eH@???HXe??e_V,?????X??XXYe

) !!
9VOXV[_RPN
>WhjWZ[ >ed`kdjkhW A@(l1(d0(.661
8B+/ B).
@HA>C ,11/
@djh[]k[ Wei>ehh[_ei
/*01./2,/
,e??eH@???HXe??e_V
,?????X??XXY
?e........
BJQ@MIJ ?J @NO<?J ?J MDJ BM<I?@ ?J NPG
N[Yh[jWh_W Ze KbWd[`Wc[dje [ ZW<Zc_d_ijhW‚•e
API?<wvJ
N_[]\h_[Z
?@ @>JIJHD<
@@NO<O…NOD><
@cWdk[b C[ki[ h
de c„i Z[ i[j[cXhe
f[h…eZeZkhWZekheYWhWYj[h_oWZe
f[bW _dY[hj[oWZ[ [b[lWZWijWmWi
Z[
_d\bW‚•e fheZko kc YecfehjWc[dje
j…f_Yefeh fWhj[ Zei W][dj[i
[Yed‡c_Yei( gk[ d•e ƒ Wbj[hWZe
Z[ \ehcW YWXWb
dkc Ykhje [ifW‚e Z[
j[cfe+ I[ii[
YecfehjWc[dje
j…f_Ye(ZkWi i•e Wi Wj_jkZ[i X•i_YWi7
\ehj[ fh[\[h„dY_W feh Wj_lei Z[ ]hWdZ[ b_gk_Z[o [ kj_b_oW‚•eZ[ c[*
< [djhWZW
Ze Khe]hWcWZ[ @ijWX_b_oW‚•e
@Yed‡c_YW(
dWikWj[hY[_hW
YWd_icei Z[ _dZ[mW‚•e+@iiWiWj_jkZ[i j…f_YWi
i•e jWcXƒc [b[c[djei
[ YhkY_Wb
\Wi[( \e_ h[Y[X_ZWYec Wb]kcWYed\_Wd‚Wfeh fWhj[ ZWfefk*
Z[ h[i_ij„dY_WZW_d\bW‚•e [ Wb_WZeiZe h[iikh]_c[dje
Z[ ikW WY[*
b[hW‚•e+
bW‚•e(cWi bed][ Z[ gkWbgk[hi[dj_c[dje Z[ [k\eh_W+<f†i ei _dikY[iiei
Zei fhe]hWcWi Wdj[h_eh[i( ei W][dj[i jecWhWc*i[ XWijWdj[YWkj[beiei(
< _dZ[mW‚•e ikh][ fWhW]WhWdj_h
ei W][dj[i [Yed‡c_Yei YedjhW
f[hZWi YWkiWZWi
f[bW[b[lW‚•e [hh•j_YWZe d…l[bZ[ fh[‚ei+ Ji c[YWd_i*
Z[cedijhWdZe jWcXƒc kc cW_eh WcWZkh[Y_c[dje Wh[if[_je ZWib_c_*
cei Z[ _dZ[mW‚•ej[dZ[c Wh[i_ij_hWeZ[iWfWh[Y_c[dje( c[ice
gkWdZe
jW‚ˆ[i [ ZWiZ_\_YkbZWZ[i
_d[h[dj[i WeYecXWj[ ~ WbjW
_d\bW‚•e+
ei fhe]hWcWi Wdj__d\bWY_ed•h_eibe]hWc ikY[iie [c h[Ykf[hWh kc
J eX`[j_le Z[ij[ [Z_jeh_Wb
ƒ h[Wb_oWh
kcW WlWb_W‚•e
Zei fh_c[_hei
fh_c[_he cec[dje
Z[ [ijWX_b_ZWZ[(
ZWZW
WZ[iYed\_Wd‚WZei W][dj[i Z[
cec[djei
Z[iiW \Wi[ [ cWf[Wh Wb]kcWi gk[ijˆ[i gk[ feZ[c jhWo[h
gk[ e gkWZheZ[ YWbcWh_W
i[`Wj[cfeh•h_e [ \k]Wo+IW WjkWb_ZWZ[(
Z[fe_i
f[hjkhXW‚ˆ[i de YWc_d^e ZW[ijWX_b_ZWZ[+
ZWl_]„dY_WZWPMQ( Wfeb…j_YW
[Yed‡c_YWYedi[]k_k( [c bWh]W
c[Z_ZW(
l[dY[h WWcfbWl_dYkbW‚•e Z[ lWbeh[i WjeZWkcW ]WcW Z[ …dZ_Y[iZ[
fh[‚ei i[jeh_W_iek ][hW_i+OeZWl_We eb^WhWj[dje Z[j[YjWi_dW_i[ \Wjei
PH =JH >JH@wJ
ZWh[Wb_ZWZ[
gk[ _dZ_YWcgk[ e fheXb[cW d•e [ij• Z[ jeZe ikf[hWZe+
I[ii[
i[dj_Ze( de fh†fh_e _dj[h_eh Ze Bel[hde( l[h_\_Yek*i[ kcW Z_i*
Ykii•e WY[hYW
Z[ Z[i_dZ[mWhek d•e WPd_ZWZ[ A_iYWb
Z[ M[\[h„dY_W
K[bWfh_c[_hWl[o de =hWi_b(fheY[Z[*i[ WkcW gk[ZW WXhkfjW
ZW
%PADM&+
IW Z_iYkii•e gk[ Z_l_Z_kWief_d_ˆ[i [c Ze_i]hkfei( kc Z[b[i
_d\bW‚•ei[c h[Ykhie WYed][bWc[djei( ~ Xbegk[_e Z[ Wj_leiek Wc[Z_ZWi
Z[i[`WlW e \_c ZW_dZ[mW‚•e ZWPADM[c dec[ ZWhWY_edWb_ZWZ[
Ze
Z[ ikhfh[iW+J Khe]hWcWYedi[]k_k ZWhkc jhWjWc[djeZ[ Y^egk[ * kcW
Khe]hWcW
Z[
@ijWX_b_oW‚•e
@
Yed‡c_YW+Jkjhe
]hkfe
Z[i[`WlW
W
l[o gk[ e ]hWZkWb_iced•e \kdY_edW[c [Yedec_Wi Z[ WbjW
_d\bW‚•e* [(
cWdkj[d‚•e ZWPADM_dZ[mWZW
Yece ]WhWdj_W
fWhW
Wih[Y[_jWi]el[hdW*
Wec[ice j[cfe( fhefehY_edWhc[YWd_icei Z[ fWiiW][c fWhW
WdelW \Wi[+
c[djW_i+ < PADM_dZ[mWZW
fWiiek Wj[h kj_b_oW‚•efWhY_Wb(
cWi Yedij_*
< kj_b_oW‚•e
ZWPMQ( Z[ cWd[_hW
][hWb(Ykcfh_k e i[k fWf[bZ[ YeehZ[dWZeh
jk_dZe*i[
dkc
[m[cfbe
Z[
Yedi[gŠ„dY_Wifeii_l[bc[dj[
d[]Wj_lWi+
@c
Zei fh[‚ei [ Z[ ]WhWdj_Zeh
Z[ kcW jhWdi_‚•e YedjhWjkWb
cW_i ek c[dei
i[]kdZe bk]Wh(Wf[hcWd„dY_WZWOWmW
M[\[h[dY_Wb%OM&
Yedj_dkWW
jhWdgŠ_bW
fWhW
e f[h…eZeZ[ [ijWX_b_ZWZ[+
eh_[djWhe Y•bYkbeZWYehh[‚•e Ze lWbehZ[ ck_jei YedjhWjei+@c j[hY[_he
Ji h[ikbjWZei _d_Y_W_i
feZ[c i[h Yedi_Z[hWZei iWj_i\Wj†h_ei+<
bk]Wh(YebeYW*i[(WcW_i bed]e fhWoe(W]WhWdj_W
Z[ WjkWb_oW‚•e
Z[ Y[hjei
_d\bW‚•e[c h[Wbƒ h[Zko_ZW+
J fh_c[_he …dZ_Y[
d•e YedjWc_dWZef[be
YedjhWjeiWf†i kc Wde+Keh ‰bj_ce([ij• WZ[j[hc_dW‚•e b[]WbZ[( dWi
Yhko[_heh[Wb(e DK>fedjW*W*fedjWZWABQ( gk[ YecfWhek ei fh[‚ei Zei
ZWjWi*XWi[
ZWiZ_\[h[dj[i YWj[]eh_WiZ[ jhWXWb^WZeh[i(
h[feh( Z[ \ehcW
.- fh_c[_hei Z_WiZe c„i Z[ W]eije Yec ei Zei .- fh_c[_hei Z_WiZ[
Wkjec•j_YW(W_d\bW‚•eZ[j[YjWZW
f[be DK>*M+
`kb^e( WYkiekkcW lWh_W‚•eZ[ /(63#+ Q•h_ei fh[‚ei l„c Wfh[i[djWdZe
>ece e fh_c[_he h[ikbjWZeZWf[igk_iW Ze DK>*Mh[]_ijhek kcW
Wb]kcWgk[ZWZ[iZ[ e _d…Y_e
Z[ `kb^e+ h YbWhe
gk[ [ii[ h[Yke ƒ h[ikbjWZe(
jWmW
c[diWb Z[ 3(-5#( WWkjecWj_Y_ZWZ[
ZWh[fei_‚•e Zei iWb•h_ei\Wo
[c X;Wc[Z_ZW( Z[ Wkc[djei [if[YkbWj_lei dWfWiiW][c fWhW
e h[Wb+
Yec gk[ [ijW `• i[`W WjWmW
c…d_cW Z[ Yehh[‚•e Zei iWb•h_ei dWi
@ _cfehjWdj[ j[h fh[i[dj[ gk[ WlWh_W‚•eZe DK>*MZ[ `kb^e( gk[
ZWjWi*XWi[
_c[Z_WjWi+
< gk[ij•e gk[ i[ YebeYW
ƒ WZWfhefeh‚•e [c gk[
