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The Art of War

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Submitted By sagarsawhney
Words 11176
Pages 45
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

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

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7YR 8^Y WEMH ;LSIZIV MW JMVWX MR XLI JMIPH ERH E[EMXW XLI GSQMRK SJ XLI IRIQ] [MPP FI JVIWL JSV XLI JMKLX [LSIZIV MW WIGSRH MR XLI JMIPH ERH LEW XS LEWXIR XS FEXXPI [MPP EVVMZI I\LEYWXIH 8LIVIJSVI XLI GPIZIV GSQFEXERX MQTSWIW LMW [MPP SR XLI IRIQ] FYX HSIW RSX EPPS[ XLI IRIQ] W [MPP XS FI MQTSWIH SR LMQ &] LSPHMRK SYX EHZERXEKIW XS LMQ LI GER GEYWI XLI IRIQ] XS ETTVSEGL SJ LMW S[R EGGSVH SV F] MRJPMGXMRK HEQEKI LI GER QEOI MX MQTSWWMFPI JSV XLI IRIQ] XS HVE[ RIEV -J XLI IRIQ] MW XEOMRK LMW IEWI LI GER LEVEWW LMQ MJ [IPP WYTTPMIH [MXL JSSH LI GER WXEVZI LMQ SYX MJ UYMIXP] IRGEQTIH LI GER JSVGI LMQ XS QSZI %TTIEV EX TSMRXW [LMGL XLI IRIQ] QYWX LEWXIR XS HIJIRH QEVGL W[MJXP] XS TPEGIW [LIVI ]SY EVI RSX I\TIGXIH %R EVQ] QE] QEVGL KVIEX HMWXERGIW [MXLSYX HMWXVIWW MJ MX QEVGLIW XLVSYKL GSYRXV] [LIVI XLI IRIQ] MW RSX =SY GER FI WYVI SJ WYGGIIHMRK MR ]SYV EXXEGOW MJ ]SY SRP] EXXEGO TPEGIW [LMGL EVI YRHIJIRHIH =SY GER IRWYVI XLI WEJIX] SJ ]SYV HIJIRWI MJ ]SY SRP] LSPH TSWMXMSRW XLEX GERRSX FI EXXEGOIH ,IRGI XLEX KIRIVEP MW WOMPPJYP MR EXXEGO [LSWI STTSRIRX HSIW RSX ORS[ [LEX XS HIJIRH ERH LI MW WOMPPJYP MR HIJIRWI [LSWI STTSRIRX HSIW RSX ORS[ [LEX XS EXXEGO 3 HMZMRI EVX SJ WYFXPIX] ERH WIGVIG] 8LVSYKL ]SY [I PIEVR XS FI MRZMWMFPI XLVSYKL ]SY MREYHMFPI ERH LIRGI [I GER LSPH XLI IRIQ] W JEXI MR SYV LERHW

[[[ WYRX^YWEMH GSQ

=SY QE] EHZERGI ERH FI EFWSPYXIP] MVVIWMWXMFPI MJ ]SY QEOI JSV XLI IRIQ] W [IEO TSMRXW ]SY QE] VIXMVI ERH FI WEJI JVSQ TYVWYMX MJ ]SYV QSZIQIRXW EVI QSVI VETMH XLER XLSWI SJ XLI IRIQ] -J [I [MWL XS JMKLX XLI IRIQ] GER FI JSVGIH XS ER IRKEKIQIRX IZIR XLSYKL LI FI WLIPXIVIH FILMRH E LMKL VEQTEVX ERH E HIIT HMXGL %PP [I RIIH HS MW EXXEGO WSQI SXLIV TPEGI XLEX LI [MPP FI SFPMKIH XS VIPMIZI -J [I HS RSX [MWL XS JMKLX [I GER TVIZIRX XLI IRIQ] JVSQ IRKEKMRK YW IZIR XLSYKL XLI PMRIW SJ SYV IRGEQTQIRX FI QIVIP] XVEGIH SYX SR XLI KVSYRH %PP [I RIIH HS MW XS XLVS[ WSQIXLMRK SHH ERH YREGGSYRXEFPI MR LMW [E] &] HMWGSZIVMRK XLI IRIQ] W HMWTSWMXMSRW ERH VIQEMRMRK MRZMWMFPI SYVWIPZIW [I GER OIIT SYV JSVGIW GSRGIRXVEXIH [LMPI XLI IRIQ] W QYWX FI HMZMHIH ;I GER JSVQ E WMRKPI YRMXIH FSH] [LMPI XLI IRIQ] QYWX WTPMX YT MRXS JVEGXMSRW ,IRGI XLIVI [MPP FI E [LSPI TMXXIH EKEMRWX WITEVEXI TEVXW SJ E [LSPI [LMGL QIERW XLEX [I WLEPP FI QER] XS XLI IRIQ] W JI[ %RH MJ [I EVI EFPI XLYW XS EXXEGO ER MRJIVMSV JSVGI [MXL E WYTIVMSV SRI SYV STTSRIRXW [MPP FI MR HMVI WXVEMXW 8LI WTSX [LIVI [I MRXIRH XS JMKLX QYWX RSX FI QEHI ORS[R JSV XLIR XLI IRIQ] [MPP LEZI XS TVITEVI EKEMRWX E TSWWMFPI EXXEGO EX WIZIVEP HMJJIVIRX TSMRXW ERH LMW JSVGIW FIMRK XLYW HMWXVMFYXIH MR QER] HMVIGXMSRW XLI RYQFIVW [I WLEPP LEZI XS JEGI EX ER] KMZIR TSMRX [MPP FI TVSTSVXMSREXIP] JI[ *SV WLSYPH XLI IRIQ] WXVIRKXLIR LMW ZER LI [MPP [IEOIR LMW VIEV WLSYPH LI WXVIRKXLIR LMW VIEV LI [MPP [IEOIR LMW ZER WLSYPH LI WXVIRKXLIR LMW PIJX LI [MPP [IEOIR LMW VMKLX WLSYPH LI

