SchopenhauerCounsels and Maxims

8/9/2019 SchopenhauerCounsels and Maxims

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THE ESSAYS OF

ARTHURSCHOPENHAUER

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COUNSELS AND

MAXIMS.

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',%1*368


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CONTENTS

CHAPTER PAGE

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CHAPTER I.

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;MXLQSYVRMRKMXMWNYWXXLIWEQI8LEXPSRKJYRIVEPTVSGIWWMSRQSZMRKYTWSWPS[P]LS[QIPERGLSP]MXPSSOW[LEXERIRHPIWWVS[SJGEVVMEKIW&YXPSSOMRXS XLIQXLI] EVI EPP IQTX] XLI GSEGLQIR SJ XLI [LSPI XS[R EVI XLI WSPIIWGSVX XLI HIEH QER LEW XS LMW KVEZI )PSUYIRX TMGXYVI SJ XLI JVMIRHWLMT ERHIWXIIQ SJ XLI [SVPH 8LMW MW XLI JEPWILSSH XLI LSPPS[RIWW XLI L]TSGVMW] SJLYQEREJJEMVW

8EOI ERSXLIV I\EQTPIE VSSQJYP SJ KYIWXWMR JYPP HVIWW FIMRK VIGIMZIH [MXLKVIEXGIVIQSR]=SYGSYPHEPQSWXFIPMIZIXLEXXLMWMWERSFPIERHHMWXMRKYMWLIHGSQTER]FYXEWEQEXXIVSJJEGXMXMWGSQTYPWMSRTEMRERHFSVIHSQ[LSEVI

6ITYFPMG\ 8VERWPEXSVW 2SXI *VSQ XLI %RZEVM 7YLEMPM8LI 0MKLXW SJ'ERSTYWFIMRK XLI 4IVWMERZIVWMSRSJXLI8EFPISJ&MHTEM8VERWPEXIHF])&)EWX[MGOGLMMM7XSV]ZMT


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XLIVIEPKYIWXW*SV[LIVIQER]EVIMRZMXIHMXMWEVEFFPIIZIRMJXLI]EPP[IEVWXEVW 6IEPP] KSSH WSGMIX] MW IZIV][LIVI SJ RIGIWWMX] ZIV] WQEPP -R FVMPPMERXJIWXMZEPW ERH RSMW] IRXIVXEMRQIRXW XLIVI MW EP[E]W EX FSXXSQ E WIRWI SJ

IQTXMRIWW TVIZEPIRX % JEPWI XSRI MW XLIVI WYGL KEXLIVMRKW EVI MR WXVERKI

GSRXVEWX[MXLXLIQMWIV]ERHFEVVIRRIWWSJSYVI\MWXIRGI8LIGSRXVEWXFVMRKWXLIXVYI GSRHMXMSR MRXS KVIEXIV VIPMIJ 7XMPP XLIWI KEXLIVMRKW EVIIJJIGXMZI JVSQ XLISYXWMHI ERH XLEX MW NYWX XLIMV TYVTSWI 'LEQJSVX QEOIW XLI I\GIPPIRX VIQEVO

XLEX WSGMIX]PIW GIVGPIW PIW WEPSRW GI UYSR ETTIPPI PI QSRHIMW PMOI EQMWIVEFPITPE]SVEFEHSTIVE[MXLSYXER]MRXIVIWXMRMXWIPJFYXWYTTSVXIHJSVEXMQIF]QIGLERMGEPEMHGSWXYQIWERHWGIRIV]

%RHWSXSS[MXLEGEHIQMIWERHGLEMVWSJTLMPSWSTL]=SYLEZIEOMRHSJWMKRFSEVHLYRKSYXXSWLS[XLIETTEVIRXEFSHISJ[MWHSQFYX[MWHSQMWERSXLIVKYIWX[LSHIGPMRIWXLIMRZMXEXMSRWLIMWXSFIJSYRHIPWI[LIVI8LIGLMQMRKSJ

FIPPWIGGPIWMEWXMGEPQMPPMRIV]EXXMXYHIWSJHIZSXMSRMRWERIERXMGWXLIWIEVIXLITVIXIRGIXLIJEPWIWLS[SJTMIX]%RHWSSR)ZIV]XLMRKMRXLI[SVPHMWPMOIELSPPS[RYXXLIVIMWPMXXPIOIVRIPER][LIVIERH[LIRMXHSIWI\MWXMXMWWXMPPQSVIVEVIXSJMRHMXMRXLIWLIPP=SYQE]PSSOJSVMXIPWI[LIVIERHJMRHMXEWEVYPI

SRP]F]GLERGI

7)'8-32

8SIWXMQEXIEQERWGSRHMXMSRMRVIKEVHXSLETTMRIWWMXMWRIGIWWEV]XSEWORSX[LEXXLMRKWTPIEWILMQFYX[LEXXLMRKWXVSYFPILMQERHXLIQSVIXVMZMEPXLIWI

XLMRKWEVIMRXLIQWIPZIWXLILETTMIVXLIQER[MPPFI8SFIMVVMXEXIHF]XVMJPIWEQERQYWXFI[IPPSJJJSVMRQMWJSVXYRIWXVMJPIWEVIYRJIPX

7)'8-32

'EVI WLSYPH FI XEOIR RSX XS FYMPH XLI LETTMRIWW SJ PMJI YTSR E FVSEHJSYRHEXMSRRSX XS VIUYMVI E KVIEX QER] XLMRKW MR SVHIV XS FI LETT] *SVLETTMRIWWSR WYGL EJSYRHEXMSR MWXLI QSWXIEWMP] YRHIVQMRIHMX SJJIVW QER]QSVI STTSVXYRMXMIW JSV EGGMHIRXW ERH EGGMHIRXW EVI EP[E]W LETTIRMRK 8LI

EVGLMXIGXYVISJLETTMRIWWJSPPS[WETPERMRXLMWVIWTIGXNYWXXLISTTSWMXISJXLEX

EHSTXIH MRIZIV] SXLIVGEWI[LIVIXLI FVSEHIWXJSYRHEXMSR SJJIVWXLI KVIEXIWXWIGYVMX]%GGSVHMRKP] XSVIHYGI]SYV GPEMQW XSXLI PS[IWX TSWWMFPIHIKVII MRGSQTEVMWSR[MXL]SYVQIERWSJ[LEXIZIVOMRHXLIWIQE]FIMWXLIWYVIWX[E]SJEZSMHMRKI\XVIQIQMWJSVXYRI

8VERWPEXSVW2SXI 2MGLSPEW 'LEQJSVX E *VIRGL QMWGIPPERISYW [VMXIV [LSWI

FVMPPMERX GSRZIVWEXMSR TS[IV SJ [LSWI FVMPPMERX GSRZIVWEXMSR TS[IV SJ WEVGEWQ ERHITMKVEQQMG JSVGI GSYTPIH [MXL ER I\XVESVHMREV] GEVIIVVIRHIV LMQ SRI SJ XLI QSWXMRXIVIWXMRKERHVIQEVOEFPIQIRSJLMWXMQI7GLSTIRLEYIVYRHSYFXIHP]S[IHQYGLXSXLMW[VMXIVXS[LSQLIGSRWXERXP]VIJIVW


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8SQEOII\XIRWMZITVITEVEXMSRWJSVPMJIRSQEXXIV[LEXJSVQXLI]QE]XEOIMWSRISJXLIKVIEXIWXERHGSQQSRIWXSJJSPPMIW7YGLTVITEVEXMSRWTVIWYTTSWIMRXLI JMVWX TPEGI E PSRK PMJI XLI JYPP ERH GSQTPIXI XIVQ SJ ]IEVW ETTSMRXIH XS

QERERHLS[JI[VIEGLMXERHIZIRMJMXFIVIEGLIHMXMWWXMPPXSSWLSVXJSVEPP

XLITPERWXLEXLEZIFIIRQEHIJSVXSGEVV]XLIQSYXVIUYMXIWQSVIXMQIXLER[EWXLSYKLXRIGIWWEV]EXXLIFIKMRRMRK%RHXLIRLS[QER]QMWGLERGIWERHSFWXEGPIW WXERH MR XLI [E] LS[ WIPHSQ XLI KSEP MW IZIV VIEGLIH MR LYQER

EJJEMVW

%RH PEWXP] IZIR XLSYKLXLI KSEP WLSYPHFIVIEGLIH XLI GLERKIW [LMGL8MQI[SVOW MR YW LEZI FIIR PIJX SYX SJ XLI VIGOSRMRK [I JSVKIX XLEX XLI GETEGMX]

