Beruflich Dokumente
Kultur Dokumente
F:RBGU
Ba^Zl_evkl\hL=LM
Fbgbkl_jkl\hh[jZah\ZgbyJhkkbckdhcN_^_jZpbb
L:F;H<KDBC=HKM>:JKL<?GGUCL?OGBQ?KDBCMGB<?JKBL?L
IH>T?FGHLJ:GKIHJLGU?
F:RBGU
F_lh^bq_kdb_mdZaZgby
ih\uiheg_gbxdmjkh\uob dhgljhevguojZ[hl
^eyklm^_glh\aZhqgh]hhl^_e_gbyki_pbZevghklb
LZf[h\
Ba^Zl_evkl\hL=LM
M>D
;;D y
Ml\_j`^_ghj_^Zdpbhgghba^Zl_evkdbfkh\_lhfmgb\_jkbl_lZ
J_p_ga_gl
>hdlhjl_ogbq_kdbogZmdijhn_kkhj
<NI_jrbg
KhklZ\bl_eb
X<<hjh[v_\
:>Dh\_j]bg
EOGbdblbgZ
Ih^t_fghljZgkihjlgu_ fZrbgu F_lh^ mdZaZgby Khkl X < <hjh[v_\ : >
Dh\_j]bgEOGbdblbgZLZf[h\Ba^\hLZf[]hkl_ogmglZk
>ZguaZ^Zgbyh[t_fkh^_j`Zgb_ihke_^h\Zl_evghklvjZkq_lZgZdhgdj_lguoijbf_jZo
^ey dmjkh\uo b dhgljhevguo jZ[hl ih ih^t_fghljZgkihjlguf fZrbgZf Ijb\_^_gu
j_dhf_g^m_fZyebl_jZlmjZb kijZ\hqgZybgnhjfZpby^eyjZkq_lh\ljZgkihjlguomkljhckl\
jZ[hlZxsbo\ mkeh\byoibs_\uoijhba\h^kl\
Ij_^gZagZq_gu^eyklm^_glh\aZhqgh]hhl^_e_gbyki_pbZevghklb
M>D
;;Dy
LZf[h\kdbc]hkm^Zjkl\_gguc
l_ogbq_kdbcmgb\_jkbl_l L=LM
<<?>?GB?
JBKKO?F:DJ:G:
AZ^Zgby ± F?O:GBAFIH<HJHL:± gZjZkq_lfZrbgupbdebq_kdh]h
^_ckl\by F?L:EEHDHGKLJMDPBY±
F?O:GBAFIH>T?F:
AZ^ZqZ ± DHEHGG:G?IH><B@G:Y
JZkkqblZlvf_oZgbafih^t_fZih\hjhlgh]hdjZgZ^eyi_j_]jmadbdhgl_cg_jh\ihjbk
ih^ZgguflZ[ebpu
Lj_[m_lky
<u[jZlv\b^]jmaZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
Hij_^_eblv h[s__ i_j_^Zlhqgh_ qbkeh ijb\h^Z f_oZgbafZ \u[jZlv lbi i_j_^Zq b
j_^mdlhj
KhklZ\blvdbg_fZlbq_kdmxko_fmih^t_fgh]hf_oZgbafZ
Ijh\_jblvwe_dljh^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ih^h[jZlvihg_fmlhjfha
Ih^h[jZlv^bZf_ljdZgZlZ
Hij_^_eblv^bZf_lj^ebgm blhesbgmkl_ghd[ZjZ[ZgZ
JZkkqblZlv^bZf_lj[ehdh\
Ih^h[jZlvdjxdihlZ[ebpZfklZg^ZjlZ
>Zggu_^eyaZ^Zqb
QZklhl
Z
Kdhjh
=jmahih^t_fghklv
\jZs_
klv gby J_`bf
ih^t_fZ
ih^t_
<ZjbZgl
klj_eu
<ukhlZ
djZgZ
<ue_l
jZ[hlu
*dG
+f
/f
fZ
QN fbg
YfF
AZ^ZqZ
Ih^ZggufaZ^ZqbjZkkqblZlvf_oZgbafih\hjhlZdjZgZ
Lj_[m_lky
Hij_^_eblvihlj_[gmxfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blvdbg_fZlbq_kdmxko_fmf_oZgbafZih\hjhlZdjZgZ
Hij_^_eblvi_j_^Zlhqgh_qbkehijb\h^Z
Ijh\_jblvwe_dljh^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlv lhjfhaghc fhf_gl b ih^h[jZlv ih g_fm lhjfha k bkihevah\Zgb_f
kijZ\hqguo^Zgguo
>Z\e_gb_ \_ljZ ijbgylv jZ\guf IZ IehsZ^v ih^\_lj_gguo ih\_joghkl_c ]jmaZ
hij_^_ey_lkyihaZ^ZgghfmlbihjZaf_jmdhgl_cg_jZbebihlZ[ebp_\ ijbeh`_gbbIehsZ^v
ih^\_lj_gguo ih\_joghkl_c djZgZ fh`gh ijbgylv jZ\ghc h^bgZjghc iehsZ^b ^ey
\u[jZggh]hkhjlZf_glZijhnbey\ f_lZeehdhgkljmdpbbn_jfuJZkklhygb_f_`^mhihjgufb
ih^rbigbdZfb ijbgylvjZ\guf+<_k * ih^\b`ghcqZklbdjZgZfh`ghijbgylv
^eye_]dh]hj_`bfZ * *
^eykj_^g_]hj_`bfZ * *
^eyly`_eh]hj_`bfZ * *
AZ^ZqZ
JZkkqblZlv f_oZgbaf ih^t_fZ we_dljhlZeb ^ey f_oZgbq_kdbo fZkl_jkdbo ih ^Zgguf
lZ[ebpub ko_fugZjbk
Lj_[m_lky
<u[jZlv\b^]jmaZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
Hij_^_eblvh[s__i_j_^Zlhqgh_qbkehijb\h^Zf_oZgbafZih^t_fZ
Ijh\_jblv^\b]Zl_evgZ i_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ih^h[jZlvihg_fmhklZgh\hqguclhjfha
Hij_^_eblvhkgh\gu_jZaf_ju]jmahmihjgh]hlhjfhaZlbihjZaf_jj_av[u^bZf_lju
njbdpbhgguo^bkdh\jZaf_juojZih\h]hdhe_kZ
Ih^h[jZlv^bZf_ljdZgZlZ
Hij_^_eblvjZaf_ju[ZjZ[ZgZb [ehdh\
Ih^h[jZlvdjxdihlZ[ebpZfklZg^ZjlZ
Kdhjhk
<ukh
lv
=jmahih^t_fghk lZ
i_j_^\
Kdhjhklv
lv ih^t
ih^t_fZ
<ZjbZgl
J_`bf
jZ[hlu
b`_gby
YfF
*dG _fZ
Y ] fk
+f
AZ^ZqZ
Ih^ZggufaZ^ZqbjZkkqblZlvf_oZgbafi_j_^\b`_gbylZeb
Lj_[m_lky
Hij_^_eblvihlj_[gmxfhsghklv^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blvdbg_fZlbq_kdmxko_fmf_oZgbafZb jZkkqblZlvi_j_^Zlhqgh_qbkeh
Ijh\_jblv we_dljh^\b]Zl_eb gZ i_j_]jmadm \ i_jbh^ imkdZ mqblu\Zy hlkmlkl\b_
ijhkdZevau\Zgby \_^msbooh^h\uodhe_k
<_k we_dljhklZeb ijbgylv gZb[hevrbf ih ^Zgguf kms_kl\mxsbo dhgkljmdpbc lZ[e
AZ^ZqZ
JZkkqblZlvf_oZgbafih^t_fZl_e_`db^eyfhklh\h]hdjZgZjbkih^ZgguflZ[e
Lj_[m_lky
<u[jZlv\b^]jmaZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbafZ jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
Ijh\_jblv^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ih^h[jZlvihg_fmhklZgh\hqguclhjfha
Ih^h[jZlv^bZf_lj]b[dh]hhj]ZgZ
Hij_^_eblv jZaf_ju[ZjZ[ZgZb [ehdh\
Ih^h[jZlv]jmahaZo\Zlgh_ijbkihkh[e_gb_
JbkKo_fZfhklh\h]hdjZgZ
± f_oZgbafi_j_^\b`_gbydjZgZ± f_oZgbafih^t_fZ]jmaZ± f_oZgbaf
i_j_^\b`_gbyl_e_`db± fhkldjZgZ± ]b[dbchj]Zg± ]jmahaZo\Zlgh_
ijbkihkh[e_gb_
>Zggu_^eyaZ^Zqb
Kdhjh
klv
Kdhjhklv
=jmahih^t_fghklv
i_j_^ J_`b
i_j_^\b
\b`_g f
Kdhjhklv
`_gby
ih^t_fZ
ih^t_fZ
<ukhlZ
by jZ[hl
*dG
YfF
+f
Y K fk
l_e_` u
<ZjbZgl
db
Y 7 fk
E_]dbc
Kj_^gb
c
LY@?
