Java-Grundkurs für Wirtschaftsinformatiker GERMAN

Klaus-Georg Deck Herbert Neuendorf

Java-Grundkurs für Wirtschaftsinformatiker

Klaus-Georg Deck Herbert Neuendorf

Java-Grundkurs für Wirtschaftsinformatiker Die Grundlagen verstehen – Objektorientierte Programmierung – Fortgeschrittene Konzepte kennenlernen – Betriebswirtschaftlich orientierte Beispiele Mit 87 Abbildungen

Bibliografische Information Der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über abrufbar.

Das in diesem Werk enthaltene Programm-Material ist mit keiner Verpflichtung oder Garantie irgendeiner Art verbunden. Der Autor übernimmt infolgedessen keine Verantwortung und wird keine daraus folgende oder sonstige Haftung übernehmen, die auf irgendeine Art aus der Benutzung dieses Programm-Materials oder Teilen davon entsteht. Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw. in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne von Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürfen. Höchste inhaltliche und technische Qualität unserer Produkte ist unser Ziel. Bei der Produktion und Auslieferung unserer Bücher wollen wir die Umwelt schonen: Dieses Buch ist auf säurefreiem und chlorfrei gebleichtem Papier gedruckt. Die Einschweißfolie besteht aus Polyäthylen und damit aus organischen Grundstoffen, die weder bei der Herstellung noch bei der Verbrennung Schadstoffe freisetzen.

1. Auflage März 2007 Alle Rechte vorbehalten © Friedr. Vieweg & Sohn Verlag | GWV Fachverlage GmbH, Wiesbaden 2007 Lektorat: Günter Schulz / Andrea Broßler Der Vieweg Verlag ist ein Unternehmen von Springer Science+Business Media. www.vieweg.de Das Werk einschließlich aller seiner Teile ist urheberrechtlich geschützt. Jede Verwertung außerhalb der engen Grenzen des Urheberrechtsgesetzes ist ohne Zustimmung des Verlags unzulässig und strafbar. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung und Verarbeitung in elektronischen Systemen. Umschlaggestaltung: Ulrike Weigel, www.CorporateDesignGroup.de Umschlagbild: Nina Faber de.sign, Wiesbaden Druck- und buchbinderische Verarbeitung: MercedesDruck, Berlin Printed in Germany ISBN 978-3-528-05915-6

Vorwort g~î~ ÑΩê táêíëÅÜ~ÑíëáåÑçêã~íáâÉêN\ fëí g~î~ ÉáåÉ mêçÖê~ããáÉêëéê~ÅÜÉI ÇáÉ éêáã®ê ÑΩê ÇáÉ ÄÉíêáÉÄäáÅÜÉ ^åïÉåÇìåÖëÉåíïáÅâäìåÖ ÉåíïçêÑÉå ïìêÇÉ\ páÅÜÉêäáÅÜ åáÅÜíW g~î~ áëí ÉáåÉ ìåáîÉêëÉääÉI çÄàÉâíçêáÉåíáÉêíÉ péê~ÅÜÉI ÇÉêÉå píêìâíìê åáÅÜí ~ìÑ Éáå ÄÉëíáããíÉë ^åïÉåÇìåÖëÑÉäÇ ÜáåÇÉìíÉíK råÇ ÇÉååçÅÜ áëí g~î~ ÖÉê~ÇÉ ÑΩê ÇáÉ táêíëÅÜ~ÑíëáåÑçêã~íáâ áåíÉêÉëë~åíW •

aÉê g~î~J_óíÉÅçÇÉJ^åë~íò ÄÉÇÉìíÉí ÉÅÜíÉ mä~ííÑçêãìå~ÄÜ®åÖáÖâÉáíK rãÑ~åÖJ êÉáÅÜÉ mêçÖê~ããáÉêÄáÄäáçíÜÉâÉå Em~âÉíÉF ëáåÇ ÇáÉ ÇáêÉâí îÉêÑΩÖÄ~êÉ dêìåÇä~J ÖÉ ~ìÅÜ éêçÑÉëëáçåÉääÉê ^åïÉåÇìåÖÉåI çÜåÉ ëáÅÜ ~ìÑ Éáå ÄÉëíáããíÉë _ÉJ íêáÉÄëëóëíÉã çÇÉê ÉáåÉ ëéÉòáÉääÉ oÉÅÜåÉê~êÅÜáíÉâíìê ÑÉëíäÉÖÉå òì ãΩëëÉåK

•

cçêíÖÉëÅÜêáííÉåÉ mêçÖê~ããáÉêíÉÅÜåáâÉå ElÄàÉâíçêáÉåíáÉêìåÖI jìäíáíÜêÉ~ÇáåÖI kÉíòïÉêâéêçÖê~ããáÉêìåÖ ÉíÅKF ä~ëëÉå ëáÅÜ çÜåÉ íÉÅÜåáëÅÜÉå _~ää~ëí ÉêäÉêåÉåK sÉêíÉáäíÉ póëíÉãÉ ìåÇ fåíÉêåÉí~åïÉåÇìåÖÉå ä~ëëÉå ëáÅÜ ÉáåÑ~ÅÜ êÉ~äáëáÉêÉåK

•

jáí ÇÉê péê~ÅÜÉ g~î~ Éê∏ÑÑåÉí ëáÅÜ ÉáåÉ Ö~åòÉ ^åïÉåÇìåÖëïÉäí Ó Äáë òìê båíJ ïáÅâäìåÖ ãÉÜêëíìÑáÖÉê íê~åë~âíáçå~äÉê `äáÉåíJpÉêîÉêJpóëíÉãÉ ãáí tÉÄJ cêçåíÉåÇ ìåÇ a~íÉåÄ~åâòìÖêáÑÑ ~ìÑ _~ëáë îçå gObbK

g~î~ áëí ÉáåÉ áå ÇÉê mê~ñáë êÉäÉî~åíÉ ìåÇ îÉêÄêÉáíÉíÉ péê~ÅÜÉW w~ÜäêÉáÅÜÉ ÄÉíêáÉÄäáÅÜÉ ^åïÉåÇìåÖÉå ëÉíòÉå ~ìÑ gObbJ^ééäáâ~íáçåëëÉêîÉêå ~ìÑK pç áåíÉÖêáÉêí Éíï~ ÇÉê p^mJ ^ééäáâ~íáçåëëÉêîÉê ãáííäÉêïÉáäÉ ~ìÅÜ ÇÉå gObbJpí~åÇ~êÇ ìåÇ ëíÉääí ÉáåÉ âçãéäÉííÉ g~J î~JbåíïáÅâäìåÖëáåÑê~ëíêìâíìê òìê sÉêÑΩÖìåÖK aáÉ båíïáÅâäìåÖ ÄÉíêáÉÄäáÅÜÉê p^mJ ^åïÉåÇìåÖÉå áëí åáÅÜí åìê áå ^_^m lÄàÉÅíë ëçåÇÉêå ~ìÅÜ ãáííÉäë g~î~ ã∏ÖäáÅÜK a~ÜÉê Ñ®ääí ÇáÉ båíëÅÜÉáÇìåÖ ÑΩê g~î~ ~äë ÉêëíÉ mêçÖê~ããáÉêëéê~ÅÜÉ áã _ÉêÉáÅÜ ÇÉê táêíëÅÜ~ÑíëáåÑçêã~íáâ åáÅÜí ëÅÜïÉêK få ÇáÉëÉã _ìÅÜ çêáÉåíáÉêÉå ïáê ìåë áå qÜÉãÉåJ ~ìëï~Üä ìåÇ a~êëíÉääìåÖ ëéÉòáÉää ~å ÇÉå _ÉÇΩêÑåáëëÉå îçå táêíëÅÜ~ÑíëáåÑçêã~íáâÉêåW •

aáÉ dêìåÇä~ÖÉå îçå g~î~ ïÉêÇÉå ìåîÉêâΩêòí Éêä®ìíÉêíI çÜåÉ ëáÅÜ áå íÉÅÜåáJ ëÅÜÉ aÉí~áäë òì îÉêäáÉêÉåK píÉíë ïáêÇ Ç~ÄÉá ~ìÅÜ ÇáÉ ~ääÖÉãÉáåÉ éêçÖê~ããáÉêJ ëéê~ÅÜÉåΩÄÉêÖêÉáÑÉåÇÉ _ÉÇÉìíìåÖ ÄÉëíáããíÉê péê~ÅÜâçåëíêìâíÉ ìåÇ mêçJ Öê~ããáÉêíÉÅÜåáâÉå ÜÉê~ìëÖÉ~êÄÉáíÉíK sáÉä tÉêí äÉÖÉå ïáê ~ìÑ ÉáåÉ ëçäáÇÉ báåJ ÑΩÜêìåÖ áå Ç~ë çÄàÉâíçêáÉåíáÉêíÉ mêçÖê~ããáÉêé~ê~ÇáÖã~I Ç~ë ëáÅÜ ãáííäÉêïÉáäÉ ~ìÅÜ áã ÄÉíêáÉÄäáÅÜÉå _ÉêÉáÅÜ ÇìêÅÜÖÉëÉíòí Ü~íK

•

sáÉäÉ _ÉáëéáÉäÉ çêáÉåíáÉêÉå ëáÅÜ ~ã ÄÉíêáÉÄëïáêíëÅÜ~ÑíäáÅÜÉå hçåíÉñíK

•

fã äÉíòíÉå h~éáíÉä ïÉêÇÉå ãáí ÇÉå qÜÉãÉå a~í~ t~êÉÜçìëÉI `~ääÅÉåíÉê ìåÇ mÉêëçå~äîÉêï~äíìåÖ ÇêÉá éê~âíáëÅÜÉ ^åïÉåÇìåÖëëòÉå~êáÉå îçêÖÉëíÉääíK

•

aáÉ qÜÉãÉå~ìëï~Üä ã~Ö ~ìÑ ÇÉå ÉêëíÉå _äáÅâ ìåâçåîÉåíáçåÉää ÉêëÅÜÉáåÉåW k~íΩêäáÅÜ ïáêÇ ÇÉê g~î~Jpéê~ÅÜâÉêå Ç~êÖÉëíÉääíX ~ìÅÜ ÇáÉ ïáÅÜíáÖëíÉå kÉìÉJ êìåÖÉå ÇÉê sÉêëáçå RKM ïÉêÇÉå ÄÉÜ~åÇÉäíK a~êΩÄÉê Üáå~ìë íêÉÑÑÉå ïáê àÉÇçÅÜ

N aáÉ ^ìíçêÉå îÉêïÉåÇÉå ÇáÉ ã®ååäáÅÜÉ cçêã ~äë ÖÉåÉêáëÅÜÉë j~ëâìäáåìãI Ç~ ìåë ~ääÉ ~åÇÉJ

êÉå i∏ëìåÖëîÉêëìÅÜÉ ìåòìêÉáÅÜÉåÇ ÉêëÅÜÉáåÉåK táê ÄÉíçåÉå ~ìëÇêΩÅâäáÅÜI Ç~ëë ãáí táêíJ ëÅÜ~ÑíëáåÑçêã~íáâÉêåI iÉëÉêå ÉíÅK ëíÉíë mÉêëçåÉå ÄÉáÇÉêäÉá dÉëÅÜäÉÅÜíë ÖÉãÉáåí ëáåÇK

E8

E^af^ac SW\S /caeOVZ RWS O[ /`PSWbaTSZR d]\ EW`baQVOTbaW\T]`[ObWYS`\ ]`WS\bWS`b Wab 3a TW\RS\ aWQV YSW\S 9O^WbSZ ºPS` 5`OTWY^`]U`O[[WS`c\U c\R /^^ZSba e]VZ OPS` ºPS` /ZU]`WbV[S\ c\R 2ObS\ab`cYbc`S\ 1ZWS\bAS`dS`>`]U`O[[WS`c\U 2ObS\PO\YHcU`WTTS c\R dS`bSWZbS /\eS\Rc\US\

EO`c[ USVS\ eW` eSRS` OcT 5`OTWY>`]U`O[[WS`c\U \]QV OcT ROa BVS[O /^^ZSba SW\- 0Sb`WSPZWQVS /\eS\Rc\US\ VOPS\ PWZRZWQV USa^`]QVS\ RWS 5SabOZb SW\Sa 3Wa PS`Ua( S`aWabS\h 2ObS\PO\YhcU`WTTS\ c\R dS` bSWZbS\ /cT`cTS\ W[ <Sbh hc eWR[S\ c[ aQVZWSzZWQV 1ZWS\bAS`dS`>`]U`O[[WS`c\U PSb`SWPS\ hc Yr\\S\ eOa SVS` hc RS\ 9][^SbS\hS\ d]\ EW`baQVOTbaW\T]`[ObWYS`\ USVr`b OZa RWS 3\beWQYZc\U d]\ =PS`TZÉQVS\ ]RS` d]\ /^^ZSba C\OPVÉ\UWU ROd]\ aW\R 5`OTWY^`]U`O[[WS`c\U c\R /^^ZSba W\bS`SaaO\bS c\R eWQVbWUS BVS[S\ W\ RS` 8OdO>`]U`O[[WS`c\U SW\ C[abO\R RS` W\ hOVZ`SWQVS\ :SV`PºQVS`\ S\ba^`SQVS\R USeº`RWUb eW`R h0 I@/B!K Phe I>=;#K 3a Wab \WQVb c\aS` /\ZWSUS\ RWS A^`OQVS 8OdO c\R WV`S c[TO\U`SWQVS\ >OYSbS PWa W\a ZSbhbS 2SbOWZ RO`hcabSZZS\ DWSZ[SV` Y]\hS\b`WS`S\ eW` c\a OcT RWS eWQVbWUabS\ 3ZS [S\bS c\R [rQVbS\ O\VO\R RWSaS` A^`OQVS W\ hOVZ`SWQVS /a^SYbS PSb`WSPZWQV `SZOdO\bS` >`]U`O[[WS`c\U SW\TºV`S\ HWSZ RSa 0cQVSa Wab Sa RS[ :SaS` ROa \rbWUS bSQV\WaQVS c\R aS[O\bWaQVS DS`abÉ\R\Wa hc dS`[WbbSZ\ c[ RO\OQV W\ RWS Y][^ZSfS ESZb RS` >`]U`O[[WS`c\U dS`bSWZbS` /\eS\Rc\US\ SbeO OcT 0OaWa d]\ 8 33 SW\abSW US\ hc Yr\\S\ /cQV T]`bUSaQV`WbbS\S BWbSZ RSa DWSeSU7B>`]U`O[[a eWS SbeO I03<"K c\R I;3@"K ZOaaS\ aWQV [Wb RWSaS[ EWaaS\ ZSWQVbS` S`aQVZWSzS\ Ch_^VaPUXbRWT :^]eT]cX^]T] 7\\S`VOZP RSa BSfbSa dS`eS\RS\ eW` \SPS\ RS\ AQV`WTbabWZS\ ZdabXe c\R UTcc hc` 6S`d]`VSPc\U RWS T]ZUS\RS\ ;WbbSZ RS` 0SaQV`SWPc\U( @dT[[R^ST) /\ dWSZS\ AbSZZS\ eS`RS\ 8OdO1]RSOcaaQV\WbbS ]RS` d]ZZabÉ\RWUS >`] U`O[[S RO`USabSZZb 2OTº` ec`RS RWS AQV`WTbO`b ÖÁ‰jÁ !jÝ USeÉVZb EW` dS`hWQV bS\ RO`OcT 8OdOAQVZºaaSZe]`bS Rc`QVUÉ\UWU TSbb hc aSbhS\ AbObbRSaaS\ eS`RS\ XS eSWZa RWS Tº` RWS OYbcSZZS >`]PZS[abSZZc\U PSa]\RS`a `SZSdO\bS\ BSWZS RSa 1]RSa wjÍÍ USaSbhb C[ O`O[SbS` eW`R W\ RS` @SUSZ XSR]QV dS`hWQVbSb :^\\T]cPaT) 7\ A]TbeO`S^`]XSYbS\ Wab Sa eWQVbWU OZZS AQV\WbbabSZZS\ 9ZOaaS\ a]eWS RS`S\ ;SbV]RS\ c\R /bb`WPcbS OcaTºV`ZWQV hc Y][[S\bWS`S\ 8OdO abSZZb ROTº` SW\S

E^af^ac

E88

PSa]\RS`S 9][[S\bO`ag\bOf c\R ROa B]]Z YPePS^R hc` DS`TºUc\U /ca >ZObhU`º\ RS\ eS`RS\ eW` RO`OcT dS`hWQVbS\ 7\\S`VOZP RS` OPUSR`cQYbS\ 0SWa^WSZ^`]U`O[[S aSbhS\ eW` 9][[S\bO`S O\ PSa]\RS`a S`YZÉ`c\Uaeº`RWUS\ AbSZZS\ SW\ D<;3XPVaP\\T) 2WOU`O[[S RS` D]XUXTS <^ST[X]V ;P]VdPVT C;: eS`RS\ PS \cbhb c[ RWS Ab`cYbc` ]PXSYb]`WS\bWS`bS` A]TbeO`S POc^ZO\O`bWU hc PSaQV`SWPS\ 2O C;: c\R A]TbeO`S3\UW\SS`W\U \WQVb ^`W[É`S` 5SUS\abO\R RWSaSa 0cQVSa aW\R U`SW TS\ eW` ZSRWUZWQV UP[[fTXbT SW\WUS C;:2WOU`O[[bg^S\ VS`Oca ]V\S RWS C;: agabS [ObWaQV hc PSVO\RSZ\ HcRS[ \SV[S\ eW` c\a RWS 4`SWVSWb hcUc\abS\ d]\ 3W\TOQV VSWb c\R 2ScbZWQVYSWb OcQV d]\ RS` C;: OPeSWQVS\RS 2O`abSZZc\US\ hc PS\cbhS\ 2S[ 0cQV ZWSUb SW\S heSWaS[Sab`WUS D]`ZSac\U hcU`c\RS RWS d]\ RS\ /cb]`S\ aSWb SW\WUS\ 8OV`S\ W[ T`ºVS`S\ 2W^Z][ c\R XSbhWUS\ 0OQVSZ]`AbcRWS\UO\U EW`baQVOTba W\T]`[ObWY RS` 0S`cTaOYORS[WS ;]aPOQV USVOZbS\ eW`R EW` Yr\\S\ TSababSZZS\ ROaa RWS AbcRWS`S\RS\ OcT 5`c\RZOUS RS` dS`[WbbSZbS\ 9S\\b\WaaS W\ RS` :OUS aW\R c[ TO\U`SWQVS >`]XSYbS [Wb 8OdO ]RS` O\RS`S\ A^`OQVS\ hc `SOZWaWS`S\ c\R W\ RS` C\bS` \SV[S\a^`OfWa hc W\bSU`WS`S\ FTQBXcT id\ 1dRW /ca >ZObhU`º\RS\ eW`R SW\ BSWZ RS` 7\T]`[ObW]\ RWS aWQV USerV\ZWQV W[ /\VO\U PS TW\RSb OcaaQVZWSzZWQV OZa =\ZW\SAS`dWQS hc` DS`TºUc\U USabSZZb <SPS\ 6W\eSWaS\ hc` 7\abOZZObW]\ c\R 0Sb`WSP RSa 8OdOA29 c\R RS` 3QZW^aS 3\beWQYZc\Uac[USPc\U PSb`WTTb RWSa OcQV RWS ÍPc\UaOcTUOPS\ RWS R]`b YO^WbSZeSWaS ]RS` OZa 5O\hSa VS`c\ bS` USZORS\ eS`RS\ Yr\\S\ 2]`b PSTW\RS\ aWQV OcQV eSWbS`S S`UÉ\hS\RS 2O`abSZ Zc\US\ eWS HcaObhYO^WbSZ >`ÉaS\bObW]\S\ ]RS` :rac\US\ hc RS\ ÍPc\UaOcTUOPS\ 2WS /R`SaaS RS` ESPASWbS ZOcbSb †Íͬ]ÊÊÝÝݱŽ?Ü?ˆÝ‰±aj 7V`S /\`SUc\US\ \SV[S\ eW` US`\S c\bS` RS\ T]ZUS\RS\ 3;OWZ /R`SaaS\ S\bUSUS\( ajWKM?ˆ”ÄM?W†±aj ™jÖj™aÁwKM?ˆ”ÄM?W†±aj 0SRO\YS\ [rQVbS\ eW` c\a VS`hZWQV PSW RS\ AbcRWS`S\RS\ a]eWS RS\ 9]ZZSUW\\S\ c\R 9]ZZSUS\ Oca 6]QVaQVcZS\ c\R A]TbeO`SC\bS`\SV[S\ RS`S\ Y]\ab`cYbWdS 0SW b`ÉUS RWS 7\VOZbS c\R RWROYbWaQVS 2O`abSZZc\U PSSW\TZcaab VOPS\ c\R \WQVb hcZSbhb PSW 4`Oc BVSZS\ 6S``\ 9Z]QYS\PcaQV c\R 6S``\ AQVcZh d][ DWSeSUDS`ZOU Tº` RWS O\ `SUS\RS\ 5Sa^`ÉQVS RWS USV]ZTS\ VOPS\ ROa >`]TWZ RSa 0cQVSa hc aQVÉ`TS\ 0Sa]\ RS`S` 2O\Y UWZb c\aS`S\ 4O[WZWS\ RWS c\a abSba c\bS`abºbhbS\ c\R S`[cbWUbS\ ]Pe]VZ aWS a] [O\QVS Abc\RS OcT c\a dS`hWQVbS\ [caabS\ 6SWRSZPS`U c\R AQVObbVOcaS\ W[ 4SP`cO` % 9ZOca5S]`U 2SQY 6S`PS`b <ScS\R]`T

/TNGRZY\KX`KOINTOY 

5`c\RZSUS\RS Ab`cYbc`S\   

2WS 7\T]`[ObWY c\R WV`S BSWZUSPWSbS  



2S` 0SU`WTT RSa /ZU]`WbV[ca !

!

3ZS[S\bO`S ^`]hSRc`OZS >`]U`O[[ab`cYbc`S\  " 8OdO OZa A^`OQVS c\R >ZObbT]`[ !



3\beWQYZc\U RS` >`]U`O[[WS`a^`OQVS\  !



8OdO OZa A^`OQVS c\R >ZObbT]`[ #

!

3`abSZZS\ c\R /caTºV`S\ d]\ 8OdO>`]U`O[[S\  # !

>`]U`O[[WS`eS`YhScUS Y]\dS\bW]\SZZS` A^`OQVS\ #

!

9][^WZWS`S\ c\R 7\bS`^`SbWS`S\ d]\ 8OdO>`]U`O[[S\  '

"

2WS Ab`cYbc` d]\ 8OdO>`]U`O[[S\  !! "

Ag\bOf c\R AS[O\bWY  !!

"

3ZS[S\bS d]\ 8OdO  !"

"!

5`c\Rab`cYbc` SW\TOQVabS` 8OdO>`]U`O[[S  !&

#

8OdO2ObS\bg^S\  "! #

2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U "!

#

Ab`W\Ua #

#!

HcaO[[S\TOaac\U AbO\RO`R2ObS\bg^S\  #

#"

9]\abO\bS\ #

##

HceSWac\US\ heWaQVS\ dS`aQVWSRS\S\ 2ObS\bg^S\ #!

#$

3f^ZWhWbS Bg^Y]\dS`bWS`c\US\ 1Oaba #$

#%

3WUS\VSWbS\ c\R 4OZZS\ PSW[ /`PSWbS\ [Wb AbO\RO`RRObS\bg^S\  #%

#&


$

=^S`Ob]`S\ c\R /caR`ºQYS  #' $

/caR`ºQYS #'

$

=^S`Ob]`S\  #'

%

9]\b`]ZZab`cYbc`S\  % %

DS`heSWUc\US\ c\R DS`UZSWQVa]^S`ObW]\S\  %

%

AQVZSWTS\ %$

&

;SbV]RS\  &% &

;SbV]RS\W[^ZS[S\bWS`c\U c\R WV` /cT`cT  &%

&

;SbV]RS\ [Wb @ºQYUOPSbg^ d]WR  '

G

8]WP[cbeTaiTXRW]Xb &!

;SbV]RS\ [Wb @ºQYUOPSeS`b  '!

&"

;SbV]RS\ OZa ;WbbSZ RS` Ab`cYbc`WS`c\U  '&

&#

3W\ c\R /caUOPS\ [WbbSZa #±Ž?Ü?  ''

&$

:]YOZS c\R UZ]POZS DO`WOPZS\  

&%

7bS`ObW]\ c\R @SYc`aW]\  "

'

9ZOaaS\ c\R =PXSYbS   '

6W\TºV`c\U hc` =PXSYb]`WS\bWS`c\U  

'

9ZOaaS\ c\R =PXSYbS W\ 8OdO  "

'!

9]\ab`cYb]`S\  

'"

ÍPS`ZORS\ d]\ ;SbV]RS\\O[S\   $

'#

=PXSYbS OZa >O`O[SbS` c\R @ºQYUOPSeS`bS d]\ ;SbV]RS\  &

'$

0SWa^WSZO\eS\Rc\U( 0O\YY]\b]  !

'%

=PXSYb]`WS\bWS`bSa A]TbeO`SS\UW\SS`W\U !%



=PXSYb]`WS\bWS`bS 9]\hS^bS !'



>`WdObS /bb`WPcbS c\R ;SbV]RS\ !'



AbObWaQVS /bb`WPcbS c\R ;SbV]RS\ "%

!

0SabO\RbSWZS d]\ 9ZOaaS\ HcaO[[S\TOaac\U  #!

"

0SWa^WSZO\eS\Rc\U( ;WbO`PSWbS`dS`eOZbc\U  #"



@STS`S\hS\  #'



>`W[WbWdS 2ObS\bg^S\  #'



=PXSYb`STS`S\hS\ $

!

=PXSYbS OZa ;SbV]RS\^O`O[SbS`  %"

"

2WS 9ZOaaS Ab`W\U  %&

#

0SWa^WSZO\eS\Rc\U &



/``Oga  &#  

3W\RW[S\aW]\OZS /``Oga  &#

 

;SV`RW[S\aW]\OZS /``Oga  '"

 !

/``Oga [Wb =PXSYbS\  '%

 "

;]RSZZWS`S\ [Wb /``Oga ''

!

DS`S`Pc\U  #

!

DS`S`Pc\UaVWS`O`QVWS\ #

!

DS`S`Pc\U W\ 8OdO  &

!!

ÍPS`aQV`SWPS\ =dS``WRW\U  "

!"

/Pab`OYbS 9ZOaaS\  &

!#

4W\OZS 9ZOaaS\ c\R ;SbV]RS\ 



8]WP[cbeTaiTXRW]Xb

G8

!$

2WS 9ZOaaS #MŽjWÍ



!%

DS`eS\Rc\Ua^`W\hW^WS\



!&

/PaQVZWSzS\RSa 0SWa^WSZ ’ 9]\bS\dS`eOZbc\U 

"

>]Zg[]`^VWS

'

"

Bg^Y][^ObWPWZWbÉb W\ 9ZOaaS\VWS`O`QVWS\ 

'

"

A^ÉbS 0W\Rc\U c\R Rg\O[WaQVS` Bg^  !#

"!

>]Zg[]`^VS >`]U`O[[WS`bSQV\WYS\  !&

""

7\bS`TOQSa "

"#

9`WbWY RS` ^]Zg[]`^VS\ >`]U`O[[WS`c\U  "#

"$

/PaQVZWSzS\RSa 0SWa^WSZ ’ /caTºV`PO`S 9ZOaaS ?™  "%

"

#

>OYSbY]\hS^b  #

#

/\ZSUS\ SWUS\S` >OYSbS  #

#

DS`eS\Rc\U d]\ >OYSbS\  ##

#!

>OYSbS c\R DS`hSWQV\Waab`cYbc`S\  #%

#"

HcU`WTTa`SQVbS W[ >OYSbY]\bSfb  #'

##

AbObWaQVS` 7[^]`b  $

$

3fQS^bW]\a $!

$

3W\ZSWbc\U $!

$

/PTO\US\ d]\ /ca\OV[S\  $#

$!

3`hScUS\ c\R /caZraS\ d]\ /ca\OV[S\ $&

$"

6WS`O`QVWS RS` /ca\OV[SYZOaaS\ $'

$#

3`abSZZS\ SWUS\S` /ca\OV[SYZOaaS\ %

%

/ZU]`WbV[S\  AcQVS\ c\R A]`bWS`S\ %!

%

9`WbS`WS\ Tº` /ZU]`WbV[S\ %!

%

AcQVOZU]`WbV[S\ %#

%!

A]`bWS`OZU]`WbV[S\  %'

%"

HSWbY][^ZSfWbÉb c\R 2c`QVTºV`PO`YSWb &"

&

2ObS\ab`cYbc`S\  :WabS\ c\R 0Éc[S  &#

&

2g\O[WaQVS 2ObS\ab`cYbc`S\  &#

&

A^SWQVS`\ d]\ =PXSYbS\ W\ :WabS\ '"

&!

AbOQY c\R ?cScS '&

&"

0Éc[S  !

'

A^ShWSZZS 9ZOaaS\ c\R ;SbV]RS\  ! '

2WS 6ºZZYZOaaS\ E`O^^S`9ZOaaS\ !

'

2WS 9ZOaaS 0WU7\bSUS` !'

G88

8]WP[cbeTaiTXRW]Xb

'!

/cThÉVZc\Uabg^S\ 3\c[S`ObW]\  ! 

'"

A^ShWSZZS ;SbV]RS\ !



8OdO 1]ZZSQbW]\ 4`O[Se]`Y !!% 

3W\ZSWbc\U !!%



0SWa^WSZ( AW[^ZS :Wab 1]ZZSQbW]\  !!&

!

2Oa 7bS`Ob]`9]\hS^b !""

"

/cTPOc RSa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y  !"$

#

5S\S`WQa c\R ROa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y  !#



BV`SORa !#! 

3W\ZSWbc\U !#!



3`hScUS\ c\R AbO`bS\ d]\ BV`SORa !#"

!

2ObS\OcabOcaQV heWaQVS\ BV`SORa  !$

"

Ag\QV`]\WaObW]\  !$# 2ObS\ab`r[S c\R AS`WOZWaWS`c\U  !%



3W\ZSWbc\U !%



1VO`OQbS`Ab`SO[a !%

!

0gbSAb`SO[a  !%!

"

3TTWhWS\bSa :SaS\ c\R AQV`SWPS\  !%"

#

AS`WOZWaWS`c\U c\R >S`aWabS\h !%#

$

2WS 9ZOaaS ‰j !%%

!

1ZWS\bAS`dS`>`]U`O[[WS`c\U !%' !

1ZWS\bAS`dS` >O`ORWU[O !%'

!

B1>7> >]`ba c\R A]QYSba !%'

!!

A]QYSba W\ 8OdO !&

!"

@S[]bS ;SbV]R 7\d]QObW]\ @;7 !&&

"

2ObS\PO\YhcU`WTT ºPS` 8201 !'! "

5`c\RZOUS\ !'!

"

8201 !'#

#

/caUSeÉVZbS /\eS\Rc\UaahS\O`WS\ !'' #

2ObO EO`SV]caS  !''

#

1OZZQS\bS`  "!

#!

>S`a]\OZdS`eOZbc\U "%

:WbS`Obc`dS`hSWQV\Wa  "# AQVZOUe]`bdS`hSWQV\Wa  "'



-X[TJRKMKTJK 9ZX[QZ[XKT

>`]U`O[[WS`a^`OQVS\ RWS\S\ ROhc VW\`SWQVS\R SfOYb T]`[cZWS`bS >`]PZS[abSZZc\US\ [WbbSZa 1][^cbS`\ hc ZraS\ 2WS hcU`c\RSZWSUS\RS\ >`]PZS[S Yr\\S\ UO\h c\bS` aQVWSRZWQVS\ 0S`SWQVS\ hcUSVr`S\ eWS h0 BSQV\WY `]U`O[[WS`a^`OQVS\ hc` DS`TºUc\U abSVS\ 2WSaS SZS[S\bO`S\ 9]\ab`cYbS S\ba^`W\US\ RS` U`c\RZSUS\RS\ Ab`cYbc` RS` [SWabS\ D]`USVS\aPSaQV`SWPc\US\ Tº` Y]\Y`SbS >`]PZS[Zrac\US\ 2S` 0SU`WTT RSa /ZU]`WbV [ca TOaab RWS 3WUS\aQVOTbS\ a]ZQVS` D]`USVS\aPSaQV`SWPc\US\ hcaO[[S\



*OK /TLUXSGZOQ [TJ ONXK :KORMKHOKZK

2Oa agabS[ObWaQVS >`]U`O[[WS`S\ d]\ 1][^cbS`\ [WbbSZa ^`]hSRc`OZS` ]RS` ]PXSYb ]`WS\bWS`bS` >`]U`O[[WS`a^`OQVS\ Wab \c` SW\ a^ShWSZZSa BSWZUSPWSb RS` 7\T]`[ObWY 2WSaS YO\\ RSTW\WS`b eS`RS\ OZa EWaaS\aQVOTb d]\ RS` DS`O`PSWbc\U d]\ 7\T]`[ObW]\ XSUZWQVS` /`b W\aPSa]\RS`S OPS` [Wb T]ZUS\RS\ /ca^`ÉUc\US\( E

AgabS[ObWaQVS Ocb][ObWaQVS c\R [rUZWQVab STTSYbWdS DS`O`PSWbc\U c\R A^SWQVS `c\U d]\ 7\T]`[ObW]\ [WbbSZa RWUWbOZS` AgabS[S( A]TbeO`SagabS[S PS`SQV\S\ RWUW bOZWaWS`bS /caUOPS\ Oca RWUWbOZWaWS`bS\ 3W\UOPS\ ’ c\R a]ZZbS\ RWS /caUOPS\ S` U]\][WaQV OcTPS`SWbS\ c[ RWSaS RS\ AgabS[PS\cbhS`\ STTSYbWd hc ^`ÉaS\bWS`S\

E

3\beWQYZc\U c\R /\OZgaS d]\ /ZU]`WbV[S\ c\R 2ObS\ab`cYbc`S\ a]eWS RS`S\ C[aSbhc\U OcT RWUWbOZS\ @SQVS\O\ZOUS\ [WbbSZa ORÉ_cObS` >`]U`O[[WS`a^`OQVS\

7[ 0S`SWQV RS` EW`baQVOTbaW\T]`[ObWY OZa 0`ºQYS\eWaS\aQVOTb heWaQVS\ 7\T]`[ObWY c\R 0Sb`WSPaeW`baQVOTbaZSV`S ZWSUb RS` 4]Yca W\aPSa]\RS`S OcT RS` /\OZgaS PSb`WSPZW QVS` 5SaQVÉTba^`]hSaaS c\R RS`S\ C\bS`abºbhc\U Rc`QV USSWU\SbS 7\T]`[ObW]\aag abS[S 7\ RWSaS[ HcaO[[S\VO\U abSZZb aWQV \WQVb \c` RWS 4`OUS eOa PS`SQV\Sb c\R Ocb][ObWaWS`b eS`RS\ YO\\ a]\RS`\ VÉcTWU OcQV RWS U`c\RaÉbhZWQVS`S 4`OUS( EOa ZÉaab aWQV ºPS`VOc^b VW\`SWQVS\R RSbS`[W\abWaQV PSaQV`SWPS\ c[ SW\S` /PPWZRc\U Rc`QV PSb`WSPZWQVS 7\T]`[ObW]\aagabS[S hcUÉ\UZWQV hc aSW\ ’ ]V\S ROPSW RWS 9`SObW dWbÉb c\R 3\baQVSWRc\UaT`SWVSWb d]\ ;S\aQVS\ hc abO`Y hc PSaQV\SWRS\HWSZ dWSZS` ^`OYbWaQVS` >`]PZS[Zrac\US\ Wab RWS 1TWTaabRWd]V e^] :^\_[TgXcÊc( 5S eOZbWUS 2ObS\[S\US\ c\R hOVZ`SWQVS DS`O`PSWbc\UaaQV`WbbS RS`S\ DS`eOZbc\U Phe /caTºV`c\U ROa 4Oaac\UadS`[rUS\ RSa W\RWdWRcSZZS\ [S\aQVZWQVS\ 5SWabSa eSWb º PS`aQV`SWbS\ a]ZZS\ Rc`QV bSQV\WaQVS C\bS`abºbhc\U PSVS``aQVPO` eS`RS\ 2OPSW [ºaaS\ XSR]QV OcQV RWS ^`]U`O[[bSQV\WaQVS\ ;WbbSZ W\ WV`S` SWUS\S\ 9][ ^ZSfWbÉb Tº` RS\ ;S\aQVS\ Y]\b`]ZZWS`PO` c\R VO\RVOPPO` aSW\ 2WS 6Wab]`WS RS` >`] U`O[[WS`a^`OQVS\ ZÉaab aWQV ZSaS\ OZa RS` T]`bUSaSbhbS DS`acQV Rc`QV PSaaS` ab`cYbc `WS`bS c\R Y]\aS_cS\bS` []RcZO`WaWS`bS A^`OQVS\ RWS 9][^ZSfWbÉb U`]zS` A]TbeO`Sag

!

6ad]S[TVT]ST BcadZcdaT]

abS[S PSVS``aQVPO`S` hc [OQVS\ 7\aPSa]\RS`S RWS ]PXSYb]`WS\bWS`bS >`]U`O[[WS `c\U VOb aWQV ROPSW US`ORS OcQV W[ PSb`WSPZWQVS\ C[TSZR OZa ;WbbSZ RS` EOVZ hc` 3\beWQYZc\U U`]zS` c\R dS`bSWZbS` 7\T]`[ObW]\aagbS[S VS`OcaY`WabOZZWaWS`b <WQVb hc ZSbhb eSWZ ROa 7RS\bWTWhWS`S\ RSTW\WS`bS` 3W\VSWbS\ =PXSYbS c\R RS`S\ HcaO[[S\ eW`YS\ OcQV PSW RS` /\OZgaS C[USabOZbc\U c\R =^bW[WS`c\U PSb`WSPZWQVS` >`]hSaaS c\R Ab`cYbc`S\ SW\S U`]zS @]ZZS a^WSZb



:KORMKHOKZK JKX /TLUXSGZOQ

2WS 7\T]`[ObWY W\ WV`S` UO\hS\ DWSZaQVWQVbWUYSWb c\R Rg\O[WaQVS\ 3\beWQYZc\U ZÉaab aWQV aSV` U`]P ]V\S /\a^`cQV OcT D]ZZabÉ\RWUYSWb W\ T]ZUS\RS BSWZUSPWSbS UZWSRS`\( E

CTRW]XbRWT 8]U^a\PcXZ) >VgaWY c\R BSQV\WY d]\ 6O`ReO`S Z]UWaQVS Ab`cYbc `S\ PW\É`S` AQVOZbeS`YS >`]hSaa]`S\beWQYZc\U c\R ;WY`]^`]U`O[[WS`c\U @SQV\S`ab`cYbc`S\ /`QVWbSYbc` c\R BSQV\WY d]\ @SQV\S`\SbhS\ RWUWbOZS AWU\OZ dS`OPSWbc\U ÍPS`aQV\SWRc\US\ W\aPSa]\RS`S [Wb RS` 3ZSYb`]bSQV\WY

E

?aPZcXbRWT 8]U^a\PcXZ) /ZU]`WbV[S\ c\R 2ObS\ab`cYbc`S\ 3\beWQYZc\U d]\ >`]U`O[[WS`a^`OQVS\ 1][^WZS`POc 0Sb`WSPaagabS[S A]TbeO`SbSQV\WY 3`U]\] [WS RS` ;S\aQV;OaQVW\S9][[c\WYObW]\

E

CWT^aTcXbRWT 8]U^a\PcXZ) /cb][ObS\bVS]`WS BVS]`WS RS` T]`[OZS\ A^`OQVS\ BVS]`WS RS` 0S`SQVS\PO`YSWb c\R /\OZgaS d]\ /ZU]`WbV[S\ :]UWYYOZYºZS Í PS`aQV\SWRc\U [Wb ;ObVS[ObWY c\R OcQV >VWZ]a]^VWS

E

0]VTfP]ScT 8]U^a\PcXZ) 0Sb`WSPZWQVS 7\T]`[ObW]\aagabS[S 1][^cbS`U`OTWY 9][[c\WYObW]\aagabS[S AW[cZObW]\ c\R ;]RSZZWS`c\U `SOZS` >`]hSaaS 3f^S` bS\agabS[S c\R /\eS\Rc\US\ RS` Yº\abZWQVS\ 7\bSZZWUS\h DWSZTÉZbWUS a^ShWSZZS /\eS\Rc\US\ W[ 0S`SWQV RS` EW`baQVOTb EW`baQVOTbaW\T]`[ObWY rTTS\bZWQVS\ DS`eOZbc\U RS\ 7\US\WSc`a c\R
2WS WXbc^aXbRWT 4]cfXRZ[d]V YO\\ OZa /PT]ZUS d]\ Tº\T @SQV\S` c\R A]TbeO`SUS\S `ObW]\S\ QVO`OYbS`WaWS`b eS`RS\ e]PSW aWQV RWS Hc\OV[S bSQV\WaQVS` 9][^ZSfWbÉb a^WSUSZb W\ RS` 9][^ZSfWbÉb RS` RO`OcT POaWS`S\RS\ A]TbeO`SagabS[S(

 5S\S`ObW]\

ATRW]TaVT]TaPcX^]T]

B^UcfPaTVT]TaPcX^]

3ZSYb`]\S\`rV`S\ OZa AQVOZb SZS[S\bS PWa 3\RS #S` 8OV`S

>`]U`O[[WS`c\U W\ ;OaQVW\S\ Q]RS

 5S\S`ObW]\

B`O\aWab]`aQVOZbY`SWaS PWa 3\RS ;OaQVW\S\\OVS eS\WU ab`cYbc $S` 8OV`S `WS`bS A^`OQVS\

! 5S\S`ObW]\

BSWZeSWaS W\bSU`WS`bS AQVOZbY`SW 0Sb`WSPaagabS[S [Wb 2WOZ]UPS aS PWa ;WbbS $S` 8OV`S b`WSP 2ObS\PO\YS\

" 5S\S`ObW]\

6]QVW\bSU`WS`bS AQVOZbY`SWaS /\TO\U %S` 8OV`S

DS`bSWZbS AgabS[S W\bSU`WS`bS >`] U`O[[WS`c[USPc\US\

# 5S\S`ObW]\

;SV`^`]hSaa]`agabS[S /\TO\U &S` 8OV`S

6]QVU`ORWUS >O`OZZSZWaWS`c\U Oc b][ObWaQVSEWaaS\adS`O`PSWbc\U

6ad]S[TVT]ST BcadZcdaT]



"

*KX (KMXOLL JKY 'RMUXOZNS[Y

/ZU]`WbV[S\ abSZZS\ OPab`OYbS D]`USVS\aPSaQV`SWPc\US\ 9]QV`ShS^bS RO` RWS OcaaOUS\ eWS SW\ PSabW[[bSa Z]UWaQVSa >`]PZS[ hcdS`ZÉaaWU W\ OZZ aSW\S\ [rUZWQVS\ /ca^`ÉUc\US\ hc ZraS\ Wab ’ c\OPVÉ\UWU d]\ OYbcSZZS\ ES`bS\ RSa a^ShWSZZ d]`ZWS US\RS\ 4OZZa A] a]ZZ h0 SW\ /ZU]`WbV[ca hc[ A]`bWS`S\ SW\S` ;S\US UO\hS` HOVZS\ abSba Tc\YbW]\WS`S\ SUOZ eSZQVS HOVZS\ Y]\Y`Sb hc` A]`bWS`c\U O\abSVS\ ’ c\R WRS OZS`eSWaS c\OPVÉ\UWU ROd]\ eWS U`]z RWS hc PSO`PSWbS\RS 2ObS\[S\US Wab 5S`ORS ZSbhbS`Sa Wab XSR]QV YSW\SaeSUa aSZPabdS`abÉ\RZWQV( 2S` HSWbPSRO`T [O\QVS` /ZU]`WbV [S\ VÉ\Ub S[^TW\RZWQV d]\ RS` 2ObS\[S\US OP ’ c\R eÉQVab PSW U`rzS`S\ 2ObS\ [S\US\ OcT HSWbROcS`\ RWS \WQVb \c` RWS 5SRcZR RSa [S\aQVZWQVS\ 0S\cbhS`a ºPS` abSWUS\ a]\RS`\ Oab`]\][WaQVS /ca[OzS S``SWQVS\ 2S` /ZU]`WbV[ca Wab RS` hS\b`OZS BSWZ W\ RS` ?a^Q[T\[»bd]VbZTccT( >`]PZS[abSZZc\U . :rac\UaWRSS . /ZU]`WbV[ca . >`]U`O[[c[aSbhc\U . /caTºV`c\U C\aS` HWSZ Wab RWS ^`]U`O[[bSQV\WaQVS C[aSbhc\U XSR]QV aW\R /ZU]`WbV[S\ YSW\S 3`TW\Rc\U RSa 1][^cbS`hSWbOZbS`a a]\RS`\ SfWabWS`S\ PS`SWba aSWb RS` /\bWYS eWS PSWa^WSZaeSWaS RS` /ZU]`WbV[ca RSa 3cYZWR hc` 0S`SQV\c\U RSa U`rzbS\ US[SW\aO[S\ BSWZS`a ~~0 heSWS` UO\hS` HOVZS\ 㤠c\R ãÔ) Sa aSW 㤠 ãÔ( 8‰Á ÜjÁÝj™aj™ a‰j ‰wÄÜ?Á‰?Mj™ ”^ ™ ֙a Á] .jÍãj ” ?Öw aj™ 8jÁÍ Ü™ 㤠֙a ™ ?Öw aj™ 8jÁÍ Ü™ ãÔ± 7?Á‰?Mj Á s -jÄÍ ajÁ ‰Ü‰Ä‰™ ܝ™ ” aÖÁW† ™± 8‰jajÁ†j a‰j w~j™aj™ .W†Á‰ÍÍj^ ĝ?™~j Á } å ‰ÄÍ] 8j‰Äj ” aj™ 8jÁÍ Ü™ ™ ãÖÇ 8j‰Äj ™ aj™ 8jÁÍ Ü™ Á ãÖÇ 8j‰Äj Á aj™ -jÄÍ ajÁ ‰Ü‰Ä‰™ ܝ™ ” aÖÁW† ™ ãÖÇ

8j™™ Á s å^ ĝ j™Í†CÍ ™ aj™ 8jÁÍ ajÄ ~~0 ܝ™ 㤠֙a ãÔ±

/PS` \WQVb XSRS 0S`SQV\c\Uad]`aQV`WTb W\ 3W\hSZaQV`WbbS\ Wab SW\ /ZU]`WbV[ca 3W\ 5S US\PSWa^WSZ aSW RS` T]ZUS\RS Ÿ/ZU]`WbV[ca” Tº` ^S`TSYbS ESUeOVZ W\ SW\S` AbORb( .Í?Áͬ֙Í j‰™™j†”j™Ç 8‰jajÁ†j M‰Ä =‰j¬Ö™Í jÁÁj‰W†Í] ~j ajÁ .ÍÁ?j M‰Ä ãÖÁ ™CW†ÄÍj™ ÁjÖã֙~Ç ‰j~j aÁÍ Á‰W†Í‰~ ?MÇ
” =‰j ?™~j””j™u

;Wb RS[ /ZU]`WbV[ca abW[[b SbeOa \WQVb ’ \Obº`ZWQV ZWSUb ROa >`]PZS[ W[ AQV`Wbb 0WSUS R]`b `WQVbWU OP RS` dWSZ hc OZZUS[SW\ USVOZbS\ Wab c[ SW\TOQV OcaTºV`PO` hc aSW\ A][Wb [ºaaS\ 0S`SQV\c\Uad]`aQV`WTbS\ PSabW[[bS\ /\T]`RS`c\US\ US\ºUS\ c[ OZa UºZbWUS /ZU]`WbV[S\ USZbS\ hc Yr\\S\ 3W\S O\RS`S AQVeWS`WUYSWb dS`RScbZWQVb ROa >`]PZS[ RSa 6O\RZc\Ua`SWaS\RS\( 5SUS PS\ aSWS\ ] ºPS` RWS :O\RYO`bS dS`ab`ScbS AbÉRbS RWS OZZS \OQVSW\O\RS` Rc`QV SW\S\ 6O\RZc\Ua`SWaS\RS\ hc PSacQVS\ aW\R 2OPSW Wab OcaUSVS\R d][ AbO`b]`b RWS ]^bW [OZS 0SacQVa`SWVS\T]ZUS hc TW\RS\ PSW RS` RWS :É\US RSa 5SaO[beSUa [W\W[OZ Wab 3W\S :rac\Uad]`aQV`WTb Yr\\bS ZOcbS\( >`]PWS`S SW\TOQV OZZS [rUZWQVS\ @SWVS\T]ZUS\ Oca PS`SQV\S RS`S\ ESUZÉ\US c\R eÉVZS RWS Yº`hSabS @]cbS 2WSaSa D]`USVS\ TºV`b

#

6ad]S[TVT]ST BcadZcdaT]

^`W\hW^WSZ hc[ 3`T]ZU ’ Wab OPS` \c` Tº` SW\S `SZObWd YZSW\S HOVZ d]\ AbÉRbS\ W\ S\RZW QVS` HSWb hc PSeÉZbWUS\ RO RWS HOVZ [rUZWQVS` @]cbS\ [Wb RS` AbÉRbShOVZ ] R`O[O bWaQV O\eÉQVab 4º` ^`OYbWaQV W\bS`SaaO\bS U`rzS`S ES`bS d]\ ] eº`RS OcQV RS` aQV\SZZabS @SQV\S` Oab`]\][WaQV ZO\US @SQVS\hSWbS\ hc` /PO`PSWbc\U PS\rbWUS\ A][Wb abSZZS\ eW` T]ZUS\RS 0]U^aSTad]VT] O\ SW\S\ UºZbWUS\ /ZU]`WbV[ca( E

3` dS`ZO\Ub \OQV RSTW\WS`bS\ 3W\UOPS\ c\R ZWSTS`b RSTW\WS`bS /caUOPS\ Rc`QV RWS aSW\S 9]``SYbVSWb ºPS`^`ºTb eS`RS\ YO\\

E

3` c[TOaab S\RZWQV dWSZS 3W\hSZaQV`WbbS c\R PSabSVb Oca VW\`SWQVS\R SZS[S\bO`S\ SfOYbS\ /\eSWac\US\

E

3` Wab STTSYbWd RV W\ S\RZWQVS` HSWb bObaÉQVZWQV OcaTºV`PO` c\R aSW\S BS`[W\WS `c\U Wab UO`O\bWS`b RS` /ZU]`WbV[ca Y][[b \OQV S\RZWQV dWSZS\ AQV`WbbS\ hc SW \S[ 3`USP\Wa Wab TS`bWU OPUSO`PSWbSb c\R VÉZb O\

3W\ /ZU]`WbV[ca b`ÉUb [SWab SW\S\ `]U`O[[a hc T]`RS`\( C\hc ZÉaaWUS 3W\UOPSeS`bS c\R 4SVZS`aWbcObW]\S\ a]ZZbS\ d][ >`]U`O[[ S`YO\\b c\R Rc`QV OcaaOUSY`ÉTbWUS 4SVZS`[SZRc\US\ Y]\b`]ZZWS`b OPUSTO\US\ eS`RS\ ’ abObb SW\S\ c\Y]\b`]ZZWS`bS\ >`]U`O[[OPP`cQV hc ^`]RchWS`S\



+RKSKTZGXK VXU`KJ[XGRK 6XUMXGSSYZX[QZ[XKT

C[ /ZU]`WbV[S\ hc T]`[cZWS`S\ PSRO`T Sa SW\WUS` eS\WUS` U`c\RZSUS\RS` Ab`cYbc `S\ RWS W\ OZZS\ ^`]hSRc`OZS\ c\R ]PXSYb]`WS\bWS`bS\ >`]U`O[[WS`a^`OQVS\ OZa SZS [S\bO`S A^`OQVY]\ab`cYbS hc` DS`TºUc\U abSVS\ /cT RS`S\ Y]\Y`SbS 2O`abSZZc\U W\ RS` >`]U`O[[WS`a^`OQVS 8OdO USVS\ eW` a^ÉbS` OcaTºV`ZWQV SW\




7\ EPaXPQ[T] c\R :^]bcP]cT] eS`RS\ 2ObS\ OcTPSeOV`b [Wb RS\S\ ROa >`]U`O[[ O`PSWbSb 3a VO\RSZb aWQV c[ PS\O\\bS ES`bPSVÉZbS`( DO`WOPZS\ c\R 9]\abO\bS\ VO PS\ SW\S\ SW\RScbWUS\ `]U`O[[OcaTºV`c\U TSabZWSUb Yr\\S\

6ad]S[TVT]ST BcadZcdaT]

$

DO`WOPZS\ eÉV`S\R RS` /PO`PSWbc\U RSa >`]U`O[[a abSba \ScS OYbcSZZS ES`bS hcUS eWSaS\ eS`RS\ A^SWQVS`bSQV\WaQV abSVS\ DO`WOPZS\ c\R 9]\abO\bS\ Tº` SW\S PS abW[[bS B_TXRWTaPSaTbbT W[ 6Oc^ba^SWQVS` RSa @SQV\S`a OP RS` RS` hcUSVr`WUS ES`b eW`YZWQV OPUSZSUb Wab DO`WOPZS\ c\R 9]\abO\bS\ PSZSUS\ OZa] A^SWQVS`^ZObh ’ eWSdWSZ ROa VÉ\Ub d][ Y]\Y`SbS\ Bg^ RS` OPUSZSUbS\ 2ObS\ OP :SbhbZWQV ºPS`\W[[b ROa 0Sb`WSPaagabS[ RSa @SQV\S`a PSW[ /PZOcT RSa >`]U`O[[a RWS Y]\Y`SbS HceSWac\U d]\ A^SWQVS`OR`SaaS\ a] ROaa [O\ aWQV PSW[ 3\beWQYSZ\ SW\Sa >`]U`O[[a RO`c[ UZºQYZWQVS`eSWaS \WQVb Yº[[S`\ [caa `]U`O[[ O\USZSUb dS`SW\ PO`b ec`RS YO\\ aWS W[ USaO[bS\ >`]U`O[[ [Wb RWSaS[ `]U`O[[/cb]`a 3\beWQYZS`a ZWSUb Sa aWQV 5SRO\YS\ ºPS` RS\ Y]\Y`SbS\ 3PcT]ch_ RS` DO`WOPZS\ c\R 9]\abO\bS\ hc [OQVS\ c\R RWSa W[ >`]U`O[[bSfb TSabhcaQV`SWPS\( A]ZZS\ W\ RS` DO`WOPZS\ Phe 9]\abO\bS\ UO\hS HOV ZS\ USa^SWQVS`b eS`RS\- 6O\RSZb Sa aWQV c[ UO\hS HOVZS\ W\ SW\S[ YZSW\S\ ]RS` U`]zS\ HOVZS\PS`SWQV- =RS` USVb Sa c[ 9][[OhOVZS\- EWSdWSZS AbSZZS\ VW\bS` RS[ 9][[O a]ZZS\ S`TOaab c\R PSW 0S`SQV\c\US\ PS`ºQYaWQVbWUb eS`RS\- =RS` USVb Sa c[ SW\hSZ\S HSWQVS\ ]RS` UO\hS HSWQVS\YSbbS\- `]U`O[[( 2S` DS`acQV SW\S` OZa 5O\hhOVZ bg^WaWS`bS\ DO`WOPZS\ SW\S 9][[OhOVZ hchceSWaS\ eW`R d][ >`]U`O[[WS`agabS[ OZa 4SVZS` O\USaSVS\ c\R hc`ºQYUSeWSaS\ a] ROaa aWQV ROa >`]U`O[[ a] \WQVb W\ OP ZOcTTÉVWUS 4]`[ P`W\US\ ZÉaab 2WS EOVZ RSa 2ObS\bg^a ZSUb OcQV TSab eWSdWSZ B_TXRWTa_[Pci RWS hc a^SWQVS`\RS\ ES`bS PS\rbWUS\( 4º` SW\S 5O\hhOVZdO`WOPZS RWS \c` Tº` ES`bS heWaQVS\ ’ % c\R  % abSVb eW`R eS\WUS` A^SWQVS`^ZObh 0gbSa PS\rbWUb OZa Tº` SW\S DO`WOPZS RWS SW \S\ RScbZWQV U`rzS`S\ HOVZS\PS`SWQV OPRSQYS\ a]ZZ 3a abSZZb aWQV OcQV RWS 4`OUS ]P W[ >`]U`O[[OPZOcT \WQVb [SV` PS\rbWUbS DO`WOPZS\ c\R RS` d]\ WV\S\ PSZSUbS A^SWQVS`^ZObh aQV]\ d]` >`]U`O[[S\RS eWSRS` T`SWUS PS\ eS`RS\ YO\\ ’ c[ A^SWQVS`dS`aQVeS\Rc\U hc dS`[SWRS\ 9O\\ c\R [caa RS` 3\beWQYZS` RWSa Rc`QV S\ba^`SQVS\RS 0STSVZS RS` >`]U`O[[WS`a^`OQVS Y]\b`]ZZWS`S\ ’ ]RS` ºPS`\W[[b ROa >`]U`O[[WS`agabS[ RWSaS /cTUOPS- 2OVW\bS` abSVb RWS eWQVbW US 4`OUS eWS RWS B_TXRWTaeTafP[cd]V Rc`QV RWS >`]U`O[[WS`a^`OQVS ]`UO\WaWS`b Wab( 6WS`W\ c\bS`aQVSWRS\ aWQV h0 RWS A^`OQVS\ 8OdO c\R 1 Tc\RO[S\bOZ 3W\S >`]U`O[[WS`a^`OQVS RWS PSW[ /\ZSUS\ OZZS` DO`WOPZS\ c\R 9]\abO\bS\ RWS /\ UOPS 2SYZO`ObW]\ SW\Sa Y]\Y`SbS\ 2ObS\bg^a dS`ZO\Ub eW`R bcaT]V ch_XbXTac US\O\\b 8OdO c\R OZZS ^`]TSaaW]\SZZS\ A^`OQVS\ T]ZUS\ RWSaS[ ;cabS` RO aWQV RORc`QV hOVZ `SWQVS 4SVZS` c\R HeSWRScbWUYSWbS\ aQV]\ PSW[ >`]U`O[[S\bec`T dS`[SWRS\ ZOaaS\ 2S\ /\eSWac\US\ W\ /PPWZRc\U  S\ba^`SQVS\ RWS OZa 9ÉabQVS\ RO`USabSZZbS\ W[ A^SWQVS` c\bS` SW\S` UºZbWUS\ A^SWQVS`OR`SaaS O\USZSUbS\ 2ObS\PSVÉZbS` EW` dS` eS\RS\ RWS bg^WaQVS\ /PYº`hc\US\ ‰™Í + S\UZ 7\bSUS` Tº` UO\hS HOVZS\ c\R W†?Á + S\UZ 1VO`OYbS` Tº` SW\hSZ\S 0cQVabOPS\ 3a VO\RSZb aWQV c[ DO`WOPZS\ [Wb _aX\XcXeT\ 3PcT]ch_( 8SRS DO`WOPZS abSVb Tº` SW\S SW\hSZ\S HOVZ ]RS` SW\ SW\hSZ\Sa HSWQVS\

%

6ad]S[TVT]ST BcadZcdaT]

<SPS\ SZS[bO`S\ ^`W[WbWdS\ 2ObS\bg^S\ eWS 5O\hhOVZS\ 9][[OhOVZS\ ]RS` SW\ hSZ\S\ 0cQVabOPS\ Yr\\S\ XSR]QV OcQV Y][^ZSfS eTaP[[VT\TX]TacT 3PcT]ch_T] RS TW\WS`b eS`RS\ 0SW RWSaS\ dS`b`Wbb SW\
1DPH 

[

\

FK

‰™Í ß s ÏÇ

:HUW 





D

W†?Á W† s À?ÀÇ

'DWHQW\S 

LQW

LQW

FKDU

0QQ  ) 0SRScbc\U RS` 0SU`WTTS `SW aS D]\ eSZQVS[ Bg^ Wab RWS DO`WOPZS @SQV\c\U- 3W\ SW\TOQVS` 2ObS\bg^ ^Oaab \WQVb [SV` EWS PSaQV`SWPb [O\ SW\ a]ZQV Y][^ZSfSa 5SPWZRS ºPS`VOc^b/\be]`bS\ RO`OcT eS`RS\ eW` S`ab PSW RS` 0SVO\RZc\U d]\ 9ZOaaS\ c\R =PXSYbS\ USPS\ Yr\\S\ /PS` hc[W\RSab [S`YS\ eW` aQV]\ ROaa [O\ [Wb SW\TOQVS\ 2ObS\bg ^S\ OZZSW\ R]QV \WQVb OcaY][[b eS\\ Sa RO`c[ USVb RWS ESZb c[ c\a W\ WV`S` Y][^ZSfS\ Ab`cYbc` Rc`QV >`]U`O[[S c\R 2ObS\ab`cYbc`S\ ORÉ_cOb OPhcPWZRS\



'T]KOY[TMKT

/\eSWac\US\ U`SWTS\ OcT DO`WOPZS\ c\R 9]\abO\bS\ hc c\R TºV`S\ RO[Wb =^S`ObW] \S\ Rc`QV c[ h0 \ScS ES`bS hc PS`SQV\S\ RWSaS ES`bS DO`WOPZS\ hchceSWaS\ O[ 0WZRaQVW`[ OcahcUSPS\ ]RS` hc a^SWQVS`\ 2c`QV FTacidfTXbd]VT] eS`RS\ OYbcSZZ PS`SQV\SbS ES`bS W\ SW\S` DO`WOPZS\ OPUSZSUb /PP  ‰™Í ß s ÏÇ ‰™Í Þ s ššÇ ß s Þ ´ ¤yÇ

ß

"

#

''

Þ

!

0QQ !) 0SRScbc\U c\R @WQVbc\U RS` ES`hceSWac\U Rc`QV RS\ + =^S`Ob]` AbSba Wab RWS HceSWac\U e^] aTRWcb ]PRW [X]Zb hc ZSaS\( 2Oa 3`USP\Wa RSa /caR`cQYa aTRWcb d][ 5ZSWQVVSWbahSWQVS\ eW`R RS` DO`WOPZS\ [X]Zb d][ 5ZSWQVVSWbahSWQVS\ hc USeWSaS\ 2WS /\eSWac\U ßsÞ´¤y PSeW`Yb ROaa RWS Ac[[S RSa OYbcSZZS\ ES`ba RS` DO`WOPZS\ Þ '' c\R RS` HOVZ # PS`SQV\Sb c\R ROa @SacZbOb W\ RS` DO`WOPZS\ ß USa^SWQVS`b eW`R 2OPSW eW`R RS` d]`WUS ES`b d]\ ß ! Rc`QV RS\ OYbcSZZ hcUSeWS aS\S\ ES`b " ºPS`aQV`WSPS\ /cT RS\ S`abS\ 0ZWQY aSZbaO[ S`aQVSW\S\ HceSWac\US\ PSW RS\S\ OcT PSWRS\ ASWbS\ RSa 5ZSWQVVSWbahSWQVS\a RWSaSZPS DO`WOPZS OcTbOcQV /PP! 2WS HSWZS ßsß´¤å R`ºQYb XSR]QV YSW\S\ [ObVS[ObWaQVS\ DS`UZSWQV RS` ES`bS OcT RS\ PSWRS\ ASWbS\ RSa 5ZSWQVVSWbahSWQVS\a Oca a]\RS`\ Wab OZa IdfTXbd]Vb^_TaPcX^] hc ZSaS\( <W[[ RS\ OYbcSZZS\ ES`b RS` [][S\bO\ W\ RS` DO`WOPZS\ ß OPUSZSUb Wab " ORRWS`S RS\

6ad]S[TVT]ST BcadZcdaT]

&

ES`b  ROhc c\R eSWaS ROa @SacZbOb  " \c\ RS` DO`WOPZS\ ß \Sc hc
ß

 "



"

0QQ ") <ScPS`SQV\c\U RSa DO`WOPZS\eS`ba c\R ES`bhceSWac\U EWSRS` Y][[b RS` EPaXPQ[T]QTVaXUU STa 8]U^a\PcXZ W\a A^WSZ( DO`WOPZS\ aW\R 2ObS\ PSVÉZbS` eSQVaSZ\RS\ 7\VOZba RS` \OQV SW\S` Ò\RS`c\U eWSRS` W[ UZSWQVS\ 0SVÉZbS` RS` UZSWQVS\ DO`WOPZS\ OPUSZSUb eS`RS\ YO\\ 2Oa HSWQVS\ + abSZZb OZa] SW\S\ =^S `Ob]` @SQVS\d]`aQV`WTb RO` 3a PSRScbSb \WQVb DS`UZSWQV d]\ ZW\YS` c\R `SQVbS` ASW bS a]\RS`\ RWS HceSWac\Ua]^S`ObW]\ d]\ `SQVba \OQV ZW\Ya A][Wb Wab RWS /\eSWac\U ÞsÞ´¤ heO` [ObVS[ObWaQV TOZaQV XSR]QV OZU]`WbV[WaQV aW\\d]ZZ c\R Y]``SYb C[ hc ^`ºTS\ ]P heSW DO`WOPZS\ ST]bT[QT] ES`b S\bVOZbS\ >`ºTc\U OcT ES`b UZSWQVVSWb Wab W\ RS\ [SWabS\ >`]U`O[[WS`a^`OQVS\ \WQVb ROa SW\TOQVS 5ZSWQVVSWba hSWQVS\ s^ a]\RS`\ SW\ SWUS\Sa Ag[P]Z d]`USaSVS\ ’ W\ 8OdO eWS W\ 1 c\R 1 RWS\b ROhc ROa R]^^SZbS 5ZSWQVVSWbahSWQVS\ ss 8j™™® Þ ss ß ¯

Þ s åÇ

?™ajÁ™w?Ä

Þ s ¤Ç

3a eW`R US^`ºTb ]P RS` 7\VOZb RS` DO`WOPZS\ Þ c\R ß WRS\bWaQV Wab 7ab RWSa RS` 4OZZ eW`R RS` DO`WOPZS\ Þ RS` \ScS ES`b  hcUSeWSaS\) O\RS`\TOZZa RS` \ScS ES`b  ;Wb SW\TOQVS\ /\eSWac\US\ Wab Sa \WQVb USbO\ 3W\ Y][^ZSbbSa >`]U`O[[ Y][[b S`ab Rc`QV 0]fTXbd]VbU^[VT] AS_cS\hS\ hcabO\RS RV Rc`QV SW\S /PT]ZUS d]\ /\eSW ac\US\ RWS \OQVSW\O\RS` OPUSO`PSWbSb eS`RS\ 2c`QV RWS aS_cS\hWSZZS /PO`PSWbc\U RS` /\eSWac\UaT]ZUS Wab RS` BcTdTaU[dbb RSa >`]U`O[[a /`b aSW\Sa /PZOcTa TSabUS ZSUb 7\ ^`]hSRc`OZS\ >`]U`O[[WS`a^`OQVS\ T]ZUb RS` AbScS`TZcaa eSWbUSVS\R SW\S` aS_cS\hWSZZS\ /PT]ZUS d]\ /\eSWac\US\ 3W\ eWQVbWUSa 6WZTa[WbbSZ aW\R :^\\T]cPaT 2WSaS eS`RS\ d]\ RS` >`]U`O[[WS`c[ USPc\U PSW /PO`PSWbc\U RSa >`]U`O[[a WU\]`WS`b S`ZSWQVbS`\ XSR]QV ROa DS`abÉ\R\Wa d]\ >`]U`O[[bSWZS\ 2c`QV ROa Ag[P]Z  eWS W\ 8OdO c\R 1 eW`R W\ SW\S` >`] U`O[[hSWZS SW\ ITX[T]Z^\\T]cPa SW\USZSWbSb RS` RS\ T]ZUS\RS\ BSfb RS` HSWZS c[ TOaab 2O[Wb eS`RS\ SW\hSZ\S HSWZS\ UO\h ]RS` bSWZeSWaS OcaY][[S\bWS`b /cTSW\O\ RS`T]ZUS\RS UO\hS HSWZS\ c[TOaab RS` :[P\\TaZ^\\T]cPa( 3W\ rTT\S\RSa c\R aQVZWSzS\RSa 9][[S\bO`hSWQVS\ PSU`S\hS\ RS\ 9][[S\bO`bSfb 8OdO c\R 1 PS \cbhS\ ROa Ag[P]Z ÊJ hc[ 3W\ZSWbS\ RSa 9][[S\bO`a c\R JÊ hc` 3\R[O`YWS`c\U 7[ T]ZUS\RS\ 0SWa^WSZ eW`R RS` ES`b heSWS` DO`WOPZS\ dS`bOcaQVb e]PSW SW\S 6WZTa dO`WOPZS †‰w S`T]`RS`ZWQV Wab /cQV 9][[S\bO`S ec`RS\ OcTUS\][[S\ +Á~Á?””ÄÍ?ÁÍÇ j~j a‰j ?™ãã?†ˆ7?Á‰?Mj™ Þ^ ß Ö™a †‰w ‰” .¬j‰W†jÁ ?™Ç Þ s ¤åÇ

ÊÊ 7?Á‰?Mj Þ ‰ÄÍ ”‰Í j‰™j” 8jÁÍ Mjj~Í

ß s ÔåÇ

ÊÊ !֙ ‰ÄÍ ?ÖW† ß ”‰Í j‰™j” 8jÁÍ Mjj~Í

'

6ad]S[TVT]ST BcadZcdaT] ÊÊ !֙ ݉Áa ÜjÁÍ?ÖÄW†Í] #†™j ‰wÄÜ?Á‰?Mj ~j†Í jÄ ™‰W†Íu †‰wÍ s ÞÇ Þ s ßÇ ß s †‰wÇ ÊJ ‰jÁ Mj~‰™™Í j‰™ ”j†Áãj‰‰~jÁ ?””jÁ””j™Í?Á] ™ Þ ÄÍj†Í ™Ö™ ajÁ 8jÁÍ Ôå^ ‰™ ß ajÁ 8jÁÍ ¤å JÊ
ÖÄ~?Mj ajÁ 8jÁÍj ܝ™ Þ Ö™a ß ?Öw aj” ‰aÄW†‰Á”Ç +Á~Á?””j™aj Ç

2WS PWaVS`WUS\ >`]U`O[[T`OU[S\bS aW\R \]QV \WQVb W\ SW\S` Y]\Y`SbS\ >`]U`O[ [WS`a^`OQVS T]`[cZWS`b 3W\abeSWZS\ PS\cbhS\ eW` SW\S \Obº`ZWQVa^`OQVZWQVS OPS` OZ U]`WbV[WaQV ab`cYbc`WS`bS 2O`abSZZc\U RWS [O\ OZa ?bTdS^R^ST PShSWQV\Sb( 8SRS HSWZS Yr\\bS W\ SW\S eW`YZWQVS >`]U`O[[WS`a^`OQVS ºPS`aSbhb eS`RS\ 0SW[ /`PSWbS\ [Wb DO`WOPZS\ [caa RWSaS\ SW\ RSTW\WS`bS` FTac idVTfXTbT] eS`RS\ c[ aWS W\ 0S`SQV\c\US\ dS`eS\RS\ hc Yr\\S\ 3a UWPb U`c\RaÉbhZWQV heSW ;rUZWQV YSWbS\ RS` ES`bhceSWac\U( E

2W`SYb W[ >`]U`O[[bSfb eS`RS\ RS\ DO`WOPZS\ Y]\Y`SbS ES`bS Sf^ZWhWb hcUSeWS aS\ 2WS ES`bS eS`RS\ TSab VO`b W[ >`]U`O[[ VW\bS`ZSUb 2WSa Wab XSR]QV c\ TZSfWPSZ( A]ZZ ROa >`]U`O[[ [Wb O\RS`S\ ES`bS\ `SQV\S\ [caa RS` >`]U`O[[ bSfb c[USaQV`WSPS\ eS`RS\

E

4ZSfWPZS` Wab ROa >`]U`O[[ eS\\ PSW XSRS[ >`]U`O[[ZOcT S\ba^`SQVS\RS ES`bS Rc`QV RS\ 0S\cbhS` ^S` BObabObc` [O\cSZZ SW\USUSPS\ ]RS` SW\S` 2ObSW S\b \][[S\ eS`RS\ c\R W\ RS` DO`WOPZS\ USa^SWQVS`b eS`RS\( 2WS ES`bS RS` DO `WOPZS\ Yr\\S\ TX]VT[TbT] eS`RS\ 7\ >aScR]Q]RS4]`[cZWS`c\U( ‰™Í Þ s ‰™~?Mj ajÄ j™ÖÍãjÁÄÇ

ÊÊ ‰™jÄj™ ܝ™ ajÁ 0?ÄÍ?ÍÖÁ

/ZZS`RW\Ua Wab Sa [SWab \WQVb [rUZWQV \c` [Wb /\eSWac\UaT]ZUS\ VOZPeSUa O\ a^`cQVad]ZZS Phe W\bS`SaaO\bS /ZU]`WbV[cS\ hc T]`[cZWS`S\ 2Ohc aW\R a^ShWTWaQVS Z]UWaQVS 9]\b`]ZZ[SQVO\Wa[S\ S`T]`RS`ZWQV



1UTZXURRYZX[QZ[XKT

9]\b`]ZZab`cYbc`S\ RWS\S\ ROhc Rc`QV >`ºTS\ OYbcSZZS` DO`WOPZS\eS`bS RS\ 9]\b`]ZZ TZcaa RSa >`]U`O[[a UShWSZb hc PSSW\TZcaaS\ ETaifTXVd]VT] ASZSYbW]\S\( 7[ >`]U`O[[ eS`RS\ 0SRW\Uc\Ua^`ºTc\US\ dS`eS\RSb /PVÉ\UWU ROd]\ ]P RWS 0SRW\Uc\U hcb`WTTb fPWa Wab ]RS` \WQVb UP[bRW Wab T]ZUb RS` >`]U`O[[OPZOcT RS[ SW\S\ ]RS` O\RS`S\ /caTºV`c\UaheSWU ’ RS` AbScS`TZcaa dS`heSWUb OZa @SacZbOb RS` 0SRW\Uc\Ua^`ºTc\U `]U`O[[heSWUa USVb RS` AbScS`TZcaa eWSRS` W\ SW\S\ SW\hWUS\ HeSWU ºPS` RS` PSRW\Uc\UaZ]a eSWbS` Rc`QVZOcTS\ eW`R 7[ 0SWa^WSZ /PP" eW`R US^`ºTb ]P RS` ES`b RS` DO`WOPZS\ Þ YZSW\S` ]RS` UZSWQV RS[ RS` DO`WOPZS\ ß Wab 4OZZa RWSa hcb`WTTb eW`R RS` DO`WOPZS\ ”‰™ RS` ES`b d]\ Þ

6ad]S[TVT]ST BcadZcdaT]

(

hcUSeWSaS\ ZW\YS` HeSWU O\RS`\TOZZa eW`R RS` DO`WOPZS\ ”‰™ RS` ES`b d]\ ß hc USeWSaS\ `SQVbS` HeSWU  0SWRS HeSWUS dS`SW\WUS\ aWQV RO\OQV eWSRS` a] ROaa W\ XSRS[ 4OZZ RS` OYbcSZZS ES`b RS` DO`WOPZS\ ”‰™ OcaUSUSPS\ eW`R *DQ]]DKOLJH 9DULDEOHQ [ \ PLQ DQOHJHQ :HUW IU [ HLQJHEHQ :HUW IU \ HLQJHEHQ ZDKU

[r \" MD

%HGLQJXQJ

IDOVFK

QHLQ

PLQ

[

PLQ

\

$QZHLVXQJ $

$QZHLVXQJ %

:HUW YRQ PLQ DXVJHEHQ 0QQ #) DS`heSWUc\U W[ >`]U`O[[TZcaa @SQVba( 4ZcaaRWOU`O[[ag[P]Z ;rUZWQV Wab OcQV RWS `]U`O[[Q]RW\Ua \c` VrQVabS\a SW\[OZ Rc`QVZOcTS\ ’ RS` AbScS`TZcaa dS`ZWST SW\TOQV d]\ ]PS\ \OQV c\bS\ /ZZS` RW\Ua Wab Sa VÉcTWU S`T]`RS`ZWQV PSabW[[bS >`]U`O[[bSWZS [SV`[OZa OPhcO`PSWbS\ BRW[TXUT] 7bS`ObW]\S\ ( 7\\S`VOZP d]\ AQVZSWTS\ heWaQVS\ 3W\UO\U c\R /caUO\U RS` AQVZSWTS PSTW\RSb aWQV >`]U`O[[Q]RS RS` SdS\bcSZZ [SV`[OZa Rc`QVZOcTS\ c\R OPUSO`PSWbSb eS`RS\ a]ZZ 3W\S 4]ZUS d]\ /\eSWac\US\ eW`R Rc`QVZOcTS\ a]ZO\US SW\S 4]`baSbhc\UaPSRW\Uc\U S`TºZZb Wab 2WSaS 0SRW\Uc\U ZSUb TSab eWS ]Tb ROa AQVZSWTS\Q]RW\U Rc`QVZOcTS\ eW`R 7ab RWS 4]`baSbhc\UaPSRW\Uc\U \WQVb [SV` S`TºZZb eW`R RWS AQVZSWTS dS`ZOaaS\ RV Sa eW`R W[ >`]U`O[[ [Wb RS` /PO`PSWbc\U RS` HSWZS T]`bUSaSbhb RWS aWQV O\ RWS AQVZSWTS RW`SYb O\aQVZWSzb 2WS dS`aQVWSRS\S\ AQVZSWTS\bg^S\ c\bS`aQVSWRS\ aWQV VW\aWQVbZWQV RSa HSWb^c\Yba hc RS[ RWS 4]`baSbhc\UaPSRW\Uc\U ºPS`^`ºTb eW`R 3a ZOaaS\ aWQV heSW U`c\RaÉbhZWQV dS`aQVWSRS\S AQVZSWTS\bg^S\ c\bS`aQVSWRS\(  :^_UVTbcTdTacT BRW[TXUT ݆‰jAQVZSWTS) 0S`SWba e^a RS` S`ab[OZWUS\ /caTºV `c\U RSa AQVZSWTS\Q]RW\Ua eW`R W[ 9]^T RS` AQVZSWTS US^`ºTb ]P RWS 4]`baSb hc\UaPSRW\Uc\U \]QV S`TºZZb Wab A][Wb YO\\ RS` 4OZZ SW\b`SbS\ ROaa RWS AQVZSWTS YSW\ SW\hWUSa ;OZ PSb`SbS\ eW`R ’ a]TS`\ RWS 4]`baSbhc\UaPSRW\Uc\U \WS S`TºZZb Wab 2WSaS` AQVZSWTS\bg^ eW`R RSaVOZP OcQV PQfTXbT]ST BRW[TXUT US\O\\b 2Oa >`] U`O[[PSWa^WSZ PS`SQV\Sb RWS Ac[[S UO\hS` HOVZS\ d]\  PWa ”?Þ(



6ad]S[TVT]ST BcadZcdaT] +Á~Á?””ÄÍ?ÁÍÇ j~j a‰j ?™ãã?†ˆ7?Á‰?Mj™ Ä֔^ ã?† ֙a ”?Þ ‰” .¬j‰W†jÁ ?™Ç Ä֔

s åÇ

”?Þ

s ‰™~?Mj ajÄ j™ÖÍãjÁÄÇ

ã?† s ¤Ç

8‰jajÁ†j® ĝ?™~j ã?† r ”?Þ ¯ P ÊÊ .W†j‰wj™¬w

Q

Ä֔ s Ä֔ ´ ã?†Ç

ÊÊ .W†j‰wj™ Á¬jÁ

ã?† s ã?† ´ ¤Ç

ÊÊ .W†j‰wj™ Á¬jÁ

ÊÊ ™aj ajÁ .W†j‰wj


ÖÄ~?Mj ajÄ 8jÁÍÄ Ü™ Ä֔ ?Öw ‰aÄW†‰Á”Ç +Á~Á?””j™ajÇ

5WPb [O\ Tº` RWS DO`WOPZS [Of SW\S\ ES`b U`rzS` OZa  SW\ eW`R ROa W\\S`S AQVZSW TS\Q]RW\U AQVZSWTS\Yr`^S` Rc`QVZOcTS\ a]ZO\US RS` ES`b d]\ ã?† \WQVb U`rzS` eW`R OZa RS` ES`b ”?Þ 0SW XSRS[ 2c`QVZOcT eW`R RWS DO`WOPZS ã?† W\ 3W\S`aQV`Wb bS\ V]QVUShÉVZb 7ab RWS 4]`baSbhc\UaPSRW\Uc\U \WQVb [SV` S`TºZZb eW`R RWS AQVZSWTS dS`ZOaaS\ c\R RS` S``SQV\SbS ES`b OcaUSUSPS\ ! 5dvVTbcTdTacT BRW[TXUT a ݆‰jAQVZSWTS) 3`ab \OQV S`ab[OZWUS` /caTºV`c\U RSa AQVZSWTS\Q]RW\Ua eW`R W[ 4cz RS` AQVZSWTS US^`ºTb ]P RWS 4]`baSbhc\UaPSRW\ Uc\U \]QV S`TºZZb Wab A][Wb eW`R ROa AQVZSWTS\Q]RW\U hc[W\RSab SW\[OZ OPUSO` PSWbSb RO Tabc ]PRW RS[ S`abS\ 2c`QVZOcT S`ab[OZWU US^`ºTb eW`R ]P RWS 4]`baSb hc\UaPSRW\Uc\U \]QV S`TºZZb Wab 2WSaS` AQVZSWTS\bg^ eW`R RSaVOZP OcQV ]XRWc PQ fTXbT]ST ]RS` 3daRW[PdUbRW[TXUT US\O\\b 2Oa 0SWa^WSZ PS`SQV\Sb Tº` 9O^WbOZPS b`OU c\R HW\aaObh RWS hcUSVr`WUS\ HW\aS\ 2c`QV 3W\UOPS\ eW`R Y]\b`]ZZWS`b ]P RWS AQVZSWTS \]QV[OZa Rc`QVZOcTS\ ]RS` ROa >`]U`O[[ PSS\RSb eW`R +Á~Á?””ÄÍ?ÁÍÇ j~j a‰j ””?ã?†ˆ7?Á‰?Mj™ ?¬‰Í? ֙a ㉙Äj™ ‰” .¬j‰W†jÁ ?™Ç j~j a‰j ?™ãã?†ˆ7?Á‰?Mj™ ㉙ÄÄ?Íã ֙a ÍjÄÍ ‰” .¬j‰W†jÁ ?™Ç 8‰jajÁ†j P ?¬‰Í? s ‰™~?Mj ajÄ j™ÖÍãjÁÄÇ

ÊÊ .W†j‰wj™ Á¬jÁ

㉙ÄÄ?Íã s ‰™~?Mj ajÄ j™ÖÍãjÁÄÇ ã‰™Äj™ s ?¬‰Í? J ㉙ÄÄ?Íã Ê ¤ååÇ
ÖÄ~?Mj ajÄ 8jÁÍÄ Ü™ ㉙Äj™ ?Öw ‰aÄW†‰Á”Ç ÍjÄÍ s ‰™~?Mj ajÄ j™ÖÍãjÁÄÇ Q .?™~j® ÍjÄÍ ss ¤ ¯Ç +Á~Á?””j™ajÇ

ÊÊ Ö ajÁ .W†j‰wj

ÊÊ jÁÁj‰W†Í^ Ýj™™ ÍjÄÍ Ö™~j‰W† ¤

7\ /PPWZRc\U # aW\R RWS O\aQVOcZWQVS\ 4ZcaaRWOU`O[[ag[P]ZS RS` PSWRS\ AQVZSW TS\bg^S\ RO`USabSZZb 2WS d]cTabRWXTS[XRWT BcT[[d]V STa 5^acbTcid]Vb_a¶Ud]V `SZObWd hc[ AQVZSWTS\Yr`^S` eW`R RScbZWQV /ZZS O\RS`S\ AQVZSWTS\dO`WO\bS\ ZOaaS\ aWQV OcQV Rc`QV RWS PSWRS\ PSVO\RSZbS\ AQVZSWTS\bg^S\ OcaR`ºQYS\

6ad]S[TVT]ST BcadZcdaT]

)RUWVHW]XQJV EHGLQJXQJ SUIHQ HUIOOW $QZHLVXQJHQ QLFKW HUIOOW

$QZHLVXQJHQ HUIOOW )RUWVHW]XQJV EHGLQJXQJ SUIHQ QLFKW HUIOOW

0QQ $) 4ZcaaRWOU`O[[ Y]^TUSabScS`bS ZW\Ya c\R TczUSabScS`bS `SQVba AQVZSWTS 1[»RZT ) 7\ RS\ AQVZSWTS\0SWa^WSZS\ ec`RS W[ >aScR]Q]RS RS` 9r`^S` RS` AQVZSWTS \WQVb \c` Rc`QV 3W\`ºQYc\U VS`d]`USV]PS\ a]\RS`\ c\bS` D]`U`WTT OcT RWS 8OdOAg\bOf OcQV Rc`QV SW\ >OO` USaQVeSWTbS` 9ZO[[S`\ PQ hcaO[[S\USTOaab 2ORc`QV ec`RS SW\ a]US\O\\bS` 1[^RZ RSTW\WS`b EÉV`S\R RS[ :SaS` RSa >`]U`O[[a SW\S 4]`[ObWS`c\U Rc`QV PZ]zSa 3W\`ºQYS\ hc` =`WS\bWS`c\U US\ºUb PS\rbWUS\ >`]U`O[[WS`a^`OQVS\ SW\S YZO`S`S 9S\\hSWQV\c\U [WbbSZa hcaÉbhZWQVS` Ag[P]ZS C\OPVÉ\UWU d]\ RS` bSf bcSZZS\ 1]RS4]`[ObWS`c\U RSTW\WS`b RWS 0Z]QYYS\\hSWQV\c\U SW\RScbWU 0SUW\\ c\R 3\RS SW\Sa Z]UWaQV hcaO[[S\VÉ\US\RS\ 0S`SWQVa ’ W\ RWSaS[ 4OZZ 0SUW\\ c\R 3\RS RSa AQVZSWTS\`c[^Ta 2O`ºPS` VW\Oca VOb ROa 0Z]QYY]\hS^b XSR]QV \]QV bWSTS`S 0SRScbc\U ’ cO VW\aWQVb ZWQV RS` DS`TºUPO`YSWb d]\ DO`WOPZS\ ;Wb RS` :]UWY RSa 0Z]QYY]\hS^ba W\ 8OdO eS` RS\ eW` c\a \]QV SW\USVS\R PSTOaaS\



3UJ[RGXOYOKX[TM J[XIN 3KZNUJKT ;TZKXVXUMXGSSK

5`c\RaÉbhZWQV US\ºUS\ DO`WOPZS\ /\eSWac\US\ DS`heSWUc\US\ c\R AQVZSWTS\ c[ OcQV Y][^ZSfS >`]U`O[[S hc T]`[cZWS`S\ HcUZSWQV VOPS\ eW` RO[Wb PS`SWba RWS eSaS\bZWQVS\ 3ZS[S\bS P[[Ta ^`]hSRc`OZS\ >`]U`O[[WS`a^`OQVS\ YS\\S\USZS`\b 3a TSVZb OZZS`RW\Ua \]QV RWS ;rUZWQVYSWb >`]U`O[[S hc bcadZcdaXTaT] c\R W\ SW\hSZ \S Y][^OYbS ºPS`aQVOcPO`S <^Sd[T hc UZWSRS`\ ;]RcZO`WaWS`c\U S`ZSWQVbS`b ROa DS`abÉ\R\Wa RSa >`]U`O[[OcTPOca c\R TOaab W\VOZbZWQV hcaO[[S\USVr`WUSa 1]RW\U Y]\hS\b`WS`b hcaO[[S\ AbObb hcaO[[S\USVr`WUSa 1]RW\U abSba RW`SYb W\ ROa SWUS\bZWQVS 6Oc^b^`]U`O[[ hc aQV`SWPS\ c\R RWSaSa RORc`QV c\ºPS`aWQVbZWQV c\R Y][^ZSf hc USabOZbS\ eW`R Sa W\ SW\S` aS^O`ObS\
!

6ad]S[TVT]ST BcadZcdaT]

7\aPSa]\RS`S Yr\\S\ SW\[OZ USaQV`WSPS\S ;SbV]RS\ W\ dS`aQVWSRS\S\ >`]U`O[[S\ fXTSTaeTafT]STc eS`RS\( 8SRS ;SbV]RS abSZZb RWS :rac\U SW\Sa BSWZ^`]PZS[a RO` AbSZZb aWQV RWSaSa BSWZ^`]PZS[ OcQV W[ 9]\bSfb O\RS`S` >`]U`O[[S a] [rQVbS\ eW` RWS PS`SWba T]`[cZWS`bS ;SbV]RS OcQV W[ \ScS\ >`]U`O[[ \cbhS\ 2OTº` a]ZZbS RWS >`]U`O[[WS`a^`OQVS VTTXV]TcT `]U`O[[ OcTUS \][[S\ c\R dS`eS\RSb eS`RS\ Yr\\S\ /ZZS`RW\Ua abSVS\ ;SbV]RS\ \WQVb Wa]ZWS`b W\ >`]U`O[[Y]\bSfb( AWS eW`YS\ hcaO[ [S\ [Wb PSabW[[bS\ O\RS`S\ ;SbV]RS\ c\R O`PSWbS\ [Wb PSabW[[bS\ 2ObS\ `]U`O[[WS`c\U 2WS A^`OQVS 8OdO S`TºZZb P[[T US\O\\bS\ Eº\aQVS c\R /\T]`RS`c\US\ `]U`O[[ab`cYbc`S\ OZZUS[SW\ d]`US abSZZb ec`RS\ PSaQVÉTbWUS\ eW` c\a W[ T]ZUS\RS\ 9O^WbSZ [Wb RS` Y]\Y`SbS\ >`] U`O[[WS`a^`OQVS 8OdO EOa a^`WQVb Tº` RWS EOVZ d]\ 8OdO- EOa Wab ROa 0Sa]\RS`S O\ RWSaS` A^`OQVS ROa aWS d]\ O\RS`S\ A^`OQVS\ OPVSPb- 7\eWSTS`\ P`W\Ub 8OdO [SV` OZa \c` SW\S C[aSbhc\U RS` US\O\\bS\ ^`]hSRc`OZS\ 5`c\RSZS[S\bS- C\R eO`c[ ec` RS\ W[ :OcTS RS` ZSbhbS\ 8OV`hSV\bS W[[S` eWSRS` \ScS >`]U`O[[WS`a^`OQVS\ Oca USVS\R d]\ PS`SWba d]`VO\RS\S\ S`a]\\S\ ’ UWPb Sa ROTº` SW\ ;]bWd Phe ZÉaab aWQV SW\ HWSZ Oca[OQVS\ OcT ROa RWS 6Wab]`WS RS` >`]U`O[[WS`a^`OQVS\ hcab`SPb-



0G\G GRY 9VXGINK [TJ 6RGZZLUXS

2WS >`]U`O[[WS`a^`OQVS 8OdO hSWQV\Sb aWQV \WQVb \c` Rc`QV WV`S YZO`S ]PXSYb]`WS\ bWS`bS Ab`cYbc` Oca a]\RS`\ OcQV Rc`QV RWS >ZObbT]`[c\OPVÉ\UWUYSWb RS` W\ WV` US aQV`WSPS\S\ >`]U`O[[S( 8OdO>`]U`O[[S ZOcTS\ ºPS`OZZ RV c\OPVÉ\UWU d]\ 0S b`WSPaagabS[ c\R >`]hSaa]` RSa @SQV\S`a OcT RS[ aWS OcaUSTºV`b eS`RS\ a]ZZS\ D]`OcaaSbhc\U ROTº` Wab RWS a^ShWSZZS /`QVWbSYbc` RS` 8OdO:OcThSWbc[USPc\U 7\ RS `S\ HS\b`c[ abSVb RWS 9PeP EXacdP[


+TZ]OIQR[TM JKX 6XUMXGSSOKXYVXGINKT

1][^cbS` c\R >`]U`O[[WS`a^`OQVS\ ec`RS\ S`a]\\S\ c[ /cTUOPS\ hc PSeÉZbW US\ RWS RWS [S\aQVZWQVS :SWabc\UaTÉVWUYSWb ºPS`T]`RS`\ 2S` ;S\aQV Wab W\ RS` :OUS /ZU]`WbV[S\ hc S\beWQYZS\ XSR]QV [caa RWS ^`OYbWaQVS hSWbT`SaaS\RS 2c`QVTºV`c\U [SWab RS[ 1][^cbS` ºPS`ZOaaS\ eS`RS\ 2OPSW ZOaaS\ aWQV R`SW 2][É\S\ Oca[O QVS\ W\ RS\S\ RS` 1][^cbS` aSW\S ºPS``OUS\RS 5SaQVeW\RWUYSWb Ocaa^WSZS\ YO\\( E

ATRWT]X]cT]bXeT 0dUVPQT]bcT[[d]VT] d]` OZZS[ W[ 0S`SWQV RS` bSQV\WaQV eWaaS\aQVOTbZWQVS\ 2ObS\dS`O`PSWbc\U 7\ RWSaS[ 0S`SWQV R][W\WS`bS\ b`ORWbW] \SZZ A^`OQVS\ eWS 4]`b`O\ 1 c\R 1

E

1TPaQTXcd]V bTWa Va^vTa 3PcT]\T]VT] d]` OZZS[ W[ 0S`SWQV RS` PSb`WSPa eW`baQVOTbZWQVS\ 2ObS\dS`O`PSWbc\U 3a eS`RS\ U`]zS 2ObS\PSabÉ\RS S`hScUb W\ RS\S\ [O\ OcQV aQV\SZZ eWSRS` OcT USeº\aQVbS 7\T]`[ObW]\S\ hcU`SWTS\ [rQV bS >`]U`O[[WS`a^`OQVS\ RWS S\be]`TS\ ec`RS\ c[ [Wb U`]zS\ W\ 2ObS\PO\ YS\ OPUSZSUbS\ 2ObS\[S\US\ hc O`PSWbS\ aW\R h0 1]P]Z /0/> =PXSQba

E

APbRWT :^\\d]XZPcX^] d]S ETabP]S e^] 3PcT] ºPS` U`]zS 3\bTS`\c\US\ dWO 7\bS`\Sb 7\d]ZdWS`b aW\R W\RWdWRcSZZS 1 c\R 7\bS`\SbP`]eaS` ]RS` OcQV A[OZZ 2SdWQSa 6O\Rg 6O\RVSZR OcT ESPaS`dS` hcU`SWTS\ c[ dS`aQVWSRS\abS 2ObS\ OZa 6B;:ASWbS\ OcTPS`SWbSb OPhcT`OUS\ 2OPSW Wab Sa /cTUOPS RS` OcT RS[ ESPaS`dS` ZOcTS\RS\ >`]U`O[[S 2ObS\ [SWab Rc`QV HcU`WTT OcT 2ObS\PO\YS\ hc PSaQVOTTS\ OcThcPS`SWbS\ c\R O\ RS\ O\T`OUS\RS\ S`Z c\R >6> hc[ 3W\aObh AS`dS` AWRS AQ`W^bW\U eÉV`S\R 4c\YbW]\OZWbÉb OcT 0`]eaS` ]RS` 6O\Rg Rc`QV AY`W^b a^`OQVS\ eWS 8OdOAQ`W^b S`P`OQVb eW`R 1ZWS\b AWRS AQ`W^bW\U

>OcaQVOZ ZÉaab aWQV TSababSZZS\ ROaa Rc`QV 1][^cbS` U`]zS 2ObS\[S\US\ Rc`QV Y][^ZSfS /ZU]`WbV[S\ PSO`PSWbSb eS`RS\ 2WS S\ba^`SQVS\RS\ 1][^cbS`^`]U`O[[S aW\R \WQVb \c` aSV` c[TO\U`SWQV a]\RS`\ OcQV Y][^ZSf RV W\ WV`S[ /PZOcT c\R WV`S` EW`Yc\U \WQVb ZSWQVb Rc`QVaQVOcPO` :SbhbZWQV eS`RS\ d]\ ;S\aQVS\ USaQV`WSPS\S >`]U`O[[S Rc`QV >`]hSaa]`S\ OcaUS TºV`b 2WSaS dS`TºUS\ \c` ºPS` SW\S\ TSab RSTW\WS`bS\ AObh SZS[S\bO`S` /\eSWac\US\ a] ROaa XSRSa >`]U`O[[ PSW aSW\S` /caTºV`c\U ZSbhbZWQV W\ SW\S ;S\US a]ZQVS` 3ZS

#

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

[S\bO`PSTSVZS ºPS`b`OUS\ ºPS`aSbhb eS`RS\ [caa 2OPSW VO\RSZb Sa aWQV c[ a] US\\O\bS ;OaQVW\S\a^`OQVS( C\bS` `]hSaa]` h0 7\bSZ >S\bWc[ /;2 2c`]\ RW`SYb OcaTºV`S\ YO\\ 2WS /\ eSWac\US\ eS`RS\ QX]Êa Z^SXTac RV OZa 4]ZUS d]\ `]hSaa]` Wab W\ RS` @SUSZ \WQVb OcT O\RS`S\ >`]hSaa]`S\ OcaTºV` PO` RV ^ZObbT]`[a^ShWTWaQV 0SW RS` 3`hScUc\U d]\ ;OaQVW\S\Q]RS a^`WQVb [O\ OcQV d]\ RS` IXT[_[PccU^a\ Tº` RWS RS` ;OaQVW\S\Q]RS US\S`WS`b eW`R 4OaaPO`S` Tº` ;S\aQVS\ Wab 0bbT\Q[Ta( 6WS` eW`R XSRS` ;OaQVW\S\O\eSWac\U SW\ OcaaOUSY`ÉTbWUS` `]U`O[[ `SacZbWS`b 7»WTaT ?a^VaP\\XTab_aPRWT] eWS 1 c\R 8OdO abSZZS\ /\eSWac\US\ hc` DS`TºUc\U RWS S`ab PSW RS` ÍPS`aSbhc\U W\ ;OaQVW \S\a^`OQVS W\ SW\S DWSZhOVZ SZS[S\bO`S` ;OaQVW\S\PSTSVZS c[USaSbhb eS`RS\) hcRS[ Wab RWS Ag\bOf RWSaS` 6]QVa^`OQVS\ Tº` RS\ ;S\aQVS\ ºPS`aQVOcPO` c\R ZSWQVbS` ZSaPO` ’ c\R OcQV O\ [S\aQVZWQVS 2S\YeSWaS\ O\US^Oaab 3a eO` c\R Wab ROa HWSZ RS` 3\beWQYZc\U d]\ 1][^cbS`a^`OQVS\ RS[ >`]U`O[[WS`S` SW\S A^`OQVS O\ RWS 6O\R hc USPS\ Rc`QV RS`S\ Ab`cYbc`S\ 9][^ZSfWbÉb `SRchWS`b ]RS` hc[W\RSab PSVS``aQVPO`S` eS`RS\ a]ZZbS 2WSaS[ HWSZ T]ZUbS SW\S T]`baQV`SWbS\ RS <^Sd[PaXbXTad]V RS` >`]U`O[[WS`a^`OQVS\( 7\ YZO` USYS\\hSWQV\SbS\ ;]RcZS\ >`]U`O[[POcabSW\S\ a]ZZS\ PSabW[[bS 2ObS\ c\R RWS Tº` WV`S 0SO`PSWbc\U d]`USaSVS\S\ /ZU]`WbV[S\ ;SbV]RS\ hcaO[[S\US TOaab USYO^aSZb eS`RS\ C\USaQVºbhbS a]US\O\\bS UZ]POZS 2ObS\ OcT RWS d]\ hOVZ `SWQVS\ AbSZZS\ RSa >`]U`O[[a Rc`QV /ZU]`WbV[S\ ]RS` /\eSWac\US\ eS`bdS`É\ RS`\R hcUSU`WTTS\ eW`R a]ZZbS\ [rUZWQVab dS`[WSRS\ eS`RS\ Yr\\S\ /cQV RWS 9][[c\WYObW]\ heWaQVS\ RS\ ;]RcZS\ a]ZZbS US`SUSZb aSW\( 8SRSa ;]RcZ a]ZZbS TSabZSUS\ eSZQVS aSW\S` 2ObS\ c\R ;SbV]RS\ d]\ OczS\ Rc`QV O\RS`S ;] RcZS hcU`SWT Phe OcT`cTPO` aW\R c\R eSZQVS \c` RS` []RcZW\bS`\S\ DS`eS\Rc\U hcUÉ\UZWQV aW\R ;O\ a^`WQVb d]\ TX]VTbRWaÊ]ZcTa BXRWcQPaZTXc( <WQVb d]\ OczS\ hc U`SWTPO`S BSWZS SW\Sa ;]RcZa aW\R RS[ SfbS`\S\ HcU`WTT S\bh]US\ \WQVb aWQVbPO` 3W\ Ucb ZSaPO`Sa ºPS`aQVOcPO`Sa >`]U`O[[ a]ZZbS aWQV OZa SW\S ;S\US hcaO[[S\ eW`YS\RS` ;]RcZS S\beS`TS\ c\R W[^ZS[S\bWS`S\ ZOaaS\ 2ORc`QV ZÉaab aWQV aQV]\ PSW[ >`]U`O[[S\bec`T SW\S Y][^ZSfS >`]PZS[abSZZc\U W\ SW\S DWSZhOVZ `SZObWd SW\ TOQVS` ;]RcZS UZWSRS`\ Rc`QV RS`S\ HcaO[[S\eW`YS\ RWS Y][^ZSfS /cTUOPS PS eÉZbWUb eW`R ’ ]V\S ROaa SW\ c\S\beW``PO`Sa 5STZSQVb d]\ 2ObS\ /\eSWac\US\ c\R 9]\b`]ZZab`cYbc`S\ S\babSVb ;O\ a^`WQVb d][ C^_3^f]4]cfdaU RSa >`]U`O[[a HWSZ RS` 4]cfXRZ[d]V STa ?a^VaP\\XTab_aPRWT] Wab RWS @SRcYbW]\ c\R 0SVS``aQVPO`YSWb d]\ 9][^ZSfWbÉb Rc`QV ab`WYbS ;]RcZO`WaWS`c\U c\R 9O^aS Zc\U hcaO[[S\USVr`WUS` 2ObS\ c\R /ZU]`WbV[S\ ;]RcZS S\bVOZbS\ 2ObS\ c\R RWS [Wb WV\S\ O`PSWbS\RS\ /ZU]`WbV[S\ Ab`WYb hc RSTW\WS`S\ Wab OcT eSZ QVS 2ObS\ c\R /ZU]`WbV[S\ SW\Sa ;]RcZa Rc`QV O\RS`S ;]RcZS d]\ OczS\ hcUSU`WTTS\ eS`RS\ YO\\

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

$

7\ /PPWZRc\U  eW`R RWS Ab`cYbc` SW\Sa a] USUZWSRS`bS\ >`]U`O[[a aQVS[ObWaQV RO`USabSZZb 3W\S C[aSbhc\U RSa aYWhhWS`bS\ 7RSOZa ec`RS S``SWQVb W\ RS\ ]PXSYb]`WS\ bWS`bS\ >`]U`O[[WS`a^`OQVS\( 7\ a]US\O\\bS\ 9ZOaaS\ eS`RS\ 2ObS\ c\R RWS Tº` WV `S 0SO`PSWbc\U hcabÉ\RWUS\ ;SbV]RS\ hcaO[[S\USTOaab 2WS >`]U`O[[WS`a^`OQVS 8OdO hSWQV\Sb aWQV ROPSW Rc`QV SW\S PSa]\RS`a YZO`S ]PXSYb]`WS\bWS`bS Ab`cYbc` Oca

2ObS\

2ObS\

/ZU]`WbV[S\

/ZU]`WbV[S\

<^Sd[ <^Sd[ ) C\bS`^`]U`O[[ 9ZOaaS  0[V^aXcW\db )

2ObS\

2ObS\

/ZU]`WbV[S\

/ZU]`WbV[S\

;SbV]RS 4c\YbW]\ >`]hSRc` 

0QQ ! ) Ab`cYbc` []RcZO`S` >`]U`O[[S 2]QV Wab Sa \WQVb a] OZa UÉPS Sa RWS PSabS >`]U`O[[WS`a^`OQVS aQVZSQVbVW\ 8SRS >`]U`O[[WS`a^`OQVS VOb 3WUS\aQVOTbS\ RWS aWS hc` :rac\U PSabW[[bS` >`]PZS[S _cOZWTWhWS`S\ >`]U`O[[WS`a^`OQVS\ aW\R \WQVb SW\TOQV PSaaS` ]RS` aQVZSQVbS` OZa O\ RS`S a]\RS`\ aWS [ºaaS\ PSÊ`dPc aSW\ RV RS` 0SeÉZbWUc\U PSabW[[bS` /cTUOPS\ O\US[SaaS\ 7\ /PPWZRc\U  TW\RSb aWQV SW\S U`]PS ÍPS`aWQVb RS` 6Wab]`WS RS` >`] U`O[[WS`a^`OQVS\ 3a ZOaaS\ aWQV dS`aQVWSRS\S Ab`É\US Oca[OQVS\ RWS dS`aQVWSRS \S\ >`]U`O[[WS`^O`ORWU[S\ S\ba^`SQVS\ 2WS A^`OQVS 8OdO `STZSYbWS`b hOVZ`SWQVS 3`YS\\b\WaaS d]`O\USUO\US\S` ]PXSYb]`WS\bWS`bS` c\R S`SWU\Wa]`WS\bWS`bS` D]`UÉ\US`



0G\G GRY 9VXGINK [TJ 6RGZZLUXS

EWS Oca /PPWZRc\U  hc S`aSVS\ ec`RS RWS A^`OQVS 8OdO d]\ WV`S` D]`UÉ\US`W\ 1 W\a^W`WS`b 2OPSW PS[ºVbS [O\ aWQV RWS 9][^ZSfWbÉb RS` A^`OQVS 1 hc dS` [SWRS\( 2Ohc hÉVZS\ RS` U`]zS c\ºPS`aWQVbZWQVS A^`OQVc[TO\U d]\ 1 RWS DS` eS\Rc\U Sf^ZWhWbS` >]W\bS` c\R RWS Rc`QV RS\ 3\beWQYZS` hc VO\RVOPS\RS A^SW QVS`dS`eOZbc\U 1 eO` RS` aSV` S`T]ZU`SWQVS DS`acQV RWS `SW\ ^`]hSRc`OZS A^`O QVS 1 c[ ]PXSYb]`WS\bWS`bS 3ZS[S\bS hc S`eSWbS`\ a] ROaa W\ 1 SW\S ;WaQVc\U Oca ^`]hSRc`OZS\ c\R ]PXSYb]`WS\bWS`bS\ /\bSWZS\ d]`ZWSUb) [O\ a^`WQVb d]\ SW\S` 6gP`WR a^`OQVS ]RS` WTcTa^VT]T] A^`OQVS 2OUSUS\ ec`RS 8OdO d]\ 0SUW\\ O\ `SW\ ]PXSYb]`WS\bWS`b W^\^VT] S\be]`TS\ c\R hSWQV\Sb aWQV Rc`QV SW\S\ aSV` ºPS`aWQVbZWQVS\ A^`OQVc[TO\U Oca BSQV\WaQVS 2S bOWZa eWS RWS A^SWQVS`dS`eOZbc\U eS`RS\ RS[ 3\beWQYZS` PSecaab OPUS\][[S\ c\R Rc`QV RWS :OcThSWbc[USPc\U aSZPab ]`UO\WaWS`b 7[ DS`UZSWQV hc 1 Wab 8OdO SW\TO QVS` YZO`S` ab`cYbc`WS`b ZSWQVbS` hc S`ZS`\S\ c\R hc PSVS``aQVS\ PWSbSb OPS` eS\WUS` bSQV\WaQVS 9]\b`]ZZS ºPS` RWS >`]U`O[[OcaTºV`c\U ’ RSQYb OPS` 0S`SWQVS OP Tº`

%

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

RWS 1 eS\WUS` USSWU\Sb Wab `]U`O[[S\ VOb 8OdO SW\ eS\WU ROa S`T]`[O\h 3TTWhWS\h RS` /PO`PSWbc\U d]\ 8OdO>`]U`O[[S\ W\ RS` DWSZhOVZ ^`OYbWaQV `SZSdO\ bS` 4ÉZZS OPa]Zcb Oca`SWQVS\R 8OdO Wab dWSZZSWQVb SbeOa ZO\UaO[S` OcT RS[ @SQV\S` OPS` aQV\SZZS` c\R aWQVS`S` O\eS\RPO` Tº` RS\ 3\beWQYZS` '# '# '#" '#$ '#& '$ '$ '$" '$$ '$& '% '% '%" '%$ '%& '& '& '& '& '&" '&$ '&& '' '' ''" ''$ ''&  

;OaQVW\S\a^`OQVS /aaS[PZS` 4]`b`O\ :7A> 0OaWQ >`]Z]U

>: 

AW[cZO

%$:]U]

1]P]Z

/ZU]Z $ /ZU]Z $& >OaQOZ

A[OZZbOZY

01>: 1

A[OZZbOZY&

;]RcZO

/RO

=PXSQb >OaQOZ

2 ;W`O\RO

3WTTSZ 3WTTSZ!

/RO'#

=PS`]\ =PS`]\

;]RcZO ! 9PeP

/0/>"

/0/> =PXSQba 1

0QQ !!) 6Wab]`WS RS` >`]U`O[[WS`a^`OQVS\




2WS A^`OQVS 8OdO Wab SW\ T`SW dS`TºUPO`Sa >`]RcYb RS` 4W`[O Ac\ 7[ 8OV` '' PS UW\\b RWS 3\beWQYZc\U RS` A^`OQVS 8OdO RWS DÉbS` d]\ 8OdO( 8O[Sa 5]aZW\U c\R 0WZZ 8]g 3W\S RScbZWQVS DS`É\RS`c\U S`TcV` 8OdO ''& [Wb RS[ 8OdO 2SdSZ]^[S\b 9Wb 829   2WS 0ShSWQV\c\U 8OdO [O`YWS`b RWSaS\ C[P`cQV 7ab d]\ 8OdO RWS @SRS a] Wab RO[Wb abSba 8OdO US[SW\b 2WS T]ZUS\RS\ 829DS`aW]\S\ dS`PSaaS`bS\ /caTºV `c\UaUSaQVeW\RWUYSWb c\R U`OTWaQVS 2O`abSZZc\Ua[rUZWQVYSWbS\ 3W\S\ 3W\aQV\Wbb [O`YWS`b ROa 8OV` "( ;Wb RS[ 8 A29 # 8OdO A]TbeO`S 2SdS Z]^[S\b 9Wb ’ 1]RS\O[S BWUS` ’ ec`RS\ SW\WUS T]`bUSaQV`WbbS\S A^`OQVY]\ab`cYbS W\ RWS A^`OQVS OcTUS\][[S\ C[ RWS 3`eSWbS`c\U RS` A^`OQVS hc PSb]\S\ É\RS`bS Ac\ RWS SfbS`\S @SZSOaShÉVZc\U( 2Oa 8 A29 # VOb RWS ]TTWhWSZZS 0ShSWQV\c\U 8 A29 # /cQV Ò\RS`c\US\ O\ RS` :OcThSWbc[USPc\U 8OdO DW`bcOZ ;OQVW\S 8D; ec`RS\ d]`US\][[S\ a] ROaa 1]RS RS` [Wb RS[ 8OdO #1][^WZS` ºPS`aSbhb ec`RS [Wb SW\S` 8D; " \WQVb [SV` OcaUSTºV`b eS`RS\ YO\\ 7[ :OcTS RS` 8OV`S ecQVa RS` SWUS\bZWQVS A^`OQVYS`\ \c` []RS`Ob 0SSW\R`cQYS\R Wab XSR]QV RS` C[TO\U RS` hcaO[[S\ [Wb RS` A^`OQVS hc` DS`TºUc\U USabSZZbS\ >`] U`O[[WS`PWPZW]bVSYS\ bOcaS\RS 9ZOaaS\( ;Wb RWSaS\ 0WPZW]bVSYS\ VOb [O\ OZZSa hc`

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

&

6O\R c[ OcQV ^`]TSaaW]\SZZS /\eS\Rc\US\ W[ 0S`SWQV 7\bS`\Sb 2ObS\PO\YS\ dS` bSWZbS\ AgabS[S\ c\R <SbheS`YhcU`WTT hc S\beWQYSZ\ 2Oa OYbcSZZS Y][^ZSbbS 8 A29 Wab T`SW d]\ RS` 6][S^OUS RS` 4W`[O Ac\ R]e\Z]OR PO` IAC<#K 7[ 5`c\RS ZOaaS\ aWQV 8OdO>`]U`O[[S OZZSW\ RO[Wb c\R SW\S[ SW\TO QVS\ BSfbSRWb]` S\beWQYSZ\ /ZZS`RW\Ua PWSbS\ S`ab W\bSU`WS`bS 3\beWQYZc\Uac[USPc\ US\ 7\bSU`ObSR 2SdSZ]^[S\b 3\dW`]\[S\b + 723 RWS ;rUZWQVYSWb OcQV Y][^ZSfS 8OdO>`]XSYbS ºPS`aWQVbZWQV hc ]`UO\WaWS`S\ HOVZ`SWQVS OcaUShSWQV\SbS Y]abS\Z]aS ^`]TSaaW]\SZZS C[USPc\US\ aW\R dS`TºUPO` Hc \S\\S\ aW\R =Tc1TP]b d]\ Ac\ aSZPab IAC<#K c\R ROa >cPZWQ 2][OW\ >`]XSYb 4R[X_bT I31:#K 7\abOZZObW]\ c\R 9]\ TWUc`ObW]\ RSa 8 A29 c\R 3QZW^aS eW`R W[ HcaObh[ObS`WOZ RS` ESPaSWbS S`ZÉcbS`b 8OdO Wab SW\S U`]zO`bWUS A^`OQVS [Wb RS` aWQV ]PXSYb]`WS\bWS`bSa >`]U`O[[WS`S\ YZO` c\R SW\TOQV S`ZS`\S\ ZÉaab 2WS bg^WaQVS\ ]PXSYb]`WS\bWS`bS\ Ab`cYbc`S\ d]\ 8OdO TW\ RS\ aWQV OcQV W\ O\RS`S\ ]PXSYb]`WS\bWS`bS\ A^`OQVS\ ES` 8OdO PSVS``aQVb RS` eW`R aWQV OcQV `OaQV W\ dS`eO\RbS A^`OQVS\ eWS 1 c\R 1 SW\O`PSWbS\ Yr\\S\



=GX[S OYZ 0G\G SKNX GRY T[X KOTK 9VXGINK%

9PeP P[b ?a^VaP\\XTab_aPRWT `]U`O[[WS`a^`OQVS [Wb T]ZUS\RS\ 3WUS\aQVOTbS\( E

3W\ ºPS`aQVOcPO`S` V][]US\S` A^`OQVc[TO\U [Wb YZO`S` Ag\bOf

E

3W\ Rc`QVUÉ\UWU ]PXSYb]`WS\bWS`bSa A^`OQVRSaWU\

E

9][^ZSfS c\R aQVeS` PSVS``aQVPO`S A^`OQVSZS[S\bS eWS W\ 1 ec`RS\ d]\ d]`\VS`SW\ \WQVb W\ RWS A^`OQVS OcTUS\][[S\

E

2WS A^SWQVS`dS`eOZbc\U [caa \WQVb d][ 3\beWQYZS` ^`]U`O[[WS`b eS`RS\ a]\ RS`\ eW`R d][ 8OdO:OcThSWbagabS[ USZSWabSb

E

3W\S RS` PSabS\ A^`OQVS\ Tº` W\bS`\SbPOaWS`bS /\eS\Rc\US\

9PeP :[PbbT]QXQ[X^cWTZT] 2O`ºPS` VW\Oca XSR]QV eW`R [Wb RS` `SW\S\ A^`OQVS 8OdO d]\ Ac\ OcQV SW\S ;S\US TS`bWUS` 9ZOaaS\PWPZW]bVSYS\ OZa BSWZ RSa 8 A29 OcaUSZWSTS`b RS`S\ 4c\YbW]\OZWbÉb aWQV W\ aSZPabUSaQV`WSPS\S\ 8OdO>`]U`O[[S\ \cbhS\ ZÉaab 2WSaS 9ZOaaS\?PZTcT Yr\\S\ eWS 8OdO>`]U`O[[S ºPS`VOc^b c\OPVÉ\UWU d]\ 0Sb`WSPaagabS[ c\R 6O`ReO`S ^ZObbT]`[ dS`eS\RSb eS`RS\ 9PeP4SXcX^]T] 2WS dWSZTÉZbWUS\ 3W\aObh[rUZWQVYSWbS\ d]\ 8OdO a^WSUSZ\ aWQV W\ dS`aQVWSRS\S\ 9PeP 4SXcX^]T] 8SRS RS` 3RWbW]\S\ VOb SW\S\ O\RS`S\ /\eS\Rc\UaT]Yca(  2WS 9PeP! BcP]SPaS 4SXcX^] 8 A3 RWS\b RS` 3\beWQYZc\U SWUS\abÉ\RWUS` 8OdO /^^ZWYObW]\S\ RWS bg^WaQVS`eSWaS OcT SW\S[ USerV\ZWQVS\ >1 hc` /\eS\Rc\U Y][[S\ 2WS 8 A3 Wab W[ 8 A29 RS` 4W`[O Ac\ S\bVOZbS\) ROa 8 A29 S\bVÉZb OZZSa eOa [O\ PS\rbWUb c[ 8OdO>`]U`O[[S hc S\beWQYSZ\ OPZOcTTÉVWU hc [OQVS\ c\R OcahcTºV`S\ 2Ohc USVr`b cO SW\ 1][^WZS` RWS 8OdO DW`bcOZ ;OQVW\S c\R c[TO\U `SWQVS 9ZOaaS\PWPZW]bVSYS\ EW` eS`RS\ ROa 8 A29 dS`eS\RS\ /cT RS` Ac\ ESPaSWbS fffYPePbd]R^\ TW\RSb aWQV \WQVb \c` ROa 8 A29 hc[ 2]e\Z]OR a]\

'

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

RS`\ OcQV RWS PZ]zS :OcThSWbc[USPc\U RWS 9!B4 Ad]cX\T 4]eXa^]\T]c 8@3 2O`W\ Wab SW\S Y][^ZSbbS 8D; W\YZcaWdS 8 A39ZOaaS\PWPZW]bVSYS\ S\bVOZbS\ c[ TS` bWUS 8OdO/^^ZWYObW]\S\ OPZOcTS\ hc ZOaaS\ XSR]QV YSW\S 3\beWQYZc\UaeS`YhScUS hc[ AQV`SWPS\ d]\ 8OdO>`]U`O[[S\ ! 2WS 9PeP! <XRa^ 4SXcX^] 8 ;3 abSZZb SW\S abO`Y `SRchWS`bS bSWZeSWaS OPS` Rc`QV PSa]\RS`S >OYSbS S`UÉ\hbS DO`WO\bS RS` 8 A3 3RWbW]\ RO` c\R RWS\b RS` >`]U`O[[WS `c\U []PWZS` 9][[c\WYObW]\a[WbbSZ 6O\Rg 6O\RVSZR SbQ RWS \c` ºPS` PS aQV`É\YbS\ A^SWQVS`^ZObh >`]hSaa]`ZSWabc\U c\R U`OTWaQVS ;rUZWQVYSWbS\ dS`TºUS\ I3A1 K 3PS\a] eWS RWS 8 A3 YO\\ OcQV RWS 8 ;3 [WbaO[b \ºbhZWQVS\ B]]Za cO 3[cZOb]`S\ OZa 8 ;3 EW`SZSaa B]]ZYWb EB9 PSW Ac\ VS`c\bS`USZORS\ eS`RS\ " 2WS 9PeP! 4]cTa_aXbT 4SXcX^] 8 33 Wab SW\S d]\ Ac\ S\be]`TS\S A^ShWTWYObW]\ RWS Rc`QV hS`bWTWhWS`bS 6S`abSZZS` W[^ZS[S\bWS`b c\R OZa Y][[S`hWSZZSa >`]RcYb O\US P]bS\ eW`R AW\\ RS` 8 33 Wab RWS 3\beWQYZc\U d]\ 9][^]\S\bS\ Tº` AS`dS`O^^ZWYO bW]\S\ 2O`c\bS` dS`abSVb [O\ >`]U`O[[S RWS OcT Oca`SWQVS\R ZSWabc\UaabO`YS\ @SQV\S`\ AS`dS`\ ZOcTS\ OcT RS`S\ 4c\YbW]\S\ dWO <SbheS`Y d]\ hOVZ`SWQVS\ 3W\ hSZ^ZObh`SQV\S`\ 1ZWS\ba UZSWQVhSWbWU hcUSU`WTTS\ eW`R 2OPSW YO\\ Sa aWQV h0 c[ /^^ZWYObW]\aaS`dS` VO\RSZ\ RWS PSb`WSPaeW`baQVOTbZWQVS B`O\aOYbW]\S\ Rc`QVTºV`S\ 2OPSW eW`R OcQV OcT 2ObS\PO\YS\ hcUSU`WTTS\ ’ c\R Sa [caa aWQVS`USabSZZb aSW\ ROaa RWS 2ObS\PSabÉ\RS W\ aWQV abW[[WU Y]\aWabS\b c\R OYbcSZZ USVOZbS\ eS`RS\ 2WS 8 33 RSTW\WS`b >`]U`O[[ab`cYbc`S\ c\R /PZOcTahS\O`WS\ Rc`QV RWS aWQV RWSaS ab`S\US\ /\T]`RS`c\US\ ^`]U`O[[bSQV\WaQV c[aSbhS\ ZOaaS\ 2WS 6O\RVOPc\U RS` 8 33 USVb ºPS` RS\ @OV[S\ RWSaSa 0cQVSa RScbZWQV VW\Oca XSR]QV a]ZZbS OcT aSW\S` 0OaWa SW\S 3W\O`PSWbc\U \WQVb aQVeS` TOZZS\ I;3@"K 3W\S Y]abS\Z]aS @STS`S\hW[ ^ZS[S\bWS`c\U abSVb PSW Ac\ hc` DS`TºUc\U ETabRWXTST]T 9PeP;PdUiTXcd\VTQd]VT] 8OdO RWS\b \WQVb \c` ROhc >`]U`O[[S OcT 3W\hSZ^ZObh`SQV\S`\ OcahcTºV`S\ a]\RS`\ OcQV O\RS`S :OcThSWbc[USPc\US\ aW\R Tº` 8OdO>`]U`O[[S d]`USaSVS\ 3W\S ;PdUiTXcd\VTQd]V Wab RWS ;S\US OZZS` bSQV\WaQVS\ @OV[S\^`]U`O[[S Rc`QV RWS VWS`( W\ 8OdO USaQV`WSPS\S >`]U`O[[S aSZPab Y]\Y`Sb OcaUSTºV`b c\R OPUSO`PSWbSb eS`RS\ 2WS :OcThSWbc[USPc\U abSZZb ROa a]TbeO`SbSQV\WaQVS C[TSZR RO` W\ RS[ RWS /caTºV`c\U SW\Sa >`]U`O[[a aWQV d]ZZhWSVb 2WS :OcThSWbc[USPc\U Tº` 8OdO>`]U`O[[S Wab abSba RWS 9PeP EXacdP[ `]U`O[[S RS`S\ 5`c\Rab`cYbc` eW` YS\\S\ZS`\S\ eS`RS\ /ZbS`\ObWd YO\\ Sa aWQV OcQV c[ SW\ []PWZSa 5S`Éb a[OZZ RSdWQS eWS 6O\Rg ]RS` >OZ[b]^ VO\RSZ\ 6WS` Y][[b SW\S a^ShWSZZS DO`WO\bS RS` 8D; hc` /\eS\Rc\U RWS :E< 9W Z] DW`bcOZ ;OQVW\S RWS OcQV OcT 5S`ÉbS\ [Wb YZSW\S[ 6Oc^ba^SWQVS` ZOcTTÉVWU Wab ! FTQQa^fbTa \Xc 0__[Tcb) /^^ZSba abSZZS\ 8OdO>`]U`O[[S d]`USUSPS\S` Ab`cY bc` RO` RWS W\ Y][^WZWS`bS` 4]`[ hcaO[[S\ [Wb 6B;:ASWbS\ W\ RS\ 0`]eaS` USZO RS\ c\R OcTUS`cTS\ eS`RS\ 5É\UWUS 0`]eaS` dS`TºUS\ ºPS` SW\S W\bSU`WS`bS 8D; RWS RWS /caTºV`c\U W[ 0`]eaS` ºPS`\W[[b 2S` /^^ZSbQ]RS Wab ab`S\US\ AWQVS`VSWba

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

(

`Sab`WYbW]\S\ c\bS`e]`TS\ 7\T]`[ObW]\S\ hc` /^^ZSb>`]U`O[[WS`c\U TW\RS\ aWQV OcT RS` ESPaSWbS RSa 0cQVSa " FTQbTaeTa \Xc BTae[Tc 4]VX]T) 2c`QV ESPaS`dS` eS`RS\ S\beSRS` PS`SWba TS`bWU d]`ZWSUS\RS abObWaQVS 7\bS`\SbaSWbS\ O\ RS\ O\T]`RS`\RS\ 1ZWS\b dS`aS\RSb ]RS` ASW bS\W\VOZbS d]` RS[ DS`aS\RS\ \Sc US[Éz 1ZWS\b/\T`OUS Rg\O[WaQV hcaO[[S\US abSZZb C[ RS\ 7\VOZb RS` ESPaSWbS\ Rg\O[WaQV O\hc^OaaS\ RWS\S\ AS`dZSba ’ a^ShW SZZS 8OdO9ZOaaS\ Rc`QV RWS 6B;: US\S`WS`b eW`R 3W\S dS`eO\RbS BSQV\WY \cbhb 8OdO AS`dS` >OUSa 8A>( 6WS`PSW eW`R 8OdO 1]RS RW`SYb W\ RWS 6B;:ASWbS USaQV`WSPS\ d]` RS[ DS`aS\RS\ RS` ASWbS OcT RS[ ESPaS`dS` OcaUSTºV`b c\R RORc`QV RS` 7\VOZb RS` 6B;:ASWbS Rg\O[WaQV O\US^Oaab AS`dS` AWRS AQ`W^bW\U # 4]cTa_aXbT 0__[XZPcX^]b BTaeTa \Xc 4]cTa_aXbT 9PeP 1TP]b 491) 3a VO\RSZb aWQV c[ 8 33/\eS\Rc\US\ RWS OcT SW\S[ AS`dS` OPZOcTS\ c\R VÉcTWU PSb`WSPaeW`b aQVOTbZWQV OcaUS`WQVbSbS 2WS\abS Tº` SW\S DWSZhOVZ d]\ 1ZWS\ba PS`SWbabSZZS\ <SPS\ SW\S` 9ZOaaWTWYObW]\ \OQV :OcThSWbc[USPc\US\ ZÉaab aWQV ROa /\eS\Rc\UaTSZR d]\ 8OdO>`]U`O[[S\ OcQV /\eS\Rc\Ua]`bS\ hc]`R\S\( E

5a^]cT]S1TaTXRW) 5S[SW\b aW\R bg^WaQVS d]ZZ OcaUSabObbSbS 3W\hSZ^ZObh`SQV\S` Z]QOZ TOb QZWS\b W\RWdWRcSZZS`
E

1PRZT]S1TaTXRW) 6WS`PSW VO\RSZb Sa aWQV c[ AS`dS``SQV\S` RS`S\ 2WS\abS dWO <SbheS`Y d]\ hOVZ`SWQVS\ 1ZWS\ba O\UST]`RS`b eS`RS\

E

<XSS[TfPaT1TaTXRW) C\bS` ;WRRZSeO`S dS`abSVb [O\ DS`[WbbZc\UaRWS\abS W\ dS`bSWZbS\ AgabS[S\ RV RWS ;S\US OZZS` >`]U`O[[S Rc`QV RWS 9][[c\WYObW]\ c\R 2ObS\OcabOcaQV heWaQVS\ dS`aQVWSRS\S\ >`]U`O[[S\ Phe `Éc[ZWQV US b`S\\bS\ @SQV\S`\ h0 heWaQVS\ 4`]\bS\R c\R 0OQYS\R S`ab S`[rUZWQVb eW`R 2Ohc hÉVZS\ OcQV RS` HcU`WTT OcT 2ObS\PO\YS\ c\R a]US\O\\bS @S[]bS >`]QS Rc`S 1OZZa @>1 PSW RS\S\ Oca SW\S[ >`]U`O[[ VS`Oca 4c\YbW]\S\ O\RS`S` >`]U`O[[S bg^WaQVS`eSWaS dWO <SbheS`Y OcTUS`cTS\ eS`RS\

/PPWZRc\U ! abSZZb RWS 8OdO:OcThSWbc[USPc\U c\R 3RWbW]\S\ SW\O\RS` USUS\ºPS` 2[XT]cBTaeTa) 2c`QV RWS 0SU`WTTS 2[XT]c c\R BTaeTa eW`R SW\ 2WS\abZSW abc\UadS`VÉZb\Wa heWaQVS\ heSW A]TbeO`S9][^]\S\bS\ PSaQV`WSPS\ /PP " 2OPSW VO\RSZb Sa aWQV bg^WaQVS`eSWaS c[ heSW dS`aQVWSRS\S >`]U`O[[S Phe >`]hSaaS B^UcfPaT^aXT]cXTacT BXRWc( 3W\ >`]U`O[[ S`P`W\Ub SW\S\ AS` dWQS 2WS\abZSWabc\U RS` Rc`QV SW\ O\RS`Sa W\ /\a^`cQV US\][[S\ eW`R /cQV W\\S`VOZP SW\Sa >`]U`O[[a ZOaaS\ aWQV 1ZWS\bAS`dS`Ab`cYbc`S\ WRS\bWTW hWS`S\ ES\\ RWS A]TbeO`S9][^]\S\bS\ OcT dS`aQVWSRS\S\ @SQV\S`\ ZOcTS\ RO\\ eS`RS\ [Wb RS\ 0SU`WTTS\ 1ZWS\b c\R AS`dS` ]RS`( 6]ab OcQV RWS S\ba^`S QVS\RS\ @SQV\S` PShSWQV\Sb 7PaSfPaT^aXT]cXTacT BXRWc DWO <SbheS`Y U`SWTb RS` 1ZWS\b OcT RWS 2WS\abS RSa AS`dS`a hc ;SWab Wab SW\ AS`dS` ROhc d]`USaS VS\ RWS /\T`OUS\ dWSZS` 1ZWS\ba hc PSO`PSWbS\ 9ZOaaWaQVSa 0SWa^WSZ Wab RS` ESPaS`dS` RS` O\ RS\ 1ZWS\b`SQV\S` O\UST]`RS`bS 6B;:ASWbS\ dS`aS\RSb

!

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

2ScbZWQV eW`R ROaa SW\ /a^SYb RS` ^ZObbT]`[ºPS`U`SWTS\RS\ DS`eS\RPO`YSWb d]\ 8O dO PS`SWba RO`W\ PSabSVb ROaa 8OdO>`]U`O[[S ºPS`OZZ dS`eS\RSb eS`RS\ Yr\\S\( D][ 6O\Rg PWa hc[ [ÉQVbWUS\ /^^ZWYObW]\aaS`dS` 2c`QV RWS EOVZ RS` A^`OQVS 8O dO VÉZb [O\ aWQV OZZS =^bW]\S\ VW\aWQVbZWQV [rUZWQVS` /\eS\Rc\UaTSZRS` ]TTS\ 7[ 5`c\RS Wab 8OdO OZa] RScbZWQV [SV` OZa \c` SW\S A^`OQVS( 2OVW\bS` abSVb hcUZSWQV SW\ DS`Pc\R OcTSW\O\RS` OPUSabW[[bS` BSQV\]Z]UWS\ RWS USSWU\Sb aW\R ^`]TSaaW]\SZZS dS`bSWZbS dWSZaQVWQVbWUS AgabS[S hc S\beWQYSZ\ 5Pc 2[XT]c 8OdO /\eS\Rc\U

9ZOaaS\PWPZW]bVSYS\

8OdO DW`bcOZ ;OQVW\S

1a^fbTa2[XT]c 8OdO /^^ZSb

8D; W\bSU`WS`b W\ ESPP`]eaS`

9ZOaaS\PWPZW]bVSYS\

8OdO DW`bcOZ ;OQVW\S

0Sb`WSPaagabS[

FTQQa^fbTa

6O`ReO`S

0Sb`WSPaagabS[

5a^]cT]SQTaTXRW) 1ZWS\bO\eS\Rc\US\

9!B4 9!<4

6O`ReO`S

<XSS[TfPaTQTaTXRW) 9PePFTQbTaeTa

9PeP491BTaeTa

8OdO AS`dZSb

3\bS`^`WaS 8OdO 0SO\

9ZOaaS\PWPZW]bVSYS\

9ZOaaS\PWPZW]bVSYS\

8OdO DW`bcOZ ;OQVW\S

8OdO DW`bcOZ ;OQVW\S

FTQbTaeTa

0__[bTaeTa

0Sb`WSPaagabS[

0Sb`WSPaagabS[

6O`ReO`S

6O`ReO`S

DS`PW\Rc\UaRWS\abS W[ 1ZWS\bAS`dS` C[TSZR

9!B4

1PRZT]SQTaTXRW) AS`dS`O\eS\Rc\US\

9!44

0QQ !") DO`WO\bS\ RS` 8OdO:OcThSWbc[USPc\U c\R 3RWbW]\S\ 2ORc`QV c\bS`abºbhb RWS 8OdOBSQV\]Z]UWS SW\ Tº` RWS 7\T]`[ObWY W\aPSa]\RS`S OPS` RWS EW`baQVOTbaW\T]`[ObWY hS\b`OZSa /\ZWSUS\( 8]cTVaPcX^] eTacTX[cTa BhbcT\T OcT RS`

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

!

0OaWa SW\S` [rUZWQVab SW\VSWbZWQVS\ BSQV\]Z]UWS 4]`baQV`WbbS W[ 0S`SWQV RS` 6O`R c\R A]TbeO`SbSQV\WY W\\S`VOZP RS` ZSbhbS\ heSW 8OV`hSV\bS TºV`bS\ hc SW\S` /PYSV` d]\ hS\b`OZWaWS`bS\ ;OW\T`O[S5`]z`SQV\S`Ab`cYbc`S\ HWSZ Wab Sa PSW RS` STTWhWS\bS\ @SOZWaObW]\ Y][^ZSfS` dS`bSWZbS` /\eS\Rc\US\ [Wb [rUZWQVab eS\WU dS`aQVWSRS\S\ BSQV\]Z]UWS\ c\R OcQV >`]U`O[[WS`a^`OQVS\ OcahcY][[S\ c\R aWQV R]QV \WQVb OcT PSabW[[bS 6O`ReO`S^ZObbT]`[S\ c\R 0Sb`WSPaagabS[S TSabZSUS\ hc [ºaaS\ 8OdO Wab XSR]QV OcQV RSaVOZP c\WdS`aSZZ dS`eS\RPO` eSWZ 8OdO>`]U`O[[S ]V\S Ò\ RS`c\U c\R <ScS`abSZZc\U OcT OZZS\ `SZSdO\bS\ 0Sb`WSPaagabS[S\ OPZOcTTÉVWU aW\R 2WSaS` >ZObbT]`[c\OPVÉ\UWUYSWb dS`RO\Yb RWS A^`OQVS 8OdO WV`S\ 3`T]ZU W\aPSa]\RS`S W[ 0S`SWQV W\bS`\Sb]`WS\bWS`bS` PSb`WSPZWQVS` /\eS\Rc\US\ A]TbeO`S]`WS\bWS`bS AWQVb ( 2[XT]c >`]hSaa 

0]U^aSTa] TX]Ta 3XT]bc[TXbcd]V 4aQaX]VT] TX]Ta 3XT]bc[TXbcd]V

BTaeTa >`]hSaa

6O`ReO`S]`WS\bWS`bS AWQVb ( 2[XT]c

0]U^aSTa] TX]Ta 3XT]bc[TXbcd]V

BTaeTa 6]ab

BTaeXRT , 2WS\ab SW\S` A]Tb eO`S9][^]\S\bS :^\_^]T]cT , >`]hSaa ]RS` 5`c^^S d]\ >`]hSaaS\

<SbheS`Y( :/<  E/< 4aQaX]VT] TX]Ta 3XT]bc[TXbcd]V

0QQ !#) 2Oa 1ZWS\bAS`dS`>`W\hW^ 3XT ?[PccU^a\d]PQWÊ]VXVZTXc e^] 9PeP?a^VaP\\T] 2WS ^ZObbT]`[c\OPVÉ\UWUS 9]\hS^bW]\ RS` A^`OQVS 8OdO ZÉaab aWQV W[ AZ]UO\ faXcT ^]RT Ž ad] TeTahfWTaT hcaO[[S\TOaaS\ 7[ 5`c\RS P`W\Ub 8OdO W\ 4]`[ RS` 8OdO DW`bcOZ ;OQVW\S abSba aSW\S SWUS\S OPab`OYbS /caTºV`c\Ua^ZObbT]`[ [Wb RWS Tº` OZZS eWQVbWUS\ >`]hSaa]`S\ c\R 0Sb`WSPaagabS[S dS`TºUPO` Wab 2S` 3\beWQYZS` SW\Sa 8OdO>`]U`O[[a [caa aWQV YSW\S 5SRO\YS\ ºPS` 6O`ReO`S ]RS` 0Sb`WSPaagabS[ RSa @SQV\S`a [OQVS\ OcT RS[ ROa TS`bWUS 8OdO>`]U`O[[ Oca USTºV`b eS`RS\ a]ZZ( 3a YO\\ h0 c\bS` :W\cf S\beWQYSZb c\R USbSabSb eS`RS\ eÉV `S\R ROa eSWbS`USUSPS\S ]RS` hc[ 2]e\Z]OR hc` DS`TºUc\U USabSZZbS >`]U`O[[ a^ÉbS` OcT EW\R]ea@SQV\S`\ US\cbhb eW`R 5`c\RaÉbhZWQV a]`Ub RWS 8D; ROTº` ROaa SW\[OZ USaQV`WSPS\S 8OdO>`]U`O[[S ]V\S Ò\RS`c\U OcT OZZS\ 6O`ReO`S >ZObbT]`[S\ c\R 0Sb`WSPaagabS[S\ OPZOcTTÉVWU aW\R Tº` RWS SW\S 8D; dS`TºUPO` c\R W\abOZZWS`b Wab 2WS 8D; abSZZb SW\S /`b IfXbRWT]bRWXRWc RO` RWS ROa Y]\Y`SbS 0Sb`WSPa agabS[ c\R RWS 6O`ReO`S RSa @SQV\S`a d]` RS` 8OdO/\eS\Rc\U dS`PW`Ub A][Wb Tc\UWS`b RWS 8D; OZa SWUS\abÉ\RWUS heWaQVS\USaQVOZbSbS >ZObbT]`[ Rc`QV RWS OZZS 8OdO>`]U`O[[S OcaUSTºV`b eS`RS\ /ca AWQVb RSa 8OdO>`]U`O[[a S`aQVSW\b aWS OZa /caTºV`c\Ua[OaQVW\S RWS WV`S SWUS\S\ 0STSVZS YS\\b c\R W\bS`^`SbWS`b /ca AWQVb

!!

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

RS` >ZObbT]`[ RSa @SQV\S`a OcT RS[ ROa 8OdO>`]U`O[[ ZÉcTb aSbhb aWS ROa 8OdO >`]U`O[[ W\ ^ZObbT]`[a^ShWTWaQVS /\eSWac\US\ c[( E

3W\ W\ 8OdO USaQV`WSPS\Sa >`]U`O[[ [caa hcS`ab d][ 8OdO1][^WZS` W\ a^ShWSZ ZSa 1]RW\U Tº` RWS 8D; ºPS`aSbhb eS`RS\ 2OPSW VO\RSZb Sa aWQV c[ RS\ a]US \O\bS\ 9PeP1hcTR^ST 2WSaS` 0gbSQ]RS S\bVÉZb YSW\S`ZSW ^ZObbT]`[a^ShWTWaQVS 7\ VOZbS 3` PSabSVb OcaaQVZWSzZWQV Oca SZS[S\bO`S\ /\eSWac\US\ RWS hc[ A^`OQV c[TO\U RS` 8D; USVr`S\ 2S` 0gbSQ]RS Wab OPa]Zcb ^ZObbT]`[c\OPVÉ\UWU 3` Wab RWS ;OaQVW\S\a^`OQVS RS` 8D; c\R \c` O\ RWSaS` OcaUS`WQVbSb 7\T]`[ObW]\S\ hc` 0gbSQ]RSAb`cYbc` TW\RS\ aWQV OcT RS` ESPaSWbS RSa 0cQVSa

E

2WSaS` 0gbSQ]RS YO\\ d]\ XSRS` 8OdOD; RW`SYb W\bS`^`SbWS`b c\R OcaUSTºV`b eS`RS\ c\R ZÉcTb a][Wb OcT XSRS` >ZObbT]`[ Tº` RWS RWS ^OaaS\RS 8D; PS`SWbabSVb 2WS 8D; ºPS`aSbhb OZZS 0gbSQ]RS/\eSWac\US\ RSa 8OdO>`]U`O[[a RW`SYb PSW RS` /caTºV`c\U W\ SZS[S\bO`S 0STSVZS ;OaQVW\S\a^`OQVS Tº` RWS Y]\Y`Sb d]` ZWSUS\RS 0Sb`WSPaagbS[ c\R 6O`ReO`S>ZObbT]`[

E

0SW[ ÍPS`UO\U d]\ SW\S[ @SQV\S` hc[ O\RS`S\ d]\ SW\S[ 0Sb`WSPaagabS[ hc[ O\RS`S\ Wab YSW\S`ZSW Ò\RS`c\U O[ c`a^`º\UZWQVS\ 8OdO1]RS \rbWU c\R OcQV YSW\ /\^OaaS\ ]RS` UO` <ScS`abSZZS\ RSa SW\[OZ Y][^WZWS`bS\ 0gbSQ]RSa

2WS >ZObbT]`[c\OPVÉ\UWUYSWb RS` A^`OQVS 8OdO eW`R a][Wb Rc`QV RS\ C[eSU RS` 0gbSQ]RS3`hScUc\U S``SWQVb 3`ab RS` 0gbSQ]RS eW`R Rc`QV RWS 8D; W\ ^ZObbT]`[a^S hWTWaQVS PW\É`S \c` Rc`QV RWS Ag[P]ZS `]U`O[[a \WQVb OcaSW\O\RS`aSbhS\ [caa ;O\ ^`]U`O[[WS`b Tº` RWS 8D; ’ c\R Tº` OZZS eWQVbWUS\ 0Sb`WSPaagabS[S c\R 6O`ReO`S^ZObbT]`[S\ abSVb SW\S O\US^OaabS 8D; PS`SWb RWS RWS ^ZObbT]`[a^ShWTWaQVS C[aSbhc\U RSa US\S `WS`bS\ 0gbSQ]RSa PSa]`Ub ;][S\bO\ c\bS`abºbhb RWS 8 A3 cO RWdS`aS /ca^`ÉUc\US\ RS` 0Sb`WSPaagabS[S A]ZO`Wa EW\R]ea c\R :W\cf OcT dS`aQVWSRS\S\ >`]hSaa]`S\ 7\ /PPWZRc\U # Wab RWS 8D;7\T`Oab`cYbc` RS\ DS`VÉZb\WaaS\ Y]\dS\bW]\SZZS` Y][^W ZWS`bS` A^`OQVS\ eWS 1 ]RS` 1 USUS\ºPS`USabSZZb( 3W\ W\ 1 USaQV`WSPS\Sa >`] U`O[[ ROaa hc` /caTºV`c\U c\bS` EW\R]ea USaQV`WSPS\ ec`RS [caa SdS\bcSZZ W[ 1]RW\U dS`É\RS`b eS`RS\ eS\\ Sa OcQV c\bS` :W\cf ZOcTTÉVWU aSW\ a]ZZ 5O\h PS abW[[b XSR]QV Wab ROhc SW\S <ScºPS`aSbhc\U [WbbSZa SW\Sa :W\cfa^ShWTWaQVS\ 1][^W ZS`a S`T]`RS`ZWQV RO 1][^WZS` Y]\dS\bW]\SZZS` A^`OQVS\ PSW[ ÍPS`aSbhS\ RSa >`] U`O[[a RW`SYb ^ZObbT]`[a^ShWTWaQVS\ PW\É`S\ ;OaQVW\S\Q]RS S`hScUS\ RS` W[ <]` [OZTOZZ OcT YSW\S[ O\RS`S\ 0Sb`WSPaagabS[ OcaTºV`PO` Wab A][Wb UWZb VWS`( faXcT ^]RT Ž R^\_X[T TeTahfWTaT RV Tº` XSRS eSWbS`S PS\rbWUbS /caTºV`c\Ua^ZObbT]`[ 5O\h O\RS`a aWSVb RWS 8OdOESZb Oca( 3W\ SW\[OZ USaQV`WSPS\Sa 8OdO>`]U`O[[ [caa \c` SW\[OZ W\ 0gbSQ]RS ºPS`aSbhb eS`RS\ ’ c\R RWSaS` 0gbSQ]RS Wab RW`SYb OcT OZZS\ 0Sb`WSPaagabS[S\ c\R XSRS` 6O`ReO`S OcaTºV`PO` Tº` RWS SW\S 8D; PS`SWb abSVb 6WS` UWZb( faXcT ^]RT Ž R^\_X[T P]hfWTaT Ž ad] TeTahfWTaT 3Ta 8]cTa_aTcPcX^]be^aVP]V STa 9E< 2WS 0gbSQ]RS/caTºV`c\U Rc`QV RWS 8D; Wab SW\ 7\bS`^`SbObW]\ad]`UO\U RV RWS SW\ hSZ\S\ SZS[S\bO`S\ 0gbSQ]RS/\eSWac\US\ eS`RS\ \OQVSW\O\RS` OcaUSeS`bSb c\R

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

!"

W\ ^ZObbT]`[a^ShWTWaQVS AgabS[OcT`cTS c[USaSbhb W\bS`^`SbWS`b 2]QV VSPb aWQV RWS 7\bS`^`SbObW]\aZSWabc\U RS` 8D; d]\ XS\S` d]ZZ W\bS`^`SbWS`bS` A^`OQVS\ RScbZWQV OP( 3W\ Y]\dS\bW]\SZZS` 7\bS`^`SbS` Rc`QVZÉcTb PSO`PSWbSb RS\ >`]U`O[[bSfb HSWZS Tº` HSWZS ]V\S =^bW[WS`c\UaZSWabc\U ASZPab eS\\ RWSaSZPS /\eSWac\UaT]ZUS [SV`TOQV OcTb`Wbb h0 W\ AQVZSWTS\ TW\RSb abSba d]\ <ScS[ RWSaS` ÍPS`aSbhc\Ua c\R /caTºV `c\Uad]`UO\U abObb 9]\dS\bW]\SZZS 7\bS`^`SbS`a^`OQVS\ aW\R \]b]`WaQV ZO\UaO[ 9][^WZWS`bS Y]\dS\bW]\SZZS >`]U`O[[WS`a^`OQVS 1 1][^WZS` Tº` EW\R]ea

7\bSZ>1 ;A EW\R]ea

;OaQVW\S\Q]RS Tº` EW\R]ea ^ZObbT]`[a^ShWTWaQV

?cSZZQ]RS DO`WO\bS\

1 1][^WZS` Tº` :W\cf

;OaQVW\S\Q]RS Tº` :W\cf /Z^VO>`]hSaa]` :W\cf

8D;0gbSQ]RS /`QVWbSYbc` d]\ 8OdO

1hcTR^ST 8OdO 1][^WZS` 8OdO ?cSZZQ]RS

7\bSZ>1 ;A EW\R]ea

9E< Tº` EW\R]ea >ZObbT]`[a^ShWTWaQVS` ;OaQVW\S\Q]RS

>ZObbT]`[ c\OPVÉ\UWU

9E< Tº` :W\cf /Z^VO>`]hSaa]` :W\cf

0QQ !$) DS`UZSWQV Y][^WZWS`bS` >`]U`O[[WS`a^`OQVS\ [Wb RS` 8D;/`QVWbSYbc` 2WS 8OdO0gbSQ]RS/`QVWbSYbc` Wab XSR]QV Rc`QV SW\S HeSWbSWZc\U RS` >`]U`O[[Oca TºV`c\U USYS\\hSWQV\Sb ’ Rc`QV SW\ ]^bW[WS`bSa HcaO[[S\a^WSZ d]\ 1][^WZS` c\R 7\bS`^`SbS` eSaVOZP [O\ 8OdO OcQV OZa bT\XZ^\_X[XTacT A^`OQVS PShSWQV\Sb E

7[  AQV`Wbb TW\RSb ROa >O`aS\ c\R /\OZgaWS`S\ RSa >`]U`O[[bSfbSa Rc`QV RS\ 8OdO1][^WZS` abObb ASW\S =^bW[WS`c\U S`hScUb [rUZWQVab STTSYbWdS\ 0gbSQ]RS

E

7[  AQV`Wbb eS`RS\ RWS 8D;/\eSWac\US\ RSa ]^bW[WS`bS\ 0gbSQ]RSa Rc`QV RS\ 7\bS`^`SbS` RS` 8D; [WbbSZa 8cab 7\ BW[S 1][^WZObW]\ 87B STTWhWS\b OcaUS TºV`b( 2S` 8D;87B1][^WZS` O\OZgaWS`b RS\ 0gbSQ]RS c\R S`YS\\b eWSRS`V]Zb OcahcTºV`S\RS >`]U`O[[bSWZS V]ba^]ba RWS RWS /caTºV`c\UahSWb abO`Y PSSW\ TZcaaS\ 2WSaS eS`RS\ OZa 5O\hSa d]` RS[ `SabZWQVS\ eS\WUS` ^S`T]`[O\h Y`WbWaQVS\ 0gbSQ]RS W\ ;OaQVW\S\a^`OQVS ºPS`aSbhb c\R Yr\\S\ W[ a^ÉbS`S\ DS`ZOcT RW`SYb ]V\S hSWb`OcPS\RS <ScW\bS`^`SbObW]\ OcaUSTºV`b eS`RS\

A] Y][PW\WS`b RWS 9E<1hcTR^ST0aRWXcTZcda RWS D]`bSWZS W\bS`^`SbWS`bS` c\R Y][^W ZWS`bS` A^`OQVS\ c\R [W\W[WS`b RS`S\
!#

!

9PeP P[b B_aPRWT d]S ?[PccU^a\

Z^\_X[XTacT A^`OQVS dWSZ aQV\SZZS` OZa `SW\S 7\bS`^`SbS`a^`OQVS\ OPS` RS\\]QV SbeOa ZO\UaO[S` OZa `SW\S 1][^WZS`a^`OQVS\ eWS 1 ]RS` 1  2WSa Wab PSU`º\RSb W\ RS` 8D; OZa idbÊci[XRWTa BRWXRWc heWaQVS\ RS[ 8OdO>`]U`O[[ c\R RS` 6O`ReO`S RSa OcaTºV`S\RS\ @SQV\S`a 2S` heSWbS AQV`Wbb( 9][^WZObW]\ hc 0gbSQ]RS c\R O\aQVZWS zS\RS /caTºV`c\U Rc`QV RS\ 7\bS`^`SbS` RS` 8D; Y]abSb HSWb /cQV SW\S 87B ]^bW[WS`bS 8D; eW`R W\ RS` 7\bS`^`SbObW]\ RSa 0gbSQ]RSa \WS a] aQV\SZZ aSW\ Yr\\S\ eWS PSW RW`SYbS` /caTºV`c\U d]\ ;OaQVW\S\Q]RS 8SR]QV Wab RS` 5SaQVeW\RWUYSWbac\bS`aQVWSR ]Tb \WQVb U`OdWS`S\R( 8OdO>`]U`O[[S aW\R bRW]T[[ VT]dV hc` /caTºV`c\U RS` [SWabS\ bg^WaQVS\ /cTUOPS\ A][Wb ºPS`eWS US\ RWS D]`bSWZS RS` 8D;/`QVWbSYbc` Wab aWS R]QV 5`c\RZOUS RS` agabS[ c\R aQVWQV bS\ºPS`U`SWTS\RS\ DS`eS\RPO`YSWb d]\ 8OdO OZa A^`OQVS BSQV\]Z]UWS c\R >ZObbT]`[ IdbP\\T]UPbbd]V ) FPad\ 9PeP . EW` Yr\\S\ \c\ RWS Y]\hS^bW]\SZZS\ D]`bSWZS d]\ 8OdO c[`SWzS\ :Ocb Ac\ Wab 8OdO( E

TX]UPRW) 9][^ZWhWS`bS A^`OQVab`cYbc`S\ ec`RS\ dS`[WSRS\ 2S` A^`OQVc[TO\U Wab YZSW\ ROTº` abSVS\ c[TO\U`SWQVS 9ZOaaS\PWPZW]bVSYS\ hc` DS`TºUc\U

E

^QYTZc^aXT]cXTac) 8OdO>`]U`O[[S PSabSVS\ OcaaQVZWSzZWQV Oca 9ZOaaS\) 3`TOV `c\US\ [Wb dWSZS\ ]PXSYb]`WS\bWS`bS\ A^`OQVS\ ec`RS\ PS`ºQYaWQVbWUb

E

eTacTX[c) <SbhPOaWS`bS [SV`aQVWQVbWUS dS`bSWZbS /\eS\Rc\US\ aW\R `SOZWaWS`PO`

E

X]cTa_aTcPcXe) 2S` 0gbSQ]RS/\aObh dS`PW\RSb RWS D]`bSWZS W\bS`^`SbWS`bS` c\R Y][^WZWS`bS` A^`OQVS\) 8OdO Wab SW\S aS[WY][^WZWS`bS A^`OQVS

E

a^Qdbc) 4SVZS`_cSZZS\ Rc`QV Y][^ZWhWS`bS A^`OQVY]\ab`cYbS eS`RS\ dS`[WSRS\ RWS A^SWQVS`dS`eOZbc\U eW`R d][ 8OdO:OcThSWbagabS[ ºPS`\][[S\

E

bXRWTa) AWQVS`VSWba[SQVO\Wa[S\ dS`VW\RS`\ RWS /caTºV`c\U c\aWQVS`S\ 1]RSa 

E

PaRWXcTZcda _[PccU^a\ d]PQWÊ]VXV) 2WS 8D; c\R RS` 0gbSQ]RS OPab`OVWS `S\ d]\ 6O`ReO`S c\R a^ShWSZZS[ 0Sb`WSPaagabS[

E

_^acXTaQPa) 2WS 8D; W\bS`^`SbWS`b WRS\bWaQVS\ 0gbSQ]RS OcT OZZS\ c\bS`abºbhbS\ >ZObbT]`[S\ a] ROaa ?[PccU^a\>UUT]WTXc VS``aQVb

E

[TXbcd]VbbcPaZ) HeO` SbeOa ZO\UaO[S` OZa 1 OPS` [SWab aQV\SZZ US\cU

E

CWaTPSd]cTabc¶ciT]S) Ab`cYbc`S\ hc` Ag\QV`]\WaObW]\ ^O`OZZSZ ZOcTS\RS` /ca TºV`c\Uaab`É\US BV`SORa W\ SW\S[ >`]U`O[[ >`]hSaa aW\R BSWZ RS` A^`OQVS

E

Sh]P\XbRW) 0S\rbWUbS 0WPZW]bVSYaYZOaaS\ eS`RS\ Ocb][ObWaQV hc` :OcThSWb RSa >`]U`O[[a Rg\O[WaQV VW\hcUSZORS\

9S\\hSWQV\S\R Tº` RWS 8D;>VWZ]a]^VWS Wab RS` 5SRO\YS RS` CaP]b_PaT]i >ZObb T]`[a^ShWTWaQVS 2SbOWZa c\R Y][^ZSfS W\bS`\S D]`UÉ\US aW\R W\ RS` 8D; Tº` RS\ 8O dO3\beWQYZS` dS`P]`US\ RS` RORc`QV S\bZOabSb eW`R 2WSa S`ZSWQVbS`b RWS @SOZWaObW]\ Y][^ZSfS` /\eS\Rc\US\ `]U`O[[S\ /cQV VWS`W\ c\bS`aQVSWRSb aWQV 8OdO d]\ O\RS`S\ A^`OQVS\



+XYZKRRKT [TJ '[YL„NXKT \UT 0G\G6XUMXGSSKT

8OdO>`]U`O[[WS`c\U PSRScbSb >`]U`O[[bSfb hc dS`TOaaS\ RWSaS\ W\ OPZOcTTÉVWUS\ 0gbSQ]RS c[hceO\RSZ\ c\R RS\ S`hScUbS\ 0gbSQ]RS Rc`QV RWS 8D; OcaTºV`S\ hc ZOaaS\ /ZZS ROhc S`T]`RS`ZWQVS\ ES`YhScUS abSVS\ RS[ 3\beWQYZS` OZa 0SabO\RbSWZS RSa 8 A29 hc` DS`TºUc\U /cT RS` ESPaSWbS RSa 0cQVSa aW\R 0SaQVOTTc\U 7\abOZZObW ]\ c\R 9]\TWUc`ObW]\ RSa 8 A29 c\R RS` T`SW dS`TºUPO`S\ W\bSU`WS`bS\ 3\beWQY Zc\Uac[USPc\U 723 3QZW^aS c\bS` :W\cf c\R EW\R]ea PSaQV`WSPS\ 7\bSU`WS`bS 3\beWQYZc\Uac[USPc\US\ c\bS`abºbhS\ [OaaWd PSW 3`abSZZc\U 0SO`PSW bc\U 9][^WZObW]\ c\R /caTºV`c\U RSa >`]U`O[[Q]RSa 5`rzS`S >`]U`O[[WS`^`] XSYbS [Wb hOVZ`SWQVS\ d]\SW\O\RS` OPVÉ\UWUS\ >`]U`O[[RObSWS\ ZOaaS\ aWQV \c` [Wb WV`S` 6WZTS aW\\d]ZZ dS`eOZbS\ c\R Y]\b`]ZZWS`S\ 5`c\RaÉbhZWQV XSR]QV US\ºUb hc[ >`]U`O[[WS`S\ [Wb 8OdO OcQV SW\ SW\TOQVS` BSfbSRWb]` SW\ W\abOZZWS`bSa 8 A29 c\R RWS 9][[O\R]hSWZS d]\ RS` Oca 1][^WZS` c\R RWS 8D; OcTUS`cTS\ eS`RS\ 2SaVOZP dS`hWQVbS\ eW` OcT Sf^ZWhWbS DS`eS\Rc\U SW\S` PSabW[[bS\ 3\beWQYZc\Ua c[USPc\U) abObbRSaaS\ eW`R RW`SYb ROa 1]RW\U RS` 0SWa^WSZ^`]U`O[[S eWSRS`USUS PS\ 3PS\a] eS`RS\ TOZZeSWaS 0WZRaQVW`[OcaUOPS\ OPZOcTS\RS` >`]U`O[[S W\YZcaWdS S`T]`RS`ZWQVS` 0S\cbhS`SW\UOPS\ W\ SW\S[ abWZWaWS`bS\ 9]\a]ZS\TS\abS` RO`USabSZZb 2WSaSa 9O^WbSZ [rQVbS RWS ^`W\hW^WSZZS\ AQV`WbbS d]\ RS` 8OdO>`]U`O[[S`abSZZc\U PWa hc` /caTºV`c\U PSaQV`SWPS\ ’ c\R ROPSW \]QV[OZa dS`RScbZWQVS\ W\eWSTS`\ aWQV 8O dO d]\ YZOaaWaQVS\ 7\bS`^`SbS` c\R 1][^WZS`a^`OQVS\ c\bS`aQVSWRSb



6XUMXGSSOKX]KXQ`K[MK QUT\KTZOUTKRRKX 9VXGINKT

5`c\RZOUS RS` >`]U`O[[S`abSZZc\U Wab RS` W\ RS` XSeSWZWUS\ >`]U`O[[WS`a^`OQVS US aQV`WSPS\S >`]U`O[[bSfb 2Ohc eW`R SW\ SW\TOQVS` 3RWb]` ]RS` SW\S 3\beWQYZc\Ua c[USPc\U dS`eS\RSb 2S` c`a^`º\UZWQVS >`]U`O[[bSfb eW`R OZa @dT[[R^ST b^daRT R^ST PShSWQV\Sb ’ c\R W\ SW\S[ 2ObS\TWZS USa^SWQVS`b RSaaS\ Bg^W\T]`[ObW]\ `]U`O[[WS`a^`OQVS VW\eSWab A] S\ RS\ ?cSZZQ]RSTWZSa RS` A^`OQVS 1 [SWab OcT ±W ‰ÁÄͱW a]ZQVS RS` A^`OQVS 1 OcT ±W¬¬ ‰ÁÄͱW¬¬ c\R XS\S RS` A^`OQVS 8OdO bcTcb OcT XOdO ‰ÁÄͱŽ?Ü? 2S` ?cSZZQ]RS YO\\ \SPS\ RS[ SWUS\bZWQVS\ >`]U`O[[bSfb cO OcQV 9][[S\bO`S S\bVOZbS\ ;O`YWS`c\US\ SW\Sa 2SPcUUS`a /\eSWac\US\ hc` DS`eS\Rc\U d]`USTS` bWUbS` 0WPZW]bVSYS\ c\R a^ShWSZZS AbScS`Q]RSa RWS d]\ PSabW[[bS\ ES`YhScUS\ h0 hc` Ocb][ObWaQVS\ 3`hScUc\U d]\ 2]Yc[S\bObW]\ OcaUSeS`bSb eS`RS\ /cT ROa ?cSZZQ]RSTWZS U`SWTS\ 7\bS`^`SbS` c\R 1][^WZS` hc c[ ROa >`]U`O[[ W\ OcaTºV`PO`S 4]`[ hc ºPS`aSbhS\ 7\bS`^`SbS` c\R 1][^WZS` aSZPab aW\R >`]U`O[[S RWS W\ RS` :O US aW\R SW\USZSaS\S\ ?cSZZQ]RS hc O\OZgaWS`S\ ^O`aS\ c\R W\ a]US\O\\bS\ ;O aQVW\S\Q]RS hc ºPS`aSbhS\ RS` d]\ USSWU\SbS\ >`]hSaa]`S\ RW`SYb OcaUSTºV`b eS` RS\ YO\\

!%

"



4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

/TZKXVXKZOKXZK 9VXGINKT

2WS /`PSWbaeSWaS SW\Sa 7\bS`^`SbS`a UWPb /PPWZRc\U ! eWSRS`( 2S` 7\bS`^`SbS` ZWSab ROa ?cSZZQ]RSTWZS c\R PSO`PSWbSb acYhSaaWdS XSRS RO`W\ S\bVOZbS\S Y][^ZSbbS /\eSW ac\U 2OPSW eW`R RWS /\eSWac\U W\ RWS ;OaQVW\S\a^`OQVS RSa PSb`STTS\RS\ @SQV \S`a ºPS`aSbhb c\R a]T]`b OcaUSTºV`b 2WSa S`T]ZUb /\eSWac\U Tº` /\eSWac\U ’ \OQV ÍPS`aSbhc\U SW\S` /\eSWac\U W\ ;OaQVW\S\Q]RS eW`R RWSaS` a]T]`b OcaUSTºV`b c\R RWS \ÉQVabS /\eSWac\U Y][[b O\ RWS @SWVS 2S` 7\bS`^`SbS` ^`]RchWS`b ^ZObbT]`[ a^ShWTWaQVS\ ;OaQVW\SQ]RS ;rQVbS [O\ ROa >`]U`O[[ OcT O\RS`S` 6O`ReO`S c\R 0Sb`WSPaagabS[ OcaTºV`S\ ZOaaS\ a] PS\rbWUb [O\ SW\S\ O\RS`S\ ROTº` O\US^OaabS\ 7\bS`^`SbS` RS`aSZPS\ >`]U`O[[WS`a^`OQVS 7\bS`^`SbS`

4SXc^a

;OaQVW\S\Q]RS  

?cSZZQ]RS

_[PccU^a\b_TiXUXbRW

     

A]T]`bWUS /caTºV`c\U XSRS` /\eSWac\U

0QQ " ) 2W`SYbS >`]U`O[[OcaTºV`c\U Rc`QV RS\ 7\bS`^`SbS` 2OPSW [S`Yb aWQV RS` 7\bS`^`SbS` RS\ S`hScUbS\ ;OaQVW\S\Q]RS \WQVb( 2S` ;OaQVW \S\Q]RS eW`R \WQVb USa^SWQVS`b a] ROaa PSW RS` \ÉQVabS\ /caTºV`c\U RSa c\dS`É\ RS`bS\ >`]U`O[[a RWS USaO[bS ÍPS`aSbhc\UaO`PSWb eWSRS` O\TÉZZb ASZPab eÉV`S\R RS` /caTºV`c\U RSa >`]U`O[[a eS`RS\ eWSRS`V]Zb d]`Y][[S\RS /\eSWac\US\ h0 W\ AQVZSWTS\ abSba S`\Scb ºPS`aSbhb OZa eº`RS RS` 7\bS`^`SbS` hc[ S`abS\ ;OZS OcT RWSaS ab]zS\ 2WSaS SWUS\bZWQV ºPS`TZºaaWUS ;SV`O`PSWb PSRW\Ub ROaa >`]U`O[[S `SW\S` 7\bS`^`SbS`a^`OQVS\ aSV` ZO\UaO[ OcaUSTºV`b eS`RS\ 0SWa^WSZS aW\R RWS c` a^`º\UZWQVS\ 4Oaac\US\ d]\ 0/A71 c\R :7A> <]QV U`OdWS`S\RS` Wab XSR]QV ROaa 4SVZS` W[ >`]U`O[[bSfb S`ab eÉV`S\R RSaaS\ /caTºV`c\U PS[S`Yb eS`RS\ ’ W\ RS` @SUSZ Rc`QV >`]U`O[[OPP`ºQVS ’ RO Sa YSW\S d]`USaQVOZbSbS >`ºTc\U eWS PSW 1][^WZS`\ ac UWPb 2ORc`QV PZSWPS\ [O\QVS 4SV ZS` ]RS` c\aWQVS`S\ 9]\ab`cYbS c\PS[S`Yb ’ PWa aWS W`US\ReO\\ hc TOZaQVS` /`PSWba eSWaS RSa >`]U`O[[a TºV`S\ c\R AQVORS\ O\`WQVbS\ D]`bSWZ d]\ 7\bS`^`SbS`a^`OQVS\ Wab RWS ;rUZWQVYSWb RS` aSV` W\bS`OYbWdS\ >`]U`O[[ S\beWQYZc\U( ;O\ UWPb SW\WUS >`]U`O[[hSWZS\ SW\ c\R YO\\ RWSaS RW`SYb ]V\S heW aQVS\USaQVOZbSbS aS^S`ObS 9][^WZObW]\ Rc`QV RS\ 7\bS`^`SbS` OcaTºV`S\ ZOaaS\ c[ ROa @SacZbOb O[ 0WZRaQVW`[ hc PSUcbOQVbS\ HeWaQVS\ 3`abSZZc\U RSa ?cSZZQ]RSa c\R aSW\S` /caTºV`c\U ZWSUb \c` SW\ AQV`Wbb RWS /`PSWb RSa 7\bS`^`SbS`a 7\bS`^`SbS` eS` RS\ Tº` AY`W^ba^`OQVS\ >6> 8OdOaQ`W^b DWacOZ 0OaWQ AQ`W^b >SO`Z dS`eS\RSb



1USVOROKXZK 9VXGINKT

2WS /`PSWb [Wb Y][^WZWS`bS\ A^`OQVS\ Wab Rc`QV SW\S YZOaaWaQVS IfTXcTX[d]V US^`ÉUb( 2Oa UO\hS W\ RS` ?cSZZQ]RSRObSW S`TOaabS >`]U`O[[ eW`R Rc`QV RS\ 1][^WZS` W\ ^ZObbT]`[a^ShWTWaQVS ;OaQVW\S\a^`OQVS ºPS`aSbhb c\R ROa Y][^ZSbbS 3`USP\Wa 9][

"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

!&

^WZOb W\ SW\S` aS^S`ObS\ 0W\É`RObSW OPUSa^SWQVS`b ’ OZa] ]XRWc RW`SYb OcaUSTºV`b ;O\ a^`WQVb d][ 0OcS\ 0cWZb RSa >`]U`O[[a 3`ab W[ heSWbS\ AQV`Wbb eW`R OcT RWSaS 0W\É`RObSW hcUSU`WTTS\ c\R RS` S\bVOZbS\S ;OaQVW\S\Q]RS Rc`QV RS\ >`]hSaa]` Oca USTºV`b 2S` 1][^WZS` S`hScUb [rUZWQVab aQV\SZZ OcaTºV`PO`S\ ;OaQVW\S\Q]RS 2WS ^ZObbT]`[a^ShWTWaQVS 0W\É`RObSW YO\\ RO\\ RW`SYb OcaUSTºV`b eS`RS\ ]V\S ROaa eSWbS`S >`]U`O[[S W\d]ZdWS`b eÉ`S\ 4]ZUZWQV ZÉaab aWQV RWS 0W\É`RObSW OcQV OcT O\ RS`S @SQV\S` [Wb UZSWQVS[ ]RS` Y][^ObWPZS[ >`]hSaa]` c\R 0Sb`WSPaagabS[ ºPS` b`OUS\ c\R R]`b SPS\TOZZa RW`SYb OcaTºV`S\ ]V\S ROaa R]`b SW\S 3\beWQYZc\Uac[US Pc\U Phe 1][^WZS` W\abOZZWS`b aSW\ [ºaabS 2OUSUS\ S`T]`RS`b SW\S /caTºV`c\U OcT O\RS`S\ >`]hSaa]`S\ c\R c\bS` O\RS`S\ 0Sb`WSPaagabS[S\ hc[W\RSab SW\S <ScY][ ^WZObW]\ [Wb SW\S[ ROTº` USSWU\SbS\ 1][^WZS` 2WS U`]zS\ E^acTX[T RWSaS` D]`USVS\aeSWaS aW\R( E

3a TW\RSb YSW\S ZO\UaO[S 3W\hSZaQV`WbbÍPS`aSbhc\U c\R /caTºV`c\U eWS PSW 7\ bS`^`SbS`\ abObb DWSZ[SV` ZWSUb \OQV 9][^WZObW]\ ROa UO\hS >`]U`O[[ OZa Tº` SW\S\ PSabW[[bS\ >`]hSaa]`bg^ c\R 0Sb`WSPaagabS[ ]^bW[WS`bS ;OaQVW\S\Q]RS 2ObSW d]` RWS aSV` aQV\SZZ RW`SYb Rc`QV RS\ >`]hSaa]` OcaUSTºV`b eW`R 2WS 0db U¶Wad]VbVTbRWfX]SXVZTXc Wab dWSZ VrVS` OZa PSW[ 7\bS`^`SbWS`S\ d]\ >`]U`O[[S\

E

D]` RS` /caTºV`c\U abSVb RS` 9][^WZObW]\ad]`UO\U 2OPSW ºPS`^`ºTb RS` 1][^W ZS` RS\ ?cSZZQ]RS OcT 4SVZS`T`SWVSWb ’ c\R Wab W\ RS` :OUS ag\bOYbWaQVS c\R bSWZ eSWaS OcQV ab`cYbc`SZZS 4SVZS` hc TW\RS\ 7\ RWSaS[ 4OZZ eW`R RS` 9][^WZObW]\a d]`UO\U OPUSP`]QVS\ c\R S\ba^`SQVS\RS 4SVZS`[SZRc\US\ OcaUSUSPS\ 2S` 3\beWQYZS` eW`R OZa] aQV]\ hc` 2^\_X[TiTXc OcT >`]U`O[[TSVZS` OcT[S`YaO[ US[OQVb \WQVb S`ab Rc`QV >`]U`O[[OPabº`hS hc` ;PdUiTXc RSa >`]U`O[[a

:SWRS` YO\\ OcQV RS` PSabS 1][^WZS` \WQVb OZZS [rUZWQVS\ 4SVZS` TW\RS\ Ag\bOfTSV ZS` TSVZS`VOTbS Bg^hceSWac\US\ c\R SW\TOQVS ab`cYbc`SZZZ]UWaQVS 4SVZS` [SZRSb RS` 1][^WZS` 2OUSUS\ Wab Tº` RWS U`c\RaÉbhZWQVS OZU]`WbV[WaQVS >`]U`O[[Z]UWY \Obº`ZWQV OZZSW\S RS` 3\beWQYZS` hcabÉ\RWU( =P SW\ >`]U`O[[ eW`YZWQV SW\ >`]PZS[ RS` `SOZS\ ESZb Y]``SYb Zrab YO\\ \c` RS` ;S\aQV PSc`bSWZS\ \WQVb RS` @SQV\S` HcRS[ YO\\ Rc`QV a^ShWSZZS AQVZºaaSZe]`bS RS` 1][^WZS` UShec\US\ eS`RS\ /\eSWac\US\ hc OYhS^bWS`S\ RWS S` O\RS`\TOZZa OZa c\Y]``SYb OPeSWaS\ eº`RS :SWRS` b`SbS\ \WQVb OZZS [rUZWQVS\ 4SVZS` aQV]\ hc` 1][^WZShSWb RSa >`]U`O[[a OcT) Sa PZSWPS\ W[[S` \]QV hOVZ`SWQVS 4SVZS` RWS RS` 1][^WZS` \WQVb S`YS\\S\ YO\\ ’ c\R RWS hc :OcThSWb /PP`ºQVS\ TºV`S\ A][Wb [caa RWS >`]U`O[[Z]UWY aSZPab dS`acQVS\ [rUZWQVS 4SV ZS` hc` :OcThSWb OPhcTO\US\ abObb Sa hc c\Y]\b`]ZZWS`bS\ >`]U`O[[OPP`ºQVS\ [Wb 2ObS\dS`Zcab Y][[S\ hc ZOaaS\ D]`OcaaSbhc\U ROTº` Wab ROaa RWS >`]U`O[[WS` a^`OQVS USSWU\SbS ;WbbSZ hc` 4SVZS`Y]\b`]ZZS PS`SWbabSZZb 2WSa Wab PSW 8OdO RS` 4OZZ 2^\_X[TiTXc d]S ;PdUiTXc ) C\bS` 2^\_X[TiTXc dS`abSVb [O\ RWS HSWb eÉV`S\R RS` 9][^WZObW]\ /ZZSa eOa aWQV eÉV`S\R RS` 1][^WZShSWb S`SWU\Sb eW`R Y]\b`]ZZWS`b Rc`QV RS\ 1][^WZS` 0S`SWba eÉV`S\R RS` 1][^WZShSWb abObbTW\RS\S D]`UÉ\US eS`RS\ OZa bcPcXbRW PShSWQV\Sb RO WV` 3`USP\Wa PS`SWba Rc`QV RWS 9][^WZObW]\ TSababSVb 2WS ;PdUiTXc Wab RWS HSWb eÉV`S\R RS` ROa ºPS`aSbhbS 9][^WZOb OcT RS[ @SQV \S` OcaUSTºV`b eW`R RV ROa >`]U`O[[ ZÉcTb 4SVZS` RWS eÉV`S\R RS` :OcT hSWb OcTb`SbS\ [ºaaS\ Rc`QV ROa >`]U`O[[ aSZPab OPUSTO\US\ c\R aW\\d]ZZ

!'

"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

PSVO\RSZb eS`RS\ :OcThSWbTSVZS` aW\R a][Wb ^`]PZS[ObWaQVS` OZa 4SVZS` hc` 1][^WZShSWb 3`ab eÉV`S\R RS` :OcThSWb abObbTW\RS\RS D]`UÉ\US eS`RS\ OZa Sh ]P\XbRW PShSWQV\Sb RO WV`S /PZOcTeSWaS S`ab hc` :OcThSWb h0 W\ /PVÉ\UWU YSWb d]\ 0S\cbhS`SW\UOPS\ PSabW[[b eW`R EW` eS`RS\ PSW 4SVZS`aWbcObW]\S\ abSba dS`[S`YS\ ]P Sa aWQV c[ SW\S\ 4SVZS` hc` 1][^WZShSWb VO\RSZb RS` d][ 1][^WZS` US[SZRSb eW`R ]RS` c[ SW\S\ :OcThSWbTSV ZS` RS` SW\S\ >`]U`O[[OPP`cQV dS`c`aOQVb /PPWZRc\U ! hSWUb ROaa aWQV O\ SW\S[ 0cWZb SW\Sa Y][^WZWS`bS\ >`]U`O[[a \]QV eSWbS`S AQV`WbbS O\aQVZWSzS\( 2S` d][ 1][^WZS` S`hScUbS ;OaQVW\S\Q]RS eW`R OZa =PXSYb[]RcZ PShSWQV\Sb ROa [SWab \]QV d]`Y][^WZWS`bS 0WPZW]bVSYa;]RcZS dS` eS\RSb 2c`QV SW\ eSWbS`Sa >`]U`O[[ RS\ ;XQaPah `]U`O[[S ]RS` 2ObSWS\ RW`SYb OcaUSTºV`b eS`RS\ 7\abOZZObW]\ RSa OPZOcTTÉVWUS\ >`]U`O[[a PSRScbSb a][Wb 7\abOZZObW]\ RWSaSa 3fSQcbOPZS4WZSa 2^\_X[Ta

3RWb]` ?cSZZQ]RS

_[PccU^a\b_TiXUXbRW

=PXSYb[]RcZ ;OaQVW\S\Q]RS   

4SVZS`[SZRc\US\ SXaTZc PdbU¶WaQPa

3fSQcbOPZS 3W\UOPS\ RSa 0S\cbhS`a + /caUOPS\ RSa >`]U`O[[a

;X]ZTa

:WP`O`g ;O\OUS`

D]`Y][^WZWS`bS 0WPZW]bVSYS\

0QQ "!) >`]U`O[[S`abSZZc\U W[ 9]\bSfb SW\S` Y][^WZWS`bS\ A^`OQVS 2S` PSaQV`WSPS\S D]`UO\U S\ba^`WQVb RS[ >`]hSaa bcPcXbRWT] ;X]ZT]b PSW RS[ RS` USaO[bS ;OaQVW\S\Q]RS aQV]\ hc` HSWb RSa :W\YS\a TSab SW\USPc\RS\ eW`R 2O\SPS\ SfWabWS`b OcQV RWS BSQV\WY RSa Sh]P\XbRWT] ;X]ZT]b PSW RS[ RWS PS\rbWU bS\ 0WPZW]bVSYa[]RcZS 2g\O[WQ :W\Y :WP`O`WSa S`ab hc` :OcThSWb VW\hcUSZORS\ eS` RS\ eS\\ OcT aWS hcUSU`WTTS\ eW`R 2ORc`QV PS\rbWUb ROa SWUS\bZWQVS 3fSQcbOPZS eS\WUS` A^SWQVS`^ZObh c\R YO\\ aQV\SZZS` USZORS\ c\R OcaUSTºV`b eS`RS\

"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]



!(

1USVOROKXKT [TJ /TZKXVXKZOKXKT \UT 0G\G6XUMXGSSKT

2WS >`]U`O[[S`abSZZc\U c\bS` 8OdO abSZZb aWQV SbeOa O\RS`a RO` OZa Tº` 7\bS`^`SbS` c\R 1][^WZS` PSaQV`WSPS\ /PS` OcQV VWS` ZWSUS\ eWS PSW YZOaaWaQVS\ 1][^WZS` a^`OQVS\ heSW AQV`WbbS d]`( 9][^WZObW]\ RSa ?cSZZQ]RSa Rc`QV SW\S\ 1][^WZS` c\R \OQVT]ZUS\RS /caTºV`c\U RSa W\ SW\S[ 0W\É`TWZS OPUSa^SWQVS`bS\ 9][^WZOba /ZZS 8OdO?cSZZQ]RS4WZSa [ºaaS\ RWS 3\Rc\U ±Ž?Ü? OcTeSWaS\ h0 ‰ÁÄͱŽ?Ü? eÉV`S\R RWS Y][^WZWS`bS\ 4WZSa d][ 1][^WZS` Ocb][ObWaQV [Wb RS` 3\Rc\U ±W?ÄÄ dS`aSVS\ eS`RS\ a] ROaa [O\ d]\ 2[Pbb5X[Tb a^`WQVb 2Oa ?cSZZQ]RS4WZS YO\\ [Wb XSRS[ BSfbSRWb]` S`abSZZb c\R USZSaS\ eS`RS\ 2OUSUS\ eW`R ROa 1ZOaa4WZS Rc`QV RS\ 8OdO1][^WZS` W\ PW\É`S[ 4]`[Ob S`hScUb) rTT\Sb [O\ Sa W[ BSfbSRWb]` a] S`VÉZb [O\ SW\S eSWbUSVS\R c\ZSaS`ZWQVS 2O`abSZZc\U 9PeP2^\_X[Ta

3RWb]`

1hcTR^ST _[PccU^a\d]PQWÊ]VXV

8OdO ?cSZZQ]RS ±Ž?Ü? 4SVZS`[SZRc\US\

±W?ÄÄ   9!B3:



8OdO>OYSbS 9E<

_[PccU^a\d]PQWÊ]VXV

3W\UOPS\ RSa 0S\cbhS`a + /caUOPS\ RSa >`]U`O[[a

±W?ÄÄ

1ZOaa :]ORS`

_[PccU^a\b_TiXUXbRWTa 3XaTZcT 0dbU¶Wad]V

?[PccU^a\ ) 1TcaXTQbbhbcT\  7PaSfPaT

;OaQVW\S\Q]RS

8]cTa_aTcTa

   

0QQ "") >`]U`O[[S`abSZZc\U W\\S`VOZP RS` 8OdO0gbSQ]RS/`QVWbSYbc` /ZZS`RW\Ua S\bVÉZb ROa PW\É`S 1ZOaa4WZS \WQVb ^ZObbT]`[a^ShWTWaQVS ;OaQVW\S\a^`OQVS a]\RS`\ RS\ drZZWU ^ZObbT]`[c\OPVÉ\UWUS\ 1hcTR^ST RS` d][ 7\bS`^`SbS` RS` 8D; hc` :OcThSWb RSa 8OdO>`]U`O[[a OcaUSTºV`b eW`R ’ c\R S`ab RORc`QV W\ ;OaQVW\SQ] RS ºPS`aSbhb eW`R /PP !! 2O Sa aWQV PSW[ 0gbSQ]RS c[ SW\S\ PS`SWba ]^bW[WS`bS\ HeWaQVS\Q]RS VO\RSZb YO\\ RS` 7\bS`^`SbS` RS` 8D; RWSaS\ RScbZWQV STTSYbWdS` c[ aSbhS\ OZa `SW\S\ ?cSZZQ]RS W[ 4OZZ YZOaaWaQVS` 7\bS`^`SbS` 2c`QV RWS 8D; eW`R RS` 0gbSQ]RS OcT RS` a^ShWSZZS\ @SQV\S`>ZObbT]`[ OcaUSTºV`b 4º` OZZS `SZSdO\bS\ >ZObb T]`[S\ abSVS\ a^ShWTWaQVS 8D;7[^ZS[S\bWS`c\US\ hc DS`TºUc\U eÉV`S\R RS` 0gbSQ]RS RSa 8OdO>`]U`O[[a abSba WRS\bWaQV PZSWPb D]\ RS\ 0Sa]\RS`VSWbS\ RS` HWSZ^ZObbT]`[ 6O`ReO`S c\R 0Sb`WSPaagabS[ Wab RS` 3\beWQYZS` a][Wb Rc`QV RWS 8D; drZZWU OPUSaQVW`[b 2Oa 0gbSQ]RS>`W\hW^ UO`O\bWS`b 8]cTa^_TaPQX[XcÊc c\R ?^acXTaQPa ZTXc OZZS` 8OdO/\eS\Rc\US\ c\R 9][^]\S\bS\ 2O 0gbSQ]RS Rc`QV RS\ 8OdO1][^WZS` S`abSZZb eW`R US\WSzb 8OdO RS\ U`]zS\ D]`bSWZ d]\ 1][^WZS`A^`OQVS\( EÉV`S\R RS` 9][^WZObW]\ aQV]\ hc` 1][^WZShSWb eW`R RS`

"

"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

?cSZZQ]RS OcT 4SVZS` US^`ºTb c\R \c` PSW U`c\RaÉbhZWQVS` 4SVZS`T`SWVSWb SW\ ]^bW[WS` bSa 0W\É`TWZS [Wb 0gbSQ]RS W\ RS` A^`OQVS RS` 8D; S`abSZZb 2S` 0gbSQ]RS ROa 1ZOaa4WZS YO\\ OcT RS[ S`hScUS\RS\ @SQV\S` OcaUSTºV`b eS` RS\ ’ ]RS` OPS` h0 dWO 7\bS`\Sb OcT 4`S[R`SQV\S` [Wb UO\h O\RS`S` 6O`ReO`S c\R 0Sb`WSPaagabS[ ºPS`b`OUS\ c\R RW`SYb OcaUSTºV`b eS`RS\ eS\\ R]`b SW\S 8D; h0 OZa BSWZ RSa ESPP`]eaS`a W\abOZZWS`b Wab 8OdO dS`TºUb ºPS` ZTX]T] :W\YS` AbObbRSaaS\ a]`Ub SW\ Sh]P\XbRWTa 2[Pbb ;^PSTa RO Tº` ROaa Tº` RWS >`]U`O[[OcaTºV`c\U PS\rbWUbS eSWbS`S 1ZOaa4WZSa Oca 0WPZW]bVSYS\ BSWZ RSa 8 A29 ]RS` aSZPa^`]U`O[[WS`bS ;]RcZS S`ab eÉV`S\R RS` :OcThSWb PSW 0S RO`T Rg\O[WaQV \OQVUSZORS\ eS`RS\ 2S` 1ZOaa :]ORS` Wab BSWZ RS` 8D; c\R eW`R Ocb][ObWaQV bÉbWU eS\\ hc` :OcThSWb 1ZOaa4WZSa \OQVUSZORS\ eS`RS\ [ºaaS\ 2WS S`T]`RS`ZWQVS\ 1ZOaa4WZSa Yr\\S\ O\ c\bS`aQVWSRZWQVS\ =`bS\ W[ 4WZSagabS\ OP USa^SWQVS`b aSW\ ES`RS\ aWS eÉV`S\R RS` :OcThSWb PS\rbWUb a] eW`R aWS RS` 1ZOaa :]ORS` hcdS`ZÉaaWU TW\RS\ a]TS`\ S\ba^`SQVS\RS 9]\TWUc`ObW]\aaQV`WbbS ASbhS\ RSa 1ZOaa^ObVa ac c\R ESPaSWbS S`T]ZUb aW\R /ZZS PS\rbWUbS\ 1ZOaa4WZSa Yr\\S\ W\ SW \S[ SW\hWUS\ 9PeP0aRWXe ±Ž?Á4WZS hcaO[[S\USTOaab eS`RS\ 7\ /PPWZRc\U !" aW\R RWS AQV`WbbS RS` >`]U`O[[S`abSZZc\U \]QV[OZa Oca 3\beWQYZS` aWQVb hcaO[[S\USTOaab 2S` ?cSZZQ]RS PSTW\RSb aWQV W\ SW\S[ XOdO4WZS 2c`QV /cT `cT RSa W[ 8 A29 S\bVOZbS\S\ 8OdO1][^WZS`a Ž?Ü?W [Wb /\UOPS RSa ?cSZZQ]RSTWZS \O[S\a eW`R ROa >`]U`O[[ Y][^WZWS`b 2OPSW eW`R Tº` XSRS SW\hSZ\S RO`W\ S\bVOZbS \S 8OdO9ZOaaS SW\ aS^S`ObSa ±W?ÄÄ0gbSQ]RS4WZS S`hScUb c\R W[ /`PSWbadS`hSWQV \Wa W\ RS[ aWQV OcQV ROa ?cSZZQ]RSTWZS PSTW\RSb USa^SWQVS`b 9][^WZWS`c\UaSW\VSWb W\ 8OdO Wab RWS 9ZOaaS ’ RWSa YZO` eS\\ eW` c\a [Wb RS[ 9ZOaaS\Y]\hS^b dS`b`Ocb US[OQVb VOPS\ /ca SW\S[ 8OdO4WZS ‰ÁÄͱŽ?Ü? W\ RS[ aWQV SW\S 8OdO9ZOaaS \O[S\a ‰ÁÄÍ PSTW\RSb eW`R ROa PW\É`S 0gbSQ]RS4WZS ‰ÁÄͱW?ÄÄ S`hScUb 3W\ S`abSa YZSW\Sa 8OdO>`]U`O[[ c\R ?cSZZQ]RSTWZS( W?ÄÄ ‰ÁÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~R S ?Á~Ä ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu¹ ¯Ç Q Q

2Oa 1]RW\U OYhS^bWS`S\ eW` [][S\bO\ \]QV OZa d]`USUSPS\S 0ZOQY 0]f EOa 9ZOa aS ;SbV]RS c\R d]ZZabÉ\RWUSa >`]U`O[[ W[ 9]\bSfb d]\ 8OdO PSRScbS\ eW`R W[ T]ZUS\RS\ 9O^WbSZ S`ZÉcbS`b D]`S`ab USPS\ eW` c\a [Wb RS` dS`SW\TOQVbS\ @SUSZ hcT`WSRS\ ROaa ROa ±Ž?Ü?4WZS RS\aSZPS\ `]U`O[[ Phe RWS S\bVOZbS\S OcaTºV`PO`S SW\S ”?‰™®¯ ;SbV]RS S\bVOZbS\RS 9ZOaaS 2S[ 0SWa^WSZ Wab OPhcZSaS\ ROaa ROa >`]U`O[[ RS\
"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

"

hS\ SW\S` >TORC[USPc\UadO`WOPZS S\dW`]\[S\b dO`WOPZS ’ c\bS` EW\R]ea h0 RW `SYb Rc`QV T]ZUS\RS\ 9][[O\R]hSWZS\PSTSVZ /YbcSZZSa /`PSWbadS`hSWQV\Wa aSW RS` =`R\S` ]N j”Ä W\ RS[ aWQV OcQV ROa 4WZS ‰ÁÄͱŽ?Ü? PSTW\RS a]ZZ

]Naj”Ä  ÄjÍ ¬?͆s ]NŽÔÄa¤±yNM‰™

3RWb]`

2^\_X[TiTXc

;PdUiTXc

?cSZZQ]RS

>1  ESPP`]eaS`

QZOaa 5Xabc i

>1

9E< 1ZOaa :]ORS`

 k

/^^ZWYObW]\S\  /^^ZSba

5XabcYPeP

7\bS`^`SbS` YPeP

;^ZP[Ta ?2 =TcifTaZ 8]cTa]Tc

1][^WZS` YPePR

;OaQVW\SQ]RS

0gbSQ]RS

   

    

0dbU¶Wad]V

5XabcR[Pbb

3\beWQYZS`

4SXc^a

?cSZZQ]RS ‰ÁÄͱŽ?Ü?

YPePR :^\_X[PcX^]

0gbSQ]RS

YPeP 8]cTa_aTcPcX^]

3`USP\Wa

‰ÁÄͱW?ÄÄ 0dbU¶Wad]V

0QQ "#) 2S` ESU d][ ?cSZZQ]RS hc[ OcaUSTºV`bS\ 8OdO>`]U`O[[ 0S\cbhb ROa >`]U`O[[ hcaÉbhZWQVS 1ZOaa4WZSa RWS \WQVb W[ OYbcSZZS\ /`PSWbadS` hSWQV\Wa ZWSUS\ VWS`( =`R\S` ]N j”Ä a] [caa Ž?Ü?W c\R Ž?Ü? [WbUSbSWZb eS` RS\ c\bS` eSZQVS[ DS`hSWQV\Wa>TOR \OQV RWSaS\ 1ZOaa4WZSa hc acQVS\ Wab 2WSa eW`R S``SWQVb Rc`QV ASbhS\ RS` a]USO\\bS\ W?ÄĬ?͆DO`WOPZS\ 0STW\RS\ aWQV 1ZOaa4WZSa h0 c\bS` EW\R]ea W[ =`R\S` ]N?Ü?ÄN ?ÄÄjÄ a] ZÉaab aWQV RWS W?ÄĬ?͆DO`WOPZS ^S` 9][[O\R]hSWZS aSbhS\(

]N j”Ä  ÄjÍ W?ÄĬ?͆s ]N?Ü?ÄN ?ÄÄjÄDZ

2S` 9][[O\R]hSWZS\/cT`cT RSa 8 A291][^WZS`a Ž?Ü?W c\bS` EW\R]ea ZOcbSb

]N j”Ä  Ž?Ü?W ‰ÁÄͱŽ?Ü?

A]TS`\ ROa ?cSZZQ]RSTWZS TSVZS`T`SW Wab c\R aWQV Y][^WZWS`S\ ZÉaab eS`RS\ YSW\S eSW bS`S\ /caUOPS\ S`hScUb ’ c\R ROa 0gbSQ]RSTWZS ‰ÁÄͱW?ÄÄ US\S`WS`b c\R OcT RS[ 4WZSagabS[ O\USZSUb C[ ROa >`]U`O[[ OcahcTºV`S\ [caa YPeP RS` 8 A29 AbO`bS` RS` 8D; 9PeP P__[XRPcX^] [Pd]RWTa OcTUS`cTS\ eS`RS\ 2Oa B]]Z YPeP abO`

"!

"

4abcT[[T] d]S 0dbU¶WaT] e^] 9PeP?a^VaP\\T]

bSb SW\S 8D; ZÉRb ROa US\O\\bS 1ZOaa4WZS c\R `cTb RSaaS\ [OW\;SbV]RS OcT 2S`
]N j”Ä  Ž?Ü? 0jÄÍ

C[ SW\ 1ZOaa4WZS Rc`QV Ž?Ü? OcaTºV`S\ hc Yr\\S\ [caa W[ hcUSVr`WUS\ 8OdO ?cSZZQ]RSTWZS SW\S ”?‰™®¯;SbV]RS S\bVOZbS\ aSW\ /Za 3`USP\Wa RS` /caTºV`c\U RSa >`]U`O[[a eW`R SW\S 9]\a]ZS\OcaUOPS USbÉbWUb 2S` Y][^ZSbbS /PZOcT abSZZb aWQV W\ RS` EW\R]ea9]\a]ZS eWS T]ZUb RO`( 3a PSRScbSb F RWS @Sbc`\BOabS ˆ ™Äj ˆ

]N j”Ä  ÄjÍ ¬?͆s ]NŽÔÄa¤±yNM‰™ F

]N j”Ä  ÄjÍ W?ÄĬ?͆s ]NŽ?Ü?ÄNW?ÄÄjÄDZ F

]N j”Ä  Ž?Ü?W ‰ÁÄͱŽ?Ü? F

]N j”Ä  Ž?Ü? ‰ÁÄÍ F ? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu +ÁWjÄÄ Þ‰Í ±±±

]N j”Ä 

2WS ;SZRc\U +ÁWjÄÄ Þ‰Í W\T]`[WS`b RO`ºPS` ROaa RS` OYbcSZZS >`]hSaa RWS ZOcTS\RS 8D; c\R ROa RO`W\ OPUSO`PSWbSbS >`]U`O[[ bS`[W\WS`b ec`RS ;rQVbS [O\ SW\ 8OdO>`]U`O[[ eSWbS`USPS\ ]RS` SW\[OZ dS`TOaabS 8OdO;]RcZS 9ZOaaS\ OcQV W\ O\RS`S\ >`]U`O[[S\ dS`eS\RS\ a] US\ºUb ROa PSb`STTS\RS 1ZOaa 4WZS) RS` hcUSVr`WUS\ ?cSZZQ]RS Wab \WQVb S`T]`RS`ZWQV /cT RS` ESPaSWbS eS`RS\ 7\abOZZObW]\ c\R 9]\TWUc`ObW]\ d]\ 8 A29 c\R 3QZW^aS 723 OcaTºV`ZWQV PSaQV`WSPS\ a] ROaa eW` VWS` \WQVb eSWbS` RO`OcT SW\USVS\ 0SW DS`eS\ Rc\U SW\S` 723 Yr\\S\ OZZS >TORS c\R C[USPc\UadO`OWPZS\ TSab Y]\TWUc`WS`b eS` RS\ a] ROaa aWS Tº` 8OdO>`]XSYbS d]`SW\USabSZZb aW\R ;Wb RS[ 8 A29 eS`RS\ d]\ RS` 4W`[O Ac\ \WQVb \c` 1][^WZS` 8D; c\R c[TO\U`SWQVS 9ZOaaS\PWPZW]bVSYS\ hc` DS` TºUc\U USabSZZb a]\RS`\ OcQV ES`YhScUS d]\ RS\S\ SW\WUS W\ BOPSZZS ! OcTUS TºV`b aW\R 7\T]`[ObW]\S\ ROhc TW\RS\ aWQV SPS\TOZZa OcT RS` ESPaSWbS RSa 0cQVSa XOdOQ

8OdO 1][^WZS`

XOdO

8OdO 8D; AbO`bS` 8OdO O^^ZWQObW]\ ZOc\QVS`

O^^ZSbdWSeS` /caTºV`c\U c\R 2O`abSZZc\U d]\ /^^ZSba abObb 0`]eaS` XOdOR]Q

5S\S`WS`c\U d]\ 2]Yc[S\bObW]\ W[ 6B;:4]`[Ob

XO`

/`QVWdWS`c\U >OQYS\ d]\ 4WZSa

XOdO^

2WaOaaS[PZS` Tº` 0gbSQ]RS

XRP

SW\TOQVS` 2SPcUUS`

CPQ " ) 3W\WUS ES`YhScUS RSa 8OdO A]TbeO`S 2SdSZ]^[S\b 9Wb 7[ T]ZUS\RS\ 9O^WbSZ eS`RS\ eW` RS\ /cTPOc d]\ 8OdO>`]U`O[[S\ c\R SZS[S\bO`S 9]\ab`cYbS RS` A^`OQVS YS\\S\ZS`\S\ c\R W\ SW\TOQVS\ >`]U`O[[S\ dS`eS\RS\



*OK 9ZX[QZ[X \UT 0G\G6XUMXGSSKT

2WS A^`OQVS 8OdO VOb SW\S Rc`QVUÉ\UWU ]PXSYb]`WS\bWS`bS Ab`cYbc` abSZZb OZa] YSW\S 6gP`WRa^`OQVS RO` eWS h0 1 2WSa S`VrVb ZSbhbZWQV :SaPO`YSWb c\R DS`abÉ\RZWQVYSWb d]\ 8OdO>`]U`O[[S\ c\R S`ZSWQVbS`b RWS ]PXSYb]`WS\bWS`bS >`]U`O[[WS`c\U OcT RS` 0OaWa d]\ 8OdO /ZZS`RW\Ua S`aQVeS`b Sa _PaPS^gTafTXbT hcUZSWQV RS\ 3W\abWSU W\ RWS 8OdO >`]U`O[[WS`c\U( 2S\\ PS`SWba W\ RS\ SW\TOQVabS\ >`]U`O[[S\ aW\R Ab`cYbc`S\ S\b VOZbS\ RS`S\ AW\\ c\R 0SRScbc\U aWQV Tabc UO\h S`aQVZWSzb eS\\ [O\ RWS 5`c\R Y]\hS^bS RS` =PXSYb]`WS\bWS`c\U PS`SWba S`TOaab VOb A][Wb [ºaaS\ eW` O\TO\Ua SW\WUS 8OdOAQVZºaaSZe]`bS c\R /caR`ºQYS aQVZWQVb OYhS^bWS`S\ c\R UZSWQVaO[ OZa 0ZOQY 0]f SW\aSbhS\ RO RWSaS S`ab O\ a^ÉbS`S` AbSZZS S`ZÉcbS`b eS`RS\ Yr\\S\ ES\\UZSWQV RWS ]PXSYb]`WS\bWS`bS >`]U`O[[WS`c\U SW\Sa c\aS`S` hS\b`OZS\ /\ZWSUS\ Wab TºV`S\ eW` R]QV hcS`ab W\ SZS[S\bO`S A^`OQVPSabO\RbSWZS c\R bg^WaQV ^`]hSRc`O ZS\ 9]\ab`cYbS SW\ ºPS` RWS 8OdO \Obº`ZWQV SPS\TOZZa dS`TºUb 3W\ aWQVS`S` C[UO\U [Wb RWSaS\ 3ZS[S\bS\ S`ZSWQVbS`b RWS DS`[WbbZc\U ]PXSYb]`WS\bWS`bS` Ab`cYbc`S\ O\ VO\R Y]\Y`SbS` >`]U`O[[WS`PSWa^WSZS



9_TZG^ [TJ 9KSGTZOQ

2WS 2STW\WbW]\ RS` A^`OQVS 8OdO Wab TSabUSaQV`WSPS\ W\ RS` 9PeP ;P]VdPVT B_TRXUXRPcX ^] 2O`W\ eW`R RS` E]`baQVObh RS` >`]U`O[[WS`a^`OQVS S`TOaab RV RWS ;S\US RS` `SaS`dWS`bS\ BRW[¶bbT[f^acT RWS W\ SW\S[ UO\h PSabW[[bS\ 9]\bSfb dS`eS\RSb eS` RS\ [ºaaS\ ’ [Wb US\Oc RSTW\WS`bS` /caeW`Yc\U OcT ROa ZOcTS\RS >`]U`O[[ 8OdO Wab SW\S RPbTbT]bXcXeT A^`OQVS( 5`]z c\R 9ZSW\aQV`SWPc\U eW`R c\bS`aQVWSRS\ /ZZS 8O dOAQVZºaaSZe]`bS [ºaaS\ SbeO Z[TX] USaQV`WSPS\ eS`RS\ RO[Wb aWS RS` 1][^WZS` OZa a]ZQVS S`YS\\b c\R OYhS^bWS`b <SPS\ d]`RSTW\WS`bS\ AQVZºaaSZe]`bS\ Yr\\S\ W\ SW\S[ 8OdO>`]U`O[[ OcQV SWUS\S 1TiTXRW]Ta dS`eS\RSb eS`RS\( 2WSa aW\R QT]dciTaSTUX]XTacT T`SW eÉVZPO`S =P\T] Tº` DO`WOPZS\ ;SbV]RS\ 9ZOaaS\ SbQ 6WS` VOb RS` /cb]` eSWbUSVS\R T`SWS EOVZ ac ’ OcQV VW\aWQVbZWQV 5`]z c\R 9ZSW\aQV`SWPc\U 6Ob [O\ aWQV XSR]QV SW\[OZ Tº` SW\S AQV`SWPeSWaS S\baQVWSRS\ a] Wab RWSaS W[ eSWbS`S\ DS`ZOcT RSa >`]U`O[[a PSWhcPSVOZbS\( 2SYZO`WS`b [O\ h0 SW\S DO`WOPZS \O[S\a ?¬‰Í? a] YO\\ RWSaS \WQVb [Wb RS` AQV`SWPeSWaS ?¬‰Í? O\USa^`]QVS\ eS`RS\ C[ SW\S A^`OQVS OcQV >`]U`O[[WS`a^`OQVS dS`eS\RS\ hc Yr\\S\ [caa WV`S Ag\ bOf c\R AS[O\bWY PSYO\\b aSW\( 2WS Bh]cPg SW\S` A^`OQVS `SUSZb RWS 0WZRc\U U`O[[ObWYOZWaQV aW\\d]ZZS` /\eSWac\ US\ AÉbhS Oca RS\ HSWQVS\ c\R RS[ E]`baQVObh RS` A^`OQVS 4º` >`]U`O[[WS` a^`OQVS\ eS`RS\ RWSaS Ag\bOf`SUSZ\ ]Tb Y]\hS\b`WS`b W\ Z]UWaQVT]`[OZS` AQV`SWPeSW aS ]RS` Rc`QV Ag\bOfRWOU`O[[S R]Yc[S\bWS`b 2WSaS aW\R Tº` RS\ 3W\abWSU W\ RWS

"#

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

A^`OQVS XSR]QV [SWab c\USSWU\Sb 2SaVOZP S`ZÉcbS`\ eW` bg^WaQVS ag\bOYbWaQVS Ab`cY bc`S\ U`c\RaÉbhZWQV Rc`QV Y]\Y`SbS >`]U`O[[WS`PSWa^WSZS 2WS BT\P]cXZ SW\S` A^`OQVS S`YZÉ`b RWS 0SRScbc\U SW\hSZ\S` A^`OQVY]\ab`cYbS 4º` SW\S >`]U`O[[WS`a^`OQVS RSTW\WS`b aWS eSZQVS EW`Yc\U PSabW[[bS >`]U`O[[WS`O\ eSWac\US\ W[ XSeSWZWUS\ 9]\bSfb VOPS\ 5`c\RZSUS\RS 9]\hS^bS c\R 3ZS[S\bS d]\ >`]U`O[[WS`a^`OQVS\ ]PS`VOZP RS` [O aQVW\S\a^`OQVZWQVS\ 3PS\S S\babO\RS\ OZa <XccT[ STa BcadZcdaXTad]V c\R ATSdZcX^] e^] :^\_[TgXcÊc Rc`QV hc\SV[S\RS /Pab`OYbW]\ c\R /caR`cQYaY`OTb( E

3ZS[S\bO`S 2ObS\bg^S\( ;]RSZZWS`c\U dS`aQVWSRS\O`bWUS` 5`rzS\ AWQVS`VSWb Rc`QV Bg^^`ºTc\U Rc`QV RS\ 1][^WZS`

E

DO`WOPZS\ c\R 9]\abO\bS\( DS`eS\Rc\U d]\ ZSaPO`S\ `]U`O[[

E

/caR`ºQYS( 4]`[SZVOTbS DS`Y\º^Tc\U d]\ DO`WOPZS\ c\R 9]\abO\bS\ hc` 0`S`QV\c\U \ScS` ES`bS

E

HceSWac\US\( A^SWQVS`c\U PS`SQV\SbS` ]RS` SW\USUSPS\S` ES`bS W\ DO`WOPZS\ ]RS` 9]\abO\bS\

E

9]\b`]ZZO\eSWac\US\ DS`heSWUc\US\  AQVZSWTS\( /PZOcTabScS`c\U RV aWQVS `S ;O\W^cZObW]\ RSa >`]U`O[[dS`ZOcTa 9]\b`]ZZTZcaa

E

C\bS`^`]U`O[[S >`]hSRc`S\ 4c\YbW]\S\ ;SbV]RS\( 9O^aSZc\U d]\ >`] U`O[[abºQYS\ hc` EWSRS`dS`eS\Rc\U c\R ºPS`aWQVbZWQVS\ Ab`cYbc`WS`c\U

E

:[PbbT]) HcaO[[S\TOaac\U d]\ 2ObS\ c\R hcUSVr`WUS` 4c\YbW]\S\ W\ SW\S` SWUS\abÉ\RWUS\ USYO^aSZbS\ 3W\VSWb

3`ab Rc`QV ROa 9ZOaaS\Y]\hS^b eW`R ºPS` ^`]hSRc`OZS Ab`cYbc`S\ VW\OcaUSUO\US\ W\RS[ 2ObS\ c\R ROa [Wb RWSaS\ 2ObS\ ]^S`WS`S\RS ;SbV]RS\Q]RW\U \WQVb ZÉ\US` Wa]ZWS`b a]\RS`\ OZa 3W\VSWb PSb`OQVbSb eS`RS\



+RKSKTZK \UT 0G\G

0Sd]` eW` ROa S`abS Y]\Y`SbS 8OdO>`]U`O[[ S`abSZZS\ a]ZZS\ RWS U`c\RZSUS\RS\ Ag[P]ZS RS` A^`OQVS ºPS`PZWQYaO`bWU ^`ÉaS\bWS`b eS`RS\



9INR„YYKR]UXZK JKX 9VXGINK 0G\G

@SaS`dWS`bS a^ShWSZZS 0ShSWQV\c\US\ aW\R Tº` PSabW[[bS >`]U`O[[SZS[S\bS d]`US aSVS\ /ZZS AQVZºaaSZe]`bS eS`RS\ W\ 8OdO [Wb :[TX]QdRWbcPQT] USaQV`WSPS\ 3\bVOZ bS\ aW\R OcQV SW\WUS `SaS`dWS`bS E]`bS Q]\ab U]b] RWS \]QV \WQVb Rc`QV RWS A^`OQVa^ShWTWYObW]\ TSabUSaQV`WSPS\ aW\R ’ c\R \WQVb dS`eS\RSb eS`RS\ Rº`TS\ 8OdO Wab SW\S aQVZO\YS >`]U`O[[WS`a^`OQVS( 2WS ;S\US RS` AQVZºaaSZe]`bS Wab aSV` ºPS`aWQVbZWQV ’ OZZS 0SRScbc\US\ c\R DS`eS\Rc\Ua[rUZWQVYSWbS\ eS`RS\ eW` YS\ \S\ZS`\S\ 2S` C[TO\U Wab aSWb ZÉ\US`S[ S`T`ScZWQV abOPWZ USPZWSPS\ 7\ /PPWZRc\U " TW\RS\ aWQV RWS AQVZºaaSZe]`bS dS`aQVWSRS\S\ 3W\aObhPS`SWQVS\ hcUS]`R\Sb 5`c\RaÉbhZWQV UWZb( @SaS`dWS`bS AQVZºaaSZe]`bS RS` A^`OQVS 8OdO Yr\\S\ \c` dS`eS\

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

"$

RSb eS`RS\ eWS Sa RWS 8OdOAg\bOf d]`aQV`SWPb 7\aPSa]\RS`S Rº`TS\ aWS \WQVb hc` 0WZRc\U d]\
:[PbbT] >QYTZcT QZOaa W\bS`TOQS \Se SfbS\Ra W[^ZS[S\ba W\abO\QS=T `Sbc`\

BRW[TXUT] R] eVWZS T]` P`SOY Q]\bW\cS

4[T\T]cPaT 3PcT]ch_T]

^`WdObS ^cPZWQ ^`]bSQbSR OPab`OQb TW\OZ \ObWdS abObWQ ag\QV`]\WhSR b`O\aWS\b d]ZObWZS

5TW[TaQT WP]S[d]V b`g QObQV bV`]ea bV`]e TW\OZZg OaaS`b "

PgbS aV]`b W\b Z]\U TZ]Ob R]cPZS P]]ZSO\ QVO`

1TSX]Vd] VT]

?PRZPVTb

WT SZaS aeWbQV QOaS RSTOcZb

^OQYOUS W[^]`b

ATUTaT]iT] :^]bcP]cT] bVWa ac^S` d]WR \cZZ b`cS TOZaS

ATbTaeXTac ( Q]\ab

U]b]

0QQ # ) 8OdOAQVZºaaSZe]`bS c\R WV`S 3W\aObhPS`SWQVS



4GSKT

2c`QV UaTX fÊW[QPaT `]U`O[[Ocb]` DO`WOPZS\ 9]\abO\bS\ ;S bV]RS\ 9ZOaaS\ SbQ W\ 8OdO PS\S\\S\ 3a USZbS\ T]ZUS\RS ATVT[]( 



5ºZbWUS
!

:SS`hSWQVS\ a^OQSa W\
"

AQVZºaaSZe]`bS RS` A^`OQVS 8OdO Rº`TS\ \WQVb dS`eS\RSb eS`RS\

#

5`]z c\R 9ZSW\aQV`SWPc\U eW`R c\bS`aQVWSRS\

A][Wb VO\RSZb Sa aWQV PSW RS\ T]ZUS\RS\ 0ShSWQV\S`\ c[ V¶[cXVT
Þ¤å

~Á֙aۏ?¬‰Í?

