Čć! (-!+Ä“ĹŠ ĞŊ}Ä?
4-%41 '4
ĹŠĹŠÄˆÄ‡ĹŠĹŠĹŠ ĹŠĹŠÄ‰Ä‡ÄˆÄˆ
Ä“Ä“ĹŠ1#!' 9 ĹŠ/#"(1ĹŠ "(2!4+/ 2ĹŠ ĹŠ *(23;-ĹŠ
4#ĹŠ+ ĹŠĹŠ 4"(3#ĹŠ +ĹŠ
;%(- ĹŠÄ?
;%(- Ŋĉ
#, - ĹŠ"#ĹŠ+ ĹŠ149ĹŠ.) ĹŠ .8ĹŠ ĹŠ+ 2ĹŠÄˆÄŽÄ–ÄŠÄ‡ĹŠ 2#1;ĹŠ#+ĹŠ % 2 ).ĹŠ ĹŠ+ 2ĹŠ , "1#2ĹŠ"#ĹŠ#2! 2.2ĹŠ 1#!412.2ĹŠ#-ĹŠ+ ĹŠ#2Äą !4#+ ĹŠ 2ĹŠ,_1(! 2Ä“
9ed bW fh[i[dY_W Z[ Wkjeh_ZW# Z[iZ[bWfhel_dY_WoZ[bW_di# j_jkY_ÂŒd"WdeY^[bWi:WcWiZ[b LebkdjWh_WZe Z[ bW 9hkp He`W Z[Jkd]khW^kWZ_[hed_d_Y_eW bWI[cWdWZ[bW9hkpHe`W(&''" YedbWĂ’dWb_ZWZZ[fh[i[djWhWbW Yeb[Yj_l_ZWZbWbWXehgk[Ykcfb[ [ijW_dij_jkY_ÂŒdZ[ieYehhe[dbW fhel_dY_W$ :[djheZ[bWYje"i[h[YedeY_ÂŒ [b jhWXW`e gk[ [`[hY[d gk_[d[i Yed\ehcWd bW _dij_jkY_ÂŒd o ik WokZWZ[i_dj[h[iWZWWbWYeck# d_ZWZ"Yecebe^WY[dbWiZWcWi Z[blebkdjWh_WZe$ M_bied Ehj_p" fh[i_Z[dj[ Z[ bW_dij_jkY_ÂŒd"cWd_\[ijÂŒgk[fWh [ijW i[cWdW i[ ^W fbWd_Ă’YWZe kdWi[h_[Z[WYj_l_ZWZ[iieY_Wb[i oYkbjkhWb[i$
;%(- ĹŠÄ‘
(ŋ ) "ŋ -.6(ŋ ŋ & , #š(
ēŊ43.1(" "#2Ŋ"#Ŋ+ Ŋ/1.5(-!( Ŋ8Ŋ"#Ŋ+ Ŋ(-23(34!(¢-ĔŊ 2~Ŋ!.,.Ŋ(-5(3 ".2ĔŊ/1#2("(#1.-Ŋ+ Ŋ(- 4%41 !(¢-Ŋ2.+#,-#ē
7i_c_ice"Z[djheZ[b[l[dje i[h[Wb_pŒbW[nWbjWY_ŒdoYehedW# Y_ŒdW7djed[bbW9W_Y[Ze"i[‹eh_# jW9hkpHe`W1o":[d_i[=ehjW_h[" i[‹eh_jWIeYehh_ice(&''#(&'($
:[djhe Z[b Yhede]hWcW Z[ Ă’[ijWiZ[bW[dj_ZWZZ[ieYehhe" fWhW^eoWfWhj_hZ[bWi'+0)&i[ h[Wb_pWh|[bW]WiW`eWbWicWZh[i Z[[iYWieih[Ykhiei[YedÂŒc_Yei
& )"š&# )-Ĺ‹( -#.(Ĺ‹ Ĺ‹/(Ĺ‹Ä’'()Ĺ‹'#!Ä“ BWcWoeh‡WZ[f[hiedWiWbYe# ^ÂŒb_YWigk[ik[b[dkX_YWhi[[d bWi[igk_dWiZ[bfWhgk[9[lW# bbei"bb[]WdZ[bWipedWihkhWb[i Z[Jkd]khW^kW"gk[fehYWk# iWi\Wc_b_Wh[i^WdefjWZefeh i[]k_hkdYWc_degk[bb[]WWbW ck[hj[$ 7b cec[dje" Z[djhe Z[b 9[djheZ[bWC[dZ_Y_ZWZf[h# cWd[Y[d lWh_Wi f[hiedWi Wb# Ye^ÂŒb_YWi" gk[ i[ h[Ykf[hWd ]hWY_WiWbWWj[dY_ÂŒdgk[Wgk‡ h[Y_X[d"i_d[cXWh]ebW[ijhkY# jkhWZ[bY[djhedeWXWij[Y[WbW ]hWdYWdj_ZWZZ[_dZ_][dj[iWb# Ye^ÂŒb_Yei"feh[bbebWckd_Y_fW# b_ZWZWdWb_pWbWfei_X_b_ZWZZ[ [`[YkjWhejheYedl[d_eZ[Wfe# oeYed\kdZWY_ed[igk[jhWj[d [ij[cWb$ FehejhebWZe"beicehWZeh[i
. (#1-.ĹŠ /#1,(3(1; 5( ) 1Ä–ĹŠ4
[d bei fWj_ei Z[ bW [iYk[bW BWi 7cƒh_YWi$ 7gk‡"bWicWc_jWiZ_i\hkjWh# fWdZ[]hWjeicec[djeioYeh# Z_Wb_ZWZ$;%(- ĹŠÄŠ
9ed fWhWZW Y‡l_YW c_b_jWh" i[i_ÂŒdieb[cd[okdWjhWYj_# lei^emWhj‡ij_Ye"CeY^Wi[ Wfh[ijWWY[b[XhWh[bl_[hd[i ') Z[ cWoe iki (+ W‹ei Z[ YWdjed_pWY_ÂŒd$ :[iZ[ bWi '&0&& i[h| [b Z[i\_b[ gk[ YedjWh| Yed bW fWhj_Y_fWY_ÂŒdZ[lWh_WiZ[b[# ]WY_ed[ibeYWb[iojWcX_ƒdZ[ \k[hW"gk[i[h|dbWi[dYWh]W# ZWiZ[ZWhfhejW]ed_iceWb [l[dje$ 7 fWhj_h Z[ bWi '(0&& i[ h[Wb_pWh|bWi[i_ÂŒdieb[cd[Wb Yedc[cehWhi[ kd W‹e c|i Z[YWdjed_pWY_ÂŒd$:[iZ[bWi '*0&&j[dZh|bk]WhbWfh[i[d# jWY_ÂŒdZ[Whj_ijWi"[djh[[bbei [ijWh|bWXWdZW(*Z[CWoe Z[FWjWj[$ ;%(- ĹŠÄ?
Z[bc[hYWZe9ebÂŒd"f_Z[dWbW ?dj[dZ[dY_WZ[Feb_Y‡Wgk[Yed# jheb[dbWij_[dZWiZ[bi[Yjeh"oW gk[WbfWh[Y[h[n_ij_h‡WdYWdj_# dWiYbWdZ[ij_dWigk[Wj_[dZ[dW [ijWif[hiedWi^WijWgk[f_[h# Z[d[bYedeY_c_[dje$ ;%(- Ŋĉ Ä“ĹŠ 2ĹŠ -" 2ĹŠ"#ĹŠ % + ĹŠ,.231 1;-ĹŠ24ĹŠ% ++ 1"~ ĹŠ#-ĹŠ#+ĹŠ "#2ÄƒĹŠ+#ĹŠ"#ĹŠ .!' Ä“
(5(2(¢-Ŋ/.+~3(!
Ä“ĹŠ!#1 2ĹŠ8ĹŠ+ 2ĹŠ! ++#2ĹŠ2.-ĹŠ+.2ĹŠ +4% 1#2ĹŠ/1#$#1(".2ĹŠ/ 1 ĹŠ+.2ĹŠ# 1(.2Ä“
2ĹŠ!($1 2ĹŠ"#+ĹŠ.-2#).ĹŠ !(.- +ĹŠ+#!3.1 +ŊĸĚĔŊ !.-ĹŠ,;2ĹŠ"#+ĹŠÄŒÄ‡Ĺ˜ĹŠ"#ĹŠ !3 2ĹŠ #2!143 " 2ĔŊ(-"(! -ĹŠ4- ĹŠ "($#1#-!( ĹŠ"#ĹŠ/.!.2ĹŠ/4-3.2ĹŠ #-31#ĹŠ#+ĹŠ~ĹŠ8ĹŠ#+ĹŠ.ĹŠ#-ĹŠ! " ĹŠ /1#%4-3 ĔŊ#-ĹŠ +%4- 2ĹŠ2.+ Äą ,#-3#ĹŠ"#ĹŠ"_!(, 2Ä“ : ĹŠÄŠĹŠ
-Ŋ3#23(%.Ŋ-.Ŋ /.13 Ŋ#-Ŋ- " Ŋ #-Ŋ! 2.Ŋ 11(¢;%(- ŊĎ
666Ä“+ '.1 Ä“!.,Ä“#!
Ä‚ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
ĹŠ
23#"ĹŠ/4#"#ĹŠ#-5( 1ĹŠ242ĹŠ$.3.2ĹŠ"#ĹŠ"#-4-!( 2ĹŠ!.,4-(3 1( 2ĹŠ8ĹŠ+ 2ĹŠ 43.1(" "#2ĹŠ 1#2/#!3(5 2ĹŠ3(#-#-ĹŠ+ ĹŠ./.134-(" "ĹŠ"#ĹŠ1#2/.-"#1Ä“ĹŠ ĹŠ.1 ĹŠ2#ĹŠ1#2#15 ĹŠ#+ĹŠ"#1#!'.ĹŠ "#ĹŠ2#+#!!(.- 1ĹŠ8ĹŠ#"(3 1ĹŠ+ 2ĹŠ"#-4-!( 2Ä“
ĊĉŊ Ŋ Ŋ
Äž#ĹŠ'4-"#ĹŠ+ ĹŠ5~ Ä?
-Ŋ31 ,.Ŋ"#Ŋ+ Ŋ! ++#Ŋ8++¢-Ŋ8Ŋ .+~5 1Ŋ2#Ŋ'4-"#Ŋ!.-Ŋ#+Ŋ/ 2.Ŋ"#Ŋ+.2Ŋ 5#'~!4+.2Ŋ04#Ŋ!(1!4+ -Ŋ/.1Ŋ#+Ŋ2(3(.ēŊ 1%#Ŋ+ Ŋ(-3#15#-!(¢-Ŋ,4-(!(/ +ē
#2/.-2 +#Ä–ĹŠ 1( - ĹŠ 4#- 5#-341 ĹŠ (1#!3.1 ĹŠ"#ĹŠ 1 2ĹŠĂŒ +(Äą ! 2ĹŠ 4-(!(/ +#2Ä“ #+_$.-.2ĖŊćĊĉĹĒĒĹÄ?Ä‘ÄąÄŒÄˆÄ“ĹŠ
Äž4#!.ĹŠ#-ĹŠ+ ĹŠ5~ Ä?
-ĹŠ+ ĹŠ! ++#ĹŠ 13~-#9ĔŊ#-31#ĹŠ/ 2 )#ĹŠ #(-3(,(++ ĹŠ8ĹŠ 5#-(" ĹŠÄˆÄ‰ĹŠ"#ĹŠ.Äą 5(#, 1#ĔŊ#7(23#ĹŠ4-ĹŠ%1 -ĹŠ !'#ĹŠ#-ĹŠ ,#"(.ĹŠ"#ĹŠ+ ĹŠ5~ ĹŠ"#2"#ĹŠ' !#ĹŠ5 1( 2ĹŠ 2#, - 2Ä“ #2/.-2 +#Ä–ĹŠ 1( - ĹŠ 4#- 5#-341 ĹŠ (1#!3.1 ĹŠ"#ĹŠ 1 2ĹŠĂŒ +(Äą ! 2ĹŠ 4-(!(/ +#2Ä“
ĹŠ #+_$.-.2ĖŊćĊĉĹĒĒĹÄ?Ä‘ÄąÄŒÄˆÄ“
Ä‰ÄŒĹŠ ĹŠ ĹŠ
4#!.ĹŠ#-ĹŠ+ ĹŠ !#1
-Ŋ+ Ŋ !#1 Ŋ"#Ŋ+ Ŋ! ++#Ŋ + , Ŋ 8Ŋ 5#-(" Ŋ#5 ++.2ĔŊ2#Ŋ.1(%(-¢Ŋ -4#5 ,#-3#Ŋ4-Ŋ%1 -Ŋ !'#Ŋ04#Ŋ2#Ŋ %1 -" Ŋ!.-Ŋ#+Ŋ/ 2 1Ŋ"#Ŋ+.2Ŋ"~ 2ē
#2/.-2 +#Ä–ĹŠ 1( - ĹŠ 4#- 5#-341 ĹŠ (1#!3.1 ĹŠ"#ĹŠ 1 2ĹŠĂŒ +(Äą ! 2ĹŠ 4-(!(/ +#2Ä“ #+_$.-.2ĖŊćĊĉĹĒĒĹÄ?Ä‘ÄąÄŒÄˆÄ“ĹŠ
ĊĉŊ Ŋ Ŋ
 .Ŋ"#Ŋ+ Ŋ! +9 "
+ĹŠ/ 5(,#-3.ĹŠ"#ĹŠ+ ĹŠ 5#-(" ĹŠÄˆÄ‰ĹŠ"#ĹŠ .5(#, 1#ĔŊ#-31#ĹŠ 1( -.ĹŠ%Ă•#9ĹŠ 8ĹŠ2/#).ĔŊ#23;ĹŠ!.,/+#3 ,#-3#ĹŠ "#2314(".ĹŠ8ĹŠ/.1ĹŠ#++.ĹŠ2#ĹŠ#,/.9 -ĹŠ+ 2ĹŠ %4 2ĹŠ++45( 2Ä“ #2/.-2 +#Ä–ĹŠ 1( - ĹŠ 4#- 5#-341 ĹŠ (1#!3.1 ĹŠ"#ĹŠ 1 2ĹŠĂŒ +(Äą ! 2ĹŠ 4-(!(/ +#2Ä“ #+_$.-.2ĖŊćĊĉĹĒĒĹÄ?Ä‘ÄąÄŒÄˆÄ“ĹŠ
ēŊ 2Ŋ#204(- 2Ŋ"#+Ŋ,#1! ".Ŋ.+¢-Ŋ2.-Ŋ+.2Ŋ2(3(.2Ŋ/1#$#1(".2Ŋ/ 1 Ŋ".1,(1Ŋ"#Ŋ+ 2Ŋ/#12.- 2Ŋ#-Ŋ#23 ".Ŋ"#Ŋ# 1(#" "ē
& )"š&# )-Ĺ‹, +/# , (Ĺ‹ *)3)Ĺ‹"/'()Ĺ‹/,! (. -ĹŠ+.2ĹŠ +1#"#".1#2ĹŠ "#ĹŠ+ ĹŠ.+¢-ĹŠ +ĹŠ/ 1#Äą !#1ĹŠ#7(23#-ĹŠ! -3(- 2ĹŠ !+ -"#23(- 2ĹŠ04#ĹŠ (11#2/#3 -ĹŠ+ ĹŠ+#8Ä“ F[i[Wbei[i\k[hpei^[Y^eifeh [b Z[fWhjWc[dje Z[ :[iWhhebbe IeY_WbZ[bCkd_Y_f_eZ[7cXWje" [dWokZWhWbei[d\[hceiWbYe^ÂŒ# b_Yei"ƒijeiW‘di_]k[dlW]WdZe fehbWiYWbb[ioWfeZ[h|dZei[Z[ bei fWhgk[i Y[djhWb[i o c[hYW# ZeiZ[bWYk_ZWZ"begk[][d[hW fƒi_cW_cW][dW[ijeii_j_eigk[ j_[d[dWĂ“k[dY_Wf[WjedWb$ C[i[i Wjh|i [hW j‡f_Ye l[h W ^ecXh[i o WdY_Wdei Yecfb[jW# c[dj[[Xh_eiZkhc_[dZe[dbWi XWdYWiZ[beifWhgk[i"[d[if[# Y_Wb [d [b 9[lWbbei" o bb[lWXWd Yedi_]eYece‘d_YWiĂˆWhcWiÉZ[ Z[\[diWfWbeiof[hhei$ 7^ehWjWcX_ƒdi[fk[Z[l[h W ck`[h[i jejWbc[dj[ WbYe^e# b_pWZWi" _dikbjWdZe W gk_[d[i Y_hYkbWdfehikfWieoYedkdW WfWh_[dY_W Z[iW]hWZWXb[ gk[ WikijWd"[if[Y_Wbc[dj[WWgk[# bbei WZeb[iY[dj[i e [ijkZ_Wdj[i gk[Z[X[dY_hYkbWhfeh[bfWhgk[ i[‹WbWZe$ C_[djhWigk[[dbWi[igk_dWi Z[bc[hYWZe9ebÂŒd"bWi_jkWY_ÂŒd [ii_c_bWh"oWgk[[bbeiZk[hc[d [dbWi]hWZWiZ[Y[c[djeZ[bWi YWiWil_[`Wi"gk[jWcX_ƒdi[Yed# l_hj_[hed[dXW‹eif‘Xb_Yeio[d i_j_ei[ijhWjƒ]_YeifWhWb_XWhje# ZWibWideY^[i$ CehWZeh[iZ[bWpedW"Z_Y[d gk[bWi_jkWY_ÂŒd[i]hWl[oWgk[ feh[bi_j_e[n_ij[dYWdj_dWiYbWd# Z[ij_dWigk[l[dZ[dZ[iZ[&"&+ Y[djWlei[bYedeY_ZeĂˆfkheÉ$ Feh[bbe"beicehWZeh[iZ[bei i[Yjeh[if[h`kZ_YWZei"f_Z[dWbW ?dj[dZ[dY_WZ[Feb_Y‡WoWbWiWk# jeh_ZWZ[ickd_Y_fWb[i"bWWokZW Yehh[ifedZ_[dj[fWhWgk_[d[i[d ikcec[djeie‹WhedYedj[d[h kdW\Wc_b_WokdjhWXW`e^edhe#
ÂĄÄ“ĹŠ-ĹŠ+ 2ĹŠĂŒ+3(, 2ĹŠ2#, - 2ĹŠ2#ĹŠ' ĹŠ5(23.ĹŠ ĹŠ#23 ĹŠ,4)#1ĹŠ# 1( ĹŠ1#!.11(#-".ĹŠ +.2ĹŠ/ 104#2ĹŠ"#ĹŠ+ ĹŠ41 #ĹŠ , 3# ē
ie"f[hegk[fehY_hYkdijWdY_Wi W`[dWiZ[Y_Z_[hedW^e]Whikif[# dWi[d[bb_Yeh$ ;i_dY_[hje[bf[diWc_[djeZ[ beiWbYe^ÂŒb_Yei"oWgk[iÂŒbegk_[# h[dh[Y_X_hZ_d[he"Wkgk[i[WkdW eZeiced[ZWiZ[&"&+Y[djWlei" fWhW feZ[h i[]k_h [d [i[ ĂˆikX# ckdZeÉZ[WfWh[dj[YWbcWoh[# bW`WY_ÂŒd$ 7dj[h_ehc[dj[ [b Z[fWhjW# c[dje i[‹WbWZe" WfeoWXW Z_# h[YjWc[dj[ W [ijWi f[hiedWi bb[l|dZebWi^WijWkdh[\k]_eZ[ Wfeoe"i_d[cXWh]ebk[]eZ[ik WfWh[dj[ h[^WX_b_jWY_ÂŒd" ƒijei h[]h[iWXWdWbec_icebk[]eZ[ kdeoZeiW‹ei"Z[`WdZe[ddWZW [bjhWXW`eh[Wb_pWZe$ 7^ehWbWckd_Y_fWb_ZWZXki# YWYh[Whkddk[leYedl[d_eYed \kdZWY_ed[iZ[Wfeoe"fWhWWj[d# Z[hW[ijWif[hiedWi$ FWhW9h_ij_WdIWdZelWb"fi_# YÂŒbe]eYb‡d_YeZ[)+W‹ei"[bWb# Ye^eb_ice [i kdW [d\[hc[ZWZ gk[Z[X[i[hjhWjWZWYedkdi[# ]k_c_[djeh_]kheieodeZ[`Whe WXWdZedWhWbW\[YjWZeWikik[h# j["oWgk[ƒijei][d[hWbc[dj[h[# ]h[iWdWbl_Y_e$ /.8.ĹŠ,.,#-3;-#.
7bcec[dje[d[b9[djheZ[bW
C[dZ_Y_ZWZ"kX_YWZe[dbWl‡WW F_YW_^kW"f[hcWd[Y[dY_dYef[h# iedWiWbYe^Œb_YWi"gk[iedWfe# oWZWiojhWjWZWifehbeicƒZ_Yei Z[b>eif_jWbCkd_Y_fWb"i_[dZe [ij[kdfheo[Yjegk[bb[lWWZ[# bWdj[[bCkd_Y_f_eZ[7cXWje$ :[WYk[hZeWl[hi_ed[ieXj[# d_ZWi" [b WbX[h]k[ Wb cec[dje [ij|bb[de"fehbegk[h[ikbjW_c# fei_Xb[i[]k_hWYe]_[dZeWc|i f[hiedWi$ 7Z[c|i"gk_[d[if[hcWd[Y[d Wgk‡[dikcWoeh‡WiedWZkbjei cWoeh[i"gk_[d[iYehh[h‡WdY_[h# je f[b_]he Wb j[d[h bW fh[i[dY_W cWi_lWZ[WbYe^Œb_Yei$
ēŊ23.2Ŋ!(4" " -.2Ŋ !(1!4+ -Ŋ/.1Ŋ+ 2Ŋ! ++#2Ŋ++#5 -".Ŋ242Ŋ /#13#-#-!( 2ĔŊ!.,.Ŋ$4-" 2ĔŊ!.23 +#2Ŋ "#Ŋ843#Ŋ8Ŋ1./ Ŋ5(#) ē
Ŋ 84" Ŋ"# #Ŋ' !#1Ĺ 2#Ŋ"#Ŋ, -#1 Ŋ"#2(-Ĺ 3#1#2 " ĔŊ++#5 -".Ŋ 2(#,/1#Ŋ4- Ŋ2.-1(2 Ŋ Ŋ 04(_-Ŋ+.Ŋ-#!#2(3 Ģē
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
ĹŠĹŠ Ä”
ĹŠĹŠ ĹŠ ĹŠ ĹŠ Äą Ä“
ă
Ŋ+ 1.Ŋ04#Ŋ!4,/+#Ŋ #+Ŋ/#12.- +Ŋ"#Ŋ+ Ŋ149Ŋ .) Ŋ 84" Ŋ +Ŋ"#2 11.Ĺ ++.Ŋ"#Ŋ+ Ŋ!.+#!3(5(" "Ŋ34-%4Ĺ 1 '4#-2#ĢēŊŊŊ Ŋ ĔŊ
ĹŠĹŠ ĹŠ ĹŠ ĹŠĹŠÄą Ä“
(Ŋ!.,/1.,(2.Ŋ -3#Ŋ 3.".Ŋ#2Ŋ31 ) 1Ŋ!.-Ŋ +.2Ŋ2#!3.1#2Ŋ54+-#1 Ĺ +#2Ŋ"#Ŋ+ Ŋ/1.5(-!( Ŋ8Ŋ /.8 1+.2Ŋ2(#,/1#Ģē
(# #,)(Ĺ‹ -.#0# -Ĺ‹ (Ĺ‹ &Ĺ‹Ä’,v-Ä“
Ŋ ĔŊ
Ä“ĹŠ -23 -3#2ĹŠ#-ĹŠ04#ĹŠ-"1_2ĹŠ !' -.ĹŠ#7 +3 ĹŠ+ 2ĹŠ!4 +(" "#2ĹŠ8ĹŠ5(134"#2ĹŠ"#ĹŠ+ 2ĹŠ-4#5 2ĹŠ2. #1 - 2ĹŠ"#ĹŠ+ ĹŠ#-3(" "Ä“
Â&#x; ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄˆÄąÄ‰Ä‡ÄˆÄ‰Ä“
(# #Ĺ‹- '(Ĺ‹ Ĺ‹&Ĺ‹,/4Ĺ‹)$ +ĹŠ. )#3(5.ĹŠ#2ĹŠ" 1ĹŠ ĹŠ !.-.!#1ĹŠ+ ĹŠ+ .1ĹŠ04#ĹŠ !4,/+#ĹŠ#23 ĹŠ(-23(Äą 34!(¢-ĹŠ"#ĹŠ2.!.11.Ä“ ;dkdWYje]WbWdj[h[Wb_pWZebW deY^[Z[Wo[h[d[bIWbÂŒdZ[bW 9_kZWZ"bWi:WcWiZ[bLebkdjW# h_WZeZ[bW9hkpHe`WZ[Jkd]k# hW^kW"Z_[hed_d_Y_eWbWI[cW# dWZ[bW9hkpHe`W(&''"Yed[b Z[iWhhebbeZ[Z_\[h[dj[iWYj_l_# ZWZ[iieY_Wb[ioYkbjkhWb[igk[ eh_[djWh|dikbWXehZ[djheZ[bW
Yeb[Yj_l_ZWZ$ FWhW[b[\[Yje"i[YedjŒYedbW fWhj_Y_fWY_ŒdZ[Wkjeh_ZWZ[iZ[ bWfhel_dY_WoZ[bW_dij_jkY_Œd1 WZ[c|i Z[ bei lebkdjWh_ei" [n h[_dWiofWhWcƒZ_Yeigk[bWXe# hWd[d[ijW_dij_jkY_Œd$ ;b e\h[Y_c_[dje Z[b WYje be h[Wb_pŒM_biedEhj_p"fh[i_Z[dj[ Z[bW9hkpHe`WZ[Jkd]khW^kW" gk_ƒdh[iWbjŒbWbWXehgk[Ykc# fb[dbWiZWcWiZ[blebkdjWh_W# ZeoikWokZWWbWYeb[Yj_l_ZWZ Z[ [iYWiei h[Ykhiei$:[ _]kWb cWd[hW" \[b_Y_jŒ [b jhWXW`e gk[ Ykcfb[dbeifWhWcƒZ_Yeiole# bkdjWh_eiZ[bW_dij_jkY_Œd"gk[
YWZWZ‡Wiedkdiefehj[fWhWbW Wfehj[i[dX[d[Ă’Y_eZ[bW][dj[$ 9edckY^WdeijWb]_W"LWd[iW ieY_[ZWZ$ 7i_c_ice"Z[djheZ[bWYjei[ >eb]k‡d"i[‹eh_jW9hkpHe`WiW# h[Wb_pÂŒ bW [nWbjWY_ÂŒd o YehedW# b_[dj["cWd_\[ijÂŒgk[WikfWie fehbW_dij_jkY_ÂŒdWfh[d# Y_ÂŒdW7djed[bbW9W_Y[# Z_ÂŒ [b i_]d_\_YWZe Z[ bW Ze" i[‹eh_jW 9hkp He`W1 ĹŠ YebWXehWY_ÂŒd o Yed iki o" :[d_i[ =ehjW_h[" i[# ĹŠ ‹eh_jWIeYehh_ice(&''# !.-$.1, -ĹŠ+ 2ĹŠ iWb_ZW Z[b lebkdjWh_WZe , 2ĹŠ"#+ĹŠ dei_]d_Ă’YWgk[ikbWXeh (&'($ .+4-3 1( ".Ä“ĹŠ gk[ZWh|W^‡"WbYedjhWh_e ;dZ_iYkhieZ[ehZ[d" i[]k_h| WokZWdZe W bWi Hkj^Z[>_ZWb]e"fh[i_# Z[djW Z[ bW :WcWi Z[b Lebkd# f[hiedWi d[Y[i_jWZWi$ Feh ik jWh_WZe" h[iWbjÂŒ bWi WYj_l_ZWZ[i fWhj[" CWh‡W Ieb[ZWZ DWhWd`e" h[Wb_pWZWi ZkhWdj[ [ij[ f[h‡e# i[‹eh_jW IeYehh_ice iWb_[dj[" Ze" WZ[c|i W]hWZ[Y_ÂŒ W bWi [n Z_`egk[i[]k_h|f[dZ_[dj[Z[bW I[‹eh_jWi9hkpHe`WoIeYehh_i# WokZWlebkdjWh_W^WY_Wbeid_‹ei ce(&'&#(&''"fehbeilWb_eiei oWZkbjeicWoeh[i$
* #.(Ĺ‹ (Ĺ‹ /# )-Ĺ‹ -* #& 9edbWĂ’dWb_ZWZZ[WYjkWb_pWh beiYedeY_c_[djeiieXh[YÂŒce Yk_ZWhWbWif[hiedWiYedZ_i# YWfWY_ZWZ"jƒYd_YeiZ[bWC_# i_ÂŒdĂˆ@eWgk‡d=Wbb[]eiBWhWÉ" bb[lWhed W YWXe kdW YWfWY_# jWY_ÂŒd Z_h_]_ZW Wb f[hiedWb ef[hWj_le Z[b I[]khe IeY_Wb 9Wcf[i_de o Z[b C_d_ij[h_e Z[IWbkZF‘Xb_YWZ[Jkd]k# hW^kW$;ijei[h[Wb_pÂŒ[dZ‡Wi Wdj[h_eh[i[d[bWkZ_jeh_eZ[bW =eX[hdWY_ÂŒdZ[Jkd]khW^kW$ ;ij[jWbb[hi[Z[iWhhebbÂŒ[d Ykcfb_c_[djeWbYedl[d_eZ[ Yeef[hWY_ÂŒd_dj[h_dij_jkY_edWb fWhWbW[`[YkY_ÂŒdZ[bfheo[Yje ĂˆI_ij[cW DWY_edWb Z[ 7Ye]_# ZW0 C_i_ÂŒd @eWgk‡d =Wbb[]ei Yed>e]Wh[iZ[7feoeÉ"ZedZ[ fWhj_Y_fWd[b?dij_jkje;YkWje# h_WdeZ[I[]kh_ZWZIeY_Wbo[b I[]khe9Wcf[i_de$
ĹŠĹŠ Â&#x;
9ed[bfh[]ÂŒdZ[Ă’[ijWi_d_Y_ÂŒ bWcW‹WdWZ[Wo[hbWi\[ij_l_# ZWZ[iZ[b9eb[]_eFWhj_YkbWh F[Zhe<h‡Wi9WhhWiYe"WbY[b[# XhWh(*W‹eiZ[i[hl_Y_eWbW `kl[djkZjkd]khW^k[di[$ :[b/Wb')Z[cWoe"bei[i# jkZ_Wdj[i"ZeY[dj[ioWkjeh_# ZWZ[ij_[d[dfh[l_ijeh[Wb_pWh Z_\[h[dj[iWYj_l_ZWZ[i[dbeie# Y_Wb"YkbjkhWboZ[fehj_le$ FWhW ^eo W bWi &.0&&" bei [ijkZ_Wdj[iZ[bd_l[bX|i_Yeo Z_l[hi_\_YWZe h[Wb_pWh|d kdW YWiWWX_[hjW[dbeifWj_eiZ[b fbWdj[b$ :[ _]kWb cWd[hW" fWhW [b c_ƒhYeb[iWbWi'&0&&i[h[W# b_pWh|bW\[h_WZ[fWbjeij‡f_Yei oWbWi''0&&bei`k[]eifefk# bWh[i$
ĉĎŊ
Ä’)Ä“Ĺ‹Ĺ‹&, *, -&#-Ĺ‹ !) # ,(#-.-Ĺ‹ ;b <h[dj[ FefkbWh Z[ Jkd]k# hW^kWZ_eWYedeY[hWo[hikiYh_# j[h_eiieXh[beih[ikbjWZeifh[b_# c_dWh[iZ[bW9edikbjWFefkbWh (&''" gk[ i[ h[Wb_pÂŒ [b i|XWZe Ä“ĹŠ#/1#2#-3 -3#2ĹŠ"#ĹŠ+.2ĹŠ [d[bfW‡i1WZ[c|ih[_j[hÂŒgk[[b 2#!3.1#2ĹŠ2.!( +#2ĹŠ#23 1;-ĹŠ5(%(+ -3#2ĹŠ#-ĹŠ =eX_[hdeDWY_edWbdej_[d[f[ie #+ĹŠ!.-3#.ĹŠ"#ĹŠ5.3.2ĹŠ"#ĹŠ+ ĹŠ!.-24+3 Ä“ [dbWfhel_dY_W"Z[X_ZeWgk[bei jkd]khW^k[di[ilejWhedWYed# bb[hWjekd_Ă’YWZegk[i[gk_[h[_c# fed[h$Æ;b=eX_[hdee\h[# Y_[dY_W$ 9[bie 7]k_hh[" Y_ÂŒZkfb_YWhbeiik[bZeiZ[ YeehZ_dWZehZ[b\h[dj["i[# ĹŠ beicW[ijhei"f[hebe‘d_Ye ‹WbÂŒgk[kdWl[pc|ibei ĹŠ jkd]khW^k[di[i Z[cei# % -¢Ŋ#+ĹŠÄĽ.ÄŚĹŠ#-ĹŠ+ ĹŠ gk[ ^_pe [i _dYh[c[djWh .-24+3 ĹŠ Z[+W'&ZÂŒbWh[i"\WbjWdZe jhWhed [d bWi khdWi gk[ ./4+ 1Ä“ĹŠ Wikie\h[Y_c_[djeiÇ"iei# iedf[hiedWiYedYh_j[h_e jkle$CWh_eCWoeh]WZ_`e oiWX[dZ[Y_hb[ĂˆDeÉWbei gk[[b]eX_[hdedefk[Z[jecWh ]eX_[hdeiYehhkfjeioj_hWdei$ 7h]kc[djÂŒgk[jWcX_ƒdZ[X[ h[fh[iWb_Wi[dYedjhWZ[beijkd# ^WX[h kdW YedikbjW Z[ij_dWZW ]khW^k[di[i1befk[Z[^WY[h[d fWhWcW[ijheioWbkcdei"ieXh[bW YedjhWZ[bfh[\[YjeeZ[bWbYWbZ[ [`[YkY_ÂŒdZ[bfheo[YjeZ[bXWY^_# gk[dei[fhedkdY_Whed$
ĈĈ
