Beruflich Dokumente
Kultur Dokumente
VVVRSTCDMSBNMRTKSBNL
,+3
( , - ) *
(DLNQQ@FH@HMSQ@O@QDMPTHL@SNR@ -.24
(DLNQQ@FH@RTA@Q@BMNHCD@X@MDTQHRL@R
R@BTK@QDRQNSNR -.25
-@KENQL@BHNMDRU@RBTK@QDR -.3-
)MEDBBHNMDR
-DMHMFHSHR@FTC@ ./4/
- DMHMFHSHR@RrOSHB@UsQHB@ -.3/
)MEDBBHNMDRRTOTQ@SHU@R@FTC@RENB@KDR ./40
!ARBDRNBDQDAQ@K -.3/
%LOHDL@RTACTQ@K -.30
!ARBDRNRDWSQ@CTQ@KDR -.30
-DMHMFNDMBDE@KHSHRA@BSDQH@M@BQuMHB@ ./41
(DL@SNL@DOHCTQ@K
(DL@SNL@RTACTQ@K
3DBTDK@RCDKNRSQ@TL@SHRLNRBQ@MD@KDR
,DRHNMDR LDCTK@QDR
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
(HONWH@HRPTDLH@D HME@QSN
)RPTDLH@BDQDAQ@KFKNA@K
)RPTDLH@BDQDAQ@KENB@K
%MEDQLDC@C BDQDAQNU@RBTK@Q
GHODQSDMRHU@
)ME@QSNR)@BTM@QDR
(DLNQQ@FH@RDMGDMCHCTQ@
%MBDE@KNO@Ss@GHODQSDMRHU@
(DLNQQ@FH@HMSQ@BQ@MD@K
b %KRDUHDQ%RO@t@3,5 2 DRDQU@CNRSNCNRKNRCDQDBGNR
0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@030
$DFDMDQ@BHuMBNQSHBNA@R@K$#"
! SQNEH@LTKSHRHRSrLHB@!-3
%MEDQLDC@CCD (TMSHMFSNM
$DFDMDQ@BHNMDRDROHMNBDQDADKNR@R
!S@WH@RDROHMNBDQDADKNR@R
.DTQNRsEHKHR -.30
!S@WH@CD&QHDCQDHBG
.DTQNANQQDKHNRHRDMEDQLDC@CCD,XLD -.31
-DMHMFNDMBDE@KHSHRUsQHB@ ./42
%MBDE@KHSHRUsQHB@SQ@MRLHSHC@
ONQ@QSQuONCNR -.31
6HQTRCDKGDQODRRHLOKDCDSHON ) -.31
#HSNLDF@KNUHQTR -.33
,DRHNMDRU@RBTK@QDRSQ@TLqSHB@R
$DLDMBH@BNMBTDQONRCD,DVX
4TADQBTKNRHR -.30
,DRHuM@WuMHB@CHETR@
,DRHuMO@QDMPTHL@SNR@CHQDBS@
- DMHMFHSHROHuFDM@@FTC@LDMHMFHSHR
A@BSDQH@M@ -.3.
#NMLNBHuM
-DMHMFNDMBDE@KHSHRLHBuSHB@ ./46
/SQ@RDMEDQLDC@CDRHMEDBBHNR@RCDK RHRSDL@
MDQUHNRN ./46
%MEDQLDC@CDR O N QOQHNMDR
%MEDQLDC@CCD#QDTSYEDKCS
*@JNA%#* ./5/
%MEDQLDC@CCD#QDTSYEDKCS
*@JNAU@QH@MSD -.4.
%MEDQLDC@CDR LDS@AuKHB@R
FDMrSHB@R
%MEDQLDC@CDR ONQCDOuRHSN MDTQNM@K
,DTBNCHRSQNEH@R
%MBDE@KNLHNO@Ss@RLHSNBNMCQH@KDR
4 Q@RSNQMNR L DS@AuKHBNR
X Su W HB N R @CPTHQHCNR
$DEHBHDMBH@RUHS@LsMHB@R
$DEHBHDMBH@CDSH@L HM@UHS@L HM@C^
$DEHBHDMBH@CDUHS@L HM@"^
3DBTDK@R MDTQNKuFHB@RCDK@R@KSDQ@BHNMDR
LDS@AuKHB@R
(HONFKTBDLH@
(HODQFKTBDLH@
%MEDQLDC@CDR CDRLHDKHMHY@MSDR
%MBDE@KNO@Ss@GDOqSHB@
%RBKDQNRHR LvKSHOKD ./50
4Q@RSNQMNRSuWHBNR
.DTQNLHDKHSHRuOSHB@ ./52
-NMuWHCNCDB@QANMN
%MBDE@KNLHDKHSHRCHRDLHM@C@@FTC@
- DS@MNK
XDMBDE@KNLHDKHSHR GDLNQQqFHB@MDBQNR@MSD
@FTC@ ./53
%S@MNK
-HDKHMuKHRHR ONMSHM@BDMSQ@K ./53
2@CH@BHuM
5()5
/ SQNRSTLNQDR
O@QDMPTHL@SNRNR
,HMENL@OQHL @QHNCDK3.#
4TLNQDRCDBrKTK@RFDQLHM@KDR
4TLNQDRO@QDMPTHL@SNRNROHMD@KDR
-DMHMFHNL@R
4TLNQDRLDS@RSqRHBNR
3sMCQNLDRO@Q@MDNOKqRHBNR
3sMCQNLDRSTLNQ@KDRE@LHKH@QDR
#NLOKDINCDK@DRBKDQNRHRSTADQNR@
%MEDQLDC@CCDUNM (HOODK
,HMC@T
.DTQNEHAQNL@SNRHR
i`pmji\ni`^`ndo\ipi\kjmo`^jiodipj_`js|b`ijtbgp^jn\
k\m\^p]mdmnpni`^`nd_\_`nh`o\]~gd^\n+ Anojnn\odna\^`ig\n
`sdb`i^d\nadndjg~bd^\nt\i\o~hd^\n]znd^\n)`iom`g\nlp` n`
di^gpt`i `g h\io`idhd`ioj _` gjn bm\_d`io`n _` h`h]m\i\
^g\q`k\m\gjnkjo`i^d\g`n_`\^^d~it`gnjkjmo`_`g\`so`in\
\m]jmdu\^d~i _`i_m|od^\ ^dojkgznhd^\ _` g\n i`pmji\n t gjn
\sji`n) lp` kp`_` `so`i_`mn` \ bm\i _dno\i^d\ _`g ^p`mkj
^`gpg\m %c\no\ . h`i \_pgojn&+ @\_j lp` g\ h\tjm|\ _` g\n
i`pmji\n h\_pm\nk`m_pm\i\ gjg\mbj _`g\qd_\)`nkm`^dnj
m`bpg\m^ji^pd_\_j`gm`^\h]djtg\^\gd_\__`g\nkmjo`|i\n
k\m\ \n`bpm\mg\dio`bmd_\_^`gpg\m+ Jjm`npgo\njmkm`i_`io`
lp`hp^c\n`ia`mh`_\_`ni`pmjg~bd^\nn`_`]\i\gjn`a`^ojn
ij^dqjn_`g\\^phpg\^d~i_`kmjo`|i\nh\gkg`b\_\n%gifk\`*
efgXkvXj% %q+ ^jh`io\mdjnj]m``g h\gkg`b\hd`ioj _`g\nkmj*
o`|i\ntg\ m`nkp`no\am`io`\ g\nkmjo`|i\nijkg`b\_\n`i`g
^\k|opgj/&+
- / 2 & / , / ' m!
%KSrQLHMN KD RHuM MDTQNM@K @FTC@ cMDTQNM@ QNI@i @KTCD@TMDRd
ODBSQNCDB@LAHNRPTD@BNLO@t@M @K@GHONWH@HRPTDLH@@FTC@CDK
3.# TNSQ@R@FQDRHNMDR@FTC@RXPTD QDEKDI@M KNRB@LAHNRLNQENKud
FHBNRLqROQDBNBDRCDK@LTDQSDCDK@RBrKTK@RMDTQNM@KDRUEHF
Es ,@RcMDTQNM@RQNI@Ri RNMDUHCDMSDRTM@R
G CDROTrRCD
TMC@tNGHOuWHBN
HRPTrLHBNHQQDUDQRHAKD,@RB@Q@BSDQsRSHB@RLNQENKud
FHB@RHMBKTXDMTM@QDCTBBHuMCDKUNKTLDMCDKBTDQONBDKTK@QOHBMNRHR
CDKMvBKDNCDR@O@QHBHuMCDKMTBKrNKNXOrQCHC@CDRTRS@MBH@CD.HRRK
BNMDNRHMNEHKH@HMSDMR@CDKBHSNOK@RL@
%K SrQLHMN KD RHuM MDT QNM @K RTA @ F T C @ X B Qu M HB @ cCDFDMDQ@d
BHuMi @KTCD@K@LTDQSDMDTQNM@KPTDRDOQNCTBDBNL NBNMRDBTDMd
BH@CDTM@DMEDQLDC@C OQNFQDRHU@CDBHDQS@CTQ@BHuM BNL NRTBDCD
DM@KFTM@RDMEDQLDC@CDRCDFDMDQ@SHU@RCDDUNKTBHuMKDMS@BNL NK@
DRBKDQNRHRK@SDQ@K@LHNSQuEHB@NK@DMEDQLDC@CCD!KYGDHLDQ,@B@Q@Bd
SDQsRSHB@ GHRSNKuFHB@SsOHB@DR K@ OrQCHC@ BDKTK@Q PTD BNM EQDBTDMBH@
@EDBS@CDENQL@RDKDBSHU@@FQTONRCDMDTQNM@R QDK@BHNM@C@R@MHUDK
ETMBHNM@KXFKHNRHRQD@BSHU@%MDRS@CHNROQDBNBDRQDRTKS@CHEsBHKCDSDBd
S@QK@OrQCHC@BDKTK@QX@LDMTCNKNRB@LAHNRFKH@KDRQD@BSHUNR@RNBH@d
CNRRNMDKLDINQHMCHB@CNQCDK@KDRHuMMDTQNM@K%MLTBG@RCDDRS@R
DMEDQLDC@CDRRDNARDQU@DUHCDMBH@CDPTDK@OrQCHC@BDKTK@QRTBDCD
ONQ@ONOSNRHR
,@QD @ B B Hu M @ W u M HB @ DRTMB@LAHNNARDQU@CNDMDKBTDQONBDKTd
K@QCTQ@MSDK@QDFDMDQ@BHuMCDK@WuMRDQDBNMNBDLDINQDMK@RBrKTK@R
CDK@RS@@MSDQHNQCDK@LrCTK@DROHM@KBT@MCNKNR@WNMDRLNSNQDRRD
BNQS@MNKDRHNM@MCDENQL@FQ@UD 3DOQNCTBDTM@TLDMSNCDK@RsMd
SDRHRCDOQNSDsM@RDMQDK@BHuMBNMK@@O@QHBHuMCDFDL@BHNMDR@WuMH
B@R%RS@KDRHuMRDSQ@CTBDDMTM@TLDMSNCDS@L@tNXQDCNMCDNCDK
BTDQONBDKTK@QCDROK@Y@LHDMSNCDKMvBKDNG@BH@K@ODQHEDQH@@TLDMSN
CDS@L@tNCDKMTBKrNKNXCHRODQRHuMCDK@RTRS@MBH@CD.HRRKCDRCDDK
BDMSQN@K@ODQHEDQH@BDKTK@QBQNL@SuKHRHRBDMSQ@K
,@KDRHuM MDTQNM@KOTDCD@RNBH@QRD@TM@@LOKH@F@L@CD@KSDQ@d
BHNMDR RTABDKTK@QDR DM KNR NQFqMTKNR X DK BHSNDRPTDKDSN MDTQNM@K
0TDCDM @O@QDBDQHM B KT R HN M D R M DT QNM @KDRBNL N L@MHEDRS@BHuM CDK
DMUDIDBHLHDMSN LNLDMSNDMDKPTDDWHRSDM@BTLTK@BHNMDR)MSQ@BKSN
6
L$
- s
Hjnjgdbj_`i_mj^dojnnji^{gpg\nlp`mj_`\i^jinpnkmjgji*
b\^dji`n^dojkgznhd^\n\gjn\sji`ntajmh\ig\hd`gdi\+?\_\
jgdbj_`i_mj^doj ajmh\ g\ q\di\ _` h d`gdi\ _` iph`mjnjn
dio`mij_jn `ihgodkg`n\sji`n) \_da`m`i^d\ _` g\^{gpg\ _`
O^cr\ii)m`nkjin\]g`_`g\hd`gdidu\^d~i`i`gi`mqdjk`mda{*
>
lp`k`mhdo`lp``gg|lpd_jn`_`nkg\^`_`n_``g^jhk\mod*
h`iojq\n^pg\m\gjn`nk\^djndio`m^`gpg\m`n_`g^`m`]mj+H\
`n^\n`u_`gdiazod^jn\go`m\hp^cjg\^\k\^d_\__`m`\]njm*
^d~i_`g`s^`nj_`g|lpd_j`som\^`gpg\m+Ag`_`h\q\n~b`ij
kp`_`n`mgj^\gdu\_j %k+ `e+)\_t\^`io`\aj^jn_`diag\h\*
^d~ij ophjm`n&jb`i`m\gdu\_j)^jhjn`j]n`mq\ om\npi\
g`nd~idnlp{hd^\+
Ag\[\dXZ`kfkxo`Zf^jindno``i`g\ph`ioj_`gg|lpd_jdiom\*
^`gpg\m^jhj^jin`^p`i^d\_`g\g`nd~i_`g\nh`h]m\i\n
_`g\ni`pmji\n)g\n^{gpg\n_`g\bg|\jg\n^{gpg\n`i_jo`*
gd\g`n)^jhjkj_m|\np^`_`m_`nkp{n_`pi\g`nd~icdk~sd*
^\,dnlp{h d^\ b`i`m\gdu\_\ j _`nkp{n _` pi om\nojmij
h`o\]~gd^j)lp`dhkd_`h\io`i`m`gbm\_d`io`d~id^jijm*
h\g`ig\h`h]m\i\+
(HCQNBDE@KH@
# / . # % 0 4/ 3 #,!6%
,@R@FQDRHNMDRMDTQNM@KDRRTDKDMOQNCTBHQK@LTDQSDBDKTK@QONQ
@ONOSNRHRNMDBQNRHR ,@OrQCHC@CDMDTQNM@RPTDQDRTKS@CHEsBHK
CD CDSDBS@QRHM TM@BT@MSHEHB@BHuMENQL@K OTDCDBNMSQHATHQ @ K@
CHRETMBHuM
,NR@RSQNBHSNRLTDRSQ@MB@L AHNRL NQENKuFHBNRDMSQDKNRPTDRD
HMBKTXDM K@GHODQSQNEH@CDK BHSNOK@RL @ K@@BTL TK@BHuM CD K@ OQNd
SDsM@CDKNREHK@L DMSNR HMSDQL DCHNR'&!0 XK@GHODQOK@RH@
,@ L HBQNFKH@ K@ ONAK@BHuM CD KsMD@ L NMNBsSHB@ QDRHCDMSD DM DK
3.# OQNKHEDQ@XRD@BTL TK@DM QDROTDRS@@K@R@FQDRHNMDR
%CDL@ BDQDAQ@K
Ag `_`h\ ^`m`]m\g %lp` _` ajmh\ hzn `s\^o\ `n pi `_`h\
k\m`ilpdh\ojnj ^`m`]m\g& `n^jin`^p`i^d\_`g \ph`ioj _`
g\n\gd_\_`g|lpd_j_`n_`gjnq\njnj_`g\ng`ndji`n_`_dn*
odio\n^{gpg\n _`iomj _`g OJ ?+D\t _jn h`^\idnhjnkmdi^d*
k\g`nkjmgjnlp`n`ajmh\`_`h\`i`g^`m`]mj+
Ag\[\dXmXjx^\ef`npi\ph`ioj _`gg|lpd_j`som\^`gpg\m)
lp`n`kmj_p^`^p\i_jn`\go`m\g\dio`bmd_\__`g\]\mm`m\
c`h\oj`i^`azgd^\t\ph`io\g\k`mh`\]dgd_\_q\n^pg\m)gj
;/" 7
F 1*)
7
v a^ )
'3(
&5
S q R X =
X
&HFTQ@
(DLNQQ@FH@CD$TQDSPTD@EDBS@@KSQNMBNCDKDMBrE@KNDMK@TMHuM
DMSQDK@OQNSTADQ@MBH@XDKLDRDMBrE@KN
H\_\ie`XZ`xegfi[\YXaf[\cX_fq$te^lcf%n`kmj_p^`^p\i_j
g\`sk\ind~ipidg\o`m\gj\ndh{omd^\_`pic`hdna`mdj^`m`*
]m\g_`nkg\u\\g\^dm^piqjgp^d~i_`g^|ibpgj]\ej`g]jm_`
_`g\cju+ O`kp`_` \nj^d\m\ g\^jhkm`nd~i_`g\ \mo`md\
^`m`]m\g\io`mdjmtnpnm\h\n+
H\ _\ie`XZ`xe kiXejk\ekfi`Xc $leZ`]fid\( k\dgfiXc d\j`Xc% n`
kmj_p^`^p\i_jg\^\m\h`_d\g_`gg~]pgjo`hkjm\gn`^jh*
kmdh` am`io` \g ]jm_` gd]m` _` g\ od`i_\+ =g \ph `io\m `g
_`nkg\u\hd`ioj_`gg~]pgjo`hkjm\g)n`^jhkmjh`o``gk\m
^m\i`\g EEE) kmjqj^\i_j_dg\o\^d~ikpkdg\mt\go`m\^d~i_`
gjnhjqdhd`iojnj^pg\m`n`i`gg\_j_`g\g`nd~i+ P\h]d{i
n`kp`_`^jhkmdhdmg\\mo`md\^`m`]m\gkjno`mdjm)kmjqj^\i*
_jpi\ g`nd~i dnlp{hd^\ _`g o`ed_jdmmdb\_j kjm`n`q\nj)
di^gpd_\ g\ ^jmo`u\ qdnp\g kmdh\md\+ Od g\ `so`ind~i _` g\
c`mid\^d~i`nnpad^d`io`h`io`\hkgd\)n`kp`_`^jhkmdhdm
`gk`_|^pgj^`m`]m\g^jiom\g\o`m\g)gjlp`b`i`m\pi\c`hd*
k\m`nd\cjhjg\o`m\g\gg\_j _` g\ c`mid\^d~i8 g\^jhkm`i*
nd~i_`g k`_|^pgj`i`no`^jio`sojn`^jij^`^jhjdl\jZX
[\D\ief_Xe* H\kmjbm`nd~i_`g\c`mid\^d~iom\ino`iojmd\g
n`\^jhk\}\\h`ip_j_`g`ndji`nc`hjmmzbd^\nn`^pi_\*
md\n`i`gh`n`i^{a\gjtg\kmjop]`m\i^d\)lp`n`_`ijhd*
i\i_\dfiiX^`Xj[\=li\k%adb+/5*1&+An\ng`ndji`ngdi`\g`nj
ag\h|b`m\n n`kmj_p^`i ijmh\gh`io``i g\ g|i`\ h`_d\ t
m`bdji`nk\m\h`_d\i\n)tk\m`^`in`m^jin`^p`i^d\_`g\
_dnojmnd~ij _`nb\mmj _`g\n q`i\n t \mo`md\nk`i`om\io`n
lp`dmmdb\ig\k\mo`npk`mdjm_`gomji^j_`g`i^{a\gj+
H\_\ie`XZ`xe [\cXj Xdv^[XcXj n`m`ad`m`\g _`nkg\u\hd`ioj
_`g\n \h|b_\g\n^`m`]`gjn\n \ om\q{n_`g \bpe`mj h\bij+
Ano`k\om~i_`c`mid\^d~i`nkjo`i^d\gh`io`hjmo\g)t\lp`
kmjqj^\g\^jhkm`nd~i_`g omji^j_`g`i^{a\gjt^jhkmj*
h`o`gjn^`iomjnqdo\g`nm`nkdm\ojmdjnt^\m_|\^jn`i`g]pg*
]jm\lp|_`j+
# / . # % 0 4/ 3 #,!6%
%CDL@ BDQDAQ@K GHCQNBDE@KH@DGHODQSDMRHuM
HMSQ@BQ@MD@KXGDQMH@BHuM
&HFTQ@
0QHMBHO@KDRRsMCQNLDRBNMGDQMH@BHuMCDKBDQDAQNONQCDA@INCD
K@GNYSQ@MRSDMSNQH@KX@LKFC@KHM@
-@KENQL@BHNMDR BNMFrMHS@RXSQ@RSNQMNR
CDK CDR@QQNKKN
=pilp`n`_`n^jij^`ig\k\ojb`id\tg\`odjgjb|\_`hp^c\n
h\gajmh\^dji`n_`gOJ?)k\m`^`lp`diagpt`io\ioja\^ojm`n
b`i{od^jn^jhj\h]d`io\g`n+Hjnh{oj_jnb`i{od^jnhznam`*
^p`io`n)lp`di^gpt`ig\n`^p`i^d\^d~i_`oj_j`g`sjmi\t`g
b`ijh\) c\i`hk`u\_j \ m`q`g\m pi\ n`md` _` \go`m\^dji`n
lp`kj_m|\in`mg\^\pn\_`hp^c\n_``no\nh\gajmh\^dji`n+
H\m`g\^d~i^\pn\g`iom`g\n\go`m\^dji`nb`i{od^\ntg\k\ojb`*
id\ _`g\n h\gajmh\^dji`n`n j]e`oj _`diq`nodb\^d~i\^odq\+
=_`hzn _`gjna\^ojm`n b`i{od^jn) hp^cjn^jhkp`nojn o~sd*
^jnt\b`io`ndia`^^djnjnod`i`io\h]d{i`a`^ojno`m\o~b`ijn
tkp`_`ikmjqj^\mh\gajmh\^dji`n^`m`]m\g`n+
a\^ojm_`md`nbj]d`im`^jij^d_j8g\n_da`m`i^d\n`ig\am`^p`i*
^d\_`_`a`^ojn _`gop]ji`pm\g`iom`g\nkj]g\^dji`n n`kp`*
_`i `skgd^\m) `i k\mo`) kjm kjgdhjmadnhjn `i g\n `iudh \n
dhkgd^\_\n`i`gh`o\]jgdnhj_`gz^d_ja~gd^j+Hjnnpkg`h`i*
ojn _`ajg\ojn kp`_`im`_p^dm`gmd`nbj _` _`a`^ojn _`g op]j
i`pm\g)k`mj)^jhj`g^d`mm`_``no\`nomp^opm\np`g`n`m^jh*
kg`ojc\^d\`g_|\/5_`g_`n\mmjggj`h]mdji\mdj%\io`n_`lp`
n`^jiadmh`ig\h\tjm|\_`gjn`h]\m\ujn&)n`_`]`\_hdidn*
om\m\g\nhpe`m`n _pm\io` oj_\ g\ `_\_ a{modg k\m\ ^jin`bpdm
np`ad^\^d\^jhkg`o\+ Jj n`n\]`^ji`s\^odop_ ^~hjg\_`ad*
^d`i^d\_`ajg\ojn\ph`io\`gmd`nbj8n`njnk`^c\lp`kp`_`i
`sdnodm\go`m\^dji`n `i`ghjh`ioj _`g\ n|io`ndn_`g=@Jt
`a`^ojn nj]m` g\ h`odg\^d~i _`g =@J %pi dhkjmo\io` hj_j
`kdb`i{od^j_`m`bpg\^d~ib{id^\&+
H\ Xe\eZ\]Xc`X `n pi\ h\gajmh\^d~i_`g `som`hj \io`mdjm
_`gop]ji`pm\glp`kmjqj^\g\\pn`i^d\_`g\h\tjmk\mo`_`g
^`m`]mjt`g^mzi`j+ Ag_`n\mmjggj_`gkmjn`i^{a\gjn`_`od`i`
\kmjsdh\_\h`io` \gjn/5_|\n _`b`no\^d~i)tgjid^jlp`
k`mndno``n`gti\XZ\i\YifmXjZlcfjX)pim`noj\kg\i\_j_`o`ed_j
^`m`]m\g_`njmb\idu\_j^ji`k{i_dhj)kg`sj^jmjd_`jt^{gp*
g\nh`idibjo`gd\g`nh`u^g\_jn+H\n`nomp^opm\n_`g\ajn\kjn*
o`mdjmkp`_`i`no\m^jin`mq\_\n)n`big\`so`ind~i_`g_`a`^*
oj ^m\i`\g8 ^jhj^\]|\ npkji`m) a\go\i g\nq|\n _`n^`i_`io`n
\nj^d\_\n\g\n`nomp^opm\n\go`m\_\n+
&HFTQ@
,HRDMBDE@KH@%RS@L@KENQL@BHuMRDB@Q@BSDQHY@ONQK@@TRDMBH@CD
BHQBTMUNKTBHNMDRBNQSHB@KDRBNLNRDNARDQU@DMDRSDBDQDAQNCDTMK@BS@MSD
@SrQLHMN
g\`sdno`i^d\ _`^jg`^^dji`n_`i`pmji\n`igj^\gdu\^dji`n
di\_`^p\_\nndbpd`i_jg\q|\_`hdbm\^d~i+ ?jhj^\]m|\
npkji`m) pi\ gj^\gdu\^d~i`ig\ lp` n` kp`_`i `i^jiom\m
c`o`mjojkd\n`n\gjg\mbj_`g\npk`mad^d`q`iomd^pg\m*^jh j
ndg\n^{gpg\nijcp]d`m\i^jin`bpd_j \]\i_ji\mnpgpb\m
_`jmdb`i*+ H\nc`o`mjojkd\nk`mdq`iomd^pg\m`nkp`_`in`m
kmjqj^\_\nkjmhpo\^dji`n`i`g b`ilp`^j_dad^\ g\adg\*
hdi\=)pi\kmjo`|i\om\inkjmo\_jm\_`\^odi\m`nkjin\]g`
_`g `in\h]g\e`_`g\n^jhkg`e\nm`_`n _`adg\h`iojn+ Ano`
b`in`gj^\gdu\`i`g^mjhjnjh\Tt`g\g`gjhp|\io`m`npg*
o\hjmo\g`igjncjh]m`n8`ig\nhpe`m`n)`gkmj^`nj_`di\^*
odq\^d~i_`g^mjhjnjh\Tn`k\m\\g\ni`pmji\n`i\lp`*
gg\n ^ji pi \g`gj ijmh\g %`i g\ gj^\gdu\^d~i ^jmm`^o\& t
\lp`gg\n ^ji pi \g`gj hpo\io` %`i g\ c`o`mjojkd\&+ Kom\
kmjo`|i\ \nj^d\_\ \ gjn h d^mjo]pgjn) g\ ^jmodi\ _j]g`
%@?T&) o\h]d{in`^j_dad^\`ipib`i_`g^mjhjnjh\T)t
g\nhpo\^dji`n`i_d^cjb`ikmjqj^\igdn`i^`a\gd\`iid}jn
_`g n`sjh\n^pgdijtc`o`mjojkd\n`i]\i_\np]^jmod^\g`n
`ig\nhpe`m`n+Ano\nc`o`mjojkd\nkp`_`in`mij_pgjn_`ad*
id_jn_`i`pmji\n`i`gn`ij_`g\npno\i^d\]g\i^\np]^jm*
od^\gjmd]`o`n^jhkg`ojn)lp`m`^p`m_\i\g\^jmo`u\npkm\*
t\^`io`+
H\ _fcfgifj\eZ\]Xc`X `n pi `nk`^omj _` h \gajmh \^dji`n
^\m\^o`mdu\_\n kjm pi\ n`k\m\^d~i di^jh kg`o\ _` gjn
c`hdna`mdjn^`m`]m\g`n\ om\q{n _`g\ g|i`\h`_d\+ H\najm*
h\nbm\q`nn`kp`_`i\nj^d\m\_`a`^ojn`ig\g|i`\h`_d\
a\^d\g)^jhj^d^gjk|\) hd`iom\n lp`g\najmh\n g`q`n $Xii`)
e\eZ\]Xc`X%kp`_`i^jindnodmnjgj`ig\\pn`i^d\ _`gjn]pg*
]jnjga\ojmdjnt`nomp^opm\nm`g\^dji\_\n+=^op\gh`io`)g\n
ajmh\n bm\q`n n`kp`_`i_d\bijnod^\mdiom\po`mdi\h`io`
h`_d\io``^jbm\a|\+ H\ cjgjkmjn`i^`a\gd\ n`\nj^d\ \ pi\
omdnjh|\ _`g ^mjhjnjh\.0t o\h]d{i \ jomjn n|i_mjh`n
b`i{od^jn+ H\n hpo\^dji`n `i gjn b`i`n lp` ^j_dad^\i gjn
^jhkji`io`n _` g\ q|\ _` om\inhdnd~i _` n`}\g`n Ojid^
D`_b`cjbkp`_`i\nj^d\mn`\pi\cjgjkmjn`i^`a\gd\+
H\ X^\e\j`X [\c Zl\igf ZXccfjf( pi\ h\gajmh\^d~i m`g\odq\*
h`io`am`^p`io`)`ng\\pn`i^d\_` gjn c\^`n _` npno\i^d\
]g\i^\lp` om\inkjmo\i g\n kmjt`^^dji`n^jmod^\g`n _` pi
c`hdna`mdj \g jomj %adb+ /5*3&+ Hjn `nop_djn m\_djg~bd^jn
hp`nom\ipijnq`iom|^pgjng\o`m\g`nh\gajmh\_jn %_`ajm*
hd_\_ `i \g\n _` hpm^d{g\bj&8 `i gjn ^jmo`n ^jmji\g`n
^jhkg`ojn_`g^`m`]mjn`kp`_`id_`iodad^\mc\^`n_`npn*
Agjve[ifd\[\CflY\iktgjnom\nojmijnm`g\^dji\_jnn`^\m\^*
o`mdu\ikjmpi\cdkjkg\nd\_`gq`mhdn^`m`]`gjnj^ji\k\*
m`io``gjib\^d~i_`gjnk`_|^pgjn^`m`]`gjnjnnpk`mdjm`nt
\go`m\^dji`n`ig\ajmh\_`gomji^j_`g`i^{a\gj8`nojn^\h*
]djn) `i^jiepioj) _\ijmdb`i\g ndbij _`g hjg\m `ig\n
kmp`]\n _` dh\b`i+ O` c\ _`hjnom\_j lp` `no` odkj _`
h\gajmh\^dji`nn`_`]`\hpo\^dji`n_dnodio\n)lp`\a`^*
o\i\gjnb`i`nlp`^j_dad^\igjn^jhkji`io`n_`g^dgdjkmd*
h\mdj %dih~qdg&+
3HQHMFNLHDKH@ D GHCQNLHDKH@
Asdno`i pi\ n`md` _` om\nojmijn^\m\^o`mdu\_jnkjmg\ `sk\i*
nd~i_`g^ji_p^oj^`iom\gm`q`nod_jkjm`k{i_dhj_`g\h{_p*
g\$_`[ifd`\c`X%j_`n\mmjggj_`^\qd_\_`n\hj_j_`c`i_d_p*
m\ gg`i\n _` g|lpd_j `i g\ kjm^d~i dio`mdjm _` g\ h{_pg\
$j`i`e^fd`\c`X(j`i`e^fdX%(lp`kp`_`i`so`i_`mn`c\no\`gomji*
^j_`g`i^{a\gj$j`i`e^fYlcY`X%*
H\ndmdibjhd`gd\kp`_`\nj^d\mn`\g\nh\gajmh\^dji`n_`
?cd\md)k`mjo\h]d{ikp`_`\k\m`^`m`im`g\^d~i^jiophjm`n
diom\h`_pg\m`n j om\n pi\ g`nd~i om\phzod^\+ Ai b`i`m\g) `g
\nk`^ojcdnojg~bd^j`nk\m`^d_j`ioj_jn`nojnom\nojmijntn`
^\m\^o`mdu\ kjm g\ _`nomp^^d~i _` g\ npno\i^d\ ]g\i^\ t bmdn
\_t\^`io`)mj_`\_\kjmpi\ _`in\om\h\_`bgdjndnm`\^odq\+
H\ `ia`mh`_\_ np`g` h\ida`no\mn` `i g\ n`bpi_\ j o`m^`m\
_{^\_\n _`g\qd_\+ Hjnn|iojh\nt ndbijn^\m\^o`m|nod^jn_`
pi ndmdibjh\ di^gpt`i g\ k{m_d_\ \dng\_\ _` g\ n`in\^d~i
_jgjmjn\ t o{mhd^\ `i g\n `som`hd_\_`n npk`mdjm`n) _\_\ g\
\a`^o\^d~ikm`^ju_`g\nad]m\n^jhdnpm\g`nlp`n``iom`^mpu\i
`ig\k\mo`\io`mdjm_`g\h{_pg\`nkdi\g+
>
# / . # % 0 4/ 3 #,!6%
- @KENQL @BHNMDRXSQ@RSNQMNRCDK CDR@QQNKKN
,@R L @KENQL@BHNMDR CDK BDQDAQN OTDCDM OQNCTBHQRD ONQ L TS@d
BHNMDR L NMNFrMHB@R @KSDQ@BHNMDR FDMrSHB@R @ L@XNQ DRB@K@ N
E@BSNQDRDWuFDMNR
%M FDMDQ@K BT@MSN @MSDR@O@QDYB@ K@ L @KENQL@BHuM LqR FQ@UD
RDQqDKEDMNSHONL NQENKuFHBNXETMBHNM@K
,NR CDEDBSNR CDKSTAN MDTQ@K RD @RNBH@M @ TM E@KKNDM DK BHDQQDN
TM@ QD@ODQSTQ@ HM@CDBT@C@ CDK STAN MDTQ@K DM CDR@QQNKKN DRSNR
BT@CQNROTDCDMHQCDRCDG@KK@YFNRHMBHCDMS@KDR@BT@CQNRFQ@UDR
%KCDR@QQNKKNBNQSHB@KCDODMCDCDTM@BNQQDBS@NQPTDRS@BHuMCDK@
OQNKHEDQ@BHuMCDK@RBrKTK@ROQNFDMHSNQ@RDMK@L@SQHYFDQLHM@KX CD
K@ LHFQ@BHuM CD K@R BrKTK@R OQNFDMHSNQ@R DM RDMSHCN @RBDMCDMSD
G@BH@ K@ BNQSDY@DM CDR@QQNKKN ,@ @KSDQ@BHuM CD DRSNR OQNBDRNR
OTDCDLNCHEHB@QDKS@L@tNK@ENQL @XK@NQF@MHY@BHuMCDKBDQDAQN
,@R L @KENQL@BHNMDR PTD@EDBS@M @ K@ENR@ ONRSDQHNQRNM SsOHB@d
LDMSDCHRSHMS@RCDK@RPTD@EDBS@M @KNRGDLHREDQHNRBDQDAQ@KDR
4Q@TL@SHRLNR
k\^do\io` %`ig\h{_pg\ `nkdi\g& jhjmo\g %nd\a`^o\\g omji^j
_`g`i^{a\gj&+
H\nap`mu\na|nd^\n\nj^d\_\n\gjnom\ph\odnhjn^m\i`\g`n
kp`_`i kmjqj^\m pi\]i X Z kl i X [ \Zite \f) pi\ c\j`x e g Xi\e )
h l `d X kf j X t [ X w f m X jZ l cX i 7 `no\n om`n g`ndj i `n kp`_`i
^j`sdnodm+H\h\bidop_tg\_dnomd]p^d~i_`g\ng`ndji`n^`m`*
]m\g`nom\phzod^\n_`k`i_`i_`g\ajmh\_`gj]e`ojlp`^\pn`
`g om\ph\odnhj) _` g\ ap`mu\ _`g dhk\^oj t _` nd g\ ^\]`u\
`no\]\`ihjqdhd`ioj`i`g hjh`ioj _`g\ g`nd~i+ Qibjgk`
`ig\^\]`u\kp`_`n`mg\e\kiXek\jZ\iiX[ft^\pn\mpi\c\j`xe
XY`\ikXjZ\iiX[X*
&Q@BSTQ@R BQ@MD@KDR
&HFTQ@
,DTBNDMBDE@KNO@Ss@LTKSHPTsRSHB@3DNARDQU@MMTLDQNRNRDRO@BHNR
PTsRSHBNRPTDQDOQDRDMS@MK@RRDBTDK@RCDTM@KDRHuMHRPTrLHB@FDMDQ@KHY@C@
ijn`m`qd_`io`n\gi\^dhd`iojtnjgjn`h\idad`no\ihzno\m_`)
\gkmjbm`n\m`g_`n\mmjggj+Hjn`nop_djngfjkdfik\d_`gjnid}jn
^jipi\k\mzgdndn^`m`]m\gc\i_`hjnom\_jpi\ \hkgd\ b\h\
_`\go`m\^dji`ni`pmjk\ojg~bd^\n)di^gpd_\ng`ndji`n_`nomp^od*
q\nlp`n`_`]`i\pi\n`md`_`\^jio`^dhd`iojn\iodbpjnlp`
kj_m|\ic\]`mkmjqj^\_jpi\c`hjmm\bd\tpidia\moj+
Aigjng\^o\io`nkm`h\opmjnn`\km`^d\pi\ph`ioj_`md`n*
bj_`_\dfiiX^`X`ekiXgXi\ehl`dXkfjX_`iomj_`g\h\omdub`m*
hdi\g)lp`)^jiam`^p`i^d\)n`gj^\gdu\^`m^\_`g\pid~i`iom`
`gozg\hj`i_`n\mmjggjt`gi^g`j^\p_\_j+H\nc`hjmm\bd\n
kp`_`ik`mh\i`^`mgj^\gdu\_\njn`kp`_`i`so`i_`mc\^d\`g
ndno`h\ q`iomd^pg\m) t _`n_` \gg| \g `nk\^dj np]\m\^ijd_`j)
^\pn\i_jcd_mj^`a\gd\`ij^\ndji`n+
Lp`_`ikmj_p^dmn`dia\mojn`ig\npno\i^d\]g\i^\k`mdq`i*
omd^pg\mnpkm\o`iojmd\g $c\lZfdXcXZ`Xg\i`m\eki`ZlcXi%( `nk`^d\g*
h`io``igjng\^o\io`nkm`h\opmjn+ Anojndia\mojn\_jko\ig\
ajmh\ _` pi\nkg\^\n^\g^zm`\n \h\mdgg\n)lp`n`^jmm`nkji*
_`i^jim`bdji`n_`gdhdo\_\n_`i`^mjndnt^\g^dad^\^d~i_`g\
npno\i^d\]g\i^\+?p\i_jg\npno\i^d\bmdntg\npno\i^d\]g\i*
^\ n` \a`^o\i kjm pi\ g`nd~i dnlp{hd^\ `so`in\) n` kp`_`i
_`n\mmjgg\m g`ndji`nlp|nod^\n _`nomp^odq\n bm\i_`n `ioj_jn
gjnc`hdna`mdjn) pi\ \a`^^d~ilp` n` _`ijhdi\ \eZ\]XcfgXkvX
dlck`hlvjk`ZX%adb+/5*5&+
Aig\ng`ndji`ndnlp{hd^\n k`mdi\o\g`n _` g\^jmo`u\^`m`*
]m\g) g\ k\mo` kmjapi_\ _` g\n ^dm^piqjgp^dji`n njkjmo\ g\
kmdi^dk\g^\mb\g`ndji\g)t`nojn`om\_p^``ipi\n^dm^piqjgp*
^dji`n\_`gb\u\_\ntbgd~od^\n$lc\^`i`X%*Hjnb\ibgdjn]\n\g`n
t`gozg\hjkp`_`inpamdmg`ndji`ndnlp{hd^\n^jipi\k{m_d*
_\k\m^c`\_\_`i`pmji\ntbgdjndnm`\^odq\+Ljno`mdjmh`io`)
g\ h d`gdidu\^d~i \]`mm\io` ` dmm`bpg\m kmj_p^` pi \nk`^oj
h\mh~m`j_`gjni^g`jnkmjapi_jn $\jkX[fdXidxi\f%* @\_j
lp`g\ng`ndji`n n` gj^\gdu\i`i`g ^\p_\_j) `g kpo\h`it`g
ozg\hj)gjnom\nojmijn_`ghjqdhd`ioj)^jhjg\^jm`j\o`ojndn)
njipi\n`^p`g\^g|id^\am`^p`io`+
4Q@TL@SHRLNR
H\gj^\gdu\^d~i\i\o~hd^\_`g\g`nd~itg\^\k\^d_\_gdhdo\_\
_`g^`m`]mjk\m\g\m`k\m\^d~iapi^dji\g^ji_d^dji\ig\n^ji*
n`^p`i^d\n_`gjnom\ph\odnhjn_`gOJ?+Qi\g`nd~i_`q\mdjn
^`io|h`omjn^]d^jn _`k\m{ilpdh\^`m`]m\gkp`_`n`m^g|id*
^\h`io`ndg`io`%nd\a`^o\\gg~]pgjamjio\g&)bm\q`h`io`di^\*
Qi\am\^opm\`ig\^p\g`gcp`njn`_`nkg\u\_`iomj_`g\^\qd*
_\_ ^m\i`\g `ipi\ _dno\i^d\ npk`mdjm\g bmjnjm_`gcp`nj n`
gg\h\]iXZkliX[\Zite\f[\jgcXqX[X*Agbmjnjm_`gjncp`njn^m\*
i`\g`n`nq\md\]g`)t`noj^ji_d^dji\dhkjmo\io`n_da`m`i^d\n
`ig\m`ndno`i^d\\g\am\^opm\+=_`hzn)g\di^d_`i^d\m`g\odq\_`
g\nam\^opm\n`iom`gjn_dnodiojncp`njn^m\i`\g`nn`m`g\^dji\
^ji`gk\om~i_`g\n^\|_\n+?p\i_jpidi_dqd_pjn`^\``no\i*
_j_`nkd`moj)^jhjnp^`_`)kjm`e`hkgj)\g^\`mn`_`pi\`n^\*
g`m\)`gdhk\^ojn`np`g`gj^\gdu\m`ig\k\mo`j^^dkdo\g_`g^mz*
i`j8kjm`g^jiom\mdj)`ipi\^\|_\lp`j^pmm`om\npi\k{m_d_\
_` ^ji^d`i^d\) ^jhj np^`_` `i gjn `kdnj_djn ndi^~k\g`n) `g
dhk\^oj`n) ^jih\tjmam`^p`i^d\)amjio\g+Hjnn|iojh\nm`a`*
md_jn\gjnk\m`n^m\i`\g`ndia`mdjm`njg\m`bd~i^`mqd^j]pg]\m
tg\km`n`i^d\_`c`h\ojh\njm]do\mdjnjh\nojd_`jn\g`e\_jn
_`ggpb\m_`gdhk\^ojkg\io`\ig\njnk`^c\_`pi\kjnd]g`am\^*
opm\ _` g\]\n` _`g ^mzi`j) lp` o|kd^\h`io` \k\m`^` om\n pi
dhk\^ojnj]m``gj^^dkp^djjg\k\mo`g\o`m\g_`g\^\]`u\+Qi\
^jin`^p`i^d\kp`_`n`mg\apb\_` H?Nkjmg\i\mduj`gj|_j
tg\ndia`^^dji`n%h`idibdodn&+H\`i`mb|\^di{od^\lp`kmjqj^\
pi\am\^opm\n` _dndk\`ipi\npopm\apndji\_\8g\nam\^opm\n
lp`\om\qd`n\ig\nnpopm\nn`gg\h\i[`Xjktj`ZXj* ?p\i_j`sdn*
o`ihgodkg`nkpiojn_`dhk\^ojjn`_\ibjgk`nm`k`od_jn`i
g\ ^\]`u\) g\n g|i`\n _` am\^opm\ _` g\n kjno`mdjm`n g`ndji`n
ij\om\qd`n\ig\ng|i`\n_`am\^opm\_`g\ng`ndji`nkm`qd\n+
,DRHNMDR O@QDMPTHL@SNR@R
#NMLNBHuM
H\^jihj^d~i`npi n|i_mjh` ^g|id^jlp`^pmn\^ji\go`m\*
^d~i_`g\^ji^d`i^d\n`^pi_\md\\piom\ph\odnhj^m\i`\g)
lp` o|kd^\h`io` n` _`]` \ pi ^\h]dj `i `g hjh`ioj _` g\
^\]`u\ %g\ ^\]`u\ `ihjqdhd`ioj lp`_\ _`o`id_\ _`ajmh\
n]do\kjmpidhk\^oj^jiom\pi\npk`mad^d`m|bd_\&+Ag^p\_mj
i`pmjg~bd^jo|kd^jdi^gpt`pi\_dnapi^d~ii`pmjg~bd^\om\ind*
ojmd\ _`\k\md^d~idino\iozi`\)pi\k\m\_\m`nkdm\ojmd\ o`h*
kjm\gtg\k{m_d_\_`m`ag`ejn+=pilp`g\m`^pk`m\^d~ii`pmj*
g~bd^\ `n ^jh kg`o\) \ h`ip_j k`mndno` pi\ \h i`nd\ _`g
`kdnj_dj+O`dbijm\g\k\ojb`id\_``no\\go`m\^d~in]do\_`g\
api^d~ii`pmjg~bd^\)k`mj)kjnd]g`h`io`)n`_`]`\pi\_`nm`*
bpg\^d~i_`gndno`h\\^odq\_jmm`od^pg\m_`gomji^j_`g`i^{a\*
gj+O`^jij^`i]d`igjnn|i_mjh`ni`pmjkndlpdzomd^jnom\npi\
^jihj^d~i)lp`n`\nj^d\io|kd^\h`io`\g`ndji`nm`k`ododq\n)
t^\_\q`un`_dnkji`_`hzn`qd_`i^d\n_`lp`kp`_`i\k\*
m`^`mom\nojmijn^jbidodqjnndbidad^\odqjn)\_`hzn_`pi\n`md`
_` c\gg\ubjn k\ojg~bd^jn _`adid_jn) `i pi kmj^`nj gg\h\_j
`i^`a\gjk\o|\om\phzod^\^m~id^\%n`_`n^md]`hzn\_`g\io`&+
,DRHuMO@QDMPTHL@SNR@CHQDBS@
H\nZfeklj`fe\jtg\ncXZ\iXZ`fe\jnjig`ndji`n^`m`]m\g`n^\pn\_\n
kjmg\om\inhdnd~i_``i`mb|\^di{od^\\g^`m`]mj+Qi\^jiopnd~i
`n\izgjb\\g]d`i^jij^d_jc`h\ojh\\nj^d\_j\gjn om\ph\*
- / 2 & / , / ' m!
!KBNQSD K@RBNMSTRHNMDRRNM KDRHNMDRBNMENQL@CDBTt@BTX@A@RD
LqR@MBG@RDDMBTDMSQ@LqRBDQB@CDKOTMSNCDKHL O@BSNUEHF
%K@RODBSNCDK@RBNMSTRHNMDRDRO@QDBHCNRD@BT@KRD@DKNQHFDM
CDK SQ@TL@SHRLN %M DRS@CHNR OQDBNBDR RD NARDQU@ DCDL@ X GDd
LNQQ@FH@PTDBNMEQDBTDMBH@DRODQHB@OHK@Q 0NB@RGNQ@RCDROTrR K@
DWSQ@U@R@BHuMCDR@MFQDRDDWSHDMCDONQSNCNDKSDIHCN@EDBS@CN BTd
AQHDMCNSNC@K@BNQSDY@BDQDAQ@KX KKDF@MCNG@RS@K@RTRS@MBH@AK@MB@
XKNRDRO@BHNRRTA@Q@BMNHCDNR ,@DUHCDMBH@LNQENKuFHB@CDK@KDRHuM
DM DKBTDQONMDTQNM@K OHBMNRHRMTBKD@Q BHSNOK@RL@DNRHMuEHKNXCDRd
HMSDFQ@BHuMBDKTK@Q S@QC@@OQNWHL@C@LDMSDGDM@O@QDBDQ@TMPTD
K@R CDEHBHDMBH@R ETMBHNM@KDR OTDCDM @O@QDBDQ @MSDR 3D DMBTDMSQ@
STLDE@BBHuM@WuMHB@DM K@UDBHMC@C CD K@RMDTQNM@R KDRHNM@C@RN@
LTBG@ CHRS@MBH@CD K@R LHRL@R ,@ QDROTDRS@ HMEK@L@SNQH@@K SDIHCN
KDRHNM@CNRHFTDRTBTQRNG@AHST@K OQDBDCHDMCNK@KKDF@C@CDKNRMDTd
SQuEHKNR @ K@ @O@QHBHuM CD KNR L@BQuE@FNR ,@R KDRHNMDR SQ@TLqSHB@R
@MSHFT@RDMK@RTODQEHBHDCDKBDQDAQNSHDMDMTM@RODBSNL@BQNRBuOHBN
B@Q@BSDQsRSHBN RDSQ@S@CDO@QBGDR@L@QHKKNRN L@QQNMDR CDOQHLHCNR
X QDSQ@sCNRPTD@EDBS@M @ K@RBQDRS@R CD K@RBHQBTMUNKTBHNMDR RNAQD
SNCNDMK@RYNM@RPTDRTEQDMKDRHNMDRONQBNMSQ@FNKODBNQSDY@EQNMS@K
HMEDQHNQ ONKNRSDLONQ@KXNBBHOHS@K %RS@RKDRHNMDRQDBHADMDK MNLAQD
CD OK@B@ @L @ QHKK@ UEHF
# PTDOTDCDBNMUDQSHQRDDM TMENBN
DOHKrOSHBN ,@R QDFHNMDR GDLNQQqFHB@R LqR DWSDMR@RCDTMSQ@TL@d
SHRL N BDQDAQ@K C@M KTF@Q@ KDRHNMDR B@UHS@C@R LqR FQ@MCDR PTDRD
OTDCDM O@QDBDQ @ HME@QSNR @MSHFTNR %M KNR KTF@QDR CD BNMSTRHNMDR
@MSHFT@ROQDCNLHM@MK@FKHNRHRXKNRL@BQuE@FNRQDRHCT@KDRB@QF@CNR
CDGDLNRHCDQHM@
4Q@TL@SHRLNR
,DRHuM@WuMHB@CHETR@
(%-!4/-!%0)$52!,
=pilp`g\npk`mad^d`_`g^`m`]mj`ng\uji\hzn\a`^o\_\)ij
`ng\id^\lp`n`g`ndji\`ig\ng`ndji`nom\phzod^\n+P\h]d{i
n` \a`^o\i g\n m`bdji`n _` g\ npno\i^d\ ]g\i^\ kmjapi_\ %`g
^p`mkj^\ggjnjtg\nzm`\nk\m\q`iomd^pg\m`nt_`gcdkj^\hkj
`i`g^jhk\modh`iojnpkm\o`iojmd\g&)gjnk`_|^pgjn^`m`]m\g`n)
`g]m\uj^jiepiodq\g) gjn^jg|^pgjn npk`mdjm`ntg\ ajmh\^d~i
m`od^pg\mkmjapi_\`i`gomji^j_`g`i^{a\gj+Aiom`gjnc\gg\u*
bjnhd^mjn^~kd^jnc\toph`a\^^d~i\s~id^\)npb`nodq\_`pi\
c\j`xeXoxe`ZX[`]ljX( tg`ndji`nc`hjmmzbd^\naj^\g`n+ O`^m``
lp`c\no\ `g2-# _` gjnk\^d`io`nlp``iom\i`i ^jh\ kj^j
_`nkp{n_`piom\ph\odnhjkj_m|\io`i`mpi\g`nd~i\s~id^\
_dapn\) di^gpnj `i \pn`i^d\ _` ^jiopndji`n ^`m`]m\g`n+ Hjn
\sji`nn`_\}\ikjmg\\^^d~i_dm`^o\_`g\nap`mu\nh`^zid*
^\n)^jig\n^jindbpd`io`n\go`m\^dji`n_`gagpej\sjkgznhd^j+
O`kp`_`kmj_p^dmpi\\go`m\^d~ih`^zid^\^jhk\m\]g`_`gjn
\sji`nkjmg\\^`g`m\^d~i\ibpg\m`s^gpndq\h`io`)lp`kp`_`
n`m^\pn\_`pi_\}j\s~id^j_dapnjdi^gpnjndidhk\^oj+
- / 2 & / , / ' m!
%K C@tN @WuMHBN CHETRN RDB@Q@BSDQHY@ ONQSTLDE@BBHNMDR @WuMHB@R
CHRDLHM@C@R MNQL@KLDMSD @RHLrSQHB@R PTD @O@QDBDM @ K@R ONB@R
GNQ@RCDK@KDRHuMXOTDCDMODQRHRSHQLTBGNSHDLONLqR %RS@RSTLDd
E@BBHNMDRRDUDM LDINQBNMSHMBHNMDRCDOK@S@NBNMSHMBHNMDRHMLT
MNGHRSNPTsLHB@R O@Q@ K@R OQNSDsM@R SQ@MRONQS@C@R ONQ KNR @WNMDR
BNL NK@OQNSDsM@OQDBTQRNQ@CDK@LHKNHCDNK@@
RHMTBKDsM@ 0NRSDQHNQd
LDMSDRD QDBNMNBDTM@FQ@M B@MSHC@C CDBrKTK@RCD K@ LHBQNFKH@DM
K@RYNM@RKDRHNM@C@RCD K@BNQSDY@BDQDAQ@K X KTDFNS@LAHrM RDNAd
RDQU@K@CDFDMDQ@BHuMCDK@RUs@RMDQUHNR@R@EDBS@C@R
(%-!4/-!35"$52!,
hzod^j_`g\\mo`md\^\m~od_\_pm\io`npom\t`^ojmd\\om\q{n_`g
n`ij^\mjo|_`jkp`_`kmj_p^dmpi\a|nopg\\mo`mdjq`ijn\+
(DL@SNL@DOHCTQ@K
Jjmh\gh`io`) g\ _pm\ `noz apndji\_\ ^ji`g k`mdjnodj `i g\
npk`mad^d`dio`mi\_`g^mzi`j+H\n\mo`md\n_pm\g`n)`nk`^d\gh`i*
o`g\\mo`md\h`i|ib`\h`_d\)njiqpgi`m\]g`n\pi\g`nd~iom\p*
hzod^\) nj]m` oj_j `i g\n am\^opm\n _` g\ kjm^d~i o`hkjm\g
_`g^mzi`j`ig\nlp`g\g|i`\_`am\^opm\\om\qd`n\`gom\t`^oj_`g
q\nj+ Ai gjn id}jn) ^ptj ^mzi`j `n _`ajmh\]g`) `g _`nkg\u\*
hd`iojo`hkjm\g_`gjncp`njn_`g^mzi`jkp`_`_`nb\mm\mpi
q\nj)di^gpnj`i\pn`i^d\_`pi\am\^opm\_`^mzi`j+
?p\i_j`gq\njn`c\_`nb\mm\_j)g\n\ibm``som\q\n\_\]\ej
g\diagp`i^d\_`g\km`nd~i\mo`md\gkp`_`n`k\m\mg\_pm\_`g\
npk`mad^d`dio`mdjm_`g\]~q`_\^m\i`\g%adb+/5*..&+ Agc`h\oj*
h\`i`sk\ind~iod`i`pi^jiojmijdio`mijgdnj)lp`^jhkmdh`
g\npk`mad^d`^`m`]m\g+ ?p\i_jn`\^phpg\n\ibm`g`io\h`io`)
gjnk\^d`io`nkp`_`ik`mh\i`^`mg^d_jn_pm\io`q\md\ncjm\n
\io`n _` g\ \k\md^d~i _`ndbijni`pmjg~bd^jn+ Qic`h\ojh\
`kd_pm\g kp`_` `sk\i_dmn` ^ji m\kd_`u t ^jinodopt` pi\
pmb`i^d\i`pmjlpdmmbd^\)lp`_`]`n`m_m`i\_\_`dih`_d\oj+
%SHNKNFs@
#@Q@BSDQsRSHB@R@CHBHNM@KDR
%RO@BHNDOHCTQ@K
4Q@TL@SHRLN
%RO@BHNRTACTQ@K
4Q@TL@SHRLN
,@HMSDMRHC@CCDKSQ@TL@SHRLNOTDCDRDQKDUDRsMSNL@RMDTQNKuFHBNRCDKDMS@DUNKTBHuM
@LDMTCNBNMBHDQSNQDSQ@RNCDRCDDKLNLDMSNCDK@KDRHuM
%RO@BHN
RTA@Q@BMNHCDN
-@KENQL@BHNMDRU@RBTK@QDRL@KENQL@BHuM
@QSDQHNUDMNR@N@MDTQHRL@
4Q@TL@SHRLN
!RNBH@C@SsOHB@LDMSD@BNMSTRHNMDRRTAX@BDMSDR
4Q@TL@SHRLNBNMSTRHNMDR
#NMUDQRHuMGDLNQQqFHB@CDTM HME@QSN
HRPTrLHBN
!MFHNO@Ss@@LHKNHCD@BDQDAQ@K
(HODQSDMRHuM
4TLNQDROQHL@QHNRNLDS@RSqRHBNR
)MSQ@O@QDMPTHL@SNRN
CDKDMBrE@KN OTDCDDWSDMCDQRDG@BH@DKRHRSDL@UDMSQHBTK@Q
(DL@SNL@RTACTQ@K
Pm\_d^dji\gh`io`)n`^jind_`m\ lp``iom`g\ npk`mad^d`dio`mi\
_`g\_pm\h\_m`tg\\m\^ijd_`n`so`mi\_`g\ng`kojh`idib`n
n``i^p`iom\`g`nk\^djnp]_pm\g+Aim`\gd_\_)g\_pm\h\_m``noz
^jinodopd_\kjm_jn^\k\n)pi\^jgzb`i\`so`mi\tjom\_`^{gp*
g\ng|hdo`dio`mi\^ji`n^\njnad]mj]g\nojnt\]pi_\io``nk\^dj
`som\^`gpg\mndi^jgzb`ij+?p\i_jn`kmj_p^`pi\c`hjmm\bd\)
`no\n_jn^\k\nn`n`k\m\it^m`\i`g`nk\^djnp]_pm\g)`i`g
^p\gn`\^phpg\ g\n\ibm`+ H\nq`i\n`hdn\md\nk\n\ikjmg\n
^jiq`sd_\_`n_`gjnc`hdna`mdjn^`m`]m\g`n)\om\qd`n\i`g`nk\*
^djnp]\m\^ijd_`jt`g`nk\^djnp]_pm\gk\m\q\^d\mn``i`gn`ij
n\bdo\g npk`mdjm+ Asdno`i m`g\^dji`n \i\o~hd^\nk\m`^d_\n^ji
jomjnn`ijn_pm\g`n+Anojnq\njnod`i`ipimd`nbj`nk`^d\gh`io`
\goj_`_`nb\mm\mn``i np om\t`^oj\ om\q{n_`g\n^\k\n_`g\
_pm\tnji`gjmdb`i_`gn\ibm\_j`ig\h\tjmk\mo`_`gjn^\njn
_`c`h\ojh\np]_pm\g+Ag^`m`]mj`noznpnk`i_d_j`i`gH?N)
k`mjgjnn`ijnq`ijnjn`noziadejn`im`g\^d~i^jig\_pm\h\_m`)
_`ajmh\lp``g_`nkg\u\hd`ioj_`g^`m`]mj_pm\io`piom\ph\*
odnhjkp`_`_`nb\mm\mg\nq`i\n`i`gkpioj`ilp`\om\qd`n\i
g\_pm\h\_m`+Aigjnk\^d`io`n\i^d\ijn^ji\omjad\^`m`]m\g)g\n
q`i\n`hdn\md\nn`c\i`nodm\_j)gjlp`\ph`io\g\am`^p`i^d\
_`c`h\ojh\nnp]_pm\g`n`i`nojnk\^d`io`n) di^gpnj om\n pi
om\ph\odnhj^m\i`\gh`ijm+Hjng\^o\io`no\h]d{injinpn^`k*
od]g`n_`km`n`io\mc`h\ojh\n np]_pm\g`n)kjmlp`npnq`i\n
`hdn\md\nod`i`ik\m`_`nhznadi\n+
- / 2 & / , / ' m!