YecfWhWe f[h…eZeZ[ .3 Z[ `kd^e W.2 Z[ `kb^e YedjhW.3 Z[ cW_e W.2
e
Wkc[dje
Zei
Ykijei
Ze
jhWXWb^e
i[h•
ek
d•e
h[fWiiWZe Wei fh[‚ei+ h
Z[ `kd^e( Z[ 3(-5#( d•e [if[b^W _dj[]hWbc[dj[ W_d\bW‚•eeYehh_ZW
Wf†i
YbWhe
gk[ Wfeb…j_YW
[Yed‡c_YWl_][dj[ Yedjƒc( [c Wb]kcWc[Z_ZW( W
W_djheZk‚•e Ze h[Wb+
@bW
Z[Yehh[(fh_dY_fWbc[dj[( Z[ WlWh_W‚•eZWPMQ(
Z[cWdZW[( [c [if[Y…\_Ye(e Yedikce+ Diie ƒ kcW XWhh[_hW
h[bWj_lW
fWhW
dW‰bj_cW
i[cWdW Z[ `kd^e( d•e j[h WYecfWd^WZeWWY[b[hW‚•eZ[ fh[‚ei
e
h[fWii[
Wei
fh[‚ei+
OeZWl_W(
[c
i[dj_Ze
Yedjh•h_e([ij•
e
\WjeZ[
gk[
p jWcXƒc Ze Wkc[dje Z[ fh[‚ei eYehh_ZedW[djhWZW
Ze c„i Z[ `kb^e+
YWZW
ZWjW*XWi[
[dlebl[( dkc ‰d_Yecec[dje(
jeZWi Wi[cfh[iWi gk[
@YbWhe
gk[ [ii[ \Wjej[c kcW h[f[hYkii•e _cfehjWdj[ Ze fedje Z[ l_ijW
Yecf[j[c dkc c[ice
i[jeh+ ?[iiW cWd[_hW(fhef_Y_W*i[WcX_[dj[ fWhW
Ze feZ[h Wgk_i_j_leZei iWb•h_ei(e gk[ i[h• WdWb_iWZe
cW_i WZ_Wdj[+
gk[( [djh[ Wi c[icWi( ikh`WWj[dZ„dY_WZ[ Wkc[dje YeehZ[dWZe Z[
<bƒc Z_iie( Wfeii_X_b_ZWZ[
jWdjeZ[ cel_c[djei
[if[YkbWj_lei Yece
fh[‚ei+ Keh _iie( fh[eYkfWc Wifei_‚ˆ[i e\_Y_W_i
ZWdZeW[dj[dZ[h gk[
Z[ Yh[iY_c[dje Ze Yedikce \e_(f[be c[dei Wjƒe cec[dje( W\WijWZW
f[bei
e
Bel[hde
d•e
e\[h[Y[h•
d[d^kcW
h[i_ij„dY_W
fWhW
gk[ e Wkc[dje Zei
Yedjehdei Wiikc_Zei f[be Khe]hWcWZ[ @ijWX_b_oW‚•e
@Yed‡c_YW+
Ji
Ykijei Ze jhWXWb^e
i[`Wc h[fWiiWZei dW\ehcW WbkZ_ZW+
Ji fheXb[cWi
iWb•h_eiYedl[hj_Zei f[bWcƒZ_W[ Wj_d]_Zeif[be h[\[h_Ze Yh[iY_c[dje Zei
d•e
j[hc_dWc
Wgk_+
@
iWX_Zegk[(
[c
[if[Y_Wbdei
fh_c[_hei
Wdei Ze
fh[‚ei( Wic[Z_ZWi [l_jWdZe kcW feii…l[b [mfWdi•e Ze YhƒZ_je%Yece e
Bel[hde
>ebbeh(
ei
iWb•h_eij_l[hWc
f[hZWi
WcfbWi(gk[
ei
[m[hY…Y_ei
Wkc[dje ZWijWmWi
Z[ Z[f†i_je Yecfkbi†h_e de =WdYe>[djhWb&
[ W[b[lW‚•e
feij[h_eh[i h[Ykf[hWhWc[c c[Z_ZW ck_je fWhY_Wb+
KehjWdje(i•e fh[*
ZWijWmWi
h[W_iZ[ `khei ]WhWdj_hWc
d…l[_iZ[ Z[cWdZW[( [c [if[Y…\_Ye(
Z[
l_i…l[_i
Wifh[iiˆ[i
fWhW
h[Ykf[hWhei
iWb•h_ei[
h[_dZ[m•*Dei+
>Wie i[
Yedikce Z[djhe Zei b_c_j[i !fhe]hWcWZei!+
[\[j_l[
e
h[fWii[
Weifh[‚ei(
[ijWh•
Z[i[dYWZ[WZW
W
h[jecWZWZW
[if_hWb
J Xec Yec[‚e( fehƒc( d•e ƒ iWblW]kWhZW
fWhW
[l_jWhe [d\h[djWc[dje
fWhWWh[_dZ[mW‚•e ][hWbZW
Yec Wb]kdif[hYWb‚ei_cfehjWdj[i f[bW\h[dj[+ I[ijW >WhjW
i•e WdWb_iWZWi fh[‚ei,iWb•h_ei( Yece fedje Z[ fWhj_ZW
[Yedec_W+
jh„i Z_\_YkbZWZ[i7
W_dZ[mW‚•e(WiWdYehW][di[ Wi[b[_‚ˆ[i fh[i_Z[dY_W_i+
< l_j†h_WYedjhWW_dZ[mW‚•e Z[f[dZ[h•( [djh[ ekjhei \Wjeh[i( ZW
fh†fh_Wf[hi_ij„dY_W Z[ jWmWick_je XW_mWi
Z[ _d\bW‚•e+HW_i YedYh[*
jWc[dj[( ƒ \kdZWc[djWbgk[ W_d\bW‚•ec[diWb WfWhj_hZ[ W]eije d•e i[`W
ikf[h_eh W D#+ OWmWi
Z[ /# W+c+[ 0# W+c+Yehh[ifedZ[h•e WkcW
< M@NDNOyI>D< ?< DI?@R<wvJ
_d\bW‚•eWdkWb
Z[ /3(5# [ 1/(3#( b[lWdZe WkcW fh[ii•e jWbl[o _hh[*
l[hi…l[b fWhWWh[_dZ[mW‚•e+@iiWYedi_Z[hW‚•e fWh[Y[ [l_Z[dY_Whei
Pc Zei fheXb[cWi Y[djhW_i[d\h[djWZei f[be Khe]hWcWZ[ @ijWX_*
[ijh[_jei b_c_j[i ieXh[ ei gkW_ie Khe]hWcWjhWlWikWXWjWb^W+
b_oW‚•e @Yed‡c_YWƒ Yedi[]k_h ikf[hWh W Y^WcWZW
_dƒhY_W_dij_*
jkY_edWbZe h[]_c[ Z[ WbjW_d\bW‚•e+ O[c i_Ze YedijWjWZegk[ kc
[
M@<G @N@PNK@M><GwJN
%Yedj_dkW
f+3&
/
803458,
+4 HpN
8\[V[
03+R8970((;P*41(#:2,<,2514+,7,,897:9:7(ML4
4 54+,7
+, *4257(
+, ,89()010=(ML4
[ fheY[iie Z[ Z_l[hi_\_YW‚•e ZWfheZk‚•e Wl…YebW(
Wii_c Yece
ikW h[[ijhkjkhW‚•e j[Ydeb†]_YW[ Yec[hY_Wb(\e_ YedYec_jWdj[ ~ Z[*
\_d_‚•e Ze c[hYWZe _dj[hdWY_edWbYece
kc
Zei fh[\[h[dY_W_i ZW
Wl_YkbjkhW
ikb*h_e*]hWdZ[di[+ J Wkc[dje i_]d_\_YWj_le Ze WXWj[ieX
_dif[‚•e
\[Z[hWb%NDA&
[c Z[jh_c[dje
ZWgk[b[ ieX _dif[‚•e
%ND@&
* Bh•\_Ye . * ƒ kc _dZ_YWZeh
[mfh[ii_le
h[[ijhkjkhW‚•e+ < _dif[‚•e
\[Z[hWbikXc[j[
[ijWZkWb
Z[ii[ fheY[iie
Z[
e WXWj[Wkc Yedjheb[ Z[
+48
8(1K7048
p.U+$++b_Eb`{p H
,2
+408
< YecfWhW‚•e [djh[ ei KbWdei >hkoWZe [ M[Wbj[c
51(348
[cXWiWZe
Wh]kc[djei Z_ij_djei+ ?[ kc bWZe(e [\[_je [b[_jehWb[ e ikXi[gŠ[dj[
cWbe]he Ze fh_c[_he j„c i[hl_Ze fWhWefeh h[i[hlWi Wei[]kdZe+ ?[
ekjhe( W[gk_f[ [Yed‡c_YW( fWhWjWmWh
Z[ _bki†h_WiWif[hZWi iWbWh_W_i
^e`[ h[YbWcWZWi(
h[Yehh[k Z_l[hiWi l[o[i WefWh€c[jhe Z[ .6537 Wgk[ZW
ZW_d\bW‚•e(feh i_ c[icW( i[h_WYWfWo
Z[ [b[lWh e feZ[h Wgk_i_j_leZei
gkWb_ZWZ[
gk[ e jehdW WZ[gkWZeWei fWZhˆ[i [m_]_Zei f[be c[hYWZe
iWb•h_ei(e gk[ j[h_W\_YWZefWj[dj[ Yec W[mfWdi•e Z[ Yedikce
_dj[hdWY_edWb(
WbWlWdYWdZe
WijhWdi\ehcW‚ˆ[i
Y[hYeke KbWde>hkoWZe+>^[]ek*i[( _dYbki_l[( WcWd_\[ijWhWfh[[di•e
gkWdje WkcW delW ![mfbei•e ZWZ[cWdZW! ieXh[ e h[Wb(e gk[ j[c
b_c_jWZW