+ĹŠ/ 104# ".2ĹŠ#-ĹŠ+ ĹŠ! ++# ĂŒ-ĹŠ#7(23#-ĹŠ!.-"4!3.1#2ĹŠ04#ĹŠ-.ĹŠ1#2/#3 -ĹŠ+ 2ĹŠ2# +#2ĹŠ"#ĹŠ31 -2(3.ĹŠ 04#ĹŠ#23;-ĹŠ4 (! " 2ĹŠ#-ĹŠ+ 2ĹŠ"($#1#-3#2ĹŠ! ++#2ĹŠ"#ĹŠ, 3.Ä“ĹŠ23#ĹŠ(-!.-Äą 5#-(#-3#ĹŠ2#ĹŠ#5("#-!(¢Ŋ#-ĹŠ+ ĹŠ#204(- ĹŠ"#ĹŠ+ 2ĹŠ! ++#2ĹŠ2/#).ĹŠ8ĹŠ 104# ĔŊ ".-"#ĹŠ$ +3 ĹŠ,;2ĹŠ!.-31.+ĹŠ/.+(!( +Ä“
ĹŠĹŠĹŠ ĹŠ ÂĄĹŠ ĹŠĹŠĹŠ ĹŠ } ĹŠĹŠ ĹŠ ĹŠĹŠĹŠ ĹŠ
Ä…
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
vĹ‹ ,, (Ĺ‹ Ĺ‹# .),# BW :_h[YY_ÂŒd Z[ EXhWi F‘# Xb_YWi" Z[djhe Z[ bW fbWd_Ă’# YWY_ÂŒd fWhW [ij[ W‹e" j_[d[ fh[l_ije bW YedijhkYY_ÂŒd Z[ kd h[ZkYjeh Z[ l[beY_ZWZ" gk[i[kX_YWh|[dbWWl[d_ZW HeZh_]eFWY^Wde"i[YjehBW L_Yjeh_W"Yed[bĂ’dZ[fh[YWk# j[bWhWbWY_kZWZWd‡Wgk[l_l[ [d[bi[Yjeh$ FWhW[bbe"i[ikif[dZ[h|[b jh|Ă’Yel[^_YkbWhZ[kdYWhh_b [di[dj_Zeikh#dehj["iWb_ZW W Gk_je" bei Z‡Wi cWhj[i '& o c_ƒhYeb[i '' Z[ cWoe" Z[ &.0&&^WijWbWi'.0&&Z[bei Z‡Wic[dY_edWZei$ Feij[h_ehc[dj[" bWi Wkje# h_ZWZ[i[dYWh]WZWiZ[bWeXhW Yeckd_YWh|d [b Y_[hh[ Z[b ejheYWhh_b"fWhWYecfb[jWhbW YedijhkYY_ÂŒdZ[bh[ZkYjehZ[ l[beY_ZWZ$ BW @[\WjkhW Fhel_dY_Wb Z[ 9edjheb Z[ Jh|di_je L_Wb Z[ Jkd]khW^kWi[h|bW[dYWh]W# ZWZ[YeehZ_dWhYed[bf[hie# dWbd[Y[iWh_e[behZ[dWc_[dje Z[bjh|Ă’Yel[^_YkbWh$ FehbejWdje"f_Z[dWbWY_k# ZWZWd‡W jecWh bWi Z[X_ZWi fh[YWkY_ed[iejhWdi_jWhfeh l‡WiWbj[hdWifWhW[l_jWhYed# jhWj_[cfei[dbeiZ‡Wii[‹WbW# Zei$
Ä“ĹŠ+ĹŠ31(4-$.ĹŠ"#+ĹŠÄĽ.ÄŚĹŠ 31 #1~ ĹŠ2#!4#+ 2ĹŠ/.+~3(! 2ĹŠ#-ĹŠ+ ĹŠ /1.5(-!( ĹŠ"#ĹŠ4-%41 '4 Ä“
(/( #(Ĺ‹ *)-# & -Ĺ‹ ' #);d[b|cX_jef‘Xb_YeZ[bWfhe# l_dY_W i[ Yec[djW gk[ [d bei fhÂŒn_ceiZ‡Wi^WXh‡Wkdfei_Xb[ YWcX_eZ[=eX[hdWZehZ[Jkd# ]khW^kW$ 7b fWh[Y[h" [ijWh‡Wd [dYWhf[jWlWh_eidecXh[i"[d# jh[[bbeidk[lWc[dj[[bZ[@kWd =k[lWhW$ ;b YWcX_e Z[ bW Wkjeh_ZWZ i[ ZWh‡WZ[X_ZeWbeih[ikbjWZeiZ[ bW YedikbjW gk[ i[ eXjkl_[hed [dbeih[Y_djei[b[YjehWb[iZ[bW fhel_dY_W"ZedZ[[bĂˆDeÉfh[lW# b[Y_ÂŒ"YkWdZebei]eX[hdWZeh[i [hWdbei[dYWh]WZeiZ[b_Z[hWhbW fheceY_ÂŒdW\WlehZ[bĂˆI‡É$
Ä“ĹŠ-ĹŠ".2ĹŠ).1- Äą " 2ĹŠ2#ĹŠ31 ) ĹŠ#-ĹŠ#23#ĹŠ2#15(!(.ĹŠ ,4-(!(/ +Ä“
ēŊ 2Ŋ !3 2Ŋ2.-Ŋ(-%1#2 " 2Ŋ +Ŋ2(23#, Ŋ"#-31.Ŋ"#Ŋ+ 2Ŋ ."#% 2Ŋ"#Ŋ+ Ŋ#+#% !(¢-Ŋ+#!3.1 +Ŋ"#Ŋ4-%41 '4 ē
/(!/,"/Ĺ‹0(4Ĺ‹ (Ĺ‹ )(. )Ĺ‹ Ĺ‹0).)-Ĺ‹ ##".1#2ĹŠ/.+~3(!.2ĹŠ /("#-ĹŠ04#ĹŠ#7(23 ĹŠ 4-ĹŠ31 ).ĹŠ'.-#23.ĹŠ "#-31.ĹŠ"#+ĹŠ/1.!#2.ĹŠ "#ĹŠ#2!143(-(.2Ä“ ;bcWj[h_Wb[b[YjehWbZ[bW9ed# ikbjWFefkbWho[bH[\[hƒdZkc gk[ \k[ h[j_hWZe [b fWiWZe i|# XWZeZ[bWic_b.*`kdjWih[Y[f# jehWiZ[bleje[dJkd]khW^kW" Wb cec[dje [i [iYWd[WZe iki h[ikbjWZei[dbWiXeZ[]WiZ[bW :[b[]WY_ÂŒdFhel_dY_Wb;b[YjehWb Z[Jkd]khW^kW$ 7gk‡ f[hcWd[Y[d bWi WYjWi fWhWi[h_d]h[iWZWiWbWXWi[Z[ ZWjei Z_]_jWb Z[ bW :[b[]WY_ÂŒd" c_[djhWi gk[ Wgk[bbWi gk[ feh kdW k ejhe hWpÂŒd de Ye_dY_Z[d Yedbeih[ikbjWZei"iedh[YedjW# ZWifehbeiZ[b[]WZei[b[YjehWb[i gk[fWhj_Y_fWhed[d[b[dYk[djhe [b[YjehWbZ[bi|XWZe$ 7YWh]eZ[bWYeehZ_dWY_ÂŒdZ[b fheY[iWc_[djeZ[bWiWYjWi[ij|d
beih[fh[i[djWdj[iZ[bW:[b[]W# Y_ÂŒdo@kdjWFhel_dY_Wb;b[YjehWb Z[Jkd]khW^kW"ZedZ[[beX`[j_# le[il[h_Ă’YWhgk[[bfheY[iei[ bekX_gk[Z[WYk[hZeWbeiZWjei h[Wb[igk[fh[i[djWdbWiWYjWi$ 7b]kdei l[[Zeh[i feb‡j_Yei ik# f[hl_iWd[bfheY[ie"WĂ’dZ[gk[ i[W`kijeo i_djhWXWiZ[d_d]‘d
Wif[Yje$ ÆDeiejhei gk[h[cei gk[ [b Yedj[ei[Wh[Wbogk[i[_dZ_gk[ begk[[bfk[Xbel[hZWZ[hWc[dj[ Z_`e[dbWikhdWiÇ"i[‹WbÂŒCWh_e
iWd_jWh_eojhWjWc_[djeZ[W]kWi i[hl_ZWifWhWkdWfeXbWY_ŒdZ[ c_b .&& ^WX_jWdj[i [d kd |h[W Z[,'^[Yj|h[Wi$;bfheo[Yjei[h| [`[YkjWZe feh [b :[fWhjWc[dje Z[EXhWiF‘Xb_YWiCkd_Y_fWb[i" fWhW Xh_dZWh kd c[`ehWc_[dje _dj[]hWbZ[WbYWdjWh_bbWZeoiWbkZ
#24+3 ".2
>WijW[bY_[hh[Z[[ijW[Z_Y_ÂŒd[b [iYWd[eZ[WYjWii[Z_e^WijW[b *.",( feh Y_[dje Z[ +(- `kdjWi h[Y[fjehWiZ[bleje"jecWdZe[d Yk[djWgk[[bfheY[iei_]k[^Wi# jW_d]h[iWhe[iYWd[WhbWiWYjWi Z[bWic_b.*`kdjWih[Y[fjehWi$
-3.-#2 #24+3 ".2
!3 2ĹŠ/1.!#2 " 2ĹŠĹŠ , 3.ĹŠ Â .2ĹŠ #5 ++.2ĹŠ .!' ĹŠ 3 3#ĹŠ #+(+#.ĹŠ ~++ 1.ĹŠ 4#1.ĹŠ (2 +#.ĹŠ
.1!#-3 )#ĹŠ ÄŽÄ‰Ä”Ä‰Ä’ĹŠĹ˜ĹŠ ÄŽÄŠÄ”ÄˆÄ’ĹŠĹ˜ĹŠ ÄŽÄ‡Ä”Ä‡Ä‡ĹŠĹ˜ĹŠ Ä?Ä?Ä”Ä?Ä?ĹŠĹ˜ĹŠ ČćĔÄ?ÄŒĹŠĹ˜ĹŠ ÄŒÄ‡Ä”ÄŠÄŽĹŠĹ˜ĹŠ ÄŠÄ‘Ä”Ä’ÄŒĹŠĹ˜ĹŠ ÄŠÄ?Ä”Ä‰Ä‡ĹŠĹ˜ĹŠ Ä‰ÄŽÄ”Ä‡Ä‡ĹŠĹ˜ĹŠ
&(Ĺ‹' # (.&Ĺ‹*,Ĺ‹ 4)(Ĺ‹ Ĺ‹ &&"/Ĺ‹"# ) ;dbWYeckd_ZWZZ[?bbW^kW9^_Ye" fWhhegk_WGk_iWf_dY^WZ[bYWdjÂŒd 7cXWje"i[fh[lƒbWYedijhkYY_ÂŒd Z[ kd i_ij[cW Z[ WbYWdjWh_bbWZe
CWoeh]W" fh[i_Z[dj[ Z[b <h[dj[ FefkbWh"gk_[dWYkZ_ÂŒbWcW‹WdW Z[Wo[h`kdjeYedlWh_ei[dj[ife# b‡j_Yeigk[Z[\[dZ‡Wd[bĂˆDeÉ[dbW fhel_dY_W$
4,#1.ĹŠ"#ĹŠ!3 2 ÄŠÄ?ÄŽĹŠ"#ĹŠÄ?Ä’Ä‘ ĉĎŊ"#ĹŠÄŒÄ? ćĒŊ"#ĹŠÄˆÄ‘ ÄˆÄ‰ĹŠ"#ĹŠÄˆÄ‘ ÄˆÄˆĹŠ"#ŊĉÄ? ÄŒÄ?ĹŠ"#ĹŠÄˆÄˆÄŒ ÄŠÄ?ĹŠ"#ĹŠÄ’ÄŽ ĈÄ?ĹŠ"#ĹŠÄŒÄŠ ćÄ?ĹŠ"#ĹŠÄ‰ÄŒ
& š(Ĺ‹ Ĺ‹ ,0# #)-Ĺ‹ .# ( Ĺ‹ 9ed[bfhefÂŒi_jeZ[c[`ehWh oiebl[djWhbWd[Y[i_ZWZZ[bW Y_kZWZWd‡W[dbW[djh[]WZ[ Y[hj_Ă’YWZeiZ[bWfWj[dj[Z[b '"+n'&&&gk[[n_][[bI[hl_# Y_eZ[H[djWi?dj[hdWi IH? fWhWbWeXj[dY_ÂŒdZ[bH[]_i# jheĂŚd_YeZ[9edjh_Xko[dj[i HK9 "[b8WbYÂŒdZ[I[hl_Y_ei Ckd_Y_fWb[i _cfb[c[djÂŒ f[hiedWb fWhW h[Y[fY_ÂŒd o Z[ifWY^eZ[[ij[jh|c_j[$ 7i‡c_ice"i[Wcfb_ÂŒ[b ^ehWh_eZ[Wj[dY_ÂŒd"fehbe gk[i[^WY[kdbbWcWZeWbW Y_kZWZWd‡WfWhWgk[Wi_ijW WYWdY[bWh[ijei^WX[h[i"[i# f[Y_Wbc[dj[[dbei^ehWh_ei Z[ bW jWhZ[ o bei i|XWZei" fehi[hc[deiYedYkhh_Zei$ ;i _cfehjWdj[ h[iWbjWh gk[bWYWfWY_ZWZZ[Wj[dY_ÂŒd [iZ[()&f[hiedWiZ_Wh_Wi" WYjkWbc[dj[ bW Wi_ij[dY_W Y_kZWZWdW[iZ['/&WbZ‡W" feh be gk[ bWi Wkjeh_ZWZ[i _di_ij[dWbeikikWh_eigk[ Wfhel[Y^[doWi_ijWdWh[W# b_pWhikijh|c_j[iodeZ[`[d ikieXb_]WY_ed[ifWhW[b‘b# j_ce$ Bei^ehWh_eiZ[Wj[dY_ÂŒd [d [b 8WbYÂŒd Z[ I[hl_Y_ei Ckd_Y_fWb[i fWhW [ij[ jh|# c_j[ ied0 Z[ bkd[i W l_[h# d[i"fh_c[hjkhdeZ[&.0&& W ',0&&" i[]kdZe jkhde Z[ ',0&& W (&0&&$ C_[djhWi gk[beii|XWZeibWWj[dY_ÂŒd lWZ[iZ[bWi&.0&&W')0&&$
Yeckd_jWh_W$ Feh [bbe" [b C_d_ij[h_e Z[b 7cX_[dj[obWCkd_Y_fWb_ZWZZ[ 7cXWje" [d Ykcfb_c_[dje Z[b H[]bWc[djeZ[7fb_YWY_ÂŒdZ[bei C[YWd_icei Z[ FWhj_Y_fWY_ÂŒd IeY_Wb[ijWXb[Y_Zei[dbWB[oZ[ =[ij_ÂŒd 7cX_[djWb" _dl_jWd Wb ÂĄÄ“ĹŠĹŠ1.8#!3 -ĹŠ-4#5 2ĹŠ. 1 2ĹŠ/ 1 ĹŠ+ 2ĹŠ9.- 2ĹŠ141 +#2ĹŠ"#+ĹŠ! -3¢-Ä“ ĂˆFheY[ieZ[FWhj_Y_fWY_ÂŒdIeY_Wb Z[b;ijkZ_eZ[?cfWYjeoFbWdZ[ ZWZZ[?bbW^kW9^_YeÉ"fWhhegk_W cWhj[i'-Z[cWoeWfWhj_hZ[bWi CWd[`e7cX_[djWbZ[bfheo[Yje Gk_iWf_dY^WZ[bYWdjÂŒd7cXWje$ &/0&&"[dbW9WiW9eckdWbZ[?bb# 7bYWdjWh_bbWZe fWhW bW Yeckd_# BW WkZ_[dY_W f‘Xb_YW i[h| [b W^kW9^_Ye$
)-Ĺ‹, !(. -Ĺ‹ Ĺ‹/(!/,"/Ĺ‹ ,6(Ĺ‹, ( # #š(Ĺ‹ Ĺ‹ / (.-Ĺ‹Ĺ‹ +ĹŠ/1./¢2(3.ĹŠ#2ĹŠ " 1ĹŠ ĹŠ!.-.!#1ĹŠ+ 2ĹŠ . 1 2ĹŠ#)#!43 " 2ĹŠ 8ĹŠ#23 +#!#1ĹŠ-4#Äą 5.2ĹŠ/1.8#!3.2ĹŠÄ“ĹŠ 7dj[bWfhen_c_ZWZZ[bW EY# jWlW 7iWcXb[W Fhel_dY_Wb Z[ Jkd]khW^kW"gk[i[h[Wb_pWh| [bc_ƒhYeb[i(+Z[cWoe"YWZW kdeZ[beiFWhbWc[djei7]kW" =[dj[ o JhWXW`e Z[b =eX_[h# de Fhel_dY_Wb jhWXW`Wd [d bW [bWXehWY_ÂŒd Z[ bei _d\ehc[i Z[h[dZ_Y_ÂŒdZ[Yk[djWiobei dk[lei fheo[Yjei gk[ i[h|d fk[ijWiWYedi_Z[hWY_ÂŒdZ[bWi Wkjeh_ZWZ[i$ >k]eL_bb[]Wi"Z[b[]WZeZ[b FWhbWc[dje 7]kW" cWd_\[ijÂŒ gk[bWh[dZ_Y_ÂŒdZ[Yk[djWiW beih[]Wdj[iZ[bWfhel_dY_W"i[ h[Wb_pWh|[b`k[l[i'(Z[cWoeW bWi'&0&&"[dbWI[Z[Z[bW7Y[# gk_WCeY^W#>kWY^_$
BW Kd_ZWZ ;ZkYWj_lW 7j[dWi" WYehZ[Yedikl_i_ÂŒdZ[lWd]kWh# Z_W[dbW[ZkYWY_ÂŒd"Z[iWhhebbW[b Fh_c[h9edYkhie?dj[hdeZ[:e# XbW`[Z[BWX_eiĂˆB_fZkX7j[dWi (&''É1 gk[ j_[d[ Yece eX`[j_le fhecel[h[diki[ijkZ_Wdj[ibW fheZkYY_ÂŒdWkZ_el_ikWbo[bkie Z[^[hhWc_[djWij[YdebÂŒ]_YWiZ[ bW_d\ehcWY_ÂŒdJ?9i$ :khWdj[ jh[i c[i[i bei [i# jkZ_Wdj[iZ[iWhhebbWhed[bfhe# o[Yje [ _dYkhi_edWhed [d bW [bWXehWY_ÂŒd Z[b ]k_ÂŒd" bW fh[#
3URIHVRU $OEDxLO
0HFiQLFR
Ĺ—ĹŠĹŠ
#2(¢-Ŋ"#Ŋ -(5#12 1(.Ŋ
Ĺ—ĹŠĹŠ
Ä“ĹŠ .2ĹŠ1#/1#2#-3 -3#2ĹŠ +ĹŠ 1+ ,#-3.ĹŠ%4 ĹŠ/+ -3# 1;-ĹŠ-4#5.2ĹŠ/1.8#!3.2ĹŠ#-ĹŠ #+ĹŠ 2/#!3.ĹŠ'~"1(!.Ä“ĹŠĹŠ
4#5.2Ŋ/1.8#!3.2Ŋ ŗŊŊ#-31.Ŋ"#Ŋ+.2Ŋ-4#5.2Ŋ/+ -3# ,(#-3.2Ŋ#23;-Ŋ+ 2Ŋ! / !(3 !(.-#2Ŋ Ŋ+.2Ŋ ! ,/#2(-.2Ŋ"#Ŋ+ 2Ŋ9.- 2Ŋ %1~!.+ 2ĔŊ".-"#Ŋ(-3#15#-"1;-Ŋ"#+% ".2Ŋ"#+Ŋ#-31.Ŋ"#Ŋ
.1, !(¢-Ŋ(4" " - Ŋ8Ŋ"#Ŋ+ Ŋ-(5#12(" "Ŋ_!-(! Ŋ"#Ŋ, 3.ē 31.Ŋ 2/#!3.Ŋ#2Ŋ(-2(23(1Ŋ#-Ŋ+ Ŋ!.-2314!!(¢-Ŋ"#Ŋ+.2Ŋ5 2.2Ŋ"#Ŋ1#%4+ !(¢-Ŋ8Ŋ+ Ŋ (-23 41 !(¢-Ŋ"#Ŋ+ Ŋ2.!( !(¢-Ŋ"#Ŋ+.2Ŋ#% -3#2Ŋ"#Ŋ4-%41 '4 ĔŊ.1% -(9 !(¢-Ŋ04#Ŋ $.13 +#!#1;Ŋ Ŋ+.2Ŋ"($#1#-3#2Ŋ2(23#, 2Ŋ"#Ŋ1(#%.ē
9ecefWhj[Z[bWiĂ’[ijWi Z[b9eb[]_eFWhj_YkbWhF[Zhe <[hc‡d9[lWbbei"[b`k[l[i'( Z[cWoeWfWhj_hZ[bWi&.0&& i[h[Wb_pWh|kdWc_iWZ[ WYY_ÂŒdZ[]hWY_Wi[d^ec[dW`[ WbfbWdj[b$ :[_]kWbcWd[hW"WbWi'&0&&" i[[\[YjkWh|bWi[i_ÂŒdieb[cd[ Z[Wd_l[hiWh_e$7gk‡i[h[Ye# deY[h|bWbWXehZ[beiZeY[dj[i gk[Ykcfb_[hed(+W‹eiZ[ bWXeh[ZkYWj_lWoWbeic[`eh[i Z[fehj_ijWi$
h[Wb_pWh|[bl_[hd[i')Z[cWoe" WbWi'&0&&"[dbWi_dijWbWY_ed[i Z[bW_dij_jkY_ÂŒd$
fheZkYY_ÂŒd"[bheZW`["feij#fhe# ZkYY_ÂŒdobWfkXb_YWY_ÂŒdZ[bei l_Z[eiZ_]_jWb[i$ )& \k[hed bWi fheZkYY_ed[i WkZ_el_ikWb[i fh[i[djWZWi feh bei[ijkZ_Wdj[iZ[bW_dij_jkY_ÂŒd" Z[bWiYkWb[i'&\k[hedi[b[YY_e# dWZWiYeceĂ’dWb_ijWi$ BWilejWY_ed[ifWhW[b[]_hW bWc[`ehfheZkYY_ÂŒd[ijkZ_Wdj_b befk[Z[d^WY[hWbWf|]_dWm[X mmm$Wj[dWi$Yec$[Y"Z[b/Wb'( Ä“ĹŠ ĹŠ(-23(34!(¢-ĹŠ04(Äą Z[cWoe$ #1#ĹŠ"#2 11.++ 1ĹŠ#-ĹŠ+.2ĹŠ#234"( -3#2ĹŠ242ĹŠ ;b [l[dje Z[ fh[c_WY_ÂŒd i[ "#231#9 2ĹŠ#-ĹŠ#+ĹŠ, -#).ĹŠ 4"(.5(24 +Ä“ĹŠ
.,#1!(.Ŋ(-$.1, +Ŋ/.1Ŋ+ Ŋ, "1# +Ŋ".,(-%.Ŋ -3#1(.1ŊŊ,4!' Ŋ%#-3#Ŋ 42!¢Ŋ+ Ŋ$.1, Ŋ"#Ŋ% - 1Ŋ"(-#1.Ŋ#731 Ŋ #Ŋ(-23 +¢Ŋ#-Ŋ+ Ŋ 5#-(" Ŋ#5 ++.2Ŋ5 1(.2Ŋ-#%.!(.2Ŋ/ 1 Ŋ5#-"#1ŊĄŊ.1#2ĔŊ !'.!.+ 3#2Ŋ8Ŋ%+. .2Ŋ/.1Ŋ#+Ŋļ~ Ŋ"#Ŋ+ Ŋ "1#ČēŊ
(OHFWULFLVWD 3LQWRU $ERJDGR D
&RQGLDULR
9?D;C7HA
6HFUHWDULD &RQWDGRU D
$UTXLWHFWR D
Ć
>eoWbWi'&0&&"[dbW fh[\[YjkhWZ[Jkd]khW^kW" i[Ă’hcWh|kdYedl[d_eZ[ Yeef[hWY_ÂŒdfWhWbWYh[WY_ÂŒd Z[bWKd_ZWZZ[7]h_YkbjkhW b_cf_W[d7cXWje$ ;ij[Yedl[d_ei[beĂ’hcWh| [djh[[bfh[\[Yje"<[hdWdZe DWhWd`eoBk_i7ceheie"h[Y# jehZ[bWKd_l[hi_ZWZJƒYd_YW Z[7cXWje$
1 2Ŋ#-Ŋ#)#!4!(¢-
Ĺ‹. (-Ĺ‹*,)'/ 0 Ĺ‹ )( /,-)Ĺ‹ Ĺ‹ ) &$ Ĺ‹
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
(1, -ĹŠ!.-5#-(.ĹŠ
7gk‡"i[YedjWh|YedbWfWh# j_Y_fWY_ÂŒdZ[<[hdWdZeDWhWd# `e" fh[\[Yje Z[ Jkd]khW^kW o beiZ[b[]WZeiZ[beiZ_\[h[dj[i YWdWb[ioi_ij[cWiZ[h_[]eZ[ bWfhel_dY_W$ :[djhe Z[ bei fheo[Yjei [`[# YkjWZei" L_bb[]Wi i[‹WbÂŒ gk[ [ij|[dcWY^WbWYedijhkYY_ÂŒd Z[blWieZ[h[]kbWY_ÂŒdZ[BWi FWcfWiZ[IWbWiWYW"ZedZ[oW [ij|dfehZ[Ă’d_hi[bei[ijkZ_ei Z[Ă’d_j_lei$ EjhWZ[bWifhefk[ijWi\kd# ZWc[djWb[i[i^WX[hYedi[]k_# Ze[bfh[ikfk[ijefWhWbWj[Y# d_Ă’YWY_ÂŒdZ[bh_[]eZ[Zeic_b ^[Yj|h[Wi Z[ j[hh[de [d Jkd# ]khW^kW" ZedZ[ [ij| _dc[hie [b=eX_[hdeFhel_dY_Wb$ ;bcedje[iZ[kdc_bbÂŒdZ[ ZÂŒbWh[i gk[ i[h|d _dl[hj_Zei [dfheo[Yjeif_bejeioWif_hWd W gk[ ^WijW [b (&') i[ ^WoWd j[Yd_Ă’YWZe i[_i c_b ^[Yj|h[Wi Z[j[hh[de$
3XEOLFDWXV VHUYLFLRV
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
.2ĹŠ/.+~3(!.2ĹŠ 2.-ĹŠ2(#,/1#ĹŠ +.ĹŠ,(2,.Ä“ĹŠ 1.,#3#-ĹŠ!.-2Äą 314(1ĹŠ4-ĹŠ/4#-3#ĹŠ 4-04#ĹŠ-.ĹŠ' 8 ĹŠ 1~.Ä“
4-04#ĹŠ ,  - ĹŠ$4#1 ĹŠ #+ĹŠ"~ ĹŠ"#+ĹŠÄƒ-ĹŠ "#+ĹŠ,4-".ĔŊ/+ -3 Äą 1~ ĹŠ, -9 -.2ĹŠ#-ĹŠ#+ĹŠ "~ ĹŠ"#ĹŠ'.8ĢēŊ }ĹŠ
ĹŠ ĹŠ
)#1!(!(.ĹŠ"#+ĹŠ/."#1ĹŠ
;b[`[hY_Y_eZ[bfeZ[hfeb‡# j_YeYedbb[lWkdWWbjWZei_i Z[[gk_b_Xh_e[ceY_edWb"Z[ fhkZ[dY_W"Z[jeb[hWdY_W"Z[ h[if[je"Z[Z_iYh[fWdY_WiWdj[ beiejhei"WYecfW‹WZei_[c# fh[Z[kdZ[i[cf[‹eYh[‡Xb[" Ye^[h[dj["[djh[begk[f[d# iWcei"i[dj_cei"^WXbWcei" WYjkWcei"fk[i"kdb‡Z[hZ[X[ YedjhebWhikleYWXkbWh_e" iki[f‡j[jei"iki[ceY_ed[i" gk_[ddeiWX[Wkje]eX[hdWhi[ cWbfk[Z[b_Z[hWhWc_bbed[i Z[f[hiedWigk[f[diWceio WYjkWceiZ_\[h[dj[fehgk[Wi‡ [ibWdWjkhWb[pW^kcWdW$ ;bfeZ[hfeb‡j_YeZ[iWj_dWZW# c[dj[f_[diWgk[beiY_kZWZW# deiieceiZÂŒY_b[i"Xehh[]ei" gk[Z[X[ceiXW`Whdk[ijhW YWX[pW"l_l_hWhheZ_bbWZeiWdj[ bWieX[hX_W"bWWhhe]WdY_W"bW fh[fej[dY_WZ[gk_[d[ifh[# j[dZ[d]eX[hdWhdei$ BeiY_kZWZWdeib_Xh[ij[d[# ceijeZe[bZ[h[Y^eWZ_iYh[# fWh"Wf[diWh"ef_dWhZ_\[h[d# j["odefeh[ijei[deiZ[X[ [dYWhY[bWh"[d`WkbWhdk[ijhe f[diWc_[dje"d_fed[hdeikd XepWbfWhW[nfh[iWhdk[ijhW ef_d_ÂŒd"^WY[hbeZ[ck[i# jhW_djeb[hWdY_W"fhef_eZ[b \WiY_ice"Z[f[hiedWb_ZW# Z[i[d\[hc_pWi"Z[c[dj[i jhWijehdWZWigk[fh[j[dZ[d _cfed[hkdWWXiebkjWl[h# ZWZ"ƒijWfehcko‘j_boh[Wb gk[i[W"dej[dZh‡WhWpÂŒdZ[ [n_ij_h"fehgk[Wi‡de\kdY_edW bWZ[ceYhWY_W$;bfeZ[hZ[X[ [dj[dZ[hbWdWjkhWb[pWZ[bi[h ^kcWdeodeiec[j[hbWWik Wdje`e"WbfkdjeZ[i_b[dY_WhbW" Z[WdkbWh[bf[diWc_[dje$ ;djedY[i"YÂŒcefeZ[cei ][d[hWhkdYedeY_c_[djeb_Xh[ i_\ec[djWh‡Wcei[bi[hl_b_i# ce"[bYkbjeWbWf[hiedWb_ZWZ" bWYedY[djhWY_ÂŒdZ[feZ[h[i [dkdiebefk‹eZ[gk_[d[i fh[j[dZ[di[hbeih[Z[djeh[i Z[bWfWjh_W$I_d[cXWh]e"^W eYkhh_ZeoeYkhh[[dh[]‡c[# d[iZ_YjWjeh_Wb[i"ojWcX_ƒd [dh[c[ZeiZ[Z[ceYhWY_W" [dZedZ[[bj[hheh"[bc_[ZeW Z_i[dj_hi[_cfed["h[ZkY_[d# ZeWbi[h^kcWdeWkdi_cfb[ cWcejh[je"_di[hl_Xb[$ (#%.ĹŠ+#) -"1.ĹŠ ++#%.2ĹŠ.) 2ĹŠ +.) -.ĊČĞ'.3, (+Ä“!., ĹŠĹŠĹŠÄ– ! 13 2 +"(1#!3.1Äž+ '.1 Ä“!.,Ä“#! 2(++ ĹŠÄˆÄ?ĈÄ?Ä‰ÄŒÄŠĹŠ ĹŠ.ĹŠ!4 +04(#1 ĹŠ "#ĹŠ-4#231 2ĹŠ %#-!( 2Ä“ #04(2(3.2Ä–ĹŠ., 1#2ĹŠ8ĹŠ /#++(".2ĹŠ!.,/+#3.2Ä—ĹŠ-ĂŒ,#Äą 1.ĹŠ"#ĹŠ_"4+ Ä—ĹŠ3#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
Ä?Ĺ‹Ĺ‹ÄŽĹ‹
:[ bW YedikbjW fefkbWhoh[\[hƒdZkc"Ykoei h[ikbjWZeiW‘ddeiede\_Y_Wb[ifehYecfb[je" fWhWX_[dZ[bfW‡iZ[X[h‡WiWb_hkdfhefŒi_je WYehjeoc[Z_WdefbWpei0bb[lWhWZ[bWdj[kdW feb‡j_YWZ[YedY[hjWY_Œd"Z[h[if[jeWbfhŒ`_ce oWbWib[o[i"Z[Z_|be]eYh[WZehoi_dY[he"Z[ jhWpWhc[jWiYeckd[i"oZ[[dj[dZ_c_[dje$9ed fheo[YjeXWiWZe[ijeifh_dY_f_eickY^eiZ[bei gk[[ij|d[d\h[djWZei^Wh‡Wdkdiebe\h[dj[$ JWbl[pbW\_[Xh[Z[bfeZ[h"o[bZ[b_h_egk[ Wl[Y[ifheZkY[[dfeb‡j_Yeii_d[nf[h_[dY_W" ^WY[gk[i[WXhegk[b[d[dZ_iYkhieigk[dei[ Wl_[d[dWbei_Z[Wb[ifehbeigk[[bfk[Xbeb[i Z_e[i[feZ[h$;ij_[cfeZ[c_hWhi[[d[b[if[`e okX_YWhbWiWhhk]Wi"bWi^k[bbWigk[bW_djeb[# hWdY_WobWfh[fej[dY_W^WdZ[`WZe[bheijhe$;i j_[cfeZ[^WY[hkd[`[hY_Y_eZ[^kc_bZWZ"jWdje
^ĹŠ ĹŠ