%K GDL @SNL @RT A C T Q@ K @F T C N @O@QDBDL@BQNRBuOHB@LDMSDBNLN
TM@BNKDBBHuMCDR@MFQDBN@FTK@C@QDBHDMSDPTDRHFTDDK ODQEHK CDK@
RTODQEHBHDBDQDAQ@K RHMDWSDMCDQRDG@BH@K@YNM@OQNETMC@CDKNRRTQd
BNREHF
%KBDQDAQNRTAX@BDMSDRDLTDRSQ@@OK@M@CNXDKDRd
O@BHN RTA@Q@BMNHCDN DRSq @ LDMTCN KHLOHN (@AHST@KLDMSD K@ GDd
LNQQ@FH@ UDMNR@ DR @TSNKHL HS@C@ X BNM DK SHDL ON RD OQNCTBD K@
CDFQ@C@BHuMXNQF@MHY@BHuMCDKGDL@SNL@%RSDOQNBDRNRTDKDRDFTHQ
K@RHFTHDMSDRDBTDMBH@
,HRHRCDKBNqFTKN@OQNWHL@C@LDMSD RDL@M@
#QDBHLHDMSNCDKNREHAQNAK@RSNRCDRCDK@RTODQEHBHDCDK@CTQ@G@BH@
DKGDL@SNL@RDL@M@R
$DR@QQNKKNSDLOQ@MNCDTMSDIHCNBNMITMSHUNGH@KHMHY@CN
LDRDR
&HFTQ@
! (DL@SNL@ RTACTQ@K FQ@MCD NQF@MHY@CN TMHCN @ K@ CTQ@
"#NQSDBNQNM@KCDKBDQDAQNPTDLTDRSQ@BNLOQDRHuMCDKGDLHREDQHNRTAX@d
BDMSD@KGDL@SNL@RTACTQ@KPTDRDLTDRSQ@DM!
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
_` ^p\glpd`m ^\pn\+ Ano\n n`^p`g\n c\i \_lpdmd_j ^\_\ q`u
hzn dhkjmo\i^d\ `i`g ^jio`soj _` gjn gdodbdjn m`g\^dji\_jn
^jidi_`hidu\^dji`n`iom\]\e\_jm`n^dqdg`n)\og`o\nkmja`ndj*
i\g`ntk`mnji\ghdgdo\m+
H\_`[ifZ\]Xc`XgfjkiXldtk`ZXn`_`]`)nj]m`oj_j)\pi\j]n*
omp^^d~i`ig\m`\]njm^d~i_`g H?Nkjmc`hjmm\bd\`igjn
`nk\^djnnp]\m\^ijd_`jn+
H\ \eZ\]XcfgXkvX kiXldtk`ZX Zixe`ZX %AP?8 \io`n gg\h\_\
_`h`i^d\ kpbdg|nod^\& `n pi\ ajmh\ _` _`h`i^d\ lp`
\k\m`^` om\n om\ph\odnhjn ^m\i`\g`n m`k`od_jn+ Hjn^`m`*
]mjn \a`^o\_jn np`g`i `no\m \om~ad^jn) ^ji \ph `ioj _`g
o\h\}jq`iomd^pg\m)tkm`n`io\ipi\\^phpg\^d~i_`jqd*
ggjn i`pmjad]mdg\m`n lp` ^jiod`i`i kmjo`|i\ o\p ^ji pi
k\om~i_`_dnomd]p^d~i^\m\^o`m|nod^j)lp`\a`^o\\g\^jmo`u\
_` gjn g~]pgjn amjio\g t o`hkjm\g npk`mad^d\g+ =pilp` n`
kd`in\ lp` g\ ^jih j^d~i ij _`o`mhdi\ ^jin`^p`i^d\n
`nomp^opm\g`n)k\m`^`^g\mjlp`gjnk\^d`io`n^jiAP? od`*
i`i\io`^`_`io`nm`k`od_jn _``no`kmj^`nj+ Jj`noz^g\mj
ndgjna\^ojm`nhzndhkjmo\io`n`ig\\k\md^d~i_`pi\`i^`*
a\gjk\o|\nji`gih`mj)g\am`^p`i^d\jg\bm\q`_\__`gjn
`kdnj_djnj\gbpi\^jh]di\^d~i_``nojn+
Kom\nn`^p`g\ndhkjmo\io`n_`gjnom\ph\odnhjn^m\i`\g`n
njig\`kdg`knd\kjnom\phzod^\)`gmd`nbj_`dia`^^d~itgjn
om\nojmijnkndlpdzomd^jn+
,DRHNMDR LDCTK@QDR
H\ h{_pg\`nkdi\g `nqpgi`m\]g`\gjn om\ph\odnhjn kjmnp
\om\k\h d`ioj `nlp`g{od^j+ H\ h\tjm k\mo` _` g\n g`ndji`n
h`_pg\m`nn`\nj^d\i\g_`nkg\u\hd`iojom\indojmdjjk`mh\*
i`io` _` g\ ^jgphi\ q`mo`]m\g+ Ag idq`g _`g _\}j h`_pg\m
_`o`mhdi\ g\ h\bidop_ _` g\n\go`m\^dji`ni`pmjg~bd^\n7 g\n
g`ndji`nlp`\a`^o\i\g\nq{mo`]m\nojmz^d^\njuji\nhzn_dn*
o\g`nkp`_`ikmjqj^\mpi\k\m\kg`e|\8 g\ng`ndji`n^`mqd^\g`n
njijmdb`i_`pi\o`om\kg`e|\)tg\nlp`n`kmj_p^`ikjm`i^d*
h\_`?1kp`_`i)\_`hzn)j^\ndji\m^jhkmjhdnjm`nkdm\oj*
mdjkjmk\mzgdndn_d\am\bh{od^\+H\ng`ndji`n_`gjnom\^ojn_`
npno\i^d\]g\i^\\n^`i_`io`nj _`n^`i_`io`n`ig\ uji\ _`g
dhk\^oj\|ng\ig\h{_pg\_`gm`noj_`g^`m`]mj+Ano\dio`mmpk*
^d~i`n)epioj ^ji g\ g`nd~i _` g\ npno\i^d\ bmdn gj^\gdu\_\ \
idq`g_`gdhk\^oj)g\kmdi^dk\g^\pn\_`g\_`ad^d`i^d\i`pmj*
g~bd^\+
- / 2 & / , / ' m!
,@RB@Q@BSDQsRSHB@RGHRSNKuFHB@RCDK@RKDRHNMDRLDCTK@QDRSQ@TLqSHB@R
RNMRHLHK@QDR@K@RPTDRDOQNCTBDMDMNSQ@RYNM@RCDK 3.#! MHUDK
CDK@KDRHuMK@E@RD@FTC@HMBKTXDGDLNQQ@FH@MDBQNRHRX STLDE@BBHuM
@WuMHB@DMK@RTRS@MBH@AK@MB@BHQBTMC@MSD,@KDRHuMRD@CDKF@Y@ONQ
DMBHL@X ONQCDA@IN CDK MHUDK CD K@ KDRHuM #NM DK SHDLON K@RqQD@R
BDMSQ@KDRCDCDRSQTBBHuMMDTQNM@KRDUTDKUDMFKHuSHB@RXPTsRSHB@RK@R
RDBBHNMDRCDK@LrCTK@RHST@C@RONQDMBHL@XONQCDA@INCDK@KDRHuM
LTDRSQ@M TM@ CDFDMDQ@BHuM V@KKDQH@M@@RBDMCDMSDX CDRBDMCDMSD
RDBTMC@QH@QDRODBSHU@LDMSDBNM@EDBS@BHuMCDKNRSQ@BSNRK@QFNRCD
RTRS@MBH@AK@MB@@EDBS@CNRDMDK KTF@QCDK@KDRHuM
>
# / . # % 0 4/ 3 #,!6%
,DRHuMBDQDAQ@KODQHM@S@K
%K L NLDMSNCD@O@QHBHuMCDK@KDRHuMDRETMC@L DMS@KX K@R@KSDd
Q@BHNMDRLqROQDBNBDRRD@RNBH@M@TMC@tNXCDEHBHDMBH@RLqR
HLONQS@MSDR
0@QqKHRHR BDQDAQ@K DR DK SrQL HMN PTD CDRBQHAD K@R CDEHBHDMBH@R
MDTQNKuFHB@RMNOQNFQDRHU@R@RNBH@C@R@KDRHNMDRCTQ@MSDDKODd
QsNCN OQDM@S@K NODQHM@S@K
4Q@TL@SHRLNR
,@ KDRHuMEsRHB@CDK BDQDAQN OTDCD OQNCTBHQRDBT@MCNDK HMSDQHNQ
CDKBQqMDNDMSQ@DMBNMS@BSNUHNKDMSNBNM DK BDQDAQN
%M TM SQ@TL @SHRL N BDQQ@CN RH K@ B@ADY@ DRSq DM LNUHL HDMSN
OTDCDMOQNCTBHQRDKDRHNMDRBDQDAQ@KDRS@MSNDMDKOTMSNCDBNMd
S@BSN NQHFHM@K KDRHuM ONQDK FNKOD BNL NDM DK K@CN NOTDRSN CDK
BDQDAQN KDRHuM ONQ BNMSQ@FNKOD CDAHCN @ RT HL O@BSN BNM DK
BQqMDN
,@RKDRHNMDRO@QDMPTHL @SNR@ROTDCDMBNQQDRONMCDQ@BNMSTRHNd
MDRDM K@RPTDK@GDLNQQ@FH@RDDWSHDMCDG@BH@DKDRO@BHNRTAd
@Q@BMNHCDN
%K CDROK@Y@L HDMSN QqOHCNCDK@B@ADY@XDKBDQDAQN OTDCDCDRd
F@QQ@QKNR@WNMDRKDRHuM @WuMHB@CHETR@ X@LDMTCNB@TR@CDd
EDBSNR MDTQNKuFHBNR HMLDCH@SNR FQ@UDRDHQQDUDQRHAKDR
%KCDRF@QQNSQ@TL qSHBNCDKNRU@RNRR@MFTsMDNROQNUNB@TM GDd
L @SNL@DOHCTQ@K NRTACTQ@K
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
H\n`ia`mh `_\_`n^`m`]mjq\n^pg\m`n*l p ``ng\g`nd~i^`m`*
]m\gn`^pi_\md\\pi\\go`m\^d~i_`gagp ej * n`kp`_`i\bmp*
k\m`iapi^d~i_`g\`odjgjb|\%dnlp{hd^\jc`hjmmzbd^\&+Ag
o{mhdij\^^d_`io`^`m`]mjq\n^pg\mjd^opn`n`g^ji^`koj
^g|id^jlp`di^gpt`oj_jn`nojnkmj^`njn) nj]m` oj_j^p\i_j
gjnn|iojh\n nji\bp_jn+ H\ `ia`mh`_\_^`m`]mjq\n^pg\m`n
g\o`m^`m\ ^\pn\ _`hp`mo` %om\ng\n^\m_djk\o|\nt`g^zi^`m&
`i AA+ QQ+) tg\ ^\pn\ hzn km`q\g`io` _` hjm]dhjmo\gd_\_
i`pmjg~bd^\+ @`n_` pi\ k`mnk`^odq\ adndjk\ojg~bd^\ t _` g\
\i\ojh|\k\ojg~bd^\)`n^jiq`id`io`^jind_`m\mlp`g\`ia`m*
h`_\_^`m`]mjq\n^pg\m^jmm`nkji_`\_jnkmj^`njn7
A`gfo`X( `jhl\d`X\`e]Xikfn`^pi_\mdjn\pi\\go`m\^d~i_`g
md`bjtg\jsdb`i\^d~i_`go`ed_j_`gOJ?8`i`g^`m`]mj)g\
`h]jgd\`npi\^\pn\hznam`^p`io`lp`g\omjh]jndn+Ano`
kmj^`njkp`_`n`mbgj]\gjaj^\g)tg\nh\ida`no\^dji`n^g|*
id^\nqd`i`i^ji_d^dji\_\nkjmg\m`bd~i_`g^`m`]mj\a`^*
o\_\+
A\dfiiX^`X n`^pi_\md\ \ g\ mjopm\ _` gjn q\njn _`g OJ?+
Aiom`g\n`odjgjb|\nhznam`^p`io`n_`no\^\ig\cdk`mo`ind~i
tg\n\ijh\g|\nq\n^pg\m`n%\i`pmdnh\nth\gajmh\^dji`n&+
)RPTDLH@BDQDAQ@KFKNA@K
H\ `j h l \ d `X Z \ i \ Y i X c ^ cf Y X c %`i^`a\gjk \o|\ dnlp{h d^\,
cdk~sd^\ _dapn\& n` kmj_p^` ^p\i_j `sdno` pi\ m`_p^^d~i
b`i`m\gdu\_\ _` g\ k`mapnd~i ^`m`]m\g %^jhj j^pmm` `i g\
k\m\_\^\m_|\^\)`gncj^fjg\cdkjo`ind~idio`in\&+H\`qj*
gp^d~i^g|id^\_`pi`kdnj_dj_`cdkjo`ind~ibm\q`^ji`jhl\)
d`X Z\i\YiXc ^cfYXcq\m|\^jig\dio`ind_\__`g\\bm`nd~i+?p\i*
_j `n g`q`) n` kp`_` kmj_p^dm njgj pi `no\_j ^jiapndji\g
kjnodnlp{hd^jom\indojmdj^jikjnd]g`m`^pk`m\^d~i^jhkg`o\
ndig`ndji`nodnpg\m`ndmm`q`mnd]g`n+Odi`h]\mbj)\gbpijndi_d*
qd_pjn ^jig`ndji`n dnlp{hd^\n bgj]\g`ng`q`n j om\indojmd\n
kp`_`inpamdmg`ndji`ndmm`q`mnd]g`n_`go`ed_j_`gOJ?+Asdno`
pi\e`m\mlp|\ `i g\ n`ind]dgd_\_ _` g\n ^{gpg\n _`g OJ?7 g\n
i`pmji\nnjig\nhznn`ind]g`n)\pilp`g\n^{gpg\nbgd\g`n%jgd*
bj_`i_mj^dojnt\nomj^dojn&o\h]d{injiqpgi`m\]g`n+H\ni`p*
mji\nhznn`ind]g`n_`iomj_`g^`m`]mjnjig\^\k\_`^{gpg\n
kdm\hd_\g`n _`g cdkj^\hkj %nj]m` oj_j `g zm`\ ? = E) lp` n`
_`ijhdi\ j\Zkfi [\ Lfdd\i%( g\n ^{gpg\n _` Lpmfdie` _`g
^`m`]`gj t g\n i`pmji\n kdm\hd_\g`n _` g\ ^jmo`u\ ^`m`]m\g+
?p\i_jg\dnlp`hd\^`m`]m\gbgj]\g`ndio`in\)n`kmj_p^`g\
hp`mo`i`pmji\g_dn`hdi\_\^jidi_`k`i_`i^d\_`g\qpgi`*
m\]dgd_\_ m`bdji\g+ Hjn k\^d`io`n lp` nj]m`qdq`i lp`_\i \
h`ip_j`ipi`no\_jq`b`o\odqjk`mndno`io`+Komjnk\^d`io`n
^phkg`igjn^mdo`mdjn^g|id^jn\^op\g`n _` hp`mo`^`m`]m\g)
^jindbijn_`g`nd~i^jmod^\g_dapn\dmm`q`mnd]g` %`g`^omj`i^`*
a\gjbm\h\ dnj`g{^omd^j) j kg\ij& t _\}jn `i`g omji^j _`g
`i^{a\gj) di^gpnj^ji\pn`i^d\_`m`ag`ejnt`no|hpgjm`nkdm\*
ojmdj)ta\go\ _`k`mapnd~i^`m`]m\g+ ?p\i_j n`h\iod`i`^ji
m`nkdm\^d~ih`^zid^\\gjnk\^d`io`nlp`npam`i`no\ajmh\_`
g`nd~idmm`q`mnd]g`) `g^`m`]mj `sk`mdh`io\ bm\_p\gh`io`pi
kmj^`nj _`\po~gdndn^jigd^p`a\^^d~ibm\_p\gc\no\ gg`b\m\g
_`ijhdi\_j^`m`]mj_`gm`nkdm\_jm+
- / 2 & / , / ' m!
%MDKDMSNQMNCDK@HRPTDLH@FKNA@K DKBDQDAQNDRSqDCDL@SNRNBNM
BHQBTMUNKTBHNMDR@LOKH@RXRTQBNRDRSQDBG@CNR ,@RTODQEHBHDCDBNQd
SD LTDRSQ@ TM@ CDKHLHS@BHuM HMRTEHBHDMSD DMSQD K@RTRS@MBH@ FQHR X K@
RTRS@MBH@AK@MB@ ,@RB@Q@BSDQsRSHB@R LHBQNRBuOHB@R CD K@ KDRHuM HRd
PTrLHB@HQQDUDQRHAKDHME@QSN DUNKTBHNM@MBNMDKSHDLON,NRB@ L A HN R
HM HBH@ KDR PTDRDOQNCTBDMDMSQD XG CDROTrRCDK@@FQDRHuM
@EDBS@M@K@RMDTQNM@RMDTQNM@RQNI@REHFR
X" XRDB@Q@Bd
SDQHY@MONQLHBQNU@BTNKHY@BHuMRDFTHCNRCDDNRHMNEHKH@CDKBHSNOK@RL@
MDTQNM@KXLqRS@QCDOHBMNRHRXB@QHNQQDWHRDMKNRMvBKDNR!KFNLqR
S@QCDRDOQNCTBDMB@LAHNRO@QDBHCNRDMKNR@RSQNBHSNRXK@NKHFNCDM
CQNFKs@ $DROTrR BNLHDMY@K@ QD@BBHuM @K C@tN SHRTK@QBNM HMEHKSQ@CN
MDTSQuEHKNEHF
# ,NRB @ L A HN R RTA @ F T C N RPTDRDOQNCTBDM
DMSQD GX RDL@M@R CDROTrR BNMRHRSDM DM MDBQNRHR CDK SDIHCN
DMSQ@C@ CD L@BQuE@FNR OQNKHEDQ@BHuM U@RBTK@Q X FKHNRHR QD@BSHU@
EHF
$ ,@QD O@Q@BHu MPTDDRHLONQS@MSD@OQNWHL@C@LDMSD@
K@RRDL@M@R RDB@Q@BSDQHY@ONQK@DKHLHM@BHuMCDSNCNDKSDIHCNMDd
BQuSHBNK@OrQCHC@CDK@@QPTHSDBSTQ@MNQL@KCDK3.#XFKHNRHREHF
% ,@CHRSQHATBHuMCDK@OrQCHC@MDTQNM@KXK@FKHNRHRDM K@MDNBNQ
SDY@G@AHST@KLDMSDDR HQQDFTK@Q BNM BNMRDM@BHuM CD@KFTM@RB@O@R
X CDRSQTBBHuM CD NSQ@R DM TM O@SQuM PTD RD CDMNLHM@ M D B QN R HR
RDTCNK@L HM@Q
)RPTDLH@BDQDAQ@KENB@K
H\dnlp`h d\^`m`]m\gaj^\gn` kmj_p^`om\npi\m`_p^^d~ij
dio`mmpk^d~i_`gagpej`ipi\uji\gj^\gdu\_\_`g^`m`]mjkjm
pi\ j^gpnd~i \mo`md\g jcdkjk`mapnd~i+ ?p\i_j g\ dnlp`hd\
n`h\iod`i`)\k\m`^`pidia\moj`i`go`mmdojmdj_`gq\nj^jh*
kmjh`od_j+ Ag o\h \}j) gj^\gdu\^d~i t ajmh\ _`g dia\moj t
g\`so`ind~i_`g_\}jodnpg\mlp`n`kmj_pu^\_`k`i_`i_`g\
_pm\^d~i_`g\ dnlp`hd\t_`g\^\gd_\_ _`gagpej n\ibp|i`j
^jg\o`m\g+ Agkmdi^dk\g agpej^jg\o`m\g `n`g kjg|bjij _`Sdggdn
%lp``n\gdh`io\_jkjmg\^\m~od_\`so`mi\*jaozghd^\&+ Asdno`
pim`ap`mujk\m^d\g`di^jino\io``ig\npk`mad^d`_`g^`m`]mj
k\m\ g\n m\h\n _dno\g`n _` g\n \mo`md\n ^`m`]m\g`n \io`mdjm)
h`_d\tkjno`mdjm\om\q{n_`g\n\i\nojhjndng`kojh`idib`j*
^jmod^\g`n+ Ljm `g ^jiom\mdj) `g agpej ^jg\o`m\g k\m\ gjn q\njn
k`i`om\io`n kmjapi_jn _` `nomp^opm\n ^jhj `g ozg\hj) gjn
b\ibgdjn_`g\]\n`tg\npno\i^d\]g\i^\kmjapi_\`n`n^\njj
ipgj+
H\ `ia`mh `_\_q\n^pg\mj^gpndq\^pt\bm\q`_\_ `nnpad*
^d`io`^jhjk\m\kmj_p^dmpidia\moj^`m`]m\gkp`_`_`]`m*
n`\ g\`h ]jgdu\^d~i_`pijmdb`ig`e\ij)pi\omjh ]jndn`e
j`kl j _dq`mnjnodkjn _`q\n^pgdodn8`igjn^\k|opgjn1t.. n`
^jh`io\g\k\ojgjb|\]znd^\_``nojnkmj^`njn+
H\\dYfc`X \g ^`m`]mj kp`_` o`i`m _dq`mnjn jm|b`i`n+ Hjn
omjh]jnhpm\g`n^\m_|\^jnnjipi\_`g\nap`io`nhznam`*
^p`io`n8`gdia\moj_`hdj^\m_dj)g\`ia`mh`_\_q\gqpg\mt
g\ad]mdg\^d~i\pmd^pg\mnjia\^ojm`nkm`_dnkji`io`ndhkjm*
o\io`n+ Agndbpd`io`a\^ojm`idhkjmo\i^d\njig\nomjh]j*
`h]jgd\n_`jmdb`i\mo`md\g)^jih\tjmam`^p`i^d\\k\modm
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
- / 2 & / , / ' m!
%K@RODBSNL@BQNRBuOHBNCDTMHM E@ QSN MNG D L N QQq F HB N B@LAH@BNM
DKSHDLON $TQ@MSDK@ROQHLDQ@R GCDKDRHuM HQQDUDQRHAKD DK @RODBSN
CDKSDIHCNRDLNCHEHB@ONBN ODQN@K@RGRDSNQM@OqKHCN AK@MCNX
STLDE@BSNXRDCHETLHM@K@TMHuMBNQSHBNLDCTK@Q%MSQDKNRCs@RX
DK BDQDAQN RD SNQM@ FDK@SHMNRN X EQH@AKD X KNR KsLHSDR DMSQD DK SDIHCN
MNQL@K X DK SDIHCN @MuL@KN PTD @MSDR DRS@A@M ONBN CDEHMHCNR RD
UTDKUDM LqRBK@QNR @LDCHC@ PTDRD QDRTDKUDDK DCDL@DM DKSDIHCN
UH@AKD @CX@BDMSD %MSQD DK Cs@ X K@ RDL@M@ DK SDIHCN RD KHBv@
CDI@MCN EHM@KLDMSD TM@B@UHC@C KKDM@ CD KsPTHCN QDBTAHDQS@ ONQ TM
SDIHCNFQHRNRBTQNPTDRDDWO@MCDFQ@CT@KLDMSDG@RS@PTDRDQD@Ad
RNQADSNCNDKSDIHCNLTDQSNEHF
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
K@DWSQ@U@R@BHuMXK@QD@ARNQBHuMR@MFTsMD@%MK@RODQRNM@RSQ@S@C@R
BNM @MSHBN@FTK@MSDR KNR HME@QSNRGDLNQQqFHBNRRDOTDCDM@RNBH@Q@
GDL@SNL@R HMSQ@BDQDAQ@KDRDWSDMRNR ,NR HME@QSNRUDMNRNRRNM BNM
EQDBTDMBH@GDLNQQqFHBNRXOTDCDM@O@QDBDQSQ@RTM@NBKTRHuMSQNL d
AuSHB@CDKRDMNR@FHS@KRTODQHNQNCDNSQNRRDMNRNONQK@NBKTRHuMCD
K@RUDM@RBDQDAQ@KDR OQNETMC@R ,NRB@QBHMNL@R K@R HMEDBBHNMDR KNd
B@KHY@C@RXNSQNROQNBDRNRPTDC@MKTF@Q@TM@RHST@BHuMCDGHODQBN@
FTK@AHKHC@C@TLDMS@MDKQHDRFNCDSQNLANRHRUDMNR@
,NR HM E@ QSN R CD K@ L rCTK@ D ROHM@K OTDCDM @RNBH@QRD@ TM@ RHd
ST@BHuMCDGHONODQETRHuMNRDQBNMRDBTDMBH@CDK@HMSDQQTOBHuMSQ@Td
LqSHB@CDK@RSQHATS@QH@RMTSQHBH@RNQHFHM@C@RDMK@@NQS@ %RLqRQ@QN
PTD K@ B@TR@ RD@ TM@ NBKTRHuM CD K@ @QSDQH@ DROHM@K @MSDQHNQBNL N
BNMRDBTDMBH@CDTM@DLANKH@NU@RBTKHSHR
0TDCDM@O@QDBDQ@RSQNBHSNRQD@BSHUNRX@CTQ@MSDK@OQHL DQ@RDL @d
M@ ONRSDQHNQ@K@KDRHuM !LDCHC@PTD@U@MY@M K@E@FNBHSNRHRX K@
KHBTDE@BBHuMKNR@RSQNBHSNRCDKNRANQCDRCDK@KDRHuM@TLDMS@MCD
S@L@tNOQNFQDRHU@LDMSD RDCHUHCDMXCDR@QQNKK@MTM@QDC OQNLHd
MDMSDCDDWSDMRHNMDRBHSNOKqRLHB@R
$DROTrRCDU@QHNRL DRDR RDQDCTBDK@QDROTDRS@CDKNR@RSQNBHSNR
CDI@MCNTM@CDMR@SQ@L@CDEHAQ@RFKH@KDRLDYBK@C@RBNMB@OHK@QDR
MTDUNRX@KFNCDSDIHCNBNMITMSHUNODQHU@RBTK@Q %MK@BNQSDY@BDQDd
AQ@K K@B@UHC@C DRSqRDO@Q@C@CDK@RLDMHMFDRXDK DRO@BHNRTAd
@Q@BMNHCDN ONQ TM@ B@O@ CD SDIHCN FKHuSHBN CDQHU@C@ CD K@ B@O@
LNKDBTK@QCDK@BNQSDY@ ,@Os@XK@@Q@BMNHCDRMNDRSqM@EDBS@C@R
X MN BNMSQHATXDM @K OQNBDRN CDBHB@SQHY@BHuM ,NR HME@QSNR RTEQDM
DRSNRDRS@CHNR QD@BSHUNRX CD QDO@Q@BHuM CDRCD KNR LqQFDMDR @K
BDMSQN ONQDRN K@RCHRSHMS@R YNM@RCD K@ KDRHuM OTDCDM SDMDQ TM
@RODBSNCHRSHMSNRNAQDSNCNCTQ@MSDK@RE@RDROQDBNBDRQDUDK@MCN
K@OQNFQDRHuMM@STQ@KCDK@QDROTDRS@
,@RB@Q@BSDQsRSHB@RXK@DUNKTBHuMSDLONQ@K CDK HM E@ QSN G D L N QQq d
F HB N RNMO@Q@KDKNR@KNRCDTMHME@QSNHRPTrLHBN @TMPTDRD@t@CDM
)ME@QSNRK@BTM@QDR
H\cdk`mo`ind~i\a`^o\ \ g\n \mo`md\n t\mo`mdjg\nk`i`om\io`n
kmjapi_\n lp` dmmdb\i gjn b\ibgdjn _` g\ ]\n`) g\ npno\i^d\
]g\i^\c`hdna{md^\t`gomji^j_`g`i^{a\gj+Anojnq\njn^`m`*
]m\g`n _`n\mmjgg\ipi\\jZc\ifj`jXik\i`fcXitkp`_`ij^gpdmn`8
gjn^\h]djn`nomp^opm\g`nnjik\m`^d_jn\gjn_`n^mdojn`igjn
q\njnndno{hd^jn`ik\^d`io`ncdk`mo`injn%q+^\k|opgj..&+Qi\
dhkjmo\io`^jin`^p`i^d\^g|id^\tk\ojg~bd^\ _`g\ng`ndji`n
\mo`md\g`n_`gOJ?`ng\\k\md^d~i_`k`lp`}jndia\mojn^\qd*
o\mdjn) njgdo\mdjn j h godkg`n) lp` n` _`ijh di\i cX^leXj
%adb+/5*.4&+Ano\ng`ndji`nnji`nk\^djn\hj_j_`g\bjn)\m]d*
om\md\h`io` _`adid_jn^jhj h`ijm`n _` .2 hh _`\i^cj t
lp`n`gj^\gdu\i`i`gi^g`jg`iod^pg\m)`gozg\hj)g\^zknpg\
dio`mi\)g\npno\i^d\]g\i^\kmjapi_\)`gi^g`j^\p_\_jtg\
kmjop]`m\i^d\)`ijm_`i_`am`^p`i^d\_`^m`^d`io`+Ag`nop_dj
hd^mjn^~kd^jhp`nom\k{m_d_\_`o`ed_jmj_`\_\_`bgdjndn+Ai
api^d~i_`g\ gj^\gdu\^d~i`i`gOJ?)g\ng\bpi\nkp`_`in`m
^g|id^\h`io`ndg`io`njkmj_p^dmpi\bm\q`\go`m\^d~ii`pmj*
g~bd^\+ Hjnq\njn\a`^o\_jnkp`_`i\nj^d\mn`\pi`in\i^c\*
hd`ioj_`gjn`nk\^djnk`mdq\n^pg\m`nndidia\mojodnpg\m $ukXk
Zi`Ycu%*
(DLNQQ@FH@RDMGDMCHCTQ@
Hjnq\njnk`i`om\io`n _`^\gd]m`k`lp`}j kp`_`i mjhk`mn`
`ig\cdk`mo`ind~i)kmjqj^\i_jc`hjmm\bd\nk`lp`}\n+ ?ji
`god`hkj)`no\nn`m`\]njm]`it_`e\iom\n_`n|pi\^\qd_\_
\ hj_j _`c`i_d_pm\ $_\dfiiX^`X\e_\e[`[liX% mj_`\_\ kjm
(DLNQQ@FH@HMSQ@O@QDMPTHL@SNR@
%MBDE@KNO@Ss@GHODQSDMRHU@
H\`i^`a\gjk\o|\cdk`mo`indq\\bp_\`npin|i_mjh`^g|id^j*
k\ojg~bd^j jmdbdi\_j `i km`n`i^d\ _` pi\ cdk `mo`ind~i
h \gdbi\tn`^\m\^o`mdu\kjmpi\_dnapi^d~i^`m`]m\g_dapn\)
^ji^`a\g`\n)^jiapnd~i)q~hdojnt ^jiqpgndji`n)lp`\q`^`n
^pgh di\i`ipi^jh\+An`n`i^d\gpi\dio`mq`i^d~io`m\k{p*
od^\mzkd_\k\m\ m`_p^dmg\km`nd~idiom\^m\i`\g)_\_jlp``g
n|i_mjh` ij np`g` m`hdodm _` ajmh\ `nkjiozi`\+ Ag `nop_dj
gfjkdfik\d kp`_`m`q`g\m`_`h\^`m`]m\g) ^jij ndic`mid\*
^d~iom\ino`iojmd\gj\hdb_\gdi\+=ghd^mjn^jkdjkp`_`iq`m*
n`k`o`lpd\nti`^mjndnad]mdijd_`_`g\n\mo`mdjg\n`ig\nnpn*
o\i^d\nbmdnt]g\i^\+
Hjn di_dqd_pjnlp` _pm\io`hp^cjn h`n`n \\}jnnpam`i
hgodkg`ndia\mojn]dg\o`m\g`n`ig\npno\i^d\bmdn%^jmo`u\)ozg\*
hj)b\ibgdjn]\n\g`n&tg\npno\i^d\]g\i^\ %^`iomjn`hdjq\g&
kp`_`i_`n\mmjgg\mpin|i_mjh`^g|id^j^\m\^o`m|nod^j)lp`n`
\nj^d\\_`h`i^d\)\go`m\^dji`n_`g\h\m^c\tndbijnn`p_j*
]pg]\m`n) \ h`ip_j ^ji _`ad^d`i^d\n i`pmjg~bd^\n aj^\g`n
npk`mkp`no\n+ Ano` n|i_mjh`) lp` n` np`g` gg\h\m [\d\eZ`X
mXjZlcXi $dlck``e]Xikf%( n` _`]` \ pi\ `ia`mh`_\_ q\n^pg\m
hpgodaj^\g _`q\mdjnodkjn)`iom`gjnlp``nozigjnndbpd`io`n7
.& \o`mj`n^g`mjndn^`m`]m\g8/& omjh]jndnq\n^pg\mj`h]jgdu\*
^d~i_`gjnq\njn^\mjo|_`jnj`g^jm\u~i)t0&`n^g`mjndn\mo`*
mdjg\m^`m`]m\gkjmcdk`mo`ind~i^m~id^\+?p\i_j`gk\om~i_`
g\g`nd~i\a`^o\km`a`m`io`h`io`\`so`in\nzm`\n_`g\npno\i*
^d\]g\i^\np]^jmod^\g^jik{m_d_\_`hd`gdi\t\sji`n)`gkmj*
^`njn`gg\h\\e]\id\[X[[\;`ejqmXe^\i7c\tlp`_dnodibpdmg\
_dnomd]p^d~i_`g\ng`ndji`nq\n^pg\m`n_`g\npno\i^d\]g\i^\
\idq`g^g|id^jtm\_djg~bd^j_`jom\n`ia`mh`_\_`nlp`\a`^*
o\i \ g\ npno\i^d\ ]g\i^\ c`h dna{md^\+ =_`h zn) hp^cjn
k\^d`io`n^ji`ia`mh`_\_`ni`pmj_`b`i`m\odq\nlp`kmj_p*
^`i pi om\nojmij ^jbidodqj j _`h`i^d\ o\h]d{i km`n`io\i
`qd_`i^d\n _` `ia`mh`_\_^`m`]mjq\n^pg\m+ H\ km`n`i^d\ _`
pi\ `ia`mh`_\_ ^`m`]mjq\n^pg\m ndbidad^\odq\ \ph`io\ `g
md`nbj_`om\nojmijni`pmjg~bd^jnk\m\piidq`g_`o`mhdi\_j
_`g`ndji`n\nj^d\_j^jig\n`ia`mh`_\_`n_`b`i`m\odq\n)gj
lp` npbd`m` lp` `no` `n pi a\^ojm lp` ^jiomd]pt` _` ajmh\
di_`k`i_d`io`\g\\go`m\^d~i_`g\api^d~i^`m`]m\gijmh\g+
(DLNQQ@FH@ HMSQ@BQ@MD@K
H\nc`hjmm\bd\nkp`_`igj^\gdu\mn``i^p\glpd`mgpb\m_`iomj
_`gOJ?*ap`m\j_`iomj_`g^`m`]mj%diom\k\m`ilpdh\ojn\n&*+
H\mjopm\_`piq\njdiom\k\m`ilpdh \ojnjk`lp`}jkp`_`
^\pn\mpi\c`h jmm\bd\_`iomj_`g^`m`]mj)lp`n`np`g`\nj*
^d\m \ pijn n|iojh \n i `pmjg~bd^jn _` \k\md^d~i n]do\
%d^opn&+ H\n c`h jmm\bd\n diom\k\m`ilpdh \ojn\n `nk jioz*
i`\n %ij om\ph zod^\n& nji h zn am`^p`io`n `i g\ h `_d\i\
`_\_ jhzn\_`g\io`) ^ji pi\ di^d_`i^d\ hzsdh\`i ojmij
\ gjn 3- \}jn _` `_\_+ H\n c`h jmm\bd\n _` gjn b\ibgdjn
]\n\g`nj`gozg\h jn`np`g`igg\h \mc`h jmm\bd\nb\ibgdj*
i\m`n) h d`iom\n lp` g\n gj^\gdu\_\n `i gjn g~]pgjn _` gjn
c`h dna`mdjn ^`m`]m\g`n n` _`ijh di\i c`h jmm\bd\n gj]\*
m`n+H\n_jnkmdi^dk\g`n^\pn\n_``no`k\om~i_`c`h jmm\*
bd\njig\ cdk`mo`ind~it g\ \ibdjk\o|\\h dgjd_`\^`m`]m\g)
m`nk`^odq\h `io`+=_`h zn) jomjna\^ojm`n gj^\g`ntndno{h d*
^jnkp`_`i^jiomd]pdmj^\pn\mpi\c`h jmm\bd\ijom\ph z*
od^\) ^jhj gjn om\nojmijn ndno{h d^jn _` g\ ^j\bpg\^d~i) g\n
i`jkg\nd\n) g\n q\n^pgdodn) gjn \i`pmdnh \n t g\n h \gajmh \*
^dji`nq\n^pg\m`n+
H\ cdk`mo`ind~i `n `g a\^ojm _` md`nbj lp` ^ji hzn am`*
^p`i^d\ n` \nj^d\ \ g\n c`h jmm\bd\n k\m`ilpdh \ojn\n kmj*
api_\nt`nm`nkjin\]g`_`hzn_`g2-# _`g\nc`hjmm\bd\n
^ji m`k`m^pnd~i^g|id^\ t \kmjsdh\_\h`io` _`g .2# _`g\n
hp`mo`n_`k`mnji\n^jicdk`mo`ind~i^m~id^\+H\nc`hjmm\*
bd\n diom\k\m`ilpdh\ojn\ncdk`mo`indq\n n`kmj_p^`ic\]d*
op\gh`io``ig\n`nomp^opm\nkmjapi_\n_`g\npno\i^d\]g\i*
^\jbmdnt_`nkp{n`i`gomji^j_`g`i^{a\gjt`i`g^`m`]`gj+
H\cdk`mo`ind~ikmj_p^`pi\n`md`_`\go`m\^dji`n`ig\k\m`_
q\n^pg\m) lp` di^gpt`i pi\ \o`mj`n^g`mjndn \^`g`m\_\ `ig\n
\mo`md\n _` bm\i^\gd]m`) g\ \mo`mdjgj`n^g`mjndn cd\gdi\ `i g\n
\mo`md\n_`h`ijmo\h\}jt%`i^\njnbm\q`n&^\h]djnkmjgd*
a`m\odqjn^jii`^mjndnam\i^\_`g\n\mo`mdjg\n+L\m`^`lp`g\n
k\m`_`n\mo`mdjg\m`n^ji^\h]djcd\gdijnjihzn_{]dg`nlp`
gjnq\njnijmh\g`ntnjiqpgi`m\]g`n\g\mjopm\+ Ai\gbpijn
^\njn)g\cdk`mo`ind~i^m~id^\n`\nj^d\\g\\k\md^d~i_`pijn
\i`pmdnh\n_dhdipojn)lp`n`^jij^`i^jhjd`ZifXe\li`jdXj
[\ <_XiZfk);flZ_Xi[tlp`kp`_`in`m`ggpb\m_`mjopm\+Anojn
\i`pmdnh\n_`?c\m^jo*>jp^c\m_)lp`ijn`_`]`i^jiapi_dm
^ji gjn n\^pg\m`n _` gjn bm\i_`nq\njn diom\^m\i`\g`n `i `g
`nk\^dj np]\m\^ijd_`j) n` gj^\gdu\i `i q\njn _` h`ijn _`
0-- edh _` _dzh`omj) ndop\_jn) nj]m` oj_j) `i gjn b\ibgdjn
]\n\g`n+
- / 2 & / , / ' m!
,@GDL NQQ@ FH@GHO D QSD M RHU@ HM SQ@ O @ QD M P T HL @ SN R @ OTDCDNQHFHM@Qd
RDDMDKOTS@LDM
CDKNRB@RNR DKSqK@LN K@OQNSTADQ@MBH@
KNRGDLHREDQHNRBDQDADKNRNRQ@QN X NSQ@RQDFHNMDRCDKBDQDAQNEHF
! 3D@BT@KRD@K@DSHNKNFs@ K@RGDLNQQ@FH@R@FTC@RRDB@Q@BSDQHd
Y@M ONQR@MFQDDWSQ@U@R@C@PTDBNLOQHL DDKO@QrMPTHL@@CX@BDMd
SD ,@RGDLNQQ@FH@R@MSHFT@RRDBNMUHDQSDMDMTM@B@UHC@CPTDSHDMD
TM ANQCDL@QQuM CDRBNKNQHCN ,@RKDRHNMDRHMHBH@KDRBNQQDRONMCDM @
R@MFQDBN@FTK@C@QNCD@C@ONQSDIHCNBDQDAQ@KPTDLTDRSQ@B@LAHNR
MDTQNM@KDRXFKH@KDRONQK@@MNWH@XDCDL@ &HM@KLDMSD DKDCDL@RD
QDRTDKUD @O@QDBDM L@BQuE@FNRB@QF@CNRCDGDLNRHCDQHM@XKsOHCNR
XK@OQNKHEDQ@BHuMCDKNR@RSQNBHSNRQD@BSHUNRRDG@BDUHRHAKDDMK@ODQHd
EDQH@CDK@KDRHuM,NROQNBDRNRBDKTK@QDRPTDSHDMDMKTF@Q@BNMSHMT@d
BHuMRHFTDM K@LHRL@DUNKTBHuMSDLONQ@K PTDK@NARDQU@C@CDROTrR
CDTMHME@QSNBDQDAQ@K
%MEDQLDC@CDR BDQDAQNU@RBTK@QDR
- / 2 & / , / ' m!
,@@KSDQ@BHuMU@RBTK@QRTAX@BDMSD@K@!!#RDKHLHS@SsOHB@LDMSD@K@R
@QSDQHNK@RXKNRB@OHK@QDRKDOSNLDMsMFDNRXBNQSHB@KDRBDQDAQ@KDR@TMd
PTDS@LAHrMOTDCD@EDBS@Q@K@B@O@LNKDBTK@QCDKBDQDAQN,NRU@RNR
@EDBS@CNRRNM QsFHCNRX ONQDRN MN RDBNK@OR@M CTQ@MSDDK OQNBDR@d
LHDMSNXRDBBHuMCDKSDIHCN!CHEDQDMBH@CDKNPTDRTBDCDDMK@DRBKDd
QNRHR @QSDQHNK@Q MN RD NARDQU@EHAQNRHR RHMN CDOuRHSNR TMHENQLDR X
CDMRNRCD@LHKNHCDEHF
Es
(DLNQQ@FH@RTA@Q@BMNHCDNX@MDTQHRL@R
R@BTK@QDRQNSNR
H\^\pn\hznam`^p`io`_`c`hjmm\bd\np]\m\^ijd_`\^g|i d*
^\h`io` ndbidad^\odq\ `n g\mjopm\ _`pi \i`pmdnh\ n\^pg\m
%`i am`n\& `i pi\ \mo`md\ ^`m`]m\g+ H\ c`h jmm\bd\ `i `g
`nk\^djnp]\m\^ijd_`jo\h]d{ikp`_`n`m^jin`^p`i^d\_`g\
`so`ind~i_`pic`h\ojh\om\phzod^j)_`g\\k`mopm\_`pi\
c`hjmm\bd\cdk`mo`indq\diom\^`m`]m\gc\^d\`gndno`h\q`iomd*
^pg\m)pi\h\gajmh\^d~iq\n^pg\m)\go`m\^dji`nc`h\ojg~bd^\n
tophjm`n+
HjnXe\li`jdXjjXZlcXi\jnji`godkjhznam`^p`io`_`\i`p*
mdnh\diom\^m\i`\g+Komjnodkjn_`\i`pmdnh\nnjigjn\o`mj`n*
^g`m~od^jn %apndajmh`n8 hzn am`^p`io`n `i g\ \mo`md\ ]\ndg\m&)
hd^~od^jn) om\phzod^jn t _dn`^\io`n+ Hjn om`n godhjn odkjn)
dbp\glp`gjn\i`pmdnh\nn\^pg\m`n)njihznam`^p`io`n`ig\
^dm^pg\^d~i\io`mdjm)k`mjn`_da`m`i^d\i`ilp`ijmh\gh`io`
kmj_p^`i pi dia\moj ^`m`]m\g `i gpb\m _` pi\ c`hjmm\bd\
np]\m\^ijd_`\+
O``i^p`iom\i\i`pmdnh\nn\^pg\m`n\kmjsdh\_\h`io``i
`g/#_`g\kj]g\^d~i)n`bi_\ojnm`^d`io`n_``nop_djnm\_dj*
g~bd^jn_`]\n`^jhpido\md\+=kmjsdh\_\h`io``g6-#_`gjn
\i`pmdnh\n n\^pg\m`n n` gj^\gdu\i`i g\ ^dm^pg\^d~i\io`mdjm
^`m^\ _` gjn kpiojn_` m\hdad^\^d~i _`g\n \mo`md\n h\tjm`n
%adb+ /5*.6&8 `sdno`i\i`pmdnh\nhgodkg`n`i`g/- \g0-# _`
gjn^\njnn`big\nn`md`n_`\pojknd\+
- / 2 & / , / ' m!
!MSDRCDK@QNSTQ@ DK@MDTQHRL@R@BTK@QDRTM@DU@FHM@BHuMCDO@QDd
CDREHM@RCDTM@@QSDQH@PTDRDRTDKDKNB@KHY@QDMTM@Q@LHEHB@BHuMCDK
ONKsFNMN CD 7HKKHR N CD @KFvM U@RN FQ@MCD CHRS@K ,NR @MDTQHRL@R
R@BTK@QDRLHCDMCDRCDTMNRONBNRLHKsLDSQNR@
BLCDCHqLDSQN
XSHDMDMTM@RTODQEHBHDAQHKK@MSDQNI@HMSDMR@XTM@O@QDCCDKF@C@SQ@MRd
KvBHC@EHF
%MK@O@QDCNK@KTYCDK@MDTQHRL@OTDCDMDMBNMd
SQ@QRDOK@B@RCD@SDQNL@B@KBHEHB@BHNMDRNSQNLANR %MNB@RHNMDRRD
DMBTDMSQ@MDUHCDMBH@RCDR@MFQ@CNROQDUHNRDMENQL@CDTM@CDBNd
KNQ@BHuM O@QC@CDK BDQDAQNX K@R LDMHMFDR@CX@BDMSDR %K BTDKKN CDK
@MDTQHRL@OTDCDRDQDRSQDBGNN@MBGN,@QNSTQ@RTDKDOQNCTBHQRDDM
DK UrQSHBD CDK R@BNXBNMCTBD@ K@DWSQ@U@R@BHuM CDR@MFQD G@BH@DK
DRO@BHNRTA@Q@BMNHCDN K@RTRS@MBH@BDQDAQ@KN@LANR ,@O@QDC@Qd
SDQH@K@CX@BDMSD@KBTDKKNCDK@MDTQHRL@RTDKDLNRSQ@QBHDQSNFQ@CNCD
DMFQNR@LHDMSNCDK@sMSHL@X@CDKF@Y@LHDMSNCDK@LDCH@ %KLvRBTd
KN KHRNX K@ KqLHM@DKqRSHB@ HMSDQM@ MN RD DWSHDMCDM G@BH@ DK BTDKKNX
E@KS@MDMDKOQNOHNR@BN@MDTQHRLqSHBNPTDDRSqBNMRSHSTHCNONQsMSHL@
GH@KHMHY@C@DMFQNR@C@XTM@BTAHDQS@CD@CUDMSHBH@
)MEDBBHNMDR
< XiX Zk\ivjk`ZX jZcve `ZXj* H\mjopm\_`pi\i`pmdnh\lp`kmj*
_p^`pi\c`hjmm\bd\np]\m\^ijd_`\^jidhkjmo\i^d\^g|id^\
`nhznam`^p`io``i g\ lpdio\ _{^\_\ _` g\ qd_\t`ngdb`m\*
h`io`hznam`^p`io``ig\nhpe`m`n+ Ai^jiepioj)`g.)0# _`
gjn \i`pmdnh\n di_dqd_p\g`n n`mjhk`i`i. \}j) \pilp``g
md`nbj`nhzn\gojk\m\gjn\i`pmdnh\nhznbm\i_`n+Ljm`e`h*
kgj)gjn\i`pmdnh\nh\tjm`n_`.-hhn`\nj^d\i\pimd`nbj
\kmjsdh\_j _`c`hjmm\bd\\ip\g _`g2-#+ H\mjopm\kp`_`
kmj_p^dmn``i^p\glpd`mhjh`ioj)k`mj\kmjsdh\_\h`io``i
pio`m^dj _` gjn ^\njn n`\nj^d\ \di^m`h`iojn \bp_jn _` g\
km`nd~idiom\^m\i`\g)kjm`e`hkgj)\gc\^`mkm`nd~i\g_`a`^\m
j_pm\io`pijmb\nhj+>\ejg\ap`mu\_`g\km`nd~i\mo`md\g)g\
n\ibm`n`q`j]gdb\_\\`iom\m`i`g`nk\^djnp]\m\^ijd_`jt
`gk\^d`io`npam`pi\^`a\g`\n]do\hptdio`in\%lp`^gznd^\*
h`io` n` _`n^md]`^jhj g\k`jmlp`c\t\ o`id_je\hzn& t
kd`m_` g\^ji^d`i^d\ ^jim\kd_`u+ Aiom``g /2t`g 2-# _` g\n
k`mnji\n\a`^o\_\na\gg`^`ikjmg\kmdh`m\c`hjmm\bd\)k`mj
gjnk\^d`io`nlp`nj]m`qdq`ih`ejm\itm`^pk`m\ig\^ji^d`i*
^d\`ihdipojn+H\nc`hjmm\bd\n_`m`k`od^d~injiam`^p`io`n
`i gjn npk`mqdqd`io`n) \pilp` `n dh kjnd]g` km`_`^dm `g
hjh`ioj_`\k\md^d~i+Agkmji~nod^j`hk`jm\^ji^\_\`kd*
nj_dj_`c`hjmm\bd\np^`ndqj+
H\n^jin`^p`i^d\n^g|id^\n _`g\km`n`i^d\ _`n\ibm``i`g
`nk\^djnp]\m\^ijd_`jn`kp`_`i_dqd_dm`i\^jio`^dhd`iojn
\bp_jn)lp`n`kmj_p^`icjm\n\_|\n_`nkp{n_`g\c`hjmm\*
bd\) t n`^p`g\n o\m_|\n \nj^d\_\n \g kmj^`nj _` ^pm\^d~i+
@pm\io`gjnkmdh`mjn_|\nndbpd`io`n\pi\c`hjmm\bd\np]*
\m\^ijd_`\) n`\ ^p\g n`\ np `odjgjb|\) \ph`io\ `g md`nbj _`
npamdmg`ndji`ndnlp{hd^\n\_d^dji\g`nkjm`gq\nj`nk\nhjlp`
n` kmj_p^` `i gjnq\njn ]\}\_jn `i g\ n\ibm` `som\q\n\_\+
Ano`kmj]g`h\ od`i` g\ hzsdh\ dhkjmo\i^d\`igjn ^\njn _`
c`hjmm\bd\ np]\m\^ijd_`\]\n\g) _\_j lp``gq\nj`nk\nhj
kp`_`\a`^o\m\ gjnq\njnkmdi^dk\g`n_`g kjg|bjij _`Sdggdn+
O`c\kmjkp`nojlp`_dq`mnjnh`_d\_jm`nk\mod^dk\i`i`no`
kmj^`nj)^jhjg\n`i_jo`gdi\n)`g~sd_ji|omd^jtgjnh`o\]j*
gdojn_`g z^d_j\m\lpd_~id^j+ @pm\io`g\a\n`_`^pm\^d~i_`
pi\c`hjmm\bd\ np]\m\^ijd_`\ n`kmj_p^`ad]mjndnt^d^\omd* >
u\^d~ih`i|ib`\)lp`)`ij^\ndji`n)^ji_d^dji\ipi\j]nomp^*
^d~i_`g agpej _`g H?Nt o\h]d{ig\dio`mmpk^d~i _` g\nq|\n
ijmh\g`n_`m`\]njm^d~i_`ghdnhj+
-@KENQL@BHNMDR U@RBTK@QDR
H\nh \gajmh \^dji`nq\n^pg\m`n _`g ^`m`]mj n` ^g\ndad^\i `i
^p\omj odkjn kmdi^dk\g`n7 h \gajmh \^dji`n \mo`mdjq`ijn\n)
h \gajmh \^dji`n ^\q`mijn\n) o`g\ibd`^o\nd\n ^\kdg\m`n t
\ibdjh\nq`ijnjn+ @``gg\n) g\n_jnkmdh`m\n njig\nlp`n`
\nj^d\i\md`nbj_`c`hjmm\bd\t\k\md^d~i_`n|iojh\ni`p*
mjg~bd^jn+
- / 2 & / , / ' )!