[LIXLIVJSVEGLMIZIQIRXSVJSVIRNS]QIRXHSIWRSXPEWXE[LSPIPMJIXMQI7S[ISJXIRXSMPJSVXLMRKW[LMGLEVIRSPSRKIVWYMXIHXSYW[LIR[IEXXEMRXLIQERHEKEMRXLI]IEVW[IWTIRHMRTVITEVMRKJSVWSQI[SVOYRGSRWGMSYWP]VSFYWSJ

XLITS[IVJSVGEVV]MRKMXSYX

,S[ SJXIR MX LETTIRW XLEX E QER MW YREFPI XS IRNS] XLI [IEPXL [LMGL LIEGUYMVIHEXWSQYGLXVSYFPIERHVMWOERHXLEXXLIJVYMXWSJLMWPEFSVEVIVIWIVZIH

JSVSXLIVWSVXLEXLIMWMRGETEFPISJJMPPMRKXLITSWMXMSR[LMGLLILEW[SREJXIVWS QER] ]IEVW SJ XSMP ERH WXVYKKPI *SVXYRI LEW GSQI XSS PEXI JSV LMQ SV

GSRXVEVMP] LI LEW GSQI XSS PEXI JSV JSVXYRI[LIR JSV MRWXERGI LI [ERXW XSEGLMIZIKVIEXXLMRKWWE]MREVXSVPMXIVEXYVIXLITSTYPEVXEWXILEWGLERKIHMX

QE]FIERI[KIRIVEXMSRLEWKVS[RYT[LMGLXEOIWRSMRXIVIWXMRLMW[SVOSXLIVWLEZIKSRIEWLSVXIV[E]ERHKSXXLIWXEVXSJLMQ8LIWIEVIXLIJEGXWSJ

PMJI[LMGL,SVEGIQYWXLEZILEHMRZMI[[LIRLIPEQIRXIHXLIYWIPIWWRIWWSJEPPEHZMGI

UYMHIXIVRMWQMRSVIQ'SRWMPMMWERMQYQJEXMKEW#

8LIGEYWISJXLMWGSQQSRIWXSJEPPJSPPMIWMWXLEXSTXMGEPMPPYWMSRSJXLIQMRHJVSQ [LMGL IZIV]SRI WYJJIVW QEOMRK PMJI EX MXW FIKMRRMRK WIIQ SJ PSRKHYVEXMSRERHEXMXWIRH[LIRSRIPSSOWFEGOSZIVXLIGSYVWISJMXLS[WLSVXEXMQIMXWIIQW8LIVIMWWSQIEHZERXEKIMRXLIMPPYWMSRFYXJSVMXRSKVIEX[SVO[SYPHIZIVFIHSRI

3YV PMJI MW PMOI E NSYVRI] SR [LMGL EW [I EHZERGI XLI PERHWGETI XEOIW EHMJJIVIRX ZMI[ JVSQ XLEX [LMGLMXTVIWIRXIHEXJMVWX ERH GLERKIW EKEMR EW[IGSQI RIEVIV 8LMW MWNYWX [LEXLETTIRWIWTIGMEPP] [MXLSYV[MWLIW;ISJXIRJMRH WSQIXLMRK IPWIRE] WSQIXLMRK FIXXIV XLER [LEX [IEVIPSSOMRK JSV ERH[LEX[IPSSOJSV[ISJXIRJMRHSREZIV]HMJJIVIRXTEXLJVSQXLEXSR[LMGL[IFIKER E ZEMR WIEVGL -RWXIEH SJ JMRHMRK EW [I I\TIGXIH TPIEWYVI LETTMRIWW

NS] [I KIX I\TIVMIRGI MRWMKLX ORS[PIHKIE VIEP ERH TIVQERIRX FPIWWMRK

MRWXIEHSJEJPIIXMRKERHMPPYWSV]SRI3HIW--\M


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8LMWMWXLIXLSYKLXXLEXVYRWXLVSYKL;MPOIPQ1IMWXIVPMOIXLIFEWWMRETMIGISJQYWMG-RXLMW[SVOSJ+SIXLIW[ILEZIE RSZIPSJXLIMRXIPPIGXYEPOMRHERHXLIVIJSVIWYTIVMSVXSEPPSXLIVWIZIRXS7MV;EPXIV7GSXXW[LMGLEVISRIERHEPPIXLMGEPMRSXLIV[SVHWXLI]XVIEXSJLYQERREXYVISRP]JVSQXLIWMHISJXLI[MPP7SXSSMRXLI>EYFIVJPSIXIXLEXKVSXIWUYIFYXWXMPPWMKRMJMGERXERHIZIRLMIVSKP]TLMGXLIWEQIXLSYKLXMWW]QFSPM^IHFYXMRKVIEXGSEVWIPMRIWQYGL

MRXLI[E]MR[LMGLWGIRIV]MWTEMRXIH,IVIXLIW]QFSP[SYPHFIGSQTPIXIMJ8EQMRS [IVI MR XLI IRH XS FI GYVIH SJ LMW HIWMVI XS TSWWIWW 8EMRMRE ERH

VIGIMZIHMRLIVWXIEHMRMXMEXMSRMRXSXLIQ]WXIVMIWSJXLI8IQTPISJ;MWHSQ-XMW UYMXI VMKLX JSV 4ETEKIRS LMW RIGIWWEV] GSRXVEWX XS WYGGIIH MR KIXXMRK LMW

4ETEKIRE

1IRSJER][SVXLSVZEPYIWSSRGSQIXSWIIXLEXXLI]EVIMRXLILERHWSJ*EXI

ERH KVEXIJYPP]WYFQMXXS FIQSYPHIHF]MXW XIEGLMRKW 8LI]VIGSKRM^I XLEX XLIJVYMX SJ PMJI MW I\TIVMIRGI ERH RSX LETTMRIWW XLI] FIGSQI EGGYWXSQIH ERHGSRXIRX XS I\GLERKI LSTI JSV MRWMKLX ERH MR XLI IRH XLI] GER WE] [MXL4IXVEVGLXLEXEPPXLI]GEVIJSVMWXSPIEVR

%PXVSHMPIXXSGLIQTEVEVRSRTVSZS

-XQE]IZIRFIXLEXXLI]XSWSQII\XIRXWXMPPJSPPS[XLIMVSPH[MWLIWERHEMQWXVMJPMRK [MXLXLIQEW MX[IVI JSV XLI WEOISJETTIEVERGIW EPP XLI [LMPIVIEPP]ERHWIVMSYWP]PSSOMRKJSVRSXLMRKFYXMRWXVYGXMSRETVSGIWW[LMGLPIRHWXLIQER

EMVSJKIRMYWEXVEMXSJWSQIXLMRKGSRXIQTPEXMZIERHWYFPMQI

-R XLIMV WIEVGL JSV KSPH XLI EPGLIQMWXW HMWGSZIVIH SXLIV XLMRKWKYRTS[HIV

GLMRE QIHMGMRIW XLI PE[W SJ REXYVI 8LIVI MW E WIRWI MR [LMGL [I EVI EPPEPGLIQMWXW


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CHAPTER II.

3YV6IPEXMSR8S3YVWIPZIW

7)'8-32

8LIQEWSRIQTPS]IHSRXLIFYMPHMRKSJELSYWIQE]FIUYMXIMKRSVERXSJMXWKIRIVEPHIWMKRSVEXER]VEXILIQE]RSXOIITMXGSRWXERXP]MRQMRH7SMXMW[MXL QER MR [SVOMRK XLVSYKL XLI HE]W ERH LSYVW SJ LMW PMJI LI XEOIW PMXXPIXLSYKLXSJMXWGLEVEGXIVEWE[LSPI

-JXLIVIMWER]QIVMXSVMQTSVXERGIEXXEGLMRKXSEQERWGEVIIVMJLIPE]WLMQWIPJSYXGEVIJYPP]JSVWSQIWTIGMEP[SVOMXMWEPPXLIQSVIRIGIWWEV]ERHEHZMWEFPI

JSV LMQ XS XYVR LMW EXXIRXMSR RS[ ERH XLIR XS MXWTPER XLEX MW XS WE] XLIQMRMEXYVI WOIXGL SJ MXW KIRIVEP SYXPMRIW 3J GSYVWI XS HS XLEX LI QYWX LEZIETTPMIH XLI QE\MQ ?+VIIO +RSXLM WIEYXSRA LI QYWX LEZI QEHI WSQI PMXXPITVSKVIWW MR XLI EVX SJ YRHIVWXERHMRK LMQWIPJ ,I QYWX ORS[ [LEX MW LMW VIEPGLMIJERHJSVIQSWXSFNIGXMRPMJI[LEXMXMWXLEXLIQSWX[ERXWMRSVHIVXSFILETT] ERH XLIR EJXIV XLEX [LEX SGGYTMIW XLI WIGSRH ERH XLMVH TPEGI MR LMWXLSYKLXWLIQYWXJMRHSYX[LEXSRXLI[LSPILMWZSGEXMSRVIEPP]MWXLITEVXLILEWXSTPE]LMWKIRIVEPVIPEXMSRXSXLI[SVPH-JLIQETWSYXMQTSVXERX[SVOJSVLMQWIPJSRKVIEXPMRIWEKPERGIEXXLMWQMRMEXYVITPERSJLMWPMJI[MPPQSVIXLER