Ä?0Ĺ‹/,. (Ĺ‹' .)ÄŽ ;dkdWYjef‘Xb_YeZ[bW9WiWZ[ bW9kbjkhW;YkWjeh_WdWD‘Yb[eZ[ Jkd]khW^kW"b[e‡Wb:h$<[hdWdZe @khWZe h[YehZWh kdW Z[kZW Z[ 7cXWjeYed;lW:kWhj[Z[F[hÂŒd" bW;l_jWZ[beicedjed[hei"fehik ^kcWd_jWh_Wc_i_ÂŒd[dl_WZWfWhW Wi_ij_h W bei Z[iWcfWhWZei Z[b j[hh[cejeZ['/*/1ooeh[YehZƒkd fWiW`[WcXWj[‹egk[[i^_ijeh_Wo [ib[o[dZW0 ;bi[‡iceZ[Wgk[bbWƒfeYWYed# leYÂŒWbWieb_ZWh_ZWZ_dj[hdWY_edWb1 kdWZ[[bbWi\k[kdWc_i_ÂŒdWh][d#
kdeiYeceejhei"[dX[d[\_Y_eZ[bWFWjh_W$ Feh[bX_[dYec‘d"eX`[j_le_dieibWoWXb[Z[ jeZehƒ]_c[dZ[ceYh|j_Ye"[i[bcec[djeZ[ bWi[h[d_ZWZ[d[bWd|b_i_ioZ[i[diWj[p[dbW WYjkWY_ÂŒd$:[i[djWhWbh[Z[ZehZ[kdWc[iWW jebZWibWifWhj[i"^WY[hkd[nWc[dZ[YedY_[d# Y_W"XkiYWhYe_dY_Z[dY_WioZ[`WhWkdbWZebWi Z_\[h[dY_Wi$:[X[ceil[hbWcWd[hWZ["i[WYkWb i[W[biWYh_\_Y_e"Wfh[dZ[hWYWc_dWh`kdjei$ Âľ=WdWZeh[i o f[hZ[Zeh[i5 JWb l[p" i_ i[ cWdj_[d[dfei_Y_ed[iZ[_djhWdi_][dY_WY[hh_b$ ;YkWZehdkdYWiWbZh|W_heieZ[kdWYedj_[dZW [djh[ ^[hcWdei$ >Wo cec[djei [d dk[ijhW ^_ijeh_W[dgk[[iWiWYj_jkZ[ibb[lWhedWbfW‡i Wbf[ehZ[beiZ[iWijh[i$Âľ=WdWZeh[iof[hZ[# Zeh[i5H[YehZ[ceigk["[dZ[\_d_j_lW"WjeZei deiYeX_`W[bc_icej[Y^e$
j_dW[dl_WZWW[ijWpedWfeh;lW :kWhj[Z[F[hÂŒd"bWc‡j_YWb‡Z[hZ[ beiZ[iYWc_iWZei$BWWokZW^WX‡W i_Ze[djh[]WZWf[hiedWbc[dj[Wbei ZWcd_\_YWZeifehbeic_[cXheiZ[ [iWdkjh_ZWZ[b[]WY_ÂŒd"Yecfk[ijW X|i_YWc[dj[ feh cƒZ_Yei" [d\[h# c[hWiof[hiedWbiWd_jWh_eo"eXl_e [iikfed[h"fehWi[ieh[ifeb‡j_Yei [dYWh]WZei Z[ bW fkXb_Y_ZWZ Z[ ;l_jW #^eo [k\[c‡ij_YWc[dj[ b[i Z_h‡Wd Æfhe\[i_edWb[i [d cWha[# j_d]Ç#[ijWZ[b[]WY_ÂŒd^WX‡Wbb[]W# Ze[dkdWl_ÂŒdZ[bW<k[hpW7ƒh[W 7h][dj_dW$ ;djh[ jeZW bW WokZW cWj[h_Wb jhW‡ZW0 f[hjh[Y^ei iWd_jWh_ei" c[Z_Y_dWi" Wb_c[djei" [jY$ jWc# X_ƒdi[^WX‡WjhW‡ZefhefW]WdZWZ[ ;lW:kWhj["oec_iceYedeY‡kdei i[bbeic[j|b_YeiYedbW[\_]_[Z[[ij[ f[hiedW`[ c_ WXk[b_jW ]kWhZWXW kde $ ;ijWfWh[Y[i[hbWhWpÂŒdZ[kd c_je Yh[WZe [d dk[ijhe c[Z_e" Wgk[bgk[W\_hcWgk[;lW:kWhj[ [ijkle[d7cXWje[dbeiWY_W]ei
Z‡WiZ[bj[hh[cejeWb\h[dj[Z[[iW c_i_ÂŒdieb_ZWh_WWh][dj_dW"[dfhe# YkhWZ[Wi_ij[dY_WWbeiZ[iWcfW# hWZei feh bW jhW][Z_W gk[ cWhYÂŒ Z[ cWd[hW _dZ[b[Xb[ [b WbcW Z[b jkd]khW^k[di[$ De\k[[bbWgk_[dl_de"\k[hed ikifhecejeh[iZ[YWcfW‹Wgk[ [djh[]WhedbWWokZWo[ijWfhefW# ]WdZW"XW`ebWf[hi_ij[dj[_dZ_YW# Y_ÂŒdgk[Æ;l_jW[dl‡WÇ$ F[he [ijW Z[b[]WY_ÂŒd [ijkle cWhYWZWfehkdi_dejh|]_Ye1Wbl_W# `WhW8W‹eifWhWYkcfb_hikjWh[W"[b Xkigk[beiYedZkY‡WlebYÂŒ[dkdW Z[bWigk[XhWZWiWbf_[Z[bLebY|d Jkd]khW^kW1[ij[WYY_Z[dj[fhele# YÂŒ^[h_Zeiock[hjei$ 9kcfb_ZWikjWh[W"[cfh[dZ[d [bh[jehdeWikfWjh_WoWbYhkpWh[b Wl_ÂŒdbWYehZ_bb[hWZ[Bei7dZ[i" [ijWdWl[Wƒh[Wi[[ijh[bbW"bb[l|d# Zei[ W bW ck[hj[ W bei i[h[i gk[ l_d_[hedWJkd]khW^kWWWokZWhW beigk[ieXh[l_l_[hedWbWck[hj[$ I_d_[ijhW fWhWZe`W Z[ bW [n_i# j[dY_W$
Ä“ĹŠ :ĹŠ ĹŠ Ä“
,#/( )Ĺ‹ )Ĺ‹ ,,). ;djhWceiWejhW[jWfW[dbWl_ZW feb‡j_YWZ[b;YkWZeh"^[ceiZ[Y_Z_# Zec[Z_Wdj[bWieX[hWd‡WfefkbWh [ijWXb[Y_ZW[d[b7hj‡Ykbe'ef|hhW\e i[]kdZeZ[bW9edij_jkY_ÂŒd"^WY[h kd]_heWbWh[fh[i[djWj_l_ZWZ_di# j_jkY_edWbZ[b;ijWZe[d[bfeZ[h @kZ_Y_Wb"[ije[ickoZ[b_YWZeoW gk[lWcei[dYedjhWZ[bfh_dY_f_e Z[Wkjedec‡WZ[bi_ij[cW`kh‡Z_Ye [d[if[Y_Wb[dik[ijhkYjkhW"[ijW# Xb[Y_ZefehdehcWiYedij_jkY_edW# b[ib[]‡j_cWc[dj[[cWdWZWiogk[ ^eolWd^WY[hh[\ehcWZWi[dik [i[dY_W"f[he[ij[YWcX_e]WhWdj_# pWh|gk[[ij[i_ij[cW`kh‡Z_Yei[W [\_YWpjWdje[dZ[h[Y^eYece[d `kij_Y_W51o"[ijW[\_YWY_W^Wh|gk[ ikiZ[ij_dWjWh_eiYkcfbWdYediki dehcWigk[oWi[Wfehikeh_][d efehikYedj[d_Ze"Z[X[diWj_i\W# Y[h[n_][dY_Wiƒj_Ye#feb‡j_YWigk[ ied Z[ YWh|Yj[h fheY[Z_c[djWb e cWj[h_Wb$ ;djedY[i"defeZ[cei^WXbWhZ[ kdjh_kd\eeZ[hhejWi_[ij|[d`k[]e [bX_[d[ijWhieY_WbZ[b;YkWZeh"de feZ[cei^WXbWhZ[kd]WdWZehe f[hZ[Zehi_[bfk[XbeYeceieX[hW# de[b_][Wikih[fh[i[djWdj[ifWhW gk[ ]eX_[hd[d [d \Wleh Z[b X_[d Yec‘d1o"[ijWZ[Y_i_ÂŒdcWoeh_jW# h_WjecWZWYedWXiebkjWh[ifediW# X_b_ZWZdeZ[X[Yedl[hj_hi[[dkd _dijhkc[dje Z[ [d\h[djWc_[dje [djh[i[Yjeh[ifeb‡j_YeioieY_Wb[i ^WY_[dZe gk[ bW ieY_[ZWZ [d ik Yed`kdjei[Z_l_ZWoj_[dZWWgk[# h[hYed\hedjWhi[fkZ_[dZebb[]WhW h[ikbjWZeiYWjWijhÂŒ\_Yeigk[oWbe ^[ceil_l_Ze1feh[bbe"dWZ_[Z[X[ i[dj_hi[jh_kd\Wb_ijW$ 7bYedjhWh_e"gk[i[Wkdcej_le Z[Kd_ZWZDWY_edWbfh_eh_pWdZe[b h[if[jeWbWb_X[hjWZZ[f[diWc_[d# je"[nfh[i_ÂŒdoef_d_ÂŒd"Z[`WdZe W kd bWZe []e#Y[djh_icei gk[ be ‘d_Yegk[Z[ck[ijhWd[ikdYec# fb[`e Z[ ikf[h_eh_ZWZ" kdW \WbjW Z[[gk_b_Xh_e[ceY_edWbokdcWb [`[cfbefWhWbWi\kjkhWi][d[hWY_e# d[i$FehbejWdje"bWif[hiedWigk[ ^eo[ij|d[dYWh]WZWiZ[]eX[hdWh Z[X[dZ[ceijhWh[bWcehWbfW‡i"W bWieY_[ZWZoWbW^_ijeh_Wgk[i[h| bWgk[`kp]Wh|dk[ijhWiZ[Y_i_ed[i [dikZ[X_Zecec[dje$
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 ĹŠ ĹŠ
"(3.1 ĹŠ#-#1 +
ĹŠ ÂĄ ĹŠ "(3.1ĹŠ#%(.- + ĹŠ "(#/.! ĹŠÄ“Ä“ (1#!!(¢-Ä–ĹŠ4(3.ĹŠÄ‡Ä‰ÄąÄŒÄŽĹŠ#-31#ĹŠ.! $4#13#ĹŠ8ĹŠ.+~5 1 #+_$.-.2Ä–ĹŠĹŠÄ‰ÄŒÄ‰ÄąÄˆÄ?ÄŠÄ‡ĹŠÄľĹŠÄ‰ÄŒÄ‰ÄąÄˆÄ?ÄŠÄˆĹŠÄľ Ä‰ÄŒÄ‰ÄąÄ‰ÄŒÄ‡Ä’ĹŠÄľĹŠÄ‰ÄŒÄ‰ÄąÄ‡ÄŽÄ‰Ä’ĹŠÄľĹŠÄ‰ÄŒÄ‰Ä‡ÄˆÄ’Ä? 7Ä–ĹŠĹŠÄ‰ÄŒÄ‰ÄąÄ‡ÄˆÄ’Ä? 4 +(!(" "Ä–ĹŠÄ‰ÄŒÄ‰Ä‡ÄˆÄ‘ÄŒ 42!1(/!(.-#2Ä–ĹŠÄ‰ÄŒÄ‰ÄąÄˆÄ?ÄŠÄ‡ĹŠÄľĹŠÄ‰ÄŒÄ‰ÄąÄˆÄ?ÄŠÄˆĹŠ , (+Ä–ĹŠ , 3.Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠ.Ä“ĹŠÄ?ÄŠÄ’ÄŠ
666ē+ '.1 ē!.,ē#! 23 Ŋ2#!!(¢-Ŋ1#/1#2#-3 Ŋ#+Ŋ/#-Ĺ2 ,(#-3.Ŋ"#Ŋ+.2Ŋ#"(3.1#2ēŊ .2Ŋ#2!1(3.2Ŋ "#Ŋ+.2Ŋ!.+ .1 ".1#2Ŋ2.+.Ŋ!.,/1.,#3#-Ŋ Ŋ242Ŋ 43.1#2Ŋ8Ŋ-.ŊŊ1#Ą#) -Ŋ -#!#2 1( ,#-3#Ŋ#+Ŋ/#-2 Ĺ,(#-3.Ŋ"#+Ŋ/#1(¢"(!.ē
231.-.,~ Ŋ8Ŋ31 "(!(¢-
-ĹŠ24ĹŠ/ 2.ĹŠ/.1ĹŠ#+ĹŠ! -3¢-ĹŠ .!' ĔŊ-.ĹŠ2#ĹŠ/4#"#ĹŠ/#1"#1ĹŠ"#ĹŠ"#%423 1ĹŠ+ 2ĹŠ "#+(!( 2ĹŠ% 231.-¢,(! 2ĹŠ04#ĹŠ3(#-#ĹŠ#+ĹŠ! -3¢-Ä“ĹŠ 2ĹŠ31 "(!(.- +#2ĹŠ/ / 2ĹŠ !.-ĹŠ!4#1.ĹŠ8ĹŠ+.2ĹŠ!48#2ĹŠ 2 ".2ĹŠ2.-ĹŠ/ 13#ĹŠ"#ĹŠ+ ĹŠ("#-3(" "ĹŠ"#ĹŠ242ĹŠ' (3 -Äą 3#2Ä“ĹŠ-ĹŠ+ 2ĹŠÄƒ#23 2ĹŠ"#ĹŠ#23 ĹŠ!(4" "ĹŠ2#ĹŠ" 1;-ĹŠ+.2ĹŠ,#).1#2ĹŠ/+ 3.2Ä“
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
Ĉ
ĂŒ2(! ĹŠ8ĹŠ +#%1~
Ĺ—ĹŠ ĹŠ:[iZ[bWi'*0&&Z[b')Z[ cWoe"CeY^WZ_i\hkjWh|Z[ kdi^emWhj‡ij_Ye[if[Y_Wbgk[ j[dZh|bWfWhj_Y_fWY_ÂŒdZ[jW# b[djeibeYWb[i$;b]hkfe=ƒd[# i_i8WdZo[bZ‘eBei@kWd[i" fhef_eiZ[bYWdjÂŒdWXh_h|d[b [if[Yj|Ykbegk[j[dZh|bk]Wh [d[b[ijWZ_eY[djhWb$ :[iZ[bWi',0&&^WXh|bWfh[# i[djWY_ÂŒdZ[bW8WdZW(*Z[ CWoeZ[FWjWj[$7bWi('0&& YWdjWh|ĂˆJW‹_jWÉ9WhZedWo i[]k_ZWc[dj[Ăˆ8[bbWD|jWboÉ$ Fhef_eio[njhW‹e[ij|d _dl_jWZeiWfWhj_Y_fWhZ[[ijW Ă’[ijWZ[Wb[]h‡Wfehcej_leZ[ bWYWdjed_pWY_ÂŒd$
Ä“ĹŠ.-ĹŠ#23.2ĹŠ"(-#1.2ĹŠ2#ĹŠ 2$ +3 1;-ĹŠ,;2ĹŠ5~ 2ĹŠ#-ĹŠ .!' Ä“
,#),#4( 0#&# ŋ (ŋ (.š(
C[Z_Wdj[kdYhƒZ_jeZ[+&& c_b ZÂŒbWh[i h[Wb_pWZe feh [b 8WdYe Z[b ;ijWZe Wb Ckd_# Y_f_e Z[ CeY^W" bWi Wkjeh_# ZWZ[i beYWb[i Yh_ijWb_pWh|d [bfheo[YjeZ[Wi\WbjefWhW[b YWdjÂŒd$ 9_fh_WdeEYW‹W"WbYWbZ[Z[ CeY^W"_dZ_YÂŒgk[^WY[kdei Z‡Wii[fh[i[djÂŒ[dbWCkd_# Y_fWb_ZWZ":_[]e7kij[b_W"][# h[dj[=[d[hWbZ[b8WdYeZ[b ;ijWZe Yed gk_[d h[Wb_pÂŒ bW Ă’hcWZ[bYedl[d_eZ[bfhƒi# jWce$ I[]‘dWYbWhÂŒbWWkjeh_ZWZ" (&& c_b ied Z_d[hei de h[# [cXebiWXb[i"begk[Yedij_jk# o[kdbe]he_cfehjWdj[fWhW i[]k_hYed[bfhe]h[ieZ[[ijW `kh_iZ_YY_ÂŒd$ ;ijeih[Ykhieii[h|dZ[i# j_dWZei fWhW jhWXW`Wh [d [b Wi\WbjWZe Z[ lWh_Wi l‡Wi Z[b Y[djhe YWdjedWb" gk[ X[d[# Ă’Y_Wh| W Wbh[Z[Zeh Z[ ) .-* ^WX_jWdj[i$ ;b Xkh]ecW[ijh[ h[iWbjÂŒ Yece _cfehjWdj[ jhWXW`Wh [d[bj[cWZ[l_Wb_ZWZ"WĂ’d Z[ gk[ iki Yej[hh|d[ei j[d# ]Wd \WY_b_ZWZ[i fWhW iWYWh bei fheZkYjei W]h‡YebWi" Wi‡ Yece\WY_b_jWhbWcel_b_pWY_ÂŒd ojhWdifehj[[dbeiZ_\[h[dj[i XWhh_ei$ FehikfWhj["bWYeb[Yj_l_# ZWZ[if[hWgk[[dfeYej_[c# fe i[ [cf_[Y[ W Z[iWhhebbWh bWieXhWil_Wb[igk[Z[i[]khe Xh_dZWh| c[`eh[i Z‡Wi fWhW jeZei be cehWZeh[i Z[ Ce# Y^W$
#++#9 ĹŠ#-ĹŠ#+ĹŠ"#2$(+# Ĺ—ĹŠ ĹŠBWdk[lWieX[hWdWZ[ CeY^W":_WdWD‘‹[p"[ijWh| fh[i[dj[`kdjeYedbWiWkje# h_ZWZ[ifWhWWXh_h[bZ[iĂ’b[ Y‡l_Yec_b_jWhZ[[ij[l_[hd[i$ BWX[bb[pWZ[[ijW`el[d h[WbpWh|bWfWhWZW[dbWi fh_dY_fWb[iYWbb[iZ[bYWdjÂŒd$ JWcX_ƒdfWhj_Y_fWh|Z[bWi[# i_ÂŒdieb[cd[$:[[ijWcWd[hW :_WdW[cf_[pWkdY_Ybe[dik l_ZWYeceh[fh[i[djWdj[$
ÂĄÄ“ĹŠ.-ĹŠ24ĹŠ,#).1#2ĹŠ% + 2ĔŊ+ ĹŠ-( #9ĹŠ#234"(.2 ĹŠ2#ĹŠ' 1;ĹŠ/1#2#-3#ĹŠ#-ĹŠ#23#ĹŠ, %-.ĹŠ"#2ă+#ĹŠ!~5(!.Ä“ĹŠ
)(Ĺ‹*, Ĺ‹ v0# Ä…Ĺ‹ ) " & ,Ĺ‹ĂźĂżĹ‹Â˜)-Ĺ‹ Ĺ‹*,)!, -) #+#% !(.-#2ĹŠ"#ĹŠ4-%41 '4 ĹŠ8ĹŠ'(,Äą .1 9.ĹŠ#23 1;-ĹŠ/1#2#-3#2ĹŠ#-ĹŠ#+ĹŠ"#2ă+#ĹŠ !~5(!.ĹŠ"#ĹŠ#23#ĹŠ! -3¢-ĹŠ/1."4!3(5.Ä“
BWf[hi[l[hWdY_Wo[djki_Wice Wl[d_ZW;bH[o^WijWbb[]WhWbW Z[ bei ^WX_jWdj[i Z[ CeY^W i[ YWbb[@kWd>$7hc[dZ|h_p"kX_# h[Ă“[`WdYed[bfWiWhZ[bj_[cfe YWZW[d[bYedjehdeZ[bfWhgk[ Y[djhWb$ [d[bZ[iWhhebbefWkbWj_de gk[ lW eXj[d_[dZe [ij[ Ck[ijhWiZ[]WbbWhZ‡Wo YWdjÂŒdZ‡WjhWiZ‡W$ Y_l_icei[^Wh|dfh[i[d# ĉĎ >WdfWiWZe(+W‹ei[d j[i feh fWhj[ Z[ bW d_‹[p gk[ [ij[ h_dYÂŒd Z[b fW‡i #23 1;-ĹŠ#-ĹŠ#+ĹŠ"#2$(+#ĹŠ"#ĹŠ o `kl[djkZ [ijkZ_eiW" [d #23#ĹŠ5(#1-#2 Z[Y_Z_ÂŒi[h_dZ[f[dZ_[dj[ [if[Y_WbZ[CeY^W"gk[i[ o[cf[pWhWYWc_dWhfeh [dYWh]Wh|dZ[jhWdic_# bWii[dZWiZ[bfhe]h[ie[d j_h [b h[]eY_`e feh Ykc# kd_ZWZZ[ik][dj[$ fb_h kd dk[le Wd_l[hiWh_e Z[ <k[ kd ') Z[ cWoe Z[ '/., \kdZWY_ÂŒd$ [dgk[i[Z_ebWYWdjed_pWY_ÂŒd$ 7kjeh_ZWZ[iZ[bWfhel_dY_W :[iZ[[djedY[i[d[ijW\[Y^W"bWi o[bfW‡i[ij|d_dl_jWZWiWYec# Wkjeh_ZWZ[iZ[jkhdeiedbWi[d# fWhj_hbWĂ’[ijWY‡l_YW"Wi‡Yece YWh]WZWiZ[eh]Wd_pWhkdWfWhW# jeZeibei^WX_jWdj[iZ[bYWdjÂŒd ZWY‡l_YWgk[h[c[cehƒ[bbe]hÂŒ obWfhel_dY_WZ[Jkd]khW^kW$ _dij_jkY_edWb$ FWhW [ij[ l_[hd[i jeZei bei jkd]khW^k[di[io[YkWjeh_Wdei [ij|d_dl_jWZeiWl_i_jWh[bYWd# jÂŒdYeb_dZWdj[YedbWfhel_dY_W Z[9^_cXehWpefWhWZ_i\hkjWhZ[ kdWjhWYj_leZ[iĂ’b[Y‡l_Ye$ :[iZ[bWi'&0&&j[dZh|bk]Wh #2"#ĹŠ+ 2ĹŠÄˆÄ‰Ä–Ä‡Ä‡ĹŠ"#ĹŠ#23#ĹŠ [b[l[djeYedbWfWhj_Y_fWY_ÂŒdZ[ ,(2,.ĹŠ"~ ĹŠ2#ĹŠ1# +(9 1;ĹŠ+ ĹŠ2#2(¢-ĹŠ ')Z[b[]WY_ed[iZ[bWi_dij_jkY_e# 2.+#,-#ĹŠ"#ĹŠ!.-,#,.1 !(¢-ĹŠ"#ĹŠ d[if‘Xb_YWiofh_lWZWio'(_dl_# 4-ĹŠ  .ĹŠ,;2ĹŠ"#ĹŠ5(" ĹŠ(-23(34!(.- +Ä“ĹŠ jWZWiZ[07cXWje"Gk[he"F‡bbW# +ĹŠ +¢-ĹŠ"#ĹŠ+ ĹŠ(4" "ĹŠ"#+ĹŠ 4-(Äą he"8W‹ei"FWjWj[oH_eXWcXW$ !(/(.ĹŠ"#ĹŠ .!' ĹŠ2#1;ĹŠ#+ĹŠ#2!#- 1(.ĹŠ ;bi[YjehĂˆBW;ijWY_ÂŒdÉi[h|[b ".-"#ĹŠ2#ĹŠ!.-!#-31 1;-ĹŠ+ 2ĹŠ 43.Äą fkdjeZ[fWhj_ZWZedZ[ZWh|_d_# 1(" "#2ĹŠ- !(.- +#2ĹŠ8ĹŠ/1.5(-!( +#2ĹŠ Y_eZ_Y^WfWhWZW"h[Yehh[h|jeZW (-5(3 " 2Ä“ĹŠ bWWl[d_ZW')Z[7Xh_b"jecWh|bW
#2(¢-Ŋ 2.+#,-# ŗŊŊ
#1( Ŋ#7/.2(!(¢-
Ĺ—ĹŠ ĹŠ:[iZ[bWi&/0&&Z[[ij[ l_[hd[ii[Z[iWhhebbWh|kdW
Ä“ĹŠ -23(34!(.-#2ĹŠ"#ĹŠ, 3.ĹŠ 3 , (_-ĹŠ %1#% 1;-ĹŠ24ĹŠ!.-3(-%#-3#ĹŠ#-ĹŠ #23 ĹŠÄƒ#23 Ä“ĹŠ
[nfe\[h_W[d[bfWhgk[Y[djhWb Z[CeY^W"ZedZ[beil_i_jWd# j[ifeZh|dWZc_hWh[bjhWXW`e gk[h[Wb_pWdbWi_dij_jkY_ed[i gk[jhWXW`WdYedf[hiedWi YedZ_iYWfWY_ZWZoWZkbjei cWoeh[i[d[ijW`kh_iZ_YY_ÂŒd$ 7hh[]beiĂ“ehWb[i"Ă’]khWi[d fWf[bh[Y_YbWXb["YWhj[hWij[`_# ZWioc|i[ijWh|WZ_ifei_Y_ÂŒd Z[bWYeb[Yj_l_ZWZ$
('$'+$67$$f26 (;3(5,(1&,$(19(17$6/,1($$9,&2/$325/20(126 '26$f26 3$5$75$%$-$5(1/$63529,1&,$6'(781*85$+8$< &2723$;, &212&,0,(1726 '( &/,(17(6 '( /$ =21$ &(175$/ '(/3$,6(1(/$5($$9,&2/$<*$1$'(5$ /,&(1&,$'(0$1(-2<'2&80(1726(15(*/$ )(")&$*#,
+ %((!(' )
ĉ
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
-ĹŠ+ ĹŠ1#4-(¢-ĹŠ"#ĹŠ '.8ĹŠ#23 1;-ĹŠ1#Äą /1#2#-3 -3#2ĹŠ04#ĹŠ #7/.-"1;-ĹŠ5 1( 2ĹŠ -#!#2(" "#2Ä“ BWiWkjeh_ZWZ[iZ[b9ec_jƒZ[ Ef[hWY_ed[i;c[h][dj[i 9E; Z[ Jkd]khW^kW i[ h[kd_[hed Wo[h[dbWKd_ZWZZ[=[ij_ÂŒdZ[ H_[i]ei[d7cXWje"fWhWjecWh
Ĺ‹*,)0#( #&Ĺ‹,.# /&šŋ #)( -Ĺ‹(. Ĺ‹ ' ,! ( # WYY_ed[iYeehZ_dWZWigk[f[h# c_jWdgk[[beh]Wd_iceY[djhWb Wj_[dZWbWid[Y[i_ZWZ[iZ[[ijW fhel_dY_W"[dXWi[WbWh[WYj_lW# Y_ÂŒdZ[blebY|d$ 7b \h[dj[ [ijkle 7b[n_i I|d# Y^[p"]eX[hdWZehZ[Jkd]khW^kW" Yece fh[i_Z[dj[ fhel_dY_Wb Z[b 9E;"gk_[d[dYecfW‹‡WZ[bei WbYWbZ[iZ[FWjWj["F[b_b[e"9[lW# bbei"J_iWb[e"8W‹ei1Z_h[Yjeh[io h[fh[i[djWdj[iZ[bWiZ_h[YY_ed[i c_d_ij[h_Wb[i1Wi‡Yece\kdY_edW# h_eiZ[bWKd_ZWZZ[=[ij_ÂŒdZ[
H_[i]eioeh]Wd_iceiZ[Yedjheb" WZefjWhedWb]kdWih[iebkY_ed[i$ ;djh[ [ijWi [ij|0 cWdj[d[h h[# kd_ed[i bei Z‡Wi bkd[i o `k[l[i Z['&0&&W'(0&&"_d\ehcWh[dbW hk[ZWiZ[fh[diWZ[bW=eX[hdW# Y_ŒdieXh[[bj[cWZ[blebY|d"WY# j_lWhZ[c[`ehcWd[hW[b[gk_fe Z[_d\ehcWY_ŒdYedjƒYd_YeiZ[bW Yeckd_YWY_Œd"[djh[ejhWi$ JWcX_ƒd [lWbkWhed bW i_jkW# Y_ŒdZ[blebY|d[dbWgk[Z[j[h# c_dWhedgk[^WXW`WZe[bh_[i]e" f[he^Wogk[[ijWhfh[l[d_Zei$
¥ēŊ .2Ŋ1#/1#2#-3 -3#2Ŋ"#+ŊŊ"#Ŋ4-%41 '4 Ŋ!..1"(- 1.-Ŋ !!(.-#2Ŋ / 1 Ŋ+ Ŋ1#4-(¢-Ŋ"#Ŋ'.8Ŋ#-Ŋ4(3.ē
$706$'( (/$6(5'(.1%,(40176?01/1(5&(064$.,:$'1 70,&,2$.,'$''(/%$61(0&7/2.,/,(061$.$46=&7.1 '(.?',*1 4*;0,&1'( 4*$0,:$&,?0"(44,614,$. 76101/=$ 9 (5&(064$.,:$&,?0 (0 &10&14'$0&,$ &10 (. $46=&7.1 '(. (*.$/(061 (0(4$. !756,676,81 2$4$ (. $0(-1 9 '/,0,564$&,?0,(0(5'(.!(&614 @%.,&1&1/70,&$$.2@%.,&1(0*(0(4$.37(5((0&7(064(,06(4(5$'1(04($.,:$4.$(0$-(0$&,?0/(',$06(10&7451 '(1)(46$5(0!1%4((44$'1'(8$4,158(+=&7.15'(572412,('$'51%4(.$%$5('(.1',527(561(0.15$46=&7.15 9 '(. (*.$/(061,%='(/ $'(6&5,3&,Ă?1'(/26%,(1(6 0$5&$ 7,32 02'(/2 +LQR 9ROTXHWH .% +LQR 9ROTXHWH .% +LQR 5HFROHFWRU )) +LQR 5HFROHFWRU )) 7R\RWD -HHS /DQG&UXLVHU &KHYUROHW -HHS 7URRSHU )RUG )XUJRQ ) =RQJVKHQ 0RWRFLFOHWD =6=+ .XPRWR 0RWRFLFOHWD FF .XPRWR 0RWRFLFOHWD FF
$f2
&2/25 DPDULOOR DPDULOOR EODQFR EODQFR EODQFR URMR EODQFR URMR URMR URMR
02725 &+$6,6 3/$&$6 0$75Ă‹&8/$ (67$'2 (% .% 70$ \62$7 5HJXODU (% .% 70$ \62$7 5HJXODU +&7% )) 6 70$ 3DJRV\62$7 5HJXODU +&7% )) 6 70$ 3DJRV\62$7 5HJXODU ) )- 70$ \62$7 5HJXODU 8%6/. 70$ 3DJRV\62$7 %XHQR ))9$ ))9$ 70$ 3DJRV 5HJXODU =6)0-/=6+&./% 7 \62$7 0DOR 7 0DOR 7 0DOR
$9$/Ă’2 86 86 86 86 86 86 86 86 86 86
, / - -
154(&1.(&614(581.37(6(58(+=&7.15.,8,$0159/161&,&.(6$521'4;05(41%5(48$'15(0.15"$..(4(5'($5+$2$/%$$06,*71$/$. - 2$46,4'(.
$. '(/$91'(.