,@R L @ KEN QL @ B HN M D R @ QSD QHN U D M N R @ R -!6 OTDCDM @EDBS@Q@ KNR
U@RNRCDKDRO@BHNRTA@Q@BMNHCDN BDQDAQ@KDRN@LANR %RS@QDCDMd
L@Q@t@C@ CD B@M@KDRU@RBTK@QDR BNM ENQL @ CD FTR@MNR SHDMD TM@
OQNLHMDMSDCDQHU@BHuM@QSDQHNUDMNR@OTKRqSHKBNM@KSNEKTINCDR@MFQD
%RSqBNMRSHSTHC@OQHMBHO@KLDMSDONQU@RNRR@MFTsMDNRLTX@TLDMS@d
CNRCDS@L@tN RDO@Q@CNR ONQSDIHCNFKHuSHBN @ LDMTCNBNM RHFMNR
CDTM@GDLNQQ@FH@OQDUH@!KFTMNRU@RNROTDCDMQDBNMNBDQRDBNLN
@QSDQH@RBNMK@KqLHM@DKqRSHB@HMSDQM@CTOKHB@C@XEQ@FLDMS@C@LHDMd
SQ@R PTD NSQNR LTDRSQ@M TM HMSDMRN DMFQNR@LHDMSN N K@RTRSHSTBHuM
O@QBH@KCDK@LDCH@ONQSDIHCNBNMITMSHUNGH@KHMHY@CN
,@RL @ KEN QL @ B HN M D R B @ U D QM N R @ R BNQQDRONMCDM@B@M@KDRU@Rd
BTK@QDRCHRSDMCHCNRXNQF@MHY@CNRK@W@LDMSDPTDRDCHRONMDM@CNd
R@CNR BNM O@QDCDRBNK@FDMHY@C@RCDDRODRNQU@QH@AKD %M FDMDQ@K
MNRDHCDMSHEHB@O@QrMPTHL@BDQDAQ@KDMSQDKNRU@RNRDMDRSDSHONCD
# / . # % 0 4/ 3 #,!6%
%MEDQLDC@CDRBDQDAQNU@RBTK@QDR
)BST R N @BBHC D M SD BDQDAQNU@RBTK@QDR DK SrQL HMN BKsMHBN PTD RD
TSHKHY@ O@Q@ CDEHMHQ TM CDEDBSN MDTQNKuFHBN CD HMHBHN @FTCN PTD
RDOQNCTBDBNL NBNMRDBTDMBH@CDKDRHNMDRU@RBTK@QDRGDLNQQq
FHB@RTNARSQTBSHU@R
%K HME@QSNBDQDAQ@KRDOQNCTBDCDROTrRCDK@OrQCHC@CDK@HQQHF@d
BHuMCDR@MFQDXOTDCDRDQCHRDL HM@CNNENB@K 0TDCD@EDBS@Q@
K@RQDFHNMDRBNMDK@ONQSDU@RBTK@QLDMNROQNSDFHCNYNM@RKHLsd
SQNEDR
,NRHME@QSNRBDQDAQ@KDRENB@KDRRNMBNMEQDBTDMBH@CDNQHFDMDL
AuKHBN 5M HME@QSN MN GDL NQQqFHBN OTDCDBNMUDQSHQRD DM GDL Nd
QQqFHBNBNMK@CHRNKTBHuM ONRSDQHNQCDK@DL ANKH@XK@QDODQETRHuM
BNMRHFTHDMSD
,@R GDLNQQ@FH@R HMSQ@O@QDMPTHL @SNR@R OQHL @QH@R RD CDADM G@d
AHST@KL DMSD@GHODQSDMRHuMOQHMBHO@KLDMSDDMK@RTRS@MBH@AK@Md
B@RTRS@MBH@FQHROQNETMC@NBNMSDMHCNCDK@ENR@ONRSDQHNQ N@
@MFHNO@Ss@@L HKNHCDBDQDAQ@K
,@GDLNQQ@FH@RTA@Q@BMNHCD@DRONMSqMD@MNQL@KLDMSDRDCDAD
@ TM@ @MNL@Ks@ DRSQTBSTQ@KU@RBTK@Q BNL N TM @MDTQHRL@N TM@
L @KENQL@BHuM@QSDQHNUDMNR@
)MEDBBHNMDR
H\ndia`^^dji`nkp`_`i_\}\m`gndno`h\i`mqdjnj^jhj^ji*
n`^p`i^d\_`pi\g`nd~i_dm`^o\_`g\ni`pmji\nj^{gpg\n_`g\
bg|\kjm`g\b`io`dia`^^djnjjdi_dm`^o\kjmg\nojsdi\nhd^mj*
'()*(!%! )MEDBBHNMDREQDBTDMSDRDMDKRHRSDL@MDQUHNRNBDMSQ@K
4HON
CD HMEDBBHuM
'rQLDMDR B@TR@MSDR
3sMCQNLDBKsMHBN
)MEDBBHNMDRA@BSDQH@M@R
-DMHMFHSHR
-DMHMFHSHROHuFDM@
@FTC@
-DMHMFHSHRBQuMHB@
%RBGDQHBGH@BNKHNDRSQDOSNBNBNR
CDKFQTON"K@BS@MSDR
.DHRRDQH@LDMHMFHSHCHR@CTKSNR
IuUDMDR
3SQDOSNBNBBTROMDTLNMH@DN
,HRSDQH@LNMNBXSNFDMDR@CTKSNR
L@XNQDR
-XBNA@BSDQHTLSTADQBTKNRHR
)MEDBBHNMDR
KNB@KHY@C@R
!ARBDRN
%RSQDOSNBNBNRXDRS@EHKNBNBNR
%LOHDL@
0NKHLHBQNAH@M@DRS@EHKNBNBNR
@M@DQNAHNRFQ@LMDF@SHUNR
)MEDBBHNMDRUsQHB@R
-DMHMFHSHR
-DMHMFHSHR@RrOSHB@
@FTC@
%MSDQNUHQTR
3@Q@LOHuMO@MDMBDE@KHSHR
DRBKDQNR@MSDRTA@FTC@
%RODBHDRCDFQHOD
6HQTRCDK@BNQHNLDMHMFHSHR
KHMENBsSHB@
%MBDE@KHSHR
3sMCQNLDR
DMBDE@KsSHBNR
6HQTRCDKGDQODRRHLOKD6(3
X6(3
#HSNLDF@KNUHQTR
6HQTRCDK@HMLTMNCDEHBHDMBH@
GTL@M@
6HQTRCDKONKHNL@*#
KDTBNDMBDE@KNO@Ss@LTKSHENB@K
OQNFQDRHU@
6HQTRCDK.HKNNBBHCDMS@K
6HQTRCDK@DMBDE@KHSHRDPTHM@NQHDMS@K
6HQTRCDK@DMBDE@KHSHRDPTHM@
NBBHCDMS@K
6HQTRCDK@DMBDE@KHSHRCD3@M,THR
6HQTRCDK@DMBDE@KHSHR,@#QNRRD
6HQTRCDK@DMBDE@KHSHRDPTHM@
UDMDYNK@M@
6HQTRCDK@DMBDE@KHSHRI@ONMDR@
6HQTRCDK@DMBDE@KHSHRSQ@MRLHSHC@
ONQF@QQ@O@S@R
-DMHMFHSHR @FTC@
H\ h `idibdodn `n pi kmj^`nj diag\h\ojmdj lp` \a`^o\ \ g\n
g`kojh `idib`nt`gH?N_`iomj_`g`nk\^djnp]\m\^ijd_`j)
`i b`i`m\g ^\pn\_j kjmpi\ dia`^^d~i+ Odg\dia`^^d~i\a`^o\
o\ioj\g\nh`idib`n^jhj\gk\m{ilpdh\^`m`]m\gnp]t\^`i*
o`) n` _`ijhdi\ d\e`e^f\eZ\]lc`k`j* =pilp` g\ h`idibdodn n`
_`]`ijmh\gh`io`\ pi\ dia`^^d~i) o\h]d{ikp`_`\k\m`^`m
`im`nkp`no\ \ pi dmmdo\io` ij ]\^o`md\ij diomj_p^d_j `i `g
`nk\^djnp]\m\^ijd_`j$d\e`e^`k`jhlvd`ZX%*O`big\`odjgjb|\
tg\`qjgp^d~i^g|id^\ _`g\`ia`mh`_\_) g\ h`idibdodn dia`^*
^djn\n`^g\ndad^\`io{mhdijnb`i`m\g`n`ig`x^\eXX^l[X%ijm*
h\gh`io`)]\^o`md\i\&)Xjugk`ZX%ijmh\gh`io`)q|md^\\bp_\j
np]\bp_\& t Zixe`ZX %ijmh\gh`io`) kjm op]`m^pgjndn)`nkdmj*
lp`o\nj^mdkoj^j^jn&+?\_\pij_``nojnodkjnn`\nj^d\\^\h*
]djn^\m\^o`m|nod^jn`i`gH?N+
%MBDE@KHSHR
SQ@MRLHSHC@
ONQ@QSQuONCNR
-DMHMFHSHROHuFDM@@FTC@LDMHMFHSHRA@BSDQH@M@
Qi\ n`md` _` h d^mjjmb\idnh jn ^ji^m`ojn kp`_`i ^\pn\m
h `idibdodn kd~b`i\ \bp_\ `igjn _dnodiojn bmpkjn _` `_\_7
>jZ_\i`Z_`XZfc`t`nom`koj^j^jn_`gbmpkj>`igjni`ji\ojn8`i
`gjomj`som`hj_`g\qd_\_`no\^\iLki\gkfZfZZljge\ldfe`X\t
E`jk\i`X dfefZpkf^\e\j7 t `i \_jg`n^`io`n t \_pgojne~q`i`n)
km`_jhdi\G\`jj\i`X d\e`e^`k`[`j( ^ji\^phpg\^d~i_`^\njn
lp`kg\io`\ikm`j^pk\^d~i`in\gp_k]gd^\+H\diomj_p^^d~i
_`g\nq\^pi\nam`io`\AX\dfg_`clj`e]cl\eqX\c\m`_p^d_jg\
di^d_`i^d\_``no\dia`^^d~i`igjnk\|n`n_`n\mmjgg\_jn)nj]m`
oj_j`igjng\^o\io`n)lp`njg|\io`i`mpi\gojmd`nbj+
Hjnk\^d`io`nhp`nom\io|kd^\h`io`ndbijnndno{hd^jn_`
dia`^^d~iepioj^jidmmdo\^d~ih `i|ib`\t_`o`mdjmji`pmjg~*
bd^j) ^ji ^`a\g`\) ajojaj]d\) dmmdo\]dgd_\_) j]ip]dg\^d~i _`
^ji^d`i^d\tmdbd_`u_`ip^\+H\kpi^d~igph]\mhp`nom\pi
H?Nopm]djjam\i^\h`io`kpmpg`ioj)^jipi\ph`ioj_`g\
km`nd~it lp`kp`_`^jio`i`mc\no\ 6-+--- i`pom~adgjn kjm
hdg|h`omj^]d^j)^ji\ph`ioj_`g\^ji^`iom\^d~i_`kmj*
o`|i\nth\m^\_j_`n^`inj_`g\bgp^jn\+H\n]\^o`md\nkp`*
_`i q`mn` `i pi amjodn) j kp`_`i ^pgodq\mn`) `i j^\ndji`n
kj^\n cjm\n \io`n _` lp` \k\m`u^\i gjn i`pom~adgjn+ H\
h`idibdodnkd~b`i\ijom\o\_\kp`_`m`npgo\mhjmo\g)hd`i*
om\nlp``gom\o\hd`ioj`ad^\u^ji\iod]d~od^jnm`_p^`hp^cj
g\ h jmo\gd_\_+ Ag n|i_mjh` _` S \o`mcjpn`*Bmd_`md^cn`in`
_`]`\pi\ n`kod^`hd\\nj^d\_\\pi\h`idibdodn^jidia\m*
ojnc`hjmmzbd^jn_`g\nbgzi_pg\nnpkm\mm`i\g`ntk`o`lpd\n
^pozi`\n %q+ ^\k|opgj/1&+ Ano`^p\_mj`nhznam`^p`io``ig\
h`idibdodnkjmh `idibj^j^jnti`phj^j^jn+Aidihpij_`*
kmdh d_jn) g\ h `idibdodn kpmpg`io\ kp`_` _`]`mn` \ q\mdjn
G@AHST@KDR
3sMCQNLDRCDK
SQNMBNCDK
DMBrE@KN
XK@LrCTK@
DROHM@K
2NLANDMBDE@KHSHR
2@AH@
0NKHNLHDKHSHR
LDCTK@Q
0NKHN
6HQTRCDK.HKNNBBHCDMS@K
3sMCQNLDR
LDMHMFsSHBNR
&HDAQDDW@MSDLqSHB@
CDK@R-NMS@t@R
2NBNR@R
2HBJDSSRH@QHBJDSSRKH
.DTQNRsEHKHR
4QDONMDL@O@KKHCTL
"NQQDKH@ATQFCNQEDQH
%MEDQLDC@CCD,XLD
MDTQNANQQDKHNRHR
-DMHMFHSHREvMFHB@
#QXOSNBNBBTRMDNENQL@MR
#@MCHC@@KAHB@MR
0QNSNYNNRX LDS@YNNR
3sMCQNLDR
LDMHMFsSHBNR
)MEDBBHNMDR
KNB@KHY@C@R
0@KTCHRLNBDQDAQ@K
0K@RLNCHTLE@KBHO@QTL
%MBDE@KHSHR@LDAH@M@
%RODBHDRCD .@DFKDQH@
4NWNOK@RLNRHR
4NWNOK@RL@FNMCHH
#HRSHBDQBNRHR
4@DMH@RNKHTL
/A<;99=BA;E #$(%
qdmpn&)\pilp`kp`_`n`m]\^o`md\i\)kjmmd^f`oond\nj\pojdi*
hpido\md\+ H\`qjgp^d~i^g|id^\ij`no\iapghdi\io`^jhj`i
g\h`idibdodnkd~b`i\t)\g^jiom\mdjlp``i\lp`gg\)g\`skgj*
m\^d~i_`gH?Nhp`nom\kg`j^dojndn^jikm`n`i^d\_`gdiaj^dojn)
`g`q\^d~ihj_`m\_\_`kmjo`|i\ntbgp^jn\^\ndnd`hkm`ijm*
h\g+H\nh`idibdodnq|md^\nnp`g`in`m\pojgdhdo\_\ntn`om\o\i
_` ajmh\ ndiojhzod^\+ An dhkjmo\io` m`^jm_\m lp` di^gpnj
pn\i_jh{oj_jn_`_`o`^^d~i_`k\o~b`ijn_`odkjhjg`^pg\m)
`g\b`io``odjg~bd^jnjgjn`m`^jij^``ipi\hdijm|\_`^\njn+
?p\i_jn`^jindbp`)gjn`io`mjqdmpnnjig\^\pn\hznam`^p`i*
o`tm`km`n`io\ipi5-#_`gjn^\njn+Ag`nk`^omj_`k\o~b`ijn
q\m|\n`big\`no\^d~itg\m`bd~ib`jbmzad^\+O`kp`_`kmj_p*
^dmpi^p\_mj^g|id^jk\m`^d_j\pi\h`idibdodn\n{kod^\kjmg\
mjopm\_`pilpdno``kd_`mhjd_`c\^d\`g`nk\^djnp]\m\^ijd*
_`jjg\diomj_p^^d~i_`pidmmdo\io`lp|hd^j%h`idibdodnlp|*
hd^\&+Ai`nojn^\njn)`gH?N`n`no{mdgtn`j]n`mq\pi\kg`j*
^dojndn ^ji i`pom~adgjn t \ph`ioj _` g\ ^ji^`iom\^d~i _`
kmjo`|i\n)\pilp`g\bgp^jn\np`g`n`mijmh\g+
- / 2 & / , / ' m!
%MK@LDMHMFHSHR@FTC@DRDUHCDMSDDKDWTC@CNCDMSQNCDK@RKDOSNLDd
MHMFDR RNAQDK@RTODQEHBHDCDKBDQDAQNEHF
,NRU@RNRLDMsMd
FDNRDRSqMHMFTQFHS@CNRXRNMOQNLHMDMSDR ,@CHRSQHATBHuM@M@SuLHd
B@ CDK DWTC@CN U@Qs@ DM K@ LDMHMFHSHR ONQ ( HMEKTDMY@D RTDKD RDQ
A@R@K LHDMSQ@RPTDDM K@OQNCTBHC@ONQLDMHMFNBNBNR K@CDMRHC@C
RTDKDRDQLqWHL@DMBHL@CDK@RBNMUDWHC@CDRBDQDAQ@KDR BDQB@CDK
RDMN R@FHS@K $DRCD K@R qQD@R CD LqWHL@@BTLTK@BHuM RD OTDCDM
RDFTHQTMNRSQ@XDBSNROTQTKDMSNR@KNK@QFNCDKNRU@RNRR@MFTsMDNR
RNAQDK@RTODQEHBHDCDKBDQDAQN#T@MCNK@LDMHMFHSHRDRETKLHM@MSDK@
HMEK@L@BHuMOTDCDDWSDMCDQRDG@BH@KNRUDMSQsBTKNROQNCTBHDMCNUDMd
SQHBTKHSHR
%M DK DRSTCHN BNM DK L HBQNRBNOHN KNR MDTSQuEHKNR KKDM@M SNCN DK
DRO@BHN RTA@Q@BMNHCDN DM qQD@RFQ@UDLDMSD@EDBS@C@R N OTDCDM
DMBNMSQ@QRD OQDCNL HM@MSDLDMSD QNCD@MCN KNR U@RNR R@MFTsMDNR
KDOSNLDMsMFDNR DM KNR B@RNR L DMNR FQ@UDR %M K@ LDMHMFHSHR MN
SQ@S@C@K@SHMBHuMCD'Q@LLTDRSQ@TMMvLDQNU@QH@AKDCDA@BSDQH@R
%MK@LDMHMFHSHRETKLHM@MSD K@RBrKTK@R HMEK@L@SNQH@R HMEHKSQ@M K@R O@d
QDCDRCDK@RUDM@RKDOSNLDMsMFD@RXOTDCDMDWSDMCDQRDENB@KL DMd
SD @ K@RTRS@MBH@CDK BDQDAQN BDQDAQHSHR ,@EKDAHSHRS@LAHrM OTDCD
OQNUNB@QNBKTRHuMUDMNR@D HME@QSN GDLNQQqFHBNDM DK BDQDAQNRTAd
X@BDMSD
4Q@R TM@LDMHMFHSHR OHuFDM@ OTDCD@O@QDBDQEHAQNRHR KDOSNLDMsM
FD@PTDB@TR@GHCQNBDE@KH@ %RODBH@KLDMSDDMDKB@RNCDK@LDMHMFHd
SHRMDTLNBuBHB@FQ@MCDRB@MSHC@CDRCDONKHR@BqQHCNRB@ORTK@QDRCDK
FDQLDM OQNCTBDM TM DWTC@CN FDK@SHMNRN KN PTD HMCTBD K@EHAQNRHR
@Q@BMNHCD@ DM TM BT@CQN BNMNBHCN BNL N @ Q@ B M N HC HSHR @CGDRHU@
BQu M HB @
-DMHMFHSHR@RrOSHB@UsQHB@
Ag o{mh dij h `idibdodn \n{kod^\n` podgdu\ `ig\ ^g|id^\ k\m\
di_d^\mpi\`ia`mh`_\_^\m\^o`mdu\_\kjmg\\pn`i^d\_`]\^*
o`md\n `i `g ^pgodqj `i pi k\^d`io` ^ji h \ida`no\^dji`n _`
h `idibdodn)di^gpd_\dmmdo\^d~ih`i|ib`\)ad`]m`t\go`m\^dji`n
_`g\^ji^d`i^d\_`did^djm`g\odq\h`io`\bp_j+H\`ia`mh`_\_
np`g`n`m_``odjgjb|\q|md^\%`i`g5-#_`gjn^\njnkjm`io`mj*
!ARBDRNBDQDAQ@K
Hjn \]n^`njn ^`m`]m\g`n nji pi aj^j gj^\gdu\_j _` o`ed_ j
^`m`]m\g^jidiag\h\^d~i\nj^d\_\)lp`)`ib`i`m\g)n`_`]`i
\pi\dia`^^d~i]\^o`md\i\+Lp`_`i_`]`mn`\ pi\dhkg\io\*
^d~i_dm`^o\ _`hd^mjjmb\idnhjn)\g\`so`ind~igj^\g _`n_`
aj^jn\_t\^`io`n%h\nojd_dodnjndipndodnk\m\i\n\g&j\g\_dn`*
hdi\^d~ic`h\o~b`i\%ijmh\gh`io`)_`n_`pi\gj^\gdu\^d~i
kmdh\md\`i`g^jm\u~i)kpghji`njcp`njn_`g\n`som`hd_\*
_`n)j_`nkp{n_`pi\`som\^^d~i_`io\g&+Aiom`gjnom\nojmijn
km`_dnkji`io`n`nozig\ `i_j^\m_dodn ]\^o`md\i\ \bp_\) lp`
kp`_`kmj_p^dm\]n^`njn^`m`]m\g`nhgodkg`n8g\n^\m_djk\o|\n
^jib{ido\n ^d\i~b`i\n\nj^d\_\n \pi^jmoj^dm^pdoj_`m`^c\*
dulpd`m_\ tk{m_d_\ _`g adgomjkpghji\mk\m\ gjn hd^mjjmb\*
idnhjn8 g\ n`kndnkpghji\m^m~id^\)^jhj n` _`n^md]``i g\n
]mjilpd`^o\nd\n)tg\n`ia`mh`_\_`nndno{hd^\n^jidihpij*
_`km`nd~i+Hjn`nom`koj^j^jnt`no\adgj^j^jnnjigjnb{mh`i`n
m`nkjin\]g`n lp` ^ji hzn am`^p`i^d\ n` d_`iodad^\i `i gjn
k\^d`io`nijdihpij_`kmdhd_jn+
- / 2 & / , / ' )!
,NR@ARBDRNRRNMKDRHNMDRCDKHLHS@C@RBNMMDBQNRHRKHBTDE@BSHU@BDMd
SQ@KQNCD@C@ONQDCDL@BDQDAQ@KEHF
%MDKL@QFDMDWSDQMNCD
K@KDRHuMMDBQuSHB@RDHCDMSHEHB@TMSDIHCNCDFQ@MTK@BHuMDWTADQ@MSDX
MDNU@RBTK@QHY@BHuM@KQDCDCNQCDK@MDBQNRHR ,NRU@RNRMDNENQL@CNR
SHDMDM TM @TLDMSN @MuL@KN CD K@ ODQLD@AHKHC@C KN PTD DWOKHB@ DK
HLONQS@MSD DCDL@U@RuFDMN DM DKSDIHCNBDQDAQ@K @CX@BDMSD %M K@R
KDRHNMDRAHDMDRS@AKDBHC@R KNREHAQNAK@RSNRCDQHU@CNRCDK@RO@QDCDR
CD KNRU@RNR OQNCTBDM TM@BqORTK@ BNKqFDM@ %M K@ ODQHEDQH@ CD K@
BqORTK@EHAQNR@RD@OQDBH@TM@YNM@CDFKHNRHRQD@BSHU@ PTDBNMSHDMD
MTLDQNRNR@RSQNBHSNRFDLHRSNBsSHBNR
Hjn\]n^`njnnjig`ndji`n_`nomp^odq\ntgjnk\^d`io`nkm`*
n`io\i\h`ip_j_`a`^ojnaj^\g`nkmjbm`ndqjn8 o\h]d{ikp`*
_`i\k\m`^`mndbijnb`i`m\g`nm`g\^dji\_jn^ji`g\ph`ioj_`
g\km`nd~idiom\^m\i`\g+Agm`^p`ioj_`g`p^j^dojn`i`gH?Nt
g\n^ji^`iom\^dji`n_`kmjo`|i\nnjio|kd^\h`io`\gojn)hd`i*
om\n lp``g^jio`id_j _` bgp^jn\ `n ijmh\g+ H\ap`io` _` g\
dia`^^d~ikp`_`n`m`qd_`io`jkp`_`^jmm`nkji_`m\piaj^j
k`lp`}j t \g`e\_j \ndiojhzod^j+ Ag \ph`ioj _` g\ km`nd~i
diom\^m\i`\g kp`_` kmjqj^\m pi\ c`mid\^d~i hjmo\g+ Kom\n
^jhkgd^\^dji`nnjig\ mjopm\ _`g \]n^`nj ^jiq`iomd^pgdodn j
- / 2 & / , / ' )!
h`idibdodntomjh]jndn_`n`ijnq`ijnjn+H\^dmpb|\tgjn\iod*
]d~od^jn m`_p^`i pi\ o\n\ _` hjmo\gd_\_ `g`q\_\ ndi om\o\*
hd`iojkjm_`]\ej_`g.-#+
%LOHDL@RTACTQ@K
Ag`nk\^djnp]_pm\gkp`_`q`mn`\a`^o\_jkjmdia`^^dji`n]\^*
o`md\i\nj)^jih`ijnam`^p`i^d\)hd^~od^\n)jmdbdi\_\n`igjn
cp`njn_`g^mzi`jjgjnn`ijnk\m\i\n\g`ntlp`_\igpb\m\
pi `hkd`h\ np]_pm\g+ =pilp` gjn `nk\^djn \m\^ijd_`jn t
np]\m\^ijd_`jnnp]t\^`io`nijmh\gh`io`ij`nozi\a`^o\_jn)
pi `hkd`h\ np]_pm\g bm\i_`kp`_` kmj_p^dm pi `a`^oj _`
h\n\jpi\omjh]jag`]dodn_`g\nq`i\n`hdn\md\nlp`\om\qd`*
n\i `g `nk\^dj np]_pm\g) _\i_j gpb\m \ j^gpnd~i q`ijn\ `
dia\moj^`m`]m\g+=_`hzn_`gjnn|iojh\nm`g\^dji\_jn^jig\
ap`io`_`g\dia`^^d~i)g\h\tjm|\_`gjnk\^d`io`nod`i`iad`*
]m`)^`a\g`\tmdbd_`u_`^p`ggj+Agk`madg_`gH?N`nk\m`^d_j
\glp`n``i^p`iom\`igjn\]n^`njn^`m`]m\g`n)kjmlp`\h]jn
njikmj^`njndia`^^djnjnk\m\h`i|ib`jn+Odiom\o\hd`iojkp`*
_`i _`n\mmjgg\mn` ndbijn i`pmjg~bd^jn aj^\g`n lp` jmd`io\i
nj]m``ggpb\m _`g\dia`^^d~i) j]ip]dg\^d~it^jh\+ ?jipi
_d\bi~nod^jtom\o\hd`iojkm`^j^`n) di^gpd_j`g _m`i\e`lpd*
mmbd^j)`nkjnd]g`g\m`njgp^d~itm`^pk`m\^d~i^jhkg`o\)lp`
_`e\^jhjid^jc\gg\ubjm`nd_p\gpi\_pm\`ibmjn\_\+
!ARBDRNRDWSQ@CTQ@KDR
Hjn \]n^`njn `som\_pm\g`n) c\]dop\gh `io` \nj^d\_jn \ pi\
jno`jhd`gdodn)n`np`g`ijmdbdi\m`iaj^jn\_t\^`io`n_`dia`^*
^d~i)^jhjndipndodnjpi\^dmpb|\km`qd\+?p\i_jgjn\]n^`njn
n` kmj_p^`i `i `g `nk\^dj `kd_pm\g _` g\ ^jgphi\) kp`_`i
^\pn\m^jhkm`nd~i_` g\ h{_pg\ `nkdi\g t ^jinodopt`ipi\
pmb`i^d\i`pmjlpdmmbd^\+
4TADQBTKNRHR
H\ op]`m^pgjndn _`g OJ? kp`_` n`m k\mo` _` g\ `ia`mh`_\_
\^odq\`ijomjngpb\m`n_`g^p`mkjj\k\m`^`m_`ajmh\\dng\_\
om\n g\ nd`h]m\ \ k\modm _` g`ndji`n ndg`io`n \ jomjn idq`g`n)
nj]m` oj_j gjn kpghji`n+ Lp`_` \a`^o\m\ g\n h`idib`n _`g
^`m`]mj+
< X i X Z k\ ivj k`Z X j Zcve `ZXj* Hjn k\^d`io`n ^ji pi\ h`idibdodn
op]`m^pgjn\ np`g`i o`i`m^`a\g`\)h\g`no\m) ^jiapnd~ih`io\g
tq~hdojn+AgH?Nhp`nom\o|kd^\h`io`pi\kg`j^dojndn^jin*
odopd_\kjm^{gpg\nhjijip^g`\_\njpi\h`u^g\_`i`pom~ad*
gjnthjijip^g`\m`n+H\^ji^`iom\^d~i_`kmjo`|i\n`noz`g`*
q\_\ %\ h`ip_jgg\h\odq\h`io`& t `g^jio`id_j _`bgp^jn\
c\]dop\gh`io``noz \gbjm`_p^d_jj`nijmh\g+ H\ ^jhkgd^\*
^d~i hzn bm\q`_` g\ h`idibdodn op]`m^pgjn\ ^m~id^\ `n pi\
ad]mjndn`ig\\m\^ijd_`n)lp`kp`_`kmj_p^dmcd_mj^`a\gd\)t
pi\`i_j\mo`mdodnj]gdo`m\io`)lp`j^\ndji\j^gpnd~i\mo`md\g`
dia\moj _`g ^`m`]mj np]t\^`io`+ ?p\i_j`g kmj^`nj \a`^o\\g
`nk\^djnp]\m\^ijd_`j_`g\ h{_pg\`nkdi\g)kp`_`g`ndji\m
o\h]d{ig\nm\|^`ni`mqdjn\n+Hjnop]`m^pgjh\nkmj_p^`in|i*
ojh\nkmjkdjn_`g\ng`ndji`n^`m`]m\g`nj^pk\io`n_``nk\^dj
t_`]`in`m_da`m`i^d\_jn_`gjnophjm`n_`gOJ?+
H\ op]`m^pgjndn _`g OJ? `i k\^d`io`n ^ji n|i_mjh` _`
dihpij_`ad^d`i^d\\_lpdmd_\ %nd_\& `nk\m`^d_\\idq`gk\oj*
g~bd^j)\pilp`g\m`\^^d~i_`g\iadomd~ikp`_`n`mh`ijmlp`
`i gjn di_dqd_pjn dihpij^jhk`o`io`n+ Hjn k\^d`io`n RED*
kjndodqjn o\h]d{i od`i`i md`nbj _` npamdm pi\ dia`^^d~i kjm
FpZfYXZk\i`ld Xm`ld `ekiXZ\cclcXi\( `ib`i`m\g ^p\i_j`sdno`
pi\dia`^^d~i_dn`hdi\_\+Ano\ng`ndji`najmh\io|kd^\h`io`
gzhdi\n^jiagp`io`n _`h\^m~a\bjngg`ijn _` b{mh`i`n) ^ji
kj^jnjidibibm\ipgjh\+
.DTQNRsEHKHR
H\ i`pmjn|adgdn`n pi\ h\ida`no\^d~i _`g`no\_dj o`m^d\mdj _`
g\n|adgdntn`km`n`io\\kmjsdh\_\h`io``i`g.-#_`g\nk`m*
nji\ndia`^o\_\nlp`ijc\im`^d]d_jom\o\hd`ioj+ Hjnkmdi*
^dk\g`n k\omji`n _` \a`^o\^d~i _`g OJ ? nji g\ i`pmjn|adgdn
h`idibjq\n^pg\m) g\ i`pmjn|adgdn k\m{od^\ t g\ o\]`n _jmn\g+
Hjn k\^d`io`n h p`nom\i ^ji am`^p`i^d\ ^p\_mjn h dsojn j
di^jh kg`ojn) nj]m` oj_j ^jh ]di\^dji`n _` o\]`n _jmn\g t
`ia`mh`_\_k\m{od^\%k\mzgdndno\]{od^\&+Hjnk\^d`io`ndia`^*
o\_jnkjm`gREDod`i`ipih\tjmmd`nbj_`km`n`io\mi`pmj*
n|adgdn)`i^ji^m`ojpi\h`idibdodnndadg|od^\\bp_\jpi\`ia`m*
h`_\_ h`idibjq\n^pg\m) kjmg\ \go`m\^d~i _` g\ dihpid_\_
h`_d\_\kjm^{gpg\n+ H\q`gj^d_\__`kmjbm`nd~itg\bm\q`*
_\__`g\`ia`mh`_\_o\h]d{i`nozi\^`g`m\_\nkjm`no`hdn*
hjhjodqj+
)MEDBBHNMDR
- / 2 & / , / ' )!
,@MDTQNRsEHKHROTDCDL@MHEDRS@QRDBNMCHRSHMS@RENQL@RBKsMHB@R
,@M D T QN R sEHKHR L D M HM F N U @ R B T K@ QDRTM@LDMHMFHSHRBQuMHB@PTD
@EDBS@MNQL@KLDMSD@K@A@RDCDKBDQDAQNXCDENQL@LqRU@QH@AKD
@ K@R BNMUDWHC@CDR CDK BDQDAQN X K@R KDOSNLDMHMFDR LDCTK@QDR
!CDLqR OTDCD@O@QDBDQ@RNBH@C@@TM@DMCN@QSDQHSHRNAKHSDQ@MSD
@QSDQHSHR CD (DTAMDQ BNM TM@ QD@BBHuM HMEK@L@SNQH@ ODQHU@RBTK@Q
B@Q@BSDQsRSHB@QHB@DMBrKTK@ROK@RLqSHB@RXKHMENBHSNR@ATMC@MSDR
4@LAHrM OTDCDM DMBNMSQ@QRDFNL@RBDQDAQ@KDR KDRHNMDRCDSHON
L@R@QHB@RDMBrKTK@R OK@RLqSHB@R DM K@RLDMHMFDRXDWSDMCDQRD
G@BH@DK O@QrMPTHL@
,@ M D T QN R sEHKHR O @ Qr SHB @ RD CDAD @ K@ HMU@RHuM CDK BDQDAQN ONQ
4O@KKHCTL XRDL@MHEHDRS@DMBKsMHB@BNL NTM@OrQCHC@OQNFQDRHU@
DHMRHCHNR@CDK@RETMBHNMDRLDMS@KDR@RNBH@C@@@KSDQ@BHNMDRCDK
DRS@CNCDqMHLNHMBKTHCNDKCDKHQHNCDFQ@MCDY@ PTDBTKLHM@MDM
TM@CDLDMBH@FQ@UDO@QDRH@FDMDQ@KCDKNRKNBNR ,@RKDRHNMDR
O@QDMPTHL@SNR@R CD K@ BNQSDY@ BDQDAQ@K RNM DRODBH@KLDMSDEQDd
BTDMSDR DM DK KuATKN EQNMS@K @TMPTD S@LAHrM OTDCDM @EDBS@QRD
NSQ@RqQD@RCDK@HRNBNQSDY@ ,@RKDRHNMDRRDB@Q@BSDQHY@MONQOrQd
CHC@MDTQNM@KOQNKHEDQ@BHuMHMSDMR@CDK@LHBQNFKH@A@RSNMDR FKHNd
RHRXCDOuRHSNRCDGHDQQN %RSDCDOuRHSNRDONMDCDL@MHEHDRSNBNM
K@SHMBHuM@YTKCD0QTRH@@MHUDKODQHU@RBTK@QX CDKMDTQuOHKNXONRHd
AKDLDMSDRD@RDBTDK@CDODPTDt@RGDLNQQ@FH@RCDQHU@C@RCDKDd
RHNMDRDM K@LHBQNBHQBTK@BHuM %M NB@RHNMDRRDOTDCDM HCDMSHEHB@Q
K@RDROHQNPTDS@RDMKNRBNQSDRCDSDIHCN
,@S@ A D R C N QR @ KDRBNMRDBTDMBH@CDKC@tNPTDRTEQDMKNRMDQUHNR
RDMRHSHUNRCDK@RQ@sBDRCNQR@KDR CDSDQHNQ@MCNDKRDMSHCN ONRSTQ@K
@QSHBTK@QXOQNUNB@MCN@S@WH@@S@WH@KNBNLNSNQ@ ,@OrQCHC@CDK@
RDMR@BHuMCNKNQNR@OQNUNB@C@tNRDMOHDKX@QSHBTK@BHNMDR@QSHBTd
K@BHNMDRCD#G@QBNS 0NQvKSHLN OTDCDMUDQRDNSQ@R@KSDQ@BHNMDR
RDMRHSHU@RDMO@QSHBTK@QKNRcCNKNQDRETKFTQ@MSDRiB@Q@BSDQsRSHBNRX
@TRDMBH@CDQDEKDINRSDMCHMNRNROQNETMCNR %KDRSTCHNLHBQNRBuOHd
BN LTDRSQ@OrQCHC@S@MSN CD@WNMDRBNL N CD LHDKHM@DM K@R Q@sd
BDRCNQR@KDRBNMK@BNMRHFTHDMSDO@KHCDYX@SQNEH@CDK@RBNKTLM@R
CNQR@KDR CD K@ LrCTK@ DROHM@K %M K@R KDRHNMDR LDCTK@QDR MN RD
HCDMSHEHB@MKNRFrQLDMDR
.DTQNANQQDKHNRHRDMEDQLDC@CCD,XLD
H\`ia`mh`_\__`Hth``n^\pn\_\kjmg\`nkdmjlp`o\;fii\c`X
Yli^[fi]\i`)lp`n`om\inhdo`kjm_dq`mn\n`nk`^d`n_`b\mm\k\*
o\nBof[\j%q+^\k|opgj5&+H\\a`^o\^d~i_`gndno`h\i`mqdjnjn`
gg\h\e\lifYfii\c`fj`j*Hjnndbijntn|iojh\ni`pmjg~bd^jnlp`
kmjqj^\njihptq\md\_jnt^jhkm`i_`ih`idibdodn\n{kod^\)
k\mzgdndn_`gi`mqdja\^d\g)`i^`a\gjk\o|\g`q`tjom\nkjgdi`p*
mjk\o|\n)\_`hzn_``i^`a\gjk\o|\+ Hjnkj^jn^\njn\pojknd\*
_jnhp`nom\ipi\kmjgda`m\^d~iaj^\g_`^{gpg\n_`g\hd^mjbgd\
^`m`]m\gto\h]d{ib{mh`i`n`som\^`gpg\m`n_dnk`mnjn+
-DMHMFNDMBDE@KHSHRUsQHB@
H\`i^`a\gdodnq|md^\`npi\dia`^^d~ik\m`ilpdh\ojn\_`g^`m`*
]mjlp`n`\nj^d\kmz^od^\h`io``ioj_jngjn^\njn\diag\h\*
^d~ih`i|ib`\%h`idibj`i^`a\gdodn&t`ij^\ndji`n\pi\\a`^*
o\^d~indhpgozi`\_`g\h{_pg\`nkdi\g%`i^`a\gjhd`gdodn&+
Agndno`h\i`mqdjnj`nk\mod^pg\mh`io`npn^`kod]g`\_`o`m*
hdi\_jn qdmpn+ Ano` omjkdnhji`pm\g \_jko\ q\md\najmh\n8
\gbpijnqdmpndia`^o\iodkjn`nk`^|ad^jn_`^{gpg\n_`iomj_`g
OJ?%k+`e+)jgdbj_`i_mj^dojn&)hd`iom\nlp`jomjn\a`^o\ikm`*
a`m`io`h`io`\m`bdji`nk\mod^pg\m`n _`g^`m`]mj %k+ `e+)uji\
h`_d\g _` gjn g~]pgjn o`hkjm\g`n j `g ndno`h\ g|h]d^j&+ H\
g\o`i^d\`npi\a\n`dhkjmo\io` _`q\md\ndia`^^dji`nq|md^\n
_`gOJ? %k+ `e+) c`mk`n u~no`m) g`p^j`i^`a\gjk\o|\hpgodaj^\g
kmjbm`ndq\&+ H\n dia`^^dji`nq|md^\nndno{hd^\n ndi`qd_`i^d\
_dm`^o\_`k`i`om\^d~ikjmgjnqdmpn_`gOJ?kp`_`in`bpdmn`
_`pi\ `ia`mh`_\_ kjmh`^\idnhjn dihpido\mdjn) ^jhjg\
_`nhd`gdidu\^d~ik`mdq`ijn\%q+Ai^`a\gjhd`gdodn_dn`hdi\_\
\bp_\t`i^`a\gjhd`gdodnc`hjmmzbd^\i`^mjn\io`\bp_\&+H\
dia`^^d~idiom\po`mdi\kjmqdmpnkp`_`_\mgpb\m\h\gajmh\*
^dji`n ^jib{ido\n) ^jhj np^`_` `i g\ mp]{jg\+ O` kp`_`
`i^jiom\m pi n|i_mjh` _` `ia`mh`_\_ _`b`i`m\odq\ g`io\*
h`io`kmjbm`ndq\hp^cjn\}jn_`nkp{n_`pi\dia`^^d~iq|md*
^\8pi`e`hkgj_``no`bmpkj`n`gk\mfdinjidnhjkjno`i^`a\*
g|od^j)lp`\k\m`^d~om\ng\k\i_`hd\_`bmdk`_`.6.5+
%MBDE@KHSHRUsQHB@SQ@MRLHSHC@ONQ@QSQuONCNR
Hjn\m]jqdmpnnjipi\^\pn\dhkjmo\io`_``i^`a\gdodn`kd_{*
hd^\)`nk`^d\gh`io``ig\nm`bdji`n omjkd^\g`n _`ghpi_j)t
kp`_`i^\pn\mpi\hjm]dgd_\_bm\q`tpi\`g`q\_\hjmo\gd*
_\_+Aiom`gjnodkjnhznam`^p`io`n`i`gc`hdna`mdjj^^d_`io\g
n` `i^p`iom\i g\ `i^`a\gdodn `lpdi\ j^^d_`io\g t jmd`io\g) `g
qdmpn_`gJdgjj^^d_`io\gtgjnqdmpnq`i`ujg\ijn)_`O\iHpdn
t H\?mjnn`8`ijom\nm`bdji`n_`ghpi_jo\h]d{i_`no\^\i)
_`iomj_`gjn\m]jqdmpnk\o~b`ijn)gjnqdmpne\kji{n>%Asom`*
hjKmd`io`&)_`gq\gg`Ipmm\t%=pnom\gd\tJp`q\Cpdi`\&t
gjnom\inhdod_jnkjmb\mm\k\o\n%Npnd\tApmjk\jmd`io\g&+
Pj_jn `nojn qdmpn od`i`i \iadomdji`n \idh\g`n ` din`^ojn
q`^ojm`n+ ?g|id^\h`io`) gjn k\^d`io`n _`n\mmjgg\i n|iojh\n
i`pmjg~bd^jn b`i`m\gdu\_jn) ^jhj ^jiqpgndji`n) ^jiapnd~i)
_`gdmdjt`nopkjmj^jh\)\n|^jhjndbijnaj^\g`n)^jhj \nd*
h`om|\m`ag`e\tk\mzgdndn j^pg\m+ H\ \a`^o\^d~i _` g\ h{_pg\
`nkdi\g `ig\ `i^`a\gdodn _`g Jdgj j^^d_`io\g kp`_`j^\ndji\m
pin|i_mjh`k\m`^d_j\g\kjgdj^jik\mzgdndn+AgH?Nijmh\g*
h`io``ndi^jgjmj)k`mj^jipi\k`lp`}\`g`q\^d~i_`g\km`*
nd~itpi\^ji^`iom\^d~i _`kmjo`|i\n`g`q\_\)^jibgp^jn\
ijmh\g+Eid^d\gh`io`)`i`gH?N\k\m`^`pi\kg`j^dojndni`p*
om~adg\lp`n`^jiqd`mo`^jim\kd_`u`igdiaj^dojndn+
- / 2 & / , / ' m!
,@RDMBDE@KHSHRONQ@QANUHQTR OQNCTBDM TMBT@CQNGHRSNO@SNKuFHBNRHd
LHK@Q PTDRNKNRDCHEDQDMBH@DMK@FQ@UDC@CXDWSDMRHuM4sOHB@LDMSD
RD@OQDBH@TM@LDMHMFNDMBDE@KHSHRB@Q@BSDQHY@C@ONQ K@@BTLTK@BHuM
CD KHMENBHSNR @ MHUDK ODQHU@RBTK@Q DM NB@RHNMDR BNM MDTSQuEHKNR
EHF
3DUDM YNM@R LTKSHENB@KDR CD MDBQNRHRDM K@RTRS@MBH@
FQHRX AK@MB@ DM BNMBQDSN RDNARDQU@M DUHCDMBH@R CD MDBQNRHR CD
MDTQNM@R@HRK@C@RBNME@FNBHSNRHR CD KNRQDRSNR MDTQNM@KDR MDTQN
MNE@FH@ ,@R BrKTK@R CD K@ LHBQNFKH@ENQL@M ODPTDtNR @FQDF@CNR
@KQDCDCNQCDKNRENBNRCDMDBQNRHR PTDRDBNMNBDM BNLN M N C T KN R
CDL HB QN F KH@ EHF
3 %MKNRB@RNRFQ@UDROTDCDG@ADQU@RBTd
KHSHRMDBQNR@MSDBNMGDLNQQ@FH@RENB@KDR@RNBH@C@R!TMPTD@KFTMNR
UHQTRRDOTDCDMHCDMSHEHB@QONQK@ENQL@BHuMCDTMNRBTDQONRCDHMBKTd
RHuM HMSQ@BDKTK@QDR KN LqR G@AHST@K DR PTD RD HCDMSHEHPTDM ONQ TM@
BNLAHM@BHuM CD L rSNCNR TKSQ@DRSQTBSTQ@KDR HMLTMNGHRSNPTsLHBNRX
LNKDBTK@QDR
6HQTR CDKGDQODRRHLOKDCDSHON )
H\`i^`a\gdodnkjmqdmpn_`gc`mk`nndhkg`_`odkj. %RDO*.&n`
km`n`io\)nj]m`oj_j)`iid}jnt\_pgojne~q`i`n+=kmjsdh\_\*
h`io``g.-# _`gjndi_dqd_pjn\a`^o\_jnod`i`i\io`^`_`io`n
_`pi\ dia`^^d~ic`mk{od^\ km`qd\+ Hjnn|iojh\n _`km`n`io\*
^d~ic\]dop\g`ndi^gpt`i\go`m\^dji`n`i`g`no\_j_`zidhj)g\
h`hjmd\t`g^jhkjmo\hd`ioj+Hjnh{oj_jn]\n\_jn`ig\m`\^*
^d~i`i ^\_`i\ _` g\ kjgdh`m\n\ %L?N& k\m\ g\ _`o`^^d~i _`
qdmpn `i hp`nom\n _` H?N c\ia\^dgdo\_j `g _d\bi~nod^jt `g
m`^jij^dhd`ioj _``no`^p\_mj`i pi np]bmpkj _`k\^d`io`n
^jipi\ajmh\h`ijnbm\q`_`g\`ia`mh`_\_+ Hjnazmh\^jn
\iodq|md^jnk`mhdo`i`gom\o\hd`ioj`ad^\u`ihp^cjn^\njn)^ji
pi\ndbidad^\odq\m`_p^^d~i_`g\hjmo\gd_\_+Ai\gbpijndi_d*
qd_pjn)g\`i^`a\gdodnkjmRDO*.od`i`pi\`qjgp^d~inp]\bp_\
^jih\ida`no\^dji`n^g|id^\n %_`]dgd_\_)j]ip]dg\^d~i)\o\sd\)
^jiqpgndji`n&)lp``qjgp^dji\i_pm\io`pik`m|j_j_`od`hkj
hznkmjgjib\_j%1*3n`h\i\n&+N`^d`io`h`io`n`c\`i^jiom\*
_j pi \ph`ioj _` g\ di^d_`i^d\ _` `i^`a\gdodn kjm RDO `i
k\^d`io`n^jig\ndiam`^p`io`nhpo\^dji`nc`m`_do\md\n^jik{m*
_d_\_`api^d~i_`g\q|\_`n`}\gdu\^d~iPHN0)gjlp`\kjt\g\
dhkgd^\^d~i_`g\om\inhdnd~i_`n`}\g`n\om\q{n_`pim`^`kojm
_`odkjn`}p`gj`i`g^jiomjg_`g\ndia`^^dji`nkjmRDO+
- / 2 & / , / ' m!
,@DMBDE@KHSHRGDQOrSHB@BNLHDMY@DMK@RQDFHNMDRHMEDQHNQXLDCH@KCD
KNRKuATKNRSDLONQ@KDRXK@RBHQBTMUNKTBHNMDRNQAHS@QH@RCDKNRKuATKNR
EQNMS@KDR CNMCDDR LqR HMSDMR@EHF
,@ HMEDBBHuM DR MDBQN
R@MSDX @LDMTCN GDLNQQqFHB@DM K@R QDFHNMDR LqR@EDBS@C@R %R
MNQL@KDMBNMSQ@QHMEHKSQ@CNRHMEK@L@SNQHNRODQHU@RBTK@QDRXBTDQONRCD
HMBKTRHuMUsQHBNRHMSQ@MTBKD@QDR#NVCQXCDSHON! DMK@RMDTQNM@RXK@R
BrKTK@RCDK@FKs@ %M KNRO@BHDMSDRBNM TM@DMBDE@KHSHR ONQ6(3
CD
KDMS@DUNKTBHuMK@@EDBS@BHuMBDQDAQ@KDRLqRCHETR@
6HQTRCDKGDQODRRHLOKDCDSHON
Agqdmpn_`g c`mk`nndhkg` _` odkj/ %RDO*/& o\h]d{ikp`_`
dia`^o\m`gndno`h\i`mqdjnj+Aigjn\_pgojnkmj_p^`h`idibd*
odn)k`mjc\no\`g2-# _`gjni`ji\ojni\^d_jnkjmk\mojq\bd*
i\g_`hpe`m`n^jidia`^^dji`nb`ido\g`nkmdh\md\n\^odq\nkjm
RDO \_lpd`m`ig\ dia`^^d~i _pm\io``gk\njkjm`g ^\i\g _`g
k\mojt _`n\mmjgg\i pi\ `i^`a\gdodnbm\q`+ Aigjn di_dqd_pjn
^jipi\dia`^^d~ikjmRED\^odq\)`gRDO*/kp`_`kmj_p^dm
pi\`i^`a\gdodnc`hjmmzbd^\ti`^mjn\io`\bp_\+
6HQTRCDK@U@QHBDK@
YuRSDQGDQODRYuRSDQ
H\dia`^^d~ikmdh\md\kjmg\q\md^`g\kmj_p^`pij_`gjn`s\i*
o`h\ndia\iodg`n%q\md^`g\&)lp``ib`i`m\gijn`\nj^d\\h\id*
a`no\^dji`n i`pmjg~bd^\n+ Pm\n g\ dia`^^d~i ^pozi`\) `g qdmpn
`no\]g`^`pi\ dia`^^d~ig\o`io``ig\ni`pmji\n n`indodq\n _`
gjnb\ibgdjn_`g\m\|u_jmn\gj_`gomdb{hdij+H\m`\^odq\^d~i
_` g\ dia`^^d~i`igjn\_pgojn n` h\idad`no\ ^jhj pi\ `mpk*
^d~iq`nd^pgjn\ _jgjmjn\`ig\kd`g `i`g o`mmdojmdj _` pij j
hzn_`mh\ojh\n$Zlc\Yi`ccXj%*H\m`\^odq\^d~i_`gc`mk`nu~n*
o`m`n o|kd^\h`io`pikmj^`nj\pojgdhdo\_j)k`mjkp`_`\nj*
^d\mn`\pin|i_mjh`_`i`pm\gbd\kjnoc`mk{od^\ %nj]m`oj_j
`i k\^d`io`n h\tjm`n _` 3- \}jn& ^\m\^o`mdu\_j kjm _jgjm
)MEDBBHNMDR
k`mndno`io`)lp``ij^\ndji`n`n di_p^d_jkjm`no|hpgjnlp`
ijnji_jgjmjnjnijmh\gh`io`+
H\\a`^o\^d~iam\i^\_`gOJ?kjmc`mk`nu~no`m`nhp^cj
h`ijnam`^p`io`)k`mjkp`_`n`mbm\q`+Agc`mk`nu~no`mo\h*
]d{ikp`_`^\pn\mpi\\mo`mdodnbm\ipgjh\ojn\+Aigjnk\^d`i*
o`ndihpij_`kmdhd_jnkp`_`kmj_p^dmn`pi\`i^`a\gdodn\bp*
_\ ^\m\^o`mdu\_\ kjm iph`mjn\n g`ndji`n _`nhd`gdidu\io`n
]d`i_`gdhdo\_\n)lp`kjno`mdjmh`io`n`i`^mjn\i+
#HSNLDF@KNUHQTR
Ag?IRdia`^o\`gndno`h\i`mqdjnj`ia`ojntk`mnji\ndihp*
ij_`kmdhd_\n+ H\ dia`^^d~idiom\po`mdi\^\pn\pi\i`^mjndn
k`mdq`iomd^pg\m)lp`kmj_p^`pi\dhkjmo\io`_`nomp^^d~i_`g
^`m`]mj) n`bpd_\ hzn o\m_` kjm hd^mj^`a\gd\ t ^\g^dad^\^d~i
k`mdq`iomd^pg\m+ Ag ?IR `n pi k\o~b`ij q|md^j jkjmopidno\
c\]dop\g`igjnk\^d`io`n ^ji nd_\)t`i`nojn^\njn o\h]d{i
\a`^o\\gOJ?+
- / 2 & / , / ' m!
%MKNRHMCHUHCTNRHMLTMNCDOQHLHCNR DK#-6RTDKDOQNUNB@QTM@DMd
BDE@KHSHRRTA@FTC@PTDOTDCD@RNBH@QRD@K@OQDRDMBH@CDBrKTK@RBNM
HMBKTRHNMDRCDKUHQTRUEHF
,@HMEDBBHuMRTDKDKNB@KHY@QRDDMK@R
QDFHNMDRRTADODMCHL@QH@RO@Q@UDMSQHBTK@QDRCDKBDQDAQNCNMCDB@Td
R@TM@UDMSQHBTKNDMBDE@KHSHRMDBQNR@MSDGDLNQQqFHB@@FTC@XTM@OKDd
WHSHRBNQNHCD@ %K UHQTR OTDCDS@LAHrM @S@B@QK@LrCTK@DROHM@K XK@R
Q@sBDRLqRCHRS@KDRXNB@RHNM@QTM@Q@CHBTKNMDTQHSHRCNKNQNR@ 0TDCD
HMEDBS@QRDBT@KPTHDQBrKTK@CDK 3.# MDTQNM@R FKs@ DOrMCHLN N DMd
CNSDKHN %REqBHK QDBNMNBDQ K@R BrKTK@R @TLDMS@C@R CDS@L@tN BNM
HMBKTRHNMDR HMSQ@MTBKD@QDRD HMSQ@BHSNOKqRLHB@R KK@L@SHU@R BNM DK LHd
BQNRBNOHNuOSHBN BNMUDMBHNM@K X K@HMEDBBHuM ONQ#-6RDBNMEHQL@
BNMK@HMLTMNGHRSNPTsLHB@
0NKHNLHDKHSHR
= pilp` g\ kjgdjh d`gdodn k\m\g|od^\ n` c\ `mm\_d^\_j `i
hp^c\nk\mo`n _`g hpi_j bm\^d\n\g\ q\^pi\^d~i) oj_\q|\
lp`_\i pijn kj^jn k\|n`n _ji_` ndbp` m`km`n`io\i_j pi
kmj]g`h \ dh kjmo\io`+ Ai gjn k\^d`io`n ij q\^pi\_jn) g\
dia`^^d~ikjmkjgdjqdmpn^\pn\kmdi^dk\gh`io`b\nomj`io`md*
odnnp]^g|id^\jg`q`)dbp\glp`g\j^\ndji\_\kjmjomjnhd`h*
]mjn_`gbmpkj_`gjnkd^jmi\qdmpn_`iomj_`gjn`io`mjqdmpn+
Odi `h ]\mbj) `i pi\ k`lp`}\ am\^^d~i _` g\ kj]g\^d~i
qpgi`m\]g`)`gqdmpndiq\_`n`^pi_\md\h`io``gndno`h\i`m*
qdjnj+
2@AH@
H\m\]d\`npi\`i^`a\gdodnbm\q`lp`n`om\inhdo`\gn`mcph\*
ijkjm g\ hjm_`_pm\ _` pi\idh\g \a`^o\_j) `i b`i`m\g pi
k`mmj j \gbpij _` gjn h\h|a`mjn n\gq\e`n lp` \^o\i ^jhj
m`n`mqjmdjn i\opm\g`n+ H\ `skjnd^d~i \ \gbpi\n `nk`^d`n _`
hpm^d{g\bjn)di^gpnjndindbijn_`hjm_`_pm\)o\h]d{ikp`_`
kmj_p^dmg\m\]d\+
w - / 2 & / , / ' m!
,@DWOKNQ@BHuMDWSDQM@CDKBDQDAQNLTDRSQ@HMSDMRNDCDL@X BNMFDRd
SHuMU@RBTK@Q! MHUDK LHBQNRBuOHBN RDNARDQU@TM@DWSDMR@CDFDMDd
Q@BHuMMDTQNM@KBNMTM@QD@BBHuMHMEK@L@SNQH@LqRFQ@UDDMDKSQNMBN
CDKDMBrE@KN4@LAHrMOTDCDM@EDBS@QRDKNRF@MFKHNRA@R@KDR K@Lrd
CTK@DROHM@KXKNRF@MFKHNRCDK@Q@sYCNQR@K ,NRB T D QO N R CD .DFQH
PTDRNMDKC@SNLHBQNRBuOHBNO@SNFMNLuMHBN RNM HMBKTRHNMDRBHSNd
OKqRLHB@R QDCNMCD@C@R@NU@K@C@RXDNRHMuEHK@RPTD OTDCDM KNB@KHd
Y@QRD DM K@R MDTQNM@R OHQ@LHC@KDR CDK GHONB@L ON X K@R BrKTK@R CD
0TQJHMID CDK BDQDADKN KTF@QDR DM KNRPTD MN RTDKD @RNBH@QRD@ HMEK@d
L @BHuM EHF
%R ONRHAKD CDSDBS@Q DK UHQTR CD K@ Q@AH@ DM KNR
BTDQONRCD.DFQHBNMSrBMHB@RCDHMLTMNGHRSNPTsLHB@XTKSQ@DRSQTB
STQ@KDR
- / 2 & / , / ' m!
,NRB@RNR@FTCNRLTDRSQ@ML@MFTHSNRODQHU@RBTK@QDRCDBrKTK@RLNd
MNMTBKD@QDRX MDTQNMNE@FH@CDK@RL N SN M D T QN M @ R CDK@RS@@ M SD QHN Q
CDK@L rCTK@DROHM@K,@QD@BBHuMHMEK@L@SNQH@RDRTDKDKHLHS@Q@K@RS@
@MSDQHNQ ODQN OTDCDDWSDMCDQRD@ K@ ONRSDQHNQXDM NB@RHNMDRDR KN
A@RS@MSDFQ@UD BNL N O@Q@ OQNCTBHQB@UHS@BHuM 3D G@ CDSDBS@CNDK
!2. CDK ONKHNUHQTR DM K@R LNSNMDTQNM@R CDK @RS@ @MSDQHNQ !KFTM@R
UDBDRRD@EDBS@MS@LAHrM KNR MvBKDNRCDKNRO@QDRBQ@MD@KDR %KDRd
STCHNO N R SL NQSDL CDKNRRTODQUHUHDMSDR@K@QFNOK@YNCDTM@ONKHNd
LHDKHSHRRHMSNLqSHB@LTDRSQ@OrQCHC@CDMDTQNM@RXFKHNRHRDMDK@RS@
@MSDQHNQ@EDBS@C@CD K@ LrCTK@DROHM@K BHDQSN FQ@CN CD HMEK@L@BHuM
QDRHCT@K @SQNEH@CDK@RQ@sBDRLDCTK@QDR@MSDQHNQDRLNSNQ@R X@SQNEH@
MDTQuFDM@CDKLvRBTKNCDRMDQU@CN
6HQTRCD K@HMLTMNCDEHBHDMBH@GTL@M@
=io`n_`lp`n`_dnkpnd`m\_`om\o\hd`iojn\iodmm`omjq|md^jn
`ad^\^`n) n`d_`iodad^\]\i\go`m\^dji`ni`pmjk\ojg~bd^\n`i`g
`nop_djgfjkdfik\dc\no\ _`g 5-\g 6-# _`gjn^\njn_`nd_\+
Anojn^\h]djn n`_`]`i\gjn`a`^ojn_dm`^ojn _`gqdmpn`i`g
ndno`h\i`mqdjnj)\g\ndia`^^dji`njkjmopidno\nt\gjngdiaj*
h\nkmdh\mdjn_`gOJ?)_`gjnlp`g\h\tjm|\^jmm`nkji_|\i
\gdiajh\n_`\gojbm\_j>kjndodqjnk\m\`gRA>+ H\`ad^\^d\
_`g om\o\hd`ioj \iodmm`omjq|md^j ^ji hgodkg`n azmh\^jn c\
_dnhdipd_j g\ am`^p`i^d\ _` `njn `a`^ojn n`^pi_\mdjn _` g\
dia`^^d~ikjm`gRED+
H\ h`idibdodn \n{kod^\ kjmRED n`km`n`io\ .*/ n`h\i\n
_`nkp{n _` g\ n`mj^jiq`mndji `i `g .-# _` gjn k\^d`io`n
\kmjsdh\_\h`io`+O`kp`_`_`hjnom\mg\km`n`i^d\ _`\iod*
^p`mkjnam`io`\gREDt\dng\m`gqdmpn_`g H?N+ Hjn`nop_djn
i`pmjk\ojg~bd^jn _` g\na\n`n did^d\g t \bp_\ _` g\diq\nd~i
_`g ndno`h\i`mqdjnjkjm`gRED_`hp`nom\ipi\h`idibdodn
gdiaj^|od^\ g`q`)diag\h\^d~ik`mdq\n^pg\mt^d`mo\k{m_d_\ _`
hd`ddi\+ @`iomj _` g\n ^{gpg\n _`g OJ?) njgj g\ hd^mjbgd\
`skm`n\`g^jmm`^`kojm ?@1t gjn m`^`kojm`n _`lpdhdj^di\n
%??N2 j ?T?N1&) i`^`n\md\n `i ^jh]di\^d~i k\m\ lp` g\
dia`^^d~i kjmRED n`\ `ad^d`io`+ @pm\io` g\ a\n` ^m~id^\) `n
am`^p`io` `i^jiom\m pi\ `i^`a\gdodn kjm `g RED nd n` c\^` g\
\pojknd\+
O`c\ _`n^mdoj pi n|i_mjh`diag\h\ojmdjkjmg\ m`^jinod*
op^d~idihpi` %OENE& `igjnk\^d`io`n^jind_\om\n`gom\o\*
hd`ioj`ad^\u8 `no`n|i_mjh`n` m`^jij^`^jhj pi_`o`mdjmj
k\m\_~ed^j om\n `g did^dj _`g om\o\hd`ioj t `npi\ m`nkp`no\
diag\h\ojmd\ m`^jinodopd_\ `sp]`m\io` h d`iom\n m`^d]`i
\iodmm`omjq|md^jn%q+^\k|opgj3&+Ai`gOJ?)`gOENEkmjqj^\pi\
- / 2 & / , / ' m !
