RPL!

SPLPMFPU!UHJ!PF!JPREOJ!NHF^PFLIKLEHF#!8PL!L\RPI!RPIGHI!TZ!KL!JKINPRPL!GHIPNHJJPI!KL!

WYIP!HQEMHTHQLX!VWEQNPL!SPL\RPIX!KL!RPI!GHIPNHJJPI!PF!QEQQP!UNKIP!KG!TIHRO^PFLPI!RPI!

RHJEFPIPI!JKINPRPLc9#!*PIP!SPULPJL!UZ!PI!RPL!REGGPIPFLEPIPL!HQEMHTHQ!TZ!UJKILTVHFP_

JKINPRPLX!RPLLP!UN\QRPU!KL!UJKILTVHFPF!PI!PL!VPLPIHMPFL!TIHRONLX!VWHI!GHISIOMPIPF!VKI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c9!(ETô\FUNEX!jEQUHF!n!/HRRKIRX!U#"c:!




!

! ! Side 50 !

TIYGPIPF^PI!HWPIGHI!TIHRO^PFLPF#!-!$HILPIU!2EWP!2HI^PU!SQPW!JKINPRPL!WOIRPIPL!LEQ!KL!VKWP!

QKWP!PiEL_SKIIEPIP!HM!Va`P!EFRMKFMUSKIIEPIPX!VWEQNPL!MEWPI!RPF!SPRULP!JOQEMVPR!GHI!PL!Va`L!

ULKSEQL!KGNKULc:#!8PLLP!VYFMPI!HMUZ!UKJJPF!JPR!JKINPRUGHIJPF!HQEMHTHQX!RK!RPI!PI!JOQEMVPR!

GHI!Va`!TIHGEL!TZ!QKFMUEML!GHIRE!EFRMKFMUSKIIEPIPIFP!PI!Va`Pc>#!8PL!SPL\RPI!KLX!RPL!PI!PL!

KLLIKNLEWL!JKINPRX!GHIRE!RPI!JOQEMVPR!GHI!ULHIP!KGNKULX!HM!RPL!NKF!RPIGHI!ORQPRPU!KL!

NHFNOIIPF^PF!JPQQPJ!WEINUHJVPRPI!PI!ULHI#!*KINPRUGHIJPF!HQEMHTHQ!VKI!HMUZ!EFRGQ\RPQUP!TZ!

RP!ULIKLPMEUNP!WKQMX!UHJ!WEINUHJVPRPIFP!LKMPIX!GHIRE!RP!PI!TZ!PL!JKINPR!GZ!KFLKQ!

WEINUHJVPRPI#!DEINUHJVPRPI!UNKQ!RPIGHI!HWPIWP`PX!VWHIRKF!RPIPU!VKFRQEFMPI!TZWEINPI!RPIPU!

NHFNOIIPFLPIX!HM!VWHIRKF!RP!WEQ!IPKMPI!TZ!VKFRQEFMPFcc#!

!

$Z!MIOFR!KG!!KL!ENNP!KQQP!GHIVKFRQPIP!TZ!JKINPRPL!NKF!KFKQ\UPIPUX!WEQ!RPI!SQEWP!ORWKQML!GEIP!

TIHRO^PFLPIX!RPI!VWPI!IPTIYUPFLPIP!UKJKISP`RPL!JPQQPJ!VWPIL!TQKLGHIJ#!-!GaQMPFRP!MIKG!UPU!

GHIRPQEFMPF!KG!JKINPRUKFRPQP!GHI!1<""!GHIRPQL!OR!TZ!GHIVKFRQPIP#!

!

!

2EMOI!5#"[!*KINPRUKFRPQ!GHIRPQL!TZ!GHIVKFRQPIP!E!1<""!

!=EQRP[!VLLT[ee]]]#ER^#^HJeMPLRH^#ÙTd^HFLKEFPI-RsTI3+151ccc"1!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!c:!$HILPI!U#!11!c>!$EFR\^N!n!%OSEFGPQRX!U#00c!cc!$EFR\^N!n!%OSEFGPQRX!U#00c!

"cX"<b!

"cX<<b!

"4X:<b!"<X0<b!

>Xc<b!

19Xc<b! +KJUOFM!

6TTQP!

.HNEK!

%PUPKI^V!-F!*HLEHF!

;,A!

&LVPIU!




!

! ! Side 51 !

8PL!SQPW!ORQPRL!E!RPF!PNULPIFP!KFKQ\UPX!KL!JKINPRPL!PI!E!WYNULGKUPF#!8PL!SPL\RPIX!KL!

WEINUHJVPRPIFP!PFRFO!ENNP!VKI!GOFRPL!PF!GKUL!TQKRU!TZ!JKINPRPLX!VWEQNPL!NKF!JPRGaIP!KL!

JKINPRPL!PI!GIKMJPFLPIP#!8EKMIKJJPL!WEUPI!JKINPRUKFRPQPF!GHI!UJKILTVHFP!GHIRPQL!TZ!

TIHRO^PFLPI#!8PL!UPU!KL!+KJUOFM!HM!6TTQP!VKI!HJLIPFL!QEMP!JPMPL!JKINPRUKFRPQ!TZ!

VPFVHQRUWEUL!"cbX!HM!RPL!WOIRPIPU!KL!REUUP!LH!NYJTPI!HJ!KL!WYIP!JKINPRUQPRPI#!+KJUOFM!

KFWPFRPI!RPL!ZSFP!U\ULPJ!6FRIHER!HM!6TTQP!KFWPFRPI!RPIPU!PMPL!E&+#!)GLPI!RPJ!NHJJPI!

.HNEKX!UHJ!SPF\LLPI!UEM!KG!jEFRH]U!$VHFP!:!HM!VKI!PF!JKINPRUKFRPQ!TZ!"4X:bX!HM!RP!

WOIRPIPU!RPIGHI!LEQ!KL!WYIP!JKINPRUORGHIRIP!TZ!FOWYIPFRP!LERUTOFNL#!;PIPGLPI!UPU!%PUPKI^V!

EF!*HLEHFX!RPI!KFWPFRPI!RPIPU!PMPL!U\ULPJ!'QK^N'PII\!&+X!UHJ!VKI!PF!JKINPRUKFRPQ!TZ!

"<X0b#!8P!WOIRPIPU!LEQ!KL!GaQMP!PF!FE^VPULIKLPME!TZ!FOWYIPFRP!LERUTOFNL#!

!

7/.-8UU&+-!

7/./.-V%)*-%4-6TTQP!PI!PL!KJPIENKFUN!JOQLEFKLEHFKQL!UPQUNKSX!RPI!RPUEMFPI!HM!

UYQMPI!GHISIOMPIPQPNLIHFEUNX!UHGL]KIP!HM!^HJTOLPIP#!!

DEINUHJVPRPF!SQPW!PLKSQPIPL!RPF!"#!KTIEQ!"c:9!KG!+LPWP!kHSUX!

+LPWP!jHoFEKN!HM!%HFKQR!jK\FP#!8P!PI!SPRUL!NPFRL!GHI!RPIPU!TIHRONLPI[!E*K^X!*K^SHHNX!E$HRX!

E$VHFP!HM!E$KR#!8P!VKI!54:!SOLENNPI!E!LE!QKFRP!EFNQOUEW!PF!HFQEFP!SOLEN!HM!SPUNYGLEMPI!95#5<<!

GOQRLERUKFUKLLP#!8PIPU!HJUYLFEFM!WKI!E!1<"<!TZ!94!JEQQEKIRPI!HM!E!1<""!TZ!"<>!JEQQEKIRPI"<<#!

8PL!M`HIRP!RPJ!LEQ!RPF!FYULULaIULP!SaIUFHLPIPL!WEINUHJVPR!NOF!HWPIMZPL!KG!)iiHF!*HSEQP"<"#!

6TTQP!MPFPIP!RPL!JPULP!KG!RPIPU!TIHGEL!HM!HWPIUNOR!GIK!E$VHFPX!E$HR!HM!E$KRX!UHJ!UYQMPU!LEQ!PF!

TIPJEOJ!TIEU#!!

!

6TTQP!PI!PF!KG!RP!F\PULP!KNLaI!TZ!UJKILTVHFP_JKINPRPLX!RP!EFLIHRO^PIPRP!E!1<<:!RPF!GaIULP!

E$VHFP#!8PLLP!ULKILPRP!PL!UNEGL!E!KINELPNLOIPF!GHI!JHSEQLPQPGHFEFROULIEPF!HM!UKLLP!F\P!

ULKFRKIRPI!TZ!LH!JZRPI#!2HI!RPL!GaIULP!LEQSaR!RP!PF!GOQR!GOFNLEHFPQ!]PS_SIH]UPIX!RPI!QHR!

SIOMPIPF!KFWPFRP!EFLPIFPLLPLU!GOQRP!GOFNLEHFKQELPLX!HM!ENNP!NOF!RPL!JHSEQP!EFRVHQR#!2HI!RPL!

KFRPL!WERPIPGaILP!RP!E$HRPFU!TQKLGHIJ!LEQ!E$VHFPX!HM!M`HIRP!RPL!JOQEML!KL!RH]FQHKRP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"<<!6TTQPU!ZIUIKTTHIL!1<""!U#!19!"<"!DEUEHF*HSEQP!U#!4<!




!

! ! Side 52 !

KTTQENKLEHFPIX!VWEQNPL!LEQLIKN!ORWENQPIPX!HM!RPIJPR!VKWRP!RPF!JPIP!PFR!14<#<<<!UTPÊGENNP!

E$VHFP!KTTQENKLEHFPI#!8PLLP!KFUPU!KG!JKFMP!KL!RPFFP!EFFHWKLEHF!PI!FaMQP!LEQ!6TTQPU!UO^^PU"<1#!!

E&+!PI!PL!QONNPL!U\ULPJ!HM!GZU!ORPQONNPFRP!TZ!6TTQPU!TIHRONLPI#!+\ULPJPL!PI!NHFULIOPIPL!LEQ!KL!

NaIP!TZ!RPIPU!E$VHFPX!E$HR!HM!E$KR#!!

!

7/./5-I*F)B+)-%,-'SA,$+#+)-+ERPF!QKF^PIEFMPF!E!1<<:!VKI!6TTQPU!E&+!ORWENQPL!UEM!LEQ!PF!KG!RP!JPUL!UO^^PUGOQRP!TQKLGHIJPX!

HM!KMPIPI!UHJ!SPF^VJKIN!GHI!KFRIP!NHFNOIIPFLPI#!8PIPU!UL\INP!QEMMPI!E!KL!RP!NHJSEFPI!ULYIN!

LPNFEUN!GOFRKJPFLX!PF!OFEN!TIHRONL!HTQPWPQUP!HM!PF!UHGEULENPIPL!ULIKLPME!GHI!RPIPU!

KTTQENKLEHFPI"<5#!!

8PIPU!TQKLGHIJ!PI!ULYIN!TZ!MIOFR!KG!RPIPU!WPILENKQ!EFLPMIPIPL!U\ULPJ#!8P!VKI!KQLER!KFWPFRL!

RPIPU!P`PL!U\ULPJ!LEQ!RPIPU!LPQPGHFX!VWEQNPL!MaI!RPL!JOQEMLX!UHJ!LERQEMPIP!FYWFL!KL!TIHRONL!NKF!

REGGPIPFLEPIPU!JPIP!PFRX!VWEU!JKF!KFWPFRPI!PL!ZSPFL!U\ULPJ#!2HIORPF!RPIPU!UJKILTVHFP!VKI!

6TTQP!PL!SIPRL!TIHRONLUHILEJPFL!VPI!NKF!SQ#K#!FYWFPU!^HJTOLPIPX!JOUENKGUTEQQPIP!HM!

JPREPSHNU#!8PL!QONNPL!U\ULPJ!MaIX!KL!E$VHFP!NKF!EFLPMIPIPU!UKJJPF!JPR!KFRIP!6TTQP!

TIHRONLPIX!VWEQNPL!IPUOQLPIPI!E!PL!ULYINL!EFLPMIPIPL!HM!REGGPIPFLEPIPL!SIOMPIHTQPWPQUP#!2HI!

PNUPJTPQ!NKF!E$VHFP!KFWPFRPU!UHJ!G`PIFSPL`PFPI!LEQ!6TTQPU!JPREPSHNU!6TTQP!,D!PQQPI!*K^#!

2HI!ORPF!RPLLP!PI!PFU!E$VHFP!GOQRL!EFLPMIPIPL!JPR!E,OFPUX!UHJ!PI!6TTQPU!JPREPKGUTEQQPI#!

/PFFPJ!RPF!PI!RPL!JOQEML!KL!HWPIGaIPI!JOUENX!GEQJX!SEQQPRPIX!NHFLKNLHTQ\UFEFMPIX!JKEQ_NHFLH!

HUW#!ORPF!SIOM!KG!GQPIP!TIHMIKJJPI#!8PFFP!GHIRPQ!PI!UWYI!KL!NHTEPIP!GHIRE!RPL!PI!GHIVHQRUWEUL!