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

FI WEJI JVSQ XLI TV]MRK SJ XLI WYFXPIWX WTMIW JVSQ XLI QEGLMREXMSRW SJ XLI [MWIWX FVEMRW ,S[ ZMGXSV] QE] FI TVSHYGIH JSV XLIQ SYX SJ XLI IRIQ] W S[R XEGXMGW XLEX MW [LEX XLI QYPXMXYHI GERRSX GSQTVILIRH %PP QIR GER WII XLI XEGXMGW [LIVIF] - GSRUYIV FYX [LEX RSRI GER WII MW XLI WXVEXIK] SYX SJ [LMGL ZMGXSV] MW IZSPZIH (S RSX VITIEX XLI XEGXMGW [LMGL LEZI KEMRIH ]SY SRI ZMGXSV] FYX PIX ]SYV QIXLSHW FI VIKYPEXIH F] XLI MRJMRMXI ZEVMIX] SJ GMVGYQWXERGIW 1MPMXEV] XEGXMGW EVI PMOI YRXS [EXIV JSV [EXIV MR MXW REXYVEP GSYVWI VYRW E[E] JVSQ LMKL TPEGIW ERH LEWXIRW HS[R[EVHW 7S MR [EV XLI [E] MW XS EZSMH [LEX MW WXVSRK ERH XS WXVMOI EX [LEX MW [IEO ;EXIV WLETIW MXW GSYVWI EGGSVHMRK XS XLI REXYVI SJ XLI KVSYRH SZIV [LMGL MX JPS[W XLI WSPHMIV [SVOW SYX LMW ZMGXSV] MR VIPEXMSR XS XLI JSI [LSQ LI MW JEGMRK 8LIVIJSVI NYWX EW [EXIV VIXEMRW RS GSRWXERX WLETI WS MR [EVJEVI XLIVI EVI RS GSRWXERX GSRHMXMSRW ,I [LS GER QSHMJ] LMW XEGXMGW MR VIPEXMSR XS LMW STTSRIRX ERH XLIVIF] WYGGIIH MR [MRRMRK QE] FI GEPPIH E LIEZIR FSVR GETXEMR 8LI JMZI IPIQIRXW [EXIV JMVI [SSH QIXEP IEVXL EVI RSX EP[E]W IUYEPP] TVIHSQMRERX XLI JSYV WIEWSRW QEOI [E] JSV IEGL SXLIV MR XYVR 8LIVI EVI WLSVX HE]W ERH PSRK XLI QSSR LEW MXW TIVMSHW SJ [ERMRK ERH [E\MRK