EUC
E_]dbc
Kj_^gb
c
Ly`_eu
c
E_]dbc
Kj_^gb
c
Ly`_eu
c
E_]dbc
AZ^ZqZ
Ih^ZggufaZ^ZqbjZkkqblZlvf_oZgbafi_j_^\b`_gbydjZgZ
Lj_[m_lky
Hij_^_eblvihlj_[gmxfhsghklv^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbafZ i_j_^\b`_gby jZkkqblZlv _]h
i_j_^Zlhqgh_qbkehb ih^h[jZlvj_^mdlhj
Ijh\_jblv we_dljh^\b]Zl_ev gZ i_j_]jmadm \ i_jbh^ imkdZ mqblu\Zy hlkmlkl\b_
ijhkdZevau\Zgby oh^h\uodhe_k
JZkkqblZlv lhjfhaghc fhf_gl b ih g_fm ih^h[jZlv lhjfha mqblu\Zy hlkmlkl\b_
ijhkdZevau\Zgbym \_^msbooh^h\uodhe_k
<_kdjZgZ ijbgylvihkijZ\hqguf^Zgguf\ ijbeh`_gbblZ[e
AZ^ZqZ
JZkkqblZlv f_oZgbaf ih^t_fZ ^ey dhgkhevgh]h ih\hjhlgh]h djZgZ jbk ih ^Zgguf
lZ[e
Lj_[m_lky
<u[jZlv\b^]jmaZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbafZ jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlv j_^mdlhj
Ijh\_jblv^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ih^h[jZlvihg_fmhklZgh\hqguclhjfha
Ih^h[jZlv^bZf_ljdZgZlZ
Hij_^_eblvjZaf_ju [ZjZ[ZgZb [ehdh\
Ih^h[jZlv]jmahaZo\Zlgh_ijbkihkh[e_gb_
JZkklhygb_f_`^mhihjZfbih^rbigbdh\K /
JbkKo_fZdhgkhevgh]hih\hjhlgh]hdjZgZ
± f_oZgbafih^t_fZ± f_oZgbafih\hjhlZ± ]jmahaZo\Zlgh_ijbkihkh[e_gb_
>Zggu_^eyaZ^Zqb
QZklh
lZ
=jmahih^t_fghklv
\jZs
<ue_l klj_eu
_gby J_`bf
Kdhjhklv
ih^t_fZ
ih^t_fZ
<ukhlZ
<ZjbZgl
djZgZ jZ[hlu
*dG
YfF
+f
/f
QN fbg
AZ^ZqZ
Ih^ZgguflZ[ejZkkqblZlvf_oZgbafih\hjhlZdjZgZ
Lj_[m_lky
Hij_^_eblvihlj_[gmxfhsghklv^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbafZ jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
Ijh\_jblvwe_dljh^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ihg_fmih^h[jZlvlhjfha
Hij_^_eblvhkgh\gu_jZaf_junjbdpbhgghcfmnlu
<_k djZgZ fh`gh ijbgylv ih kijZ\hqguf ^Zgguf \ ijbeh`_gbb lZ[e ^ey
ZgZeh]bqguo dhgkljmdpbc <_k f_lZeehdhgkljmdpbb ijb hlkmlkl\bb kijZ\hqguo ^Zgguo \
i_j\hf ijb[eb`_gbb fh`gh gZclb bkihevamy jZkq_l gZ ijhqghklv klj_eu mdhkbgu b
dhehggu Ijb wlhf ij_^iheZ]Z_lky bo klZlbq_kdZy hij_^_ebfhklv Dhehggu b klj_eu
jZkkqblu\Zxlky gZ ba]b[ Z mdhkbgZ gZ jZkly`_gb_ Ijhnbeb kl_j`g_c ^he`gu [ulv
ih^h[jZgu ih khhl\_lkl\mxsbf klZg^ZjlZf < dZq_kl\_ fZl_jbZeZ bkihevah\Zlv
fZehm]e_jh^bklu_klZeb± KldiKlkiKlKlb li
AZ^ZqZ
JZkkqblZlvf_oZgbafih^t_fZ^eyl_e_`dbfhklh\h]hdjZgZjbkih^ZgguflZ[ek
\ukhlhcih^t_fZ]jmaZ+ f
Lj_[m_lky
<u[jZlv\b^ijh^h\hevkl\_ggh]h]jmaZbebfZl_jbZeZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbaf jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
Ijh\_jblv^\b]Zl_evgZi_j_]jmadm\ i_jbh^imkdZ
JZkkqblZlvlhjfhaghcfhf_glb ih_]h\_ebqbg_ih^h[jZlvlhjfha
Ih^h[jZlvdZgZl
Hij_^_eblvjZaf_ju[ZjZ[ZgZb [ehdh\
Ih^h[jZlv]jmahaZo\Zlgh_ijbkihkh[e_gb_
AZ^ZqZ
Ih^ZggufaZ^ZqbjZkkqblZlvf_oZgbafi_j_^\b`_gbyl_e_`db
Lj_[m_lky
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlheh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm f_oZgbafZ i_j_^\b`_gby jZkkqblZlv _]h
i_j_^Zlhqgh_qbkehb ih^h[jZlvj_^mdlhj
Ijh\_jblv we_dljh^\b]Zl_ev gZ i_j_]jmadm \ i_jbh^ imkdZ b ijh\_jblv hlkmlkl\b_
ijhkdZevau\Zgby \_^msbooh^h\uodhe_k
JZkkqblZlv lhjfhaghc fhf_gl b ih _]h \_ebqbg_ ih^h[jZlv lhjfha mqblu\Zy
hlkmlkl\b_ijhkdZevau\Zgby\_^msbooh^h\uodhe_k
<_k l_e_`_d \ i_j\hf ijb[eb`_gbb fh`gh ijbgylv ih kijZ\hqguf ^Zgguf \
ijbeh`_gbb lZ[e
AZ^ZgbygZjZkq_lfZrbgg_ij_ju\gh]h^_ckl\by
AZ^ZqZ
JZkkqblZlv[ZjZ[ZggucljZgkihjl_j^eyfhcdbdhjg_dem[g_ieh^h\ihko_f_jbkb
^ZgguflZ[e
Lj_[m_lky
Hij_^_eblvjZaf_juihi_j_qgh]hk_q_gby[ZjZ[ZgZb `_eh[Zk mq_lhfkhojZgghklb
]jmaZijbiZ^_gbb
JZkkqblZlvqZklhlm\jZs_gby[ZjZ[ZgZ
GZclbkdhjhklb^\b`_gby]jmaZ\^hevhkb[ZjZ[ZgZ
JZkkqblZlvrZ]\bglh\hcebgbb
Hij_^_eblv^ebgm[ZjZ[ZgZ
Hij_^_eblvfhsghklvijb\h^Z^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm ijb\h^Z jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
JbkKo_fZ[ZjZ[Zgghcfhcdb
± mkljhckl\haZ]jmahqgh_± [ZjZ[Zg^eyfhcdb± ehlhd^ey\u]jmadb
>Zggu_^eyjZkq_lZ
M]he
Ijhba\h^bl gZdehgZ
<ZjbZgl =jma _evghklv [ZjZ[Zg
<j_fy
WPfbg
fhcdb
4F]q Z
E]jZ^
DZjlhn_ev
K\_deZ
dhjfh\Zy
Fhjdh\v
dhjfh\Zy
DZjlhn_ev
K\_deZibs_\Zy
Fhjdh\v
ibs_\Zy
DZjlhn_ev
K\_deZ
dhjfh\Zy
Fhjdh\v
dhjfh\Zy
K\_deZibs_\Zy
AZ^ZqZ
Ih^Zggufij_^u^ms_caZ^ZqbjZkkqblZlvjZaf_jZjZa]jmahqgh]hehldZ`_eh[Z
Lj_[m_lky
JZkkqblZlvjZaf_juihi_j_qgh]hk_q_gbyehldZ
Hij_^_eblvkdhjhklv]jmaZgZdhgp_ehldZ± . d fk
Ih^h[jZlvnhjfmgZdehgguoih\_joghkl_c
Ij_^klZ\blvwkdbajZa]jmahqgh]hehldZ± ]eZ\guc\b^b ihi_j_qgh_k_q_gb_
GZqZevgmxkdhjhklv]jmaZ± Y . ijbgylvjZ\ghckdhjhklbi_j_f_s_gby]jmaZ\ [ZjZ[Zg_