㉙Ä.?Íã


9 2 g

Ä֔”j

.֔”j

0SW RS\
"%

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

.֔”jœ

DS`ab]z USUS\ @SUSZ  ROa HSWQVS\  Wab \WQVb hcUSZOaaS\

¤8jÁÍ

DS`ab]z USUS\ @SUSZ  ROa S`abS HSWQVS\ RO`T YSW\S HWTTS` aSW\

ã‰™Ä .?Íã

DS`ab]z USUS\ @SUSZ ! YSW\S :SS`hSWQVS\

W?ÄÄ

DS`ab]z USUS\ @SUSZ " YSW\S AQVZºaaSZe]`bS d]\ 8OdO

7[ 7RSOZTOZZ a]ZZbS aWQV RWS 0SRScbc\U SW\S` DO`WOPZS\ ]RS` 9]\abO\bS\ W[ 9]\bSfb RSa >`]U`O[[a Oca b_aTRWT]S VTfÊW[cT] =P\T] S`aQVZWSzS\ ZOaaS\ c\R ROa DS` abÉ\R\Wa RSa >`]U`O[[Q]RSa S`ZSWQVbS`\ A] Wab Sa VWZT`SWQV SW\S DO`WOPZS RWS SW\S\ 9O^WbOZPSabO\R S\bVÉZb OcQV ?¬‰Í? hc \S\\S\ ’ c\R \WQVb SW\TOQV Þß ]RS` SW\S ;SbV]RS hc` HW\aP`SQV\c\U OcQV ㉙Ä-jW†™jÁ ’ c\R \WQVb ã-¤



@GNRKT

C[ 0S`SQV\c\US\ Rc`QVTºV`S\ hc Yr\\S\ [caa SW\ >`]U`O[[ [Wb HOVZS\ O`PSWbS\ Yr\\S\ 7\ 8OdO YO\\ [Wb 5O\hhOVZS\ c\R [Wb 9][[OhOVZS\ USO`PSWbSb eS`RS\ 2c`QV RWS Ag[P]ZS  c\R ’ YO\\ SW\ D]`hSWQVS\ USaSbhb eS`RS\ 4SVZb ROa D]`hSW QVS\ a] VO\RSZb Sa aWQV c[ SW\S ^]aWbWdS HOVZ 2OPSW abSVS\ dS`aQVWSRS\S HOVZS\ T]`[ObS hc` DS`TºUc\U 6P]iiPW[T] Yr\\S\ RO`USabSZZb eS`RS\ OZa( E

2ShW[OZhOVZS\ [Wb RS\ HWTTS`\  QXb ( h0  %  " "#$%& 

E

6SfORShW[OZhOVZS\ [Wb RS\ HWTTS`\  QXb ( c\R OZa HWTTS`\ W\bS`^`SbWS`bS\ HSW QVS\ P Q R S T U 2c`QV D]`abSZZS\ RSa >`ÉTWf g eS`RS\ 6SfORShW[OZhOVZS\ USYS\\hSWQV\Sb A] PSRScbSb f/ W[ 2ShW[OZagabS[ RWS HOVZ $ + $  

E

=YbOZhOVZS\ [Wb RS\ HWTTS`\  QXb & 2c`QV D]`abSZZS\ RS` HWTTS`  eS`RS\ =Y bOZhOVZS\ USYS\hSWQV\Sb A] Wab  W[ 2ShW[OZagabS[ RWS HOVZ  + &  

7[ 4]ZUS\RS\ dS`eS\RS\ eW` \c` 2ShW[OZhOVZS\) HOVZS\ W[ 6SfORShW[OZ c\R =Y bOZagabS[ aW\R OcT bSQV\WaQVS` 3PS\S h0 A^SWQVS`OR`SaaWS`c\U d]\ 0SRScbc\U 6[TXcZ^\\PiPW[T] eS`RS\ W[ dS`b`OcbS\ 2ShW[OZagabS[ RO`USabSZZb 7[ 2SbOWZ UWPb Sa dS`aQVWSRS\S ZSWQVb c\bS`aQVWSRZWQVS AQV`SWPeSWaS\ 2OPSW UWZb( E

2S` =PRWZ^\\PcTX[ eW`R Rc`QV SW\S\ ?d]Zc OPUSb`S\\b eWS h0 W\ RS` HOVZ ! ) OcQV RWS AQV`SWPeSWaS ! Wab [rUZWQV ’ RS` >c\Yb R`ºQYb Oca ROaa Sa aWQV \WQVb c[ SW\S 5O\hhOVZ a]\RS`\ c[ RWS 9][[OhOVZ ! VO\RSZb

E

ITW]Ta_^cT]iT] 0OaWa  eS`RS\ [Wb RS\ 0cQVabOPS\ 4 ]RS` T USaQV`WSPS\ 2WS HOVZ !3 abSVb OZa] Tº` ! + ! RWS HOVZ !#S Tº` !# + !# 

3a UWPb dS`aQVWSRS\S d]`RSTW\WS`bS 8OdO5O\hhOVZ c\R 4ZWSzY][[OhOVZBg^S\ RWS aWQV W\ WV`S[ ES`bSPS`SWQV c\R PSW 4ZWSaaY][[Obg^S\ OcQV 5S\OcWUYSWb c\bS` aQVSWRS\ /cT RWS 8OdO2ObS\bg^S\ eW`R W[ \ÉQVabS\ 9O^WbSZ RSbOWZZWS`b SW\USUO\US\



@KOINKT [TJ @KOINKTQKZZKT

>`]U`O[[S `SQV\S\ \WQVb \c` [Wb HOVZS\[ObS`WOZ a]\RS`\ dS`O`PSWbS\ OcQV bSfbcSZ ZS 7\T]`[ObW]\S\ 2OPSW eW`R W\ 8OdO YZO` c\bS`aQVWSRS\ heWaQVS\ SW\hSZ\S\ HSWQVS\

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

"&

2WPaPZcTab c\R HSWQVS\YSbbS\ BcaX]Vb RWS SW\ ]RS` [SV`S`S HSWQVS\ S\bVOZbS\ Yr\\S\ E

ITXRWT] eS`RS\ USaQV`WSPS\ OZa TX]iT[]T W\ SW\TOQVS 6]QVY][[ObO SW\US aQVZ]aaS\S 0cQVabOPS\ HWTTS`\ ]RS` OcQV A]\RS`hSWQVS\ eWS h0 ÀÞÀ À´À ÀœÀ ÀoÀ À À

E

ITXRWT]ZTccT] aW\R 4]ZUS\ PSZWSPWUS` W\ S^__T[cT 6]QVY][[ObO SW\USaQVZ]a aS\S HSWQVS\ W\QZcaWdS :SShSWQVS\ HSWQVS\YSbbS\ Rº`TS\ \WQVb ºPS` HSWZS\ U`S\hS\ VW\OcaUSVS\ AWS [ºaaS\ W\ RS` UZSWQVS\ HSWZS PSUW\\S\ c\R S\RS\ 0SWa^WSZS( 3W\ SW\TOQVS` Ab`W\U c\R w   EW`R SW\ SW\hSZ\Sa HSWQVS\ W\ R]^^SZbS 6]QVY][[ObO SW\USQVZ]aaS\ a] Wab Sa SW\S HSWQVS\YSbbS

/ZZUS[SW\ PShSWQV\Sb [O\ OZZS Sf^ZWhWb W[ >`]U`O[[bSfb h0 PSW HceSWac\US\ c\R W\ 4]`[SZOcaR`ºQYS\ S`aQVSW\S\RS ES`bS HSWQVS\ c\R HSWQVS\T]ZUS\ OZa ;XcTaP[T



1USSKTZGXK

2O[Wb >`]U`O[[S Tº` ;S\aQVS\ PSaaS` ZSaPO` eS`RS\ a]ZZbS\ aWS OcaUWSPWU Y][ [S\bWS`b eS`RS\ 9][[S\bO`S aW\R hcaÉbhZWQVS 4a[ÊdcTad]VT] X\ ?a^VaP\\cTgc RWS d][ 1][^WZS` WU\]`WS`b eS`RS\ A][Wb Rº`TS\ W\ 9][[S\bO`S\ OZZS HSWQVS\ c\R `]U`O[[bSfb USb`S\\b eS`RS\ ITX[T]Z^\\T]cPaT Phe ITX[T]T]SZ^\\T]cPaT eS`RS\ Rc`QV ROa HSWQVS\  SW\USZSWbSb 2S` USaO[bS BSfb WX]cTa RS[ 9][[S\bO`hSWQVS\  PWa hc[ OYbcSZZS\ HSWZS\S\RS eW`R OZa 9][[S\bO` W\bS`^`SbWS`b 3W\ 0SWa^WSZ( ‰™Í Þ s ¤åÇ ÊÊ ‰™ ””j™Í?Á †‰™ÍjÁ j‰™jÁ ?Ü?ˆ
™Ýj‰Ä֙~ uu ÊÊ ‰jÄ ‰ÄÍ ?ÖW† j‰™ ””j™Í?Á^ ajÁ j‰™j ~?™ãj =j‰j ֔w?ÄÄÍ ‰™Í ß s ÔyÇ

:[P\\TaZ^\\T]cPaT c[TOaaS\ SW\S ]RS` [SV`S`S VP]iT HSWZS\ ;Wb WV\S\ ZOaaS\ aWQV ZÉ\US`S 9][[S\bO`bSfbS d][ 1]RW\U OPb`S\\S\ >`OYbWaQV aW\R 9ZO[[S`Y][ [S\bO`S OcQV c[ U`rzS`S 1]RW\UAb`SQYS\ d]`ºPS`USVS\R OcahcY][[S\bWS`S\ h0 hc BSabheSQYS\ /ZZSa eOa heWaQVS\ RS[ rTT\S\RS\ 9][[S\bO`hSWQVS\  c\R RS[ aQVZWSzS\RS\ 9][[S\bO`hSWQVS\  abSVb eW`R OZa 9][[S\bO` W\bS`^`SbWS`b 9ZO[[S`Y][[S\bO`S Rº`TS\ \WQVb USaQVOQVbSZb eS`RS\ RV W\\S`VOZP SW\Sa 9ZO[ [S`Y][[S\bO`a Rº`TS\ YSW\S eSWbS`S\ 9ZO[[S`Y][[S\bO`S d]`Y][[S\ ‰™Í Þ s ¤åÇ ÊJ ‰jÄ j‰ÍjÍ j‰™j™ ?””jÁ””j™Í?Á j‰™±
ÖW† †‰jÁ ĉ™a ݉Á ™W† ‰” ””j™Í?ÁMjÁj‰W†±

Á j™ajÍ ”‰Í aj™ ™aãj‰W†j™] JÊ ‰™Í ß s ÔyÇ

BSWZ RSa 8 A29 Wab ROa B]]Z Ž?Ü?aW ROa Oca PSa]\RS`a USYS\\hSWQV\SbS\ 9ZO[ [S`Y][[S\bO`S\ c\R AbScS`hSWQVS\ SW\S 6B;:>`]U`O[[R]Yc[S\bObW]\ US\S`WS`b

"'

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

4]`[Ob c\R ]^bWaQVS 3`aQVSW\c\U S\ba^`WQVb RS` 8OdO2]Yc[S\bOW]\ RS` 4W`[O Ac\ /cT RS` ESPaSWbS eW`R RWS 6O\RVOPc\U RSa B]]Za S`ZÉcbS`b



-X[TJYZX[QZ[X KOTLGINYZKX 0G\G6XUMXGSSK

C\aS` S`abSa d]ZZabÉ\RWUSa \X]X\P[Tb 9PeP?a^VaP\\ S\bVÉZb eSaS\bZWQVS 3ZS[S\bS RS\S\ eW` W[[S` eWSRS` PSUSU\S\ 3a VO\RSZb aWQV c[ SW\ RW`SYb OcaTºV`PO`Sa OP ZOcTTÉVWUSa >`]U`O[[ SW\S a]US\O\\bS PdbU¶WaQPaT :[PbbT 7\ aSW\S` Ab`cYbc` ÉV\SZb Sa aSV` S\ba^`SQVS\RS\ >`]U`O[[S\ ^`]hSRc`OZS` A^`OQVS\ eWS 1 ]RS` >OaQOZ RO Sa \]QV \WQVb ROa ]PXSYb]`WS\bWS`bS >]bS\bWOZ RS` A^`OQVS 8OdO SW\aSbhb( ¬ÖM‰W W?ÄÄ ?8jÍ P

ÊÊ j‰™j ?ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~R S ?Á~Ä ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu¹ ¯Ç Q Q

2Oa >`]U`O[[ eW`R W\ SW\S[ 4WZS ?8jÍ±Ž?Ü? USa^SWQVS`b 2S` /cT`cT RSa 1][^WZS`a S`hScUb RO`Oca RWS 0gbSQ]RS2ObSW ?8jÍ±W?ÄÄ 2WS ±Ž?Ü? ?cSZZRObSW [caa RS\ UZSWQVS\ `]U`O[[a( ˆ ™Äj ˆ

]N j”Ä  Ž?Ü?W 0jÄͱŽ?Ü? F

]N j”Ä  Ž?Ü? 0jÄÍ F ? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu +ÁWjÄÄ Þ‰Í ±±±

]N j”Ä 

ES\\ eW` d][ 0SWa^WSZ OPab`OVWS`S\ ZÉaab aWQV TSabVOZbS\ ROaa SW\ d]ZZabÉ\RWUSa 8O dO>`]U`O[[ [W\W[OZS OcaTºV`PO`S 9ZOaaS T]ZUS\RS Ab`cYbc` OcTeSWab( ÊÊ

‰™‰”?j Á֙aÄÍÁ֏ÍÖÁ j‰™jÁ Žjaj™ ?ÖÄwنÁM?Áj™ ?ÄÄj]

¬ÖM‰W W?ÄÄ ?ÄÄj™™?”j P ÊÊ W?™w?™~ ¤ ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~R S ?Á~Ä ¯P ÊÊ W?™w?™~ Ô ÊÊ j‰jM‰~j ”¬jÍÍj
™Ýj‰Ä֙~j™ pp Q ÊÊ Wj™aj Ô Q ÊÊ Wj™aj ¤

3`YS\\PO` Wab T]ZUS\RS BhbcT\PcXZ) 2c`QV ROa YZSW\ USaQV`WSPS\S 8OdOAQVZºaaSZe]`b W?ÄÄ eW`R ROa >`]U`O[[ RWS 9ZOaaS SW\USZSWbSb 2O`OcT T]ZUb RS` W[ @OV[S\ ]O @SUSZ\ T`SW eÉVZPO`S `]U`O[[a HeWaQVS\ SW\S[ hcaO[[S\USVr`WUS\ >OO` rTT\S\RS` c\R aQVZWS zS\RS` USaQVeSWTbS` 9ZO[[S`\ PQ PSTW\RSb aWQV ROa OcaTºV`PO`S 1]RW\U 8SRSa \]QV a] YZSW\S 8OdO>`]U`O[[ abSZZb PS`SWba SW\S 9ZOaaS RO` ’ OcQV eS\\ c\a RWS 0SRSc

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

"(

bc\U RSa 0SU`WTTa 9ZOaaS \]QV UO` \WQVb YZO` Wab ;][S\bO\ S`aQVSW\b SW\S 9ZOaaS \c` OZa PZ]zS` 0SVÉZbS` Tº` ROa SWUS\bZWQVS OcahcTºV`S\RS 1]RW\U D]` RS[ AQVZºaaSZe]`b W?ÄÄ PSTW\RSb aWQV RWS 2SYZO`ObW]\ ¬ÖM‰W 3`ab W[ @OV [S\ RSa 8OdO>OYSbY]\hS^ba ZÉaab aWQV RS`S\ 0SRScbc\U S`ZÉcbS`\ 3W\abeSWZS\ Yr\\ bS RWS ¬ÖM‰W2SYZO`ObW]\ OcQV S\bTOZZS\RV abObb( ¬ÖM‰W W?ÄÄ ?ÝjÍ P ÊJ ±±± JÊ Q

Rº`TbS OcQV T]`[cZWS`b eS`RS\( W?ÄÄ ?8jÍ P ÊJ ±±± JÊ Q

7\ RS\ T]ZUS\RS\ 9O^WbSZ\ eTaiXRWcT] eW` OcT RWS ¬ÖM‰W2SYZO`ObW]\ RS` 9ZOaaS c\R dS`eS\RS\ RWSaS Tabc eWSRS` \OQV 3W\TºV`c\U RSa 8OdO>OYSbY]\hS^ba 2c`QV rTT\S\RS c\R aQVZWSzS\RS USaQVeSWTbS 9ZO[[S`\ PQ eW`R SW\ 1[^RZ RSTW\WS`b W\ RS[ aWQV eSWbS`S 0ZrQYS PSTW\RS\ Yr\\S\ Hc XSRS` rTT\S\RS\ USaQVeSWTbS\ 9ZO[[S` P0Z]QYO\TO\U USVr`b SW\S aQVZWSzS\RS USaQVeSWTbS 9ZO[[S` Q0Z]QYS\ RS EW`R SW\S USaQVeSWTbS 9ZO[[S` dS`USaaS\ a] USVb Oca AWQVb RSa 1][^WZS`a RWS Z]UWaQVS Ab`cYbc` RSa >`]U`O[[a dS`Z]`S\ ’ c\R SW\S ZO\US @SWVS d]\ 4SVZS`[SZ Rc\US\ Wab RWS 4]ZUS 7\\S`VOZP RS` 9ZOaaS PSTW\RSb aWQV RWS ”?‰™®¯;SbV]RS 2WSaS abSZZb RWS iT]caP[T ;SbV]RS RSa >`]U`O[[a RO`( 2WS /caTºV`c\U RS` AbO`b RSa >`]U`O[[a PSUW\\b abSba [Wb RWSaS` ;SbV]RS ’ ROa RO`W\ PSTW\RZWQVS 1]RW\U eW`R OPUSO`PSWbSb) Wab RWS /PO`PSWbc\U RS` ”?‰™®¯;SbV]RS PSS\RSb a] bS`[W\WS`b ROa >`]U`O[[ 7\\S`VOZP RS` ”?‰™®¯;SbV]RS Yr\\S\ PSZWSPWU dWSZS 8OdO/\eSWac\US\ abSVS\ ’ OcQV RS` /cT`cT eSWbS`S` ;SbV]RS\ Oca ”?‰™®¯ VS`Oca Wab [rUZWQV 2Oa 1]RW\U RS` ”?‰™®¯ ;SbV]RS eW`R aSZPab eWSRS`c[ Rc`QV SW\S\ 0Z]QY PQ USYZO[[S`b c\R RORc`QV d]\ O\RS`S\ BSWZS\ RSa >`]U`O[[a OPUSU`S\hb 2WS 5^a\d[XTad]V d]\ ”?‰™®¯ S\bVÉZb PS`SWba SW\S @SWVS d]\ 8OdOAQVZºaaSZe]`bS\ RS`S\ 0SRScbc\U O\ RWSaS` AbSZZS \c` bSWZeSWaS S`YZÉ`b eS`RS\ YO\\ c\R RS`S\ d]ZZSa DS`abÉ\R\Wa ]PXSYb]`WS\bWS`bS 9S\\b\WaaS PS\rbWUb 2S\\]QV a]ZZ WV` AW\\ hc[W\RSab O\USRScbSb eS`RS\( E

”?‰™ ) 0SW >`]U`O[[abO`b PSUW\\b RWS /caTºV`c\U [Wb RS` ;SbV]RS ”?‰™®¯

E

.ÍÁ‰™~RS ?Á~Ä ) AbSZZb ROa /`Uc[S\b >O`O[SbS` RS` ”?‰™®¯;SbV]RS RO` 2WSaS` YO\\ PSW[ /cT`cT RSa >`]U`O[[a a]UZSWQV SW\S ;S\US d]\ Ab`W\Ua hc` eSWbS`S\ 0SO`PSWbc\U [WbUSUSPS\ eS`RS\ 2WSaS ]^bW]\OZS\ Ab`W\Ua aW\R OcTPS eOV`b W\ SW\S[ Ab`W\U/``Og 2ObS\Q]\bOW\S` ROa VWS` eWS [SWab O`Ua US\O\\b eW`R 2S`
E

ܝ‰a ) 2S` @ºQYUOPSeS`b RS` ;SbV]RS ”?‰™®¯ 2S` 0SU`WTT ܝ‰a ZSS` R`ºQYb Oca ROaa ”?‰™®¯ YSW\S\ ES`b O\ RS\ /cT`cTS` hc`ºQYZWSTS`b

E

ÄÍ?͉W ) 0SW RS` ”?‰™®¯;SbV]RS VO\RSZb Sa aWQV c[ SW\S abObWaQVS ;SbV]RS 2WS EW`Yc\U RS` 9S\\hSWQV\c\U d]\ ”?‰™®¯ OZa abObWaQVS ;SbV]RS PSabSVb RO` W\ ROaa ”?‰™®¯ RW`SYb OcTUS`cTS\ eS`RS\ YO\\ ]V\S S`ab SW\ =PXSYb RS` Oca TºV`PO`S\ 9ZOaaS S`hScUS\ hc [ºaaS\

# E

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

¬ÖM‰W ) 2WS ”?‰™®¯;SbV]RS Wab SW\S »UUT]c[XRWT ;SbV]RS A][Wb Wab RWS ”?‰™®¯;SbV]RS Rc`QV RWS :OcThSWbc[USPc\U d]\ OczS\ OcT`cTPO`

/\ RWSaS` AbSZZS eW`R RScbZWQV e]`W\ RWS BRWfXTaXVZTXc PSW RS` DS`[WbbZc\U c\R /\ SWU\c\U RS` `SW\ ]PXSYb]`WS\bWS`bS\ A^`OQVS 8OdO ZWSUb( AQV]\ SW\TOQVabS ^`]hSRc`OZS >`]U`O[[S eSZQVS RWS ]PXSYb]`WS\bWS`bS\ 3WUS\aQVOTbS\ d]\ 8OdO \]QV UO` \WQVb eW`YZWQV \cbhS\ S\bVOZbS\ PS`SWba ]PXSYb]`WS\bWS`bSa @OV[S\eS`Y RV A^`OQVSZS [S\bS RWS S`ab dS`abSVPO` aW\R eS\\ U`c\RaÉbhZWQVS ]PXSYb]`WS\bWS`bS 9]\hS^bS PS YO\\b aW\R 6WS` VWZTb \c` 5SRcZR( /ZZS S`T]`RS`ZWQVS\ 9]\hS^bS eS`RS\ aQV`WbbeSWaS O\ 0SWa^WSZS\ dS`[WbbSZb eS`RS\ 7[ /cUS\PZWQY OYhS^bWS`S\ eW` RWS Y][^ZSfS 4]` [cZWS`c\U RS` ”?‰™®¯;SbV]RS SW\TOQV ’ c\R PSb`OQVbS\ ROa W[^]aO\bS 9]\ab`cYb ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~įP±±±Q OZa S`T]`RS`ZWQVS 0ZOQY 0]f W\ RS` OcahcTºV`S\RSa 1]RW\U VW\bS`ZSUb eW`R 7[ 0SWa^WSZ^`]U`O[[ ?8jÍ eW`R RWS 0dbVPQT SW\S` HSWQVS\YSbbS OcT RS[ 0WZRaQVW`[ 9]\a]ZS PSeW`Yb Rc`QV RWS HSWZS( .ßÄÍj”±Öͱ¬Á‰™Í™® ¹? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu¹ ¯Ç

2WS 0dbVPQT e^] 3PcT] OcT RS\ 0WZRaQVW`[ ]RS` W\ 2ObSWS\ c\R ROa 3W\ZSaS\ d]\ BOabObc` ]RS` 2ObSWagabS[ Wab W\ 8OdO ZTX] W\bSU`OZS` BSWZ RS` A^`OQVS) Sa abSVS\ YSW\S 8OdOAQVZºaaSZe]`bS Tº` RW`SYbS 7\^cb=cb^cb=^S`ObW]\S\ 7= hc` DS`TºUc\U DWSZ[SV` [ºaaS\ ROhc PS`SWba dS`aQVWSRS\S 9ZOaaS\ RS` 8 A290WPZW]bVSYS\ PS\cbhb c\R Y][PW\WS`b eS`RS\ RWS ºPS` ;SbV]RS\ hc[ 3W\ZSaS\ c\R /caUSPS\ d]\ HOV ZS\eS`bS\ BSfbS\ 0Wbab`r[S\ SbQ dS`TºUS\ 2S`S\ 6O\RVOPc\U Wab \WQVb SW\TOQV c\R aSbhb PS`SWba a]ZWRS 9S\\b\WaaS ]PXSYb]`WS\bWS`bS` 8OdO>`]U`O[[WS`c\U d]`Oca 2SaVOZP eWR[Sb aWQV S`ab SW\ a^ÉbS`Sa 9O^WbSZ RS` 3W\ /caUOPS>`]U`O[[WS`c\U `]U`O[[S hc bSabS\ 2WS 9ZOaaS .ßÄÍj” USVr`b hc SW\S[ 8 A29>OYSb \O[S\a Ž?Ü?±?™~ ROa ]V\S Hcbc\ RSa 3\beWQYZS`a Phe OcaR`ºQYZWQVS /\eSWac\US\ W\ XSRSa 8OdO >`]U`O[[ W[^]`bWS`b eW`R 2WSaSa >OYSb S\bVÉZb hOVZ`SWQVS \ºbhZWQVS 9ZOaaS\ RWS PS`SWba Tº` ROa AQV`SWPS\ SW\TOQVS` 8OdO>`]U`O[[S PS\rbWUb eS`RS\ 2O hc USVr`b OcQV RWS 9ZOaaS .ÍÁ‰™~ hc[ /`PSWbS\ [Wb HSWQVS\YSbbS\ c\R RWS 9ZOaaS ?͆ RWS [ObVS[ObWaQVS 5`c\RTc\YbW]\S\ b`WU]\][Sb`WaQVS 4c\YbW] \S\ S4c\YbW]\ >]bS\hS\ HcTOZZahOVZUS\S`Ob]` SbQ PS`SWbabSZZb C[ \WQVb \c` 2ObS\ OcT RS` 9]\a]ZS OchcUSPS\ a]\RS`\ OcQV eÉV`S\R RSa >`] U`O[[ZOcTa dS`aQVWSRS\S 2ObS\bg^S\ d]\ RS` BOabObc` SW\ZSaS\ hc Yr\\S\ dS`eS\ RS\ eW` RWS aSZPabUSaQV`WSPS\S 9ZOaaS #±Ž?Ü? OZa 3W\/caUOPSb]]Z 2WSaS abSZZb SW\WUS ^`OYbWaQVS aSV` SW\TOQV OcT`cTPO`S ;SbV]RS\ hc` DS`TºUc\U c\R dS`PW`Ub RWS ROVW\bS`abSVS\RS 9][^ZSfWbÉb d]` RS[ DS`eS\RS` 7\ 9O^WbSZ $ eW`R RWS
#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

#

7\ RS` HSWZS .ßÄÍj”±Öͱ¬Á‰™Í™® ¹? r ÁÄÍjÄ +Á~Á?”” ?ÁMj‰ÍjÍu¹ ¯Ç

eW`R SW\S eSWbS`S eWQVbWUS Ag\bOf`SUSZ RScbZWQV( 9TST e^[[bcÊ]SXVT 0]fTXbd]V X] 9PeP T]STc \Xc TX]T\ BT\XZ^[^] * /cT RWSaS ESWaS S`YS\\b RS` 1][^WZS` e] SW\S Y][^ZSbbS 8OdO/\eSWac\U 0STSVZ HceSWac\U 2SYZO`ObW]\ ;SbV]RS\OcT`cT =PXSYbS`hScUc\U SbQ S\RSb c\R RWS \ÉQVabS PSUW\\b 2S` 1][^WZS` ]`WS\bWS`b aWQV \WQVb O\ HSWZS\c[P`ºQVS\( 7\ SW\S` HSWZS Yr\\S\ Rc`QVOca [SV`S`S /\eSWac\US\ abSVS\ Phe heWaQVS\ heSW /\eSW ac\US\ Rº`TS\ PSZSWPWU dWSZS :SS`hSWZS\ S`aQVSW\S\ 4º` RS\ 1][^WZS` Wab ROa Y]``SY bS ASbhS\ RSa AS[WY]Z]\a S\baQVSWRS\R ’ c\R eW`R d]\ WV[ ºPS`^`ºTb DS`USaaS\ SW\Sa AS[WY]Z]\a USVr`b \SPS\ TOZaQVS` 5`]z c\R 9ZSW\aQV`SWPc\U hc SW\S[ RS` VÉcTWUabS\ /\TÉ\US`TSVZS`



,UXSGZOKX[TM \UT 0G\G6XUMXGSSKT

>`OYbWaQV aSV` eWQVbWU Wab SW\S aW\\d]ZZS 5^a\PcXTad]V d]\ 8OdO>`]U`O[[S\( 2S` 1][^WZS` Wab \c` O\ Y]``SYbS` Ag\bOf W\bS`SaaWS`b SW\S ºPS`aWQVbZWQVS 4]`[ObWS`c\U a^WSZb Tº` WV\ YSW\S @]ZZS A][Wb Yr\\bS ROa USaO[bS >`]U`O[[ OcQV W\ SW\S ZO\US HSWZS USaQV`WSPS\ eS`RS\ 8SR]QV S`VrVb SW\S Z]UWaQV Y]\aWabS\bS SW\VSWbZWQVS c\R ºPS`aWQVbZWQVS 4]`[ObWS`c\U RWS ;TbQPaZTXc RSa >`]U`O[[a S`VSPZWQV ’ OcQV 4SVZS` h0 TSVZS\RS 9ZO[S`\ eS`RS\ RO[Wb dWSZ aQV\SZZS` USTc\RS\ ;O\ a^O`S a][Wb \WQVb [Wb HSWZS\ :SS`hSWQVS\ c\R 9][[S\bO`S\ 0SRScbaO[ aW\R 4X]a¶RZd]VT] Rc`QV RWS RWS Z]UWaQVS Ab`cYbc` RSa >`]U`O[[a VS` d]`USV]PS\ eW`R( EWS ]PWUSa 0SWa^WSZ hSWUb Wab RS` W?ÄÄ0Z]QY RWS ]PS`abS Z]UW aQVS 3PS\S 7\ RWSaS\ 0Z]QY Wab RWS ”?‰™®¯;SbV]RS Z]UWaQV SW\USPSbbSb eW`R OZa] SW\US`ºQYb 2Oa 1]RW\U RS` ”?‰™®¯;SbV]RS PSTW\RSb aWQV W[ ”?‰™®¯0Z]QY Wab a][Wb W\ RWSaS\ SW\USPSbbSb eW`R OZa] eWSRS`c[ SW\US`ºQYb 2WS T]ZUS\RS\ ATVT[] aW\R YSW\S Ag\bOfD]`aQV`WTbS\ VOPS\ aWQV XSR]QV W\ RS` 8OdO >`]U`O[[WS`c\U OZa aW\\d]ZZS 9]\dS\bW]\S\ VS`OcaUSPWZRSb 7\RS[ aWQV 3\beWQYZS` O\ a]ZQVS 9]\dS\bW]\S\ VOZbS\ a]`US\ aWS Tº` SW\ SW\VSWbZWQVSa 3`aQVSW\c\UaPWZR RSa 1]RW\Ua W\\S`VOZP RS` 8OdO5S[SW\RS E

2WS »UU]T]ST USaQVeSWTbS 0Z]QYYZO[[S` P abSVb O[ 3\RS RSa d]`O\USUO\US\S\ AbObS[S\ba ’ ]RS` W\ SW\S` SWUS\S\ HSWZS

E

ES\\ SW\ \ScS` 0Z]QY [Wb P PSU]\\S\ eW`R a] eS`RS\ OZZS W\ RWSaS[ 0Z]QY abSVS\RS\ HSWZS\ c[ SW\WUS HSWQVS\ \OQV aTRWcb TX]VTa¶RZc

E

2Oa 1[^RZT]SiTXRWT] Q eW`R abSba a] SW\US`ºQYb ROaa Sa [Wb RS` 3W\`ºQYc\U RS` HSWZS ºPS`SW\abW[[b W\ RS` RS` 0Z]QY USrTT\Sb ec`RS DS`USaaS\S 9ZO[[S`\ aW\R a][Wb ZSWQVbS` OcTa^º`PO`

E

:[PbbT]]P\T] PSUW\\S\ abSba [Wb 5`]zPcQVabOPS\ eWS h0 ?8jÍ 7\ 9ZOaaS\\O[S\ Oca [SV` OZa SW\S[ E]`b eW`R XSRSa E]`b [Wb 5`]zPcQVabOPS\ PSU]\\S\ eWS h0 =‰™Ä2™a-?Íj™ jÁjW†™jÁ

#! E

#

3XT BcadZcda e^] 9PeP?a^VaP\\T]

:TX]T D\[PdcT ɺr c\R B^]STaiTXRWT] h0 z  W[ 1]RW\U dS`eS\RS\ :^\\T]cPaT SdS\bcSZZ OcT 3\UZWaQV dS`TOaaS\

<]QV heSW CX_b hc[ 4SXcXTaT](  HcaO[[S\USVr`WUS bRW[XTvT]ST d]S »UU]T]ST 9ZO[[S`\ PQ ®¯ RS W[[S` hc UZSWQV aQV`SWPS\ c\R WV`S\ 7\VOZb S`ab \OQVb`ÉUZWQV SW\TºUS\ RO[Wb aQVZWSzS\RS 9ZO[[S`\ \WQVb dS`USaaS\ eS`RS\  A^O`S\ AWS \WQVb [Wb ;TTiTXRWT] RO[Wb /caR`ºQYS PSaaS` ZSaPO` eS`RS\ 7[ 0S`SWQV RS` ^`]TSaaW]\SZZS\ 3\beWQYZc\U SfWabWS`S\ VÉcTWU a] US\O\\bS Bch[T 6dXSTb W\ RS\S\ @SUSZ\ hc` 4]`[ObWS`c\U c\R `]U`O[[S Wab \c\ PSYO\\b >`] U`O[[S RWS\S\ hc` 2ObS\dS`O`PSWbc\U 2WS dS`aQVWSRS\S\ 9PeP3PcT]ch_T] eS`RS\ W[ \ÉQVabS\ 9O^WbSZ d]`USabSZZb



0G\G*GZKTZ_VKT

3a Wab SW\ 9S\\hSWQVS\ UcbS` >`]U`O[[WS`a^`OQVS\ ROaa aWS RS\ 3\beWQYZS` heW\ US\ XSRS DO`WOPZS c\R 9]\abO\bS \WQVb \c` [Wb WV`S[ `]U`O[[ dS`eS\RSb eS`RS\ YO\\ [caa TSabUSaQV`WSPS\ eS`RS\ d]\ eSZQVS[ Bg^ RWSaS DO`WOPZS Wab /\a]\abS\ YO\\ RWS DO`WOPZS \WQVb dS`eS\RSb eS`RS\ c\R RS` 1][^WZS` eSWUS`b aWQV ROa >`] U`O[[ hc Y][^WZWS`S\ 3a UWPb OcQV bRWfPRW ch_XbXTacT A^`OQVS\ h0 >6> W\ RS\S\ RS` Bg^ SW\S` DO`WO PZS\ \WQVb Sf^ZWhWb RSYZO`WS`b eW`R a]\RS`\ aWQV Oca RS[ 7\VOZb RSa hcUSeWSaS\S\ ES`bSa S`UWPb 0SW 8OdO VW\USUS\ VO\RSZb Sa aWQV c[ SW\S bcaT]V ch_XbXTacT A^`OQVS 3a SfWabWS`S\ d]`RSTW\WS`bS BcP]SPaS3PcT]ch_T] RWS Tº` dS`aQVWSRS\S /`bS\ d]\ HOVZS\ c\R HSWQVS\ d]`USaSVS\ aW\R /ZZS`RW\Ua S`ZOcPb Sa ROa 9ZOaaS\Y]\hS^b OcQV aSZPabRSTW\WS`bS Y][^ZSfS 2ObS\bg^S\ hc dS`eS\RS\ 2]QV ROhc a^ÉbS` 2c`QV RS\ Bg^ RS` DO`WOPZS\ eW`R RWS W\bS`\S PW\É`S 1]RWS`c\U 0Wb[cabS` TSabUS ZSUb 2ORc`QV abSVb TSab eWS U`]z RS` B_TXRWTaQTaTXRW 0gbSa Wab RS\ SW\ ES`b W[ A^SWQVS` PSZSUb c\R eWS U`]z RS` FTacTQTaTXRW Wab RS` [Wb RS` 1]RWS`c\U OPUSPWZRSb eS`RS\ YO\\ 4S`\S` Wab RSTW\WS`b eSZQVS =^S`ObW]\S\ RS` S\ba^`SQVS\RS 2ObS\bg^ hcZÉaab c\R eSZQVS HceSWac\US\ heWaQVS\ dS`aQVWSRS\S\ Bg^S\ S`ZOcPb aW\R Ch_XbXTad]V Wab SW\ Tc\RO[S\bOZSa 9]\hS^b []RS`\S` >`]U`O[[WS`a^`OQVS\( 2S` 1][^WZS` YO\\ ^`ºTS\ c\R S`heW\US\ ROaa W[ a^ÉbS`S\ >`]U`O[[dS`ZOcT SW\S` DO `WOPZS\ \c` ^OaaS\RS WV`S[ Bg^ c\R ES`bSPS`SWQV S\ba^`SQVS\RS 2ObS\ hcUSeWS aS\ c\R [Wb RS` DO`WOPZS\ \c` S`ZOcPbS =^S`ObW]\S\ Rc`QVUSTºV`b eS`RS\ 3a VO\ RSZb aWQV c[ SW\S bcPcXbRWT Ch__a¶Ud]V eÉV`S\R RSa 9][^WZObW]\ad]`UO\Ua 1][^W ZShSWb d]` RS` >`]U`O[[OcaTºV`c\U :OcThSWb /\UOPS RSa 2ObS\bg^a SW\S` DO`WO PZS\ ZSUb TSab eSZQVS 2ObS\ ºPS`VOc^b W\ RWSaS` DO`WOPZS\ USa^SWQVS`b eS`RS\ Yr\ \S\ 2WS DO`WOPZS Wab W[ eSWbS`S`\ >`]U`O[[dS`ZOcT ch_VTaTRWc hc dS`eS\RS\ A] Yr\\S\ h0 SW\S` 5O\hhOVZdO`WOPZS\ YSW\S 9][[OhOVZS\ hcUSeWSaS\ eS`RS\ 2S\\ e]VW\ [Wb RS\


*KQRGXGZOUT [TJ /TOZOGROYOKX[TM

7[ C[UO\U [Wb DO`WOPZS\ c\R 9]\abO\bS\ c\bS`aQVSWRSb [O\ heWaQVS\ 3TZ[PaPcX^] c\R 8]XcXP[XbXTad]V 0SWRSa [caa d]` RS` SWUS\bZWQVS\ DS`eS\Rc\U RS` DO`WOPZS\

##

$

9PeP3PcT]ch_T]

Phe 9]\abO\bS\ USaQVSVS\ 2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U Yr\\S\ W\ aS^S`ObS\ /\eSWac\US\ ]RS` W\ SW\S` SW\hWUS\ /\eSWac\U S`T]ZUS\( E

3TZ[PaPcX^] SW\S` DO`WOPZS\  9]\abO\bS\ PSRScbSb ROaa Bg^ c\R `]U`O[[OcaTºV`c\U eW`R Rc`QV RWS 2S YZO`ObW]\ SW\ RS[ Bg^ S\ba^`SQVS\RS` A^SWQVS`PS`SWQV `SaS`dWS`b 2OPSW [ºaaS\ OZZS X]]TaWP[Q TX]Tb 1[^RZb dS`eS\RSbS\ =P\T] TX]STdcXV aSW\ 3W\S OcThÉVZS\ RS 2SYZO`ObW]\ [SV`S`S` DO`WOPZS\ RSa UZSWQVS\ Bg^a Wab [rUZWQV 2WS 2SYZO`ObW ]\ S\RSb eWS XSRS /\eSWac\U W\ 8OdO [Wb SW\S[ AS[WY]Z]\

E

8]XcXP[XbXTad]V SW\S` DO`WOPZS\  9]\abO\bS\ PSRScbSb ROaa RWSaS` d]` WV`S` DS`eS\Rc\U SW\ RSTW\WS`bS` ES`b hcUSeWSaS\ eW`R A^ÉbSabS\a d]` WV`S` S`abS\ DS`eS\Rc\U h0 W\ 0S`SQV\c\U\S\ [caa RWS 7\WbWOZWaWS`c\U S`T]ZUb aSW\ RO a]\ab c\YZO` Wab [Wb eSZQVS[ ES`b Y]\Y`Sb USO`PSWbSb eS`RS\ a]ZZ 2WSaS @SUSZ PShSWQV\Sb [O\ OZa 3TUX]XcXeT 0bbXV\T]c

2Oa T]ZUS\RS 8OdO>`]U`O[[ [OQVb ROa D]`USVS\ PSW 2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U RScbZWQV 3a eW`R [Wb 5O\hhOVZdO`WOPZS\ d][ Bg^ ‰™Í 7\bSUS` USO`PSWbSb /ZZS 8O dO2ObS\bg^S\ eS`RS\ W[ T]ZUS\RS\ d]`USabSZZb W?ÄÄ 7?Á‰?Mj™P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ÞÇ

ÊÊ j?Á?͉™ j‰™jÁ 7?Á‰?Mj™ ™?”j™Ä Þ

Þ s ¤ååÇ

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~ ajÁ 7?Á‰?Mj™ Þ

‰™Í ã^ ßÇ

ÊÊ j?Á?͉™ ãÝj‰jÁ 7?Á‰?Mj™

ß s ÔååÇ

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~j™ ajÁ 7?Á‰?Mj™ ß

‰™Í Ä s |ååÇ

ÊÊ j?Á?͉™ ֙a ™‰Í‰?‰Ä‰jÁ֙~

ÊÊ j?Á?͉™ ֙a ™‰Í‰?‰Ä‰jÁ֙~ ãÝj‰jÁ 7?Á‰?Mj™] ‰™Í ~j†?Í¤ s Ôååå^ ~j†?ÍÔ s ÏåååÇ Þ s ß ´ ¤ååÇ

ÊÊ #] 7?Á‰?Mj ß ÝÖÁaj ãÖܝÁ ‰™‰Í‰?‰Ä‰jÁÍ

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹Þ s¹ ´ Þ ´ ¹

ß s¹ ´ ß ´ ¹

Ä s¹ ´ Ä ¯Ç

ÊJ ?Ä w~j™aj a‰™~ ?ãj¬Í‰jÁÍ ajÁ ”¬‰jÁ ™‰W†Í]  s ¤ååÇ

ÊÊ j†jÁ ¤] 7?Á‰?Mj  ™‰W†Í aj?Á‰jÁÍu

Ä s ã ´ ÔååÇ

ÊÊ j†jÁ Ô] 7?Á‰?Mj 㠙‰W†Í ‰™‰Í‰?‰Ä‰jÁÍu

‰™Í Þ s ÏåÇ

ÊÊ j†jÁ Ï]

j†Áw?W†aj?Á?͉™ ܝ™ Þu

JÊ Q Q ˆ ™Äj ˆ Þ sÏåå

ß sÔåå

Ä s|åå

+ÁWjÄÄ Þ‰Í ±±±

$

9PeP3PcT]ch_T]

#$

2WS OcaY][[S\bWS`bS\ 1]RShSWZS\ eº`RS RS` 1][^WZS` [Wb RScbZWQVS\ 4SVZS`[SZ Rc\US\ eSUS\ OcaPZSWPS\RS` 2SYZO`ObW]\ ]RS` 7\WbWOZWaWS`c\U Phe ;SV`TOQVRSYZO`O bW]\ _cWbbWS`S\( 0SW 4SVZS` ( RP]]^c aTb^[eT bh\Q^[

ag[P]Z ( dO`WOPZS Y

0SW 4SVZS` ( dO`WOPZS h \XVWc ]^c WPeT QTT] X]XcXP[XiTS 0SW 4SVZS` !( f Wa P[aTPSh STUX]TS W\ [OW\ XOdOZO\UAb`W\UIK  7\ RWSaS` 6W\aWQVb c\bS`aQVSWRSb aWQV 8OdO ab`S\U d]\ O\RS`S\ A^`OQVS\ RWS PSW c\ bS`ZOaaS\S` 7\WbWOZWaWS`c\U SW\S` DO`WOPZS\ SW\TOQV SW\S\ AbO\RO`ReS`b h0  PSW 5O\hhOVZbg^S\ SW\aSbhS\ ’ c\R RWS d]`ZSbhbS /\eSWac\U OYhS^bWS`S\ eº`RS\ 5`c\RaÉbhZWQV c\bS`aQVSWRSb [O\ _aX\XcXeT 3PcT]ch_T] c\R bcadZcdaXTacT 3PcT]ch_T] 0SW RS\ TSab W\ RS` A^`OQVS dS`O\YS`bS\ AbO\RO`RRObS\bg^S\ d]\ 8OdO VO\RSZb Sa aWQV c[ ^`W[WbWdS 2ObS\bg^S\ RWS \c` TX]T] PSabW[[bS\ ES`b OcT\SV[S\ Yr\\S\ 7[ 5SUS\aObh ROhc abSZZS\ 9ZOaaS\ ab`cYbc`WS`bS aSZPabRSTW\WS`bS Y][^ZSfS 2ObS\bg^S\ RO` RWS [SV`S`S 2ObS\eS`bS OcT\SV[S\ Yr\\S\ ;XcTaP[T) 3W\TOQVS 2ObS\]PXSYbS aW\R ;XcTaP[T 2OPSW VO\RSZb Sa aWQV c[ RW`SYb W\ RS\ >`]U`O[[bSfb USaQV`WSPS\S Y]\abO\bS ES`bS HSWQVS\ c\R HSWQVS\T]ZUS\) aWS eS` RS\ US\Oc O\ RS` AbSZZS dS`eS\RSb O\ RS` aWS W[ >`]U`O[[ OcTbOcQVS\ :WbS`OZS PS ZSUS\ >`]U`O[[a^SWQVS` c\R VOPS\ SW\S\ Bg^ XSR]QV YSW\S\


-GT``GNROMK *GZKTZ_VKT

4º` 5O\hhOVZeS`bS abSVS\ W\ 8OdO dWS` dS`aQVWSRS\S 2ObS\bg^S\ hc` DS`TºUc\U AWS c\bS`aQVSWRS\ aWQV W\ RS` HOVZ RS` 1Xcb PW\O`g RWUWba +  ]RS`  & PWb +  PgbS RWS hc` 1]RWS`c\U RS` HOVZS\ W[ 2cOZagabS[ dS`eS\RSb eS`RS\ ;O\ a^`WQVb OcQV d]\ RS` ;Ê]VT SW\Sa Bg^a 2OPSW eW`R SW\ 0Wb PS`SWba hc` 1]RWS`c\U RSa D]`hSWQVS\a  ]RS`  dS`P`OcQVb 8S [SV` 0Wba hc` HOVZS\Q]RWS`c\U PS`SWbabSVS\ RSab] U`rzS` Wab RS` RO[Wb RO`abSZZPO`S HOVZS\PS`SWQV BOPSZZS # S\bVÉZb RWS dWS` 5O\hhOVZbg^S\ 3PcT]ch_ MßÍj ƝÁÍ ‰™Í ™~

1Xcb & +  PgbS $ +

PgbS

! + " PgbS $" + & PgbS

FTacTQTaTXRW 

%



#



!



$!

FTacTQTaTXRW

PWa

%

PWa

#



! %$& PWa  ! %

%$PWa

!



 "%"&!$"& PWa  "%"&!$"%

PWa

$!





 & PWa  %

'

!!% !$&#"%%#&& PWa ' !!% !$&#"%%#&%

CPQ $ ) 2WS dWS` UO\hhOVZWUS\ AbO\RO`RRObS\bg^S\ RS` A^`OQVS 8OdO 2WS 2ObS\bg^S\ b`OUS\ b_aTRWT]ST
#%

$

9PeP3PcT]ch_T]

2WS HOVZS\PS`SWQVS c\bS`aQVSWRS\ aWQV RScbZWQV ;O\ eº`RS 6Oc^ba^SWQVS` dS` aQVeS\RS\ eS\\ [O\ abSba RS\ U`rzbS\ HOVZS\bg^ ™~ PS\cbhb 6ScbhcbOUS abSVb @SQV\S`\ Oca`SWQVS\R A^SWQVS` hc` DS`TºUc\U a] ROaa [O\ Tº` RWS [SWabS\ 5O\h hOVZdO`WOPZS\ RS\ Bg^ ‰™Í eÉVZb 0STW\RS\ aWQV XSR]QV [SV`S`S ;WZZW]\S\ ES`bS W\ SW\S[ 2ObS\PSVÉZbS` h0 /``Og a] a]ZZbS RS` 2ObS\bg^ [Wb 0SROQVb USeÉVZb eS` RS\ c[ \WQVb c\\rbWU dWSZ 6Oc^ba^SWQVS` hc `SaS`dWS`S\ /\RS`S`aSWba YO\\ SW\ hc YZSW\ USeÉVZbS` 2ObS\bg^ PSeW`YS\ ROaa RS` DO`WOPZS\ ES`bS hcUSeWSaS\ eS`RS\ RWS RS\ hcZÉaaWUS\ ES`bSPS`SWQV a^`S\US\ D]\ ÎQTa ^STa D]cTa[PdU a^`WQVb [O\ eS\\ SW\S` DO`WOPZS\ ES`bS hcUSeWSaS\ eS`RS\ RWS U`rzS` ]RS` YZSW\S` aW\R OZa RS` ES`bSPS`SWQV RSa DO`WOPZS\bg^a 2WS FPW[ RSa Y]``SYbS\ RS` >`]PZS[abSZZc\U O\US[SaaS\S\ 2ObS\bg^a ZWSUb W\ RS` DS`O\be]`bc\U RSa 3\beWQYZS`a Hc` =^cPcX^]( 2c`QV AcTTWf [ ]RS` ; eS`RS\ HOVZS\ Sf^ZWhWb OZa Z]\UES`bS USYS\\ hSWQV\Sb 3TUPd[c AbO\RO`R Wab ‰™Í RV ]V\S AcTTWf/\UOPS USVb RS` 1][^WZS` d]\ SW\S[ ‰™ÍES`b Oca 2S` Bg^ SW\S` 5O\hhOVZ W\ 8OdO Wab abO\RO`R[ÉzWU ‰™Í :]\UES`bS( : #Z "#$:



7\bES`bS(

"

! !"#&

,ROK‹QUSSG`GNR*GZKTZ_VKT

4ZWSzY][[OhOVZS\ U[^PcX]V _^X]c ]d\QTab eS`RS\ W\ 8OdO Rc`QV RWS 2ObS\bg^S\ w?Í c\R aÖMj RO`USabSZZb 2S` [Wb $" PWb Y]RWS`bS Bg^ aÖMj Wab R]^^SZb a] ZO\U R]cPZS ^`SQWaW]\ eWS RS` Bg^ w?Í aW\UZS ^`SQWaW]\ c\R YO\\ \WQVb \c` U`rzS`S ^]aWbWdS c\R \SUObWdS HOVZS\ RO`abSZZS\ OZa RS` ! PWbBg^ w?Í a]\RS`\ OcQV 9][[OhOVZS\ US\OcS` [Wb RScbZWQV [SV` hcdS`ZÉaaWUS\ bXV]XUXZP]cT]
1Xcb

E 0Wba


4g_ 0Wba

IPW[T]QTaTXRW

w?Í

! + " PgbS



!

&

$  T!& PWa  T!&

aÖMj

$" + & 0gbS



#



!&

$  T

PWa  T

CPQ $!) 2WS 4ZWSzY][[OAbO\RO`RRObS\bg^S\ RS` A^`OQVS 8OdO

3TiX\P[ bcT[[T] !&

% #

$

9PeP3PcT]ch_T]

#&

/ca RS` HOVZS\RO`abSZZc\U T]ZUb Tº` w?Í c\R aÖMj( E

5[^Pc) ES`bS d]\  $ PWa  %  S\ba^`WQVb SbeO 1!& PWa 1!&  ;O\bWaaS\eS` bS W[ /PabO\R  ! $ %  S\ba^`WQVb % 2ShW[OZabSZZS\ 5S\OcWUYSWb

E

3^dQ[T) ES`bS d]\ aS\eS`bS W[ /PabO\R

 #

PWa  !  S\ba^`WQVb SbeO 1!& PWa 1!&  ;O\bWa $ $  S\ba^`WQVb # 2ShW[OZabSZZS\ 5S\OcWUYSWb

3W\S aÖMjHOVZ YO\\ [SV` Y]``SYbS 3TiX\P[bcT[[T] c\R SW\S\ U`rzS`S\ FTacTQT aTXRW OZa SW\S w?ÍHOVZ ]V\S 5S\OcWUYSWbadS`Zcab a^SWQVS`\ /PS`( 2WS 5S\OcWUYSWb RS` HOVZS\RO`abSZZc\U Wab _aX]iX_XT[[ PSU`S\hb ’ OcQV PSW[ @SQV\S\ [Wb R]cPZSHOVZS\ Yr\\S\ Ad]Sd]VbUTW[Ta OcTb`SbS\ RWS aWQV OcT 4]ZUSPS `SQV\c\US\ ]RS` DS`UZSWQVa]^S`ObW]\S\ OcaeW`YS\ A] Yr\\S\ d]\ RS\ c\S\RZWQV dWSZS\ HWTTS`\ RSa 0`cQVa ! RShW[OZ( $$$$$ \c` S\RZWQV dWSZS W\ SW\S` wˆ ?Í ]RS` aÖMjDO`WOPZS\ USa^SWQVS`b eS`RS\ eOa SW\S[ 0QbRW]TXST] e^] =PRW Z^\\PbcT[[T] S\ba^`WQVb 4º` 5O\hhOVZ c\R 4ZWSzY][[Obg^S\ UWZb( 2Oa @SQV\S\ [Wb 5ZSWbY][[OhOVZS\ Wab W\bS`\ OcTeS\RWUS` c\R c\US\OcS` OZa ROa @SQV\S\ [Wb UO\hS\ HOVZS\ A][Wb a]ZZbS\ RWS 2ObS\bg^S\ w?Í c\R aÖMj \c` USeÉVZb eS`RS\ eS\\ RWSa OcTU`c\R RS` >`]PZS[abSZZc\U c\R RS` OcTb`SbS\RS\ ES`bS S`T]`RS`ZWQV Wab Hc` =^cPcX^]( 2c`QV AcTTWf S ]RS` 3 eS`RS\ HOVZS\ OZa R]cPZSES`bS USYS\\hSWQV \Sb Rc`QV AcTTWf U ]RS` 5 OZa TZ]ObES`bS 2S` 3TUPd[c Wab aÖMj RV ]V\S AcTTWf /\UOPS USVb RS` 1][^WZS` d][ Bg^ aÖMj Oca 4Z]ObES`bS(

"T

"4

!T

!4

2]cPZSES`bS(

"R

"2

!R !2

"%#



2Oa T]ZUS\RS 0SWa^WSZ hSWUb ROaa aQV]\ PSW `SZObWd YZSW\S\ HOVZS\eS`bS\ RWS w?Í a^ShWTWaQVS 0SU`S\hc\U OcT \c` aWSPS\ aWU\WTWYO\bS 2ShW[OZabSZZS\ hc ES`bdS`TÉZ aQVc\US\ TºV`S\ YO\\ ’ \c` RWS aÖMjDO`WOPZS S\bVÉZb RS\ Y]``SYbS\ ES`b( W?ÄÄ 0jÄ͐?Í ÖMjP ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P w?Í w

s ¤ÔÏ|yÉÈoš±åwÇ ÊÊ

j†Á ?Ä È Ä‰~™‰w‰?™Íj .Íjj™u

aÖMj a s ¤ÔÏ|yÉÈoš±åÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹?͈8jÁÍ

w s ¹ ´ w ¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ÖMjˆ8jÁÍ a s ¹ ´ a ¯Ç Q Q ˆ ™Äj ˆ ?͈8jÁÍ

w s ¤±ÔÏ|yÉÈšÔ o

ÖMjˆ8jÁÍ a s ¤±ÔÏ|yÉÈoš o +ÁWjÄÄ Þ‰Í ±±±

#'

$



9PeP3PcT]ch_T]

@KOINKT

4º` SW\hSZ\S HSWQVS\ 2WPaPRcTab SfWabWS`b RS` 2ObS\bg^ W†?Á 2OPSW VO\RSZb Sa aWQV c[ SW\S\ [Wb $PWb + 0gbS Y]RWS`bS\ 2ObS\bg^ DO`WOPZS\ c\R 9]\abO\bS\ d][ Bg^ W†?Á Yr\\S\ SW\hSZ\S HSWQVS\ W\ SW\TOQVS 6]QVY][[ObO SW\USaQVZ]a aS\ ºPS`USPS\ eS`RS\( W†?Á ãj‰W†j™ s À?ÀÇ

W†?Á W† s ÀœÀÇ

HSWQVS\ eS`RS\ W\bS`\ Rc`QV HOVZS\ Q]RWS`b) [O\ RO`T aWQV SW\S BOPSZZS d]`abSZZS\ RS`S\ >ZÉbhS VSfORShW[OZ Rc`QV\c[[S`WS`b aW\R /cT XSRS[ BOPSZZS\^ZObh PSTW\RSb aWQV SW\ PSabW[[bSa HSWQVS\ Y]RWS`b Rc`QV aSW\S >ZObh\c[[S` 3W\S QVO`DO`WOPZS a^SWQVS`b W\bS`\ PW\É` [Wb $ PWba RS\ D]XR^STES`b RSa hcUSeWSaS\S\ HSWQVS\a 2WSaS $PWb1]RWS`c\U W\ 8OdO POaWS`b OcT D]XR^ST eeec\WQ]RS]`U c\R S`eSWbS`b RScbZWQV RWS % ]RS` &PWb0B2881]RWS`c\U EÉV`S\R &PWb/A177 \c` #$ + & dS` aQVWSRS\S HSWQVS\ RO`abSZZS\ YO\\ eSabSc`]^ÉWaQVS A^`OQVS\ :ObW\ S\bVÉZb RWS C\WQ]RSHSWQVS\bOPSZZS >ZObh Tº` $##!$ + $ HSWQVS\ [Wb VSfORShW[OZS\ C\WQ]RSa d]\ f PWa fTTTT A][Wb Yr\\S\ RWS HSWQVS\ RS` [SWabS\ A^`OQVS\ OPUSPWZRSb eS`RS\ ’ OcQV TS`\ \OVrabZWQVS` ]RS` aZOeWaQVS` A^`OQVS\ c\R hOVZ`SWQVS Ag[P] ZS 2WS S`abS\ #$ C1HSWQVS\ S\ba^`SQVS\ RS\ &0Wb/A177HSWQVS\ HSWQVS\ Yr\\S\ OcQV W\ D]XR^ST2^SXTad]V O\USUSPS\ eS`RS\ T]`[cZWS`b Rc`QV RS\ >`ÉTWf NÖ hcaO[[S\ [Wb RS[ dWS`abSZZWUS\ VSfORShW[OZS\ C\WQ]RSES`b RSa HSWQVS\a( N֙™™™ OZa] h0 NÖåå?È Tº` w c\R JcS Tº` z A][Wb Yr\\S\ W†?Á DO`WOPZS\ RW`SYb C\WQ]RSHSWQVS\ hcUSeWSaS\ eS`RS\( W†?Á ? s ÀNÖåå?ÈÀÇ

ÊÊ ‰™ ? ÄÍj†Í ™Ö™] Æ

/cTU`c\R RS` 9]RWS`c\U Rc`QV $PWbHOVZS\ abSZZb RS` 2ObS\bg^ W†?Á hcUZSWQV SW\S\ 5O\hhOVZbg^ RO` RS` RS[ Bg^ aV]`b $ PWb UZSWQVUSabSZZb Wab A] aW\R [Wb W†?Á Bg^S\ 0S`SQV\c\US\ [rUZWQV c\R SW\S` W†?ÁDO`WOPZS\ Yr\\S\ \WQVb \c` HSWQVS\ a]\RS`\ OcQV HOVZS\ hcUSeWSaS\ eS`RS\( W?ÄÄ =j‰W†j™P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ™ s ÀWÀ r À?ÀÇ

ÊÊ ¹-jW†™j™¹ ”‰Í =j‰W†j™

‰™Í  s À?ÀÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™ s ¹ ´ ™ ´ ¹ W†?Á W†¤ s

ÈoÇ

 s ¹ ´  ´ ¹

W s ¹¯Ç

ÊÊ =ÖÝj‰Ä֙~ j‰™jÁ ?™ãã?† ?™ W†?Á

W†?Á W†Ô s ÀÀÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹W†¤ s ¹ ´ W†¤ ´ ¹ Q Q ˆ ™Äj ˆ ™ s Ô W†¤ s !

 s šÈ W†Ô s 

+ÁWjÄÄ Þ‰Í ±±±

W†Ô s ¹ ´ W†Ô¯Ç

$

9PeP3PcT]ch_T]

#(

2WS DO`WOPZS ™ S\bVÉZb RS\ ES`b  RO ÀWÀ heSW >ZÉbhS d]` À?À W\ RS` C1BOPSZZS abSVb 2WS DO`WOPZS  S\bVÉZb RS\ ES`b '% RO ÀÀ O\ RWSaS[ C1BOPSZZS\^ZObh abSVb /cT C1>ZObh %& abSVb À!À c\R eW`R a][Wb W\ RS` DO`WOPZS\ W† USa^SWQVS`b A^ShWSZZS HSWQVS\ aW\R RWS a]US\O\\bS\ 4bRP_TBT`dT]iT] BOP#! 2WSaS eS`RS\ Rc`QV SW\S\ d]`USabSZZbS\ 0OQYaZOaV USYS\\hSWQV\Sb c\R Y]RWS`S\ \WQVbR`cQYPO`S HSWQVS\ h0 HSWZS\c[P`cQV ]RS` \WQVb RW`SYb OcaUSPPO`S HSWQVS\ h0  ]RS`  4bRP_TBT`dT]i

1TSTdcd]V

NÀ

3W\TOQVS 6]QVY][[ObO

N¹

2]^^SZbSa 6]QVY][[ObO

NN

0OQYaZOaV

NM

@ºQYaQV`WbbOabS

Nw

ASWbS\d]`aQVcP

N™

HSWZS\c[P`cQV

NÍ

BOPcZOb]`

NÁ

EOUS\`ºQYZOcT CPQ $") 2WS 3aQO^SAS_cS\hS\

;Wb RS` 8 A3 # c\bS`abºbhb 8OdO RWS D]XR^STETabX^] # 2WSaS c\bS`abºbhb hcaÉbhZW QVS [Wb "0gbS ! PWb RO`USabSZZbS HSWQVS\ bd__[T\T]cPah RWPaPRcTab [Wb C1 1]RWS`c\US\ ]PS`VOZP fTTTT 2WS HcaÉbhS PSb`STTS\ a^ShWSZZS QVW\SaWaQVS c\R XO^O\W aQVS OYSbS\ c\R 9ZOaaS\ RSa 8 A29 ec`RS\ S\ba^`SQVS\RS /\^Oaac\US\ d]`US\][[S\ 2WS hcaÉbhZWQVS\ HSWQVS\ eS`RS\ 8OdOW\bS`\ [Wb CB4$ OZa a^ShWSZZS ?PPaT heSWS` $PWbES`bS USa^SWQVS`b 2S` 8OdO2ObS\bg^ W†?Á PZSWPb XSR]QV c\OP VÉ\UWU ROd]\ [Wb $PWb Y]RWS`b 3W\S C[abSZZc\U d]\ W†?Á OcT ! PWb ]RS` 3W\TºV `c\U SW\Sa \ScS\ 2ObS\bg^a W†?ÁÏÔ eÉ`S W\Y][^ObWPSZ hc PSabSVS\RS\ 8D;a c\R /\eS\Rc\US\ c\R eº`RS RS\ A^SWQVS`PSRO`T hc` 8OdOHSWQVS\RO`abSZZc\U dS`R]^ ^SZ\ 4º` 2SbOWZa hc RWSaS` T]`bUSaQV`WbbS\S\ BVS[ObWY dS`eSWaS\ eW` OcT IAC<#PK AbWQVe]`b( 8]cTa]PcX^]P[XiPcX^] Ž Bd__[T\T]cPah 2WPaPRcTab



=GNXNKOZY]KXZK (UURKYINK
4º` RWS 0]]ZSaQVS\ EOV`VSWbaeS`bS fPWa c\R UP[bRW dS`TºUb 8OdO ºPS` RS\ SWUS\ abÉ\RWUS\ 2ObS\bg^ Mj?™ 2WSaS` c[TOaab \c` RWS PSWRS\ d]`RSTW\WS`bS\ 9]\ abO\bS\ ÍÁÖj c\R w?Äj 3W\S` DO`WOPZS\ d][ Bg^ Mj?™ Yr\\S\ a][Wb \c` RWS ES`bS ÍÁÖj c\R w?Äj hcUSeWSaS\ eS`RS\ \WQVb OPS` HOVZS\ ]RS` HSWQVS\ 2WS 0]]ZSO\ES`bS ÍÁÖj c\R w?Äj eS`RS\ ]XRWc Rc`QV RWS HOVZS\  c\R  `S^`ÉaS\ bWS`b eWS h0 W\ 1 a]\RS`\ aW\R SWUS\abÉ\RWUS\ Bg^a 3W\aObhUSPWSb RSa 2ObS\bg^a Mj?™ aW\R 0SRW\Uc\Ua^`ºTc\US\ W\ ‰w jÄj DS`heSWUc\US\ c\R AQVZSWTS\ c\R DS`UZSWQVS `SZObW]\OZS =^S`ObW]\S\ 2S`S\ 3` USP\Wa Wab SW\ EOV`VSWbaeS`b RS\ [O\ SW\S` Mj?™DO`WOPZS hceSWaS\ YO\\ 7[

$

$

9PeP3PcT]ch_T]

0SWa^WSZQ]RW\U b`ÉUb RWS DO`WOPZS _ aQVZWSzZWQV RS\ ES`b ÍÁÖj RWS DO`WOPZS ^ RS\ ES`b w?Äj 2WSaS ES`bS eS`RS\ OcT RS` 9]\a]ZS OcaUSUSPS\( W?ÄÄ 8?†Á†j‰ÍP ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P Mj?™ ¬^¶Ç ‰™Í Þ s ¤å^ ß s ÔåÇ ¬ s ÍÁÖjÇ ¶ s Þ ‘ ßÇ

ÊÊ 7jÁ~j‰W† ‰jwjÁÍ ÍÁÖj

‰w® ß  Þ ¯ ¬ s w?ÄjÇ

ÊÊ =ÖÝj‰Ä֙~ ajÄ 8jÁÍjÄ w?Äj

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹¶ s ¹ ´ ¶ ´ ¹ ֙a ¬ s ¹ ´ ¬ ¯Ç Q Q ˆ ™Äj ˆ ¶ s ÍÁÖj ֙a ¬ s w?Äj +ÁWjÄÄ Þ‰Í ±±±

7[ HcaO[[S\VO\U [Wb 0SRW\Uc\Ua^`ºTc\US\ c\R DS`UZSWQVa]^S`ObW]\S\ eW`R RS` 5SP`OcQV RSa 2ObS\bg^a P]]ZSO\ \]QV[OZa S`r`bS`b eS`RS\



9ZXOTMY

4º` ITXRWT]ZTccT] abSVb W\ 8OdO ZTX] d]`RSTW\WS`bS` ^`W[WbWdS` 2ObS\bg^ hc` DS`Tº Uc\U 2S\\]QV ZÉaab aWQV W\ 8OdO SW\TOQV [Wb Ab`W\Ua ^`]U`O[[WS`S\ RO [Wb RS[ Oc b][ObWaQV W[^]`bWS`bS\ >OYSba Ž?Ü?±?™~ RWS :[PbbT .ÍÁ‰™~ abSba RW`SYb dS`eS\RSb eS`RS\ YO\\ ’ TOab a] OZa VO\RSZS Sa aWQV PSW .ÍÁ‰™~ c[ SW\S\ ^`W[WbWdS\ 2ObS\ bg^ .ÍÁ‰™~Ä Yr\\S\ eWS ^`W[WbWdS 2ObS\bg^S\ RSYZO`WS`b c\R W\WbWOZWaWS`b eS`RS\ EW`R OcT RS` 9]\a]ZS SW\ ^`W[WbWdS` 2ObS\bg^ [WbbSZa .ßÄÍj”±Öͱ¬Á‰™Í™®¯ OcaUSUSPS\ RO\\ eW`R RSaaS\ ES`b Ocb][ObWaQV \OQV .ÍÁ‰™~ Y]\dS`bWS`b ;Wb RS[ .ÍÁ‰™~a^ShWTWaQVS\ ETaZ]¶_Ud]Vb>_TaPc^a  Yr\\S\ HSWQVS\YSbbS\ O\ SW\O\RS`USVÉ\Ub Y]\YObS\WS`b eS`RS\ EW`R Rc`QV RS\ =^S`Ob]`  SW\ .ÍÁ‰™~ c\R SW\ O\RS`S` 2ObS\bg^ dS`Y\º^Tb a] eW`R Ocb][ObWaQV \OQV .ÍÁ‰™~ Y]\dS`bWS`b RV ROa @SacZbOb RS` DS`Y\º^Tc\U Wab eWSRS` d][ Bg^ .ÍÁ‰™~ W?ÄÄ =j‰W†j™jÍÍj™P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P .ÍÁ‰™~ ?Ç

ÊÊ j?Á?͉™

? s ¹?¹Ç

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~

.ÍÁ‰™~ M s ¹ Ö a?u¹Ç

ÊÊ j?Á?͉™ ´ ™‰Í‰?‰Ä‰jÁ֙~

.ÍÁ‰™~ W s ? ´ ¹ ¹ ´ MÇ

ÊÊ jjÁãj‰W†j™ ¹ ¹ ?Ä .ÍÁ‰™~

.ÍÁ‰™~ a s ¹
ÍjÁ s ¹ ´ Ïå±yÇ ÊÊ ÄW?¬jˆ.j¶Öj™ãj™  ™™j™ j‰™~jM?ÖÍ ÝjÁaj™] .ÍÁ‰™~ j s ¹ ‰™ .ÍÁ‰™~^ ÙMjÁ N™ ãÝj‰ =j‰j™ ÜjÁÍj‰Í±¹Ç

$

9PeP3PcT]ch_T]

$

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹™†?Í ܝ™ W s ¹ ´ W ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™†?Í ܝ™ a s ¹ ´ a ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™†?Í ܝ™ j s ¹ ´ j ¯Ç Q Q ˆ ™Äj ˆ ™†?Í ܝ™ W s ? Ö a?u ™†?Í ܝ™ a s
ÍjÁ s Ïå±y ™†?Í ܝ™ j s ‰™ .ÍÁ‰™~^ ÙMjÁ ãÝj‰ =j‰j™ ÜjÁÍj‰Í± +ÁWjÄÄ Þ‰Í ±±±

.ÍÁ‰™~:WbS`OZS Rº`TS\ aWQV ]XRWc ºPS` [SV`S`S HSWZS\ S`ab`SQYS\ ’ c[ SW\S\ ZO\ US\ .ÍÁ‰™~ hc T]`[S\ [caa [Wb BSWZab`W\Ua c\R RS[ =^S`Ob]` USO`PSWbSb eS`RS\ 7\ .ÍÁ‰™~Ä Yr\\S\ 4bRP_TBT`dT]iT] hc` /caUOPSabScS`c\U SW\USPOcb eS`RS\ .ÍÁ‰™~DO`WOPZS\ [ºaaS\ d]` WV`S` DS`eS\Rc\U RSYZO`WS`b c\R W\WbWOZWaWS`b eS`RS\ 0SW .ÍÁ‰™~Ä VO\RSZb Sa c[ =PXSYbS RS` 9ZOaaS .ÍÁ‰™~ RWS OcQV c[TO\U`SWQVS ;SbV]RS\ hc` Ab`W\U[O\W^cZObW]\ S\bVÉZb 2S` 9ZOaaS .ÍÁ‰™~ eS`RS\ eW` c\a a^ÉbS` OcT 0OaWa ]PXSYb]`WS\bWS`bS` 9S\\b\WaaS S`\Scb hceS\RS\ 3W\abeSWZS\ USVS\ eW` [Wb Ab`W\Ua c[ eWS [Wb ^`W[WbWdS\ AbO\RO`RRObS\bg^S\



@[YGSSKTLGYY[TM 9ZGTJGXJ*GZKTZ_VKT

7\ BOPSZZS #" aW\R OZZS BcP]SPaSch_T] hcaO[[S\USTOaab EÉV`S\R W\ 11 RWS :É\US SZS[S\bO`S` 2ObS\bg^S\ d]\ >ZObbT]`[ hc >ZObbT]`[ dO`WWS`S\ YO\\ aW\R W\ 8O dO RWS 3WUS\aQVOTbS\ OZZS` AbO\RO`Rbg^S\ ^ZObbT]`[c\OPVÉ\UWU TSabUSZSUb /cQV RWSa SW\S 5`c\RZOUS Tº` RWS >ZObbT]`[c\OPVÉ\UYSWb d]\ 8OdO>`]U`O[[S\ 3PcT]ch_

FTacTch_

1Xc[Ê]VT

FTacTQTaTXRW

MßÍj

5O\hhOVZ

&

 & PWa  %

ƝÁÍ

5O\hhOVZ

$

! %$& PWa  ! %

%$‰™Í

5O\hhOVZ

!

 "%"&!$"& PWa  "%"&!$"%

™~

5O\hhOVZ

$"

' !!% !$&#"%%#&& PWa ' !!% !$&#"%%#&%

w?Í

4ZWSzY][[O

!

$  T!& PWa  T!&

aÖMj

4ZWSzY][[O

$"

$  T!& PWa  T!&

W†?Á

C1HSWQVS\

$

PgbSC1( Jc PWa JcTTTT

Mj?™

EOV`VSWbaeS`b

&

b`cS  TOZaS

CPQ $#) 2WS AbO\RO`RRObS\bg^S\ RS` A^`OQVS 8OdO

$!

$

9PeP3PcT]ch_T]

;rQVbS [O\ [Wb aSV` U`]zS\ HOVZS\ Phe U`rzS`S` 5S\OcWUYSWb `SQV\S\ OZa Sa RS` 2ObS\bg^ aÖMj S`ZOcPb YO\\ [O\ OcT RWS a^ShWSZZS\ 9ZOaaS\ 0WU7\bSUS` c\R 0WU 2SQW[OZ hc`ºQYU`SWTS\ 9O^WbSZ ' <SPS\ d]`RSTW\WS`bS\ ^`W[WbWdS\ 2ObS\bg^S\ SfWabWS`S\ W\ 8OdO RWS a]US\O\\bS\ ATUT aT]ich_T] RS`S\ 3WUS\aQVOTbS\ d]\ DO`WOPZS\ RS` SW\TOQVS\ AbO\RO`R2ObS\bg^S\ RScbZWQV c\bS`aQVSWRS\ 8SRS W\ 8OdO USaQV`WSPS\S 9ZOaaS abSZZb SW\S\ \ScS\ aSZPabRSTW\WS`bS\ ab`cYbc`WS`bS\ 2ObS\bg^ RO`



1UTYZGTZKT

7\ SW\S[ >`]U`O[[a eS`RS\ \WQVb \c` DO`WOPZS\ PS\rbWUb RWS WV`S\ ES`b dS`É\RS`\ Yr\\S\ a]\RS`\ OcQV :^]bcP]cT] RWS W[ USaO[bS\ >`]U`O[[ WV`S\ O\TÉ\UZWQVS\ ES`b PSWPSVOZbS\ C[ bh\Q^[XbRWT :^]bcP]cT] [Wb TSabS\ `]U`O[[a OcTTºV`b S`VrVb [O\ ;TbQPa ZTXc d]S FPacQPaZTXc RSa >`]U`O[[a( AbObb RS\aSZPS\ ES`b O\ dWSZS\ >]aWbW]\S\ VO`b W\a 1]RW\U hc aQV`SWPS\ TW\RS\ aWQV 2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U RS` ES`b 9]\abO\bS\ O\ SW\S` PSabW[[bS\ AbSZZS ;caa RWSaS` ES`b USÉ\RS`b eS`RS\ a] Wab \c` O\ SW\S` SW\hWUS\ hS\b`OZS\ 1]RW\UabSZZS SW\ 3W\U`WTT \rbWU \WQVb OPS` O\ dS`aQVWSRS \S\ ºPS` ROa >`]U`O[[ dS`ab`ScbS\ =`bS\ 9]\abO\bS\ Yr\\S\ OZZS US\O\\bS\ 2ObS\bg^S\ aSW\ /cQV 9]\abO\bS\ [ºaaS\ d]` WV`S` DS`eS\Rc\U RSYZO`WS`b c\R W\WbWOZWaWS`b eS`RS\ 0SWRSa YO\\ W\ SW\S` /\eSW ac\U S`T]ZUS\ Wab Oca 5`º\RS\ RS` :SaPO`YSWb OcQV aW\\d]ZZ XSR]QV RO`T RWS 7\WbWOZW aWS`c\U ES`bhceSWac\U OcQV a^ÉbS` S`T]ZUS\ 2S` 1][^WZS` OQVbSb RO`OcT ROaa 9]\ abO\bS\ aWQV eW`YZWQV Y]\abO\b dS`VOZbS\ RV \c` TX]\P[ [Wb SW\S[ S\RUºZbWUS\ ES`b PSZSUb eS`RS\ ’ c\R aWQV RWSaS` ES`b W[ >`]U`O[[ \WQVb dS`É\RS`b( 9]\abO\ bS\ Rº`TS\ WV`S\ ES`b \OQV SW\[OZWUS` 7\WbWOZWaWS`c\U \WQVb [SV` dS`É\RS`\ 8SR]QV RO`T SW\S` 9]\abO\bS\ WV` ES`b OcQV S`ab hc` :OcThSWb hcUSeWSaS\ eS`RS\ h0 Rc`QV 3W\UOPS RSa 0S\cbhS`a 2Oa 0SWa^WSZ^`]U`O[[ PS`SQV\Sb RWS 9O^WbOZS\beWQYZc\U d]\  53 ºPS` R`SW 8OV `S VW\eSU [Wb SW\S[ Y]\abO\bS\ HW\aaObh d]\ # c\R UWPb ROa 3`USP\Wa Oca( W?ÄÄ =‰™Äj™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P w‰™? aÖMj ã‰™Ä s å±åyÇ

ÊÊ ™ÄÍ?™Íj ㉙Ä

aÖMj ?¬‰Í? s ¤ååå±åÇ ?¬‰Í? s ?¬‰Í? J ®¤ ´ ã‰™Ä¯Ç ?¬‰Í? s ?¬‰Í? J ®¤ ´ ã‰™Ä¯Ç ?¬‰Í? s ?¬‰Í? J ®¤ ´ ã‰™Ä¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™a?¬‰Í? s ¹ ´ ?¬‰Í? ¯Ç Q Q

$

9PeP3PcT]ch_T]

$"

/Za /caUOPS S`VÉZb [O\ ˆ ™Äj ˆ

™a?¬‰Í? s ¤¤yȱÉÔy

EÉV`S\R RS` ES`b RS` 9]\abO\bS\ ã‰™Ä c\dS`É\RS`b PZSWPb dS`É\RS`b aWQV RS` ES`b RS` DO`WOPZS\ ?¬‰Í? abÉ\RWU 2c`QV 9S\\hSWQV\c\U d]\ ã‰™Ä OZa w‰™? eW`R RWS 0SRScbc\U RWSaS` 5`rzS W[ >`]U`O[[Y]\bSfb YZO`S` ’ c\R W``bº[ZWQVS DS`É\RS `c\US\ aW\R OcaUSaQVZ]aaS\ 5S`ORS W\ U`rzS`S\ >`]XSYbS\ Wab RWSa d]\ 0SRScbc\U



@[]KOY[TMKT `]OYINKT \KXYINOKJKTKT *GZKTZ_VKT

0SW 2SYZO`ObW]\ SW\S` DO`WOPZS\ ]RS` 9]\abO\bS\ [caa WV` 2ObS\bg^ RSYZO`WS`b eS` RS\ A][Wb YO\\ RS` 1][^WZS` ^`ºTS\ ]P ES`bShceSWac\US\ [Wb WV`S[ 2ObS\bg^ dS`b`ÉUZWQV aW\R ’ ]RS` OPS` [Wb 2ObS\dS`ZcabS\ Phe ES`bdS`TÉZaQVc\US\ dS`Pc\RS\ eÉ`S\ 5`c\RaÉbhZWQV S`ZOcPb RS` 1][^WZS` \c` a]ZQVS HceSWac\US\ PSW RS\S\ a]Z QVS >`]PZS[S \WQVb OcTb`SbS\ Yr\\S\ RWS OZa] ch_bXRWTa aW\R 0SW SW\S` IdfTXbd]V eW`R RS` ES`b RSa /caR`cQYa aTRWcb d][ 5ZSWQVVSWbahSWQVS\ RS` [X]Zb abSVS\RS\ DO`WOPZS\ hcUSeWSaS\ RV W\ RWSaS` USa^SWQVS`b( ‰™Í Þ s ¤åÇ

‰™Í ß s ÔåÇ

Þ s ß ´ ¤Ç

Þ s Þ ´ ¤Ç

Þ s ßÇ

/ZZS`RW\Ua aW\R HceSWac\US\ \c` S`ZOcPb eS\\ RWS 2ObS\bg^S\ OcT PSWRS\ ASWbS\ RS` 5ZSWQVc\U idfTXbd]VbZ^\_PcXQT[ ch_Z^\_PcXQT[ aW\R ’ eS\\ \WQVb a] [SZRSb RS` 1][^WZS` SW\S\ 4SVZS` 3a VO\RSZb aWQV c[ SW\S bcPcXbRWT Ch__a¶Ud]V hc` 1][^W ZShSWb Rc`QV RWS ES`bdS`TÉZaQVc\US\ hc` :OcThSWb dS`[WSRS\ eS`RS\ >`W\hW^WSZZ c\^`]PZS[ObWaQV aW\R \Obº`ZWQV HceSWac\US\ [Wb US\Oc ^OaaS\RS[ RV UZSWQVS[ 2ObS\bg^( 0SWa^WSZaeSWaS ‰™ÍES`b ]RS` DO`WOPZS O\ SW\S W\bDO`WOPZS aÖMjES`b ]RS` DO`WOPZS O\ SW\S aÖMjDO`WOPZS SbQ( ‰™Í ™ s ¤åÇ

‰™Í  s ™ ´ ÔåÇ

aÖMj a s ¤Ï±y

aÖMj M s ¤š±Ï|Ç

a s M ´ |±|yÉÇ

W†?Á W†¤Ç

W†?Á W†Ô s ÀÀÇ

W†¤ s W†ÔÇ

/ZZS`RW\Ua abSVS\ RWS dS`aQVWSRS\S\ SZS[S\bO`S\ 2ObS\bg^S\ OcQV W\ SW\S` CTX[\T] VT]QTiXTWd]V hcSW\O\RS`( 8SRS` 2ObS\bg^ Wab d]`abSZZPO` OZa c\bS`aQVWSRZWQV U`]zS` ES`bPSVÉZbS` RS` c\bS`aQVWSRZWQV U`]zS ES`bS W[ 4OZZS aÖMj c\R w?Í( OcQV [Wb c\bS`aQVWSRZWQVS` 5S\OcWUYSWb OcT\SV[S\ YO\\ 0WZRZWQV USa^`]QVS\ YO\\ RS` Z[TX]TaT 0SVÉZbS` W\ RS\ Va»vTaT] US^OQYb eS`RS\ \WQVb OPS` c[USYSV`b 2WS 5`rzS RSa 2ObS\PSVÉZbS`a Wab Rc`QV RWS HOVZ RS` 0Wba RSa 2ObS\bg^a USUSPS\ OPS` OcQV Rc`QV RWS W\bS`\S HOVZS\RO`abSZZc\U HceSWac\US\ aW\R S`ZOcPb eS\\ RS` Bg^ RS` ZW\YS\ ASWbS RS\ Bg^ RS` `SQV bS\ ASWbS US[Éz Ch_CTX[\T]VT]QTiXTWd]V SW\aQVZWSzb

$#

$

9PeP3PcT]ch_T]

A] YO\\ SW\S ‰™ÍDO`WOPZS abSba SW\S` DO`WOPZS\ d][ U`rzS`S\ 2ObS\bg^ aÖMj hcUSeWSaS\ eS`RS\ RO RS` 1][^WZS` PSWa^WSZaeSWaS Oca RS` ‰™ÍHOVZ # RWS aÖˆ MjHOVZ #R S`hScUS\ YO\\ HcRS[ Wab RS` ES`bSPS`SWQV RSa Bg^a ‰™Í W[ ES`bS PS`SWQV RSa Bg^a aÖMj S\bVOZbS\ a] ROaa Sa \WQVb hc 0S`SWQVaºPS`aQV`SWbc\US\ Y][[S\ YO\\ 3W\S a]ZQVS HceSWac\U d][ YZSW\S`S\ hc[ U`rzS`S\ 2ObS\bg^ eW`R Rc`QV RS\ 1][^WZS` [Wb SW\S` Pdc^\PcXbRWT] X\_[XiXcT] Ch_Z^]eTacXTad]V PSeS`Y abSZZWUb 2WSa UWZb ]XRWc W\ c[USYSV`bS` @WQVbc\U( /ca RS[ aÖMjES`b !%& YO\\ \c` Rc`QV ES`bdS`TÉZaQVc\U /PaQV\SWRS\ 9][[OabSZZS\ SW\ ‰™ÍES`b US[OQVb eS` RS\ HcRS[ Yr\\bS aWQV W\ SW\S` aÖMjDO`WOPZS\ SW\ ES`b PSTW\RS\ RS` RS\ HOV ZS\PS`SWQV SW\S` ‰™ÍDO`WOPZS\ a^`S\Ub RV U`rzS` Wab OZa "%"&!$"% 7\ /PPWZRc\U # Wab RWS Bg^BSWZ[S\US\PShWSVc\U dS`RScbZWQVb 2c`QV RWS BSWZ[S\US\`SZObW]\ ˜ ZÉaab aWQV RWSaS T]`[cZWS`S\ OZa( aÖMj ˜ w?Í ˜ ™~ ˜ ‰™Í ˜ ƝÁÍÊW†?Á ˜ MßÍj /ZZS HceSWac\US\ W\ RS` @WQVbc\U MßÍj . aÖMj eS`RS\ PZiT_cXTac c\R PSeW` YS\ Ocb][ObWaQVS W[^ZWhWbS Bg^Y]\dS`bWS`c\US\ OZZS HceSWac\US\ W\ @WQVbc\U aÖˆ Mj . MßÍj eS`RS\ XSR]QV d][ 1][^WZS` ida¶RZVTfXTbT] RO ^`W\hW^WSZZ ES`bdS` TÉZaQVc\US\ Phe 0S`SWQVaºPS`ZÉcTS OcTb`SbS\ Yr\\bS\

R]cPZS

P]]ZSO\

TZ]Ob Z]\U W\b aV]`b QVO` PgbS

Ab`W\Ua aW\R ZTX] SZS[S\bO`S` 2ObS\bg^ 

0QQ $ ) BSWZ[S\US\PShWSVc\US\ heWaQVS\ RS\ AbO\RO`R2ObS\bg^S\ d]\ 8OdO A][Wb eS`RS\ T]ZUS\RS HceSWac\US\ d][ 1][^WZS` OYhS^bWS`b( aÖMj aÇ

w?Í wÇ

™~ ”Ç

‰™Í ™ s ¤åÇ

ƝÁÍ Ä s ÔåÇ

ÊÊ # ˆ ܝ” j‰™jÁj™ ã֔ ~Á jÁj™ j†CÍjÁ] a s ™Ç

ÊÊ Ü™ ‰™Í ™?W† aÖMj

w s ™ ´ ¤ååÇ

ÊÊ Ü™ ‰™Í ™?W† w?Í

” s ™ ´ ÄÇ

ÊÊ Ü™ ‰™Í ֙a ƝÁÍ ™?W† ™~

™ s Ä ´ ÏåÇ

ÊÊ Ü™ ƝÁÍ ™?W† ‰™Í

a s ” ´ ™ ´ ÄÇ

ÊÊ Ü™ ™~^ ‰™Í ֙a ƝÁÍ ™?W† aÖMj

$

9PeP3PcT]ch_T]

$$

2OUSUS\ `SOUWS`b RS` 1][^WZS` OcT RWS T]ZUS\RS\ HceSWac\US\ [Wb RS` 4SVZS`[SZ Rc\U [^bb ^U _aTRXbX^]( ‰™Í ™Ç

ƝÁÍ ÄÇ

MßÍj MÇ

aÖMj a s ϱ¤Ç

w?Í w s ¤±ywÇ

™~ ” s ÔååÇ

ÊÊ j†jÁ ˆ ܝ” ~Á jÁj™ ã֔ j‰™jÁj™ j†CÍjÁ] ™ s aÇ

™ s wÇ

™ s ”Ç

Ä s ™Ç

” s aÇ

w s aÇ

ÊÊ j†jÁ r 5MjÁÄW†Áj‰Í֙~ ajÄ 8jÁÍjMjÁj‰W†Ä] Ä s ¤åååååÇ

M s oååÇ

;rUZWQVS`eSWaS Y][[S\ OcT RS` `SQVbS\ HceSWac\UaaSWbS W\ 0S`SQV\c\US\ dS` aQVWSRS\S 2ObS\abg^S\ d]` 0SW SW\S` ;WaQVc\U d]\ 2ObS\bg^S\ W\ /caR`ºQYS\ eS\RSb 8OdO T]ZUS\RS Bg^`SUSZ hc` Bg^O\UZSWQVc\U O\( 2S` YZSW\S`S =^S`O\RS\bg^ eW`R d]` /caTºV`c\U RS` @SQVS\]^S`ObW]\ W\ RS\ U`rzS`S\ Y]\dS`bWS`b 2S` PS`SQV\SbS /caR`cQY PSY][[b RO\\ RS\ UZSWQVS\ Bg^ eWS aSW\S =^S`O\RS\ ’ id\X]STbc PQTa RS\ Bg^ ‰™Í A] S`UWPb RWS Ac[[S d]\ w?Í c\R ‰™ÍDO`WOPZS ]RS` HOVZ SW\ 3`USP\Wa d][ Bg^ w?Í ROa >`]RcYb d]\ aÖMj c\R MßÍj SW\ aÖMj3`USP\Wa RWS 2WTTS `S\h heWaQVS\ ™~ c\R ‰™Í SW\ ™~3`USP\Wa SbQ 2Oa 3`USP\Wa RS` =^S`ObW]\ Wab OPS` \X]STbcT]b d][ Bg^ ‰™Í 0SW[ /`PSWbS\ [Wb MßÍj c\R ƝÁÍ2ObS\ YO\\ RWSa hc 8aaXcPcX^]T] TºV`S\( ;O\ [caa RWSaSa D]`USVS\ RSa 1][^WZS`a YS\\S\ c[ hc dS`abSVS\ eO`c[ ROa T]ZUS\RS SW\TOQVS >`]U`O[[ \WQVb Y][^WZWS`b a]\RS`\ [Wb SW\S` [^bb ^U _aTRXbX^]4SVZS`[SZRc\U hc`ºQYUSeWSaS\ eW`R W?ÄÄ 0߬Áj~j™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P MßÍj M¤ s yyÇ

MßÍj MÔ s ¤åÇ

MßÍj MÏÇ

ƝÁÍ Ä¤ s ¤ååÇ

ƝÁÍ ÄÔ s ÔååÇ

ƝÁÍ ÄÏÇ

ÊÊj†jÁ] MßÍj ´ MßÍj ~‰MÍ ‰™Í^ ¬?ÄÄÍ ™‰W†Í ‰™ MßÍj MÏu MÏ s M¤ ´ MÔÇ ÊÊj†jÁ] ƝÁÍ ´ ƝÁÍ ~‰MÍ ‰™Í^ ¬?ÄÄÍ ™‰W†Í ‰™ ƝÁÍ ÄÏu ÄÏ s Ĥ ´ ÄÔÇ Q Q

6WS` VWZTb SW\S Sf^ZWhWbS Bg^Y]\dS`bWS`c\U ac eSWbS` FXRWcXV) <WQVb OZZS W[^ZWhWbS\ Bg^Y]\dS`bWS`c\US\ aW\R ^W]T 7\T]`[ObW]\adS`Zcab Rc`QVTºV`PO` 0SW RS` C[eO\RZc\U U`]zS` ‰™ÍES`bS \OQV w?Í a]eWS PSW RS` C[eO\RZc\U U`]zS` ™~ES`bS\ \OQV w?Í ]RS` aÖMj YO\\ Sa eSUS\ RS` US`W\US`S\ HOVZ aWU\WTWYO\bS` AbSZZS\ RS` 4ZWSzY][[Obg^S\ hc ES`bdS`TÉZaQVc\US\ Y][[S\( ‰™Í ™ s ¤ÔÏ|yÉÈošÇ

™~ ” s šÔÔÏÏÈÔåÏÉoy|ÈÈyoåÈÇ

w?Í w s ™Ç

ÊÊ ‰™ w ÄÍj†Í]

¤±ÔÏ|yÉÈšÔ o

aÖMj a s ”Ç

ÊÊ ‰™ a ÄÍj†Í]

š±ÔÔÏÏÈÔåÏÉoy|ÈÈÉ ¤o



%$$



9PeP3PcT]ch_T]

+^VRO`OZK :_VQUT\KXZOKX[TMKT )GYZY

2c`QV a]US\O\\bS ch_T RPbcb YO\\ [O\ aWQV ºPS` RWS Bg^`SUSZ\ RSa 1][^WZS`a VW\ eSUaSbhS\ 2c`QV 1OabS\ eW`R SW\S Sf^ZWhWbS Bg^Y]\dS`bWS`c\U S`hec\US\ Hc[ 1O abS\ eW`R RS` USeº\aQVbS HWSZRObS\bg^ W\ `c\RS\ 9ZO[[S`\ d]` RWS hc QOabS\RS DO `WOPZS\ Phe RS\ hc QOabS\RS\ ES`b USaQV`WSPS\ ’ Sa eW`R SW\ 1Oab]^S`Ob]` ®Í߬¯ OcT SW\S DO`WOPZS Phe SW\S\ ES`b O\USeO\Rb( ‰™Í ™Ç

ƝÁÍ Ç

aÖMj a s ϱ|yÉÇ

™ s ®‰™Í¯aÇ

ÊÊ ?ÄÍ Ü™ aÖMj ™?W† ‰™Í

 s ®Ä†Áͯɱ|yÉwÇ

ÊÊ ?ÄÍ Ü™ w?Í ™?W† ƝÁÍ

2OPSW É\RS`\ aWQV Bg^ c\R ES`b RS` USQOabSbS\ DO`WOPZS\ \WQVb) dWSZ[SV` eW`R RS` OYbcSZZS ES`b USZSaS\ US[Éz 1Oab c[USeO\RSZb c\R RS` c[USeO\RSZbS ES`b RS` DO`WOPZS\ OcT RS` ZW\YS\ ASWbS hcUSeWSaS\ /ZZS`RW\Ua b`ÉUb \c\ RS` 3\beWQYZS` RWS DS`O\be]`bc\U Tº` AW\\ c\R @SacZbOb RS` S` hec\US\S\ HceSWac\Ua]^S`ObW]\ 1OabS\ PSRScbSb YZºUS` aSW\ hc e]ZZS\ OZa RS` 1][^WZS` c\R PW`Ub abSba RWS 5STOV` RSa 2ObS\dS`ZcabSa ]RS` RS` ES`bdS`TÉZaQVc\U RO T]ZUS\RS ATVT[] QTX\ 2PbcT] d][ U`rzS`S\ hc[ YZSW\S`S\ 2ObS\bg^ USZbS\( E

<WQVb W[ Bg^ RS` ZW\YS\ HceSWac\UaaSWbS c\bS`P`W\UPO`S 0Wba RSa USQOabSbS\ ES`ba eS`RS\ OPUSaQV\WbbS\ A] ZÉaab aWQV h0 Oca SW\S[ $"PWb ™~ \c` Rc`QV ESUTOZZ d]\ #$ PWba SW\ &PWb MßÍj USeW\\S\ 2WSa PSRScbSb Y]\Y`Sb(

E

/ZZS 9][[OabSZZS\ USVS\ dS`Z]`S\ PSW[ 1Oab d]\ 4ZWSzY][[Obg^S\ aÖMj w?Í hc 5O\hhOVZbg^S\

E

ÍPS`abSVS\RS 9][[OabSZZS\ c\R a][Wb 5S\OcWUYSWb USVS\ dS`Z]`S\ PSW[ 1Oab d]\ w?Í \OQV aÖMj

E

ES`bdS`É\RS`c\US\ Yr\\S\ PSW[ 1OabS\ U`]zS` HOVZS\eS`bS `SacZbWS`S\

2WSa hSWUS\ T]ZUS\RS 0SWa^WSZS( W?ÄÄ ?ÄÍ-‰Ä‰ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P aÖMj a s ϱ|yÉÇ ‰™Í ™ s ®‰™Í¯aÇ

ÊÊ
MÄW†™j‰aj™ ””?ÄÍjj™u

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹8jÁÍ ™ s ¹ ´ ™ ¯Ç ™~ ” s ¤ÔšÇ MßÍj M s ®MßÍj¯”Ç

ÊÊ 7™ É| M‰Í ¹”‰Í jÝ?Í¹ ™?W† o M‰Íu

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹8jÁÍ M s ¹ ´ ™ ¯Ç ÊÊ

‰Í ?ÄÍ ”¬‰‰jÁÍ ™Ö™ ?jÁa‰™~Ä ?ÖW†]

MßÍj M¤ s yyÇ

MßÍj MÔ s ¤åÇ

MßÍj MÏÇ

ƝÁÍ Ä¤ s ¤ååÇ

ƝÁÍ ÄÔ s ÔååÇ

ƝÁÍ ÄÏÇ

MÏ s ®MßÍj¯®M¤ ´ MÔ¯Ç ÄÏ s ®Ä†Áͯ®Ä¤ ´ ÄÔ¯Ç Q Q

$

9PeP3PcT]ch_T]

$& ˆ ™Äj ˆ

8jÁÍ ™ s Ï 8jÁÍ M s ˆ¤ÔÈ +ÁWjÄÄ Þ‰Í ±±±

2S` 3\beWQYZS` [caa aWQV OZa] T`OUS\ ]P RWSaS @SacZbObS eW`YZWQV W\bS\RWS`b aW\R HeWaQVS\ RS[ 2ObS\bg^ Mj?\ c\R O\RS`S\ 2ObS\bg^S\ YO\\ ]XRWc USQOabSb eS`RS\ 2WS Mj?™ES`bS ÍÁÖj c\R w?Äj abSZZS\ W\ 8OdO SW\S\ TXVT]bcÊ]SX VT] 2ObS\bg^ RO` RS` \WQVb W\ O\RS`S 2ObS\bg^S\ c[USeO\RSZb ]RS` Oca ES`bS\ O\RS`S` 2ObS\bg^S\ S`hScUb eS`RS\ YO\\ ]Zg[]`^VWS eWSRS` PSaQVÉTbWUS\



+OMKTNKOZKT [TJ ,GRRKT HKOS 'XHKOZKT SOZ 9ZGTJGXJJGZKTZ_VKT

0SW[ =^S`WS`S\ [Wb 5O\hhOVZ c\R 4ZWSzY][[Obg^S\ aW\R SW\WUS SZS[S\bO`S @SUSZ\ hc PSOQVbS\ c[ PSW 0S`SQV\c\US\ Y]``SYbS @SacZbObS hc S`VOZbS\ ATRW]T] \Xc 6P]iiPW[T]) 2WdWaW]\S\ d]\ 5O\hhOVZS\ eW`R \c` [Wb VP]iiPW[XVTa 6T]PdXVZTXc Rc`QVUSTºV`b 8OdO aQV\SWRSb PSW 5O\hhOVZRWdWaW]\S\ OZZS 9][[OabSZZS\ ]V\S @c\Rc\U SW\TOQV OP c[ SW\S 5O\hhOVZ hc S`VOZbS\ h0( ‰™Í Þ s ¤ÊÔÇ

ÊÊ ‰™ Þ ÄÍj†Í åu

‰™Í ß s ˆÏÊÔÇ

ÊÊ ‰™ ß ÄÍj†Í ˆ¤u

5O\hhOVZS\PS`SWQVS aW\R hc SW\S[ AX]V USaQVZ]aaS\ ’ Sa UWPb YSW\S ÍPS`ZOcT 4SVZS`[SZRc\US\ ]RS` >`]U`O[[OPP`ºQVS eS\\ aWQV PSW @SQV\c\US\ 0S`SWQVa ºPS`aQV`SWbc\US\ S`USPS\ ES\\ [O\ RWS ^]aWbWdS 0S`SWQVaU`S\hS ºPS`aQV`SWbSb a] ZO\RSb [O\ O[ 3\RS RSa \SUObWdS\ 0S`SWQVa h0( MßÍj M s ¤ÔÈÇ M s ®MßÍj¯®M ´ ¤¯Ç

ÊÊ ‰™ M ÄÍj†Í ™Ö™ ˆ¤Ôou

0SW[ @SQV\S\ [Wb MßÍj c\R ƝÁÍDO`WOPZS\ Y]\dS`bWS`b 8OdO Ocb][ObWaQV hc ‰™Í a] h0( MßÍj ? s yÇ

MßÍj M s ¤åÇ

ÊÊ MßÍj W s ? ´ MÇ

j†jÁ ˆ 0߬ ܝ™ ®? ´ M¯ ‰ÄÍ ‰™Íu ?ÄÍj™]

MßÍj W s ®MßÍj¯®?´M¯Ç

ÊÊ #u

$'

$

9PeP3PcT]ch_T]

ATRW]T] \Xc 5[XTvZ^\\PiPW[T]) 2S` Bg^ SW\S` 4ZWSzY][[OhOVZ W\ 8OdO Wab RSTOcZb[ÉzWU aÖMj A] eW`R  OcQV ]V\S AcTTWf S ]RS` 3 OZa aÖMj USaSVS\ OPS` ¤±åw Wab d]\ Bg^ w?Í 2WSa ZWS TS`b 4SVZS` PSW c\US\Oc T]`[cZWS`bS\ HceSWac\US\ O\ w?Í5`rzS\ h0( w?Í w s ¤ ´ ϱ¤|Ç

ÊÊ j†jÁ ˆ ÁjW†ÍjÁ 0߬ ‰ÄÍ aÖMju

w s ¤ ´ ϱ¤|wÇ

ÊÊ # r 0߬ ajÁ ÁjW†Íj™ .j‰Íj ‰ÄÍ w?Íu

aÖMj a s ¤ ´ ϱ¤|Ç

ÊÊ # r 0߬ ajÁ ÁjW†Íj™ .j‰Íj ‰ÄÍ aÖMju

5O\hhOVZUS\OcWUYSWb PSW 3XeXbX^] e^] 6P]iiPW[T] eW`Yb aWQV OcQV PSW RS` HceSW ac\U hc 4ZWSzY][[Obg^S\ Oca Hc\ÉQVab eW`R RS` /caR`cQY RS` `SQVbS\ ASWbS PS `SQV\Sb RO\\ S`ab eW`R ROa @SacZbOb SW\S` SdS\bcSZZ Tº` RWS HceSWac\U S`T]`RS`ZWQVS\ Ocb][ObWaQVS\ Bg^Y]\dS`bWS`c\U c\bS`h]US\ h0( aÖMj a s ¤ÊÔÇ

ÊÊ ™ a ÄÍj†Í å±åau ®¤ ֙a Ô Ä‰™a ‰™Íˆ=?†j™¯

a s ¤±åÊÔÇ

ÊÊ ™ a ÄÍj†Í å±ya

a s ®aÖMj¯¤ÊÔÇ ÊÊ ™ a ÄÍj†Í å±ya a s å±o ´ ¤ÊÔ Ç



®¤±å ‰ÄÍ aÖMjˆ=?†¯ ® ?ÄÍ Ü™ ‰™Í ¤ ãÖ aÖMj¯

ÊÊ ™ a ÄÍj†Í å±oau ® j™™ ¤ÊÔ ‰jwjÁÍj åu¯

4GSKTYMKH[TM

3W\VOZbc\U RS` T]ZUS\RS\ 9]\dS\bW]\S\ S`VrVb RWS ;TbQPaZTXc RSa >`]U`O[[Q]RSa( E

DO`WOPZS\ c\R 9]\abO\bS\ a]ZZbS\ b_aTRWT]ST =P\T] S`VOZbS\ RWS WV`S 0SRSc bc\U W[ >`]U`O[[Y]\bSfb OcaR`ºQYS\

E

DO`WOPZS\\O[S\ PSUW\\S\ [Wb 9ZSW\PcQVabOPS\ h0( ㉙Ä^?¬‰Í?

E

7\ hcaO[[S\USaSbhbS\ DO`WOPZS\\O[S\ aQV`SWPb [O\ \OQVT]ZUS\RS E]`bO\TÉ\US U`]z h0( ?™w?™~Ä?¬‰Í?

E

9]\abO\bS\\O[S\ PSabSVS\ Oca 5`]zPcQVabOPS\ h0(

E

HcaO[[S\USaSbhbS 9]\abO\bS\\O[S\ eS`RS\ Rc`QV C\bS`ab`WQVS M dS`Pc\RS\ h0(
9Û7
2 

E

6WZTadO`WOPZS\ a]ZZbS\ SVS` [Wb Yc`hS\
E

B`]bh C\WQ]RS a]ZZbS\ ZTX]T \ObW]\OZS\ A]\RS`hSWQVS\ h0 C[ZOcbS dS`eS\RSb eS`RS\ RO RWSaS OcT [O\QVS\ @SQV\S`\ \WQVb RO`abSZZPO` aW\R

E

0SW 2SYZO`ObW]\ a]ZZbS\ eWQVbWUS DO`WOPZS\ c\R 9]\abO\bS\ Y][[S\bWS`b eS`RS\ c[ WV`S 0SRScbc\U W[ eSWbS`S\ >`]U`O[[Y]\bSfb hc R]Yc[S\bWS`S\

! 2 

7\ RWSaS[ 9O^WbSZ VOPS\ eW` PS`SWba W\ 0SWa^WSZS\ [Wb /RRWbW]\S\  c\R 2WdWaW] \S\  d]\ DO`WOPZS\ c\R ES`bS\ USO`PSWbSb 7[ T]ZUS\RS\ 9O^WbSZ e]ZZS\ eW` c\a \c\ SW\S\ d]ZZabÉ\RWUS\ ÍPS`PZWQY ºPS` RWS W\ RWS A^`OQVS 8OdO TX]VTQPdcT] >_TaP c^aT] c\R WV`S EW`Yc\UaeSWaS dS`aQVOTTS\



5VKXGZUXKT [TJ '[YJX„IQK

3W\ 8OdO>`]U`O[[ Wab \OQV TSabS\ ag\bOYbWaQVS\ @SUSZ\ OcTUSPOcb dS`UZSWQVPO` [Wb RS` 5`O[[ObWY SW\S` \Obº`ZWQVS\ A^`OQVS /ca 5`º\RS\ RS` DS`abÉ\RZWQVYSWb eS`RS\ eW` RWSaS` 3W\TºV`c\U YSW\S T]`[OZS A^`OQVa^ShWTWYObW]\ W\ 4]`[ SW\S` ZSfWYOZWaQVS\ c\R ag\bOYbWaQVS\ 5`O[[ObWY hcU`c\RS ZSUS\ a]\RS`\ RWS XSeSWZWUS\ A^`OQVSZS [S\bS W\VOZbZWQV []bWdWS`b SW\TºV`S\ ES` aWQV Tº` RWS T]`[OZS A^`OQVPSaQV`SWPc\U W\bS`SaaWS`b aSW OcT RWS SW\aQVZÉUWUS 2]Yc[S\bObW]\ IAC<#5K dS`eWSaS\ 7\ RWSaS[ 9O^WbSZ eS`RS\ =^S`Ob]`S\ c\R /caR`ºQYS RS` A^`OQVS 8OdO RO`USabSZZb =^S`Ob]`S\ dS`Y\º^TS\ SW\TOQVS /caR`ºQYS hc \ScS\ /caR`ºQYS\ OcT RWS aSZPab eWSRS` =^S`Ob]`S\ O\USeS\RSb eS`RS\ Yr\\S\



'[YJX„IQK

2WS SW\TOQVabS\ /caR`ºQYS aW\R DO`WOPZS\ ]RS` :WbS`OZS Y]\abO\bS 0ShSWQV\S` PSW /caR`ºQYS\ W\bS`SaaWS`b d]` OZZS\ 2W\US\ WV` ES`b 9][^ZSfS /caR`ºQYS eS`RS\ Rc`QV /\eS\Rc\U d]\ =^S`Ob]`S\ OcT SW\TOQVS`S /caR`ºQYS USPWZRSb RS` ES`b RSa \ScS\ /caR`cQYa S``SQV\Sb aWQV Oca RS\ ES`bS\ RS` BSWZOcaR`ºQYS /ca RS\ /caR`ºQYS\ Þ DO`WOPZS c\R ¤È :WbS`OZ S`VÉZb [O\ Rc`QV /\eS\Rc\U RSa abSZZWUS\ =^S`Ob]`a ´ RS\ \ScS\ /caR`cQY Þ ´ ¤È 2S` ES`b RWSaSa /ca R`cQYa Wab RO\\ RWS Ac[[S RS` ES`bS RS` BSWZOcaR`ºQYS



5VKXGZUXKT

;WbVWZTS d]\ =^S`Ob]`S\ ZOaaS\ aWQV Oca SW\TOQVS\ /caR`ºQYS\ Y][^ZSfS /caR`ºQYS S`abSZZS\ SbeO( ? ´ ¤

? J M

ÔÔ r Ï

ˆW

2O RWS RORc`QV S\babSVS\RS\ /caR`ºQYS aSZPab eWSRS` OZa =^S`O\RS\ dS`eS\RSb eS`RS\ Yr\\S\ ZOaaS\ aWQV W[[S` Y][^ZSfS`S /caR`ºQYS PWZRS\( ®? ´ ¤¯ ´ W

®? J M¯ ´ Þ

ˆ®? ´ ¤¯

2WS VWS` dS`eS\RSbS\ 9ZO[[S`\ Yr\\S\ XS \OQV 0W\Rc\U RS` =^S`Ob]`S\ W\ [O\ QVS\ 4ÉZZS\ OcQV eSUUSZOaaS\ eS`RS\ ROhc a^ÉbS` [SV` 2WS [SWabS\ =^S`Ob]`S\ eS`RS\ OcT heSW =^S`O\RS\ O\USeS\RSb c\R aW\R ROVS` heSWabSZZWU SbeO RWS /RRW bW]\ ´ ]RS` ;cZbW^ZWYObW]\ J Sa UWPb OPS` OcQV SW\abSZZWUS =^S`Ob]`S\ c\R a]UO` SW \S\ R`SWabSZZWUS\ =^S`Ob]` EWS PSW RS\ PSYO\\bS\ [ObVS[ObWaQVS\ @SQVS\]^S`ObW]\S\ abSVS\ heSWabSZZWUS =^S`Ob]`S\ abSba ifXbRWT] RS\ =^S`O\RS\ 8]UXg<]bObW]\ [O\QVS SW\abSZZWUS =^S `Ob]`S\ abSVS\ e^a ?aÊUXg<]bObW]\ [O\QVS ]PRW RS[ =^S`O\RS\ ?^bcUXg <]bObW]\

%

%

>_TaPc^aT] d]S 0dbSa¶RZT

<SPS\ RWSaS` T]`[OZS\ 9ZOaaWTWYObW]\ ZOaaS\ aWQV =^S`Ob]`S\ U`c^^WS`S\ W\ E

O`WbV[SbWaQVS =^S`Ob]`S\

E

DS`UZSWQVa]^S`Ob]`S\

E

Z]UWaQVS =^S`Ob]`S\

E

0SRW\Uc\Ua]^S`Ob]`

E

0Wb]^S`Ob]`S\

E

HceSWac\Ua]^S`Ob]` c\R DS`Pc\R]^S`Ob]`S\



'XOZNSKZOYINK 5VKXGZUXKT

2WS O`WbV[SbWaQVS\ =^S`Ob]`S\ dS`Yr`^S`\ RWS [ObVS[ObWaQVS\ @SQVS\]^S`ObW]\S\ OcT HOVZS\eS`bS\ RV Sa Y][[S\ OZa =^S`O\RS\ ES`bS RS` 2ObS\bg^S\ MßÍj W†?Á ƝÁÍ ‰™Í ™~ w?Í ]RS` aÖMj W\ 4`OUS 2WS O`WbV[SbWaQVS\ =^S`Ob]`S\ aW\R W\ RS\ PSWRS\ BOPSZZS\ $ c\R $ RO`USabSZZb >_TaPc^a

0]fT]Sd]V

1TSTdcd]V

´

Þ ´ ß

Ac[[S d]\ Þ c\R ß /RRWbW]\

ˆ

Þ ˆ ß

2WTTS`S\h d]\ Þ c\R ß AcPb`OYbW]\

J

Þ J ß

>`]RcYb d]\ Þ c\R ß ;cZbW^ZWYObW]\

Ê

Þ Ê ß

?c]bWS\b d]\ Þ c\R ß 2WdWaW]\

°

Þ ° ß

@Sab PSW UO\hhOVZWUS` 2WdWaW]\ d]\ Þ Rc`QV ß ;]RcZ]=^S`Ob]`

CPQ % ) HeSWabSZZWUS O`WbV[SbWaQVS =^S`Ob]`S\ 0SW /RRWbW]\ AcPb`OYbW]\ c\R ;cZbW^ZWYObW]\ YO\\ SW\ ÍPS`ZOcT OcTb`SbS\ eS\\ \É[ZWQV RS` [ObVS[ObWaQV Y]``SYbS ES`b OczS`VOZP RSa ES`bSPS`SWQVa RSa S\ba^`S QVS\RS\ 2ObS\bg^a ZWSUb 2O RWSa eSRS` d][ 1][^WZS` \]QV hc` :OcThSWb []\WS`b eW`R PZSWPb Sa RS[ 3\beWQYZS` ºPS`ZOaaS\ aWQV d]` a]ZQVS\ TOZaQVS\ 0S`SQV\c\US\ hc aQVºbhS\ dUZ OcQV ÍPc\U $ 2S` SW\abSZZWUS =^S`Ob]` ´ ec`RS Oca 5`º\RS\ RS` Ag[[Sb`WS hc` O`WbV[SbWaQVS\ <SUObW]\ SW\USTºV`b 3` S`[rUZWQVb RWS Sf^ZWhWbS 2O`abSZZc\U SW\Sa ^]aWbWdS\ ES`bSa SbeO PSW SW\S` 2SYZO`ObW]\ RS` 4]`[ ‰™Í Ü?Öj s ´¤å¤Ç

2S` SW\abSZZWUS =^S`Ob]` r ZWSTS`b OZa @SacZbOb RS\ \SUObWdS\ ES`b RSa =^S`O\RS\

%

>_TaPc^aT] d]S 0dbSa¶RZT

%

>_TaPc^a

0]fT]Sd]V

´

´Þ

ES`b RSa /caR`cQYa Wab f

ˆ

ˆÞ

<SUObW]\ d]\ Þ

´´

´´Þ

7\Y`S[S\b >`ÉTWf( S`VrVb Þ c[  ES`b RSa /caR`cQYa Wab RS` S`VrVbS ES`b

Þ´´

7\Y`S[S\b >]abTWf( S`VrVb Þ c[  ES`b RSa /caR`cQYa Wab RS` c`a^`º\UZWQVS ES`b

ˆˆÞ

2SY`S[S\b >`ÉTWf( dS`[W\RS`b Þ c[  ES`b RSa /caR`cQYa Wab RS` dS`[W\RS`bS ES`b

ވˆ

2SY`S[S\b >]abTWf( dS`[W\RS`b Þ c[  ES`b RSa /caR`cQYa Wab RS` c`a^`º\UZWQVS ES`b

ˆˆ

1TSTdcd]V

CPQ %!) 3W\abSZZWUS O`WbV[SbWaQVS =^S`Ob]`S\ 2WS 7\Y`S[S\b  c\R 2SY`S[S\b=^S`Ob]`S\ ˆˆ UWPb Sa W\ >`ÉTWf c\R W\ >]abTWf <]bObW]\ EOa RWS /caeW`Yc\U OcT RS\ =^S`O\RS\ PSb`WTTb dS`VOZbS\ aWQV RWSaS DS` aW]\S\ UZSWQV RS` ES`b RSa =^S`O\RS\ eW`R c[ XSeSWZa  S`VrVb Phe dS`[W\RS`b 2WS PSWRS\ /\eSWac\US\ Þ´´Ç

´´ÞÇ

aW\R UZSWQVPSRScbS\R c\R PSWRS UZSWQVeS`bWU hc Þ s Þ ´ ¤Ç

2S` ES`b RS` /caR`ºQYS f c\R f Wab XSR]QV c\bS`aQVWSRZWQV eOa aWQV RO\\ OcaeW`Yb eS\\ aWS eSWbS` dS`eS\RSb eS`RS\ SbeO W\ HceSWac\US\ RS` 4]`[( Þ s yÇ

Þ s yÇ

ß s Þ´´Ç

ß s ´´ÞÇ

0SW RS` >]abTWf<]bObW]\ eW`R RS` =^S`O\R PSeS`bSb c\R O\aQVZWSzS\R c[  S`VrVb PSW RS` >`ÉTWf<]bObW]\ dS`VÉZb Sa aWQV US`ORS c[USYSV`b RWS 0SeS`bc\U TW\RSb \OQV RS[ 3`VrVS\ abObb 7[ ZW\YS\ 4OZZ VOb \OQV /caTºV`c\U RS` /\eSWac\US\ ß RS\ ES`b # c\R Þ RS\ ES`b $ W[ `SQVbS\ 4OZZ VOPS\ a]e]VZ ß OZa OcQV Þ RS\ ES`b $ 2WS DS`eS\Rc\U d]\ 7\Y`S[S\b ]RS` 2SY`S[S\b=^S`Ob]`S\ W\ HceSWac\UaO\eSW ac\US\ Wab heO` W\ [O\QVS\ 4ÉZZS\ aW\\d]ZZ c\R PS`SQVbWUb a]ZZbS OPS` US`ORS d]\ >`]U`O[[WS`\ScZW\US\ dS`[WSRS\ eS`RS\ 2S` SW\USa^O`bS >ZObh SW\S` 1]RShSWZS USVb VWS`PSW hc ZSWQVb OcT 9]abS\ RS` DS`abÉ\RZWQVYSWb

%!

%



>_TaPc^aT] d]S 0dbSa¶RZT


DS`UZSWQVa]^S`Ob]`S\ `SZObW]\OZS =^S`Ob]`S\ dS`UZSWQVS\ /caR`ºQYS [WbSW\O\RS` c\R USPS\ SW\S\ RS` PSWRS\ 0]]ZSaQVS\ ES`bS ÍÁÖj ]RS` w?Äj hc`ºQY XS \OQV RS[ ]P RWS PSVOc^bSbS 0ShWSVc\U heWaQVS\ RS\ =^S`O\RS\ eOV` Wab ]RS` \WQVb 7\ RS` BOPSZZS $! aW\R RWS DS`UZSWQVa]^S`Ob]`S\ c\R RS`S\ EOV`VSWbaPSRW\Uc\US\ OcTUSTºV`b B`WTTb RWS EOV`VSWbaPSRW\Uc\U hc Wab RS` ES`b RSa /caR`cQYa ÍÁÖj TOZZa \WQVb a] Wab S` w?Äj >_TaPc^a

0]fT]Sd]V

FPWaWTXcbQTSX]Vd]V

ss

Þ ss ß

Þ abW[[b [Wb ß ºPS`SW\

us

Þ us ß

Þ Wab d]\ ß dS`aQVWSRS\

‘

Þ ‘ ß

Þ Wab YZSW\S` OZa ß

‘s

Þ ‘s ß

Þ Wab YZSW\S` OZa ß ]RS` UZSWQV ß



Þ  ß

Þ Wab U`rzS` OZa ß

s

Þ s ß

Þ Wab U`rzS` OZa ß ]RS` UZSWQV ß

CPQ %") DS`UZSWQVa]^S`Ob]`S\ /ZZS RWSaS DS`UZSWQVa]^S`Ob]`S\ Yr\\S\ OcT \c[S`WaQVS =^S`O\RS\ O\USeS\RSb eS`RS\ 4OZZa RWSaS d]\ c\bS`aQVWSRZWQVS[ Bg^ aW\R a] eS`RS\ aWS eWS PSW O`WbV[S bWaQVS\ =^S`Ob]`S\ O\ SW\S\ US[SW\aO[S\ Bg^ O\US^Oaab ;Wb RS\ =^S`Ob]`S\ ss c\R us Yr\\S\ \SPS\ \c[S`WaQVS Bg^S\ OcQV /caR`ºQYS d][ Bg^ Mj?™ c\R =PXSYbS @STS`S\hbg^S\ [WbSW\O\RS` dS`UZWQVS\ eS`RS\ D]`aWQVb Wab PSW[ 5ZSWQVVSWba]^S`Ob]` USP]bS\ RS` Oca heSW 5ZSWQVVSWbahSWQVS\ PS abSVb c\R aWQV RORc`QV d][ HceSWac\Ua]^S`Ob]` s c\bS`aQVSWRSb 5ZºQYZWQVS`eSWaS eS`RS\ W\ 8OdO W[ 5SUS\aObh hc [O\QV O\RS`S\ >`]U`O[[WS`a^`OQVS\ TOab OZZS DS`eSQVaZc\US\ RWSaS` =^S`Ob]`S\ d][ 1][^WZS` S`YO\\b c\R []\WS`b eWS SbeO W[ T]ZUS\RS\ 0SWa^WSZ ‰™Í Þ s ÈÇ ‰™Í ß s ¤ÔÇ Mj?™ ‰a¤ s ®Þ s ߯Ç

ÊÊ ”¬‰jÁ ”™‰jÁÍ

Mj?™ ‰aÔ s ®Þ ss ß¯Ç ÊÊ #



2UMOYINK 5VKXGZUXKT

2WS Z]UWaQVS\ =^S`Ob]`S\ R`ºQYS\ RWS Z]UWaQVS\ DS`Y\º^Tc\US\ <SUObW]\ <WQVb C\R =RS` W\YZcaWd c\R 3\beSRS`=RS` Oca dUZ BOPSZZS $" AWS Yr\\S\ Oca aQVZWSzZWQV OcT /caR`ºQYS O\USeS\RSb eS`RS\ RS`S\ ES`bS d][ Bg^ Mj?™ aW\R WV` 3`USP\Wa Wab OcQV SW\ ES`b RWSaSa Bg^a OZa] ÍÁÖj ]RS` w?Äj

%

>_TaPc^aT] d]S 0dbSa¶RZT

%"

>_TaPc^a

0]fT]Sd]V

1TSTdcd]V

u

u Þ

F

Þ F ß

C\R

O

Þ O ß

=RS` W\YZcaWd

H

Þ H ß

3\beSRS`=RS`

FF

Þ FF ß

PSRW\Ub OcaeS`bS\RSa C\R

OO

Þ OO ß

PSRW\Ub OcaeS`bS\RSa =RS`

<SUObW]\

CPQ %#) :]UWaQVS =^S`Ob]`S\ 2WS 0SRScbc\U RWSaS` =^S`Ob]`S\ eS`RS\ O[ SW\TOQVabS\ Rc`QV a] US\O\\bS EOV` VSWbabOTSZ\ W\ RS\ BOPSZZS\ $# c\R $$ RO`USabSZZb 2WSaS USPS\ O\ eWS aWQV Tº` SW \S\ Z]UWaQVS\ =^S`Ob]` RS` ES`b SW\Sa Z]UWaQVS\ /caR`cQYa W\ /PVÉ\UWUYSWb d]\ RS\ ES`bS\ RS` BSWZOcaR`ºQYS S`[WbbSZ\ ZÉaab Þ

u Þ

ÍÁÖj

w?Äj

w?Äj

ÍÁÖj

CPQ %$) EOV`VSWbabOTSZ( :]UWaQVS <SUObW]\ ;^VXbRWT =TVPcX^] <SUWS`b RS\ EOV`VSWbaeS`b( /ca ÍÁÖj eW`R w?Äj c\R c[USYSV`b Þ

ß

Þ F ß

Þ O ß

Þ FF ß

Þ OO ß

Þ H ß

ÍÁÖj

ÍÁÖj

ÍÁÖj

ÍÁÖj

w?Äj

ÍÁÖj

w?Äj

w?Äj

ÍÁÖj

ÍÁÖj

w?Äj

ÍÁÖj

w?Äj

ÍÁÖj

ÍÁÖj

w?Äj

w?Äj

w?Äj

w?Äj

w?Äj

CPQ %%) EOV`VSWbabOTSZ( :]UWaQVSa C\R \WQVbSfYZcaWdSa =RS` c\R SfYZcaWdSa =RS` ;^VXbRWTb D]S :WSTS`b US\Oc RO\\ RS\ ES`b ÍÁÖj eS\\ PSWRS =^S`O\RS\ RS\ ES`b ÍÁÖj ZWSTS`\

%#

%

>_TaPc^aT] d]S 0dbSa¶RZT

;^VXbRWTb >STa :WSTS`b US\Oc RO\\ ES`b ÍÁÖj TOZZa [W\RSabS\a SW\S` RS` PSWRS\ /caR`ºQYS Þ c\R ß RS\ ES`b ÍÁÖj ZWSTS`b /\a]\abS\ RV \c` eS\\ PSWRS BSWZOcaR`ºQYS RS\ ES`b w?Äj VOPS\ VOb RS` /caR`cQY RS\ ES`b w?Äj ZSbhbS HSWZS RS` EOV`VSWbabOTSZ ;^VXbRWTb 4]cfTSTa>STa :WSTS`b US\Oc RO\\ ÍÁÖj eS\\ RWS =^S`O\RS\ c\bS`aQVWSRZWQVS ES`b VOPS\ 1TSX]Vc PdbfTacT]STb D]S d]S >STa 2WS =^S`Ob]`S\ C\R c\R =RS` SfWabWS`S\ W\ XSeSWZa heSW DS`aW]\S\ \É[ZWQV OZa  c\R  Phe j c\R jj 0Sb`OQVbS\ eW` RS\ T]ZUS\RS\ /caR`cQY ®Þ ‘ å¯ OO ®ß  ¤¤¯

c\R \SV[S\ O\ RS` ES`b d]\ f Wab ! 2WS =^S`O\RS\ eS`RS\ d]\ ZW\Ya \OQV `SQVba PSeS`bSb RV \OQV 0SeS`bc\U RSa ZW\YS\ BSWZOcaR`cQYa ÍÁÖj abSVb c\OPVÉ\UWU d][ ES`b RSa `SQVbS\ /caR`cQYa RS` ES`b RSa USaO[bS\ /caR`cQYa PS`SWba TSab \É[ZWQV ÍÁÖj /\OZ]U VOb SW\S C\RDS`Y\º^Tc\U RS\ ES`b w?Äj TOZZa RS` hcS`ab OcaUSeS`bSbS BSWZOca`cQY RS\ ES`b w?Äj ZWSTS`b 2O RS` heSWbS BSWZOcaR`cQY hc[ 3`USP\Wa \WQVba PSWb`ÉUb eÉ`S Sa aW\\d]ZZ RWSaS\ SW\TOQV hc WU\]`WS`S\ /\RS`S`aSWba Yr\\bS RS` heSWbS BSWZOcaR`cQY \SPS\ RS` SWUS\bZWQVS\ 0SeS`bc\U \]QV S`eº\aQVbS <SPS\STTSYbS PSeW`YS\ SbeO Rc`QV SW\S\ 7\Y`S[S\b=^S`Ob]` ]RS` SW\S\ ;SbV] RS\OcT`cT RS` W\ RWSaS[ 4OZZ \WQVb c\bS`aQVZOUS\ eS`RS\ a]ZZbS C[ RWSaS 4ÉZZS Sf^ZWhWb c\bS`aQVSWRS\ hc Yr\\S\ S\bVÉZb 8OdO Tº` C\R c\R =RS` XS eSWZa heSW =^S`Ob]`S\ 0SW[ SW\TOQVS\ F c\R O eS`RS\ abSba PSWRS BSWZOcaR`ºQYS PSeS`bSb PSW R]^^SZbS\ PSRW\Ub OcaeS`bS\RS\ FF c\R OO eW`R RS` heSWbS BSWZ OcaR`cQY \c` RO\\ OcaUSeS`bSb eS\\ ROa 3`USP\Wa \WQVb aQV]\ Rc`QV RS\ S`abS\ BSWZOcaR`cQY TSababSVb 2WSaS =^S`Ob]`S\ eS`RS\ OcQV 9c`haQVZcaa=^S`Ob]`S\ aV]`bQW`QcWb US\O\\b RO aWS RWS :OcThSWb SW\Sa >`]U`O[[a dS`Yº`hS\ Yr\\S\ :Sbhb ZWQV ZWSUb Sa W\ RS` 6O\R RS` 3\beWQYZS` RWSaS =^S`Ob]`S\ O\US[SaaS\ hc dS`eS\ RS\ 7[ @SUSZTOZZ eW`R [O\ 9c`haQVZcaa=^S`Ob]`S\ SW\aSbhS\ c\R Oca 5`º\RS\ RS` >S`T]`[O\QS PSW =RS`DS`Y\º^Tc\US\ SW\S\ dS`[cbZWQV eOV`S\ BSWZOcaR`cQY ZW\Ya d][ =^S`Ob]` T]`[cZWS`S\ O\OZ]U PSW C\RDS`Y\º^Tc\US\ SW\S\ dS`[cbZWQV TOZ aQVS\ BSWZOcaR`cQY d]`hWSVS\



(KJOTM[TMYUVKXGZUX

2S` R`SWabSZZWUS 0SRW\Uc\Ua]^S`Ob]` 9]\RWbW]\OZ]^S`Ob]` S`ZOcPb RS\ ES`b SW\Sa /caR`cQYa d]\ SW\S` 0SRW\Uc\U OPVÉ\UWU hc [OQVS\ 3` VOb RWS OZZUS[SW\S 4]`[ ‘?ÖÄaÁÖW¤ · ‘?ÖÄaÁÖWÔ ] ‘?ÖÄaÁÖWÏ

e]PSW ‘?ÖÄaÁÖW¤ d][ Bg^ Mj?™ Wab 8S \OQV RS[ ]P RWSaS` ÍÁÖj ]RS` w?Äj ZWSTS`b eW`R ‘?ÖÄaÁÖWÔ ]RS` ‘?ÖÄaÁÖWÏ PSeS`bSb c\R OZa ES`b RSa 5SaO[bOcaR`cQYa hc`ºQYUSUSPS\ 4º` RS\ heSWbS\ c\R R`WbbS\ =^S`O\RS\ aW\R /caR`ºQYS S`ZOcPb RWS S\beSRS` PSWRS \c[S`WaQVS Bg^S\ PSWRS Mj?™ ]RS` PSWRS @STS`S\hbg^S\ SbeO Ab`W\Ua RO`abSZZS\ 2WSaS` /caR`cQY S`ZOcPb ]Tb Y][^OYbS 4]`[cZWS`c\US\ eWS h0

%

>_TaPc^aT] d]S 0dbSa¶RZT

%$

”?Þ s ®?  M¯ · ? ] MÇ

ÊÊ

?މ”Ö” ܝ™ ? ֙a M

]RS` .ßÄÍj”±Öͱ¬Á‰™Í™® ®Þ°Ô ss å¯ · ¹~jÁ?aj¹ ] ¹Ö™~jÁ?aj¹ ¯Ç

c\R S\ba^`WQVb aS[O\bWaQV SW\S` WTSZaS /\eSWac\U TOZZa PdbSadRZ  RO\\ PdbSadRZ! a]\ab PdbSadRZ" RWS eW` a^ÉbS` \]QV YS\\S\ZS`\S\ eS`RS\ 2S` 0SRW\Uc\Ua]^S`Ob]` YO\\ aW\\d]ZZ OcQV d]\ >`]U`O[[WS`\ScZW\US\ dS`eS\RSb eS`RS\ S` Wab XSR]QV [Wb D]`aWQVb hc US\WSzS\ W\aPSa]\RS`S RO\\ eS\\ S` hc aO[[S\ [Wb O\RS`S\ =^S`Ob]`S\ ]RS` [Wb aWQV aSZPab dS`Y\º^Tb hc[ 3W\aObh Y][[b



(OZUVKXGZUXKT

7\ RS` 7\T]`[ObWY eS`RS\ 2ObS\ W\ 3W\VSWbS\ dS`eOZbSb RWS [O\ OZa 4]ZUS d]\ 0Wba OcTTOaab 3W\ 0Wb abSZZb RWS YZSW\abS 3W\VSWb RO` c\R YO\\ US\Oc heSW HcabÉ\RS O\ \SV[S\ RWS [O\ [Wb /ca/\ 4OZaQVEOV` ]RS` SW\TOQV [Wb  PShSWQV\Sb 3W\VSW bS\ d]\ & 0Wba TOaab [O\ hc  0gbS hcaO[[S\ C[ SW\S\ \WQVb\SUObWdS\ HOVZS\eS`b W\ aSW\S 0Wb@S^`ÉaS\bObW]\ hc ºPS`TºV`S\ PS \cbhb [O\ RWS 2cOZRO`abSZZc\U c\R aSbhb PSUW\\S\R d]\ `SQVba ROa XSeSWZWUS 0Wb OcT  ]RS`  S\ba^`SQVS\R RS[ ES`b RS` 2cOZRO`abSZZc\U 2WS HOVZ  +   T]ZUZWQV PSaWbhb

&+ 



 



 

  ! PSaWbhb RWS 2cOZRO`abSZZc\U 

‰™Í Þ s ¤¤Ç

RWS 0Wb@S^`ÉaS\bObW]\ åååååååå åååååååå åååååååå åååå¤å¤¤

;Wb RS\ 0Wb]^S`Ob]`S\ ZOaaS\ aWQV =^S`ObW]\S\ RW`SYb OcT RS` 0Wb2O`abSZZc\U RS` UO\hhOVZWUS\ 2ObS\bg^S\ Rc`QVTºV`S\ >_TaPc^a

0]fT]Sd]V

1TSTdcd]V

I

IÞ

9][^ZS[S\b

F

Þ F ß

C\R

O

Þ O ß

=RS`

H

Þ H ß

SfYZcaWdSa =RS`

CPQ %&) 0Wb]^S`Ob]`S\ 9][^ZS[S\b C\R =RS` c\R SfYZcaWdSa =RS` 2S` SW\abSZZWUS =^S`Ob]` I PWZRSb ROa 0Wb9][^ZS[S\b W\RS[ O\ XSRS` AbSZZS RS` ES`b USYW^^b eW`R RV SW\S  eW`R hc`  c\R c[USYSV`b SW\S  hc`  dUZ BOPSZZS $% 2S[\OQV PSaWbhb W[ ]PWUS\ 0SWa^WSZ IÞ RWS T]ZUS\RS 0Wb2O`abSZZc\U

%%

%

>_TaPc^aT] d]S 0dbSa¶RZT

¤¤¤¤¤¤¤¤ ¤¤¤¤¤¤¤¤ ¤¤¤¤¤¤¤¤ ¤¤¤¤å¤åå

2Oaa RWSaS RWS HOVZ  `S^`ÉaS\bWS`b ZWSUb O\ RS` 9][^]\S\b2O`abSZZc\U RS` \S UObWdS\ HOVZS\ 2WSa Wab OPS` Tº` RWS 2STW\WbW]\ c\R DS`eS\Rc\UaeSWaS RS` 0Wb]^S`O bW]\S\ \WQVb d]\ U`c\RaÉbhZWQVS` 0SRScbc\U RO [O\ SVS` aSZbS\ O[ RO`USabSZZbS\ HOVZS\eS`b W\bS`SaaWS`b Wab 2WS heSWabSZZWUS\ 0Wb]^S`ObW]\S\ C\R =RS` c\R SfYZcaWdSa =RS` 3\beSRS`=RS` aW\R PWbeSWaS RSTW\WS`b 2Oa @SacZbOb VÉ\Ub O\ RS` \bS\ AbSZZS \c` d]\ RS` \bS\ AbSZ ZS RS` =^S`O\RS\ OP c\R ZÉaab aWQV Rc`QV T]ZUS\RS BOPSZZS $& RSTW\WS`S\ Þ

ß

Þ F ß

Þ O ß

Þ H ß

¤

¤

¤

¤

å

¤

å

å

¤

¤

å

¤

å

¤

¤

å

å

å

å

å

CPQ %') 0Wb]^S`ObW]\S\( C\R =RS` c\R SfYZcaWdSa =RS` 2Oa T]ZUS\RS 0SWa^WSZ dS`RScbZWQVb RWSa O[ 2ObS\bg^ MßÍj( Þ]

åå¤å¤¤å¤

åå¤å¤¤å¤

åå¤å¤¤å¤

ß]

¤å¤å¤å¤¤ ˆˆˆˆˆˆˆˆ F åå¤å¤åå¤

¤å¤å¤å¤¤ ˆˆˆˆˆˆˆˆ O ¤å¤å¤¤¤¤

¤å¤å¤å¤¤ ˆˆˆˆˆˆˆˆ H ¤ååå夤å

AQVZWSzZWQV UWPb Sa \]QV 0Wb]^S`Ob]`S\ hc[ DS`aQVWSPS\ RS` 0Wba SW\Sa ES`bSa( >_TaPc^a

0]fT]Sd]V

1TSTdcd]V

‘‘

Þ ‘‘ ß

5WPb ES`b hc`ºQY RSaaS\ 0Wba USUS\ºPS` f c[ g >]aWbW]\S\ \OQV ZW\Ya dS`aQV]PS\ ec`RS\ S\ba^`SQVS\R dWSZS 0Wba eS`RS\ OcTUSTºZZb



Þ  ß

5WPb ES`b hc`ºQY RSaaS\ 0Wba USUS\ºPS` f c[ g >]aWbW]\S\ \OQV `SQVba dS`aQV]PS\ ec`RS\ Sa eW`R [Wb RS[ VrQVabS\ 0Wb OcTUSTºZZb



Þ  ß

5WPb ES`b hc`ºQY RSaaS\ 0Wba USUS\ºPS` f c[ g >]aWbW]\S\ \OQV `SQVba dS`aQV]PS\ ec`RS\ S\ba^`SQVS\R dWSZS 0Wba eS`RS\ OcTUSTºZZb

CPQ %() AQVWSPS]^S`Ob]`S\ 0Wba RWS ºPS` RWS 5`S\hS RSa A^SWQVS`PS`SWQVa USaQV]PS\ eS`RS\ USVS\ dS`Z]`S\ 2O eW` Sa W\ 8OdO U`c\RaÉbhZWQV [Wb d]`hSWQVS\PSVOTbSbS\ 2ObS\bg^S\ hc bc\ VOPS\ [OQVb Sa AW\\ ROa D]`hSWQVS\0Wb ROa O[ eSWbSabS\ ZW\Ya abSVS\RS PSW[ @SQVba

%

>_TaPc^aT] d]S 0dbSa¶RZT

%&

AVWTb hc S`VOZbS\ 2S` =^S`Ob]`  b`ÉUb RS[ @SQV\c\U W\RS[ S` RWSaSa 0Wb c\dS` É\RS`b ZÉaab c\R T]ZUS\RS :SS`abSZZS\ [Wb RWSaS[ 0Wb OcTTºZZb 2WS =^S`ObW]\ Þ  ¤ S\ba^`WQVb RS` UO\hhOVZWUS\ 2WdWaW]\ Rc`QV  2S` =^S`Ob]`  ROUSUS\ aQVWSPb RWS 0Wba c\OPVÉ\UWU d]\ RS` D]`hSWQVS\aS[O\bWY c[ S\ba^`SQVS\R dWSZS AbSZZS\ \OQV `SQVba c\R TºZZb :SS`abSZZS\ d]\ ZW\Ya [Wb  OcT 7\ 8OdO eS`RS\ 0Wb]^S`ObW]\S\ W[ 5SUS\aObh hc O\RS`S\ >`]U`O[[WS`a^`OQVS\ aSZ bS\ SW\USaSbhb hc[OZ RWSaS ^ZObbT]`[c\OPVÉ\UWU W\ RS` 8OdO D; W[^ZS[S\bWS`b aW\R c\R RO[Wb YSW\S\ RW`SYbS\ HcU`WTT OcT RWS >`]hSaa]`O`QVWbSYbc` S`ZOcPS\ 7\aPSa]\ RS`S VºbS [O\ aWQV ROd]` Oca 5`º\RS\ RS` >S`T]`[O\QS SW\S ;cZbW^ZWYObW]\ [Wb Rc`QV RWS AVWTb=^S`ObW]\ ޑ‘¤ Rc`QVhcTºV`S\ 3W\ a]ZQVSa >`]U`O[[ O`PSWbSb \WQVb aQV\SZZS` Wab OPS` [Wb AWQVS`VSWb eS\WUS` dS`abÉ\RZWQV



@[]KOY[TMYUVKXGZUX [TJ
2S` SW\TOQVS HceSWac\Ua]^S`Ob]` eW`R [Wb RS[ 5ZSWQVVSWbahSWQVS\ s RO`USabSZZb c\R eSWab RS` DO`WOPZS\ OcT RS` ZW\YS\ ASWbS RS\ ES`b RSa /caR`cQYa OcT RS` `SQVbS\ ASW bS hc 3a Wab SW\S` RS` eS\WUS\ =^S`Ob]`S\ [Wb RS\S\ ES`bS d]\ DO`WOPZS\ dS`É\ RS`b eS`RS\ Yr\\S\ 2WS /\eSWac\US\ Þ s ¤ÈÇ ß s |Ç ã s ÞÇ

aW\R \WQVb OZa [ObVS[ObWaQVS 5ZSWQVc\US\ hc ZSaS\ a]\RS`\ OZa HceSWac\U SW\Sa ES`bSa O\ SW\S DO`WOPZS
eW`R RS` ES`b d]\ ß c[ Ï S`VrVb RS\\ RS` ES`b RSa /caR`cQYa `SQVba d][ 5ZSWQV VSWbahSWQVS\ OZa] RWS Ac[[S RSa ES`bSa d]\ ß c\R Ï^ eW`R RS` DO`WOPZS\ ß hcUS eWSaS\ 2WS DO`WOPZS ß VOb \OQV RS` /caTºV`c\U RWSaS` /\eSWac\U RS\ ES`b % 2WS HceSWac\U TW\RSb ]PRW RS` 0SeS`bc\U RSa /caR`cQYa OcT RS` `SQVbS\ ASWbS abObb a] ROaa [O\ USZSUS\bZWQV OcQV d][ ]TdT] ES`b SW\S` DO`WOPZS\ a^`WQVb RS` aWQV Oca WV`S[ P[cT] ES`b S``SQV\Sb /cT RS` `SQVbS\ ASWbS RSa 5ZSWQVVSWbahSWQVS\a Yr\\S\ aSV` Y][^ZSfS /caR`ºQYS abSVS\ W\ RS\S\ RWS DO`WOPZS O\ RWS hcUSeWSaS\ eW`R aSZPab OcQV eWSRS` d]`Y][[S\ YO\\ HceSWac\US\ RS` 4]`[ Þ s ß s |Ç

aW\R SPS\TOZZa [rUZWQV c\R UZSWQVPSRScbS\R [Wb ß s |Ç Þ s ßÇ

HceSWac\US\ VOPS\ aSZPab OcQV SW\S\ ES`b \É[ZWQV RS\ hceSWaS\RS\ ES`b c\R eS`RS\ d]\ `SQVba \OQV ZW\Ya PSeS`bSb

%'

%

>_TaPc^aT] d]S 0dbSa¶RZT

4º` RWS [SWabS\ RS` PS`SWba RO`USabSZZbS\ heSWabSZZWUS\ =^S`Ob]`S\ UWPb Sa W[ Hc aO[[S\VO\U [Wb RS` HceSWac\U RS\ a]US\O\\bS\ ETaQd]S^_TaPc^a [Wb RS[ [O\ Ò\RS`c\US\ SW\S` DO`WOPZS\ OPVÉ\UWU d]\ WV`S[ PWaVS`WUS\ ES`b Y][^OYb T]`[cZWS `S\ YO\\ dUZ BOPSZZS $ 2WSa Wab W\aPSa]\RS`S RO\\ `SZSdO\b eS\\ eWS W\ 8OdO ºPZWQV a^`SQVS\RS c\R ROVS` [SWab ZO\US DO`WOPZS\\O[S\ dS`eS\RSb eS`RS\ ETaQd]S^_TaPc^a

V[TXRWfTacXV id

Þ ´s ß

Þ s Þ ´ ß

Þ ˆs ß

Þ s Þ ˆ ß

Þ Js ß

Þ s Þ J ß

Þ Ês ß

Þ s Þ Ê ß

Þ °s ß

Þ s Þ ° ß

Þ Fs ß

Þ s Þ F ß

Þ Os ß

Þ s Þ O ß

Þ Hs ß

Þ s Þ H ß

Þ ‘‘s ß

Þ s Þ ‘‘ ß

Þ s ß

Þ s Þ  ß

Þ s ß

Þ s Þ  ß

CPQ % ) DS`Pc\R]^S`Ob]`S\ Ab`S\U US\][[S\ VO\RSZb Sa aWQV PSW RS\ DS`Pc\R]^S`Ob]`S\ \WQVb c[ SW\S 9c`h aQV`SWPeSWaS Tº` RWS DS`YSbbc\U d]\ HceSWac\U c\R heSWabSZZWUS[ =^S`Ob]` RS\\ RS` ZW\YS =^S`O\R eW`R W\\S`VOZP RSa DS`Pc\R]^S`Ob]`a \c` SW\[OZ PSeS`bSb PSW RS` DS`YSbbc\U OcT RS` `SQVbS\ ASWbS XSR]QV heSW[OZ 2WSaS` >c\Yb Wab XSR]QV Tº` RWS >`OfWa YOc[ `SZSdO\b c\R ROVS` SVS` d]\ OYORS[WaQVS[ 7\bS`SaaS



'[YL„NX[TMYXKONKTLURMK JKX 5VKXGZUXKT

7[ SW\TOQVabS\ 4OZZ S\bVOZbS\ /caR`ºQYS \c` SW\S\ =^S`Ob]` ES`RS\ OPS` =^S`Ob] `S\ OcT BSWZOcaR`ºQYS O\USeS\RSb RWS aSZPab eWSRS` =^S`Ob]`S\ S\bVOZbS\ a] [caa RWS @SWVS\T]ZUS RS` /caTºV`c\U PSOQVbSb eS`RS\ A] [OQVb Sa SW\S\ eWQVbWUS\ C\ bS`aQVWSR ]P W[ T]ZUS\RS\ /caR`cQY Þ Ê ß J ã

hcS`ab RWdWRWS`b ]RS` hcS`ab [cZbW^ZWhWS`b eW`R 2WS /caTºV`c\Ua`SWVS\T]ZUS RS` =^S`Ob]`S\ eW`R Rc`QV WV`S\ @O\U TSabUSZSUb RS` aWQV Oca RS` BOPSZZS $ S`UWPb B`SbS\ W\ SW\S[ /caR`cQY [SV`S`S =^S`Ob]`S\ OcT a] eS`RS\ =^S`Ob]`S\ [Wb VrVS`S[ @O\U d]` =^S`Ob]`S\ [Wb \WSR`WUS`S[ @O\U OcaUSTºV`b 9][[S\ W\ SW\S[ /caR`cQY [SV`S`S UZSWQV`O\UWUS =^S`Ob]`S\ d]` a] eS`RS\ RWSaS d]\ ZW\Ya \OQV `SQVba OcaUSeS`bSb 3W\S /ca\OV[S PWZRS\ VWS`PSW RWS

%

>_TaPc^aT] d]S 0dbSa¶RZT

%(

DS`Pc\R]^S`Ob]`S\ c\R RS` HceSWac\Ua]^S`Ob]` PSW RS\S\ SW\S a]ZQVS 0SeS` bc\Ua`SWVS\T]ZUS YSW\S\ AW\\ [OQVb 2WSaS eS`RS\ abSba d]\ `SQVba \OQV ZW\Ya PS eS`bSb >_TaPc^aT]

1TbRWaTXQd]V

s^ ´s^ ˆs^ Js ±±±

HceSWac\Ua]^S`Ob]` c\R DS`Pc\R]^S`Ob]`S\

¤

·]

0SRW\Uc\Ua]^S`Ob]`

Ô

OO

Z]UWaQVSa =RS` PSRW\Ub OcaeS`bS\R

Ï

FF

Z]UWaQVSa C\R PSRW\Ub OcaeS`bS\R

|

O

Z]UWaQVSa ]RS` PWbeSWaSa =RS`

y

H

Z]UWaQVSa ]RS` PWbeSWaSa 3\beSRS`=RS`

É

F

Z]UWaQVSa ]RS` PWbeSWaSa C\R

È

ss^ us

DS`UZSWQVa]^S`Ob]`S\( 5ZSWQV C\UZSWQV

o

‘^ ‘s^ ^ s

DS`UZSWQVa]^S`Ob]`S\

š

‘‘^ ^ 

AQVWSPS]^S`Ob]`S\

¤å

´^ ˆ

/RRWbW]\ AcPb`OYbW]\ OcQV Ab`W\UDS`YSbbc\U

¤¤

J^ Ê^ °

;cZbW^ZWYObW]\ 2WdWaW]\ @Sab

¤Ô

´´^ ˆˆ^ ´^ ˆ^ I^ u

SW\abSZZWUS =^S`Ob]`S\

¤Ï

CPQ %

AP]V

) /caTºV`c\Ua`SWVS\T]ZUS d]\ =^S`Ob]`S\

3W\abSZZWUS =^S`Ob]`S\ PSaWbhS\ VWS`PSW U`c\RaÉbhZWQV SW\S\ VrVS`S\ @O\U OZa [SV` abSZZWUS ;cZbW^ZWYObWdS =^S`ObW]\S\ VOPS\ SW\S\ VrVS`S\ @O\U OZa ORRWbWdS RV RWS Oca RS` AQVcZ[ObVS[ObWY PSYO\\bS >c\Ybd]`Ab`WQV@SUSZ UWZb OcQV W\ 8OdO
=V\S 9ZO[[S`\ eº`RS\ ;cZbW^ZWYObW]\ c\R 2WdWaW]\ d]` RS` AcPb`OYbW]\ OcaUSTºV`b eS`RS\ eOa hc SW\S[ TOZaQVS\ 3`USP\Wa TºV`b 5cbS` >`]U`O[[WS`abWZ hSWUb aWQV c\bS` O\RS`S[ RO`W\ ROaa [O\ /caR`ºQYS dS`eS\ RSb RS`S\ 0SeS`bc\Ua`SWVS\T]ZUS YZO` S`YS\\PO` Wab C\bS` C[abÉ\RS\ Wab Sa aW\\ d]ZZ BSWZOcaR`ºQYS W\ bS[^]`É`S\ DO`WOPZS\ heWaQVS\hca^SWQVS`\ ]RS` hcaÉbhZWQVS 9ZO[[S`\ hc dS`eS\RS\ aSZPab eS\\ RWSaS Oca T]`[OZS\ 5`º\RS\ \WQVb \]beS\RWU eÉ`S\



1UTZXURRYZX[QZ[XKT

9]\b`]ZZab`cYbc`S\ RWS\S\ ROhc RS\ 9]\b`]ZZTZcaa SW\Sa >`]U`O[[a UShWSZb hc abSc S`\ ’ OPVÉ\UWU ROd]\ ]P PSabW[[bS 0SRW\Uc\US\ SW\USb`SbS\ aW\R ]RS` \WQVb EWS RWS /PO`PSWbc\U RSa >`]U`O[[a T]`bUSaSbhb eW`R VÉ\Ub ROd]\ OP eSZQVS\ EOV` VSWbaeS`b ÍÁÖj ]RS` w?Äj Sf^ZWhWb T]`[cZWS`bS ETaV[TXRWb^_TaPcX^]T] ZWSTS`\ RWS W\\S`VOZP RS` 9]\b`]ZZab`cYbc`S\ OcaUSeS`bSb eS`RS\ 1^^[TbRWT >_TaPcX^]T] TW\RS\ VWS` WV`S\ SWUS\bZWQVS\ /\eS\Rc\UaPS`SWQV /Za U`c\RZSUS\RS 9]\b`]ZZab`cYbc`S\ abSVS\ hc` DS`TºUc\U( E

DS`heSWUc\US\( 9]\b`]ZZTZcaaOZbS`\ObWdS\ OcTU`c\R 0SRW\Uc\Ua^`ºTc\US\

E

AQVZSWTS\( HgYZWaQVS EWSRS`V]Zc\U PSabW[[bS` /\eSWac\US\

2O[Wb VOPS\ eW` RWS ;rUZWQVYSWb RWS `SW\ aS_cS\bWSZZS /PO`PSWbc\U RSa >`]U`O[[ Q]RSa hc []RWTWhWS`S\ OZbS`\ObWdS /caTºV`c\Ua^TORS W\ SW\S[ >`]U`O[[ d]`hcaSVS\ c\R hc Y]\b`]ZZWS`S\ eWS ]Tb SW\S 1]RW\Uab`SQYS eWSRS`V]Zb OcaUSTºV`b eW`R 9]\b`]ZZO\eSWac\US\ aW\R aSZPab PSW SW\TOQVS\ >`]PZS[S\ c\dS`hWQVbPO`( E]ZZS\ eW` PS`SQV\S\ eWS aWQV SW\ /\TO\UaYO^WbOZ ºPS` R`SWzWU 8OV`S VW\eSU PSW HW\ahcTZcaa c\R XÉV`ZWQVS` 9O^WbOZS\b\OV[S S\beWQYSZb a] eÉ`S Sa [ºVaO[ RWSaSZPS /\eSWac\U R`SWzWU [OZ W\ 4]ZUS OcThcTºV`S\ ;Wb SW\S` AQVZSWTS Wab RWSa SW\S AOQVS eS\WUS` >`] U`O[[hSWZS\ ’ c\R ºPS`RWSa T]`[cZWS`PO` ROaa RWS HOVZ RS` 8OV`S dO`WOPSZ Wab RV PSW[ :OcT RSa >`]U`O[[a d]`USUSPS\ eS`RS\ YO\\ A][Wb aW\R 9]\b`]ZZab`cYbc`S\ S`T]`RS`ZWQV c[ US\S`WaQVS TZSfWPSZ \cbhPO`S >`]U`O[[S hc S\beS`TS\ <SPS\ DS`heSWUc\US\ c\R AQVZSWTS\ eS`RS\ eW` W\ a^ÉbS`S\ 9O^WbSZ\ eSWbS`S UO\h O\RS`S ;WbbSZ RS` 9]\b`]ZZTZcaaabScS`c\U YS\\S\ZS`\S\( Hc[ SW\S\ RWS ATZdabX^] RV RS` ASZPabOcT`cT SW\S` ;SbV]RS Hc[ O\RS`S\ RWS bcadZcdaXTacT 0db]PW\TQT WP]S[d]V RV 9]\b`]ZZS RSa >`]U`O[[TZcaaSa Rc`QV /caZraS\ c\R UShWSZbSa /PTO\ US\ d]\ 4SVZS`aWbcObW]\S\




2c`QV DS`heSWUc\US\ Yr\\S\ dS`aQVWSRS\S 9]\b`]ZZTZcaaOZbS`\ObWdS\ 4ÉZZS OPUS PWZRSb eS`RS\ 3a abSVS\ RWS SW\TOQVS ‰w c\R ‰wˆjÄj/\eSWac\US\ hc` 3W\hSZ TOZZ^`ºTc\U hc` DS`TºUc\U c\R RWS Y][^ZSfS`S Ä݉ÍW†ˆW?Äj/\eSWac\U Rc`QV RWS PSZWSPWU dWSZS /ZbS`\ObWdS\ Y][^OYb PSVO\RSZb eS`RS\ Yr\\S\



+OTLGIN\KX`]KOM[TM OL OL KRYK

2c`QV ROa 8OdOAQVZºaaSZe]`b ‰w eW`R SW\S SW\TOQVS 0SRW\Uc\Ua^`ºTc\U SW\USZSWbSb 2S[ AQVZºaaSZe]`b ‰w T]ZUb RWS hc ^`ºTS\RS 0SRW\Uc\U W\ SW\ `c\RSa 9ZO[[S`^OO` SW\USaQVZ]aaS\ 0SW RS` 0SRW\Uc\U VO\RSZb Sa aWQV abSba c[ SW\S\ P]]ZSaQVS\ /ca R`cQY RS` OZa 3`USP\Wa SW\S\ EOV`VSWbaeS`b d][ Bg^ Mj?™ ZWSTS`\ [caa

&!

&

:^]ca^[[bcadZcdaT]

:WSTS`b RWS /caeS`bc\U RS` 0SRW\Uc\U RS\ EOV`VSWbaeS`b ÍÁÖj 0SRW\Uc\U b`WTTb hc eW`R RWS RW`SYb T]ZUS\RS /\eSWac\U OcaUSTºV`b A]ZZS\ [SV`S`S /\eSWac\US\ OcaUSTºV`b eS`RS\ a] aW\R RWSaS W\ SW\S[ /\eSWac\Ua0Z]QY RV SW\USaQVZ]aaS\ W\ SW\ USaQVeSWTbSa 9ZO[[S`^OO` PQ^ hcaO[[S\hcTOaaS\ /cQV PSW \c` SW\S` /\eSW ac\U Z»]]T] 0Z]QYYZO[[S`\ USaSbhb eS`RS\ :WSTS`b RWS 0SRW\Uc\Ua^`ºTc\U w?Äj 0SRW\Uc\U b`WTTb \WQVb hc a] eW`R RWS hcUSVr`WUS /\eSWac\U Phe RS` /\eSW ac\UaPZ]QY \WQVb OcaUSTºV`b a]\RS`\ ºPS`a^`c\US\ c\R ROa >`]U`O[[ VW\bS` RS` ‰w/\eSWac\U T]`bUSaSbhb 2WS Ab`cYbc` VOb T]ZUS\RS 5SabOZb( ‰w® ja‰™~֙~ ¯ P


™Ýj‰Ä֙~®j™¯Ç

ÊÊ
™Ýj‰Ä֙~ÄMW

Q

6WS` eW`R ‰w ]V\S hcUSVr`WUSa jÄj dS`eS\RSb RV Sa Wab YSW\S /ZbS`\ObWdS hc[ ‰w4OZZ d]`USaSVS\ ‰™Í Þ s ¤åÇ ‰w® Þ  y ¯

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹Þ ‰ÄÍ ~Á jÁ ?Ä y¹ ¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ jÁ 8jÁÍ Ü™ Þ s ¹ ´ Þ ¯Ç

3\beSRS`=RS`/ZbS`\ObWdS\ eS`RS\ Rc`QV ROa ‰wˆjÄj9]\ab`cYb OcaUSR`ºQYb 2S` >`]U`O[[TZcaa a^OZbSb OcT W\ heSW OZbS`\ObWdS HeSWUS( 3\beSRS` RS` ‰w4OZZ b`WTTb hc c\R RS` ‰w/\eSWac\UaPZ]QY ‰wHeSWU eW`R OcaUSTºV`b ]RS` OPS` RS` jÄj 4OZZ b`Wbb SW\ c\R RS` jÄj/\eSWac\UaPZ]QY SZaSHeSWU eW`R OPUSO`PSWbSb( ‰w® ja‰™~֙~ ¯ P


™Ýj‰Ä֙~®j™¯Ç Q jÄj P


™Ýj‰Ä֙~®j™¯Ç Q

3W\ 0SWa^WSZ( ‰™Í Þ s ¤åÇ

Mj?™ ÍjÄÍÇ

‰w® Þ  y ¯ P

ÊÊ

j†Á ?Ä j‰™j
™Ýj‰Ä֙~ r W jÁwÁajÁ‰W†

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹Þ ‰ÄÍ ~Á jÁ ?Ä y¹ ¯Ç ÍjÄÍ s ÍÁÖjÇ Q jÄj P

ÊÊ

j†Á ?Ä j‰™j
™Ýj‰Ä֙~ r W jÁwÁajÁ‰W†

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹Þ ‰ÄÍ j‰™jÁ ajÁ ~j‰W† y¹ ¯Ç ÍjÄÍ s w?ÄjÇ Q

2WSaS ‰wˆjÄjDS`heSWUc\US\ ZOaaS\ aWQV OcQV aQVOQVbSZ\ RV W\\S`VOZP RSa ‰w ]RS` jÄjHeSWUSa Yr\\S\ eSWbS`S 4OZZc\bS`aQVSWRc\US\ [WbbSZa ‰wˆjÄj SW\US PSbbSb eS`RS\ c[ Y][^ZSfS 4OZZc\bS`aQVSWRc\US\ OPhcPWZRS\ AQV\SZZ ZSWRSb XSR]QV PSW bWSTS`S\ DS`aQVOQVbSZc\US\ RWS :SaPO`YSWb RSa >`]U`O[[a) hc ^`ºTS\ Wab ]P \WQVb PSaaS` RWS Ä݉ÍW†ˆW?Äj/\eSWac\U ac SW\USaSbhb eW`R

&

:^]ca^[[bcadZcdaT]

&"

7[ HcaO[[S\VO\U [Wb ‰wˆjÄjAQVOQVbSZc\U S`UWPb aWQV ROa >`]PZS[ RSa SP]V [X]V T[bT RV RSa VÉ\US\RS\ jÄjHeSWUSa( 3a Wab \WQVb ]TTS\aWQVbZWQV OcT eSZQVS\ RS` PSWRS\ ‰wHeSWUS aWQV RS` T]ZUS\RS jÄjHeSWU PShWSVb( ‰™Í Þ s ¤åÇ ‰w® Þ  ß ¯

‰™Í ß s ÔåÇ

‰™Í ”?Þ s åÇ

ÊÊ ÁÄÍjÄ ‰w

‰w® Þ  å ¯ P ”?Þ s ÞÇ Q jÄj P ”?Þ s ˆÞÇ Q

ÊÊ =Ýj‰ÍjÄ ‰w

ÊÊ ?™~‰™~ jÄj r ~j† ÁÍ ã֔ ãÝj‰Íj™ ‰w

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ jÁ 8jÁÍ Ü™ ”?Þ s ¹ ´ ”?Þ ¯Ç ÊÊ ”?Þ ‰ÄÍ å

C[ RWSaS HeSWRScbWUYSWb hc YZÉ`S\ UWZb OZa aS[O\bWaQVS @SUSZ W\ 8OdO( 3W\ jÄj HeSWU USVr`b abSba hc[ RW`SYb d]`OcaUSVS\RS\ ‰wHeSWU RS` \]QV YSW\S\ jÄj HeSWU PSaWbhb 7[ 0SWa^WSZQ]RW\U eW`R RWSa PS`SWba Rc`QV S\ba^`SQVS\RS 4]`[ObWS `c\U O\USRScbSb( 2Oa SP]V[X]V T[bT S`UÉ\hb RS\ heSWbS\ ‰wˆHeSWU eÉV`S\R RS` S`abS ‰wˆHeSWU YSW\S\ jÄjHeSWU PSaSWbhb 2S` ES`b d]\ ”?Þ PZSWPb OZa] 




2c`QV DS`UZSWQVa]^S`ObW]\S\ `SZObW]\OZS =^S`ObW]\S\ eS`RS\ XSeSWZa heSW =^S `O\RS\ dS`UZWQVS\ 2WS DS`UZSWQVa]^S`Ob]`S\ ‘ ‘s  c\R s aW\R \c` OcT RWS \c [S`WaQVS\ 2ObS\bg^S\ MßÍj^ W†?Á^ ƝÁÍ^ ‰™Í^ ™~^ w?Í^ aÖMj O\eS\RPO` 2OUSUS\ Yr\\S\ RWS =^S`Ob]`S\ ss c\R us OcQV OcT P]]ZSaQVS ES`bS O\USeS\RSb eS`RS\ /Za 3`USP\Wa RSa DS`UZSWQVa eW`R SW\ P]]ZSaQVS` ES`b hc`ºQY USZWSTS`b RV S\beSRS` ÍÁÖj ]RS` w?Äj 2Oa 0SWa^WSZ T]`[cZWS`b SW\S Y][^ZSfS Z]UWaQVS >`ºTc\U( 3a eW`R TSabUSabSZZb ]P RS` ES`b RS` DO`WOPZS\ Þ W[ 0S`SWQV heWaQVS\  c\R  ]RS` OcQV heWaQVS\  c\R  ZWSUb 4º` Þs# Wab RS` heSWbS BSWZ RS` =RS`DS`Y\º^Tc\U eOV` a] ROaa RS` 5S aO[bOcaR`cQY ÍÁÖj ZWSTS`b c\R RS` ‰wHeSWU OcaUSTºV`b eW`R ‰™Í Þ s ¤åyÇ

Mj?™ ÍjÄÍÇ

‰w® å‘sÞ FF ޑs¤å OO ¤åå‘sÞ FF ޑs¤¤å ¯ ÍjÄÍ s ÍÁÖjÇ jÄj

ÍjÄÍ s w?ÄjÇ

7\\S`VOZP SW\S` 0SRW\Uc\a^`ºTc\U Rº`TS\ P]]ZSaQVS DO`WOPZS\ ]RS` 9]\abO\bS\ RW `SYb ]V\S Sf^ZWhWbS\ DS`UZSWQV [Wb ÍÁÖj c\R w?Äj SW\USaSbhb eS`RS\ A][Wb aW\R RWS T]ZUS\RS\ PSWRS\ ‰wAS_cS\hS\ drZZWU UZSWQVeS`bWU( Mj?™ ÍjÄͤ s ÍÁÖjÇ ‰w® ÍjÄÍ ss ÍÁÖj ¯

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ Ä ‰ÄÍ Ý?†Áu¹ ¯Ç

‰w® ÍjÄÍ us ÍÁÖj ¯

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ Ä ‰ÄÍ w?ÄW†u¹ ¯Ç

‰w® ÍjÄÍ ¯

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹””jÁ™W† Ý?†Áu¹ ¯Ç

‰w® uÍjÄÍ ¯

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹””jÁ™W† w?ÄW†u¹ ¯Ç

2Oa \ÉQVabS 0SWa^WSZ hSWUb RS\ C[UO\U [Wb DS`heSWUc\US\ c\R Z]UWaQVS\ =^S`Ob] `S\( 3a eW`R SW\ BOaQVS\`SQV\S` Tº` RWS dWS` 5`c\R`SQVS\O`bS\ ^`]U`O[[WS`b 7\ SW \S` W†?ÁDO`WOPZS\ Wab RWS USeº\aQVbS @SQVS\]^S`ObW]\ S\bVOZbS\ Rc`QV RWS heSW aÖMjES`bS dS`Y\º^Tb eS`RS\ a]ZZS\ <WQVb RSTW\WS`bS @SQVS\]^S`ObW]\S\ c\R 2WdWaW]\S\ Rc`QV
&#

&

:^]ca^[[bcadZcdaT]

W?ÄÄ -jW†™jÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P W†?Á ¬jÁ?͝Á s À´ÀÇ aÖMj a¤ s Ô±ÏÇ

ÊÊ ajÁ ÀˆÀ^ ÀJÀ^ ÀÊÀ aÖMj aÔ s ɱ|Ç

aÖMj jÁ~ s å±åÇ

Mj?™ ajw s ÍÁÖjÇ .ÍÁ‰™~ ?ÖÄ~?Mj s ¹¹Ç ‰w® aÔ us å±å ¯ ajw s ÍÁÖjÇ

ÊÊ 0jÄÍ ?Öw !֐ˆ ‰Ü‰Ä‰™

ÊÊ 7‰jÁ ” ~‰W†j #¬jÁ?͉™j™] ‰w® ¬jÁ?͝Á ss À´À ¯ jÁ~ s a¤ ´ aÔÇ jÄj ‰w® ¬jÁ?͝Á ss ÀˆÀ ¯ jÁ~ s a¤ r aÔÇ jÄj ‰w® ¬jÁ?͝Á ss ÀJÀ ¯ jÁ~ s a¤ J aÔÇ jÄj ‰w® ¬jÁ?͝Á ss ÀÊÀ FF ajw ¯ jÁ~ s a¤ Ê aÔÇ jÄj ajw s w?ÄjÇ ‰w® uajw ¯ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹2™ã֐CÄĉ~j #¬jÁ?͉™u¹ ¯Ç jÄjP ?ÖÄ~?Mj s ¹ jÁjW†™Ö™~] a¤ ¹ ´ ¬jÁ?͝Á ´ ¹ aÔ s ¹ ´ jÁ~Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ?ÖÄ~?Mj ¯Ç Q Q Q

3a eW`R RScbZWQV ROaa SW\S Y][^ZSbbS ‰wˆjÄjAb`cYbc` W\YZcaWdS DS`aQVOQVbSZc\U W\aUSaO[b OZa TX]T /\eSWac\U OcTb`Wbb a] ROaa W\\S`VOZP RS` AQVOQVbSZc\U YSW\S 0Z]QYYZO[[S`\ USaSbhb eS`RS\ [ºaaS\ /czS`RS[ Wab Sa S`T]`RS`ZWQV OcQV RWS DO`WOPZS\ jÁ~^ ?ÖÄ~?Mj^ ÍjÄͤ c\R ÍjÄÍÔ [Wb SW\S[ /\TO\UaeS`b hc W\WbWOZWaWS`S\ /\RS`\TOZZa eº`RS RS` 1][^WZS` [Wb RS` 4SVZS`[SZRc\U ”‰~†Í ™Í †?Üj Mjj™ ‰™‰Í‰?‰ãja SW\S SdS\bcSZZ Oca PZSWPS\RS 7\WbWOZWaWS`c\U RS` DO`WOPZS d]` RS`S\ 5SP`OcQV []\WS`S\ Eº`RS h0 RWS DO`WOPZS ÍjÄÍÔ \WQVb [Wb SW\S[ ES`b d]`PSZSUb a] Yr\\bS T]ZUS\RS` 4OZZ SW\b`SbS\( 2S` DO`WOPZS\eS`b eW`R W\\S`VOZP ‰w®uÍjÄÍÔ¯ US^`ºTb RO XSR]QV RS` =^S`Ob]`  PSVO\RSZb ec`RS eW`R RS` bWSTS`USaQVOQVbSZbS jÄjHeSWU UO` \WQVb Rc`QVZOcTS\ W\ RS[ ÍjÄÍÔ RS` ES`b w?Äj hcUSeWSaS\ eW`R A][Wb eº`RS RWS DO`WOPZS c\W\WbWO ZWaWS`b dS`eS\RSb 2S` 1][^WZS` ZÉaab a]ZQVS 3dS\bcOZWbÉbS\ UO` \WQVb S`ab hc 3ZSUO\bS` ZÉaab aWQV ROa 0SWa^WSZ [WbbSZa ;SV`TOQVdS`heSWUc\U W\ SW\S` Ä݉ÍW†ˆ W?Äj/\eSWac\U T]`[cZWS`S\



3KNXLGIN\KX`]KOM[TM  Ä݉ÍW† W?Äj 

ÍPS`aWQVbZWQVS` ZSaPO`S` c\R ^S`T]`[O\bS` OZa [WbbSZa dS`aQVOQVbSZbS` ‰wˆjÄj /\ eSWac\US\ ZOaaS\ aWQV ;SV`TOQVdS`heSWUc\US\ Rc`QV RWS Ä݉ÍW†ˆW?Äj 4OZZc\bS`aQVSWRc\U RO`abSZZS\( 2S` ES`b SW\Sa \c[S`WaQVS\ /caR`cQYa YO\\ dS` aQVWSRS\S ES`bS O\\SV[S\ c\R XS \OQV ES`b a]ZZ c\bS`aQVWSRZWQV dS`TOV`S\ eS`RS\

&

:^]ca^[[bcadZcdaT]

&$

;Wb RS[ AQVZºaaSe]`b Ä݉ÍW† eW`R RWS ES`b^`ºTc\U SW\Sa W\ `c\RS\ 9ZO[[S`\ \OQVUSabSZZbS\ \c[S`WaQVS\ UO\hhOVZWUS\ /caR`cQYa Phe SW\S` DO`WOPZS\ d][ Bg^ MßÍj^ ƝÁÍ^ W†?Á ]RS` ‰™Í SW\USZSWbSb <WQVb hcZÉaaWU Wab XSR]QV RS` Bg^ ™~ SPS\a]eS\WU eWS w?Í c\R aÖMj a]eWS Mj?™ /ZbS`\ObWdS 4OZZPSVO\RZS` eS`RS\ RS[ DO`WOPZS\eS`b Rc`QV ROa AQVZºaaSZe]`b W?Äj hcUS]`R\Sb) VW\bS` W?Äj Wab W\ `c\RS\ 9ZO[[S`\ RS` hcUSVr`WUS RS\ 4OZZ YS\\ hSWQV\S\RS ES`b O\hcUSPS\ 2c`QV SW\S\ 2]^^SZ^c\Yb OPUSb`S\\b T]ZUb RWS ;S\US RS` W\ RWSaS[ 4OZZ OcahcTºV`S\RS\ /\eSWac\US\ 2S`XS\WUS W?ÄjES`b RS` [Wb RS[ AeWbQVES`b ºPS`SW\abW[[b eW`R WRS\bWTWhWS`b c\R RWS hcUSVr`WUS /\eSWac\UaT]ZUS O\USa^`c\US\ c\R OPUSO`PSWbSb A]ZZS\ \TWaTaT /ZbS`\ObWdS\ VT\TX]bP\ PSVO\RSZb eS`RS\ a] Yr\\S\ RWSaS SW\TOQV VW\bS`SW\O\RS` OcTUShÉVZb eS`RS\ 2WS 5SaO[bVSWb OZZS` d]`USaSVS\S\ 4ÉZZS eW`R a][Wb Rc`QV RWSaS W?Äj:SWabS OPUSRSQYb 2Oa AQVZºaaSZe]`b MÁj? [O`YWS`b ROa 3\RS SW\S` /\eSWac\UaT]ZUS RWS SW\S[ ]RS` [SV`S`S\ W?Äj4ÉZZS\ hcUS]`R\Sb Wab 2c`QV RWS MÁj?/\eSWac\U eW`R a][Wb RWS /PO`PSWbc\U RS` Ä݉ÍW†/\eSWac\U PSS\RSb c\R Oca RWSaS` VS`OcaUSa^`c\US\ EW`R RWS MÁj?/\eSWac\U dS`USaaS\ a] eS`RS\ PSRW\Uc\UaZ]a OcQV OZZS T]ZUS\ RS\ /\eSWac\US\ OcaUSTºV`b eS`RS\ PWa [O\ OcT RWS \ÉQVabS MÁj?/\eSWac\U b`WTTb Phe RWS Ä݉ÍW†/\eSWac\U PSS\RSb Wab 2WSa Wab W\ RS` @SUSZ c\S`eº\aQVb A][Wb abSZZb aWQV RWS MÁj?/\eSWac\U OZa `SQVb ZÉabWUS <]beS\RWUYSWb RO` ’ eW`R aWS dS`USaaS\ a] dS`VÉZb aWQV ROa >`]U`O[[ \WQVb [SV` eWS US^ZO\b 2c`QV ROa AQVZºaaSZe]`b ajw?ÖÍ eW`R OcQV RS` A]\RS`TOZZ S`TOaab ROaa RS` PSW Ä݉ÍW† US^`ºTbS ES`b YSW\S[ RS` [WbbSZa W?Äj PSVO\RSZbS\ 4ÉZZS S\ba^`WQVb 7\ RWSaS[ 4OZZ eS`RS\ RWS /\eSWac\US\ RSa ajw?֐ÍHeSWUa OPUSO`PSWbSb 2S` ajˆ w?֐ÍHeSWU PSVO\RSZb a][Wb OZZS 4ÉZZS Tº` RWS YSW\S Sf^ZWhWbS\ W?ÄjHeSWUS d]` USaSVS\ ec`RS\ 2Oa 4]`[cZWS`S\ SW\Sa ajw?֐ÍHeSWUSa Wab ]^bW]\OZ B`WTTb YSW\S RS` W?Äj=^bW]\S\ hc c\R ec`RS YSW\S ajw?֐Í=^bW]\ T]`[cZWS`b a] PZSWPb RWS Ä݉ÍW†ˆW?Äj/\eSWac\U ]V\S EW`Yc\U 2WS Ä݉ÍW†ˆW?Äj/\eSWac\U VOb a][Wb T]ZUS\RS 5SabOZbc\Ua[rUZWQVYSWbS\( Ä݉ÍW†®
ÖÄaÁÖW ¯P W?Äj ™ÄÍ?™Íj¤]


™Ýj‰Ä֙~®j™¯Ç MÁj?Ç W?Äj ™ÄÍ?™ÍjÔ] W?Äj ™ÄÍ?™ÍjÏ] ±±±±±± W?Äj ™ÄÍ?™Íj!]


™Ýj‰Ä֙~®j™¯Ç MÁj?Ç ajw?֐Í]


™Ýj‰Ä֙~®j™¯Ç Q

&%

&

:^]ca^[[bcadZcdaT]

2Oa T]ZUS\RS 0SWa^WSZ S`[WbbSZb eWSdWSZS BOUS RS` Rc`QV aSW\S =`R\c\UahOVZ  PWa   USYS\\hSWQV\SbS ;]\Ob PSaWbhb Hc c\bS`aQVSWRS\ aW\R ;]\ObS [Wb ! ! c\R & BOUS\ 2S` ajw?֐ÍHeSWU S`TOaab c\UºZbWUS ;]\Oba\c[[S`\ OczS`VOZP  PWa   W?ÄÄ .W†?ÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ”™Í† s ÔÇ Ä݉ÍW†® ”™Í† ¯ P

‰™Í a?ßÄÇ

.ÍÁ‰™~ ÁjÄ֐ÍÇ

ÊÊ 7?Á‰?Mj ”™Í† ݉Áa ~j¬ÁÙwÍ

ÊÊ ?Äjˆ ?ÁjÁ ”‰Í aj™ ” ~‰W†j™
ÍjÁ™?͉Üj™ W?Äj ¤] W?Äj Ï] W?Äj y] W?Äj È] W?Äj o] W?Äj ¤å] W?Äj ¤Ô] a?ßÄ s Ï¤Ç ÁjÄÖÍ s ¹0?~j s ¹ ´ a?ßÄÇ MÁj?Ç W?Äj |] W?Äj É] W?Äj š] W?Äj ¤¤] a?ßÄ s ÏåÇ ÁjÄÖÍ s ¹0?~j s ¹ ´ a?ßÄÇ MÁj?Ç W?Äj Ô] a?ßÄ s ÔoÇ ÁjÄÖÍ s ¹0?~j s ¹ ´ a?ßÄ ´ ®¹ ”?™W†”? Ԛ¹¯Ç MÁj?Ç ajw?֐Í]

ÊÊ #¬Í‰™?jÁ jw?֐͈=Ýj‰~

ÁjÄÖÍ s ¹j‰™j ~ِ͉~j

™?ÍÄã?†u¹Ç

Q .ßÄÍj”±Öͱ¬Á‰™Í™® ÁjÄÖÍ ¯Ç Q Q

Ag\bOYbWaQV OcTTÉZZWU Wab ROaa hcaO[[S\USVr`WUS /\eSWac\US\ \WQVb [WbbSZa PQ hc SW\S[ /\eSWac\UaPZ]QY USYZO[[S`b eS`RS\ 2WS VTbP\cT Ä݉ÍW†/\eSWac\U abSZZb SW\S\ SW\hWUS\ 0Z]QY RO` hc RS[ OZZS S\bVOZbS\S\ /\eSWac\US\ USVr`S\ 2WS W?ˆ Äj;O`YS\ RWS\S\ OZa 3W\a^`c\U^c\YbS c\R ZSUS\ TSab OP eSZQVS` /\eSWac\U RWS /PO`PSWbc\U RSa 0Z]QYa PSU]\\S\ eW`R 2WS MÁj?/\eSWac\US\ `SUSZ\ O\ eSZ QVS\ AbSZZS\ RWS XSeSWZWUS /PO`PSWbc\U PSS\RSb Wab <ºbhZWQV Wab RWS Ä݉ÍW†/\eSWac\U hc` >`]U`O[[WS`c\U d]\ ;S\ºa PSW 9]\a]ZS\ O\eS\Rc\US\( 2WS :WabS RS` /ZbS`\ObWdS\ ;S\º eW`R OcaUSUSPS\ c\R RS` 0S\cbhS` eÉVZb Rc`QV 3W\UOPS SW\Sa 0cQVabOPS\a ]RS` SW\S` HOVZ SW\S ROd]\ Oca 2WS 0SeS` bc\U RS` 3W\UOPS TW\RSb RO\\ VÉcTWU W\\S`VOZP SW\S` Ä݉ÍW†/\eSWac\U abObb



9INRKOLKT

EWSRS`V]Zb WbS`ObWd OcahcTºV`S\RS 3W\hSZO\eSWac\US\ ]RS` /\eSWac\UaT]ZUS\ ZOa aS\ aWQV W\ AQVZSWTS\ SW\PSbbS\ 2`SW AQVZSWTS\bg^S\ eS`RS\ W\ 8OdO c\bS`aQVWSRS\(

&

:^]ca^[[bcadZcdaT]

&&

E

2WS fWX[TBRW[TXUT SW\S OPeSWaS\RS Y]^TUSabScS`bS AQVZSWTS

E

2WS S^fWX[TBRW[TXUT SW\S \WQVbOPeSWaS\RS TczUSabScS`bS 2c`QVZOcTaQVZSWTS

E

2WS U^aBRW[TXUT SW\S HÉVZaQVZSWTS

5`c\RaÉbhZWQV PS\rbWUb [O\ \c` SW\S RWSaS` R`SW AQVZSWTS\ RO aWQV XSRS AQVZSWTS Rc`QV XSRS O\RS`S OcaR`ºQYS\ ZÉaab 0dUQPd e^] BRW[TXUT]) 7[ BRW[TXUT]ad\_U ^STa BRW[TXUT]Z»a_Ta PSTW\RS\ aWQV OZZS /\eSWac\US\ RWS [SV`[OZa OcahcTºV`S\ aW\R 6O\RSZb Sa aWQV c[ [SV` OZa SW\S /\eSWac\U a] aW\R RWS /\eSWac\US\ W\ SW\S[ 0Z]QY PQ hcaO[[S\hcTOaaS\ 7[ :^_U Phe 5dv RS` AQVZSWTS eW`R RWS /caTºV`c\Ua Phe 4]`baSbhc\UaPSRW\Uc\U T]`[cZWS`b RWS TSabZSUb ]P c\R eWS ]Tb ROa 1]RW\U RSa AQVZSWTS\`c[^TSa OPUSO`PSWbSb eW`R 2WS 0SRW\Uc\U Wab SW\ P]]ZSaQVS` /caR`cQY :WSTS`b S` ÍÁÖj a] eW`R RS` AQVZSWTS\`c[^T \]QV[OZa PSb`SbS\ c\R OPUSO`PSWbSb) ZWSTS`b S` w?Äj a] eW`R RS` AQVZSWTS\`c[^T \WQVb \]QV[OZa PSb`SbS\ a]\RS`\ WX]cTa RS[ AQVZSWTS\9]\ab`cYb T]`bUSaSbhb D]` XSRS` eSWbS`S\ 7bS`ObW]\ eW`R US^`ºTb ]P RWS 0SRW\Uc\U eSWbS`VW\ S`TºZZb Wab ]RS` \WQVb 2OPSW YO\\ RWS 0SRW\Uc\Ua^`ºTc\U W[ 9]^T RS` AQVZSWTS c\bS` USP`OQVb aSW\ RS[ AQVZSWTS\`c[^T d]`USabSZZb =RS` OPS` RWS 0SRW\Uc\Ua^`ºTc\U Wab W[ 4cz RS` AQVZSWTS S\bVOZbS\ RS[ AQVZSWTS\`c[^T \OQVUSabSZZb 3\ba^`SQVS\R c\bS`aQVSWRSb [O\ Z^_U c\R UdvVTbcTdTacT AQVZSWTS\ E

:^_UVTbcTdTacT BRW[TXUT] /PeSWaaQVZSWTS\ ^`ºTS\ RWS 5ºZbWUYSWb RS` /caTºV `c\UaPSRW\Uc\U e^a XSRS[ AQVZSWTS\Rc`QVZOcT ’ OcQV \]QV PSd]` RS` AQVZSWTS\ `c[^TSa S`ab[OZa PSb`SbS\ eW`R 3dS\bcSZZ eW`R RS` AQVZSWTS\`c[^T OZa] ºPS` VOc^b \WQVb Rc`QVZOcTS\ 2WSa Wab RS` Bg^ RS` ݆‰j c\R wÁˆAQVZSWTS

E

5dvVTbcTdTacT BRW[TXUT] 2c`QVZOcTaQVZSWTS\ ^`ºTS\ RWS /caTºV`c\UaPSRW\ Uc\U Tabc ]PRW XSRS[ AQVZSWTS\Rc`QVZOcT RV T`ºVSabS\a \OQVRS[ ROa 1]RW\U RSa AQVZSWTS\`c[^T SW\[OZ OPUSO`PSWbSb ec`RS A][Wb eW`R RS` AQVZSWTS\`c[^T [W\RSabS\ SW\[OZ Rc`QVZOcTS\ 2WSa Wab RS` Bg^ RS` aˆÝ†‰jAQVZSWTS

;SWab dS`eS\RSb [O\ hc` AbScS`c\U SW\S a]US\O\\bS ;PdUePaXPQ[T 2WSaS eW`R d]` 0Sb`SbS\ RS` AQVZSWTS W\WbWOZWaWS`b WV` OYbcSZZS` ES`b W[ AQVZSWTS\Y]^T Phe Tcz W\ RS` 0SRW\Uc\Ua^`ºTc\U abSba OcaUSeS`bSb c\R W[ AQVZSWTS\Yr`^S` PSW XSRS[ 2c`QVZOcT dS`É\RS`b 2ORc`QV eW`R TSabUSZSUb eWS ]Tb RWS AQVZSWTS Rc`QVZOcTS\ eW`R 2WS :OcTdO`WOPZS YO\\ [Wb WV`S[ aWQV É\RS`\RS[ ES`b hc` ;O\W^cZObW]\ RS` EW` Yc\U RSa OYbcSZZS\ AQVZSWTS\Rc`QVUO\Ua dS`eS\RSb eS`RS\( /cT RWSaS ESWaS eW`R PSW XSRS` 7bS`ObW]\ W[ 1]RW\U RSa AQVZSWTS\`c[^Ta [Wb O\RS`S\ ES`bS\ USO`PSWbSb EWQVbWU Tº` ROa Y]``SYbS 4c\YbW]\WS`S\ d]\ AQVZSWTS Wab Sa 4]S[^bbRW[TXUT] hc dS` [SWRS\ 2WSa aW\R AQVZSWTS\ RS`S\ /caTºV`c\UaPSRW\Uc\U abSba S`TºZZb Wab RV ]XT w?Äj S`UWPb 3\RZ]aaQVZSWTS\ bS`[W\WS`S\ \WQVb a] ROaa ROa hcUSVr`WUS >`]U`O[[ USeOZbaO[ OPUSP`]QVS\ eS`RS\ [caa 0SW AQVZSWTS\ [caa RS` AQVZSWTS\Y]^T Phe 4cz Y]``SYb T]`[cZWS`b aSW\ a] ROaa RWS USeº\aQVbS BS`[W\WS`c\U SW\b`Wbb

&'

&



:^]ca^[[bcadZcdaT]

*OK ]NORK9INRKOLK

0SW RS` ݆‰jAQVZSWTS eW`R e^a XSRS` 7bS`ObW]\ US^`ºTb ]P RWS /caTºV`c\UaPSRW\ Uc\U S`TºZZb Wab 2Oa AQVZSWTS\Y]\ab`cYb eW`R Rc`QV ROa AQVZºaaSZe]`b ݆‰j SW\US ZSWbSb 2WS ݆‰jAQVZSWTS VOb T]ZUS\RS\ /cTPOc( ݆‰j® ja‰™~֙~ ¯ P
™Ýj‰Ä֙~j™ Q

7[ 0SWa^WSZ eW`R RWS Ac[[S RS` UO\hS\ HOVZS\ d]\  PWa  PS`SQV\Sb /Za :OcTdO `WOPZS RWS\b RWS DO`WOPZS ‰ RWS hcUZSWQV RWS OYbcSZZ hc ORRWS`S\RS HOVZ S\bVÉZb A][Wb eS`RS\ abSba O\RS`S ES`bS W[ AQVZSWTS\`c[^T hc` OYbcSZZS\ Ac[[S VW\hcORRWS`b W?ÄÄ =?j†jÁ¤ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ‰ s ¤Ç

ÊÊ .Í?ÁÍÝjÁÍ ajÁ ?ÖwÜ?Á‰?Mj™ ‰ÄÍ ¤

‰™Í Ä֔ s åÇ

‰™Í ™ s ¤ååÇ

݆‰j® ‰ ‘s ™ ¯ P

ÊÊ
ÖÄwنÁ֙~ĬÁÙw֙~ ܝÁ ŽjajÁ ÍjÁ?͉™

Ä֔ s Ä֔ ´ ‰Ç ‰´´Ç

ÊÊ ?ÖwÜ?Á‰?Mj ‰™ ‰™jÁÄW†Á‰ÍÍj™ †W†~jãC†Í

Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.֔”j s ¹ ´ Ä֔ ¯Ç Q Q

A]ZO\US RWS DO`WOPZS ‰ \]QV *+ Wab eW`R RWS AQVZSWTS S`\Scb PSb`SbS\ EW`R ‰ U`rzS` OZa  eW`R RWS AQVZSWTS dS`ZOaaS\ c\R ROa 3\RS`USP\Wa OcaUSUSPS\ 2WS ;O\W^cZObW]\ RS` :OcTdO`WOPZS\ abScS`b RS\ /PZOcT RS` AQVZSWTS Eº`RS [O\ W\ RS` AQVZSWTS abObb ‰´´ [Wb ‰s‰´Ô O`PSWbS\ a] eº`RS RWS Ac[[S RS` c\US`ORS\ HOV ZS\ d]\  PWa '' PS`SQV\Sb ’ c\R RWS AQVZSWTS \c` Tº\ThWU [OZ Rc`QVZOcTS\ /cQV \TWaTaT :OcTdO`WOPZS\ Yr\\S\ dS`eS\RSb c\R [O\W^cZWS`b eS`RS\( ‰™Í ‰ s ¤Ç

‰™Í Ž s ¤ååÇ

݆‰j® ‰ ‘s ¤åå FF Ž s å ¯ P

‰™Í Ä s åÇ ÊÊ ?ÖwÜ?Á‰?Mj™ ‰ ֙a Ž

Ä֔ s Ä֔ ´ ‰JŽÇ ‰´´Ç

ŽˆˆÇ

ÊÊ

?™‰¬Ö?͉™ ajÁ ?ÖwÜ?Á‰?Mj™

Q



*OK JU ]NORK 9INRKOLK

0SW RS` a ݆‰jAQVZSWTS eW`R S`ab ]PRW XSRS` 7bS`ObW]\ US^`ºTb ]P RWS /caTºV `c\UaPSRW\Uc\U eSWbS`VW\ S`TºZZb Wab A][Wb eW`R RS` AQVZSWTS\`c[^T [W\RSabS\a SW\ [OZ OPUSO`PSWbSb 2Oa AQVZSWTS\Y]\ab`cYb eW`R Rc`QV RWS AQVZºaaSZe]`bS a c\R ݆‰j OcaUSR`ºQYb 2WS a ݆‰jAQVZSWTS VOb T]ZUS\RS\ /cTPOc( aP
™Ýj‰Ä֙~j™ Q ݆‰j® ja‰™~֙~ ¯Ç

7[ 0SWa^WSZ eW`R eWSRS` RWS Ac[[S RS` UO\hS\ HOVZS\ d]\  PWa  PS`SQV\Sb( W?ÄÄ =?j†jÁÔ P

&

:^]ca^[[bcadZcdaT]

&(

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ‰ s ¤Ç

‰™Í Ä֔ s åÇ

‰™Í ™ s ¤ååÇ

aP Ä֔ s Ä֔ ´ ‰Ç ‰´´Ç Q ݆‰j® ‰ ‘s ™ ¯Ç

ÊÊ
ÖÄwنÁ֙~ĬÁÙw֙~ ™?W† ÍjÁ?͉™

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹.֔”j s ¹ ´ Ä֔ ¯Ç Q Q

2WS a݆‰jAQVZSWTS Wab Rc`QV SW\ AS[WY]Z]\ OPhcaQVZWSzS\ 2WSa Wab W[ 4OZZ RS` ݆‰jAQVZSWTS \WQVb \rbWU RO RWSaS [Wb SW\S` aQVZWSzS\RS\ 0Z]QYYZO[[S` k S\RSb 7\ SW\WUS\ >`]U`O[[WS`a^`OQVS\ SfWabWS`b OcQV ROa AQVZSWTS\Y]\ab`cYb R]c\bWZ RV SW\S AQVZSWTS RWS Rc`QVZOcTS\ eW`R PWa SW\S /PP`cQVPSRW\Uc\U S`TºZZb Wab 2WSa YO\\ W\ 8OdO É_cWdOZS\b Rc`QV RWS T]ZUS\RS 9]\ab`cYbW]\ T]`[cZWS`b eS`RS\( aP
™Ýj‰Ä֙~j™ Q ݆‰j® u ja‰™~֙~ ¯Ç



*OK LUX9INRKOLK

0SW RS` wÁAQVZSWTS eW`R e^a XSRS` 7bS`ObW]\ US^`ºTb ]P RWS /caTºV`c\UaPSRW\Uc\U \]QV S`TºZZb Wab 2Oa AQVZSWTS\Y]\ab`cYb eW`R Rc`QV ROa AQVZºaaSZe]`b wÁ SW\USZSW bSb 2WS wÁAQVZSWTS TW\RSb bg^WaQVS`eSWaS /\eS\Rc\U eS\\ RWS HOVZ RS` 2c`QV ZÉcTS TSababSVb c\R Rc`QV RS\ ES`b SW\S` :OcTdO`WOPZS\ TSabUSZSUb eS`RS\ YO\\ 2WS wÁAQVZSWTS Wab W[ 9]^TPS`SWQV ag\bOYbWaQV O\a^`cQVad]ZZS` OZa RWS O\RS`S\ AQVZSWTS\ c\R PSaWbhb RS\ T]ZUS\RS\ /cTPOc( wÁ® ™‰Í‰?‰Ä‰jÁ֙~Ç ja‰™~֙~Ç 7jÁC™ajÁ֙~ ¯P
™Ýj‰Ä֙~j™ Q

2S` 9]^T PSabSVb Oca R`SW BSWZS\ RWS Rc`QV AS[WY]Z]\ USb`S\\b eS`RS\( E

8]XcXP[XbXTad]VbcTX[) :SUb RS\ AbO`beS`b RS` :OcTdO`WOPZS\ TSab 2WS :OcTdO`WOPZS RO`T O\ RWSaS` AbSZZS OcQV RSYZO`WS`b eS`RS\ AWS Wab RO\\ \c` W\ RS` AQVZSWTS PSW /PO`PSWbc\U UºZbWU c\R aWQVbPO` c\R dS`aQVeW\RSb RO\OQV Oca RS[ A^SWQVS`

E

1TSX]Vd]VbcTX[) AbSZZb RWS /caTºV`c\UaPSRW\Uc\U RO` :WSTS`b aWS \WQVb [SV` RS\ ES`b ÍÁÖj eW`R RWS AQVZSWTS OPUSP`]QVS\ c\R VW\bS` RS` AQVZSWTS T]`bUSaSbhb

E

ETaÊ]STad]VbcTX[)
7[ 0SWa^WSZ eS`RS\ Ac[[S c\R >`]RcYb RS` UO\hS\ HOVZS\ d]\  PWa  PS`SQV\Sb( W?ÄÄ =?j†jÁÏ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ™ s ¤åÇ

‰™Í Ä֔ s åÇ

‰™Í ”ÖÍ s ¤Ç

wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯P Ä֔

s Ä֔ ´ ‰Ç

ÊÊ Áj‰Íj‰‰~jÁ ¬w

'

&

:^]ca^[[bcadZcdaT]

”ÖÍ s ”ÖÍ J ‰Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.֔”j s ¹ ´ Ä֔ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ +ÁaÖÍ s ¹ ´ ”ÖÍ ¯Ç Q Q

3W\ 0SWa^WSZ Tº` RWS DS`É\RS`c\U RS` :OcTdO`WOPZS\ W\ \SUObWdS\ AQV`WbbS\ Wab RS` T]Z US\RS AQVZSWTS\Y]^T RS` OZZS c\US`ORS\ HOVZS\ heWaQVS\ '' c\R  S`TOaab( wÁ® ‰™Í ‰ s ššÇ ‰  åÇ ‰ s ‰ ˆÔ ¯P ÊJ
™Ýj‰Ä֙~j™ JÊ Q

/cQV RS` 2ObS\bg^ W†?Á YO\\ W\ AQVZSWTS\ OZa :OcTdO`WOPZS dS`eS\RSb eS`RS\( wÁ® W†?Á W† s À
ÀÇ W† ‘s À=ÀÇ W†´´ ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ÖW†ÄÍ?Mj] ¹ ´ W† ¯Ç Q

9][^ZSfS AQVZSWTS\Yr^TS aW\R [rUZWQV RO 7\WbWOZWaWS`c\Ua c\R DS`É\RS`c\UabSWZ Oca [SV`S`S\ /\eSWac\US\ PSabSVS\ Yr\\S\ Rc`QV 9][[O]^S`Ob]` hc b`S\\S\ 7[ 7\WbWOZWaWS`c\UabSWZ Yr\\S\ [SV`S`S DO`WOPZS\ UZSWQVS\ Bg^a RSYZO`WS`b c\R W\WbWOZWaWSb eS`RS\ RWS W[ DS`É\RS`c\UabSWZ aS^O`ObS\ 0S`SQV\c\US\ c\bS`e]`TS\ eS`RS\ Yr\ \S\ 2WS USaO[bS AQVZSWTS\Tc\YbW]\ eW`R W[ AQVZSWTS\Y]^T OcaUSR`ºQYb( W?ÄÄ =?j†jÁ”¬?Í P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ÊÊ .W†j‰wj™¬w ‰ÄÍ ‰™ j‰™jÁ =j‰j ãÖ ÄW†Áj‰Mj™uu wÁ® ‰™Í ‰ s ¤^ Ä֔ s å^ ”ÖÍ s ¤Ç ‰ ‘s ¤åÇ ‰´´^ Ä֔ s Ä֔ ´ ‰^ ”ÖÍ s ”ÖÍ J ‰ ¯P ÊÊ ‰”  Á¬jÁ ‰ÄÍ ™‰W†ÍÄ ”j†Á ãÖ Í֙u Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.֔± s ¹ ´ Ä֔ ´ ¹

+Áa± s ¹ ´ ”ÖÍ ¯Ç

Q Q

/ZZS`RW\Ua aW\R a]ZQVS 9]\ab`cYbS aQVeS` ZSaPO` c\R hScUS\ d]\ bRW[TRWcT\ ?a^ VaP\\XTabcX[( 2WS YZO`S B`S\\c\U heWaQVS\ /caTºV`c\UaY]\b`]ZZS W[ AQVZSWTS\Y]^T c\R SWUS\bZWQV W\bS\RWS`bS` EW`Yc\U W[ AQVZSWTS\`c[^T USVb dS`Z]`S\ RO \c\ OcQV W\ RS\ AQVZSWTS\Y]^T EW`Yc\UaQ]RW\U SW\US[WaQVb eW`R ;Wb 8OdO # ec`RS\ \ScS 4]`[S\ RS` wÁAQVZSWTS SW\USTºV`b c[ [rUZWQVab SZSUO\b OcT 3ZS[S\bS SW\Sa /``Oga ]RS` O\RS`S` 2ObS\PSVÉZbS` hcU`SWTS\ hc Yr\\S\ 2WSa eW`R O\ USSWU\SbS` AbSZZS PSa^`]QVS\



9INGINZKR[TM \UT 9INRKOLKT

/ZZS AQVZSWTS\bg^S\ Yr\\S\ USaQVOQVbSZb eS`RS\ 2OPSW b`SbS\ ÊdvTaT c\R X]]TaT AQVZSWTS\ OcT 2S` @c[^T SW\S` ÉczS`S\ AQVZSWTS S\bVÉZb SW\S eSWbS`S W\\S`S AQVZSW TS 2WS AQVOQVbSZc\U d]\ AQVZSWTS\ RWS\b RS` 7bS`ObW]\ ºPS` VrVS`RW[S\aW]\OZS 2O bS\ab`cYbc`S\ /``Oga 9O^WbSZ   Phe hc` DS`Y\º^Tc\U d]\ 2ObS\[S\US\

&

:^]ca^[[bcadZcdaT]

'

0SW YTST\ 2c`QVZOcT RS` ÉczS`S\ AQVZSWTS eW`R RWS W\\S`S AQVZSWTS SW\[OZ Z^\_[Tcc OPUSO`PSWbSb EW`R RWS ÉczS`S AQVZSWTS ]\P[ Rc`QVZOcTS\ c\R RWS W\\S`S AQVZSWTS XS \\P[ a] eW`R Rc`QV AQVOQVbSZc\U RS` PSWRS\ AQVZSWTS\ XSRS /\eSWac\U RS` W\\S `S\ AQVZSWTS ]\\P[ OcaUSTºV`b AQV\SZZ S`UWPb aWQV Rc`QV dS`aQVOQVbSZbS AQVZSWTS\ SW\S U`]zS HOVZ OPhcO`PSWbS\RS` /\eSWac\US\ [Wb S\ba^`SQVS\R ZO\US` :OcThSWb 2Oa 0SWa^WSZ dS`eS\RSb heSW W\SW\O\RS`USaQVOQVbSZbS wÁAQVZSWTS\ 2Oa >`]U`O[[ PS`SQV\Sb ROa YZSW\S 3W\[OZSW\a + ES`bS c\R UWPb Sa hSWZS\eSWaS Oca W?ÄÄ ‰™ ? ‰™Ä P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ™ s ¤åÇ

‰™Í ”֐ÍÇ

wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯P

ÊÊ CÖjÁj .W†j‰wj

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹N™N™¹ ´ ‰ ´ ¹jÁˆ-j‰†j¹ ¯Ç wÁ® ‰™Í Ž s ¤Ç Ž ‘s ™Ç Ž´´ ¯P

ÊÊ ‰™™jÁj .W†j‰wj

”ÖÍ s ‰ J ŽÇ .ßÄÍj”±Öͱ¬Á‰™Í® ”ÖÍ ´ ¹ ¹ ¯Ç Q Q Q Q

?TaU^a\P]iPb_TZcT) AQVZSWTS\Q]RW\U eW`R VÉcTWU Rc`QVZOcTS\ c\R dS`P`OcQVb S\b a^`SQVS\R dWSZ /caTºV`c\UahSWb a] ROaa PS`SWba YZSW\S =^bW[WS`c\US\ RWS :OcThSWb RScbZWQV dS`PSaaS`\ 4]ZUS\RS >c\YbS a]ZZbS\ PSVS`hWUb eS`RS\( E

2WS AQVZSWTS a]ZZbS \c` RWS S`T]`RS`ZWQVS\ /\eSWac\US\ S\bVOZbS\ 0SW XSRS` /\ eSWac\U Wab hc ^`ºTS\ ]P aWS \WQVb OcQV OczS`VOZP RS` AQVZSWTS S`T]ZUS\ Yr\\bS

E

3W\ c\R /caUOPS]^S`ObW]\S\ dWO 0WZRaQVW`[ ]RS` 2ObSW PS\rbWUS\ ]Tb [SV` HSWb OZa RWS SWUS\bZWQVS\ 0S`SQV\c\US\ 3W\/caUOPS]^S`ObW]\S\ a]ZZbS\ RSaVOZP [rUZWQVab OczS`VOZP d]\ AQVZSWTS\ S`T]ZUS\

E

Hc RS\ hSWbOcTeS\RWUS`S\ =^S`ObW]\S\ USVr`S\ OcQV ;SbV]RS\OcT`cTS

E

DO`WOPZS\RSYZO`ObW]\S\ W\ AQVZSWTS\ PSRScbS\ ROaa RWSaS DO`WOPZS\ PSW XSRS[ AQVZSWTS\Rc`QVZOcT \Sc W[ AbOQYA^SWQVS` O\USZSUb c\R \OQV 3\RS RS` OYbcSZZS\ 7bS`ObW]\ eWSRS` d][ AbOQY S\bTS`\b eS`RS\ 0SaaS` Wab Sa RWS PS\rbWUbS\ DO`WO PZS\ PS`SWba OczS`VOZP RS` AQVZSWTS hc RSYZO`WS`S\



9INRKOLKTGHHX„INK [TJ 9VX[TMGT]KOY[TMKT

8OdO Wab SW\S abO`Y ab`cYbc`WS`bS ^`]TSaaW]\SZZS >`]U`O[[WS`a^`OQVS W\ eSZQVS` RS` 9]\b`]ZZTZcaa \c` Rc`QV 9]\b`]ZZO\eSWac\US\ a]eWS ;SbV]RS\OcT`cTS []RWTWhWS`b eW`R A][Wb aW\R YSW\S c\PSRW\UbS\ c\ab`cYbc`WS`bS\ A^`c\UO\eSWac\US\ d]`VO\ RS\ eWS ROa PS`ºV[bPS`ºQVbWUbS ~Í9]\ab`cYb 2WSaSa eO` Tº` c\Rc`QVaQVOcPO `S\ a]US\O\\bS\ B_PVWTccX1]RS dS`O\be]`bZWQV RSaaS\ dS`aQVZc\US\S` 9]\b`]ZZTZcaa YOc[ \OQVd]ZZhWSVPO` eO`

'!

&

:^]ca^[[bcadZcdaT]


2c`QV RWS MÁj?/\eSWac\U eW`R RWS Y][^ZSbbS eSWbS`S /PO`PSWbc\U RS` US aO[bS\ AQVZSWTS OYbcSZZS 7bS`ObW]\ SPS\a] eWS OZZS eSWbS`S\ 7bS`ObW]\S\ a]T]`b OPUSP`]QVS\ c\R ROa >`]U`O[[ \OQV RS[ AQVZSWTS\Y]\ab`cYb T]`bUSaSbhb EW`R W\ AWbcObW]\S\ SW\USaSbhb W\ RS\S\ RWS eSWbS`S AQVZSWTS\OPO`PSWbc\U aW\\Z]a Wab

E

2c`QV RWS W™Í‰™Öj/\eSWac\U eW`R \c` RS` OYbcSZZS AQVZSWTS\Rc`QVUO\U OP USP`]QVS\ c\R hc` EWSRS`V]Zc\UaPSRW\Uc\U RS` AQVZSWTS USa^`c\US\ c[ US [Éz /caTºV`c\UaPSRW\Uc\U [Wb RS` \ÉQVabS\ 7bS`ObW]\ T]`bhcaSbhS\ 7\ wÁ AQVZSWTS\ eW`R OcQV RS` DS`É\RS`c\UabSWZ Y]``SYb OcaUSTºV`b

2WS MÁj?/\eSWac\U TW\RSb OcQV W\\S`VOZP RS` Ä݉ÍW†/\eSWac\U DS`eS\Rc\U a]) TS`\S` YO\\ MÁj? OcQV hc[ d]`hSWbWUS\ 0SS\RS\ d]\ ‰w jÄj /\eSWac\UaPZrQYS\ PS\cbhb eS`RS\ wÁ® ‰™Í ‰s¤Ç ‰‘¤åÇ ‰´´ ¯ P

9]\b`]ZZTZcaa PZSWPb W[

ÊÊ p
™Ýj‰Ä֙~j™

AQVZSWTS\PZ]QY

W™Í‰™ÖjÇ ÊÊ p
™Ýj‰Ä֙~j™ Q wÁ® ‰™Í s¤Ç ‘¤åÇ ´´ ¯ P

9]\b`]ZZTZcaa dS`ZÉaab

ÊÊ p
™Ýj‰Ä֙~j™

AQVZSWTS\PZ]QY

MÁj?Ç ÊÊ p
™Ýj‰Ä֙~j™ Q ÊÊ p
™Ýj‰Ä֙~j™

0QQ & ) EW`Yc\U RS` /PP`cQVO\eSWac\US\ W™Í‰™Öj c\R MÁj? 7[ T]ZUS\RS\ 0SWa^WSZ eW`R W\ RS` S`abS\ AQVZSWTS RWS OYbcSZZS 7bS`ObW]\ OPUSP`]QVS\ c[ 2WdWaW]\ Rc`QV
ƝÁÍ ”ÖÍ s ¤Ç

wÁ® ‰™Í ‰ s ˆ¤åÇ ‰ ‘s ¤åÇ ‰´´ ¯ P ‰w® ‰ ss å ¯ W™Í‰™ÖjÇ

ÊÊ j‰™j ‰Ü‰Ä‰™ aÖÁW† !֐

&

:^]ca^[[bcadZcdaT]

'"

a‰Ü s ¤±å Ê ‰Ç .ßÄÍj”±Öͱ¬Á‰™Í™®¹¤Ê¹ ´ ‰ ´ ¹ s ¹ ´ a‰Ü¯Ç Q wÁ® ‰™Í Ž s ¤Ç Ž ‘s ¤åÇ Ž´´ ¯ P ‰w® ”ÖÍ  .†Áͱ
9Û7
2 Ê Ž ¯ MÁj?Ç ÊÊ 5MjÁ?Öw ”ÖÍ s ”ÖÍ J ŽÇ .ßÄÍj”±Öͱ¬Á‰™Í™®¹?ÖÍCÍ] ¹ ´ Ž ´ ¹u s ¹ ´ ”ÖÍ¯Ç Q Q Q

2WS /\eSWac\US\ MÁj? c\R W™Í‰™Öj PShWSVS\ aWQV abSba \c` OcT RS\ OYbcSZZS\ 0Z]QY 7[ 4OZZS dS`aQVOQVbSZbS` AQVZSWTS\ c\R DS`heSWUc\US\ YO\\ [O\ [WbbSZa P`SOY OcQV Oca [SV`S`S\ 0ZrQYS\ hcUZSWQV VS`Ocaa^`W\US\ 2Ohc eW`R SW\ ;PQT[ US aSbhb c\R SW\ a]US\O\\bS` [PQT[TS QaTPZ T]`[cZWS`b( 3W\ :OPSZ ;O`YWS`c\U PS\O\\bS A^`c\UabSZZS abSVb d]` RS[ HWSZ RSa A^`c\USa c\R PSabSVb Oca SW\S[ UºZbWUS\ T`SW eÉVZPO`S\
ÊÊ ?Mj ~jÄjÍãÍ

wÁ® ‰™Í Ž s åÇ Ž ‘ ¤åÇ Ž´´¯ P ÊÊ ±±± ‰w® ‰ ss y ¯ MÁj?Ç

ÊÊ
MMÁÖW† ajÁ ‰™™jÁj™ .W†j‰wj

‰w® Ž ss y ¯ MÁj? ¤Ç

ÊÊ
MMÁÖW† ajÁ CÖjÁj™ .W†j‰wj

ÊÊ ±±± Q Q

3a eW`R [Wb RS` /\eSWac\U T]`bUSaSbhb RWS OcT RWS dS`ZOaaS\S AQVZSWTS T]ZUb 3W\ :O PSZA^`c\U hc ÉczS`S\ 0ZrQYS\ Wab \c` [Wb MÁj? \WQVb [WbbSZa W™Í‰™Öj [rUZWQV 3W\ A^`c\U Oca ;SbV]RS\ ]RS` W\ c[ZWSUS\RS 0ZrQYS Wab ]XRWc [rUZWQV /cT A^`c\UO\eSWac\US\ a]ZZbS dS`hWQVbSb eS`RS\) aWS hScUS\ [SWab d]\ bRW[TRWcT\ ?a^VaP\\XTabcX[( 2S` >`]U`O[[OPZOcT eW`R c\ºPS`aWQVbZWQV RWS >`]U`O[[Z]UWY eW`R ºPS` 9]^T c\R @c[^T RS` AQVZSWTS dS`ab`Scb RS` ?cSZZbSfb aQVZSQVbS` ZSaPO` ES\\ W[[S` [rUZWQV a]ZZbS [O\ RWS Y][^ZSbbS 4]`baSbhc\UaZ]UWY RS` AQVZSWTS Rc`QV SW\S\ YZO`S\ AQVZSWTS\Y]^T T]`[cZWS`S\ ]V\S OcT A^`º\US O\USeWSaS\ hc aSW\ /cQV ROa UO\hS >`]U`O[[ YO\\ d]`hSWbWU PSS\RSb eS`RS\ 2c`QV RWS /\eSWac\U( .ßÄÍj”±jމͮå¯Ç

Wab Sa [rUZWQV SW\ ZOcTS\RSa 8OdO>`]U`O[[ a]T]`b OPhcP`SQVS\ \]QV PSd]` RWS /PO`PSWbc\U RS` ”?‰™®¯;SbV]RS OPUSaQVZ]aaS\ Wab EWSRS` eW`R ROPSW RWS 9ZOaaS .ßÄÍj” [Wb WV`S` ;SbV]RS jމͮ¯  RSa AbO\RO`R^OYSba Ž?Ü?±?™~ dS`eS\RSb

'#

&

:^]ca^[[bcadZcdaT]

2S` 8OdO>`]hSaa c\R [Wb WV[ RWS ZOcTS\RS 8D; eS`RS\ PSS\RSb 2WS /\eSWac\U .ßÄÍj”±jÞ‰Í®å¯ YO\\ O\ XSRS` AbSZZS SW\Sa 8OdO>`]U`O[[a SW\USPOcb eS`RS\ 2S` >`]U`O[[OPZOcT a]ZZbS XSR]QV a] ab`cYbc`WS`b aSW\ ROaa a]ZQVS OP`c^bS\ /PP`º QVS \WQVb S`T]`RS`ZWQV aW\R



+TJRUYYINRKOLKT

3W\S 3\RZ]aaQVZSWTS ZWSUb d]` eS\\ SW\S AQVZSWTS \WS[OZa bS`[W\WS`b 7\ RWSaS[ 4OZZ [caa ROa >`]U`O[[ USeOZbaO[ PSS\RSb eS`RS\ C`aOQVS RS` 3\RZ]aWbS`ObW]\ Wab SW\S 4]`baSbhc\UaPSRW\Uc\U RWS abSba S`TºZZb Wab ;O\QV[OZ aSbhb [O\ 3\RZ]aaQVZSWTS\ PS ecaab SW\ h0 hc BSabheSQYS\ 6ÉcTWU aW\R aWS XSR]QV ROa 3`USP\Wa SW\Sa Z]UWaQVS\ >`]U`O[[WS`TSVZS`a =TTS\aWQVbZWQVS 3\RZ]aaQVZSWTS\ eS`RS\ SW\USZSWbSb Rc`QV T]ZUS\RS AQVZSWTS\Yr^TS( ݆‰j® ÍÁÖj ¯ P ÊJ
™Ýj‰Ä֙~j™ JÊ Q wÁ® Ç Ç ¯

P ÊJ
™Ýj‰Ä֙~j™ JÊ Q

2S` 1][^WZS` c\bS`PW\RSb RS\ 5SP`OcQV ]TTS\aWQVbZWQVS` 3\RZ]aaQVZSWTS\ TOZZa \OQV RWSaS\ eSWbS`S /\eSWac\US\ T]ZUS\ A] eW`R ROa T]ZUS\RS 1]RW\U \WQVb Y][^WZWS`b a]\RS`\ [Wb RS` 4SVZS`[SZRc\U d]aTPRWPQ[T bcPcT\T]c PShºUZWQV RS` /\eSWac\U ‰s‰´¤ []\WS`b( 2WSaS YO\\ \WS[OZa S``SWQVb c\R OcaUSTºV`b eS`RS\ W?ÄÄ ™aÄ¤ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰™Í ‰ s ¤Ç ݆‰j® ÍÁÖj ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™aÄ¹ ¯Ç Q ‰ s ‰ ´ ¤Ç

ÊÊ 8‰Áa ™‰j”?Ä jÁÁj‰W†Íu

Q Q

2S` 1][^WZS` Wab XSR]QV \WQVb W\ RS` :OUS acPbWZS`S 4ÉZZS hc S`YS\\S\ 0]\TaZd]V) 0SW[ AbO`b SW\Sa 8OdO>`]U`O[[a d]\ RS` 9][[O\R]hSWZS YO\\ SW\ 3\RZ]aZOcT c\bS` EW\R]ea Rc`QV RWS BOabS\Y][PW\ObW]\ 0-´ OPUSP`]QVS\ eS` RS\ ]V\S RWS ;A 2=A0]f dS`ZOaaS\ hc [ºaaS\



-KHXG[IN JKX 9INRKOLKTZ_VKT ¤ @[YGSSKTLGYY[TM

EW` VOPS\ R`SW c\bS`aQVWSRZWQVS AQVZSWTS\bg^S\ YS\\S\USZS`\b( ݆‰j®
ÖÄwنÁ֙~ÄMja‰™~֙~ ¯P ÊJ±±±JÊ Q aP ÊJ±±±JÊ Q ݆‰j ®
ÖÄwنÁ֙~ÄMja‰™~֙~ ¯ wÁ® ™‰Í‰?‰Ä‰jÁ֙~Ç
ÖÄw±Mja~±Ç 7jÁC™ajÁ֙~ ¯ P ÊJ±±±JÊ Q

9`WbS`WS\ hc` DS`eS\Rc\U RS` c\bS`aQVWSRZWQVS\ AQVZSWTS\bg^S\ aW\R( E

2WS /\hOVZ RS` EWSRS`V]Zc\US\ abSVb bRW^] e^a RS[ 0Sb`SbS\ RS` AQVZSWTS TSab h0 Rc`QV 0S\cbhS`SW\UOPS\ Ÿ wÁAQVZSWTS ‰™Í ™ s j™ÖÍãjÁ ‰™~?MjÇ wÁ® ‰™Í ‰ s ¤Ç ‰ ‘ ™Ç ‰´´ ¯ P ÊJ
™Ýj‰Ä֙~j™ JÊ Q

& E

:^]ca^[[bcadZcdaT]

'$

3`ab ]PRW 3W\b`Wbb W\ RWS AQVZSWTS eW`R ºPS` RWS eSWbS`S 4]`baSbhc\U RS` AQVZSWTS S\baQVWSRS\( Ÿ ݆‰jAQVZSWTS ]RS` a ݆‰jAQVZSWTS W†?Á W s j™ÖÍãjÁ ‰™~?MjÇ Ý†‰j® W ss ÀŽÀ ¯ P ÊJ
™Ýj‰Ä֙~j™ JÊ

W s j™ÖÍãjÁ ‰™~?MjÇ Q

>`W\hW^WSZZ YO\\ XSRS wÁAQVZSWTS É_cWdOZS\b OcQV Rc`QV SW\S ݆‰jAQVZSWTS Oca USR`ºQYb eS`RS\ A][Wb Wab RWS wÁAQVZSWTS YSW\ c\PSRW\Ub S`T]`RS`ZWQVSa A^`OQV [WbbSZ 8SR]QV Wab RWS wÁAQVZSWTS ]Tb PSaaS` ZSaPO` RO OZZS /caTºV`c\Ua 7\T]`[ObW]\S\ c\R 0SRW\Uc\US\ W\ WV`S[ 9]^T hcaO[[S\USTOaab aW\R 2WS /caTºV `c\UaZ]UWY Wab \WQVb ºPS` RWS AQVZSWTS dS`ab`Scb eWS W[ 4OZZS RS` ݆‰jAQVZSWTS /Za PQbRW[XTvT]STb 1TXb_XT[ RWS\b SW\ >`]PZS[ RS` @S\bS\`SQV\c\U( EW` VOPS\ SW\S ;WZZW]\ W[ :]bb] USe]\\S\ c\R ZSUS\ RWSaS [Wb # ^O HW\aS\ O\ /ZZS`RW\Ua US \SV[WUS\ eW` c\a SW\S XÉV`ZWQVS @S\bS d]\ $ 53 EWS ZO\US YO\\ [O\ d]\ RS[ 9O^WbOZ hSV`S\ eS\\ XÉV`ZWQV HW\a c\R HW\aSahW\aSa Tº` ROa 9O^WbOZ O\TOZZS\ OPS` SPS\ OcQV RWS @S\bS O[ 4]ST XSRS\ 8OV`Sa \OQV HW\aOcaaQVºbbc\U Oca RS[ 9O^W bOZab]QY OPUSh]US\ eW`R-
aÖMj Áj™Íj s Éåååå±åÇ

aÖMj ã‰™Ä s å±åyÇ ‰™Í ™ s ¤Ç Mj?™ ~jajWÍ s ÍÁÖjÇ Ý†‰j® ?¬‰Í?  å FF ~jajWÍssÍÁÖj ¯ P ?¬‰Í? s ?¬‰Í? ´ ?¬‰Í?J㉙ÄÇ

ÊÊ 7jÁ㉙Äj™

‰w® ®?¬‰Í? r Áj™Íj¯ s å±å ¯ ?¬‰Í? s ?¬‰Í? ˆ Áj™ÍjÇ jÄj P ?¬‰Í? s å±åÇ

~jajWÍ s w?ÄjÇ

Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹?†Á ¹ ´ ™ ´ ¹]¹ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹?¬‰Í? s ¹ ´ ?¬‰Í? ´ ¹N™¹ ¯Ç ™´´Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™®¹
Öw~jMÁ?ÖW†Í ™?W† ¹ ´ ™ ´ ¹ ?†Áj™¹¯Ç Q Q

;O\ YO\\ !% 8OV`S d][ 9O^WbOZ ZSPS\ ’ ]V\S HW\aS\ \c` Y\O^^ % 8OV`S

'%

&



:^]ca^[[bcadZcdaT]

-KTG[OMQKOZYVXUHRKSK HKO
2S` 5SP`OcQV d]\ 4ZWSzY][[Obg^S\ YO\\ PSW[ BSab OcT 5ZSWQVVSWb ss ]RS` C\ UZSWQVVSWb us W\ DS`heSWUc\US\ c\R AQVZSWTS\ >`]PZS[S PS`SWbS\ /ZZS 4ZWSzY][ [OhOVZS\ Yr\\S\ \c` [Wb S\RZWQVS` 5S\OcWUYSWb RO`USabSZZb eS`RS\ ’ RWS HOVZ RS` aWU\WTWYO\bS\ AbSZZS\ Wab PSU`S\hb 2ORc`QV aQVZÉUb OcTU`c\R c\US\OcS` W\bS`\S` HOV ZS\RO`abSZZc\U SdS\bcSZZ SW\ ES`bdS`UZSWQV TSVZ ZWSTS`b w?Äj RS` SWUS\bZWQV S`TºZZb aSW\ ÍÁÖj ZWSTS`\ [ºaabS 7\ T]ZUS\RS[ 0SWa^WSZ a]ZZ S`[WbbSZb eS`RS\ ]P RS` /caR`cQY f ’ W[ f0S`SWQV heW aQVS\  c\R RS\ ES`b `]PZS[abSZZc\U RO RWS fES`bS \WQVb Oca`SWQVS\R US\Oc RO`USabSZZb eS`RS\( W?ÄÄ 7jÁ~j‰W†Ä0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~įP wÁ® aÖMj Þ s å±åÇ Þ ‘s Ô±åÇ Þ s ޴層 ¯ P ‰w® ®ÞJÞ ˆ¤±å¯ ss å±å ¯ P

ÊÊ 8‰Áa ™‰j wjÄÍ~jÄÍjÍuu

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹jÄÖW†ÍjÄ Þ s ¹ ´ Þ ¯Ç Q Q Q Q

DS`UZSWQVS OcT ES`bUZSWQVVSWb ]RS` C\UZSWQVVSWb aW\R W[ 4OZZS d]\ 4ZWSzY][[Obg^S\ US\S`SZZ hc [SWRS\ eÉV`S\R * , DS`UZSWQVS c\^`]PZS[ObWaQV aW\R 9O\\ \WQVb OcT RWS DS`UZSWQVa]^S`ObW]\ ss c\R us dS`hWQVbSb eS`RS\ a] Wab ROa >`]PZS[ SdS\bcSZZ [Wb 5O\hhOVZbg^S\ hc T]`[cZWS`S\ RWS O\ USSWU\SbS` AbSZZS hc[ USeº\aQVbS\ 4ZWSz Y][[Obg^ USQOabSb Phe c[US`SQV\Sb eS`RS\ 2WS T]ZUS\RS 5O\hhOVZ4]`[cZWS`c\U RSa Y`WbWaQVS\ >`]U`O[[bSWZa ZWSTS`b ROa USeº\aQVbS @SacZbOb( wÁ® ‰™Í Þ s åÇ Þ ‘s ÔåÇ Þ s Þ´¤ ¯ P ÊÊ ?™ãã?†‰~j =C†Ü?Á‰?Mj ‰w® ®ÞJÞʤåå±å ˆ¤±å¯ ss å±å ¯ P

ÊÊ 0Á‰ÍÍ j‰™ wÙÁ Þ s ¤å

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹jÄÖW†ÍjÄ Þ s ¹ ´ Þʤå±å ¯Ç Q Q

EW` aW\R \c\ W\ RS` :OUS W\bS`SaaO\bS`S 4`OUSabSZZc\US\ Rc`QV 8OdO>`]U`O[[S hc c\bS`acQVS\ /ZZS`RW\Ua [caabS\ eW` OZZS >`]U`O[[O\eSWac\US\ W\\S`VOZP RS` ”?‰™®¯;SbV]RS Y]\hS\b`WS`S\ 8S O\a^`cQVad]ZZS` RWS >`]PZS[abSZZc\U RSab] c[ TO\U`SWQVS` c\R bS\RS\hWSZZ c\ºPS`aWQVbZWQVS` eW`R ROa 1]RW\U RS` ”?‰™®¯ ;SbV]RS 4S`\S` Y][[S\ WRS\bWaQVS /\eSWac\UaT]ZUS\ SdS\bcSZZ [SV`TOQV W[ >`] U`O[[Q]RS d]` 2WS 3W\TºV`c\U RSa `]U`O[[S []RcZO` hc Y]\hW^WS`S\ c\R RWS ;SbV]RS ”?‰™®¯ hc S\bZOabS\



3KZNUJKT

;SbV]RS\ aW\R SaaS\bWSZZSa BcadZcdaXTad]Vb d]S <^Sd[PaXbXTad]Vb\XccT[ RS` >`] U`O[[WS`c\U AbObb eWSRS`YSV`S\RS /cTUOPS\ c\R =^S`ObW]\S\ W[ >`]U`O[[ [SV` TOQV OcThcZWabS\ TOaab [O\ ROa S\ba^`SQVS\RS 1]RW\U hS\b`OZ O\ SW\S` ?cSZZQ]RSabSZ ZS W\ SW\S` OcaaOUSY`ÉTbWU PS\O\\bS\ ;SbV]RS hcaO[[S\ 6ÉcTWU PS\rbWUbS =^S`ObW]\S\ ZOaaS\ aWQV a][Wb `SRc\RO\hT`SW W\ ;SbV]RS\ YO^aSZ\ RWS [Wb WV`S[ `] U`O[[bSWZ RScbZWQV ºPS`aQVOcPO`S` c\R ZSaPO`S` ’ c\R `SRchWS`b aWQV dWSZZSWQVb a]UO` eSWbUSVS\R OcT SW\S /PT]ZUS d]\ ;SbV]RS\OcT`cTS\ A][Wb b`OUS\ ;SbV]RS\ eS aS\bZWQV hc` ATSdZcX^] e^] :^\_[TgXcÊc PSW ;SbV]RS\ Yr\\S\ ºPS` >O`O[SbS` dS`TºUS\ RV aWS Yr\\S\ PSW XSRS[ /cT`cT [Wb XSeSWZa dS`aQVWSRS\S\ OYbcSZZS\ ES`bS\ dS`a]`Ub eS`RS\ c\R [Wb RWSaS\ 2ObS\ O`PSWbS\ ;SbV]RS\ TºV`S\ eÉV`S\R WV`Sa /cT`cTa Y]\Y`SbS =^S`ObW]\S\ Oca c\R S` hWSZS\ RORc`QV SW\S\ PSabW[[bS\ 3TTSYb C\R ;SbV]RS\ Yr\\S\ SW\S\ @ºQYUOPS eS`b ]RS` OcQV SW\ =PXSYb hc`ºQYZWSTS`\ [Wb RS[ W[ OcT`cTS\RS\ >`]U`O[[Y]\ bSfb eSWbS`USO`PSWbSb eS`RS\ YO\\ 8S \OQV >`]U`O[[WS`a^`OQVS SfWabWS`S\ c\bS`aQVWSRZWQVS `]hSRc`S\ ;SbV] RS\ SbQ 7\ RS` A^`OQVS 8OdO eW`R US\S`SZZ RWS 0ShSWQV\c\U `]U`O[[S\ 9]\hS^bS eWS abObW aQVS c\R \WQVbabObWaQVS ;SbV]RS\ rTTS\bZWQVS c\R ^`WdObS ;SbV]RS\ a]eWS 2P[[1h EP[dT c\R 2P[[1hATUTaT]RTAS[O\bWY Yr\\S\ S`ab W[ HcaO[[S\VO\U [Wb 9ZOaaS\ c\R =PXSYbS\ S`ZÉcbS`b eS`RS\ EW` VOPS\ W\ c\aS`S\ >`]U`O[[S\ PS`SWba [Wb RS` a^ShWSZZS\ ”?‰™®¯;SbV]RS US O`PSWbSb VOPS\ OZZS`RW\Ua RWS Ab`cYbc` d]\ ;SbV]RS\ \]QV \WQVb S`TOaab



3KZNUJKTOSVRKSKTZOKX[TM [TJ ONX '[LX[L

3W\S 8OdO;SbV]RS PSabSVb ag\bOYbWaQV Oca `]

''

'


U`O[[O\eSWac\US\ RWS PSW[ /cT`cT RS` ;SbV]RS OPUSO`PSWbSb eS`RS\ ;O\ a^`WQVb OcQV d]\ RS` 3TUX]XcX^] RS` ;SbV]RS 7\ 8OdO Yr\\S\ 2SYZO`ObW]\ c\R 7[^ZS[S\bWS `c\U SW\S` ;SbV]RS ]XRWc d]\SW\O\RS` USb`S\\b eS`RS\ 2S` 0dUadU TX]Ta O`O[SbS`ZWabS ºPS`SW\abW[[S\ [ºaaS\ 7\ T]ZUS\RS[ 0SWa^WSZ eS`RS\ HW\aPS`SQV\c\U c\R /caUOPS]^S`ObW]\S\ Oca ”?‰™®¯ OcaUSZOUS`b c\R W\ ;SbV]RS\ VTZP_bT[c 3a eW`R RWS 3\beWQYZc\U d]\  53 /\TO\UaYO^WbOZ Tº` HW\aaÉbhS heWaQVS\  c\R  ^O ºPS`  8OV`S PS`SQV\Sb W?ÄÄ =‰™ÄÁjW†™jÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ~ÁÖÄÄ®¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹8‰””j™ ãÖÁ =‰™ÄMjÁjW†™Ö™~]¹ ¯Ç Q ¬ÖM‰W ÄÍ?͉W .ÍÁ‰™~ ‰™w®¯ P .ÍÁ‰™~ Ä s ¹ ‰j ?¬‰Í?j™Í݉WÖ™~ ݉Áa MjÁjW†™jͱN™¹Ç Ä s Ä ´ ¹=‰™Ä ֙a =‰™ÄjÄã‰™Ä wÙÁ ¤å ?†Áj jÁw?ÄÄͱN™¹Ç Ä s Ä ´ ¹=‰™ÄÜjÁCÖwj ã݉ÄW†j™ ¤ ֙a ¤å +Áãj™Í ¬±?±N™¹Ç ÁjÍÖÁ™ ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ?ÖÄ~?Mj® aÖMj ÁjÄ֐Í?Í^ aÖMj ãÄ ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ãÄ ´ ¹° =‰™Ä^ ÁÍÁ?~ s ¹ ´ ÁjÄ֐Í?Í ¯Ç Q ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯ P aÖMj MjÍÁ?~ s ¬Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯ MjÍÁ?~ s MjÍÁ?~ ´ MjÍÁ?~ J ãÄÇ ÁjÍÖÁ™ MjÍÁ?~Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ?¬‰Í? s ¤ååå±åÇ

‰™Í Ž?†Áj s ¤åÇ

aÖMj ㉙Ä.?ÍãÇ

aÖMj j™a?¬‰Í?Ç

.ÍÁ‰™~ ÍjÞÍ s ‰™w®¯Ç ~ÁÖÄÄ®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ÍjÞÍ ¯Ç wÁ® ‰™Í ã s ¤Ç 㠑s ¤åÇ ã´´ ¯ P ㉙Ä.?Íã s ãʤåå±åÇ j™a?¬‰Í? s ㉙Į ?¬‰Í?^ ㉙Ä.?Íã^ Ž?†Áj ¯Ç ?ÖÄ~?Mj® j™a?¬‰Í?^ ã ¯Ç Q Q Q

'


'(

EW` e]ZZS\ ROa 1]RW\U ag\bOYbWaQV O\OZgaWS`S\( 8SRS RS` ;SbV]RS\ abSZZb SW\S\ hc aO[[S\USVr`WUS\ 1[^RZ RO` =TTS\aWQVbZWQV abSVS\ RWS R`SW ;SbV]RS\ ~ÁÖÄÄ®¯ ‰™w®¯ ㉙Į¯ c\R ?ÖÄ~?Mj®¯ OcT UZSWQVS` Z]UWaQVS` 3PS\S eWS RWS ”?‰™®¯ ;SbV]RS PSW RS` OcQV eSWbS`VW\ RWS /caTºV`c\U RSa >`]U`O[[a PSUW\\b 3W\S 9ZOa aS YO\\ PSZWSPWU dWSZS ;SbV]RS\ S\bVOZbS\ /ca ”?‰™®¯ VS`Oca S`T]ZUb RS` /cT`cT RWSaS` ;SbV]RS\ eÉV`S\R RS` >`]U`O[[OcaTºV`c\U 2WS ATXWT]U^[VT STa O`O[SbS`ZWabS W\ `c\RS 9ZO[[S`\ SW\USaQVZ]aaS\ ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯

/  

/ 

/

/

/

!

"

#

IdVaXUUbb_TiXUXZPcX^] AWQVbPO`YSWb( 2WSaS ZSUb TSab Oca eSZQVS[ 9]\bSfb VS`Oca RWS ;SbV]RS OcT`cTPO` Wab 5`c\RaÉbhZWQV eW`R c\bS`aQVWSRS\ heW aQVS\ RS` A^ShWTWYObW]\ OZa ¬ÖM‰W rTTS\bZWQV ]RS` ¬Á‰Ü?Íj ^`WdOb /Za ¬ÖM‰W USYS\\hSWQV\SbS ;SbV]RS\ Yr\\S\ OcQV Rc`QV XSRSa PS ZWSPWUS O\RS`S 8OdO>`]U`O[[ 9ZOaaS OcTUS`cTS\ eS`RS\ /Za ¬Á‰Ü?Íj RSYZO`WS`bS ;SbV]RS\ aW\R d]\ OczS\ \WQVb OcT`cTPO` AWS aW\R \c` Rc`QV ;SbV]RS\ RS` SWUS\S\ 9ZOaaS OcT`cTPO`



9S\\hSWQV\c\U OZa ÄÍ?͉W( AbObWaQVS ;SbV]RS\ aW\R OcT`cTPO` ]V\S ROaa SW\ =PXSYb RS` hcUSVr`WUS\ 9ZOaaS S`hScUb eS`RS\ [caa

!

A¶RZVPQTch_( 2S` 2ObS\bg^ RSa @ºQYUOPSeS`ba RS\ RWS ;SbV]RS OZa 3` USP\Wa WV`Sa /cT`cTa O\ RS\ /cT`cTS` hc`ºQYZWSTS`b ;SbV]RS\ Yr\\S\ VT]Pd TX]T] ]RS` ZTX]T] ES`b hc`ºQYZWSTS`\ A][Wb c\bS`aQVSWRSb [O\ U`c\RaÉbh ZWQV RWS T]ZUS\RS\ @ºQYUOPSbg^S\( ܝ‰a ZSS`( 2WS ;SbV]RS ZWSTS`b ZTX]T] ES`b hc`ºQY 2ObS\bg^ c\UZSWQV ܝ‰a( 2WS ;SbV]RS ZWSTS`b TX]T] ES`b hc`ºQY

"


#

?PaP\TcTa[XbcT( AWS S\bVÉZb Ch_ d]S =P\T] RS` >O`O[SbS` RWS PSW[ /cT`cT RS` ;SbV]RS [WbhcUSPS\ aW\R

(

'


;SbV]RS\ Yr\\S\ TX]T] ]RS` \TWaTaT >O`O[SbS` b`OUS\) RWSaS aW\R Rc`QV 9][[O USb`S\\b OcThchÉVZS\ /cT RWS >O`O[SbS` YO\\ W\\S`VOZP RSa ;SbV]RS\`c[^TSa RW`SYb hcUSU`WTTS\ eS`RS\ 7V\S\ eS`RS\ PSW[ /cT`cT RS` ;SbV]RS OYbcSZZS ES`bS hcUSeWSaS\ 5cb USeÉVZbS ?PaP\T cTa]P\T] b`OUS\ hc[ DS`abÉ\R\Wa RS` ;SbV]RS\aS[O\bWY PSW 3a aW\R OcQV _PaP\TcTa[^bT ;SbV]RS\ [rUZWQV 2WSaS eSWaS\ SW\S ZSS`S >O`O[SbS`ZWabS OcT eWS h0 d]WR ~ÁÖÄÄ®¯ c\R eS`RS\ ]V\S /\UOPS d]\ >O`O[SbS`\ OcTUS`cTS\ 2WS 0SRScbc\U RS` HcU`WTTaa^ShWTWYObW]\ c\R RS` C\bS`aQVWSR heWaQVS\ abObWaQVS\ c\R \WQVbabObWaQVS\ ;SbV]RS\ YO\\ S`ab W[ @OV[S\ ]PXSYb]`WS\bWS`bS` 9]\hS^bS S` ZÉcbS`b eS`RS\ 7\ BOPSZZS & aW\R RWS eXTa \»V[XRWT] BRW]XccbcT[[T]ch_T] VW\aWQVbZW QVS @ºQYUOPSbg^ c\R >O`O[Sb`WaWS`c\U OcTUSTºV`b BRW]XccbcT[[T]QTXb_XT[

?PaP\TcTa[^b

<Xc ?Pa\TcTa]

>W]T A¶RZVPQT e^XS

d]WR U`caa 

d]WR OcaUOPS R]cPZS `SacZbOb R]cPZS ha 

<Xc A¶RZVPQTfTac

Ab`W\U W\T] 

R]cPZS hW\a R]cPZS Y^ R]cPZS ha W\b \ 

CPQ ' ) AQV\WbbabSZZS\bg^S\ O`O[SbS`\ ¬ ãÄ c\R ™ OZa DO`WOPZS\ USO`PSWbSb( ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯ P aÖMj MjÍÁ?~ s ¬Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯ P MjÍÁ?~ s MjÍÁ?~ ´ MjÍÁ?~ J ãÄÇ Q ÁjÍÖÁ™ MjÍÁ?~Ç Q

'


(

0dUadU e^] O`O[SbS` PSTÉVWUS\ RWS ;SbV]RS PSW XSRS[ /cT`cT [Wb O\RS`S\ ES`bS\ hc O`PSWbS\ A] YO\\ RWS ;SbV]RS ㉙Į¯ [Wb RS\ PSZWSPWUS\ d]`USUSPS\S\ ES`bS\ Tº` 9O^WbOZ HW\aaObh c\R HW\a^S`W]RS\ `SQV\S\ RWS PSW[ /cT`cT [WbUSUSPS\ eS`RS\ 2S` /cT`cT SW\S` ;SbV]RS S`T]ZUb Rc`QV /\UOPS WV`Sa O`O[SbS` W\ `c\RS\ 9ZO[[S`\ SW\USaQVZ]aaS\ c\R OcTUShÉVZb 2S` Bg^ RSa ºPS`USPS\S\ ES`bSa [caa bg^Y][^ObWPSZ hc[ W[ ;SbV]RS\Y]^T RSYZO`WS`bS\ >O`O [SbS` aSW\ 2WS @SWVS\T]ZUS RS` ºPS`USPS\S\ ES`bS [caa RS` @SWVS\T]ZUS W\ RS` ;SbV]RS\RSYZO`ObW]\ S\ba^`SQVS\ A] eº`RS PSW[ /cT`cT RS` ;SbV]RS( ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯

W\ ”?‰™®¯ [WbbSZa( ㉙Į ¤åå±å^ å±åÔ^ ¤å ¯Ç

Ocb][ObWaQV RS` ES`b  RS[ >O`O[SbS` ¬ RS` ES`b  RS[ >O`O[SbS` ãÄ c\R RS` ES`b  RS[ >O`O[SbS` ™ hcUSeWSaS\ eÉV`S\R RS` /cT`cT( ㉙Į å±åÔ^ ¤åå±å^ ¤å ¯Ç

heO` ag\bOYbWaQV Y]``SYb Wab OPS` PSRScbS\ eº`RS SW\ 9O^WbOZ d]\  53 [Wb SW \S[ HW\aaObh d]\  ºPS` SW\S 2OcS` d]\  8OV`S\ hc dS`hW\aS\ eOa eOV` aQVSW\ZWQV \WQVb W\bS\RWS`b Wab ;O\ c\bS`aQVSWRSb U^a\P[T d]S PZcdT[[T ?PaP\TcTa( 5^a\P[T >O`O[SbS` aW\R RWS W[ ;SbV]RS\Y]^T STZ[PaXTacT] DO`WOPZS\ RWS W\\S`VOZP RSa ;SbV] RS\Q]RW\Ua dS`eS\RSb eS`RS\ 0SW[
aÖMj ã‰™Ä s å±åÔÇ

‰™Í Ž?†Áj s ¤åÇ

aÖMj j™a?¬‰Í? s ㉙Į ¤åå±å^ å±åÔ^ ¤å ¯Ç j™a?¬‰Í? s ㉙Į ?¬^ ㉙Ä^ Ž?†Áj ¯Ç j™a?¬‰Í? s ㉙Į ÔJ?¬^ ã‰™Ä ´ å±å¤^ Ž?†Áj r Ï ¯Ç j™a?¬‰Í? s ㉙Į ?¬^ å±åy^ Ž?†ÁjJ¤å ¯Ç

0SW RS` >O`O[SbS`ºPS`UOPS eS`RS\ RWS OYbcSZZS\ >O`O[SbS`eS`bS RS\ T]`[OZS\ >O `O[SbS`\ Ocb][ObWaQV hcUSeWSaS\ 2OPSW Wab \Obº`ZWQV Bg^Y][^ObWPWZWbÉb UST]`RS`b 2S` /cT`cT SW\S` ;SbV]RS PSeW`Yb /caTºV`c\U RSa ;SbV]RS\Q]RW\U( 2S` 9]\b`]ZZ TZcaa dS`heSWUb W\ RWS OcTUS`cTS\S ;SbV]RS ROa ;SbV]RS\Q]RW\U eW`R OPUSO`PSWbSb c\R RO\OQV YSV`b RS` 9]\b`]ZZTZcaa hc`ºQY VW\bS` RWS /cT`cTabSZZS RS` ;SbV]RS

(!