,@DMBDE@KHSHRONQDK6)(DRTM@QD@BBHuMHMEK@L@SNQH@BQuMHB@BNMHMEHKd
SQ@CNR @LOKH@LDMSD CHRDLHM@CNR CD M N C T KN R CD L HB QN F KH@ PTD
RTDKDMBNMSDMDQBrKTK@RF HF@MSDRL T KSHM T B KD @ C @ R CDQHU@C@RCDKNR
L@BQuE@FNRDMNB@RHNMDRRDHCDMSHEHB@MENBNR@RNBH@CNRCDMDBQNRHR
SHRTK@QXFKHNRHRQD@BSHU@EHF
!KFTMNRCDKNRMNCTKNRCDLHBQNd
FKH@RDDMBTDMSQ@MDMK@BDQB@Ms@CDU@RNRR@MFTsMDNRODPTDtNRPTD
LTDRSQ@MBrKTK@RDMCNSDKH@KDR@MuL@K@LDMSDOQNLHMDMSDRXL@BQuE@d
FNRODQHU@RBTK@QDRDROTLNRNRNB@QF@CNRCD OHFLDMSN %RNRB@L d
AHNRRDOQNCTBDMDRODBH@KLDMSD DM K@RTRS@MBH@AK@MB@RTABNQSHB@K
DK CHDMBrE@KNXDKSQNMBN CDK DMBrE@KN %M@KFTMNRB@RNR S@LAHrM RD
OQNCTBDTMSQ@RSNQMNCDRTRS@MBH@AK@MB@PTDRDB@Q@BSDQHY@ONQqQD@R
LTKSHENB@KDRNCHETR@RCDO@KHCDYCDLHDHHM@BNMSTLDE@BBHuM@WuMHB@
XFKHNRHR@RNBH@C@R %K6)( RD OTDCDCDSDBS@QDM KNR KHMENBHSNR #$
LNMNMTBKD@CNRDML@BQuE@FNRLTKSHMTBKD@CNRXDMK@LHBQNFKH@
, * #
'
' * ) i
u # c
j H
i
'
adj'
&HFTQ@
%MBDE@KHSHR ONQ DK 6)( /ARrQUDMRD TM MuCTKN CD LHBQNFKH@X
BrKTK@RFHF@MSDRLTKSHMTBKD@C@R
,DTBNDMBDE@KNO@Ss@LTKSHENB@KOQNFQDRHU@
H\ g`p^j`i^`a\gjk\o|\ hpgodaj^\g kmjbm`ndq\ %HIL& `n pi\
`i^`a\gdodn^\pn\_\kjm`g qdmpn_`gkjgdjh\F?) piqdmpn_`g
kjgdjh\8 _\_j lp` `no` qdmpn dia`^o\ km`a`m`io`h`io` \ gjn
jgdbj_`i_mj^dojn)`gkmdi^dk\g`a`^ojk\ojg~bd^j`ng\_`nhd`*
gdidu\^d~i+ H\ `ia`mh`_\_ \a`^o\ _` ajmh\ ^\nd `s^gpndq\ \
di_dqd_pjn dihpij_`kmdhd_jn`i_dq`mn\nndop\^dji`n^g|id*
^\n)^jhjgjnn|i_mjh`ngdiajkmjgda`m\odqjnjhd`gjkmjgda`m\*
odqjn^m~id^jn)g\lpdhdjo`m\kd\dihpij_`km`njm\)di^gpd_jn
gjn\iod^p`mkjnhjij^gji\g`nam`io`\g\ndio`bmdi\n)g\n`ia`m*
h`_\_`nbm\ipgjh\ojn\nt`gnd_\+
=pilp` g\ h\tjm|\ _` g\n k`mnji\n h p`nom\ `qd_`i^d\
n`mjg~bd^\ _` `skjnd^d~i \g qdmpn \ gjn .1 \}jn) g\ dia`^^d~i
kmdh\md\ `n \ndiojhzod^\+ H\ HIL n` kmj_p^` ^jhj ^jin`*
^p`i^d\_`g\m`\^odq\^d~i_`gqdmpn`ipi\ndop\^d~i_`dihp*
ij_`km`nd~i+ Hjn k\^d`io`n _`n\mmjgg\i ndbijn t n|iojh\n
i`pmjg~bd^jnaj^\g`n`dhkg\^\]g`h`io`kmjbm`ndqjn)t`igjn
`nop_djn_`dh\b`in`hp`nom\ig`ndji`n`so`in\n)\h`ip_j
hpgodaj^\g`n)^jipi\idggjlp`n`m`\gu\`ig\g`ndji`n _`g\
npno\i^d\]g\i^\c`hdna{md^\j^`m`]`gjn\+
- / 2 & / , / ' )!
,@R KDRHNMDR RNM qQD@R O@QBGD@C@R HQQDFTK@QDR X L@K CDEHMHC@R CD
CDRSQTBBHuMCDK@RTRS@MBH@AK@MB@PTD@TLDMS@MCDS@L@tN@LDd
CHC@PTDK@DMEDQLDC@C@U@MY@EHF
-HBQNRBuOHB@LDMSDB@C@
)MEDBBHNMDR
gcXjdXZXgjlcXkld(<fZZ`[`f`[\j`dd`k`jt;cXjkfdpZ\j[\idXk`k`)
[`j( kp`_`i \a`^o\m \g OJ ? om\n pi\ dia`^^d~i ^pozi`\ j
kpgh ji\m kmdh\md\) \pilp` o\h]d{i `nojn cjibjn np`g`i
\k\m`^`mom\npi\dihpij_`km`nd~i+=pilp`g\ h\tjmk\mo`
_`gjncjibjngg`b\i\g^`m`]mjh`_d\io`_dn`hdi\^d~ic`h\*
o~b`i\) o\h]d{i kp`_` `i^jiom\mn` pi\ `so`ind~i _dm`^o\)
nj]m` oj_j _` g\ h p^jmh d^jndn `i k\^d`io`n ^ji _d\]`o`n
h`ggdopn+
H\nom`nq\md\io`nhznam`^p`io`n_`g`nd~i`ig\ndia`^^dj*
i`nkjmcjibjn_`gOJ?njig\h`idibdodn^m~id^\)g\q\n^pgd*
odn t g\ diq\nd~i _`g k\m{ilpdh\+ H\ q\n^pgdodn \k\m`^` ^ji
hznam`^p`i^d\`ig\hp^jmhd^jndntg\\nk`mbdgjndn)_\_jlp`
\h]\ndiq\_`i_dm`^o\h`io`g\nk\m`_`n_`gjnq\njn) k`mj)
`ij^\ndji`n)n`kmj_p^``ijom\ndia`^^dji`n)^jhjg\^\i_d*
_d\ndn+H\omjh]jndnq\n^pg\mm`npgo\io`kmj_p^`dia\mojn)lp`
^jiam`^p`i^d\ njigg\h\odq\h`io`c`hjmmzbd^jntlp`kjn*
o`mdjmh`io`n`qp`gq`in{kod^jnkjm`g^m`^dhd`ioj_`gcjibj
m`nkjin\]g`+
H\ dia`^^d~ik\m`ilpdh\ojn\) lp` np`g`\_jko\mg\ajmh\
_`bm\ipgjh\nj\]n^`njn)kp`_`\k\m`^`m^jig\h\tjm|\_`
gjncjibjnt\ h`ip_j^j`sdno`^ji h`idibdodn+ Hjncjibjn
lp`^jihznam`^p`i^d\diq\_`i`g^`m`]mjnji<Xe[`[Xt<ipg)
kfZfZZlj* H\^\i_d_d\ndn np`g` kmj_p^dmhd^mj\]n^`njn hgod*
kg`n)\nj^d\_jnjij\g\ajmh\^d~i_`bm\ipgjh\n+
H\ d\e`e^`k`j gfi Zi`gkfZfZf( pi jkjmopidno\ am`^p`io` `i
k\^d`io`n^jind_\)kp`_`n`mapghdi\io`thjmo\g`io\injgj
/ n`h\i\n j o`i`m pi ^pmnj di_jg`io`) _` h`n`n \ \}jn _`
`qjgp^d~i+Ai`gH?Nc\thptkj^\n^{gpg\n)\pilp`b`i`m\g*
h`io`od`i`pi\^ji^`iom\^d~i_`kmjo`|i\n\go\+ O`kp`_`i
qdnp\gdu\m g\n g`q\_pm\n `i^\knpg\_\n hp^jd_`n `i `g H?N
^jiodi^dji`n`nk`^d\g`nj_`o`^o\mg\n_`ajmh\di_dm`^o\^ji
kmp`]\nk\m\h`_dmgjn\io|b`ijn_`g^mdkoj^j^j+
KDRHuMLTDRSQ@TM@YNM@CDCDRLHDKHMHY@BHuMRNAQDSNCNCDKNB@KHY@d
BHuMRTABNQSHB@KDMBTXNBDMSQNRDDMBTDMSQ@ML@BQuE@FNRCHRODQRNR
B@QF@CNRCDKsOHCNRXTM MvLDQNQDCTBHCNCD@WNMDR %MKNRANQCDR
CD K@ KDRHuM RD NARDQU@M MvBKDNR LTX @TLDMS@CNR CD S@L@tN CD
NKHFNCDMCQNBHSNR PTDBNMSHDMDM HMBKTRHNMDRUsQHB@R @MEuEHK@R CD@Rd
ODBSNUHSQDNUEHF
QDBT@CQN PTDRDOTDCDMBNMEHQL@QBNMK@
HMLTMNGHRSNPTsLHB@ %MDKRDMNCDK@KDRHuMS@LAHrMOTDCDMDMBNMd
SQ@QRD@RSQNBHSNRFHF@MSDRDWSQ@tNRBNMTMNNU@QHNRMvBKDNRGHODQBQNd
LqSHBNRDHQQDFTK@QDR LDYBK@CNRBNM@RSQNBHSNRSsOHBNRQD@BSHUNR %M
ONBNRB@RNRRDG@CDLNRSQ@CNK@HMEDBBHuMCDK@RMDTQNM@RFQ@MTKNd
R@RCDKBDQDADKN
0@MDMBDE@KHSHRDRBKDQNR@MSDRTA@FTC@
H\k\i`i^`a\gdodn`n^g`mjn\io`np]\bp_\ %LAO&`npin|i_mj*
h` ^g|id^j kmjbm`ndqj kj^jam`^p`io`) ^\m\^o`mdu\_j kjmpi
_`o`mdjmj^jbidodqj)`nk\nod^d_\_ _`gjnhd`h]mjnt^jiqpg*
ndji`n+=a`^o\\id}jnj \_pgojne~q`i`n) h`n`n \ \}jn _`n*
kp{n _` pi\ dia`^^d~i \bp_\ did^d\g `i`_\_ o`hkm\i\ kjm
n\m\hkd~i+H\`ia`mh`_\_n`_`]`\pi\dia`^^d~ik`mndno`i*
o`) \pilp`ijkmj_p^odq\) _`gOJ?kjmpiqdmpn _`g n\m\h*
kd~i\go`m\_j8 \gbpijn^\h]djn`iq\mdjn b`i`n_`gqdmpnn`
c\iqdi^pg\_j^ji`no\`ia`mh`_\_+ O`^\m\^o`mdu\ kjm pi\
bgdjndn _dapn\ ^ji _`b`i`m\^d~i_` g\ hd`gdi\8km`n`i^d\ _`
di^gpndji`nq|md^\n)kmdi^dk\gh`io``igjni^g`jn_`gjnjgd*
bj_`i_mj^dojntg\ni`pmji\n8diag\h\^d~iq\md\]g`_`g\npn*
o\i^d\ bmdn t ]g\i^\8 t jqdggjn i`pmjad]mdg\m`n+ Ag `nop_dj
pgom\`nomp^opm\g h p`nom\ lp` g\n di^gpndji`n ^jiod`i`i
ip^g`j^zknd_`n^\m\^o`m|nod^\n _`g n\m\hkd~i)t g\dih pij*
cdnojlp|h d^\ k\m\ `g \io|b`ij _`g qdmpn _`g n\m\h kd~i `n
kjndodq\+H\di^d_`i^d\_``no\`ia`mh`_\_n`c\m`_p^d_j_`
ajmh\ \]mpko\ kjm gjn kmjbm\h \n _` q\^pi\^d~i) \pilp`
k`mndno``ikj]g\^dji`nijq\^pi\_\n+
-DMHMFNDMBDE@KHSHR LHBuSHB@
H\ndia`^^dji`nhd^~od^\n_`gOJ?\a`^o\i)nj]m`oj_j)\k`m*
nji\n dihpij_`kmdhd_\n+ Ag ^`m`]mj n`np`g`\a`^o\mkjm g\
_dn`hdi\^d~i c`h\o~b`i\ b`i`m\gdu\_\ _` gjn cjibjn8 gjn
cjibjnlp`^jihznam`^p`i^d\\k\m`^`inji<Xe[`[XXcY`ZXej(
`nk`^d`n_`FlZfi(:jg\i^`cclj] ld`^Xkljt<ipgkfZfZZlje\f]fi)
dXej* Ai zm`\n `i_{hd^\n) \gbpijn k\o~b`ijn) ^jhj A`jkf)
>
- / 2 & / , / ' m!
%M K@ HMEDBBHuM ONQBQHOSNBNBNRDDMBTDMSQ@ TM@LDMHMFHSHR BQuMHB@
PTD@EDBS@@K@RKDOSNLDMHMFDRA@R@KDR PTD@O@QDBDMNO@B@RXDMd
FQNR@C@RONQTMSDIHCNBNMITMSHUNQD@BSHUNPTDOTDCDNARSQTHQDKEKTIN
CD,#2@SQ@UrRCDKNR@FTIDQNRCD,TRBGJ@X-@FDMCHDNB@RHNM@Md
CNTM@GHCQNBDE@KH@ ,NRBNQSDRCDKBDQDAQNLTDRSQ@MTML@SDQH@KFDd
K@SHMNRNDM DKDRO@BHNRTA@Q@BMNHCDNXODPTDtNRPTHRSDRCDMSQNCDK
O@QrMPTHL@cATQATI@RCDI@AuMi PTDRNMDRODBH@KLDMSDKK@L@SHU@R
DMKNRF@MFKHNRA@R@KDRRHFTHDMCNK@CHRSQHATBHuMCDK@R@QSDQH@RKDMSHBT
KNDRSQH@C@R EHF
! ,@R KDRHNMDR O@QDMPTHL@SNR@R BNQQDRONMd
CDM@@FQDF@CNRCDLHBQNNQF@MHRLNRBNMDWO@MRHuMCDKNRDRO@BHNR
ODQHU@RBTK@QDR CD6HQBGNV
2NAHM DHMEK@L@BHuM N FKHNRHR LsMHL@R N
@TRDMSDREHF
" ,NRHMEHKSQ@CNRLDMsMFDNRBNQQDRONMCDM@Brd
KTK@RHMEK@L@SNQH@RBQuMHB@RXEHAQNAK@RSNRLDYBK@CNRBNMBQHOSNBNBNR
[ - / 2 & / , / ' m !
,@SNWNOK@RLNRHRCDK3.#OQNCTBD@ARBDRNRDMDKBDQDAQNPTD@EDBd
S@M OQHMBHO@KLDMSD@ K@BNQSDY@BDQDAQ@K BDQB@ CD K@ TMHuM DMSQD K@
RTRS@MBH@FQHRX AK@MB@ X @KNRMvBKDNRFQHRDROQNETMCNRXBNMLDMNR
EQDBTDMBH@@KBDQDADKNXSQNMBNCDKDMBrE@KNXRNKNDMQ@Q@RNB@RHNMDR
@ K@ LrCTK@DROHM@K EHF
,@R KDRHNMDR @FTC@R BNMRHRSDM DM
ENBNR BDMSQ@KDR CD MDBQNRHR BNM GDLNQQ@FH@R ODSDPTH@KDR U@QH@AKDR
QNCD@C@RONQHMEK@L@BHuM@FTC@XBQuMHB@ HMEHKSQ@CNCDL@BQuE@FNRX
OQNKHEDQ@BHuMU@RBTK@Q %MK@ODQHEDQH@CDKNRENBNRCDMDBQNRHROTDCDM
DMBNMSQ@QRD S@MSN S@PTHYNsSNR BNL N AQ@CHYNsSNR DMPTHRS@CNR
UEHF
" !LDMTCNKNRLHBQNNQF@MHRLNRRDOTDCDMQDBNMNBDQ
BNM SHMBHNMDR BNMUDMBHNM@KDR BNL N GDL@SNWHKHM@
DNRHM@ (
% N
'HDLR@ ODQNDR LqREqBHK HCDMSHEHB@QKNRBNM LrSNCNRCDHMLTMNGHRd
SNPTsLHB@ ,NRU@RNRRHST@CNRBDQB@CDDRS@RKDRHNMDROTDCDM LNRd
SQ@Q TM@ KK@L@SHU@ OQNKHEDQ@BHuM CD K@ sMSHL@ D HMBKTRN TM@ U@RBTKHSHR
EQ@MB@ BNM MDBQNRHR EHAQHMNHCD X SQNLANRHR 4Q@R DK SQ@S@LHDMSN K@R
KDRHNMDRBNQQDRONMCDM@qQD@RDWSDMR@RXAHDMCDKHLHS@C@RCDMDBQNd
RHR BN@FTK@SHU@ QNCD@C@R ONQ L@BQuE@FNR B@QF@CNR CD KsOHCNR %R
ONRHAKDS@LAHrM HCDMSHEHB@QPTHRSDRXS@PTHYNsSNR KHAQDR @CX@BDMSDR@
DRS@RKDRHNMDR ODQNRTMvLDQNRDOTDCDQDCTBHQCDENQL@HLONQS@Md
SD N HMBKTRN CDR@O@QDBDM ONQ BNL OKDSN BT@MCN DK O@BHDMSD QDBHAD
SQ@S@L HDMSN DEHB@Y ,@R KDRHNMDR BQuMHB@R RNM ODPTDtNR DRO@BHNR
PTsRSHBNR PTDBNMSHDMDM L@BQuE@FNRB@QF@CNRCDKsOHCNRN GDLNRHd
CDQHM@X QNCD@CNR ONQ BDQDAQN BNM FKHNRHR %M DRS@R KDRHNMDR LqR
@MSHFT@RDRCHEsBHKHCDMSHEHB@QKNRLHBQNNQF@MHRLNR
# / .# %04/ 3 #,!6%
)MEDBBHNMDR
,NR LHBQNNQF@MHRLNRO@SuFDMNR CDRCDUHQTR@ O@QqRHSNR OTDd
CDMHMEDBS@QDKBDQDAQN#@C@O@SuFDMNTSHKHY@RTOQNOH@Us@O@Q@
KKDF@Q@KBDQDAQNXOQNUNB@QO@SQNMDRCHEDQDMSDRCDDMEDQLDC@C
,@RUs@RCD@BBDRNCDKNRLHBQNNQF@MHRLNR@KBDQDAQNHMBKTXDM
RHDLAQ@GDL @SuFDM@O DIENQL @BHuM CD@ARBDRNRDM OQDRDMd
BH@CDTM@DMCNB@QCHSHR DWSDMRHuM CHQDBS@SQ@RTMSQ@TL @SHRL N
NCDRCD KNRRDMNRDM DK B@RNCD - TBNQ X ONQSQ@MRONQSD QDSQud
FQ@CN@KN K@QFNCDKNRMDQUHNRBNLNDM K@Q@AH@
,@R HMEDBBHNMDR A@BSDQH@M@R OTDCDM B@TR@Q LDMHMFHSHR @ARBDd
RNRBDQDAQ@KDR N L DMHMFNDMBDE@KHSHRBQuMHB@ ,@CHRSQHATBHuM CD
KNR O@SuFDMNRUHDMDBNMCHBHNM@C@ONQCHUDQRNRE@BSNQDRCDK@Md
EHSQHuMBNL NK@DC@CNDK MHUDK CDETMBHuM HMLTMD
,@RHMEDBBHNMDRUsQHB@ROTDCDM B@TR@QLDMHMFHSHRNL DMHMFNDMd
BDE@KHSHR !KFTMNR UHQTR L TDRSQ@M O@SQNMDR B@Q@BSDQsRSHBNR CD
HMEDBBHuM 6(3
DM KNRKuATKNRSDLONQ@KDR ONKHNDMDK @RS@@Md
SDQHNQ
%MEDQLDC@CDR ON Q OQHNMDR
|9
&HFTQ@
!3D@OQDBH@M@ARBDRNRONQF\e\]YO`ZODMDKOTS@LDMXDKSqK@LN",@SHMBHuMHMLTMNGHRSNPTsLHB@CDLTDRSQ@K@OQDRDMBH@CDS@PTHYNsSNRKHAQDR
DSQbOR_\& 3DTCNPTHRSDCD F\e\]YO`ZOBNMAQ@CHYNsSNR QDR@KS@CNRLDCH@MSDK@SHMBHuMHMLTMNGHRSNPTsLHB@
%MEDQLDC@CDR ONQOQHNMDR
p
).)#)/
02/0!'!#)/.
[] 0Q0B e
0Q0
0Q0R>
)MNBTK@BHuM
N HMFDRSHuM
3 RTRUGD RL"RUGD
)
4/ 8)# )$ !$ . %52 / . !,
&HFTQ@
0@SNFDMH@CDK@DMEDQLDC@CONQOQHNMDR ,@BNMENQL@BHuMBNM
TM@GrKHBD@CD0Q0BOTDCDB@LAH@QDRONMSqMD@LDMSD@K@BNMENQL@BHuMDM
GNI@ OCD 0Q0RB TMDOHRNCHNPTDSHDMDKTF@Q@TM QHSLN LTBGN L@XNQDM K@
DMEDQLDC@CE@LHKH@Q@RNBH@C@@K@RLTS@BHNMDR0Q0DMK@KsMD@FDQLHM@K 0Q0
S@LAHrM OTDCD OQNBDCDQCDETDMSDRDWuFDM@R BNLN@KHLDMSNRBNMS@LHM@d
CNR HMRSQTLDMS@BHuM LrCHB@NLDCHB@LDMSNR #T@MCN@O@QDBD 0Q0BNMd
UHDQSD@NSQ@RLNKrBTK@RCD0 Q0 DM 0Q0LDCH@MSDTM@HMSDQ@BBHuMEsRHB@ KN
PTDEHM@KLDMSD KKDU@@K@ENQL@BHuMCD@FQDF@CNRO@SuFDMNRCD0Q0B
^d\_jn\pi\`ia`mh`_\_k`mhdo`qdi^pg\mg\n`ia`mh`_\_`n
kmd~id^\n^jijomjnom\nojmijn)^jhjg\`ia`mh`_\__`=guc`d*
h`mtg\`ia`mh`_\__`L\mfdinji+
Agb`ilp`^j_dad^\g\LmL)gg\h\_jIKGI( hp`nom\pi\goj
bm\_j _`^jin`mq\^d~i`iom`g\n`nk`^d`n+ O`c\_`n^mdojlp`
_dq`mn\n hpo\^dji`n _`IKGIajmh\i g\ ]\n` _`g\najmh\n
a\hdgd\m`n_`g\`ia`mh`_\_kmd~id^\+=_`hzn)pikjgdhjmadn*
hj`i`g^j_~i./6lp`^j_dad^\h`odjidi\%I`o&jq\gdi\%R\g&
diagpt`nj]m``g _`n\mmjggj_`g\ `ia`mh`_\_8 gjn di_dqd_pjn
cjhj^db~od^jnk\m\ I`ojR\g`nozinj]m`mm`km`n`io\_jn`i
gjn ^\njn _` A?F am`io` \ g\ kj]g\^d~i b`i`m\g) gj lp` di_d*
^\lp` g\ c`o`mj^dbjnd_\_ `i`g ^j_~i./6 kmjo`b` am`io`\g
_`n\mmjggj_``no`kmj^`nj+O`j]n`mq\`no`hdnhj`a`^ojkmj*
o`^ojm_`g\c`o`mj^dbjnd_\_`i`g^j_~i./6k\m\g\A?Ft\om~*
b`i\ %nj]m` oj_j^\njnlp`n`kmj_p^`iom\ng\`skjnd^d~i\
cjmhji\ncdkjadn\md\nj]o`id_\n_`ajmh\i\opm\g&+
^d~i_`km`k\m\_jn_`cjmhji\_`^m`^dhd`ioj_`jmdb`icp*
h\ij+ H\`ia`mh`_\_n`h\idad`no\^jinpodg`n^\h]djn`ig\
h`hjmd\tg\^ji_p^o\)lp`n`ndbp`i_`pi\_`h`i^d\mzkd*
_\h`io`kmjbm`ndq\) lp`\h`ip_jn`\nj^d\\^jiom\^^dji`n
hpn^pg\m`ndiqjgpio\md\n\g\`nodhpg\^d~in]do\ %hdj^gji|\
_` njmkm`n\&+ Qi\ hdijm|\ _`k\^d`io`n \a`^o\_jnkm`n`io\i
ndbijn_`_dnapi^d~i^`m`]`gjn\)lp`np`g`ih\ida`no\mn`^jhj
pi\\o\sd\+H\`ia`mh`_\_`nnd`hkm`hjmo\g+H\npk`mqdq`i*
^d\h`_d\nji4h`n`n_`n_``gdid^dj_`gjnn|iojh\n+=gbpijn
k\^d`io`nc\inj]m`qdqd_jq\mdjn\}jn)t\g\mbjkg\ujhp`n*
om\ipi\\omjad\`so`in\_`g\npno\i^d\bmdn\a`^o\_\+
- / 2 & / , / ' m!
,@ OQNFQDRHuM CD K@CDLDMBH@DM K@ %#* MNQL@KLDMSDDRS@M QqOHC@
PTD@ODM@RRDDMBTDMSQ@MRHFMNRL@BQNRBuOHBNRCD@SQNEH@BDQDAQ@K
%M DK DRSTCHNBNM DK LHBQNRBNOHN DK G@KK@YFN O@SNFMNLuMHBNDR TM@
SQ@MRENQL@BHuM D R O N M F HEN QL D CDK@BNQSDY@BDQDAQ@KX BNMEQDBTDMd
BH@S@LAHrMCDK@RDRSQTBSTQ@ROQNETMC@RCDK@RTRS@MBH@FQHRB@TC@d
CNXOTS@LDM DRSDOQNBDRN LTKSHENB@KC@KTF@Q@K@ENQL@BHuM GDSDd
QNFrMD@ CD U@BTNK@R L HBQNRBuOHB@R ODPTDt@R X @O@QDMSDLDMSD
U@Bs@RCDS@L@tNU@QH@AKDCDMSQNCDK MDTQuOHKNXDMNB@RHNMDRDMDK
ODQHB@QHNM CD K@RMDTQNM@REHF
! %M KNR B@RNR@U@MY@CNRRD
NARDQU@OrQCHC@MDTQNM@KHMSDMR@FKHNRHRQD@BSHU@XDMNB@RHNMDRDWd
O@MRHuMCDK@RqQD@RU@BTNK@C@RENQL@MCNDRO@BHNR@LNCNCDPTHRd
SDRcDRS@CNDRONMINRNi $DRS@B@K@@TRDMBH@CDHMEHKSQ@CNHMEK@L@SNd
QHN #NM LHBQNRBNOHNDKDBSQuMHBN RDNARDQU@PTD K@RU@BTNK@RDRSqM
QNCD@C@RONQLDLAQ@M@X RDKNB@KHY@MDMDKBHSNOK@RL@CDK@ROQNKNMd
F@BHNMDRMDTQNM@KDR ,@ROK@ B @ R CDJT QT RNMCDOuRHSNRDWSQ@BDKTK@
QDRCDOQNSDsM@@MuL@K@@FQDF@C@RNMONRHSHU@RBNMQNIN#NMFNX0!3
XRTDKDMKNB@KHY@QRDDMDKBDQDADKNEHF
" ODQNRNM@ATMC@MSDR
DMK@BNQSDY@BDQDAQ@KDMKNRB@RNRCD%#*UEHF
# %MSNC@RK@R
ENQL@R CD DMEDQLDC@C OQHuMHB@ K@ SHMBHuM HMLTMNGHRSNPTsLHB@ CDd
LTDRSQ@K@OQDRDMBH@CD0Q0QDRHRSDMSD@OQNSDHM@R@+DMKNRSDIHCNR
%MEDQLDC@CDR CDRLHDKHMHY@MSDR
U
$R +$
$$$ $
9A
6
6# "
$ '
+
"
; $
u d * $
; :
'
- / 2 & / , / ' m!
!CHEDQDMBH@CD K@R CDLqRDMEDQLDC@CDR OQHuMHB@R DM DK )&, MN RD
DMBTDMSQ@MB@LAHNRDRONMFHENQLDRDMDKDRSTCHNO@SNKuFHBN,@@KSDd
Q@BHuMLqRKK@L@SHU@DRK@OrQCHC@CDMDTQNM@RXK@FKHNRHRQD@BSHU@DM
KNRMvBKDNRUDMSQ@KDR@MSDQHNQDRXCNQRNLDCH@KDRCDKSqK@LNS@LAHrM
RD NARDQU@ TM@ KK@L@SHU@ OrQCHC@ CD MDTQNM@RDM KNR MvBKDNR CD K@
NKHU@ HMEDQHNQDR 3D OTDCD CDSDBS@Q 0Q0RB QDRHRSDMSD @ OQNSDHM@R@ +
LDCH@MSDHMLTMNSHMBHuMNHMLTMNSQ@MREDQDMBH@CD7DRSDQM
/ : 9 / 1 ; >: = /7-@1
1QJIUP IHEHIVSRUSULRQIV
:"
0 435V7;6 X
R
'
$ $ g * | +
| ' +
d .
mjg~bd^jn)^jhj\o\sd\)om\nojmijn\pojn~hd^jn)`nopkjmt)kjm
godhj)^jh\+O`c\_`n^mdojo\h]d{ipi\ajmh\ijc`m`_do\*
md\_`g\`ia`mh`_\_%dinjhidjg`o\g`nkjmz_d^j&+
%MEDQLDC@CDR CDRLHDKHMHY@MSDR
H\n`ia`mh `_\_`n_`nh d`gdidu\io`n_`gOJ?nji\a`^^dji`n
\_lpdmd_\nlp`n`^\m\^o`mdu\ikjm`g _\}jkm`a`m`io`_`g\
h d`ddi\ ^ji ^jin`mq\^d~im`g\odq\ _` gjn \sji`n+ H\n _`ad*
^d`i^d\n ^g|id^\n n` _`]`i \g `a`^oj lp` od`i` g\ k{m_d_\ _`
hd`ddi\ nj]m` g\ om\inhdnd~i_` gjn dhkpgnjn `g{^omd^jn\ gj
g\mbj_`gjn\sji`n+H\`qjgp^d~ii\opm\g_`g\n`ia`mh`_\_`n
_`nhd`gdidu\io`nqd`i`^ji_d^dji\_\)`ik\mo`)kjmg\gdhdo\_\
^\k\^d_\_ _`gOJ?_`m`b`i`m\mg\hd`ddi\ijmh\g tkjm`g
bm\_j_`_\}jn`^pi_\mdj_`gjn\sji`nlp`\k\m`^`_pm\io`
g\`qjgp^d~i_`gkmj^`nj+
R\mdjnkmj^`njnk\ojg~bd^jnkp`_`ikmj_p^dmpi\k{m_d_\
_`g\hd`ddi\+Aiom``ggjn`nozig\_`nomp^^d~i_`g\hd`ddi\_`
h`^\idnhjdihpi`)^jhjnp^`_``ig\`n^g`mjndnhgodkg`)t
g\ndia`^^dji`n+Aig\ g`p^j`i^`a\gjk\o|\ hpgodaj^\gkmjbm`nd*
q\)g\dia`^^d~ikjm`gqdmpnF?_`gjnjgdbj_`i_mj^dojnkmjqj*
^\pi\k{m_d_\_`hd`ddi\%_`n^mdo\\io`mdjmh`io`&+=_`hzn)
\gbpijnom\nojmijnc`m`_do\mdjnkp`_`i\a`^o\m\g\n|io`ndnj
m`^\h]dj _`gjn^jhkji`io`n_`g\hd`ddi\) `ipibmpkj _`
om\nojmijn gg\h\_jn c\lZf[`jkif]`Xj t lp` n` ^jh`io\i ^ji
gjnom\nojmijnh`o\]~gd^jn+
%RBKDQNRHR LvKSHOKD
H\`n^g`mjndnh godkg`%AI&`npiom\nojmij_`nh d`gdidu\io`
\pojdih pido\mdjlp`n`^\m\^o`mdu\kjm`kdnj_djn]d`i_`gd*
h do\_jnt n`k\m\_jn`i`god`hkj_`_`a`^ojni`pmjg~bd^jn
\omd]pd]g`n\g`ndji`n_`g\npno\i^d\]g\i^\lp``nozin`k\*
m\_\n`i`g`nk\^dj+An`ghznam`^p`io`_`gjnom\nojmijn_`n*
hd`gdidu\io`n) ^ji pi\ km`q\g`i^d\ _` \kmjsdh\_\h`io` .
kjm.+---k`mnji\n`ig\h\tjmk\mo`_`AA+QQ+tApmjk\+H\
`ia`mh `_\_ kp`_` n`m ^g|id^\h `io` `qd_`io` \ ^p\glpd`m
`_\_)nd]d`i`gdid^dj`ig\dia\i^d\j_`nkp{n_`gjn2-\}jn
- / 2 & / , / ' m!
,@ %- DR OQHMBHO@KLDMSD TM@DMEDQLDC@C CD K@RTRS@MBH@ AK@MB@
PTDRDQDBNMNBDLDINQDMKNRBNQSDRCDKBDQDAQNXK@LrCTK@DROHM@K
%MEQDRBNK@RKDRHNMDRRNMLqREHQLDRPTDK@RTRS@MBH@AK@MB@BHQBTMd
C@MSD DRBKDQNRHR X @O@QDBDM BNL N OK@B@R O@QCN
FQHRqBD@R CD
ENQL@HQQDFTK@QX@RODBSNUHCQHNRN AHDMCDKHLHS@C@RXKHFDQ@LDMSDCDd
OQHLHC@REHF
,@RqQD@RCDCDRLHDKHMHY@BHuMOQDRDMS@MANQCDR
AHDM CDEHMHCNR Q@RFN PTDRD@OQDBH@ LDINQBNM K@RSHMBHNMDRO@Q@K@
LHDKHM@EHF
%KS@L@tNCDK@RKDRHNMDRDRLTXU@QH@AKDCDRCD
ENBNRODPTDtNRPTDRNKNRDQDBNMNBDMDMDKDRSTCHNLHBQNRBuOHBN@
%MEDQLDC@CDR CDRLHDKLHY@MSDR
OK@B@RBNMEKTDMSDRPTD@EDBS@MDWSDMR@RqQD@RCDK@RTRS@MBH@AK@MB@
OQNETMC@,@ROK@B@RRDKNB@KHY@MG@AHST@KLDMSDBDQB@CDKNRUDMSQsBTd
KNR K@SDQ@KDR X S@LAHrM RNM EQDBTDMSDR DM KNR MDQUHNR uOSHBNR X DK
PTH@RL@DKSQNMBNCDKDMBrE@KNSQ@BSNRCDEHAQ@R@RBDMCDMSDRXCDRd
BDMCDMSDR BDQDADKNX LrCTK@DROHM@K ,@R OK@B@RS@LAHrM OTDCDM
@KB@MY@Q K@ RTRS@MBH@ FQHR C@CN PTD DM DKK@ S@LAHrM DWHRSDM EHAQ@R
LHDKsMHB@R
-HBQNRBuOHB@LDMSD DM TM@OK@B@ @ B SHU @ RDNARDQU@MRHFMNRCD
CDFQ@C@BHuMCDK@LHDKHM@DMBTQRNBNML@BQuE@FNR@ATMC@MSDRPTD
BNMSHDMDM RTR QDRSNR QHBNRDM KsOHCNRX ONRHSHUNRBNM 0!3 3D@OQDd
BH@M KHMENBHSNRX LNMNBHSNR OQDEDQDMSDLDMSDBNL N L@MFTHSNR ODQHd
U@RBTK@QDRX KNB@KHY@CNR DM DK L@QFDM DWSDQMN CD K@ KDRHuM EHF
,@R KDRHNMDR@BSHU@R DRSqM BDMSQ@C@R@ LDMTCN RNAQDUDM@R
ODPTDt@R ,NR@WNMDRDRSqM QDK@SHU@LDMSDBNMRDQU@CNRDM DK RDMN
CD K@ OK@B@EHF
" XG@X OrQCHC@CDNKHFNCDMCQNBHSNR #NM DK
SHDLONKNR@RSQNBHSNRRTEQDMB@LAHNRQD@BSHUNR#T@MCNK@RKDRHNMDR
ODQL@MDBDMPTHDRBDMSDR K@RBrKTK@RHMEK@L@SNQH@RCDR@O@QDBDMKDMd
S@LDMSD %M DK RDMN CD K@R O K@ B @ R HM @ B SHU @ R RD HCDMSHEHB@ ONB@ N
MHMFTM@ LHDKHM@ XS@LAHrM RD QDCTBDDK MvLDQN CD MvBKDNR CD KNR
NKHFNCDMCQNBHSNR %MRTKTF@QCDRS@B@TM@KK@L@SHU@OQNKHEDQ@BHuMCD
@RSQNBHSNR BNM FKHNRHR ,NR @WNMDR CD K@R OK@B@R FKHuSHB@R @MSHFT@R
LTDRSQ@M TM@ CDRLHDKHMHY@BHuM HL ONQS@MSD X S@LAHrM TM@ MNS@AKD
QDCTBBHuM CDKMvLDQN
%M @KFTM@R OK@B@R CD %- OK@ B @ R DM R N L A Q@ MN DWHRSD TM@
CDKHLHS@BHuMMDS@DMSQDK@RTRS@MBH@AK@MB@MNQL@KX @EDBS@C@%MDRSD
SHONCDKDRHuMDRONRHAKDCDLNRSQ@QU@HM@RCDLHDKHM@@MuL@K@LDMSD
@CDKF@Y@C@R RNAQDSNCNDMKNRLqQFDMDRDWSDQMNR %RSDEDMuLDMN
RD RTDKD HMSDQOQDS@QBNL N DUHCDMBH@CD TM@ QDLHDKHMHY@BHuM O@QBH@K D
HMBNLOKDS@ONQO@QSDCDKNRNKHFNCDMCQNBHSNRRTODQUHUHDMSDR4@LAHrM
RDG@MCDRBQHSNEHAQ@RBNMTM@LHDKHMHY@BHuM@MuL@K@DMKNRLqQFDMDR
CD K@R OK@B@RSsOHB@R !TMPTDDRSNR G@KK@YFNR GHRSNKuFHBNR RTFHDQDM
TM ONSDMBH@K CD QDLHDKHMHY@BHuM KHLHS@CN DM DK 3.# KNR@WNMDR PTD
ODQRHRSDM DM K@L@XNQO@QSDCD K@R OK@B@RCD %- RHFTDM RHM LHDKHM@
KNRDRSTCHNRPTDSQ@S@MCDENLDMS@QK@QDLHDKHMHY@BHuMRNMTMENBNCD
HMUDRSHF@BHuMHLONQS@MSD
v
+/
- / 2 & / , / ' m!
%M K@DMBDE@KNLHDKHSHR CHRDLHM@C@ @FTC@ K@ RTODQEHBHD CD BNQSD CDK
BDQDAQNLTDRSQ@DWBKTRHU@LDMSDYNM@RCDCDBNKNQ@BHuM FQHRqBD@@Kd
QDCDCNQCD KNRU@RNR CD K@ RTRS@MBH@ AK@MB@ %K DRSTCHN GHRSNKuFHBN
LTDRSQ@TM@OrQCHC@CDLHDKHM@BNMQDK@SHU@BNMRDQU@BHuMCDKNR@WNd
MDR ONQSNC@ K@ RTRS@MBH@ AK@MB@ %M KNR DRS@CHNR OQDBNBDR RD DMd
BTDMSQ@M MDTSQuEHKNRDM K@RKDRHNMDR ODQN KTDFNOQDCNLHM@M KNR HMEHKd
SQ@CNRCDLNMNMTBKD@QDR ,@CDFQ@C@BHuM CD K@LHDKHM@RD@RNBH@@
K@@BTLTK@BHuMCDL@BQuE@FNRB@QF@CNRCDKsOHCNR! CHEDQDMBH@CDKN
PTDRTBDCDDM K@%- SNC@R K@R KDRHNMDR O@QDBDM RHLHK@QDR DM BNMd
BNQC@MBH@BNMK@M@STQ@KDY@LNMNEqRHB@CDKSQ@RSNQMNCDRCDTMOTMSN
CDUHRS@BKsMHBN
,@ DMBDE@KNLHDKHSHR GDL NQQqFHB@ MDBQNR@MSD @FTC@ LTDRSQ@ TM
@RODBSNGHRSNKuFHBNO@QDBHCN@K@DMBDE@KNLHDKHSHRCHRDLHM@C@@FTC@
HMBKTHC@K@CHRSQHATBHuMODQHUDMTK@QCDK@CDRLHDKHMHY@BHuMONQSNCNDK
3.#PTDDMNB@RHNMDR OQNUNB@KDRHNMDRBNMEKTDMSDR 3HMDLA@Qd
FNK@RKDRHNMDRRNMLqRFQ@UDRDHMBKTXDMCDRSQTBBHuMCDKNRU@RNR
R@MFTsMDNRODPTDtNR MDBQNRHRCHRDLHM@C@CDK@RTRS@MBH@AK@MB@
X FQHR BNM GDLNQQ@FH@ @FTC@ CDOuRHSNR CD EHAQHM@ X @ATMC@MSDR
MDTSQuEHKNR3DNARDQU@MKHMENBHSNRCHRODQRNRDMKNRENBNRCDCDRLHDd
KHMHY@BHuM
-HDKHMuKHRHR ONMSHM@BDMSQ@K
H\ d`\c`exc`j`jgfek`eX Z\ekiXc `n pi om\nojmij \bp_j) lp` n`
^\m\^o`mdu\kjmk{m_d_\_`hd`gdi\lp`\a`^o\\g\]\n`_`g\
kmjop]`m\i^d\t\gbpi\nk\mo`n_`go`^cj_`g\kmjop]`m\i^d\)
>
# / . # % 0 4/ 3 #,!6%
%MEDQLDC@CDRCDRLHDKHMHY@MSDR
$DAHCN @K O@ODK ETMC@L DMS@K PTD CDRDL ODt@ K@ L HDKHM@ DM K@
BNMCTBBHuM MDQUHNR@ K@R DMEDQL DC@CDR CD K@ L HDKHM@ OTDCDM
OQNUNB@QCDEDBSNR MDTQNKuFHBNRCHRDLHM@CNRX FQ@UDR
,@R DMEDQL DC@CDR CDRL HDKHMHY@MSDR L TDRSQ@M DUHCDMBH@R CD
CDFQ@C@BHuMX CDRSQTBBHuM CDTM@L HDKHM@ OQDUH@LDMSD MNQL@K
@ LDMTCN ONQOQNBDRNR HMEK@L@SNQHNR #NM DK SHDL ON @O@QDBDM
S@L AHrMSsOHB@L DMSDKDRHNMDRRDBTMC@QH@RDM KNR@WNMDR
,@DRBKDQNRHR LvKSHOKD TM@DMEDQLDC@C CDRL HDKHMHY@MSD@TSNHMd
LTMHS@QH@DRDKSQ@RSNQMNLqREQDBTDMSDCDK@LHDKHM@PTD@EDBd
S@@@CTKSNRIuUDMDR! LDMTCNRHFTD TM@DUNKTBHuM QDLHSDMSD
QDBHCHU@MSD BNM CDEDBSNR MDTQNKuFHBNR PTDU@M @BTL TKqMCNRD
OQNFQDRHU@LDMSD
/SQ@R ENQL @R L DMNREQDBTDMSDR CD CDRL HDKHMHY@BHuM CD L DB@d
MHRLN HMLTMHS@QHN @O@QDBDM CDROTrRCD HMEDBBHNMDRXRNM OQNd
BDRNR LqR@FTCNR
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
H\n`ia`mh`_\_`ni`pmj_`b`i`m\odq\nnjiom\nojmijnlp`n`
^\m\^o`mdu\i kjmpi\ k{m_d_\ kmjbm`ndq\ _` i`pmji\n) lp`
o|kd^\h `io`\a`^o\i\bmpkjni`pmji\g`n^jim`g\^dji`nap i*
^dji\g`n)\pilp`ijn``i^p`iom\i\_t\^`io`n+Ljmo\ioj)g\n
_dnodio\n `ia`mh `_\_`n np`g`i \a`^o\m \ ndno`h\n i`pm\g`n
^ji^m`ojn t) kjm `nj) gjn ndbijn t n|iojh\n _` km`n`io\^d~i
od`i`i pi\ _dnomd]p^d~i m`g\odq\h `io` `no`m`jo|kd^\+ Hjn
m`^d`io`n`nop_djnb`i{od^jnthjg`^pg\m`nc\ik`mhdod_j`g\*
]jm\mg\\^op\g^g\ndad^\^d~i_`g\n`ia`mh`_\_`ni`pmj_`b`*
i`m\odq\n) `i k\mo` m`^jij^d`i_j lp` ^jhk\mo`i hp^c\n
^\m\^o`m|nod^\n+
Ag kmj^`nj k \ojg~bd^j ^jh i \ g\ h \tjm k\mo` _` g\n
`ia`mh `_\_`n i`pmj_`b`i`m\odq\n `n g\ \^ph pg\^d~i _`
\bm`b\_jn_`kmjo`|i\n)lp`kp`_`i`hkg`\mn`^jhj^\m\^*
o`m|nod^\ hjmajg~bd^\ _` g\ `ia`mh `_\_ %kjm `nj \ q`^`n n`
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
_`ijh di\i kmjo`dijk\o|\n&+ Hjn \bm`b\_jn _` kmjo`|i\n
kp`_`i\k\m`^`m kjm hpo\^dji`n lp` h j_dad^\ig\ ^jiajm*
h\^d~i j \go`m\ig\nq|\ndhkgd^\_\n`i`g kmj^`n\hd`ioj j
g\ `gdh di\^d~i _` g\nkmjo`|i\n+ Ai jom\n ndop\^dji`n kp`_`
\k\m`^`mpinpodg_`n`lpdgd]mdj`iom`g\n|io`ndntg\`gdhdi\*
^d~i _`g\nkmjo`|i\n %kjm a\^ojm`n b`i{od^jn) \h]d`io\g`nj
`noj^znod^jn&) lp` k`mh do`i g\ \^ph pg\^d~i bm\_p\g _` g\n
kmjo`|i\n+
Ei_`k`i_d`io`h`io`_`npjmdb`i)gjn\bm`b\_jn_`kmjo`|*
i\n njio|kd^\h`io`m`ndno`io`n \g\ _`bm\_\^d~i) od`i`ipi\
gj^\gdu\^d~i\]`mm\io``ig\ni`pmji\ntb`i`m\ipi\m`nkp`n*
o\_``nom{n`ig\^{gpg\8\_`hzn)^jiam`^p`i^d\m`npgo\i_dm`^*
o\h`io`o~sd^jnk\m\g\ni`pmji\n+=g\bm`b\mn`g\nkmjo`|i\n
\i~h\g\n) \ h`ip_jn`kmj_p^`pi\b\i\i^d\ _`api^d~it
pi\k{m_d_\_`api^d~io~sd^\n)kjmlp`^\_\q`uhznkmj*
o`|i\ n`\^phpg\ `igjn\bm`b\_jnt_`e\ _`m`\gdu\mnp api*
^d~iadndjg~bd^\ijmh\g+N`^d`io`h`io`c\lp`_\_j^g\mjlp`
`nojn\bm`b\_jnkp`_`i^jhkjmo\mn`^jhjgjnkmdji`n)`i`g
n`iod_j_`lp`gjn\bm`b\_jnb`i`m\_jn`ipi\^{gpg\kp`_`i
n`m^\ko\_jnkjmjom\tb`i`m\m\n|hzn\bm`b\_jn+Hjn_\ojn
lp`\kjt\i`no\d_`\_`mdq\i)nj]m`oj_j)_``nop_djn`sk`md*
h`io\g`n^ji\idh\g`n)k`mj\gbpijn^\njn_`k\^d`io`nlp`
a\gg`^d`mjikjmpi\`ia`mh`_\__`=guc`dh`mnpbd`m`ilp`g\
`ia`mh`_\_n`_dn`hdi\ _`pigpb\m _`g^`m`]mj \ jomj+ Odi
`h]\mbj)t\_da`m`i^d\_`gjlp`np^`_``ig\n`ia`mh`_\_`n
kmd~id^\n) ij `sdno`i `qd_`i^d\n _` lp` `no\n `ia`mh `_\*
_`nn`\iom\inhdnd]g`n+
Hjn\bm`b\_jn_`kmjo`|i\nn`m`^jij^`i^jhjdi^gpndji`n
`i`g`nop_djcdnojg~bd^j)lp`^jiam`^p`i^d\njig\^\m\^o`m|n*
od^\_d\bi~nod^\_`g\`ia`mh`_\_+H\]\n`k\m\g\\bm`b\^d~i
`n_dnodio\ `i^\_\`ia`mh`_\_+ Lp`_`m`g\^dji\mn`^jipi\
^\m\^o`m|nod^\diom|in`^\_`g\kmjo`|i\hpo\_\ %k+ `e+)`sk\i*
nd~i_`kjgdbgpo\hdi\nm`k`od_\n`i g\`ia`mh`_\_ _`Dpi*
odiboji&)pi\^\m\^o`m|nod^\diom|in`^\_`pik{kod_j_`mdq\_j
_`pi\kmjo`|i\km`^pmnjm\hznbm\i_`%k+`e+)=%0`ig\`ia`m*
h`_\__`=guc`dh`m&jpi\\go`m\^d~iij`skgd^\_\_`g\kmj*
o`|i\^`gpg\mijmh\g%k+`e+)\*ndip^g`|i\`ig\`ia`mh`_\__`
L\mfdinji`nkjmz_d^\&+
H\n`ia`mh`_\_`ni`pmj_`b`i`m\odq\nn`_dnodibp`i`ig\
gj^\gdu\^d~i\i\o~hd^\ _`g\nzm`\n\a`^o\_\nt`ig\n\go`m\*
^dji`n^`gpg\m`n`nk`^|ad^\n%k+`e+)jqdggjn)kg\^\n)^p`mkjn_`
H`rt&+Ljm`nj)n`kp`_`i^jh`io\mndbpd`i_j_jn\]jm_\e`n7
L`ekfdtk`Zf+XeXkxd`Zf6]\n\_j `i g\nm`bdji`n \i\o~hd^\n
_`gOJ? lp` n` \a`^o\ikmdi^dk\gh`io`t lp` n` om\_p^`
o|kd^\h`io` `i gjn n|iojh\n ^g|id^jn %k+ `e+) g\ \a`^o\^d~i
i`j^jmod^\g_`o`mhdi\\go`m\^dji`n^jbidodq\nt_`h`i^d\&+
IXkfcx^`Zf6]\n\_j`igjnodkjn_`di^gpndji`nj`nomp^opm\n
\i~h\g\nj]n`mq\_\n%k+`e+)`ia`mh`_\_`n^jidi^gpndji`n
lp`^jiod`i`io\pjndip^g`|i\&+
=k`n\m_`oj_j)_`iomj_`g`nk`^omj_`g\n`ia`mh`_\_`n
_`b`i`m\odq\n`sdno`piijo\]g` njg\k\hd`ioj`igjlp`m`n*
k`^o\\g\n_`ad^d`i^d\ni`pmjg~bd^\n^\m\^o`m|nod^\n)g\ _dnomd*
]p^d~i \i\o~hd^\,api^dji\g _` g\n g`ndji`n t g\ k\ojgjb|\
^`gpg\m%o\]g\n/5*0t/5*1&+Ai`no`^\nj)n`bpdm`hjng\^g\ndad*
^\^d~i^gznd^\)]\n\_\`ig\_`n^mdk^d~ijmdbdi\g_`g\n`ia`m*
h`_\_`n+
%MEDQLDC@CCD !KYGDHL DQ
H\`ia`mh `_\__`= guc`dh `m%A=&`ng\^\pn\hznam`^p`i*
o` _` _`h `i^d\ `i g\ k j]g\^d~i \i^d\i\ t g\ di^d_`i^d\
\ph `io\ `i ap i^d~i _` g\ `_\_+ H\ `ia`mh `_\_ n` np`g`
h\ida`no\m^g|id^\h `io`^jipi_`o`mdjmj_`did^djdind_djnj
_`g\ api^d~idio`g`^op\g npk`mdjm+=g kmjbm`n\mg\`ia`mh`*
_\_)\k\m`^`i_`ad^d`i^d\n _`g\h`hjmd\)`ig\jmd`io\^d~i
qdnj`nk\^d\g)`ig\^\k\^d_\__`epd^dj)`ig\k`mnji\gd_\_t
`i `g g`ibp\e`+ Pm\n pi\ `qjgp^d~i o|kd^\ _` 2 \ .- \}jn) `g
k\^d`io`o`mhdi\^ji_dn^\k\^d_\_kmjapi_\)h p_j`dih~*
qdg+ Anm\mj lp` gjnk\^d`io`n_`n\mmjgg`in|iojh\n\io`n_`
gjn2-\}jn_``_\_8g\di^d_`i^d\_`g\`ia`mh`_\_\ph`i*
o\^jig\`_\_tg\km`q\g`i^d\n`_pkgd^\\kmjsdh\_\h`io`
^\_\ 2\}jn) _`n_` piidq`g _`g .# `i g\ kj]g\^d~i_` 3-\
31\}jnc\no\`g1-# jhzn`ig\nk`mnji\n _`52 \56+ Ano`
kmjbm`ndqj\ph`ioj_`g\di^d_`i^d\^jig\`_\_c\b`i`m\*
0@SQuM BKsMHBN
)MBKTRHNMDR
#@TR@RFDMrSHB@R
%MEDQLDC@CCD!KYGDHLDQ%!
$DLDMBH@
!OOK@B@R
$DFDMDQ@BHuMCDKKuATKNEQNMSNSDLONQ@K
$,&4
#@LAHNRCDBNMCTBS@SQ@RSNQMNRCDKKDMFT@ID
4@T
4@T
4$0
4@TNUHKKNR
&53
&53
@ RHMTBKDsM@
@ RHMTBKDsM@
%MEDQLDC@CCD0@QJHMRNM %0
4Q@RSNQMNCDKLNUHLHDMSNGHONBHMrSHBN
4@T
,22+
0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@030
0@QJHMRNMHRLNBNM@KSDQ@BHNMDRCD KNRLNUHLHDMSNR
NBTK@QDR
4@T
4@T
$DFDMDQ@BHuMBNQSHBNA@R@K $#"
0@QJHMRNMHRLNBNMSQ@RSNQMNR@RHLrSQHBNR
CDKLNUHLHDMSN
4@T
!SQNEH@LTKSHRHRSrLHB@!-3
@ RHMTBKDsM@
%MEDQLDC@CCD(TMSHMFSNM %(
4Q@RSNQMNCDKLNUHLHDMSNGHODQBHMrSHBN
(TMSHMFSHM@ONKHFKTS@LHM@
(SS
!S@WH@RDROHMNBDQDADKNR@R!%#
XX!$20,
!S@WH@BDQDADKNR@
$HUDQR@ROQNSDsM@RPTD
BNMSHDMDM ONKHFKTS@LHM@R
-vKSHOKDR Y\QW
%RBKDQNRHRK@SDQ@K@LHNSQuEHB@%,!