ER]XLMRKIPWIWXMQYPEXIVSYWIERHIRRSFPILMQYVKILMQSRXSEGXMSRERHOIITLMQJVSQJEPWITEXLW

%KEMRNYWXEWXLIXVEZIPIVSRVIEGLMRKELIMKLXKIXWEGSRRIGXIHZMI[SZIVXLI

VSEHLILEWXEOIR[MXLMXWQER]XYVRWERH[MRHMRKWWSMXMWSRP][LIR[ILEZIGSQTPIXIH E TIVMSH MR SYV PMJI SV ETTVSEGL XLI IRH SJ MX EPXSKIXLIV XLEX [IVIGSKRM^I XLI XVYI GSRRIGXMSR FIX[IIR EPP SYV EGXMSRW[LEX MX MW [I LEZIEGLMIZIH[LEX[SVO[ILEZIHSRI-XMWSRP]XLIRXLEX[IWIIXLITVIGMWIGLEMRSJGEYWIERHIJJIGXERHXLII\EGXZEPYISJEPPSYVIJJSVXW*SVEWPSRKEW[IEVIEGXYEPP] IRKEKIH MR XLI [SVO SJ PMJI [I EP[E]W EGX MR EGGSVHERGI [MXL XLI

REXYVISJSYVGLEVEGXIVYRHIVXLIMRJPYIRGISJQSXMZIERH[MXLMRXLIPMQMXWSJSYV GETEGMX]MR E [SVH JVSQ FIKMRRMRK XS IRH YRHIV E PE[ SJRIGIWWMX]EXIZIV] QSQIRX [I HS NYWX [LEX ETTIEVW XS YW VMKLX ERH TVSTIV -X MW SRP]EJXIV[EVHW[LIR[IGSQIXSPSSOFEGOEXXLI[LSPIGSYVWISJSYVPMJIERHMXWKIRIVEPVIWYPXXLEX[IWIIXLI[L]ERH[LIVIJSVISJMXEPP

;LIR[IEVIEGXYEPP]HSMRKWSQIKVIEXHIIHSVGVIEXMRKWSQIMQQSVXEP[SVO

[IEVIRSXGSRWGMSYWSJMXEWWYGL[IXLMROSRP]SJWEXMWJ]MRKTVIWIRXEMQWSJJYPJMPPMRKXLIMRXIRXMSRW[ILETTIRXSLEZIEXXLIXMQISJHSMRKXLIVMKLXXLMRKEX

XLIQSQIRX-XMWSRP][LIR[IGSQIXSZMI[SYVPMJIEWEGSRRIGXIH[LSPIXLEX

SYV GLEVEGXIV ERH GETEGMXMIW WLS[ XLIQWIPZIW MR XLIMV XVYI PMKLX XLEX [I WIILS[MRTEVXMGYPEVMRWXERGIWWSQILETT]MRWTMVEXMSREWMX[IVIPIHYWXSGLSSWI


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XLISRP]XVYITEXLSYXSJEXLSYWERH[LMGLQMKLXLEZIFVSYKLXYWXSVYMR-X[EWSYVKIRMYWXLEXKYMHIHYWEJSVGIJIPXMRXLIEJJEMVWSJXLIMRXIPPIGXYEPEWMRXLSWISJXLI[SVPHERH[SVOMRKF]MXWHIJIGXNYWXMRXLIWEQI[E]MRVIKEVHXSIZMP

ERHHMWEWXIV

7)'8-32

%RSXLIVMQTSVXERXIPIQIRXMRXLI[MWIGSRHYGXSJPMJIMWXSTVIWIVZIETVSTIVTVSTSVXMSRFIX[IIRSYVXLSYKLXJSVXLITVIWIRXERHSYVXLSYKLXJSVXLIJYXYVIMRSVHIVRSXXSWTSMPXLISRIF]TE]MRKSZIVKVIEXEXXIRXMSRXSXLISXLIV1ER]PMZIXSSPSRKMRXLITVIWIRXJVMZSPSYWTISTPI-QIERSXLIVWXSSQYGLMRXLIJYXYVIIZIVER\MSYWERHJYPPSJGEVI-XMWWIPHSQXLEXEQERLSPHWXLIVMKLXFEPERGIFIX[IIR XLI X[S I\XVIQIW 8LSWI [LS WXVMZI ERH LSTI ERH PMZI SRP] MR XLIJYXYVI EP[E]W PSSOMRK ELIEH ERH MQTEXMIRXP] ERXMGMTEXMRK [LEX MW GSQMRK EW

WSQIXLMRK[LMGL[MPPQEOIXLIQLETT][LIRXLI]KIXMXEVIMRWTMXISJXLIMVZIV]GPIZIVEMVWI\EGXP]PMOIXLSWIHSROI]WSRIWIIWMR-XEP][LSWITEGIQE]FILYVVMIHF]JM\MRKEWXMGOSRXLIMVLIEHW[MXLE[MWTSJLE]EXXLIIRHSJMXXLMW MW EP[E]W NYWX MR JVSRX SJ XLIQ ERH XLI] OIIT SR XV]MRK XS KIX MX 7YGL

TISTPIEVIMREGSRWXERXWXEXISJMPPYWMSREWXSXLIMV[LSPII\MWXIRGIXLI]KSSRPMZMRKEHMRXIVMQYRXMPEXPEWXXLI]HMI

-RWXIEHXLIVIJSVISJEP[E]WXLMROMRKEFSYXSYVTPERWERHER\MSYWP]PSSOMRKXSXLI JYXYVI SV SJ KMZMRK SYVWIPZIW YT XS VIKVIX JSV XLI TEWX [I WLSYPH RIZIVJSVKIX XLEX XLI TVIWIRX MW XLI SRP] VIEPMX] XLI SRP] GIVXEMRX] XLEX XLI JYXYVI

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

?+VIIOEPPEXEQIRTVSXYGLXLEMIEWSQIREGLRYQIRSMTIVXYQLSRIRMWXEIXLIWWMTLMPSRHEQEWRXIWLEREROEIA

ERHSJXLIJYXYVIEWSJXLEX[LMGLPMIWFI]SRHSYVTS[IVMRXLIPETSJXLIKSHW-PMEH\M\


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?+VIIOEPPEIXSMQIRXEYXEXLISRIRKSYREWMOIMXEMA

&YXMRVIKEVHXSXLITVIWIRXPIXYWVIQIQFIV7IRIGEWEHZMGIERHPMZIIEGLHE]EWMJMX[IVISYV[LSPIPMJIWMRKYPEWHMIWWMRKYPEWZMXEWTYXEPIXYWQEOIMXEW

EKVIIEFPIEWTSWWMFPIMXMWXLISRP]VIEPXMQI[ILEZI

3RP] XLSWI IZMPW [LMGL EVI WYVI XS GSQI EX E HIJMRMXI HEXI LEZI ER] VMKLX XSHMWXYVFYWERHLS[JI[XLIVIEVI[LMGLJYPJMPPXLMWHIWGVMTXMSR*SVIZMPWEVISJX[SOMRHWIMXLIVXLI]EVITSWWMFPISRP]EXQSWXTVSFEFPISVXLI]EVIMRIZMXEFPI)ZIRMRXLIGEWISJIZMPW[LMGLEVIWYVIXSLETTIRXLIXMQIEX[LMGLXLI][MPPLETTIRMWYRGIVXEMR%QER[LSMWEP[E]WTVITEVMRKJSVIMXLIVGPEWWSJIZMP[MPPRSXLEZIEQSQIRXSJTIEGIPIJXLMQ7SMJ[IEVIRSXXSPSWIEPPGSQJSVXMRPMJIXLVSYKLXLIJIEVSJIZMPWWSQISJ[LMGLEVIYRGIVXEMRMRXLIQWIPZIWERHSXLIVW