M]hegZdehgZ`_eh[Zijbgylvih^ZgguflZ[e
AZ^ZqZ
JZkkqblZlv rg_dh\ucljZgkihjl_j^eyih^Zqb]jmah\gZjZknZkh\dmihko_f_jbkb
^ZgguflZ[e
JbkKo_fZljZgkihjl_jZ
± mkljhckl\haZ]jmahqgh_± rg_d± dhjimk± fhlhjj_^mdlhj
± mkljhckl\hjZa]jmahqgh_
>Zggu_^eyjZkq_lZ
M]he
Ijhba\h^b
>ebgZ gZdehgZ
<ZjbZgl =jma l_evghklv
/f [ZjZ[ZgZ
4F]q
E]jZ^
Khev
Kh^Z
KZoZj
i_khd
<_jfbr_ev
L_klh
Ijh^he`_gb_lZ[e
AZ^ZqZ
Ih ^Zgguf ij_^u^ms_c aZ^Zqb jZkkqblZlv aZ]jmahqgh_ mkljhckl\h \ \b^_ [mgd_jZ k
iehkdbfaZl\hjhf
Lj_[m_lky
Hij_^_eblvjZaf_ju\uoh^gh]hhl\_jklby[mgd_jZ
JZkkqblZlvijhba\h^bl_evghklvbkl_q_gby]jmaZq_j_a\uoh^gh_hl\_jklb_
JZkkqblZlv^Z\e_gb_gZkl_gdb[mgd_jZ
Hij_^_eblvlhesbgmkl_gdb[mgd_jZ
JZkkqblZlvmkbeb_^eyhldju\Zgbyiehkdh]haZl\hjZ
Ih^h[jZlv]b^jh bebig_\fhpbebg^j^eyijb\h^ZaZl\hjZ
AZ^ZqZ
JZkkqblZlvljZgkihjl_jkdj_[dh\uc^eyih^Zqbdhjg_dem[g_ieh^h\\ fhcdmih^Zgguf
ko_fujbkb lZ[e
Lj_[m_lky
Hij_^_eblvjZaf_juihi_j_qgh]hk_q_gby^eyljZgkihjl_jZ
JZkkqblZlvkhijhlb\e_gb_^\b`_gbx]jmaZgZ\k_omqZkldZoljZgkihjl_jZ
Hij_^_eblvfhsghklvwe_dljh^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx p_iv ijb\h^Z jZkkqblZlv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
JZkkqblZlvlhjfhaghcfhf_glb ih_]h\_ebqbg_ih^h[jZlvlhjfha
>Zggu_^eyjZkq_lZ
<ukhlZ M]he
Ijhba\
gZdehg
h^bl_e =em[bgZ ^h
Z
=jma vghklv \hjhgdb hkb
<ZjbZgl
fhcdb [ZjZ[Zg
4 + f
Z
F]q o f
E]jZ^
DZjlhn_e
v
K\_deZ
dhjfh\Zy
Fhjdh\v
dhjfh\Zy
K\_deZ
ibs_\Zy
Fhjdh\v
ibs_\Zy
J_iZ
DZjlhn_ev
K\_deZ
dhjfh\Zy
Fhjdh\v
dhjfh\Zy
K\_deZ
ibs_\Zy
AZ^ZqZ
Ih ^Zgguf ij_^u^ms_c aZ^Zqb jZkkqblZlv aZ]jmahqgh_ mkljhckl\h \ \b^_ [mgd_jZ
\hjhgdbkhrg_dh\ufiblZl_e_f
Lj_[m_lky
Hij_^_eblvjZaf_ju[mgd_jZ\hjhgdb
JZkkqblZlv fhsghklv ijb\h^Z ^ey rg_dh\h]h iblZl_ey b ih^h[jZlv
we_dljh^\b]Zl_evihdZlZeh]m
KhklZ\blvdbg_fZlbq_kdmxko_fm^eyijb\h^Zrg_dZhij_^_eblv_]hi_j_^Zlhqgh_
qbkehb ih^h[jZlvj_^mdlhj
AZ^ZqZ
JZkkqblZlv dh\rh\uc we_\Zlhj ^ey i_j_f_s_gby ]jmah\ ih ko_f_ jbk b ^Zgguf
lZ[e
Lj_[m_lky
Hij_^_eblvkdhjhklv^\b`_gbyihehlgZb iZjZf_ljudh\rZ
JZkkqblZlvkhijhlb\e_gb_i_j_f_s_gbx]jmaZihdhglmjmwe_\ZlhjZ
Hij_^_eblvfhsghklv^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
KhklZ\blv dbg_fZlbq_kdmx ko_fm ijb\h^Z hij_^_eblv _]h i_j_^Zlhqgh_ qbkeh b
ih^h[jZlvj_^mdlhj
IhkljhblvdhglmjjZa]jmahqgh]hmkljhckl\Z
Ih^h[jZlvlhjfha
JZkkqblZlvgZly`gh_mkljhckl\h
JbkKo_fZwe_\ZlhjZ± mkljhckl\haZ]jmahqgh_± we_\Zlhjdh\rh\uce_glhqguc
± [mgd_j^haZlhj
>Zggu_^eyjZkq_lZ
<ukhlZ Ijhba\h
<ukh ih^t_f ^bl_evgh
we_\ZlhjZ
l_evghklv
Ijhba\h^b
[mgd_jZ
?fdhklv
G f 4 F]q
A_jgh
FmdZ
Khev
KZoZj
i_khd
Hljm[b
Kh^Z
<_jfb
r_ev
Jh`db
DjZofZ
e
=hjho
AZ^ZqZ
Ih ^Zgguf ij_^u^ms_c aZ^Zqb jZkkqblZlv mkljhckl\h \ \b^_ [mgd_jZ k e_glhqguf
iblZl_e_f
Lj_[m_lky
Hij_^_eblvrbjbgme_gluiblZl_ey
Hij_^_eblv fhsghklv ^\b]Zl_ey ^ey ijb\h^Z iblZl_ey b ih^h[jZlv _]h ih dZlZeh]m
ijbgylv]hjbahglZevgh_jZkiheh`_gb_iblZl_eyk ^ebghc/ f
Ih^h[jZlvj_^mdlhj^eyijb\h^ZiblZl_ey
Hij_^_eblvjZaf_ju[mgd_jZ
<u[jZlvlbiaZl\hjZd [mgd_jm
JZkkqblZlvjZaf_juaZl\hjZb ih^h[jZlvd g_fmijb\h^
AZ^ZqZ
JZkkqblZlv e_glhqguc dhg\_c_j ^ey i_j_f_s_gby ijh^h\hevkl\_gguo ]jmah\ b
k_evkdhohayckl\_gguofZl_jbZeh\ihko_f_jbkb ^ZgguflZ[e
Lj_[m_lky
Hij_^_eblvrbjbgme_glu
<u[jZlvlhesbgme_glu
GZclbkhijhlb\e_gby^\b`_gbx]jmaZ
Hij_^_eblvfhsghklv^\b]Zl_eyb ih^h[jZlv_]hihdZlZeh]m
Ih^h[jZlvj_^mdlhj^eyijb\h^ZljZgkihjl_jZ
JZkkqblZlvmkbeb_b oh^gZly`gh]hmkljhckl\Z
JbkKo_fZdhg\_c_jZ
± [ZjZ[Zgijb\h^ghc± e_glZ± jhebdbih^^_j`b\Zxsb_
± [ZjZ[ZggZly`ghc± mkljhckl\haZ]jmahqgh_± [ZjZ[Zghldehgyxsbc
>Zggu_^eyjZkq_lZ
>ebgZ M]he
>ebgZ
]hjbahgl gZdehgZ
mqZkld
l_evghklv
Ijhba\h^b
4F]q
Z /
mqZkldZ ZE
f / f ]jZ^
Ir_gbpZjh`v
dmdmjmaZ
H\_kyqf_gv
ih^kheg_qgbd
A_jgh
^jh[e_gh_
hljm[b
DmdmjmaZ\
ihqZldZo
Dhjg_ieh^u
FmdZdjZofZe
<_jfbr_ev
M^h[j_gby
kh^Z
KhevkZoZj
=jmaurlmqgu_
AZ^ZqZ
Ih ^Zgguf ij_^u^ms_c aZ^Zqb jZkkqblZlv aZ]jmahqgh_ mkljhckl\h \ \b^_ [mgd_jZ kh
kdj_[dh\ufiblZl_e_f
Lj_[m_lky
Hij_^_eblvrbjbgmb \ukhlmkdj_[dZ
<u[jZlvly]h\uchj]Zg
Hij_^_eblvkhijhlb\e_gb_^\b`_gbx]jmaZ
Ih^h[jZlvwe_dljh^\b]Zl_ev^eyijb\h^ZiblZl_ey
GZclbhkgh\gu_jZaf_ju\uoh^gh]hhl\_jklby\ [mgd_j_
Hij_^_eblvhkgh\gu_jZaf_ju[mgd_jZ
<u[jZlvlbiaZl\hjZb hij_^_eblv_]hhkgh\gu_jZaf_ju
IJBF?JUJ:KQ?L:IH>T?FGHLJ:GKIHJLGUOF:RBG
Ijbf_j
JZkkqblZlv [ZjZ[Zgguc ljZgkihjl_j ^ey fhcdb dhjfh\hc k\_deu ih ko_f_ gZ jbk b
ke_^mxsbf bkoh^guf ^Zgguf ijhba\h^bl_evghklv 4 F]q \j_fy
ij_[u\Zgby\ [ZjZ[Zg_ W P fbgm]hegZdehgZ[ZjZ[ZgZE q