( $.$5 !4 (.510"15&$0191!4 $4&(.1 $8$44(6(
- . !(&4(6$4=$'(.$706$'( (/$6(5(0.$ 41&74$'74=$!=0',&$ 70,&,2$.7%,&$'$(0(.6(4&(42,51'(.',A&,124,0&,2$.'(.$ 70,&,2$.,'$''(/%$61 7%,&$'1(0.$&$..(1.=8$49$56,..1(537,0$ - ,<4&1.(5 '(/$91'(.
'(
$ - ',A&,1 70,&,2$.!$.$'("4$%$-17%,&$'1(0.$&$..(1.=8$49$56,..1(537,0$ %0)!(&#* "#' +("#& $
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
āĀŏŏ ŏŏĂĀāā
ŏ+. ŏ
Ċ
#2(¢-ũ 2.+#,-# &ŋ)& !#)ŋ,.# /&,ŋŋ#-.( #ŋ. *" (ŋ1%#(!ŋ & ,ŋ )(ŋ/(ŋ- -#(ŋ-)& '( ŋ/(ŋ)ŋ'6-ŋ ŋ0# ŋ#(-.#Ě ./ #)(&Ąŋ-. ŋ 0 (.)ŋ- ŋ -,,)&&ŋ (ŋ &ŋ-&(ŋ /2),ŋ &ŋ ). &ŋ-#()ŋ'* , ),ŋ ŋ' .)Ą -~ +ũ13#% ũ#-31#%¢ũ4- ũ/+ ! ũ"#ũ1#!.-.!(,(#-3.ũ ũ#1-;-ũ 9 ũĸ"Ĺũ/.1ũ24ũ%1 -ũ"#2#,/# .ũ!.,.ũ/1.$#2.1ũ"#ũ+ ũ (-23(34!(¢-ēũ
#.- 1".ũ 8.1% Ĕũ-~ +ũ13#% ũ8ũ 4 -ũ404(++ 2ũ$#+(!(3 1.-ũ ũ+ ũ(-23(34!(¢-ũ/.1ũ4-ũ .ũ,;2ũ"#ũ2#15(!(.ēũ
^/2(+.-ũ #+_-"#9Ĕũ1#!3.1ėũ#-31#%¢ũ+ ũ/+ ! ũ"#ũ1#!.-.!(,(#-3.ũ ũ (,#ũ4;1#9ũ ĸ"Ĺũ/.1ũ24ũ#7!#+#-3#ũ"#2#-5.+5(,(#-3.ēũ
>eo Y[b[XhWcei W IWd @kWdZ[Ûl_bWC_i_ed[he$ <[b_Y_jWY_ed[i W gk_[d[i bb[lWd[ij[decXh[$
¡ _!3.1ũ #+_-"#9ũĸ(ĹĔũ#-31#%¢ũ#+ũ1#!.-.!(,(#-3.ũ ũ 4 -ũ (1 -" Ĕũ!.+ .1 ".1ũ "#ũ+ ũ(-23(34!(¢-ēũ
1(.ũÌ #9Ĕũ#1-;-ũ 9 ũ8ũ (,#ũ4;1#9ũ-.ũ/4"(#1.-ũ$ +3 1ũ ũ#23#ũ#5#-3.ũ ! "_,(!.ē
;bCel_c_[dje?dj[hdW# Y_edWb (* >ehWi Z[ 7bYe# ^b_Yei 7dd_cei =hkfe 7cXWje" _dl_jW W bW @kdjW FXb_YWZ[?d\ehcWY_die# Xh[bW[d\[hc[ZWZZ[bWbYe# ^eb_iceobWZhe]WZ_YY_d gk[i[[\[YjkWh|[bi|XWZe '*Z[cWoe[d[bYeb_i[eZ[b 9eb[]_e BW ?dcWYkbWZW W bWi'.0&&$
(1#ũ242ũ$.3.2ũ#-Ė 666ē+ '.1 ē!.,ē#!
4(2ũ (-(%4 -.Ĕũ_!3.1ũ #+_-"#9ũ8ũ^/2(+.-ũ #+_-"#9ũ/1#2("(#1.-ũ#+ũ !3.ũ"#2"#ũ+ ũ,#2 ũ"(1#!3(5 ēũ
āĀ
Ċŏŏ ŏŏĂĀāā
ŏ+. ŏ
4#5 ũ$4-" !(¢-ũ / 1 ũ-#!#2(3 ".2
ŋ/( #(ŋ, #-ŋ ŋ -Ä-ŋ ,#ŋ-/-ŋ*/ ,.-ŋ (ŋ' .)ŋ *,ŋ. ( ,ŋŋ&)-ŋ'6-ŋ( -#. )-Ąŋ,ŋ &ŋ .)ąŋ- ŋ"#4)ŋ/(ŋ *,)!,'ŋ- ( #&&)ŋ* ,)ŋ )(ŋ!,(ŋ ').#0# Ąŋ-.ŋ (.# ŋ -.6ŋ/ # ŋ (ŋ &ŋ (.,)ŋ ŋ&ŋ #/ Ąŋ
.2_ũ . (9 Ĕũ1, -".ũ1. .Ĕũ(5#3ũ.-.2.Ĕũ#1-;-ũ 11 2!.Ĕũ4(".ũ;-!'#9ũ8ũ .1%#ũ!.23 ũ 2(23(#1.-ũ ũ+ ũ /#1341 ũ"#ũ#23 ũ$4-" !(¢-ēũ
Ė ŇĒđĊďĐ
1~ ũ"#+ũ 1,#-ũ(!.Ĕũ #1!#"#2ũ.-.2.Ĕũ(5#3ũ.-.2.Ĕũ#1¢-(! ũ%4(ı + 1Ĕũ(+ 1ũ(#1 Ĕũ-"1# ũ ¢/#9ũ8ũ -"1.ũ +#-!( ũ3(#-#-ũ%1 -"#2ũ#7/#!3 3(ı 5 2ũ#-ũ!4 -3.ũ ũ#23 ũ$4-" !(¢-ēũ
1~ ũ,(+( ũ1#-"2ũ#ũ 2 #+ũ ( .Ĕũ/ 13#ũ"#+ũ/1.3.!.+.ũ"#ũ+ ũ-(" "ũ "4! 3(5 ũ3#- 2Ĕũ04#ũ !.,/ 1.-ũ#-ũ#+ũ#5#-3.ēũ ŇŇĒđĊĊđ
1 -ũ /#1341
)HFKD /XJDU +RUD
6iEDGRGHPD\RGH 3DWLRVGHO0RQDVWHULRGHODV+HUPDQDV&ODULVDV 'LDJRQDODJDVROLQHUD%DOOHVWHURV
GH KDK
18 -ũ13(9Ĕũ+#-ũ -3#1.+ ũ8ũ 1(23'( -ũ."1~%4#9Ĕũ"#ũ+ ũ3#- 2Ĕũ 3 , (_-ũ!.+ .1 1.-ũ#-ũ#+ũ#5#-3.ēũ
+ũ!.13#ũ"#ũ+ ũ!(-3 ũ"#ũ(- 4%41 ı !(¢-ũ"#ũ+ ũ4-" !(¢-ũ 1!(2 ũ"#ũ
#2Ì2ũ1#24+3¢ũ4-.ũ"#ũ+.2ũ,.,#-ı 3.2ũ,;2ũ#,.3(5.2ũ"#+ũ !3.ē
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
&Ĺ‹)Ĺ‹*/-)Ĺ‹Ĺ‹. ' &,Ĺ‹ Ĺ‹&-Ĺ‹*, !/(.-ŋÞŋ3Ĺ‹ÄƒĹ‹ 7bWi'-0)&Z[Wo[hbeih[ikbjW# Zei Z[b *("+- Z[b [iYhkj_d_e Z[bWi(/c_b,..WYjWiW[iYWbW dWY_edWbceijhWXWdkd[cfWj[ [djh[ bWi fh[]kdjWi * o /" gk[ i[h[Ă’[h[dWbWYh[WY_ÂŒdZ[kdW Yec_i_ÂŒdjƒYd_YWjh_fWhj_jWgk[ h[[ijhkYjkh[ [d [b fbWpe Z[ '. c[i[i[bI_ij[cW@kZ_Y_Wb"oWbW fheckb]WY_ÂŒdZ[kdWb[oZ[9e# ckd_YWY_ÂŒdgk[Yh[[kdYedi[`e h[]kbWZehZ[Yedj[d_Zeio[ijW# Xb[pYWh[ifediWX_b_ZWZkbj[h_eh fWhWbeif[h_eZ_ijWioc[Z_eiZ[ Yeckd_YWY_ÂŒd$ 7i‡" Z[ WYk[hZe W bei h[ikb# jWZeifh[b_c_dWh[iZ[bWi'($,)- gk[^WX‡Wd_d]h[iWZeWbi_ij[cW _d\ehc|j_YeZ[b9edi[`eDWY_e# dWb;b[YjehWb 9D; [dbWfh[# ]kdjW*[bI‡j[d‡W**"*/o[b De**"*)$ ;bYedij_jkY_edWb_ijWIWdj_W]e =kWhZ[hWi Z_`e gk[ [ije h[Ă“[# `Wgk[bW][dj[jecÂŒYedY_[dY_W
Z[gk[bW\kdY_ÂŒdZ[b9edi[`eZ[ FWhj_Y_fWY_ÂŒd Z[ 9_kZWZWd‡W o 9edjhebIeY_Wb 9fYYi defk[Z[ i[hZ[ij_jk_ZefehkdWYec_i_ÂŒd" Yed\ehcWZW feh Z[b[]WZei Z[b ;`[Ykj_le"B[]_ibWj_leo<kdY_ÂŒd Z[JhWdifWh[dY_W$ BW ][dj[ i[ ^W ZWZe Yk[djW gk[fWhWc[`ehWhbW`kij_Y_Wdei[ h[gk[h‡Wgk[[bfh[i_Z[dj[HW\W[b 9ehh[WÆYedY[djh[c|ifeZ[ho c[jW bWi cWdei [d bW `kij_Y_WÇ" Z_`e o W]h[]ÂŒ gk[ kdW l[p gk[ j[hc_d[ [b [iYhkj_d_e jh_kd\Wh| [bDe$ 7i_c_ice" Z_`e gk[ [d bW fh[]kdjW/"[dZedZ[[bI‡j[d‡W *)"*+"c[deiYkWjheZƒY_cWi Yed h[bWY_ÂŒd Wb De" gk[ j[d‡W *)".("[beX`[j_leZ[b;`[Ykj_# lefehYedjhebWhbeic[Z_eiZ[ Yeckd_YWY_ÂŒd ^WijW W^ehW de ^W eXj[d_Ze kd ]hWd h[ifWbZe" Yecei[^WX‡WWdkdY_WZeZ[iZ[ [bHƒ]_c[dZ[9ehh[W$
3FTVMUBEPTOBDJPOBMFT 1SFHVOUB 1SJTJĂ˜OQSFWFOUJWB
.PEJmDBS$ +VEJDBUVSB
/0
4Âś
1SFHVOUB .FEJEBTTVTUJUVUJWBT
/0
1SFHVOUB 1SPIJCJDJĂ˜O#BODBDPO .FEJPT
/0
4Âś
1SFHVOUB &OSJRVFDJNJFOUP JMĂ“DJUP
4Âś
1SFHVOUB +VFHPTEFB[BS
4Âś
1SFHVOUB $+VEJDBUVSBEF USBOTJDJĂ˜O
&TDSVUBEPT
/0
4Âś
1SFHVOUB 3FHVMBDJĂ˜ONFEJPT
/0
/0
/0
4Âś
1SFHVOUB
4Âś
/0
1SFHVOUB %FMJUPOPBmMJBDJĂ˜O BM*&44
4Âś
/0 <cXYfiXZ`Â?e1C8?FI8
4Âś
Ä“ĹŠ-ĹŠ/1.5(-!( 2ĹŠ"#ĹŠ+ ĹŠ(#11 ĹŠ!#-31.ĹŠ8ĹŠ"#ĹŠ+ ĹŠ, 9.-~ ĹŠ+.2ĹŠ(-"~%#- 2ĹŠ2#ĹŠ/1.-4-!( 1.-ĹŠ/.1ĹŠ#+ĹŠ.Ä“
)(-/&.Ĺ‹ / Ĺ‹ &Ĺ‹Ä’ -.š(Ĺ‹ Ĺ‹'( )Ä“Ĺ‹ Ĺ‹#( v! (-Ĺ‹ 41 -3#ĹŠ#+ĹŠ/1.!#2.ĹŠ#-ĹŠ+ ĹŠ(#11 ĹŠ!#-31.ĹŠ 2#ĹŠ1#%(231 1.-ĹŠ(11#%4+ 1(" "#2ĹŠ#-ĹŠ+ 2ĹŠ ;2ĹŠ1# !!(.-#2 Ĺ—ĹŠĹŠ_2 1ĹŠ, )(-% ĔŊ/1#$#!3.ĹŠ"#ĹŠ )4-3 2ĹŠ1#!#/3.1 2Ä“ .3./ 7(ĔŊ"().ĹŠ04#ĹŠ' 1;-ĹŠ1#2(23#-!( ĹŠ BWlejWY_ÂŒdZ[bi|XWZeYedĂ’h# cÂŒgk[[bh[j_heZ[bXWijÂŒdZ[ cWdZe Wb fh[i_Z[dj[" HW\W[b 9ehh[W"de\k[kdi_cfb[WYje i_cXÂŒb_Ye"i_dekdWWYj_jkZZ[ h[Y^WpeWb=eX_[hde$I[]‘d[b Z_h_][dj[_dZ‡][dWCWhYe?pW"[b h[j_heZ[bXWijÂŒdZ[cWdZe^_pe gk[bei_dZ‡][dWioWdeYed\‡[d Z[ bei ikfk[ijei YWcX_ei gk[ gk_[h[_cfkbiWh[bHƒ]_c[dW jhWlƒiZ[bh[\[hƒdZkc$ :[WYk[hZeW?pW"[b=eX_[hde Z[i[ij_cÂŒ[bh[j_heZ[bXWijÂŒdZ[ cWdZeÆfehgk[`Wc|ii[_cW# ]_dÂŒgk[[ijeb[gk_jWh‡Wlejei$ I[‹eh 9ehh[W" [b cel_c_[dje _dZ‡][dWoWdei[Z[`WYedl[d# Y[hfehbeih[]Wb_jeigk[[ij|d WYeijkcXhWZei W [djh[]Wh [d ƒfeYWZ[[b[YY_ed[iÇ"[nfh[iÂŒ$ Æ;bXWijÂŒdj_[d[kdi_]d_Ă’YW# Ze[if_h_jkWbcko]hWdZ["gk_[d be bb[l[ Z[X[ [`[hY[h [b feZ[h Yedh[ifediWX_b_ZWZ $$$ [iede ikY[Z_ÂŒYed[b=eX_[hdefehgk[ ZkhWdj[ikcWdZWje^Wf[hi[# ]k_ZeWb‡Z[h[iZ[bcel_c_[dje _dZ‡][dWo^WYh_c_dWb_pWZebW bkY^WieY_WbÇ"i[‹WbÂŒ?pW$ .ĹŠ +ĹŠ#-%  .
@eh][=kWc|d"Z_h_][dj[_dZ‡#
+Ŋ .5(,(#-3.Ŋ+41(Ĺ - !(.- +Ŋ !' *43(*Ŋ ' Ŋ"#) ".Ŋ2#-3 ".Ŋ 04#Ŋ3(#-#Ŋ4- Ŋ$4#19 Ŋ !.+#!3(5 Ŋ8Ŋ#2314!341 Ŋ,48Ŋ 2¢+(" Ŋ#-Ŋ.3./ 7(Ģē ^Ŋ
ĹŠĹŠ Ä“
-.Ģē
Ŋ4-(" "Ŋ"#+Ŋ,.5(Ĺ ,(#-3.Ŋ-.2Ŋ/#1,(3(¢Ŋ "#!(1+#Ŋ.Ŋ +Ŋ. (#1Ĺ
}ĹŠ
$1#-3#ĹŠ +ĹŠ. (#1-.ĹŠ8ĹŠ04#ĹŠ-.ĹŠ/#1,(3(Äą 1;-ĹŠ04#ĹŠ#+ĹŠ/1#2("#-3#ĹŠ $ #+ĹŠ.11# ĹŠ ' % ĹŠ+.ĹŠ04#ĹŠ04(#1 Ä“ .,#-3¢Ŋ04#ĹŠ"(1;-ĹŠÄĽ 23 ÄŚĹŠ ĹŠ+ ĹŠ /1#/.3#-!( ĹŠ04#ĹŠ' ĹŠ%#-#1 ".ĹŠ4- ĹŠ 1# !!(¢-ĹŠ,48ĹŠ$4#13#ĹŠ#-ĹŠ#+ĹŠ!4 ".1ĹŠ 8ĹŠ +ĹŠ/."#1ĔŊ!. 13 -".ĹŠ+ ĹŠ+( #13 "ĹŠ"#ĹŠ #7/1#2(¢-ĹŠ8ĹŠ/#.1ĹŠ ĂŒ-ĹŠ04#ĹŠ2# -ĹŠ2 -Äą !(.- ".2ĹŠ8ĹŠ04#ĹŠ3." 2ĹŠ+ 2ĹŠ"#-4-!( 2ĹŠ 8ĹŠ!.114/!(¢-ĹŠ"#+ĹŠ. (#1-.ĹŠ2#ĹŠ3 /#Ä“ĹŠ
.41"#2Ŋ( ;-Ŋĸ ĚĔŊ"#Ŋ24Ŋ/ 13#ĔŊ %1 "#!(¢Ŋ Ŋ+.2Ŋ!.3./ 7#-2#2Ŋ/.1Ŋ-.Ŋ ' #1Ŋ/#1,(3.Ŋ! , ( 1Ŋ24Ŋ/#-2 Ĺ ,(#-3.Ŋ8Ŋ+( 1#Ŋ#7/1#2(¢-Ŋ Ŋ31 5_2Ŋ"#Ŋ + 2Ŋ";"(5 2Ŋ8Ŋ.$1#!(,(#-3.2Ŋ"#Ŋ+ 2Ŋ/1(Ĺ ,#1 2ĔŊ2#%4-" 2Ŋ8Ŋ3#1!#1 2Ŋ/(#"1 2ē
ĹŠĹŠ ĹŠ
][dW"_dZ_YÂŒgk[[bjhWXW`eh[W# b_pWZefehbW9ed\[Z[hWY_ÂŒdZ[ DWY_edWb_ZWZ[i ?dZ‡][dWi Z[b ;YkWZeh 9edW_[ Wdj[iZ[bfb[# X_iY_jeh_dZ_ÂŒiki\hkjei[dbWi khdWi$ ÆBW][dj[b[Z[ceijhÂŒWbfh[# i_Z[dj[9ehh[Wgk[oWdei[Z[`W [d]W‹Wh\|Y_bc[dj["bei_dZ‡][# dWioWdel[dZ[dikYedY_[d# Y_W$;bleje\k[hWpedWZeo[ie i[h[Ă“[`W[dbeih[ikbjWZeifh[# b_c_dWh[iZ[b9edi[`eDWY_edWb ;b[YjehWb 9D; Ç" fkdjkWb_pÂŒ =kWc|d" gk_[d Z[dkdY_ÂŒ gk[
[d PkcXW^kW Z[iYkXh_[hed Ægk[ Wb]kdWi khdWi oW j[d‡Wd fWf[b[jWihWoWZWiW\WlehZ[bI‡" f[he YkWdZe gk_i_cei jecWh \eje]hW\‡Wi fWhW Z[dkdY_Wh [b ^[Y^ebWifWf[b[jWiZ[iWfWh[# Y_[hedfehWhj[Z[cW]_WÇ$
+ ĹŠ#231 3#%(
;bl_Y[fh[i_Z[dj[Z[bW9edW_[" @eiƒ7YWY^e"Z_`egk[[bHƒ]_# c[di[[gk_leYÂŒZ[[ijhWj[]_W Yed [b cel_c_[dje _dZ‡][dW$ ÆF[diÂŒ gk[ Yed Xehh[]ei" [d# jh[]WZ[\h[Yk[dY_WioYhƒZ_jei j[d‡W[blejeWi[]khWZeÇ"WYejÂŒ$
ƒ Ă
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
. . ĹŠ/("#ĹŠ!.-3#.ĹŠ5.3.ĹŠ ĹŠ5.3.
ěŊ&ŋ '*, -,#)ŋ3ŋ 2 ( # .)ŋ*, -# ( #&ąŋ5&0,)ŋ
) )ŋĢ,#(ÄŁÄ…Ĺ‹ #$)Ĺ‹+/ Ĺ‹ -Ĺ‹ &Ĺ‹')' (.)Ĺ‹ Ĺ‹* #,Ĺ‹+/ Ĺ‹- Ĺ‹ ,(Ĺ‹&-Ĺ‹ /,(-Ĺ‹3Ĺ‹- Ĺ‹ / (. Ĺ‹ Ĺ‹0).)Ä„Ĺ‹) , Ĺ‹&)-Ĺ‹ .)-Ĺ‹ '#.# )-Ĺ‹*),Ĺ‹ &Ĺ‹Ĺ‹Ä’ 2#.Ĺ‹ *)&&Ä“Ĺ‹ #$)Ĺ‹+/ Ĺ‹.) )Ĺ‹ ,/ Ĺ‹*,. Ĺ‹ Ĺ‹'&-Ĺ‹ ( / -.-Ĺ‹Ä?3Ĺ‹&-Ĺ‹ ( / -.-Ĺ‹ v(Ĺ‹+/ Ĺ‹ &Ĺ‹vĹ‹ -. Ĺ‹!(( )Ä‘Ä„
(,.-Ä–ĹŠ,/ 3#ĹŠ3_!-(!.ĹŠ#2ĹŠ(,/.2( +#
+ĹŠ/1#2("#-3#ĹŠ"#+ĹŠ.-2#).ĹŠ !(.- +ĹŠ+#!3.1 +ŊĸĚĔŊ, 1ĹŠ(,.-ĔŊ/4-34 Äą +(9¢Ŋ04#ĹŠ3_!-(! ,#-3#ĹŠ#2ĹŠ(,/.2( +#ĹŠ04#ĹŠ#7(23 ĹŠ4-ĹŠ#,/ 3#ĹŠ3_!-(!.ĹŠ#-ĹŠ4- ĹŠ.ĹŠ ".2ĹŠ/1#%4-3 2ĹŠ"#ĹŠ+ ĹŠ.-24+3 ĹŠ./4+ 1ĔŊ" ".ĹŠ04#ĹŠ-.ĹŠ2#ĹŠ31 3 ĹŠ"#ĹŠ4- ĹŠ#-!4#23 ĹŠ 2(-.ĹŠ"#ĹŠ1#24+3 ".2ĹŠ.ă!( +#2Ä“
*)-# #š(ŋ*# ŋ+/ ŋ- ŋ/ #. ŋ&ŋ
.2ĹŠ04#ĹŠ(,/4+2 1.-ĹŠ#+ĹŠ.ĹŠ/("(#1.-ĹŠ4-ĹŠ 1#!4#-3.ĹŠ"#ĹŠ5.3.2ĹŠ"#ĹŠ !3 2ĹŠ!.-ĹŠ (-!.-2(23#-!( 2ĹŠ-4,_1(! 2Ä“ <Wkije9eXe FIF Z_eWYedeY[h gk[lWh_eiZ_h_][dj[iZ[eh]Wd_# pWY_ed[iofWhj_Zeifeb‡j_YeiZ[ efei_Y_ÂŒdWbWYedikbjWfefkbWh i[ h[kd_[hed Wo[h fWhW WYkZ_h W bei l[[Zeh[i _dj[hdWY_edWb[i Z[ bW Eh]Wd_pWY_ÂŒd Z[ ;ijWZei 7cƒh_YWdei E;7 o fbWdj[Wh j[cWigk[Z[X[h‡Wd_h[d[b_d# \ehc[$ Bei Yk[ij_edWc_[djei ied Z_h_]_Zei W bW WYj_jkZ Z[b 9ed# i[`eDWY_edWb;b[YjehWb 9D; $ Fh_c[he [b b[]_ibWZeh _dZ_YÂŒ gk[ oW bb[lWd kd bWh]e j_[c# fef_Z_[dZegk[[beh]Wd_ice WXhW ik ie\jmWh[ fhe]hWcW o Yed jhWdifWh[dY_W [nfb_gk[ beiYÂŒZ_]ei\k[dj[iZ[bi_ij[cW _d\ehc|j_Ye$Æ;id[Y[iWh_WkdW WkZ_jeh‡W jƒYd_YW [ _dZ[f[d# Z_[dj[Ç"iejkle9eXe$ BWi[]kdZWf[j_Y_ÂŒd[igk[i[ Z[jWbb[dbWihWped[ioY_hYkdi# jWdY_Wi[dbWigk[i[[dYk[djhWd bWiWYjWiokhdWi[dbWigk[Æ[n_i# j[dbegk[[bbeibbWcWddel[ZW# Z[i[_dYedi_ij[dY_WiÇ"[nfh[iÂŒ [b WiWcXb[‡ijW" gk_[d Z_`e gk[ [ieZ[X[jhWdifWh[djWhi[$ Kdj[hY[hf[Z_Ze\k[gk[bei eXi[hlWZeh[i _dj[hdWY_edWb[i f[hcWd[pYWd [d [b fW‡i ^Wi# jWgk[YedYbkoW[bfheY[iefeh Yecfb[je JWcX_ƒd i[ ieb_Y_jÂŒ gk[ [b 9D; Z[j[hc_d[ bWi YWkiWi o cej_lei Z[ bW Wkjeh_pWY_ÂŒd Z[b cWd[`eZ[bĂˆ[n_jfebbÉWIWdj_W]e Fƒh[p"Wgk_[dYWb_Ă’YÂŒYeceÆ[b
#ĹŠ -4-!( ĹŠ)4(!(.ĹŠ Ĺ—ĹŠĹŠÄĄ 8ĹŠ,_1(3.2ĹŠ,;2ĹŠ04#ĹŠ24ă!(#-3#2ĹŠ / 1 ĹŠ#,/1#-"#1ĹŠ#-ĹŠ4-ĹŠ)4(!(.ĹŠ/.+~3(!.ĢŊ #-ĹŠ!.-31 ĹŠ"#+ŊĔŊ ă1,¢Ŋ#+ĹŠ 2 ,Äą +#~23 ĹŠ-"1_2ĹŠ;#9Ŋĸ Ěē +ĹŠ+#%(2+ ".1ĹŠ 1%4,#-3¢Ŋ04#ĹŠÄĄ+ ĹŠ ! +(ă! !(¢-ĹŠ"#ĹŠ.11# ĹŠ!.,.ĹŠ24)#3.ĹŠ /.+~3(!.ĔŊ#+ĹŠ#7(,(1+#ĹŠ"#ĹŠ24ĹŠ. +(% !(¢-ĹŠ "#ĹŠ! +(ă! 1ĹŠ ĹŠ4-ĹŠ3#2.1#1.ĹŠ"#ĹŠ! ,/ Äą  ĔŊ#+ĹŠ/#1,(3(1+#ĹŠ' !#1ĹŠ42.ĹŠ"#ĹŠ3." ĹŠ + ĹŠ(-$1 #2314!341 ĹŠ"#+ĹŠ23 ".ĹŠ/ 1 ĹŠ 24ĹŠ! ,/  Ŋ#+#!3.1 +ĔŊ#+ĹŠ!.-31 3 1ĹŠ +ĹŠ#-!4#23 ".1ĹŠ"#ĹŠ.11# ĹŠ/ 1 ĹŠ04#ĹŠ ' % ĹŠ#+ĹŠ!.-3#.ĹŠ1;/(".ĹŠ8ĹŠ#+ĹŠ(,/#"(1ĹŠ 04#ĹŠ2#ĹŠ"#-ĹŠ!($1 2ĹŠ 2.+43 ,#-3#ĹŠ (11# +#2ĹŠ +ĹŠ3#1,(- 1ĹŠ#+ĹŠ/1.!#2.ĹŠ2.-ĹŠ+ ĹŠ ,4#231 ĹŠ"#ĹŠ+ ĹŠ(-#/3(34"ĔŊ,#"(.!1(Äą " "ĹŠ8ĹŠ2.,#3(,(#-3.ĹŠ!.-ĹŠ#+ĹŠ04#ĹŠ' -ĹŠ !34 ".ĹŠ+.2ĹŠ5.! +#2ĹŠ"#+ŊĢē +ĹŠ 2 , +#~23 ĹŠ_2 1ĹŠ .-3ĂŒ$ 1ĹŠ ĸĚĔŊ"#ĹŠ24ĹŠ/ 13#ĔŊ(-"(!¢Ŋ04#ĹŠ' 8ĹŠ ÄĄ4-ĹŠ-ĂŒ,#1.ĹŠ(- 4"(3.ĹŠ"#ĹŠ !3 2ĹŠ04#ĹŠ -.ĹŠ#23;-ĹŠ2(#-".ĹŠ/1.!#2 " 2ĢŊ/.1ĹŠ (-!.'#1#-!( 2ĔŊ#2/#!( +,#-3#ĹŠ#-ĹŠ (!'(-!' ĹŠ8ĹŠ4 8 2Ä“
[dYk[ijWZehZ[Xebi_bbeZ[[ij[ =eX_[hdeÇ$ 4+.2Ŋ8Ŋ + -!.2
9eXe Yk[ij_edÂŒ gk[ ÆYÂŒce Wi‡ Yed kd h[]bWc[dje cW‹eiW# c[dj[WcWhhWZefh[j[dZ[dZ[# Y_hgk[kdc_bbÂŒdZ[[YkWjeh_W# deide^WdlejWZel|b_ZWc[dj[" YkWdZebe^Wd^[Y^e[dXbWdYee [ddkbeÇ"[nfb_YWdZegk[begk[ XkiYW[b=eX_[hde[ih[ZkY_h[b
Ä“ĹŠ+ĹŠ31 ).ĹŠ"#+ĹŠ.1% -(2,.ĹŠ"#ĹŠ!.-31.+ĹŠ#+#!3.1 +ĹŠ%#-#1 ĹŠ!4#23(.- ,(#-3.2Ä“
kd_l[hie Z[ bei [YkWjeh_Wdei fWhWgk[ikfehY[djW`[ikXW$ C[ZWhZeEb[Wi"[nfh[i_Z[dj[ Z[b [nj_dje Jh_XkdWb Ikfh[ce ;b[YjehWb JI; "[nfb_YŒgk[b[# ]Wbc[dj[ iebe i[ Z[X[d YedjWh bei lejei l|b_Zei" [i Z[Y_h bei gk[[ij|dW\Wlehe[dYedjhWZ[ bWj[i_ifhefk[ijW"fehbegk[bei dkbeioXbWdYeidei_hl[dfWhW [bYŒcfkje$ ;b[ncW]_ijhWZe"i_d[cXWh# ]e" [nfkie gk[ bW b[YjkhW o [b Wd|b_i_ifeb‡j_Yeiedcko]hWl[i" oWgk[beilejeidkbeioXbWdYei
2Ŋ$4-" Ĺ ,#-3 +ĔŊ8Ŋ #2#Ŋ' Ŋ2(".Ŋ -4#231.Ŋ/#"(".Ŋ +ŊĔŊ04#Ŋ2#Ŋ 1 -Ŋ3." 2Ŋ+ 2Ŋ41- 2Ŋ8Ŋ2#Ŋ 1#!4#-3#-Ŋ+.2Ŋ5.3.2Ŋ#-Ŋ#2 2Ŋ !3 2Ŋ".-"#Ŋ' 8Ŋ(-!.-2(2Ĺ 3#-!( 2Ģē
2Ŋ(,/.2Ĺ 3#1% +#Ŋ 04#Ŋ+ Ŋ./.Ĺ 2(!(¢-Ŋ#,/1#-" ŊŊ #+Ŋ)4(!(.Ŋ/.+~3(!.Ŋ !.-31 Ŋ04(#-#2Ŋ!.-$ 4Ĺ + ".2Ŋ!.-Ŋ#+Ŋ)#!43(5.Ŋ' -Ŋ 42! ".Ŋ!.,#3#1Ŋ4-Ŋ$1 4"#Ŋ !.+.2 +Ģē
^ĹŠ Ă‹
^ĹŠ:
}ĹŠĹŠ ÂĄĹŠ Ä“
}ĹŠĹŠ ĹŠ :
de[ij|dW\WlehWZ[b=eX_[hde" [bfheo[YjeZ[bHƒ]_c[d$Æ;ibW fehbejWdjeWbh[Z[ZehZ[kd++ fh_c[hW l[p gk[ l[cei [ie [d Z[bei[YkWjeh_Wdeide[ij|dYed kdh[ikbjWZeÇ"i[dj[dY_ÂŒ$
#-#š(Ĺ‹ Ĺ‹Ĺ‹ / -.#)(šŋŋ &-Ĺ‹#( Ă° # ( #-Ĺ‹ &Ĺ‹ ;b _d\ehc[ Z[ bW Eh]Wd_pWY_ÂŒd Z[ ;ijWZei 7c[h_YWdei E;7 ieXh[bW`ehdWZW[b[YjehWbZ[b-Z[ cWoei[‹WbWgk[[b,&Z[WYjWi _dYedi_ij[dj[iW[iYWbWdWY_edWbi[ Z[X[WbWÆ_d[Ă’Y_[dY_WÇZ[b9edi[`e DWY_edWb;b[YjehWb 9D; fWhWYW# fWY_jWhWbeic_[cXheiZ[bWi@kd# jWiH[Y[fjehWiZ[bLeje @HL $ ÆIebekd)+Z[[ijei\k[hed YWfWY_jWZeiÇ"Z_`eWo[h;dh_gk[ 9ehh[W" `[\[ Z[ bW c_i_ÂŒd Z[ bW E;7"gk_[dYec[djÂŒgk[i_X_[di[ dej_Ă’YÂŒWb.&".Z[beic_[cXhei Z[bWi@HL"[bfehY[djW`[Z[YWfW# Y_jWY_ÂŒd\k[c‡d_cefehbegk[[b [iYhkj_d_eh[ikbjÂŒYecfb_YWZe$ Æ;d =kWoWi o F_Y^_dY^W [b fehY[djW`[Z[WYjWifheY[iWZWi [iZ[b//"YWi_jeZWi1f[hefWhW lebl[hWh[l_iWh^Wokd-($;d
jWdje" W [iYWbW dWY_edWb _dZ_YÂŒ l[h_Ă’YWh bei ZWjei Z[ Wgk[bbWi gk[^Wokd)/Z[WYjWil|b_ZWi" fh[]kdjWigk[deYe_dY_Z[dÇ$ Z[b/.gk[[ij|dfheY[iWZWi"o FehikfWhj[bWYedi[`[hWZ[b kd+-"/Yed_dYedi_ij[dY_WiÆ$ 9D;"CWhY_W9W_Y[Ze"Yec[djÂŒ EcWhI_ced"fh[i_Z[dj[Z[b gk[Z[bei(&-c_bc_[cXheiZ[ 9D;"i[`kij_Ă’YÂŒZ_Y_[dZegk[Wb bWi@HL"Wf[dWi[b+&\k[dej_# c[deikd+&Z[bei_dj[]hWdj[i Ă’YWZefeh9ehh[eiZ[b;YkWZeh Z[bWi@HLfWhj_Y_fWhedWdj[h_eh# o(+fehbWiZ[b[]WY_ed[ifhe# c[dj[ [d ejhei fheY[iei o gk[ l_dY_Wb[i$ Æ;d fhec[Z_e +'$-&& ^WX‡WbWfei_X_b_ZWZZ[_dijhk_h# Y_kZWZWdeideYedeY_[hedikh[i# i[WjhWlƒiZ[bWf|]_dWm[XZ[b fediWX_b_ZWZÇ" WZl_hj_ÂŒ 9W_Y[Ze" 9D;$ 7Z[c|i ieijkle gk_[dYec[djÂŒgk[ckY^ei gk[[bWbje‡dZ_Y[Z[WY# ĹŠ c_[cXheiZ[c[iWijkl_[hed gk[_dijhk_hi[[bc_iceZ‡W jWi_dYedi_ij[dj[idei[ Z[X[W[ij[\WYjeh"i_deW 23 ĹŠ2#, - ĹŠ".2ĹŠ Z[bik\hW]_e$ bWef[hWY_ÂŒdcWj[c|j_YW #7/#13.2ĹŠ"#ĹŠ+ ĹŠ ĹŠ5(%(+ 1;-ĹŠ#+ĹŠ gk[Z[X‡Wd^WY[hbei_d# 5 -!#ĹŠ"#+ĹŠ #!.,#-" !(.-#2 ;d [b _d\ehc[ gk[ 9ehh[W j[]hWdj[iZ[bWic[iWi$ #2!143(-(.Ä“ ;dXWi[W[ije"Yec[d# fh[i[djÂŒ ^Wo YkWjhe h[Ye# jÂŒgk[[dbWi`kdjWifhel_dY_Wb[i c[dZWY_ed[i fWhW bei \kjkhei Æi[WXh_h|dbWikhdWifWhWfeZ[h fheY[iei[b[YjehWb[i"[djh[[ijWi0
ēŊ+Ŋ)#$#Ŋ"#Ŋ+ Ŋ,(2(¢-Ŋ"#Ŋ+ ŊŊ#-31#%¢Ŋ#+Ŋ(-$.1,#Ŋ"#Ŋ+ Ŋ).1- " Ŋ #+#!3.1 +ē
\ehjWb[Y[hbeic[YWd_iceiZ[Ă’i# YWb_pWY_ÂŒdZ[]WijeiZ[YWcfW# ‹Wifeb‡j_YWio[bkieZ[h[Ykhiei Z[b;ijWZe$ ;bZeYkc[djejWcX_ƒdf_Z[gk[ ^Wo gk[ Wi[]khWh [b WYY[ie W bei
Z[b[]WZeifeb‡j_YeifWhWgk[fk[# ZWd\_iYWb_pWh[bfheY[ie[b[YjehWb$ 7Z[c|ii[Z[X[h[fbWdj[Wh[bfhe# Y[ieZ[[iYhkj_d_eoZ[bWiWYjWi"Wi‡ Yeceh[\ehpWhbWYWfWY_jWY_ŒdZ[bei c_[cXheiZ[bWi@HL$