MRXLIXMQIEX[LMGLXLI][MPPSGGYV[IWLSYPHPSSOYTSRXLISRIOMRHEWRIZIVPMOIP]XSLETTIRERHXLISXLIVEWRSXPMOIP]XSLETTIRZIV]WSSR

2S[XLIPIWWSYVTIEGISJQMRHMWHMWXYVFIHF]JIEVXLIQSVIPMOIP]MXMWXSFI

EKMXEXIH F] HIWMVI ERH I\TIGXEXMSR 8LMW MW XLI XVYI QIERMRK SJ XLEX WSRK SJ+SIXLIW[LMGLMWWYGLEJEZSVMXI[MXLIZIV]SRI-GLLEFQIMR7EGLEYJRMGLXWKIWXIPPX-XMWSRP]EJXIVEQERLEWKSXVMHSJEPPTVIXIRWMSRERHXEOIRVIJYKIMRQIVIYRIQFIPPMWLIHI\MWXIRGIXLEXLIMWEFPIXSEXXEMRXLEXTIEGISJQMRH[LMGLMW XLI JSYRHEXMSR SJ LYQER LETTMRIWW 4IEGI SJ QMRH XLEX MW WSQIXLMRKIWWIRXMEP XS ER] IRNS]QIRX SJ XLI TVIWIRX QSQIRX ERH YRPIWW MXW WITEVEXI

QSQIRXWEVIIRNS]IHXLIVIMWERIRHSJPMJIWLETTMRIWWEWE[LSPI;IWLSYPHEP[E]WGSPPIGXXLEX8SHE]GSQIWSRP]SRGIERHRIZIVVIXYVRW;IJERG]XLEXMX[MPPGSQIEKEMRXSQSVVS[FYX 8SQSVVS[MWERSXLIVHE][LMGLMRMXWXYVRGSQIW SRGI SRP] ;I EVI ETX XS JSVKIX XLEX IZIV] HE] MW ER MRXIKVEP ERHXLIVIJSVIMVVITPEGIEFPITSVXMSRSJPMJIERHXSPSSOYTSRPMJIEWXLSYKLMX[IVIEGSPPIGXMZIMHIESVREQI[LMGLHSIWRSXWYJJIVMJSRISJXLIMRHMZMHYEPWMXGSZIVWMWHIWXVS]IH

;IWLSYPHFIQSVIPMOIP]XSETTVIGMEXIERHIRNS]XLITVIWIRXMJMRXLSWIKSSH

HE]W[LIR[IEVI[IPPERHWXVSRK[IHMHRSXJEMPXSVIJPIGXLS[MRWMGORIWWERH

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

QSQIRXW [I WLSYPH LSRSV RIZIV JEMPMRK XS VIQIQFIV XLEX XLI IFFMRK XMHI MW

IZIR LS[ LYVV]MRK XLIQ MRXS XLI TEWX [LIVI QIQSV] [MPP WXSVI XLIQ-FMH\ZMM


15/91

XVERWJMKYVIH ERH WLMRMRK [MXL ER MQTIVMWLEFPI PMKLXMR WSQI EJXIVXMQI ERHEFSZIEPP[LIRSYVHE]WEVIIZMPXSVEMWIXLIZIMPERHTVIWIRXXLIQEWXLISFNIGXSJSYVJSRHIWXVIKVIX

7)'8-32

0MQMXEXMSRW EP[E]W QEOI JSV LETTMRIWW ;I EVI LETT] MR TVSTSVXMSR EW SYVVERKISJZMWMSRSYVWTLIVISJ[SVOSYVTSMRXWSJGSRXEGX[MXLXLI[SVPHEVIVIWXVMGXIHERHGMVGYQWGVMFIH;IEVIQSVIPMOIP]XSJIIP[SVVMIHERHER\MSYWMJXLIWI PMQMXW EVI [MHI JSV MX QIERW XLEX SYV GEVIW HIWMVIW ERH XIVVSVW EVIMRGVIEWIHERHMRXIRWMJMIH8LEXMW[L]XLIFPMRHEVIRSXWSYRLETT]EW[IQMKLXFI MRGPMRIH XS WYTTSWI SXLIV[MWI XLIVI [SYPH RSX FI XLEX KIRXPI ERH EPQSWXWIVIRII\TVIWWMSRSJTIEGIMRXLIMVJEGIW

%RSXLIV VIEWSR [L] PMQMXEXMSR QEOIWJSV LETTMRIWW MW XLEX XLI WIGSRH LEPJ SJPMJITVSZIWIZIRQSVIHVIEV]XLEXXLIJMVWX%WXLI]IEVW[IEVSRXLILSVM^SRSJSYVEMQWERHSYVTSMRXWSJGSRXEGX[MXLXLI[SVPHFIGSQIQSVII\XIRHIH-RGLMPHLSSHSYVLSVM^SRMWPMQMXIHXSXLIREVVS[IWXWTLIVIEFSYXYWMR]SYXLXLIVIMWEPVIEH]EZIV]GSRWMHIVEFPI[MHIRMRKSJSYVZMI[MRQERLSSHMXGSQTVMWIWXLI[LSPIVERKISJSYVEGXMZMX]SJXIRWXVIXGLMRKSYXSZIVEZIV]HMWXERXWTLIVIXLIGEVIJSVMRWXERGISJE7XEXISVEREXMSRMRSPHEKIMXIQFVEGIWTSWXIVMX]

&YXIZIRMRXLIEJJEMVWSJXLIMRXIPPIGXPMQMXEXMSRMWRIGIWWEV]MJ[IEVIXSFILETT] *SV XLI PIWWXLI [MPP MW I\GMXIH XLI PIWW[I WYJJIV ;I LEZI WIIR XLEX

WYJJIVMRKMWWSQIXLMRKTSWMXMZIERHXLEXLETTMRIWWMWSRP]ERIKEXMZIGSRHMXMSR8SPMQMXXLIWTLIVISJSYX[EVHEGXMZMX]MWXSVIPMIZIXLI[MPPSJI\XIVREPWXMQYPYWXS PMQMX XLI WTLIVI SJ SYV MRXIPPIGXYEP IJJSVXW MW XS VIPMIZI XLI [MPP SJ MRXIVREPWSYVGIW SJ I\GMXIQIRX 8LMW PEXXIV OMRH SJ PMQMXEXMSR MW EXXIRHIH F] XLIHMWEHZERXEKI XLEX MX STIRW XLI HSSV XS FSVIHSQ [LMGL MW E HMVIGX WSYVGI SJGSYRXPIWW WYJJIVMRKW JSV XS FERMWL FSVIHSQ E QER [MPP LEZI VIGSYVWI XS ER]QIERW XLEX QE] FI LERH]HMWWMTEXMSR WSGMIX] I\XVEZEKERGI KEQMRK ERHHVMROMRK ERH XLI PMOI [LMGL MR XLIMV XYVR FVMRK QMWGLMIJ VYMR ERH QMWIV] MRXLIMV XVEMR (MJJMGMPIW MR SXMS UYMIWMX MW HMJJMGYPX XS OIIT UYMIX MJ ]SY LEZIRSXLMRK XS HS 8LEX PMQMXEXMSR MR XLI WTLIVISJSYX[EVH EGXMZMX] MW GSRHYGMZIRE]IZIRRIGIWWEV]XSLYQERLETTMRIWWWYGLEW MXMWQE]FIWIIRMRXLIJEGXXLEXXLISRP]OMRHSJTSIXV][LMGLHITMGXWQIRMRELETT]WXEXISJPMJI-H]PPMGTSIXV]-QIEREP[E]WEMQWEWERMRXVMRWMGTEVXSJMXWXVIEXQIRXEXVITVIWIRXMRKXLIQMRZIV]WMQTPIERHVIWXVMGXIHGMVGYQWXERGIW-XMWXLMWJIIPMRKXSS[LMGLMWEXXLIFSXXSQSJXLITPIEWYVI[IXEOIMR[LEXEVIGEPPIHKIRVITMGXYVIW

7MQTPMGMX] XLIVIJSVI EW JEV EW MX GER FI EXXEMRIH ERH IZIRQSRSXSR] MR SYVQERRIV SJ PMJI MJ MX HSIW RSX QIER XLEX [I EVI FSVIH [MPP GSRXVMFYXI XS

LETTMRIWW NYWX FIGEYWI YRHIV WYGL GMVGYQWXERGIW PMJI ERH GSRWIUYIRXP] XLI

FYVHIR [LMGL MW XLI IWWIRXMEP GSRGSQMXERX SJ PMJI [MPP FI PIEWX JIPX 3YV


16/91

I\MWXIRGI[MPPKPMHISRTIEGIJYPP]PMOIEWXVIEQ[LMGLRS[EZIWSV[LMVPTSSPWHMWXYVF

7)'8-32

;LIXLIV [IEVI MRE TPIEWERX SV E TEMRJYP WXEXIHITIRHWYPXMQEXIP]YTSR XLIOMRH SJQEXXIV XLEX TIVZEHIWERH IRKVSWWIWSYV GSRWGMSYWRIWW -RXLMW VIWTIGXTYVIP]MRXIPPIGXYEPSGGYTEXMSRJSVXLIQMRHXLEXMWGETEFPISJMX[MPPEWEVYPIHSQYGLQSVIMRXLI[E]SJLETTMRIWWXLERER]JSVQSJTVEGXMGEPPMJI[MXLMXWGSRWXERXEPXIVREXMSRWSJWYGGIWWERHJEMPYVIERHEPP XLI WLSGOWERHXSVQIRXWMXTVSHYGIW &YX MX QYWX FI GSRJIWWIH XLEX JSV WYGL SGGYTEXMSR E TVIIQMRIRXEQSYRX SJMRXIPPIGXYEPGETEGMX] MWRIGIWWEV]%RH MRXLMWGSRRIGXMSRMXQE]FIRSXIHXLEXNYWX EWE PMJI HIZSXIH XSSYX[EVH EGXMZMX][MPP HMWXVEGXERH HMZIVX EQERJVSQWXYH]ERHEPWSHITVMZILMQSJXLEXUYMIXGSRGIRXVEXMSRSJQMRH[LMGL