[[[ WYRX^YWEMH GSQ

',%48)6

1%2)9:)6-2+

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
[[[ WYRX^YWEMH GSQ

-J ]SY QEVGL JMJX] 0- MR SVHIV XS SYXQERIYZIV XLI IRIQ] ]SY [MPP PSWI XLI PIEHIV SJ ]SYV JMVWX HMZMWMSR ERH SRP] LEPJ ]SYV JSVGI [MPP VIEGL XLI KSEP -J ]SY QEVGL XLMVX] 0- [MXL XLI WEQI SFNIGX X[S XLMVHW SJ ]SYV EVQ] [MPP EVVMZI ;I QE] XEOI MX XLIR XLEX ER EVQ] [MXLSYX MXW FEKKEKI XVEMR MW PSWX [MXLSYX TVSZMWMSRW MX MW PSWX [MXLSYX FEWIW SJ WYTTP] MX MW PSWX ;I GERRSX IRXIV MRXS EPPMERGIW YRXMP [I EVI EGUYEMRXIH [MXL XLI HIWMKRW SJ SYV RIMKLFSVW ;I EVI RSX JMX XS PIEH ER EVQ] SR XLI QEVGL YRPIWW [I EVI JEQMPMEV [MXL XLI JEGI SJ XLI GSYRXV] MXW QSYRXEMRW ERH JSVIWXW MXW TMXJEPPW ERH TVIGMTMGIW MXW QEVWLIW ERH W[EQTW ;I WLEPP FI YREFPI XS XYVR REXYVEP EHZERXEKI XS EGGSYRX YRPIWW [I QEOI YWI SJ PSGEP KYMHIW -R [EV TVEGXMGI HMWWMQYPEXMSR ERH ]SY [MPP WYGGIIH ;LIXLIV XS GSRGIRXVEXI SV XS HMZMHI ]SYV XVSSTW QYWX FI HIGMHIH F] GMVGYQWXERGIW 0IX ]SYV VETMHMX] FI XLEX SJ XLI [MRH ]SYV GSQTEGXRIWW XLEX SJ XLI JSVIWX -R VEMHMRK ERH TPYRHIVMRK FI PMOI JMVI MR MQQSZEFMPMX] PMOI E QSYRXEMR 0IX ]SYV TPERW FI HEVO ERH MQTIRIXVEFPI EW RMKLX ERH [LIR ]SY QSZI JEPP PMOI E XLYRHIVFSPX

[[[ WYRX^YWEMH GSQ

;LIR ]SY TPYRHIV E GSYRXV]WMHI PIX XLI WTSMP FI HMZMHIH EQSRKWX ]SYV QIR [LIR ]SY GETXYVI RI[ XIVVMXSV] GYX MX YT MRXS EPPSXQIRXW JSV XLI FIRIJMX SJ XLI WSPHMIV] 4SRHIV ERH HIPMFIVEXI FIJSVI ]SY QEOI E QSZI ,I [MPP GSRUYIV [LS LEW PIEVRX XLI EVXMJMGI SJ HIZMEXMSR 7YGL MW XLI EVX SJ QERIYZIVMRK 8LI &SSO SJ %VQ] 1EREKIQIRX WE]W 3R XLI JMIPH SJ FEXXPI XLI WTSOIR [SVH HSIW RSX GEVV] JEV IRSYKL LIRGI XLI MRWXMXYXMSR SJ KSRKW ERH HVYQW 2SV GER SVHMREV] SFNIGXW FI WIIR GPIEVP] IRSYKL LIRGI XLI MRWXMXYXMSR SJ FERRIVW ERH JPEKW +SRKW ERH HVYQW FERRIVW ERH JPEKW EVI QIERW [LIVIF] XLI IEVW ERH I]IW SJ XLI LSWX QE] FI JSGYWIH SR SRI TEVXMGYPEV TSMRX

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

[[[ WYRX^YWEMH GSQ

(MWGMTPMRIH ERH GEPQ XS E[EMX XLI ETTIEVERGI SJ HMWSVHIV ERH LYFFYF EQSRKWX XLI IRIQ] XLMW MW XLI EVX SJ VIXEMRMRK WIPJ TSWWIWWMSR 8S FI RIEV XLI KSEP [LMPI XLI IRIQ] MW WXMPP JEV JVSQ MX XS [EMX EX IEWI [LMPI XLI IRIQ] MW XSMPMRK ERH WXVYKKPMRK XS FI [IPP JIH [LMPI XLI IRIQ] MW JEQMWLIH XLMW MW XLI EVX SJ LYWFERHMRK SRI W WXVIRKXL 8S VIJVEMR JVSQ MRXIVGITXMRK ER IRIQ] [LSWI FERRIVW EVI MR TIVJIGX SVHIV XS VIJVEMR JVSQ EXXEGOMRK ER EVQ] HVE[R YT MR GEPQ ERH GSRJMHIRX EVVE] XLMW MW XLI EVX SJ WXYH]MRK GMVGYQWXERGIW -X MW E QMPMXEV] E\MSQ RSX XS EHZERGI YTLMPP EKEMRWX XLI IRIQ] RSV XS STTSWI LMQ [LIR LI GSQIW HS[RLMPP (S RSX TYVWYI ER IRIQ] [LS WMQYPEXIW JPMKLX HS RSX EXXEGO WSPHMIVW [LSWI XIQTIV MW OIIR (S RSX W[EPPS[ FEMX SJJIVIH F] XLI IRIQ] (S RSX MRXIVJIVI [MXL ER EVQ] XLEX MW VIXYVRMRK LSQI ;LIR ]SY WYVVSYRH ER EVQ] PIEZI ER SYXPIX JVII (S RSX TVIWW E HIWTIVEXI JSI XSS LEVH 7YGL MW XLI EVX SJ [EVJEVI