$DAHKHC@CBNMRHFMNRCDMDTQNM@LNSNQ@RTODQHNQ
DHMEDQHNQ
3$
4$0
3$
4$0
#NQE
&53
&53
!SQNEH@LTRBTK@QDROHM@KATKA@Q!-%"
$DAHKHC@CCDMDTQNM@LNSNQ@HMEDQHNQCHRLHMTBHuM
CDKNR@MCQuFDMNR
2DBDOSNQCD@MCQuFDMNRPTD
BNMSHDMDONKHFKTS@LHM@R
2DBDOSNQCD@MCQuFDMNR
%MEDQLDC@CDRBNM HMBKTRHNMDR
!O
%MEDQLDC@CCD!KYGDHLDQ
4@T
%MEDQLDC@CCD!KYGDHLDQ
$DFDMDQ@BHuMCDK KuATKNEQNMSNSDLONQ@K
%MEDQLDC@CCD0@QJHMRNMBNMLTS@BHNMDR
CD >DD=*"
0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@
$DFDMDQ@BHuMBNQSHBNA@R@K
4$0
$DFDMDQ@BHuMKNA@QEQNMSNSDLONQ@K
%RBKDQNRHRK@SDQ@K@LHNSQuEHB@
&53
$DFDMDQ@BHuMCDKKuATKNEQNMSNSDLONQ@K
%RBKDQNRHRK@SDQ@K@LHNSQuEHB@
@ RHMTBKDsM@
%MEDQLDC@CCD0@QJHMRNM
!SQNEH@LTKSHRHRSrLHB@
!FQDF@CNRCD ONKHFKTS@LHM@
OQNSDsM@RCHRSHMS@R
DMB@C@DMEDQLDC@C
%MEDQLDC@CCD(TMSHMFSNM
!KFTM@RU@QH@MSDRCD@S@WH@DROHMNBDQDADKNR@
!SQNEH@LTRBTK@QDROHM@KATKA@Q
_jpi\`ijmh`km`j^pk\^d~ih{_d^\)nj^d\gt`^ji~hd^\`i
gjnk\|n`n^pt\nkj]g\^dji`n`nozi`iq`e`^d`i_j+=kmjsdh\*
_\h`io``g2\g.-# _`gjn^\njn_`A=njia\hdgd\m`n8`nojn
^\njnc\i\kjmo\_jdiajmh \^d~idhkjmo\io`nj]m`g\k\ojb`*
id\ _` g\ ajmh\ `nkjmz_d^\ _` g\ `ia`mh `_\_) hp^cj hzn
am`^p`io`+=pilp`ndbp`nd`i_jkm`^dnj`g`nop_djcdnojg~bd*
^j_`go`ed_j^`m`]m\gk\m\`no\]g`^`m`g_d\bi~nod^j_`adidod*
qj _` g\ A=) g\ ^jh ]di\^d~i _` g\ `q\gp\^d~i^g|id^\ t gjn
h {oj_jnm\_djg~bd^jnhj_`mijnk`mh do``no\]g`^`mpi_d\b*
i~nod^jkm`^dnjc\no\`i`g5-*6-#_`gjn^\njn)n`bin`^ji*
admh\`ig\\pojknd\+
@ \e uk`ZXd f c\Zl cX ipg X kf ^ \e `X* H\\go`m\^d~iapi_\h `io\g
`i g\ A=`n g\\^ph pg\^d~i _` _jnkmjo`|i\n %=%0 to\p& `i
m`bdji`n `nk`^|ad^\n _`g ^`m`]mj) kjnd]g`h `io` `im`g\^d~i
^jipi\kmj_p^^d~i`s^`ndq\tpi\`gdh di\^d~i _`a`^opjn\
%adb+ /5*03&+ H\n_jn^\m\^o`m|nod^\nk\ojg~bd^\n _`g\A=)lp`
m`npgo\i`nk`^d\gh`io` gg\h\odq\n `i g\na\n`n adi\g`n _` g\
`ia`mh`_\_) njig\ngcXZXjtgjnfm`ccfj* H\nkg\^\nnji_`k~*
ndojn_`k{kod_jn=%0\bm`b\_jn`i`gi`pm~kdgj)hd`iom\nlp`
gjn jqdggjn nji \bm`b\_jn _` g\ kmjo`|i\ om\inkjmo\_\ t _`
hd^mjo]pgjn o\p) lp`\k\m`^`i\ idq`g diom\^`gpg\mt gp`bj
k`mndno`i`som\^`gpg\mh`io`om\ng\ hp`mo`i`pmji\g+ L\m`^`
lp`g\nkg\^\ntgjnjqdggjn^jiomd]pt`i\g\_dnapi^d~ii`pm\g
tg\dio`m\^^d~i`iom`gjnkmj^`njnlp`^pghdi\i`ig\\^php*
g\^d~i_``nojn\bm`b\_jn\i~h\gjn`npi\nk`^oj^jidhkjm*
o\i^d\^m|od^\`ig\ k\ojb`id\ _`g\A=)lp`oj_\q|\ _`]` n`m
_`nq`g\_\+
R\md\ng|i`\n _``qd_`i^d\\kjt\i^jiap`mu\ pihj_`gj
`i`glp`g\b`i`m\^d~i _` =%0 `n `g\^jio`^dh d`iojdi d^d\*
_jm ^g\q` k\m\ `g _`n\mmjggj _` pi\ A=+ Ai kmdh `m gpb\m)
`sdno`i`ia`mh `_\_`n`ig\nlp`\k\m`^`i_`k~ndojn_`o\p)
^jhjg\_`b`i`m\^d~i_`gg~]pgjamjiojo`hkjm\g)g\k\mzgdndn
npkm\ip^g`\mkmjbm`ndq\ tg\ _`b`i`m\^d~i^jmod^j]\n\g %n`
^jh`io\ihzn\_`g\io`&) k`mjij `sdno`i _`k~ndojn _`=v0+
Anoj npbd`m` lp` g\ km`n`i^d\ _` _`k~ndojn \i~h\gjn `n _`
o\p `i `g ^`m`]mj ij `n pi `no|h pgj npad^d`io` ^jhj k\m\
di_p^dm`g_`k~ndoj_`=%0+=_`hzn)hgodkg`ng|i`\n_``qd*
_`i^d\ b`i{od^\ di_d^\i g\ kjnd]g`dhkjmo\i^d\ _` pi\ \go`*
m\^d~i`i`gh `o\]jgdnhj_`=%08g\nh po\^dji`n`ig\kmjo`|*
i\_`g\lp`_`mdq\=%0 %=LL&kmjqj^\ig\A=a\hdgd\m)dbp\g
lp`gjc\^``g\ph`ioj _`gih`mj _`^jkd\n %kjm_pkgd^\*
^dji`nk`lp`}\njkjmomdnjh|\/.&_`gb`i:II*=_`hzn)g\n
h po\^dji`n kpiop\g`n _` g\n kmjo`|i\n lp` ajmh\i k\mo`
_`gjn^jhkg`ejn_`kmjo`\n\nlp`b`i`m\ig\=a0\k\modm_`
=LLo\h]d{ikmj_p^`ig\A=+Ljm`g^jiom\mdj)g\nhpo\^dj*
i`n_`gb`i_`o\pijj^\ndji\ig\A=)ndijlp`n`\nj^d\i\
_`b`i`m\^dji`n_`g g~]pgjamjiojo`hkjm\g %n`^jh`io\hzn
\_`g\io`&+
Aig\ k\ojb`id\ _`g\ A=ij njgjk\mod^dk\i g\= %0 t o\p)
ndijq\mdjna\^ojm`nb`i{od^jnt_`g\iadomd~i\_d^dji\g`n+
IXg\c[\: ]v*H\kmjo`|i\km`^pmnjm\_`g\hdgjd_`%=LL&`n
pi\kmjo`|i\ _` g\npk`mad^d`^`gpg\m^jipiid^j _jhd*
idj om\inh `h ]m\i\) lp` kp`_` \^op\m ^jhj m`^`kojm)
kjnd]g`h `io` _` g\ kmjo`|i\ kmd~id^\ %LmL^&) `iom` jomjn
gdb\i_jn+ H\kjm^d~i=%0 _`g\kmjo`|i\n``sod`i_`_`n_`
g\ m`bd~i `som\^`gpg\mc\^d\ `g _jh didj om\inh`h]m\i\
%q+ adb+ /5*03&+ Ag kmj^`n\hd`ioj _`=LLn` did^d\ ^ji g\
n`k\m\^d~i_`g_jhdidj`som\^`gpg\m)n`bpd_\_`g\_`bm\*
_\^d~i _`g diom\h`h]m\ijnj+ O` _`n^md]`i _jn kjnd]g`n
q|\n)lp`qd`i`i_`o`mhdi\_\nkjm`g`kdnj_djkmjo`jg|od*
^jdid^d\g+Od`gkmdh`m^jmo`j^pmm``i`gndodj_`g\\*n`^m`*
o\n\ _` g\ n`^p`i^d\=%0)ijn`b`i`m\=%0 %q|\ ij \hdgjd*
_~b`i\&+Ano\q|\n`\^odq\kmdi^dk\gh`io``ig\npk`mad^d`
^`gpg\m) _\_jlp` g\n _dq`mn\nkmjo`\n\n \*n`^m`o\n\ k\m*
od^dk\i`ig\`gdhdi\^d~i_`g\nkmjo`|i\n_`npk`mad^d`+H\
=LL npk`mad^d\g kp`_` o\h ]d{i npamdm `i_j^dojndn t n`m
`n^di_d_\kjmpi\ %0*n`^m`o\n\)lp`^jmo\g\m`bd~iJ o`m*
hdi\g_`g\n`^p`i^d\= %0%q|\\hdgjd_~b`i\&+Pm\ng\mjop*
m\_`g\=LL\^p\glpd`m\_``nojn_jnidq`g`n)`g^jhkg`*
ej 4 *n`^m`o\n\ kmj^`_` \ g\ `n^dnd~i diom\h `h ]m\ijn\+
?p\i_j `g kmdh `m ^jmo` gj kmj_p^` pi\ \*n`^m`o\n\) `g
am\bh`iojb`i`m\_jn`mznjgp]g`)hd`iom\nlp`ndgjc\^`
pi\%0*n`^m`o\n\)n`b`i`m\mz=%0+H\nq\md\^dji`n`ig\gji*
bdop__`gjnk{kod_jn%=%01-am`io`\=%01/&n`_`]`i\\go`*
m\^dji`n `i g\ gj^\gdu\^d~i `s\^o\ _` g\ `n^dnd~i kjm g\
4 *n`^m`o\n\+ Ag^jhkg`ej 4 *n`^m`o\n\*l p `^jiod`i`km`n`*
idgdi\)id^\nomdi\)k`i * / t\kc* . * o\h]d{i`nm`nkjin\]g`
_`g kmj^`n\h d`ioj _` gjn m`^`kojm`n Jjo^c t _` jom\n
hp^c\n kmjo`|i\n _` g\ h`h]m\i\+ Pm\n np b`i`m\^d~i)
=%0h p`nom\pi\bm\io`i_`i^d\\g\\bm`b\^d~i*kmdh `mj
`iajmh\_`k`lp`}jnjgdb~h`mjn%lp`kp`_`in`mg\ajm*
h\ o~sd^\ m`nkjin\]g` _` g\ _dnapi^d~i i`pmji\g& t \g
adi\g`i\bm`b\_jntad]mdgg\nbm\i_`n*+
?jhj n` c\ ^jh `io\_j \io`mdjmh `io`) k\mo` _` gjn
_\ojnlp`\kjt\i`gk\k`g^`iom\g_`g\b`i`m\^d~i_`= %0
^jhjk\nj^m|od^j)\gh`ijnk\m\`gdid^dj_`g\k\ojb`id\
_`g\A=)_`mdq\i_`g\A=a\hdgd\m+Agb`ilp`^j_dad^\g\
=LL)`i`g^mjhjnjh\/.)n``i^p`iom\ndop\_j`ig\m`bd~i
_`g n|i_mjh` _` @jri8 gjn m\nbjn k\ojg~bd^jn _` g\ A=
nji)`ij^\ndji`n)pi\^\m\^o`m|nod^\ _` g\\go`m\^d~i^jb*
idodq\`i`nojndi_dqd_pjn+Hjnc\gg\ubjncdnojg~bd^jn\k\*
m`^`i`ig\n`bpi_\tg\o`m^`m\_{^\_\n_`g\qd_\)t_`n*
kp{n n`kmj_p^` pi _`o`mdjmj i`pmjg~bd^j pijn / - \}jn
_`nkp{n+Qi`a`^oj_`_jndnb{id^\ndhdg\mn`kmj_p^`kjm
_pkgd^\^dji`n gj^\gdu\_\n _`g ^mjhjnjh\ / . lp`\a`^o\i
\gcfZlj:II`i\gbpijnk\^d`io`n^jipi\A=a\hdgd\m+H\n
hpo\^dji`nkpiop\g`n`i=LLnjijom\^\pn\_`A=a\h d*
gd\m+=gbpi\n_``no\nhpo\^dji`nn`gj^\gdu\i^`m^\_`gjn
ndodjn_``n^dnd~i_`g\ %0*n`^m`o\n\tg\ 4 *n`^m`o\n\) hd`i*
om\nlp`jom\nn`gj^\gdu\i`ig\n`^p`i^d\=%0t\ph`io\i
np o`i_`i^d\ \ \bm`b\mn`+Hjn_jncfZ`d_`iodad^\_jn^jhj
^\pn\ _` g\ h \tjm k\mo` _` gjn ^\njn _` A=a\h dgd\m _`
did^djkm`^ju^j_dad^\ig\n_jnkm`n`idgdi\n%LO.`i`g^mj*
hjnjh\.1t LO/`i`g ^mjhjnjh\ .&+ Ano\n hpo\^dji`n
kmjqj^\ipi\b\i\i^d\_`api^d~i) _`ajmh\lp``g^jh*
kg`ej4 *n`^m`o\n\b`i`m\pi\h\tjm^\iod_\__`=v0)nj]m`
oj_j=%01/+
IXg\c[\kXl* Lp`nojlp`gjnjqdggjni`pmjad]mdg\m`n^jiod`*
i`ikmjo`|i\o\p)n`c\b`i`m\_jhp^cjdio`m{n\^`m^\_`
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
&Q@FL DMSNRNKTAKD
%RBHRHuM L DCH@MSD
O
RDBQDS@ R@
, TF @QD R
CD D R B HR Hu M
O@Q@
$////
#//(
#/ / (
9REPLORLHbKIQR
! BSHU@ BHuM
C D B HM @R@R
H
$ HRET
MBHuM
TMD
qOSH
RHM q
O SHB @
H
- TDQSD
B DKTK@Q
H K K
&Q@FL DMSNRNKTAKD
%RBHRHuM L DCH@MSD
X
RDBQD S@R@
&NRENQHK@BHuM
C DS@T
/ KHF u L D QN R !
/ SQ@R
Us@R
CD KD RHuM
0-^: 91?<:9-7
%RBHRHuM L DCH@MSD
@
R D B QD S@ R @
+
- NMuL DQN!
L DCH@MSD
X
RDBQD S@R@
$ D RL NM S@ID
CD L HBQNSv ATKN R
! F QD F @ C N R CD!
&HAQHKK@RCD @L HKNHCD
'
#/ / (
! F QD F @ B Hu M ?
CDS@T
;7-/-=\
:@577:=
&HFTQ@
!FQDF@BHuMCDOQNSDsM@RDM H@DMEDQLDC@C CD!KYGDHLDQ ,@DRBHRHuM CDK OQDBTQRNQCDK@OQNSDsM@@LHKNHCD LDCH@MSD@
RDBQDS@R@X
X
RDBQDS@R@
OQNCTBDTMOrOSHCNRNKTAKDHMNBTN LHDMSQ@RPTDK@DRBHRHuMCDK@OQNSDsM@OQDBTQRNQ@CDK@LHKNHCDLDCH@MSDK@DMYHL@BNMUDQRNQ@CDK O
@LHKNHCD"!#% XK@
RDBQDS@R@KHADQ@OrOSHCNR!O PTDENQL@M@FQDF@CNRO@SuFDMNRXBNMSQHATXDM@K@ROK@B@RXKNRNUHKKNRB@Q@BSDQsRSHBNRCDK@DMEDQLDC@CCD!KYGDHLDQ
g\k\mod^dk\^d~i_``no\kmjo`|i\`ig\A=+P\p`npi\kmj*
o`|i\\nj^d\_\\gjnhd^mjo]pgjnkm`n`io``igjn\sji`nt
\nj^d\_\ \ g\ m`_ hd^mjop]pg\m+ ?ji g\ \k\md^d~i _` gjn
jqdggjn`ig\A=)n`_`nkg\u\\pi\_dnomd]p^d~injhzod^\*
_`i_m|od^\)n`cdk`majnajmdg\tkd`m_`np^\k\^d_\__`pidm*
n`\gjnhd^mjo]pgjn+H\ajmh\^d~i_`jqdggjn`npi^jh*
kji`io`dhkjmo\io`_`g\A=)t`g\ph`ioj_`g\^\mb\_`
jqdggjn`i`g ^`m`]mj _pm\io`g\`qjgp^d~i_`g\`ia`mh`*
_\_ k\m`^` qjgq`mn` \g adi\g di_`k`i_d`io` _` g\ =v0+ Ag
h`^\idnhj_`g`nd~ikjmgjnjqdggjn_`g\ni`pmji\nijn`
^jhkm`i_`]d`i)\pilp`n`c\ikjnopg\_j _jnq|\nkjnd*
]g`n+H\kmdh`m\_``gg\n`nlp`gjn\bm`b\_jn_`g\kmjo`|*
i\o\pdi_pu^\ipi\m`nkp`no\_``nom{n)tg\n`bpi_\)lp`
n`kd`m_\g\api^d~i`no\]dgdu\_jm\_`gjnhd^mjo]pgjn_`
g\kmjo`|i\o\p+
Hkifj ]XZkfi\j [\ i`\j^f ^\euk`Zfj*AgcfZljb`i{od^j_`g^mjhj*
njh\ .6) lp`^j_dad^\ g\ \kjgdkjkmjo`|i\ A %=kjA&) od`i`
pi\bm\idiagp`i^d\nj]m``gmd`nbj_`_`n\mmjggj_`g\A=+
Asdno`iom`n\g`gjn %`/)`0t`1& `iapi^d~i_`gjnkjgdhjm*
adnhjn_`_jn\hdijz^d_jn+ H\_jndn_`g\g`gj`1\ph`io\
`g md`nbj _`A=tm`_p^`g\`_\_ _`\k\md^d~i _`g\`ia`m*
h`_\_) _`ajmh\ lp`gjn di_dqd_pjn^ji`g\g`gj `1 `nozi
nj]m`mm`km`n`io\_jn `i g\nkj]g\^dji`n _`k\^d`io`n ^ji
A=+Ano\dnjajmh\_`=kjAajh`io\g\\k\md^d~it`g_`k~*
ndoj_`=k)\pilp`ijn`c\i`no\]g`^d_jgjnh`^\idnhjn+
Ai^jiepioj) n`c\`nodh\_jlp``no`cfZlj`skgd^\\kmjsd*
h\_\h`io`pi/2# _`gmd`nbj_`_`n\mmjggj_`pi\A=_`
\k\md^d~io\m_|\+Hjn`nop_djn_`\nj^d\^d~ik\ib`i~hd^jn
c\id_`iodad^\_jnq\mdjncfZ`hznlp`^jiomd]pt`i\gmd`nbj
_` A=+ Pj_\q|\ `n km`^dnj \i\gdu\m g\ kjnd]g` ^ji`sd~i
`iom``nojncfZ`b`i{od^jntg\k\ojb`id\_`g\A=+
IXg\c [\ cX `e]cXdXZ`xe* P\iojgjn\bm`b\_jnbm\i_`n_`=%0
^jhjgjn_`h`ijmo\h\}jdi_p^`ipi\m`nkp`no\diag\h\*
ojmd\ kjm g\ hd^mjbgd\ t gjn \nomj^dojn+ Ljnd]g`h`io` `no\
m`nkp`no\\tp_`\`gdhdi\m`gk{kod_j\bm`b\_j)k`mjo\h*
]d{ikj_m|\`nodhpg\mg\n`^m`^d~i_`h`_d\_jm`nm`nkji*
n\]g`n_`g\ng`ndji`n+Kom\n^jin`^p`i^d\n_`g\\^odq\^d~i
_``no\n^\n^\_\ndiag\h\ojmd\nkp`_`idi^gpdm\go`m\^dji`n
`ig\ajnajmdg\^d~i_`o\p)\_`hzn_`g`ndji`njsd_\odq\n`i
g\ni`pmji\n+
;Xj\j gXiX \c kiXjkfief Zf^e`k`mf*=pilp``sdno`_`n\^p`m_j
nj]m`^pzg`n `g h `ejm^jmm`g\oj k\m\ g\ _`h`i^d\ `i gjn
di_dqd_pjn^jipi\A=)`noz^g\mjlp`g\km`n`i^d\_`pi\
bm\i^\mb\_`kg\^\ntjqdggjnn`\nj^d\\pi\_dnapi^d~i
^jbidodq\ bm\q`+ Ag ih `mj _` jqdggjni`pmjad]mdg\m`n n`
^jmm`g\^dji\ h `ejm ^ji `g bm\_j _` _`h `i^d\ lp` `g
ih`mj_`kg\^\ni`pm|od^\n+Hjnh\m^\_jm`n]djlp|hd^jn
lp` n` c\i ^jmm`g\^dji\_j ^ji `g bm\_j _` _`h`i^d\
` - / 2 & / , / ' m!
%K DRSTCHN L@BQNRBuOHBN CDK BDQDAQN LTDRSQ@ TM FQ@CNU@QH@AKD CD
@ SQN EH@ B N QSHB @ K KN PTD OQNUNB@ TM DMR@MBG@LHDMSN CD KNR RTQBNR
BDQDAQ@KDRPTDDRLqROQNMTMBH@CNDMKNRKuATKNREQNMS@KSDLONQ@KX
O@QHDS@K EHF
#T@MCN K@@SQNEH@DRRHFMHEHB@SHU@ RDOQNCTBDTM
@TLDMSNCDS@L@tNBNLODMR@CNQCDKNRUDMSQsBTKNRGHCQNBDE@KH@DW
U@BTN RDBTMC@QHN@K@QDCTBBHuMCDKUNKTLDMBDQDAQ@K,@RDRSQTBSTd
Q@RCDK KuATKNSDLONQ@K LDCH@K HMBKTHCNDK GHONB@LON K@BNQSDY@DM
SNQQHM@K X K@ @LsFC@K@ RD @EDBS@M DM E@RDR OQDBNBDR X DM DRS@CHNR
S@QCsNRRTDKDMLNRSQ@QTM@@SQNEH@FQ@UD#NMDKLHBQNRBNOHNK@ROQHMd
BHO@KDR @KSDQ@BHNMDRDM K@%!RNM K@R OK@B@R M D T QsSHB @ R RDMHKDR X
KNRN U HKKN R M D T QN EHA QHK@ QD R 3DDMBTDMSQ@TM@OrQCHC@OQNFQDRHU@CD
MDTQNM@R PTD@KEHM@K DRHLONQS@MSD BNM FKHNRHR QD@BSHU@CD K@R LHRd
L@RQDFHNMDRPTDRNONQS@MK@L@XNQB@QF@CDOK@B@RXNUHKKNR
,@ROK@ B @ R M D T QsSHB @ R RNMBNKDBBHNMDRDRErQHB@RENB@KDRBNMRHRd
SDMSDR DM OQNKNMF@BHNMDR MDTQsSHB@R CHK@S@C@R XSNQSTNR@R @WNMDR
CHRSQuEHBNR @LDMTCN@KQDCDCNQCDTM MvBKDN@LHKNHCDBDMSQ@K PTD
OTDCD @O@QDBDQQNCD@CN ONQTM G@KN BK@QN EHF
%K S@L@tN
CD DR@R OK@B@R U@Qs@ CDRCD G@RS@ OL CD CHqLDSQN DM RT
ODQHEDQH@ RD UDM BrKTK@R CD K@ LHBQNFKH@ X @RSQNBHSNR QD@BSHUNR ,@R
OK@B@ROTDCDMDMBNMSQ@QRDDMDKGHONB@LONX K@@LsFC@K@@RsBNLN
DMK@MDNBNQSDY@RHAHDMMNQL@KLDMSDK@RBNQSDY@ROQHL@QH@RLNSNQ@R
X RDMRHSHU@R DRSqM QDK@SHU@LDMSDBNMRDQU@C@R HFT@K RTBDCDBNM KNR
NUHKKNRMDTQNEHAQHK@QDR %KMvBKDNCD@LHKNHCD PTDRDOTDCDSDtHQBNM
QNIN#NMFNBNMSHDMDU@QH@ROQNSDsM@R@MuL@K@R %KBNLONMDMSDCNd
LHM@MSD DM DK MvBKDN CD K@ OK@B@ CD @LHKNHCD DR ! TM@ OQNSDsM@
CDQHU@C@CDK@DRBHRHuMOQNSDNKsSHB@CDK@OQNSDsM@OQDBTQRNQ@CDK@LHd
KNHCD!00 EHF
UEHF
,@RCNRDRODBHDRCD!OOQDCNd
LHM@MSDR KK@L@C@R! OX!OSHDMDMDKLHRLNDWSQDLN.
SDQLHM@K
XRD CHEDQDMBH@M DM K@ KNMFHSTC ONQ CNR@LHMNqBHCNR DM DK DWSQDLN
#
SDQLHM@K /SQ@R OQNSDsM@ROQDRDMSDRDM K@ROK@B@RDM LDMNQB@MSHd
C@C HMBKTXDM BNLONMDMSDRCD K@B@RB@C@CDK BNLOKDLDMSN BHSNBHd
M@ROQNHMEK@L@SNQH@R @Q@MSHPTHL NSQHORHM@X@ONKHONOQNSDsM@R %M @Kd
FTMNR B@RNR OTDCDM UDQRD CDOuRHSNR CD OrOSHCNR ! O BNM K@R
B@Q@BSDQsRSHB@R SHMSNQH@KDR CDK @LHKNHCD RHM OQNKNMF@BHNMDR MDTQsSHd
B@R BHQBTMC@MSDR DRS@R KDRHNMDR RD CDMNLHM@M O K@ B @ R C HET R @ R X
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
$,&4
S@T
O`om\o\_`q\md\io`n_`@HBP`ig\nlp`g\nm`bdji`n^jmod^\g`n
\a`^o\_\nnpam`ipi\k{m_d_\i`pmji\gkmjbm`ndq\^jibgdjndn
m`\^odq\)\_`hzn_`g\km`n`i^d\_`di^gpndji`nlp`^jiod`i`i
o\p`i`g^dojkg\nh\_`g\ni`pmji\n+=pilp`g\`ia`mh`_\_
_`=guc`dh`mn`^\m\^o`mdu\ kjmg\ ^jh]di\^d~i _`_`k~ndoj
- / 2 & / , / ' m!
3D @OQDBH@ @SQNEH@ CD DWSDMRHuM X FQ@UDC@C U@QH@AKD DM KNR KuATKNR
EQNMS@K XSDLONQ@K ! LDMTCN RDOTDCD OQDCDBHQDK O@SQuM CD@SQNEH@
O@QBH@KLDMSD@O@QSHQCDKNRRsMSNL@RBKsMHBNR ,@RQDFHNMDR@SQuEHB@R
CDK@BNQSDY@RDB@Q@BSDQHY@M ONQOrQCHC@MDTQNM@K FKHNRHRXOQDRDMd
BH@CDNUHKKNRMDTQNEHAQHK@QDRPTDBNMSHDMDMS@TEHF
%MDRSNR
NUHKKNROTDCDMDMBNMSQ@QRDCHRSHMS@RHRNENQL@RCDS@T4@LAHrMOTDCD
DMBNMSQ@QRDTM@CDFDMDQ@BHuMCDK@RTRS@MBH@MDFQ@ %M@KFTM@RENQd
L@R CD K@DMEDQLDC@C OTDCDM @O@QDBDQS@LAHrM HMBKTRHNMDR DM K@R
BrKTK@RFKH@KDR
%MK@DMEDQLDC@CCD0HBJ DKBDQDAQNLTDRSQ@RHDLOQDTM@@SQNd
EH@KK@L@SHU@BNMEQDBTDMBH@@RHLrSQHB@CDKNRKuATKNREQNMS@KX SDL d
ONQ@K BNM BNMRDQU@BHuM BNMRS@MSD CD KNR CNR SDQBHNR ONRSDQHNQDR
CD K@ BHQBTMUNKTBHuM SDL ONQ@K RTODQHNQX RNKN DM Q@Q@R NB@RHNMDR
@EDBS@BHuM CD KNR KuATKNR O@QHDS@K T NBBHOHS@K ,@ @SQNEH@ OTDCD RDQ
FQ@UD CDENQL @PTDK@RBHQBTMUNKTBHNMDRPTDC@M QDCTBHC@R@KFQNd
RNQ CD TM@ NAKD@ cEHKN CD TM BTBGHKKNi $DRCD TM OTMSN CD UHRS@
L HBQNRBuOHBN K@ OrQCHC@ MDTQNM@K QDRTKS@ LqR FQ@UD DM K@R SQDR
B@O@RLqRDWSDQM@RCDK@BNQSDY@!KFTM@RCDK@RMDTQNM@RRTODQd
UHUHDMSDRSHDMDM TM@STL DE@BBHuM B@Q@BSDQsRSHB@ B r KT K@ R CD 0 HBJ
LHDMSQ@RPTDNSQ@RBNMSHDMDMB T D QO N R CD0 HBJPTDBNQQDRONMCDM
@HMBKTRHNMDRBHSNOKqRL HB@REHK@LDMSNR@RQDCNMCD@C@R@NU@K@C@R
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
"
# $ . & 1 3
ED
e
v
4'2 # a n M
>
*
$,&4
4$0
=gbpijndi_dqd_pjn^ji_d\bi~nod^j^g|id^j_`@HBPt^\h*
]djn h \^mjn^~kd^jn ^jmm`nkji_d`io`n \ pi\ \omjad\ ^jmod^\g
m`g\odq\h`io` gj^\gdu\_\ %g\ _`b`i`m\^d~igj]\m _`g ijh*
]m`& od`i`ipi\ndi^gpndji`nlp`^jiod`i`iP@L*10)pi\kmj*
o`|i\_`pid~i\g=NJ)k`mjij^jiod`i`io\p+ Hjnk\^d`io`n
^ji`no`odkj_`i`pmj_`b`i`m\^d~ikp`_`ikm`n`io\mkmj]g`*
h\n_`^ji_p^o\j_`gg`ibp\e`)dbp\glp`gjnlp`npam`ipi\
@HBP*o\p+
@ \e uk`ZXd f c\Zl cX ipg X kf ^ \e `X* Asdno`iom`nq\md\io`nb`i{*
od^\n]d`i`no\]g`^d_\n_`@HBP*P@L)\_`hzn_`ajmh\n`nkj*
mz_d^\n+ Ai g\n ajmh\n c`m`_do\md\n _` `no` ^p\_mj n` c\i
`i^jiom\_jom`nhpo\^dji`n_dnodio\n+
H\ajmh\b`i{od^\hznam`^p`io`_`@HBPa\hdgd\m`n^ji*
n`^p`i^d\ _` g\ `sk\ind~i _` pi\ m`k`od^d~i _`c`s\ip*
^g`~od_jn`ig\QPN2$_`?6jma4/%pib`ilp`^j_dad^\pi\
kmjo`|i\ ^pt\ api^d~i n` _`n^jij^`&+ Ag `nk`^omj _` g\
`ia`mh`_\_ \nj^d\_\ \ g\ `sk\ind~i _` ?6jma4/ di^gpt`
o\h]d{ig\`n^g`mjndng\o`m\g\hdjom~ad^\%AH=&+@`hjh`i*
oj`npihdno`mdj^~hj`no\`sk\ind~i_`m`k`od^dji`n^ji*
_p^`\g\ajmh\^d~i_`\bm`b\_jn_`P@L*10+
H\n hpo\^dji`n _`g b`i lp` ^j_dad^\ g\ kmjo`|i\ P@L*10
njih`ijnam`^p`io`n`ig\@HBPto\h]d{in``i^p`iom\i
`i\gbpijn^\njna\hdgd\m`n_`AH=+P@L*10`npi\kmjo`|*
i\_`pid~i\g=NJlp`k\mod^dk\`i`gkmj^`n\hd`ioj_`g
=NJto\h]d{i`ig\ajmh\^d~i_`bmzipgjn_``nom{n+P\i*
ojg\k{m_d_\^jhjg\b\i\i^d\_`api^d~i^ji`a`^ojno~sd*
^jn kp`_`i ^jiomd]pdm \g a`ijodkj j]n`mq\_j `i `nojn
k\^d`io`n+
Qi\o`m^`m\ajmh\b`i{od^\_`g\@HBP*P@L`n^jin`^p`i*
^d\_`hpo\^dji`n`i`gb`ilp`^j_dad^\g\kmjbm\ipgdi\+
=_da`m`i^d\_`g\nhpo\^dji`n_`P@L*10t?6jma4/)`no\n
ij n` c\i m`g\^dji\_j ^ji g\ AH=+ H\n hpo\^dji`n _` g\
Asdno`i\gbpi\nq\md\io`n_`@HBP`ig\nlp`ijn`d_`iod*
ad^\idi^gpndji`n ^jio\pid^jiP@L+=pilp` njikj^jam`*
^p`io`n)g\n^\pn\n b`i{od^\nhp`nom\injg\k\hd`ioj^jig\n
q|\n d_`iodad^\_\n ^jhj dh kgd^\_\n `i g\ k\ojb`id\ _` g\
@HBP*P@L+ H\n hpo\^dji`n _`g b`i ?NL %apndji\_j `i gjn
n\m^jh\n& kp`_`ikmjqj^\mpi\@HBPjpi\AH=) tBQO`n
jom\kmjo`|i\_`pid~i\g=NJlp`kp`_``no\mdhkgd^\_\`i
g\ajmh\^d~i_`gjnbmzipgjn_``nom{n+
`ia`mh`_\_ijn`gdhdo\\g\ni`pmji\n_jk\hdi{mbd^\njgjn
b\ibgdjn]\n\g`n8`im`\gd_\_)`sdno`i_\ojn_`mdq\_jn_``nop*
_djn\i\ojhjk\ojg~bd^jn_`lp`g\_`b`i`m\^d~i_`g\npno\i*
^d\i`bm\ %lp`kmjqj^\ gjn n|iojh\nhjojm`n& m`km`n`io\ pi
`no\_dj dio`mh `_dj `i pi\ `ia`mh `_\_ kmjbm`ndq\ lp`
^jhd`iu\`ig\k\mo`_dno\g_`gomji^j_`g`i^{a\gjtlp`kp`*
_``qjgp^dji\mc\no\\a`^o\m\g\^jmo`u\^`m`]m\g)^ji`g^ji*
ndbpd`io`om\nojmij^jbidodqj %q+ @`h`i^d\^ji^p`mkjn_`
H`rthzn\_`g\io`&+
H\ni`pmji\n_jk\hdi{mbd^\n_`g\npno\i^d\i`bm\`hdo`i
kmjt`^^dji`nc\^d\`g`nomd\_jtnp_`b`i`m\^d~i`ig\ ALn`
\nj^d\ \ pi\ m`_p^^d~i _`g ^jio`id_j _` _jk\hdi\ `i `g
`nomd\_j+ H\bm\q`_\_ _`gn|i_mjh`hjojm`nkmjkjm^dji\g\
g\ _`ad^d`i^d\_` _jk\hdi\) lp`kp`_`^jmm`bdmn`) \gh`ijn
`ik\mo`)h`_d\io``gom\o\hd`iojnpnodopodqj^jiH*@KL=%`g
km`^pmnjmdih`_d\oj_`g\ _jk\hdi\&+Odi`h]\mbj)`gom\o\*
hd`iojijm`qd`mo`gjn^\h]djnhjmajg~bd^jnid_`od`i`g\kmj*
bm`nd~i_`g\`ia`mh`_\_8\_`hzn)\gkmjbm`n\m)`gom\o\hd`i*
oja\mh\^jg~bd^jkd`m_``ad^\^d\tm`npgo\^\_\q`uhzn_da|^dg
^jiomjg\mgjnn|iojh\n+@pm\io`g\godh\_{^\_\)g\`nodhpg\*
^d~i^`m`]m\gkmjapi_\n`c\^jiq`mod_j`ipiom\o\hd`ioj_`
gjn n|iojh\n hjojm`n _` g\ AL+ =_`hzn) g\n ]d`i^jij^d_\n
_`ad^d`i^d\ni`pm\g`nt]djlp|hd^\n_`g\ALnjig\]\n`k\m\
gjnkmdh`mjn`in\tjno`m\k{pod^jnnj]m``gom\nkg\io`i`pm\g
tg\o`m\kd\b{id^\+
O`kmj_p^`pi n|i_mjh` _` k\mfdinjidnhj \bp_j t_`n*
omp^^d~i_`g\ni`pmji\n`ig\npno\i^d\i`bm\om\ng\`skjnd*
^d~i\ g*h`odg*1*a`idg*g)/)0)3*o`om\cd_mjkdmd_di\ %ILPL&) _`n*
^p]d`moj ^jhj ^jio\hdi\io``igjo`n ndio`odu\_jn _`ajmh\
dg`b\g _`g jkdjd_` h`k`md_di\+ Ano\ ojsdi\ n` c\ `hkg`\_j
k\m\ b`i`m\m h j_`gjn \idh \g`n _` AL) lp` `nozi nd`i_j
`hkg`\_jn k\m\ kmj]\m ip`qjn om\o\hd`iojn+ H\ `qd_`i^d\
`kd_`hdjg~bd^\o\h]d{inpbd`m`lp`g\`skjnd^d~i\k`nod^d_\n
`npia\^ojm _` md`nbj _` g\ AL) hd`iom\n lp` g\ ^\a`|i\t g\
id^jodi\kp`_`in`mkmjo`^ojm\n+
@ \e uk`ZX d f c\ Zl cX i p g X kf ^ \e `X * H\ AL n` \nj^d\ \ g\ \^p*
h pg\^d~it\bm`b\^d~i_`g\nkmjo`|i\n)\go`m\^dji`nh doj*
^ji_md\g`n t k{m_d_\ _` i`pmji\n `i g\ npno\i^d\i`bm\ t
jom\n m`bdji`n _`g ^`m`]mj+ =pilp` g\ AL`n`nkjmz_d^\ `i
g\ h \tjm|\ _` gjn ^\njn) o\h ]d{i n` c\i d_`iodad^\_j pi\
n`md` _` ^\pn\n b`i{od^\n) lp` c\i \mmje\_j gpu nj]m` np
k\ojb`id\7
Agkmdh`mb`id_`iodad^\_j^jhj^\pn\_`g\AL\pojn~hd*
^\ _jhdi\io` ^j_dad^\g\ X)j`elZc\veX( pi\kmjo`|i\ om\in*
kjmo\_jm\ _` g|kd_jn \]pi_\io`) lp` n` \nj^d\`i^ji_d*
^dji`n ijmh \g`n \ g\n ndi\kndn+ O` _`h jnom~ lp` `no\
kmjo`|i\`m\ pi^jhkji`io`api_\h`io\g _`g ^p`mkj _`
H`rt)lp``npim\nbj_d\bi~nod^j_`g\AL+ H\nhpo\^dj*
i`n _` g\ \*ndip^g`|i\ nji kj^j am`^p`io`n t kp`_`i
^jmm`nkji_`m \ hpo\^dji`n kpiop\g`n t \hkgdad^\^dji`n
`ig\m`bd~i_`g^mjhjnjh\1l/._ji_`n`\gje\`gb`i+H\
\k\md^d~i _` `ia`mh `_\_ `i m`g\^d~i ^ji ^\h]djn `i `g
ih`mj_`^jkd\n_`gb`idhkgd^\pi`a`^oj_`_jndnb{id*
^\tnpbd`m`lp`njigjnkjgdhjmadnhjn_`gkmjhjojm_`g\
\*ndip^g`|i\lp`\go`m\inp`skm`nd~igjnlp`kp`_`i^ji*
_d^dji\m`g md`nbj _`npamdm pi\ AL+ Ebp\g lp` np^`_`^ji
=%0`ig\`ia`mh`_\__`=guc`dh`m)n`c\_`hjnom\_jlp`
g\ \*ndip^g`|i\ ajmh\ \bm`b\_jn8 k\m`^` lp`) _`iomj _`
`ggjn)gjnhzno~sd^jnk\m\g\ni`pmji\nnjigjnjgdb~h`mjn
k`lp`}jn+ P\h]d{i`sdno`i`qd_`i^d\n_`lp`gjn\bm`b\*
_jnkp`_`i gd]`m\mn``ipi\ i`pmji\ t n`m^\ko\_jnkjm
jom\) gj lp` npbd`m` pi\ kjnd]g` `sk\ind~i ndh dg\m \ g\
kmd~id^\ _`iomj _`g ^`m`]mj+ Ai ^ji^jm_\i^d\ ^ji `no\
d_`\)gjn\bm`b\_jnlp`^jiod`i`i\*ndip^g`|i\ %`iajmh\
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
_`^p`mkjn _`H`rtt\sji`n_`H`rt& \k\m`^`i)`ikmd*
h`mgpb\m)`i`g]pg]jm\lp|_`jt)kjno`mdjmh`io`)`izm`\n
^jiodbp\n_`g^`m`]mj)\n^`i_d`i_jkjm`gomji^j_`g`i^{*
a\gjt\g^\iu\i_jg\n`nomp^opm\ng|h]d^\nt)kjmgodhj)g\
i`j^jmo`u\+
H\ [`j]leZ`xe d`kfZfe[i`Xcc\ nd_j dhkgd^\_\ ^jhj a\^ojm
lp`^jiomd]pt` \ g\ AL]\nzi_jn``ig\najmh\n \pojn~*
hd^\n m`^`ndq\n _` AL ^\pn\_\n kjm h po\^dji`n `i gjn
b`i`nlp`^j_dad^\ig\nkmjo`|i\n@F*.)LEJG. tk\mfdi\+
@F*. m`\gdu\ h godkg`n api^dji`n ^`gpg\m`n) di^gpd_\ np
k\mod^dk\^d~i^jhjm`bpg\_jm_`g\om\in^mdk^d~i)k`mj)`i
ndop\^dji`n _``nom{n jsd_\odqj)kp`_`m`^jgj^\mn``ig\n
h doj^ji_md\n t o`i`m pi `a`^oj ^dojkmjo`^ojm+ LEJG. `n
pi\^di\n\)lp`n`_`bm\_\`ig\nhdoj^ji_md\n`i^ji_d*
^dji`nijmh\g`n8 ^p\i_j`sdno`pi\ _dnapi^d~ihdoj^ji*
_md\g)m`^gpo\\g\k\mfdi\)lp``npi\A0p]d^pdodi\gdb\n\+
Ai ^ji_d^dji`n ijmh \g`n) g\ ^jh ]di\^d~i _` LEJG. t
k\mfdi\ ^ji_d^dji\ g\ `gdh di\^d~i _` g\n h doj^ji_md\n
_dnapi^dji\g`n h `_d\io` h doja\bd\+ N`npgo\ diomdb\io`
lp` g\n ^ji^`iom\^dji`n _`g ^jhkg`ej hdoj^ji_md\g E) pi
^jhkji`io` _` g\ ^\n^\_\ _` g\ ajnajmdg\^d~i jsd_\odq\)
`no{im`_p^d_\n`igjn^`m`]mjn _`gjn k\^d`io`n ^jipi\
AL`nkjmz_d^\+
H\nhpo\^dji`n`i`gb`ilp`^j_dad^\g\EKKD. %^di\n\/
md^\ `i m`k`od^dji`n _` g`p^di\& nji pi\ ^\pn\ hzn am`*
^p`io`_`AL\pojn~hd^\_jhdi\io`tn``i^p`iom\io\h*
]d{i `i \gbpijn ^\njn `nkjmz_d^jn _` g\ `ia`mh `_\_+
HNNG/ `n pi\ kmjo`|i\ ^di\n\+ R\md\n _` g\n hpo\^dji`n
k\o~b`i\n\ph`io\ig\\^odqd_\_^di\n\_`HNNG/)gjlp`
npbd`m` lp` g\n b\i\i^d\n _` api^d~i _` `no\ h jg{^pg\
*]d`i h`_d\io`cdk`majnajmdg\^d~i_`g\n_d\i\nijmh\g`n
jkjmg\\k\md^d~i_`_d\i\nip`q\n*kp`_`i^jiomd]pdm\
g\\k\md^d~i_`g\AL+
- / 2 & / , / ' )!
5M G@KK@YFN B@Q@BSDQsRSHBN DM K@ %0 DR K@ O@ KHC D Y CD K@ R T R S@ M B H@
MDFQ@BNLOqQDMRDK@REHFTQ@R
! X" XCDKKNBTRBDQTKDTR PTD
RD CDAD@ K@OrQCHC@CD MDTQNM@R B@SDBNK@LHMrQFHB@R OHFLDMS@C@R
DMDR@RQDFHNMDR %M@KFTM@RCDK@RMDTQNM@RQDRHCT@KDROTDCDMUDQd
RDBTDQONRCD,DVXEHF
# 3DSQ@S@CDHMBKTRHNMDRBHSNOKqRLHd
B@RDNRHMuEHK@R QDCNMC@R N @K@QF@C@RX@HRK@C@R N LvKSHOKDR PTD @
LDMTCN LTDRSQ@M TM MvBKDN CDMRN QNCD@CN ONQ TM G@KN OqKHCN %M
DKDRSTCHNTKSQ@DRSQTBSTQ@KKNRBTDQONRCD,DVXDRSqMBNMRSHSTHCNRONQ
EHK@LDMSNREHMNRCDMR@LDMSD@FQDF@CNRDMDKMvBKDNODQNCHROTDRSNR
CDENQL @ K@W@ DM DK ANQCD BNL OTDRSNR ONQ@
RHMTBKDsM@ 4@LAHrM
OTDCDM HCDMSHEHB@QRDBTDQONRCD,DVXDM K@RBrKTK@RBNKHMrQFHB@RCDK
MvBKDNA@R@KCD-DXMDQS PTDLTDRSQ@TM@OrQCHC@CDMDTQNM@RRNd
AQDSNCNDMKNRO@BHDMSDRBNMOrQCHC@CDK@ETMBHuMBNFMHSHU@MNQL@K
XS@LAHrM DM NSQNR MvBKDNR CDK SQNMBN CDK DMBrE@KN BNL N DK KNBTR
BDQTKDTR X DK MvBKDN LNSNQ CNQR@K CDK U@FN ,@R qQD@R CD OrQCHC@
MDTQNM@KSsOHB@LDMSDOQDRDMS@MS@LAHrMFKHNRHR ,NR@WNMDRCD,DVX
RNM OQNKNMF@BHNMDRCHRSQuEHB@RPTDBNMSHDMDM@FQDF@CNRCD@
RHMTd
BKDsM@
$DLDMBH@BNMBTDQONRCD,DVX
=kmjsdh\_\h`io` `g .-*.2# _` gjn k\^d`io`n ^ji pi\ AL
_`n\mmjgg\ipi\_`h`i^d\)nj]m`oj_j^jig\`_\_+ H\n^\m\^*
o`m|nod^\no|kd^\n_``no`om\nojmijnjipi\`qjgp^d~iagp^op\i*
o`)\gp^di\^dji`ntgg\h\odqjnndbijnamjio\g`n+=pilp`\gbp*
ijnk\^d`io`n\a`^o\_jnhp`nom\i`qd_`i^d\k\ojg~bd^\_`pi\
`ia`mh `_\_ _` =guc`dh `m %j) ^ji h `ijn am`^p`i^d\) _`
jom\n `ia`mh`_\_`n _`b`i`m\odq\n ^ji^\h]djn ^jbidodqjn&
\nj^d\_\\g\AL)`ijomjn)g\g`nd~icdnojg~bd^\hzngg\h\odq\
`ng\`sdno`i^d\_`^p`mkjn_`H`rt_dn`hdi\_jn`ig\ni`p*
mji\n _` g\ ^jmo`u\ t `g omji^j _`g `i^{a\gj+ ?jhj t\ n`
^jh`io~ \io`mdjmh`io`) g\ _`h`i^d\ ^ji ^p`mkjn _` H`rt
kp`_`m`km`n`io\mpi`no\_dj`qjgp^dji\_j_`g\AL`i`glp`
k\m`^`lp`gjn\bm`b\_jn_`kmjo`|i\nn`c\i_dn`hdi\_j)
kjnd]g`h`io`kjmg\kmjk\b\^d~i_`g\nkmjo`|i\nh\gkg`b\*
_\n\g\ni`pmji\n_`g\^jmo`u\^`m`]m\g+
Hjn^p`mkjn_`H`rt^jmod^\g`nnjih`ijngg\h\odqjnlp`
gjn`i^jiom\_jn`i`gomji^j_`g`i^{a\gj)k`mjo\h]d{i`nozi
0@QqKHRHRRTOQ@MTBKD@QOQNFQDRHU@ 030
H\LOL`npi\o\pk\o|\`ig\^p\ggjnk\^d`io`n\a`^o\_jnnp`*
g`i_`n\mmjgg\mpi\ mdbd_`ukmjbm`ndq\ _`g omji^j) _`n`lpdgd*
]mdj^jiam`^p`io`n^\|_\nt_dad^pgo\_k\m\gjnhjqdhd`iojn
j^pg\m`n qjgpio\mdjn+ Komjn n|iojh\n lp` \k\m`^`i^jiam`*
^p`i^d\njig\_dnoji|\_`g\ip^\)g\k\mzgdndnn`p_j]pg]\mt
pi\ _`h`i^d\ kmjbm`ndq\ g`q`+ H\ \k\md^d~i np`g` j^pmmdm
`iom`g\lpdio\tg\n{kodh\_{^\_\n_`g\qd_\)t`g^p\_mj`n
_jnq`^`nhznam`^p`io``igjncjh]m`nlp``ig\n hpe`m`n+
H\ `ia`mh`_\_ np`g` ^\pn\m g\ hp`mo` \ gjn 2*4\}jn _` g\
\k\md^d~i+
=pilp`g\^\m\^o`m|nod^\k\ojg~bd^\_`g\LOL`ng\km`n`i*
^d\_`di^gpndji`nlp`^jiod`i`io\p`ig\ni`pmji\ntg\bg|\)
g\n h po\^dji`n m`nkjin\]g`n `i `g b`i _` o\p njgj n` c\i
`i^jiom\_j `i pijn kj^jn^\njn+ Odi `h]\mbj) `g md`nbj _`
LOL`nkjmz_d^\n`m`g\^dji\^jikjgdhjmadnhjn_`piip^g`~*
od_jid^j)lp` n`gj^\gdu\^`m^\ _`g cfZlj _`gb`i_` o\p+ O`
c\id_`iodad^\_jjomjn\g`gjn_`md`nbj`igjn`nop_djn_`\nj*
^d\^d~i k\ib`i~hd^jn) k`mj oj_\q|\ ij `noz ^g\mj kjm lp{
h`^\idnhjdiagpt`inj]m``g_`n\mmjggj_`g\LOL+
I KNBKHKC=
3DNARDQU@TM@@LOKH@OrQCHC@MDTQNM@KDMDKFKNANOqKHCNDKMvBKDN
RTAS@KqLHBN K@RTRS@MBH@ MDFQ@ KNR BNKsBTKNR K@ RTRS@MBH@ FQHR OD
QH@BTDCTBS@KXDK MvBKDNCDMS@CNCDK BDQDADKN %M K@R QDFHNMDR@EDBd
S@C@RRDDMBTDMSQ@MNUHKKNREHAQHK@QDRFKNANRNRS@MSNDMK@RMDTQNM@R
BNL NDM K@FKs@ %K@MqKHRHRTKSQ@DRSQTBSTQ@KLTDRSQ@EHK@LDMSNRQDBSNR
CD ML BNMRSHSTHCNRONQ2S@T
=\^\e\iXZ`xeZfik`ZfYXjXc$=<;%
H\@?>`npi\o\pk\o|\lp`n`^\m\^o`mdu\nj]m`oj_jkjmmdbd*
_`u`som\kdm\hd_\g) \go`m\^dji`n hjojm\n\ndh{omd^\n %hjqd*
hd`iojn `nkznod^jn _` g\n `som`hd_\_`n& t om\nojmijn _` g\
api^d~i^jmod^\gnpk`mdjm %o|kd^\h`io``iajmh\_`\km\sd\n&+
Ebp\g lp` np^`_` `i g\ LOL) kp`_` kmj_p^dmn` pi _`o`mdjmj
^jbidodqj)o|kd^\h`io` `ia\n`no\m_|\n _` g\`ia`mh`_\_+ H\
hdnh\ q\md\io` _` o\p m`g\^dji\_\ ^ji g\ LOL n` \nj^d\ \
g\@?>+Aib`i`m\g)g\@?>tg\LOL^jhk\mo`ihp^c\n^\m\^*
o`m|nod^\n ^g|id^\ntk\ojg~bd^\n8`ig\LOLn`np`g``i^jiom\m
pi\h\tjm^\mb\_`g`ndji`nlp`^jiod`i`io\p`i`gomji^j_`g
`i^{a\gjtg\npno\i^d\bmdnkmjapi_\)hd`iom\nlp``ig\@?>
n`np`g`\a`^o\mhzng\^jmo`u\^`m`]m\g+
I KNBKHKC=
%KBDQDAQNLTDRSQ@@SQNEH@BNQSHB@KRNAQDSNCNDMKNRKuATKNRLNSNQDR
OQDLNSNQDRXO@QHDS@KDR@MSDQHNQDR%MK@RQDFHNMDRCDK@BNQSDY@@EDBd
S@C@RRDNARDQU@TM@HLONQS@MSDOrQCHC@MDTQNM@K FKHNRHRX M D T QN d
M@RcA@KNMHY@C@Ri @BQNL@RH@MDTQNM@K 3DG@CDRBQHSNONRHSHUHC@C
HMLTMNGHRSNPTsLHB@O@Q@S@T DM KNR@RSQNBHSNR c@RSQNBHSNRDM ODM@d
BGNi KNRNKHFNCDMCQNBHSNR cBTDQONRBNKNHCDRi K@R MDTQNM@RF@Md
FKHNM@QDR A@R@KDRX CDENQL @U@QH@AKD K@R MDTQNM@R BNQSHB@KDR ,NR
G@KK@YFNRO@SNKuFHBNRLqRDRODBsEHBNRDMK@$#"RNMKNRBvLTKNRCD
OQNKNMF@BHNMDRONRHSHU@RO@Q@S@T@KQDCDCNQCDKNR@RSQNBHSNRcOK@B@R
@RSQNBsSHB@Ri XK@DWHRSDMBH@CDGDAQ@RONRHSHU@RBNMS@TDMK@RTRS@Md
BH@FQHRXAK@MB@%MK@RTRS@MBH@MDFQ@XDKKNBTRBDQTKDTR RDNARDQU@
OrQCHC@CDMDTQNM@ROHFLDMS@C@R @BQNL@RH@MDTQNM@KXNUHKKNR
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
g\^jmo`u\hjojm\+Agjmdb`i_`g\\*ndip^g`|i\`igjnjgdbj_`i*
_mj^dojnndbp`nd`i_jnjmkm`i_`io`)_\_jlp`n`om\o\_`pi\
kmjo`|i\i`pmji\g \nj^d\_\ \g\nq`n|^pg\nndizkod^\n+ R\mdjn
`nop_djnc\i_`hjnom\_jlp`ij`sdno`pi\m`bpg\^d~i\g\gu\
_`g\`skm`nd~i_`\*ndip^g`|i\`ig\npno\i^d\]g\i^\id`igjn
jgdbj_`i_mj^dojn`ig\=IO+O`c\npb`md_jlp`gjnjgdbj_`i*
_mj^dojn kp`_`i \_lpdmdm gjn \bm`b\_jn _` \*ndip^g`|i\ _`
ajmh\n`^pi_\md\\k\modm_`g\ni`pmji\ng`ndji\_\nj\kpi*
oj _` hjmdm+ ?p\i_j gjnjgdbj_`i_mj^dojn^jiod`i`i \*ndip*
^g`|i\) n`qp`gq`ihzn n`ind]g`n \g`nom{njsd_\odqjthp`n*
om\i\go`m\^dji`n`ig\dio`m\^^d~i^jig\h\omdu`som\^`gpg\m+
- / 2 & / , / ' )!
,NRG@KK@YFNRO@SNKuFHBNRDM K@!-3RDBNQQDRONMCDMBNM K@OQDRDMd
S@BHuMBKsMHB@DMB@C@B@RNBNMBQDSN %M K@RU@QH@MSDRBDQDADKNR@RRD
NARDQU@@SQNEH@BDQDADKNR@ CDKNRODCsBTKNRBDQDADKNRNR K@OQNSTADd
Q@MBH@RNAQDSNCNK@A@RDEHF
! XDKATKANQ@PTsCDNRNAQDSNCN
K@NKHU@HMEDQHNQ LHDMSQ@R PTDDM K@RENQL@R O@QJHMRNMH@M@R K@@SQNEH@
@EDBS@S@MSN@K@RTRS@MBH@MDFQ@BNLN@KDRSQH@CNRNAQDSNCN@KOTS@d
LDM ,NRRsMSNL@R@TSuMNLNRRDQDK@BHNM@MBNMK@OrQCHC@BDKTK@QDM
KNRMvBKDNRB@SDBNK@LHMrQFHBNRCDKATKANXK@BNKTLM@CDBrKTK@RHMSDQd
LDCHN
K@SDQ@KDRCDK@LrCTK@,@RQDFHNMDR@SQuEHB@RCDKBDQDAQNLTDRd
SQ@MDUHCDMBH@RCDOrQCHC@MDTQNM@KXS@LAHrM TM MvLDQNU@QH@AKDCD
HMBKTRHNMDRBHSNOKqRLHB@RXMTBKD@QDRMDTQNM@KDR
/QHFHM@KLDMSDRDCDLNRSQ@QNMK@RHMBKTRHNMDRBHSNOKqRLHB@RFKH@KDR
CH@FMuRSHB@RDM KNR NKHFNCDMCQNBHSNR BNMSrBMHB@RCD HLOQDFM@BHuM
@QFrMSHB@ X DRS@R BNMSHDMDM S@MSN @
RHMTBKDsM@ BNL N TAHBTHSHM@
EHF
,@R HMBKTRHNMDR RNM CHRSHMS@R CDRCD TM@ ODQRODBSHU@
TKSQ@DRSQTBSTQ@KPTDK@RDMBNMSQ@C@RDMNSQ@RDMEDQLDC@CDRMDTQNCDd
FDMDQ@SHU@RX DRSqMBNMRSHSTHC@ROQHMBHO@KLDMSDONQSvATKNRCD@
ML 0TDCDM DMBNMSQ@QRD HMBKTRHNMDR O@QDBHC@R DM DK BHSNOK@RL@
CD K@R MDTQNM@R @UDBDR DM KNR MvBKDNR CD K@R BrKTK@R FKH@KDRX K@R
MDTQNM@RXDMKNR@WNMDR
kp`_`i_`n\mmjgg\m]m\_d^di`nd\tmdbd_`u+ H\`ia`mh`_\_`n
dhkg\^\]g`h`io`kmjbm`ndq\tkmjqj^\g\hp`mo`_`nkp{n_`
pi\`qjgp^d~ih`_d\_`pijn.2\}jn+
@ \e uk`ZXd fc\Zl cXip g Xkf^ \e `X* H\AD`n`gkmjojodkj_`g\n
`ia`mh`_\_`n^\pn\_\nkjm`sk\indji`n_`omdkg`o`n_`kjgd*
bgpo\hdi\n%q+^\k|opgj2&+Agb`i_`g\AD)DPP)n`gj^\gdu\`i
`g^mjhjnjh\1kg3+0t^j_dad^\pi\kmjo`|i\_`015f@\^jij*
^d_\^jhj_lek`e^k`eX*Ai`gkmdh`m`s~i_`gb`in``i^p`iom\
pi\`so`ind~i_`m`k`od^dji`n_`?=C)lp`^j_dad^\pi\m`bd~i
kjgdbgpo\hdi\^`m^\_`g`som`hjJ*o`mhdi\g_`g\kmjo`|i\+Ag
b`iAMMijmh\g ^jiod`i` `iom` 3 t 02 ^jkd\n _`g omdkg`o` t)
^p\i_j`gih`mj_`omdkg`o`nnpk`m\`no`idq`g)n`\nj^d\\g\
`ia`mh`_\_+ Asdno`pi\m`g\^d~idiq`mn\`iom` `g ih`mj _`
omdkg`o`ntg\`_\_ _`\k\md^d~i) _`h\i`m\lp`) ^p\ioj hzn
g\mb\nnjig\nm`k`od^dji`n)hznkmjiojn`h\idad`no\`g^p\_mj+
Odi`h]\mbj)g\h`m\_`o`mhdi\^d~i_`g\gjibdop__`g\nm`k`*
od^dji`nijk`mhdo`km`_`^dm_`ajmh\`s\^o\g\`_\__`\k\md*
^d~i+ H\n`sk\indji`n _`g\nm`k`od^dji`nkp`_`ikmj_p^dmn`
_pm\io`g\`nk`mh\ojb`id\)kjmgjlp`g\om\inhdnd~ik\o`mi\
n`kp`_`\nj^d\m\pidid^djhzno`hkm\ij`ig\ndbpd`io`b`i`*
m\^d~i)pia`i~h`ijlp`n`^jij^`^jhjXek`Z`gXZ`xe*=_da`*
m`i^d\ _`gjlp`np^`_``ihp^c\njom\n`ia`mh`_\_`n_`b`*
i`m\odq\n)ijn`_`n^md]`idibpi\q\md\io``nkjmz_d^\_`g\AD+
Ojim\m\ng\nhpo\^dji`n[\efmf( tk\m`^`lp`g\h\tjm|\ _`
gjn^\njn`i\k\md`i^d\`nkjmz_d^jnn`_`]`i\pi\a\gn\k\o`m*
id_\_)\g\hp`mo`_`pikmjb`idojm\a`^o\_j\io`n_`g\`skm`*
nd~i_`g\`ia`mh`_\_j\lp``gk\_m`ij`noz\a`^o\_j)k`mj
od`i`pi\`sk\ind~ig`q`_`m`k`od^dji`nlp`n`\hkg|\c\no\
\g^\iu\mkmjkjm^dji`nk\o~b`i\n_pm\io`g\`nk`mh\ojb`id\+
Jj n`^jij^`g\ api^d~i]djg~bd^\ _`g\ cpiodibodi\ ijm*
h\g)k`mjk\m`^`lp`g\`sk\ind~i_`g\m`bd~i_`kjgdbgpo\*
hdi\n\kjmo\pi\b\i\i^d\_`api^d~io~sd^\\g\cpiodibodi\+
Ljm`no`hjodqjn``nozidiq`nodb\i_j_dq`mnjn\]jm_\e`nk\m\
`gndg`i^d\hd`ioj_`g\`skm`nd~i_`g\g`gjhpo\io`^jhjkjnd*
]g`nom\o\hd`iojn+Andio`m`n\io`j]n`mq\mlp`)\pilp`g\cpi*
odibodi\n``skm`n\`ioj_jngjno`ed_jn_`g^p`mkj)gjn`a`^ojn
_`g`o{m`jn_`g\ajmh\hpo\io`njgj\a`^o\i\\gbpi\nk\mo`n
n`g`^^dji\_\n_`gndno`h\i`mqdjnj^`iom\g+
=pilp` g\ \bm`b\^d~i _` g\n kmjo`|i\nt`g _`n\mmjggj _`
di^gpndji`ndiom\ip^g`\m`nlp`^jiod`i`icpiodibodi\njig\n
^\m\^o`m|nod^\nk\ojg~bd^\n_`g\AD)ij`noz^g\mjnd`nojnkmj*
^`njn`nozidhkgd^\_jn_dm`^o\h`io``ig\g`nd~i^`gpg\mjndi
njidi^d_`io\g`nk\m\`nojnkmj^`njnk\ojg~bd^jn^g\q`+ ?\_\
q`u `sdno`i hzn `qd_`i^d\n _` lp` g\ cpiodibodi\ \bm`b\*
#.
d #
<
"
&HFTQ@
!SQNEH@LTKSHRHRSrLHB@!-3 !!SQNEH@FQ@UDCDK@A@RDCDK@OQNSTADQ@MBH@BNLNDUHCDMBH@CDTM@!-3
# " ,@RHMBKTRHNMDRCDKNRNKHFNCDMd
CQNBHSNRBNMSHDMDM@
RHMTBKDsM@
>
- / 2 & / , / ' m!