Hij_^_ebf jZaf_ju ihi_j_qgh]h k_q_gby `_eh[Z b [ZjZ[ZgZ FbgbfZevgu_ jZaf_ju ihi_j_qguo
k_q_gbc gZc^_f ba mkeh\by k\h[h^gh]h ijhoh`^_gby k\_deu \ aZahj f_`^m `_eh[hf b j_[jhf
\bglh\hc ebgbb gZ [ZjZ[Zg_ <hkihevam_fky jZkq_lghc ko_fhc ihdZaZgghc gZ jbk Ijbf_f
gZb[hevrbcjZaf_jk\_deu O PD[ ff bgZbf_gvrbc O PLQ ffLh]^Z
rbjbgZ`_eh[ZE O PD[ ff
\ukhlZ`_eh[ZK O PD[ ff
^bZf_lj[ZjZ[ZgZ
' t D O PD[ D >O PD[ O PD[ @
ff
Ihjy^mghjfZevguoqbk_eijbgbfZ_f' ff
Ijh\_jbf \u[jZgguc ^bZf_lj [ZjZ[ZgZ ih mkeh\bx khojZgghklb k\_deu ijb iZ^_gbb gZ
klZevghc`_eh[
Ijbf_f m]he ih\hjhlZ [ZjZ[ZgZ D ijb dhlhjhf iZ^Z_l gZ `_eh[ jZ\guf q Lh]^Z
\ukhlZiZ^Zgbyk\_deugZ`_eh[
'
KQ VLQ D O PLQ K VLQ q ff
KhojZgghklv k\_deu h[_ki_qb\Z_lky lZd dZd \ukhlZ __ iZ^_gby f_gvr_ ^himklbfhc
>KQ @ ff lZ[e
JbkJZkq_lgZyko_fZ
JbkKo_fZijb\h^ZljZgkihjl_jZ
± [ZjZ[Zg± jhebdhihjguc± ^\b]Zl_ev± j_^mdlhj
JbkKo_fZdhg\_c_jZ
Hij_^_ebfrbjbgme_glu
IhlZ[ehij_^_ebfm]he_kl_kl\_ggh]hhldhkZ M q IjbgbfZ_f`_eh[qZlmxnhjfm
ihi_j_qgh]h k_q_gby dhg\_c_jZ k lj_fy jhebdZfb M]he gZdehgZ [hdh\uo jhebdh\
E q E qq Ih lZ[e gZagZqZ_f kdhjhklv i_j_f_s_gby e_glu k ]jmahf Y f k b
ih lZ[e dhwnnbpb_gl ijhba\h^bl_evghklb . Q <ujZabf iehsZ^v ihi_j_qgh]h
k_q_gbydhg\_c_jZq_j_arbjbgme_glu<M]hehldhkZ\ ^\b`_gbb M ^ M Rbjbgme_glu
>@ hij_^_ebf ij_^\Zjbl_evghihnhjfme_
4
% f
. Q . E UY
]^_ . E dhwnnbpb_gl mqblu\Zxsbc kkuiZgb_ ]jmaZ ijb gZdehg_ ljZgkihjl_jZ
U 7 f ± iehlghklv]jmaZihlZ[eIh=HKLijbgbfZ_f >@ >@ >@ < ff
Mlhqgy_fijhba\h^bl_evghklvdhg\_c_jZ
J_ZevgZyijhba\h^bl_evghklvdhg\_c_jZ
4 % YU. E d] k F] q
<u[hje_glu
<u[bjZ_f >@ >@ >@ j_abghldZg_\mx e_glm k ijhdeZ^dZfb ba ldZgb ;DGE Ij_^_e
ijhqghklb >. @ + ff lhesbgZ ijhdeZ^db G qbkeh ijhdeZ^hd ] lhesbgZ
h[deZ^dbjZ[hq_cklhjhgu G ff g_jZ[hq_cklhjhgu G ff
Hij_^_ey_f ih]hggu_ fZkku >@ >@ b dhgkljmdpbx jhebdhhihj =HKL
=HKL
e_glu T e <]G G G d] f
4
]jmaZ T ] d] f
Y
jhebdhhihj >@ ]jm`_gh]hmqZkldZ
%
T3 d] f
W
jhebdhhihj >@ ohehklh]hmqZkldZ
%
T; d] f
A^_kv W f ± jZkklhygb_ f_`^m jhebdhhihjZfb ]jm`_gh]h mqZkldZ >@ >@ ijb
^bZf_lj_ jhebdh\ G 3 ff W W f jZkklhygb_ f_`^m jhebdhhihjZfb
ohehklh]hmqZkldZijb^bZf_lj_jhebdh\ G 3 ff
GZoh^bfkhijhlb\e_gb_^\b`_gbxe_gludhg\_c_jZ
JZa^_ebfljZkkmdhg\_c_jZgZhl^_evgu_mqZkldbgZqbgZyhllhqdb± k[_]Ze_gluk
ijb\h^gh]h[ZjZ[ZgZjbk
<u[bjZ_fdhwnnbpb_glukhijhlb\e_gby^eyjZ[hlu\ g_hlZieb\Z_fhfihf_s_gbbk
ih\ur_gghc\eZ`ghklvx >@
gZijyfhebg_cguomqZkldZok `_eh[qZlufbhihjZfb Zc
gZijyfhebg_cguomqZkldZok ijyfufbhihjZfb Zcc
gZgZly`ghf[ZjZ[Zg_ D
gZhldehgyxsbo[ZjZ[ZgZo D
khijhlb\e_gb_fijbjZa]jmad_ij_g_[j_]Z_f
khijhlb\e_gb_ijbaZ]jmad_hij_^_ey_f >@ ijb[eb`_ggh ) 4Y +
J_amevlZlujZkq_lh\khijhlb\e_gbygZly`ghce_gluk\_^_f\ lZ[e
>eyhij_^_e_gby ) b ) khklZ\ey_f^\ZmjZ\g_gby
)
H I D
)
) )
IjbgbfZ_f ijb\h^ghc [ZjZ[Zg nml_jh\Zgguf j_abghc Lh]^Z dhwnnbpb_gl lj_gby
f_`^m ijhj_abg_gghc e_glhc b [ZjZ[Zghf I \ mkeh\byo ih\ur_gghc \eZ`ghklb >@
ijbgbfZ_f I M]heh[o\ZlZ[ZjZ[ZgZe_glhc D jZ^
J_rZykh\f_klghmjZ\g_gbyihemqbf ) + ) +
>Zggu_^eyjZkq_lZ
AgZq_gby
Ghf_j gZly`_gb
JZkq_lgZyaZ\bkbfhklv
lhqdb c e_glu
G
) )PLQ
) ) T E T ; JZcc/
) ) .
) ) T E T ; JZcc/ T E J+
) ) .
) ) )
) ) T E T 3 T ] JZc/ T E T ] J+
) ) .
) ) T E T 3 T ] JZc/
Ijh\_jbfijh\bkZgb_e_glu
IjbfbgbfZevghfgZly`_gbbjZ[hq_c\_l\b\ lhqd_ijh\bkZgb_e_glu
J T ] T E W FRV E FRV q
\ f
)
>himklbfh_ijh\bkZgb_e_glu > \ @ W f
Ijh\bkZgb_e_gluijb_fe_fhlZddZd \ >\ @ f ihwlhfmg_lg_h[oh^bfhklb
\ _]hmf_gvr_gbb
Ijh\_jbfaZiZkijhqghklbe_glu >@
]%>. @
! >6 @
6
)
]^_ >. @ + ff ± ^himklbfZy ebg_cgZy ijhqghklv gZ jZaju\ >@ >@ ] ± qbkeh
ijhdeZ^hd\ e_gl_khojZgy_f] ^eyh[_ki_q_gby`_kldhklbihi_j_qgh]hk_q_gby
GZc^_f^bZf_lju[ZjZ[Zgh\ >@ >@ >@ >bZf_ljijb\h^gh]h[ZjZ[ZgZ
' . G . 7 = ff
]^_ . G ff rl dhwnnbpb_gl aZ\bkysbc hl lbiZ [ZjZ[ZgZ . 7 ff rl ±
dhwnnbpb_glaZ\bkysbchllbiZldZg_\uoijhdeZ^hd
Ih=HKLijbgbfZ_f' ff
Ijh\_jbf^bZf_lj[ZjZ[ZgZ >@ ihm^_evghfm^Z\e_gbx 3 e_glugZ[ZjZ[Zg
FIZ >3 @ FIZ
) )
3
'%
Mkeh\b_ijhqghklbe_gluihm^_evghfm^Z\e_gbx\uihegy_lky
>bZf_ljgZly`gh]h[ZjZ[ZgZ ' G ' ff
>bZf_ljhldehgyxs_]h[ZjZ[ZgZ ' ' ff
Hij_^_ebfhdjm`gh_mkbeb_gZijb\h^ghf[ZjZ[Zg_
)W ) ) . +
Ih^[_j_fih^oh^ysbcwe_dljh^\b]Zl_ev^eyjZ[hlu\ g_hlZieb\Z_fhfihf_s_gbbk
ih\ur_gghc\eZ`ghklvx >@ >@ >@ >@
Ihlj_[gZyfhsghklv^\b]Zl_ey
)W Y
3 .Q <l d<l
K
]^_ . Q ± dhwnnbpb_glmqblu\Zxsbckhijhlb\e_gb_hlbg_jpbbijbimkd_ >@ K ±
DI>ijb\h^ZljZgkihjl_jZ >@