'




3KZNUJKT SOZ 8„IQMGHKZ_V \UOJ

7\ RWdS`aS\ >`]U`O[[WS`a^`OQVS\ eW`R heWaQVS\ ?a^iTSdaT] c\R 5d]ZcX^]T] c\bS` aQVWSRS\( C\bS` >`]hSRc`S\ eS`RS\ ;SbV]RS\ [Wb @ºQYUOPSbg^ ܝ‰a dS`abO\RS\ RWS Rc`QV ROa W\ WV\S\ S\bVOZbS\S 1]RW\U PSW /cT`cT SW\S EW`Yc\U S\bTOZbS\ OPS` ZTX]T 2ObS\ OZa 3`USP\Wa RSa /cT`cTa hc`ºQYZWSTS`\ 2OUSUS\ PSaWbhS\ 4c\YbW]\S\ TX]T] @ºQYUOPSeS`b RS` d][ /cT`cTS` S\bUSUS\US\][[S\ eS`RS\ YO\\ 7\ RS` A^`OQVS 8OdO eW`R Y]\hS^bW]\SZZ ]XRWc heWaQVS\ >`]hSRc`S\ c\R 4c\YbW]\S\ c\bS`aQVWSRS\ ’ ROa ;SbV]RSY]\ab`cYb RSQYb PSWRS 4ÉZZS OP ;SbV]RS\ [Wb @ºQYUOPSbg^ ܝ‰a ZWSTS`\ ZTX]T 2ObS\ O\ RS\ /cT`cTS` hc`ºQY 2Oa W\ WV\S\ S\bVOZbS\S >`]U`O[[Q]RW\U eW`R PSW[ ;SbV]RS\OcT`cT OPUSO`PSWbSb RO \OQV Wab RWS ;SbV]RS PSS\RSb aWS cTa\X]XTac 0SWa^WSZS aW\R RWS ;SbV]RS\ ~ÁÖÄÄ®¯ c\R ?ÖÄ~?Mj®¯ Oca c\aS`S[ HW\a`SQV\S`^`]U`O[[( ¬ÖM‰W ÄÍ?͉W ܝ‰a ~ÁÖÄÄ®¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹8‰””j™ ãÖÁ =‰™ÄMjÁjW†™Ö™~¹ ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ?ÖÄ~?Mj® aÖMj ÁjÄ֐Í?Í^ aÖMj ãÄ ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ãÄ ´ ¹° =‰™Ä^ ÁÍÁ?~ s ¹ ´ ÁjÄ֐Í?Í ¯Ç Q

0SWRS ;SbV]RS\ cd] SbeOa PSeW`YS\ SW\S 9]\a]ZS\OcaUOPS ZWSTS`\ OPS` YSW\S\ @ºQYUOPSeS`b hc`ºQY EÉV`S\R ~ÁÖÄÄ®¯ ]V\S >O`O[SbS` OcTUS`cTS\ eW`R S`T]` RS`b RS` /cT`cT d]\ ?ÖÄ~?Mj®¯ heSW aÖMj>O`O[SbS` /ZZS`RW\Ua ZP]] OcQV W\ d]WR;SbV]RS\ [Wb RS` ÁjÍÖÁ™0]fTXbd]V USO`PSWbSb eS` RS\( 2c`QV RWS /\eSWac\U( ÁjÍÖÁ™Ç ^W]T /\UOPS SW\Sa @ºQYUOPSeS`bSa YO\\ RWS ;SbV]RS e^aiTXcXV OPUSP`]QVS\ eS`RS\ 2WS ;SbV]RS bS`[W\WS`b W\ RWSaS[ 4OZZ a]T]`b ]V\S ROaa SdS\bcSZZ \]QV \WQVb OPUSO`PSWbSbSa 1]RW\U Rc`QVZOcTS\ eº`RS 3W\S bg^WaQVS /\eS\Rc\U aW\R DS`heSWUc\US\ W\ SW\S` ;SbV]RS( ¬ÖM‰W ÄÍ?͉W ܝ‰a ?ÖÄ~?Mj® aÖMj ÁjÄ֐Í?Í^ aÖMj ãÄ ¯ P ‰w® ÁjÄ֐Í?Í ‘s å±å ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹j‰™ ÁÍÁ?~¹ ¯Ç ÁjÍÖÁ™Ç

ÊÊ ÜÁãj‰Í‰~jÁ
MMÁÖW† ajÁ

j͆aj

Q ‰w® ãÄ ‘s å±å ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹j‰™ =‰™Ä¹ ¯Ç ÁjÍÖÁ™Ç

ÊÊ ÜÁãj‰Í‰~jÁ
MMÁÖW† ajÁ

j͆aj

Q .ßÄÍj”±Öͱ¬Á‰™Í™® ãÄ ´ ¹° =‰™Ä^ ÁÍÁ?~ s ¹ ´ ÁjÄ֐Í?Í ¯Ç Q

4OZZa RS` >O`O[SbS` ÁjÄ֐Í?Í ]RS` ãÄ SW\S\ ES`b *+ OcTeSWab eW`R RWS ;SbV]RS d]`hSWbWU OPUSP`]QVS\ ’ c\R RWS ZSbhbS >`]U`O[[hSWZS \WQVb Rc`QVZOcTS\

'


("

7\ SW\S` ܝ‰a;SbV]RS YO\\ S\beSRS` ^W]T ÁjÍÖÁ™/\eSWac\U ]RS` \Xc Ájˆ ÍÖÁ™ˆ
™Ýj‰Ä֙~ ^W]T @ºQYUOPSeS`b USO`PSWbSb eS`RS\ 2WS /\UOPS SW\Sa @ºQY UOPSeS`bSa \OQV ÁjÍÖÁ™ eº`RS RS` ;SbV]RS\RSYZO`ObW]\ eWRS`a^`SQVS\ c\R d][ 1][^WZS` hc`ºQYUSeWSaS\ eS`RS\ 4º` ;SbV]RS\ ]V\S @ºQYUOPSeS`b UWZb( 7[ :^]ca^[[U[dbb STa


3KZNUJKT SOZ 8„IQMGHK]KXZ

;SbV]RS\ Yr\\S\ OZa 3`USP\Wa WV`S` /caTºV`c\U SW\S\ ES`b O\ RS\ /cT`cTS` hc `ºQYUSPS\ 2S` @ºQYUOPSbg^ Wab W[ ;SbV]RS\Y]^T OZa 2ObS\bg^ c\UZSWQV ܝ‰a O\ hcUSUSPS\ 5`c\RaÉbhZWQV YO\\ \c` TX] TX]iXVTa 3`USP\WaeS`b hc`ºQYUSUSPS\ eS` RS\ 2OPSW YO\\ Sa aWQV c[ XSRS\ SZS[S\bO`S\ 2ObS\bg^ VO\RSZ\ 8SR]QV YO\\ OcQV SW\ =PXSYb hc`ºQYUSZWSTS`b eS`RS\ RV SW\S Y][^ZSfS 2ObS\ab`cYbc` ;SbV]RS\ [Wb @ºQYUOPSeS`b \¶bbT] SW\S ÁjÍÖÁ™/\eSWac\U S\bVOZbS\ RWS SW\S\ ^OaaS\RS\ 2ObS\eS`b hc`ºQYZWSTS`b 2S` Bg^ RSa hc`ºQYUSZWSTS`bS\ ES`bSa [caa bg^ Y]\T]`[ hc[ @ºQYUOPSbg^ W[ ;SbV]RS\Y]^T aSW\ 2S` 1][^WZS` ºPS`^`ºTb ]P SW\S bg^US`SQVbS ÁjÍÖÁ™/\eSWac\U d]`VO\RS\ Wab 2WS /caTºV`c\U RS` ÁjÍÖÁ™/\eSWac\U PSS\RSb bS`[W\WS`b RS\ ;SbV]RS\OcT`cT /Za 0SWa^WSZ RWS\b RWS ZSWQVb OPUSeO\RSZbS ;SbV]RS ㉙Į¯( ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯ P aÖMj MjÍÁ?~ s ¬Ç ‰w® MjÍÁ?~ ‘s å±å ¯ ÁjÍÖÁ™ å±åÇ wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯ P MjÍÁ?~ s MjÍÁ?~ ´ MjÍÁ?~ J ãÄÇ Q ÁjÍÖÁ™ MjÍÁ?~Ç Q

2WS ;SbV]RS b`ÉUb RS\ @ºQYUOPSbg^ aÖMj 4]ZUZWQV S\bVÉZb aWS ÁjÍÖÁ™ /\eSWac\US\ RWS SW\S\ aÖMjES`b hc`ºQYZWSTS`\ 4OZZa RS` 9O^WbOZeS`b ¬ *+ Wab eW`R RS` ES`b  hc`ºQYUSUSPS\ c\R RWS eSWbS`S /PO`PSWbc\U RS` ;SbV]RS OP USP`]QVS\ a] ROaa RWS wÁAQVZSWTS c\R heSWbS ÁjÍÖÁ™/\eSWac\U \WQVb [SV` Rc`QVZOcTS\ eS`RS\ 5S[Éz Bg^bSWZ[S\US\PShWSVc\U 9O^WbSZ # eÉ`S\ W\\S`VOZP RS` ÁjÍÖÁ™/\eSWac\US\ OcQV @ºQYUOPSeS`bS RS` YZSW\S`S\ Bg^S\ w?Í ™~ ‰™Í ƝÁÍ W†?Á c\R MßÍj hcZÉaaWU 4º` ;SbV]RS\ [Wb @ºQYUOPSeS`b( 7[ :^]ca^[[U[dbb STa
(#

'


3a Wab eWQVbWU US\Oc hc S`TOaaS\ eOa RWS A¶RZVPQT TX]Tb FTacTb Rc`QV SW\S\ ;S bV]RS\OcT`cT PSRScbSb 3`TOV`c\UaUS[Éz PS`SWbSb ROa 9]\hS^b RSa @ºQYUOPSeS`bSa c\R RSaaS\ 3\bUSUS\\OV[S PSW[ ;SbV]RS\OcT`cT RS[ 3W\abSWUS` >`]PZS[S( EW`R RWS ;SbV]RS OcTUS`cTS\ a] dS`heSWUb RS` 9]\b`]ZZTZcaa d]\ RS` /cT`cTabSZZS W\ ROa ;SbV]RS\Q]RW\U 2WS ;SbV]RS eW`R OPUSO`PSWbSb PWa SW\S ÁjÍÖÁ™/\eSWac\U aO[b @ºQYUOPSeS`b RWS eSWbS`S /PO`PSWbc\U PSS\RSb 2ORc`QV bS`[W\WS`b RWS ;SbV] RS c\R RS` 9]\b`]ZZTZcaa YSV`b hc`ºQY hc` /cT`cTabSZZS RS` ;SbV]RS 2]`b YO\\ RS` [WbbSZa ÁjÍÖÁ™/\eSWac\U hc`ºQYUSZWSTS`bS ES`b SW\S` ^OaaS\R bg^WaWS`bS\ DO`WOPZS\ hcUSeWSaS\ eS`RS\ /cT RWSaS ESWaS eW`R S` hc` eSWbS`S\ DS`O`PSWbc\U USa^SWQVS`b 7[ 0SWa^WSZ S`T]ZUb RS` /cT`cT RS` ;SbV]RS ㉙Į¯ Oca ”?‰™®¯ VS`Oca( 2S` d]\ RS` ;SbV]RS ㉙Į¯ PS`SQV\SbS aÖMjES`b eW`R hc`ºQYUSZWSTS`b c\R d]\ RS` aÖMjDO`WOPZS\ j™a?¬‰Í? T]cVTVT]VT]^\\T] RV W\ RWSaS` USa^SWQVS`b W?ÄÄ =‰™ÄÁjW†™jÁÔ P ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯P aÖMj MjÍÁ?~ s ¬Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯P MjÍÁ?~ s MjÍÁ?~ ´ MjÍÁ?~ J ãÄÇ Q ÁjÍÖÁ™ MjÍÁ?~Ç

ÊÊ -ÙW~?Mj ajÄ 8jÁÍÄ Ü™ MjÍÁ?~

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ?¬‰Í? s ¤ååå±åÇ

‰™Í Ž?†Áj s ¤åÇ

aÖMj ㉙Ä.?ÍãÇ

aÖMj j™a?¬‰Í?Ç

wÁ® ‰™Í ã s ¤Ç 㠑s ¤åÇ ã´´ ¯ P ㉙Ä.?Íã s ãʤåå±åÇ ÊÊ ™Í~j~j™™?†”j ajÄ -ÙW~?MjÝjÁÍÄ] j™a?¬‰Í? s ㉙Į ?¬‰Í?^ ㉙Ä.?Íã^ Ž?†Áj ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹?¬‰Í?ÄÍ?™a s ¹ ´ j™a?¬‰Í? ¯Ç Q Q Q

2WS ÁjÍÖÁ™/\eSWac\U YO\\ \WQVb \c` Y]\abO\bS ES`bS ]RS` DO`WOPZS\ dS`eS\RS\ a]\RS`\ OcQV SW\S\ /caR`cQY) RWSaS` eW`R OcaUSeS`bSb c\R ROa 3`USP\Wa RW`SYb OZa @ºQYUOPSeS`b dS`eS\RSb eWS W\ T]ZUS\RS` ;SbV]RS( ¬ÖM‰W ÄÍ?͉W aÖMj Ž?†ÁjÄ=‰™Ä® aÖMj ¬^ aÖMj ãÄ ¯ P ÁjÍÖÁ™

¬ ´ ¬ J ãÄÇ

Q

2S` Rc`QV ;SbV]RS\OcT`cT hc`ºQYUSZWSTS`bS ES`b [caa \WQVb c\PSRW\Ub S\bUSUS\US \][[S\ c\R SW\S` DO`WOPZS\ hcUSeWSaS\ eS`RS\ /cQV W\ RWSaS[ 4OZZ eW`R RWS ;S bV]RS Y]``SYb OPUSO`PSWbSb XSR]QV USVb RS` hc`ºQYUSZWSTS`bS ES`b dS`Z]`S\ RV

'


($

abSVb \WQVb [SV` hc` eSWbS`S\ DS`O`PSWbc\U hc` DS`TºUc\U A][Wb eÉ`S W\ RS[ d] `O\USUO\US\S[ 0SWa^WSZ OcQV RS` hceSWac\UaZ]aS /cT`cT Y]``SYb( ㉙Į ?¬‰Í?^ ㉙Ä.?Íã^ Ž?†Áj ¯Ç

/ZZS`RW\Ua eº`RS RORc`QV ROa 3`USP\Wa RS` HW\aPS`SQV\c\U \WQVb USa^SWQVS`b eS` RS\ a]\RS`\ [Wb BS`[W\WS`S\ d]\ RS` ㉙Į¯ eWSRS` Oca RS[ A^SWQVS` S\bTS`\b 7\ /PPWZRc\U & Wab RWS ÍPS`UOPS d]\ >O`O[SbS`\ O\ SW\S ;SbV]RS c\R RWS @ºQY UOPS SW\Sa ES`ba Rc`QV RWS ;SbV]RS PSW WV`S[ /cT`cT RO`USabSZZb 2WS ;SbV]RS W?W ?Þ®¯ dS`ZO\Ub OZa /cT`cT^O`O[SbS` \OQV heSW ‰™ÍES`bS\ 2S` U`rzS`S RS` PSWRS\ ES`bS W[ 0SWa^WSZ RS` ES`b  eW`R OZa @ºQYUOPSeS`b d][ Bg^ ‰™Í Rc`QV RWS ÁjÍÖÁ™/\eSWac\U O\ RS\ /cT`cTS` RS` ;SbV]RS hc`ºQYUSUSPS\ g - P  ,  W?ÄÄ

h - Q  , !

j͆aj™?ÖwÁÖw P

¬ÖM‰W ÄÍ?͉W ‰™Í W?W ?Þ® ‰™Í Þ^ ‰™Í ß ¯ P ‰w® Þ  ß ¯ ÁjÍÖÁ™ ÞÇ jÄj

?PaP\TcTa ¶QTaVPQT

ÁjÍÖÁ™ ßÇ

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P

A¶RZ ZTWa

‰™Í ? s ¤åÇ

0dUadU

‰™Í ã s W?W ?Þ® ?^ M ¯Ç

A¶RZVPQT fTac !

Q Q

‰™Í M s ÔåÇ

A¶RZVPQTfTac ! X] EPaXPQ[T i VTb_TXRWTac

3W\UOPS^O`O[SbS` O P ( /\ ;SbV]RS ºPS`USPS\ @ºQYUOPSeS`b ( /\ /cT`cTS` hc`ºQY

0QQ ' ) >O`O[SbS`ºPS`UOPS O\ c\R ES`b`ºQYUOPS Rc`QV SW\S ;SbV]RS /\ RWSaS` AbSZZS a]ZZ SW\ VÉcTWU O\hcb`STTS\RSa <XbbeTabcÊ]S]Xb OcaUS`Éc[b eS`RS\( 2WS HceSWac\U RS` PZcdT[[T] >O`O[SbS`eS`bS O\ RWS U^a\P[T] >O`O[SbS` RS` ;SbV] RS PSW[ ;SbV]RS\OcT`cT eW`R Rc`QV ROa 8OdOAgabS[ d]`US\][[S\ 3a Wab ]XRWc S` T]`RS`ZWQV ROaa RWS =P\T] RS` T]`[OZS\ ;SbV]RS\^O`O[SbS` c\R RWS O`O[SbS`eS`bS O\ RWS ;SbV]RS PSW[ /cT`cT PS`cVb ]XRWc PdU =P\T]bV[TXRWWTXc a]\RS`\ USaQVWSVb Ocb][ObWaQV Rc`QV ROa 8OdOAgabS[( 7\ RS` @SWVS\T]ZUS W\ RS` RWS ES`bS W[ ;SbV]RS\OcT`cT OcTUSTºV`b aW\R eS`RS\ aWS RS\ T]`[OZS\ ;SbV]RS\^O`O [SbS`\ hcUSeWSaS\ 3W\hWUS D]`OcaaSbhc\U aW\R Y]``SYbS` Bg^ c\R /\hOVZ 7\ /PPWZRc\U & b`OUS\ RWS T]`[OZS\ ;SbV]RS\^O`O[SbS` RS` ;SbV]RS W?W ?Þ®¯ RWS O `O[SbS`eS`bS S\bVOZbS\ 2WS ;SbV]RS W?W ?Þ®¯ dS`ZO\Ub \OQV heSW ‰™bES`bS\ PSW[ /cT`cT 5S\Oc RWSa ^OaaWS`b W\ ”?‰™®¯ a] ROaa RS` ;SbV]RS\OcT`cT USZW\Ub >O`O[Sb`WaWS`bS ;SbV]RS\ [Wb @ºQYUOPSeS`b O`PSWbS\ eWS ;OaQVW\S\( /ca SW\S[ 7\ ^cb 3W\UOPS( >O`O[SbS` eW`R Rc`QV ROa ;OaQVW\S\eS`Y DS`O`PSWbc\U( ;SbV]RS\

(%

'


Q]RW\U SW\ =cb^cb /caUOPS( @ºQYUOPSeS`b USTS`bWUb 3W\S ;SbV]RS US\ºUb eWS SW\ >`]U`O[[ W[ 9ZSW\S\ RS[ 4E0?aX]iX_ d]\ 3W\UOPS DS`O`PSWbc\U /caUOPS



9INGINZKR[TM \UT 3KZNUJKTG[LX[LKT

/Za 4X]VPQTfTac Tº` RS\ 0dUadU TX]Ta O`O[SbS` Tº` RWS ÊdvTaT] ;SbV]RS\OcT`cTS 2WSaSa 9]\hS^b S` ZOcPb aSV` Y][^OYbS 4]`[cZWS`c\US\ Y][^ZSfS` 4c\YbW]\OZWbÉb TºV`b XSR]QV hc Sb eOa aQVeS`S` ZSaPO`S[ 1]RW\U 7[ 0SWa^WSZ S`T]ZUb RS` /cT`cT RS` ;SbV]RS ㉙Į¯ X]]TaWP[Q RSa /cT`cTa d]\ ?ÖĈ ~?Mj®¯ a] ROaa RS` PSW[ /cT`cT d]\ ㉙Į¯ PS`SQV\SbS c\R hc`ºQYUSUSPS\S aÖMj@ºQYUOPSeS`b RW`SYb OZa OYbcSZZS` >O`O[SbS` Tº` RS\ /cT`cT d]\ ?ÖÄ~?ˆ Mj®¯ US\cbhb eW`R( W?ÄÄ =‰™ÄÁjW†™jÁÏ P ¬ÖM‰W ÄÍ?͉W aÖMj Ž?†ÁjÄ=‰™Ä® aÖMj ¬^ aÖMj ãÄ ¯ P ÁjÍÖÁ™ ¬ ´ ¬ J ãÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ?ÖÄ~?Mj® aÖMj ÁjÄ֐Í?Í ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ÁÍÁ?~ s ¹ ´ ÁjÄ֐Í?Í ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ?¬‰Í? s ¤ååå±åÇ

aÖMj ㉙Ä.?Íã s 層Ç

?ÖÄ~?Mj® Ž?†ÁjÄ=‰™Ä® ?¬‰Í?^ ㉙Ä.?Íã ¯ ¯Ç ÊÊ .W†?W†ÍjÖ™~ Q Q


'


(&

.ÍÁ‰™~ Ä s ¹ jÍÁ?~ s ¹ ´ ÁjÄ֐Í?ÍÇ ÁjÍÖÁ™ ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ™Äj™
ÖÄ~?Mj® .ÍÁ‰™~ ?ÖÄ ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ?ÖÄ ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ?¬‰Í? s ¤ååå±åÇ

aÖMj ㉙Ä.?Íã s 層Ç

™Äj™
ÖÄ~?Mj® ÍjÞÍ® Ž?†ÁjÄ=‰™Ä® ?¬‰Í?^ ㉙Ä.?Íã ¯ ¯ ¯Ç Q Q



3KZNUJKTG[LX[LK OTTKXNGRH \UT 3KZNUJKT

2S` /cT`cT SW\S` ;SbV]RS Wab OcQV X\
¬ ´ ¬ J ãÄÇ

Q ¬ÖM‰W ÄÍ?͉W aÖMj ㉙Į aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯ P aÖMj MjÍÁ?~ s ¬Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘s ™Ç ‰´´ ¯ P MjÍÁ?~ s MjÍÁ?~ ´ Ž?†ÁjÄ=‰™Ä® MjÍÁ?~^ ãÄ ¯Ç

ÊÊ
ÖwÁÖw

Q ÁjÍÖÁ™ MjÍÁ?~Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ?¬‰Í? s ¤ååå±åÇ ‰™Í Ž?†Áj s ¤åÇ aÖMj ㉙Ä.?Íã s å±åÔÇ aÖMj j™a?¬‰Í? s ㉙Į ?¬‰Í?^ ㉙Ä.?Íã^ Ž?†Áj ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™a?¬‰Í? s ¹ ´ j™a?¬‰Í? ¯Ç Q Q

ES\\ W\ ;SbV]RS\ RS` /cT`cT P]STaTa ;SbV]RS\ [rUZWQV Wab a] a]ZZbS aWQV SW\S ;S bV]RS OcQV bT[Qbc OcT`cTS\ Yr\\S\ 2WSa Wab W\ RS` BOb RS` 4OZZ c\R eW`R OZa ATZdabX ^] PShSWQV\Sb EWS eW` O[ 3\RS RSa 9O^WbSZa aSVS\ eS`RS\ ZOaaS\ aWQV hOVZ`SWQVS >`]PZS[S Rc`QV `SYc`aWdS >`]U`O[[WS`c\U aSV` SZSUO\b c\R Y][^OYb ZraS\

('

'


2O Oca ;SbV]RS\ eWSRS`c[ O\RS`S ;SbV]RS\ OcTUS`cTS\ eS`RS\ Yr\\S\ ZOaaS\ aWQV Oca SW\TOQVS\ ;SbV]RS\0OcabSW\S\ Y][^ZSfS`S ;SbV]RS\ S\beWQYSZ\ a] ROaa aQVZWSzZWQV OcQV aSV` Y][^ZSfS =^S`ObW]\S\ W[ AbWZ SW\S` ;SbV]RS\VWS`O`QVWS `SOZW aWS`b eS`RS\ Yr\\S\ 2ORc`QV ZOaaS\ aWQV OZZS BSWZ]^S`ObW]\S\ ZSbhbZWQV OcT ROa EW` YS\ ºPS`aQVOcPO`S` SW\TOQVS` 3ZS[S\bO`[SbV]RS\ hc`ºQYTºV`S\ 2O`Oca S`eÉQVab SW\ 3TbXV]?aX]iX_( ;SbV]RS\ a]ZZbS\ abSba YZO` c[`WaaS\S BSWZOcTUOPS\ Rc`QV `SZObWd Y][^OYbS Ucb ºPS`aQVOcPO`S 1]RW\Uab`SQYS\ `SO ZWaWS`S\ EW`R SW\S SW\hSZ\S ;SbV]RS hc c[TO\U`SWQV a] Wab RWSa SW\ 6W\eSWa RO`OcT ROaa aWS bT[Qbc eWSRS`c[ W\ dS`aQVWSRS\S ;SbV]RS\ hS`ZSUb eS`RS\ a]ZZbS 3PS\a]eS\WU eWS RWS hS\b`OZS ”?‰™®¯;SbV]RS a]ZZbS W`US\RSW\S O\ RS`S ;SbV]RS RSa >`]U`O[[a OcacTS`\



3KZNUJKT GRY 3OZZKR JKX 9ZX[QZ[XOKX[TM

;SbV]RS\ aW\R SW\ SaaS\bWSZZSa ;WbbSZ hc` 3\beWQYZc\U Z^\_[TgTaTa >`]U`O[[S 2S` AW\\ RSa 4]`[cZWS`S\a d]\ ;SbV]RS\ PSabSVb W\ T]ZUS\RS\ /a^SYbS\( E

BcadZcdaXTad]V STb ?a^VaP\\R^STb) AbObb OZZS /\eSWac\US\ W\ ”?‰™®¯ hc Y]\hS\b`WS`S\ eW`R ROa 1]RW\U OcT dS`aQVWSRS\S ;SbV]RS\ YZO`S` 4c\YbW]\ eTa cTX[c 8SRS SW\hSZ\S ;SbV]RS abSZZb ROPSW SW\S aS^S`ObS =^S`ObW]\ RO` 7\ ”?‰™®¯ aSZPab [ºaaS\ \c` \]QV S\ba^`SQVS\RS ;SbV]RS\OcT`cTS d]`US\][[S\ eS`RS\

E

2^ST4X]b_Pad]V) 2c^ZWhWS`S\ WRS\bWaQVS` 1]RSAb`SQYS\ eW`R dS`[WSRS\ a] ROaa 4SVZS`PSVSPc\U  EO`bc\U O\ \c` XS TX]Ta 2^STbcT[[T S`T]ZUS\ [ºaaS\

E

FXTSTaeTafT]SQPaZTXc) 3W\S ;SbV]RS Wab SW\ 1PdbcTX] ;]RcZ RS` eWSRS` dS`eS\RSb eS`RS\ YO\\ ’ OcQV W\\S`VOZP O\RS`S` ;SbV]RS\ 

E

0QbcaPZcX^]) ES\\ SW\S ;SbV]RS Y]``SYb O`PSWbSb P`OcQVb [O\ aWQV ºPS` WV`S\ W\bS`\S\ /cTPOc YSW\S 5SRO\YS\ [SV` hc [OQVS\ 2WS Tc\YbW]\WS`S\RS ;SbV] RS YO\\ OZa VTZP_bT[cT PZOQY P]f RW`SYb eWSRS`dS`eS\RSb eS`RS\

E

BRW]XccbcT[[T]XSTT  8]U^a\PcX^]7XSX]V) C[ SW\S ;SbV]RS OcT`cTS\ hc Yr\ \S\ [caa \c` WV`S BRW]XccbcT[[T c\R aS[O\bWaQVS FXaZd]V PSYO\\b c\R dS`abO\ RS\ aSW\ 7V` W\bS`\Sa >`]U`O[[Q]RW\U W\bS`SaaWS`b \WQVb 2WSaSa PZSWPb Tº` RS\ DS`eS\RS` RS` ;SbV]RS W[ 5`c\RS dS`P]`US\ c\R Wab U`c\RaÉbhZWQV PdbcPdbRW QPa a]ZO\US AQV\WbbabSZZS c\R EW`Yc\U RS` ;SbV]RS S`VOZbS\ PZSWPS\

E

7XTaPaRWXbXTad]V) 8SRS ;SbV]RS YO\\ W\ O\RS`S\ ;SbV]RS\ dS`eS\RSb eS` RS\ c[ W[[S` Z^\_[TgTaT ;SbV]RS\ hc T]`[cZWS`S\ 3a S\babSVb SW\S []RcZO`S eXT[bcdUXVT ;SbV]RS\VWS`O`QVWS RWS RS\\]QV ºPS`aQVOcPO` c\R eO`bPO` PZSWPb

ES\\UZSWQV ;SbV]RS\ PS`SWba SW\ eWQVbWUSa ;WbbSZ RS` Ab`cYbc`WS`c\U c\R 0SeÉZbW Uc\U Y][^ZSfS` >`]PZS[abSZZc\US\ aW\R abSZZb RWS ]PXSYb]`WS\bWS`bS A^`OQVS 8OdO Rc`QV WV` :[PbbT] d]S ETaTaQd]VbZ^]iT_c \]QV eSWb \ÊRWcXVTaT Ab`cYbc`Y]\hS^bS c\R ;rUZWQVYSWbS\ hc` DS`TºUc\U

'




((

+OT [TJ '[YMGHKT SOZZKRY #±Ž?Ü?

3W\ c\R /caUOPS]^S`ObW]\S\ dWO 9]\a]ZS ]RS` 4WZSagabS[ aW\R YSW\S W\ RS\ A^`OQV YS`\ d]\ 8OdO W\bSU`WS`bS\ =^S`ObW]\S\ ’ Sa abSVS\ ROTº` YSW\S SZS[S\bO`S\ /\eSW ac\US\ hc` DS`TºUc\U DWSZ[SV` aW\R ROhc PS`SWba SW\WUS 9ZOaaS\ RSa 8 A29a S`T]`RS`ZWQV 2WS 9]\a]ZS\OcaUOPS d]\ Ab`W\Ua [WbbSZa .ßÄÍj”±Öͱ¬Á‰™Í™®¯ Wab \]QV SW\TOQV hc PSeS`YabSZZWUS\ OPS` ROa 3W\ZSaS\ d]\ ES`bS\ Wab RScbZWQV aQVeWS `WUS` ’ c\R ºPS`T]`RS`b RS\ 3W\abSWUS` W\ RWS 8OdO>`]U`O[[WS`c\U SW\RScbWU /ca RWSaS[ 5`c\RS dS`eS\RS\ eW` Tº` 3W\/caUOPS]^S`ObW]\S\ SW\TOQV OcT`cTPO`S ;SbV]RS\ RWS W\ RS` 9ZOaaS #±Ž?Ü? hcaO[[S\USTOaab aW\R c\R RWS 9][^ZSfWbÉb RSa 8OdO3W\/caUOPSVO\RZW\Ua d]` c\a dS`PS`US\ 2WS 9ZOaaS #±Ž?Ü? abSVb OcT RS` ESPaSWbS RSa 0cQVSa hc[ 2]e\Z]OR hc` DS`TºUc\U C[ aWS US[SW\aO[ [Wb aSZPabUSaQV`WSPS\S\ 9ZOaaS\ hc dS`eS\RS\ [caa #±Ž?Ü? ]RS` #±W?ÄÄ W[ OY bcSZZS\ /`PSWbadS`hSWQV\Wa OPUSZSUb aSW\ EW` dS`eS\RS\ RWS 9ZOaaS # OZa B]]Z RSaaS\ W\bS`\S @SOZWaWS`c\U [][S\bO\ \WQVb d]\ 0SZO\U Wab c\Yb]^S`Ob]` #± RS[ ;SbV]RS\OcT`cT RW`SYb d]`O\USabSZZb eS`RS\ ’ RORc`QV c\bS`aQVSWRSb aWQV RWS
‰™Í ™ s ¤åÇ

aÖMj a s y±yÇ

#±ÝÁ‰Íj™® ¹
ÖÄ~?Mj™ ”‰ÍÍjÄ #]¹ ¯Ç #±ÝÁ‰Íj™® Ä ´ ¹ s

¹ ´ a ¯Ç

#±?aÜ?™Wj® Ô ¯Ç

ÊÊ =Ýj‰ jjÁãj‰j™

#±ÝÁ‰Íj® ¹!֙ ¹ ´ Ä ¯Ç #±ÝÁ‰Íj™®¯Ç

#±ÝÁ‰Íj® ¹ s

ÊÊ =j‰j™ÁÙW?Öw

Q Q ˆ ™Äj ˆ

]N j”Ä  Ž?Ü?
ÖÄ~?Mj™ F
ÖÄ~?Mj™ ”‰ÍÍjÄ #] 8jÁÍ s

y±y

!֙ 8jÁÍ s

¤å

¹ ¯Ç

#±ÝÁ‰Íj® ™ ¯Ç



'


2Oa \ÉQVabS 0SWa^WSZ hSWUb ROa 3W\ZSaS\ d]\ ES`bS\ RWS RS` 0S\cbhS` eÉV`S\R RSa >`]U`O[[ZOcTa SW\UWPb( 2WS ;SbV]RS ¬Á”¬Í
™a-j?a ÖMj®¯ S`eO`bSb SW\S\ .ÍÁ‰™~ OZa 3W\UOPS^O`O[SbS` 2WSaS` eW`R OcT RS` 9]\a]ZS OcaUSUSPS\ c\R RWS eSWbS`S /caTºV`c\U RSa >`]U`O[[a VÉZb O\ PWa RS` 0S\cbhS` SW\S\ aÖMjES`b SW\UWPb 2WSaS` eW`R SW\USZSaS\ c\R d]\ RS` ;SbV]RS OZa @ºQYUOPSeS`b hc`ºQYUSZWS TS`b a] ROaa S` W\ SW\S` aÖMjDO`WOPZS\ S\bUSUS\US\][[S\ eS`RS\ YO\\ W?ÄÄ ‰™~?Mj™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj aÇ a s #±¬Á”¬Í
™a-j?a ÖMj® ¹ ‰ÍÍj 8jÁÍ j‰™~jMj™] #±ÝÁ‰Íj™® ¹ ‰™~?Mj Ý?Á]

¹ ¯Ç

¹ ´ a ¯Ç

Q Q ˆ ™Äj ˆ

]Naj”Ä  Ž?Ü? ‰™~?Mj™ F ‰ÍÍj 8jÁÍ j‰™~jMj™]

‰™~?Mj Ý?Á]

¤Ôϱ|É F

¤Ôϱ|y

/cT RS` ESPaSWbS RSa 0cQVSa aW\R RWS `]U`O[[S OZa 2[XT]cb W\ /\a^`cQV \SV[S\ ]V\S ROaa eW` O\ RS\ W\bS`\S\ /`PSWbaeSWaS\ RSa AS`dS`a W\bS`SaaWS`b eÉ`S\ 2WSaS \OQVhcd]ZZhWSVS\ Wab \WQVb \rbWU ’ c\R eº`RS c\a OcQV \c` d]\ c\aS`S\ SWUS\bZWQVS\ >`]PZS[Zrac\US\ OPZS\YS\ 2WSa S\ba^`WQVb RS\ >`W\hW^WS\ RSa 8]U^a\PcX^] 7XSX]V( 7[ ^`]TSaaW]\SZZS\ C[TSZR Wab Sa c\[rUZWQV OZZSa aSZPab hc ^`]U`O[[WS`S\ ;SWab eW`R [O\ e^aVTUTacXVcT 0WPZW]bVSYS\ W\ /\a^`cQV \SV[S\ c[ aWQV OcT RWS SWUS\bZWQVS >`]PZS[Zrac\U hc Y]\hS\b`WS`S\ Phe OZa 0]fT]Sd]VbT]c fXRZ[Ta OcT d]`VO\RS\S AS`dWQSYZOaaS\ c\R WV`S ;SbV]RS\ hcU`SWTS\ AQV]\ W[ PSaQVSWRS\S\ 9]\bSfb c\aS`S` YZSW\S\ 0SWa^WSZ^`]U`O[[S PSUSU\Sb c\a ROa 2[XT]cBTaeTa?aX]iX_ 2WS HcaO[[S\O`PSWb heWaQVS\ dS`aQVWSRS\S\ 9ZOaaS\ eW`R c\a W[ @OV[S\ RS` =PXSYb]`WS\bWS`c\U W\bS\aWd PSaQVÉTbWUS\ =P\T]Z^]eT]cX^]T]) 7[ HcaO[[S\VO\U [Wb ;SbV]RS\\O[S\ S`VrVb ROa 3W\VOZ bS\ d]\ 9]\dS\bW]\S\ RWS :SaPO`YSWb RSa 1]RW\Ua( E

;SbV]RS\ a]ZZbS\ \OQV DS`PS\ PS\O\\b eS`RS\ h0 ÝÁ‰Íj™®¯±

E

;SbV]RS\\O[S\ PSUW\\S\ [Wb 9ZSW\PcQVabOPS\ 7\ hcaO[[S\USaSbhbS\
E

;SbV]RS\ RWS SW\S\ P]]ZSaQVS\ ES`b hc`ºQYZWSTS`\ a]ZZbS\ Rc`QV WV`S\
'






2UQGRK [TJ MRUHGRK
7[ HcaO[[S\VO\U [Wb ;SbV]RS\ [ºaaS\ c\bS`aQVWSRZWQVS BXRWcQPaZTXcbQTaTXRWT c\R ;TQT]bSPdTa] d]\ DO`WOPZS\ S`ZÉcbS`b eS`RS\ 2OPSW a^WSZb ROa 0Z]QYY]\hS^b d]\ 8OdO SW\S S\baQVSWRS\RS @]ZZS 2O Rc`QV SW\ 9ZO[[S`\^OO` PQ SW\ 0Z]QY S`hScUb eW`R abSZZb OcQV SW\ ;SbV]RS\`c[^T SW\S\ 0Z]QY RO` 3a ZOaaS\ aWQV ROhc [SbV]RS\ Z]YOZS c\R UZ]POZS DO`WOPZS\ c\R SPS\a] 9]\abO\bS\ c\bS`aQVSWRS\( `]U`O[[abO`b W[ 7TP_ A^SWQVS` O\USZSUb 3`ab PSW >`]U`O[[S\RS eW`R RWSaS` A^SWQVS` eWSRS` T`SWUSUSPS\ ÍPS` RWS USaO[bS /caTºV`c\UaROcS` VW\eSU PZSWPb RWS UZ]POZS DO`WOPZS W[ A^SWQVS` c\R Wab ROPSW Oca OZZS\ ;SbV]RS\ VS`Oca O\a^`SQVPO` 2Oa 0SWa^WSZ dS`RScbZWQVb RWS DS`VÉZb\WaaS 2WS >`]U`O[[Z]UWY ec`RS PSecaab OcT ;SbV]RS\ dS`bSWZb c[ OZZS HcU`WTTa[rUZWQVYSWbS\ hc S`TOaaS\( W?ÄÄ .™Í-jW†™jÁ P ¬ÖM‰W ÄÍ?͉W aÖMj ͝ s å±åÔÇ

ÊÊ ~M?j 7?Á‰?Mj

¬ÖM‰W ÄÍ?͉W w‰™? aÖMj

ÊÊ ~M?j ™ÄÍ?™Íj

! s ¤åå±åÇ

¬ÖM‰W ÄÍ?͉W aÖMj ¬Áj‰Ä-jW†™jÁ® aÖMj ¬ ¯ P aÖMj ¬Áj‰Ä s ¬Ç

ÊÊ ?j 7?Á‰?Mj ¬Áj‰Ä

‰w® ¬ s

ÊÊ =Ö~Á‰ww ?Öw ~M?j ™ÄÍ?™Íj

! ¯ P

¬Áj‰Ä s ¬ r ¬ J ͝Ç

ÊÊ =Ö~Á‰ww ?Öw ~M?j 7?Á‰?Mj

Q ÁjÍÖÁ™ ¬Áj‰ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ¬Áj‰ÄÇ

ÊÊ ?j 7?Á‰?Mj™

aÖMj ÄÇ Ä s ͝ J ¤ååÇ

ÊÊ =Ö~Á‰ww ?Öw ~M?j 7?Á‰?Mj

¬Áj‰Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹+Áj‰Ä R S s ¹ ¯Ç ‰w® ¬Áj‰Ä s

! ¯ P

ÊÊ =Ö~Á‰ww ?Öw ~M?j ™ÄÍ?™Íj

#±ÝÁ‰Íj™® ¹jÝC†ÁÍ Ý‰Áa ¹ ´ ď ´ ¹° .™Í¹ ¯Ç

!

'


Q ¬Áj‰Ä s ¬Áj‰Ä-jW†™jÁ® ¬Áj‰Ä ¯Ç #±ÝÁ‰Íj™® ¹ Á~‰MÍ ™a¬Áj‰Ä] ¹ ´ ¬Áj‰Ä ´ ¹  ¹ ¯Ç Q Q

2Oa >`]U`O[[ S\bVÉZb RWS V[^QP[T EPaXPQ[T ͝ c\R RWS V[^QP[T :^]bcP]cT ! `SWa U`rzS` UZSWQV ! Wab eW`R AY]\b] USeÉV`b /cT RWS UZ]POZS\ 3ZS[S\bS YO\\ Oca OZZS\ ;SbV]RS\ hcUSU`WTTS\ eS`RS\ 2OUSUS\ aW\R RWS [^ZP[T] EPaXPQ[T] ¬Áj‰Ä c\R ď \c` W\\S`VOZP WV`S` ;SbV]RS\ O\a^`SQVPO` c\R aWQVbPO` A]e]VZ RWS ;SbV]RS ¬Áj‰Ä-jW†™jÁ®¯ OZa OcQV RW”?‰™®¯ PSaWbhS\ SW\S aÖMj DO`WOPZS \O[S\a ¬Áj‰Ä B`]bh `]U`O[[abSZZS ZWSUb ;^ZP[T EPaXPQ[T] d]S SPb 1[^RZZ^]iT_c :]YOZS DO`WOPZS\ eS`RS\ W\ ;SbV]RS\ O\USZSUb /ZZS`RW\Ua Yr\\S\ W\\S`VOZP d]\ ;SbV]RS\ eSWbS`S A^`OQVSZS[S\bS 9]\b`]ZZab`cYbc`S\ OcTb`SbS\ RWS WV`S`aSWba SW\S\ 0Z]QY c[TOaaS\ /cT RWSaS ESWaS S\babSVS\ W\\S`VOZP d]\ ;SbV]RS\ bWSTS`USaQVOQV bSZbS 0ZrQYS RWS SW\S\ SWUS\S\ AWQVbPO`YSWba c\R HcU`SWTPO`YSWbaPS`SWQV RO`abSZZS\ :]YOZS DO`WOPZS\ eS`RS\ OcT RS[ @c\BW[SAbOQY O\USZSUb 0SW 0Sb`SbS\ RSa 0Z]QYa eW`R A^SWQVS`^ZObh Tº` RSaaS\ DO`WOPZS\ OcT RS[ AbOQY O\USZSUb c\R RWS ES`bS RS` DO`WOPZS\ R]`b OPUSZSUb `]U`O[[abºQY W\ RS[ OcT RWS DO`WOPZS idVTVaXUUT] eS`RS\ YO\\ 3` S` ab`SQYb aWQV d]\ RS` 2SYZO`ObW]\ RS` DO`WOPZS\ PWa hc[ 3\RS RSa 0Z]QYa W\ RS[ RWS DO`WOPZS RSYZO`WS`b ec`RS :]YOZS DO`WOPZS\ aW\R \c` W\\S`VOZP RSa 0Z]QYa aWQVb c\R hcU`SWTPO` W\ RS[ aWS RS YZO`WS`b ec`RS\ ’ a]eWS W\ 0ZrQYS\ RWS X] XWaT\ 1[^RZ T]cWP[cT] aW\R bWSTS`US aQVOQVbSZbS C\bS`PZrQYS( 7[ >`]U`O[[PSWa^WSZ RS` /PPWZRc\U & aW\R OZZS S\bVOZbS \S\ 0ZrQYS c\R C\bS`PZrQYS [Wb WV`S\ AWQVbPO`YSWbaPS`SWQVS\ d]\SW\O\RS` OPUS U`S\hb 2Oa >`]U`O[[ PS`SQV\Sb eWS ]Tb SW\S abSba UZSWQVPZSWPS\R U`]zS AbºQYhOVZ Oca SW\S[ :OUS`PSabO\R S\b\][[S\ eS`RS\ YO\\ SVS RS` dS`PZSWPS\RS :OUS`PS abO\R c\bS` SW\S PSabW[[bS ;W\RSabU`S\hS ! TÉZZb 3a Wab aWQVbPO` ROaa RWS UZ]POZS 9]\abO\bS ! W[ USaO[bS\ 9ZOaaS\PZ]QY UºZbWU Wab 2WS Z]YOZS DO`WOPZS ™ eW`R W\\S`VOZP RSa ‰w0Z]QYa RS` ;SbV]RS ?~jÁ7jÁÝ?ˆ

'


"

Í֙~®¯ RSYZO`WS`b A][Wb Wab ™ W\ RWSaS[ 0Z]QY a]eWS W[ RO`W\ S\bVOZbS\S\ C\bS` PZ]QY RS` ݆‰jAQVZSWTS O\a^`SQVPO` /czS`VOZP ROd]\ Wab ™ \WQVb UºZbWU 2WS Z]YO ZS DO`WOPZS ÁjÄÍ Wab \c` W[ W\\S`S\ 0Z]QY RS` ݆‰jAQVZSWTS UºZbWU 2S` HcU`WTTa dS`acQV W\ RS` OcaY][[S\bWS`bS\ HSWZS ZÉUS OczS`VOZP WV`Sa 5ºZbWUYSWbaPS`SWQVa c\R eº`RS d][ 1][^WZS` hc`ºQYUSeWSaS\ 2OUSUS\ aW\R RWS >O`O[SbS` ~jÄ?”Í c\R Á?ÖÄ RS` ;SbV]RS ?~jÁ7jÁÝ?Í֙~®¯ W[ USaO[bS\ ;SbV]RS\PZ]QY aWQVbPO` W?ÄÄ ?~jÁ P ¬ÖM‰W ÄÍ?͉W w‰™? ‰™Í

! s yåÇ

ÊÊ ~M?j ™ÄÍ?™Íj

¬ÖM‰W ÄÍ?͉W ‰™Í ?~jÁ7jÁÝ?Í֙~® ‰™Í ~jÄ?”Í^ ‰™Í Á?ÖÄ ¯P ‰w® ~jÄ?”Í  Á?ÖÄ ¯ P ‰™Í ™ s åÇ Ý†‰j® ~jÄ?”Í 

! ¯ P

~jÄ?”Í s ~jÄ?”Í r Á?ÖÄÇ ‰™Í ÁjÄÍ s ~jÄ?”ÍÇ ™´´Ç Q ÊÊ#±ÝÁ‰Íj™® ¹-jÄÍMjÄÍ?™a s ¹ ´ ÁjÄÍ ¯Ç ÊÊ j†jÁu ÁjÍÖÁ™ ™Ç Q jÄj P #±ÝÁ‰Íj™® ¹ ™Í™?†”j”j™~j ãÖ ~Áu¹ ¯Ç ÁjÍÖÁ™ åÇ Q Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í MjÄÍ?™a s #±¬Á”¬Í
™a-j?a™Í® ¹ jÄÍ?™a s ¹ ¯Ç ‰™Í j™Í™?†”j s #±¬Á”¬Í
™a-j?a™Í® ¹ j™~j s ¹ ¯Ç ‰™Í ?™ã?† s ?~jÁ7jÁÝ?Í֙~® MjÄÍ?™a^ j™Í™?†”j ¯Ç #±ÝÁ‰Íj™® ¹
™ã?† ™Í™?†”j™ s ¹ ´ ?™ã?† ¯Ç Q Q

0QQ '!) 0ZrQYS c\R AWQVbPO`YSWbS\ d]\ DO`WOPZS\ 3W\S fTXcTaT ATVT[ U`SWTb TOZZa \O[S\aUZSWQVS UZ]POZS c\R Z]YOZS DO`WOPZS\ W\\S`VOZP SW\S` 9ZOaaS OcTb`SbS\( EPaXPQ[T] X]]TaTa 1[»RZT eTaSTRZT] V[TXRW]P\XVT EPaXPQ[T] ÊdvTaTa 1[»RZT) A][Wb eW`R RS` AWQVbPO`YSWbaPS`SWQV UZ]POZS` DO`WOPZS\ c\bS`P`]QVS\ eS\\ RO`W\ ;SbV]RS\ S\bVOZbS\ aW\R RWS UZSWQV\O[WUS Z]YOZS DO`WOPZS\ RSYZO`WS`S\ 7\\S`VOZP WV`Sa AWQVbPO`YSWbaPS`SWQVa eTaSTRZc RWS [^ZP[T DO`WOPZS RWS V[TXRW ]P\XVT V[^QP[T DO`WOPZS

#

'


AWQVbPO`YSWb Wab \WQVb UZSWQV :SPS\aROcS`( 2WS dS`RSQYbS\ DO`WOPZS\ SfWabWS`S\ eSWbS` W[ A^SWQVS` c\R PSVOZbS\ WV`S\ ES`b OcQV eÉV`S\R aWS \WQVb aWQVbPO` aW\R 4]ZUS\RSa aQVS[ObWaQVSa 0SWa^WSZ dS`RScbZWQVb DS`RSQYc\U PSW
ÊÊ
ÖÄ~?Mj] ¤å

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P #±ÝÁ‰Íj™® ¹Þ s ¹ ´ Þ ¯Ç

ÊÊ
ÖÄ~?Mj] y

ÍjÄÍ®¯Ç #±ÝÁ‰Íj™® ¹Þ s ¹ ´ Þ ¯Ç

ÊÊ
ÖÄ~?Mj] y

Q Q

2WS AWQVbPO`YSWb RS` UZ]POZS\ DO`WOPZS\ Þ [Wb ES`b # eW`R eÉV`S\R RSa /cT`cTa RS` ;SbV]RS ÍjÄÍ®¯ c\bS`P`]QVS\ Rc`QV RS\ AWQVbPO`YSWbaPS`SWQV RS` Z]YOZS\ UZSWQV \O[WUS\ DO`WOPZS\ Þ [Wb ES`b  2Oa Z]YOZS Þ dS`RSQYb hSWbeSWaS ROa UZ]POZS Þ 7\ d]\ ”?‰™®¯ eW`R abSba RWS UZ]POZS DO`WOPZS Þ [Wb WV`S[ ES`b # O\USa^`]QVS\ RO W[ ”?‰™®¯0Z]QY YSW\S SWUS\S UZSWQV\O[WUS Z]YOZS DO`WOPZS Þ SfWabWS`b



/ZKXGZOUT [TJ 8KQ[XYOUT

7\ 9O^WbSZ % ec`RS PS`SWba S`ZÉcbS`b eWS [Wb RS\ dS`aQVWSRS\S\ AQVZSWTS\bg^S\ eWS RS`V]Zb WbS`WS`b OcahcTºV`S\RS /\eSWac\UaT]ZUS\ RO`USabSZZb eS`RS\ Yr\\S\ /ZU] `WbV[S\ RWS eSaS\bZWQV SW\S AQVZSWTS\POaWS`bS EWSRS`V]Zc\U d]\ /\eSWac\UaT]ZUS\ PSW\VOZbS\ \S\\b [O\ ROVS` OcQV XcTaPcXe 2O`ºPS` VW\Oca ZOaaS\ aWQV PSabW[[bS 1]RSab`SQYS\ OcQV RORc`QV [SV`TOQV OcaTºV `S\ ROaa aWQV SW\S ;SbV]RS aSZPab OcT`cTb 3W\S\ /ZU]`WbV[ca \S\\b [O\ aTZdabXe eS\\ W\\S`VOZP RS` /caTºV`c\U SW\S` ;SbV]RS SW\ /cT`cT RS`aSZPS\ ;SbV]RS abObb TW\RSb 3W\ a]ZQVS` ASZPabOcT`cT YO\\ OcQV W\RW`SYb S`T]ZUS\ SbeO eS\\ SW\S ;S bV]RS ”¤®¯ SW\S O\RS`S ;SbV]RS ”Ô®¯ OcT`cTb RWS WV`S`aSWba ”¤®¯ OcT`cTb /cQV eS\\ Sa aWQV PSW 7bS`ObW]\ c\R @SYc`aW]\ c[ heSW d][ /\aObh U`c\RaÉbhZWQV c\bS`aQVWSRZWQVS DS`TOV`S\ VO\RSZb aW\R RWSaS d][ bVS]`SbWaQVS\ AbO\R^c\Yb PSW RS` >`]U`O[[WS`c\U UZSWQVeS`bWU( 8SRS 7bS`ObW]\ YO\\ Rc`QV SW\S @SYc`aW]\ OcaUSR`ºQYb eS`RS\ c\R c[USYSV`b 2WSaS DS`TOV`S\ e]ZZS\ eW` O[ 0SWa^WSZ RS` ;cZbW^ZWYObW]\ heSWS` ‰™ÍES`bS dS` RScbZWQVS\ PSW RS[ eW` XSR]QV RS\ ;cZbW^ZWYObW]\a]^S`Ob]` J PSecaab \WQVb dS` eS\RS\ e]ZZS\ 2S` 3W\TOQVVSWb VOZPS` ZOaaS\ eW` RWS ÍPS`ZOcT^`]PZS[ObWY OczS\ d]` c\R USVS\ d]`S`ab ROd]\ Oca ROaa RS` heSWbS =^S`O\R \WQVb\SUObWd Wab(

'


$

3[RZOVROQGZOUT J[XIN /ZKXGZOUT 2WS ;cZbW^ZWYObW]\ d]\ ? [Wb M ZÉaab aWQV OcT SW\S WbS`WS`bS /RRWbW]\ hc`ºQYTºV`S\ W\ RS[ [O\ RS\ ES`b d]\ ? US\Oc M[OZ OcTORRWS`b( ¬ÖM‰W ÄÍ?͉W ‰™Í ”֐Íۉ® ‰™Í ?^ ‰™Í M ¯ P ‰™Í ÁW s åÇ Ý†‰j® Mˆˆ  å ¯ ÁW s ÁW ´ ?Ç ÁjÍÖÁ™ ÁWÇ Q

2S` /caR`cQY Mˆˆå W[ AQVZSWTS\Y]^T PSeW`Yb ROaa Tº` \WQVb\SUObWdS M RWS /\eSW ac\U ÁWsÁW´? US\Oc M[OZ OcaUSTºV`b eW`R ÁW eW`R OZa] M[OZ c[ ? S`VrVb

3[RZOVROQGZOUT J[XIN 8KQ[XYOUT 0SW RS` `SYc`aWdS\ :rac\U eW`R hcS`ab SW\S 4OZZc\bS`aQVSWRc\U USb`]TTS\( 4OZZa RS` heSWbS =^S`O\R ;cZbW^ZWYOb]` RS\ ES`b  VOb eW`R  hc`ºQYUSUSPS\ 7\ OZZS\ O\ RS`S\ 4ÉZZS\ S`T]ZUb SW\ ASZPabOcT`cT RS` ;SbV]RS ”֐͉ÛÁ®¯ e]PSW XSR]QV OZa /`Uc[S\b Tº` RS\ heSWbS\ =^S`O\RS\ RS` c[  dS`[W\RS`bS ES`b ºPS`USPS\ eW`R Hc`ºQYUSUSPS\ eW`R RWS Ac[[S RSa S`abS\ =^S`O\bS\ ;cZbW^ZWYO\b c\R RSa @ºQY UOPSeS`bSa RS` `SYc`aWd OcTUS`cTS\S\ ;SbV]RS ¬ÖM‰W ÄÍ?͉W ‰™Í ”֐ÍÛÁ® ‰™Í ?^ ‰™Í M ¯ P ‰w® M ss å ¯ ÁjÍÖÁ™ åÇ jÄj ÁjÍÖÁ™ ® ? ´ ”֐ÍÛÁ® ?^ Mˆ¤ ¯ ¯Ç Q

EW`R SbeO [Wb RWSaS` ;SbV]RS ROa >`]RcYb Tº` RWS ES`bS ?s| c\R MsÏ PS`SQV\Sb a] ZÉaab aWQV RS` /PZOcT eWS W\ /PP &! U`OTWaQV RO`abSZZS\ 0SW RS` /PO`PSWbc\U RSa /cT`cTa ”֐ÍÛÁ®|^ ϯ eW`R RS` jÄjHeSWU PSaQV`WbbS\ c\R RWS /\eSWac\U |´”֐ÍÛÁ®|^ Ô¯ OcaUSTºV`b C[ RWSaS Ac[[S S\RUºZbWU hc PS`SQV\S\ [caa XSR]QV hcS`ab ”֐ÍÛÁ®|^ Ô¯ OPUSO`PSWbSb eS`RS\ e]PSW 7\T]` [ObW]\S\ ºPS` RS\ S`abS\ =^S`O\RS\ RS` ES`b " c\R ºPS` RWS /`b RS` =^S`ObW]\ Ac[[S d]\ RS` 8D; bS[^]`É` W[ AbOQY USa^SWQVS`b eS`RS\ PWa RS` ;SbV]RS\OcT `cT hc`ºQYY][[b 0SW RS` /caTºV`c\U d]\ ”֐ÍÛÁ®|^ Ô¯ USaQVWSVb U`c\RaÉbh ZWQV ROa UZSWQVS XSR]QV [Wb SW\S[ c[  dS`[W\RS`bS\ ES`b( 0SeS`bSb eW`R RS` /ca R`cQY | ´ ”֐ÍÛÁ®|^ ¤¯ 2WSaSa DS`TOV`S\ ZÉcTb a] ZO\US eSWbS` PWa PSW RS` 0S `SQV\c\U RSa /caR`cQYa ”֐ÍÛÁ®|^ å¯ RS` ‰wHeSWU PSaQV`WbbS\ c\R a][Wb RS` a]US\O\\bS 1PbXbUP[[ S``SWQVb eW`R 2WSaS ;SbV]RS UWPb RS\ ES`b  O\ RWS OcT`cTS\RS ;SbV]RS hc`ºQY RWS RO\\ RWS 0S`SQV\c\U RS` Ac[[S OcaTºV`S\ YO\\ c\R WV`S` aSWba RS\ ES`b " O\ WV`S\ /cT`cTS` ZWSTS`b 2WSaSa DS`TOV`S\ ZÉcTb W\ RWSaS` ESWaS hc `ºQY PWa RS` S`abS ;SbV]RS\OcT`cT S``SWQVb c\R [Wb  PSeS`bSb eW`R

%

'


¤Ô $XIUXI

”֐ÍÛÁ®|^ ϯ

5FNJDEH

| ´ ”֐ÍÛÁ®|^ Ô¯ o ”֐ÍÛÁ®|^ Ô¯ | ´ ”֐ÍÛÁ®|^ ¤¯ | ”֐ÍÛÁ®|^ ¤¯ | ´ ”֐ÍÛÁ®|^ å¯ å ”ÖÍÛÁ®|^ å¯ å

0QQ '") /cT`cTS PSW RS` `SYc`aWdS\ 0S`SQV\c\U d]\ "  ! ESaS\bZWQV Tº` ROa aS[O\bWaQV Y]``SYbS DS`VOZbS\ SW\S` `SYc`aWdS\ ;SbV]RS Wab ROa 3``SWQVS\ RSa 0OaWaTOZZa W\ RSaaS\ /\eSWac\US\ YSW\ /cT`cT RWSaS` ;SbV]RS S`T]Z US\ RO`T 4SVZb SW\ a]ZQVS` 0OaWaTOZZ ]RS` eW`R RWSaS` \WS S``SWQVb ZÉcTb RWS `SYc`aWdS 0S`SQV\c\U bVS]`SbWaQV S\RZ]a ZO\US c\R Y][[b \WS hc[ 3`USP\Wa 2O RWS dS`TºU PO`S\ AgabS[`Saa]c`QS\ XSR]QV PSaQV`É\Yb aW\R YO\\ RWS 8D; SW\ a]ZQVSa `SYc`aW dSa DS`TOV`S\ \WQVb PSZWSPWU ZO\US Rc`QVTºV`S\ c\R PSS\RSb ROa >`]U`O[[ W`US\R eO\\ [Wb SW\S` .Í?W#ÜjÁwÝ ÞWj¬Í‰™ 3W\S a]ZQVS AWbcObW]\ ZÉaab aWQV ZSWQVb RORc`QV ^`]d]hWS`S\ eS\\ eW` dS`acQVS\ [Wb RS` `SYc`aWdS\ ;SbV]RS ROa >`]RcYb Tº` \SUObWdS ;cZbW^ZWYOb]`eS`bS hc PS`SQV\S\( W?ÄÄ

֐Í+Á~Á?”” P

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ”֐ÍÛÁ® Ï^ ˆ¤ ¯ ¯Ç Q

0SW[ S`abS\ ASZPabOcT`cT d]\ ”֐ÍÛÁ®¯ eW`R OZa ;cZbW^ZWYOb]`  ºPS`USPS\ PSW[ \ÉQVabS\ ! RO\\ " cae 2S` 0OaWaTOZZ eW`R \WS S``SWQVb C[ SW\ Y]``SYbSa DS`VOZbS\ OcQV Tº` \SUObWdS ES`bS hc S`hWSZS\ YO\\ [O\ RWS ;SbV]RS eWS T]ZUb S`eSWbS`\( ¬ÖM‰W ÄÍ?͉W ‰™Í ”֐ÍÛÁ® ‰™Í ?^ ‰™Í M ¯ P ‰w® M ss å ¯ ÁjÍÖÁ™ åÇ

ÊÊ ?ĉÄw? Msså

‰w® M ‘ å ¯

ÊÊ M ™j~?͉Ü

ÁjÍÖÁ™ r”֐ÍÛÁ® ?^ ˆM ¯Ç

ÁjÍÖÁ™ ® ? ´ ”֐ÍÛÁ® ?^ Mˆ¤ ¯ ¯Ç Q

ÊÊ M ¬Ä‰Í‰Ü

'


&

3W\S hcaÉbhZWQVS 4OZZc\bS`aQVSWRc\U a]`Ub \c\ ROTº` ROaa PSW \SUObWdS[ M SW\ ASZPabOcT`cT RS` 0S`SQV\c\Ua[SbV]RS [Wb /`Uc[S\b rM OZa] SW\S[ RO\\ ^]aWbWdS\ ES`b S`T]ZUb c\R ROa 3`USP\Wa O[ 3\RS \SUWS`b eW`R 2Oa S`abS D]`Y][[S\ RSa ;S bV]RS\OcT`cTa ”֐ÍÛÁ®¯ eW`R VrQVabS\a SW\[OZ S`T]ZUS\ \É[ZWQV RO\\ eS\\ M \SUObWd Wab) W\ OZZS\ T]ZUS\RS\ ASZPabOcT`cTS\ PZSWPb M RO\\ ^]aWbWd 0SW RWSaS\ SW\TOQVS\ 0SWa^WSZS\ RScbSb aWQV PS`SWba O\ ROaa `SYc`aWdS :rac\US\ W\ RS` @SUSZ [SV` A^SWQVS`^ZObh c\R @SQVS\hSWb PS\rbWUS\ OZa WbS`ObWdS RO RWS W\bS`\S DS`eOZbc\U d]\ ;SbV]RS\OcT`cTS\ c\R \WQVb OPUSaQVZ]aaS\S\ /\eSWac\US\ dWSZS @Saa]c`QS\ PSO\a^`cQVb 2OVS` eW`R [O\ W\ RS` >`OfWa WbS`ObWdS\ /ZU]`WbV[S\ VÉcTWU RS\ D]`hcU USPS\ @SYc`aWdS /ZU]`WbV[S\ VOPS\ RS\\]QV eSUS\ WV`S` 3W\TOQVVSWb c\R 3ZSUO\h WV`S 0S`SQVbWUc\U W\aPSa]\RS`S eS\\ aWQV RWS /\hOVZ RS` W\bS`\S\ ;SbV]RS\OcT`cTS W\ 5`S\hS\ VÉZb =Tb S`USPS\ aWQV `SYc`aWdS :rac\US\ TOab RW`SYb Oca RS` >`]PZS[abSZ Zc\U c\R PSabSQVS\ Rc`QV WV`S 9ZO`VSWb eWS ROa T]ZUS\RS YZOaaWaQVS 0SWa^WSZ hSWUb(

*OK :„XSK \UT .GTUO 2WSaSa A^WSZ PSabSVb Oca R`SW AbÉPS\ Bº`[S\ AÉcZS\ / 0 c\R 1 RWS eWS W\ /PPWZ Rc\U &" RO`USabSZZb OcT SW\S[ 0`Sbb []\bWS`b aW\R






0QQ '#) 2WS Bº`[S d]\ 6O\]W /caUO\UaZOUS 7\ RS` /caUO\UaZOUS PSTW\RS\ aWQV OcT RS[ AbOP / SW\S PSabW[[bS /\hOVZ < c\bS` aQVWSRZWQV U`]zS` AQVSWPS\ RS` 5`rzS \OQV USabO^SZb HWSZ Wab OZZS AQVSWPS\ W\ SW\ hSZ\S\ AQV`WbbS\ hc[ AbOP 1 hc P`W\US\ e]PSW ]XT\P[b SW\S Z[TX]TaT AQVSWPS d] cTa SW\S` Va»vTaT] ZWSUS\ RO`T






0QQ '$) 2WS Bº`[S d]\ 6O\]W HWSZ /[ 3\RS a]ZZS\ aWQV OZa] OZZS AQVSWPS\ eWS W\ /PPWZRc\U &# O\ AbOP 1 PSTW\RS\

'

'


C[ SW\S USSWU\SbS :rac\Uaab`ObSUWS hc TW\RS\ c\R SW\ 5STºVZ Tº` ROa >`]PZS[ hc S`VOZbS\ PSb`OQVbSb [O\ hc\ÉQVab SW\S aSV` YZSW\S /\hOVZ d]\ AQVSWPS\ c[ ROPSW SW\S 5SaSbh[ÉzWUYSWb hc S\bRSQYS\ RWS hc SW\S` OZZUS[SW\S\ :rac\U TºV`S\ Yr\\bS( 0SabSVb RS` /caUO\UaabOP Oca SW\S` AQVSWPS Wab ROa >`]PZS[ b`WdWOZ RS\\ [O\ ZSUb RWSaS SW\TOQV RW`SYb d]\ / \OQV 1 7[ 4OZZ <+ eW`R YZO` eO`c[ Sa R`SW AbÉPS UWPb RS\\ ]V\S RS\ 6WZTaabOP 0 eÉ`S ROa >`]PZS[ \WQVb ZraPO` ;O\ P`W\Ub \c\ RWS YZSW \S`S AQVSWPS hcS`ab OcT RWSaS\ AbOP RO\\ RWS U`rzS`S \OQV 1 c\R hcZSbhb RWS YZSW\S `S d]\ 0 SPS\TOZZa \OQV 1 4º` U`rzS`S < eW`R RWSaSa >`]PZS[ Y][^ZSfS` c\R \WQVb a] ZSWQVb Rc`QVaQVOcPO` SW\S OZZUS[SW\S Ab`ObSUWS aQVSW\b aWQV \WQVb O\hcPWSbS\ 

!

"

0QQ '%) Ab`ObSUWS PSW RS` @SRcYbW]\ d]\ < OcT < 2OVS` eÉVZS\ eW` SW\S\ O\RS`S\ ’ Tº` `SYc`aWdS :rac\US\ ’ bg^WaQVS\ /\aObh( EW` \SV[S\ O\ eW` Yr\\bS\ < AQVSWPS\ Y]``SYb d]\ SW\S[ AbOP OcT SW\S\ O\RS `S\ c\bS` HcVWZTS\OV[S SW\Sa R`WbbS\ P`W\US\ c\R acQVS\ \c\ SW\ OZZUS[SW\Sa DS`TOV`S\ RV SW\S\ /ZU]`WbV[ca Tº` < AQVSWPS\ 3W\ a]ZQVS` /ZU]`WbV[ca TºV`b ROa >`]PZS[ Tº` < AQVSWPS\ hc`ºQY OcT SW\ >`]PZS[ [Wb < AQVSWPS\ a] ROaa eW` eS US\ RS` /ZZUS[SW\VSWb RSa /ZU]`WbV[ca ROa <>`]PZS[ OcT SW\ < >`]PZS[ hc

'


(

`ºQYTºV`S\ Yr\\S\ cae
EW` P`W\US\ < AQVSWPS\ hcS`ab d]\ / \OQV 0 c\R dS`eS\RS\ 1 OZa 6WZTaabOP 2O\\ P`W\US\ eW` RWS U`rzbS AQVSWPS d]\ / \OQV 1 HcZSbhb P`W\US\ eW` OZZS < AQVSWPS\ RSa AbOPa 0 \OQV 1 c\R dS`eS\RS\ / OZa 6WZTaabOP

2WS /\\OV[S ROaa [O\ < AQVSWPS\ Y]``SYb b`O\a^]`bWS`S\ YO\\ eW`R VWS` heSW [OZ \É[ZWQV W\ RS\ BSWZS\  c\R ! dS`eS\RSb e]PSW RWS @]ZZS\ d]\ AbO`b HWSZ c\R 6WZTaabOP XSeSWZa dS`bOcaQVb aW\R Hc` :rac\U RWSaSa >`]PZS[a W\ 8OdO S`abSZZS\ eW` SW\S ;SbV]RS RWS ™ AQVSWPS\ d][ AbOP Ä hc[ AbOP ã b`O\a^]`bWS`b c\bS` HcVWZTS\OV[S RSa AbOPa †( ¬ÖM‰W ÄÍ?͉W ܝ‰a MjÝj~j.W†j‰Mj™®‰™Í ™^ W†?Á Ä^ W†?Á ã^ W†?Á †¯P ‰w® ™  å ¯ P MjÝj~j.W†j‰Mj™® ™ˆ¤^ Ä^ †^ ã ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ™ ´ ¹ ܝ™ ¹ ´ Ä ´ ¹ ™?W† ¹ ´ ã ¯Ç MjÝj~j.W†j‰Mj™® ™ˆ¤^ †^ ã^ Ä ¯Ç Q Q

ES\\ ™ U`rzS`
2S` =cb^cb RSa >`]U`O[[a ZWSTS`b RWS @SWVS\T]ZUS RS` hc PSeSUS\RS\ AQVSWPS\ [Wb AbO`b c\R HWSZabOP) RWS YZSW\abS AQVSWPS Wab [Wb  RWS U`rzbS [Wb ™ PShSWQV\Sb ˆ ™Äj ˆ ¤ Ô ¤ Ï ¤ Ô ¤

ܝ™ ܝ™ ܝ™ ܝ™ ܝ™ ܝ™ ܝ™









™?W† ™?W† ™?W† ™?W† ™?W† ™?W† ™?W†










'


@OTY [TJ @OTYKY`OTY XKQ[XYO\ Hc[ /PaQVZcaa eS`RS\ eW` Tº` RWS 0S`SQV\c\U RS` HW\aS\ c\R HW\aSahW\aS\ eWS aWS c\a Oca & aQV]\ PSYO\\b Wab SW\S `SYc`aWdS 7[^ZS[S\bWS`c\U d]`abSZZS\ 0SW SW\S` XÉV`ZWQVS\ DS`hW\ac\U [Wb RS[ HW\aaObh ãÄ a]ZZ RWS ;SbV]RS ¬ÖM‰W ÄÍ?͉W aÖMj ㉙ÄÛÁ® aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯

OcaUSVS\R d][ /\TO\UaYO^WbOZ ¬ ROa 5SaO[bYO^WbOZ \OQV ™ 8OV`S\ hc`ºQYUSPS\ 4º` \,+ PShSWQV\S 9\ ROa 5SaO[bYO^WbOZ \OQV \ 8OV`S\ 2O\\ UWZb ]TTS\aWQVbZWQV(

®å¯s¬

®¤¯s ®å¯´®å¯JãÄ

®Ô¯s ®¤¯´®¤¯JãÄ

±±±

OZa] OZZUS[SW\

®™¯ s ®™ˆ¤¯ ´ ®™ˆ¤¯JãÄ Tº` ™å 2WSa ZÉaab aWQV OcQV aQV`SWPS\ OZa

®™¯ s ®™ˆ¤¯ J ®¤ ´ ãį Tº` ™å eOa RW`SYb hc` T]ZUS\RS\ `SYc`aWdS\ 2STW\WbW]\ d]\ ㉙ÄÛÁ®¯ TºV`b( ¬ÖM‰W ÄÍ?͉W aÖMj ㉙ÄÛÁ® aÖMj ¬^ aÖMj ãÄ^ ‰™Í ™ ¯ P ‰w® ™sså ¯ ÁjÍÖÁ™ ¬Ç

ÊÊ ?ĉÄw?

ÁjÍÖÁ™ ㉙ÄÛÁ® ¬^ ãÄ^ ™ˆ¤ ¯ J ®¤ ´ ãįÇ

ÊÊ -jÖÁĉ™Äw?

Q

EW` aW\R \c\ dS`b`Ocb [Wb OcaTºV`PO`S\ 8OdO9ZOaaS\ c\R WV`S` ”?‰™®¯;SbV]RS RS[ 9]\hS^b RS` 2ObS\bg^S\ 9]\b`]ZZab`cYbc`S\ c\R WbS`ObWdS\ c\R `SYc`aWdS\ ;S bV]RS\ 2O[Wb abSVS\ c\a OZZS eSaS\bZWQVS\ 3ZS[S\bS RS` b`ORWbW]\SZZS\ ^`]hSRc`O ZS\ >`]U`O[[WS`c\U hc` DS`TºUc\U eWS aWS RWS A^`OQVS\ >OaQOZ 1 4]`b`O\ SbQ OcTeSWaS\ ;][S\bO\ S`aQVSW\b c\a SW\ 8OdO>`]U`O[[ OZa 0SVÉZbS` Tº` ”?‰™®¯ c\R eSWbS`S ;SbV]RS\ a]eWS UZ]POZS DO`WOPZS\ c\R 9]\abO\bS\ 2]QV TºV`b SW\S /cTbSWZc\U RSa 1]RW\Ua W\ dS`aQVWSRS\S ;SbV]RS\ OZZSW\ \WQVb aQV]\ hc Ucb ab`cYbc`WS`bS\ >`]U`O[[S\ W\aPSa]\RS`S eS\\ RWSaS SW\S\ USeWaaS\ C[TO\U ºPS`aQV`SWbS\ ;SbV]RS\ OZa ;WbbSZ RS` ;]RcZO`WaWS`c\U c\R Ab`cYbc`WS`c\U `SWQVS\ ]XRWc Oca c[ U`rzS`S /\eS\Rc\US\ YZO` ab`cYbc`WS`b hc S\beWQYSZ\ 2OPSW abSZZb OcQV RWS XOV`SZO\US FPacd]V d]\ /\eS\Rc\US\ W[ ZOcTS\RS\ 0Sb`WSP SW\ U`]zSa >`]PZS[ RO`( EO`bc\U c[TOaab RWS >TZSUS W\abOZZWS`bS` /\eS\Rc\US\ c\R AgabS[S RV 4SVZS`PSVSPc\U /\^Oaac\US\ 3W\POc hcaÉbhZWQVS` 4c\YbW]\OZWbÉb =Tb eW`R RWSa \WQVb d]\ RS\ >`]U`O[[Ocb]`S\ Rc`QVUSTºV`b a]\RS`\ d]\ O\RS`S\ 3\b eWQYZS`\ RWS aWQV W\ RWS /\eS\Rc\U SW\O`PSWbS\ [ºaaS\ 8S YZO`S` A]TbeO`S ab`cYbc `WS`b Wab RSab] Y]abS\Uº\abWUS` ZÉaab aWS aWQV eO`bS\ c\R eSWbS`S\beWQYSZ\ 3W\S d\UPbbT]STaT BcadZcda RWS ºPS` RWS /cTbSWZc\U RSa >`]U`O[[a W\ SW\hSZ\S ;S bV]RS\ VW\Oca USVb eW`R Rc`QV ROa ]PXSYb]`WS\bWS`bS :[PbbT]Z^]iT_c hc` DS`TºUc\U USabSZZb 7\ 9O^WbSZ  S`ZÉcbS`\ eW` RWS 5`c\RPSU`WTTS RS` =PXSYb]`WS\bWS`c\U c\R RS\ C[UO\U [Wb 9ZOaaS\ c\R =PXSYbS\ W\ 8OdO



1RGYYKT [TJ 5HPKQZK

2WS 3\beWQYZc\U c\R EO`bc\U Y][^ZSfS` A]TbeO`SagabS[S abSZZb SW\S U`]zS 6S`Oca T]`RS`c\U RO`( DWSZS 9][^]\S\bS\ aW\R O`PSWbabSWZWU W[ BSO[ hc S\beWQYSZ\ c\R W\ SW\S PSabSVS\RS bSQV\WaQVS c\R ]`UO\WaOb]`WaQVS C[USPc\U hc W\bSU`WS`S\ :SWRd]ZZS 3`TOV`c\US\ hSWUS\ ROaa dWSZS 3\beWQYZc\Ua^`]XSYbS RS\ USaSbhbS\ HSWb c\R 9]abS\`OV[S\ RScbZWQV ºPS`aQV`WbbS\ /\T]`RS`c\US\ \WQVb S`TºZZbS\ ]RS` \WQVb RWS O\USab`SPbS >`]RcYb_cOZWbÉb VS`d]`P`OQVbS\ Hc` bSQV\WaQVS\ 0SeÉZbWUc\U RS` 9][^ZSfWbÉb [ºaaS\ ORÉ_cObS >`]U`O[[WS`a^`OQVS\ SW\USaSbhb eS`RS\ 3a Wab SW\ ;O\Y] Y]\dS\bW]\SZZS` ^`]hSRc`OZS` A^`OQVS\ ROaa RWS hc PSO`PSWbS\RS\ 2ObS\ c\R RWS RO`OcT hcU`SWTS\RS\ ;SbV]RS\ ]V\S ab`cYbc`SZZS DS`PW\Rc\U W\\S`VOZP RSa >`]U`O[[a \SPS\SW\O\RS` SfWabWS`S\ 2c`QV abÉ`YS`S 9O^aSZc\U c\R ;]RcZO`WaWS`c\U YO\\ RWS ?cOZWbÉb RS` A]TbeO`S S` VrVb eS`RS\( =PXSYb]`WS\bWS`bS A]TbeO`S Wab ºPS`aWQVbZWQVS` ab`cYbc`WS`b c\R ZSWQVbS` O\^OaaPO`) 4SVZS`acQVS USabOZbSb aWQV ZSWQVbS` c\R BSWZS RS` A]TbeO`S Yr\\S\ eWS RS`dS`eS\RSb eS`RS\ 2ORc`QV YO\\ RWS ^`]TSaaW]\SZZS A]TbeO`SS\beWQYZc\U A]Tb eO`S 3\UW\SS`W\U RWS @SWTS c\R ?cOZbWbÉb YZOaaWaQVS` 7\US\WSc`aRWahW^ZW\S\ S``SW QVS\ 7[ 9]\hS^b RS` :[PbbT TOaaS\ ]PXSYb]`WS\bWS`bS >`]U`O[[WS`a^`OQVS\ 3PcT] d]S SXT SPaPdU fXaZT]ST] QYTZcT PShSWQV\Sb eS`RS\ 3W\ ]P XSYb]`WS\bWS`bSa >`]U`O[[ abSZZb aWQV RO` OZa 7\bS`OYbW]\ RS` RO`W\ eW`YS\RS\ =PXSYbS RS`S\ ;SbV]RS\ OcTUS`cTS\ eS`RS\ /ZZS`RW\Ua Wab =PXSYb]`WS\bWS`c\U \WQVb \c` SW\ bSQV\WaQVSa 9]\hS^b a]\RS`\ aSbhb SW\S PSabW[[bS ESZbaWQVb c[( 3a Wab /cTUOPS d]\ A]TbeO`S HcaO[[S\VÉ\US RS` EW`YZWQVYSWb hc []RSZZWS`S\ c\R O\US[SaaS\ OPhcPWZRS\ 2WS ESZb c[ c\a ZÉaab aWQV PSaQV`SWPS\ OZa DS`Pc\R W\bS`OUWS`S\RS` =PXSYbS RWS Rc`QV 3WUS\aQVOTbS\ c\R DS` VOZbS\aeSWaS\ USYS\\hSWQV\Sb aW\R 2WSaS 5`c\Rab`cYbc` RS` EW`YZWQVYSWb dS`acQVb RWS =PXSYb]`WS\bWS`c\U Rc`QV ^`]U`O[[WS`a^`OQVZWQVS ;WbbSZ hc S`TOaaS\



.OTL„NX[TM `[X 5HPKQZUXOKTZOKX[TM



5HPKQZUXOKTZOKX[TM GRY ZKINTOYINK =KOZKXKTZ]OIQR[TM

7[ @OV[S\ RS` ]PXSYb]`WS\bWS`bS\ >`]U`O[[WS`c\U ZOaaS\ aWQV Sd]ZcbW]\É`S c\R `Sd]ZcbW]\É`S /a^SYbS c\bS`aQVSWRS\ 7\ USeWaaS[ AW\\S abSZZb ROa 9ZOaaS\Y]\hS^b \c` SW\S T]`baQV`SWbS\RS ;]RcZO`WaWS`c\U OcT 0OaWa ab`cYbc`WS`bS` 2ObS\bg^S\ RO`( >`W[WbWdS 2ObS\bg^S\ Yr\\S\ US\Oc SW\S\ ES`b ^`] bg^WaWS`bS` DO`WOPZS a^SWQVS`\ h0 ‰™Í Þ s |Ç 7\ /``Oga ZOaaS\ aWQV dWSZS ES`bS RSa UZSWQVS\ Bg^a OcTPSeOV `S\ 7\ [O\QVS\ A^`OQVS\ SfWabWS`S\ a]US\O\\bS @SQ]`Ra RWS dWSZS ES`bS OcQV c\

!

(

:[PbbT] d]S >QYTZcT

bS`aQVWSRZWQVS\ Bg^a OcT\SV[S\ Yr\\S\ <SPS\ RWSaS\ 2ObS\ab`cYbc`S\ SfWabWS`S\ ;SbV]RS\ RWS [Wb >O`O[SbS`eS`bS\ O`PSWbS\ ]RS` OcT UZ]POZS 2ObS\ hcU`SWTS\ 7[ 9]\hS^b RS` 9ZOaaS eW`R SW\ \]QV c[TOaaS\RS`S` ab`cYbc`WS`bS` 2ObS\bg^ RSTW \WS`b W\ RS[ hcaO[[S\USVr`WUS 2ObS\ /bb`WPcbS c\R RO[Wb O`PSWbS\RS ;SbV]RS\ ag\bOYbWaQV c\R Y]\hS^bW]\SZZ W\ SW\S` 3W\VSWb hcaO[[S\USTOaab eS`RS\ 8SR]QV TºV`S\ ]PXSYb]`WS\bWS`bS A^`OQVS\ OcQV `Sd]ZcbW]\É`S \ScS /a^SYbS SW\ RWS Rc`QV \WQVb]PXSYb]`WS\bWS`bS A^`OQVS\ \WQVb \OQVPWZRPO` aW\R( 2Ohc USVr`S\ ROa 9]\hS^b RS` 9O^aSZc\U hc` AQV\WbbabSZZS\RSTW\WbW]\ a]eWS DS`S`Pc\U c\R >]Zg []`^VWS OZa ;WbbSZ US\S`WaQVS` >`]U`O[[WS`c\U 2WSaS bSQV\WaQVS\ <ScS`c\US\ PS U`º\RS\ SW\ \ScSa ?PaPSXV\P RS` >`]U`O[[WS`c\U( <WQVb \c` RWS Ab`cYbc` RS` >`] U`O[[S dS`É\RS`b aWQV a]\RS`\ OcQV \ScS 4]`[S\ RSa A]TbeO`S3\UW\SS`W\U AE3 [Wb \ScS\ ;SbV]RS\ BSQV\WYS\ c\R B]]Za Y][[S\ W\a A^WSZ =PXSYb]`WS\bWS`bS A]TbeO`SS\beWQYZc\U a]ZZ 3\beWQYZc\UahSWbS\ dS`Yº`hS\ 3\beWQY Zc\UaY]abS\ aS\YS\ RWS AgabS[Y][^ZSfWbÉb `SRchWS`S\ 0S\cbhS`O\T]`RS`c\US\ d]ZZ abÉ\RWUS` c[aSbhS\ c\R ºPS`VOc^b PSaaS`S AgabS[S\beº`TS VS`d]`P`W\US\ ZObbT]`[S\ hc ^]`bWS`S\ BSWZS ]PXSYb]`WS\bWS`bS` AgabS[S Yr\\S\ W\ \ScS\ 9]\bSfbS\ c\R >`]XSYbS\ eWSRS`dS`eS\RSb eS`RS\ BOPSZZS ' PS\S\\b RS\ /cTeO\R RS` ]PXSYb]`WS\bWS`bS == A]TbeO`SS\beWQYZc\U `SZObWd hc YZOaaWaQVS` \WQVb]PXSYb]`WS\bWS`bS` 3\beWQYZc\U 2Oa ]PXSYb]`WS\bWS`bS >O `ORWU[O c[TOaab \WQVb \c` RWS SWUS\bZWQVS >`]U`O[[WS`c\U a]\RS`\ RS\ USaO[bS\ 3\bec`Ta c\R 3\beWQYZc\Ua^`]hSaa( =PXSYb]`WS\bWS`bS >`]U`O[[WS`c\U heW\Ub hc \]QV U`rzS`S` A]`UTOZb PSW AgabS[Y]\hS^bW]\ c\R 0aRWXcTZcdaT]cfdaU RS` []RSZZWS` bS\ 9ZOaaS\ZO\RaQVOTb 2WSaS a]ZZ OZa (D]`ZOUS RS` a^ÉbS`S\ 7[^ZS[S\bWS`c\U RWS \S\ 2WS ;ºVS hOVZb aWQV W\ OZZS\ O\RS`S\ >VOaS\ RSa A]TbeO`SS\beWQYZc\UahgYZca Oca ’ OcQV W\ 0ShcU OcT RWS \OQVUSZOUS`bS >TZSUS c\R EO`bc\U W\abOZZWS`bS` :rac\ US\ 4SVZS` 9]abS\ 9][^ZSfWbÉb c\R 5SaO[b3\beWQYZc\UahSWb a]ZZS\ OP\SV[S\ ?WPbT

/\OZgaS

2SaWU\

A^ShWT /`QVWbSYbc` 0dUfP]S

$

//

7[^ZS[S\ 2]Yc[S\ 7\bSU`ObW]\ EO`bc\U bWS`c\U bObW]\ BSaba ++

+

+

++

CPQ ( ) /cTeO\R ==AE3 `SZObWd hc <WQVb==AE3 <]QV dWSZ abÉ`YS` OZa PSW ^`]hSRc`OZS` >`]U`O[[WS`c\U UWZb Tº` RWS =PXSYb]`WS\bWS `c\U( 3`ab RS\YS\ O\OZgaWS`S\ ab`cYbc`WS`S\ []RSZZWS`S\ RO\\ W[^ZS[S\bWS`S\ 0Wa OcaTºV`PO`Sa 1]RW\U S\babSVb dS`USVb SW\S ZÉ\US`S 3\beWQYZc\UahSWb D]\ RS` USeÉVZbS\ ]PXSYb]`WS\bWS`bS\ /`QVWbSYbc` VÉ\Ub a^ÉbS` OP ]P ROa W[^ZS[S\bWS`bS Ag abS[ OZZS /\T]`RS`c\US\ OcQV c\bS` V]VS` :Oab ^S`T]`[O\b c\R V]QVdS`TºUPO` S` TºZZb



5HPKQZUXOKTZOKX[TM GRY 3UJKRROKX[TM JKX 8KGROZoZ 1RGYYKT [TJ 5HPKQZK

2S` ]PXSYb]`WS\bWS`bS\ >`]U`O[[WS`c\U ZWSUb SW\S PSabW[[bS FT[cbXRWc hcU`c\RS RS `S\ hS\b`OZS 9ObSU]`WS\ 9ZOaaS\ c\R =PXSYbS aW\R 2WS /fW][S RS` ]PXSYb]`WS\bWS`bS\ 0SaQV`SWPc\UaeSWaS ZOcbS\(

(

:[PbbT] d]S >QYTZcT

"



3XT aTP[T FT[c QTbcTWc Pdb X]SXeXSdT[[T] Z^]ZaTcT] >QYTZcT] 0SWa^WSZ( ;WbO` PSWbS` 4OV`hScU AbcRS\b 0O\YY]\b] ;OaQVW\S 



>QYTZcT WPQT] 4XVT]bRWPUcT] 0ccaXQdcT d]S ETaWP[cT]bfTXbT] QYTZcb 0SWa^WSZ( ;WbO`PSW bS`]PXSYb [Wb RS\ /bb`WPcbS\ . S`a]\OZ\c[[S` c\R ;SbV]RS\ . SW\abSZZS\ RObS\A^SWQVS`\ USVOZb0S`SQV\S\

!

>QYTZcT [PbbT] bXRW Z[PbbXUXiXTaT] SW :[PbbT] id^aS]T] 3XT Z^]ZaTcT] X] SXeXSdT[[T] >QYTZcT STabT[QT] :[PbbT WPQT] SXT V[TXRWT BcadZcda SW eTaU¶VT] ¶QTa SXT V[TXRWT] 0ccaXQdcT d]S
"

3XT TX]iT[]T] X]SXeXSdT[[T] >QYTZcT bX]S AT_aÊbT]cP]cT] XWaTa :[PbbT d]S Z»]]T] bXRW X] STa Z^]ZaTcT] FTacQT[TVd]V XWaTa 0ccaXQdcT d]cTabRWTXST] Z»]]T] PQTa PdRW X] SXTbTa ¶QTaTX]bcX\\T] 0SWa^WSZ( 2WS ;WbO`PSWbS` SW\Sa C\bS`\SV[S\a c\bS`aQVSWRS\ aWQV OZZS Rc`QV WV`S SW\RScbWUS >S`a]\OZ\c[ [S` eÉV`S\R SW\WUS UZSWQVS\
#

4X] BhbcT\ Xbc TX]T QYTZcT SXT bXRW eTabRWXTST]T] :[PbbT] id^aS]T] [PbbT] 0SWa^WSZ( 3W\S ;WbO`PSWbS`dS`eOZbc\U S\bVÉZb cO RWS =PXSYbS ;WbO`PSWbS` 5SVOZb /PbSWZc\U

7\ RS` @SOZWbÉb d]`Y][[S\RS 5SUS\abÉ\RS eS`RS\ OZa W\RWdWRcSZZS =PXSYbS WRS\bWTW hWS`b RWS a^ShWSZZS 3fS[^ZO`S SW\S` ºPS`US]`R\SbS\ 9ZOaaS aW\R 5`c\RaÉbhZWQV UWZb( :[PbbT) 3W\S 9ZOaaS PSaQV`SWPb RWS 3WUS\aQVOTbS\ /bb`WPcbS c\R ROa DS`VOZ bS\ ;SbV]RS\ SW\S` ;S\US ab`cYbc`SZZ UZSWQVO`bWUS` =PXSYbS 0º\RSZc\U d]\ Ab`cYbc` c\R DS`VOZbS\ AWS Wab RWS OZZUS[SW\S 0SaQV`SWPc\U Bg^ 0Oc^ZO\ Tº` SW\S ;S\US W\RWdWRcSZZS` =PXSYbS UZSWQVS` Ab`cYbc` c\R UZSWQVS` AS[O\bWY 3W\S 9ZOaaS S\bVÉZb OZa ab`cYbc`SZZS 0SabO\RbSWZS Tc\YbW]\SZZ c\R aS[O\bWaQV hcaO[[S\USVr`WUS /bb`WPcbS c\R ;SbV]RS\( :[PbbT , 0ccaXQdcT 3PcT]bcadZcda  QYTZc) 3W\ =PXSYb Wab SW\ a^ShWSZZSa W\RWdWRcSZZSa Y]\Y`SbSa 3fS[^ZO` /ca ^`ÉUc\U aSW\S` 9ZOaaS ROa Rc`QV a^ShWTWaQVS ES`bS aSW\S` /bb`WPcbS USYS\\ hSWQV\Sb Wab =PXSYbS RS`aSZPS\ 9ZOaaS VOPS\ RS\ aSZPS\ ab`cYbc`SZZS\ /cTPOc /bb`WPcbS c\R ;SbV]RS\ 2WS Y]\Y`SbS ES`bPSZSUc\U WV`S` /bb`WPcbS YO\\ aWQV W\RWdWRcSZZ c\bS`aQVSWRS\ =PXSYbS eS`RS\ Oca 9ZOaaS\ S`hScUb >QYTZc^aXT]cXTad]V PSRScbSb RWS `SOZS ESZb Rc`QV 9ZOaaS\ c\R WV`S W\bS` OUWS`S\RS\ =PXSYbS OPhcPWZRS\ 7\ 9ZOaaS\ c\R WV`S\ W\RWdWRcSZZS\ =PXSYbS\ eS`RS\ 2ObS\ c\R RWS RO[Wb O`PSWbS\ RS\ ;SbV]RS\ W\ SW\S` SWUS\abÉ\RWUS\ 3W\VSWb hcaO[[S\USTOaab A][Wb abSZZb SW\S 9ZOaaS SW\S\ ab`cYbc`WS`bS\ Y][^ZSfS\ Bg^ RO` [Wb RO`Oca OPUSZSWbSbS\ =PXSYbS\ OZa Y]\Y`SbS` /ca^`ÉUc\U 9ZOaaS\ c\R WV`S =PXSYbS Yr\\S\ [ObS`WSZZTOaaPO`S 2W\US OPS` OcQV OPab`OYbS 0S UWTTS c\aS`S` ESZb OPPWZRS\ 9ZOaaS\ c\R =PXSYbS Yr\\S\ cO aSW\( E

;ObS`WSZZS 5SUS\abÉ\RS( 4OV`hScU 5SPÉcRS ;OaQVW\S

E

4c\YbW]\OZS @]ZZS\ W\\S`VOZP d]\ AhS\O`WS\( ;WbO`PSWbS` 9c\RS AbcRS\b

#

(

:[PbbT] d]S >QYTZcT

E

AQVS[ObWaWS`bS /PZÉcTS AhS\O`WS\( 0SeS`PS`dS`eOZbc\U 9]\b]S`rTT\c\U

E

/R[W\Wab`ObWdS Ab`cYbc`S\ d]\ AhS\O`WS\( 0SabSZZc\U DS`b`OU :WSTS`c\U

2WS ;SbV]RS\ RSa =PXSYba U`SWTS\ OcT RSaaS\ /bb`WPcbS hc 7\ RS` A^`OQVS RS` =P XSYb]`WS\bWS`c\U aOUb [O\ ROaa RWS ;SbV]RS SW\Sa =PXSYba PdUVTadUT] eW`R Phe ROaa SW\ =PXSYb RS\ 0dUcaPV TaWÊ[c SW\S ;SbV]RS\ OcahcTºV`S\ 3W\ =PXSYb SW\S` 9ZOaaS abSZZb Rc`QV aSW\S ;SbV]RS\ 2WS\abS hc` DS`TºUc\U c\R YO\\ OZa SZS[S\bO`S` AS`dS` PSb`OQVbSb eS`RS\ 7\ aSW\S\ /bb`WPcbS\ YO\\ Sa 2ObS\ a^SWQVS`\ a] ROaa Sa hcUZSWQV OZa 2ObS\Q]\bOW\S` RWS\S\ YO\\ 9ZOaaS\ c\R =PXSYbS aW\R SW\ c\WdS`aSZZSa Y]\hS^bW]\SZZSa ;WbbSZ c[ PSU`WTTZWQV 4OaaPO`Sa hc []RSZZWS`S\ AWS abSZZS\ SW\ ;WbbSZ RS` /Pab`OYbW]\ c\R 9]\hS\b`ObW]\ OcT ROa ESaS\bZWQVS RSa []RSZZWS`bS\ ESZbOcaaQV\Wbba RO` ’ c\R S`[rUZWQVS\ OcT RWSaS ESWaS 9][^ZSfWbÉb hc PSeÉZbWUS\ 2c`QV RS\ ]PXSYb]`WS\bWS`bS\ ;]RSZZWS `c\UaO\aObh S`UWPb aWQV SW\S UO\hVSWbZWQVS A]TbeO`SS\UW\SS`W\UBSQV\WY PSW RS` RWS 9ZOaaS ROa Rc`QVUÉ\UWUS >`W\hW^ Wab hc`( E

0SaQV`SWPc\U RS` EW`YZWQVYSWb AgabS[/\OZgaS /Pab`OYbW]\

E

;]RSZZWS`c\U RS` EW`YZWQVYSWb 2SaWU\ 7[^ZS[S\bWS`c\U 2]Yc[S\bObW]\

E

9][^]aWbW]\ U`rzS`S` /\eS\Rc\UaSW\VSWbS\ 9][^]\S\bS\ AgabS[S

2WS 9ZOaaS Wab ROa hS\b`OZS 0OcSZS[S\b Tº` SW\S O`PSWbabSWZWUS >`]U`O[[WS`c\U W[ 5`]zS\ RV hc` @SOZWaObW]\ OcQV U`]zS` A]TbeO`SagabS[S >`W[WbWdS DO`WOPZS\ c\R 9]\abO\bS\ /\eSWac\US\ 9]\b`]ZZab`cYbc`S\ c\R ;SbV]RS\ RWS\S\ RS` RSbOWZZWS`bS\ >`]U`O[[WS`c\U W[ 9ZSW\S\ 2WS @SOZWbÉb ZÉaab aWQV OZa AgabS[ W\bS`OUWS`S\RS` =PXSYbS PSaQV`SWPS\ c\R W\ RS` ESZb RS` A]TbeO`S OcQV TQT]b^ OPPWZRS\ ;Wb RS` =PXSYb]`WS\bWS`c\U dS`TºUb [O\ ºPS` SW\ PSÊ`dPcTb B^UcfPaT:^]iT_c


1RGYYKT [TJ 5HPKQZK OT 0G\G

0WaZO\U PSb`OQVbSbS\ eW` OcaTºV`PO`S 8OdO9ZOaaS\ \c` OZa 0SVÉZbS` Tº` RWS ”?‰™®¯ ;SbV]RS eSWbS`S ;SbV]RS\ c\R UZ]POZS DO`WOPZS\ ]RS` 9]\abO\bS\ /ZZUS[SW\ Wab SW\S 9ZOaaS XSR]QV SW\S Ab`cYbc` RWS /bb`WPcbS c\R RO`OcT hcU`SWTS\RS ;SbV]RS\ S\bVÉZb c\R SW\S\ /caaQV\Wbb RS` @SOZWbÉb OPPWZRSb EW` PSb`OQVbS\ RWS 9ZOaaS ‰Í?Áˆ Mj‰ÍjÁ±Ž?Ü? RWS aWQV d]\ dS`b`OcbS\ >`]U`O[[PSWa^WSZS\ RScbZWQV c\bS`aQVSWRSb( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

ÊÊ ™‰W†Íˆ?ÖÄwنÁM?Áj ?ÄÄj †™j ”?‰™®¯

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ

ÊÊ
ÍÍÁ‰MÖÍj

¬ÖM‰W ‰™Í ¬jÁÄ!ÁÇ ¬ÖM‰W aÖMj ~j†?ÍÇ ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj®¯ P

ÊÊ

j͆aj

#±ÝÁ‰Íj™® ¹ ?Íj™ wÙÁ] ¹ ´ ™?”j ´ ¹ ]¹ ¯Ç #±ÝÁ‰Íj™® ¹+jÁĝ™?™Ö””jÁ] ¹ ´ ¬jÁÄ!Á ¯Ç #±ÝÁ‰Íj™® ¹j†?Í] ¹ ´ ~j†?Í ¯Ç

(

:[PbbT] d]S >QYTZcT

$

Q Q

EÉV`S\R SW\S PdbU¶WaQPaT :[PbbT SW\S ”?‰™®¯;SbV]RS S\bVÉZb c\R SW\ OPZOcTTÉVWUSa 8OdO>`]U`O[[ RO`abSZZb dS`TºUb SW\S ]XRWcPdbU¶WaQPaT :[Pb bT ºPS` ZTX]T ”?‰™®¯;SbV]RS 2c`QV RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ eS`RS\ `cRW[S\bÉ` ;WbO`PSWbS` SW\S` 4W`[O []RSZ ZWS`b 2S` USaO[bS 7\VOZb RS` 9ZOaaS PSTW\RSb aWQV W\\S`VOZP RSa QZOaa0Z]QYa( /Za 0c caXQdcT SW\Sa ;WbO`PSWbS`a abSVS\ ™?”j ¬jÁÄ!Á c\R ~j†?Í hc` DS`TºUc\U 2WS /bb`WPcbS Yr\\S\ XSRS\ PSZWSPWUS\ 2ObS\bg^ OcTeSWaS\ /Za _TaP c^ab ™jÝ SW\ Tº` c\a ]TdTb A^`OQVSZS[S\b ;O\ aOUb OcQV( 0SW RS` =PXSYbS`hScUc\U eW`R SW\S 8]bcP]i RS` 9ZOaaS S`hScUb 2S` D]`UO\U RS` =PXSYbS`hScUc\U eW`R RSa VOZP OcQV 8]bcP]iXXTad]V US\O\\b 2Oa Y][^ZSbbS 0SWa^WSZ [OQVb RWSa RScbZWQV( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

ÊÊ ™‰W†Íˆ?ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ

ÊÊ
ÍÍÁ‰MÖÍj

¬ÖM‰W ‰™Í ¬jÁÄ!ÁÇ ¬ÖM‰W aÖMj ~j†?ÍÇ ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj® ¯P

ÊÊ

j͆aj

#±ÝÁ‰Íj™® ¹ ?Íj™ wÙÁ] ¹ ´ ™?”j ´ ¹ ]¹ ¯Ç #±ÝÁ‰Íj™® ¹+jÁĝ™?™Ö””jÁ] ¹ ´ ¬jÁÄ!Á ¯Ç #±ÝÁ‰Íj™® ¹j†?Í] ¹ ´ ~j†?Í ¯Ç Q Q W?ÄÄ +jÁĝ™? P

ÊÊ ?ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

”¤±™?”j s ¹ j‰jÁ¹Ç

”¤±¬jÁÄ!Á s ¤ÔÏ|Ç

”¤±~j†?Í s Ïååå±åÇ ”Ô±™?”j s ¹ÖMjÁ¹Ç ”Ô±~j†?Í s |ååå±åÇ ”¤±a?Íj™
ÖÄ~?Mj®¯Ç ”Ô±a?Íj™
ÖÄ~?Mj®¯Ç Q Q

”Ô±¬jÁÄ!Á s yÉÈoÇ

ÊÊ #MŽjÍjÁãjÖ~֙~ ÊÊ #MŽjÍãÖ~Á‰wwj

%

(

:[PbbT] d]S >QYTZcT

7\ RS` OcaTºV`PO`S\ 9ZOaaS +jÁĝ™? eS`RS\ hc` :OcThSWb heSW ‰Í?ÁMj‰ÍjÁ =PXSYbS 7\abO\hS\ \O[S\a ”¤ c\R ”Ô Oca RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ S`hScUb c\R W[ 6Oc^ba^SWQVS` O\USZSUb /PP ' 2WSaS\ eS`RS\ c\OPVÉ\UWU d]\SW\O\RS` a^S hWSZZS ES`bS Tº` RWS /bb`WPcbS hcUSeWSaS\ RWS W\ RS\ =PXSYbS\ OcTPSeOV`b eS`RS\ 2S` ;SbV]RS\OcT`cT a?Íj™
ÖÄ~?Mj®¯ OcT RS\ =PXSYbS\ ”¤ c\R ”Ô UWPb RS`S\ /bb`WPcbeS`bS OcT RS` 9]\a]ZS Oca 0SW RS\ =PXSYbS\ VO\RSZb Sa aWQV c[ aS^O`ObS 5SPWZRS( HcU`WTTS OcT ROa SW\S =PXSYb VOPS\ YSW\S <SPS\eW`Yc\U OcT ROa O\RS`S =PXSYb 0SWRS =PXSYbS eS`RS\ drZZWU c\OPVÉ\UWU d]\SW\O\RS` dS`eS\RSb >QYTZc ”¤ ;SWS`  !" !

:[PbbT <XcPaQTXcTa 0ccaXQdcT) Ab`W\U \O[S W\b ^S`a< R]cPZS USVOZb

>QYTZc ”Ô 6cPS` #$%& "


3`hScUS\ heSWS` =PXSYbS RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ( 7[ 6Oc^ba^SWQVS` hc` :OcThSWb O\USZSUb 8]bcP]iXXTad]V

0QQ ( ) =PXSYbS`hScUc\U ’ 7\abO\hWWS`c\U Y]\Y`SbS` =PXSYbS RS` 9ZOaaS /bb`WPcbS c\R ;SbV]RS\ RWS ;WbO`PSWbS` YS\\hSWQV\S\ ec`RS\ W\ RS` 9ZOaaS ‰Íˆ ?ÁMj‰ÍjÁ S`TOaab 2O`Oca ZOaaS\ aWQV PSZWSPWU dWSZS Y]\Y`SbS =PXSYbS S`hScUS\ 0db SW\S` :[PbbT Yr\\S\ [WbbSZa ™jÝ=^S`Ob]` PSZWSPWU dWSZS >QYTZc 8]bcP]iT] TaiTdVc eS`RS\ 2WSaS dS`TºUS\ ºPS` RWS UZSWQVS\ ;SbV]RS\ c\R 2ObS\ab`cYbc`S\ aW\R XSR]QV W\RWdWRcSZZ O\a^`SQVPO` 0]\TaZd]V) 3W\S 8OdO9ZOaaS Rº`TbS OcQV \c` /bb`WPcbS c\R YSW\S ;SbV]RS\ ]RS` \c` ;SbV]RS\ c\R YSW\S /bb`WPcbS S\bVOZbS\ 7[ S`abS\ 4OZZ eº`RS\ WV`S =PXSYbS OZa PZ]zS 2ObS\PSVÉZbS` RWS\S\ W[ heSWbS\ 4OZZ eÉ`S\ Sa PZ]zS ;SbV]RS\b]]Za



5HPKQZ+X`K[M[TM

2WS 3`hScUc\U 7\abO\hWWS`c\U d]\ =PXSYbS\ [WbbSZa ™jÝ=^S`Ob]` S`W\\S`b ag\bOY bWaQV O\ 2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U SW\TOQVS` 2ObS\bg^ eWS ‰™Í Þ s yÇ 7\ RS` BOb eW`R OcQV PSW RS` =PXSYbS`hScUc\U SW\S DO`WOPZS RSYZO`WS`b c\R W\WbWOZWaWS`b 2WSa Wab W\ SW\S[ AQV`Wbb [rUZWQV ]RS` [Wb aS^O`ObS` 2SYZO`ObW]\ c\R 7\WbWOZWaWS`c\U( ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

‰Í?ÁMj‰ÍjÁ ”ÔÇ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

ÊÊ j± ´ ™‰Í‰?‰Ä‰jÁ֙~

ÊÊ ¤± j?Á?͉™ ÊÊ Ô±™‰Í‰?‰Ä‰jÁ֙~

3TZ[PaPcX^]) 2WS DO`WOPZS\ ”¤ c\R ”Ô abSZZS\ >QYTZcePaXPQ[T] d][ Ch_ RS` 9ZOaaS ;WbO`PSWbS` RO` AWS `S^`ÉaS\bWS`S\ RWS hcUSVr`WUS\ =PXSYbS c\R S`[rUZWQVS\ RS\ HcU`WTT RO`OcT 2c`QV 2SYZO`ObW]\ RS` =PXSYbdO`WOPZS\ eW`R WV` Bg^ PSabW[[b RV

(

:[PbbT] d]S >QYTZcT

&

RWS hcU`c\RSZWSUS\RS 9ZOaaS 3PS\a] eWS RWS ^`W[WbWdS\ 2ObS\bg^S\ MßÍj ƝÁÍ ‰™Í SbQ abSZZS\ OcQV 9ZOaaS\ 2ObS\bg^S\ RO`) OZZS`RW\Ua VO\RSZb Sa aWQV PSW SW\S` 9ZOaaS c[ SW\S\ Y][^ZSfS\ aSZPabRSTW\WS`bS\ 2ObS\bg^ 3W\S 9ZOaaS Wab SW\ bcadZcdaXTacTa Z^\_[TgTa PQbcaPZcTa 3PcT]ch_ 03C 2WS W\\S`S Ab`cYbc` SW\S` 9ZOaaS Wab PSabW[[b Rc`QV WV`S /bb`WPcbS c\R ;SbV] RS\ /bb`WPcbS c\R ;SbV]RS\ aW\R RWS 4[T\T]cT `]U`O[[WS`a^`OQVS 2SaVOZP UWPb Sa PdbbRW[XTv [XRW 9ZOaaS\ OZa aSZPabRSTW\WS`bS ab`cYbc`WS`bS Bg^S\ 8]XcXP[XbXTad]V) 2c`QV RS\ ™jÝ=^S`Ob]` eW`R SW\ \ScSa =PXSYb RS` 9ZOaaS W[ A^SWQVS` O\USZSUb c\R RS` hcd]` RSYZO`WS`bS\ =PXSYbdO`WOPZS\ hcUSeWSaS\ 2S[ ™jÝ=^S`Ob]` T]ZUb SW\ ;SbV]RS\OcT`cT( 2c`QV ™jÝ ‰Í?ÁMj‰ÍjÁ®¯ eW`R RS` a] US\O\\bS ^O`O[SbS`Z]aS AbO\RO`RY]\ab`cYb]` OcTUS`cTS\ :^]bcadZc^aT] abSZZS\ a^S hWSZZS ;SbV]RS\ RS` 9ZOaaS RO` [Wb RS\S\ RWS =PXSYbS`hScUc\U PSSW\TZcaab eS`RS\ YO\\ ;WbbSZa ™jÝ=^S`Ob]` c\R 9]\ab`cYb]`OcT`cT S`VÉZb RS` 0S\cbhS` 1ZWS\b RS` 9ZOaaS SW\S W\RWdWRcSZZ \cbhPO`S 7\abO\h RS` 9ZOaaS ES\\ RWS 9ZOaaS aSZPab ZTX]T] 9]\ab`cYb]` W[^ZS[S\bWS`b a] US\S`WS`b RS` 1][^WZS` Ocb][ObWaQV SW\S\ ^O`O[SbS`Z]aS\ 9]\ab`cYb]` 2WSaS` ZSWabSb OZZS`RW\Ua \WQVb [SV` OZa RWS /bb`WPcbS OcT bg^a^ShWTWaQVS 7\WbWOZeS`bS hc aSbhS\ ÍPS` dWSZ [SV` ;rUZWQVYSW bS\ dS`TºUb [O\ W\ aSZPab W[^ZS[S\bWS`bS\ 9]\ab`cYb]`S\ ac 2WS >QYTZcTaiTdVd]V 7\abO\hWWS`c\U eW`R Rc`QV RS\ ™j݈>_TaPc^a d]S 0dUadU STb :^]bcadZc^ab PSeW`Yb 3`ab RORc`QV eW`R Rc`QV RWS 8D; 6Oc^ba^SW QVS` Tº` ROa =PXSYb PSZSUb 2Oa =PXSYb Wab ºPS` RWS RSYZO`WS`bS\ =PXSYbdO`WO PZS\ O\a^`SQVPO` 3W\ =PXSYb Wab SW\S 7\abO\h d][ Bg^ aSW\S` 9ZOaaS 7[ 6Oc^ba^SWQVS` O\USZSUbS =PXSYbS eS`RS\ a^ÉbSabS\a PSW >`]U`O[[S\RS USZraQVb /ZZS`RW\Ua Wab OcQV SW\ d]`hSWbWUSa 3\RS [rUZWQV( ES\\ YSW\S =PXSYbdO`WOPZS [SV` OcT ROa =PXSYb dS`eSWab RV RWSaSa \WQVb [SV` aTUTaT]iXTac eW`R eW`R RS` A^SW QVS`^ZObh d]\ RS` Ocb][ObWaQVS\ 6PaQPVT 2^[[TRcX^] T`SWUSUSPS\ /cT =PXSYb`STS `S\hS\ c\R RWS EW`Yc\U RS` 5O`POUS 1]ZZSQbW]\ USVS\ eW` W\ 9O^WbSZ  \ÉVS` SW\ O`O [SbS` c\R Z]YOZS DO`WOPZS\ d]\ ;SbV]RS\ \c` eÉV`S\R RSa ;SbV]RS\Rc`QVZOcTa 7\ /PPWZRc\U ' aW\R RWS ag\bOYbWaQVS\ 3ZS[S\bS RS` =PXSYbS`hScUc\U W[ HcaO[ [S\VO\U S`ZÉcbS`b



@[MXOLL G[L 'ZZXOH[ZK [TJ 3KZNUJKT KOTKY 5HPKQZY

2S` IdVaXUU OcT /bb`WPcbS c\R ;SbV]RS\ RS` S`hScUbS\ =PXSYbS USaQVWSVb ºPS` RWS =PXSYbdO`WOPZS [WbbSZa ?d]Zc^_TaPc^a(

'

(

MŽjÍ!?”j±?ÍÍÁ‰MÖÍ!?”jÇ

:[PbbT] d]S >QYTZcT

MŽjÍ!?”j±”j͆aj™!?”j®p¯Ç

2c`QV RS\ d]`O\USabSZZbS\ =PXSYb\O[S\ Wab SW\RScbWU OcT eSZQVSa =PXSYb hcUSU`WT TS\ eS`RS\ a]ZZ _cOZWTWhWS`bS` HcU`WTT /bb`WPcbeS`bS Yr\\S\ hcUSeWSaS\ c\R USZS aS\ eS`RS\ 0SW[ ;SbV]RS\OcT`cT aW\R RWS S`T]`RS`ZWQVS\ >O`O[SbS` [WbhcUSPS\ 3TZ[PaPcX^]

k

‰Í?ÁMj‰ÍjÁ ”¤

s

8]bcP]iXXTad]V

™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

Ch_0]VPQT)

:^]bcadZc^a)

/ca eSZQVS` 9ZOaaS a]ZZ SW\ =PXSYb S`hScUb eS`RS\ -

/cT`cT ^O`O[SbS`Z]aS` AbO\RO`R9]\ab`cYb]` hc` =PXSYb7\WbWOZWaWS`c\U

>QYTZc]P\T)

™jÝ>_TaPc^a)

EWS a]ZZ RWS =PXSYbdO`WOPZS VSWaaS\ ’ c\bS` eSZQVS[
:OcThSWbagabS[ ZSUb ;WbO`PSWbS`]PXSYb W[ 6Oc^ba^SWQVS` O\

0QQ (!) =PXSYbS`hScUc\U ’ 2SYZO`ObW]\ c\R 7\abO\hWWS`c\U 7[ 0SWa^WSZ eS`RS\ RS\ /bb`WPcbS\ RSa =PXSYba ”¤ ES`bS hcUSeWSaS\) RWS ;SbV]RS a?Íj™
ÖÄ~?Mj®¯ eW`R Tº` RWSaSa =PXSYb OcTUS`cTS\ c\R U`SWTb OcT RWS /bb`WPcbS hc( ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ ”¤±™?”j s ¹ j‰jÁ¹Ç

‰Í?ÁMj‰ÍjÁ®¯Ç ”¤±¬jÁÄ!Á s ¤ÔÏ|Ç

”¤±~j†?Í s Ïååå±åÇ

”¤±a?Íj™
ÖÄ~?Mj®¯Ç

2WS PSWRS\ bcadZcdaT[[T] 1TbcP]ScTX[T SW\S` 9ZOaaS c\R WV`S` =PXSYbS Y][[S\ hc` 5SZbc\U 3W\S 9ZOaaS Wab RWS HcaO[[S\TOaac\U d]\ 2ObS\ /bb`WPcbS\ c\R hcUSVr`W US` 4c\YbW]\OZWbÉb ;SbV]RS\ W\ SW\S` SW\US\abÉ\RWUS\ A]TbeO`SSW\VSWb 7\ 0ShcU OcT SW\ =PXSYb YO\\ [O\ d]\ DS`VOZbS\ c\R HcabO\R a^`SQVS\( E

2Oa ETaWP[cT] SW\Sa =PXSYba Wab Rc`QV aSW\S
E

2S` IdbcP]S SW\Sa =PXSYba Wab RS` PZcdT[[T FTac OZZ aSW\S` 0ccaXQdcT 7\abO\hdO `WOPZS\ 8SRSa =PXSYb YO\\ c\OPVÉ\UWU d]\ OZZS\ O\RS`S\ =PXSYbS\ SW\S\ a^S hWTWaQVS\ HcabO\R ES`bS aSW\S` /bb`WPcbS OcTeSWaS\

0]\TaZd]V) 7\ RS` OcaTºV`PO`S\ 9ZOaaS >S`a]\OZ eW`R S`ab \OQV 3`hScUc\U d]\ ;WbO`PSWbS`=PXSYbS\ RS`S\ /bb`WPcbS c\R ;SbV]RS\ hcUSU`WTTS\ 2SaVOZP [ºaaS\ W\ RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ eSRS` /bb`WPcbS \]QV ;SbV]RS\ OZa ÄÍ?͉W RSYZO`WS`b eS`RS\ 7\ 9O^WbSZ  eW`R RWS 0SRScbc\U d]\ ÄÍ?͉W RSbOWZZWS`b S`ZÉcbS`b

(

:[PbbT] d]S >QYTZcT



(

)UJK\KXZKOR[TM

2Oa USaO[bS 1]RSPSWa^WSZ RO`T W\ SW\S[ TX]iXVT] ±Ž?Ü?4WZS abSVS\ 7\ RWSaS[ 4OZZ [caa Sa RS\ `]XSYba S` hScUb VWS` OZa] RWS 4WZSa ‰Í?ÁMj‰ÍjÁ±W?ÄÄ c\R +jÁĝ™?±W?ÄÄ a]eWS #±W?ÄÄ 2WS U`c\RZSUS\RS 2^\_X[PcX^]bTX]WTXc W\ 8OdO Wab OZa] \WQVb ROa 4WZS a]\RS`\ RWS 9ZOaaS 0SW c[TO\U`SWQVS`S\ >`]XSYbS\ Wab Sa heSQY[ÉzWU XSRS 9ZOaaS W\ SW\S[ SWUS\S\ ±Ž?Ü?4WZSa hc W[^ZS[S\bWS`S\ RO[Wb SW\S YZO`S 3\ba^`SQVc\U heW aQVS\ ±Ž?Ü? c\R ±W?ÄÄ4WZSa PSabSVb 0]\TaZd]V) EWS PS`SWba W\ 9O^WbSZ " S`eÉV\b YO\\ SW\S 8OdO9ZOaaS X]bVTbP\c OZa ¬ÖM‰W RSYZO`WS`b eS`RS\ h0 Tº` RWS 9ZOaaS >S`a]\OZ( ¬ÖM‰W W?ÄÄ +jÁĝ™? P ÊJ a‰™~ ajÁ ?ÄÄj ±±± JÊ Q

2WS 0SRScbc\U RWSaS` 2SYZO`ObW]\ S`aQVZWSzb aWQV S`ab W[ @OV[S\ RSa 8OdO ?PZTcZ^]iT_cb 8SRSa ±Ž?Ü?4WZS RO`T \c` VrQVabS\a SW\S ¬ÖM‰W9ZOaaS S\bVOZbS\ ;][S\bO\ dS`hWQVbS\ eW` W\ RS\ 0SWa^WSZS\ \]QV OcT ¬ÖM‰W RSYZO`WS`bS 9ZOaaS\ C[ SW\S 9ZOaaS W\ SW\S[ >`]XSYb dS`eS\RS\ hc Yr\\S\ US\ºUb WV` ±W?ÄÄ4WZS EWZZ [O\ RWS 4c\YbW]\OZWbÉb SW\S` 9ZOaaS hc` DS`TºUc\U abSZZS\ a] US\ºUb RWS ESW bS`UOPS RSa S\ba^`SQVS\RS\ ±W?ÄÄ4WZSa ESWbS`UOPS RSa ?cSZZQ]RSa ±Ž?Ü?4WZS Wab ]XRWc S`T]`RS`ZWQV



5HPKQZOJKTZOZoZ [TJ 9VKOINKXHKJGXL

A]e]VZ RWS 9ZOaaS OZa OcQV RWS Oca WV` S`hScUbS\ =PXSYbS PSZSUS\ A^SWQVS`^ZObh 4º` XSRSa SW\hSZ\S W\abO\hWWS`bS =PXSYb eW`R SW\ aS^O`ObS` 0S`SWQV W[ 6Oc^ba^SWQVS` `S aS`dWS`b c\R dS`eOZbSb 6WS` eS`RS\ RWS W\RWdWRcSZZS\ OYbcSZZS\ /bb`WPcbeS`bS RSa =P XSYba c\OPVÉ\UWU d]\ RS\ ES`bS\ OZZS` O\RS`S\ =PXSYbS dS`eOV`b 8SRSa =PXSYb PSZSUb a]dWSZ A^SWQVS` eWS RS` Ac[[S RS` 0gbSa aSW\S` /bb`WPcbdO`WOPZS\ S\ba^`WQVb D][ 8OdOAgabS[ eW`R XSRSa SW\hSZ\S =PXSYb OZa W\RWdWRcSZZS 3\bWbÉb dS`eOZbSb c\R hc` 7RS\bWTWYObW]\ [Wb SW\S` SW\RScbWUS\ VSfORShW[OZS\ 9S\\hOVZ dS`aSVS\ 6OaVQ] RS 2WSa eW`R aWQVbPO` eS\\ [O\ SW\S =PXSYbdO`WOPZS W[ 2SPcUUS` PSb`OQVbSb ]RS` OcT RS` 9]\a]ZS OcaUWPb 8SRSa =PXSYb S`aQVSW\b c\bS` SW\S` SW\RScbWUS\ 9S\\c\U( W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ ‰Í?ÁMj‰ÍjÁ®¯Ç ‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ ‰Í?ÁMj‰ÍjÁ®¯Ç #±ÝÁ‰Íj™® ¹?ĆWaj] ¹ ´ ”¤ ¯Ç #±ÝÁ‰Íj™® ¹?ĆWaj] ¹ ´ ”Ô ¯Ç Q Q

!

(

:[PbbT] d]S >QYTZcT

ˆ ™Äj ˆ ?ĆWaj]

‰Í?ÁMj‰ÍjÁK|ÈjyyÏ

?ĆWaj]

‰Í?ÁMj‰ÍjÁKÔåW¤åw

7\ /PPWZRc\U '! Wab RWS A^SWQVS`ab`cYbc` \OQV RS` =PXSYbS`hScUc\U aYWhhWS`b C[ RS\ hSWbZWQVS\ /PZOcT RS` =PXSYbS`hScUc\U c\R RSa HcU`WTTa OcT RWS =PXSYbS RO`hc abSZZS\ PSRWS\b [O\ aWQV AS_cS\hRWOU`O[[S /PP'"( 2WSaS S\babO[[S\ RS` D]X UXTS <^ST[[X]V ;P]VdPVT C;: RWS eW` TOZZeSWaS dS`eS\RS\ 7\ AS_cS\hRWOU`O[ [S\ ZÉcTb RWS HSWbOQVaS dS`bWYOZ 2WS :SPS\aROcS` d]\ 9ZOaaS\ c\R =PXSYbS\ aW\R OZa 0OZYS\ OcTUSTºV`b /bb`WPcb c\R ;SbV]RS\hcU`WTTS Rc`QV V]`Wh]\bOZS >TSWZS @/;

@/; 9ZOaaS ;WbO`PSWbS`

9ZOaaS ;WbO`PSWbS`

>QYTZcTaiTdVd]V ) ]Tf  :^]bcadZc^aPdUadU ;WbO`PSWbS` \ + \Se ;WbO`PSWbS` )

>QYTZc \

;WbO`PSWbS` \! + \Se ;WbO`PSWbS` ) ;WbO`PSWbS` \" + \Se ;WbO`PSWbS` )

>QYTZc \! >QYTZc \"

0QQ (") 2WS 9ZOaaS c\R WV`S =PXSYbS W[ 6Oc^ba^SWQVS` 0SW RS` D<; D]XUXTS <^ST[X]V ;P]VdPVT VO\RSZb Sa aWQV c[ SW\S ^`] U`O[[WS`a^`OQVS\c\OPVÉ\UWUS abO\RO`RWaWS`bS ]PXSYb]`WS\bWS`bS c\R `SZObWd W[^ZS[S\bWS`c\UaPSh]US\S <^ST[[XTad]Vb]^cPcX^] W\ RWS dS`aQVWSRS\S 3\b eº`TS WV`S` DÉbS` 0]]QV 8OQ]Pa]\ c\R @c[POcUV W\bSU`WS`b ec`RS\ D]\ RS` =PXSQb ;O\OUS[S\b 5`]c^ =;5 ec`RS RWS C;: ''% abO\RO`RWaWS`b /YbcSZZ Wab RWSDS`aW]\  2WS C;: PSabSVb Oca hOVZ`SWQVS\ Bh\Q^[T] d]S 3XPVaP\\ch_T] Tº` OZZS 3ZS [S\bS RS` =PXSYb]`WS\bWS`c\U AWS Wab SW\ SW\VSWbZWQVSa ;WbbSZ hc` Y]\hS^bW]\SZ ZS\ AgabS[[]RSZZWS`c\U W\ OZZS\ >VOaS\ d]\ /\OZgaS ºPS` 3\bec`T PWa hc` 7[^ZS[S\bWS`c\U AWS RWS\b hc` 9][[c\WYObW]\ A^ShWTWYObW]\ 9]\ab`cYbW]\ c\R bSQV\WaQVS\ 2]Yc[S\bObW]\ ]PXSYb]`WS\bWS`bS` A]TbeO`SagabS[S /\OZ]U hc 9]\ab`cYbW]\a c\R AQVOZb^ZÉ\S\ RSa ;OaQVW\S\POcS`a c\R 3ZSYb`]bSQV\W YS`a RWS\S\ RWS 2WOU`O[[S RS` C;: OZa RW`SYbS D]`ZOUS RS` a^ÉbS`S\ 7[^ZS [S\bWS`c\U 8SRSa WV`S` 2WOU`O[[S S`TOaab SW\S PSabW[[bS AWQVb >S`a^SYbWdS OcT ROa []RSZZWS`bS AgabS[ 7[ ]PXSYb]`WS\bWS`bS\ BSO[3\beWQYZc\Ua^`]hSaa S`ZSWQVbS`b RWS C;: RWS :^\\d]XZPcX^] heWaQVS\ 3\beWQYZS`\( 2WS C;: RWS\b a][Wb OcQV ROhc RWS hc\SV[S\RS bSQV\WaQVS c\R Y][[c\WYObWdS 9][^ZSfWbÉb ^`]TSaaW]\SZZS`

(

:[PbbT] d]S >QYTZcT

!

A]TbeO`S^`]XSYbS hc PSeÉZbWUS\ AWS Wab XSR]QV YSW\S


1UTYZX[QZUXKT

EW`R W\ RS` 9ZOaaS ZTX] 9]\ab`cYb]` W[^ZS[S\bWS`b abSZZb ROa 8OdOAgabS[ RS\ ^O`O [SbS`Z]aS\ AbO\R`ORY]\ab`cYb]` Ocb][ObWaQV hc` DS`TºUc\U 3a Wab OZa] ]XRWc heW\ US\R S`T]`RS`ZWQV SW\S\ 9]\ab`cYb]` hc ^`]U`O[[WS`S\ 8SR]QV Yr\\S\ Rc`QV SW\S\ aSZPabUSaQV`WSPS\S\ 9]\ab`cYb]` RWS 0Q[ÊdUT c\R RS` IdbcP]S RS` W\abO\hWWS`bS\ =P XSYbS QTX XWaTa 4aiTdVd]V W[ 2SbOWZ PSSW\TZcaab eS`RS\ 7\RS[ [O\ RWS >_cX^] eOV`\W[[b W\ RS` 9ZOaaS SW\S 9]\ab`cYb]`[SbV]RS hc W[^ZS[S\bWS`S\ USeW\\b [O\ hcaÉbhZWQVS :^]ca^[[T ºPS` RS\ D]`UO\U RS` =PXSYbS`hScUc\U 0S\cbhS`W\bS`OYbW]\

9ZOaaS >S`a]\OZ

\Se ;WbO`PSWbS` \Se ;WbO`PSWbS` \Se ;WbO`PSWbS`

>`]U`O[[abO`b \ \! \"

\PX] USVOZb +  RObS\/caUOPS >`]U`O[[S\RS c 0QQ (#) AS_cS\hRWOU`O[[ C;: ’ 9ZOaaS =PXSYbS`hScUc\U =PXSYbhcU`WTT 7\ ]PWUS\ 0SWa^WSZ [caabS\ RS\ =PXSYbS ”¤ c\R ”Ô \OQV WV`S` 7\abO\hWWS`c\U \]QV RWS W\RWdWRcSZZS\ /bb`WPcbeS`bS hcUSeWSaS\ eS`RS\ 2Ohc eO`S\ hcaÉbhZWQVS /\eSW ac\US\ S`T]`RS`ZWQV DWSZ ^`OYbWaQVS` eÉ`S Sa Yr\\bS [O\ RWS USeº\aQVbS\ /bb`W PcbeS`bS UZSWQV PSW RS` 3`hScUc\U RS` =PXSYbS [WbUSPS\ 2O\\ PSTÉ\RS aWQV XSRSa =PXSYb RW`SYb W\ SW\S[ RSTW\WS`bS\ HcabO\R ’ c\R \OQVb`ÉUZWQVS ES`bhceSWac\US\ W\ USa]\RS`bS\ 1]RW\UhSWZS\ eÉ`S\ ºPS`TZºaaWU 2WSa S``SWQVb [O\ Rc`QV ROa AQV`SWPS\ SW\Sa 9]\ab`cYb]`a >`W\hW^WSZZ VO\RSZb Sa aWQV PSW SW\S[ 9]\ab`cYb]` c[ SW\S 9PeP
3W\ 9]\ab`cYb]` Wab SW\S a^ShWSZZS ;SbV]RS aSW\S` 9ZOaaS( 3` b`ÉUb X\\Ta ST] V[TXRWT] =P\T] fXT SXT :[PbbT aSZPab

E

3W\ 9]\ab`cYb]` VOb ZTX]T] A¶RZVPQTfTac ’ OcQV \WQVb ܝ‰a 2ORc`QV Wab S` ag\ bOYbWaQV PSa]\RS`a VS`d]`USV]PS\

E

3W\ 9]\ab`cYb]` YO\\ ^O`O[SbS`Z]a aSW\ ]RS` PSZWSPWUS >O`O[SbS` b`OUS\

!!

(

:[PbbT] d]S >QYTZcT

E

2S` /cT`cT RSa 9]\ab`cYb]`a [caa [Wb ^OaaS\RS\ >O`O[SbS`eS`bS\ S`T]ZUS\ 2S` /cT`cT T]ZUb abSba RW`SYb RS[ ™jÝ=^S`Ob]` 2S` 9]\ab`cYb]` eW`R d][ 8OdO AgabS[ PSW RS` =PXSYbS`hScUc\U OcTUS`cTS\ c\R Y][^ZSbb OPUSO`PSWbSb

E

ES\\ SW\S 9ZOaaS SW\S\ SWUS\S\ 9]\ab`cYb]` PSaWbhb ^O`O[SbS`Z]a ]RS` ^O`O[S bS`b`OUS\R a] abSVb RS` ^O`O[SbS`Z]aS AbO\RO`RY]\ab`cYbc` ]XRWc [SV` hc` DS` TºUc\U 0SW =PXSYbS`hScUc\U [caa RS` SWUS\S 9]\ab`cYb]` dS`eS\RSb eS`RS\

EW` dS`aSVS\ RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ [Wb SW\S[ ^O`O[Sb`WaWS`bS\ 9]\ab`cYb]` c\R `cTS\ WV\ W\ +jÁĝ™? [WbbSZa ™jÝ=^S`Ob]` OcT 7\\S`VOZP RSa 9]\ab`cYb]`Q]RW\Ua Wab SW\S >`ºTc\U SW\USPOcb( AW\\Z]aS \SUObWdS 5SVOZbaeS`bS eS`RS\ W\ ^]aWbWdS c[ USeO\RSZb 2S` /cT`cT RS` ;SbV]RS a?Íj™
ÖÄ~?Mj®¯ hSWUb ROaa RWS =PXSYbS RWS dWO 9]\ab`cYb]` [WbUSUSPS\S\ /bb`WPcbeS`bS bObaÉQVZWQV b`OUS\ W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W ‰™Í ¬jÁÄ!ÁÇ ¬ÖM‰W aÖMj ~j†?Í s ¤ååå±åÇ ÊÊ ‰™ ¬?Á?”jÍjÁÍÁ?~j™ajÁ ™ÄÍÁ֏͝Á] ÊÊ j‰™ -ÙW~?MjÝjÁÍ r ?ÖW† ™‰W†Í ܝ‰a uu ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ¬™^ aÖMj ~ ¯ P

™?”j s ™Ç

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~ ajÁ
ÍÍÁ‰MÖÍj

¬jÁÄ!Á s ¬™Ç ‰w® ~  å±å ¯ P ~j†?Í s ~Ç Q jÄj

ÊÊ +ÁÙw֙~

P ~j†?Í s ˆ~Ç Q

#±ÝÁ‰Íj™® ¹™ÄÍÁ֏͝Á aÖÁW†?Öwj™ wÙÁ ]¹ ¯Ç a?Íj™
ÖÄ~?Mj®¯Ç

ÊÊ

j͆aj ajÁ ?ÄÄj ?ÖwÁÖwM?Á

Q ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj®¯ P #±ÝÁ‰Íj™® ¹ ?Íj™ wÙÁ] ¹ ´ ™?”j ´ ¹ ]¹ ¯Ç #±ÝÁ‰Íj™® ¹+jÁĝ™?™Ö””jÁ] ¹ ´ ¬jÁÄ!Á ¯Ç #±ÝÁ‰Íj™® ¹j†?Í] ¹ ´ ~j†?Í ¯Ç Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ #MŽjÍjÁãjÖ~֙~]
ÖwÁÖwj ajÄ ™ÄÍÁ֏͝ÁÄ ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ ¤ÔÏ|^ Ïååå±å ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ yÉÈo^ |ååå±å ¯Ç

ÊÊ 7jÁÝj™aj™ ajÁ ™ÄÍ?™ãj™ ”¤±a?Íj™
ÖÄ~?Mj®¯Ç

”Ô±a?Íj™
ÖÄ~?Mj®¯Ç

(

:[PbbT] d]S >QYTZcT ÊÊ

!"

‰Í?ÁMj‰ÍjÁ ”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

ÊÊ j†jÁuu

Q Q

2O RWS 9ZOaaS \c\ SW\S\ SWUS\S\ ^O`O[Sb`WaWS`bS\ 9]\ab`cYb]` PSaWbhb [caa RWSaS` hc` =PXSYbS`hScUc\U dS`eS\RSb eS`RS\ 2S` ^O`O[SbS`Z]aS AbO\RO`RY]\ab`cYb]` abSVb \WQVb [SV` hc` DS`TºUc\U A][Wb eº`RS RS` 1][^WZS` RWS TSVZS`VOTbS 1]RShSWZS [Wb ^O`O[SbS`Z]aS[ 9]\ab`cYb]`OcT`cT hc`ºQYeSWaS\ 7\ RS` @SUSZ eS`RS\ RWS >O`O[SbS` RSa 9]\ab`cYb]`a US\cbhb c[ RWS /bb`WPcbS RSa =PXSYba [Wb aW\\d]ZZS\ Y]\aWabS\bS\ c\R Y]\b`]ZZWS`bS\ /\TO\UaeS`bS\ hc W\WbWOZWaWS `S\ 2OPSW eS`RS\ SdS\bcSZZ PS`SWba PSW RS` /bb`WPcbRSYZO`ObW]\ S`T]ZUbS 7\WbWOZWaWS `c\US\ ºPS`aQV`WSPS\ 9]\ab`cYb]`S\ Yr\\S\ >`ºTc\US\ c\R 0S`SQV\c\US\ S\bVOZ bS\ c\R RORc`QV Y]\aWabS\bS /bb`WPcbeS`bS UO`O\bWS`S\ 2c`QV SW\S\ 9]\ab`cYb]` USeW\\b SW\S 9ZOaaS :^]ca^[[T ºPS` RS\ 7\WbWOZhcabO\R WV`S` =PXSYbS



kHKXRGJKT JKX 1UTYZX[QZUXSKZNUJK

3W\S 9ZOaaS YO\\ \WQVb \c` SW\S\ a]\RS`\ Rc`QVOca \TWaTaT :^]bcadZc^aT] PSaWb hS\ 2O OZZS 9]\ab`cYb]`S\ RS\ V[TXRWT] =P\T] 9ZOaaS\O[S\ b`OUS\ [ºaaS\ aWS aWQV W\ Ch_ d]S^STa IPW[ XWaTa ?PaP\TcTa SW\RScbWU c\bS`aQVSWRS\ ;O\ a^`WQVb d][ ÎQTa[PST] STa :^]bcadZc^a\TcW^ST 2Oa ÍPS`ZORS\ RSa 9]\ab`cYb]`a Wab SW\S a^ShWSZ ZS /\eS\Rc\U RSa ÎQTa[PST]b e^] O`O[Sb`WaWS`c\U Wab W\ OZZS\ R`SW 4ÉZZS\ YZO` eSZQVS` 9]\ab`cYb]` OcTUS`cTS\ eW`R W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ÊÊ

¬ÖM‰W ‰™Í ¬jÁÄ!ÁÇ

¬ÖM‰W aÖMj ~j†?ÍÇ

j†ÁjÁj ™ÄÍÁ֏͝Áj™ ֙ÍjÁÄW†‰ja‰W†jÁ +?Á?”jÍÁ‰Ä‰jÁ֙~]

¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® ¯ P

™?”j s ¹ ֔”ß¹Ç

¬jÁÄ!Á s |Ȥ¤Ç

~j†?Í s ¤ååå±åÇ

#±ÝÁ‰Íj™® ¹™ÄÍÁ֏͝Á †™j +?Á?”jÍjÁ wÙÁ ¹ ´ ™?”j ¯Ç Q

!#

( ¬ÖM‰W

:[PbbT] d]S >QYTZcT

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ¬™ ¯ P

™?”j s ™Ç

¬jÁÄ!Á s ¬™Ç

~j†?Í s ¤ååå±åÇ

#±ÝÁ‰Íj™® ¹™ÄÍÁ֏͝Á ”‰Í Ô +?Á?”jÍjÁ™ wÙÁ ¹ ´ ™?”j ¯Ç Q ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ¬™^ aÖMj ~ ¯ P

™?”j s ™Ç

¬jÁÄ!Á s ¬™Ç

~j†?Í s ~Ç

#±ÝÁ‰Íj™® ¹™ÄÍÁ֏͝Á ”‰Í Ï +?Á?”jÍjÁ™ wÙÁ ¹ ´ ™?”j ¯Ç Q ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj® ¯ P #±ÝÁ‰Íj™® ¹ ?Íj™ wÙÁ] ¹ ´ ™?”j ´ ¹ ]¹ ¯Ç #±ÝÁ‰Íj™® ¹+jÁĝ™?™Ö””jÁ] ¹ ´ ¬jÁÄ!Á ¯Ç #±ÝÁ‰Íj™® ¹j†?Í] ¹ ´ ~j†?Í ¯Ç Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ
ÖwÁÖw ajÁ ÜjÁÄW†‰jaj™j™ ™ÄÍÁ֏͝Áj™ ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ ¤ÔÏ| ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ yÉÈo^ |ååå±å ¯Ç

ÊÊ 7jÁÝj™aj™ ajÁ ™ÄÍ?™ãj™ ”¤±a?Íj™
ÖÄ~?Mj®¯Ç

”Ô±a?Íj™
ÖÄ~?Mj®¯Ç

”ϱa?Íj™
ÖÄ~?Mj®¯Ç

Q Q

;SV`S` 9]\ab`cYb]`S\ W\ SW\S` 9ZOaaS abSZZS\ 9][T]`b Tº` RS\ DS`eS\RS` RS` 9ZOaaS RO` 0SW =PXSYbS`hScUc\U VOb [O\ RWS EOVZ( ;O\ YO\\ RS\ SW\TOQVabS\ 9]\ab`cYb]` \cbhS\ RS` VWS` RWS /bb`WPcbS OcT AbO\RO`ReS`bS aSbhb ]RS` OPS` RS\ Y][^ZWhWS`bS abS\ 9]\ab`cYb]` RS` RWS Y][^ZSbbS HcabO\RaW\T]`[ObW]\ d]`OcaaSbhb



1UTYZX[QZUXG[LX[LK SOZZKRY ͆‰Ä®¯

7[ 1]RW\U SW\Sa 9]\ab`cYb]`a ZP]] SW\ O\RS`S` 9]\ab`cYb]` [WbbSZa RS` d]`RSTW\WS` bS\ ͆‰Ä®¯;SbV]RS OcTUS`cTS\ eS`RS\ 2Ohc aW\R ͆‰Ä®¯ RWS S`T]`RS`ZWQVS\ >O `O[SbS`eS`bS Tº` RS\ 9]\ab`cYb]`OcT`cT [WbhcUSPS\ WfSZ\ c\R SW\S 6W\bS`U`c\RTO`PS 2WS /\UOPS\ Yr\\S\ UO\h ]RS` OcQV \c` bSWZeSWaS RS\ dS`aQVWSRS\S\ 9]\ab`cYb]`S\ [WbUSbSWZb eS`RS\(

(

:[PbbT] d]S >QYTZcT

!$

W?ÄÄ 8‰™aÝ P 8‰™aÝ® .ÍÁ‰™~ ͉͐j ¯ P ÊÊ ¤± ‰™w?W†ÄÍjÁ ™ÄÍÁ֏͝Á ͆‰Ä® ͉͐j^ Ïåå^ Ïåå^ Á±Ý†‰Íj ¯Ç Q ÊÊ Ô±”¬jÞjÁjÁ ™ÄÍÁ֏͝Á 8‰™aÝ® .ÍÁ‰™~ ͉͐j^ ‰™Í ݉a͆^ ‰™Í †j‰~†Í ¯ P ͆‰Ä® ͉͐j^ ݉a͆^ †j‰~†Í^ Á±Ý†‰Íj ¯Ç Q ÊÊ Ï±™ÄÍÁ֏͝Á wÙÁ ¹ Þ¬jÁÍj™¹ 8‰™aÝ® .ÍÁ‰™~ ͉͐j^ ‰™Í ݉a͆^ ‰™Í †j‰~†Í^ Á M~ ÖÁ ¯P ÊÊ +Á~Á?””‰jÁj™ ajÄ j™ÄÍjÁÄ ”‰ÍÍjÄ Ô.  ±±±±± Q W?ÄÄ 0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P 8‰™aÝ ݉™¤ s ™jÝ 8‰™aÝ® ¹j™ÄÍjÁ ¤¹ ¯Ç 8‰™aÝ ݉™Ô s ™jÝ 8‰™aÝ® ¹j™ÄÍjÁ Ô¹^ yåå^ Éåå ¯Ç 8‰™aÝ ݉™Ï s ™jÝ 8‰™aÝ® ¹j™ÄÍjÁ Ϲ^ yåå^ Éåå^ Ž?Ü?±?Ýͱ Á±Ája ¯Ç ÊÊ ±±±±±±±±± Q Q

DS`eS\RS` d]\ 8‰™aÝ VOPS\ RWS EOVZ( ES` [Wb AbO\RO`RU`rzS !f! >WfSZ c\R 6W\bS`U`c\RTO`PS ESWz hcT`WSRS\ Wab PS\ºbhb RS\ S`abS\ SW\TOQVS\ 9]\ab`cYb]` 2WS aS` \W[[b \c` RS\ BWbSZab`W\U S\bUSUS\ c\R `cTb [WbbSZa ͆‰Ä®¯ c\R d]`USUSPS\S\ ES`bS\ Tº` 4S\abS`U`rzS c\R 4O`PS RS\ R`WbbS\ Y][^ZSfSabS\ 9]\ab`cYb]` W\ RS[ RWS SWUS\bZWQVS >`]U`O[[WS`c\U RSa 4S\abS`a S`T]ZUS\ eº`RS ES` OZZS 3WUS\aQVOTbS\ RSa 4S\abS`a aSZPab PSabW[[S\ [rQVbS YO\\ RW`SYb [Wb RS[ Y][^ZSfSabS\ 9]\ab`cY b]` O`PSWbS\ PS\rbWUb ROhc XSR]QV 9S\\b\WaaS ºPS` RWS /EB4O`PYZOaaS\



=KXZHKRKM[TM JKX 'ZZXOH[ZK

2S\ /bb`WPcbS\ SW\Sa =PXSYba Yr\\S\ hc dS`aQVWSRS\S\ HSWbS\ RS` >`]U`O[[OcaTºV `c\U Y]\Y`SbS ES`bS hcUSeWSaS\ eS`RS\ eWS W\ T]ZUS\RS[ 0SWa^WSZ O\USRScbSb( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”j s ¹ ֔”ß¹Ç

ÊÊ =ÖÝj‰Ä֙~ ®¤¯

¬ÖM‰W aÖMj ~j†?Í s Ôååå±åÇ ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ®¯P #±ÝÁ‰Íj™® ¹0ÖÍ ™‰Þ¹ ¯Ç Q

¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~ ¯P

™?”j s ™Ç Q Q

~j†?Í s ~Ç

ÊÊ =ÖÝj‰Ä֙~ ®Ô¯

!%

(

:[PbbT] d]S >QYTZcT

W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

ÊÊ ”¤ ÍÁC~Í !?”j™ ֔”ß ”‰Í j†?Í Ôååå±å ‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ ÊÊ ”Ô ÍÁC~Í !?”j™ ”¤±™?”j s ¹ÖMjÁ¹Ç

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå±å ¯Ç

j‰jÁ ”‰Í j†?Í Ïååå±å ”¤±~j†?Í s |ååå±åÇ

ÊÊ =ÖÝj‰Ä֙~ ®Ï¯

ÊÊ ”¤ ÍÁC~Í ™Ö™ !?”j™ ÖMjÁ ”‰Í j†?Í |ååå±å Q Q

4]ZUS\RS >`]U`O[[abSZZS\ c\R HSWb^c\YbS RS` ES`bhceSWac\U SfWabWS`S\(  3W\S ES`bhceSWac\U Wab RW`SYb QTX 3TZ[PaPcX^] RS` /bb`WPcbS [rUZWQV 2WSaS eW`R PSW RS` =PXSYbS`hScUc\U ºPS`\][[S\ a]TS`\ aWS \WQVb Rc`QV HceSWac\US\ W\ \S`VOZP RSa 9]\ab`cYb]`a ºPS`aQV`WSPS\ eW`R   8\ :^]bcadZc^a Yr\\S\ RS\ /bb`WPcbS\ ES`bS hcUSeWSaS\ eS`RS\ 2OPSW eS` RS\ PSW RS` /bb`WPcbRSYZO`ObW]\ d]`US\][[S\S HceSWac\US\ ºPS`aQV`WSPS\ ! /cT RWS /bb`WPcbS RS` S`hScUbS\ =PXSYbS YO\\ RW`SYb ]RS` Rc`QV ;SbV]RS\OcT`c TS dS`É\RS`\R idVTVaXUUT] eS`RS\



kHKXRGJKT \UT 3KZNUJKTTGSKT

7\ 8OdO UWZb RWS @SUSZ ROaa OZZS W\\S`VOZP SW\Sa 0Z]QYa RSYZO`WS`bS\ O`O[SbS` Wab \WQVb Oca`SWQVS\R SPS\a]eS\WU eWS c\bS`aQVWSRZWQVS @ºQYUOPSbg^S\ 2Oa ÍPS`ZORS\ RSa 9]\ab`cYb]`a Wab SW\S a^ShW SZZS /\eS\Rc\U RWSaS` BSQV\WY 3W\S\ ;SbV]RS\\O[S\ hc ºPS`ZORS\ Wab aW\\d]ZZ eS\\ dS`aQVWSRS\S ;SbV]RS\ aS [O\bWaQV dS`eO\RbS =^S`ObW]\S\ Tº` dS`aQVWSRS\S 2ObS\bg^S\ PS`SWbabSZZS\ AbObb dS`aQVWSRS\S` ;SbV]RS\\O[S\ YO\\ RS`aSZPS OYSb Ž?Ü?±?™~ dS`eS\RSb ?͆±Á?™a”®¯ ZWSTS`b SW\S aÖMjHcTOZZahOVZ heWaQVS\  c\R  2WS ºPS`ZORS \S\ DO`WO\bS\ d]\ Á?™a®¯ ZWSTS`\ HcTOZZahOVZS\ W\ dS`aQVWSRS\S\ HOVZS\PS`SWQVS\( W?ÄÄ =Öw? P ¬ÖM‰W aÖMj Á?™a®¯ P ÊÊ ¤±7?Á‰?™Íj] aÖMjˆ=Öw?Äã?† ÁjÍÖÁ™ Q

?͆±Á?™a”®¯Ç

(

:[PbbT] d]S >QYTZcT

!&

¬ÖM‰W aÖMj Á?™a®aÖMj ‰”‰Í¯P ÊÊ Ô±7?Á‰?™Íj] aÖMjˆ=Öw?Äã?† ã݉ÄW†j™ å ֙a ‰”‰Í ÁjÍÖÁ™

?͆±Á?™a”®¯ J ‰”‰ÍÇ

Q ¬ÖM‰W ‰™Í Á?™a®‰™Í ‰”‰Í¯P ÊÊ Ï±7?Á‰?™Íj] ‰™Íˆ=Öw?Äã?† ã݉ÄW†j™ å ֙a ‰”‰Í ÁjÍÖÁ™ ®‰™Í¯®

?͆±Á?™a”®¯J®‰”‰Í ´ ¤¯ ¯Ç

Q Q W?ÄÄ =Öw?Ä0jÄÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P =Öw? ã s ™jÝ =Öw?®¯Ç

ÊÊ #MŽjÍ ajÁ ?ÄÄj =Öw?

#±ÝÁ‰Íj™® ¹=?† s ¹ ´ ã±Á?™a®¯ ¯Ç

ÊÊ ¤±7?Á‰?™Íj

#±ÝÁ‰Íj™® ¹=?† s ¹ ´ ã±Á?™a® ¤å±å ¯ ¯Ç

ÊÊ Ô±7?Á‰?™Íj

#±ÝÁ‰Íj™® ¹=?† s ¹ ´ ã±Á?™a® ¤å ¯ ¯Ç

ÊÊ Ï±7?Á‰?™Íj

ƝÁÍ Ä s yåÇ #±ÝÁ‰Íj™® ¹=?† s ¹ ´ ã±Á?™a® Ä ¯ ¯Ç

ÊÊ Ï±7?Á‰?™Íj

Q Q

2S` 1][^WZS` eÉVZb abSba RWS ;SbV]RS RS`S\ T]`[OZS >O`O[SbS` O[ PSabS\ hc RS\ OYbcSZZS\ >O`O[SbS`\ RSa ;SbV]RS\OcT`cTa ^OaaS\( 3\beSRS` RWS Bg^S\ abW[[S\ Sf OYb ºPS`SW\ ]RS` Sa eS`RS\ [rUZWQVab US`W\UTºUWUS S`ZOcPbS Bg^c[eO\RZc\US\ Rc`QVUSTºV`b( 2WSa Wab RS` 4OZZ PSW[ /cT`cT d]\ Á?™a®¯ [Wb SW\S` aV]`bDO`WOPZS\ 2S` 1][^WZS` TºV`b RWS Bg^c[eO\RZc\U ƝÁÍ.‰™Í Rc`QV c\R eÉVZb RS\ /cT`cT RS` !DO`WO\bS d]\ Á?™a®¯ /ZZS`RW\Ua [ºaaS\ RWS DS`VÉZb\WaaS Tº` RS\ 1][^WZS` SW\RScbWU aSW\ HeSWRScbWUYSW bS\ []\WS`b RS` 1][^WZS` [Wb S\ba^`SQVS\RS` 4SVZS`[SZRc\U 3W\S 9ZOaaS S\bVOZbS h0 RWS T]ZUS\RS\ PSWRS\ ºPS`aQV`WSPS\S\ DO`WO\bS\ SW\S` ;SbV]RS ?aa®¯( ܝ‰a ?aa® aÖMj a^ ‰™Í ‰ ¯ P ÊJ

7?Á‰?™Íj ¤

JÊ Q

ܝ‰a ?aa® ‰™Í ‰^ aÖMj a ¯ P ÊJ

7?Á‰?™Íj Ô

JÊ Q

2O\\ Wab RS`
!'

(



:[PbbT] d]S >QYTZcT

5HPKQZK GRY 6GXGSKZKX [TJ 8„IQMGHK]KXZK \UT 3KZNUJKT

2WS 2SYZO`ObW]\ SW\S` =PXSYbdO`WOPSZ\ UZSWQVb RS` 2SYZO`ObW]\ SW\S` DO`WOPZS\ ^`W[W bWdS\ 2ObS\bg^a 7[ 4OZZ RS` =PXSYbdO`WOPZS\ ºPS`\W[[b RWS 9ZOaaS RWS @]ZZS RSa 2O bS\bg^a 9ZOaaS\ abSZZS\ Y][^ZSfS ab`cYbc`WS`bS 2ObS\bg^S\ RO` A][Wb Yr\\S\ 9ZOaaS\ c\R WV`S =PXSYbS ÉV\ZWQV SW\USaSbhb eS`RS\ eWS SW\TOQVS 2O bS\bg^S\ 2Ohc USVr`b OcQV WV`S DS`eS\Rc\U W\ O\RS`S\ 9ZOaaS\ c\R W\ ;SbV]RS\( E

=PXSYbS Yr\\S\ OZa >O`O[SbS` d]\ ;SbV]RS\ dS`SW\PO`b c\R PSW[ ;SbV]RS\ OcT`cT O\ RWS ;SbV]RS ºPS`USPS\ eS`RS\

E

7\\S`VOZP d]\ ;SbV]RS\ Yr\\S\ =PXSYbS S`abSZZb c\R OZa @ºQYUOPSeS`b O\ RS\ /cT`cTS` hc`ºQYUSZWSTS`b eS`RS\

E

/bb`WPcbS SW\S` 9ZOaaS Yr\\S\ d][ Bg^ SW\S` O\RS`S\ 9ZOaaS aSW\



5HPKQZK GRY 3KZNUJKTVGXGSKZKX

=PXSYbS SW\S` 9ZOaaS Yr\\S\ OZa T]`[OZS ;SbV]RS\^O`O[SbS` W[ ;SbV]RS\Y]^T dS` SW\PO`b eS`RS\ 0SW[ /cT`cT RS` ;SbV]RS [ºaaS\ OZa OYbcSZZS >O`O[SbS` hcd]` W\ abO\hWWS`bS =PXSYbS RSa Y]``SYbS\ 9ZOaaS\bg^a ºPS`USPS\ eS`RS\ EWS PSW SW\TOQVS\ 2ObS\bg^S\ Wab OcQV VWS` Bg^Y][^ObWPWZbÉb UST]`RS`b Ag\bOYbWaQV S\ba^`WQVb ROa /` PSWbS\ [Wb =PXSYb^O`O[SbS`\ RS[ D]`USVS\ PSW ^`W[WbWdS\ 2ObS\bg^S\( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬ÖM‰W aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~ ¯ P

™?”j s ™Ç

~j†?Í s ~Ç

Q ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj®¯ P ÊJ ±±± JÊ Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W aÖMj aj†?Í®

‰Í?ÁMj‰ÍjÁ ”¤^

‰Í?ÁMj‰ÍjÁ ”Ô ¯P

aÖMj a‰wwjÁj™ã s ”¤±~j†?Í r ”Ô±~j†?ÍÇ ÁjÍÖÁ™

?͆±?MÄ® a‰wwjÁj™ã ¯Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”j‰jÁ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ôååå±å ¯Ç

‰Í?ÁMj‰ÍjÁ †ÖMjÁ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ Ïååå±å ¯Ç

aÖMj a s aj†?Í® ”j‰jÁ^ †ÖMjÁ ¯Ç #±ÝÁ‰Íj™® ¹j†?ÍÄa‰wwjÁj™ã s ¹ ´ a ¯Ç Q Q

(

:[PbbT] d]S >QYTZcT

!(

2WS 9ZOaaS >S`a]\OZ ec`RS c[ SW\S ;SbV]RS aj†?Í®¯ S`eSWbSb RS` heSW =PXSY bS d][ Bg^ ;WbO`PSWbS` ºPS`USPS\ eS`RS\ Yr\\S\ 2WS ;SbV]RS PS`SQV\Sb RS\ /P a]ZcbeS`b RS` 5SVOZbaRWTTS`S\h RS` PSWRS\ ;WbO`PSWbS` c\R ZWSTS`b RWSaS\ hc`ºQY 7\ RS` ;SbV]RS aj†?Í®¯ abSVS\ RWS ºPS`USPS\S\ =PXSYbS [Wb WV`S\ /bb`WPcbS\ c\R ;SbV]RS\ hc` DS`TºUc\U



5HPKQZK GRY 8„IQMGHK]KXZK

7\ ;SbV]RS\ Yr\\S\ =PXSYbS S`hScUb c\R O\ RS\ /cT`cTS` hc`ºQYUSUSPS\ eS`RS\ 2S` ;SbV]RS\Y]^T [caa RWS 9ZOaaS RSa =PXSYba OZa @ºQYUOPSbg^ \S\\S\ 8OdO=PXSYbS RWS W\ SW\S[ 0Z]QY O\USZSUb eS`RS\ aW\R [^ZP[ c\R OczS`VOZP RSa 0Z]QYa \WQVb d]`VO\RS\ 0SW ;SbV]RS\ YO\\ ROa W[ ;SbV]RS\Yr`^S` S`hScUbS =P XSYb XSR]QV hc`ºQYUSZWSTS`b c\R S\bUSUS\US\][[S\ eS`RS\ a] ROaa Sa W[ A^SWQVS` dS`PZSWPb C[ [Wb RS[ hc`ºQYUSZWSTS`bS\ =PXSYb O`PSWbS\ hc Yr\\S\ [caa PSW[ ;S bV]RS\OcT`cT OZa] SW\S HceSWac\U O\ SW\S =PXSYbdO`WOPZS RSa Y]``SYbS\ 9ZOaaS\bg^a S`T]ZUS\ /\RS`\TOZZa eº`RS ROa =PXSYb Oca RS[ A^SWQVS` USZraQVb EW` S`eSWbS`\ +jÁĝ™? c[ SW\S ;SbV]RS ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯ RWS OZZS \rbW US\ ES`bS OPT`OUb c[ SW\ \ScSa =PXSYb hc S`hScUS\ c\R hc`ºQYhcZWSTS`\( W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W aÖMj aj†?Í®

‰Í?ÁMj‰ÍjÁ ”¤^

‰Í?ÁMj‰ÍjÁ ”Ô ¯P

aÖMj a‰wwjÁj™ã s ”¤±~j†?Í r ”Ô±~j†?ÍÇ ÁjÍÖÁ™

?͆±?MÄ® a‰wwjÁj™ã ¯Ç

Q ¬ÖM‰W ÄÍ?͉W

‰Í?ÁMj‰ÍjÁ ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯ P

.ÍÁ‰™~ ™” s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹!?”j s ¹ ¯Ç aÖMj ~j s #±¬Á”¬Í
™a-j?a ÖMj® ¹j†?Í s ¹ ¯Ç ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ® ™”^ ~j ¯Ç

ÁjÍÖÁ™ ”Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯Ç ‰Í?ÁMj‰ÍjÁ ”Ô s ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯Ç ”¤±a?Íj™
ÖÄ~?Mj®¯Ç

”Ô±a?Íj™
ÖÄ~?Mj®¯Ç

Q Q

8OdO;SbV]RS\ Yr\\S\ VrQVabS\a SW\S\ ES`b [WbbSZa ÁjÍÖÁ™/\eSWac\U hc`ºQYUS PS\ 2OPSW YO\\ Sa aWQV c[ SW\S\ ^`W[WbWdS\ 2ObS\bg^ VO\RSZ\ ’ OPS` OcQV c[ SW\ =PXSYb A][Wb YO\\ SW\S 8OdO;SbV]RS W\RW`SYb R]QV SW\S DWSZhOVZ d]\ ES`bS\ UZSWQVhSWbWU hc`ºQYZWSTS`\( /ZZ RWSaS ES`bS Yr\\S\ W\ RS\ /bb`WPcbS\ SW\Sa S\ba^`S QVS\RS\ =PXSYba USa^SWQVS`b c\R RWSaS =PXSYb hc`ºQYUSZWSTS`b eS`RS\

"

(



:[PbbT] d]S >QYTZcT

5HPKQZK GRY 'ZZXOH[ZK

/Za /bb`WPcbS d]\ 9ZOaaS\ Yr\\S\ \WQVb \c` DO`WOPZS\ SW\TOQVS\ 2ObS\bg^a SW\USaSbhb eS`RS\ a]\RS`\ OcQV =PXSYbS O\RS`S` 9ZOaaS\ 7\ RS` A^`OQVS RS` =PXSYb]`WS\bWS `c\U a^WQVb [O\ d]\ 0bb^iXPcX^]( 7\\S`VOZP SW\S` 9ZOaaS eS`RS\ /bb`WPcbS d][ Bg^ O\RS`S` 9ZOaaS\ dS`eS\RSb /Za 0SWa^WSZ PSb`OQVbS\ eW` SW\S\ ;WbO`PSWbS` [Wb Y][^ZSfS`S` 5SVOZbaab`cYbc` 2Oa /bb`WPcb ~j†?Í RSa ;WbO`PSWbS`a Wab aSZPab SW\ =PXSYb d][ Bg^ RS` 9ZOaaS j†?Í RSaaS\ PSWRS /bb`WPcbS dS`aQVWSRS\S\ 5SVOZbaO\bSWZS\ S\ba^`SQVS\ W?ÄÄ j†?Í P ¬ÖM‰W aÖMj ~Á֙aj†?ÍÇ

¬ÖM‰W aÖMj ãÖÄW†?j~jÇ

¬ÖM‰W j†?Í® aÖMj ~~^ aÖMj ãÄ ¯P ~Á֙aj†?Í s ~~Ç

ãÖÄW†?j~j s ãÄÇ

Q Q W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬ÖM‰W j†?Í ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ j†?Í ~ ¯ P

™?”j s ™Ç

~j†?Í s ~Ç

Q ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj®¯ P #±ÝÁ‰Íj™® ¹ ?Íj™ wÙÁ] ¹ ´ ™?”j ´ ¹ ]¹ ¯Ç #±ÝÁ‰Íj™® ¹Á֙a~j†?Í] ¹ ´ ~j†?Í±~Á֙aj†?Í ¯Ç #±ÝÁ‰Íj™® ¹=ÖÄW†?~] ¹ ´ ~j†?Í±ãÖÄW†?j~j ¯Ç Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W

‰Í?ÁMj‰ÍjÁ ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯ P

.ÍÁ‰™~ ™” s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹!?”j s ¹ ¯Ç aÖMj ~Á֙a s #±¬Á”¬Í
™a-j?a ÖMj® ¹Á֙a~j†?Í s ¹ ¯Ç aÖMj ãÖÄW†?~ s #±¬Á”¬Í
™a-j?a ÖMj® ¹=ÖÄW†?j~j s ¹ ¯Ç j†?Í ~ja s ™jÝ j†?Í® ~Á֙a^ ãÖÄW†?~ ¯Ç ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ® ™”^ ~ja ¯Ç

ÁjÍÖÁ™ ”Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÖjÁ ‰Í?ÁMj‰ÍjÁ®¯Ç

(

:[PbbT] d]S >QYTZcT

"

”¤±a?Íj™
ÖÄ~?Mj®¯Ç Q Q

C[ SW\ ‰Í?ÁMj‰ÍjÁ=PXSYb hc S`hScUS\ [caa RS[ 9]\ab`cYb]` RS` 9ZOaaS ‰Íˆ ?ÁMj‰ÍjÁ OcQV SW\ hcd]` S`hScUbSa 5SVOZba]PXSYb ºPS`USPS\ eS`RS\ 2WSaSa eW`R RS` /bb`WPcb=PXSYbdO`WOPZS\ ~j†?Í d][ Bg^ j†?Í hcUSeWSaS\ 7\ RS` ;SbV]RS a?Íj™
ÖÄ~?Mj®¯ eW`R OcT RWS /bb`WPcbS ~Á֙aj†?Í c\R ãÖÄW†?j~j RSa j†?Í=PXSYba hcUSU`WTTS\ ;WbbSZa /aa]hWObW]\ Yr\\S\ W\ ºPS`aQVOcPO`S` c\R ab`cYbc`WS`bS` ESWaS Y][^ZSfS 2ObS\ c\R 4c\YbW]\aab`cYbc`S\ []RSZZWS`b eS`RS\



(KOYVOKRGT]KTJ[TM (GTQQUTZU

C[ RWS ]PXSYb]`WS\bWS`bS\ 9]\hS^bS hc S`ZÉcbS`\ eW`R SW\ 0O\YY]\b] []RSZZWS`b 2WS 9ZOaaS ™Í a]ZZ ºPS` bg^WaQVS /bb`WPcbS c\R ;SbV]RS\ dS`TºUS\( 3W\ 0O\Y Y]\b] aSW Rc`QV 0O\YZSWbhOVZ c\R 9]\b]\c[[S` 9]\b]W\VOPS` c\R 9]\b]abO\R US YS\\hSWQV\Sb =^bW[WabWaQVS`eSWaS USVS\ eW` ROd]\ Oca ROaa RS` 7\VOPS` HW\aS\ S`VÉZb a] ROaa SW\ HW\aaObh TSabUSZSUb Wab C[ [Wb RS[ 0O\YY]\b] O`PSWbS\ hc Yr\ \S\ a]ZZS\ ;SbV]RS\ hc[ 3W\hOVZS\ /PVSPS\ c\R OcQV hc` HW\aPS`SQV\c\U c\R HW\ahcaQVZOU d]`VO\RS\ aSW\ 2S` 9]\b]abO\R a]ZZ \WQVb \SUObWd eS`RS\ Rº`TS\ 4º` RWS 7\bS`OYbW]\ [Wb RS[ 0S\cbhS` SfWabWS`b SW\S aS^S`ObS 9ZOaaS
Í‰™ RWS W\ bS`\ RWS 9ZOaaS #±Ž?Ü? dS`eS\RSb 2S` 0S\cbhS` eW`R Rc`QV SW\ SW\TOQVSa 9]\a] ZS\[S\º hc OZZS\ [rUZWQVS\ =^S`ObW]\S\ USTºV`b 7\ RS` OcaTºV`PO`S\ 9ZOaaS ?™ eS`RS\ =PXSYbS RS` 9ZOaaS\ ™Í c\R
Í‰™ dS`eS\RSb c\R RS` /PZOcTTZcaa RS` /\eS\Rc\U TSabUSZSUb W?ÄÄ ™Í P

ÊÊ !‰W†Í?ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W ‰™Í ™Í!֔”jÁÇ

ÊÊ
ÍÍÁ‰MÖÍj]

¬ÖM‰W ‰™Í MãÇ ¬ÖM‰W .ÍÁ‰™~ ‰™†?MjÁÇ ¬ÖM‰W aÖMj Ä?aÇ ¬ÖM‰W w‰™? aÖMj ㉙Ä.?Íã s å±åÔyÇ ÊÊ ™ÄÍÁ֏͝Áj™] ¬ÖM‰W ™Í® ‰™Í ™^ ‰™Í Mã^ .ÍÁ‰™~ ™^ aÖMj Ä? ¯ P ÊÊ ™ÍÁj] ™ÍÄÍ?™a Mj‰”
™j~j™ ™‰W†Í ™j~?͉Ü] ™Í!֔”jÁ s ™Ç

Mã s MãÇ

‰™†?MjÁ s ™Ç

Ä?a s

?͆±?MÄ® Ä? ¯Ç

Q ¬ÖM‰W ™Í® ‰™Í ™^ ‰™Í Mã^ .ÍÁ‰™~ ™ ¯ P ͆‰Ä® ™^ Mã^ ™^ å±å ¯Ç Q

"!

( ÊÊ 8j‰ÍjÁj

:[PbbT] d]S >QYTZcT

j͆aj™]

¬ÖM‰W aÖMj j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P ÊÊ ™ÍÁj] MjÍÁ?~ ”ÖÄÄ ¬Ä‰Í‰Ü Äj‰™ Ä?a s Ä?a ´

?͆±?MÄ® MjÍÁ?~ ¯Ç

ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W aÖMj ?M†jMj™® aÖMj MjÍÁ?~ ¯ P ÊÊ ™ÍÁj] MjÍÁ?~ ¬Ä‰Í‰Üu ™ÍÄÍ?™a ™‰W†Í ™j~?͉Üu ‰w® Ä?a ˆ

?͆±?MÄ® MjÍÁ?~ ¯ ‘ å ¯

#±ÝÁ‰Íj™® ¹
M†jMjܝÁ~?™~ ™‰W†Í ” ~‰W†u¹ ¯Ç jÄj

Ä?a s Ä?a ´

?͆±?MÄ® MjÍÁ?~ ¯Ç

ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W aÖMj ㉙Äj™® ¯ P ÁjÍÖÁ™ Ä?a J ㉙Ä.?ÍãÇ Q ¬ÖM‰W aÖMj ㉙Ä=ÖÄW†?~® ¯ P Ä?a s Ä?a ´ ㉙Äj™® ¯Ç ÁjÍÖÁ™ Ä?aÇ Q Q W?ÄÄ
Í‰™ P

ÊÊ !‰W†Í?ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W
Í‰™® .ÍÁ‰™~ ͉Íj ¯P #±ÝÁ‰Íj™® ¹.Í?ÁÍ ajÁ
™Ýj™a֙~] ¹ ´ ͉Íj ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssssssssssssssss¹ ¯Ç Q ¬ÖM‰W ™Í ™Í
™j~j™® ¯ P #±ÝÁ‰Íj™® ¹
™j~j™ j‰™jÄ ™ÍÄ]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç .ÍÁ‰™~ ™” s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹™†?MjÁ s ¹ ¯Ç ‰™Í ™” s #±¬Á”¬Í
™a-j?a™Í® ¹™Í™Ö””jÁ s ¹ ¯Ç ‰™Í Mã?† s #±¬Á”¬Í
™a-j?a™Í® ¹ ã s ¹ ¯Ç aÖMj Đa s #±¬Á”¬Í
™a-j?a ÖMj® ¹
™w?™~ÄÄÍ?™a s ¹ ¯Ç ™Í  s ™jÝ ™Í® ™”^ Mã?†^ ™”^ Đa ¯Ç ÁjÍÖÁ™ Ç Q ¬ÖM‰W ‰™Í ”j™Öj®¯ P #±ÝÁ‰Íj™® ¹֙Í‰™Ä?ÖÄÝ?†]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹™Í ™jÖ ?™j~j™

s ¤¹ ¯Ç

#±ÝÁ‰Íj™® ¹ ‰™ã?†j™

s Ô¹ ¯Ç

(

:[PbbT] d]S >QYTZcT

""

#±ÝÁ‰Íj™® ¹
M†jMj™

s Ϲ ¯Ç

#±ÝÁ‰Íj™® ¹=‰™Äj™ ?ÖÄÄW†ÙÍÍj™

s |¹ ¯Ç

#±ÝÁ‰Íj™® ¹™Íj™a?Íj™ ?ÖÄ~jMj™ s y¹ ¯Ç ‰™Í ¬Í‰™ s #±¬Á”¬Í
™a-j?a™Í® ¹jÝٙÄW†Íj #¬Í‰™ s ¹ ¯Ç ÁjÍÖÁ™ ¬Í‰™Ç Q ¬ÖM‰W aÖMj ?MwÁ?~j®¯ P ÁjÍÖÁ™ #±¬Á”¬Í
™a-j?a ÖMj® ¹jÝٙÄW†ÍjÁ jÍÁ?~ s ¹ ¯Ç Q ¬ÖM‰W ܝ‰a ?ÖÄ~?Mj® aÖMj ÄÍ?™a ¯ P #±ÝÁ‰Íj™® ¹.Í?™a s ¹ ´ #±ÁÖ™a® ÄÍ?™a^ Ô ¯ ¯Ç Q ¬ÖM‰W ܝ‰a a?Íj™
ÖÄ~?Mj® ™Í  ¯ P #±ÝÁ‰Íj™® ¹
ÖÄ~?Mj ajÁ ™Ía?Íj™]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹™Í™†?MjÁ] ¹ ´ ±‰™†?MjÁ ¯Ç #±ÝÁ‰Íj™® ¹™Í™Ö””jÁ] ¹ ´ ±™Í!֔”jÁ ¯Ç #±ÝÁ‰Íj™® ¹ =] ¹ ´ ±Mã ¯Ç #±ÝÁ‰Íj™® ¹™ÍÄÍ?™a] ¹ ´ #±ÁÖ™a® ±Ä?a^Ô¯ ¯Ç #±ÝÁ‰Íj™® ¹=‰™ÄÄ?Íã ¹ ´ ±ã‰™Ä.?Íã ¯Ç Q ¬ÖM‰W Mj?™ wÁÍÄjÍãj™®¯ P ÁjÍÖÁ™ ®#±¬Á”¬Í
™a-j?a †?Á® ¹8j‰ÍjÁ ®Ž¯· ¹ ¯ ss ÀŽÀ¯Ç Q Q W?ÄÄ 0jÄÍ P

ÊÊ
ÖÄwنÁM?Áj ?ÄÄj

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í Ý?†Ç

aÖMj ?ÍÖj s å±åÇ


Í‰™ ?Í s ™jÝ
Í‰™® ¹™ÍwنÁ֙~¹ ¯Ç ™Í ¤ s ?Í±™Í
™j~j™®¯Ç ?Í±a?Íj™
ÖÄ~?Mj® ¤ ¯Ç a P Ý?† s ?Í±”j™Öj®¯Ç Ä݉ÍW†® Ý?† ¯ P W?Äj ¤] ¤ s ?Í±™Í
™j~j™®¯Ç MÁj?Ç W?Äj Ô] aÖMj M s ?Í±?MwÁ?~j®¯Ç

ÊÊ ?ÖÄwنÁ‰W†

"#

(

:[PbbT] d]S >QYTZcT

?ÍÖj s ¤±j‰™ã?†j™® M ¯Ç ?Í±?ÖÄ~?Mj® ?ÍÖj ¯Ç MÁj?Ç W?Äj Ï] ?ÍÖj s ¤±?M†jMj™® ?Í±?MwÁ?~j®¯ ¯Ç

ÊÊ ”¬?Í

?Í±?ÖÄ~?Mj® ?ÍÖj ¯Ç MÁj?Ç W?Äj |] ?Í±?ÖÄ~?Mj® ¤±ã‰™Ä=ÖÄW†?~®¯ ¯Ç MÁj?Ç W?Äj y] ?Í±a?Íj™
ÖÄ~?Mj® ¤ ¯Ç MÁj?Ç ajw?֐Í] #±ÝÁ‰Íj™® ¹j‰™j ~ِ͉~j #¬Í‰™u¹ ¯Ç Q Q݆‰j® ?Í±wÁÍÄjÍãj™®¯ ¯Ç Q Q

7\ /PPWZRc\U '# Wab RS` /cTPOc RS` 9ZOaaS ™Í c\R RWS ]PXSYb]`WS\bWS`bS Ab`cYbc` c\aS`S` /\eS\Rc\U W\ 4]`[ SW\Sa C;::^[[PQ^aPcX^]bSXPVaP\\b dS`RScbZWQVb 2WS 9ZOaaS\
Í‰™ ™Í ?™ c\R # O`PSWbS\ hcaO[[S\ 3a ZÉaab aWQV SW\S ^`W\ hW^WSZZS 0dUVPQT]cTX[d]V OPZSaS\( DS`aQVWSRS\S UPRW[XRWT ]RS` cTRW]XbRWT 4c\YbW] \S\ a]ZZS\ Rc`QV YZO` aS^O`WS`bS 9][^]\S\bS\ OPUSRSQYb eS`RS\ 2WS /PVÉ\UWUYSW bS\ heWaQVS\ RS\ 9][^]\S\bS\ a]ZZbS\ [W\W[OZ aSW\ IfTX P[[VT\TX]T 0aRWXcTZcda?aX]iX_XT] STb B^UcfPaT4]VX]TTaX]V) CaT]]d]V STa IdbcÊ]SXVZTXcT] AS^O`ObW]\ ]T 1]\QS`\a PSRScbSb ROaa XSRS SW\hSZ\S A]TbeO`SY][^]\S\bS SW\Sa Ucb ab`cYbc`WS`bS\ A]TbeO`SagabS[a SW\S\ YZO` RSTW\WS`bS\ /cTUOPS\PS`SWQV DS`O\be]`bZWQVYSWb HcabÉ\RWUYSWb VOb a] ROaa heWaQVS\ dS`aQVWSRS\S\ 9][^]\S\bS\ [rUZWQVab eS\WU ÍPS`ZO^^c\US\ S\babSVS\ 2Oa :^WÊbX^]bZaXcTaXd\ dS`ZO\Ub ROaa XSRS A]TbeO`SY][^]\S\bS TOQVZWQV hcaO[[S\USVr`WUS 4c\YbW]\OZWbÉb hc` DS`TºUc\U abSZZb a] ROaa W\\S` VOZP SW\S` 9][^]\S\bS YSW\S DS`[WaQVc\U dS`aQVWSRS\S` TOQVZWQVS` /cTUO PS\PS`SWQVS OcTb`Wbb 3`ab RWS YZO`S \WQVb`SRc\RO\bS /cTbSWZc\U RS` HcabÉ\RWUYSWbS\ S`[rUZWQVb RWS 0SVS``aQVc\U RS` 9][^ZSfWbÉb U`rzS`S` A]TbeO`SagabS[S 2S` 7[^ZS[S\bWS `c\UaOcTeO\R ZÉaab aWQV ^S`a]\SZZ c\R W\ 0ShcU OcT S`T]`RS`ZWQVS 9][^SbS\ hS\ SW\RScbWU dS`bSWZS\ c\OPVÉ\UWUS 7[^ZS[S\bWS`c\U Rc`QV A^ShWOZWabS\ AgabS[ObWaQVSa BSabS\ RS` 9][^]\S\bS\ Wab eSWbUSVS\R c\OPVÉ\UWU d]\SW\ O\RS` Rc`QVTºV`PO` 4SVZS`acQVS c\R EO`bc\U eS`RS\ Rc`QV >`]PZS[ 3W\U`S\hc\U OcT PSabW[[bS 9ZOaaS\ S`ZSWQVbS`b

(

:[PbbT] d]S >QYTZcT

"$

2WS TOQVZWQVS Ab`cYbc` SW\Sa 0O\YY]\b]a eW`R Rc`QV RWS 9ZOaaS ™Í []RSZZWS`b 2WS 9ZOaaS # dS`PW`Ub bSQV\WaQVS 2SbOWZa RS` 9]\a]ZS\SW\ c\R OcaUOPS\ 0S\cb hS`7\bS`OYbW]\ c\R 2ObS\DWacOZWaWS`c\U ºPS`\W[[b RWS 9ZOaaS
Í‰™ 2WS 9ZOaaS ?™ Y]\b`]ZZWS`b RWS HcaO[[S\O`PSWb RS` 9ZOaaS\ c\R `SUSZb RWS /PZOcTabScS`c\U W\\S`VOZP RS` 5SaO[bO\eS\Rc\U 2WS DS`bSWZc\U OcT dS`aQVWSRS\S 9ZOaaS\ [OU W\ RS[ YZSW\S\ >`]U`O[[ Yº\abZWQV S`aQVSW\S\ /PS` O\RScbc\UaeSWaS eW`R RORc`QV SW\ eWQVbWUSa /`QVWbSYbc`^`W\hW^ c[USaSbhb ROa <^ST[ EXTf 2^]ca^[[Ta >O`ORWU[O 2WSaSa aSbhb RWS 9`WbS`WS\ :^WÊbX^] c\R CaT]]d]V STa ETaP]cf^ac[XRWZTXcT] c[ eOa RWS b^UcfPaTcTRW]XbRWT @dP[XcÊc RScbZWQV dS`PSaaS`b <^ST[ EXTf 2^]ca^[[Ta <E2 Wab SW\ U`c\RaÉbhZWQVSa 3\bec`Ta[cabS` Rc`QV ROa RWS TOQVa^ShWTWaQVS\ HcaO[[S\VÉ\US d]\ WV`S` >`ÉaS\bObW]\ USb`S\\b eS`RS\ 3a PSabSVb Oca R`SW 9][^]\S\bS\ RWS aSZPab Rc`QV SW\S ]RS` [SV`S `S 9ZOaaS\ `SOZWaWS`b eS`RS\ I=3A"K( 2Oa <^ST[ S`TOaab RWS TOQVa^ShWTWaQVS\ h0 PSb`WSPaeW`baQVOTbZWQVS\ HcaO[ [S\VÉ\US RS` /\eS\Rc\U /\eS\Rc\UaZ]UWY ASW\S 9ZOaaS\ eS`RS\ OZa 4OQV ]RS` /\eS\Rc\UaYZOaaS\ PShSWQV\Sb /ZZS TOQVZWQVS\ HcaO[[S\VÉ\US c\R 9]\aWabS\haWQVS`c\US\ aW\R W\ RWSaS\ hcaO[[S\USTOaab 2Oa ;]RSZ dS` eOZbSb RS\ TOQVZWQVS\ 2ObS\PSabO\R 2WS EXTf RWS\b hc` 2ObS\RO`abSZZc\U >`ÉaS\bObW]\ c\R 2ObS\SW\UOPS dWO U`O TWaQVS` 0S\cbhS`]PS`TZÉQVS 2WS 7\bS`OYbW]\ RSa 0S\cbhS`a [Wb RS` DWSe 3`SWU \WaaS eS`RS\ d]\ RS` DWSe O\ RS\ 1]\b`]ZZS` eSWbS`USZSWbSb 2S` 2^]ca^[[Ta dS`O`PSWbSb RWS /\eS\RS`7\bS`OYbW]\ c\R Y]]`RW\WS`b ROa Hc aO[[S\a^WSZ d]\ ;]RSZ c\R DWSe 3` `cTb 4c\YbW]\S\ RS` DWSe hc` 2ObS\ RO`abSZZc\U OcT c\R dS`O\ZOaab ROa ;]RSZ aSW\S 2ObS\ hc OYbcOZWaWS`S\ 2WS R`SW 9][^]\S\bS\ eW`YS\ hcaO[[S\ 8SR]QV a]ZZbS ROa ;]RSZ WRSOZS` eSWaS c\OPVÉ\UWU d]\ RS\ O\RS`S\ 9][^]\S\bS\ PZSWPS\ Ò\RS`c\US\ O[ 1]\b`]ZZS` c\R O\ RS` DWSe a]ZZbS\ YSW\S Ò\RS`c\U O[ TOQVZWQVS\ ;]RSZ S` heW\US\ A][Wb RO`T Sa HcU`WTTS d]\ 1]\b`]ZZS` c\R DWSe OcT ROa ;]RSZ US PS\ \WQVb XSR]QV W\ c[USYSV`bS` @WQVbc\U( 2Oa ;]RSZ Tc\UWS`b OZa AS`dS` c\R `SOUWS`b \c` OcT /cT`cTS YS\\b XSR]QV 1]\b`]ZZS` c\R DWSe \WQVb

"%

(

1P]Z 1

SW\hOVZS\

:^]c^ ;

:[PbbT] d]S >QYTZcT

:^]c^ ^cPZWQ W\b hOSVZS`

[S\cS

^cPZWQ W\b \S\\S`

\Se 9]\b] BRWXRWcT] ) 0O\Y

0ZcX^] D

8>

0bb^iXPcX^] IdVaXUU

+ /YbW]\ + 7=

^cPZWQ 9]\b] W\b Y\ W\b Ph Ab`W\U \  ^cPZWQ 9]\b] W\b Y\ W\b Ph Ab`W\U \ R]cPZS aO  ^cPZWQ R]cPZS SW\hOVZS\ R]cPZS PSb`OU  ^cPZWQ R]cPZS OPVSPS\ R]cPZS PSb`OU  ^cPZWQ R]cPZS hW\aS\  ^cPZWQ R]cPZS hW\aHcaQVZOU 

0QQ ($) 0O\YO\eS\Rc\U [Wb ;D1 c\R AQVWQVbS\O`QVWbSYbc` 7\ c\aS` /\eS\Rc\U UWPb Sa HcU`WTTS RS` 1]\b`]ZZS`9ZOaaS ?™ OcT RWS 9ZOaaS\
Í‰™ ™Í c\R # HcU`WTTS RS` DWSe9ZOaaS
Í‰™ OcT ™Í c\R # OPS` ZTX]Ta[TX HcU`WTTS RS` ;]RSZ9ZOaaS ™Í OcT RWS 9ZOaaS\ ?™ c\R
Í‰™ A] [Wb VÉbbS\ Ó]STad]VT] O\ RS\ 9ZOaaS\ ?™ c\R
Í‰™ ZTX]Ta[TX 0dbfXaZd]VT] OcT RWS 9ZOaaS ™Í 7\aPSa]\RS`S eÉ`S OcQV SW\S OZbS`\ObWdS DWacOZWaWS`c\U c\R 0S\cbhS`W\bS`OYbW]\ Rc`QV 0dbcPdbRWT] RS` 9ZOaaS
Í‰™ XSRS`hSWb [rUZWQV 3W\hW US` `ºTc\US\ W\ RWS 9]\ab`cYb]`S\ c\R RWS ;S bV]RS\ j‰™ã?†j™®¯ c\R ?M†jMj™®¯ SW\USPOcb( 0SW[ /\ZSUS\ [OQVS\ \SUObWdS

(

:[PbbT] d]S >QYTZcT

"&

HOVZS\eS`bS YSW\S\ AW\\ RS` 9]\b]abO\R RO`T PSW[ /PVSPS\ \WQVb \SUObWd eS`RS\ PSW[ 3W\hOVZS\ c\R /PVSPS\ [caa [Wb `WQVbWUS\ D]`hSWQVS\ US`SQV\Sb eS`RS\ /ZZS`RW\Ua Yr\\bS SW\ PraeWZZWUS` DS`eS\RS` RS` 9ZOaaS 9]\b] RWSaS S\bUSUS\ c\ aS`S\ UcbS\ /PaWQVbS\ SW\aSbhS\( HeO` Y]``WUWS`S\ RWS 9]\ab`cYb]`S\ aW\\Z]aS 7\WbW OZeS`bS c\R Y]\b`]ZZWS`S\ a][Wb 7\bSU`WbÉb c\R 9]\aWabS\h RS` S`hScUbS\ =PXSYbS /PS` \WQVba VW\RS`b RS\ DS`eS\RS` RO`O\ ]PRW RS` Y]``SYbS\ 3`hScUc\U SW\Sa 9]\ b]=PXSYba RWS d]`VO\RS\S\ ;SbV]RS\ SW\TOQV hc WU\]`WS`S\ c\R RS[ =PXSYb Rc`QV SXaTZcT] 0ccaXQdcidVaXUU aW\\Z]aS ES`bS hchceSWaS\( ™Í  s ™jÝ ™Í® ¤¤¤¤^ Éåå|åå¤å^ ¹.W†”‰a͹^ ¤yåå±å ¯Ç

ÊÊ #

ÊÊ ?Ä ÄÍj ŽjaW† ÜjÁMÍj™ Äj‰™] ±Ä?a s ˆ¤åååå±åÇ

±™Í!֔”jÁ s ˆ|Ȥ¤Ç

±Mã s ˆšoÈÉy|Ç

=TTS\aWQVbZWQV `SWQVb PZ]zS 9]\b`]ZZS PSW =PXSYbS`hScUc\U \WQVb Oca EÉV`S\R aSW\S` USaO[bS\ :SPS\ahSWb a]ZZbS ROa =PXSYb d]` aS[O\bWaQV TOZaQVS\ 2ObS\ USaQVºbhb eS` RS\ 2Oa >`]PZS[ ZWSUb W\ RS` T`SWS\ HcU`SWTPO`YSWb RS` OZa ¬ÖM‰W RSYZO`WS`bS\ /b b`WPcbS /PVWZTS aQVOTTb ROa >`W\hW^ RS` TX]VTbRWaÊ]ZcT] BXRWcQPaZTXc c\R :P_bT[d]V ROa W\ 9O^WbSZ  S`ZÉcbS`b eW`R( 2c`QV 2SYZO`ObW]\ d]\ /bb`WPcbS\ c\R ;SbV]RS\ OZa ¬Á‰Ü?Íj Yr\\S\ RWSaS RS[ RW`SYbS\ HcU`WTT RSa DS`eS\RS`a S\bh]US\ eS`RS\ 0]\TaZd]V) 0S`SWba W\ /PPWZRc\U ' VOPS\ eW` RWS BcadZcda TX]Ta :[PbbT W\ O\US \ÉVS`bS` D<;=^cPcX^] O\USUSPS\ :[PbbT] eS`RS\ Rc`QV @SQVbSQYS RO`USabSZZb 7\ RWSaS Wab RS` O`O[SbS`\ \]bWS`b eS`RS\ 2O RWS C;: SW\S ^`]U`O[[WS`a^`OQVS\c\OPVÉ\UWUS <]bObW]\ dS`eS\RSb S\ba^`WQVb aWS \WQVb RS` 8OdOAg\bOf EW` eSWQVS\ QTfdbbc d]\ RS` ]TTWhWSZZS\ C;:<]bObW]\ OP c\R b`OUS\ /bb`WPcbS c\R ;SbV]RS\aWU\Obc`S\ W\ dS`b`OcbS` 8OdOAg\bOf SW\ /PPWZ Rc\U '$ abSZZb RWS <]bObW]\S\ SW\O\RS` USUS\ºPS`



5HPKQZUXOKTZOKXZKY 9ULZ]GXKKTMOTKKXOTM

2WS ]PXSYb]`WS\bWS`bS 6S`O\USVS\aeSWaS c\R ROa 9ZOaaS\Y]\hS^b S`[rUZWQVS\ SW\S agabS[ObWaQVS O`PSWbabSWZWUS A]TbeO`SS\beWQYZc\U W[ 5`]zS\ \OQV RS[ 9][^]\S\ bS\>`W\hW^ O\OZ]U hc[ D]`USVS\ RS` YZOaaWaQVS\ 7\US\WSc`aRWahW^ZW\S\ 2OPSW eW`R RWS 5SaO[bOcTUOPS W\ dWSZS c\OPVÉ\UWU d]\SW\O\RS` ZraPO`S BSWZO\T]`RS`c\US\ hS` ZSUb RWS Rc`QV SW\hSZ\S 9][^]\S\bS\ c\R RS`S\ 9ZOaaS\ c[USaSbhb eS`RS\ 2c`QV RWSaSa ab`cYbc`WS`bS B]^2]e\D]`USVS\ eW`R RWS 9][^ZSfWbÉb RSa >`]XSYba PS VS``aQVPO` 2Oa 5SaO[bagabS[ aSbhb aWQV aQVZWSzZWQV Oca 9ZOaaS\ [Wb YZO` RSTW\WS`bS\ /cTUOPS\ hcaO[[S\ ROa Y][^ZSfS 5O\hS S\babSVb Rc`QV HcaO[[S\eW`YS\ W\ aWQV SW\TOQVS` c\R ºPS`aQVOcPO`S` BSWZS 2c`QV DS`bSWZc\U OcT S\ba^`SQVS\RS 9ZOaaS\ TW\RSb SW\S B`S\\c\U aS[O\bWaQVTOQVZWQVS` c\R bSQV\WaQVS` /a^SYbS abObb

"'

(

:^]c^ ^cPZWQ W\b hOSVZS` ^cPZWQ W\b \S\\S`

:[PbbT] d]S >QYTZcT

:^]c^

:[PbbT /bb`WPcbS

 hOSVZS`( 7\bSUS`

;SbV]RS\

 \S\\S`( 7\bSUS`

^cPZWQ 9]\b] W\b Y\ W\b Ph Ab`W\U \ 

 9]\b] Y\( 7\bSUS` Ph( 7\bSUS` \( Ab`W\U 

^cPZWQ 9]\b] W\b Y\ W\b Ph Ab`W\U \

 9]\b] Y\( 7\bSUS` Ph( 7\bSUS` \( Ab`W\U

R]cPZS aO 

aO( 2]cPZS 

^cPZWQ R]cPZS SW\hOVZS\ R]cPZS PSb`OU 

 SW\hOVZS\ PSb`OU( 2]cPZS ( 2]cPZS

^cPZWQ R]cPZS OPVSPS\ R]cPZS PSb`OU 

 OPVSPS\ PSb`OU( 2]cPZS ( 2]cPZS

^cPZWQ R]cPZS hW\aS\ 

 hW\aS\ ( 2]cPZS

^cPZWQ R]cPZS hW\aHcaQVZOU 

 hW\aHcaQVZOU ( 2]cPZS

0QQ (%) 9ZOaaS\ab`cYbc` W\ 8OdOAg\bOf ZW\Ya c\R C;:<]bObW]\ `SQVba 2WSa S`ZSWQVbS`b ROa /`PSWbS\ W\ U`rzS`S\ BSO[a( HOVZ`SWQVS 3\beWQYZS` Yr\\S\ `SOZ bWd c\OPVÉ\UWU d]\SW\O\RS` O\ dS`aQVWSRS\S\ 9][^]\S\bS\ O`PSWbS\ ]V\S 2SbOWZa O\RS`S` 9][^]\S\bS\ YS\\S\ hc [ºaaS\ 8SRS RS` 9][^]\S\bS\ Wab aS^O`Ob d]\ OZZS\ O\RS`S\ bSabPO` \]QV PSd]` ROa 5SaO[bagabS[ ZOcTTÉVWU Wab D]` RS` 7[^ZS [S\bWS`c\U RS` /\eS\Rc\U abSVb XSR]QV SW\ USeWaaS\VOTbSa 2SaWU\ /`QVWbSYbc` S\bec`T [Wb YZO` RSTW\WS`bS\ 9ZOaaS\aQV\WbbabSZZS\ EÉV`S\R RS` SWUS\bZWQVS\ 7[^ZS [S\bWS`c\U VÉZb aWQV RS` /PabW[[c\Ua c\R 9][[c\WYObW]\aOcTeO\R RO\\ W\ 5`S\hS\ 3`eSWbS`c\US\ aW\R Rc`QV 6W\hc\OV[S eSWbS`S` 9ZOaaS\ [SWab [rUZWQV 4SVZS` aW\R OcT 9ZOaaS\ SW\S` PSabW[[bS\ 9][^]\S\bS SW\U`S\hPO` 7\ SbOPZWS`bS\ 7\US\WSc`aRWahW^ZW\S\ Wab RWSaSa D]`USVS\ PS`SWba B`ORWbW]\ EWQVbWU Wab RWS 9]\hS^bW]\ d]\ 9ZOaaS\ OZa 4X]WTXcT] STa FXTSTaeTafT]Sd]V 5cb S\be]`TS\S 9ZOaaS\ Yr\\S\ W\ O\RS`S\ /\eS\Rc\US\ W\ ]TdT] :^]cTgcT] ]V\S Ò\RS`c\U eWSRS`dS`eS\RSb eS`RS\ 2WSa eW`R W\ 8OdO Rc`QV ROa Ab`cYbc`WS`c\Ua Y]\hS^b RS` >OYSbS ^OQYOUS hcaÉbhZWQV c\bS`abºbhb aWSVS 9O^WbSZ # FXTSTaeTa fT]Sd]V YO\\ W[ A]TbeO`SPS`SWQV OcT heSW 3PS\S\ eW`YaO[ aSW\( E

FXTSTaeTafT]Sd]V e^] 4]cfdaUb\dbcTa] 2SaWU\ >ObbS`\a( /ZZUS[SW\S :r ac\US\ Tº` VÉcTWU OcTb`SbS\RS 3\bec`Ta^`]PZS[S eS`RS\ VWS`W\ PSaQV`WSPS\

E

FXTSTaeTafT]Sd]V e^] 3XT]bcT] AS`dWQSa( D]`USTS`bWUbS PS`SWba W[^ZS[S\ bWS`bS 9][^]\S\bS\ ]RS` A]TbeO`S0WPZW]bVSYS\ eS`RS\ W\\S`VOZP d]\ /\eS\ Rc\US\ SW\USaSbhb 7\ 8OdO eW`R RWSa Rc`QV RWS 9ZOaaS\ RSa 8 A29 ^`OYbWhWS`b

7[ 9ZSW\S\ PSb`SWPS\ eW` PS`SWba EWSRS`dS`eS\Rc\U( AbSba \cbhS\ eW` RWS AS`dWQS 9ZOaaS #±Ž?Ü? OZa c\OPVÉ\UWUS 9][^]\S\bS Tº` 3W\ /caUOPS]^S`ObW]\S\



5HPKQZUXOKTZOKXZK 1UT`KVZK

>`]TSaaW]\SZZS 3\beWQYZc\U Y][^ZSfS` A]TbeO`SagabS[S Wab \c` W\ BSO[O`PSWb [rU ZWQV 3\beWQYZS` abSZZS\ ROPSW /\eS\Rc\UaS\beWQYZS`\ 9][^]\S\bS\ hc` DS`TºUc\U A][Wb Wab RS` /cb]` SW\S` 9ZOaaS \WQVb c\PSRW\Ub WV` SWUS\bZWQVS` DS`eS\RS` /\ZWSUS\ RSa /cb]`a Wab XSR]QV abSba RWS Y]``SYbS `W\hW^ OcT ]PXSYb]`WS\bWS`bS A]TbeO`SagabS[S ºPS` b`OUS\( 2WS 2STW\WbW]\ YZO`S` DS`eS\Rc\UaBRW]XccbcT[[T] c\R ROa ETaQTaVT] :P_ bT[] OZZS` \WQVb Tº` RS\ RW`SYbS\ DS`eS\RS`hcU`WTT USSWU\SbS` 0SabO\RbSWZS RSa bSQV \WaQVS\ AgabS[a 2WSaSa 9O^WbSZ dS`RScbZWQVb RS\ 5SP`OcQV _aXePcTa 0ccaXQdcT d]S


6XO\GZK 'ZZXOH[ZK [TJ 3KZNUJKT

0WaZO\U VObbS\ eW` /bb`WPcbS c\R ;SbV]RS\ c\aS`S` 9ZOaaS\ abSba OZa ¬ÖM‰W RSYZO `WS`b /bb`WPcbS c\R ;SbV]RS\ Yr\\S\ XSR]QV OcQV OZa ¬Á‰Ü?Íj ]RS` ¬ÁÍjWÍja dS`SW\PO`b eS`RS\ 2WS 2SYZO`ObW]\S\ ¬ÖM‰W ¬Á‰Ü?Íj c\R ¬ÁÍjWÍja ZSUS\ RWS BXRWcQPaZTXc d]\ /bb`WPcbS\ c\R ;SbV]RS\ Tº` SW\S\ SfbS`\S\ HcU`WTT TSab RS` OczS`VOZP RSa 9ZOaaS\Q]RW\Ua S`T]ZUb 2WS 0SRScbc\U RS` AWQVbPO`YSWbaRSYZO`ObW]\ ¬ÁÍjWÍja YO\\ S`ab W[ HcaO[[S\VO\U [Wb DS`S`Pc\U c\R RS[ 8OdO >OYSbY]\hS^b S`ZÉcbS`b eS`RS\ 2OUSUS\ Yr\\S\ RWS 2SYZO`ObW]\S\ ¬ÖM‰W c\R ¬Á‰Ü?Íj PS`SWba O\ RWSaS` AbSZZS RWaYcbWS`b eS`RS\ /cT OZa ¬Á‰Ü?Íj RSYZO`WS`bS /bb`WPcbS c\R ;SbV]RS\ YO\\ d]\ PdvTaWP[Q RS` 9ZOa aS \WQVb hcUSU`WTTS\ eS`RS\( 3a Wab ]XRWc \»V[XRW ºPS` SW\ W\abO\hWWS`bSa =PXSYb ^`W dObS /bb`WPcbS c\R ;SbV]RS\ O\hca^`SQVS\ EW` RS[]\ab`WS`S\ RWSa O\ SW\S` `cRW [S\bÉ`S\ c\R dS`SW\TOQVbS\ DS`aW]\ RS` 9ZOaaS ™Í Oca 9O^WbSZ '( W?ÄÄ ™Í P ¬Á‰Ü?Íj ‰™Í ™Í!֔”jÁÇ

ÊÊ ¬Á‰Ü?Íj
ÍÍÁ‰MÖÍj]

¬Á‰Ü?Íj .ÍÁ‰™~ ‰™†?MjÁÇ ¬Á‰Ü?Íj aÖMj Ä?aÇ ¬Á‰Ü?Íj w‰™? aÖMj ㉙Ä.?Íã s å±åÔyÇ ¬ÖM‰W ™Í® ‰™Í ™^ .ÍÁ‰™~ ™^ aÖMj Ä? ¯ P

#

 ™Í!֔”jÁ s ™Ç Ä?a s

>QYTZc^aXT]cXTacT :^]iT_cT

‰™†?MjÁ s ™Ç

?͆±?MÄ® Ä? ¯Ç

Q ¬ÖM‰W aÖMj j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a ´

?͆±?MÄ® MjÍÁ?~ ¯Ç

ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W aÖMj ?M†jMj™® aÖMj MjÍÁ?~ ¯ P ÊJ p JÊ Q ¬Á‰Ü?Íj aÖMj ㉙Äj™®¯ P ÁjÍÖÁ™ Ä?a J ㉙Ä.?ÍãÇ

ÊÊ ¬Á‰Ü?Íj

j͆aj

ÊÊ ‰™ ?ÄÄj =Ö~Á‰ww jÁ?ÖMÍ

Q ¬ÖM‰W aÖMj ㉙Ä=ÖÄW†?~®¯ P Ä?a s Ä?a ´ ㉙Äj™®¯Ç

ÊÊ ‰™ ?ÄÄj =Ö~Á‰ww jÁ?ÖMÍ

ÁjÍÖÁ™ Ä?aÇ Q Q

AÉ[bZWQVS /bb`WPcbS c\R RWS ;SbV]RS ㉙Äj™®¯ ec`RS\ OZa ¬Á‰Ü?Íj RSYZO`WS`b 3W\ DS`eS\RS` RS` 9ZOaaS VOb \c` HcU`WTT OcT RWS ¬ÖM‰W 3ZS[S\bS RS` 9ZOaaS 2WSa eW`R Rc`QV RS\ 1][^WZS` ºPS`eOQVb( W?ÄÄ ?™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ™Í  s ™jÝ ™Í® ¹ÖMjÁ¹^ ¤ÔÏ|yÉÈ^ yååå±å ¯Ç ±j‰™ã?†j™® |åå±å ¯Ç

ÊÊ # r  wwj™Í‰W†j

±Ä?a s ¤ååå±åÇ

ÊÊ j†jÁ r ¬Á‰Ü?ÍjÄ
ÍÍÁ‰MÖÍ

#±ÝÁ‰Íj™® ±™Í!֔”jÁ ¯Ç

ÊÊ j†jÁ r ¬Á‰Ü?ÍjÄ
ÍÍÁ‰MÖÍ

aÖMj ã s ±ã‰™Äj™®¯Ç

ÊÊ j†jÁ r ¬Á‰Ü?Íj

j͆aj

j͆aj

Q Q

=TTS\aWQVbZWQV PSaWbhb RWS 9ZOaaS ™Í \c\ RSbOWZZWS`bS 9]\b`]ZZS ºPS` WV`S DS`eS\ Rc\U( 3W\S PSZWSPWUS ;O\W^cZObW]\ RS` /bb`WPcbeS`bS SW\Sa ™Í=PXSYba Wab \WQVb [SV` [rUZWQV SPS\a]eS\WU eWS RS` /cT`cT OZZS` ;SbV]RS\ 0Sb`OQVbS\ eW` a^ShWSZZ ROa ^`WdObS /bb`WPcb ™Í!֔”jÁ( 2WSaSa YO\\ \c` SW\[OZ Rc`QV 9]\ab`cYb]`OcT`cT RW`SYb PSW RS` =PXSYbS`hScUc\U [Wb SW\S[ ES`b PSZSUb eS`RS\ ’ RO\OQV Wab Sa \WQVb [SV` hcU`SWT c\R dS`É\RS`PO` faXcT ^]RTBT\P]cXZ /cT ^`WdObS /bb`WPcbS RO`T eSRS` aQV`SWPS\R ]^RW ZSaS\R hcUSU`WTTS\ eS`RS\ AbSba [caa SW\ HcU`WTT ºPS` RWS rTTS\bZWQVS\ 3ZS[S\bS RS` 9ZOaaS S`T]ZUS\ >`WdObS /bb`WPcbS c\R ;SbV]RS\ aW\R OczS`VOZP RSa 1]RW\Ua RS` 9ZOaaS \WQVb [SV` aWQVbPO` 2SaVOZP a^`WQVb [O\ d]\ TX]VTbRWaÊ]ZcTa BXRWcQPaZTXc >`WdObS 3ZS[S\bS SW\S` 9ZOaaS S`aQVSW \S\ RS[ SfbS`\S\ DS`eS\RS` eWS W\ SW\S` c\Rc`QVaWQVbWUS\ 9O^aSZ dS`P]`US\



>QYTZc^aXT]cXTacT :^]iT_cT

#

:P_bT[d]V PShSWQV\Sb ROa DS`PS`US\ PSabW[[bS` /bb`WPcbS c\R ;SbV]RS\ SW \S` 9ZOaaS Rc`QV 3W\aQV`É\Yc\U WV`S` SfbS`\S\ HcU`SWTPO`YSWb 8]]TaWP[Q RSa 1]RW\Ua RS` 9ZOaaS ™Í YO\\ \Obº`ZWQV a]e]VZ [Wb RS\ rTTS\bZW QVS\ OZa OcQV RS\ ^`WdObS\ /bb`WPcbS\ c\R ;SbV]RS\ RS` 9ZOaaS USO`PSWbSb eS`RS\ 7\aPSa]\RS`S Yr\\S\ OZZS ;SbV]RS\ h0 RS` 9]\ab`cYb]` SW\S` 9ZOaaS W\ WV`S[ 1]RW\U aQV`SWPS\R c\R ZSaS\R OcT OZZS /bb`WPcbS rTTS\bZWQVS c\R ^`WdObS hcU`SWTS\ /ZZUS[SW\ UWZb Tº` RWS BXRWcQPaZTXcT]( ¬ÖM‰W) HcU`WTT OcT ^cPZWQ/bb`WPcbS c\R ;SbV]RS\ Wab S`ZOcPb X]]TaWP[Q RSa 1]RW\Ua RS` 9ZOaaS W\bS`\S` HcU`WTT d]S PdRW d]\ PdvTaWP[Q RS` 9ZOaaS Rc`QV P]STaT 9ZOaaS\ Phe DS`eS\RS` SfbS`\S` HcU`WTT ¬Á‰Ü?Íj) HcU`WTT OcT ^`WdObS /bb`WPcbS c\R ;SbV]RS\ Wab ]da [rUZWQV X]]Ta WP[Q RSa 1]RW\Ua RS` 9ZOaaS aSZPab W\bS`\S` HcU`WTT ]XRWc PQTa d]\ OczS` VOZP RS` 9ZOaaS Rc`QV P]STaT 9ZOaaS\ Phe DS`eS\RS` SfbS`\S` HcU`WTT 7\ RS\ rTTS\bZWQVS\ ;SbV]RS\ RS` 9ZOaaS ™Í eS`RS\ >O`O[SbS` \WQVb SW\TOQV O\ RWS /bb`WPcbS Rc`QVUS`SWQVb a]\RS`\ Sa Wab [rUZWQV aS[O\bWaQV TOZaQVS ES`bS hc `ºQYhceSWaS\ Phe hc Y]``WUWS`S\ /cT RWSaS ESWaS aQVºbhb RWS 9ZOaaS WV`S\ 2ObS\ PSabO\R /bb`WPcbS d]` W\Y]\aWabS\bS\ ES`bS\ c\R UO`O\bWS`b RSaaS\ 7\bSU`WbÉb ATVT[) /\ SW\S` 9ZOaaS a]ZZbS\ ]da SXTYT]XVT] /bb`WPcbS c\R ;SbV]RS\ ^cPZWQ aSW\ OcT RWS c\PSRW\Ub d]\ OczS\ hcUSU`WTTS\ eS`RS\ [caa ;SWab Wab Sa XS R]QV aW\\d]ZZ P[[T /bb`WPcbS OZa ¬Á‰Ü?Íj hc RSYZO`WS`S\ :P_bT[d]V STb Id bcP]Sb c\R RS[ DS`eS\RS` \c` HcU`WTT OcT c\PSRW\Ub S`T]`RS`ZWQVS ;SbV] RS\ hc USPS\ 2S` HcU`WTT OcT RWS ^`WdObS\ /bb`WPcbS S`T]ZUb RO\\ \c` W\RW`SYb ºPS` rTTS\bZWQVS ;SbV]RS\ RWS RWSaS\ HcU`WTT Y]\b`]ZZWS`S\ 0]\TaZd]V) 7\ 8OdO Wab ¬ÖM‰W `dPbX X\_[XiXcTa 2STOcZb 3`T]ZUb YSW\S Sf^ZWhWbS ¬ÖM‰W2SYZO`ObW]\ a] Wab ROa PSb`STTS\RS 3ZS[S\b rTTS\bZWQV hcU`SWTPO` 0SW RS` 2WaYcaaW]\ RSa >OYSbY]\hS^ba [ºaaS\ eW` RWSa XSR]QV ^`ÉhWaS` T]`[cZWS`S\ 7\ D<;=^cPcX^] eS`RS\ W\ RS` 9ZOaaS\PSaQV`SWPc\U RWS Ag[P]ZS  Tº` ^cPZWQ w Tº` ^`WdObS c\R  Tº` ^`]bSQbSR dS`eS\RSb



9KZ [TJ -KZ3KZNUJKT

ES`RS\ /bb`WPcbS SW\S` 9ZOaaS OZa ¬Á‰Ü?Íj RSYZO`WS`b c\R [rQVbS RWS 9ZOaaS RS\ \]QV hcZOaaS\ /bb`WPcbeS`bS OPhcT`OUS\ Phe /bb`WPcbS\ ES`bS hchceSWaS\ a] [ºa aS\ ROTº` S\ba^`SQVS\RS rTTS\bZWQVS ;SbV]RS\ hc` DS`TºUc\U abSVS\ 3W\ RW`SYbS` HcU`WTT OcT ^`WdObS /bb`WPcbS Wab \WQVb S`ZOcPb a][Wb TºV`b YSW\ ESU O\ RS` DS`eS\ Rc\U RS` PS`SWbabSVS\RS\ rTTS\bZWQVS\ ;SbV]RS\ d]`PSW 7\ RS` 0SWa^WSZYZOaaS ™Í a]ZZ Sa OcQV \OQV /\ZSUS\ RSa 9]\b]=PXSYba [rUZWQV aSW\ RWS 9]\b]\c[[S` hc É\RS`\ e]PSW RWS 9]\b]\c[[S` SW\S aWSPS\abSZZWUS HOVZ ]V\S TºV`S\RS
#!



>QYTZc^aXT]cXTacT :^]iT_cT

W?ÄÄ ™Í P ¬Á‰Ü?Íj ‰™Í ™Í!֔”jÁÇ

ÊÊ ¬Á‰Ü?Íj
ÍÍÁ‰MÖÍj]

¬Á‰Ü?Íj .ÍÁ‰™~ ‰™†?MjÁÇ ¬Á‰Ü?Íj aÖMj Ä?aÇ ¬Á‰Ü?Íj w‰™? aÖMj ㉙Ä.?Íã s å±åÔyÇ ¬ÖM‰W ™Í® ‰™Í ™^ .ÍÁ‰™~ ™^ aÖMj Ä? ¯P Äj͏™Í!֔”jÁ® ™ ¯Ç Ä?a s

‰™†?MjÁ s ™Ç

?͆±?MÄ® Ä? ¯Ç

Q ¬ÖM‰W ܝ‰a Äj͝™Í!֔”jÁ® ‰™Í ™Á ¯ P ‰w® ™Á s ¤åååååå FF ™Á ‘s ššššššš ¯ jÄj

™Í!֔”jÁ s ™ÁÇ

#±ÝÁ‰Íj™® ¹2™~ِ͉~j ™Í™Ö””jÁ¹ ¯Ç

Q ¬ÖM‰W ‰™Í ~j͝™Í!֔”jÁ®¯ P ÁjÍÖÁ™ ™Í!֔”jÁÇ Q ¬ÖM‰W ‰™Í ~jÍ.?a®¯ P ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W aÖMj j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a ´

?͆±?MÄ® MjÍÁ?~ ¯Ç

ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W aÖMj ?M†jMj™® aÖMj MjÍÁ?~ ¯ P ‰w® Ä?a ˆ

?͆±?MÄ® MjÍÁ?~ ¯ ‘ å ¯

#±ÝÁ‰Íj™® ¹
M†jMjܝÁ~?™~ ™‰W†Í ” ~‰W†u¹ ¯Ç jÄj

Ä?a s Ä?a ´

?͆±?MÄ® MjÍÁ?~ ¯Ç

ÁjÍÖÁ™ Ä?aÇ Q ¬Á‰Ü?Íj aÖMj ㉙Äj™®¯ P

ÊÊ ¬Á‰Ü?Íj

j͆aj

ÁjÍÖÁ™ Ä?a J ㉙Ä.?ÍãÇ Q ¬ÖM‰W aÖMj ㉙Ä=ÖÄW†?~® ¯ P Ä?a s Ä?a ´ ㉙Äj™® ¯Ç ÁjÍÖÁ™ Ä?aÇ Q Q

2WS 9][PW\ObW]\ Oca _aXePcT\ 0ccaXQdc c\R »UUT]c[XRWT] IdVaXUUb\TcW^ST] a]ZZ RWS 7\bSU`WbÉb RSa /bb`WPcbeS`ba USeÉV`ZSWabS\( 2WS /bb`WPcbS RS` 9ZOaaS ™Í aW\R ^`W dOb SW\ RW`SYbS` HcU`WTT RO`OcT Wab \WQVb [rUZWQV 2S` DS`eS\RS` [caa RWS rTTS\bZW



>QYTZc^aXT]cXTacT :^]iT_cT

#"

QVS\ ;SbV]RS\ dS`eS\RS\( 2WS ;SbV]RS Äj͝™Í!֔”jÁ®¯ aSbhb RWS @SUSZ Tº` UºZbWUS 9]\b]\c[[S`\ Rc`QV ’ \c` aS[O\bWaQV Y]``SYbS ES`bS eS`RS\ O\ ROa /bb`W Pcb ™Í!֔”jÁ Rc`QVUS`SWQVb 3W\ DS`eS\RS` RS` 9ZOaaS ™Í YO\\ a][Wb YSW\S c\Y]``SYbS\ 9]\b]\c[[S`\ dS`USPS\ RO O\ RS` ;SbV]RS Äj͝™Í!֔ˆ ”jÁ®¯ YSW\ ESU d]`PSW TºV`b ’ PS`SWba X]]TaWP[Q RSa 9]\ab`cYb]`a eW`R aWS hc` 7\ WbWOZWaWS`c\U RSa /bb`WPcba ™Í!֔”jÁ dS`eS\RSb `ºTc\US\ W[^ZS[S\bWS`b aSW\ c[ Y]``SYbS 2ObS\ eS`bS c\R 2ObS\T]`[ObS hc UO`O\bWS`S\ 6Tc`]U`O[[ dS`bSWZb( E

2S` :^]bcadZc^a UO`O\bWS`b ROaa \OQV RS` =PXSYbS`hScUc\U RWS /bb`WPcbS RSa =PXSYba [Wb aW\\d]ZZS\ ES`bS\ W\WbWOZWaWS`b aW\R

E

ÎTTS\bZWQVS BTc
7\ /PPWZRc\U  Wab RWS Z]UWaQVS Ab`cYbc` SW\Sa =PXSYba aYWhhWS`b( 3W\ ^`WdObS` 9S`\ Wab d]\ SW\S` rTTS\bZWQVS\ 6ºZZS c[USPS\ RWS RS\ HcU`WTT OcT RS\ 9S`\ Y]\b`]ZZWS`b DS`eS\RS` RSa =PXSYba VOPS\ HcU`WTT \c` ºPS` RWS rTTS\bZWQVS 6ºZZS eÉV`S\R RWS ^`WdObS\ 3ZS[S\bS RSa 9S`\a \c` RS[ =PXSYb aSZPab RW`SYb hc` DS`TºUc\U abSVS\ 2Oa HcaO[[S\a^WSZ d]\ ASb c\R 5Sb;SbV]RS\ a]ZZ Rc`QV SW\S `cRW[S\bÉ`S 9ZOaaS ‰Á dS`RScbZWQVb eS`RS\( EW` aW[cZWS`S\ SW\ 5W`]Y]\b] Oca RS` HSWb d]` RS` ]TTWhW SZZS\ 3c`]3W\TºV`c\U 2S` 0SaWbhS` RSa 9]\b]a dS`eS\RSb \]QV 2; OZa EÉV`c\U eÉV`S\R 0O\YW\bS`\ PS`SWba W\ 3c`] US`SQV\Sb eW`R 2WS ASb;SbV]RS\ j‰™ã?†ˆ j™®¯ c\R ?M†jMj™®¯ \SV[S\ 2;0Sb`ÉUS S\bUSUS\ c\R ZWSTS`\ RWSaS OcT heSW 9][[OabSZZS\ US`c\RSb hc`ºQY eÉV`S\R RS` 9]\b]abO\R W\bS`\ W\ 3c`] c[US`SQV

##



>QYTZc^aXT]cXTacT :^]iT_cT

\Sb c\R dS`eOZbSb eW`R 2WS `SW\S 5Sb;SbV]RS ~jÍ.?a®¯ ZSWabSb Rc`QV C[`SQV \S\ c\R @c\RS\ [SV` OZa PZ]zSa Hc`ºQYZWSTS`\ RSa ^`WdObS\ /bb`WPcbeS`ba Ä?a ÏUUT]c[XRWT 7¶[[T

>QYTZc W?ÄÄ ™Í P

ASb;SbV]RS

ASb;SbV]RS

¬Á‰Ü?Íj

?aXePcTa

0ccaXQdcT

5Sb;SbV]RS

:Ta]

¬ÖM‰W Q

5Sb;SbV]RS

0QQ  ) 9O^aSZc\U c\R HcU`WTTaY]\b`]ZZS Rc`QV SW\USaQV`É\YbS AWQVbPO`YSWb W?ÄÄ ‰Á P ¬Á‰Ü?Íj ‰™Í ™Í!֔”jÁÇ

ÊÊ ¬Á‰Ü?Íj
ÍÍÁ‰MÖÍj]

¬Á‰Ü?Íj .ÍÁ‰™~ ‰™†?MjÁÇ ¬Á‰Ü?Íj aÖMj Ä?aÇ

ÊÊ ™ÍÄÍ?™a ‰™ ÖÁ

¬Á‰Ü?Íj aÖMj ÖÁÄ s ¤±šyyoÏÇ

ÊÊ ÖÁˆ ˆÖÁÄ

¬ÖM‰W ™Í® ‰™Í ™^ .ÍÁ‰™~ ™^ aÖMj Ä? ¯ P ™Í!֔”jÁ s ™Ç

‰™†?MjÁ s ™Ç

Ä?a s Ä? Ê ÖÁÄÇ

ÊÊ ™ÍjÁ™ ‰™ ÖÁ

Q ¬ÖM‰W ‰™Í ~jÍ.?a®¯ P ÁjÍÖÁ™ #±ÁÖ™a® Ä?a J ÖÁÄ^ Ô ¯Ç

ÊÊ ÞÍjÁ™ ‰™

Q ¬ÖM‰W aÖMj j‰™ã?†j™® aÖMj a” jÍÁ?~ ¯ P Ä?a s Ä?a ´ a” jÍÁ?~ Ê ÖÁÄÇ

ÊÊ ™ÍjÁ™ ‰™ ÖÁ

ÁjÍÖÁ™ #±ÁÖ™a® Ä?a J ÖÁÄ^ Ô ¯Ç

ÊÊ ÞÍjÁ™ ‰™

Q ¬ÖM‰W aÖMj ?M†jMj™® aÖMj a” jÍÁ?~ ¯ P

Q Q

Ä?a s Ä?a ´ MjÍÁ?~ Ê ÖÁÄÇ

ÊÊ ™ÍjÁ™ ‰™ ÖÁ

ÁjÍÖÁ™ #±ÁÖ™a® Ä?a J ÖÁÄ^ Ô ¯Ç

ÊÊ ÞÍjÁ™ ‰™



>QYTZc^aXT]cXTacT :^]iT_cT



#$

9INTOZZYZKRRKT

2WS rTTS\bZWQVS\ /bb`WPcbS c\R ;SbV]RS\ SW\Sa =PXSYba aW\R RW`SYb hcU`SWTPO` c\R `S^`ÉaS\bWS`S\ RWS TgcTa]T BXRWc RSa DS`eS\RS`a OcT ROa =PXSYb >`WdObS /bb`WPcbS c\R ;SbV]RS\ aW\R \c` W\\S`VOZP RSa 9ZOaaS\Q]RW\Ua hcU`SWTPO` c\R abSZZS\ RWS X] cTa]T BXRWc RS` 9ZOaaS RO` 2c`QV RWS 9O^aSZc\U RS` \WQVbrTTS\bZWQVS\ 3ZS[S\bS eS`RS\ OZZS ^`WdObS\ 2SbOWZa d]` RS[ DS`eS\RS` dS`P]`US\ 2OUSUS\ Wab Rc`QV RWS rTTS\bZWQVS\ 3ZS[S\bS RS` 9ZOaaS RS`S\ BRW]XccbcT[[T RSTW\WS`b( 2WS BRW]XccbcT[[T SW\S` 9ZOaaS c\R WV`S` =PXSYbS Wab RWS 5SaO[bVSWb WV`S` rT TS\bZWQVS\ 3ZS[S\bS RV OZZS SfbS`\ hcU`SWTPO`S\ rTTS\bZWQVS\ /bb`WPcbS c\R ;SbV]RS\ ÍPS` RWSaS Sf^]\WS`bS AQV\WbbabSZZS Yr\\S\ DS`eS\RS` [Wb RS` 9ZOaaS c\R WV`S\ =PXSYbS\ W\bS`OUWS`S\ 2WS AQV\WbbabSZZS PSaQV`SWPb eSZQVS 4c\YbW]\OZWbÉb RWS 9ZOaaS \OQV OczS\ hc` DS`TºUc\U abSZZb 2S` DS`eS\RS` SW\S` 9ZOaaS PS\rbWUb \c` 9S\\b\Wa ºPS` RWS rTTS\bZWQVS AQV\WbbabSZZS RS` 9ZOaaS c[ RS`S\ 4c\YbW]\OZWbÉb SW\aSbhS\ hc Yr\\S\ 3W\aWQVb W\ RWS 7[^ZS[S\ bWS`c\U RS` 9ZOaaS Wab \WQVb S`T]`RS`ZWQV OcT ^`WdObS ;SbV]RS\ c\R 2ObS\ab`cYbc`S\ RO`T \WQVb hcUSU`WTTS\ eS`RS\ 2WS ^`]U`O[[bSQV\WaQVS @SOZWaObW]\ RS` ;SbV]RS\ Tc\YbW]\OZWbÉb Wab RS`S\ W\bS`\Sa 5SVSW[\Wa c\R eW`R Rc`QV RWS AQV\WbbabSZZS \WQVb ^`SWaUSUSPS\ Tc\YbW]\OZS /Pab`OYbW]\ 3a Yr\\S\ hcRS[ ^`WdObS 6WZTa[SbV]RS\ d]`VO\RS\ aSW\ RWS \WQVb W\ RS` AQV\WbbabSZZS S`aQVSW\S\ ;Wb RS[ AQV\WbbabSZZS\Y]\hS^b eW`R SW\ eWQVbWUSa c\R PSeÉV`bSa X]VT]XTdabcTRW]X bRWTb 3TbXV]_aX]iX_ OcT ROa A]TbeO`S 3\UW\SS`W\U ºPS`b`OUS\( C[ hc UO`O\bWS`S\ ROaa bSQV\WaQVS 9][^]\S\bS\ Rc`QV WV`S DS`eS\RS` Y]``SYb c\R TSVZS`T`SW dS`eS\ RSb eS`RS\ a]ZZS\ RWS DS`eS\RS` [Wb RS` 9][^]\S\bS ºPS` SW\S [rUZWQVab SW\TO QVS YZO`S c\R aQVZO\YS AQV\WbbabSZZS W\bS`OUWS`S\ VW\bS` RS` RWS W\bS`\S bSQV\WaQVS 9][^ZSfWbÉb dS`P]`US\ PZSWPb 2S` 0S\cbhS` a]ZZ \c` [Wb RS\ hc` `W\hW^ ZÉaab aWQV OcT 9ZOaaS\ ºPS`b`OUS\( AQV\WbbabSZZS\ d]\ 9ZOaaS\ a]ZZbS\ bRW[P]Z USVOZbS\ eS`RS\ HWSZ Wab \PgX\P[T :P_bT[d]V c\R a][Wb SW\S \X]X\P[T BRW]XccbcT[[T W[ 3W\YZO\U [Wb RS\ /cTUOPS\ RS` 9ZOaaS W\\S`VOZP RS` 5SaO[bO\eS\Rc\U BSQV\WaQVS 9][^ZSfW bÉb a]ZZ \WQVb Sf^]\WS`b eS`RS\ /bb`WPcbS a]ZZbS\ Rc`QV SW\ 5Sb ]RS` heSW

#%



>QYTZc^aXT]cXTacT :^]iT_cT

ASb  5Sb HcU`WTTa[SbV]RS\ USYO^aSZb eS`RS\ OPVÉ\UWU ROd]\ ]P RWS /b b`WPcbS \c` USZSaS\ ]RS` OcQV USaQV`WSPS\ eS`RS\ Yr\\S\ 3W\S 9ZOaaS YO^aSZb /bb`WPcbS c\R ;SbV]RS\ c\R abSZZb \c` ºPS` WV`S rTTS\bZWQVS AQV\WbbabSZZS 2WS\abZSWabc\US\ OZa BTaeTa hc` DS`TºUc\U 7V`S AQV\WbbabSZZS Sf^]\WS`b SW\S RSTW\WS`bS ;S\US d]\ 4c\YbW]\OZWbÉb 2S` DS`eS\RS` RS` 9ZOaaS 2[XT]c \cbhb RWSaS 2WS\abZSWabc\US\ 2S` 1ZWS\b eWZZ \WQVb c\R [caa \WQVb eWaaS\ eWS RWS 2WS\abS W\bS`\ W[^ZS[S\bWS`b aW\R a]\RS`\ \c` eSZQVS 2WS\abS hc` DS`TºUc\U abSVS\ @SZS dO\b Wab \c` RWS AQV\WbbabSZZS  + /`b c\R C[TO\U RS` O\USP]bS\S\ AS`dWQSa \WQVb RS`S\ W\bS`\S ^`]U`O[[bSQV\WaQVS @SOZWaObW]\ I6=@ K 2c`QV AQV\WbbabSZZS\ c\R 9O^aSZc\U eW`R ROa >`W\hW^ 8]U^a\PcX^] 7XSX]V 5SVSW[\Wa^`W\hW^ c[USaSbhb 2WSa PSRScbSb ROa DS`PS`US\ OZZS` ^`]U`O[[ bSQV\WaQVS\ 7[^ZS[S\bWS`c\UaRSbOWZa VW\bS` RS` PS`SWbUSabSZZbS\ AQV\WbbabSZZS 3W\ HcU`WTT S`T]ZUb OcaaQVZWSzZWQV ºPS` RWS AQV\WbbabSZZS 7\bS`\S /PZÉcTS RS` hc` DS`TºUc\U USabSZZbS\ 4c\YbW]\OZWbÉb PZSWPS\ ROVW\bS` dS`P]`US\ B`O\a^O`S\h /Za 0SWa^WSZ RWS\S SW\S ;SbV]RS hc[ A]`bWS`S\ SW\S` HOVZS\[S\US 2S`S\ 5SVSW[ \Wa Wab eSZQVS` A]`bWS`OZU]`WbV[ca W\bS`\ dS`eS\RSb eW`R c\R eWS RWSaS` Y]\Y`Sb W[^ZS[S\bWS`b Wab 2S` DS`eS\RS` YS\\b eSRS` RS\ /ZU]`WbV[ca \]QV RSaaS\ 7[ ^ZS[SbWS`c\U 3` ºPS`UWPb RS` ;SbV]RS SW\S HOVZS\[S\US c\R S`VÉZb RWSaS a]`bWS`b hc`ºQY ’ [SV` W\bS`SaaWS`b WV\ \WQVb /cT RWSaS ESWaS S\babSVb ºPS` RWS AQV\WbbabSZZS RS` 9ZOaaS SW\ W[^ZWhWbS` Z]UWaQVS` ETacaPV 9]\b`OYb heWaQVS\ 2WS\abO\PWSbS` AS`dS` c\R 2WS\ab\cbhS` 1ZWS\b( cPZWhWS`c\U ESWbS`UOPS SW\S` 9ZOaaS a]ZZbS\ W\ T]ZUS\RS\ DS`aW]\S\ \c` aS[O\bWaQV dS`b`ÉUZWQVS W\bS`\S Ò\RS`c\US\ d]`US\][[S\ eS`RS\ 2S` DS` eS\RS` RS` 9ZOaaS RO`T W\ aSW\S[ 1]RW\U Rc`QV RWS W\bS`\S\ Ò\RS`c\US\ \WQVb W\dO ZWRWS`b eS`RS\ YSW\ Q]RS P`SOY 7\aPSa]\RS`S RO`T RWS rTTS\bZWQVS AQV\WbbabSZZS \WQVb dS`É\RS`b ]RS` SW\USaQV`É\Yb eS`RS\ 2OUSUS\ aW\R W\bS`\S Ò\RS`c\US\ RS` 9ZOa aS\W[^ZS[S\bWS`c\U XSRS`hSWb [rUZWQV 2WS W\bS`\S 7[^ZS[S\bObW]\ SW\S` 9ZOaaS Wab PdbcPdbRW d]S Ê]STaQPa a] ZO\US WV`S AQV\WbbabSZZS Y]\abO\b PZSWPb 9ZOaaS\ OZZUS[SW\( AS`dS` [Wb UZSW QVS` AQV\WbbabSZZS aW\R OcabOcaQVPO` 0SW[ BRW]XccbcT[[T]T]cfdaU a]ZZbS\ /P VÉ\UWUYSWbS\ heWaQVS\ RS\ 9ZOaaS\ HcU`WTTS RS` 9ZOaaS\ OcTSW\O\RS` [W\W [WS`b eS`RS\( :]YOZS Ò\RS`c\US\ O\ SW\S` 9ZOaaS a]ZZbS\ [rUZWQVab US`W\US /caeW`Yc\US\ OcT O\RS`S 9ZOaaS\ RS` /\eS\Rc\U VOPS\ 3W\ DS`eS\RS` RS` c\aS`S 9ZOaaS ™Í W\ SW\S[ SWUS\S\ >`]U`O[[ \cbhb Yr\\bS XSRS`hSWb SW\S \ScS dS`PSaaS`bS DS`aW]\ d]\ ™Í SW\aSbhS\ ]V\S aSW\ SWUS\Sa 1]RW\U O\^OaaS\ hc [ºaaS\ 2S\YPO` eÉ`S h0 SW\S DS`É\RS`c\U RSa 9]\ab`cYb]` Q]RW\Ua c[ hc ^`ºTS\ ]P RS` ºPS`USPS\S O`O[Sb`WaWS`c\U RS` ;SbV]RS\ j‰™ã?†j™®¯ c\R ?Mˆ †jMj™®¯ hc É\RS`\ ]RS` RWSaS UO` OZa ¬Á‰Ü?Íj hc RSYZO`WS`S\ 2WSa eº`RS a]T]`b hc 9][^WZObW]\aTSVZS`\ W\\S`VOZP RS` dS`eS\RS\RS\ /\eS\Rc\U TºV`S\



>QYTZc^aXT]cXTacT :^]iT_cT

#&

AQV\WbbabSZZS\ VOPS\ SW\S U`]zS 0SRScbc\U Tº` RS\ 3\bec`T dS`bSWZbS` AgabS[S 2WS A^`OQVS 8OdO YS\\b \SPS\ RS` 9ZOaaS OcQV ROa 9]\hS^b RSa 7\bS`TOQSa( 2WSaS S\bVOZ bS\ OcaaQVZWSzZWQV rTTS\bZWQVS Y]\abO\bS /bb`WPcbS c\R ;SbV]RS\RSYZO`ObW]\S\ ]V\S XSRS 7[^ZS[S\bWS`c\U 7\bS`TOQSa eS`RS\ W\ 9O^WbSZ " PSa^`]QVS\ 0]\TaZd]V) 2WS A^[[T SW\S` 9ZOaaS ]RS` SW\Sa UO\hS\ A]TbeO`SagabS[a OZa 1ZWS\b ]RS` AS`dS` Wab aT[PcXe I6=@ K 3W\S 9ZOaaS YO\\ OZa AS`dS` 2WS\abS Tº` O\RS`S 9ZOa aS\ PS`SWbabSZZS\ ’ c\R hcUZSWQV W\bS`\ hc` 3`TºZZc\U WV`S` 4c\YbW]\ eWSRS`c[ 2WS\ abS O\RS`S` 9ZOaaS\ \cbhS\ RV OZa RS`S\ 1ZWS\b OUWS`S\ 2WS 0SU`WTTS 1ZWS\b c\R AS`dS` Yr\\S\ aWQV OcT >`]U`O[[agabS[S 9ZOaaS\ ]RS` OPS` OcQV RWS 6O`ReO`S @SQV\S` PShWSVS\ OcT RS\S\ RWS >`]U`O[[S OPUSO`PSWbSb eS`RS\



@[YGSSKTLGYY[TM 1GVYKR[TM

/cTU`c\R WV`S` 0SRScbc\U Tº` RWS ]PXSYb]`WS\bWS`bS >`]U`O[[WS`c\U a]ZZ RS` AW\\ rT TS\bZWQVS` HcU`WTTa[SbV]RS\ Tº` ^`WdObS /bb`WPcbS hcaO[[S\USTOaab eS`RS\( E

;Wb 6WZTS rTTS\bZWQVS` HcU`WTTa[SbV]RS\ YO\\ [O\ UO`O\bWS`S\ ROaa =PXSYbS RS` 9ZOaaS V¶[cXVT 0ccaXQdcfTacT S\bVOZbS\ W\RS[ ES`b^`ºTc\US\ d]`US\][[S\ eS`RS\ 2WS DOZWRWS`c\US\ abSZZS\ SW\S\ UºZbWUS\ =PXSYbhcabO\R aWQVS`

E

2WS iTXc[XRWT BcadZcda STb IdVaXUUb ZÉaab aWQV PSabW[[S\ 2c`QV 9][PW\ObW]\ d]\ 9]\ab`cYb]` c\R ASb5Sb;SbV]RS\ Yr\\S\ PSabW[[bS /bb`WPcbS \OQV RS` =P XSYbS`hScUc\U h0 SW\S E`WbS=\QS  @SOR=\Zg HcU`SWTPO`YSWb S`VOZbS\

E

2c`QV :P_bT[d]V c\R 8]U^a\PcX^] 7XSX]V eW`R SW\S Z[PaT BRW]XccbcT[[T RSTW\WS`b 2S` DS`eS\RS` RS` 9ZOaaS YO\\ RWS 9ZOaaS c\OPVÉ\UWU d]\ 7[^ZS[S\bWS`c\Ua RSbOWZa SW\aSbhS\ 7\bS`\Oa RS` 9ZOaaS h0 2ObS\T]`[ObS Yr\\S\ USÉ\RS`b eS` RS\ ]V\S RS\ 1]RS RSa DS`eS\RS`a hc W\dOZWRWS`S\

HcaÉbhZWQVS 4ZSfWPWZWbÉb VW\aWQVbZWQV RS` 5SabOZbc\U RS` DS`eS\RPO`YSWb SW\S` 9ZOaaS USeW\\b [O\ Rc`QV 3W\aObh abObWaQVS` /bb`WPcbS c\R ;SbV]RS\



9ZGZOYINK 'ZZXOH[ZK [TJ 3KZNUJKT

7\ RS\ PWaVS`WUS\ 0SWa^WSZS\ [caabS\ abSba Oca SW\S` 9ZOaaS =PXSYbS S`hScUb eS`RS\ c[ RS`S\ ;SbV]RS\ c\R /bb`WPcbS dS`eS\RS\ hc Yr\\S\ 2S` HcU`WTT S`T]ZUbS abSba ºPS` SW\S =PXSYbdO`WOPZS 8SRSa RS` S`hScUbS\ =PXSYbS dS`TºUbS ºPS` aSW\S\ TXVT]T] 2ObS\PSabO\R( 2WS /bb`WPcbS RSa =PXSYba Y]\\bS\ c\OPVÉ\UWU d]\ O\RS`S\ =PXSYbS\ RS`aSZPS\ 9ZOaaS [Wb W\RWdWRcSZZS\ ES`bS\ PSZSUb eS`RS\ ’ SW\S HcabO\RaÉ\RS`c\U SW\Sa =PXSYba VObbS ZTX]T /caeW`Yc\U OcT RS\ HcabO\R OZZS` O\RS`S\ =PXSYbS 2c`QV RWS 2SYZO`ObW]\ d]\ /bb`WPcbS\ c\R ;SbV]RS\ OZa ÄÍ?͉W YO\\ XSR]QV RWS 0W\Rc\U O\ SW\ PSabW[[bSa =PXSYb OcTUSV]PS\ eS`RS\ AbObWaQVS /bb`WPcbS c\R ;S bV]RS\ eS`RS\ ¶QTa SXT :[PbbT bT[Qbc dS`eOZbSb c\R aW\R ºPS` RWSaS RW`SYb hcU`SWTPO` ^W]T ROaa SW\S =PXSYbS`hScUc\U d]`OcaUSVS\ [ºaabS

#'





>QYTZc^aXT]cXTacT :^]iT_cT

9ZGZOYINK 'ZZXOH[ZK 1RGYYKT\GXOGHRKT

<WQVbabObWaQVS /bb`WPcbS eS`RS\ OcQV OZa 7\abO\hdO`WOPZS\ PShSWQV\Sb abObWaQVS /bb`W PcbS ROUSUS\ OZa :[PbbT]ePaXPQ[T] 2WSa R`ºQYb Oca ROaa abObWaQVS /bb`WPcbS ]XRWc SW\S[ W\RWdWRcSZZS\ =PXSYb O\USVr`S\ DWSZ[SV` \SV[S\ aWS Tº` RWS 9ZOaaS c\R RWS 5SaO[bVSWb P[[Ta W\abO\hWWS`bS\ =PXSYbS abSba \c` SW\S\ US[SW\aO[S\ ES`b O\ c\R eS`RS\ d]\ RS` 9ZOaaS c\R OZZ WV`S\ =PXSYbS\ US[SW\aO[ US\cbhb 7V` ES`b YO\\ ]XRWc Tº` XSRSa =PXSYb RS` 9ZOaaS W\RWdWRcSZZ [O\W^cZWS`b eS`RS\ EW`R WV` ES`b ºPS` RWS 9ZOaaS ]RS` SW\Sa WV`S` =PXSYbS dS`É\RS`b a] VOb RWSaS ES`bÉ\RS`c\U HcabO\Ra É\RS`c\U Tº` OZZS =PXSYbS RS` 9ZOaaS UZSWQVS`[OzS\ abObbUSTc\RS\ 3W\S 0]fT]Sd]V abObWaQVS` /bb`WPcbS aW\R h0 HÉVZS` RWS TSabVOZbS\ eWSdWSZS =PXSY bS SW\S` 9ZOaaS S`hScUb ec`RS\ 7\ SW\S` 9ZOaaS jÄÍ㉙ĝ™Í eÉ`S OPS` OcQV RS` HW\aaObh SW\ abObWaQVSa /bb`WPcb ROa Tº` OZZS 9]\bS\ RS\ UZSWQVS\ ES`b O\\W[[b :[PbbT <XcPaQTXcTa

\ ^cPZWQ Ab`W\U \O[S ^cPZWQ d]WR RObS\

^cPZWQ Ab`W\U \O[S

\! ^cPZWQ Ab`W\U \O[S ^cPZWQ d]WR RObS\

_dQ[XR bcPcXR X]c P]iPW[ ^cPZWQ d]WR RObS\ _dQ[XR bcPcXR e^XS iPTW[T 8]bcP]i

>QYTZcT

\" ^cPZWQ Ab`W\U \O[S ^cPZWQ d]WR RObS\

0QQ !) AbObWaQVS /bb`WPcbS c\R abObWaQVS ;SbV]RS\ /PPWZRc\U  abSZZb RS\ C\bS`aQVWSR heWaQVS\ abObWaQVS\ c\R \WQVbabObWaQVS\ /bb`W PcbS\ RO`( 8SRSa =PXSYb RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ VOb aSW\ SWUS\Sa 3fS[^ZO` RSa \WQVbabObWaQVS\ /bb`WPcba ™?”j RSaaS\ ES`b Sa c\OPVÉ\UWU d]\ OZZS\ O\RS`S\ =PXSY bS\ dS`É\RS`\ YO\\ 2Oa abObWaQVS /bb`WPcb ?™ã?† USVr`b XSR]QV hc` 9ZOaaS c\R eW`R OcT :[PbbT]TQT]T dS`eOZbSb /ZZS =PXSYbS RS` 9ZOaaS aSVS\ RS\ V[TXRWT] ES`b RWSaSa /bb`WPcba 2Oa /bb`WPcb ?™ã?† c\R aSW\ SW\RScbWUS` ES`b SfWabWS`b a][Wb W[ A^SWQVS` \c` SW\[OZ Tº` RWS 9ZOaaS c\R OZZS WV`S =PXSYbS AbObWaQVS /bb`WPcbS eS`RS\ [Wb SW\S[ SW\RScbWUS\ ES`b Tº` RWS 9ZOaaS c\R OZZS WV`S =PXSYbS dS`eOZbSb HcU`WTT OcT ROa abObWaQVS /bb`WPcb Wab [rUZWQV Rc`QV RWS 9ZOaaS c\R OZZS WV`S =PXSYbS /cT abObWaQVS /bb`WPcbS YO\\ RW`SYb ºPS` RS\ 9ZOaaS\\O[S\ hcUSU`WTTS\ eS`RS\ ’ \]QV PSd]` Phe ]V\S ROaa SW\ =PXSYb RS` 9ZOaaS W\abO\hWWS`b ec`RS 2Oa 0SWa^WSZ dS`RScbZWQVb RWS HcU`WTTa[rUZWQVYSWbS\( /cT ROa /bb`WPcb ?™ã?† YO\\ RW`SYb ºPS` RS\ 9ZOaaS\\O[S\ ºPS` RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ hcUSU`WTTS\ eS`RS\ XSR]QV OcQV ºPS` XSRSa SW\hSZ\S ‰Í?ÁMj‰ÍjÁ=PXSYb 3W\S Ò\RS`c\U ºPS` RWS 9ZOaaS ]RS` SW\Sa RS` =PXSYbS Wab a]UZSWQV Tº` OZZS =PXSYbS eW`YaO[(



>QYTZc^aXT]cXTacT :^]iT_cT W?ÄÄ

#(

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W ÄÍ?͉W ‰™Í ?™ã?† s åÇ ¬ÖM‰W

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™ ¯ P

™?”j s ™Ç ?™ã?†´´Ç

ÊÊ j‰ ŽjajÁ ™ÄÍ?™Í‰‰jÁ֙~ jÁ† †Íu

#±ÝÁ‰Íj™® ¹™ÄÍÁ֏͝Á ¹ ´ ™?”j ´ ¹] ¹ ´ ?™ã?† ¯Ç Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ±?™ã?† s ¤åå

ÊÊ =Ö~Á‰ww ÙMjÁ a‰j ?ÄÄj

‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹ ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹ ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹‰ÄW†jÁ¹ ¯Ç

#±ÝÁ‰Íj™® ¹®¤¯
™ã?† s ¹ ´ ”Ô±?™ã?† s ¤ååÏÇ #±ÝÁ‰Íj® ¹®Ô¯¹ ´

‰Í?ÁMj‰ÍjÁ±?™ã?† ¯Ç

ÊÊ =Ö~Á‰ww ÙMjÁ j‰™ #MŽjÍ ‰Í?ÁMj‰ÍjÁ±?™ã?† ´ ¹

¹ ¯Ç

#±ÝÁ‰Íj® ”¤±?™ã?† ´ ¹ ¹ ´ ”Ô±?™ã?† ´ ¹ ¹ ´ ”ϱ?™ã?†¯Ç Q Q ˆ ™Äj ˆ ™ÄÍÁ֏͝Á ÖMjÁ] ¤ ™ÄÍÁ֏͝Á

j‰jÁ] Ô

™ÄÍÁ֏͝Á ‰ÄW†jÁ] Ï ®¤¯
™ã?† s ¤åÏ ®Ô¯ ¤ååÏ

¤ååÏ ¤ååÏ ¤ååÏ

2WS 7\WbWOZWaWS`c\U abObWaQVS` /bb`WPcbS a]ZZbS eWS W[ 0SWa^WSZ [rUZWQVab RW`SYb PSW WV`S` 2SYZO`ObW]\ S`T]ZUS\ 7\\S`VOZP RSa 9]\ab`cYb]`a Wab SW\S 7\WbWOZWaWS`c\U \WQVb heSQY [ÉzWU RO RWSaS` Tº` XSRSa =PXSYb S`\Scb Rc`QVZOcTS\ eW`R 2WS ES`bÉ\RS`c\U SW\Sa W\WbWOZWaWS`bS\ abObWaQVS\ /bb`WPcba W[ 9]\ab`cYb]` Wab XSR]QV aW\\d]ZZ( 5S\Oc OcT RWSaS ESWaS eW`R VWS` SW\ 7\abO\hS\hÉVZS` `SOZWaWS`b ’ [Wb XSRS[ \ScS\ =PXSYb eW`R RS` 9]\ab`cYb]` OPUSO`PSWbSb c\R RS` abObWaQVS HÉVZS` V]QVUShÉVZb 0]\TaZd]V) 2WS 0ShSWQV\c\U bcPcXbRW PShSWQV\Sb SW\S UTbcT B_TXRWTaP[[^ZPcX^] AbO bWaQVS /bb`WPcbS eS`RS\ PS`SWba W[ A^SWQVS` O\USZSUb eS\\ RWS 9ZOaaS USZORS\ eW`R \]QV e^a RS` 7\abO\hWWS`c\U SW\hSZ\S` =PXSYbS 3`ab PSW 3\bZORS\ RS` 9ZOaaS eS`RS\ abObWaQVS /bb`WPcbS eWSRS` T`SWUSUSPS\ 7V`S ;TQT]bSPdTa VÉ\Ub ]XRWc d]\ RS` 3fW abS\h SW\hSZ\S` =PXSYbS OP A][Wb aW\R aWS OcQV RS` 5O`POUS 1]ZZSQbW]\ S\bh]US\

$





>QYTZc^aXT]cXTacT :^]iT_cT

9ZGZOYINK 3KZNUJKT 1RGYYKTSKZNUJKT

<WQVbabObWaQVS ;SbV]RS\ eS`RS\ OcQV OZa 7\abO\h[SbV]RS\ PShSWQV\Sb abObWaQVS ;S bV]RS\ ROUSUS\ OZa :[PbbT]\TcW^ST]( AbObWaQVS ;SbV]RS\ eS`RS\ \WQVb W\RWdWRcSZZ Tº` =PXSYbS RS` 9ZOaaS OcaUSTºV`b a]\RS`\ OcT 9ZOaaS\SPS\S AWS aW\R RW`SYb ºPS` RS\ 9ZOaaS\\O[S\ OcT`cTPO` OcQV eS\\ \]QV YSW\ =PXSYb RS` 9ZOaaS S`hScUb ec` RS /ZZS`RW\Ua Wab WV` /cT`cT OcQV ºPS` RWS =PXSYbS RS` 9ZOaaS [rUZWQV AbObWaQVS ;SbV]RS\ SW\S` 9ZOaaS Yr\\S\ ºPS` RS\ 9ZOaaS\\O[S\ OcTUS`cTS\ eS`RS\ 3W\S d]`VS`WUS =PXSYbS`hScUc\U Wab ]XRWc S`T]`RS`ZWQV 2OUSUS\ Yr\\S\ \WQVbabObWaQVS ;SbV]RS\ \c` ºPS` =PXSYbdO`WOPZS\ OcTUS`cTS\ eS` RS\ RV S`ab \OQVRS[ SW\ =PXSYb S`hScUb ec`RS /PPWZRc\U  c[`SWaab RWS DS`VÉZb\WaaS( 2WS \WQVbabObWaQVS ;SbV]RS a?Íj™®¯ RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ YO\\ S`ab dS`eS\RSb eS`RS\ \OQVRS[ SW\ =PXSYb RS` 9ZOaaS S`hScUb ec`RS 2OUSUS\ O`PSWbSb RWS abObWaQVS ;SbV]RS ã?j†j®¯ OcT 9ZOaaS\SPS\S c\R YO\\ OcQV ]V\S d]`VS`WUS =PXSYbS`hScUc\U OcTUS`cTS\ eS`RS\ 3[^TÉ\US` RSa ;SbV]RS\OcT`cTa Wab RWS 9ZOaaS c\R WV`S abObWaQVS\ /bb`WPcbS \WQVb SW\ a^ShWSZZSa =P XSYb EW` S`eSWbS`\ ‰Í?ÁMj‰ÍjÁ c[ SW\S abObWaQVS c\R \WQVbabObWaQVS ;SbV]RS( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W ÄÍ?͉W ‰™Í ?™ã?† s åÇ ¬ÖM‰W

ÊÊ ™‰Í‰?‰Ä‰jÁ֙~

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™ ¯ P

™?”j s ™Ç Q ¬ÖM‰W ܝ‰a a?Íj™®¯ P #±ÝÁ‰Íj™® ¹!?”j s ¹ ´ ™?”j ´ ¹


™ã?† s ¹ ´ ?™ã?† ¯Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ã?j†j®¯ P

ÊÊ .Í?͉ÄW†j

j͆aj

?™ã?†´´Ç Q Q W?ÄÄ +jÁĝ™? P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ±ã?j†j® ¯Ç

ÊÊ =Ö~Á‰ww a‰ÁjÍ ÙMjÁ a‰j ?ÄÄj

‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹ ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹ ¯Ç

”¤±ã?j†j® ¯Ç

”¤±a?Íj™® ¯Ç

”Ô±ã?j†j® ¯Ç

”Ô±a?Íj™® ¯Ç

#±ÝÁ‰Íj® ¹
MwÁ?~j]

¹ ´

ÊÊ =Ö~Á‰ww ÙMjÁ #MŽjÍj

‰Í?ÁMj‰ÍjÁ±?™ã?† ´ ¹

#±ÝÁ‰Íj® ”¤±?™ã?† ´ ¹ ¹ ´ ”Ô±?™ã?† ¯Ç Q Q

¹ ¯Ç



>QYTZc^aXT]cXTacT :^]iT_cT

$ ˆ ™Äj ˆ

!?”j s ÖMjÁ


™ã?† s Ô

!?”j s


™ã?† s Ï

j‰jÁ


MwÁ?~j]

|

| |

Bg^WaQVS /cTUOPS\ abObWaQVS` ;SbV]RS\ aW\R /YbW]\S\ RWS aWQV \WQVb OcT SW\ SW\hSZ \Sa =PXSYb a]\RS`\ RWS 9ZOaaS c\R OZZS WV`S =PXSYbS US[SW\aO[ PShWSVS\ eWS W[ 1]RSPSWa^WSZ ROa 6]QVaSbhS\ RSa abObWaQVS\ /bb`WPcba ?™ã?† 3W\ O\RS`Sa /\eS\Rc\UaTSZR aW\R C^^[ ]RS` DcX[Xch:[PbbT] RWS OZa abObWaQVS hc abO\RaZ]aS ;SbV]RS\Q]\bOW\S` ]V\S W\RWdWRcSZZS 7\abO\hS\ c\R HcabO\RaeS`bS RWS \S\ 2WS :[PbbT #±Ž?Ü? Wab SW\ bg^WaQVSa 0SWa^WSZ( /ZZS WV`S rTTS\bZWQVS\ ;SbV]RS\ aW\R abObWaQV a] ROaa [Wb RS[ B]]Z # ]V\S =PXSYbS`hScUc\U RW`SYb ºPS` RS\ 9ZOa aS\\O[S\ USO`PSWbSb eS`RS\ YO\\ =PXSYbS`hScUc\U Wab VWS` \WQVb S`T]`RS`ZWQV c\R aW\\d]ZZ RO YSW\S W\RWdWRcSZZS\ HcabO\RaeS`bS USVOZbS\ eS`RS\ [ºaaS\ 2WS >QYTZc TaiTdVd]V Wab a]UO` d]cTaQd]ST] eS\\ SW\S 9ZOaaS \c` SW\S\ ^`WdObS\ 9]\ab`cYb]` PSaWbhb AW\\d]ZZ Wab RWSa \c` Tº` 9ZOaaS\ [Wb `SW\ abObWaQVS` rTTS\bZWQVS` AQV\WbbabSZZS 9]\ab`cYb]`S\ aSZPab Rº`TS\ ]XRWc abObWaQV RSYZO`WS`b eS`RS\ 7[ 5`c\RS aW\R aWS XS R]QV PSa]\RS`S W[^ZWhWb abObWaQVS ;SbV]RS\ RO aWS SW\ \ScSa =PXSYb WV`S` 9ZOaaS O\T]`RS`\ c\R \WQVb OcT SW\S[ PSabSVS\RS\ =PXSYb OcTUS`cTS\ eS`RS\ 3W\S ag\bOYbWaQVS @SUSZ aQV`É\Yb RWS HcU`WTTa[rUZWQVYSWbS\ abObWaQVS` ;SbV]RS\ SW\( BcPcXbRWT
ÊÊ ™‰W†ÍÄÍ?͉ÄW†jÁ ™ÍjÞÍ

#±ÝÁ‰Íj™® ¹!?”j s ¹ ´ ™?”j ´ ¹


™ã?† s ¹ ´ ?™ã?† ¯Ç

ã?j†j®¯Ç Q

2OUSUS\ eº`RS RS` 1][^WZS` RWSaS abObWaQVS\ ;SbV]RS ã?j†j®¯hc`ºQYeSWaS\( ¬ÖM‰W ÄÍ?͉W ܝ‰a ã?j†j®¯ P

ÊÊ ÄÍ?͉ÄW†jÁ ™ÍjÞÍ

?™ã?†´´Ç ÊÊ j†jÁ] =Ö~Á‰ww ?Öw ™‰W†ÍÄÍ?͉ÄW†jÄ
ÍÍÁ‰MÖÍ ™?”j #±ÝÁ‰Íj™® ¹!?”j s ¹ ´ ™?”j ¯Ç ÊÊ j†jÁ] =Ö~Á‰ww ?Öw ™‰W†ÍÄÍ?͉ÄW†j

j͆aj a?Íj™®¯

a?Íj™®¯Ç Q

2WS 4SVZS`[SZRc\US\( <]\abObWQ dO`WOPZS \O[S QO\\]b PS `STS`S\QSR T`][ O abObWQ Q]\bSfb <]\abObWQ [SbV]R RObS\ QO\\]b PS `STS`S\QSR T`][ O abObWQ Q]\bSfb

$!