MWRIGIWWEV]JSVWYGL[SVOWSSRXLISXLIVLERHEPSRKGSYVWISJXLSYKLX[MPPQEOILMQQSVISVPIWWYRJMXJSVXLIRSMW]TYVWYMXWSJVIEPPMJI-XMWEHZMWEFPIXLIVIJSVI XSWYWTIRHQIRXEP [SVOJSV E[LMPI MJGMVGYQWXERGIWLETTIR [LMGLHIQERHER]HIKVIISJIRIVK]MREJJEMVWSJETVEGXMGEPREXYVI

7)'8-32

8S PMZI E PMJI XLEX WLEPP FI IRXMVIP] TVYHIRX ERH HMWGVIIX ERH XS HVE[ JVSQI\TIVMIRGIEPPXLIMRWXVYGXMSRMXGSRXEMRWMXMWVIUYMWMXIXSFIGSRWXERXP]XLMROMRKFEGOXS QEOI E OMRH SJ VIGETMXYPEXMSR SJ [LEX [I LEZI HSRI SJ SYV

MQTVIWWMSRWERHWIRWEXMSRWXSGSQTEVISYVJSVQIV[MXLSYVTVIWIRXNYHKQIRXW[LEX [I WIX FIJSVI YW ERH WXVYKKPI XS EGLMIZI [MXL XLI EGXYEP VIWYPX ERHWEXMWJEGXMSR [I LEZI SFXEMRIH 8S HS XLMW MW XS KIX E VITIXMXMSR SJ XLI TVMZEXIPIWWSRWSJI\TIVMIRGIPIWWSRW[LMGLEVIKMZIRXSIZIV]SRI

)\TIVMIRGI SJ XLI [SVPH QE] FI PSSOIH YTSR EW E OMRH SJ XI\X XS [LMGLVIJPIGXMSR ERH ORS[PIHKI JSVQ XLI GSQQIRXEV] ;LIVI XLIVI MW KVIEX HIEP SJ

VIJPIGXMSR ERH MRXIPPIGXYEP ORS[PIHKI ERH ZIV] PMXXPI I\TIVMIRGI XLI VIWYPX MWPMOI XLSWI FSSOW [LMGL LEZI SR IEGL TEKI X[S PMRIW SJ XI\X XS JSVX] PMRIW SJ

GSQQIRXEV] % KVIEX HIEP SJ I\TIVMIRGI [MXL PMXXPI VIJPIGXMSR ERH WGERX

ORS[PIHKIKMZIWYWFSSOWPMOIXLSWI SJXLIIHMXMS&MTSRXMRE[LIVIXLIVIEVIRSRSXIWERHQYGLXLEXMWYRMRXIPPMKMFPI

8LIEHZMGILIVIKMZIRMWSRETEV[MXLEVYPIVIGSQQIRHIHF]4]XLEKSVEWXS

VIZMI[IZIV]RMKLXFIJSVIKSMRKXSWPIIT[LEX[ILEZIHSRIHYVMRKXLIHE]8SPMZI EX VERHSQ MR XLI LYVP]FYVP] SJ FYWMRIWW SV TPIEWYVI [MXLSYX IZIV

VIJPIGXMRKYTSRXLITEWXXSKSSREWMX[IVITYPPMRKGSXXSRSJJXLIVIIPSJPMJIMWXSLEZIRSGPIEVMHIESJ[LEX[IEVIEFSYXERHEQER[LSPMZIWMRXLMWWXEXI

8VERWPEXSVW2SXI%WIVMIWSJ+VIIO0EXMRERH*VIRGLGPEWWMGWTYFPMWLIHEX>[IMFVEIGOIRMR XLI 4EPEXMREXI JVSQ ERH EJXIV XLI ]IEV 'J &YXXIV9IFIVHMI &MTSRXMRIV YRH HMIIHMXMSRIW&MTSRXMREI


17/91

[MPPLEZIGLESWMRLMWIQSXMSRWERHGIVXEMRGSRJYWMSRMRLMWXLSYKLXWEWMWWSSRQERMJIWX F] XLI EFVYTX ERH JVEKQIRXEV] GLEVEGXIV SJ LMW GSRZIVWEXMSR [LMGLFIGSQIWEOMRHSJQMRGIQIEX%QER[MPPFIEPPXLIQSVII\TSWIHXSXLMWJEXIMR

TVSTSVXMSR EW LI PMZIW E VIWXPIWW PMJI MR XLI [SVPH EQMH E GVS[H SJ ZEVMSYW

MQTVIWWMSRWERH[MXLEGSVVIWTSRHMRKP]WQEPPEQSYRXSJEGXMZMX]SRXLITEVXSJLMWS[RQMRH%RHMRXLMWGSRRIGXMSRMX[MPPFIMRTPEGIXSSFWIVZIXLEX[LIRIZIRXWERHGMVGYQWXERGIW[LMGLLEZIMRJPYIRGIHYWTEWWE[E]MRXLIGSYVWISJ

XMQI [I EVI YREFPI XS FVMRK FEGO ERH VIRI[ XLI TEVXMGYPEV QSSH SV WXEXI SJJIIPMRK[LMGLXLI]EVSYWIHMRYWFYX[IGERVIQIQFIV[LEX[I[IVIPIHXSWE]ERHHSMRVIKEVHXSXLIQERHXLYWJSVQEWMX[IVIXLIVIWYPXI\TVIWWMSRERHQIEWYVI SJ XLSWI IZIRXW ;I WLSYPH XLIVIJSVI FI GEVIJYP XS TVIWIVZI XLIQIQSV]SJSYVXLSYKLXWEXMQTSVXERXTSMRXWMRSYVPMJIERHLIVIMRPMIWXLIKVIEXEHZERXEKISJOIITMRKENSYVREP

7)'8-32

8SFIWIPJWYJJMGMIRXXSFIEPPMREPPXSSRIWIPJXS[ERXJSVRSXLMRKXSFIEFPIXSWE] SQRME QIE QIGYQ TSVXSXLEX MW EWWYVIHP] XLI GLMIJ UYEPMJMGEXMSR JSVLETTMRIWW,IRGI%VMWXSXPIWVIQEVO?+VIIOLEIIYHEMQSRMEXSREYXEVGLSRIWXMAXSFILETT]QIERWXSFIWIPJWYJJMGMIRXGERRSXFIXSSSJXIRVITIEXIH-XMWEX

FSXXSQXLI WEQI XLSYKLX EW MW TVIWIRX MR XLI ZIV] [IPPXYVRIH WIRXIRGI JVSQ'LEQJSVX

0IFSRLIYVRIWXTEWGLSWIEMWIIMPIWXXVIWHMJJMGMPIHIPIXVSYZIV

IRRSYWIXMQTSWWMFPIHIPIXVSYZIVEMPPIYVW

*SV [LMPI E QER GERRSX VIGOSR [MXL GIVXEMRX] YTSR ER]SRI FYX LMQWIPJ XLIFYVHIRW ERH HMWEHZERXEKIW XLI HERKIVW ERH ERRS]ERGIW [LMGL EVMWI JVSQLEZMRKXSHS[MXLSXLIVWEVIRSXSRP]GSYRXPIWWFYXYREZSMHEFPI

8LIVIMWRSQSVIQMWXEOIRTEXLXSLETTMRIWWXLER[SVPHPMRIWWVIZIPV]LMKLPMJIJSV XLI [LSPI SFNIGX SJ MX MW XS XVERWJSVQ SYV QMWIVEFPI I\MWXIRGI MRXS EWYGGIWWMSRSJNS]WHIPMKLXWERHTPIEWYVIWETVSGIWW[LMGLGERRSXJEMPXSVIWYPX