ikij[djWX_b_ZWZ[+
Ze i[jeh+ @ii[i ZWZei
i•e _]kWbc[dj[ _dZ_YWj_lei Ze Wbje ]hWk Z[ Yecf[j_j_l_ZWZ[
Wl_YkbjkhW
ikb*h_e*]hWdZ[di[+ %A@@,I@D&
ZW
gk[
Ie >hkoWZe(ei fh[‚ei \ehWc Yed][bWZei[,ek jWX[bWZei
[c fWjWcWh
ck_je cW_i XW_me(
F=C&H&F=C
WeiiWb•h_ei(Ze gk[ e Zei fh[‚ei b_lh[c[dj[
fhWj_YWZei
de _d…Y_e
ZWl_]„dY_WZe h[Wb+
OecWdZe*i[ kc kd_l[hie Z[ 00
fheZkjei
X•i_Yei [ l[h_\_YWdZe*i[ gk[ gkWdj_ZWZ[Z[b[i kc
iWb•h_e
c…d_ce [hWYWfWo
Z[ WZgk_h_h
[c YWZW
kcW ZWiZkWiYed`kdjkhWi(j[c*i[
*:8948
+, 574+:ML4
+4 (774=
34 704 .7(3+,
+4 8:1
kcW f[hZWcƒZ_WZ[ Wfhem_cWZWc[dj[1-# [djh[ kc fbWde[ ekjhe+ IW
OWX[_W
.( WfWh[Y[cWb]kdi [m[cfbei( cWi iWb_[dj[*i[ gk[ fWhW
d[d^kc
fheZkje ^ekl[
Ji Whheo[_heiZ_iYkj[c de cec[dje
ei ]Wijei Yec e \_dWdY_Wc[dje
ZWbWlekhW+
HWi [ e Ykije Ze Whh[dZWc[dje ZWj[hhW;@ij[ ƒ e i[]kdZe
_j[c Z[ cW_ehf[ie de f[h\_b Zei Ykijei Z[ fheZk‚•e ZWbWlekhW
* ck_je
j[ceh[i
lWh_W‚•efei_j_lW+KWh[Y[YbWhe
gk[( Z[djh[ ei Z_l[hiei
b[]_j_cWc[dj[ WiieY_WZeiWecec[dje
Z[ kc 9@@>Z[ Yedikce ƒ Zei c[dei
gk[ e KW…i
WjhWl[iiW(e
`kij_\_YWZei+%A@@,I@MO&
cW_ehZe gk[ e Ze i[k \_dWdY_Wc[dje%Bh•\_Ye/&+<bƒc Z_iie( e fh[‚e
ZWj[hhWcWdj[l[*i[
[c
WbjW
dei ‰bj_cei Wdei+Diie i[ [mfb_YW(
Z[ \ehcW
cW_i ][hWb(f[be Z[i[dlebl_c[dje
W]h…YebW
h[Y[dj[ dWM[]_•e Nkb Ze
@ijWZe8fWhj_YkbWhc[dj[(WiieY_W*i[WeYh[iY_c[dje WY[b[hWZe
Ze Whheo
_hh_]WZed[iiW •h[W(< [mfWdi•e Ze c[hYWZe dWY_edWb
Ze Whheo(WYec*
fWd^WZW
Ze Z[Yb…d_e
ZWe\[hjW ZWh[]_•e Zei Y[hhWZei[ Z[ ikWYedY[d*
jhW‚•e de M_eBhWdZ[Ze Nkb( fh[ii_edek
[b[lWdZe*b^[i e fh[‚e
WfheYkhWZ[ j[hhWiZ[ l•ho[W(
Ze Whh[dZWc[dje+ HWdj[dZe*i[ _ckj•l[b
e
gkWZhede cƒZ_e fhWoe( Yece ƒ Z[ [if[hWh( e Ykije Ze Whh[dZWc[dje
i[h• YWZW
l[o cW_i kc \WjehYh…j_Ye
ZWh[djWX_b_ZWZ[
ZWbWlekhW
Whheo[_hW+
%A@@,I@<&
6:,+(
+(
4*:5(ML4
3(
725(
J d…l[bZ[ eYkfW‚•e dWM[]_•e H[jhefeb_jWdW Z[ Kehje <b[]h[
%MHK<&(de fh_c[_he i[c[ijh[
h[bW‚•e WeYecfehjWc[dje
Z[ .661( [mf[h_c[djek
Z[Yb…d_e[c
eXi[hlWZe de Z[Yehh[h Ze Wde Z[ .660+
@mWc_dWdZe*i[e Z[i[cf[d^e
Zei fh_dY_fW_ii[jeh[i
Z[ Wj_l_ZWZ[
[Yed‡c_YW( Z[ijWYW*i[Wgk[ZW f[hi_ij[dj[
Ze d…l[bZ[ eYkfW‚•e ZW
_dZ‰ijh_W
Z[ jhWdi\ehcW‚•e( [if[Y_Wbc[dj[
dei ‰bj_cei c[i[i(
cel_c[dje
dkc
Yedjh•h_e ~gk[b[ eXi[hlWZe We bed]e Ze Wde Wdj[h_eh+
?khWdj[ .660( e [cfh[]e
dW_dZ‰ijh_W
Z[ jhWdi\ehcW‚•e cWdj[l[*i[
[c Yh[iY_c[dje [ [c kc d…l[b+
ikf[h_eh WeZ[ .66/( YecfehjWc[dje
gk[( feh l•h_ei c[i[i(
ikij[djek
e [cfh[]e
ZW M[]_•e+ E• de
fh_c[_he i[c[ijh[
_dZkijh_Wb([c
Y[hjWc[dj[ l[c
*42N7*04
7,(.,
3(
,<5,*9(
90; ( +4 51(34
Z[ .661( eXi[hlW*i[ gk[ZW Z[ 1(.#
de [cfh[]e
h[bW‚•e W _Z„dj_Ye f[h…eZe Ze Wde Wdj[h_eh( e gk[
Yedjh_Xk_dZe Z[Y_i_lWc[dj[
fWhWe Z[i[cf[d^e
d[]Wj_le Ze d…l[b ]beXWbZ[ eYkfW‚•e [ Z[ _dYh[c[dje
fh[]e dWMHK< %OWX[bW
/&+%A@@,K@?&
Ze Z[i[c*
J YecƒhY_e lWh[`_ijWZ[ Kehje <b[]h[ Wfh[i[djek kcW [mfWdi•e
Z[ .-(16# dWi l[dZWi Z[ `kd^e Z[ .661( i[ YecfWhWZWi~i Ze c„i Z[
cW_e Ze c[ice
Wde%Bh•\_Ye0&+
<i l[dZWi [l_Z[dY_WhWcjWmWi
c[diW_i fei_j_lWi [c jh„i YWj[]eh_Wi
m
*43897:ML4
*0;01
,2
54794
(1,.7,
Ze hWce Zkhe( i[dZe WcW_eh[mY[‚•e 48>A=?<%YW‚W
[ f[iYW%*05(46#&+
E• de hWce ceb[( h[]_ijhWhWc*i[ gkWjhe jWmWifei_j_lWi( eYehh[dZe W
cW_ehgk[ZW[c G_lhWh_W
[ fWf[bWh_W
%*//(6. #&+
<i l[dZWi ~ l_ijW [ WiWfhWoe _]kWbc[dj[ ceijhWhWc kc Z[i[c*
f[d^e fei_j_le( Yec jWmWi
Z[ 6(03# [ ./(1/#
h[if[Yj_lWc[dj[+
@c h[bW‚•e ~i jWmWiWYkckbWZWi(
ei h[ikbjWZei \ehWc d[]Wj_lei7
*.1(56# de YecfWhWj_leZ[ `Wd+*`kd+b61
[ *2(--# [c j[hcei Zei ‰bj_cei
./ c[i[i+
OW_id‰c[hei b[lWc WYh[hgk[ W[mf[YjWj_lWYec W_cfbWdjW‚•e ZW
delW ce[ZW j[d^W Yedjh_Xk…Ze
fWhWWi l[dZWi de YecƒhY_e fehje*Wb[*
]h[di[+ %A@@,IND&
?WZei \ehd[Y_Zei f[bW N[Yh[jWh_W
Ze KbWd[`Wc[dje Hkd_Y_fWb
%NKH&(ZWKh[\[_jkhWHkd_Y_fWbZ[ Kehje <b[]h[ %KHK<&(h[l[bWc W
eiY_bW‚•eZe i[jeh ZWYedijhk‚•e Y_l_bdW>Wf_jWb+
< •h[Wl_ijeh_WZW
de Hkd_Y…f_e(gk[ Yehh[ifedZ[ We[\[j_lWc[dj[
Yedijhk…Ze[ b_X[hWZe
fWhW
e kie( Wj_d]_k(Wfhem_cWZWc[dj[(14+---c/
[c WXh_b
Z[ .661+ Iei ‰bj_cei ./ c[i[i(
WcfbWc[dj[ [djh[ ei b_c_j[i Z[ /5+---
ei lWbeh[i c[diW_i lWh_WhWc
[ 55+---c/(
[cXehW Yec
j[dZ„dY_WZ[ XW_mW
WfWhj_hZ[ `kd^e Z[ .660( Yed\ehc[ Bh•\_Ye 1+
>[hYWZ[ 32# ZW•h[Wl_ijeh_WZW
de ‰bj_cec„i Z[ WXh_b
Yehh[ifedZ[
~ ^WX_jW‚•eYeb[j_lW+%A@@,I@MP&
55555555555555555555555555555555J#)MeML3Me9e#V#M(H#L)M#X))#g
#)3M'M#'MM
('))#8#eM2 L555555555?B5Z5?5:585Z5C5E5<5^.