>QYTZc^aXT]cXTacT :^]iT_cT

*OK YZGZOYINK SGOT3KZNUJK

3\RZWQV aW\R eW` W\ RS` :OUS hc dS`abSVS\ eO`c[ RWS ;SbV]RS( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊJ p JÊ Q

XSRS` OcaTºV`PO`S\ 9ZOaaS abObWaQV aSW\ [caa c[ OcTUS`cTS\ eS`RS\ hc Yr\\S\( Hc[ HSWb^c\Yb RS` /caTºV`c\U d]\ ”?‰™®¯ SfWabWS`b \]QV YSW\ =PXSYb RS` 9ZOaaS W\ RS` ”?‰™®¯ S\bVOZbS\ Wab `]U`O[[a S`ab [Wb RS` /P O`PSWbc\U d]\ ”?‰™®¯ PSUW\\b Yr\\S\ hc RWSaS[ HSWb^c\Yb RS` >`]U`O[[OcaTºV `c\U \]QV UO` YSW\S =PXSYbS`hScUc\US\ ^OaaWS`b aSW\ A][Wb eW`R ”?‰™®¯ OZa 9ZOa aS\[SbV]RS OcTUS`cTS\ c\R [caa ÄÍ?͉W RSYZO`WS`b eS`RS\ /cQV Tº` RWS O\RS`S\ 3ZS[S\bS SW\S` OcaTºV`PO`S\ 9ZOaaS S`USPS\ aWQV RO`Oca 9]\ aS_cS\hS\ 0Sb`OQVbS\ eW` RWS YZSW\S 9ZOaaS .™Í RWS RS[ /cTPOc OcaTºV`PO`S` 9ZOaaS\ RS` T`ºVS`S\ 9O^WbSZ S\ba^`WQVb W?ÄÄ .™Í P

ÊÊ ÄÍ?͉ÄW†j 7jÁĉ™

¬ÖM‰W ÄÍ?͉W aÖMj ÄÇ ¬ÖM‰W ÄÍ?͉W aÖMj j™a+Áj‰Ä® aÖMj ¬ ¯P ÁjÍÖÁ™ ¬ r ¬ J ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ¬Áj‰Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹+Áj‰Ä s ¹ ¯Ç ď s å±åÔÇ #±ÝÁ‰Íj™® ¹+Áj‰Ä ”‰Í .™Í] ¹ ´ j™a+Áj‰Ä® ¬Áj‰Ä ¯ ¯Ç Q Q

7\ ”?‰™®¯ eS`RS\ YSW\S =PXSYbS d][ Bg^ RS` 9ZOaaS .™Í S`hScUb 2S\\]QV eW`R W\ RS` abObWaQVS\ ;SbV]RS ”?‰™®¯ abObWaQVS` 9]\bSfb OcT RS`S\ /bb`WPcb ď c\R ;SbV]RS j™a+Áj‰Ä®¯ hcUSU`WTTS\ A][Wb [ºaaS\ RWS OczS`VOZP d]\ ”?‰™®¯ RSYZO`WS`bS\ /bb`WPcbS c\R ;SbV]RS\ RS` 9ZOaaS .™Í SPS\a] eWS ”?‰™®¯ aSZPab OZa ÄÍ?͉W RSYZO`WS`b eS`RS\ RO[Wb ”?‰™®¯ RO`OcT hcU`SWTS\ YO\\ /PS` Sa USVb OcQV O\RS`a eWS T]ZUS\RS DO`WO\bS d]\ .™Í hSWUb( W?ÄÄ .™Í P

ÊÊ aߙ?”‰ÄW†j 7jÁĉ™

¬ÖM‰W aÖMj ÄÇ ¬ÖM‰W aÖMj j™a+Áj‰Ä® aÖMj ¬ ¯ P ÁjÍÖÁ™ ¬ r ¬ J ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .™Í ÄÍ s ™jÝ .™Í®¯Ç

ÊÊ #MŽjÍjÁãjÖ~֙~

aÖMj ¬Áj‰Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹+Áj‰Ä s ¹ ¯Ç



>QYTZc^aXT]cXTacT :^]iT_cT

$"

ďͱď s å±åÔÇ #±ÝÁ‰Íj™® ¹+Áj‰Ä ”‰Í .™Í] ¹ ´ ďͱj™a+Áj‰Ä® ¬Áj‰Ä ¯ ¯Ç Q Q

ÍPS` RS\ ^O`O[SbS`Z]aS\ AbO\RO`RY]\ab`cYb]` eW`R W\ ”?‰™®¯ SW\ =PXSYb ÄÍ RS` 9ZOaaS .™Í aSZPab S`hScUb ÍPS` RWSaSa =PXSYb eW`R OcT RWS /bb`WPcbS c\R ;SbV] RS\ RS` 9ZOaaS .™Í hcUSU`WTTS\ 2O \c\ W\ ”?‰™®¯ RS` HcU`WTT OcT SW\ =PXSYb RS` 9ZOaaS S`T]ZUb [ºaaS\ RWS PSb`STTS\RS\ 3ZS[S\bS d]\ .™Í \WQVb [SV` abO bWaQV aSW\
ÊÊ 8‰Áa ‰™ 7jÁ?Öw ÜjÁÝj™ajÍ

¬ÖM‰W aÖMj ÄÇ ¬ÖM‰W aÖMj j™a+Áj‰Ä® aÖMj ¬ ¯P ÁjÍÖÁ™ ¬ r ¬ J ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ =Ö 0jÄÍãÝjWj™ .™Í ÄÍ s ™jÝ .™Í®¯Ç aÖMj ¬Áj‰Ä s ¤åå±åÇ

ďͱď s å±åÔÇ

#±ÝÁ‰Íj™® ¹0jÄÍ] ¹ ´ ďͱj™a+Áj‰Ä® ¬Áj‰Ä ¯ ¯Ç Q Q W?ÄÄ 7jÁ?Öw P

ÊÊ ‰j j‰~j™Í‰W†j
™Ýj™a֙~

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .™Í ÄÍ s ™jÝ .™Í® ¯Ç aÖMj ¬Áj‰Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹+Áj‰Ä s ¹ ¯Ç ďͱď s #±¬Á”¬Í
™a-j?a ÖMj® ¹.™Í s ¹ ¯Ç #±ÝÁ‰Íj™® ¹ ™a+Áj‰Ä s ¹ ´ ďͱj™a+Áj‰Ä® ¬Áj‰Ä ¯ ¯Ç Q Q

2c`QV RS\ 8D;/cT`cT Ž?Ü? .™Í eW`R RWS ”?‰™®¯;SbV]RS d]\ .™Í Oca USTºV`b eÉV`S\R Ž?Ü? 7jÁ?Öw RWS ”?‰™®¯;SbV]RS d]\ DS`YOcT OPZOcTS\ ZÉaab



(KYZGTJZKORK \UT 1RGYYKT @[YGSSKTLGYY[TM

7\ 8OdO9ZOaaS\ Yr\\S\ OZa 3ZS[S\bS ;S[PS` \WQVbabObWaQVS /bb`WPcbS 7\abO\hdO `WOPZS\ \WQVbabObWaQVS ;SbV]RS\ 7\abO\h[SbV]RS\ abObWaQVS /bb`WPcbS 9ZOaaS\dO `WOPZS\ c\R abObWaQVS ;SbV]RS\ 9ZOaaS\[SbV]RS\ S\bVOZbS\ aSW\ /bb`WPcbS c\R

$#



>QYTZc^aXT]cXTacT :^]iT_cT

;SbV]RS\ Yr\\S\ [Wb RS` AWQVbPO`YSWb rTTS\bZWQV ¬ÖM‰W ]RS` \WQVbrTTS\bZWQV ¬Á‰Ü?Íj RSYZO`WS`b eS`RS\ /cT RWS 0SRScbc\U RS` AWQVbPO`YSWb ¬ÁÍjWÍja US VS\ eW` a^ÉbS` SW\ 2WS ”?‰™®¯;SbV]RS Wab SW\S a^ShWSZZS rTTS\bZWQVS abObWaQVS ;SbV]RS Rc`QV RWS SW\S 9ZOaaS RW`SYb OcaTºV`PO` eW`R 9]\ab`cYb]`S\ aW\R a^ShWSZZS \WQVbabObWaQVS ;SbV]RS\ RWS PSW RS` =PXSYbS`hScUc\U OcTUS`cTS\ eS`RS\ 2WS dS`aQVWSRS\S\ 3ZS[S\bS eS`RS\ W\ aS^O`ObS\ B_TXRWTaQTaTXRWT] dS`eOZbSb( 7[ BcPRZB_TXRWTa ZWSUS\ Z]YOZS DO`WOPZS\ ;SbV]RS\^O`O[SbS` HeWaQVS\S`USP\WaaS @ºQYUOPSeS`bS c\R OcQV =PXSYbdO`WOPZS\ @STS`S\hS\ 7[ 7TP_B_TXRWTa eS`RS\ RWS W\abO\bWWS`bS\ =PXSYbS OPUSZSUb 7[ ?a^VaP\\b_TXRWTa ;SbV]RS\a^SWQVS` eS`RS\ RS` >`]U`O[[Q]RS 9ZOaaS\Q]RW\U c\R abObWaQVS /bb`WPcbS USVOZbS\ >`] U`O[[a^SWQVS` c\R AbOQY eS`RS\ d]\ RS` :OcThSWbC[USPc\U Ocb][ObWaQV dS`eOZ bSb RS` 3\beWQYZS` VOb RO`OcT YSW\S\ RW`SYbS\ 3W\TZcaa 2S` 6SO^ eW`R PSW[ AbO`b RS` 8D; S`hScUb c\R Rc`QV RWS Ocb][ObWaQVS 8D;5O`POUS1]ZZSQbW]\ Y]\b`]ZZWS`b <Sc S`hScUbS =PXSYbS eS`RS\ VWS` OPUSZSUb 2S` 8OdO3\beWQYZS` VOb YSW\S hSWbSfOYbS 9]\b`]ZZS ºPS` =PXSYbhS`abr`c\U c\R 4`SWUOPS RSa hcUSVr`WUS\ 6SO^a^SWQVS`a 7\\S`VOZP d]\ 9ZOaaS\ ZOaaS\ aWQV dS`aQVWSRS\S DO`WOPZS\O`bS\ [Wb RScbZWQV dS` aQVWSRS\S` :SPS\aROcS` c\R 5ºZbWUYSWbaPS`SWQVS\ c\bS`aQVSWRS\( E


E

8]bcP]iePaXPQ[T] aW\R \WQVbabObWaQVS =PXSYb/bb`WPcbS AWS VOPS\ RWS :SPS\a ROcS` RSa hcUSVr`WUS\ =PXSYba c\R Yr\\S\ Tº` XSRSa SW\hSZ\S =PXSYb SW\S\ W\ RWdWRcSZZS\ ES`b O\\SV[S\

E

:[PbbT]ePaXPQ[T] aW\R OcT 9ZOaaS\SPS\S RSYZO`WS`bS c\R dS`eOZbSbS abObWaQVS /bb`WPcbS AWS VOPS\ RWS UZSWQVS :SPS\aROcS` eWS RWS 9ZOaaS aSZPab /cQV eS\\ \]QV YSW\ =PXSYb RS` 9ZOaaS W\abO\hWWS`b ec`RS aW\R aWS PS`SWba ºPS` RWS 9ZOaaS O\a^`SQVPO` ÍPS` RWS 9ZOaaS c\R OZZS WV`S =PXSYbS YO\\ OcT aWS hcUSU`WTTS\ eS`RS\ 7\ abObWaQVS\ /bb`WPcbS\ YO\\ Tº` RWS 9ZOaaS c\R OZZS =PXSYbS \c` SW\ SW\RScbWUS` ]PXSYbc\a^ShWTWaQVS` ES`b USVOZbS\ eS`RS\

HcaÉbhZWQV [caa c\bS`aQVWSRS\ eS`RS\ heWaQVS\ DO`WOPZS\ ^`W[WbWdS\ 2ObS\bg^a c\R =PXSYbdO`WOPZS\ RWS ATUTaT]ich_T] RO`abSZZS\ 9O^WbSZ  



(KOYVOKRGT]KTJ[TM 3OZGXHKOZKX\KX]GRZ[TM

2WS \ScS\ 9]\hS^bS \cbhS\ eW` c[ SW\S ;WbO`PSWbS`dS`eOZbc\U W\ /\ZSV\c\U O\ I@/C K hc []RSZZWS`S\ 2WS /bb`WPcbS OZZS` 9ZOaaS\ c\R 6WZTa[SbV]RS\ aW\R [Wb RS` AWQVbPO`YSWb ¬Á‰Ü?Íj dS`aSVS\ 2S` HcU`WTT S`T]ZUb ºPS` RWS »UUT]c[XRWT BRW]XccbcT[[T RS` 9ZOaaS\ /PPWZRc\U ! hSWUb ROa 9]ZZOP]`ObW]\aRWOU`O[[ RS` /\eS\Rc\U 3W\ ;WbO`PSWbS` Wab Rc`QV RWS /bb`WPcbS D]`\O[S


>QYTZc^aXT]cXTacT :^]iT_cT

$$

bV]RS ”
™j~j™®¯ RWS OZZS 2ObS\ hc[ 3`hScUS\ SW\Sa ‰Í?ÁMj‰ÍjÁ=PXSYba OP T`OUb 7\ RS` ;SbV]RS eS`RS\ RWS 9]\ab`cYb]`S\ RS` PSbSWZWUbS\ 9ZOaaS\ OcTUS`cTS\ 3W\S aS^O`ObS 9ZOaaS ?Í֔ eW`R W\ ‰Í?ÁMj‰ÍjÁ OZa /bb`WPcb dS`eS\RSb 0bb^iXP cX^] c[ RWS /\bSWZS BOU ;]\Ob c\R 8OV` RSa 5SPc`baRObc[a hc S`TOaaS\ 6TWP[c

<XcPaQTXcTa eTafP[cd]V

<XcPaQTXcTa 3Pcd\ 8>

0QQ ") ;WbO`PSWbS`dS`eOZbc\U ’ 9]ZZOP]`ObW]\ RS` PSbSWZWUbS\ 9ZOaaS\ 2WS 9ZOaaS j†?Í ºPS`\W[[b OZZS 5SVOZbaRObS\ c\R PS`SQV\c\US\ <SPS\ SW\S[ TWfS\ ;]\ObaUSVOZb Yr\\S\ ÍPS`abc\RS\ USZSWabSb eS`RS\ 2S` BÉbWUYSWb Wab SW\ Abc\ RS\Z]V\ hcUSeWSaS\ c\R SW\ 4OYb]` Rc`QV RS\ a^ShWSZZS /`PSWbahSWbS\ PS`ºQYaWQVbWUb eS`RS\ ;OfW[OZ  ÍPS`abc\RS\ Yr\\S\ ^`] ;]\Ob USZSWabSb eS`RS\ HcZÉaaWUS DS`Uºbc\UaTOYb]`S\ ZWSUS\ heWaQVS\  c\R # 2WSa eW`R Rc`QV bcPcXbRWT :^]bcP] cT] TSabUSaQV`WSPS\ 2WS 9ZOaaS ‰Í?ÁMj‰ÍjÁ \cbhb RWS 9ZOaaS j†?Í SPS\TOZZa OZa /bb`WPcb 0bb^iXPcX^] 0SW RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ VO\RSZb Sa aWQV ab`cYbc`SZZ c[ SW\S Z^\_^bXcT 9ZOaaS AWS S\bVÉZb /bb`WPcbS d][ Bg^ RS` O\RS`S\ 9ZOaaS\ j†?Í c\R ?Í֔ 8SRSa ‰Íˆ ?ÁMj‰ÍjÁ=PXSYb `STS`S\hWS`b aSW\ ^S`ar\ZWQVSa 5SVOZba c\R 5SPc`baRObc[a]PXSYb 2WSa R`ºQYb RWS aS[O\bWaQVS\ 0ShWSVc\US\ RS` 9ZOaaS ;WbO`PSWbS` Oca 2WS 0Q[PdUbcTdTad]V `SUSZb RWS OcaTºV`PO`S 9ZOaaS ‰Í?ÁMj‰ÍjÁÜjÁÝ?Í֙~ ‰Í?ÁMj‰ÍjÁ=PXSYbS eS`RS\ O\USZSUb c\R RS`S\ 2ObS\ dS`eOZbSb HcU`WTTS OcT =PXSYbS RS` 9ZOaaS\ ?Í֔ c\R j†?Í TW\RS\ ]da ºPS` ‰Í?ÁMj‰ˆ ÍjÁ=PXSYbS abObb 2WS 9ZOaaS\ ?Í֔ c\R j†?Í U`SWTS\ aSZPab ]XRWc OcTSW\O\RS` ]RS` OcT RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ hc A][Wb aW\R aWS PSW Y]\abO\bS` rTTS\bZWQVS` AQV\WbbabSZZS XSRS`hSWb PdbcPdbRWQPa W?ÄÄ ?Í֔ P ¬Á‰Ü?Íj ‰™Í Í?~Ç

¬Á‰Ü?Íj ‰™Í ”™?ÍÇ

¬Á‰Ü?Íj ‰™Í Ž?†ÁÇ

¬ÖM‰W ?Í֔® ‰™Í Í~^ ‰™Í ”^ ‰™Í Ž? ¯ P Í?~ s Í~Ç

”™?Í s ”Ç

Ž?†Á s Ž?Ç

Q ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P

ÊÊ Á”?͉jÁÍj .ÍÁ‰™~ˆ ?ÁÄÍjÖ™~

.ÍÁ‰™~ a s Í?~ ´ ¹±¹ ´ ”™?Í ´ ¹±¹ ´ Ž?†ÁÇ ÁjÍÖÁ™ aÇ Q Q



%$

>QYTZc^aXT]cXTacT :^]iT_cT

W?ÄÄ j†?Í P ¬Á‰Ü?Íj ÄÍ?͉W w‰™? aÖMj


92 - s 

¬Á‰Ü?Íj ÄÍ?͉W w‰™? aÖMj


9
0#- s ¤±yÇ

¬Á‰Ü?Íj ÄÍ?͉W w‰™? aÖMj

!
0#- s ¤±åÇ

¬Á‰Ü?Íj aÖMj ÄÍ֙aj™†™Ç

¬Á‰Ü?Íj aÖMj ~Á֙aj†?ÍÇ

¬Á‰Ü?Íj aÖMj ÖjMjÁ.Ía?ÍÁÇ

¬Á‰Ü?Íj aÖMj ÖjMjÁ.Í֙aj™Ç

¬ÖM‰W j†?Í® aÖMj ~~^ aÖMj Ä͐^ aÖMj w ¯ P ÄjÍÁ֙a~j†?Í® ~~ ¯Ç

ÊÊ 7jÁÝj™a֙~ ajÁ ™ÍÁ‰jÁj™aj™

ÄjÍ.Í֙aj™†™® Ä͐ ¯Ç

ÊÊ .j͈ j͆aj™

ÄjÍ?ÍÁ® w ¯Ç ÖjMjÁ.Í֙aj™ s åÇ Q ¬ÖM‰W ܝ‰a ÄjÍÁ֙a~j†?Í® aÖMj ~~ ¯ P ~Á֙aj†?Í s

?͆±?MÄ® ~~ ¯Ç

Q ¬ÖM‰W ܝ‰a ÄjÍ.Í֙aj™†™® aÖMj Ä͐ ¯ P ÄÍ֙aj™†™ s

?͆±?MÄ® Ä͐ ¯Ç

Q ¬ÖM‰W ܝ‰a ÄjÍ?ÍÁ® aÖMj w ¯ P ‰w® w ‘

!
0#- ¯ w s

!
0#-Ç

ÊÊ ™ÍÁj ajÄ

‰w® w 


9
0#- ¯ w s


9
0#-Ç

ÊÊ ã֐CÄĉ~j™ ?ÍÁÄ

ÖjMjÁ.Ía?ÍÁ s wÇ Q ¬ÖM‰W ܝ‰a ÄjÍ2jMjÁÄÍ֙aj™® aÖMj ÖjMjÁ ¯ P ‰w® ÖjMjÁ  jÄj


92 - ¯

ÖjMjÁ.Í֙aj™ s

ÖjMjÁ.Í֙aj™ s ÖjMjÁÇ


92 -Ç

ÊÊ ™ÍÁj 5MjÁÄÍ֙aj™ã?†

Q ¬ÖM‰W aÖMj ”™?Íĝ†™®¯ P ÁjÍÖÁ™ ~Á֙aj†?Í ´ ÖjMjÁ.Ía7jÁ~® ¯Ç Q ¬Á‰Ü?Íj aÖMj ÖjMjÁ.Ía7jÁ~®¯ P

ÊÊ ¬Á‰Ü?Íj ‰wĔj͆aj

aÖMj Ö.7 s ÄÍ֙aj™†™ J ÖjMjÁ.Í֙aj™ J ÖjMjÁ.Ía?ÍÁÇ ÁjÍÖÁ™ Ö.7Ç Q Q W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?W†!?”jÇ

¬Á‰Ü?Íj .ÍÁ‰™~ ܝÁ!?”jÇ

¬Á‰Ü?Íj ?Í֔ ~jM ?Í֔Ç

ÊÊ
Äĝã‰?͉™ ”‰Í ?ÄÄj ?Í֔

¬Á‰Ü?Íj j†?Í ~j†?ÍÇ

ÊÊ
Äĝã‰?͉™ ”‰Í ?ÄÄj j†?Í



>QYTZc^aXT]cXTacT :^]iT_cT

$&

¬ÖM‰W ÄÍ?͉W ‰™Í ?™ã?† s åÇ ¬ÖM‰W ÄÍ?͉W

‰Í?ÁMj‰ÍjÁ ”
™j~j™®¯ P

#±ÝÁ‰Íj™® ¹ ‰Í?ÁMj‰ÍjÁa?Íj™ ?™j~j™]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssssssss¹ ¯Ç .ÍÁ‰™~ ™ s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹!?W†™?”j] ¹ ¯Ç .ÍÁ‰™~ Ü s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹7Á™?”j] ¹ ¯Ç ‰™Í Í~ s #±¬Á”¬Í
™a-j?a™Í® ¹jMÖÁÍÄa?Íj™ ˆ 0?~] ¹ ¯Ç ‰™Í ”~ s #±¬Á”¬Í
™a-j?a™Í® ¹jMÖÁÍÄa?Íj™ ˆ

™?Í] ¹ ¯Ç

‰™Í Ž~ s #±¬Á”¬Í
™a-j?a™Í® ¹jMÖÁÍÄa?Íj™ ˆ ?†Á] ¹ ¯Ç ?Í֔ ~a s ™jÝ ?Í֔® Í~^ ”~^ Ž~ ¯Ç aÖMj ~~ s #±¬Á”¬Í
™a-j?a ÖMj® ¹Á֙a~j†?Í s ¹ ¯Ç aÖMj Đ s #±¬Á”¬Í
™a-j?a ÖMj® ¹.Í֙aj™†™ s ¹ ¯Ç aÖMj w s #±¬Á”¬Í
™a-j?a ÖMj® ¹5MjÁÄÍ֙aj™w?ÍÁ s ¹ ¯Ç j†?Í ~ s ™jÝ j†?Í® ~~^ Đ^ w ¯Ç ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ® ™^Ü^~a^~ ¯Ç

ÁjÍÖÁ™ ”Ç Q ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ®.ÍÁ‰™~ ™™^ .ÍÁ‰™~ ܙ^ ?Í֔ ~a^ j†?Í ~¯ P

™?W†!?”j s ™™Ç

ܝÁ!?”j s ܙÇ

~jM ?Í֔ s ~aÇ

~j†?Í s ~Ç

?™ã?†´´Ç Q ¬ÖM‰W ܝ‰a ?ÖÄ~?Mjj†?ÍÄ ?Íj™®¯ P #±ÝÁ‰Íj™® ¹
ÍÖjj j†?ÍÄa?Íj™]¹ ¯Ç #±ÝÁ‰Íj™® ¹!?”j] ¹ ´ ~jÍ!?”j®¯ ¯Ç #±ÝÁ‰Íj™® ¹jMÖÁÍÄÍ?~] ¹ ´ ~jM ?Í֔±Í.ÍÁ‰™~®¯ ¯Ç #±ÝÁ‰Íj™® ¹ ™?ÍÄ~j†?Í s ¹ ´ ~j†?Í±”™?Íĝ†™®¯ ¯Ç Q ¬ÖM‰W ܝ‰a ÄjÍÁ֙a~j†?Í® aÖMj ~~ ¯ P ~j†?Í±ÄjÍÁ֙a~j†?Í® ~~ ¯Ç Q ¬ÖM‰W ܝ‰a ÄjÍ.Í֙aj™†™® aÖMj Ä͐ ¯ P ~j†?Í±ÄjÍ.Í֙aj™†™® Ä͐ ¯Ç Q ¬ÖM‰W ܝ‰a ÄjÍ2jMjÁ.Í֙aj™® aÖMj ÖjMjÁ ¯ P ~j†?Í±ÄjÍ2jMjÁÄÍ֙aj™® ÖjMjÁ ¯Ç Q ¬Á‰Ü?Íj .ÍÁ‰™~ ~jÍ!?”j®¯ P

ÊÊ ¬Á‰Ü?Íj ‰wĔj͆aj

ÁjÍÖÁ™ ܝÁ!?”j ´ ¹ ¹ ´ ™?W†!?”j Ç

$'



>QYTZc^aXT]cXTacT :^]iT_cT

Q Q W?ÄÄ

‰Í?ÁMj‰ÍjÁÜjÁÝ?Í֙~ P

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s

‰Í?ÁMj‰ÍjÁ±”
™j~j™®¯Ç

a P #±ÝÁ‰Íj™® ¹֙Í‰™Ä?ÖÄÝ?†]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹!jÖj™

‰Í?ÁMj‰ÍjÁ ?™j~j™

s ¤¹ ¯Ç

#±ÝÁ‰Íj™® ¹j†?ÍÄa?Íj™ ?ÖÄ~jMj™

s Ô¹ ¯Ç

#±ÝÁ‰Íj™® ¹
™ã?† 5MjÁÄÍ֙aj™ j‰™~jMj™

s Ϲ ¯Ç

#±ÝÁ‰Íj™® ¹j†?ÍÄÝjÁÍj ÄjÍãj™

s |¹ ¯Ç

‰™Í Ý?† s #±¬Á”¬Í
™a-j?a™Í® ¹jÝٙÄW†Íj #¬Í‰™ s ¹ ¯Ç Ä݉ÍW†® Ý?† ¯ P W?Äj ¤] ”¤ s

‰Í?ÁMj‰ÍjÁ±”
™j~j™®¯Ç

#±ÝÁ‰Íj™® ¹=?† s ¹ ´

‰Í?ÁMj‰ÍjÁ±?™ã?† ¯Ç

MÁj?Ç W?Äj Ô] ”¤±?ÖÄ~?Mjj†?ÍÄ ?Íj™®¯Ç MÁj?Ç W?Äj Ï]

ÊÊ .¬jã‰jj Á”?͉jÁ֙~ Ýj~j™ =j‰j™Ö”MÁÖW†

”¤±ÄjÍ2jMjÁ.Í֙aj™®#±¬Á”¬Í
™a-j?a ÖMj®¹5MjÁÄÍa± s ¹ ¯¯Ç MÁj?Ç W?Äj |] ”¤±ÄjÍÁ֙a~j†?Í®#±¬Á”¬Í
™a-j?a ÖMj®¹Á֙a~j†± s ¹¯¯Ç ”¤±ÄjÍ.Í֙aj™†™®#±¬Á”¬Í
™a-j?a ÖMj®¹.Í֙aj™± s ¹¯¯Ç MÁj?Ç ajw?֐Í] #±ÝÁ‰Íj™® ¹j‰™j ~ِ͉~j #¬Í‰™¹ ¯Ç Q Q݆‰j® #±¬Á”¬Í
™a-j?a †?Á® ¹8j‰ÍjÁ ®Ž¯·¹ ¯ ss ÀŽÀ ¯Ç Q Q

2WS /\eS\Rc\U YO\\ W\ SW\S[ 4WZS \O[S\a ‰Í?ÁMj‰ÍjÁÜjÁÝ?Í֙~±Ž?Ü? USVOZbS\ eS`RS\ ]RS` \OQV 9ZOaaS\ OcT RWS 4WZSa ?Í֔±Ž?Ü? j†?Í±Ž?Ü? ‰Í?ÁMj‰ÍjÁ±Ž?Ü? c\R ‰Í?ÁMj‰ÍjÁÜjÁÝ?Í֙~±Ž?Ü? dS`bSWZb eS`RS\ :SWRS` aW\R eW` \]QV ]XRWc W\ RS` :OUS PSZWSPWU dWSZS >QYTZcT id b_TXRWTa] c\R RO` OcT hchcU`SWTS\ <]QV TSVZS\ 2ObS\ab`cYc`S\ hc` A^SWQVS`c\U hOVZ`SWQVS` ES`bS c\R =PXSYbS 7\ 9O^WbSZ ! eS`RS\ eW` 0aaPhb OZa 2ObS\Q]\bOW\S` YS\\S\ZS`\S\



8KLKXKT`KT

DO`WOPZS\ ^`W[WbWdS\ 2ObS\bg^a c\R >QYTZcePaXPQ[T] c\bS`aQVSWRS\ aWQV W\ ^`] U`O[[bSQV\WaQVS` 6W\aWQVb RScbZWQV 2WSa PSb`WTTb W\aPSa]\RS`S RS\ 3TTSYb d]\ Id fTXbd]VT] c\R RWS /`b RS` ?PaP\TcTa¶QTaVPQT O\ ;SbV]RS\ 7[ 5SUS\aObh hc SW\TOQVS\ 2ObS\bg^S\ VO\RSZb Sa aWQV PSW =PXSYbdO`WOPZS\ c[ a] US\O\\bS ATUTaT]iT] 2WSa W[^ZWhWS`b ROaa heWaQVS\ RS` =PXSYbdO`WOPZS\ c\R RS[ d]\ WV` PShSWQV\SbS\ =PXSYb c\bS`aQVWSRS\ eS`RS\ [caa 2Oa eWQVbWUS 9]\hS^b RSa ITXVTab S\UZ ^]W\bS` Wab RWS W\T]`[ObW]\abSQV\WaQVS 5`c\RZOUS RS` T]ZUS\RS\ 0Sb`OQVbc\US\ 7[ 5SUS\aObh hc 1 YS\\b 8OdO YSW\S Sf ^ZWhWb RSYZO`WS`bS\ HSWUS` 8SR]QV abSZZS\ OZZS RSYZO`WS`bS\ c\R W\WbWOZWaWS`bS\ 8OdO =PXSYbdO`WOPZS\ @STS`S\hS\ OcT RWS hcUSVr`WUS\ =PXSYbS RO` 0SW HceSWac\US\ c\R >O`O[SbS`ºPS`UOPS\ dS`VOZbS\ aWQV =PXSYb`STS`S\hS\ eWS HSWUS` a] ROaa OcQV W\ 8O dO \WQVb OcT ROa DS`abÉ\R\Wa RSa HSWUS`Y]\hS^ba dS`hWQVbSb eS`RS\ YO\\



6XOSOZO\K *GZKTZ_VKT

C[ ROa PSa]\RS`S DS`VOZbS\ d]\ =PXSYb`STS`S\hS\ PSaaS` hc dS`abSVS\ eS`RS\ \]QV[OZa RWS Y]``Sa^]\RWS`S\RS\ 3WUS\aQVOTbS\ ^`W[WbWdS` 2ObS\bg^S\ US\O\\b(



@[]KOY[TMKT VXOSOZO\KX *GZKTZ_VKT


‰™Í M s ?Ç

? s ¤ååÇ

2WS DO`WOPZS M S\bVÉZb \OQV RS` HceSWac\U Ms? RS\ ES`b " 2WS \OQVb`ÉUZWQVS Ò\RS`c\U RSa ES`ba d]\ ? OcT  PSSW\TZcaab M \WQVb /cQV \OQV RS` HceSWac\U Ms? PShSWQV\S\ RWS `]U`O[[WS`c\U Wab ROaa HceSWac\US\ heWaQVS\ DO`WOPZS\ ^`W[WbWdS\ 2ObS\bg^a c\^`]PZS[ObWaQV aW\R(
%

ATUTaT]iT]



6XOSOZO\K *GZKTZ_VKT GRY 3KZNUJKTVGXGSKZKX

0SW ;SbV]RS\OcT`cTS\ Yr\\S\ DO`WOPZS\ ^`W[WbWdS\ 2ObS\bg^a O\ ;SbV]RS\^O`O[S bS` ºPS`USPS\ eS`RS\ 2OPSW eW`R WV` OYbcSZZS` ES`b W\ RS\ ;SbV]RS\^O`O[SbS` Y]^WS`b ’ Sa TW\RSb SW\S SW\TOQVS FTacZ^_XT abObb RWS OZa 2P[[ 1h EP[dT PShSWQV\Sb eW`R A][Wb Yr\\S\ DS`É\RS`c\US\ RSa ºPS`USPS\S\ ES`ba W\\S`VOZP RS` ;SbV]RS RS\ ES`b RS` DO`WOPZS\ OczS`VOZP RS` ;SbV]RS \WQVb PSSW\TZcaaS\( W?ÄÄ ? ß7?Öj P ¬ÖM‰W ÄÍ?͉W ܝ‰a ÍÖ8?Ä® ‰™Í ¬ ¯ P #±ÝÁ‰Íj™® ¹8jÁÍ] ¹ ´ ¬ ¯Ç

ÊÊ ¬ †?Í 8jÁÍ ¤å

¬ s åÇ #±ÝÁ‰Íj™® ¹8jÁÍ] ¹ ´ ¬ ¯Ç

ÊÊ ¬ †?Í ™Ö™ 8jÁÍ å

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í Ý s ¤åÇ ÍÖ8?Ä® Ý ¯Ç #±ÝÁ‰Íj™® ¹8jÁÍ] ¹ ´ Ý ¯Ç

ÊÊ 8jÁÍ ‰ÄÍ ‰””jÁ ™W† ¤å

Q Q

/cQV \OQV /cT`cT RS` ;SbV]RS ÍÖ8?Ä®¯ [Wb RS[ ES`b Ý PSVÉZb RWS DO`WOPZS Ý RS\ c`a^`º\UZWQVS\ ES`b  2S` >O`O[SbS` ¬ c\R RWS DO`WOPZS Ý aW\R c\OPVÉ\UWUS 2O bS\PSVÉZbS` 0SW[ ;SbV]RS\OcT`cT eW`R RS` ES`b d]\ Ý W\ ¬ Y]^WS`b ES`bÉ\RS`c\ US\ W\ RS` ;SbV]RS ¬så VOPS\ ZTX]T] BTXcT]TUUTZc OcT RS\ ES`b RS` DO`WOPZS\ Ý D][ RO`USabSZZbS\ DS`VOZbS\ ^`W[WbWdS` 2ObS\bg^S\ YO\\ W\ 8OdO W[ 5SUS\aObh hc 1 \WQVb OPUSeWQVS\ eS`RS\ 6WS` dS`[SWRSb 8OdO XSUZWQVS HSWUS`bSQV\WYS\


5HPKQZXKLKXKT`KT

8SRS 8OdODO`WOPZS RWS SW\ =PXSYb PShSWQV\Sb abSZZb SW\S ATUTaT]i OcT RWSaSa =PXSYb RO` @STS`S\hS\ aW\R HSWUS` ^]W\bS` OcT RWS B_TXRWTaPSaTbbT OP RS` ROa SWUS\bZWQVS =PXSYb W[ 6Oc^ba^SWQVS` OPUSZSUb Wab 2WS 0SRScbc\U RS` @STS`S\h dS`RScbZWQVS\ eW` O\ =PXSYbS\ c\R =PXSYbdO`WOPZS\ SW\S` `cRW[S\bÉ`S\ ;WbO`PSWbS`9ZOaaS( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

™?”j s ™Ç Q Q

¬ÖM‰W aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~¯ P ~j†?Í s ~Ç

ATUTaT]iT]

%

3a eS`RS\ =PXSYbdO`WOPZS\ d][ Bg^ ‰Í?ÁMj‰ÍjÁ RSYZO`WS`b c\R W\WbWOZWaWS`b( W?ÄÄ -jwjÁj™ãj™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤Ç

ÊÊ j?Á?͉™ ajÁ #MŽjÍÜ?Á‰?Mj™

‰Í?ÁMj‰ÍjÁ ”ÔÇ ‰Í?ÁMj‰ÍjÁ ”ÏÇ ÊÊ ÁãjÖ~j™ ֙a =ÖÝj‰Äj™ ajÁ ™ÁjÍj™ #MŽjÍj] ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ |ååå ¯Ç

”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹8j‰ÄĹ^ yååå ¯Ç

Q Q

5`c\RaÉbhZWQV Tº` ROa DS`abÉ\R\Wa RSa 0SU`WTTa @STS`S\h Wab T]ZUS\RS` AOQVdS`VOZb RS` W\ /PPWZRc\U  aYWhhWS`b Wab( 2WS >QYTZcePaXPQ[T] @STS`S\hS\ ”¤ ”Ô c\R ”Ï aW\R ]XRWc RWS =PXSYbS aSZPab a]\RS`\ aTUTaT]iXTaT] RWSaS \c` AWS S\bVOZbS\ RWS B_TXRWTaPSaTbbT] OP RS\S\ RWS hcUSVr`WUS\ =PXSYbS W[ 6Oc^ba^SWQVS` hc UX]ST] aW\R ÍPS` RWS A^SWQVS`OR`SaaS Yr\\S\ RWS =PXSYbdO`WOPZS\ OcT WV`S =PXSYbS c\R RS`S\ rT TS\bZWQVS 3ZS[S\bS hcU`SWTS\ 8SRS =PXSYb`STS`S\h eTafTXbc SW\RScbWU OcT SW\S 7\abO\h WV`S` 9ZOaaS 2WS 9ZOaaS ‰Í?ÁMj‰ÍjÁ c\R RO`Oca [WbbSZa ™jÝ=^S`Ob]` S`hScUbS =PXSYbS PSZS US\ A^SWQVS`^ZObh 0SW RS\ PZ]zS\ 2SYZO`ObW]\S\( ‰Í?ÁMj‰ÍjÁ ”¤Ç

‰Í?ÁMj‰ÍjÁ ”ÔÇ

‰Í?ÁMj‰ÍjÁ ”ÏÇ

eS`RS\ \c` RWS >QYTZcePaXPQ[T] @STS`S\hS\ ”¤ ”Ô c\R ”Ï W[ A^SWQVS` O\USZSUb c\R [Wb RS[ 8]XcXP[fTac ™Ö PSZSUb ac AWS S\bVOZbS\ hc RWSaS[ HSWb^c\Yb ]^RW ZTX]T UºZbWUS A^SWQVS`OR`SaaS c\bS` RS` ;WbO`PSWbS`=PXSYbS hc TW\RS\ eÉ`S\ EW` ag[P]ZWaWS`S\ RWSaS\ HcabO\R Rc`QV RWS AQV`SWPeSWaS ”¤®™Ö¯ 3`ab Rc`QV RWS 7\WbWOZWaWS`c\US\ [WbbSZa ™jÝ=^S`Ob]` c\R 9]\ab`cYb]`OcT`cT( ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ |ååå ¯Ç

”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹8j‰ÄĹ^ yååå ¯Ç

eS`RS\ PdRW >QYTZcT W[ A^SWQVS` O\USZSUb 2S` HceSWac\Ua]^S`Ob]` s abSZZb RWS @S TS`S\h heWaQVS\ RS\ =PXSYbdO`WOPZS\ ”¤ ”Ô ”Ï c\R RS\ [Wb ™jÝ PSZSUbS\ A^SW QVS`PS`SWQVS\ VS` 2WS =PXSYbdO`WOPZS\ `STS`S\hWS`S\ RWS R]`bWUS\ =PXSYbS Phe hSW US\ OcT RWSaS( AWS S\bVOZbS\ \c\ UºZbWUS A^SWQVS`OR`SaaS\ O\ RS\S\ aWQV RWS hcUS eWSaS\S\ =PXSYbS W[ A^SWQVS` PSTW\RS\ 2WS hcUSeWSaS\S\ A^SWQVS`OR`SaaS\ VOPS\ \c` W[ ZOcTS\RS\ >`]U`O[[ >`]hSaa 5ºZbWUYSWb 0SW[ \ÉQVabS\ :OcT RSa >`] U`O[[a YO\\ RWSaSZPS =PXSYbdO`WOPZS UO\h O\RS`S /R`SaaeS`bS S\bVOZbS\ 7\ RS\ /PPWZRc\US\ dS`eS\RS\ eW` eWS ºPZWQV >TSWZS RWS d]\ RS` =PXSYbdO`WOPZS\ OcT ROa `STS`S\hWS`bS =PXSYb hSWUS\ c\R b`OUS\ eWZZYº`ZWQV USeÉVZbS ag[P]ZWaQVS /R `SaahOVZS\ SW\ eWS ”¤®|Ȥ¤¯

%!

ATUTaT]iT]

2S` IdVaXUU PdU >QYTZcT S`T]ZUb OZa] \WQVb RW`SYb a]\RS`\ X]SXaTZc dWO @STS`S\h /\ aQVOcZWQV YO\\ ROa DS`VÉZb\Wa heWaQVS\ =PXSYbdO`WOPZS\ @STS`S\hS\ c\R RS\ =P XSYbS\ aSZPab Rc`QV 0]P[^VXT] dS`RScbZWQVb eS`RS\( 2WS 3W\b`ÉUS RSa 7\VOZbadS`hSWQV \WaaSa SW\Sa 0cQVSa S\bVOZbS\ \WQVb RWS 9O^WbSZ aSZPab OPS` aWS \S\\S\ c\R YS\\S\ RWS ASWbS\hOVZS\ OP RS` RWS SW\hSZ\S\ 9O^WbSZ hc TW\RS\ aW\R 2WS 3W\b`ÉUS `STS`S\ hWS`S\ WV`S 9O^WbSZ 3W\ Ab`OzS\\O[S aO[b 6Oca\c[[S` S\bVÉZb \WQVb aQV]\ ROa 6Oca aSZPab OPS` RWS 7\T]`[ObW]\ e] ROa 6Oca hc TW\RS\ Wab 7TP_ ÊÊ j?Á?͉™]

\ \cZZ

‰Í?ÁMj‰ÍjÁ ”¤Ç ‰Í?ÁMj‰ÍjÁ ”ÔÇ ‰Í?ÁMj‰ÍjÁ ”ÏÇ

\!\cZZ

A0< BcPRZ

:[PbbT

/R`SaaS\( "!

\"\cZZ

\  #&

>QYTZc

”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ j‰jÁ¹^ Ïååå¯Ç

\!##$

>QYTZc $

%$”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ÖMjÁ¹^ |ååå¯Ç

”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹8j‰ÄĹ^ yååå¯Ç

\"$'&&

>QYTZc

ÊÊ™‰Í‰?‰Ä‰jÁ֙~]

0QQ

!$'

%(''

 ) =PXSYbdO`WOPZS\ @STS`S\hS\ c\R `STS`S\hWS`bS =PXSYbS

2c`QV RWS 8D; S`hScUbSbS =PXSYbS dS`TºUS\ ºPS` SW\S SW\RScbWUS 7RS\bWbÉb c\R eS` RS\ [Wb SW\S` TX]STdcXVT] :T]]d]V 6OaV1]RS dS`aSVS\ 2WSaS 9S\\c\U eW`R aWQVbPO` eS\\ [O\ RS\ 7\VOZb SW\S` =PXSYbdO`WOPZS\ OcT RS` 9]\a]ZS OcaUWPb( #±ÝÁ‰Íj™® ¹-jwjÁj™ãj™] ¹ ´ ”¤ ´ ¹ ¹ ´ ”Ô ´ ¹ ¹ ´ ”Ï ¯Ç

3a eS`RS\ R`SW c\bS`aQVWSRZWQVS 9S\\c\US\ OcaUSUSPS\ RO XSRS RS` R`SW =PXSYbdO `WOPZS\ ”¤ ”Ô c\R ”Ï SW\ SWUS\Sa aS^O`ObSa =PXSYb `STS`S\hWS`b 2WS 9S\\c\US\ aW\R PSW XSRS[ >`]U`O[[ZOcT O\RS`S Bg^WaQVS`eSWaS eS`RS\ aWS Pdb STa B_TXRWTa PSaTbbT STb aTUTaT]iXTacT] >QYTZcb PS`SQV\Sb HcaÉbhZWQV S\bVÉZb RWS 8OdO =PXSYbYS\\c\U OcQV RS\ hcUSVr`WUS\ 9ZOaaS\\O[S\
ATUTaT]iT]

%"

”Ô c\R ”Ï aW\R eWS OZZS DO`WOPZS\\O[S\ ag[P]ZWaQVS 0ShSWQV\S` Tº` A^SWQVS`hSZZS\ [Wb PSabW[[bS` A^SWQVS`OR`SaaS 2S` 7\VOZb RWSaS` HSZZS\ Wab XSR]QV aSZPab eWSRS`c[ XS\S O\RS`S /R`SaaS OP RS` ROa `STS`S\hWS`bS =PXSYb W[ A^SWQVS` SW\USb`OUS\ Wab /cQV SW\S ^`W[WbWdS DO`WOPZS eWS ‰™Í Þ s |Ç Wab SW\ ag[P]ZWaQVS` 0ShSWQV\S` Tº` SW\S\ A^SWQVS`PS`SWQV 2S` 7\VOZb RWSaSa 0S`SWQVa Wab XSR]QV YSW\S O\RS`S A^SWQVS` OR`SaaS a]\RS`\ S\bVÉZb RS\ ES`b aSZPab " OcT RS\ RWS DO`WOPZS f hcU`SWTb 7\ 8OdO eS`RS\ >QYTZcT bcTcb ºPS` =PXSYbdO`WOPZS\ eXP ATUTaT]i O\USa^`] QVS\ /cT DO`WOPZS\ ^`W[WbWdS\ 2ObS\bg^a eW`R ROUSUS\ abSba RW`SYb hcUSU`WT TS\ D]\ RWSaS` bSQV\WaQVS\ D]`UOPS YO\\ ]XRWc OPUSeWQVS\ eS`RS\ 0]\TaZd]V) /ZZS 8OdO=PXSYbdO`WOPZS\ c\R ^`W[WbWdS\ \WQVbabObWaQVS\ DO`WOPZS\ eS`RS\ OcT RS[ AbOQY AbO^SZa^SWQVS` OPUSZSUb 2OUSUS\ ZWSUS\ RWS 8OdO=PXSYbS aSZPab OcT RS[ 6SO^ 6OZRS\a^SWQVS`



+TZLKXTKT \UT 8KLKXKT`KT ¤ 1UTYZGTZK ™Ö

ÍPS` RWS A^SWQVS`OR`SaaS eW`R RWS Z]UWaQVS DS`PW\Rc\U heWaQVS\ =PXSYbdO`WOPZS c\R `STS`S\hWS`bS[ =PXSYb VS`USabSZZb ÍPS` RWS W\WbWOZWaWS`bS =PXSYbdO`WOPZS YO\\ OcT ROa =PXSYb W[ A^SWQVS` hcUSU`WTTS\ eS`RS\ /ZZS`RW\Ua YO\\ RS` DS`eSWa RS` =P XSYbdO`WOPZS\ OcT WV` =PXSYb OcQV eWSRS` S\bTS`\b eS`RS\( 2c`QV IdfTXbd]V RS` d]`RSTW\WS`bS\ 9]\abO\bS\ ™Ö P] SXT >QYTZcePaXP Q[T eW`R RWS @STS`S\hW\T]`[ObW]\ S\bTS`\b ’ RWS =PXSYbdO`WOPZS VOb \c\ YSW\S\ HcU`WTT OcT ROa =PXSYb [SV` /cQV SW\S RSYZO`WS`bS OPS` ]^RW ]XRWc W\WbWOZWaWS`bS =PXSYbdO`WOPZS VOb RS\ 7\WbWOZeS`b ™Ö 7\ ]PWUS[ 0SWa^WSZ eº`RS Rc`QV( ”Ï s ™ÖÇ ”ϱ~j†?Í s ¤ååååÇ

ÊÊ ‰jÄ ~‰MÍ j‰™j™ ?Öwãj‰Íwj†jÁu

RWS @STS`S\hW\T]`[ObW]\ RS` =PXSYbdO`WOPZS\ ”Ï OcT WV` =PXSYb T]cUTa]c eS`RS\ 2WS =PXSYbdO`WOPZS ”Ï hSWUb ]XRWc \TWa OcT SW\ ‰Í?ÁMj‰ÍjÁ=PXSYb 3W\ HcU`WTT ºPS` ”Ï OcT ROa =PXSYb Wab \c\ \WQVb [SV` [rUZWQV 2Oa =PXSYb Wab c\S``SWQVPO` c\`SO QVOPZS USe]`RS\ DS`acQVb [O\ RS\\]QV ºPS` ”Ï OcT ROa =PXSYb hchcU`SWTS\ a] ZÉaab aWQV ROa 1]RW\U heO` Y][^WZWS`S\ XSR]QV Y][[b Sa hc` :OcThSWb hc SW\S` !֐+‰™ÍjÁ ÞWj¬Í‰™ 2Oaa RS` 1][^WZS` RS\ ]TTS\aWQVbZWQVS\ 4SVZS` \WQVb []\WS`b PS`cVb OcT RS[ 9]\hS^b RS` a]US\O\\bS\ b_ÊcT] S`ab hc` :OcThSWb S`T]ZU bS\ 1X]Sd]V heWaQVS\ =PXSYbdO`WOPZS c\R =PXSYb 9O^WbSZ " 7\ /PPWZRc\U  Wab RWS EW`Yc\U RS` ™ÖHceSWac\U RO`USabSZZb( 2ScbZWQV eW`R ROaa SW\Sa RS` =PXSYbS \c\ d]\ YSW\S` =PXSYbdO`WOPZS\ [SV` `STS`S\hWS`b eW`R ’ W[ ZOcTS\RS\ >`]U`O[[ Wab YSW\ eSWbS`S` HcU`WTT OcT ROa =PXSYb [rUZWQV 3W\S a]ZQVS` [OzS\ c\hcU`SWTPO`S A^SWQVS` dS`aQVeS\RS\RS Ab`cYbc` W[ 6Oc^ba^SWQVS` eW`R OZa A^SWQVS`ZSWQVS ]RS` B_TXRWTa[TRZ [S[]`g ZSOY PShSWQV\Sb 7\ 1 Wab ROa >`]U`O[[ aSZPab Tº` ROa `SQVbhSWbWUS 4`SWUSPS\ a]ZQVS` A^SWQVS`PS`SW QVS dS`O\be]`bZWQV 2WS B_TXRWTaeTafP[cd]V W\ 1>`]U`O[[S\ YO\\ c\R [caa Rc`QV S\ba^`SQVS\RS A^`OQVSZS[S\bS 2Sab`cYb]` Y]\b`]ZZWS`b eS`RS\ 2WSaS hcaÉbh ZWQVS bSQV\WaQVS 9]\b`]ZZS VOb XSR]QV WV`S\ >`SWa( @OaQV aQVZSWQVS\ aWQV aQVeS` Z]YO

%#

ATUTaT]iT]

ZWaWS`PO`S >`]U`O[[TSVZS` W\ 4]`[ dS`aÉc[bS` A^SWQVS`^ZObhT`SWUOPS\ SW\) W\aPSa]\ RS`a ZO\UZOcTS\RS AS`dS`^`]U`O[[S Yr\\S\ RORc`QV ^ZrbhZWQV aQVSW\PO` U`c\RZ]a hc[ /Pabc`h USP`OQVb eS`RS\ eS\\ RS` dS`TºUPO`S A^SWQVS` \WQVb [SV` Oca`SWQVb A0< ”Ï s ™ÖÇ

:[PbbT

/R`SaaS\(

\Se

9]\ab`cYb]`OcT`cT

"! HcabO\RaÉ\RS`c\U

\  #&

>QYTZc

!$'

B_TXRWTa P[[^ZXTac

X]XcXP[XbXTac HcU`WTT

IdbcP]S

aTUTaT]iXTac

\!##$ \"\cZZ

0QQ

@STS`S\h \cZZ

>QYTZc $ $% >QYTZc

%(''

62 UWPb A^SWQVS` T`SW

d]aTUTaT]iXTac 51 OYbWd VT[»bRWc

!) HceSWac\U d]\ ™Ö c\R =PXSYbHcabO\RaRWOU`O[[ :SPS\ahgYZca

2WS A^`OQVS 8OdO dS`[SWRSb RWS A^SWQVS`ZSQY>`]PZS[ObWY W\RS[ aWS ROa >`]U`O[[ \WQVb [Wb RS` A^SWQVS`Y]\b`]ZZS Sf^ZWhWbS A^SWQVS`^ZObhT`SWUOPS PSZOabSb 3W\S \WQVb [SV` PS\rbWUbS 7\abO\h eW`R Rc`QV ™ÖHceSWac\U \WQVb [SV` `STS`S\hWS`b 2WS A^SWQVS`PS`SW\WUc\U Tº` ROa ZOcTS\RS >`]U`O[[ eW`R W\ 8OdO Rc`QV RWS Pdc^\PcX bRWT 6PaQPVT 2^[[TRcX^] ºPS`\][[S\ RWS W\ `SUSZ[ÉzWUS\ 7\bS`dOZZS\ RS\ 6SO^ A^SWQVS` \OQV c\S``SWQVPO`S\ c\`STS`S\hWS`bS\ =PXSYbS\ A^SWQVS`ZSWQVS\ Rc`QV acQVb 2WS 8OdO5O`POUS1]ZZSQbW]\ Wab SW\S Ocb][ObWaQVS 6SO^A^SWQVS`dS`eOZbc\U Tº` 8OdO=PXSYbS A^SWQVS`ZSWQVS\ b]bS =PXSYbS eS`RS\ Rc`QV RS\ 6PaQPVT 2^[[TR c^a RS` 8D; S\bTS`\b RV RS` S\ba^`SQVS\RS A^SWQVS`PS`SWQV Rc`QV 3W\b`OU W\ SW\S 4`SWa^SWQVS`ZWabS Ocb][ObWaQV eWSRS` hc[ ÍPS`aQV`SWPS\ T`SWUSUSPS\ 3W\ =PXSYb eW`R Rc`QV RWS 6PaQPVT 2^[[TRcX^] Oca RS[ A^SWQVS` S\bTS`\b hS`abr`b eS\\ Sa SdaRW ZTX]T >QYTZcePaXPQ[T \TWa aTUTaT]iXTac eW`R c\S` `SWQVPO` Wab A]ZO\US Sa \]QV Rc`QV [W\RSabS\a SW\S =PXSYbdO`WOPZS `STS`S\ hWS`b eW`R PZSWPb ROa =PXSYb W[ A^SWQVS` S`VOZbS\ O[ :SPS\ ES\\UZSWQV W\ 8OdO YSW\S 2Sab`cYb]`S\ ^`]U`O[[WS`PO` aW\R a] UWPb Sa R]QV SW\S\ bRWfPRWT] 3`aObh ROTº` 8SRS 9ZOaaS YO\\ RWS a^ShWSZZS ;SbV]RS( ¬ÖM‰W ܝ‰a w‰™?‰ãj®¯ P ÊJ p JÊ Q

W[^ZS[S\bWS`S\ 2WSaS eW`R RW`SYb d]` RS[ c\eWSRS`P`W\UZWQVS\ :raQVS\ RSa =P XSYba Rc`QV RWS 5O`POUS 1]ZZSQbW]\ SW\[OZ OcTUS`cTS\ c\R RO`T PSZWSPWUSa 1]RW\U S\bVOZbS\ Bg^WaQVS`eSWaS a]ZZbS Sa aWQV ROPSW \c` c[ ZSbhbS OPaQVZWSzS\RS /cT `Éc[O`PSWbS\ VO\RSZ\ 4`SWUSPS\ d]\ 0Sb`WSPa[WbbSZ\ eWS <SbheS`Y ]RS` 2ObS\ PO\YdS`PW\Rc\US\ :]U3W\b`ÉUS aQV`SWPS\ SbQ EW` S`eSWbS`\ c\aS`S 9ZOaaS c[ RS` 5O`POUS 1]ZZSQbW]\ PSW[ /`PSWbS\ hchcaSVS\(

ATUTaT]iT] W?ÄÄ

%$

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬ÖM‰W aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~¯ P

™?”j s ™Ç

~j†?Í s ~Ç

Q ¬ÖM‰W ܝ‰a w‰™?‰ãj®¯ P #±ÝÁ‰Íj™® ¹#MŽjÍ ¹ ´ ™?”j ´ ¹ ãjÁÄÍ Á͹ ¯Ç Q Q W?ÄÄ -jwjÁj™ãj™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ |ååå ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹8j‰ÄĹ^ yååå ¯Ç

”¤ s ™ÖÇ

”Ô s ™ÖÇ

.ßÄÍj”±~W®¯

”Ï s ™ÖÇ

ÊÊ
ÖwÁÖw 

Q Q ˆ ™Äj ˆ #MŽjÍ

j‰jÁ ãjÁÄÍ ÁÍ

#MŽjÍ ÖMjÁ ãjÁÄÍ ÁÍ #MŽjÍ 8j‰ÄÄ ãjÁÄÍ ÁÍ

2c`QV /cT`cT RS` abObWaQVS\ ;SbV]RS .ßÄÍj”±~W®¯ eW`R RS` 5O`POUS 1]ZZSQbW]\ \c` \OVSUSZSUb bÉbWU hc eS`RS\ 2WS ;SbV]RS w‰™?‰ãj®¯ a]ZZbS a^O`aO[ c\R [Wb 0SROQVb SW\USaSbhb eS`RS\( 4º` RS\ 3\beWQYZS` Wab \WQVb Y]\b`]ZZWS` c\R d]`VS`aSVPO` eO\\ US\Oc RWS 5O`POUS 1]Z ZSQbW]\ bÉbWU eW`R A][Wb Wab RS` US\OcS /cT`cThSWb^c\Yb d]\ w‰™?‰ãj®¯ `SZObWd hc WV` T]ZUS\RS\ >`]U`O[[bSWZS\ Oca 3\beWQYZS`aWQVb \WQVb RSbS`[W\WS`b 7\ /PPWZRc\U  Wab RS` bg^WaQVS =PXSYb:SPS\ahgYZca OZa IdbcP]SbSXPVaP\\ C;: SW\USb`OUS\ 2Oa HcabO\RaRWOU`O[[ dS`hSWQV\Sb RWS /PT]ZUS RS` IdbcÊ]ST RWS =PXSYbS W\\S`VOZP RS` /\eS\Rc\U Rc`QVZOcTS\ c\R dS`[S`Yb /YbWdWbÉbS\ RWS SW\S IdbcÊ]SbÊ]STad]V ÍPS`UO\U d]\ SW\S[ HcabO\R W\ SW\S\ O\RS`S\ PSeW`YS\



@[]KOY[TMKT `]OYINKT 8KLKXKT`Z_VKT

3W\S RSYZO`WS`bS =PXSYbdO`WOPZS YO\\ [WbbSZa ™jÝ=^S`Ob]` c\R 9]\ab`cYb]`OcT`cT W\WbWOZWaWS`b c\R WV` SW\ \Sc S`abSZZbSa =PXSYb hcUSeWSaS\ eS`RS\ /ZZS`RW\Ua YO\\ SW \S` RSYZO`WS`bS\ =PXSYbdO`WOPZS\ OcQV SW\S PS`SWba W\WbWOZWaWS`bS =PXSYbdO`WOPZS RSa UZSWQVS\ 9ZOaaS\bg^a hcUSeWSaS\ eS`RS\( ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

%%

ATUTaT]iT] ‰Í?ÁMj‰ÍjÁ ”| s ”¤Ç

ÊÊ =ÖÝj‰Ä֙~ j‰™jÁ #MŽjÍÜ?Á‰?Mj™

7[ 5SUS\aObh hc ^`W[WbWdS\ 2ObS\bg^S\ eW`R W\ RWSaS[ 4OZZ ZTX]T 9]^WS RSa =PXSYba d]\ ”¤ S`hScUb c\R ”| hcUSeWSaS\ DWSZ[SV` eW`R ]da SXT ATUTaT]i bT[Qbc Z^_XTac RV RWS A^SWQVS`OR`SaaS RSa =PXSYba A][Wb S\bVOZbS\ OZa 3`USP\Wa RS` HceSWac\U ”|s”¤ \c\ QTXST =PXSYbdO`WOPZS\ SXTbT[QT A^SWQVS`OR`SaaS RV aWS `STS`S\hWS`S\ TX] d]S SPbbT[QT =PXSYb IdfTXbd]VT] ifXbRWT] >QYTZcePaXPQ[T] @STS`S\hbg^S\ PSeW`Yb SW\S :^_XT STa ATUTaT]iT] A][Wb hSWUS\ `STS`S\hWS`S\ [SV`S`S =PXSYbdO`WO PZS\ OcT ROaaSZPS =PXSYb c\R Yr\\S\ OcT RWSaSa dS`É\RS`\R hcU`SWTS\ 7\ /PPWZRc\U ! Wab S`aWQVbZWQV ROaa Rc`QV RWS HceSWac\US\ ”Ôs”¤ c\R ”Ïs”¤ aQVZWSzZWQV OZZS =PXSYbdO`WOPZS\ [Wb ST\bT[QT] ;WbO`PSWbS`]PXSYb W[ A^SWQVS` O`PSW bS\ RV OcT ROaaSZPS =PXSYb dS`eSWaS\ =TTS\aWQVbZWQV YO\\ OcQV SW\S` PS`SWba W\WbWO ZWaWS`bS\ =PXSYbdO`WOPZS\ SW\S \ScS @STS`S\h hcUSeWSaS\ eS`RS\ /cT RWSaS ESWaS aW\R RWS =PXSYbS OcT RWS ”Ô c\R ”Ï c`a^`º\UZWQV hSWUbS\ \c\[SV` dS`eOWab( /Za c\ `STS`S\hWS`bS 8OdOA^SWQVS`ZSWQVS\ eS`RS\ aWS d]\ RS` 5O`POUS 1]ZZSQbW]\ Ocb][O bWaQV S\ba]`Ub 7\ 1 eÉ`S RORc`QV SW\ A^SWQVS`ZSQY S\babO\RS\ ‰Í?ÁMj‰ÍjÁ ”¤^ ”Ô^ ”ÏÇ

A0<

”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ j‰jÁ¹^ Ïååå¯Ç

”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ÖMjÁ¹^ |ååå¯Ç

”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹8j‰ÄĹ^ yååå¯Ç

ÊÊ =ÖÝj‰Ä֙~ ajÁ -jwjÁj™ã]

:[PbbT

\  #&

”Ô s ”¤Ç ”Ï s ”¤Ç

\! #& \" #&

0QQ

>QYTZc

/R`SaaS\( "!

!$'

>QYTZc $ $% 62 UWPb A^SWQVS` %('' T`SW >QYTZc

") HceSWac\US\ heWaQVS\ =PXSYbdO`WOPZS\ ’ 9]^WS RS` @STS`S\h

3W\S ;O\W^cZObW]\ RSa =PXSYba ºPS` TX]T RS` R`SW =PXSYbdO`WOPZS\ Wab a][Wb OcQV Tº` RWS P]STaT] eW`YaO[( ”¤±~j†?Í s ÔåååÇ ”Ô±~j†?Í s ¤ååååÇ

ÊÊ 7jÁC™ajÁÍ #MŽjÍãÖÄÍ?™a ÙMjÁ 7?Á‰?Mj ”Ô

#±ÝÁ‰Íj™® ¹”¤ Ä?~Í] ¹ ´ ”¤±~j†?Í ¯Ç

ÊÊ ‰jwjÁÍ] ¤åååå

#±ÝÁ‰Íj™® ¹”Ï Ä?~Í] ¹ ´ ”ϱ~j†?Í ¯Ç

ÊÊ ‰jwjÁÍ] ¤åååå

2WS ºPS` ”Ô d]`US\][[S\S 5SVOZbaÉ\RS`c\U Wab ºPS` ”¤ c\R ”Ï OPT`OUPO` RO OZZS R`SW =PXSYbdO`WOPZS\ OcT SW\ c\R ROaaSZPS =PXSYb dS`eSWaS\ 2c`QV 0dbVPQT STa >Q YTZcZT]]d]V 6OaV1]RS d]` c\R \OQV HceSWac\U RS` =PXSYbdO`WOPZS\ Yr\\S\ RWS @STS`S\hdS`VÉZb\WaaS RS[]\ab`WS`b eS`RS\( W?ÄÄ -jwjÁj™ãj™ P

ATUTaT]iT]

%&

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ |ååå ¯Ç

‰Í?ÁMj‰ÍjÁ ”Ï s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹8j‰ÄĹ^ yååå ¯Ç

#±ÝÁ‰Íj™® ¹-jw] ¹ ´ ”¤ ´ ¹ ¹ ´ ”Ô ´ ¹ ¹ ´ ”Ï ¯Ç ”Ô s ”¤Ç

”Ï s ”¤Ç

ÊÊ =ÖÝj‰Ä֙~ ajÁ -jwjÁj™ãj™

#±ÝÁ‰Íj™® ¹-jw] ¹ ´ ”¤ ´ ¹ ¹ ´ ”Ô ´ ¹ ¹ ´ ”Ï ¯Ç Q Q ˆ ™Äj ˆ -jw]

‰Í?ÁMj‰ÍjÁKϤȚWÏ

‰Í?ÁMj‰ÍjÁKϤåa|Ô

‰Í?ÁMj‰ÍjÁKyaoÈMÔ

-jw]

‰Í?ÁMj‰ÍjÁKϤȚWÏ

‰Í?ÁMj‰ÍjÁKϤȚWÏ

‰Í?ÁMj‰ÍjÁKϤȚWÏ

D]` HceSWac\U RS` =PXSYbdO`WOPZS\ S`VÉZb [O\ R`SW c\bS`aQVWSRZWQVS =PXSYbYS\\c\ US\
”Ô s ™ÖÇ

ÊÊ !W† ÙMjÁ ”Ï ÁjwjÁj™ã‰jÁÍ Ö™a ãÖ~Áj‰wM?Á] #±ÝÁ‰Íj™® ¹!?”j s ¹ ´ ”ϱ™?”j ¯Ç ”Ï s ™ÖÇ

ÊÊ ÁÄÍ ŽjÍãÍ ?™™  ÍC͉~ ÝjÁaj™

EWS OcQV PSW HceSWac\US\ heWaQVS\ ^`W[WbWdS\ 2ObS\bg^S\ [ºaaS\ RWS hcUSeWSaS \S\ =PXSYbdO`WOPZS\ bg^Y][^ObWPSZ aSW\( D]`OcaaSbhc\U Tº` RWS IdfTXbQPaZTXc e^] >QYTZcePaXPQ[T] Wab RWS Bg^Y][ ^ObWPWZWbÉb RS` hcUSVr`WUS\ 9ZOaaS\ 2WS hcUSeWSaS\S\ =PXSYbdO`WOPZS\ [ºaaS\ d][ Ch_ STabT[QT] :[PbbT VWS`( ‰Í?Áˆ Mj‰ÍjÁ aSW\ 7[ 9]\bSfb RS` DS`S`Pc\U eS`RS\ eW` RS\ 0SU`WTT RS` Bg^Y][^ObW PWZWbÉb d]\ =PXSYbdO`WOPZS\ XSR]QV S\baQVSWRS\R dS`OZZUS[SW\S`\ 3W\S PZ]zS Ab`cY bc`É_cWdOZS\h RS` hcU`c\RSZWSUS\RS\ 9ZOaaS\ Wab ]XRWc Oca`SWQVS\R <WQVb bg^US`SQV bS HceSWac\US\ heWaQVS\ =PXSYbdO`WOPZS\ TºV`S\ hc SW\S[ 1][^WZS`TSVZS`( W?ÄÄ

‰Í?ÁMj‰ÍjÁ

P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W aÖMj ~j†?ÍÇ Q

W?ÄÄ
™~jÄÍjÍjÁ P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W aÖMj ~j†?ÍÇ Q W?ÄÄ =ÖÝj‰Ä֙~ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ

”¤ s ™jÝ

”¤±™?”j s ¹ j‰jÁ¹Ç

‰Í?ÁMj‰ÍjÁ® ¯Ç ”¤±~j†?Í s ÏåååÇ

%'

ATUTaT]iT]
™~jÄÍjÍjÁ ?¤ s ”¤Ç ‰Í?ÁMj‰ÍjÁ ”Ô s ”¤Ç

ÊÊ j†jÁ] 2™ÍjÁÄW†‰ja‰W†jÁ 0߬u ÊÊ #] j‰W†jÁ 0߬u

Q Q

4º` RWS 7\abO\hWWS`c\U d]\ =PXSYbdO`WOPZS\ UWPb Sa \c\[SV` heSW ;rUZWQVYSWbS\(  =PXSYbdO`WOPZS\ Yr\\S\ W\abO\hWWS`b eS`RS\ Rc`QV RS\ ]Tf>_TaPc^a c\R :^]bcadZc^aPdUadU 2ORc`QV eW`R SW\ ]TdTb =PXSYb W[ A^SWQVS` O\USZSUb c\R Rc`QV RWS =PXSYbdO`WOPZS `STS`S\hWS`b( ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

 =PXSYbdO`WOPZS\ Yr\\S\ W\abO\hWWS`b eS`RS\ Rc`QV IdfTXbd]V TX]Ta QT aTXcb X]XcXP[XbXTacT] >QYTZcePaXPQ[T] 3a eW`R ZTX] \ScSa =PXSYb W[ A^SW QVS` O\USZSUb a]\RS`\ RWS @STS`S\h RS` hcUSeWSaS\S\ =PXSYbdO`WOPZS\ Y] ^WS`b 2WS =PXSYbdO`WOPZS\ `STS`S\hWS`S\ \c\ US[SW\aO[ ROa =PXSYb RS` hc USeWSaS\S\ =PXSYbdO`WOPZS\( ‰Í?ÁMj‰ÍjÁ ”Ô s ”¤Ç




=PXSYbdO`WOPZS\ @STS`S\hbg^S\ Yr\\S\ [Wb RS\ DS`UZSWQVa]^S`Ob]`S\ ss c\R us OcT 6[TXRWWTXc c\R D]V[TXRWWTXc US^`ºTb eS`RS\ 8SR]QV eW`R ROPSW ]XRWc RS` Hc abO\R RS` `STS`S\hWS`bS\ =PXSYbS W\bS`\S /bb`WPcbWS`c\U dS`UZWQVS\ a]\RS`\ RS` 7\ VOZb RS` =PXSYbdO`WOPZS\ RV RWS RO`W\ USa^SWQVS`bS ATUTaT]i A^SWQVS`OR`SaaS 0SW[ ETaV[TXRW ifTXTa >QYTZcePaXPQ[T] [WbbSZa RSa DS`UZSWQVa]^S`Ob]`a ss eS`RS\ RWS @STS`S\hS\ OcT RWS =PXSYbS dS`UZWQVS\ 3a eW`R TSabUSabSZZb ]P PSWRS =PXSYbdO`WOPZS\ ROaaSZPS =PXSYb `STS`S\hWS`S\ 2WS DS`UZSWQVa]^S`ObW]\ ZWSTS`b a][Wb ÍÁÖj eS\\ PSWRS =PXSYbdO`WOPZS\ OcT ROaaSZ PS =PXSYb dS`eSWaS\ >QYTZcÊ`dXeP[T]i O\RS`\TOZZa w?Äj ’ OcQV eS\\ RWS /bb`W PcbPSZSUc\U RS` PSWRS\ =PXSYbS WRS\bWaQV Wab( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W aÖMj ~j†?ÍÇ Q

W?ÄÄ 7jÁ~j‰W† P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ ”¤±™?”j s ¹ j‰jÁ¹Ç ‰Í?ÁMj‰ÍjÁ ”Ô s ™jÝ ”Ô±™?”j s ¹ j‰jÁ¹Ç

‰Í?ÁMj‰ÍjÁ®¯Ç ”¤±~j†?Í s ÏåååÇ ‰Í?ÁMj‰ÍjÁ®¯Ç ”Ô±~j†?Í s ÏåååÇ

‰Í?ÁMj‰ÍjÁ ”Ï s ”¤Ç

Q Q

Mj?™ ÍjÄÍ s ® ”¤ ss ”Ô ¯Ç

ÊÊ ‰jwjÁÍ w?Äju

ÍjÄÍ s ® ”Ï ss ”¤ ¯Ç

ÊÊ ‰jwjÁÍ ÍÁÖju

ATUTaT]iT]

%(

2WS =PXSYbdO`WOPZS\ ”¤ c\R ”Ô `STS`S\hWS`S\ c\bS`aQVWSRZWQVS =PXSYbS B`]bh ES`b UZSWQVVSWb RS` /b`WPcbS ZWSTS`b WV` DS`UZSWQV w?Äj 2OUSUS\ `STS`S\hWS`S\ ”¤ c\R ”Ï ROaaSZPS =PXSYb a] ROaa RS` DS`UZSWQV ÍÁÖj S`UWPb ;rQVbS [O\ SW\S\ FTacTeTaV[TXRW STa VTb_TXRWTacT] 0ccaXQdcT heWaQVS\ dS`aQVWSRS \S\ =PXSYbS\ Rc`QVTºV`S\ BSab OcT FTacÊ`dXeP[T]i a] Wab ROhc SW\S Z[PbbT]b_TiX UXbRWT ETaV[TXRWb\TcW^ST hc W[^ZS[S\bWS`S\ RWS RWS `SZSdO\bS\ /bb`WPcbeS`bS RS` =PXSYbS dS`UZSWQVb EOa `SZSdO\b Wab [caa W\\S`VOZP RSa bT\P]cXbRWT] :^]cTgcTb RS` /\eS\Rc\U TSabUSZSUb eS`RS\ 2WS DS`UZSWQVa[SbV]RS YO\\ SW\S ;SbV]RS RS` 9ZOa aS aSZPab aSW\ ]RS` aS^O`Ob W[^ZS[S\bWS`b eS`RS\ 7\ T]ZUS\RS[ 0SWa^WSZ eS`RS\ W\ =PXSYbS\ RS` 9ZOaaS =j‰Í HSWb^c\YbS OcT ASYc\ RS\US\OcWUYSWb dS`eOZbSb /Za WRS\bWaQV PSb`OQVbS\ eW` XSR]QV heSW HSWb^c\YbS PS `SWba eS\\ aWS \c` W\ RS` Abc\RS\ c\R ;W\cbS\O\UOPS ºPS`SW\abW[[S\ 2WSa eW`R Rc`QV SW\S abObWaQVS DS`UZSWQVa[SbV]RS c[USaSbhb( W?ÄÄ =j‰Í P ¬ÖM‰W ‰™Í ÄÍ֙ajÇ

¬ÖM‰W ‰™Í ”‰™ÖÍjÇ

¬ÖM‰W ‰™Í ÄjÖ™ajÇ

¬ÖM‰W =j‰Í® ‰™Í ÄÍa^ ‰™Í ”‰™^ ‰™Í Äj ¯ P ÄÍ֙aj s ÄÍaÇ

”‰™ÖÍj s ”‰™Ç

ÄjÖ™aj s ÄjÇ

Q ¬ÖM‰W ÄÍ?͉W Mj?™ ‰Ä͐j‰W†® =j‰Í ã¤^ =j‰Í ãÔ ¯ P ÁjÍÖÁ™ ®ã¤±ÄÍ֙aj ss ãÔ±ÄÍ֙aj¯ FF ®ã¤±”‰™ÖÍj ss ãÔ±”‰™ÖÍj¯Ç Q Q W?ÄÄ 7jÁ~j‰W† P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P =j‰Í ͤ s ™jÝ =j‰Í® ¤¤^ |y^ ÔÉ ¯Ç =j‰Í ÍÔ s ™jÝ =j‰Í® ¤¤^ |y^ yÉ ¯Ç Mj?™ ÍjÄÍ s =j‰Í±‰Ä͐j‰W†® ͤ^ ÍÔ ¯Ç

ÊÊ ‰jwjÁÍ ÍÁÖj

Q Q



1UVOKXKT \UT 5HPKQZKT

2W`SYbS HceSWac\U heSWS` =PXSYbdO`WOPZS\ PSeW`Yb ROaa RWSaS ROaaSZPS =PXSYb `STS `S\hWS`S\ C[ SW\ >QYTZc id Z^_XTaT] QZ]\S\ [caa TX] ]TdTb >QYTZc STa :[PbbT Ta iTdVc c\R RSaaS\ /bb`WPcbS [Wb RS\ /bb`WPcbeS`bS\ RSa C`a^`c\Ua]PXSYba USTºZZb eS` RS\ HWSZ Wab RWS 6S`abSZZc\U heSWS` drZZWU c\OPVÉ\UWUS` =PXSYbS 7[ 0SWa^WSZ aW\R OZZS /bb`WPcbS _aX\XcXeT 2ObS\bg^S\ 2WS ;SbV]RS ¬‰jÁj®¯ S`VÉZb ROa hc Y]^WS`S\RS =PXSYb  TS`bWUb RO`Oca SW\S 9]^WS c\R UWPb RWSaS hc`ºQY( W?ÄÄ ™Í P ¬ÖM‰W ‰™Í ™Í!ÁÇ ™Í ¬‰jÁj® ™Í  ¯ P

¬ÖM‰W aÖMj Ä?aÇ

&

ATUTaT]iT] ™Í W™j s ™jÝ ™Í®¯Ç W™j±™Í!Á s ±™Í!ÁÇ

W™j±Ä?a s ±Ä?aÇ

ÁjÍÖÁ™ W™jÇ Q Q

2WSaSa SW\TOQVS D]`USVS\ Wab XSR]QV \c` PSW /bb`WPcbS\ _aX\XcXeT] 2ObS\bg^a O\US P`OQVb 3\bVÉZb SW\S 9ZOaaS /bb`WPcbS d][ Bg^ SW\S` O\RS`S\ 9ZOaaS 0bb^iXPcX^] a] aW\R OcQV RWSa =PXSYb`STS`S\hS\ 2c`QV SW\ /bb`WPcb a?Í d][ Bg^ RS` 9ZOaaS ?Í֔ dS`TºUb SW\ ™Í=PXSYb \c\ ºPS` SW\S W\bS`\S BWSTS\ab`cYbc` RWS PSW[ 9]^WS`S\ PS`ºQYaWQVbWUb eS`RS\ [caa 3W\S RW`SYbS HceSWac\U RWSaSa /bb`WPcba eº`RS \c` SW\S U[PRWT :^_XT bWP[[^f R^_h S`hScUS\( W?ÄÄ ?Í֔ P ¬ÖM‰W ‰™Í Í~Ç ¬ÖM‰W ‰™Í ”™Ç ¬ÖM‰W ‰™Í ŽÁÇ Q W?ÄÄ ™Í P ¬ÖM‰W ‰™Í ™Í!ÁÇ

¬ÖM‰W aÖMj Ä?aÇ

¬ÖM‰W ?Í֔ a?ÍÇ

™Í ¬‰jÁj?W†® ™Í  ¯ P ™Í W™j s ™jÝ ™Í®¯Ç W™j±™Í!Á s ±™Í!ÁÇ W™j±a?Í s ±a?ÍÇ

W™j±Ä?a s ±Ä?aÇ

ÊÊ ™ÖÁ w?W†j ¬‰j ajÁ -jwjÁj™ã

ÁjÍÖÁ™ W™jÇ Q Q

6WS` `STS`S\hWS`b ROa /bb`WPcb a?Í d]\ C`a^`c\Ua]PXSYb c\R 9]^WS SPbbT[QT ?Í֔ =PXSYb a] ROaa ZTX]T drZZWU c\OPVÉ\UWUS\ =PXSYbS S`hScUb ec`RS\( 8SRSa RS` =PXSYbS PSaWbhb \c\ OZa /bb`WPcb SW\S @STS`S\h OcT SPbbT[QT ?Í֔=PXSYb /PVWZTS aQVOTTb SW\S cXTUT :^_XT STT_ R^_h W\ RS` OcQV RWS /bb`WPcbS Oaa]hWWS`bS` =P XSYbS SW\hSZ\ Y]^WS`b eS`RS\ a]TS`\ Sa aWQV c[ ^`W[WbWdS 2ObS\bg^S\ c\R \WQVb aSZPab c[ =PXSYb`STS`S\hS\ VO\RSZb( ™Í ¬‰jÁj0‰jw® ™Í  ¯ P ™Í W™j s ™jÝ ™Í®¯Ç W™j±™Í!Á s ±™Í!ÁÇ W™j±a?ͱÍ~ s ±a?ͱÍ~Ç

W™j±Ä?a s ±Ä?aÇ ÊÊ 0‰jwj ¬‰j ajÁ ?Í֔ˆ-jwjÁj™ã

W™j±a?ͱ”™ s ±a?ͱ”™Ç W™j±a?ͱŽÁ s ±a?ͱŽÁÇ ÁjÍÖÁ™ W™jÇ Q

QYTZcZ^_XT S\babSVb SW\S TRWcT 9]^WS OZa drZZWU c\OPVÉ\ UWUSa =PXSYb ROa \WQVb ºPS` @STS`S\hS\ O\ ROa C`a^`c\Ua]PXSYb USY]^^SZb Wab 5SZSUS\bZWQV eW`R W\ RS` :WbS`Obc` heWaQVS\ U[PRWT] d]S cXTUT] 3PcT]ch_T] c\bS` aQVWSRS\ 3W\ 2ObS\bg^ RSaaS\ 7\VOZb RWS SWUS\bZWQVS\ 2ObS\ ES`bS aW\R eW`R OZa U[PRW PShSWQV\Sb A][Wb aW\R OZZS ^`W[WbWdS\ 8OdO2ObS\bg^S\ U[PRW 2OUSUS\ aW\R OZ

ATUTaT]iT]

&

ZS 2ObS\bg^S\ cXTU RS`S\ 7\VOZb @STS`S\hS\ OcT 2ObS\]PXSYbS O\ O\RS`S\ AbSZZS\ RSa A^SWQVS`a aW\R A][Wb aW\R 8OdO=PXSYbdO`WOPZS\ @STS`S\hbg^S\ cXTU



,OTGRK 5HPKQZ\GXOGHRKT

=PXSYbdO`WOPZS\ Yr\\S\ OZa w‰™? RSYZO`WS`b eS`RS\ 0SW SW\TOQVS\ 2ObS\bg^S\ PSRScbSb RWS 2SYZO`ObW]\ w‰™? ROaa Sa aWQV c[ SW\S 9]\abO\bS VO\RSZb RS`S\ ES`b \WQVb [SV` dS`É\RS`b eS`RS\ RO`T =PXSYbdO`WOPZS\ XSR]QV aW\R @STS`S\hS\ OcT =PXSYbS \WQVb RWS =PXSYbS aSZPab 7V`S 9S\\hSWQV\c\U OZa w‰™? \WQVb dS`É\RS` PO` PSRScbSb ROaa XWaT ATUTaT]i ]XRWc eTaÊ]STac eS`RS\ RO`T A][Wb RO`T SW\S` TW\O ZS\ =PXSYbdO`WOPZS ZTX] P]STaTb >QYTZc idVTfXTbT] eS`RS\ 9]\abO\b Wab a][Wb RWS @STS`S\h \WQVb RS` HcabO\R /bb`WPcbPSZSUc\U RSa `STS`S\hWS`bS\ =PXSYba 3W\S UX]P[T >QYTZcePaXPQ[T [caa W[[S` SPbbT[QT =PXSYb `STS`S\hWS`S\ 7V` RO`T YSW\ DS`eSWa OcT SW\ O\RS`Sa =PXSYb hcUSeWSaS\ eS`RS\ 2OUSUS\ Rº`TS\ RWS /bb`WPcbeS`bS HcabO\R RSa TW\OZ `STS`S\hWS`bS\ =PXSYba Rc`QV Oca dS`É\RS`b eS`RS\ Hc` 2S[]\ab`ObW]\ dS`eS\RS\ eW` ]PWUS 9ZOaaS HSWb( W?ÄÄ 7jÁ~j‰W† P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P w‰™? =j‰Í ͤ s ™jÝ =j‰Í® ¤¤^ |y^ ÔÉ ¯Ç =j‰Í ÍÔ s ™jÝ =j‰Í® ¤É^ ÔÔ^ yÉ ¯Ç ÊÊ Á?ÖMÍ] ™ajÁ֙~ ajÁ
ÍÍÁ‰MÖÍÝjÁÍj ajÄ #MŽjÍÄ Í¤±ÄÍ֙aj s ¤yÇ ÊÊ ”¬‰jˆj†jÁ ˆ !‰W†Í jÁ?ÖMÍ] ™ajÁ֙~ ajÁ -jwjÁj™ã ͤ s ÍÔÇ Q Q

2WS TW\OZS =PXSYbdO`WOPZS ͤ `STS`S\hWS`b SW\ =PXSYb RSaaS\ /bb`WPcbeS`bS b`]bh RS` w‰™?2SYZO`ObW]\ d]\ ͤ dS`É\RS`b eS`RS\ Rº`TS\ 8SR]QV RO`T RWS TW\OZS =PXSYb dO`WOPZS ͤ YSW\ O\RS`Sa =PXSYb `STS`S\hWS`S\ 2S` DS`acQV aWS Rc`QV HceSWac\U ͤsÍÔ OcT ROa O\RS`S =j‰Í=PXSYb hc dS`eSWaS\ ZWSTS`b SW\S\ 1][^WZS`TSVZS`



9KRHYZ\KX]KOY SOZZKRY ͆‰Ä8KLKXKT`

7\\S`VOZP RSa 9ZOaaS\Q]RW\Ua YO\\ Tg_[XiXc OcT RWS SWUS\S\ /bb`WPcbS c\R ;SbV]RS\ RSa OYbcSZZS\ =PXSYba hcUSU`WTTS\ eS`RS\ 2Ohc RWS\b RWS d]`RSTW\WS`bS TW\OZS ͆‰Ä@STS`S\h) RWSaS Wab SW\ 0[XPb AbSZZdS`b`SbS`\O[S Tº` ROa =PXSYb aSZPab W\ aSW\S\ ;SbV]RS\W[^ZS[S\bObW]\S\ ;WbbSZa ͆‰Ä PShWSVb aWQV ROa =PXSYb OcT aWQV aSZPab 3W\ Sf^ZWhWbS` /bb`WPcb c\R ;SbV]RS\hcU`WTT USaQVWSVb [WbbSZa( ͆‰Ä±
ÍÍÁ‰MÖ͙?”j

Phe

͆‰Ä± j͆aj™™?”j®p¯

;WbbSZa ͆‰Ä dS`TºUb SW\ =PXSYb ºPS` SW\S ATUTaT]i PdU bXRW bT[Qbc RWS W\\S`VOZP RSa 1]RW\Ua aSW\S` 9ZOaaS SW\USaSbhb eS`RS\ YO\\

&!

ATUTaT]iT]

3W\S SW\TOQVS /\eS\Rc\U Wab RWS DS`eS\Rc\U d]\ ͆‰Ä hc` 0dU[»bd]V e^] =P \T]bifTXSTdcXVZTXcT] PSW >O`O[SbS`ºPS`UOPS\ O\ ;SbV]RS\( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™?”j^ aÖMj ~j†?Í ¯ P

͆‰Ä±™?”j s ™?”jÇ ÊÊ ™?”j s ™?”jÇ

͆‰Ä±~j†?Í s ~j†?ÍÇ ~j†?Í s ~j†?ÍÇ

ÊÊ ÝCÁj ݉ÁÖ™~НÄu

͆‰Ä±ÄjÍ!?”j® ¹ ֔”ß¹ ¯Ç Q ¬ÖM‰W ܝ‰a ÄjÍ!?”j® .ÍÁ‰™~ ™” ¯ P ™?”j s ™”Ç

ÊÊ †‰jÁ ĉ™a a‰j !?”j™ j‰™ajÖ͉~

͆‰Ä±™?”j s ™”Ç

ÊÊ ÄߙÍ?Í‰ÄW† jÁ?ÖMÍ^ ?MjÁ ֙™ Í‰~

Q Q

2WS >O`O[SbS`\O[S\ RS` 9]\ab`cYb]`[SbV]RS ZOcbS\ UZSWQV eWS RWS /bb`WPcb\O[S\ RS` 9ZOaaS 2c`QV RWS ͆‰ÄASZPab`STS`S\h W\ ͆‰Ä±™?”j eW`R Tº` RS\ 1][^WZS` RScbZWQV ROaa [Wb ͆‰Ä±™?”j ROa /bb`WPcb ™?”j RSa S`hScUbS\ =PXSYba O\USa^`] QVS\ eW`R eÉV`S\R RWS hcUSeWSaS\S DO`WOPZS ™?”j RS` UZSWQV\O[WUS ;SbV]RS\^O `O[SbS` Wab Eº`RS [O\ abObbRSaaS\ ™?”js™?”j Q]RWS`S\ a] S`UÉ\hb RS` 1][^WZS` RWSa Ocb][ObWaQV hc` eW`Yc\UaZ]aS\ /\eSWac\U ͆‰Ä±™?”j s ͆‰Ä±™?”j 2S` RS[ 9]\ab`cYb]` ºPS`USPS\S ES`b eº`RS \WQVb W[ /bb`WPcb ™?”j O\Y][[S\ 2S` Sf^ZWhWbS ASZPabPShcU [WbbSZa ͆‰Ä RO`T W\ SW\S` 9ZOaaS ºPS`OZZ dS`eS\RSb eS` RS\ e] X] WV`S\ ;SbV]RS\ OcT /bb`WPcbS ]RS` ;SbV]RS\ RS` 9ZOaaS hcUSU`WTTS\ eW`R 2WS Sf^ZWhWbS ASZPab`STS`S\h YO\\ S\bTOZZS\ eS\\ ’ eWS W\ RS` ;SbV]RS Äj͈ !?”j®¯ ’ UO` YSW\
‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”j s ¹ j‰jÁ¹Ç

ÊÊ
ÍÍÁ‰MÖÍ

¬ÖM‰W ܝ‰a ¬Á‰™Í!?”j®¯ P .ÍÁ‰™~ ™?”j s ¹ ֔”ß¹Ç

ÊÊ j‰W†™?”‰~j ?j 7?Á‰?Mj

#±ÝÁ‰Íj™® ™?”j ¯Ç

ÊÊ ?jÁ 7?Á‰?Mj™ÝjÁÍ ¹ ֔”ß¹

#±ÝÁ‰Íj™® ͆‰Ä±™?”j ¯Ç

ÊÊ
ÍÍÁ‰MÖÍÝjÁÍ ¹ j‰jÁ¹

Q Q

2WS Z]YOZS DO`WOPZS ™?”j RS` ;SbV]RS eTaSTRZc ROa /bb`WPcb ™?”j 2WSaSa eW`R Rc`QV ͆‰Ä±™?”j Sf^ZWhWb O\USa^`]QVS\ c\R RWS DS`RSQYc\U OcTUSV]PS\ 2WS bVWa@STS`S\h YO\\ OcQV SW\S\ DS`eSWa OcT WV` USaO[bSa SWUS\Sa =PXSYb ZWSTS`\ eWS W\ T]ZUS\RS[ SbeOa Yº\abZWQVS\ 0SWa^WSZ(

ATUTaT]iT] W?ÄÄ

&"

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ ~jÍ0†‰Ä®¯ P

™?”j s ¹ j‰jÁ¹Ç ÁjÍÖÁ™ ͆‰ÄÇ Q Q W?ÄÄ j” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ®¯Ç

‰Í?ÁMj‰ÍjÁ ”Ô s ”¤±~jÍ0†‰Ä®¯Ç Q Q

2c`QV RS\ @ºQYUOPSeS`b ͆‰Ä ºPS`UWPb SW\ =PXSYb RWS @STS`S\h OcT aWQV aSZPab PSW /cT`cT RS` ;SbV]RS ~jÍ0†‰Ä®¯ A][Wb hSWUS\ RWS =PXSYbdO`WOPZS\ [ c\R [ OcT ROaaSZPS ‰Í?ÁMj‰ÍjÁ=PXSYb 2WS ͆‰Ä@STS`S\h Wab w‰™? RV WV` YO\\ ]XRWc RWS @STS`S\h OcT SW\ O\RS`Sa =P XSYb hcUSeWSaS\ eS`RS\ eOa aW\\Z]a eÉ`S OPS` OcQV SW\ ASZPab[]`R RSa =PXSYba Rc`QV ͆‰Äs™ÖHceSWac\U eWS W\ RS` ;SbV]RS( ܝ‰a Ä։ã‰a®¯ P ͆‰Ä s ™ÖÇ Q

ÊÊ j†jÁ] ͆‰Ä ‰ÄÍ w‰™?u

eW`R d][ 1][^WZS` ]XRWc OYhS^bWS`b ;O\ dS`eSQVaSZS RWS ͆‰ÄATUTaT]i \WQVb [Wb RS[ /cT`cT SW\Sa 9]\ab`cYb]`a Rc`QV SW\S\ O\RS`S\ 9]\ab`cYb]` RS` 9ZOaaS 9O^WbSZ  [WbbSZa RS`


'TUT_SK 5HPKQZK

3W\ [WbbSZa ™jÝ=^S`Ob]` c\R 9]\ab`cYb]`OcT`cT S`hScUbSa =PXSYb eW`R SW\S` =PXSYb dO`WOPZS\ hcUSeWSaS\ c\R Rc`QV RWSaS @STS`S\h W[ A^SWQVS` USVOZbS\ ÍPS` RS\ =P\T] RS` =PXSYb`STS`S\h Wab ROa =PXSYb eÉV`S\R RSa >`]U`O[[ZOcTa O\a^`SQVPO` /ZZS`RW\Ua Yr\\S\ =PXSYbS PdRW ^W]T TXVT]T] =P\T] `STS`S\hWS`S\RS =PXSYbdO`WO PZS S`hScUb c\R W\ SW\S` SW\hWUS\ /\eSWac\UaT]ZUS RW`SYb US\cbhb eS`RS\( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç Q

¬ÖM‰W ܝ‰a ‰™w®¯ P #±ÝÁ‰Íj™® ¹!?”j] ¹ ´ ™?”j ´ ¹

¯Ç Q

Q W?ÄÄ
™™ß” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~R S ?Á~Ä ¯ P ™jÝ Q Q

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹ ¯±‰™w®¯Ç

ÊÊ
™™ß”jÄ #MŽjÍ

&#

ATUTaT]iT]

;O\ a^`WQVb d]\ SW\S[ P]^]h\T] >QYTZc RO Sa YSW\S\ SWUS\S\ QYTZcePaXPQ[T] aTUTaT]iXTac eW`R A][Wb YO\\ Sa OcQV ]da X] RS` S`hScUS\RS\ /\eSWac\U dS`eS\RSb eS`RS\ Wab OZa] SW\S /`b 3W\eSU]PXSYb A]ZZ SW\ =PXSYb eW`YZWQV \c` SW\ SW\hWUSa ;OZ dS`eS\RSb eS`RS\ a^O`b [O\ OcT RWSaS ESWaS ROa /\ZSUS\ SW\S` aS^O`ObS\ =PXSYb`STS`S\h



5HPKQZK GRY 3KZNUJKTVGXGSKZKX

3PS\a] eWS ^`W[WbWdS 2ObS\bg^S\ Yr\\S\ OcQV =PXSYbdO`WOPZS\ OZa ;SbV]RS\^O`O [SbS` dS`eS\RSb eS`RS\ 5`c\RaÉbhZWQVS` C\bS`aQVWSR hc` ÍPS`UOPS ^`W[WbWdS` 2O bS\bg^S\ 1OZZ0gDOZcSAS[O\bWY Wab XSR]QV( 3a eW`R ZTX]T :^_XT RSa PSb`STTS\RS\ =PXSYba S`abSZZb c\R O\ RWS ;SbV]RS ºPS`USPS\ a]\RS`\ RWS ATUTaT]i PdU SPb >QYTZc eW`R P] ST]
‰Í?ÁMj‰ÍjÁ P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W aÖMj ~j†?ÍÇ Q

W?ÄÄ ? ß-jw P ¬ÖM‰W ÄÍ?͉W ܝ‰a ãÖÄW†?~®

‰Í?ÁMj‰ÍjÁ ” ¯ P

”±~j†?Í s ”±~j†?Í ´ yååÇ

ÊÊ =Ö~Á‰ww ÙMjÁ -jwjÁj™ã

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ

j‰jÁ s ™jÝ

”¤±™?”j s ¹ j‰jÁ¹Ç

‰Í?ÁMj‰ÍjÁ® ¯Ç j‰jÁ±~j†?Í s ÔyååÇ

#±ÝÁ‰Íj™® ¹j†?Í Ý?Á] ¹ ´ ãÖÄW†?~®

j‰jÁ±~j†?Í ¯Ç

j‰jÁ ¯Ç

#±ÝÁ‰Íj™® ¹j†?Í ‰ÄÍ ™Ö™] ¹ ´

j‰jÁ±~j†?Í ¯Ç

Q Q ˆ ™Äj ˆ j†?Í Ý?Á] Ôyåå j†?Í ‰ÄÍ ™Ö™] Ïååå

2Oa Rc`QV RWS =PXSYbdO`WOPZS j‰jÁ `STS`S\hWS`bS ‰Í?ÁMj‰ÍjÁ=PXSYb Wab ]PRW RS[ ;SbV]RS\OcT`cT X] TX]T\ P]STaT] IdbcP]S OZa hcd]` 2c`QV ÍPS`UOPS RS` @S TS`S\h j‰jÁ O\ RS\ ;SbV]RS\^O`O[SbS` ” eW`R W[ ;SbV]RS\Q]RW\U ºPS` RWS Z]YO ZS @STS`S\h ” OcT ROa =PXSYb hcUSU`WTTS\ c\R RS` /bb`WPcbeS`b ~j†?Í dS`É\RSb 2WS ES`bÉ\RS`c\U Wab OcQV \OQV /PO`PSWbc\U RS` ;SbV]RS eSWbS`VW\ aWQVbPO` EÉV `S\R RSa USaO[bS\ >`]U`O[[ZOcTa SfWabWS`b abSba ]da TX] ‰Í?ÁMj‰ÍjÁ=PXSYb W[ A^SWQVS` 2WSaSa eW`R d]\ RS` =PXSYbdO`WPZS\ j‰jÁ `STS`S\hWS`b ’ XSR]QV fÊWaT]S

ATUTaT]iT]

&$

RSa ;SbV]RS\OcT`cTa OcQV d]\ RS` Z]YOZS\ =PXSYbdO`WOPZS\ ” /ZZS ;O\W^cZObW]\S\ S`T]ZUbS\ a][Wb abSba O\ SW\ c\R RS[aSZPS\ =PXSYb ;SbV]RS\ Yr\\S\ =PXSYbdO`WOPZS\ OZa >O`O[SbS` PSaWbhS\ 0SW[ ;SbV]RS\ OcT`cT eW`R SW\S @STS`S\h OcT ROa S\ba^`SQVS\RS =PXSYb O\ RWS >O`O[SbS` RS` ;SbV]RS ºPS`USPS\ 2WSaS /`b RSa ;SbV]RS\OcT`cTa eW`R OZa 2P[[ 1h ATUT aT]RT PShSWQV\Sb HcabO\RaÉ\RS`c\US\ O\ RS[ =PXSYb W\\S`VOZP RSa ;SbV] RS\Q]RW\Ua aW\R OcQV \OQV RS[ ;SbV]RS\OcT`cT eW`YaO[ /PPWZRc\U " abSZZb RWS =PXSYb`STS`S\hS\ fÊWaT]S RSa ;SbV]RS\OcT`cTa RO`( /cT ROa ‰Í?ÁMj‰ÍjÁ=PXSYb hSWUb RWS =PXSYbdO`WOPZS j‰jÁ c\R OcQV RWS [SbV]RS\ Z]YOZS =PXSYbdO`WOPZS ” ºPS` RWS RS` 5SVOZbaeS`b dS`É\RS`b eW`R 2WS Z]YOZS @STS `S\h ” SfWabWS`b \c` eÉV`S\R RSa ;SbV]RSOcT`cTa 2Oa =PXSYb aSZPab PZSWPb XSR]QV W[ A^SWQVS` a]ZO\US Sa d]\ SW\S` =PXSYbdO`WOPZS\ `STS`S\hWS`b eW`R QZOaa 1OZZ0g@ST i

7TP_ A0<

 d]WR hcaQVZOU ;WbO`PSWbS` \  i  k ;WbO`PSWbS`
 #&
  hcaQVZOU
0QQ

:^_XT STa >QYTZc ATUTaT]i QTX\
"!

BcPRZ

 d]WR [OW\   i

k

:[PbbT

/R`SaaS\(

>QYTZc

!$'

\ #& ;WbO`PSWbS` =PXSYb

#) >O`O[SbS`ºPS`UOPS d]\ =PXSYbS\ ^S` @STS`S\h ’ 1OZZ 0g @STS`S\QS

5`]zS` bSQV\WaQVS` E^acTX[ STa ÎQTaVPQT d]\ =PXSYbS\ O\ ;SbV]RS\^O`O[SbS` _Ta ATUTaT]i 1OZZ0g@STS`S\QS abObb ^S` 9]^WS 1OZZ0gDOZcS Wab RWS 4X]b_Pad]V e^] ITXc d]S B_TXRWTa PSW[ ;SbV]RS\OcT`cT( 0SW U`rzS`S\ =PXSYbS\ hOVZ`SWQVS /bb`WPcbeS` bS eÉ`S Sa W\^S`T]`[O\b ROa USaO[bS =PXSYb hc Y]^WS`S\ 9]^WS`OcTeO\R c\R A^SWQVS`PSRO`T eS`RS\ dS`[WSRS\ W\RS[ ]da SXT ATUTaT]i PdU SPb >QYTZc Z^_XTac eW`R ’ ROPSW VO\RSZb Sa aWQV \c` c[ SW\S A^SWQVS`OR`SaaS RWS c\OPVÉ\UWU d]\ RS` 5`rzS RSa =PXSYba abSba \c` fT]XVT 1hcTb PSZSUb 2S` hcaÉbhZWQVS HSWbOcTeO\R hc[ /cTacQVS\ RS` A^SWQVS`OR`SaaS PSW[ =PXSYbhcU`WTT TÉZZb eS\WUS` W\a 5SeWQVb 2c`QV ;SbV]RS\OcT`cTS YO\\ RS` IdbcP]S d]\ >`]U`O[[=PXSYbS\ dS`É\RS`b eS` RS\ 2WSaS` \»V[XRWT BTXcT]TUUTZc [caa PSW RS` 3\beWQYZc\U d]\ ;SbV]RS\ c\R WV`S` DS`eS\Rc\U abSba PSROQVb eS`RS\ 0]\TaZd]V) 7\ 8OdO Yr\\S\ =PXSYbS ]da ^S` @STS`S\h 1OZZ0g@STS`S\QS O\ ;S bV]RS\^O`O[SbS` ºPS`USPS\ eS`RS\ >`W[WbWdS 2ObS\bg^S\ eS`RS\ bcTcb OZa ES`bY] ^WS 1OZZ0gDOZcS ºPS`USPS\ 2Od]\ YO\\ \WQVb OPUSeWQVS\ eS`RS\

&%

ATUTaT]iT]



8„IQMGHK \UT 5HPKQZXKLKXKT`KT

7\ ;SbV]RS\ Yr\\S\ =PXSYbS W\abO\hWWS`b c\R O\ RS\ /cT`cTS` hc`ºQYUSUSPS\ eS` RS\ /cQV W\ RWSaS[ 4OZZ eW`R ZTX]T :^_XT RSa =PXSYba S`abSZZb a]\RS`\ RWS ATUTaT]i PdU SPb >QYTZc OZa A¶RZVPQTfTac hc`ºQYUSZWSTS`b EÉV`S\R RSa ;SbV]RS\OcT`cTa eW`R ROa =PXSYb d]\ SW\S` [^ZP[T] >QYTZcePaXPQ[T] `STS`S\hWS`b 2WSaS eW`R PSW[ DS`ZOaaS\ RS` ;SbV]RS eWS OZZS [SbV]RS\Z]YOZS\ DO `WOPZS\ c\R >O`O[SbS` O[ 3\RS WV`Sa 5ºZbWUYSWbaPS`SWQVa eWSRS` Oca RS[ A^SWQVS` USZraQVb A][Wb [caa RWS =PXSYb`STS`S\h d]\ SW\S` Y]``SYb bg^WaWS`bS\ =PXSYbdO`WO PZS\ T]cVTVT]VT]^\\T] eS`RS\ RO[Wb ROa Rc`QV RWS ;SbV]RS S`hScUbS =PXSYb ºPS` RWSaS @STS`S\h S`VOZbS\ eW`R /\RS`\TOZZa eº`RS Sa c\`STS`S\hWS`b RS` 5O`POUS 1]ZZSQbW]\ O\VSW[ TOZZS\ 2Oa >`]U`O[[PSWa^WSZ hSWUb ROa D]`USVS\( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬ÖM‰W .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬ÖM‰W aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~ ¯ P

™?”j s ™Ç

~j†?Í s ~Ç

Q ¬ÖM‰W ÄÍ?͉W

‰Í?ÁMj‰ÍjÁ jÁãjÖ~j ‰Í?ÁMj‰ÍjÁ®¯ P

.ÍÁ‰™~ ™™ s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹!?”j s ¹ ¯Ç aÖMj ~j s #±¬Á”¬Í
™a-j?a ÖMj® ¹j†?Í s ¹ ¯Ç ‰Í?ÁMj‰ÍjÁ ” s ™jÝ ÁjÍÖÁ™ ”Ç

‰Í?ÁMj‰ÍjÁ® ™™^ ~j ¯Ç

ÊÊ ‰jwjÁÍ -jwjÁj™ã ?Öw

‰Í?ÁMj‰ÍjÁMŽjÍ

Q Q W?ÄÄ #MŽjÍ?MÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ #MŽjÍ ~j†Í ÜjÁÁj™ r ™‰W†Í j™Í~j~j™~j™””j™] ‰Í?ÁMj‰ÍjÁ±jÁãjÖ~j ‰Í?ÁMj‰ÍjÁ® ¯Ç ÊÊ #MŽjÍ Mj‰MÍ jÁ†?Íj™ r ݉Áa j™Í~j~j™~j™””j™] ‰Í?ÁMj‰ÍjÁ ”¤ s

‰Í?ÁMj‰ÍjÁ±jÁãjÖ~j ‰Í?ÁMj‰ÍjÁ®¯Ç

#±ÝÁ‰Íj™® ¹ ?Íj™] ¹ ´ ”¤±™?”j ´ ¹ ¹ ´ ”¤±~j†?Í ¯Ç Q Q

0SWRS /cT`cTS RS` ;SbV]RS jÁãjÖ~j ‰Í?ÁMj‰ÍjÁ®¯ aW\R Y]``SYb /PS` \c` W[ heSWbS\ 4OZZ [OQVb RS` /cT`cT AW\\( 2WS hc`ºQYUSZWSTS`bS @STS`S\h eW`R W\ RS` =P XSYbdO`WOPZS\ ”¤ USa^SWQVS`b c\R ROa S`abSZZbS ;WbO`PSWbS`=PXSYb PZSWPb W[ A^SWQVS`



+LLKQZK \UT 3KZNUJKT

;SbV]RS\ W\ 8OdO Yr\\S\ dS`aQVWSRS\S EW`Yc\US\ S\bTOZbS\(

ATUTaT]iT]

&&

E

;SbV]RS\ Yr\\S\ Rc`QV WV`S\ ?a^VaP\\R^ST PSZWSPWUS /cTUOPS\ S`TºZZS\ 2WSa YO\\ [WbbSZa ]RS` ]V\S ÍPS`UOPS^O`O[SbS` S`T]ZUS\ 3W\ @ºQYUOPSeS`b YO\\ hc`ºQYUSZWSTS`b eS`RS\ ]RS` OcQV \WQVb

E

;SbV]RS\ Yr\\S\ SW\S\ _aX\XcXeT] 3PcT]ch_ OZa TX]iT[]T] FTac hc`ºQYZWSTS`\

E

;SbV]RS\ Yr\\S\ SW\ >QYTZc ida¶RZ[XTUTa] 7\ RS\ =PXSYb/bb`WPcbS\ Yr\\S\ PSZWSPWU eXT[T FTacT d]S Pbb^iXXTacT >QYTZcT VTb_TXRWTac aSW\ A][Wb YO\\ SW\S ;SbV]RS [WbbSZa SW\Sa =PXSYba X]SXaTZc eXT[T ES`bS hcUZSWQV hc`ºQYUSPS\

E

;SbV]RS\ Yr\\S\ OZa >O`O[SbS` aTUTaT]iXTacT >QYTZcT W\ WV`S[ IdbcP]S eTaÊ] STa] HcU`SWTPO`S /bb`WPcbS Yr\\S\ [O\W^cZWS`b eS`RS\
7\ T]ZUS\RS[ 0SWa^WSZ TºV`b SW\S ;SbV]RS SW\S B`O\aOYbW]\ Rc`QV RWS RS\ HcabO\R heSWS` =PXSYbS Y]\aWabS\b dS`É\RS`b( W?ÄÄ ™Í P ¬Á‰Ü?Íj ‰™Í ™Í!ÁÇ

¬Á‰Ü?Íj aÖMj ™Í.Í?™aÇ

¬ÖM‰W ™Í® ‰™Í ™Á^ aÖMj MjÍÁ?~ ¯ P ™Í!Á s ™ÁÇ

™Í.Í?™a s MjÍÁ?~Ç

Q ¬ÖM‰W ܝ‰a ?M†jMj™® aÖMj MjÍÁ?~ ¯ P ™Í.Í?™a s ™Í.Í?™a ˆ MjÍÁ?~ Ç Q ¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P ™Í.Í?™a s ™Í.Í?™a ´ MjÍÁ?~ Ç Q ¬ÖM‰W ܝ‰a ÍÁ?™ÄwjÁ® ™Í ã‰j™Í^ aÖMj MjÍÁ?~ ¯ P ͆‰Ä±?M†jMj™® MjÍÁ?~ ¯Ç ã‰j™Í±j‰™ã?†j™® MjÍÁ?~ ¯Ç Q Q W?ÄÄ ?™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ™Í ¤ s ™jÝ ™Í® |Ȥ¤^ ¤Ôå±å ¯ Ç ™Í Ô s ™jÝ ™Í® oå¤y^ Èåå±å ¯ Ç ¤±ÍÁ?™ÄwjÁ® Ô ^ Ôå±å ¯ Ç Q Q

2WS ;SbV]RS ÍÁ?™ÄwjÁ®¯ ºPS`eSWab SW\S\ 5SZRPSb`OU e^] TX]T\ ™Í=PXSYb PdU TX] P]STaTb 5SZRPSb`OU c\R HWSZY]\b] aW\R >O`O[SbS` /cTUS`cTS\ eW`R RWS ;S bV]RS PdU RS[ ™Í=PXSYb e^] ST\ RS` 0Sb`OU OPUSPcQVb eW`R

&'

ATUTaT]iT]

EW`R W\ RS` ;SbV]RS SW\S` 9ZOaaS OcT /bb`WPcbS ]RS` ;SbV]RS\ RS` 9ZOaaS RW `SYb hcUSU`WTTS\ a] fXaZc aWQV RS` HcU`WTT abSba PdU SPb >QYTZc Oca \Xc ST\ STa 0dUadU STa O`O[SbS` ºPS` USPS\S HWSZY]\b] ’ W[ 0SWa^WSZ Ô


*OK 1RGYYK 9ZXOTM

Hc` /cT\OV[S d]\ ITXRWT]ZTccT] RWS\b W\ 8OdO RS` Bg^ .ÍÁ‰™~ eÉV`S\R Rc`QV RS\ ^`W[WbWdS\ d]`RSTW\WS`bS\ 2ObS\bg^ W†?Á SW\hSZ\S HSWQVS\ USa^SWQVS`b eS`RS\ 7[ 5SUS\aObh hc[ 2ObS\bg^ W†?Á VO\RSZb Sa aWQV PSW .ÍÁ‰™~ XSR]QV c[ SW\S\ Z^\_[TgT] 2ObS\bg^( HSWQVS\YSbbS\ eS`RS\ Rc`QV >QYTZcT STa :[PbbT .ÍÁ‰™~ `S^`É aS\bWS`b 2WS 9ZOaaS .ÍÁ‰™~ Wab BSWZ RSa AbO\RO`R^OYSba Ž?Ü?±?™~ RSaaS\ 9ZOaaS\ W\ XSRS[ 8OdO>`]U`O[[ RW`SYb hc` DS`TºUc\U abSVS\ ES\\UZSWQV eW` PWaZO\U .ÍÁ‰™~Ä ^`OYbWaQV eWS ^`W[WbWdS 2ObS\bg^S\ dS`eS\RSb VOPS\ [ºaaS\ RS`S\ =PXSYbSWUS\aQVOTbS\ R]QV PS`ºQYaWQVbWUb eS`RS\( 8SRS DO`WO PZS d][ Bg^ .ÍÁ‰™~ Wab SW\S @STS`S\h OcT SW\ =PXSYb RS` 9ZOaaS\ .ÍÁ‰™~ W\ RS[ RWS HSWQVS\YSbbS USa^SWQVS`b Wab A] Yr\\S\ .ÍÁ‰™~=PXSYbS eWS =PXSYbS O\RS`S` 9ZOaaS\ Rc`QV \Se c\R 9]\ab`cYb]`OcT`cT W\abO\hWWS`b eS`RS\( .ÍÁ‰™~ ? s ¹?¹Ç

ÊÊ j‰™w?W†j ™‰Í‰?‰Ä‰jÁ֙~

.ÍÁ‰™~ M s ™jÝ .ÍÁ‰™~® ¹8jÍ¹ ¯Ç

ÊÊ aW† ĝ ~j†Í jÄ ?ÖW†u

A]e]VZ ? OZa OcQV M aW\R =PXSYb`STS`S\hS\ RWS SW\ .ÍÁ‰™~=PXSYb `STS`S\hWS`S\ ;Wb Ab`W\Ua YO\\ Y][T]`bOPSZ USO`PSWbSb eS`RS\ 2Ohc USVr`b RWS .ÍÁ‰™~ a^ShWTWaQVS EW`Yc\U RSa ´ =^S`Ob]`a Rc`QV RS\ Ab`W\Ua [WbSW\O\RS` OPS` OcQV [Wb ^`W[WbWdS\ 2ObS\bg^S\ Y]\YObS\WS`b eS`RS\ Yr\\S\( .ÍÁ‰™~ ? s ¹j†?Í] ¹Ç

.ÍÁ‰™~ M s ¹ ÖÁ¹Ç

.ÍÁ‰™~ Ä֔”j s ? ´ ~ ´ ¹ ¹ ´ MÇ

aÖMj ~ s Ôyåå±åÇ

ÊÊ ´#¬jÁ?͝Á

2Oaa aWQV .ÍÁ‰™~=PXSYbS TOab eWS ^`W[WbWdS 2ObS\bg^S\ O\TºVZS\ PS`cVb OcT RS `S\ DS`eOZbc\U Rc`QV RWS 8D;( .ÍÁ‰™~Ä aW\R d]eTaÊ]STa[XRWT X]cTa] ]XRWc TSXcXTa QPaT =PXSYbS X\\dcPQ[T ^QYTRcb 0SW XSRS` DS`É\RS`c\U O\ SW\S[ .ÍÁ‰™~=PXSYb eW`R SW\ ]TdTb =PXSYb [Wb OYbcSZZS[ 7\VOZb O\USZSUb c\R ROa OZbS =PXSYb Rc`QV RWS 5O`POUS 1]ZZSQbW]\ S\ba]`Ub a]TS`\ YSW\S eSWbS`S @STS`S\h RO`OcT hSWUb 2WSaSa DS` TOV`S\ Wab OcTeÉ\RWU c\R PSW VÉcTWUS\ .ÍÁ‰™~;O\W^cZObW]\S\ ÉczS`ab W\^S`T]`[O\b ac 8SR]QV S\babSVb Tº` DS`eS\RS` RORc`QV RS` 0]bRWTX] SW\Sa W\bcWbWdS\ ES`bY] ^WSDS`VOZbS\a eWS PSW ^`W[WbWdS\ 2ObS\bg^S\

ATUTaT]iT]

&(

7\ /PPWZRc\U # eS`RS\ RWS W\bS`\S\ /PZÉcTS RScbZWQV( 2c`QV RWS HceSWac\U Ms? `STS`S\hWS`S\ RWS =PXSYbdO`WOPZS\ ? c\R M ROaaSZPS =PXSYb 2c`QV DS`É\RS`c\U d]\ ? eW`R SW\ \ScSa .ÍÁ‰™~=PXSYb S`hScUb OcT ROa RWS @STS`S\h ? dS`eSWab eÉV`S\R RWS @STS`S\h M \]QV OcT ROa OZbS c\dS`É\RS`bS .ÍÁ‰™~=PXSYb hSWUb .ÍÁ‰™~ ?^ MÇ ? s ¹?¹Ç

P M s ?Ç

? s ? ´ ¹ 8jÍ¹Ç

0QQ

6OZZ]

Q P

6OZZ] ESZb

Q

6OZZ]

$) Ò\RS`c\UaDS`VOZbS\ d]\ .ÍÁ‰™~=PXSYbS\ c\R @STS`S\hS\

2Oaa Sa aWQV PSW SW\S` .ÍÁ‰™~DO`WOPZS\ c[ SW\S =PXSYb`STS`S\h VO\RSZb eW`R XS R]QV PSW BcaX]VETaV[TXRWT] RScbZWQV( .ÍÁ‰™~DO`WOPZS\ S\bVOZbS\ RWS @STS`S\h WV`Sa .ÍÁ‰™~=PXSYba /\eS\Rc\U RSa DS`UZSWQVa]^S`Ob]`a ss PSeW`Yb a][Wb ZTX]T] X] WP[c[XRWT] ETaV[TXRW RS` HSWQVS\YSbbS\ a]\RS`\ RS\ ETaV[TXRW STa ATUTaT]iT]( .ÍÁ‰™~ ? s ™jÝ .ÍÁ‰™~® ¹?¹ ¯Ç

ÊÊ .ÍÁ‰™~ˆ#MŽjÍ jÁãjÖ~Í

.ÍÁ‰™~ M s ™jÝ .ÍÁ‰™~® ¹?¹ ¯Ç

ÊÊ 8j‰ÍjÁjÄ .ÍÁ‰™~ˆ#MŽjÍ

j?™ ÍjÄÍ s ® ? ss M ¯Ç

ÊÊ 7jÁ~j‰W† ‰jwjÁÍ w?Äju

2WS .ÍÁ‰™~DO`WOPZS\ ? c\R M `STS`S\hWS`S\ aS^O`ObS =PXSYbS UZSWQVS\ 7\VOZba A] [Wb S\bVOZbS\ aWS c\bS`aQVWSRZWQVS @STS`S\hS\ c\R RS`S\ DS`UZSWQV [WbbSZa ss ZWSTS`b w?Äj
2O DS`É\RS`c\US\ d]\ .ÍÁ‰™~=PXSYbS\ hSWbOcTeÉ\RWU aW\R a]ZZbS\ VÉcTWU dS`É\ RS`bS HSWQVS\YSbbS\ STTSYbWdS` [WbbSZa RS` 9ZOaaS .ÍÁ‰™~ ÖwwjÁ RO`USabSZZb eS`RS\



*OK 1RGYYK 9ZXOTM([LLKX

7[ 5SUS\aObh hc .ÍÁ‰™~=PXSYbS\ Yr\\S\ .ÍÁ‰™~ ÖwwjÁ=PXSYbS dS`É\RS`b eS`RS\ ]V\S ROaa XSeSWZa SW\ \ScSa =PXSYb S`abSZZb eW`R 2SaVOZP USaQVSVS\ DS`É\ RS`c\US\ O\ .ÍÁ‰™~ ÖwwjÁ\ RScbZWQV aQV\SZZS` OZa O\ .ÍÁ‰™~a /cQV RWS 9ZOa aS .ÍÁ‰™~ ÖwwjÁ Wab BSWZ RSa AbO\RO`R>OYSba Ž?Ü?±?™~ Hc[ 3`hScUS\ d]\ .ÍÁ‰™~ ÖwwjÁˆ#MŽjÍj™ Wab SW\ Sf^ZWhWbS` 9]\ab`cYb]`OcT`cT S`T]`RS`ZWQV Sa abSVS\ dS`aQVWSRS\S 9]\ab`cYb]`S\ hc` DS`TºUc\U) RS` =^S`Ob]` YO\\ \WQVb O\USeO\Rb eS`RS\ AbObbRSaaS\ abSVS\ Tº` OZZS `SZSdO\bS\ 2ObS\bg^S\ ¶QTa[PST]T DS`aW]\S\ RS` ;SbV]RS ?¬¬j™a®¯ hc` DS`TºUc\U ’ a]eWS hOVZ`SWQVS eSWbS`S ;SbV]RS\ IAC<#1K(

'

ATUTaT]iT]

.ÍÁ‰™~ ÖwwjÁ ÄM s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹?¹ ¯Ç W†?Á Þ s À?ÀÇ ÊÊ

 ~‰W†j 0߬j™ ܝ™ Þ ?Öw a‰j ?¬¬j™a ?™Ýj™aM?Á ‰ÄÍ]

ÊÊ W†?Á^ ‰™Í^ ™~^ w?Í^ aÖMj^ .ÍÁ‰™~^ W†?ÁRS ÄM s ÄM±?¬¬j™a® Þ ¯Ç .ÍÁ‰™~ Ä

ÊÊ ÁÝj‰ÍjÁ™ ajÁ =j‰W†j™jÍÍj ֔ Þ

s ÄM±Í.ÍÁ‰™~®¯Ç

ÊÊ ™†?Í ܝ™ ÄM ?Ä .ÍÁ‰™~

2S` SaP\PcXbRWT ?TaU^a\P]id]cTabRWXTS heWaQVS\ .ÍÁ‰™~ c\R .ÍÁ‰™~ ÖwwjÁ =^S`ObW]\S\ YO\\ Rc`QV SW\ BSab^`]U`O[[ [Wb Ab]^cV`Tc\YbW]\ S`[WbbSZb eS`RS\( W?ÄÄ .ÍÁ‰™~ ÖwwjÁ0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ™~ ÄÍ?ÁÍ^ j™ajÇ ‰™Í ™ s #±¬Á”¬Í
™a-j?a™Í® ¹8‰j wÍ] ¹ ¯Ç .ÍÁ‰™~ ÄÍÁ s ¹?¹Ç ÄÍ?ÁÍ s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘ ™Ç ‰´´ ¯ P

ÊÊ .ÍÁ‰™~ˆ#¬jÁ?͉™

ÄÍÁ s ÄÍÁ ´ ¹Þ¹Ç Q j™aj s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç #±ÝÁ‰Íj™® ¹ ?ÖjÁ .ÍÁ‰™~Ä s ¹ ´ ®j™ajˆÄÍ?Áͯ ¯Ç .ÍÁ‰™~ ÖwwjÁ MÖw s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹?¹ ¯Ç ÄÍ?ÁÍ s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç wÁ® ‰™Í ‰ s ¤Ç ‰ ‘ ™Ç ‰´´ ¯ P

ÊÊ .ÍÁ‰™~ ÖwwjÁˆ#¬jÁ?͉™

MÖw s MÖw±?¬¬j™a® ¹Þ¹ ¯Ç Q j™aj s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç #±ÝÁ‰Íj™® ¹ ?ÖjÁ .ÍÁ‰™~ ÖwwjÁ s ¹ ´ ®j™ajˆÄÍ?Áͯ ¯Ç Q Q

3a eW`R \[OZ f O\ RS\ OYbcSZZS\ .ÍÁ‰™~ Phe .ÍÁ‰™~ ÖwwjÁ USVÉ\Ub 0SW[ .ÍÁ‰™~ eW`R RS` =^S`Ob]` dS`eS\RSb PSW[ .ÍÁ‰™~ ÖwwjÁ RWS ;SbV]RS ?¬ˆ ¬j™a®¯ D]` c\R \OQV RS` AQVZSWTS S`[WbbSZb RS` /cT`cT d]\ .߈ ÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯ SW\S\ HSWbeS`b W\ ;WZZWaSYc\RS\ 2WS 2WTTS`S\h RS` PSWRS\ HSWbeS`bS Wab RS` c\USTÉV`S HSWbPSRO`T Tº` RWS =^S`ObW]\ 0S`SWba Tº` \ ,  Wab RWS .ÍÁ‰™~=^S`ObW]\ RScbZWQV ZO\UaO[S` 4º` \ ,  eO`bSb [O\ aSV` ZO\US eÉV`S\R RWS .ÍÁ‰™~ ÖwwjÁ=^S`ObW]\ \]QV ZTX]T [SaaPO`S HSWb S`T]`RS`b

ATUTaT]iT]



'

*OK 3KZNUJK ͝.ÍÁ‰™~®¯

8SRS 8OdO9ZOaaS YO\\ RWS ;SbV]RS ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ W[^ZS[S\bWS `S\ 2WS ;SbV]RS YO\\ OcT XSRS[ =PXSYb RW`SYb OcTUS`cTS\ eS`RS\ aWS eW`R XSR]QV Pdc^\PcXbRW PdUVTadUT] eS\\ SW\S =PXSYbW\abO\h O\ SW\S /caUOPS[SbV]RS eWS .ßÄÍj”±Öͱ¬Á‰™Í™®¯ ºPS`USPS\ eW`R 3a YO\\ aWQV ROPSW c[ 9]\a]ZS\Oca UOPS\ OPS` OcQV c[ ROa AQV`SWPS\ W\ SW\S 2ObSW VO\RSZ\ 7\ RS` ;SbV]RS [caa TX] BcaX]V idbP\\T]VTbcT[[c c\R ida¶RZVT[XTUTac eS`RS\ /cT RWSaS ESWaS YO\\ ROa >QYTZc SW\S aT_aÊbT]cPcXeT 1TbRWaTXQd]V bTX]Ta bT[Qbc ZWS TS`\ bg^WaQVS`eSWaS SW\S Ab`W\U@S^`ÉaS\bObW]\ aSW\Sa PZcdT[[T] IdbcP]Sb /bb`WPcbPSZSUc\U 0SW /caUOPS]^S`ObW]\S\ eW`R RO\\ \WQVb RWS ;SbV]RS RS` 9ZOaaS #MŽjWÍ dS`eS\RSb a]\RS`\ SW\S W\VOZbZWQV aW\\d]ZZS Ab`W\U@S^`ÉaS\bObW]\ W?ÄÄ

‰Í?ÁMj‰ÍjÁ

P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~ ¯P

™?”j s ™Ç ~j†?Í s ~Ç Q ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~® ¯P .ÍÁ‰™~ ãÖÄÍ?™a s ™?”j ´ ¹ ¹ ´ ~j†?ÍÇ ÁjÍÖÁ™ ãÖÄÍ?™aÇ Q Q W?ÄÄ
ÖÄ~?Mj P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ‰Í?ÁMj‰ÍjÁ

”¤ s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹^ Ïååå ¯Ç

#±ÝÁ‰Íj™® ¹#MŽjÍ‰™w] ¹ ´ ”¤ ¯Ç Q Q ˆ ™Äj ˆ #MŽjÍ‰™w]



j‰jÁ Ïååå

(KOYVOKRGT]KTJ[TM

3W\S 9ZOaaS ÁÖW† a]ZZ 4c\YbW]\OZWbÉb hc[ 1adRWaTRW]T] hc` DS`TºUc\U abSZZS\ 2S` HcabO\R SW\Sa ÁÖW†=PXSYba eW`R Rc`QV RS\ ES`b RS` /bb`WPcbS ã?j†jÁ c\R ™j™™jÁ PSabW[[b 7[ 9]\ab`cYb]` eW`R SW\ ™j™™jÁES`b d]\  OPUSTO\US\ c\R eWZZYº`ZWQV OcT RS\ ES`b  USaSbhb a]eWS RS` 0`cQV USYº`hb 2WS ;SbV]RS ͝.ÍÁ‰™~®¯ RWS\b hc` .ÍÁ‰™~@S^`ÉaS\bObW]\ c\R a^ÉbS`S\ 9]\a] ZS\OcaUOPS SW\Sa 0`cQV]PXSYba 2WS ;SbV]RS j†Á8jÁÍ®¯ S`hScUb SW\ \ScSa 0`cQV]PXSYb OZa 9SV`eS`b RSa OcT`cTS\RS\ 0`cQV]PXSYba c\R RWS ;SbV]RS ™j~‰jˆ

'!

ATUTaT]iT]

Áj®¯ RWS <SUObW]\ SW\Sa 0`cQV]PXSYba OZa \ScSa 0`cQV]PXSYb 2WS ;SbV]RS j†Áˆ 8jÁÍ®¯ ^`]TWbWS`b W\bS`\ d]\ RS\ ;SQVO\Wa[S\ RWS PS`SWba W\ RS\ 9]\ab`cYb]` RS` 9ZOaaS SW\USPOcb ec`RS\ 2WS ^`WdObS ;SbV]RS ÖjÁãj®¯ hc[ 9º`hS\ RSa 0`cQVa dS`eS\RSb W\bS`\ RWS ^`WdO bS 6WZTa[SbV]RS ~~0®¯ RWS RS\ U`rzbS\ US[SW\aO[S\ BSWZS` heSWS` UO\hS` HOVZS\ S`[WbbSZb 4S`\S` SfWabWS`S\ RWS ;SbV]RS\ ?aa®¯ c\R ”֐ͮ¯ hc` /RRWbW]\ Phe ;cZbW^ZWYObW ]\ heSWS` 0`ºQVS US[Éz RS` @SUSZ\ RS` 0`cQV`SQV\c\U 2WS ;SbV]RS\ eS`RS\ OcT SW\S[ ÁÖW†=PXSYb OcTUS`cTS\ c\R S`VOZbS\ RS\ DS`eSWa OcT SW\ eSWbS`Sa ÁÖW† ]PXSYb OZa >O`O[SbS` 7\bS`\ eW`R ROa @SacZbOb RS` @SQVS\]^S`ObW]\ W\ SW\S[ \ScS\ ÁÖW†=PXSYb USa^SWQVS`b c\R RWSaSa RO\Y 9]\ab`cYb]` USYº`hb hc`ºQYUSUSPS\ 2WS ;SbV]RS ‰Ä͐j‰W†®¯^`ºTb ]P ROa OcT`cTS\RS ÁÖW†=PXSYb RS\ UZSWQVS\ ES`b PSaWbhb eWS ROa OZa >O`O[SbS` ºPS`USPS\S ÁÖW†=PXSYb 2WS ;SbV]RS ^] bS\h PS`SQV\Sb RWS UO\hhOVZWUS ^’bS >]bS\h RSa OcT`cTS\RS\ 0`cQV=PXSYba c\R UWPb RWSaS OZa \ScSa 0`cQV=PXSYb hc`ºQY 2Ohc eW`R W\bS`\ OcT RWS ;SbV]RS [cZb hc`ºQYUSU`WTTS\ 2WS ASZPab`STS`S\h ͆‰Ä a]`Ub W[ 9]\ab`cYb]` Tº` `]U`O[[OPZOcT d]` VS`aSVPO`S` c\R ROa hcUSVr`WUS 1]RW\U ZSWQVbS` eO`bPO` 7\ RS` OcaTºV`PO`S\ 9ZOaaS ÁÖW†ÁjW†™jÁ eS`RS\ SW\WUS ;SbV]RS\ RS` 9ZOaaS ÁÖW† bSabeSWaS OcTUS`cTS\ /cT SW\S Sf^ZWhWbS 0S\cbhS`TºV`c\U ec`RS dS`hWQVbSb W?ÄÄ ÁÖW† P ¬Á‰Ü?Íj ‰™Í ã?j†jÁÇ

¬Á‰Ü?Íj ‰™Í ™j™™jÁÇ

¬ÖM‰W ÁÖW†® ‰™Í ã?j†jÁ^ ‰™Í ™j™™jÁ ¯ P ‰w® ™j™™jÁ ss å ¯ P #±ÝÁ‰Íj™® ¹2™ã֐CÄĉ~jÁ !j™™jÁu¹ ¯Ç

™j™™jÁ s ¤Ç

Q ͆‰Ä±ã?j†jÁ s ã?j†jÁÇ Í†‰Ä±ÖjÁãj®¯Ç

͆‰Ä±™j™™jÁ s ™j™™jÁÇ

ATUTaT]iT]

'"

Q ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P ÁjÍÖÁ™ ®ã?j†jÁ ´ ¹Ê¹ ´ ™j™™jÁ¯Ç Q ¬ÖM‰W ÁÖW† j†Á8jÁÍ®¯ P ÁjÍÖÁ™ ™jÝ ÁÖW†® ™j™™jÁ^ ã?j†jÁ ¯Ç Q ¬ÖM‰W ÁÖW† ™j~‰jÁj®¯ P ÁjÍÖÁ™ ™jÝ ÁÖW†® ˆã?j†jÁ^ ™j™™jÁ ¯Ç Q ¬ÖM‰W ÁÖW† ?aa® ÁÖW† M ¯ P ‰™Í ™= s ͆‰Ä±ã?j†jÁ J M±™j™™jÁ ´ ͆‰Ä±™j™™jÁ J M±ã?j†jÁÇ ‰™Í ™! s ͆‰Ä±™j™™jÁ J M±™j™™jÁÇ ÁÖW† M?aa s ™jÝ ÁÖW†® ™=^ ™! ¯Ç ÁjÍÖÁ™ M?aaÇ Q ¬ÖM‰W ÁÖW† ”֐ͮ ÁÖW† M ¯ P ‰™Í ™= s ͆‰Ä±ã?j†jÁ J M±ã?j†jÁÇ ‰™Í ™! s ͆‰Ä±™j™™jÁ J M±™j™™jÁÇ ÁÖW† M”ÖÍ s ™jÝ ÁÖW†® ™=^ ™! ¯Ç ÁjÍÖÁ™ M”֐ÍÇ Q ÁÖW† ¬Íj™ã® ‰™Í ¬ ¯ P ÁÖW† M s ™jÝ ÁÖW†® ã?j†jÁ^ ™j™™jÁ ¯Ç ‰™Í ™ s ¬Ç ‰w® ¬ ss å ¯ P M±ã?j†jÁ s ¤Ç M±™j™™jÁ s ¤Ç ÁjÍÖÁ™ MÇ Q ‰w® ¬ ‘ å ¯ ™ s ˆ¬Ç

ÊÊ ™j~?͉ÜjÁ Þ¬™j™Í

wÁ® ‰™Í ‰ s ¤Ç ‰ ‘ ™Ç ‰´´ ¯ P ‰w® ¬ ‘ å ¯ M s M±j†ÁÝjÁÍ®¯Ç

M s M±”֐ͮ ͆‰Ä ¯Ç

Q

ÊÊ ™j~?͉ÜjÁ Þ¬™j™Í

ÁjÍÖÁ™ MÇ Q ¬ÖM‰W Mj?™ ‰Ä͐j‰W†® ÁÖW† M ¯ P ÁjÍÖÁ™

͆‰Ä±ã?j†jÁssM±ã?j†jÁ FF ͆‰Ä±™j™™jÁssM±™j™™jÁÇ

Q ¬Á‰Ü?Íj ܝ‰a ÖjÁãj®¯ P ‰™Í ? s ~~0® ã?j†jÁ^ ™j™™jÁ ¯Ç ã?j†jÁ s ã?j†jÁÊ? Ç ™j™™jÁ s ™j™™jÁÊ? Ç ‰w® ™j™™jÁ ‘ å ¯ P

ÊÊ

ã?j†jÁ s ˆ ã?j†jÁÇ Q

‰™ÖÄãj‰W†j™ ÙÁãj™ ajÁ ã֔ =C†jÁ ™j™™jÁ s ˆ ™j™™jÁÇ

'#

ATUTaT]iT] Q ¬Á‰Ü?Íj ÄÍ?͉W ‰™Í ~~0® ‰™Í ?^ ‰™Í M ¯ P ÊÊ Ö‰aˆ
~Á‰Í†”ÖÄ ‰w® M ‘ å ¯ M s ˆMÇ ‰™Í Á s ? ° MÇ Ý†‰j® Á us å ¯ P ? s MÇ

M s ÁÇ

Á s ? ° MÇ Q

ÁjÍÖÁ™ MÇ Q Q W?ÄÄ ÁÖW†ÁjW†™jÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÁÖW† M¤ s ™jÝ ÁÖW†® Ô^Ï ¯Ç

ÁÖW† MÔ s ™jÝ ÁÖW†® |^y ¯Ç

ÁÖW† MÏÇ ÊÊ ™Í~j~j™™?†”j ajÁ ãÖÁÙW~j‰jwjÁÍj™ ÁÖW†ˆ-jwjÁj™ãj™] MÏ s M¤±?aa®MÔ¯Ç

#±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ MÏ ¯Ç

MÏ s M¤±”֐ͮMÔ¯Ç

#±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ MÏ ¯Ç

MÏ s M¤±¬Íj™ã® Ï ¯Ç

#±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ MÏ ¯Ç

ÊÊ ‰ÁjÍj 7jÁÝj™a֙~ ajÁ ãÖÁÙW~j‰jwjÁÍj™ -jwjÁj™ãj™] #±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ M¤±?aa® MÔ ¯ ¯Ç #±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ M¤±”֐ͮ MÔ ¯ ¯Ç #±ÝÁ‰Íj™® ¹ ÁÖW†] ¹ ´ M¤±¬Íj™ã® Ï ¯ ¯Ç #±ÝÁ‰Íj™® ¹ Á] ¹ ´ MÔ±?aa® MÔ ¯±¬Íj™ã® | ¯±”֐ͮ M¤ ¯ ¯Ç Q Q

7\ ÁÖW†ÁjW†™jÁ eW`R OcQV RWS SXaTZcT DS`eS\Rc\U RS` d]\ ?aa®¯ ”֐ͮ¯ c\R ¬Íj™ã®¯ hc`ºQYUSZWSTS`bS\ @STS`S\hS\ UShSWUb( 2c`QV RS`S\ /cT`cTS eW`R SW \S P]^]h\T ÁÖW†>QYTZcaTUTaT]i USZWSTS`b OcT RS` ]V\S d]`WUS HceSWac\U O\ RWS aS^S`ObS =PXSYbdO`WOPZS MÏ rTTS\bZWQVS ÁÖW†;SbV]RS\ OcTUS`cTS\ eS`RS\ Yr\ \S\ 0Sa]\RS`a [O`YO\b Wab RWS HSWZS( .ßÄÍj”±Öͱ¬Á‰™Í™® MÔ±?aa® MÔ ¯±¬Íj™ã® | ¯±”֐ͮ M¤ ¯ ¯Ç

2WSaS eW`R d]\ ZW\Ya \OQV `SQVba RS` 0dUadUZTccT T]ZUS\R OcaUSeS`bSb( 2S` 0`cQV MÔ eW`R hc aWQV aSZPab ORRWS`b ROa 3`USP\Wa a]T]`b hc` "bS\ >]bS\h S`V]PS\ [Wb RS[ 0`cQV M¤ [cZbW^ZWhWS`b c\R ROa @SacZbOb dWO #±ÝÁ‰Íj™®¯ Rc`QV /cT`cT d]\ ͝ˆ .ÍÁ‰™~®¯ OcT RS` hcZSbhb hc`ºQYUSZWSTS`bS\ 0`cQV@STS`S\h OcaUSUSPS\ 2O YSW\S =PXSYbdO`WOPZS RWS =PXSYbS `STS`S\hWS`b c\R W[ A^SWQVS` VÉZb eº`RS\ aWS \OQV /P O`PSWbc\U RS` HSWZS W[ >`]U`O[[dS`ZOcT d]\ RS` 5O`POUS 1]ZZSQbW]\ S\ba]`Ub 0WaZO\U TSVZbS c\a RWS ;rUZWQVYSWb ^`W[WbWdS DO`WOPZS\ ]RS` =PXSYbS W\ US]`R\SbS` ESWaS hc a^SWQVS`\ c\R eWSRS` RO`OcT hchcU`SWTS\ 7[ \ÉQVabS\ 9O^WbSZ eS`RS\ 0a aPhb OZa USSWU\SbS 3PcT]QTWÊ[cTa d]`USabSZZb



'XXG_Y

/``Oga 4SZRS` aW\R TX] d]S \TWaSX\T]bX^]P[T 3PcT]QTWÊ[cTa Tº` ^`W[WbWdS 2ObS\ bg^S\ c\R =PXSYbS /Za BSWZ RS` A^`OQVS 8OdO aW\R /``Oga SW\TOQV hc VO\RVOPS\ c\R S`ZOcPS\ SW\S\ RW`SYbS\ fPW[UaTXT] HcU`WTT OcT RWS USa^SWQVS`bS\ 2ObS\ /``Oga abSZZS\ Y][^ZSfS ab`cYbc`WS`bS 2ObS\bg^S\ RO`( 8SRSa S`hScUbS /``Og Wab SW\ =PXSYb c\R XSRS /``OgdO`WOPZS a][Wb SW\S @STS`S\h OcT ROa d]\ WV` `STS`S\hWS`bS /` `Og=PXSYb A][Wb UWZb ROa W[ d]`WUS[ 9O^WbSZ ºPS` @STS`S\hbg^S\ 5SaOUbS OcQV a^S hWSZZ Tº` /``Og@STS`S\hS\ c\R =PXSYbS



+OTJOSKTYOUTGRK 'XXG_Y

2Oa >`]U`O[[WS`S\ [Wb /``Oga ZÉaab aWQV O[ SW\TOQVabS\ [Wb SW\RW[S\aW]\OZS\ /``Oga S`ZÉcbS`\ 3W\ SW\RW[S\aW]\OZSa /``Og YO\\ OZa TX]b_P[cXVT Qif TX]iTX[XVT CPQT[[T A^OZbS\ Phe HSWZS\dSYb]` d]`USabSZZb eS`RS\ /PP   2WS SW\hSZ\S\ >ZÉbhS RSa /``Oga eS`RS\ ºPS` SW\S\ UO\hhOVZWUS\ 8]STg O\USa^`]QVS\ ‰™ÍRS ? s ™jÝ ‰™ÍRySÇ

PJ!L + &)

OIK OIK OI K OI!K OI"K P





&





0QQ ! ) /``OgdO`WOPZS @STS`S\h c\R `STS`S\hWS`bSa /``Og



*KQRGXGZOUT [TJ /TOZOGROYOKX[TM \UT 'XXG_Y

0SW RS` 2SYZO`ObW]\ SW\S` /``OgdO`WOPZS\ [caa RS` Ch_ RS` W[ /``Og hc a^SWQVS`\RS\ 2ObS\ O\USUSPS\ eS`RS\ 2c`QV ROa RS` Bg^O\UOPS \OQVUSabSZZbS 9ZO[[S`^OO` RS eW`R RS[ 1][^WZS` [WbUSbSWZb ROaa SW\S 0aaPhaTUTaT]i RSYZO`WS`b eW`R( ‰™ÍRS ?Ç

ÊÊ
ÁÁ?ßÁjwjÁj™ã ? wÙÁ ‰™Íˆ
ÁÁ?ß] 8jÁÍ ™W† ™Ö

aÖMjRS MÇ

ÊÊ
ÁÁ?ßÁjwjÁj™ã M wÙÁ aÖMjˆ
ÁÁ?ß] 8jÁÍ ™W† ™Ö

0SW RS` 3TZ[PaPcX^] eW`R RWS 6a»vT HOVZ OPZSUPO`S` 2ObS\SZS[S\bS RSa /``Oga \]QV \WQVb O\USUSPS\ 2Oa /``Og]PXSYb eW`R ]^RW ]XRWc W[ A^SWQVS` O\USZSUb W[ A^SWQVS` SfWabWS`b d]` RS` 7\WbWOZWaWS`c\U \c` RWS /``OgdO`WOPZS @STS`S\h [Wb 7\WbWOZ eS`b ™Ö
'%

!

0aaPhb

SW\ S\ba^`SQVS\R U`]zS` 6Oc^ba^SWQVS`PS`SWQV `SaS`dWS`b
? s ™jÝ ‰™ÍRySÇ

aÖMjRS M s ™jÝ aÖMjR¤ååSÇ

2WS /``OgdO`WOPZS ? `STS`S\hWS`b \c\ SW\ /``Og]PXSYb [Wb A^SWQVS`^ZObh Tº` # 3ZS[S\ bS d][ Bg^ ‰™Í RWS /``OgdO`WOPZS M SW\ /``Og]PXSYb [Wb /cT\OV[SYO^OhWbÉb Tº`  3ZS[S\bS d][ Bg^ aÖMj 2WS DO`WOPZS\ ? c\R M aW\R @STS`S\hS\ OcT RWS WV\S\ hcUSeWSaS\S\ /``Oga 0SW[ 3`hScUS\ SW\Sa /``Og]PXSYba Wab RSaaS\ :É\US c\PSRW\Ub O\hcUSPS\ 2]QV RO`T RWS 5`rzS\3\baQVSWRc\U OcQV S`ab hc` :OcThSWb h0 Rc`QV 0S\cbhS`SW\UOPS TOZZS\( ‰™Í ” s ¤åÇ

aÖMj ?ÁÁ¤ s ™jÝ aÖMjR”SÇ

‰™Í ¬ s #±¬Á”¬Í
™a-j?a™Í® ¹
™ã?† j”j™Íj s ¹ ¯Ç W†?Á

?ÁÁÔ s ™jÝ W†?ÁR¬SÇ

ÊÊ Á j jÁÄÍ ãÖÁ = wjÄÍ~jj~Íu

B`]bh RWSaS` [rUZWQVS\ :É\US\PSabW[[c\U hc` :OcThSWb VO\RSZb Sa aWQV PSW /``Oga c[ abObWaQVS 2ObS\ab`cYbc`S\( /``Oga aW\R bcPcXbRWT 3PcT]QTWÊ[cTa 3W\S \OQVb`ÉUZWQVS :É\US\É\RS`c\U SW \Sa W\WbWOZWaWS`bS\ /``Og]PXSYba Wab ]XRWc [rUZWQV A]ZO\US ROa /``Og W[ A^SW QVS` SfWabWS`b Wab aSW\S :É\US HOVZ a^SWQVS`PO`S` 2ObS\SZS[S\bS Y]\abO\b A][Wb [caa RWS /``OgU`rzS O\US[SaaS\ USeÉVZb eS`RS\( 3W\ hc YZSW\ W\WbWOZWaWS`bSa /``Og TºV`b SdS\bcSZZ hc 2ObS\dS`ZcabS\ SW\ hc U`]z W\WbWOZWaWS`bSa /``Og [Wb hOVZ`SW QVS\ c\US\cbhbS\ >ZÉbhS\ dS`aQVeS\RSb 6Oc^ba^SWQVS`^ZObh 2Oa /``Og( aÖMjRS a s ™jÝ aÖMjR¤ååååååSÇ

[Wb @Oc[ Tº`  ;WZZW]\ aÖMjES`bS hc XS & 0gbS PSZSUb hc` :OcThSWb & ;0 A^SW QVS` 6WS`W\ c\bS`aQVSWRS\ aWQV /``Oga d]\ a]US\O\\bS\ Rg\O[WaQVS\ 2ObS\ab`cYbc `S\ RS`S\ 5`rzS c\R A^SWQVS`PSRO`T aWQV TZSfWPSZ O\ RWS OYbcSZZS /\hOVZ RS` hc` :OcThSWb bObaÉQVZWQV USa^SWQVS`bS\ 2ObS\SZS[S\bS O\^Oaab 7\ 9O^WbSZ & eS`RS\ Rg \O[WaQVS 2ObS\ab`cYbc`S\ PSVO\RSZb 4º` /``Oga abSVb \WQVb c\PSU`S\hb A^SWQVS` ^ZObh hc` DS`TºUc\U EW`R RWS /``OgZÉ\US hc U`]z USeÉVZb YO\\ Sa hc SW\S[ Ž?ˆ Ü?±?™~±#ÖÍ#w j”Áß/PP`cQV RSa >`]U`O[[a Y][[S\ ÍPc\U  # 0]\TaZd]V) /ZZS 3ZS[S\bS SW\Sa /``Oga eS`RS\ W\ OcTSW\O\RS` T]ZUS\RS\ 6Oc^b a^SWQVS`hSZZS\ O\USZSUb PSUW\\S\R [Wb RS` AbO`bOR`SaaS OcT RWS RWS /``Og`STS`S\h hSWUb 2WSa S`ZOcPb SW\S\ aQV\SZZS\ eOVZT`SWS\ HcU`WTT S`heW\Ub OPS` SW\S TSabS A^SW QVS`hcbSWZc\U c\R dS`PWSbSb \OQVb`ÉUZWQVS 5`rzS\É\RS`c\US\ /cQV PSW[ /`PSWbS\ [Wb /``Oga dS`VÉZb aWQV 8OdO OZa ab`S\Ubg^WaWS`bS A^`OQVS( 2S` Ch_ STa 0aaPhePaXPQ[T] ZSUb TSab fT[RWT 3PcT]ch_T] W[ /``Og PQ[TVQPa aW\R 2S`S\ Bg^ [caa ch_Z^\_PcXQT[ hc[ Bg^ RS` /``OgdO`WOPZS\ aSW\ A] Yr\\S\ W\ RS[ /``Og( ‰™ÍRS ?™Í s ™jÝ ‰™ÍRÔåSÇ

!

0aaPhb

'&

[OfW[OZ  ES`bS RS` Bg^S\ MßÍj W†?Á ƝÁÍ ]RS` ‰™Í USa^SWQVS`b eS`RS\ \WQVb XSR]QV RWS Bg^S\ Mj?™ ™~ w?Í aÖMj 7\ RS[ /``Og( .ÍÁ‰™~RS ?.ÍÁ s ™jÝ .ÍÁ‰™~R¤ååSÇ

Yr\\S\ [OfW[OZ  .ÍÁ‰™~=PXSYbS OPUSZSUb eS`RS\ \WQVb XSR]QV SW\TOQVS 2O bS\bg^S\ ]RS` =PXSYbS T`S[RS` 9ZOaaS\ eWS .ÍÁ‰™~ ÖwwjÁ ]RS` ‰Í?ÁMj‰ÍjÁ



'XXG_`[MXOLLK

ZÉbhS RSa /``Oga T]`bZOc TS\R Rc`QV 2WS 7\RWhWS`c\U PSUW\\b abSba PSW  7\ SW\S[ /``Og RS` :É\US = b`ÉUb RS` [TcicT ?[Pci a][Wb \WQVb RS\ 7\RSfeS`b < a]\RS`\ = :É\US  C[ SW\S\ /``Og^ZObh ºPS` RWS /``OgdO`WOPZS O\hca^`SQVS\ Wab RWSaS` RS` USeº\aQVbS 7\RSfeS`b W\ SQYWUS\ 9ZO[[S`\ RS VW\hchcTºUS\( ‰™ÍRS ? s ™jÝ ‰™ÍRÏSÇ ÊÊ .ߙÍ?Þ ajÄ
ÁÁ?߈=Ö~Á‰wwÄ] ÊÊ .W†Áj‰Mj™]

‘
ÁÁ?ߙ?”jR‘™ajÞÝjÁ́S s ‘8jÁ́Ç

ÊÊ jÄj™]

‘7?Á‰?Mj s ‘
ÁÁ?ߙ?”jR‘™ajÞÝjÁ́SÇ

?RåS s ¤å¤Ç

?R¤S s Ôå¤Ç

?RÔS s Ïå¤Ç

‰™Í ¬ s ?RåSÇ

‰™Í ¶ s ?R¤SÇ

‰™Í Á s ?RÔSÇ

#±ÝÁ‰Íj™® ¹8jÁÍj] ¹ ´ ?RåS ´ ¹ ¹ ´ ?R¤S ´ ¹ ¹ ´ ?RÔS ¯Ç

/ZZS R`SW dS`TºUPO`S\ >ZÉbhS RSa /``Oga ? eS`RS\ [Wb 2ObS\ PSZSUb c\R OPUST`OUb 7\ RWSaS[ 4OZZ VOb RS` VrQVabS dS`TºUPO`S 7\RSf RS\ ES`b  3a RO`T ]da \Xc V¶[cXVT] 8]STgfTacT] W[ S`ZOcPbS\ 0S`SWQV heWaQVS\  c\R < ]^S`WS`b eS`RS\ 2S` VWS` c\hcZÉaaWUS HcU`WTT( ?RÏSs|å|Ç eº`RS hc` :OcThSWb [Wb
ÁÁ?ß™ajÞ#ÖÍ#wˆ Ö™aÄ ÞWj¬Í‰™ SW\S\ >`]U`O[[OPP`cQV PSeW`YS\ /``Oga S`ZOcPS\ SW\S\ fPW[UaTXT] IdVaXUU OcT RWS W\ WV\S\ USa^SWQVS`bS\ 2O bS\( 2c`QV 0]VPQT STb 8]STgfTacTb YO\\ SXaTZc OcT RWS S\ba^`SQVS\RS 0aaPh _^bXcX^] idVTVaUUT] eS`RS\ ]V\S ROa /``Og S`ab d][ /\TO\U PWa hc` US eº\aQVbS\ >]aWbW]\ acYhSaaWdS Rc`QVZOcTS\ hc [ºaaS\ 2WS 8]STgP]VPQT YO\\ OcQV Rc`QV 9]\abO\bS\ DO`WOPZS\ S`ab hc` :OcThSWb Ocahc eS`bS\RS /caR`ºQYS ]RS` ;SbV]RS\OcT`cTS S`T]ZUS\ RWS SW\S\ UO\hhOVZWUS\ ES`b f  d][ Bg^ MßÍj ƝÁÍ W†?Á ]RS` ‰™Í ]XRWc OPS` ™~ ZWSTS`\ ]RS` OcQV hc` :OcThSWb Rc`QV 0S\cbhS`SW\UOPS PSabW[[b eS`RS\( ‰™ÍRS M s ™jÝ ‰™ÍRyåSÇ Ä†ÁÍ  s ¤ÏÇ

‰™Í Ä s šÇ

‰™Í ‰ s |Ç

‰™Í Ž s ¤ÈÇ

''

!

MRS s ššÇ

MR ÔJÄ´¤ S s ¤ÏšÇ

0aaPhb

MR ”?Þ®‰^Ž¯ S s |yÉÇ

MR #±¬Á”¬Í
™a-j?a™Í® ¹+Ä‰Í‰™s ¹ ¯ S s ÈÈÈÈÇ

ÊÊ =ÖÁ =u

3W\S` /``Og^]aWbW]\ Yr\\S\ QT[XTQXV ^Uc \ScS ES`bS hcUSeWSaS\ eS`RS\ 2S` OZbS PWaZO\U R]`b USa^SWQVS`bS ES`b eW`R ROPSW SW\TOQV ºPS`aQV`WSPS\ D]\ U`]zS` ^`OYbWaQVS` 0SRScbc\U Wab RWS 0QUaPVQPaZTXc STa 5T[S[Ê]VT SW\Sa XSRS\ W\WbWOZWaWS`bS\ /``Og=PXSYba hc` :OcThSWb ºPS` RSaaS\ /bb`WPcb j™~͆( aÖMj ?ÁÁ s ™jÝ aÖMjRyåSÇ ‰™Í Á s ?ÁÁ±j™~͆Ç

ÊÊ ‰jwjÁÍ aj™ 8jÁÍ yå

0SW 7bS`ObW]\S\ ºPS` /``Oga YO\\ RORc`QV RS` 5SP`OcQV c\hcZÉaaWUS` 7\RSfeS`bS dS`[WSRS\ eS`RS\ <]QV eWQVbWUS` Wab RWS >`]U`O[[WS`c\U d]\ /ZU]`WbV[S\ Tº` /` `Oga QT[XTQXVTa :É\US RWS hc` 1][^WZShSWb \]QV UO` ]XRWc UTbcbcTWc Hc` :OcThSWb YO\\ RWS OYbcSZZS 4SZRZÉ\US S`[WbbSZb c\R RO`OcT ^`]U`O[[WS`b eS`RS\ eWS W\ T]ZUS\RS[ 0SWa^WSZ( 2S` 0S\cbhS` YO\\ RWS /``OgU`rzS d]`USPS\ 3a eS`RS\ OZZS /``Og^ZÉbhS [Wb aÖMjHcTOZZaeS`bS\ USTºZZb 3W\ heSWbS` 2c`QVUO\U Rc`QV ROa /``Og S`[WbbSZb RWS U`rzbS RO`W\ USa^SWQVS`bS HcTOZZahOVZ( W?ÄÄ
ÁÁ?ß0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í ” s #±¬Á”¬Í
™a-j?a™Í® ¹C™~j] ¹ ¯Ç aÖMj ”?Þ s å±åÇ aÖMjRS ?ÁÁ s ™jÝ aÖMjR”SÇ wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ±j™~ꠂ ‰´´ ¯ P ?ÁÁR‰S s

ÊÊ =Öw?Äã?†j™]

?͆±Á?™a”®¯Ç

Q wÁ® ‰™Í ŽsåÇ Ž‘?ÁÁ±j™~ꠂ Ž´´ ¯ P

ÊÊ Á ÍjÄ ÄÖW†j™]

‰w® ”?Þ ‘s ?ÁÁRŽS ¯ ”?Þ s ?ÁÁRŽSÇ Q #±ÝÁ‰Íj™® ¹Á Íj =Öw?Äã?† ‰ÄÍ] ¹ ´ ”?Þ ¯Ç Q Q

2Oa 2c`QVZOcTS\ SW\Sa /``Oga W\ SW\S` wÁAQVZSWTS [WbbSZa RSa /``OgObb`WPcba j™~͆ Wab SW\ bg^WaQVSa 9PeP8SX^\ 5S\S`SZZ a]ZZbS dS`[WSRS\ eS`RS\ RWS /``Og ZÉ\US VO`b W\ ROa >`]U`O[[Q]RW\U hc aQV`SWPS\ AbSba a]ZZbS abObbRSaaS\ [Wb RS[ /bb`WPcb j™~͆ USO`PSWbSb eS`RS\ 4afTXcTacT U^aBRW[TXUT) ;Wb 8 A3 # ec`RS RWS Ag\bOf d]\ T]`AQVZSWTS\ S`eSWbS`b T]WP]RTS U^a[^^_ c[ Y][T]`bOPZS` ºPS` /``Oga c\R O\RS`S 2ObS\Q]\bOW\S` WbS`WS`S\ hc Yr\\S\ 7\ RWSaS` AQVZSWTS Rc`QVZÉcTb RWS ZW\Ya d][ 2]^^SZ^c\Yb abSVS\RS DO`WOPZS Pdc^\PcXbRW RS` @SWVS \OQV OZZS /``OgES`bS ]V\S Sf^ZWhWb SW\S HÉVZdO`WOPZS hc dS`eS\RS\( aÖMjRS ?ÁÁ s ™jÝ aÖMjRS P ¤å±å^ Ôå±å^ Ïå±å QÇ wÁ® aÖMj a ] ?ÁÁ ¯

ÊÊ wÁ j?W† a ‰™ ?ÁÁ

!

0aaPhb

'(

#±ÝÁ‰Íj™® ¹
ÍÖjjÁ 8jÁÍ s ¹ ´ a ¯Ç

6WS` S`VÉZb RWS DO`WOPZS a \OQVSW\O\RS` RWS ES`bS   c\R ! RSa /``Oga ?ÁÁ ;Wb RWSaS[ \ScS\ A^`OQVY]\ab`cYb ZÉaab aWQV [O\QVS 7bS`ObW]\ Y][^OYbS` T]` [cZWS`S\ Sa abrzb XSR]QV O\ aSW\S 5`S\hS\ eS\\ W\\S`VOZP RS` AQVZSWTS SW\ HcU`WTT OcT RWS OYbcSZZS 7\RSf^]aWbW]\ RSa /``Oga PS\rbWUb eW`R ]RS` Ò\RS`c\US\ O\ RS\ ES`bS\ RSa /``Oga d]`US\][[S\ eS`RS\ a]ZZS\ 2WS S`eSWbS`bS T]`AQVZSWTS Y][[b \WQVb \c` PSW /``Oga a]\RS`\ OcQV PSW dWSZS\ O\RS`S\ 2ObS\Q]\bOW\S`\ hc[ 3W\aObh) RO[Wb eS`RS\ eW` c\a W[ 9O^WbSZ ºPS` ROa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y PSTOaaS\ 0dUiÊW[T]ST FTacidfTXbd]V) 2c`QV 7bS`ObW]\ ºPS` ROa /``Og YO\\ RWSaSa \OQV aSW\S` 7\WbWOZWaWS`c\U acYhSaaWdS [Wb ES`bS\ USTºZZb eS`RS\ /ZZS`RW\Ua Wab ag\bOYbWaQV OcQV SW\S PdUiÊW[T]ST FTacidfTX bd]V RW`SYb PSW RS` 7\WbWOZWaWS`c\U [rUZWQV 2c`QV RWS HOVZ RS` OcTUShÉVZbS\ 2ObS\ eW`R Ocb][ObWaQV RWS /``OgZÉ\US TSabUSZSUb 4]ZUS\RSa 0SWa^WSZ \S\\b RWS hcaÉhZWQVS\ ag\bOYbWaQVS\ ;rUZWQVYSWbS\( ÊÊ ?¯

‘ ?Íj™Í߬RS ‘
ÁÁ?ߙ?”j s P‘ j”j™Í^ ±±± ^ ‘ j”j™ÍԁQÇ

‰™ÍRS M s P ¤^ |y^ ¤Ï^ É^ ÔÈ QÇ ÊÊ M¯

ÊÊ C™~j y

‘ ?Íj™Í߬RS ‘
ÁÁ?ߙ?”j s

ÊÊ

™jÝ ‘ ?Íj™Í߬RSP ‘ j”j™Í^ ±±± ^ ‘ j”j™ÍԁQÇ

.ÍÁ‰™~RS Ä s ™jÝ .ÍÁ‰™~RS P ¹?¹^ ¹‰†Á¹^ ¹a?u¹ QÇ ÊÊ C™~j Ï



@[]KOY[TMKT GT 'XXG_\GXOGHRKT

/``OgdO`WOPZS\ aW\R @STS`S\hS\ OcT /``Og]PXSYbS c\R dS`VOZbS\ aWQV a] eWS Tº` @STS `S\hbg^S\ W\ 9O^WbSZ  S`ZÉcbS`b IdfTXbd]V e^] ™Ö) 3W\S /``OgdO`WOPZS YO\\ Rc`QV HceSWac\U d]\ ™Ö W\ RS\ c\W\WbWOZWaWS`bS\ HcabO\R hc`ºQYdS`aSbhb eS`RS\ 2ORc`QV eW`R RWS @STS`S\h OcT ROa /``Og S\bTS`\b a] ROaa [Wb RS` /``OgdO`WOPZS\ ]XRWc \TWa OcT ROa /``Og hcUSU`WTTS\ eS`RS\ YO\\( ‰™ÍRS ? s ™jÝ ‰™ÍRÏSÇ ?RåS s ÏÇ

?R¤S s ÉÇ

? s ™ÖÇ

ÊÊ -jwjÁj™ã j™ÍwjÁ™Í^
ÁÁ?ß Ý‰Áa aÖÁW†  ~j ÄW†Íu

?RÔS s šÇ

ÊÊ
ÁÁ?ß ~jwِÍ

EW`R ROa PSb`STTS\RS /``Og d]\ YSW\S` eSWbS`S\ /``OgdO`WOPZS\ `STS`S\hWS`b a] abSZZb Sa SW\S \WQVb [SV` hcU`SWTPO`S A^SWQVS`ZSWQVS RO`( 2WS 5O`POUS 1]ZZSQbW]\ UWPb RS\ A^SWQVS` T`SW c\R OZZS RO`W\ USa^SWQVS`bS\ /``OgeS`bS aW\R dS`Z]`S\ =TdidfTXbd]V TX]Tb 0aaPhb) /cQV SW\S` PS`SWba W\WbWOZWaWS`bS\ /``OgdO`WOPZS\ YO\\ XSRS`hSWb SW\ ]TdTb 0aaPh PSZWSPWUS` 5`rzS idVTfXTbT] eS`RS\ /ZZS`RW\Ua [caa ROa \ScS /``Og ch_Z^\_PcXQT[ hc[ c`a^`º\UZWQV RSYZO`WS`bS\ Bg^ RS` /``OgdO`WOPZS\ aSW\ 2WS /``OgdO`WOPZS `STS`S\hWS`b RO\\ \WQVb ZÉ\US` WV` c`a^`º\UZWQVSa /``Og a]\ RS`\ dS`eSWab OcT ROa \Sc hcUSeWSaS\S /``Og( ‰™ÍRS ? s ™jÝ ‰™ÍRÏSÇ ?RåS s ÏÇ

?R¤S s ÉÇ

? s ™jÝ Ä†ÁÍR¤ååSÇ ?RoyS s |yÉÇ

?RÔS s šÇ

ÊÊ
ÁÁ?ß ~jwِÍ

ÊÊ #] !jÖãÖÝj‰Ä֙~ Í߬”¬?͉MjÄ
ÁÁ?ß

(

!

? s ™jÝ aÖMjRÔåSÇ

0aaPhb

ÊÊ j†jÁ] !‰W†ÍˆÍ߬”¬?͉Mj =ÖÝj‰Ä֙~u

2c`QV RWS bg^Y][^ObWPZS <SchceSWac\U SW\Sa ƝÁÍ/``Oga :É\US  eW`R RWS c`a^`º\UZWQVS @STS`S\h d]\ ? OcT ROa ‰™Í/``Og :É\US ! S\bTS`\b c\R Rc`QV RWS \ScS @STS`S\h S`aSbhb 2Oa \WQVb [SV` `STS`S\hWS`bS ‰™Í/``Og eW`R [Wb aSW\S\ 2ObS\ Rc`QV RWS 5O`POUS 1]ZZSQbW]\ S\bTS`\b 2OUSUS\ TºV`b RWS \WQVbbg^Y][^ObWPZS Hc eSWac\U SW\Sa aÖMj/``Oga O\ RWS /``OgdO`WOPZS ? d][ Bg^ ‰™Í hc` 1][^WZS`TSVZS`[SZRc\U ‰™W”¬?͉Mj Í߬jÄ IdfTXbd]VT] ifXbRWT] 0aaPhePaXPQ[T]) /``OgdO`WOPZS\ aW\R @STS`S\hS\ OcT WV` /``Og]PXSYb 0SW RS` HceSWac\U heSWS` /``OgdO`WOPZS\ [WbbSZa HceSWac\Ua]^S`Ob]` s eW`R a][Wb ]XRWc ROa /``Og [Wb aSW\S[ 7\VOZb Y]^WS`b a]\RS`\ RWS ATUTaT]i RO`OcT /Za 3`USP\Wa RS` HceSWac\U `STS`S\hWS`S\ PSWRS /``OgdO`WOPZS\ ROaaSZPS /``Og]PXSYb c\R Yr\\S\ OcT ROa /``Og hcU`SWTS\ RV RSaaS\ ES`bPSZSUc\U [O\W^cZWS`S\ 7[ 1]RSPSWa^WSZ RS` /PPWZRc\U   eW`R RWSa dS`O\aQVOcZWQVb ÊÊ j?Á?͉™] ‰™ÍRS ?^ MÇ ? s ™jÝ ‰™ÍRÏSÇ

OIK OIK OI K P Q

ÊÊ =ÖÝj‰Ä֙~ -jwjÁj™ã ? ?™ M] P M s ?Ç ?R¤S s ¤ÈÇ MRåS s ÏåÇ

Q

ÊÊ !jÖãÖÝj‰Ä֙~
ÁÁ?ß ?™ ÊÊ -jwjÁj™ã ?] ? s ™jÝ ‰™ÍRySÇ

ÊÊ Áj‰~jMj™ ajÁ -jwjÁj™ã M] M s ™ÖÇ ÊÊ  ÄW†j™ ajÄ
ÁÁ?ßÄ aÖÁW† ÊÊ ?ÁM?~j jW͉™







OIK OIK OI K ! %



PIK PIK PI K OIK OIK OI K OI!K OI"K

P







Q

! %







PIK PIK PI K OIK OIK OI K OI!K OI"K P









Q

! %



62



0QQ !!) HceSWac\U heWaQVS\ /``OgdO`WOPZS\ @STS`S\hS\ :^_XTaT] e^] 0aaPhb) 2c`QV RS\ =^S`Ob]` s eS`RS\ \c` RWS @STS`S\hS\ OcT SW\ /``Og]PXSYb Y]^WS`b C[ RS\ FTacX]WP[c SW\Sa ?cSZZ/``Oga W\ SW\ HWSZ/``Og hc Y] ^WS`S\ [caa ºPS` ?cSZZ c\R HWSZO``Og W\ SW\S` AQVZSWTS XcTaXTac c\R RWS ES`bS RS` S\ba^`SQVS\RS\ /``Oga^]aWbW]\S\ SW\O\RS` hcUSeWSaS\ eS`RS\ 3W\TOQVS` c\R TZS fWPZS` ZOaaS\ aWQV RWS ES`bS SW\RW[S\aW]\OZS` /``Oga [Wb RS` abObWaQVS\ ;SbV]RS .߈ ÄÍj”±?ÁÁ?ßW¬ß®¯ ºPS`b`OUS\ 2Oa 1]RSPSWa^WSZ RS[]\ab`WS`b ROa 9]^WS`S\ SW \Sa /``Oga a]eWS RS\ 5SP`OcQV RS` ;SbV]RS ?ÁÁ?ßW¬ß®¯( W?ÄÄ
ÁÁ?ߝ¬‰j P

!

0aaPhb

(

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™ÍRS ¶ s ™jÝ ‰™ÍRÏSÇ

‰™ÍRS ã s ™jÝ ‰™ÍR¶±j™~͆SÇ

‰™Í ¶Ä s åÇ

‰™Í ãÄ s åÇ

‰™Í ™ s ¶±j™~͆Ç

¶RåS s ¤åÇ

¶R¤S s ÔåÇ

¶RÏS s ÏåÇ

wÁ® ‰™Í ‰såÇ ‰‘¶±j™~ꠂ ‰´´ ¯ ãR‰S s ¶R‰SÇ ÊÊ Ü™ ¹?™a¹ ÊJ

‰Í ¶ s

j͆aj .ßÄÍj”±?ÁÁ?ßW¬ß®¯ r +?Á?”jÍjÁ] ,Öj?ÁÁ?ß

ã s =‰j?ÁÁ?ß

¶Ä s .Í?Á͉™ajÞ ,Öj?ÁÁß^ ?M aj” ¬‰jÁÍ Ý‰Áa ãÄ s .Í?Á͉™ajÞ =‰j?ÁÁ?ß^ ?M aj” j‰™~jÍÁ?~j™ ݉Áa ™ s


™ã?† ajÁ ãÖ ¬‰jÁj™aj™ ?Íj™jj”j™Íj

JÊ .ßÄÍj”±?ÁÁ?ßW¬ß® ¶^ ¶Ä^ ã^ ãÄ^ ™ ¯Ç Q Q

7[ 1]RSPSWa^WSZ eS`RS\ RWS 2ObS\ RSa ?cSZZO``Oga ¶ W\ ROa HWSZO``Og ã ºPS`b`OUS\ 3W\ X]WP[c[XRWTa ETaV[TXRW d]\ /``Oga YO\\ ]XRWc Rc`QV RS\ DS`UZSWQVa]^S`Ob]` ss d]`US\][[S\ eS`RS\ RO RWSaS` PSW /``OgdO`WOPZS\ @STS`S\hS\ \c` OcT 5ZSWQVVSWb RS` @STS`S\h ^`ºTb EWS PSW =PXSYbS\ ºPZWQV [caa SW\S DS`UZSWQVa[SbV]RS W[^ZS [S\bWS`b eS`RS\ RWS RWS /``Oga Rc`QVZÉcTb c\R RWS 2ObS\eS`bS dS`UZSWQVb 7\ RS` :[PbbT
ÁÁ?ßÄ Oca RS[ 8 A29>OYSb Ž?Ü?±Ö͉ abSVS\ abObWaQVS ;SbV] RS\ Tº` OZZS ^`W[WbWdS\ 2ObS\bg^S\ hc` DS`TºUc\U c[ /``Oga hc a]`bWS`S\ \OQV ES`bS\ hc Rc`QVacQVS\ c\R c[ heSW /``Oga OcT ES`bUZSWQVVSWb hc ^`ºTS\ 0]\TaZd]V) 2WS 9ZOaaS .ÍÁ‰™~ S`ZOcPb [WbbSZa WV`S` 9]\ab`cYb]`S\ c\R RS` ;S bV]RS ͝ †?Á
ÁÁ?ß®¯ heWaQVS\ .ÍÁ‰™~=PXSYbS\ c\R W†?Á/``Oga hc Y]\dS` bWS`S\ /ca SW\S[ W†?Á/``Og YO\\ SW\ .ÍÁ‰™~ [Wb Y][^ZSbbS[ ]RS` bSWZeSWaS[ HSWQVS\W\VOZb S`hScUb eS`RS\ C[USYSV`b YO\\ RS` 7\VOZb SW\Sa .ÍÁ‰™~=PXSYba W\ 4]`[ SW\hSZ\S` HSWQVS\ W\ SW\ W†?Á/``Og USabSZZb eS`RS\( W†?ÁRS W†¤ s P À†À^ À?À^ ÀÀ^ ÀÀ^ ÀÀ QÇ .ÍÁ‰™~ Ĥ s ™jÝ .ÍÁ‰™~® W†¤ ¯Ç

ÊÊ ™†?Í ܝ™ W†¤ ?Ä .ÍÁ‰™~

.ÍÁ‰™~ ÄÔ s ™jÝ .ÍÁ‰™~® W†¤^ Ô^ | ¯Ç W†?ÁRS W†Ô s Ĥ±Í †?Á
ÁÁ?ß®¯Ç



ÊÊ =j‰W†j™ ™ajÞ Ô M‰Ä |

ÊÊ ¬‰j ™†?Í ܝ™ Ĥ ™?W† W†Ô

'XXG_Y OT 3KZNUJKT

/``Oga Yr\\S\ OZa >O`O[SbS` c\R @ºQYUOPSeS`bS d]\ ;SbV]RS\ dS`eS\RSb eS`RS\ eWS O\RS`S =PXSYbS OcQV 0SW @ºQYUOPS SW\Sa /``Oga [caa RSaaS\ Bg^ UST]ZUb d]\ SQYWUS\ 9ZO[[S`\ RS W[ ;SbV]RS\Y]^T US\O\\b eS`RS\ /cQV PSW 2SYZO`ObW]\ d]\ /``Oga OZa ;SbV]RS\^O`O[SbS` Wab SW\S S\ba^`SQVS\RS Bg^O\UOPS S`T]`RS`ZWQV 2WS T]ZUS\RS 0SWa^WSZ[SbV]RS PS`SQV\Sb RWS DSYb]`ac[[S heSWS` DSYb]`S\ c\R UWPb RS\ Ac[[S\dSYb]` OZa \ScSa /``Og hc`ºQY( ¬ÖM‰W aÖMjRS ÜjÍÁ.֔”j® aÖMjRS ܤ^ aÖMjRS ÜÔ ¯ P

(!

!

0aaPhb

aÖMjRS Ä֔ s ™jÝ aÖMjR ܤ±j™~͆ SÇ wÁ® ‰™Í ‰såÇ ‰‘ܤ±j™~ꠂ ‰´´ ¯

Ä֔R‰S s ܤR‰S ´ ÜÔR‰SÇ

ÁjÍÖÁ™ ÄÖ”Ç Q

2WS ÍPS`UOPS d]\ /``Oga O\ ;SbV]RS\^O`O[SbS` USaQVWSVb dWO 2P[[1hATUTaT]RT Sa eW`R ]XRWc ROa /``Og Y]^WS`b a]\RS`\ RWS ATUTaT]i OcT ROa /``Og]PXSYb 7[ ;SbV] RS\Q]RW\U YO\\ ºPS` RWS @STS`S\h dS`É\RS`\R OcT RWS 3ZS[S\bS RSa /``Oga hcUSU`WT TS\ eS`RS\ a] ROaa aWQV ROa /``Og]PXSYb \OQV RS[ ;SbV]RS\OcT`cT W\ SW\S[ P]ST aT] IdbcP]S OZa hcd]` PSTW\RSb 3W\S ;SbV]RS YO\\ SW\S @STS`S\h OcT SW\ /``Og hc`ºQYZWSTS`\ 2O[Wb ROa /``Og W[ A^SWQVS` dS`PZSWPb [caa Sa PSW[ ;SbV]RS\OcT`cT T]cVTVT]VT]^\\T] RV SW\S` Y]``SYb bg^WaWS`bS\ 0aaPhePaXPQ[T] idVTfXTbT] eS`RS\ 7\ >`]U`O[[PSWa^WSZ eW`R RS` HcTOZZahOVZS\US\S`Ob]` ?͆±Á?™a”®¯ OcT 5ZSWQV dS`bSWZc\U RS` USZWSTS`bS\ HcTOZZahOVZS\ USbSabSb( 2WS ;SbV]RS ~jÍ™¬ÖÍ®¯ S`hScUb SW\ /``Og [Wb ™ UO\hhOVZWUS\ HcTOZZahOVZS\ heWaQVS\  c\R ' c\R UWPb RWSaSa hc`ºQY 2WS ;SbV]RS W†jW®¯ S`VÉZb SW\ /``Og c\R hÉVZb eWS ]Tb RWS HOVZ ã W\ RWSaS[ S\b VOZbS\ Wab) RWS /\hOVZ eW`R hc`ºQYUSUSPS\ 7\ ”?‰™®¯ eW`R RS` ^`]hS\bcOZS /\bSWZ d]\ ã O\ RS\ ™ HcTOZZahOVZS\ PS`SQV\Sb ;O\ S`VÉZb c\USTÉV`S ES`bS d]\  W?ÄÄ †jW
ÁÁ?ß P ¬ÖM‰W ÄÍ?͉W ‰™ÍRS ~jÍ™¬ÖÍ® ‰™Í ™ ¯ P ‰™ÍRS ?ÁÁ s ™jÝ ‰™ÍR™SÇ wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ±j™~ꠂ ‰´´ ¯ P ?ÁÁR‰S s ®‰™Í¯®

?͆±Á?™a”®¯J¤å ¯Ç

Q ÁjÍÖÁ™ ?ÁÁÇ Q ¬ÖM‰W ÄÍ?͉W ‰™Í W†jW® ‰™ÍRS ?ÁÁ^ ‰™Í ã ¯ P ‰™Í WÖ™ÍjÁ s åÇ wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ±j™~ꠂ ‰´´¯ P ‰w® ?ÁÁR‰S ss ã ¯ WÖ™ÍjÁ´´Ç Q ÁjÍÖÁ™ WÖ™ÍjÁÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í ™Ö” s

#±¬Á”¬Í
™a-j?a™Í® ¹8‰j܉jj j”j™Íj· ¹ ¯Ç

‰™Í ã?† s #±¬Á”¬Í
™a-j?a™Í® ¹8jW†j =?† W†jWj™· ¹ ¯Ç ‰™ÍRS ? s ~jÍ™¬ÖÍ® ™Ö” ¯Ç ‰™Í W s W†jW® ?^ ã?† ¯Ç ÊÊ
ÍjÁ™?͉Ü]

‰™Í W s W†jW® ~jÍ™¬ÖÍ® ™Ö” ¯^ ã?† ¯Ç

aÖMj ¬ s ®aÖMj¯W Ê ™Ö” J ¤ååÇ #±ÝÁ‰Íj™® ¹+Áãj™ÍÖjjÁ
™Íj‰ s ¹ ´ ¬ ¯Ç

!

0aaPhb

("

Q Q

/cQV PSW /``Oga YO\\ [Wb P]^]h\T] =PXSYbS\ USO`PSWbSb eS`RS\ A] ZÉaab aWQV RS` 3TTSYb RS` heSW ;SbV]RS\ W\ SW\S` SW\hWUS\ /\eSWac\U OZa dS`aQVOQVbSZbS` ;SbV] RS\OcT`cT Y][PW\WS`S\ eWS W\ RS` 9][[S\bO`hSWZS T]`[cZWS`b( 2WS W\\S`S ;SbV]RS ~jÍ™¬ÖÍ®¯ ZWSTS`b SW\S /``Og`STS`S\h hc`ºQY RWS RW`SYb RS[ ;SbV]RS\OcT`cT W†jW®¯ OZa 3W\UOPS^O`O[SbS` hc` DS`TºUc\U abSVb EPaPaVb) ;Wb RS` 8 A3 # ec`RS RWS ag\bOYbWaQVS ;rUZWQVYSWb USaQVOTTS\ PSW RS` 2SYZO`ObW]\ d]\ ;SbV]RS\ RWS ?PaP\TcTaiPW[ P[b ePaXPQT[ hc YS\\hSWQV\S\ a] ROaa RWS ;SbV]RS [Wb QT[XTQXV eXT[T] bg^Y][^ObWPZS\ >O`O[SbS`\ OcT`cTPO` Wab 2WS ES`bS abSVS\ W\ RS` ;SbV]RS W\ SW\S[ /``Og hc` DS`TºUc\U EW` dS`eS\RS\ ROa A^`OQVSZS ZS[S\b \WQVb RO Sa RS\ >`]U`O[[WS`SW\abSWUS` SVS` dS`eW``b c\R UcbS[ >`]U`O[ [WS`abWZ \WQVb Tr`RS`ZWQV Wab /cQV Ac\ S[^TWSVZb RS\ \c` a^O`aO[S\ 3W\aObh RWSaSa A^`OQVTSObc`Sa EW` dS`eSWaS\ OcT SW\ HcaObhYO^WbSZ OcT RS` ESPaSWbS RSa 0cQVSa



6GXGSKZKX JKX SGOT3KZNUJK

2WS ”?‰™®¯;SbV]RS S\bVÉZb ]TTS\aWQVbZWQV OZa 3W\UOPS^O`O[SbS` SW\ .ÍÁ‰™~/``Og 2S` `]U`O[[ PSW[ AbO`b 2ObS\ W[ Ab`W\U4]`[Ob hc` DS`O`PSWbc\U [WbUSUSPS\ eS`RS\ W?ÄÄ ””?™a‰™j P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~֔j™Íj ¯ P #±ÝÁ‰Íj® ¹
ÖÄ~?Mj ajÁ ?Íj™]

¹ ¯Ç

wÁ® ‰™Í ‰såÇ ‰‘?Á~֔j™Íj±j™~ꠂ ‰´´ ¯ #±ÝÁ‰Íj® ?Á~֔j™ÍjR‰S ´ ¹ Ê ¹¯Ç Q Q ˆ ™Äj ˆ

]N j”Ä Ž?Ü? ””?™a‰™j jÁ 8jÁÍ MjÍÁC~Í ¤å
ÖÄ~?Mj ajÁ ?Íj™]

jÁ Ê 8jÁÍ Ê MjÍÁC~Í Ê ¤å Ê

A]UO` SW\ aTZdabXeTa BT[QbcPdUadU RS` ”?‰™®¯;SbV]RS Wab Oca aWQV aSZPab ]RS` SW\S` aS^O`ObS\ ;SbV]RS RS` 9ZOaaS [rUZWQV eWS W\ RWSaS[ 0SWa^WSZ SW\S` 3\RZ]a`SYcaW]\( W?ÄÄ

?‰™-jÖÁÄ‰Ü P

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ÍÁ‰™~RS ?Á~֔j™Íj s P ¹?¹^ ¹8jÍ¹ QÇ #±ÝÁ‰Íj™® ?Á~֔j™ÍjRåS ´ ¹ ¹ ´ ?Á~֔j™ÍjR¤S ¯Ç ”?‰™® ?Á~֔j™Íj ¯Ç Q

(#

!

0aaPhb

Q

/cQV RS` /cT`cT RS` ”?‰™®¯;SbV]RS SW\S` P]STaT] OcaTºV`PO`S\ 9ZOaaS Wab bSQV \WaQV [rUZWQV ÍPc\U  $ A][Wb YO\\ SW\ 8OdO>`]U`O[[ Oca SW\S[ O\RS`S\ VS` Oca OcTUS`cTS\ eS`RS\ 3a Wab ”?‰™®¯ heO` SW\S QTb^]STaT 9ZOaaS\[SbV]RS aWS ZÉaab XSR]QV eWS XSRS O\RS`S 8OdO;SbV]RS [Wb ^OaaS\RS\ /`Uc[S\bS\ OcT`cTS\



3KNXJOSKTYOUTGRK 'XXG_Y

3W\RW[S\aW]\OZS /``Oga ZOaaS\ aWQV OZa SW\a^OZbWUS ES`bSbOPSZZS PSb`OQVbS\ W\ RS` RWS SW\hSZ\S\ /``OgSZS[S\bS USa^SWQVS`b aW\R ES\\ Sa aWQV PSW RS\ /``OgSZS[S\bS\ XS R]QV aSZPab c[ DS`eSWaS OcT SW\RW[S\aW]\OZS /``Oga VO\RSZb ZWSUb SW\ ifTXSX\T] bX^]P[Tb 0aaPh d]` ROa OZa
ÊÊ j?Á?͉™ ãÝj‰a‰”j™Ä‰™?jÄ ‰™Íˆ
ÁÁ?ß

aÖMjRSRSRSÇ

ÊÊ j?Á?͉™ aÁj‰a‰”j™Ä‰™?jÄ aÖMjˆ
ÁÁ?ß

0SW RS` 7\WbWOZWaWS`c\U Wab Tº` XSRS 2W[S\aW]\ W\ SQYWUS\ 9ZO[[S`\ RS`S\ :É\US O\ hcUSPS\ 0SW SW\S[ heSWRW[S\aW]\OZS\ /``Og PShSWQV\Sb RWS S`abS :É\US\O\UOPS a][Wb RWS ITX[T]iPW[ RWS heSWbS :É\US\O\UOPS RWS B_P[cT]iPW[ RS` 2ObS\[Ob`Wf( ?ÁÁ s ™jÝ ‰™ÍRySRÏSÇ

/cT RWSaS ESWaS abSVb SW\ ‰™Í/``Og [Wb # HSWZS\ c\R ! A^OZbS\ hc` DS`TºUc\U ROa >ZObh Tº` #! + # 2ObS\SZS[S\bS d][ Bg^ ‰™Í PS`SWb VÉZb /PP  ! /cQV PSW VrVS`RW[S\aW]\OZS\ /``Oga Wab SW\S PdUiÊW[T]ST 7\WbWOZWaWS`c\U [rUZWQV 2Oa /``Og ?ÁÁ YO\\ [Wb # HSWZS\ c\R ! A^OZbS\ W\WbWOZWaWS`b eS`RS\ W\RS[ RWS SW\ hSZ\S\ HSWZS\eS`bS HSWZS\O``Oga W\ USaQVeSWTbS\ 9ZO[[S`\ PQ OcTUShÉVZb eS`RS\( ÊÊ P P‘=j‰j™?ÁÁ?߁Q^ P‘=j‰j™?ÁÁ?߁Q^ ±±±^ P‘=j‰j™?ÁÁ?߁Q Q ?ÁÁ s P P¤^ Ô^ ÏQ^ P|^ y^ ÉQ^ PÈ^ o^ šQ QÇ

4]ZUS\RSa OcThÉVZS\R W\WbWOZWaWS`bSa /``Og VOb RWS 2W[S\aW]\aZÉ\US\ !  ( ‰™ÍRSRSRS ? s P P P¤^ÔQ^PÏ^|QQ^PPy^ÉQ^PÈ^oQQ^PPš^¤åQ^P¤¤^¤ÔQ Q QÇ

2S` IdVaXUU S`T]ZUb eWSRS` ºPS` 8]STgfTacT( 0SW SW\S[ heSWRW[S\aW]\OZS[ /``Og aW\R ITX[T] d]S B_P[cT]X]STg W\ aS^S`ObS\ SQYWUS\ 9ZO[[S`\ O\hcUSPS\( ?ÁÁR|SRÔS s šÇ

‰™Í Þ s ?ÁÁR|SRÔSÇ ÊÊ R=j‰j™‰™ajÞSR.¬?Íj™‰™ajÞS

!

0aaPhb

($

A^SWQVS`ab`cYbc` RW[aW]\OZSa /``Og(

‰™ÍRSRS ? s ™jÝ ‰™ÍRySRÏSÇ

IKIK IKIK IKI K

P

OIK OIK

&

OI K


OI!K

I!KI K

OI"K 2W[S\aW]\

?R|SRÔS s ¤yÇ

2W[S\aW]\

A^SWQVS`ab`cYbc` !RW[aW]\OZSa /``Og(

#

‰™ÍRSRSRS ?Ï s ™jÝ ‰™ÍRÔSRÔSRÔSÇ !2W[ 2W[

P"3

&

F¶aUT[

 



 



2W[

A^SWQVS`ab`cYbc` "RW[aW]\OZSa /``Og( ‰™ÍRSRSRSRS ?| s ™jÝ ‰™ÍRÏSRÔSRÔSRÔSÇ

P#3

#SX\ 7h_Ta F¶aUT[

0QQ !") 6rVS`RW[S\aW]\OZS /``Oga ’ A^SWQVS`ab`cYbc`S\ c\R 7\RWhWS`c\U A] SfWabWS`S\ Tº` ROa /``Og ?ÁÁ RWS HSWZS\W\RWQSa    ! " c\R RWS A^OZbS\W\RWQSa    2WS 5SaO[bVSWb OZZS` 9][PW\ObW]\S\ Oca HSWZS\W\RSf c\R A^OZbS\W\RSf PS hSWQV\Sb RWS d]`VO\RS\S\ O\a^`SQVPO`S\ >ZÉbhS /PP  ! /cQV Tº` heSWRW[S\aW]\OZS /``Oga abSVb ROa /bb`WPcb j™~͆ hc` DS`TºUc\U 8SR]QV Wab heWaQVS\ ITX[T][Ê]VT HSWZS\hOVZ c\R B_P[cT][Ê]VT A^OZbS\hOVZ hc c\bS`aQVSW RS\( 2WS RW`SYbS /PT`OUS RSa /bb`WPcba j™~͆ OcT RS` /``Og`STS`S\h ZWSTS`b RWS :É\

(%

!

0aaPhb

US RS` S`abS\ /``OgRW[S\aW]\ ’ PSW SW\S[ heSWRW[S\aW]\OZS[ /``Og RWS HSWZS\hOVZ C[ RWS B_P[cT]iPW[ hc S`VOZbS\ [caa [O\ SW\S PSabW[[bS HSWZS W\RWhWS`S\ c\R RO Tº` RS\ ES`b j™~͆ OPT`OUS\ ’ RWSaS` S\ba^`WQVb RS` HSWZS\ZÉ\US + A^OZbS\hOVZ( ‰™Í ã s ?ÁÁ±j™~͆Ç

ÊÊ =j‰j™ã?† r ‰jwjÁÍ y

‰™Í Ä s ?ÁÁRåS±j™~͆Ç

ÊÊ .¬?Íj™ã?† ®=j‰j™C™~j¯ r ‰jwjÁÍ Ï

:SbhbS`S C\bS`aQVSWRc\U Wab eWQVbWU PSW RS` 8cTaPcX^] ºPS` SW\ heSWRW[S\aW]\OZSa /` `Og( C[ P[[T ?[ÊciT P]idb_aTRWT] [ºaaS\ OZZS [rUZWQVS\ 7\RSf9][PW\ObW]\S\ S` TOaab eS`RS\ Bg^WaQVS`eSWaS PSRWS\b [O\ aWQV heSWS` VTbRWPRWcT[cTa BRW[TXUT] 2WS ÉczS`S AQVZSWTS Rc`QVZÉcTb OZZS HSWZS\W\RWQSa RWS W\\S`S AQVZSWTS OZZS A^OZ bS\W\RWQSa RSa /``Oga( wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ±j™~ꠂ ‰´´ ¯ P

ÊÊ
j =j‰j™

wÁ® ‰™Í ŽsåÇ Ž‘?ÁÁRåS±j™~ꠂ Ž´´ ¯ P ?ÁÁR‰SRŽS s ‰JŽÇ

ÊÊ
j .¬?Íj™

ÊÊ =Ö~Á‰ww ?Öw ?j
ÁÁ?ßjj”j™Íj

Q Q

0SW VrVS`RW[S\aW]\OZS\ /``Oga [caa [Wb S\ba^`SQVS\R [SV` AQVZSWTS\ USO`PSWbSb eS`RS\ c\R ROa /bb`WPcb j™~͆ RS` XSeSWZWUS\ 2W[S\aW]\ dS`eS\RSb eS`RS\ 2S` 1]RSOcaaQV\Wbb hSWUb 2SYZO`ObW]\ 7\WbWOZWaWS`c\U c\R 7bS`ObW]\ SW\Sa R`SWRW[S\aW]\O ZS\ /``Oga 2WSaSa a]ZZ RWS C[aÉbhS SW\S` 4W`[O Tº` RWS >`]RcYbS  S`abS 2W[S\ aW]\ RWS <WSRS`ZOaac\US\  !" heSWbS 2W[S\aW]\ c\R RWS 8OV`S  !"# S\bVOZbS\ 3a S\babSVb SW\ R`SWRW[S\aW]\OZS` 2ObS\_cO`RS` [Wb >ZObh Tº` !#$ + ' C[aObheS`bS d][ Bg^ aÖMj( aÖMjRSRSRS ֔Ä?Íã s ™jÝ aÖMjRÏSRySRÉSÇ wÁ® ‰™Í ‰såÇ ‰‘Ö”Ä?Í㱐j™~ꠂ ‰´´ ¯ P

ÊÊ +Áa֏Íj

wÁ® ‰™Í ŽsåÇ Ž‘Ö”Ä?ÍãRåS±j™~ꠂ Ž´´ ¯ P

ÊÊ !‰jajÁ?ÄÄ֙~j™

wÁ® ‰™Í ”såÇ ”‘ ֙Ä?ÍãRåSRåS±j™~ꠂ ”´´ ¯ P

ÊÊ ?†Áj

֔Ä?ÍãR‰SRŽSR”S s #±¬Á”¬Í
™a-j?a ÖMj® ¹2”Ä?Íã s ¹ ¯Ç Q Q Q

2Oa 0SWa^WSZ ZWSzS aWQV OcT eXTa 3X\T]bX^]T] dS`OZZUS[SW\S`\ W\RS[ [O\ RS\ C[ aObh \OQV RS\ SW\hSZ\S\ ;]\ObS\ RSa 8OV`Sa dWS`bS 2W[S\aW]\ USb`S\\b S`TOaab ESWbS`S a^ShWTWhWS`S\RS 2W[S\aW]\S\ eÉ`S\ h0 Bg^ RS` dS`YOcTS\RS\ 4WZWOZS U`]z [WbbSZ YZSW\ c\R DS`^OQYc\UaU`rzS\ U`]z YZSW\ 0SW RS` :^_XT \TWaSX\T]bX^]P[Ta 0aaaPhb Wab heWaQVS\ U[PRWTa c\R cXTUTa :^_XT hc c\bS`aQVSWRS\
‰™ÍRSRS M s ™jÝ ‰™ÍRÏSRÔSÇ

ÊÊ ±±± 8jÁÍãÖÝj‰Ä֙~j™ ?™
ÁÁ?ß ? ±±± wÁ® ‰™Í ‰såÇ ‰‘?±j™~ꠂ ‰´´ ¯ P

ÊÊ ?j =j‰j™

wÁ® ‰™Í ŽsåÇ Ž‘?RåS±j™~ꠂ Ž´´ ¯ P MR‰SRŽS s ?R‰SRŽSÇ

ÊÊ ?j .¬?Íj™

ÊÊ 0‰jwj ¬‰j ?jÁ j”j™ÍÝjÁÍj

!

0aaPhb

(&

Q Q

2OUSUS\ eº`RS RWS PZ]zS HceSWac\U RS` HSWZS\`STS`S\hS\( wÁ® ‰™Í ‰såÇ ‰‘?±j™~ꠂ ‰´´ ¯ P MR‰S s ?R‰SÇ

ÊÊ ?j =j‰j™

ÊÊ !ÖÁ ?W†j ¬‰j ajÁ -jwjÁj™ãj™

Q

OZa U[PRWT :^_XT PSeW`YS\ ROaa RWS @STS`S\hS\ RS` S`abS\ A^OZbS d]\ ? c\R M OcT RWSaSZPS\ HSWZS\O``Oga dS`eSWaS\ c\R RWS DO`WOPZS\ ? c\R M R]QV ROaaSZPS /``Og]P XSYb `STS`S\hWS`S\ c\R [O\W^cZWS`S\ 0]\TaZd]V) HeSWRW[S\aW]\OZS OZZUS[SW\( [SV`RW[S\aW]\OZS /``Oga [ºaaS\ \WQVb `SQVbSQYWU aSW\ RV RWS HOVZ RS` A^OZbS\ ^`] HSWZS OZZUS[SW\( RWS HOVZ RS` 2ObS\ SZS[S\bS ^`] 2W[S\aW]\ [caa ]XRWc XST]cXbRW aSW\ A] eW`R Rc`QV RWS OcThÉVZS\RS 7\WbWOZWaWS`c\U( ‰™ÍRSRS? s P P¤Q^ PÔ^Ï^|Q^ Py^ÉQ^ PÈ^o^š^¤åQ QÇ

SW\ /``Og [Wb dWS` HSWZS\ c\R T]ZUS\RS` B_P[cT]bcadZcda S`hScUb( /``Og`STS`S\h P . OIK .



OIK .

! "

OI K .

# $

OI!K .

% & ' 

>`] HSWZS dS`TºUb [O\ \c` ºPS` RWS HOVZ O\TÉ\UZWQV hcUSeWSaS\S` 3ZS[S\bS 3W\S \OQVb`ÉUZWQVS /cTTºZZc\U OcT @SQVbSQYab`cYbc` Wab \WQVb [rUZWQV /cT eSWbS`S Ag\bOf dO`WO\bS\ USVS\ eW` \WQVb SW\ RO a]ZQVS Ab`cYbc`S\ ^`OYbWaQV eS\WUS` `SZSdO\b aW\R 0SW[ 0][TVT] W»WTaSX\T]bX^]P[Ta 0aaPhb [caa RS`S\ B_TXRWTaQTSPaU QTa¶RZbXRWcXVc eS`RS\ 2WS 5SaO[bhOVZ RS` 2ObS\SZS[S\bS Tº` RWS A^SWQVS` `SaS`dWS`b eW`R S\b a^`WQVb RS[ ?a^SdZc RS` :É\US\ RS` SW\hSZ\S\ 2W[S\aW]\S\ A] PS\rbWUb ROa SW\ RW[S\aW]\OZS aÖMj/``Og [Wb  3ZS[S\bS\( aÖMjRS ?¤a s ™jÝ aÖMjR¤åååSÇ

\c` &Y0 A^SWQVS`^ZObh eÉV`S\R ROa R`SWRW[S\aW]\OZS aÖMj/``Og( aÖMjRSRSRS ?Ïa s ™jÝ aÖMjR¤åååSR¤åååSR¤åååSÇ

UO\hS &0gbS + & ;0 A^SWQVS` dS`aQVZW\Ub 7\ RS` FXacbRWPUcbX]U^a\PcXZ aW\R VrVS`RW[S\aW]\OZS 2ObS\ab`cYbc`S\ d]\ U`]zS` 0SRScbc\U( 8] 3PcP FPaTW^dbT2ObS\PO\YS\ eS`RS\ PSb`WSPaeW`b aQVOTbZWQVS 2ObS\ PSb`WSPZWQVS` 7\T]`[ObW]\aagabS[S ZÉ\US`S` HSWb`Éc[S W\ Z] UWaQVV]QVRW[S\aW]\OZS\ 2ObS\ab`cYbc`S\ USaO[[SZb



'XXG_Y SOZ 5HPKQZKT

7\ /``Oga PSZWSPWUS` 2W[S\aW]\ Yr\\S\ \WQVb \c` ^`W[WbWdS 2ObS\bg^S\ USa^SWQVS`b eS`RS\ a]\RS`\ OcQV =PXSYbS @STS`S\hbg^S\

('

!

0aaPhb

/``Oga Yr\\S\ >QYTZcT SW\S` PSZWSPWUS\ 9ZOaaS OcT\SV[S\ /Za Ch_ STb 0a aPhb Wab ROPSW RS` :[PbbT]ch_ RS` hc a^SWQVS`\RS\ =PXSYbS O\hcUSPS\
‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç Q

¬ÖM‰W ܝ‰a ‰™w®¯ P #±ÝÁ‰Íj™® ¹!?”j] ¹ ´ ™?”j ¯Ç Q Q W?ÄÄ +jÁĝ™?‰ÄÍj P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁRS ”
s ™jÝ ‰Í?ÁMj‰ÍjÁ ”¤ s ™jÝ ”
RåS s ”¤Ç

‰Í?ÁMj‰ÍjÁRÏSÇ ‰Í?ÁMj‰ÍjÁ® ¹ j‰jÁ¹ ¯Ç

ÊÊ =ÖÝj‰Ä֙~ ÙMjÁ #MŽjÍÜ?Á‰?Mj

ÊÊ ‰ÁjÍj =ÖÝj‰Ä֙~ ajÁ #MŽjÍÁjwjÁj™ã] ”
R¤S s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹ ¯Ç

”
RÔS s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹‰ÄW†jÁ¹ ¯Ç

ÊÊ =Ö~Á‰ww ?Öw a‰j ~jĬj‰W†jÁÍj™ #MŽjÍj] ‰Í?ÁMj‰ÍjÁ ”0jÄÍ s ”
RåSÇ

”0jÄͱ‰™w®¯Ç

ÊÊ ‰ÁjÍjÁ =Ö~Á‰ww ?Öw a‰j ~jĬj‰W†jÁÍj -jwjÁj™ã] ”
RåS±‰™w®¯Ç

”
R¤S±‰™w®¯Ç

Q Q

2Oa 0SWa^WSZ^`]U`O[[ hSWUb RWS PSWRS\ 7\abO\hWWS`c\UaaQV`WbbS( HcS`ab eW`R ROa /``Og ”
ÁÁ [Wb >ZObh Tº` R`SW ‰Í?ÁMj‰ÍjÁ=PXSYbS RSYZO`WS`b c\R W\WbWOZWaWS`b RO\\ eS`RS\ ‰Í?ÁMj‰ÍjÁ=PXSYbS S`hScUb c\R W\a /``Og USabSZZb /PP  " 2S` /``Og^]aWbW]\ YO\\ SW\S UºZbWUS =PXSYb`STS`S\h ºPS` SW\S aS^O`ObS =PXSYbdO`WO PZS VWS` ”¤ hcUSeWSaS\ eS`RS\ /ZZS`RW\Ua YO\\ RWS =PXSYb`STS`S\h OcQV SXaTZc OZa O\]\g[Sa =PXSYb SW\USabSZZb eS`RS\ ]V\S ROTº` SW\S =PXSYbdO`WOPZS O\hcZS US\ 3\ba^`SQVS\RSa UWZb Tº` RS\ HcU`WTT OcT RWS USa^SWQVS`bS\ =PXSYbS( 8SRS USTºZZbS >]aWbW]\ RSa /``Oga S\bVÉZb RWS @STS`S\h OcT SW\ ;WbO`PSWbS`=PXSYb 2WSaS @STS`S\h YO\\ W\ SW\S aS^S`ObS =PXSYbdO`WOPZS VWS` ”Ô Y]^WS`b eS`RS\ c[ ºPS` RWSaS OcT ROa =PXSYb hchcU`SWTS\ 8SR]QV YO\\ RS` HcU`WTT OcQV RW`SYb ºPS` RWS O\ RS` /``Og ^]aWbW]\ USa^SWQVS`bS @STS`S\h S`T]ZUS\ eWS W[ 0SWa^WSZ RS[]\ab`WS`b 2S` 8]WP[c TX]Tb >QYTZc0aaPhb aW\R \WQVb RWS =PXSYbS aSZPab a]\RS`\ ATUT aT]iT] HSWUS` OcT RWSaS =PXSYbS 2WS =PXSYbS RSa /``Oga eS`RS\ ºPS` RWS O\ RS\ /``Og^]aWbW]\S\ USa^SWQVS`bS\ @STS `S\hS\ W[ A^SWQVS` USVOZbS\ ’ OcQV eS\\ YSW\S aS^O`ObS =PXSYbdO`WOPZS OcT aWS hSWUb 7\ /PPWZRc\U  " Wab RWS RORc`QV S`hScUbS A^SWQVS`ab`cYbc` O\USRScbSb

!

0aaPhb

((

‰Í?ÁMj‰ÍjÁRS ”
s ™jÝ

‰Í?ÁMj‰ÍjÁRÏSÇ

\

 "

 "

;SWS` \0

\0

[/IK( \cZZ

[/IK(  "

[/IK( \cZZ

[/IK( !

[/I K( \cZZ

[/I K( "

E^a >QYTZcidfTXbd]VT]

=PRW >QYTZcidfTXbd]VT]

!

6cPS` "

4WaQVS`

0QQ !#) A^SWQVS` c\R @STS`S\hab`cYbc` d]\ =PXSYbO``Oga 7\RS[ [O\ SW\S /``Og^]aWbW]\ OcT ™Ö aSbhb eW`R RWS ATUTaT]i T]cUTa]c c\R ROa \c\[SV` c\`STS`S\hWS`bS =PXSYb Rc`QV RWS 5O`POUS 1]ZZSQbW]\ USZraQVb A] eº`RS RWS /\eSWac\U( ”
R¤S s ™ÖÇ W\ RS[ 1]RS0SWa^WSZ ROhc TºV`S\ ROaa ROa =P XSYb 6cPS` hc[ :raQVS\ Rc`QV RWS 5O`POUS 1]ZZSQbW]\ T`SWUSUSPS\ eW`R



3UJKRROKXKT SOZ 'XXG_Y

/``Oga aW\R Ucb VO\RVOPPO`S 2ObS\PSVÉZbS` RWS ºPS` WV`S\ 7\RSf eOVZT`SWS\ 2ObS\ hcU`WTT USeÉV`S\ /ZZS`RW\Ua YO\\ TX] /``Og \c` bg^Y][^ObWPZS 2ObS\ OcT\SV[S\ A] ZÉaab aWQV h0 SW\S CT[TU^]QdRWbcadZcda \WQVb SW\TOQV OZa heSWRW[S\aW]\OZSa /``Og RO`abSZZS\ eS\\ RS`
&'(#%$





C[ RWSaS heSWa^OZbWUS :WabS [Wb US[WaQVbS\ 2ObS\bg^S\ OPhcPWZRS\ [ºaaS\ SW\RW [S\aW]\OZS /``Oga [Wb =PXSYbS\ Y][PW\WS`b eS`RS\ HeSW /ZbS`\ObWdS\ PWSbS\ aWQV O\ RWS W\ /PPWZRc\U  # USUS\ºPS`USabSZZb eS`RS\ I;=3#K  0aaPh \Xc 4X]caPVb^QYTZcT]) ;O\ O`PSWbSb [Wb SW\S[ SW\RW[S\aW]\OZS[ /``Og 0 ÖW† W\ RS[ RWS BSZST]\PcQVSW\b`ÉUS OZa =PXSYbS SW\S` 9ZOaaS ‰™ÍÁ?~ [Wb RS\ ifTX /bb`WPcbS\ ™?”j c\R ™Ö””jÁ USa^SWQVS`b aW\R( W?ÄÄ ‰™ÍÁ?~ P ¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ

¬Á‰Ü?Íj ‰™Í ™Ö””jÁÇ

¬ÖM‰W ‰™ÍÁ?~® .ÍÁ‰™~ ™?^ ‰™Í ™Á ¯P ™?”j s ™?Ç ™Ö””jÁ s ™ÁÇ Q Q W?ÄÄ 0j ÖW† P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P

‰™ÍÁ?~RS 0 ÖW† s ™jÝ ‰™ÍÁ?~R¤åååSÇ

!

!

0aaPhb

0 ÖW†R¤ÔÏS s ™jÝ ‰™ÍÁ?~® ¹ ِjÁ¹^ Èoš|É ¯Ç ÊÊ ‰™ÍÁ?~֙~ Q Q CT[TU^]QdRW>QYTZc ]P\T ]d\\Ta

0aaPh

C1dRW



]P\T ;SWS`



]d\\Ta

C1dRW

%&'"$#

4X]caPV>QYTZc

 /``Og [Wb =PXSYbS\

=PXSYb [Wb /``Oga





;SWS`

%&'"$#



0aaPh



0aaPh

0QQ !$) ;]RSZZWS`S\ [Wb /``Oga c\R =PXSYbS\ ’ BSZST]\PcQV I;=3#K ! >QYTZc \Xc ifTX 3PcT]PaaPhb) ;O\ O`PSWbSb [Wb SW\S[ =PXSYb 0 ÖW† RS` 9ZOaaS 0jjw™MÖW† RWS OZa /bb`WPcbS ifTX SW\RW[S\aW]\OZS /``Oga PSaWbhb ’ SW\ .ÍÁ‰™~ /``Og ™?”j hc`
¬Á‰Ü?Íj ‰™ÍRS ™Ö””jÁÇ

¬ÖM‰W 0jjw™MÖW†® ‰™Í ™ ¯ P ™?”j s ™jÝ .ÍÁ‰™~R™SÇ

™Ö””jÁ s ™jÝ ‰™ÍR™SÇ

Q ¬ÖM‰W ܝ‰a ÄjÍ ‰™ÍÁ?~® ‰™Í ¬Ä^ .ÍÁ‰™~ ™?^ ‰™Í ™Á ¯ P ™?”jR¬ÄS s ™?Ç

™Ö””jÁR¬ÄS s ™ÁÇ

Q Q W?ÄÄ 0j ÖW† P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P 0jjw™MÖW† 0 ÖW† s ™jÝ 0jjw™MÖW†® ¤ååå ¯Ç 0 ÖW†±ÄjÍ!?”j® ¤ÔÏ^ ¹ ِjÁ¹^ Èoš|É ¯Ç

ÊÊ ‰™ÍÁ?~֙~

Q Q



(KOYVOKRGT]KTJ[TM 2UZZUYOS[RGZUX

;WbbSZa TX]SX\T]bX^]P[Ta /``Oga a]ZZ SW\S :]bb]aW[cZObW]\ S\beWQYSZb eS`RS\ 7\ RS` 9ZOaaS Í͝ eS`RS\ BW^ c\R HWSVc\U RS` :]bb]hOVZS\ W\ heSW SW\RW[S\aW] \OZS\ ‰™Í/``Oga RS` :É\US # OcTPSeOV`b 3W\S ;SbV]RS Í͝ã?†j™®¯ S`[Wb bSZb $ HOVZS\ heWaQVS\  c\R "') RWS ;SbV]RS eW`R a]e]VZ Tº` RS\ CX_ OZa OcQV RWS IXTWd]V dS`eS\RSb 4º` SW\S USh]US\S HOVZ h0 # eW`R O\ RS` S\ba^`SQVS\RS\

!

0aaPhb

!

?^bXcX^] RSa /``Oga ã?†j™ SW\S  SW\USb`OUS\ ã?†j™R¤ySs¤  RV RWS 7\RSf >]aWbW]\S\ RSa /``Oga S\ba^`SQVS\ RS\ [rUZWQVS\ ES`bS\( 2S` 3W\b`OU  PSRScbSb ROaa RWS :]bb]hOVZ d]`Y][[b RS` 7\WbWOZeS`b  ROaa RWS :]bb]hOVZ \WQVb USh]US\ Phe USbW^^b ec`RS 3W\S S`[WbbSZbS HcTOZZahOVZ eW`R \c` dS`eS\RSb eS\\ Sa aWQV ]XRWc c[ RWS  VO\RSZb c\R aWS ]XRWc QTaTXcb VTi^VT] ec`RS 7\ SW\S` AQVZSWTS eS` RS\ a]ZO\US HcTOZZahOVZS\ S`hScUb PWa $ UºZbWUS :]bb]hOVZS\ S`[WbbSZb ec`RS\ eOa Rc`QV RS\ HÉVZS` WÖ™Í Y]\b`]ZZWS`b eW`R 2Oa USTºZZbS /``Og eW`R hc`ºQYUSUSPS\ 2WS /\hOVZ RS` `WQVbWUS\ BW^a eW`R Rc`QV RWS ;SbV]RS ?™ã?†-‰W†Í‰~j®¯ S`[Wb bSZb c\R hc`ºQYUSUSPS\ 2Ohc PSY][[b RWS ;SbV]RS ROa CX_ c\R IXTWd]VbPaaPh ºPS`USPS\ c\R PWZRSb RS`S\ BZP[Pa_a^SdZc( ]aW bW]\S\ SW\S  W\ QTXST] /``Oga abSVb ec`RS `WQVbWU USbW^^b ’ RWS Ac[[S RS` >`]RcY bS OZZS` 3W\b`ÉUS UZSWQVS` 7\RSf^]aWbW]\ Wab RWS HOVZ RS` @WQVbWUS\
‰™Í WÖ™Í s åÇ

‰™ÍRS ã?†j™ s ™jÝ ‰™ÍRyåSÇ a P ã?† s ®‰™Í¯®

?͆±Á?™a”®¯Jyå ¯Ç

‰w® ã?†j™Rã?†S us ¤ FF ã?† us å ¯ P ã?†j™Rã?†S s ¤Ç

WÖ™Í´´Ç

Q Q ݆‰j® WÖ™Í ‘ É ¯Ç ÁjÍÖÁ™ ã?†j™Ç Q ¬Á‰Ü?Íj ‰™Í ?™ã?†-‰W†Í‰~j® ‰™ÍRS ͉¬^ ‰™ÍRS ?ÖÄ~jĬ‰jÍ ¯ ‰™Í ?™ã?† s åÇ wÁ® ‰™Í ‰såÇ ‰‘͉¬±j™~ꠂ ‰´´ ¯ ?™ã?† s ?™ã?† ´ ͉¬R‰SJ?ÖÄ~jĬ‰jÍR‰SÇ ÁjÍÖÁ™ ?™ã?†Ç Q ¬ÖM‰W ‰™Í Ĭ‰j®¯ P ‰™ÍRS ~j͉¬¬Í s Í͝ã?†j™®¯Ç

!!