[[[ WYRX^YWEMH GSQ

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[[[ WYRX^YWEMH GSQ

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[[[ WYRX^YWEMH GSQ

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[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

;LIR XLI IRIQ] MW GPSWI EX LERH ERH VIQEMRW UYMIX LI MW VIP]MRK SR XLI REXYVEP WXVIRKXL SJ LMW TSWMXMSR ;LIR LI OIITW EPSSJ ERH XVMIW XS TVSZSOI E FEXXPI LI MW ER\MSYW JSV XLI SXLIV WMHI XS EHZERGI -J LMW TPEGI SJ IRGEQTQIRX MW IEW] SJ EGGIWW LI MW XIRHIVMRK E FEMX 1SZIQIRX EQSRKWX XLI XVIIW SJ E JSVIWX WLS[W XLEX XLI IRIQ] MW EHZERGMRK 8LI ETTIEVERGI SJ E RYQFIV SJ WGVIIRW MR XLI QMHWX SJ XLMGO KVEWW QIERW XLEX XLI IRIQ] [ERXW XS QEOI YW WYWTMGMSYW 8LI VMWMRK SJ FMVHW MR XLIMV JPMKLX MW XLI WMKR SJ ER EQFYWGEHI 7XEVXPIH FIEWXW MRHMGEXI XLEX E WYHHIR EXXEGO MW GSQMRK ;LIR XLIVI MW HYWX VMWMRK MR E LMKL GSPYQR MX MW XLI WMKR SJ GLEVMSXW EHZERGMRK [LIR XLI HYWX MW PS[ FYX WTVIEH SZIV E [MHI EVIE MX FIXSOIRW XLI ETTVSEGL SJ MRJERXV] ;LIR MX FVERGLIW SYX MR HMJJIVIRX HMVIGXMSRW MX WLS[W XLEX TEVXMIW LEZI FIIR WIRX XS GSPPIGX JMVI[SSH % JI[ GPSYHW SJ HYWX QSZMRK XS ERH JVS WMKRMJ] XLEX XLI EVQ] MW IRGEQTMRK ,YQFPI [SVHW ERH MRGVIEWIH TVITEVEXMSRW EVI WMKRW XLEX XLI IRIQ] MW EFSYX XS EHZERGI :MSPIRX PERKYEKI ERH HVMZMRK JSV[EVH EW MJ XS XLI EXXEGO EVI WMKRW XLEX LI [MPP VIXVIEX ;LIR XLI PMKLX GLEVMSXW GSQI SYX JMVWX ERH XEOI YT E TSWMXMSR SR XLI [MRKW MX MW E WMKR XLEX XLI IRIQ] MW JSVQMRK JSV FEXXPI 4IEGI TVSTSWEPW YREGGSQTERMIH F] E W[SVR GSZIRERX MRHMGEXI E TPSX ;LIR XLIVI MW QYGL VYRRMRK EFSYX ERH XLI WSPHMIVW JEPP MRXS VERO MX QIERW XLEX XLI GVMXMGEP QSQIRX LEW GSQI