e)>)?
))b__E]p
Ds
V!!
* +
:M!
<fe_e
BMtAD>J
D
CFGJPF
)
<=< O@ ?@ <Q@N NJ= DINK@wvJ A@?@M<G @ NJ= DINK@wvJ
@NO<?P<G IJ MN *.640*60
"!#
(
NWb•h_e c…d_ce [c
h[bW‚•e
i[b[Y_edWZei
We Ykije
[c
Kehje
Z[ Wb]kdi
<b[]h[
*
fheZkjei
X•i_Yei
.653,.661
.-- *h8***********************(
3
6=J
,
4-
*
NDA
N<GtMDJ HzIDHJ,
@A?6DC?B
,KM@wJ
B7<75:?>36?B
E3A:3^]?
PIDOtMDJ
K@M>@IOP<G
IJ
,
.653
.661
)0.$1/
)0-$))
I
5-
&0
2-
?[j[h][dj[
.
1-
.
0-
"
)))))))))))))m))))))))))))))
'
he -
+U
ND@ )#
'
) !)
)
)
{b[e
>em•e
Jlei
ie`W
Z[
A[_`•e
J 40 42 45 44 4= 46 =J =b =/ =0 =1 =2 =5 =4 == =6 6- 6. 6/ 60
]ehZe
Z[
W ]hWd[b
Z[djhe
fh[je
%a]&
XhWdYei cƒZ_ei
=_iYe_je
@mjhWje Z[
>PNOJN
?J <MMJT DMMDB<?J IJ
?J NPG * <=MDG,61
MDJ BM<I?@
*/2(12
*/$).
+) +-
%*-$,/
)(($-(
./$,0
*0/(52
f†
-
66(/2
33(..
*00(06
%1--]&
63(53
26(66
*05(-3
.0-(40
/,$,/
*10(-0
%04-]&
))($)+
25(03
%,/$((
HWYWhh•eYec elei
%2--]&
),.$)0
/,$,/
%,1$(-
.*$-.
+)$.(
%,1$,0
%Yefe /22]&
=ecXh_b
?< KMJ?PwvJ
*/-(06
jecWj[
AWh_d^WZ[
/
)($0)
44(.0
%Zo&
cWh_W %2--]&
M[gk[_`•e
BMtAD>J
.0(25
)(+$,/
%a]&
%a]&
<Y^eYebWjWZe [c
AJIO@7 <NB< I'
*.4(//
,/$,+
%6--c.&
*-(66
06(/3
%2--..$+.&
Kh[ikdje
.
/-
%2--..$+.&
!FUN]Z\[[!
@7Ae?6?
jh_]e
[if[Y_Wb
%ba]&
%e_je kd_ZWZ[i&
H3p8W
f[gk[dWi
Zei
.04(52
*2.(.0
,*+$)-
.3.(64
*3.(4/
///(00
HW_o[dW %2--]&
K_b^Wi
/5/(.-
%gkWjhe kd_ZWZ[i&
00 fheZkjei
X6
*4-(36
2/(/2
*!47$++(11
*06(2.
f[igk_iWZei
AJIO@7 OWX[bWNPI<= ** fh[‚ei
HƒZ_W Z[
./0(
.-$,,
jh„i
Z[ cWh‚e Z[
ikf[hc[hYWZei
Z[
.653+
Kehje
<b[]h[
[c
-3+-5+61+
OWX[bW/
zdZ_Y[i
<hh[dZWc[dje %.0+/#&
Ze d…l[b Z[ eYkfW‚•e(
feh
[Yed‡c_YW( dW MHK<*
Jkjhei
B
%31+6#
i[jeh
Z[ Wj_l_ZWZ[
.66/,61
Ekhei Ze Ykij[_e %1+5#&
K@MzJ?JN
OJO<G
DI?}NOMD<
?@
>JHxM>DJ
N@MQDwJN
JPOMJN
OM<INAJMH<wvJ
AJIO@7 GWlekhWWhheo[_hW+
%.661&+ Kehje <b[]h[7 DMB<( l< 4(
d<.0( cWh+,WXh+
Ekb+ *Z[o +,6/
.--(--
.--(--
.--(--
.--(--
EWd+*`kd
,60
.-.(24
.-1(43
.--(42
.-.(3/
Ekb *Z[o
,60
.-0(06
.-1(43
.-3(--
.-.(46
.-.(52
EWd+*`kd
,61
.-.(-6
.--(2.
.-.(--
.-.(.6
.--(0.
AJIO@7 K@?*MHK<
* >edl„d_e
%.& DdYbk_
BMtAD>J
0
<
&0
///-b=J
.5.1./-
A@@(ABO<N,NDI@*MN( N@<?@*NK(?D@@N@+
Y_l_b(
[ ekjhWi
i[hl_‚ei
Zecƒij_Yei(
Wj_l_ZWZ[i d•e
@H KJMOJ
W]h_YkbjkhW( f[*
YbWii_\_YWZWi+
<G@BM@ * <=M,60*<=M,61
m
- U
- L
)))))))))))
4' )# ))),
L
)))))'))#)
L
-4 6/*-5 60
D31
)
!
)) )')))))))))))
#
(B&%*
''
e
-4 6`$7-5 61
=J
J
62(-3
1
tM@< QDNOJMD<?<
p$,
.--
l[][jWb
.--(--
<G@BM@
BMtAD>J
/1-
Yedijhk‚•e
Yk•h_W( [mjhW‚•e
zI?D>@N ?<N Q@I?<N ?J >JHxM>DJ
?@ KJMOJ
EPG,6/*EPI,60
@EPG,60*EPI,61
$,%
Ekb <]e+ N[b Jkb Iel+ \kb+ EWd(A[l+ HWh+<Xh+HW_eEkd+
AJIO@7 A@@+
>?G+
IJO<7 Ji ZWZeij„c Yece XWi[`Wd+,6/ 5 .--+
AJIO@7 KHK<,NKH+
1
DI?D><?JM@N
CFGJPF
+
OWX[bW1
@USIXcbS
IJ FcS GUXWS
RS =XRIS$
J RS 4UFVNP
RF 3QdUNHF
Ikc[he
<FWNRF
Z[ ckb^[h[i(
Z[
i[]kdZe
e d‰c[he
%% )1/(%)11+
c[diWb
.-
W 21 Wdei Z[
_ZWZ[( ]h•l_ZWi
Z[ ]hWl_Z[o[i
\Wc_b_Wh
!f[h
_dj[hhecf_ZWi
Y[f
…
j[q ( de
dei
‰bj_cei
e
h[dZ_c[dje
[
=hWi_b
?DN>MDHDI<wvJ
Y_dYe Wdei(
.656
I}H@MJ
D<E:<BGH8A
D<E:<BGH8A
<>PHPG<?J
6:B5A:=:>3^]?