UWYIL!KL!ULKILP!PL!QONNPL!HTPIKLEWU\ULPJ!`G#!U]EL^VEFM!^HUL!HM!RPF!UPQWGHIULYINPFRP!PGGPNL!UHJ!

LERQEMPIP!SQPW!REUNOLPIPL#!+]EL^VEFM!^HUL!MaIX!KL!RPL!R\IL!GHI!GHISIOMPIPF!KL!UNEGLP!UL\IPU\ULPJX!

RPIJPR!VHQRPI!RP!HGLP!GKUL!E!UKJJP!U\ULPJ#!DPR!KL!VKWP!PL!QONNPL!U\ULPJ!ORNHJJPI!RPL!TZ!PL!

SPMIYFUPL!KFLKQ!TIHRONLPI!HM!WEINUHJVPRPF!NKF!VKWP!UWYIL!WPR!KL!NHJJP!EFR!E!RPF!

UPQWGHIULYINPFRP!PGGPNLX!HM!LEQLIYNNP!GHISIOMPIP!HM!ORWENQPIP#!6TTQP!VKI!HTFZPL!UO^^PU!JPR!

RPIPU!QONNPL!U\ULPJ!TZ!MIOFR!KG!GEIUL_JHWPI_KRWKFLKMP!UHJ!SPUNIPWPL!E!-(A#!

6TTQP!VKI!HTS\MMPL!FHMQP!ULYINP!FPLWYINUPGGPNLPI!MPFFPJ!UKQM!KG!REMELKQ!JOUENX!GEQJX!LW_

UPIEPI!HM!SaMPIX!MPFFPJ!RPIPU!PMPF!REMELKQP!SOLEN!E,OFPU#!;PIJPR!UKJQPI!RP!KQQP!SIOMPIPU!

SPVHW!HJNIEFM!REMELKQL!EFRVHQR!E!PF!JPREPKGUTEQQPIX!UHJ!PI!EFLPMIPIPL!JPR!E$VHFPF#!-FMPF!

KFRIP!WEINUHJVPRPIX!UHJ!TIHRO^PIPI!UJKILTVHFPU!SPUERRPI!RPFFP!UL\INP#!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"<1!=PFF\X!$HF!U#!10>!"<5!DEUEHF*HSEQP!U#!40!




!

! ! Side 53 !

3R!HWPI!KL!NHFULIOPIP!UHGL]KIPX!UZ!GKSIENPIPI!6TTQP!HMUZ!UEFP!PMFP!VKIR]KIP!NHJTHFPFLPI#!

6TTQP!TIHRO^PIP!SQKFRPL!KFRPL!RPIPU!PMPFP!TIH^PUUHIPIX!RPF!F\PULPI!WPIUEHF!VPRRPI!64#!DPR!

UPQW!KL!ULZ!GHI!TIHRONLEHFPF!KG!VKIR]KIP!NHJTHFPFLPIFPX!VKI!6TTQP!JPIP!NHFLIHQ!HWPI!RPIPU!

TIHRONLPL!HM!TIHRONLEHFPF#!!

!

8PIPU!&+!PI!MPFFPJ!KISP`RPL!HM!ULEQQPL!HT!PGLPI!TIEFÊTTPI!RPI!ENNP!KGWEMPU#!8P!VKI!ORWENQPL!PF!

THQELEN!GHI!KTTQENKLEHFPIX!RPI!PI!LEQ!GHI!KL!SPUN\LLP!GHISIOMPIPF!HM!RPJ!UPQW#!2HISIOMPIPF!SQEWPI!

SPUN\LLPL!UZQPRPU!RP!ENNP!SQEWPI!ORUKL!GHI!TIHMIKJJPIX!RPI!ENNP!WEINPI!PQQPI!QPWPI!HT!LEQ!RPF!

QHWPL!WYIRE#!=HFLIHQQPF!JPRGaIPI!HMUZ!PF!UENNPIVPR!HJX!KL!RPI!ENNP!NHJJPI!UNKRPQEML!

UHGL]KIP!TZ!E$VHFP!MPFFPJ!Gi!WEIOU!LIH`KFUNP!VPULP!H#!QE#!8PLLP!PI!JPR!LEQ!KL!UaIMP!GHIX!KL!

NOFRPF!GZI!PF!MHR!HTQPWPQUP!JPR!TIHRONLPLX!VWEQNPL!NKF!JPRGaIP!aMPL!MPFNaSUMIKRPF#!

+KJLEREM!NKF!RP!MPFFPJ!NHFLIHQ!KG!6TT!+LHIPfPF!NHFLIHQQPIP!NHFNOIIPF^P!TZ!KTT_JKINPRPLX!

UZQPRPU!RPI!ENNP!NHJJPI!LIPR`PTKILU!KTTQENKLEHFX!RPI!UWYNNPI!UKQMPL!RPIPU!PMFP!

KTTQENKLEHFPI#!!

!

)F!UL\INP!6TTQP!PI!RPIPU!PNUNQOUEWP!KGLKQPI!JPR!FPLWYINUHTPIKLaIPIX!UHJ!SPUNIPWPL!E!RPF!

PNULPIFP!KFKQ\UP#!&TPIKLaIPIFPU!UOSUEREPI!VKI!SHHULPL!E$VHFPU!TPFPLIKLEHF!EJHR!

JKINPRURHJEFKFU!WPR!KSHFFPJPFLUHIRFEFMPI#!&TPIKLaIPI!MKW!UOSUEREPI!GHI!KL!aMP!RPF!

MPFFPJUFELQEMP!EFRLYML!TI!TPIUHFX!RPIJPR!LKSLP!RP!TZ!HJNHULFEFMPI!TZ!LPQPGHFPF!JPF!UHQMLP!

NOFRPIFP!PL!R\IL!QKFMLERU!KSHFFPJPFLPI"<0#!8PFFP!ULIKLPME!NOFFP!RP!KFWPFRP!TZ!MIOFR!KG!

RPIPU!SIKFRQH\KQP!NOFRPI#!!

!

7/./7-I*)A*+,0+)-,EQ!KL!KFKQ\UPIP!WEINUHJVPRPFU!HWPIHIRFPL!ULIKLPME!NKF!$HILPIU!/PFPIEUNP!+LIKLPMEPI!

KFWPFRPUX!UHJ!S\MMPI!TZ!WEINUHJVPRPFU!NHFNOIIPF^PJYUUEMP!GHIRPQ#!3R!GIK!$HILPIU!

MPFPIEUNP!ULIKLPMEPI!SPF\LLPRP!6TTQP!UEM!KG!PF!REGGPIPFLEPIEFM!ULIKLPME#!8PL!SPL\RPI!KL!RP!VKI!

FHMPL!OFENL!E!GHIVHQR!LEQ!EFROULIEPFX!HM!KL!RPLLP!NKF!SQEWP!HTFZPL!TZ!JKFMP!JZRPI#!6TTQP!VKI!

HTFZPL!RPIPU!MPFFPJ!SIKFR!HM!GOFNLEHFKQELPL#!6TTQP!VKI!PL!ULYINL!SIKFRX!HM!RPL!SPL\RPI!VKI!

JKFMP!QH\KQP!NOFRPIX!VWHIKG!JKFMP!VKI!WYUPFLQEMP!LPNFHQHMEUNP!WERPFX!VWEQNPL!MEWPI!PF!ULHI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"<0!DEUEHF*HSEQP!U#!4"!




!

! ! Side 54 !

MIOTTP!KG!PKIQ\!KRKTLHIU"<4#!6TTQP!VKI!NHFLIHQ!HWPI!ULHIP!RPQP!KG!RPIPU!WYIRENYRPX!VWEQNPL!MaI!

KL!RP!SPRIP!NKF!UL\IP!SIOMPIHTQPWPQUPF!MPFFPJ!VKIR]KIP!RPUEMFX!HTPIKLEW!U\ULPJPL!HM!!

UPIWE^P!HM!KTTQENKLEHFU!SOLENNPF"<9#!

!

6TTQP!PI!PF!KG!WEINUHJVPRPIFPX!UHJ!VKI!JPUL!JKINPRUKFRPQ!TZ!VPFVHQRUWEU!"cbX!JPF!RPL!

KFLKMPU!ENNP!KL!RP!aFUNPI!KL!GZ!PF!JKINPRUQPRPI!THUELEHF#!8PL!UN\QRPU!KL!UHJ!VEMV_PFR!LPQPGHF!

HM!WPR!NOF!KL!GaIP!PF!TIPJEOJ!TIEU!ULIKLPME!ORPQONNPI!JKF!RPQP!KG!LHLKQ!JKINPRPLX!HM!RPL!NKF!

WYIP!UWYIL!KL!WYIP!PF!GaIPFRP!WEINUHJVPR#!!8PL!JZ!RPIGHI!KFLKMPU!KL!RPIPU!JZQ!PI!KL!

SESPVHQRP!RPIPU!FOWYIPFRP!JKINPRUKFRPQX!PGLPIUHJ!RP!L`PFPI!JPUL#!

,EQ!KL!SPUN\LLP!RPIPU!JKINPRUKFRPQ!NKF!RP!KFWPFRP!PF!IYNNP!GHIUWKIUULIKLPMEPI#!.HMQP!MKFMP!

PI!GHIUWKI!RPL!SPRULP!KFMIPSX!HM!UHJ!JKINPRUQPRPI!KFWPFRPU!REUUP!ULIKLPMEPI!JPR!GHIRPQ#!

8PIJPR!GHIUWKI!JKF!UEF!THUELEHF!HWPIGHI!KFMIPS!GIK!NHFNOIIPIPFRP!WEINUHJVPRPI#!)F!JZRP!

VWHITZ!RP!GHILUKL!NKF!GKULVHQRP!RPIPU!THUELEHF!PIX!RPL!UHJ!=HLQPI!SPLPMFPI[!$HUELEHF!RPGPF^P#!

8PFFP!ULIKLPME!KFWPFRPU!KG!WEINUHJVPRPIX!RPI!WEQ!GHIUWKIP!UEM!HM!UYLLP!UEM!TZ!PF!SPULPJL!TQKRU!

TZ!JKINPRPLX!HM!RPL!NKF!MaIPU!MPFFPJ!Va`!SIKFR_POEL\X!NOFRPLEQGIPRUVPRX!NOFRPQH\KQELPL!HM!

Va`!MPFNaSUMIKR"<:#!-GaQMP!6TTQP!UPQWX!GHIUaMPI!RP!ENNP!KL!L`PFP!TPFMPX!JPF!KL!LEQGIPRUULEQQP!

NOFRPU!SPVHW#!8P!JPFPI!KL!EFRL`PFEFM!NHJJPI!UHJ!IPUOQLKL!KG!KL!LEQGIPRUULEQQP!NOFRPF"<>!#!

/PFFPJ!LEQGIPRUULEQQPU!KG!NOFRPFU!SPVHW!NKF!WEINUHJVPRPIFP!VKWP!Va`PIP!JKIMEFX!GHIRE!

NOFRPI!PI!FaR!LEQ!KL!VKWP!TIHRONLPL!PQQPI!UPIWE^PFX!RPIGHI!PI!RP!WEQQEMP!LEQ!KL!SPLKQP!GHI!RPLX!

VWEQNPL!MaI!KL!WEINUHJVPRPF!NKF!LKMP!PF!TIPJEOJ!TIEU#!8PFFP!ULIKLPME!KFWPFRPU!KG!

JKINPRUQPRPIPX!JPF!UPQWHJ!6TTQP!ENNP!PI!JKINPRUQPRPIX!JPFPU!RP!KL!GaQMP!RPFFP!ULIKLPME!

GHIRE!6TTQP!VKI!PF!Va`PUL!TIHGEL!JKIMEF!TZ!RPIPU!UJKILTVHFP!E!GHIVHQR!LEQ!KFRIP!

NHFNOIIPFLPI"<c#!6TTQP!VKI!HTFZPL!RPLLP!WPRX!KL!SPMIYFUP!RPIPU!ORWKQM!KG!JHRPQQPI!LEQ!LH#!6L!

SPMIYFUP!ORWKQMPL!KG!JHRPQQPI!UEJTQEGE^PIP!TIHRONLEHFPF!HM!NHHIREFKLEHFPF!JPR!UKJQEFM!HM!

QPWPIKFRaI""<X!VWEQNPL!JEFEJPIP!RPIPU!HJNHULFEFMPI#!8K!RP!PI!RPF!WEINUHJVPR!RPI!L`PFPI!

JPUL!TZ!RPIPU!UJKILTVHFPX!PI!RPL!ENNP!FaRWPFREML!KL!ORWERP!RPIPU!JKINPRUKFRPQX!JPF!SQHL!

GKULVHQRP!RPL!RP!VKI!HTFZPL#!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"<4!=PFF\!n!$HF!U#!10>!"<9!DEUEHF*HSEQP!U#!40!"<:!=HLQPI!U#!5"c!"<>!=EQRP!59!"<c!=EQRP!5>!""<!=EQRP!5:!