#0#-#š(ŋ *)&v.# ŋ - ŋ (./šŋ (ŋ &ŋ*v-
+%4-.2Ŋ/.+~3(!.2Ŋ !.-2("#1 -Ŋ04#Ŋ 2#Ŋ"# #1~ Ŋ 42! 1Ŋ 4- ŊŊ!.-!#13 !(¢-Ŋ - !(.- +ē
ƒ Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
ĹŠ '(23#2.3#
Ĺ—ĹŠĹŠ
BWiZ[hhejWiied^kƒh# \WdWiobeijh_kd\eij_[d[d c_b[iZ[fWZh[i$BeifeYei leY[heieĂ’Y_Wb[igk[h[WY# Y_edWheddeWfh[dZ_[hedbW b[YY_ÂŒdo^WXbWdZ[gk[jeZW bWYWcfW‹W\k[Z[i\WlehWXb[ fWhW[bbei$D_[bbeic_icei i[Yh[[doWbeigk[[iYkY^W# ceideigk[ZWiebeiedh[‡h$
#Ŋ2(#-3#-Ŋ% - ".1#2Ŋ /.104#Ŋ' -Ŋ/#1"(".Ŋ !.-Ŋ/.!.Ģē
#1" "#1.2ĹŠ/#1"#".1#2
Ŋ7kdfW‡ijWdZ_l_Z_Ze ŗŊ iebeb[gk[ZWYedi[dikWh$
ĹŠ
ĹŠĹŠ ĹŠ ĹŠ
XW`Wh[bjedeZ[bei_dikbjeiofe# d[hi[W]eX[hdWhfWhWbei[YkW# BWiY_\hWiWhhe`WZWi^WijWW^ehW jeh_WdeiodefWhWf[hcWd[Y[h feh[b9edi[`eDWY_edWb;b[Yje# [d[bfeZ[h$ hWb 9D; "Yedc|iZ[b*&Z[ WYjWi[iYhkjWZWiWd_l[bdWY_edWb" ĹŠ!.-ă -9 _dZ_YWdkdWZ_\[h[dY_WZ[feYei 9ehZ[he _d\ehcÂŒ gk[ 7b_WdpW fkdjei[djh[[bI‡o[bDe[dYWZW F7?IcWd[`WkdWXWi[Z[ZWjei fh[]kdjW"[dWb]kdWiiebWc[d# Z[Yef_WiZ[bWiWYjWiZ[bWi`kd# j[Z[ZƒY_cWi"beYkWbde[hW[b jWih[Y[fjehWiZ[blejeoWi[]khÂŒ gk[[bI‡^W]WdWZe[dbWi cWh][dgk[[b=eX_[hde '&fh[]kdjWiÇ$ [if[hWXW$ ÆLWcei W gk_jWh bei ;b fh[i_Z[dj[ Z[ bW ĹŠ cedefeb_ei Z[ bei XWd# 7iWcXb[W DWY_edWb" <[h# !.-ĹŠ(-!.-2(23#-Äą dWdZe9ehZ[he"bbWcÂŒWbei !( 2ĹŠ2#ĹŠ1#/.13 1.-ĹŠ gk[hei o [b_c_dWh bWi jhWcfWigk[^WY[dWb]k# [YkWjeh_Wdei W Yedijhk_h ' 23 ĹŠ 8#1ĹŠ#-ĹŠ 4 8 2Ä“ dei[cfb[WZeh[iYediki Yeb[Yj_lWc[dj[ kdW `ki# jhWXW`WZeh[iÇ"W]h[]ÂŒh[# j_Y_W ÆjhWdifWh[dj[" [gk_# jWj_lW"^ed[ijWÇ"oW‹WZ_ÂŒgk[[i Ă’h_ƒdZei[WbWWĂ’b_WY_ÂŒdWb?;II d[Y[iWh_eikcWhlebkdjWZ[ifWhW o Wi[]khWdZe gk[ bWi b[o[i i[ _cfb[c[djWhbeiYk[hfeib[]Wb[i ^Wh|dYedkdWcfb_eZ[XWj[$ FWhW:_WdW7jWcW_dj FA "Z[ fheZkYjeZ[bWYedikbjW$ C_[djhWi jWdje" Bk_i CehW# ikfWhj["Z_`egk[[bFh[i_Z[dj[ b[i Fh_Wd [d\Wj_pÂŒ[b^[Y^eZ[ f[hZ_ÂŒ bW YedĂ’WdpW Z[b fk[Xbe gk[[bfk[Xbei[^WcWd_\[ijWZe [YkWjeh_Wde o i[dj[dY_ÂŒ gk[ b[ ogk[fehbejWdje[bFh[i_Z[dj[ gk[ZWfeYej_[cfeZ[=eX_[hde Z[bWH[f‘Xb_YWZ[X[Z_Wbe]Who o gk[ [b fW‡i gk_[h[ YWcX_ei o
ÄŠÄ“ÄŒÄ‡Ä‡ĹŠ
Ä“ĹŠ#2/4_2ĹŠ"#+ĹŠ/+# (2!(3.ĹŠ#+ĹŠ/4# +.ĹŠ#!4 3.1( -.ĹŠ!.-3(-ĂŒ ĹŠ "(5("(".Ä“
-$1#-3 ,(#-3.ĹŠ#-ĹŠ4 8 2 Ĺ—ĹŠ ŊěŊ- ĹŠ%4#11 ĹŠ"#ĹŠ/ + 1 2ĹŠ/1.3 %.-(9 1.-ĹŠ 8#1ĹŠ.ă!( +(23 2ĹŠ8ĹŠ./.2(Äą 3.1#2ĹŠ#-ĹŠ+ ĹŠ"#+#% !(¢-ĹŠ"#+ĹŠ.-2#).ĹŠ !(.- +ĹŠ+#!3.1 +ĹŠ"#+ĹŠ4 8 2Ä“
+ĹŠ(-!("#-3#ĹŠ!.,#-9¢Ŋ!4 -".ĹŠ 1+.2ĹŠ #"(- Ŋĸ ĚŊ(-%1#2¢Ŋ +ĹŠ2 +¢-ĹŠ"(!(#-Äą ".Ä–ĹŠÄĄ#ĹŠ3#ĹŠ ! ¢Ŋ+ ĹŠÄƒ#23 ĢĔŊ#-ĹŠ +42(¢-ĹŠ ĹŠ4- ĹŠ#5#-34 +ĹŠ"#11.3 ĹŠ"#+ĹŠ~ĹŠ#-ĹŠ+ ĹŠ!.-24+3 ĹŠ /./4+ 1Ä“
.2ĹŠ.ă!( +(23 2ĔŊ#-31#ĹŠ+.2ĹŠ04#ĹŠ#23 -ĹŠ#+ĹŠ%. #1- ".1ĹŠ. #13.ĹŠ4#1.ĹŠ8ĹŠ#+ĹŠ ! -!(++#1ĹŠ(! 1".ĹŠ 3( .ĔŊ"#5.+5(#1.-ĹŠ#+ĹŠ %1 5(.ĹŠ2# + -".Ä–ĹŠÄĄ'~ĹŠ#23;-ĔŊ#2.2ĹŠ2.-ĹŠ+.2ĹŠ 04#ĹŠ)."#-ĹŠ ĹŠ+ ĹŠ- !(¢-Ģē
4#%.ĔŊ+ 2Ŋ/ + 1 2Ŋ.$#-2(5 2Ŋ24 (#1.-Ŋ"#Ŋ3.-.Ŋ!.-Ŋ$1 2#2Ŋ!.,.ĖŊĥ 31 2 Ĺ/4#Ĺ +.ĢĔŊĥ31 % !'#04#ĢĔŊĥ/ 3(5("#.2ĢŊ8Ŋĥ!~1!4+.Ŋ1.2 Ģē
fhefk[ijWidk[lWi$ HW\W[b:|l_bW 7B "[dYWc# X_e"ieijklegk[feh[bX_[dZ[b fW‡i" Ægk[ [ij| Yecfb[jWc[dj[ febWh_pWZeÇ"[bFh_c[hCWdZWjW# h_eZ[X[h‡WbbWcWhWkd]hWdZ_|# be]eoYedY[hjWY_ÂŒddWY_edWb$ ;bb[]_ibWZeh[d\Wj_pÂŒ[b^[Y^e
Z[ gk[" f[i[ W bW ]hWd _d\hW[i# jhkYjkhWoh[Ykhieikj_b_pWZei[d bWYWcfW‹Wfeh[b=eX_[hde"[b h[ikbjWZe\k[ÆckofeXh[Ç"feh begk[[bFh[i_Z[dj[oWdefeZh| Z[Y_h gk[ Yk[djW Yed [b Wfeoe gk[ YedjWXW Wb fh_dY_f_e Z[ ik cWdZWje$
),, Ĺ‹ (/( #Ĺ‹Ä’'(#*/& #š(Ä“Ĺ‹ (Ĺ‹ )(. )Ĺ‹ Ĺ‹0).)KdWikfk[ijWcWd_fkbWY_ÂŒd[d [b[iYhkj_d_eZ[bWYedikbjWfe# fkbWhgk[i[lejÂŒ[bfWiWZei|# XWZe\k[Z[dkdY_WZWWo[hfeh[b fh[i_Z[dj[HW\W[b9ehh[W"gk_[d _di_ij_ÂŒ[dgk[[bI‡jh_kd\ÂŒ[dbWi '&fh[]kdjWifbWdj[WZWi$ ÆDei [ij|d cWd_fkbWdZe [b Yedj[eZ[lejeiÇ"i[‹WbÂŒ9ehh[W" gk_[dWYkiÂŒWbWÆfWhj_ZeYhWY_WÇ gk["i[]‘dƒb"[ij|Æ[dgk_ijWZWÇ [dWb]kdWiZ[f[dZ[dY_Wi[b[Yje# hWb[ifhel_dY_Wb[i$ 9ehh[W Wi[]khÂŒ gk[ [ij|d [l_jWdZegk[_d]h[i[dbeiZWjei" fWhWZ[Y_hgk[^Wo[cfWj[jƒY# d_YeÇ"Wbc[dei[dbWifh[]kdjWi h[\[h[dj[iWbeic[Z_eiZ[Yeck# d_YWY_ÂŒd$ 7]h[]ÂŒ gk[ bW efei_Y_ÂŒd o Y_[hjeic[Z_eiZ[Yeckd_YWY_ÂŒd fh[j[dZ[dZ[ib[]_j_cWhkdWÆYbW# hW l_Yjeh_W Z[b I‡Ç" ][d[hWdZe Æ_dY[hj_ZkcXh[Ç" Æ[bkYkXhWY_e# d[iÇoÆYWeiÇ$ :khWdj[ kdW _dkikWb hk[ZW Z[ fh[diW gk[ YedY[Z_ÂŒ Z[iZ[ ikZ[ifWY^e"[bFh[i_Z[dj[_dZ_# YÂŒgk[beiÆc[Z_eiefei_jeh[iÇ [ij|dcWd_fkbWdZebWiY_\hWiWb Z_\kdZ_h bei h[ikbjWZei fWhY_W#
b[iZ[bYedj[eeĂ’Y_WbojhWjWhZ[ fei_Y_edWhbW_Z[WZ[gk[iedbei Z[Ă’d_j_lei$ 7i‡" c[dY_edÂŒ gk[ [d [b )/"(+ Z[ WYjWi gk[ i[ ^WX‡Wd [iYhkjWZe^WijW[bcec[dje[d [b 9edi[`e DWY_edWb ;b[YjehWb 9D; de YedijWXWd bei h[ikb# jWZeiYecfb[jeiZ[bWi`kh_iZ_Y# Y_ed[iZ[=kWoWi";ic[hWbZWi" CWdWX‡"BeiH‡eioF_Y^_dY^W$ 9ehh[W[nfh[iÂŒgk[WbĂ’dWb_# pWh[b_d]h[ieZ[beih[ikbjWZei [d[iWifhel_dY_WibWifh[]kdjWi *o/]WdWh|dYedfehbec[dei (&&c_blejeiZ[Z_\[h[dY_W1[d jWdje[dWgk[bbeifbWdj[Wc_[d# jeigk[eXj[d]WdcWoehl[djW`W eXj[dZh|dc|iZ[kdc_bbÂŒdZ[ lejei$ 1 ! 2.ĹŠ"#+ĹŠÄĽ#7(3ĹŠ/.++ÄŚ 9ehh[Wh[YedeY_ÂŒgk[[bĂˆ[n_jfebbÉ h[Wb_pWZe feh IWdj_W]e Fƒh[p" gk[[ijWXb[Y_ÂŒkdWl[djW`WZ[bI‡ ieXh[beil[_dj[fkdjei"\k[kd \hWYWie$I_d[cXWh]e"_dZ_YÂŒgk[ i_[j[fkdjeii_]k[di_[dZekdW YbWhWl[djW`W$ I[]‘d bWi [ij_cWY_ed[i Z[b Fh[i_Z[dj["[bfehY[djW`[fhec[#
ă
Z_eZ[bjh_kd\eZ[bI‡"WbĂ’dWb_pWh[b Yedj[eeĂ’Y_Wb"i[h‡WZ[b+)"+fWhW [bI‡YedjhWkd*,"+Z[bDe$ IWdj_W]eFƒh[p"Z[ikfWhj[" _di_ij_ÂŒ[dgk[i[Z[X[d[if[hWh beih[ikbjWZeieĂ’Y_Wb[iZ[b9ed# i[`e DWY_edWb ;b[YjehWb 9D; fWhWYej[`WhYedbeifh[i[djWZei fehƒb"fWhWZ[j[hc_dWhi_^kXe [hheh[iede[dikjhWXW`e" Fƒh[p" i_d [cXWh]e" i[‹WbÂŒ gk[ Z[djhe Z[ bW c[jeZebe]‡W fei_Xb[c[dj[de[n_ij_ÂŒkdWc# X_[dj[ WZ[YkWZe fWhW gk[ bei [b[Yjeh[iYedj[ij[dbWl[hZWZ$ Æ>kXe Yed\ki_ÂŒd Wb de h[# YehZWhbegk[lejWhed[dbWfW# f[b[jWfehbWYecfb[`_ZWZZ[bWi fh[]kdjWiedeZ_`[hedbWl[hZWZ feh Wb]‘d j[cehÇ" Z_`e Fƒh[p gk_[dZ_`egk[kdW\WbbW\k[gk[ [d[biedZ[edei[kiÂŒkdWfWf[# b[jWYecebWZ[bWYedikbjW$ #-4-!( ĹŠ -3#ĹŠ(2! +~
;bWiWcXb[‡ijW=WbeBWhW FIF Z[dkdY_ÂŒ Wdj[ bW <_iYWb‡W W bei h[fh[i[djWdj[i Z[ bW Ă’hcW [d# Yk[ijWZehWIWdj_W]eFƒh[p"feh# gk[i[^WXh‡W_dYkhh_Ze[d[bZ[# b_jeZ[ZWh\Wbiej[ij_ced_e$
IWblebW9|cWhWZ[?dZki# jh_WiZ[F_Y^_dY^W"fej[djW# Zei"eb_]WhYWio[cfh[iWh_ei fehj[cehefehbegk[ ]WdWd"kdeiYediki_b[dY_e oWb]kdeiYedikZ_d[he"b[ WfeijWhedWbI‡of[hZ_[hed fehfWhj_ZWZeXb[$
;2ĹŠ++#5#
Ĺ—ĹŠĹŠ
;lWbkWdZe[b=eX_[hdeiki fhef_ei[hheh[ide\WbjWhed beiWkZWY[igk[Z_Y[dgk[b[ \WbbÂŒbWfkXb_Y_ZWZWbI‡ogk[ fWhWh[fej[dY_WhWb=eX_[hde ^Wogk[fed[hc|ifkXb_# Y_ZWZ$F[i[Wbeih[ikbjWZei YWjWijhÂŒĂ’Yeiiebei_]k[d f[diWdZe[dikd[]eY_e$
#8ĹŠ"#+ĹŠ, 4".
ĹŠBWH[lebkY_ÂŒd9_kZWZWdW" Ĺ—ĹŠ XWiÂŒjeZWiikil_ebWY_ed[i WbWb[o[dikiĂ’bÂŒie\eiZ[ fWYej_bbW Beid[eYedij_# jkY_edWb_ijWi gk[Z[Y‡Wd gk[be‘d_Yel|b_Ze[hWbW b[]_j_c_ZWZdebegk[Z_]WbW b[o$>eogk[f[hZ_[hediebe b[ilWb[bWb[oob[ifWh[Y[ b[]‡j_cegk[i_dj[d[h[b+& fehY_[djeZ[beilejWdj[i" ^W]Wdbegk[WX_[dj[d]Wd$
-!(++#1ĹŠ/4#13 2ĹŠ "#-31.
Ŋ9ece[bYWdY_bb[hFWj_‹e ŗŊ dej_[d[dWZWZ[jhWXW`e
ēŊ -3( %.Ŋ_1#9Ŋ"().Ŋ 04#Ŋ2#Ŋ' 1;Ŋ4- Ŋ 4"(3.1~ Ŋ(-3#1- Ŋ/ 1 Ŋ 2 #1Ŋ04_Ŋ$ ++¢Ŋ#-Ŋ24Ŋ#-!4#23 ē
BW[cfh[iW[djh[]ÂŒ"fehYed# jhWjeZ[beic[Z_eiZ[b=eX_[hde" beih[ikbjWZeiZ[bĂˆ[n_jfebbÉ[dbei gk[i[^WXbWXWZ[Z_\[h[dY_Wi[d# jh[[bI‡o[bDeZ[Wbh[Z[ZehZ[b (&$BWhWWi[]khWgk[i[^W\Wb# i[WZebWl[hZWZogk[[iefheleYÂŒ kdf[h`k_Y_eZ_h[YjeWb;ijWZe$;b WiWcXb[‡ijW h[YehZÂŒ [b Whj‡Ykbe )&)Z[bWB[oEh]|d_YW;b[YjehWb [d[bgk[i[Z[j[hc_dWgk[ÆbWi [cfh[iWi [dYk[ijWZehWi Z[X[d ]WhWdj_pWhbW_d\ehcWY_ÂŒdl[hWpo i[h_WZ[bei[ijkZ_eiÇ$
[dYkWdjeWbWih[bWY_ed[i _dj[hdWY_edWb[i"W^ehWb[^Wd e\h[Y_ZekdWi^ehWi[njhWi Yece]kWhZ_|dZ[beih[ikbjW# ZeiZ[bWYedikbjW$;ij[Z[X[ i[h[bfh_c[hfW‡i[d[bgk[kd YWdY_bb[hWdZWYedjhebWdZebW \kdY_Œd[b[YjehWb$
#-% -9
ĹŠĹŠBWfeXh[YedY[djhW# Ĺ—ĹŠ Y_ÂŒdZ[Y_[hh[Z[YWcfW‹W [\[YjkWZW[d=kWoWgk_b feh[beĂ’Y_Wb_icej_[d[iki Yedi[Yk[dY_Wi$:[iZ[bW =eX[hdWY_ÂŒdZ[b=kWoWii[ ehZ[dÂŒgk[YWZW`[\[feb‡j_Ye YebWXeh[YedkdXki$OW^Wo kdWb_ijWd[]hWZ[beigk[i[ lWd"_dYbk_Ze"[b]eX[hdWZeh 9k[he"gk_[di[h‡Wh[[cfbW# pWZefehkd\kdY_edWh_eZ[ Wf[bb_ZeCed]["Z[bC_# d_ij[h_e9eehZ_dWZehZ[bW Feb‡j_YW$
ƒ ą
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
';5#9ĹŠ8ĹŠ .1 +#2ĹŠĹŠ2 3(2$#!'.2ĹŠ/.1ĹŠĹŠ1#24+3 ".2ĹŠ#-ĹŠ!4 ".1
ĔŊŊĚŊ .2Ŋ/1#2("#-3#2Ŋ"#Ŋ#-#94#+ ĔŊ4%.Ŋ';5#9ĔŊ8Ŋ.+(5( ĔŊ5.Ŋ .1 +#2ĔŊ, -($#23 1.-Ŋ24Ŋ2 3(2$ !!(¢-Ŋ/.1Ŋ+.2Ŋ1#24+3 ".2Ŋ"#+Ŋ1#$#1_-"4,Ŋ04#Ŋ2#Ŋ1# Ĺ +(9¢Ŋ#+Ŋ/ 2 ".Ŋ2; ".Ŋ#-Ŋ!4 ".1ēŊ';5#9Ŋ8Ŋ .1 +#2ĔŊ#-Ŋ4- Ŋ!.-5#12 !(¢-Ŋ3#+#$¢-(! ĔŊ!.-!+48#1.-Ŋ04#Ŋ+.2Ŋ1#24+3 ".2Ŋ$4#1.-Ŋĥ!.-34-"#-3#,#-3#Ŋ$ 5.1 +#2Ŋ Ŋ + 2Ŋ/1./4#23 2Ŋ'#!' 2Ŋ/.1Ŋ#+Ŋ. (#1-.Ŋ"#+Ŋ!.,/  #1.Ŋ/1#2("#-3#ĔŊ $ #+Ŋ.11# ĢĔŊ2# +¢Ŋ#-#94#+ Ŋ#-Ŋ4-Ŋ!.,4-(! ".ē
'*Â˜Ĺ‹ )(Ĺ‹ &.-Ĺ‹3Ĺ‹.# '*)-Ĺ‹ -/*& ' (.,#)-ĹŠ#23 ĹŠ$ 2#ĹŠ#+ĹŠ. )#3(5.ĹŠ#2ĹŠ"#$#-"#1ĹŠ#ĹŠ (,/4%- 1ĹŠ+.2ĹŠ1#24+3 ".2ĹŠ"#ĹŠ4-.ĹŠ8ĹŠ.31.ĹŠ + ".Ä“ C_[djhWiWlWdpW[bYedj[eZ[le# jeiobei[YkWjeh_Wdei[if[hWd[b h[ikbjWZe \_dWb Z[ bei Yec_Y_ei Y[b[XhWZei[bfWiWZe-Z[cWoe" bei WYjeh[i Z[b e\_Y_Wb_ice o bW efei_Y_ÂŒdh[Wb_pWdkdWYWcfW‹W Ăˆ[njhWÉfWhWZ[\[dZ[h[_cfk]dWh h[ikbjWZei$ 7i‡"Wkdgk[[bf_jWpeĂ’dWbZ[ bWlejWY_ÂŒdiedÂŒ[bi|XWZeWbWi '-0&&" Wo[h bW c_d_ijhW YeehZ_# dWZehWZ[bWFeb‡j_YW":eh_iIeb_p 9Whh_ÂŒd"f_Z_ÂŒWbWefei_Y_ÂŒdZ[ WXij[d[hi[ Z[ ^WY[h ÆYec[djW# h_ei_hh[ifediWXb[iWbWi[]khWh gk[^Wokd\hWkZ[[b[YjehWbÇ$ BW C_d_ijhW W]h[]ÂŒ gk[ de ^kXed_d]kdW_b[]Wb_ZWZd__dj[d# Y_ÂŒdZ[\Wbi[ZWZYkWdZe[bfh[i_# Z[dj[HW\W[b9ehh[Wobeic[Z_ei f‘Xb_YeiZ_[hedWYedeY[hbeih[# ikbjWZeiZ[bĂˆ[n_jfebbÉgk[ZWXWd kdW]WdWdY_WZ[b,&WbI‡$ ÆBWY[b[XhWY_ÂŒd[il|b_ZW"[i# jWceiYedj[djeih[Wbc[dj["dei cWdj[d[cei Yed [iW Wb[]h‡W" Yed[i[efj_c_iceÇ"Wi[]khÂŒbW \kdY_edWh_W" Wb h[YedeY[h gk[ jeZe^[Y^e[b[YjehWbc[h[Y[bW Æh[Ă“[n_ÂŒdZ[b=eX_[hdeÇ$ BW\kdY_edWh_W"i_d[cXWh]e"
WZl_hj_ÂŒgk[ÆbWefei_Y_ÂŒd_dj[d# jW"fehjeZeibeic[Z_ei"fhele# YWh _dY_Z[dj[i" _dYbkie ^WXbWd Z[ \hWkZ[" Yed YbWhe fhefÂŒi_je Z[_dlWb_ZWhbeih[ikbjWZeiÇ$ ;b[nc_d_ijheZ[I[]kh_ZWZ" =kijWleBWhh[W"Z[ikfWhj["Z_`e gk[beih[ikbjWZeiZ[ck[ijhWd gk[[b=eX_[hde^Wf[hZ_Ze_c# fkbie [b[YjehWb feh ^WX[h fhe# fk[ije h[ijh_d]_h b_X[hjWZ[i [d bW`kij_Y_WobWfh[diW$ Æ;i kd fheo[Yje gk[ i[ ^W Z[X_b_jWZe fehgk[ YWcX_ÂŒ Z[ hkcXeÇ" Z_`e [b c_[cXhe Z[ bW 9eehZ_dWZehW ;ijW L[p De" gk_[d Yedi_Z[hÂŒ gk[ [ij[ fhe# o[YjeÆgk[dWY_ÂŒfWhWWcfb_WhbW Z[ceYhWY_W"beiZ[h[Y^eiobWi _dYbki_ed[iieY_Wb[ii[Yedl_hj_ÂŒ [dkdfheo[YjeWkjeh_jWh_eÇ$ #24,#-
:khWdj[bei*&Z‡WiZ[YWcfW# ‹W^kXeĂˆ`k]WZWiÉ[dbWgk[bWi lWbbWiebeiik`[jeifeb‡j_Yei[ijW# XWdYbWhWc[dj[Ăˆ\k[hWZ[bk]WhÉ$ ;ije be Yed\_hcÂŒ <hWdY_iYe KbbeW CF: "gk_[dYedi_Z[hWgk[ Z[iZ[[beĂ’Y_Wb_icei[fheo[YjÂŒkd ÆWcX_[dj[Z[c_[Zeoj[hhehÇ$
#2/4_2Ŋ"#Ŋ+ Ŋ ! ,/  ŊŊ Ŋ!.-$1.-3 !(¢-Ŋ/#1, -#-3#Ŋ-.Ŋ ŗ+#Ŋ' !#Ŋ- " Ŋ (#-Ŋ Ŋ+ Ŋ"#,.!1 !( ĔŊ
(-"(!¢Ŋ1 -!(2!.Ŋ++. ĔŊ04(#-Ŋ/("#Ŋ 04#Ŋ2#Ŋ/.-% Ŋ4-Ŋ +3.Ŋ Ŋ+ 2Ŋ(,/.2(Ĺ !(.-#2Ŋ"#+Ŋ. (#1-.Ŋ"#Ŋ.11# ē 23¢-Ŋ +( 1".Ŋĸ ĚĔŊ"#Ŋ24Ŋ / 13#ĔŊ1#2 +3¢Ŋ04#Ŋ#+Ŋ/4# +.Ŋ"# #Ŋ 24,(1Ŋ+.2Ŋ1#24+3 ".2Ŋ!.,.Ŋ3 +#2Ŋ 8Ŋ %1#%¢Ŋ04#Ŋ04(#-#2Ŋ/(#1" -Ŋ"#Ĺ #1;-Ŋ 24,(1+.Ŋ8Ŋ24, 12#Ŋ Ŋ3., 1Ŋ 4- Ŋ2.+ Ŋ/.2341 Ŋ04#Ŋ#5(3#Ŋ04#Ŋ#+Ŋ / ~2Ŋ2#Ŋ"(5(" ē
FWhW Wh]kc[djWh ik Ye# c[djWh_e fkie Yece [`[cfbe [b Whh[ije Z[ ?hcW FWhhW" [d H_eXWcXW 9^_cXehWpe feh" fh[ikdjWc[dj[" ^WX[hb[ ^[Y^e i[‹Wb[i eXiY[dWi Wb fh[i_Z[dj[ HW\W[b9ehh[W"bec_iceikY[Z_ÂŒ Yed ;Z_ied FedY[ [d IWbY[Ze 9ejefWn_ $ BWiĂˆXWhhWiÉjWcfeYei[iWblW# hedoZei[ijkZ_Wdj[ikd_l[hi_jW# h_ei\k[hedZ[j[d_Zei[d?XWhhW ?cXWXkhW fehh[fWhj_hWĂ’Y^[i feh[bDe"fh[l_WbWbb[]WZWZ[b @[\[Z[;ijWZe"oBk_i9ehhWb\k[ Z[j[d_Ze" [d PWcehW" ZkhWd# j[kdc_j_dfeb‡j_YeZ[bFh_c[h CWdZWjWh_e$ ;bc_iceCedj‘\WhYec[djÂŒ
Ä“ĹŠ41 -3#ĹŠ+.2ĹŠÄŒÄ‡ĹŠ"~ 2ĹŠ"#ĹŠ! ,/  Ŋ'4 .ĹŠ5 1(.2ĹŠ +3#1! ".2Ä“
1#.Ŋ04#Ŋ#++.2Ŋ/#1Ĺ "(#1.-ĔŊ% - -".Ŋ /#1"(#1.-ĔŊ8Ŋ#2#Ŋ#2Ŋ24Ŋ "(+#, ĔŊ-.2.31.2Ŋ/#1"(#-Ĺ ".Ŋ/.1Ŋ4-.2Ŋ/.!.2Ŋ/4-3.2ĔŊ 4-.2Ŋ!4 -3.2Ŋ5.3.2ĔŊ% - Ĺ ,.2Ģē Ŋ
ĹŠĹŠ ĹŠĹŠ ĹŠĹŠ ĹŠ
gk[\k[W]h[Z_Ze\‡i_YWc[dj[feh kdi_cfWj_pWdj[Z[7b_WdpWF7?I$ Ë+3(,.2Ŋ! 134!'.2
7b Ă’dWb Z[b i[]kdZe j_[cfe" [b WiWcXb[‡ijW9ƒiWhCedj‘\Wh 9D fh[i[djÂŒkdfheo[Yjegk[fhefe# d[YWcX_eiWb9ÂŒZ_]eF[dWb$Ik eX`[j_le[i[l_jWhgk[i[^W]Wkd cWbkieZ[beiZ[b_jeiZ[Z[iWYW#
,(-# #š(Ĺ‹ &Ĺ‹Ĺ‹ ., ,vĹ‹ /.,)Ĺ‹' - ;bfheY[iefWhW_dj[]hWhbWYec_# i_ÂŒdY_kZWZWdWgk[Z[i_]dWh|W beidk[lei_dj[]hWdj[iZ[b9ed# i[`eDWY_edWb;b[YjehWb 9D; oW [ij|[dcWhY^W"fk[i[b9edi[`e Z[ FWhj_Y_fWY_ÂŒd 9_kZWZWdW o 9edjheb IeY_Wb 9fYYi fkXb_YÂŒ [bZec_d]e[bb_ijWZeZ[beiWi# f_hWdj[i$ :Wl_ZHei[he"Yedi[`[heZ[b 9F99I"[if[hWgk[bWYec_i_ÂŒd gk[Z[ Yed\ehcWZW [d `kd_e o gk[[djedY[ii[fk[ZWYedleYWh WbYedYkhief‘Xb_Ye[d[bgk[i[ [b[]_h|Wbeidk[leiYedi[`[hei Z[b9D;$ Æ;di[fj_[cXh["Wfhen_cWZW# c[dj["[ijWh‡WddecXhWZWi[i# jWiWkjeh_ZWZ[iÇ"i[‹WbÂŒHei[he" gk_[dZ_`egk[defeZh‡WWi[]k# hWhgk[bWYedikbjWfefkbWhZ[b
- Z[ cWoe ^WoW i_Ze [b ‘bj_ce fheY[ie[b[YjehWbgk[[`[Ykj[[b WYjkWb9D;$ Æ;d [ij[ fW‡i jeZe be hWhe [ifei_Xb["jWbl[pi[Yedlegk[ W ejhW YedikbjW" [ _]kWb j_[d[d h[leYWjeh_WiZ[bcWdZWjef[d# Z_[dj[iÇ"h[YehZÂŒHei[he$ ;b[nleYWbZ[b[nj_djeJh_Xk# dWb Ikfh[ce ;b[YjehWb J9; " C[ZWhZe Eb[Wi" Ye_dY_Z_ÂŒ Yed [ijWl_i_ÂŒdo[nfb_YÂŒgk[Z[X_Ze W\WYjeh[ifeb‡j_Yei[dZedZ[de _dj[hl_[d[d bei c_[cXhei Z[b 9D;"i_de[b;`[Ykj_le"fkZ_[i[d h[Wb_pWhi[ejheifheY[iei$ Æ;bfh[i_Z[dj[HW\W[b9ehh[W feZh‡W YedleYWh W kd dk[le fb[X_iY_jeei_Z[Y_Z[_hi[WkdW ck[hj[ YhkpWZW o bei WYjkWb[i Yedi[`[heiZ[X[h‡Wdfh[fWhWh[b
#!.-.Ĺ !#,.2Ŋ#2#Ŋ , 8.1Ŋ/.1Ĺ !#-3 )#Ŋ04#Ŋ3(#-#Ŋ #+Ŋ.Ŋ#-Ŋ5 1( 2Ŋ"#Ŋ + 2Ŋ/1.5(-!( 2Ŋ8Ŋ1#2/#3 1#Ĺ ,.2Ŋ#2#Ŋ/1.-4-!( ,(#-3.Ŋ /./4+ 1Ģē Ŋ
ĹŠ ĹŠĹŠ ĹŠ }
je[_d`kh_WYWbkcd_eiW"[if[Y_Wb# c[dj[[d[bYWcfefeb‡j_Ye$ BW fhefk[ijW Z[b b[]_ibWZeh fh[j[dZ[[b_c_dWhbeieXij|Yk# beiZ[bWb_X[hjWZZ[[nfh[i_Œd" [dkdWƒfeYW[dbWgk[bWiYWZ[# dWij[b[l_i_lWiZ[b=eX_[hde^Wd Wkc[djWZe o bW jeb[hWdY_W Z[b ;`[Ykj_le^WZ_ic_dk_Ze$
2Ŋ$ ++ 2 ŊŊ+Ŋ#5 +4 1Ŋ+ Ŋ%#23(¢-Ŋ"#+Ŋ.-2#).Ŋ ŗ !(.- +Ŋ+#!3.1 +ŊĸĚĔŊ+ Ŋ!.-2#Ĺ
)#1 ĹŠ"#+ĹŠ.1% -(2,.ĔŊ 1!( ĹŠ (!#".ĔŊ 1#!.-.!(¢Ŋ04#ĹŠ#+ĹŠ!.-31.+ĹŠ"#ĹŠ+ ĹŠ/4 +(Äą !(" "ĹŠ$4#ĹŠ 23 -3#ĹŠ/#1,(2(5.ĹŠ!.-ĹŠ#+ĹŠ )#!43(5.ĔŊ2. 1#ĹŠ3.".ĹŠ#-ĹŠ+.ĹŠ04#ĹŠ2#ĹŠ 1#ă#1#ĹŠ +ĹŠ42.ĹŠ"#ĹŠ (#-#2ĹŠ8ĹŠĹŠ1#!412.2ĹŠ /ĂŒ +(!.2ĹŠ"41 -3#ĹŠ+ ĹŠ! ,/  Ŋ/.1ĹŠ #23 ĹŠ!.-24+3 ĹŠ/./4+ 1Ä“
Ä“ĹŠ .2ĹŠ-4#5.2ĹŠ5.! +#2ĹŠ"#+ĹŠĹŠ2#1~ -ĹŠ-., 1 ".2ĹŠ#-ĹŠ2#/3(#, 1#Ä“
fheY[ieÇ"WZl_hj_ÂŒ$ ;d[i[Yedj[nje"[bYedi[`[he Z[b9D;"<Wkije9WcWY^e"_dZ_# YÂŒgk[[dYWieZ[fh[i[djWhi[kd dk[lefheY[ie[b[YjehWbZ[YWh|Y# j[h dWY_edWb Z[X[h|d Wikc_hbe" ^WijW gk[ i[Wd decXhWZei iki h[[cfbWpei$I_d[cXWh]e"fh[Y_iÂŒ gk[jWcX_ƒdj_[d[df[dZ_[dj[bW h[Wb_pWY_ÂŒdZ[Wfhen_cWZWc[dj[
+&h[leYWjeh_WiZ[bcWdZWje$
1%.ĹŠ#-! 1%.