)1/(
)10(
)11(
)11)
)11*
)11+
I[d^kcW
=XRIS
"QNPMfJV
WSRJPFIFV#
3QdUNHF
IJ
&&&&&
-1-$,
/)-$.
//($*
/+/$)
/**$/
/*-$+
<FWNRF
]hWl_Z[o
N[c
h[dZ_c[dje
<jƒ
.,1
Z[ f_ie
IJ WS%
RJPFIFV#
4UFVNP
)+$*
*0$1
+0$-
+1$,
,*$*
,[$ -
"QNPMfJV
IJ WSRJPFIFV#
4UFVNP'=XRIS
-$,
%#& +
)-$+
*($.
**$.
*+$1
*-$*
($1
*$)
*$/
+$)
+$+
+$-
,($1
-*$1
-+$-
-/$,
-.$.
-/$1
4UFVNP'3QdUNHF
<FWNRF
.,1
W .,/
HW_i Z[
.,/
W.
HW_i Z[
.
W/
\_bW_iZ[
/
f_iei
8?>C72
3>D\A:?
7BC3C`BC:5?
B:<7:A3
")11,#&
63
A:?
:>6aBCA:3
B:67AaA9:53
67 ;3>7:A?2
4A3%
:4B&
f_ie
f_ie
f_iei
h[dZ_c[dje
<jƒ
.,1
f_ie
iWb•h_e
dWY_edW_i Z[
dWY_edW_i Z[
HW_i Z[
.,1
W .,/
HW_i Z[
.,/
W.
HW_i Z[
.
W/
HW_i Z[
/
f_iei
f_ie
f_iei
1.4
531
./(-3
/0/
/.0
.5(66
04(51
350
5./
//(
3-(34
iWb•h_ei
/
/43
.22
.6(04
/
013 151
/
-12
.14
5-
1/4
iWb•h_e
dWY_edW_i Z[
=0
5-(-1
.--(--
.6(63
0(60
0(60
/2-
144
./(/2
.3(.5
/44
15.
.0(24
/6(42
iWb•h_e
2-3
553
/1(45
21(20
iWb•h_ei
153
102
/0(45
110
11.
/.(35
dWY_edWbZ[
dWY_edW_i Z[
.5(51
/
iWb•h_ei
dWY_edWbZ[
3(45
3(45
6/6
.
/
iWb•h_e
_dj[hhecf_ZW
f_ie
124
463
iWb•h_e
dWY_edWbZ[
dWY_edWbZ[
420
..
dWY_edWbZ[
kcW ]hWl_Z[o
N[c
AJIO@8
%#&
dWY_edWbZ[
HW_i Z[
K[be c[dei
"QNPMfJV
_dj[hhecf_ZW
iWb•h_e
iWb•h_ei
45(0/
.--(--
D=B@+
BMtAD>J
4
zI?D>@N ?@ KM@wJN <J >JINPHD?JM
?J <MMJT @?J A@D+EvJ
!Q@MNPN! zI?D>@ B@M<G ?J DK>*D@K@
IJ MN * +EPG,60*EPG,61
BMtAD>JN
0+(++************r*********(
@QJGPwvJ
IJ
?J ?{G<M >JH@M>D<G
=M<NDG * +EPGb61
e
gg)
) )
ge(((*(M((('e'#((?
/+2
*.**************+*****8*$
+‹+‹
**********.
' $
e
#
- *D*******************+$*p+********
, #e
U Q[hkbW
-+65
j**$-************************.
S
#
.+2
'*<hhe**T***+*p*+*+*+***+*+*+*p*+*+*+*(
+‹‹
Y7(*****78*r**
+‹+
!-!4"4
4,"
B&0
-+63'**'**********************.
.
))())m
))m))))))))))))))m))))
+n
-+61
&((8(&#2(! ('(((((((((((((
7Y*((*p+(')('('((2k#)(55(_
))m)))))
+
D$
(
(
‹
!$+
je
(
..(
!
-+2
'**$$***************$$!$$$phVV****$Y****
A[_`•e
%#+'$&&&D&(&&"5"60G7
'''&
'''''1"""
5
#,$
55
pVp4!$********`
!
->ec[hW ()2)232]
-+6
(_))A)55#((((((((((((((((((((((W
e
0 #,
*!""".""" "
D$
$&&G#17/ )&&&&&&&&G'7777&2
II'II
%''''''&&&G&&&&%"
'''I''I
"'00&%%&=""&&&&*
+
?%<&&&$%[[%[[%[[%[[%%%$%[[%&&&$&&&&;
Ekb <]e+ N[j+ Jkj+ Iel+ ?[o+ EWd+ A[l+ HWh+<Xh+HW_eEPbb+Ekb
)11+
)11,
. 1 2 3 4 5.../.0.1.2.5.6/-/.///2/3/4/5/6
bbW5
AJIO@7 =<>@I+
AJIO@7 b@K@+
BMtAD>JB
CFGJPF
<MM@><?<wvJ
?J
KXH
X?XV??j29
V<#
12-
DKHA IJ
=M<NDG @IJ
-
MN * +E<I*EPI,61
7YSPXcbS
_Ubp&
ISV
VFPISV
ISV
FWNYSV
KNRFRHJNUSV
EDb
*eVX
1--'***********,p$*********$p((******_
02'**pp777777p**VVVV+h:**':*****p*****E
0--'********************.
/2-'********************.
/--'********************.
.2-'***********************.
.--'********************.
2-&((!)(!)(!)(!)(!!(!)(!)(!!(!)()!(!)(!!(!)(!)(!!()''('')XS`6 mmmm)
!!!(3)c]]!e):2(5!)!!!')()!7](!!')V304!32)b)!!#!!)()!(!)(!)()
*****_
C *$****77E8*J*Wd+***A77$[79Dp+****!*7*7HWh8Y+7+7+7+7+
#2#2#2#2#2#2#2#2#2#2#2#28O0#]#(()
*****:*HW_?7*h7*r
**E:*kd+p*+E
%
OXP&'1,
6:B5A:=:>35]?
E3A:35]?
)))))) ))))))
8XRISV
IJ UJRIF
8XRISV
IJ
8XRISV
IJ FcfJV
8XRISV
IJ FcfJV%HFUWJNUF
KNZF
::HSQQSINWNJV
))))))
)
))) )) ) )
)))
8XRIS
4357>&
*$,0
%0$0/
)$/+
+)$*-
JVWUFRLJNUS
IJ 3TPNHFcfJV
8?>C72
! >? =_B
+$0PNYUJ
KekfWhh‚W +++
8XRISV%HFTNWFP
AJIO@7 H_d_ijƒh_e ZWAWo[dZW+
IJO<7 Ji lWbeh[i \ehWc Z[\bWY_edWZei
f[be bBK*?D+Y[c XWi[[c
`kd+,61( Yedl[hj_Zei f[bWjWmW
Z[ Y€cX_e cƒZ_WZ[ `kd+,61+
RS 4UFVNP
8NRFRHJNUFV
0$1(
"838#
%)+$,*
2
e'UV))__@_ 3ie e
8\[V[
e (;(3M4
+(
574+:ML4
80+,7R7.0*(
)7(801,07(
()4794
Ji h[ikbjWZei Ze WcX_Y_eiefhe]hWcW Z[ YWfWY_jW‚•e
[ [mfWdi•e
Ze i[jeh i_Z[h‰h]_YeXhWi_b[_hejhWZko[c*i[ dei ]Wd^ei Z[ fei_‚•e
WbYWd‚WZei
Wd…l[bckdZ_Wb+?[ .5/ fheZkjeh [c .64-( e KW_ifWiiek W
Z[ jed[bWZWiZ[ W‚e Xhkje [djh[ .64- [ .660 %OWX[bW
0&+
OWbZ_dWc_ice ƒ [l_Z[dY_WZef[bWjWmW
WdkWb
Z[ Yh[iY_c[dje Z[ 3(6#
W+W+
de f[h…eZe( [c YedjhWij[ Yec ei -(6# h[]_ijhWZei de gkWZhe
_dj[hdWY_edWb+
Ae_(Wii_c( feii…l[b fkbWhZ[ -(6# fWhW
0(2# ZWfheZk‚•e
ckdZ_Wb(W_dZW
bed][ Zei .0(4#
Wjh_Xk…Zei
WeEWf•e( cW_eh\WXh_YWdj[