[[[ WYRX^YWEMH GSQ

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[[[ WYRX^YWEMH GSQ

;LIR IRZS]W EVI WIRX [MXL GSQTPMQIRXW MR XLIMV QSYXLW MX MW E WMKR XLEX XLI IRIQ] [MWLIW JSV E XVYGI -J XLI IRIQ] W XVSSTW QEVGL YT ERKVMP] ERH VIQEMR JEGMRK SYVW JSV E PSRK XMQI [MXLSYX IMXLIV NSMRMRK FEXXPI SV XEOMRK XLIQWIPZIW SJJ EKEMR XLI WMXYEXMSR MW SRI XLEX HIQERHW KVIEX ZMKMPERGI ERH GMVGYQWTIGXMSR -J SYV XVSSTW EVI RS QSVI MR RYQFIV XLER XLI IRIQ] XLEX MW EQTP] WYJJMGMIRX MX SRP] QIERW XLEX RS HMVIGX EXXEGO GER FI QEHI ;LEX [I GER HS MW WMQTP] XS GSRGIRXVEXI EPP SYV EZEMPEFPI WXVIRKXL OIIT E GPSWI [EXGL SR XLI IRIQ] ERH SFXEMR VIMRJSVGIQIRXW ,I [LS I\IVGMWIW RS JSVIXLSYKLX FYX QEOIW PMKLX SJ LMW STTSRIRXW MW WYVI XS FI GETXYVIH F] XLIQ -J WSPHMIVW EVI TYRMWLIH FIJSVI XLI] LEZI KVS[R EXXEGLIH XS ]SY XLI] [MPP RSX TVSZI WYFQMWWMZI ERH YRPIWW WYFQMWWMZI XLIR [MPP FI TVEGXMGEPP] YWIPIWW -J [LIR XLI WSPHMIVW LEZI FIGSQI EXXEGLIH XS ]SY TYRMWLQIRXW EVI RSX IRJSVGIH XLI] [MPP WXMPP FI YRPIWW 8LIVIJSVI WSPHMIVW QYWX FI XVIEXIH MR XLI JMVWX MRWXERGI [MXL LYQERMX] FYX OITX YRHIV GSRXVSP F] QIERW SJ MVSR HMWGMTPMRI 8LMW MW E GIVXEMR VSEH XS ZMGXSV] -J MR XVEMRMRK WSPHMIVW GSQQERHW EVI LEFMXYEPP] IRJSVGIH XLI EVQ] [MPP FI [IPP HMWGMTPMRIH MJ RSX MXW HMWGMTPMRI [MPP FI FEH -J E KIRIVEP WLS[W GSRJMHIRGI MR LMW QIR FYX EP[E]W MRWMWXW SR LMW SVHIVW FIMRK SFI]IH XLI KEMR [MPP FI QYXYEP

[[[ WYRX^YWEMH GSQ

',%48)6

8)66%-2

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

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

JIIPMRK SJ VIWIRXQIRX FIJSVI XLI GSQQERHIV MR GLMIJ GER XIPP [LIXLIV SV RS LI MW MR E TSWMXMSR XS JMKLX XLI VIWYPX MW 69-2 ;LIR XLI KIRIVEP MW [IEO ERH [MXLSYX EYXLSVMX] [LIR LMW SVHIVW EVI RSX GPIEV ERH HMWXMRGX [LIR XLIVI EVI RS JM\IW HYXMIW EWWMKRIH XS SJJMGIVW ERH QIR ERH XLI VEROW EVI JSVQIH MR E WPSZIRP] LETLE^EVH QERRIV XLI VIWYPX MW YXXIV (-736+%2->%8-32 ;LIR E KIRIVEP YREFPI XS IWXMQEXI XLI IRIQ] W WXVIRKXL EPPS[W ER MRJIVMSV JSVGI XS IRKEKI E PEVKIV SRI SV LYVPW E [IEO HIXEGLQIRX EKEMRWX E TS[IVJYP SRI ERH RIKPIGXW XS TPEGI TMGOIH WSPHMIVW MR XLI JVSRX VERO XLI VIWYPX QYWX FI 6398 8LIWI EVI WM\ [E]W SJ GSYVXMRK HIJIEX [LMGL QYWX FI GEVIJYPP] RSXIH F] XLI KIRIVEP [LS LEW EXXEMRIH E VIWTSRWMFPI TSWX 8LI REXYVEP JSVQEXMSR SJ XLI GSYRXV] MW XLI WSPHMIV W FIWX EPP] FYX E TS[IV SJ IWXMQEXMRK XLI EHZIVWEV] SJ GSRXVSPPMRK XLI JSVGIW SJ ZMGXSV] ERH SJ WLVI[HP] GEPGYPEXMRK HMJJMGYPXMIW HERKIVW ERH HMWXERGIW GSRWXMXYXIW XLI XIWX SJ E KVIEX KIRIVEP ,I [LS ORS[W XLIWI XLMRKW ERH MR JMKLXMRK TYXW LMW ORS[PIHKI MRXS TVEGXMGI [MPP [MR LMW FEXXPIW ,I [LS ORS[W XLIQ RSX RSV TVEGXMGIW XLIQ [MPP WYVIP] FI HIJIEXIH -J JMKLXMRK MW WYVI XS VIWYPX MR ZMGXSV] XLIR ]SY QYWX JMKLX IZIR XLSYKL XLI VYPIV JSVFMH MX MJ JMKLXMRK [MPP RSX VIWYPX MR ZMGXSV] XLIR ]SY QYWX RSX JMKLX IZIR EX XLI VYPIV W FMHHMRK 8LI KIRIVEP [LS EHZERGIW [MXLSYX GSZIXMRK JEQI ERH VIXVIEXW [MXLSYX JIEVMRK HMWKVEGI [LSWI SRP] XLSYKLX MW XS TVSXIGX LMW GSYRXV] ERH HS KSSH WIVZMGI JSV LMW WSZIVIMKR MW XLI NI[IP SJ XLI OMRKHSQ