MR HMWETTSMRXQIRX ERH HIPYWMSR SR E TEV MR XLMW VIWTIGX [MXL MXW SFPMKEXS

EGGSQTERMQIRXXLIMRXIVGLERKISJPMIW

%PP WSGMIX]RIGIWWEVMP]MRZSPZIW EWXLI JMVWXGSRHMXMSR SJMXW I\MWXIRGI QYXYEPEGGSQQSHEXMSRERHVIWXVEMRXYTSRXLITEVXSJMXWQIQFIVW8LMWQIERWXLEXXLI

PEVKIVMXMWXLIQSVIMRWMTMH[MPPFIMXWXSRI%QERGERFILMQWIPJSRP]WSPSRKEWLIMWEPSRIERHMJLIHSIWRSXPSZIWSPMXYHILI[MPPRSXPSZIJVIIHSQJSVMXMW

SRP] [LIR LI MW EPSRI XLEX LI MW VIEPP] JVII 'SRWXVEMRX MW EP[E]W TVIWIRX MR

)YHIQ)XL:--MM%WSYVFSH]MWGSRGIEPIHF]XLIGPSXLIW[I[IEVWSSYVQMRHMWZIMPIHMRPMIW8LIZIMPMW

EP[E]W XLIVI ERH MXMW SRP] XLVSYKL MXXLEX [I GER WSQIXMQIW KYIWW EX[LEX E QER VIEPP]XLMROWNYWXEWJVSQLMWGPSXLIW[IEVVMZIEXXLIKIRIVEPWLETISJLMWFSH]


18/91

WSGMIX]PMOIEGSQTERMSRSJ[LSQXLIVIMWRSVMHHERGIERHMRTVSTSVXMSRXSXLIKVIEXRIWWSJEQERWMRHMZMHYEPMX]MX[MPPFILEVHJSVLMQXSFIEVXLIWEGVMJMGIW[LMGL EPP MRXIVGSYVWI [MXL SXLIVW HIQERHW 7SPMXYHI [MPP FI [IPGSQIH SV

IRHYVIHSVEZSMHIHEGGSVHMRKEWEQERWTIVWSREPZEPYIMWPEVKISVWQEPPXLI

[VIXGL JIIPMRK [LIR LI MW EPSRI XLI [LSPI FYVHIR SJ LMW QMWIV] XLI KVIEXMRXIPPIGXHIPMKLXMRKMRMXWKVIEXRIWWERHIZIV]SRIMRWLSVXFIMRKNYWX[LEXLIMW

*YVXLIVMJEQERWXERHWLMKLMR2EXYVIWPMWXWMXMWREXYVEPERHMRIZMXEFPIXLEXLIWLSYPHJIIPWSPMXEV]-X[MPPFIEREHZERXEKIXSLMQMJLMWWYVVSYRHMRKWHSRSX

MRXIVJIVI[MXLXLMWJIIPMRKJSVMJLILEWXSWIIEKVIEXHIEPSJSXLIVTISTPI[LSEVIRSXSJPMOIGLEVEGXIV[MXLLMQWIPJXLI][MPPI\IVGMWIEHMWXYVFMRKMRJPYIRGI

YTSRLMQEHZIVWIXSLMWTIEGISJQMRHXLI][MPPVSFLMQMRJEGXSJLMQWIPJERHKMZILMQRSXLMRKXSGSQTIRWEXIJSVXLIPSWW

&YX[LMPI2EXYVIWIXWZIV][MHIHMJJIVIRGIWFIX[IIRQERERHQERMRVIWTIGXFSXLSJQSVEPMX]ERHSJMRXIPPIGXWSGMIX]HMWVIKEVHWERHIJJEGIWXLIQSVVEXLIVMXWIXW YTEVXMJMGMEPHMJJIVIRGIWMRXLIMVWXIEHKVEHEXMSRWSJVERO ERH TSWMXMSR[LMGLEVIZIV]SJXIRHMEQIXVMGEPP]STTSWIHXSXLSWI[LMGL2EXYVIIWXEFPMWLIW

8LIVIWYPXSJXLMWEVVERKIQIRXMWXSIPIZEXIXLSWI[LSQ2EXYVILEWTPEGIHPS[ERH XS HITVIWW XLI JI[ [LS WXERH LMKL 8LIWI PEXXIV XLIR YWYEPP] [MXLHVE[

JVSQWSGMIX][LIVIEWWSSREWMXMWEXEPPRYQIVSYWZYPKEVMX]VIMKRWWYTVIQI

;LEX SJJIRHW E KVIEX MRXIPPIGX MR WSGMIX] MW XLI IUYEPMX] SJ VMKLXW PIEHMRK XSIUYEPMX] SJ TVIXIRWMSRW [LMGL IZIV]SRI IRNS]W [LMPI EX XLI WEQI XMQI

MRIUYEPMX] SJ GETEGMX] QIERW E GSVVIWTSRHMRK HMWTEVMX] SJ WSGMEP TS[IV 7SGEPPIHKSSHWSGMIX]VIGSKRM^IWIZIV]OMRHSJGPEMQFYXXLEXSJMRXIPPIGX[LMGLMWEGSRXVEFERHEVXMGPIERHTISTPIEVII\TIGXIHXSI\LMFMXERYRPMQMXIHEQSYRXSJTEXMIRGI XS[EVHW IZIV] JSVQ SJ JSPP] ERH WXYTMHMX] TIVZIVWMX] ERH HYPPRIWW[LMPWXTIVWSREPQIVMXLEWXSFIKTEVHSREWMX[IVIJSVFIMRKTVIWIRXSVIPWIGSRGIEP MXWIPJ EPXSKIXLIV -RXIPPIGXYEP WYTIVMSVMX] SJJIRHW F] MXW ZIV]I\MWXIRGI[MXLSYXER]HIWMVIXSHSWS

8LI [SVWX SJ [LEX MW GEPPIH KSSH WSGMIX] MW RSX SRP] XLEX MX SJJIVW YW XLIGSQTERMSRWLMT SJ TISTPI [LS EVI YREFPI XS [MR IMXLIV SYV TVEMWI SV SYVEJJIGXMSRFYXXLEXMXHSIWRSXEPPS[SJSYVFIMRKXLEX[LMGL[IREXYVEPP]EVIMXGSQTIPW YW JSV XLI WEOI SJ LEVQSR] XS WLVMZIP YT SV IZIR EPXIV SYV WLETIEPXSKIXLIV-RXIPPIGXYEPGSRZIVWEXMSR[LIXLIVKVEZISVLYQSVSYWMWSRP]JMXJSVMRXIPPIGXYEP WSGMIX] MX MW HS[RVMKLX EFLSVVIRX XS SVHMREV] TISTPI XS TPIEWI[LSQMXMWEFWSPYXIP]RIGIWWEV]XSFIGSQQSRTPEGIERHHYPP8LMWHIQERHWEREGXSJWIZIVIWIPJHIRMEP[ILEZIXSJSVJIMXXLVIIJSYVXLWSJSYVWIPZIWMRSVHIVXSFIGSQIPMOISXLIVTISTPI2SHSYFXXLIMVGSQTER]QE]FIWIXHS[REKEMRWXSYVPSWWMRXLMWVIWTIGXFYXXLIQSVIEQERMW[SVXLXLIQSVILI[MPPJMRHXLEX[LEXLIKEMRWHSIWRSXGSZIV[LEXLIPSWIWERHXLEXXLIFEPERGIMWSRXLIHIFMXWMHI

SJXLIEGGSYRXJSVXLITISTPI[MXL[LSQLIHIEPWEVIKIRIVEPP]FEROVYTXXLEXMWXSWE]XLIVIMWRSXLMRKXSFIKSXJVSQXLIMVWSGMIX][LMGLGERGSQTIRWEXI


19/91

IMXLIVJSV MXW FSVIHSQ ERRS]ERGI ERH HMWEKVIIEFPIRIWW SV JSV XLI WIPJHIRMEP[LMGL MX VIRHIVW RIGIWWEV] %GGSVHMRKP] QSWX WSGMIX] MW WS GSRWXMXYXIH EW XSSJJIVEKSSHTVSJMXXSER]SRI[LS[MPPI\GLERKIMXJSVWSPMXYHI

2SVMWXLMWEPP&][E] SJTVSZMHMRKEWYFWXMXYXI JSV VIEP-QIERMRXIPPIGXYEP

WYTIVMSVMX][LMGL MWWIPHSQ XSFI QIX [MXLERH MRXSPIVEFPI[LIRMXMW JSYRHWSGMIX]LEWGETVMGMSYWP]EHSTXIHEJEPWIOMRHSJWYTIVMSVMX]GSRZIRXMSREPMRMXW

GLEVEGXIVERHVIWXMRKYTSREVFMXVEV]TVMRGMTPIWEXVEHMXMSREWMX[IVILERHIHHS[RMRXLILMKLIVGMVGPIWERHPMOIETEWW[SVHWYFNIGXXSEPXIVEXMSR-VIJIVXS