Z[ W‚e Xhkje+E• dW<cƒh_YWGWj_dW(
e =hWi_bWiikc[ \eb]WZWc[dj[ kcW
fei_‚•e Z[ fh_c[_he fbWde( Yed\ehc[
fheZko_Ze [c .660+
>WX[ Z[ijWYWhe Yh[iY[dj[ f[ie
h[l[bWZe f[bei 24(6# Ze jejWb
34 )7(801'
+,
J WXehjede =hWi_b(Yed\ehc[
801O3*04
e >†Z_]e K[dWbl_][dj[(
ƒ Yh_c[(
K[igk_iW h[Y[dj[ Z[ <bWd BkjjcWY^[h Ddij_jkj[ %@P<&[ij_cek
j[h[c i_Ze fhWj_YWZei
.(1 c_b^•e Z[ WXehjei[c
.66.( de =hWi_b(h[ikb*
jWdZe[c 3-- c_b YWieiZ[ Yecfb_YW‚ˆ[i fWhWWiW‰Z[ZWckb^[h [ [c
.- c_b cehj[i+ < c[icW _dij_jk_‚•e( [c f[igk_iW Yec ckb^[h[i feXh[i
Z[ •h[Wi khXWdWi
bWj_de*Wc[h_YWdWi
%=hWi_b(
Hƒm_Ye(>eb‡cX_W(>^_b[(
K[hk [ M[f‰Xb_YW
?ec_d_YWdW&(YedijWjek gk[ 24# Zei WXehjei i•e
\[_jei f[bW fh†fh_W ckb^[h ek feh f[iieWi d•e jh[_dWZWi(/1#
fWhj[_hWiek [d\[hc[_hWi \ehcWZWi[ Wf[dWi .6# feh cƒZ_Yei+
feh
?WZei Ze [email protected] %OWX[bW
1&WfedjWc gk[( Z[djh[ .0(5
h[bWj_leZei fheZkjei Z[ b_d]e*
c_b^ˆ[i Z[ ckb^[h[i Z[ .- W21 Wdei Z[ _ZWZ[(/ c_b^ˆ[i %Y[hYW
Z[ .2#&
jWc[dje Yedj…dkedWfheZk‚•e XhWi_b[_hW
Z[ W‚eXhkje(gk[ Wkc[djek Z[
j_l[hWc f[be c[dei
16(-#
fWhW24(/#
*/,.(
iWble [c ZkWii_jkW‚ˆ[i7 i[ W]hWl_Z[oh[ikbjWZ[ [ijkfhe( ek i[ ^• h_iYe
Z[ l_ZWfWhW
W][ijWdj[+
i[h e dede `• [c .66-( [lebk_dZe Z[ kcW fheZk‚•e Z[ 2(1 c_b^ˆ[i fWhW
/2(/ c_b^ˆ[i
+4 HpN
803458,
Wf[dWi[djh[ .655 [ .660+ NkW_cfehj€dY_W[ij•
kcW ]hWl_Z[o _dj[hhecf_ZW dei Y_dYeWdei WfkhW*
WiieY_WZW
We\WjeZ[ [ii[ fheY[iie i[h cW_i [\_Y_[dj[ Ze fedje Z[ l_ijW
Zei+ @([c j[hcei Ze i[k h[dZ_c[dje c[diWb \Wc_b_Wh
A;B :8A=D8%
.-%.,!
h[Y[X_WcWjƒkc f_ie dWY_edWb
Z[ iWb•h_e+
j[Ydeb†]_Ye Ze gk[ Ze Yedl[dY_edWb[( fehjWdje( feii_X_b_jWh
Ykijei cW_i
XW_meiZ[ ef[hW‚•e ~i ki_dWigk[ e [cfh[]Wc+
< XkiYWZW`kij_‚WieY_Wb
[ WZ[\[iW ZWiW‰Z[ZWckb^[h fWiiWc f[bW
b[]Wb_oW‚•eZe WXehje%Z_h[_jeWii[]khWZe [c /2 fW…i[i(Yec 1-# ZW
Diie i[ h[\b[j[( [c XeWc[Z_ZW(dWWY[_jW‚•eZei fheZkjei XhWi_b[_*
hei Z[ \[hhe [ W‚e de @mj[h_eh+?[ \Wje([djh[ .655 [ .660( Wil[dZWi
fefkbW‚•e ckdZ_Wb&[ f[be fbWd[`Wc[dje \Wc_b_Wh(
Wii[]khWdZe b_X[h*
[mj[hdWi ikX_hWc Z[ .-(6 c_b^ˆ[i
fWhW./(/
c_b^ˆ[i
Z[ jed[bWZWi(
ZWZ[WeYWiWb
fWhW
fbWd[`Wh
ikWfheb[ [c YedZ_‚ˆ[i Z[ iW‰Z[[ i[]khWd‚W+
%A@@DIND&
][hWdZe PN" 0(3 X_b^ˆ[i [ \ehcWdZe e fh_dY_fWb_j[c ZWfWkjWZ[
[mfehjW‚ˆ[i d[ij[ ‰bj_ceWde+%A@@DI@D&
57,M48
Ie
< ;(1470=(ML4
<f†i
+4 7,(1
-7,39,
(4
W_cfbWdjW‚•e Ze h[Wb(e Bel[hde
Z[_mek e fh[‚e
+48 (102,3948
+Q1(7
h[j_hek*i[ Ze c[hYWZe [
Ze Z†bWh\bkjkWhZ[ WYehZeYec Wi b[_i Ze c[hYWZe
YWdW(
WgkWbfeZ[ i[h [mfb_YWZW
feh kcW iƒh_[ Z[ \Wjeh[i7[b[lWZe d_l[b
ZWih[i[hlWi [mj[hdWi([djhWZW
Z[ YWf_jWb
[mj[hde( iWbZeYec[hY_Wbfei_*
j_le( h[d[]eY_W‚•e ZWZ…l_ZW
[mj[hdW(Z[djh[ ekjhei+ Ee]WZei ~i \eh‚Wi
Z[ c[hYWZe( ei [mfehjWZeh[i j[h•e W]ehWgk[ XkiYWhfeh ekjhWil_Wi W
Yecf[j_j_l_ZWZ[ W\[jWZW
f[bW lWbeh_oW‚•eYWcX_Wb+
< fh†fh_WlWbeh_*
oW‚•e Ze h[WbfeZ[h• \WY_b_jWh
W_cfehjW‚•e Z[ X[di Z[ YWf_jWb(
gk[(
WjhWlƒiZWceZ[hd_oW‚•e j[Ydeb†]_YW(feZ[h• h[Ykf[hWhfWhj[ZWYehdf[*
j_j_l_ZWZ[f[hZ_ZW+%A@@DI@@NA&
d‰c[he Wdj[h_ehZ[ijW >WhjW(WfedjWcei gk[ ei fh[‚ei
W[lebk‚•e
Zei fh[‚ei Ze Whheo[ Ze \[_`•e( [c h[bW‚•eWezdZ_Y[Z[ >kije
‰bj_cei ./ c[i[i( ei fh[‚ei Z[ii[i Ze_i fheZkjei( \kdZWc[djW_i dW
Wb_c[djW‚•eZWi\Wc…b_Wi
Z[ h[dZWcW_i XW_mW(
f[hcWd[Y[hWc( WcW_eh
fWhj[Ze j[cfe(
Zei fh[‚ei
Yh[iY[dZe WY_cW
Ze …dZ_Y[
cƒZ_e Z[ _d\bW‚•e+< h[Zk‚•e
Ze Whheo(Wd…l[bZ[ Yedikc_Zeh( de fh_c[_he c„i
,2
$&&%
Wj[d‚•e e [mfh[ii_le
Wkc[dje! eYehh_Ze de c„i
Z[ cWh‚e( gkWdZe
ikh]_hWc hkceh[i Z[ gk[ feZ[h_W \WbjWh
fheZkje( [ ZkhWdj[ e c„i
`kb^e( Wf†i W_cfbWdjW‚•e Ze h[Wb+
%A@@DI@<&
-03(3*,074
5(7(
Z[
4 7,(1
fWZh•e ced[j•h_e
ZkWbj[c
i_Ze kc
Zei
fh_dY_fW_ic[YWd_icei Wb_hd[djWZeh[i
ZW_d\bW‚•eXhWi_b[_hW+
@c hWo•e
Z[ Wfb_YW‚ˆ[i\_dWdY[_hWi
j[h[c
< Whh[YWZW‚•e
dWY_edWb
Ze DKHAdei gkWjhefh_c[_hei c[i[i
WdeZ[ .661 lWh_ekZ[ PN" 0/4 c_b^ˆ[i
Ze h[Wb
eYehh[k Wf†i Wih[Ykf[hW‚ˆ[i Z[ cW_e [ `kd^e+ Ie YWieZe \[_`•e( Y^WcW
< [m_ij„dY_WZ[ kc
809:(ML4
Zei
Z[ Q_ZWZe D@K@
ZWPAMBN %Bh•\_Ye4&+Q[h_\_YWcei gk[( ZkhWdj[ei
4 708*4
8:(
!$$"
Wb_c[djei( [c ][hWb( l_d^Wc ikX_dZe cW_i gk[ e …dZ_Y[cƒZ_e Z[