[[[ WYRX^YWEMH GSQ

6IKEVH ]SYV WSPHMIVW EW ]SYV GLMPHVIR ERH XLI] [MPP JSPPS[ ]SY MRXS XLI HIITIWX ZEPPI]W PSSO YTSR XLIQ EW ]SYV S[R FIPSZIH WSRW ERH XLI] [MPP WXERH F] ]SY IZIR YRXS HIEXL -J LS[IZIV ]SY EVI MRHYPKIRX FYX YREFPI XS QEOI ]SYV EYXLSVMX] JIPX OMRH LIEVXIH FYX YREFPI XS IRJSVGI ]SYV GSQQERHW ERH MRGETEFPI QSVISZIV SJ UYIPPMRK HMWSVHIV XLIR ]SYV WSPHMIVW QYWX FI PMOIRIH XS WTSMPX GLMPHVIR XLI] EVI YWIPIWW JSV ER] TVEGXMGEP TYVTSWI -J [I ORS[ XLEX SYV S[R QIR EVI MR E GSRHMXMSR XS EXXEGO FYX EVI YRE[EVI XLEX XLI IRIQ] MW RSX STIR XS EXXEGO [I LEZI KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] -J [I ORS[ XLEX XLI IRIQ] MW STIR XS EXXEGO FYX EVI YRE[EVI XLEX SYV S[R QIR EVI RSX MR E GSRHMXMSR XS EXXEGO [I LEZI KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] -J [I ORS[ XLEX XLI IRIQ] MW STIR XS EXXEGO ERH EPWS ORS[ XLEX SYV QIR EVI MR E GSRHMXMSR XS EXXEGO FYX EVI YRE[EVI XLEX XLI REXYVI SJ XLI KVSYRH QEOIW JMKLXMRK MQTVEGXMGEFPI [I LEZI WXMPP KSRI SRP] LEPJ[E] XS[EVHW ZMGXSV] ,IRGI XLI I\TIVMIRGIH WSPHMIV SRGI MR QSXMSR MW RIZIV FI[MPHIVIH SRGI LI LEW FVSOIR GEQT LI MW RIZIV EX E PSWW ,IRGI XLI WE]MRK -J ]SY ORS[ XLI IRIQ] ERH ORS[ ]SYVWIPJ ]SYV ZMGXSV] [MPP RSX WXERH MR HSYFX MJ ]SY ORS[ ,IEZIR ERH ORS[ )EVXL ]SY QE] QEOI ]SYV ZMGXSV] GSQTPIXI

[[[ WYRX^YWEMH GSQ

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7YR 8^Y WEMH 8LI EVX SJ [EV VIGSKRM^IW RMRI ZEVMIXMIW SJ KVSYRH (MWTIVWMZI KVSYRH JEGMPI KVSYRH GSRXIRXMSYW KVSYRH STIR KVSYRH KVSYRH SJ MRXIVWIGXMRK LMKL[E]W WIVMSYW KVSYRH HMJJMGYPX KVSYRH LIQQIH MR KVSYRH HIWTIVEXI KVSYRH ;LIR E GLMIJXEMR MW JMKLXMRK MR LMW S[R XIVVMXSV] MX MW HMWTIVWMZI KVSYRH ;LIR LI LEW TIRIXVEXIH MRXS LSWXMPI XIVVMXSV] FYX XS RS KVIEX HMWXERGI MX MW JEGMPI KVSYRH +VSYRH XLI TSWWIWWMSR SJ [LMGL MQTSVXW KVIEX EHZERXEKI XS IMXLIV WMHI MW GSRXIRXMSYW KVSYRH +VSYRH SR [LMGL IEGL WMHI LEW PMFIVX] SJ QSZIQIRX MW STIR KVSYRH +VSYRH [LMGL JSVQW XLI OI] XS XLVII GSRXMKYSYW WXEXIW WS XLEX LI [LS SGGYTMIW MX JMVWX LEW QSWX SJ XLI )QTMVI EX LMW GSQQERH MW E KVSYRH SJ MRXIVWIGXMRK LMKL[E]W ;LIR ER EVQ] LEW TIRIXVEXIH MRXS XLI LIEVX SJ E LSWXMPI GSYRXV] PIEZMRK E RYQFIV SJ JSVXMJMIH GMXMIW MR MXW VIEV MX MW WIVMSYW KVSYRH 1SYRXEMR JSVIWXW VYKKIH WXIITW QEVWLIW ERH JIRW GSYRXV] XLEX MW LEVH XS XVEZIVWI XLMW MW HMJJMGYPX KVSYRH EPP