!

! ! Side 55 !

!

7/./:-W+'U%"'U)%(0&--!VPFVHQR!LEQ!KL!6TTQPU!JZQ!HJX!KL!RP!PI!LEQGIPRUP!JPR!RPIPU!JKINPRUKFRPQX!JPFPU!RP!KL!VKWP!

IPUTHFUTIHGEQPF!UPQPNLEW!NHFNOIIPFL#!8PL!PI!E!VPFVHQR!LEQ!;HQQPFUPF!PF!NHFNOIIPFL!RPI!IPKMPIP!

TZ!WEUUP!KFMIPS"""#!;WEU!PF!WEINUHJVPR!PI!LEQGIPRU!JPR!UEF!FOWYIPFRP!JKINPRUKFRPQX!WEQ!RP!

ENNP!MZ!EFR!HM!IPKMPIP!TZ!KFRIP!WEINUHJVPRPIU!KFMIPS!TZ!JKINPRPLX!NOF!VWEU!RPL!PI!IPLLPL!

REIPNLP!JHR!RPJ#!2HI!PNUPJTPQ!VKI!6TTQP!ENNP!VKI!QKRPL!UEM!TZWEINP!KG!RP!TIEUUYFNPQUPI!PQQPI!

QH]!^HUL!UJKILTVHFPU!TZ!JKINPRPL#!$IEUPF!TZ!RPF!F\PULP!E$VHFP!VKI!FYULPF!KQLER!WYIPL!GKULX!

HM!RPI!GHIPNHJJPI!EFMPF!TIEUGHIUNPQ!E!SOLENNPIFP#!*PF!FZI!6TTQP!GaQPI!UEM!LIOPL!TZ!RPIPU!

GHIIPLFEFMUJHRPQX!UHJ!RP!JPFPI!+KJUOFM!VKI!TIaWPI!KL!PGLPIQEMFPX!UWKIP!RP!LEQSKMP!JPR!

IPLUUKMPI""1#!

!

6TTQP!VKI!HTFZPL!PF!OFEN!THUELEHF!TZ!JKINPRPL#!8PIPU!TIHGEL!TZ!UJKILTVHFP!RYNNPI!4<b!KG!

RPL!LHLKQP!JKINPRPL#!DEINUHJVPRPIFP!TIaWPI!KL!HTFZ!UKJJP!THUELEHFX!HM!L`PFP!QEMP!UZ!JPMPL!

UHJ!6TTQPX!JPF!UKJLEREM!aFUNPI!RP!HMUZX!KL!GKULVHQRP!RPIPU!THUELEHF!TZ!JKINPRPLX!HM!RPIGHI!

PI!FaR!LEQ!KL!UYQMP!RPIPU!TIHRONLPI!JPR!PF!QEQQP!TIHGEL!JKIMEF""5#!8PL!WEQ!LKMP!PF!GOQRULYFREM!

HJWPFREFM!KG!UTEQQPIPMQPI!TZ!JKINPRPL!GHI!KL!ORGHIRIP!6TTQPU!GaIPFRP!THUELEHF#!*PF!UZRKFFP!

HJWPFREFMPI!PI!UPL!GaI!E!RPF!LOISOQPFLP!JHSEQEFROULIEX!GHI!PNUPJTPQ!UPU!.HNEK!LEQSKMP!MKFM!

UERPF!1<<:""0!

!

7/5-W+'+A)M$-0"-;%*0%"-!

%PUPKI^V!EF!*HLEHF!B%-*C!PI!PL!^KFKREUN!

JOQLEFKLEHFKQL!LPQPNHJJOFENKLEHFUUPQUNKS!

JPR!VHWPRUYRP!E!jKLPIQHH!AKFKRKX!RPI!

RPUEMFPIX!TIHRO^PIPI!HM!JKINPRUGaIPI!UJKILTVHFPU!LEQ!RPL!MQHSKQP!JHSEQJKINPR#!%-*U!

UJKILTVHFP!VPRRPI!'QK^N'PII\!HM!SPUERRPI!GOFNLEHFPIFP!UHJ!P_JKEQX!EFULKFL!JPUUKMEFMX!+*+X!

EFLPIFPL!HM!EFLIKFPL_SKUPIPRP!KTTQENKLEHFPI!HM!]PSSIH]UEFM#!8PL!TIEJYIP!UKQM!KG!'QK^N'PII\U!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"""!;HQQPFUPF!U#!":5!""1!=EQRP!5c!""5!=EQRP!5>!""0!DEUEHF*HSEQP!U#!40!




!

! ! Side 56 !

UNPI!TZ!RPL!FHIRKJPIENKFUNP!JKINPRX!HM!PI!ULaLLPL!KG!DPIEoHF!jEIPQPUUX!PF!KG!RP!GaIPFRP!

KJPIENKFUNP!FPLWYINUORS\RPI!""4#!8P!SQPW!MIOFRQKML!KG!*ENP!(KoKIEREU!HM!kEJ!'KQUEQQEPX!RPI!E!

RKM!GOFMPIPI!UHJ!FYULGHIJKFR!GHI!%-*U!SPUL\IPQUP!HM!GHIJKFR!GHI!SPUL\IPQUPFU!F\P!

EFFHWKLEHFU!ORWKQM#!!

-!JKFMP!KUTPNLPI!KFWPFRPI!%-*!UKJJP!ULIKLPME!UHJ!6TTQPX!WPR!KFWPFRPQUP!KG!PL!QONNPL!

U\ULPJX!JPF!RP!VPFWPFRPI!UEM!LEQ!PL!KFRPL!UPMJPFL#!%-*U!TIEJYIP!JZQMIOTTP!PI!PIVWPIWUGHQNX!

HM!RPFFP!JZQMIOTTP!GHIUaMPI!RP!KL!IKJJP!WPR!GHIUNPQQEMP!OFENNP!GOFNLEHFPI""9#!-!UPTLPJSPI!

1<""!HWPIULEMPI!'QK^N'PII\!:<!JEQQEHFPI!SIOMPIP!TZ!WPIRPFUTQKFX!HM!WHNUPI!JPR!0<b!HJ!

ZIPL#!DEINUHJVPRPFU!HJUYLFEFM!WKI!E!1<""!TZ!t"cXc<:!JEQQEKIRPIX!VWEQNPL!WKI!PF!ULEMFEFM!TZ!

55X"b!GIK!ZIPL!GaI#!

!

-!3+6!PI!'QK^N'PII\!LIKRELEHFPQL!ULYINL!TZ!SOUEFPUUJKINPRPL#!-!DPULPOIHTK!HM!(KLEFKJPIENK!

VKI!%-*U!'QK^N'PII\!GOFRPL!UO^^PU!SQKFRL!OFMP!GHISIOMPIP!E!KQRPIPF!"4!LEQ!5<X!UHJ!SIOMPI!

TQKLGHIJPF!GHI!UHÊKQL!UKJWYI#!8PF!ULYINP!LEQLIYNFEFM!KG!GHISIOMPIP!UN\QRPU!LEQ!RPF!RPQU!

WPQQ\NNPL!EFLPMIKLEHF!KG!2K^PSHHN!HM!'QK^N'PII\!*PUUPFMPI!B''*C"":#!!

!

7/5/.-I*F)B+)-%,-'SA,$+#+)-)F!KG!%-*fU!UL\INPI!QEMMPI!EX!KL!RP!VKI!UNKSL!PF!FE^VP!TZ!SOUFEPUUJKINPRPL#!8P!VKI!VEULHIEUN!UPL!!

GHNOUPIPL!TZ!QaUFEFMPI!LEQ!WEINUHJVPRPIX!VWEQNPL!VKI!MEWPL!RPJ!PF!JKINPRUQPRPFRP!IHQQP!TZ!

SOUEFPUUJKINPRPL#!2OFNLEHFKQELPLPFX!UENNPIVPRPF!HM!TZQERPQEMVPRPF!VKI!M`HIL!KL!RPL!PI!JOQEML!

GHI!'QK^N'PII\!)FLPITIEUP!+HQOLEHFX!KL!SQEWP!QPRPI!TZ!SOUEFPUUJKINPRPL!HM!JPIP!PFR!c<b!KG!

2HILOFP!4<<!WEINUHJVPRPIFP!KFWPFRPI!'QK^N'PII\!SOUEFPUUQaUFEFM"">#!%-*fU!OFENNP!

UENNPIVPR!PI!RPIPU!ULHIP!GHIRPQ#!8PF!SIELEUNP!IPMPIEFMU!KGRPQEFM!GHI!RKLKUENNPIVPR!VKI!ORLKQL!KL!

'QK^N'PII\!PI!RPF!PFPULP!UJKILTVHFPX!RPI!PI!MHRNPFRL!LEQ!SPVKFRQEFM!KG!VPJJPQEMP!

HTQ\UFEFMPI!KG!JEFEULPIEPI!HM!HIMKFEUKLEHFPI""c#!!

!

8PIPU!SOUEFPUUGOFNLEHFPI!PI!RPIPU!NHFNOIIPF^PGHIRPQ#!8EUUP!HJGKLLPI!GOQR!NI\TLPIEFM!KG!

PFVPRPFX!VWEQNPL!MaI!RPL!JOQEML!KL!NI\TLPIP!NHJJOFENKLEHF!JPQQPJ!LPQPGHFPFU!SIOMPIP!HM!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""4!DEUEHF*HSEQPX!U#01!""9!=EQRP!0<!"":!DEUEHF*HSEQPX!U#0"!"">!%-*!m!8KLKJHFELHIX!U#1!""c!=EQRP!0"!!




!

! ! Side 57 !

WEINUHJVPRPFU!UPIWPI"1<#!8PIPU!^QHOR_LPNFHQHMEX!UHJ!RP!VKI!SIOML!RP!UPFPULP!"<!ZI!TZ!KL!

ORWENQPX!LEQQKRPI!RKLK_TOUV!HM!SPUNPR_TOUV#!)F!GOFNLEHF!UHJ!GaIUL!GHI!F\QEML!PI!NHJJPL!TZ!

NHFUOJPFLJKINPRPLX!JPF!UHJ!%-*!VKI!KFWPFRL!E!QKFM!LERX!HM!UHJ!VKI!MEWPL!RPJ!PF!WYUPFLQEM!

NHFNOIIPF^PGHIRPQ#!!

!

)F!GHIRPQ!GHI!%-*!PIX!KL!NHFUOJPFLJKINPRPL!VKI!MPFFPJ!LERPF!WYIPL!JPMPL!

NHFNOIIPF^PTIYMPLX!HM!RP!VKI!WYIPL!E!ULKFR!LEQ!KL!PLKSQPIP!PF!FE^VP!TZ!SOUFEPUUJKINPRPL#!8P!

LEQS\RPI!PL!OFENL!UYL!KG!L`PFPULPIX!JPFU!NHFNOIIPFLPIFP!GaIUL!FO!PI!SPM\FRL!KL!SPWYMP!UEM!EFR!

TZ!RPLLP!JKINPR#!%PUOQLKLPL!KG!RPLLP!PIX!KL!%-*!VKI!GZPL!PF!QPRPFRP!THUELEHF!TZ!

SOUEFPUUJKINPRPL"1"X!VWEQNPL!E!GIPJLERPF!NKF!WEUP!UEM!KL!WYIP!SPL\RFEFMUGOQR!

!

%-*fU!UWKMVPRPI!SPULZI!EX!KL!RP!VKI!LKSL!JKINPRUKFRPQX!VWEQNPL!UN\QRPUX!KL!RP!GHIUaMPI!KL!

LEQGIPRUULEQQP!LH!VPQL!GHIUNPQQEMP!UPMJPFLPI!MPFFPJ!UKJJP!TIHRONLX!HM!KL!RP!LKMPI!QKFM!LER!HJ!

TIHRONLQKF^PIEFM#!!

8P!VKI!LKSL!JKINPRUKFRPQ!LEQ!6TTQP!HM!/HHMQP!TZ!MIOFR!KG!RPF!EFLPFUP!NHFNOIIPF^P!TZ!

NHFUOJPFLJKINPRPL#!8P!PI!MZPL!GIK!KL!VKWP!PF!JKINPRUKFRPQ!TZ!"9b!E!1<"<!LEQ!KL!VKWP!PF!

KFRPQ!TZ!"<X0b!E!1<"""11#!!8PL!NKF!GHINQKIPU!OR!GIKX!KL!RPIPU!TIHRONLQEF`PFU!JKFMQPI!

KTTPQQPIEFM!LEQ!PL!UTPÊGENL!NHFUOJPFLX!VWEQNPF!NKF!UPU!OR!GIK!KL!RPIPU!WYNUL!VKI!WKIEPIPL!

JPQQPJ!0<b!HM!""<b!E!TPIEHRPF!1<<4!LEQ!1<"<"15#!8P!PI!UTQELLPL!JPQQPJ!RPIPU!LH!UPMJPFLPI!