_d\bW‚•e[c Kehje <b[]h[+ I[ij[ dele d‰c[he( efjWcei feh [if[Y_\_YWh
%Bh•\_Ye2&+OWb\Wjeb[lek WkcW gk[ZWde fh[‚e ZWce[ZW dehj[*Wc[h_*
052-'
, 03-1(ML4
Ze
WPN" 04- c_b^ˆ[i+ Ie c„i
ce[ZW Yec lWbeh[ij•l[b
[b[lWZWb_gk_Z[o( \kdY_edWc Yece
fWhW
gk[c W[bWij[c WY[iie [ i[ X[d[\_Y_WZW
_dijWX_b_ZWZ[(
Wfhefh_WdZe*i[ZWfWhY[bW
Z[ h[dZWf[hZ_ZWf[bei Z[j[d*
Z[ cW_e( WbYWd‚ek
WY_\hW
Z[ PN" 12- c_b^ˆ[i( `kijWc[dj[ feh j[h i_Ze
jeh[i Z[ Yhko[_heiek Z[ YhkoWZei(Z[ilWbeh_oWZeif[bW[b[lW‚•e f[hcW*
kc c„i gk[ j[l[ kcW i[cWdW W cW_i Z[ Whh[YWZW‚•e+
@c `kd^e(
delWc[dj[ lebjek WefWjWcWh
Wdj[h_ehZ[ PN" 035 c_b^ˆ[i %Bh•\_Ye3&+
jW_i]Wd^ei d•e cW_i WYedj[‚Wc WjhWlƒiZe \_c ZWY_hWdZW
\_dWdY[_hW
[
d[dj[ Zei fh[‚ei+ < _d\bW‚•ei† feZ[h• i[h l[dY_ZWdWc[Z_ZW [c gk[
E• WWhh[YWZW‚•e
Ze DKHAde M_eBhWdZ[Ze Nkbiec[dj[ kbjhWfWi*
iek PN" .5 c_b^ˆ[i [c cW_e( Y^[]WdZe W1( DD" Z[ fWhj_Y_fW‚•ede
ZWkd_\_YW‚•ede h[WbZ[ jeZWiWi\kd‚ˆ[i
jejWbdWY_edWb+
KhelWl[bc[dj[
[ij•
WPd_•e( gk[ WZc_d_ijhW
jeZWWh[Y[_jWZe
ZWce[ZW+ < Yedj_dk_ZWZ[Ze
Yh[iY_c[dje ZWiWfb_YW‚ˆ[i%OWX[bW
2&(de [djWdje( ceijhW gk[ e f‰Xb_Ye
bed][ Z[ WY[_jWh
jWbi_jkW‚•e+ < f[hi_ij_h WZkWb_ZWZ[(
Wce[ZW
DKHA(Z[l[h• cWdj„*be Wjƒe \_dWbZe WdeZ[ .661( jWdjefWhW
Wj[dZ[h~i
\_dWdY[_hW
WYWXWh•
c_dWdZe W\eh‚W Ze h[Wb+I[ii[
fh[iiˆ[i feb…j_YWi
Ze \kdY_edWb_ice f‰Xb_Ye
\[Z[hWb Yece jWcXƒc feh
i[h kc Wde[b[_jehWb+
%A@@DI@@NA&
YWcX_Wb
i[h• \WbiW
Yece jWfWhe ieb Yec kcW f[d[_hW( Yece eYehh[ dW
<h][dj_dW+%A@@DI@NA&
YWie(WfWh_ZWZ[
5$'
555522255e5555
p
uI>JM<
?@ >JIEPIOPM<
JP
W*!($:6e
e(!#L
#
88_88ph_eieX`[j_leiZWfeb_j_[WZ[YijWX_
b_oW‚~d( WcWdkj[d‚•e Z[ Wfb_*
YW‚ˆ[i h[ckd[hWZWi Z[ Ykhje fhWoe ikh][ Yece cW_i kc \Wjehgk[+
de
AWY[~ feii_X_b_ZWZ[Z[ [iYeb^[h [djh[ kcW €dYehWYWcX_Wb
JP*bED?VW+*fhWoe
_c[Z_Wje Z[ j[cfe( Yedjƒc ei cel_c[djei
[if[YkbWj_lei
€dYehW ced[j•h_W( Yec i[ki h[if[Yj_lei Ykijei( e Khe]hWcWWYWXek
Yec ;kjhei Wj_lei+ +
+
efjWdZe feh kcW j[hY[_hWl_W_dj[hc[Z_•h_W+?[ kc bWZe(_d[m_ij[ kcW
@DcfehjWdj[ iW E[djWp
gk[ Wi[b[lWZWijWmWi
Z[ +Ekhei( d[Y[ii•h_Wi
jWmW
Z[ Y€cX_e \_mW+
<jƒ e fh[i[dj[
\e_ \_mWZe(_ije i_c kc lWbeh
d[ii[ cec[dje
Z[ jhWdih‚•e( jhWo[c [\[_jei gk[ feZ[c j[h kcW h[fYh*
c•m_ce fWhW
Wc[icW( WXW_me
Ze gkWbj[c i_Ze f[hc_j_Ze Wec[hYWZe
Ykii•e d[pWj_lWcW_i \ehj[ de (cƒZ_e fhWoe+?[ kc bWZe+
[bWi[m[hY[c
Z[j[hc_dWh e i[k lWbeh+OWcXƒc d•e [ij• ]WhWdj_ZW
WYedl[hi_X_b_ZWZ[
kpWfh[iiWe ieXh[ ei Ykijei \_dWdY[_heiZWi[cfh[iWi [ ieXh[ e ]Wije
ZWce[ZW dWY_edWb
dW[ijhWd][_hWYece h[Wb_oWZe
dW<h][dj_dW+ Keh
\lOXVP[) ?[ ekjhe( Wb_c[djWc e Yh[iY_c[dje ZWh_gk[oW \_dWdY[_hW
ekjhe bWZe(Wic[jWi Z[ [mfWdi•e ZWXWi[ced[j•h_W \ehWc Z[\_d_ZWiYec
YedY[djhWZW
de Y+khjefhWoe+Nkh][ [dj•e e fheXb[cW Ze E?E?< WZY*
]hWki Z[ \b[m_X_b_ZWZ[(
Z[ WYehZeYec Wi Z[b_X[hW‚ˆ[i Ze >edi[b^e
gkWZ+eZ[ h[Zk‚We ZWi+jWmWi
Z[ `khei( Z[ \ehcW W d(•e [ij_ckbWh
Hed[j•h_e IWY_edWb~ bkoZW[lebk‚•e ZWid[Y[ii_ZWZ[i ZWYed`kdjkhW+
cel_c[djei
[if[YkbWj_lei ek Z[ Yedikce
_dZ[i[`•l[_i
fWhWe
?e fedje Z[ l_ijW _dij_jkY_edWb(
d•e i[ fheY[Z[k Wd[d^kcW ckZWd‚W
ikY[iie Ze Khe]hWcW+
_cfehjWdj[ dW][ij•e ced[j•h_W( Yece Wj•e Z_iYkj_ZW
_dZ[f[dZ„dY_WZe
=WdYe>[djhWb+
>[hjWc[dj[ e Yedjheb[ ced[j•h_e [ Wi jWmWiZ[ `khei [b[lWZWi
<N @G@Dw|@N
Z[i[cf[d^Wc
kc fWf[b \kdZWc[djWbde Khe]hWcW+
h d[Y[ii•h_e( [djh[*
jWdje(h[bWj_l_oWh
e i_]d_\_YWZeZWic[jWi Z[ [mfWdi•e ZWXWi[ced[j•h_W+
@ijWii[hl[c ck_je cW_i fWhW
i_dWb_oWh
WeiW][dj[i gk[ e =WdYe>[djhWb
[ \Wje Z[ gk[ W _cfbWdjW‚•e Ze Khe]hWcW Z[ @ijWX_b_oW‚•e
cWdj[h• e Yedjheb[ ieXh[ kc W]h[]WZeced[j•h_e _cfehjWdj[+
@Yed‡c_YWl[d^W eYehh[dZe de \_dWbZ[ kc f[h…eZe ]el[hdWc[djWb
@djh[jWdje([c j[hcei Z[ Yedjheb[ Z[ b_gk_Z[oZW[Yedec_W( [iiWi
h[ijh_d][ WYWfWY_ZWZ[
Ze c[ice
\WY[Wi[ki eX`[j_lei+ @c fh_c[_he
c[jWi feiik[c
kc fWf[b cW_i gk[ij_ed•l[b+ @c fh_c[_he bk]Wh(WjhWlƒi
bk]Wh( fehgk[ ][hW _dY[hj[oW WY[hYW
ZW Yedj_dk_ZWZ[ ZWfeb…j_YW
Z[ Wbj[hW‚ˆ[idWijWmWi
Z[ h[Yeb^_c[dje Yecfkbi†h_e( feZ[*i[ Wkc[djWh
[Yed‡c_YW Wdj__d\bWY_ed•h_W+
@c i[]kdZe bk]Wh(fehgk[( i[c [ijWh
e HD( f[be Yh[iY_c[dje Ze ckbj_fb_YWZehXWdY•h_e(
i[c Wbj[hWh
WXWi[