+VSYRH [LMGL MW VIEGLIH XLVSYKL REVVS[ KSVKIW ERH JVSQ [LMGL [I GER SRP] VIXMVI F] XSVXYSYW TEXLW WS XLEX E WQEPP RYQFIV SJ XLI IRIQ] [SYPH WYJJMGI XS GVYWL E PEVKI FSH] SJ SYV QIR XLMW MW LIQQIH MR KVSYRH

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

3R XLI HE] XLI] EVI SVHIVIH SYX XS FEXXPI ]SYV WSPHMIVW QE] [IIT XLSWI WMXXMRK YT FIHI[MRK XLIMV KEVQIRXW ERH XLSWI P]MRK HS[R PIXXMRK XLI XIEVW VYR HS[R XLIMV GLIIOW &YX PIX XLIQ SRGI FI FVSYKLX XS FE] ERH XLI] [MPP HMWTPE] XLI GSYVEKI SJ E 'LY SV E /YIM 8LI WOMPPJYP XEGXMGMER QE] FI PMOIRIH XS XLI 7,9%- .%2 2S[ XLI 7,9%- .%2 MW E WREOI XLEX MW JSYRH MR XLI 'LDERK QSYRXEMRW 7XVMOI EX MXW LIEH ERH ]SY [MPP FI EXXEGOIH F] MXW XEMP WXVMOI EX MXW XEMP ERH ]SY [MPP FI EXXEGOIH F] MXW LIEH WXVMOI EX MXW QMHHPI ERH ]SY [MPP FI EXXEGOIH F] LIEH ERH XEMP FSXL %WOIH MJ ER EVQ] GER FI QEHI XS MQMXEXI XLI 7,9%- .%2 WLSYPH ERW[IV =IW *SV XLI QIR SJ ;Y ERH XLI QIR SJ =YIL EVI IRIQMIW ]IX MJ XLI] EVI GVSWWMRK E VMZIV MR XLI WEQI FSEX ERH EVI GEYKLX F] E WXSVQ XLI] [MPP GSQI XS IEGL SXLIV W EWWMWXERGI NYWX EW XLI PIJX LERH LIPTW XLI VMKLX ,IRGI MX MW RSX IRSYKL XS TYX SRI W XVYWX MR XLI XIXLIVMRK SJ LSVWIW ERH XLI FYV]MRK SJ GLEVMSX [LIIPW MR XLI KVSYRH 8LI TVMRGMTPI SR [LMGL XS QEREKI ER EVQ] MW XS WIX YT SRI WXERHEVH SJ GSYVEKI [LMGL EPP QYWX VIEGL ,S[ XS QEOI XLI FIWX SJ FSXL WXVSRK ERH [IEO UYIWXMSR MRZSPZMRK XLI TVSTIV YWI SJ KVSYRH XLEX MW E

8LYW XLI WOMPPJYP KIRIVEP GSRHYGXW LMW EVQ] NYWX EW XLSYKL LI [IVI PIEHMRK E WMRKPI QER [MPP] RMPP] F] XLI LERH -X MW XLI FYWMRIWW SJ E KIRIVEP XS FI UYMIX ERH XLYW IRWYVI WIGVIG] YTVMKLX ERH NYWX ERH XLYW QEMRXEMR SVHIV ,I QYWX FI EFPI XS Q]WXMJ] LMW SJJMGIVW ERH QIR F] JEPWI VITSVXW ERH ETTIEVERGIW ERH XLYW OIIT XLIQ MR XSXEP MKRSVERGI