Ih^[bjZ_f >@ >@ we_dljh^\b]Zl_ev aZdjuluc h[^m\Z_fuc \eZ]hfhjhahklhcdh]h
bkiheg_gbylbiZ:FM J^\ d<l Q ^\ fbg L IMKD L GHF 70$; 7GHF
*' d] f
Ih^[bjZ_fj_^mdlhj
QZklhlZ\jZs_gby[ZjZ[ZgZ
Y
QG fbg
S'
I_j_^Zlhqgh_qbkehj_^mdlhjZ
Q^\
8
QG
Ih^[bjZ_f >@ j_^mdlhjpbebg^jbq_kdbc]hjbahglZevguc^\moklmi_gqZluclbiZP
I_j_^Zlhqgh_ qbkeh 8 3 fhsghklv gZ [ukljhoh^ghf \Zem ijb e_]dhf E j_`bf_
jZ[hlu 33 d<l <u[jZggh_ i_j_^Zlhqgh_ qbkeh g_agZqbl_evgh f_g__ hlebqZ_lky
hl lj_[m_fh]h \ [hevrmx klhjhgm ihwlhfm g_ lj_[m_lky dhjj_dlbjh\Zlv nZdlbq_kdmx
kdhjhklv]jmaZbf_y\ \b^mm\_ebq_gb_rbjbgue_gluhlghkbl_evghjZkq_lghc
Ih^[bjZ_f fmnlu >@ >@ k lhjfhaguf rdb\hf b lhjfha ih \_ebqbg_ ^bZf_ljZ
lhjfhagh]hrdb\ZLhjfhag_h[oh^bf^eyij_^hl\jZs_gbyaZkuidbmaeZi_j_]jmadb
Hij_^_ebfbkoh^gu_\_ebqbgu^eyjZkq_lZgZly`gh]hmkljhckl\Z
Mkbeb_gZly`gh]h[ZjZ[ZgZ
) )
)G +
K
]^_ K ± DI> ijb\h^ZgZly`gh]hmkljhckl\Z >@
Oh^gZly`gh]hmkljhckl\Z >@
O+ / / FRV E /
FRVq ff
>Ze__ \bgl gZly`gh]h mkljhckl\Z jZkkqblu\Z_lky ih g_h[oh^bfhklb gZ ijhqghklv b
mklhcqb\hklv >@ >@ Z j_av[Z \bglZ ± gZ baghkhklhcdhklv ih gZijy`_gbyf kfylby k
bkihevah\Zgb_f ba\_klguo f_lh^h\ jZkq_lZ Hkv gZly`gh]h [ZjZ[ZgZ jZkkqblu\Z_lky ih
gZijy`_gbyf ba]b[Z Ih^rbigbdb ih^[bjZxlky ih ^bZf_ljm hkb b ijh\_jyxlky ih
^bgZfbq_kdhc]jmahih^t_fghklb >@ >@
JZkkqblu\Z_faZ]jmahqgh_mkljhckl\h >@
Hij_^_ey_fbkoh^gu_^Zggu_
IjbgbfZ_f \ dZq_kl\_ aZ]jmahqgh]h mkljhckl\Z [mgd_j _fdhklvx f k
ijhba\h^bl_evghklvx jZ\ghc ijhba\h^bl_evghklb e_glhqgh]h dhg\_c_jZ 4 F] qZk
AZ]jmadZ[mgd_jZ± kZfhk\ZevgufljZgkihjlhfq_j_aaZ]jmahqgucehlhd
JZkq_lijh\_^_f^ey^\mo\ZjbZglh\
[mgd_jpbebg^jbq_kdhcnhjfuk djm]euf\uoh^gufhl\_jklb_f\ p_glj_[mgd_jZ
[mgd_j ijbafZlbq_kdhc nhjfu k ijyfhm]hevguf \uoh^guf hl\_jklb_f \ p_glj_
[mgd_jZ
M]he_kl_kl\_ggh]hhldhkZ]jmaZ M q lZ[e
Hij_^_ebfgZbf_gvrb_jZaf_ju\uoh^gh]hhl\_jklby[mgd_jZg_ijb\h^ysb_d
k\h^hh[jZah\Zgbx
O PLQ G PLQ O PD[ O PLQ ff
]^_ O PD[ b O PLQ ± gZb[hevrbcb gZbf_gvrbcjZaf_ju]jmaZ
Ij_^\Zjbl_evgh ijbgbfZ_f ke_^mxsb_ jZaf_ju k_q_gby \uoh^gh]h hl\_jklby
[mgd_jZ
^bZf_ljdjm]eh]hk_q_gby G f
jZaf_juijyfhm]hevgh]hk_q_gby± O D f OE f
Hij_^_ebfkdhjhklvbkl_q_gby]jmaZjbk
Y . O 5] f k
Y . O 5] O D O E O D O E
fk
]^_ . O ± ^eykuimqbo]jmah\ . O ± ^eydmkdh\uo]jmah\ . O ±
^eyihjhrdhh[jZaguo]jmah\ 5] ± ]b^jZ\ebq_kdbcjZ^bmkk_q_gbyij_^klZ\eyxsbckh[hc
hlghr_gb_iehsZ^bk_q_gbyd _]hi_jbf_ljm
Hij_^_ebfijhba\h^bl_evghklvbkl_q_gby]jmaZq_j_a\uoh^gh_hl\_jklb_
4 . I U$Y # F] q
4 . I U$Y F] q
]^_ . I ± dhwnnbpb_gl ijhba\h^bl_evghklb mqblu\Zxsbc \ebygb_ mf_gvr_gby
iehsZ^b \uoh^gh]h hl\_jklby b jZkkj_^hlhq_gby qZklbp ]jmaZ \ ahg_ bkl_q_gby : ±
iehsZ^vhl\_jklby
Baf_gbf jZkiheh`_gb_ \uoh^gh]h hl\_jklby \ ijbafZlbq_kdhf [mgd_j_ Ijbf_f
\uoh^gh_ hl\_jklb_ jZkiheh`_gguf m kl_gdb lh]^Z ijhba\h^bl_evghklv bkl_q_gby
m\_ebqblkygZ
4] F] q
Ihemq_ggZyijhba\h^bl_evghklvbkl_q_gby[mgd_jZijb_fe_fZ^eyljZgkihjlZ
JbkKo_fZd jZkq_lmjZaf_jh\[mgd_jh\
pbebg^jbq_kdhcnhjfuijbafZlbq_kdhcnhjfu
3
JU5]
IE
H OK O.
H FIZ
Hij_^_ey_f fhf_gl klZlbq_kdh]h khijhlb\e_gby gZ \Zem ^\b]Zl_ey ijb lhjfh`_gbb
f_oZgbafZ
)[ 'K G K ij
7F7 G f
X fi
Hij_^_ey_fg_h[oh^bfucihghjfZf=hk]hjl_ogZ^ahjZfhf_gljZa\b\Z_fuclhjfhahfb
ih^[bjZ_flhjfhaih>lZ[eR@
77 t 7F7 D L G f
]^_DL >lZ[e@± dhwnnbpb_glaZiZkZlhjfh`_gbyijb I<
<u[bjZ_f lhjfha LDL k lhjfhaguf fhf_glhf Gf J_]mebjh\dhc ^ebgu
ijm`bgufh`ghihemqblvlj_[m_fuclhjfhaghcfhf_glLL Gf
Hij_^_ey_f\j_fylhjfh`_gbyijbhimkdZgbb]jmaZ
G c-Q *Y K G K ij
W7
77 7F7 Q77 7F7
k
]^_ Gc ± dhwnnbpb_glijb\_^_gby
GZoh^bfimlvlhjfh`_gby>lZ[e@
6 Y f
Hij_^_ey_f \j_fy lhjfh`_gby \ ij_^iheh`_gbb qlh kdhjhklv ih^t_fZ b himkdZgby
]jmaZh^bgZdh\u
W 7PD[ 6 Y F ! F
Hij_^_ey_faZf_^e_gb_ijblhjfh`_gbb
fk >Z L @ fk
D7 Y W7
Lhjfhaih^h[jZgijZ\bevgh
Ijbf_j
Hij_^_eblvhkgh\gu_iZjZf_ljukdj_[dh\h]hljZgkihjl_jZ^eyi_j_f_s_gbydmkdh\uo
fZl_jbZeh\lbiZkujhcj_iufhjdh\bk\_deudZjlhn_eyb l^\ _fdhklv^eyfhcdbjbk
b
JbkKo_fZkdj_[dh\h]hljZgkihjl_jZ
± `_eh[± \Zeijb\h^ghc± \ZegZly`ghc± p_ivly]h\Zy
JbkKo_fZkdj_[dh\h]hljZgkihjl_jZ
LZd dZd \j_fy imkdZ f_gvr_ j_dhf_g^m_fuo \_ebqbg lh ^\b]Zl_ev \ i_jbh^ imkdZ g_
i_j_]jm`Z_lky
Ih^[hjlhjfhaZ
Fhf_gl klZlbq_kdbo khijhlb\e_gbc Gf gZ \Zem ^\b]Zl_ey ijb lhjfh`_gbb
g_h[oh^bfuc^eyij_^hl\jZs_gby_]hh[jZlgh]hoh^Z
ª §) ·º J'
L kl K a\ «T+ . ¨¨ R T+ ¸¸»
¬« © J ¹¼» X
K a\ ± DI> a\_a^hqdb D ± dhwnnbpb_gl \hafh`gh]h mf_gvr_gbykhijhlb\e_gby
dhg\_c_jZ>@' ± ^bZf_ljly]h\hca\_a^hqdbf