Z[\_d_Ze d•e i† e ikY[iieh fh[i_Z[dY_WbYece e dele >ed]h[iie( d•e i[
ced[j•h_W+ @c i[]kdZe bk]Wh(d[ii[ fh_c[_he cec[dje(
fheY[iiW*i[ W
feZ[ fh[l[h e YWh•j[hZWih[\ehcWi [Yed‡c_YWi gk[ i[h•e [dYWc_d^WZWi
h[hded[j_oW‚•e ZW[Yedec_W( edZ[ ei W][dj[i Wkc[djWc WZ[cWdZWfeh
f[be fh_c[_he( X[c Yece ikWi feii_X_b_ZWZ[iZ[ i[h[c WfhelWZWif[be
H D fWhW\Wo[h \h[dj[ ~i jhWdiW‚ˆ[i ZW[Yedec_W+ N[ e eX`[j_le Zei
i[]kdZe+ OeZWl_W(
i[ e Khe]hWcWbe]hWhh[bWj_leikY[iie WjƒZ[o[cXhe(
W][dj[i ƒ i_cfb[ic[dj[
\Wo[h\h[dj[ Wec[ice
lebkc[ Z[ jhWdiW‚ˆ[i( e
WfWiiW][c fWhW
e dele Bel[hde jhWdiYehh[h•dkc WcX_[dj[ Z[ c[deh
gk[ fWh[Y[i[h e YWie(e Yh[iY_c[dje ZWe\[hjW ced[j•h_W fWhW
Wj[dZ[hW
ieXh[iiWbje+Ji fheXb[cWi gk[ ikh][c h[bWY_edWZei
~ ikY[ii•e fh[i_*
[ii[ Wkc[dje ZWZ[cWdZWfeh ce[ZW d•e j[c d[d^kcW h[f[hYkii•e Ze
Z[dY_Wb
WZl„c ZW_dY[hj[oWh[\[h[dj[ ~i c[Z_ZWi Z[ feb…j_YW
[Yed‡c_YW
fedje Z[ l_ijW _d\bWY_ed•h_e+
KehjWdje(i[ Wc[jW Z[ [mfWdi•e ZWXWi[
Ze dele Bel[hde( e gk[ feZ[ fheleYWh Wj_jkZ[i[if[YkbWj_lWi[ Z[\[d*
i_]d_\_YWhkc H DcW_eh gk[ e h[gk[h_Ze f[bei W][dj[i( [bWf[hZ[ i[k
i_lWi Zei W][dj[i+ ?[djh[ [ijWi ‰bj…cWi(
Z[ijWYW*i[WcWdkj[d‚•e Z[
i_]d_\_YWZe+
Keh ekjhe bWZe(i[ [bWh[fh[i[djWh kc Wkc[dje Ze HD c[deh
Wfb_YW‚ˆ[i\_dWdY[_hWi
de Ykhje fhWoe+
gk[ e h[gk[h_Ze f[bei W][dj[i( j[h…Wcei[dj•e kc Wf[hje Z[ D_gk_Z[o+
I[ii[ YWie(i[ e =WdYe>[djhWbd•e h[Zko_he h[Yeb^_c[dje Yecfkbi†h_e+
[b[ j[h• Z[ WfeijWhdWWjhWj_l_ZWZ[
ZWigkWi[*ce[ZWi Yece \ehcW Z[
>JIND?@M<w|@N
ADI<DN
]WhWdj_h
Wi c[jWi+ Diie [m_][ jWdje kcW jWmW
Z[ `khei [b[lWZWYece
jWcXƒc WcWdkj[d‚•e ZWWbjWb_gk_Z[o Z[iiWi Wfb_YW‚ˆ[i(_]kWbek
fh†m_cW ZWce[ZW+ Dije ƒ( YedjhebW*i[e H D( cWi d•e i[ YedjhebWW
J Khe]hWcWZ[ @ijWX_b_oW‚•e
@Yed‡c_YW(Wjƒe cec[dje(
j[c
D_gk_Z[o+
Wfh[i[djWZe kc h[ikbjWZe iWj_i\Wj†h_e+@djh[jWdje Wb]kdi f[h_]ei i[
?[ \Wje( dWgk[ij•e Ze Wbed]Wc[dje ZWiWfb_YW‚ˆ[i\_dWdY[_hWi(
Wl_o_d^Wc f[bW \h[dj[( fh_dY_fWbc[dj[ ei h[bWY_edWZeiYec Wh[*
WjƒW]ehWfWh[Y[ gk[ j[c \WbjWZe~i Wkjeh_ZWZ[iced[j•h_Wi WiYed*
i_ij„dY_WZei c[YWd_icei _dZ[mWj†h_ei+< feii_X_b_ZWZ[ ZWZW
f[be
Z_‚ˆ[i fhef_Y_WifWhWWlWd‚WhkcW W‚•e cW_i [dƒh]_YW+<ii_c( b_c_*
Bel[hde Z[ gk[ ei h[W`kij[i iWbWh_W_i
feiiWc N[h h[fWiiWZei Wei
jWhWc*i[W_dY[dj_lWhWiWfb_YW‚ˆ[ibed]Wi WjhWlƒiZ[ jh_XkjW‚•ecW_i
fh[‚ei( c[ice
gk[ i[dZe iec[dj[
dWiZWjWi*XWi[(
][hW kc feZ[heie
f[iWZW ieXh[ ef[hW‚ˆ[i Z[ Ykhj…ii_ce fhWoe+ @hWc fh[l_ijWi Wi
c[YWd_ice h[Wb_c[djWZeh ZW_d\bW‚•e+J gkWZhe h[ikbjW W]hWlWZe(
Z_\_YkbZWZ[ifWhWWbj[hWh
WWhhW_]WZW
fh[\[h„dY_W Zei W][dj[i f[bWi
j[dZe [c l_ijW fh_dY_fWbc[dj[ WieXh[l_l„dY_W ZWi gkWi[*ce[ZWi(
Wfb_YW‚ˆ[iZ[ fhWoei Ykhjei+ < _dY[hj[oWgkWdje Wedele Bel[hde ƒ
feZ[dZe Yedij_jk_h*i[ dkc \ehj[ [cf[Y_b^e ~ cWdkj[d‚•e ZW[ijW*
kc Zei [b[c[djei
gk[ \ehjWb[Y[ [iiW fh[\[h„dY_W+ ?e bWZeZei
X_b_ZWZ[+
><MO<
><H=D<G
?eeee
e(4!44/4-4!.1.
HJI@OtMD<;
A@@%[bWXehWZW
Yec _d\ehcW‚ˆ[i
Z_ifed…l[_i Wjƒ/3+-3+61&+
O_hW][c7 /+---
< >WhjWZ[ >ed`kdjkhW A@@ƒ kcW fkXb_YW‚•ec[diWb Z[ h[ifediWX_b_ZWZ[Zei [Z_jeh[i Yec WYebWXehW‚•eZei d‰Yb[eiZ[ f[igk_iW ZW?_h[‚•e
<i ef_d_ˆ[i d•e [mfh_c[c kc fei_Y_edWc[dje e\_Y_Wb
ZWA@@ek ZWN[Yh[jWh_W
Ze KbWd[`Wc[dje [ ZW<Zc_d_ijhW‚•e+
[m[cfbWh[i
OƒYd_YW+
@Z_jeh7MeX[hje HWhYWdjed_e
@Z_jeh[i <Z`kdjei7 <dZhƒ H_d[PW
>Wb_deKWY^[YeA_b^e
DiWX[bI e[c_W MŠYa[hj
>edi[b^e @Z_jeh_WbZW>WhjW
<ZWbX[hje<bl[i HW_WI[je
<dZhƒ H_d[PW
<djed_e >WhbeiAhWgk[P_
>Wb_deKWY^[YeA_b^e
DiWX[bIe[c_W MŠYa[hj
Gk_o <k]kije @ijh[bbWAWh_W
JYjWl_e <k]kije >+ >edY[_‚•e
MeX[hje HWhYWdjed_e
MkX[di NeWh[iZ[ G_cW
KJMO@ K<BJ
?MEMN
KMO_MN &)+(2
Bel[hdWZeh
Ze @ijWZe Ze M_e BhWdZ[ Ze Nkb
<G>@P >JGG<M@N
8A?HAJSHBG
@G5D>FAC>EAFJG
A@>(@EBFBIJH>UTG
><MGJN C@MO@M><=M<G
AkdZW‚•e Z[ @Yedec _W[ @ijWj…ij_YW
N_[]\h_[Z @cWdk[b C[ki[h
Kh[i_Z[dj[7 <IOJIDJ
><MGJN AM<LP@GGD
?_h[jeh OƒYd_Ye7J>O<QDJ <PBPNOJ
>+ >JI>@DwvJ
?_h[jeh+ <Zc_d_ijhWj_lW7HJ@H$! FM< S
AkdZW‚•e Z[ @Yedec_W[ @ijWj…ij_YW
N_[]\h_[Z @cWdk[b CYki[h
MkW?kgk[ Z[ >Wm_Wi+
.36.
KJDje <b[]h[( MN* >@K 6-+-.-*/50
8\[V[
p%
BJ$+$@MIJ
;C <FG8;C
HY T[aR]Z[ S[]_R
SNd EV[ =]NZQR Y[QR]Z[
f
(