FSRXSRJEWLMSR;LIRIZIVXLMWOMRHSJWYTIVMSVMX]GSQIWMRXSGSPPMWMSR[MXLXLIVIEPOMRHMXW[IEORIWWMWQERMJIWX1SVISZIVXLITVIWIRGISJKSSHXSRIQIERWXLIEFWIRGISJKSSHWIRWI

2S QER GER FI MRTIVJIGXEGGSVH [MXL ER] SRI FYX LMQWIPJRSX IZIR [MXL E

JVMIRHSVXLITEVXRIVSJLMWPMJIHMJJIVIRGIWSJMRHMZMHYEPMX]ERHXIQTIVEQIRXEVIEP[E]WFVMRKMRKMRWSQIHIKVIISJHMWGSVHXLSYKLMXQE]FIEZIV]WPMKLXSRI8LEX KIRYMRITVSJSYRHTIEGISJ QMRHXLEXTIVJIGX XVERUYMPMX]SJWSYP[LMGLRI\XXSLIEPXLMWXLILMKLIWXFPIWWMRKXLIIEVXLGERKMZIMWXSFIEXXEMRIHSRP]MR

WSPMXYHIERHEWETIVQERIRXQSSHSRP]MRGSQTPIXIVIXMVIQIRXERHXLIRMJXLIVI MW ER]XLMRK KVIEX ERH VMGL MR XLI QERW S[R WIPJ LMW [E] SJ PMJI MW XLI

LETTMIWXXLEXQE]FIJSYRHMRXLMW[VIXGLIH[SVPH

0IXQIWTIEOTPEMRP],S[IZIVGPSWIXLIFSRHSJJVMIRHWLMTPSZIQEVVMEKIEQER YPXMQEXIP] PSSOW XS LMQWIPJ XS LMW S[R [IPJEVI EPSRI EX QSWX XS LMW

GLMPHW XSS 8LI PIWW RIGIWWMX] XLIVI MW JSV ]SY XS GSQI MRXS GSRXEGX [MXLQEROMRHMRKIRIVEPMRXLIVIPEXMSRW[LIXLIVSJFYWMRIWWSVSJTIVWSREPMRXMQEG]XLIFIXXIVSJJ]SYEVI0SRIPMRIWWERHWSPMXYHILEZIXLIMVIZMPWMXMWXVYIFYXMJ]SYGERRSXJIIPXLIQEPPEXSRGI]SYGEREXPIEWXWII[LIVIXLI]PMISRXLISXLIVLERHWSGMIX]MWMRWMHMSYWMRXLMWVIWTIGXEWMRSJJIVMRK]SY[LEXETTIEVWXSFIXLITEWXMQISJTPIEWMRKWSGMEPMRXIVGSYVWIMX[SVOWKVIEXERHSJXIRMVVITEVEFPIQMWGLMIJ8LI]SYRKWLSYPHIEVP]FIXVEMRIHXSFIEVFIMRKPIJXEPSRIJSVMXMWEWSYVGISJLETTMRIWWERHTIEGISJQMRH

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FIEVXLIMVS[R1SVISZIVVIWTIGXMWRSXTEMHMRXLMW[SVPHXSXLEX[LMGLLEWVIEP4EVEHS\E7XSMHSVYQ--


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GSRXEGX[MXLSXLIVW&YXEQER[LSLEWEKVIEXHIEPSJMRXIPPIGXYEP[EVQXLMRLMQWIPJ [MPP WXERH MR RS RIIH SJ WYGL VIWSYVGIW - LEZI [VMXXIR E PMXXPI JEFPI

MPPYWXVEXMRKXLMWMXQE]FIJSYRHIPWI[LIVI%WEKIRIVEPVYPIMXQE]FIWEMHXLEX E QERW WSGMEFMPMX] WXERHW ZIV] RIEVP] MR MRZIVWI VEXMS XS LMW MRXIPPIGXYEP

8VERWPEXSVW2SXI8LITEWWEKIXS[LMGL7GLSTIRLEYIVVIJIVWMW4EVIVKEZSPMM7IGXLIHMXMSR8LIJEFPIMWSJGIVXEMRTSVGYTMRIW[LSLYHHPIHXSKIXLIVJSV[EVQXLSREGSPHHE]FYXEWXLI]FIKERXSTVMGOSRIERSXLIV[MXLXLIMVUYMPPWXLI][IVISFPMKIHXSHMWTIVWI,S[IZIVXLIGSPHHVSZIXLIQXSKIXLIVEKEMR[LIRNYWXXLIWEQIXLMRKLETTIRIH%XPEWX

EJXIVQER]XYVRWSJLYHHPMRKERHHMWTIVWMRKXLI]HMWGSZIVIHXLEXXLI][SYPHFIFIWXSJJF]VIQEMRMRKEXEPMXXPIHMWXERGIJVSQSRIERSXLIV-RXLIWEQI[E]XLIRIIHSJWSGMIX]HVMZIWXLI LYQER TSVGYTMRIW XSKIXLIVSRP] XS FI QYXYEPP] VITIPPIH F] XLI QER] TVMGOP] ERH

HMWEKVIIEFPIUYEPMXMIWSJXLIMVREXYVI8LIQSHIVEXIHMWXERGI[LMGLXLI]EXPEWXHMWGSZIVXSFIXLISRP]XSPIVEFPIGSRHMXMSRSJMRXIVGSYVWIMWXLIGSHISJTSPMXIRIWWERHJMRIQERRIVWERHXLSWI[LSXVERWKVIWWMXEVIVSYKLP]XSPHMRXLI)RKPMWLTLVEWIXSOIITXLIMVHMWXERGI&]XLMW

EVVERKIQIRXXLIQYXYEPRIIHSJ[EVQXLMWSRP]ZIV]QSHIVEXIP]WEXMWJMIHFYXXLIRTISTPIHSRSXKIXTVMGOIH%QER[LSLEWWSQILIEXMRLMQWIPJTVIJIVWXSVIQEMRSYXWMHI[LIVILI[MPPRIMXLIVTVMGOSXLIVTISTPIRSVKIXTVMGOIHLMQWIPJ


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ZEPYIXSWE]XLEXWSERHWSMWZIV]YRWSGMEFPIMWEPQSWXXERXEQSYRXXSWE]MRKXLEXLIMWEQERSJKVIEXGETEGMX]

7SPMXYHIMWHSYFP]EHZERXEKISYWXSWYGLEQER*MVWXP]MXEPPS[WLMQXSFI[MXLLMQWIPJERHWIGSRHP]MXTVIZIRXWLMQFIMRK[MXLSXLIVWEREHZERXEKISJKVIEX

QSQIRXJSV LS[ QYGLGSRWXVEMRXERRS]ERGIERH IZIR HERKIVXLIVI MWMR EPPMRXIVGSYVWI[MXLXLI[SVPH8SYXRSXVIQEPWE]W0E&VY]IVIZMIRXHIRITSYZSMVIXVIWIYP-XMWVIEPP]EZIV]VMWO]RE]EJEXEPXLMRKXSFIWSGMEFPIFIGEYWIMXQIERWGSRXEGX [MXL REXYVIW XLI KVIEX QENSVMX] SJ[LMGLEVIFEH QSVEPP]ERH

HYPP SV TIVZIVWI MRXIPPIGXYEPP] 8S FI YRWSGMEFPI MW RSX XS GEVI EFSYX WYGLTISTPI ERH XSLEZI IRSYKLMRSRIWIPJ XS HMWTIRWI [MXL XLI RIGIWWMX] SJ XLIMV

GSQTER] MW E KVIEX TMIGI SJ KSSH JSVXYRI FIGEYWI EPQSWX EPP SYV WYJJIVMRKWWTVMRKJVSQLEZMRKXSHS[MXLSXLIVTISTPIERHXLEXHIWXVS]WXLITIEGISJQMRH[LMGL EW - LEZI WEMH GSQIW RI\X EJXIV LIEPXL MR XLI IPIQIRXW SJ LETTMRIWW

4IEGI SJ QMRH MW MQTSWWMFPI [MXLSYX E GSRWMHIVEFPI EQSYRX SJ WSPMXYHI 8LI']RMGW VIRSYRGIH EPP TVMZEXI TVSTIVX] MR SVHIV XS EXXEMR XLI FPMWW SJ LEZMRK

RSXLMRK XS XVSYFPI XLIQ ERH XS VIRSYRGI WSGMIX] [MXL XLI WEQI SFNIGX MW XLI[MWIWXXLMRKEQERGERHS&IVREVHMRHI7EMRX4MIVVILEWXLIZIV]I\GIPPIRXERH