Bei c_[cXhei gk[ Yed\ehcWd jhWdi_jeh_Wc[dj[[b9D;\k[hed decXhWZei feh bW 7iWcXb[W 9edij_jko[dj[ [d eYjkXh[ Z[ (&&.$ 9WcWY^ef[diŒgk[fehi[h jhWdi_jeh_ei ik bWXeh ZkhWh‡W
c|n_ce kd W‹e o c[Z_e" f[he oWYWi_Ykcfb[djh[iW‹eio^W eh]Wd_pWZebWi[b[YY_ed[i][d[# hWb[iZ[(&&/"[bYedYkhiefWhW decXhWhW_dj[]hWdj[iZ[b9fYYi" beifheY[ieiZ[h[leYWjeh_WiobW YedikbjWfefkbWhgk[i[lejŒ[b i|XWZe$ ;b9D;"WZ[c|i"[ij|bb[lWd# Ze[bYedYkhiefWhWi[b[YY_edWh Wbeic_[cXheiZ[b9edi[`eZ[ ;ZkYWY_ŒdIkf[h_ehoWbeiZ[b 9edi[`e Z[ 7Yh[Z_jWY_Œd Z[ bW ;ZkYWY_ŒdIkf[h_eh$
' 1+
 - ĔŊ ĹŠ+ 2ĹŠÄˆÄ’Ä–Ä‡Ä‡Ä”ĹŠ#-ĹŠ+ 2ĹŠ-(" "#2ĹŠ"#ĹŠ+ ĹŠ.+(!~ ĹŠ.,4-(3 1( ĹŠ ĹŠ-(5#+ĹŠ- !(.- +ĔŊŊ+ ĹŠ(2! +~ ĹŠ#-#1 +ĹŠ"#+ĹŠ23 ".ĔŊ ĹŠ31 5_2ĹŠ"#+ĹŠ+ -ĹŠ"#ĹŠ / !(3 !(¢-ĹŠÄĽ!4 ".1ĹŠ2(-ĹŠ 5(.+#-!( ĔŊ#"4! ,.2ĹŠ/ 1 ĹŠ/1#5#-(1ČĔŊ(,/ 13(1;ĹŠ+ ĹŠ-.5#- ĹŠ!' 1+ ĹŠ2. 1#ĹŠ#+ĹŠ3#, ĹŠÄĽ ĹŠ2#74 +(" "ĹŠ1#Ä„#7(5 ĔŊ1#2/.-2 (+(" "ĹŠ"#ĹŠ3.".2ĹŠ8ĹŠ3." 2ÄŚÄ“ĹŠ-ĹŠ#23#ĹŠ+ -ĹŠ"#ĹŠ! / !(Äą 3 !(¢-ĹŠ/ 13(!(/ -ĹŠ,;2ĹŠ"#ĹŠ".2ĹŠ,(+ĹŠĹŠ$4-!(.- 1(.2ĹŠ"#ĹŠ+ ĹŠ(2! +~ ĹŠ"#+ĹŠ23 ".ĔŊ04(#-#2ĹŠ4- ĹŠ5#9ĹŠ +ĹŠ,#2ĹŠ!.-!411#-ĹŠ ĹŠ"($#1#-3#2ĹŠ 11(.2Ä“
#Ŋ, -3#-"1;Ŋ !.-Ŋ24Ŋ5#1" " ŗŊŊ+Ŋ!.1.-#+Ŋ_2 1Ŋ 11(¢-ĔŊ #7"(1#!3.1Ŋ"#+Ŋ.2/(3 +Ŋ"#Ŋ
ēŊ .2Ŋ$ ,(+( 1#2Ŋ8ŊŊ ,(%.2Ŋ"#+Ŋ!.1.-#+Ŋ 11(¢-Ŋ#2345(#1.-Ŋ 8#1Ŋ#-Ŋ+ Ŋ 4"(#-!( ē
+ ĹŠ.+(!~ ĔŊ2#ĹŠ1 3(ă!¢Ŋ#-ĹŠ04#ĹŠ #+ĹŠ/1#2("#-3#ĹŠ $ #+ĹŠ.11# ĹŠ -4-! ĹŠ#2345.ĹŠ2#!4#231 ".ĹŠ "41 -3#ĹŠ+.2ĹŠ'#!'.2ĹŠ"#+ŊĊćŊ "#ĹŠ2#/3(#, 1#ĹŠ/ 2 ".ĹŠ8ĹŠ04#ĹŠ 2(#,/1#ĹŠ2#ĹŠ, -3#-"1;ĹŠ!.-ĹŠ24ĹŠ 5#1" "Ä“ .!.ĹŠ -3#2ĹŠ"#ĹŠ(-(!( 1ĹŠ+ ĹŠ 4"(#-!( ĹŠ"#ĹŠ)49% ,(#-3.ĔŊ Äą 11(¢-ĹŠ"().ĹŠ04#ĹŠ+ ĹŠ)423(!( ĹŠ' ĹŠ2(".ĹŠ , -(/4+ " ĹŠ#-ĹŠ24ĹŠ!.-31 ĔŊ/#1.ĹŠ 04#ĹŠ'.8ĹŠ5 ĹŠ ĹŠ!.-ă 1ĹŠ#-ĹŠ+.2ĹŠ )4#!#2ĹŠ04#ĹŠ+#ĹŠ#23;-ĹŠ)49% -".Ä“
-.#!)ŋ()ŋ*),.ŋ (ŋ ( ŋŋ&ŋ /- #š(ŋ #- &
ĹŠ 4"(#-!( ĹŠ2#ĹŠ(-(!(¢Ŋ#-ĹŠ#+ĹŠ1( 4- +ĹŠ 4(-3.ĹŠ"#ĹŠ 1 -3~ 2ĹŠ#- +#2ĹŠ"#ĹŠ(Äą !'(-!' ĹŠ8ĹŠ/."1~ ĹŠ"41 1ĹŠ' 23 ĹŠÄŒĹŠ"~ 2Ä“
WbfheY[iWZeogk[fehjWdjede fk[Z[Wi[]khWhgk[\k[[ijWf[h# iedWbWgk[Yec[j_Œ[iWWYY_Œd$
(/!/,(Ĺ‹ # &#). Ĺ‹-) , Ĺ‹&# ,)-Ĺ‹* (& -Ĺ‹ Y_WbWbei[ijkZ_Wdj[ikd_l[hi_# jWh_ei$ :khWdj[[bWYje"[b<_iYWbh[# iWbjÂŒ[bjhWXW`egk[h[Wb_pÂŒ[bĂ’i# YWbikXhe]Wdj["7b\h[Ze7bl[Wh" ZkhWdj[bei((W‹eigk[bWXehW [d[beh]Wd_ice$ >[cei^[Y^ekd]hWd[i\k[hpe Z[iZ[bW_d\hW[ijhkYjkhW"[bjWb[dje ^kcWde"bWYWfWY_ZWZef[hWj_lW$ J[d[ceikdW<_iYWb‡WZ[fkhWZW Z[YWkiWi[dYWi_jeZe[bfW‡i"bW
Ć
( ."Ĺ‹, Ĺ‹ )(.#(Ă„Ĺ‹ ")-*#. Bk[]e Z[ f[hcWd[Y[h feh YWi_ bWYÂŒdok][Z[9Whh_ÂŒdi[[dYk[d# jh[i^ehWi[dbWWkZ_[dY_WZ[`kp# jhW[d[bc_icef_ie[dZedZ[[b ]Wc_[dje" @Wd[j^ EhX[" [ifeiW )&Z[i[fj_[cXh[fWiWZe[ijkle Z[bYehed[b9ƒiWh9Whh_ÂŒd"[nZ_# [bFh_c[hCWdZWjWh_e$ EhX[ i[‹WbÂŒ gk[ Wb cec[d# h[YjehZ[b>eif_jWbZ[bWFeb_Y‡W" [cf[pÂŒWi[dj_hkdZ[YW_# je fh[i[djW i‡djecWi Z[ fheXb[cWi _dj[ij_dWb[i c_[dje[dikiWbkZ"fehbe ĹŠ gk[\k[jhWibWZWZWfehik ]Wijh_j_i " ]bkYeiW WbjW o ieZ_eXW`e"fehbegk[Z[# ^[hcWde^WijW[c[h][d# 8#1ĔŊ ĹŠ+ 2ĹŠÄˆÄ‡Ä–Ä‡Ä‡ĹŠ X[h|dh[Wb_pWhb[kdWi[h_[ Y_WiZ[b>eif_jWb$ +#5 -3¢Ŋ24ĹŠ/1.Äą ÆC[ i[dj‡ cko cWb" 3#23 ĹŠ31 2ĹŠ!.-2Äą Z[ [n|c[d[i fWhW iWX[h [cf[YƒWlec_jWhoYkWd# 3 3 1ĹŠ04#ĹŠ+ ĹŠ Yk|b i[h| [b jhWjWc_[dje 4"(#-!( ĹŠ/ 1 ĹŠ Ze_d_Y_ÂŒ[bh[Y[iec_^[h# )49% 1ĹŠ ĹŠ24ĹŠ#2/.Äą gk[h[Yec_[dZ[[bcƒZ_# cWde c[ jhWibWZÂŒ ^WijW 2.ĹŠ2#ĹŠ(-23 +¢Ŋ#-ĹŠ Ye o Yk|dje j_[cfe f[h# #+ĹŠ1( 4- +ĹŠ [b >eif_jWb fWhW gk[ c[ 4(-3.ĹŠ"#ĹŠ cWd[Y[h|_dj[hdWZW[d[b 1 -3~ 2ĹŠ ^eif_jWb$ Wj_[dZWdÇ"Z_`eEhX[$ #- +#2ĹŠ"#ĹŠ 7bWi')0)&\k[_d]h[# (!'(-!' Ä“ @Wd[j^EhX[_d_Y_ÂŒkdW ^k[b]W Z[ ^WcXh[ fWhW iWZW [d bW YWiW Z[ iWbkZ Z[\[dZ[h bW _deY[dY_W Z[ fWhW h[Wb_pWhi[ bei [n|# c[d[if[hj_d[dj[iolWbehWhYk|b ik [ifeie" W gk_[d bW <_iYWb‡W [i[b[ijWZeh[WbZ[ikiWbkZ"jhWi WYkiÂŒYeceYÂŒcfb_Y[Z[bWj[d# f[hcWd[Y[h'(Z‡Wi[d^k[b]WZ[ jWj_lWZ[Wi[i_dWje[dYedjhWZ[b ^WcXh[$ fh[i_Z[dj[Z[bWH[f‘Xb_YW"HW# @Wd[j^i[[dYk[djhW_dj[hdWZW \W[b9ehh[W"Z[ifkƒiZ[bei^[# [d[bj[hY[hf_ieZ[bWYWiWZ[iW# Y^eiZ[b)&Z[i[fj_[cXh["Z‡W bkZ"[dbW^WX_jWY_ÂŒdd‘c[he)'/" Z[bWh[lk[bjWfeb_Y_Wb$
Ŋ5#12(¢-
;dbegk[j_[d[gk[l[hYedbW ;bfh_c[hj[ij_]egk[fh[i[djÂŒ Y[hhWZW"j[d‡WkdYWdZWZe$ i_jkWY_ÂŒdZ[biWh][djeZ[Feb_# bW<_iYWb‡W[d[b`k_Y_egk[i[b[ Y‡W"Bk_iCWhj‡d[p"Wbgk[i[b[ i_]k[WbYehed[b9ƒiWh9Whh_ÂŒd" #-#-. Wjh_Xko[ ^WX[h Wh[d]WdZe [d [nZ_h[YjehZ[b>eif_jWbZ[bWFe# JWcfeYeb[YedijWgk[9Whh_ÂŒd bWHWZ_eZ[bWFeb_Y‡WfWhWgk[ b_Y‡Woejhei"feh[bfh[ikdjeZ[# ^WoW^[Y^eYec[djWh_eiWZl[h# i[ cWjWhW Wb Fh[i_Z[dj[ Z[ bW b_jeZ[cW]d_Y_Z_e"fheZkYjeZ[ ieiWbFh[i_Z[dj[Z[bWH[f‘Xb_# H[f‘Xb_YW"Z_`egk[deb[Yedi# bei^[Y^eiZ[b)&#I"deWfehjÂŒ YWoc[dei[iYkY^WZegk[i[b[ jW[iWl[hi_ÂŒd$;ic|i"Wo[hi[ [ddWZWfWhWikij[djWhbWWYk# Z_[hWY_WdkheWbCWdZW# ^WXbÂŒZ[bW[n_ij[dY_WZ[ kd_d\ehc[f[h_Y_Wb"gk[ iWY_ÂŒdĂ’iYWboc|iX_[d jWh_e"Yeceieij_[# ĹŠ i[]‘d[bWXe]WZeZ[\[d# Yedjh_XkoÂŒbWj[i_iZ[bei d[bW<_iYWb‡W[dik YkWjhe_cfkjWZei[d[ij[ ĹŠ Z_YjWc[d WYkiW# iehZ[CWhj‡d[p"YedYbko[ fheY[ie gk[ Wb[]Wd bW jeh_e" \kdZWZe [d -ĹŠ+ ĹŠ+(23 ĹŠ"#ĹŠ3#2Äą gk[bWlepgk[^WY[[iWi 3(%.2ĹŠ#23;-ĹŠ(-2Äą _deY[dY_W$ kdWZ[YbWhWY_ÂŒd$
-#3'ĹŠ1 #ĔŊ !1(3 2ĹŠÄˆÄ‰ÄˆĹŠ/#12.Äą Wh[d]WideYehh[ifedZ[W #2/.2 ĹŠ"#+ĹŠ!.1.Äą ikYb_[dj[$ ;bj[ij_]e<hWdY_iYeBW# -#+ĹŠ 11(¢-ĔŊ !4Äą JWcX_ƒd h[l[bÂŒ - 2ĹŠ8ĹŠ2#%ĂŒ-ĹŠ2#ĹŠ /1#5_ĔŊ+ ĹŠ 4"(#-Äą gk[ \k[hed lWh_ei !( ĹŠ"#ĹŠ)49% Äą BWjehh[ jWcfeYe l[ jehh["gk_[di[Z[i[cf[# "(¢Ŋ#-ĹŠ2(++ ĹŠ"#ĹŠ ,(#-3.ĹŠ/."1~ ĹŠ feb_Y‡Wibeigk[feh d_d]kdW Yed[n_ZWZ [d# ‹WYeceWi[iehZ[bWFh[# 14#" 2ĹŠ ĹŠ#2!4Äą !' 1ĹŠ+ ĹŠ 4"(#-!( ĹŠ "41 1ĹŠ#-31#ĹŠ i_Z[dY_WZ[bWH[f‘Xb_YWo "#ĹŠ)49% ,(#-3.Ä“ cec[djei_dj[djW# ÄŠĹŠ8ĹŠÄŒĹŠ"~ 2Ä“ jh[beiYkWjhe_cfkjWZei gk[[ijkleZ[fh_dY_f_eW [d[ij[fheY[ie[d[bgk[ hed Whh[XWjWhb[ bW Ă’dYed[bfh[i_Z[dj[HW\W[b9e# c|iYWhWWdj_]|iWbfh[i_# i[_dl[ij_]Wkdfh[ikdje hh[W[b)&Z[i[fj_[cXh["dkdYW Z[dj[9ehh[W"f[hegk[de_Z[dj_# _dj[djeZ[cW]d_Y_Z_eWbfh[i_# l_eWbYehed[b9Whh_ÂŒdY[hhWhbW Ă’YWW@W_c[FWkYWhYecekdeZ[ Z[dj[9ehh[W$ BWWkZ_[dY_WZ[`kp]Wc_[dje fk[hjW Z[ _d]h[ie Wb >eif_jWb [bbei"Wgk_[dbW<_iYWb‡Wb[_cfkjW Z[bYehed[b9Whh_ÂŒdi[_dijWbÂŒW Z[bWFeb_Y‡WZ[iZ[beifWj_eiZ[b [ijWWYY_ÂŒd$ H[if[YjeZ[Bk_i8W^WcedZ[" bWi&/0&&oiebe[dfWiWhbWb_i# H[]_c_[djeGk_jeDe$'"Yece[i bWj[i_iZ[bĂ’iYWbBk_i;dh‡gk[p$ Wgk_[d[bĂ’iYWbBk_i;dh‡gk[pb[ jWWbeij[ij_]ei"i[Z[cehÂŒfeYe ;ic|i"d_i_gk_[hWfkZeWi[]k# i[‹WbWh[ifediWXb[Z[^WX[hhe# c|iZ[kdW^ehW$Bk[]ei[Z_e hWhWdj[bei`k[Y[iZ[bJh_XkdWb i[WZe]WibWYh_cÂŒ][de[d[bhei# fWieWbWfh_c[hW[jWfWZ[bWWk# Gk_djeZ[=WhWdj‡WiF[dWb[iZ[ jheZ[bfh[i_Z[dj[9ehh[W"<hWd# Z_[dY_W"gk[[ibW[nfei_Y_ÂŒdZ[ F_Y^_dY^Wgk[bWfk[hjWZ[_d# Y_iYe BWjehh[ Z[`ÂŒ i[djWZe [d bWj[eh‡WZ[bYWie"gk[[ijkleW ]h[ieWb>eif_jWb"YkWdZe[ijkle ik j[ij_ced_e gk[ de _Z[dj_Ă’YW YWh]eZ[bĂ’iYWbBk_i;dh‡gk[p$
:khWdj[ bW _dWk]khWY_ÂŒd Z[ bW X_Xb_ej[YW [if[Y_Wb_pWZW [d Y_[dY_Wif[dWb[i[bĂ’iYWb][d[# hWb"MWi^_d]jedF[i|dj[p"i[‹W# bÂŒbeiWlWdY[igk[^Wj[d_ZebW _dij_jkY_ÂŒd ZkhWdj[ ik ][ij_ÂŒd Z[iZ[[bW‹e(&&-$ 9ed($+&&b_Xheii[_dWk]k# hÂŒbW8_Xb_ej[YWĂˆ7b\h[Ze7bl[WhÉ" gk[ i[]‘d _d\ehcÂŒ F[i|dj[p" i[hl_h|Z[WfeoefWhWbW][dj[ gk[d[Y[i_j[YedikbjWh"[d[if[#
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
4 -".Ŋ,#Ŋ5 8 Ŋ,#Ŋ (1_Ŋ!.-3#-3.Ŋ/.104#Ŋ2#Ŋ ' Ŋ/."(".Ŋ' !#1Ŋ4- Ŋ 3 1# Ŋ04#Ŋ -3#2Ŋ-.Ŋ2#Ŋ' Ŋ'#Ĺ !'.Ŋ#-Ŋ+ Ŋ(-23(34!(¢-Ģē Ŋ:
_dYbki_ÂŒdZ[YWcf[i_deic[Z_Wd# j[bWYh[WY_ÂŒdZ[')Ă’iYWb‡Wi_dZ‡# ][dWi"bWYh[WY_ÂŒd.)Ă’iYWb‡WiobW WZgk_i_Y_ÂŒdZ[-/[Z_Ă’Y_ei$
ēŊ Ŋ#2/.2 Ŋ"#+Ŋ!.1.-#+Ŋ 11(¢-ĔŊ -#3'Ŋ1 #ĔŊ$4#Ŋ(-%1#2 " Ŋ#-Ŋ#+Ŋ .2/(3 +Ŋ"#Ŋ+ Ŋ.+(!~ ē
/"%& #%'. #& "!" !)%& 0!