%K BDQDAQN DR ODPTDtNX LTDRSQ@ TM@ KK@L@SHU@ @ SQN EH@ CDK M vBKDN
B@TC @CNXDMNB@RHNMDRCDKOTS@LDM@TMPTDLDMNRHLONQS@MSDDM
DRS@CHNR OQDBNBDR EHF
%K FKNAN OqKHCN OTDCDDRS@Q@SQNEH@CN
RDBTMC@QH@LDMSD X KNR UDMSQsBTKNR K@SDQ@K XSDQBDQN DRSqM CHK@S@CNR
!RHLHRLNDREQDBTDMSDUDQ@SQNEH@DMDKKuATKNEQNMS@K MNS@MEQDBTDMd
SDLDMSD DM DK KuATKN O@QHDS@K X DM NB@RHNMDR DMSNC@ K@BNQSDY@ %K
DRSTCHNBNMDKLHBQNRBNOHNLTDRSQ@K@OrQCHC@HLONQS@MSDCDMDTQNM@R
CDK DRSQH@CN KNRB@LAHNR LqR HLONQS@MSDR RD KNB@KHY@M DM DK MvBKDN
B@TC@CNRNAQDSNCNDMK@BNK@X DMK@RQDFHNMDROQuWHL@R@KUDMSQsBTd
KN,NRB@LAHNRO@SNKuFHBNRRDCDR@QQNKK@MDMCHQDBBHuMLDCH@K@K@SDQ@K
DMDKB@TC@CNXCNQR@K@UDMSQ@KDMDKOTS@LDM %KMvBKDN@BBTL ADMR
DRK@YNM@LDINQBNMRDQU@C@CDKDRSQH@CN3D@EDBS@MS@MSNK@RMDTQNM@R
FQ@MCDRBNLNK@R ODPTDt@R@TMPTD DMFDMDQ@K RDOHDQCDMOQHLDQN
K@RODPTDt@R ,@RMDTQNM@RDROHMNR@RCDLDCH@MNS@L@tNPTDDLd
OKD@MDKqBHCN
@LHMNATSsQHBN'!"! BNLNMDTQNSQ@MRLHRNQ@CDLqR
CDDMBDE@KHM@CHMNQEHM@X RTRS@MBH@0RNMDRODBH@KLDMSDRDMRHAKDR$NR
ONAK@BHNMDR CD MDTQNM@R RDBNMRDQU@M QDK@SHU@LDMSD K@R MDTQNM@R
ONRHSHU@R O@Q@ CH@ENQ@R@ PTDDWOQDR@M K@ uWHCN MsSQHBN RHMS@R@ X K@R
MDTQNM@R ONRHSHU@R O@Q@ BNKHMDRSDQ@R@ CD FQ@M S@L@tN 0@QDBD PTD
@LA@R@BSv@MBNLNHMSDQMDTQNM@RKNB@KDR4@LAHrMRDUDFKHNRHREHAQH
K@QPTDDRLqRDWSDMR@PTDDMK@QD@BBHuMG@AHST@K@K@OrQCHC@MDTQNd
M@K %WHRSDTM@BNQQDK@BHuM HLONQS@MSDDMSQDDKFQ@CNCDCDFDMDQ@BHuM
CDKDRSQH@CNXK@FQ@UDC@CCDKNRRsMSNL@RBKsMHBNR%MK@RMDTQNM@RCDK
DRSQH@CNXK@BNQSDY@BDQDAQ@KRDDMBTDMSQ@M@FQDF@CNRCDK@OQNSDsM@
GTMSHMFSHM@UEHF
QDBT@CQN
$DFDMDQ@BHNMDR DROHMNBDQDADKNR@R
Ano\n `ia`mh`_\_`n _`b`i`m\odq\n\a`^o\i\g ^`m`]`gj) \_`*
hzn_`\jomjn`g`h`iojn _`gndno`h\i`mqdjnj)nj]m`oj_j\
g\ h{_pg\ `nkdi\g %o\ioj g\n q|\n lp` n` kmjt`^o\i c\^d\ `g
^`m`]`gj^jhjg\n^jgphi\n_jmn\g`n)lp`ijgjc\^`i&t\gjn
i`mqdjnk`mda{md^jn+ @\_\ g\gj^\gdu\^d~i\i\o~hd^\ _``no\n
g`ndji`n)gjnn|iojh\n^g|id^jnnp`g`idi^gpdm\o\sd\n^`m`]`gj*
n\ t n`indodq\) `nk\nod^d_\_ t i`pmjk\o|\ n`indodqjhjojm\
k`mda{md^\+=k`n\m_`gnjg\k\hd`ioj_`g\nm`bdji`n\a`^o\_\n)
n` om\o\ _` pi bmpkj hpt c`o`mjb{i`j _` `ia`mh`_\_`n \
idq`g^g|id^j)b`i{od^jtk\ojg~bd^jtlp`od`i`i_da`m`i^d\n`i
gjnk\omji`n_`c`m`i^d\)`_\__`\k\md^d~itndbijntn|ioj*
h\n+ Qic\gg\ubj^jhi\oj_jn`nojnkmj^`njn`ng\km`n`i*
^d\_`k{m_d_\i`pmji\g)\h`ip_jndijomjn^\h]djno|kd^jn)
n\gqj bgdjndn) `i g\n m`bdji`n \a`^o\_\n+ Ag \izgdndn b`i{od^j
ndbp` hj_dad^\i_j ip`nom\ ^g\ndad^\^d~i _` `nojn ^p\_mjn)
\pilp``nojijc\\kjmo\_j hzndiajmh\^d~inj]m`g\k\oj*
b`id\idc\diagpd_j`ig\\k\md^d~i_`om\o\hd`iojn`ad^\^`n+
Ag o{mhdijXkXo`X \jg`efZ\i\Y\cfjX %=A?& n`np`g`\kgd^\m\
pi\n`md`_`om\nojmijnc`m`_\_jn_`ajmh\\pojn~hd^\_jhd*
i\io`+ P\h]d{i n` q\i \ m`qdn\m _` ajmh\ ]m`q` _jn _` gjn
om\nojmijn\pojn~hd^jnm`^`ndqjnhznam`^p`io`n)^\m\^o`mdu\*
_jnkjmpi\_`b`i`m\^d~i`nkdij^`m`]`gjn\7g\\o\sd\_`Bmd`*
_m`d^ctg\\o\sd\*o`g\ibd`^o\nd\+Ljmgodhj)`sdno`pik`lp`*
}j bmpkj _` om\nojmijn c`m`_do\mdjn ^\m\^o`mdu\_jn kjm
`kdnj_djn_`\o\sd\pjomjnn|iojh\n_`_dnapi^d~i^`m`]`gjn\)
lp` n`np`g`i\nj^d\m)nj]m`oj_j) \hpo\^dji`n`igjn b`i`n
_`g\nnp]pid_\_`n_`gjn^\i\g`nd~id^jn+
!S@WH@RDROHMNBDQDADKNR@R
Ano`bmpkj_`om\nojmijnb`i{od^jnn`km`n`io\i^jindbijnt
n|iojh\nm`g\^dji\_jn^ji`g^`m`]`gj %\o\sd\kmjbm`ndq\&) `g
omji^j_`g`i^{a\gj) g\h{_pg\`nkdi\gtgjni`mqdjnk`mda{md*
^jn) \_`hzn _` jom\n m`bdji`n _`g ^`m`]mj `i gjn _da`m`io`n
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
np]odkjn+ =idq`g k\ojg~bd^j n`^\m\^o`mdu\i kjmk{m_d_\ _`
i`pmji\n `i g\n zm`\n \a`^o\_\n t _`b`i`m\^d~i n`^pi_\md\
_`g\nq|\n_`npno\i^d\]g\i^\+
@ \e uk`ZXd fc\Zl cXi* H\gdno\_`g\n=A?n`c\\hkgd\_jc\no\
di^gpdmhzn_`0-`iod_\_`n_da`m`io`nt`ihzn_`g\hdo\_
_` `gg\n n` ^jij^` `g cfZlj b`i{od^j+ O` c\i m`^jij^d_j om`n
odkjn_dnodiojn_`hpo\^dji`n7
>e]\id\[X[\j gfigfc`^clkXd`eXj qdi^pg\_\n ^ji g\ `sk\i*
nd~i_`piomdkg`o`?=C)dbp\glp`g\AD+ ?\_\pi\_`g\n
nd`o`q\md\io`n_`=A? \nj^d\_\n \`no` h`^\idnhj od`i`
pi\kmjo`|i\_`adid_\`ig\lp`n`kmj_p^`g\`sk\ind~i_`
kjgdbgpo\hdi\nt\k\m`^`idi^gpndji`n`ig\ni`pmji\n)gj
lp` npbd`m`g\dhkgd^\^d~i_` gjnh`^\idnhjnk\o~b`ijn
^jh`io\_jn \io`mdjmh`io` k\m\ g\ `ia`mh`_\_ _` Dpi*
odiboji+ Ag bmpkj _` `ia`mh`_\_`n kjm kjgdbgpo\hdi\n
di^gpt`g\n=A?. ) / ) 0 %_`ijhdi\_\o\h]d{i\e]\id\[X[[\
FXZ_X[f)Cfj\g_%(3 )4 %m`g\odq\h`io``nk`^d\gkjmlp`n`\nj*
^d\\\go`m\^dji`nqdnp\g`n&t.4)tg\\omjad\_`io\_jmmp]m\g
k\gd_jgpdndi\ %=@NLH&+
>ogXej`xe[\ki`gc\k\j\ei\^`fe\jefZf[`]`ZXek\j( k\m`^d_\n\
g\ _dnomjad\ hdjo~id^\+ Ai`no`hjh`iojn`^jij^`i^di^j
ajmh\n_`=A?) `ig\nlp`k\m`^`lp``no``n`gh`^\idn*
hjm`nkjin\]g`_`g\`ia`mh`_\_t^\_\pi\_``gg\n`noz
qdi^pg\_\\picfZljb{id^j_dnodioj+Ano`bmpkj_`kmj^`*
njndi^gpt`g\n=A?5 ). - ). / )0.t03+Jj`noz^g\m\g\m`g\*
^d~i`iom`g\`sk\ind~i_``nojnomdkg`o`ntg\nh\ida`no\*
^dji`n_`g\`ia`mh`_\_+
FlkXZ`fe\jgleklXc\j* Kom\n.-=A?n`\nj^d\i\ hpo\^dj*
i`n `i _dq`mnjn b`i`n) ^pt\ `skm`nd~i ij n` gdhdo\ \ g\n
i`pmji\n t lp` ^j_dad^\i kmjo`|i\n ^pt\n api^dji`n nji
]znd^\h`io`_`n^jij^d_\n+
Ankm`^dnjn`bpdmdiq`nodb\i_jk\m\om\o\m_`^ji`^o\mg\n
ij^dji`nb`i{od^\n^jig\k\ojb`id\_`g\`ia`mh`_\_+
!S@WH@CD&QHDCQDHBG
H\\o\sd\ _`Bmd`_m`d^c`npiom\nojmij\pojn~hd^jm`^`ndqj
lp`^pmn\^ji\o\sd\kmjbm`ndq\)`nk\nod^d_\_)_`]dgd_\_)i`p*
mjk\o|\n`indodq\thdj^\m_djk\o|\+O`h\idad`no\)`ib`i`m\g)
`ig\kmdh`m\_{^\_\_`g\qd_\^jipi\\o\sd\k\m\g\h\m^c\)
n`bpd_\_`ojmk`u\^jig\nh\ijnt_dn\momd\+Hjnm`ag`ejno`i*
_dijnjnkmjapi_jn`nozi_`kmdhd_jn ja\go\ikjm ^jhkg`oj)
\pilp``no|kd^\g\km`n`i^d\_`pim`ag`ej`so`injmkg\io\m+O`
\go`m\g\n`in\^d~i_`g\kjnd^d~i\mod^pg\mt_`g\qd]m\^d~it)
\q`^`n)o\h]d{in`kd`m_`g\n`ind]dgd_\__jgjmjn\)o{mhd^\t
\g o\^ojgdb`mj+ H\h\tjm|\ _` gjn^\njn _`n\mmjgg\ikd`^\qj
t^dajn^jgdjndn+H\h\tjmk\mo`_`gjnk\^d`io`nn``i^p`iom\i
gdhdo\_jn \ pi\ ndgg\ _` mp`_\n \ gjn 2 \}jn _`g did^dj) t g\
`nk`m\iu\_`qd_\n`np`g`gdhdo\m\gjn1-j2-\}jn+H\hdj*
^\m_djk\o|\ \nj^d\_\ _`o`mhdi\ pi\ `g`q\_\ di^d_`i^d\ _`
\mmdohd\n`dinpad^d`i^d\^\m_|\^\^jib`nodq\)lp`^jiomd]pt`i
\g\hp`mo`_`g\h\tjm|\_`gjnk\^d`io`n+O`_`n^md]`_d\]`*
o`nndhpgozi`\c\no\`i`g/2# _`gjnk\^d`io`n+
H\\o\sd\_`Bmd`_m`d^cn`_`]`)ijmh\gh`io`)\pi\`sk\i*
nd~i kjm m`k`od^dji`n _`g omdip^g`~od_j C== `i `g kmdh`m
diom~i_`pib`i`i`g^mjhjnjh\6l g0)lp`^j_dad^\g\] iXkXo`)
eX(pi\kmjo`|i\km`n`io``ig\h`h]m\i\dio`mi\_`g\hdoj*
^ji_md\)_ji_`k\mod^dk\`i`g`in\h]g\e`_`g\n`iudh\nlp`
\^phpg\icd`mmjt\upam`_`gjn^jhkg`ejnEtEE+Hjnk\^d`io`n
\a`^o\_jn km`n`io\i pi\n ^ji^`iom\^dji`n `som`h\_\h`io`
]\e\n _` g\ kmjo`|i\ t g\ bm\q`_\_ _` g\ `qjgp^d~i kp`_`
^jmm`g\^dji\mn`hzn^ji`no\^ji^`iom\^d~i_`am\o\sdi\lp`
^ji`gbm\_j_`m`k`od^dji`n_`g omdkg`o`C==+ H\ m`_p^^d~i
_`g\am\o\sdi\hdoj^ji_md\gm`_p^`g\ajnajmdg\^d~ijsd_\odq\
hdoj^ji_md\g%dbp\glp`np^`_``ig\n`i^`a\gjhdjk\o|\nhdoj*
^ji_md\g`n&t\ph`io\g\^ji^`iom\^d~i_`cd`mmjgd]m`8g\km`*
n`i^d\ _`cd`mmj gd]m` `i g\ hdoj^ji_md\ kp`_` ^jiomd]pdm \g
`nom{njsd_\odqj+ ?\ndoj_jngjn^\njn_`\o\sd\_`Bmd`_m`d^c
n`\nj^d\i\ `sk\indji`n _`omdkg`o`nC==`i\h]jn\g`gjn)
k`mjn`j]n`mq\`ghdnhja`ijodkjk\ojg~bd^j^p\i_jpi\g`*
gj km`n`io\ `no\ `sk\ind~i _` omdkg`o`n t `g jomj od`i` pi\
hpo\^d~ikpiop\g+
- / 2 & / , / ' )!
%M K@ LrCTK@DROHM@K RDOHDQCDM @WNMDRX @O@QDBDFKHNRHRDM K@RBNd
KTLM@RONRSDQHNQDR K@O@QSDCHRS@KCDKNRG@BDRBNQSHBNDROHM@KDRXKNR
G@BDRDROHMNBDQDADKNRNR3DNARDQU@CDFDMDQ@BHuMCDK@RMDTQNM@R
DM K@LrCTK@DROHM@KBNKTLM@CD#K@QJD DKSQNMBNCDKDMBrE@KNMvd
BKDNRCDKNRO@QDRBQ@MD@KDR6)))8X8)) DKBDQDADKNMvBKDNCDMS@CN
XBrKTK@RCD0TQJHMIDCDK@O@QSDRTODQHNQCDKUDQLHR X K@RBrKTK@RCD
"DSY CD K@BNQSDY@ LNSNQ@ %K MvLDQN CD MDTQNM@R FQ@MCDR CD KNR
F@MFKHNRCDK@Q@sYCNQR@KS@LAHrMDRSqQDCTBHCNRTRFQ@MCDR@WNMDR
LHDKHMHY@CNR PTDBHQBTK@MDMK@RQ@sBDRCNQR@KDRXK@RBNKTLM@RCNQd
R@KDR RTEQDM TM@CDFDMDQ@BHuMRDBTMC@QH@ %KBNQ@YuM DRSq@TLDMd
S@CNCDS@L@tNXOTDCDMDWHRSHQ@CGDQDMBH@RODQHBqQCHB@R3DCDSDBd
S@CDRSQTBBHuMLTKSHENB@KCDK@REHAQ@RCDLHNB@QCHNBNMHMEK@L@BHuMX
EHAQNRHR@OQNWHL@C@LDMSDDMK@LHS@CCDKNR@EDBS@CNRDMKNRPTDRD
QD@KHY@K@@TSNORH@
!S@WH@
SDK@MFHDBS@RH@
H\\o\sd\*o`g\ibd`^o\nd\%q+^\k|opgj4&`npiom\nojmij\pojn~hd*
^jm`^`ndqj^\m\^o`mdu\_jkjmpin|i_mjh`\ozsd^j*_dn^di{od^j
lp`^jhd`iu\`ig\kmdh`m\dia\i^d\)^jikjno`mdjm\k\md^d~i_`
o`g\ibd`^o\nd\n`ig\^jiepiodq\tg\kd`g)\_`hzn_`dihpij_`*
ad^d`i^d\+Agb`ihpo\_j`ig\\o\sd\*o`g\ibd`^o\nd\$:MF%`i`g
^mjhjnjh\Egl//*l/0^j_dad^\pi\^di\n\^jipik\k`g^g\q``i
g\jmb\idu\^d~i_`g\m`nkp`no\^`gpg\mam`io`\g\nmjopm\n`ig\
_j]g`c{gd^`_`g=@J+=_`hzn_``no`k\k`g^g\q`\idq`g^`gp*
g\m)g\kmjo`|i\=PIo\h]d{ik\mod^dk\`ijom\nq|\nkjmg\nlp`
a\^dgdo\g\\kjkojndn) h\iod`i`gjno`g~h`mjntg\cjh`jno\nd\
hdoj^ji_md\g)k\mod^dk\`ig\m`nkp`no\am`io`\g`nom{njsd_\odqj
th\iod`i``gndno`h\_`_`bm\_\^d~i_`g\p]d^pdodi\*kmjo`j*
njh\+Odbp`ndi`no\m^g\mj^pzg_``no\nq|\n^jiomd]pt`\ga`ij*
odkj _`b`i`m\odqjj]n`mq\_j `i gjnk\^d`io`n lp`kd`m_`i g\
kmjo`|i\=PI \ idq`g i`pmji\g+ An njmkm`i_`io`lp` `sdno\i
k\omji`n_`i`pmj_`b`i`m\^d~i^jhk\m\]g`n\nj^d\_jn\jom\n
`ia`mh`_\_`n`im`g\^d~i^jig\\go`m\^d~i_`gjnkmj^`njn_`
m`k\m\^d~i_`mjopm\n`i`g=@Jhjij^\o`i\mdj+
- / 2 & / , / ' )!
,@R@KSDQ@BHNMDRRDKNB@KHY@M OQHMBHO@KLDMSDDMDKBDQDADKN BNM OrQd
CHC@CDK@RBrKTK@RFQ@MTKNR@RXCD0TQJHMID4@LAHrM CDFDMDQ@M K@R
BNKTLM@RCNQR@KDR K@RUs@RDROHMNBDQDADKNR@RXK@RBrKTK@RCDK@RS@
@MSDQHNQX@O@QDBDTM@MDTQNO@Ss@ODQHErQHB@%MDK3.#RDDMBTDMSQ@M
KDRHNMDRSDK@MFHDBSqRHB@RPTDS@LAHrM@EDBS@M@K@BNMITMSHU@XK@OHDK
CD K@ B@Q@ DK BTDKKN X KNR AQ@YNR ,@R BrKTK@R CD L TBGNR uQF@MNR
O DI BrKTK@R CD 3BGV@MM CD KNR F@MFKHNR CD K@ Q@sY CNQR@K X KNR
MDQUHNR ODQHErQHBNR K@RBrKTK@RDMCNSDKH@KDRN KNROHSTHBHSNR LTDRSQ@M
TM KK@L@SHUN @TLDMSN CD S@L@tN MTBKD@Q PTD @KB@MY@DMSQD CNRX
BHMBNUDBDRDK U@KNQMNQL@K XPTDRD CDMNLHM@M @MEHBHSNR ,NRF@Md
FKHNRDKSHLNXK@RFuM@C@RRNM GHONOKqRHBNR
i`pmji\g`n_`g\nkmjo`|i\n_`mdq\_\n`ikm`n`i^d\_`hpo\*
^d~i+Jj`noz^g\mjnd`nojnijq`_jnjn\bm`b\_jn_`kmjo`|i\n
^jiomd]pt`i\g\g`nd~i^`gpg\m+
Komjn cfZ`b`i{od^jnlp` kmj_p^`i AH=t @HBP^j_dad^\i
kmjo`|i\n ^ji^\k\^d_\_ _` pidmn` \g =NJ) ^jhj P@L*10t
BQO+Jj`noz^g\m\g\m`g\^d~i`sdno`io``iom`g\nkmjo`|i\nlp`
n`pi`i\g=NJtg\nh\ida`no\^dji`n_`g\`ia`mh`_\__`g\
i`pmji\ hjojm\+ Ljnd]g`h`io` `g \bjo\hd`ioj ip^g`\m _`
P@L*10^ji_d^dji`pikmj^`n\hd`iojdi\_`^p\_j_`\gbpijn
=NJ)hd`iom\nlp`g\\bm`b\^d~i_`g\kmjo`|i\`i`g^dojkg\n*
h\ \^odq\ g\ m`nkp`no\ am`io` \ g\n kmjo`|i\n ij kg`b\_\n
^jhi\hp^c\n_`g\nkmjo`dijk\o|\n+
- / 2 & / , / ' )!
,@R Q@sBDR@MSDQHNQDRCDK@LrCTK@DROHM@KRNM CDKF@C@REHF
!
ONQOrQCHC@CDK@REHAQ@RCDK@RMDTQNM@RLNSNQ@RHMEDQHNQDRXK@BHQBTMd
UNKTBHuM OQDBDMSQ@KCDK@BNQSDY@OTDCDS@LAHrMLNRSQ@Q@SQNEH@DM KNR
B@RNRDRODBH@KLDMSDFQ@UDR3DCDLTDRSQ@TM@QDCTBBHuMCDKMvLDQN
CDMDTQNM@RDMDK@RS@@MSDQHNQDMSNC@K@KNMFHSTCCDK@LrCTK@DROHM@K
@RNBH@C@@FKHNRHR QD@BSHU@ 3DNARDQU@M @KSDQ@BHNMDRRHLHK@QDR DM KNR
MvBKDNRCDKNRO@QDRBQ@MD@KDRGHONFKNRN@LAHFTNXLNSNQCDKSQHFrLHd
MN,@RMDTQNM@RQDRHCT@KDR@KADQF@M@LDMTCNHMBKTRHNMDRBHSNOKqRLHd
B@RONRHSHU@RBNM0!3CDMNLHM@C@RBTDQONRCD"TMHM@PTDO@QDBDM
QDRSNRCDU@BTNK@R@TSNEqFHB@R ,NR LvRBTKNRDRPTDKrSHBNRHMDQU@CNR
ONQK@RMDTQNM@RLNSNQ@RHMEDQHNQDRCDFDMDQ@C@RLTDRSQ@M@SQNEH@MDT
QuFDM@ ,@OrQCHC@CDK@RMDTQNM@R LNSNQ@R RTODQHNQDRCDSDQLHM@ K@
CDFDMDQ@BHuMCDK@RUs@RBNQSHBNDROHM@KDRBNMK@BNMRHFTHDMSDOrQCHC@
CDUNKTLDMX@TRDMBH@CDEHAQ@RLHDKHMHY@C@RPTDOTDCDQDRTKS@QDRODd
BH@KLDMSDDUHCDMSDDMKNRMHUDKDRRDFLDMS@QHNRLqRA@INREHF
3
%MEDQLDC@CDR MDTQNCDFDMDQ@SHU@R
i\\a`^o\_\+ H\ng`ndji`n^`gpg\m`n_`k`i_`i_`g\ pid~i_`g
\i_m~b`ij\gm`^`kojm\i~h\gjtg\kjno`mdjmdio`m\^^d~i^ji
`g=@J+ Hjnom\o\hd`iojnjmd`io\_jn\m`_p^dmg\n^ji^`iom\*
^dji`n_`\i_m~b`ijnc\ind_j`ad^\^`n`ihj_`gjn\idh\g`nt
kp`_`ih`ejm\mg\`ia`mh`_\_o\h]d{i`ig\nk`mnji\n+
!SQNEH@LTRBTK@QDROHM@K
H\\omjad\ hpn^pg\m`nkdi\g %=IA& `npibmpkj _`om\nojmijn
b`i{od^jn_`g\dia\i^d\^jipi\h\m^\_\k{m_d_\_`g\ni`pmj*
i\nhjojm\ndia`mdjm`ntlp`j^\ndji\ipi\_`]dgd_\_kmjbm`*
ndq\+H\q\md\io`hznbm\q``ng\_`did^djhznkm`^ju%=IA_`
odkjE)`ia`mh`_\_ _`S`m_idb*Djaah\ii&)lp`n`h\idad`no\
_pm\io``gkmdh`m\}j_`qd_\t\^\]\^jig\qd_\_`gk\^d`io`
o|kd^\h`io``i/\}jn+ Kom\najmh\n_`\k\md^d~ihzn o\m_|\
`qjgp^dji\i_`pihj_jhznbm\_p\g8`ig\=IA_`odkjEEE
%`ia`mh`_\__`Gpb`g]`mb*S`g\i_`m&)g\_dn^\k\^d_\_hjojm\
np`g`\k\m`^`m\gadi\g _`g\dia\i^d\j`ig\\_jg`n^`i^d\+ H\
bm\q`_\_ _`g\ `ia`mh`_\_ _`k`i_` _` g\^ji^`iom\^d~i_`
pi\kmjo`|i\%gg\h\_\OIJ&lp`k\mod^dk\`i`g`in\h]g\e`_`g
`nkgd^`jnjh\+ Ai g\n ^{gpg\n _` gjn di_dqd_pjn \a`^o\_jn n`
j]n`mq\pi\m`_p^^d~i_`gjnkpiojnip^g`\m`nlp`^jiod`i`i
OIJ+ H\ h\tjmk\mo`_` g\kmjo`|i\OIJ kmj^`_`_`om\in*
^mdojn_`=NJh_`mdq\_jn_`gb`iLFG-`i`g^mjhjnjh\2l+
Asdno`pib`iLFG.\_t\^`io`lp`n`_da`m`i^d\`ipijnkj^jn
k\m`n_`]\n`ntlp`di^gpt`^\h]djnlp`m`_p^`ig\`ad^d`i^d\
_`g\di^gpnd~i_`pi`s~i`i`g=NJh+ H\kmjo`|i\OIJlp`
ij^jiod`i``no\m`bd~i`nhp^cjh`ijn`no\]g`lp`g\kmjo`|i\
_`gjibdop_^jhkg`o\+Pj_\ng\nq\md\io`n_`g\=IAn`\nj^d\i
\pi\\go`m\^d~i_`LFG- %c\]dop\gh`io`kjm_`g`^d~i&)tg\n
_da`m`i^d\n`i`g a`ijodkj^g|id^jqd`i`i_`o`mhdi\_\nkjmg\n
q\md\^dji`n `i`g ih`mj _`^jkd\n _`g b`i LFG.* O``nozi
`skgjm\i_jgjnh{oj_jn_`hj_dad^\^d~i_`g^jmo`_`gjnom\in*
^mdojn_`mdq\_jn_`LFG.^jhjijq`_jnjn\]jm_\e`no`m\k{p*
od^jnk\m\`no\n`ia`mh`_\_`n+
=pilp`g\AH=n`^jind_`m\pi\`ia`mh`_\_ _`gndno`h\
hjojm)`noz^g\mjlp`pikjm^`io\e`ndbidad^\odqj_`gjnk\^d`i*
o`n\a`^o\_jnkm`n`io\io\h]d{i`qd_`i^d\n_`pi\\a`^o\^d~i
^`m`]m\g ^jmod^\g hzn `so`in\+ H\ km`n`io\^d~i ^g|id^\ _` g\
`ia`mh `_\_ ^`m`]m\g np`g` ^jmm`nkji_`m \ pi\ _`h`i^d\
gj]\mamjiojo`hkjm\g %@HBP&) tgjn c\gg\ubjn k\ojg~bd^jn n`
^jmm`nkji_`i ^ji gjn lp` n` `i^p`iom\i `i g\ @HBP) ^ji
di^gpndji`n_`P@L*10+ H\m`g\^d~ih`^zid^\`iom``nojn_jn
kmj^`njn n`q` ^jiadmh\_\oj_\q|\hzn kjmg\`sdno`i^d\ _`
di^gpndji`nlp`^jiod`i`iP@L*10`ihp^cjn^\njn_`AH=)
to\h]d{ikjmg\km`n`i^d\_`\gbpi\n\go`m\^dji`nb`i{od^\n
^jhpi`n`ig\AH=tg\@HBP+
!SQNEH@LTRBTK@QDROHM@KXATKA@QDMEDQLDC@CCD+DMMDCX
H\`ia`mh`_\_ kjm`sk\ind~i_` omdkg`o`n _`kjgdbgpo\hdi\
gdb\_\\g^mjhjnjh\Tn`^\m\^o`mdu\kjmg\\hdjomjad\_`gjn
hd`h]mjn_dno\g`ntgjnndbijn]pg]\m`n)^jhjg\\omjad\ta\n*
^d^pg\^dji`n_`g\g`ibp\^ji_dna\bd\)\nj^d\_\n\g\_`b`i`m\*
^d~i_`g\ni`pmji\nhjojm\ndia`mdjm`n_`g\h{_pg\`nkdi\gt
`gomji^j_`g`i^{a\gj+ H\`sk\ind~i_`gjnomdkg`o`nn`gj^\gdu\
`i `g kmdh`m `s~i _`g m`^`kojm _` \i_m~b`ijn) kmjqj^\i_j
din`ind]dgd_\_\`nojn)bdi`^jh\nod\)\omjad\o`nod^pg\mtjgdbjn*
k`mhd\+Jj`noz^g\m\g\]\n`k\m\g\\a`^o\^d~in`g`^odq\_`g\n
i`pmji\nhjojm\n)k`mj)dbp\glp`np^`_``ijom\n`ia`mh`_\*
_`nkjm`sk\ind~i_`kjgdbgpo\hdi\n)^jhjg\`ia`mh`_\__`
Dpiodibojit\gbpi\nq\md\io`n_`\omjad\`nkdij^`m`]`gjn\)n`
`i^p`iom\idi^gpndji`ndiom\ip^g`\m`nlp`^jiod`i`ig\kmjo`|*
>
# / . # % 0 4/ 3 #,!6%
%MEDQLDC@CDRMDTQNCDFDMDQ@SHU@R
,@RDMEDQLDC@CDR MDTQNCDFDMDQ@SHU@RRDB@Q@BSDQHY@M ONQTM@
OrQCHC@ MDTQNM@K OQNFQDRHU@ PTD @EDBS@ @ BHQBTHSNR MDTQNM@KDR
DRODBsEHBNRXQDFHNMDRBDQDAQ@KDRCDSDQLHM@C@R ,@ L@XNQs@CD
DRS@RDMEDQLDC@CDRRD@RNBH@M@K@@BTL TK@BHuMCD@FQDF@CNR
CD OQNSDsM@R @MuL@K@R PTDSsOHB@L DMSD @CNOS@M K@ ENQL @ CD
HM BKTRHNMDR BDKTK@QDR %K EDMNSHON BKsMHBN QDEKDI@ KNR O@SQNMDR
CD@EDBS@BHuMBDQDAQ@KLqRPTDDKSHO N CDHMBKTRHNMDR
%RS@RDMEDQLDC@CDRRDOTDCDM@FQTO@QRDFvMRT OQDRDMS@BHuM
BKsMHB@ DM CDLDMBH@RSQ@RSNQMNRCDK L NUHL HDMSNGHONBHMrSHBNR
HMBKTHCNRKNRSHONRCDO@QJHMRNMHRLN SQ@RSNQMNRCDK LNUHL HDMd
SN GHODQBHMrSHBNR @S@WH@RBDQDADKNR@RX DMEDQLDC@CDR CD MDTd
QNM@LNSNQ@
%M DK B@RN CD K@R CDL DMBH@R K@ LqR EQDBTDMSD DR K@ %! BNM
OK@B@RCD!OXNUHKKNRCDS@T NSQNRBT@CQNRPTDOQNCTBDM OQHMd
BHO@KL DMSD TM@ CDL DMBH@ RNM K@R CHUDQR@RU@QH@MSDR CD $,&4
S@MSN K@R ENQL @R PTD BNMSHDMDM S@T BNL N K@R PTD OQDRDMS@M
NSQNRSHONR CD HMBKTRHNMDR X K@CDL DMBH@BNM BTDQONR CD ,DVX
BNM KDRHNMDRPTDBNMSHDMDM @
RHMTBKDsM@
$DMSQN CD KNRSQ@RSNQMNR CDK L NUHL HDMSN GHONBHMrSHBNR DK LqR
EQDBTDMSDDRK@DMEDQLDC@CCD0@QJHMRNMPTDS@LAHrMRD@RNBH@
@ HMBKTRHNMDR PTD BNMSHDMDM @
RHMTBKDsM@ NSQ@R DMEDQLDC@CDR
PTDBTQR@MBNMO@QJHMRNMHRL NBNL NO@QSDCDRTRRsMSNL@RRNM
K@ 030XK@$#"@LA@RRNMU@QH@MSDRCDS@TO@Ss@R
,@DRBKDQNRHRK@SDQ@K@L HNSQuEHB@%,! DRK@ENQL @LqREQDBTDMSD
CDDMEDQLDC@CCDK@MDTQNM@L NSNQ@XDWHRSDM CHUDQR@RB@TR@R
FDMrSHB@R @TMPTDS@LAHrM G@XU@QH@MSDRDRONQqCHB@R
%MEDQLDC@CDR LDS@AuKHB@RFDMrSHB@R
H\\go`m\^d~i_`gjnkmj^`njnh `o\]~gd^jn`ig\ni`pmji\nt
g\bg|\)nj]m`oj_j_`gjndh kgd^\_jn`ig\nq|\n_`_`bm\_\*
^d~ijn|io`ndn`nk`^|ad^\n_`gndno`h\i`mqdjnj)kmjqj^\pi\
n`md`_``ia`mh `_\_`nkmjbm`ndq\nlp`n`h \idad`no\io|k d*
^\h`io``ia\n`nkm`^j^`n_`g\qd_\+=gbpijn_``nojnkmj*
^`njnn`h\idad`no\i`i`gk`m|j_jkjni\o\gdih`_d\oj)hd`i*
om\nlp`jomjngjc\^`i`ia\n`nhzno\m_|\n_`g_`n\mmjggj+Ai
b`i`m\g) g\n ajmh\n _` \k\md^d~i hzn km`^ju _``no\n `ia`m*
h `_\_`n np`g`i o`i`m pi\ `qjgp^d~i ^g|id^\ hzn mzkd_\ t
\bm`ndq\+
Hjnndno`h\n_`^g\ndad^\^d~i\^op\g`nn`]\n\i`ig\^{gpg\
j `g ^jhk\modh`ioj \a`^o\_j %i`pmji\g`n j _` g\ npno\i^d\
]g\i^\&)`i`gjmbzipgjnp]^`gpg\m\a`^o\_j %k+`e+)gdnjnjh\n)
k`mjsdnjh\njhdoj^ji_md\n&j`ig\q|\h`o\]~gd^\dhkgd^\_\
%k+`e+)`nadibjgdkd_jndnjbgp^jb`ijndn&+H\^g\ndad^\^d~ilp`n`
q\\`hkg`\mn`]\n\)nj]m`oj_j)`igjn^jhk\modh`iojn^`gp*
g\m`nlp`n`\a`^o\ikmdi^dk\gh`io`)_\_jlp``nojn`^jmm`g\*
^dji\]d`i^jigjnn|iojh\n^g|id^jntgjn`nop_djn_`dh\b`i+
H\n\e]\id\[X[\jgfi[\gxj`kfe\lifeXc\jnjikmdi^dk\gh`io`
om\nojmijn \pojn~hd^jn m`^`ndqjn^\pn\_jnkjm pi\ _`ad*
^d`i^d\_`pi\`iudh\`nk`^|ad^\dhkgd^\_\`i`g^\o\]jgdn*
hj _`gjn`nadibjg|kd_jn %di^gpd_jn gjnb\ibgd~nd_jn&) gjn
hp^jkjgdn\^zmd_jn j gjn hp^jg|kd_jn+ ?jiam`^p`i^d\ n`
^\m\^o`mdu\ikjmg\\^phpg\^d~i_`gnpnom\oj_`g\`iudh\
_`ad^do\md\_`iomj_`gjngdnjnjh\n_`g\ni`pmji\n)^jig\
^jindbpd`io`hp`mo`i`pmji\g+H\\a`^o\^d~i_`g\ni`pmj*
i\n^jmod^\g`nkmjqj^\pi\k{m_d_\_`g\api^d~i^jbidodq\
to\h]d{ikp`_`j^\ndji\m^jiqpgndji`n+
H\nc\lZf[`jkif]`Xj nji om\nojmijnapi_\h`io\gh`io`\poj*
n~hd^jnm`^`ndqjn^\pn\_jn kjmhpo\^dji`n `igjn b`i`n
lp` ^j_dad^\i g\n `iudh \n dhkgd^\_\n `i g\ n|io`ndn j `g
^\o\]jgdnhj _` g\ hd`gdi\+ =gbpijn _` `nojn om\nojmijn
\a`^o\i\g\n`iudh\ngdnjn~hd^\n)hd`iom\nlp`jomjn\a`^*
o\i\g\n`iudh\n_`gk`mjsdnjh\+P|kd^\h`io`^pmn\i^ji
pi\\a`^o\^d~i_dapn\_`g\npno\i^d\]g\i^\)lp`^ji_p^`
\ pi _`o`mdjmj _` g\n ^\k\^d_\_`nhjojm\n) `nk\nod^d_\_)
cdkjoji|\j\o\sd\+
H\n\eZ\]XcfgXkvXjd`kfZfe[i`Xc\jnjipibmpkj_`om\nojmijn
_`g\ajnajmdg\^d~ijsd_\odq\)lp`np`g`\a`^o\m\hgodkg`n
o`ed_jn) di^gpd_j `g hn^pgj `nlp`g{od^j %q+ ^\k|opgj /4&+
?p\i_j \a`^o\i\g^`m`]mj) g\npno\i^d\bmdn n`\a`^o\hzn
lp`g\]g\i^\) ^jhj ^\]``nk`m\mkjmg\ h\tjm _`h\i_\
h `o\]~gd^\ _` g\n i`pmji\n+ Anojn om\nojmijn kp`_`i
_`]`mn` \ hpo\^dji`n `i gjn b`ijh\n hdoj^ji_md\g`n j
ip^g`\m`n+
_``nojn^p\_mjn)^jhjg\`ia`mh`_\__`P\t*O\^cnj_`Jd`*
h\ii*Ld^ftg\nhp^jkjgdn\^\md_jndn)n`_`n^md]`i`i`g^\k|*
opgj2+H\ngdkjapn^dijndn^`mjd_`nnjiom\nojmijn`igjnlp`n`
\^phpg\ikdbh`iojn _`g|kd_jn`ig\ni`pmji\n)t g\^jind*
bpd`io` _dnapi^d~i i`pmji\g kmjqj^\ pi\ ^jh]di\^d~i _`
^`bp`m\)_`o`mdjmjhjojmt^jbidodqjt^jiqpgndji`n+
,DTBNCHRSQNEH@R
Anojnom\nojmijnn` _`]`i \ h po\^dji`n _` gjnb`i`n^ptjn
kmj_p^ojn `nozi dh kgd^\_jn `i g\ b`i`m\^d~i) m`^\h ]dj t
h \io`idh d`ioj _` g\ h d`gdi\+ H\ api^d~i ^`m`]m\g ijmh\g
_`k`i_`o\ioj_`g\n^ji`sdji`n`iom`g\ni`pmji\n^jhj_`
g\dio`bmd_\__`g\nkmjkd\ni`pmji\nt)kjm`nj)g\g`nd~ikmj*
bm`ndq\t\^phpg\odq\_`g\nad]m\nhd`gdidu\_\nj]n`mq\_\`i
g\n g`p^j_dnomjad\n od`i` pi\n ^jin`^p`i^d\n _`q\no\_jm\n+
R\md\n^\m\^o`m|nod^\n^g|id^\n_dnodibp`ig\ng`p^j_dnomjad\n_`
g\n `ia`mh `_\_`n _`nh d`gdidu\io`n7 g\n g`p^j_dnomjad\n n`
h\idad`no\io|kd^\h`io`^jipi\k{m_d_\dind_djn\tkmjbm`*
ndq\_`g\api^d~i^`m`]m\g) \h`ip_j`i`_\_`no`hkm\i\n)
tn`\nj^d\\^\h]djn_dapnjntndh{omd^jn`igjn`nop_djn_`
dh\b`i+ =pilp` h p^c\n _` g\n g`p^j_dnomjad\n n` _`]`i \
_`a`^ojn _`pi\ njg\`iudh\ lp` _`o`mhdi\ipi\ \go`m\^d~i
_`g h`o\]jgdnhj _` gjn g|kd_jn \nj^d\_jn \ g\ hd`gdi\) jom\
n`md`_`\go`m\^dji`nb`i{od^\nkp`_`ikmjqj^\m`ia`mh`_\*
_`n_`g\npno\i^d\]g\i^\+Hjnndbpd`io`n`e`hkgjnnjim`km`*
n`io\odqjn_``no``nk`^omj_`om\nojmijn+
H\`ia`mh `_\__`Gm\]]``npi\g`p^j_dnomjad\\pojn~hd*
^\ m`^`ndq\) \nj^d\_\ \pi\[\]`Z`\eZ`X[\^XcXZkfZ\i\Yixj`[f
,/)^XcXZkfj`[XjX%b\g\^ojndg^`m\hd_\n\&)g\`iudh\i`^`n\md\
k\m\`g^\o\]jgdnhj_`gjnb\g\^oj^`m`]m~nd_jn\^`m\hd_\
t b\g\^ojn\+ ?jhj ^jin`^p`i^d\ _` g\n \go`m\^dji`n `i
`g^\o\]jgdnhj_`gb\g\^oj^`m`]m~nd_j`i`g^`m`]mj)pi\q|\
^\o\]~gd^\\go`mi\odq\_`mdq\`gb\g\^oj^`m`]m~nd_j\b\g\^*
ojndg`nadibjndi\8g\n^ji^`iom\^dji`n\go\n_``no`^jhkp`n*
oj nji ^dojo~sd^\n+ H\ `qjgp^d~i ^g|id^\ `n mzkd_\h`io`
kmjbm`ndq\tgjnn|iojh\n\k\m`^`ic\]dop\gh`io``iom`gjn
0t3h`n`n_``_\_ %^jikm`_jhdidj_`gjnndbijnhjoj*
m`n)^jhjmdbd_`ut_`]dgd_\_&+Anm\mjlp`nj]m`qdq\ihzn
_`/\}jn+ Ag^`m`]mjhp`nom\k{m_d_\ _`hd`gdi\tjgdbj*
_`i_mj^dojn`i`gOJ?) tpikmj^`njk\m`^d_j`igjni`m*
qdjnk`mda{md^jn%adb+/5*11&+H\ni`pmji\ntgjn\sji`n`nozi
m`g\odq\h`io`^jin`mq\_jn+ Qim\nbjid^jt _d\bi~nod^j
_`g\`ia`mh`_\__`Gm\]]``ng\\bm`b\^d~i_`h\^m~a\*
bjndibpmbdo\_jn $ZuclcXj^cfYf`[\j%`i`gk\m{ilpdh\^`m`*
]m\gt\gm`_`_jm_`gjnq\njn %q+adb+/5*11)i\ZlX[if%*O`c\
_`hjnom\_jlp``g om\nkg\io`_`g\n^{gpg\nh\_m`c`h\*
ojkjt{od^\nm`npgo\]`i`ad^djnj)kjmlp`k`mhdo`g\m`kj]g\*
^d~i_`gOJ?kjmhd^mjbgd\^ji^jhk`o`i^d\`iudhzod^\)t
gj`n`nk`^d\gh`io`^p\i_jn`m`\gdu\\io`n_`g\\k\md^d~i
_` _`ad^d`i^d\ni`pmjg~bd^\n %\gbjlp` np^`_` o\h]d{i`i
g\g`p^j_dnomjad\h`o\^mjhzod^\&+
H\g`p^j_dnomjad\h `o\^mjhzod^\`npi\`ia`mh`_\_\poj*
n~hd^\ m`^`ndq\) _`mdq\_\ _` g\ _`ad^d`i^d\ _` g\ \eq`dX
c`jfjxd`ZXXi`cjlc]XkXjX:*Ano\`iudh\)km`n`io``i_dq`mnjn
o`ed_jn) n`k\m\ `g npga\oj _` gjn g|kd_jn lp` gj ^jiod`i`i
%npgazod_jn& ^jhj kmdh`m k\nj k\m\ np _`bm\_\^d~i+ Ljm
`nj)g\_`ad^d`i^d\_``no\`iudh\kmjqj^\g\\^phpg\^d~i
_`npgazod_jn)nj]m`oj_j_`^`m`]m~nd_jnpga\oj+Anojnnpg*
azod_jn m`\gdu\i pi\ \hkgd\ b\h\ _` \^^dji`n ]djg~bd^\n
lp`kp`_`i^jiomd]pdm\g\ng`ndji`n_`g\npno\i^d\]g\i^\)
di^gpd_\g\dicd]d^d~i_`g\_da`m`i^d\^d~i_`gjnjgdbj_`i*
_mj^dojnt g\di_p^^d~i _`pi\m`nkp`no\ kmjdiag\h\ojmd\
kjmk\mo`_`g\hd^mjbgd\tgjn\nomj^dojn+Agc\gg\ubjcdnoj*
g~bd^j hzn gg\h\odqj`n g\ _`nhd`gdidu\^d~i) ^jig\^jind*
%MBDE@KNLHNO@Ss@R L HSNBNMCQH@KDR
bp|`io`bgdjndn+Hjnh\^m~a\bjn^ji^dojkg\nh\q\^pjg\_j
`nozi_dnk`mnjnkjmoj_\g\npno\i^d\]g\i^\+H\nq\^pjg\n
mj_`\_\nkjmh`h]m\i\^jiod`i`i`nomp^opm\n^mdno\gjd_`n
^jhkg`e\n ^jinodopd_\n kjm npgazod_jn8 ^p\i_j n` pi`i \
^d`mojn^jgjm\io`n)^jhj`g\upg_`ojgpd_di\)gjnnpgazod_jn
_`nkg\u\i `g `nk`^omj _` \]njm]\i^d\ _`g ^jgjm\io`) pi\
kmjkd`_\_ gg\h\_\ d\kXZifdXj`X* An kjnd]g` _`o`^o\m pi
h\o`md\gh`o\^mjhzod^jk\m`^d_j`igjni`mqdjnk`mda{md^jn
tg\jmdi\)nd`i_j`no`godhjpih{oj_jn`ind]g`k\m\`no\*
]g`^`m`g_d\bi~nod^j+
H\\_m`ijg`p^j_dnomjad\`npi\`ia`mh`_\_m`^`ndq\gdb\*
_\\g^mjhjnjh\T\nj^d\_\\hpo\^dji`n`ipi\a\hdgd\
_`om\inkjmo\_jm`n_`g^\n`o`_`pid~i\g=PL_`kmjo`|i\n
%=>?@.&) lp`k\mod^dk\`i`g om\inkjmo` _`g\n hjg{^pg\n
c\^d\`gk`mjsdnjh\+Aig\ajmh\o|kd^\_``no\`ia`mh`_\_)
gjn cjh]m`n e~q`i`n h\idad`no\i ^\h]djn _` ^ji_p^o\ `
dinpad^d`i^d\npkm\mm`i\g+H\`ia`mh`_\_n`^\m\^o`mdu\kjm
g\di^\k\^d_\__`^\o\]jgdu\mgjnz^d_jnbm\njn_`^\_`i\
hpt g\mb\ %=C?IH& _`iomj _` gjn k`mjsdnjh\n) ^ji `g
^jindbpd`io`\ph`ioj _`g\n^ji^`iom\^dji`n _`gjn hdn*
hjn`i`gnp`mj+Hjnn|iojh\nn`_`]`i\pi\k{m_d_\kmj*
bm`ndq\_`hd`ddi\`i`gOJ?tgjni`mqdjnk`mda{md^jn)\_`*
hzn _` \ g\ dinpad^d`i^d\ npkm\mm`i\g+ Ai g\ npno\i^d\
]g\i^\n`kd`m_`g\hd`ddi\^jibgdjndnt`so`in\diadgom\^d~i
gdiaj^|od^\+Asdno`pi\\omjad\_`g\^jmo`u\npkm\mm`i\g)t`i
g\n ^{gpg\n m`nd_p\g`n n` `i^p`iom\ pi\ \^phpg\^d~i _`
=C?IH+ Qiom\nojmij \g{gd^j n` km`n`io\ `igjn \_pgojn
%o\ioj cjh]m`n ^jhj hpe`m`n& ^jhj pi om\nojmij g`io\*
h`io`kmjbm`ndqj_`gjni`mqdjnk`mda{md^jn)lp` n`gg\h\
X[i\efd`\cfe\lifgXkvX7gjnn|iojh\n`ig\nhpe`m`nkjmo\_j*
m\nnp`g`in`mhzng`q`n+ =gbpijn _` gjn om\nojmijn _` g\
]djb`id\_`gjnk`mjsdnjh\nn`h\idad`no\io\h]d{i^jhj
g`p^j_dnomjad\n) nj]m` oj_j om\nojmijn _`g `nk`^omj _`
V`ggr`b`m+
Hjnom\nojmijn_`g\b`i`m\^d~i_``i`mb|\kp`_`ikmjqj^\m
pi\n`md` _``ia`mh `_\_`ni`pmjg~bd^\n)\h`ip_j\nj^d\*
_\n \ \go`m\^dji`n `i jomjn o`ed_jn+ =pilp` hp^cjn _` gjn
om\nojmijnc`m`_do\mdjn_`g\ajnajmdg\^d~ijsd_\odq\hdoj^ji*
_md\gn`km`n`io\i^jhj`ia`mh`_\_`nhpn^pg\m`n%q+^\k|op*
gj/4&)g\ _`k`i_`i^d\^m|od^\_`g\ni`pmji\n _`g\ajnajmdg\*
^d~i jsd_\odq\ k\m\ g\ ajmh \^d~i _` =PL n` om\_p^` `i g\
am`^p`io`\a`^o\^d~i_`gOJ?`i`nojnom\nojmijn+
Agb`ijh\hdoj^ji_md\g)lp`n`c`m`_\kjm^jhkg`oj_`g\
h\_m`) ^j_dad^\ njgj.0kmjo`|i\n)//=NJot _jn=NJm+ H\n
_`hzn kmjo`|i\n dhkgd^\_\n `i g\ api^d~i hdoj^ji_md\g n`
^j_dad^\i`i`gb`ijh\ip^g`\m)di^gpd_\ng\ndhkgd^\_\n`ig\
ajnajmdg\^d~ijsd_\odq\)`g h`o\]jgdnhjt g\`nomp^opm\ hdoj*
^ji_md\g)tg\]djb`id\hdoj^ji_md\g) g\adnd~itg\apnd~itg\
m`kgd^\^d~i_`g=@Jhdoj^ji_md\g+Ljmo\ioj)\gbpijnom\nojm*
ijn h doj^ji_md\g`n h p`nom\i pi\ om\inh dnd~i h \o`mi\)
kjmlp` gjn b`i`n \a`^o\_jn n`gj^\gdu\i`i`g b`ijh\ hdoj*
^ji_md\g)k`mjjomjnij+Asdno`pi\^jhkg`e\ m`g\^d~ib`ijod*
kj*a`ijodkj `i`nojn om\nojmijn8 g\ hdnh\ hpo\^d~i kp`_`
h\ida`no\mn`^ji_dnodiojna`ijodkjnt`ghdnhja`ijodkjkp`*
_`n`m^\pn\_jkjmpi\_`_dnodio\nhpo\^dji`n+
Qi \nk`^oj ^m|od^j k\m\ ^jhkm`i_`m g\n `ia`mh `_\_`n
hdoj^ji_md\g`n`ng\_\k\ifgcXjd`X(lp`_`n^md]`pikmj^`nj`i
`glp`g\n^{gpg\nod`i`ipi\h`u^g\_`hdoj^ji_md\nijmh\g`n
t\i~h\g\n%o|kd^\h`io`\nj^d\_\n\pi\hpo\^d~i_`gb`ij*
h\hdoj^ji_md\g&+ H\`skm`nd~i_` g\ `ia`mh`_\_ kp`_`n`m
_dnodio\_`pi\^{gpg\\jom\n`bi`g^j^d`io`_`^{gpg\nlp`
od`i`i hdoj^ji_md\n ijmh \g`n t hpo\io`n+ Ai b`i`m\g) gjn
om\nojmijnhdoj^ji_md\g`n_`gOJ?od`i`i^jhj_d\i\n`g`^od*
q\g\ni`pmji\ntg\npno\i^d\bmdn8g\n\go`m\^dji`n_`g\b`i`*
m\^d~i _` `i`mb|\ np`g`i om\_p^dmn` `i pi \ph `ioj _` g\n
^ji^`iom\^dji`n _` g\^o\oj odnpg\m) lp` n` kp`_` _`hjnom\m
^jio{^id^\n`nk`^omjn^~kd^\n+=idq`gcdnojg~bd^jkp`_`k`m*
_`mn`g\odi^d~ik\m\g\\^odqd_\_`iudhzod^\_`g\^doj^mjhj?
jsd_\n\+
H\`i^`a\gjh djk\o|\h doj^ji_md\g)^ji\^d_jndngz^od^\t
`kdnj_djn k\m`^d_jn \ d^opn %I AH=O) kjm npn ndbg\n `i
dibg{n&) n`^\m\^o`mdu\ kjm`kdnj_djn m`k`od_jn _` _dnapi*
^d~ii`pmjg~bd^\\bp_\)^\h]djn^jbidodqjnt`qd_`i^d\_`
\a`^o\^d~ihpn^pg\m) ^ji_`]dgd_\_t \^d_jndngz^od^\+ Hjn
`kdnj_djnk\m`^d_jn\d^opnnp`g`i\nj^d\mn`\_`ad^d`i^d\n
m`q`mnd]g`n)lp`ijn`^jmm`nkji_`i^jio`mmdojmdjnq\n^p*
g\m`n`nk`^|ad^jn+=idq`gk\ojg~bd^jn` j]n`mq\izm`\n _`
dia\moj)lp``ij^\ndji`nn`\nj^d\i\kmjgda`m\^d~iq\n^p*
g\mt^\g^dad^\^d~iaj^\g+ Hjn`nop_djnc\i_`hjnom\_jlp`
o\iojg\ni`pmji\n^jhjg\n^{gpg\n_`ghn^pgjgdnjq\n*
^pg\mod`i`i\go`m\^dji`n`ig\`skm`nd~i_`g\^doj^mjhj?
jsd_\n\)gjlp`npbd`m`lp`g\k\ojb`id\_`k`i_`o\ioj_`
^\h]djnh`o\]~gd^jn`ig\ni`pmji\n^jhj_`g\^\k\^d_\_
_`m`nkp`no\_`g\q\n^pg\opm\^`m`]m\g+ H\hpo\^d~ihzn
am`^p`io``ig\IAH=On`gj^\gdu\`i`gb`ilp`^j_dad^\g\
=NJog`p^di\hdoj^ji_md\g%IPPH.&+
# / . # % 0 4/ 3 #,!6%
%MEDQLDC@CDRL DS@AuKHB@RFDMrSHB@R
,@RL TS@BHNMDRPTD@EDBS@M@K@RUs@RRHMSrSHB@RNL DS@AuKHB@R
OTDCDM @EDBS@Q@K RHRSDL @MDQUHNRN %RS@RUs@R OTDCDM @EDBS@Q
@KNR OQNBDRNRBDKTK@QDRFDMDQ@KDRN@@PTDKKNRPTDRNMQDK@SHd
U@L DMSDDRODBsEHBNRCDK RHRSDL @MDQUHNRN
,@RDMEDQL DC@CDR CDHM HBHN L qROQDBNYL TDRSQ@MSsOHB@L DMd
SD TM FQ@CN CD KDRHuM X TM@ UDKNBHC@C CD DUNKTBHuM LqR FQ@d
UDR
,@RDMEDQL DC@CDRONQCDO u RHSN MDTQNM@KRTDKDM GDQDC@QRDCD
EN QL @ @T SN R u L HB @ QDBDRHU@ %K G@KK@YFN B@ Q@ B SD QsR SHBN DR K@
@BTL TK@BHuM CD L @SDQH@KDR CDM SQN CD K@R MDTQNM@R BNM DUHd
CDMBH@ CD L TDQSD MDTQNM@K ,@R BNMUT KRHN MDRRNM DKDL DMSNR
BKsMHBNREQDBTDMSDR IT M SN BNM K@ OrQCHC@ CD K@ETMBHu M B NFM H
SHU@
,@RKDTBNCHRSQNEH@RRNM SsOHB@L DMSD@TSNRuL HB@R QDBDRHU@RBNM
@KSDQ@BHNMDRDM K@RsMSDRHRNDKQDB@L AHNCDKNRBNL ONMDMSDRCD
K@LHDKHM@ ,@CHRETMBHuM L NSNQ@ HMBKTHC@K@DRO@RSHBHC@C GHODQd
SNMs@N GHONSNMs@X@S@WH@RNM @RODBSNREQDBTDMSDRDMBKsMHB@
,@R DMBDE@KNL HNO@Ss@R L HSNBNMCQH@KDR RNM TM BNMITMSN CD OQNd
BDRNR OKDHNSQuOHBNR PTD @EDBS@M @ K@R MDTQNM@R @CDLqR CD @
N SQN R SDIHCNR ETDQ@ CDK RHRSDL @ MDQUHNRN 3D OTDCDM @RNBH@Q
@LTS@BHNMDRCDKFDMNL@MTBKD@QXLHSNBNMCQH@K
$DEHBHDMBH@RUHS@LsMHB@R
$DEHBHDMBH@CDSH@LHM@ UHS@LHM@
H\\eZ\]XcfgXkvX[\P\ie`Zb\n`_`]`\pi\_`ad^d`i^d\_`od\hd*
i\tn`^\m\^o`mdu\kjmpi^p\_mj _`did^dj\bp_j)lp`^jh*
]di\n|iojh\nknd^~od^jntjao\ghjkg`e|\+Hjnn|iojh\n\bp_jn
njim`q`mnd]g`nndn`om\o\i^jiod\hdi\+Odi`h]\mbj)ndijn`
_d\bijnod^\tom\o\)kp`_`^ji_p^dm\pikmj^`njkmjgjib\_j
t`ibm\ih`_d_\dmm`q`mnd]g`)gg\h\_jjve[ifd\[\DfijXbf]](
^\m\^o`mdu\_jkjm\go`m\^dji`n dhkjmo\io`n _` g\ h`hjmd\ \
^jmojkg\ujt^jia\]pg\^d~i+Ano`n|i_mjh``n`nk`^d\gh`io`
am`^p`io``ikm`n`i^d\_`\g^jcjgdnhj^m~id^j)k`mjo\h]d{i
n` `i^p`iom\ `i k\^d`io`n ^ji pi\ _`ad^d`i^d\ _` od\hdi\
n`^pi_\md\\om\nojmijnbznomd^jn)^jhj^\m^dijh\n)b\nomdodn
^m~id^\jq~hdojnk`mndno`io`n+
- / 2 & / , / ' m!