TIVXMRIRX VIQEVO XLEX XS FI WTEVMRK MR VIKEVHXS JSSH MW E QIERW SJ LIEPXL MRVIKEVH XS WSGMIX] E QIERW SJ XVERUYMPPMX]PE HMIXI HIW EMPQIRW RSYW VIRH PEWERXI HY GSVTW IX GIPPI HIW LSQQIW PE XVERUYMPPMXI HI PEQI 8S FI WSSR SRJVMIRHP]SVIZIREJJIGXMSREXIXIVQW[MXLWSPMXYHIMWPMOI[MRRMRKEKSPHQMRI

FYXXLMWMWRSXWSQIXLMRK[LMGLIZIV]FSH]GERHS8LITVMQIVIEWSRJSVWSGMEPMRXIVGSYVWI MW QYXYEP RIIH ERH EW WSSR EW XLEX MW WEXMWJMIH FSVIHSQ HVMZIWTISTPIXSKIXLIVSRGIQSVI-JMX[IVIRSXJSVXLIWIX[SVIEWSRWEQER[SYPHTVSFEFP]IPIGXXSVIQEMREPSRIMJSRP]FIGEYWIWSPMXYHIMWXLIWSPIGSRHMXMSRSJPMJI [LMGLKMZIWJYPP TPE]XSXLEXJIIPMRK SJI\GPYWMZI MQTSVXERGI [LMGLIZIV]QERLEWMRLMWS[RI]IWEWMJLI[IVIXLISRP]TIVWSRMRXLI[SVPHEJIIPMRK[LMGLMRXLIXLVSRKERHTVIWWSJVIEPPMJIWSSRWLVMZIPWYTXSRSXLMRKKIXXMRKEX IZIV] WXIT E TEMRJYPHIQIRXM *VSQ XLMW TSMRX SJ ZMI[ MX QE] FI WEMH XLEXWSPMXYHIMWXLISVMKMREPERHREXYVEPWXEXISJQER[LIVIPMOIERSXLIV%HEQLIMWEWLETT]EWLMWREXYVI[MPPEPPS[

&YX WXMPP LEH %HEQ RS JEXLIV SV QSXLIV# 8LIVI MW ERSXLIV WIRWI MR [LMGLWSPMXYHIMWRSXXLIREXYVEPWXEXIJSVEXLMWIRXVERGIMRXSXLI[SVPHEQERJMRHW

LMQWIPJ[MXLTEVIRXWFVSXLIVWWMWXIVWXLEXMWXSWE]MRWSGMIX]ERHRSXEPSRI%GGSVHMRKP] MX GERRSX FI WEMH XLEX XLI PSZI SJ WSPMXYHI MW ER SVMKMREP

GLEVEGXIVMWXMG SJ LYQER REXYVI MX MW VEXLIV XLI VIWYPX SJ I\TIVMIRGI ERHVIJPIGXMSRERHXLIWIMRXLIMVXYVRHITIRHYTSRXLIHIZIPSTQIRXSJMRXIPPIGXYEPTS[IVERHMRGVIEWI[MXLXLI]IEVW

7TIEOMRK KIRIVEPP] WSGMEFMPMX] WXERHW MR MRZIVWI VEXMS [MXL EKI % PMXXPI GLMPHVEMWIWETMXISYWGV]SJJVMKLXMJMXMWPIJXEPSRIJSVSRP]EJI[QMRYXIWERHPEXIV

SRXSFIWLYXYTF]MXWIPJMWEKVIEXTYRMWLQIRX=SYRKTISTPIWSSRKIXSRZIV]JVMIRHP]XIVQW[MXLSRIERSXLIVMXMWSRP]XLIJI[EQSRKXLIQSJER]RSFMPMX]


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SJQMRH[LSEVIKPEHRS[ERHXLIRXSFIEPSRIFYXXSWTIRHXLI[LSPIHE]XLYW[SYPHFIHMWEKVIIEFPI%KVS[RYTQERGERIEWMP]HSMXMXMWPMXXPIXVSYFPIXSLMQXSFIQYGLEPSRIERHMXFIGSQIWPIWWERHPIWWXVSYFPIEWLIEHZERGIWMR

]IEVW%RSPHQER[LSLEWSYXPMZIHEPPLMWJVMIRHWERHMWIMXLIVMRHMJJIVIRXSV

HIEH XS XLI TPIEWYVIW SJ PMJI MW MR LMW TVSTIV IPIQIRX MR WSPMXYHI ERH MRMRHMZMHYEPGEWIWXLIWTIGMEPXIRHIRG]XSVIXMVIQIRXERHWIGPYWMSR[MPPEP[E]WFIMRHMVIGXTVSTSVXMSRXSMRXIPPIGXYEPGETEGMX]

*SVXLMWXIRHIRG]MWRSXEW- LEZIWEMHETYVIP]REXYVEPSRIMXHSIWRSXGSQI

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EVI TVSGIIHMRKQSVIIWTIGMEPP] JVSQXLI MRWMKLX[IEXXEMR MRXS XLI [VIXGLIHWXYJJSJ[LMGLQSWXTISTPIEVIQEHI[LIXLIV]SYPSSOEXXLIMVQSVEPWSVXLIMVMRXIPPIGXW 8LI [SVWX SJ MX EPP MW XLEX MR XLI MRHMZMHYEP QSVEP ERH MRXIPPIGXYEP

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:SPXEMVI XLEX WSGMEFPI *VIRGLQER [EW SFPMKIH XS EHQMX XLEX XLIVI EVIIZIV][LIVIGVS[HWSJTISTPIRSX[SVXLXEPOMRKXS PEXIVVIIWXGSYZIVXIHIKIRWUYMRIQIVMXIRXTEWUYSRPIYVTEVPI%RH4IXVEVGLKMZIWEWMQMPEVVIEWSRJSV[MWLMRK XS FI EPSRIXLEX XIRHIV WTMVMX WS WXVSRK ERH GSRWXERX MR LMW PSZI SJ

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'IVGEXSLSWIQTVIWSPMXEVMEZMXE0IVMZIMPWERRSIPIGEQTEKRIIMFSWGLM4IVJYKKMVUYIWXMRKIKRMWXSVXMIPSWGLM'LIPEWXVEHEHIPGMIPLERRSWQEVVMXE

,I TYVWYIW XLI WEQI WXVEMR MR XLEX HIPMKLXJYP FSSO SJ LMW(I :MXE 7SPMXEVME[LMGL WIIQW XS LEZI KMZIR >MQQIVQER XLI MHIE SJ LMW GIPIFVEXIH [SVO SR

7SPMXYHI-XMWXLIWIGSRHEV]ERHMRHMVIGXGLEVEGXIVSJXLIPSZISJWIGPYWMSRXS[LMGL'LEQJSVXEPPYHIWMRXLIJSPPS[MRKTEWWEKIGSYGLIHMRLMWWEVGEWXMGZIMR

3R HMX UYIPUYIJSMW HYR LSQQI UYM ZMX WIYP MP REMQI TEW PE WSGMIXI 'IWXWSYZIRXGSQQIWMSRHMWEMXHYRLSQQIUYMPREMQITEWPETVSQIREHIWSYWPITVIXI\XIUYMPRIWITVSQIRITEWZSPSRXMIVWPIWSMVHERWPIJSVIXHI&SRH]

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+MSVHERS &VYRS EPWS HIGPEVIW LMQWIPJ E JVMIRH SJ WIGPYWMSR8ERXM YSQMRMLIWE]WGLIMRXIVVELERRSZSPYXSKYWXEVIZMXEGIPIWXIHMWWIVSGSRYREZSGIIGGIIPSRKEZMJYKMIRWIXQERWMMRWSPMXYHMRIXLSWI[LSMRXLMW[SVPHLEZIHIWMVIHEJSVIXEWXISJXLIHMZMRIPMJILEZIEP[E]WTVSGPEMQIH[MXLSRIZSMGI

0SXLIR[SYPH-[ERHIVJEVSJJ-[SYPHPSHKIMRXLI[MPHIVRIWW

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(MI)MRWEQOIMXMWXRSXLHSGLWIMRYVRMGLXKIQIMR7SOERRWXHYYIFIVEPPMRIMRIV;YIWXIWIMR

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LEZIRSJXVYXLXSHVE[MXJSVXLJVSQXLIHEVOEF]WWIWSJEFEVFEVSYWZYPKEVMX]YT MRXS XLI PMKLX SJ GYPXYVI ERH VIJMRIQIRX 1IR SJ KVIEX MRXIPPIGX PMZI MR XLI[SVPH[MXLSYXVIEPP]FIPSRKMRKXSMXERHWSJVSQXLIMVIEVPMIWX]IEVWXLI]JIIP

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