! &'%" #"% " #/. ! &'% "% "!"& !"& #% ' "& ! "% % &$( #%"&" $( 0! "!"&', ( !!" "' )"#"% ( &" ' "&$(1! %' %% ) "%&(& !)%& "!&&%$(! &1 !&( &! ) %* "* %" 1 " "!&'% " + -#' " &" % '" %,! '%% "& &"#"%'& $( (&' 1$( &( #%' # 0!" " !)%& "! &'&
//+#ĔŊ+ Ŋ#,/1#2 Ŋ"#Ŋ, 8.1Ŋ5 +.1Ŋ,4-"( +Ŋ
ŊěŊ//+#ĹŠ' ĹŠ24/#1 ".ĹŠ ĹŠ..%+#ĹŠ8ĹŠ2#ĹŠ' ĹŠ!.-5#13(".ĹŠ#-ĹŠ+ ĹŠ, 1! ĹŠ,4-"( +ĹŠ"#ĹŠ,;2ĹŠ5 +.1ĔŊ2#%ĂŒ-ĹŠ4-ĹŠ -;+(2(2ĹŠ"#ĹŠ (++6 1"ĹŠ1.6-Ä”ĹŠÄƒĹŠ+( +ĹŠ"#ĹŠ+ ĹŠ#,/1#2 ĹŠ
ć
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
/4 +(!(3 1( ĹŠÄ“ //+#ĹŠ' ĹŠ 4,#-3 ".ĹŠ#+ĹŠ5 +.1ĹŠ"#ĹŠ24ĹŠ, 1! ĹŠ#-ĹŠ4-ĹŠÄ‘ÄŽÄ’Ĺ˜ĹŠ' 23 ĹŠ24/#1 1ĹŠ+.2ĹŠÄˆÄŽÄŠÄ“Ä‡Ä‡Ä‡ĹŠ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ"#2"#ŊĉććÄ?Ä“ĹŠ ĹŠ1#5 +.1(9 !(¢-ĹŠ2#ĹŠ"# #ĹŠ +ĹŠ_7(3.ĹŠ"#+ĹŠ( "ĹŠ8ĹŠ "#+ĹŠ /'.-#Ä“ĹŠ ĹŠ! /(3 +(9 !(¢-ĹŠ 412;3(+ĹŠ"#ĹŠ//+#ĹŠ#2ĹŠ"#ĹŠÄŠÄˆÄ’Ä“ÄŒÄ‡Ä‡ĹŠ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĔŊ! 2(ĹŠ!(-!.ĹŠ5#!#2ĹŠ,;2ĹŠ04#ĹŠ#-ŊĉććÄ?ĔŊ$1#-3#ĹŠ ĹŠ+.2ĹŠÄˆÄ?Ä‰Ä“ÄŒÄ‡Ä‡ĹŠ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ "#ĹŠ! /(3 +(9 !(¢-ĹŠ"#ĹŠ..%+#Ä“
))'Ĺ‹#(') #&#,#)Ĺ‹ 3/ Ĺ‹Ĺ‹&Ĺ‹#( /-.,#Ĺ‹ Ĺ‹&-Ĺ‹*#(./,+ĹŠ14 1.ĹŠ,;2ĹŠ(,/.13 -3#ĹŠ#2ĹŠ#+ĹŠ, -3#-(Äą ,(#-3.ĹŠ"#ĹŠ(-,4# +#2Ä“ĹŠ+ĹŠ2#!3.1ĹŠ%#-#1 ĹŠ 4-.2ŊĊććŊ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2Ä“ĹŠ Ä“ĹŠ#%ĂŒ-ĹŠ+ ĹŠ(-"4231( ĔŊ4- ĹŠ/#12.- ĹŠ1#/(-3 ĹŠ24ĹŠ'.% 1ĹŠ! " ĹŠ31#2ĹŠ  .2Ä“ĹŠ
<JD<I8C;8J
HL<;88ELC8;F Gfi IF9F [\c :_\hl\ Ef% (.+ mXcfi (0,#-' [\ cX :kX% :k\% Ef% *+.0.)0+'+ g\i$ k\e\Z`\ek\ X >FEQ8C<Q 9L@KIFE#J8E;I8$D@I<P8[\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif[\cfj-'[ˆXjgfjk\i`fi\j XcX’ck`dXglYc`ZXZ`�e% 8:& ( d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% -/--$.'.($.()'$.()0 [\ cX :kX% :k\% Ef% *(/)0..('+ g\ik\e\Z`\ek\ X :FEKI<I8J IF;I@>L<Q#D@>L<C$9FC@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& ) d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% .(,-$.(,/$.(-*$.(-+$ .(-0$.(/,$.(0-$.)'($.)()$ .)(*$.))* [\ cX :kX% :k\% Ef% *(/)0..('+ g\ik\$ e\Z`\ek\ X :FEKI<I8J IF;I@>L<Q#D@>L<C$9FC@M8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& * d^ @D989LI8 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% (*0+ [\ cX :kX% :k\% Ef% *(0(0+.('+ g\ik\e\Z`\ek\ X ?8IF >I@A8CM8# E<JKFI$ ?L>F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& + d^
C8K8:LE>8
HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef%//, mXcfi /00#/. [\ cX :kX% :k\% Ef% *(+(.,+0'+ g\ik\e\Z`\e$ k\ X 9<II8QL<K8 G8JKFI# ?L>F$8C9<IKF[\c9XeZfG`$ Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -'[ˆXjgfjk\i`fi\jXcX’ck`dX glYc`ZXZ`�e% 8:& , d^
CFJI@FJ
HL<;88ELC8;F Gfi IF9F [\c :_\hl\ Ef% ).)'$).))$).)+[\cX:kX%:k\% Ef%*(.*,,/)'+g\ik\e\Z`\ek\ XHL@EKFEG8CD8#D8IAFI@<$ O@FD8I8[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& - d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef% (,-*.mXcfi*'+#0/[\cX:kX%
:k\%Ef%*)./'.//'+g\ik\e\$ Z`\ek\X=<;<I8:@FE;<GFI$ K@M8 ;< CFJ I@FJ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f[\Y\i}i\ZcXdXi[\ekif[\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dXglYc`ZXZ`�e% 8:& . d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef% (0+-$(0+0 [\ cX :kX% :k\% Ef% *+',)')*'+ g\ik\e\Z`\ek\ X >L8EFKLE8 LJ?:F#D8I@8$ D8IK?8[\c9XeZfG`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& / d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef% ).- [\ cX :kX% :k\% Ef% *+/.+--0'+ g\i$ k\e\Z`\ek\ X A8:FD< =<IE8E;<Q#QFI8@;8$:8$ IFC@E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& 0 d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ('+,.[\ cX :kX% :k\% Ef% *)-/'+.('+ g\ik\e\Z`\ek\ X @DGFIK8;FI8$<OGFIK8;F$ I8 JLE @EK<IE8:@FE8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif[\cfj-'[ˆXjgfjk\i`fi\j XcX’ck`dXglYc`ZXZ`�e% 8:& (' d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% +..0 [\ cX :kX% :k\% Ef% *(/+(('+'+ g\ik\e\Z`\ek\ X DLEFQ J8E:?<Q#98LK@JK8$ M8C<EK@E [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -'[ˆXjgfjk\i`fi\jXcX’ck`dX glYc`ZXZ`�e% 8:& (( d^
D8E89@
HL<;88ELC8;F Gfi IF9F [\c :_\hl\ Ef% (0*( mXcfi ,'' [\ cX :kX% :k\% Ef% *(,,(')('+ g\i$ k\e\Z`\ek\ X 8M<E;8EF D<E;FQ8#:8ICFJ$BC<M<I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& () d^ 444444 HL<;88ELC8;F Gfi IF9F [\c :_\hl\ Ef% /,(Xc//'[\cX:kX%:k\%Ef% *(,--/*.'+ g\ik\e\Z`\ek\ X M<C@Q M<I8# D8I@8$D8IC<$ E<[\c9XeZfG`Z_`eZ_X%Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& (* d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% )). mXcfi +(*#0- [\ cX :kX% :k\% Ef% *+,+*0'*'+ g\ik\e\Z`\ek\ X 8IK<8>8
:<;<EF#89<C$?<IE8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif[\cfj-'[ˆXjgfjk\i`fi\j XcX’ck`dXglYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef% .*+ mXcfi 0/(#*( [\ cX :kX% :k\% Ef% *+,'(-..'+ g\ik\e\$ Z`\ek\ X =<II<>8KF J%8% [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\e$ kif[\cfj-'[ˆXjgfjk\i`fi\j XcX’ck`dXglYc`ZXZ`�e% 8:& (, d^ 444444 HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef% /'-$/'.$/'0 Xc /(( [\ cX :kX% :k\% Ef% **,-',+.'+ g\ik\$ e\Z`\ek\ X K8==LI ?@;8C>F# CFLI;<J$C<FE<C8[\c9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f[\Y\i}i\ZcXdXi[\ekif[\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dXglYc`ZXZ`�e% 8:& (- d^
J8EKF;FD@E>F
HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef%*)+. [\cX:kX%:k\%Ef%*).+//+.'+ g\ik\e\Z`\ek\ X Q8D9I8EF J898E;F#8DG8IF$P8HL<C@$ E<[\c9XeZfG`Z_`eZ_X%Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& (. d^ 444444 HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef%*)+/ [\cX:kX%:k\%Ef%*).+//+.'+ g\ik\e\Z`\ek\ X Q8D9I8EF J898E;F#8DG8IF$P8HL<C@$ E<[\c9XeZfG`Z_`eZ_X%Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;88ELC8;F GfiIF9F[\c:_\hl\Ef%*),, [\cX:kX%:k\%Ef%*).+//+.'+ g\ik\e\Z`\ek\ X Q8D9I8EF J898E;F#8DG8IF$P8HL<C@$ E<[\c9XeZfG`Z_`eZ_X%Hl`\e k\e^X[\i\Z_f[\Y\i}i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\$ i`fi\jXcX’ck`dXglYc`ZXZ`�e% 8:& (0 d^
KLE>LI8?L8
HL<;88ELC8;F GfiG<I;@;8[\c:_\hl\Ef% (+(Xc(-'[\cX:kX%:k\%Ef% *+/.---('+ g\ik\e\Z`\ek\ X ?8IF K8D8PF#N@CJFE$?<I@$ 9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& )' d^ 444444 HL<;88ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% +/)) [\ cX :kX% :k\% Ef% *)+.,+/''+ g\ik\e\Z`\ek\ X :8D8:?F G@EKF#J<>LE;F$ <C@8J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi[\ekif[\cfj-'[ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`$ ZXZ`�e% 8:& )( d^
BW_dZkijh_WZ[f_djkhWiZ[b o9[diei ?D;9 $ 7kdgk[[ijeiiedbei‘d_Yei fW‡ifhec[j[i[]k_hYh[Y_[d# Ze"ieXh[jeZe"Z[X_ZeWb_d# ZWjeieĂ’Y_Wb[ic|iWYjkWb[i"C_# Yh[c[djeZ[beiYhƒZ_jei^_fe# ]k[b9eijWb[i"Z_h[Yjeh[`[Ykj_le j[YWh_eigk[^WdZ_dWc_pWZe Z[bW7ieY_WY_ÂŒdZ[FheZkYjeh[i Wbi[YjehZ[bWYedijhkYY_ÂŒd$I[ Gk‡c_Yei Z[b ;YkWZeh 7fhe# [ij_cWgk[bWfheZkYY_ÂŒd[d[b gk[ "_dZ_YÂŒgk[ÆZ[WYk[hZeW ‘bj_ceW‹eWbYWdpÂŒbei-&c_# bW j[dZ[dY_W Z[ Yh[Y_c_[dje i[ bbed[iZ[b_jheiZ[fheZkYje$ [ij_cWgk[[d[b‘bj_ceW‹ebW ;d(&&(i[fheZkY‡WdWf[dWi fheZkYY_ÂŒdYh[Y_ÂŒW-&c_bbed[i (,c_bbed[i$ Z[b_jhei kdei(/*c_bbed[iZ[ I[]‘d[b‘bj_cef[hĂ’bdW# ZÂŒbWh[i Ç$I_i[YecfWhWbWfhe# Y_edWbZ[bW?dZkijh_WGk‡c_# ZkYY_ÂŒd Z[ (&&( o bWi [ij_cW# YWZ[b;YkWZehh[Wb_pWZe[d Y_ed[i Z[ (&'&" [b Yh[Y_c_[dje (&&+"[d(&&(i[fheZk`[hed Z[bei‘bj_ceieY^eW‹ei\k[Z[ Wbh[Z[ZehZ[(,c_bbe# ',/$($ d[iZ[b_jheiZ[f_djk# ;ijWh[Wb_ZWZbWYed# hWi _dYbko[jWcX_ƒd \_hcW <h[ZZo 9Whh_bbe" fh[i_Z[dj[ [`[Ykj_le Z[ XWhd_Y[i"Wdj_Yehhei_# ÂĄĹŠ lei"[icWbj[iobWYWi $ + ĹŠ/1."4!!(¢-ĹŠ"#ĹŠ F_djkhWi9ÂŒdZeh"gk_[d ĉććĉŊ ĹŠÄ‰Ä‡ÄˆÄ‡Ä“ ;ije h[fh[i[djÂŒ [d _dZ_YÂŒgk[[d[bYWieZ[ l[djWi Wbh[Z[Zeh Z[ ik[cfh[iW"Yh[Y_ÂŒ[dWb# ,(c_bbed[iZ[ZÂŒbWh[i h[Z[ZehZ['&Z[(&&/ fWhW[bi[Yjeh$ W(&'&$ 7(&&+"bWiY_\hWiikX_[# hedWWfhen_cWZWc[dj[+)"- (+ 1#2ĹŠ"#+ĹŠ,#1! ". c_bbed[iZ[b_jhei"gk[\WYjk# I[]‘d9eijWb[i"bW_dZkijh_WZ[ hWZeii_]d_Ă’YWhedieXh[bei f_djkhWi [ij| b_]WZW Wb Yh[Y_# '(-". c_bbed[i Z[ ZÂŒbWh[i$ c_[djeZ[bW_dZkijh_WZ[bWYedi# 7i‡beh[fehjÂŒbW[dYk[ijWZ[ jhkYY_ÂŒd"ieXh[jeZeWbWb‡d[WWh# CWdk\WYjkhW o C_d[h‡W Z[ gk_j[YjÂŒd_YW l_l_[dZWi"[Z_Ă’Y_ei (&&-"h[Wb_pWZWfeh[b?dij_# oeĂ’Y_dWi $I_d[cXWh]e"Z[djhe jkjeDWY_edWbZ[;ijWZ‡ij_YWi Z[[ijWYWj[]eh‡W"Æ[bhkXhec|i
ĈÄ?Ä’Ä“Ä‰Ĺ˜
_cfehjWdj[ de [i [b Z[ij_dWZe fWhWdk[lWi[Z_Ă’YWY_ed[i"i_de fWhWcWdj[d_c_[djeZ[bWigk[ oW[ij|dYedijhk_ZWiÇ$ ;ijei_]d_Ă’YWgk[bW_dZkijh_W i[ck[l["[i[dY_Wbc[dj["]hWY_Wi Wbf_djWZegk[i[h[Wb_pWd[dbei _dck[Xb[i oW Yedijhk_Zei$ I[# ]‘d9eijWb[i"[bfhec[Z_eZ[h[# f_djWZe[d[bfW‡i[iZ[kdWl[p YWZWjh[iW‹ei$ÆDe^Wof[hiedW gk[def_dj[dk[lWc[dj[bWYWiW bk[]eZ[lWh_eiW‹ei[dgk[oWi[ [dikY_ÂŒĂ‡"WfkdjÂŒ$ ;bi[]kdZehkXheZ[Yedik# cec|i_cfehjWdj[[ibWf_djk# hW Z[ij_dWZW fWhW bW _dZkijh_W [ijhkYjkhWiZ[c[jWb "b[i_]k[ bW_d\hW[ijhkYjkhWl_Wb f_djkhW fWhWjh|Ă’Ye ojWcX_ƒdi[Z[i# j_dW fWhW [b i[Yjeh Wkjecejh_p" cWZ[h[he$ #12/#!3(5 2ĹŠ"#ĹŠ!1#!(,(#-3.
F[hebW_dZkijh_Wfhec[j[Yh[Y[h W‘dc|i"fehkdbWZefeh[bZ_i# fWhe[dbeiYhƒZ_jeiZ[l_l_[dZW _cfkbiWZe feh [b ?;II o feh ejheZ[X_ZeWbWidk[lWi_dl[h# i_ed[igk[WjhW[[ijW_dZkijh_W$ ;d [b YWie Z[ 9ŒdZeh" gk[ fWiŒWi[hfhef_[ZWZZ[bWjhWdi# dWY_edWb I^[hm_d M_bb_Wci [d eYjkXh[Z[(&'&"i[fh[lƒ_dl[h# j_h[djh[.W'&c_bbed[iZ[ZŒbW# h[iZ[djheZ[beijh[ifhŒn_cei W‹ei$;iZ[Y_h"kdfhec[Z_eZ[ )c_bbed[iZ[ZŒbWh[iZ[dk[lWi _dl[hi_ed[ifehYWZWW‹e$
# (.v # )-Ĺ‹ -./ #(Ĺ‹&Ĺ‹* - Ĺ‹ &Ĺ‹.Ă„(Ĺ‹ ĹŠ Ä› Bei Y_[dj‡\_Yei dehj[Wc[h_YWdeiAkhjIY^W# Y\[h" :Wd <kbb[h o 9eh[o ;ZZo_d_Y_Wh|d^eo[dCWd# jWkdW_dl[ij_]WY_ÂŒdieXh[[b i[Yjehf[igk[heZ[bWj‘d[d ;YkWZeh$ BeiZeiiedc_[cXheiZ[ bW9ec_i_ÂŒd?dj[hWc[h_YWdW Z[b 7j‘d Jhef_YWb 9?7J " c_[djhWi gk[ 9eh[o ;ZZo f[hj[d[Y[ W bW Kd_l[hi_ZWZ Z[CWiiWY^ki[jji$ Bei Y_[dj‡ÒYei WXehZW# h|d [b XWhYe OebWdZW" Z[ fhef_[ZWZ Z[ bW [cfh[iW ?c\h_f[iYW" [d [b gk[ iWb# Zh|dWkdWc_i_ÂŒdZ[_dl[i# j_]WY_ÂŒdgk[ZkhWh|i[j[djW Z‡Wi$ ;beX`[j_le[ic[`ehWhbW
ēŊ#2! ".1#2Ŋ2 ! -Ŋ"#Ŋ242Ŋ 1! 2Ŋ#+Ŋ/1."4!3.Ŋ"#Ŋ24Ŋ$ #- Ŋ#-Ŋ#+Ŋ , 1ĔŊ#-Ŋ#+Ŋ/4#13.Ŋ"#Ŋ -3 ēŊ
f[iYWZ[bWj‘d]hWdZ[ecWZk# he o [l_jWh bW f[iYW Z[ Wjkd[i f[gk[‹eie`kl[d_b[i"Wi‡Yece
jWcX_ƒd_cf[Z_hbWYWfjkhWZ[ ejhWi[if[Y_[iYecejehjk]Wio j_Xkhed[i$
Ä„Ä„Ĺ‹ , "4Ĺ‹* #,Ĺ‹Ĺ‹ #- /&*-Ĺ‹Ĺ‹ %#-.6(Ĺ‹
4,#-3 Ŋ+ Ŋ3#-2(¢-ŊŊ#-31#Ŋ 2+ , "Ŋ 8Ŋ 2'(-%3.-Ŋ/.1Ŋ#+Ŋ./#1 3(5.Ŋ/ 1 Ŋ ++#% 1Ŋ Ŋ2 , Ŋ(-Ŋ "#-ē ĔŊŊěŊŊ;ijWZeiKd_#
Zei Z_`e Wo[h gk[ de f[Z_h| Z_iYkbfWifeh[bef[hWj_legk[ cWjÂŒ W EiWcW 8_d BWZ[d [d FWa_ij|d" jhWi bWi gk[`Wi Z[b ]eX_[hdeZ[?ibWcWXWZ$ ;bfehjWlepZ[bW9WiW8bWd# YW"@Wo9Whd[o"i[‹WbÂŒgk[MWi# ^_d]jedjecWXWcko[di[h_e bWigk[`WiZ[b=eX_[hdefWgk_i# jWd‡ f[he gk[ h[Y^WpW f[Z_h Z_iYkbfWifehbWiÆZ[Y_i_ed[iÇ Z[bfh[i_Z[dj[8WhWYaEXWcW$ 7o[h"[bfh_c[hc_d_ijhefW# gk_ijWd‡" Okik\ HWpW =_bWd_" i[gk[`ÂŒZ[bÆkd_bWj[hWb_iceÇ Yed[bgk[MWi^_d]jedbb[lÂŒW YWXebWef[hWY_ÂŒd[d7XXejjW# XWZ dehj[Z[?ibWcWXWZ Zed#
Z[i[[iYedZ‡W8_dBWZ[d$
.2ĹŠ#11.1#2
FWa_ij|dWdkdY_ÂŒkdW_dl[ij_# ]WY_ÂŒdfWhWiWX[hYÂŒceEiWcW 8_dBWZ[dfkZel_l_h_cfkd[# c[dj[[dkdWY_kZWZ]kWhd_# Y_ÂŒdfWgk_ijWd‡"f[hejWcX_ƒd ikXhWoÂŒ ejhei Æ[hheh[iÇ gk[ WokZWhedW7bGW[ZW"WbkZ_[d# Ze_cfb‡Y_jWc[dj[WbWh[ifed# iWX_b_ZWZZ[;ijWZeiKd_Zei$ Æ;ijWcei Z[j[hc_dWZei W iWX[h feh jeZei bei c[Z_ei YÂŒce"Yk|dZeofehgkƒEiW# cW8_dBWZ[d[ijkle[d7XXe# jjWXWZ$ I[ ehZ[dÂŒ kdW _dl[i# j_]WY_ÂŒdÇ Wb h[if[Yje" WdkdY_ÂŒ =_bWd_ Wdj[ bei Z_fkjWZei Z[b
#!.,/#-2 ĹŠ /.1ĹŠ(-ĹŠ "#-ĹŠ ĹŠ$ ,(+( 2ĹŠ"#ĹŠ 5~!3(, 2ĹŠ"#ĹŠÄˆÄˆÄą Ĺ—ĹŠĹŠ.2ĹŠ!.-%1#2(23 2ĹŠ"#ĹŠÄ“Ä“ĹŠ /1#/ 1 -ĹŠ4-ĹŠ/1.8#!3.ĹŠ"#ĹŠ+#8ĹŠ04#ĹŠ
.3.1% 1~ ĹŠ' 23 ŊĎćŊ,(++.-#2ĹŠ"#ĹŠ"¢Ĺ + 1#2ĹŠ"#ĹŠ1#!.,/#-2 ĹŠ/.1ĹŠ+ ĹŠ! /341 ĹŠ "#ĹŠ2 , ĹŠ(-ĹŠ "#-ĹŠ ĹŠ+ 2ĹŠ$ ,(+( 2ĹŠ "#ĹŠ+ 2ĹŠ5~!3(, 2ĹŠ8ĹŠ.1% -(9 !(.-#2ĹŠ"#ĹŠ 1#2/4#23 ĹŠ ĹŠ+.2ĹŠ 3#-3 ".2ĹŠ"#+ĹŠÄˆÄˆĹŠ"#ĹŠ 2#/3(#, 1#ĹŠ"#ĹŠÄ‰Ä‡Ä‡ÄˆÄ“
ĹŠ/1./4#23 ĔŊ(,/4+2 " ĹŠ/.1ĹŠ+.2ĹŠ 1#/1#2#-3 -3#2ĹŠ"#ĹŠ4#5 ĹŠ .1*ĔŊ -3'.-8ĹŠ#(-#1ĔŊ8ĹŠ #11.+"ĹŠ "+#1ĔŊ /1#3#-"#ĹŠ" 1ĹŠ4- ĹŠ2 +(" ĹŠ ĹŠ+.2ĹŠ$.-".2ĹŠ #-ĹŠ#+ĹŠ! 2.ĹŠ"#ĹŠ04#ĹŠ+ 2ĹŠ 43.1(" "#2ĹŠ -.ĹŠ#-!4#-31#-ĹŠ4-ĹŠ"#23(- 3 1(.ĹŠ !+ 1.ĹŠ/ 1 ĹŠ+ ĹŠ1#!.,/#-2 ĔŊ2#%ĂŒ-ĹŠ4-ĹŠ !.,4-(! ".ĹŠ/4 +(! ".ĹŠ#-ĹŠ+ ĹŠ/;%(- ĹŠ 6# ĹŠ"#+ĹŠ/1(,#1.ĹŠ"#ĹŠ+.2ĹŠ+#%(2+ ".1#2Ä“ĹŠ ÄĄ(ĹŠ+ ĹŠ24, ĹŠ-.ĹŠ2#ĹŠ#-31#% ĹŠ ĹŠ- "(#ĔŊ + 2ĹŠ5~!3(, 2ĹŠ"#ĹŠ2 , ĹŠ(-ĹŠĹŠ "#-ĹŠ "# #1~ -ĹŠ. 3#-#1+ ĢĔŊ"().ĹŠ#(-#1ĹŠ#-ĹŠ + ĹŠ-.3 Ä“
FWhbWc[dje$ #ĹŠ04(_-ĹŠ#2ĹŠ+ ĹŠ!4+/
;b Z_h_][dj[ YWb_\_YÂŒ Z[ ÆWX# ikhZWiÇ bWi WYkiWY_ed[i Z[ Yecfb_Y_ZWZ[d[b=eX_[hdee [b ;`ƒhY_je fWgk_ijWd‡[i fWhW fei_X_b_jWhbWfh[i[dY_WZ[8_d BWZ[d[d7XXejjWXWZ"h[Yeh# ZWdZegk[7bGW_ZWde^WX‡W dWY_Ze[dFWa_ij|d$ Ɯ7b GW_ZW de dWY_ÂŒ [d FW# a_ij|dÇ" [nYbWcÂŒ$ ƾGk_ƒd [i h[ifediWXb[Z[bdWY_c_[djeZ[ 7bGW_ZW5Ç"ƾGk_ƒd[ih[ifed# iWXb[ Z[ ^WX[h Yedijhk_Ze [b c_je Z[ 8_d BWZ[d5Ç" _di_ij_ÂŒ" WbkZ_[dZe_cfb‡Y_jWc[dj[W;i# jWZeiKd_Zei$ .ĹŠ2#ĹŠ!.,4-(!¢Ŋ- "
;bc_d_ijhefWgk_ijWd‡Z[b?d# j[h_eh"H[^cWdCWb_a"Z[YbWhÂŒ [ij[ bkd[i Wb YWdWb j[b[l_i_le 7b7hWX_oWgk[^WX‡Wi_Ze_d# \ehcWZeZ[bWef[hWY_ÂŒd[ijW# Zekd_Z[di[YedjhWEiWcW8_d BWZ[dÆ'+c_dkjeiZ[ifkƒiÇZ[ ik_d_Y_e$ Æ<k__d\ehcWZeZ[bef[hWj_le '+c_dkjeiZ[ifkƒiZ[gk[Ye# c[dpWhWÇ"WĂ’hcÂŒ[bC_d_ijhe$
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
Ĉ
!"" % ' " &# ! $ !
/' (.Ĺ‹ &Ĺ‹ ,# -!)Ĺ‹Ĺ‹-v-'# )Ĺ‹ (Ĺ‹&)-Ĺ‹( -
(
" !
ēŊěŊ BWfWhj[ikhZ[bW
YehZ_bb[hWikXWdZ_dW"kdWpedW [d bW gk[ ^WX_jWd c|i Z[ Zei c_bbed[i Z[ f[hiedWi" [ij| [n# fk[ijWWkdh_[i]ei‡ic_Yei_]# d_\_YWj_lWc[dj[ ikf[h_eh W be fh[l_Wc[dj[ ikfk[ije feh bei [nf[hjei" fkXb_YW [ijW i[cWdW DWjkh[=[eiY_[dY[[dikl[hi_ÂŒd [dbWh[Z$ Kd[ijkZ_ebb[lWZeWYWXefeh _dl[ij_]WZeh[i Z[ bW Kd_l[hi_# ZWZZ[>WmW_ ;;KK fbWdj[W gk[bWcW]d_jkZZ[kdi_ice[d bWpedWfeZh‡Wbb[]WhWkdc|n_# ceZ[[djh[."-o."/]hWZei[d bW[iYWbWZ[H_Y^j[h"[dYedjhWij[ Yedbei-"+]hWZeiWdj[h_ehc[dj[ [ij_cWZei$ ;b]hkfeZ[[ijkZ_eiei"b_Z[# hWZefeh[b_dl[ij_]WZeh8[d`W# c_d8heeai"kj_b_pÂŒkd=FIfWhW Yh[WhkdcWfWZ[beicel_c_[d# jei [d bW ikf[hĂ’Y_[ j[hh[ijh[ W bebWh]eZ[bĂ“WdYeeh_[djWbZ[bW YehZ_bb[hWZ[bei7dZ[i$ ;ijWjƒYd_YWb[if[hc_j_ÂŒZ[i# YkXh_h gk[ kdW i[YY_ÂŒd feYe fhe\kdZW" [ij| [dYW`WZW [djh[ fbWYWij[YjÂŒd_YWi[dcel_c_[d# je" be gk[ ][d[hW j[di_ÂŒd[djh[ [ijWi[ijhkYjkhWiobWcW]d_jkZ Z[bj[cXbehfeZh‡WWbYWdpWh^WijW ."/]hWZei$
/ %¢-Ŋ#-Ŋ#-#94#+
Ĺ—ĹŠ ĹŠKdW\WbbW[d[bi_ij[cW [bƒYjh_YeZ[`ÂŒWo[hi_d[d[h]‡W WYkWjhe[ijWZeiZ[beYY_Z[dj[ Z[L[d[pk[bWoW\[YjÂŒfWh# Y_Wbc[dj[WejheiY_dYe"jeZei [bbeiY[hYWdeiWbW\hedj[hW Yed9ebecX_W"kd_dY_Z[dj[ gk[[b=eX_[hdeWi[]khWgk[ j_[d[YedjhebWZeo[ij|i_[dZe _dl[ij_]WZe$ ;b`[\[Z[b9[djheDWY_edWbZ[ :[ifWY^eZ[bc_d_ij[h_eZ[ ;d[h]‡W;bƒYjh_YW"?]eh=Wl_# Z_W"_dZ_YÂŒgk[beiYehj[iZ[ [d[h]‡WfheleYWhedbWYW‡ZW Z[Æ^WijW)$&&&c[]WlWj_eiÇ Z[ikc_d_ijhe$
Ä "(¢2ĹŠ ĹŠ " ÄƒĹŠÄ&#x;
ĔŊ ĚěŊ Bei YecXWj[i [djh[h[X[bZ[ib_X_eio\k[hpWi Z[bYehed[b=WZWĂ’i[Y[djhW# XWdWo[h[dC_ihWjW"Y_kZWZWi[# Z_WZW^WY[Zeic[i[ifehb[Wb[i WbHƒ]_c[d"f[he[bi[Yh[jWh_e ][d[hWb Z[ bW EJ7D" 7dZ[hi <e]^ HWickii[d" i[ Z[YbWhÂŒ efj_c_ijWieXh[bW[lebkY_ÂŒdZ[ bWi_jkWY_ÂŒd[d[bfW‡i$ ÆBWfWhj_ZWj[hc_dÂŒfWhW =WZWĂ’$:[X[h‡WZWhi[Yk[djW h|f_ZWc[dj[Z[gk[de^Wo \kjkhed_fWhWƒbd_fWhWik hƒ]_c[dÇ"Z[YbWhÂŒHWickii[d WbWYWZ[dW[ijWZekd_Z[d# i[9DD$ÆIkj_[cfe[ij| YedjWZe$;ij|YWZWl[pc|i W_ibWZeÇ"WĂ’hcÂŒ$
) " "# #!( !
" !$ ! ! # '!
Ä“ĹŠ(4" " -.2ĹŠ04#, -ĹŠ4- ĹŠ -"#1 ĹŠ#23 ".4-("#-2#ĹŠ#-ĹŠ1#!' 9.ĹŠ +ĹŠ 2#2(- 3.ĹŠ"#ĹŠ2 , ĹŠ(-ĹŠ "#-Ä“ĹŠ
"$ #! " #
##!& !##!" $!"% #"
$ #! " #! $"& $ # "
"" " ! "#!$!%% " !
ĉ
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
#2/4_2Ŋ"#Ŋ,#"(.Ŋ 2(%+.ĔŊ#+Ŋ_%(,#-Ŋ 2#Ŋ/+ -3# Ŋ24 Ĺ 5(9 1Ŋ+ 2Ŋ-.1, 2Ŋ ,(%1 3.1( 2ē
ĹŠ ĔŊ ĹŠ ěŊ ;b =eX_[hde Z[ HW‘b9WijheWkjeh_pWh|WbeiYkXW# deil_W`WhZ[jkh_iceWb[njhWd`[# he"fehfh_c[hWl[p[dc[Z_ei_# ]be"Wkdgk[W‘dZ[X[Z[Ă’d_hbWi YedZ_Y_ed[i" Yece fWhj[ Z[ kd fbWd Z[ h[\ehcWi Z[ Wf[hjkhW" fkXb_YWZe[ij[bkd[i$ BWl[hi_ÂŒdĂ’dWbZ[bfhe]hWcW Z[ )') h[\ehcWi" ZWZW W Yede# Y[hWbWfeXbWY_ÂŒd[dkdjWXbe_Z[ l[dZ_Ze [d bW YWbb[" _dYehfehW Yecedel[ZWZbWZ[Y_i_ÂŒdeĂ’Y_Wb Z[Æ[ijkZ_WhkdWfeb‡j_YWgk[\W# Y_b_j[ W bei YkXWdei h[i_Z[dj[i [d[bfW‡il_W`WhWb[nj[h_ehYece jkh_ijWiÇ$ BW Z_ifei_Y_ÂŒd [ij| [ijWXb[# Y_ZW[d[bfkdje(,+Z[bfhe]hW# cWWfheXWZe[d[bL?9ed]h[ie Z[b FWhj_Ze 9eckd_ijW Z[ 9kXW F99"‘d_Ye [dWXh_b"Wkdgk[de fh[Y_iWZ[jWbb[id_\[Y^WZ[fk[ijW [dl_]ehfk[i[ij|d[dZ[Ă’d_Y_ÂŒd bWi dehcWi b[]Wb[i Z[ [`[YkY_ÂŒd Z[bfbWd$ ?dj[b[YjkWb[i"WYWZƒc_YeioWh# j_ijWiWĂ’d[iWb]eX_[hde"Wi‡Yece bWefei_Y_ÂŒd"^Wdf[Z_ZebWÆWXe# b_Y_ÂŒdÇZ[h[ijh_YY_ed[iWbWiWb_ZW Z[bfW‡i"gk[jWcX_ƒdiedcej_le Z[Yh‡j_YW_dj[hdWY_edWb$
) # ,()ŋ* ,'#.#,6 #,ŋ&ŋ 2.,($ ,)Ćŋ/ ĎĉŊ  .2 ļ#-!#11 ".2Č Ŋ-ŊĎĉŊ  .2Ŋ"#Ŋ%. (#1-.Ŋ!.,4-(23 ĔŊ ŗ+ 2Ŋ 43.1(" "#2Ŋ/#1,(3(#1.-Ŋ2.+ ,#-3#Ŋ
Ŋ31 ) ".1#2Ŋ,48Ŋ"#23 ! ".2Ŋ Ŋ5( ) 1Ŋ "#Ŋ341(2,.Ŋ Ŋ/ ~2#2Ŋ"#+Ŋ"#2 / 1#!(".Ŋ +.04#Ŋ2.5(_3(!.ĔŊ/.1Ŋ+.Ŋ04#Ŋ4- Ŋ1#$.1Ĺ , Ŋ,(%1 3.1( Ŋ' Ŋ2(".Ŋ!.-23 -3#Ŋ#-Ŋ+ 2Ŋ "#, -" 2Ŋ"#Ŋ! , (.2ē
.2ĹŠ!4 -.2ĹŠ2¢+.ĹŠ/4#"#-ĹŠ5( ) 1ĹŠ!.-ĹŠ ! 13 ĹŠ"#ĹŠ(-5(3 !(¢-ĔŊ1#04(#1#-ĹŠ4-ĹŠ/#1Äą ,(2.ĹŠ"#ĹŠ2 +(" Ŋĸ! 13 ĹŠ + -! ĚŊ8ĹŠ"# #-ĹŠ / 2 1ĹŠ4-ĹŠ+ 1%.ĹŠ/1.!#2.ĹŠ 41.!1;3(!.ĹŠ8ĹŠ !.23.2.ĔŊ"#ĹŠ +1#"#".1ĹŠ"#ĹŠÄŒÄ‡Ä‡ĹŠ"¢+ 1#2ĔŊ /4#2ĹŠ(-!+48#ĹŠ+#% +(9 !(.-#2ĹŠ -3#ĹŠ+.2ĹŠ !.-24+ ".2ĹŠ!4 -.2ĹŠ#-ĹŠ#+ĹŠ#73#1(.1Ä“ +ĹŠ/#1,(2.ĹŠ"#ĹŠ2 +(" ĹŠ/4#"#ĹŠ2#1ĹŠ -#% ".ĹŠ8ĹŠÄƒĹŠ) ĹŠ4- ĹŠ#23 "~ ĹŠ#-ĹŠ#+ĹŠ#73#1(.1ĹŠ "#ŊĊćŊ"~ 2ĔŊ!48 ĹŠ1#-.5 !(¢-ĹŠ!4#23 ŊĎćŊ "¢+ 1#2ĹŠ/.1ĹŠ,#2ĔŊ' 23 ĹŠÄˆÄˆĹŠ,#2#2ĹŠ/#1Äą ,(3(".2ĔŊ31 2ĹŠ+.ĹŠ!4 +ĹŠ ĹŠ04(#-ĹŠ-.ĹŠ1#3.1-#ĹŠ 2#ĹŠ+#ĹŠ!.-2("#1 ĹŠ#,(%1 ".ĹŠ8ĹŠ242ĹŠ (#-#2ĹŠ 2.-ĹŠ!.-ÄƒĹŠ2! ".2Ä“
;2ĹŠ!.,#1!(.