!

0aaPhb

‰™ÍRS ~jã~j™ s Í͝ã?†j™®¯Ç ÁjÍÖÁ™

?™ã?†-‰W†Í‰~j® ~j͉¬¬Í^ ~jã~j™ ¯Ç

Q Q W?ÄÄ =‰j†Ö™~ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P Í͝ Í s ™jÝ Í͝®¯Ç ‰™Í ™ s #±¬Á”¬Í
™a-j?a™Í® ¹
™ã?† .¬‰jj s ¹ ¯Ç ‰™ÍRS ?ÖÄÝjÁÍ֙~ s ™jÝ ‰™ÍRÈSÇ

‰™Í Á‰W†Í‰~jÇ

wÁ® ‰™Í ‰såÇ ‰‘s™Ç ‰´´ ¯ P Á‰W†Í‰~j s Í±Ä¬‰j®¯Ç ?ÖÄÝjÁÍ֙~RÁ‰W†Í‰~jS s ?ÖÄÝjÁÍ֙~RÁ‰W†Í‰~jS ´ ¤Ç Q wÁ® ‰™Í ‰såÇ ‰‘ ?ÖÄÝjÁÍ֙~±j™~ꠂ ‰´´ ¯ P aÖMj ¬ s ¤åå±å J ?ÖÄÝjÁÍ֙~R‰S Ê ™Ç #±ÝÁ‰Íj™® ‰ ´ ¹ -‰W†Í‰~j] ¹ ´ ¬ ´ ¹ °¹ ¯Ç Q Q Q ˆ ™Äj ˆ
™ã?† .¬‰jj s ¤ååååååå F å -‰W†Í‰~j] |ϱyošÏš ° ¤ -‰W†Í‰~j] |¤±ÏÔÔϚ ° Ô -‰W†Í‰~j] ¤Ï±ÔϤo ° Ï -‰W†Í‰~j] ¤±ÈyÈÔo ° | -‰W†Í‰~j] å±åšÈÔÉ ° y -‰W†Í‰~j] å±åå¤oš ° É -‰W†Í‰~j] å±å °



(KOYVOKRGT]KTJ[TM 8UNYZULL+TJVXUJ[QZ8KINTKX

HeSWRW[S\aW]\OZS /``Oga abSZZS\ `]PZS[S RS` EW`baQVOTba[ObVS[ObWY SZSUO\b USZrab eS`RS\ eWS h0 RWS 0S`SQVc\U RSa IdbP\\T]WP]Vb ifXbRWT] A^Wbc^UU d]S 4]S_a^SdZc\T]VT] /PP  $ 7\ SW\S` BOPSZZS ;Ob`Wf @H Wab S`TOaab Oca eWSdWSZ ;S\US\SW\VSWbS\ ;3 dS`aQVWS RS\S` @]Vab]TTbg^S\ @W SW\S ;3 SW\Sa PSabW[[bS\ HeWaQVS\^`]RcYbSa HX S\babSVb 7\ SW\S` eSWbS`S\ BOPSZZS ;Ob`Wf H3 Wab O\USUSPS\ Oca eWSdWSZ ;3 RS` dS`aQVWSRS\S\ HeWaQVS\^`]RcYbS HX SW\S ;3 SW\Sa PSabW[[bS\ 3\R^`]RcYbSa 3[ S`hScUb eW`R 5S T`OUb Wab \OQV RS[ RW`SYbS\ HcaO[[S\VO\U heWaQVS\ A^Wbc^UU\T]VT] d]S 4]S_a^ SdZc\T]VT]( /ca eWSdWSZ ;3 RS` dS`aQVWSRS\S\ @]Vab]TTS @W S\babSVb ZSbhbZWQV SW\S ;3 SW\Sa PSabW[[bS\ 3\R^`]RcYba 3[ 2WSa a]ZZ W\ SW\S` \ScS\ BOPSZZS ;Ob`Wf @3 RO`USabSZZb eS`RS\

!

0aaPhb

!"

2WS \PcWT\PcXbRWT ;»bd]V ZOcbSb( 2WS USacQVbS ;Ob`Wf @3 S`UWPb aWQV OZa ROa `]U`O[[ a]ZZS\ RWS S\ba^`SQVS\RS\
AI I A A! A" A#

"  !

I! I" ! ! " $  % " ! 

I4 4 I I! I"

$ " 

4! # !

A4 4 +

A A! A" A#

4! !' !# !" !" !& !" ! "

0QQ !%) HcaO[[S\VO\U @]Vab]TTS . HeWaQVS\^`]RcYbS . 3\R^`]RcYbS 2Oa USaO[bS >`]PZS[ eW`R W\ RS` OcaTºV`PO`S\ 9ZOaaS -= -jW†™jÁ USZrab 2WS ;S bV]RS j‰™~?Mj®¯ S`VÉZb HSWZS\ c\R A^OZbS\hOVZ OZa 3W\UOPS^O`O[SbS` ZSUb SW\ heSWRW[S\aW]\OZSa /``Og O\ c\R T`OUb RWS ES`bS OZZS` 3ZS[S\bS d][ 0S\cbhS` OP 2Oa O\USZSUbS /``Og eW`R hc`ºQYUSUSPS\ 2WS ;SbV]RS ?ÖÄ~?Mj®¯ S`VÉZb SW\ heSWRW[S\aW]\OZSa /``Og c\R UWPb RWSaSa hSWZS\eSWaS OcT RS` 9]\a]ZS Oca 2WS hS\b`OZS ;SbV]RS ”ÖÍ ?ÍÁ‰Þ®¯ S`VÉZb heSW heSWRW[S\aW]\OZS /``Oga OZa >O `O[SbS` ZSUb SW\ \ScSa heSWRW[S\aW]\OZSa /``Og ÁjÄÖÍ RS` ^OaaS\RS\ 2W[S\aW]\ HSWZS\hOVZ /``Og  A^OZbS\hOVZ /``Og  O\ c\R TºZZb RWSaSa [Wb RS\ ES`bS\ RS` ;O b`WhS\[cZbW^ZWYObW]\ RS` ºPS`USPS\S\ /``Oga( 3a eW`R ROa AYOZO`^`]RcYb OZZS` HSWZS\ X RSa S`abS\ /``Oga [Wb OZZS\ A^OZbS\ Y RSa heSWbS\ /``Oga PS`SQV\Sb c\R O\ RS` >]aWbW ]\ R‰SRŽS W\ ÁjÄÖÍ SW\USb`OUS\ 2Oa /``Og ÁjÄÖÍ eW`R hc`ºQYUSUSPS\ 7\ ”?‰™®¯ eS`RS\ RWS /``Oga Áã
ÁÁ c\R ãj
ÁÁ O\USZSUb HSWZS\ c\R A^OZbS\hOV ZS\ aW\R d][ 0S\cbhS` SW\hcUSPS\ 2WS USacQVbS :rac\U Áj
ÁÁ eW`R [WbbSZa RS` ;SbV]RS ”ÖÍ ?ÍÁ‰Þ®¯ PS`SQV\Sb c\R OcaUSUSPS\ ’ XSR]QV \c` eS\\ RWS d][ 0S\cbhS` d]`USUSPS\S\ :É\US\ [Wb RS\ @SUSZ\ RS` ;Ob`WhS\[cZbW^ZWYObW]\ dS`SW\PO` aW\R( 2WS HSWZS\hOVZ RS` S`abS\ ;Ob`Wf [caa UZSWQV RS` A^OZbS\hOVZ RS` heSWbS\ ;O b`Wf aSW\ O\RS`\TOZZa Wab ROa ;Ob`WhS\^`]RcYb \WQVb RSTW\WS`b ¬ÖM‰W W?ÄÄ -= -jW†™jÁ P ¬ÖM‰W ÄÍ?͉W ‰™ÍRSRS j‰™~?Mj® ‰™Í ã^ ‰™Í Ä ¯ P ‰™ÍRSRS ”?ÍÁ‰Þ s ™jÝ ‰™ÍRãSRÄSÇ wÁ® ‰™Í ‰såÇ ‰‘”?ÍÁ‰Þ±j™~ꠂ ‰´´ ¯ P ÊÊ =j‰j™ wÁ® ‰™Í ŽsåÇ Ž‘”?ÍÁ‰ÞRåS±j™~ꠂ Ž´´ ¯ P

ÊÊ .¬?Íj™

”?ÍÁ‰ÞR‰SRŽS s #±¬Á”¬Í
™a-j?a™Í® ¹ j”j™Í ®¹ ´ ‰ ´ ¹^¹ ´ Ž ´ ¹¯ s ¹ ¯Ç Q Q ÁjÍÖÁ™ ”?ÍÁ‰ÞÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ?ÖÄ~?Mj® ‰™ÍRSRS ” ¯ P wÁ® ‰™Í ‰såÇ ‰‘”±j™~ꠂ ‰´´ ¯ P

ÊÊ =j‰j™

!#

! wÁ® ‰™Í ŽsåÇ Ž‘”RåS±j™~ꠂ Ž´´ ¯ P #±ÝÁ‰Íj® ”R‰SRŽS ´ ¹

0aaPhb

ÊÊ .¬?Íj™

¹ ¯Ç ÊÊ ™ j‰™jÁ
ÖÄ~?Mjãj‰j

Q #±ÝÁ‰Íj™®¯Ç

ÊÊ =j‰j™Ä¬Á֙~ ™?W† ”¬jÍÍjÁ =j‰j

Q Q ¬ÖM‰W ÄÍ?͉W ‰™ÍRSRS ”ÖÍ ?ÍÁ‰Þ® ‰™ÍRSRS ”¤^ ‰™ÍRSRS ”Ô ¯ P ‰™ÍRSRS ÁjÄÖÍ s ™jÝ ‰™ÍR”¤±j™~͆SR”ÔRåS±j™~͆SÇ wÁ® ‰™Í ‰såÇ ‰‘”¤±j™~ꠂ ‰´´¯ P ÊÊ =j‰j™ ”¤ wÁ® ‰™Í ŽsåÇ Ž‘”ÔRåS±j™~ꠂ Ž´´¯ P

ÊÊ .¬?Íj™ ”Ô

‰™Í Ä֔ s åÇ wÁ® ‰™Í såÇ ‘”Ô±j™~ꠂ ´´ ¯

ÊÊ .??Á¬Áa֏Í

Ä֔ s Ä֔ ´ ”¤R‰SRSJ”ÔRSRŽSÇ Q ÁjÄ֐ÍR‰SRŽS s ÄÖ”Ç Q Q ÁjÍÖÁ™ ÁjÄ֐ÍÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í Áã=j‰j™

s #±¬Á”¬Í
™a-j?a™Í® ¹=j‰j™ -=

s ¹ ¯Ç

‰™Í Áã.¬?Íj™ s #±¬Á”¬Í
™a-j?a™Í® ¹.¬?Íj™ -= s ¹ ¯Ç ‰™Í ãj=j‰j™

s #±¬Á”¬Í
™a-j?a™Í® ¹=j‰j™ =

s ¹ ¯Ç

‰™Í ãj.¬?Íj™ s #±¬Á”¬Í
™a-j?a™Í® ¹.¬?Íj™ = s ¹ ¯Ç ‰w® Áã.¬?Íj™ us ãj.¬?Íj™ ¯ P

ÊÊ ‰”j™Ä‰™Ä™ÍÁj

#±ÝÁ‰Íj™® ¹ ‰”j™Ä‰™j™ ™‰W†Í ”¬?͉Mju¹ ¯Ç ÁjÍÖÁ™Ç Q ‰™ÍRSRS Áã
ÁÁ s j‰™~?Mj® Áã=j‰j™^ Áã.¬?Íj™ ¯Ç ‰™ÍRSRS ãj
ÁÁ s j‰™~?Mj® ãj=j‰j™^ ãj.¬?Íj™ ¯Ç ‰™ÍRSRS Áj
ÁÁ s ”ÖÍ ?ÍÁ‰Þ® Áã
ÁÁ^ ãj
ÁÁ ¯ ?ÖÄ~?Mj® Q Q

Áj
ÁÁ

¯Ç




>`]TSaaW]\SZZS A]TbeO`SS\beWQYZc\U dS`ZO\Ub \OQV D]`TS`bWUc\U c\R FXTSTaeTafT] Sd]V d]\ 9]\hS^bS\ EWaaS\ c\R 9][^]\S\bS\ c[ 3\beWQYZc\UaOcTeO\R \WQVb [SV`TOQV Rc`QVZOcTS\ hc [ºaaS\ 2WS SW\TOQVS EWSRS`dS`eS\Rc\U SfWabWS`S\RS\ >`]U`O[[Q]RSa ^S` 1cb>OabS S`T]`RS`b heO` YSW\S\ 3\beWQYZc\UaOcTeO\R Rc^ZW hWS`b OPS` WRS\bWaQVS 1]RSab`SQYS\ c\R S`aQVeS`b RWS EO`bc\U RSa 1]RSa S`VSPZWQV 2WS =PXSYb]`WS\bWS`c\U abSZZb ºPS`hScUS\RS`S 9]\hS^bS hc` DS`TºUc\U ’ aWQVS`ZWQV SW\ 5`c\R Tº` RS`S\ AWSUSahcU eÉV`S\R RS` ZSbhbS\ heSW 8OV`hS\bS EW` VOPS\ PS`SWba 0bb^iXPcX^] YS\\S\USZS`\b [Wb RS` SW\S 9ZOaaS RWS 2WS\abS O\RS `S` 9ZOaaS\ \cbhS\ YO\\( 3W\S 9ZOaaS S\bVÉZb /bb`WPcbS d][ Bg^ O\RS`S` 9ZOaaS\ c\R U`SWTb OcT RS`S\ rTTS\bZWQVS AQV\WbbabSZZS hc 3W\ \]QV [ÉQVbWUS`Sa ;WbbSZ ]PXSYb]`WS\bWS`bS` EWSRS`dS`eS\Rc\U Wab ETaTaQd]V 7\ VS`WbO\QS( 3W\S 9ZOaaS TaQc d]\ O\RS`S`\ 9ZOaaS\ c\R YO\\ OcT RS`S\ \WQVb^`WdObS 3ZS[S\bS RW`SYb hcU`SWTS\ OZa VÉbbS aWS RWSaS aSZPab W[^ZS[bWS`b ’ a]e]VZ W\\S`VOZP WV`Sa SWUS\ 9ZOaaS\Q]RSa OZa OcQV ºPS` WV`S =PXSYbS HcRS[ S`rTT\S\ aWQV W\\S`VOZP d]\ DS`S`Pc\UaVWS`O`QVWS\ TOahW\WS`S\RS ;rUZWQVYSWbS\ US\S`WaQVS` ^]Zg[]`^VS` >`]U`O[[WS`c\U 9O^WbSZ " DS`S`Pc\U Wab SW\ eWQVbWUSa 9]\hS^b c[ RWS 9][^ZSfWbÉb d]\ A]TbeO`S hc dS`[W\ RS`\ 3\beWQYZc\UaY]abS\ hc dS``W\US`\ c\R 3\beWQYZc\U \ScS` /\eS\Rc\US\ hc PSaQVZSc\WUS\ I6=@ K /ZZS`RW\Ua RWS\b DS`S`Pc\U \WQVb \c` RS` PZ]zS\ EWSRS` dS`eS\Rc\U d]\ 9ZOaaS\Q]RS DWSZ[SV` S`TºZZb =PXSYb]`WS\bWS`c\U OcQV VWS` RS\ /\a^`cQV RWS ESZb W\ WV`S\ Ab`cYbc`S\ []RSZZWS`S\ c\R OPPWZRS\ hc Yr\\S\ =Tb abraab [O\ ROPSW OcT WXTaPaRWXbRWT 1TVaXUUbZ[PbbXUXiXTad]VT] ’ c\R US\Oc RWSaS Yr\ \S\ Rc`QV ETaTaQd]V RO`USabSZZb c\R OcaUSR`ºQYb eS`RS\




2WS 2W\US RS` `SOZS\ ESZb Y][[S\ W\ dWSZS\ DO`WO\bS\ c\R /ca^`ÉUc\US\ d]` RWS aWQV VWS`O`QVWaQV YZOaaWTWhWS`S\ ZOaaS\ /cT RWSaS ESWaS S\babSVb SW\ 0SU`WTTaagabS[ W\ ROa aWQV RWS Y]\Y`SbS\ 3fS[^ZO`S SW\]`R\S\ ZOaaS\



(KMXOLLY [TJ 1RGYYKTNOKXGXINOKT

/ca RS[ 0S`SWQV RS` 0W]Z]UWS aW\R 0SU`WTTaVWS`O`QVWS\ e]VZdS`b`Ocb( 2Oa BWS``SWQV ZÉaab aWQV SW\bSWZS\ W\ EW`PSZbWS`S c\R EW`PSZZ]aS 0SW EW`PSZbWS`S\ TW\RS\ aWQV cO AÉcUSbWS`S c\R 4WaQVS 0SW AÉcUSbWS`S\ ZOaaS\ aWQV cO >`W[ObS\ c\R 6cTbWS`S c\bS` aQVSWRS\ cae /PS` OcQV W\ UO\h O\RS`S\ 0S`SWQVS\ ab]aaS\ eW` OcT 0SU`WTTaVWS`O` QVWS\ eWS W\ /PPWZRc\U ! d]`USabSZZb( 2S` OZZUS[SW\S >QTaQTVaXUU >S`a]\ TW\RSb W[ 9]\bSfb SW\S` 4W`[O aSW\S Z^]ZaTcTaT /ca^`ÉUc\U W[ 0SU`WTT RSa ;WbO`PSWbS`a Phe RSa 9c\RS\ 0SW ;WbO`PSWbS`\ YO\\ c\bS`aQVWSRS\ eS`RS\ heWaQVS\ >`OYbWYO\ bS\ c\R /\USabSZZbS\ /\USabSZZbS Y][[S\ W\ RS\ Y]\Y`SbS\ /ca^`ÉUc\US\ BO`WTO\

!%

"

ETaTaQd]V

USabSZZbS` c\R /czS`bO`WTO\USabSZZbS` d]` 3W\ aSV` a^ShWSZZS` /czS`bO`WTO\USabSZZbS` Wab RS` 5SaQVÉTbaTºVS` >QTaZ[PbbT]

>S`a]\

1PbXbZ[PbbT

Ac^S`bg^S

TaQc e^]

9c\RS

6T]TaP[XbXTad]V

;WbO`PSWbS`

8bc4X] /\USabSZZbS`

>`OYbWYO\b

BO`WT /\USabSZZbS`

/czS`bO`WT /\USabSZZbS`

3XbZaX\X]Pc^aT]) BO`WTab`cYbc` /`PSWbahSWb`SUSZc\U 9PePBh]cPg ) W?ÄÄ

B_TiXP[XbXTad]VbWXTaPRWXT

D]cTaZ[PbbT] 5SaQVÉTba TºV`S`

AcPbg^S B_TiXP[XbXTad]V

‰Í?ÁMj‰ÍjÁ jÞÍj™aÄ +jÁĝ™ PÊJ±±±JÊQ

?Tab^] :d]ST <XcPaQTXcTa ?aPZcXZP]c

0]VTbcT[[cTa

CPaXU0]VTbcT[[cTa

0dvTacPaXU 6TbRWÊUcbU¶WaTa 0]VTbcT[[cTa

0QQ " ) 0SU`WTTaVWS`O`QVWS OZa DS`S`Pc\Ua C;: c\R ;S\US\RWOU`O[[ 3a S\babSVb SW\S POc[O`bWU dS`heSWUbS 0SU`WTTa c\R A^ShWOZWaWS`c\UaVWS`O`QVWS ºPS` [SV`S`S 3PS\S\ 2S\ SW\hSZ\S\ 1TVaXUUbZ[PbbT] ZOaaS\ aWQV Y]\Y`SbS 3fS[^ZO`S hc ]`R\S\ ESWb ]PS\ TW\RS\ eW` `SQVb OZZUS[SW\S >QTaQTVaXUUT >QTaZ[PbbT] RWS Rc`QV ROd]\ OPUSZSWbSbS D]cTaQTVaXUUT D]cTaZ[PbbT] W[[S` eSWbS` a^ShWOZWaWS`b eS`RS\ 6WS`O`QVWaQV bWSTS`abSVS\RS 0SU`WTTaYZOaaS\ aW\R a^ShWSZZS`S /ca^`ÉUc\US\ ºPS`US ]`R\SbS`S` 0SU`WTTaYZOaaS\ 0SW[ 5O\U \OQV c\bS\ c\bS`\W[[b [O\ SW\S PSU`WTTZW QVS B_TiXP[XbXTad]V PSW[ 5O\U \OQV ]PS\ SW\S 6T]TaP[XbXTad]V ;SWab ZOaaS\ aWQV eS\WUS 9`WbS`WS\ Oca[OQVS\ RWS RWS A^ShWOZWaWS`c\U PSabW[[S\ a]US\O\\bS 2WaY`W

"

ETaTaQd]V

!&

[W\Ob]`S\( 7\ RS[ 0SWa^WSZ eÉ`S\ BO`WTab`cYbc` c\R /`PSWbahSWb`SUSZc\U a]ZQVS 2WaY`W[W\Ob]`S\ HcUZSWQV S\babSVb SW\S PSU`WTTZWQVS ETaTaQd]VbWXTaPaRWXT( 2WS a^ShWOZWaWS`bS\ 0S UWTTaYZOaaS\ PSaWbhS\ S`PS\ 3WUS\aQVOTbS\ c\R DS`VOZbS\aeSWaS\ OZZS` ºPS`US]`R\S bS\ 0SU`WTTS 9ZOaaS\ S\bZO\U RS` DS`S`Pc\UaZW\WS ’ VOPS\ OPS` \]QV fTXcTaT 3WUS\ aQVOTbS\ c\R DS`VOZbS\aeSWaS\ RWS RWS =PS`PSU`WTTS a^ShWOZWaWS`S\( 8SRS` /\USabSZZbS Wab ;WbO`PSWbS` c\R OcQV >S`a]\ dS`TºUb OPS` ºPS` hcaÉbhZWQVS 3WUS\aQVOTbS\ c\R DS`VOZbS\aeSWaS\ RWS WV\ h0 d]\ >`OYbWYO\bS\ ]RS` 4`SWPS`cTZS`\ c\bS`aQVSWRS\ 2ScbZWQV eW`R eWS 7XTaPaRWXbXTad]V ETaTaQd]V d]S FXTSTaeTafT]Sd]V SW\O\RS` PSRW\US\( 3WUS\aQVOTbS\ c\R DS`VOZbS\aeSWaS\ RS` =PS`PSU`WTTS eS`RS\ W\\S`VOZP RS` 6WS`O`QVWS O\ RWS C\bS`PSU`WTTS eSWbS`USUSPS\ dS`S`Pb c\R W\ RWSaS\ hc` 1VO `OYbS`WaWS`c\U eWSRS`dS`eS\RSb S`UÉ\hb c[ eSWbS`S a^ShWSZZS 9S\\hSWQV\c\US\ 3W\ eWQVbWUS` bT\PcXbRWTa CTbc OcT aW\\d]ZZS\ /cTPOc SW\S` PSU`WTTZWQVS DS`S`Pc\Ua VWS`OQVWS Wab RWS 8bcTX]AT[PcX^]( 2WS DS`b`SbS` RS` C\bS`PSU`WTTS [ºaaS\ aWQV OZa a^ShWSZZS /ca^`ÉUc\US\ RS` =PS`PSU`WTTS O\a^`SQVS\ ZOaaS\ 3a [caa aS[O\bWaQV aW\\d]ZZ aSW\ hc aOUS\( 4X] YTSTa D]cTaZ[PbbT]ETacaTcTa Xbc idV[TXRW PdRW TX] b_T iXT[[Ta ETacaTcTa P[[Ta ¶QTaVT^aS]TcT] >QTaZ[PbbT] 7[ 0SWa^WSZ /PP ! UWZb RWSa( 8SRS` /czS`bO`WTO\USabSZZbS Wab SW\ a^ShWSZZS` /\USabSZZbS` 8SRS` /\USabSZZbS Wab SW\ ;Wb O`PSWbS` 8SRS` ;WbO`PSWbS` Wab SW\S >S`a]\ XSRS` /czS`bO`WTO\USabSZZbS Wab SW\S >S`a]\ S`a]\ Wab SW\ ;WbO`PSWbS` \WQVb XSRS` ;WbO`PSWbS` SW\ /\USabSZZbS` /cQV Rc`QV ;S\US\RWOU`O[[S /PP ! ZOaaS\ aWQV RWS DS`VÉZb\WaaS ºPS`aWQVbZWQV RO`abSZZS\( 2WS C\bS`YZOaaS\3ZS[S\bS aW\R SW\S BSWZ[S\US OZZS` =PS`YZOaaS\



1RGYYKT [TJ
2WSaS OPab`OYbS\ HcaO[[S\VÉ\US eS`RS\ W\ RS` =PXSYb]`WS\bWS`c\U Y]\Y`Sb OcT 1TiXTWd]VT] ifXbRWT] :[PbbT] ºPS`b`OUS\( C\bS`YZOaaS\ Yr\\S\ d]\ =PS`YZOaaS\ RS`S\ rTTS\bZWQVS ;SbV]RS\ c\R /bb`WPcbS Rc`QV DS`S`Pc\U ºPS`\SV[S\ c\R RW`SYb W\ WV`S` 7[^ZS[S\bWS`c\U dS`eS\RS\ ESWbS`S aSZPabW[^ZS[S\bWS`bS a^ShWSZZS /bb`WPcbS c\R ;SbV]RS\ Yr\\S\ VW\hcUSTºUb eS`RS\ 2WS C\bS`YZOaaS\ S`PS\ d]\ WV`S\ SXaTZcT] d]S X]SXaTZcT] =PS`YZOaaS\ S\bZO\U RS` DS`S`Pc\UaVWS`O`QVWS 2WS ]PS`abS =PS`YZOaaS eW`R FdaiT[Z[PbbT ]RS` 1PbXbZ[PbbT US\O\\b ;O\ a^`WQVb OcQV d]\ 0Q[TXcd]V SW\S` C\bS`YZOaaS d]\ RS` =PS`YZOaaS dWO DS`S`Pc\U EWQVbWU Wab RWS C\bS`aQVSWRc\U heWaQVS\ 4X]UPRW c\R
!'

"

ETaTaQd]V

0SW ;SV`TOQVdS`eS`Pc\U YO\\ SW\ c\ºPS`aWQVbZWQVSa DS`S`Pc\UaUSTZSQVb S\babSVS\ ROa hcaÉbhZWQVS\ bSQV\WaQVS\ c\R ag\bOYbWaQVS\ /cTeO\R S`T]`RS`b 8SRS C\bS`YZOaaS acPQZOaa Wab SW\S B_TiXP[XbXTad]V WV`S` =PS`YZOaaS\ ac^S`QZOaa( 0SW[ /cTPOc SW\S` 9ZOaaS\VWS`O`QVWS a]ZZbS\ RWS =PS`YZOaaS\ OZZUS[SW\S ;SbV]RS\ c\R /bb`WPcbS PS`SWbabSZZS\ RWS OcQV W\ C\bS`YZOaaS\ aW\\d]ZZ dS`eS\RPO` aW\R 2WS C\bS`YZOaaS\ Yr\\S\ W\ WV`S` 7[^ZS[S\bWS`c\U RWS USS`PbS\ /bb`WPcbS c\R ;SbV]RS\ dS`eS\RS\ c\R Rc`QV idbÊci[XRWT b_TiXT[[T /bb`WPcbS c\R ;SbV]RS\ S`UÉ\hS\ RWS S`ab Tº` RWS C\bS`YZOaaS RSTW\WS`b aW\R A] dS`TºUS RWS =PS`YZOaaS +jÁĝ™ h0 ºPS` ROa /bb`WPcb ?ÍjÁ 2WSa eW`R O\ RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ dS`S`Pb ’ OcQV XSRS` ;WbO`PSWbS` VOb SW\ PSabW[[bSa /ZbS` 3`ab W\ RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ SfWabWS`b XSR]QV ROa /bb`WPcb w‰Á”? ’ \WQVb OZZS >S`a] \S\ aW\R ;WbO`PSWbS` c\R dS`TºUS\ a][Wb \WQVb ºPS` RS`S\ a^ShWSZZS 3WUS\aQVOTbS\ 3\ba^`SQVS\R Yr\\bS\ RWS \]QV a^ShWSZZS`S\ 9ZOaaS\
™~jÄÍjÍjÁ c\R +Á?ˆ ͉?™Í ºPS` a^ShWTWaQVS ;SbV]RS\ hc` 5SVOZbaPS`SQV\c\U dS`TºUS\ 7\RS[ [O\ 1]RW\U W\ SW\S` =PS`YZOaaS Z^]iT]caXTac Yr\\S\ OZZS S`PS\RS\ 9ZOaaS\ RO`OcT hcU`SWTS\ ]V\S 1]RSab`SQYS\ Rc^ZWhWS`S\ hc [ºaaS\ 2WS =PS`YZOaaS PZSWPb PShºUZWQV WV`Sa 1]RW\U RS` OZZSW\WUS =`b Tº` BSaba /\^Oaac\U 4SVZS`acQVS DS`S`Pc\U Wab OcQV SW\ eSWbS`Sa <XccT[ STa BcadZcdaXTad]V( 2WS PS\rbWUbS 4c\YbW]\OZWbÉb YO\\ OcT dS`aQVWSRS\S =PS` c\R C\bS`YZOaaS\ dS`bSWZb eS`RS\ 3a Wab \WQVb S`T]`RS`ZWQV aWS W\ SW\S` SW\hWUS\ U`]zS\ c\R c\VO\RZWQVS\ 9ZOaaS hc Y]\hS\b`WS`S\ ’ RS\\]QV abSVb aWS RS\ C\bS`YZOaaS\ hc` DS`TºUc\U OZa eÉ `S aWS R]`b W[^ZS[S\bWS`b 7\ RS` D<; eW`R RWS DS`S`Pc\UaPShWSVc\U Rc`QV ?UTX[T heWaQVS\ RS\ 9ZOaaS\ag[P]ZS\ RO`USabSZZb [Wb ?UTX[aXRWcd]V d]\ RS` C\bS`YZOaaS hc` RW`SYbS\ =PS`YZOaaS 2S` >TSWZ aOUb Oca d]\ eSZQVS` =PS`YZOaaS SW\S C\bS`YZOaaS RW`SYb S`Pb dS`ZÉcTb OZa] W\ @WQVbc\U RS` 8bcTX]@SZObW]\ 2Oa 2WOU`O[[ YO\\ \c` RWS



3W\S 8OdO9ZOaaS S`Pb d]\ SW\S` O\RS`S\ 8OdO9ZOaaS W\RS[ aWS ROa BRW[¶bbT[f^ac jÞÍj™aÄ UST]ZUb d][ >QTaZ[PbbT]]P\T] W[ 9]^T WV`S` 9ZOaaS\RSYZO`ObW]\ SW\aSbhb 2WS 0ShSWQV\c\U jÞÍj™aÄ PSaQV`SWPb RS\ AOQVdS`VOZb( 2WS C\bS`YZOaaS S`Pb RWS rT TS\bZWQVS AQV\WbbabSZZS c\R 4c\YbW]\OZWbÉb WV`S` =PS`YZOaaS c\R YO\\ RWSaS Rc`QV hc aÉbhZWQVS c\bS`YZOaaS\a^ShWTWaQVS /bb`WPcbS c\R ;SbV]RS\ S`eSWbS`\



@[MXOLL G[L MKKXHZK +RKSKTZK

7\ RS\ 0SWa^WSZS\ Wab ROa 9ZOaaS\Q]RW\U aSV` SW\TOQV USVOZbS\ c[ DS`S`Pc\UadS` VÉZb\WaaS RScbZWQV hc [OQVS\
ÊÊ #MjÁ?ÄÄj

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬ÖM‰W ÄÍ?͉W ‰™Í ?™ã?† s åÇ

"

ETaTaQd]V

!(

¬ÖM‰W ‰™Í ?ÍjÁÇ ¬ÖM‰W +jÁĝ™® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç

?™ã?†´´Ç Q

¬ÖM‰W .ÍÁ‰™~ ~jÍ!?”j®¯ P ÁjÍÖÁ™ ™?”jÇ Q Q W?ÄÄ

‰Í?ÁMj‰ÍjÁ jÞÍj™aÄ +jÁĝ™ P

ÊÊ 2™ÍjÁ?ÄÄj

¬Á‰Ü?Íj .ÍÁ‰™~ w‰Á”?Ç ¬ÖM‰W

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ?^ .ÍÁ‰™~ w ¯ P

ÄÖ¬jÁ® ™ ¯Ç w‰Á”? s wÇ

ÊÊ
ÖwÁÖw #MjÁ?ÄÄj™™ÄÍÁ֏͝Á ܝ™ +jÁĝ™ ?ÍjÁ s ?Ç

Q ¬ÖM‰W .ÍÁ‰™~ ~jÍ™w® ¯ P .ÍÁ‰™~ ‰™w s ~jÍ!?”j®¯ ´ ¹ ¹ ´ ?ÍjÁ ´ ¹ ¹ ´ ?™ã?†Ç ÁjÍÖÁ™ ‰™w ´ ¹ ¹ ´ w‰Á”?Ç Q ¬ÖM‰W .ÍÁ‰™~ ~j͉Á”?® ¯ P ÁjÍÖÁ™ w‰Á”?Ç Q Q W?ÄÄ jÍÁ‰jM P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ® ¹ÖMjÁ¹^ Ôy^ ¹.
+¹ ¯Ç

‰Í?ÁMj‰ÍjÁ±?™ã?† s ¤ååÇ ”±?ÍjÁ s ÏåÇ #±ÝÁ‰Íj™® ¹ ?Íj™¹ ´ ”±~jÍ™w®¯ ¯Ç #±ÝÁ‰Íj™® ¹!?”j s ¹ ´ ”±~jÍ!?”j®¯ ¯Ç Q Q

2WS 9ZOaaS ‰Í?ÁMj‰ÍjÁ S`Pb d]\ RS` =PS`YZOaaS +jÁĝ™ RS`S\ rTTS\bZWQVS\ 3ZS [S\bS c\R TafTXcTac ROa 3`PS Rc`QV RWS ‰Í?ÁMj‰ÍjÁa^ShWTWaQVS\ ;SbV]RS\ ~jÍ™w®¯ c\R ~j͉Á”?®¯c\R ROa /bb`WPcb w‰Á”? 7\ RS` C\bS`YZOaaS ‰Í?Áˆ Mj‰ÍjÁ aW\R RORc`QV P[[T »UUT]c[XRWT] 4[T\T]cT ’ RWS ;SbV]RS ~jÍ!?”j®¯ c\R ROa /bb`WPcb ?ÍjÁ ’ RS` =PS`YZOaaS RW`SYb O\a^`SQVPO` A][Wb YO\\ RWS C\bS`YZOaaS ‰Í?ÁMj‰ÍjÁ ºPS` RWSaS W\ WV`S` 9ZOaaS\ 7[^ZS[S\bWS`c\U dS`TºUS\ /PS` OcQV ‰Í?ÁMj‰ÍjÁ>QYTZcT Yr\\S\ RW`SYb OcT US S`PbS 3ZS[S\bS hcUSU`SWTS\ OZa VÉbbS RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ RWSaS aSZPab W[^ZS [S\bWS`b 8SRSa ‰Í?ÁMj‰ÍjÁ=PXSYb dS`TºUb OcQV ºPS` RWS rTTS\bZWQV hcU`SWTPO`S ;SbV]RS ~jÍ!?”j®¯ c\R ROa /bb`WPcb ?ÍjÁ \SPS\ 3ZS[S\bS\ RWS W\ ‰Í?Áˆ Mj‰ÍjÁ aSZPab hcaÉbhZWQV W[^ZS[S\bWS`b aW\R 2WS »UUT]c[XRWT] 4[T\T]cT /bb`WPcbS c\R ;SbV]RS\ RS` =PS`YZOaaS abSVS\ W\\S`VOZP RSa 1]RW\Ua RS` S`PS\RS\ C\bS`YZOaaS\ c\R OcQV Tº` RS`S\ =PXSY bS hc[ SXaTZcT] IdVaXUU hc` DS`TºUc\U 2OPSW YO\\ Sa aWQV c[ \WQVbabObWaQVS SPS\a] eWS abObWaQVS 3ZS[S\bS VO\RSZ\

! 

"

ETaTaQd]V

DS`S`Pc\U Tc\YbW]\WS`b \c` W\ SW\S` @WQVbc\U( 2WS C\bS`YZOaaS dS`TºUb ºPS` SWUS\S c\R USS`PbS ;SbV]RS\ c\R /bb`WPcbS eÉV`S\R Tº` =PS`YZOaaS\ RWS ;SbV]RS\ c\R /bb`WPcbS WV`S` C\bS`YZOaaS\ \WQVb aWQVbPO` aW\R =PS` c\R C\bS`YZOaaS\ Yr\\S\ W[ UZSWQVS\ ±Ž?Ü?4WZS W[^ZS[S\bWS`b aSW\ ]RS` OcQV W\ dS`aQVWSRS\S\ ?cSZZQ]RSTWZSa C[ d]\ SW\S` 8OdO9ZOaaS OPhcZSWbS\ Wab RS`S\ ?cSZZQ]RS \WQVb S`T]`RS`ZWQV RS` 0gbSQ]RS ±W?ÄÄ4WZS US\ºUb 0]\TaZd]V) 3W\S ihZ[XbRWT eSQVaSZaSWbWUS DS`S`Pc\U heWaQVS\ heSW ]RS` [SV` 9ZOaaS\ eW`R d][ 1][^WZS` hc`ºQYUSeWaSaS\ 2Oa 1]RW\U( W?ÄÄ
jÞÍj™aÄ P ÊJpJÊ Q

W?ÄÄ jÞÍj™aÄ
P ÊJpJÊ Q

^`]RchWS`b RWS 4SVZS`[SZRc\U WßW‰W ‰™†jÁ‰Í?™Wj SPS\a] eWS( W?ÄÄ
jÞÍj™aÄ PQ



W?ÄÄ jÞÍj™aÄ
PQ

W?ÄÄ jÞÍj™aÄ PQ

1KOT ;TZKXRG[LKT JKX 1GVYKR[TM

7\ C\bS`YZOaaS\ aW\R OZZS rTTS\bZWQVS\ ;SbV]RS\ c\R /bb`WPcbS OZZS` WV`S` =PS`YZOaaS\ dS`TºUPO` 8SR]QV VOPS\ RWS S`PS\RS C\bS`YZOaaS c\R WV`S =PXSYbS SPS\a] eWS XSRS O\RS`S 9ZOaaS ZTX]T] IdVaXUU PdU SXT _aXePcT] 4[T\T]cT RS` =PS`YZOaaS\ 2WSaS PZSW PS\ ROa 7[^ZS[S\bWS`c\UaUSVSW[\Wa RS` =PS`YZOaaS c\R aW\R c\bS` WV`S` rTTS\bZW QVS\ AQV\WbbabSZZS dS`P]`US\ >`WdObS 3ZS[S\bS RS` =PS`YZOaaS eS`RS\ \WQVb dS`S`Pb =da RWS »UUT]c[XRWT] 4[T\T]cT SW\S` 9ZOaaS eS`RS\ eTaTaQc \WQVb WV`S ^`W dObS\ 3ZS[S\bS 2WS AQV\WbbabSZZS c\R 9O^aSZc\U SW\S` =PS`YZOaaS YO\\ OcQV Rc`QV DS`S`Pc\U ]XRWc d]cTa[PdUT] eS`RS\ 2S` 1][^WZS` dS`VW\RS`b RS\ HcUWTT OcT ^`WdObS =PS`YZOaaS\SZS[S\bS A][Wb Wab T]Z US\RS ‰Í?ÁMj‰ÍjÁ;SbV]RS ~jÍ™w®¯ TSVZS`VOTb( W?ÄÄ

‰Í?ÁMj‰ÍjÁ jÞÍj™aÄ +jÁĝ™ P

ÊÊ ±±±

j†jÁ] ™?”j ¬Á‰Ü?Í ‰™ #MjÁ?ÄÄj +jÁĝ™u

¬ÖM‰W .ÍÁ‰™~ ~jÍ™w® ¯ P ÁjÍÖÁ™ ™?”j ´ ¹ ¹ ´ ?ÍjÁ ´ ¹ ¹ ´ w‰Á”?Ç Q Q

2S` 1][^WZS` [SZRSb( ™?”j †?Ä ¬Á‰Ü?Íj ?WWjÄÄ ‰™ +jÁĝ™± <SPS\ RS\ HcU`WTTa^ShWTWYObW]\S\ ¬ÖM‰W rTTS\bZWQV( eW`R dS`S`Pb c\R ¬Á‰Ü?Íj eW`R \WQVb dS`S`Pb SfWabWS`b W\ 8OdO OcQV RWS HcU`WTTaa^ShWTWYObW]\ ¬ÁÍjWÍja 2WS aS `SUSZb DS`S`Pc\U W\\S`VOZP RSa 8OdO>OYSbY]\hS^ba OcT ROa eW` W\ 9O^WbSZ # SW\ USVS\ /cT ¬Á‰Ü?Íj3ZS[S\bS VOb \c` RWS 9ZOaaS aSZPab HcU`WTT OcT ¬ÖM‰W 3ZS[S\bS RWS 9ZOaaS WV`S C\bS`YZOaaS dWO DS`S`Pc\U c\R OcQV OZZS O\RS`S\ 9ZOa aS\ dWO =PXSYbS`hScUc\U



'[LX[L JKY 5HKXQRGYYKTQUTYZX[QZUXY

/ca RS[ C\bS`YZOaaS\9]\ab`cYb]` VS`Oca ZP]] SW\ d]`VO\RS\S` =PS`YZOaaS\ 9]\ab`cYb]` [Wb ^OaaS\RS\ >O`O[SbS`\ OcTUS`cTS\ eS`RS\ 2Ohc RWS\b RS` ;SbV] RS\OcT`cT ÄÖ¬jÁ®¯ RS[ W[ 0SWa^WSZ SW\ Ab`W\U [WbUSUSPS\ eW`R

"

ETaTaQd]V

!

:^]bcadZc^aT] eS`RS\ \WQVb dS`S`Pb 2WS C\bS`YZOaaS\ [ºaaS\ W[ 0SRO`Ta TOZZ SWUS\S 9]\ab`cYb]`S\ W[^ZS[S\bWS`S\ Yr\\S\ OPS` Oca RWSaS\ [WbbSZa ÄÖ¬jÁ®¯0dUadU SW\S\ 9]\ab`cYb]` RS` SXaTZcT] =PS`YZOaaS OcT`cTS\ ES\\ dS`eS\RSb [caa RS` ÄÖ¬jÁ®¯/cT`cT RWS TabcT /\eSWac\U W[ C\bS`YZOaaS\ Y]\ab`cYb]` aSW\ ’ T]ZUZWQV YO\\ S` \WQVb [SV`TOQV W[ aSZPS\ 9]\ab`cYb]` S`T]ZUS\ 2c`QV ÄÖ¬jÁ®¯ eW`R RS` ^OaaS\RS 9]\ab`cYb]` RS` RW`SYbS\ =PS`YZOaaS OcTUS`cTS\ ’ dWSZZSWQVb dS`TºUb RWSaS XO ºPS` [SV`S`S ºPS`ZORS\S 9]\ab`cYb]`S\ 2WS >O`O[SbS` eS`RS\ ºPS`USPS\ c\R RS` =PS`YZOaaS\9]\ab`cYb]` OPUSO`PSWbSb 2O\OQV YSV`b RS` /cT`cT hc`ºQY c\R RWS /PO`PSWbc\U RSa C\bS`YZOaaS\Y]\ab`cYb]`a eW`R T]`bUSaSbhb /cT RWSaS ESWaS Yr\\S\ h0 ^`WdObS \WQVb RW`SYb hcUÉ\UZWQVS /bb`WPcbS RS` =PS` YZOaaS VWS`( /bb`WPcb ™?”j Rc`QV C\bS`YZOaaS\ [Wb 7\WbWOZeS`bS\ PSW RS` =PXSYbS` hScUc\U dS`aSVS\ eS`RS\ 4]ZUS\RSa aQVS[ObWaQVSa 0SWa^WSZ hSWUb SW\S 4]ZUS OcTabSWUS\RS` ÄÖ¬jÁ®¯/cT`cTS AbSba eW`R RS` [Wb ÄÖ¬jÁ®¯ OcTUS`cTS\S 9]\ab`cYb]` Y][^ZSbb OPUSO`PSWbSb SVS RS` 9]\b`]ZZTZcaa VW\bS` RS[ XSeSWZWUS\ ÄÖ¬jÁ®¯/cT`cT T]`baSbhb( W?ÄÄ #Mj™ P ¬ÖM‰W #Mj™® ‰™Í ™ ¯ P #±ÝÁ‰Íj® ¹#Mj™ ”‰Í ¹ ´ ™ ´ ¹

¹¯Ç Q

Q W?ÄÄ

‰ÍÍj jÞÍj™aÄ #Mj™ P

¬ÖM‰W

‰ÍÍj® ‰™Í ” ¯ P

ÄÖ¬jÁ® ÔJ” ¯Ç

#±ÝÁ‰Íj® ¹ ‰ÍÍj ”‰Í ¹ ´ ” ´ ¹

¹¯Ç

Q Q W?ÄÄ 2™Íj™ jÞÍj™aÄ

‰ÍÍj P

¬ÖM‰W 2™Íj™® ‰™Í  ¯ P ÄÖ¬jÁ® ÔJ ¯Ç

#±ÝÁ‰Íj® ¹2™Íj™ ”‰Í ¹ ´  ¯Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~į P 2™Íj™ Ö¤ s ™jÝ 2™Íj™® ¤å ¯Ç Q Q #Mj™ ”‰Í |å

‰ÍÍj ”‰Í Ôå

ˆ ™Äj ˆ 2™Íj™ ”‰Í ¤å

0]\TaZd]V) 2S` ÄÖ¬jÁ®¯/cT`cT S`W\\S`b O\ RS\ ͆‰Ä®¯/cT`cT 2c`QV Äֈ ¬jÁ®¯ eW`R SW\ ^OaaS\R^O`O[Sb`WaWS`bS` 9]\ab`cYb]`b RS` RW`SYbS\ =PS`YZOaaS OcT US`cTS\ Rc`QV ͆‰Ä®¯ SW\ ^OaaS\R^O`O[Sb`WaWS`bS` 9]\ab`cYb]` RS` SWUS\S\ 9ZOaaS 2O a]e]VZ ͆‰Ä®¯ OZa OcQV ÄÖ¬jÁ®¯ S`abS /\eSWac\U W[ 9]\ab`cYb]` aW\R Yr\ \S\ \WQVb PSWRS /\eSWac\US\ W[ aSZPS\ 9]\ab`cYb]` OcTb`SbS\

! !

"



ETaTaQd]V


2S` ÄÖ¬jÁ®¯/cT`cT hSWUb O\ ROaa PSW 3`hScUc\U SW\Sa C\bS`YZOaaS\]PXSYba OcQV =PS`YZOaaS]PXSYbS W[ A^SWQVS` O\USZSUb eS`RS\( EW`R SW\ C\bS`YZOaaS\]PXSYb S`hScUb a] eW`R Rc`QV RWS 8D; OcQV Pdc^\P cXbRW Tº` P[[T >QTaZ[PbbT] SW\ >QYTZc W[ A^SWQVS` O\USZSUb 7\ RWSaS\ =PS`YZOa aS]PXSYbS\ eS`RS\ RWS ES`bS dS`S`PbS` rTTS\bZWQVS` /bb`WPcbS USa^SWQVS`b RWS Tº` RWS C\bS`YZOaaS c\R WV`S =PXSYbS RW`SYb hcU`SWTPO` aW\R 2c`QV USS`S`PbS rTTS\bZWQVS ;SbV]RS\ c\R ÄÖ¬jÁ®¯/cT`cTS Yr\\S\ SdS\bcSZZ OcQV ^`WdObS /bb`WPcbS RS` =PS`YZOaaS [Wb ES`bS\ USTºZZb eS`RS\ /cQV RWSaS eS`RS\ W\ RS[ Ocb][ObWaQV S`hScUbS\ =PS`YZOaaS\]PXSYb OPUSZSUb /PPWZRc\U ! aYWhhWS`b RWS D]`UÉ\US( 2WS 3`hScUc\U SW\Sa ‰Í?ÁMj‰ÍjÁ=PXSYba TºV`b OcQV hc[ /\ZSUS\ SW\Sa +jÁĝ™j™=PXSYba A0<

A0< 9ZOaaS >S`a]\

9ZOaaS >S`a]\ 9ZOaaS ;WbO`PSWbS`

9ZOaaS ;WbO`PSWbS`

?Tab^]T]>QYTZc Pdc^\PcXbRW TaiTdVc

=PXSYbS`hScUc\U C\bS`YZOaaS\]PXSYb( ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ®±±±¯Ç

;WbO`PSWbS`]PXSYb \

0QQ "!) /cb][ObWaQVS 3`hScUc\U d]\ =PS`YZOaaS\]PXSYbS\ /cT RWS Ocb][O\bWaQV O\USZSUbS\ =PXSYbS VOb [O\ YSW\S\ RW`SYbS\ HcU`WTT XSR]QV eS`RS\ aWS ºPS` RWS C\bS`YZOaaS c\R WV`S =PXSYbS W\RW`SYb O\USa^`]QVS\ 2c`QV 9]\ab`cYb]`OcaUOPS\ YO\\ [O\ aWQV d]\ RS` Pdc^\PcXbRWT] >QYTZcTaiTdVd]V W\ SW \S` 9ZOaaS\VWS`OQVWS ºPS`hScUS\( W?ÄÄ #Mj™ P ¬ÖM‰W #Mj™® ¯ P #±ÝÁ‰Íj® ¹#Mj™Ê ¹ ¯Ç Q Q W?ÄÄ

‰ÍÍj jÞÍj™aÄ #Mj™ P

¬ÖM‰W

‰ÍÍj® ¯ P #±ÝÁ‰Íj® ¹ ‰ÍÍjÊ ¹ ¯Ç Q

Q W?ÄÄ 2™Íj™ jÞÍj™aÄ

‰ÍÍj P

¬ÖM‰W 2™Íj™® ¯ P #±ÝÁ‰Íj® ¹2™Íj™Ê ¹ ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~į P 2™Íj™ Ö¤ s ™jÝ 2™Íj™® ¯Ç

"

ETaTaQd]V

! "

Q Q ˆ ™Äj ˆ #Mj™Ê

‰ÍÍjÊ 2™Íj™Ê

>W]T ROaa SW\ ÄÖ¬jÁ®¯/cT`cT S`T]ZUb eS`RS\ PSW 3`hScUc\U RSa C\bS`YZOaaS\]P XSYba Ö¤ RWS ^O`O[SbS`Z]aS\ =PS`YZOaaS\Y]\ab`cYb]`S\ Pdc^\PcXbRW OcTUS`cTS\ ES\\ W\ RS\ C\bS`YZOaaSZ]\ab`cYb]`S\ ZTX]T Tg_[XiXcT] ÄÖ¬jÁ®¯/cT`cTS S\b VOZbS\ aW\R RO\\ bTcic STa 2^\_X[Ta SW\S\ _PaP\TcTa[^bT] ac^S`/cT`cT SW\ a] ROaa >QTaZ[PbbT]^QYTZcT Pdc^\PcXbRW TaiTdVc eS`RS\ 2WS ATXWT]U^[VT RS` =PXSYbS`hScUc\U S\ba^`WQVb RS[ >TOR Rc`QV RWS DS`S`Pc\Ua VWS`O`QVWS d]\ RS` 0OaWaYZOaaS PWa hc` Y]\Y`SbS\ C\bS`YZOaaS( HcS`ab eS`RS\ RWS =PS`YZOaaS\]PXSYbS S`hScUb S`ab hcZSbhb eW`R ROa C\bS`YZOaaS\]PXSYb O\USZSUb



1UTYZX[QZUXKT OT 1RGYYKTNOKXGXINOKT

3\bVOZbS\ RWS C\bS`YZOaaS\Y]\ab`cYb]`S\ YSW\S\ ÄÖ¬jÁ®¯/cT`cT eW`R SW\ ^O`O[S bS`Z]aS` ac^S`/cT`cT Rc`QV RS\ 1][^WZS` Ocb][ObWaQV US\S`WS`b 2WSaS` /cT`cT abSZZb YSW\ >`]PZS[ RO` eS\\ RWS =PS`YZOaaS S\beSRS` cO SW\S\ ^O`O[SbS`Z]aS\ 9]\ ab`cYb]` ]RS` OPS` UO` YSW\S\ 9]\ab`cYb]` W[^ZS[S\bWS`b 2S\\ OcQV W[ heSWbS\ 4OZZ abSVb RO\\ RS` ^O`O[SbS`Z]aS AbO\RO`RY]\ab`cYb]` hc` DS`TºUc\U a] ROz RS` Äֈ ¬jÁ®¯/cT`cT USZW\Ub ?a^Q[T\PcXbRW Wab XSR]QV SW\S =PS`YZOaaS RWS ]da _PaP\TcaXbXTacT :^]bcadZc^aT] W[ ^ZS[S\bWS`b 2WSaS PSaWbhb YSW\S\ ^O`O[SbS`Z]aS\ AbO\RO`R 9]\ab`cYb]` a] ROz RS` 1][^WZS`US\S`WS`bS ÄÖ¬jÁ®¯/cT`cT TSVZaQVZÉUb( W?ÄÄ #Mj™ P

ÊÊ ?Í j‰™j™ ¬?Á?”jÍjÁÄj ™ÄÍÁ֏͝Á

¬ÖM‰W #Mj™® ‰™Í ™ ¯ P #±ÝÁ‰Íj™® ¹#Mj™] ¹ ´ ™ ¯Ç Q Q W?ÄÄ 2™Íj™ jÞÍj™aÄ #Mj™ P ¬ÖM‰W 2™Íj™® ¯ P ÊÊ ”¬‰jÁ ÄjÍãÍ j‰™] ÄÖ¬jÁ®¯ . ÄW†C~Í wj†u #±ÝÁ‰Íj™® ¹2™Íj™¹ ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~į P 2™Íj™ Ö s ™jÝ 2™Íj™® ¯Ç Q Q

2S` 1][^WZS` acQVb dS`USPZWQV SW\S\ ^O`O[SbS`Z]aS\ 9]\ab`cYb]` W\ #Mj™ c\R [] \WS`b( QO\\]b `Sa]ZdS ag[P]Z ag[P]Z( Q]\ab`cQb]` =PS\ Z]QObW]\( QZOaa =PS\ /PVWZTS aQVOTTb RS` =PS`YZOaaS SW\S\ SdS\bcSZZ Tc\YbW]\aZ]aS\ ^O`O[SbS`Z]aS\ rT TS\bZWQVS\ 9]\ab`cYb]` VW\hchcTºUS\( ¬ÖM‰W #Mj™®¯P ÊJ ±±± JÊ Q

! #

" >QTaZ[PbbT >

D]cTaZ[PbbT D

6Ob ]da ^O`O[Sb`WaWS`bS 9]\ O @cTb _PaP\TcaXbXTacT] =9]\ab`cYb]` OcT( ab`cYb]`S\ 2® ¯ P ÄÖ¬jÁ® ™¤^ W¤^p ¯Ç Q P @cTb ZTX]T] =9]\ab`cYb]` OcT(

ETaTaQd]V 5^[VT =9 5TW[Ta

1][^WZS` US\S`WS`b( ÄÖ¬jÁ®¯Ç 6Ob PdRW 9]\ab`cYb]`

^O`O[SbS`Z]aS\ O @cTb _PaP\TcTa[^bT] =9]\ab`cYb]` OcT(

=9

2® ¯ P ÄÖ¬jÁ®¯Ç Q P @cTb ZTX]T] =9]\ab`cYb]` OcT(

=9

1][^WZS` US\S`WS`b( ÄÖ¬jÁ®¯Ç 6Ob ZTX]T] 9]\ab`cYb]` Ÿ @cTb ZTX]T] =9]\ab`cYb]` OcT( ^O`O[SbS`Z]aS` AbO\RO`RY]\ 1][^WZS` US\S`WS`b( ÄÖ¬jÁ®¯Ç ab`cYb]` abSVb hc` DS`TºUc\U

=9

CPQ " ) 9]\ab`cYb]`S\ W\ 9ZOaaS\VWS`OQVWS\ ’ [rUZWQVS 4ÉZZS 7\ BOPSZZS ! aW\R RWS [rUZWQVS\ 4ÉZZS hcaO[[S\USTOaab ;Wb T]ZUS\RS` @SUSZ dS` [SWRSb [O\ OZZS >`]PZS[S c\R \OQVb`ÉUZWQVS /\^Oaac\US\ RS` =PS`YZOaaS\ A]ZZ SW\S 9ZOaaS OZa >QTaZ[PbbT W\ SW\S` DS`S`Pc\UaVWS`O`QVWS RWS\S\ a] a]ZZbS aWS OcQV SW\S\ _PaP\TcTa[^bT] 9]\ab`cYb]` PSaWbhS\



kHKXYINXKOHKT 5\KXXOJOTM

2WS USS`PbS\ /bb`WPcbS c\R ;SbV]RS\ OZZS` =PS`YZOaaS\ abSVS\ RS` C\bS`YZOaaS RW `SYb hc` DS`TºUc\U /ZZS`RW\Ua Wab RS\YPO` ROaa SW\S C\bS`YZOaaS \WQVb ROa Y][^ZSbbS ;SbV]RS\ ]RS` /bb`WPcb3`PS O\b`SbS\ [rQVbS( 3dS\bcSZZ a]ZZ aWS b_TiXP[XbXTacT
"

ETaTaQd]V

! $

RW\U S\UZ( aWQV VW\eSUaSbhS\ d]\ ;SbV]RS\ c\R /bb`WPcb\O[S\ Zrab ROa >`]PZS[ SZSUO\b ]V\S hcaÉbhZWQVS


kHKXYINXKOHKT \UT 3KZNUJKT

2Oa ÎQTabRWaTXQT] e^]
‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ ¬ÖM‰W
™~jÄÍjÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ?^ .ÍÁ‰™~ w^ aÖMj ~ ¯ P ÄÖ¬jÁ® ™^ ?^ w ¯Ç ~j†?Í s ~Ç Q ¬ÖM‰W .ÍÁ‰™~ ~jÍ™w®¯ P .ÍÁ‰™~ ‰™w s ~jÍ!?”j®¯ ´ ¹ ¹ ´ ?ÍjÁ ´ ¹ ¹ ´ ?™ã?†Ç ÁjÍÖÁ™ ‰™w ´ ¹ ¹ ´ ~j͉Á”?®¯ ´ ¹ ¹ ´ ~j†?ÍÇ Q Q

2WS 9ZOaaS
™~jÄÍjÍjÁ S`Pb d]\ +jÁĝ™ c\R ‰Í?ÁMj‰ÍjÁ =PUZSWQV aWS RWS ‰Í?ÁMj‰ÍjÁ;SbV]RS ~jÍ™w®¯ S`Pb W[^ZS[S\bWS`b aWS SW\S SWUS\S O\US^Oaa bS DO`WO\bS 0SW[ /cT`cT W\\S`VOZP RS` 9ZOaaS
™~jÄÍjÍjÁ c\R OcT
™~jˆ ÄÍjÍjÁ=PXSYbS\ eW`R RWSaS
™~jÄÍjÍjÁa^ShWTWaQVS ;SbV]RS OcTUS`cTS\ ’ \WQVb RWS USS`PbS ~jÍ™w®¯;SbV]RS Oca ‰Í?ÁMj‰ÍjÁ 2WS US`PbS ;SbV]RS ~jÍ™w®¯ eW`R Rc`QV ÍPS`aQV`SWPS\ eTaSTRZc( W?ÄÄ jÍÁ‰jM P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P
™~jÄÍjÍjÁ ? s ™jÝ
™~jÄÍjÍjÁ®¹ÖMjÁ¹^Ôy^¹.
+¹^ Ïååå¯Ç #±ÝÁ‰Íj™® ¹
™~jÄÍjÍjÁ] ¹ ´ ?±~jÍ™w®¯ ¯Ç ‰Í?ÁMj‰ÍjÁ ” s ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ j‰jÁ¹^Ïå^¹ ¹¯Ç

#±ÝÁ‰Íj™® ¹ ‰Í?ÁMj‰ÍjÁ]

¹ ´ ”±~jÍ™w®¯ ¯Ç

Q Q ˆ ™Äj ˆ
™~jÄÍjÍjÁ] ÖMjÁ Ôy ¤ .
+ Ïååå±å ‰Í?ÁMj‰ÍjÁ] j‰jÁ Ïå Ô 

4º` ‰Í?ÁMj‰ÍjÁ=PXSYbS eW`R eSWbS`VW\ RWS w®¯ OcTUS`cTS\

‰Í?ÁMj‰ÍjÁ;SbV]RS ~jÍ™ˆ

! %

"

ETaTaQd]V

ÎQTabRWaTXQT] TX]Ta O`O[SbS` @ºQYUOPS eS`bS eWS W\ RS` =PS`YZOaaS XSR]QV P]STaTa 8\_[T\T]cXTad]V ;SbV]RS\ Yr`^S` <WQVbabObWaQVS USS`PbS ;SbV]RS\ Yr\\S\ \c` \WQVbabObWaQV ºPS`aQV`WSPS\ eS`RS\ abObWaQVS USS`PbS ;SbV]RS\ \c` Rc`QV abObWaQVS ;SbV]RS\ 3W\S fXRWcXVT ATVT[ RWS RS` 1][^WZS` ºPS`eOQVb ZOcbSb( 0SW[ ÍPS`aQV`SWPS\ d]\ ;SbV]RS\ W\ RS\ C\bS`YZOaaS\ Rº`TS\ RS`S\ c` a^`º\UZWQVS IdVaXUUbaTRWcT ]XRWc TX]VTbRWaÊ]Zc OPUSaQVeÉQVb eS`RS\ 2WS C\bS`YZOaaS RO`T W\ HcU`WTTa`SQVbS\ ]XRWc bcaT]VTa aSW\ OZa WV`S =PS`YZOaaS\ 3W\S ¬ÖM‰W;SbV]RS RS` =PS`YZOaaS RO`T W\ RS` C\bS`YZOaaS \WQVb Rc`QV SW\S ¬Á‰Ü?Íj ]RS` ¬ÁÍjWÍjaDO`WO\bS ºPS`aQV`WSPS\ eS`RS\ 2SYZO`WS`bS [O\ W\
™~jÄÍjÍjÁ RWS ;SbV]RS ¬Á‰Ü?Íj ~jÍ™w®¯PQ a] [SZRSb RS` 1][^WZS`( ~jÍ™w®¯ ‰™
™~jÄÍjÍjÁ W?™™Í ÜjÁÁ‰aj ~jÍ™w®¯ ‰™ ‰Í?ÁMj‰ÍjÁÇ ?ÍÍj”¬Í‰™~ ͝ ?Äĉ~™ Ýj?jÁ ?WWjÄÄ ¬Á‰Ü‰j~jÄÇ Ý?Ä ¬ÖM‰W±

0]\TaZd]V) ;O\ dS`eSQVaZS \WQVb ROa ÎQTabRWaTXQT] ]dS``WRW\U c\R ÎQTa[PST] ]dS`Z]ORW\U d]\ ;SbV]RS\\O[S\ ÍPS`aQV`SWPS\ PSeW`Yb DS`RSQYS\ USS`PbS` ;S bV]RS\ W\ C\bS`YZOaaS\ ÍPS`ZORS\ S`ZOcPb [SV`S`S UZSWQV\O[WUS ;SbV]RS\ c\bS` aQVWSRZWQVS` >O`O[SbS`ZSWabS\ W\\S`VOZP SW\S` 9ZOaaS Bd_Ta0dUadUT VTTaQcTa eTaSTRZcTa
2WSa UO`O\bWS`b 4ZSfWPWZWbÉb( 7\ c\aS`S[ 0SWa^WSZ Rc^ZWhWS`b RWS ;SbV]RS ~jÍ™w®¯ d]\
™~jÄÍjÍjÁ SW\S\ 5`]zbSWZ RSa 1]RW\Ua RS` ºPS`aQV`WSPS\S\ ‰Í?ÁMj‰ˆ ÍjÁ;SbV]RS 3W\ ÄÖ¬jÁ/cT`cT RS` =PS`YZOaaS\[SbV]RS Wab dWSZ SZSUO\bS`( W?ÄÄ
™~jÄÍjÍjÁ jÞÍj™aÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ ¬ÖM‰W
™~jÄÍjÍjÁ® .ÍÁ‰™~ ™^ ‰™Í ?^ .ÍÁ‰™~ w^ aÖMj ~ ¯ P ÄÖ¬jÁ® ™^ ?^ w ¯Ç

ÊÊ #MjÁ?ÄÄj™™ÄÍÁ֏͝Á?ÖwÁÖw

~j†?Í s ~Ç Q ¬ÖM‰W .ÍÁ‰™~ ~jÍ™w® ¯ P ÊÊ
ÖwÁÖw ~jjÁMÍjÁ

j͆aj aÖÁW† #MjÁ?ÄÄj™ÁjwjÁj™ã]

ÁjÍÖÁ™ ÄÖ¬jÁ±~jÍ™w® ¯ ´ ¹ ¹ ´ ~j†?ÍÇ Q Q

"

ETaTaQd]V

! &

2c`QV RS\ ÄÖ¬jÁ/cT`cT eW`R RWS USS`PbS ;SbV]RS ~jÍ™w®¯ OcTUS`cTS\ c\R W\\S`VOZP RS` ºPS`aQV`WSPS\S\ DO`WO\bS eWSRS`dS`eS\RSb B`]bh ÍPS`aQV`SWPS\ abS VS\ USS`PbS ;SbV]RS\ W\ RS` C\bS`YZOaaS eSWbS`VW\ ]`UW\OZ hc` DS`TºUc\U 3W\ ÄÖ¬jÁ/cT`cT Wab \c` W[ 1]RW\U SW\S` C\bS`YZOaaS [rUZWQV \WQVb OcT SW\S[ WV`S` =PXSYbS ÄÖ¬jÁ®¯/cT`cTS ZOaaS\ aWQV ]XRWc eTaZTccT] RV SW\ 0ShcU OcT 3ZS[S\bS VrVS`S` =PS`YZOaaS\ ÄÖ¬jÁ±ÄÖ¬jÁ±”j͆aj®¯ Wab \WQVb [rUZWQV 3a [caa aWQV ÄÖ¬jÁ OPS` \WQVb OcT RWS SXaTZcT =PS`YZOaaS PShWSVS\ a]\RS`\ PShWSVb aWQV W[[S` OcT RWS W[^ZS[S\bWS`S\RS =PS`YZOaaS( 2WS 9ZOaaS
™~jÄÍjÍjÁ Yr\\bS OcQV RWS USS`PbS +jÁĝ™;SbV]RS ~jÍ!?”j®¯ ºPS`aQV`SWPS\ c\R [Wb ÄÖ¬jÁ±~jÍ!?”j®¯ RWS c`a^`º\UZWQVS DO`WO\bS d]\ +jÁĝ™ OcT`cTS\ 0]\TaZd]V) ;O\ dS`eSQVaSZS \WQVb RS\ =PS`YZOaaS\Y]\ab`cYb]`/cT`cT Rc`QV RWS QTaZ[PbbT]aTUTaT]i 2c`QV RWS ÄÖ¬jÁ@STS`S\h `STS`S\hWS`b [O\ Sf^ZWhWb RWS =PS`YZOaaS a] eWS aWQV SW\S 9ZOaaS Rc`QV RWS ͆‰Ä @STS`S\h Sf^ZWhWb OcT aWQV aSZPab PShWSVS\ YO\\
¹ ´ ?±~jÍ™w®¯ ¯Ç

4º` ROa
™~jÄÍjÍjÁ=PXSYb ? eW`R RWS ºPS`aQV`WSPS\S ;SbV]RS ~jÍ™w®¯ Oca
™~jÄÍjÍjÁ OcTUS`cTS\ eÉV`S\R ~jÍ!?”j®¯ Oca +jÁĝ™ abO[[b 2Oa BdRW_aX]iX_ STa 9E< ( 0SW XSRS[ ;SbV]RS\OcT`cT eW`R US^`ºTb ]P RWS USacQVbS ;SbV]RS W\ RS` 9ZOaaS RSa OcT`cTS\RS\ =PXSYba d]`VO\RS\ Wab ES\\ XO RO\\ eW`R RWS R]`b W[^ZS[S\bWS`bS ;SbV]RS OcaUSTºV`b ES\\ \WQVb RO\\ eW`R RWS AcQVS W[ 1]RW\U RS` =PS`YZOaaS\ T]`bUSaSbhb PWa RWS US`cTS\S ;SbV]RS USTc\RS\ Wab A^ÉbS bS\a W\ RS` 0OaWaYZOaaS [caa RWS ;SbV]RS hc TW\RS\ aSW\ a]\ab ZWSUb SW\ 4SVZS` d]`



kHKXYINXKOHKT \UT 'ZZXOH[ZKT

2WS UZSWQVS\ ;SQVO\Wa[S\ U`SWTS\ PSW[ ÎQTabRWaTXQT] VTTaQcTa 0ccaXQdcT W\ RS\ C\ bS`YZOaaS\( 2SYZO`ObW]\ SW\Sa UZSWQV\O[WUS\ /bb`WPcba QT[XTQXVT] P]STaT] 3PcT]ch_b W\ RS` C\bS`YZOaaS dS`RSQYb ROa USS`PbS /bb`WPcb 2Oa dS`RSQYS\RS /bb`WPcb RO`T PS ZWSPWUS HcU`WTTaa^ShWTWYObW]\ ¬ÖM‰W ¬Á‰Ü?Íj ¬ÁÍjWÍja PSaWbhS\( W?ÄÄ

‰Í?ÁMj‰ÍjÁ jÞÍj™aÄ +jÁĝ™ P

¬Á‰Ü?Íj .ÍÁ‰™~ w‰Á”?Ç ¬Á‰Ü?Íj aÖMj ?ÍjÁÇ ¬ÖM‰W

ÊÊ 5MjÁÄW†Áj‰Mj™ ܝ™ ?ÍjÁ ?ÖÄ +jÁĝ™

‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ?^ .ÍÁ‰™~ w ¯ P

ÄÖ¬jÁ® ™ ¯Ç ?ÍjÁ s ?Ç

w‰Á”? s wÇ ÊÊ 5MjÁÄW†Á‰jMj™j 7?Á‰?™Íj ?™~jĬÁW†j™

ÄÖ¬jÁ±?ÍjÁ s ®‰™Í¯ ?ÍjÁÇ

ÊÊ ÄÖ¬jÁˆ=Ö~Á‰ww ?Öw ÁMj

! '

"

ETaTaQd]V

Q ÊÊ p Q

0SW ES`bhceSWac\US\ W\ RS` C\bS`YZOaaS ]RS` ºPS` WV`S =PXSYbS eW`R ROa ºPS` aQV`WSPS\S /bb`WPcb RS` C\bS`YZOaaS dS`eS\RSb 2S\\]QV YO\\ eWS W[ 0SWa^WSZ [Wb bSZa ac^S`@STS`S\h( ac^S`PccaXQdc]P\T OcT ROa USS`PbS /bb`WPcb W[ C\bS`YZOaaS\ 1]RW\U eSWbS`VW\ hcUSU`WTTS\ eS`RS\



'HYZXGQZK 1RGYYKT

3W\S 9ZOaaS\VWS`OQVWS Wab SW\S A^ShWOZWaWS`c\UaVWS`O`QVWS( /\ RS` A^WbhS abSVS\ P[[ VT\TX]T SVS` PQbcaPZcT 0SU`WTTS RWS Rc`QV Y]\Y`SbS`S 0SU`WTTS a^ShWOZWaWS`b eS`RS\ 3dS\bcSZZ `S^`ÉaS\bWS`S\ 0OaWaYZOaaS\ b^ OZZUS[SW\S 0SU`WTTS ROaa d]\ WV\S\ UO` YSW\S `SOZS\ Y]\Y`SbS\ 3fS[^ZO`S d]`Y][[S\ I=3A#K 3`ab Tº` RWS C\bS`YZOaaS\ ZOaaS\ aWQV Y]\Y`SbS 3fS[^ZO`S TW\RS\ A] Wab W[ PSb`WSPZWQVS\ 9]\bSfb RS` 0SU`WTT >S`a]\ a] OZZUS[SW\ ROaa aWQV W[ 0Sb`WSP YSW\S PZ]zS\ >S`a]\S\ TW\RS\( AbSba b`S bS\ RWSaS W\ SW\S[ Y]\Y`SbS`S\ 0ShcU OZa /\USabSZZbS 9c\RS\ 0S`ObS` SbQ OcT 2S\\]QV aW\R OcQV OPab`OYb USVOZbS\S 0OaWaYZOaaS\ aW\\d]ZZ RO aWS SW\S\ VW\`SW QVS\R OZZUS[SW\S\ 3W\abWSU W\ SW\S aWQV dS`heSWUS\RS DS`S`Pc\UaVWS`OQVWS RO`abSZ ZS\ =V\S RWS 0OaWaYZOaaS VW\US\ RWS ROd]\ OcaUSVS\RS\ HeSWUS RSa DS`S`Pc\Ua POc[Sa SdS\bcSZZ c\dS`Pc\RS\ W\ RS` :cTb HcUZSWQV eS`RS\ W\ RS` 0OaWaYZOaaS PS `SWba ;SbV]RS\aQV\WbbabSZZS\ USaO[[SZb RWS S`ab W\ RS\ C\bS`YZOaaS\ a^ShWTWaQV W[ ^ZS[S\bWS`b eS`RS\ 7\ 8OdO eS`RS\ PQbcaPZcT :[PbbT] Rc`QV ROa AQVZºaaSZe]`b ?MÄÍÁ?WÍ RS YZO`WS`b /Pab`OYbS 9ZOaaS\ S\bVOZbS\ QT[XTQXV eXT[T OZa ?MÄÍÁ?WÍ RSYZO`WS`bS QYTZcT X]bcP]iXXTac eS`RS\ ’ RO \WQVb RSTW\WS`b Wab eWS RWSaS aWQV PSW[ /cT`cT SW\S` OPab`OYbS\ ;SbV]RS dS`VOZbS\ a]ZZbS\ /Za 0SWa^WSZ RWS\S RWS OPab`OYbS 0OaWaYZOaaS ™Í 9]\Y`SbS 9]\bS\ Y][[S\ \c` OZa 5W`] ]RS` A^O`Y]\b] d]` S`ab Tº` RWSaS Wab RSTW\WS`b W\eWSeSWb /PVSPSd]`UÉ\US PSW ÍPS`hWSVS\ RSa 9]\b]a hcUSZOaaS\ aW\R A][Wb Wab RWS ;SbV]RS ?M†jMj™®¯ \c` OPab`OYb ]V\S 7[^ZS[S\bWS`c\U W\ RS` 0OaWaYZOaaS ™Í RSYZO`WS`b ?MÄÍÁ?WÍ W?ÄÄ ™Í P ¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ

ÊÊ j™Í†CÍ j‰™j ?MÄÍÁ?Íj

j͆aj

¬Á‰Ü?Íj ‰™Í ™Í!ÁÇ

¬Á‰Ü?Íj aÖMj Ä?aÇ ¬ÖM‰W ™Í® .ÍÁ‰™~ ™^ ‰™Í ™ ¯ P ™?”j s ™Ç

™Í!Á s ™Ç Q

¬ÖM‰W ܝ‰a ÄjÍ.?a® aÖMj MjÍÁ?~ ¯ P Ä?a s MjÍÁ?~Ç Q ¬ÖM‰W aÖMj ~jÍ.?a® ¯ P ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P Ä?a ´s MjÍÁ?~Ç Q ¬ÖM‰W ?MÄÍÁ?WÍ Mj?™ ?M†jMj™® aÖMj ~j ¯Ç ÊÊ p Q

"

ETaTaQd]V

! (

2S\ DS`acQV SW\ Y]\Y`SbSa ™Í=PXSYb hc S`hScUS\ eSWab RS` 1][^WZS` OP [Wb 4SVZS`[SZRc\U( ™Í ‰Ä ?MÄÍÁ?WÍÇ W?™™Í Mj ‰™ÄÍ?™Í‰?Íja± D]\ OPab`OYbS\ 9ZOaaS\ YO\\ USS`Pb eS`RS\ 2WS \WQVbOPab`OYbS\ dS`S`PbS\ ;SbV] RS\ Yr\\S\ W\ RS\ C\bS`YZOaaS\ RW`SYb dS`eS\RSb eS`RS\ /cQV RWS OPab`OYbS\ ;S bV]RS\ eS`RS\ dS`S`Pb C\bS`YZOaaS\ OPab`OYbS` =PS`YZOaaS\ [ºaaS\ OZZS USS`PbS\ OPab`OYbS\ ;SbV]RS\ Y]\Y`Sb ºPS`aQV`SWPS\ a]\ab `SacZbWS`b SW\ 1][^WZS4SVZS`( 2WS S`PS\RS D]cTaZ[PbbT [caa OZZS VTTaQcT] PQbcaPZcT]
ÊÊ ™ÁjÍj ?ÄÄj

¬Á‰Ü?Íj aÖMj a‰Ä¬Ç ¬ÖM‰W ‰Á® .ÍÁ‰™~ ™^ ‰™Í ™^ aÖMj aĬ ¯ P ÄÖ¬jÁ® ™^ ™ ¯Ç

a‰Ä¬ s aĬÇ

Q Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯ P aÖMj ÍjÄÍ s ~jÍ.?a®¯ˆ ?͆±?MÄ®MjÍÁ?~¯Ç ‰w® ÍjÄÍ ‘ a‰Ä¬ ¯ P ÁjÍÖÁ™ w?ÄjÇ Q jÄj P ÄjÍ.?a® ÍjÄÍ ¯Ç

ÁjÍÖÁ™ ÍÁÖjÇ Q

Q ÊÊ Ýj‰ÍjÁj

j͆aj™

Q W?ÄÄ .¬?Á jÞÍj™aÄ ™Í P

ÊÊ ™ÁjÍj ?ÄÄj

¬Á‰Ü?Íj aÖMj ㉙Ä.?ÍãÇ ¬ÖM‰W .¬?Á™Í® .ÍÁ‰™~ ™^ ‰™Í ™^ aÖMj ãÄ ¯ P ÄÖ¬jÁ® ™^ ™ ¯Ç

㉙Ä.?Íã s ãÄÇ

Q Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯ P aÖMj ÍjÄÍ s ~jÍ.?a®¯ ˆ

?͆±?MÄ®MjÍÁ?~¯Ç

‰w® ÍjÄÍ ‘ å±å ¯ P ÁjÍÖÁ™ w?ÄjÇ Q jÄj P ÄjÍ.?a® ÍjÄÍ ¯Ç Q ÊÊ Ýj‰ÍjÁj Q

j͆aj™

ÁjÍÖÁ™ ÍÁÖjÇ Q

!!

"

ETaTaQd]V

/Pab`OYbS ;SbV]RS\ Rº`TS\ ]XRWc _aXePc aSW\ ’ a]\ab Yr\\bS\ aWS \WS[OZa ºPS`aQV`WS PS\ c\R W[^ZS[S\bWS`b eS`RS\ /cQV abObWaQVS OPab`OYbS ;SbV]RS\ aW\R c\hcZÉaaWU 3W\S OPab`OYbS 9ZOaaS RO`T OcQV ]da OPab`OYbS ;SbV]RS\ S\bVOZbS\ ’ c\R abSZZb RO\\ SW\S aTX]T BRW]XccbcT[[T]QTbRWaTXQd]V Oca ;SbV]RS\Yr^TS\ RO` RWS Rc`QV C\bS`YZOa aS\ hc W[^ZS[S\bWS`S\ Wab @SW\ OPab`OYbS 9ZOaaS\ RWS\S\ h0 W\ 1 hc` 7\bS`TOQS 2STW\WbW]\ 8OdO PSaWbhb ROTº` SW\ SQVbSa 7\bS`TOQS9]\hS^b 9O^WbSZ " 7\ RS` D<; eW`R RS` QTaZ[PbbT]



,OTGRK 1RGYYKT [TJ 3KZNUJKT

C\bS`YZOaaS\ Yr\\S\ d]\ RS\ =PS`YZOaaS S`PS\ c\R Rc`QV ÍPS`aQV`SWPS\ RWS EW` Yc\UaeSWaS USS`PbS` ;SbV]RS\ dS`É\RS`\ /ZZS`RW\Ua YO\\ SW\S =PS`YZOaaS OcQV dS`VW\RS`\ ROaa d]\ WV` USS`Pb eW`R ]RS` ROaa SW\hSZ\S USS`PbS ;SbV]RS\ W\ C\bS` YZOaaS\ ºPS`aQV`WSPS\ eS`RS\ 2c`QV ROa AQVZºaaSZe]`b w‰™? eS`RS\ S\RUºZbWUS SW\hSZ\S ;SbV]RS\ ]RS` 9ZOaaS\ RSYZO`WS`b( /Za w‰™? RSYZO`WS`bS
j͆aj] j‰™ã?†j™®¯ ™‰W†Í ÙMjÁÄW†Áj‰MM?Á

w‰™? ¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj ~j ¯ P ÊJ p JÊ Q ÊÊ ±±± Q


5SaQVeW\RWUYSWb ’ RS` 1][^WZS` US\S`WS`b SW\TOQVS`S\ c\R aQV\SZZS`S\ 0gbSQ] RS eS\\ TSababSVb ROaa Sa YSW\S eSWbS`S\ C\bS`YZOaaS\ USPS\ eW`R

E

AWQVS`VSWb ’ SW\ C\bS`ZOcTS\ d]\ AWQVS`VSWba`SUSZ\ Rc`QV ÍPS`aQV`SWPS\ d]\ ;S bV]RS\ W\ C\bS`YZOaaS\ eW`R dS`VW\RS`b

3W\S 8OdO=PS`YZOaaS YO\\ RS\ ETaTaQd]Vbe^aVP]V QTTX]U[dbbT] I;3@"K( AWS YO\\ ROa ÍPS`aQV`SWPS\ dS`VW\RS`\ Rc`QV 9S\\hSWQV\c\U OZa w‰™? c\R aWS YO\\ ROa ÍPS`aQV`SWPS\ S`heW\US\ Rc`QV 9S\\hSWQV\c\U OZa ?MÄÍÁ?WÍ 4W\OZS ;SbV]RS\

"

ETaTaQd]V

!!

Rº`TS\ W\ C\bS`YZOaaS\ \WQVb ºPS`aQV`WSPS\ eS`RS\ /Pab`OYbS ;SbV]RS\ ROUSUS\ [ºaaS\ W\ RS\ C\bS`YZOaaS\ ºPS`aQV`WSPS\ eS`RS\



*OK 1RGYYK #MŽjWÍ

2WS AgabS[YZOaaS #MŽjWÍ Oca Ž?Ü?±?™~ Wab 0OaWaYZOaaS RS` USaO[bS\ 8OdO 9ZOaaS\VWS`OQVWS ;cbbS` OZZS` 9ZOaaS\ 8SRS 8OdO9ZOaaS TaQc Pdc^\PcXbRW d]\ RS` 9ZOaaS #MŽjWÍ c\R PSaWbhb RWSaS OZa =PS`YZOaaS 3W\S 9PeP:[PbbT]WXTaPRWXT Wab W[[S` SW\ 0Oc[ [Wb #MŽjWÍ OZa FdaiT[Z[PbbT ]V\S ROaa RWSa Sf^ZWhWb W[ 1]RW\U dS`[S`Yb Wab 2S` 1][^WZS` TºUb SW\ W[^ZWhW bSa jÞÍj™aÄ #MŽjWÍ W\ RS\ 9]^T XSRS` 0OaWaYZOaaS SW\ /cT RWSaS ESWaS S`PbS\ PS`SWba OZZS c\aS`S 9ZOaaS\ d]\ #MŽjWÍ ]V\S ROaa c\a RWSa PSecaab eO` #MŽjWÍ Wab SW\S Y]\Y`SbS 9ZOaaS RWS SW\WUS
ÊÊ
ÖwÁÖw ~jjÁMÍjÁ #MŽjW͈ j͆aj™]

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P 0ÖÍ!‰Þ ͙ s ™jÝ 0ÖÍ!‰Þ®¯Ç #±ÝÁ‰Íj™®¹?Ć] ¹ ´ ͙±†?Ć aj®¯ ´ ¹ ¹ ´ ͙±Í.ÍÁ‰™~®¯¯Ç Q Q ˆ ™Äj ˆ ?Ć] ¤¤ÔԤɤ 0ÖÍ!‰ÞK¤¤¤wȤ




DS`S`Pc\U Wab SW\ [ÉQVbWUSa 9]\hS^b RS` EWSRS`dS`eS\Rc\U c\R Ab`cYbc`WS`c\U d]\ A]TbeO`S c\R S`[rUZWQVb SW\ ºPS`aWQVbZWQVSa >`]U`O[[WS`S\ W[ 5`]aaS\ 2S\\]QV [caa OcQV RWSaSa 9]\hS^b [Wb 0SROQVb SW\USaSbhb eS`RS\ =PXSYb]`WS\bWS`bS /\OZgaS c\R 2SaWU\ d]\ A]TbeO`S aW\R SW\S 9c\ab Tº` aWQV I=3A#K a] ROaa eW` \c` eS\WUS Y`WbWaQVS >c\YbS O\a^`SQVS\



1UVVR[TM JKX ;TZKXQRGYYKT GT 5HKXQRGYYKT

2WS D]cTaZ[PbbT] bX]S e^] XWaT] >QTaZ[PbbT] PQWÊ]VXV c\R OcT RWSaS O\USeWSaS\ a]TS`\ aWS USS`PbS 3ZS[S\bS SW\aSbhS\ 2WS C\bS`YZOaaS S`Pb AQV\WbbabSZZS c\R 7[^ZS [S\bWS`c\U RS` =PS`YZOaaS ’ c\R [caa aWQV RO`OcT dS`ZOaaS\ ROaa RWS AQV\WbbabSZZS

!!!

"

ETaTaQd]V

abOPWZ PZSWPb 3a PSabSVb SW\S SW\aSWbWUS 0ShWSVc\U heWaQVS\ =PS` c\R C\bS`YZOaaS\( QTaZ[PbbT] aSV` d]`aWQVbWU d]`US\][[S\ eS`RS\ RO aWS ROa 4c\RO[S\b aW\R OcT RS[ O\RS`S 9ZOaaS\ c\R UO\hS >`]XSYbS OcTPOcS\ 3W\S 8]eP[XSXTad]V e^] D]cTaZ[PbbT] [caa dS`[WSRS\ eS`RS\ 8SRS RW`SYbS ]RS` W\ RW`SYbS Ò\RS`c\U O\ RS` rTTS\bZWQVS\ AQV\WbbabSZZS RS` =PS`YZOaaS\ c\R RS`S\ 4c\Y bW]\aeSWaS eW`Yb aWQV c\[WbbSZPO` OcT OZZS C\bS`YZOaaS\ Oca ’ c\R YO\\ ROhc TºV`S\ ROz 4c\YbW]\S\ RS` C\bS`YZOaaS\ aWQV dS`É\RS`\ ]RS` \WQVb [SV` USeÉV`ZSWabSb aW\R Eº`RS SW\S ¬ÖM‰W=PS`YZOaaS\[SbV]RS W\ SW\S` \ScS`S\ DS`aW]\ ¬Á‰Ü?Íj RS YZO`WS`b a] eÉ`S\ eOV`aQVSW\ZWQV aQVZOUO`bWU OZZS C\bS`YZOaaS\ W\dOZWRWS`b c\R \WQVb [SV` Y][^WZWS`PO` 0SW RS` BSO[3\beWQYZc\U U`]zS` >`]XSYbS b`OUS\ a][Wb RWS 3\beWQYZS` hS\b`OZS` 9ZOaaS\ U`]zS DS`O\be]`bc\U 2WSa PSb`WTTb h0 OcQV RWS 8 A39ZOaaS\( ESZbeSWb aW\R RWSaS W[ 3W\aObh c\R XSRS Ò\RS`c\U XS\aSWba `SW\S` 4SVZS`PSVSPc\U eW`R W\ RS` 8OdO5S[SW\RS W\bS\aWdab RWaYcbWS`b 2WS PZ]zS 3`eSWbS`c\U SW\S` =PS`YZOaaS Rc`QV hcaÉbhZWQVS /bb`WPcbS c\R ;SbV]RS\ Wab ROUSUS\ c\^`]PZS[ObWaQV Tº` RWS C\bS`YZOaaS\



9KSGTZOYINK /TZKMXOZoZ ]GNXKT

5SS`PbS =PS`YZOaaS\[SbV]RS\ Yr\\S\ W\ C\bS`YZOaaS\ ºPS`aQV`WSPS\ eS`RS\ 2O PSW VOb [O\ bSQV\WaQV OZZS 4`SWVSWbS\ W[ @OV[S\ RS` ;SbV]RS\aQV\WbbabSZZS /ZZS`RW\Ua a]ZZbS OcQV RWS ºPS`aQV`WSPS\S DS`aW]\ RWS BT\P]cXZ W\VOZbZWQVS\ AW\\ RS` c`a^`º\UZWQVS\ >QTaZ[PbbT]\TcW^ST QTfPWaT]( 2WS C\bS`YZOaaS b`Wbb OcT OZa SW\S A^ShWOZWaWS`c\U WV`S` =PS`YZOaaS\ c\R a]ZZbS RWSaS aW\\d]ZZ dS`b`SbS\ Yr\\S\ C\bS` YZOaaS\ a]ZZbS\ aWQV PShºUZWQV ºPS`aQV`WSPS\S` ;SbV]RS\ aS[O\bWaQV eSWbS`VW\ U`c\RaÉbhZWQV dS`VOZbS\ eWS WV`S =PS`YZOaaS\ 3W\ 0SWa^WSZ( 3W\ /\USabSZZbS` Wab SW\ a^ShWSZZS` ;WbO`PSWbS` 7\a]TS`\ a]ZZbS RWS ºPS` aQV`WSPS\ ;SbV]RS ~jÍ™w®¯ d]\
™~jÄÍjÍjÁ SPS\a] eWS W\ ‰Í?ÁMj‰ÍjÁ SW\S\ 2ObS\.ÍÁ‰™~ ZWSTS`\ ’ c\R \WQVb SW\S\ drZZWU O\RS`S\ 7\VOZb ]RS` O\RS`S 4c\YbW]\S\ PSeW`YS\ 2S[ 1][^WZS` aW\R aS[O\bWaQVS >`W\hW^WS\ SUOZ ’ S` Y][^WZWS`b OcQV DS`abrzS ROUS US\ 8SR]QV eW`R ROa DS`abÉ\R\Wa c\R RWS EO`bPO`YSWb SW\S` 9ZOaaS\VWS`O`QVWS S` aQVeS`b eS\\ ROd]\ OPUSeWQVS\ eW`R HcRS[ Wab EOV`c\U RS` aS[O\bWaQVS\ 7\bS U`WbÉb PSW[ ;SbV]RS\ºPS`aQV`SWPS\ 5`c\Rd]`OcaaSbhc\U Tº` RS\ aW\\d]ZZS\ 3W\aObh d]\ >]Zg[]`^VWS 9O^WbSZ "




0SW W\VOZbZWQVS\ 0ShWSVc\US\ heWaQVS\ =PXSYbS\ ZOaaS\ aWQV heSW U`c\RaÉbhZWQV dS` aQVWSRS\S aS[O\bWaQVS @SZObW]\S\ c\bS`aQVSWRS\( 3XT 8bcTX]1TiXTWd]V) 7\ c\aS`S\ 0SWa^WSZS\ Xbc XSRS` /\USabSZZbS TX] a^ShWSZZS` ;WbO`PSWbS` c\R YO\\ OZa a]ZQVS` OcTb`SbS\ 2S` 0SU`WTT /\USabSZZbS` Wab SW\S A^ShWOZW

"

ETaTaQd]V

!!"

aWS`c\U c\R 3`eSWbS`c\U RSa 0SUWTTa ;WbO`PSWbS` ETaTaQd]V abSZZb RWSaS 0ShWSVc\U aS[O\bWaQV OPa]Zcb Y]``SYb RO`( 2WS C\bS`YZOaaS
™~jÄÍjÍjÁ S`Pb d]\ RS` =PS` YZOaaS ‰Í?ÁMj‰ÍjÁ RS`S\ AQV\WbbabSZZS ^Oaab aWS Rc`QV ÍPS`aQV`SWPS\ O\ a^ShWSZZS C\bS`YZOaaS\0SRW\Uc\US\ O\ c\R S`eSWbS`b aWS c[ C\bS`YZOaaS\a^ShWTWaQVS 3ZS [S\bS 7[ 4OZZ RS` 8bcTX]0ShWSVc\U Wab DS`S`Pc\U ROa `WQVbWUS ;WbbSZ c\R P`W\Ub dS` abÉ\RZWQVSa 1]RW\U VS`d]` 7PcTX]1TiXTWd]V) 3W\ /\USabSZZbS` WPc TX] 5SVOZb 3dS\bcSZZ aSbhb aWQV RWSaSa Oca [SV`S`S\ /\bSWZS\ hcaO[[S\ c\R S`T]`RS`b 0S`SQV\c\US\ A][Wb eº`RS [O\ SW\S USSWU\SbS 9ZOaaS j†?Í T]`[cZWS`S\ =TTS\aWQVbZWQV Xbc SW\ /\USabSZZbS` YSW\ 5SVOZb a]\RS`\ WPc TX] 5SVOZb 2WS 9ZOaaS
™~jÄÍjÍjÁ Wab YSW\S A^ShWOZWaWS`c\U RS` 9ZOaaS j†?Í A][Wb eÉ`S RS` 3W\aObh d]\ DS`S`Pc\U VWS` aS[O\bWaQV TOZaQV c\R a]ZZbS \WQVb S`T]ZUS\ DWSZ[SV` Wab 0bb^iXPcX^] ROa aS[O\bWaQV O\US[SaaS\S /ca R`cQYa[WbbSZ c[ ROa HcaO[[S\eW`YS\ d]\
™~jÄÍjÍjÁ c\R j†?Í hc [] RSZZWS`S\ 2WS 9ZOaaS /\USabSZZbS` a]ZZbS a][Wb cO ºPS` SW\ /bb`WPcb d][ Bg^ j†?Í dS`TºUS\( W?ÄÄ j†?Í P ÊJ ±±± JÊ Q W?ÄÄ
™~jÄÍjÍjÁ P ¬Á‰Ü?Íj j†?Í ~Ç

ÊJ ±±± JÊ Q

7[ 4OZZ RS` 8bcTX]0ShWSVc\U Wab ETaTaQd]V ROa ;WbbSZ RS` EOVZ c\R P`W\Ub dS`abÉ\RZWQVSa 1]RW\U VS`d]` Hc` 2O`abSZZc\U SW\S` 7PcTX] 5O\hSaBSWZ 0ShWSVc\U Wab XSR]QV 0bb^iXPcX^] ROa aS[O\bWaQV Y]``SYbS ;WbbSZ



=GX[S QKOTK 3KNXLGIN\KXKXH[TM%

8OdO ZÉaab \c` 3W\TOQVdS`S`Pc\U hc ’ XSRS C\bS`YZOaaS VOb \c` SW\S RW`SYbS =PS`YZOa aS /\RS`S A^`OQVS\ eWS 1 S`ZOcPS\ ;SV`TOQVdS`S`Pc\U ’ c\R OcQV hc` 0S aQV`SWPc\U RS` @SOZWbÉb aQVSW\b ;SV`TOQVdS`S`Pc\U S`T]`RS`ZWQV( 3W\ 9W\R S`Pb d]\ DObS` c\R ;cbbS` SW\ 9ZOdWS` Wab ;rPSZabºQY c\R 7\ab`c[S\b hcUZSWQV 2S\\]QV VOb [O\ W\ 8OdO PSecaab VTVT]
;SV`TOQVdS`S`Pc\U eW`R W\ RS` >`]U`O[[WS`^`OfWa aSZbS\S` dS`eS\RSb OZa [O\ dS`[cbSb HcRS[ [OQVb aWS 9ZOaaS\VWS`OQVWS\ c\ºPS`aWQVbZWQV

E

;SV`TOQVdS`S`Pc\U dS`ZO\Ub 1][^WZS` c\R :OcThSWbagabS[ VrVS`S :SWabc\US\ OP aWS S`VrVb RS\ A^SWQVS`PSRO`T d]\ >`]U`O[[S\ c\R [OQVb RWSaS ZO\UaO[S`

E

;SV`TOQVdS`S`Pc\U TºV`b hc[ @OcbS\^`]PZS[(

2Oa APdcT]_a^Q[T\ Wab W\ /PPWZRc\U !! T]`[cZWS`b( 3a ZWSUb SW\S aPdcT]U»a\XVT ETa TaQd]VbWXTaPRWXT d]` ;SV`TOQVdS`S`Pc\U PSRScbSb Tº` RWS C\bS`YZOaaS 2Ô ROaa RWS 3ZS[S\bS ”j͆®¯ c\R ÝjÁÍ RS` =PS`YZOaaS ?Ä‰Ä R]^^SZb dS`S`Pb eS`RS\ ’ SW\ [OZ dWO C\bS`YZOaaS 2¤? c\R SW\[OZ dWO C\bS`YZOaaS 2ÔM ESZQVS` ESU a]ZZ RS` UºZ bWUS aSW\- 2WS ;SbV]RS ”j͆®¯ ]RS` ROa /bb`WPcb ÝjÁÍ Yr\\bS\ W\ RS\ C\bS`YZOaaS\ 2¤? c\R 2¤M c\bS`aQVWSRZWQV ºPS`aQV`WSPS\ eS`RS\ ESZQVS RS` DO`WO\bS\ a]ZZ O\ 2Ô dS`S`Pb c\R R]`b PSW[ /cT`cT dS`eS\RSb eS`RS\
!!#

"

ETaTaQd]V

Hc` ;]RSZZWS`c\U SW\S` ;SV`TOQVdS`S`Pc\UaAS[O\bWY abSVb W\ 8OdO RSaVOZP ROa 7\ bS`TOQS9]\hS^b OZa d]ZZeS`bWUS` 3`aObh hc` DS`TºUc\U 9O^WbSZ " W?ÄÄ ?Ä‰Ä P ¬ÖM‰W ‰™Í ÝjÁÍÇ ¬ÖM‰W ‰™Í ”j͆®‰™Í ™¯ Q W?ÄÄ 2¤? jÞÍj™aÄ ?Ä‰Ä P ¬ÖM‰W ‰™Í ”j͆®‰™Í ™¯ Q W?ÄÄ 2¤M jÞÍj™aÄ ?Ä‰Ä P ¬ÖM‰W ‰™Í ”j͆®‰™Í ™¯ Q W?ÄÄ 2Ô jÞÍj™aÄ 2¤?^ 2¤M ÊÊ p Q

1PbXb W\b [SbV  W\b eS`b

P ÊJpJÊ Q P ÊJpJÊ Q P ÊJpJÊ Q

D P

D Q

W\b [SbV  

W\b [SbV  

P

D! 

0QQ "") @OcbS\^`]PZS[ RS` ;SV`TOQVdS`S`Pc\U



'HYINROK‹KTJKY (KOYVOKR ¤ 1UTZKT\KX]GRZ[TM

EW` RS[]\ab`WS`S\ DS`S`Pc\UabSQV\WYS\ O\ SW\S[ 0O\YPSWa^WSZ /PP!"( DS` aQVWSRS\S /`bS\ d]\ 9]\bS\ a]ZZS\ dS`eOZbSb eS`RS\ 2WS OPab`OYbS 0OaWaYZOaaS ™Í abSZZb SW\WUS Y]\Y`SbS c\R OPab`OYbS ;SbV]RS\ hc` DS`TºUc\U =PXSYbS a]ZZS\ d]\ RS\ Y]\Y`SbS\ 9]\b]bg^S\ 5W`]Y]\b] A^O`Y]\b] c\R 4SabhW\aY]\b] S`hScUb eS`RS\ RWS Rc`QV RWS 9ZOaaS\ ‰Á .¬?Á c\R jÄÍ OPUSPWZRSb eS`RS\ /ca RS\ C\bS`YZOaaS\ eS`RS\ =PS`YZOaaS\Y]\ab`cYb]`S\ OcTUS`cTS\ c\R [Wb ES`bS\ dS`a]`Ub 2c`QV RWS abObWaQVS\ /bb`WPcbS ã?j†jÁ‰Á W\ ‰Á c\R ã?j†jÁ.¬?Á W\ .¬?Á eW`R RWS HOVZ RS` ‰Á=PXSYbS Phe RS` .¬?Á c\R jÄÍ=PXSYbS V]QV UShÉVZb 2WS 9]\b]\c[[S` S``SQV\Sb aWQV Oca RS[ OYbcSZZS\ HÉVZS`eS`b( /ZZS ‰Á =PXSYbS VOPS\ RWS 9]\b]Zca Wab 2O`OcTVW\ Yr\\bS SW\ AOQVPSO`PSWbS` 9c\RS\ 3[^TSVZc\US\ Ocaa^`SQVS\ 2WS ;O`YS` eS`RS\ Rc`QV RWS ^`WdObS ;SbV]RS W†jW®¯ PSW[ /cT`cT d]\ ͝.ÍÁ‰™~®¯ USaSbhb 4º` SW\ 5W`]Y]\b] UWPb Sa YSW\S 6OPS\hW\aS\ 0SW[ ÍPS`hWSVS\ eS`RS\ A]ZZhW\aS\ TÉZZWU RWS aWQV Oca RS[ OYbcSZZS\ \SUObWdS\ 9]\b]abO\R c\R ĝ=‰™Ä PS`SQV\S\ 0SW[ A^O`Y]\b] aW\R /PVSPSd]`UÉ\US S`ZOcPb OPS` RS` 9]\b]abO\R RO`T \WQVb \SUO bWd eS`RS\ 3a eS`RS\ HW\aS\ UShOVZb RWS [Wb RS[ /bb`WPcb ㉙Ä.?Íã PS`SQV\Sb eS`RS\ 3W\ 4SabhW\aY]\b] a]ZZ eÉV`S\R RS` ?Öwãj‰Í W\ 8OV`S\ \WQVb O\U`SWTPO`

"

ETaTaQd]V

!!$

aSW\ 3W\hOVZc\US\ aW\R XSR]QV S`ZOcPb 0SW XSRS` XÉV`ZWQVS\ HW\aOcaaQVºbbc\U eW`R ROa /bb`WPcb ?M~j?Öwj™j=j‰Í c[  S`VrVb 3`ab eS\\ ?M~j?Öwj™jˆ =j‰Íss?Öwãj‰Í YO\\ d][ 9]\b] OPUSV]PS\ eS`RS\ XSR]QV RO`T RS` 9]\b] abO\R \WQVb \SUObWd eS`RS\

:^]c^ ^`WdObS Ab`W\U \O[S ^`WdObS W\b Y]\b]<` ^`WdObS R]cPZS aOZR] ^cPZWQ 9]\b] Ab`W\U \ W\b Y\ R]cPZS aR  ^cPZWQ d]WR SW\hOVZS\ R]cPZS PSb`OU  ^cPZWQ R]cPZS USbAOZR] ^cPZWQ d]WR aSbAOZR] R]cPZS PSb`OU  ^cPZWQ Ab`W\U USb
6Xa^ ^`WdObS R]cPZS RWa^] ^`WdObS P]]ZSO\ cSPS`h]US\ ^`WdObS P]]ZSO\ V]QVAbO\R ^`WdObS R]cPZS a]ZZHW\a ^`WdObS abObWQ W\b hOSVZS`5W`] +  ^cPZWQ 5W`] Ab`W\U \ R]cPZS ab R]cPZS RWa^ R]cPZS ah  ^cPZWQ Ab`W\U b]Ab`W\U ^cPZWQ P]]ZSO\ OPVSPS\ ^cPZWQ d]WR hW\aS\ ^`WdObS d]WR QVSQY

B_Pa ^`WdObS R]cPZS hW\aAObh ^`WdObS abObWQ W\b hOSVZS`A^O` +  ^cPZWQ A^O` Ab`W\U \ R]cPZS ab R]cPZS ha  ^cPZWQ Ab`W\U b]Ab`W\U ^cPZWQ P]]ZSO\ OPVSPS\ ^cPZWQ d]WR hW\aS\

5Tbc ^`WdObS W\b ZOcThSWb ^`WdObS W\b OPUSZOcTS\SHSWb ^cPZWQ 4Sab Ab`W\U \ R]cPZS ab R]cPZS ha W\b Zh  ^cPZWQ Ab`W\U b]Ab`W\U ^cPZWQ P]]ZSO\ OPVSPS\ ^cPZWQ d]WR hW\aS\

0QQ "#) 9ZOaaS\VWS`O`QVWS 9]\b]bg^S\ 2WS ;SbV]RS\ ?M†jMj™®¯ ZWSTS`\ SW\S\ P]]ZSaQVS\ ES`b hc`ºQY RS` O\hSWUb ]P RS` /PVSPSd]`UO\U Rc`QVTºV`PO` eO` 2WS C\bS`YZOaaS\ ºPS`aQV`SWPS\ RWS USS`PbS\ OPab`OYbS\ ;SbV]RS ?M†jMj™®¯ c\R ㉙Äj™®¯ W\ aS[O\bWaQV a^ShWTWaQVS` ESWaS 2WS 9ZOaaS jÄÍ \cbhb [WbbSZa ÄÖ¬jÁ/cT`cT OcQV RWS d]\ .¬?Á USS`PbS\ 4Oaac\ US\

!!%

"

ETaTaQd]V

2WS 9ZOaaS\ bÉbWUS\ YSW\S 9]\a]ZS\OcaUOPS\ d]` 8SR]QV abSZZS\ aWS Tº` /caUOPS Tc\YbW]\S\ W\ RS` ;SbV]RS ͝.ÍÁ‰™~®¯ OZZS 9]\b]RObS\ OZa .ÍÁ‰™~ hc` DS`Tº Uc\U) ROPSW eS`RS\ 5SZRPSb`ÉUS OcT heSW 9][[OabSZZS\ US`c\RSb ?MÄÍÁ?WÍ W?ÄÄ ™Í P

ÊÊ ?MÄÍÁ?Íj #MjÁ?ÄÄj

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ

¬Á‰Ü?Íj ‰™Í ™Í!ÁÇ

¬Á‰Ü?Íj aÖMj Ä?aÇ ¬ÖM‰W ™Í® .ÍÁ‰™~ ™^ ‰™Í ™^ aÖMj Äa ¯ P ™?”j s ™Ç

™Í!Á s ™Ç

Ä?a s ÄaÇ

Q ¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a ´

?͆±?MÄ®MjÍÁ?~¯Ç

Q ¬ÖM‰W .ÍÁ‰™~ ~jÍ!?”j®¯ P ÁjÍÖÁ™ ™?”jÇ Q ¬ÖM‰W ‰™Í ~j͝™Í!Á®¯ P ÁjÍÖÁ™ ™Í!ÁÇ Q ¬ÖM‰W aÖMj ~jÍ.?a®¯ P ÁjÍÖÁ™ Ä?aÇ Q ¬ÖM‰W ܝ‰a ÄjÍ.?a® aÖMj MjÍÁ?~ ¯ P Ä?a s MjÍÁ?~Ç Q ?MÄÍÁ?WÍ ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~¯Ç ?MÄÍÁ?WÍ ¬ÖM‰W ܝ‰a ㉙Äj™®¯Ç Q W?ÄÄ ‰Á jÞÍj™aÄ ™Í P ¬Á‰Ü?Íj aÖMj a‰Ä¬Ç

¬Á‰Ü?Íj aÖMj ĝ=‰™ÄÇ

¬Á‰Ü?Íj Mj?™ ã֝W†Ç

¬Á‰Ü?Íj Mj?™ ÖjMjÁã~j™Ç

¬Á‰Ü?Íj ÄÍ?͉W ‰™Í ã?j†jÁ‰Á s åÇ ¬ÖM‰W ‰Á® .ÍÁ‰™~ ™^ aÖMj Äa^ aÖMj a‰Ä¬^ aÖMj Ä= ¯ P ÄÖ¬jÁ® ™^ ã?j†jÁ‰Á´¤åå^ Äa ¯Ç ã?j†jÁ‰Á´´Ç a‰Ä¬ s ˆ ?͆±?MÄ®a‰Ä¬¯Ç

ĝ=‰™Ä s Ä=Ç

Q ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯ P aÖMj ÍjÄÍ s ~jÍ.?a®¯ ˆ

?͆±?MÄ®MjÍÁ?~¯Ç

‰w® ÍjÄÍ ‘ a‰Ä¬ ¯ ÁjÍÖÁ™ w?ÄjÇ jÄj P ÄjÍ.?a® ÍjÄÍ ¯Ç

ÁjÍÖÁ™ ÍÁÖjÇ Q

Q ¬ÖM‰W ܝ‰a ㉙Äj™®¯ P ‰w® ~jÍ.?a®¯ ‘ å±å ¯ P

ÊÊ ™ÖÁ .ã‰™Äj™

ÄjÍ.?a® ~jÍ.?a®¯J®¤ ´ ĝ=‰™Ä¯ ¯Ç Q Q

"

ETaTaQd]V

!!&

¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P W†jW®¯Ç .ÍÁ‰™~ a?Íj™ s ¹‰Á™Ía?Íj™]N™¹Ç a?Íj™ ´s ¹‰Á™Í™Ö””jÁ s ¹ ´ ~j͝™Í!Á®¯ ´ ¹N™¹Ç a?Íj™ ´s ¹™†?MjÁ s ¹ ´ ~jÍ!?”j®¯ ´ ¹N™¹Ç a?Íj™ ´s ¹ ‰Ä¬ s ¹ ´ a‰Ä¬ ´ ¹N™¹Ç a?Íj™ ´s ¹™ÍÄÍ?™a s ¹ ´ #±ÁÖ™a® ~jÍ.?a®¯^Ô ¯ ´ ¹N™¹Ç a?Íj™ ´s ¹.ã‰™ÄÄ?Íã s ¹ ´ ĝ=‰™Ä ´ ¹N™¹Ç a?Íj™ ´s ¹5MjÁã~j™ s ¹ ´ ÖjMjÁã~j™ ´ ¹N™¹Ç a?Íj™ ´s ¹W†ÄÍ?™a s ¹ ´ ã֝W† ´ ¹N™¹Ç ÁjÍÖÁ™ a?Íj™Ç Q ¬Á‰Ü?Íj ܝ‰a W†jW®¯ P ÖjMjÁã~j™ s ® ~jÍ.?a®¯ ‘ å±å ¯Ç ã֝W† s ® ~jÍ.?a®¯  ¤ååå±å ¯Ç Q Q W?ÄÄ .¬?Á™Í jÞÍj™aÄ ™Í P ¬Á‰Ü?Íj aÖMj ㉙Ä.?ÍãÇ ¬Á‰Ü?Íj ÄÍ?͉W ‰™Í ã?j†jÁ.¬?Á s åÇ .¬?Á™Í®.ÍÁ‰™~ ™^ aÖMj Äa^ aÖMj ãį P ÄÖ¬jÁ® ™^ ã?j†jÁ.¬?Á´Ôåå^ Äa ¯Ç ã?j†jÁ.¬?Á´´Ç

㉙Ä.?Íã s ãÄÇ

Q ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯ P aÖMj ÍjÄÍ s ~jÍ.?a®¯ ˆ

?͆±?MÄ®MjÍÁ?~¯Ç

‰w ®ÍjÄÍ ‘ å±å ¯ ÁjÍÖÁ™ w?ÄjÇ jÄj P ÄjÍ.?a® ÍjÄÍ ¯Ç

ÁjÍÖÁ™ ÍÁÖjÇ Q

Q ¬ÖM‰W ܝ‰a ㉙Äj™®¯ P ÄjÍ.?a® ~jÍ.?a®¯J®¤´ã‰™Ä.?Í㯠¯Ç Q ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P .ÍÁ‰™~ a?Íj™ s ¹.¬?Á™Ía?Íj™]N™¹Ç a?Íj™ ´s ¹.¬?Á™Í™Ö””jÁ s ¹ ´ ~j͝™Í!Á®¯ ´ ¹N™¹Ç a?Íj™ ´s ¹™†?MjÁ s ¹ ´ ~jÍ!?”j®¯ ´ ¹N™¹Ç a?Íj™ ´s ¹™ÍÄÍ?™a s ¹ ´ #±ÁÖ™a® ~jÍ.?a®¯^ Ô¯ ´ ¹N™¹Ç a?Íj™ ´s ¹=‰™Ä?Íã s ¹ ´ ㉙Ä.?Íã ´ ¹N™¹Ç ÁjÍÖÁ™ a?Íj™Ç Q Q

!!'

"

ETaTaQd]V

W?ÄÄ jÄÍ㉙͝ jÞÍj™aÄ .¬?Á™Í P ¬Á‰Ü?Íj ‰™Í ?Öwãj‰ÍÇ

¬Á‰Ü?Íj ‰™Í ?M~j?Öwj™j=j‰ÍÇ

jÄÍ㉙͝® .ÍÁ‰™~ ™^ aÖMj Äa^ aÖMj ãÄ^ ‰™Í ã ¯ P ÄÖ¬jÁ® ™^ Äa^ ãÄ ¯Ç ?Öwãj‰Í s

?͆±?MÄ®ã¯Ç

?M~j?Öwj™j=j‰Í s åÇ

Q ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯ P ‰w® ?Öwãj‰Í  ?M~j?Öwj™j=j‰Í ¯ ÁjÍÖÁ™ w?ÄjÇ ÁjÍÖÁ™ ÄÖ¬jÁ±?M†jMj™® MjÍÁ?~ ¯Ç Q ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P .ÍÁ‰™~ a?Íj™ s ÄÖ¬jÁ±Í.ÍÁ‰™~®¯Ç a?Íj™ ´s ¹jÄ?”͐?Öwãj‰Í s ¹ ´ ?Öwãj‰Í ´ ¹N™¹Ç a?Íj™ ´s ¹
™?~ja?ÖjÁ s ¹ ´ ?M~j?Öwj™j=j‰Í ´ ¹N™¹Ç ÁjÍÖÁ™ a?Íj™Ç Q ¬ÖM‰W ܝ‰a ㉙Äj™®¯ P ÄÖ¬jÁ±ã‰™Äj™®¯Ç

?M~j?Öwj™j=j‰Í´´Ç Q

Q W?ÄÄ ?™ P ÊJ p JÊ Q

7\ RS` OcaTºV`PO`S\ 9ZOaaS ?™ a]ZZS\ ;SbV]RS\ hc` W\bS`OYbWdS\ ;O\W^cZObW]\ RS` eTabRWXTST]T] 9]\b]ch_T] hc` DS`TºUc\U abSVS\ HcRS[ [rQVbS\ eW` RWS eTabRWXT ST]T] Ch_T] W\ TX]T\ =PXSYbO``Og a^SWQVS`\ 2WSa eW`Tb a]T]`b SW\ >`]PZS[ OcT( 4º` fT[RWT] Ch_ RSYZO`WS`S\ eW` ;SbV]RS\ Phe /``Og- ;ºaaS\ Tº` YTST] 9]\b]bg^ TXVT]T ;SbV]RS\ c\R SW\ bT_TaPcTb /``Og O\USZSUb eS`RS\- 2WS :rac\U RSa >`]PZS[a VSWzb ?^[h\^a_WXT c\R RS[]\ab`WS`b RWS ;ÉQVbWU YSWb RS` DS`S`Pc\UabSQV\WY ;WbbSZa RSa W[ \ÉQVabS\ 9O^WbSZ PSa^`]QVS\S\ >]Zg []`^VWS9]\hS^ba eS`RS\ eW` RWS 9]\bS\dS`eOZbc\U hc SW\S[ OPZOcTTÉVWUS\ >`] U`O[[ OcaPOcS\



6UR_SUXVNOK

2S` Oca RS[ 5`WSQVWaQVS\ abO[[S\RS 0SU`WTT ?^[h\^a_WXT PSRScbSb EXT[VTbcP[cXVZTXc 7[ 9]\bSfb ]PXSYb]`WS\bWS`bS` >`]U`O[[WS`c\U eW`R RORc`QV OcaUSR`ºQYb ROaa SW\ c\R RWSaSZPS 1]RW\Uab`SQYS h0 ;SbV]RS [Wb =PXSYbS\ eTabRWXTST]Ta 9ZOaaS\ O` PSWbS\ YO\\ ’ c\R ROPSW c\bS`aQVWSRZWQVSa ’ eXT[VTbcP[cXVTb ’ DS`VOZbS\ hSWUb >]Zg []`^VWS Wab SW\ O\a^`cQVad]ZZSa c\R W\ RS` OYbcSZZS\ A]TbeO`SbSQV\WY OcQV Rc`QVOca Y]\b`]dS`a RWaYcbWS`bSa BVS[O EW` TºV`S\ >]Zg[]`^VWS OcT 0OaWa RS` 9ZOaaS\dS`S` Pc\U SW\ PSZScQVbS\ OPS` OcQV WV`S ]Tb d]`bSWZVOTbS`S @SOZWaObW]\ [WbbSZa 7\bS`TOQSa



:_VQUSVGZOHOROZoZ OT 1RGYYKTNOKXGXINOKT



9ULZ]GXKZKINTOYINKX 4[Z`KT JKX
EW` VOPS\ DS`S`Pc\U PWaZO\U hc` EWSRS`dS`eS\Rc\U USS`PbS\ 1]RSa c\R Ab`cYbc `WS`c\U SW\USaSbhb AQV`SWPS`a^O`\Wa  ÍPS`aWQVbZWQVYSWb `]U`O[[ ROa [Wb =PXSYbS\ SW\S` =PS`YZOaaS O`PSWbSb YO\\ OcQV [Wb =PXSYbS\ WV`S` C\bS`YZOaaS c[USVS\ >`]U`O[[S ZOcTS\ OcQV [Wb =PXSYbS\ RS` a^ShWOZWaWS`bS\ C\bS`YZOaaS\ ]V\S USÉ\RS`b eS`RS\ hc [ºaaS\ 2WSa YZW\Ub [][S\bO\ \]QV `SQVb OPab`OYb AQV`Wbb Tº` AQV`Wbb eS`RS\ eW` RWS \WQVb b`WdWOZS\ HcaO[[S\VÉ\US S\beWQYSZ\



+OTYZOKM OT 6UR_SUXVNOK kHKXYINXKOHKT \UT 3KZNUJKT

/ZZS ^`]U`O[[bSQV\WaQVS\ c\R aS[ObWaQVS\ 5`c\RZOUS\ d]\ >]Zg[]`^VWS VOPS\ eW` aQV]\ W[ 9O^WbSZ ºPS` DS`S`Pc\U YS\\S\USZS`\b EW` U`SWTS\ OcT ROa R]`bWUS 9]\b]bg^S\0SWa^WSZ hc`ºQY dS`SW\TOQVS\ XSR]QV ROa 1]RW\U RS` 9ZOaaS\ ™Í ‰Á™Í .¬?Á™Í c\R jÄÍ㉙͝ 2WS =PS`YZOaaS ™Í Wab SW\ab eSWZS\ ]XRWc OPab`OYb OZZS ;SbV]RS\ aW\R abO`Y dS`SW\TOQVb 7\ /PPWZRc\U " aW\R ROa hcUSVr`WUS 9ZOaaS\ c\R ;S\US\RWOU`O[[ RO`USabSZZb 2ScbZWQV eW`R RWS bT\P]cXbRWT 8bc4X]0ShWSVc\U heWaQVS\ C\bS` c\R =PS`YZOaaS\( 8SRSa C\bS`YZOaaS\=PXSYb Wab hcUZSWQV SW\ a^ShWOZWaWS`bS` @S^`ÉaS\bO\b aSW\S` =PS` YZOaaS\ c\R YO\\ RWSaS bT\P]cXbRW eTacaTcT]( 8SRSa 4SabhW\aY]\b] Wab OcQV SW\ a^S hWSZZSa A^O`Y]\b] XSRSa A^O`Y]\b] c\R XSRSa 5W`]Y]\b] OcQV SW\ a^ShWSZZSa 9]\b] W?ÄÄ ™Í P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ

¬ÖM‰W aÖMj Ä?aÇ

¬ÖM‰W ™Í® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç

Ä?a s å±åÇ Q

¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P

!"

#

?^[h\^a_WXT

Ä?a s Ä?a ´ MjÍÁ?~Ç Q ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~¯ P Ä?a s Ä?a r MjÍÁ?~Ç

#±ÝÁ‰Íj™® ¹
M†jMj™ ™Í¹ ¯Ç

Q Q W?ÄÄ ‰Á jÞÍj™aÄ ™Í P ¬Á‰Ü?Íj aÖMj a‰Ä¬Ç ¬ÖM‰W ‰Á® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç

Ä?a s å±åÇ

a‰Ä¬ s ˆ¤ååå±åÇ

Q :^]c^ ^cPZWQ ^cPZWQ ^cPZWQ ^cPZWQ ^cPZWQ

Ab`W\U \O[S R]cPZS aOZR] 9]\b] Ab`W\U \ R]cPZS aR  d]WR SW\hOVZS\ R]cPZS PSb`OU  d]WR PQWTQT] R]cPZS PSb`OU 

=PS`YZOaaS Ac^S`bg^S

B_Pa

6Xa^

^`WdObS R]cPZS hW\aAObh ^cPZWQ A^O` Ab`W\U \  ^cPZWQ d]WR PQWTQT] R]cPZS PSb`OU  ^cPZWQ d]WR aSbHW\aaObh R]cPZS ha 

^`WdObS R]cPZS RWa^] ^cPZWQ 5W`] Ab`W\U \  ^cPZWQ d]WR PQWTQT] R]cPZS PSb`OU 

C\bS`YZOaaS\ AcPbg^Sa AS[ObWaQV( 8bc4X] BSQV\WaQV( 8bc ch_Z^\_PcXQT[ id

5Tbc ^`WdObS W\b ZOcThSWb ^cPZWQ 4Sab Ab`W\U \  ^cPZWQ d]WR PQWTQT] ^cPZWQ d]WR aSb:OcThSWb W\b Zh 

:^]c^ 6Xa^Z^]c^

5TbciX]bZ^]c^

B_PaZ^]c^

0QQ # ) 9ZOaaS\ c\R ;S\US\RWOU`O[[ Bg^BSWZ[S\US\0ShWSVc\US\

#

?^[h\^a_WXT

!"

¬ÖM‰W ܝ‰a ?M†jMj™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a r MjÍÁ?~Ç

#±ÝÁ‰Íj™® ¹
M†jMj™ ‰Á¹ ¯Ç

Q W?ÄÄ .¬?Á™Í jÞÍj™aÄ ™Í P ¬Á‰Ü?Íj aÖMj ㉙Ä.?ÍãÇ .¬?Á™Í® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç

㉙Ä.?Íã s å±åÏÇ Q

¬ÖM‰W ܝ‰a ?M†jMj™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a r MjÍÁ?~Ç

#±ÝÁ‰Íj™® ¹
M†jMj™ .¬?Á™Í¹ ¯Ç

Q ¬ÖM‰W ܝ‰a ÄjÍ=‰™ÄÄ?Íã® aÖMj ãÄ ¯ P ㉙Ä.?Íã s ãÄÇ Q Q W?ÄÄ jÄÍ㉙͝ jÞÍj™aÄ .¬?Á™Í P ¬Á‰Ü?Íj ‰™Í ?Öwãj‰ÍÇ jÄÍ㉙͝® .ÍÁ‰™~ ™ ¯ P ™?”j s ™Ç

Ä?a s å±åÇ

?Öwãj‰Í s ÏÇ

ÄjÍ=‰™ÄÄ?Íã® å±åy ¯Ç Q ¬ÖM‰W ܝ‰a ?M†jMj™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a r MjÍÁ?~Ç

#±ÝÁ‰Íj™® ¹
M†jMj™ jÄ͏™Í¹ ¯Ç

Q ¬ÖM‰W ܝ‰a ÄjÍ?Öwãj‰Í® ‰™Í ã ¯ P ?Öwãj‰Í s ãÇ Q Q

>]Zg[]`^VWS VOPS\ eW` PS`SWba PSW[ ÍPS`aQV`SWPS\ USS`PbS` ;SbV]RS\ USab`SWTb( /cT`cTS ]P\T]bV[TXRWTa OPS` c\bS`aQVWSRZWQV ¶QTabRWaXTQT]Ta ;SbV]RS\ SW\S` 9ZOa aS\DS`S`Pc\UaVWS`O`QVWS `cTS\ eTabRWXTST]Tb DS`VOZbS\ VS`d]` 7[ 1]RS0SWa^WSZ S`PS\ OZZS 9ZOaaS\ RWS ;SbV]RS ?M†jMj™®¯ d]\ RS` =PS`YZOaaS ™Í ºPS` aQV`SWPS\ aWS XSR]QV a^ShWTWaQV A] ZWSTS`b RS` /cT`cT RS` ;SbV]RS ?M†jMj™®¯ XS \OQV =PXSYbbg^ c\bS`aQVWSRZWQVSa DS`VOZbS\( /cT`cT RS` ;SbV]RS ?M†jMj™®¯ SW\Sa ‰Á™Í=PXSYba hSWUb SW\ O\RS`Sa DS`VOZbS\ OZa RS` /cT`cT RWSaS` ;SbV]RS SW\Sa jÄÍ㉙͝=PXSYba 2WS ;SbV]RS ?M†jMj™®¯ dS`VÉZb aWQV dWSZUSabOZbWU 2OUSUS\ TºV`b RS` /cT`cT RS` \WQVbºPS`aQV`WSPS\S\ USS`PbS\ ;SbV]RS j‰™ã?†ˆ j™®¯ abSba hc[ /cT`cT RSa 1]RW\Ua RS` =PS`YZOaaS ™Í 2Oaa aWQV RO`Oca \ScS ;rUZWQVYSWbS\ RS` >`]U`O[[WS`c\U S`USPS\ eW`R RScbZWQV W\RS[ eW` SW\ eSWbS`Sa bSQV\WaQVS\ >`W\hW^ c\bS`acQVS\



:_VQUSVGZOHOROZoZ `]OYINKT ;TZKX [TJ 5HKXQRGYYKT5HPKQZ\GXOGHRKT

2WS bT\P]cXbRWT 8bc4X]0ShWSVc\U heWaQVS\ C\bS`YZOaaS\ c\R =PS`YZOaaS\ =PXSYbS\ SW\S` DS`S`Pc\UaVWS`OQVWS eW`R W\ ]PXSYb]`WS\bWS`bS\ A^`OQVS\ OcQV cTRW ]XbRW c[USaSbhb(

!"!

#

?^[h\^a_WXT

D]cTaZ[PbbT]>QYTZcT Phe @STS`S\hS\ OcT C\bS`YZOaaS\=PXSYbS aW\R ch_Z^\_P cXQT[ hc >QTaZ[PbbT]>QYTZcT] Phe @STS`S\hS\ OcT =PS`YZOaaS\=PXSYbS A][Wb Wab RWSa SW\S hcZÉaaWUS HceSWac\U( ‰Á™Í ~ s ™jÝ ‰Á™Í® ™Í  s ~Ç

¹ j‰jÁ¹ ¯Ç

ÊÊ ÁÁjÍu 2¬W?ÄÍ ”‰Í ‰”¬‰ã‰ÍjÁ 0߬?™¬?ÄÄ֙~

8SRSa 5W`]Y]\b] Wab OcQV SW\ 9]\b] 2S` =PXSYbdO`WOPZS\  d][ =PS`YZOaaS\Bg^ ™Í RO`T a][Wb ]V\S Sf^ZWhWbS[ 1Oab SW\S =PXSYbdO`WOPZS U d][ C\bS`YZOaaS\Bg^ ‰Á™Í hcUSeWSaS\ eS`RS\ 0SWRS =PXSYbdO`WOPZS\ `STS`S\hWS`S\ \c\ ROaaSZPS ‰Á™Í=PXSYb 0WaZO\U VOPS\ eW` X\_[XiXcT c\R Tg_[XiXcT Bg^c[eO\RZc\US\ \c` PSW ^`W[WbWdS\ 2O bS\bg^S\ YS\\S\USZS`\b 8OdO OQVbSb ab`S\U OcT Bg^Y][^ObWPWZbÉb PSW HceSWac\US\ A] eW`R RWS HceSWac\U( aÖMj Þ s ϱÏÏÇ

‰™Í ß s ÞÇ

ÊÊ j†jÁu

d][ 1][^WZS` \WQVb OYhS^bWS`b 2WS Bg^c[eO\RZc\U YO\\ Tg_[XiXc [WbbSZa 1Oab =^S`Ob]` ßs®‰™Í¯ÞÇ S`hec\US\ eS`RS\ TºV`b XSR]QV hc[ DS`Zcab RS`
aÖMj ß s ÞÇ

ÊÊ # r ?ÖW† †™j ?Ä͝¬jÁ?͝Áu

8OdO TºV`b ROPSW SW\S Ocb][ObWaQVS X\_[XiXcT Bg^c[eO\RZc\U Oca ^W]T ROaa RS` 1Oab]^S`Ob]` O\USeO\Rb eS`RS\ [caa 2WSaS :]UWY c\R ;SQVO\Wa[S\ U`SWTS\ PdRW QTX >QYTZcaTUTaT]iT]( /cQV OcT @STS `S\hbg^S\ =PXSYbdO`WOPZS\ YO\\ RS` 2Pbc>_TaPc^a [Wb UZSWQVS` Ag\bOf O\USeO\Rb eS`RS\ 2S` 9ZOaaS\bg^ hc RS[ USQOabSb eW`R eW`R W\ `c\RS\ 9ZO[[S`\ SW\US aQVZ]aaS\ RS` hc QOabS\RS\ =PXSYbdO`WOPZS d]`O\USabSZZb A] VÉbbS\ eW` ]PWUSa 0SW a^WSZ OcQV OcaTºV`ZWQV [Wb 1Oab=^S`Ob]` aQV`SWPS\ Yr\\S\( ™Í  s ®™Í¯ ~Ç

EWS PSW ^`W[WbWdS\ 2ObS\bg^S\ aW\R OcQV PSW @STS`S\hbg^S\ dS`aQVWSRS\S 4ÉZZS PS hºUZWQV Bg^Y][^ObWPWZWbÉb c\R /\eS\Rc\U RSa 1Oab=^S`Ob]`a hc c\bS`aQVSWRS\( D_RPbc bPUT RPbc ’ USZW\Ub W[[S`( 0SW HceSWac\U SW\S` C\bS`YZOaaS\`STS`S\h O\ SW\S =PS`YZOaaS\=PXSYbdO`WOPZS TW\RSb SW\S Pdc^\PcXbRWT X\_[XiXcT Ch_d\fP]S[d]V abObb 7\ RWSaS[ 4OZZ eW`R SW\S` =PXSYbdO`WOPZS\ Oca VrVS`S` AbcTS RS` 9ZOaaS\VWS`O QVWS SW\S C\bS`YZOaaS\`STS`S\h hcUSeWSaS\ /PP " O ;O\ a^`WQVb d]\ SW\S[ D_RPbc 2WS Bg^c[eO\RZc\U PSeSUb aWQV W\ RS` DS`S`Pc\UaVWS`QVWS \OQV ]PS\ ‰Á™Í ~¤ s ™jÝ ‰Á™Í® ™Í ¤ s ~¤Ç

¹ j‰jÁ¹ ¯Ç

™Í Ô s ™jÝ ‰Á™Í® ¹ÖMjÁ¹ ¯Ç

ÊÊ 2¬W?ÄÍ

3W\ C^QOab Wab c\^`]PZS[ObWaQV c\R USZW\Ub W[[S`( 8SRSa ‰Á™Í Wab OcQV SW\ 9]\b] a] ROaa SW\ ‰Á™Í=PXSYb abSba SW\S` =PS`YZOaaS\=PXSYbdO`WOPZS d][ Bg^ ™Í hcUSeWSaS\ eS`RS\ YO\\ 2S\ =PXSYbdO`WOPZS\ ¤ c\R Ô d][ Bg^ ™Í eW`R SW\ `SWQVVOZbWUS`Sa C\bS`YZOaaS\]PXSYb d][ Bg^ ‰Á™Í hcUSeWS aS\ 2WSaSa S\bVÉZb RO\Y DS`S`Pc\U OZZSa eOa SW\ 9]\b] Oca[OQVb S`eSWbS`b Rc`QV 5W`]Y]\b]a^ShWTWaQVS /bb`WPcbS c\R ;SbV]RS\

#

?^[h\^a_WXT

!""

0WZRZWQV USa^`]QVS\( EW` ZWSTS`\ [Wb RS\ hcUSeWSaS\S\ ‰Á™Í=PXSYbS\ [SV` OZa \rbWU XSRS\TOZZa \WQVb hceS\WU c[ RWS RSYZO`WS`bS\ 9]\b] =PXSYbdO`WOPZS\ ¤ c\R Ô Y]``SYb hc W\WbWOZWaWS`S\ 2S` 1][^WZS` PSY][[b [SV` OZa PS\rbWUb c\R Wab hcT`WSRS\ 2c`QV ESUZOaaS\ YO\\ [O\ Oca SW\S[ 5W`]Y]\b] SW\ PZ]zSa 9]\b] [OQVS\ 2S` Sf^ZWhWbS 3W\aObh RSa 1Oab=^S`Ob]`a Wab ]XRWc \rbWU RWS HceSWac\U Wab abSba Y]` `SYb c\R ^OaaWS`b RWS Bg^^`ºTc\U RSa 1][^WZS`a V 6Xa^Z^]c^

6Xa^Z^]c^

O

;SWS`

Z

Z!

C^QOab

Z"

b

C^QOab

Z# B_PaZ^]c^

P

6cPS`

:^]c^

Q

AQV[WRb

B!

2]e\QOab

4WaQVS` 2]e\QOab

0QQ #!) C^QOab aOTS QOab c\R 2]e\QOab c\aOTS QOab 3^f]RPbc d]bPUT RPbc ’ USZW\Ub [O\QV[OZ( 3W\S Tg_[XiXcT Bg^c[eO\RZc\U [WbbSZa 2Pbc>_TaPc^a Wab S`T]`RS`ZWQV eS\\ SW\S` C\bS`YZOaaS\=PXSYbdO`WOPZS\ SW\S =PS` YZOaaS\@STS`S\h hcUSeWSaS\ eW`R /PP " P ;O\ a^`WQVb d]\ SW\S[ 3^f]RPbc 2WS Bg^c[eO\RZc\U PSeSUb aWQV W\ RS` DS`S`Pc\UaVWS`QVWS \OQV c\bS\ =V\S 1Oab=^S`Ob]` OYhS^bWS`b RS` 1][^WZS` RWS HceSWac\US\ \WQVb( ™Í Ï s ™jÝ .¬?Á™Í®

¹.W†”‰a͹ ¯Ç

ÊÊ 2¬W?ÄÍ r 

ÊÊ Ý™W?ÄÍ †™j ?Ä͈#¬jÁ?͝Á r ”¬‰jÁwj†jÁ] ÊÊ 0߬j ”‰Ä”?ÍW†] W?™™Í W™ÜjÁÍ wÁ” ™Í ͝ .¬?Á™Í .¬?Á™Í Ĥ s ÏÇ

3`ab RS` 1Oab=^S`Ob]` S`heW\Ub RWS HceSWac\U( ÊÊ Þ¬‰ã‰ÍjÁ Ý™W?ÄÍ r Á‰Í‰ÄW†^ ݉Áa ?MjÁ ?ãj¬Í‰jÁÍ] .¬?Á™Í Ĥ s ®.¬?Á™Í¯ÏÇ

2WSaS` a^ShWSZZS 2]e\QOab USZW\Ub hc` :OcThSWb( 2WS =PXSYbdO`WOPZS Ï hSWUb X] SXT bT\ b_TiXT[[T] 5P[[ OcT SW\ .¬?Á™Í=PXSYb a] ROaa RS` Sf^ZWhWbS 1Oab hc`ºQY hc[ Bg^ .¬?Á™Í hc` :OcThSWb bg^Y]\T]`[ Rc`QVUSTºV`b eS`RS\ YO\\ 0WZRZWQV USa^`]QVS\( EW` ZWSTS`\ RO\Y RS` a^ShWSZZS\ D]`USaQVWQVbS RS` =PXSYbdO`WO PZS\ Ï Bg^ ™Í `STS`S\hWS`b OPS` .¬?Á™Í=PXSYb US\cU hc[W\RSab \WQVb hceS\WU c[ RWS RSYZO`WS`bS .¬?Á™Í=PXSYbdO`WOPZS Ĥ Y]``SYb hc W\ WbWOZWaWS`S\ 2S` 1][^WZS` PSY][[b W\ RWSaS[ a^ShWSZZS\ 4OZZ US`ORS US\cU Wab a] [Wb hcT`WSRS\ ’ c\R hc` :OcThSWb YO\\ RS` 1Oab bObaÉQVZWQV `SOZWaWS`b eS`RS\

!"#

#

?^[h\^a_WXT

3^f]RPbc d]bPUT RPbc ’ USZW\Ub ]Tb \WQVb( 2S` 2]e\QOab Wab XSR]QV W/ _a^Q[T\P cXbRW c\R TSVZS`O\TÉZZWU /PP " Q Hc` 1][^WZShSWb YO\\ RS` 2]e\QOab Rc`QV 1Oab=^S`Ob]` heO` S`hec\US\ eS`RS\ YO\\ XSR]QV hc` :OcThSWb hc SW\S` ?ÄĈ

?ÄÍ ÞWj¬Í‰™ TºV`S\( ™Í | s ™jÝ ™Í® ¹‰ÄW†jÁ¹ ¯Ç .¬?Á™Í .Ô s ®.¬?Á™Í¯|Ç

ÊÊ Þ¬± Ý™W?ÄÍ r ?ãj¬Í‰jÁÍu

2S` 1][^WZS` [caa RWS HceSWac\U OYhS^bWS`S\ XSR]QV Y][[b Sa hc` :OcThSWb hc[ /PP`cQV 2O RWS =PXSYbdO`WOPZS Y" \WQVb OcT SW\ A^O`Y]\b]=PXSYb dS`eSWab a]\RS`\ \c` OcT SW\ 9]\b]=PXSYb YO\\ hc` :OcThSWb OcQV Rc`QV 1OabS\ RO`Oca YSW\ A^O`Y]\ b]=PXSYb VS`d]`UShOcPS`b eS`RS\ c\R Sa Y][[b hc[ >`]U`O[[OPP`cQV 0WZRZWQV 5Sa^`]QVS\( EW` ZWSTS`\ [Wb RS[ hcUSeWSaS\S\ ™Í=PXSYb eS\WUS` OZa \rbWU c[ RWS RSYZO`WS`bS A^O`Y]\b]=PXSYbdO`WOPZS a Y]``SYb hc W\WbWOZWaWS`S\ 2S` 1][^WZS` YO\\ heO` Rc`QV Sf^ZWhWbS\ 1Oab UShec\US\ eS`RS\ RWSa hc OYhS^bWS`S\ XSR]QV Wab RWS HceSWac\U \WQVb bg^Y]\T]`[ a] ROaa SW\ :OcThSWbTSVZS` `SacZbWS`b /ca SW\S[ PZ]zS\ 9]\b] YO\\ [O\ YSW\ 5W`]Y]\b] [OQVS\ ’ Sa TSVZb SbeOa /cQV aS[O\bWaQV Wab dS`abÉ\RZWQV ROaa RS` 2]e\QOab bSQV\WaQV ^`]PZS[ObWaQV Wab( 8S RSa A^O`Y]\b] Wab OcQV SW\ 9]\b] C^QOabTÉVWU OPS` \WQVb XSRSa 9]\b] Wab SW\ A^O` Y]\b] 2]e\QOab YO\\ aQVSWbS`\ 2S` D_RPbc Wab abSba d]_a^Q[T\PcXbRW c\R eW`R X\_[XiXc OcQV ^W]T 1Oab =^S`Ob]` Rc`QVUSTºV`b( 8SRSa C\bS`YZOaaS\=PXSYb YO\\ SW\S` =PS`YZOaaS\ @STS`S\h hcUSeWSaS\ eS`RS\ 2S` 3^f]RPbc Wab ^`W\hW^WSZZ _a^Q[T\PcXbRW [caa Rc`QV 1Oab=^S`Ob]` Tg_[XiXc S`hec\US\ eS`RS\ c\R YO\\ hc :OcThSWb TSVZS`\ TºV`S\( <WQVb XSRS =PS`YZOaaS\=PXSYbdO`WOPZS `STS`S\hWS`b SW\ ^OaaS\ RSa C\bS`YZOaaS\=PXSYb



:_VVX„L[TM `[X 2G[L`KOZ SOZZKRY ‰™ÄÍ?™Wjw 5VKXGZUX

2O RS` 2]e\QOab W[ 5SUS\aObh hc[ C^QOab hc` :OcThSWb SW\S Y`WbWaQVS =^S`ObW]\ Wab Wab abSba T`OUZWQV ]P SW\ 2]e\QOab Y]``SYb Wab 3W\S =PXSYbdO`WOPZS YO\\ eÉV`S\R RSa >`]U`O[[ZOcTa OcT dS`aQVWSRS\S =PXSYbS dS`eSWaS\ ’ XS \OQV Y]\Y`SbS` D]`US aQVWQVbS YO\\ SW\ 2]e\QOab Tc\YbW]\WS`S\ ]RS` \WQVb 2S` 1][^WZS` YO\\ RWSa \WQVb TSababSZZS\ RO S` PSW[ 2]e\QOab Rc`QV Sf^ZWhWbS\ 1Oab ºPS`abW[[b eW`R C[ :OcThSWbTSVZS` RS\\]QV hc dS`[SWRS\ abSZZb 8OdO RS\ ‰™ÄÍ?™Wjw=^S`Ob]` hc` DS`TºUc\U( ;Wb RWSaS[ A^`OQVSZS[S\b YO\\ ida ;PdUiTXc US^`ºTb eS`RS\ ]P SW\S =PXSYbdO`WOPZS OcT SW\ =PXSYb SW\Sa PSabW[[bS\ Bg^a dS`eSWab( W?ÄÄ ™ÄÍ?™ã0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ™Í ¤^ ÔÇ

.¬?Á™Í ĤÇ

™Í  s ™jÝ ™Í® ¹ j‰jÁ¹ ¯Ç .¬?Á™Í Ä s ™jÝ .¬?Á™Í® ¹‰ÄW†jÁ¹ ¯Ç ¤ s Ç

Ô s ÄÇ

ÊÊ 2¬W?ÄÍ

‰w® ¤ ‰™ÄÍ?™Wjw .¬?Á™Í ¯P Ĥ s ®.¬?Á™Í¯¤Ç

ÊÊ ‰jwjÁÍ w?Äj

ÊÊ Ý™W?ÄÍ

#

?^[h\^a_WXT

!"$

Ĥ±ÄjÍ=‰™ÄÄ?Íã® å±å| ¯Ç Q ‰w® Ô ‰™ÄÍ?™Wjw .¬?Á™Í ¯P Ĥ s ®.¬?Á™Í¯ÔÇ

ÊÊ ‰jwjÁÍ ÍÁÖj

ÊÊ Ý™W?ÄÍ

Ĥ±ÄjÍ=‰™ÄÄ?Íã® å±å| ¯Ç Q Q Q

HSWUb RWS =PXSYbdO`WOPZS ¤ Phe Ô hc` :OcTbhSWb OcT SW\ A^O`Y]\b]=PXSYb a] ZWS TS`b RWS :OcThSWbBg^^`ºTc\U [Wb ‰™ÄÍ?™Wjw .¬?Á™Í RS\ ES`b ÍÁÖj RS` ‰wHeSWU eW`R PSb`SbS\ c\R RS` 2]e\QOab UZºQYb /\RS`\TOZZa ZWSTS`b RWS Bg^^`ºTc\U w?Äj RS` 2]e\QOab eW`R \WQVb dS`acQVb c\R Sa eW`R YSW\ :OcThSWbTSVZS` OcaUSZrab =TTS\aWQVbZWQV Yr\\S\ =PXSYbdO`WOPZS\ hc` ;PdUiTXc OcT =PXSYbS eTabRWXTST]T] Ch_b hSWUS\ 2S` Bg^ [Wb RS[ SW\S =PXSYbdO`WOPZS RSYZO`WS`b ec`RS ZSUb a][Wb \]QV \WQVb TSab OcT eSZQVS\ Bg^ d]\ C\bS`YZOaaS\ =PXSYb aWS hc` :OcThSWb OYbcSZZ hSWUb



9VoZK (OTJ[TM [TJ J_TGSOYINKX :_V



9ZGZOYINKX [TJ J_TGSOYINKX :_V

Hc` :OcThSWb YO\\ SW\S =PS`YZOaaS\=PXSYbdO`WOPZS =PXSYbS c\bS`aQVWSRZWQVS` C\bS` YZOaaS\=PXSYbS `STS`S\hWS`S\ EW` c\bS`aQVSWRS\ RSaVOZP RS\ bcPcXbRWT] c\R Sh]P \XbRWT] Bg^ SW\S` =PXSYbdO`WOPZS\( BcPcXbRWTa Ch_) 2WSa Wab RS` 9ZOaaS\bg^ [Wb RS[ SW\S =PXSYbdO`WOPZS STZ[PaXTac eW`R c\R abSVb a][Wb aQV]\ hc` 2^\_X[TiTXc TSab 2S` abObWaQVS Bg^ SW\S` =PXSYbdO`WOPZS\ PSabW[[b eSZQVS ;SbV]RS\ c\R /bb`WPcbS SW\Sa `STS`S\hWS`bS\ =PXSYba ºPS` RWSaS =PXSYbdO`WOPZS ¶QTaWPd_c P]b_aTRWQPa aW\R
ÊÊ .Í?͉ÄW†jÁ 0߬] ™Í

ÊÊ ß™?”‰ÄW†jÁ 0߬ ܝ™ ¤ ݉Áa] .¬?Á™Í ¤ s ™jÝ .¬?Á™Í® ¹ÖMjÁ¹ ¯Ç

ÊÊ 2¬W?ÄÍ

!"%

#

?^[h\^a_WXT

ÊÊ ß™?”‰ÄW†jÁ 0߬ ܝ™ Ô ݉Áa] jÄÍ㉙͝ Ô s ™jÝ jÄÍ㉙͝® ¹‰ÄW†jÁ¹ ¯Ç

ÊÊ 2¬W?ÄÍ

ÊÊ

j͆aj™?ÖwÁÖwj ~j”C aߙ?”‰ÄW†j” 0߬

ÊÊ

j͆aj ?M†jMj™®¯ ܝ™ .¬?Á™Í ݉Áa ?Öw~jÁÖwj™]

¤±?M†jMj™® Ïå±å ¯Ç ÊÊ

j͆aj ?M†jMj™®¯ ܝ™ jÄÍ㉙͝ ݉Áa ?Öw~jÁÖwj™]

Ô±?M†jMj™® Èå±å ¯Ç ÊÊ j†jÁ ˆ ݉ajÁĬÁ‰W†Í ÄÍ?͉ÄW†j” 0߬ ܝ™ ¤^ Ô] ¤±ÄjÍ=‰™ÄÄ?Íã® å±åÔ ¯Ç

ÊÊ ”¬‰jÁwj†jÁu

Ô±ÄjÍ?Öwãj‰Í® ¤å ¯Ç

ÊÊ ”¬‰jÁwj†jÁu

Q Q

2WS =PXSYbdO`WOPZS\ ¤ c\R Ô VOPS\ PSWRS RS\ abObWaQVS\ Bg^ ™Í A][Wb Rº` TS\ ºPS` RWS =PXSYbdO`WOPZS\ ¤ c\R Ô hc` :OcThSWb abSba ]da RWSXS\WUS\ rTTS\bZW QVS\ ;SbV]RS\ c\R /bb`WPcbS O\USa^`]QVS\ eS`RS\ RWS aQV]\ W\ RS` 9ZOaaS ™Í O\USZSUb aW\R 2c`QV HceSWac\U d]\ =PXSYbS\ d][ Bg^ .¬?Á™Í Phe jÄÍ㉙͝ VOb ¤ [][S\bO\ RS\ Rg\O[WaQVS\ Bg^ .¬?Á™Í c\R `STS`S\hWS`b SW\ .¬?Á™Í =PXSYb eÉV`S\R Ô [][S\bO\ RS\ Rg\O[WaQVS\Bg^ jÄÍ㉙͝ PSaWbhb c\R SW\ jÄÍ㉙͝=PXSYb `STS`S\hWS`b 2S` Rg\O[WaQVS Bg^ ZSUb TSab eSZQVS ºPS`aQV`WSPS\S 4Oaac\U RS` ;SbV]RS ?M†jMj™®¯ bObaÉQVZWQV OcTUS`cTS\ eW`R( 2S` /cT`cT d]\ ¤±?M†jMj™®¯ TºV`b hc` /caTºV`c\U RS` ºPS`aQV`WSPS\S\ ;SbV]RS ?M†jMj™®¯ RS` 9ZOaaS .¬?Á™Í RS` /cT`cT OcT Ô±?M†jMj™®¯ hc` /caTºV `c\U RS` ºPS`aQV`WSPS\S\ ;SbV]RS ?M†jMj™®¯ RS` 9ZOaaS jÄÍ㉙͝ DS`acQVb [O\ XSR]QV [Wb RS\ =PXSYbdO`WOPZS\ ¤ c\R Ô d][ abObWaQVS\ Bg^ ™ˆ ͝ OcT ;SbV]RS\ ]RS` /bb`WPcbS hchcU`SWTS\ RWS W\ RS` =PS`YZOaaS ™Í ]^RW ]XRWc e^aWP]ST] aW\R c\R S`ab W\ RS\ C\bS`YZOaaS\ .¬?Á™Í c\R jÄÍ㉙Ĉ ™Í O\USZSUb ec`RS\ a] ZWSTS`b RWSa SW\S\ 1][^WZS`TSVZS` .¬?Á™Í c\R jÄÍ㉙͝a^ShWTWaQVS ;SbV]RS\ c\R /bb`WPcbS aW\R ºPS` SW\S =PXSYbdO`WOPZS d][ abObWaQVS\ =PS`YZOaaS\Bg^ ™Í \WQVb hcUÉ\UZWQV 0SW C^QOabHceSWac\US\ eW`R SW\S 4X]bRWaÊ]Zd]V OcT rTTS\bZWQVS /bb`WPcbS c\R ;SbV]RS\ d]`US\][[S\ RWS PS`SWba W\ RS` >QTaZ[PbbT d]`VO\RS\ aW\R ’ ]da OcT RWSaS RO`T ºPS` RWS =PS`YZOaaS\=PXSYbdO`WOPZS hcUSU`WTTS\ eS`RS\ ]PUZSWQV RWSaS OcT SW\ `SWQVVOZbWUS`Sa C\bS`YZOaaS\]PXSYb dS`eSWab
ÊÊ ?ãj¬Í‰jÁÍ

® ®jÄÍ㉙͝¯Ô ¯±ÄjÍ?Öwãj‰Í® ¤å ¯Ç

ÊÊ ?ãj¬Í‰jÁÍ

#

?^[h\^a_WXT

!"&

Z! 5TbciX]bZ^]c^ D]\ =PS`YZOaaS ™Í US S`Pb ]RS` ºPS`aQV`WSPS\

0SW DS`S`Pc\U VW\hcUSTºUbS \WQVb d]\ =PS`YZOaaS ™Í USS`PbS /bb`WPcbS c\R ;SbV]RS\

aOZR]

ZOcThSWb

\O[S

aSbHW\aaObh

SW\hOVZS\

aSb:OcThSWb

OPVSPS\

ÎQTa >QYTZcePaXPQ[T Y e^\ bcPcXbRWT] Ch_ :^]c^ ]XRWc idVaTXUQPa 

0QQ #") AbObWaQVS` c\R Rg\O[WaQVS` Bg^ d]\ =PXSYbdO`WOPZS\



9VoZK (OTJ[TM

3`ab hc` :OcThSWb abSVb W\ 8OdO RS` OYbcSZZS Sh]P\XbRWT Bg^ SW\S` =PXSYbdO`WOPZS\ TSab) RWSaS` YO\\ aWQV Rc`QV <SchceSWac\U O\RS`S` C\bS`YZOaaS\=PXSYbS XSRS`hSWb É\RS`\ 2WS Hc]`R\c\U 0W\Rc\U RS` =PXSYbdO`WOPZS\ O\ RWS `STS`S\hWS`bS\ =PXSYbS S`T]ZUb \WQVb aQV]\ hc` 1][^WZShSWb a]\RS`\ Sh]P\XbRW hc` :OcThSWb ;O\ a^`WQVb d]\ b_ÊcTa 1X]Sd]V ZObS PW\RW\U A][Wb S`T]ZUb OcQV RWS /caeOVZ RS` OcahcTºV`S\ RS\ ;SbV]RS\ S`ab hc` :OcThSWb OcTU`c\R RSa PZcdT[[T] Sh]P\XbRWT] Bg^a SW\S` =P XSYbdO`WPZS\ RV OcTU`c\R RSa OYbcSZZ `STS`S\hWS`bS\ =PXSYbBg^a ’ c\R \WQVb aQV]\ hc` 1][^WZShSWb OcTU`c\R RSa RSYZO`WS`bS\ bcPcXbRWT] Bg^a RS` =PXSYbdO`WOPZS\
ÊÊ .Í?͉ÄW†jÁ 0߬] ™Í

W†?Á W s #±¬Á”¬Í
™a-j?a †?Á® ¹ÄÊw ·¹ ¯Ç ‰w® WssÀÄÀ ¯

ÊÊ ß™?”‰ÄW†jÁ 0߬] .¬?Á™Í

 s ™jÝ .¬?Á™Í® ¹.W†”‰a͹ ¯Ç jÄj

ÊÊ ß™?”‰ÄW†jÁ 0߬] jÄÍ㉙͝  s ™jÝ jÄÍ㉙͝® ¹.W†”‰a͹ ¯Ç

±?M†jMj™® ¤åå±å ¯Ç Q Q

2c`QV 3W\UOPS eW`R S`ab hc` :OcThSWb PSabW[[b ]P RWS =PXSYbdO`WOPZS  abObWaQVS` Bg^ =PS`YZOaaS ™Í RS\ Rg\O[WaQVS\ Bg^ .¬?Á™Í ]RS` jÄÍ㉙͝ S`VÉZb RV O\ SW\ .¬?Á™Í=PXSYb ]RS` jÄÍ㉙͝=PXSYb USPc\RS\

!"'

#

?^[h\^a_WXT

eW`R 3\ba^`SQVS\R abSVb OcQV S`ab hc` :OcThSWb TSab ]P RWS ºPS`aQV`WSPS\S ;SbV]RS ?M†jMj™®¯ d]\ .¬?Á™Í ]RS` jÄÍ㉙͝ OcTUS`cTS\ eW`R 2WS a^ÉbS Rg\O[WaQVS 0W\Rc\U Wab SW\S bSQV\WaQVS D]`OcaaSbhc\U d]\ >]Zg[]`^VWS



6UR_SUXVNK 6XUMXGSSOKXZKINTOQKT

C\bS`YZOaaS\Bg^S\ aW\R bg^Y][^ObWPSZ hc WV`S\ =PS`YZOaaS\Bg^S\ A][Wb YO\\ SW\S` =PXSYbdO`WOPZS\ d][ Bg^ SW\S` =PS`YZOaaS ^`]PZS[Z]a SW\ C\bS`YZOaaS\ =PXSYb hcUSeWSaS\ eS`RS\ C^QOab 2WSa VOPS\ eW` PSW RW`SYbS\ HceSWac\US\ dS`eS\RSb 8SR]QV S`rTT\S\ aWQV eSWbS`USVS\RS ^`]U`O[[bSQV\WaQVS ;rUZWQVYSWbS\( /\ XSRS` AbSZZS SW\Sa 8OdO>`]U`O[[a O\ RS[ RWS @STS`S\h OcT SW\ =PS`YZOa aS\=PXSYb PS\rbWUb eW`R YO\\ OcQV RWS @STS`S\h OcT SW\ C\bS`YZOaaS\=PXSYb RS` 9ZOaaS\VWS`OQVWS SW\USaSbhb eS`RS\ h0 PSW ÍPS`UOPS d]\ ;SbV]RS\^O `O[S`bS`\ ]RS` RS[ 4ºZZS\ d]\ 2ObS\PSVÉZbS`\ 8SRSa C\bS`YZOaaS\=PXSYb Wab SW\ a^ShWOZWaWS`bS` DS`b`SbS` aSW\S` =PS`YZOaaS\ c\R YO\\ O\ RS`S\ AbSZZS OcabOcaQVPO` RO bg^Y][^ObWPSZ dS`eS\RSb eS`RS\



6UR_SUXVNOK GRY 3OZZKR MKTKXOYINKX 6XUMXGSSOKX[TM

DS`ZO\Ub SW\S ;SbV]RS OZa >O`O[SbS` SW\S @STS`S\h OcT SW\ =PS`YZOaaS\=PXSYb h0 ™Í=PXSYb RO\\ YO\\ WV` OcQV SW\S C\bS`YZOaaS\=PXSYb`STS`S\h h0 OcT SW\ .¬?Á™Í ‰Á™Í ]RS` jÄÍ㉙͝=PXSYb ºPS`USPS\ eS`RS\ 3W \S ;SbV]RS RS`S\ @ºQYUOPSeS`b SW\S =PS`YZOaaS\=PXSYb`STS`S\h Wab YO\\ OcQV RWS @STS`S\h OcT SW\ PSZWSPWUSa C\bS`YZOaaS\=PXSYb hc`ºQYZWSTS`\ EWSRS` USVS\ eW` d]\ c\aS`S` 9]\bS\6WS`O`QVWS Oca( W?ÄÄ ?™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?™‰¬Ö?͉™® ™Í ™ ¯ P ™±?M†jMj™®¤å±å¯Ç

ÊÊ ¬ß”Á¬†j

j͆aj

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ™Í  s ™jÝ ™Í® ¹ j‰jÁ¹ ¯Ç

ÊÊ #MjÁ?ÄÄj™ˆ#MŽjÍ

‰Á™Í ~ s ™jÝ ‰Á™Í® ¹ ÖjjÁ¹ ¯Ç

ÊÊ Í߬”¬?͉Mj

.¬?Á™Í Ä s ™jÝ .¬?Á™Í® ¹ÖMjÁ¹ ¯Ç ÊÊ +ß”Á¬†j
ÖwÁÖwj ajÁÄjMj™ ”?™‰¬Ö?͉™®  ¯Ç

j͆aj]

”?™‰¬Ö?͉™® ~ ¯Ç

”?™‰¬Ö?͉™® Ä ¯Ç

Q Q

2WS ;SbV]RS ”?™‰¬Ö?͉™®¯ S`eO`bSb SW\S @STS`S\h OcT SW\ ™Í=PXSYb c\R YO\\ [Wb SW\S` ™Í@STS`S\h OcTUS`cTS\ eS`RS\ DWSZ W\bS`SaaO\bS` Wab XSR]QV ROaa RS` /cT`cT OcQV [Wb RS\ @STS`S\hS\ OcT OZZS C\bS`YZOaaS\=PXSYbS USZW\Ub

#

?^[h\^a_WXT

!"( ˆ ™Äj ˆ


M†jMj™ ™Í
M†jMj™ ‰Á
M†jMj™ .¬?Á™Í

3W\ c\R RWSaSZPS ;SbV]RS ”?™‰¬Ö?͉™®¯ dS`VÉZb aWQV ^]Zg[]`^V( AWS hSWUb SW\ O\RS`Sa DS`VOZbS\ XS \OQVRS[ [Wb eSZQVS` =PXSYb`STS`S\h aWS OcTUS`cTS\ eW`R AWS ec`RS dS`TOaab c[ [Wb 9]\b]=PXSYbS\ hc O`PSWbS\ YO\\ OPS` OcQV [Wb OZZS\ C\bS` YZOaaS\=PXSYbS\ dS`eS\RSb eS`RS\ ?^[h\^a_WXT eXP :[PbbT]ETaTaQd]V PSRScbSb _a^VaP\\cTRW]XbRW a][Wb( 

HeSW ]RS` [SV` 9ZOaaS\ abSVS\ W\ SW\S` DS`S`Pc\UaPShWSVc\U ¾



2WS C\bS`YZOaaS\ ºPS`aQV`SWPS\ SW\S ]RS` [SV`S`S USS`PbS =PS`YZOaaS\[SbV] RS\ c\bS`YZOaaS\a^ShWTWaQV Rc`QV ;SbV]RS\ UZSWQVS` AWU\Obc` ¾

!

0SWa^WSZ( 2WS ;SbV]RS ”?™‰¬Ö?͉™®¯ RSYZO`WS`b >O`O[SbS` d][ Bg^ RS` =PS`YZOaaS ™Í 2O OZZS C\bS`YZOaaS\=PXSYbS bg^Y][^ObWPSZ hc ™Í aW\R Wab RWS ;SbV]RS OcQV [Wb OZZS\ C\bS`YZOaaS\=PXSYbS\ OcT`cTPO`

2OPSW eW`R hc` :OcThSWb RWS c\bS`YZOaaS\a^ShWTWaQV ºPS`aQV`WSPS\S ;SbV]RS RS` ºPS`USPS\S\ C\bS`YZOaaS\=PXSYbS OcaUSTºV`b ¾

#

0SWa^WSZ( ™Í;SbV]RS OPVSPS\ eW`R W\ C\bS`YZOaaS\ ºPS`aQV`WSPS\

EW` aQV`SWPS\ 9][^]\S\bS\  ;SbV]RS\ RWS [Wb =PXSYb`STS`S\hS\ OcT >QTa Z[PbbT]>QYTZcT O`PSWbS\ /cT`cTS\ ZOaaS\ aWQV RWSaS 9][^]\S\bS\  ;SbV]RS\ RO\\ PdRW [Wb OZZS\ D]cTaZ[PbbT>QYTZcT] ¾

"

0SWa^WSZ( =PS`YZOaaS ™Í c\R WV`S C\bS`YZOaaS\

0SWa^WSZ( 3a eW`R PSW /cT`cT d]\ ”?™‰¬Ö?͉™®¯ RWS ºPS`aQVWSPS\S ;S bV]RS ?M†jMj™®¯ RS` C\bS`YZOaaS\=PXSYbS OcaUSTºV`b

2Oa ATbd[cPc( 8S \OQVRS[ eSZQVSa a^ShWSZZS C\bS`YZOaaS\=PXSYb [O\ PSW[ /cT `cT ºPS`UWPb dS`VÉZb aWQV SW\ c\R RWSaSZPS ;SbV]RS O\RS`a RV ^]Zg[]`^V ¾

0SWa^WSZ( /PVÉ\UWU d][ ºPS`USPS\S\ C\bS`YZOaaS\=PXSYb dS`VÉZb aWQV RWS ;SbV]RS ”?™‰¬Ö?͉™®¯ PSW[ /cT`cT O\RS`a RV ^]Zg[]`^V

=dciT] e^] ?^[h\^a_WXT) 8SRS 9][^]\S\bS >`]U`O[[ 9ZOaaS ;SbV]RS RWS [Wb @STS`S\hS\ OcT =PS`YZOaaS\=PXSYbS O`PSWbSb YO\\ ]V\S /\^Oaac\U OcQV [Wb @STS`S\hS\ OcT C\bS`YZOaaS\=PXSYbS O`PSWbS\ 2WS C[YSV`c\U UWZb ]XRWc( 3W\S ;SbV]RS RWS SW\S C\bS`YZOaaS\@STS`S\h OZa >O`O [SbS` S`eO`bSb Wab ]XRWc [Wb SW\S` =PS`YZOaaS\@STS`S\h OcT`cTPO` 2WS ;SbV]RS( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?™‰¬Ö?͉™Ô® .¬?Á™Í Ĭ ¯ P ÊJ p JÊ Q

YO\\ \WQVb [Wb SW\S` @STS`S\h OcT SW\ 9]\b]=PXSYb OcTUS`cTS\ eS`RS\ 2S` /cT`cT( ™Í  s ™jÝ ™Í® ¹‰ÄW†jÁ¹ ¯Ç

”?™‰¬Ö?͉™Ô®  ¯Ç

ZWSTS`b RS\ 4SVZS`( [O\W^cZObW]\!A^O`Y]\b] \]b O^^ZWQOPZS T]` O`Uc[S\b 9]\b]

!#

#

?^[h\^a_WXT

/\USaWQVba RS` cTRW]XbRWT] ;rUZWQVYSWbS\ d]\ >]Zg[]`^VWS RO`T RS` bT\P]cXbRWT 9]\bSfb \WQVb dS`\OQVZÉaaWUb eS`RS\ 2WSaS` eW`R Rc`QV ROa 4abTcid]Vb?aX]iX_ AcPabWbcbW]\ >`W\QW^ZS d]\ ;XbWZ^e T]`[cZWS`b( C\bS`YZOaaS\ [ºaaS\ O\abSZZS d]\ =PS`YZOaaS\ ^`]PZS[Z]a c\R d]ZZeS`bWU dS`eS\RSb eS`RS\ Yr\\S\ =PS`YZOaaS\ [ºaS\ Rc`QV WV`S C\bS`YZOaaS\ W[ AW\\S SQVbS` /cabOcaQVPO`YSWb dS`b`SbS\ eS`RS\ Yr\\S\ 2WSaSa >`W\hW^ Wab RWS bT\P]cXbRWT E^aPdbbTcid]V Tº` RS\ aW\\d]ZZS\ 3W\aObh d]\ >] Zg[]`^VWS 3a USVb c[ 3W\VOZbc\U RS` bT\PcXbRWT] 8]cTVaXcÊc d]S :^]U^a\XcÊc( C\ bS`YZOaaS\=PXSYbS d][ Bg^ .¬?Á™Í ]RS` ‰Á™Í [ºaaS\ aWQV _aX]iX_XT[[ OcQV eSWbS`VW\ eWS ™Í=PXSYbS dS`VOZbS\ HeO` Rº`TS\ aWS USS`PbS ;SbV]RS\ a^ShWTWaQV ºPS`aQV`SWPS\ OPS` h0 a]ZZ RS` /cT`cT RS` ;SbV]RS ?M†jMj™®¯ OcQV Tº` OZZS C\bS`YZOaaS\=PXSYbS U`c\RaÉbhZWQV SW\S\ eS\\UZSWQV a^ShWSZZS\ /PVSPS d]`UO\U RO`abSZZS\ ’ c\R \WQVb drZZWU O\RS`S aW\\S\babSZZS\RS EW`Yc\US\ VW\bS`ZOa aS\ 2WS 3W\VOZbc\U RWSaSa >`W\hW^a ZWSUb W\ RS` ETaP]cf^acd]V STb 4]cfXRZ[Tab EOa eW` ºPS` >]Zg[]`^VWS USZS`\b VOPS\ UWZb U`c\RaÉbhZWQV Tº` P[[T ]PXSYb]`WS\bWS` bS\ >`]U`O[[WS`a^`OQVS\



6UR_SUXVNK *GZKTHKNoRZKX [TJ 9ZX[QZ[XKT

<WQVb \c` ^]Zg[]`^VS ;SbV]RS\OcT`cTS aW\R [rUZWQV a]\RS`\ OcQV 2ObS\PSVÉZbS` c\R RO[Wb O`PSWbS\RS >`]U`O[[ab`cYbc`S\( W?ÄÄ j™jÁ‰ÄW†jÄ
ÁÁ?ß P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ™ÍRS 
ÁÁ s ™jÝ ™ÍR¤åSÇ

ÊÊ j™jÁ‰ÄW†jÄ
ÁÁ?ß


ÁÁR¤S s ™jÝ ‰Á™Í® ¹ ÖjjÁ¹ ¯Ç

ÊÊ 2¬W?ÄÍÄu


ÁÁRÔS s ™jÝ .¬?Á™Í® ¹ÖMjÁ¹ ¯Ç 
ÁÁRÏS s ™jÝ jÄÍ㉙͝® ¹.W†”‰a͹ ¯Ç wÁ® ‰™Í ‰såÇ ‰‘
ÁÁ±j™~ꠂ ‰´´ ¯ P

ÊÊ j™jÁ‰ÄW†

‰w® 
ÁÁR‰S us ™Ö ¯ P 
ÁÁR‰S±?M†jMj™® Ôå±å ¯Ç Q Q Q Q

2Oa /``Og 
ÁÁ Wab Tº` RS\ =PS`YZOaaS\Bg^ ™Í RSYZO`WS`b YO\\ OPS` ^`]PZS[ Z]a OcQV RSaaS\ C\bS`YZOaaS\=PXSYbS OcT\SV[S\ /cQV eS\\ RS` 9ZOaaS ™Í \]QV dWSZS eSWbS`S C\bS`YZOaaS\ VW\hcUSTºUb eº`RS\ Yr\\bS ROa /``Og 
ÁÁ aWS OcT\SV[S\ ]V\S O\US^Oaab eS`RS\ hc [ºaaS\ 2WS wÁAQVZSWTS PSO`PSWbSb ROa /``Og W\ RS[ RWS dS`aQVWSRS\S\ bg^Y][^ObWPZS\ =PXSYbS OPUSZSUb aW\R 2WS hc[ Rg\O[WaQVS\ Bg^ RSa XSeSWZWUS\ =PXSYba 
ÁÁR‰S USVr`WUS ;SbV]RS eW`R OcaUSTºV`b 2WS AQVZSWTS dS`VÉZb aWQV ^]Zg[]`^V 2Oa 1]RW\U RS` AQVZSWTS PZSWPb abOPWZ OcQV eS\\ RWS 9]\bS\DS`S`Pc\UaVWS`O`QVWS S`eSWbS`b eº`RS 2WS AQVZSWTS Wab SW\S US\S`WaQVS 1]RW\Uab`SQYS ’ RO\Y >]Zg[]`^VWS /\abSZZS SW\S` SW\TOQVS\ wÁAQVZSWTS aW\R Y][^ZWhWS`bS c\R c[TO\U`SWQVS ^]Zg[]`^VS 1]

#

?^[h\^a_WXT

!#

RW\Uab`SQYS\ d]`abSZZPO` RWS abOPWZ PZSWPS\ OcQV eS\\ \]QV dWSZS eSWbS`S C\bS`YZOa aS\ S`ROQVb c\R OPUSZSWbSb eº`RS\



6UR_SUXVNOK SOZ GHYZXGQZKX 5HKXQRGYYK

0WaVS`WUS D]`OcaaSbhc\U Tº` >]Zg[]`^VWS eO`( 2WS =PS`YZOaaS [caabS ;SbV]RS\ PS aWbhS\ RWS W\ RS\ C\bS`YZOaaS\ ºPS`aQV`WSPS\ ec`RS\ 8SR]QV ZÉaab aWQV >]Zg[]`^VWS OcQV [Wb SW\S` PQbcaPZcT] >QTaZ[PbbT RO`abSZZS\( /ZZS\ 0SWa^WSZS\ VÉbbS OcQV SW\S OP ab`OYbS =PS`YZOaaS ™Í hcU`c\RS USZSUb eS`RS\ Yr\\S\ ?MÄÍÁ?WÍ W?ÄÄ ™Í P ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ

¬ÖM‰W aÖMj Ä?aÇ

¬ÖM‰W ™Í® .ÍÁ‰™~ ™ ¯ P

™?”j s ™Ç

Ä?a s å±åÇ

Q

¬ÖM‰W ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯ P Ä?a s Ä?a ´ MjÍÁ?~Ç

#±ÝÁ‰Íj™® ¹ ‰™ã?†j™ ¹ ¯Ç

Q ?MÄÍÁ?WÍ ¬ÖM‰W Mj?™ ?M†jMj™® aÖMj MjÍÁ?~ ¯Ç Q

O`O[SbS` d][ Bg^ SW\S` PQbcaPZcT] =PS`YZOaaS PSaWbhS\ /\ c\aS`S` ;SbV]RS( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?™‰¬Ö?͉™® ™Í ™ ¯ P ÊJ p JÊ Q

[ºaabS YSW\S Ò\RS`c\U d]`US\][[S\ eS`RS\ /\abSZZS OPab`OYbS` =PS`YZOaaS\ YO\\ W\ 8OdO XSR]QV OcQV ROa 7\bS`TOQS9]\hS^b hc` @SOZWaObW]\ d]\ >]Zg[]`^VWS dS`eS\RSb eS`RS\



/TZKXLGIKY

C[ RWS Ab`cYbc` SW\Sa 7\bS`TOQSa hc dS`abSVS\ RS\YS [O\ aWQV SW\S `SW\ OPab`OYbS 9ZOaaS RS`S\ /bb`WPcbS \c` abObWaQVS 9]\abO\bS\ aW\R c\R RWS OcaaQVZWSzZWQV OPab`OY bS ;SbV]RS\ S\bVÉZb 2c`QV SW\ a]ZQVSa 5SPWZRS eW`R ºPS` AQV\WbbabSZZS\ SW\ US eº\aQVbSa DS`VOZbS\ RSTW\WS`b OPS` \]QV YSW\S 7[^ZS[S\bWS`c\U USZWSTS`b



/TZKXLGIK1UT`KVZ OT 0G\G

EÉV`S\R h0 1 YSW\ S\ba^`SQVS\RSa A^`OQVSZS[S\b YS\\b abSZZb 8OdO Sf^ZWhWb ROa 7\bS`TOQS 9]\hS^b AQVZºaaSZe]`b ‰™ÍjÁw?Wj hc` DS`TºUc\U 7\bS`TOQSa aW\R BRW]XccbcT[[T]QTbRWaTXQd]VT] A^ShWTWYObW]\S\ c\R T]`RS`\ hc` 7[^ZS[S\bWS`c\U Rc`QV 9ZOaaS\ OcT( AWS RSTW\WS`S\ SW\S\ AObh d]\ ;SbV] RS\AWU\Obc`S\ 7[^ZS[S\bWS`c\U 7\bS`TOQSa Yr\\S\ RSaVOZP \WQVb W\abO\bWWS`b eS`RS\ a]\RS`\ a]ZZS\ Rc`QV 9ZOaaS\ W[^ZS[S\bWS`b eS`RS\ 2WS AWU\Obc` d]\ 7\bS`TOQSa US\ºUb T]ZUS\RS\ @SUSZ\( /ZZS ;SbV]RS\ SW\Sa 7\bS`TOQSa aW\R abSba ?MÄÍÁ?WÍ c\R ¬ÖM‰W /ZZS /bb`WPcbS aW\R abSba rTTS\bZWQVS 9]\abO\bS\ ¬ÖM‰W ÄÍ?͉W w‰™? 2WSaS D]`UOPS\ USZbS\ Ocb][ObaWQV OcQV RO\\ eS\\

!#!

#

?^[h\^a_WXT

¬ÖM‰W ?MÄÍÁ?WÍ w‰™? ÄÍ?͉W \WQVb Sf^ZWhWb O\USUSPS\ eS`RS\ AWS Yr\\S\ a][Wb OcQV eSUUSZOaaS\ eS`RS\ 8OdO9ZOaaS\ Yr\\S\ TX] ^STa \TWaTaT 7\bS`TOQSa W[^ZS[S\bWS`S\ 2Ohc dS`eS\RS\ aWS ROa AQVZºaaSZe]`b ‰”¬j”j™ÍÄ UST]ZUb d][
aÖMj ‰™ ?Á® aÖMj jÖÁ jÍÁ?~ ¯Ç

Q ‰™ÍjÁw?Wj  ?Á P aÖMj 2-.Û s ¤±¤Ç

aÖMj ‰™ ÖÁ® aÖMj a?Á jÍÁ?~ ¯Ç

Q W?ÄÄ ÖÁÁ ?Á-jW†™jÁ ‰”¬j”j™ÍÄ  ÖÁ^  ?Á P ¬ÖM‰W aÖMj ‰™ ?Á® aÖMj jÖÁ jÍÁ?~ ¯ P ÁjÍÖÁ™

jÖÁ jÍÁ?~ J  ÖÁ±2-.Û Ç

Q ¬ÖM‰W aÖMj ‰™ ÖÁ® aÖMj a?Á jÍÁ?~ ¯ P ÁjÍÖÁ™

a?Á jÍÁ?~ J  ?Á±2-.Û Ç

Q Q

2WS 9ZOaaS ÖÁ ?Á-jW†™jÁ R`ºQYb Rc`QV ‰”¬j”j™ÍÄ Oca ROaa aWS RWS PSW RS\ 7\bS`TOQSa W[^ZS[S\bWS`b 7[ 1]RW\U RS` 9ZOaaS YO\\ ºPS`OZZ [Wb RS\ 9]\abO\bS\ ÖÁÄ RS` 7\bS`TOQSa USO`PSWbSb eS`RS\ 8SRS 9ZOaaS RWS SW\ 7\bS`TOQS W[^ZS[S\bWS`b [caa P[[T ;SbV]RS\ RSa 7\bS` TOQSa W[^ZS[S\bWS`S\ ’ Sa aSW RS\\ aWS Wab OPab`OYb 2WS W[^ZS[S\bWS`bS\ 7\bS` TOQS;SbV]RS\ [ºaaS\ W\ RS` 9ZOaaS ¬ÖM‰W RSYZO`WS`b eS`RS\ 5`c\RZSUS\RS C\bS`aQVWSRS heWaQVS\ 7\bS`TOQS c\R 9ZOaaS\dS`S`Pc\U W\ 8OdO aW\R( E

7\bS`TOQSa Yr\\S\ AQVZºaaSZe]`b jÞÍj™aÄ d]\ [SV`S`S\ 7\bS`TOQSa S`PS\ DS`VOZbS\adS`S`Pc\U c\R W\ SW\S` 7\bS`TOQS6WS`OQVWS ;SV`TOQVdS`S`Pc\Ua Ab`cYbc`S\ OPPWZRS\ eÉV`S\R OcT 9ZOaaS\SPS\S 7[^ZS[S\bWS`c\UadS`S`Pc\U \c` 3W\TOQVdS`S`Pc\U hcUSZOaaS\ Wab

E

9ZOaaS\ dS`TºUS\ \c` ºPS` 3W\TOQVdS`S`Pc\U Yr\\S\ OPS` PSZWSPWU dWSZS 7\bS` TOQSa W[^ZS[S\bWS`S\ AQVZºaaSZe]`b ‰”¬j”j™ÍÄ

2Oa \ÉQVabS 0SWa^WSZ \cbhb RWSaS ;rUZWQVYSWbS\( 8SRS abcRS\bWaQVS 6WZTaY`OTb Wab SW\S >S`a]\ hcRS[ /\USabSZZbS` RS` 6]QVaQVcZS c\R hcUZSWQV AbcRS\b 2S` `OcbS\Tr`[WUS ;SV`TOQVdS`S`Pc\UaHcaO[[S\VO\U eW`R Rc`QV SW\S 7\bS`TOQS6WS`OQVWS []RSZZWS`b( ‰™ÍjÁw?Wj +jÁĝ™ P .ÍÁ‰™~ ~jÍ!?”j®¯Ç Q

ܝ‰a ÄjÍ!?”j® .ÍÁ‰™~ ™ ¯ Ç

#

?^[h\^a_WXT

!#"

‰™ÍjÁw?Wj
™~jÄÍjÍjÁ jÞÍj™aÄ +jÁĝ™ P aÖMj ~jÍj†?Í®¯Ç

ܝ‰a ÄjÍj†?Í® aÖMj ~ ¯Ç

Q ‰™ÍjÁw?Wj .ÍÖaj™Í jÞÍj™aÄ +jÁĝ™ P ‰™Í ~jÍ ?ÖjÁ®¯Ç

ܝ‰a ÄjÍ ?ÖjÁ® ‰™Í a ¯Ç

Q ‰™ÍjÁw?Wj .ÍÖa‰wďÁ?wÍ jÞÍj™aÄ
™~jÄÍjÍjÁ^ .ÍÖaj™Í P ‰™Í ~jÍ ?ÍÁ!Á®¯Ç

ܝ‰a ÄjÍ ?ÍÁ!Á® ‰™Í ”Á ¯Ç

Q W?ÄÄ ‰8‰Ä ‰”¬j”j™ÍÄ .ÍÖa‰wďÁ?wÍ P ¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ

¬Á‰Ü?Íj ‰™Í a?ÖjÁ^ ”?ÍÁ!ÁÇ ¬ÖM‰W .ÍÁ‰™~ ~jÍ!?”j®¯ P ÁjÍÖÁ™ ™?”j Ç Q ¬ÖM‰W ܝ‰a ÄjÍ!?”j® .ÍÁ‰™~ ™ ¯ P ™?”j s ™ Ç Q ¬ÖM‰W aÖMj ~jÍj†?Í®¯P ÁjÍÖÁ™ ~j†?Í Ç Q ¬ÖM‰W ܝ‰a ÄjÍj†?Í® aÖMj ~ ¯ P ~j†?Í s ~ Ç Q ¬ÖM‰W ‰™Í ~jÍ ?ÖjÁ®¯P ÁjÍÖÁ™ a?ÖjÁ Ç Q ¬ÖM‰W ܝ‰a ÄjÍ ?ÖjÁ® ‰™Í a P a?ÖjÁ s a Ç Q ¬ÖM‰W ‰™Í ~jÍ ?ÍÁ!Á®¯P ÁjÍÖÁ™ ”?ÍÁ!Á Ç Q ¬ÖM‰W ܝ‰a ÄjÍ ?ÍÁ!Á® ‰™Í ”Á ¯ P ”?ÍÁ!Á s ”Á Ç Q Q

2Oa 7\bS`TOQS .ÍÖa‰wďÁ?wÍ S`Pb RW`SYb d]\
™~jÄÍjÍjÁ c\R .ÍÖaj™Í c\R W\RW`SYb d]\ +jÁĝ™ 2WS 9ZOaaS ‰8‰Ä W[^ZS[S\bWS`b P[[T AQV\WbbabSZZS\ ;SbV]RS\ ’ RWSa eW`R d][ 1][^WZS` ºPS`^`ºTb( 3W\S 8OdO9ZOaaS RWS SW\ 7\bS`TOQS W[^ZS[S\bWS`b [caa OcQV P[[T dWO 7\bS`TOQS DS`S`Pc\U O\ ROa 7\bS`TOQS dS`S`PbS ;SbV]RS\ W[^ZS[S\bWS`S\ A][Wb [caa RWS 9ZOaaS ‰8‰Ä \WQVb \c` RWS W[ 7\bS`TOQS .ÍÖa‰wďÁ?wÍ Sf^ZWhWb OcTUSTºV`bS\ ;SbV]RS\ W[^ZS[S\bWS`S\ a]\RS`\ OcQV OZZS ;SbV]RS\ RS` d]`O\abS VS\RS\ 7\bS`TOQSa +jÁĝ™
™~jÄÍjÍjÁ c\R .ÍÖaj™Í RWS aWQV dWO 7\bS`TOQS DS`S`Pc\U W[ 7\bS`TOQS .ÍÖa‰wďÁ?wÍ O\USaO[[SZb VOPS\ APdcT]_a^Q[T\ QTX 8]cTaUPRTb) /cQV PSW `OcbS\Tr`[WUS\ 7\bS`TOQS6WS`OQVWS\ Yr\\S\ `]PZS[TÉZZS c\R hcUSVr`WUS\ @SUSZ\( 

5ZSWQVS` ;SbV]RS\\O[S UZSWQVS` @ºQYUOPSbg^ c\bS`aQVWSRZWQVS >O`O[SbS`ZW abS\( 2WS W[^ZS[S\bWS`S\RS 9ZOaaS [caa S\ba^`SQVS\R dWSZS UZSWQV\O[WUS ºPS`ZORS\S ;SbV]RS\ W[^ZS[S\bWS`S\



5ZSWQVS` ;SbV]RS\\O[S UZSWQVS` @ºQYUOPSbg^ UZSWQVS >O`O[SbS`ZWabS\( 2WS 9ZOaaS [caa \c` SW\S ;SbV]RS RWSaS` /`b W[^ZS[S\bWS`S\

!

5ZSWQVS` ;SbV]RS\\O[S c\bS`aQVWSRZWQVS` @ºQYUOPSbg^( =XRWc hcZÉaaW\U ’ TºV`b hc SW\S[ 2^\_X[TaUTW[Ta
!## "

#

?^[h\^a_WXT

7RS\bWaQVS 9]\abO\bS\\O[S\( 2S` 9]\TZWYb eW`R USZrab Rc`QV D]`O\abSZZS\ ?cOZWTWhWS`c\U RSa 7\bS`TOQS\O[S\a

0]\TaZd]V) =Tb aWSVb [O\ 7\bS`TOQSa ^W]T ;SbV]RS\aQV\WbbabSZZS\ USTºZZb ]da [Wb \ºbhZWQVS\ 9]\abO\bS\


/TZKXLGIKY GRY :_V

EWS OPab`OYbS 9ZOaaS\ Yr\\S\ OcQV 7\bS`TOQSa \WQVb W\abO\hWWS`b eS`RS\ 2S\]QV aW\R aWS SW\ e^[[fTacXVTa ATUTaT]ich_( 3a Yr\\S\ DO`WOPZS\ d][ Ch_ RSa 8]cTaUPRTb RSYZO`WS`b c\R 7\bS`TOQS@STS`S\hS\ OZa
¹™ ?Á ]

¹ ´ ‰ ±‰™ ?Á® j ¯

¯Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ÁjW†™jÔ®  ?Á ‰ ¯ P aÖMj a s #±¬Á”¬Í
™a-j?a ÖMj® ¹ ?ÁMjÍÁ?~ s ¹ ¯Ç #±ÝÁ‰Íj™®

¹™ ÖÁ ] ¹ ´ ‰ ±‰™ ÖÁ® a ¯

¯Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P

ÖÁ ?Á-jW†™jÁ jajÖÁÔa?Á® ja- ¯Ç

s ™jÝ ÖÁ ?Á-jW†™jÁ®¯Ç a?ÁÔjÖÁ® ja- ¯Ç

Q Q

2WS OcaTºV`PO`S 9ZOaaS 2”ÁjW†™jÁ dS`TºUb ºPS` RWS ;SbV]RS\ jÖÁÔa?Á®¯ c\R a?ÁÔjÖÁ®¯ [Wb >O`O[SbS`\ d][ Bg^ @STS`S\h OcT  ÖÁ c\R  ˆ ?Á± 2WS PSWRS\ ;SbV]RS\ `cTS\ RWS W\ RS\ 7\bS`TOQSa RSYZO`WS`bS\ ;SbV]RS\ OcT BObaÉQVZWQV dS`a]`Ub eS`RS\ RWS ;SbV]RS\ jÖÁÔa?Á®¯ c\R a?ÁÔjÖÁ hc` :OcThSWb [Wb SW\S[ =PXSYb RS` W[^ZS[S\bWS`S\RS\ 9ZOaaS ÖÁ ?Á-jW†ˆ ™jÁ RS`S\ 1]RW\U ROPSW OPUSO`PSWbSb eW`R 7\bS`TOQS@STS`S\hS\ Yr\\S\ a][Wb OcQV X] 8OdO9ZOaaS\ dS`eS\RSb eS`RS\

#

?^[h\^a_WXT



!#$

(KJK[Z[TM \UT /TZKXLGIKY

ES\\ SW\S 9ZOaaS d]\ SW\S` O\RS`S\ 9ZOaaS S`Pb RO\\ abSVS\ RWS rTTS\bZWQVS\ ;S bV]RS\ c\R /bb`WPcbS RS` =PS`YZOaaS OcQV RS` C\bS`YZOaaS RW`SYb hc` DS`TºUc\U c\R [ºaaS\ R]`b \WQVb \]QV[OZa O\USZSUb eS`RS\ DS`S`Pb eW`R 7[^ZS[S\bWS`c\U ES\\ SW\S 9ZOaaS ROUSUS\ SW\ 7\bS`TOQS W[^ZS[S\bWS`b [caa aWS ROTº` SbeOa bc\ DS`S`Pb eW`R SW\ S`ab \]QV hc W[^ZS[S\bWS`S\RSa DS`VOZbS\ 3a UWPb a][Wb ifTX Ch_T] e^] ETaTaQd]V W\ 8OdO I;3@"K( E

DS`S`Pc\U d]\ >`]U`O[[Q]RS [WbbSZa 9ZOaaS\DS`S`Pc\U jÞÍj™aÄ

E

DS`S`Pc\U d]\ AQV\WbbabSZZS\ c\R DS`VOZbS\aa^ShWTWYObW]\ [WbbSZa 7\bS`TOQS DS`S`Pc\U ‰”¬j”j™ÍÄ

7\bS`TOQSa RWS\S\ \WQVb ROhc BW^^O`PSWb c\R @SRc\RO\h hc dS`[SWRS\ a]\RS`\ dS`T]ZUS\ SW\ VrVS`Sa HWSZ( 2WS PSaaS`S <^ST[[XTad]V c\R BcadZcdaXTad]V d]\ A]Tb eO`SAgabS[S\( 7\bS`TOQSa S`ZOcPS\ RWS SZSUO\bS W[^ZS[S\bWS`c\UaT`SWS ;]RSZZWS`c\U Y][^ZSfS` HcaO[[S\VÉ\US 2c`QV SW\ AgabS[ d]\ 7\bS`TOQSa eW`R SW\ aS[O\bWaQVS` HcaO[[S\VO\U OPUSPWZRSb c\R RWS S`T]`RS`ZWQVS\ ;SbV]RS\aWU\Obc`S\ TSabUSZSUb 2ORc`QV Wab \]QV YSW\S 7[^ZS[S\bWS`c\U USZSWabSb e]VZ OPS` RWS ;]RSZZWS`c\U c\R Ab`cYbc`WS`c\U RSa AOQVdS`VOZba 9ZOaaS\ eSZQVS RWS 7\bS`TOQSa W[^ZS[S\bWS`S\ Yr\\S\ RORc`QV RWS Ab`cYbc`WS`c\U RSa AOQVdS`VOZba ºPS`\SV[S\ c\R [ºaaS\ RWS ;SbV]RS\ \c` \]QV OcaW[^ZS[S\bWS`S\( 2WS /\OZgaS c\R ;]RSZZWS`c\U RSa AgabS[a eW`R W\ SW\S` 6WS`OQVWS d]\ 7\bS`TOQSa OPUSZSUb RWS 7[^ZS[S\bWS`c\U Rc`QV 9ZOaaS\ USZSWabSb 7\bS`TOQSa VOPS\ U`]zS a]TbeO`SbSQV\WaQVS D]`bSWZS I6=@ K( E

AQV\WbbabSZZS\PSaQV`SWPc\U 7\bS`TOQS c\R 7[^ZS[S\bWS`c\U Yr\\S\ USb`S\\b eS`RS\ A][Wb YO\\ SW\ 7\bS`TOQS Rc`QV [SV`S`S 9ZOaaS\ dS`aQVWSRS\ W[^ZS[S\ bWS`b eS`RS\ c\R SW\S 9ZOaaS YO\\ [SV`S`S 7\bS`TOQSa W[^ZS[S\bWS`S\ DS` aQVWSRS\S 7[^ZS[S\bWS`c\US\ SW\S` AQV\WbbabSZZS Yr\\S\ Y][PW\WS`b eS`RS\ :SbhbZWQV S``SWQVb [O\ Rc`QV RWSaS B`S\\c\U d]\ AQV\WbbabSZZS c\R 7[^ZS[S\bWS `c\U SW\S abÉ`YS`S 3\bY]^^Zc\U d]\ AgabS[9][^]\S\bS\ c\R SW\S PSaaS`S B`S\\c\U d]\ HcabÉ\RWUYSWbS\

E

;O\ YO\\ [Wb 7\bS`TOQSa S\beWQYSZ\ c\R RWSaS PS\cbhS\ ]V\S RWS W[^ZS[S\bWS `S\RS\ 9ZOaaS\ YS\\S\ hc [ºaaS\

E

ES` 7\bS`TOQSa abcRWS`b YO\\ Ab`cYbc` c\R EW`Yc\U SW\Sa AgabS[a O\OZgaWS`S\ ]V\S ?cSZZQ]RSab`SQYS\ c\R 7[^ZS[S\bWS`c\UaRSbOWZa Rc`QVO`PSWbS\ hc [ºaaS\

E

2S` 3\bec`T d]\ 7\bS`TOQSa c\R WV`S 7[^ZS[S\bObW]\ YO\\ hc dS`aQVWSRS\S\ HSWb^c\YbS\ c\R Rc`QV dS`aQVWSRS\S 3\beWQYZS` S`T]ZUS\



1XOZOQ JKX VUR_SUXVNKT 6XUMXGSSOKX[TM



1XOZOQ GT
>]Zg[]`^VSa DS`VOZbS\ YO\\ Rc`QV 9ZOaaS\DS`S`Pc\U `SOZWaWS`b eS`RS\ /ZZS`RW\Ua aW\R C\bS`YZOaaS\ S\U O\ WV`S =PS`YZOaaS\ USY]^^SZb c\R d]\ RS`S\ 7[^ZS[S\bWS `c\U OPVÉ\UWU 8SRS Ò\RS`c\U RS` =PS`YZOaaS\ PSSW\TZcaab ^]bS\bWSZZ WV`S C\bS`YZOa

!#%

#

?^[h\^a_WXT

aS\ 5`rzS`S DS`S`Pc\UaVWS`OQVWS\ eS`RS\ c\ºPS`aWQVbZWQV c\R aW\R aQVZSQVb eO`b PO` 2SaeSUS\ eW`R 9ZOaaS\DS`S`Pc\U a]TbeO`SbSQV\WaQV [WbZS`eSWZS Y`WbWaQV USaS VS\) ]Tb dS`[SWRSb [O\ aWS c\R aSbhb abObbRSaaS\ =PXSYbOaa]hWObW]\ SW\ ’ c\R \W[[b SW\ VrVS`Sa ;Oz O\ @SRc\RO\h WRS\bWaQVSa 1]RW\U W\ dS`aQVWSRS\S\ 9ZOaaS\ W\ 9OcT( DS``W\US`c\U d]\ 0QWÊ]VXVZTXc S`VrVb ATSd]SP]i c\R c[USYSV`b >]Zg[]`^VWS ZÉaab aWQV OcQV [WbbSZa DS`VOZbS\adS`S`Pc\U Rc`QV 7\bS`TOQSa `SOZWaWS`S\ 2WS W[^ZS[S\bWS`S\RS 9ZOaaS S`Pb \c` RWS ;SbV]RS\aWU\Obc`S\ RSa 7\bS`TOQSa RV ROa d][ 7\bS`TOQS UST]`RS`bS DS`VOZbS\ ’ c\R Wab bg^Y][^ObWPSZ hc[ 7\bS`TOQS >`] U`O[[S 9][^]\S\bS\ ;SbV]RS\ Yr\\S\ [WbbSZa 7\bS`TOQSa O\USZSUb eS`RS\ ’ dS`eS\RS\ ZOaaS\ aWS aWQV RO\\ [Wb OZZS\ 9ZOaaS\ RWS ROa 7\bS`TOQS W[^ZS[S\bWS`S\ /cT 9ZOaaS\DS`S`Pc\U c\R ÍPS`aQV`SWPS\ d]\ ;SbV]RS\ YO\\ dS`hWQVbSb eS`RS\ 2WS [^bT :^__[d]V RS` W[^ZS[S\bWS`S\RS\ 9ZOaaS O\ WV`S 7\bS`TOQSa Wab eS\WUS` U`O dWS`S\R OZa RWS T]VT :^__[d]V O\ =PS`YZOaaS\ PSW 9ZOaaS\DS`S`Pc\U 2Oa 9]\bS\0SWa^WSZ eÉ`S [WbbSZa 7\bS`TOQSa ]V\S 9ZOaaS\DS`S`Pc\U `SOZWaWS`PO`( ‰™ÍjÁw?Wj ™Í P ܝ‰a j‰™ã?†j™® aÖMj MjÍÁ?~ ¯Ç

ܝ‰a ?M†jMj™® aÖMj MjÍÁ?~¯Ç

Q W?ÄÄ ‰Á ‰”¬j”j™ÍÄ ™Í P ÊJ p JÊ Q W?ÄÄ .¬?Á™Í ‰”¬j”j™ÍÄ ™Í P ÊJ ±±± JÊ Q W?ÄÄ jÄÍ㉙͝ ‰”¬j”j™ÍÄ ™Í P ÊJ ±±± JÊ Q W?ÄÄ ?™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ÍÁ?™Ä?WÍ® ™Í ™ ¯ P ™±?M†jMj™® ¤å±å¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Á™Í ~ s ™jÝ ‰Á™Í® ¹ ÖjjÁ¹ ¯Ç .¬?Á™Í Ä s ™jÝ .¬?Á™Í® ¹ÖMjÁ¹ ¯Ç jÄÍ㉙͝ w s ™jÝ jÄÍ㉙͝® ¹.W†”‰a͹ ¯Ç ”?™‰¬Ö?͉™® ~ ¯Ç

”?™‰¬Ö?͉™® Ä ¯Ç

”?™‰¬Ö?͉™® w ¯Ç

Q Q

0SW[ c\`STZSYbWS`bS\ 3W\aObh d]\ 9ZOaaS\DS`S`Pc\U T]YcaaWS`b [O\ hc abO`Y OcT Y]\Y`SbS\ ?cSZZQ]RS c\R dS`U`rzS`b a]TbeO`SbSQV\WaQVS /PVÉ\UWUYSWbS\ eOa RWS EO`bPO`YSWb dS`aQVZSQVbS`b 2OUSUS\ Tr`RS`b RS` 7\bS`TOQS5SRO\YS RWS 3\bY]^^Zc\U c\R B`S\\c\U d]\ HcabÉ\RWUYSWbS\ W\ Y][^ZSfS\ A]TbeO`SagabS[S\



'RR`[ MKTKXOYINK 6XUMXGSSOKX[TM

2S` VT]TaXbRWT 8OdOBg^ aQVZSQVbVW\ Wab #MŽjWÍ RS` Tº` XSRSa PSZWSPWUS =PXSYb abS VS\ YO\\ 2WSa dS`TºV`b hc[ ;WaaP`OcQV 3a Wab ZTX] VdcTa ?a^VaP\\XTabcX[ AQV\Wbb abSZZS\ \c` \]QV [WbbSZa #MŽjWÍ hc USabOZbS\ RV #MŽjWÍ OZa cZbW[ObWdS\ SWS`ZS US\RS\ E]ZZ[WZQVaOcBg^ Tº` Y]\TcaSa c\YZO`Sa 2SaWU\ I3AA#K hc dS`eS\RS\ A] Yr\\bS [O\ [Wb RS` b]bOZ^]Zg[]`^VS\ OPS` drZZWU c\Rc`QVaWQVbWUS\ ;SbV]RS( #MŽjWÍ ”?W†8?Ä®#MŽjWÍ ¬¯ P[[T [rUZWQVS\ 8OdO=PXSYbS S\bUSUS\\SV[S\

#

?^[h\^a_WXT

!#&

dS`O`PSWbS\ c\R W`US\RSW\S\ =PXSYbbg^ hc`ºQYZWSTS`\ 8SR]QV Wab RS` ;SbV]RS \WQVb [SV` O\hcaSVS\ eOa aWS ZSWabSb c\R ]P aWS Sa Y]``SYb bcb



'HYINROK‹KTJKY (KOYVOKR ¤ '[YL„NXHGXK 1RGYYK ?™

EW` dS`eS\RS\ \c\ eWSRS` RWS 9ZOaaS\ ™Í .¬?Á™Í ‰Á™Í c\R jÄÍ㉙͝ RS` DS`S`Pc\UaVWS`OQVWS Oca 9O^WbSZ !& ]V\S RS`S\ 1]RW\U S` \Scb OPhcR`cQYS\ EW` S`eSWbS`\ ROa >`]XSYb c[ SW\S OcaTºV`PO`S 9ZOaaS ?™ [Wb ;SbV]RS\ hc` ;O\W^cZObW]\ c\R A^SWQVS`c\U RS` dS`aQVWSRS\S\ 9]\b]bg^S\( 6WS` dS`VWZTb c\a >]Zg[]`^VWS hc SW\S` Y][^OYbS\ c\R US\S`WaQVS\ :rac\U 2WS 9ZOaaS ?™ dS`TºUb ºPS` heSW abObWaQVS ;SbV]RS\ W\ RS\S\ RS` Bg^ ™Í OZa @ºQYUOPSeS`b Phe >O`O[SbS` dS`eS\RSb eW`R 2WS =PS`YZOaaS ™Í Wab OPab`OYb 7[ >`]U`O[[ eS`RS\ \c` C\bS`YZOaaS\]PXSYbS d]\ ™Í dS`eS\RSb RWS ºPS`OZZ RS\ Bg^ ™Í dS`b`SbS\ Yr\\S\( ¬ÖM‰W ÄÍ?͉W ™Í ™Í
™j~j™®¯( 3a eW`R OPUST`OUb eSZQVS /`b d]\ 9]\b] 5W`]Y]\b] A^O`Y]\b] 4SabhW\aY]\b] S`abSZZb eS`RS\ a]ZZ 8S \OQV 9]\b]/`b eS`RS\ RWS S`T]`RS`ZWQVS\ 2ObS\ S`[WbbSZb 3W\ =PXSYb eW`R S`abSZZb c\R hc`ºQYUSUS PS\ 2O\Y >]Zg[]`^VWS RSQYb RS` @ºQYUOPSbg^ 9]\b] OcQV OZZS hc`ºQYUSZWSTS`bS\ C\bS`YZOaaS\]PXSYbS OP ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?™‰¬Ö?͉™® ™Í  ¯( 3a eW`R OPUST`OUb eSZQVS 9]\bS\]^S`ObW]\ Rc`QVhcTºV`S\ Wab 3W\hOVZS\ /PVSPS\ HW\aOcaaQVºbbc\U 2ObS\ OcaUOPS 2WS USeº\aQVbS =^S`ObW]\ eW`R [Wb RS[ ºPS`USPS\S\ =PXSYb OcaUSTºV`b 2O\Y >]Zg[]`^VWS O`PSWbSb RWS ;SbV]RS [Wb OZZS\ RS\YPO`S\ C\bS`YZOaaS\ d]\ 9]\ b] 5S^`ºTb eW`R ]P SW\ SfWabWS`bS\RSa 9]\b] ]RS` SW\ ]Zg[]`^VWS YO\\ RWSaSa /``Og OZZS d]`Y][[S\RS\ 9]\b]Bg^S\ OcT \SV[S\ 5W`]Y]\bS\ VOPS\ 9]\b]\c[[S`\ OP  OcTeÉ`ba b`OUS\ A^O` c\R 4Sab hW\aY]\bS\ 9]\b]\c[[S`\ OP 
!#'

#

?^[h\^a_WXT

‰w®  us ™Ö ¯ ™Íj™R±™Í!֔”jÁS s Ç

1TbcTWT]STb :^]c^ QTPaQTXcT]( 2WS 9]\b]\c[[S` eW`R OPUST`OUb c\R Tº` RS`S\ 9]\ b] RWS ;SbV]RS ”?™‰¬Ö?͉™®¯ OcTUS`cTS\( ‰™Í ™ s #±¬Á”¬Í
™a-j?a™Í® ¹™ÍMjÝj~֙~ wÙÁ ™Í™Ö””jÁ] ¹ ¯Ç ‰w® ™å FF ™‘™Íj™±j™~͆ ¯ ”?™‰¬Ö?͉™® ™Íj™R™S ¯Ç

3PcT] P[[Ta :^]cT] PdbVTQT]( 2Oa /``Og ™Íj™ eW`R Rc`QVZOcTS\ c\R Tº` XSRSa 9]\b] RWS ;SbV]RS a?Íj™
ÖÄ~?Mj®¯ OcTUS`cTS\ <WQVb XSRS 7\RSf^]aWbW]\ `STS `S\hWS`b SW\ =PXSYb ’ a?Íj™
ÖÄ~?Mj®¯ eW`R \c` OcTUS`cTS\ eS\\ RWS XSeSWZWUS 7\RSf^]aWbW]\ SW\S =PXSYb`STS`S\h c\UZSWQV ™Ö S\bVÉZb( wÁ® ‰™Í ‰såÇ ‰‘™Íj™±j™~ꠂ ‰´´ ¯ ‰w® ™Íj™R‰S us ™Ö ¯ ™Íj™R‰S±a?Íj™
ÖÄ~?Mj®¯Ç

6WS` RWS Y][^ZSbbS 9ZOaaS ?™±Ž?Ü?( W?ÄÄ ?™ P ¬ÖM‰W ÄÍ?͉W ™Í ™Í
™j~j™®¯ P aÖMj ‰”‰Í^ ㉙ÄÇ

.ÍÁ‰™~ ™?”jÇ

‰™Í ?Öwãj‰ÍÇ

™Í Ç #±ÝÁ‰Íj™® ¹֙Í‰™Ä?ÖÄÝ?†]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹‰Á™Í ?™j~j™

s ¤¹ ¯Ç

#±ÝÁ‰Íj™® ¹.¬?Á™Í ?™j~j™

s Ô¹ ¯Ç

#±ÝÁ‰Íj™® ¹jÄÍ㉙͝ ?™j~j™

s Ϲ ¯Ç

#±ÝÁ‰Íj™® ¹
MMÁjW†j™ aÖÁW† Mj‰jM‰~j ?™ajÁj =?†¹ ¯Ç ‰™Í Ý?† s #±¬Á”¬Í
™a-j?a™Í® ¹jÝٙÄW†Íj #¬Í‰™ s ¹ ¯Ç Ä݉ÍW†® Ý?† ¯ P W?Äj ¤] ™?”j s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹™Í‰™†?MjÁ s ¹ ¯Ç ‰”‰Í s #±¬Á”¬Í
™a-j?a ÖMj® ¹Ája‰Í‰”‰Í s ¹ ¯Ç  s ™jÝ ‰Á® ™?”j^ ‰”‰Í ¯Ç MÁj?Ç W?Äj Ô] ™?”j s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹™Í‰™†?MjÁ s ¹ ¯Ç ã‰™Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹=‰™Ä s ¹ ¯Ç  s ™jÝ .¬?Á™Í® ™?”j^ ã‰™Ä ¯Ç MÁj?Ç W?Äj Ï] ™?”j s #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹™Í‰™†?MjÁ s ¹ ¯Ç ã‰™Ä s #±¬Á”¬Í
™a-j?a ÖMj® ¹=‰™Ä s ¹ ¯Ç ?Öwãj‰Í s #±¬Á”¬Í
™a-j?a™Í® ¹?Öwãj‰Í s ¹ ¯Ç  s ™jÝ jÄÍ㉙͝® ™?”j^ ㉙Ä^ ?Öwãj‰Í ¯Ç

#

?^[h\^a_WXT

!#(

MÁj?Ç ajw?֐Í]  s ™ÖÇ #±ÝÁ‰Íj™® ¹™Í?™?~j ?M~jMÁW†j™u¹ ¯Ç Q ÁjÍÖÁ™ Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?™‰¬Ö?͉™® ™Í  ¯ P ‰w®  ss ™Ö ¯ P #±ÝÁ‰Íj™® ¹j‰™ ~ِ͉~jÄ ™Íu¹ ¯Ç ÁjÍÖÁ™Ç Q #±ÝÁ‰Íj™® ¹֙Í‰™Ä?ÖÄÝ?†]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹ ‰™ã?†j™

s ¤¹ ¯Ç

#±ÝÁ‰Íj™® ¹
M†jMj™

s Ô¹ ¯Ç

#±ÝÁ‰Íj™® ¹=‰™Äj™ ãÖÄW†?~j™

s Ϲ ¯Ç

#±ÝÁ‰Íj™® ¹ ?Íj™ ?ÖÄ~jMj™

s |¹ ¯Ç

‰™Í Ý?† s #±¬Á”¬Í
™a-j?a™Í® ¹jÝٙÄW†Íj #¬Í‰™ s ¹ ¯Ç Ä݉ÍW†® Ý?† ¯ P W?Äj ¤] ±j‰™ã?†j™® #±¬Á”¬Í
™a-j?a ÖMj® ¹ jÍÁ?~ s ¹¯ ¯Ç MÁj?Ç W?Äj Ô] Mj?™ ÍjÄÍ s ±?M†jMj™® #±¬Á”¬Í
™a-j?a ÖMj® ¹
ÖÄã?†Ö™~ s ¹ ¯Ç ¯Ç ‰w® ÍjÄÍ ¯ #±ÝÁ‰Íj™® ¹
ÖÄã?†Ö™~ aÖÁW†~jwنÁ͹ ¯Ç jÄj

#±ÝÁ‰Íj™® ¹j‰™j
ÖÄã?†Ö™~ ” ~‰W†u¹ ¯Ç

MÁj?Ç W?Äj Ï] ±ã‰™Ä
ÖÄÄW†ÖjÍÍ֙~®¯Ç MÁj?Ç W?Äj |] ±a?Íj™
ÖÄ~?Mj®¯Ç MÁj?Ç Q Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~į P ™ÍRS ™Íj™ s ™jÝ ™ÍRÏååSÇ

!$

#

?^[h\^a_WXT

a P #±ÝÁ‰Íj™® ¹֙Í‰™Ä?ÖÄÝ?†]¹ ¯Ç #±ÝÁ‰Íj™® ¹sssssssssssssssssssssss¹ ¯Ç #±ÝÁ‰Íj™® ¹™Í ?™j~j™

s ¤¹ ¯Ç

#±ÝÁ‰Íj™® ¹™ÍMjÝj~֙~

s Ô¹ ¯Ç

#±ÝÁ‰Íj™® ¹
j ™Íj™ ?ÖÄ~jMj™ s Ϲ ¯Ç ‰™Í Ý?† s #±¬Á”¬Í
™a-j?a™Í® ¹jÝٙÄW†Íj #¬Í‰™ s ¹ ¯Ç Ä݉ÍW†® Ý?† ¯ P W?Äj ¤] ™Í  s ™Í
™j~j™®¯Ç ‰w®  us ™Ö ¯

™Íj™R±™Í!֔”jÁS s Ç

MÁj?Ç W?Äj Ô] ‰™Í ™ s #±¬Á”¬Í
™a-j?a™Í® ¹™Í !֔”jÁ] ¹ ¯Ç ‰w® ™å FF ™‘™Íj™±j™~͆ ¯ ”?™‰¬Ö?͉™® ™Íj™R™S ¯Ç jÄj

#±ÝÁ‰Íj™® ¹2™~ِ͉~j ™Í™Ö””jÁ¹ ¯Ç

MÁj?Ç W?Äj Ï] #±ÝÁ‰Íj™® ¹ ?Íj™?ÖÄ~?Mj ?jÁ ™Íj™]¹ ¯Ç #±ÝÁ‰Íj™® ¹ssssssssssssssssssssssssss¹ ¯Ç wÁ® ‰™Í ‰såÇ ‰‘™Íj™±j™~ꠂ ‰´´ ¯ ‰w® ™Íj™R‰S us ™Ö ¯ ™Íj™R‰S±a?Íj™
ÖÄ~?Mj®¯Ç Q Q ݆‰j® #±¬Á”¬Í
™a-j?a †?Á® ¹8j‰ÍjÁ ®Ž¯¹ ¯ ss ÀŽÀ ¯Ç #±ÝÁ‰Íj™® ¹ ?™ ݉Áa ~jÄW†ÄÄj™¹ ¯Ç Q Q

2O\Y >]Zg[]`^VWS YO\\ RWS 9ZOaaS ?™ ]V\S eSaS\bZWQVS Ò\RS`c\US\ OcQV [Wb OZZS\ eSWbS`S\ C\bS`YZOaaS\ d]\ ™Í O`PSWbS\ C\aS`S >`]XSYbS eS`RS\ c[TO\U`SWQVS` c\R Y][^ZSfS`) OcQV aW\R Y][^ZSfS`S 4SV ZS`aWbcObW]\S\ OPhcTO\US\ 7\ 9O^WbSZ # eS`RS\ eW` [Wb RS[ ?PZTcZ^]iT_c SW\ ;WbbSZ hc` PWPZW]bVSYaO`bWUS\ HcaO[[S\TOaac\U aS[O\bWaQV hcaO[[S\USVr`WUS` 9ZOaaS\ YS\\S\ZS`\S\ eÉV`S\R 9O^WbSZ $ W\ RWS bcadZcdaXTacT 5TW[TaQTWP]S[d]V RS` A^`O QVS 8OdO SW\TºV`b



6GQKZQUT`KVZ

8OdO>OYSbS _PRZPVTb S\bVOZbS\ W\VOZbZWQV hcaO[[S\USVr`WUS 9ZOaaS\ c\R 7\bS` TOQSa /cT RWSaS ESWaS ZOaaS\ aWQV 0SabO\RbSWZS d]\ >`]U`O[[S\ ]RS` 0WPZW]bVSYS[ U`c^^WS`S\ 3W\ >OYSb Wab SW\S Z]UWaQVS c\R ^VgaWaQVS 4WZSab`cYbc` =`UO\WaObW]\a SW\VSWb c\R b`ÉUb SW\S\ W\RWdWRcSZZS\ OYSbS eS`RS\ Rc`QV ROa AQVZºaaSZ e]`b ¬?W?~j RSYZO`WS`b 2c`QV ROa AQVZºaaSZe]`b ‰”¬ÁÍ YO\\ OcT >OYSbW\VOZbS W\ SWUS\S\ >`]U`O[[S\ hcUSU`WTTS\ eS`RS\ 0WaZO\U Y]\\bS\ eW` c\aS`S 8OdO>`]XSYbS eSaS\bZWQV Rc`QV 1]RSdS`bSWZc\U OcT 9ZOa aS\ c\R RS`S\ ;SbV]RS\ []RcZO`WaWS`S\ DS`S`Pc\U c\R /aa]hWObW]\ S`ZOcPbS\ RWS EWSRS`dS`eS\Rc\U d]\ 9ZOaaS\ W\\S`VOZP O\RS`S` 9ZOaaS\ /ZZS`RW\Ua Wab RWSaS Ab`cYbc`WS`c\Ua[rUZWQVYSWb W[ @OV[S\ U`rzS`S` AgabS[S \]QV hc TSW\Yr`\WU U`O \cZO` ’ Rc`QV ROa >OYSbY]\hS^b abSVb SW\ U`rPS`S` AbcYbc`WS`c\Ua[SQVO\Wa[ca Tº` 8OdOA]TbeO`S hc` DS`TºUc\U >OYSbS aW\R a][Wb ]`UO\WaOb]`WaQVS 3W\VSWbS\ RS` A]Tb eO`SEWSRS`dS`eS\Rc\U 2WS 8 A3 S\bVÉZb hOVZ`SWQVS d]`USTS`bWUbS 9ZOaaS\ RWS W\ RWdS`aS\ >OYSbS\ hcaO[ [S\USTOaab aW\R 0WaZO\U Wab c\a \c` ROa BcP]SPaS_PZTc Ž?Ü?±?™~ PSUSU\Sb hc RSaaS\ 9ZOaaS\ h0 #MŽjWÍ .ßÄÍj” .ÍÁ‰™~ .ÍÁ‰™~ ÖwwjÁ c\R ?͆ USVr `S\ 2Oa >OYSb Ž?Ü?±?™~ eW`R OZa _cOaW c\dS`hWQVbPO` Tº` ROa AQV`SWPS\ d]\ 8OdO >`]U`O[[S\ PSb`OQVbSb a][Wb eW`R Sa Ocb][ObWaQV W[^]`bWS`b 2OUSUS\ abSVS\ RWS 9ZOaaS\ OZZS` O\RS`S\ >OYSbS S`ab Rc`QV OcaR`ºQYZWQVS /\eSWac\U hc` DS`TºUc\U 7\ RS\ T]ZUS\RS\ 9O^WbSZ\ eS`RS\ W[[S` eWSRS` 9ZOaaS\ Oca 8 A3>OYSbS dS`eS\ RSb 2WSaSa 9O^WbSZ a]ZZ RS\ >OYSb[SQVO\Wa[ca /\ZSUS\ c\R DS`eS\RS\ d]\ >OYS bS\ d]`abSZZS\



'TRKMKT KOMKTKX 6GQKZK

9ZOaaS\ c\R 7\bS`TOQSa Yr\\S\ SW\S[ >OYSb Sf^ZWhWb hcUS]`R\Sb eS`RS\ >OYSbS PWZ RS\ SW\S\ SWUS\S\ OYSba aW\R Tº` O\RS`S >OYSbS \c` aWQVbPO` dS`TºUPO` eS\\ ROa >OYSb RWSaS 7\VOZbS Oca R`ºQYZWQV dS`rTTS\bZWQVb Sf^]`bWS`b



6GQKZK GTRKMKT SOZZKRY ¬?W?~j*KQRGXGZOUT

EW`R O[ /\TO\U SW\S` ?cSZZQ]RSRObSW ±Ž?Ü?4WZS [WbbSZa( ¬?W?~j ¬?j͙?”jÇ

SW\S ¬?W?~j2SYZO`ObW]\ d]`US\][[S\ a] USVr`S\ P[[T 9ZOaaS\ c\R 7\bS`TOQSa SXTbTa 2ObSW Z]UWaQV hc[ >OYSb ¬?j͙?”j 2WS ¬?W?~j2SYZO`ObW]\ [caa OZa S` abS /\eSWac\U W[ ±Ž?Ü?4WZS abSVS\ EW`R RS` V[TXRWT >OYSb\O[S W\ eTabRWXTST]T] ±Ž?Ü?4WZSa dS`eS\RSb USVr`S\ P[[T 0SabO\RbSWZS RWSaS` ?cSZZQ]RSTWZSa hc[ UZSW QVS\ >OYSb

!$!

$

?PZTcZ^]iT_c

2WS 9ZOaaS\ c\R 7\bS`TOQSa OZZS` [Wb RS[ V[TXRWT] ?PZTc]P\T] USYS\\hSWQV \SbS` Ž?Ü?4WZSa USVr`S\ Z]UWaQV hc[ V[TXRWT] ?PZTc >OYSbS abSZZS\ SW\S [^VXbRWT 4X]WTXc RO` RS`S\ 9ZOaaS\ c\R 7\bS`TOQSa ºPS` dS`aQVWS RS\S Ž?Ü?2ObSWS\ dS`bSWZb aSW\ Yr\\S\ 7\ /PPWZRc\U # eS`RS\ RWS 9ZOaaS\ -jW†™Ö™~ c\R
ÖwÍÁ?~ W\ aS^O`ObS\ Ž?Ü?4WZSa O\USZSUb 0SWRS USVr`S\ XSR]QV hc[ aSZPS\ >OYSb w?ÍÖÁ?

>VgaWaQVS DS`bSWZc\U OcT 4WZSa( DS`hSWQV\Wa(

¬?W?~j w?ÍÖÁ?Ç W?ÄÄ -jW†™Ö™~ P ÊJ p JÊ Q

w?ÍÖÁ?

¬?W?~j w?ÍÖÁ?Ç W?ÄÄ
ÖwÍÁ?~ P ÊJ p JÊ Q 0dUcaPVYPeP

ATRW]d]VYPeP

:]UWaQVS Hc]`R\c\U hc SW\S[ >OYSb(

?PZTc UPZcdaP 7\VOZb (

-jW†™Ö™~


ÖwÍÁ?~

0QQ $ ) >OYSbRSYZO`ObW]\ c\R 9ZOaaS\hc]`R\c\U 3\bVÉZb SW\ ±Ž?Ü?4WZS YSW\S ¬?W?~j/\UOPS a] USVr`S\ RWS 9ZOaaS\ c\R 7\bS` TOQSa RWSaS` 2ObSW hc[ ]P\T][^bT] BcP]SPaS_PZTc ’ c\R eS`RS\ d][ 1][^WZS` W[ OYbcSZZS\ /`PSWbadS`hSWQV\Wa USacQVb A][Wb USVr`S\ OZZS 8OdO9ZOaaS\ c\R 7\bS`TOQSa SW\S[ >OYSb O\ hc[W\RSab RS[ AbO\RO`R^OYSb



6GQKZK GRY 4GSKTYXG[S [TJ 9OINZHGXQKOZYMXKT`K

8SRSa >OYSb PWZRSb SW\S\ SWUS\S\ =P\T]baPd\( 7\\S`VOZP SW\Sa >OYSba [ºaaS\ 9ZOa aS\ c\R 7\bS`TOQS\O[S\ SW\RScbWU aSW\ W\ dS`aQVWSRS\S\ >OYSbS\ Yr\\S\ XSR]QV UZSWQVS OYSbS w?ÍÖÁ? c\R ÜjÁÍÁ‰jM W\ /PPWZRc\U # SW\S UZSWQV\O[WUS 9ZOaaS
ÖwÍÁ?~ >OYSbS PWZRS\ OcQV SW\S BXRWcQPaZTXcbVaT]iT =V\S Sf^ZWhWbS\ 3f^]`b d]\ >OYSbW\VOZ bS\ aW\R RWSaS OczS`VOZP RSa >OYSba \WQVb aWQVb c\R hcU`SWTPO` 2WS :[PbbT] TX]Tb ?PZTcb VOPS\ \c` HcU`WTT OcT 3ZS[S\bS O\RS`S` 9ZOaaS\ RSa TXVT]T] ?PZTcb 9ZOaaS\ O\RS`S` >OYSbS 5aT\SZ[PbbT] VOPS\ ZTX]T] HcU`WTT OYSbW\VOZbS\ Yr\\S\ RWSaS Tº` 4`S[RYZOaaS\ dS`TºUPO` US[OQVb eS`RS\ A] YO\\ RWS 9ZOaaS
ÖwÍÁ?~ RSa >OYSba w?ÍÖÁ? /PP #  OcT RWS AQV\WbbabSZZS RS` 9ZOaaS -jW†™Ö™~ hcU`SWTS\ RO PSWRS RS[ UZSWQVS\ >OYSb w?ÍÖÁ? O\USVr`S\ 2OUSUS\ YO\\ W\\S`VOZP RSa >OYSba ÜjÁÍÁ‰jM \WQVb [Wb RS` 4`S[RYZOaaS
ÖwÍÁ?~ USO`PSWbSb eS`RS\ RO RWSaS hc[ T`S[RS\ >OYSb w?ÍÖÁ? USVr`b 2S` 1][^WZS` ZWSTS`b RWS 4SVZS`[SZRc\U( W?™™Í w‰™a ÄߔM

$

?PZTcZ^]iT_c

!$"

¬?W?~j w?ÍÖÁ?Ç W?ÄÄ -jW†™Ö™~ P ÊÊ # r ~j‰W†jÄ +?jÍ
ÖwÍÁ?~ ?Ç ÊÊ ±±± Q ¬?W?~j w?ÍÖÁ?Ç W?ÄÄ
ÖwÍÁ?~ P ÊÊ ±±± Q

¬?W?~j ÜjÁÍÁ‰jMÇ W?ÄÄ -jW†™Ö™~ P ÊÊ j†jÁ r Áj”a¬?jÍ
ÖwÍÁ?~ ?Ç ÊÊ ±±± Q W?ÄÄ jÄÍjÖ™~ P ÊÊ ±±± Q

0QQ $!) >OYSbS OZa OYSbS\ hcaO[[S\USTOaab c[ RWSaS OcQV PdvTaWP[Q RS` >OYSbU`S\hS\ W\ 8OdO>`]XSYbS\ dS`eS\RS\ hc Yr\\S\ 2WSa S`T]`RS`b SW\S\ Sf ^ZWhWbS\ 3f^]`b d]\ >OYSbW\VOZbS\ Rc`QV ROa >OYSb



+^VUXZ \UT 6GQKZOTNGRZKT

2c`QV Sf^ZWhWbS 9S\\hSWQV\c\U OZa ¬ÖM‰W eS`RS\ >OYSbW\VOZbS Sf^]`bWS`b RV SW\ HcU`WTT Rc`QV 9ZOaaS\ O\RS`S` >OYSbS USeÉV`b( ?PZTcX]WP[cT eS`RS\ Rc`QV SW\ >OYSb Tg_^acXTac W\RS[ 9ZOaaS\ ;SbV]RS\ /bb`WPcbS ]RS` 7\bS`TOQSa Tg_[XiXc ¬ÖM‰W RSYZO`WS`b eS`RS\ EOa ¬ÖM‰W aSW\ a]ZZ c\R Tº` 4`S[RhcU`WTT d]\ OczS`VOZP RSa >OYSbSa Tg_^]XTac eW`R QT bcX\\c b^\Xc ]da SPb ?PZTc bT[Qbc 2WS 9S\\hSWQV\c\U ¬ÖM‰W S`VÉZb a][Wb W\\S`VOZP RSa >OYSbY]\hS^ba SW\S idbÊci [XRWT 0SRScbc\U( /cQV SW\S :[PbbT YO\\ Sf^ZWhWb ¬ÖM‰W RSYZO`WS`b eS`RS\ =da OcT ¬ÖM‰W RSYZO`WS`bS 9ZOaaS\ c\R 7\bS`TOQSa eW`R RS` HcU`WTT Oca O\RS`S\ >OYSbS\ USeÉV`b C\bS`PZSWPb RWS Sf^ZWhWbS ¬ÖM‰W2SYZO`ObW]\ a] Wab RWS 9ZOaaS ROa 7\bS` TOQS ]XRWc Tº` O\RS`S >OYSbS aWQVb c\R dS`eS\RPO` 2S` DS`acQV \WQVb ¬ÖM‰W RSYZO`WS`bS 9ZOaaS\ ]RS` 7\bS`TOQSa hc \cbhS\ _cWbbWS`b RS` 1][^WZS` [Wb RS` ;SZ Rc\U( ™Í ¬ÖM‰W ±±±Ç W?™™Í Mj ?WWjÄÄja wÁ” ÖÍĉaj ¬?W?~j± 8]]TaWP[Q SW\S` ¬ÖM‰W9ZOaaS YO\\ eWSRS`c[ SXUUTaT]iXTac eS`RS\ fT[RWT 0ccaX QdcT d]S OYSba aWQVbPO` 2S` 3f^]`b d]\ ¬ÖM‰W/bb`WPcbS\ c\R ;SbV]RS\ Wab \c` eW`YaO[ eS\\ RWS hcUSVr`WUS 9ZOaaS aSZPab ¬ÖM‰W RSYZO`WS`b Wab 4]ZUS\RSa aQVS[ObWaQVSa 0SWa^WSZ dS`RScbZWQVb RWS HcaO[[S\VÉ\US( ¬?W?~j w?ÍÖÁ?Ç

ÊÊ +?jÍ w?ÍÖÁ?^ ?Íj‰ w?ÍÖÁ?Ê-jW†™Ö™~±Ž?Ü?

¬ÖM‰W W?ÄÄ -jW†™Ö™~ P ?Í֔ a?ÍÇ

ÊÊ .‰W†ÍM?Áj ?ÄÄj] jÞ¬Á͉jÁÍ ÊÊ ™‰W†Í jÞ¬Á͉jÁÍ

!$#

$ ¬ÖM‰W .ÍÁ‰™~ ™?”jÇ

ÊÊ jÞ¬Á͉jÁÍ

¬ÖM‰W aÖMj MjÍÁ?~Ç

ÊÊ jÞ¬Á͉jÁÍ

?PZTcZ^]iT_c

¬ÖM‰W -jW†™Ö™~® .ÍÁ‰™~ ™^ aÖMj M^ ‰™Í Í^ ‰™Í ”^ ‰™Í Ž ¯ P ™?”j s ™Ç

MjÍÁ?~ s MÇ

a?Í s ™jÝ ?Í֔® Í^ ”^ Ž ¯Ç Q ¬ÖM‰W ͝.ÍÁ‰™~®¯ P

ÊÊ jÞ¬Á͉jÁÍ

.ÍÁ‰™~ Ä s ‰™w®¯ ´ ¹Ê™¹Ç ÁjÍÖÁ™ Ä ´ ™?”j ´ ¹ ¹ ´ MjÍÁ?~ ´ ¹ ¹ ´ a?ͱ͝.ÍÁ‰™~®¯Ç Q .ÍÁ‰™~ ‰™w®¯ P

ÊÊ ™‰W†Í jÞ¬Á͉jÁÍ

ÁjÍÖÁ™ ¹-jW†™Ö™~ 8jÁ ¤ Ê
Mͱ7 Ê ÄÍj™ÄÍjj åo¤y¹Ç Q Q W?ÄÄ ?Í֔ P

ÊÊ !‰W†Í ĉW†ÍM?Áj ?ÄÄj] ™‰W†Í jÞ¬Á͉jÁÍ

¬ÖM‰W ‰™Í Í?~Ç

¬ÖM‰W ‰™Í ”™?ÍÇ

¬ÖM‰W ‰™Í Ž?†ÁÇ

¬ÖM‰W ?Í֔® ‰™Í Í^ ‰™Í ”^ ‰™Í Ž ¯ P Í?~ s ÍÇ

”™?Í s ”Ç

Ž?†Á s ŽÇ

Q ¬ÖM‰W ͝.ÍÁ‰™~®¯ P .ÍÁ‰™~ Ä s Í?~ ´ ¹±¹ ´ ”™?Í ´ ¹±¹ ´ Ž?†ÁÇ

ÁjÍÖÁ™ ÄÇ

Q Q

7\ XSRS[ P]STaT] >OYSb OcQV RS[ \O[S\aZ]aS\ AbO\RO`R^OYSb Wab \c` RWS 9ZOaaS -jW†™Ö™~ aWQVbPO` RWS 9ZOaaS ?Í֔ \WQVb OYSbS\ hcUSU`WTTS\ eS`RS\ 2Oa /b b`WPcb a?Í c\R RWS ;SbV]RS ‰™w®¯ ec`RS\ ]XRWc ¬ÖM‰W RSYZO`WS`b ’ aWS abSVS\ 9ZOaaS\ P]STaTa >OYSbS ]XRWc hc` DS`TºUc\U =PUZSWQV OZZS 3ZS[S\bS RS` 9ZOaaS ?ˆ Í֔ ¬ÖM‰W aW\R Yr\\S\ aWS \WQVb Oca O\RS`S\ >OYSbS\ O\USa^`]QVS\ eS`RS\ RO RWS 9ZOaaS ?Í֔ bT[Qbc ]XRWc ¬ÖM‰W RSYZO`WS`b Wab 2WS T]ZUS\RS BSabYZOaaS USVr`b RS[ >OYSb ÍjÄÍÄ O\ c\R hSWUb RWS HcU`WTTa[rUZWQV YSWbS\ OcT ROa >OYSb w?ÍÖÁ?( /cT ‰”¬ÁÍ eW`R a]UZSWQV SW\USUO\US\ ¬?W?~j ÍjÄÍÄÇ

ÊÊ +?jÍaj?Á?͉™

‰”¬ÁÍ w?ÍÖÁ?±JÇ

ÊÊ Þ¬‰ã‰ÍjÁ ”¬ÁÍ ajÄ +?jÍÄ w?ÍÖÁ?