[[[ WYRX^YWEMH GSQ

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

8LI HMJJIVIRX QIEWYVIW WYMXIH XS XLI RMRI ZEVMIXMIW SJ KVSYRH XLI I\TIHMIRG] SJ EKKVIWWMZI SV HIJIRWMZI XEGXMGW ERH XLI JYRHEQIRXEP PE[W SJ LYQER REXYVI XLIWI EVI XLMRKW XLEX QYWX QSWX GIVXEMRP] FI WXYHMIH ;LIR MRZEHMRK LSWXMPI XIVVMXSV] XLI KIRIVEP TVMRGMTPI MW XLEX TIRIXVEXMRK HIITP] FVMRKW GSLIWMSR TIRIXVEXMRK FYX E WLSVX [E] QIERW HMWTIVWMSR ;LIR ]SY PIEZI ]SYV S[R GSYRXV] FILMRH ERH XEOI ]SYV EVQ] EGVSWW RIMKLFSVLSSH XIVVMXSV] ]SY JMRH ]SYVWIPJ SR GVMXMGEP KVSYRH ;LIR XLIVI EVI QIERW SJ GSQQYRMGEXMSR SR EPP JSYV WMHIW XLI KVSYRH MW SRI SJ MRXIVWIGXMRK LMKL[E]W ;LIR ]SY TIRIXVEXI HIITP] MRXS E GSYRXV] MX MW WIVMSYW KVSYRH ;LIR ]SY TIRIXVEXI FYX E PMXXPI [E] MX MW JEGMPI KVSYRH

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

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[[[ WYRX^YWEMH GSQ

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7YR 8^Y WEMH 8LIVI EVI JMZI [E]W SJ EXXEGOMRK [MXL JMVI 8LI JMVWX MW XS FYVR WSPHMIVW MR XLIMV GEQT XLI WIGSRH MW XS FYVR WXSVIW XLI XLMVH MW XS FYVR FEKKEKI XVEMRW XLI JSYVXL MW XS FYVR EVWIREPW ERH QEKE^MRIW XLI JMJXL MW XS LYVP HVSTTMRK JMVI EQSRKWX XLI IRIQ] -R SVHIV XS GEVV] SYX ER EXXEGO [I QYWX LEZI QIERW EZEMPEFPI XLI QEXIVMEP JSV VEMWMRK JMVI WLSYPH EP[E]W FI OITX MR VIEHMRIWW 8LIVI MW E TVSTIV WIEWSR JSV QEOMRK EXXEGOW [MXL JMVI ERH WTIGMEP HE]W JSV WXEVXMRK E GSRJPEKVEXMSR 8LI TVSTIV WIEWSR MW [LIR XLI [IEXLIV MW ZIV] HV] XLI WTIGMEP HE]W EVI XLSWI [LIR XLI QSSR MW MR XLI GSRWXIPPEXMSRW SJ XLI 7MIZI XLI ;EPP XLI ;MRK SV XLI 'VSWW FEV JSV XLIWI JSYV EVI EPP HE]W SJ VMWMRK [MRH -R EXXEGOMRK [MXL JMVI SRI WLSYPH FI TVITEVIH XS QIIX JMZI TSWWMFPI HIZIPSTQIRXW ;LIR JMVI FVIEOW SYX MRWMHI XS IRIQ] W GEQT VIWTSRH EX SRGI [MXL ER EXXEGO JVSQ [MXLSYX -J XLIVI MW ER SYXFVIEO SJ JMVI FYX XLI IRIQ] W WSPHMIVW VIQEMR UYMIX FMHI ]SYV XMQI ERH HS RSX EXXEGO ;LIR XLI JSVGI SJ XLI JPEQIW LEW VIEGLIH MXW LIMKLX JSPPS[ MX YT [MXL ER EXXEGO MJ XLEX MW TVEGXMGEFPI MJ RSX WXE] [LIVI ]SY EVI -J MX MW TSWWMFPI XS QEOI ER EWWEYPX [MXL JMVI JVSQ [MXLSYX HS RSX [EMX JSV MX XS FVIEO SYX [MXLMR FYX HIPMZIV ]SYV EXXEGO EX E JEZSVEFPI QSQIRX

[[[ WYRX^YWEMH GSQ

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

[[[ WYRX^YWEMH GSQ

&YX E OMRKHSQ XLEX LEW SRGI FIIR HIWXVS]IH GER RIZIV GSQI EKEMR MRXS FIMRK RSV GER XLI HIEH IZIV FI FVSYKLX FEGO XS PMJI ,IRGI XLI IRPMKLXIRIH VYPIV MW LIIHJYP ERH XLI KSSH KIRIVEP JYPP SJ GEYXMSR 8LMW MW XLI [E] XS OIIT E GSYRXV] EX TIEGI ERH ER EVQ] MRXEGX

[[[ WYRX^YWEMH GSQ

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