UHJ!PI!SOUFEPUUJKINPRPL!HM!NHFUOJPFLJKINPRPL#!8EUUP!LH!UPMJPFLPI!PI!UWYIP!KL!

LEQGIPRUULEQQP!JPR!UKJJP!TIHRONLX!GHIRE!RP!ULEQQPI!GHIUNPQQEMP!NIKW#!

)FRFO!PF!UWKMVPR!VHU!%-*!PIX!KL!RP!LKMPI!QKFM!LER!HJ!KL!TIHRONLQKF^PIP!HM!HTRKLPIP#!+PQWHJ!

'QK^NSPII\!PI!PF!UO^^PUX!PI!RPIPU!&+!PI!GHIYQRPLX!HM!RPL!MaI!RPL!UWYIL!GHI!%-*!KL!NHFNOIIPIP!

JPR!UJKILTVHFPU"10#!+KJLEREM!VKI!RP!VKGL!PF!IYNNP!GHIUEFNPQUPI!HM!VKI!ENNP!NOFFP!NHJJP!

JPR!F\P!TIHRONLQKF^PIEFM#!DEINUHJVPRPF!VKI!ENNP!WYIPL!E!ULKFR!LEQ!KL!GaQMP!JPR!RPL!

LOISOQPFLP!JHSEQJKINPRX!VWHI!6TTQPU!HM!/HHMQPU!TQKLGHIJP!WYNULPI!VOILEML#!%-*!VKI!ENNP!

EFLIHRO^PIPL!PF!F\!JHRPQ!UERPF!6OMOUL!1<"<#!8PIPU!JKFMQPFRP!PWFP!LEQ!KL!QKF^PIP!PF!

SKFPSI\RPFRP!'QK^N'PII\_JHRPQ!VKI!WYIPL!PF!KG!MIOFRPFP!LEQX!KL!RP!VKI!LKSL!JKINPRUKFRPQ!LEQ!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"1<!'QK^N'PII\!kKWK!8PWPQHTJPFL!)FWEIHJPFLX!U#54!"1"!%-*!m!8KLKJHFELHIX!U#5!"11!=EQRP!>!"15!%-*!m!8KLKJHFELHIX!U#5!"10!DEUEHF*HSEQP!U#!0"!




!

! ! Side 58 !

6TTQP!HM!/HHMQP"14#!%-*!VKI!HMUZ!WYIPL!SKMOR!JPR!EFRGaIPQUPF!KG!KTTQENKLEHFPIX!UHJ!VKI!VKGL!

ULHI!SPL\RFEFM!GHI!NHFUOJPFLJKINPRPL#!2aIUL!E!+PTLPJSPI!1<""!QKF^PIPRP!RP!6TT!jHIQRX!RPI!

PI!RPIPU!HFQEFP!SOLEN!GHI!KTTQENKLEHFPI!HM!VKI!^K#!54#<<<!KTTQENKLEHFPI"19X!UKJJPFQEMFPL!JPR!

6TTQPX!RPI!VKWRP!4<#<<<!KTTQENKLEHFPIX!RK!RP!QKF^PIPRP!RPIPU!E!1<<:#!!

*KFMPQ!TZ!F\P!TIHRONLQKF^PIEFMPIX!EFLPFU!NHFNOIIPF^P!HM!JKFMPQ!TZ!PF!ULYIN!THUELEHF!TZ!

UJKILTVHFP_JKINPRPL!VKI!WYIPL!RP!TIEJYIP!ZIUKMPI!LEQ!LKS!KG!JKINPRUKFRPQP#!2HILUKL!LKS!NKF!

IPUOQLPIP!E!GKQRPFRP!HJUYLFEFM#!!

!

7/5/5/-I*)A*+,0-%-*!VKI!GHIUaMLX!KL!NHJJP!EFR!TZ!RPL!VOILEML!WHNUPFRP!NHFUOJPFLJKINPRX!VWEQNPL!SPLPMFPU!

UHJ!WYNULULIKLPMEPF!JKINPRUORWENQEFM#!*PF!RPLLP!UQHM!GP`QX!UHJ!SPUNIPWPL!HWPF!VKI!RP!JEULPL!

JKINPRUKFRPQ#!*ZQPL!GHI!%-*!JZ!RPIGHI!KFLKMPU!KL!WYIP!KL!MPFWEFRP!JKINPRUKFRPQ#!8PF!

TKUUPFRP!WYNULULIKLPME!GHI!RPL!PI!JKINPRUTPFPLIKLEHF"1:#!8P!NOFFP!PNUPJTPQWEU!GHIUaMP!KL!

JPR!V\TTEM!ORUNEGLFEFM!GHI!KL!aMP!MPFNaSUMIKRPF#!8PL!MaIPU!WPR!KL!QKF^PIP!F\P!LPQPGHFPI!JPR!

F\!LPNFHQHMEX!HM!ORPQONNP!YQRIP!JHRPQQPI!GIK!HTRKLPIEFMPI!GHI!KL!GIPJLWEFMPF!PL!MPFNaS#!!

!

2HI!KL!NYJTP!JHR!NHFNOIIPFLPIFP!TZ!JKINPRPLX!KFWPFRPI!%-*!RPF!MPFPIEUNP!ULIKLPME!

REGGPIPFLEPIEFM#!8PL!WOIRPIPU!OR!GIK!RPF!GHIJ!GHI!UENNPIVPR!RP!KFWPFRPI#!8PIPU!

UENNPIVPRUU\ULPJ!HM!WEINUHJVPRU!QaUFEFMPI!PI!RPIPU!NPIFPNHJTPLPF^PX!VWEQNPL!PI!RPL!RPI!VKI!

MEWPL!RPJ!UO^^PU!TZ!SOUEFPUUJKINPRPL#!8K!RP!GHIUaMPIX!KL!JKINPRUORWENQP!LEQ!

NHFUOJPFLJKINPRPLX!VKI!RP!NOF!RPF!GHIRPQ!KL!RP!VKI!PL!G\UEUN!LKULKLOIX!VWEQNPL!ENNP!VKI!WYIPL!

LEQULIYNNPQEML#!)L!GHIUaM!TZ!KL!EFLIHRO^PIP!F\P!UJKILTVHFPU!JPR!G\UEUN!LKULKLOI!PI!SQHL!PF!

WKIEKLEHF!KG!UKJJP!TIHRONLNHF^PTLX!UHJ!QERPI!KG!JKFMQPFRP!TIHRONLEFFHWKLEHF"1>#!8PIGHI!SaI!

RP!GQ\LLP!RPIPU!ULIKLPME!GIK!REGGPIPFLEPIPL!LEQ!GHNOUPIPL!REGGPIPFLEPIPLX!UZQPRPU!RP!NOF!VPFWPFRPI!

UEM!LEQ!SOUFEPUUJKINPRPL#!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"14!%-*!m!8KLKJHFELHIX!U#0!"19!DEUHF*HSEQP!U#!05!"1:!=HLQPI!U#!c0!"1>!DEUEHF*HSEQPX!U#04!




!

! ! Side 59 !

'QK^N'PII\!PI!UTQELLPL!JPQQPJ!LH!JKINPRPLX!VWEQNPL!MEWPI!RPJ!PF!ONQKI!THUELEHF!TZ!JKINPRPL#!

8P!GHIUaMPI!UEM!JPR!UHJ!JKINPRUFE^VPX!WPR!RPIPU!WEINUHJVPRUQaUFEFMPIX!HM!UKJLEREM!WEQ!RP!

MPIFP!WYIP!TZ!NHFUOJPFLJKINPRPLX!VWHI!RPIPU!THUELEHF!PI!JKINPRUGaQMPI#!

$Z!SOUEFPUUJKINPRPL!KFWPFRPI!RP!FE^VP_ULIKLPMEPF!WPILENKQ!FEWPKO!UTPÊKQEUL#!8PL!SPL\RPI!KL!

WEINUHJVPRPF!UTPÊKQEUPIP!UEM!E!RPF!!WPILENKQP!RPQ!KG!WYIRENYRPF"1c#!8PLLP!UNKQ!UPU!UHJ!RPIPU!

QONNPL!HTPIKLEWU\ULPJ!RP!UPQW!ORWENQPI!HM!WPRQEMPVHQRPIX!HM!RPIJPR!NKF!RP!LEQTKUUP!RPIPU!

TQKLGHIJ!LEQ!NOFRPFU!U\ULPJ#!*PR!NHFLIHQQPF!HWPI!RPL!QONNPRP!U\ULPJ!PI!RPL!HMUZ!FPJJPIP!KL!

GaIP!LEQU\F!JPR!UNKRPQEML!UHGL]KIPX!HM!RPIWPR!UENIP!%-*X!NOFRPIFP!HWPIGHI!KFMIPS!GIK!G#PNU#!

WEIOU!PQQPI!JKQ]KIP#!!

DPR!KL!WYIP!E!PL!LOISOQPFL!JEQà!UHJ!JHSEQJKINPRPLX!PI!RPL!WEMLEML!KL!GHIF\!UEMX!HM!NHJJP!JPR!

F\P!EFFHWKLEWP!LEQLKM#!$Z!NHFUOJPFLJKINPRPL!PI!%-*!JKINPRUGaQMPI#!8PL!WOIRPIPU!OR!GIK!

RPIPU!JKFMQPFRP!TIHRONLQKF^PIEFMX!HM!RPIGHI!FZI!RP!QKF^PIP!TIHRONLPI!SQEWPI!RPLLP!LEQ!

TIHRONLEJELKLEHF#!$IHRONLEJELKLEHF!PI!PF!ULIKLPME!GHI!PF!JKINPRUGaQMPI!HM!PI!MHR!GHIRE!

WEINUHJVPRPIFP!UTKIP!TPFMP!TZ!IPUPKI^V!n!RPWPQHTJPFL#!8PFFP!ULIKLPME!UPU!SQKFRPL!KFRPL!

WPR!RPIPU!UPFP!KFFHF^PIEFM!KG!PF!KTTQENKLEHFU!SOLENX!UHJ!NHFNOIIPFLPIFP!VKI!VKGL!QYFMP#!

8PIFYUL!UPU!RPL!WPR!QKF^PIEFM!KG!RPIPU!LKSQPLX!VWHI!RP!HMUZ!TIYUPFLPIPI!PL!F\L!U\ULPJ!''uX!

UHJ!UNKQ!TZ!KQQP!RPIPU!UJKILTVHFPU!HM!LKSQPL!E!PL!GHIUaM!TZ!KL!EFLPMIPIP!REUUP!LH!PFVPRPI!JPIP#!

+\ULPJPL!PI!PL!F\L!LEQLKM!GIK!%-*X!JPF!RPL!S\RPI!ENNP!TZ!FHMPL!F\LX!HM!LEQS\RPI!RPLX!UHJ!KFRIP!

U\ULPJPI!HMUZ!LEQS\RPI"5<#!

!

7/5/7-W+'U%"'U)%(0&-'QK^N'PII\U!IPUTHFUTIHGEQ!SQEWPI!RPL!UHJ!;HQQPFUPF!SPLPMFPI!UHJ!QKER_SK^N!NHFNOIIPFL#!)F!

QKER_SK^N!NHFNOIIPFL!PI!PF!UHJ!ENNP!IPKMPIP!VOILEML!PQQPI!ULYINL!TZ!PF!IEWKQU!ORUTEQ"5"#!8PI!

NKF!WYIP!JKFMP!ZIUKMPI!LEQ!RPLLP!JaFULPI#!*OQEMP!ZIUKMPI!LEQ!KL!%-*!KFWPFRPI!RPFFP!

IPUTHFUTIHGEQ!NKF!WYIP!KL!RP!JPFPI!KL!RPIPU!NOFRPI!TZ!SOUEFPUUJKINPRPL!PI!QH\KQPX!!KL!RP!PI!

QKFMUHJJP!LEQ!KL!HTGKLLP!GHIKFRIEFMPI!PQQPI!KL!RP!ENNP!VKI!IPUUHOI^PI!LEQ!KL!IPKMPIP#!

%-*!PI!UTQELLPL!JPQQPJ!LH!JPMPL!GHIUNPQQEMP!UPMJPFLPI[!NHFUOJPFLJKINPRPL!HM!

SOUFEPUUJKINPRPL#!+PMJPFLPIFP!VKI!SPMMP!WERL!GHIUNPQQEMP!NIKW!LEQ!PF!JHSEQX!HM!RP!NKF!ENNP!

LEQGIPRUULEQQP!SPMMP!UPMJPFLPI!JPR!UKJJP!TIHRONLPI#!%-*!UNKQ!PFRLP!WYQMPX!KL!GHNOUPIP!TZ!PL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"1c!=HLQPI!U#!554!"5<=EQRP!0<!"5"!;HQQPFUPF!U#!":5!




!

! ! Side 60 !

UPMJPFL!PQQPI!QKWP!UPTKIKLP!TIHRONLPI!GHI!KL!HTG\QRP!NOFRPIFPU!SPVHW#!2HI!PQQPIU!WEQ!RP!SQEWP!