¬ÖM‰W W?ÄÄ 0jÄÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ Á?ÖMÍj =Ö~Á‰wwj ?Öw jÞ¬Á͉jÁÍj ?ÄÄj™ ֙a j”j™Íj] -jW†™Ö™~ Á s ™jÝ -jW†™Ö™~® ¹ j‰jÁ¹^ ¤ååå±å^ Ô^ É^ Ôååy ¯Ç Á±MjÍÁ?~ s Ôååå±åÇ #±ÝÁ‰Íj™® Á±Í.ÍÁ‰™~®¯ ¯Ç

$

?PZTcZ^]iT_c

!$$

ÊÊ j†jÁ] =Ö~Á‰wwj ?Öw ™‰W†Í jÞ¬Á͉jÁÍj +?j͉™†?Íj] .ÍÁ‰™~ Ä s Á±‰™w®¯Ç

ÊÊ !‰W†Í jÞ¬Á͉jÁÍj

Á±a?ͱŽ?†Á s Ôåå|Ç

ÊÊ !‰W†Í jÞ¬Á͉jÁÍjÄ
ÍÍÁ‰MÖÍ

?Í֔ a s ™jÝ ?Í֔®¤^¤^Ôååå¯Ç

j͆aj

ÊÊ !‰W†Í jÞ¬Á͉jÁÍj ?ÄÄj

Q Q

3W\S eWQVbWUS d][ 1][^WZS` ºPS`eOQVbS D]`aQV`WTb `SUSZb RWS DS`bSWZc\U ¬ÖM‰W RSYZO`WS`bS` Sf^]`bWS`bS` >OYSbYZOaaS\ OcT ±Ž?Ü?4WZSa( 3W\S ±Ž?Ü?@dT[[R^STSPcTX RO`T QT[XTQXV eXT[T :[PbbT] S\bVOZbS\ OPS` ]da TX]T ROd]\ RO`T Tg_[XiXc ¬ÖM‰WSTZ[PaXTac aSW\ 2S`S\



/cT Sf^]`bWS`bS >OYSbW\VOZbS YO\\ W\ O\RS`S\ >OYSbS\ Rc`QV 7[^]`b hcUSU`WTTS\ eS`RS\ A][Wb eW`R W[ 1]RW\U RScbZWQV eSZQVS T`S[RS\ 9ZOaaS\ dS`eS\RSb eS`RS\ D]`OcaaSbhc\U Tº` RWS ETafT]Sd]V Tg_^acXTacTa :[PbbT] W\ O\RS`S\ >OYSbS\ Wab RS`S\ PdbSa¶RZ[XRWTa 8\_^ac FPb e^] PdvT] X\_^acXTac fXaS QTbcX\\c ]da SPb eTafT]ST]ST ?PZTc bT[Qbc 0]\TaZd]V) /cQV W[^]`bWS`bS >OYSbYZOaaS\ eS`RS\ W\ 8OdO>`]XSYbS\ S`ab RO\\ US acQVb c\R hc` :OcThSWb Rc`QV RS\ 8D;1ZOaaZ]ORS` Rg\O[WaQV USZORS\ eS\\ aWS eÉV`S\R RS` >`]U`O[[OcaTºV`c\U PS\rbWUb eS`RS\ 0SW[ 7[^]`b d]\ >OYbS\ eS`RS\ W[^ZWhWbS` c\R Sf^ZWhWbS` 7[^]`b c\bS`aQVWSRS\



/SVRO`OZKX /SVUXZ

0SW[ W[^ZWhWbS\ 7[^]`b eW`R XSRS dS`eS\RSbS >OYSbYZOaaS [Wb WV`S[ e^[[T] ?PZTc ]P\T] O\USa^`]QVS\ d]ZZabÉ\RWUS OYSb c\R 9ZOaaS\\O[S eS`RS\ Rc`QV RS\ ?d]Zc^_TaPc^a dS`Pc\RS\ EWS W\ T]ZUS\RS[ 0SWa^WSZ S`aWQVbZWQV aW\R Rc`QV d]ZZabÉ\RWUS
ÊÊ ‰™ ajÁ ?Íj‰ w?ÍÖÁ?Ê
ÖwÍÁ?~±Ž?Ü?

¬ÖM‰W W?ÄÄ
ÖwÍÁ?~ P ÊJ ±±± JÊ Q ¬?W?~j w?ÍÖÁ?Ç

ÊÊ ‰™ ajÁ ?Íj‰ w?ÍÖÁ?Ê-jW†™Ö™~±Ž?Ü?

¬ÖM‰W W?ÄÄ -jW†™Ö™~ P ÊJ ±±± JÊ Q ¬?W?~j ÜjÁÍÁ‰jMÇ

ÊÊ ‰™ ajÁ ?Íj‰ ÜjÁÍÁ‰jMÊ
ÖwÍÁ?~±Ž?Ü?

¬ÖM‰W W?ÄÄ
ÖwÍÁ?~ P ÊJ ±±± JÊ Q

!

%$$

¬?W?~j ÍjÄÍÄÇ

?PZTcZ^]iT_c

ÊÊ ‰™ ajÁ ?Íj‰ ÍjÄÍÄÊ0jÄÍjÁ±Ž?Ü?

¬ÖM‰W W?ÄÄ 0jÄÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ ”¬‰ã‰ÍjÁ ”¬ÁÍ] =Ö~Á‰ww aÖÁW† +?j͈,Ö?‰w‰?͉™ w?ÍÖÁ?±
ÖwÍÁ?~ ?¤

s ™jÝ w?ÍÖÁ?±
ÖwÍÁ?~®¯Ç

w?ÍÖÁ?±-jW†™Ö™~ Á¤ s ™jÝ w?ÍÖÁ?±-jW†™Ö™~®¯Ç ÜjÁÍÁ‰jM±
ÖwÍÁ?~ ?Ô s ™jÝ ÜjÁÍÁ‰jM±
ÖwÍÁ?~®¯Ç Q Q

E^acTX[ RSa W[^ZWhWbS\ 7[^]`ba Wab ROaa PSW XSRS` DS`eS\Rc\U W[ 1]RW\U RWS 6S` Yc\Tb RS` dS`eS\RSbS\ >OYSbYZOaaS RW`SYb OPUSZSaS\ eS`RS\ YO\\ =PRWcTX[ Wab RWS ZÉ\UZWQVS AQV`SWPeSWaS RSa _cOZWTWhWS`bS\


+^VRO`OZKX /SVUXZ

2S` Sf^ZWhWbS 7[^]`b \cbhb ROa AQVZºaaSZe]`b ‰”¬ÁÍ c\R dS`aWSVb RWS ?cSZZQ]RSRO bSW [Wb SW\S` ]RS` [SV`S`S\ OcTSW\O\RS` T]ZUS\RS\ ‰”¬ÁÍ0]fTXbd]VT] 2WSaS [OQVb RS\ >OYSb^TOR PSYO\\b HeSW DO`WO\bS\ SfWabWS`S\( E

7[^]`b SW\S` TX]iT[]T] QTbcX\\cT] :[PbbT Rc`QV <S\\c\U WV`Sa
E

7[^]`b P[[Ta :[PbbT] SW\Sa >OYSba Rc`QV J>ZObhVOZbS`( ‰”¬ÁÍ ¬?j͙?”j±JÇ

4º` ‰”¬ÁÍ/\eSWac\US\ USZbS\ SW\TOQVS ATVT[]( E

/ZZS ‰”¬ÁÍ/\eSWac\US\ [ºaaS\ P\ 0]UP]V STa @dT[[R^STSPcTX ]RS` RW`SYb ]PRW SW\S` SdS\bcSZZ d]`VO\RS\S\ ¬?W?~j0]fTXbd]VbiTX[T abSVS\

E

2WS ‰”¬ÁÍ/\eSWac\US\ USZbS\ ]da U¶a SXT YTfTX[XVT @dT[[R^STSPcTX \WQVb Oc b][ObWaQV Tº` OZZS Ž?Ü?4WZSa RSa >OYSba A][Wb [ºaaS\ S`T]`RS`ZWQVS ‰”¬ÁÍ /\eSWac\US\ X] YTST\ Ž?Ü?5X[T eWSRS`V]Zb eS`RS\

E

/ZZS Rc`QV ‰”¬ÁÍ/\eSWac\US\ W[^]`bWS`bS\ 9ZOaaS\ [ºaaS\ eTabRWXTST]T =P\T] b`OUS\ a]\ab b`Wbb SW\ =P\T]bZ^]U[XZc OcT 7\ RWSaS[ 4OZZ [caa SW\ W[^ZW hWbS\ 7[^]`b [Wb >OYSb_cOZWTWOYbW]\ dS`eS\RSb eS`RS\ RS` RS\ OYSbO\UOPS dS`[SWRSb

;WbbSZa Sf^ZWhWbS\ 7[^]`ba Yr\\S\ OZZS 9ZOaaS\ dS`aQVWSRS\S` >OYSbS ^W]T ?PZTc @dP[XUXZPcX^] [Wb WV`S[ TX]UPRWT] 9ZOaaS\\O[S\ dS`eS\RSb eS`RS\ a]TS`\ YSW\ OYSb w?ÍÖÁ? RSa d]`WUS\ 0SWa^WSZa c\R W[^]`bWS`b RSaaS\ ¬ÖM‰W9ZOaaS\( ¬?W?~j ÍjÄÍÄÇ

ÊÊ ‰™ ?Íj‰ ÍjÄÍÄÊ0jÄÍjÁ±Ž?Ü?

‰”¬ÁÍ w?ÍÖÁ?±
ÖwÍÁ?~Ç

ÊÊ Þ¬‰ã‰ÍjÁ ”¬ÁÍ j‰™ãj™jÁ ?ÄÄj™

‰”¬ÁÍ w?ÍÖÁ?±-jW†™Ö™~Ç ÊÊ ‰”¬ÁÍ w?ÍÖÁ?±JÇ ¬ÖM‰W W?ÄÄ 0jÄÍjÁ P

ÊÊ Þ¬‰ã‰ÍjÁ ”¬ÁÍ ajÄ ~?™ãj™ +?jÍÄ

$

?PZTcZ^]iT_c

!$&

¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ =Ö~Á‰ww †™j +?j͈,Ö?‰w‰?͉™]
ÖwÍÁ?~ ?¤

s ™jÝ
ÖwÍÁ?~®¯Ç

-jW†™Ö™~ Á¤ s ™jÝ -jW†™Ö™~®¯Ç Q Q

0]\TaZd]V) 2WS 9ZOaaS\ RSa AbO\RO`R^OYbSba Ž?Ü?±?™~±J aW\R W\ OZZS\ ?cSZZ Q]RSRObSWS\ OcQV ]V\S 7[^]`b/\eSWac\US\ dS`TºUPO`



6GQKZK [TJ
0SW[ /\ZSUS\ d]\ >OYSbS\ [caa SW\S Hc]`R\c\U d]\ :[PbbT] OcT @dT[[R^ST Qif 1hcTR^STSPcTXT] c\R d]\ ?PZTc]P\T] OcT ETaiTXRW]XbbT RSa 4WZSagabS[a d]`US \][[S\ eS`RS\ 2`SW SW\TOQVS ATVT[] ZSUS\ RWS 4WZSab`cYbc` TSab( 

3W\S ¬ÖM‰W9ZOaaS 2 [caa W\ SW\S[ V[TXRW]P\XVT] 5X[T ±Ž?Ü? W[^ZS[S\ bWS`b eS`RS\ 2WSaSa eW`R hc[ 0gbSQ]RSTWZS ±W?ÄÄ Y][^WZWS`b



3W\ ±Ž?Ü??cSZZQ]RSTWZS RO`T PSZWSPWU dWSZS 9ZOaaS\ S\bVOZbS\ OPS` ]da TX]T ROd]\ RO`T ¬ÖM‰W RSYZO`WS`b aSW\

!

/ZZS 5X[Tb TX]Tb ?PZTcb ? [ºaaS\ W\ RS[ V[TXRW]P\XVT] ETaiTXRW]Xb ? ZWSUS\

4º` SW\ ?PZTc \O[S\a w?ÍÖÁ? [Wb RS\ ¬ÖM‰W:[PbbT]
ÖwÍÁ?~ -jW†™Ö™~ c\R jÄÍjÖ™~ eº`RS SW\ ETaiTXRW]Xb TOYbc`O O\USZSUb eS`RS\ ROa RWS 3PcTXT]
ÖwÍÁ?~±Ž?Ü? -jW†™Ö™~±Ž?Ü? c\R jÄÍjÖ™~±Ž?Ü? S\bVÉZb /PP#! C[ ROa >OYSb hc dS`eS\RS\ Wab RS` 8OdO?cSZZQ]RS ]XRWc S`T]`RS`ZWQV 3a US\ºUb ROaa ROa DS`hSWQV\Wa RWS hcUSVr`WUS\ W?ÄÄ4WZSa S\bVÉZb :]UWaQVS Hc]`R\c\U

w?ÍÖÁ?

UPZcdaP
ÖwÍÁ?~

-jW†™Ö™~

jÄÍjÖ™~

>VgaWaQVS =`R\S`ab`cYbc`


ÖwÍÁ?~±Ž?Ü?
ÖwÍÁ?~±W?ÄÄ -jW†™Ö™~±Ž?Ü? -jW†™Ö™~±W?ÄÄ

ajÁ

ajÁ

jÄÍjÖ™~±Ž?Ü? jÄÍjÖ™~±W?ÄÄ

ajÁ

0QQ $") /PPWZRc\U >OYSbab`cYbc` OcT 4WZSab`cYbc` ?PZTcWXTaPaRWXT) 3W\ ?PZTc ZP]] fTXcTaT ?PZTcT T]cWP[cT] RV >OYSbS ZOaaS\ aWQV bRWPRWcT[] 2ORc`QV Yr\\S\ U`raaS`S ;S\US\ d]\ 9ZOaaS\ c\R 7\bS`TOQSa W\ SW\S` ºPS`aWQVbZWQVS\ >OYSbab`cYbc` OPUSZSUb eS`RS\ 2WSaS eW`R Rc`QV S\ba^`SQVS\RS D] cTaeTaiTXRW]XbbT W\\S`VOZP RSa ºPS`US]`R\SbS\ >OYSb]`R\S`a OPUSPWZRSb

!$'

$

?PZTcZ^]iT_c

A]ZZ h0 ROa >OYSb MjÍÁ‰jM RWS eSWbS`S\ >OYSbS w?ÍÖÁ? c\R ÜjÁÍÁ‰jM OcT \SV[S\ a] [caa ROa DS`hSWQV\Wa MjÍÁ‰jM RWS C\bS`dS`hSWQV\WaaS w?ÍÖÁ? c\R ÜjÁÍÁ‰jM [Wb WV`S\ 9ZOaaS\RObSWS\ S\bVOZbS\ A]ZZ SW\S 9ZOaaS SW\S` USaQVOQVbSZbS\ >OYSbab`cYbc` dS`eS\RSb eS`RS\ a] Wab PSW[ 7[^]`b RS` USaO[bS _cOZWTWhWS`bS >OYSb^TOR [WbbSZa >c\Yb]^S`Ob]` PWa hc` 9ZOaaS O\ hcUSPS\ 4º` US\O\\bSa 0SWa^WSZ ZOcbS\ [rUZWQVS 7[^]`bO\eSWac\US\( ÊÊ Þ¬‰ã‰ÍjÁ ”¬ÁÍ] ‰”¬ÁÍ MjÍÁ‰jM±w?ÍÖÁ?±
ÖwÍÁ?~Ç

ÊÊ ™ÖÁ a‰j ?ÄÄj
ÖwÍÁ?~

‰”¬ÁÍ MjÍÁ‰jM±w?ÍÖÁ?±JÇ

ÊÊ jÄ?”ÍjÄ +?jÍ w?ÍÖÁ?

ÊÊ ”¬‰ã‰ÍjÁ ”¬ÁÍ Ü™
ÖwÍÁ?~] MjÍÁ‰jM±w?ÍÖÁ?±
ÖwÍÁ?~ ? s ™jÝ MjÍÁ‰jM±w?ÍÖÁ?±
ÖwÍÁ?~®¯Ç

3W\S 1Tb^]STaWTXc( 2c`QV RS\ ?[PciWP[cTa J eS`RS\ \c` OZZS >OYSbW\VOZbS W[^]`bWS`b RWS SXaTZc SW\S[ >OYSb hcUSVr`S\ ]XRWc XSR]QV RWS 7\VOZbS RS` RO`W\ Rc`QV AQVOQV bSZc\U S\bVOZbS\S\ >OYSbS A] eº`RS W[ 0SWa^WSZ Rc`QV( ‰”¬ÁÍ MjÍÁ‰jM±JÇ

]XRWc RS` 7\VOZb RS` W[ >OYSb MjÍÁ‰jM S\bVOZbS\S\ >OYSbS w?ÍÖÁ? c\R ÜjÁˆ ÍÁ‰jM W[^]`bWS`b a]\RS`\ ]da 9ZOaaS\ c\R 7\bS`TOQSa RWS OcT ]PS`abS` 3PS\S RSa >OYSba MjÍÁ‰jM ZWSUS\ /cQV RWS 8 A3 S\bVÉZb >OYSbVWS`OQVWS\ 0SWa^WSZS RO`Oca aW\R( Ž?Ü?±?™~±.ÍÁ‰™~ Ž?Ü?±ÍjÞͱ jW‰”?Á”?Í ]RS` Ž?Ü?Þ± Ä݉™~±ÍjÞͱ†Í”±¬?ÁÄjÁ



,OTJKT \UT 1RGYYKT OS IRGYY VGZN

2WS AbO\RO`R>OYSbS c\R 9ZOaaS\ RS` 8 A3 P]]bab`O^ QZOaaSa eS`RS\ d][ 8OdO agabS[ Ocb][ObWaQV USTc\RS\ 2O[Wb ROa 8OdOAgabS[ XSR]QV PS\cbhS`RSTW\WS`bS >O YSbS c\R 9ZOaaS\ TW\RSb [caa RS`S\ /PZOUS]`b W[ 2ObSWagabS[ PSYO\\bUSUSPS\ eS`RS\ 2Ohc RWS\b ROa BTciT] RSa W?ÄĬ?͆ 9ZOaaS\^TOR 2WSa YO\\ Rc`QV >TZSUS\ SW\S` UZSWQV\O[WUS\ D\VTQd]VbePaXPQ[T] USaQVSVS\ ]RS` Rc`QV 0]VPQT PdU STa :^\\P]S^iTX[T PSW[ /cT`cT RS` 3\beWQYZc\Uab]]Za Ž?Ü? c\R Ž?Ü?W 1][^WZS` c\R 8D; acQVS\ \OQV >OYSbS\ c\bS` RS[ Rc`QV RWS W?ÄĬ?͆DO`WOPZS RSTW\WS`bS\ 2ObSWagabS[^TORSa Ag\bOf c\R ESWaS\ RS` W?ÄĬ?͆2STW\WbW]\ VÉ\US\ d][ dS`eS\RSbS\ 0Sb`WSPa agabS[ OP C\bS` EW\R]ea h0 YO\\ RS` W?ÄĬ?͆ OcT RS` 9][[O\R]hSWZS US aSbhb eS`RS\ Rc`QV /cThÉVZc\U `SZSdO\bS` DS`hSWQV\WaaS( ÄjÍ W?ÄĬ?͆s±Ç ]N j”ÄÇ ]N0jÄÍÄÇ

2WS >OYSbS [ºaabS\ W\ RWSaS[ 4OZZ W[ =`R\S` ]N j”Ä ]RS` ]N0jÄÍÄ :WSUS\ 2S` >c\Yb W[ W?ÄĬ?͆ a]`Ub ROTº` ROaa OcQV eSWbS`VW\ ROa OYbcSZZS /`PSWbadS` hSWQV\Wa Rc`QVacQVb eW`R ESWbS`S 7\T]`[ObW]\S\ hc[ W?ÄĬ?͆;SQVO\Wa[ca TW\RS\ aWQV W[ HcaObhYO^WbSZ OcT RS` ESPaSWbS RSa 0cQVSa 7\bSU`WS`bS 3\beWQYZc\Ua c[USPc\US\ dS`TºUS\ ºPS` Y][T]`bOPZS ;rUZWQVYSWbS\ RS` W?ÄĬ?͆>TZSUS

$

?PZTcZ^]iT_c



!$(

+OTJK[ZOMQKOZ \UT 6GQKZTGSKT

?PZTc]P\T] a]ZZbS\ SW\S\ aS[O\bWaQVS\ 6W\eSWa OcT WV`S\ >OYSbW\VOZb ZWSTS`\ [ºa aS\ XSR]QV hcRS[ TX]STdcXV aSW\ 2O eSZbeSWb W\ 8OdO S\beWQYSZb eW`R Wab ROa 4W\RS\ eSZbeSWb SW\RScbWUS` OYSb\O[S\ OcTUS\][[S\ eS`RS\ ESZbeSWb SW\RScbWUS >OYSb\O[S\a ZOaaS\ aWQV Rc`QV D]`abSZ ZS\ RSa 7\bS`\Sb2][OW\OYSb w?ÍÖÁ? a][Wb RS\ >OYSb\O[S\( ¬?W?~j ±M?ˆ”ÄM?W†±Ý‰±w?ÍÖÁ?Ç 2Oaa RWSaS` S`a]\S\ ]RS` 7\abWbcbW]\S\ hcTÉZZWU \]QV[OZa dS`US PS\ eW`R Wab c\eOV`aQVSW\ZWQV /cQV RWS 4W`[O Ac\ USVb a] d]` eWS h0 W[ >OYSb \O[S\( W”±Ä֙±‰”?~j±WajW±Ž¬j~



@[MXOLLYXKINZK OS 6GQKZQUTZK^Z

OYSbY]\bSfb hc RSTW\WS`S\ BOPSZZS # TºV`b RWS HcU`WTTa`SQVbS OcT 2OPSW eW`R O\US\][[S\ ROaa RWS hcUSVr`WUS 9ZOaaS ¬ÖM‰W Wab RV Sf^]`bWS`b eW`R ¬ÖM‰W)

¬ÖM‰W ‰™Í ÞÇ

¬ÖM‰W ܝ‰a ”®¯P ÊJ±±±JÊ Q

HcU`WTT Tº` :[PbbT] c\R >QYTZcT RSa SWUS\S\ >OYSba c\R OZZS :[PbbT] c\R >QYTZcT W[^]`bWS`S\RS` O\RS`S` >OYSbS ¬ÁÍjWÍja)

¬ÁÍjWÍja ‰™Í ÞÇ

¬ÁÍjWÍja ܝ‰a ”®¯P ÊJ±±±JÊ Q

HcU`WTT Tº` :[PbbT] c\R =PXSYbS RSa SWUS\S\ >OYSba c\R Tº` D]cTaZ[PbbT] W[^]`bWS `S\RS` O\RS`S` >OYSbS 8SR]QV YSW\ HcU`WTT Tº` =PXSYbW\abO\hS\ d]\ C\bS`YZOaaS\ O\RS`S` >OYSbS B^]bcXVT 9ZOaaS\ c\R =PXSYbS RS` 4`S[R^OYSbS VOPS\ ZTX]T] HcU`WTT UaXT]S[h + YSW\S /\UOPS(

‰™Í ÞÇ

ܝ‰a ”®¯P ÊJ±±±JÊ Q

AbO\RO`RhcU`WTT ]da Tº` 9ZOaaS\ c\R =PXSYbS RSa TXVT]T] >OYSba ¬Á‰Ü?Íj)

¬Á‰Ü?Íj ‰™Í ÞÇ

¬Á‰Ü?Íj ܝ‰a ”®¯P ÊJ±±±JÊ Q

HcU`WTT \c` X]]TaWP[Q RS` hcUSVr`WUS\ 9ZOaaS aSZPab \W`US\Ra a]\ab IdVaXUU SdaRW) BXRWcQPaZTXc 9ZOaaS C\bS`YZOaaS >OYSbYZOaaS\ 9ZOaaS\ T`S[RS` >OYSbS ¬ÖM‰W

g

g

g

g

¬ÁÍjWÍja

g

g

g

g ]da D]cTa:[

UaXT]S[h

g

g

g

¬Á‰Ü?Íj

g

CPQ $ ) 8OdOHcU`WTTa`SQVbS AWQVbPO`YSWbS\ W[ >OYSbY]\bSfb

!%

$

?PZTcZ^]iT_c

2WS 2STW\WbW]\ d]\ ¬ÁÍjWÍja Wab `SZObWd Y][^ZWhWS`b RO heWaQVS\ RS[ HcU`WTT X] ]TaWP[Q RSa :[PbbT]R^SX]Vb c\R RS[ HcU`WTT ¶QTa TX] X]bcP]cXXTacTb >QYTZc c\bS` aQVWSRS\ eS`RS\ [caa 7[ 0SWa^WSZ S`Pb RWS 9ZOaaS ÁÄÄ
ÖwÍÁ?~ RSa >OYSba ÍjÄÍÄ d]\ RS` 9ZOaaS
ÖwÍÁ?~ RSa P]STaT] >OYSba ÜjÁÍÁ‰jM 7\\S`VOZP RSa 1] RW\Ua RS` 9ZOaaS
ÖwÍÁ?~ YO\\ OcT ROa USS`PbS ¬ÁÍjWÍja /bb`WPcb ?ÖwÍÁ?~Ä!Á hcUSU`WTTS\ eS`RS\ ’ \WQVb XSR]QV ºPS` >QYTZcT RS` 9ZOaaS ÁÄÄ
ÖwÍÁ?~( ¬?W?~j ÜjÁÍÁ‰jMÇ

ÊÊ ‰™ ?Íj‰ ÜjÁÍÁ‰jMÊ
ÖwÍÁ?~±Ž?Ü?

¬ÖM‰W W?ÄÄ
ÖwÍÁ?~ P ¬ÁÍjWÍja ‰™Í ?ÖwÍÁ?~Ä!ÁÇ Q ¬?W?~j ÍjÄÍÄÇ

ÊÊ ?Íj‰ ÍjÄÍÄÊÁÄÄ
ÖwÍÁ?~±Ž?Ü?

‰”¬ÁÍ ÜjÁÍÁ‰jM±JÇ W?ÄÄ ÁÄÄ
ÖwÍÁ?~ jÞÍj™aÄ
ÖwÍÁ?~ P ÊÊ #] =Ö~Á‰ww ‰” 2™ÍjÁ?ÄÄj™Wa‰™~ j‰™jÄ Áj”a¬?jÍÄ] ¬ÖM‰W ÄjÍ?ÖwÍÁ?~Ä!Á® ‰™Í ™Á ¯ P ?ÖwÍÁ?~Ä!Á s ™ÁÇ Q Q ¬ÖM‰W W?ÄÄ 0jÄÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÁÄÄ
ÖwÍÁ?~ ~ s ™jÝ ÁÄÄ
ÖwÍÁ?~®¯Ç ~±?ÖwÍÁ?~Ä!Á s |Ȥ¤Ç

ÊÊ j†jÁ] j‰™ =Ö~Á‰ww ܉? #MŽjÍ

Q Q

3W\ eSWbS`Sa 0SWa^WSZ( 8SRS 8OdO9ZOaaS S`Pb d]\ RS` 9ZOaaS Ž?Ü?±?™~±#MŽjWÍ RS`S\ ;SbV]RS ¬ÁÍjWÍja #MŽjWÍ W™j®¯ 2WSaS USS`PbS ;SbV]RS YO\\ a] [Wb OcQV W\ :[PbbT] OcTUS`cTS\ eS`RS\ RWS \WQVb hc[ >OYSb Ž?Ü?±?™~ USVr`S\ ]XRWc XSR]QV OcT >QYTZcT] a]ZQVS` 9ZOaaS\ 0]\TaZd]V) /czS` HcU`WTTa`SQVbS\ VOPS\ eW` PS`SWba O\RS`S <^SXUXiXTaTa YS\\S\ USZS`\b RWS hc` 2SYZO`ObW]\ d]\ 9ZOaaS\ 7\bS`TOQSa /bb`WPcbS\ ;SbV]RS\ c\R 9]\ ab`cYb]`S\ RWS\S\ <WQVb XSRS` ;]RWTWhWS`S` Wab OcT OZZSa O\eS\RPO`) a] Yr\\S\ h0 8OdO9ZOaaS\ heO` ¬ÖM‰W RSYZO`WS`b eS`RS\ \WQVb OPS` ¬Á‰Ü?Íj ]RS` ¬ÁÍjWˆ Íja BOPSZZS # \S\\b PS`SWba PSVO\RSZbS ;]RWTWhWS`S` c\R WV`S\ EW`Yc\UaPS`SWQV <^SXUXiXTaTa 7\bS`TOQS 9ZOaaS /bb`WPcb ;SbV]RS 9]\ab`cYb]` ¬ÖM‰W

g

g

g

g

¬ÁÍjWÍja

g

g

g

¬Á‰Ü?Íj

g

g

g

ÄÍ?͉W

g

g

g

g

g

g

g

g

w‰™? ?MÄÍÁ?WÍ

g

g

CPQ $!) /\eS\Rc\Ua[rUZWQVYSWbS\ d]\ 8OdO;]RWTWhWS`S`\

$

?PZTcZ^]iT_c



!%

9ZGZOYINKX /SVUXZ

;Wb RS` 8 A3 # ec`RS ROa >OYSbY]\hS^b c[ RS\ bcPcXbRWT] 8\_^ac abObWQ W[^]`b S`eSWbS`b 2c`QV ROa AQVZºaaSZe]`b ÄÍ?͉W W\\S`VOZP RS` ‰”¬ÁÍ/\eSWac\U Yr\ \S\ UShWSZb P[[T bcPcXbRWT] 4[T\T]cT ;SbV]RS\ 9]\abO\bS\ DO`WOPZS\ SW\S` 9ZOaaS Phe 9]\abO\bS\ SW\Sa 7\bS`TOQSa SW\Sa >OYSba dS`TºUPO` US[OQVb eS`RS\ 2WS Y]\ dS\bW]\SZZS ‰”¬ÁÍ/\eSWac\U W[^]`bWS`b 9ZOaaS\ c\R 7\bS`TOQSa SW\Sa >OYSba c[ aWS ]V\S Sf^ZWhWbS >OYSbO\UOPS hc PS\cbhS\ 2OUSUS\ W[^]`bWS`b RS` abObWaQVS 7[^]`b \c` bcPcXbRWT 3ZS[S\bS TX]Ta 9ZOaaS ]RS` TX]Tb 7\bS`TOQSa c[ OcT RWSaS ^W]T =P \T]b`dP[XUXZPcX^] idVaTXUT] hc Yr\\S\ ’ ]V\S d]\ RS` 9ZOaaS hc S`PS\ ]RS` ROa 7\bS`TOQS hc W[^ZS[S\bWS`S\ 2WS abObWaQVS 7[^]`bO\eSWac\U \dbb aWQV OcaR`ºQYZWQV OcT SW\S QTbcX\\cT 9ZOaaS Phe 7\bS`TOQS PShWSVS\ 3a Yr\\S\ S\beSRS` P[[T bcPcXbRWT] 3ZS[S\bS [WbbSZa >ZObh VOZbS` J ]RS` QTbcX\\cT bcPcXbRWT 3ZS[S\bS TX]iT[] abObWaQV W[^]`bWS`b eS`RS\ AWS Yr\\S\ RO`OcTVW\ ]V\S ?cOZWTWYObW]\ RSa 9ZOaaS\\O[S\a O\USa^`]QVS\ eS`RS\( ‰”¬ÁÍ ÄÍ?͉W Ž?Ü?±?™~± ?͆±JÇ

ÊÊ
j ÄÍ?͉ÄW†j™ j”j”Íj

‰”¬ÁÍ ÄÍ?͉W Ž?Ü?±?™~±.ßÄÍj”±JÇ

ÊÊ ÄÍ?͉ÄW† ‰”¬Á͉jÁÍ

‰”¬ÁÍ ÄÍ?͉W Ž?Ü?±Ö͉±
ÁÁ?ßıĝÁÍÇ ÊÊ !ÖÁ j‰™

j͆aj™‰”¬ÁÍ

W?ÄÄ -jW†™jÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P aÖMj ß s ĉ™®+JÔ±y¯Ç ÊÊ ÄÍ?ÍÍ]

?͆±Ä‰™®

?͆±+JÔ±y ¯Ç

ĝÁÍ® ?Á~Ä ¯Ç

ÊÊ ÄÍ?ÍÍ]
ÁÁ?ßıĝÁÍ® ?Á~Ä ¯Ç

Öͱ¬Á‰™Í™® ß ¯Ç

ÊÊ ÄÍ?ÍÍ] .ßÄÍj”±Öͱ¬Á‰™Í™®ß¯Ç

Q Q

/cT RWSaS ESWaS ZOaaS\ aWQV h0 [ObVS[ObWaQVS 0S`SQV\c\US\ W\ 8OdO SZSUO\bS` T]`[cZWS`S\ 2OUSUS\ eW`R SW\ ^OcaQVOZS` bcPcXbRWTa 7[^]`b P[[Ta :[PbbT] SW\Sa >O YSba d][ 1][^WZS` ]XRWc OYhS^bWS`b( ‰”¬ÁÍ ÄÍ?͉W Ž?Ü?±?™~±JÇ

ÊÊ j†jÁ] j‰™ jãÖ~ ?Öw ?ÄÄj

4º` 9ZOaaS\ eS`RS\ a][Wb 9]\abO\bS\RSTW\WbW]\S\ W\ 7\bS`TOQSa ]RS` O\RS`S\ 9ZOaaS\ dS`TºUPO` ]V\S ROaa RWS 9ZOaaS ROa 7\bS`TOQS W[^ZS[S\bWS`S\ d]\ 9ZOaaS\ S`PS\ ]RS` RS\ 9ZOaaS\O[S\ O\USPS\ [ºaabS /cQV RWS abObWaQVS 7[^]`bO\eSWac\U UWZb \c` Tº` ROa Ž?Ü?4WZS W\ RS[ aWS S\bVOZbS\ Wab A][Wb [caa aWS W\ XSRS[ 4WZS eWSRS`V]Zb eS`RS\ W\ RS[ aWS PS\rbWUb eW`R ES\\ abObWaQV W[^]`bWS`bS 3ZS[S\bS dS`aQVWSRS\S` 9ZOaaS\ ]P\T]bV[TXRW aW\R h0( heSW 9ZOaaS\ ?͆ c\R ß ?͆ S\bVOZbS\ PSWRS RWS \O[S\aUZSWQVS 9]\abO\bS + [] \WS`b RS` 1][^WZS` SW\S\ =P\T]bZ^]U[XZc 2WSaS` [caa Rc`QV /\UOPS RSa d]ZZ _cOZW TWhWS`bS\ O`O[SbS`aWU\Obc` SW\RScbWU c\bS` aQVSWRS\ /cQV RWS 4W`[O Ac\ S[^TWSVZb RS\ bcPcXbRWT] 8\_^ac ]da b_PabP\ TX]idbTciT]( AbObW aQVS` 7[^]`b Wab aW\\d]ZZ eS\\ ]Tb OcT hOVZ`SWQVS abObWaQVS 3ZS[S\bS fT]XVTa 9ZOaaS\ h0 ?͆ hcUSU`WTTS\ eW`R 3W\ OcacTS`\RS` 5SP`OcQV [OQVb RS\ >`]U`O[[Q]RS

!%!

$

?PZTcZ^]iT_c

XSR]QV c\ZSaPO` c\R aQVeS` eO`bPO` RO \WQVb [SV` RW`SYb S`YS\\PO` Wab Oca eSZ QVS\ 9ZOaaS\ OZZ RWS dS`eS\RSbS\ abObWaQVS\ 3ZS[S\bS abO[[S\ ES`RS\ \c` eS\WUS abObWaQVS 3ZS[S\bS SW\S` 9ZOaaS PS\rbWUb a] a]ZZbS\ RWSaS SW\hSZ\ Y]\dS\bW]\SZZ W[ ^]`bWS`b eS`RS\ 3W\S\ U`]PS\ ÍPS`PZWQY ºPS` RWS >OYSbS dS`aQVWSRS\S` 8OdO3RWbW]\S\ a]eWS RS\ 7\VOZb RSa Ocb][ObWaQV W[^]`bWS`bS\ AbO\RO`R^OYbSa Ž?Ü?±?™~ UWPb ROa IdbPciZP _XcT[ OcT RS` ESP ASWbS RSa 0cQVSa 2]`b TW\RS\ aWQV OcQV 1]RSPSWa^WSZS hc SW\WUS\ \ºbhZWQVS\ 9ZOaaS\ dS`aQVWSRS` 8 A3>OYSbS



+^IKVZOUTY

2WSaSa 9O^WbSZ S`ZÉcbS`b eWS [O\ W\ 8OdO [Wb 4SVZS`aWbcObW]\S\ c[USVb RWS PSW RS` /caTºV`c\U SW\Sa >`]U`O[[a OcTb`SbS\ 2Oa 9]\hS^b RS` 4gRT_cX^]b /ca\OV[S\ S`ZOcPb SW\S USa]\RS`bS 0SVO\RZc\U a]ZQVS` AWbcObW]\S\ c\OPVÉ\UWU d][ @ºQYUO PSeS`b c\R S`[rUZWQVb TZSfWPSZ c\R Y]\bSfbPSh]US\ RO`OcT hc `SOUWS`S\ <SPS\ RS[ /caZraS\ cWa^f c\R /PTO\US\ RPcRW d]\ /ca\OV[S\ eS`RS\ eW` OcT RWS C\bS`aQVSWRc\U heWaQVS\ Y]\b`]ZZWS`bS\ c\R \WQVbY]\Yb`]ZZWS`bS\ /ca\OV[S\ SW\USVS\ c\R aQVZWSzZWQV S`ZÉcbS`\ eWS [O\ SWUS\S /ca\OV[SYZOaaS\ S`abSZZb



+OTRKOZ[TM

<WQVb \c` >`]U`O[[WS`\ScZW\US aW\R [Wb T]ZUS\RS[ =cb^cb PSabS\a dS`b`Ocb( ˆ ™Äj ˆ

ÞWj¬Í‰™ ‰™ ͆Áj?a ¹”?‰™¹ Ž?Ü?±?™~±
ÁÁ?ß™ajÞ#ÖÍ#w Ö™aÄ ÞWj¬Í‰™] | ?Í 0jÄÍ+Á~Á?””±”?‰™®0jÄÍ+Á~Á?””±Ž?Ü?]¤É¯

C`aOQVS VWS`Tº` aW\R /\eSWac\US\ W[ ?cSZZQ]RS PSW RS\S\ dS`acQVb eW`R OcT SW\S\ ES`b OczS`VOZP RS` 5`S\hS\ SW\Sa 4SZRSa hchcU`SWTS\ SbeO Rc`QV( ‰™ÍRS ?ÁÁ s P¤^ Ô^ ÏQÇ ‰™Í Þ s ?ÁÁR|SÇ

2Oa ZOcTS\RS >`]U`O[[ eW`R O\ RWSaS` AbSZZS [Wb RS` ]PS\ RO`USabSZZbS\ 4SVZS`[SZ Rc\U OPUSP`]QVS\ OZZS W[ 1]RW\U T]ZUS\RS\ /\eSWac\US\ eS`RS\ WU\]`WS`b <SPS\ RS` /`b RS` 3fQS^bW]\ eW`R SW\S 4SVZS`;SaaOUS c\R RWS dS`O\be]`bZWQVS 1]RS AbSZZS O\UShSWUb ESWbS`S bg^WaQVS /ca\OV[SaWbcObW]\S\ aW\R h0( E

HcU`WTT OcT SW\ HSWQVS\ OczS`VOZP RS` 5`S\hS\ SW\S` HSWQVS\YSbbS W†?Á W s ™jÝ .ÍÁ‰™~® ¹?¹ ¯±W†?Á
Í®o¯Ç . .ÍÁ‰™~™ajÞ#ÖÍ#w Ö™aÄ ÞWj¬Í‰™].ÍÁ‰™~ ‰™ajÞ ÖÍ w Á?™~j

E

2WdWaW]\ Rc`QV  ‰™Í ß s ÉÊåÇ .
Á‰Í†”j͉W ÞWj¬Í‰™] Ê Mß ãjÁ

E

4]`[ObWS`c\UaTSVZS` PSW Bg^Y]\dS`bWS`c\U ™Íj~jÁ ‰™ s ™jÝ ™Íj~jÁ® ¹¤È ?†Áj¹ ¯Ç . !֔MjÁÁ”?Í ÞWj¬Í‰™] Á ‰™¬ÖÍ ÄÍÁ‰™~] ¹¤È ?†Áj¹

!%#

%

4gRT_cX^]b

7\ OZZ RWSaS\ 4ÉZZS\ ZWSUS\ c\S`eO`bSbS AWbcObW]\S\ d]`( ES`bS OczS`VOZP d]\ /``Og Phe Ab`W\U5`S\hS\ aW\R \WQVb RSTW\WS`b 2S` /caR`cQY ÉÊå Wab heO` ag\bOYbWaQV Y]` `SYb \OQV RS\ [ObVS[ObWaQVS\ 5SaSbhS\ UWPb Sa OPS` YSW\S \Obº`ZWQVS HOVZ RWS WV[ S\ba^`WQVb 3PS\a] S`eO`bSb RS` 9]\ab`cYb]` RS` 9ZOaaS ™Íj~jÁ SW\S HSWQVS\YSbbS RWS aWQV SW\RScbWU W\ SW\S\ ES`b d][ Bg^ ‰™Í Y]\dS`bWS`S\ ZÉaab eOa W[ 0SWa^WSZ ]TTS\aWQVbZWQV \WQVb RS` 4OZZ Wab 3a eÉ`S TObOZ eS\\ a]ZQVS AWbcObW]\S\ SW\TOQV WU\]`WS`b eº`RS\ c\R >`]U`O[[S [Wb RS` /caTºV`c\U RS` /\eSWac\US\ T]`bTOV`S\( ES`bS RS` DO`WOPZS\ Þ c\R W eÉ`S\ hcTÉZZWU 2WdWaW]\ Rc`QV  eº`RS [rUZWQVS`eSWaS W\ SW\S 3\RZ]aAQVZSWTS TºV`S\ [O\ RS\YS SbeO O\ SW\S b`WdWOZS 7[^ZS[S\bWS`c\U RS` 2WdWaW]\ Rc`QV WbS`WS`bSa /cT ORRWS`S\ RSa 2WdWa]`a a]ZO\US RWSaS Ac[[S YZSW\S` OZa RS` 2WdWRS\R PZSWPb 2WS 9]\dS`bWS`c\Ua`]cbW\S W[ 9]\ab`cYb]` d]\ ™Íj~jÁ eº`RS XS \OQV 7[^ZS[S\ bWS`c\U PSW[ S`abS\ \WQVb Y]\dS`bWS`PO`S\ HSWQVS\ OPP`SQVS\ ]RS` [Wb aW\\Z]aS\ ES`bS\ eSWbS``SQV\S\ 2Oa eSWbS`S DS`VOZbS\ RS` >`]U`O[[S eÉ`S c\d]`VS`aSVPO` c\R Yr\\bS XS \OQV /\eS\Rc\UaTOZZ Y`WbWaQVS /caeW`Yc\US\ hc` 4]ZUS VOPS\ 2PcRW ^a CWa^f  0QUP]VT] ^STa FTXcTaaTXRWT] 2Oa /ca\OV[SY]\hS^b W\ 8OdO S`[rUZWQVb Sa W[ ?cSZZbSfb O\ Y`WbWaQVS\ AbSZZS\ /ca \OV[S]PXSYbS hc S`hScUS\ c\R RWSaS OcahcZraS\ 2ORc`QV eW`R RS` /ca\OV[S[S QVO\Wa[ca W\ 5O\U USaSbhb c\R RS` \]`[OZS 9]\b`]ZZTZcaa RSa >`]U`O[[a dS`ZOa aS\ 3W\ OcaUSZrabSa /ca\OV[S]PXSYb eW`R ’ TOZZa Sa \WQVb a]UZSWQV OPUSTO\US\ eW`R ’ RW`SYb O\ RWS OcT`cTS\RS ;SbV]RS eSWbS`US`SWQVb 2]`b UWPb Sa eWSRS` RWS PSWRS\ /ZbS`\ObWdS\( /PTO\US\ ]RS` ESWbS``SWQVS\ 2WSaSa A^WSZ aSbhb aWQV T]`b PWa RWS /ca \OV[S W`US\ReO\\ OPUSTO\US\ ]RS` aQVZWSzZWQV RWS ”?‰™®¯;SbV]RS S``SWQVb eW`R EW`R SW\S /ca\OV[S R]`b \WQVb OPUSTO\US\ bS`[W\WS`b ROa >`]U`O[[ [Wb SW\S` S\b a^`SQVS\RS\ 4SVZS`[SZRc\U 6WS`PSW VO\RSZb Sa aWQV XSR]QV \WQVb c[ SW\S\ XÉVS\ >`]U`O[[OPabc`h a]\RS`\ c[ SW\ Rc`QVOca Y]\b`]ZZWS`bSa DS`VOZbS\ RS` 8D; 2WS D]`hºUS RWSaSa DS`TOV`S\a ZWSUS\ RO`W\ ROaa Tº` 4SVZS`aWbcObW]\S\ SW\ SWUS\S` 9]\b`]ZZTZcaa SfWabWS`b RS` c\OPVÉ\UWU d][ @ºQYUOPSTZcaa dWO ÁjÍÖÁ™ RS`S\ /\O ZgaS c\R eSWbS`S 0SO`PSWbc\U S`[rUZWQVb DS`aQVWSRS\S VWS`O`QVWaQV ab`cYbc`WS`bS /ca\OV[SYZOaaS\ S`ZOcPS\ SW\S ORÉ_cObS ;]RSZZWS`c\U c\bS`aQVWSRZWQVS` 4SVZS`aW bcObW]\S\ OcT RWS Y]\bSfbPSh]US\ `SOUWS`b eS`RS\ YO\\ 3T[TVXTaT] e^] ETaP]cf^acd]V 2WS 3\baQVSWRc\U eWS SbeO Oca AWQVb RSa ZOcTS\RS\ >`]U`O[[a OcT SW\S\ 4]`[Ob TSVZS` PSW RS` 9]\dS`bWS`c\U SW\S` HSWQVS\YSbbS W\ SW\S\ UO\hhOVZWUS\ ES`b hc `SO UWS`S\ Wab YO\\ \WQVb W\\S`VOZP RS` 9]\dS`bWS`c\Ua`]cbW\S aSZPab USTÉZZb eS`RS\ RO O\ RWSaS` AbSZZS RWS 5`º\RS Tº` ROa HcabO\RSY][[S\ RWSaSa 4SVZS`a \WQVb c\PSRW\Ub PSYO\\b aW\R 7\ RWSaS[ 4OZZ eW`R SW\S !֔MjÁÁ”?Í ÞWj¬Í‰™ OcaUSZrab c\R RWS DS`O\be]`bc\U RO[Wb O\ RWS OcT`cTS\RS ;SbV]RS RSZSUWS`b) RWSaS YO\\ RWS /ca \OV[S OPTO\US\ c\R SbeO RS\ 0S\cbhS` hc SW\S` S`\ScbS\ 3W\UOPS OcTT]`RS`\ ]RS` aWS eSWbS``SWQVS\ c\R RO[Wb RWS DS`O\be]`bc\U O\ RWS \ÉQVabS ;SbV]RS OPUSPS\

%

4gRT_cX^]b



'HLGTMKT \UT '[YTGNSKT



:X_  )GZIN

!%$

Hc[ /PTO\US\ d]\ /ca\OV[S\ eW`R RS` 0Z]QY W\ RS[ /ca\OV[SaWbcObW]\S\ OcTb`S bS\ Yr\\S\ [Wb RS[ AQVZºaaSZe]`b ÍÁß OZa Y`WbWaQVS` 0S`SWQV [O`YWS`b c\R Rc`QV /ca\OV[SPSVO\RZS` W\ 4]`[ d]\ W?ÍW†0ZrQYS\ OPUSaQVZ]aaS\ 2Oa 1]RSPSWa^WSZ hSWUb eWS SW\S OcTU`c\R SW\Sa 9]\dS`bWS`c\UaTSVZS`a OcaUSZrabS /ca\OV[S OPUSTO\US\ eS`RS\ YO\\( .ÍÁ‰™~ j‰™~?Mjs¹¤È ?†Áj¹Ç ‰™Í ‰Ç ÍÁß P ‰ s ™jÝ ™Íj~jÁ® j‰™~?Mj ¯±‰™Í7?Öj®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹8jÁÍ] ¹ ´ ‰ ¯Ç Q W?ÍW†® !֔MjÁÁ”?Í ÞWj¬Í‰™ ™j ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™ÜjÁ͉jÁ֙~Äwj†jÁ¹ ¯Ç Q

DS`O\ZOaab Rc`QV RWS W[ 9]\ab`cYb]` ™Íj~jÁ®¯ ’ ]RS` US\OcS`( W\ RS` R]`b dS` eS\RSbS\ 9]\dS`bWS`c\Ua`]cbW\S ’ OcaUSZrabS !֔MjÁÁ”?Í ÞWj¬Í‰™ eW`R RS` ÍÁß0Z]QY c\[WbbSZPO` dS`ZOaaS\ 4OZZa ROa OcaUSZrabS /ca\OV[S]PXSYb OcT RWS Bg^a^ShWTWYObW]\ RSa W?ÍW†0Z]QYSa ^Oaab eW`R RWSaS` 0Z]QY PSb`SbS\ c\R RSaaS\ 1]RW\U OcaUSTºV`b 2WS /ca\OV[S Wab RO[Wb OPUSTO\US\ c\R ROa RO[Wb dS`Pc\RS\S >`]PZS[ UWZb OZa USZrab 3a eW`R [Wb RS\ /\eSWac\US\ \OQV RS[ W?ÍW†0Z]QY T]`b USTOV`S\ OZa eÉ`S \WQVba USaQVSVS\ 7\\S`VOZP SW\Sa W?ÍW†0Z]QYSa Wab SW\S @STS`S\h OcT ROa OPUSTO\US\S /ca\OV[S]P XSYb dS`TºUPO` [Wb RS` h0 hcaÉbhZWQVS 7\T]`[ObW]\S\ OcaUSUSPS\ eS`RS\ Yr\\S\( W?ÍW†® !֔MjÁÁ”?Í ÞWj¬Í‰™ ™j ¯P Êʱ±± ÊÊ
ÖÄ~?Mj ajÁ jÞWj¬Í‰™ ”jÄÄ?~j .ßÄÍj”±Öͱ¬Á‰™Í™® ™j±~jÍ jÄÄ?~j®¯ ¯Ç ÊÊ
ÖÄ~?Mj ajÄ ÄÍ?W ÍÁ?Wj ™j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q

2S` /caUOPSbSfb RS` ;SbV]RS ¬Á‰™Í.Í?W0Á?Wj®¯ Wab OcQV W\ RS\ 7\T]`[ObW]\S\ S\bVOZbS\ RWS PSW[ 0SS\RS\ SW\Sa >`]U`O[[a OcTU`c\R SW\S` \WQVb OPUSTO\US\S\ /ca\OV[S O\UShSWUb eS`RS\

!%%

%



4gRT_cX^]b

3KNXKXK )GZIN(RIQK

7\ RS[ Rc`QV ÍÁß ºPS`eOQVbS\ 1]RS Yr\\S\ dS`aQVWSRS\S /ca\OV[SaWbcObW]\S\ OcTb`SbS\ RWS Rc`QV =PXSYbS c\bS`aQVWSRZWQVS` /ca\OV[SYZOaaS\ []RSZZWS`b eS`RS\ 7\ SW\S[ a]ZQVS\ 4OZZ eS`RS\ [SV`S`S W?ÍW†0ZrQYS [Wb c\bS`aQVWSRZWQVS\ Bg^a^S hWTWYObW]\S\ dS`eS\RSb RWS XS \OQV Bg^ c\bS`aQVWSRZWQV `SOUWS`S\ Yr\\S\ 2S` S`abS hc` OcaUSZrabS\ /ca\OV[S ^OaaS\RS W?ÍW†0Z]QY eW`R PSb`SbS\ OZZS eSWbS`S\ W?ÍW†0ZrQYS eS`RS\ WU\]`WS`b 4OZZa YSW\ ^OaaS\RS` W?ÍW†0Z]QY d]`VO\RS\ Wab eW`R RWS /ca\OV[S O\ RWS OcT`cTS\RS ;SbV]RS RSZSUWS`b Sa aSW RS\\ [O\ PSTW\RSb aWQV PS`SWba W\ RS` ”?‰™®¯;SbV]RS 0Sb`OQVbS\ eW` VWS`hc ROa T]ZUS\RS 0SWa^WSZ SW\Sa >`]U`O[[a hc` 0S`SQV\c\U RSa UO\hhOVZWUS\ ?c]bWS\bS\( ¬ÖM‰W W?ÄÄ ‰Ü‰Ä‰™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰™Í ?^ M^ ÁjÄ֐ÍÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ jÁjW†™Ö™~ ajÄ ,͉֝j™Íj™¹ ¯Ç ÍÁß P ? s #±¬Á”¬Í
™a-j?a™Í® ¹ ‰™~?Mj ܝ™ ‰Ü‰aj™a] ¹ ¯Ç M s #±¬Á”¬Í
™a-j?a™Í® ¹ ‰™~?Mj ܝ™ ‰Ü‰ÄÁ] ¹ ¯Ç ÁjÄÖÍ s ?ÊMÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ? ´ ¹Ê¹ ´ M ´ ¹ s ¹ ´ ÁjÄÖÍ ¯Ç Q W?ÍW†® !֔MjÁÁ”?Í ÞWj¬Í‰™ ™j ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰™~?Mj ‰ÄÍ j‰™j ~?™ãj =?†u¹ ¯Ç Q W?ÍW†®
Á‰Í†”j͉W ÞWj¬Í‰™ ?j ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰Ü‰Ä‰™ aÖÁW† å ™‰W†Í ” ~‰W†u¹ ¯Ç Q Q Q

2Oa >`]U`O[[ hSWUb PSW RS` 3W\UOPS d]\ Y]``SYbS\ ES`bS\ T]ZUS\RS\ =cb^cb( ˆ ™Äj ˆ jÁjW†™Ö™~ ajÄ ,͉֝j™Íj™

‰™~?Mj ܝ™ ‰Ü‰aj™a] ¤Ï

‰™~?Mj ܝ™ ‰Ü‰ÄÁ] Ï ¤ÏÊÏ s |

2WS /ca\OV[STÉZZS \WQVb UO\hhOVZWUS 3W\UOPS c\R 2WdWa]` UZSWQV  eS`RS\ d][ >`]U`O[[ S`YO\\b c\R S\ba^`SQVS\R []\WS`b(

%

4gRT_cX^]b

!%&

ˆ ™Äj ˆ jÁjW†™Ö™~ ajÄ ,͉֝j™Íj™

‰™~?Mj ܝ™ ‰Ü‰aj™a] ¤Ï±Ô

‰™~?Mj ‰ÄÍ j‰™j ~?™ãj =?†u

ˆ ™Äj ˆ jÁjW†™Ö™~ ajÄ ,͉֝j™Íj™

‰™~?Mj ܝ™ ‰Ü‰aj™a] ¤Ï

‰™~?Mj ܝ™ ‰Ü‰ÄÁ] å ‰Ü‰Ä‰™ aÖÁW† å ™‰W†Í ” ~‰W†u



,OTGRR_

A]ZZS\ /\eSWac\US\ c\OPVÉ\UWU d][ d]`VS`WUS\ /cTb`SbS\ SW\S` /ca\OV[S OcaUS TºV`b eS`RS\ SbeO PSW RS` /caUOPS SW\S` ;SZRc\U ºPS` ROa >`]U`O[[S\RS RO\\ eW`R OZa ZSbhbS` 0Z]QY SW\ ]^bW]\OZS` w‰™?ß0Z]QY dS`eS\RSb 2WSaS` eW`R W\ XS RS[ 4OZZ OcaUSTºV`b c\OPVÉ\UWU ROd]\ ]P ºPS`VOc^b SW\S /ca\OV[S OcaUSZrab eW`R c\R c\OPVÉ\UWU ROd]\ ]P SW\S OcaUSZrabS /ca\OV[S Rc`QV SW\S\ ^OaaS\RS\ W?ÍW†0Z]QY OPUSTO\US\ eW`R ]RS` \WQVb( Êʱ±± W?ÍW†® !֔MjÁÁ”?Í ÞWj¬Í‰™ ™j ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰™~?Mj ‰ÄÍ j‰™j ~?™ãj =?†u¹ ¯Ç Q W?ÍW†®
Á‰Í†”j͉W ÞWj¬Í‰™ ?j ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰Ü‰Ä‰™ aÖÁW† å ™‰W†Í ” ~‰W†u¹ ¯Ç Q w‰™?ß P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰Ü‰Ä‰™Ä¬Á~Á?”” Mjj™aj͹ ¯Ç Q

ASZPab eS\\ W\ ÍÁß ]RS` W?ÍW†0ZrQYS\ SW\S ÁjÍÖÁ™ MÁj? ]RS` W™Í‰™Öj /\eSWac\U abSVb eW`R SW\ d]`VO\RS\S` w‰™?ß0Z]QY OcaUSTºV`b 3W\ a]ZQVSa w‰ˆ ™?ß YO\\ OcQV Tº` ROa 4`SWUSPS\ d]\ @Saa]c`QS\ ]RS` ROa AQVZWSzS\ d]\ 2ObSW S\ ]RS` DS`PW\Rc\US\ SW\USaSbhb eS`RS\ dUZ 9O^ " c\R 9O^ # 1]RSab`SQYS\ [Wb /ca\OV[SPSVO\RZc\U aW\R hcUSUSPS\S`[OzS\ SbeOa USerV \c\UaPSRº`TbWU( d]\ RS` hOUVOTb O\[cbS\RS\ 4]`[cZWS`c\U ÍÁß ^`]PWS`S\ eW`a [OZ RO`T [O\ aWQV \WQVb bÉcaQVS\ ZOaaS\ ROa ^`W[É` W\bS\RWS`bS 1]RW\U abSVb W\\S` VOZP RSa ÍÁß0Z]QYSa RWS W?ÍW†0ZrQYS eS`RS\ \c` W\ /ca\OV[STÉZZS\ PSb`SbS\

!%'

%



4gRT_cX^]b

+X`K[MKT [TJ '[YRYKT \UT '[YTGNSKT

ES`RS\ SWUS\S 9ZOaaS\ c\R ;SbV]RS\ S\beWQYSZb PSabSVb RWS ;rUZWQVYSWb /ca\OV [S\ \WQVb \c` OPhcTO\US\ a]\RS`\ RS\ /caZraS[SQVO\Wa[ca aSZPab W\ 5O\U hc P`W\US\ 2WSa Wab SbeO RO\\ aW\\d]ZZ eS\\ ag\bOYbWaQV S`ZOcPbS ES`bS hc aS[O\bWaQV c\aW\\WUS\ ]RS` c\YZO`S\ AWbcObW]\S\ TºV`S\ 0Sb`OQVbS\ eW` VWS`Tº` ROa c\a PS`SWba PSYO\\bS 0SWa^WSZ RS` 9ZOaaS ÁÖW† SW\S` 7[^ZS[S\bWS`c\U RS` @ObW]\OZS\ HOVZS\ ;Wb RS`S\ 9]\ab`cYb]` Yr\\S\ HÉVZS` c\R <S\\S` RW`SYb W\WbWOZWaWS`b eS`RS\( ¬ÖM‰W ÁÖW†® ‰™Í ã?j†jÁ^ ‰™Í ™j™™jÁ ¯ P ÊÊÝ?Ä^ Ýj™™ ™j™™jÁ ss å · ͆‰Ä±ã?j†jÁ s ã?j†jÁÇ Í†‰Ä±™j™™jÁ s ™j™™jÁÇ Q

C[ aWQVS` hc abSZZS\ ROaa Tº` RS\ <S\\S` abSba ES`bS c\UZSWQV  dS`eS\RSb eS`RS\ eW`R [O\ W\ SW\S[ a]ZQVS\ 4OZZ SW\ /ca\OV[S]PXSYb S`hScUS\ c\R [Wb ͆ÁÝ SW\S /ca\OV[S OcaZraS\( ¬ÖM‰W ÁÖW†® ‰™Í ã?j†jÁ^ ‰™Í ™j™™jÁ ¯ P ‰w® ™j™™jÁ ss å ¯P j~?
Á~֔j™Í ÞWj¬Í‰™ ‰? Þ¬ s ™jÝ j~?
Á~֔j™Í ÞWj¬Í‰™® ¹!j™™jÁ ‰ÄÍ å¹ ¯Ç ͆ÁÝ ‰? Þ¬Ç Q ͆‰Ä±ã?j†jÁ s ã?j†jÁÇ Í†‰Ä±™j™™jÁ s ™j™™jÁÇ Q

/Za /ca\OV[Sbg^ PWSbSb aWQV RWS 9ZOaaS j~?
Á~֔j™Í ÞWj¬Í‰™ O\ 7[ 9]\ab`cYb]` RS` 3fQS^bW]\a Yr\\S\ hcaÉbhZWQVS 7\T]`[ObW]\S\ ºPS` RWS /ca\OV[SaW bcObW]\ OZa .ÍÁ‰™~ [WbUSUSPS\ eS`RS\ 2O W\ RS` @SUSZ YSW\S @STS`S\h OcT RWS /ca\OV[S PS\rbWUb eW`R TOaab [O\ PSWRS /\eSWac\US\ hc SW\S` hcaO[[S\( ͆ÁÝ ™jÝ j~?
Á~֔j™Í ÞWj¬Í‰™® ¹!j™™jÁ ‰ÄÍ å¹ ¯Ç

`]U`O[[a OcT RWS C`aOQVS RSa >`] PZS[a `SOUWS`b eS`RS\ YO\\ SbeO Rc`QV 3W\UOPS \ScS` ES`bS dUZ ÍPc\U $! /ca\OV[S\ a]ZZbS\ \WS [WaaP`OcQVb eS`RS\ c[ RS\ \]`[OZS\ 9]\b`]ZZTZcaa dS` [SW\bZWQV SZSUO\bS` hc W[^ZS[S\bWS`S\ 1]RSAb`SQYS\ eWS RWS T]ZUS\RS aW\R \WQVb \c` W``STºV`S\R a]\RS`\ TºV`S\ OcQV hc RScbZWQV ZO\UaO[S`S\ >`]U`O[[S\( ÍÁß P wÁ® ‰™Í ‰såÇ

Ç ‰´´ ¯

ÊÊ ! 

?ÁÁR‰S s ±±±Ç Q W?ÍW†®
ÁÁ?ß™ajÞ#ÖÍ#w Ö™aÄ ÞWj¬Í‰™ ?jÞW ¯ P Q ÊÊ ™?W† aj”
Mw?™~j™ ajÁ
Öę?†”j ~j†Í jÄ †‰jÁ Ýj‰ÍjÁ ±±±

%

4gRT_cX^]b

!%(



.OKXGXINOK JKX '[YTGNSKQRGYYKT



+^IKVZOUT

EW` PSTOaaS\ c\a d]`eWSUS\R [Wb RS` 9ZOaaS ÞWj¬Í‰™ c\R eS`RS\ OcT RWS 9ZOa aS\ 0†ÁÝ?Mj c\R ÁÁÁ \WQVb eSWbS` SW\USVS\) ZSbhbS`S abSVb Tº` aQVeS`eWSUS\ RS 4SVZS` OcT RWS eW` OZa 3\beWQYZS` a]eWSa] \WQVb `SOUWS`S\ Yr\\S\ dUZ /PP $

BV`]eOPZS

3``]`

4gRT_cX^]







Ad]cX\T4gRT_cX^]







0QQ % ) 2WS 6WS`O`QVWS d]\ 3fQS^bW]\ 7[ 0SWa^WSZ RS` 9ZOaaS ‰Ü‰Ä‰™ ec`RS RO`USabSZZb eWS [Wb a^ShWSZZS\ /ca\OV[S YZOaaS\ OcT c\bS`aQVWSRZWQVS /ca\OV[SaWbcObW]\S\ SW\USUO\US\ eS`RS\ YO\\ OcQV eS\\ W\ RWSaS[ SW\TOQVS\ 0SWa^WSZ ZSRWUZWQV c\bS`aQVWSRZWQVS 7\T]`[ObW]\S\ OcaUS USPS\ eS`RS\ 2WS DS`eS\Rc\U a^ShWTWaQVS` c\R Tº` XSRS /ca\OV[SaWbcObW]\ hc b`STTS\RS` /ca\OV[SPSVO\RZS` Wab ROVS` \»V[XRW OPS` \WQVb c\PSRW\Ub ]^cfT]SXV 3W\ /ca\OV[S]PXSYb ^Oaab \WQVb \c` hc SW\S[ W?ÍW†0Z]QY [Wb SfOYb UZSWQVS` 9ZOa aS\a^ShWTWYObW]\ a]\RS`\ OcQV hc 0ZrQYS\ RWS 7\abO\hS\ d]\ Ac^S`YZOaaS\ RSa OcaUSZrabS\ /ca\OV[S]PXSYbSa OPTO\US\ 2OVS` eS`RS\ W\ T]ZUS\RS[ 1]RW\U OZZS /ca\OV[S\ OPUSTO\US\ 7\\S`VOZP RSa /ca\OV[SPSVO\RZS`a Wab SW\S a^ShWTWaQVS @S OYbW]\ OcT RWS RSbOWZZWS`b OcaUSZrabS /ca\OV[S RO\\ \WQVb [SV` a] SW\TOQV [rUZWQV( ÍÁß P ? s #±¬Á”¬Í
™a-j?a™Í® ¹ ‰™~?Mj ܝ™ ‰Ü‰aj™a] ¹ ¯Ç M s #±¬Á”¬Í
™a-j?a™Í® ¹ ‰™~?Mj ܝ™ ‰Ü‰ÄÁ] ¹ ¯Ç ÁjÄÖÍ s ?ÊMÇ .ßÄÍj”±Öͱ¬Á‰™Í™® ? ´ ¹Ê¹ ´ M ´ ¹ s ¹ ´ ÁjÄÖÍ ¯Ç Q

!&

%

4gRT_cX^]b

W?ÍW†® ÞWj¬Í‰™ j ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰™~?Mj ™‰W†Í ÁÁjÍu¹ ¯Ç Q

ES`RS\ /ca\OV[S\ W[ SWUS\S\ 1]RW\U OcaUSZrab ZWSUb Sa W\ RS` DS`O\be]`bc\U RSa 3\beWQYZS`a RWS /`b RS` /ca\OV[S [rUZWQVab RSbOWZZWS`b hc a^ShWTWhWS`S\ 3a a]ZZbS \WQVb \c` SW\S OcaaOUSY`ÉTbWUS 3fQS^bW]\;SaaOUS a]\RS`\ OcQV SW\ ^OaaS\RS` /ca \OV[Sbg^ dS`eS\RSb eS`RS\ RO[Wb 0S\cbhS` RS` S`abSZZbS\ 9ZOaaS ORÉ_cOb `SOUWS`S\ Yr\\S\ 6W\aWQVbZWQV RS` @SWVS\T]ZUS RS` W?ÍW†0ZrQYS UWZb Sa hc PSOQVbS\ ROaa a^ShWSZZS /ca\OV[SPSVO\RZS` d]` OZZUS[SW\S`S\ hc ^ZObhWS`S\ aW\R OZa] ZTX] QObQV0Z]QY Tº` SW\S Ac^S`YZOaaS e^a SW\S[ 0Z]QY SW\S` ROd]\ OPUSZSWbSbS\ 9ZOaaS abSVb 3W\ a]ZQVS` 0Z]QY Yr\\bS \WS S``SWQVb eS`RS\ RO RS` 0Z]QY Tº` RWS Ac^S`YZOaaS PS`SWba ^Oaab c\R OZZS eSWbS`S\ 0ZrQYS Ocb][ObWaQV WU\]`WS`b eS`RS\ 2Oa T]ZUS\RS 1]RW\U Wab RO VS` c\aW\\WU c\R eW`R OcQV d][ 1][^WZS` S\ba^`SQVS\R []\WS`b( ÍÁß P Êʱ±± Q W?ÍW†® ÞWj¬Í‰™ j ¯P Êʱ±± Q W?ÍW†®
™ß ÞWj¬Í‰™ ?j ¯P Êʱ±± Q



8[TZOSK+^IKVZOUT

7\\S`VOZP RS` 3fQS^bW]\6WS`O`QVWS aWSVS /PP $ Wab RWS 9ZOaaS -͉֙”j ވ Wj¬Í‰™ d]\ PSa]\RS`S[ 7\bS`SaaS 0Sb`OQVbS\ eW` VWS`hc T]ZUS\RSa 0SWa^WSZ( ¬ÖM‰W W?ÄÄ ÞWj¬Í‰™0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P ÊÊ͆ÁÝ ™jÝ ÞWj¬Í‰™® ¹Ä¹ ¯Ç ÊÊ͆ÁÝ ™jÝ -͉֙”j ÞWj¬Í‰™® ¹ajÁ ĝ¹ ¯Ç Q Q

8S \OQV RS[ eSZQVS RS` PSWRS\ ͆ÁÝ/\eSWac\US\ OYbWdWS`b eW`R ZÉaab aWQV RWS 9ZOaaS ºPS`aSbhS\ ]RS` \WQVb EW`R RWS /\eSWac\U [Wb RS` -͉֙”j ÞWj¬Í‰™ OYbWdWS`b ZÉaab aWQV ROa >`]U`O[[ ^`]PZS[Z]a ºPS`aSbhS\ c\R OcaTºV`S\ 2Oaa ROa >`]U`O[[ [Wb RS` /caUOPS RSa TgRT_cX^] bcPRZ bS`[W\WS`b a]ZZbS \WQVb ºPS``OaQVS\ c\R Wab \WQVb eSWbS` `SZSdO\b EW`R RWS S`abS /\eSWac\U OYbWdWS`b PSaQVeS`b aWQV RS` 1][^WZS` [Wb T]ZUS\RS` ]RS` SW\S` ÉV\ZWQVS\ 4SVZS`[SZRc\U(

%

4gRT_cX^]b

!& ˆ ™Äj ˆ

֙Áj¬ÁÍja jÞWj¬Í‰™ ±±±Ç ”ÖÄÍ Mj W?Ö~†Í Á ajW?Ája ͝ Mj ͆ÁÝ™

2S` 5`c\R ZWSUb RO`W\ ROaa SW\S ;SbV]RS W\ RS` SW\S /ca\OV[S RWS \WQVb d][ Bg^ -͉֙”j ÞWj¬Í‰™ ]RS` ROd]\ OPUSZSWbSb Wab OcaUSZrab c\R \WQVb OPUSTO\US\ eW`R RWSa W[ ;SbV]RS\Y]^T YS\\hSWQV\S\ [caa 2WSa USaQVWSVb Rc`QV RS\ HcaObh ͆ÁÝÄ ÞWj¬Í‰™ d]` 0SUW\\ RSa ;SbV]RS\PZ]QYa ES\\ eW` \c\ ROa 0SWa^WSZ S\ba^`SQVS\R OPÉ\RS`\ hSWUb aWQV RS` 1][^WZS` SW\dS`abO\RS\( ¬ÖM‰W W?ÄÄ ÞWj¬Í‰™0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ ͆ÁÝÄ ÞWj¬Í‰™ P ͆ÁÝ ™jÝ ÞWj¬Í‰™® ¹Ä¹ ¯Ç Q Q

C[ ZSRWUZWQV ROa ÍPS`aSbhc\Ua^`]PZS[ hc PSVSPS\ VÉbbS [O\ OcQV RWS /ca\OV[S W\\S`VOZP RS` ;SbV]RS [Wb ÍÁ߈W?ÍW† OPTO\US\ Yr\\S\ 2WS 9ZOaaS -͉֙”j ÞWj¬Í‰™ US\WSzb W\\S`VOZP RS` 3fQS^bW]\6WS`O`QVWS SW\S A]\RS`abSZZc\U RO /ca\OV[S]PXSYbS RWSaS` c\R XSRS` ROd]\ OPUSZSWbSbS\ 9ZOaaS d]\ RS` @SUSZc\U OcaUS\][[S\ aW\R \OQV RS` \WQVb OPUSTO\US\S /ca\OV[S\ PSa]\ RS`a RSYZO`WS`b eS`RS\ [ºaaS\ 2O RS` 1][^WZS` RWSa PS`SWba ºPS`^`ºTb dS`eS\RSb [O\ W\ RWSaS[ HcaO[[S\VO\U OcQV RWS C\bS`aQVSWRc\U( E

d]RWTRZTS TgRT_cX^]b \WQVbY]\b`]ZZWS`bS /ca\OV[S\ /ca\OV[S\ d][ Bg^ -͉֙”j ÞWj¬Í‰™ ]RS` ROd]\ OPUSZSWbSbS` 9ZOaaS\

E

RWTRZTS TgRT_cX^]b Y]\b`]ZZWS`bS /ca\OV[S\ OZZS O\RS`S\ /ca\OV[S\

9]\b`]ZZWS`bS /ca\OV[S\ eS`RS\ d]`eWSUS\R RO\\ dS`eS\RSb eS\\ aSWbS\a RSa /cT`cTS`a OcT RWS dS`c`aOQVS\RS AWbcObW]\ S\ba^`SQVS\R `SOUWS`b eS`RS\ YO\\ EWS RWS @SOYbW]\ Y]\Y`Sb OcaaWSVb VÉ\Ub d][ XSeSWZWUS\ >`]U`O[[Y]\bSfb OP A] YO\\ RS` 0S\cbhS` OcTUST]`RS`b eS`RS\ SW\S\ C@: ]RS` SW\S\ 2ObSW\O[S\ S`\Scb SW\ hcUSPS\  ?wÁ”ja2- ÞWj¬Í‰™ Phe ‰j!ÍÖ™a ÞWj¬Í‰™) VO\RSZb Sa aWQV ROUSUS\ c[ SW\ >`]U`O[[ ]V\S 0S\cbhS`W\bS`OYbW]\ [caa RWSaSa [rUZW QVS`eSWaS PSS\RSb eS`RS\ 2WS ͆ÁÝÄ2SYZO`ObW]\ Tº` Y]\b`]ZZWS`bS /ca\OV[S\ Wab Oca `SW\ T]`[OZag\bOY bWaQVS\ 5`º\RS\ \]beS\RWU c\R VOb YSW\S\ 3W\TZcaa ]P /ca\OV[S\ hc` :OcThSWb eW`YZWQV OcaUSZrab eS`RS\ ]RS` \WQVb /cQV VWS` Wab SW\ 2SZSUObW]\a^`W\hW^ Ocahc[O QVS\( EW`R SW\S ;SbV]RS [Wb ͆ÁÝÄ2SYZO`ObW]\ dS`eS\RSb Wab [O\ UShec\US\ RWS Y]\b`]ZZWS`bS\ /ca\OV[S\ OPhcTO\US\ ]RS` W\ RS` ͆ÁÝÄ2SYZO`ObW]\ RS` SW US\S\ ;SbV]RS OcThcZWabS\ c\R a] eSWbS` hc USPS\ <WQVbY]\b`]ZZWS`bS /ca\OV[S\ S\bhWSVS\ aWQV RWSaS` 2SZSUObW]\ A]ZQVS /ca\OV[S\ YS\\hSWQV\S\ d]`eWSUS\R DS`ZSbhc\US\ d]\ D]`PSRW\Uc\US\ c\R PS`cVS\ VÉcTWU OcT ]TTS\aWQVbZWQVS\ >`]U`O[[WS`TSVZS`\ h0 !֐+‰™ÍjÁ ÞWj¬Í‰™ ]RS`
Áˆ Á?ß™ajÞ#ÖÍ#w Ö™aÄ ÞWj¬Í‰™¯ 2O RWSaS TOab ºPS`OZZ d]`Y][[S\ Yr\\S\

!&!

%

4gRT_cX^]b

eÉ`S Sa [SV` OZa ZÉabWU RWSaS XSRSa ;OZ W\ RS` ͆ÁÝÄ2SYZO`ObW]\ OcThcTºV`S\ hc[OZ drZZWU c\YZO` Wab eWS [O\ RWSaS OPTO\US\ c\R aW\\d]ZZ PSVO\RSZ\ a]ZZbS



+XYZKRRKT KOMKTKX '[YTGNSKQRGYYKT

3WUS\S /ca\OV[SYZOaaS\ ZOaaS\ aWQV RORc`QV S`abSZZS\ ROaa [O\ d]\ PS`SWba SfWabWS `S\RS\ /ca\OV[SYZOaaS\ OPZSWbSb c\R RWS \]beS\RWUS\ 9]\ab`cYb]`S\ W[^ZS[S\ bWS`b 4º` ROa 0SWa^WSZ RS` 9ZOaaS ÁÖW† S`abSZZS\ eW` SW\S 9ZOaaS !j™™jÁ!֐ ވ Wj¬Í‰™ RWS OcaUSZrab eW`R TOZZa RS` <S\\S` UZSWQV
3W\ /\eS\Rc\UaPSWa^WSZ [Wb SWUS\a RSTW\WS`bS\ /ca\OV[SYZOaaS\ PSTW\RSb aWQV W[ /\eS\Rc\UaahS\O`W] >S`a]\OZdS`eOZbc\U W\ 9O^WbSZ # 2]`b eW`R SW\S SWUS\S /ca\OV[SYZOaaS PS\cbhb c[ d]\ RS` Y]\Y`SbS\ 7[^ZS[S\bWS`c\U SW\Sa 7\bS`TOQS OPVÉ\UWUS /ca\OV[S\ hc dS`PS`US\ 2O 8OdO PS`SWba SW\ P`SWbSa A^SYb`c[ d]\ /ca\OV[SYZOaaS\ hc` DS`TºUc\U abSZZb eW`R [O\ d]\ RS` ;rUZWQVYSWb SWUS\S /ca\OV[SYZOaaS\ hc RSTW\WS`S\ d]`eWSUS\R W\ U`rzS`S\ A]TbeO`S^`]XSYbS\ 5SP`OcQV [OQVS\



'RMUXOZNSKT ¤ 9[INKT [TJ 9UXZOKXKT

2WSaSa 9O^WbSZ c\R ROa T]ZUS\RS eWR[S\ aWQV RS[ BVS[O /ZU]`WbV[S\ c\R 2ObS\ ab`cYbc`S\ 2ObS\ab`cYbc`S\ S`ZOcPS\ RWS US]`R\SbS HcaO[[S\TOaac\U d]\ 2ObS\ W\ 2ObS\PSVÉZbS`\ @WQVbWU USeÉVZbS c\R []RSZZWS`bS 2ObS\ab`cYbc`S\ aW\R D]`OcaaSb hc\U ROTº` ROaa /ZU]`WbV[S\ STTSYbWd [Wb S\ba^`SQVS\R ab`cYbc`WS`b OPUSZSUbS\ 2O bS\ O`PSWbS\ Yr\\S\ A][Wb USVr`S\ RWS BVS[S\ /ZU]`WbV[S\ c\R 2ObS\ab`cYbc`S\ ^`W\hW^WSZZ hcaO[[S\


1XOZKXOKT L„X 'RMUXOZNSKT



@KOZQUSVRK^OZoZ \UT 'RMUXOZNSKT

0SW RS` 0Sc`bSWZc\U SW\Sa /ZU]`WbV[ca aW\R heSW /cTeO\RaOa^SYbS hc c\bS`aQVSWRS\( E

4]cfXRZ[d]VbPdUfP]S( EWS aQVeWS`WU Wab Sa SW\S OZU]`WbV[WaQVS :rac\U hc TW\ RS\- 0SaWbhb ROa >`]PZS[ ¶QTaWPd_c SW\S :rac\U-

E

0dbU¶Wad]VbPdUfP]S( EWSdWSZ @SQVS\hSWb S`T]`RS`b RWS /caTºV`c\U SW\Sa /ZU] `WbV[ca- EWS eTaÊ]STac aWQV RWSaS [Wb RS` HOVZ RS` PSO`PSWbSbS\ 2ObS\SZS[S\bS-

A] PSaWbhb SW\ >`]PZS[ SdS\bcSZZ SW\S ZSWQVb dS`abÉ\RZWQVS OZU]`WbV[WaQVS :rac\U RWSaS PS\rbWUb XSR]QV c\OYhS^bOPSZ dWSZ HSWb eS\\ RWS HOVZ RS` 2ObS\SZS[S\bS SW\S USeWaaS 5`rzS\]`R\c\U ºPS`aQV`SWbSb EW` abSZZS\ SW\WUS U`c\RZSUS\RS AcQV c\R A]`bWS`OZU]`WbV[S\ d]` RWS ROa UZSWQVS AcQV Phe A]`bWS`^`]PZS[ ZraS\ 2OPSW eS` RS\ eW` S`YS\\S\( DS`aQVWSRS\S /ZU]`WbV[S\ UZSWQVS` EW`Yc\U UZSWQVS` 7\^cb UZSW QVS` =cb^cb c\bS`aQVSWRS\ aWQV R`OabWaQV W\ 3TTWhWS\h c\R HSWbPSRO`T ’ eS\\UZSWQV OcT ZSWabc\UaabO`YS\ @SQV\S`\ [S`YZWQVS C\bS`aQVWSRS S`ab PSW U`rzS`S\ 2ObS\[S\ US\ [SV` OZa QO  2ObS\aÉbhS OcTb`SbS\ aS]d]V > STb 0[V^aXcW\db RWS OcQV OZa RSaaS\ ITXcZ^\_[TgXcÊc PShSWQV\Sb eW`R 2WS >aS]d]V > TX]Tb 0[V^aXcW\db R`ºQYb RWS Ud]ZcX^]P[T 0QWÊ]VXVZTXc U`c\RaÉbhZWQVS >`]^]`bW]\OZWbÉb heWaQVS\ RS` HOVZ S`T]`RS`ZWQVS` /caTºV `c\UaaQV`WbbS c\R RS` HOVZ ] RS` hc PSO`PSWbS\RS\ 2ObS\SZS[S\bS Oca

!&#

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

A] PSRScbSb >]! ROaa RWS HOVZ RS` /caTºV`c\UaaQV`WbbS c\R RO[Wb OcQV RS` HSWb ROcS` ^`]^]`bW]\OZ hc ]! aYOZWS`b 3W\S DS`R]^^SZc\U RS` HOVZ RS` hc PSO`PSWbS\RS\ 2ObS\SZS[S\bS PSRW\Ub a][Wb YSW\S PZ]zS DS`R]^^SZc\U a]\RS`\ DS`dWS`TOQVc\U RS` S`T]`RS`ZWQVS\ /caTºV`c\UaaQV`WbbS ’ c\R W\ RS` @SUSZ OcQV SW\S DS`dWS`TOQVc\U RS` ROhc PS\rbWUbS\ HSWb 3a ZOaaS\ aWQV _aPZcXbRW SdaRWU¶WaQPaT >`]PZS[Zrac\US\ d]\ _aPZcXbRW ]XRWc SdaRW U¶WaQPaT] c\bS`aQVSWRS\ 7\ PSWRS\ 4ÉZZS\ PSaWbhb ROa >`]PZS[ SW\S OZU]`WbV[WaQVS :rac\U 3\baQVSWRS\R Wab XSR]QV 3TTWhWS\h c\R HSWbY][^ZSfWbÉb RSa /ZU]`WbV[ca( ?aPZcXbRW SdaRWU¶WaQPaT 0[V^aXcW\T] ZOaaS\ aWQV OcQV PSW U`rzS`S` HOVZ hc PSO`PSW bS\RS` 2ObS\SZS[S\bS \]QV W\ S`b`ÉUZWQVS` @SQVS\hSWb OcaTºV`S\ AWS PSaWbhS\ bg^W aQVS`eSWaS SW\S _^[h]^\X]P[T ITXcZ^]_[TgXcÊc RV =] =Z]U] =]! =]" SbQ ?aPZcXbRW ]XRWc \TWa SdaRWU¶WaQPaT 0[V^aXcW\T] ZOaaS\ aWQV OcQV PSW []RS`ObS` HOVZ hc PSO`PSWbS\RS` 2ObS\SZS[S\bS \WQVb [SV` W\ S`b`ÉUZWQVS` @SQVS\hSWb OcaTºV `S\ AWS PSaWbhS\ bg^WaQVS`eSWaS SW\S Tg_^]T]cXT[[T ITXcZ^]_[TgXcÊc RV =!] =] =]] SbQ 2Ohc USVr`b h0 ROa >`]PZS[ RSa 7P]S[d]VbaTXbT]ST]( 3a aW\R ] AbÉRbS W\ SW\S` @SWVS\T]ZUS [W\W[OZS` 5SaO[bab`SQYS hc PSacQVS\ 4º` heSW AbÉRbS / 0 UWPb Sa heSW ;rUZWQVYSWbS\ /0 0/) Tº` R`SW AbÉRbS / 0 1 PS`SWba aSQVa [rUZWQVS @]cbS\ /01 /10 0/1 01/ 1/0 10/ 4º` ] AbÉRbS SfWabWS`S\ ] @]cbS\ 2S` /ZU]`WbV[ca( BSabS OZZS [rUZWQVS\ 9][PW\ObW]\S\ c\R S\baQVSWRS RWQV Tº` RWS Yº` hSabS Tc\YbW]\WS`b W[ >`W\hW^ TºV`b OPS` PS`SWba PSW [SV` OZa QO  AbÉRbS\ hc Oab`] \][WaQVS\ @SQVS\hSWbS\ a] ROaa S` ^`OYbWaQV \WQVb Rc`QVTºV`PO` Wab



1KTT`KOINKT \UT 9[IN\UXMoTMKT

4º` AcQV c\R A]`bWS`d]`UÉ\US OcT U`]zS\ 2ObS\PSabÉ\RS\ eW`R W[ ^`]TSaaW]\SZZS\ PSb`WSPZWQVS\ 0S`SWQV dWSZ HSWb OcTUSeS\RSb ;]RS`\S 3@>AgabS[S ]^S`WS`S\ OcT 2ObS\PO\YPSabÉ\RS\ W\ RS` 5`rzS\]`R\c\U d]\ BS`OPgbSa 7\STTWhWS\bSa AcQVS\ \OQV 2ObS\aÉbhS\ eº`RS RWSaS AgabS[S ^`OYbWaQV ZOV[ZSUS\ 5`c\RaÉbhZWQV UWZb( BdRWT] c\R B^acXTaT] aW\R Z^\_[T\T]cÊa hcSW\O\RS` 8S VrVS` RS` hcd]` USZSWabSbS A]`bWS` c\R =`R\c\UaOcTeO\R RSab] US`W\US` \OQVb`ÉUZWQV RS` /cTeO\R PSW[ AcQVS\ \OQV 2ObS\ 8S PSaaS` c\R heSQY[ÉzWUS` 2ObS\ a]`bWS`b aW\R RSab] ZSWQVbS` Yr\\S\ PSabW[[bS 2ObS\ eWSRS`USTc\RS\ eS`RS\ 2S\\( `ºTS\ RSa USaO[bS\ 2ObS\PSabO\RSa TSababSVb ROaa ROa 5SacQVbS UO` \WQVb d]`VO\RS\ Wab BdRWe^aVÊ]VT ZOaaS\ aWQV T]ZUS\RS`[OzS\ QVO`OYbS`WaWS`S\( BdRWPdUcaPV( AcQVS \OQV 2ObS\SZS[S\bS\ W\ SW\S[ 2ObS\PSabO\R BdRWiXT[( 5SPS HcU`WTT OcT ROa USacQVbS 2ObS\SZS[S\b TOZZa d]`VO\RS\ O\a]\abS\ RWS 7\T]`[ObW]\ ROaa ROa 5SacQVbS \WQVb d]`VO\RS\ Wab BdRWZaXcTaXd\( 2Oa USacQVbS 2ObS\SZS[S\b =PXSYb c\bS`aQVSWRSb aWQV Rc`QV SW\ W R@ SW\RScbWUSa ;S`Y[OZ ES`b /bb`WPcb d]\ OZZS\ O\RS`S\ 2ObS\SZS[S\bS\ 2WSaSa ;S`Y[OZ Wab RS` BdRWbRW[¶bbT[ \OQV RS[ RS` 2ObS\PSabO\R Rc`QVacQVb eW`R

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

!&$

;O\ c\bS`aQVSWRSb b_TXRWTacTRW]XbRW W\bS`\Sa c\R SfbS`\Sa AcQVS\( 0SW[ X]cTa]T] BdRWT] ^Oaab RS` USaO[bS 2ObS\PSabO\R W\ RS\ 6Oc^ba^SWQVS` c\R YO\\ ]V\S `]PZS[ \WQVb SW\ EW` eS`RS\ RWS U`c\RaÉbhZWQVS /`PSWbaeSWaS SW\WUS` AcQV c\R A]`bWS`OZU]`WbV[S\ Oca 5`º\RS\ RS` 3W\TOQVVSWb O[ 0SWa^WSZ d]\ 7\bSUS`/``Oga OZa 2ObS\PSVÉZbS` d]`abSZZS\



9[INGRMUXOZNSKT



2OTKGXK 9[INK OS [TYUXZOKXZKT *GZKTHKYZGTJ

EW` TºZZS\ SW\ /``Og [Wb 7\bSUS`ES`bS\ W\ hcTÉZZWUS` /\]`R\c\U c\a]`bWS`bS` 2ObS\ PSabO\R A][Wb YO\\ \c` [Wb SW\S[ ^`W[WbWdS\ a]US\O\\bS\ 6aTTShBRWT\P UST`É zWU USacQVb eS`RS\( 2S` USaO[bS 2ObS\PSabO\R eW`R Rc`QVZOcTS\ PWa ROa USacQVbS 2ObS\SZS[S\b USTc\RS\ Wab ]RS` OcQV \WQVb(  

:SUS RS\ AcQVaQVZºaaSZ TSab c\R PSUW\\S ROa /``Og hc Rc`QVZOcTS\ DS`UZSWQVS XSRSa 2ObS\SZS[S\b [Wb RS[ AcQVaQVZºaaSZ(  ES\\ ROa USacQVbS 3ZS[S\b d]`Y][[b UWP RSaaS\ 8]STg_^bXcX^] hc `ºQY c\R PSS\RS RS\ 2c`QVZOcT 3`T]ZUaTOZZ

!&%

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

  /\RS`\TOZZa USVS hc[ \ÉQVabS\ 3ZS[S\b !

ES\\ ROa /``OgS\RS S``SWQVb Wab Wab ROa USacQVbS 3ZS[S\b \WQVb d]`VO\RS\ 5WP SW\S\ :T]]fTac hc`ºQY ;WaaS`T]ZU

HSWbPSRO`T c\R HSWbY][^ZSfWbÉb eOQVaS\ [X]TPa [Wb RS` HOVZ ] RS` 2ObS\SZS[S\bS( 0SW ;WaaS`T]ZU [caa ROa USaO[bS /``Og Rc`QVZOcTS\ c\R ] DS`UZSWQVa]^S`ObW]\S\ Rc`QVUSTºV`b eS`RS\ 7[ 3`T]ZUaTOZZ YO\\ ROa USacQVbS 3ZS[S\b O\ XSRS` RS` ] /` `Og^]aWbW]\S\ d]`Y][[S\ ’ W[ abObWabWaQVS\ ;WbbSZ aW\R ROTº` ]! DS`UZSWQVa]^S`O bW]\S\ \rbWU A][Wb Wab RS` /ZU]`WbV[ca d]\ RS` =`R\c\U =] 7\ RS` ;SbV]RS ‰™.j?ÁW†®¯ Rc`QVZOcTS\ eW` ROa /``Og Ä PSUW\\S\R [Wb RS` VrQVabS\ 7\RSf^]aWbW]\ d]\ ]PS\ \OQV c\bS\ AcQVaQVZºaaSZ jß Wab RS` USacQVbS HOVZS\eS`b 7\ SW\S` AQVZSWTS eW`R RWS 7\RSf^]aWbW]\ ¬Ä a]ZO\US dS``W\US`b PWa ROa USacQVbS 3ZS[S\b USTc\RS\ ec`RS ’ ]RS` ¬Ä \SUObWdS ES`bS  S``SWQVb) RWSa PS RScbSb ROaa RS` AcQVaQVZºaaSZ \WQVb d]`Y][[b Hc`ºQVUSUSPS\ eW`R RS` ES`b ^]a W?ÄÄ
~Á‰Í†”j™ P ¬Á‰Ü?Íj ‰™ÍRS ÄÇ

¬Á‰Ü?Íj ‰™Í WÖ™ÍjÁ s åÇ

¬ÖM‰W ‰™j?Áj.ÖW†j® ‰™Í ĉãj ¯ P Ä s ™jÝ ‰™ÍRĉãjSÇ Q ¬ÖM‰W ܝ‰a ‰™ÄjÁÍ® ‰™Í Þ ¯ P ÄRWÖ™ÍjÁS s ÞÇ

WÖ™ÍjÁ´´Ç Q

¬ÖM‰W ‰™Í ‰™.j?ÁW†® ‰™Í jß ¯ P ‰™Í ¬Ä s ıj™~͆ ˆ ¤Ç ݆‰j® ¬Äså FF ÄR¬ÄSusjß ¯ P ¬ÄˆˆÇ Q ÁjÍÖÁ™ ¬ÄÇ Q Q

2WS ;SbV]RS ‰™ÄjÁÍ®¯ TºUb ºPS`USPS\S 7\bSUS`ES`bS O\ OcTSW\O\RS`T]ZUS\RS\ 7\RSf^]aWbW]\S\ SW\ c\R RWS\b \c` hc[ 4ºZZS\ RSa /``Oga Ä



2OTKGXK 9[INK OS YUXZOKXZKT *GZKTHKYZGTJ

2Oa /``Og Ä aSW \c\ a]`bWS`b RV S\bVOZbS 7\bSUS`ES`bS W\ OcTabSWUS\RS` 4]ZUS /PP % 3a eW`R SW\ ZW\SO`Sa AcQVaQVS[O O\USeO\Rb c\R RWS A]`bWS`c\U RSa 2ObS\PS abO\RSa OcaUS\cbhb c[ RS\ ;WaaS`T]ZUaTOZZ Ua¶WTa hc S`YS\\S\( EWSRS` PSUW\\S\ eW` O\ RS` VrQVabS\ 7\RSf^]aWbW]\ ¬Ä [Wb RS[ /``Og2c`QVZOcT ES\\ RS` O\ RS` OYbcSZZS\ 7\RSf^]aWbW]\ O\USb`]TTS\S ES`b ÄR¬ÄS XSR]QV S`ab[OZa YZSW\S` Wab OZa RS` AcQVaQVZºaaSZ jß YO\\ ROa USacQVbS 2ObS\SZS[S\b OcQV W[ `Sab ZWQVS\ BSWZ RSa /``Oga \WQVb [SV` S`aQVSW\S\ ’ c\R RWS AcQVS YO\\ PQVTQa^RWT] eS`RS\ 7[ ;WaaS`T]ZUaTOZZ [caa ]XRWc RS` USaO[bS 2ObS\PSabO\R eWS PSW c\a]`bWS` bS[ /``Og Rc`QVZOcTS\ eS`RS\ 7[ abObWabWaQVS\ ;WbbSZ aW\R OcQV PSW ;WaaS`T]ZU \c` ]! DS`UZSWQVa]^S`ObW]\S\ \rbWU 2WS =`R\c\U RSa /ZU]`WbV[ca dS`PSaaS`b aWQV RO Rc`QV XSR]QV PZSWPb Sa PSW RS` U`c\RaÉbhZWQV [X]TPaT] HSWbY][^ZSfWbÉb ¬ÖM‰W ‰™Í ‰™.j?ÁW†Ô® ‰™Í jß ¯ P ‰™Í ¬Ä s ıj™~͆ˆ¤Ç ݆‰j® ¬Äså FF ÄR¬ÄSsjß ¯ P

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

!&&

‰w® ÄR¬ÄSssjß ¯ P ÁjÍÖÁ™ ¬ÄÇ Q

ÊÊ Áw~Äw?

¬ÄˆˆÇ Q ÁjÍÖÁ™ ˆ¤Ç

ÊÊ

‰ÄÄjÁw~] .ÖW†ÄW†ÙÄÄj ™‰W†Í j™Í†?Íj™

Q







&

!!

!

"

#

!%

"!

"(

$ #

% #$

&  $"

b

^]a +  0QQ & ) :W\SO`S AcQVS W\ OcTabSWUS\R a]`bWS`bS[ /``Og 2Oa D]`USVS\ Wab XSR]QV hc aW[^SZ RO Sa RWS A]`bWS`c\U \c` c\hc`SWQVS\R \cbhb ’ W[ 5SUS\aObh hc` PW\É`S\ AcQVS RWS SW\S RScbZWQV PSaaS`S HSWbY][^ZSfWbÉb ZWSTS`b



(OToXK 9[INK OS YUXZOKXZKT *GZKTHKYZGTJ

2WS Ab`ObSUWS RS` PW\É`S\ AcQVS T]ZUb RS[ OZZUS[SW\S\ >`W\hW^ cTX[T d]S WTaabRWT CTX[T d]S 7TaabRWT SXeXST  R^]`dTa )  @SRchWS`S ROa >`]PZS[ W\ heSW ]RS` [SV` BSWZ^`]PZS[S  :raS XSRSa RS` BSWZ^`]PZS[S ! 9][PW\WS`S RWS BSWZZrac\US\ hc SW\S` 5SaO[bZrac\U 0W\É`S AcQVS W[ a]`bWS`bS\ /``Og Ä O`PSWbSb [Wb R`SW QVO`OYbS`WabWaQVS\ 7\RSf^]aWbW] \S\ Ý †‰~† c\R ”‰aaj AWS S``SWQVb PSW YTSTa 7bS`ObW]\ SW\S 7P[QXTad]V RS` ;S\US \]QV hc ºPS`^`ºTS\RS` 2ObS\SZS[S\bS 2WS BcaPcTVXT /PP % (   !

:SUS RS\ AcQVaQVZºaaSZ jß TSab ASbhS Ý OcT RWS \WSR`WUabS c\R †‰~† OcT RWS VrQVabS 7\RSf^]aWbW]\ EWSRS`V]ZS T]ZUS\RS AQV`WbbS a]ZO\US \]QV Ý‘s†‰~† ( ! 0S`SQV\S RWS [WbbZS`S >]aWbW]\ ”‰aajs®Ý´†‰~†¯ÊÔ !  DS`UZSWQVS jß [Wb RS[ ES`b O\ RS` >]aWbW]\ ”‰aaj 3a UWPb ! 4ÉZZS( ES\\ jßssÄR”‰aajS Wab ROa 2ObS\SZS[S\b USTc\RS\ 4aU^[VbUP[[ 5WP RSaaS\ >]aWbW]\ ”‰aaj hc`ºQY c\R QTT]ST RS\ 2c`QVZOcT ES\\ jߑÄR”‰aajS YO\\ ROa USacQVbS 3ZS[S\b \c` \]QV [X]Zb d]\ ”‰aaj d]`Y][[S\ ASbhS a][Wb( †‰~†s”‰aajˆ¤ ES\\ j߁ÄR”‰aajS YO\\ ROa USacQVbS 3ZS[S\b \c` \]QV aTRWcb d]\ ”‰aaj d]`Y][[S\ ASbhS a][Wb( Ýs”‰aaj´¤

"

3a ec`RS Ý†‰~†( 2Oa USacQVbS 3ZS[S\b Wab ]XRWc d]`VO\RS\ <XbbTaU^[V 5WP SW\S S\ba^`SQVS\RS 9S\\hOVZ hc`ºQY

2WS ;SbV]RS M‰™.j?ÁW†®¯ W[^ZS[S\bWS`b RS\ /ZU]`WbV[ca OcT RS[ /``Og Ä c\R UWPb hc` 2S[]\ab`ObW]\ OcQV RWS OYbcSZZS\ 7\RSfeS`bS Oca(

!&'

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

¬ÖM‰W ‰™Í M‰™.j?ÁW†® ‰™Í jß ¯ P ‰™Í Ý s åÇ

‰™Í †‰~† s ıj™~͆ˆ¤Ç

‰™Í ”‰aajÇ

݆‰j® Ý‘s†‰~† ¯ P #±ÝÁ‰Íj™® ¹ s ¹´Ý´ ¹

† s ¹´†‰~†´¹

” s ¹´ ”‰aaj ¯Ç

”‰aaj s ®Ý ´ †‰~†¯ÊÔÇ ‰w® ÄR”‰aajSssjß ¯ ÁjÍÖÁ™ ”‰aaj Ç jÄj ‰w® jß  ÄR”‰aajS ¯ Ý jÄj

ÊÊ Áw~Äw?

s ”‰aaj ´ ¤Ç

†‰~† s ”‰aaj ˆ ¤Ç

Q ÁjÍÖÁ™ ˆ¤ Ç

ÊÊ

‰ÄÄjÁw~

Q

2WS 0S`SQV\c\U RS` >]aWbW]\ ”‰aajs®Ý´†‰~†¯ÊÔ USaQVWSVb [Wb UO\hhOVZWUS` 5S\OcWUYSWb RO /``Og7\RSfeS`bS UO\hhOVZWU aW\R 





&

!!

Z]e

!

"

#

!%

"!

"(

$ #

% #$

&  $"

b

VWUV

[WRRZS

0QQ &!) 0W\É`S AcQVS W\ OcTabSWUS\R a]`bWS`bS[ /``Og ’ /caUO\UaaWbcObW]\ 2WSaS` /ZU]`WbV[ca `SRchWS`b RWS HSWbY][^ZSfWbÉb RScbZWQV eOa aWQV c[a] R`OabWaQVS` PS[S`YPO` [OQVb XS U`rzS` RS` hc Rc`QVacQVS\RS 2ObS\PSabO\R Wab 2S` HSWbPSRO`T eÉQVab \WQVb [SV` ZW\SO` a]\RS`\ \c` \]QV eWS RS` ;^VPaXcW\db hc` 0OaWa [Wb RS` HOVZ RS` 2ObS\SZS[S\bS ] 2WS =`R\c\U Wab = Z\]  0SW XSRS` 7bS`ObW]\ VOZPWS`b aWQV W\ SbeO RWS HOVZ RS` \]QV hc Rc`QVacQVS\RS\ 2O bS\SZS[S\bS ES\\ [O\ d]\ ] 2ObS\SZS[S\bS\ OcaUSVb a] T]ZUb RWS ;S\US RS` [OfW[OZ \]QV hc Rc`QVacQVS\RS\ 3ZS[S\bS RS` @SWVS( ] . ] . ]" . ]& .  . $  2WSa Yr\\S\ eW` OcQV [Wb >]bS\hS\ d]\ ]



. ]



. ]

. ]

!

aQV`SWPS\(

.  . ]

f

2OPSW Wab g RWS HOVZ RS` \PgX\P[ S`T]`RS`ZWQVS\ 7bS`ObW]\S\ c[ RWS AcQV[S\US OcT  hc `SRchWS`S\ A][Wb UWZb  $ ] f a] ROaa ] $ f c\R a][Wb g $ Z\] 2WSa dS`O\ aQVOcZWQVb RWS Z]UO`WbV[WaQVS HSWbY][^ZSfWbÉb RSa /ZU]`WbV[ca 2WS abÉ\RWUS 7P[QXT ad]V TºV`b OcT RWS Z]UO`WbV[WaQVS 0OaWa c\R UOP RS` QX]ÊaT] AcQVS WV`S\
&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

!&(



9UXZOKXGRMUXOZNSKT



7[GJXGZOYINK 9UXZOKX\KXLGNXKT ([HHRK9UXZ

2Oa SW\TOQVabS A]`bWS`dS`TOV`S\ Wab RS` 0cPPZSA]`b) RWSaS` /ZU]`WbV[ca POaWS`b OcT DS`UZSWQV c\R DS`bOcaQVS\ PS\OQVPO`bS` 3ZS[S\bS Wab ZSWQVb hc dS`abSVS\ VOb XS R]QV SW\S aQVZSQVbS _cOR`ObWaQVS HSWbY][^ZSfWbÉb =]  a] ROaa U`rzS`S 2ObS\[S\ US\ RO[Wb YOc[ \]QV hc PSeÉZbWUS\ aW\R 3a VO\RSZb aWQV c[ SW\ 6aTTShAQVS[O RO RS` 2ObS\PSabO\R [SV`[OZa Y][^ZSbb Rc`QVZOcTS\ eS`RS\ [caa EWSRS` O`PSWbS\ eW` [Wb SW\S[ 7\bSUS`/``Og Ä [Wb ] 3ZS[S\bS\ 2WS Ab`ObSUWS RSa 0cPPZSA]`b PSabSVb W[ ETacPdbRWT] QT]PRWQPacTa 2ObS\SZS[S\bS eS\\ RWSaS aT[PcXe idTX]P]STa \]QV \WQVb `WQVbWU O\US]`R\Sb aW\R( 

2c`QVZOcTS ROa /``Og ] [OZ EWSRS`V]ZS ROPSW T]ZUS\RS /YbW]\S\(  2c`QVZOcTS RSa /``Og d]\ RS` S`abS\ PWa hc` d]`ZSbhbS\ >]aWbW]\ 8SRSa 3ZS[S\b eW`R [Wb aSW\S[
4X] 2c`QVUO\U aSW O\VO\R RS` HOVZS\T]ZUS $ '     RS[]\ab`WS`b ’ RWS XSeSWZa hc dS`bOcaQVS\RS\ 3ZS[S\bS aW\R VS`d]`USV]PS\( $ (

  . $  ( !  . $  

(  . $    (

0SW XSRS[ 2c`QVUO\U eO\RS`b SW\ 2ObS\SZS[S\b VWS`( ( OcT aSW\S S\RUºZbWUS >] aWbW]\ a] eWS SW\S :cTbPZOaS QdQQ[T hc` EOaaS`]PS`TZÉQVS OcTabSWUb) ROVS` RS`
ÊÊ 7jÁÍ?ÖÄW†j™] ÄRŽ´¤S s ÄRŽSÇ

ÄRŽS s

Íj”¬ Ç

Q Q Q Q

]aWbW]\ S``SWQVb 2O\\ [caa OPS` OcQV ROa ]bS 2ObS\SZS[S\bS OcT Y]``SYbS` >]aWbW]\ abSVS\ c\R RWS 2ObS\ aW\R Y][^ZSbb a]`bWS`b 7\ RS` 7[^ZS[S\bWS`c\U TOZZS\ ifTX VTbRWPRWcT[cT BRW[TXUT] OcT 2WSa TºV`b hc` aQVZSQVbS\ _cOR`ObWaQVS\ HSWbOPVÉ\UWUYSWb( 2WS ÉczS`S AQVZSWTS eW`R ][OZ Rc`QVZOcTS\ RWS W\\S`S AQVZSWTS ] [OZ 2WSa S`UWPb ] ]  + ]!’!] 7bS`ObW]\S\ eOa RS` SfOYbS\ HSWbY][^ZSfWbÉb S\ba^`WQVb 7[

!'

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

5`S\hTOZZ U`]zS` ES`bS ] Yr\\S\ ZW\SO`S BS`[S USUS\ºPS` RS[ _cOR`ObWaQVS\ BS`[ dS`\OQVZÉaaWUb eS`RS\ c\R Sa `SacZbWS`b SW\S Oag[^b]bWaQVS HSWb]`R\c\U =]! 2S` 0cPPZSA]`b W\dSabWS`b eS\WU 7\bSZZWUS\h) W[[S` eWSRS` eW`R ROa /``Oga Y][^ZSbb Rc`QVZOcTS\ /\RS`S DS`TOV`S\ eWS BT[TRcX^]B^ac ]RS` 8]bTacX^]B^ac S`hScUS\ SW\S PS`SWba a]`bWS`bS eOQVaS\RS BSWZT]ZUS c\R [ºaaS\ PSW XSRS[ 2c`QVUO\U \c` SW\S\ XSeSWZa YZSW\S`S\ @SabbSWZ RSa 2ObS\PSabO\Ra Rc`QVZOcTS\ 2ORc`QV eW`R SW\S SbeOa PSaaS`S HSWbY][^ZSfWbÉb S``SWQVb OZa PSW[ 0cPPZSA]`b ’ XSR]QV aW\R OcQV RWSaS /ZU] `WbV[S\ \c` d]\ _cOR`ObWaQVS` =`R\c\U EW` eS\RS\ c\a RSVOZP UZSWQV RS[ R`O[O bWaQV aQV\SZZS`S\ A]`bWS`dS`TOV`S\ ?cWQYA]`b hc



;TZKXW[GJXGZOYINK 9UXZOKX\KXLGNXKT 7[OIQ9UXZ

2S` ]Tb SW\USaSbhbS @dXRZB^ac PS`cVb OcT SW\S[ `SYc`aWdS\ DS`TOV`S\ c\R `SOZWaWS`b ROa >`W\hW^ cTX[T d]S WTaabRWT Rc`QV eWSRS`V]ZbSa /cTbSWZS\ RS` \]QV hc a]`bWS`S\RS\ 2ObS\[S\US 3a VO\RSZb aWQV c[ SW\S\ `OTTW\WS`bS\ aTZdabXeT] /ZU]`WbV[ca 2Oa DS`TOV`S\ PS`cVb OcT eWSRS`V]ZbS[ /cTbSWZS\ RS` 2ObS\[S\US W\ SW\S [X]ZT d]S aTRWcT 7Ê[UcT Rc`QV 2STW\WbW]\ SW\S` a]US\O\\bS\ ?Xe^c?^bXcX^] S\UZ _Xe^c + HO^TS\ + RS` >c\Yb c[ RS\ aWQV OZZSa R`SVb HeWaQVS\ RS\ PSWRS\ 6ÉZTbS\ eS`RS\ 2ObS\ SZS[S\bS a]ZO\US OcaUSbOcaQVb PWa OZZS 3ZS[S\bS RS` ZW\YS\ 6ÉZTbS YZSW\S` aW\R OZa XS\S RS` `SQVbS\ 6ÉZTbS A]RO\\ eW`R ROa DS`TOV`S\ `SYc`aWd OcT RWS PSWRS\ 6ÉZTbS\ O\USeO\Rb 2S` /ZU]`WbV[ca VOb RWS HSWbY][^ZSfWbÉb =]TZR] 5SeWaaS DO`WO\bS\ RSa ?cWQYA]`b hSWUS\ SW\ aQVZSQVbSa HSWbdS`VOZbS\ eS\\ aWS OcT SW\S PS`SWba a]`bWS`bS ]RS` c[USYSV`b a]`bWS`bS 2ObS\[S\US O\USeO\Rb eS`RS\ C\aS`S DS`aW]\ eÉVZb ROa ?Xe^c4[T\T]c abSba W\ RS` ;WbbS c\R VOb RWSaSa >`]PZS[ \WQVb(  

ES\\ RWS OYbcSZZS 2ObS\[S\US Ä \c` \]QV  3ZS[S\b VOb Wab \WQVba hc bc\ /\RS`\TOZZa(  EÉVZS ?Xe^c4[T\T]c [Wb 7\RSf ‰ W\ RS` <XccT STa 5^[VT   0SeSUS OZZS 3ZS[S\bS RS` ;S\US [Wb AQVZºaaSZ YZSW\S` OZa ÄR‰S W\ RS\ BSWZ ZW\Ya d]\ ÄR‰S c\R OZZS 3ZS[S\bS [Wb AQVZºaaSZ U`rzS` OZa ÄR‰S W\ RS\ BSWZ `SQVba d]\ ÄR‰S± ! A]`bWS`S RS\ [X]ZT] CTX[ c\R RS\ aTRWcT] CTX[ Ta]Tdc \OQV RS[ SPS\ PS aQV`WSPS\S\ DS`TOV`S\ + aTZdabXeTa /cT`cT

2S` ?cWQYA]`b Wab SW\ WPaS b_[Xc  TPbh Y^X]/ZU]`WbV[ca( 2WS 6Oc^bO`PSWb eW`R PSW[ W[[S` TSW\S`S\ /cTbSWZS\ RS` 2ObS\[S\US USZSWabSb /PPWZRc\U %! dS`RScbZWQVb RS\ /PZOcT( 2WS BSWZS eS`RS\ d]\ OczS\ \OQV W\\S\ OcT RWS >Wd]b>]aWbW]\ / hc Rc`QV ZOcTS\ 4º` XSRSa 3ZS[S\b TW\RSb SW\ DS`UZSWQV [Wb RS[ 3ZS[S\b OcT RS` >Wd]b >]aWbW]\ c\R SdS\bcSZZ SW\ BOcaQV [Wb SW\S[ c[hca]`bWS`S\RS\ 3ZS[S\b RS` O\RS`S\ 6ÉZTbS abObb ES\\ RS` /cT c\R /PZOcT O\ RS` >Wd]b>]aWbW]\ / O\USY][[S\ Wab c\R OZZS DS`bOcaQVc\US\ Rc`QVUSTºV`b ec`RS\ TW\RSb RWS `SYc`aWdS BSWZc\U abObb( 3a eS` RS\ \ScS >Wd]bSZS[S\bS Tº` RWS BSWZS TSabUSZSUb c\R Tº` XSRS\ BSWZ S`\Scb eWS US aQVWZRS`b dS`TOV`S\ 2WS `SYc`aWdS\ /cT`cTS TW\RS\ Tº` `OaQV YZSW\S` eS`RS\RS BSWZ [S\US\ abObb eOa hc` Z]UO`WbV[WaQVS\ HSWbY][^ZSfWbÉb TºV`b

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

!'

>Wd]b>]aWbW]\S\ b)

$

! !

$



"

&

!

%

"

$



"

&

#

%

"

%



"

&

#

%

"

!



$

&

#

%

"

"



$

&

$

%

"

%

&

$

%

#

!

"

&

#

%

$

!

#

#

&

&

$

"



!



!

#

#

'

&

%



!

"

#

$

%

&

2c`QVZOcT RS` 6ÉZTbS\ d]\ /czS\ \OQV 7\\S\ OcT >W d]b>]aWbW]\ / hc

7ab >Wd]b>]aWbW]\ S``SWQVb TW\ RSb `SYc`aWdS BSWZc\U abObb <ScS >Wd]b>]aWbW]\ eW`R S`[Wb bSZb DS`UZSWQVa c\R DS`bOcaQV =^S`ObW]\S\ eS`RS\ `SZObWd hc \ScS[ >Wd]b3ZS[S\b [Wb BSW ZS\ S`\Scb Rc`QVUSTºV`b

0QQ &") /PZOcT RSa `SYc`aWdS\ ?cWQYA]`b/ZU]`WbV[ca 2O`abSZZc\U \OQV I@/C K 2S` ;SbV]RS ¶Ö‰W.ÁÍ®¯ eW`R ROa hc a]`bWS`S\RS /``Og Ä ºPS`USPS\) RWS SWUS\b ZWQVS A]`bWS`O`PSWb d]ZZP`W\Ub RWS ;SbV]RS ĝÁÍ®¯ 2S`S\ >O`O[SbS` aW\R ROa hc a]` bWS`S\RS /``Og Ä c\R RWS 7\RSf^]aWbW]\S\ heWaQVS\ RS\S\ ĝÁÍ®¯ PSW[ OYbcSZZS\ /cT`cT O`PSWb 2WS ;SbV]RS ĝÁÍ®¯ `cTb aWQV `SYc`aWd [Wb W[[S` YZSW\S`S\ BSWZ[S\ US\ RSa /``Oga Ä OcT( ܝ‰a ¶Ö‰W.ÁÍ® ‰™ÍRS Ä ¯ P ĝÁÍ ® Ä^ å^ ıj™~͆ˆ¤ ¯Ç Q ܝ‰a ĝÁÍ® ‰™ÍRS Ä^ ‰™Í ‰™Ä^ ‰™Í ÁjW†ÍÄ ¯ P ‰™Í ?Öw s ‰™ÄÇ

‰™Í

?M s ÁjW†ÍÄÇ

ÊÊ +‰ÜÍˆ j”j™Í ‰™ ajÁ

‰ÍÍj ÝC†j™]

‰™Í ¬‰ÜÍ s ÄR ®‰™Ä´ÁjW†ÍįÊÔ SÇ a P ÊJ ?Íj™w~j ݉Áa ܝ™ Mj™ ֙a ֙Íj™ aÖÁW†?Öwj™±
ÍÖjjÁ 8jÁÍ Ý‰Áa ”‰Í +‰ÜÍjj”j™Í ÜjÁ~‰W†j™± ÖÁW†?Öw Ä͝¬¬Í^ Ýj™™ 0?ÖÄW†jj”j™Í ~jw֙aj™] JÊ Ý†‰j® ÄR?ÖwS ‘ ¬‰ÜÍ ¯ ?Öw´´Ç ݆‰j® ÄR?MS  ¬‰ÜÍ ¯

?MˆˆÇ

‰w® ?Öw ‘s ?M ¯ P ÊÊ 0?ÖÄW† ajÁ ?Íj™jj”j™Íj aÖÁW†wنÁj™] ‰™Í Íj”¬ s ÄR?ÖwSÇ

ÄR?ÖwS s ÄR?MSÇ

ÊÊ ™a‰WjÄ Ýj‰ÍjÁÄW†‰jMj™] ?Öw´´Ç Q

?MˆˆÇ

ÄR?MS s Íj”¬Ç

!'!

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

ÊJ .W†j‰wj™?MMÁÖW†^ Ýj™™ ĉW† ÖÁW†?Öwˆ™a‰WjÄ ?™ +‰ÜÍ¬Ä‰Í‰™ ÙMjÁÄW†™j‰aj™]

JÊ

Q ݆‰j® ?Öw ‘s ?M ¯Ç ÊJ -jÖÁĉÜjÁ
ÖwÁÖw ™?W†aj” ?j j”j™Íj ‰™Ä ֙a ÁjW†ÍÄ ajÄ ?Íj™ +‰ÜÍjj”j™ÍÄ ~j¬ÁÙwÍ ÝÖÁaj™±
ÖwÁÖw ”‰Í ™jÖj™ Áj™ãj™ ‰jwjÁÍ ™jÖj +‰ÜÍjj”j™Íj]

JÊ

‰w® ‰™Ä ‘ ?M ¯ ĝÁÍ® Ä^ ‰™Ä^ ?M ¯Ç ‰w® ?Öw ‘ ÁjW†ÍÄ ¯ ĝÁÍ® Ä^ ?Öw^ ÁjW†ÍÄ ¯Ç Q

Bg^WaQV Tº` `SYc`aWdS DS`TOV`S\ Wab ROaa XSRS` `SYc`aWdS /cT`cT SW\S PSabW[[bS ;S\ US 6Oc^ba^SWQVS` PSZSUb) a][Wb Wab RS` A^SWQVS`PSRO`T VrVS` OZa PSW \WQVb`SYc`aWdS\ /ZU]`WbV[S\ ’ ROTº` Wab RWS HSWbY][^ZSfWbÉb aSV` Ucb <SPS\ ?cWQYA]`b Wab OcQV RS`


;TZKXW[GJXGZOYINK 9UXZOKX\KXLGNXKT *OYZXOH[ZOUT9UXZ

2WS PSa^`]QVS\S\ A]`bWS`dS`TOV`S\ RS` \OWdS 0cPPZSA]`b SPS\a] eWS RS` `OTTW\WS`bS ?cWQYA]`b PS`cVS\ OcT RS[ >`W\hW^ ^OO`eSWaS\ DS`UZSWQVS\a c\R DS`bOcaQVS\a d]\ 2ObS\SZS[S\bS\( 2WS 3ZS[S\bS RSa 2ObS\PSabO\Ra eS`RS\ RORc`QV W\ W[[S` \ScS /\]`R\c\US\ ºPS`USTºV`b PWa SW\S Y][^ZSbbS A]`bWS`c\U S``SWQVb Wab 3a ZÉaab aWQV hSWUS\ ROaa OcT 5`c\RZOUS Y][PW\WS`bS` DS`UZSWQVa c\R DS`bOcaQV]^S`ObW]\S\ _aX]iX_XT[[ YSW\S PSaaS`S HSWbY][^ZSfWbÉb OZa =]TZR] hc S``SWQVS\ Wab C[ ?cWQYA]`b hc ºPS`b`STTS\ [caa SW\ ^`W\hW^WSZZ O\RS`Sa DS`TOV`S\ O\USeO\Rb eS`RS\( 2S` 3XbcaXQdcX^]B^ac `SOZWaWS`b A]`bWS`S\ \WQVb Rc`QV DS`UZSWQVS\ c\R DS`bOc aQVS\ a]\RS`\ Rc`QV ETacTX[T] d]\ 2ObS\SZS[S\bS\( 2ObS\ eS`RS\ US[Éz WV`Sa AQVZºaaSZa W\ 4ÉQVS` SW\USbSWZb c\R RO\OQV eWSRS` hcaO[[S\USb`OUS\ ’ eWS h0 PSW[ A]`bWS`S\ d]\ 0`WSTS\ \OQV >]abZSWbhOVZS\ E^acTX[ RSa 2Wab`WPcbW]\A]`b Wab aSW\S 5SaQVeW\RWUYSWb 3` VOb SW\S [X]TPaT HSWbY][ ^ZSfWbÉb =] c\R Wab a][Wb \]QV RScbZWQV aQV\SZZS` OZa ?cWQYA]`b ASW\ =PRWcTX[( 3` Wab YSW\ OZZUS[SW\ O\eS\RPO`Sa A]`bWS`dS`TOV`S\ 2WS 4ÉQVS` [ºaaS\ XS \OQV >`] PZS[ RSTW\WS`b c\R O\ RS\ A]`bWS`aQVZºaaSZ ES`bSPS`SWQV RSa 2ObS\PSabO\Ra O\US ^Oaab eS`RS\ 2S` /ZU]`WbV[ca Tc\YbW]\WS`b \c` Tº` 2ObS\aÉbhS [Wb TSab d]`USUSPS \S\ VP]iiPW[XV_^bXcXeT] AQVZºaaSZ\ <SUObWdS ]RS` 4ZWSzY][[OhOVZS\ aW\R \WQVb hcUSZOaaS\ Phe [ºaabS\ OcT ^]aWbWdS 5O\hhOVZS\ OPUSPWZRSb eS`RS\ 3a [caa TSab abSVS\ W\ eSZQVS[ ES`bSPS`SWQV RWS 2ObS\ ZWSUS\ Rº`TS\ 2Oa D]`USVS\ /PP %" eW`R eWSRS` O\VO\R SW\Sa 7\bSUS`/``Oga Ä aYWhhWS`b(  

4SababSZZS\ RSa ES`bSPS`SWQVa OZZS` 2ObS\SZS[S\bS 0SWa^WSZ( ES`bS  PWa  3W\ 5ÊRWTa/``Og WÖ™Í Tº` 7\bSUS` O\ZSUS\ W\ RS[ UShÉVZb eW`R eWS ]Tb RWS dS`aQVWSRS\S\ [rUZWQVS\ ES`bS d]`Y][[S\ 2WS HOVZ RS` 4ÉQVS` /``Og^]

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

!'"

aWbW]\S\ d]\ WÖ™Í S\ba^`WQVb RS\ [rUZWQVS\ ES`bS\ W[ hc a]`bWS`S\RS\ 2ObS\PSabO\R 7[ 0SWa^WSZ( 7\RSf^]aWbW]\S\  PWa  !

2ObS\PSabO\R /``Oga Ä Rc`QVZOcTS\ c\R D]`Y][[S\ RS` SW\hSZ\S\ ES`bS W[ 4ÉQVS`/``Og WÖ™Í hÉVZS\

"

5ÊRWTa/``Og WÖ™Í Rc`QVZOcTS\ c\R RWS 8]STgES`bS OcaUSPS\ 3W\ 7\RSf ES`b eW`R b^ ^Uc fXTSTaW^[c PdbVTVTQT] eWS W[ 4ÉQVS`/```Og WÖ™Í OZa /\ hOVZ RSa D]`Y][[S\a dS`[S`Yb ec`RS

b

! # $ ' ' $ & #





!

!

! "

 &  %

"

#

$



"

!

%

#

   '

&

'

!

"

8]STg + d]`Y][[S\RS ES`bS + 4ÉQVS`



/``Og8]WP[c + 7ÊdUXVZTXc RSa D]`Y][[S\a

R^d]c

Q

   

!

# # #

$ $

%

& &

' ' '



0QQ &#) 2Wab`WPcbW]\A]`b ’ D]`USVS\ c\R PSbSWZWUbS /``Oga 2S` ;SbV]RS a‰ÄÍÁ‰MÖ͉™.ÁÍ®¯ eW`R ROa hc a]`bWS`S\RS /``Og Ä c\R RS` VrQVabS RO`W\ d]`Y][[S\RS 7\bSUS`ES`b ”?Þ ºPS`USPS\ >`W\hW^WSZZ Rº`TS\ W\ Ä \c` ^]aWbWdS ES`bS heWaQVS\  c\R ”?Þ d]`Y][[S\( ܝ‰a a‰ÄÍ.ÁÍ® ‰™ÍRÄS^ ‰™Í ”?Þ ¯ P

ÊÊ ™‰W†Í¬Í‰”‰jÁÍj ?ÄÄ֙~

‰™ÍRS M s ™jÝ ‰™ÍRıj™~͆SÇ ‰™ÍRS WÖ™Í s ™jÝ ‰™ÍR”?Þ´¤SÇ

ÊÊ CW†jÁ å M‰Ä ”?Þ

wÁ® ‰™Í ‰såÇ ‰‘s®Ä±j™~͆ˆ¤¯Ç ‰´´¯ P WÖ™ÍR ÄR‰S S´´Ç

ÊÊ CÖw‰~j‰Í ajÄ 7Á””j™Ä ãC†j™

Q ‰™Í  s åÇ wÁ® ‰™Í ”såÇ ”‘s ”?ÞÇ ‰´´ ¯ P wÁ® ‰™Í ŽsåÇ Ž‘ WÖ™ÍR”SÇ Ž´´¯ P ÊÊ WÖ™ÍR”Sˆ”? ™?W†j‰™?™ajÁ 8jÁÍ ” ‰™ M j‰™ÍÁ?~j™] MRS s ”Ç

´´Ç

Q Q .ßÄÍj”±?ÁÁ?ßW¬ß® M^ å^ Ä^ å^ ıj™~͆ ¯Ç Q

!'#

&

0[V^aXcW\T] Ž BdRWT] d]S B^acXTaT]

2Oa 4ÉQVS`/``Og WÖ™Í RWS\b hc[ /PhÉVZS\ eWS ]Tb RWS ES`bS heWaQVS\  c\R ”?Þ W[ /``Og Ä OcTb`SbS\ 0SW XSRS[ D]`Y][[S\ SW\Sa ES`ba ÄR‰S eW`R RWS HOVZ W[ 4OQV Q]c\bIÄR‰SS RSa /``Oga WÖ™Í V]QVUShÉVZb 2WS 4OQV\c[[S` ” eW`R WÖ™ÍR”Sˆ[OZ W\ ROa 6WZTaO``Og M USaQV`WSPS\ AQVZWSzZWQV eW`R RS` 7\VOZb d]\ M \OQV Ä hc`ºQYY]^WS`b a] ROaa Ä \c\ a]`bWS`b Wab ;O\ Yr\\bS OcT M dS`hWQVbS\ c\R RW`SYb OcT Ä ]^S`WS`S\ 2OPSW eW`R ROa 1]RW\U XSR]QV SbeOa c\ºPS`aWQVbZWQVS`



@KOZQUSVRK^OZoZ [TJ *[XINL„NXHGXQKOZ

/\VO\R SW\WUS` HOVZS\PSWa^WSZS e]ZZS\ eW` \]QV[OZa RWS 0SRScbc\U RS` HSWbY][ ^ZSfWbÉb Tº` RWS DS`eS\RPO`YSWb d]\ /ZU]`WbV[S\ YZO`[OQVS\ BOPSZZS % S\bVÉZb Tº` SW\WUS 5`rzS\]`R\c\US\ ] RWS S\ba^`SQVS\RS\ ES`bS ZR] ]TZR] c\R ]  2S` \c[S`WaQVS C\bS`aQVWSR Wab RScbZWQV Eº`RS XSRS 7bS`ObW]\ ya PS\rbWUS\ a] eº`RS Tº` \+ 2ObS\aÉbhS SW\S ZW\SO`S AcQVS SbeO a SW\S PW\É`S AcQVS \c`  ya PS\rbWUS\ 2`OabWaQVS` Wab RS` C\bS`aQVWSR PSW[ A]`bWS`S\( E] ?cWQYA]`b \c` a PS \rbWUbS YÉ[S 0cPPZSA]`b OcT  BOUS ’ c\R Wab a][Wb \WQVb [SV` dS`eS\RPO` =

[S]

]!

]T[S]



!

!





%

%













$

$











CPQ & ) Bg^WaQVS HSWbY][^ZSfWbÉbS\ UO\hhOVZWU US`c\RSb /cQV BOPSZZS % USVb d]\  ya ^`] 7bS`ObW]\ Oca c\R ZWabSb RWS hcUSVr`WUS\ HSWbS\ Tº` c\bS`aQVWSRZWQVS HSWb]`R\c\US\ >`OYbWaQVS <WQVb2c`QVTºV`PO`YSWb SW\Sa /ZU] `WbV[ca PSRScbSb( EÉV`S\R eS\WUS 2ObS\SZS[S\bS ] Rc`QVOca PSO`PSWbSb eS`RS\ Yr\\S\ PS\rbWUS\ SbeOa U`rzS`S 0SabÉ\RS PS`SWba Oab`]\][WaQVS HSWb`Éc[S ]

]

]!

]



 a

 a

"a



 a

 a

Oab`]\][WaQV



 a

a

Oab`]\][WaQV



a

& V

Oab`]\][WaQV

CPQ &!) /caTºV`c\UahSWb PSW c\bS`aQVWSRZWQVS` HSWbY][^ZSfWbÉb ya7bS`ObW]\ HSWbY][^ZSfWbÉb c\R HSWbPSRO`T \SV[S\ W\ T]ZUS\RS` @SWVS `OaQV hc( = * =ZR\ * =\ * =\TZR\ * =\  * = \ * =\ 7[ \ÉQVabS\ 9O^WbSZ PSaQVÉTbWUS\ eW` c\a [Wb Sh]P\XbRWT] 2ObS\ab`cYbc`S\



*GZKTYZX[QZ[XKT ¤ 2OYZKT [TJ (o[SK

2ObS\ab`cYbc`S\ PSaQV`SWPS\ RWS /\]`R\c\U d]\ 2ObS\SZS[S\bS\ c\R RS`S\ DS` Y\º^Tc\U 1VO`OYbS`WabWaQV Tº` SW\S 2ObS\ab`cYbc` aW\R RWS /`b RSa 2ObS\hcU`WTTa c\R bg^WaQVS` =^S`ObW]\S\ eWS 3W\TºUS\ 3\bTS`\S\ AcQVS\ C[]`R\S\ 3W\S 2ObS\ ab`cYbc` ZSUb a][Wb OcQV TSab eSZQVS =^S`ObW]\S\ OcT RS[ 2ObS\PSabO\R dS`TºUPO` aW\R 0S`SWba PSVO\RSZbS 2ObS\ab`cYbc`S\ eO`S\( E

9ZOaaS\( /bb`WPcbS SW\S` 9ZOaaS Yr\\S\ 2ObS\ OcT\SV[S\ c\R ;SbV]RS\ RS` 9ZOaaS `SUSZ\ RS\ HcU`WTT 8SR]QV ZOaaS\ aWQV [Wb 9ZOaaS\ \Obº`ZWQV PSZWSPWUS Y]\Y`SbS 2ObS\ab`cYbc`S\ RO`abSZZS\

E

/``Oga( AWS S\bVOZbS\ SW\S W\RWhWS`bS /\]`R\c\U d]\ 2ObS\SZS[S\bS\ D]`bSWZ Wab RS` PS_cS[S eOVZT`SWS HcU`WTT dWO 7\RSfeS`b ’ 3ZS[S\bS Yr\\S\ W\ PSZWSPWUS` @SWVS\T]ZUS VS`OcaUSU`WTTS\ c\R [O\W^cZWS`b eS`RS\
HWSZ RWSaSa 9O^WbSZa Wab Sa W\ RWS >`]U`O[[WS`c\U Sh]P\XbRWTa 3PcT]bcadZcdaT] SW\ hcTºV`S\ 2OPSW VO\RSZb Sa aWQV c[ 2ObS\PSVÉZbS` RWS aWQV RS` hc ]RS` OP\SV[S\ RS\ 2ObS\[S\US O\^OaaS\ c\R \c` RS\ OYbcSZZ S`T]`RS`ZWQVS\ A^SWQVS` PSZSUS\



*_TGSOYINK *GZKTYZX[QZ[XKT

2g\O[WaQVS 2ObS\ab`cYbc`S\ S\babSVS\ Rc`QV ROa ETaZTccT] d]\ 2ObS\PSVÉZbS`\ W\ 8OdO( =PXSYbS\ [WbbSZa HSWUS`\ W\ 8OdO( =PXSYb`STS`S\hS\ 2WS dS`YSbbSbS\ 0SabO\R bSWZS SW\S` Rg\O[WaQVS\ 2ObS\ab`cYbc` eS`RS\ OZa :]^cT] PShSWQV\Sb c\R W\ 8OdO [WbbSZa SW\hSZ\S` RObS\b`OUS\RS` =PXSYbS `SOZWaWS`b /Za Sh]P\XbRW PShSWQV\Sb [O\ SW\S a]ZQVS 2ObS\ab`cYbc` Oca T]ZUS\RS\ 5`º\RS\( E

2WS SW\hSZ\S\ 9\]bS\ eS`RS\ hc` ;PdUiTXc Rg\O[WaQV S`hScUb c\R Rc`QV @STS `S\hS\ [WbSW\O\RS` dS`Pc\RS\ dS`YSbbSb 2WS 2ObS\ab`cYbc` YO\\ Rg\O[WaQV eOQVaS\ 6W\hcTºUS\ eSWbS`S` 9\]bS\ OPS` OcQV aQV`c[^TS\ 3\bTS`\S\ \WQVb [SV` PS\rbWUbS` 9\]bS\ BSWZS RS` 2ObS\ab`cYbc` Yr\\S\ XSRS`hSWb \Sc S`hScUb c\R O\USTºUb ]RS` T`SWUSUSPS\ c\R S\bTS`\b eS`RS\

E

A][Wb Wab RWS 0]iPW[ RS` 9\]bS\ \WQVb TSabUSZSUb 2WS USaO[bS 2ObS\ab`cYbc` PS ZSUb OYbcSZZ abSba \c` a]dWSZ A^SWQVS`^ZObh eWS RS` ;S\US d]`VO\RS\S` 9\]bS\ S\ba^`WQVb 3a eW`R YSW\ ºPS`TZºaaWUS` A^SWQVS`^ZObh `SaS`dWS`b
5`c\RaÉbhZWQV c\bS`aQVSWRSb [O\ d]eTaifTXVc dS`YSbbSbS Ab`cYbc`S\ c\R eTaifTXVcT Ab`cYbc`S\ /PP& 7[ S`abS\ 4OZZ a^`WQVb [O\ d]\ SW\S` ;XbcT( 8SRS` 9\]bS\ `STS `S\hWS`b \c` SW\S\
!'%

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

c\R b`ÉUb SW\S
1Pd\ ;XbcT @STS`S\h

0QQ ' ) DS`YSbbSbS 2ObS\ab`cYbc`S\ ’ :WabS c\R 0Oc[




8SRS` W\ /PPWZRc\U & UShSWQV\SbS >TSWZ ag[P]ZWaWS`b SW\S\ HSWUS` OcT SW\S\
ÊÊ Ä¬j‰W†jÁÍ ™Íj~jÁÝjÁÍ

¬ÖM‰W !aj ™jÞÍÇ

ÊÊ -jwjÁj™ã ?Öw !?W†w~j™Íj™

¬ÖM‰W !aj® ‰™Í a ¯ P a?Í? s aÇ ™jÞÍ s ™ÖÇ Q Q

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!'&

3a VO\RSZb aWQV c[ SW\S aSZPabPShºUZWQVS 2ObS\ab`cYbc`( 2Oa /bb`WPcb ™jÞÍ d]\ !ˆ aj Wab d][ UZSWQVS\ Bg^ eWS !aj aSZPab A][Wb YO\\ XSRSa !aj=PXSYb SW\ \OQV T]ZUS\RSa !aj=PXSYb `STS`S\hWS`S\ EW` S`abSZZS\ SW\S :WabS Oca heSW 9\]bS\( !aj ? s ™jÝ !aj®Ï¯Ç

!aj M s ™jÝ !aj®y¯Ç

?±™jÞÍ s MÇ

2WS PSWRS\ <]RS=PXSYbS abSVS\ O\TO\Ua Wa]ZWS`b W[ A^SWQVS` 3\baQVSWRS\R Wab RWS HceSWac\U ?±™jÞÍsM /PP & ( 2Oa d]\ P `STS`S\hWS`bS =PXSYb eW`R O\ ROa d]\ O `STS`S\hWS`bS =PXSYb USVÉ\Ub 2WS @STS`S\h O UWPb HcU`WTT OcT ROa S`abS =PXSYb eÉV`S\R ?±™jÞÍ ROa heSWbS =PXSYb `STS`S\hWS`b 2Oa /bb`WPcb ™jÞÍ Wab RS` HSWUS` OcT RS\
O

P

?±™jÞÍsMÇ

‰™Í a?Í? !aj ™jÞÍ

0QQ '!) /cTPOc SW\S` dS`YSbbS\S\ :WabS Oca !aj=PXSYbS\ /cT RWSaS ESWaS YO\\ RWS :WabS c[ eSWbS`S !aj=PXSYbS dS`ZÉ\US`b eS`RS\ HeSQY[ÉzWUS`eSWaS O`PSWbSb [O\ [Wb O\]\g[S\ =PXSYbS\ RWS \c` ºPS` RWS ™jÞÍ @STS`S\h WV`Sa D]`UÉ\US`9\]bS\a `STS`S\hWS`b eS`RS\
ÊÊ jÁ ¬w ajÁ ‰ÄÍj †j?a±™jÞͱ™jÞÍ s ™jÝ !aj®Ô¯Ç

†j?a±™jÞͱ™jÞͱ™jÞÍ s ™jÝ !aj®o¯Ç

ÊÊ p ֙a ĝ wÁÍ p

2Oa ZSbhbS !aj=PXSYb RS` :WabS VOb YSW\S\
ÊÊ jÍãÍj™ ™Íj™ j™ÍwjÁ™j™

2WS :WabS eW`R USZraQVb W\RS[ RWS @STS`S\h OcT WV` S`abSa <]RS=PXSYb S\bTS`\b eW`R( †j?a s ™ÖÇ

ÊÊ ~jÄ?”Íj ‰ÄÍj ¹?Öw j‰™j™ .W†?~¹  ÄW†j™

!''

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

2S` RW`SYbS HcU`WTT OcT RWS :WabS\SZS[S\bS Wab ºPS` SW\S 9SbbS d]\ ™jÞÍ@STS`S\hS\ aSV` [ºVaO[ EW` PS\rbWUS\ SW\S aS^O`ObS 9ZOaaS ‰ÄÍ RWS OZZS S`T]`RS`ZWQVS\ :W abS\=^S`ObW]\S\ Rc`QV WV`S ;SbV]RS\ Y][T]`bOPSZ hc` DS`TºUc\U abSZZb 0]\TaZd]V) ÍPS` RWS 9\]bS\ SW\S` dS`YSbbSbS\ 2ObS\ab`cYbc` Yr\\S\ PSZWSPWUS 2ObS\ dS`eOZbSb eS`RS\ 2WS


;TYUXZOKXZK \KXQKZZKZK 2OYZK

EW` S\beWQYSZ\ SW\S 9ZOaaS ‰ÄÍ RWS SW\S d]b^acXTacT dS`YSbbSbS :WabS [Wb USa^SW QVS`bS\ 7\bSUS`ES`bS\ RO`abSZZb) RWS @SWVS\T]ZUS RWSaS` ES`bS S\ba^`WQVb ]XRWc RS` 9\]bS\@SWVS\T]ZUS 7\bS`\ dS`eS\RSb ‰ÄÍ =PXSYbS RS` 9\]bS\YZOaaS !aj ‰ÄÍ PSaWbhb RWS /bb`WPcbS †j?a c\R Í?‰ d][ Bg^ !aj 2WSaS a]ZZS\ OcT ROa XSeSWZa TabcT c\R [TcicT 9\]bS\]PXSYb RS` :WabS hSWUS\ /PP &!) a]ZO\US \]QV YSW\S 9\] bS\ RS` :WabS VW\hcUSTºUb ec`RS\ VOPS\ aWS RS\ 7\WbWOZeS`b ™Ö Bg^WaQVS >_TaPcX^]T] OcT dS`YSbbSbS\ :WabS\ aW\R( E

9\]bS\ [Wb ES`b f O[ :WabS\S\RS O\VÉ\US\( ܝ‰a ?aa® ‰™Í Þ ¯

E

9\]bS\ [Wb ES`b f d]` :WabS\Y]^T SW\TºUS\( ܝ‰a ?aa‰ÁÄÍ® ‰™Í Þ ¯

E

9\]bS\ [Wb ES`b f ZraQVS\(

Mj?™ Áj”Üj® ‰™Í Þ ¯

E

9\]bS\ [Wb ES`b f acQVS\(

Mj?™ W™Í?‰™Ä® ‰™Í Þ ¯

EW` ]`WS\bWS`S\ c\a PSW ;SbV]RS\\O[S\ c\R aWU\Obc`S\ O\ RS` 8299ZOaaS Ž?ˆ Ü?±Ö͉±‰™ja‰ÄÍ aWSVS OcQV 9O^WbSZ  C\aS`S :WabS\9ZOaaS VOb a][Wb T]ZUS\RS Ab`cYbc`( W?ÄÄ ‰ÄÍ P ¬Á‰Ü?Íj !aj †j?a s ™ÖÇ

ÊÊ ‰ÄÍj™¬w

¬Á‰Ü?Íj !aj Í?‰ s ™ÖÇ

ÊÊ ‰ÄÍj™j™aj

¬ÖM‰W ܝ‰a ?aa® ‰™Í Þ ¯ P ÊJ p JÊ Q ¬ÖM‰W ܝ‰a ?aa‰ÁÄÍ® ‰™Í Þ ¯ P ÊJ p JÊ Q ¬ÖM‰W Mj?™ Áj”Üj® ‰™Í Þ ¯ P ÊJ p JÊ Q ¬ÖM‰W Mj?™ W™Í?‰™Ä® ‰™Í Þ ¯ P ÊJ p JÊ Q Q

0SW[ 7[^ZS[S\bWS`S\ RS` ;SbV]RS\ ZS`\S\ eW` 2S\YeSWaS\ c\R >`]U`O[[WS`bSQV \WYS\ YS\\S\ RWS bg^WaQV aW\R Tº` RS\ C[UO\U [Wb dS`YSbbSbS\ 2ObS\ab`cYbc`S\

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T



!'(

'TNoTMKT \UT 1TUZKT GS 2OYZKTKTJK

2WS ;SbV]RS ?aa®¯ ZSWabSb ROa /\VÉ\US\ \ScS` 9\]bS\ [Wb WV`S\ 2ObS\ O[ 3\RS SW\S` c\a]`bWS`bS\ dS`YSbbSbS\ :WabS) /PPWZRc\U &! dS`RScbZWQVb WV`S EW`Yc\UaeSWaS( W?ÄÄ ‰ÄÍ P ¬Á‰Ü?Íj !aj †j?a s ™ÖÇ

¬Á‰Ü?Íj !aj Í?‰ s ™ÖÇ

¬ÖM‰W ܝ‰a ?aa® ‰™Í Þ ¯ P !aj ¬ s ™jÝ !aj® Þ ¯Ç ‰w® †j?a ss ™Ö ¯ †j?a s ¬Ç jÄj

Í?‰±™jÞÍ s ¬Ç

Í?‰ s ¬Ç Q ÊÊ ±±±±±±± Q

/\TO\Ua Wab RWS :WabS ZSS` c\R †j?a c\R Í?‰ aW\R [Wb ™Ö W\WbWOZWaWS`b 8]XcXP[idbcP]S

8]XcXP[idbcP]S

†j?a

†j?a

†j?a

Í?‰

PSS5Xabc ! †j?a Í?‰

PSS ! Í?‰ ®¬¯ ¤Ô

®¬¯ ¤Ô

bOWZ\Sfb + ^ ) bOWZ + ^ ) PSS"

†j?a ¤Ô

Í?‰

Í?‰ ®¬¯ Ï E

FPRWbcd\baXRWcd]V

†j?a

^\Sfb + VSOR )

VSOR + ^ )

PSS5Xabc" ®¬¯ Ï

Í?‰ ¤Ô

FPRWbcd\baXRWcd]V

0QQ '") EW`Yc\UaeSWaS RS` :WabS\;SbV]RS\ ?aa®¯ c\R ?aaw‰ÁÄÍ®¯ 2S` Tabc\P[XVT /cT`cT d]\ ?aa®¯ PSeW`Yb(   !

3W\ \ScS` 9\]bS\ ¬ eW`R S`hScUb c\R RS` ES`b Þ RO`W\ USa^SWQVS`b 2O †j?ass™Ö U`SWTb RS` ‰wHeSWU( 2c`QV †j?as¬ `STS`S\hWS`b †j?a \c\ RWSaS\ S`abS\ \ScS\ 9\]bS\ RS` hc[ \ScS\ 9]^T RS` :WabS eW`R 2c`QV Í?‰s¬ hSWUb OcQV Í?‰ OcT RWSaS\ S`abS\ c\R \]QV SW\hWUS\ 9\]bS\

0SW fTXcTaT] /cT`cTS\ d]\ ?aa®¯ Wab †j?a \WQVb ZÉ\US` ™Ö a]\RS`\ `STS`S\hWS`b RS\ PSabSVS\RS\ 9]^TY\]bS\ RS` :WabS 3a U`SWTb RS` jÄj4OZZ( 2WS :WabS Wab \WQVb [SV` ZSS` RS` \ScS Rc`QV RWS 6WZTadO`WOPZS ¬ `STS`S\hWS`bS 9\]bS\ [caa O\a 3\RS

!(

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

RS` :WabS 3a hSWUb Í?‰ OcT ROa [][S\bO\S 3\RS RS` :WabS) VW\bS` RWSaS\ 9\]bS\ [caa RS` \ScS 9\]bS\ OZa


+OTL„MKT \UT 1TUZKT GS 2OYZKTGTLGTM

3W\TOQVS` OZa ROa /\VÉ\US\ d]\ 9\]bS\ O[ :WabS\S\RS Wab ROa 3W\TºUS\ O[ :WabS\O\ TO\U ;Wb RS[ :WabS\S\RS [caa [O\ aWQV W\ RWSaS[ 4OZZ YOc[ PSaQVÉTbWUS\ ¬ÖM‰W ܝ‰a ?aa‰ÁÄÍ® ‰™Í Þ ¯ P !aj ¬ s ™jÝ !aj® Þ ¯Ç ¬±™jÞÍ s †j?aÇ †j?a s ¬Ç ‰w® Í?‰ ss ™Ö ¯ Í?‰ s ¬Ç Q

2S` 5O\U RS` 6O\RZc\U /PP &!( 

3W\ \ScS` 9\]bS\ ¬ eW`R S`hScUb c\R RS` ES`b Þ RO`W\ USa^SWQVS`b




!


3a hSWUb aWQV SW\ eSWbS`S` D]`bSWZ USUS\ºPS` /``Oga( 2Oa 3W\TºUS\ d]\ 2ObS\ O[ /\ TO\U RS` 2ObS\ab`cYbc` S`T]`RS`b YSW\ DS`aQVWSPS\ d]\ 2ObS\SZS[S\bS\ 0SW c\US]`R\SbS\ :WabS\ a^WSZb RWS 9\]bS\@SWVS\T]ZUS YSW\S @]ZZS) Sa Wab SUOZ ]P [O\ RWS :WabS d][ 9]^T ]RS` 3\RS VS` eOQVaS\ ZÉaab c\R aWS ;SbV]RS ?aaˆ ‰ÁÄÍ®¯ ]RS` ?aa®¯ dS`eS\RSb DS`hWQVbSb [O\ OcT SW\S ;SbV]RS ?aa®¯ a] PS \rbWUb ‰ÄÍ YSW\ /bb`WPcb Í?‰ c\R RWS ZSbhbS HSWZS d]\ ?aa‰ÁÄÍ®¯ S\bTÉZZb



*[XINY[INKT JKX [TYUXZOKXZKT \KXQKZZKZKT 2OYZK

2WS ;SbV]RS W™Í?‰™Ä®¯ Rc`QVacQVb RWS :WabS \OQV SW\S[ 9\]bS\ [Wb SW\S[ PS abW[[bS\ a?Í?ES`b 7[ 3`T]ZUaTOZZ eW`R ÍÁÖj hc`ºQYUSZWSTS`b) Wab RS` USacQVbS ES`b \WQVb d]`VO\RS\ w?Äj 2O Sa aWQV c[ SW\S c\a]`bWS`bS 2ObS\ab`cYbc` VO\RSZb c\R YSW\ eOVZT`SWS` HcU`WTT PSabSVb [caa RWS dS`YSbbSbS :WabS d][ 9]^T VS` \OQV RS[ USeº\aQVbS\ 3ZS[S\b Rc`QVacQVb eS`RS\ 7ab RS` USacQVbS ES`b \WQVb d]`VO\RS\ [caa RWS :WabS Y][^ZSbb Rc`QVZOcTS\ eS`RS\ PWa ROa :WabS\S\RS S``SWQVb Wab

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!(

¬ÖM‰W Mj?™ W™Í?‰™Ä® ‰™Í Þ ¯ P !aj ¬ s †j?aÇ Ý†‰j® ¬us™Ö FF ¬±a?Í?usÞ ¯

¬ s ¬±™jÞÍÇ

‰w® ¬ss™Ö ¯ ÁjÍÖÁ™ w?ÄjÇ jÄj ÁjÍÖÁ™ ÍÁÖjÇ Q

2WS @STS`S\h ¬ dS`eSWab [Wb ¬s†j?a O\TO\Ua OcT RS\ S`abS\ 9\]bS\ RS` :WabS 2WS AQVZSWTS S\bVÉZb RWS ch_XbRWT 0]fTXbd]V hc[ FTXcTaU¶WaT] RS` 9\]bS\`STS`S\h( ¬ s ¬±™jÞÍÇ

3a dS`eSWab ¬±™jÞÍ OcT RS\ =PRWU^[VTa RSa 9\]bS\a RS\ ¬ [][S\bO\ `STS`S\hWS`b 7\RS[ ¬ RS` ES`b ¬±™jÞÍ hcUSeWSaS\ eW`R hSWUb ¬ \OQV /caTºV`c\U RS` /\eSW ac\U OcT RS\ ]ÊRWbcT] 9\]bS\ RS` :WabS ’ ]RS` OPS` OcT ™Ö TOZZa ¬ PS`SWba RS\ ZSbhbS\ 9\]bS\ RS` :WabS S``SWQVb VOb 2WS AQVZSWTS ^`ºTb ]P ¬ c\UZSWQV ™Ö Wab c\R SW\ 9\]bS\]PXSYb `STS`S\hWS`b) ROa 3\RS RS` :WabS ec`RS \]QV \WQVb S``SWQVb Hc UZSWQV eW`R US^`ºTb ]P RS` OYbcSZZ `STS`S\hWS`bS 9\]bS\ ]^RW ]XRWc RS\ USacQVbS\ ES`b Þ S\bVÉZb( 2WS :WabS [caa eSWbS` Rc`QVZOcTS\ eS`RS\ 2WS AQVZSWTS P`WQVb OP eS\\ RS` USacQVbS ES`b USTc\RS\ ec`RS 3`T]ZUaTOZZ ]RS` OPS` RWS :WabS Y][^ZSbb Rc`QVZOcTS\ c\R ¬ss™Ö ec`RS ;WaaS`T]ZU /\RS`S AcQVaS[O\bWYS\ RO`abSZZPO` Rc`QV Ò\RS`c\US\ O\ W™Í?‰™Ä®¯ aW\R( ÊÊ -ÙW~?Mj ajÄ 8jÁÍÄ ‰” ™Íj™ ?™ ™ajÞ¬Ä‰Í‰™] ¬ÖM‰W ‰™Í ~jÍ® ‰™Í ‰™ajÞ ¯ ÊÊ -ÙW~?Mj ajÁ ™ajÞ¬Ä‰Í‰™ ajÄ jÁÄÍj™
ÖwÍÁjÍj™Ä ܝ™ Þ ÊÊ Mãݱ ܝ™ r¤ w?Ä ‰ÄÍj aj™ 8jÁÍ Þ ™‰W†Í j™Í†CÍ] ¬ÖM‰W ‰™Í ‰™ajÞ#w® ‰™Í Þ ¯

EW` eO\RbS\ US`ORS ROa bg^WaQVS 7bS`WS`S\ SW\S` dS`YSbbSbS\ :WabS O\ ’ RO`USabSZZb \]QV[OZa O\VO\R RS` ;SbV]RS ĉãj®¯ RWS RWS HOVZ RS` :WabS\SZS[S\bS hc`ºQYUWPb( ¬ÖM‰W ‰™Í ĉãj®¯ P !aj ¬ s †j?aÇ

ÊÊ ‰ÄÍj™¬w ÁjwjÁj™ã‰jÁj™

‰™Í ™ s åÇ Ý†‰j® ¬us™Ö ¯ P ™´´Ç

¬ s ¬±™jÞÍÇ

ÊÊ -jwjÁj™ã Ýj‰ÍjÁÁj‰W†j™

Q ÁjÍÖÁ™ ™Ç Q

2WS Z]YOZS @STS`S\h ¬ eW`R OcT RS\ :WabS\Y]^T USaSbhb A]ZO\US ROa :WabS\S\RS \]QV \WQVb S``SWQVb Wab ¬us™Ö eW`R [Wb RS[ OYbcSZZ `STS`S\hWS`bS\ 9\]bS\ USO`PSWbSb c\R ¬ [WbbSZa ¬s¬±™jÞÍ eSWbS`USaQVOZbSb 0]\TaZd]V) EW` W[^ZS[S\bWS`S\ ZTX]T ;SbV]RS\ RWS !aj=PXSYbS hc` eSWbS`S\ DS`eS`bc\U hc`ºQYUSPS\ 2WS DS`eS\Rc\U RS` 9ZOaaS !aj Wab W\bS`\Sa 2SbOWZ RS`

!(!

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

9ZOaaS ‰ÄÍ c\R a][Wb RS`S\ 7[^ZS[S\bWS`c\UaUSVSW[\Wa DS`eS\RS` d]\ ‰ÄÍ PS\rbWUS\ a][Wb YSW\ EWaaS\ ºPS` 3fWabS\h c\R /cTPOc RS` 9ZOaaS !aj



2YINKT \UT 1TUZKT

2Oa :raQVS\ d]\ 9\]bS\ W[ 7\\S`\ SW\S` :WabS RO`T RS\ 0SabO\R RS` :WabS \WQVb US TÉV`RS\( 2WS :WabS RO`T PSW[ 6S`OcaaQV\SWRS\ SW\Sa 9\]bS\a \WQVb W\ heSW 6ÉZTbS\ hS`TOZZS\ a]\RS`\ [caa O\ RS` AQV\WbbabSZZS eWSRS` dS`Pc\RS\ eS`RS\ /PPWZRc\U &" S`ZÉcbS`b ROa ^`W\hW^WSZZS D]`USVS\(  2S` hc ZraQVS\RS 9\]bS\ eW`R Rc`QV RWS Z]YOZS @STS`S\h ¬ [O`YWS`b  2WS ™jÞÍ@STS`S\h RSa E^aVÊ]VTaZ]^cT]b eW`R OcT RS\ =PRWU^[VTa RSa hc Zr aQVS\RS\ [][S\bO\ Rc`QV ¬ `STS`S\hWS`bS\ 9\]bS\a USaSbhb 2S` hc ZraQVS\RS 9\]bS\ eW`R \c` \]QV d]\ ¬ `STS`S\hWS`b 2WS @STS`S\h ¬ Wab SW\S [^ZP[T DO`WOPZS RS` ;SbV]RS c\R dS`aQVeW\RSb PSW ;SbV]RS\S\RS 4]ZUZWQV S\ba]`Ub RWS 5O`POUS 1]ZZSQbW]\ RS\ \c\ \WQVb [SV` `STS`S\hWS`bS\ 9\]bS\ EWS U`SWTb [O\ OcT RS\ D]`UÉ\US`Y\]bS\ d]\ ¬ hc- 2WS 9ZOaaS !aj YS\\b \c`
Ï

¤Ô

o

¬ ^`Sd\Sfb + ^\Sfb ) †j?a y

Ï

¤Ô

¬ÁjÜ

o

¬

0QQ '#) :raQVS\ d]\ 9\]bS\ W\[WbbS\ SW\S` dS`YSbbSbS\ :WabS 2WS ;SbV]RS Áj”Üj®¯ S\bTS`\b RS\ ‰ÄÍ9\]bS\ RS` RS\ ÍPS`UOPSeS`b Þ S`ab [OZa S\bVÉZb 7[ 3`T]ZUaTOZZ Þ d]`VO\RS\ eW`R ÍÁÖj hc`ºQYUSZWSTS`b a]\ab w?Äj(

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!("

¬ÖM‰W Mj?™ Áj”Üj® ‰™Í Þ ¯ P !aj ¬ s †j?aÇ

!aj ¬ÁjÜ s ™ÖÇ

ÊÊ ‰wÄãj‰~jÁ

݆‰j® ¬us™Ö FF ¬±a?Í?usÞ ¯ P ¬ÁjÜ s ¬Ç

¬ s ¬±™jÞÍÇ

ÊÊ 8j‰ÍjÁwنÁj™

Q ‰w® ¬ ss ™Ö ¯ ÁjÍÖÁ™ w?ÄjÇ

ÊÊ 8jÁÍ Þ ™‰W†Í ܝÁ†?™aj™^

‰ÄÄjÁw~

jÄj ‰w® ¬ss†j?a ¯

ÊÊ ãÖ  ÄW†j™ajÁ ™Íj™ ‰ÄÍ ‰ÄÍj™¬w

†j?a s ¬±™jÞÍÇ jÄj

¬Ájܱ™jÞÍ s ¬±™jÞÍÇ

ÁjÍÖÁ™ ÍÁÖjÇ

ÊÊ 8jÁÍ Þ ÜÁ†?™aj™^ Áw~Äw?

Q

ASV` SW\TOQV Wab Sa P[[T 3ZS[S\bS SW\S` :WabS OcT SW\S\ AQVZOU hc S\bTS`\S\( ¬ÖM‰W ܝ‰a Wj?Á®¯ P †j?a s ™ÖÇ

Í?‰ s ™ÖÇ

ÊÊ ?j -jwjÁj™ãj™ j™ÍwjÁ™j™

Q




'[YMGHK JKX =KXZK KOTKX 2OYZK

C[ RWS W\ RS\ :WabS\Y\]bS\ USa^SWQVS`bS\ ES`bS OcahcUSPS\ ºPS`aQV`SWPS\ eW` RWS ;SbV]RS ͝.ÍÁ‰™~®¯( 2WS :WabS\eS`bS eS`RS\ hc S\S[ .ÍÁ‰™~ hcaO[[S\US abSZZb) eW` b`S\\S\ RWS SW\hSZ\S\ ES`bS Rc`QV :SS`hSWQVS\ c\R TºUS\ O\ /\TO\U c\R 3\RS `c\RS 9ZO[[S`\ SW\) W\bS`\ eW`R SW\ .ÍÁ‰™~MÖwwjÁ=PXSYb dS`eS\RSb( ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P .ÍÁ‰™~ ÖwwjÁ ÄM s ™jÝ .ÍÁ‰™~ ÖwwjÁ®¯Ç ÄM±?¬¬j™a® ¹®¹ ¯Ç !aj ¬ s †j?aÇ

ÊÊ ?j -jwjÁj™ã ?Öw ‰ÄÍj™¬w

‰w® ¬ss™Ö ¯ ÁjÍÖÁ™ ¹jjÁj ‰ÄÍj¹Ç ݆‰j® ¬ us ™Ö ¯ P ÄM±?¬¬j™a® ¬±a?Í? ¯Ç ¬ s ¬±™jÞÍÇ Q ÄM±?¬¬j™a® ¹¯¹ ¯Ç ÁjÍÖÁ™ ÄM±Í.ÍÁ‰™~®¯Ç Q

ÄM±?¬¬j™a® ¹ ¹ ¯Ç

ÊÊ 8j‰ÍjÁwنÁj™ ܝ™ ¬

!(#

'



3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

;TYUXZOKXZK \KXY[Y YUXZOKXZK 2OYZKT

7\ SW\S` b^acXTacT] dS`YSbbSbS\ :WabS S\ba^`WQVb RWS @SWVS\T]ZUS RS` 9\]bS\ RS` A]` bWS``SWVS\T]ZUS RS` RO`W\ USa^SWQVS`bS\ 2ObS\) RWSaS Yr\\S\ ]V\S eSWbS`S =^S`ObW] \S\ a]`bWS`b OcaUSUSPS\ eS`RS\ AcQVd]`UÉ\US Yr\\S\ SbeOa ^S`T]`[O\bS` OPZOc TS\( 2WS :WabS [caa W[ 4OZZ ]XRWc S\bVOZbS\S` ES`bS ]XRWc PWa hc[ 3\RS Rc`QVZOcTS\ eS`RS\ 2WS US]`R\SbS ES`bT]ZUS S`ZOcPb Sa RWS AcQVS OPhcP`SQVS\ eS\\ [O\ OcT 3ZS[S\bS abrzb \OQV RS\S\ ROa USacQVbS 3ZS[S\b \WQVb [SV` T]ZUS\ YO\\ /ZZS`RW\Ua É\RS`b RWSa \WQVba O\ RS` U`c\RaÉbhZWQV [X]TPaT] HSWbY][^ZSfWbÉb RS` =`R \c\U =] RS` ZW\SO`S\ AcQVS eWS W[ d]`WUS\ 9O^WbSZ OcTUShSWUb( 2S` HSWbPSRO`T eÉQVab ZW\SO` [Wb RS` 9\]bS\O\hOVZ ] 2O RWS a]`bWS`bS dS`YSbbSbS :WabS YSW\S\ eOVZ T`SWS\ HcU`WTT S`ZOcPb Wab YSW\S PW\É`S AcQVS [Wb =ZR] eWS PSW /``Oga RO`abSZZPO` EW`YZWQV STTWhWS\bSa AcQVS\ W\ U`]zS\ 2ObS\PSabÉ\RS\ eW`R Rc`QV 1Êd\T `SOZWaWS`b( 0Oc[ab`cYbc`S\ ac eSWaS\ PSW[ AcQVS\ SW\S Z]UO`WbV[WaQVS HSWbY][^ZSfWbÉb OcT 2SaVOZP USVS\ eW` OcT a]`bWS`bS dS`YSbbSbS :WabS\ \WQVb eSWbS` SW\ /cT RS` ESPaSWbS RSa 0cQVSa TW\RSb aWQV XSR]QV S`UÉ\hS\RSa ;ObS`WOZ c\R 1]RW\U



9VKOINKXHKMXKT`[TMKT

/cQV Rg\O[WaQVS\ 2ObS\ab`cYbc`S\ abSVb \WQVb c\PSU`S\hb A^SWQVS`^ZObh hc` DS`Tº Uc\U 2Oa T]ZUS\RS >`]U`O[[T`OU[S\b TºUb SW\S` :WabS abÉ\RWU 9\]bS\ VW\hc( ‰ÄÍ

߉ÄÍ s ™jÝ ‰ÄÍ®¯Ç

݆‰j® ÍÁÖj ¯ P

‰™Í ™ s åÇ

߉Äͱ?aa® ™ ¯Ç

™´´Ç

Q

2S` :WabS\OcTPOc [Wb [SV`S`S\ ;WZZW]\S\ 9\]bS\ S`T]ZUb aSV` aQV\SZZ /ZZS`RW\Ua Y][[b Sa aQVZWSzZWQV [Wb SW\S[ #ÖÍ#w j”Áß ÁÁÁ W[ 6SO^0S`SWQV A^SWQVS`]`b d]\ 8OdO=PXSYbS\ hc SW\S[ >`]U`O[[OPP`cQV



9VKOINKXT \UT 5HPKQZKT OT 2OYZKT

ÍPS` RWS 9\]bS\YZOaaS !aj Yr\\S\ OcQV =PXSYbS O\RS`S` 9ZOaaS\ USa^SWQVS`b eS`RS\ 2O\\ Wab ROa !aj/bb`WPcb a?Í? \WQVb ZÉ\US` SW\ ^`W[WbWdS` 2ObS\bg^ a]\ RS`\ d][ Bg^ RS` USeº\aQVbS\ 9ZOaaS 2S\ ;SbV]RS\ c\aS`S` :WabS\YZOaaS eW`R SW \S S\ba^`SQVS\RS =PXSYb`STS`S\h ºPS`USPS\ 3a aW\R \c` US`W\UTºUWUS 1]RS /\^Oaac\US\ S`T]`RS`ZWQV( W?ÄÄ !aj P ¬ÖM‰W

ÊÊ ™Íj™?ÄÄj wÙÁ

‰Í?ÁMj‰ÍjÁˆ#MŽjÍj

‰Í?ÁMj‰ÍjÁ a?Í?Ç

¬ÖM‰W !aj ™jÞÍÇ ¬ÖM‰W !aj® a?Í? s ”Ç

‰Í?ÁMj‰ÍjÁ ” ¯ P ™jÞÍ s ™ÖÇ

Q Q

D]`bSWZ RS` Sf^ZWhWbS\ 0ShcU\OV[S OcT RS\ hc a^SWQVS`\RS\ 9ZOaaS\bg^ Wab( 2WS hc USVr`WUS :WabS OYhS^bWS`b eW`YZWQV \c` ‰Í?ÁMj‰ÍjÁ=PXSYbS c\R RS`S\ C\bS`YZOa aS\=PXSYbS) RS` DS`acQV O\RS`S =PXSYbbg^S\ SW\hcabSZZS\ eº`RS [Wb SW\S[ 1][

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!($

^WZS`TSVZS` OPUSeWSaS\ eS`RS\ 5S\S`SZZS` D]`bSWZ RS` /\^Oaac\U d]\ !aj c\R ‰ÄÍ Wab( 2WS 9ZOaaS RS`S\ =PXSYbS USa^SWQVS`b eS`RS\ a]ZZS\ [caa \WQVb dS`É\RS`b eS`RS\ AWS YS\\b RWS 9ZOaaS\ !aj c\R ‰ÄÍ \WQVb) RS\\]QV Yr\\S\ WV`S =PXSY bS W\ RS` :WabS dS`eOZbSb eS`RS\ /cT RWS 9ZOaaS <]RS Yr\\bS dS`hWQVbSb eS`RS\ W\RS[ RWS PSb`STTS\RS 9ZOaaS aSZPab c[ SW\ ™jÞÍ/bb`WPcb S`eSWbS`b c\R eTaZTccd]VbUÊWXV US[OQVb eW`R( W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj .ÍÁ‰™~ ™?”jÇ ¬Á‰Ü?Íj ¬ÖM‰W

ÊÊ ?™~j¬?ÄÄÍj

‰Í?ÁMj‰ÍjÁ?ÄÄj

¬Á‰Ü?Íj aÖMj ~j†?ÍÇ

‰Í?ÁMj‰ÍjÁ ™jÞÍÇ ‰Í?ÁMj‰ÍjÁ® .ÍÁ‰™~ ™^ aÖMj ~ ¯ P

™?”j s ™Ç

~j†?Í s ~Ç

™jÞÍ s ™ÖÇ

Q Q

2WS hcUSVr`WUS ‰ÄÍ9ZOaaS eº`RS \WQVb [SV` [Wb !aj=PXSYbS\ O`PSWbS\ a]\ RS`\ RW`SYb [Wb ‰Í?ÁMj‰ÍjÁ=PXSYbS\ 2WSa S`T]`RS`b XSR]QV SW\S a^ShWSZZS /\ ^Oaac\U RS` XSeSWZWUS\ 9ZOaaS VWS`( ‰Í?ÁMj‰ÍjÁ RWS [Wb WV`S` SWUS\bZWQVS\ AS [O\bWY \WQVba hc bc\ VOb A][Wb a]ZZbS ROd]\ W\ RS` @SUSZ OPUSaSVS\ eS`RS\



-KTKXOYINK 2OYZK SOZZKRY #MŽjWÍ

;WbbSZa RS` 8OdOAgabS[YZOaaS #MŽjWÍ Yr\\S\ dS`YSbbSbS :WabS\ OcQV OZa VT]TaXbRWT 2ObS\ab`cYbc` `SOZWaWS`b eS`RS\( 2S` 9\]bS\W\VOZb d]\ !aj eW`R OZa a?Í?/bb`WPcbS d][ US\S`WaQVS\ Bg^ #MŽjWÍ RSTW\WS`b( 2WS 9ZOaaS\ !aj c\R ‰ÄÍ Yr\\S\ RO Rc`QV OZa 2ObS\Q]\bOW\S` Tº` UO\h dS`aQVWSRS\S 8OdO=PXSYbbg^S\ RWS\S\ RO XSRS 8OdO9ZOaaS C\bS`YZOaaS d]\ #MŽjWÍ Wab 2Oa 0SWa^WSZQ]RW\U hSWUb RWS S\ba^`SQVS\R O\US^OaabS\ 9ZOaaS\ !aj c\R ‰ÄÍ W\QZcaWdS ”?‰™®¯BSab[SbV]RS( W?ÄÄ !aj P

ÊÊ ~j™jÁ‰ÄW†j ™Íj™?ÄÄj

¬ÖM‰W #MŽjWÍ a?Í?Ç

¬ÖM‰W !aj ™jÞÍÇ

¬ÖM‰W !aj® #MŽjWÍ  ¯ P a?Í? s Ç

™jÞÍ s ™ÖÇ

Q Q W?ÄÄ ‰ÄÍ P ¬Á‰Ü?Íj !aj †j?a s ™ÖÇ

¬Á‰Ü?Íj !aj Í?‰ s ™ÖÇ

¬ÖM‰W ܝ‰a ?aa® #MŽjWÍ  ¯ P !aj ¬ s ™jÝ !aj®  ¯Ç ‰w® †j?a ss ™Ö ¯ †j?a s ¬Ç jÄj

Í?‰±™jÞÍ s ¬Ç

Í?‰ s ¬Ç Q ¬ÖM‰W #MŽjWÍ ~jÍ® ‰™Í ‰™ajÞ ¯ P

!(%

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!aj ¬ s †j?aÇ wÁ® ‰™Í ‰s¤Ç ‰‘‰™ajÞÇ ‰´´ ¯

¬ s ¬±™jÞÍÇ

‰w® ¬ss™Ö ¯ ͆ÁÝ ™jÝ -͉֙”j ÞWj¬Í‰™®¹#ÖÍ#w Ö™aĹ¯Ç jÄj

ÁjÍÖÁ™ ¬±a?Í?Ç

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰ÄÍ

߉ÄÍ s ™jÝ ‰ÄÍ®¯Ç

߉Äͱ?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ j‰jÁ¹^ Ôyåå¯ ¯Ç

߉Äͱ?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ®¹ ِjÁ¹^ ¤yåå¯ ¯Ç

߉Äͱ?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ®¹‰ÄW†jÁ¹^ Ïååå¯ ¯Ç

‰Í?ÁMj‰ÍjÁ ” s ® ‰Í?ÁMj‰ÍjÁ¯ ߉Äͱ~jÍ® Ô ¯Ç

ÊÊ ?ÄÍu

Q Q

/PPWZRc\U &# UWPb RWS S\babO\RS\S 2ObS\ab`cYbc` eWSRS` 2S` D]`bSWZ RWSaS` US\S`W aQVS\ D]`USVS\aeSWaS Wab XSR]QV hcUZSWQV WV` =PRWcTX[( /P`cTS\ USa^SWQVS`bS` 3ZS [S\bS ZWSTS`b 2ObS\ d][ Bg^ #MŽjWÍ RWS Sf^ZWhWb hc[ Bg^ ‰Í?ÁMj‰ÍjÁ USQOabSb eS`RS\ [ºaaS\ 7\ RWS [WbbSZa #MŽjWÍ OcTUSPOcbS :WabS Yr\\bS\ OZZS [rUZWQVS\ =P XSYbbg^S\ SW\USabSZZb eS`RS\( ‰™ÍRS ?Á sP¤^ÉQÇ ß‰Äͱ?aa® ?Á ¯Ç

.ÍÁ‰™~ ÄÍ s ¹0jÄ͹Ç

™~ ~ s ™jÝ ™~®š¯Ç

߉Äͱ?aa® ÄÍ ¯Ç

߉Äͱ?aa® ~ ¯Ç

2S` DS`eS\RS` [caa eWaaS\ O\ eSZQVS` >]aWbW]\ RS` :WabS eSZQVS` =PXSYbbg^ OPUS ZSUb ec`RS c[ PSW /PT`OUS RS` 2ObS\ [WbbSZa ~jÍ®¯ SW\S\ Y]``SYbS\ 2]e\QOab Rc`QVTºV`S\ hc Yr\\S\ ’ c\R RWSa Wab TSVZS`O\TÉZZWU EWS RWS US\S`WaQVS\ 829 2ObS\Q]\bOW\S` RO[Wb c[USVS\ eW`R W\ SW\S[ a^ÉbS`S\ 9O^WbSZ RO`USabSZZb ;WbO`PSWbS` j‰jÁ Ôyåå

ِjÁ ¤yåå

‰ÄW†jÁ Ïååå

†j?a

<]RS 0QQ '$) A^SWQVS`\ d]\ =PXSYbS\ W\ SW\S` dS`YSbbSbS\ :WabS



-KTKXOYINK 3KZNUJKT

=V\S ROa 1]RW\U RS` :WabS\YZOaaS hc dS`É\RS`\ YO\\ dO`WOPZS 4c\YbW]\OZWbÉb PS`SWb USabSZZb eS`RS\ W\RS[ SW\S VT]TaXbRWT
'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T ‰™ÍjÁw?Wj
W͉™ P

!(&

ܝ‰a ?WÍ® !aj † ¯Ç

Q

W?ÄÄ ‰ÄÍ P ¬Á‰Ü?Íj !aj †j?a s

™ÖÇ

¬Á‰Ü?Íj !aj Í?‰ s ™ÖÇ

¬ÖM‰W ܝ‰a ?aa® ‰™Í Þ ¯ P ÊJ p JÊ Q ¬ÖM‰W ܝ‰a ݝÁ®
W͉™ MŽ ¯ P MŽ±?WÍ® †j?a ¯Ç Q Q

2WS US\S`WaQVS ;SbV]RS ݝÁ®¯ S`VÉZb OZa >O`O[SbS` SW\ /YbW]\a]PXSYb RSaaS\ ?WÍ®¯;SbV]RS OcTUS`cTS\ eW`R 2ORc`QV PSaWbhb RWS 9ZOaaS ‰ÄÍ SW\S AQV\WbbabSZZS O\ RWS PSZWSPWUS 4c\YbW]\OZWbÉb >ZcU7\O`bWU ºPS`USPS\ eS`RS\ YO\\ DS`aQVWSRS\S 4c\YbW]\OZWbÉb eW`R Rc`QV =PXSYbS dS`aQVWSRS\S` /YbW]\aYZOaaS\ PS`SWbUSabSZZb /ZZS /YbW]\aYZOaaS\ W[^ZS[S\bWS`S\ ROa 7\bS`TOQS
W͉™ c\R RSaaS\ /YbW]\a[SbV]RS ?WÍ®¯ 2WSaS eW`R ºPS` RWS ;SbV]RS ݝÁ®¯ RS` HWSZ9ZOaaS ‰ÄÍ OcTUS`cTS\( W?ÄÄ .֔ ‰”¬j”j™ÍÄ
W͉™ P

ÊÊ
ÖwÄ֔”‰jÁj™ ?jÁ 8jÁÍj

¬ÖM‰W ܝ‰a ?WÍ® !aj † ¯ P !aj ¬ s †Ç

‰™Í Ä s åÇ

݆‰j® ¬us™Ö ¯ P

Ä s Ä ´ ¬±a?Í?Ç

¬ s ¬±™jÞÍÇ

Q

#±ÝÁ‰Íj™® ¹.֔”j s ¹ ´ Ä ¯ Ç Q Q W?ÄÄ #ÖͬÖÍ ‰”¬j”j™ÍÄ
W͉™ P

ÊÊ
ÖÄ~?Mj ?jÁ 8jÁÍj

¬ÖM‰W ܝ‰a ?WÍ® !aj † ¯ P !aj ¬ s †Ç ݆‰j® ¬us™Ö ¯ #±ÝÁ‰Íj™® ¹8jÁÍ s ¹ ´ ¬±a?Í? ¯Ç Q Q

2S` ‰ÄÍ;SbV]RS ݝÁ®¯ Yr\\S\ =PXSYbS OZZS` 9ZOaaS\ ºPS`USPS\ eS`RS\ RWS ROa 7\bS`TOQS
W͉™ W[^ZS[S\bWS`S\( W?ÄÄ ‰ÄÍ0jÄÍjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰ÄÍ

߉ÄÍ s ™jÝ ‰ÄÍ®¯Ç

߉Äͱ?aa®¤È¯Ç

߉Äͱ?aa®Ï¯Ç

߉Äͱ?aa®š¯Ç

.֔ ÄÖ s ™jÝ .֔®¯Ç #ÖͬÖÍ ÖÍ s ™jÝ #ÖͬÖÍ®¯Ç ߉ÄͱݝÁ® ÄÖ ¯Ç

߉ÄͱݝÁ® ÖÍ ¯Ç

Q Q

2c`QV PSZWSPWUS W[^ZS[S\bWS`S\RS 9ZOaaS\ YO\\ a][Wb QT[XTQXVT 4c\YbW]\OZWbÉb Tº` RWS :WabS\YZOaaS PS`SWbUSabSZZb eS`RS\

!('

'



3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

9ZGIQ [TJ 7[K[K

7\ dS`aQVWSRS\abS\ 0S`SWQVS\ RS` 7\T]`[ObWY aW\R RWS 2ObS\ab`cYbc`S\ BcPRZ AbO^SZ 9SZZS` c\R @dTdT AQVZO\US d]\ U`]zS` 0SRScbc\U AbOQYa c\R ?cScSa Yr\\S\ Rc`QV dS`aQVWSRS\S BSQV\WYS\ W[^ZS[S\bWS`b eS`RS\( 7\ RS\ ÍPc\US\ RSa 9O^WbSZa RS[]\ab`WS`S\ eW` WV`S 7[^ZS[S\bWS`c\U [WbbSZa 0aaPhb eÉV`S\R eW` VWS` RWS SZS UO\bS`S 7[^ZS[S\bWS`c\U Rc`QV eTaZTccTcT ;XbcT] RO`abSZZS\ 2Oa 829 abSZZb 7[^ZS[S\ bWS`c\US\ W\ RS\ 9ZOaaS\ Ž?Ü?±Ö͉±.Í?W c\R Ž?Ü?±Ö͉±,ÖjÖj hc` DS`Tº Uc\U) bSWZeSWaS ]`WS\bWS`S\ eW` c\a O\ RS`S\ + :Oab 7\ 4W`ab =cb ’ ROa id[Tcic OPUSZSUbS 3ZS [S\b eW`R OZa S`abSa eWSRS` S\bTS`\b HcZÉaaWUS =^S`ObW]\S\ c\R ;SbV]RS\ aW\R( /PZSUS\ SW\Sa ES`ba f OcT RS[ AbO^SZ(

ܝ‰a ¬ÖĆ® ‰™Í Þ ¯

@ºQYUOPS c\R 3\bTS`\S\ RSa ]PS`abS\ AbO^SZeS`ba f d][ AbO^SZ( ‰™Í ¬¬®¯ /PZSUS\ c\R 3\bTS`\S\ d]\ 2ObS\ TW\RSb abSba O[ aSZPS\ 3\RS O[ c^_ abObb AbOQYa aW\R W\ RS` 7\T]`[ObWY OZZUSUS\eÉ`bWU A] eS`RS\ PSW `SYc`aWdS\ ;SbV]RS\ OcT`cTS\ HeWaQVS\eS`bS OcT RS[ A^SWQVS`AbOQY OPUSZSUb c\R eWSRS` S\bTS`\b AbSVb YSW\ AbOQYA^SWQVS` [SV` hc` DS`TºUc\U Y][[b Sa hc[ AbOQY =dS`TZ]e

Ô

y Ô

| y Ô

¬ÖĆ®Ô¯

¬ÖĆ®y¯

¬ÖĆ®|¯

BcPRZ

Ô ¬Öͮԯ @dTdT

Ô

y

Ô

¬ÖÍ®y¯

͝¬ y Ô

y

|

¬ÖÍ®|¯

Ô

as¬¬®¯

as¬¬®¯

ÊÊass|

ÊÊassy

y

|

as~jÍ®¯ ÊÊass|

Ô †j?a

y

4]c]TW\T]

| as~jÍ®¯ ÊÊassy

| Í?‰ 4X]U¶VT]

0QQ '%) 4c\YbW]\aeSWaS RS` 2ObS\ab`cYbc`S\ AbOQY c\R ?cScS @dTdT) 2WS 2ObS\ SW\S` ?cScS PWZRS\ SW\S BRW[P]VT /PP &% /[ VW\bS`S\ 3\RS cPX[ eS`RS\ \ScS 2ObS\ O\USTºUb O[ d]`RS`S`\ 3\RS WTPS eS`RS\ aWS S\b\][ [S\ EWSRS` VS``aQVb ZTX] eOVZT`SWS` HcU`WTT a]\RS`\ ROa >`W\hW^ 585> + 4W`ab 7\ 4W`ab =cb( 2Oa hcS`ab OPUSZSUbS 3ZS[S\b eW`R OZa S`abSa eWSRS` S\bTS`\b ;rUZWQVS hcZÉaaWUS =^S`ObW]\S\ c\R ;SbV]RS\ aW\R(

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

!((

E

/\TºUS\ \ScS` ES`bS f O[ 3\RS RS` AQVZO\US( ܝ‰a ¬ÖÍ® ‰™Í Þ ¯

E

@ºQYUOPS c\R 3\bTS`\S\ RSa ES`ba f O[ /\TO\U RS` AQVZO\US( ‰™Í ~jÍ®¯

/PZSUS\ c\R 3\bTS`\S\ d]\ 2ObS\ TW\RSb a][Wb O\ dS`aQVWSRS\S\ 3\RS\ abObb ?cScSa PSUSU\S\ c\a PSW[ ;]RSZZWS`S\ RS` @SOZWbÉb EO`bSaQVZO\US\ 4ZWSzPO\R ^`]RcYbW]\ c\R W\ RS` 7\T]`[ObWY /PO`PSWbS\ d]\ BOaYa ;SaaOUS ?cScSa ;rUZWQVS 4SVZS`aWbcObW]\S\ d]\ AbOQYa c\R ?cScSa aW\R( E

0SW ¬ÖĆ®¯ Phe ¬ÖÍ®¯( 9SW\ >ZObh dS`TºUPO` Tº` eSWbS`S 3ZS[S\bS 9O\\ d]` Y][[S\ PSW O``OgPOaWS`bS` 7[^ZS[S\bWS`c\U \WQVb XSR]QV PSW DS`eS\Rc\U SW \S` dS`YSbbSbS\ :WabS ’ Sa aSW RS\\ RS` dS`TºUPO`S 6SO^A^SWQVS` Wab dS`P`OcQVb

E

0SW ¬¬®¯Phe ~jÍ®¯( 9SW\S 2ObS\SZS[S\bS [SV` d]`VO\RS\ 9O\\ abSba d]` Y][[S\ c\R [caa PSVO\RSZb eS`RS\



9ZGIQ GRY \KXQKZZKZK 2OYZK


<]RS

͝¬ a?Í? ™jÞÍ

y

^caV#

¬ ͝¬

͝¬

o

^]^

¬

o

y

^caV&

¬ o y

BcPRZ P[b eTaZTccTcT ;XbcT

®¬¯ ͝¬

!aj ¬ s ™jÝ !aj®y¯Ç ¬±™jÞÍ s ͝¬Ç ͝¬ s ¬Ç

@ST ^ Z]YOZ Ÿ 51 y

!aj ¬ s ͝¬Ç ͝¬ s ͝¬±™jÞÍÇ

0QQ '&) /`PSWbaeSWaS RS` ;SbV]RS\ ¬ÖĆ®¯ c\R ¬¬®¯ RS` 9ZOaaS .Í?W 2WS 9ZOaaS .Í?W S\bVÉZb RWS !aj@STS`S\h ͝¬ RWS abSba OcT RS\ ^QTabcT] 9\]bS\ RSa AbOQYa hSWUb a]eWS RWS ;SbV]RS\ ¬ÖĆ®¯ c\R ¬¬®¯ RWS SW\S\ ES`b W\ SW\S[ \ScS\ 9\]bS\ O[ /\TO\U RS` :WabS SW\TºUS\ Phe RS\ ES`b RSa S`abS\ :WabS\Y\]bS\a hc`ºQYZWSTS`\ c\R RWSaS\ S\bTS`\S\ 2S` DS`eS\RS` VOb HcU`WTT \c` ºPS` RWSaS rT TS\bZWQVS AQV\WbbabSZZS) RW`SYbS` HcU`WTT OcT RWS ͝¬@STS`S\h ]RS` SW\hSZ\S !aj =PXSYbS PSabSVb \WQVb c[ RWS Y]``SYbS AbOQY4c\YbW]\ hc USeÉV`ZSWabS\

"

'

W?ÄÄ .Í?W

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

P

¬Á‰Ü?Íj !aj ͝¬ s ™ÖÇ ¬ÖM‰W ܝ‰a ¬ÖĆ® ‰™Í Þ ¯ P !aj ¬ s ™jÝ !aj® Þ ¯Ç ¬±™jÞÍ s ͝¬Ç ͝¬ s ¬Ç Q ¬ÖM‰W ‰™Í ¬¬®¯ P ‰w® ͝¬ss™Ö ¯ ͆ÁÝ ™jÝ -͉֙”j ÞWj¬Í‰™®¹ ”¬Íß .Í?W¹¯Ç jÄj P !aj ¬ s ͝¬Ç ͝¬ s ͝¬±™jÞÍÇ ÁjÍÖÁ™ ¬±a?Í?Ç

ÊÊ ™Íj™ÝjÁÍ ãÖÁÙW‰jwjÁ™

Q Q Q

2Oa E^aVTWT] QTX\ 4X]U¶VT] [WbbSZa ¬ÖĆ®¯ S\ba^`WQVb RS[ RS` ;SbV]RS ?aaˆ ‰ÁÄÍ®¯ RS` OZZUS[SW\S\ ‰ÄÍ9ZOaaS(   !

<ScS\ 9\]bS\ ¬ [Wb SW\hcTºUS\RS[ ES`b S`hScUS\ ]aWbW]\ ͝¬ Wab \c\ RS` \ScS Rc`QV ^ `STS`S\hWS`bS 9\]bS\( ͝¬s¬Ç

2Oa E^aVTWT] QTX\ 4]cUTa]T] [WbbSZa ¬¬®¯(  

ES\\ AbOQY ZSS` Wab ͝¬ss™Ö /ca\OV[S eS`TS\ ES\\ AbOQY \WQVb ZSS` Wab [caa RS` ͝¬9\]bS\ S\bTS`\b eS`RS\ (  :]YOZS 6WZTa`STS`S\h ¬ OcT ͝¬ aSbhS\( !aj ¬s͝¬Ç  
2WS D]`UÉ\US eS`RS\ W\ /PPWZRc\U && dS`O\aQVOcZWQVb



7[K[K GRY \KXQKZZKZK 2OYZK

/cQV c\aS`S 9ZOaaS ?cScS O`PSWbSb OZa dS`YSbbSbS :WabS 3W\S ºPS` ™jÞÍ@STS`S\hS\ dS`Pc\RS\S 9SbbS d]\ !aj=PXSYbS\ abSZZb RWS AQVZO\US RO` /PP && ,ÖjÖj S\bVÉZb RWS !aj@STS`S\h †j?a c\R Í?‰ RWS abSba OcT RS\ TabcT] Phe [TcicT] 9\]bS\ RS` ?cScS hSWUS\ a]eWS RWS ;SbV]RS\ ¬ÖÍ®¯ c\R ~jÍ®¯ RWS SW\S\ ES`b W\ SW\S[ \ScS\ 9\]bS\ O[ 4]ST RS` :WabS SW\TºUS\ Phe RS\ ES`b W[ S`abS\ 9\]bS\

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

"

RS` :WabS hc`ºQYZWSTS`\ c\R RWSaS\ S\bTS`\S\ 2WS Í?‰@STS`S\h S`ZOcPb PSW ~jÍ®¯ RW`SYbS\ HcU`WTT OcT RS\ ZSbhbS\ 9\]bS\ †j?a

<]RS

@dTdT P[b eTaZTccTcT ;XbcT

y

Ï

¤Ô

o

Í?‰ a?Í? ™jÞÍ

^cb# †j?a

¬

Í?‰ y

Ï

¤Ô

USb ®¬¯

†j?a

Í?‰ y

Ï

¤Ô

!aj ¬ s ™jÝ !aj®y¯Ç Í?‰±™jÞÍ s ¬Ç Í?‰ s ¬Ç

!aj ¬ s †j?aÇ †j?a s ¬±™jÞÍÇ

-jw± ¬ ? Ÿ 

0QQ '') /`PSWbaeSWaS RS` ;SbV]RS\ ¬ÖÍ®¯ c\R ~jÍ®¯ RS` 9ZOaaS ,ÖjÖj

W?ÄÄ ,ÖjÖj P ¬Á‰Ü?Íj !aj †j?a s ™ÖÇ ¬Á‰Ü?Íj !aj Í?‰ s ™ÖÇ ¬ÖM‰W ܝ‰a ¬ÖÍ® ‰™Í Þ ¯ P !aj ¬ s ™jÝ !aj® Þ ¯Ç ‰w® †j?a ss

™Ö¯ †j?a s ¬Ç

jÄj

Í?‰±™jÞÍ s ¬Ç

Í?‰ s ¬Ç Q ¬ÖM‰W ‰™Í ~jÍ®¯ P ‰w® †j?ass™Ö ¯ ͆ÁÝ ™jÝ -͉֙”j ÞWj¬Í‰™®¹ ”¬Íß ,ÖjÖj¹¯Ç jÄj P !aj ¬ s †j?aÇ †j?a s †j?a±™jÞÍÇ ‰w® †j?a ss ™Ö ¯ Í?‰ s ™ÖÇ ÁjÍÖÁ™ ¬±a?Í?Ç Q Q Q

ÊÊ ™Íj™ÝjÁÍ ãÖÁÙW‰jwjÁ™

"!

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

2Oa E^aVTWT] QTX\ 4X]U¶VT] [WbbSZa ¬ÖÍ®¯ S\ba^`WQVb RS[ RS` ;SbV]RS ?aa®¯ RS` OZZUS[SW\S\ ‰ÄÍ9ZOaaS(  

<ScS\ 9\]bS\ ¬ [Wb SW\hcTºUS\RS[ ES`b S`hScUS\ 7[ 4OZZ RS` ZSS`S\ AQVZO\US †j?ass™Ö eW`R RS` \ScS 9\]bS\ hc[ \ScS\ 9]^T( †j?as¬Ç 0SW \WQVbZSS`S` AQVZO\US eW`R RS` \ScS 9\]bS\ ¬ O\a 3\RS USVÉ\Ub( Í?‰±™jÞÍs¬Ç

ϱ 7\ XSRS[ 4OZZ Wab RS` \ScS 9\]bS\ ¬ ROa \ScS 3\RS RS` AQVZO\US( Í?‰s¬Ç 2Oa E^aVTWT] QTX\ 4]cUTa]T] [WbbSZa ~jÍ®¯(  

ES\\ AQVZO\US ZSS` Wab †j?ass™Ö /ca\OV[S eS`TS\ :]YOZS @STS`S\h ¬ OcT hc S\bTS`\S\RS\ 9]^T aSbhS\( !aj ¬s†j?aÇ

ϱ <ScS` 9]^T Wab RS`
D]` /PZOcT RS` ;SbV]RS eW`R ¬±a?Í? hc`ºQYUSUSPS\




(o[SK

0SW 0Éc[S\ VO\RSZb Sa aWQV c[ WXTaPaRWXbRWT 2ObS\ab`cYbc`S\ 3W\ 0Oc[ Wab SW\S dS`heSWUbS Ab`cYbc` PSabSVS\R Oca 9\]bS\ c\R RS`S\ TOR 8]]TaT :]^cT] PSaWbhS\
'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T



""

(OToXHo[SK

7\ 1X]ÊaQÊd\T] VOb XSRS` 9\]bS\ [OfW[OZ ifTX ZObh) RWS [OfW[OZS 5SaO[bY\]bS\hOVZ ] SW\Sa 0Oc[a RS` BWSTS C PSb`ÉUb ] + C 2O`Oca T]ZUb ROaa SW\ OcaUSUZWQVS\ OcTUS POcbS` d]ZZS` 0W\É`POc[ [Wb \ 9\]bS\ RWS [W\W[OZS BWSTS C + ZR] PSaWbhb 3W\ 0W\É`POc[ Wab bcaT]V b^acXTac eS\\ Tº` XSRS\ SW\hSZ\S\ 0Oc[Y\]bS\ UWZb( E

0[[T 9\]bS\ W[ ZW\YS\ C\bS`POc[ RSa 9\]bS\a b`OUS\ YZSW\S`S ES`bS

E

0[[T 9\]bS\ W[ `SQVbS\ C\bS`POc[ RSa 9\]bS\a b`OUS\ U`rzS`S ES`bS

c\R

OZa WV` D]`UÉ\US`Y\]bS\ /PP &' A]`bWS`bS 0W\É`PÉc[S S`ZOcPS\ aSV` STTSYbWdSa AcQVS\( 0SW[ AcQVRc`QVZOcT WP[QXTac aWQV W[ ;WbbSZ O\ XSRS` DS`heSWUc\U RWS /\hOVZ RS` \]QV hc ^`ºTS\RS\ 9\]bS\) a] [Wb aW\R RScbZWQV eS\WUS` =^S`ObW]\S\ Rc`QVhcTºV`S\ OZa PSW ZW\SO`S\ Ab`cYbc`S\ 2S` AcQVd]`UO\U W[ 0W\É`POc[ abSZZb aWQV eWS T]ZUb RO`( 2S` 0Oc[ eW`R d]\ RS` Ec`hSZ PWa hc[ USacQVbS\ 9\]bS\ 3`T]ZUaTOZZ ]RS` ºPS` SW\S\ 0ZObbY\]bS\ VW\Oca AcQVeS`b \WQVb S\bVOZbS\ Rc`QVZOcTS\ /\ XSRS[ DS`heSWUc\UaY\]bS\ eW`R RS` US acQVbS ES`b [Wb RS[ ES`b RSa OYbcSZZS\ 9\]bS\a dS`UZWQVS\( E

AcQVeS`b ++ 9\]bS\eS`b( 5SacQVbS` ES`b USTc\RS\ c\R AcQVS PSS\RSb

E

AcQVeS`b , 9\]bS\eS`b( AcQVS W[ `SQVbS\ C\bS`POc[ T]`baSbhS\

E

AcQVeS`b * 9\]bS\eS`b( AcQVS W[ ZW\YS\ C\bS`POc[ T]`baSbhS\ Ec`hSZY\]bS\ `]]b ' 7\\S`S 9\]bS\

#

!

3PS\S 

# 

9\]bS\ f

3PS\S  OZZS 3ZS[S\bS *f

OZZS 3ZS[S\bS ,f

3PS\S

'

ZW\YS` C\bS`POc[ " 0ZObbY\]bS\ CXTUT

+ /\hOVZ 3PS\S\ + "

%

`SQVbS` C\bS`POc[

3PS\S ! A]`bWS`^`W\hW^ `SZObWd hc YTST\ 9\]bS\ RSa 0Oc[Sa

6TfXRWc + /\hOVZ 9\]bS\ + '

0QQ '() Ab`cYbc` a]`bWS`bS` 0W\É`PÉc[S c\R WV`S 1VO`OYbS`WaWS`c\U D]`OcaaSbhc\U Tº` STTSYbWdSa AcQVS\ aW\R UcbS 0Éc[S( 2WSaS VOPS\ [rUZWQVab d]ZZS 3PS\S\ 2WS BWSTS C Wab RO\\ [W\W[OZ C + ZR ]  c\R RWS HOVZ RS` AQV`WbbS hc[ /cTTW\RS\ SW\Sa 3ZS[S\ba d]\ RS` 5`rzS\]`R\c\U ZR]
"#

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

aSbhb 2WS BWSTS C RSa aQVZSQVbS\ 0Oc[a YO\\ RScbZWQV U`rzS` OZa ZR] eS`RS\ 7[ 3fb`S[TOZZ eW`R C + ] c\R RS` 0Oc[ Wab hc` ZW\SO`S\ :WabS S\bO`bSb 2S` AcQVd]` UO\U Wab RO\\ \WQVb STTSYbWdS` OZa PSW :WabS\ c\R d]\ RS` =`R\c\U =] W[ 5SUS\ aObh hc =ZR] PSW[ OcaUSUZWQVS\S\ 0W\É`POc[ 2WSaS` C\bS`aQVWSR [OQVb aWQV PSW U`rzS`S\ 9\]bS\hOVZS\ ] RScbZWQV PS[S`YPO`



(OToXHG[S GRY \KQKZZKZK *GZKTYZX[QZ[X

EWS PSW RS` dS`YSbbSbS\ :WabS S`abSZZS\ eW` SW\S\ 0W\É`POc[ Oca SW\hSZ\S\ 9\]bS\]P XSYbS\ Hc` C\bS`aQVSWRc\U d]\ RS` 9ZOaaS !aj \S\\S\ eW` RWS hcUSVr`WUS 9\] bS\YZOaaS \c\ SW\TOQV ™Íj™ 8SRSa 9\]bS\]PXSYb PSabSVb Oca( E

SW\S\ 2ObS\W\VOZb a?Í? ^`W[WbWdS` ES`b ]RS` =PXSYb

E

@STS`S\hS\ ‰™Ä c\R ÁjW†ÍÄ OcT
‰™Í a?Í? ™Íj™ ‰™Ä

¤Ô

ÝÖÁãj

:]^cT]

1Pd\

9\]bS\

¤š

o

™Íj™ ÁjW†ÍÄ

¤å

y

Ôy

0QQ ' ) /cTPOc SW\Sa 0W\É`POc[a Rc`QV ™Íj™=PXSYbS 3a VO\RSZb aWQV eWSRS` c[ SW\S aSZPabPShºUZWQVS 2ObS\ab`cYbc` 8SRS` 9\]bS\ VOb heSW RW`SYbS
ÊÊ ?Íj™jj”j™Í

¬ÖM‰W ™Íj™ ‰™Ä^ ÁjW†ÍÄÇ

ÊÊ -jwjÁj™ã ?Öw !?W†w~j™Íj™

¬ÖM‰W ™Íj™® ‰™Í ™ ¯ P a?Í? s ™Ç ‰™Ä s ™ÖÇ

ÁjW†ÍÄ s ™ÖÇ

Q Q

/PPWZRc\U & hSWUb SW\S\ Oca ™Íj™=PXSYbS\ S`hScUbS\ 0W\É`POc[ /Za bg^WaQVS 0Oc[]^S`ObW]\S\ PSa^`SQVS\ eW` RS\ /cTPOc SW\Sa a]`bWS`bS\ 0W\É` POc[a Rc`QV 3W\TºUS\ d]\ 9\]bS\ ROa 2c`QVacQVS\ RSa 0Oc[a c\R RS\ 2c`QVZOcT Rc`QV OZZS 9\]bS\ RSa 0Oc[a 2Ohc dS`eS\RS\ eW` WbS`ObWdS c\R `SYc`aWdS ;SbV]

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

"$

RS\T]`[cZWS`c\US\ W\ /\ZSV\c\U O\ IA=: K c\R I;=3#K 4]`bUSaQV`WbbS\S 0Oc[ ]^S`ObW]\S\ TW\RS\ aWQV PSW IA// K c\R IA=: K



'[LHG[ KOTKY YUXZOKXZKT (OToXHG[SY

0SW[ a]`bWS`bS\ 3W\TºUS\ d]\ 3ZS[S\bS\ W\ RS\ 0W\É`POc[ W\ XcTaPcXeTa 4]`[cZWS `c\U eS`RS\ OZZS 0Oc[Y\]bS\ PSUW\\S\R O\ RS` Ec`hSZ Rc`QVZOcTS\( W?ÄÄ ?֔ P ¬Á‰Ü?Íj ™Íj™ ÝÖÁãj s ™ÖÇ

ÊÊ ?֔ ?™w?™~Ä jjÁ

¬ÖM‰W ܝ‰a ‰™ÄjÁÍ® ‰™Í Þ ¯ P ™Íj™  s ÝÖÁãjÇ

ÊÊ ‰™Ä͉j~ Mj‰” 8ÖÁãj™Íj™

‰w® ss™Ö ¯ P

ÊÊ ?֔ ™W† jjÁ

 s ™jÝ ™Íj™® Þ ¯Ç

ÝÖÁãj s Ç

ÁjÍÖÁ™Ç Q ™Íj™ ¬Ç

Mj?™ ‰™Ä s w?ÄjÇ

a P ¬ s Ç

ÊÊ ?j -jwjÁj™ã ¬ ݉Áa ”‰Í~jwنÁÍ

‰w® Þ ss ±a?Í? ¯

ÁjÍÖÁ™Ç

ÊÊ 8jÁÍ ÄW†™ ܝÁ†?™aj™

ÊÊ !jÖjÄ j”j™Í ~j† ÁÍ ‰™ aj™ ‰™j™ 2™ÍjÁM?֔] ‰w® ޑ ±a?Í? ¯ P  s ±‰™ÄÇ

‰™Ä s ÍÁÖjÇ Q

ÊÊ !jÖjÄ j”j™Í ~j† ÁÍ ‰™ aj™ ÁjW†Íj™ 2™ÍjÁM?֔] jÄj

P  s ±ÁjW†ÍÄÇ

‰™Ä s w?ÄjÇ Q

Q ݆‰j® us™Ö ¯Ç  s ™jÝ ™Íj™® Þ ¯Ç ‰w® ‰™ÄssÍÁÖj ¯ ¬±‰™Ä s Ç

ÊÊ ‰™Ä j‰™†C™~j™

jÄj

ÊÊ ÁjW†ÍÄ j‰™†C™~j™

¬±ÁjW†ÍÄ s Ç

Q Q

2S` SW\hcTºUS\RS ES`b Þ eW`R [Wb RS[ ES`b RSa OYbcSZZ `STS`S\hWS`bS\ 9\]bS\a dS` UZWQVS\ 5WZb \ScS` ES`b Þ , OYbcSZZS` 9\]bS\eS`b RO\\ Wab RS` \ScS 9\]bS\ ZW\Ya d][ OYbcSZZS\ 9\]bS\ PSVSW[ObSb O\RS`\TOZZa `SQVba ROd]\ 2WS 7bS`ObW]\ Wab PSS\ RSb eS\\ [O\ OcT SW\S\ 9\]bS\ ]V\S
ÊÊ ?֔ ?™w?™~Ä jjÁ

"%

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

¬ÖM‰W ܝ‰a ‰™ÄjÁÍ-jÖÁĉܮ ‰™Í Þ ¯ P ÝÖÁãj s ?aa® Þ^ ÝÖÁãj ¯Ç Q ¬Á‰Ü?Íj ™Íj™ ?aa® ‰™Í Þ^

™Íj™  ¯ P

‰w® ss™Ö ¯ ÁjÍÖÁ™ ™jÝ ™Íj™® Þ ¯Ç

ÊÊ ÁjÖÁĉÜj

j͆aj

ÊÊ jjÁjÁ ?֔

jÄj ‰w® ޑ±a?Í? ¯ P ±‰™Ä s ?aa® Þ^ ±‰™Ä ¯Ç Q jÄjP ±ÁjW†ÍÄ s ?aa® Þ^ ±ÁjW†ÍÄ ¯Ç Q ÁjÍÖÁ™ Ç Q Q Q

2WS `SYc`aWdS :rac\U Wab SZSUO\b OPS` RScbZWQV [P]VbP\Ta OZa RWS WbS`ObWdS 4]`[cZWS `c\U Hc[ 3f^S`W[S\bWS`S\ [Wb RS\ ;SbV]RS\ W\YZcaWdS HSWb[Saac\U RWS\S T]ZUS\ RSa >`]U`O[[ ROa Oca HcTOZZahOVZS\ SW\S\ 0Oc[ OcTPOcb( W?ÄÄ 0jÄÍ ?֔ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ?֔ M¤ s ™jÝ ?֔®¯Ç

?֔ MÔ s ™jÝ ?֔®¯Ç

Ž?Ü?±Ö͉±-?™a” ~j™jÁ?͝Á¤ s ™jÝ Ž?Ü?±Ö͉±-?™a”®Ôå¯Ç Ž?Ü?±Ö͉±-?™a” ~j™jÁ?͝ÁÔ s ™jÝ Ž?Ü?±Ö͉±-?™a”®Ôå¯Ç ™~ ÄÍ?ÁÍ^ j™ajÇ ‰™Í ™ s #±¬Á”¬Í
™a-j?a™Í®¹
™ã?† ™Íj™ s ¹¯Ç ÄÍ?ÁÍ s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç wÁ® ‰™Í ‰s¤Ç ‰‘s™Ç ‰´´ ¯ P M¤±‰™ÄjÁÍ® ~j™jÁ?͝Á¤±™jÞ͙ͮ¤åååå¯ ¯Ç Q j™aj s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç #±ÝÁ‰Íj™® ¹ ?ÖjÁ ‰ÍjÁ?Í‰Ü s ¹ ´ ®j™ajˆÄÍ?Áͯ ¯Ç ÄÍ?ÁÍ s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç wÁ® ‰™Í ‰s¤Ç ‰‘s™Ç ‰´´ ¯ P MÔ±‰™ÄjÁÍ-jÖÁĉܮ ~j™jÁ?͝ÁÔ±™jÞ͙ͮ¤åååå¯ ¯Ç Q j™aj s .ßÄÍj”±WÖÁÁj™Í0‰”j ‰‰Ä®¯Ç #±ÝÁ‰Íj™® ¹ ?ÖjÁ ÁjÖÁÄ‰Ü s ¹ ´ ®j™ajˆÄÍ?Áͯ ¯Ç Q Q

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

"&

DS`WTWhWS`S\ AWS RO[Wb RWS c\bS`aQVWSRZWQVS HSWbY][^ZSfWbÉb RS` PSWRS\ 3W\TºUS[S bV]RS\ c\R PSb`OQVbS\ AWS RWS S\babSVS\RS 2ObS\ab`cYbc` W[ 2SPcUUS` 2WS PSWRS\ ;SbV]RS\ TºUS\ ºPS`USPS\S ES`bS Þ SW\TOQV W\ /cT`cT`SWVS\T]ZUS W\ RS\ 0Oc[ SW\) \OQVb`ÉUZWQVSa C[a]`bWS`S\ c[ SW\S\ OcaUSUZWQVS\S\ 0Oc[ hc S` VOZbS\ TW\RSb \WQVb abObb 2WSa Wab XSR]QV ^`]PZS[ObWaQV ac



*[XINY[INKT KOTKY YUXZOKXZKT (OToXHG[SY

2WS XcTaPcXeT DS`aW]\ Rc`QVZÉcTb OZZS 0Oc[Y\]bS\ OcaUSVS\R d]\ RS` Ec`hSZ ES\\ RS` OYbcSZZS 9\]bS\ PS`SWba RS\ USacQVbS\ 7\VOZb Þ S\bVÉZb eW`R ÍÁÖj hc`ºQYUSZWS TS`b 3`T]ZU O\RS`\TOZZa eW`R RWS AcQVS W[ `WQVbWUS\ C\bS`POc[ T]`bUSaSbhb 2WS 7bS `ObW]\ S\RSb eS\\ ROa USacQVbS 3ZS[S\b USTc\RS\ ]RS` OPS` SW\ 0ZObbY\]bS\ S` `SWQVb ec`RS ’ RWS @STS`S\h  eW`R ™Ö c\R Sa eW`R w?Äj hc`ºQYUSZWSTS`b ¬ÖM‰W Mj?™ W™Í?‰™Ä® ‰™Í Þ ¯ P ™Íj™  s ÝÖÁãjÇ

ÊÊ ‰™Ä͉j~ ?” 8ÖÁãj™Íj™

a P ‰w® ±a?Í?ssÞ ¯

ÁjÍÖÁ™ ÍÁÖjÇ

ÊÊ j”j™Í ~jw֙aj™

‰w® ±a?Í?  Þ ¯

 s ±‰™ÄÇ

ÊÊ ‰™ ‰™j™ 2™ÍjÁM?֔

‰w® ±a?Í? ‘ Þ ¯

 s ±ÁjW†ÍÄÇ ÊÊ ‰™ ÁjW†Íj™ 2™ÍjÁM?֔

Q ݆‰j® us™Ö ¯Ç ÁjÍÖÁ™ w?ÄjÇ Q

EW` USPS\ YSW\S @STS`S\h OcT ™Íj™=PXSYb O\ RS\ /cT`cTS` hc`ºQY RO RWS 9ZOaaS ™Íj™ 7[^ZS[S\bWS`c\UaUSVSW[\Wa RS` 9ZOaaS ?֔ Wab 7\ RS` aTZdabXeT] DO`WO\bS eS`RS\ eWSRS`c[ OZZS 0Oc[Y\]bS\ OcaUSVS\R d]\ RS` Ec`hSZ Rc`QVZOcTS\ 2Ohc eW`R RWS `SYc`aWdS ;SbV]RS Äj?ÁW†®¯ [Wb @STS`S\h OcT RS\ Ec`hSZY\]bS\ OcTUS`cTS\ 2WS @SYc`aW]\ Wab PSS\RSb eS\\ [O\ OcT SW\S\ 9\] bS\ [Wb RS[ USacQVbS\ ES`b ]RS` OPS` OcT SW\S\ 0ZObbY\]bS\ abrzb 3\bVÉZb RS` OYbc SZZS 9\]bS\ RS\ USacQVbS\ ES`b \WQVb S`T]ZUb RS` `SYc`aWdS /cT`cT d]\ Äj?ÁW†®¯ [Wb @STS`S\h OcT RS\ `WQVbWUS\ C\bS`POc[ c\R Sa eW`R RO`W\ eSWbS`USacQVb ¬ÖM‰W Mj?™ W™Í?‰™Ä® ‰™Í Þ ¯ P ÁjÍÖÁ™ Äj?ÁW†® Þ^ ÝÖÁãj ¯Ç Q ¬Á‰Ü?Íj Mj?™ Äj?ÁW†® ‰™Í Þ^ ™Íj™  ¯ P ‰w® ss™Ö ¯

ÁjÍÖÁ™ w?ÄjÇ

‰w® ±a?Í? ss Þ ¯ ÁjÍÖÁ™ ÍÁÖjÇ

ÊÊ ™‰W†Í ܝÁ†?™aj™ ÊÊ ÜÁ†?™aj™

ÊÊ ” Á‰W†Í‰~j™ 2™ÍjÁM?֔ .ÖW†j wÁÍÄjÍãj™] ‰w® ±a?Í?  Þ ¯ ÁjÍÖÁ™ Äj?ÁW†® Þ^ ±‰™Ä ¯Ç ‰w® ±a?Í? ‘ Þ ¯ ÁjÍÖÁ™ Äj?ÁW†® Þ^ ±ÁjW†ÍÄ¯Ç Q

2WS ;SbV]RS\ aW\R BSWZ RS` ]PS\ OPUSZSUbS\ 9ZOaaS ?֔

"'

'



3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

*[XINRG[LKT KOTKY YUXZOKXZKT (OToXHG[SY

EW` PSaQV`É\YS\ c\a OcT RWS aTZdabXeT DO`WO\bS 3a eS`RS\ OZZS 0Oc[Y\]bS\ PSUW\ \S\R O\ RS` Ec`hSZ Rc`QVZOcTS\) ROPSW YO\\ WV` 7\VOZb PSO`PSWbSb eS`RS\ HcS`ab eW`R RS` ZW\YS C\bS`POc[ SW\Sa 9\]bS\a  Rc`QVZOcTS\ 2O\\ eW`R RS` 9\]bS\  aSZPab PSO`PSWbSb A]RO\\ eW`R RS` `SQVbS C\bS`POc[ RSa OYbcSZZS\ 9\]bS\a  Rc`QV ZOcTS\ 2WS @SYc`aW]\ Wab XSeSWZa PSS\RSb eS\\ [O\ OcT SW\S\ 0ZObbY\]bS\ abrzb W?ÄÄ ?֔ P ¬Á‰Ü?Íj ™Íj™ ÝÖÁãj s ™ÖÇ

ÊÊ ‰™Ä͉j~ ?” 8ÖÁãj™Íj™

¬ÖM‰W ܝ‰a ‰ÍjÁ?Íj®¯ P aÖÁW†?Öwj® ÝÖÁãj ¯Ç Q ¬Á‰Ü?Íj ܝ‰a aÖÁW†?Öwj® ™Íj™  ¯ P ‰w® us™Ö ¯ P aÖÁW†?Öwj® ±‰™Ä ¯Ç

ÊÊ ™?W† ‰™Ä ÜjÁãÝj‰~j™

#±ÝÁ‰Íj™® ±a?Í? ¯Ç

ÊÊ ”‰Í ™Íj™a?Íj™ ?ÁMj‰Íj™

aÖÁW†?Öwj® ±ÁjW†ÍÄ ¯Ç

ÊÊ ™?W† ÁjW†ÍÄ ÜjÁãÝj‰~j™

Q Q Q




"

"

$

!

'

#



%



& '

# _aT^aSTa2c`QVZOcT



"

% $

!

&

! X]^aSTa2c`QVZOcT

'



& #

 _^bc^aSTa2c`QVZOcT


0QQ '

%

) 2c`QVZOcTO`bS\ Tº` 0W\É`PÉc[S ’ ^`S]`RS` W\]`RS` ^]ab]`RS`

/`bS\ RSa CXTUT]SdaRW[PdUb aW\R /PP &( E

_aT^aSTa( 9\]bS\  eW`R d]` aSW\S\ C\bS`PÉc[S\ PSO`PSWbSb

E

X]^aSTa(

9\]bS\  eW`R heWaQVS\ aSW\S\ C\bS`PÉc[S\ PSO`PSWbSb

$

' E

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

"(

_^bc^aSTa( 9\]bS\  eW`R \OQV aSW\S\ C\bS`PÉc[S\ PSO`PSWbSb

2WS ;SbV]RS\ c\bS`aQVSWRS\ aWQV \c` W\ RS` @SWVS\T]ZUS RS` `SYc`aWdS\ /cT`cTS `SZObWd hc` 0SO`PSWbc\U RSa 9\]bS\a  /cThc`cTS\ aW\R RWS ;SbV]RS\ [Wb SW\S` @STS `S\h OcT RS\ Ec`hSZY\]bS\( ¬ÖM‰W ܝ‰a ¬ÁjÁajÁ® ™Íj™  ¯ P ‰w® su™Ö ¯ P #±ÝÁ‰Íj™® ±a?Í? ¯Ç

ÊÊ ™Íj™  Mj?ÁMj‰Íj™

¬ÁjÁajÁ® ±‰™Ä ¯Ç

ÊÊ ‰™jÁ 2™ÍjÁM?֔

¬ÁjÁajÁ® ±ÁjW†ÍÄ ¯Ç

ÊÊ ÁjW†ÍjÁ 2™ÍjÁM?֔

Q Q ¬ÖM‰W ܝ‰a ‰™ÁajÁ® ™Íj™  ¯ P ‰w® su™Ö ¯ P ‰™ÁajÁ® ±‰™Ä ¯Ç

ÊÊ ‰™jÁ 2™ÍjÁM?֔

#±ÝÁ‰Íj™® ±a?Í? ¯Ç

ÊÊ ™Íj™  Mj?ÁMj‰Íj™

‰™ÁajÁ® ±ÁjW†ÍÄ ¯Ç

ÊÊ ÁjW†ÍjÁ 2™ÍjÁM?֔

Q Q ¬ÖM‰W ܝ‰a ¬Ä͝ÁajÁ® ™Íj™  ¯ P ‰w® su™Ö ¯ P ¬Ä͝ÁajÁ® ±‰™Ä ¯Ç

ÊÊ ‰™jÁ 2™ÍjÁM?֔

¬Ä͝ÁajÁ® ±ÁjW†ÍÄ ¯Ç

ÊÊ ÁjW†ÍjÁ 2™ÍjÁM?֔

#±ÝÁ‰Íj™® ±Ü? ¯Ç

ÊÊ ™Íj™  Mj?ÁMj‰Íj™

Q Q

<ºbhZWQV Wab RS` X]^aSTa2c`QVZOcT( 0SW a]`bWS`bS\ 0Éc[S\ PSeW`Yb S` RWS 0SO`PSWbc\U RS` 9\]bS\ W\ A]`bWS``SWVS\T]ZUS RS` USa^SWQVS`bS\ ES`bS AbObb PZ]zS` ES`bOcaUOPS Yr\\bS \Obº`ZWQV W`US\RSW\S =^S`ObW]\ O\ RS[ 9\]bS\  Rc`QVUSTºV`b eS`RS\



'[YMKMROINKTK (o[SK

0SW[ /cTPOc SW\Sa 0Oc[a c\R 3W\TºUS\ d]\ 0ZObbY\]bS\ abSPb [O\ SW\S\ [rUZWQVab OcaUSUZWQVS\S\ 0Oc[ O\ RS` Tº` AcQV]^S`ObW]\S\ ]^bW[OZ ab`cYbc`WS`b Wab( 2WS 3PS \S\ a]ZZbS\ d]ZZPSaSbhb c\R RWS BWSTS C,[S]  RSa 0Oc[a [W\W[OZ aSW\ C\aS`S \OWdS\ 3W\TºUS]^S`ObW]\S\ ‰™ÄjÁÍ®¯ c\R ‰™ÄjÁÍ-jÖÁĉܮ¯ ZWSTS`\ SW\S\ 0Oc[ RSaaS\ Ab`cYbc` Y`WbWaQV d]\ RS` 3W\TºUS`SWVS\T]ZUS OPVÉ\Ub AWS S`hSc US\ SW\S\ `SZObWd OcaUSUZWQVS\S\ 0Oc[ eS`RS\ aWS [Wb ES`bS\ W\ c\US]`R\SbS` @SWVS\T]ZUS OcTUS`cTS\ 3`T]ZUb RS` /cT`cT XSR]QV [Wb a]`bWS`bS\ ES`bS\ a] S\babSVb SW\ 0Oc[ RS` hc SW\S` ZW\SO`S\ :WabS S\bO`bSb Wab 2S` a] S`hScUbS 0Oc[ VOb RWS BWSTS C+] c\R ROa AcQVS\ RO`W\ \c` SW\S HSWbY][^ZSfWbÉb =] , = ZR] 

" 

'

3PcT]bcadZcdaT] Ž ;XbcT] d]S 1Êd\T

2WS :rac\U aW\R OcTeS\RWUS`S @]cbW\S\ hc[ 3W\TºUS\ c\R :raQVS\ W\\S`S` 9\]bS\ c\R hc[ C[a]`bWS`S\ PSabSVS\RS` 0Éc[S ’ eW` dS`eSWaS\ ROhc OcT IA// K C\aS`S 2ObS\ab`cYbc`YS\\b\WaaS eS\RS\ eW` W\ SW\S[ RS` >`]XSYbS W\ 9O^WbSZ # /caUSeÉVZbS /\eS\Rc\UaahS\O`WS\ O\ 2]`b eS`RS\ eW` SW\ <X]X 3PcP FPaTW^dbT aW[cZWS`S\( 2WS C[aÉbhS SW\Sa =PabU`]zVO\RSZa eS`RS\ W\ SW\S` dS`YSbbSbS\ Ab`cYbc` Tº` [SV`S`S 8OV`S dS`eOZbSb c\R SdOZcWS`b


9VK`OKRRK 1RGYYKT [TJ 3KZNUJKT

2WSaSa 9O^WbSZ PSVO\RSZb SW\WUS eWQVbWUS 9ZOaaS\ eWS RWS 6ºZZYZOaaS\ ]RS` RWS 9ZOa aS ‰~™Íj~jÁ RWS PSW RS` >`]U`O[[WS`c\U \ºbhZWQV aW\R a]eWS RWS ;SbV]RS\ j¶Ö?Ä®¯ †?Ć aj®¯ c\R W”¬?Áj0®¯ RWS PSW[ 3`abSZZS\ SWUS\S` 9ZOaaS\ VÉcTWU W[^ZS[S\bWS`b eS`RS\



*OK .„RRQRGYYKT =XGVVKX1RGYYKT

7\ RS` A^`OQVS 8OdO eW`R U`c\RaÉbhZWQV heWaQVS\ ^`W[WbWdS\ 2ObS\bg^S\ c\R @STS `S\hRObS\bg^S\ c\bS`aQVWSRS\ EWS ROa T]ZUS\RS 0SWa^WSZ hSWUb Yr\\S\ W\ SW\S[ /``Og d]\ =PXSYbS\ PSZWSPWUS @STS`S\hS\ OcT =PXSYbS OcTUS\][[S\ eS`RS\ \WQVb OPS` ES`bS ^`W[WbWdS` 2ObS\bg^S\( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P #MŽjWÍRS ?ÁÁ?ß s ™jÝ #MŽjWÍR|SÇ ?ÁÁ?ßRåS s ¹?¹Ç ?ÁÁ?ßR¤S s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹8jÍ¹ ¯Ç ÊÊ ?ÁÁ?ßRÔS s ¤ÈÇ ÊÊ ?ÁÁ?ßRÏS s ÍÁÖjÇ wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ?ß±j™~ꠂ ‰´´ ¯ .ßÄÍj”±Öͱ¬Á‰™Í™® ?ÁÁ?ßR‰S ¯Ç Q

4OZZa RWS OcaY][[S\bWS`bS\ HSWZS\ OYbWdWS`b eS`RS\ `SOUWS`b RS` 1][^WZS` [Wb SW\S[ S\ba^`SQVS\RS\ 4SVZS` ROa >`]U`O[[ ZÉaab aWQV \]QV \WQVb SW\[OZ ºPS`aSbhS\ 7\ 8OdO abSVb ROVS` Tº` XSRS\ ^`W[WbWdS\ 2ObS\bg^ SW\S 6ºZZYZOaaS E`O^^S`9ZOaaS hc` DS`TºUc\U RWS RWS 0SVO\RZc\U ^`W[WbWdS` ES`bS OZa =PXSYbS S`[rUZWQVb aWSVS BOPSZZS ' 8SRS` ES`b SW\Sa ^`W[WbWdS\ 2ObS\bg^a YO\\ [WbVWZTS SW\S` 7\abO\h RS` _aX\XcXeTa 3PcT]ch_

7¶[[Z[PbbT

Mj?™

j?™

MßÍj

ßÍj

ƝÁÍ

.†ÁÍ

‰™Í

™Íj~jÁ

™~

™~

w?Í

?Í

aÖMj

ÖMj

W†?Á

†?Á?WÍjÁ

CPQ ( ) 2WS 6ºZZYZOaaS\ RS` ^`W[WbWdS\ 2ObS\bg^S\

" !

