194
NL
/ŶƐƚĞůůŝŶŐǀĂŶŚĞƚĂĂŶƚĂůƉŽŐŝŶŐĞŶǀĂŶĂƵƚŽŵĂƟƐĐŚĞŚĞƌƐůƵŝƟŶŐŶĂŝŶŐƌĞĞƉ
ǀĂŶĐŽŶƚĂĐƚůŝũƐƚŽĨĚĞƚĞĐƟĞŽďƐƚĂŬĞůƐ;ĂŶƟǀĞƌƉůĞƩĞƌŝŶŐͿ
'ĞĞŶƉŽŐŝŶŐǀĂŶĂƵƚŽŵĂƟƐĐŚĞŚĞƌƐůƵŝƟŶŐ
sĂŶϭƚŽƚϯƉŽŐŝŶŐĞŶǀĂŶĂƵƚŽŵĂƟƐĐŚĞŚĞƌƐůƵŝƟŶŐ
ĞĂƵƚŽŵĂƟƐĐŚĞŚĞƌƐůƵŝƟŶŐŐĞďĞƵƌƚĞŶŬĞůĂůƐĚĞƉŽŽƌƚŚĞůĞŵĂĂůŝƐŐĞƐůŽƚĞŶ
ƌǁŽƌĚƚĂĂŶďĞǀŽůĞŶŽŵĞĞŶǁĂĂƌĚĞŝŶƚĞƐƚĞůůĞŶĚŝĞŬůĞŝŶĞƌŽĨŐĞůŝũŬĂĂŶĚĞƉĂƌĂŵĞƚĞƌ$ is.
/ŶƐƚĞůůŝŶŐďĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϭďŝũŽƉĞŶŝŶŐ
'd/sZĞĨŽƚŽĐĞůŝƐŶŝĞƚĂĐƟĞĨŽĨŝƐŶŝĞƚŐĞŢŶƐƚĂůůĞĞƌĚ
^dKWĞƉŽŽƌƚƐƚŽƉƚĚĞďĞǁĞŐŝŶŐĞŶďůŝũŌŐĞƐƚŽƉƚƚŽƚĚĞǀŽůŐĞŶĚĞďĞĚŝĞŶŝŶŐǁŽƌĚƚŐĞŐĞǀĞŶ
KED/>>/:<KD<Z/E' ůƐĚĞĨŽƚŽĐĞůǁŽƌĚƚŐĞĂĐƟǀĞĞƌĚŐĞĚƵƌĞŶĚĞŚĞƚŵĂŶŽĞƵǀƌĞǀĂŶĚĞ ŽƉĞŶŝŶŐ
ǁŽƌĚƚĚĞďĞǁĞŐŝŶŐƐƌŝĐŚƟŶŐǀĂŶĚĞƉŽŽƌƚŽŶŵŝĚĚĞůůŝũŬŽŵŐĞŬĞĞƌĚ
d/:>/:<^dKW ĞƉŽŽƌƚ ƐƚŽƉƚĚĞďĞǁĞŐŝŶŐnjŽůĂŶŐĚĞ ĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚtĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚ
ďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚǀĞƌĚĞƌŐĞŽƉĞŶĚ
h/d'^d>KD<Z/E'tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚǀĞƌĚƵŝƐƚĞƌĚǁŽƌĚƚĚĞďĞǁĞŐŝŶŐǀĂŶĚĞƉŽŽƌƚŐĞƐƚŽƉƚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚŐĞƐůŽƚĞŶ
/ŶƐƚĞůůŝŶŐďĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϭďŝũƐůƵŝƟŶŐ
'd/sZĞĨŽƚŽĐĞůŝƐŶŝĞƚĂĐƟĞĨŽĨŝƐŶŝĞƚŐĞŢŶƐƚĂůůĞĞƌĚ
^dKWĞƉŽŽƌƚƐƚŽƉƚĚĞďĞǁĞŐŝŶŐĞŶďůŝũŌŐĞƐƚŽƉƚƚŽƚĚĞǀŽůŐĞŶĚĞďĞĚŝĞŶŝŶŐǁŽƌĚƚŐĞŐĞǀĞŶ
KED/>>/:< KD<Z/E' ůƐ ĚĞ ĨŽƚŽĐĞůǁŽƌĚƚ ŐĞĂĐƟǀĞĞƌĚ ŐĞĚƵƌĞŶĚĞŚĞƚ ŵĂŶŽĞƵǀƌĞ ǀĂŶ ĚĞ ƐůƵŝƟŶŐ