,@DMBDE@KNO@Ss@CD7DQMHBJDRDB@Q@BSDQHY@ONQENBNRCDGDLNQQ@FH@
X MDBQNRHRDMKNRBTDQONRL@LHK@QDRXDMK@RO@QDCDRCDKSDQBDQXCDK
BT@QSNUDMSQsBTKNR,@RKDRHNMDRHMHBH@KDRLTDRSQ@MB@OHK@QDRCHK@S@CNR
BNMBrKTK@RDMCNSDKH@KDROQNLHMDMSDR%RSNRB@OHK@QDRRDUTDKUDMODQd
LD@AKDRXC@MNQHFDM@YNM@RGDLNQQqFHB@R#NMDKSHDLON@O@QDBD
HMEHKSQ@BHuM ONQ KNR L@BQuE@FNR X RD CDR@QQNKK@ TM DRO@BHN PTsRSHBN
KKDMNCDL@BQuE@FNRB@QF@CNRBNMGDLNRHCDQHM@%RS@RKDRHNMDRBQud
MHB@ROQDCNLHM@MDMKNRO@BHDMSDRBNMDKRsMCQNLDCD+NQR@JNEE,@R
KDRHNMDRCDK MvBKDNCNQRNLDCH@K CDKSqK@LN O@QDBDM BNQQDK@BHNM@QRD
BNMK@R@KSDQ@BHNMDRCDK@LDLNQH@XK@BNME@ATK@BHuM
$DEHBHDMBH@CD UHS@LHM@
H\_`ad^d`i^d\_`qdo\hdi\>./kp`_`kmjqj^\mg\[\^\e\iXZ`xe
ZfdY`eX[X jlYX^l[X [\ cX du[lcX \jg`eXc( `i g\ lp`) ^jhj np
ijh]m` di_d^\) n` \a`^o\i gjn om\^ojn`nkdi\g`n o\ioj \n^`i*
_`io`n^jhj_`n^`i_`io`n+H\ng`ndji`nn`_`]`i\pi_`a`^*
oj`ig\ajmh\^d~i_`hd`gdi\)^ptjh`^\idnhjijn`^jij^`+
Hjnn|iojh\nkp`_`i`qjgp^dji\m`in`h\i\n`did^d\gh`io`
^pmn\^ji\_jmh`^dhd`ioj)^jnlpdgg`jt\o\sd\g`q`]dg\o`m\g
tndh{omd^\_`g\n`som`hd_\_`ndia`mdjm`n)lp`kp`_``qjgp*
^dji\m\_`]dgd_\_`nkznod^\+Aij^\ndji`n)n`kmj_p^`di^gp*
njk\m\kg`e|\^jhkg`o\) `i b`i`m\g njgj`ia\n`n o\m_|\n+ Qi
om\o\h d`ioj mzkd_j ^ji m`kjnd^d~i _` qdo\hdi\n kmj_p^`
h `ejm|\^g|id^\)\pilp`g\m`^pk`m\^d~i`nh\g\ndg\k\m\kg`*
e|\ t\ n` c\ _`n\mmjgg\_j+ Ag `nop_dj h d^mjn^~kd^j hp`nom\
oph`a\^^d~i _` g\n ^\k\n _`hd`gdi\)lp`kmj_p^`q\^pjg\n
`ig\nq|\n \a`^o\_\n8 ^ji`g od`hkj o\h]d{i _`b`i`m\igjn
\sji`n+ Ai g\n a\n`n km`^j^`n _`g kmj^`nj n` \a`^o\ `g idq`g
ojmz^d^jh`_djt_`n_`\gg|n``sod`i_``gkmj^`nj`in`iod_j
kmjsdh\gt_dno\g+
(HONFKTBDLH@
4Q@RSNQMNR LDS@AuKHBNR
XSuWHBNR @CPTHQHCNR
H\n`ia`mh`_\_`nh`o\]~gd^\no~sd^\nt\_lpdmd_\nnji^\p*
n\n m`g\odq\h `io` am`^p`io`n _` `ia`mh `_\_`n i`pmjg~bd*
^\n+ Ano\n`ia`mh`_\_`nn`^jh`io\i`i`g^\k|opgj6t\lp|
njgj n`km`n`io\i gjn \nk`^ojn m`g`q\io`n k\m\ g\ k\ojgjb|\
_`gOJ?+
Lp`nojlp``g^`m`]mji`^`ndo\bgp^jn\tjs|b`ij^jhjnpnom\*
ojk\m\g\kmj_p^^d~i_``i`mb|\)gjn`a`^ojn^`gpg\m`n_`g_`n*
^`inj_`g\bgp^jn\n`k\m`^`i)`ib`i`m\g)\gjn_`pi\cdkjsd\
bgj]\g)_`n^mdojn\io`mdjmh`io`+=gbpi\nm`bdji`n_`g^`m`]mj
njihzn n`ind]g`n \g\cdkjbgp^`hd\lp`jom\n+ H\kmdq\^d~i
_` bgp^jn\ kmj_p^` did^d\gh`io` pi\ g`nd~i n`g`^odq\ _` g\n
i`pmji\n kdm\h d_\g`n bm\i_`n _` g\ ^jmo`u\ ^`m`]m\g) lp`)
^p\i_j`nbm\q`)kp`_`j^\ndji\mpi\i`^mjndnn`p_jg\hdi\m
_`g\^jmo`u\)^ji\a`^o\^d~ikm`_jhdi\io`_`g\n^\k\nkmj*
(HODQFKTBDLH@
H\ cdk`mbgp^`hd\) nj]m` oj_j `i ^\njn _` _d\]`o`n h`ggdopn
h\g^jiomjg\_\t\nj^d\_\\^`oj\^d_jndnj\^jh\cdk`mjnhj*
g\m) ij j^\ndji\ ^\h]djn hjmajg~bd^jn ndbidad^\odqjn `i `g
^`m`]mj+Hjnk\^d`io`n\a`^o\_jnn`_`ncd_m\o\it_`n\mmjgg\i
^jiapnd~i) `nopkjm t) adi\gh`io`) ^jh\+ Ag \bjo\hd`ioj _`
g|lpd_jn_`]`^jmm`bdmn`bm\_p\gh`io`)t\lp`)ndn`c\^`^ji
m\kd_`u)kp`_`kmjqj^\mpi`_`h\^`m`]m\gdhkjmo\io`+
%MBDE@KNO@Ss@GDOqSHB@
H\`i^`a\gjk\o|\\nj^d\_\\g\\go`m\^d~i_`g\api^d~ic`kz*
od^\n`\nj^d\\ pi\m`nkp`no\bgd\g`i`gOJ?+L\m`^`lp`gjn
h`_d\_jm`ndhkgd^\_jnnjig\n^ji^`iom\^dji`n\go\n_`\hj*
i|\^jtg\n^doj^di\nkmjdiag\h\ojmd\n+Aig\^jmo`u\^`m`]m\gt
gjn b\ibgdjn]\n\g`n)t`ijom\n m`bdji`n _`g\ npno\i^d\bmdn
np]^jmod^\g) \k\m`^`i \nomj^dojn^jii^g`jn\ph`io\_jn _`
o\h\}jth|idhj^dojkg\nh\m`\^odqj)lp`n`^jij^`i^jhj
^{gpg\n_`=guc`dh`m_`odkjEE+
4Q@RSNQMNR SuWHBNR
H\ng`ndji`n^`gpg\m`ntodnpg\m`nn`^pi_\md\n\gjno~sd^jnn`
^jh`io\i`i`g^\k|opgj6+=^jiodip\^d~in`^jh`io\i\gbp*
ijn \nk`^ojn _` q\mdjn om\nojmijn o~sd^jn dhkjmo\io`n) ^ji
pi\dhkjmo\i^d\i`pmjg~bd^\id^\+
-NMuWHCNCDB@QANMN
Ip^c\n_`g\ng`ndji`nk\ojg~bd^\nlp`\k\m`^`iom\ng\`skj*
nd^d~i \bp_\ \g hji~sd_j _` ^\m]jij nji ^jin`^p`i^d\ _`
pi\\go`m\^d~i_`g\^\k\^d_\__`om\inkjmo`_`js|b`ij_`g\
c`hjbgj]di\+ P\h]d{i kp`_`i kmj_p^dmn` `a`^ojn gj^\g`n
_`mdq\_jn_`g\dio`m\^^d~i`iom``g?Kt`gc`hj _`g\^doj*
^mjhj?jsd_\n\)lp`dicd]``gom\inkjmo`_``g`^omji`n`ig\
hdoj^ji_md\+Ano|kd^\g\\k\md^d~i_`g`ndji`nn`g`^odq\n_`g\n
i`pmji\n_`g\n^\k\nEEEtR _`g\^jmo`u\^`m`]m\g)_`gn`^ojm
_` Ojhh`m `i `g cdkj^\hkj t _` g\n ^{gpg\n _` Lpmfdie`+
Lp`_`kmj_p^dmn`pi\i`^mjndn]dg\o`m\g_`gbgj]jkzgd_j)lp`
n`j]n`mq\^jihznam`^p`i^d\`ig\cdkjsd\di_p^d_\kjm`g
hji~sd_j _`^\m]jijlp``ig\ cdkjsd\ _`jom\n^\pn\n+ H\
_`nhd`gdidu\^d~i_`g\n q|\n _`npno\i^d\]g\i^\`npi\^ji*
o`^dhd`iojhzno\m_|j+
-DS@MNK
H\ ojsd^d_\_ _`g h`o\ijg\a`^o\ km`a`m`io`h`io`\ g\ m`odi\)
`ig\lp`g\_`b`i`m\^d~i_`g\n^{gpg\n b\ibgdji\m`nkp`_`
kmj_p^dm^`bp`m\+O`kmj_p^`o\h]d{ipi\i`^mjndn]dg\o`m\g
n`g`^odq\_`gkpo\h`iti`^mjndnaj^\g_`g\npno\i^d\]g\i^\
`i^\njn _` `skjnd^d~idhkjmo\io`+ L\m`^`lp``gajmh\ojt
jomjnh`o\]jgdojn_`gh`o\ijg^jiomd]pt`i\g\ojsd^d_\_kjm
\go`m\^d~i_`g\ajnajmdg\^d~ijsd_\odq\to\h]d{ikjmg\hj_d*
ad^\^d~iij`iudhzod^\_`g\nkmjo`|i\n+H\ojsd^d_\__`gh`o\*
ijg \k\m`^` om\n g\ dib`no\ _`gd^jm`n dg`b\g`n ^jio\hdi\_jn
kjmh`o\ijgj^p\i_jn``hkg`\^jhjnpnodopoj_`g`o\ijg+
%S@MNK
H\`sk`md`i^d\ijn_d^`lp`gjn`a`^ojn_`g\diojsd^\^d~i\bp*
_\njim`q`mnd]g`n)k`mjg\dib`nod~i^m~id^\\]pndq\ _`\g^j*
cjgn`\nj^d\\pi\n`md`_`n`^p`g\ni`pmjg~bd^\n)di^gpd_j`g
n|i_mjh`_`S`mid^f`*Gjmn\fjaakjmg\_`ad^d`i^d\_`od\hdi\
%q+\io`mdjmh`io`&+Hjn`a`^ojno~sd^jn_`g^jinphj^m~id^j_`
\g^jcjgkp`_`in`mo\ioj_dm`^ojn^jhjn`^pi_\mdjn\g\n_`ad*
^d`i^d\nipomd^dji\g`n+O`kmj_p^`pi\_dnapi^d~i^`m`]`gjn\
`i`g.# _`gjn^\njn)^ji\o\sd\omji^\g) h\m^c\di`no\]g`t
idno\bhj+Hjn^\h]djncdnojg~bd^jndi^gpt`i\omjad\tk{m_d_\
_` g\n ^{gpg\n bm\ipgjn\n) nj]m` oj_j `i `g q`mhdn \io`mdjm
%adb+/5*12&+Aigjn^\njn\q\iu\_jnn`j]n`mq\pi\k{m_d_\_`
g\n^{gpg\n_`Lpmfdie`tkmjgda`m\^d~i_`gjn\nomj^dojn\_t\*
^`io`n$^c`fj`j[\;\i^dXee%`iom`g\^\k\_`^{gpg\nbm\ipgjn\n
\bjo\_\tg\^\k\hjg`^pg\m_`g^`m`]`gj+Agn|i_mjh`\g^jc~*
gd^ja`o\gn`^jh`io\`i`g^\k|opgj.-+
2@CH@BHuM
H\`skjnd^d~i_`g^`m`]mj\g\m\_d\^d~ikp`_`n`m\^^d_`io\g
jk\mo`_`gjnm`b|h`i`no`m\k{pod^jnk\m\gjnophjm`n^`m`*
]m\g`n+?jhjn`c\^jh`io\_j`i`g^\k|opgj6)g\`skjnd^d~i
\_jndnhpt`g`q\_\n_`m\_d\^d~i%; .-Ct&kp`_`kmj_p^dm
izpn`\ndiom\o\]g`n) ^jiapnd~i) ^jiqpgndji`n t pi^jh\ _`
dino\pm\^d~i mzkd_\) n`bpd_j _` g\ h p`mo`+ Hjn`a`^ojn o\m*
_|jn_`g\m\_d\^d~io\h]d{ikp`_`ih \ida`no\mn`^jin|ioj*
h\n_`mzkd_\`qjgp^d~i)^jhj^`a\g`\n)izpn`\n)q~hdojnt
`_`h\_`k\kdg\)di^gpnjh`n`nj\}jn_`nkp{n_`g\dmm\_d\*
^d~i+
Hjn c\gg\ubjn k\ojg~bd^jn di^gpt`i `so`in\n zm`\n _`
i`^mjndn ^j\bpg\odq\) nj]m` oj_j `i g\ npno\i^d\ ]g\i^\) t
oj_jn gjn `g`h `iojn odnpg\m`n _` `n\ uji\ npam`i i`^mjndn+
Ano\g`nd~in`\nj^d\\pidio`inj`_`h\_`go`ed_j\_t\^`io`)
^jii`^mjndnad]mdijd_`t)\gadi\g)`n^g`mjndn+ H\^jh]di\^d~i
_` m\_d\^d~it h `ojom`s\oj) lp` n` kp`_`i \_h didnom\m _`
ajmh\ndhpgozi`\jn`^p`i^d\g) kp`_`o`i`mpi`a`^oj ndi{m*
bd^j k\m\ kmj_p^dm g`ndji`n odnpg\m`n+ =pilp` np \nk`^oj
hjmajg~bd^j`nndhdg\m\g^\pn\_jkjmg\m\_d\^d~i)\h`ip_j
`no\n g`ndji`n `nozi \_t\^`io`n \ gjn q`iom|^pgjn g\o`m\g`n)
k`mj n` kp`_`i _dnomd]pdm kjm oj_\ g\ npno\i^d\ ]g\i^\ j `g
omji^j_`g`i^{a\gj+Hjn\sji`ntgjn^p`mkjn^`gpg\m`n^`m^\*
ijn\ g\ng`ndji`nnpam`i pi\ hdi`m\gdu\^d~i _dnom~ad^\)t n`
d_`iodad^\ bgdjndn \_t\^`io`+ H\ m\_d\^d~i o\h ]d{i kp`_`
di_p^dm g\ \k\md^d~i _` ophjm`n) lp` np`g`i _`n\mmjgg\mn`
\}jn_`nkp{n_`g\m\_djo`m\kd\`di^gpt`in\m^jh\n)bgdjh\n
th`idibdjh\n+
>
# / . # % 0 4/ 3 #,!6%
> UE VWR UQ R V Wb [ LG R V \ P I WE F b OLG R V E H T X LULH R V
!KFTM@RCDEHBHDMBH@RUHS@LsMHB@ROQNCTBDMTM@DMEDQLDC@CMDT
QNKuFHB@@RsBNL NDMEDQLDC@CDRRHRSrL HB@RXK@RCNRLqREQDd
BTDMSDRRNM K@CDEHBHDMBH@CDSH@L HM@XUHS@L HM@"
,@RMDBDRHC@CDRL DS@AuKHB@RCDK3.#KNG@BDMLTXRTRBDOSHAKD
@RTEQHQKDRHNMDRONQGHONFKTBDL H@X @K@OrQCHC@CDK@B@O@BHC@C
CD K@ GDL NFKNAHM@ O@Q@SQ@MRONQS@QNWsFDMN BNM SNWHBHC@C ONQ
L NMuWHCNCDB@QANMN
,@DWONRHBHuMBQuMHB@@K@KBNGNKOTDCDNB@RHNM@QKDRHNMDRBDQD
ADKNR@RRNAQDSN C N DM DKUDQLHR@MSDQHNQ
%KSQ@RSNQMN L DS@AuKHBNOTDCD@KSDQ@QK@ETMBHuMBDQDAQ@K @LDd
MTCNRHM B@L AHNRL NQENKuFHBNRCDSDBS@AKDR
4TLNQDR
H\ di^d_`i^d\ \ip\g _` ophjm`n `i `g OJ? q\m|\ _` .- \
.4^\njnkjm.--+---k`mnji\nk\m\gjnophjm`ndiom\^m\i`\g`n
t_`.*/^\njnkjm.--+---k`mnji\n`igjnophjm`ndiom\h`*
_pg\m`n+ H\ h\tjm k\mo` _` `ggjn nji kmdh \mdjn t njgj `g
/2*2-# njih`o\noznd^jn+ Hjnophjm`n_`gOJ?npkji`i^\nd
`g/-# _`oj_jngjnophjm`nh\gdbijnk`_dzomd^jn+Ag4-# _`
gjn ophjm`n dia\iodg`n _`g OJ? npmb`i `i g\ ajn\ kjno`mdjm)
hd`iom\nlp``igjn\_pgojnpikjm^`io\e`ndhdg\mgjc\^`i`i
gjnc`hdna`mdjn^`m`]m\g`nkjm`i^dh\_`g\od`i_\+
=pilp`gjnk\o~gjbjnc\i_`n\mmjgg\_jndno`h\n_`^g\nd*
ad^\^d~ilp`_dnodibp`ig`ndji`n]`idbi\nth\gdbi\nn`bi
^mdo`mdjn cdnojg~bd^jn) g\ `qjgp^d~i ^g|id^\ _` gjn k\^d`io`n
^jiophjm`n^`m`]m\g`nqd`i`hpt^ji_d^dji\_\kjmg\gj^\*
gdu\^d~i t `g k\om~i _` ^m`^dh d`ioj+ =n|) \gbpijn ophjm`n
bgd\g`n^ji^\m\^o`m|nod^\ncdnojg~bd^\n _`]\ej bm\_j %kj^\n
h dojndn) pidajmhd_\_ ^`gpg\m t ^m`^dh d`ioj g`ioj& diadgom\i
`so`in\n m`bdji`n _`g^`m`]mjtkmjqj^\ibm\q`n _`o`mdjmjn
^g|id^jn t od`i`i h\g kmji~nod^j+ @\_\ `no\ ^\k\^d_\_ _`
diadgom\m _` ajmh\ _dapn\ g\ npno\i^d\ bmdn t ]g\i^\) kp`_`
lp``gophjmijn`\npn^`kod]g`_`m`n`^^d~ilpdmmbd^\^jh*
kg`o\ ndi^jhkmjh`o`mg\ api^d~ii`pmjg~bd^\+=_`hzn)gjn
ophjm`n _`g OJ?) n`\^p\g n`\ np bm\_j j odkj cdnojg~bd^j)
kp`_`io`i`m^jin`^p`i^d\nhjmo\g`nndn``i^p`iom\igj^\*
gdu\_jn `i pi\ m`bd~i ^m|od^\ _`g ^`m`]mj8 kjm `e`h kgj) pi
h `idibdjh \ ]`idbij kp`_` kmjqj^\m pi\ k\m\_\ ^\m*
_djmm`nkdm\ojmd\ ndn``i^p`iom\ gj^\gdu\_j`ig\ajn\kjno`*
mdjmt^jhkmdh`^`iomjnqdo\g`n_`g]pg]jm\lp|_`j+ Ei^gpnj
gjnhznh\gdbijn_`gjnbgdjh\nijnp`g`ih `o\no\odu\map`*
m\_`gOJ?+ Hjnophjm`nkp`_`i_dn`hdi\mn`kjm`g H?Nnd
diadgom\i`g`nk\^djnp]\m\^ijd_`jt)kjm`nj)kp`_`idhkg\i*
o\mn`ndbpd`i_j`g^`m`]mjtg\h{_pg\`nkdi\gg`ejn_`ggpb\m
jmdbdi\g_`gkmdh\mdj+
H\^g\ndad^\^d~i_``nojnophjm`n`npi\mo`_`g\k\ojgjb|\)
lp`n`]\n\`i`gom\_d^dji\gm`^jij^dhd`ioj_`g\n^\m\^o`m|n*
od^\n cdnojg~bd^\n t ]djg~bd^\n) ^jh]di\_j ^ji gjn \izgdndn
hjg`^pg\m`nhznm`^d`io`n+ Hjnkmjoj^jgjno`m\k{pod^jnt gjn
`in\tjn `sk`mdh `io\g`n ^ji gjn ophjm`n bgd\g`n n` np`g`i
]\n\m `i g\ ^g\ndad^\^d~i _` g\ Kmb\idu\^d~i Ipi_d\g _` g\
O\gp_%KIO&)lp`_dqd_`gjnophjm`n`ipij_`^p\omjbm\_jn
n`bi np ^jhkjmo\hd`ioj ]djg~bd^j t lp` q\ _` bm\_j E \
ER+ ?ji`g\^op\gndno`h\_`^g\ndad^\^d~i)g\ng`ndji`n_`_dn*
odiojbm\_jm`^d]`ind`hkm`piijh]m``nk`^|ad^j+?p\i_jgjn
ophjm`nm`^d_dq\i)np`g`ihjnom\mkmjbm`nd~i\pibm\_jcdn*
ojg~bd^j hzn \goj t m`^d]`i jomj ijh]m`8 `i m`\gd_\_) `noj
m`km`n`io\g\`qjgp^d~i^gji\g_`ghdnhjophjm)ijpi\`ia`m*
h`_\_ ip`q\+ Asdno`bm\idio`m{n`ig\ d_`iodad^\^d~i_`g\n
^{gpg\ndid^d\_jm\n_`gophjm%jk\m`^d_\n\g\n^{gpg\nh\_m`&)
lp` h\iod`i`i `g ^m`^dhd`ioj _`g ophjm t lp` kp`_`i n`m
_d\i\ndhkjmo\io`nk\m\gjnip`qjnom\o\hd`iojn+
Hjnkmdi^dk\g`nodkjn_`ophjm`n^`m`]m\g`nkmdh\mdjnlp`
n`q\i\^jh`io\m\lp|njigjnbgdjh\n)gjnophjm`ni`pmji\*
g`n) gjn ophjm`n kj^j _da`m`i^d\_jnt pibmpkj _` ophjm`n
h`ijnam`^p`io`n+=_`hzn)n`q\i\^jh`io\mgjnophjm`n_`
g\nh`idib`ntgjnn|i_mjh`n_`ophjm`na\hdgd\m`n+
'KHNL@R
Hjnbgdjh\n)lp`nji`gbmpkjhznam`^p`io`_`ophjm`n^`m`*
]m\g`n kmdh\mdjn) di^gpt`iXjkifZ`kfdXj( fc`^f[\e[if^c`fdXj t
\g\e[`dfdXj*Anojnodkjnophjm\g`nkm`n`io\im\nbjncdnojg~*
bd^jnlp`njig\]\n`k\m\g\^g\ndad^\^d~i+U\ijn`kd`in\lp`
`nojnophjm`n_`mdq\i_`gjnodkjn^`gpg\m`nh\_pmjn`nk`^|*
ad^jn %\nomj^dojn) jgdbj_`i_mj^dojn t ^{gpg\n `k`i_dh\md\n&)
ndijlp`gjc\^`i_`pi\^{gpg\kmjb`idojm\lp`n`_da`m`i^d\
km`a`m`io`h `io` ndbpd`i_j pi\ _` g\n g|i`\n ^`gpg\m`n+
Ip^cjn_``nojn ophjm`n n` gj^\gdu\io|kd^\h`io``i_`o`m*
hdi\_\nm`bdji`n\i\o~hd^\n_`g^`m`]mjtod`i`ipi\_dnomd*
]p^d~i_``_\_tpi\`qjgp^d~i^g|id^\^\m\^o`m|nod^\n+
!RSQNBHSNL@
H\n _jn^\o`bjm|\n kmdi^dk\g`n _` oph jm`n \nomj^|od^jn nji
gjn\nomj^dojh\n_dapnjnt gjngj^\gdu\_jn)_`gjnlp``ghzn
am`^p`io``n`g\nomj^dojh\kdgj^|od^j+Hjn\nomj^dojh\nkp`*
_`io`i`mpibm\_j_`g\KIOlp`q\m|\_`n_`E\ER)kp`_`i
\k\m`^`m _`n_` g\ kmdh`m\ _{^\_\ _` g\ qd_\ `i\_`g\io` t
kp`_`igj^\gdu\mn``i^p\glpd`mgpb\m_`gi`pmj`e`_`n_`gjn
c`hdna`mdjn^`m`]m\g`nc\no\g\h{_pg\`nkdi\g+
!RSQNBHSNL @HMEHKSQ@MSD
Hjn \nomj^dojh\n diadgom\io`nm`km`n`io\i \kmjsdh\_\h`io`
`g5-# _`gjnophjm`n^`m`]m\g`nkmdh\mdjn`i`g\_pgoj+Jjm*
h\gh`io` n``i^p`iom\i`igjnc`hdna`mdjn^`m`]m\g`n)\pi*
lp` o\h]d{ikp`_`igj^\gdu\mn``i`g^`m`]`gj) `g omji^j _`g
`i^{a\gjjg\h{_pg\)`nk`^d\gh`io``iom`g\^p\mo\tg\n`so\
_{^\_\n _` g\ qd_\+ Hjn ndbijn t n|iojh\n _` km`n`io\^d~i
hznam`^p`io`nnji^jiqpgndji`n)^`a\g`\nt_`a`^ojni`pmjg~*
bd^jnaj^\g`nm`g\^dji\_jn^jig\gj^\gdu\^d~i\i\o~hd^\_`g\
\a`^o\^d~i+Ip`nom\ipi`nk`^omj_`_da`m`i^d\^d~icdnojg~bd*
^\lp`n`^jmm`g\^dji\^jig\`qjgp^d~i^g|id^\t`gkmji~nod^j+
@`iomj_``no``nk`^omj)gjnophjm`nq\i_`n_``gXjkifZ`kfdX
[`]ljf%bm\_jEE,ER&\gXjkifZ`kfdX XeXgctj`Zf%bm\_jEEE,ER&t`g
^c`fYcXjkfdX%bm\_jER,ER&+Jj`sdno`i\nomj^dojh\ndiadgom\i*
o`n_`bm\_jE_`g\KIO+
@ \e uk`ZX d f c\Zl cX i* Ip^cj \io`n _` gjnm`^d`io`n \q\i^`n
`ig\b`i{od^\n`n\]|\lp``gbgdj]g\nojh\np`g`\k\m`^`m`i
_jnndop\^dji`n^g|id^\n7g\hznam`^p`io`^jhj`ia`mh`_\_
_`ip`q\\k\md^d~i`i\_pgojnh\tjm`n $^c`fYcXjkfdX gi`dX)
i`f%t^jih`ijnam`^p`i^d\`ik\^d`io`ne~q`i`n^jhjkmj*
bm`nd~i _` pi \nomj^dojh \ _` h`ijm bm\_j $^c`fYcXjkfdX
j\Zle[Xi`f%* Hjn _\ojn _`g ?\i^`m C`ijh ` =og\n J`orjmf
]\n\_jn `i g\ n`^p`i^d\^d~i _`g b`ijh \ _` gjn bgdjh \n
h\gdbijnc\id_`iodad^\_jk\omji`n_`\go`m\^d~ih jg`^pg\m
`i `g bgdj ] g\noj h \ lp` k`mh do`i ^g\ndad^\m `nojn oph j*
m`n`i^p\omjnp]odkjnh jg`^pg\m`n7^gznd^j)kmji`pm\g)i`p*
m\gth `n`ilpdh \ojnj+
Ag jlYk`gf Zctj`Zf( lp` m`km`n`io\ g\ h\tjm|\ _` gjn bgdj*
]g\nojh \n kmdh \mdjn) n` ^\m\^o`mdu\ kjm h po\^dji`n _`g
b`inpkm`njm_`ophjm`nIM>G( _`g`^dji`n_`g^mjhjnj*
h\ .- t \h kgdad^\^d~i _`g ji^jb{i >@?K* P\h]d{i nji
am`^p`io`n g\n _`g`^dji`n aj^\g`n _`g ^mjhjnjh\ 6k/.)
4TLNQDR
lp`_`o`mhdi\ipi\_`g`^d~ic`hd^db~od^\_`gb`inpkm`*
njm _` ophjm`n <=DG.:7 ^jhj m`^jm_\mz) `no` k`^pgd\m
cfZlj ^j_dad^\ _jn npkm`njm`n _` ophjm`n) kg3, EJ G 1\ t
kg1= NB)lp`\ph`io\ig\\^odqd_\__`N>tk20) m`nk`^*
odq\h`io`+
Ag k`gf gife\liXc( lp``n`g odkjhznam`^p`io``igjnbgdj*
]g\nojh\n n`^pi_\mdjn) n`^\m\^o`mdu\ kjmhpo\^dji`n _`
MI1/thpo\^dji`nkpiop\g`n_`gjnb`i`n_`g\dnj^dom\oj
_`ncd_mjb`i\n\) B=A- `B=A.* Agbgdj]g\nojh\ kmji`pm\g
np`g` hjnom\mo\h]d{ipi\nj]m``skm`nd~i_`gm`^`kojmX
_`ga\^ojm_`^m`^dhd`ioj_`mdq\_j_`kg\lp`o\n%L@CBN=&+
Hjn bgdjh\n _` ]\ej bm\_j %\nomj^dojh\n bm\_jn EE t EEE&
o\h]d{inp`g`io`i`mhpo\^dji`n_`MI1/t_`gjnb`i`n_`
B=A( pi\^\m\^o`m|nod^\hjg`^pg\mlp`n`h\iod`i`^p\i_j
g\i`jkg\nd\`qjgp^dji\\pibgdj]g\nojh\n`^pi_\mdj _`
h\tjmbm\_j+
Agk`gf e\liXcn`^\m\^o`mdu\kjmidq`g`nhzn\gojn_``skm`*
nd~i_`gjnh\m^\_jm`ni`pmji\g`n)^jhjJABH)C=>N=.)
OUP.tOH?./=2+
Agk`gf d\j\ehl`dXkfjfn`^\m\^o`mdu\kjm_`g`^dji`n_`gb`i
G?-`i`g^mjhjnjh\.4tpi\h`ijm`skm`nd~i_`g\kmj*
o`|i\JB.+Hjnb`i`ndhkgd^\_jn`ig\q|\_`PJBtJB*f>
`nozihpt`skm`n\_jn`i`gbgdj]g\nojh\h`n`ilpdh\ojnj+
- / 2 & / , / ' m!
,NR@ R SQN B HSN L @ R C HET R N R RNMSTLNQDRFQHRDRHMEHKSQ@MSDRL@KCDEHMHd
CNR PTD DWO@MCDM X CHRSNQRHNM@M DK BDQDAQN PTD U@M HMEHKSQ@MCN
EHF
%M K@ RTODQEHBHD CD BNQSD DK STL NQDREHQLDN AK@MCN X
FDK@SHMNRN@UDBDRBNMCDFDMDQ@BHuMPTsRSHB@3HDLOQDRDUDHMEHKSQ@d
BHuM PTD RTODQ@ KNR LqQFDMDR DWSDQMNR @TMPTD K@ KDRHuM O@QDYB@
AHDMCDKHLHS@C@QDRODBSNCDKSDIHCNBDQDAQ@KBHQBTMC@MSD
-HBQNRBuOHB@LDMSD KNR@RSQNBHSNL@RCHETRNRSHDMDM TM @TLDMSN
CDK@CDMRHC@CBDKTK@QDMBNLO@Q@BHuM BNM K@RTRS@MBH@AK@MB@MNQd
L@K %MSQD KNR MvBKDNR CD K@R BrKTK@R STLNQ@KDR RD DMBTDMSQ@ TM@
DWSDMR@QDCCDOQNKNMF@BHNMDRCDBrKTK@R@RSQNBsSHB@REHM@RONRHSHU@R
BNM K@'&!0 PTDBNMEHDQDM TM @RODBSNEHAQHK@Q@KENMCN %K FQ@CN CD
OKDNLNQEHRLNMTBKD@QDRU@QH@AKD,@SQ@MRHBHuMDMSQDDKSDIHCNMDNOKqd
RHBNXDKSDIHCNMNQL@KDRHMCHEDQDMBH@C@XK@RBrKTK@RSTLNQ@KDROTDd
CDMUDQRDHMEHKSQ@MCNDKSDIHCNMNQL@K@CHRS@MBH@CDK@KDRHuMOQHMBHO@K
,NR@ R SQN B HSN L @ R @M@ O Kq RHBN RLTDRSQ@MQDFHNMDRCDBDKTK@QHC@C
LqRCDMR@XL@XNQOKDNLNQEHRLNMTBKD@QDMK@RPTDRDDMBTDMSQ@M
EHFTQ@R LHSuSHB@RBNMEQDBTDMBH@ %KSrQLHMN @ R SQN B HSN L @ F D L HR SN
B sSHB N RDDLOKD@O@Q@KNRSTLNQDRDM KNRPTDKNR@RSQNBHSNR MDNOKqd
RHBNROQDCNLHM@MSDR LTDRSQ@M TM BTDQONBDKTK@QDNRHMuEHKN AQHKK@MSD
CDKBT@KRTQFDM@ATMC@MSDROQNKNMF@BHNMDRFQTDR@R
%MDKF KHN A K@ R SN L @ KK@L@CN@MSDRFKHNAK@RSNL @L TKSHENQL D XPTD
DM NB@RHNMDRRD@AQDUH@BNL N '"- DRSsOHB@ K@U@QH@BHuM CDK @Rd
ODBSNCDKSTL NQCDTM@QDFHuM@NSQ@EHF
!KFTM@RqQD@RRNM
AK@MPTDBHM@RXEHQLDRNSQ@RRNMAK@MC@RX@L@QHKKDMS@RONQMDBQNRHR
XNSQ@R OQDRDMS@M TM@CDFDMDQ@BHuMPTsRSHB@BNM GDLNQQ@FH@ %K@Rd
ODBSN GHRSNKuFHBN CDK FKHNAK@RSNL@ DR O@QDBHCN @K CDK @RSQNBHSNL@
@M@OKqRHBN ODQNRD@t@CDMCNR Q@RFNRLqR M D B QN R HR X O QN KHED Q@ d
BHu M U @ R B T K@ QC D B r KT K@ R DM C N SD KH@ KD R ,@MDBQNRHRDMDKFKHNAK@Rd
SNL @RTDKD@CNOS@QTM O@SQuMRDQOHFHMNRNDM qQD@RCDGHODQBDKTK@QH
C@C ,@R BrKTK@R STLNQ@KDR RD @BTLTK@M DM KNR LqQFDMDR CD K@R
QDFHNMDRMDBQuSHB@RXNQHFHM@M TM O@SQuM GHRSNKuFHBNBNMNBHCNBNLN
R D T C N D L O @ KHY @ C @ EHF
,@OQNKHEDQ@BHuMCDK@RBrKTK@RU@RBTd
K@QDRFDMDQ@NUHKKNRCDBrKTK@RPTDRD@BTLTK@MXOQNSQTXDM G@BH@K@
KTY DKBQHSDQHN LsMHLN O@Q@DRSD Q@RFNDR K@DWHRSDMBH@CD TM@CNAKD
GHKDQ@CDBrKTK@RDMCNSDKH@KDR#T@MCNK@OQNKHEDQ@BHuMU@RBTK@QDRHL d
ONQS@MSDDKNUHKKNENQL@TM@DRSQTBSTQ@O@QDBHC@@TM@ANK@DKBTDQON
FKNLDQTKNHCD%K6%'&DK@ANQ@CNONQKNR@RSQNBHSNRL@KHFMNRDMQDRd
OTDRS@@K@GHONWH@BNMSQHATXD@DRSDB@LAHNU@RBTK@QB@Q@BSDQsRSHBN
$@C@ K@ DWSQDL@ U@QH@AHKHC@C GHRSNKuFHB@ CD TM@ QDFHuM @ NSQ@ K@R
LTDRSQ@RCDAHNORH@ODPTDt@ROTDCDMMNRDQQDOQDRDMS@SHU@RCDSNCN
DKSTLNQ
,@ F KHN L @ SN R HR B D QD A Q@ K DRTMFKHNL@CHETRNBNM HMEHKSQ@BHuMDWd
SDMR@CD QDFHNMDR LvKSHOKDR CDK BDQDAQN HMBKTRN @SNCN DK BDQDAQN
$@C@ DRS@ DWSDMR@ HMEHKSQ@BHuM DRSD OQNBDRN DUNKTBHNM@ CD ENQL@
@FQDRHU@XRDBNMRHCDQ@TM@KDRHuMCDFQ@CNKKK)6
4TLNQDR
d_`iodad^\^d~i _` \]`mm\^dji`n h jg`^pg\m`n kp`_` \kjmo\m
_d\i\nk\m\gjnom\o\hd`iojn+
!RSQNBHSNL @OHKNBsSHBN
Hjn \nomj^dojh \nkdgj^|od^jn %bm\_j .,ER& n` _dnodibp`i _`
gjn_`hznodkjnkjmnp\nk`^ojh \^mjn^~kd^jth d^mjn^~kd*
^j)tkjmnp^jh kjmo\h d`iojm`g\odq\h `io`]`idbij+=a`^*
o\ic\]dop\gh `io` \id}jnt\_pgojne~q`i`n)t n` gj^\gdu\i
^jih\tjmam`^p`i^d\ `i`g^`m`]`gj) k`mj o\h ]d{ikp`_`i
\a`^o\m g\n k\m`_`nt`g o`^cj _`g o`m^`mq`iom|^pgj) gjni`m*
qdjn ~kod^jn t) `i j^\ndji`n) gjn c`h dna`mdjn^`m`]m\g`n+ H\
_da`m`i^d\cdnojg~bd^\`iom``nojn ophjm`ntjomjn\nomj^doj*
h\nqd`i`\kjt\_\kjmg\kj^\am`^p`i^d\_`g\nhpo\^dji`n
_`MI1/j_`gjnm\nbjnhjg`^pg\m`n_`gjn\nomj^dojh\ndiadg*
om\io`n+Hjn\nomj^dojh\nkdgj^|od^jnlp`\a`^o\i\gjnk\^d`i*
o`n^ji pi\ i`pmjad]mjh\ojndn _` odkj . hp`nom\ipi\ k{m*
_d_\api^dji\g_`g\i`pmjad]mjhdi\8`no\\go`m\^d~ib`i{od^\
ijn`j]n`mq\`ig\najmh\n`nkjmz_d^\n+O`c\i_`n^mdoj_jn
odkjn_`\go`m\^dji`n_`g\nq|\n_`om\inhdnd~i_`n`}\g`n_`
>N=B `i `g \nomj^dojh\ kdgj^|od^j8 g\n om\ingj^\^dji`n lp`
ndmq`ik\m\ n`k\m\m`g _jh didj ^di\n\ _`g dicd]d_jm t pi\
h po\^d~i kpiop\g \^odq\_jm\ %R3--A&) lp` o\h ]d{i n`
`i^p`iom\ `i pi ih `mj ^\_\ q`u h \tjm _` jomjn odkjn
ophjm\g`n%q+^\k|opgj4&+Anojnc\gg\ubjnnpbd`m`ilp``gom\*
o\hd`ioj_dmdbd_j^jidicd]d_jm`n_`>N=Bkp`_`o`i`mpi
k\k`g`i`gom\o\hd`ioj_`gjn\nomj^dojh\nkdgj^|od^jn)nj]m`
oj_j`ig`ndji`n gj^\gdu\_\n `i m`bdji`nijnpn^`kod]g`n _`
m`n`^^d~i+
- / 2 & / , / ' )!
%K@RSQNBHSNL@OHKNBsSHBNDRPTsRSHBN@LDMTCNEHF
3HDRRuKHd
CNOTDCDDRS@QAHDMCDKHLHS@CNNBNMLDMNREQDBTDMBH@RDQHMEHKSQ@Md
SD %K STLNQDRSqENQL@CN ONQBrKTK@R AHONK@QDRBNM OQNKNMF@BHNMDR
cOHKNR@RiK@QF@RXEHM@RPTDRNMONRHSHU@RO@Q@'&!0XPTDENQL@MTM@
CDMR@SQ@L@EHAQHK@Q%REQDBTDMSDDMBNMSQ@QEHAQ@RCD2NRDMSG@KXBTDQd
ONRFQ@MTK@QDRDNRHMuEHHNR ,NRSTLNQDRRNMBNMEQDBTDMBH@AHEqRHBNR
XLTDRSQ@MS@MSNqQD@R K@W@R cLHBQNPTsRSHB@Ri BNL NqQD@REHAQHK@QDR
3DNARDQU@TM@TLDMSNCDKMvLDQNCDU@RNR@LDMTCNBNMO@QDCDR
DMFQNR@C@RXOQNKHEDQ@BHuMCDBrKTK@RU@RBTK@QDRODQNMNRD@RNBH@@
TM OQNMuRSHBN CDRE@UNQ@AKD ,@ MDBQNRHRX K@R LHSNRHR RNM ONBNEQDd
BTDMSDR ! CHEDQDMBH@CD KNR @RSQNBHSNL@REHAQHK@QDRCHETRNRCDBT@Kd
PTHDQFQ@CNKNR@RSQNBHSNL@ROHKNBsSHBNRLTDRSQ@MTM@HMEHKSQ@BHuMKHLHd
S@C@CDKBDQDAQNBHQBTMC@MSD
Anojnophjm`n^m`^`ihptg`io\h`io`tkp`_`in`mom\o\*
_jnlpdmmbd^\h`io`)`nk`^d\gh`io``i`g^`m`]`gj+H\m`^d_d*
q\ndiojhzod^\_`g\ng`ndji`nm`n`^\_\n_`ajmh\di^jhkg`o\
n`np`g`\nj^d\m\pi\ph`ioj_`go\h\}j_`glpdno`hznlp`
\g ^m`^dhd`ioj _`g ^jhkji`io` n~gd_j+ Hjn ophjm`n lp` n`
`sod`i_`ic\^d\g\m`bd~icdkjo\gzhd^\_`gom\^oj~kod^jkp`*
_`io`i`mpi^jhkjmo\hd`ioj^g|id^jjhdijnjkjmnpgj^\gd*
u\^d~i+
8@MSN@RSQNBHSNL @OKDNL NQEN
Ano` ophjm `n hzn am`^p`io` `i `g g~]pgj o`hkjm\g _` gjn
id}jnt\_pgojne~q`i`n)`ib`i`m\g^ji\io`^`_`io`n_`^ji*
qpgndji`n+ Anoz ^jinodopd_j kjm \nomj^dojn i`jkgznd^jn) `i
j^\ndji`n kg`jhjmajn) lp` \ q`^`n \k\m`^`i gg`ijn _` g|kd*
_jn8`no\n^{gpg\nkp`_`i`skm`n\mh\m^\_jm`ni`pmji\g`nt
bgd\g`n+Agbm\_j_`\odkd\ip^g`\mkp`_`n`m`som`hjtnpb`*
mdm pi \nomj^dojh\ _` \goj bm\_j) k`mj g\ km`n`i^d\ _` pi\
\]pi_\io` om\h\ _` m`od^pgdi\) g\ m`g\odq\ _`gdhdo\^d~it g\
diag\h \^d~i ^m~id^\) ep ioj ^ji g\ \pn`i^d\ _` i`^mjndn t
/KHFNCDMCQNFKHNL@
O` om\o\ _` bgdjh \n diadgom\io`n ^jinodopd_jn kjm ^{gpg\n
ndh dg\m`n\gjnjgdbj_`i_mj^dojn+Anojnophjm`nm`km`n`io\i
`iom``g2t`g.2#_`gjnbgdjh\ntn`_`o`^o\ihzn\h`ip_j
c\^d\g\^p\mo\jlpdio\_{^\_\_`g\qd_\+Hjnk\^d`io`nkp`*
_`im`a`mdm\io`^`_`io`n_`hjg`nod\ni`pmjg~bd^\n)\h`ip_j
^ji^jiqpgndji`n) _`q\mdjn \}jn _``qjgp^d~i+ H\n g`ndji`n
n``i^p`iom\i)kmdi^dk\gh`io`)`igjnc`hdna`mdjn^`m`]m\g`n)
nj]m`oj_j`ig\npno\i^d\]g\i^\+
@ \e uk`ZXd fc\Zl cXi* H\n\go`m\^dji`nhjg`^pg\m`nt`g\nk`^*
oj cdnojg~bd^j _dnodibp`i gjn jgdbj_`i_mjbgdjh \n _` gjn
I KNBKHKC=
,NRNKHFNCDMCQNFKHNL@R RNMSTLNQDR AHDM CDKHLHS@CNR PTDENQL@M
L@R@RFQHRDRFDK@SHMNR@RXPTD@LDMTCNOTDCDMBNMSDMDQPTHRSDR
GDLNQQ@FH@RENB@KDRXB@KBHEHB@BHuM %KSTLNQDRSqBNL OTDRSNONQKqd
LHM@R CDBrKTK@R GNLNFrMD@RBNM MvBKDNRDRErQHBNRPTDBNMSHDMDM
BQNL@SHM@CD@RODBSNEHM@LDMSDFQ@MTK@QO@QDBHCNR@KNRPTDRDNAd
RDQU@MDMKNRNKHFNCDMCQNBHSNRMNQL@KDR QNCD@CNRONQTMG@KNBK@QN
CDBHSNOK@RL@U@BTNK@CN EHF
%KSTLNQBNMSHDMDSsOHB@LDMSD
TM@QDCEHM@CDB@OHK@QDRPTDENQL@M@M@RSNLNRHRDMSQDRs,@B@KBHEHd
B@BHuM SHDMD KTF@Q G@RS@DM DK CDDRSNRSTLNQDRXU@Qs@CDRCD
ENBNRLHBQNRBuOHBNR@CDOuRHSNRL@RHUNR ,@RBrKTK@RSTLNQ@KDRPTD
HMEHKSQ@MK@BNQSDY@BDQDAQ@KRTDKDM@BTLTK@QRD@KQDCDCNQCDK@RMDTQNd
M@R R@SDKHSNRHR ODQHM DTQNM@K ,@ @BSHUHC@C L HSuSHB@ DR LsMHL@ N
@TRDMSDX KNRsMCHBDROQNKHEDQ@SHUNRRNMA@INR,NRNKHFNCDMCQNFKHNL@R
RDBNMRHCDQ@M KDRHNMDRCDFQ@CNKK)6CDK@/-3
,NR N KHF N C D M C QN F KHN L @ R @ M @ O Kq R HB N R FQ@CN KKK)6CD K@/-3
RD B@Q@BSDQHY@M ONQ TM@ L@XNQCDMRHC@C BDKTK@Q @M@OK@RH@ MTBKD@Q
@BSHUHC@C LHSuSHB@CDSDBS@AKDX MDBQNRHR %RSNR B@LAHNRRD OTDCDM
DMBNMSQ@QBNM EQDBTDMBH@DM MNCTKNRDM DK RDMNCDTMNKHFNCDMCQNd
FKHNL@CDFQ@CN))SsOHBN!KFTMNRCDDRSNRSTLNQDRNKHFNCDMCQNFKH@KDR
CD@KSNFQ@CNLTDRSQ@M O@SQNMDRHMCHRSHMFTHAKDRCDTM FKHNAK@RSNL@
6@QHNR DRSTCHNR G@M CDL NRSQ@CN PTD DRSD @RODBSN RD BNQQDK@BHNM@
BNM TM ODNQBNLONQS@LHDMSN ONQKNPTDDRSNRSTLNQDRRD@FQTO@M
CDMSQNCDKFKHNAK@RSNL@
%ODMCHLNL@XKDRHNMDRCDSHONLNRNO@Q@UDMSQHBTK@QDR
QDK@BHNM@C@R
Hjn`k`i_dhjh\nnjiophjm`n lp`np`g`ijmdbdi\mn`^`m^\
_`gndno`h\q`iomd^pg\mm`^p]d`mojkjm`k{i_dhj)di^gpd_j`g
^\i\g^`iom\g)\h`ip_jj]gdo`m\_j)_`g\h{_pg\`nkdi\g+Ai
gjnkmdh`mjn/-\}jn_`qd_\n`km`n`io\ic\]dop\gh`io`^`m^\
_`g^p\mojq`iom|^pgjt^jinodopt`i`iom``g2t`g .-# _`gjn
ophjm`n kmdh \mdjn _`g ^`m`]mj `i `n` bmpkj _` `_\_+ Ai
gjn\_pgojn)g\h{_pg\`nkdi\g`ng\gj^\gdu\^d~ihznam`^p`io`+
Hjn ophjm`n lp` n` p]d^\i`i `gg\ njik\mod^pg\mh`io` am`*
^p`io`n`i`gh\m^j_`g\i`pmjad]mjh\ojndn_`odkj/%JB/&+
@ \e uk`ZX d fc\Zl cXi* @\_\g\\nj^d\^d~i`iom`gjn`k`i_dhj*
h\nh`_pg\m`ntg\JB/)ijm`npgo\njmkm`i_`io`lp``sdno\i
^jiam`^p`i^d\hpo\^dji`n _`gb`iG?. `i`g^mjhjnjh\//
`igjn`k`i_dhjh\n_`g\h{_pg\)\pilp`ij_`jom\ngj^\gd*
u\^dji`n+ Hjn `k`i_dhjh\n ij ^jhk\mo`i g\n \go`m\^dji`n
b`i{od^\nkm`n`io`n`igjnbgdjh\ndiadgom\io`n)^jhjg\nhpo\*
^dji`n_`MI1/*L\m`^`i`sdnodm\gh`ijn_jnnp]odkjn_dnodi*
ojn)pijlp``skm`n\pia`ijodkjh`n`ilpdh\ojnj)o|kd^j_`
k\^d`io`ne~q`i`nt^ji o`i_`i^d\ \j^\ndji\mh`ozno\ndn)t
jomj^ji\]`mm\^dji`n`i`so`in\nm`bdji`n_`gjn^mjhjnjh\n
j`i^mjhjnjh\n^jhkg`ojn)lp`np`g`io`i`mpikmji~nod^j
bgj]\gh`ejm+
I KNBKHKC=
%M DK BT@QSNUDMSQsBTKN KNRDODMCHLNL@RRD OQDRDMS@MSsOHB@LDMSD
BNL N L@R@R RuKHC@R N O@OHK@QDR PTD RD DWSHDMCDM CDRCD DK RTDKN
UDMSQHBTK@QEHF
!TMPTDKNRDODMCHLNL@RDRSqMLNCDQ@C@d
LDMSD AHDM CDKHLHS@CNR QDRODBSN CDK BDQDAQN @CX@BDMSD K@ OQNWHLHd
C@CCDKNRMvBKDNRONMSHMNRXATKA@QDRUHS@KDRRTDKDHLODCHQRTDWSHQd
O@BHuMBNLOKDS@%MKNRSTLNQDRHMSQ@LDCTK@QDRK@ATDM@CDKHLHS@BHuM
ONRHAHKHS@DMNB@RHNMDRK@DWSHQO@BHuMSNS@K,NRSTLNQDRDRSqMENQL@d
CNRONQBrKTK@RBNM MvBKDNRQDFTK@QDRQDCNMCNRTNUNHCDRXBQNL@
SHM@FQ@MTK@Q@ATMC@MSD %MSQDKNRMvBKDNRRDNARDQU@TMENMCNEHAQH
K@Q CD CDMRHC@C U@QH@AKD ,@R BrKTK@R STLNQ@KDR OTDCDM ENQL @Q
DRSQTBSTQ@RQDCNMCD@C@RN@K@QF@C@RQNRDS@R B@M@KDR PTDRD O@d
QDBDM@KB@M@KDODMCHL@QHNDLAQHNKuFHBNBNMOQNKNMF@BHNMDRK@QF@RX
SDMTDRPTDRDDWSHDMCDMG@BH@K@KTYEHF
" #NML@XNQEQDBTDMd
BH@ENQL@MRD T C N QQN R D S@ R O D QHU@ RBTK@QDRUEHF
DMK@RPTD
K@RBrKTK@RSTLNQ@KDR RDNQF@MHY@M @KQDCDCNQCD KNRU@RNR BNM TM@
YNM@ HMSDQOTDRS@ PTD BNMSHDMD OQNKNMF@BHNMDR EHM@R CDK DOrMCHL N
CHQHFHC@R G@BH@ K@ O@QDC U@RBTK@Q ,@ L@XNQs@ CD KNR DODMCHLNL@R
LTDRSQ@MDWOQDRHuMCD'&!0X@TMPTDRNMSTLNQDRAHDMCHEDQDMBH@d
CNR X RD BNL ONQS@M BNL N KDRHNMDR CD FQ@CN KK)6 CD K@ /-3 KNR
4TLNQDR
4TLNQDR MDTQNM@KDR
Ip^cjh`ijnam`^p`io`nlp`gjnophjm`nbgd\g`nnji\lp`ggjn
lp` h p`nom\i _da`m`i^d\^d~i i`pmji\g+ Ai b`i`m\g) `nojn
ophjm`n \a`^o\i \ \_pgojn hzne~q`i`n t ^ji am`^p`i^d\ n`
h\idad`no\i^ji^jiqpgndji`n+
Hjn^Xe^c`f^c`fdXjnjiophjm`nlp`^jiod`i`ipi\h`u^g\_`
i`pmji\n_`\nk`^ojh\_pmjtbg|\+Ojio|kd^\h`io`g`ndji`n
npk`mad^d\g`nlp`n`h\idad`no\i)\h`ip_j)^ji^jiqpgndj*
i`n+ O`om\o\_`gjnophjm`ni`pmji\g`nhznam`^p`io`n_`g
OJ?+Ainph\tjm|\)n`om\o\_`ophjm`n_`^m`^dhd`iojg`i*
oj)k`mj`g^jhkji`io`bgd\gn`ojh\am\i^\h`io`\i\kgznd^j
`i j^\ndji`n) `qjgp^dji\i_j _`nkp{n g\ `ia`mh`_\_ ^ji
m\kd_`u+?p\i_jgjnb\ibgdjbgdjh\nn`h\idad`no\i^ji^ji*
qpgndji`n)g\`sodmk\^d~ilpdmmbd^\_`gophjmnp`g`^jiomj*
g\mg\n _` ajmh\ `ad^\u+ =kmjsdh\_\h`io` `g /-# _``nojn
ophjm`n od`i`i pi\ hpo\^d~i \^odq\_jm\ _`g b`i ;K:?