(

B_TiXT[[T :[PbbT] d]S
hcUSVr`WUS\ 6ºZZYZOaaS c[VºZZb ]RS` SW\US^OQYb eS`RS\ 3W\ a]ZQVSa =PXSYb abSZZb a][Wb ROa ]PXSYb]`WS\bWS`bS >S\RO\b RSa SW\USVºZZbS\ ^`W[WbWdS\ ES`bSa RO`



+X`K[MKT \UT .„RRUHPKQZKT

2S` ÍPS`UO\U d][ ^`W[WbWdS\ ES`b hc[ =PXSYb eW`R ’ eWS PSW[ 3`hScUS\ d]\ =P XSYbS\ ºPZWQV ’ Rc`QV S\ba^`SQVS\RS 9]\ab`cYb]`S\ S`[rUZWQVb ;Wb RS\ PSWRS\ /ca R`ºQYS\ ™jÝ ™Íj~jÁ® ¤È ¯ ™jÝ j?™® ÍÁÖj ¯

eS`RS\ =PXSYbS S`hScUb RWS RS\ ES`b ¤È Peh RS\ ES`b ÍÁÖj `S^`ÉaS\bWS`S\ 2WS aS ZOaaS\ aWQV \c\ W[ ]PS\ S`eÉV\bS\ 0SWa^WSZ SW\TºUS\( ?ÁÁ?ßRÔS s ™jÝ ™Íj~jÁ® ¤È ¯Ç ?ÁÁ?ßRÏS s ™jÝ j?™® ÍÁÖj ¯Ç

/[ =cb^cb RSa OcaUSTºV`bS\ >`]U`O[[Sa S`YS\\b [O\ ROaa RWS ES`bS Y]``SYb OP USZSUb c\R OcQV eWSRS` OcaUSUSPS\ eS`RS\ 6WS` eW`R W[^ZWhWb RWS ;SbV]RS ͝ˆ .ÍÁ‰™~®¯ dS`eS\RSb RWS W\ RS\ 6ºZZYZOaaS\ S\ba^`SQVS\R ºPS`aQV`WSPS\ ec`RS 4º` XSRS 6ºZZYZOaaS SfWabWS`b SW\ 9]\ab`cYb]` [Wb ^OaaS\RS[ 2ObS\bg^ OZa >O`O[SbS` OZa] j?™®Mj?™ M¯ ßÍj®MßÍj M¯  †?Á?WÍjÁ®W†?Á W¯ 2WS T]ZUS\RS\ 0SWa^WSZO\eSWac\US\ S`hScUS\ XSeSWZa ROa S\ba^`SQVS\RS 6ºZZ]PXSYb( ™jÝ j?™® w?Äj ¯Ç

™jÝ ßÍj® ÔÏ ¯Ç

™jÝ .†ÁÍ® o ¯Ç

™jÝ ™Íj~jÁ® ˆÏ ¯Ç

™jÝ ™~® ÔåååÏåÏ ¯Ç

™jÝ ?Í® å±Ïw ¯Ç

™jÝ ÖMj® ¤±Ô ˆÏ ¯Ç

™jÝ †?Á?WÍjÁ® ÀaÀ ¯Ç

HcaÉbhZWQV UWPb Sa [Wb /ca\OV[S RS` 9ZOaaS †?Á?WÍjÁ Tº` XSRS 6ºZZYZOaaS SW\S\ 9]\ab`cYb]` [Wb SW\S[ .ÍÁ‰™~>O`O[SbS` a] ROaa aWQV 6ºZZ]PXSYbS OcQV [Wb HSW QVS\YSbbS\ S`hScUS\ ZOaaS\ RWS SW\S[ :WbS`OZ RSa XSeSWZWUS\ ^`W[WbWdS\ 2ObS\bg^a S\ba^`SQVS\ 0SWa^WSZO\eSWac\US\ VWS`Tº` aW\R( ™jÝ j?™® ¹w?Äj¹ ¯Ç

™jÝ ßÍj® ¹ÔϹ ¯Ç

™jÝ .†ÁÍ® ¹o¹ ¯Ç

™jÝ ™Íj~jÁ® ¹ˆÏ¹ ¯Ç

™jÝ ™~® ¹ÔåååÏåϹ ¯Ç

™jÝ ?Í® ¹å±Ïw¹ ¯Ç

™jÝ ÖMj® ¹¤±Ô ˆÏ¹ ¯Ç

4OZZa RS[ 9]\ab`cYb]` SW\S` \c[S`WaQVS\ 6ºZZYZOaaS SW\ \WQVbY]\dS`bWS`PO`S` Ab`W\U ºPS`USPS\ eW`R Zrab RWSa SW\S /ca\OV[S Oca( ™jÝ ™Íj~jÁ® ¹Ï| ?†Áj¹ ¯Ç

. !֔MjÁÁ”?Í ÞWj¬Í‰™

™jÝ ßÍj® ¹ÉÉyÏ|ÔϹ ¯Ç

. !֔MjÁÁ”?Í ÞWj¬Í‰™

™jÝ ÖMj® ¹¹ ¯Ç

. !֔MjÁÁ”?Í ÞWj¬Í‰™

(

B_TiXT[[T :[PbbT] d]S


" "

'T]KTJ[TMYY`KTGXOKT

6XOSOZO\K *GZKT GRY 5HPKQZK EWS hc 0SUW\\ RSa /PaQV\Wbba PS`SWba RO`USabSZZb dS`eS\RSb [O\ 6ºZZYZOaaS\ eS\\ ES`bS ^`W[WbWdS` 2ObS\bg^S\ eWS =PXSYbS PSVO\RSZb eS`RS\ a]ZZS\ A] Yr\\S\ ES` bS c\bS`aQVWSRZWQVS` ^`W[WbWdS` 2ObS\bg^S\ W\ SW\S[ SW\hWUS\ /``Og dS`eOZbSb eS` RS\ eS\\ [O\ XSeSWZa RS\ W\ SW\ 6ºZZ]PXSYb dS`^OQYbS\ ES`b W[ /``Og OcT\W[[b( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P #MŽjWÍRS ?ÁÁ?ß s ™jÝ #MŽjWÍRoSÇ ?ÁÁ?ßRåS s ™jÝ j?™® ÍÁÖj ¯Ç ?ÁÁ?ßR¤S s ™jÝ ßÍj® o ¯Ç ±±± ±±±?ÁÁ?ßRÈS s ™jÝ †?Á?WÍjÁ® ÀÞÀ ¯Ç Q

2O`ºPS` VW\Oca Y][[S\ 6ºZZYZOaaS\ OcQV hc` /\eS\Rc\U eS\\ 2ObS\ W\ SW\S` 2^[[TRcX^] dS`eOZbSb O\ O\RS`S >`]U`O[[S ºPS`b`OUS\ ]RS` ^S`aWabS\b USa^SWQVS`b eS`RS\ a]ZZS\ ROhc W\ a^ÉbS`S\ 9O^WbSZ [SV` 7\\S`VOZP RWSaS` AhS\O`WS\ Wab Sa ]Tb SW\TOQVS` O\abSZZS RS` ^`W[WbWdS\ ES`bS RS`S\ 6ºZZ]PXSYbS hc PSb`OQVbS\ c\R O\ aQVZWSzS\R [Wb RS\ Ü?Öj;SbV]RS\ hc RS\ ^`W[WbWdS\ 2ObS\ hc`ºQYhcYSV`S\( Mj?™ Mj?™7?Öj®¯Ç

ÊÊ j?™

MßÍj MßÍj7?Öj®¯Ç

ÊÊ ßÍj

ƝÁÍ Ä†ÁÍ7?Öj®¯Ç

ÊÊ .†ÁÍ

‰™Í ‰™Í7?Öj®¯Ç

ÊÊ ™Íj~jÁ

™~ ™~7?Öj®¯Ç

ÊÊ ™~

w?Í w?Í7?Öj®¯Ç

ÊÊ ?Í

aÖMj aÖMj7?Öj®¯Ç

ÊÊ ÖMj

W†?Á W†?Á7?ÖjÇ

ÊÊ †?Á?WÍjÁ

D]`aWQVb Wab PSW RS` 5ZSWQVVSWb USP]bS\( 4º` DO`WOPZS\ ‰¤ ‰Ô d][ Bg^ ™Íj~jÁ VOb RS` /caR`cQY ‰¤ss‰Ô RO Sa aWQV PSW RS\ =^S`O\RS\ c[ >QYTZcT VO\RSZb \WQVb RWS UZSWQVS 0SRScbc\U eWS RS` S\ba^`SQVS\RS DS`UZSWQV RS` `S^`ÉaS\bWS`bS\ ‰™ÍES`bS 3` Wab \É[ZWQV US\Oc RO\\ eOV` eS\\ Sa aWQV c[ SW\ c\R ROaaSZPS =PXSYb VO\RSZb ASZPab eS\\ heSW c\bS`aQVWSRZWQVS 6ºZZ]PXSYbS RS\ UZSWQVS\ ‰™ÍES`b `S^`ÉaS\bWS `S\ Wab RWSaS` /caR`cQY TOZaQV A]ZZS\ 6ºZZ]PXSYbS RO`OcTVW\ c\bS`acQVb eS`RS\ ]P aWS RS\ UZSWQVS\ ES`b `S^`ÉaS\bWS`S\ Wab RWS ;SbV]RS j¶Ö?Ä®¯ hc dS`eS\RS\ aWSVS '" 5ZSWQVPSRScbS\R aW\R OPS` RWS PSWRS\ /caR`ºQYS( ‰¤±j¶Ö?Ä® ‰Ô ¯ ‰¤±‰™Í7?Öj®¯ ss ‰Ô±‰™Í7?Öj®¯

" #

(

B_TiXT[[T :[PbbT] d]S
'[ZUHU^OTM ASWb 8OdO # eW`R RS` ÍPS`UO\U d][ ^`W[WbWdS\ 2ObS\bg^ hc[ 6ºZZ]PXSYb 1^gX]V( 3W\^OQYS\ c\R SPS\a] RS` ESU hc`ºQY OZa] ROa /ca^OQYS\ RSa ^`W[WbWdS\ ES`bSa D]Q^gX]V Ocb][ObWaQV d]`US\][[S\ 2WS /\eSWac\U ™Íj~jÁ ‰¤ s ¤ÈÇ

ZWSTS`b W[ 5SUS\aObh hc T`ºVS`S\ 8OdODS`aW]\S\ YSW\S\ 1][^WZS`4SVZS` a]\RS`\ S`abSZZb SW\ 6ºZZ]PXSYb ROa RS\ ‰™ÍES`b % `S^`ÉaS\bWS`b 3PS\a] YO\\ SW\ a]ZQVSa =PXSYb RW`SYb SW\S` ‰™ÍDO`WOPZS\ hcUSeWSaS\ eS`RS\ XO aSZPab O`WbV[SbWaQVS =^S`ObW]\S\ aW\R OcT RS\ 6ºZZ]PXSYbS\ S`ZOcPb( ‰™Í ‰ s ‰¤Ç ‰™Í Ž s ‰¤ ´ ‰¤ ´ ‰Ç ‰¤´´Ç

7[^ZWhWb eW`R ROPSW RWS ^OaaS\RS Ü?Öj;SbV]RS W[ 0SWa^WSZ ‰™Í7?Öj®¯ OcaUS TºV`b 2c`QV RWSaSa 4SObc`S eW`R ROa abSZZS\eSWaS R]QV ZÉabWUS [O\cSZZS 1^ gX]VD]Q^gX]V dS`[WSRS\ eOa \WQVb \c` 3\beWQYZS` S\bZOabSb a]\RS`\ OcQV RS` :Sa PO`YSWb dWSZS` >`]U`O[[S hcUcbS Y][[b ;O\ VOZbS aWQV SbeO RWS hc` 8OdODS`aW]\ " Y][^ObWPZS\ Ò_cWdOZS\bS RS` ZSbhbS\ PSWRS\ HSWZS\ d]` /cUS\( ‰™Í Ž s ‰¤±‰™Í7?Öj®¯ ´ ‰¤±‰™Í7?Öj®¯ ´ ‰Ç ‰¤ s ™jÝ ™Íj~jÁ® ‰¤±‰™Í7?Öj®¯ ´ ¤ ¯Ç

:SWRS` VOb /cb]P]fW\U OcQV c\O\US\SV[S 9]\aS_cS\hS\ RWS W\aPSa]\RS`S PSW[ DS`UZSWQV d]\ =PXSYbS\ c\R ^`W[WbWdS\ ES`bS\ OcTb`SbS\ 0SW[ /caTºV`S\ d]\ ™Íj~jÁ ‰¤ s ÔååÇ ‰™Í ‰ s ‰¤Ç ™Íj~jÁ ‰Ô s ‰Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ‰¤ ss ‰ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ‰ ss ‰Ô ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ‰¤ ss ‰Ô ¯Ç

S`VÉZb [O\ T]ZUS\RS\ =cb^cb( ˆ ™Äj ˆ ÍÁÖj ÍÁÖj w?Äj

6WS` Wab ]TTS\aWQVbZWQV RWS B`O\aWbWdWbÉb RS` 5ZSWQVVSWba`SZObW]\ USabr`b 0SW RS\ S`abS\ PSWRS\ /caUOPS\ TW\RSb eSUS\ Ocb][ObWaQVS[ D]Q^gX]V SW\ DS`UZSWQV ^`W[WbWdS` ES`bS abObb) RS` R`WbbS DS`UZSWQV PShWSVb aWQV OPS` OcT RWS 6ºZZ]PXSYbS aSZPab c\R RWS aS aW\R ’ OZa =PXSYbS ’ dS`aQVWSRS\ OcQV eS\\ aWS RS\ UZSWQVS\ ES`b `S^`ÉaS\bWS `S\ 3a Y][[b \]QV aQVZW[[S`( 4OZZa ‰¤ [Wb RS[ ES`b  W\WbWOZWaWS`b eW`R ZWSTS`b OcQV RS` ZSbhbS DS`UZSWQV RS\ ES`b ÍÁÖj eOa RO`O\ ZWSUb ROaa 6ºZZ]PXSYbS heW aQVS\  & c\R  % W\\S`VOZP SW\Sa >]]Za SW\[OZWU OPUSZSUb eS`RS\

(

B_TiXT[[T :[PbbT] d]S
" $

*GZKTQUT\KXZOKX[TM ;WbVWZTS RS` 6ºZZYZOaaS\ Wab Sa aSV` SW\TOQV [rUZWQV HSWQVS\YSbbS\ W\ \c[S`WaQVS 2ObS\ hc Y]\dS`bWS`S\ A] ZOaaS\ aWQV 0S\cbhS`SW\UOPS\ O\ RS` 9]\a]ZS ]RS` SW\S` U`O^VWaQVS\ =PS`TZÉQVS RWS d][ >`]U`O[[ OZa HSWQVS\YSbbS\ S\bUSUS\US\][[S\ eS`RS\ [WbbSZa 6ºZZYZOaaS\ SW\TOQV W\ ^`W[WbWdS 2ObS\bg^S\ c[eO\RSZ\ EW`R SbeO OZa 3W\UOPS SW\ UO\hhOVZWUS` ‰™Í ES`b S`eO`bSb dS`eS\RSb [O\ T]Z US\RS 1]RS>OaaOUS c[ RWS 3W\UOPS hc Y]\dS`bWS`S\( ÊÊ ÁãjÖ~j™ j‰™jÄ ™Íj~jÁˆ#MŽjÍjÄ ”‰Í À.ÍÁ‰™~ j‰™~?MjÀ ™Íj~jÁ ‰™ s ™jÝ ™Íj~jÁ® j‰™~?Mj ¯Ç ÊÊ Á”‰ÍÍj™ ajÄ ‰™Íˆ8jÁÍjÄ Ö™a -ÙW~?Mj ÁjÍÖÁ™ ‰™±‰™Í7?Öj®¯Ç

=V\S @STS`S\h OcT ROa 6ºZZ]PXSYb ZÉaab aWQV RWSa Y][^OYbS` T]`[cZWS`S\( ÁjÍÖÁ™ ™jÝ ™Íj~jÁ® j‰™~?Mj ¯±‰™Í7?Öj®¯Ç

9O\\ RWS 0S\cbhS`SW\UOPS \WQVb Y]\dS`bWS`b eS`RS\ eW`R PSW[ 3`hScUS\ RSa 6ºZZ ]PXSYbSa SW\S /ca\OV[S OcaUSZrab OcT RWS Y]\bSfba^ShWTWaQV hc `SOUWS`S\ Wab 2WS 9]\dS`bWS`c\U W\ O\RS`S ^`W[WbWdS 2ObS\bg^S\ S`T]ZUb OczS` PSW W†?Á O\OZ]U( ;Wb RS[ .ÍÁ‰™~9]\ab`cYb]` RS` XSeSWZWUS\ 6ºZZYZOaaS S`hScUb [O\ SW\ E`O^^S` =PXSYb c\R ^OQYb RS\ ^`W[WbWdS\ ES`b [Wb RS` ^OaaS\RS\ Ü?Öj;SbV]RS Oca /ZbS`\ObWd YO\\ [O\ HSWQVS\YSbbS\ OcQV ]V\S Sf^ZWhWbS 3`hScUc\U d]\ 6ºZZ]PXSYbS\ W\ \c[S`WaQVS Bg^S\ c[eO\RSZ\ W\RS[ [O\ RWS abObWaQVS\ ¬?ÁÄj;SbV]RS\ dS` eS\RSb( ÄÍ?͉W MßÍj ¬?ÁÄj ßÍj® .ÍÁ‰™~ Ä ¯

ÊÊ ßÍj

ÄÍ?͉W ƝÁÍ ¬?ÁÄj.†ÁÍ® .ÍÁ‰™~ Ä ¯

ÊÊ .†ÁÍ

±±± ÄÍ?͉W aÖMj ¬?ÁÄj ÖMj® .ÍÁ‰™~ į

ÊÊ ÖMj

4[SKXOYINK 1UTYZGTZKT 4º` RWS \c[S`WaQVS\ 2ObS\bg^S\ abSZZS\ RWS hcUSVr`WUS\ 6ºZZYZOaaS\ dS`aQVWSRS\S 9]\abO\bS\ W\ 4]`[ d]\ ÄÍ?͉W/bb`WPcbS\ hc` DS`TºUc\U RWS 6ºZZYZOaaS\ aSZPab aW\R U`c\RaÉbhZWQV w‰™? A] YS\\hSWQV\S\ RWS PSWRS\ 9]\abO\bS\
9Û7
2

c\R

!Û7
2

PSW UO\hhOVZWUS\ Bg^S\ RWS =PS` c\R C\bS`U`S\hS RSa RO`abSZZPO`S\ ES`bSPS`SWQVa D]`aWQVb( 0SW 4ZWSzY][[Obg^S\ VOPS\ RWSaS 9]\abO\bS\ SW\S O\RS`S 0SRScbc\U aWS PShSWQV\S\ RS\ Z[TX]bcT] _^bXcXeT] Phe Va»vcT] RO`abSZZPO`S\ ES`b 7[ T]ZUS\RS\ USPS\ eW` SW\WUS d]\ WV\S\ Oca( .ßÄÍj”±Öͱ¬Á‰™Í™® ¹j‰™ÄÍjÁ ‰™Íˆ8jÁÍ] ¹ ´ ™Íj~jÁ± !Û7
2 ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹~Á ÍjÁ MßÍjˆ8jÁÍ] ¹ ´ ßÍj±
9Û7
2 ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹j‰™ÄÍjÁ ¬Ä‰Í‰ÜjÁ aÖMjˆ8jÁÍ] ¹ ´ ÖMj± !Û7
2 ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹~Á ÍjÁ aÖMjˆ8jÁÍ] ¹ ´ ßÍj±
9Û7
2 ¯Ç

" %

(

B_TiXT[[T :[PbbT] d]S
2WS 9]\abO\bS\ YO\\ [O\ OPS` OcQV dS`eS\RS\ c[ W\ SW\S[ >`]U`O[[ ÍPS`ZOcTaW bcObW]\S\ hc S`YS\\S\ c\R RO`OcT S\ba^`SQVS\R hc `SOUWS`S\ dUZ '"



/SVRKSKTZOKX[TMYHKOYVOKR 3_/TZKMKX

EW` e]ZZS\ O[ 0SWa^WSZ RS` 9ZOaaS ™Íj~jÁ Yc`h VW\bS` RWS 9cZWaaS\ RS` 6ºZZYZOa aS\ aQVOcS\ c\R BSWZS RWSaS` 9ZOaaS W\ SW\S` SWUS\S\ 9ZOaaS ß™Íj~jÁ \OQVW[ ^ZS[S\bWS`S\ \Obº`ZWQV ]V\S RW`SYb RWS 9ZOaaS ™Íj~jÁ hc dS`eS\RS\ <SPS\ RS\ PSWRS\ S`eÉV\bS\ 9]\ab`cYb]`S\ ¬ÖM‰W

ß™Íj~jÁ® ‰™Í Ü?Öj ¯

¬ÖM‰W

ß™Íj~jÁ® .ÍÁ‰™~ Ä ¯

a]ZZS\ RWS ;SbV]RS\ ¬ÖM‰W ‰™Í ‰™Í7?Öj®¯ ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯

c\R RWS 9]\abO\bS\ ÄÍ?͉W ‰™Í


9Û7
2

ÄÍ?͉W ‰™Í

!Û7
2

PS`SWb USabSZZb eS`RS\ Hc\ÉQVab hc RS\ 9]\abO\bS\( 0SW[ YZSW\abS\ RO`abSZZPO`S\ ES`b Wab W\ RS` 0Wb @S^`ÉaS\bObW]\ ZSRWUZWQV ROa D]`hSWQVS\0Wb USaSbhb RV eW` aQVWSPS\ W[ ES`b  OZZS 0Wba ! AbSZZS\ \OQV ZW\Ya 2S` U`rzbS ES`b VOb OZZS 0Wba OczS` ROa D]`hSWQVS\0Wb US aSbhb a] ROaa RWSaS` OZa PWbeSWaSa 9][^ZS[S\b RSa YZSW\abS\ ES`bSa RSTW\WS`b eW`R( ÄÍ?͉W ‰™Í

!Û7
2 s ¤‘‘ϤÇ

ÄÍ?͉W ‰™Í


9Û7
2 s I®¤‘‘Ϥ¯Ç

3W\S 7\abO\h RS` 9ZOaaS ß™Íj~jÁ `S^`ÉaS\bWS`b SW\S\ ‰™ÍES`b RS` PSW[ 3`hSc US\ S\beSRS` RW`SYb ]RS` OZa .ÍÁ‰™~ O\USUSPS\ eW`R 2O RWSaS` ES`b eÉV`S\R RS` USaO[bS\ :SPS\aROcS` dS`TºUPO` aSW\ [caa ZSUb [O\ RWSaS\ W\ SW\S[ ^`WdObS\ /bb`W Pcb OP 2S`
D]\ RS\ 9]\ab`cYb]`S\ Wab RS` S`abS SW\TOQV hc S`abSZZS\ RS\\ RS` ES`b RSa /`Uc [S\ba Wab ZSRWUZWQV O\ ROa W\bS`\S /bb`WPcb hc ºPS`USPS\( ¬ÖM‰W

ß™Íj~jÁ® ‰™Í Ü?Öj ¯ P ‰Ü? s Ü?ÖjÇ Q

2S` O\RS`S 9]\ab`cYb]` S`T]`RS`b SbeOa [SV` /\ab`S\Uc\U( 2S` ºPS`USPS\S .ÍÁ‰™~ eW`R W\ SW\S\ ‰™ÍES`b c[USeO\RSZb RS` RS[ W\bS`\S\ /bb`WPcb hcUSeWSaS\ eW`R /ca 5`º\RS\ RS` ÍPS`aWQVbZWQVYSWb dS`eS\RS\ eW` SW\S \]QV hc RSTW\WS`S\RS ^`WdObS 9]\dS`bWS`c\Ua[SbV]RS c\R S`abSZZS\ RS\ 9]\ab`cYb]` eWS T]ZUb( ¬ÖM‰W

ß™Íj~jÁ® .ÍÁ‰™~ Ä ¯ P

‰Ü? s ÄÍÁ‰™~ԉ™Í® Ä ¯Ç Q

(

B_TiXT[[T :[PbbT] d]S
" &


4º` RWS ;SbV]RS ͝.ÍÁ‰™~®¯ eS\RS\ eW` RS\ B`WQY [Wb .ÍÁ‰™~DS`YSbbc\U O\( ¬ÖM‰W ‰™Í ͝.ÍÁ‰™~®¯ P ÁjÍÖÁ™ ¹¹ ´ ‰Ü?Ç Q

HeSW 7\abO\hS\ RS` 9ZOaaS ™Íj~jÁ a]ZZS\ dWO j¶Ö?Ä®¯ UZSWQV aSW\ eS\\ aWS RS\ UZSWQVS\ ES`b `S^`ÉaS\bWS`S\( ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ‰w® MŽ ss ™Ö ¯ ÁjÍÖÁ™ w?ÄjÇ ‰w® ~jÍ ?ÄÄ®¯ us MŽ±~jÍ ?ÄÄ®¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ÁjÍÖÁ™® ‰Ü? ss ®®™Íj~jÁ¯MŽ¯±‰Ü? ¯Ç Q

2WS S`abS\ PSWRS\ HSWZS\ RS` ;SbV]RS\RSTW\WbW]\ PSVO\RSZ\ VWS` ZSRWUZWQV A]\RS`TÉZ ZS OcT RWS eW` a^ÉbS` SW\USVS\ eS`RS\ 7\VOZbZWQV `SZSdO\b Wab VWS` RS` DS`UZSWQV RS` ES`bS d]\ ‰Ü? W\ ͆‰Ä [Wb ‰Ü? W\ MŽ W\ RS` ZSbhbS\ HSWZS :SbhbZWQV dS`PZSWPb \]QV RWS ^`WdObS 9]\dS`bWS`c\Ua`]cbW\S 2WSaS eO\RSZb SW\S\ .ÍÁ‰™~ W\ SW\S\ ‰™ÍES`b c[ c\R UWPb WV\ hc`ºQY :Éaab aWQV RS` .ÍÁ‰™~ \WQVb Y]``SYb Y]\dS`bWS`S\ eW`R SW\S /ca\OV[S OcaUSZrab 0SW RS` 9]\dS`bWS`c\U eW`R RWS HSWQVS\YSbbS d]\ `SQVba \OQV ZW\Ya Rc`QVZOcTS\ RWS XSeSWZWUS W\ SW\S HOVZ USeO\RSZ bS HWTTS` [Wb RS` hc` AbSZZWUYSWb USVr`S\RS\ S`>]bS\h [cZbW^ZWhWS`b c\R W[ 3`USP\Wa OcTac[[WS`b ¬Á‰Ü?Íj ÄÍ?͉W ‰™Í ÄÍÁ‰™~ԉ™Í® .ÍÁ‰™~ Ä ¯ P W†?Á WÇ ‰™Í ãÇ

ÊÊ Ws~jjÄj™j =‰wwjÁ^ ãsajÁj™ =?†j™ÝjÁÍ

‰™Í s¤Ç

ÊÊ ¤åjÁ +Íj™ã^ Žj ™?W† .Íjj

‰™Í jÁ~såÇ

ÊÊ Á~jM™‰Ä

‰™Í j™sıj™~͆®¯Ç ÊÊ C™~j ajÄ .ÍÁ‰™~Ä wÁ® ‰™Í ‰såÇ ‰‘j™Ç ‰´´ ¯ P W s ıW†?Á
Í® j™ˆ‰ˆ¤ ¯Ç ‰w® W‘ÀåÀ OO WÀšÀ ¯ ͆ÁÝ ™jÝ !֔MjÁÁ”?Í ÞWj¬Í‰™® Ä ¯Ç ã s W r ÀåÀÇ

ÊÊ =‰wwjÁ ‰™ =?†

jÁ~ ´s ã J Ç

ÊÊ
ÖwÄ֔”‰jÁj™

 Js ¤åÇ

ÊÊ ™CW†ÄÍj ¤åjÁ +Íj™ã

Q ÁjÍÖÁ™ jÁ~Ç Q

2WS ;SbV]RS Tc\YbW]\WS`b XSR]QV \]QV \WQVb Y]``SYb Tº` \SUObWdS ES`bS PSW ºPS`US PS\S[ :SS`ab`W\U c\R PSW HSWQVS\YSbbS\ RWS OczS`VOZP RSa ‰™ÍES`bSPS`SWQVa ZWS US\ 3W\S 3`eSWbS`c\U Wab OZa ÍPc\UaOcTUOPS d]`USaSVS\ aWSVS ÍPc\U '

" '

(



B_TiXT[[T :[PbbT] d]S
+XQKTTKT \UT kHKXRo[LKT

2S` ES`bSPS`SWQV UO\hhOVZWUS` 2ObS\bg^S\ Wab ’ eWS W[ ZSbhbS\ 9O^WbSZ RO`USabSZZb ’ Rc`QV RWS 9]\abO\bS\ !Û7
2 c\R
9Û7
2 RS` XSeSWZWUS\ 6ºZZYZOaaS\ PS U`S\hb A] YO\\ h0 SW\S DO`WOPZS d][ Bg^ ‰™Í ZSRWUZWQV ES`bS heWaQVS\ SW\ aQVZWSzZWQV ™Íj~jÁ± !Û7
2 c\R ™Íj~jÁ±
9Û7
2 O\\SV[S\ EWS ROa T]ZUS\RS 0SWa^WSZ hSWUb TW\RSb W\ 8OdO YSW\S Ocb][ObWaQVS >`ºTc\U abObb TOZZa O`WbV[SbWaQVS =^S`ObW]\S\ Oca RWSaS[ 0S`SWQV VW\OcaTºV`S\( ¬ÖM‰W W?ÄÄ 2jMjÁ?Öw P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ™Íj~jÁ±
9Û7
2 ´ ¤ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ™Íj~jÁ± !Û7
2 ˆ ¤ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ˆ™Íj~jÁ± !Û7
2 ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ï J ¤¤¤¤¤¤¤¤¤¤ ¯Ç Q Q

5O\h W[ 5SUS\bSWZ( 2WS =^S`ObW]\ eW`R OcT RS[ RO`abSZZPO`S\ 0S`SWQV OcaUSTºV`b ºPS`ZOcTS\RS 0Wba c\R [ObVS[ObWaQV W\Y]``SYbSa DS`VOZbS\ eW`R SW\TOQV WU\]`WS`b eWS RS` =cb^cb RSa >`]U`O[[a hSWUb( ˆ ™Äj ˆ ˆÔ¤|È|oÏÉ|È Ô¤|È|oÏÉ|È ˆÔ¤|È|oÏÉ|È ˆšÉ¤ÉÏϚÉÏ

2WS S`abS /caUOPShSWZS ZÉaab aWQV Rc`QV PWbeSWaS /RRWbW]\ d]\ 夤¤¤¤¤¤ ¤¤¤¤¤¤¤¤ ¤¤¤¤¤¤¤¤ ¤¤¤¤¤¤¤¤

™Íj~jÁ±
9Û7
2

åååååååå åååååååå åååååååå ååååååå¤

¤

\OQVd]ZZhWSVS\ 0WbeSWaS /RRWbW]\ TºV`b hc ¤ååååååå åååååååå åååååååå åååååååå

eOa OcTU`c\R RS` 9][^ZS[S\b2O`abSZZc\U RS\ W[ =cb^cb RO`USabSZZbS\ ES`b ™ˆ Íj~jÁ± !Û7
2 `S^`ÉaS\bWS`b /cQV eS\\ aWQV ROa [ObVS[ObWaQVS 4SVZdS`VOZbS\ RS` O\RS`S\ Y`WbWaQVS\ =^S`ObW]\S\ \SPS\ RS` /RRWbW]\ aW\R RWSa ;cZbW^ZWYObW]\ AcPb`OYbW]\ 2WdWaW]\ c\R a]UO` RWS <SUObW]\ W[ ]PWUS\ 0SWa^WSZ Rc`QV O\OZ]US ÍPS`ZSUc\US\ S`YZÉ`S\ ZÉaab VWZTb RWSa W\ RS` >`OfWa eS\WU eSWbS` 6WS` Wab S\beSRS` [WbbSZa U`c\RaÉbhZWQVS` ÍPS`ZSUc\US\ Tº` XSRS SW\hSZ\S /\eS\Rc\U aWQVS` hc abSZZS\ ROaa YSW\S ÍPS`ZÉcTS abObbTW\RS\ Yr\\S\ ]RS` Sa aW\R S\ba^`SQVS\RS D]`aWQVba[Oz \OV[S\ hc b`STTS\ 3W\ 7U\]`WS`S\ d]\ ÍPS`ZÉcTS\ YO\\ XSRS\TOZZa TObOZS 4]ZUS\ \OQV aWQV hWSVS\ RO [Wb [ObVS[ObWaQV aW\\Z]aS\ ES`bS\ eSWbS` US`SQV\Sb eW`R 3W\S ;rUZWQVYSWb RWSaS hc[W\RSab hc S`YS\\S\ PSabSVb RO`W\ Y`WbWaQVS =^S`ObW]\S\ W\

(

B_TiXT[[T :[PbbT] d]S
" (

SWUS\S\ ;SbV]RS\ hc YO^aSZ\ RWS PSW ÍPS`ZOcT SW\S /ca\OV[S OcaZraS\ eWS RWSa O[ 0SWa^WSZ RS` /RRWbW]\ d]\ ‰™ÍES`bS\ RO`USabSZZb Wab( ¬Á‰Ü?Íj ÄÍ?͉W ‰™Í ?aa® ‰™Í ?^ ‰™Í M ¯ P ÊÊ ™‰W†Í ~j‰W†jÄ 7Áãj‰W†j™^ j‰™w?W†jÁ ? ‰w® ®? s å FF M ‘s å¯ OO ®? ‘s å FF M s å¯ ¯ ÁjÍÖÁ™ ? ´ MÇ ÊÊ ŽjÍãÍ †?Mj™ ? ֙a M ~j‰W†jÄ 7Áãj‰W†j™u ‰w® M ss ™Íj~jÁ± !Û7
2 ¯

ÊÊ.™ajÁw?

͆ÁÝ ™jÝ
Á‰Í†”j͉W ÞWj¬Í‰™®¹5MjÁ?Öw] ¹ ´ ? ´ ¹´¹ ´ M¯Ç ‰w® ?  å ¯ ‰w® ?  ™Íj~jÁ±
9Û7
2 r M ¯ ÊÊ5MjÁ?Öw ™?W† Mj™· ͆ÁÝ ™jÝ
Á‰Í†”j͉W ÞWj¬Í‰™®¹5MjÁ?Öw] ¹ ´ ? ´ ¹´¹ ´ M¯Ç ‰w® ? ‘ å ¯ ‰w® ? ‘ ™Íj~jÁ± !Û7
2 r M ¯ ÊÊ5MjÁ?Öw ™?W† ֙Íj™· ͆ÁÝ ™jÝ
Á‰Í†”j͉W ÞWj¬Í‰™®¹5MjÁ?Öw] ¹ ´ ? ´ ¹´¹ ´ M¯Ç ÁjÍÖÁ™ ? ´ MÇ Q

BSabOcaR`ºQYS eWS ? ´ M  ™Íj~jÁ±
9Û7
2 ? ´ M ‘ ™Íj~jÁ± !Û7
2

aW\R aW\\Z]a RO RWSaS W[[S` w?Äj ZWSTS`\ 2OVS` eS`RS\ RWS ÍPS`ZOcTPSRW\Uc\US\ [ObVS[ObWaQV É_cWdOZS\b c[UST]`[b c\R W\ /caR`ºQYS\ RO`USabSZZb RWS aSZPab YSW\S\ ÍPS`ZOcT S`hScUS\ SW\S\ a]ZQVS\ OPS` S`YS\\S\ eWS ?  ™Íj~jÁ±
9Û7
2 ˆ M

ÊÊ j‰™ +ÁMj”^ a? M ¬Ä‰Í‰Ü

? ‘ ™Íj~jÁ± !Û7
2 r M

ÊÊ j‰™ +ÁMj”^ a? M ™j~?͉Ü

2S` SW\hWUS Y`WbWaQVS 4OZZ PSW RS[ SW\ ÍPS`ZOcT OcTb`SbS\ Yr\\bS ec`RS Rc`QV RWS /PT`OUS Mss™Íj~jÁ± !Û7
2 hcd]` PS`SWba OcaUSaQVZ]aaS\ 7[ 1]RW\U dS`eS\RSb [O\ RO\\ O\abSZZS RSa /caR`cQYa ?´M RS\ ;SbV]RS\OcT`cT ?aa®?^ M¯ e]Rc`QV SW\ ÍPS`ZOcT heO` \WQVb dS`VW\RS`b OPS` hc[W\RSab S`YO\\b eW`R 3a ZWSUb RO\\ W\ RS` DS`O\be]`bc\U RSa 3\beWQYZS`a OcT RWS /ca\OV[S S\b a^`SQVS\R hc `SOUWS`S\ ]RS` RWSaS eSWbS` hc `SWQVS\ EWS aWQV U`c\RaÉbhZWQV ÍPS` ZÉcTS dS`[SWRS\ ZOaaS\ eS`RS\ eW` W[ \ÉQVabS\ /PaQV\Wbb RO`abSZZS\



*OK 1RGYYK (OM/TZKMKX

2WS 9ZOaaS ‰~™Íj~jÁ RWS W[ >OYSb Ž?Ü?±”?͆ PS`SWb USabSZZb eW`R abSZZb SW\S ;rUZWQVYSWb RO` RWS ÍPS`ZOcT^`]PZS[ObWY U`c\RaÉbhZWQV hc c[USVS\ c\R [Wb PSZWS PWU U`]zS\ UO\hhOVZWUS\ ES`bS\ hc `SQV\S\ 2WSaS 9ZOaaS ZÉaab aWQV OZa 6ºZZYZOaaS OcTTOaaS\ RS`S\ 7\abO\hS\ UO\hS HOVZS\ `S^`ÉaS\bWS`S\ RWS a]UO` ºPS` RS\ ES`bPS `SWQV RSa 2ObS\bg^a ™~ VW\OcaUSVS\ 0Sb`OQVbS\ eW` T]ZUS\RSa 0SWa^WSZ(

"!

(

B_TiXT[[T :[PbbT] d]S
‰”¬ÁÍ Ž?Ü?±”?͆±JÇ ¬ÖM‰W W?ÄÄ ‰~™Íj~jÁ+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰~™Íj~jÁ M¤ s ™jÝ ‰~™Íj~jÁ® ¹|||||||||||||||||||¹ ¯Ç ‰~™Íj~jÁ MÔ s ™jÝ ‰~™Íj~jÁ® ¹yyyyyyyyyyyyyyyyyyy¹ ¯Ç ‰~™Íj~jÁ MÏ s M¤±?aa® MÔ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® MÏ ¯Ç Q Q

ÒV\ZWQV eWS PSW RS\ SWUS\bZWQVS\ 6ºZZYZOaaS\ ºPS`UWPb [O\ SW\S HSWQVS\YSbbS HWT TS`\T]ZUS O\ RS\ .ÍÁ‰™~9]\ab`cYb]` c\R S`hScUb RO[Wb SW\ =PXSYb ROa RWSXS\WUS UO\hS HOVZ `S^`ÉaS\bWS`b RS`S\ 2ShW[OZRO`abSZZc\U [Wb RS` ºPS`USPS\S\ HSWQVS\YSb bS ºPS`SW\abW[[b /\abSZZS RS` O`WbV[SbWaQVS\ =^S`ObW]\S\ ´ ˆ J  abSZZb RWS 9ZOaaS ‰~™Íj~jÁ S\ba^`SQVS\RS ;SbV]RS\ hc` DS`TºUc\U 2WS eWQVbWUabS\ ;S bV]RS\ c\R RS`S\ O`WbV[SbWaQVS 3\ba^`SQVc\U aW\R( ¬ÖM‰W ‰~™Íj~jÁ ?aa® ‰~™Íj~jÁ Ü ¯

ÊÊ
aa‰Í‰™

¬ÖM‰W ‰~™Íj~jÁ ÄÖMÍÁ?WÍ® ‰~™Íj~jÁ Ü ¯

ÊÊ .ÖMÍÁ?Í‰™

¬ÖM‰W ‰~™Íj~jÁ ”֐͉¬ß® ‰~™Íj~jÁ Ü ¯

ÊÊ

¬ÖM‰W ‰~™Íj~jÁ a‰Ü‰aj® ‰~™Íj~jÁ Ü ¯

ÊÊ ‰Ü‰Ä‰™

¬ÖM‰W ‰~™Íj~jÁ ~Wa® ‰~™Íj~jÁ Ü ¯

ÊÊ ~~Í

¬ÖM‰W ‰~™Íj~jÁ ™j~?Íj® ¯

ÊÊ !j~?͉™

֐͉¬‰?͉™

6WS`PSW S\ba^`WQVb ROa OcT`cTS\RS =PXSYb RS[ S`abS\ =^S`O\RS\ c\R ROa ºPS`USPS \S /`Uc[S\b RS[ heSWbS\ =^S`O\RS\ RS` S\ba^`SQVS\RS\ O`WbV[SbWaQVS\ =^S`ObW ]\ 2Oa 3`USP\Wa RS` =^S`ObW]\ eW`R abSba W\ SW\S[ ]TdT] ‰~™Íj~jÁ=PXSYb OPUSZSUb c\R hc`ºQYUSUSPS\ 7\abO\hS\ RWSaS` 9ZOaaS aW\R U`c\RaÉbhZWQV c\dS`É\RS` ZWQV X\\dcPQ[T 2S` /caR`cQY ‰~™Íj~jÁ MÏ s M¤±?aa® MÔ ¯Ç

S`hScUb a][Wb SW\S \ScS 7\abO\h MÏ eSZQVS RWS Ac[[S d]\ M¤ c\R MÔ RO`abSZZb /Za /\eS\Rc\UaPSWa^WSZ eW`R W\ ÍPc\U '" RWS PS`SWba PSYO\\bS 7[^ZS[S\bWS`c\U RS` @ObW]\OZS\ HOVZS\ OcTUSU`WTTS\ c\R POaWS`S\R OcT ‰~™Íj~jÁ W\ SW\S` d]` ÍPS`ZOcT aWQVS`S\ DO`WO\bS ‰~ ÁÖW† RO`USabSZZb :SWRS` VOb ROa @SQV\S\ [Wb ‰~™Íj~jÁ OcQV aSW\S\ >`SWa 2WS W\bS`\S DS`eOZbc\U Wab aSV` hSWbOcTeS\RWU a] ROaa [O\ RWSaS 9ZOaaS hc`ºQYVOZbS\R dS`eS\RS\ a]ZZbS



'[L`oNR[TMYZ_VKT +T[SKXGZOUT

;Wb RS` 8 A3 # ec`RS\ /cThÉVZc\Uabg^S\ 4]d\TaPcX^] Rc`QV ROa AQVZºaaSZe]`b j™Ö” OZa [ÉQVbWUSa 9]\hS^b W\ 8OdO OcTUS\][[S\ /cThÉVZc\US\ PSabSVS\ Oca SW \S` TSabS\ hc` 1][^WZShSWb PSYO\\bS\ /\hOVZ d]\ 9]\abO\bS\ Bg^WaQVS 0SWa^WSZS Tº` /cThÉVZc\US\ aW\R E]QVS\bOUS ;]\Oba\O[S\ 6W[[SZa`WQVbc\US\ ;S\º]^bW] \S\ SbQ 8OdOj™Ö”Ä abSZZS\ SW\S SQVbS A^`OQVS`eSWbS`c\U RO`) aWS aW\R YSW\S SZSUO\ bS`S 4]`[cZWS`c\U PS`SWba d]`VO\RS\S` 9]\ab`cYbS a]\RS`\ S`rTT\S\ \ScS Y][^ZSfS

(

B_TiXT[[T :[PbbT] d]S
"!

>`]U`O[[WS`bSQV\WYS\ 7\ 1 abSVS\ /cThÉVZc\US\ W\ SW\TOQVS` 4]`[ aQV]\ ZO\US hc` DS`TºUc\U W\ 8OdO # ec`RS\ aWS [Wb ^`OYbWaQV WRS\bWaQVS` Ag\bOf XSR]QV c[ TO\U`SWQVS[ ]PXSYb]`WS\bWS`bS[ 9]\bSfb c\R Y][^ZSfS\ DS`VOZbS\a[rUZWQVYSWbS\ SW\USTºV`b 8OdO/cThÉVZc\US\ aW\R QTb^]STaT UX]P[T :[PbbT] d]\ RS\S\ aWQV YSW\S =PXSYbS c\R C\bS`YZOaaS\ S`hScUS\ ZOaaS\ /ZZS j™Ö”9ZOaaS\ aW\R W[^ZWhWb d]\ RS` OPab`OYbS\ TW\OZS\ 9ZOaaS Ž?Ü?±?™~± ™Ö” OPUSZSWbSb 3W\S 9ZOaaS YO\\ \SPS\ dS`b`OcbS\ 3ZS[S\bS\ OcQV /cThÉVZc\Uabg^S\ S\bVOZbS\( W?ÄÄ +Áj‰Äj P ¬Á‰Ü?Íj aÖMj ÄÍÖjW+Áj‰ÄÇ ¬Á‰Ü?Íj j™Ö”

j™~j™P j‰™^

‰ÍÍj^ ÁÄÄ QÇ

¬ÖM‰W +Áj‰Äj® aÖMj ¬ ¯ P ÄÍÖjW+Áj‰Ä s ¬Ç Q ¬ÖM‰W aÖMj ~jÄ?”Í+Áj‰Ä® ‰™Í ã?† ¯ P j™~j™ ” s

j™~j™±j‰™Ç

‰w® ã?†  ¤åå ¯

” s

‰w® ã?†  ¤ååå ¯ ” s

aÖMj ¬Áj‰Ä s å±åÇ

j™~j™± ‰ÍÍjÇ j™~j™±ÁÄÄÇ

Ä݉ÍW†® ” ¯P W?Äj j‰™ ] W?Äj

¬Áj‰Ä s ¤±åJã?†JÄÍÖjW+Áj‰ÄÇ

MÁj?Ç

‰ÍÍj ] ¬Áj‰Ä s 屚Jã?†JÄÍÖjW+Áj‰ÄÇ

MÁj?Ç

W?Äj ÁÄÄ ]

¬Áj‰Ä s å±oJã?†JÄÍÖjW+Áj‰ÄÇ

MÁj?Ç

Q ÁjÍÖÁ™ ¬Áj‰ÄÇ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P +Áj‰Äj ÍjÄÍjÁ s ™jÝ +Áj‰Äj® ¤åå±å ¯Ç #±ÝÁ‰Íj™® ¹+Áj‰Ä s ¹ ´ ÍjÄÍjÁ±~jÄ?”Í+Áj‰Ä®Èoå¯ ¯Ç Q Q

2SYZO`ObW]\ c\R OcThÉVZS\RS 7\WbWOZWaWS`c\U eS`RS\ [Wb AS[WY]Z]\ OPUSaQVZ]aaS\( j™Ö”

j™~j™P j‰™^

‰ÍÍj^ ÁÄÄ QÇ

ÊÊ ””? Mj‰”
ÖwãC†j™u

7\bS`\ eW`R SW\S :[PbbT j™~j™ O\USZSUb RWS OZa abObWaQVS 3ZS[S\bS RWS Y]\abO\bS\ =PXSYbS j‰™ ‰ÍÍj ÁÄÄ S\bVÉZb 7[ 5SUS\aObh hc 1 abSVS\ RWSaS ]XRWc Tº` RWS 7\bSUS`/cThÉVZc\U   a]\RS`\ `S^`ÉaS\bWS`S\ Y]\abO\bS =PXSYbS WV`Sa SW US\S\ 3\c[Bg^a VWS`( j™~j™ RS` \WQVb hc O\RS`S\ 2ObS\bg^S\ USQOabSb eS` RS\ YO\\ 8SRS 3\c[S`ObW]\ abSZZb SW\S\ TXVT]T] =P\T]baPd\ RO` a] ROaa UZSWQVS 0ShSWQV\S` W\ dS`aQVWSRS\S\ S\c[a RS` UZSWQVS\ 9ZOaaS\ hcZÉaaWU aW\R 7\ RWSaS[ AW\\S aW\R j™Ö”Ä ch_bXRWTa RO aWS \WQVb [Wb ‰™ÍES`bS\ ]RS` O\RS`S\ =PXSYbbg^S\ dS`eSQVaSZb eS`RS\ Yr\\S\ 2c`QV( j™~j™ ” eW`R SW\S =PXSYbdO`WO PZS d][ Bg^ RS` 3\c[S`ObW]\ j™~j™ RSYZO`WS`b RS` \c` =PXSYbS d][ Bg^ j™ˆ ~j™ hcUSeWSaS\ eS`RS\ Rº`TS\ ’ RWSa aW\R US`ORS RWS W\ RS` /cThÉVZc\U j™~j™ O\USZSUbS\ =PXSYbS j‰™ ‰ÍÍj ÁÄÄ d][ Bg^ RS` 9ZOaaS j™~j™ 2S` 1][^WZS` ^`ºTb OcT Bg^Y][^ObWPWZWbÉb

"!!

( j™~j™ ” s

” s ÔÇ

j™~j™±j‰™Ç

B_TiXT[[T :[PbbT] d]S
ÊÊ # ˆ Í߬”¬?͉Mj

ÊÊ j†jÁ ˆ ™‰W†Í Í߬”¬?͉Mj ˆ ”¬‰jÁwj†jÁu

™Ö”Bg^S\ Yr\\S\ W\ Ä݉ÍW†Ab`cYbc`S\ dS`eS\RSb eS`RS\( 7\ W?Äj eW`R ROa XSeSWZWUS j™Ö”=PXSYb ^W]T d]`O\USabSZZbS\ j™Ö”9ZOaaS\\O[S\ US\O\\b 2S` 7\ VOZb RS` =PXSYbdO`WOPZS\ ” eW`R [Wb RS\ =PXSYbS\ RS` S\c[9ZOaaS ;S\US\ dS`UZW QVS\ c\R S\ba^`SQVS\R dS`heSWUb 4º` S\c[=PXSYbS aW\R RWS ETaV[TXRWb^_TaPcX^]T] ss c\R us RSTW\WS`b ]XRWc XSR]QV RWS =^S`ObW]\S\ ‘  ‘s s ( ‰w® ” ss

j™~j™±ÁÄÄ ¯ #±ÝÁ‰Íj™® ¹ÁjÄ jM‰™aj¹ ¯Ç

2S` 8]WP[c SW\S` 3\c[S`ObW]\ YO\\ OcT RS` 9ZOaaS c\R WV`S\ =PXSYbS\ PdbVTVTQT] eS`RS\ ’ Tº` j™Ö” ec`RS RWS ;SbV]RS ͝.ÍÁ‰™~®¯ S\ba^`SQVS\R W[^ZS[S\bWS`b 2OPSW eS`RS\ RWS
j™~j™±j‰™Ç

#±ÝÁ‰Íj™® ¹™†?Í] ¹ ´

#±ÝÁ‰Íj™® ¹™†?Í]¹ ´ ” ¯Ç j™~j™± ‰ÍÍj ´ ¹

¹ ´

j™~j™±ÁÄÄ ¯Ç

ˆ ™Äj ˆ ™†?Í] j‰™ ™†?Í]

‰ÍÍj

ÁÄÄ

2S` /cThÉVZc\Uabg^ j™Ö” [OQVb c\aQVr\S 7X[UbZ^]bcadZcX^]T] ºPS`TZºaaWU 2Ohc USVr`S\ h0 [SbV]RS\Z]aS 9ZOaaS\ RWS \c` abObWaQVS 7\bSUS`9]\abO\bS\ S\bVOZbS\ /cThÉVZc\Uabg^S\ Yr\\S\ W[ :»a_Ta RS` j™Ö”9ZOaaS a]UO` [Wb ;SbV]RS\ 9]\ ab`cYb]`S\ c\R /bb`WPcbS\ dS`aSVS\ eS`RS\ 7\T]`[ObW]\S\ hc RWSaS\ T]`bUSaQV`WbbS \S\ 9]\hS^bS\ PSTW\RS\ aWQV OcT RS` ESPaSWbS RSa 0cQVSa



9VK`OKRRK 3KZNUJKT

7\ RWSaS[ /PaQV\Wbb PSTOaaS\ eW` c\a [Wb a^ShWSZZS\ ;SbV]RS\ RWS PSW dWSZS\ PS`SWba SfWabWS`S\RS\ 9ZOaaS\ OPS` PSa]\RS`a OcQV PSW \Sc hc S`abSZZS\RS\ 9ZOaaS\ d]\ 7\ bS`SaaS aW\R 6WS`PSW VO\RSZb Sa aWQV c[ RWS ;SbV]RS\ ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ Í†?Í ¯ ¬ÖM‰W ‰™Í †?Ć aj®¯ ¬ÖM‰W ‰™Í W”¬?Áj0®¯

2WS S`abS\ PSWRS\ eS`RS\ eWS OcQV RWS PS`SWba PSYO\\bS ;SbV]RS ͝.ÍÁ‰™~®¯ W\ #MŽjWÍ RSTW\WS`b c\R aW\R ROVS` U`c\RaÉbhZWQV W\ OZZS\ 9ZOaaS\ ^`ÉaS\b 3\beSRS` W\ RS` c`a^`º\UZWQVS\ USS`PbS\ 7[^ZS[S\bWS`c\U ]RS` W\RS[ RWSaS YZOaaS\a^ShWTWaQV ºPS`aQV`WSPS\ ec`RS 2WS ;SbV]RS W”¬?Áj0®¯ Wab \WQVb Tº` OZZS 9ZOaaS\ aW\\d]ZZ SbeO \WQVb W\ #MŽjWÍ c\R eW`R Tº` 9ZOaaS\ T]`[cZWS`b RS`S\ 7\abO\hS\ SW\S \Obº` ZWQVS YO\]\WaQVS =`R\c\U PSaWbhS\

(

B_TiXT[[T :[PbbT] d]S


"!"

*OK 3KZNUJK KW[GRY

/\ T`ºVS`S\ AbSZZS\ aW\R eW` PS`SWba RS\ PSWRS\ DS`UZSWQVa[rUZWQVYSWbS\ d]\ @STS `S\hdO`WOPZS\ PSUSU\Sb RWS eW` W\ T]ZUS\RS` 1]RS>OaaOUS \]QV SW\[OZ RO`abSZZS\( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ÍÁ‰™~ Ĥ s ™jÝ .ÍÁ‰™~® ¹?¹ ¯Ç .ÍÁ‰™~ ÄÔ s ™jÝ .ÍÁ‰™~® ¹?¹ ¯Ç .ÍÁ‰™~ ÄÏ s Ä¤Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ĥ ss ÄÔ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ĥ±j¶Ö?Ä® ÄÔ ¯ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ĥ ss ÄÏ ¯Ç Q

3a eS`RS\ heSW 7\abO\hS\ RS` 9ZOaaS .ÍÁ‰™~ [Wb 7\VOZb ? c\R S\ba^`SQVS\ RS\ @STS`S\hdO`WOPZS\ Ĥ c\R ÄÔ O\USZSUb 3W\S` R`WbbS\ DO`WOPZS\ ÄÏ eW`R Ĥ hc USeWSaS\ 2S` =cb^cb ZOcbSb eWS T]ZUb( ˆ ™Äj ˆ w?Äj ÍÁÖj ÍÁÖj

2S` S`abS DS`UZSWQV =^S`Ob]` ++ ^`ºTb RWS 8ST]cXcÊc RS` `STS`S\hWS`bS\ =PXSYbS c\R S`UWPb w?Äj RO Sa aWQV c[ heSW SWUS\abÉ\RWUS =PXSYbS VO\RSZb RWS c\OPVÉ\UWU d]\SW\O\RS` W[ A^SWQVS` OPUSZSUb eS`RS\ 2Oaa RWSaS =PXSYbS RS\ UZSWQVS\ 7\VOZb VOPS\ c\R PSWRS RWS UZSWQVS HSWQVS\YSbbS `S^`ÉaS\bWS`S\ Wab VWS` drZZWU c\S`VSPZWQV 2WS W\VOZbZWQVS 6[TXRWWTXc eW`R ROUSUS\ d]\ RS` ;SbV]RS j¶Ö?Ä®¯ S`TOaab( 2S` heSWbS DS`UZSWQV ZWSTS`b ÍÁÖj  RO RWS Rc`QV Ĥ c\R ÄÔ `S^`ÉaS\bWS`bS\ HSWQVS\YSb bS\ WRS\bWaQV aW\R 0SWRS 7\abO\hS\ RS` 9ZOaaS Ab`W\U aW\R X]WP[c[XRW UZSWQV EOa [O\ XSR]QV W\ SW\S` 9ZOaaS c\bS` X]WP[c[XRW V[TXRW dS`abSVb Wab \WQVb W[[S` d]\ d]`\VS`SW\ YZO` c\R VÉ\Ub eSaS\bZWQV ROd]\ OP eOa [Wb RS` 9ZOaaS W\bS\RWS`b Wab c\R eSZQVS 3\bWbÉbS\ RS` `SOZS\ ]RS` [ObVS[ObWaQVS\ ESZb Rc`QV RWS 7\abO\hS\ RS` 9ZOaaS `S^`ÉaS\bWS`b eS`RS\ a]ZZS\ 0Sb`OQVbS\ eW` VWS`hc ROa T]ZUS\RS >`]U`O[[ ROa \WQVb ’ eWS SbeO S`eO`bSb ’ RS\ ES`b ÍÁÖj a]\RS`\ w?Äj OcaUWPb( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ÍÁ‰™~ ÖwwjÁ M¤ s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹?¹ ¯Ç .ÍÁ‰™~ ÖwwjÁ MÔ s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹?¹ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® M¤±j¶Ö?Ä® MÔ ¯ ¯Ç Q

=TTS\aWQVbZWQV eS`RS\ heSW 7\abO\hS\ d]\ .ÍÁ‰™~ ÖwwjÁ ]XRWc OZa W\VOZbZWQV UZSWQV PSb`OQVbSb aSZPab eS\\ RWSaS RWS UZSWQVS HSWQVS\YSbbS RO`abSZZS\ 2WS d]\ #Mˆ

"!#

(

B_TiXT[[T :[PbbT] d]S
ŽjWÍ USS`PbS ;SbV]RS j¶Ö?Ä®¯ eW`R W\ .ÍÁ‰™~ ÖwwjÁ \WQVb ºPS`aQV`WSPS\ dUZ IAC<#1K 0SW RWSaS` 9ZOaaS abSVb OZa] \WQVb W[ D]`RS`U`c\R ROaa WV`S 7\abO\ hS\ PSabW[[bS HSWQVS\YSbbS\ RO`abSZZS\ a]\RS`\ ROaa RWSaS >cTTS` `S^`ÉaS\bWS`S\ RS`S\ 7\VOZb U`c\RaÉbhZWQV dS`É\RS`ZWQV Wab C\R RO M¤ c\R MÔ ’ P[b ?dUUTa PSb`OQVbSb ’ dS`aQVWSRS\ aW\R ZWSTS`b RS` j¶Ö?Ä®¯DS`UZSWQV RS\ ES`b w?Äj aSZPab PSW WRS\ bWaQVS\ HSWQVS\YSbbS\ dUZ OcQV ÍPc\U '

'TLUXJKX[TMKT 3a ZWSUb W\ RS` DS`O\be]`bc\U RS` 3\beWQYZS` ORÉ_cObS j¶Ö?Ä®¯;SbV]RS\ Tº` RWS S`abSZZbS\ 9ZOaaS\ PS`SWb hc abSZZS\ 6WS`PSW [ºaaS\ RWS T]ZUS\RS\ @O\RPSRW\Uc\US\ PSOQVbSb eS`RS\( E

1XeP[T]i 2WS ;SbV]RS UWPb \c` RWS ES`bS ÍÁÖj ]RS` w?Äj hc`ºQY W\aPSa]\RS`S eS` RS\ d]\ WV` YSW\S /ca\OV[S\ OcaUSZrab A] ZWSTS`b ?±j¶Ö?Ä®™Ö¯ YSW\S !֐+‰™ÍjÁ ÞWj¬Í‰™ a]\RS`\ RS\ ES`b w?Äj
E

ATU[TgXeXcÊc  Bh\\TcaXT  CaP]bXcXeXcÊc 2WSaS 0SRW\Uc\US\ SW\S` Ó`dXeP[T]iaT[PcX^] T]`RS`\ ROaa Tº` d]\ ™Ö dS` aQVWSRS\S @STS`S\hdO`WOPZS\ ? M c\R W T]ZUS\RSa UWZb(  2S` /caR`cQY ?±j¶Ö?Ä®?¯ VOb abSba RS\ ES`b ÍÁÖj  2WS /caR`ºQYS ?±j¶Ö?Ä®M¯ c\R M±j¶Ö?Ä®?¯ VOPS\ PSWRS abSba RS\ V[TXRWT] ES`b ÍÁÖj ]RS` w?Äj ! 4OZZa ?±j¶Ö?Ä®M¯ c\R M±j¶Ö?Ä®W¯ RS\ ES`b ÍÁÖj VOPS\ RO\\ OcQV RS` /caR`cQY ?±j¶Ö?Ä®W¯ 3a Wab ZSWQVb SW\aSVPO` c\R W\bcWbWd dS`abÉ\RZWQV ROaa RWSaS 0SRW\Uc\US\ Tº` XSRS /`b d]\ 5ZSWQVVSWb UST]`RS`b eS`RS\( @STZSfWdWbÉb PSRScbSb ROaa XSRSa =PXSYb [Wb aWQV aSZPab UZSWQV Wab Ag[[Sb`WS PSaOUb ROaa Sa c\S`VSPZWQV Wab W\ eSZQVS` @SW VS\T]ZUS [O\ heSW =PXSYbS [WbSW\O\RS` dS`UZSWQVb c\R B`O\aWbWdWbÉb T]`RS`b RWS ÍPS`b`OUPO`YSWb RS` 5ZSWQVVSWb W\ RS[ AW\\S ROaa heSW =PXSYbS RWS PSWRS SW \S[ R`WbbS\ UZSWQVS\ OcQV c\bS`SW\O\RS` UZSWQV aW\R

E

Ch_T]caTdT 7\abO\hS\ c\bS`aQVWSRZWQVS` 9ZOaaS\ aW\R U`c\RaÉbhZWQV dS`aQVWSRS\ a] ROaa SW\ DS`UZSWQV RWSaS` 7\abO\hS\ abSba RS\ ES`b w?Äj ZWSTS`\ [caa 2WSaS 4]`RS`c\U eW`R W\ WV`S` ab`S\UabS\ 9]\aS_cS\h \É[ZWQV ROaa RWSa OcQV Tº` RS\ DS`UZSWQV d]\ 7\abO\hS\ SW\S` AcPYZOaaS [Wb 7\abO\hS\ SW\S` Ac^S`YZOaaS UWZb \WQVb d]\ OZZS\ /cb]`S\ PSTº`e]`bSb dUZ I9: OK c\R ÍPc\U '

2O`ºPS` VW\Oca a]ZZbS ROa 3`USP\Wa RWSaSa DS`UZSWQVa OcQV eW`YZWQV \c` d]\ RS\ PSW RS\ PSbSWZWUbS\ =PXSYbS\ OPVÉ\US\ Ò\RS`b aWQV O\ RWSaS\ \WQVba RO\\ RO`T OcQV ROa 3`USP\Wa RSa j¶Ö?Ä®¯DS`UZSWQVa \WQVb O\RS`a OcaTOZZS\

/SVRKSKTZOKX[TM 7\ RS` @SUSZ eW`R [O\ RS\ j¶Ö?Ä®¯DS`UZSWQV OcT SW\S\ DS`UZSWQV RS` `SZSdO\bS\ /bb`WPcbS RS` 9ZOaaS hc`ºQYTºV`S\ EOa XSR]QV US\Oc RWSaS `SZSdO\bS\ WRS\bWbÉbaabWT

(

B_TiXT[[T :[PbbT] d]S
"!$

bS\RS\ /bb`WPcbS SW\S` 9ZOaaS aW\R Wab \WQVb d]\ d]`\VS`SW\ TSabUSZSUb c\R ZWSUb ZSbhb ZWQV W\ RS` DS`O\be]`bc\U RSa 3\beWQYZS`a 0Sd]` eW` c\a [Wb SW\WUS\ 0SWa^WSZS\ PSTOaaS\ eS`RS\ eW` SW\ AQVS[O d]`abSZZS\ W\ RS[ j¶Ö?Ä®¯7[^ZS[S\bWS`c\US\ T]`[cZWS`b eS`RS\ a]ZZbS\( ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯P ‰w® ͆‰Ä ss MŽ ¯ ÁjÍÖÁ™ ÍÁÖjÇ ‰w® MŽ ss ™Ö ¯ ÁjÍÖÁ™ w?ÄjÇ ‰w® ~jÍ ?ÄÄ®¯ us MŽ±~jÍ ?ÄÄ®¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ÊÊ ŽjÍãÍ ÄÍ?ÁÍjÍ ajÁ ‰™†?Í‰W†j 7jÁ~j‰W† ÊÊ ?ÄÍ Ü™ MŽ ֙a 7jÁ~j‰W† ajÁ ÁjjÜ?™Íj™ ‰~j™ÄW†?wÍj™ ±±± Q

EWQVbWU Wab VWS`PSW hc\ÉQVab RWS AWU\Obc` W\aPSa]\RS`S RS` ºPS`USPS\S >O`O[SbS` d][ Bg^ #MŽjWÍ EW`R \É[ZWQV SW\S j¶Ö?Ä®¯;SbV]RS [Wb SW\USaQV`É\YbS[ Bg^ T]`[cZWS`b RO\\ eW`R RORc`QV RWS d]\ #MŽjWÍ dS`S`PbS ;SbV]RS ºPS`ZORS\ OPS` \WQVb ºPS`aQV`WSPS\ 2WS S`abS 1]RW\UHSWZS /ZWOaBSab Wab \WQVb c\PSRW\Ub \]beS\RWU) RORc`QV YO\\ XS R]QV ROa :OcThSWbdS`VOZbS\ RSa DS`UZSWQVa RScbZWQV dS`PSaaS`b eS`RS\( 0ShSWQV\S\ ͆‰Ä c\R MŽ SW\ c\R ROaaSZPS =PXSYb RO\\ [caa eSUS\ RS` @STZSfWdWbÉb OcT XSRS\ 4OZZ ÍÁÖj hc`ºQYUSUSPS\ eS`RS\ 2S` T]ZUS\RS ™ÖBSab Wab eWQVbWU c\R dS`[SW RSb ROaa W[ a^ÉbS`S\ 1]RW\U SW\S !֐+‰™ÍjÁ ÞWj¬Í‰™ OcaUSZrab eW`R RWS ;SbV]RS RO`T XO YSW\S /ca\OV[S OcaZraS\ ASZPabdS`abÉ\RZWQV YO\\ YSW\ =PXSYb [Wb ™Ö ºPS`SW\abW[[S\ a] ROaa W\ RWSaS[ 4OZZ w?Äj hc`ºQYUSUSPS\ eW`R AQVZWSzZWQV eW`R ºPS`^`ºTb ]P \WQVb Ò^TSZ [Wb 0W`\S\ dS`UZWQVS\ eS`RS\ DS`UZSWQV PO`YSWbabSab RV eW` PSabW[[S\ RWS Bg^S\ d]\ ͆‰Ä c\R MŽ AW\R RWSaS c\bS` aQVWSRZWQV eW`R RWS ;SbV]RS [Wb w?Äj dS`ZOaaS\ OaaOUS d]\ RS` Y]\Y`SbS\ /ca^`ÉUc\U RS` 9ZOaaS OPVÉ\Ub C[ OcT RWS /bb`WPcbS c\R SdS\bcSZZ OcQV RWS ;SbV]RS\ RSa DS`UZSWQVa]PXSYbSa MŽ hcU`SW TS\ hc Yr\\S\ eW`R hc 0SUW\\ SW\ 1Oab OcT RWS RSTW\WS`S\RS 9ZOaaS d]`US\][[S\ /Za 0SWa^WSZ hc\ÉQVab RWS 7[^ZS[S\bWS`c\U d]\ j¶Ö?Ä®¯ W\ ß™Íj~jÁ(

"!%

(

B_TiXT[[T :[PbbT] d]S
(KOYVOKR 3_/TZKMKX ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ‰w® ͆‰Ä ss MŽ ¯ ÁjÍÖÁ™ ÍÁÖjÇ ‰w® MŽ ss ™Ö ¯ ÁjÍÖÁ™ w?ÄjÇ ‰w® ~jÍ ?ÄÄ®¯ us MŽ±~jÍ ?ÄÄ®¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ÊÊ ‰™†?Í‰W†jÁ 7jÁ~j‰W† ß™Íj~jÁ ͆?Í s ® ß™Íj~jÁ¯MŽÇ ÁjÍÖÁ™ ® ‰Ü? ss ͆?ͱ‰Ü? ¯Ç Q

=PXSYbS RS` 9ZOaaS ß™Íj~jÁ a]ZZS\ W\VOZbZWQV UZSWQV aSW\ eS\\ aWS RS\ UZSWQVS\ ‰™ÍES`b `S^`ÉaS\bWS`S\ RV eW` USPS\ SW\TOQV ROa 3`USP\Wa RSa DS`UZSWQVa RS` W\ bS`\S\ DO`WOPZS\ RS` PSWRS\ DS`UZSWQVa]PXSYbS hc`ºQY

(KOYVOKR (X[IN ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ÊÊ͆‰ÄssMŽ^ MŽss™Ö^ ~jÍ ?ÄÄ®¯ ±±± ‘†‰jÁ Ýj~~j?ÄÄj™ ÁÖW† ͆?Í s ® ÁÖW†¯MŽÇ ÁjÍÖÁ™ ® ãss͆?ͱã FF ™ss͆?ͱ™ ¯Ç Q

0SW RS` 9ZOaaS ÁÖW† ZÉcTb RS` DS`UZSWQV RO`OcT VW\Oca hc ^`ºTS\ ]P RWS hc dS` UZSWQVS\RS\ 0`ºQVS W\ HÉVZS` c\R <S\\S` ºPS`SW\abW[[S\ 3W\S a]ZQVS 7[^ZS[S\ bWS`c\U Wab XSR]QV \c` RO\\ aS[O\bWaQV Y]``SYb eS\\ 7\abO\hS\ RWSaS` 9ZOaaS abSba \c` W\ USYº`hbS` c\R VW\aWQVbZWQV RSa D]`hSWQVS\a SW\RScbWUS` 4]`[ SfWabWS`S\

(KOYVOKR 3OZGXHKOZKX EW` PSb`OQVbS\ SW\S abO`Y dS`SW\TOQVbS 7[^ZS[S\bWS`c\U d]\ ‰Í?ÁMj‰ÍjÁ( ¬ÖM‰W W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj ‰™Í ¬jÁÄ!ÁÇ ¬Á‰Ü?Íj .ÍÁ‰™~ ™?W†™?”jÇ ¬Á‰Ü?Íj .ÍÁ‰™~ ܝÁ™?”jÇ

ÊÊ jÜ͐± ™W† Ýj‰ÍjÁj
ÍÍÁ‰MÖÍj ±±±

¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ÊÊ͆‰ÄssMŽ^ MŽss™Ö^ ~jÍ ?ÄÄ®¯ ±±± ‘†‰jÁ Ýj~~j?ÄÄj™ ‰Í?ÁMj‰ÍjÁ ͆?Í s ® ‰Í?ÁMj‰ÍjÁ¯MŽÇ ‰w® ¬jÁÄ!Á us ͆?ͱ¬jÁÄ!Á ¯

ÁjÍÖÁ™ w?ÄjÇ

‰w® u ™?W†™?”j±j¶Ö?Ä® ͆?ͱ™?W†™?”j ¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ‰w® u ܝÁ™?”j±j¶Ö?Ä® ͆?ͱܝÁ™?”j ¯ ¯

ÁjÍÖÁ™ w?ÄjÇ

ÊÊ ?j ÁjjÜ?™Íj™
ÍÍÁ‰MÖÍj ĉ™a ™‰W†Í ÜjÁÄW†‰jaj™] ÁjÍÖÁ™ ÍÁÖjÇ Q Q

(

B_TiXT[[T :[PbbT] d]S
"!&

2WS ;SbV]RS dS`UZSWQVb XSRSa /bb`WPcb c\R UWPb w?Äj hc`ºQY a]POZR RWSaS W\ \X] STbcT]b TX]T\ /bb`WPcb ]XRWc ºPS`SW\abW[[S\ AW\R OZZS `SZSdO\bS\ /bb`WPcbS ºPS` ^`ºTb eW`R RWS ;SbV]RS [Wb ÍÁÖj PSS\RSb EWS [O\ aWQV ZSWQVb ºPS`hScUS\ YO\\ Wab RWSa RO[Wb UZSWQVPSRScbS\R RS\ /caR`cQY hc`ºQYhcUSPS\ RS` RWS ÍPS`SW\abW[ [c\U W\ OZZ RWSaS\ /bb`WPcbS\ PSVOc^bSb Hc PSOQVbS\ Wab RS` DS`UZSWQV PSW /bb`WPcbS\ d]\ @STS`S\hbg^S\( 6WS` eW`R eWS SbeO PSW ܝÁ™?”j RS` DS`UZSWQV [Wb RS` ;SbV]RS j¶Ö?Ä®¯ RS` 9ZOaaS .ÍÁ‰™~ Rc`QV USTºV`b RS\\ S\baQVSWRS\R Wab OcQV VWS` RWS X]WP[c[XRWT ÍPS`SW\abW[[c\U 4OZZa SW\ /bb`WPcb RS\ ES`b ™Ö PSaWbhS\ YO\\ SbeO eS\\ YSW\ D]`\O[S O\USUSPS\ eS`RS\ [caa Wab RWSa PSW[ DS`UZSWQV hc PS`ºQYaWQVbWUS\ dUZ ÍPc\U '& /ca /\eS\RS`aWQVb ZOaaS\ aWQV PS`SQVbWUbS HeSWTSZ ÉczS`\ ]P Sa aWQV PSW
1RGYYKTNOKXGXINOK [TJ KW[GRY 2WS PWaVS` PSb`OQVbSbS\ 9ZOaaS\ aW\R RW`SYb d]\ #MŽjWÍ OPUSZSWbSb c\R S`PS\ ROVS` YSW\S /bb`WPcbS RWS Tº` RWS j¶Ö?Ä®¯7[^ZS[S\bWS`c\U `SZSdO\b aSW\ Yr\\bS\ 0SW 9ZOaaS\ W\\S`VOZP SW\S` SQVbS\ 6WS`O`QVWS eS`RS\ W\ RS` @SUSZ `SZSdO\bS /bb`WPcbS d]\ SW\S` Ac^S`YZOaaS O\ SW\S AcPYZOaaS dS`S`Pb ES`RS\ \c\ 7\abO\hS\ RS` AcP YZOaaS [WbSW\O\RS` dS`UZWQVS\ RSZSUWS`b [O\ RS\ DS`UZSWQV RS` S`S`PbS\ 4SZRS` O\ RWS Ac^S`YZOaaS W\RS[ [O\ Sf^ZWhWb RS`S\ j¶Ö?Ä®¯;SbV]RS OcT`cTb 6W\bS`U`c\R RWSaSa D]`USVS\a Wab RWS ^ZOcaWPZS /\\OV[S ROaa heSW a]ZQVS 7\abO\hS\ W\VOZbZWQV ºPS`SW\abW[[S\ eS\\ aWS b^f^W[ W\ RS\ USS`PbS\ P[b PdRW W\ RS\ \Sc RSTW\WS`bS\ 3WUS\aQVOTbS\ ºPS`SW\abW[[S\ 0Sb`OQVbS\ eW` VWS`hc SW\ 0SWa^WSZ(

(KOYVOKR 6[TQZK KOTKY *OGMXGSSY 7\ U`O^VWaQVS\ 2O`abSZZc\US\ eS`RS\ 2ObS\ VÉcTWU Rc`QV >c\YbS c\bS`aQVWSRZWQVS` 5`rzS RO`USabSZZb 2WS 9ZOaaS +֙Í `S^`ÉaS\bWS`b RWS UO\hhOVZWUS\ 9]]`RW\ObS\ SW \Sa >c\YbSa RWS ROd]\ OPUSZSWbSbS 9ZOaaS +֙Í.ߔM S\bVÉZb hcaÉbhZWQVS 7\T]` [ObW]\S\ ºPS` RWS 5`rzS c\R 4]`[ SW\Sa >c\YbSa 2S` 3W\TOQVVSWb eSUS\ PS aQV`É\YS\ eW` c\a OcT 9`SWaS c\R USPS\ [Wb RS[ ‰™Í/bb`WPcb Ä RSaaS\ @ORWca O\( ¬ÖM‰W W?ÄÄ +֙Í P ¬Á‰Ü?Íj ‰™Í ÞÇ ¬Á‰Ü?Íj ‰™Í ßÇ ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ÊÊ Í†‰ÄssMŽ^ MŽss™Ö^ ~jÍ ?ÄÄ®¯ ±±± +֙Í ͆?Í s ®+֙Í¯MŽÇ ÁjÍÖÁ™ ® Þss͆?Í±Þ FF ßss͆?걧 ¯Ç Q Q ¬ÖM‰W W?ÄÄ +֙Í.ߔM jÞÍj™aÄ +֙Í P

"!'

(

B_TiXT[[T :[PbbT] d]S
¬Á‰Ü?Íj ‰™Í ÄÇ ÊÊ-?a‰ÖÄ ‰™ ”” ¬ÖM‰W Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯ P ‰w® ͆‰Ä ss MŽ ¯ ÁjÍÖÁ™ ÍÁÖjÇ ÊÊ jj~?͉™ ?™ .Ö¬jÁ?ÄÄj ‰w® u ÄÖ¬jÁ±j¶Ö?Ä® MŽ ¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ÊÊ7jÁ~j‰W†j™ ajÁ ?ÄÄj™ˆÄ¬jã‰w‰ÄW†j™
ÍÍÁ‰MÖÍj +֙Í.ߔM ͆?Í s ®+֙Í.ߔM¯MŽÇ ‰w® Ä us ͆?걀 ¯ ÁjÍÖÁ™ w?ÄjÇ ÁjÍÖÁ™ ÍÁÖjÇ Q Q

>c\YbS abW[[S\ ºPS`SW\ eS\\ WV`S 9]]`RW\ObS\ WRS\bWaQV aW\R >c\Ybag[P]ZS aW\R W\VOZbZWQV UZSWQV eS\\ aWS P[b ?d]ZcT UZSWQV aW\R d]S RWS UZSWQVS 5`rzS VOPS\ 7[ 1]RW\U eW`R SW\S Z]UWaQV É_cWdOZS\bS 4]`[cZWS`c\U dS`eS\RSb( 7ab RS` DS`UZSWQV [Wb j¶Ö?Ä®¯ RS` Ac^S`YZOaaS \SUObWd eW`R RWS ;SbV]RS [Wb w?Äj dS`ZOaaS\) W[ ^] aWbWdS\ 4OZZ eS`RS\ O\aQVZWSzS\R RWS \ScS\ /bb`WPcbS [WbSW\O\RS` dS`UZWQVS\ 2WS Oca PWaVS`WUS\ j¶Ö?Ä®¯7[^ZS[S\bWS`c\US\ PSYO\\bS\ BSaba OcT ™Ö c\R OcT DS`UZSWQVPO`YSWb aW\R W\ a]ZQVS\ j¶Ö?Ä®¯;SbV]RS\ \WQVb \rbWU dUZ ÍPc\U '% 0SW RS` 2SZSUObW]\ d]\ j¶Ö?Ä®¯ O\ RWS Ac^S`YZOaaS Wab XSR]QV D]`aWQVb USP]bS\( 3a eÉ`S TObOZ RS\ ÄÖ¬jÁ±j¶Ö?Ä®¯BSab W\ SW\S` RW`SYb d]\ #MŽjWÍ OPUSZSWbSbS\ 9ZOaaS Rc`QVhcTºV`S\ RO RWSaS` DS`UZSWQV [Wb j¶Ö?Ä®¯ W\ #MŽjWÍ OczS` W[ b`W dWOZS\ 4OZZ W[[S` \SUObWd OcaTÉZZb 2WSa UWZb W[ ºP`WUS\ \WQVb \c` Tº` 9ZOaaS\ RWS RW `SYb d]\ #MŽjWÍ OPUSZSWbSb aW\R a]\RS`\ Tº` OZZS RS`S\ RW`SYbS Ac^S`YZOaaS SPS\ TOZZa YSW\S SWUS\S W\VOZbZWQV []bWdWS`bS j¶Ö?Ä®¯7[^ZS[S\bWS`c\U PSaWbhS\ /ca RWSaS[ 5`c\R a]ZZbS\ 9ZOaaS\ PSW RS\S\ RWSa aW\\d]ZZ Wab abSba [Wb SW\S` ORÉ_cObS\ j¶Ö?Ä®¯7[^ZS[S\bWS`c\U dS`aSVS\ c\R RWSa S\ba^`SQVS\R R]Yc[S\bWS`b eS`RS\



*OK 3KZNUJK NGYN)UJK

2WS ;SbV]RS ‰™Í †?Ć aj®¯ PS`SQV\Sb Tº` ROa XSeSWZWUS =PXSYb SW\S\ ‰™Í ES`b RS` c\bS` O\RS`S[ ROhc dS`eS\RSb eW`R RWSaSa W\\S`VOZP d]\ 6OaVPOaWS`bS\ 1]\bOW\S`\ hc dS`eOZbS\ /cQV eS\\ eW` OcT RWS W[ >OYSb Ž?Ü?±Ö͉ dS`TºUPO`S\ 6OaVPOaWS`bS\ 1]\bOW\S` ?Ć0?Mj ?Ć ?¬ c\R ?Ć.jÍ a^ÉbS` \c` O[ @O\ RS SW\USVS\ eS`RS\ eW` c\a Yc`h [Wb RS`S\ 5`c\R^`W\hW^WS\ PSTOaaS\ 3W\ a]ZQVS` 1]\bOW\S` PSabSVb Oca [SV`S`S\ a] US\O\\bS\ QdRZTcb e]PSW SW\ QdRZTc [SV`S`S @STS`S\hS\ OcT =PXSYbS aS_cS\bWSZZ dS`eOZbSb 7\ eSZQVS[ QdRZTc SW\ =P XSYb ZWSUb Wab SW\RScbWU Rc`QV RS\ 6OaV1]RS RSa =PXSYba PSabW[[b RV =PXSYbS [Wb UZSWQVS[ 6OaV1]RS ZWSUS\ W[ UZSWQVS\ QdRZTc dUZ /PP ' 2S` HcU`WTT OcT SW\ QdRZTc S`T]ZUb ºPS` SW\S BOPSZZS) W\\S`VOZP SW\Sa QdRZTc eS`RS\ RWS @STS`S\hS\ aS _cS\bWSZZ dS`eOZbSb eOa aSV` hSWbOcTeS\RWU Wab 2OVS` a]ZZbS Oca 5`º\RS\ RS` >S` T]`[O\QS SW\ 1]\bOW\S` Oca [rUZWQVab dWSZS\ [rUZWQVab YZSW\S\ QdRZTcb PSabSVS\

(

B_TiXT[[T :[PbbT] d]S
"!(

A]ZZ \c\ RWS @STS`S\h SW\Sa =PXSYbSa f W\ SW\S\ a]ZQVS\ 1]\bOW\S` SW\USTºUb eS`RS\ eW`R hc\ÉQVab RS` 6OaV1]RS d]\ f PS`SQV\Sb c\R O\VO\R RS` BOPSZZS ºPS`^`ºTb ]P ROhc PS`SWba SW\ QdRZTc SfWabWS`b 7ab RWSa RS` 4OZZ eW`R f W[ QdRZTc OcTUS\][ [S\ TOZZa \WQVb eW`R hcd]` SW\ \ScSa QdRZTc O\USZSUb c\R W\ RS` BOPSZZS `SUWab`WS`b 0?Mjj †?Ć ajˆMÖWjÍ

MÖWjÍÄ

¤ÈÉ ¤ÈÈ ¤Èo ±±±

0QQ ( ) 5`c\R^`W\hW^ SW\Sa 6OaVPOaWS`bS\ 1]\bOW\S`a 2WS AcQVS SW\Sa =PXSYbSa f W\\S`VOZP SW\Sa 1]\bOW\S`a S`T]ZUb O\OZ]U( ;Wb RS[ 6OaV1]RS d]\ f eW`R ROa QdRZTc S`[WbbSZb W\ RWSaS[ eW`R RO\\ f RS` @SWVS \OQV [Wb OZZS\ =PXSYbS\ dS`UZWQVS\ e]PSW RWSaS` DS`UZSWQV [Wb j¶Ö?Ä®¯ Rc`QVUSTºV`b eW`R 6WS` eW`R RScbZWQV ROaa †?Ć aj®¯ c\R j¶Ö?Ä®¯ hcaO[[S\a^WSZS\ c\R \WQVb drZZWU c\OPVÉ\UWU d]\SW\O\RS` W[^ZS[S\bWS`b eS`RS\ Yr\\S\

'TLUXJKX[TMKT 2O RWS HcU`WTTahSWbS\ OcT 6OaVPOaWS`bS 1]\bOW\S` eSaS\bZWQV d]\ RS` 3TTWhWS\h RS` 6OaV1]RS0S`SQV\c\U OPVÉ\US\ a]ZZbS RS` hcU`c\RS ZWSUS\RS /ZU]`WbV[ca [rU ZWQVab SW\TOQV aSW\ 3W\S eSWbS`S /\T]`RS`c\U S`UWPb aWQV RO`Oca ROaa RWS QdRZTcb [rUZWQVab YZSW\ aSW\ a]ZZS\ 2WSa PSRScbSb ROaa W[ AW\\S d]\ j¶Ö?Ä®¯ dS`aQVWS RS\S =PXSYbS c\bS`aQVWSRZWQVS 6OaV1]RSa PSaWbhS\ a]ZZS\ SW\S 4]`RS`c\U RWS W\ RWSaS` ab`WYbS\ 4]`[cZWS`c\U \WQVb Tº` OZZS 9ZOaaS\ USeÉV`ZSWabSb eS`RS\ YO\\ 2WSaS /\T]`RS`c\US\ PSb`STTS\ ^`W[É` RWS >S`T]`[O\QS d]\ 6OaVPOaWS`bS\ 1]\bOW \S`\ 2O[Wb XSR]QV 6OaVPOaWS`bS 1]\bOW\S` Y]``SYb Tc\YbW]\WS`S\ [ºaaS\ RWS T]Z US\RS\ 0SRW\Uc\US\ heW\US\R SW\USVOZbS\ eS`RS\( Hc[ SW\S\ [caa RS` 6OaV 1]RS W\\S`VOZP SW\Sa >`]U`O[[OPZOcTSa Tº` XSRSa =PXSYb Y]\abO\b aSW\ RV [SV` [OZWUS` /cT`cT d]\ WPbW2^ST RO`T Tº` SW\ \WQVb dS`É\RS`bSa =PXSYb \WQVb hc c\bS` aQVWSRZWQVS\ 3`USP\WaaS\ TºV`S\ ESWbS`VW\ Wab RWS T]ZUS\RS 0SRW\Uc\U SW\hcVOZbS\(

KW[GRYNGYN)UJK1UTZXGQZ 7\abO\hS\ RWS W[ AW\\S d]\ j¶Ö?Ä®¯ UZSWQV aW\R VOPS\ RS\ UZSWQVS\ 6OaV1]RS( /ca ?±j¶Ö?Ä® M ¯ T]ZUb ?±†?Ć aj®¯ssM±†?Ć aj®¯

""

(

B_TiXT[[T :[PbbT] d]S
<SV[S\ eW` O\ RWSaS 0SRW\Uc\U Wab Tº` heSW =PXSYbS \WQVb S`TºZZb RV f c\R g aW\R W\VOZbZWQV UZSWQV PSaWbhS\ OPS` c\bS`aQVWSRZWQVS\ 6OaV1]RS 4ºUb [O\ \c\ f W\ SW \S\ ZSS`S\ 1]\bOW\S` SW\ RO\\ Wab SW\S O\aQVZWSzS\RS AcQVS [Wb g S`T]ZUZ]a RO RS` 6OaV1]RS d]\ g OcT SW\S\ QdRZTc dS`eSWab RS` \WQVb SfWabWS`b dUZ ÍPc\U '" 2S` S_cOZaVOaV1]RS9]\b`OYb T]`RS`b W[^ZWhWb ROaa RWS ;SbV]RS †?Ć aj®¯ YSW \S /ca\OV[S OcaZrab c\R RO[Wb Tº` XSRS 7\abO\h RS` 9ZOaaS SW\S\ ES`b ZWSTS`b

/SVRKSKTZOKX[TM 2S` S_cOZaVOaV1]RS9]\b`OYb VOb hc` 4]ZUS ROaa †?Ć aj®¯ ºPS`aQV`WSPS\ eS`RS\ [caa a]POZR j¶Ö?Ä®¯ ºPS`aQV`WSPS\ ec`RS 2WS PSabS Ab`ObSUWS RWSaS\ 9]\b`OYb SW\hcVOZbS\ PSabSVb \c\ RO`W\ RS\ 6OaV1]RS ]da d]\ RS\ Tº` j¶Ö?Ä®¯ `SZSdO\bS\ /bb`WPcbS\ c\R d]\ YSW\S\ O\RS`S\ OPVÉ\UWU hc [OQVS\ 2S\\ TOZZa heSW =PXSYbS W\ RWSaS\ /bb`WPcbS\ ºPS`SW\abW[[S\ abW[[S\ \Obº`ZWQV OcQV RS`S\ 6OaV1]RSa ºPS`SW\ 7\ RS\ T]ZUS\RS\ 0SWa^WSZS\ aW\R RWS `SZSdO\bS\ /bb`WPcbS XSeSWZa TSbb USaSbhb(

(KOYVOKR 3_/TZKMKX ¬ÖM‰W W?ÄÄ

ß™Íj~jÁ P

¬Á‰Ü?Íj ‰™Í ‰Ü?Ç ¬ÖM‰W ‰™Í †?Ć aj®¯ P ÁjÍÖÁ™ ‰Ü?Ç Q Q

6WS` eW`R SW\TOQV RS` QVO`OYbS`WabWaQVS ‰™ÍES`b hc`ºQYUSUSPS\ 2WS 4]`RS`c\U ROaa UZSWQVS =PXSYbS WRS\bWaQVS\ 6OaV1]RS PSaWbhS\ Wab RO\\ b`WdWOZS`eSWaS S`TºZZb 6WS` UWZb a]UO` c[USYSV`b( C\bS`aQVWSRZWQVS 6ºZZ=PXSYbS VOPS\ dS`aQVWSRS\S 1]RSa

(KOYVOKR 3OZGXHKOZKX ¬ÖM‰W W?ÄÄ

‰Í?ÁMj‰ÍjÁ P

¬Á‰Ü?Íj ‰™Í ¬jÁÄ!ÁÇ ¬Á‰Ü?Íj .ÍÁ‰™~ ™?W†™?”jÇ ¬Á‰Ü?Íj .ÍÁ‰™~ ܝÁ™?”jÇ ¬ÖM‰W ‰™Í †?Ć aj® ¯ P ‰™Í ÁW s ¬jÁÄ!ÁÇ ÁW s ÁW ´ ™?W†™?”j±†?Ć aj®¯Ç ÁW s ÁW ´ ܝÁ™?”j±†?Ć aj®¯Ç ÁjÍÖÁ™ ÁWÇ Q Q

2S` 6OaV1]RS PSabSVb Oca RS` Ac[[S RS` /\bSWZS RS` SW\hSZ\S\ /bb`WPcbS XSRSa /b b`WPcb b`ÉUb a][Wb aSW\S\ /\bSWZ W\ RWS 0S`SQV\c\U PSW D]`aWQVb Wab OcQV VWS` USP]bS\

(

B_TiXT[[T :[PbbT] d]S
""

TOZZa ™Ö@STS`S\hS\ W\ RS\ /bb`WPcbS\ S`ZOcPb aW\R 7\ RWSaS[ 4OZZ dS`eS\RSb [O\ Tº` ROa /bb`WPcb ܝÁ™?”j RS\ /caR`cQY ÁW s ÁW ´ ܝÁ™?”jss™Ö · å] ܝÁ™?”j±†?Ć aj®¯Ç

ESUS\ SW\S` PSaaS`S\ DS`bSWZc\U RS` 6OaV1]RSa a]ZZbS [O\ XSR]QV \WQVb RWS SW\TO QVS Ac[[S PWZRS\ a]\RS`\ ROPSW SW\S c\bS`aQVWSRZWQVS 5SeWQVbc\U RS` /bb`WPcb PSabO\RbSWZS d]`\SV[S\ c\R †?Ć aj®¯ SbeO \OQV T]ZUS\RS[ AQVS[O W[^ZS[S\bWS`S\ dUZ I9: PK( ¬ÖM‰W ‰™Í †?Ć aj® ¯ P ‰™Í ÁW s oÇ

ÊÊ ‰Á~j™aj‰™ ܝ™ å ÜjÁÄW†‰jaj™jÁ .Í?ÁÍÝjÁÍ

‰™Í ”ÖÍ s ÔÏÇ ÊÊ ‰Á~j™aj‰™j +Á‰”ã?† ÁW s ÁWJ”ÖÍ ´ jÄÍ?™aÍj‰Û
ÍÍÁ‰MÖÍ¤Ç ÁW s ÁWJ”ÖÍ ´ jÄÍ?™aÍj‰Û
ÍÍÁ‰MÖÍÔÇ ÁW s ÁWJ”ÖÍ ´ jÄÍ?™aÍj‰Û
ÍÍÁ‰MÖÍÏÇ ±±± ÁjÍÖÁ™ ÁWÇ Q

/bb`WPcbS UO\hhOVZWUS` ^`W[WbWdS` 2ObS\bg^S\ eS`RS\ ROPSW OcT ‰™Í USQOabSb [Wb /ca\OV[S d]\ ™~/bb`WPcbS\ RS`S\ ‰™ÍBSWZS [O\ O[ PSabS\ eWS T]ZUb SW\P`W\Ub( ®‰™Í¯®™~Û?ÍÍÁ H ®™~Û?ÍÍÁÏÔ¯¯

0]]ZSaQVS /bb`WPcbS eS`RS\ [Wb  ]RS`  ]RS` W`US\ReSZQVS\ O\RS`S\ HOVZS\ PS eS`bSb /bb`WPcbS d]\ 5ZSWbY][[Obg^S\ eS`RS\ [Wb ?ͱw?Í0™Í ‰ÍÄ® w?ÍÛ?ÍÍÁ ¯ ÖMj±aÖMj0™~ ‰ÍÄ® aÖMjÛ?ÍÍÁ ¯

W\ SW\S\ ‰™Í Phe ™~ES`b c[USeO\RSZb c\R RO\\ eWS ^`W[WbWdS Bg^S\ PSVO\ RSZb 2O XSR]QV  c\R  c\bS`aQVWSRZWQVS 0Wb2O`abSZZc\US\ VOPS\ RWSaS HOVZS\ OPS` W\ j¶Ö?Ä®¯ UZSWQV PSb`OQVbSb eS`RS\ [caa [O\ RWSaS hcd]` WRS\bWTWhWS`S\( ®w?ÍÛ?ÍÍÁsså±å¯ · å ] ?ͱw?Í0™Í ‰ÍÄ® w?ÍÛ?ÍÍÁ ¯ ®aÖMjÛ?ÍÍÁsså±å¯ · å] ÖMj±aÖMj0™~ ‰ÍÄ® aÖMjÛ?ÍÍÁ ¯

7\\S`VOZP d]\ 6WS`O`QVWS\ USVb [O\ O\OZ]U hc j¶Ö?Ä®¯ d]` c\R PSVO\RSZb RS\ Ac^S`YZOaaS\O\bSWZ eWS SW\ /bb`WPcb 2WSa hSWUS\ eW` O[ \ÉQVabS\ c\a SPS\TOZZa PS `SWba PSYO\\bS\ 0SWa^WSZ(

(KOYVOKR 6[TQZK KOTKY *OGMXGSSY ¬ÖM‰W W?ÄÄ +֙Í P ¬Á‰Ü?Íj ‰™Í ÞÇ ¬Á‰Ü?Íj ‰™Í ßÇ ¬ÖM‰W ‰™Í †?Ć aj® ¯ P ‰™Í ÁW s oÇ ‰™Í ”ÖÍ s ÔÏÇ

""!

(

B_TiXT[[T :[PbbT] d]S
ÁW s ÁWJ”ÖÍ ´ ÞÇ ÁW s ÁWJ”ÖÍ ´ ßÇ ÁjÍÖÁ™ ÁWÇ Q Q ¬ÖM‰W W?ÄÄ +֙Í.ߔM jÞÍj™aÄ +֙Í P ¬Á‰Ü?Íj ‰™Í ÄÇ ¬ÖM‰W ‰™Í †?Ć aj® ¯ P ‰™Í ÁW s oÇ ‰™Í ”ÖÍ s ÔÏÇ ÁW s ÁWJ”ÖÍ ´ ÄÖ¬jÁ±†?Ć aj®¯Ç ÁW s ÁWJ”ÖÍ ´ ÄÇ ÁjÍÖÁ™ ÁWÇ Q Q



*OK 3KZNUJK IUSVGXK:U

7[ 5SUS\aObh hc RS\ PWaZO\U RWaYcbWS`bS\ ;SbV]RS\ eW`R ‰™Í W”¬?Áj0®¯ \WQVb W\ #MŽjWÍ W[^ZS[S\bWS`b c\R RSaVOZP OcQV \WQVb O\ OZZS 9ZOaaS\ dS`S`Pb 2WSaS ;S bV]RS PS`SWb hc abSZZS\ Wab W[[S` RO\\ aW\\d]ZZ eS\\ RWS =PXSYbS RS` 9ZOaaS SW\S` \Obº`ZWQVS\ =`R\c\U c\bS`ZWSUS\ eWS RWSa SbeO PSW RS\ 6ºZZYZOaaS\ RS` \c[S`W aQVS\ ^`W[WbWdS\ 2ObS\bg^S\ RS` 4OZZ Wab 3a YO\\ OPS` OcQV XSRSa PSZWSPWUS A]`bWS` Y`WbS`Wc[ dS`eS\RSb eS`RS\( A] ZOaaS\ aWQV SbeO ;WbO`PSWbS` \OQV RS` >S`a]\OZ \c[[S` 0O\YY]\bS\ \OQV RS` 9]\b]\c[[S` >S`a]\S\ ZSfWY]U`O^VWaQV \OQV
/TZKXLGIK )USVGXGHRK 4]`[OZ abSVb VWS`Tº` SW\ 7\bS`TOQS hc` DS`TºUc\U ROa RWSaS ;SbV]RS PSW\VOZbSb( ¬ÖM‰W ‰™ÍjÁw?Wj ”¬?Á?Mj P ¬ÖM‰W ‰™Í W”¬?Áj0® #MŽjWÍ MŽ ¯Ç Q

7\abO\hS\ d]\ 9ZOaaS\ RWS RWSaSa 7\bS`TOQS W[^ZS[S\bWS`S\ Yr\\S\ W\ 0Oc[ POaWS`bS\ 1]\bOW\S`\ dS`eOZbSb eS`RS\ eWS SbeO W\ 0Ájj ?¬ ]RS` 0Ájj.jÍ RSa >OYSba Ž?Ü?±Ö͉ 2S` D]`bSWZ PSW RS` DS`eS\Rc\U a]ZQVS` 2ObS\ab`cYbc`S\ ZWSUb RO`W\ ROaa aWQV RWS RO`W\ dS`eOZbSbS\ =PXSYbS W\ SW\S` PSabW[[bS\ @SWVS\T]ZUS PS TW\RS\ c\R RORc`QV RScbZWQV aQV\SZZS`S HcU`WTTahSWbS\ S`hWSZb eS`RS\ Yr\\S\ 2O` ºPS` VW\Oca eS`RS\ W\ RWSaS[ >OYSb dS`aQVWSRS\S A]`bWS`dS`TOV`S\ hc` DS`TºUc\U USabSZZb c[ SbeO /``Oga ]RS` :WabS\ d]\ ”¬?Á?Mj=PXSYbS\ hc a]`bWS`S\ 2Oa A]`bWS`Y`WbS`Wc[ ROa S\baQVSWRSb ]P SW\ =PXSYb YZSW\S` OZa SW\ O\RS`Sa Wab eW`R ROPSW Rc`QV RWS ;SbV]RS W”¬?Áj0®¯ TSabUSZSUb 4º` =PXSYb`STS`S\hS\ ? c\R M RS` UZSWQVS\ 9ZOaaS UWZb RWS T]ZUS\RS AS[O\bWY(

(

B_TiXT[[T :[PbbT] d]S
"""

?±W”¬?Áj0® M ¯ ‘ å

? YZSW\S` M

?±W”¬?Áj0® M ¯ ss å

? UZSWQVU`]z M

?±W”¬?Áj0® M ¯  å

? U`rzS` M

'TLUXJKX[TMKT 2O[Wb W”¬?Áj0®¯ OcQV eW`YZWQV SW\S =`R\c\Ua`SZObW]\ RSTW\WS`b [ºaaS\ Tº` PS ZWSPWUS =PXSYb`STS`S\hS\ ? M c\R W RWS T]ZUS\RS\ 0SRW\Uc\US\ S`TºZZb aSW\( E

eS\\ ? c\R M d][ UZSWQVS\ Bg^ aW\R RO`T YSW\S /ca\OV[S OcaUSZrab eS`RS\ heSW 7\abO\hS\ RS` 9ZOaaS aW\R abSba [WbSW\O\RS` dS`UZSWQVPO`

E

eS\\ ? YZSW\S` M Wab RO\\ Wab M U`rzS` ? Oca ?±W”¬?Áj0®M¯‘å T]ZUb M±W”¬?Áj0®?¯å 

E

eS\\ ? UZSWQVU`]z M Wab RO\\ Wab M UZSWQVU`]z ? Oca ?±W”¬?Áj0®M¯sså T]ZUb M±W”¬?Áj0®?¯sså 

E

eS\\ ? YZSW\S` M Wab c\R M YZSW\S` W RO\\ Wab ? YZSW\S` W Oca ?±W”¬?Áj0®M¯  å c\R M±W”¬?Áj0®W¯  å T]ZUb ?±W”¬?Áj0®W¯  å 

E

Wab ? YZSW\S` U`rzS` ]RS` UZSWQVU`]z M c\R Wab W UZSWQVU`]z ? RO\\ Wab W SPS\ TOZZa YZSW\S` U`rzS` ]RS` UZSWQVU`]z M UZSWQVU`]zS =PXSYbS abSVS\ abSba W\ RS`aSZPS\ @SZObW]\ hc SW\S[ R`WbbS\ =PXSYb

2O`ºPS` VW\Oca a]ZZbS W”¬?Áj0®¯ Y]\aWabS\b hc j¶Ö?Ä®¯ T]`[cZWS`b eS`RS\( E

heSW =PXSYbS aW\R US\Oc RO\\ UZSWQVU`]z eS\\ aWS dWO j¶Ö?Ä®¯ UZSWQV aW\R

4OZZa RWSaS` T`dP[bR^\_PaTC^:^]caPZc \WQVb SW\USVOZbS\ eW`R S`VÉZb [O\ SWUS\O`bW US 3TTSYbS W[ HcaO[[S\VO\U [Wb 0Oc[POaWS`bS\ 1]\bOW\S`\ dUZ I9: QK

/SVRKSKTZOKX[TM 0SW RS` 7[^ZS[S\bWS`c\U d]\ W”¬?Áj0®¯ USVb [O\ ÉV\ZWQV eWS PSW j¶Ö?Ä®¯ d]`( 2S[ /ZWOaBSab aQVZWSzb aWQV RS` BSab OcT DS`UZSWQVPO`YSWb O\ AW\R RWS =PXSYbS \WQVb dS`UZSWQVPO` eW`R SW\S ?ÄÄ ?ÄÍ ÞWj¬Í‰™ OcaUSZrab W[ 5SUS\aObh hc j¶Ö?Ä®¯ e] RWS C\dS`UZSWQVPO`YSWb Rc`QV RS\ @ºQYUOPSeS`b w?Äj aS[O\bWaQV Y]``SYb [WbUSbSWZb eS`RS\ YO\\ 2S` `W]`WbÉb W\ RS\ DS`UZSWQV SW\USVS\ VÉ\Ub d]\ RS` W\bS\RWS`bS\ AS [O\bWY RS` 9ZOaaS c\R RS` USeº\aQVbS\ A]`bWS``SWVS\T]ZUS OP

(KOYVOKR 3OZGXHKOZKX 2WS 9ZOaaS ‰Í?ÁMj‰ÍjÁ a]ZZ ZSfWY]U`O^VWaQV \OQV =PRW c\R E^a]P\T a]`bWS`b eS`RS\ PSW UZSWQVS[
""#

(

¬ÖM‰W W?ÄÄ

B_TiXT[[T :[PbbT] d]S
‰Í?ÁMj‰ÍjÁ ‰”¬j”j™ÍÄ ”¬?Á?MjP

¬Á‰Ü?Íj ‰™Í ¬jÁÄ!ÁÇ ¬Á‰Ü?Íj .ÍÁ‰™~ ™?W†™?”j^ ܝÁ™?”jÇ ¬ÖM‰W ‰™Í W”¬?Áj0® #MŽjWÍ MŽ ¯ P

‰w® ͆‰ÄssMŽ ¯ ÁjÍÖÁ™ åÇ ‰w® ~jÍ ?ÄÄ®¯ us MŽ±~jÍ ?ÄÄ®¯ ¯ ͆ÁÝ ™jÝ ?ÄÄ ?ÄÍ ÞWj¬Í‰™® MŽ±~jÍ ?ÄÄ®¯±Í.ÍÁ‰™~®¯ ¯Ç ‰Í?ÁMj‰ÍjÁ ͆?Í s ® ‰Í?ÁMj‰ÍjÁ¯MŽÇ ‰™Í W”¬Ç ÊÊjÁÄÍjÄ .Á͉jÁÁ‰ÍjÁ‰Ö” ‰w® ®W”¬ s ™?W†™?”j±W”¬?Áj0® ͆?ͱ™?W†™?”j ¯¯ us å ¯ ÁjÍÖÁ™ W”¬Ç ÊÊÀ™?”jÀ ‰ÄÍ ~j‰W†^ ?Ä ãÝj‰ÍjÄ .Á͉jÁÁ‰ÍjÁ‰Ö” ‰w® ®W”¬ s ܝÁ™?”j±W”¬?Áj0® ͆?ͱܝÁ™?”j ¯¯ us å ¯ ÁjÍÖÁ™ W”¬Ç ÊÊÀ™?”jÀ ֙a ÀܝÁ™?”j ĉ™a ~j‰W†^ ?Ä aÁ‰ÍÍjÄ Á‰ÍjÁ‰Ö” ‰w® ¬jÁÄ!Á us ͆?ͱ¬jÁÄ!Á ¯ ÁjÍÖÁ™ ¬jÁÄ!Á‘͆?ͱ¬jÁÄ!Á · r¤ ] ¤Ç Êʉ™ ?j™
ÍÍÁ‰MÖÍj™ ~j‰W† ÁjÍÖÁ™ åÇ Q Q

2WS hcU`c\RS ZWSUS\RS :]UWY Wab YZO`( C\bS`aQVSWRS\ aWQV RWS =PXSYbS W[ S`abS\ A]` bWS`Y`WbS`Wc[ RO\\ Wab RWSaSa OcaaQVZOUUSPS\R c\R Sa eW`R ROa 3`USP\Wa RWSaSa DS` UZSWQVa hc`ºQYUSUSPS\ `W]`WbÉb RWS

(

B_TiXT[[T :[PbbT] d]S
""$

3WUS\aQVOTbS\ RS` Ac^S`YZOaaS W\ RS\ DS`UZSWQV SW\USVS\ RV O\ eSZQVS` AbSZZS ROa T]ZUS\RS 1]RW\U ^ZObhWS`b eW`R Wab Tº` RWS 9]\aWabS\h [Wb j¶Ö?Ä®¯ c\S`VSPZWQV c\R VÉ\Ub d]\ RS` W\bS\RWS`bS\ A]`bWS``SWVS\T]ZUS OP( ‰w® ®W”¬ s ÄÖ¬jÁ±W”¬?Áj0® ͆?Í ¯¯ us å ¯ ÁjÍÖÁ™ W”¬Ç

9UXZOKXKT KOTKY 'XXG_Y C[ RWS EW`Yc\U d]\ W”¬?Áj0®¯ OcT RWS A]`bWS``SWVS\T]ZUS hc RS[]\ab`WS`S\ S`UÉ\hS\ eW` RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ c[ SW\S\ S\ba^`SQVS\RS\ 9]\ab`cYb]` c\R SW\S` USSWU\SbS\ ͝.ÍÁ‰™~®¯;SbV]RS EW` ZSUS\ SW\ /``Og d]\ ;WbO`PSWbS`\ O\ c\R USPS\ RS\ 7\VOZb hc\ÉQVab [Wb RS` ;SbV]RS ¬Á‰™Í
ÁÁ?ß®¯ Oca ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ‰Í?ÁMj‰ÍjÁRS ” s ™jÝ

‰Í?ÁMj‰ÍjÁRÏSÇ

”RåSs™jÝ

‰Í?ÁMj‰ÍjÁ®¤ååÉ^ ¹ j‰jÁ¹^ ¹-w¹¯Ç

”R¤Ss™jÝ

‰Í?ÁMj‰ÍjÁ®¤ååÏ^ ¹ j‰jÁ¹^ ¹-w¹¯Ç

”RÔSs™jÝ

‰Í?ÁMj‰ÍjÁ®¤ååÈ^ ¹?™~¹^ ¹2?¹¯Ç

¬Á‰™Í
ÁÁ?ß® ” ¯Ç Ž?Ü?±Ö͉±
ÁÁ?ßıĝÁÍ® ” ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™®¹!?W†
ÖwÁÖw ܝ™ ĝÁÍ®¯]¹¯Ç ¬Á‰™Í
ÁÁ?ß® ” ¯Ç Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ¬Á‰™Í
ÁÁ?ß® #MŽjWÍRS ?ÁÁ ¯ P wÁ® ‰™Í ‰såÇ ‰‘?ÁÁ±j™~ꠂ ‰´´ ¯ .ßÄÍj”±Öͱ¬Á‰™Í™® ?ÁÁR‰S ¯Ç Q

/\aQVZWSzS\R eW`R RWS abObWaQVS @]cbW\S ĝÁÍ®¯ RS` 9ZOaaS
ÁÁ?ßÄ Oca RS[ >OYSb Ž?Ü?±Ö͉ OcTUS`cTS\ RWS W\bS`\ OcT W”¬?Áj0®¯ hcU`SWTb c\R RWS 3ZS[S\bS d]\ ” \OQV RWSaS[ 9`WbS`Wc[ a]`bWS`b 2WS S`\ScbS /caUOPS RSa /``Oga hSWUb RWS US É\RS`bS @SWVS\T]ZUS( ˆ ™Äj ˆ ¤ååÉ

j‰jÁ^ -w

¤ååÏ

j‰jÁ^ -w

¤ååÈ ?™~^ 2? !?W†
ÖwÁÖw ܝ™ ĝÁÍ®¯] ¤ååÈ ?™~^ 2? ¤ååÏ

j‰jÁ^ -w

¤ååÉ

j‰jÁ^ -w

""%

(

B_TiXT[[T :[PbbT] d]S
/TZKXLGIK )USVGXGZUX 'RZKXTGZO\K 9UXZOKXQXOZKXOKT 7\\S`VOZP SW\S` /\eS\Rc\U eS`RS\ VÉcTWU c\bS`aQVWSRZWQVS A]`bWS`Y`WbS`WS\ O\US eO\Rb SbeO W\ SW\S[ >S`a]\OZdS`eOZbc\Ua^`]U`O[[ PSW RS[ XS \OQV /\T]`RS`c\U OZ^VOPSbWaQV \OQV S`a]\OZ\c[[S`\ a]`bWS`bS :WabS\ PS\rbWUb eS`RS\ ;rUZWQVS`eSWaS [rQVbS [O\ OcQV hcS`ab RWS TZSWzWUabS\ ;Wb O`PSWbS` [Wb RS\ [SWabS\ ÍPS`abc\RS\ ]RS` RS\ US`W\UabS\ 4SVZhSWbS\ O\hSWUS\ C[ Tº` SW\S 9ZOaaS dS`aQVWSRS\S A]`bWS`Y`WbS`WS\ hc W[^ZS[S\bWS`S\ dS`eS\RSb [O\ ROa 7\bS`TOQS ”¬?Á?͝Á ROa W[ >OYSb Ž?Ü?±Ö͉ RSTW\WS`b Wab( ¬ÖM‰W ‰™ÍjÁw?Wj ”¬?Á?͝Á P ‰™Í W”¬?Áj® #MŽjWÍ ¤^ #MŽjWÍ Ô ¯Ç Mj?™ j¶Ö?Ä® #MŽjWÍ MŽ ¯Ç Q

2WS ;SbV]RS j¶Ö?Ä®¯ Wab VWS` \SPS\aÉQVZWQV RS\\ [Wb WV` eS`RS\ \WQVb RWS hc a]`bWS`S\RS\ =PXSYbS dS`UZWQVS\ a]\RS`\ 7\abO\hS\ d]\ ”¬?Á?Mj US\OcS`( d]\ ”¬?Á?Mj W[^ZS[S\bWS`S\RS\ 9ZOaaS\ HeSW 1][^O`Ob]`S\ aW\R W\VOZbZWQV UZSWQV eS\\ aWS RWS UZSWQVS A]`bWS``SWVS\T]ZUS ZWSTS`\ /ca >S`T]`[O\QSU`º\RS\ eW`R RWSaS ;SbV]RS [O\QV[OZ ºPS`aQV`WSPS\ \]beS\RWU Wab Sa XSR]QV \WQVb ;Wb RS` ;SbV]RS W”¬?Áj®¯ eW`R RWS USeº\aQVbS A]`bWS``SWVS\T]ZUS ’ W[ 5SUS\ aObh hc W”¬?Áj0®¯ W\ ”¬?Á?Mj ’ \WQVb W\\S`VOZP RS` 9ZOaaS RS` hc a]`bWS `S\RS\ =PXSYbS a]\RS`\ W\ SW\S` SWUS\S\ 9ZOaaS RSTW\WS`b 3W\S 7\abO\h RWSaS` 9ZOaaS eW`R RO\\ OZa A]`bWS`Y`WbS`Wc[ W[ 9]\ab`cYb]` RSa 0Oc[POaWS`bS\ 1]\bOW\S`a ]RS` RS` @]cbW\S
ÁÁ?ßıĝÁÍ®¯ OZa hcaÉbhZWQVS` >O`O[SbS` [WbUSUSPS\ 2WSa S`YZÉ`b OcQV RWS c\bS`aQVWSRZWQVS AWU\Obc` RS` PSWRS\ DS`UZSWQVa[SbV]RS\ EÉV`S\R W”¬?Áj0®¯ ROa OcT`cTS\RS =PXSYb ͆‰Ä [Wb RS[ ºPS`USPS\S\ /` Uc[S\b dS`UZSWQVb eW`R W\ W”¬?Áj®¯ ROa S`abS ºPS`USPS\S /`Uc[S\b [Wb RS[ heSWbS\ dS`UZWQVS\ 0SWRS DS`TOV`S\ aW\R VW\aWQVbZWQV RS` AS[O\bWY SW\S` USeÉVZbS\ A]`bWS``SWVS\T]ZUS drZZWU UZSWQVeS`bWU A]ZZS\ XSR]QV [SV`S`S A]`bWS`Y`WbS`WS\ dS`TºU PO` aSW\ Wab RWSa \c` [Wb 7[^ZS[S\bWS`c\US\ d]\ ”¬?Á?͝Á [rUZWQV d]\ RS\S\ [O\ PSZWSPWU dWSZS T]`[cZWS`S\ YO\\ 2WS /\T]`RS`c\US\ RWS O\ SW\S aS[O\bWaQV Y]``SYbS 7[^ZS[S\bWS`c\U d]\ W”¬?Áj®¯ USabSZZb eS`RS\ aW\R RWS UZSWQVS\ eWS PSW W”¬?Áj0®¯dUZ A !!! aWS aW\R ZSRWUZWQV ag\bOYbWaQV c[hcT]`[cZWS`S\ h0 RS\ /caR`cQY ?±W”¬?Áj0®M¯ W\ W”¬?Áj®?^M¯ 7\ RS` >`OfWa eW`R [O\ [Wb W”¬?Áj0®¯ SW\S \Obº`ZWQVS =`R\c\U a]TS`\ SW\S a]Z QVS aW\\d]ZZ Wab X] RS` 9ZOaaS aSZPab T]`[cZWS`S\ c\R hcaÉbhZWQVS 1][^O`Ob]`S\ Tº` RO`ºPS` VW\Oca PS\rbWUbS A]`bWS`Y`WbS`WS\ dS`eS\RS\ 0SW[ A]`bWS`S\ RS` 7\abO\hS\ eW`R RO\\ W[^ZWhWb W”¬?Áj0®¯ dS`eS\RSb Sa aSW RS\\ Sa eW`R SW\ 1][^O`Ob]` [WbUSUSPS\ [Wb RS[ [O\ RS\ A]`bWS`2STOcZb RS` 9ZOaaS ºPS`aQV`SWPb 2WS dS`aQVWSRS\S\ ag\bOYbWaQVS\ DO`WO\bS\ [Wb RS\S\ [O\ 1][^O`Ob]`S\ S`abSZZS\ YO\\ aW\R 0SabO\RbSWZ RS` ÍPc\US\ aWSVS ÍPc\UaOcTUOPS '$



0G\G )URRKIZOUT ,XGSK]UXQ

7\ RWSaS[ 9O^WbSZ abSZZS\ eW` ROa 9PeP 2^[[TRcX^] 5aP\Tf^aZ d]` SW\S 0WPZW]bVSY hc` DS`eOZbc\U dS`aQVWSRS\O`bWUS` ;S\US\ ]RS` AO[[Zc\US\ 2^[[TRcX^]b d]\ PSZWSPW US\ =PXSYbS\ 4º` a]ZQVS AO[[Zc\US\ W[ OZZUS[SW\S\ AW\\ dS`eS\RS\ eW` RS\ 0S U`WTT 2^[[TRcX^] RO RWSaS` \WQVb PS`SWba d]`PSZSUb Wab W[ 5SUS\aObh hc ;S\US :WabS ]RS` 5`c^^S 7\ /\eS\Rc\UaahS\O`WS\ VO\RSZb Sa aWQV ROPSW W\ RS` @SUSZ c[ 1]Z ZSQbW]\a UZSWQVO`bWUS` =PXSYbS SbeO ;WbO`PSWbS` SW\Sa C\bS`\SV[S\a ]RS` @SQV\c\ US\ SW\Sa 9c\RS\ OcT RS\S\ bg^WaQVS DS`eOZbc\Ua]^S`ObW]\S\ eWS 6W\hcTºUS\ :r aQVS\ A]`bWS`S\ ]RS` AcQVS\ Rc`QVUSTºV`b eS`RS\ <SPS\ RS\ eWQVbWUabS\ 7\bS` TOQSa 9ZOaaS\ c\R /ZU]`WbV[S\ RSa 4`O[Se]`Ya eS`RS\ ROa 7bS`Ob]`9]\hS^b c\R 8OdO5S\S`WQa W[ HcaO[[S\VO\U [Wb 1]ZZSQbW]\a PSVO\RSZb



+OTRKOZ[TM

7[ HcaO[[S\VO\U [Wb RS` DS`eOZbc\U [SV`S`S` UZSWQVO`bWUS` =PXSYbS VOPS\ eW` PS`SWba SW\WUS 2ObS\ab`cYbc`S\ YS\\S\USZS`\b eWS SbeO dS`YSbbSbS :WabS\ AbOQYa c\R 0Éc[S RWS aWQV W\ WV`S[ /cTPOc c\R RS\ hcU`c\RSZWSUS\RS\ /ZU]`WbV[S\ c\R RO Rc`QV W\ RS` 3WU\c\U Tº` c\bS`aQVWSRZWQVS /\T]`RS`c\US\ c\bS`aQVSWRS\ 2Oa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y abSZZb SW\S\ @OV[S\ RO` RS` Sa S`[rUZWQVb RWS PSbSW ZWUbS\ 2ObS\ab`cYbc`S\ SW\VSWbZWQV hc PSVO\RSZ\ c\R RS\\]QV RS\ c\bS`aQVWSRZWQVS\ /\T]`RS`c\US\ RS` Y]\Y`SbS\ 7[^ZS[S\bWS`c\US\ US`SQVb hc eS`RS\ <SPS\ SW\S` 6WS`O`QVWS d]\ 7\bS`TOQSa abSZZb Sa Y]\Y`SbS 7[^ZS[S\bWS`c\US\ d]\ 2ObS\ab`cYbc`S\ a]eWS dS`aQVWSRS\S /ZU]`WbV[S\ PS`SWb 2WS 0WPZW]bVSY Wab W[ >OYSb Ž?Ü?±Ö͉ S\bVOZbS\ c\R PSabSVb Oca( E

8]cTaUPRTb 3W\S 6WS`O`QVWS d]\ AQV\WbbabSZZS\ RWS Sa S`ZOcPS\ dS`aQVWSRS\O`bWUS 1]ZZSQ bW]\a d]\ =PXSYbS\ SW\VSWbZWQV hc PSVO\RSZ\ 2S` 7\bS`TOQS0SU`WTT eW`R VWS` W[ AW\\S SW\Sa OZZUS[SW\S\ \WQVba^ShWTWhWS`bS\ c\R \c` ºPS` RWS HcU`WTTa[S bV]RS\ RSTW\WS`bS\ OPab`OYbS\ 2ObS\bg^a dS`eS\RSb

E

8\_[T\T]cXTad]VT] 3W\S 6WS`O`QVWS d]\ 9ZOaaS\ RWS RWS 7\bS`TOQSa W[^ZS[S\bWS`S\ 3W\WUS 9ZOa aS\ aW\R OPab`OYb c\R RWS\S\ RS` SW\TOQVS`S\ 7[^ZS[S\bWS`c\U SWUS\S` 1]Z ZSQbW]\9ZOaaS\) RWS O\RS`S\ 9ZOaaS\ Yr\\S\ OZa Y]\Y`SbS 7[^ZS[S\bWS`c\ US\ RW`SYb c\R SW\TOQV dS`eS\RSb eS`RS\

E

0[V^aXcW\T] 3TTWhWS\bS /ZU]`WbV[S\ RWS OcT 7\abO\hS\ RS` 7[^ZS[S\bWS`c\US\ ]^S`WS`S\ eWS h0 AcQVS\ c\R A]`bWS`S\

Hc\ÉQVab PSTOaaS\ eW` c\a [Wb SW\S[ SW\TOQVS\ 0SWa^WSZ( EW` S`hScUS\ SW\S ZSS`S dS`YSbbSbS :WabS ‰™ja‰ÄÍ RS` eW` [Wb ?aa®¯ SW\WUS ‰Í?ÁMj‰ÍjÁ=PXSYbS VW\hcTºUS\ /\aQVZWSzS\R eW`R RWS :WabS c\R RWS /\hOVZ WV`S` 3ZS[S\bS OcaUSUSPS\(

""'

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

‰”¬ÁÍ Ž?Ü?±Ö͉±JÇ ¬ÖM‰W W?ÄÄ ÁÄÍj jW͉™ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į P ‰ÄÍ ‰ s ™jÝ ‰™ja‰ÄÍ®¯Ç ‰±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤åå|^ ¹-w¹ ¯ ¯Ç

‰±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤åå¤^ ¹™~j¹ ¯ ¯Ç

‰±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤ååå^ ¹.Öĉ¹ ¯ ¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™® ‰ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹
™ã?† ajÁ j”j™Íj] ¹ ´ ‰±Ä‰ãj®¯ ¯Ç Q Q

EW` dS`hWQVbS\ VWS` OcT RWS /\UOPS SW\S` Y]\Y`SbS\ 7[^ZS[S\bWS`c\U RS` 9ZOaaS ‰Í?ÁMj‰ÍjÁ [Wb RS\ /bb`WPcbS\ ‰™Í ¬jÁÄ!Á c\R .ÍÁ‰™~ ™?”j a]eWS SW\S` ORÉ_cObS\ ͝.ÍÁ‰™~®¯;SbV]RS 2WS DO`WOPZS ‰ Wab d][ Bg^ ‰ÄÍ SW\ 7\bS`TOQS ROa SW\S ZWabS\O`bWUS ^]aWbW]\a]`W S\bWS`bS 1]ZZSQbW]\ d]\ =PXSYbS\ `S^`ÉaS\bWS`b W\ RS` =PXSYbS OcQV [SV`TOQV OcTb`S bS\ Yr\\S\ 2WS 9ZOaaS ‰™ja‰ÄÍ W[^ZS[S\bWS`b RWSaSa 7\bS`TOQS c\R PSaWbhb hc RS[ SW\S ;SbV]RS ͝.ÍÁ‰™~®¯ Tº` SW\S aW\\d]ZZS bSfbPOaWS`bS 2O`abSZZc\U( ˆ ™Äj ˆ R¤åå|ˆ-w^ ¤å夈™~j^ ¤åååˆ.ÖĉS
™ã?† ajÁ j”j™Íj] Ï

/\abSZZS RS` dS`YSbbSbS\ :WabS Yr\\S\ eW` OPS` OcQV SW\S O``OgPOaWS`bS :WabS dS` eS\RS\ W\RS[ eW` RS\ 9]\ab`cYb]`OcT`cT ‰™ja‰ÄÍ®¯ Rc`QV
ÁÁ?߉ÄÍ®¯ S`aSbhS\ 2WS 9ZOaaS
ÁÁ?߉ÄÍ RSa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y W[^ZS[S\bWS`b SPS\TOZZa ROa ‰ÄÍ7\bS`TOQS dS`eS\RSb XSR]QV W\bS`\ /``Oga O\abSZZS d]\ dS`YSbbS bS\ :WabS\ dUZ ÍPc\U   2Oaa eW` O[ PSabSVS\RS\ 1]RW\U ZSRWUZWQV O\ SW\S` AbSZZS Ò\RS`c\US\ d]`\SV[S\ [ºaaS\ Wab Oca 3\beWQYZS`aWQVb aSV` PS_cS[ c\R hSWUb PS`SWba VWS` SW\S\ RS` D]`bSWZS RS` DS`eS\Rc\U d]\ 7\bS`TOQSa



(KOYVOKR 9OSVRK 2OYZ )URRKIZOUT

C[ ROa 9]\hS^b c\R RS\ /cTPOc RSa 1]ZZSQbW]\ 4`O[Se]`Ya PSaaS` hc dS`abSVS\ S\beS`TS\ eW` SW\ AhS\O`W] O\ RS[ eW` ROa HcaO[[S\a^WSZ d]\ 7\bS`TOQSa OPab`OY bS\ c\R Y]\Y`SbS\ 9ZOaaS\ W[ HcaO[[S\VO\U [Wb OPab`OYbS\ 2ObS\bg^S\ S`ZÉcbS`\ /czS`VOZP RSa PSabSVS\RS\ 1]ZZSQbW]\ 4`O[Se]`Y S\beWQYSZ\ eW` SW\S YZSW\S 0WPZW]bVSY hc` DS`eOZbc\U d]\ =PXSYbS\ W\ SW\S` SW\TOQVS\ ZWabS\O`bWUS\ 1]ZZSQbW]\ A:Wab aW[^ZS ZWab EW` PSaQV`É\YS\ c\a d]\ d]`\VS`SW\ OcT T]ZUS\RS 4c\YbW]\OZWbÉb( E

6W\hcTºUS\ SW\Sa =PXSYba

E

0SabW[[S\ RS` 5`rzS /\hOVZ RS` 3ZS[S\bS

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

""(

E

3`[WbbSZ\ SW\Sa =PXSYba O\ SW\S` PSabW[[bS\ >]aWbW]\ ROa hcS`ab SW\USTºUbS =PXSYb abSVb O\ >]aWbW]\  ROa heSWbS O\ >]aWbW]\  cae

E

4SababSZZS\ ]P SW\ =PXSYb OZa 3ZS[S\b S\bVOZbS\ Wab

E

:raQVS\ SW\Sa =PXSYba ]^bW]\OZ

E

6W\hcTºUS\ d]\ 3ZS[S\bS\ SW\S` PSZWSPWUS\ A:Wab

E

3`hScUS\ SW\S` ZSS`S\ A:Wab

E

3`hScUS\ SW\S` A:Wab [Wb 3ZS[S\bS\ SW\S` PSZWSPWUS\ O\RS`S\ A:Wab

E

BSfbPOaWS`bS 2O`abSZZc\U RS` A:Wab

C[ SW\S\ OPab`OYbS\ 2ObS\bg^ hc RSTW\WS`S\ RS` c\bS`aQVWSRZWQVS 7[^ZS[S\bWS`c\ US\ hcZÉaab YO\\ [O\ OZbS`\ObWd OPab`OYbS 9ZOaaS\ ]RS` 7\bS`TOQSa dS`eS\RS\ 4]` [cZWS`b [O\ RWS /\T]`RS`c\US\ W\\S`VOZP SW\S` OPab`OYbS\ 9ZOaaS a] Wab RWS DS` eS\Rc\U RWSaSa 2ObS\bg^a d]\ d]`\VS`SW\ aSV` S\U SW\USaQV`É\Yb AcPYZOaaS\ SW\S` 9ZOaaS RWSaSa 2ObS\bg^a USVr`S\ RO\\ Ocb][ObWaQV OcQV hc RWSaS[ 2ObS\bg^ aSZPab eS\\ RWSa W\VOZbZWQV \WQVb hc `SQVbTS`bWUS\ eÉ`S 2WSaS >`]PZS[ObWY hSWUb aWQV SPS\ a] eS\\ PS`SWba SfWabWS`S\RS 9ZOaaS\ c[ SW\S 4c\YbW]\OZWbÉb S`UÉ\hb eS`RS\ a]ZZS\ 3a Wab PSW eSWbS[ SW\TOQVS` c\R TZSfWPZS` 9ZOaaS\ UShWSZb hc S`UÉ\hS\ RO[Wb RWSaS SW\ \ScSa 7\bS`TOQS W[^ZS[S\bWS`S\ OZa SW\S \ScS OPab`OYbS 9ZOaaS W\ SW\S` PS`SWba SfWabWS`S\RS\ 6WS`O`QVWS hc dS`O\YS`\ :SbhbS`Sa Wab VÉcTWU a]UO` c\[rUZWQV /Pab`OYbS 9ZOaaS\ VOPS\ XSR]QV USUS\ºPS` 7\bS`TOQSa RS\ D]`bSWZ ROaa W\ WV\S\ Y]\Y`SbS RV \WQVbOPab`OYbS ;SbV]RS\ T]`[cZWS`b eS`RS\ Yr\\S\ A]ZQVS ;SbV] RS\ [ºaaS\ RO\\ \WQVb W\ XSRS` Y]\Y`SbS\ 9ZOaaS W[^ZS[S\bWS`b eS`RS\ eOa ROa 3`abSZZS\ SWUS\S` 9ZOaaS\ RScbZWQV S`ZSWQVbS`b C[ RWS 4ZSfWPWZWbÉb PSW RS` DS`eS\Rc\U d]\ 7\bS`TOQSa [Wb RS\ D]`hºUS\ OPab`OYbS` 9ZOaaS\ hc dS`SW\S\ Y][PW\WS`S\ eW` PSWRS /\aÉbhS c\R USVS\ eWS T]ZUb d]`( E

2STW\WS`S\ RSa 2ObS\bg^a W[ 7\bS`TOQS .‰ÄÍ

E

7[^ZS[S\bWS`S\ d]\ .‰ÄÍ RcQV RWS OPab`OYbS 9ZOaaS
MÄÍÁ?WÍ.‰ÄÍ

E

3`eSWbS`\ d]\
MÄÍÁ?WÍ.‰ÄÍ Rc`QV RWS 9ZOaaS\ ‰™ja.‰ÄÍ c\R
Áˆ Á?ß.‰ÄÍ OcT 0OaWa d]\ dS`YSbbSbS\ :WabS\ Phe /``Oga



/TZKXLGIK .‰ÄÍ

2WS [SWabS\ RS` ]PS\ US\O\\bS\ /\T]`RS`c\US\ O\ RS\ 2ObS\bg^ ZOaaS\ aWQV RW`SYb W[ 7\bS`TOQS T]`[cZWS`S\( ¬ÖM‰W ‰™ÍjÁw?Wj .‰ÄÍ P ¬ÖM‰W Mj?™ ?aa® #MŽjWÍ  ¯Ç ¬ÖM‰W ‰™Í ĉãj®¯Ç ¬ÖM‰W #MŽjWÍ ~jÍ® ‰™Í ¬Ä ¯Ç ¬ÖM‰W Mj?™ W™Í?‰™Ä® #MŽjWÍ  ¯Ç ¬ÖM‰W Mj?™ Áj”Üj® #MŽjWÍ ¯Ç ¬ÖM‰W Mj?™ ?aa
® .‰ÄÍ Ä ¯Ç Q

"#

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

2WS O`O[SbS` c\R RS` @ºQYUOPSbg^S\ aW\R eSWbSabUS VS\R aSZPabS`YZÉ`S\R 2WS ;SbV]RS Áj”Üj®¯ ZWSTS`b w?Äj eS\\ ROa =PXSYb W\ RS` 1]ZZSQbW]\ \WQVb d]`Y][[b c\R ROVS` \WQVb USZraQVb eS`RS\ YO\\ ÒV\ZWQVSa UWZb Tº` RWS ;SbV]RS\ hc[ 6W\hcTºUS\ d]\ =PXSYbS\( ES`RS\ RWSaS S`T]ZU`SWQV VW\hcUS TºUb eW`R ÍÁÖj hc`ºQYUSUSPS\ O\RS`\TOZZa w?Äj 2O eW` W\ RWSaS` 1]ZZSQbW]\ 2c ^ZWYObS S`ZOcPS\ Wab XSR]QV ZSbhbS`Sa \WS RS` 4OZZ 2WS ;SbV]RS ?aa
®¯ S`eO`bSb =PXSYbS d][ 2ObS\bg^ .‰ÄÍ OZa] 7\abO\hS\ PS ZWSPWUS` .‰ÄÍ7[^ZS[S\bWS`c\US\ 2O[Wb ZOaaS\ aWQV hc SW\S[ ‰™ja.‰ÄÍ =PXSYb \WQVb \c` 3ZS[S\bS SW\S` O\RS`S\ ‰™ja.‰ÄÍ VW\hcTºUS\ a]\RS`\ OcQV 3ZS[S\bS SW\S`
ÁÁ?ß.‰ÄÍ c\R PSZWSPWUS` O\RS`S` 7[^ZS[S\bWS`c\US\ 2WS PSWRS\ /\T]`RS`c\US\ VW\aWQVbZWQV RSa 3`hScUS\a SW\S` A:Wab ZOaaS\ aWQV W[ 7\ bS`TOQS ZSWRS` \WQVb TWfWS`S\ 7\ 7\bS`TOQSa Yr\\S\ ’ eWS W\ OPab`OYbS\ 9ZOaaS\ ’ YSW\S /\T]`RS`c\US\ ºPS` RWS 9]\ab`cYb]`S\ RS` W[^ZS[S\bWS`S\RS\ 9ZOaaS T]`[cZWS`b eS`RS\ 2WSa [ºaaS\ eW` RW`SYb PSW RS` 7[^ZS[S\bWS`c\U RS` Y]\Y`SbS\ 9ZOaaS\ PS `ºQYaWQVbWUS\ c\R R]`b S\ba^`SQVS\RS 9]\ab`cYb]`S\ T]`[cZWS`S\ 3PS\a]eS\WU ZÉaab aWQV RWS AS[O\bWY SW\S` ;SbV]RS Rc`QV T]`[OZS @SUSZ\ TSabZSUS\ a] ROaa eW` Tº` SW \S ORÉ_cObS ͝.ÍÁ‰™~®¯;SbV]RS aSZPab a]`US\ [ºaaS\



'HYZXGQZK 1RGYYK
MÄÍÁ?WÍ.‰ÄÍ

2WSaS 9ZOaaS RSYZO`WS`S\ eW` OZa OPab`OYbS 9ZOaaS RWS .‰ÄÍ W[^ZS[S\bWS`b( ¬ÖM‰W ?MÄÍÁ?WÍ W?ÄÄ
MÄÍÁ?WÍ.‰ÄÍ ‰”¬j”j™ÍÄ .‰ÄÍ P ÊJ±±JÊ Q

C[ RWS 3\beWQYZc\U Y]\Y`SbS` 7[^ZS[S\bWS`c\US\ RSa 2ObS\bg^a A:Wab hc dS`SW\TO QVS\ S\bVÉZb aWS 2STW\WbW]\S\ d]\ ;SbV]RS\ RWS d]\ RS\ Y]\Y`SbS\ 7[^ZS[S\bWS `c\US\ c\OPVÉ\UWU T]`[cZWS`b eS`RS\ Yr\\S\ ;Wb RS\ ;SbV]RS\ RSa 7\bS`TOQS ZÉaab aWQV \É[ZWQV eWS T]ZUb ºPS` OZZS 3ZS[S\bS WbS`WS`S\( wÁ® ‰™Í ‰såÇ ‰‘ĉãj®¯Ç ‰´´ ¯ #MŽjWÍ  s ~jÍ® ‰ ¯Ç

2WS ;SbV]RS\ ͝.ÍÁ‰™~®¯ c\R W™Í?‰™Ä®¯ ZOaaS\ aWQV RO[Wb eWS T]ZUb OcT ĉãj®¯ c\R ~jÍ®¯ hc`ºQYTºV`S\( ¬ÖM‰W .ÍÁ‰™~ ͝.ÍÁ‰™~®¯ P .ÍÁ‰™~ ÖwwjÁ ÄM s ™jÝ .ÍÁ‰™~ ÖwwjÁ® ¹R¹ ¯Ç wÁ® ‰™Í ‰såÇ ‰‘ĉãj®¯Ç ‰´´ ¯ ÄM±?¬¬j™a® ‰sså · ~jÍ®‰¯ ]

®¹^ ¹ ´ ~jÍ®‰¯¯

ÁjÍÖÁ™ ÄM±?¬¬j™a®¹S¹¯±Í.ÍÁ‰™~®¯Ç Q ¬ÖM‰W Mj?™ W™Í?‰™Ä® #MŽjWÍ  ¯ P wÁ® ‰™Í ‰ s åÇ ‰‘ĉãj®¯Ç ‰´´ ¯ ‰w® ±j¶Ö?Ä® ~jÍ®‰¯ ¯ ¯ ÁjÍÖÁ™ ÍÁÖjÇ ÁjÍÖÁ™ w?ÄjÇ Q

¯Ç

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

"#

2WS ;SbV]RS\ ͝.ÍÁ‰™~®¯ c\R W™Í?‰™Ä®¯ [ºaaS\ \]QV dS`PSaaS`b eS`RS\ RO[Wb aWS OcQV [Wb aSZPabPShºUZWQVS\ :WabS\ c\R [Wb ™Ö@STS`S\hS\ Y]``SYb Tc\Y bW]\WS`S\ 2WSa Wab XSR]QV `SQVb SW\TOQV aWSVS ÍPc\U  2WS 2STW\WbW]\ d]\ ?aa
®¯ Wab SPS\TOZZa W\ RS` OPab`OYbS\ 9ZOaaS [rUZWQV( C[ OZ ZS 3ZS[S\bS SW\S` A:Wab VW\hchcTºUS\ WbS`WS`b [O\ ºPS` OZZS 3ZS[S\bS c\R TºUb RWSaS SW\hSZ\ [Wb ?aa®¯ VW\hc( ¬ÖM‰W Mj?™ ?aa
® .‰ÄÍ Ä ¯ P Mj?™ ”a‰w‰ja s w?ÄjÇ wÁ® ‰™Í ‰såÇ ‰‘бĉãj®¯Ç ‰´´ ¯ P ‰w® ?aa® б~jÍ® ‰ ¯ ¯ ¯ ”a‰w‰ja s ÍÁÖjÇ Q ÁjÍÖÁ™ ”a‰w‰jaÇ Q

2Oaa PSW RS` 2STW\WbW]\ \WQVbOPab`OYbS` ;SbV]RS\ W\ RS` 9ZOaaS OPab`OYbS ;SbV]RS\ dS`eS\RSb eS`RS\ abSZZb YSW\ >`]PZS[ RO` 7\abO\hWWS`b eS`RS\ \É[ZWQV W[[S` \WQVb OPab`OYbS 9ZOaaS\ c\R RWS S\bVOZbS\ Tº` XSRS ;SbV]RS SW\S 7[^ZS[S\bWS`c\U
AQVZWSzZWQV PZSWPS\ RWS ;SbV]RS\ ?aa®¯ ĉãj®¯ c\R ~jÍ®¯ RWS [O\ \WQVb OcT O\RS`S hc`ºQYTºV`S\ YO\\ 2WSaS eS`RS\ W\ RS` 9ZOaaS [Wb ?MÄÍÁ?WÍ USYS\\ hSWQV\Sb c\R S`ab a^ÉbS` OcT 3PS\S RS` Y]\Y`SbS\ 7[^ZS[S\bWS`c\US\ RSTW\WS`b ¬ÖM‰W ?MÄÍÁ?WÍ Mj?™ ?aa® #MŽjWÍ  ¯Ç ¬ÖM‰W ?MÄÍÁ?WÍ ‰™Í ĉãj®¯Ç ¬ÖM‰W ?MÄÍÁ?WÍ #MŽjWÍ ~jÍ® ‰™Í ¬Ä ¯Ç



/SVRKSKTZOKX[TMKT ‰™ja.‰ÄÍ [TJ
ÁÁ?ß.‰ÄÍ

2WS Y]\Y`SbS /caUSabOZbc\U c\R 7[^ZS[S\bWS`c\U RSa 2ObS\bg^a A:Wab eW`R W\ RS\ 9ZOaaS\ ‰™ja.‰ÄÍ c\R
ÁÁ?ß.‰ÄÍ d]`US\][[S\ W\RS[ RWSaS XSeSWZa d]\
MÄÍÁ?WÍ.‰ÄÍ S`PS\ c\R RWS R]`b OPab`OYb T]`[cZWS`bS\ ;SbV]RS\ Y]\Y`Sb RSTW \WS`S\ EW` W[^ZS[S\bWS`S\ W[ 4]ZUS\RS\ RWS 9ZOaaS ‰™ja.‰ÄÍ c\R ºPS`ZOaaS\ RWS /``OgPOaWS`bS DS`aW]\ RS[ :SaS` dUZ ÍPc\U  

"#!

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

¬ÖM‰W W?ÄÄ ‰™ja.‰ÄÍ jÞÍj™aÄ
MÄÍÁ?WÍ.‰ÄÍ ‰”¬j”j™ÍÄ .‰ÄÍ P ¬Á‰Ü?Íj !aj †j?a s ™ÖÇ ¬Á‰Ü?Íj ‰™Í

ĉãj s åÇ

ÊÊ ™ÄÍÁ֏͝Áj™ ֙a

j͆aj™ ±±±

¬Á‰Ü?Íj ÄÍ?͉W W?ÄÄ !aj P #MŽjWÍ Ç !aj

™jÞÍÇ

¬ÖM‰W !aj® #MŽjWÍ ^ !aj ™jÞÍ ¯P ͆‰Ä± s Ç

͆‰Ä±™jÞÍ s ™jÞÍÇ

Q Q

0SYO\\bZWQV POaWS`b SW\S dS`YSbbSbS :WabS W\bS`\ OcT SW\S` 9\]bS\ab`cYbc` RWS \SPS\ RS` SWUS\bZWQVS\ 2ObS\Y][^]\S\bS SW\S\ DS`eSWa OcT RS\ \ÉQVabS\ 9\]bS\ S\bVÉZb Phe ™Ö TOZZa Sa aWQV c[ RS\ ZSbhbS\ 3W\b`OU VO\RSZb 2WS 9\]bS\ab`cYbc` !aj RSTW\WS`S\ eW` W\\S`VOZP d]\ ‰™ja.‰ÄÍ OZa ¬Á‰Ü?Íj ÄÍ?͉W W?ÄÄ 2O RWSaS Ab`cYbc` \c` W\\S`VOZP RS` c[USPS\RS\ 9ZOaaS aWQVbPO` Wab PZSWPb RORc`QV RWS W\bS`\S 9\]bS\ab`cYbc` aQV]\ Oca T]`[OZS\ 5`º\RS\ \OQV OczS\ dS`P]`US\ ÍPS` RWS @STS`S\h †j?a OcT RS\ S`abS\ 9\]bS\ S`VÉZb [O\ W\bS`\S\ HcU`WTT OcT RWS :WabS ROa /bb`WPcb ĉãj dS`eOZbSb RWS /\hOVZ RS` 3ZS[S\bS EW` PS\rbWUS\ RS\ 9]\ab`cYb]` hc[ 3`hScUS\ SW\S` A:Wab Oca SW\S` SfWabWS`S\RS\( ¬ÖM‰W ‰™ja.‰ÄÍ® .‰ÄÍ Ä ¯P ?aa
® Đ ¯Ç

ÊÊ ‰™ãÖwÙ~j™ ?jÁ j”j™Íj ܝ™ Đ

Q

a]eWS RS\ ^O`O[SbS`Z]aS\ 9]\ab`cYb]` Tº` SW\S ZSS`S A:Wab <ScS 3ZS[S\bS eS`RS\ RS` 3W\TOQVVSWb eSUS\ d]`\S SW\USTºUb ¬ÖM‰W Mj?™ ?aa® #MŽjWÍ  ¯ P †j?a s ™jÝ !aj® ^ †j?a ¯Ç ĉãj´´Ç ÁjÍÖÁ™ ÍÁÖjÇ Q

a] ROaa RWS 3ZS[S\bS W\ c[USYSV`bS` @SWVS\T]ZUS W\ RS` :WabS abSVS\ 2WSa ZÉaab aWQV OPS` PSW RS` /caUOPS W\ ~jÍ®¯ ZSWQVb Y]``WUWS`S\( ¬ÖM‰W #MŽjWÍ ~jÍ® ‰™Í ¬Ä ¯P ‰w®¬Ä‘å OO ¬Äsĉãj¯ ͆ÁÝ ™jÝ ™ajÞ#ÖÍ#w Ö™aÄ ÞWj¬Í‰™®¯Ç !aj ͔¬s†j?aÇ ¬Ä s ĉãj ˆ ¤ ˆ ¬ÄÇ wÁ® ‰™Í ‰såÇ ‰‘¬ÄÇ ‰´´ ¯ ͔¬s͔¬±™jÞÍÇ ÁjÍÖÁ™ ͔¬±Ç Q

ÊÊ ÁÁjÍÖÁ ajÁ -j‰†j™w~j

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

"#"

AQVZWSzZWQV TSVZb \]QV RS` 5SbbS` Tº` RWS /\hOVZ RS` 3ZS[S\bS( ¬ÖM‰W ‰™Í ĉãj®¯P

ÁjÍÖÁ™ ĉãjÇ

Q

2O[Wb Wab RWS 7[^ZS[S\bWS`c\U RS` 9ZOaaS heO` OPUSaQVZ]aaS\ OPS` SW\WUS RS` W\ RS` OPab`OYbS\ 9ZOaaS PS`SWba RSTW\WS`bS\ ;SbV]RS\ O`PSWbS\ \WQVb US`ORS ^S`T]`[O\b 7\ W™Í?‰™Ä®¯ c\R W\ ͝.ÍÁ‰™~®¯ eW`R W\ SW\S` AQVZSWTS [Wb ~jÍ®¯ RS` @SWVS \OQV OcT RWS 3ZS[S\bS hcUSU`WTTS\ 0SW[ /cT`cT ~jÍ®‰´¤¯ eW`R W\bS`\ abSba SW\S \ScS 7bS`ObW]\ PSW[ S`abS\ 3ZS[S\b PSU]\\S\ ]Pe]VZ PSW[ d]`VS`WUS\ AQVZSWTS\Rc`QV ZOcT [Wb ~jÍ®‰¯ SW\ HcU`WTT OcT RS\ RW`SYbS\ D]`UÉ\US` PS`SWba S`T]ZUbS 3W\S :rac\U RWSaSa >`]PZS[a PSabSVb RO`W\ RWS ;SbV]RS\ W\ RS` Y]\Y`SbS\ 7[^ZS [S\bWS`c\U Rc`QV STTWhWS\bS`S hc ºPS`aQV`SWPS\ aWSVS ÍPc\U ! 2Oaa aS[O\bWaQV Y]``SYbS ;SbV]RS\RSTW\WbW]\S\ SW\S` OPab`OYbS\ 9ZOaaS Oca >S`T]`[O\QSU`º\RS\ VÉcTWU ºPS`aQV`WSPS\ eS`RS\ a]ZZbS \WQVb ºPS``OaQVS\ 2WS 2SbOWZa RS` 7[^ZS[S\bWS `c\U aW\R Oca RS` OPab`OYbS\ AWQVb W\ RS` @SUSZ \WQVb PSYO\\b c\R Yr\\S\ ROVS` OcQV \WQVb W[[S` PS`ºQYaWQVbWUb eS`RS\ 3W\S eSWbS`S :rac\U PWSbSb ROa 7bS`Ob]` 9]\hS^b [Wb RS[ eW` c\a XSbhb PSTOaaS\



*GY /ZKXGZUX1UT`KVZ

0SW dWSZS\ /YbWdWbÉbS\ W[ HcaO[[S\VO\U [Wb 1]ZZSQbW]\a Wab Sa \]beS\RWU HcU`WTT OcT OZZS =PXSYbS hc VOPS\ SbeO PSW[ AcQVS\ SW\Sa 3ZS[S\ba [Wb SW\S` PSabW[[bS\ 3WUS\aQVOTb PSW[ 3`[WbbSZ\ d]\ ;OfW[O ]RS` ;W\W[O PhUZ SW\S` =`R\c\U ]RS` OcQV PSW RS` /\hSWUS OZZS` S\bVOZbS\S\ =PXSYbS O[ 0WZRaQVW`[ 2WS 7[^ZS[S\bWS`c\U a]ZQVS` ;SbV]RS\ S`T]`RS`b RWS ;rUZWQVYSWb RS` @SWVS \OQV OcT RWS SW\hSZ\S\ =PXSYbS hchcU`SWTS\ eWS W\ ͝.ÍÁ‰™~®¯ ]RS` W™Í?‰™Ä®¯ e] eW` eWS T]ZUb ºPS` RWS 1]ZZSQbW]\ WbS`WS`b VOPS\( wÁ® ‰™Í ‰såÇ ‰‘ĉãj®¯Ç ‰´´ ¯ #MŽjWÍ  s ~jÍ® ‰ ¯Ç

2WSaS /`b d]\ 7bS`ObW]\ VOb XSR]QV RS\


*GY /TZKXLGIK ÍjÁ?͝Á

2OVS` dS`eS\RSb [O\ SW\ OPab`OYbSa 7bS`ObW]\aY]\hS^b ROa Rc`QV RWS AQV\WbbabSZZS ÍjÁ?͝Á W[ >OYSb Ž?Ü?±Ö͉ QVO`OYbS`WaWS`b Wab AWS c[TOaab RWS ;SbV]RS\( ¬ÖM‰W #MŽjWÍ ™jÞÍ®¯Ç ¬ÖM‰W Mj?™ †?Ä!jÞÍ®¯Ç ¬ÖM‰W ܝ‰a Áj”Üj® ¯Ç

ÊÊ ¬Í‰™?j

j͆aj

;Wb SW\S[ 7bS`Ob]` Wab Sa [rUZWQV STTWhWS\b OcT RWS 3ZS[S\bS W\\S`VOZP RS` 1]ZZSQbW]\ aS_cS\bWSZZ hchcU`SWTS\ ]V\S RWS hcU`c\RS ZWSUS\RS Ab`cYbc` hc YS\\S\ 2WS ;S bV]RS ™jÞÍ®¯ ZWSTS`b abSba ROa \ÉQVabS 3ZS[S\b a]ZO\US \]QV 3ZS[S\bS d]`Y][[S\ O\RS`\TOZZa eW`R SW\S !.ÖW† j”j™Í ÞWj¬Í‰™ OcaUSZrab 3W\S a]ZQVS /ca\OV [S ZÉaab aWQV OPS` dS`[SWRS\ eS\\ [O\ hcd]` [Wb †?Ä!jÞÍ®¯ ºPS`^`ºTb ]P Sa

"##

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

\]QV 3ZS[S\bS UWPb 2WS ;SbV]RS Áj”Üj®¯ ZraQVb ROa [Wb RS[ ZSbhbS\ ™jÞÍ®¯ /cT`cT S`VOZbS\S =PXSYb Oca RS` 1]ZZSQbW]\ @cTb [O\ Áj”Üj®¯ ]V\S d]`VS`WUSa ™jÞÍ®¯ OcT eW`R SW\S j~?.Í?Íj ÞWj¬Í‰™ OcaUSZrab) RWSa UWZb OcQV eS\\ heWaQVS\ heSW Áj”Üj®¯/cT`cTS\ YSW\ ™jÞÍ®¯ S`T]ZUb Ec`RS Áj”Üj®¯ ZSS` W[^ZS[S\bWS`b Zrab RS` /cT`cT SW\S !.ÖW†#¬jÁ?͉™ ÞWj¬Í‰™ Oca C[ SW\S\ 7bS`Ob]` Tº` RWS A:Wab2ObS\ab`cYbc` dS`TºUPO` hc VOPS\ c\R O\eS\RS\ hc Yr\\S\ S`eSWbS`\ eW` .‰ÄÍ c[ RWS ;SbV]RS ¬ÖM‰W ÍjÁ?͝Á ‰ÍjÁ?͝Á®¯ RWS SW\S 7bS`Ob]`7\abO\h Tº` RWS ;SbV]RS\ †?Ä!jÞÍ®¯ c\R ™jÞÍ®¯ ZWSTS`b 2WS Ac[[S OZZS` ™Íj~jÁES`bS SW\S` .‰ÄÍ Ä S``SQV\Sb aWQV RO\\ Rc`QV( ÍjÁ?͝Á ‰Í s б‰ÍjÁ?͝Á®¯Ç ÊÊ ‰jwjÁÍ ÍjÁ?͝Áˆ#MŽjÍ wÙÁ Đ ݆‰j® ‰Í±†?Ä!jÞÍ®¯ ¯

ÊÊ

j͆aj™?ÖwÁÖwj ÙMjÁ a?Ä #MŽjÍ

Ä֔ ´s ®®™Íj~jÁ¯‰Í±™jÞÍ®¯¯±‰™Í7?Öj®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.֔”j ajÁ 8jÁÍj] ¹ ´ Ä֔ ¯Ç



*KLOTOZOUT \UT /ZKXGZUXKT

3W\S\ 7bS`Ob]` Tº` SW\S ‰™ja.‰ÄÍ RSTW\WS`b [O\ O[ 0SabS\ OZa 8]]TaT :[PbbT( ¬ÖM‰W W?ÄÄ ‰™ja.‰ÄÍ P ÊÊ jw‰™‰Í‰™ ajÁ
ÍÍÁ‰MÖÍj ֙a ¬ÖM‰W ÍjÁ?͝Á ‰ÍjÁ?͝Á®¯ P ÁjÍÖÁ™ ™jÝ

j͆aj™ ÊÊ ‰jwjÁÍ j‰™j™ ÍjÁ?͝Á

ßÍjÁ?͝Á®¯Ç

Q ¬Á‰Ü?Íj W?ÄÄ

ßÍjÁ?͝Á ‰”¬j”j™ÍÄ ÍjÁ?͝Á P

¬Á‰Ü?Íj !aj WÖÁĝÁ s †j?aÇ ¬ÖM‰W Mj?™ †?Ä!jÞÍ®¯P

ÊÊ ±±±

Q ¬ÖM‰W #MŽjWÍ ™jÞÍ®¯P

ÊÊ ±±±

Q ¬ÖM‰W ܝ‰a Áj”Üj®¯P ͆ÁÝ ™jÝ 2™ÄÖ¬¬ÁÍja#¬jÁ?͉™ ÞWj¬Í‰™®¯Ç Q Q Q

/ca RS` W\\S`S\ 9ZOaaS ßÍjÁ?͝Á YO\\ c\SW\USaQV`É\Yb OcT RWS /bb`WPcbS c\R ;SbV]RS\ RS` c[USPS\RS\ 9ZOaaS hcUSU`WTTS\ eS`RS\) OcQV abSVb RWS SPS\TOZZa W\ \S`VOZP d]\ ‰™ja.‰ÄÍ RSTW\WS`bS 2ObS\ab`cYbc` !aj hc` DS`TºUc\U 0ZSWPb \]QV RWS 7[^ZS[S\bWS`c\U RS` PSWRS\ ;SbV]RS\( ¬ÖM‰W Mj?™ †?Ä!jÞÍ®¯P ÁjÍÖÁ™ WÖÁĝÁus™ÖÇ Q

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

"#$

¬ÖM‰W #MŽjWÍ ™jÞÍ®¯P ‰w® u†?Ä!jÞÍ®¯ ¯ ͆ÁÝ ™jÝ !.ÖW† j”j™Í ÞWj¬Í‰™®¯Ç #MŽjWÍ  s WÖÁĝÁ±Ç

ÊÊ -ÙW~?MjMŽjÍ ĉW†jÁ™

WÖÁĝÁ s WÖÁĝÁ±™jÞÍÇ

ÊÊ ÖÁĝÁ Ýj‰ÍjÁÄW†‰jMj™

ÁjÍÖÁ™ Ç

ÊÊ #MŽjÍ ãÖÁÙW~jMj™

Q

2S\ BSab RWSaSa 7bS`Ob]`a a]eWS SW\S 7[^ZS[S\bWS`c\U d]\ Áj”Üj®¯ ºPS`ZOaaS\ eW` OZa /cTUOPS aWSVS ÍPc\U "  $ 2S\ OcT[S`YaO[S\ :SaS`\ eW`R ROPSW \WQVb S\bUSVS\ ROaa RS` d]\ c\a RSTW\WS`bS 7bS`Ob]` RWS 2ObS\ab`cYbc` `ºQYeÉ`ba Rc`QVZÉcTb RV RS`S\ 3ZS[S\bS S\bUSUS\ WV`S` 3W\TºUS`SWVS\T]ZUS PS`ºQYaWQVbWUb 2S` 5`c\R ROTº` Wab eS\WUS` PSW[ 7bS`Ob]` hc TW\ RS\ OZa W\ RS` 2STW\WbW]\ d]\ ?aa®¯ dUZ A !"  3\bUSUS\ RS` 9]\dS\bW]\ RS` />7 2]Yc[S\bObW]\ TºUb c\aS`S DS`aW]\ \ScS 3ZS[S\bS d]`\S O\ RWS :WabS O\ SW\ C[ abO\R RS\ eW` W\ RS` ;SbV]RS ~jÍ®¯ Rc`QV RWS /\eSWac\U ¬Ä s ĉãj ˆ ¤ ˆ ¬ÄÇ

ÊÊ ÁÁjÍÖÁ ajÁ -j‰†j™w~j

YOaQVWS`S\ Y]\\bS\ 7[ eSWbS`S\ DS`ZOcT Wab Sa XSR]QV USaQVWQYbS` ?aa®¯ eWS T]ZUb hc W[^ZS[S\bWS`S\ c\R W\ ~jÍ®¯ RWS 9]``SYbc`O\eSWac\U hc ab`SWQVS\( ¬ÖM‰W Mj?™ ?aa® #MŽjWÍ  ¯ P

ÊÊ †‰™Íj™ j‰™wÙ~j™

!aj ™ s ™jÝ !aj® ^ ™Ö ¯Ç

ÊÊ ™jÖjÁ ™Íj™

‰w® †j?ass™Ö ¯

ÊÊ .™ajÁw?] ‰ÄÍj jjÁ

†j?a s ™Ç jÄj P

ÊÊ jÍãÍj™ ™Íj™ ÄÖW†j™

wÁ® !aj ͔¬s†j?aÇ Í”¬±™jÞÍus™ÖÇ ͔¬s͔¬±™jÞÍ ¯ Ç

ÊÊ ±±± ~jw֙aj™

͔¬±™jÞÍ s ™Ç

ÊÊ ?™†C™~j™

Q ÁjÍÖÁ™ ÍÁÖjÇ Q

2Oaa W\ SW\S` SW\TOQV dS`YSbbSbS\ :WabS SW\ 7bS`Ob]` RSTW\WS`b eS`RS\ YO\\ RS` RWSaS S\bUSUS\ RS` DS`YSbbc\Uaab`cYbc` Rc`QVZÉcTb Wab 0SabO\RbSWZ RS` ÍPc\U "



+X]KOZKXZK LUX9INRKOLK ¤ ,UXKGIN2UUV

;Wb 8OdO # ec`RS SW\ \ScSa A^`OQVSZS[S\b RWS S`eSWbS`bS T]`AQVZSWTS SW\USTºV`b [Wb RS` [O\ RWS 3ZS[S\bS SW\S` 1]ZZSQbW]\ ]V\S 0ShcU OcT RWS 7bS`Ob]`;SbV]RS\ Rc`QVZOcTS\ YO\\ Ag\bOf c\R AS[O\bWY S`USPS\ aWQV Oca RS[ T]ZUS\RS\ 0SWa^WSZ( wÁ® #MŽjWÍ  ] W ¯

ÊÊ wÁ j?W† #MŽjWÍ  ‰™ W

.ßÄÍj”±Öͱ¬Á‰™Í™®  ¯Ç

2S\ W\RW`SYbS\ 0ShcU hc RS\ ;SbV]RS\ ™jÞÍ®¯ c\R †?Ä!jÞÍ®¯ S`ZÉcbS`b ÍPc\U   ;Wb RWSaS[ 9]\ab`cYb YO\\ [O\ aSV` Y][^OYb ºPS` 1]ZZSQbW]\a WbS`WS`S\ W\a

"#%

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

PSa]\RS`S eS\\ [O\ US\S`WaQVS Bg^S\ dS`eS\RSb 2O[Wb eS`RS\ eW` c\a O[ 3\RS RSa 9O^WbSZa W[ HcaO[[S\VO\U [Wb 8OdO 5S\S`WQa \]QV[OZa Yc`h PSTOaaS\



'[LHG[ JKY 0G\G )URRKIZOUT ,XGSK]UXQ

2S` /cTPOc RSa 8OdO 1]ZZSQbW]\ 4`O[Se]`Y S\ba^`WQVb Y]\hS^bcSZZ RS[ d]\ c\a d]`USabSZZbS\ A:WabAhS\O`W]( E

dS`aQVWSRS\S 8]cTaUPRTb RSTW\WS`S\ 2ObS\ab`cYbc`S\ Tº` c\bS`aQVWSRZWQVS HeSQYS

E

`S^`ÉaS\bObWdS 8\_[T\T]cXTad]VT] eS`RS\ hc` DS`TºUc\U USabSZZb

E

PQbcaPZcT :[PbbT] S`ZSWQVbS`\ RWS 3\beWQYZc\U SWUS\S` 7[^ZS[S\bWS`c\US\

HcaÉbhZWQV abSVS\ STTWhWS\bS /ZU]`WbV[S\ hc[ A]`bWS`S\ ;WaQVS\ AcQVS\ SbQ PS`SWb EW` PSaQV`É\YS\ c\a PSW RS` 2O`abSZZc\U OcT RWS eWQVbWUabS\ 9ZOaaS\ c\R 7\bS`TOQSa c\R RS`S\ eSaS\bZWQVS 3WUS\aQVOTbS\ c\R ;SbV]RS\) 2SbOWZa TW\RSb [O\ W[ 1]ZZSQbW ]\a4`O[Se]`YBcb]`WOZ IAC<#4K c\R W\ RS` />72]Yc[S\bObW]\ IAC<#1K



/TZKXLGIKY

2WS 7\bS`TOQSa RSa 4`O[Se]`Ya PSabSVS\ Oca heSW c\OPVÉ\UWUS\ 6WS`O`QVWS\ [Wb RS\ Ac^S`7\bS`TOQSa jW͉™ c\R ?¬ dUZ /PPWZRc\U 

jW͉™ ?¬ .jÍ

‰ÄÍ

,ÖjÖj .ÁÍja ?¬

.ÁÍja.jÍ

0QQ ! ) 2WS Ac^S`7\bS`TOQSa 1]ZZSQbW]\ c\R ;O^ 2^[[TRcX^] 2Oa U`c\RZSUS\RS 7\bS`TOQS Wab jW͉™ d]\ RS[ .jÍ ‰ÄÍ c\R ,ÖjÖj OP USZSWbSb aW\R 2WSaSa 7\bS`TOQS RWS\b ^`W[É` hc` SW\TOQVS`S\ 4]`[cZWS`c\U eS\\ ;S bV]RS\ Tº` OZZS OPUSZSWbSbS\ 2ObS\bg^S\ USZbS\ a]ZZS\ A] eW`R SbeO RWS ;SbV]RS ¬ÖM‰W Mj?™ ?aa
® jW͉™ W ¯

O\ OZZS AcPW\bS`TOQSa dS`S`Pb c\R abSZZb Tº` XSRSa RWSaS` 7\bS`TOQSa aWQVS` ROaa 3ZS [S\bS QT[XTQXVTa jW͉™7\abO\hS\ VW\hcUSTºUb eS`RS\ Yr\\S\ 2Oa 7\bS`TOQS jW͉™ c[TOaab RWS ;SbV]RS\ ‰™Í ĉãj®¯Ç Mj?™ ‰Ä ”¬Íß®¯Ç Mj?™ W™Í?‰™Ä®#MŽjWÍ ¯Ç Mj?™ ?aa®#MŽjWÍ ¯Ç

ÊÊ ?ĉĔj͆aj™

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

"#&

Mj?™ Áj”Üj®#MŽjWÍ ¯Ç ÍjÁ?͝Á ‰ÍjÁ?͝Á®¯Ç Mj?™ W™Í?‰™Ä
® jW͉™ W¯Ç

ÊÊ

j™~j™¬jÁ?͉™j™

Mj?™ ?aa
® jW͉™ W¯Ç Mj?™ Áj”Üj
® jW͉™ W¯Ç Mj?™ ÁjÍ?‰™
® jW͉™ W¯Ç ܝ‰a Wj?Á®¯Ç #MŽjWÍRS ͝
ÁÁ?ß®¯Ç

ÊÊ
ÁÁ?߈#¬jÁ?͉™j™

#MŽjWÍRS ͝
ÁÁ?ß®#MŽjWÍRS ?¯Ç

RS`S\ AS[O\bWY W\ RS\ [SWabS\ 4ÉZZS\ PS`SWba d]\ .‰ÄÍ PSYO\\b ]RS` b`WdWOZ Wab 2WS ;SbV]RS Áj”Üj
®¯ ZraQVb OZZS 3ZS[S\bS RWS W\ W d]`Y][[S\ RWS ;SbV] RS ÁjÍ?‰™
®¯ OZZS RWS \WQVb W\ W d]`Y][[S\ dUZ ÍPc\U ) RWS ;SbV]RS\ ͝
ÁÁ?ß®¯ USPS\ RWS 3ZS[S\bS OZa /``Og hc`ºQY e]PSW RS` @ºQYUOPSbg^ W\ RS` ^O`O[Sb`WaWS`bS\ DS`aW]\ O\USUSPS\ eS`RS\ YO\\ ;SbV]RS\ RWS RWS 1]ZZSQbW]\ dS` É\RS`\ Yr\\S\ aW\R ]^bW]\OZ 2S`S\ @ºQYUOPSeS`b Wab ÍÁÖj TOZZa aWQV RWS 1]ZZSQbW ]\ Rc`QV RS\ /cT`cT É\RS`b a]\ab w?Äj [Wb /ca\OV[S d]\ Wj?Á®¯ ;Xbc 2Oa 7\bS`TOQS ‰ÄÍ PSaQV`SWPb SW\S ^]aWbW]\a]`WS\bWS`bS 1]ZZSQbW]\ d]\ =PXSYbS\ RWS ºPS` SW\S\ UO\hhOVZWUS\ 7\RSfeS`b RWS >]aWbW]\ OR`SaaWS`b eS`RS\ Yr\\S\ BTc d]S B^acTSBTc 7\ SW\S[ .jÍ Rº`TS\ ’ W[ 5SUS\aObh hc` ‰ÄÍ ’ YSW\S =PXSYbS [SV`TOQV d]`Y][ [S\ a] ROaa RS` DS`acQV SW\ =PXSYb VW\hchcTºUS\ Rc`QVOca aQVSWbS`\ YO\\ 2Oa 7\bS`TOQS .ÁÍja.jÍ PSaQV`SWPb RWS a]`bWS`bS DS`aW]\ d]\ .jÍ PSW RS` RS` 7bS`Ob]` RWS 3ZS[S\bS W\ OcTabSWUS\RS` @SWVS\T]ZUS Rc`QVZÉcTb @dTdT 3W\S ,ÖjÖj RWS\b hc` DS`eOZbc\U d]\ =PXSYbS\ RWS eSWbS` dS`O`PSWbSb c\R dS` P`OcQVb eS`RS\ W\ RS` @SUSZ a]`bWS`b OZa 474= UXabcX]UXabc^dc2ObS\ab`cYbc` Bg^W aQVS /\eS\Rc\UaahS\O`WS\ Tº` ?cScSa aW\R h0 E

>`]hSaaS RWS RO`OcT eO`bS\ RS\ >`]hSaa]` PS\cbhS\ hc Rº`TS\

E

2`cQYOcTb`ÉUS SW\Sa >`W\bAS`dS`a

E

9c\RS\O\T`OUS\ W\ SW\S[ 1OZZQS\bS` dUZ 9O^WbSZ #

E

4S`bWUc\UaOcTb`ÉUS W\ RS` >`]RcYbW]\

OO`S\ OcTTOaaS\ PSW RS` SW\ ES`b ’ W[ 5SUS\aObh hc[ AQVZºaaSZ ’ [SV`TOQV d]`Y][[S\ YO\\ 2Oa 7\bS`TOQS .ÁÍja ?¬ PSaQV`SWPb SW\S \OQV AQVZºaaSZeS`bS\ a]`bWS`bS DS`aW]\ d]\ ?¬

"#'

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

/\eS\Rc\UaPSWa^WSZS Tº` a]ZQVS 2ObS\ab`cYbc`S\ aW\R SbeO E

BSZST]\PcQV SW\S` /PbSWZc\U

E

/PYº`hc\UadS`hSWQV\Wa RS` ZWSTS`PO`S\ /`bWYSZ

E

BOPSZZS [Wb 9c`h c\R :O\UT]`[ RS` eWQVbWUabS\ >O`b\S`c\bS`\SV[S\

2WS eWQVbWUabS\ ;SbV]RS\ d]\ ?¬ aW\R W[ T]ZUS\RS\ 1]RS/caaQV\Wbb RO`USabSZZb( ÊÊ ™wÁ”?͉™j™ j‰™ÍÁ?~j™ ”±¬ÖÍ® ¹.
+¹^ ¹.
+
^ 8?aÁw¹ ¯Ç ”±¬ÖÍ® ¹##¹^ ¹#Á‰j™Í?͉™ ‰™ #MŽjWÍÄ ”M^

?™™†j‰”¹ ¯Ç

ÊÊ
MwÁ?~j™ .ßÄÍj”±Öͱ¬Á‰™Í™® ”±~jÍ® ¹##¹ ¯ ¯Ç



/SVRKSKTZOKX[TMKT

2Oa 1]ZZSQbW]\ 4`O[Se]`Y abSZZb Tº` aSW\S 7\bS`TOQSa dS`aQVWSRS\S 7[^ZS[S\bWS`c\ US\ PS`SWb d]\ RS\S\ eW` RWS eWQVbWUabS\ d]`abSZZS\ eS`RS\ 2OPSW YO\\ Sa Rc`QV Oca dS`aQVWSRS\S 7[^ZS[S\bWS`c\US\ SW\Sa 7\bS`TOQS USPS\ SbeO RWS dS`aQVWSRS\S\ 7[^ZS[S\bWS`c\US\ d]\ ‰ÄÍ O\RS`S`aSWba YO\\ SW\S 9ZOaaS OcQV heSW c\bS` aQVWSRZWQVS 7\bS`TOQSa W[^ZS[S\bWS`S\ dUZ ‰™ja‰ÄÍ A]ZZS\ ’ Oca eSZQVS\ 5`º\RS\ OcQV W[[S` ’ SWUS\S 7[^ZS[S\bWS`c\US\ S`abSZZb eS`RS\ PWSbSb ROa 4`O [Se]`Y OPab`OYbS 9ZOaaS\ O\ RWS SW\S[ SW\S\ BSWZ RS` /`PSWb OP\SV[S\

jW͉™ ?¬ ?Ć ?¬

.jÍ ?Ć.jÍ

,ÖjÖj ‰ÄÍ
ÁÁ?߉ÄÍ ‰™ja‰ÄÍ +Á‰Á‰Íß,ÖjÖj

.ÁÍja ?¬ 0Ájj ?¬

.ÁÍja.jÍ 0Ájj.jÍ

0QQ !!) 7[^ZS[S\bWS`c\US\ RSa 1]ZZSQbW]\ 4`O[Se]`Y 2WS eWQVbWUabS\ 9ZOaaS\ aW\R dUZ /PP  ( E


ÁÁ?߉ÄÍ c\R ‰™ja‰ÄÍ OZa 7[^ZS[S\bWS`c\US\ d]\ ‰ÄÍ( 7\ RS\ [SWabS\ 4ÉZZS\ Wab RWS
ÁÁ?߉ÄÍ STTWhWS\bS` PSa]\RS`a PSW ^]aWbW]\a]`W S\bWS`bS\ HcU`WTTS\ 2WSaS 7[^ZS[S\bWS`c\U VOb XSR]QV
E

‰™ja‰ÄÍ OZa 474=7[^ZS[S\bWS`c\U d]\ ,ÖjÖj( 2O RWS ;]RSZZWS`c\U OZa 474=2ObS\ab`cYbc` W\ RS` >`OfWa \WQVb W[[S` O\US[Sa aS\ Wab eWQVbWUS >`]hSaaS Yr\\S\ [Wb SW\S` VrVS`S\ >`W]`WbÉb dS`aSVS\ eS`RS\ W\ [O\QVS\ /`hb^`OfS\ eS`RS\ >`WdOb^ObWS\bS\ PSd]`hcUb PSVO\RSZb PSabW[[bS

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ

"#(

4S`bWUc\UaOcTb`ÉUS [ºaaS\ T`ºVS` S`ZSRWUb eS`RS\ Y][[b VÉcTWU RWS 7[^ZS [S\bWS`c\U +Á‰Á‰Íß,ÖjÖj hc[ 3W\aObh dUZ 9O^WbSZ #( 1OZZQS\bS` E

?Ć.jÍ OZa 7[^ZS[S\bWS`c\U d]\ .jÍ( 2WS 7[^ZS[S\bWS`c\U POaWS`b OcT RS` ;SbV]RS †?Ć aj®¯ 7ab RWSaS ;SbV]RS \WQVb Y]\aWabS\b [Wb j¶Ö?Ä®¯ T]`[cZWS`b UWPb Sa c\O\US\SV[S 9]\aS_cS\hS\ dUZ ÍPc\U '"

E

0Ájj.jÍ OZa 7[^ZS[S\bWS`c\U d]\ .ÁÍja.jÍ( 2WS POc[POaWS`bS 7[^ZS[S\bWS`c\U PS\cbhb RWS \Obº`ZWQVS =`R\c\U RS` =PXSY bS a]TS`\ RS`S\ 9ZOaaS ROa 7\bS`TOQS ”¬?Á?Mj W[^ZS[S\bWS`b /ZbS`\ObWd YO\\ W[ 9]\ab`cYb]` RWS A]`bWS``SWVS\T]ZUS ºPS` SW\S\ ”¬?Á?͝Á [WbUSUS PS\ eS`RS\

E

?Ć ?¬ OZa 7[^ZS[S\bWS`c\U d]\ ?¬( dUZ ?Ć.jÍ

E

0Ájj ?¬ OZa 7[^ZS[S\bWS`c\U d]\ .ÁÍja ?¬(dUZ 0Ájj.jÍ

2WS 9ZOaaS\\O[S\ PSabSVS\ W\ RS` @SUSZ Oca heSW BSWZS\ d]\ RS\S\ RS` S`abS RWS /`b RS` 7[^ZS[S\bWS`c\U RS` heSWbS ROa W[^ZS[S\bWS`bS 7\bS`TOQS PShSWQV\Sb ?Ć.jÍ Wab a][Wb SW\S WPbWPOaWS`bS 7[^ZS[S\bWS`c\U d]\ .jÍ
ÁÁ?߉ÄÍ c\R ‰™ja‰ÄÍ aW\R PaaPhPOaWS`bS Phe ºPS` DS`YSbbc\US\ ab`cYbc`WS`bS 7[^ZS[S\bWS `c\US\ d]\ ‰ÄÍ 2WS 3\baQVSWRc\U ]P [O\ SW\S` 1]ZZSQbW]\ SW\S a]`bWS`bS ]RS` c\a]`bWS`bS 2ObS\ab`cYbc` hcU`c\RS ZSUb VÉ\Ub ROd]\ OP ]P RWS 3WUS\aQVOTbS\ RSa b^acTS 8]cTaUPRT h0 a]`bWS`bS` 7bS`Ob]` eSaS\bZWQV PS\rbWUb eS`RS\ 7[ @SUSZTOZZ aW\R RWS [SWabS\ =^S`ObW]\S\ OcT c\a]`bWS`bS\ 2ObS\ab`cYbc`S\ RScbZWQV aQV\SZZS` OZa OcT a]`bWS`bS\ dUZ IAC<#4K 7[ HeSWTSZaTOZZ PWSbSb Sa aWQV O\ [Wb [rUZWQVab OZZUS [SW\S\ 7\bS`TOQSBg^S\ hc O`PSWbS\ c\R S`ab \OQV SW\WUS\ `SOZWabWaQVS\ BSaba Y]\ Y`SbS 7[^ZS[S\bWS`c\US\ SW\hcaSbhS\



'RMUXOZNSKT

7\ dWSZS\ /\eS\Rc\UaTÉZZS\ eW`R [O\ W\\S`VOZP SW\S` 1]ZZSQbW]\ \OQV =PXSYbS\ ac QVS\ ]RS` RWSaS \OQV dS`aQVWSRS\S\ 9`WbS`WS\ a]`bWS`S\ 2Ohc c\R Tº` eSWbS`S /cT UOPS\ PWSbSb RWS 9ZOaaS jW͉™Ä hOVZ`SWQVS bcPcXbRWT ;SbV]RS\ O\ ;Wb RS\ ;SbV]RS\ ܝ‰a ĝÁÍ® ‰ÄÍ  ¯

ܝ‰a ĝÁÍ® ‰ÄÍ ^ ”¬?Á?͝Á W ¯

eW`R RWS :WabS OcTabSWUS\R a]`bWS`b W[ S`abS\ 4OZZ [Wb W”¬?Áj0®¯ OZa A]`bWS`Y`WbS `Wc[ W[ heSWbS\ [Wb W”¬?Áj®¯ RSa 1][^O`Ob]`a W C[ SW\ =PXSYb W\ SW\S` :WabS hc acQVS\ dS`eS\RSb [O\ RWS ;SbV]RS ‰™Í M‰™?Áß.j?ÁW†® ‰ÄÍ ^ #MŽjWÍ  ¯

e]PSW RWS :WabS OcTabSWUS\R a]`bWS`b aSW\ [caa 4OZZa ROa =PXSYb W\ RS` :WabS USTc\RS\ eW`R UWPb RWS ;SbV]RS aSW\S >]aWbW]\ W\ RS` :WabS hc`ºQY TOZZa \WQVb eW`R RS`XS\WUS \SUObWdS ES`b ã hc`ºQYUSUSPS\ PSW RS[ RWS :WabS a]`bWS`b PZSWPb eS\\ [O\ ROa =P XSYb O\aQVZWSzS\R O\ RS` >]aWbW]\ ˆãˆ¤ SW\TºUb /\OZ]U hc ĝÁÍ®¯ SfWabWS`b M‰™?ˆ Áß.j?ÁW†®¯ [Wb SW\S[ 1][^O`Ob]` OZa hcaÉbhZWQVS\ >O`O[SbS` 7[ ZSbhbS\ 9O^WbSZ eS`RS\ eW` RWSaS ;SbV]RS\ W\ dS`aQVWSRS\S\ AhS\O`WS\ O\eS\RS\

"$

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ



-KTKXOIY [TJ JGY 0G\G )URRKIZOUT ,XGSK]UXQ



3UZO\GZOUT

ASWb RS` DS`aW]\ # RS` 8 A3 PSaWbhb 8OdO RWS ;rUZWQVYSWb US\S`WaQVS Bg^S\ c\R ;S bV]RS\ 9PeP 6T]TaXRb hc dS`eS\RS\ SW\ 4SObc`S ROa US`ORS W[ HcaO[[S\VO\U [Wb RS[ 1]ZZSQbW]\ 4`O[Se]`Y W\bS`SaaO\b Wab 7[ 1]ZZSQbW]\ 4`O[Se]`Y eS`RS\ 2O bS\ab`cYbc`S\ c\OPVÉ\UWU d]\ RS\ Y]\Y`SbS\ Bg^S\ RS` dS`eOZbSbS\ 7\VOZbS W[^ZS [S\bWS`b 2O SW\S O``OgPOaWS`bS :WabS d]\ ;WbO`PSWbS`7\abO\hS\ ab`cYbc`SZZ WRS\bWaQV Wab [Wb SW\S` RWS Ab`W\U ]RS` 7\bSUS`7\abO\hS\ dS`eOZbSb abSZZb [O\ SW\S SW\hWUS c\W dS`aSZZS 7[^ZS[S\bWS`c\U RWSaS` 2ObS\ab`cYbc` PS`SWb D]` 8OdO # ec`RS RWSa RORc`QV S``SWQVb ROaa RWSaS 2ObS\ab`cYbc`S\ 7\abO\hS\ d]\ #MŽjWÍ PSW\VOZbS\ c\R RO[Wb W\ RS` :OUS aW\R 7\abO\hS\ PSZWSPWUS` 9ZOaaS\ OcThc \SV[S\ 2WS C\WdS`aOZWbÉb USVb XSR]QV SbeOa hc eSWb( 0Sb`OQVbS\ eW` ROa 1]RW\U ‰ÄÍ  s ™jÝ
ÁÁ?߉ÄÍ®¯Ç ±?aa® ™jÝ ™Íj~jÁ® ¤È ¯ ¯Ç ±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤åå|^ ¹-w¹ ¯ ¯Ç

±?aa® ¹?¹ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™®  ¯Ç

a] [OQVb RWSa OcT RS\ S`abS\ 0ZWQY SW\S\ aSV` \ºbhZWQVS\ 3W\R`cQY 7\abO\hS\ PSZWS PWUS` Bg^S\ Yr\\S\ W\ RWS :WabS OcTUS\][[S\ c\R OcaUSUSPS\ eS`RS\ `]PZS[S S\babSVS\ AcQVb [O\ SbeO W\ SW\S` ;WbO`PSWbS`ZWabS RS\ ;WbO` PSWbS` [Wb SW\S` PSabW[[bS\ >S`a]\OZ\c[[S` Wab RWSa ]V\S 2Pbc \WQVb [rUZWQV( wÁ® ÍjÁ?͝Á ‰Í s ±‰ÍjÁ?͝Á®¯Ç ‰Í±†?Ä!jÞÍ®¯Ç

¯ P

‰Í?ÁMj‰ÍjÁ ” s ® ‰Í?ÁMj‰ÍjÁ¯‰Í±~jÍ!jÞÍ®¯Ç ‰w® ”±~jÍ+jÁÄ!Á®¯ss¤¤¤È ¯ ±±±

2WS :WabS PSaWbhb \É[ZWQV YSW\S 7\T]`[ObW]\ eSZQVS Y]\Y`SbS\ Bg^S\ aWS dS`eOZbSb 3W\ a]ZQVS` 1Oab aQVSWbS`b XSR]QV eS\\ aWQV ’ Oca eSZQVS\ 5`º\RS\ OcQV W[[S` ’ O\RS`aO`bWUS =PXSYbS SW\USaQVZWQVS\ VOPS\ 2WSa eW`R S`ab hc` :OcThSWb S\bRSQYb c\R [Wb SW\S` ?ÄÄ ?ÄÍ ÞWj¬Í‰™ _cWbbWS`b 2Oa hcU`c\RS ZWSUS\RS >`]PZS[ PSabSVb RO`W\ ROaa [O\ PSZWSPWUS Bg^S\ dS`eOZbS\ [rQVbS OPS` d]` 8OdO # \]QV YSW\S USSWU\SbS\ a^`OQVZWQVS\ ;WbbSZ PSaOz RWSa OcT =PXSYbS V[TXRWT] Ch_b SW\hcU`S\hS\ /cT RWS eWQVbWUabS\ /a^SYbS RS` 8OdO 5S\S`WQa USVS\ eW` W[ T]ZUS\RS\ SW\ 2SbOWZa c\R W\bS`SaaO\bS 6W\bS`U`c\RW\T]`[ObW]\S\ TW\RSb [O\ W\ IAC<#/K c\R I:/<"K

!

9PeP 2^[[TRcX^] 5aP\Tf^aZ



"$

-KTKXOYINK :_VKT

;Wb 8OdO 5S\S`WQa Wab Sa [rUZWQV PSW RS` 3TUX]XcX^] SW\S` 9ZOaaS ]RS` SW\Sa 7\bS`TOQS SW\S\ RO`W\ dS`eS\RSbS\ Bg^ ]TTS\ hc ZOaaS\ c\R RWSaS\ S`ab PSW RS` 8]bcP]iXXTad]V TSabhcZSUS\ 2Ohc dS`eS\RSb [O\ SW\S\ >ZObhVOZbS` RS` W\ a^WbhS\ 9ZO[[S`\ RW`SYb VW\bS` RS\ 9ZOaaS\\O[S\ O\USTºUb eW`R c\R W\\S`VOZP RS` 9ZOaaS dS`eS\RSb eS`RS\ YO\\ Hc\ÉQVab PSb`OQVbS\ eW` ROa T]ZUS\RS `cRW[S\bÉ`S 0SWa^WSZ( ¬ÖM‰W W?ÄÄ ‰™ja.‰Ä͑  P ¬ÖM‰W Mj?™ ?aa® jj”j™Í ¯P ±±± Q ¬ÖM‰W ~jÍ® ‰™Í ¬Ä ¯P ±±± Q ±±± Q

/\abSZZS RSa Bg^a #MŽjWÍ W[ Y]\dS\bW]\SZZS\ 1]RW\U abSVb XSbhb W\\S`VOZP RS` 9ZOa aS RS` ?[PciWP[cTa  RS` RWS @]ZZS RSa PSW RS` a^ÉbS`S\ 7\abO\hWWS`c\U dS`eS\RSbS\ Bg^a SW\\W[[b EW` ºPS`ZOaaS\ RWS US\S`WaQVS 7[^ZS[S\bWS`c\U d]\ ‰™ja.‰ÄÍ OZa ÍPc\UaOcTUOPS aWSVS ÍPc\U " c\R eS\RS\ c\a RS` 7\abO\hWWS`c\U US\S`W aQVS` 9ZOaaS\ O[ 0SWa^WSZ d]\ ‰™ja‰ÄÍ RSa 1]ZZSQbW]\ 4`O[Se]`Ya hc 2Ohc eW`R W\ RS` Bg^2SYZO`ObW]\ OZa OcQV W[ 9]\ab`cYb]` RS` >ZObhVOZbS` W\\S`VOZP RS` a^WbhS\ 9ZO[[S`\ Rc`QV SW\S\ Bg^ W\ RWSaS[ 4OZZ ‰Í?ÁMj‰ÍjÁ S`aSbhb /ca SW\S` c\a^ShWTWhWS`bS\ :WabS eW`R RORc`QV SW\S :WabS d]\ ;WbO`PSWbS`\( ÊÊ ™ÄÍ?™ã‰jÁ֙~ j‰™jÄ ¬?Á?”jÍÁ‰Ä‰jÁÍj™ 0᪎ ‰™ja‰Ä͑ ‰Í?ÁMj‰ÍjÁ  s ™jÝ ‰™ja‰Ä͑ ‰Í?ÁMj‰ÍjÁ®¯Ç ±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤åå|^ ¹-w¹ ¯ ¯Ç

±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤ååy^ ¹2‰¹ ¯ ¯Ç

±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¤ååÏ^ ¹?™Ä¹ ¯ ¯Ç

ÊÊ ±?aa® ™jÝ ™Íj~jÁ® ¤o ¯ ¯Ç

‘‘ ”¬‰jÁˆj†jÁ

wÁ® ÍjÁ?͝Á ‰Í s ±‰ÍjÁ?͝Á®¯Ç ‰Í±†?Ä!jÞÍ®¯Ç ¯ P ‰Í?ÁMj‰ÍjÁ ” s ‰Í±~jÍ!jÞÍ®¯Ç ÊÊ j‰™ ?ÄÍ ™ÍÝj™a‰~u ‰w® ”±~jÍ+jÁÄ!Á®¯ss¤¤¤È ¯ ±±±

;Wb RS` S`eSWbS`bS\ T]`AQVZSWTS aQV`SWPS\ aWQV RWS ZSbhbS\ HSWZS\ \]QV Y][^OYbS`( wÁ®

‰Í?ÁMj‰ÍjÁ ” ]  ¯ P

‰w® ”±~jÍ+jÁÄ!Á®¯ss¤¤¤È ¯

ÊÊ wÁˆj?W† ±±±

‰Í?ÁMj‰ÍjÁ ” ‰™ 

"$!

!



9PeP 2^[[TRcX^] 5aP\Tf^aZ

-KTKXOYINK 3KZNUJKT

<SPS\ Bg^S\ Yr\\S\ c\OPVÉ\UWU ROd]\ OcQV ;SbV]RS\ US\S`WaQV RSTW\WS`b eS` RS\ 2WSaS eS`RS\ O\OZ]U [Wb >ZObhVOZbS`\ ’ W\ a^WbhS\ 9ZO[[S`\ W\ RS` ;SbV]RS\ RSYZO`ObW]\ d]` RS[ @ºQYUOPSbg^ ’ T]`[cZWS`b ;O\ Yr\\bS SbeO RWS ;SbV]RS W™ˆ Í?‰™Ä
®¯ RS` 9ZOaaS ‰™ja‰ÄÍ eWS T]ZUb US\S`WaQV T]`[cZWS`S\ SW\S O\RS`S 4]`[cZWS`c\U RWSaS` ;SbV]RS PSTW\RSb aWQV W\ ÍPc\U #( ¬ÖM‰W ‘0 Mj?™ W™Í?‰™Ä
® jW͉™‘0 W ¯P wÁ® 0  ] W ¯ ‰w® uW™Í?‰™Ä®  ¯ ¯ ÁjÍÖÁ™ w?ÄjÇ ÁjÍÖÁ™ ÍÁÖj Q

5S\S`WaQVS ;SbV]RS\ eS`RS\ \WQVb aSZbS\ [Wb \WQVbUS\S`WaQVS\ ;SbV]RS\ US\S`W aQVS` 9ZOaaS\ dS`eSQVaSZb 3`abS`S PSaWbhS\ SWUS\S >ZObhVOZbS` \WQVbUS\S`WaQVS RO USUS\ \WQVb AWS Yr\\S\ XSR]QV Rc`QVOca >ZObhVOZbS` W\\S`VOZP US\S`WaQVS` 9ZOaaS\ dS`eS\RS\ eWS h0 RWS ;SbV]RS\ ?aa®¯ c\R ~jÍ®¯ OcT A !#



-KTKXOYINKX [TJ TOINZMKTKXOYINKX )UJK

/ca 5`º\RS\ RS` 9][^ObWPWZWbÉb Wab RWS DS`eS\Rc\U d]\ US\S`WaQVS\ Bg^S\ ]V\S Bg^O`Uc[S\b a] US\O\\bS\ aPf ch_Tb W\ 8OdO # S`ZOcPb 2OVS` Y]\\bS\ eW` h0 7\abO\hS\ d]\ ‰™ja‰ÄÍ S`hScUS\ ]Pe]VZ W\ 8OdO # OZZS 7[^ZS[S\bWS`c\US\ d]\ jW͉™ US\S`WaQV RSTW\WS`b aW\R 3PS\a] aW\R ^O`O[Sb`WaWS`bS Bg^S\ [Wb aPf ch_Tb hceSWac\UaY][^ObWPSZ eWS O\ T]ZUS\RS[ 0SWa^WSZ RO`USabSZZb( ‰™ja‰ÄÍ ¤ s ™jÝ ‰™ja‰ÄÍ®¯Ç

ÊÊ Á?݈Í߬j ‰™ja‰ÄÍ

‰™ja‰Ä͑ ‰Í?ÁMj‰ÍjÁ Ô s ™jÝ ‰™ja‰Ä͑ ‰Í?ÁMj‰ÍjÁ®¯Ç ±±± ¤ s ÔÇ

ÊÊ †™j 8?Á™Ö™~

Ô s ¤Ç

ÊÊ 8?Á™Ö™~] ֙W†jWja W™ÜjÁĉ™

5S\S`WaQVS Bg^S\ Yr\\S\ ROVS` [Wb PSabSVS\RS[ \WQVbUS\S`WaQVS\ 1]RW\U dS` eS\RSb eS`RS\ 7\bS`SaaO\b c\R W\ [O\QVS`ZSW 6W\aWQVb Yc`W]a Wab RWS DS`S`Pc\Ua VWS`O`QVWS US\S`WaQVS` 9ZOaaS\ EÉV`S\R XSRS` ^O`O[Sb`WaWS`bS Bg^ SW\S` US\S`WaQV RSTW\WS`bS\ 9ZOaaS d][ aPf ch_T S`Pb UWPb Sa W[ OZZUS[SW\S\ YSW\S DS`S`Pc\UaPS hWSVc\U heWaQVS\ ^O`O[Sb`WaWS`bS\ Bg^S\ RS` UZSWQVS\ 9ZOaaS /\RS`S`aSWba ºPS`b`ÉUb aWQV RWS aPf ch_T 6WS`O`QVWS OcT US\S`WaQVS Bg^S\ UZSWQVS` >O`O[SbS`( A] Wab h0 E

?Ć.j͑ ‰Í?ÁMj‰ÍjÁ AcPYZOaaS d]\ ?Ć.jÍ

E

?Ć.j͑ ‰Í?ÁMj‰ÍjÁ ZTX]T AcPYZOaaS d]\ ?Ć.j͑#MŽjẂ

E

0Ájj.j͑ ‰Í?ÁMj‰ÍjÁ AcPYZOaaS d]\ ?Ć.j͑ ‰Í?ÁMj‰ÍjÁ

2SbOWZZWS`bS 7\T]`[ObW]\S\ VWS`hc TW\RSb [O\ W\ RS` PS`SWba S`eÉV\bS\ :WbS`Obc`



:NXKGJY

2WSaSa 9O^WbSZ PSVO\RSZb O\VO\R d]\ /\eS\Rc\UaPSWa^WSZS\ RWS 5`c\RZOUS\ RS` ^O`OZZSZS\ >`]U`O[[WS`c\U [Wb 8OdOBV`SORa <SPS\ RS` 3\beWQYZc\U ^O`OZZSZS` >`] U`O[[OPZÉcTS eS`RS\ RS` 2ObS\OcabOcaQV heWaQVS\ BV`SORa RO`USabSZZb c\R SW\ TOQVabS Ag\QV`]\WaObW]\a^`]PZS[S RWS PSW[ HcU`WTT OcT US[SW\aO[S =PXSYbS OcTb`S bS\ S`ZÉcbS`b c\R USZrab 2OPSW dS`[WbbSZ\ eW` 9S\\b\WaaS eWS aWS W[ ZSbhbS\ 9O^WbSZ hc[ 3`hScUS\ d]\ BV`SORa W\\S`VOZP SW\Sa AS`dS`a PS\rbWUb eS`RS\ c\R dS`eSWaS\ Tº` eSWbS`S Ag\QV`]\WaObW]\aahS\O`WS\ OcT I=31K c\R I0:="K



+OTRKOZ[TM

2Oa 9]\hS^b []RS`\S` [cZbWcaS` c\R [cZbWbOaYW\U0Sb`WSPaagabS[S aWSVb d]` ROaa [SV`S`S 0S\cbhS` UZSWQVhSWbWU c\R c\OPVÉ\UWU d]\SW\O\RS` [SV`S`S c\R c\bS` aQVWSRZWQVS /cTUOPS\ Rc`QVTºV`S\ Yr\\S\ =P RWSaS /cTUOPS\ eW`YZWQV hSWbUZSWQV \SPS\SW\O\RS` OPZOcTS\ ]RS` ]P Rc`QV aSV` aQV\SZZSa C[aQVOZbS\ heWaQVS\ dS` aQVWSRS\S\ >`]hSaaS\ \c` RS` 3W\R`cQY d]\ >O`OZZSZWbÉb dS`[WbbSZb eW`R VÉ\Ub d]\ RS` dS`eS\RSbS\ 6O`ReO`S 3W\^`]hSaa]`;SV`^`]hSaa]``SQV\S` OP 3W\ hS\b`OZS` 2WS\ab RSa 0Sb`WSPaagabS[a RS` BRWTSd[Ta bSWZb RS\ ZOcTS\RS\ >`]hSaaS\ OPeSQV aSZ\R Tº` aSV` Yc`hS HSWbW\bS`dOZZS >`]hSaa]``SQVS\hSWb hc) SW\ >`]hSaa eW`R eÉV`S\R RWSaS` HSWb OYbWd OcaUSTºV`b PSd]` eWSRS` SW\ O\RS`S` O\ RWS @SWVS Y][[b 2WS D]`bSWZS SW\Sa a]ZQVS\ _cOaW ^O`OZZSZS\ DS`TOV`S\a PSabSVS\ RO`W\ ROaa /cT UOPS\ RWS \c` SW\S Yc`hS @SQVS\hSWb PS\rbWUS\ RScbZWQV T`ºVS` OPUSaQVZ]aaS\ eS` RS\ OZa eS\\ aWS PSW SW\S` `SW\ aS`WSZZS\ DS`O`PSWbc\U OcT ROa 3\RS SW\Sa hcd]` US abO`bSbS\ :O\UZÉcTS`a eO`bS\ [ºaabS\ 0SW W\bS`OYbWdS\ >`]U`O[[S\ Yr\\S\ hcRS[ AgabS[`Saa]c`QS\ eÉV`S\R RSa EO`bS\a OcT \]QV \WQVb S`T]ZUbS 0S\cbhS`SW\UOPS\ O\RS`S\ >`]U`O[[S\ hc` DS`TºUc\U USabSZZb c\R d]\ RWSaS\ US\cbhb eS`RS\ 2O ROa 0Sb`WSPaagabS[ XSRS[ >`]hSaa SW\S\ SWUS\S\ /R`Saa`Oc[ hcbSWZb ZOcTS\ RWSaS SWUS\abÉ\RWU c\R d]\SW\O\RS` c\OPVÉ\UWU A] Wab Sa PSWa^WSZaeSWaS [rUZWQV [SV`S `S 8OdO>`]U`O[[S hc abO`bS\ a]UO` SW\ c\R ROaaSZPS >`]U`O[[ [SV`[OZa ]V\S ROaa aWQV RWSaS USUS\aSWbWU abr`S\) XSRSa >`]U`O[[ ZÉcTb \É[ZWQV W\\S`VOZP SW\Sa aS ^O`ObS\ >`]hSaaSa [Wb XSeSWZa SWUS\S` 8D; dUZ /PP  /\RS`S`aSWba eW`R Rc`QV SW\S a]ZQVS ab`WYbS B`S\\c\U RS` /R`Saa`Éc[S d]\ >`]hSa aS\ RWS 9][[c\WYObW]\ heWaQVS\ dS`aQVWSRS\S\ >`]U`O[[S\ S`aQVeS`b RO XO YSW\S US[SW\aO[ \cbhPO`S\ =PXSYbS hc[ 7\T]`[ObW]\aOcabOcaQV d]`VO\RS\ aW\R ;Wb RS[ OcT CWaTPSb 4ORS\ /caTºV`c\Uaab`O\U POaWS`S\RS\ 9]\hS^b Yr\\S\ XSR]QV ^O`OZ ZSZS /PZÉcTS RW`SYb W\\S`VOZP RS` A^`OQVS 8OdO W[^ZS[S\bWS`b eS`RS\ 2WS SW\hSZ\S\ BV`SORa SW\Sa >`]U`O[[a ZOcTS\ W\\S`VOZP SW\ c\R RS`aSZPS\ 8D; c\R RO[Wb W[ UZSWQVS\ /R`Saa`Oc[ aWS bSWZS\ aWQV ROVS` WV`S rTTS\bZWQVS\ 2ObS\ 2O SW\ BV`SOR W[ 5SUS\aObh hc SW\S[ >`]hSaa [Wb RScbZWQV eS\WUS` A^SWQVS``Saa]c`QS\ OcaY][[b \S\\b [O\ BV`SORa OcQV ZSWQVbUSeWQVbWUS >`]hSaaS [XVWcfTXVWc _a^RTbbTb

"$#

!

9E<

9E< [OW\

[OW\

CWaTPSb

FTQ 1a^fbTa

BV`SOR BV`SOR

±±±

0QQ !  ) >`]hSaaS c\R BV`SORa =P Sa aWQV ZSbhbS\RZWQV c[ SQVbS ]RS` c[ aQVSW\PO`S >O`OZZSZWbÉb VO\RSZb eW`R W\ \S`VOZP d]\ 8OdO \WQVb a^ShWTWhWS`b a]\RS`\ VÉ\Ub d]\ RS` /`QVWbSYbc` RS` dS`eS\RS bS\ 6O`ReO`S OP OPS` OcQV ROd]\ eWS ROa BV`SOR9]\hS^b RS` 8D; W\\S`VOZP RSa hcU`c\RS ZWSUS\RS\ 0Sb`WSPaagabS[a c[USaSbhb eW`R 2O RWSaS C\bS`aQVSWRc\U W\ \S`VOZP RS` A^`OQVS 8OdO \WQVb `SZSdO\b Wab eS`RS\ eW` RWS 0SU`WTTS >O`OZZSZWbÉb c\R <SPS\ZÉcTWUYSWb W[ eSWbS`S\ AW\\S dS`eS\RS\ c\R a]e]VZ SQVbS OZa OcQV aQVSW\ PO`S >O`OZZSZWbÉb RO`c\bS` dS`abSVS\



+X`K[MKT [TJ 9ZGXZKT \UT :NXKGJY

0SW[ AbO`bS\ SW\Sa 8OdO>`]U`O[[a eW`R Ocb][ObWaQV SW\ BV`SOR S`hScUb RS` RWS ”?‰™®¯;SbV]RS RS` OcahcTºV`S\RS\ 9ZOaaS OcaTºV`b D]\ RWSaS[ [OW\BV`SOR RS` W\ XSRS[ 8OdO>`]U`O[[ SfWabWS`b Yr\\S\ eSWbS`S BV`SORa USabO`bSb eS`RS\ 7\ 8OdO eW`R RWS ^O`OZZSZS /caTºV`c\U d]\ >`]U`O[[bSWZS\ [Wb RS` 9ZOaaS 0†Áj?a W[^ZS[S\bWS`b RWS W[ AbO\RO`R>OYSb Ž?Ü?±?™~ S\bVOZbS\ Wab 3W\ \ScS` BV`SOR eW`R USabO`bSb W\RS[ SW\ =PXSYb RS` 9ZOaaS 0†Áj?a S`hScUb c\R RSaaS\ ;SbV]RS ÄÍ?ÁÍ®¯ OcTUS`cTS\ eW`R( 0†Áj?a Í s ™jÝ 0†Áj?a®±±±¯Ç ͱÄÍ?ÁÍ®¯Ç

!

CWaTPSb

"$$

2WS 8D; TºV`b W[ S`hScUbS\ BV`SOR Ocb][ObWaQV ROa 1]RW\U RS` 7\abO\h[SbV]RS Á֙®¯ Oca hcUZSWQV eW`R W[ c`a^`º\UZWQVS\ BV`SOR [Wb RS\ /\eSWac\US\ \OQV ÄÍ?ÁÍ®¯ T]`bUSTOV`S\ dUZ /PP  

>`]U`O[[abO`b

9E<

AbO`b RSa [OW\BV`SORa ”?‰™®¯ P ±±± ±±± Ís™jÝ 0†Áj?a®¯Ç ͱÄÍ?ÁÍ®¯Ç ±±± ±±± Q

AbO`b SW\Sa \ScS\ BV`SORa

Á֙®¯ P ±±± ±±± Q

0QQ ! !) BV`SOR;SbV]RS\ ÄÍ?ÁÍ®¯ c\R Á֙®¯ 2WS /YbWdWbÉb SW\Sa \Sc USabO`bSbS\ BV`SORa Yr\\S\ eW` OZa 3\beWQYZS` TSabZSUS\ W\ RS[ eW` RWS ;SbV]RS Á֙®¯ aSZPab W[^ZS[S\bWS`S\ 5`c\RaÉbhZWQV UWPb Sa VWS`hc heSW ;rUZWQVYSWbS\( ;O\ S`eSWbS`b RWS 9ZOaaS 0†Áj?a c\R ºPS`aQV`SWPb Á֙®¯ ]RS` [O\ UWPb RWS ;SbV]RS Á֙®¯ PSW[ 3`hScUS\ RSa BV`SORa [Wb eOa T]`[OZ OZa 7[ ^ZS[S\bWS`c\U RSa 7\bS`TOQS -֙™?Mj USaQVWSVb BV`SOR;SbV]RS\( ÄÍ?ÁÍ®¯ PdUadUT] c\R Á֙®¯ X\_[T\T]cXTaT]  C[ \c\ \ScS BV`SORa hc S`hScUS\ eS`RS\ eW` c\a hcS`ab RS` BV`SORDO`WO\bS hc eS\RS\ PSd]` eW` c\a a^ÉbS` [Wb RS` @c\\OPZSDO`WO\bS PSTOaaS\



+X]KOZKXT \UT :NXKGJ

7[ S`abS\ 0SWa^WSZ S`eSWbS`\ eW` RWS 9ZOaaS 0†Áj?a c\R ºPS`aQV`SWPS\ RWS R]`b ZSS` W[^ZS[S\bWS`bS ;SbV]RS Á֙®¯ a] ROaa RWSaS SW\S SWUS\S ;SZRc\U OcaUWPb( ¬ÖM‰W W?ÄÄ

ß0†Áj?a jÞÍj™aÄ 0†Áj?a P

¬ÖM‰W ܝ‰a Á֙®¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™jÖjÁ 0†Áj?a¹ ¯Ç Q Q

"

%$!

CWaTPSb

7\ RS` ”?‰™®¯;SbV]RS eW`R SW\ =PXSYb RWSaS` 9ZOaaS S`hScUb c\R RSaaS\ ;SbV]RS ÄÍ?ÁÍ®¯ OcTUS`cTS\ 2O VWS` YSW\S @STS`S\h OcT ROa BV`SOR=PXSYb PS\rbWUb eW`R Yr\\S\ eW` 3`hScUS\ c\R AbO`bS\ W\ SW\S` HSWZS hcaO[[S\TOaaS\ Hc 0SUW\\ c\R O[ 3\RS USPS\ eW` W\ ”?‰™®¯ SW\S S\ba^`SQVS\RS ;SZRc\U Oca( ¬ÖM‰W W?ÄÄ ÁÄÍjÄ0†Áj?a+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ j~‰™™ ܝ™ ”?‰™¹ ¯Ç ™jÝ

ß0†Áj?a®¯±ÄÍ?ÁÍ®¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™aj ܝ™ ”?‰™¹ ¯Ç Q Q

2Oa >`]U`O[[ ZWSTS`b T]ZUS\RS\ =cb^cb( ˆ ™Äj ˆ j~‰™™ ܝ™ ”?‰™

™aj ܝ™ ”?‰™ ™jÖjÁ 0†Áj?a

2Oaa RWS /caUOPS  ™aj ܝ™ ”?‰™ d]` RS` /caUOPS ™jÖjÁ 0†Áj?a S`T]ZUb Wab SW\ SW\RScbWUSa 7\RWh Tº` SW\S \WQVbaS_cS\bWSZZS DS`O`PSWbc\U 2Oa 3`hScUS\ c\R AbO`bS\ RSa \ScS\ BV`SORa eW`R heO` d]` RS` 3\RS/caUOPS O\USab]zS\ ]TTS\aWQVb ZWQV eW`R OPS` OcT RS\ [OW\BV`SOR c[USaQVOZbSb PSd]` ROa 1]RW\U RSa S`hScUbS\ BV`SORa hc` /caTºV`c\U Y][[b 5`c\RaÉbhZWQV Wab Sa aQVeS` eS\\ \WQVb a]UO` c\ [rUZWQV dS`ZÉaaZWQVS /caaOUS\ ºPS` RWS /caTºV`c\Ua`SWVS\T]ZUS d]\ /\eSWac\US\ heWaQVS\ dS`aQVWSRS\S\ BV`SORa hc b`STTS\ 0Sb`OQVbS\ eW` VWS`hc ROa \ÉQVabS 0SWa^WSZ W\ RS[ UZSWQV [SV`S`S BV`SORa USabO`bSb eS`RS\ HcS`ab eW`R RWS 9ZOaaS 0†Áj?a hc Ö™Í0†Áj?a S`eSWbS`b c\R RS`S\ ;S bV]RS Á֙®¯ eWS T]ZUb ºPS`aQV`WSPS\( ¬ÖM‰W W?ÄÄ Ö™Í0†Áj?a jÞÍj™aÄ 0†Áj?a P ¬ÖM‰W ܝ‰a Á֙®¯ P wÁ® ‰™Í ‰såÇ ‰‘¤åååÇ ‰´´ ¯ .ßÄÍj”±Öͱ¬Á‰™Í™® ~jÍ!?”j®¯ ´ ¹] ¹ ´ ‰ ¯Ç Q Q

2S` BV`SOR UWPb W\ SW\S` AQVZSWTS [Wb RS` ;SbV]RS ~jÍ!?”j®¯ aSW\S\
!

CWaTPSb

"$&

7\ RS` OcaTºV`PO`S\ 9ZOaaS eS`RS\ \c\ heSW BV`SORa S`hScUb c\R USabO`bSb( ¬ÖM‰W W?ÄÄ =Ýj‰ÍjÄ0†Áj?a+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ j~‰™™ ܝ™ ”?‰™¹ ¯Ç ™jÝ Ö™Í0†Áj?a®¯±ÄÍ?ÁÍ®¯Ç ™jÝ Ö™Í0†Áj?a®¯±ÄÍ?ÁÍ®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™aj ܝ™ ”?‰™¹ ¯Ç Q Q

/[ =cb^cb RSa >`]U`O[[a TÉZZb OcT ROaa RWS /\hOVZ RS` hcaO[[S\VÉ\US\RS\ hc SW\S[ BV`SOR USVr`S\RS\ /caUOPShSWZS\ dO`WWS`b SPS\a] Wab RS` =cb^cb PSW [SV` [OZWUS` >`]U`O[[OcaTºV`c\U W\ RS` @SUSZ c\bS`aQVWSRZWQV ˆ ™Äj ˆ j~‰™™ ܝ™ ”?‰™

™aj ܝ™ ”?‰™ 0†Áj?aˆå] å 0†Áj?aˆå] ¤ 0†Áj?aˆå] Ô ±±± 0†Áj?aˆå] oÏ 0†Áj?aˆ¤] å 0†Áj?aˆ¤] ¤ 0†Áj?aˆ¤] Ô ±±± 0†Áj?aˆ¤] ¤åÏ 0†Áj?aˆ¤] ¤å| 0†Áj?aˆå] o| 0†Áj?aˆå] oy 0†Áj?aˆå] oÉ ±±±

\PX] CWaTPS

CWaTPS

CWaTPS

EWS PS`SWba W[ S`abS\ 0SWa^WSZ TSabUSabSZZb Wab RS` [OW\BV`SOR PSS\RSb PSd]` RWS USabO`bSbS\ BV`SORa [Wb RS` /caUOPS PSUW\\S\ A]ZZ \c\ SW\S ;SZRc\U ºPS` ROa >`] U`O[[S\RS OcaUSUSPS\ eS`RS\ RV \OQV 0SS\RWUc\U OZZS` \Sc USabO`bSbS\ BV`SORa RO\\ YO\\ [O\ [Wb RS` ;SbV]RS ¬ÖM‰W w‰™? ܝ‰a Ž‰™®¯

OcT ROa 3\RS SW\Sa XSRS\ BV`SORa eO`bS\ 2WSaS ;SbV]RS bcb W\VOZbZWQV \WQVba aWS eW`R OPS` S`ab RO\\ OcaUSTºV`b eS\\ RS` BV`SOR ’ Oca eSZQVS\ 5`º\RS\ OcQV W[ [S` ’ PSS\RSb Wab C[ RWSaS ;SbV]RS OcT RWS SW\hSZ\S\ BV`SOR=PXSYbS O\eS\RS\ hc Yr\\S\ [ºaaS\ XSR]QV \OQV RS[ AbO`bS\ S\ba^`SQVS\RS @STS`S\hS\ SfWabWS`S\ ESWbS`VW\ Wab hc PSOQVbS\ ROaa RWS ;SbV]RS Ž‰™®¯ SW\S ™ÍjÁÁÖ¬Íja ÞWj¬ˆ ͉™ OcaZraS\ YO\\ RWS eW` OPTO\US\

"$'

!

CWaTPSb

¬ÖM‰W W?ÄÄ =Ýj‰ÍjÄ0†Áj?a+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ j~‰™™ ܝ™ ”?‰™¹ ¯Ç

Ö™Í0†Áj?a Wͤ s ™jÝ Ö™Í0†Áj?a®¯Ç

Ö™Í0†Áj?a WÍÔ s ™jÝ Ö™Í0†Áj?a®¯Ç Wͤ±ÄÍ?ÁÍ®¯Ç WÍÔ±ÄÍ?ÁÍ®¯Ç ÍÁß P Wͤ±Ž‰™®¯Ç WÍÔ±Ž‰™®¯Ç Q W?ÍW†® ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ ‰j ¯ P ‰j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ™aj ܝ™ ”?‰™± ™aj ajÄ +Á~Á?””Ĺ ¯Ç Q Q

0SW RS` /caTºV`c\U RSa >`]U`O[[Sa eS`RS\ RWS PSWRS\ \ScS\ BV`SORa S`hScUb RWS RO\\ UZSWQVhSWbWU WV`S /`PSWb dS``WQVbS\ 2S` [OW\BV`SOR eO`bSb [Wb Ž‰™®¯ OcT ROa 3\RS RS` PSWRS\ S`hScUbS\ BV`SORa c\R UWPb O\aQVZWSzS\R RWS ;SZRc\U Oca



/SVRKSKTZOKXKT \UT 8[TTGHRK

2WS W[ d]`VS`WUS\ 9O^WbSZ PSaQV`WSPS\S BV`SORDO`WO\bS ZÉaab aWQV \WQVb O\eS\RS\ eS\\ SW\S 9ZOaaS SW\S` PS`SWba PSabSVS\RS\ 9ZOaaS\VWS`O`QVWS OZa BV`SOR USabO`bSb eS`RS\ a]ZZ c\R RWSaS \WQVb PS`SWba 0†Áj?a S`eSWbS`b ;SV`TOQVdS`S`Pc\U Wab W\ 8OdO PSYO\\bZWQV \WQVb S`ZOcPb 2WS heSWbS ;rUZWQVYSWb PSabSVb \c\ RO`W\ ROaa [O\ PSW[ 3`hScUS\ SW\Sa BV`SORa Sf^ZWhWb RWS ;SbV]RS Á֙®¯ O\UWPb RWS RS` RO\\ USabO`bSbS BV`SOR OcaTºV`S\ a]ZZ 2O W\ 8OdO ;SbV]RS\ \WQVb RW`SYb OZa /`Uc[S\bS ºPS`USPS\ eS`RS\ Yr\\S\ ZSUb [O\ W\ SW\S[ 7\bS`TOQS RWS AWU\Obc` RS` ;SbV]RS\ TSab c\R ºPS`UWPb SW\S 7\abO\h SW\S` 9ZOaaS RWS RWSaSa 7\bS`TOQS W[^ZS[S\bWS`b 2Oa ºPS`USPS\S =PXSYb Tc\UWS`b RO\\ OZa B`ÉUS` RS` hc ºPS`USPS\RS\ ;SbV]RS\ c\R S`ZOcPb RW`SYbS\ HcU`WTT ºPS` RWS ;SbV]RS\\O[S\ C[ \c\ RWS ;SbV]RS Á֙®¯ ºPS` SW\S\ 9]\ab`cYb]` O\ RWS 9ZOaaS BV`SOR hc ºPS`USPS\ dS`eS\RSb [O\ ROa 7\bS`TOQS -֙™?Mj ROa US\Oc RWSaS ;SbV]RS c[TOaab c\R RS\ T]ZUS\RS\ 9]\ab`cYb]`( ¬ÖM‰W 0†Áj?a® -֙™?Mj Í?Á~jÍ ¯

EW` eS`RS\ \c\ ROa S`abS 0SWa^WSZ RWSaSa 9O^WbSZa W\ RS` @c\\OPZSDO`WO\bS W[^ZS [S\bWS`S\ 2WS 9ZOaaS 0†Áj?a eW`R XSbhb \WQVb Rc`QV ß0†Áj?a S`eSWbS`b a]\RS`\ ROa 7\bS`TOQS -֙™?Mj eW`R Rc`QV RWS 9ZOaaS ß-֙™?Mj W[^ZS[S\bWS`b(

!

CWaTPSb ¬ÖM‰W W?ÄÄ

"$( ß-֙™?Mj ‰”¬j”j™ÍÄ -֙™?Mj P

¬ÖM‰W ܝ‰a Á֙®¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™jÖjÁ 0†Áj?a¹ ¯Ç Q Q

2WS ;SbV]RS Á֙®¯ YO\\ c\dS`É\RS`b ºPS`\][[S\ eS`RS\ 7[ OcaTºV`PO`S\ >`] U`O[[ eW`R \c\ hcS`ab SW\ =PXSYb d][ Bg^ ß-֙™?Mj S`abSZZb c\R RWSaSa O\ RS\ 9]\ab`cYb]` 0†Áj?a®¯ OZa /`Uc[S\b ºPS`USPS\ EWS W\ RS` BV`SORDO`WO\bS eW`R Rc`QV RS\ ;SbV]RS\OcT`cT ÄÍ?ÁÍ®¯ SW\ BV`SOR W\ RS` 8D; S`hScUb RS` W\ RWSaS[ 4OZZ \WQVb RWS ZSS`S Á֙®¯;SbV]RS d]\ 0†Áj?a a]\RS`\ RWS ;SbV]RS Á֙®¯ d]\ ß-֙™?Mj OcaTºV`b( ¬ÖM‰W W?ÄÄ Á‰ÍÍjÄ0†Áj?a+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ß-֙™?Mj ”Á s ™jÝ

ß-֙™?Mj®¯Ç

0†Áj?a Í s ™jÝ 0†Áj?a® ”Á ¯Ç ͱÄÍ?ÁÍ®¯Ç Q Q

2O YSW\S @STS`S\hS\ OcT RWS =PXSYbS PS\rbWUb eS`RS\ ZOaaS\ aWQV RWS R`SW HSWZS\ hc SW\S` hcaO[[S\TOaaS\( ™jÝ 0†Áj?a® ™jÝ

ß-֙™?Mj®¯ ¯±ÄÍ?ÁÍ®¯Ç

ESZQVS RS` PSWRS\ DO`WO\bS\ hc` 3`hScUc\U d]\ BV`SORa O\USeO\Rb eS`RS\ eW`R [O\ ZSbhbZWQV ROd]\ OPVÉ\UWU [OQVS\ ]P RWS W\ 4`OUS Y][[S\RS 9ZOaaS d]\ 0†Áj?a OPUSZSWbSb eS`RS\ YO\\ ]RS` \WQVb 4OZZa RWSa [rUZWQV Wab a]ZZbS RS` 3W\ TOQVVSWb eSUS\ RWS BV`SORDO`WO\bS USeÉVZb eS`RS\ hc[OZ RO\\ RW`SYb RWS USS`PbS\ ;SbV]RS\ US\cbhb eS`RS\ Yr\\S\ ES`RS\ ROUSUS\ BV`SORa [Wb RS` @c\\OPZS DO`WO\bS OZa] ]V\S 3`eSWbS`c\U d]\ 0†Áj?aÄ S`hScUb abSVS\ RWSaS ;SbV]RS\ W\ RS` -֙™?Mj9ZOaaS US\OcS`( W\ RS` ROa 7\bS`TOQS -֙™?Mj W[^ZS[S\bWS`S\RS\ 9ZOaaS \WQVb RW`SYb hc` DS`TºUc\U 7\ RWSaS[ 4OZZ Wab Sa [rUZWQV [Wb RS` ;SbV]RS ¬ÖM‰W ÄÍ?͉W 0†Áj?a WÖÁÁj™Í0†Áj?a®¯

SW\S @STS`S\h OcT ROa OYbcSZZ OcaUSTºV`bS BV`SOR=PXSYb hc S`VOZbS\ c\R RO`ºPS` RSaaS\ ;SbV]RS\ OcThc`cTS\ 4º` RWS @c\\OPZSDO`WO\bS RSa 0SWa^WSZa Ö™Íˆ 0†Áj?a eW`R [O\ RWS ;SbV]RS Á֙®¯ ºPS`\SV[S\ RO`W\ OPS` RS\ /caR`cQY ~jÍ!?”j®¯

S`aSbhS\ Rc`QV( 0†Áj?a±WÖÁÁj™Í0†Áj?a®¯±~jÍ!?”j®¯

"%

!



CWaTPSb

*GZKTG[YZG[YIN `]OYINKT :NXKGJY

2O dS`aQVWSRS\S BV`SORa W\\S`VOZP SW\Sa >`]U`O[[a SW\S\ US[SW\aO[S\ /R`Saa `Oc[ PSaWbhS\ Yr\\S\ aWS OcT RWS UZSWQVS\ rTTS\bZWQVS\ =PXSYbS hcU`SWTS\ c\R RO` ºPS` 7\T]`[ObW]\S\ OcabOcaQVS\



*GZKTG[YZG[YIN „HKX JGY :NXKGJ5HPKQZ

3W\S SW\TOQVS /`b RS` 9][[c\WYObW]\ heWaQVS\ BV`SORa PSabSVb RO`W\ ROaa [O\ Sf ^ZWhWb OcT SW\ rTTS\bZWQVSa /bb`WPcb RSa BV`SOR=PXSYbSa hcU`SWTb 2WSa eS`RS\ eW` O[ T]ZUS\RS\ 0SWa^WSZ dS`RScbZWQVS\ PSW RS[ SW\ BV`SOR W\\S`VOZP SW\S` AQVZSWTS W\ `S USZ[ÉzWUS\ /PabÉ\RS\ SW\S\ HSWbabS[^SZ OcaUWPb 2S` BV`SOR eW`R RORc`QV PSS\ RSb W\RS[ [O\ ROa /bb`WPcb Mj?™ Ä͝¬¬ja OcT ÍÁÖj aSbhb eOa W[ BV`SOR RWS AQVZSWTS c\R RO[Wb Á֙®¯ PSS\RSb 4]`[cZWS`S\ eW` hc\ÉQVab RWS 9ZOaaS Tº` RWS HSWbO\hSWUS( ¬ÖM‰W W?ÄÄ =j‰Í?™ãj‰~j jÞÍj™aÄ 0†Áj?a P ¬ÖM‰W Mj?™ Ä͝¬¬ja s w?ÄjÇ ¬ÖM‰W ܝ‰a Á֙®¯ P ݆‰j® uÄ͝¬¬ja ¯ P .ßÄÍj”±Öͱ¬Á‰™Í™® ™jÝ Ž?Ü?±Ö͉± ?Íj®¯ ¯Ç ÍÁß P Đjj¬® ¤ååå ¯Ç Q W?ÍW†® ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ ‰j ¯ P Q Q .ßÄÍj”±Öͱ¬Á‰™Í™® ¹=j‰Í?™ãj‰~j Mjj™aj͹ ¯Ç Q Q

;Wb RS[ /cT`cT RS` abObWaQVS\ BV`SOR;SbV]RS Đjj¬®¤ååå¯ eW`R RS` OcaTºV`S\RS BV`SOR dS`O\ZOaab Tº`  ;WZZWaSYc\RS\ hc ^OcaWS`S\ 3W\S [rUZWQVS`eSWaS OcaUS ZrabS 7™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ ZOaaS\ eW` W\a :SS`S ZOcTS\ 7\ RS` S`abS\ DS`aW]\ RSa >`]U`O[[a e]ZZS\ eW` ZSRWUZWQV RWS HSWbO\hSWUS abO`bS\( ¬ÖM‰W W?ÄÄ =j‰Í?™ãj‰~j+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P =j‰Í?™ãj‰~j Í s ™jÝ =j‰Í?™ãj‰~j®¯Ç ͱÄÍ?ÁÍ®¯Ç Q Q

2O ROa /bb`WPcb Ä͝¬¬ja \WQVb dS`É\RS`b eW`R PSTW\RSb aWQV RS` /\hSWUSbV`SOR W\ SW\S` 3\RZ]aaQVZSWTS 2Oa >`]U`O[[ ZÉaab aWQV \c` d]\ OczS\ bS`[W\WS`S\ EW` USPS\ \c\ RS[ 0S\cbhS` RWS 5SZSUS\VSWb Rc`QV 0SbÉbWUc\U RS` 3W\UOPSbOabS ROa >`]U`O[[ ]`RS\bZWQV hc PSS\RS\ 2WS ;SbV]RS ¬Á”¬Í
™a-j?a.ÍÁ‰™~®¯

!

CWaTPSb

"%

aWU\OZWaWS`b ROPSW RWS S`T]ZUbS 3W\UOPS RS` 3W\UOPSeS`b aSZPab W\bS`SaaWS`b \WQVb ROa /bb`WPcb Ä͝¬¬ja RSa USabO`bSbS\ BV`SORa eW`R O\aQVZWSzS\R OcT ÍÁÖj USaSbhb( ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P =j‰Í?™ãj‰~j Í s ™jÝ =j‰Í?™ãj‰~j®¯Ç ͱÄÍ?ÁÍ®¯Ç #±¬Á”¬Í
™a-j?a.ÍÁ‰™~® ¹ jj™aj™ aÖÁW† ‰™~?MjÍ?ÄÍjN™¹ ¯Ç ͱÄ͝¬¬ja s ÍÁÖjÇ Q

2Oa >`]U`O[[ ZÉcTb \c\ eWS S`eO`bSb OP( 2WS HSWbabS[^SZ eS`RS\ W\ ASYc\RS\OP abÉ\RS\ OcaUSUSPS\ PWa W\ RS` 9]\a]ZS SW\S 3W\UOPS S`T]ZUb e]`OcT RS` HSWbO\hSW USbV`SOR bS`[W\WS`b 2Oa d]`USabSZZbS 1]RW\U Wab XSR]QV \]QV dS`PSaaS`c\Uaeº`RWU ab`S\U PSb`OQVbSb a]UO` W\Y]``SYb dUZ ÍPc\U ! 7\ RWSaS[ 0SWa^WSZ Tc\UWS`b ROa /bb`WPcb Ä͝¬¬ja OZa 4ZOU ROa RWS C\bS`P`SQVc\U RSa BV`SORa d]\ OczS\ S`[rUZWQVb 2WS ;rUZWQVYSWb SW\S\ ZOcTS\RS\ BV`SOR [Wb RS` OZa ST_aTRPcTS USYS\\hSWQV\SbS\ ;SbV]RS Ä͝¬®¯ d]\ OczS\ hc PSS\RS\ a]ZZbS ROUSUS\ \WQVb dS`eS\RSb eS`RS\ 3W\S /ZbS`\ObWdS PWSbSb RWS ;SbV]RS ‰™ÍjÁˆ Á֬ͮ¯ [Wb RS` [O\ SW\S\ BV`SOR PWbbSb aWQV hc PSS\RS\ c\R WV[ ROPSW RWS 5S ZSUS\VSWb UWPb \]QV \]beS\RWUS /cT`Éc[O`PSWbS\ Rc`QVhcTºV`S\ dUZ I=31K



*GZKTG[YZG[YIN „HKX 5HPKQZXKLKXKT`KT

3W\S eSWbOca Y][T]`bOPZS`S ;rUZWQVYSWb RSa 7\T]`[ObW]\aOcabOcaQVa PSabSVb RO`W\ RS\ PSbSWZWUbS\ BV`SORa SW\S =PXSYb`STS`S\h OcT 2ObS\ RSa >`]U`O[[a hc ºPS`US PS\ 2WSa eS`RS\ eW` hc\ÉQVab O\ SW\S[ abO`Y dS`SW\TOQVbS\ :OUS`dS`eOZbc\Ua^`] U`O[[ ^`]b]bg^WaQV RO`abSZZS\

2GMKX\KX]GRZ[TM 3W\ :OUS` ROa W\ aSW\S[ 0SabO\R US\Oc SW\S\ /`bWYSZ TºV`b eW`R d]\ dS`aQVWSRS\S\ :WSTS`O\bS\ PSZWSTS`b 2WS 9ZOaaS ?~jÁ S\bVÉZb OZa /bb`WPcb ‰™Í MjÄÍ?™a RS\ :O US`PSabO\R RWSaSa /`bWYSZa a]eWS SW\S ASb c\R 5Sb;SbV]RS Tº` RWSaSa /bb`WPcb ¬ÖM‰W W?ÄÄ ?~jÁ P ¬Á‰Ü?Íj ‰™Í MjÄÍ?™aÇ ¬ÖM‰W ‰™Í ~jÍ jÄÍ?™a®¯ P ÁjÍÖÁ™ MjÄÍ?™aÇ Q ¬ÖM‰W ܝ‰a ÄjÍ jÄÍ?™a® ‰™Í MjÄÍ?™a ¯P ͆‰Ä±MjÄÍ?™a s MjÄÍ?™aÇ Q Q

2WS 9ZOaaS ‰jwjÁ?™Í eW`R OZa BV`SOR W[^ZS[S\bWS`b c\R S`VÉZb ºPS` RS\ 9]\ ab`cYb]` PSW[ 3`hScUS\ SW\S @STS`S\h OcT ROa hc PSZWSTS`\RS :OUS` RWS OZa /bb`WPcb ?~jÁ  `SUWab`WS`b eW`R 2WS ;SbV]RS ?™‰jwjÁ™®¯ S`VrVb RS\ :OUS`PSabO\R c[

"%!

!

CWaTPSb

RWS :WSTS`[S\US c\R UWPb O[ 0WZRaQVW`[ 7\T]`[ObW]\S\ ºPS` RWSaS 5`rzS\ Oca 2WS /YbWdWbÉb RSa BV`SORa PSabSVb RO`W\  /`bWYSZ O\ ROa :OUS` hc ZWSTS`\ ¬ÖM‰W W?ÄÄ ‰jwjÁ?™Í jÞÍj™aÄ 0†Áj?a P ¬Á‰Ü?Íj ?~jÁ Ç ¬ÖM‰W ‰jwjÁ?™Í® ?~jÁ  ¯ P ͆‰Ä± s Ç Q ¬ÖM‰W ܝ‰a ?™‰jwjÁ™® ‰™Í ?™ã?† ¯ P ‰™Í MjÄÍ?™a s ±~jÍ jÄÍ?™a®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í® ~jÍ!?”j®¯ ´ ¹ jÄÍ?™a ?Í] ¹ ´ MjÄÍ?™a ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹

‰jwjÁ”j™~j] ¹ ´ ?™ã?† ¯Ç

±ÄjÍ jÄÍ?™a® MjÄÍ?™a ´ ?™ã?† ¯Ç Q ¬ÖM‰W ܝ‰a Á֙®¯ P ?™‰jwjÁ™® ¤å ¯Ç Q Q

2Oa :OUS`dS`eOZbc\Ua^`]U`O[[ S`abSZZb \c\ SW\S 7\abO\h d]\ ?~jÁ c\R ºPS`UWPb RWSaS dWO 9]\ab`cYb]` O\ heSW :WSTS`O\bS\ 2WSaS eS`RS\ O\aQVZWSzS\R OZa BV`SOR USabO`bSb c\R ZWSTS`\ XSeSWZa  /`bWYSZ 2S` [OW\BV`SOR eO`bSb [Wb Ž‰™®¯ ROa 3\ RS RS` :WSTS`c\US\ OP c\R UWPb O\aQVZWSzS\R RS\ 3\RPSabO\R Oca ¬ÖM‰W W?ÄÄ ?~jÁÜjÁÝ?Í֙~ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ?~jÁ ”ß?~jÁ s ™jÝ ?~jÁ®¯Ç ‰jwjÁ?™Í ¤ s ™jÝ ‰jwjÁ?™Í® ”ß?~jÁ ¯Ç ‰jwjÁ?™Í Ô s ™jÝ ‰jwjÁ?™Í® ”ß?~jÁ ¯Ç ¤±ÄÍ?ÁÍ®¯Ç ÊÊ ‰jwjÁ֙~ ?™™ jÁw~j™u Ô±ÄÍ?ÁÍ®¯Ç ÊÊ ±±± ÍÁß P

ÊÊ Ý?ÁÍj™^ M‰Ä ?j ~j‰jwjÁÍ †?Mj™

¤±Ž‰™®¯Ç Ô±Ž‰™®¯Ç Q W?ÍW†® ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ j ¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™®¹ ™aMjÄÍ?™a] ¹ ´ ”ß?~jÁ±~jÍ jÄÍ?™a®¯¯Ç Q Q

/[ =cb^cb eW`R RScbZWQV ROaa PSWRS :WSTS`O\bS\ ROa UZSWQVS :OUS` PSZWSTS`\ RS\\ RS` 3\RPSabO\R S\ba^`WQVb RS` Ac[[S RS` SW\hSZ\S\ :WSTS`[S\US\(

!

CWaTPSb

"%"

ˆ ™Äj ˆ 0†Áj?aˆå jÄÍ?™a ?Í] å ‰jwjÁ”j™~j] ¤å 0†Áj?aˆ¤ jÄÍ?™a ?Í] ¤å ‰jwjÁ”j™~j] ¤å

™aMjÄÍ?™a] Ôå

2WS PSbSWZWUbS\ BV`SORa PSaWbhS\ SW\S @STS`S\h OcT ROa UZSWQVS =PXSYb c\R Yr\\S\ ºPS` RSaaS\ rTTS\bZWQVS ;SbV]RS\ ES`bS É\RS`\ 2WSaSa DS`TOV`S\ e]ZZS\ eW` O\ SW\S[ eSWbS`S\ 0SWa^WSZ dS`bWSTS\

,„RRKT KOTKY :GTQY 3W\ BO\Y eW`R d]\ [SV`S`S\ >c[^S\ UZSWQVhSWbWU PSbO\Yb PWa S` USTºZZb Wab 2WS 9ZOaaS 0?™ PSaWbhb RWS /bb`WPcbS ‰™Í ”?Þ Tº` ROa [OfW[OZS D]Zc[S\ c\R ‰™Í ‰™†?Í Tº` RS\ OYbcSZZ PSTºZZbS\ 7\VOZb <SPS\ SW\S` 5Sb c\R ASb;SbV]RS Tº` RS\ 7\VOZb abSVb SW\S ;SbV]RS ‰™Í MjÍ?™j™® ‰™Í ܝ ¯ hc` DS`TºUc\U RWS OZa /` Uc[S\b RWS hc PSbO\YS\RS ;S\US S`VÉZb c\R OZa @ºQYUOPSeS`b RWS eW`YZWQV PSbO\YbS ;S\US hc`ºQY UWPb) [rUZWQVS`eSWaS eO` RS` BO\Y d]` RS[ ZSbhbS\ 0SbO\YS\ TOab d]ZZ a] ROaa PSWRS ES`bS RWTTS`WS`S\ Yr\\S\ ¬ÖM‰W W?ÄÄ 0?™ P ¬Á‰Ü?Íj ‰™Í ”?ÞÇ ¬Á‰Ü?Íj ‰™Í ‰™†?ÍÇ ¬ÖM‰W 0?™® ‰™Í ”?Þ ¯ P ͆‰Ä±”?Þ s ”?ÞÇ Q ¬ÖM‰W ‰™Í ~jÍ™†?Í®¯ P ÁjÍÖÁ™ ‰™†?ÍÇ Q ¬ÖM‰W ‰™Í MjÍ?™j™® ‰™Í ܝ ¯ P ‰™Í ͔¬ s

?͆±”‰™® ܝ^ ”?Þ ˆ ‰™†?Í ¯Ç

‰™†?Í ´s ͔¬Ç ÁjÍÖÁ™ ͔¬Ç Q Q

2WS 9ZOaaS +֔¬j S`eSWbS`b 0†Áj?a c\R S`VÉZb SW\S @STS`S\h OcT RS\ hc PSTºZZS\ RS\ BO\Y 2O`ºPS` VW\Oca YO\\ RWS :SWabc\U SW\S` >c[^S ºPS` ROa /bb`WPcb ‰™Í j‰ÄÍ֙~ ^O`O[Sb`WaWS`b eS`RS\ 2WS /YbWdWbÉb RS` >c[^S PSabSVb RO`W\ RS\ BO\Y S\ba^`SQVS\R WV`S` :SWabc\U a] ZO\US hc PSbO\YS\ PWa RWSaS` d]ZZabÉ\RWU USTºZZb Wab /Za 7\RWYOb]` Tº` ROa DS`ZOaaS\ RS` T]`[OZS\ 3\RZ]aaQVZSWTS eW`R RS` @ºQYUOPSeS`b d]\ MjÍ?™j™®¯ RS` 9ZOaaS BO\Y dS`eS\RSb 2Oa /bb`WPcb ‰™Í Ä֔ ac[[WS`b RWS d]\ RWSaS` >c[^S PSbO\YbS ;S\US OcT RWS O[ 3\RS RSa BV`SORa OcaUSUSPS\ eW`R

"%#

!