ǁŽƌĚƚĚĞďĞǁĞŐŝŶŐƐƌŝĐŚƟŶŐǀĂŶĚĞƉŽŽƌƚŽŶŵŝĚĚĞůůŝũŬŽŵŐĞŬĞĞƌĚ
d/:>/:<^dKW ĞƉŽŽƌƚ ƐƚŽƉƚĚĞďĞǁĞŐŝŶŐnjŽůĂŶŐĚĞ ĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚtĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚ
ďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚǀĞƌĚĞƌŐĞƐůŽƚĞŶ
h/d'^d>KD<Z/E'tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚǀĞƌĚƵŝƐƚĞƌĚǁŽƌĚƚĚĞďĞǁĞŐŝŶŐǀĂŶĚĞƉŽŽƌƚŐĞƐƚŽƉƚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚŐĞŽƉĞŶĚ
ĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϭďŝũŐĞƐůŽƚĞŶƉŽŽƌƚ
KWDZ</E'ĞƉĂƌĂŵĞƚĞƌŝƐŶŝĞƚnjŝĐŚƚďĂĂƌĂůƐ$ ŽĨ$ ŽĨ$ ǁŽƌĚƚŝŶŐĞƐƚĞůĚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚŬĂŶĚĞƉŽŽƌƚŶŝĞƚŐĞŽƉĞŶĚǁŽƌĚĞŶ
ĞƉŽŽƌƚǁŽƌĚƚŐĞŽƉĞŶĚǁĂŶŶĞĞƌĞĞŶďĞĚŝĞŶŝŶŐǀĂŶŽƉĞŶŝŶŐǁŽƌĚƚŽŶƚǀĂŶŐĞŶŽŽŬĂůŝƐĚĞĨŽƚŽĐĞůǀĞƌĚƵŝƐƚĞƌĚ
ĞǀĞƌĚƵŝƐƚĞƌĚĞĨŽƚŽĐĞůnjĞŶĚƚĚĞďĞĚŝĞŶŝŶŐǀĂŶŽƉĞŶŝŶŐǀĂŶĚĞƉŽŽƌƚ
/ŶƐƚĞůůŝŶŐďĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϮďŝũŽƉĞŶŝŶŐ
'd/sZĞĨŽƚŽĐĞůŝƐŶŝĞƚĂĐƟĞĨŽĨŝƐŶŝĞƚŐĞŢŶƐƚĂůůĞĞƌĚ
^dKWĞƉŽŽƌƚƐƚŽƉƚĚĞďĞǁĞŐŝŶŐĞŶďůŝũŌŐĞƐƚŽƉƚƚŽƚĚĞǀŽůŐĞŶĚĞďĞĚŝĞŶŝŶŐǁŽƌĚƚŐĞŐĞǀĞŶ
KED/>>/:<KD<Z/E' ůƐĚĞĨŽƚŽĐĞůǁŽƌĚƚŐĞĂĐƟǀĞĞƌĚŐĞĚƵƌĞŶĚĞŚĞƚŵĂŶŽĞƵǀƌĞǀĂŶĚĞ ŽƉĞŶŝŶŐ
ǁŽƌĚƚĚĞďĞǁĞŐŝŶŐƐƌŝĐŚƟŶŐǀĂŶĚĞƉŽŽƌƚŽŶŵŝĚĚĞůůŝũŬŽŵŐĞŬĞĞƌĚ
d/:>/:<^dKW ĞƉŽŽƌƚ ƐƚŽƉƚĚĞďĞǁĞŐŝŶŐnjŽůĂŶŐĚĞ ĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚtĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚ
ďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚǀĞƌĚĞƌŐĞŽƉĞŶĚ
h/d'^d>KD<Z/E'tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚǀĞƌĚƵŝƐƚĞƌĚǁŽƌĚƚĚĞďĞǁĞŐŝŶŐǀĂŶĚĞƉŽŽƌƚŐĞƐƚŽƉƚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚŐĞƐůŽƚĞŶ
/ŶƐƚĞůůŝŶŐďĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϮďŝũƐůƵŝƟŶŐ
'd/sZĞĨŽƚŽĐĞůŝƐŶŝĞƚĂĐƟĞĨŽĨŝƐŶŝĞƚŐĞŢŶƐƚĂůůĞĞƌĚ
^dKWĞƉŽŽƌƚƐƚŽƉƚĚĞďĞǁĞŐŝŶŐĞŶďůŝũŌŐĞƐƚŽƉƚƚŽƚĚĞǀŽůŐĞŶĚĞďĞĚŝĞŶŝŶŐǁŽƌĚƚŐĞŐĞǀĞŶ
KED/>>/:< KD<Z/E' ůƐ ĚĞ ĨŽƚŽĐĞůǁŽƌĚƚ ŐĞĂĐƟǀĞĞƌĚ ŐĞĚƵƌĞŶĚĞŚĞƚ ŵĂŶŽĞƵǀƌĞ ǀĂŶ ĚĞ ƐůƵŝƟŶŐ
ǁŽƌĚƚĚĞďĞǁĞŐŝŶŐƐƌŝĐŚƟŶŐǀĂŶĚĞƉŽŽƌƚŽŶŵŝĚĚĞůůŝũŬŽŵŐĞŬĞĞƌĚ
d/:>/:<^dKWĞƉŽŽƌƚƐƚŽƉƚĚĞďĞǁĞŐŝŶŐnjŽůĂŶŐĚĞĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚtĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚ
ďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚǀĞƌĚĞƌŐĞƐůŽƚĞŶ
h/d'^d>KD<Z/E'tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚǀĞƌĚƵŝƐƚĞƌĚǁŽƌĚƚĚĞďĞǁĞŐŝŶŐǀĂŶĚĞƉŽŽƌƚŐĞƐƚŽƉƚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůǁŽƌĚƚďĞǀƌŝũĚǁŽƌĚƚĚĞƉŽŽƌƚŐĞŽƉĞŶĚ
ĞĚƌŝũĨƐŵŽĚƵƐĨŽƚŽĐĞů&dϮďŝũŐĞƐůŽƚĞŶƉŽŽƌƚ
KWDZ</E'ĞƉĂƌĂŵĞƚĞƌŝƐŶŝĞƚnjŝĐŚƚďĂĂƌĂůƐ$ ŽĨ$ ŽĨ$ ǁŽƌĚƚŝŶŐĞƐƚĞůĚ
tĂŶŶĞĞƌĚĞĨŽƚŽĐĞůŝƐǀĞƌĚƵŝƐƚĞƌĚŬĂŶĚĞƉŽŽƌƚŶŝĞƚŐĞŽƉĞŶĚǁŽƌĚĞŶ
ĞƉŽŽƌƚǁŽƌĚƚŐĞŽƉĞŶĚǁĂŶŶĞĞƌĞĞŶďĞĚŝĞŶŝŶŐǀĂŶŽƉĞŶŝŶŐǁŽƌĚƚŽŶƚǀĂŶŐĞŶŽŽŬĂůŝƐĚĞĨŽƚŽĐĞůǀĞƌĚƵŝƐƚĞƌĚ
ĞǀĞƌĚƵŝƐƚĞƌĚĞĨŽƚŽĐĞůnjĞŶĚƚĚĞďĞĚŝĞŶŝŶŐǀĂŶŽƉĞŶŝŶŐǀĂŶĚĞƉŽŽƌƚ