Hij_^_ebf^bZf_ljly]h\hca\_a^hqdb>@
W a\
' ff
R
R
VLQ VLQ
]
7Fl > @
+ f
< k\yabk l_fqlh\_ebqbgZ 7kl bf__lhljbpZl_evgh_agZq_gb_lhjfha\ ijb\h^_fh`gh
g_ klZ\blv H^gZdh lhjfha khojZgy_f ^ey h[_ki_q_gby [_ahiZkghklb wdkiemZlZpbb b
gZ^_`ghklbdhg\_c_jZ
Fhf_glkbebg_jpbbgZ\Zem^\b]Zl_eyijblhjfh`_gbb
G-Q &K
7bg
l
G f
W l QW l
]^_Wl OlY k ± ijh^he`bl_evghklvi_jbh^Zlhjfh`_gbyOl f ± imlv
lhjfh`_gby>@
Ih^[bjZ_flhjfha>@dheh^hqguck we_dljhfZ]gblhfi_j_f_ggh]hlhdZlbiZLDLk
gZb[hevrbflhjfhaguffhf_glhfijbI< Llhjf GfLhjfhamklZgZ\eb\Z_fgZ
\lhjhf dhgp_ \ZeZ we_dljh^\b]Zl_ey Lhjfhaghc rdb\ rbjbghc ff k lhesbghc h[h^Z
ff bf__lfhf_glbg_jpbb-lr d]f
Ijbf_j
JZkkqblZlv \bglh\hc dhg\_c_j bkihevam_fuc ^ey aZ]jmadb gZ kdj_[dh\uc ljZgkihjl_j
dhjg_dem[g_ieh^h\ lbiZ kujhc fhjdh\b k\_deu dZjlhn_ey b l^ JZkq_lgZy
ijhba\h^bl_evghklv 4 lq ^ebgZ dhg\_c_jZ / f GZkuigZy iehlghklv fZl_jbZeZ
U d]f lZ[e
Hjb_glbjh\hqgZyko_fZ\bglh\h]hdhg\_c_jZij_^klZ\e_gZgZ jbkAZ]jmadZ
]jmaZhkms_kl\ey_lkyq_j_a [mgd_ji_j_f_s_gb_ihklZevghfm`_eh[mk ihfhsvx\bglZ
jZa]jmadZijhbkoh^blq_j_aiZljm[hdgZ`_eh[kdj_[dh\h]hljZgkihjl_jZ
Ijb\h^ \bglh\h]h dhg\_c_jZ ij_^klZ\ey_l kh[hc we_dljh^\b]Zl_ev fmnlm mijm]mx
j_^mdlhjb ij_^hojZgbl_evgmxmijm]mxfmnlmIjb\h^`_eh[dhg\_c_jZb aZ]jmahqguc
[mgd_j aZdj_ie_gu gZ jZf_ dhg\_c_jZ Dhg\_c_j ]hjbahglZevgh]h bkiheg_gby <bgl
kiehrghch^ghaZoh^guc
JbkKo_fZ\bglh\h]hdhg\_c_jZ
*'
jhlhjZ d] f
7PD[
7ghf
QZZÖ
Hij_^_ey_fi_j_^Zlhqgh_qbkehijb\h^Z 8
Q ZÖ
Ih > lZ[e @ ih^[bjZ_f j_^mdlhj P k nZdlbq_kdbf i_j_^Zlhqguf qbkehf
8S fhsghklvxgZ[ukljhoh^ghf\Zem d<lb kbgojhgghckdhjhklvx
h[fbg NZdlbq_kdZy kdhjhklv \jZs_gby \bglZ dhg\_c_jZ
Q ^\
Q\n fbg hlebqZ_lky hl ghfbgZevghc jZ\ghc f_gvr_ q_f gZ qlh
8 \
^himklbfh
NZdlbq_kdZyijhba\h^bl_evghklvdhg\_c_jZ
4 ' W\Q\n U. E lq Hlebqb_ nZdlbq_kdhc
ijhba\h^bl_evghklb hl jZkq_lghc khklZ\ey_l ! l_ nZdlbq_kdZy
ijhba\h^bl_evghklvgZf_gvr_ aZ^Zgghcqlhg_^himklbfh
>ey m\_ebq_gby nZdlbq_kdhc ijhba\h^bl_evghklb m\_ebqbf rZ] \bglZ
W ' ff ijbgbfZ_f W ff >lZ[e@
NZdlbq_kdZyijhba\h^bl_evghklvijbwlhfjZ\gZ
4 lq
QLH F?GVR?Q?FG: HLEBQ:?LKYHLG?H;OH>BFHCIH A:>:GBX
IJHBA<H>BL?EVGHKLB
Hij_^_ey_fdjmlysbcfhf_glgZ\Zem\bglZ>F@
3R
7
Q
Hij_^_ey_fhk_\h_mkbeb_gZ\bglG
7
)2&
.'WJ D c U 7
]^_ D ± mqblu\Z_l qlh kbeZ ijbeh`_gZ gZ kj_^g_f ^bZf_lj_ \bglZ Dc ± m]he
ih^t_fZ \bglh\hc ebgbb \bglZ UW ± m]he lj_gby ]jmaZ h \bgl Ijbgy\ ih lZ[e
dhwnnbpb_gl lj_gby ]jmaZ h `_eh[ I gZc^_f dhwnnbpb_gl lj_gby \ khklhygbb
^\b`_gby
IJ I F
b m]helj_gby U W DUFWJ I DUFWJ
W
LZg]_gkm]eZih^t_fZ\bglh\hcebgbb WJD D
S'
Lh]^Z
)RF +
bkihevam_lkyijbih^[hj_ih^rbigbdh\
I j b f _ q Z g b _ >Ze__ jZkq_l \bglZ ijhba\h^blky gZ djmq_gb_ hl fhf_glZ
jZkly`_gb_ beb ijh^hevgh_ k`Zlb_ kbehc ba]b[ hl jZkij_^_e_gghc ih ^ebg_ ihi_j_qghc
gZ]jmad_ b ba]b[ hl kh[kl\_ggh]h \_kZ ^ebg_ Ijh]b[ \bglZ g_ ^he`_g ij_\urZlv
aZahjZf_`^m\bglhfb `_eh[hf )ihi_j_q ± hij_^_ey_lkyihke_ijh_dlgh]hjZkq_lZ\ZeZ\bglZ
b hij_^_e_gby\_ebqbgu O ± jZkklhygb_f_`^mhihjZfb
Iehlghklvb m]he_kl_kl\_ggh]hhldhkZ^eyk_evkdhohayckl\_gguob
ijh^h\hevkl\_gguo]jmah\
Iehlghklv M]he_kl_kl\_ggh]h
=jma
U lf
hldhkZ M ]jZ^
Ir_gbpZ jh`v
yqf_gvdmdmjmaZ
DZjlhn_ev k\_deZ
fhjdh\vj_iZ
=hjhoq_q_\bpZ
Dmdmjmaguckbehk
:j[mau^ugblud\u
K_ghb khehfZ
ij_kkh\Zggu_
K_ghb khehfZbaklh]Z
M^h[j_gb_
fbg_jZevgu_
GZ\ha
>jh[e_ggh_ a_jgh
hljm[b
Hibedb ^j_\_kgu_
kmob_
Lhjn
FmdZ
K_gZ`
I_khdkmohc
P_f_gl
KZoZji_khd[_euc « «
KhevdZf_ggZy «
Kh^Z «
Jbk «
L_klh «
<_jfbr_ev «
Jh`db «
DjZofZe «
Nbabdhf_oZgbq_kdb_k\hckl\Zk_evkdhohayckl\_gguob
ijh^h\hevkl\_gguo]jmah\
FZl_jbZe
IZjZf_l
=jma H^ghbf
ju]jmaZ KlZev >_j_\h J_abgZ
]jma
Ir_gbpZ
jh`v « « «
±
h\_kjbk
dmdmjmaZ
=hjho « « «
±
\bdZ
Hibedb « «
± ±
^j_\_kgu_
K_fyevgZ « « «
±
dhghieb
Hljm[b
dhf[bdhjf « « «
Dhwnbpb_gl
lj_gby
iheh\Z
P_f_gl « ± ±
DZjlhn_ev
« « «
k\_deZ ±
fhjdh\v
Kbehk «
« ±
k_gZ`
K_gh « «
±
khehfZ
GZ\ha « «
«
lhjn
«
Oehihd ±
KZoZj±
i_khd ± ± ±
kujhc
Khev
± ± ±
dZf_ggZy
L_klh ± ± ±
<_jfbr_ev ± ±
Ijh^he`_gb_lZ[e
FZl_jbZe
IZjZf_l
=jma H^ghbf
ju]jmaZ KlZev >_j_\h J_abgZ
]jma
M]he
dZq_gb DZjlhn_ev « « ±
y ]jZ^
K\_deZ
« ±
kZoZjgZy
;h[u
±
dhjfh\u_
«
Emd « ± ±
« «
Ieh^u ± ±
lhfZlgu_
« « «
ki_eu_ ±
a_e_gu_
KdhjhklbljZgkihjlbjh\Zgbyk_evkdhohayckl\_gguob
ibs_\uo]jmah\
Kdhjhklv Kdhjhklv
=jma =jma
e_glu e_glu
=jmaurlmqgu_
Ir_gbpZjh`v
f_rdb lxdb
dmdmjmaZ « «
lmrb
H\_k yqf_gv
khev FmdZ p_f_gl
kZoZjkh^Z «
«
ih^kheg_qgbd
A?JGH
>JH;E?GGH?