WPR!JPR!KL!LKSP!KFRPQ!JHR!UEFP!NHFNOIIPFLPI"51#!

-

7/7-T%B0A-!

!

7/7/.-V%)*-%4-.HNEK!PI!PF!GEFUN!JOQLEFKLEHFKQ!NHJJOFENKLEHFU!

WEINUHJVPR!JPR!VHWPRUYRP!E!)UTHH!PF!S\!

FYIQEMMPFRP!;PQUEFNE#!8P!GIPJULEQQPI!JHSEQP!PQPNLIHFEUNP!KTTKIKLPIX!TIEJYIL!JHSEQLPQPGHFPI!

HM!KFRIP!PFVPRPI!IPQKLPIPL!LEQ!NHJJOFENKLEHF#!8P!VKI!"5<#<<<!JPRKISP`RPIP!E!"1<!QKFRPX!JPR!

UKQM!E!JPIP!PFR!"4<!QKFRP!HM!RPF!ZIQEMP!HJUYLFEFM!PI!TZ!HWPI!v!5>!JEQQEKIRPI!HM!VKWRP!PL!

OFRPIUNOR!TZ!HJNIEFM!v!"!JEK!E!1<"""55#!.HNEKU!JKINPRUTHILPGaQ`P!NKF!HTRPQPU!E!LIP!MIOTTPI[!

2HI!RPL!GaIULP!TIHRO^PIPI!RP!JHSEQLPQPGHFPI#!8P!WKI!WPIRPFU!ULaIULP!TIHRO^PFL!KG!

JHSEQLPQPGHFPI!E!1<""X!JPR!PF!MQHSKQ!JKINPRUKFRPQ!TZ!15b!E!KFRPL!NWKILKQ"50#!2HI!KFRPL!VK!RP!

RPL!PL!`HEFL!WPFLOIP!UPQUNKS!JPR!+EPJPFU!B.HNEK!+EPJPFU!.PL]HINUCX!RPI!TIHRO^PIPI!

FPLWYINU_ORUL\I!"54#!+ERUL!LEQS\RPI!RP!HMUZ!REMELKQP!NHIL!HM!FKWEMKLEHF!MPFFPJ!RKLLPIUPQUNKSPL!

.KWLPq#!

!

.HNEK!VKI!WYIPL!PF!KG!WPIRPFU!GaIPFRP!JHSEQTIHRO^PFLPIX!JPF!RP!UPFPULP!TKI!ZI!PI!

NHFNOIIPF^PF!TZ!JKINPRPL!EFLPFUEWPIPL#!-!RKM!UNPI!.HNEKU!TIEJYIP!EFRLYML!WPR!UKQM!KG!

JHSEQLPQPGHFPI!LEQ!ORWENQEFMU!QKFRP"59#!*PF!TZ!LIHRU!KG!PL!ULYINL!UKQM!LEQ!REUUP!QKFRPX!VKI!RPI!

WYIPL!FPRMKFM!E!RPIPU!JKINPRUKFRPQ!GIK!9<b!LEQ!5<b!TZ!VPQP!JHSEQJKINPRPL#!!

.HNEK!WKIX!UHJ!RPF!RHJEFKFLP!TIHRO^PFLX!VPQL!NQKI!HWPI!JKINPRPLU!ORWENQEFM!KG!EFLPIFPLLPL!HM!

JHSEQLPQPGHFPFU!UKJJPFUQOLFEFM#!8PIGHI!MEN!RP!LIP!ULaIULP!JHSEQGKSIENKFLPIX!.HNEKX!)IIEÛHF!

HM!*HLHIHQKX!UKJJPF!E!"cc>!GHI!KL!QKWP!PL!UL\IPU\ULPJ!LEQ!UJKILTVHFPF#!8PLLP!U\ULPJ!WKI!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"51!DEUEHF*HSEQP!U#!09!"55!.HNEKU!ZIUIKTTHIL!1<""X!U#1<!"50!=EQRP!05!"54!=EQRP!40!"59!.HNEKU!ZIUIKTTHIL!1<""X!U#0!




!

! ! Side 61 !

+\JSEKF#!.HNEKU!ULIKLPME!WKI!KL!QKWP!PF!GYQQPU!TQKLGHIJX!HM!RPIJPR!UENIP!RPIPU!RHJEFKFU!ENNP!

SQPW!LIOPL!KG!RP!F\P!GHIKFRIEFMPI#!DPR!ORMKFMPF!KG!1<<:!KFWPFRLP!^K#!94b!KG!UJKILTVHFP_

JKINPRPL!+\JSEKF!UHJ!UL\IPU\ULPJX!VWHI!jEFRH]U!ULHR!"1b!HM!E$VHFP!GHI!9X4b"5:#!-!ÒFE!

1<<>!HTNaSLP!.HNEK!RPF!GOQRP!IPLLEMVPR!LEQ!U\ULPJPL!HM!SPM\FRLP!KL!REULIESOPIP!U\ULPJPL!UHJ!

PL!ZSPFL!U\ULPJ#!*PF!TIPUUPL!KG!RPF!VZIRP!NHFNOIIPF^PX!KFFHF^PIPRP!.HNEK!E!1<""!KL!

NHJJPFRP!.HNEK!LPQPGHFPI!ENNP!WEQ!KFWPFRP!+\JSEKF!JPF!E!ULPRPL!jEFRH]U!$VHFP!:"5>#!

!

7/7/5-I*F)B+-%,-'SA,$+#+)-8PF!ULIKLPMEUN!KQQEKF^P!UNKQ!UPU!UHJ!.HNEKU!GHIUaM!TZ!KL!MPFWEFRP!JKINPRUTHUELEHF!TZ!

UJKILTVHFP_JKINPRPL#!8PLLP!GHIUaM!NKF!MZ!SPMMP!WP`PX!HM!NKF!GZ!KQWHIQEMP!GaQMPI!GHI!.HNEKX!!

VWEU!RPL!ENNP!Q\NNPU!NKF!RPL!SQEWP!UWYIL!KL!MPFWEFRP!RPFFP!THUELEHF!E!GIPJLERPF#!DKQMPL!KG!

jEFRH]U!$VHFP!:!PI!HMUZ!PL!UKLUX!RK!U\ULPJPL!PI!F\L!HM!OTIaWPL!TZ!JKINPRPLX!HM!RPL!WERPU!

ENNPX!VWHIRKF!GHISIOMPIPF!WEQ!LKMP!E!JHR!RPL#!+HJ!LERQEMPIP!SPUNIPWPL!PI!RPIPU!KQQEKF^P!S\MMPL!

TZ!PL!KGVYFMEMVPRUGHIVHQRX!VWHI!SPMMP!PI!KGVYFMEMP!KG!RPL!NHJJPI!LEQ!KL!MZ!MHRL#!.HNEKX!RPI!

VKI!RPIPU!UL\INP!E!VKIR]KIP!HM!*EÎHUHGLX!RPI!VKI!UEF!UL\INP!E!UHGL]KIP#!

!

+L\INPF!WPR!KFWPFRPQUP!KG!jEFRH]U!$VHFP!:!PI!JOQEMVPRPF!GHI!KL!NOFFP!EFLPMIPIP!.HNEKU!

LPQPGHFPI!JPR!*EÎHUHGLU!aWIEMP!TIHRONL!THILPGaQ`P#!jEFRH]U!$VHFP!:!PI!PL!ULYIN!

REGGPIPFLEPIPL!U\ULPJX!UHJ!UNEQQPI!UEM!OR!GIK!NHFNOIIPFLPIFP!E!UEL!RPUEMF#!;PFUEMLPF!PI!JPR!

LERPF!KL!*EÎHUHGL!WEQ!LEQS\RP!PL!UL\IPU\ULPJX!UHJ!NKF!KFWPFRPU!LEQ!$AX!LKSQPLU!HM!UJKILTVHFP!

HM!RPIJPR!EFLPMIPIPL!JPR!KQQP!PFVPRPI!HM!MEWP!PF!OFEN!SIOMPIHTQPWPQUPX!HM!VWEU!RPL!Q\NNPU!WEQ!

RP!VKWP!PF!WYUPFLQEM!NHFNOIIPF^PJYUUEM!GHIRPQ!HWPIGHI!6FRIHER!LPQPGHFPI#!*PR!jEFRH]U!

$VHFP!:!JPRGaQMPI!HMUZ!PF!EFLPMIKLEHF!KG!PF!QKFM!IYNNP!*EÎHUHGL!TIHRONLPI#!,EQ!RPIPU!LPQPGHF!

JPRGaQMPI!PF!JHSEQWPIUEHF!KG!HGGE^PTKNNPFX!UHJ!RP!GQPULP!$^fPI!KFWPFRPI!UHJ!

LPNULSPVKFRQEFMUTIHMIKJ#!8PIJPR!NKF!JKF!ULKILP!PL!RHNOJPFL!HM!GYIREMMaIP!RPL!TZ!UEF!

UJKILTVHFP#!8PIFYUL!PI!LPQPGHFPF!EFLPMIPIPL!JPR!RPIPU!NHFUHQ!*EÎHUHGL!uSHiX!UHJ!PI!PF!

JPREPUPIWPI!HM!UTEQQPNHFUHQ#!8PFFP!GHIJ!GHI!EFLPMIKLEHF!JPR!WEINUHJVPRPFU!TIHRONLPI!PI!

NOF!UPL!VHU!6TTQP#!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"5:!=PFF\!n!$HF!U#!109!"5>!=PFF\!n!$HF!U#!10:!




!

! ! Side 62 !

3RHWPI!6FRIHER!PI!jEFRH]U!$VHFP!:!RPL!PFPULP!KQLPIFKLEW!GHI!TIHRO^PFLPIX!RPI!ENNP!VKI!UEF!

PMPF!TQKLGHIJ#!+KJJPFQEMFPL!JPR!6FRIHER!UZ!VKI!jEFRH]U!$VHFP!:!LH!GHIRPQP[!8PI!PI!JEFRIP!

UHGL]KIP!LEQTKUFEFM!HM!JKF!UQETTPI!GHI!KL!SPLKQP!KG!TKLPFLNIYFNPQUP"5c#!!

$KLPFLNIYFNPQUP!PF!RPQ!KG!RP!NHJTQE^PIPL!IPLUUKMPIX!UHJ!GHIPNHJJPI!TZ!JKINPRPLX!RPI!PI!

FYIJPIP!SPUNIPWPL!E!RPF!PNULPIFP!KFKQ\UP#!%PLUUKMPIFP!VKI!IPUOQLPIPL!E!+KJUOFM!SPLKQPI!

*EÎHUHGL!t"<X!GHI!VWPI!6FRIHER_LPQPGHF!RP!UYQMPI!HM!;,A!SPLKQPI!t4!GHI!VWPI!6FRIHER_LPQPGHF!

RP!UYQMPIX!GHIRE!RP!HWPILIYRPI!FHMQP!TKLPFLPI!UHJ!*EÎHUHGL!VKI"0<#!8PLLP!MaI!*EÎHUHGL!LEQ!PF!

ULYIN!UTEQQPI!TZ!JKINPRPL#!(E^PFUPF!GHI!KL!KFWPFRP!jEFRH]U!$VHFP!:!WKIEPI!GIK!TIHRO^PFL!LEQ!

TIHRO^PFLX!JPF!PI!PULEJPIPL!LEQ!KL!WYIP!JPQQPJ!t>_t"<!GHI!VWPI!PFVPRX!HM!RPL!MEWPI!PL!

EFÊLKJPFL!GHI!TIHRO^PFLPF!KL!UNEGLP!LEQ!RPIPU!TQKLGHIJ#!!

8PIORHWPI!PI!RPL!PF!GHIRPQ!GHI!.HNEKX!KL!UNKQ!SIOMP!PL!JEFEJOJ!KG!HJNHULFEFMPI!TZ!KL!LEQTKUUP!

U\ULPJPLX!VWHIEJHR!6FRIHER!NIYWPI!GQPIP!IPUUHOI^PI!GHI!KL!SQEWP!LEQTKUUPL!UJKILTVHFPF#!

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JOQEMVPRPI!GHI!KL!LEQTKUUP!U\ULPJPL#!8PF!PFPULP!JOQEMVPR!RP!VKI!GHI!KL!QKWP!YFRIEFMPI!PI!

MPFFPJ!TIP_EFULKQQPIPL!KG!!KTTQENKLEHFPI#!3QPJTPF!WPR!RPLLP!PI!KL!TIHRO^PFLPF!ENNP!VKI!

NHFLIHQ!HWPI!U\ULPJPLX!HM!PI!KGVYFMEM!KG!KL!*EÎHUHGL!ENNP!SPMZI!GP`QX!UHJ!NKF!UWYNNPI!

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KG!FPLWYINUHTPIKLaIPIX!!GHIRE!RP!JPFPI!KL!RPL!PI!JOQEM!NHFNOIIPFL!LEQ!6TTQPX!RPI!UHJ!LERQEMPIP!