CWaTPSb

¬ÖM‰W W?ÄÄ +֔¬j jÞÍj™aÄ 0†Áj?a P ¬Á‰Ü?Íj 0?™ ÍÇ ¬Á‰Ü?Íj ‰™Í j‰ÄÍ֙~Ç ¬Á‰Ü?Íj ‰™Í ÄÖ”Ç ¬ÖM‰W +֔¬j® .ÍÁ‰™~ ™?”j^ 0?™ Í^ ‰™Í j‰ÄÍ֙~ ¯ P ͆‰Ä±Í s ÍÇ Í†‰Ä±j‰ÄÍ֙~ s j‰ÄÍ֙~Ç Í†‰Ä±ÄjÍ!?”j® ™?”j ¯Ç Q ¬ÖM‰W ܝ‰a Á֙®¯ P ݆‰j® ÍÁÖj ¯ P ‰™Í ͔¬ s ͱMjÍ?™j™® j‰ÄÍ֙~ ¯Ç Ä֔ ´s ͔¬Ç ‰w® ͔¬ ‘ j‰ÄÍ֙~ ¯ MÁj?Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™® ~jÍ!?”j®¯ ´ ¹] ¹ ´ Ä֔ ¯Ç Q Q

2Oa BO\Y^`]U`O[[ abSZZb SW\S\ BO\Y [Wb SW\S` 9O^OhWbÉb d]\  D]Zc[S\ SW\VSWbS\ PS`SWb RS` d]\ heSW >c[^S\ [Wb SW\S` :SWabc\U d]\  Phe D]Zc[S\ SW\VSWbS\ ^`] HSWbSW\VSWb PSTºZZb 2WS >c[^S\ eS`RS\ OZa BV`SORa USabO`bSb RWS 5S aO[b[S\US RSa BO\Y eW`R d][ [OW\BV`SOR O[ 3\RS RSa >`]U`O[[a OcaUSUSPS\ ¬ÖM‰W W?ÄÄ 0?™+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P 0?™ Í s ™jÝ 0?™® ¤ååååååå ¯Ç +֔¬j ¬¤ s ™jÝ +֔¬j ® ¹+֔¬jˆ¤¹^ Í^ ¤ ¯Ç +֔¬j ¬Ô s ™jÝ +֔¬j ® ¹+֔¬jˆÔ¹^ Í^ Ô ¯Ç ¬¤±ÄÍ?ÁÍ®¯Ç ¬Ô±ÄÍ?ÁÍ®¯Ç ÍÁßP ¬¤±Ž‰™®¯Ç ¬Ô±Ž‰™®¯Ç Q W?ÍW†® ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ ‰j ¯PQ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹™†?Í ] ¹ ´ ͱ~jÍ™†?Í®¯ ¯Ç Q Q

!

CWaTPSb

"%$

2S` =cb^cb RSa >`]U`O[[a hSWUb T]ZUS\RSa 3`USP\Wa ROa XSR]QV W\ RS` @SUSZ heW aQVS\ dS`aQVWSRS\S\ >`]U`O[[Rc`QVZÉcTS\ dO`WWS`b( ˆ ™Äj ˆ +֔¬jˆÔ] ÉȚoošÈ +֔¬jˆ¤] ÏÔ夤åÏ ™†?Í] ¤ååååååå

2WS Ac[[S RS` Rc`QV RWS PSWRS\ >c[^S\ PSbO\YbS\ D]Zc[S\ S\ba^`WQVb S`eO` bc\UaUS[Éz US`ORS RS[ BO\YW\VOZb



9_TINXUTOYGZOUT

2UYZ ;VJGZK 2Oa BO\Y^`]U`O[[ Wab W\ RS` d]`ZWSUS\RS\ 4]`[ XSR]QV \WQVb drZZWU Y]``SYb RO Ag\ QV`]\WaObW]\a^`]PZS[S OcTb`SbS\ Yr\\S\ 2WSa ZWSUb RO`O\ ROaa RWS ;SbV]RS Mjˆ Í?™j™®¯ \WQVb c\PSRW\Ub W\ SW\S[ AQV`Wbb ]V\S C\bS`P`SQVc\U RSa OYbWdS\ BV`SORa Rc`QVUSTºV`b eW`R A] YO\\ Sa ^OaaWS`S\ ROaa >c[^S RS\ ES`b RS` DO `WOPZS\ ‰™†?Í ZWSab RWSaS\ W\bS`\ c[  S`VrVb d]` RS[ Hc`ºQYaQV`SWPS\ RSa S` VrVbS\ ES`bSa OPS` d]\ >c[^S c\bS`P`]QVS\ eW`R RWS WV`S`aSWba \]QV RS\ OZbS\ ES`b RS` DO`WOPZS\ ZWSab c\R S`VrVb 2WS Ò\RS`c\U RS`XS\WUS\ >c[^S RWS WV`S\ S` VrVbS\ ES`b hcS`ab hc`ºQYaQV`SWPb USVb dS`Z]`S\ RO RWS O\RS`S >c[^S RWSaS\ O\ aQVZWSzS\R ºPS`aQV`SWPb dUZ /PP !

+֔¬jˆ¤

+֔¬jˆÔ

0?™ Í

0?™ Í 0?™

jÄj ‰™†?Í]

å

jÁ† †j ֔ ¤]

¤

‰™†?Íså ‰™†?Íså

ÄW†Áj‰Mj 8jÁÍ ãÖÁÙW

jÄj ‰™†?Í]

å

jÁ† †j ֔ Ô]

Ô

±±± ‰™†?Ís¤ ‰™†?ÍsÔ

ÄW†Áj‰Mj 8jÁÍ ãÖÁÙW

0QQ ! ") :]ab C^RObS >`]PZS[ 2WSaSa a] US\O\\bS >`]PZS[ SW\Sa [^bcd_SPcT YO\\ OcTb`SbS\ eS\\ US[SW\aO[ US \cbhbS 2ObS\ d]\ heSW BV`SORa E`WbS` USÉ\RS`b eS`RS\ =P RWSaSa >`]PZS[ W\ RS` >`OfWa eW`YZWQV OcTb`Wbb VÉ\Ub d]\ @O\RPSRW\Uc\US\ OP RWS OczS`VOZP RS` A^`OQVS 8OdO ZWSUS\ h0 DS`aW]\ RS` 8D; >`]hSaa]`ZSWabc\U /caZOabc\U RSa @SQV\S`a /cT

"%%

!

CWaTPSb

[O\QVS\ @SQV\S`\ ZWSTS`b ROa >`]U`O[[ [rUZWQVS`eSWaS XSbhb aQV]\ W\Y]\aWabS\bS ES`bS OcT O\RS`S\ @SQV\S`\ dS`VÉZb Sa aWQV Y]``SYb 4OZZa AWS ROa Ag\QV`]\WaObW]\a ^`]PZS[ ^`]d]hWS`S\ e]ZZS\ dS`R]^^SZ\ AWS acYhSaaWdS RS\ BO\YW\VOZb PWa ROa US eº\aQVbS 3`USP\Wa OcTb`Wbb 0?™ Í s ™jÝ 0?™® ¤ååååååå ¯Ç 0?™ Í s ™jÝ 0?™® Ôååååååå ¯Ç 0?™ Í s ™jÝ 0?™® |ååååååå ¯Ç

9_TINXUTO`KJ /TYZGT`SKZNUJKT Hc` :rac\U RWSaSa >`]PZS[a dS`eS\RS\ eW` ROa AQVZºaaSZe]`b ÄߙW†Á™‰ãja [Wb RS[ eW` W[ >`]U`O[[ RWS 7\abO\h[SbV]RS MjÍ?™j™®¯ eWS T]ZUb YS\\hSWQV\S\( ¬ÖM‰W ÄߙW†Á™‰ãja ‰™Í MjÍ?™j™® ‰™Í ܝ ¯P

2Oa >`]PZS[ RSa [^bcd_SPcT b`Wbb \c\ ’ aSZPab PSW U`]zS[ BO\Yd]Zc[S\ ’ \WQVb [SV` OcT C[ RWS :rac\U RWSaSa >`]PZS[a hc dS`abSVS\ eS`RS\ eW` c\a [Wb RS[ 8OdO A^S``[SQVO\Wa[ca PSTOaaS\



9VKXXSKINGTOYS[Y

8SRSa =PXSYb PSaWbhb W\ 8OdO SW\S A^S``S OcQV ;]\Wb]` US\O\\b RWS S\beSRS` US aSbhb Wab ]RS` \WQVb 3W\S [Wb ÄߙW†Á™‰ãja USYS\\hSWQV\SbS 8]bcP]i\TcW^ST YO\\ Tº` SW\ >QYTZc \c` OcaUSTºV`b eS`RS\ TOZZa YSW\ O\RS`S` BV`SOR RWS A^S``S Tº` RWSaSa =PXSYb PS`SWba USaSbhb VOb 2WSaS A^S``S eW`R d]` RS` /caTºV`c\U RS` ;SbV]RS USaSbhb c\R PZ]QYWS`b a][Wb OZZS O\RS`S\ BV`SORa eSZQVS RWS A^S``S RWSaSa =PXSYba PSO\a^`cQVS\ 2WS A^S``S eW`R T`SW USUSPS\ a]POZR RS` a^S``S\RS BV`SOR RWS ;S bV]RS dS`ZÉaab e]`OcT W`US\RSW\ O\RS`S` BV`SOR RWSaS eWSRS` PSO\a^`cQVS\ YO\\ 7[ BO\Y^`]U`O[[ YO\\ ROVS` abSba \c` SW\ >c[^S\BV`SOR RWS /\eSWac\U ͱMjÍ?™j™®¯ OcaTºV`S\ RO SW\ BV`SOR RWS A^S``S Tº` RS\ BO\Y Í aSbhb c\R RWSaS S`ab \OQV 0SS\RWUc\U RS` ;SbV]RS MjÍ?™j™®¯ T`SW UWPb 2O[Wb Wab aWQVS` USabSZZb ROaa SW\ BO\Y VrQVabS\a d]\ SW\S` >c[^S PSbO\Yb eW`R 4º` ROa DS`abÉ\R\Wa RSa =PXSYbA^S``[SQVO\Wa[ca aW\R RWS T]ZUS\RS\ 5`c\RaÉbhS eSaS\bZWQV( E

A^S``S\ Yr\\S\ \c` PSW[ 0Sb`SbS\ d]\ ÄߙW†Á™‰ãja;SbV]RS\ USaSbhb eS` RS\ aWS eW`YS\ aWQV OPS` OcQV \c` OcT a]ZQVS ;SbV]RS\ Oca) O\RS`S ;SbV]RS\ aW\R drZZWU W[[c\ USUS\ =PXSYbA^S``S\

E

3a eS`RS\ \WQVb ;SbV]RS\ USa^S``b a]\RS`\ =PXSYbS a] ROaa SW\ c\R RWSaSZPS ÄߙW†Á™‰ãja;SbV]RS Tº` c\bS`aQVWSRZWQVS =PXSYbS Rc`QVOca UZSWQVhSWbWU OcaUSTºV`b eS`RS\ YO\\ SbeO eS\\ [SV`S`S BO\Ya PSbO\Yb eS`RS\( 0?™ ͤ s ™jÝ 0?™® ¤ååååååå ¯Ç 0?™ ÍÔ s ™jÝ 0?™® Ôååååååå ¯Ç +֔¬j ¬¤ s ™jÝ +֔¬j® ¹+֔¬jˆ¤¹^ ͤ^ ¤ ¯Ç +֔¬j ¬Ô s ™jÝ +֔¬j® ¹+֔¬jˆÔ¹^ ÍÔ^ Ô ¯Ç

E

3W\S d]\ SW\S[ BV`SOR USaSbhbS A^S``S PZ]QYWS`b OcaaQVZWSzZWQV O\RS`S BV`SORa \WQVb RS\ SWUS\S\ /\a]\abS\ eº`RS RS` /cT`cT SW\S` ÄߙW†Á™‰ãja;SbV]RS

!

CWaTPSb

"%&

W\\S`VOZP SW\S` O\RS`S\ ÄߙW†Á™‰ãja;SbV]RS Tº` XSeSWZa ROa UZSWQVS =P XSYb hc SW\S` c\ZraPO`S\ 0Z]QYWS`c\U TºV`S\ <SPS\ =PXSYbA^S``S\ SfWabWS`S\ OcQV A^S``S\ OcT 3PS\S RS` 9ZOaaS\ 2WS A^S``S Tº` SW\S :[PbbT eW`R PSW RS` /caTºV`c\U SW\S` bcPcXbRWT] ÄߙW†Á™‰ãja;SbV]RS `SZSdO\b 7ab RWSaS USaSbhb eW`R RWS /caTºV`c\U OZZS` O\RS`S\ BV`SORa PZ]QYWS`b RWS RWSaS A^S``S PSO\a^`cQVS\ A] Wab aWQVS` USabSZZb ROaa RWS /caTºV`c\U SW\S` abObW aQVS\ ÄߙW†Á™‰ãja;SbV]RS \WQVb Rc`QV SW\S\ O\RS`S\ BV`SOR c\bS`P`]QVS\ eW`R RS` OcQV SW\S abObWaQVS ÄߙW†Á™‰ãja;SbV]RS OcaTºV`S\ [rQVbS 2WS 3PS\S\ RS` =PXSYbA^S``S\ c\R RS` 9ZOaaS\A^S``S\ aW\R drZZWU c\OPVÉ\UWU d]\SW\O\RS` 2WS A^S``S SW\S` 9ZOaaS VOb YSW\S /caeW`Yc\U OcT RWS A^S``S\ WV`S` 7\ abO\hS\ c\R c[USYSV`b /cQV SfWabWS`S\ YSW\S 7[^ZWYObW]\S\ heWaQVS\ 9ZOaaS\ A^S``S\ W\\S`VOZP RS` DS`S`Pc\UaVWS`O`QVWS

6R[Y6R[Y OYZ TOINZ GZUSGX EWS eW` W[ \ÉQVabS\ 0SWa^WSZ aSVS\ eS`RS\ eW`R aSZPab RWS /\eSWac\U Ž´´ \WQVb OZa Ob][O`S 7\ab`cYbW]\ W\ RS` 8D; c[USaSbhb a] ROaa [O\ OcQV W\ RWSaS[ 4OZZ S\b a^`SQVS\RS D]`aWQVba[Oz\OV[S\ b`STTS\ a]ZZbS 2S` 3W\TOQVVSWb eSUS\ eS`RS\ eW` RWSaSa 0SWa^WSZ [Wb abObWaQVS[ /bb`WPcb c\R SW\S` abObWaQVS\ ;SbV]RS `SOZWaWS`S\ 2WS 9ZOaaS +ÖÄ+ÖÄ S`eSWbS`b 0†Áj?a c\R S\bVÉZb ROa /bb`WPcb ÄÍ?͉W ‰™Í Ž a]eWS RWS 9]\abO\bS ÄÍ?͉W w‰™? ‰™Í #2!0 7\ RS` ;SbV]RS Á֙®¯ eW`R RWS DO`WOPZS Ž 1=C
7[ BSab^`]U`O[[ S`hScUS\ eW` heSW +ÖÄ+ÖÄ7\abO\hS\ c\R abO`bS\ RWSaS OZa BV`SORa A]POZR RWSaS WV`S /`PSWb dS``WQVbSb VOPS\ eW`R RS` ES`b RS` DO`WOPZS\ Ž a]eWS RS` ES`b Ô J #2!0 OcaUSUSPS\ ¬ÖM‰W W?ÄÄ +ÖÄ+ÖÄ+Á~Á?”” P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P +ÖÄ+ÖÄ Í¤ s ™jÝ +ÖÄ+ÖÄ®¯Ç +ÖÄ+ÖÄ ÍÔ s ™jÝ +ÖÄ+ÖÄ®¯Ç

"%'

!

CWaTPSb

ͤ±ÄÍ?ÁÍ®¯Ç ÍÔ±ÄÍ?ÁÍ®¯Ç ÍÁß P ͤ±Ž‰™®¯Ç ÍÔ±Ž‰™®¯Ç Q W?ÍW†® ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ j ¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q .ßÄÍj”±Öͱ¬Á‰™Í™® +ÖÄ+ÖıŽ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ô J +ÖÄ+Öı #2!0 ¯Ç Q Q

0SW U`]zS\ ES`bS\ d]\ #2!0 eW`R ROa Ag\QV`]\WaObW]\a^`]PZS[ RORc`QV aWQVbPO` ROaa RS` ES`b RS` DO`WOPZS\ Ž RWS d]\ RS\ PSWRS\ BV`SORa XSeSWZa #2!0[OZ c[  W\Y`S[S\bWS`b ec`RS \WQVb [Wb RS[ S`eO`bSbS\ ES`b #2!0JÔ ºPS`SW\abW[[b 4OZZa ROa >`]PZS[ OcT 7V`S[ @SQV\S` \WQVb OcTb`Wbb a]ZZbS #2!0 aQV`WbbeSWaS PWa hc[ [O fW[OZ hcZÉaaWUS\ ES`b d]\ ™Íj~jÁ±
9Û7
2 ÊÔ S`VrVb eS`RS\

9ZGZOYINK Y_TINXUTO`KJ3KZNUJKT /cQV W\ RWSaS[ 0SWa^WSZ PSabSVb RWS :rac\U RSa >`]PZS[a RO`W\ SW\S ;SbV]RS \É[ ZWQV RWS abObWaQVS ;SbV]RS ‰™WÁj?Äj®¯ OZa ag\QV`]\WhSR;SbV]RS hc RSYZO`WS`S\( ¬Á‰Ü?Íj ÄÍ?͉W ÄߙW†Á™‰ãja ‰™WÁj?Äj®¯ P ±±±

2WS ;SbV]RS YO\\ RO\\ \c` OcaUSTºV`b eS`RS\ TOZZa YSW\ O\RS`S` BV`SOR RWS A^S``S Tº` RWS 9ZOaaS +ÖÄ+ÖÄ USaSbhb VOb ESaS\bZWQV Wab ROaa PSWRS BV`SORa RWSaSZPS A^S``S PSW abObWaQVS\ ;SbV]RS\ ROa SW\RScbWUS ?ÄÄ=PXSYb RS` 9ZOaaS dS`eS\ RS\ c\R aWQV RO\\ PSW RS` /caTºV`c\U d]\ ‰™WÁj?Äj®¯ USUS\aSWbWU OcaaQVZWSzS\

8KGJKX=XOZKX6XUHRKS 3W\ ÉV\ZWQVSa >`]PZS[TSZR RS[ eW` PSW RS` DS`eS\Rc\U [SV`S`S` BV`SORa PSUSU \S\ Wab ROa a]US\O\\bS aTPSTafaXcTa>`]PZS[ PSW RS[ SW\ BV`SOR E`WbS` 2ObS\ dS`É\RS`b OcT RWS SW\ O\RS`S` BV`SOR @SORS` ZSaS\R hcU`SWTb <SV[S\ eW` O\ RS` E`WbS` É\RS`b [SV`S`S /bb`WPcbS SW\Sa =PXSYbSa SbeO PSW RS` /YbcOZWaWS`c\U RS` :WSTS`OR`SaaS =`b Ab`OzS 6Oca\c[[S` SbQ SW\Sa 9c\RS\ 4OZZa \c\ SW\ @SORS` OcT RWSaS 2ObS\ hcU`SWTb YO\\ Sa ^OaaWS`S\ ROaa S` SW\S /R`SaaS ZWSab RWS ºPS`VOc^b \WQVb SfWabWS`b SbeO eS\\ RS` =`b PS`SWba USÉ\RS`b ec`RS Ab`OzS c\R 6Oca\c[[S` XSR]QV \]QV \WQVb 3W\S ÉV\ZWQVS >`]PZS[ObWY ZWSUb PSW SW\S[ 0cQVVOZbc\Ua^`]U`O[[ RS` 2]^^SZbS\ 0cQVTºV`c\U d]` 3W\ SW\TOQVS` 0cQVc\UaaObh PSW\VOZbSb heSW 9]\bS\ d]\ RS\S\ SW\Sa OcT RS` A]ZZASWbS ROa O\RS`S OcT RS` 6OPS\ASWbS USPcQVb eW`R 4OZZa SW\ ZS aS\RS` HcU`WTT ]PRW RS` Rc`QVUSTºV`bS\ A]ZZ0cQVc\U c\R e^a RS` \]QV \WQVb

!

CWaTPSb

"%(

Rc`QVUSTºV`bS\ 6OPS\0cQVc\U S`T]ZUb ZWSUb SW\S 7\Y]\aWabS\h d]` RS\\ Oca AWQVb RSa @SORS`a aQVSW\b RWS 0WZO\h \WQVb OcaUSUZWQVS\ hc aSW\ C[ RWSaSa >`]PZS[ hc ZraS\ eS`RS\ ’ O\OZ]U hc[ [^bcd_SPcT 4OZZ ’ RWS Y`WbWaQVS\ ;SbV]RS\ [Wb RS[ AQVZºaaSZe]`b ÄߙW†Á™‰ãja USYS\\hSWQV\Sb a] ROaa RS`S\ /caTºV`c\U \WQVb Rc`QV SW\S\ O\RS`S\ BV`SOR c\bS`P`]QVS\ eS`RS\ YO\\ 4º` SW\S Y]``SYbS Ag\QV`]\WaObW]\ [ºaaS\ OPS` \SPS\ RS\ E`WbS`;SbV]RS\ abSba OcQV RWS @SORS`;SbV]RS\ [Wb ÄߙW†Á™‰ãja USYS\\hSWQV\Sb eS`RS\ RO a]\ab RWS d][ E`WbS` USaSbhbS A^S``S Tº` RS\ @SORS` \cbhZ]a eÉ`S 2WSaSa DS`TOV`S\ Tc\YbW]\WS`b OcQV PSW [SV`S`S\ @SORS` ]RS` E`WbS`BV`SORa RS\\ SW\ a]ZQVS` a^S``b OZZS O\RS`S\ BV`SORa RWS SW\S [Wb ÄߙW†Á™‰ãja USaQVºbhbS ;SbV]RS OcaTºV`S\ [rQVbS\ 2O aWQV W\ RWSaS[ 4OZZ [SV`S`S @SORS` USUS\aSWbWU c\ \rbWUS`eSWaS a^S``S\ Yr\\bS\ Wab Sa aW\\d]ZZ RS\ 8OdO A^S``[SQVO\Wa[ca hc S`eSW bS`\ c[ heWaQVS\ @SORS` c\R E`WbS`A^S``S\ c\bS`aQVSWRS\ hc Yr\\S\ /cT RWS 2SbOWZa SW\S` a]ZQVS\ 7[^ZS[S\bWS`c\U eS`RS\ eW` XSR]QV \WQVb SW\USVS\

`]PZS[ VO\RSZb †j?a



a?Í?

a?Í?

a?Í?

™Ö

™jÞÍ

™jÞÍ

a?Í?

a?Í?

™jÞÍ

™jÞÍ

a?Í?

a?Í?

a?Í?

™jÞÍ

™jÞÍ

™jÞÍ

±±±

†j?a a?Í? ™jÞÍ

†j?a



±±±

 ±±±

0QQ ! #) 6W\hcTºUS\ SW\Sa =PXSYbSa W\ SW\S dS`YSbbSbS :WabS <SV[S\ eW` O\ RWS SW\hSZ\S\ AQV`WbbS PSW[ D]`\S/\TºUS\ aW\R ’ eWS W\ /PPWZRc\U " RO`USabSZZb ’ W[^ZS[S\bWS`b 6WS`PSW eW`R ROa O\hcTºUS\RS =PXSYb hc\ÉQVab W\

"&

!

CWaTPSb

SW\S\ W\bS`\S\ 9\]bS\ dS`^OQYb  RSaaS\ ™jÞÍ/bb`WPcb OcT RS\ OZbS\ 9]^T RS` :WabS SW\USabSZZb eW`R   AQVZWSzZWQV [caa RS` 9]^T RS` :WabS OcT RS\ \Sc S`abSZZbS\ 9\]bS\ hSWUS\ ! EW`R \c\ SW\ BV`SOR PSW[ 3W\TºUS\ SW\Sa =PXSYbSa \OQV AQV`Wbb d]\ SW\S[ O\RS`S\ BV`SOR c\bS`P`]QVS\ RS` SPS\TOZZa SW\ =PXSYb SW\TºUb RO\\ USVb ROa =PXSYb RSaXS\WUS\ BV`SORa dS`Z]`S\ RS` hcS`ab AQV`Wbb ! OcaTºV`b 6WS` ZWSUb OZa] SW\ [^bcd_SPcT>`]PZS[ d]` 3a Wab OPS` OcQV [rUZWQV ?aa‰ÁÄÍ®¯ a] hc W[^ZS[S\bWS`S\ ROaa \OQV RS[ 3` hScUS\ RSa 9\]bS\a  hcS`ab RS` 9]^T RS` :WabS OcT RWSaS\ 9\]bS\ hSWUb ! c\R O\aQVZWSzS\R RSaaS\ ™jÞÍ/bb`WPcb OcT RS\ OZbS\ 9\]bS\ SW\USabSZZb eW`R   7\ RWSaS[ 4OZZ YO\\ Sa ^OaaWS`S\ ROaa eÉV`S\R RSa 3W\TºUS\a SW\Sa =PXSYba c\R heO` d]` RS[ C^RObS RSa ™jÞÍ/bb`WPcba SW\ O\RS`S` BV`SOR ZSaS\R OcT RWS :WabS hcU`SWTb 2WSaS` TW\RSb RO\\ W\ RS` :WabS US\Oc SW\S\ 9\]bS\ d]` RS` ROa SPS\ S`ab SW\USTºUbS =PXSYb S\bVÉZb 2SaaS\ ™jÞÍ/bb`WPcb VOb \]QV RS\ ES`b ™Ö c\R YS\\hSWQV\Sb a][Wb ROa dS`[SW\bZWQVS 3\RS RS` :WabS aTPSTafaXcTa>`]PZS[ C\OPVÉ\UWU d]\ RS` Y]\Y`SbS\ /`b RSa Ag\QV`]\WaObW]\a^`]PZS[a ZÉaab aWQV RWSaSa RORc`QV ZraS\ ROaa [O\ RWS ;SbV]RS ?aa‰ÁÄÍ®¯ [Wb ÄߙW†Á™‰ãja YS\\ hSWQV\Sb ]RS` ’ TOZZa [O\ YSW\S\ HcU`WTT OcT RWS ?cSZZS\ PSaWbhb ’ RWSaS [Wb SW\S` ÄߙW†Á™‰ãja;SbV]RS c[VºZZb ;O\QV[OZ Wab Sa aW\\d]ZZ Tº` 2ObS\ab`cYbc`S\ ag\QV`]\WaWS`bS eWS \WQVbag\QV`]\WaWS`bS 9ZOaaS\ PS`SWbhcabSZZS\ c\R W\ AhS\O`WS\ RWS [Wb AWQVS`VSWb W\ SW\S[ SW\hWUS\ BV`SOR OPZOcTS\ RWS \WQVbag\QV`]\WaWS`bS DO`W O\bS hc dS`eS\RS\ eWS SbeO W[ 8OdO 1]ZZSQbW]\ 4`O[Se]`Y dUZ IAC<#1K



9OMTGROYGZOUT `]OYINKT :NXKGJY

<SPS\ A^S``S\ RWS Ocb][ObWaQV Rc`QV 0Sb`SbS\ d]\ ÄߙW†Á™‰ãja USYS\\ hSWQV\SbS\ 0ZrQYS\ USaSbhb c\R Rc`QV DS`ZOaaS\ USZrab eS`RS\ UWPb Sa W\ 8OdO RWS ;rUZWQVYSWb ROaa BV`SORa OYbWd RWS Ag\QV`]\WaObW]\aabScS`c\U ºPS`\SV[S\ <SV[S\ eW` O\ SW\ BV`SOR a]ZZ RO`OcT eO`bS\ ROaa WV[ SW\ O\RS`S` 2ObS\ hc` DS` TºUc\U abSZZb 2Oa EO`bS\ ZWSzS aWQV VS`Yr[[ZWQV eWS T]ZUb W[^ZS[S\bWS`S\ ݆‰j® a?Í?ss™Ö ¯ Đjj¬® j‰™8j‰W†j™ ¯Ç ÊÊ †‰jÁ †™j
Öę?†”jMj†?™aÖ™~

e]PSW RWS >S`T]`[O\QS abO`Y ROd]\ OPVÉ\Ub ]P RWS AQVZOTS\ahSWb ORÉ_cOb hc RS\ @O\RPSRW\Uc\US\ RS` /^^ZWYObW]\ USeÉVZb ec`RS 7ab RWS HSWb hc Yc`h eW`R hc VÉc TWU UST`OUb Wab aWS hc ZO\U eW`R c\\rbWU HSWb dS`UScRSb 0SW SW\S` OYbWdS\ Ag\QV`]\WaObW]\ ROUSUS\ eO`bSb SW\ BV`SOR [Wb Ý?‰Í®¯ PWa S` [Wb ™Í‰wß®¯ ]RS` ™Í‰wß
®¯ ºPS` SW\ 3`SWU\Wa SbeO RWS 0S`SWbabSZZc\U d]\ 2O bS\ W\T]`[WS`b eW`R 7\ RWSaS[ 4OZZ eO`bSb RS` BV`SOR [Wb ݆‰j® a?Í?ss™Ö ¯ Ý?‰Í®¯Ç

ÊÊ †‰jÁ †™j
Öę?†”jMj†?™aÖ™~

2WS ;SbV]RS\ Tº` EO`bS\ c\R 0S\OQV`WQVbWUS\ [ºaaS\ W\ ÄߙW†Á™‰ãja0ZrQYS\ abSVS\ c\R RWS UZSWQVS A^S``S PSO\a^`cQVS\ ESWbS`S 2SbOWZa PSTW\RS\ aWQV W[ 1OZZ QS\bS` d]\ 9O^WbSZ # a]eWS W\ I=31K

 

*GZKTYZXSK [TJ 9KXOGROYOKX[TM +OTRKOZ[TM

3W\ ZOcTS\RSa >`]U`O[[ \W[[b W\ RS` @SUSZ 2ObS\ S\bUSUS\ RWS dS`O`PSWbSb c\R O\ aQVZWSzS\R RO`USabSZZb ]RS` USa^SWQVS`b eS`RS\ 0S\cbhS`SW\UOPS\ eS`RS\ ºPS` RWS BOabObc` USbÉbWUb /caUOPS\ S`T]ZUS\ O\ RWS 9]\a]ZS O\ U`OTWaQVS =PS`TZÉQVS\ ]RS` eS`RS\ W\ 2ObSWS\ USaQV`WSPS\ 7\T]`[ObW]\S\ Yr\\S\ OPS` OcQV ºPS` @SQV\S` U`S\hS\ VW\eSU OcaUSbOcaQVb eS`RS\ /ZZS RWSaS ;SQVO\Wa[S\ eS`RS\ W\ 8OdO Rc`QV SW\ SW\VSWbZWQVSa 9]\hS^b RS` 3PcT]bca»\T BcaTP\b `SOZWaWS`b ROa RWS SW\ hSZ\S\ 2SbOWZa RS` XSeSWZWUS\ DS`PW\Rc\U dS`PW`Ub c\R SW\S c\WT]`[S AWQVb OcT RWS 9][[c\WYObW]\ S`ZOcPb

9E< ?cSZZS ˆˆˆˆˆˆ ˆˆˆˆˆˆ ˆˆˆˆˆˆ ˆˆˆˆˆˆ

@SORS`

E`WbS`

HWSZ ˆˆˆˆˆˆ ˆˆˆˆˆˆ ˆˆˆˆˆˆ ˆˆˆˆˆˆ

0QQ !! ) >`]U`O[[ [Wb :SaSAb`][ @SORS` c\R AQV`SWPAb`][ E`WbS` 3W\ Ab`][ abSZZb ROPSW SW\S d]XSXaTZcX^]P[T DS`PW\Rc\U heWaQVS\ RS[ >`]U`O[[ c\R SW\S` @dT[[T ]RS` SW\S[ IXT[ RO` a] ROaa ºPS` WV\ S\beSRS` 2ObS\ USZSaS\ ]RS` USaQV`WSPS\ eS`RS\ Yr\\S\ dUZ /PPWZRc\U  ESWbS`VW\ eS`RS\ Ab`r[S VW\aWQVbZWQV /`b RS` ºPS`b`OUS\S\ 2ObS\ c\bS`aQVWSRS\ W\ ITXRWT]]`WS\bWS`bS 2WP aPRcTaBcaTP\b c\R 1hcT]`WS\bWS`bS Ab`r[S 1hcTBcaTP\b 7[ >OYSb Ž?Ü?±‰ eW`R ROVS` RWS 6WS`O`QVWS RS` Ab`SO[a OcT dWS` OPab`OYbS\ 9ZOaaS\ OcTUSPOcb \É[ZWQV RS\ HSWQVS\]`WS\bWS`bS\ 9ZOaaS\ -j?ajÁ c\R 8Á‰ÍjÁ a]eWS RS\ 0gbS]`WS\bWS`bS\ 9ZOaaS\ ™¬ÖÍ.ÍÁj?” c\R #ÖͬÖÍ.ÍÁj?” 2WS OPab`OYbS\ 9ZOaaS\ PWSbS\ Tº` SW \WUS ;SbV]RS\ PS`SWba SW\S `cRW[S\bÉ`S 7[^ZS[S\bWS`c\U

"&!

!!



)NGXGIZKX9ZXKGSY



8KGJKX [TJ =XOZKX

3PcT]bca»\T d]S BTaXP[XbXTad]V

Hc[ :SaS\ c\R AQV`SWPS\ d]\ HSWQVS\ abSVS\ hc\ÉQVab OPab`OYbS 9ZOaaS\ -j?ajÁ c\R 8Á‰ÍjÁ [Wb :SaS c\R AQV`SWP[SbV]RS\ hc` DS`TºUc\U 2WS OPab`OYbS 9ZOaaS -j?ajÁ S\bVÉZb RWS :SaS;SbV]RS\ ¬ÖM‰W ‰™Í Áj?a®¯ ¬ÖM‰W ‰™Í Áj?a® W†?ÁRS WMÖw ¯ ¬ÖM‰W ?MÄÍÁ?WÍ ‰™Í Áj?a® W†?ÁRS WMÖw^ ‰™Í ww^ ‰™Í j™ ¯

d]\ RS\S\ RWS ^O`O[SbS`Z]aS ;SbV]RS SW\ SW\hSZ\Sa HSWQVS\ ZWSab ROa OZa ‰™ÍES`b hc`ºQYUSUSPS\ eW`R 2WS ºPS`ZORS\S\ ;SbV]RS\ Yr\\S\ [SV`S`S HSWQVS\ W\ ROa /``Og W SW\ZSaS\ e]PSW WMÖw W[ S`abS\ 4OZZ \OQV ;rUZWQVYSWb d]ZZabÉ\RWU Phe OP 7\RSf ww [Wb [OfW[OZ j™ HSWQVS\ USTºZZb c\R RWS /\hOVZ RS` USZSaS\S\ HSWQVS\ hc`ºQYUSUSPS\ eW`R 7ab ROa 3\RS RSa 2ObS\ab`][a S``SWQVb USPS\ RWSaS ;SbV]RS\ RS\ ES`b  hc`ºQY) RWSa Wab RS` 5`c\R eO`c[ PSW RS` ^O`O[SbS`Z]aS\ ;SbV]RS RS` SWUS\bZWQV W\bS\RWS`bS @ºQYUOPSbg^ W†?Á W\ ‰™Í S`eSWbS`b eS`RS\ [caa 2WS S`abS\ PSWRS\ ;SbV]RS\ aW\R \WQVb ?MÄÍÁ?WÍ RSYZO`WS`b RO RWSaS W\ RS` 9ZOaaS -j?ajÁ [WbVWZTS RS` R`WbbS\ RSTW\WS`b aW\R dUZ ÍPc\U  7\ RS` OPab`OYbS\ 9ZOaaS 8Á‰ÍjÁ aW\R O\OZ]U ;SbV]RS\ hc[ AQV`SWPS\ RSTW\WS`b( ¬ÖM‰W ܝ‰a ÝÁ‰Íj® ‰™Í W ¯ ¬ÖM‰W ܝ‰a ÝÁ‰Íj® W†?ÁRS WMÖw ¯ ¬ÖM‰W ?MÄÍÁ?WÍ Ü‰a ÝÁ‰Íj® W†?ÁRS WMÖw^ ‰™Í ww^ ‰™Í j™ ¯ ¬ÖM‰W ܝ‰a ÝÁ‰Íj® .ÍÁ‰™~ Ä ¯ ¬ÖM‰W ?MÄÍÁ?WÍ Ü‰a wÖĆ®¯

3W\ SW\hSZ\Sa HSWQVS\ eW`R ’ S\ba^`SQVS\R RS[ @Sbc`\Bg^ PSW[ :SaS\ SW\Sa a]Z QVS\ ’ OZa ‰™Í>O`O[SbS` O\ ÝÁ‰Íj®¯ ºPS`USPS\ 2WS ;SbV]RS wÖĆ®¯ ZSS`b SdS\bcSZZ d]`VO\RS\S >cTTS` c\R UWPb RS`S\ 7\VOZb O\ RWS AQV`SWPTc\YbW]\OZWbÉb RSa hcU`c\RS ZWSUS\RS\ 0Sb`WSPaagabS[a eSWbS` 2O`ºPS` VW\Oca PSaWbhS\ PSWRS 9ZOaaS\ SW\S ;SbV]RS hc[ AQVZWSzS\ RS` Ab`SO[a( ¬ÖM‰W ?MÄÍÁ?WÍ Ü‰a WÄj®¯

2O OZZS d]`USabSZZbS\ ;SbV]RS\ SW\S # ÞWj¬Í‰™ OcaZraS\ Yr\\S\ aW\R RWSaS OZa Y]\b`]ZZWS`bS /ca\OV[S\ S\beSRS` OPhcTO\US\ ]RS` W[ 9]^T RS` OcT`cTS\RS\ ;S bV]RS\ S\ba^`SQVS\R hc RSYZO`WS`S\



1UTQXKZK 8KGJKX [TJ =XOZKX1RGYYKT

9]\Y`SbS @SOZWaWS`c\US\ RS` OPab`OYbS\ -j?ajÁ c\R 8Á‰ÍjÁ9ZOaaS\ eS`RS\ eW` O\ T]ZUS\RS[ 0SWa^WSZ d]`abSZZS\( ‰”¬ÁÍ Ž?Ü?±‰±JÇ ¬ÖM‰W W?ÄÄ ¬ß P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ ͆ÁÝÄ # ÞWj¬Í‰™ P

!!

3PcT]bca»\T d]S BTaXP[XbXTad]V

"&"

ÊÊ ÁãjÖ~j™ ֙a 'ww™j™ ajÁ .ÍÁj?”Ä ‰j-j?ajÁ ‰™ s ™jÝ ‰j-j?ajÁ® ¹ ¬ß ±Ž?Ü?¹ ¯Ç ‰j8Á‰ÍjÁ ÖÍ s ™jÝ ‰j8Á‰ÍjÁ® ¹ ¬ß ±Ž?Ü?±aÖ¬¹ ¯Ç ‰™Í WÇ ÊÊĝ?™~j jÄ =j‰W†j™ ãÖ jÄj™ ~‰MÍ^ ‰jÄ Ö™a ÄW†Áj‰Mj ݆‰j® ®W s ‰™±Áj?a®¯¯ us ˆ¤ ¯ ÖͱÝÁ‰Íj® W ¯Ç ÊÊ.W†‰jj™ ajÁ .ÍÁ ”j ‰™±WÄj®¯Ç ÖͱWÄj®¯Ç Q Q

2WS 9]\ab`cYb]`S\ S`hScUS\ Tº` RWS W[ Ab`W\U/`Uc[S\b O\USUSPS\S\ 2ObSW\O[S\ Ab`r[S hc[ :SaS\ Phe AQV`SWPS\ cTTS` USZSS`b a] ROaa [O\ W\ RWSaS[ 4OZZ OcT RS\ /cT`cT d]\ wÖĆ®¯ dS`hWQVbS\ YO\\



(_ZK9ZXKGSY



/TV[Z9ZXKGS [TJ 5[ZV[Z9ZXKGS

/\OZ]U hc[ HSWQVS\]`WS\bWS`bS\ 4OZZ abSVS\ OcQV OPab`OYbS 0gbS]`WS\bWS`bS 3W\UOPS c\R /caUOPSab`r[S hc` DS`TºUc\U 2WS OPab`OYbS 9ZOaaS ™¬ÖÍ.ÍÁj?” S\bVÉZb W[ eSaS\bZWQVS\ RWS :SaS;SbV]RS Áj?a®¯ RWS SPS\TOZZa [SV`TOQV ºPS`ZORS\ Wab /PUSaSVS\ ROd]\ ROaa O\abSZZS d]\ W†?Á VWS` abSba RS` 2ObS\bg^ MßÍj dS`eS\RSb eW`R Wab RWS AS[O\bWY RWS UZSWQVS( ¬ÖM‰W ?MÄÍÁ?WÍ ‰™Í Áj?a®¯ ¬ÖM‰W ‰™Í Áj?a® MßÍjRS M ¯ ¬ÖM‰W ‰™Í Áj?a® MßÍjRS M^ ‰™Í ww^ ‰™Í j™ ¯

7\ RS` OPab`OYbS\ 9ZOaaS #ÖͬÖÍ.ÍÁj?” aW\R ;SbV]RS\ hc[ AQV`SWPS\ RSTW\WS`b( ¬ÖM‰W ?MÄÍÁ?WÍ Ü‰a ÝÁ‰Íj® ‰™Í W ¯ ¬ÖM‰W ܝ‰a ÝÁ‰Íj® MßÍjRS M ¯ ¬ÖM‰W ܝ‰a ÝÁ‰Íj® MßÍjRS M^ ‰™Í ww^ ‰™Í j™ ¯

a]eWS hc[ :SS`S\ d]\ SdS\bcSZZ d]`VO\RS\S\ >cTTS`\( ¬ÖM‰W ܝ‰a wÖĆ®¯

0SWRS 9ZOaaS\ PSaWbhS\ SPS\TOZZa RWS ;SbV]RS hc[ AQVZWSzS\ RS` Ab`r[S( ¬ÖM‰W ܝ‰a WÄj®¯

"&#

!!



3PcT]bca»\T d]S BTaXP[XbXTad]V

1UTQXKZK /TV[Z [TJ 5[ZV[Z9ZXKGSY

/cQV VWS` abSZZS\ eW` RWS Y]\Y`SbS\ 9ZOaaS\ O\ SW\S[ 0gbS]`WS\bWS`bS\ 9]^WS`^`] U`O[[ d]`( ‰”¬ÁÍ Ž?Ü?±‰±JÇ ¬ÖM‰W W?ÄÄ ¬ß P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ ͆ÁÝÄ # ÞWj¬Í‰™ P ÊÊ ÁãjÖ~j™ ֙a 'ww™j™ ajÁ .ÍÁj?”Ä ‰j™¬ÖÍ.ÍÁj?” ‰™ s ™jÝ ‰j™¬ÖÍ.ÍÁj?”® ¹ ¬ß ±W?ÄĹ ¯Ç ‰j#ÖͬÖÍ.ÍÁj?” ÖÍ s ™jÝ ‰j#ÖͬÖÍ.ÍÁj?”®¹ ¬ß ±aÖ¬¹¯Ç ‰™Í WÇ ÊÊ Ä?™~j jÄ ßÍjÄ ãÖ jÄj™ ~‰MÍ^ ‰jÄ Ö™a ÄW†Áj‰Mj ݆‰j® ®W s ‰™±Áj?a®¯¯ us ˆ¤ ¯ ÖͱÝÁ‰Íj® W ¯Ç ÊÊ.W†‰jj™ ajÁ .ÍÁ ”j ‰™±WÄj®¯Ç ÖͱWÄj®¯Ç Q Q



+LLO`OKTZKY 2KYKT [TJ 9INXKOHKT

2O[Wb \WQVb \OQV XSRS[ AQV`SWP ]RS` :SaSd]`UO\U OcT ROa SfbS`\S A^SWQVS`[SRWc[ hcUSU`WTTS\ eS`RS\ [caa dS`eS\RSb [O\ US^cTTS`bS Ab`r[S RWS [SV`S`S 8OdO aSWbWUS 7==^S`ObW]\S\ hc SW\S` SW\hWUS\ hcaO[[S\TOaaS\ c\R O\ ROa 0Sb`WSPaag abS[ eSWbS``SWQVS\ 4º` HSWQVS\]`WS\bWS`Sa :SaS\ SfWabWS`b RWS 9ZOaaS ÖwwjÁja-j?ajÁ Tº` ROa AQV`SW PS\ RWS 9ZOaaS ÖwwjÁja8Á‰ÍjÁ 7\abO\hS\ RWSaS` 9ZOaaS\ eS`RS\ S`hScUb W\RS[ [O\ PS`SWba SfWabWS`S\RS c\US^cTTS`bS -j?ajÁ c\R 8Á‰ÍjÁ RS[ 9]\ab`cYb]` º PS`UWPb( ‰j-j?ajÁ w‰ s ™jÝ ‰j-j?ajÁ® ¹ ¬ß±Ž?Ü?¹ ¯Ç ÖwwjÁja-j?ajÁ ‰™ s ™jÝ ÖwwjÁja-j?ajÁ® w‰ ¯Ç

/Za 3W\hSWZS` Tº` HSWQVS\]`WS\bWS`bSa AQV`SWPS\( ÖwwjÁja8Á‰ÍjÁ ÖÍ s ™jÝ ÖwwjÁja8Á‰ÍjÁ® ™jÝ ‰j8Á‰ÍjÁ®¹±±±¹¯ ¯Ç

2WS BSQV\WY RSa 6W\hcTºUS\a SW\S` \ScS\ 3WUS\aQVOTb hc SW\S` 7\abO\h VWS`( RS` >cTTS`c\U SW\Sa @SORS`a RWS W[ 8OdOC[TSZR O\ dWSZS\ c\bS`aQVWSRZWQVS\ AbSZZS\ OcTb`Wbb eW`R Rc`QV ROa 2SQ]`Ob]`>ObbS`\ PSaQV`WSPS\ 4º` US^cTTS`bSa 0gbS]`WS\bWS`bSa :SaS\ c\R AQV`SWPS\ dS`eS\RSb [O\ O\OZ]U 7\abO\ hS\ RS` 9ZOaaS\ ÖwwjÁja™¬ÖÍ.ÍÁj?” c\R ÖwwjÁja#ÖͬÖÍ.ÍÁj?” RS\S\ W[ 9]\ab`cYb]` SW\S 7\abO\h d]\ ™¬Ö͈ Phe #ÖͬÖÍ.ÍÁj?” ºPS`USPS\ eW`R

!!



3PcT]bca»\T d]S BTaXP[XbXTad]V

"&$

9KXOGROYOKX[TM [TJ 6KXYOYZKT`

7\ RS\ [SWabS\ /\eS\Rc\UaahS\O`WS\ eS`RS\ 2ObS\ \WQVb \c` eÉV`S\R RS` :OcThSWb SW\Sa >`]U`O[[Sa dS`eS\RSb a]\RS`\ [ºaaS\ ROcS`VOTb ^S`aWabS\b c\R c\OPVÉ\ UWU d]\ RS` dW`bcSZZS\ ;OaQVW\S dS`TºUPO` aSW\ A] [OQVb Sa PSWa^WSZaeSWaS eS\WU AW\\ W\ SW\S` 2SPWb]`S\ c\R 9`SRWb]`S\dS`eOZbc\U XSRS\ 9c\RS\ PSW >`]U`O[[ abO`b \Sc hc S`TOaaS\ 4º` a]ZQVS HeSQYS abSVS\ SWUS\a 2ObS\PO\YagabS[S hc` DS` TºUc\U RWS RWSaS 7\T]`[ObW]\S\ ^S`aWabS\b Y]\aWabS\b c\R STTWhWS\b dS`eOZbS\ /cT RWS ;rUZWQVYSWb RSa 2ObS\PO\YhcU`WTTa Oca 8OdO eS`RS\ eW` a^ÉbS` \]QV SW\USVS\ 7\ RWSaS[ /PaQV\Wbb PSTOaaS\ eW` c\a XSR]QV [Wb RS\ 9ZOaaS\ #MŽjWÍ™¬Ö͈ .ÍÁj?” c\R #MŽjWÍ#ÖͬÖÍ.ÍÁj?” RWS SW\S SW\TOQVS ;rUZWQVYSWb RO`abSZZS\ =P XSYb^S`aWabS\h c\OPVÉ\UWU d]\ 2ObS\PO\YagabS[S\ hc S``SWQVS\ 7\ RS\ d]`O\USVS\RS\ 0SWa^WSZS\ VOPS\ eW` PS`SWba USaSVS\ eWS HSWQVS\ ]RS` 0gbSa W\ 2ObSWS\ USaQV`WSPS\ c\R eWSRS` USZSaS\ eS`RS\ Yr\\S\ ;Wb RS\ S`eÉV\ bS\ =PXSQbAb`SO[a ZÉaab aWQV RWSaSa >`W\hW^ OcT PSZWSPWUS =PXSYbS dS`OZZUS[SW\S`\( 2WS 9ZOaaS #MŽjWÍ#ÖͬÖÍ.ÍÁj?” YO\\ PSZWSPWUS =PXSYbS W\ SW\S\ 0gbSAb`][ hS`ZSUS\ AS`WOZWaWS`c\U RS` RO\\ W\ SW\S 2ObSW USaQV`WSPS\ eW`R 0SW RS` AS`WOZWaWS `c\U eW`R RWS Ab`cYbc` RSa =PXSYba Rc`QVZOcTS\ c\R a]e]VZ ab`cYbc`SZZS OZa OcQV W\ VOZbZWQVS 7\T]`[ObW]\ W\ RS\ 0gbSAb`][ USaQV`WSPS\ dUZ /PPWZRc\U   0SW RS` 2SaS`WOZWaWS`c\U Rc`QV RWS 9ZOaaS #MŽjWÍ™¬ÖÍ.ÍÁj?” eW`R c[USYSV`b SW\ 0gbSAb`][ USZSaS\ c\R ROa c`a^`º\UZWQVS =PXSYb eWSRS` `SY]\ab`cWS`b


aÁjÄÄj .ÍÁ‰™~ ÄÍÁ?ÄÄjÇ .ÍÁ‰™~ ãÖÄ?Íã .ÍÁ‰™~ ?™aÇ .ÍÁ‰™~ ¬ãÇ .ÍÁ‰™~ ÁÍÇ

֙aj ‰™Í Ö™aj™!ÁÇ .ÍÁ‰™~ ™?”jÇ
aÁjÄÄj ?aÁÇ ±±±

¤ååå¤È .
+
 ¬¬ˆ
jj ¤ˆ¤Ô jÖÍÄW†?™a ɚ¤oš 8?aÁw ±±±

=PXSQb=cb^cbAb`SO[

0QQ !!!) AS`WOZWaWS`c\U SW\Sa =PXSYba 2O SW\ =PXSYb aSZPab eWSRS` @STS`S\hS\ OcT =PXSYbS OZa /bb`WPcbS PSaWbhS\ YO\\ VO\RSZb Sa aWQV PSW RS` AS`WOZWaWS`c\U c\R 2SaS`WOZWaWS`c\U c[ DS`TOV`S\ RWS `SYc` aWd O`PSWbS\ c\R hgYZWaQVS /PVÉ\UWUYSWbS\ a]eWS [SV`TOQVS @STS`S\hS\ OcT ROa UZSW QVS =PXSYb PS`ºQYaWQVbWUS\ 2WS Y]\Y`SbS 7[^ZS[S\bWS`c\U RS` AS`WOZWaWS`c\U c\R

"&%

!!

3PcT]bca»\T d]S BTaXP[XbXTad]V

2SaS`WOZWaWS`c\UadS`TOV`S\ PZSWPS\ RS[ 8OdO3\beWQYZS` dS`P]`US\ Sa aSW RS\\ [O\ abcRWS`b RS\ ?cSZZbSfb RS` PSbSWZWUbS\ 9ZOaaS\ 0Sb`OQVbS\ eW` T]ZUS\RSa 0SWa^WSZ PSW RS[ SW\ HSWbabS[^SZ W\ SW\S 2ObSW USaQV`WS PS\ \OQV Yc`hS` HSWb Oca RWSaS` USZSaS\ c\R O\ RS` 9]\a]ZS OcaUSUSPS\ eW`R) Oca 5`º\RS\ RS` ÍPS`aWQVbZWQVYSWb dS`hWQVbS\ eW` VWS` OcT SW\S RSbOWZZWS`bS /ca\OV[SPS VO\RZc\U( ‰”¬ÁÍ Ž?Ü?±‰±JÇ ‰”¬ÁÍ Ž?Ü?±Ö͉±JÇ ¬ÖM‰W W?ÄÄ 8Á‰Íj
™a-j?a ?Íj P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ ͆ÁÝÄ ÞWj¬Í‰™ P ÊÊ #ÖͬÖÍ.ÍÁj?” jÁãjÖ~j™ #MŽjWÍ#ÖͬÖÍ.ÍÁj?” Ä s ™jÝ #MŽjWÍ#ÖͬÖÍ.ÍÁj?”® ™jÝ ‰j#ÖͬÖÍ.ÍÁj?”®¹±ÄjÁ¹¯ ¯Ç ?Íj a s ™jÝ ?Íj®¯Ç

ÊÊ ?ÍÖjj™ =j‰ÍÄÍj”¬j ±±±

Ä±ÝÁ‰Íj#MŽjWÍ® a ¯Ç

ÊÊ ±±± ‰™ aj™ .ÍÁ” ÄW†Áj‰Mj™

Ä±WÄj®¯Ç

ÊÊ .ÍÁ” ÄW†‰jj™

0†Áj?a±Äjj¬® Ô|åå ¯Ç

ÊÊ j‰™j 8j‰j Ý?ÁÍj™

ÊÊ ™¬ÖÍ.ÍÁj?” jÁãjÖ~j™ #MŽjWÍ™¬ÖÍ.ÍÁj?” ‰Ä s ™jÝ #MŽjWÍ™¬ÖÍ.ÍÁj?”® ™jÝ ‰j™¬ÖÍ.ÍÁj?”®¹±ÄjÁ¹¯ ¯Ç #MŽjWÍ  s ‰Ä±Áj?a#MŽjWÍ®¯Ç ÊÊ #MŽjWÍ ?ÖÄ aj” .ÍÁ” jÄj™ ‰Ä±WÄj®¯Ç

ÊÊ .ÍÁ” ÄW†‰jj™

.ßÄÍj”±Öͱ¬Á‰™Í™®  ¯Ç

ÊÊ ™†?Í ?ÖÄ~jMj™

ÊÊ ?ÍÖjj™ =j‰ÍÄÍj”¬j ã֔ 7jÁ~j‰W† ?ÖÄ~jMj™ .ßÄÍj”±Öͱ¬Á‰™Í™® ™jÝ ?Íj®¯ ¯Ç Q Q

;O\ S`hScUb SW\S\ #MŽjWÍ#ÖͬÖÍ.ÍÁj?” W\RS[ RS[ 9]\ab`cYb]` SW\S 7\abO\h d]\ ‰j#ÖͬÖÍ.ÍÁj?” OZa /`Uc[S\b ºPS`USPS\ eW`R /cQV VWS` b`Wbb ROa PS`SWba S`eÉV\bS 2SQ]`Ob]`>ObbS`\ OcT( SW\ #ÖͬÖÍ.ÍÁj?” eW`R [Wb RS` hcaÉbhZWQVS\ 4É VWUYSWb dS`aSVS\ OcQV =PXSYbS hc aS`WOZWaWS`S\ /\OZ]U S`VÉZb [O\ SW\S 7\abO\h d]\ #MŽjWÍ™¬ÖÍ.ÍÁj?” W\RS[ SW\ ‰j™¬ÖÍ.ÍÁj?” RSY]`WS`b eW`R C[ SW\ =PXSYb W\ RS\ Ab`][ hc aQV`SWPS\ eW`R RWS ;SbV]RS ÝÁ‰Íj#MŽjWÍ®¯ OcT US`cTS\ RS` [O\ ROa hc aQV`SWPS\RS =PXSYb ºPS`UWPb Hc[ :SaS\ dS`eS\RSb [O\ RWS ;SbV]RS Áj?a#MŽjWÍ®¯ RWS ROa USZSaS\S =PXSYb hc`ºQY UWPb 5`c\RaÉbhZWQV Yr\\S\ [Wb RWSaS[ DS`TOV`S\ PSZWSPWUS =PXSYbS c\bS`aQVWSRZWQVS` 9ZOaaS\ aS`WOZWaWS`b eS`RS\ a]TS`\ RWSaS ROa 7\bS`TOQS .jÁ‰?‰ã?Mj W[^ZS[S\bWS

!!

3PcT]bca»\T d]S BTaXP[XbXTad]V

"&&

`S\) ROPSW VO\RSZb Sa aWQV c[ SW\ a] US\O\\bSa ;O`YS`7\bS`TOQS ROa eSRS` ;SbV] RS\ \]QV /bb`WPcbS PSaWbhb c\R ZSRWUZWQV ROhc RWS\b AS`WOZWaWS`PO`YSWb hc YS\\hSWQV \S\ /bb`WPcbS SW\Sa =PXSYba RWS [Wb RS[ AQVZºaaSZe]`b ÍÁ?™Ä‰j™Í dS`UÉ\UZWQV Yc`hZSPWU USYS\\hSWQV\Sb aW\R eS`RS\ d]\ RS` AS`WOZWaWS`c\U OcaUS\][[S\ c\R PSW[ 2SaS`WOZWaWS`S\ [Wb WV`S[ 2STOcZbES`b PSZSUb 2S` DS`acQV 7\abO\hS\ d]\ 9ZOaaS\ hc aS`WOZWaWS`S\ RWS \WQVb .jÁ‰?‰ã?Mj W[^ZS[S\bWS`S\ aQVSWbS`b [Wb SW \S` !Í.jÁ‰?‰ã?Mj ÞWj¬Í‰™ 2WSa ^OaaWS`b OcQV eS\\ RWS 9ZOaaS SW\ eSRS` ÄÍ?͉W \]QV ÍÁ?™Ä‰j™Í USYS\\hSWQV\SbSa /bb`WPcb PSaWbhb ROa \WQVb d][ Bg^ .jÁ‰?‰ã?Mj Wab ES`RS\ 7\abO\hS\ c\bS`aQVWSRZWQVS` 9ZOaaS\ [Wb RS[ RO`USabSZZbS\ DS`TOV`S\ W\ SW \S` SW\hWUS\ 2ObSW ^S`aWabS\b USa^SWQVS`b Wab PSW[ 2SaS`WOZWaWS`S\ RWS @SWVS\T]ZUS RS` OPUSZSUbS\ 2ObS\bg^S\ hc PSOQVbS\ dUZ ÍPc\U " 2Oa PSW[ AS`WOZWaWS`S\ W[^ZWhWb TSabUSZSUbS >`]b]Y]ZZ [caa SW\USVOZbS\ eS`RS\ /cQV eS\\ RWS 0SU`WTTS AS`WOZWaWS`c\U c\R >S`aWabS\h VÉcTWU W[ UZSWQVS\ 9]\bSfb dS`eS\RSb eS`RS\ PShSWQV\S\ aWS c\bS`aQVWSRZWQVS D]`UÉ\US( AS`WOZWaWS`c\U PSRSc bSb ROa HS`ZSUS\ [rUZWQVS`eSWaS aSV` Y][^ZSf ab`cYbc`WS`bS` =PXSYbS W\ SW\S\ ZW\SO `S\ Ab`][ >S`aWabS\h ROUSUS\ ROa ROcS`VOTbS A^SWQVS`\ d]\ =PXSYbS\ OcT SW\S[ Sf bS`\S\ 2ObS\b`ÉUS` >S`aWabS\h eW`R heO` VÉcTWU RORc`QV S``SWQVb ROaa =PXSYbS aS`WO ZWaWS`b W\ SW\S\ [Wb SW\S` 2ObSW dS`Pc\RS\S\ Ab`][ USaQV`WSPS\ eS`RS\ 2WSa Wab XS R]QV \WQVb RS` SW\hWUS /\eS\Rc\UaPS`SWQV RSa AS`WOZWaWS`c\UaY]\hS^bSa EW` eS` RS\ a^ÉbS` aSVS\ eWS aWQV RO[Wb =PXSYbS d]\ SW\S` /\eS\Rc\U hc` O\RS`S\ XO a] UO` ºPS` @SQV\S`U`S\hS\ VW\eSU ºPS`b`OUS\ ZOaaS\



*OK 1RGYYK ‰j

2Oa >OYSb Ž?Ü?±‰ abSZZb RWS 9ZOaaS ‰j PS`SWb RS`S\ 7\abO\hS\ 2ObSWS\ ]RS` DS` hSWQV\WaaS W[ 2ObSWagabS[ `S^`ÉaS\bWS`S\ A] S`hScUb RS` 9]\ab`cYb]` ¬ÖM‰W ‰j® .ÍÁ‰™~ ¬?͆™?”j ¯

SW\ ‰j=PXSYb Oca RS[ O\USUSPS\S\ `SZObWdS\ ]RS` OPa]ZcbS\ 2ObSW\O[S\ 6WS`PSW Wab hc PSOQVbS\ ROaa RS` AS^O`Ob]` c\bS` EW\R]ea J W\\S`VOZP d]\ HSW QVS\YSbbS\ OZa 3aQO^SHSWQVS\ Tc\UWS`b c\R ROVS` R]^^SZb O\hcUSPS\ Wab( ‰j ~ s ™jÝ ‰j® ¹ ]NN+Á~Á?””jNN
™Ýj™a֙~NN~ÄNN?™Ý±~¹ ¯Ç

4º` SW\ 4WZS=PXSYb UWPb Sa ;SbV]RS\ hc[ HcU`WTT OcT RS\ TOR\O[S\ .ÍÁ‰™~ ~jÍ!?”j®¯

.ÍÁ‰™~ ~jÍ+?͆®¯

.ÍÁ‰™~ ~jÍ
MĝÖÍj+?͆®¯

.ÍÁ‰™~ ~jÍ+?Áj™Í®¯

a]eWS ;SbV]RS\ RWS 7\T]`[ObW]\S\ ºPS` RWS `S^`ÉaS\bWS`bS 2ObSW ]RS` ROa DS`hSWQV \Wa ZWSTS`\( Mj?™ W?™-j?a®¯

Mj?™ W?™8Á‰Íj®¯

Mj?™ ‰Ä‰aaj™®¯

™~ j™~͆®¯

™~ ?ÄÍ a‰w‰ja®¯

Mj?™ ‰Ä‰j®¯

Mj?™ ‰Ä ‰ÁjW͝Áß®¯

2WS /\eS\Rc\U RWSaS` ;SbV]RS\ Wab 5SUS\abO\R RS` ÍPc\U

$



)ROKTZ9KX\KX6XUMXGSSOKX[TM

7ab 8OdO eW`YZWQV RWS A^`OQVS RSa 7\bS`\Sb- 0WaZO\U VOPS\ eW` 8OdO>`]U`O[[S S` abSZZb RWS abSba Z]YOZ W\\S`VOZP SW\S` 8D; OcaUSTºV`b eS`RS\) SW\S 9][[c\WYObW]\ heWaQVS\ dS`aQVWSRS\S\ /^^ZWYObW]\S\ TO\R \WQVb abObb 7\ RWSaS[ 9O^WbSZ S\beWQYSZ\ eW` /\eS\Rc\US\ RWS OcT c\bS`aQVWSRZWQVS\ @SQV\S`\ ZOcTS\ c\R ºPS` SW\ <SbheS`Y Y][[c\WhWS`S\ ;Wb RS\ 9PeP B^RZTcb abSZZS\ eW` SW\S SW\TOQVS >`]U`O[[WS`aQV\WbbabSZZS d]` [Wb RS` aWQV 1ZWS\bAS`dS`/\eS\Rc\US\ PS _cS[ `SOZWaWS`S\ ZOaaS\


)ROKTZ9KX\KX 6GXGJOMSG

2S` >`]b]bg^ SW\S` dS`bSWZbS\ /\eS\Rc\U T]ZUb RS[ 1ZWS\bAS`dS`>O`ORWU[O PSW RS[ ROa AS`dS`>`]U`O[[ SW\S\ 2WS\ab RO`abSZZb RS` d]\ dS`aQVWSRS\S\ 1ZWS\ba PS O\a^`cQVb eS`RS\ YO\\ 2Oa AS`dS`>`]U`O[[ ZÉcTb W\ RS` @SUSZ W[ 6W\bS`U`c\R eO`bSb OcT /\T`OUS\ RS` 1ZWS\ba RWS Sa dS`O`PSWbSb c\R PSO\be]`bSb /\aQVZWSzS\R abSVb Sa Tº` eSWbS`S /\T`OUS\ PS`SWb 3W\TOQVS 0SWa^WSZS Tº` AS`dS`2WS\abS W\ SW\S[ <SbheS`Y aW\R h0 ;OWZAS`dS` >`W\bAS`dS` 1VObAS`dS` ]RS` 2ObS\PO\YAS`dS`



:)6/6 6UXZY [TJ 9UIQKZY

ES\\ dS`aQVWSRS\S >O`b\S` 7\T]`[ObW]\S\ [WbSW\O\RS` OcabOcaQVS\ [ºaaS\ aWQV PSWRS O\ SW\ >`]b]Y]ZZ RV SW\S ;S\US dS`PW\RZWQVS` @SUSZ\ VOZbS\ ROa RS\ Y]\ b`]ZZWS`bS\ DS`PW\Rc\UaOcTPOc c\R OPPOc a]eWS RS\ 2ObS\OcabOcaQV USeÉV`ZSWabSb /Za 2S4OQb]AbO\RO`R VOb aWQV PSW RS` 9][[c\WYObW]\ W\ @SQV\S`\SbhS\ ROa >`]b] Y]ZZ C2?8? SbOPZWS`b) c`a^`º\UZWQV W\ C<7F W[^ZS[S\bWS`b Wab Sa [WbbZS`eSWZS OcT RS\ UÉ\UWUS\ >ZObbT]`[S\ dS`TºUPO` c\R RWS\b OZa 0OaWa Tº` TOab OZZS VrVS`aQVWQVbWUS\ >`]b]Y]ZZS eWS h0 Vbb^ Tb^ c\R bSZ\Sb Hc` /R`SaaWS`c\U RS` PSbSWZWUbS\ @SQV\S` 6]aba eS`RS\ \c[S`WaQVS 8?0SaTbbT] dS`eS\RSb RWS W\ RS` DS`aW]\ 7>d" ! 0Wb c[TOaaS\ c\R W\ "S` 0ZrQYS\ RO`USabSZZb eS`RS\ h0 '!%#&! ESUS\ RS` PSaaS`S\ DS`abÉ\RZWQVYSWb Yr\\S\ OcQV a^`S QVS\RS 7^bc=P\T] dS`eS\RSb eS`RS\ SbeO eeePc\RRS 4º` RWS C[aSbhc\U d]\ 6]ab/R`SaaS\ abSVb W[ 7\bS`\Sb SW\ SWUS\S` 2WS\ab hc` DS`TºUc\U RS` 2][OW\OYSba Ž?Ü?±™jÍ eWS T]ZUb dS`eS\RSb eS`RS\(

"'

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

‰”¬ÁÍ Ž?Ü?±™jͱJÇ ¬ÖM‰W W?ÄÄ !.0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į

P

ÍÁß P ÊÊ
aÁjÄÄj ”‰Í Ä͈!?”j™ jÁãjÖ~j™ ™jÍ
aaÁjÄÄ ‰
aaÁ s ™jÍ
aaÁjÄı~jÍ ß!?”j® ¹ÝÝݱM֙a±aj¹ ¯Ç ÊÊ
ÖÄ~?Mj ajÄ Ä͈!?”j™Ä .ßÄÍj”±Öͱ¬Á‰™Í™® ¹Ä͈!?”j]

¹ ´ ‰
aaÁ±~j͝ÄÍ!?”j®¯ ¯Ç

ÊÊ
ÖÄ~?Mj ajÁ +ˆ
aÁjÄÄj .ßÄÍj”±Öͱ¬Á‰™Í™® ¹+ˆ
aÁ] ¹ ´ ‰
aaÁ±~j͝ÄÍ
aaÁjÄÄ®¯ ¯Ç Q W?ÍW† ®2™™Ý™ÄÍ ÞWj¬Í‰™ j¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q Q Q

2WS 9ZOaaS ™jÍ
aaÁjÄÄ PSaWbhb YSW\S rTTS\bZWQVS\ 9]\ab`cYb]`S\ 7\abO\hS\ eS` RS\ [WbVWZTS abObWaQVS` 4OQb]`g;SbV]RS\ S`hScUb eWS SbeO W[ RO`USabSZZbS\ 1]RW\U [Wb RS` ;SbV]RS ~jÍ ß!?”j®¯ 2Oa >`]U`O[[ ZWSTS`b a]TS`\ SW\ 2
3PS\a] SW\TOQV ZOaaS\ aWQV 6]ab/R`SaaS\ PSabW[[S\ a]eWS 7\T]`[ObW]\S\ ºPS` RWS 7>/R`SaaS RSa SWUS\S\ @SQV\S`a S`[WbbSZ\ dUZ ÍPc\US\ ! c\R !  4OZZa YSW\S ^VgaWaQVS <SbheS`YdS`PW\Rc\U PSabSVb YO\\ hc BSab heSQYS\ RS` SWUS\S @SQV\S` ºPS` RWS 7>/R`SaaS  % ]RS` RS\ 6]ab7>2WS\ab W\abOZZWS`b c\R OYbWdWS`b Wab 2O OcT SW\S[ @SQV\S` [SV`S`S AS`dS`>`]U`O[[S ZOcTS\ Yr\\S\ RWS [rUZWQVS`eSW aS d]\ dS`aQVWSRS\S\ 1ZWS\ba UZSWQVhSWbWU PSO\a^`cQVb eS`RS\ `SWQVS\ 7>/R`SaaS\ hc` SW\RScbWUS\ /R`SaaWS`c\U d]\ 1ZWS\bAS`dS`DS`PW\Rc\US\ \WQVb Oca /Za eSWbS`Sa ;S`Y[OZ eS`RS\ ROVS` UO\hOVZWUS ES`bS heWaQVS\  c\R $##!# dS`eS\RSb RWS a] US\O\\bS\ ?^acb 3W\S AS`dS`/\eS\Rc\U dS`eS\RSb SW\S\ Tº` RWS /\eS\Rc\U TSab USeÉVZbS\ >]`b h0 Tº` RS\ bSZ\Sb2WS\ab >]`b ! Tº` RS\ A;B>2WS\ab >]`b # 4º` SWUS\S <SbhO\ eS\Rc\US\ a]ZZbS\ eSRS` FT[[ :]^f] ?^acb heWaQVS\  c\R  ! \]QV ATVXbcTaTS ?^acb heWaQVS\  " c\R ’ hc` HSWb RS` 2`cQYZSUc\U ’ "'# PS\cbhb eS`RS\ RO RWSaS Tº` a^ShWTWaQVS /\eS\Rc\US\ PS`SWba `SaS`dWS`b aW\R C[ aWQVS` hc USVS\ ROaa

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

"'

[O\ eW`YZWQV SW\S\ T`SWS\ >]`b dS`eS\RSb YO\\ c\bS` Wcc_)fffXP]P^aV PbbXV]\T]cb_^ac]d\QTab RWS OYbcSZZS >]`b:WabS RS` 8]cTa]Tc 0bbXV]TS =d\QTab 0dcW^aXch Y]\acZbWS`b eS`RS\ 2ORc`QV ROaa \SPS\ RS` 7>/R`SaaS RSa AS`dS`6]aba OcQV RS` >]`b OZa /R`SaaWS `c\Ua[S`Y[OZ dS`eS\RSb eW`R Yr\\S\ dS`aQVWSRS\S AS`dS`/\eS\Rc\US\ OcT SW \S[ @SQV\S` c\bS`aQVWSRS\ eS`RS\ C[USYSV`b eW`R PSW[ DS`PW\Rc\UaOcTPOc QZWS\baSWbWU \SPS\ RS` 7>/R`SaaS SW\ T`SWS` >]`b `SaS`dWS`b c\R ºPS`b`OUS\ a] ROaa dS`aQVWSRS\S 1ZWS\b/\eS\Rc\US\ d][ AS`dS`2WS\ab SPS\TOZZa SW\RScbWU WRS\bWTW hWS`b eS`RS\ Yr\\S\ 0SU`WTTZWQV TOaab [O\ RWS 9][PW\ObW]\ d]\ 7>/R`SaaS c\R >]`b PSW SW\S` PSabSVS\RS\ DS`PW\Rc\U OZa B^RZTc AbSQYR]aS /\aQVZcaaPcQVaS hc aO[[S\ 3W\S DS`PW\Rc\U heWaQVS\ heSW /\eS\Rc\Ua^`]U`O[[S\ Wab a][Wb PSW hcU`c\RS ZWSUS\RS[ >`]b]Y]ZZ Rc`QV RS\ QZWS\baSWbWUS\ c\R aS`dS`aSWbWUS\ A]QYSb SW\RScbWU TSabUSZSUb 2WSaSa 9]\hS^b Wab 5`c\RZOUS RSa A]QYSb/>7 OcT 0Sb`WSPa agabS[SPS\S SW\S` RS` eWQVbWUabS\ >`]U`O[[WS`aQV\WbbabSZZS\ Tº` <SbhO^^ZWYObW]\S\



9UIQKZY OT 0G\G

8OdO abSZZb [Wb RS\ 9ZOaaS\ .WjÍ c\R .jÁÜjÁ.WjÍ RSa >OYSba Ž?Ü?±™jÍ SW\S ]PXSYb]`WS\bWS`bS >`]U`O[[WS`aQV\WbbabSZZS PS`SWb RWS a^ShWSZZ Tº` 1ZWS\bAS`dS` /^^ZW YObW]\S\ hcUSaQV\WbbS\ c\R ROVS` W[ DS`UZSWQV hc[ A]QYSb/>7 RSa 0Sb`WSPaagabS[a SW\TOQVS` O\hceS\RS\ Wab EÉV`S\R [O\ 7\abO\hS\ d]\ .jÁÜjÁ.WjÍ OcT ASWbS\ RSa AS`dS`a dS`eS\RSb c[ DS`PW\Rc\UaO\T`OUS\ d]\ 1ZWS\ba hc W\WbWWS`S\ eS`RS\ .WjÍ=PXSYbS OcT PSWRS\ ASWbS\ hc[ SWUS\bZWQVS\ 2ObS\OcabOcaQV SW\USaSbhb




4]ZUS\RSa 0SWa^WSZ hSWUb RS\ DS`PW\Rc\UaOcTPOc hc SW\S[ Vbb^AS`dS` VWS` ]V\S /ca\OV[SPSVO\RZc\U( ‰”¬ÁÍ Ž?Ü?±™jͱJÇ ¬ÖM‰W W?ÄÄ .WjÍ™w P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į ͆ÁÝÄ ÞWj¬Í‰™ P .WjÍ Ä s ™jÝ .WjÍ® ¹ÝÝݱM֙a±aj¹^ oå ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™®¹?]

¹ ´ ı~j͝W?.WjÍ
aaÁjÄÄ®¯¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¹-j”Íj] ¹ ´ ı~jÍ-j”Íj.WjÍ
aaÁjÄÄ®¯¯Ç Q Q

2S[ 9]\ab`cYb]` .WjÍ®¯ eS`RS\ 7>/R`SaaS RSa AS`dS`6]aba OZbS`\ObWd( 6]ab ]`b VWS`( & Tº` RS\ Vbb^AS`dWQS ºPS`USPS\
"'!

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

ˆ ™Äj ˆ ?] ʤšÔ±¤Éo±Ô±¤åå]|ÈÔÈ -j”Íj] ÝÝݱM֙a±ajʤšÏ±¤Èy±oϱ¤]oå

<SPS\ RS` Z]YOZS\ 7>/R`SaaS eW`R aSWbS\a RSa 1ZWS\ba RS` Ocb][ObWaQV `SaS`dWS`bS >]`b VWS`( "% % O\UShSWUb RS` PSW [SV`[OZWUS` /caTºV`c\U RSa >`]U`O[[a W\ RS` @SUSZ dO`WWS`b 2WS 7\T]`[ObW]\S\ ºPS` RS\ A]QYSb RS` 5SUS\aSWbS PSW\VOZbS\ 6]ab \O[S\ c\R 7>/R`SaaS a]eWS RS\ >]`b O\ RS[ RS` AS`dS` Y]\bOYbWS`b ec`RS ;Wb RWSaS[ >`]U`O[[ ZÉaab aWQV aSV` SW\TOQV bSabS\ eSZQVS AS`dS`2WS\abS RSa 7\bS`\Sba ]RS` 7V`Sa Z]YOZS\ <SbheS`Ya SW\S 9]\bOYbOcT\OV[S OYhS^bWS`S\ h0 Tb^ c\bS` Tb^c\WVSWRSZPS`URS O\ >]`b  d]`OcaUSaSbhb RWS 4W`SeOZZ3W\abSZZc\US\ ZOaaS\ RWSa hc



+OT KOTLGINKY )ROKTZ9KX\KX (KOYVOKR

5`c\RaÉbhZWQV Wab Sa [rUZWQV ROa 1ZWS\b^`]U`O[[ .WjÍ™w hc S`eSWbS`\ c\R SbeO ROa Vbb^>`]b]Y]ZZ [O\cSZZ hc W[^ZS[S\bWS`S\ EW` eS`RS\ XSR]QV SW\S SWUS\S aSV` SW\TOQVS 1ZWS\bAS`dS`/\eS\Rc\U S`abSZZS\ c\R ROPSW RS\ DS`PW\Rc\UaOcTPOc c\R 2ObS\OcabOcaQV heWaQVS\ 1ZWS\b c\R AS`dS` US\OcS` PSb`OQVbS\ 4X] >QYTRc4RW^BTaeTa 2S` =PXSQb3QV]AS`dS` a]ZZ d][ 1ZWS\b SW\hSZ\S =PXSYbS S[^TO\US\ c\R RWSaS eWS RS` O\ WV\ hc`ºQYaS\RS\ EW` abSZZS\ hc\ÉQVab SW\ AS`dS` c\R 1ZWS\b>`]U`O[[ W\ SW\TOQVS` 4]`[ d]`( ‰”¬ÁÍ Ž?Ü?±™jͱJÇ

ÊÊ jÁÄÍj 7jÁĉ™

‰”¬ÁÍ Ž?Ü?±‰±JÇ ¬ÖM‰W W?ÄÄ #MŽjWÍ W†.jÁÜjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ ͆ÁÝÄ ÞWj¬Í‰™ P ÊÊ .jÁÜjÁ.WjÍ † ÁÍ ?™ +ÁÍ ?Öw
™wÁ?~j™ .jÁÜjÁ.WjÍ ÄjÁÜjÁ s ™jÝ .jÁÜjÁ.WjÍ® ÉyååÈ ¯Ç .WjÍ W‰j™Í s ÄjÁÜjÁ±?WWj¬Í®¯Ç

ÊÊ ‰j™Í ?ãj¬Í‰jÁj™

#MŽjWÍ#ÖͬÖÍ.ÍÁj?” ÖÍ s

ÊÊ .ÍÁ” ã֔ .j™aj™

™jÝ #MŽjWÍ#ÖͬÖÍ.ÍÁj?”® W‰j™Í±~jÍ#ÖͬÖÍ.ÍÁj?”®¯ ¯Ç #MŽjWÍ™¬ÖÍ.ÍÁj?” ‰™ s

ÊÊ .ÍÁ” ã֔ ”¬w?™~j™

™jÝ #MŽjWÍ™¬ÖÍ.ÍÁj?”® W‰j™Í±~jÍ™¬ÖÍ.ÍÁj?”®¯ ¯Ç #MŽjWÍ  s ‰™±Áj?a#MŽjWÍ®¯Ç

ÊÊ #MŽjÍ j”¬w?™~j™ ±±±

ÖͱÝÁ‰Íj#MŽjWÍ®  ¯Ç

ÊÊ ±±± ֙a ãÖÁÙWÄW†‰Wj™

ÊÊ .ÍÁ ”j ֙a .WjÍÄ ÄW†‰jj™ ±±± Q Q

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

"'"

4X] >QYTRc4RW^2[XT]c 2Oa 1ZWS\b>`]U`O[[ ZOcbSb T]ZUS\RS`[OzS\( ‰”¬ÁÍ Ž?Ü?±™jͱJÇ ‰”¬ÁÍ Ž?Ü?±‰±JÇ ¬ÖM‰W W?ÄÄ #MŽjWÍ W† ‰j™Í P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P .ÍÁ‰™~ ÄjÁÜjÁÄÍ s ?Á~ıj™~͆  å · ?Á~ÄRåS ] ¹W?†ÄÍ¹Ç ÍÁß P ÊÊ 7jÁM‰™a֙~Ä?™wÁ?~j ?™ .jÁÜjÁ .WjÍ ÄjÁÜjÁ s ™jÝ .WjÍ® ÄjÁÜjÁÄÍ^ ÉyååÈ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™®¹7jÁM‰™a֙~ ã֔ .jÁÜjÁ ~jÄÍ?ÁÍjÍ ±±±±¹¯Ç ÊÊ .ÍÁ ”j ã֔ ”¬w?™~j™ ֙a .j™aj™ #MŽjWÍ#ÖͬÖÍ.ÍÁj?” ÖÍ s ™jÝ #MŽjWÍ#ÖͬÖÍ.ÍÁj?”® ÄjÁÜjÁ±~jÍ#ÖͬÖÍ.ÍÁj?”®¯ ¯Ç #MŽjWÍ™¬ÖÍ.ÍÁj?” ‰™ s ™jÝ #MŽjWÍ™¬ÖÍ.ÍÁj?”® ÄjÁÜjÁ±~jÍ™¬ÖÍ.ÍÁj?”®¯ ¯Ç #MŽjWÍ  s ™jÝ ™Íj~jÁ® ®‰™Í¯® ?͆±Á?™a”®¯ J ¤å¯ ¯Ç ÖͱÝÁ‰Íj#MŽjWÍ®  ¯Ç

ÊÊ #MŽjÍ Äj™aj™ ±±±

.ßÄÍj”±Öͱ¬Á‰™Í™®¹~jÄj™ajÍ] ¹ ´ ¯Ç  s ‰™±Áj?a#MŽjWÍ®¯Ç

ÊÊ #MŽjÍ j”¬w?™~j™

.ßÄÍj”±Öͱ¬Á‰™Í™®¹j”¬w?™~j™] ¹ ´ ¯Ç ÖͱWÄj®¯Ç

ÊÊ .ÍÁ ”j ֙a .WjÍ ÄW†‰jj™

‰™±WÄj®¯Ç ÄjÁÜjÁ±WÄj®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™®¹7jÁM‰™a֙~ ã֔ .jÁÜjÁ Mjj™ajͱ¹¯Ç Q W?ÍW† ®# ÞWj¬Í‰™ j¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q W?ÍW† ® ?ÄÄ!ÍÖ™a ÞWj¬Í‰™ j¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q Q Q

Hc\ÉQVab eW`R O[ AS`dS` SW\S 7\abO\h d]\ .jÁÜjÁ.WjÍ S`hScUb RWS O[ O\USUS PS\S\ >]`b OcT /\T`OUS\ Vr`b 2S` AS`dS` PZ]QYWS`b RWS /caTºV`c\U d]\ W‰j™Í s ÄjÁÜjÁ±?WWj¬Í®¯Ç

PWa SW\ 1ZWS\b SW\S DS`PW\Rc\UaO\T`OUS O\ WV\ Rc`QV RS\ /cT`cT

"'#

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

ÄjÁÜjÁ s ™jÝ .WjÍ® ÄjÁÜjÁÄÍ^ ÉyååÈ ¯Ç

`WQVbSb) RS` 3W\TOQVVSWb VOZPS` USVS\ eW` ROd]\ Oca ROaa 1ZWS\b c\R AS`dS` OcT RS[ UZSWQVS\ @SQV\S` ZOcTS\ c\R dS`eS\RS\ Z]QOZV]ab OZa 2STOcZbAS`dS`/R`SaaS AS` dS` c\R 1ZWS\b Yr\\S\ PSWRS W\\S`VOZP d]\ 3QZW^aS USabO`bSb eS`RS\ RWS /caUOPS S`T]ZUb ROPSW W\ dS`aQVWSRS\S\ 9]\a]ZS\ heWaQVS\ RS\S\ [O\ [Wb RS[ 0WZRaQVW`[ 7Q]\ RS` 1]\a]ZSDWSe 2Wa^ZOgASZSQbSR1]\a]ZS eSQVaSZ\ YO\\



BTaeTa

?WWj¬Í®¯

2[XT]c ™jÝ .WjÍ®¯

6HUYHU 6RFNHW

!

FOLHQW

VHUYHU

0QQ !" ) 8OdOA]QYSba( AS`dS`A]QYSb c\R A]QYSb 2S` AS`dS` OYhS^bWS`b RWS /\T`OUS TºV`b RWS ;SbV]RS ?WWj¬Í®¯ Oca c\R UWPb SW\S\ A]QYSb hc` 9][[c\WYObW]\ [Wb RS[ 1ZWS\b hc`ºQY 2ORc`QV eW`R PSW[ 1ZWS\b RS` A]QYSb9]\ab`cYb]` OcaUSTºV`b c\R Sa abSVb SW\ A]QYSb hc[ AS`dS` hc` DS`TºUc\U 8Sbhb Wab RWS <SbhdS`PW\Rc\U heWaQVS\ PSWRS\ /\eS\Rc\US\ Rc`QV heSW .WjÍ 7\abO\hS\ SW\RScbWU TSabUSZSUb QZWS\baSWbWU Rc`QV ÄjÁÜjÁ id\ BTaeTa c\R aS`dS` aSWbWU Rc`QV W‰j™Í id\ 2[XT]c 2WS 7\abO\h RS` 9ZOaaS .jÁÜjÁ.WjÍ RWS\b ROPSW OcaaQVZWSzZWQV OcT ASWbS RSa AS`dS`a hc[ DS`PW\Rc\UaOcTPOc dUZ /PP ! Hc SW\S` [Wb A]QYSba `SOZWaWS`bS\ DS`PW\Rc\U YO\\ [O\ aWQV \c\ [Wb RS\ ;SbV]RS\ ~jÍ#ÖͬÖÍ.ÍÁj?”®¯ c\R ~jÍ™¬ÖÍ.ÍÁj?”®¯ /ca c\R 3W\UOPSab`r[S hc[ DS`aS\RS\ Phe 3[^TO\US\ d]\ 2ObS\ PSaQVOTTS\ 2O[Wb Yr\\S\ eW` ROa PS`SWba PSYO\\bS 9]\hS^b RS` Ab`r[S OcQV Tº` <SbhdS`PW\ Rc\US\ dS`eS\RS\ 0SW[ DS`aS\RS\ d]\ 2ObS\ O\ RWS 5SUS\aSWbS eS`RS\ RWSaS W\ USe]V\bS` ESWaS W\ RS\ /caUOPSab`][ RSa A]QYSba USaQV`WSPS\) c[USYSV`b S[^ TÉ\Ub SW\ >`]U`O[[ 2ObS\ W\RS[ Sa Oca RS[ 3W\UOPSab`][ RSa A]QYSba ZWSab 2S` /caUOPSab`][ RSa AS`dS`a S\ba^`WQVb RS[ 3W\UOPSab`][ RSa 1ZWS\ba c\R c[USYSV`b aWSVS /PPWZRc\U !  2O eW` W[ 0SWa^WSZ OcaaQVZWSzZWQV =PXSYbS dS`aS\RS\ S`hScUS\ eW` Oca RS\ 3W\ c\R /caUOPSab`r[S\ RW`SYb RWS XSeSWZWUS\ =PXSYbab`r[S /[ 3\RS RSa 2ObS\OcabOcaQVa eS`RS\ RWS Ab`r[S c\R O\aQVZWSzS\R RWS PSbSWZWUbS\ A]QYSba USaQVZ]aaS\

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

7^bc

"'$

7^bc!

2XWSXW6WUHDP

,QSXW6WUHDP

,QSXW6WUHDP

2XWSXW6WUHDP

0QQ !"!) 7\^cbAb`SO[a c\R =cb^cbAb`SO[a ºPS` SW\S` A]QYSbDS`PW\Rc\U 2WS 1ZWS\bAS`dS` /\eS\Rc\U Wab VWS`[Wb U`c\RaÉbhZWQV Tc\YbW]\aTÉVWU EW` Yr\\S\ SbeO OcT RS` ASWbS RSa 1ZWS\ba ROa d][ AS`dS` hc`ºQYUSaQVWQYbS =PXSYb O\ RS` 9]\ a]ZS OcaUSPS\ ]RS` ^`ºTS\ ]P Sa [Wb RS[ c`a^`º\UZWQVS\ =PXSYb ºPS`SW\abW[[b 2WS /\eS\Rc\U Wab XSR]QV dS`PSaaS`c\Uaeº`RWU( 0WaZO\U Wab Sa \WQVb [rUZWQV ROaa [SV`S`S 1ZWS\ba d][ AS`dS` hcUZSWQV PSRWS\b eS`RS\ 2S` AS`dS` bS`[W\WS`b a]POZR SW\ =PXSYb O\ RS\ SW\hWUS\ 1ZWS\b hc`ºQYUSaQVWQYb ec`RS 2OVS` eS`RS\ eW` SW\S\ BSWZ RS` AS`dS`Tc\YbW]\OZWbÉb OZa AQVZSWTS W[^ZS[S\bWS`S\ RWS PSZWSPWU ]Tb Rc`QVZOcTS\ eS`RS\ YO\\ 2WS .WjÍ.jÁÜjÁ7\abO\h UWPb [Wb ?WWj¬Í®¯ SW\S\ .WjÍ hc` 9][[c\WYObW]\ [Wb RS[ 1ZWS\b hc`ºQY c\R abSVb O\aQVZWSzS\R Tº` eSWbS`S 1ZWS\b /\T`OUS\ hc` DS`TºUc\U C[ \c\ hc dS`VW\RS`\ ROaa SW\ aQVeS`TÉZZWUS` 1ZWS\b aSW\S 9]ZZSUS\ OcaP`S[ab ]RS` RS\ AS`dS` UO` hS`abr`b SbeO eS\\ S` YSW\S 2ObS\ aQVWQYb ]RS` USUS\ ROa >`]b]Y]ZZ dS`abrzb eW`R RWS DS`O`PSWbc\U RS` SW\hSZ\S\ 1ZWS\ba W\ SWUS\S\ BV`SORa Rc`QVUSTºV`b 6WS`Tº` S`abSZZS\ eW` SW\S \ScS 9ZOaaS #MŽjWÍ W†ˆ 8ÁjÁ UZSWQV W[ /\aQVZcaa O\ RWS dS`PSaaS`bS AS`dS`DS`aW]\( ‰”¬ÁÍ Ž?Ü?±‰±JÇ

ÊÊ ãÝj‰Íj 7jÁĉ™

‰”¬ÁÍ Ž?Ü?±™jͱJÇ ¬ÖM‰W W?ÄÄ #MŽjWÍ W†.jÁÜjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į P .jÁÜjÁ.WjÍ ÄjÁÜjÁ s ™ÖÇ Mj?™ Á֙™‰™~ s ÍÁÖjÇ ÍÁß P ÄjÁÜjÁ s ™jÝ .jÁÜjÁ.WjÍ® ÉyååÈ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.jÁÜjÁ ~jÄÍ?ÁÍjÍ ±±± R¹ ´ ÄjÁÜjÁ±~j͝W?+ÁÍ®¯ ´ ¹S¹ ¯Ç ݆‰j® Á֙™‰™~ ¯ P .WjÍ W‰j™Í s ÄjÁÜjÁ±?WWj¬Í®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹ ‰j™Í ?™~j™””j™ ±±± R¹ ´ W‰j™Í±~jÍ-j”Íj.WjÍ
aaÁjÄÄ®¯ ´ ¹S¹ ¯Ç ™jÝ #MŽjWÍ W†8ÁjÁ® W‰j™Í ¯±ÄÍ?ÁÍ®¯Ç

"'%

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

Q ÄjÁÜjÁ±WÄj®¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ¹.jÁÜjÁ Mjj™ajͱ¹ ¯Ç Q W?ÍW†® # ÞWj¬Í‰™ j ¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q Q Q


2S` A]QYSb hc[ 1ZWS\b eW`R RS[ 9]\ab`cYb]` ºPS`USPS\ c\R R]`b `SUWab`WS`b RWS eSWbS`S 0SO`PSWbc\U ºPS`ZOaaS\ eW` RS` ;SbV]RS Á֙®¯ RWS \OQV RS[ AbO`bS\ RSa BV`SORa OcaUSTºV`b eW`R
!"

2[XT]cBTaeTa?a^VaP\\XTad]V

"'&

RS\ ÍPc\US\ PSTW\RS\ aWQV \]QV SW\WUS 3`eSWbS`c\US\ RS` =PXSQb3QV] /\eS\Rc\U W\aPSa]\RS`S ROa ]`RS\bZWQVS 0SS\RS\ RSa AS`dS`a RS` [][S\bO\ \c` USeOZbaO[ Rc`QV 0SS\RS\ RS` 8D; bS`[W\WS`b eS`RS\ YO\\ aWSVS ÍPc\US\ !!$



+OT [TO\KXYKRRKX 8KINKTYKX\KX

2WS C\WdS`aOZWbÉb RWSaSa SW\TOQVS\ /\aObhSa RS[]\ab`WS`S\ eW` W\RS[ eW` ROa 3QV] AhS\O`W] [Wb [W\W[OZS[ /cTeO\R hc SW\S[ [ÉQVbWUS\ ES`YhScU S`eSWbS`\ [Wb RS[ aWQV ^`W\hW^WSZZ XSRS 0S`SQV\c\U O\ SW\ AS`dS`^`]U`O[[ ºPS`b`OUS\ ZÉaab C[ SW\S ;SbV]RS OcT SW\S[ S\bTS`\bS\ @SQV\S` OcahcTºV`S\ eS`RS\ eW` RWSaS hc aO[[S\ [Wb SdS\bcSZZS\ /`Uc[S\bS\ W\\S`VOZP SW\Sa =PXSYbSa dS`^OQYS\ c\R RWS aSa O\ RS\ AS`dS` aS\RS\ 2]`b eW`R RWS ;SbV]RS OcaUSTºV`b c\R ROa @SacZbOb OZa =PXSYb hc`ºQYUSaS\RSb 2S\
ÊÊ ?ÖÄãÖwنÁj™aj

j͆aj

Q

2S` 3W\TOQVVSWb eSUS\ PSaQV`É\YS\ eW` c\a OcT ;SbV]RS\ RWS SW\S\ .ÍÁ‰™~ hc `ºQYUSPS\ 8SRS` ES`b SW\Sa PSZWSPWUS\ ^`W[WbWdS\ 2ObS\bg^a ZÉaab aWQV ZSWQVb W\ SW\S a]ZQVS 2O`abSZZc\U Y]\dS`bWS`S\ 1ZWS\baSWbWU W[^ZS[S\bWS`S\ eW` ROa 7\bS`TOQS  ˆ ÞjW W\RS[ eW` RWS O[ AS`dS` OcahcTºV`S\RS 4c\YbW]\OZWbÉb W\ jÞjW®¯ T]`[cZWS`S\ SdS\bcSZZS /`Uc[S\bS ºPS`USPS\ eW` W[ 9]\ab`cYb]` 4º` RWS 0S`SQV\c\U RS` Ac[[S Oca " c\R % aWSVb RWSa eWS T]ZUb Oca( ¬ÖM‰W W?ÄÄ

ß.֔ ‰”¬j”j™ÍÄ  ÞjW P

¬Á‰Ü?Íj ‰™Í ‰Ç ¬Á‰Ü?Íj ‰™Í ŽÇ ¬ÖM‰W

ß.֔® ‰™Í ‰^ ‰™Í Ž ¯P

ÊÊ
Á~֔j™Íj

͆‰Ä±‰ s ‰Ç ͆‰Ä±Ž s ŽÇ Q ¬ÖM‰W .ÍÁ‰™~ jÞjW®¯ P

ÊÊ ?ÖÄãÖwنÁj™aj

j͆aj

ÁjÍÖÁ™ ™jÝ ™Íj~jÁ® ‰ ´ Ž ¯±Í.ÍÁ‰™~®¯Ç Q Q

7[ 1ZWS\b aSZPab Wab RS` /cT`cT ÖͱÝÁ‰Íj#MŽjWÍ®±±±¯Ç

O\hc^OaaS\ W\RS[ [O\ SW\S 7\abO\h RS` 7[^ZS[S\bWS`c\U W\ RS\ Ab`][ aQV`SWPb( ÖͱÝÁ‰Íj#MŽjWÍ® ™jÝ

ß.֔® |^ ¤È ¯ ¯Ç

"''

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

AS`dS`aSWbWU eW`R ZSRWUZWQV RS` E]`YS` []RWTWhWS`b( 2]`b eW`R ROa S[^TO\US\S =PXSYb OcT RS\ 7\bS`TOQSBg^  ÞjW USQOabSb RO\\ jÞjW®¯ OcaUSTºV`b c\R O\aQVZWSzS\R ROa ROPSW S``SQV\SbS 3`USP\Wa hc`ºQYUSUSPS\(  ÞjW jÞjW™w s ® ÞjW¯ ‰™±Áj?a#MŽjWÍ®¯Ç .ÍÁ‰™~ Ä s jÞjW™w±jÞjW®¯Ç

ÊÊ

j͆aj ?ÖÄwنÁj™

ÖͱÝÁ‰Íj#MŽjWÍ® Ä ¯Ç

ÊÊ Á~jM™‰Ä ãÖÁÙWÄj™aj™

3W\ 0SWa^WSZ hc` 0S`SQV\c\U RS` 3cZS`aQVS\ HOVZ TW\RSb aWQV W\ ÍPc\U !% 2Oa D]`USVS\ [WbbSZa 7[^ZS[S\bWS`c\US\ SW\Sa 7\bS`TOQS 4c\YbW]\OZWbÉb hc Y][[c \WhWS`S\ Wab c\a dWSZTOQV aQV]\ PSUSU\Sb 2WS >O`OZZSZS hc` BV`SOR>`]U`O[[WS`c\U PSW RS` Rc`QV SW\S 7[^ZS[S\bWS`c\U d]\ -֙™?Mj RS` 8D; [WbbSWZb eOa W[ \ScS\ BV`SOR OcaUSTºV`b eS`RS\ a]ZZ eW`R W\ ÍPc\U !& dS`bWSTb ;Wb RWSaS[ DS`TOV`S\ ZOaaS\ aWQV U`c\RaÉbhZWQV PSZWSPWUS 0S`SQV\c\US\ OcT S\bTS`\ bS\ @SQV\S`\ Rc`QVTºV`S\ 4º` Y][^ZSfS /ZU]`WbV[S\ YO\\ [O\ RWS @Saa]c`QS\ SW \Sa ZSWabc\UaTÉVWUS\ hS\b`OZS\ @SQV\S`a \cbhS\ /\RS`S`aSWba Yr\\S\ RO[Wb OcQV `S QVS\W\bS\aWdS /cTUOPS\ W\ dWSZS c\OPVÉ\UWUS BSWZOcTUOPS\ hS`ZSUb eS`RS\ RWS [O\ OcT c\bS`aQVWSRZWQVS\ AgabS[S\ Zrab c\R O\aQVZWSzS\R eWSRS` hcaO[[S\ TºUb A]ZQVS AhS\O`WS\ PS\cbhS\ W\ RS` @SUSZ XSR]QV \WQVb 8OdOA]QYSba a]\RS`\ VrVS` aQVWQVbWUS 9]\hS^bS eWS SbeO AT\^cT


8KSUZK 3KZNUJ /T\UIGZOUT 83/

0SW RS` 3\beWQYZc\U d]\ dS`bSWZbS\ /\eS\Rc\US\ OcT 0OaWa d]\ 8OdO A]QYSba [caa [O\ aWQV c[ RS\ 9][[c\WYObW]\aOcTPOc c\R OPPOc aSZPab Yº[[S`\ 3\bTS`\bS ;SbV]RS\OcT`cTS aW\R ’ eWS W\ RS\ PWaVS`WUS\ 0SWa^WSZS\ RO`USabSZZb ’ [rUZWQV S` T]`RS`\ OPS` O[ 1ZWS\b eWS O[ AS`dS` SW\S OcTeS\RWUS >`]U`O[[WS`c\U 7\aPSa]\ RS`S PSabSVb Oca 3\beWQYZS`aWQVb SW\ U`]zS` C\bS`aQVWSR ]P SW\ ;SbV]RS\OcT`cT Z] YOZ S`T]ZUb ]RS` ]P RWS ;SbV]RS O\ SW\S\ S\bTS`\bS\ AS`dS` ºPS`b`OUS\ eW`R



8KSUZK 6XUIKJ[XK )GRR 86)

8OdO AT\^cT `]b]Y]ZZa \OQVUSZORS\ eS`RS\

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

"'(

2[XT]c

BTaeTa 1ZWS\bAbcP

AS`dS`AbcP

Z]YOZS` ;SbV]RS\OcT`cT

Z]YOZS` ;SbV]RS\OcT`cT

0QQ !"") @S[]bS >`]QSRc`S 1OZZ



'HRG[L KOTKX 83/'T]KTJ[TM

A]ZZ OcT SW\S[ 1ZWS\b SW\ S\bTS`\bS` ;SbV]RS\OcT`cT S`T]ZUS\ PShWSVb RWSaS` ºPS` SW \S\ ]`b( '' RS` OZa SWUS\abÉ\RWUSa >`]U`O[[ ]RS` ’ eWS W\ c\aS`S[ 0SWa^WSZ ’ Oca RS` /\eS\Rc\U VS`Oca USabO`bSb eS`RS\ YO\\ 2WS 1ZWS\b/\T`OUS ;^^Zd_ O\ RWS @;7@SUWab`g PSW\VOZbSb SW\S\ C@: RS` 4]`[ ÊʆÄÍ]¬ÁÍʝMŽjWÍ) VWS` PShSWQV\S\ †ÄÍ RS\ 6]ab\O[S\ ]RS` 7>/R`SaaS RSa @SQV\S`a OcT RS[ RS` @SUWab`gAS`dWQS ZÉcTb ¬ÁÍ RS\ >]`b c\bS` RS[ S` S` `SWQVPO` Wab c\R MŽjWÍ RS\ ]`b Wab ]^bW]\OZ 7[ 3`T]ZUaTOZZ UWPb RS` :]]Yc^/cT`cT SW\S @STS`S\h hc`ºQY ºPS` RWS RO\\ RS` S\bTS`\bS ;SbV]RS\OcT`cT S`T]ZUb



+XYZKRRKT KOTKX 83/'T]KTJ[TM

7[ T]ZUS\RS\ S`ZÉcbS`\ eW` O\ SW\S[ 0SWa^WSZ [Wb heSW S\bTS`\bS\ ;SbV]RS\ RWS SW\ hSZ\S\ AQV`WbbS PSW RS` 7[^ZS[S\bWS`c\U SW\S` @;7/\eS\Rc\U Hc\ÉQVab USVS\ eW` ROd]\ Oca ROaa aWQV 1ZWS\b c\R AS`dS` OcT SW\S[ @SQV\S` PSTW\RS\ c\R eS`RS\ S`ab a^ÉbS` OcT RS\ OZZUS[SW\S\ 4OZZ SW\USVS\ 4]cUTa]cTb 8]cTaUPRT AT\^cT 8]cTaUPRT HS\b`OZSa 3ZS[S\b PSW RS` 3`abSZZc\U SW\S` @;7/\eS\Rc\U Wab SW\S AQV\WbbabSZZS\PS aQV`SWPc\U RS` S\bTS`\bS\ ;SbV]RS\ W\ 4]`[ SW\Sa 7\bS`TOQS ROa Tº` RS\ 1ZWS\b c\R RS\ AS`dS` hc` DS`TºUc\U abSVS\ [caa 2c`QV 3`eSWbS`c\U RSa ;O`YS`7\bS`TOQS -jˆ ”Íj eW`R RS` HcU`WTT OcT RSaaS\ 7\abO\hS\ d]\ c\bS`aQVWSRZWQVS\ 8D;a S`ZOcPb ¬ÖM‰W ‰™ÍjÁw?Wj .jÁ܉Wj jÞÍj™aÄ -j”ÍjP ¬ÖM‰W .ÍÁ‰™~ jW†® .ÍÁ‰™~ Ä ¯ ͆ÁÝÄ -j”Íj ÞWj¬Í‰™Ç ¬ÖM‰W ‰™Í ?aa® ‰™Í ?^ ‰™Í M ¯ ͆ÁÝÄ -j”Íj ÞWj¬Í‰™Ç Q

"(

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

2WS ;SbV]RS\ Rº`TS\ OZa ÍPS`UOPS c\R @ºQYUOPS^O`O[SbS` \c` ^`W[WbWdS Bg^S\ ]RS` 2ObS\ d][ Bg^ .jÁ‰?‰ã?Mj S\bVOZbS\) hcRS[ aW\R aWS [Wb SW\S` bV`]ea 9ZOcaSZ Tº` -j”Íj ÞWj¬Í‰™a hc YS\\hSWQV\S\ BTaeTa?a^VaP\\ 2Oa AS`dS`>`]U`O[[ PSabSVb \SPS\ RS[ 7\bS`TOQS .jÁ܉Wj Oca RS` 9ZOaaS .jÁˆ ܉Wj RWS ROa 7\bS`TOQS W[^ZS[S\bWS`b c\R SW\S` 9ZOaaS - .jÁÜjÁ W\ RS` RWS @;7@SUWab`g USabO`bSb c\R SW\S 7\abO\h d]\ .jÁ܉Wj c\bS` RS[ =PXSYb\O[S\ dS` rTTS\bZWQVb eW`R ‰”¬ÁÍ Ž?Ü?±Á”‰±JÇ ‰”¬ÁÍ Ž?Ü?±Á”‰±Áj~‰ÄÍÁß±W?Íj-j~‰ÄÍÁßÇ ¬ÖM‰W W?ÄÄ - .jÁÜjÁ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į P ÍÁß P W?Íj-j~‰ÄÍÁß±WÁj?Íj-j~‰ÄÍÁß® ¤åšš ¯Ç ÊÊ.Í?ÁÍ ajÁ -j~‰ÄÍÁß !?”‰™~±M‰™a® ¹”ß.Áܹ^ ™jÝ .jÁ܉Wj®¯ ¯Ç ÊÊ7jÁ wwj™Í‰W†j™ .ßÄÍj”±Öͱ¬Á‰™Í™® ¹#MŽjÍ À”ß.ÁÜÀ Áj~‰ÄÍÁ‰jÁ͹ ¯Ç Q W?ÍW† ® ÞWj¬Í‰™ j¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q Q Q

2WS 7[^ZS[S\bWS`c\U .jÁ܉Wj [caa d]\ 2™‰W?ÄÍ-j”Íj#MŽjWÍ S`PS\ ROa eS aS\bZWQVS ;SbV]RS\ Tº` RWS DS`eS\Rc\U d]\ @;7 PS`SWb abSZZb 2O PSW[ 3`hScUS\ d]\ 2™‰W?ÄÍ-j”Íj#MŽjWÍ7\abO\hS\ -j”Íj ÞWj¬Í‰™a OcTb`SbS\ Yr\\S\ Wab RS` 9]\ab`cYb]` S\ba^`SQVS\R O\hc^OaaS\( ‰”¬ÁÍ Ž?Ü?±Á”‰±ÄjÁÜjÁ±2™‰W?ÄÍ-j”Íj#MŽjWÍÇ ‰”¬ÁÍ Ž?Ü?±Á”‰±-j”Íj ÞWj¬Í‰™Ç ¬ÖM‰W W?ÄÄ .jÁ܉Wj jÞÍj™aÄ 2™‰W?ÄÍ-j”Íj#MŽjWÍ ‰”¬j”j™ÍÄ .jÁ܉Wj P ¬ÖM‰W .jÁ܉Wj®¯ ͆ÁÝÄ -j”Íj ÞWj¬Í‰™ P Q ¬ÖM‰W .ÍÁ‰™~ jW†®.ÍÁ‰™~ į P

ÊÊ jw‰™‰Í‰™ ajÁ

j͆aj

ÊÊ jw‰™‰Í‰™ ajÁ

j͆aj

ÁjÍÖÁ™ ÄÇ Q ¬ÖM‰W ‰™Í ?aa®‰™Í ?^ ‰™Í M¯ ÁjÍÖÁ™ ? ´ MÇ Q Q

P

!"

2[XT]cBTaeTa?a^VaP\\XTad]V

"(

0SW RS` ;SbV]RS\RSTW\WbW]\ a]ZZbS [O\ OcT ͆ÁÝÄ -j”Íj ÞWj¬Í‰™ dS`hWQVbS\ OcQV eS\\ RWSaS` HcaObh PSW[ ;SbV]RS\Y]^T RSa 7\bS`TOQS abSVb 2WSaS /ca\OV[S\ b`SbS\ \WS PSW RS` Z]YOZS\ /caTºV`c\U SW\S` ;SbV]RS OcT a]\RS`\ \c` eS\\ aWS S\b TS`\b OcTUS`cTS\ eW`R 2[XT]c?a^VaP\\ 2S` 1ZWS\b T`OUb PSW RS` @;7@SUWab`g \OQV RS[ S\bTS`\bS\ =PXSYb c\R `cTb RSaaS\ ;SbV]RS\ a] OcT OZa eÉ`S Sa SW\ Z]YOZSa =PXSYb ‰”¬ÁÍ Ž?Ü?±Á”‰±JÇ ¬ÖM‰W W?ÄÄ -  ‰j™Í P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į P ÍÁß P .jÁ܉Wj ÄjÁ܉Wj#MŽ s

ÊʝÖ¬] ?^ #MŽjÍ™?”j] ”ß.ÁÜ

®.jÁ܉Wj¯ !?”‰™~±Ö¬® ¹ÊʐW?†ÄÍʔß.Áܹ ¯Ç .ÍÁ‰™~ Ä s ÄjÁ܉Wj#MŽ±jW†® ¹?¹ ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® Ä ¯Ç .ßÄÍj”±Öͱ¬Á‰™Í™® ÄjÁ܉Wj#MŽ±?aa® ¤Ï^ Ï ¯ ¯Ç Q W?ÍW† ® ÞWj¬Í‰™ j¯ P j±¬Á‰™Í.Í?W0Á?Wj®¯Ç Q Q Q

BcPac STa A<80]fT]Sd]V EW` abO`bS\ hcS`ab RS\ AS`dS` c\R O\aQVZWSzS\R SW\S\ ]RS` [SV`S`S 1ZWS\ba A<8BTRdaXch ]ZWQWSa Tº` @Saa]c`QS\ ºPS`^`ºTb 2WSa PSb`WTTb W\aPSa]\RS`S ROa :O RS\ d]\ 9ZOaaS\ ºPS` @;7 0STW\RS\ aWQV 1ZWS\b c\R AS`dS` OcT SW\S[ @SQV\S` Yr\\S\ eW` ’ eWS W[ 0SWa^WSZ ’ OcT RWS DS`eS\Rc\U SW\Sa ASQc`Wbg;O\OUS`a dS` hWQVbS\ /\RS`\TOZZa [caa SW\ a]ZQVS` O[ 1ZWS\b eWS O[ AS`dS` SW\USPc\RS\ eS`RS\ aWSVS ÍPc\U !'



*GZKTHGTQ`[MXOLL „HKX 0*()

2WSaSa 9O^WbSZ abSZZb [Wb 9PeP 3PcPQPbT 2^]]TRcXeXch 8201 SW\S >`]U`O[[WS`aQV\Wbb abSZZS d]` ºPS` RWS Oca 8OdO>`]U`O[[S\ [WbbSZa A?: SW\VSWbZWQV OcT `SZObW]\OZS 2O bS\PO\YS\ hcUSU`WTTS\ eS`RS\ YO\\ EW` abSZZS\ RS\ bg^WaQVS\ /PZOcT SW\S` 8201 /\eS\Rc\U RO` c\R S`ZÉcbS`\ RWSaS\ O\VO\R SW\WUS` 0SWa^WSZS /Za 2ObS\PO\Yag abS[ eW`R ROa T`SW dS`TºUPO`S c\R SW\TOQV hc W\abOZZWS`S\RS 6A?:20 dS`eS\RSb 7[ :OcTS RSa 9O^WbSZa USVS\ eW` OcT RWS 5`c\RZOUS\ `SZObW]\OZS` 2ObS\PO\YagabS[S c\R RWS A^`OQVS A?: a]eSWb SW\ eWS Sa Tº` ROa c\[WbbSZPO`S DS`abÉ\R\Wa \]beS\RWU Wab 4º` SW\S c[TOaaS\RS 2O`abSZZc\U dS`eSWaS\ eW` OcT I236!K Phe I4@7 K SW\S\ RSbOWZZWS`bS\ ÍPS`PZWQY c\R 3W\PZWQY W\ 8201 dS`[WbbSZb IAC<#3K



-X[TJRGMKT



8KRGZOUTGRK *GZKTHGTQKT

3W\ 2ObS\PO\YagabS[ c[TOaab RWS A]TbeO`S hc` 2ObS\dS`eOZbc\U c\R RS\ ^VgaW aQVS\ 2ObS\PSabO\R RWS SWUS\bZWQVS 2ObS\PO\Y 3W\S aT[PcX^]P[T 3PcT]QP]Z PSabSVb ’ POaWS`S\R OcT RS` BVS]`WS RS` @SZObW]\S\OZUSP`O ’ Oca BOPSZZS\ [Wb HSWZS\ c\R A^OZbS\ RWS ºPS` AQVZºaaSZ [WbSW\O\RS` dS`Y\º^Tb eS`RS\ Yr\\S\ 2WS S`a]\OZ\c[[S`
C@:/C0 315   

(567(5   

/(7=7(5 67$7      

0QQ !# ) BOPSZZS\ ;7B/@037B3@ c\R C@:/C0 2WS BOPSZZS ;7B/@037B3@ PSaWbhb RWS /bb`WPcbS >3@A<@ 3@A<@ c\bS`ab`WQVS\ RS\ >`W[É`aQVZºaaSZ PWZRSb 2WS

"(#

!#

3PcT]QP]ZidVaXUU ¶QTa 9312

BOPSZZS C@:/C0 c[TOaab RWS /bb`WPcbS ><@ 3@AB3@ :3BHB3@ c\R AB/B e]PSW OZa ES`bS d]\ ><@ \c` ES`bS d]\ >3@A<@ RS` ;7B/@037B3@BOPSZZS S`ZOcPb aSW\ a]Z ZS\ 3W\ a]ZQVSa /bb`WPcb ROa W\ SW\S` O\RS`S\ BOPSZZS >`W[É`aQVZºaaSZ Wab VSWzb 5aT\SbRW[¶bbT[ 2ORc`QV Wab Sa [rUZWQV SW\S\ 2ObS\aObh RS` @STS`S\hbOPSZZS Rc`QV SW\S\ AQVZºaaSZeS`b SW\RScbWU RO`hcabSZZS\



*OK *GZKTHGTQYVXGINK 972

0SW RS` 2ObS\PO\Ya^`OQVS B@; VO\RSZb Sa aWQV c[ SW\S SW\TOQVS RSYZO`ObWdS A^`O QVS RWS d]\ dWSZS\ `SZObW]\OZS\ 2ObS\PO\YagabS[S\ c\bS`abºbhb eW`R /cQV eS\\ hOVZ`SWQVS 2ObS\PO\YVS`abSZZS` WV`S\ SWUS\S\ A?:2WOZSYb dS`eS\RS\ ]RS` \c` SW \S\ BSWZ RSa A?:AbO\RO`Ra W[^ZS[S\bWS`S\ ZOaaS\ aWQV A?:POaWS`bS /\eS\Rc\US\ `SZObWd ZSWQVb O\ O\RS`S 2ObS\PO\YagabS[S O\^OaaS\ A?: abSZZb cO RWS T]ZUS\RS\ a^`OQVZWQVS\ ;WbbSZ PS`SWb( E

3TUX]XcX^] d]\ 2ObS\ab`cYbc`S\ h0 BOPSZZS\ AQVZºaaSZ c\R 0ShWSVc\US\

-
0 0
 0
- 0 - ® + -.!- !0  -^ !
!

-®yå¯^ 7#-!

-®yå¯ ¯

-
0 0
 2-
2 ® +!- !0  -^ -.0 -
0 ^  0=0 -
0 ^ .0
0 !0  ¯

E


0
- 0 - . 0 !
!
sÀjjÁÀ 8 - + -.!-s¤ååš

 0 -#

E

0
- 0 - 7
2 . ® ¤ååÉ^ À j‰jÁÀ^ À-wÀ ¯ 0
- 0 - 7
2 . ® ¤ååš^ À?jÁÀ^ À2Á‰jÀ ¯ 0
- 0 - 7
2 . ® ¤å¤Ï^ À.W†”‰aÍÀ^ À?Á?À ¯ 0
- 0 - 8 - 7#-!
sÀ?Á?À

0QUaPVT d]\ 2ObS\ .  0 J -# 0
- 0 .  0 !
^ 7#-!
-#

0
- 0 - 8 - + -.!-s¤å¤Ï

2WS AS[O\bWY RS` O\USUSPS\S\ 0SWa^WSZS S`YZÉ`b aWQV d]\ aSZPab 2WS /caTºV`c\U RWSaS` /\eSWac\US\ W\ SW\S` 6A?:202ObS\PO\Y PSVO\RSZ\ eW` W\ ÍPc\U " 



*GY *GZKTHGTQY_YZKS .972*(

;Wb 6A?:20 dS`eS\RS\ eW` SW\ `SZObW]\OZSa 2ObS\PO\YagabS[ ROa Tº` c\aS`S /\ T]`RS`c\US\ RScbZWQVS D]`hºUS PSaWbhb( 2Oa T`SW dS`TºUPO`S =^S\A]c`QS >`]RcYb Wab W\ 8OdO USaQV`WSPS\ c\R aSV` SW\TOQV hc W\abOZZWS`S\ B`]bh aSW\S` [W\W[OZS\ 5`rzS Wab Sa aSV` ZSWabc\UaTÉVWU c\R RSQYb eWQVbWUS BSWZS RSa A?:AbO\RO`Ra OP Hc` 7\abOZZObW]\ d]\ 6A?:20 ZORS\ eW` RWS OYbcSZZS 2ObSW †Ä¶aMÛ¤ÛoÛ·Û·±ã‰¬ d]\ RS` ESPAWbS I6A?:20K VS`c\bS` c\R ^OQYS\ RWSaS W\ SW\ PSZWSPWUSa DS`hSWQV\Wa Oca C[ RWS RO[Wb PS`SWba OPUSaQVZ]aaS\S 7\abOZZObW]\ hc bSabS\ c\R c[ RWS S`abS\ AQV`WbbS [Wb 6A?:20 Rc`QVhcTºV`S\ RWS\S\ RWS ÍPc\US\ " c\R "  2SbOWZa hc[ 2ObS\PO\YagabS[ TW\RS\ W\bS`SaaWS`bS :SaS` OcT RS` O\USUSPS\S\ ESPAWbS

!#

3PcT]QP]ZidVaXUU ¶QTa 9312



"($

0*()

OYSb Ž?Ü?±Ä¶ S\bVOZbS\ aW\R a]eWS dS`aQVWSRS\S\ Y]\Y`SbS\ 7[^ZS[S\bWS`c\ US\ RWS W\ 4]`[ d]\ RObS\PO\Ya^ShWTWaQVS\ B`SWPS`\ hc` :OcThSWb VW\hcUSZORS\ eS`RS\ Yr\\S\ /Za 3\beWQYZS` O`PSWbS\ eW` [SWab [Wb RS\ RObS\PO\Y c\R b`SWPS` c\OPVÉ\UWUS\ 7\bS`TOQSBg^S\ h0 Á‰ÜjÁ ™™jW͉™ .Í?Íj”j™Í c\R PS hWSVS\ c\a ZSRWUZWQV PSW[ :ORS\ RSa B`SWPS`a c\R RS[ 3`abSZZS\ RS` 2ObS\PO\Y DS`PW\Rc\U OcT RWS Y]\Y`SbS 7[^ZS[S\bWS`c\U Tº` ROa XSeSWZWUS 2ObS\PO\YagabS[



9ZX[QZ[X KOTKY 0*()6XUMXGSSY

2WS Ab`cYbc` SW\Sa bg^WaQVSa 8201>`]U`O[[a PSabSVb Oca RS\ W\ /PP " RO`US abSZZbS\ AQV`WbbS\ PSUW\\S\R [Wb RS[ :ORS\ SW\Sa Tº` ROa 2ObS\PO\YagabS[ ^OaaS\ RS\ 8201B`SWPS`a c\R RS[ 3`abSZZS\ SW\S` 2ObS\PO\YdS`PW\Rc\U ;WbVWZTS d]\ /\ eSWac\Ua]PXSYbS\ eS`RS\ A?:/\eSWac\US\ OcaUSTºV`b c\R O\aQVZWSzS\R RS`S\ @SacZbObS dS`O`PSWbSb /[ 3\RS eS`RS\ RWS PS\rbWUbS\ @Saa]c`QS\ USaQVZ]aaS\

?aj™ j‰™jÄ  ˆ0Áj‰MjÁÄ

ÁÄÍjj™ j‰™jÁ ?Íj™M?™ˆ7jÁM‰™a֙~

ÁÄÍjj™ j‰™jÄ
™Ýj‰Ä֙~ĝMŽjÍÄ
ÖÄwنÁj™ j‰™jÁ .,ˆ
™Ýj‰Ä֙~ 7jÁ?ÁMj‰Íj™ ajÄ -jÄ֐Í?ÍÄ .W†‰jj™ ajÁ -jÄĝÖÁWj™

0QQ !#!) Ab`cYbc` SW\Sa 8201>`]U`O[[a 7[ T]ZUS\RS\ 0SWa^WSZ ZOaaS\ aWQV RWS SW\hSZ\S\ AQV`WbbS ZSWQVb WRS\bWTWhWS`S\( Hc \ÉQVab eW`R [Wb ?ÄıwÁ!?”j®¯ RS` 6A?:20B`SWPS` USZORS\ c\R [Wb Ž?Ü?±Ä¶± Á‰ÜjÁ±~jÍ ™™jW͉™®±±±¯

SW\S DS`PW\Rc\U hc` 2ObS\PO\Y OcTUSPOcb /Za >O`O[SbS` UWPb [O\ SW\S\ C@: hc` 2ObS\PO\Y [Wb hc RS[ SW\ ^OaaS\RS` `SUWab`WS`bS` B`SWPS` USacQVb eW`R 2WS eSWbS `S\ >O`O[SbS` Tº` RS\
"(%

!#

3PcT]QP]ZidVaXUU ¶QTa 9312

`ºQYUSUSPS\ [Wb RWSaS` SW\ AbObS[S\b=PXSYb S`hScUb c\R [Wb RSaaS\ ;SbV]RS jÞjWÖÍj,ÖjÁß®¯ RWS A3:31B/\eSWac\U OcaUSTºV`b( ‰”¬ÁÍ Ž?Ü?±Ä¶±JÇ ¬ÖM‰W W?ÄÄ Ķ0jÄÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™®.ÍÁ‰™~RS ?Á~į ͆ÁÝÄ ., ÞWj¬Í‰™^ ?ÄÄ!ÍÖ™a ÞWj¬Í‰™ P ÊÊ Ä¬jã‰w‰ÄW†jÁ ?Íj™M?™ÍÁj‰MjÁ ?aj™

?ÄıwÁ!?”j® ¹Á~±†Ä¶aM±ŽaMW Á‰ÜjÁ¹ ¯Ç ÊÊ 7jÁM‰™a֙~ ãÖÁ ?Íj™M?™ ¹ÍjÄ͹ ?ÖwM?Öj™

™™jW͉™ W™ s Á‰ÜjÁ ?™?~jÁ±~jÍ ™™jW͉™® ¹ŽaMW]†Ä¶aM]ÍjÄ͹^ ¹Ä?¹^ ¹¹ ¯Ç ÊÊ .,ˆ
™Ýj‰Ä֙~Ĉ#MŽjÍ jÁãjÖ~j™ .Í?Íj”j™Í ÄÍ s W™±WÁj?Íj.Í?Íj”j™Í®¯Ç ÊÊ .,ˆ
™Ýj‰Ä֙~ ?ÖÄwنÁj™ -jÄ֐Í.jÍ ÁÄ s ÄͱjÞjWÖÍj,ÖjÁß®¹.  0 J -#

0
- 0 -¹¯Ç

ÊÊ -jÄ֐Í?Í ajÁ .,ˆ
™Ýj‰Ä֙~ ÜjÁ?ÁMj‰Íj™ ݆‰j® Áı™jÞÍ®¯ ¯ .ßÄÍj”±Öͱ¬Á‰™Í™® Áı~j͙ͮ ¹+ -.!-¹ ¯ ´ ¹ ¹ ´ Áı~jÍ.ÍÁ‰™~® ¹!
!
¹ ¯ ´ ¹ ¹ ´ Áı~jÍ.ÍÁ‰™~® ¹7#-!
¹ ¯ ¯Ç

ROa aSZPab 8OdO USaQV`WSPS\ Wab ÊÊ W\-jÄ֐Í.jÍ^ .Í?Íj”j™Í ֙a 7jÁM‰™a֙~ ÄW†‰jj™ ÁıWÄj®¯Ç ÄͱWÄj®¯Ç c\R B`SWPS` " B`SWPS`[O\OUS` W™±WÄj®¯Ç Q

" DS`PW\Rc\UaOcTPOc Q

2Oa @SacZbOb RS` A3:31B/\eSWac\U ZWSUb W\ 4]`[ SW\Sa -jÄ֐Í.jÍ OZa 3`USP\WabO PSZZS d]` c\R eW`R W\ RS` AQVZSWTS hSWZS\eSWaS OcaUSUSPS\ 6WS` ZWSUb ROa a] US\O\\

!#

3PcT]QP]ZidVaXUU ¶QTa 9312

"(&

bS 1c`a]`9]\hS^b hcU`c\RS ROa Sa S`ZOcPb RWS 3`USP\WabOPSZZS hSWZS\eSWaS hc Rc`QVZOcTS\ 2WS DS`eO\RbaQVOTb hc[ PSYO\\bS\ 7bS`Ob]`7RW][ Wab ]TTS\aWQVbZWQV 7X]fTXb Hc` /caTºV`c\U RWSaSa >`]U`O[[a W\ 3QZW^aS aW\R T]ZUS\RS >c\YbS hc PSOQVbS\( E

3`abSZZS\ AWS hc\ÉQVab [Wb RS[ 2ObOPOaS ;O\OUS` RWS BOPSZZS ;7B/@037B3@ c\R TºUS\ AWS RWSaS` SW\WUS 2ObS\aÉbhS VW\hc eWS RWSa W\ ÍPc\U " PSaQV`WSPS\ Wab 2O[Wb 2ObOPOaS ;O\OUS` c\R 8201>`]U`O[[ RWS UZSWQVS 2ObS\PO\Y dS` eS\RS\ Wab W[ 2ObS\PO\YC@: ROa 3QZW^aS>`]XSYbdS`hSWQV\Wa O\hcUSPS\( YSQR)Wb`[SQ)UX[T)+4R[X_bT?a^YTZceTaiTXRW]Xb-cTbc D]` RS[ AbO`b RSa >`]U`O[[a [caa RS` 2ObOPOaS ;O\OUS` USaQVZ]aaS\ eS`RS\ /ZbS`\ObWd YO\\ [O\ RWS BOPSZZS OcQV ºPS` SW\ SWUS\S\a 8201>`]U`O[[ S`abSZ ZS\ dUZ ÍPc\U "!

E

C[ 6A?:20 W\\S`VOZP SW\Sa 3QZW^aS>`]XSYba dS`eS\RS\ hc Yr\\S\ [caa RWS W[ 2]e\Z]OR S\bVOZbS\S 2ObSW †Ä¶aM±Ž?Á W[ >`]XSYb `STS`S\hWS`b eS`RS\ ?a^YTRc . ?a^_TacXTb . 9PeP 1dX[S ?PcW RO\\ ;XQaPaXTb c\R 0SS TgcTa]P[ 90A 



'T]KOY[TMYUHPKQZK [TJ '[YL„NX[TM \UT 972'T]KOY[TMKT

C[ SW\S A?:/\eSWac\U ?cS`g OcahcTºV`S\ eW`R OcaUSVS\R d]\ RS` 2ObS\PO\Y DS`PW\Rc\U SW\ /\eSWac\Ua]PXSYb d][ Bg^ .Í?Íj”j™Í S`hScUb .Í?Íj”j™Í ÄÍ s W™±WÁj?Íj.Í?Íj”j™Í®¯Ç

c\R W\ RS` ;SbV]RS jÞjWÖÍj,ÖjÁß®¯ SW\S A?:/\eSWac\U ºPS`USPS\( -jÄ֐Í.jÍ ÁÄ s ÄͱjÞjWÖÍj,ÖjÁß® ¹.  0 ±±±¹ ¯Ç

4º` A?:/\eSWac\US\ RWS YSW\S 3`USP\WabOPSZZS hc`ºQYZWSTS`\ eWS h0 72/B3 23:3B3 ]RS` 1@3/B3 dS`eS\RSb [O\ ‰™Í WÖ™Í s ÄͱjÞjWÖÍj2¬a?Íj® ¹!. -0 ±±±¹ ¯Ç

2WSaS ;SbV]RS UWPb RWS /\hOVZ RS` Rc`QV RWS /caTºV`c\U PSb`]TTS\S\ 2ObS\aÉbhS hc`ºQY B@; a^f R^d]c ]RS`  eS\\ SW\ a]ZQVS` ES`b YSW\S\ AW\\ [OQVb 7\ RS` @SUSZ Wab [O\ O[ @ºQYUOPSeS`b SW\Sa jÞjWÖÍj2¬a?Íj®¯ \WQVb W\bS`SaaWS`b hc[OZ 4SVZS`aWbcObW]\S\ PSaaS` Rc`QV OcaUSZrabS /ca\OV[S\ aWU\OZWaWS`b eS`RS\ Yr\\S\ 4OZZa RWS OcahcTºV`S\RS A?:/\eSWac\U XSR]QV S`ab hc` :OcThSWb PSYO\\b Wab SbeO PSW RS` 7[^ZS[S\bWS`c\U SW\Sa 2ObOPOaS ;O\OUS`a ]RS` SW\Sa A?:4`]\bS\Ra eW`R [O\ hc` /caTºV`c\U RWS c\OPVÉ\UWUS ;SbV]RS jÞjWÖÍj®¯ dS`eS\RS\ ‰w® ÄͱjÞjWÖÍj® Ķ.ÍÁ‰™~ ¯ ¯

ÊÊ ÍÁÖj] Á~jM™‰ÄÍ?Mjj jމÄ͉jÁÍ

ÁÄ s Äͱ~jÍ-jÄ֐Í.jÍ®¯Ç jÄj WÖ™Í s Äͱ~jÍ2¬a?Íj Ö™Í®¯Ç

c\R RWS 3`USP\WabOPSZZS Phe RS\ HOVZS\eS`b W\ /PVÉ\UWUYSWb d][ @ºQYUOPSeS`b d]\ jÞjWÖÍj®¯ [Wb RS` ^OaaS\RS\ ~jÍ®¯;SbV]RS OPV]ZS\ dUZ ÍPc\U "" 4º` RWS /caTºV`c\U d]\ ^O`O[Sb`WaWS`bS\ A?:/\eSWac\US\ ]RS` d]\ a] US\O\\bS\ Bc^aTS ?a^RTSdaTb abSVS\ [Wb +Áj¬?Ája.Í?Íj”j™Í c\R ??Mj.Í?Íj”j™Í a^ShWSZZS .Í?Íj”j™Í9ZOaaS\ PS`SWb RWS eW` XSR]QV VWS` \WQVb PSVO\RSZ\ eS`RS\

"('

!#



3PcT]QP]ZidVaXUU ¶QTa 9312


2Oa @SacZbOb SW\S` A?:/PT`OUS ?cS`g ZWSUb W\ 4]`[ SW\S` 3`USP\WabOPSZZS -jˆ Ä֐Í.jÍ d]` RWS hSWZS\eSWaS Rc`QVZOcTS\ eW`R 6WS`PSW Wab T]ZUS\RSa hc PSOQVbS\( E

hc SW\S[ .Í?Íj”j™Í SfWabWS`b [OfW[OZ SW\ ]TTS\Sa -jÄ֐Í.jÍ ROa 3`hScUS\ SW\Sa -jÄ֐Í.jÍÄ aQVZWSzb SW\ hcd]` [Wb RWSaS[ .Í?Íj”j™Í S`hScUbSa -jÄ֐Í.jÍ

E

RS` 1c`a]` abSVb hc 0SUW\\ e^a RS` S`abS\ HSWZS c[ WV\ OcT RWS S`abS HSWZS hc abSZZS\ [caa ’ eWS PSW[ 7bS`Ob]` ’ SW\ /cT`cT d]\ ™jÞÍ®¯ S`T]ZUS\

E

W\\S`VOZP SW\S` HSWZS a]ZZbS VrQVabS\a SW\[OZ OcT SW\S A^OZbS hcUSU`WTTS\ eS`RS\

E

RS` HcU`WTT OcT RWS A^OZbS\eS`bS a]ZZbS d]\ ZW\Ya \OQV `SQVba S`T]ZUS\

4º` RS\ ZSaS\RS\ HcU`WTT OcT RWS SW\hSZ\S\ A^OZbS\ SW\S` HSWZS PWSbSb RWS 9ZOaaS -jˆ Ä֐Í.jÍ SW\ UO\hSa 0º\RSZ d]\ ~jÍ®¯;SbV]RS\ [Wb RS\S\ RWS XSeSWZWUS\ A^OZ bS\eS`bS Oca RS[ A?:2ObS\bg^ W\ RS\ 8OdO2ObS\bg^ c[USeO\RSZb eS`RS\ 2S` HcU`WTT OcT RWS A^OZbS\ YO\\ ºPS` RS\ B_P[cT]]P\T] OZa OcQV ºPS` RS\ B_P[cT] X]STg S`abS A^OZbS VOb RS\ 7\RSfeS`b  S`T]ZUS\ 3fS[^ZO`WaQV aSWS\ VWS` SW\WUS ~jÍ®¯;SbV]RS\ US\O\\b( ‰™Í ~j͙ͮ‰™Í W™a¯

‰™Í ~j͙ͮ.ÍÁ‰™~ W!?”¯

.ÍÁ‰™~ ~jÍ.ÍÁ‰™~®‰™Í W™a¯

.ÍÁ‰™~ ~jÍ.ÍÁ‰™~®.ÍÁ‰™~ W!?”¯

w?Í ~j͐?Í®‰™Í W™a¯

w?Í ~j͐?Í®.ÍÁ‰™~ W!?”¯

0SW[ HcU`WTT [caa SW\S ^OaaS\RS ;SbV]RS USeÉVZb eS`RS\ RO 9]\dS`bWS`c\Ua^`] PZS[S [Wb SW\S` /ca\OV[S _cWbbWS`b eS`RS\ 7ab [O\ ZSRWUZWQV O\ SW\S` /caUOPS RS` ES`bS W\bS`SaaWS`b dS`eS\RSb [O\ RWS c\dS`TÉ\UZWQVS ;SbV]RS ~jÍ.ÍÁ‰™~®¯ 2WS 7\T]`[ObW]\S\ ¶QTa SW\ -jÄ֐Í.jÍ S`VOZbS\ eW` W\ 4]`[ SW\S` 7\abO\h d]\ -jÄ֐Í.jÍ jÍ? ?Í? Rc`QV RS\ /cT`cT -jÄ֐Í.jÍ jÍ? ?Í? ÁÄa s Áı~jÍ jÍ? ?Í?®¯Ç

c\R Yr\\S\ RO[Wb SbeO RWS /\hOVZ c\R RWS
¹ ¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¯Ç ݆‰j® Áı™jÞÍ®¯ ¯P wÁ® ‰™Í ‰såÇ ‰‘™Ö” Ç ‰´´ ¯ .ßÄÍj”±Öͱ¬Á‰™Í® Áı~jÍ.ÍÁ‰™~® ‰´¤ ´ ¹

¹ ¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¯Ç Q

2WSaSa 1]RW\U Wab XSR]QV dS`PSaaS`c\Uaeº`RWU RO Sa eSRS`


'[YMK]oNRZK 'T]KTJ[TMYY`KTGXOKT

7\ RWSaS[ 9O^WbSZ abSZZS\ eW` R`SW PSb`WSPZWQV ]`WS\bWS`bS /\eS\Rc\UaahS\O`WS\ d]`( E

AW[cZObW]\ SW\Sa 2ObO EO`SV]caS

E

AW[cZObW]\ SW\Sa 1OZZQS\bS`a

E

1ZWS\bAS`dS`/\eS\Rc\U >S`a]\OZdS`eOZbc\U




*GZG =GXKNU[YK

EW` eS\RS\ c\aS`S 2ObS\ab`cYbc`YS\\b\WaaS O\ W\RS[ eW` SW\ 3PcPFPaTW^dbT 2E W[ 9ZSW\S\ aW[cZWS`S\( 7[ 5SUS\aObh hc 3\bS`^`WaS @Saa]c`QS >ZO\\W\U 3@> AgabS[S\ eS`RS\ W\ 2EAgabS[S\ \WQVb OYbcSZZS ]^S`ObWdS 2ObS\ d]`USVOZbS\ a]\ RS`\ 2ObS\ ºPS` ZÉ\US`S HSWb`Éc[S c\R US]`R\Sb VW\aWQVbZWQV dS`aQVWSRS\S` PS b`WSPaeW`baQVOTbZWQVS` 9ObSU]`WS\ 3X\T]bX^]T] OYYc[cZWS`b 2WSa S`ZOcPb Sa Y][ ^ZSfS /caeS`bc\US\ Rc`QVhcTºV`S\ c\R ZÉ\US`T`WabWUS BS\RS\hS\ hc S`YS\\S\



.OTZKXMX[TJ [TJ 'TLUXJKX[TMKT

2WS D\bPciiPW[T] SW\Sa >QbcWP]ST[b eS`RS\ ºPS` [SV`S`S 8OV`S dS`eOZbSb EW` dS` YOcTS\ dS`aQVWSRS\S >Qbcb^acT] O\ RS\ 3W\hSZVO\RSZ c\R S`hWSZS\ S\ba^`SQVS\RS D\bÊciT 2WS C[aObhhOVZS\ aW\R SW\TOQVS`eSWaS 7\bSUS`eS`bS [Wb RS` 0SRScbc\U BOcaS\RS 5SZRSW\VSWbS\ B53 2WS C[aÉbhS ZOaaS\ aWQV W\\S`VOZP SW\Sa 8OV`Sa dS` aQVWSRS\S\ QTcaXTQbfXacbRWPUc[XRWT] :PcTV^aXT] hc]`R\S\( E

2`SW ?a^SdZcT ( /S^TSZ 0W`\S\ 9WeWa

E

DWS` @dPacP[T (

? ?  ?! ?"

E

DWS` 7Ê]S[Ta (

/RRW :WRRW A^OO 3YORS

2WS C[aÉbhS eS`RS\ ^`] 8OV` W\ SW\S[ SaTXSX\T]bX^]P[T] 3PcT]f¶aUT[ 7\T]QcPS USVOZbS\ EW` dS`eS\RS\ SW\ R`SWRW[S\aW]\OZSa 7\bSUS`/``Og S\ba^`SQVS\RS` 5`rzS RWS Rc`QV RWS PSb`WSPaeW`baQVOTbZWQVS\ 2W[S\aW]\S\ USUSPS\ Wab 2WS C[aÉbhS eS` RS\ OP '' dS`eOZbSb 8OV`SahOVZS\ aW\R dWS`abSZZWUS 7\bSUS`a 0SW[ AbO`b RSa >`]U`O[[a eW`R RS` 0S\cbhS` \OQV RS` HOVZ RS` 8OV`S ] UST`OUb Tº` RWS OP '' C[aÉbhS dS`eOZbSb eS`RS\ 3W\ S\ba^`SQVS\R U`]zSa 2ObOEO`SV]caS eW`R O\USZSUb c\R OZZS 2ObS\eº`TSZ a]UZSWQV [Wb BSabRObS\ USTºZZb 3a VO\RSZb aWQV c[ HcTOZZaeS`bS W[ 0S`SWQV   # B53 0]\TaZd]V)
#

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

`SZObW]\OZS` BOPSZZS\ OP C\aS` >`]U`O[[ UWPb OZa] \c` RWS Z]UWaQVS Ab`cYbc` U`]P eWSRS` 4S`\S` aW\R `SOZS 2EAgabS[S US\S`WaQV VW\aWQVbZWQV RS` W\ WV\S\ OPPWZRPO `S\ 2ObS\ 2W[S\aW]\S\ c\R /caeS`b[rUZWQVYSWbS\ eÉV`S\R c\aS`S :rac\U RS\ PSb`WSPaeW`baQVOTbZWQVS\ HcaO[[S\VO\U W\ RS\ dS`eS\RSbS\ 9ZOaaS\ TSabaQV`SWPb



6XUMXGSSG[LHG[ [TJ GHRG[L

2WS 0S\cbhS`TºV`c\U PWSbSb T]ZUS\RS /PT`OUS[rUZWQVYSWbS\( E

E

/caUSPS\ d]\ 2ObS\ Tº` SW\ QTbcX\\cTb d]`hcUSPS\RSa 8OV`( 

5SaO[bc[aObh ºPS` P[[T 2W[S\aW]\S\



5SaO[bc[aObh SW\Sa PSabW[[bS\ 7Ê]S[Tab ]RS` @dPacP[b ]RS` ?a^SdZcb

/caUOPS RS` 7\T]QcPS3PS\S\ SW\Sa PSabW[[bS\ 8OV`Sa W\ BOPSZZS\T]`[( 

C[aObhhOVZS\ SW\Sa PSabW[[bS\ 7Ê]S[Tab ]RS` @dPacP[b ]RS` ?a^SdZcb

E

0SabW[[S\ d]\ 9S\\U`rzS\ ºPS` P[[T 8OV`S(  ESZQVSa 8OV` VObbS RS\ [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS EWS U`]z eO` PWaZO\U RS` [WbbZS`S 8OV`Sac[aObh-

E

3dOZcObW]\ Tº` SW\ QTbcX\\cTb d]`hcUSPS\RSa 8OV`(

E



ESZQVSa @dPacP[ S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-



ESZQVSa ?a^SdZc S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-



ESZQVS` 7Ê]S[Ta S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-

3dOZcObW]\ Tº` P[[T 8OV`S(





ESZQVSa ?a^SdZc S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-



ESZQVS` 7Ê]S[Ta S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-



ESZQVSa @dPacP[ S`hScUbS [OfW[OZS\  [W\W[OZS\ C[aObh  ES`bS-

*OK HKZKOROMZKT 1RGYYKT

EW` dS`bSWZS\ RWS 4c\YbW]\OZWbÉb OcT dS`aQVWSRS\S 9ZOaaS\ a] ROaa 0S\cbhS`W\bS`OYbW ]\ 2ObS\dS`O`PSWbc\U c\R /caUOPS]^S`ObW]\S\ aS^O`WS`b eS`RS\( Hc` DS`eOZbc\U RS` 2ObS\eº`TSZ SfWabWS`b SW\S 9ZOaaS ÖMj /bb`WPcbS aW\R SW\ R`SW RW[S\aW]\OZSa 7\bSUS`/``Og ֔Ä?jÍãj a]eWS RS` 7\bSUS` Ž?†Á /ZZS C[aObhhOVZS\ SW\Sa PSabW[[bS\ 8OV`Sa eS`RS\ Rc`QV TX] ÖMj=PXSYb `S^`ÉaS\bWS`b 7\ SW\S[ =PXSYb RS` 9ZOaaS 8?Áj†ÖÄj eS`RS\ RWS ÖMj=PXSYbS dS`aQVWSRS\S` 8OV`S W\ 8OV`Sa`SWVS\T]ZUS OP '' W\ 4]`[ SW\S` eTaZTccTcT] ;XbcT OcT 0OaWa c\aS`S` 9\]bS\YZOaaS !aj USVOZbS\ [Wb a?Í?@STS`S\hS\ d][ Bg^ 1cPS 2Oa /bb`WPcb †j?a hSWUb OcT ROa S`abS !aj=PXSYb RS` :WabS ROa eWSRS`c[ ROa S`abS ÖMj =PXSYb 8OV` '' `STS`S\hWS`b ROa /bb`WPcb Í?‰ hSWUb OcT ROa ZSbhbS <]RS=PXSYb 2WS 9ZOaaS 8?Áj†ÖÄj S\bVÉZb ;SbV]RS\ hc` Ac[[ObW]\ RS` C[aObhhOVZS\ \OQV d]`USUSPS\S\ 2W[S\aW]\S\ 2WS 2ObS\ab`cYbc` Wab W\ /PPWZRc\U # RO`USabSZZb

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

#

W\bIKIKIK c[aOSbhS

2dQT

֔Ä?jÍãj

֔Ä?jÍãj

֔Ä?jÍãj

¤ššå

¤šš¤

¤ššÔ

†j?a

Í?‰

=^ST

8?Áj†ÖÄj

0QQ !$ ) 2ObS\ab`cYbc` RSa aW[cZWS`bS\ ;W\W 2ObOEO`SV]caS 2WS >`]U`O[[abScS`c\U ºPS`\W[[b RWS OcaTºV`PO`S 9ZOaaS #MÄ͆?™aj RWS OcT RWS 9ZOaaS\ 8?Áj†ÖÄj c\R ÖMj hcU`SWTb c\R RWS 9]\a]ZS\0S\cbhS`TºV`c\U c[aSbhb /PT`OUS c\R ES`b/caUOPS dS`ZOUS`\ eW` W\ RWS aS^O`ObS 9ZOaaS #ÖÍ C\aS` 2ObOEO`SV]caS a]ZZ W[ 4WZSagabS[ OZa bTaXP[XbXTacTb >QYTZc USa^SWQVS`b c\R [Wb RS\ 2ObS\ OcQV eWSRS` USZORS\ eS`RS\ Yr\\S\ 2WSa `SOZWaWS`b RWS 9ZOaaS #‰j 2WS 9\]bS\YZOaaS <]RS( ¬ÖM‰W W?ÄÄ !aj P ¬ÖM‰W ÖMj a?Í?Ç ¬ÖM‰W !aj ™jÞÍÇ ¬ÖM‰W !aj® ÖMj  ¯P a?Í? s Ç

™jÞÍ s ™ÖÇ

Q Q

2WS 2ObS\eº`TSZYZOaaS 1cPS( ¬ÖM‰W W?ÄÄ ÖMj ‰”¬j”j™ÍÄ .jÁ‰?‰ã?Mj P ¬ÖM‰W ‰™Í Ž?†ÁÇ ¬ÖM‰W ‰™ÍRSRSRS ֔Ä?jÍãjÇ ¬ÖM‰W ÖMj® ‰™Í ™ ¯ P Ž?†Á s ™Ç

֔Ä?jÍãj s ™jÝ ‰™ÍRÏSR|SR|SÇ

ÊÊ ±±± ֔Ä?jÍãj ”‰Í 0jÄÍa?Íj™ wِj™ ±±± Q Q

2WS 9ZOaaS 2ObOEO`SV]caS( ¬ÖM‰W W?ÄÄ 8?Áj†ÖÄj ‰”¬j”j™ÍÄ .jÁ‰?‰ã?Mj P ¬Á‰Ü?Íj !aj †j?a^ Í?‰ Ç ¬ÖM‰W 8?Áj†ÖÄj® ‰™Í ™ ¯ P wÁ® ‰™Í ‰såÇ ‰‘™Ç ‰´´ ¯

?aa®¯Ç

#!

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

Q ÊÊ wÙ~Í Ýj‰ÍjÁj™ ÖMjˆ ?Íj™ÝÙÁwj ?” ™aj ajÁ ‰ÄÍj j‰™] ¬Á‰Ü?Íj ܝ‰a ?aa®¯ P

ÊJ p JÊ

Q

¬ÖM‰W ÖMj Äj?ÁW†® ‰™Í Ž?†Á ¯ P

ÊJ p JÊ

Q

¬ÖM‰W ‰™Í ~jÍ2”Ä?Íã® ‰™Í Ž?†Á^ ‰™Í ¬Áa֏Í^ ‰™Í ¶Ö?ÁÍ?^ ‰™Í †?j™ajÁ ¯ P

ÊJ p JÊ

Q

Q

2WS /caeS`bS c\R /caUOPSYZOaaS #ÖÍ( ¬ÖM‰W W?ÄÄ #ÖÍ P ¬ÖM‰W ÄÍ?͉W ܝ‰a ÝÁ‰ÍjjÄ?”Í2”Ä?Íã® 8?Áj†ÖÄj a?Í?^ ‰™Í Ž?†Á ¯ P ÊJ p JÊ Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ÝÁ‰Íj,Ö?ÁÍ?2”Ä?Íã® 8?Áj†ÖÄj a?Í?^ ‰™Í Ž?†Á^ ‰™Í ¶ ¯ P ÊJ p JÊ Q ÊÊ Ö™a Ýj‰ÍjÁj

j͆aj™ ~j”C =‰jÄjÍã֙~ ±±±

Q

2WS AS`WOZWaWS`c\UaYZOaaS #‰j( ¬ÖM‰W W?ÄÄ #‰j P ¬ÖM‰W ÄÍ?͉W ܝ‰a Ä?Üj® 8?Áj†ÖÄj a?Í? ¯ P ¬ÖM‰W ÄÍ?͉W 8?Áj†ÖÄj ?a®¯ P

ÊJ p JÊ

ÊJ p JÊ

Q

Q

Q

2WS 9ZOaaS =PabVO\RSZ( ¬ÖM‰W W?ÄÄ #MÄ͆?™aj P ¬Á‰Ü?Íj ÄÍ?͉W 8?Áj†ÖÄj a?Í? s ™ÖÇ ¬Á‰Ü?Íj ÄÍ?͉W ܝ‰a ?ÖÄÝjÁÍ֙~® 8?Áj†ÖÄj a?Í? ¯ P ÊÊ
MwÁ?~j 8jÁÍj ?†Á^ +Áa֏Í^ ,Ö?ÁÍ?^ ajÁ C™ajÁ ÊÊ
ÖwÁÖw ajÁ jÁjW†™Ö™~Ĉ ֙a
ÖÄ~?Mj”j͆aj™ ܝ™ #ÖÍ Q ¬Á‰Ü?Íj ÄÍ?͉W ܝ‰a ”j™Ö® ‰™Í ™ ¯ P Ä݉ÍW†® ™ ¯ P

ÊJ

j™Ù¬Í‰™j™

JÊ

Q

Q ¬ÖM‰W ÄÍ?͉W ܝ‰a ”?‰™® .ÍÁ‰™~RS ?Á~Ä ¯ P ÊÊ ÁãjÖ~j™ j‰™jÄ Ý?Áj†ÖÄjˆ#MŽjÍÄ ÊÊ
ÖwÁÖw ajÁ Q Q

j™Ùˆ ֙a
ÖÄÝjÁÍjˆ j͆aj™

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]



)GRRIKTZKX



.OTZKXMX[TJ [TJ 'TLUXJKX[TMKT

#"

7\ SW\S[ 7\P]c\R1OZZQS\bS` eS`RS\ bSZST]\WaQV SW\USVS\RS 9c\RS\O\T`OUS\ 1OZZa d]\ ;WbO`PSWbS`\ RSa 1OZZQS\bS`a /US\bS\ PSO`PSWbSb 9O\\ SW\ 1OZZ \WQVb a]T]`b O\ US\][[S\ eS`RS\ eW`R S` W\ SW\S EO`bSaQVZSWTS USabSZZb c\R \OQV DS`TºUPO`YSWb SW\Sa /US\bS\ Oca RWSaS` S\b\][[S\ 7\ RS` @SUSZ eS`RS\ 1OZZa [Wb ZÉ\US`S` EO`bS hSWb hcS`ab PSO`PSWbSb Sa Yr\\S\ OPS` OcQV O\RS`S 9`WbS`WS\ hc` /\eS\Rc\U Y][ [S\ eS\\ SbeO 4W`[S\Yc\RS\ USUS\ºPS` >`WdObYc\RS\ PSd]`hcUb eS`RS\ 7ab ROa 1OZZQS\bS` \WQVb OcaUSZOabSb eO`bS\ RWS /US\bS\ W\ SW\S` SWUS\S\ EO`bSaQVZSWTS OcT SW\USVS\RS 1OZZa 7\ RS` @SUSZ eW`R RS` [^]VTbc PePX[PQ[T /US\b RS\ \ÉQVabS\ /\`cT S\bUSUS\\SV[S\ OPS` OcQV VWS` aW\R O\RS`S >`W]`WaWS`c\US\ RS\YPO` 7\ RS` /\eS\Rc\U aW\R dS`aQVWSRS\S @O\RPSRW\Uc\US\ eWS SbeO RWS /\hOVZ RS` /US\bS\ 6ÉcTWUYSWb RS` 1OZZa ]RS` RWS Rc`QVaQV\WbbZWQVS 0SO`PSWbc\UahSWb ^O`O[Sb`W aWS`PO` 7\T]`[ObW]\S\ ºPS` RS\ /PZOcT RS` AW[cZObW]\ eS`RS\ hc` :OcThSWb ^`]b]Y]Z ZWS`b c\R O[ 3\RS ac[[O`WaQV OcaUSUSPS\



6XUMXGSSG[LHG[ [TJ GHRG[L

2Oa >`]U`O[[ PSabSVb Oca RS[ SWUS\bZWQVS\ 1OZZQS\bS` [Wb XS SW\S` EO`bSaQVZSWTS Tº` RWS 1OZZa 1OZZ?cScS c\R RWS /US\bS\ /US\b?cScS 7\ RS` 7\WbWOZWaWS`c\Ua^VOaS eS`RS\ OZZS /US\bS\ W\ RWS /US\b?cScS USabSZZb e] aWS Tº` RWS 3\bUSUS\\OV[S d]\ 1OZZa PS`SWb abSVS\ aWSVS /PP #  2WS eSaS\bZWQVS 4c\YbW]\OZWbÉb RSa 1OZZQS\bS`a

2P[[RT]cTa O + \Se /US\b 

2P[[2aTPc^a Q + \Se 1OZZ 

/US\b?cScS

1OZZ?cScS 1OZZ Q

/US\b O

E]`YS`OQ O

0QQ !$!) 1OZZQS\bS`( /PZOcT c\R PSbSWZWUbS 9][^]\S\bS\ PSabSVb RO`W\ W\ SW\S` AQVZSWTS XS SW\S\ /US\bS\ c\R SW\S\ 1OZZ Oca RS\ EO`bSaQVZSW TS\ hc S\b\SV[S\ c\R PSWRS RS[ E]`YS` hc ºPS`USPS\ RS` ROa BSZST]\USa^`ÉQV

##

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

aW[cZWS`b


*OK HKZKOROMZKT 1RGYYKT

3XT :[PbbT ? 1OZZa eS`RS\ Rc`QV 7\abO\hS\ RWSaS` 9ZOaaS []RSZZWS`b c\R aW\R Rc`QV SW\S 72 ‰™Í W?  SW\RScbWU PSabW[[b 2S` AbObca ‰™Í ÄÍ?ÍÖÄ UWPb O\ ]P Sa aWQV c[ SW \S\ >`S[Wc[ 4W`[S\ ]RS` >`WdObYc\RS\ VO\RSZb) [Wb RS[ /bb`WPcb ‰™Í W?0 Yr\\S\ c\bS`aQVWSRZWQV ZO\US BSZST]\USa^`ÉQVS aW[cZWS`b eS`RS\ 2S` HSWb^c\Yb RSa /\`cTa W[ 1OZZQS\bS` c\R RS` HSWb^c\Yb RS` 3\bUSUS\\OV[S Rc`QV SW\S\ /US\bS\ eS`RS\ W\ RS\ /bb`WPcbS\ ™~ W?ja c\R ™~ ?WWj¬Íja ^`]b]Y]ZZWS`b <S PS\ ORÉ_cOb T]`[cZWS`bS\ ;SbV]RS\ j¶Ö?Ä®¯ †?Ć aj®¯ c\R ͝.ÍÁ‰™~®¯ SfWabWS`S\ 5SbbS` c\R ASbbS`;SbV]RS\ hc[ :SaS\ Phe Ò\RS`\ d]\ /bb`WPcbeS`bS\ C\bS`aQVWSRZWQVS A]`bWS`Y`WbS`WS\ RS` EO`bSaQVZSWTS `SOZWaWS`S\ eW` Rc`QV 1][^O`Ob] `S\ A] a]`bWS`b 8
0!Û#- - \OQV RS` EO`bShSWb c\R .0
02.Û#- - \OQV RS[ 9c\RS\abObca >`S[Wc[ d]` 4W`[S\ d]` >`WdObYc\RS\ ;Wb SW\S[ 1][^O`Ob]` RS` PSWRS 9`WbS`WS\ PS`ºQYaWQVbWUb PSTOaaS\ eW` c\a W\ ÍPc\U ## 3XT :[PbbT
~j™Í /US\bS\ aW\R Rc`QV SW\S 72 ‰™Í ?~j™Í  SW\RScbWU USYS\\hSWQV\Sb /\ >`]b] Y]ZZObb`WPcbS\ SfWabWS`S\ ™~ ‰aj Tº` RS\ HSWb^c\Yb aSWb RS[ RS` /US\b c\bÉbWU Wab c\R ™~ ݝÁ ROa RWS OYbWdS 5Sa^`ÉQVahSWb ºPS` OZZS USbÉbWUbS\ 1OZZa OcT ac[[WS`b /\ 1][^O`Ob]`S\ abSVS\   Û#- - c\R 8#-Û#- - hc` DS`TºUc\U RWS RWS /caeOVZY`WbS`WS\ RSa O[ ZÉ\UabS\ c\bÉbWUS\ /US\bS\ Phe RSa /US\bS\ [Wb RS` US`W\UabS\ :SWabc\U W[^ZS[S\bWS`S\ 3XT :[PbbT] ?Wj™ÍjÁ d]S 8ÁjÁ

?Wj™ÍjÁ S\bVÉZb RWS PSWRS\ EO`bSaQVZSWTS\ EO`bSaQVZO\US\ ?~j™Í, c\R W?, RWS PSWRS d][ Bg^ +Á‰ W‰™~,ÖjÖj aW\R c\R ;SbV]RS\ ¬ÖÍ®¯ c\R Í?j®¯ hc[ 3W\TºUS\ c\R 3\b\SV[S\ d]\ 3ZS[S\bS\ PS`SWb abSZZS\) RWSaS ;SbV] RS\ aW\R W[ 7\bS`TOQS  W‰™~,ÖjÖj hcaO[[S\USTOaab 7[ 9]\ab`cYb]` ?ˆ Wj™ÍjÁ®¯ eS`RS\ RWS PSWRS\ EO`bSaQVZSWTS\ S`hScUb c\R RWS /US\bS\ W\ RWS
~j™Í, SW\USTºUb 2Oa 1OZZQS\bS` S\b\W[[b SW\S\ 1OZZ c\R SW\S\ /US\bS\ c\R UWPb PSWRS O\ RS\ E]`YS` eSWbS`( ݆‰j® ÍÁÖj ¯P

? W s W?,±Í?j®¯Ç
~j™Í ? s ?~j™Í,±Í?j®¯Ç ±±±™jÝ 8ÁjÁ® ?^ W^ ?~j™Í, ¯±ÄÍ?ÁÍ®¯Ç Q

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

#$

2S` E]`YS` dS`[S`Yb RWS 5Sa^`ÉQVaO\\OV[S eO`bSb eÉV`S\R RS` 5Sa^`ÉQVaROcS` c\R abSZZb RO\OQV RS\ /US\bS\ W\ RWS ?cScS hc`ºQY 2O RS` E]`YS` W\ SW\S[ SWUS \S\ BV`SOR ZÉcTb YO\\ aWQV ROa 1OZZQS\bS` a]T]`b [Wb RS` DS`[WbbZc\U RSa \ÉQVabS\ 1OZZa PSTOaaS\ ]V\S ROa 3\RS RSa 5Sa^`ÉQVa OPeO`bS\ hc [ºaaS\ 3XT :[PbbT +Á‰ W‰™~,ÖjÖj 2WS 9ZOaaS +Á‰ W‰™~,ÖjÖj Wab SW\S OcT RWS d]`ZWSUS\RS\ 0SRº`T\WaaS O\US ^OaabS :WabS PSW RS` SW\ /cT`cT d]\ Í?j®¯ ROa YZSW\abS 3ZS[S\b PShºUZWQV RSa W[ 9]\ab`cYb]` ºPS`USPS\S\ 1][^O`Ob]`a S\b\W[[b) Wab RWS :WabS ZSS` PZ]QYWS`b RS` /cT`cT a]ZO\US PWa [Wb ¬ÖÍ®¯ eWSRS` SW\ 3ZS[S\b W\ RWS :WabS SW\USTºUb ec`RS 2Oa 0Z]QYWS`S\ PSW ZSS`S` :WabS c\R 7\T]`[WS`S\ ºPS` \ScS 3ZS[S\bS eW`R eSaS\bZWQV Rc`QV RWS ;SbV]RS\ Ý?‰Í®¯ c\R ™Í‰wß®¯ PSeS`YabSZZWUb( EW`R Tº` SW\ USa^S``bSa =PXSYb RWS ;SbV]RS Ý?‰Í®¯ OcTUS`cTS\ a] eW`R RS` OcT`c TS\RS BV`SOR W\ SW\S\ W\OYbWdS\ EO`bShcabO\R dS`aSbhb c\R W[ EO`bS`Oc[ RSa =P XSYba `SUWab`WS`b 5ZSWQVhSWbWU eW`R RWS =PXSYba^S``S T`SWUSUSPS\ 3W\ /cT`cT d]\ ™ˆ ͉wß®¯ S`eSQYb SW\S\ BV`SOR Oca RS[ EO`bS`Oc[ RSa =PXSYba a]TS`\ aWQV eSZQVS RO`W\ PSTW\RS\ 2O[Wb S`VÉZb RWSaS` RWS 1VO\QS RWS =PXSYba^S``S hc S`eS`PS\ c\R [Wb RS` /caTºV`c\U RS` ;SbV]RS T]`bhcTOV`S\ 0Sb`OQVbS\ eW` RWSa O[ Y]\Y`SbS\ 0SWa^WSZ c\aS`S` 7[^ZS[S\bWS`c\U( ¬ÖM‰W ÄߙW†Á™‰ãja 0 Í?j®¯ ͆ÁÝÄ ™ÍjÁÁÖ¬Íja ÞWj¬Í‰™ P ݆‰j® ĉãj®¯sså ¯ P Ý?‰Í®¯Ç Q ÊÊ ŽjÍãÍ ”‰™‰”?jÄ 0 MjÄ͉””j™^  ÄW†j™ ֙a ãÖÁÙW~jMj™ Í s ®0¯ jW͉™Ä±”‰™® ͆‰Ä^ ¬Á‰Á‰Íß ¯Ç ÁjÍÖÁ™ ÍÇ Q ¬ÖM‰W ÄߙW†Á™‰ãja ܝ‰a ¬ÖÍ® 0 Í ¯ P ?aa® Í ¯Ç ™Í‰wß®¯Ç Q

0STW\RS\ aWQV PSW RS` /caTºV`c\U d]\ Í?j®¯ YSW\S 3ZS[S\bS W\ RS` ?cScS PSUWPb aWQV RS` BV`SOR [Wb Ý?‰Í®¯ W\ RS\ EO`bShcabO\R 2O RO[Wb Ocb][ObWaQV RWS =PXSYb a^S``S T`SWUSUSPS\ eW`R YO\\ RS` BV`SOR RS` ¬ÖÍ®¯ OcaTºV`S\ [rQVbS 1OZZ1`SO b]` T]`bTOV`S\ c\R SW\S\ \ScS\ 1OZZ W\ RWS ?cScS abSZZS\ 2Oa O[ 3\RS d]\ ¬ÖÍ®¯ OcaUSTºV`bS ™Í‰wß®¯ eSQYb RS\ c`a^`º\UZWQVS\ BV`SOR RS` [Wb RS` ;SbV]RS Í?j®¯ T]`bTÉV`b a]POZR S` RWS =PXSYbA^S``S S`e]`PS\ VOb ;Wb RS` ;SbV]RS ˆ jW͉™Ä±”‰™®¯ eW`R ROa PShºUZWQV RS` >`W]`WbÉb [W\W[OZS 3ZS[S\b PSabW[[b 2WS d]`USabSZZbS 7[^ZS[S\bWS`c\U abSZZb SW\S abO`Y dS`SW\TOQVbS DO`WO\bS RSa 3`hScUS` DS`P`OcQVS`AhS\O`W]a RO` RO eW` c\a OcT XS SW\S\ 3`hScUS` c\R DS`P`OcQVS` PS aQV`É\YS\ Yr\\S\ c\R RWS 9O^OhWbÉb RS` ?cScS c\PSU`S\hb U`]z Wab 4º` OZZUS[SW\S 4ÉZZS dS`eSWaS\ eW` RWS W\bS`SaaWS`bS\ :SaS` OcT RWS W\ 9O^WbSZ  PS`SWba O\USUSPS\S :WbS`Obc` I0:="K c\R I=31K

#%

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

3XT :[PbbT ? Áj?͝Á 7\ RWSaS` 9ZOaaS eS`RS\ aW[cZbO\ hc[ 0Sb`WSP RSa 1OZZQS\bS`a \ScS 1OZZa S`hScUb c\R W\ RWS S\ba^`SQVS\RS EO`bSaQVZSWTS USabSZZb C[ HcU`WTT OcT RWSaS AQVZSWTS hc S` VOZbS\ eW`R RS` 9ZOaaS RWS 1OZZQS\bS`7\abO\h ºPS`USPS\ 0SW[ 3`hScUS\ Yr\\S\ RWS T]ZUS\RS\ 9]\TWUc`ObW]\a^O`O[SbS` USPº\RSZb W\ ?ˆ +?Á?”Ä [WbUSUSPS\ eS`RS\( E

™ÛW?Ä

0]iPW[ STa 2P[[b ™ÛW?Ä s ˆ¤ ( PSZWSPWU dWSZS

E

”‰™ÛW?0^ ”?ÞÛW?0

[W\[Of 3PdTa STb 6Tb_aÊRWb W\ ASYc\RS\

E

”‰™Û™jÞÍ0^ ”?ÞۙjÞÍ0

[W\[Of ITXc PWa \ÉQVabS` 1OZZ S`hScUb eW`R

ÍPS` RWS ;W\W[OZ c\R ;OfW[OZeS`bS W\ ASYc\RS\ Yr\\S\ 7\bS`dOZZS O\USUSPS\ eS`RS\ Oca RS\S\ ROa >`]U`O[[ hcTÉZZWUS ES`bS f W\ ;WZZWaSYc\RS\ S`[WbbSZb 6WS`PSW UWZb abSba \X] +, g + \Pg) Sa aSW RS\\ \X] , \Pg RO\\ UWZb \X] , g , \Pg C[ SbeO SW\S\ 1OZZ1`SOb]` hc S`abSZZS\ RS` XSRS ASYc\RS SW\S\ 1OZZ [Wb SW\S` Y]\ abO\bS\ 5Sa^`ÉQVahSWb d]\ ASYc\RS\ S`hScUb ]V\S 0SU`S\hc\U PS\cbhS\ eW`(

?+?Á?”Ä ¬ s ™jÝ ?+?Á?”Ä® ˆ¤^ Ô^ Ô^ ¤ ^ ¤ ¯Ç

? Áj?͝Á W s ™jÝ ? Áj?͝Á® ±±±^ ¬ ¯Ç

;Wb T]ZUS\RS\ 1OZZ>O`O[a S`hScUb RS` 1OZZ1`SOb]` % 1OZZa W[ /PabO\R d]\ ASYc\RS\ c\R SW\S` 5Sa^`ÉQVahSWb heWaQVS\ " c\R  ASYc\RS\(

PWa !

?+?Á?”Ä ¬ s ™jÝ ?+?Á?”Ä® ¤È^ |^ ¤¤^ Ô ^ ϯÇ

3XT :[PbbT ?Wj™ÍjÁ+Á~Á?”” 2WSaS 9ZOaaS S\bVÉZb RWS ”?‰™®¯;SbV]RS RS` /\eS\Rc\U [Wb T]ZUS\RS[ /PZOcT(  3`hScUS\ SW\Sa 1OZZQS\bS`a [Wb HOVZ RS` /US\bS\ c\R >`W]`WbÉbS\ RS` ?cScSa

?Wj™ÍjÁ W s ™jÝ ?Wj™ÍjÁ® ™Û?~j™ÍÄ^ ?~j™Í+Á‰^ W?+Á‰ ¯Ç

 3`hScUS\ c\R AbO`bS\ SW\Sa ^O`O[Sb`WaWS`bS\ 1OZZ1`SOb]`a(

?+?Á?”Ä ¬ s ™jÝ ?+?Á?”Ä® ±±± ¯Ç ™jÝ ? Áj?͝Á® W^ ¬ ¯±ÄÍ?ÁÍ®¯Ç

! 7\PSb`WSP\OV[S RSa 1OZZQS\bS`a W±ÄÍ?ÁÍ®¯Ç

7\ RS\ ÍPc\US\ hc RWSaS[ /PaQV\Wbb PSTOaaS\ eW` c\a [Wb SW\WUS\ 3`UÉ\hc\US\ hc[ 1OZZQS\bS`>`]U`O[[ W\aPSa]\RS`S [Wb SW\S[ eSWbS`S\ >`W]`WbÉbaY`WbS`Wc[ RS` 1OZZ?cScS RS[ ]`R\c\UaUS[ÉzS\ 0SS\RS\ RSa >`]U`O[[a a]eWS RS` /caUOPS SW \S` hcaO[[S\TOaaS\RS\ AbObWabWY ºPS` RWS /YbWdWbÉb RS` /US\bS\ c\R RWS EO`bShSWbS\ RS` 1OZZa

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]



6KXYUTGR\KX]GRZ[TM



.OTZKXMX[TJ [TJ 'TLUXJKX[TMKT

#&

EW` S`abSZZS\ aQV`WbbeSWaS SW\S /\eS\Rc\U hc` DS`eOZbc\U d]\ ;WbO`PSWbS`RObS\ 0SUW\\S\R [Wb SW\S` ^`]b]bg^WaQVS\ []\]ZWbVWaQVS\ /^^ZWYObW]\ RWS RWS S`TOaabS\ 2ObS\ Z]YOZ dS`eOZbSb eW`R RWSaS hc SW\S` RObS\PO\YPOaWS`bS\ [SV`PS\cbhS`TÉVWUS\ 1ZWS\bAS`dS`/\eS\Rc\U OcaUSPOcb 2WS dS`aQVWSRS\S\ >`]U`O[[dS`aW]\S\ PSTW\ RS\ aWQV OcT RS` ESPAWbS c\bS` :P_XcT[ !$ . ?Tab^]P[eTafP[cd]V /Za CaS` 7\bS`TOQS dS`eS\RS\ eW` RWS 9]\a]ZS [Wb SW\S` bSfbPOaWS`bS\ 2O`abSZZc\U c\R ;S\ºabScS`c\U /\ ROa >`]U`O[[ abSZZS\ eW` RWS T]ZUS\RS\ Tc\YbW]\OZS\ /\T]`RS`c\US\( E

0]iTXVT] OZZS` S`TOaabS\ ;WbO`PSWbS` \OQV dS`aQVWSRS\S\ 9`WbS`WS\ a]`bWS`b

E

1TPaQTXcT]

E

=Td P][TVT]

E

;»bRWT] d]\ ;WbO`PSWbS`RObS\



*OK 1RGYYK ‰Í?ÁMj‰ÍjÁ

2WS 9ZOaaS ‰Í?ÁMj‰ÍjÁ PSaWbhb ^`WdObS /bb`WPcbS Tº` RWS >S`a]\OZ\c[[S` w‰™? ‰™Í RS\ S` a]\OZ\c[[S` SW\RScbWU PSabW[[b RWS OcQV \WQVb [SV` USÉ\RS`b eS`RS\ YO\\
ÊÊ jÍÍjÁ wÙÁ ™?W†™?”j

ܝ‰a ÄjÍ!?W†™?”j® .ÍÁ‰™~ ™?”j ¯

ÊÊ .jÍÍjÁ wÙÁ ™?W†™?”j

.ÍÁ‰™~ ~jÍ7Á™?”j®¯

ÊÊ jÍÍjÁ wÙÁ ܝÁ™?”j

ܝ‰a ÄjÍ7Á™?”j® .ÍÁ‰™~ ™?”j ¯

ÊÊ .jÍÍjÁ wÙÁ ܝÁ™?”j

‰™Í ~jÍ+jÁÄ!Á®¯

ÊÊ jÍÍjÁ wÙÁ ¬jÁÄ!Á

.ÍÁ‰™~ ͝.ÍÁ‰™~®¯

ÊÊ ÍjÞ͈M?ĉjÁÍj ?ÁÄÍjÖ™~

Mj?™ j¶Ö?Ä® #MŽjWÍ  ¯

ÊÊ ¬jÁÄ!Á j‰™ã‰~jÄ Á‰ÍjÁ‰Ö”

‰™Í †?Ć aj®¯

ÊÊ ™Ä‰ÄÍj™ã ãÖ j¶Ö?Ä®¯

‰™Í W”¬?Áj0® #MŽjWÍ  ¯

ÊÊ ÄÁÍ ™?W† ¬jÁÄ!Á

a]eWS SW\ rTTS\bZWQVS` 1][^O`Ob]` hc[ A]`bWS`S\ \OQV
ÊÊ ÄÁÍ ™?W†™?”jˆÜÁ™?”jˆ¬jÁÄ!Á

4OZZa ™?W†™?”j ]RS` ܝÁ™?”j ss™Ö ]RS` ss¹¹ eW`R W[ 9]\ab`cYb]` c\R W\ RS\ ÄjÍ;SbV]RS\ SW\S j~?
Á~֔j™Í ÞWj¬Í‰™ OcaUSZrab

#'

!$



0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]


7\ RS` ;SbV]RS ”?‰™®¯ eW`R SW\S 7\abO\h RS` >S`a]\OZdS`eOZbc\U S`hScUb c\R RWS 9]\b`]ZZS O\ RWS ;SbV]RS ”j™Öj®¯ ºPS`USPS\ RWS RS\ USaO[bS\ /PZOcT abScS`b( .ßÄÍj”±Öͱ¬Á‰™Í™®¹ 0
- 0 -7 -8
02! ¤±å¹¯Ç ݆‰j® ÍÁÖj ¯ P

ÊÊ ?͔֬j™Ù

.ßÄÍj”±Öͱ¬Á‰™Í™®¹


®
™ãj‰~j™¯¹¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¹

® j?ÁMj‰Íj™¯¹¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¹

! ®!jÖ¯¹¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¹

 ® ÄW†j™¯¹¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í™®¹

. ®.W†‰jj™¯¹¯Ç

.ßÄÍj”±Öͱ¬Á‰™Í®¹ ‰ÍÍj ?ÖÄÝC†j™] ¹¯Ç W†?Á W s ±±±

j™Ù?ÖÄÝ?†

Ä݉ÍW†® W ¯P W?Äj® À
À ¯] .ßÄÍj”±Öͱ¬Á‰™Í™® ”‰ÄÍj ¯Ç

ÊÊ
™ãj‰~j ?jÁ

‰Í?ÁMj‰ÍjÁ

MÁj?Ç W?Äj® À À ¯] ±±± W?Äj® À!À ¯]

ÊÊ !jÖjÁ

‰Í?ÁMj‰ÍjÁ

±±± ”‰ÄÍj±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ®¬jÁÄ!Á^ ™?W†™?”j^ ܝÁ™?”j¯ ¯Ç

MÁj?Ç W?Äj® À.À ¯] .ßÄÍj”±Öͱ¬Á‰™Í™® ¹+Á~Á?”” Mjj™ajͱ¹ ¯Ç ÁjÍÖÁ™Ç Q Q

2WS ;WbO`PSWbS`RObS\ eS`RS\ W\bS`\ W\ SW\S` ¬Á‰Ü?Íj w‰™?
ÁÁ?߉ÄÍ ”‰ÄÍj s ™jÝ
ÁÁ?߉ÄÍ®¯Ç

dS`eOZbSb OcT RWS Oca RS[ Tc\YbW]\OZS\ ;S\º1]RW\U [Wb RS\ S\ba^`SQVS\RS\ ;S bV]RS\ eWS h0 ?aa®¯ Áj”Üj®¯ RW`SYb hcUSU`WTTS\ eW`R 2WS S`TOaabS\ 2ObS\ abS VS\ XSR]QV \c` eÉV`S\R RS` :OcThSWb hc` DS`TºUc\U c\R aW\R \OQV 0SS\RWUc\U RSa >`]U`O[[a dS`Z]`S\ 2WSaSa >`]PZS[ ZWSzS aWQV SW\TOQV PSVSPS\ W\RS[ [O\ RWS :W abS O[ 3\RS RSa >`]U`O[[OPZOcTa [Wb RS\ Oca 9O^WbSZ PSYO\\bS\ ;SbV]RS\ W\ SW\S` 2ObSW ROcS`VOTb a^SWQVS`b c\R ’ a]TS`\ SW\S a]ZQVS 2ObSW SfWabWS`b ’ RWSaS PSW >`]U`O[[abO`b SW\ZWSab 2WSa ºPS`ZOaaS\ eW` RS\ W\bS`SaaWS`bS\ :SaS`\ OZa ÍPc\U 4º` RS\ eSWbS`S\ DS`ZOcT eS`RS\ eW` XSR]QV SW\S\ O\RS`S\ ESU PSaQV`SWbS\

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]



#(


2O eW` d]\ XSbhb O\ [Wb US\S`WaQVS\ 2ObS\bg^S\ O`PSWbS\ eS`RS\ ^OaaS\ eW` hc \ÉQVab RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ S\ba^`SQVS\R O\( 2WSaS 9ZOaaS W[^ZS[S\bWS`b \c\ ROa 7\bS`TOQS ”¬?Á?Mj‘ ‰Í?ÁMj‰ÍjÁ c\R abSZZb Tº` RS\ S`aW abS\haQVWQVb c\OPVÉ\UWU hc eS`RS\ /\abSZZS RS` RW`SYbS\ HcU`WTTS OcT ”‰ÄÍj dS`eS\RS\ eW` ;SbV]RS\ c\R S`aSbhS\ ’ SbeO PSW[ 6W\hcTºUS\ SW\Sa ;WbO`PSWbS`a ’ Rc`QV

”‰ÄÍj±?aa® ” ¯

‰™ÄjÁÍ® ” ¯

3Pb 8]cTaUPRT  ‰Í?ÁMj‰ÍjÁ ?Í? 2WS Tº` RWS dS`aQVWSRS\S\ 2ObS\hcU`WTTS \]beS\RWUS\ ;SbV]RS\ TOaaS\ eW` W\ SW\S[ ¬ÖM‰W ‰™ÍjÁw?Wj  ‰Í?ÁMj‰ÍjÁ ?Í? P ‰Ä͑ ‰Í?ÁMj‰ÍjÁ w‰™a
®¯Ç

ÊʉÄÍj ?jÁ

‰Í?ÁMj‰ÍjÁ

‰Í?ÁMj‰ÍjÁ w‰™a® ‰™Í ¬jÁÄ!Á ¯Ç ÊÊ ‰Í?ÁMj‰ÍjÁ ãÖ ¬jÁÄ!Á ܝ‰a ajjÍj® ‰™Í ¬jÁÄ!Á ¯Ç

Êʐ ÄW†Í

ܝ‰a ‰™ÄjÁÍ®

ÊÊwÙ~Í

‰Í?ÁMj‰ÍjÁ ” ¯Ç

‰Í?ÁMj‰ÍjÁ ”‰Í ¬jÁÄ!Á ‰Í?ÁMj‰ÍjÁ ” j‰™

‰™Í ~jÍ Ö™Í®¯Ç

ÊÊ
™ã?† ajÁ

ܝ‰a Ö¬a?Íj®

ÊÊC™ajÁÍ

‰Í?ÁMj‰ÍjÁ ” ¯Ç

‰Í?ÁMj‰ÍjÁ

‰Í?ÁMj‰ÍjÁ

Q

hcaO[[S\ c\R dS`eS\RS\ W\ RS` /\eS\Rc\U OcaaQVZWSzZWQV ;SbV]RS\ RWSaSa 7\bS` TOQS 2S` /\eS\Rc\U eW`R hc` :OcThSWb SW\S Y]\Y`SbS >S`aWabS\h7[^ZS[S\bWS`c\U ºPS`USPS\ RWS c\bS`  ‰Í?ÁMj‰ÍjÁ ?Í? a?Í? `SUWab`WS`b eW`R ÍPS` RWSaS 7\ abO\h S`T]ZUS\ RO\\ RWS ;SbV]RS\OcT`cTS eWS W[ T]ZUS\RS\ /caaQV\Wbb RO`USabSZZb( ¬ÖM‰W W?ÄÄ +jÁĝ™?ÜjÁÝ?Í֙~ P ¬Á‰Ü?Íj  ‰Í?ÁMj‰ÍjÁ ?Í? a?Í?Ç ¬ÖM‰W +jÁĝ™?ÜjÁÝ?Í֙~®  ‰Í?ÁMj‰ÍjÁ ?Í? a?Í? ¯ P ͆‰Ä±a?Í? s a?Í?Ç Q ¬ÖM‰W ܝ‰a ”j™Öj®¯P Êʱ±± Ä݉ÍW†® W ¯P W?Äj À
À]

ÊÊ
™ãj‰~j™

‰Ä͑ ‰Í?ÁMj‰ÍjÁ  s a?Í?±w‰™a
®¯Ç Êʱ±± jÜ͐± ֔ĝÁ͉jÁj™ ܝ™  .ßÄÍj”±Öͱ¬Á‰™Í™®  ¯Ç MÁj?Ç W?Äj À!À]

ÊÊ !jÖ ?™j~j™

# 

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

Êʱ±±
MwÁ?~j™ ܝ™ ¬jÁÄ!Á^ ™?W†™?”j^ ܝÁ™?”j a?Í?±‰™ÄjÁÍ® ™jÝ

‰Í?ÁMj‰ÍjÁ®¬jÁÄ!Á^ ™?W†™?”j^ ܝÁ™?”j¯ ¯Ç

MÁj?Ç ±±±

2ORc`QV aW\R eW` VW\aWQVbZWQV Y]\Y`SbS` >S`aWabS\h[]RSZZS TZSfWPSZ c\R Yr\\S\ dS` aQVWSRS\S 7[^ZS[S\bWS`c\US\ SW\aSbhS\ SbeO E

‰j 2ObS\ eS`RS\ bS[^]`É` W\ SW\S` :WabS dS`eOZbSb c\R aW\R \OQV >`]U`O[[ S\RS \WQVb [SV` dS`TºUPO`) RWSa S\ba^`WQVb Tc\YbW]\OZ RS` DS`aW]\  c\R Wab \O bº`ZWQV YSW\ >S`aWabS\h[]RSZZ W[ SWUS\bZWQVS\ AW\\S 7[^ZS[S\bWS`c\U ‰Í?Áˆ Mj‰ÍjÁ ?Í?0j”¬¯

E

2WS 2ObS\ eS`RS\ W\ SW\S` :WabS dS`eOZbSb RWS ºPS` 2ObSWab`r[S aS`WOZWaWS`b c\R RSaS`WOZWaWS`b eW`R 6WS`hc [caa ‰Í?ÁMj‰ÍjÁ ROa 7\bS`TOQS .jÁ‰?‰ã?Mj W[^ZS[S\bWS`S\ 7[^ZS[S\bWS`c\U ‰Í?ÁMj‰ÍjÁ ?Í?‰j¯

E

F;:POaWS`bS :rac\US\) RWS 2ObS\ eS`RS\ W[ F;:4]`[Ob USa^SWQVS`b

E

2WS 2ObS\ eS`RS\ dWO 8201 W\ SW\S` 2ObS\PO\Y USa^SWQVS`b 2O[Wb PSTOaaS\ eW` c\a W\ RS` DS`aW]\ ! RSa >`]U`O[[a

3XT :[PbbT ‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™ 2O RWS >S`aWabS\haQVWQVb d]\ RS` /\eS\Rc\U d]ZZabÉ\RWU S\bY]^^SZb Wab YS\\b RWSaS OcQV YSW\S W[^ZS[S\bWS`c\Uaa^ShWTWaQVS\ /ca\OV[S\ C[ \WQVb U`c\RaÉbhZWQV OZZS 7\abO\hS\ d]\ ÞWj¬Í‰™ PSVO\RSZ\ hc [ºaaS\ ’ c\R RO[Wb RWS ;rUZWQVYSWb SW\S` eSWbS`S\ /ca\OV[S\bg^WaWS`c\U OcThcUSPS\ ’ S`abSZZS\ eW` SW\S SWUS\S /ca\OV[S YZOaaS ‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™ 9]\b`]ZZWS`bS /ca\OV[S\ RS` >S`aWabS\h 7[^ZS[S\bWS`c\U eS`RS\ R]`b OPUSTO\US\ c\R OZa ‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™ eSWbS`US`SWQVb eWS W\ T]ZUS\RS[ 1]RS/caaQV\Wbb RO`USabSZZb( ¬Á‰Ü?Íj ܝ‰a ÝÁ‰Íj ?Í?®¯

P

‰j a?Í? s ™jÝ ‰j®
0
Û ¯Ç #MŽjWÍ#ÖͬÖÍ.ÍÁj?” ÖÍs™ÖÇ ÍÁß P ÖÍ s ™jÝ #MŽjWÍ#ÖͬÖÍ.ÍÁj?”®™jÝ ‰j#ÖͬÖÍ.ÍÁj?”®a?Í?¯¯Ç ÖͱÝÁ‰Íj#MŽjWÍ®”‰ÄÍj¯Ç Q W?ÍW†® ‰j!ÍÖ™a ÞWj¬Í‰™ j ¯ P ͆ÁÝ ™jÝ

‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™® j ¯Ç

Q W?ÍW†® # ÞWj¬Í‰™ j ¯ P ͆ÁÝ ™jÝ

‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™® j ¯Ç

Q ±±±

3Pb 30>4]cfdaUb\dbcTa 2Oa d]\ c\a Rc`QVUSTºV`bS D]`USVS\ 2ObS\hcU`WTTS W\ SW\S[ 2ObS\hcU`WTTa=PXSQb 2ObO /QQSaa =PXSQb  2/= hc YO^aSZ\ T]ZUb W\ 5`c\RhºUS\ RS[ 2ObO /QQSaa =P XSQb3\bec`Ta[cabS` ROa OZa 1]`S 8 33 >ObbS`\ W\ IAC<#6K PSaQV`WSPS\ Wab

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]



#


7\ RWSaS` DS`aW]\ W[^ZS[S\bWS`S\ eW` ROa 7\bS`TOQS  ‰Í?ÁMj‰ÍjÁ ?Í? Rc`QV RWS 9ZOaaS ‰Í?ÁMj‰ÍjÁ ?Í?.,  RWS RS\ HcU`WTT OcT SW\S 6A?:202ObS\PO\Y [WbbSZa 8201 `SOZWaWS`b 2O eW` OczS` RS[ :ORS\ RSa B`SWPS`a YSW\S 2ObS\PO\Y a^ShWTWaQVS\ /YbWdWbÉbS\ Rc`QVTºV`S\ ZÉaab aWQV RO`Oca ZSWQVb SW\S US\S`WaQVS 8201 7[^ZS[S\bWS`c\U Tº` c\bS`aQVWSRZWQVS 2ObS\PO\YagabS[S S`abSZZS\ 3XT :[PbbT ‰Í?ÁMj‰ÍjÁ ?Í?., 2WS 7[^ZS[S\bWS`c\U ]`WS\bWS`b aWQV O\ RS` W\ 9O^WbSZ " RO`USabSZZbS\ Ab`cYbc` SW\Sa 8201>`]U`O[[a( 2Oa :ORS\ RS` B`SWPS`9ZOaaS S`T]ZUb SW\[OZWU W[ 9]\ab`cYb]` 7\ RS\ SW\hSZ\S\ ;SbV]RS\ eW`R \OQV RS[ DS`PW\Rc\UaOcTPOc RWS S\ba^`SQVS\RS A?:/\eSWac\U OcaUSTºV`b c\R O\aQVZWSzS\R ROa @SacZbOb dS`O`PSWbSb a]TS`\ [O\ SW\Sa S`eO`bSb 2WS @Saa]c`QS\ eS`RS\ W[ w‰™?ß0Z]QY T`SW USUSPS\ EW` abSZZS\ SfS[^ZO`WaQV RWS ;SbV]RS ajjÍj®¯ d]`( ¬ÖM‰W ܝ‰a ajjÍj® ‰™Í ¬jÁÄ!Á ¯ P

™™jW͉™ W™ s ™ÖÇ .Í?Íj”j™Í ÄÍ s ™ÖÇ ÍÁß P W™ s Á‰ÜjÁ ?™?~jÁ±~jÍ ™™jW͉™®aM2Á^ aM2ÄjÁ^ aM+?ÄÄÝa¯Ç ÄÍ s W™±WÁj?Íj.Í?Íj”j™Í®¯Ç .ÍÁ‰™~ Ķ s ¹  0 -#

0
- 0 - 8 - + -.!-s¹ ´ ¬jÁÄ!ÁÇ

ÄͱjÞjWÖÍj2¬a?Íj® Ķ ¯Ç Q W?ÍW†®., ÞWj¬Í‰™ j¯P ͆ÁÝ ™jÝ

‰Í?ÁMj‰ÍjÁ ?Í? ÞWj¬Í‰™®j¯Ç Q

w‰™?ßP Êʱ±±
ÖwÁC֔j™ Q Q

3a Wab XSR]QV aSV` W\STTWhWS\b PSW XSRS[ ;SbV]RS\OcT`cT SW\S \ScS 2ObS\PO\YdS` PW\Rc\U OcThcPOcS\ 3W\S /ZbS`\ObWdZrac\U abSZZS\ eW` W\ ÍPc\U #$ d]` 8]U^a\PcX^]T] id\ ?a^VaP\\PQ[PdU EWS W\ 9O^WbSZ " c\R RS\ hcUSVr`WUS\ ÍPc\US\ PSaQV`WSPS\ Wab d]` RS[ >`] U`O[[abO`b RWS 2ObSW †Ä¶aM±Ž?Á OZa SfbS`\S 8O`2ObSW W\ ROa >`]XSYb SW\hcPW\RS\ c\R RWS 2ObS\PO\Y Oca RS` 9]\a]ZS W[ AS`dS`;]RS hc abO`bS\( Ž?Ü? ˆW¬ ‘†Ä¶aMˆ7jÁãj‰W†™‰ÄÊ‰MʆĶaM±Ž?Á

Á~±†Ä¶aM±.jÁÜjÁ

4OZZa RWS BOPSZZS ;7B/@037B3@ \]QV \WQVb SfWabWS`b ZSUS\ eW` RWSaS ’ O[ 0SabS\ W[ 2ObOPOaS;O\OUS` ’ [WbbSZa T]ZUS\RS` A?:/\eSWac\U O\(

-
0 0
 0
- 0 ®+ -.!- !0  - +-
-:  :^ !
!

-®yå¯^ 7#-!

-®y寯

# !

!$



0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]


7\ RWSaS` DS`aW]\ hSWUS\ eW` O\ SW\S[ 0SWa^WSZ eWS 2ObS\PO\YB`O\aOYbW]\S\ ºPS` 8201 USabScS`b eS`RS\ Yr\\S\ 2Ohc eW`R RWS /\eS\Rc\U S`eSWbS`b c[ [SV`S`S ;WbO`PSWbS` [Wb hcaO[[S\VÉ\US\RS\ >S`a]\OZ\c[[S`\ O\ZSUS\ hc Yr\\S\ 3XT :[PbbT +jÁĝ™?ÜjÁÝ?Í֙~ 2S` /\eS\RS` eW`R PSW[ /\ZSUS\ d]\ ;WbO`PSWbS`\ \OQV RS` /\hOVZ RS` O\hcZSUS\ RS\ ;WbO`PSWbS` UST`OUb c\R UWPb O\aQVZWSzS\R \SPS\ OZZS\ S`a]\OZ\c[[S` RSa S`abS\ ;WbO`PSWbS`a SW\ 2WS ;WbO`PSWbS`W\abO\ hS\ eS`RS\ OZa 5O\hSa W\ 4]`[ SW\S` :WabS O\ RWS >S`aWabS\haQVWQVb ºPS`USPS\ ‰Ä͑ ‰Í?ÁMj‰ÍjÁ  s ™jÝ
ÁÁ?߉Ä͑ ‰Í?ÁMj‰ÍjÁ®¯Ç wÁ® ‰™Í ‰såÇ ‰‘WÖ™ÍÇ ‰´´ ¯P Êʱ±±
MwÁ?~j™ ܝ™ !?W†™?”j ֙a 7Á™?”j ±?aa® ™jÝ

‰Í?ÁMj‰ÍjÁ® ¬jÁÄ!Á´´^ ±±±^ ±±±¯ ¯Ç

Q a?Í?±‰™ÄjÁÍ®  ¯Ç

2Oa 7\bS`TOQS  ‰Í?ÁMj‰ÍjÁ ?Í? eW`R S`eSWbS`b c[ RWS ;SbV]RS ¬ÖM‰W ܝ‰a ‰™ÄjÁÍ® ‰Ä͑ ‰Í?ÁMj‰ÍjÁ  ¯Ç

3XT :[PbbT ‰Í?ÁMj‰ÍjÁ ?Í?., 2WS 7[^ZS[S\bWS`c\U d]\ ‰™ÄjÁÍ®¯ TºV`b RS` @SWVS \OQV S\ba^`SQVS\R dWSZS SW\ hSZ\S 7
‰Í?ÁMj‰ÍjÁ ”] ¯P

ÊÊ ÍjÁ‰jÁj™ ֙a j‰™ãj™ j‰™wÙ~j™

ÄͱjÞjWÖÍj2¬a?Íj®¹!. -0 !0#

0
- 0 - 7
2 . ¹ ´ ” ±±± ¯Ç

Q

6WS`PSW YO\\ ROa >`]PZS[ OcTb`SbS\ ROaa SW\S >S`a]\OZ\c[[S` Rc`QV SW\S\ PS`SWba USa^SWQVS`bS\ 2ObS\aObh PSZSUb Wab c\R RWS /caTºV`c\U RS` 7`]PZS[ ZWSUb \WQVb W[ /PP`cQV ’ SW\ a]ZQVS` Y]\\bS PWaZO\U PSW[ /\ZSUS\ SW\Sa SW\hSZ\S\ ;WbO`PSWbS`a OcQV aQV]\ OcTb`SbS\ ’ a]\RS`\ RO`W\ ROaa RWSa \WQVb PSW[ S`abS\ ;WbO`PSWbS` ^OaaWS`b c\R O\RS`S PS`SWba O\USZSUb ec`RS\ 7\ RWSaS[ 4OZZ eÉ`S Sa \WQVb [SV` [rUZWQV RWS >S`a]\OZ\c[[S`\ Tº` OZZS ;WbO`PSWbS` Y]\bW\cWS`ZWQV hc dS`USPS\ C[ \c\ aWQVS`hcabSZZS\ ROaa T]cfTSTa P[[T 7
‰Í?ÁMj‰ÍjÁ ”] ¯

ÄͱjÞjWÖÍj2¬a?Íj® ¹!. -0 ±±±¹ ¯Ç ÊÊ ‰ÍjÁ?͉Üj !. -0Ä W™±W””‰Í®¯Ç

ÊÊ ””‰Í

Q W?ÍW†® ., ÞWj¬Í‰™ j ¯ P W™±ÁM?W®¯Ç Q

ÊÊ -M?W

!$



0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

# "

'[YHROIQ

7\ RS\ PWaVS`WUS\ C\bS`YO^WbSZ\ ec`RS aQV`WbbeSWaS Oca SW\S[ []\]ZWbVWaQVS\ Ag abS[ SW\S [SV`PS\cbhS`TÉVWUS 2ObS\PO\YPOaWS`bS 1ZWS\bAS`dS`/\eS\Rc\U S`abSZZb 2O RWS 1ZWS\ba RW`SYb RWS 2WS\abS RSa 2ObS\PO\YaS`dS`a W\ /\a^`cQV \SV[S\ a^`WQVb [O\ d]\ SW\S[ ifTXbcdUXVT] 2[XT]cBTaeTa;]RSZZ dUZ /PP #!

/\eS\Rc\U

5C7

‰j™Í

8201

/\eS\Rc\U

5C7

‰j™Í

20;A

0QQ !$") HeSWabcTWUS 1ZWS\bAS`dS`/`QVWbSYbc` 3W\S a]ZQVS /`QVWbSYbc` hWSVb heO\UaZÉcTWU \OQV aWQV RWS 7\bSZZWUS\h RSa 5SaO[baga bS[a d]`eWSUS\R W[ 1ZWS\b hc W[^ZS[S\bWS`S\ 2WSa PSb`WTTb RWS ;S\ºTºV`c\U RWS U`OTWaQVS /cTPS`SWbc\U RS` 2ObS\ PSW ]`RS\bZWQVS\ 4`]\bS\Ra c\R RWS 7\bS`OYbW]\a Z]UWY [Wb RS[ 3\RPS\cbhS` OPS` OcQV RWS PSb`WSPaeW`baQVOTbZWQVS :]UWY RS` /\eS\ Rc\U 5SaQVÉTbaZ]UWY A] eÉ`S\ PSW SW\S` >S`a]\OZdS`eOZbc\U [Wb C`ZOcPa^ZO\c\U \SPS\ RS[ S\ba^`SQVS\RS\ 5SaQVÉTba^`]hSaa 0SO\b`OUc\U ’ >`ºTc\U ’ 5S\SV[W Uc\U/PZSV\c\U SW\Sa /\b`OUa OcQV 9]\aWabS\h^`ºTc\US\ O\USb`SbS\S` C`ZOcP RO`T \WQVb ab]`\WS`b eS`RS\) YSW\S ºPS`ZO^^S\RS\ C`ZOcPa^S`W]RS\ SbQ W[ 1ZWS\b hc W[ ^ZS[S\bWS`S\ 2WSa TºV`b hc aQVeS`TÉZZWUS\ 1ZWS\ba UPc R[XT]c RWS \WQVb \c` aQVeS` hc eO`bS\ aW\R a]\RS`\ PSW XSRS[ DS`aW]\aeSQVaSZ OcaUSbOcaQVb eS`RS\ [ºaaS\ 0SW RS` SaTXbcdUXVT] 2[XT]cBTaeTa/`QVWbSYbc` eW`R SW\S hcaÉbhZWQVS [WbbZS`S 3PS\S SW\USh]US\ c[ RWS >`ÉaS\bObW]\aSPS\S d]\ RS` >S`aWabS\hSPS\S hc S\bY]^^SZ\ 2WSaS 3PS\S Wab Rc`QV SW\S\ a] US\O\\bS\ 0]fT]Sd]VbbTaeTa /^^ZWYObW]\aaS`dS` `SOZWaWS`b dUZ /PP #" RS` aWQV W\ RS` @SUSZ OcT SW\S[ aS^O`ObS\ @SQV\S` PSTW\ RSb 2WSaS AQVWQVb PWSbSb @Oc[ c[ RWS /\eS\Rc\UaZ]UWY O\ hS\b`OZS` AbSZZS hc Y]\ hS\b`WS`S\ c\R aQVOTTb hcaÉbhZWQV C\OPVÉ\UWUYSWb VW\aWQVbZWQV RS` dS`eS\RSbS\ 1ZWS\b c\R 2ObS\PO\Y>ZObbT]`[S\ RO aWQV RWSaS \c` ºPS` RWS dS`[WbbSZ\RS ;WRRZS eO`S eOV`\SV[S\ c\R ROVS` SW\TOQVS` O\USPc\RS\ eS`RS\ Yr\\S\ C[ ROa >S`a]\OZdS`eOZbc\Ua^`]U`O[[ hc SW\S` R`SWabcTWUS\ 1ZWS\bAS`dS` /\eS\Rc\U OcahcPOcS\ abSVS\ c\a Oca RS\ d]`O\USUO\US\S\ 9O^WbSZ\ 8OdO A]QYSba c\R @S[]bS ;SbV]R 7\d]QObW]\ @;7 PS`SWb RWS OZa ;WRRZSeO`S>`]b]Y]ZZS

# #

!$

0dbVTfÊW[cT 0]fT]Sd]VbbiT]PaXT]

heWaQVS\ 1ZWS\b c\R /\eS\Rc\UaaS`dS` W\ 4`OUS Y][[S\ 7\ ÍPc\U #% eS`RS\ eW` O\aObheSWaS SW\ a]ZQVSa AhS\O`W] ^`ÉaS\bWS`S\

5C7

‰j™Í

/\eS\Rc\U

@;7 A]QYSba 1=@0/ 6BB>

A?:<Sb

20;A

8201 

5C7

‰j™Í


™Ýj™a֙~Ĉ ÄjÁÜjÁ

0QQ !$#) 2`SWabcTWUS 1ZWS\bAS`dS`/`QVWbSYbc` 3W\S eSWbS`S BSQV\]Z]UWS eW`R [Wb RS[ 6BB>>`]b]Y]ZZ `SOZWaWS`b ºPS` ROa SW\ ESP P`]eaS` PSW SW\S[ ESPaS`dS` 6B;:2]Yc[S\bS O\T]`RS`b c\R RWSaS [WbVWZTS SW\Sa 7\bS`^`SbS`a U`OTWaQV RO`abSZZb ;Wb RS[ 0`]eaS` Y][[b ROPSW YSW\ 8OdO>`]U`O[[ a]\RS`\ SW\S c\WdS`aSZZS d]\ RS` SWUS\bZWQVS\ /\eS\Rc\U c\OPVÉ\UWUS c\R OcT c\bS`aQVWSRZWQVabS\ >ZObbT]`[S\ dS`TºUPO`S aQVZO\YS 1ZWS\bA]TbeO`S hc[ 3W\aObh 0SW a]ZQVS\ 2ObS\PO\YPOaWS`bS\ FTQP]fT]Sd]VT] PSabSVb OcT RS` ASWbS RSa ESP aS`dS`a ºPS` ROa 1][[]\ 5ObSeOg 7\bS`TOQS 157 RWS ;rUZWQVYSWb [Wb AY`W^ba^`O QVS\ h0 >S`Z >6> ]RS` OcaTºV`PO`S\ >`]U`O[[S\ /\eS\Rc\UaZ]UWY c\R 2ObS\ PO\YhcU`WTTS hc W[^ZS[S\bWS`S\ 2S` AS`dS` S`VÉZb [Wb RS[ @S_cSab RSa 0`]eaS`a 7\T]`[ObW]\S\ ºPS` ROa OcahcTºV`S\RS AY`W^b c\R aQVWQYb RWSaS[ SW\ [Wb RS[ AY`W^b Rg\O[WaQV S`hScUbSa 6B;:2]Yc[S\b OZa @Sa^]\aS hc`ºQY 2O Tº` XSRS 157 /\T]`RS`c\U SW\ AY`W^b7\bS`^`SbS` W\ SW\S[ aS^O`ObS\ >`]hSaa USabO`bSb eW`R abrzb RWSaSa DS`TOV`S\ c\bS` V]VS` 0SZOabc\U POZR O\ aSW\S 5`S\hS\ hc[OZ RWS Ag\QV`] \WaObW]\ RS` HcU`WTTS OcT US[SW\aO[S 2ObS\ [WbbSZa AY`W^ba^`OQVS\ \c` c\PST`WSRW US\R hc `SOZWaWS`S\ Wab 2WS 9PeP BTae[TcBSQV\]Z]UWS S`ZOcPb SW\S STTWhWS\bS AS`dS`aSWbWUS /caTºV`c\U d]\ 8OdO>`]U`O[[S\ RWS ºPS` RWS AS`dZSb/>7 S\U O\ RS\ ESPaS`dS` USY]^^SZb aW\R 2O[Wb Yr\\S\ Tº` RWS 7[^ZS[S\bWS`c\U O[ AS`dS` OZZS D]`hºUS RS` A^`OQVS 8OdO SW\USaSbhb eS`RS\ ;Wb RS` 9PeP ! ?[PcU^a\ 4]cTa_aXbT 4SXcX^] 9!44  9PeP 44 A^ShWTWYObW]\ abSVb SW\ AbO\RO`R Tº` 8OdOPOaWS`bS c\bS`\SV[S\aeSWbS ESPO\eS\ Rc\US\ hc` DS`TºUc\U RS` 1ZWS\baSWbWUS eWS AS`dS`aSWbWUS 9][^]\S\bS\ c[TOaab c\R dS`aQVWSRS\S 2WS\abS 
2OZKXGZ[X\KX`KOINTOY 1¶RWTa I/0B"K

/Pba 2WSb[O`( 5`c\RYc`a 8OdO DWSeSU "

I/0;"K

/Pba 2WSb[O`) ;ºZRS` EWZVSZ[( 5`c\RYc`a EW`baQVOTbaW\T]`[ObWY DWS eSU "

I/@<K

/`\]ZR 9S\) 5]aZW\U 8O[Sa) 6]Z[Sa 2OdWR( 2WS >`]U`O[[WS`a^`OQVS 8OdO /RRWa]\ESaZSg 

I03<"K

0S\USZ 5º\bVS`( 5`c\RYc`a DS`bSWZbS AgabS[S DWSeSU "

I0:="K

0Z]QV 8]aVcO( 3TTSQbWdS 8OdO /RRWa]\ESaZSg "

I236!K

2SV\VO`Rb E]ZTUO\U( 8OdO c\R 2ObS\PO\YS\ 6O\aS` !

I3A1 K

3aQVeSWZS` ASPOabWO\( 8OdO

I3AA#K

3aaS` 4`WSR`WQV( 8OdO # W[ 3W\aObh 5OZWZS] >`Saa #

I4@7 K

4`WbhS 8r`U) ;O`aQV 8º`US\( 3`T]ZU`SWQVS 2ObS\PO\YO\eS\Rc\U [Wb A?:! DWSeSU  

I6/;#K

6O[[S`aQVOZZ CZ`WYS( DS`bSWZbS AgabS[S c\R /\eS\Rc\US\ >SO`a]\ #

I6/E K

6OeZWbhSY 4Z]`WO\( <Wbbg 5`Wbbg 8OdO  /RRWa]\ESaZSg  

I6=@ K

6]`\ 3`WYO) @SW\YS BV][Oa( A]TbeO`SO`QVWbSYbc` c\R A]TbeO`SPOcSZS [S\bS 6O\aS`  

I8=0 K

8]Pab 4`Wbh( >`]U`O[[WS`S\ W\ 8OdO 6O\aS`  

I9C3#K

9ºQVZW\ E]ZTUO\U) ESPS` /\R`SOa( 3W\TºV`c\U W\ RWS 7\T]`[ObWY A^`W\US` #

I:=7#K

:]cWa 2W`Y) ;ºZZS` >SbS`( 8OdO # 9][^S\RWc[ ;O`Yb c\R BSQV\WY "

I;3@"K

;S`YS` 3`eW\( 5`c\RYc`a 8OdOBSQV\]Z]UWS\ DWSeSU "

I;3G'%K

;SgS` 8]\) 2]e\W\U B`]g( 8OdO DW`bcOZ ;OQVW\S =@SWZZg ''%

I;72 K

;WRRS\R]`T AbSTO\) AW\US` @SW\S`( 8OdO  >`]U`O[[WS`VO\RPcQV c\R @STS`S\h Tº` RWS 8OdO >ZObbT]`[ R^c\Yb  

I;=3#K

;raaS\PrQY 6O\a^SbS`( A^`SQVS\ AWS 8OdO- R^c\Yb #

I=31K

=SQVaZS @OW\S`( >O`OZZSZS >`]U`O[[WS`c\U [Wb 8OdO BV`SORa 6O\aS` 

I=3A"K

=SabS`SWQV 0S`\R( /\OZgaS c\R 2SaWU\ [Wb RS` C;: "

I>=;#K

>][OaYO 5º\bS`( 5`c\RYc`a ESP>`]U`O[[WS`c\U DWSeSU #

I@/B!K

@Obh 2WSb[O`) AQVSTTZS` 8S\a) ASSaS 2SbZST) EWSaS\PS`US` 8O\( 5`c\R Yc`a >`]U`O[[WS`S\ W\ 8OdO 0O\R  6O\aS` !

;WQ`] 3RWbW]\ d[W 0cQV  

 =ZRS\P]c`U

# %

;XcTaPcdaeTaiTXRW]Xb

I@/B"K

@Obh 2WSb[O`) AQVSTTZS` 8S\a) ASSaS 2SbZST( 5`c\RYc`a >`]U`O[[WS`S\ W\ 8OdO 0O\R  6O\aS` "

I@/C K

@OcV =bb]( =PXSYb]`WS\bWS`bS >`]U`O[[WS`c\U W\ 8OdO DWSeSU  

I@31K

@SQVS\PS`U >SbS`( EOa Wab 7\T]`[ObWY- 6O\aS` 

IA// K

AOOYS 5c\bS`) AObbZS` 9OWCeS( /ZU]`WbV[S\ c\R 2ObS\ab`cYbc`S\ R^c\Yb  

IA=: K

A]Zg[]aW /\R`SOa) 5`cRS CZ`WQV( 5`c\RYc`a /ZU]`WbV[S\ c\R 2ObS\ ab`cYbc`S\ W\ 8OdO DWSeSU  

@dT[[T] X\ 8]cTa]Tc I31:$K

BVS 3QZW^aS 4]c\RObW]\( 3QZW^aS  O\ ]^S\ RSdSZ]^[S\b ^ZObT]`[ †Íͬ]ÊÊÝÝݱjW‰¬Äj±Á~

I231%K

2SQY 9ZOca5S]`U) <ScS\R]`T 6S`PS`b( 8OdO5`c\RYc`a Tº` EW`b aQVOTbaW\T]`[ObWYS` ESPAWbS hc[ 0cQV †Íͬ]ÊÊÝÝݱŽ?Ü?ˆÝ‰±aj

I6A?:20K

BVS Va_ZRP 2SdSZ]^[S\b 5`]c^( BVS \Se 6A?:20 †Íͬ]ÊʆĶaM±Á~

I9: OK

9`STb 9ZOca) :O\US` /\USZWYO( =PXSYbdS`UZSWQV( EWS eO\\ c\R eO`c[ W[^ZS[S\bWS`b [O\ RWS S_cOZa;SbV]RS- BSWZ  c\R  8OdO A^SYb`c[ 8O\cO`  c\R ;É`h   /cahcUaeSWaS ]\ZW\S dS`TºUPO` c\bS` †Íͬ]ÊÊÝÝݱ?™~j‰??™~jÁ±W”Ê
Á͉WjÄÊ?Ü?.¬jÍÁ֔±†Í”

I9: PK

9`STb 9ZOca) :O\US` /\USZWYO( 6OaV1]RS0S`SQV\c\U( EWS eO\\ c\R eO`c[ W[^ZS[S\bWS`b [O\ RWS VOaV1]RS;SbV]RS- 8OdO A^SYb`c[ ;OW   /cahcUaeSWaS ]\ZW\S dS`TºUPO` c\bS` †Íͬ]ÊÊÝÝݱ?™~j‰??™~jÁ±W”Ê
Á͉WjÄÊ?Ü?.¬jÍÁ֔±†Í”

I9: QK

9`STb 9ZOca) :O\US` /\USZWYO( =PXSYbDS`UZSWQV [WbbSZa 1][^O`Ob]`S\( EWS eO\\ c\R eO`c[ W[^ZS[S\bWS`b [O\ RWS Q][^O`SB];SbV]RS8OdO A^SYb`c[ 8cZW   /cahcUaeSWaS ]\ZW\S dS`TºUPO` c\bS` †Íͬ]ÊÊÝÝݱ?™~j‰??™~jÁ±W”Ê
Á͉WjÄÊ?Ü?.¬jÍÁ֔±†Í”

I:/<"K

:O\US` /( 8OdO 5S\S`WQa RWdS`aS 0SWb`ÉUS /^`WZ "  8c\W # =\ZW\S c\bS` †Íͬ]ÊÊÝÝݱ?™~j‰??™~jÁ±W”Ê
Á͉WjÄÊ0¬‰Wı†Í”œ
7


IAC<#/K

Ac\ ;WQ`]agabS[a( 829 # 2]Qc[S\bObW]\ †Íͬ]Êʎ?Ü?±Ä֙±W”ÊŽÔÄjʤ±y±åÊaWÄ

IAC<#0K

Ac\ ;WQ`]agabS[a( <Se 4SObc`Sa O\R 3\VO\QS[S\ba 8 A3 # †Íͬ]Êʎ?Ü?±Ä֙±W”ÊŽÔÄjʤ±y±åÊaWÄÊÁj™ÍjÄÊwj?ÍÖÁjı†Í”

IAC<#1K

Ac\ ;WQ`]agabS[a( 8OdO

>ZObT]`[ AbO\RO`R 3Rb # />7 A^SQWTWQObW]\

†Íͬ]Êʎ?Ü?±Ä֙±W”ÊŽÔÄjʤ±y±åÊaWÄÊ?¬‰

IAC<#2K

Ac\ ;WQ`]agabS[a( 829 B]]Za O\R CbWZWbWSa †Íͬ]Êʎ?Ü?±Ä֙±W”ÊŽÔÄjʤ±y±åÊaWÄÊ͝aWÄ

;XcTaPcdaeTaiTXRW]Xb IAC<#3K

# &

Ac\ ;WQ`]agabS[a( 8OdO A3  8OdO 2ObOPOaS 1]\\SQbWdWbg 8201 †Íͬ]Êʎ?Ü?±Ä֙±W”ÊŽaMW

IAC<#4K

Ac\ ;WQ`]agabS[a 0Z]QV 8]aV( BVS 8OdO Bcb]`WOZa  B`OWZ( 1]ZZSQbW]\a †Íͬ]Êʎ?Ü?±Ä֙±W”ÊaWÄÊMÄÊÍÖ͝Á‰?ÊWjW͉™Ä

IAC<#5K

Ac\ ;WQ`]agabS[a 5]aZW\U 8O[Sa) 8]g 0WZZ) AbSSZ 5cg) 0`OQVO 5WZOR( BVS 8OdO :O\UcOUS A^SQWTWQObW]\ BVW`R 3RWbW]\ †Íͬ]Êʎ?Ü?±Ä֙±W”ÊaWÄÊMÄʎÄ

9INRGM]UXZ\KX`KOINTOY 0 ?MÄÍÁ?WÍ & OPab`OYbS 9ZOaaS & OPab`OYbS ;SbV]RS & /PeSWaaQVZSWTS %% ?WWj¬Í®¯ !&! ?aa®¯ !!% !" ?aa
®¯ !" OYbcSZZS >O`O[SbS` ' /ZU]`WbV[ca ! %! /\]\g[S =PXSYbS %! /\eSWac\U $ /`QVWbSYbc` !# !$ O`WbV[SbWaQVS =^S`Ob]`S\ $ /``Og &# /``OgW\RSf &%
ÁÁ?߉ÄÍ !!& !"& /aa]hWObW]\ ! ! /bb`WPcb # /cThÉVZc\Uabg^S\ !  /caR`cQY #' OcaTºV`PO`S 9ZOaaS !& /caTºV`c\Ua`SWVS\T]ZUS $& /ca\OV[S\ $! /cb]P]fW\U !"

1 0OaWaTOZZ $ 0OaWaYZOaaS % 0Oc[ &$ ! PSRW\Ub OcaeS`bS\RS =^S`Ob]`S\ $" 0SRW\Uc\Ua]^S`Ob]` $ 0ShSWQV\S` !! ‰~™Íj~jÁ !' 0W\É`POc[ &$ !! PW\É`S AcQVS %% M‰™?Áß.j?ÁW†®¯ !"' 0W\RW\U !&' 0Wb]^S`Ob]`S\ $ 0Z]QY  !' ! Mj?™ "'

j?™ ! 0]fW\U !" MÁj? %# & 0cPPZSA]`b %' ÖwwjÁja™¬ÖÍ.ÍÁj?” !%" ÖwwjÁja#ÖͬÖÍ.ÍÁj?” !%" ÖwwjÁja-j?ajÁ !%" ÖwwjÁja8Á‰ÍjÁ !%" MßÍj "# ßÍj ! 0gbSQ]RS  '

2 1OZZ 0g @STS`S\QS %# 1OZZ 0g DOZcS $ W?Äj %" QOaS aS\aWbWdS !! 1Oab #$ ! W†?Á "&

†?Á?WÍjÁ ! W?ÄÄ " 1ZOaa :]ORS` ! 1ZOaa4WZS ' QZOaa^ObV ! #& Wj?Á®¯ !"% 1ZWS\b "$ !%' 1ZWS\bAS`dS` ' WÄj®¯ !%!

jW͉™ !"$ 1]ZZSQbW]\ 4`O[Se]`Y !!%

”¬?Á?Mj !!

”¬?Á?͝Á !!$ W”¬?Áj®¯ !!$ W”¬?Áj0®¯ !! 1][^WZS` $ 1][^WZShSWb %

™™jW͉™ !'# W™Í?‰™Ä®¯ !" W™Í‰™Öj &

-
0 !'" WÖÁÁj™Í0†Áj?a®¯ !#'

#!

BRW[PVf^aceTaiTXRW]Xb ‰j !%% ‰j™¬ÖÍ.ÍÁj?” !%" ‰j#ÖͬÖÍ.ÍÁj?” !%" w‰™? #  %  TW\OZS 9ZOaaS  TW\OZS ;SbV]RS  w‰™?‰ãj®¯ $"  w‰™?ß $% 4W`SeOZZ !& TZOQVS 9]^WS % 4ZWSzY][[Obg^ "$ w?Í "$ ?Í ! wÖĆ®¯ !% wÁ %' T]`[OZS >O`O[SbS` ' 4]`[ObWS`c\U " wÁ!?”j®¯ !'#

3 2O\UZW\U SZaS %! 2ObS\PO\YagabS[ !'! 2ObS\ab`cYbc`S\ %! &# 2ObS\bg^ # ajw?ÖÍ %# 2SYZO`ObW]\ "" $ 2SY`S[S\b $  0 !'" 2Wab`WPcbW]\A]`b & 2
&#

4 3QZW^aS ! 3W\TOQVdS`S`Pc\U % jÄj % 3\RZ]aaQVZSWTS %% &" S\VO\QSR T]`Z]]^ !"# S\bTS`\bS ;SbV]RS\ !%' j™Ö” !  j¶Ö?Ä®¯ ! !

ÁÁÁ $' S`eSWbS`bS T]`AQVZSWTS && !"# 3aQO^SAS_cS\h "'

ÞWj¬Í‰™ $! jÞjWÖÍj®¯ !'% jÞjWÖÍj,ÖjÁß®¯ !'$ jÞjWÖÍj2¬a?Íj®¯ !'% Sf^ZWhWbS` 7[^]`b #$ 3f^]`b #! jÞÍj™aÄ &

6 5O\hhOVZ !$ 5O\hhOVZbg^ "# 5O`POUS 1]ZZSQbW]\ % 5O`POUS1]ZZSQbW]\ $" 5SVSW[\Wa^`W\hW^ "$ 5S\S`WQa !# 5S\S`WaQVS 2ObS\ab`cYbc` '# 5S\S`WaQVS ;SbV]RS '$ US\S`WaQVS ;SbV]RS\ !# US\S`WaQVS >`]U`O[[WS`c\U !& US\S`WaQVS Bg^S\ !# ~jÍ®¯ !" !"& ~jÍ ß!?”j®¯ !& ~jÍ ?ÄÄ®¯ ! # ~jÍ ™™jW͉™®¯ !'# ~jÍ jÍ? ?Í?®¯ !'& 5ZSWQVVSWb $ 5ZSWbY][[OhOVZ !$ UZ]POZS DO`WOPZS  5`O[[ObWY #'

7 5 w?Äj #

6OaV1]RS $  ! & †?Ć aj®¯ ! & ?Ć ?¬ !"'

BRW[PVf^aceTaiTXRW]Xb ?Ć.jÍ !"' †?Ä!jÞÍ®¯ !"! 6SO^   #" 6SfORShW[OZhOVZ !$ 6]ab
8 ‰w % j~?.Í?Íj ÞWj¬Í‰™ !"" ‰”¬j”j™ÍÄ " W[^ZWhWbS` 7[^]`b ## ‰”¬ÁÍ # ‰”¬ÁÍ ÄÍ?͉W $ ™jÍ
aaÁjÄÄ !%' 7\TWf<]bObW]\ #' 7\T]`[ObW]\ 6WRW\U "$ 7\VS`WbO\QS # 7\WbWOZWaWS`c\U "" % 7\Y`S[S\b $ W\\S`S 9ZOaaS !"" W\]`RS` !& ™¬ÖÍ.ÍÁj?” !%! !. -0 !'" ‰™ÄÍ?™Wjw !" 7\abO\h # 7\abO\hWWS`c\U $ ‰™Í "# ™Íj~jÁ ! ‰™ÍjÁw?Wj " 7\bS`^`SbS` $ ‰™Í7?Öj®¯ !# #±Ž?Ü? "  # 7>/R`SaaS !%' 7abSW\@SZObW]\ % ÍjÁ?͝Á !"! 7bS`Ob]`9]\hS^b !"!

9 8 A29 $ 8 A3 % 8OdO 1]ZZSQbW]\ 4`O[Se]`Y !!% 8OdO 2ObOPOaS 1]\\SQbWdWbg !'!

#! 8OdO 2SdSZ]^[S\b 9Wb $ 8OdO ZOc\QVS` ! 8OdO DW`bcOZ ;OQVW\S &  Ž?Ü?±?™~ " # %& # Ž?Ü?±Ö͉±
ÁÁ?ßÄ ' Ž?Ü?W ! Ž?Ü?aW !% 8OdOA]QYSba !%' 8201 !'! 829 $ Ž‰™®¯ !#% 8cab 7\ BW[S 1][^WZObW]\ ! 8D; &

: 9O^aSZc\U "  9ZO[[S`Y][[S\bO` !% 9ZOaaS !&  9ZOaaS\[SbV]RS\ # 9ZOaaS\dO`WOPZS\ "& 9\]bS\ &# &$ 9][[S\bO` % !% 9]\abO\bS " # 9]\ab`cYb]` %    ! 9]\b`]ZZTZcaa % 9]\b`]ZZab`cYbc`S\ & %

; :OPSZ &! :OcTdO`WOPZS %% :OcThSWb % :OcThSWbc[USPc\U & :SPS\aROcS` #" j™~͆ && '# ZW\SO`S AcQVS %# ‰™ja‰ÄÍ !!% !"& :WaVY]d AcPabWbcbW]\ >`W\QW^ZS ‰ÄÍ !"$ :WbS`OZ !% "# #' Z]QOZV]ab !& Z]UWaQVS =^S`Ob]`S\ $ Z]UWaQVSa 3\beSRS`=RS` $" Z]UWaQVSa =RS` $" Z]UWaQVSa C\R $! Z]YOZS DO`WOPZS 

"

#!!

BRW[PVf^aceTaiTXRW]Xb

Z]\U "# ™~ ! :]]Yc^ !&' Z]abc^RObS >`]PZS[ !$#

=YbOZhOVZ !$ =^S`Ob]` #' #ÖͬÖÍ.ÍÁj?” !%! =dS``WRW\U #

<

?

”?‰™®¯ !  !' # ?¬ !"$ ;OaQVW\S\a^`OQVS " ;/FMD/:C3 !# [SV`RW[S\aW]\OZS /``Oga '" ;SV`TOQVdS`S`Pc\U % ! ;SbV]RS &% ;SbV]RS\Y]^T &% &' ;SbV]RS\`c[^T && ;WRRZSeO`S !%' !Û7
2 !# ;]RSZ DWSe 1]\b`]ZZS` !# ;]RWTWhWS`S` $ ;]RcZO`WaWS`c\U  " ;]\Wb]` !$$

¬?W?~j # >OYSb # >O`O[SbS`ZWabS ' >S`aWabS\h !%# >ZObbT]`[c\OPVÉ\UWUYSWb  >]Zg[]`^VWS ' >]`ba !%' >]abTWf<]bObW]\ #' ^]ab]`RS` !' >`ÉTWf<]bObW]\ #' ^`S]`RS` !& ¬Á‰Ü?Íj !' #' >`]U`O[[WS`a^`OQVS\ $ ¬ÁÍjWÍja !' #' >`]hSaaS !#! >aScR]Q]RS & ¬ÖM‰W !' #' ¬ÖÍ®¯ !"&

=
> =PS`YZOaaS $ #MŽjWÍ  #MŽjWÍ™¬ÖÍ.ÍÁj?” !%# #MŽjWÍ#ÖͬÖÍ.ÍÁj?” !%# =PXSYbS  =PXSYbS`hScUc\U # =PXSYb]`WS\bWS`c\U  

@ ?cSZZQ]RS # ?cScS '& ! !"$ ?cWQYA]`b &

A @OcbS\^`]PZS[ ! `Oe bg^S !# Áj?a®¯ !%! -j?ajÁ !% `SORS`e`WbS`>`]PZS[ !$& Áj?a#MŽjWÍ®¯ !%$ @STS`S\hbg^ #' `SUWabS`SR ^]`ba !& @SYc`aW]\ ' `SZObW]\OZS =^S`Ob]`S\ $ `SZObW]\OZSa 2ObS\PO\YagabS[ !'! @S[]bS 7\bS`TOQS !&'

BRW[PVf^aceTaiTXRW]Xb @S[]bS ;SbV]R 7\d]QObW]\ !%' Áj”Üj®¯ !" Áj”Üj
®¯ !"% -jÄ֐Í.jÍ !'$ -jÄ֐Í.jÍ jÍ? ?Í? !'& ÁjÍ?‰™
®¯ !"% ÁjÍÖÁ™ '! @;7 !%' @;7@SUWab`g !&' @ºQYUOPSeS`b &' Á֙®¯ !## -֙™?Mj !#& -͉֙”j ÞWj¬Í‰™ %

B AQVZSWTS\ %$ AQVZSWTS\OPP`cQV & AQVZSWTS\Yr`^S`  AQVZºaaSZ !'! AQVZºaaSZe]`bS !" AQV\WbbabSZZS &' "# " ASQc`Wbg;O\OUS` !' .  0 !'" AS[O\bWY !! AS`WOZWaWS`c\U !%# .jÁ‰?‰ã?Mj !%$ AS`dS` "$ !%' .jÁÜjÁ.WjÍ !& .jÍ !"$ ASb c\R 5Sb;SbV]RS\ " ƝÁÍ "# .†ÁÍ ! AWQVbPO`YSWb ! " AWU\Obc` &' ĉãj®¯ !" .WjÍ !& A]QYSb/>7 !& A]QYSba !%' A]TbeO`S3\UW\SS`W\U  ĝÁÍ®¯ !"' .ÁÍja ?¬ !"% .ÁÍja.jÍ !"% A]`bWS`OZU]`WbV[S\ %' a^ÉbS 0W\Rc\U !# A^SWQVS`ZSQY $! A^S``S !$$ A^`c\UO\eSWac\U &

#!" A?: !'" AbOQY '& '' AbO\RO`RRObS\bg^S\ "# AbO\RO`RY]\ab`cYbc`  AbO\RO`R^OYSb # ÄÍ?ÁÍ®¯ !#" .Í?Íj”j™Í !'# ÄÍ?͉W "% abObWaQVS /bb`WPcbS "& abObWaQVS ;SbV]RS\ # abObWaQVS` 7[^]`b $ AbSZZdS`b`SbS` !&& AbScS`TZcaa % ab`SO[a !% .ÍÁ‰™~ # %& .ÍÁ‰™~ ÖwwjÁ %' Ab`r[S !% AbcP !&& AcQVOZU]`WbV[S\ %# ÄÖ¬jÁ $ ÄÖ¬jÁ®¯  Ä݉ÍW† %" Ag\QV`]\WaObW]\ !#! !$# ÄߙW†Á™‰ãja !$$ Ag\bOf !! .ßÄÍj”±?ÁÁ?ßW¬ß®¯ ' .ßÄÍj”±jމͮ¯ &" .ßÄÍj”±~W®¯ $# .ßÄÍj”±Öͱ¬Á‰™Í™®¯ "

C B1>7> !%' ͆‰Ä % ͆‰Ä®¯  # 0†Áj?a !#" BV`SORa !#! ͆ÁÝ $& 0†ÁÝ?Mj $' ͆ÁÝÄ % bWSTS 9]^WS % BWSTS\Rc`QVZOcT !& ͝
ÁÁ?ß®¯ !"% ͝.ÍÁ‰™~®¯ &  ÍÁ?™Ä‰j™Í !%% 0Ájj ?¬ !"' 0Ájj.jÍ !"' ÍÁÖj #

#!#

BRW[PVf^aceTaiTXRW]Xb

ÍÁ߈W?ÍW† $# Bg^WaWS`c\U "! Bg^Y][^ObWPWZWbÉb #! Bg^Y]\dS`bWS`c\U #" Bg^^`ºTc\U "! #!

DS`UZSWQVa]^S`Ob]`S\ $ DS`YSbbS\ &# dS`YSbbSbS :WabS &# && DS`heSWUc\U & % ܝ‰a &' '!

D

F

ÍPS`ZORS\  !  $ ÍPS`ZOcT $ !& ÍPS`aQV`SWPS\ " ÍPS`aQV`SWPS\ d]\ /bb`WPcbS\ % ÍPS`aQV`SWPS\ d]\ ;SbV]RS\\O[S\ # C[USPc\UadO`WOPZS ! C;:   !# !% & C\P]fW\U !" 2™‰W?ÄÍ-j”Íj#MŽjWÍ !' C\WQ]RS "& 2™ÄÖ¬¬ÁÍja#¬jÁ?͉™ ÞWj¬Í‰™ !" C\bS`YZOaaS $ C^QOab ! 2+
0 !'"

EOVZT`SWS` HcU`WTT &% EOV`VSWbaPSRW\Uc\US\ $ EOV`VSWbabOTSZ $! EOV`VSWbaeS`b "' Ý?‰Í®¯ !% eSZZ Y\]e\ ^]`ba !& ݆‰j %& E`O^^S`9ZOaaS\ ! ÝÁ‰Íj®¯ !% ÝÁ‰Íj#MŽjWÍ®¯ !%$ 8Á‰ÍjÁ !%

E DO`WOPZS " DS`Pc\R]^S`Ob]`S\ $ DS`S`Pc\U # DS`S`Pc\UaVWS`O`QVWS % DS`UZSWQVa]^S`ObW]\S\ %!

I HSWQVS\ !$ "& HSWQVS\YSbbS !% # HSWUS` #' HSWZS\Y][[S\bO` !% HSWbY][^ZSfWbÉb %! HcabO\RaRWOU`O[[ $# HceSWac\U $ HceSWac\Ua]^S`Ob]` $