M^h[j_gbyi_khd
« ]jZ\bc «
hljm[b
\_jfbr_ev
DmdmjmaZ \ Dhdk m]hev «
«
ihqZldZo ^j_\_kguc
« «
Dhjg_ieh^u KhehfZ
Dhwnnbpb_gluijhba\h^bl_evghklb^eyk_evkdhohayckl\_gguo
b ijh^h\hevkl\_gguo]jmah\
NhjfZ
k_q_gby
]jmah\
Dhwnnb
pb_gl
ijhba\h
^bl_evg
hklbD
RbjbgZe_glu^eyrlmqguodmkdh\uok_evkdhohayckl\_gguob
ijh^h\hevkl\_gguo]jmah\
GZb[hevrbcjZaf_j RbjbgZe_glu<
=jma
]jmaZf f
Dmkdh\uc O PD[ % O PD[
Rlmqguc c
O PD[ c
% O PD[
Dhwnnbpb_glukhijhlb\e_gby^\b`_gbx\ kdj_[dh\uodhg\_c_jZo
Lbi Dhwnnbpb_glukhijhlb\e_gby^\b`_gbx
dhg\_c_jZ ZU Zp
Kh ± I J I J ±
«^ey
kiehrguf dhwnnbpb_gl p_i_ck dZldZfb
\ukhdbfbb lj_gby]jmaZih «^ey
gbadbfb `_eh[m\ p_i_c[_adZldh\
kdj_[dZfb ^\b`_gbb
«^ey
«± ^ey klZevghcljm[ub
]hjbahglZevguo klZevgh]hbeb
mqZkldh\ ieZklfZkkh\h]h
Ljm[qZlu_
kdj_[db
«± ^ey «^ey
\_jlbdZevguo h[j_abg_ggh]h
mqZkldh\ kdj_[dZ
AgZq_gb_dhwnnbpb_glZD ^eyj_^mdlhjZJPb DP
J_`bfjZ[hluj_^mdlhjZ
Ij_ju
\bklu
Ij_j c
OZjZdl_j G_ij_ju\guck u\bk e_]db
gZ]jmadb ijh^he`bl_evghklvx luc c beb
jZ[hlukml kj_^ g_ij_
gbc ju\gu
c
qkml
KihdhcgZy
Mf_j_ggu_
lheqdb
Kbevgu_
lheqdb
>eyj_^mdlhjZJFb P
E_]dbc ± ± ± ±
Kj_^gbc ± ± ± ±
Ly`_euc ± ± ± ±
<_kvfZ
± ± ± ±
ly`_euc
Hjb_glbjh\hqgu_agZq_gbyhkgh\guoiZjZf_ljh\\bglh\uo
dhg\_c_jh\^eyij_^\Zjbl_evguojZkq_lh\
khjlbjh
\Zggh]h
jy^h\h]
rbjbgZ
\ukhlZ
WÇÀ
h
Dhgkhe
vguc
Dhgkhe
vgucb
kbff_
ljbqgu
c
Ysbqg
uc
Ih^\_lj_ggu_iehsZ^b]jmah\ijbgbfZ_fu_ijbjZkq_l_
\_ljh\uokhijhlb\e_gbc
=jmahih^t_fghklv
djZgZdG
Ih^\_lj_ggZy iehsZ^v
]jmaZf
Ijhe_l
J_`bfu =jmah
jZ[hlu ih^t_ Ijhe_l
fghkl
vDG
J_`bfu =jmah
jZ[hlu ih^t_
E_]dbc fghkl
vDG
Kj_^gbc
G:B;HEVRBC<?KL:E?CWE?DLJBQ?KDBOH;S?=HG:AG:Q?GBY
FZjdZlZeb
GZbf_gh\Zg
b_ LW LW LW LW LW
iZjZf_ljZ
=jmahih^t_
fghklvdG
<_klZebdG
Hjb_glbjh\hqguc\_kl_e_`_d^eyfhklh\uodjZgh\± D
=jmahih^t_fghklv*Dg
J_`bf
jZ[hlu
E_]dbc
Kj_^g
bc
Ly`_e
uc
M]hegZbf_gvr_]hgZdehgZehldh\beb`_eh[h\^eyijh^mdlh\
M]hegZbf_gvr_]hgZdehgZ
`_eh[h\]jZ^
:exfbg
by
KlZev
NZg_jZ
Khkgh\
u_
Hj]Zgbq
_kdh_
;_evlbg
]
<_jfbr_evff
\eZ`ghklv«
<_jfbr_evff
\eZ`ghklv«
DmdmjmaZ
EZirZ\eZ`ghklv
EZirZ\eZ`ghklv
FmdZ\ukr_]hkhjlZ
djmidZ\eZ`ghklv
FmdZi_j\h]hkhjlZ
ihemdjmidZ\eZ`ghklv
FZdZjhgu Hkh[u_
ff
\eZ`ghklv
FZdZjhguKhehfdZ
ff \eZ`ghklv
FZdZjhguHkh[u_
ff \eZ`ghklv
FZdZjhguHkh[u_
ff \eZ`ghklv
FZdZjhgu
H[udgh\_ggu_
ff \eZ`ghklv
FZdZjhguKhehfdZ
ff \eZ`ghklv
H\_k
Hljm[b
Ijhkh
Ir_gbpZ
Ir_gh
Jh`db]eZ^db_ff
\eZ`ghklv
Jh`db]eZ^db_ff
\eZ`ghklv
J?DHF?G>M?F:YEBL?J:LMJ:
Ih^t_fghljZgkihjlgu_fZrbgu<<DjZkgbdh\<X>m[bgbg<N:dbfh\b ^j
_ ba^i_j_jZ[b ^hiF:]jhijhfba^Zl
A_gdh\JEB\Zrdh\BBDheh[h\<BFZrbgug_ij_ju\gh]hljZgkihjlZF
FZrbghkljh_gb_
JZkq_lu ]jmahih^t_fguoljZgkihjlbjmxsbofZrbgNDB\Zgq_gdh<K;hg^Zj_\G
IDhe_kgbd<Y;ZjZ[Zgh\_ ba^Db_\<ukrrdheZ
Dmavfbg : < FZjhg N E KijZ\hqgbd ih jZkq_lZf f_oZgbafh\ ih^t_fgh
ljZgkihjlguofZrbgFbgkd<ukrZyrdheZ
KijZ\hqgbd ih f_oZgbaZpbb `b\hlgh\h^kl\Z K < F_evgbdh\ < < DZex]Z ? ?
OZaZgh\b ^jKhklK<F_evgbdh\EDhehkE_gbg]jhl^gb_
F_evgbdh\K<F_oZgbaZpbyb Z\lhfZlbaZpby`b\hlgh±\h^q_kdbon_jfEDhehk
Ijh_dlbjh\Zgb_ f_oZgbq_kdbo i_j_^Zq Mq_[ghkijZ\hqgh_ ihkh[b_ ^ey \lmah\ K
:Q_jgZ\kdbc=:Ke_kZj_\;KDhabgph\b ^jFZrbghkljh_gb_
>vyqdh\<DFZrbgug_ij_ju\gh]hljZgkihjlZFFZrbghkljh_gb_
Ih^t_fghljZgkihjlgu_fZrbgu:leZkdhgkljmdpbc Ih^j_^FI:e_dkZg^jh\Z
>GJ_r_lh\ZFFZrbghkljh_gb_
EZsbgkdbc::Lheqbgkdbc:JHkgh\udhg\ljmbjh\Zgbyb jZkq_lZobfbq_kdhc
ZiiZjZlmjuKijZ\hqgbd_ ba^EFZrbghkljh_gb_
:gmjv_\ < B KijZ\hqgbd dhgkljmdlhjZfZrbghkljhbl_ey < _o l F
FZrbghkljh_gb_
IZ\eh\G=Ijbf_jub jZkq_ludjZgh\E_gbg]jZ^FZrbghkljh_gb_
Jm^_gdh G N :e_dkZg^jh\ : = Eukydh\ F I Dmjkh\h_ ijh_dlbjh\Zgb_
]jmahih^t_fguofZrbgMq_[ihkh[b_FFZrbghkljh_gb_
Ijh_dlbjh\Zgb_dZgZlgh]h[ZjZ[ZgZF_lh^mdZaih\uiheg_gbx]jZnbq_kdhcqZklb
dmjkh\h]hijh_dlZKhklFbgZ_\ZEI<hjh[v_\X<LZf[h\kdbgl obffZrbghklj
LZf[h\
B\Zgh\FG>_lZebfZrbgMq_[^eyfZrbghkljki_p\mah\_ ba^ i_j_jZ[F
<ukrrd
B\Zgh\FGB\Zgh\<G>_lZebfZrbgdmjkh\h_ijh_dlbjh\Zgb_Mq_[ihkh[b_
^eyfZrbghklj\mah\F<ukrrd
Hkgh\ujZkq_lZb dhgkljmbjh\ZgbyfZrbgb Z\lhfZlh\ibs_\uoijhba\h^kl\:Y
Khdheh\ F F =_jg_l ? F =hev^bg < < =hjlbgkdbc b ^j F
FZrbghkljh_gb_
KijZ\hqgbd ih jZkq_lm b ijh_dlbjh\Zgbx ljZgkihjlbjmxsbo mkljhckl\
ij_^ijbylbc l_dklbevghc b e_]dhc ijhfure_gghklb D=Lhiheb^b<D
<Zkbev_\>RFhgZklujkdbcb ^jFe_]dZyb ibs_\Zyijhfure_gghklv
KdhjhklbljZgkihjlbjh\Zgbyk_evkdhohayckl\_gguob
ibs_\uo]jmah\
Kdhjhklv Kdhjhklv
=jma =jma
e_glu e_glu
=jmaurlmqgu_
Ir_gbpZjh`v
f_rdb lxdb
dmdmjmaZ « «
lmrb
H\_k yqf_gv FmdZ p_f_gl
khev « kZoZjkh^Z «
ih^kheg_qgbd
A?JGH
>JH;E?GGH?