%R3--A& t n`\nj^d\i\ pi\ npk`mqdq`i^d\ gd]m` _`m`^\|_\
hzn^jmo\+
Hjnb\ibgdjbgdjh\nnp`g`igj^\gdu\mn``i`gg~]pgjo`h*
kjm\gthjnom\mpi^jhkji`io`lp|nod^j+H\n^{gpg\nb\i*
-DCTKNAK@RSNL@
Ano`ophjm`h]mdji\mdjh\gdbij\k\m`^`km`_jhdi\io`h`i*
o``iid}jnt`s^gpndq\h`io` `i`g^`m`]`gj %kjm_`adid^d~i&+
Lp`_` `skm`n\m h \m^\_jm`n i`pmji\g`n t bgd\g`n) k`mj `g
ophjm np`g` n`m di_da`m`i^d\_j t n` ^jmm`nkji_` ^ji pi\
g`nd~i_`bm\_jER_`g\KIO+
@ \e uk`ZX d fc\Zl cXi* Hjn`nop_djn b`i~hd^jn c\ik`mhdod_j
d_`iodad^\m np]odkjn hjg`^pg\m`n _` h`_pgj]g\nojh \) lp`
hp`nom\i\go`m\^dji`n`ig\n q|\n _`om\inhdnd~i_`n`}\g`n
dhkgd^\_\n`i`g _`n\mmjggjijmh\g_`g^`m`]`gj)^jhjg\q|\
Ojid^D`_b`cjb%ODD&)lp`k\mod^dk\`i`g^jiomjg_`g\kmj*
gda`m\^d~iijmh\g _`g\n^{gpg\n bm\ipgjn\n_`g^`m`]`gj)tg\
q|\ _` om\inhdnd~i _` n`}\g`n S JP,%0*^\o`idi\+ O`bi g\n
\go`m\^dji`nhjg`^pg\m`n)n`kp`_`_dqd_dm`no`ophjm`i^p\*
omjnp]bmpkjn7
Ag k`gf P GM n` ^\m\^o`mdu\ kjm h po\^dji`n _` g\ q|\ _`
om\inhdnd~i _` n`}\g`n SJP) np`g` \a`^o\m \ id}jn hzn
h\tjm`n)hp`nom\pi\cdnojgjb|\^gznd^\_`h`_pgj]g\noj*
h\ tkm`n`io\hjijnjh|\ _`g^mjhjnjh\ 3t `skm`nd~i
ip^g`\m_` k*^\o`idi\+ Agkmji~nod^j`n`gh`ejmtpi6-#
_`gjnk\^d`io`nndbp`iqdqjn\gjn2\}jn+
Ag k`gf LAA) ^\m\^o`mdu\_jkjmg\nhpo\^dji`n_`g\q|\_`
om\inhdnd~i_`n`}\g`nD`_b`cjb)np`g`\a`^o\m\g\^o\io`nj
\_pgojne~q`i`n)km`n`io\pi\cdnojgjb|\_`nhjkgznd^\ij_p*
g\mtkp`_`o`i`mg\\hkgdad^\^d~i_`FR<G*Agkmji~nod^j`n
dio`mh`_dj`iom``gnp]odkjSJPtgjnbmpkjn0t1+
Ag d\[lcfYcXjkfdX [\c ^ilgf 0) lp` np`g` km`n`io\m pi\
\hkgdad^\^d~i_`IU?tpidnj^mjhjnjh\.4%dg4l&)\a`^o\
kmdi^dk\gh`io`\ gjn g\^o\io`ntgjn id}jnthp`nom\pi\
cdnojgjb|\^gznd^\ j _`^{gpg\n bm\i_`nt n` \nj^d\ \ k`jm
kmji~nod^j+
Ag^ilgf 0n`^\m\^o`mdu\kjm\go`m\^dji`n^dojb`i{od^\ndg4l)
pi\ cdnojgjb|\ ^gznd^\ j _`^{gpg\n bm\i_`n)ndi\hkgdad^\*
^d~i_`IU?)\pilp``ij^\ndji`nkm`n`io\i\hkgdad^\^d~i
_`FR<G* Ag kmji~nod^j _``no`bmpkj`ndio`mh`_dj+ Ai
b`i`m\g)`gdnj^mjhjnjh\.4ldi_d^\pih\gkmji~nod^jt
n`gdhdo\\gjnbmpkjn0t1+
- / 2 & / , / ' m!
%M KNR MHtNR KNR LDCTKNAK@RSNL@RRDKNB@KHY@MDM K@KsMD@LDCH@CDK
BDQDADKN %M DK @CTKSN RNM LqREQDBTDMSDR KNRSTLNQDR K@SDQ@KDR %K
BQDBHLHDMSNQqOHCNOTDCDNBKTHQDKEKTINCDK,#2XOQNCTBHQTM@GHCQNBDd
E@KH@3DSQ@S@@LDMTCNCDSTLNQDRAHDMCDKHLHS@CNRFQHRDRXEQH@AKDR
X OTDCDM UDQRD KKDF@MCN G@RS@ K@ RTODQEHBHD CD K@ENKH@ BDQDADKNR@X
@EDBS@MCN@K@R KDOSNLDMHMFDREHF
! %KDRSTCHNGHRSNKuFHBNCD
KNR LDCTKNAK@RSNL@RLTDRSQ@TM@CDMRHC@CBDKTK@QLTXHLONQS@MSD
BNMKqLHM@RCDBrKTK@R@M@OKqRHB@REHF
" ,@RBrKTK@RSTLNQ@KDR
RNMODPTDt@RBNMBHSNOK@RL@DRB@RNXMvBKDNRGHODQBQNLqSHBNRPTD
BNMEQDBTDMBH@@CNOS@MLNQENKNFs@DKNMF@C@NCDRDLHKTM@ ,@RLHSN
RHR RNM @ATMC@MSDRX KNR L@QB@CNQDR CD OQNKHEDQ@BHuM BDKTK@Q BNLN
+H
RDCDSDBS@M DM TMDKDU@CN ONQBDMS@IDCD K@RBrKTK@R %KSTLNQ
OTDCDDWOQDR@QFQqMTKNRMDTQNM@KDRCDMDTQNRDBQDBHuM ENQL@QQNRDd
S@R CD (NLDQ
7QHFGS BNLN RTBDCDDM DK MDTQNAK@RSNL@ U B@OsSTd
KN X DWOQDR@QL@QB@CNQDRFKH@KDR O DI '&!0 ,@U@QH@ M SD CD Rd
L N OKq RHB@ MNC T K@ QRDB@Q@BSDQHY@ONQqQD@RCD QDROTDRS@DRSQNL@K
L@QB@C@RONQDKCDOuRHSNCDBNKqFDMNXQDSHBTKHM@XMNCTKNRCDBrKTK@R
PTDENQL@McHRKNSDROqKHCNRiPTDBNMSHDMDMLqRMDTQuOHKNXLTDRSQ@M
TM@L@XNQDWOQDRHuMCDL@QB@CNQDRMDTQNM@KDR ,@U@QH@M SDCDB r d
KTK@RFQ@MCDRRDB@Q@BSDQHY@ONQMvBKDNRUDRHBTKNRNRFQ@MCDRDHQQDd
FTK@QDR TMKK@L@SHUNMTBKrNKNXEQDBTDMSDRLHSNRHRX@ONOSNRHR
%M KNRLqQFDMDRCDK@L@R@STLNQ@K OQHMBHO@K K@RBrKTK@RCDKLDd
CTKNAK@RSNL@LTDRSQ@MSDMCDMBH@@ENQL@QB@CDM@RKHMD@KDRCDBrKTd
K@RPTDHMEHKSQ@MK@BNQSDY@BDQDADKNR@XODMDSQ@MDMK@Os@CHRDLHMqMd
CNRDONQDKDRO@BHNRTA@Q@BMNHCDN,@CHRDLHM@BHuM@SQ@UrRCDK,#2
DRTM@BNLOKHB@BHuMEQDBTDMSDPTDFDMDQ@L@R@RMNCTK@QDR@BHDQS@
CHRS@MBH@CDKSTLNQOQHL@QHNO DI HMBKTRNG@RS@K@BNK@CDB@A@KKN
DRS@RRDCDMNLHM@M @UDBDR cLDSqRS@RHRR@KS@SNQH@Ri
4TLNQDR
c`hdna`mdjn^`m`]m\g`n+Ano\ng`ndji`nn`_`ijhdi\iophjm`n
i`pmj`^oj_{mh d^jn kmdh dodqjn npkm\o`iojmd\g`n _`g OJ?
%LJAP_`gOJ?&+ Ano`o{mhdijkp`_`gg`q\m\^jiapnd~i^ji
g\ng`ndji`nk`mda{md^\n %ophjmi`pmj`^oj_{mhd^jk`mda{md^j&)
lp` ^jhk\mo`ig\ hdnh\\go`m\^d~ib`i{od^\_`gn\m^jh\_`
Ardib+Ai`gOJ?)`gLJAP`n_da`m`io`_`gh`_pgj]g\nojh\
t_`gophjmk`mda{md^j+
4TLNQSDQ@SNHCDQ@ACNHCD@SsOHBN
,HMENL@OQHL@QHNCDK3.#
Ano`ophjmhpth\gdbij_`gjnid}jnk`lp`}jn`npi\g`nd~i
_`bm\_jER_`g\KIO)lp`n`gj^\gdu\`ig\ajn\kjno`mdjmt
gjn^jhk\modh`iojnnpkm\o`iojmd\g`n^jipi\am`^p`i^d\k\m`*
^d_\+O`^\m\^o`mdu\kjmg\_da`m`i^d\^d~i_dq`mb`io`^ji^jh*
kji`io`nbgd\g`n)i`pmji\g`n)h`n`ilpdh\ojnjnt`kdo`gd\g`n)
t) \h`ip_j)km`n`i^d\ _`^{gpg\nm\]_jd_`n)k\m`^d_\n \g\n
_`gm\]_jhdjn\m^jh\+
- / 2 & / , / ' m!
,NRSTLNQDRSDQ@SNHCDRQ@ACNHCDR@SsOHBNRRTDKDMRDQFQ@MCDRXAK@Md
CNRX RDDWSHDMCDMONQK@RTODQEHBHDCDKBDQDAQN,@RBrKTK@RQ@ACNHCDR
SHDMDM TM BHSNOK@RL@ DNRHMuEHKN KsLHSDR MDSNR X MvBKDN DWBrMSQHBN
#T@MCNDRS@RBrKTK@RRNMLqRODPTDt@RDKBHSNOK@RL@OTDCD@CNOd
S@QTM@LNQENKNFs@DKNMF@C@PTDQDBTDQC@@K@RBrKTK@RCDKQ@ACNLHNd
R@QBNL@ %KBHSNOK@RL@CDK@RBrKTK@RQ@ACNHCDRBNMSHDMDEHK@LDMSNR
HMSDQLDCHNRXRDSHtDBNMDK@MSsFDMNDOHSDKH@KCDLDLAQ@M@XUHLDM
SHM@ /SQNR L@QB@CNQDR PTD OTDCDM RDQ ONRHSHUNR RNM K@ @BSHM@ CD
LvRBTKN KHRNX K@R PTDQ@SHM@R .N RDDMBTDMSQ@ DWOQDRHuM CD NSQNR
L@QB@CNQDRLTRBTK@QDRBNL NCDRLHM@NLHNFKNAHM@.NDREQDBTDMd
SDPTDK@RBrKTK@RQ@ACNHCDRRD@M TMBNLONMDMSDHLONQS@MSDCDMSQN
CDKSTLNQK@L@XNQs@CDK@RUDBDRKNRHRKNSDRCDSTLNQBNMDRSDO@SQuM
CDCHEDQDMBH@BHuMRDLDYBK@MBNMTMBNLONMDMSDCDBrKTK@ODPTDt@
XBNM NSQNR O@SQNMDR GHRSNKuFHBNRHMBKTHC@CHEDQDMBH@BHuM LDRDMPTHd
L@SNR@DOHSDKH@KXMDTQNFKH@K ,@@BSHUHC@CLHSuSHB@DRDWSQDL@C@LDMd
SDHLONQS@MSD
4TLNQDRCDBrKTK@RFDQLHM@KDR
Hjn kldfi\j[\ZuclcXj^\id`eXc\jZ\i\YiXc\jgi`dXi`fj n` km`n`i*
o\i ndbpd`i_j g\ g|i`\ h`_d\) kmdi^dk\gh`io` `i g\n m`bdji`n
kdi`\g t npkm\n`g\m+ Oji m`nkjin\]g`n _`g -)/ \g .# _` gjn
ophjm`n ^`m`]m\g`n `i k`mnji\n _` \n^`i_`i^d\ `pmjk`\) k`mj
kp`_`i npkji`m c\no\ `g .-# `i F\k~i+ O` om\o\ _` ophjm`n
lp` \a`^o\i \ e~q`i`n) km`n`iozi_jn` c\no\ `i `g 6-# _` gjn
^\njn _pm\io` gjn kmdh`mjn /- \}jn _` qd_\+ Hjn ophjm`n _`
^{gpg\n b`mhdi\g`n) nj]m` oj_j gjn o`m\ojh\n) nji pij _` gjn
ophjm`n ^jib{idojn hzn am`^p`io`n+ Hjn ophjm`n _` ^{gpg\n
b`mhdi\g`n _` g\ m`bd~i kdi`\g hp`nom\i pi km`_jhdidj hpt
dhkjmo\io` `i cjh]m`n) k`mj `no\ _da`m`i^d\ `iom` n`sjn ij n`
`i^p`iom\ `i g\n g`ndji`n npkm\n`g\m`n+
Jj `noz ^g\mj `g jmdb`i _` g\n ^{gpg\n b`mhdi\g`n `i `g OJ?8
kp`_`i n`m m`nojn lp` lp`_\i `i `g OJ ? j lpduz lp`
h dbm\i \gg| _`n_` jomjn gpb\m`n `i a\n`n kjno`mdjm`n _`g
_`n\mmjggj+ Hjn oph jm`n _` ^{gpg\n b`mh di\g`n h p`nom\i
h p^c\n ^\m\^o`m|nod^\n ndhdg\m`n \ npn `lpdq\g`io`n `i g\n
b~i\_\n t `g h`_d\nodij+ Odi `h]\mbj) \ _da`m`i^d\ _` gj lp`
np^`_` `i gjn gdiajh\n) g\n h`ozno\ndn _` gjn ophjm`n _` ^{gp*
g\n b`mh di\g`n bji\_\g`n \g OJ? nji am`^p`io`n8 kjm `nj)
nd`hkm` n` _`]` _`n^\mo\m pi ophjm kmdh\mdj ap`m\ _`g OJ?
\io`n _` `no\]g`^`m `g _d\bi~nod^j _` ophjm _` ^{gpg\n b`mhd*
i\g`n kmdh\mdj _`g OJ?+ H\ ^g\ndad^\^d~i cdnojg~bd^\ _` gjn
oph jm`n _` ^{gpg\n b`mh di\g`n ^`m`]m\g`n n` k\m`^` \ g\
`hkg`\_\ `i `g o`no|^pgj %q+ ^\k|opgj /.&) k`mj `g ophjm cdnoj*
g~bd^\h`io` k\m`^d_j \g n`hdijh\ o`nod^pg\m n` gg\h\ [`j^\i)
d`efdX `i `g OJ?+ H\n m`nkp`no\n \ g\ m\_djo`m\kd\ t g\ lpd*
h djo`m\kd\ nji k\m`^d_\n \ g\n _` jomjn ophjm`n _` ^{gpg\n
b`mhdi\g`n _` jomjn jm|b`i`n+ Ebp\g lp` np^`_` `i g\ k`mda`*
md\) g\n ^ji^`iom\^dji`n `i `g H?N _` h\m^\_jm`n ophjm\g`n)
di^gpd_\n g\ \*a`ojkmjo`|i\ t g\ 0*bji\_jomjkdi\ ^jmd~id^\
cph\i\) kp`_`i n`m odg`n k\m\ `g _d\bi~nod^j t `g n`bpd*
hd`ioj _` g\ m`nkp`no\ \g om\o\hd`ioj+
-DMHMFHNL@R
Hjn d \e `e ^ `fd Xj njioph jm`n km`_jh di\io`h `io` ]`idb*
ijn _` \_pgojn) lp` np`g`i `no\mpid_jn \ g\ _pm\h\_m` t
lp`npmb`i`ig\n^{gpg\nh `idibjo`gd\g`n_`g\\m\^ijd_`n+
Hjnh`idibdjh\nkp`_`i`i^jiom\mn`ndbpd`i_jg\nnpk`mad*
^d`n`so`mi\n_`g^`m`]mjto\h]d{i_`iomj_`gndno`h\q`iomd*
^pg\m) _ji_`npmb`i_`n_`g\n^{gpg\n`nomjh\g`n _` g\\m\^*
ijd_`n _`g kg`sj^jmjd_`j+ Hjn\io`^`_`io`n_`m\_djo`m\kd\
`i g\ ^\]`u\ t `g ^p`ggj) o|kd^\h`io` _{^\_\n \io`n) njipi
a\^ojm _` md`nbj k\m\ `g _`n\mmjggj _` h`idibdjh\n+ Komjn
ophjm`n) ^jhj g\n h`ozno\ndn) `g ophjm ad]mjnj njgdo\mdj t
\gbpijnn\m^jh\nkj^j_da`m`i^d\_jn)kp`_`io\h]d{i^m`^`m
^jhjh\n\ndhkg\io\_\n`ig\_pm\h\_m`+
@ \e uk`ZX d fc\Zl cXi* H\\go`m\^d~i^dojb`i{od^\hznam`^p`i*
o` `ng\ k{m_d_\ _`g ^mjhjnjh\ //) nj]m` oj_j _` np ]m\uj
g\mbj %//l&+ H\n_`g`^dji`ndi^gpt`ig\m`bd~i_`//l g/`ig\
lp`n`gj^\gdu\`g b`iG?.( lp`^j_dad^\g\kmjo`|i\ h`mgdi\8
^jhj^\]m|\npkji`m)gjnh`idibdjh\nnjiam`^p`io`n`ikm`*
n`i^d\_`pi\JB/%q+hzn\_`g\io`&+Ag2-*3-#_`gjnh`idi*
bdjh\n`nkjmz_d^jn od`i`ihpo\^dji`n_`g b`iG?.7 n`^m``
lp`g\h\tjmk\mo`_``no\nhpo\^dji`n^ji_d^dji\ig\a\go\
_`pi\kmjo`|i\h`mgdi\api^dji\g+Aigjnh`idibdjh\nlp`
ij\g]`mb\ihpo\^dji`n_`G?.(g\nhpo\^dji`nhznam`^p`i*
o`n\a`^o\i\g a\^ojm4\nj^d\_j\g m`^`kojm_`PJB %PN=B4&)
`d_`iodad^\ipinp]bmpkj hjg`^pg\m_`adid_j _`h`idibdj*
h\n lp` np`g`i o`i`m pi h`ijm bm\_j cdnojg~bd^j t pi\
h\tjm`no\]dgd_\_^mjhjn~hd^\+Ljm`g^jiom\mdj)gjnh`idi*
bdjh\n_`\gojbm\_jn`np`g`i\nj^d\m\hpo\^dji`n_`G?.(
k{m_d_\ _`g^mjhjnjh\//t`qd_`i^d\_`di`no\]dgd_\_^mj*
h jn~hd^\ %k+ `e+) km`n`i^d\ _` \]`mm\^dji`n ^mjhjn~hd^\n
\_d^dji\g`n&+
I KNBKHKC=
,NRL D M HM F HN L @ R RTDKDMRDQL@R@RQDCNMCD@C@RBNMTM@A@RDDM
K@CTQ@AHDMCDEHMHC@PTDBNLOQHLDMDKBDQDAQNODQNRDRDO@Q@MBNM
E@BHKHC@CCDDRSDEHF
! 0TDCDMDWSDMCDQRD@KGTDRNRTOQ@X@
BDMSD ,@RTODQEHBHDCDK@L@R@RTDKDDRS@QDMB@ORTK@C@ONQTMSDIHCN
EHAQNRNCDKF@CNXOTDCD@CNOS@QTM@RODBSNONKHONHCDNN@ANKKNM@CN
4@LAHrM OTDCDMBQDBDQDMEN QL @ CD OK@B@ CDENQL@PTDDKSTLNQ
RD DWSHDMCD @ L NCN CD KqLHM@ RNAQD K@ RTODQEHBHD CD K@CTQ@ %RS@
KDRHuMRDRTDKD@RNBH@Q@B@LAHNRQD@BSHUNRGHODQNRSuSHBNRDMDKGTDd
RN@CX@BDMSD ,@RKDRHNMDROTDCDMRDQEHQLDRXEHAQNR@RNEHM@LDMSD
4TLNQDR
FQ@MTK@QDRNOTDCDMBNMSDMDQMTLDQNRNRBTDQONRCDOR@LNL@B@Kd
BHEHB@CNR.NDWHRSDMMDBQNRHRMHGDLNQQ@FH@DWSDMR@DUHCDMSDR@MHUDK
L@BQNRBuOHBN
,@L@XNQO@QSDCDKNRLDMHMFHNL@RSHDMDMTMQHDRFNCDQDBHCHU@N
BQDBHLHDMSN@FQDRHUN QDK@SHU@LDMSDA@INXRDBNMRHCDQ@MPTDRNMCD
FQ@CNK)6CDK@/-33DNARDQU@MCHUDQRNRO@SQNMDRGHRSNKuFHBNRRHM
HLONQS@MBH@OQNMNRSHB@ %MSQDKNRO@SQNMDRGHRSNKuFHBNRRDCDEHMDMDK
O@SQuMR HM B HSH@ KcLDMHMFNSDKH@Ki PTDQDBHADRTMNLAQDCDKNRBvL Td
KNR DM DROHQ@K CD BrKTK@R RHM LDLAQ@M@R BDKTK@QDR UHRHAKDR PTD RD
@RHDMS@M DM FQTONR CDMRNR DK EHA QN A Kq R SHB N BNMBrKTK@R@K@QF@C@R
XCDOuRHSNR@ATMC@MSDRCDBNKqFDMNDMSQDDKK@RDKSQ@ M R HB HN M @ KPTD
BNL O@QSD K@R B@Q@BSDQsRSHB@R CD KNRSHONR RHMBHSH@K XEHAQNAKqRSHBN DK
OR@ L N L @ SN RN BNMMTLDQNRNRBTDQONRCDOR@LNL@PTD@O@QDMd
SDLDMSDRDENQL@M ONQK@B@KBHEHB@BHuMCDKNRMHCNRRHMBHSH@KDRCDBrd
KTK@RLDMHMFNSDKH@KDREHF
DKRDBQDSNQBNMFNSsBTK@RDNRHMu
EHK@R 0!3 ONRHSHU@R HMSQ@BHSNOKqRL HB@R X KTBDR HMSQ@BDKTK@QDR DM DK
DRSTCHN BNM LHBQNRBNOHN DKDBSQuMHBN X DK L HB QN P T sR SHB N BNM TM
@RODBSNDRONMINRNK@WN 0@QDBDPTDRNKNDKRTASHONRDBQDSNQRD@RNd
BH@@TMFDMNSHONDRODBsEHBNDMK@ROTAKHB@BHNMDRHMHBH@KDRSNCNRDKKNR
SDMs@M LTS@BHNMDRCDKNRFDMDR 42!&X+,& %REQDBTDMSDDMBNMd
SQ@Q CDFDMDQ@BHuM W@MSNL@SNR@ LDS@OK@RH@ @ LDMTCN uRD@ X TM
OKDNLNQEHRLNMTBKD@QLNCDQ@CNDMKNRLDMHMFHNL@R%MDRS@RKDRHNd
MDR RD G@CDLNRSQ@CN PTDDK sMCHBD OQNKHEDQ@SHUNDR TM OQDCHBSNQCDK
BNLONQS@LHDMSNAHNKuFHBN
,NRL D M HM F HN L @ R @ SsO HB N R FQ@CN KK)6CDK@/-3 RNMSTLNQDR
BNM TM BQDBHLHDMSN KNB@K LqR @FQDRHUNX TM@S@R@CD QDBHCHU@R LqR
@KS@ X OTDCDM QDPTDQHQNSQNRSQ@S@LHDMSNR @CDLqR CD K@BHQTFs@ 3D
CHRSHMFTDMCDKNR LDMHMFHNL@RCDLDMNQFQ@CN ONQK@DWHRSDMBH@CD
BT@SQNNLqRLHSNRHRONQB@LONRCDFQ@M@TLDMSNXK@DWHRSDMBH@
CD@K LDMNRSQDR Q@RFNR@SsOHBNR@TLDMSNCDK@BDKTK@QHC@C BrKTK@R
ODPTDt@RBNM @TLDMSN CD K@QDK@BHuM MvBKDNBHSNOK@RL@ MTBKrNKNR
OQNLHMDMSDRBQDBHLHDMSNRHMTMO@SQuMBNMBQDSNNMDBQNRHR !KFTMNR
O@SQNMDRGHRSNKuFHBNRBrKTK@RB K@ Q@ R XBNQCNHCD RNMBNMRHCDQ@CNR
S@LAHrMCDFQ@CNKK)6ONQRTBNLONQS@LHDMSNLqR@FQDRHUN
,NR L D M HM F HN L @ R @ M @ O Kq R HB N R L @KHFM NR FQ@CN KKK)6 CD K@
/-3 RNMSTLNQDR LTX@FQDRHUNR PTDRDOTDCDM O@QDBDQ@TM R@Qd
BNL @ CD @KSN FQ@CN @TMPTD MNQL@KLDMSD G@X RHFMNR GHRSNKuFHBNR
PTDCDLTDRSQ@M RT NQHFDM DM K@RBrKTK@R LDMHMFNSDKH@KDR -TDRSQ@M
MTLDQNR@RLHSNRHR LHSNRHRONQ B@LONRCDFQ@M@TLDMSN
%KLDMHMFHNL@O @ O HK@ QBNMBrKTK@ROKDNLNQE@RCHROTDRS@R@KQDCDCNQ
CDDIDREHAQNU@RBTK@QDR XDKLDMHMFHNL@Q@ A C N HC D KqLHM@RCDBrKTK@R
STLNQ@KDRBNM BHSNOK@RL@GH@KHMN DNRHMuEHKN PTDBNMSHDMDEHK@LDMSNR
HMSDQLDCHNR LTDRSQ@M TM@HLONQS@MSDSDMCDMBH@@K@QDB@sC@ ONQKN
PTDRDBNMRHCDQ@MSTLNQDRCDFQ@CN KKK)6CDK@/-3
!TMPTD K@ L@XNQs@ CD KNR LDMHMFHNL@R RD OTDCDM RDO@Q@Q BNM
E@BHKHC@C CDK BDQDAQN RTAX@BDMSD @KFTMNR HMEHKSQ@M DK BDQDAQN DM TM
EQDMSD@LOKHN BNLOQDRHUN N BNL N BrKTK@R RTDKS@R ,@ OQDRDMBH@CD
HMU@RHuMCDKBDQDAQNRD@RNBH@@K@TLDMSNCDKQHDRFNCDQDBHCHU@ODQN
MNLNCHEHB@DKFQ@CNGHRSNKuFHBNCDK@KDRHuM,NRLDMHMFHNL@RRTDKDM
DWOQDR@Q@MSsFDMNDOHSDKH@KCDLDLAQ@M@@CHEDQDMBH@CDNSQNRSTL Nd
QDRNQHFHM@CNRDMDRS@QDFHuM ,@PTDQ@SHM@RNKNK@DWOQDR@MK@RKDRHNd
MDRCDO@SQuM RDBQDSNQ XDRSNRSTLNQDRS@LAHrM DWOQDR@M@MSsFDMN
B@QBHMNDLAQHNM@QHN
4TLNQDR LDS@RSqRHBNR
H\ng`ndji`nh`o\noznd^\n)`inph\tjm|\^\m^dijh\n)njim`n*
kjin\]g`n_`g\^p\mo\k\mo`jg\hdo\__`gjnophjm`ndiom\*
^m\i`\g`n+H\ngj^\gdu\^dji`nkmdh\md\nhznam`^p`io`nnji`g
kpgh~i) g\ h\h\) g\ kd`g %h`g\ijh\&) `g md}~it`g \k\m\oj
_db`nodqj)lp`epiojn npkji`i`g 5-# _`gjn^\njn+ =gbpijn
ophjm`n kj^j am`^p`io`n %k+ `e+) ^jmdj^\m^dijh\& od`i`i pi\
\go\kmj]\]dgd_\__`kmj_p^dmh`ozno\ndn^`m`]m\g`n)hd`iom\n
lp`jomjnophjm`nam`^p`io`n%k+`e+)\_`ij^\m^dijh\_`km~n*
o\o\&^\ndipi^\gjc\^`i+H\nh`ozno\ndn\a`^o\i^jiam`^p`i^d\
\ g\n h`idib`n+ Hjn ophjm`nh`o\noznd^jnn` did^d\i^g|id^\*
h`io`^jhjh\n\nt)`ij^\ndji`n)njig\kmdh`m\h\ida`no\*
- / 2 & / , / ' m!
,@RLDSqRS@RHRHMSQ@O@QDMPTHL@SNR@RENQL@ML@R@RAHDMCDKHLHS@C@R
PTD @LDMTCN RD KNB@KHY@M DM K@ TMHuM FQHR
AK@MB@X RD QNCD@M DM
FDMDQ@K CDDCDL@ %K KsLHSDDMSQDDKSTLNQXDK O@QrMPTHL@BDQDAQ@K
RDNARDQU@AHDMCDKHLHS@CN@K LHBQNRBNOHN DK LDK@MNL@MNRHDLOQD
BTLOKDDRS@MNQL@X K@RBrKTK@RHMCHUHCT@KDROTDCDMHMEHKSQ@QDKBDQDd
AQN ,NRMNCTKNRCDSTLNQ@LDMTCNBNMqQD@RCDMDBQNRHRBDMSQ@K
RDQNCD@MONQFKHNRHRQD@BSHU@,@B@QBHMNL@SNRHRLDMsMFD@DMK@PTD
DWHRSDM MNCTKNRCDSTLNQCHRDLHM@CNRONQK@RTODQEHBHDCDKBDQDAQN
K@LrCTK@DROHM@KXK@RQ@sBDRMDQUHNR@RHMSQ@CTQ@KDRRD@RNBH@RNAQD
SNCN @KNRB@QBHMNL@RCDOTKLuMXL@L@
3sMCQNLDR O@Q@MDNOKqRHBNR
=_`hzn_``a`^ojn_dm`^ojntgj^\gdu\_jnkmj_p^d_jnkjmg\n
h`ozno\ndn)gjnk\^d`io`n^ji_dnodiojnophjm`n_`n\mmjgg\ijve)
[ifd\jgXiXe\fgctj`Zfj( lp`kp`_`i\a`^o\m\ gjnndno`h\ni`m*
qdjnjnk`mda{md^jt^`iom\g)km`^`_d`i_jdi^gpnj)`ij^\ndji`n)
\gm`^jij^dhd`ioj^g|id^j_`g\i`jkg\nd\h\gdbi\+O`c\i_`n*
^mdoj_dq`mnjnn|i_mjh`nk\m\i`jkgznd^jn\idq`g^g|id^j+L\m`*
^`lp`pij_`gjnh`^\idnhjnnp]t\^`io`n`ng\\k\md^d~i_`
pi\m`nkp`no\dihpi`am`io`\\io|b`ijn_`gophjm)lp`m`\^*
^dji\_`ajmh\^mpu\_\^ji\io|b`ijn`igjnndno`h\ni`mqdj*
njn^`iom\gjk`mda{md^j+=gbpijnophjm`nh\gdbijnn`\nj^d\i
o|kd^\h`io` \ pi n|i_mjh` ^g|id^j ^ji^m`oj+ Ai \gbpijn _`
`nojnn|i_mjh`n^g|id^jnn``nozi_`adid`i_j \^op\gh`io`gjn
\iod^p`mkjn^dm^pg\io`ntgjn\io|b`ijn_d\i\+=^jiodip\^d~i
n`_`n^md]`i`e`hkgjnm`km`n`io\odqjn7
=\^\e\iXZ`xeZ\i\Y\cfjXjlYX^l[X(lp`n`\nj^d\\g\_`nomp^*
^d~i_`g\n^{gpg\n_`Lpmfdie`)bgdjndn`diadgom\_jdiag\h\*
ojmdj^m~id^jgdb`mj+ Qibmpkj_``nojnk\^d`io`n od`i`pi
\iod^p`mkj L?=*. ^dm^pg\io` %\iod*Uj& lp` m`^jij^`\ g\n
^{gpg\n_`Lpmfdie`_`g^`m`]`gj8`no`\iod^p`mkjn`_`n^md*
]`)kmdi^dk\gh`io`)`ig\nhpe`m`n^ji^\m^dijh\n_`jq\*
mdj)o`mjjh\h\+
>eZ\]Xc`k`jcvdY`ZX(^\m\^o`mdu\_\kjmpi\_`h`i^d\np]\bp*
_\)t`ig\lp`n`m`^jij^`ih\ibpdojndiag\h\ojmdjnk`md*
q\n^pg\m`n)ij_pgjn_`hd^mjbgd\)^d`mo\k{m_d_\i`pmji\g
tbgdjndn)oj_jn`ggjn^`iom\_jn`ig\uji\\io`mdjmth`_d\g
_`gg~]pgjo`hkjm\g+Ag\nk`^ojhd^mjn^~kd^jm`^p`m_\\pi
kmj^`njdia`^^djnj+O`kp`_``i^jiom\mpikmj^`nj^jhk\*
m\]g`lp`\a`^o\\g omji^j _`g`i^{a\gj) _`ajmh\\dng\_\j
\nj^d\_\ \ g\ \a`^o\^d~i _`g ndno`h\ g|h]d^j+ =gbpijn _`
`nojnk\^d`io`n od`i`i pi\iod^p`mkj=JJ=*. ^dm^pg\io`
%\iod*Dp&)lp`m`^jij^`gjni^g`jni`pmji\g`n_`gndno`h\
i`mqdjnj^`iom\gt k`mda{md^j8 gjn=JJ=*. n` \nj^d\i^ji
hzn am`^p`i^d\ \g ^\m^dijh\ hd^mj^|od^j kpghji\m+ Komj
bmpkj_``nojnk\^d`io`nod`i`pi\iod^p`mkj^dm^pg\io`lp`
m`^jij^``gm`^`kojmJI@=thp`nom\pi\m`\^odqd_\_^mp*
u\_\^jig\ni`pmji\n_`gcdkj^\hkj+ @`n^mdojnjmdbdi\g*
h `io` `i hpe`m`n ^ji o`m\ojh\n _` jq\mdj) `no` hdnhj
n|i_mjh`^g|id^jn`m`^jij^`\cjm\`ipik`lp`}jkjm^`i*
o\e`_`gjnk\^d`io`n^ji`i^`a\gdodn `nkjmz_d^\+ Qio`m^`m
bmpkj _` k\^d`io`n od`i` pi \iod^p`mkj ^jhkg`ejRCG?
^dm^pg\io`)lp`m`^jij^``g^\i\g _`kjo\ndj m`bpg\_jkjm
qjgo\e`8 g\ km`n`i^d\ _` `no` \iod^p`mkj kp`_` \nj^d\mn`
o\h]d{i\pi\i`pmjk\o|\k`mda{md^\+Andhkjmo\io`_`no\*
^\mlp`)`ihp^cjn^\njn_``i^`a\gdodng|h]d^\)`no`n|i_mj*
h` \k\m`^` \io`n _` lp` n` njnk`^c` idibi kmj^`nj
h\gdbijt)kjm`nj)npkm`n`i^d\j]gdb\\_`n^\mo\mophjm`n
`ijom\ngj^\gdu\^dji`n_`gjmb\idnhj+
MiXjkfiefj [\c dfm`d`\ekffZlcXi( kmdi^dk\gh`io` jknj^gj*
id\)lp`n`np`g`\nj^d\m\`qd_`i^d\n_`_dnapi^d~i^`m`]`*
gjn\ t _`g omji^j _`g `i^{a\gj+ Ai gjn id}jn) n` np`g`i
`i^jiom\m`igjni`pmj]g\nojh\nt\ h`ip_j\^jhk\}\*
_jn_`hdj^gji|\n+
P\h]d{in`kp`_`\a`^o\m`gndno`h\i`mqdjnjk`mda{md^j7
G\lifgXkvXj\ej`k`mXjlYX^l[X( lp`kp`_`\nj^d\mn`\ `i^`*
a\gdodn g|h]d^\j \k\m`^`m\dng\_\h`io`+ O`^\m\^o`mdu\kjm
g\k{m_d_\_`i`pmji\nn`indodq\n_`gjnb\ibgdjn_`g\m\|u
_jmn\g)\_`hzn_`diag\h\^d~igdiaj^|od^\+
Lve[ifd\d`Xjkue`Zf[\>Xkfe)EXdY\ik(^\pn\_jkjm\iod^p`m*
kjnam`io`\g^\i\g_`^\g^djm`bpg\_jkjmqjgo\e``igjn`g`*
h`iojnkm`ndizkod^jn_`g\pid~ii`pmjhpn^pg\m+Ano`^p\*
_mjkp`_`\k\m`^`mndi\nj^d\^d~i\idibiophjmh\gdbij+
Ai\gbpijnn|i_mjh`nk\m\i`jkgznd^jn`sdno``qd_`i^d\_`
lp`g\ dihpijo`m\kd\ %`gdhdi\^d~i_`gjn \iod^p`mkjn^dm^p*
g\io`n`dihpij_`km`nd~i&tg\`sodmk\^d~i_`gophjmh`ejm\i
g\ ^g|id^\+ Ai b`i`m\g)`nojn n|i_mjh`n^g|id^jn^ji\iod^p`m*
kjnlp`m`\^^dji\iam`io` \ g\ h`h]m\i\ kg\nhzod^\ %k+ `e+)
RCG?tJI@=N&m`nkji_`i\g\dihpijo`m\kd\h`ejmlp`
gjn lp` gj c\^`i am`io` \ \io|b`ijn diom\^`gpg\m`n %k+ `e+)
=JJ=*.tL?=*.&+
3sMCQNLDRSTL NQ@KDRE@LHKH@QDR
@dnodio\n`ia`mh`_\_`nc`m`_do\md\nn`\nj^d\i\g\\k\md^d~i
_`ophjm`n%q+^\k|opgj4&+Ai\gbpi\n_``gg\n)gjnophjm`n_`g
ndno`h\i`mqdjnjnjipi`g`h`iojdhkjmo\io`_`g\`ia`mh`*
_\_tn`^jh`io\i\^jiodip\^d~i+Komjnn|i_mjh`ndi^gpt`i
ophjm`n_`gOJ?^jhjk\mo`_`g`nk`^omj)k`mjg\h\tjm^\m*
b\_`g\`ia`mh`_\_n`gj^\gdu\`ijomjngpb\m`n+
Lve[ifd\[\<fn[\e6b\ibgdj^dojh\_dnkgznd^j_`g^`m`]`gj
%`ia`mh`_\__`Hc`mhdoo`*@p^gjn&)^\pn\_jkjmhpo\^dj*
i`n `i IM>G( ^ji g\ ^jindbpd`io` \^odqd_\_ _` g\ q|\ _`
om\inhdnd~i_`n`}\g`nLE0G,=GP%q+^\k|opgj4&+
Lve[ifd\[\ E`)?iXld\e`6 h`_pgj]g\nojh\n ^\pn\_jn kjm
hpo\^dji`n_`MI1/ %q+^\k|opgj4&+
Lve[ifd\[\ MliZfk6h`_pgj]g\nojh\jbgdj]g\nojh\^\pn\*
_jnkjmhpo\^dji`n`i:I<j`igjnb`i`n_`m`k\m\^d~i_`
`mmjm`n%^jhj`i`g^zi^`m_`^jgjia\hdgd\m8q+^\k|opgj.4&+
Lve[ifd\[\@fic`e6h`_pgj]g\nojh\^\pn\_jkjmhpo\^dji`n
`i`gb`iIM<A( ^jig\^jindbpd`io`m`bpg\^d~i\g\gu\_`g\
q|\_`om\inhdnd~i_`n`}\g`nD`_b`cjb%q+^\k|opgj/2&+
#NLOKDINCDK@DRBKDQNRHRSTADQNR@
H\`n^g`mjndnop]`mjn\`npin|i_mjh`\pojn~hd^j_jhdi\io`)
^pt\am`^p`i^d\\kmjsdh\_\`n_`.kjm3+---k\mojn+O`^\m\^*
o`mdu\kjm`g_`n\mmjggj_`c\h\mojh\nti`jkg\nd\n]`idbi\n
lp` \a`^o\i\g^`m`]mjt \jomjno`ed_jn+ H\n h\ida`no\^dji`n
^g|id^\n hzn am`^p`io`n di^gpt`i ^jiqpgndji`n) \podnhj t
m`om\njh`io\g+Hjnc\h\mojh\n_`gOJ?\_jko\ig\ajmh\_`
op]{m^pgjn^jmod^\g`ntij_pgjnnp]`k`i_dh\mdjn8gjn\nomj^d*
ojh\nnp]`k`i_dh\mdjn_`^{gpg\nbdb\io`nnjii`jkg\nd\n_`
]\ej bm\_j) lp` k\m`^`i _`n\mmjgg\mn` \ k\modm _` ij_pgjn
c\h\mojh\ojnjn ndop\_jn `i `g hdnhj gpb\m+ Hjn op]{m^p*
gjn^jmod^\g`nkmjqj^\i^jiqpgndji`n^jiam`^p`i^d\tg\`sodm*
k\^d~ilpdmmbd^\kp`_`m`npgo\m]`i`ad^djn\^p\i_jam\^\n\
`g om\o\h d`ioj ^ji azmh \^jn \iod`kdg{kod^jn+ H\n g`ndji`n
4TLNQDR
om\in^mdk^d~idhkgd^\_j`ig\ m`bpg\^d~i_` g\`skm`nd~i_`g
a\^ojm_`^m`^dhd`ioj`i_jo`gd\gq\n^pg\m)g\`mdomjkjt`odi\t
jomjna\^ojm`n_`^m`^dhd`ioj+H\_`nm`bpg\^d~i_`g\`mdomjkj*
t`odi\`nm`nkjin\]g`_`g\kjgd^do`hd\j]n`mq\_\`im`g\^d~i
^jigjnc`h\ibdj]g\nojh\n`i\kmjsdh\_\h`io``g.-# _`
gjn^\njn+ DEBo\h]d{im`bpg\g\`skm`nd~i_`b`i`ndhkgd^\*
_jn `i `g ^jiomjg _`g h `o\]jgdnhj ^`gpg\m t `g ^m`^dhd`ioj
^`gpg\m) \^odqd_\_`nlp`)kjnd]g`h`io`)^jiomd]pt\i\ g\ajm*
h\^d~i_`ophjm`n+Odi`h]\mbj)ijn`n\]`oj_\q|\kjmlp{
piodkj_`^{gpg\^ji^m`o\m`npgo\`nk`^d\gh`io`npn^`kod]g`\
g\om\inajmh\^d~ikjmg\cdk`m\^odqd_\__`DEB+
`som\^`m`]m\g`n^jindno`i`i\ibdjhdjgdkjh\nm`i\g`n)c\h\m*
ojh\n_`g\bg|\`ig\m`odi\)gdia\ibdjhdjh\ojndnkpghji\mt
m\]_jhdjh\n^\m_|\^jn)lp`\k\m`^`i_pm\io`g\dia\i^d\jg\
\_jg`n^`i^d\+Hjnlpdno`nkp`_`i`i^jiom\mn``iq\md\ngj^\*
gdu\^dji`n)di^gpd_jn`gc|b\_j)gjnmd}ji`nt`gkzi^m`\n+ H\n
g`ndji`n^pozi`\n^jindno`i`i\ibdjad]mjh\n)`ibmjn\hd`i*
ojn^jmm`jnjn`ik\m^c`ngj^\gdu\_jn %k\m^c`n`ikd`g_`gde\&)
zm`\ncdkjkdbh`io\_\n%k\m^c`n`icje\_`am`nij&tad]mjh\n
np]pibp`\g`n+
Qij_`gjncfZ`_`g\`n^g`mjndnop]`mjn\$ML<-%n`gj^\gdu\`i
`g^mjhjnjh\ 6l01t^j_dad^\ pi\kmjo`|i\ gg\h\_\c\h\mod*
i\8`gcfZljhpo\_j^jihznam`^p`i^d\`ig\`n^g`mjndnop]`mjn\
$ML<.%n``i^p`iom\`i.3kg0+0t^j_dad^\g\op]`mdi\+Ano\n_jn
kmjo`|i\najmh\ipi^jhkg`ejlp`dicd]`g\^di\n\hPKN)lp`
`npim`bpg\_jm^g\q`_`g\n|io`ndn_`kmjo`|i\ntjomjn\nk`^*
ojn_`g\i\]jgdnhj^`gpg\m+Andio`m`n\io`lp`hPKN^jiomjg\
`go\h\}j^`gpg\m)tgjnophjm`n\nj^d\_jn\g\`n^g`mjndnop]`*
mjn\n`^\m\^o`mdu\ikjmo`i`mpibm\iqjgph`i_`^dojkg\nh\)
nj]m`oj_j`i`g^\nj_`gjn\nomj^dojh\n_`^{gpg\nbdb\io`n_`g
OJ?tgjnm\]_jhdjh\n^\m_|\^jn+Hjnop]{m^pgjn^jmod^\g`nt
np]`k`i_dh\mdjn n` \nj^d\i \ pi\ ^jkd\ dio\^o\ _`g \g`gj _`
odkjn\gq\e`)hd`iom\nlp``igjn\nomj^dojh\n_`^{gpg\nbdb\i*
o`nnp]`k`i_dh\mdjnn`j]n`mq\pi\k{m_d_\]d\g{gd^\+Agom\o\*
hd`ioj`nndiojhzod^j`di^gpt`azmh\^jn\iod`kdg{kod^jnk\m\
^jiomjg\mg\n^jiqpgndji`n+Agom\o\hd`ioj_`gjnk\^d`io`n^ji
dicd]d_jm`n_`hPKNc\^jin`bpd_jh`ejm|\n^g|id^\n+
- / 2 & / , / ' m!
,NRGDL@MFHNAK@RSNL@RRNMMDNOK@RH@RLTXU@RBTK@QDRPTD@O@QDBDM
BNLNTMMNCTKNLTQ@K@RNBH@CN@TMFQ@MPTHRSDQDKKDMNCDKsPTHCN ,@
KDRHuMDRSqBNMRSHSTHC@ONQONQBDMS@IDRU@QH@AKDRCDU@RNRCDS@L@tN
B@OHK@QN@KFNLqRFQ@MCDR CDO@QDCCDKF@C@BNMBrKTK@RDRSQNL@KDR
HMSDQOTDRS@R CD GHRSNFDMH@CDRBNMNBHC@ B@Q@BSDQHY@C@R ONQTM BHSNd
OK@RL@U@BTNK@CNXKHFDQ@LDMSD0!3ONRHSHUNQHBNDMKsOHCNR,@RBrKTK@R
DRSQNL@KDRRNMCDNQHFDMHMBHDQSNODQNK@RSrBMHB@RCDHMLTMNGHRSNPTsd
LHB@ G@M QDUDK@CN PTDDWOQDR@M HMGHAHM@ %RS@R RNM K@R BrKTK@R PTD
LTDRSQ@MDKcRDFTMCNFNKODiDMDK@KDKNCD6(, OQDUH@LDMSDMNQL@KX
ONQDRNRDBNMRHCDQ@MDKDKDLDMSNMDNOKqRHBNCDKGDL@MFHNAK@RSNL@
Agom\o\hd`iojn`_dmdb`\g\ni`jkg\nd\nndiojhzod^\n)^ji
m`n`^^d~ilpdmmbd^\_`gjnc`h\ibdj]g\nojh\n^`m`]`gjnjnt
\]g\^d~i^jigzn`m_`gjnophjm`n_`g\m`odi\+
- / 2 & / , / ' m!
,NRG@L@QSNL@RBNQSHB@KDRCDK@DRBKDQNRHRSTADQNR@RNMLqREHQLDR
PTD K@BNQSDY@ MNQL@K X RD G@M BNL O@Q@CN ONQDK BNMSQ@RSD BNM K@
BNQSDY@@CX@BDMSDLqRAK@MC@BNM K@RO@S@S@R CD@KKsRTCDMNLHM@d
BHuMCDcSTArQBTKNRi %RSqMENQL@CNRONQMDTQNM@RCDRNQF@MHY@C@R
PTDB@QDBDM CD K@DRSQTBSTQ@K@LHM@QMNQL@K CD K@MDNBNQSDY@!CDd
LqR@KFTM@RBrKTK@RFQ@MCDROTDCDMLNRSQ@QTM@RODBSNHMSDQLDCHN
DMSQDK@RBrKTK@RFKH@KDRXMDTQNM@KDRMvBKDNRUDRHBTK@QDRFQ@MCDRBNM
MTBKrNKNR PTD QDBTDQC@M @ K@R MDTQNM@R X@ATMC@MSD BHSNOK@RL@
DNRHMuEHKN BNL NKNR@RSQNBHSNRFDLHRSNBsSHBNR X@LDMTCNDWOQDR@M
EHK@LDMSNR HMSDQLDCHNR CD NQHFDM MDTQNM@K MDTQNEHK@LDMSNR X FKH@K
'&!0 %MBNMBNQC@MBH@BNMK@BNMRDQU@BHuMCDK@KDKNCDSHONR@KU@d
ID DRS@R BrKTK@R RD RTDKDM SDtHQBNM G@L@QSHM@XSTADQHM@@K LHRLN
SHDLON(@XQ@RFNRG@L@QSNL@SNRNRO@QDBHCNRDMKNRMNCTKNRRTADd
ODMCHL@QHNRDMKNRPTDK@RBrKTK@RFQ@MCDRO@QDBHC@R@@RSQNBHSNRRD
@BTLTK@M ONQ CDA@IN CD K@ RTODQEHBHD CDK UDMSQsBTKN %RS@R L@R@R
LvKSHOKDR@LNCNCDFNS@RXPTDOQNSQTXDMG@BH@DKRHRSDL@UDMSQHBTd
K@QCHDQNMKTF@Q@KBNMBDOSNBDQ@CDUDK@ %MK@RqQD@RRTADODMCHL@
QH@RRDDMBTDMSQ@TMSTL NQvMHBNCDK@DRBKDQNRHRSTADQNR@ DK@RSQN
BHSNL@CDBrKTK@RFHF@MSDRRTADODMCHL@QHN B@Q@BSDQHY@CN ONQSDMDQ
FQ@MCDRB@MSHC@CDRCDBHSNOK@RL@DNRHMuEHKN
.DTQNEHAQNL@SNRHR
@jnn|i_mjh`n_`ophjm`na\hdgd\m`n\pojn~hd^jn_jhdi\i*
o`n)JB.tJB/)n`^\m\^o`mdu\ikjmophjm`n_`gOJLt`gOJ?+
H\JB.`ng\hznam`^p`io`)^jipi\am`^p`i^d\_`.kjm^\_\
0+--- c\]do\io`n) t n` ^\m\^o`mdu\kjm i`pmjad]mjh\n _` gjn
i`mqdjnk`mda{md^jn) bgdjh\n _`g i`mqdj~kod^j) ij_pgjnkdb*
h `io\_jn `i `g dmdn $ef[lcfj [\ E`jZ_% t hz^pg\n ^pozi`\n
cdk`mkdbh`io\_\n $dXeZ_Xj ZX]u Zfe c\Z_\%* H\ JB/ n` np`g`
^\m\^o`mdu\mkjmn^cr\iijh\n]dg\o`m\g`n_`gjni`mqdjnq`n*
od]pgj^j^g`\m`n %k\m^m\i`\g REEE&th`idibdjh\n hgodkg`n+
Anojnk\^d`io`no\h]d{ikp`_`i_`n\mmjgg\mbgdjh\n)lp`o|kd*
^\h`io`nji`k`i_dhjh\n_`g\h{_pg\`nkdi\g+Ano`om\nojm*
ij`nhp^cjh`ijnam`^p`io`lp`g\JB. tnpam`^p`i^d\`n
_`. kjm1-+---*2-+---k`mnji\n+ Anojn _jnodkjn _`i`pmjad*
]mjh\ojndnn`^jh`io\i`i_`o\gg``i`g^\k|opgj/4+
>
# / . # % 0 4/ 3 #,!6%
4TLNQDR
,NRSTLNQDRCDK3.#OTDCDMRTQFHQCDK@RBrKTK@RCDK@RBTAHDQd
S@R LDMHMFHNL@R CDK BDQDAQN FKHNL@R STL NQDR MDTQNM@KDR
STLNQDR CDK OKDWN BNQNHCDN N CD NSQ@R ONAK@BHNMDR CD BrKTK@R
CDK3.#KHMENL@OQHL@QHNCDK3.#STL NQDRCDBrKTK@RFDQL HM@d
KDR N OTDCDM NQHFHM@QRD DM NSQNR KTF@QDR CDK BTDQON LDSqRd
S@RHR
)MBKTRNKNRSTL NQDRCDA@INFQ@CNNADMHFMNROTDCDMSDMDQTM@
DUNKTBHuMBKsMHB@@CUDQR@CDODMCHDMCNCDRT KNB@KHY@BHuMDMDK
BDQDAQN
(@XCHRSHMSNRSHONRCDSTL NQDRPTD@EDBS@M @QDFHNMDRDRODBsEHd
B@R CDK BDQDAQN O DI DK BDQDADKN DM DK L DCTKNAK@RSNL @ TM@
KNB@KHY@BHuM HMSQ@UDMSQHBTK@QO@Q@DK MDTQNBHSNL@BDMSQ@K X@ONd
AK@BHNMDRCDDC@CDRBNMBQDS@RLDCTKNAK@RSNL @X @RSQNBHSNL@R
OHKNBsSHBNR DM KNR FQTONR CD DC@C ODCHqSQHB@ X FKHNAK@RSNL @ X
KHMENL@DM O@BHDMSDRL@XNQDR
. ../-./
Rjgk`FF)Gdii`tD?)F`in`iBA)`o\g7Pc`_`q`gjkdibjgdbj_`i_mj^to`7
f`t ^`ggpg\m o\mb`o di ]m\di diepmt di oc` km`h\opm` dia\io+
BekV =\mG \lifjZ` /6%1&71/0*1-) /-..+
O`d_`gG)Odnr \iojO)>mpioAN)`o\g7>m\dik\ocjgjbtjankdij^`m`]`g*
g\m\o\sd\n+ : ZkXG\lifgXk_fc ./1%.&7.*/.) /-./+
;P@ S K @ RHQK M Q
1LEDBBHMLDQ
>\mooN7=^po`]\^o`md\g\i_qdm\gh`idibdodn+<fek`elld .57./22*4-)/-./+
>`mb`m FN) = fn\hdo =F) ?gdaajm_ @>) `o \g7 LI H _d\bijnod^ ^mdo`md\7
^jin`inpn no\o`h`io amjh oc` ==J i`pmjdia`^odjpn _dn`\n`
n`^odji+G\lifc 5-7.10-*5)/-.0+
NpnoNO7D ph \i\m]jqdm\g`i^`kc\gdodn+L\d`eI\[`XkiG \lifc .67.0-*2.)
/-./
O\]\c I) I pg^\ct F) V`h \i =7 D `mk`n ndhkg`s `i^`kc\gdodn+ ;F C
0117`0.33) /-./+
; S K M PD Q
?g\mfRA)Amnji*Kh \tAV)O`mdi=)`o\g7C`ijhd^\i\gtndnjaiji*JB/
h `idibdjh\nm`q`\gnhpo\odjindiPN=B4)GHB1)=GP.)\i_OIK+
LZ`\eZ\ 006%3./0&7.-44*5-)/-.0+
I ^G`ji=)Ldooj^fOF7L\m\i`jkg\nod^`i^`kc\gjh t`gjk\ocd`n7k\ocjg*
jbt\i_ h`^c\idnhn+: ZkXG\lifgXk_fc .//705.*1--)/-..+
Jjmoc^jooL=)Gjmncpijq=)Ladno`mOI )`o\g7Pc`^gdid^\gdhkgd^\odjin
jah`_pggj]g\nojh\np]bmjpkn+ G XkK\mG\lifc 5701-*2.) /-./+
R`mc\\f NCS) D j\_g`t G=) Lpm_jh A) `o \g7 Eio`bm\o`_ b`ijhd^
\i\gtndn d_`iodad`n ^gdid^\ggt m`g`q\io np]otk`n j a bgdj]g\nojh\
^c\m\^o`mdu`_ ]t \]ijmh\gdod`n di L@CBN=) E@D.) ACBN) \i_
JB.+ <XeZ\i<\cc .4765*..-) /-.-+
U\iD) L\mnjin S) Fdi C) I ^H`i_jiN) `o\g7 E@D. \i_ E@D /hpo\*
odjin di bgdjh\n+ G\n >e^C F \[ 03-7432*40) /--6+