SPUNIPWPL!VKI!VKGL!GHIVKFRQEFMUUL\INP!HWPIGHI!GHI!HTPIKLaIPIFP"0"#!8PLLP!PI!GHIRPQ!GHIRE!

HTPIKLaIPIFP!HMUZ!IPNQKJPIP!GHI!UJKILTVHFPUX!HM!RPIJPR!PI!RP!WEQQEMP!LEQ!KL!IPNQKJPIP!JPIP!

GHI!PF!jEFRH]U!$VHFP#!

!

7/7/7/-I*)A*+,0-*ZQPL!GHI!.HNEK!KFLKMPU!KL!aMP!JKINPRUKFRPQPF!TZ!JKINPRPL#!8PL!WOIRPIPU!OR!GIKX!KL!RP!

MPFFPJ!RPIPU!ULIKLPMEUNP!KQQEKF^P!GHIUaMPI!KL!IPQKF^PIP!UEM!UPQW!TZ!JKINPRPL#!2HI!KL!HTFZ!

RPIPU!JZQ!KFWPFRPI!RP!WYNULULIKLPMEPF!TIHRONLORWENQEFM#!+LIKLPMEPF!TIHRONLORWENQEFM!

SPL\RPI!KL!WEINUHJVPRPF!TIaWPI!KL!HTFZ!WYNUL!MPFFPJ!F\P!TIHRONLQEFEPIX!JPF!TZ!UKJJP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"5c!DEUEHF*HSEQP!U#!49!"0<!=EQRP!00!"0"!DEUEHF*HSEQP!U#!4:!




!

! ! Side 63 !

JKINPR#!DPR!KL!KFWPFRP!jEFRH]U!SPF\LLPI!RP!UEM!KG!UHILEJPFLUORWERPQUP!E!GHIJ!KG!SIKFR!

PNULPFUEHFX!VWEQNPL!SPL\RPI!KL!RP!GHIUaMPI!UEM!JPR!F\P!TIHRONLPI!OFRPI!UKJJP!JYINP"01#!

+TaIMUJZQPL!PIX!HJ!RPL!PI!JOQEML!KL!IPQKF^PIP!UEM!UPQW!TZ!PL!ULYINL!IEWKQEUPIPL!JKINPRPLX!FZI!

RPI!PI!SKIIEPIP!UHJ!U]EL^VEFM!^HUL!HUW#!)GLPI!KL!.HNEK!KFFHF^PIPRP!RPIPU!UKJKISP`RP!JPR!

*EÎHUHGLX!JPQRLP!RP!HMUZ!KL!RP!WEQ!FPRQYMMP!GIPJLEREM!KISP`RP!TZ!+\JSEKFX!HM!RPL!WEQ!ORMZ!KG!

JKINPRPL#!-!1<""!KFWPFRLP!1<b!KG!UJKILTVHFP_JKINPRPLU!+\JSEKF"05#!8PIGHI!JPFPU!RPFFP!

ULIKLPME!PI!WYIP!GHIFOGLEMX!PGLPIUHJ!RP!NOFRPIX!UHJ!VKI!LPQPGHFPI!UL\IPL!KG!+\JSEKFX!EFRPF!GHI!

FYIJPULP!GIPJLER!UNKQ!VKWP!PF!F\!JHSEQ#!8PL!GHIWPFLPU!KG!KFKQ\UPEFULELOLLPL!-8A!KL!jEFRH]U!

$VHFP!WEQ!MZ!EFR!HM!HWPILKMP!JKINPRUKFRPQPF!GIK!+\JSEKF"00#!!

!

8PF!MPFPIEUNP!ULIKLPME!.HNEK!KFWPFRPI!PI!REGGPIPFLEPIEFMX!HM!RPL!OFENNP!UHJ!RP!LEQS\RPI!PI!

SIKFR_WYIRE#!.HNEK!VKI!WYIPL!QYFMP!TZ!JHSEQJKINPRPLX!HM!GHISIOMPIPF!VKI!WEU!NPFRUNKS!LEQ!

.HNEK!HM!RPIPU!NWKQELPL#!+KJLEREM!VKI!RP!EFRMZPL!PF!KQQEKF^P!JPR!WEINUHJVPR!UHJ!PI!UTPÊKQEUL!

EFRPF!GHI!UHGL]KIP#!*EÎHUHGL!PI!NPFRL!GHI!RPIPU!UL\IPU\ULPJ!jEFRH]U!LEQ!^HJTOLPIPX!UHJ!PI!

RPL!JPUL!KFWPFRLP!U\ULPJ#!2HISIOMPIPF!VKI!RPIGHI!PL!NPFRUNKS!LEQ!RPIPU!TIHRONLPIX!HM!NPFRPI!

RPF!NWKQELPLX!UHJ!RP!QPWPIP#!,EQUKJJPF!MEWPI!RPL!PL!TIHRONL!S\MMPL!KG!PF!UTPÊKQEUL!EFRPF!GHI!

VKIR]KIP!HM!PF!UTPÊKQEUL!EFRPF!GHI!UHGL]KIP#!!

!

.HNEK!WOIRPIPU!LEQ!KL!WYIP!JKINPRUORGHIRIPI#!8PLLP!SPMIOFRPU!OR!GIK!RPIPU!JZQ!HJ!KL!PIHSIP!

JKINPRUKFRPQPX!UHJ!RP!NKF!MaI!RP!WPR!KL!KFMIESP!JKINPRUQPRPIBFPC#!,EQ!RPL!KFWPFRPI!RP!PL!

GIHFLKQL!KFMIPSX!UHJ!PI!PF!KFMIPSUULIKLPME!GHI!JKINPRUORGHIRIP#!)L!GIHFLKQ!KFMIPS!WEQ!UEMPX!KL!

WEINUHJVPRPF!MZI!EFR!HM!JKL^VPI!NHFNOIIPFLPFU!TIHRONLX!TIEUX!IPNQKJP!HM!REULIESOLEHF"04#!

*PFEFM!JPR!RPFFP!GHIJ!GHI!KFMIPS!PIX!KL!RPF!JPR!RP!SPRULP!IPUUHOI^PI!WEQ!WEFRP!NKJTPF#!2HI!

KL!jEFRH]U!$VHFP!HTFZI!UO^^PU!PI!RP!FaR!LEQ!KL!LEQS\RP!OFENNP!HM!SKFPSI\RPFRP!GOFNLEHFPI#!!

!

7/7/:-W+'U%"'U)%(0&-.HNEKU!IPUTHFUTIHGEQ!PI!LEMPI_NHFNOIIPFL!E!VPFVHQR!LEQ!;HQQPFUPFU!IPUTHFUTIHGEQPI#!8PL!

UN\QRPUX!VWEU!JKF!UHJ!WEINUHJVPR!aFUNPI!KL!ORGHIRIP!JKINPRUQPRPIPFX!HM!GHIUaMP!UPQW!KL!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"01!=HLQPI!U#!c1!"05!=EQRP!04!"00!=EQRP!04!"04!=HLQPI!U#!511!




!

! ! Side 64 !

SQEWP!JKINPRUQPRPIX!SQEWPI!JKF!FaR!LEQ!KL!IPKMPIP!TZ!KQQP!LEQLKM!GIK!RP!NHFNOIIPIPFRP!

WEINUHJVPRPI#!.HNEK!VKI!E!RKM!PF!JKINPRUKFRPQ!TZ!"4bX!JPF!WKI!JKINPRUQPRPI!E!1<"<!JPR!

PF!KFRPQ!TZ!51bX!HM!GHI!KL!MPFWEFRP!PF!JKINPRUQPRPFRP!THUELEHFX!UNKQ!RP!IPKMPIP!ULYIN!TZ!KQQP!

LEQLKM!GIK!NHFNOIIPFLPIFP#!*ZRPI!VWHITZ!JKF!NKF!NHJJP!JPR!JHRLIYN!PI!MPFFPJ!

KFMIPSUULIKLPMEPI!GHI!PNUPJTPQ!WPR!KL!JKL^VP!NHFNOIIPFLPFU!TIHRONL#!*PF!TZ!UJKILTVHFP_

JKINPRPL!PI!TKLPFLPI!HMUZ!PF!WEMLEML!WZSPFX!HM!RK!.HNEK!PI!RPF!WEINUHJVPRX!RPI!VKI!WYIPL!

QYFMUL!LER!E!SIKF^VPF!VKI!RP!HTS\MMPL!PL!ULYINL!THILPGaQ`P!KG!TKLPFLPI"09#!DEINUHJVPRPIFP!NKF!

KFMIESPI!VEFKFRPF!JPR!TKLPFLUKMPIX!HM!RPL!PI!JPR!LEQ!KL!VEFRIP!NHFNOIIPFLPIFP!E!KL!NHJJP!

JPR!JHRKFMIPS#!!

!

.HNEKU!UO^^PU!PI!SPLEFMPL!KG!KL!*EÎHUHGL!GZI!UO^^PU!JPR!RPIPU!TQKLGHIJ#!*EÎHUHGL!UNKQ!

EFFHWPIP!VOILEML!GHI!KL!GIPJJP!TQKLGHIJU!ULaIIPQUP!HM!NE^NULKILP!RPF!UPQWGHIULYINPFRP!PGGPNL!

JPQQPJ!SIOMPIP!HM!ORWENQPIP"0:#!6QQPIPRP!FO!VKI!jEFRH]U!$VHFP!:!HWPIMZPL!RPL!GHIPMZPFRP!

UL\IPU\ULPJ!jEFRH]U!*HSEQPX!WPR!KL!VKWP!4<#<<<!IPMEULPIPRP!ORWENQPIPX!VWHI!jEFRH]U!

*HSEQP!VKWRP!5<#<<<"0>#!8PLLP!UN\QRPU!KL!*EÎHUHGL!TIaWPI!KMMIPUUEWL!KL!LEQLIYNNP!F\P!

ORWENQPIP!LEQ!RPIPU!TQKLGHIJ#!8P!ORF\LLPI!RPIPU!PLKSQPIPRP!FPLWYIN!KG!UHGL]KIPORWENQEFM!HM!

LIYFPI!TKILFPIP!LEQ!KL!OFRPIWEUP!THLPFLEPQQP!ORWENQPIP!HM!GHIU\FPI!RPJ!JPR!NHRPI!HM!

WYINLa`PI!LEQ!RPIPU!TQKLGHIJ#!3RWENQPIP!KG!THTOQYIP!KTTQENKLEHFPI!LEQ!6FRIHER!HM!E&+!SQPW!

HWPILKQL!KL!*EÎHUHGL!LEQ!KL!ORMEWP!RPIPU!KTTQENKLEHF!TZ!jEFRH]U!$VHFP!:!HM!E!WEUUP!LEQGYQRP!

KGVHQRLP!!

!

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+KJUOFM!)QP^LIHFEÛ!PI!PF!NHIPKFUN!WEINUHJVPRX!

RPI!UTPÊKQEUPIP!UEM!E!KL!TIHRO^PIP!PQPNLIHFEN!HM!KFUPU!GHI!KL!WYIP!PF!KG!RP!GaIPFRP!

TIHRO^PFLPI!KG!PQPNLIHFEUNP!KTTKIKLPI!LEQ!NHFUOJPFLJKINPRPL"0c#!DEINUHJVPRPF!PI!PF!RPQ!KG!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"09!=EQRP!09!"0:!DEUHF*HSEQP!U#!4c!"0>!DEUHF*HSEQP!U#!4:!"0c!+KJUOFM!_!8KLKJHFELHIX!U#5!




!

! ! Side 65 !

PF!ULaIIP!MIOTTP!NKQRPL!+KJUOFMX!UHJ!TIHRO^PIP!KQL!GIK!ULIaJ!LEQ!JPREÊF#!8P!VKI!"9<#<<<!

KFUKLLP!GHIRPQL!OR!TZ!9"!QKFRP!HM!HJUKLLP!GHI!t"5c#"9:X5!JEQQEHFPI!E!1<"""4<#!!!

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2HISIOMPI!PQPNLIHFENNPF!SPULZI!KG!LPQPGHFPIX!G`PIFU\FX!Va`LKQPIPX!ULaWUOMPIP!HM!JPMPL!KFRPL#!

=HJTHFPFLPI!+KJUOFM!TIHRO^PI!PI!SOFRNHILX!IKJX!UNYIJP!HUW#"4"!

!

+KJUOFMU!UERRPI!JPR!JKINPRUKFRPQ!TZ!"cX"b!TZ!UJKILTVHFP_JKINPRPL#!;HWPRRPQPF!KG!RP!

UJKILTVHFPUX!UHJ!RPI!SQEWPI!TIHRO^PIPL!PI!LPQPGHFPI!JPR!6FRIHER!UHJ!TQKLGHIJ#!8EUUP!

UJKILTVHFPU!WOIRPIPU!LEQ!KL!WYIP!gJER_IKFMPg!HM!gVEMV_PFRg!UJKILTVHFPU"41#!/HHMQP!ULZI!ENNP!