M^h[j_gbyi_khd
« ]jZ\bc «
hljm[b
\_jfbr_ev
DmdmjmaZ \ Dhdk m]hev «
«
ihqZldZo ^j_\_kguc
« «
Dhjg_ieh^u KhehfZ
Dhwnnbpb_gluijhba\h^bl_evghklb^eyk_evkdhohayckl\_gguo
b ijh^h\hevkl\_gguo]jmah\
NhjfZ
k_q_gby
]jmah\
Dhwnnb
pb_gl
ijhba\h
^bl_evg
hklbD
RbjbgZe_glu^eyrlmqguodmkdh\uok_evkdhohayckl\_gguob
ijh^h\hevkl\_gguo]jmah\
GZb[hevrbcjZaf_j RbjbgZe_glu<
=jma
]jmaZf f
Dmkdh\uc O PD[ % O PD[
Rlmqguc c
O PD[ c
% O PD[
Dhwnnbpb_glukhijhlb\e_gby^\b`_gbx\ kdj_[dh\uodhg\_c_jZo
Lbi Dhwnnbpb_glukhijhlb\e_gby^\b`_gbx
dhg\_c_jZ ZU Zp
Kh ± I J I J ±
«^ey
kiehrguf dhwnnbpb_gl p_i_ck dZldZfb
\ukhdbfbb lj_gby]jmaZih «^ey
gbadbfb `_eh[m\ p_i_c[_adZldh\
kdj_[dZfb ^\b`_gbb
«^ey
«± ^ey klZevghcljm[ub
Ljm[qZlu_ ]hjbahglZevguo klZevgh]hbeb
mqZkldh\ ieZklfZkkh\h]h
kdj_[db
«± ^ey «^ey
\_jlbdZevguo h[j_abg_ggh]h
mqZkldh\ kdj_[dZ
AgZq_gb_dhwnnbpb_glZD ^eyj_^mdlhjZJPb DP
J_`bfjZ[hluj_^mdlhjZ
Ij_ju
\bklu
Ij_j c
OZjZdl_j G_ij_ju\guck u\bk e_]db
gZ]jmadb ijh^he`bl_evghklvx luc c beb
jZ[hlukml kj_^ g_ij_
gbc ju\gu
c
qkml
KihdhcgZy
Mf_j_ggu_
lheqdb
Kbevgu_
lheqdb
>eyj_^mdlhjZJFb P
E_]dbc ± ± ± ±
Kj_^gbc ± ± ± ±
Ly`_euc ± ± ± ±
<_kvfZ
± ± ± ±
ly`_euc
Hjb_glbjh\hqgu_agZq_gbyhkgh\guoiZjZf_ljh\\bglh\uo
dhg\_c_jh\^eyij_^\Zjbl_evguojZkq_lh\
Hlghr_
gb_ J_dhf_g Dhwnnbp
LjZgk >bZf_ rZ]Z ^m_fZy >bZf_ b_gl
ihjlb lj \bglZd qZklhlZ lj ijhba\h^
jm_fu `_eh[ _]h \jZs_gb \ZeZ
bl_evghkl
c ]jma Z '` ^bZf_lj y \bglZ G \ f b D I
W Q\ fbg
m .W
'
=hjbahglZevgu_rg_db
A_jgh « « « «
dhf[b «
dhjf
Ihem` « « « « «
b^db_
dhjfh
\u_
kf_kb
b
gZ\ha
AZiZj_ « « « « «
ggguc
dZjlh
n_ev
Kbehk « « « «
j_adZ
khehf
u
Dhjg_ « « « «
ieh^u
GZ\ha « « « « «
kuj_p
m^h[j_
gby
<_jlbdZevgu_rg_db
A_jgh « « « « «
dhf[b
dhjf
hljm[b
Dhjfh « « « « «
\u_
kf_kb
kbehk
DZjlh « « « « «
n_ev
@b^db « « « « «
c
gZ\ha
:
«
HKGH<GU?J:AF?JUGHJF:EBAH<:GGUOKDJ?;DH<UODHG<?C?JH<
K <UKHDBFBKIEHRGUFBKDJ?;D:FB
JZaf_ Lbi RZ] Dheb Ijhba\h GZb[hev
j kdj_[d a\_g q_kl\ ^bl_evg rb_
kdj_[d Z v_\ h hklv jZaf_ju
Zff p_ib p_i_c 4 ff q dmkdh\h]h
]jmaZff
RZ]kdj_[dZ
W KD ff
khjlbjh
\Zggh]h
jy^h\h]
rbjbgZ
\ukhlZ
WÇÀ
h
Dhgkhe
vguc
Dhgkhe
vguc
b
kbff_l
jbqgu
c
Ysbqg
uc
Ih^\_lj_ggu_iehsZ^b]jmah\ijbgbfZ_fu_ijbjZkq_l_
\_ljh\uokhijhlb\e_gbc
=jmahih^t_fghklv
djZgZdG
Ih^\_lj_ggZy iehsZ^v
]jmaZf
=jmah Ijhe_l
J_`bfu ih^t_
jZ[hlu fghkl
vDG
E_]dbc
Kj_^gbc
Ly`_euc
G:B;HEVRBC<?KL:E?CWE?DLJBQ?KDBOH;S?=HG:AG:Q?GBY
FZjdZlZeb
GZbf_gh\Zg
b_ LW LW LW LW LW
iZjZf_ljZ
=jmahih^t_
fghklvdG
<_klZebdG
Hjb_glbjh\hqguc\_kl_e_`_d^eyfhklh\uodjZgh\± D
=jmahih^t_fghklv*Dg
J_`bf
jZ[hlu
E_]dbc
Kj_^g
bc
OZjZdl_jbklbdbdjZgh\
^\b`_gby
i_j_^\b`_
gb_djZgZ
ih^t_fZ
l_e_`db
ih^t_fZ
<ukhlZ
fghklv
h[f
jbk
Ijh^he`_gb_lZ[e
u
K
<
=
j
d
djZg dhe_kh F_oZgbaf I<
Z ih^t_fZ
^\b`_gby
i_j_^\b`_
gb_djZgZ
ih^t_fZ
l_e_`db
l_e_`db
Ihemdhae Ih^t_fZ
h\hck I_j_^\b`_g
\u^\b`g \u^\ [_a byl_e_`db
uf b [ZeZ Fhghj_evkZ
fhghj_ev `_gby klZ DjZgZ
Dhgkhevg ± \jmq Ih^v_fZ
uc gmx I_j_^\b`_g
ih\hjhlg by
Dhgkhevg \_j ±
uc lbdhevgh_
Ih\hjhlg [_a
uc ijhl ]hjbahglZev
Ih\hjhlg ± ± ± Ih^t_fZ
uc I_j_^\b`_g
k\h[h^gh by
M]hegZbf_gvr_]hgZdehgZehldh\beb`_eh[h\^eyijh^mdlh\
M]hegZbf_gvr_]hgZdehgZ
Ijh^mdlbebfZl_jbZe `_eh[h\]jZ^
:exfbg
Hj]Zgbq
;_evlbg
NZg_jZ
Khkgh\
_kdh_
KlZev
u_
by
]
<_jfbr_evff
\eZ`ghklv«
<_jfbr_evff
\eZ`ghklv«
DmdmjmaZ
EZirZ\eZ`ghklv
EZirZ\eZ`ghklv
FmdZ\ukr_]hkhjlZ
djmidZ\eZ`ghklv
FmdZi_j\h]hkhjlZ
ihemdjmidZ\eZ`ghklv
FZdZjhguHkh[u_
ff
\eZ`ghklv
FZdZjhguKhehfdZ
ff \eZ`ghklv
FZdZjhguHkh[u_
ff \eZ`ghklv
FZdZjhguHkh[u_
ff \eZ`ghklv
FZdZjhgu
H[udgh\_ggu_
ff \eZ`ghklv
FZdZjhguKhehfdZ
ff \eZ`ghklv
H\_k
Hljm[b
Ijhkh
Ir_gbpZ
Ir_gh
Jh`db]eZ^db_ff
\eZ`ghklv
Jh`db]eZ^db_ff
\eZ`ghklv
Mq_[gh_ ba^Zgb_
IH>T?FGHLJ:GKIHJLGU?
F:RBGU
F_lh^bq_kdb_mdZaZgby
KhklZ\bl_eb<hjh[v_\ Xjbc<Ze_glbgh\bq
Dh\_j]bg :e_dk_c>fbljb_\bq
GbdblbgZEx^fbeZOjbklhnhjh\gZ
J_^Zdlhj <GF b l j h n Z g h \ Z
Dhfivxl_jgh_fZd_lbjh\Zgb_ F:N b e Z l h \ h c
Ih^ibkZgh\ i_qZlv
NhjfZlu=ZjgblmjZ 7LPHV;mfZ]Zhnk_lgZyI_qZlvhnk_lgZy
H[t_fmkei_qemqba^e
LbjZ`wdaK
Ba^Zl_evkdhiheb]jZnbq_kdbcp_glj
LZf[h\kdh]h]hkm^Zjkl\_ggh]hl_ogbq_kdh]hmgb\_jkbl_lZ
LZf[h\Kh\_lkdZyd