NOF!JPR!6FRIHERX!RP!VKI!HMUZ!UO^^PU!HJIZRPIFP!/JKEQX!@HOLOSPX!/HHMQP!*KTUX!$E^KUK!HM!

JKFMP!GQPIP#!8PLLP!MaI!KL!6FRIHER!JHSEQPF!NKF!EFLPMIPIP!UKJJPF!JPR!PF!JKUUP!HFQEFP!

GOFNLEHFPI#!!

!

+KJUOFM!TIHRO^PIPI!RHM!HMUZ!PF!QEQQP!VZFRGOQR!UJKILTVHFPU!JPR!KFRIP!TQKLGHIJPX!UHJ!

KFWPFRPI!'KRK#!$QKLGHIJPF!'KRK!WKI!LYFNL!UHJ!PF!NHFNOIIPFL!LEQ!RP!PNUEULPIPFRP!TQKLGHIJP!

UHJ!WKI!TZ!JKINPRPL#!*PF!RPL!UPU!OR!GIK!LKSPQ!"!KL!TQKLGHIJPF!ENNP!VKI!GZPL!RPF!UO^^PUX!UHJ!

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TQKLGHIJPF!QEMPUZ!ULEQQP!ORGKUPL#!

!

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UJKILTVHFP#!8PLLP!SPL\RPI!KL!+KJUOFM!ENNP!PI!UZ!KGVYFMEM!KG!RPIPU!VKIR]KIP!QPWPIKFRaIPI#!

*PR!RPFFP!GHIRPQ!PI!RPL!JOQEML!KL!PIVWPIWP!NHJTHFPFLPI!ORPF!KL!SPLKQP!KWKF^PX!HM!KL!

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PI!ENNP!PNUEULPIPFRP!PQQPI!JPMPL!QEQQP#!

!

(EMPQPRPU!PI!RPL!PF!GHIRPQX!KL!+KJUOFM!VKI!PF!SIPR!JKINPRUTHILPGaQ`P#!+KJUOFM!VKI!RPIJPR!

PWFPF!LEQ!KL!EFLPMIPIP!RPIPU!TIHRONLPI!UKJJPF!JPR!RPIPU!UJKILTVHFPU#!*PR!RPFFP!

EFLPMIKLEHF!UNKSPI!JKF!PL!NHJTQPJPFLYIL!QEFN!JPQQPJ!UJKILTVHFPF!HM!RPIPU!KFRIP!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"4<!+KJUOFM!_!8KLKJHFELHIX!U#":!"4"!+KJUOFM!_!8KLKJHFELHIX!U#0!"41!DEUEHF*HSEQPX!U#5<!




!

! ! Side 66 !

TIHRONLPI#!;PIJPR!GHISPRIP!JKF!SIOMPIHTQPWPQUPF!GHI!NOFRPFX!HM!MEWPI!RPJ!PL!EFÊLKJPFL!

GHI!KL!NaSP!KFRIP!KG!RPIPU!TIHRONLPI#!

!

+KJUOFM!PI!RPF!ULaIULP!IPTIYUPFLKFL!KG!6FRIHER_LPQPGHFPIX!HM!ULZI!GHI!HJNIEFM!4<b!KG!VWPI!

UHQMLP!6FRIHER_UJKILTVHFPX!HM!RPL!MEWPI!PF!WEU!JKML#!/HHMQP!PI!KGVYFMEM!KG!+KJUOFMX!JPF!

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KL!UNEGLP!TQKLGHIJX!HM!RPIWPR!UNKRP!/HHMQPU!EFRL`PFEFM!MPFFPJ!IPNQKJPIP!MPFFPJ!

UJKILTVHFPU"45#!+KJUOFMU!KGVYFMEMVPR!UN\QRPU!RP!U]EL^VEFM!^HULX!RPI!GHIPNHJJPI!HWPIGHI!

GHISIOMPIPF!WPR!KL!UNEGLP!TQKLGHIJX!RK!GHISIOMPIPFU!QH\KQELPL!QEMMPI!VHU!TQKLGHIJPF#!8PIJPR!

IEUENPIP!+KJUOFM!KL!GHISIOMPIPF!GQ\LLPI!LEQ!PF!KFRPF!TIHRO^PFL!JPR!6FRIHERX!VWEU!RP!WYQMPI!KL!

ORGKUP!6FRIHER!GIK!RPIPU!JHRPQQPI#!8PFFP!UELOKLEHF!UNKQ!UPU!UHJ!PF!KGVYFMEMVPRUGHIVHQRX!

/HHMQP!VKI!ENNP!IZR!LEQ!KL!JEULP!+KJUOFMX!JPF!+KJUOFM!VKI!VPQQPIP!ENNP!IZR!LEQ!KL!JEULP!

/HHMQP#!!

!

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JPR!*EÎHUHGLX!HM!UNKQ!RPIJPR!SPLKQP!t"<!TI#!UHQMLP!6FRIHER!UJKILTVHFP"40#!@RPIQEMPIP!UZ!

GHIPNHJJPI!RPI!PF!IYNNP!GP`Q!JPR!6FRIHERX!VHWPRUKMPQEML!SKLLPIEGP`Q#!3R!GIK!PF!OFRPIUaMPQUP!

ORKISP`RPL!KG!j8AX!UZ!UN\QRPU!GP`QPF!KL!UKJJP!TQKLGHIJ!UNKQ!NaIP!TZ!GQPIP!L\TPI!VKIR]KIP"44#!

8PL!PI!JPR!LEQ!KL!aRPQYMMP!SIOMPIHTQPWPQUPFX!HM!NOFRPI!EFÊLKJPFL!LEQ!KL!GHIQKRP!TQKLGHIJPF#!

!

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U]EL^VEFM!^HUL!JPQQPJ!TIHRO^PFLPIFPX!RPI!SPF\LLPI!6FRIHER#!3RPF!REUUP!U]EL^VEFM!^HUL!NKF!

GHISIOMPIPF!ORPF!RP!VPQL!ULHIP!TIHSQPJPI!UNEGLP!UJKILTVHFPX!SKIP!RPF!NaIPI!UKJJP!TQKLGHIJ#!

DEINUHJVPRPIFP!ULZI!E!RPF!UELOKLEHFX!KL!RP!NKF!FPJJPIP!PIVWPIWP!NHFNOIIPFLPFU!NOFRPIX!

JPF!NHFNOIIPFLPF!NKF!QEMPUZ!FPJL!PIVWPIWP!WEINUHJVPRPFU!NOFRPI#!8PIGHI!PI!RPL!WEMLEML!KL!

REGGPIPFLEPIP!UEM!GIK!NHFNOIIPFLPIFP!PFLPF!MPFFPJ!SPRIP!LPNFHQHMEX!SIKFR!PQQPI!

NHJTQPJPFLYIP!EFLPMIKLEHF#!!!

!

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"45!=EQRP!0:!!"40!=EQRP!0>!"44!AHFLIHQQEFM!LVP!6FRIHERX!U#"4!




!

! ! Side 67 !

7/:/7-I*)A*+,0--*ZRPF!VWHITZ!+KJUOFM!NHFNOIIPIP!EJHR!RP!IEWKQEUPIPFRP!WEINUHJVPRPI!PI!MPFFPJ!

MPFPIEUNP!ULIKLPME#!3R!GIK!$HILPIU!MPFPIEUNP!ULIKLPMEPI!SPF\LLPI!+KJUOFMU!UEM!KG!PF!

REGGPIPFLEPIEFMU!ULIKLPME#!8PLLP!WOIRPIPU!OR!GIKX!KL!+KJUOFMU!UJKILTVHFPU!IKJJPI!PF!SIPR!RPQ!

KG!JKINPRPLX!UHJ!V`YQTPU!TZ!WP`!KG!TQKLGHIJPF!6FRIHER#!8EGGPIPFLEPIEFM!GHIPNHJJPI!WPR!KL!

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LEQS\RP!PF!KTTQENKLEHFU!SOLEN!NOF!LEQ!+KJUOFM!JHSEQPIX!GHIUaMPI!RP!KL!UNKSP!U]E^VEFM!^HUL!GHI!

GHISIOMPIPF#!)GGPNLPF!KG!KTTQENKLEHFU!SOLENNPF!WOIRPIPU!ENNP!LEQ!KL!VKWP!RPF!VPQL!ULHIP!

SPL\RFEFMX!RK!ORWKQMPL!KG!KTTU!PI!HJNIEFM!RP!5#1<<X!VWHI!6FRIHER!*KINPL!VKI!HJNIEFM!RPL!LE!

RHSQPRP"49#!*PF!ZSFEFMPF!KG!RPFFP!SOLEN!UPU!UHJ!PL!GHIUaM!TZ!KL!REGGPIPFLEPIP!UEM#!@RPIQEMPIP!

GHIUaMPI!RP!KL!REGGPIPFLEPIP!UEM!TZ!RPF!VKIR]KIPF#!,PNFHQHMEPF!UHJ!+KJUOFM!REGGPIPFLEPIP!UEM!

TZ!PI!G#PNU#!UNYIJULaIIPQUPF!TZ!RPIPU!UJKILTVHFP#!6L!REGGPIPFLEPIP!UEM!TZ!VKIR]KIP!UPU!NOF!

UHJ!NHILWKIEMX!RK!RPI!GHIPNHJJPI!Va`!ULKFRKIREUPIEFM!TZ!JKINPRPL!UHJ!GHINQKIPL!E!-FROULI\!

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!

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!

! ! Side 68 !

LIYNNPI!UEM!LEQSKMP"4:#!*KF!NKF!UP!.HNEKU!KQQEKF^P!UHJ!PL!GIHFLKQL!KFMIPS!TZ!JKINPRPLX!HM!WPR!

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HM!VWEU!RPIPU!WYNUL!GHILUYLLPI!WEQ!E!RP!NHJJPFRP!ZI!SQEWP!JKINPRUQPRPI#!8PIGHI!SPVaWPIX!RP!

ENNP!KL!IPKMPIP!TZ!KQQP!LEQLKM!TZ!JKINPRPLX!JPF!NOF!KFMIPS!IPLLPL!REIPNLP!JHR!RPJX!HM!KFMIPS!

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!

! ! Side 69 !

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(PWPIKFRaIPF!VKI!PF!WEMLEM!SPL\RFEFM!GHI!JKINPRPLX!GHIRE!TQKLGHIJPF!VKI!PF!ULHI!SPL\RFEFM!

GHI!NOFRPF#!*PF!RPI!GHIPNHJJPI!EFMPF!GHIVKFRQEFMUUL\INP!GIK!ORWENQPIP!HM!TIHRO^PFLPIX!

GHIRE!RPI!PL!ZSPFL!KQLPIFKLEW#!*PF!VKWRP!RPI!ENNP!WYIPL!JOQEMVPR!GHI!PL!ZSPFL!KQLPIFKLEWX!WEQQP!

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PI!UWYIPI!KL!ULKILP!PL!QONNPL!U\ULPJ!HT#!!%EWKQEUPIEFMPF!JPQQPJ!RP!PLKSQPIPRP!WEINUHJVPRPI!PI!

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JKINPRUKFRPQX!VWEQNPL!NPFRPLPMFPI!PL!JKINPR!E!WYNULGKUPF#!DEINUHJVPRPIFP!WEQ!MPIFP!HTFZ!




!

! ! Side 70 !

PF!GaIPFRP!THUELEHF!EFRPF!JKINPRPL!FZI!JHRFEFMUGKUPFX!VWHI!WEINUHJVPRPIFP!ENNP!ORPF!QEMP!

UNEGLP!JKINPRUTHUELEHF#!

!

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GHI!WEINUHJVPRPIFP!KL!IKJJP!RPF!UPQWGHIULYINPFRP!PGGPNLX!VWEQNPL!HTFZU!MPFFPJ!

NHJTQPJPFLYIP!TIHRONLPI#!)L!UL\IPU\ULPJ!HTFZI!ULHI!LEQUQOLFEFM!MPFFPJ!RP!KTTQENKLEHFPI!

RPF!LEQS\RPI#!2HISIOMPIPF!GEFRPI!PF!TQKLGHIJ!KLLIKNLEWX!FZI!JYFMRP!KG!KTTQENKLEHFPI!PI!ULHIX!

GHIRE!RP!LEQGaIPI!JPIP!WYIRE!LEQ!TIHRONLPL#!)F!KTTQENKLEHFUORWENQPI!GEFRPI!PF!TQKLGHIJ!

KLLIKNLEWX!FZI!RPF!VKI!JKFMP!SIOMPIPX!RPI!NKF!NaSP!RPIPU!TIHRONL#!$QKLGHIJPFU!ULaIIPQUP!PI!

HMUZ!EFLPIPUUKFL!GHI!TIHRO^PFLPFX!GHIRE!PF!ULHI!TQKLGHIJ!VKI!PF!ULHI!NOFRPMIOTTPX!`G#!

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!

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THUELEHF!WPR!KL!VKWP!GEIUL_JHWPI_KRWKFLKMPX!UHJ!VKI!MEWPL!RPJ!PF!UEMFEGENKFL!GHIRPQ#!-!

GIPJLERPF!WEQ!RP!VKWP!UWYIL!WPR!KMPIPX!UHJ!JKINPRUQPRPFRP!WEINUHJVPRX!GHIRE!RPIPU!

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MaIP!GHIRE!RPIPU!THILPGaQ`P!PI!ULaIIP!HM!RP!NKF!KRHTLPIP!GQPIP!GHIUNPQQEMP!U\ULPJPI#!.HNEK!VKI!

WYIPL!JKINPRUQPRPIX!JPF!VKI!HTQPWPL!LEQSKMPMKFM!E!UPFPULP!TKI!ZIX!JPF!GHIUaMPI!KL!IPQKF^PIP!

UEM!UPQW!MPFFPJ!ULIKLPMEUN!KQQEKF^P#!%-*!VKI!PF!FE^VP!TZ!JKINPRPLX!RK!RP!VKI!UTPÊKQEUPIPL!

EFRPF!GHI!WEINUHJVPRU!QaUFEFMPIX!JPF!VKI!GHIUaML!KL!NHJJP!EFR!TZ!NHFUOJPFLJKINPRPLX!JPF!

GHIMYWPU#!2YQQPU!NKIKNLPIEULENK!GHI!WEINUHJVPRPIFPX!PI!KL!RP!TIaWPI!KL!HTFZ!UO^^PU!MPFFPJ!PL!

NHJTQPJPFLYIL!QEFN!JPQQPJ!RPIPU!aWIEMP!TIHRONLPI#!DPR!KL!EFLPMIPIP!UJKILTVHFPF!JPR!

WEINUHJVPRPFU!aWIEMP!THILPGaQ`PX!MEWPI!RP!NOFRPF!PL!EFÊLKJPFL!GHI!WYQMP!KFRIP!KG!RPIPU!

TIHRONLPIX!HJ!JZ!KFUPU!UHJ!KL!WYIP!PF!WEMLEM!UO^^PU!MEWPFRP!GKNLHI!TZ!JKINPRPL#!!

!




!

! ! Side 71 !

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! AHJTPLELEWP!+LIKLPM\X!,P^VFEqOPU!GHI!6FKQ\oEFM!-FROULIEPU!KFR!AHJTPLELHIU!m!*E^VKPQ!)#!$HILPIX!"cc>!!

!! +LIKLPME^!*KFKMPJPFL!HG!,P^VFHQHME^KQ!-FFHWKLEHF!1FR!PR#!m!*PQEUUK!6#!+^VEQQEFMX!1<<>!

!! -FROULIEKQ!&IMKFEoKLEHF!5LV!PR#!m!kHVF!(ETô\FUNEX!kHVF!&#+#!jEQUHF!n!kHVF!/HRRKIRX!

1<<c!!

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!




!

! ! Side 72 !

! +JKILTVHFPU[!'OEQREFM!TIHGELKSEQEL\!KFR!QH\KQL\!EF!LVP!JKUU_JKINPL!m!]RUMQHSKQX!1<"<!_!VLLT[ee]]]#]RU#^HeFP]Ue]VELPTKTPIUe1<"<<:"ceUJKILTVHFPwTIHGELKSEQEL\wKFRwQH\KQL\w]RUMQHSKQ#TRG!!

!! &TPF!$QKLGHIJ!+LIKLPMEPU!KFR!-FFHWKLEHF[!/IKFLEFM!6^^PUU!WU#!8PWHQWEFM!AHFLIHQ!m!

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!! 6TTQPU!ZIUIKTTHIL!1<""!B2HIJ!"<_=C!_!

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#

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#

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#

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#

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#

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!




!

! ! Side 73 !

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!! -K>MI#!<*!E$VHFP!WU#!6FRIHER[!K!+LOR\!EF!AHFLIKULU!m!KG!)R!;KIR\X!5!ÒFE!1<<>!_!

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!! -K>MI#!9*!6FKQ\UEU[!6TTQP!WU#!6FRIHER[!6!^HOILIHHJ!]KI!HG!KLLIELEHF!_!KG!8KF!(PWEFP!n!

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! ! Side 74 !

! -K>MI#!8*!.HIRPKU!SOR!TZ!GPJ!MHRP!-,_KNLEPI!_!KG!AVIEULEKF!DPFRPIS\X!14!UPTLPJSPI!1<<>!_!!VLLT[eeSHIUPF#RNeF\VPRPIeELeKILENPQe"e"0"1<4eFHIRPKUwSORwTKKwGPJwMHRPwEL_KNLEPI#VLJQ!!

!! -K>MI#!3*!%PTHIL[!AKIIEPIUX!GKÊFM!TIPUUOIP!GIHJ!UJKILTVHFP!^HULUX!LOIF!LH!TIPTKER!KFR!

RKLK!m!KG!$VEQ!/HQRULPEFX!19!JKILU!1<"1!_!VLLT[ee]]]#GEPI^P]EIPQPUU#^HJeULHI\eIPTHIL_^KIIEPIU_GKÊFM_TIPUUOIP_UJKILTVHFP_^HULU_LOIF_TIPTKER_KFR_RKLKe1<"1_<5_19!!

!! -K>MI#!;*!2EWP!UJKILTVHFP!LIPFRU!KL!*HSEQP!jHIQR!AHFMIPUU!m!KG!*ENKPQ!%E^NFKUX!1>!

GPSIOKI!1<"1!_!VLLT[ee]]]#^HJTOLPI]HIQR#^HJeUeKILE^QPec110:""e2EWPwUJKILTVHFPwLIPFRUwKLw*HSEQPwjHIQRwAHFMIPUU!!

!! -K>MI#!7*!05!$PI^PFL!HG!$PHTQP!3UP!,VPEI!APQQ!$VHFP!6U!,VPEI!$IEJKI\!AKJPIKX!$HQQ!

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#

! -K>MI#,<*!pOKR_^HIP!+JKILTVHFPU!jELV!;EMV_IPU!+ÎPPFU!jEQQ!,KNP!&WPI!EF!1<"1!m!*ENKPQ!%E^NFxUX!"1!RP^PJSPI!1<""!_!VLLT[ee]]]#T^]HIQR#^HJeKILE^QPe109<51eqOKR^HIPwUJKILTVHFPUw]ELVwVEMVIPUwUÎPPFUw]EQQwLKNPwHWPIwEFw1<"1#VLJQ!#

#

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#

! -K>MI#,,*!;H]!JKF\!RPWE^PU!^KF!K!UJKILTVHFPX!LKSQPL!IPTQK^Pd!m!'IHHNP!AIHLVPIUX!"<!ÒQE!1<""!_!VLLT[eeFP]U#^FPL#^HJe>5<"_"5c10w5_1<<:>100_90eVH]_JKF\_RPWE^PU_^KF_K_UJKILTVHFP_LKSQPL_IPTQK^Pe!!

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VLLT[eeSQHM#POIHJHFELHI#^HJe1<""e<>eUJKILTVHFPU_ULIKLPM\_^KUP_ULOREPU#VLJQ!!!

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#

! -K>MI#,9*!$IPUU!%PQPKUP!_!/G=!/IHOTX!14!FHWPJSPI!1<""!_!VLLT[ee]]]#MGN#^HJeMIHOTeTIPUUwEFGHIJKLEHFeTIPUUwIPQPKUPUe<<c<4"eEFRPi#PF#VLJQ!#

#

! -K>MI#,8*!,VP!0""[!2PKLOIP!TVHFPU!WU#!UJKILTVHFPU!m!.E^HQP!(PPX!"!JKILU!1<"<!_!VLLT[ee]]]#^FPL#^HJe>5<"_":c">w"_"<09"9"0_>4#VLJQ!#

#

! -K>MI#,3*!AHJTPLELEHF!EF!UJKILTVHFP!JKINPL!EU!VPKLEFM!OT[!kOFETPI!%PUPKI^V!m!8KF!'OL^VPIX!">!JK`!1<"<!_!VLLT[ee]]]#JHSEQPJKINPLPI#^HJe^JUeFP]UeJKFOGK^LOIPIUe91>4#VLJQ!#




!

! ! Side 75 !

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! -K>MI#,;*!6,n,!^HFFP^LU!]ELV!E$VHFP!m!$KOQ!,K\QHIX!15!HNLHSPI!1<<:!_!VLLT[ee]]]#GL#^HJeEFLQe^JUeUe<e>:0G"9"^_>"9<_""R^_K54"_<<<<::cGR1K^#VLJQ{Kioo"IOcoi,5<!#

#

! -K>MI#,7*!,VP!E$VHFP!8PSOLU!-F!,VP!3#=#!m!j#!8KWER!/KIRFPIX!">!UPTLPJSPI!1<<:!_!VLLT[ee]]]#EFGHIJKLEHF]PPN#^HJeFP]Ue1<"><:"c:dqOPI\,PiLs&1r]EFUrE$VHFPrPi^QOUEWEL\rRPKQ!#

#

! -K>MI#+<*!/QHSKQ!+JKILTVHFPU!*KINPL!LH!%PK^V!><0#01!*EQQEHF!3FELU!S\!1<"4!m!)QP^LIHFEÛ#^KX!""!FHWPJSPI!1<"<!_!VLLT[ee]]]#PQP^LIHFEÛ#^KeTIPUU^PFLPIeKILE^QPUe"10:e"e/QHSKQ_+JKILTVHFPU_*KINPL_LH_%PK^V_><001_*EQQEHF_3FELU_S\_1<"4e$KMP"#VLJQ!#

#

! -K>MI#+!*!.HNEKfU!(EGPQEFPd!m!+LPTVKF!2KIEUX!""!KTIEQ!1<""!_!VLLT[ee]]]#LEJP#^HJeLEJPeJKMKoEFPeKILE^QPe<Xc":"X1<9109cX<<#VLJQ!#

#

! -K>MI#+,*!%PTHIL[!AHFUOJPIU!jEQQ!'P!/KMK!GHI!*HSEQP!6TTU!S\!1<"1!m!'IEKF!%#!;HHNX!">!GPSIOKI!1<"1!_!VLLT[ee]]]#P^HJJPI^PLEJPU#^HJeULHI\e9c4:1#VLJQd]Q^s"1:<<5c<<<!#

#

! -K>MI#++*!6TTQP!LH!%EWKQU[!,VKFNU!GHI!LVP!2IPP!6RWPILEUEFM!m!kHVF!$KôNH]UNEX!5"!KOMOUL!1<<c!_!VLLT[eeKQQLVEFMUR#^HJe1<<c<>5"eKTTQP_LH_IEWKQU_LVKFNU_GHI_LVP_GIPP_KRWPILEUEFMe!#

#

! -K>MI#+6*#3#+#!MHWPIFJPFLX!JEQELKI\!LH!MPL!UPÔIP!6FRIHER!TVHFPU!m!*KIN!*EQEKFX!5!GPSIOKI!1<"1!_!VLLT[eePRELEHF#^FF#^HJe1<"1e<1e<5eLP^VeJHSEQPeMHWPIFJPFL_KFRIHER_TVHFPUeEFRPi#VLJQ!#

#

! -K>MI#+9*!%-*!+K\U!+KQPU!LH!3#+#!/HWPIFJPFL!6IP!%EUEFM!m!;OMH!*EQQPI!n!'IPFRKF!*^/KII\X!c!KTIEQ!1<"1!_!VLLT[ee]]]#SQHHJSPIM#^HJeFP]Ue1<"1_<0_<ceIEJ_UK\U_UKQPU_LH_O_U_OT_SQK^NSPII\_]VELP_VHOUP_GEiLOIP#VLJQ!#

#

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#

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#

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#

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! ! Side 76 !

! -K>MI#6<*#=FH]QPRMP!.PL]HIN[!2KÔQL\!n!%PUPKI^V!m!.KLVKF!jKUVSOIFX!"5!KOMOUL!1<"<!_!VLLT[eeNFH]QPRMPFPL]HIN#LVOFRPISEIR#PROeIPUPKI^Ve1<"<e<>e"5eIPUPKI^V_EF_JHLEHFe!#

#

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#

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#

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#

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#

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#

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#

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#

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! ! Side 77 !

! -K>MI#9,*!jEIPQPUU!KFR!(KFRQEFP!$VHFPU!m!6A6!-FLPIFKLEHFKQ!_!VLLT[ee]]]#K^KEFLPIFKLEHFKQ#HIMeTIHRO^LU_]EIPQPUU_KFR_QKFRQEFP_TVHFPU_90>>#KUTi!!

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! ! Side 78 !

Z0&A,-.-!8PMIPP!HG!,OISOQPF^P!

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Z0&A,-7-!$HILPIU!2EWP!2HI^PU!!

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Z0&A,-:-!(\F^VU!2HOI!(EFNU!!!!

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