BWih[\ehcWiZ[HW‘b9Wijhe_d# Ybko[dejhWic[Z_ZWiZ[_cfWYje ieY_WbYece[bf[hc_ieZ[YecfhW# l[djWZ[YWiWioWkjei"obWYedY[# i_ŒdZ[YhƒZ_jeiWbWfeXbWY_ŒdoW jhWXW`WZeh[iZ[b_dY_f_[dj[i[Yjeh fh_lWZe fWhW WZgk_h_h X_[d[i o cedjWhd[]eY_ei$ 9[hYWZ[/&Z[beiYkXWdei
+73B3DF7 67@G7EFDA7EB75;3>
ēŊ 1( 2Ŋ/#12.- 2Ŋ' !#-Ŋ!.+ Ŋ#-Ŋ#+Ŋ,.231 ".1Ŋ"#Ŋ+ Ŋ #1.+~-# Ŋ4 - Ŋ"#Ŋ5( !(¢-ĔŊ#-Ŋ#+Ŋ #1./4#13.Ŋ .2_Ŋ 13~ĔŊ "#Ŋ Ŋ - ēŊ
ied Zk[‹ei Z[ iki l_l_[dZWi" de fW]Wd _cfk[ijei feh [bbWi eWXedWdXW`eiWbgk_b[h[i"f[he defk[Z[dl[dZ[hbWioiŒbef[h# ckjWhbWi YWcX_WhbWi " [d kd d[]eY_egk[_b‡Y_jWc[dj[_cfb_# YWc_b[iZ[ZŒbWh[i$ JWcX_ƒdfehfh_c[hWl[p"i[ f[hc_j[ [b Yec[hY_e Z[ Wkjei" fk[i ^WijW W^ehW bei YkXWdei iŒbefeZ‡WdYecfhWhbeii_[hWd ZWZei feh [b =eX_[hde e Yed f[hc_ie[if[Y_Wb#feh[`[cfbe Whj_ijWi#"ob_Xh[c[dj[WZgk_h_h beil_[`eiYeY^[idehj[Wc[h_YW# dei"\WXh_YWZeiWdj[iZ[bjh_kd\e Z[bWh[lebkY_ŒdZ[<_Z[b9Wijhe [d'/+/$
Wbi[Yjehfh_lWZe"[bh[Yehj[Z[ kdc_bbÂŒdZ[[cfb[ei[ijWjWb[i" Z[iY[djhWb_pWY_ÂŒdW]h‡YebW"Wk# jedec‡W[cfh[iWh_Wb"_cfk[i# jeio[b_c_dWY_ÂŒdZ[ikXi_Z_ei$ BWl[hi_ÂŒdZ[Ă’d_j_lW"eh_]_# dWbc[dj[Z[(/'c[Z_ZWi"gk[ jhWikdZ[XWj[fefkbWhfWiÂŒW )')WfheXWZWifeh[bF99"h[# \k[hpW[bcWh][dZ[WYY_ÂŒdZ[ bWiYeef[hWj_lWi"Wcfb‡WbWfe# b‡j_YW Yh[Z_j_Y_W o Ă“[n_X_b_pW bW feb‡j_YWZ[_cfk[ijei$ 9ecedel[ZWZ[ijWXb[Y[gk[ bWi[dj_ZWZ[i[ijWjWb[ieYeef[# hWj_lWi gk[ i[Wd _d[\_Y_[dj[i i[h|d Æb_gk_ZWZWiÇ e feZh|d i[h ][ij_edWZWi feh fh_lWZei" Wi‡YeceWgk[bbWi[dbWigk[[b ;ijWZeYedi_Z[h[gk[deb[[i .-ĹŠÄ‰Ä’ÄˆĹŠ,#"(" 2 ;bfbWd"gk[XkiYWZ[`WhWjh|i h[djWXb[ef[hWh$ [b W]ejWZe ceZ[be kbjhWY[d# jhWb_pWZe iel_ƒj_Ye l_][dj[ [d #ĹŠ ! ĹŠ+ ĹŠ+( 1#3 c[Z_ei_]be"_dYbko[bWWf[hjkhW 7j[dZ_[dZekdWZ[bWicWoeh[i
_dgk_[jkZ[i fefkbWh[i" [d bW h[ZkYY_ÂŒdZ[ikXi_Z_ei[bfbWd WYbWhW bW Æ]hWZkWb_ZWZÇ [d bW [b_c_dWY_ÂŒd Z[ ÆbW b_Xh[jWÇ" bW YWdWijWX|i_YW"ikXi_Z_WZWf[he _dikĂ’Y_[dj["gk[Z[iZ['/,)Yk# Xh[WjeZeiYkXWdei"f[hegk[ ^W_Zec[hcWdZeo[d[b\kjkhe X[d[Ă’Y_Wh|[if[Y_Wbc[dj[iÂŒbe Wbeic|id[Y[i_jWZei$ Fh_c[he[d'*W‹ei"[b9ed# ]h[ie\k[YhkY_Wbfehgk[jhWpÂŒ [bhkcXeZ[9kXW$HW‘b9Wijhe Wikc_ÂŒbWc|n_cW`[\WjkhWYe# ckd_ijW[dbk]WhZ[ik^[hcW# de<_Z[b"fWhW_cfb[c[djWhYed bWl_[`W]kWhZ_Wobeic_b_jWh[i" bWih[\ehcWi$ ;bfbWd"Yed[bgk[HW‘b9Wi# jheXkiYW[l_jWh[bZ[hhkcX[Z[ bWh[lebkY_ÂŒd"Z[`Wi[djWZegk[ bWh[\ehcWi[^Wh|XW`eÆfbWd_# Ă’YWY_ÂŒdieY_Wb_ijWÇjecWdZe[d Yk[djWÆ[bc[hYWZeÇ$
1#.!4/ !(¢-Ŋ/.1Ŋ ,4#13#Ŋ"#Ŋ"(2("#-3# Ŋ
Ĺ—ĹŠĹŠ
5HVHUYHVXHVSDFLR7HOI
23 ".2ĹŠ-(".2ĹŠ#23;ĹŠÄĄ,48ĹŠ/1#.!4/ ".ĢŊ/.1ĹŠ+ ĹŠ,4#13#ĹŠ#+ĹŠ".,(-%.ĹŠ"#+ĹŠ ./.2(3.1ĹŠ!4 -.ĹŠ 4 -ĹŠ(+$1#".ĹŠ.3.ĔŊ04#ĹŠ2#%ĂŒ-ĹŠ$4#-3#2ĹŠ"#ĹŠ+ ĹŠ"(2("#-!( ĹŠ$4#ĹŠ "41 ,#-3#ĹŠ%.+/# ".ĹŠ/.1ĹŠ+ ĹŠ/.+(!~ ĔŊ(-$.1,¢Ŋ4-ĹŠ/.13 5.9ĹŠ"#+ĹŠ#/ 13 ,#-3.ĹŠ"#ĹŠ 23 ".ĹŠ ĹŠ+ ĹŠĹŠ 8#1Ä“ ÄĄ23 ,.2ĹŠ,48ĹŠ/1#.!4/ ".2ĹŠ/.1ĹŠ+ ĹŠ,4#13#ĹŠ"#ĹŠ.3.ĹŠ8ĹŠ2#%4(,.2ĹŠ#+ĹŠ! 2.ĹŠ"#ĹŠ !#1! ĢĔŊ"().ĹŠ#+ĹŠ/.13 5.9ĔŊ04(#-ĹŠ#73#-"(¢Ŋ#+ĹŠ/_2 ,#ĹŠ"#+ĹŠ. (#1-.ĹŠ#23 ".4-("#-Äą 2#ĹŠ ĹŠ+ ĹŠ$ ,(+( ĹŠ8ĹŠ ,(%.2ĹŠ"#+ĹŠ./.2(3.1Ä“ .3.ĔŊ"#ĹŠÄŒÄ?ĹŠ  .2ĔŊ,41(¢Ŋ#-ĹŠ+ ĹŠ!#-31 +ĹŠ!(4" "ĹŠ"#ĹŠ -3 ĹŠ+ 1 ĔŊ31#2ĹŠ"~ 2ĹŠ"#2Äą /4_2ĹŠ"#ĹŠ2#1ĹŠ"#3#-(".ĹŠ8ĹŠ2.,#3(".ĹŠ ĹŠ4- ĹŠ%.+/(9 ĔŊ2#%ĂŒ-ĹŠ+ ĹŠ"(2("#-!( ĔŊ,(#-31 2ĹŠ 04#ĹŠ4-ĹŠ,_"(!.ĹŠ 31( 48¢Ŋ#+ĹŠ"#!#2.ĹŠ ĹŠ4- ĹŠ/ -!1# 3(3(2ĹŠ8ĹŠ"#2! 13¢Ŋ2(%-.2ĹŠ"#ĹŠ 5(.+#-!( Ä“ +ĹŠ"(2("#-3#ĹŠ$4#ĹŠ++#5 ".ĹŠ +ĹŠ'.2/(3 +ĹŠ/.1ĹŠ+.2ĹŠ %#-3#2ĹŠ#+ĹŠ)4#5#2ĹŠ31 2ĹŠ"#3#-#1+.ĹŠ #-ĹŠ4-ĹŠ/ 104#ĔŊ ÄƒĹŠ1,¢Ŋ/.1ĹŠ3#+_$.-.ĹŠ#+ĹŠ./.2(3.1ĹŠ4(++#1,.ĹŠ 1( 2Ä“ ĔŊ
Ä“ĹŠ.3.ĹŠ$4#ĹŠ%.+/# ".ĹŠ -3#2ĹŠ"#ĹŠ$ ++#!#1Ä“ĹŠ
#Ă°Ĺ‹ #)Ä’ -*)($Ä“Ĺ‹ *,Ĺ‹&#'*#,Ĺ‹ &Ĺ‹#, Ĺ‹
ĹŠ2.+4!(¢-ĹŠ#23 1~ ĹŠ#-ĹŠ4- ĹŠ5 1(#" "ĹŠ"#ĹŠ !#1;,(! ĹŠ04#ĹŠ2#ĹŠ/4#"#ĹŠ!.+.! 1ĹŠ#-ĹŠ+ ĹŠ / 13#ĹŠ +3 ĹŠ"#ĹŠ+ 2ĹŠ!.-2314!!(.-#2Ä“ Ŋš¾9ÂŒceb_cf_Wh[b[ice]Z[
bWiY_kZWZ[i5Kd[gk_feZ[Y_[d# j‡ÒYei[ifW‹eb[iZ_Y[j[d[hkdW iebkY_ÂŒd0Yedl[hj_hWbei[Z_Ă’Y_ei [d Ăˆ[ifed`WiÉ gk[ WXiehXWd bW YedjWc_dWY_ÂŒd$ BW\ehcWZ[be]hWhbe"Z_Y[d"[i c[Z_Wdj[[bkieZ[kdWÆY[h|c_# YWgk[fkh_Ă’YW[bW_h[Ç$ ;ij|Yecfk[ijWfehkdWiki# jWdY_WbbWcWZWE<<DEn"Yh[WZW fehkd[gk_feZ[_d][d_[heiZ[b ?dij_jkjeZ[J[Ydebe]‡WGk‡c_YW Z[bWKd_l[hi_ZWZFeb_jƒYd_YWZ[ LWb[dY_W$ E<<DEn\kdY_edW][d[hWd# ZekdWh[WYY_ÂŒdgk‡c_YWYedbei ]Wi[igk[[ij|dfh[i[dj[i[dbW WjcÂŒi\[hW$ :[\ehcWdWjkhWb"bWifbWdjWi ^Wh‡Wd [b jhWXW`e Z[ jhWdi\eh# cWh[bZ_ÂŒn_ZeZ[YWhXede 9E(
o ejhei ]Wi[i Z[ bW WjcÂŒi\[hW$ ÆDk[ijhecWj[h_Wb[ikdc‡c_Ye Z[kdWfbWdjWÇ"[nfb_YW[bfhe\[# ieh>[hc[d[]_bZe=WhY‡W$ ÆBW_Z[W[iYedl[hj_hWbei[Z_# Ă’Y_ei[d|hXeb[ioWbWiY_kZWZ[i [dXeigk[iÇ"W]h[]W[bY_[dj‡ÒYe$ -3#!#"#-3#2
I[]‘d iki Yh[WZeh[i" [ijW ie# bkY_ÂŒd j[YdebÂŒ]_YW ikh]_ÂŒ fWhW Whh[]bWh kd fheXb[cW0 bWi Y_k# ZWZ[i [khef[Wi [ij|d ieXh[fW# iWdZe[bb‡c_j[jeb[hWXb[Z[]Wi[i YedjWc_dWdj[i[dbWWjcÂŒi\[hW$ ÆBe_Z[Wbi[h‡WZ[`WhZ[[c_# j_h]Wi[iZ[[\[Yje_dl[hdWZ[he kiWdZe YecXkij_Xb[i gk[ de YedjWc_d[d" f[he c_[djhWi i_# ]WceiYedjWc_dWdZe^WXh|gk[ XkiYWhWb]egk[b_cf_["Wi‡gk[ [ijWj[Ydebe]‡Wfk[Z[WokZWhW
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
2/#!(#2ĹŠ,#- 9 " 2
Ä“ĹŠ .2ĹŠ#"(ÄƒĹŠ!(.2ĹŠ$4-!(.- 1~ -ĹŠ!.,.ĹŠ;1 .+#2ĹŠ04#ĹŠ 2.1 -ĹŠ#+ĹŠ#2,.%Ä“
41(ÄƒĹŠ! ".1 Ĺ—ĹŠĹŠ4-04#ĹŠ+.2ĹŠ#7/#13.2ĹŠ ĂŒ-ĹŠ-.ĹŠ' -ĹŠ/1. ".ĹŠ#+ĹŠ, 3#1( +ĹŠ#-ĹŠ4- ĹŠ 3,¢2$#1 ĹŠ (#13 ĔŊ ' -ĹŠ+.%1 ".ĹŠ"#,.231 1ĹŠ04#ĹŠ$4-!(.- ĹŠ ĹŠ-(5#+ĹŠ"#ĹŠ+ .1 3.1(.Ä“ -ĹŠ#+ĹŠ#-31.ĹŠ3,.2$_1(!.ĹŠ"#ĹŠ +#-!( ĹŠ2(,4+ 1.-ĹŠ+ ĹŠ 3,¢2$#1 ĹŠ!.-ĹŠ% 2#2ĹŠ!.-Äą 3 ,(- -3#2ĹŠ#-ĹŠ! -3(" "#2ĹŠ2(,(+ 1#2ĹŠ ĹŠ+ 2ĹŠ04#ĹŠ' 1~ ĹŠ#-ĹŠ4- ĹŠ%1 -ĹŠ!(4" "Ä“ +ĹŠ#7/.-#1ĹŠ#+ĹŠ, 3#1( +ĹŠ ĹŠ+ ĹŠ+49ĹŠ2.+ 1ĔŊ42 -".ĹŠ3_!-(! 2ĹŠ#2/#!31.2!¢/(! 2ĹŠ/ 1 ĹŠ "#3#1,(- 1ĹŠ+ ĹŠ!.,/.2(!(¢-ĹŠ 3,.2$_1(! ĔŊ/4"(#1.-ĹŠ"#,.231 1ĹŠ04#ĹŠ+ ĹŠ! -3(" "ĹŠ "#Ŋ¢7(".ĹŠ"#ĹŠ-(31¢%#-.ĹŠ5 ĹŠ"(2,(-48#-".ĹŠ8ĹŠ+ ĹŠ!.-!#-31 !(¢-ĹŠ ) ĹŠ ĹŠ-(5#+#2ĹŠ! 2(ĹŠ "#2/1#!( +#2Ä“
ikXiWdWh[bZW‹egk[^WY[ceiÇ" deY_lei W bW iWbkZ# ied jhWdi# \ehcWZei [d d_jhWje" gk[ de [nfb_YW=WhY‡W$ ^WY[d_d]‘dZW‹e$ BWikijWdY_Wi[fk[Z[W‹WZ_h Ä Â˘,.ĹŠ$4-!(.- Ä&#x; ;bE<<DEn[ikdi[c_YedZkY# WcWj[h_Wb[ifWhWbWYedijhkYY_ÂŒd jehgk[jhWdi\ehcWbW[d[h]‡WZ[ Z[[Z_Ă’YWY_ed[iYedY[h|c_YWe bWbkpiebWhebei\ejed[i[dkdW f_djkhWiWYh‡b_YWioZ[[nj[h_eh" oWbi[h[nfk[ijeiWbWbkpiebWh [d[h]‡Wgk‡c_YW$ BeiÂŒn_ZeiZ[d_jhÂŒ][degk[ Yec_[dpWbWh[WYY_ÂŒdgk‡c_YWo [ij|d [d bW WjcÂŒi\[hW" #o gk[ i[lWjhWdi\ehcWdZe[bZ_ÂŒn_Ze ZW‹WdWbc[Z_eWcX_[dj[oied Z[d_jhÂŒ][de$
# /,)( -Ĺ‹0& (Ĺ‹'6-Ĺ‹ 0#0)-Ĺ‹+/ Ĺ‹'/ ,.)Ŋš;ijeiWd_cWb[ifk[Z[dlW# b[hckY^ec|iYkWdZe[ij|ddW# ZWdZeY[hYWZ[beiWhh[Y_\[igk[ YkWdZe[ij|d[dkdWiefW"i[]‘d WĂ’hcWd_dl[ij_]WZeh[iZ[b?di# j_jkje 7kijhWb_Wde Z[ 9_[dY_Wi CWh_dWi$ BeiY_[dj‡ÒYeiYWbYkbWhedgk[ YWZW j_XkhÂŒd gk[ ^WX_jW [d bW pedWfhej[]_ZW[dbWi_ibWiFWbWk j_[d[kdlWbehZ['"/c_bbed[iZ[ ZÂŒbWh[i$ FWhWiWX[h[bfh[Y_eZ[bWd_# cWbl_le"bei[nf[hjeiYedi_Z[# hWhed[bZ_d[hegk[_dl_[hj[dbei jkh_ijWigk[l_W`WdW[ijWf[gk[# ‹WdWY_ÂŒdZ[bFWY‡ÒYefWhWXk# Y[Wh`kdjeWj_Xkhed[i$ FWbWk [i kd WhY^_f_ƒbW]e Z[ c|i Z[ )&& _ibWi" o iki W]kWi \k[hedZ[YbWhWZWiiWdjkWh_eZ[ j_Xkhed[i[d(&&/$ BW dWY_ÂŒd de j_[d[ ckY^ei WjhWYj_leiWfWhj[Z[bjkh_iceo[b XkY[e"fehbegk[[b]WijeZ[bei l_i_jWdj[i [d Xeb[jei Z[ Wl_ÂŒd" Wbe`Wc_[djeoXkY[eYedij_jko[ kdWfWhj[_cfehjWdj[Z[bW[Ye# dec‡WZ[bWdWY_ÂŒd$
($1 2
Beid‘c[heii[Z[i]beiWdWi‡0[b jkh_iceZ[XkY[eWfehjWWfhen_# cWZWc[dj[[b)/Z[bfheZkY# je_dj[hdeXhkje F?8 Z[bfW‡i"
ÂĄÄ“ĹŠ ĹŠ! /(3 +ĹŠ!'(+#- ĹŠ#2ĹŠ!.-2("#1 " ĹŠ+ ĹŠ2#%4-" ĹŠ!(4" "ĹŠ,;2ĹŠ!.-Äą 3 ,(- " ĹŠ"#ĹŠ,_1(! ĹŠ 3(-
ēŊ-ŊĉććĒĔŊ + 4Ŋ"#!+ 1¢Ŋ242Ŋ %4 2Ŋ2 -34 1(.Ŋ"#Ŋ3( 41.-#2ē
gk[[iZ[kdei('.c_bbed[iZ[ ZŒbWh[i$ :[WYk[hZeWb[ijkZ_e"[b(' Z[beiXkpei[b_]_ŒikilWYWY_e# d[i Wbb‡ [if[Y‡\_YWc[dj[ fWhW l[hW[ijei[`[cfbWh[i$;ij[j_fe Z[jkh_iceWfehjWWfhen_cWZW# c[dj[[b.Z[bF?8Z[FWbWk$ Bei_dl[ij_]WZeh[iYedYbko[# hedgk[beiY[hYWZ['&&j_Xk# hed[igk[^WX_jWd[dbeii_j_ei fh_dY_fWb[i Z[ XkY[e WfehjWd YWZWW‹eWbW_dZkijh_Wjkh‡ij_# YWkdei'-/$&&&ZŒbWh[i"ogk[ YWZW kde j_[d[ Z[ feh l_ZW kd lWbehZ['"/c_bbed[iZ[ZŒbWh[i$ :[i[hl[dZ_ZWikYWhd[oiki fh[Y_WZWiWb[jWi"beic_icei'&& j_Xkhed[ilWbZh‡WdiebekdjejWb Z['&$.&&ZŒbWh[i"[ij_cWhedbei _dl[ij_]WZeh[i$
ÄŠ
(.#!)Ĺ‹ Ĺ‹"#& (Ĺ‹& ,.Ĺ‹' # (.&
Ŋ š BWi Wkjeh_ZWZ[i ckd_#
Y_fWb[i Z[ IWdj_W]e Z[ 9^_b[ Z[Yh[jWhed[b`k[l[ifWiWZebW fh_c[hW Wb[hjW WcX_[djWb Z[b W‹e Z[X_Ze W bW cWbW YWb_ZWZ Z[bW_h["begk[_cf_Z_ÂŒWkdei (&&$&&&WkjecÂŒl_b[iY_hYkbWh [iW`ehdWZWfehikiYWbb[i"_d# \ehcWhed\k[dj[ieĂ’Y_Wb[i$ ;ijWc[Z_ZW_cfb_YÂŒh[\eh# pWh bW ikf[hl_i_ÂŒd fWhW gk[ beiYedZkYjeh[iYkcfbWdYed bW h[ijh_YY_ÂŒd gk[ i_[cfh[ i[ Wfb_YWieXh[beil[^‡Ykbeii_d Yedl[hj_Zeh YWjWb‡j_Ye" o gk[ [i[ Z‡W _cfei_X_b_jÂŒ Y_hYkbWh [djh[bWi-0)&obWi('0&&^ehWi beYWb[iWbeiWkjecÂŒl_b[iYkoWi fWj[dj[ij[hc_d[d[dbeiZ‡]_# jei+#,#-#.$ ;ijWZ_ifei_Y_ÂŒdj_[d[Yece
(/Ŋ#!.+¢%(!. #!(!+#Ŋ+ Ŋ, 8.1Ŋ! -3(" "Ŋ"#Ŋ 241 Ŋ8Ŋ2#/ 1#Ŋ+.Ŋ.1%;-(!.Ŋ"#Ŋ+.2Ŋ (-.1%;-(!.ē
eX`[j_le [l_jWh kd [cf[ehW# c_[dje Z[ bWi YedZ_Y_ed[i WcX_[djWb[i"gk[i[]‘dbW?d# j[dZ[dY_W ]eX[hdWY_Œd Z[ IWdj_W]efeZh‡WdWbYWdpWhd_# l[b[iYedi_Z[hWZeicWbei"Yed kdhWd]e[djh[(&'o)&&c_# b_]hWceiZ[fWhj‡YkbWideY_lWi fehc[jheY‘X_YeZ[W_h[$ JWcX_ƒdgk[ZŒfhe^_X_Ze[b kieZ[[ijk\WiZ[b[‹WZkhWdj[ bWi(*^ehWiZ[b`k[l[i$
¢-".1ĹŠ -"(-. ĹŠ } Ä– Ĺ—ĹŠ 4+341ĹŠ%18/'42 ĹŠĹŠ ĹŠĹŠ ĹŠ Ĺ—ĹŠ Ä–ĹŠ 2(ĹŠ,#- 9 ".ŊĸĚ ĹŠĹŠ ĹŠ Ĺ—ĹŠ Ä–ĹŠ-ĹŠ#+(%1.ĹŠ1~3(!.ŊĸĚ ÂĄÄ–ĹŠ1%#-3(- ĔŊ.+(5( ĔŊ1 Äą Ĺ—ĹŠ 2(+ĔŊ'(+#ĔŊ.+., ( ĔŊ!4 ".1ĔŊ 1 %4 8ĔŊ #1ĂŒÄ”ĹŠ#-#94#+
#2!1(/!(¢-
;i[bWl[YWhhe‹[hW gk[i[ Wb_c[djWZ[Wd_cWb[ick[h# jei c|i]hWdZ[Z[bckdZe" bb[]WWc[Z_hc|iZ[)c[# jheiYedbWiWbWi[nj[dZ_ZWi$ J_[d[ Wf[dWi kd febbk[be YWZW Zei W‹ei o [ije ^WY[ gk[YkWdZei[beYWpW"i[W cko Z_\‡Y_b gk[ iki feXbW# Y_ed[ii[h[Ykf[h[d$ I[YWbYkbWgk[[d[b;YkW# Zeh [n_ij[d Wf[dWi kdei '&&YÂŒdZeh[i[djejWb$Kde Z[ bei fh_dY_fWb[i fheXb[# cWigk[[d\h[djWd[igk[" Yecei[^Wh[ZkY_ZebWYWd# j_ZWZZ[Wd_cWb[ii_bl[ijh[i" ckY^Wil[Y[idej_[d[dgkƒ Yec[h o cWjWd W bWi Yh‡Wi Z[]WdWZe"feh[ijeckY^Wi f[hiedWibeicWjWdW[bbei Z_ifWh|dZeb[i e fed_[dZe l[d[de[dWd_cWb[ick[h# jeigk[bk[]e[bbei_d]_[h[d oh[ikbjWd[d\[hcei$ ;icko_cfehjWdj[[dbW dWjkhWb[pW fk[i" Wb Yec[h beiWd_cWb[ick[hjei"YebW# XehW[d[bY_YbeZ[bWYWZ[dW Wb_c[dj_Y_W$ ^ +ĹŠ. (#1-.ĹŠ#!4 3.1( -.ĹŠ "#!+ 1¢Ŋ!.,.ĹŠ~ ĹŠ !(.- +ĹŠ "#+Ŋ¢-".1ĹŠ +ĹŠÄ?ĹŠ"#ĹŠ)4+(.Ä“ ŇŊ -$.1, !(¢-ĹŠ1#!./(+ " ĹŠ!.-ĹŠ /.8.ĹŠ "#ĹŠ+ ĹŠ-(¢-ĹŠ -3#1- !(.- +ĹŠ/ 1 ĹŠ+ ĹŠ .-2#15 !(¢-ĹŠ"#ĹŠ+ ĹŠ 341 +#9 ĹŠ ĸ ĚĔŊ3., " ĹŠ"#ĹŠ+.2ĹŠ ( 1.2ĹŠ .).2ĹŠ"#ĹŠ2/#!(#2ĹŠ,#- 9 " 2ĹŠ"#ĹŠ !4 ".1Ä“
Ä Ä€
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?Ĺ?
ĉÄ?Ä?ēćććŊ"¢+ 1#2ĹŠ/.1ĹŠ ".2ĹŠ5#23(".2ĹŠ"#ĹŠ "8ĹŠ(ĹŠ
)-Ĺ‹0 -.# )-Ĺ‹+/ Ĺ‹* ,. ( # Äš ,)(Ĺ‹Ĺ‹&Ĺ‹*,#( -Ĺ‹#(Ĺ‹ / ,)(Ĺ‹ 0 ( # )-Ĺ‹ (Ĺ‹ĂźÄ Ä€Ä„ĂşĂşĂşĹ‹ š&, -Ĺ‹ &Ĺ‹ )'#(!)Ĺ‹ (Ĺ‹/(Ĺ‹, '. Ĺ‹ (Ĺ‹ 0 ,&3Ĺ‹#&&-ŋĢĄĄģąŋ (/( #šŋ&Ĺ‹ -Ĺ‹ Ĺ‹-/ -.-Ĺ‹
/&# (Ä“-Ä„Ĺ‹' -Ĺ‹*, ( -Ĺ‹ && 0(Ĺ‹&Ĺ‹Ă°Ĺ‹,'Ĺ‹ Ĺ‹." ,#( Ĺ‹ &% ,Ä…Ĺ‹ -.#&#-.Ĺ‹ Ĺ‹&Ĺ‹ && # Ĺ‹ ,#-.š ,.Ĺ‹ - Ĺ‹-/Ĺ‹'.,#Äš ')(#)Ĺ‹ )(Ĺ‹ &Ĺ‹*,v( #* Ĺ‹,&)-Ĺ‹ (Ĺ‹ĂťÄƒÄ‚Ä Ĺ‹"-.Ĺ‹-/Ĺ‹'/ ,. Ĺ‹ (Ĺ‹ ĂťÄƒÄƒÄ Ä„Ĺ‹&Ĺ‹*,#' ,Ĺ‹./ ( )Ĺ‹ )-.šŋ ÝÞÞĄúúúŋ š&, -Ĺ‹3Ĺ‹ &Ĺ‹- !/( )Ĺ‹ Ģ (Ĺ‹&Ĺ‹ ).)ģŋÝýߥúúúĄŋŊ
ĹŠ ĹŠ ĹŠ
-2/(1 -ĹŠ ĹŠ!(-3 ĹŠ04#ĹŠ2#ĹŠ14#" ĹŠ#-ĹŠ4, -( ĹŠ
ŊěŊ;bheZW`[Z[bWfheZkYY_ÂŒd[ijWZekd_Z[di[Ăˆ=k_# bb[hceo9WjWb_dW0kdW^_ijeh_WZ[Wcehh[WbÉ"bWfh_c[hW f[b‡YkbWieXh[beiZkgk[iZ[9WcXh_Z]["h[Y_ƒdYWiWZei" WhhWdYWh|[ij[c[i[dHkcWd_W"_d\ehcÂŒWo[h[bZ_Wh_e HecWd_WB_X[hW$;bĂ’bcYec[dpWh|Yed[bfh_c[h[dYk[d# jheZ[bWfWh[`W"h[fWiWh|[bi[hl_Y_ec_b_jWhZ[=k_bb[hce" bWi[fWhWY_ÂŒdZ[beiZei`ÂŒl[d[i"ikh[YedY_b_WY_ÂŒdobei fh[fWhWj_leifWhWbWXeZW"gk[i[Y[b[XhÂŒ[b(/Z[WXh_b[d BedZh[i$ĹŠ
ĹŠ ĹŠ
ĹŠ ĹŠ
ÄĽ#23(" ĹŠ"#ĹŠ 9ĂŒ! 1ÄŚ
4#+5# ĹŠ! #1ĹŠ
ŊĚŊ ĹŠ! -3 -3#ĹŠ,#7(! - ĹŠ #231#-¢Ŋ 8#1ĹŠÄĽ#23(" ĹŠ"#ĹŠ 9ĂŒ! 1ČĔŊ #+ĹŠ2#%4-".ĹŠ2#-!(++.ĹŠ"#ĹŠ24ĹŠ-4#5.ĹŠ ;+ 4,ĹŠÄĽ+.1( ČĔŊ04#ĹŠ2 +(¢Ŋ ĹŠ+ ĹŠ5#-3 ĹŠ ĹŠÄƒĹŠ- +#2ĹŠ"#ĹŠ, 19.ĹŠ/ 2 ".Ä“ĹŠ ĹŠ 13(23 ĹŠ,4#231 ĹŠ#-ĹŠ#23#ĔŊ24ĹŠ-.5#-.ĹŠ ;+ 4,ĹŠ"#ĹŠ#234"(.ĔŊ4- ĹŠ#5.+4Äą !(¢-ĹŠ 13~23(! ĹŠ04#ĹŠ"#ÄƒĹŠ-(¢Ŋ!.,.ĹŠ ÄĄ$4#19 ĔŊ/ 2(¢-ĔŊ/."#1ĔŊ1# +(9 !(¢-ĹŠ 8ĹŠ+49ĢēŊ+ĹŠ-4#5.ĹŠ3#, ĹŠ24!#"#ĹŠ ĹŠÄĽ #ĹŠ 1~.ĹŠ"#ĹŠ3(ČĔŊ04#ĹŠ +! -9¢Ŋ#+ĹŠ3./#ĹŠ"#ĹŠ /./4+ 1(" "ĹŠ#-ĹŠ _7(!.ĹŠ8ĹŠ23 ".2ĹŠ -(".2Ä“ĹŠ
ĹŠ
#ĹŠ'(!(#1.-ĹŠ++.1 1ĹŠ
^ ŊěŊBWWYjh_pc[n_YWdW
gk[ZÂŒckojh_ij[Z[ifkƒi Z[gk[kd\kdY_edWh_eZ[ bWW[heb‡d[W7c[h_YWd 7_hb_d[ibW^_Y_[hWbbehWh ^WY[kdeiZ‡Wi$;b_dY_Z[d# j[eYkhh_ÂŒ[d[bW[hefk[h# jeZ[C_Wc_YkWdZei[ Z_ifed‡WWjecWhkdlk[be [dYecfW‹‡WZ[ikdel_e CWhj‡d<k[dj[i"gk_[dbW Z[\[dZ_ÂŒYecekdYWXW# bb[he"[iYh_X_ÂŒ@WYa_[[dik Yk[djWZ[Jm_jj[h$ĹŠ ĹŠĹŠ Â&#x;
Ŋ! -3 -3#Ŋ#23 ".4-("#-2#Ŋ-4#Ĺ 5 ,#-3#Ŋ#2Ŋ(-%1#2 " Ŋ#-Ŋ!#-31.Ŋ"#Ŋ 1#' (+(3 !(¢-Ŋ/.1Ŋ"1.% 2ēŊ
Ŋ : ĔŊ Ŋ ě
M^_jd[o >ekijed_d]h[iÂŒ[dkdY[djhe Z[ h[^WX_b_jWY_ÂŒd fWhW jhWjWh ikifheXb[cWiYed[bWbYe^ebo bWiZhe]Wi"i[]‘d_d\ehcÂŒWo[h ik h[fh[i[djWdj[ W bW h[l_ijW F[efb[$ BW Whj_ijW" Z[ *- W‹ei" Yed kd bWh]e ^_ijeh_Wb Z[ fheXb[# cWiYed[ijWiikijWdY_Wi"jecÂŒ bW Z[Y_i_ÂŒd feh Yk[djW fhef_W fWhW \ehcWh fWhj[ Z[ kd fhe# ]hWcWgk[debWeXb_]WW[ijWh [dY[hhWZW[d[bY[djheZ[\ehcW f[hcWd[dj[$ ÆM^_jd[o_d]h[iÂŒZ[\ehcW lebkdjWh_W fWhW \ehjWb[Y[h ik
-ĹŠ/.+_,(! 2ĹŠ
>ekijed \k[ d‘c[he kde [d l[djWi[d;;$KK$Yedik‘bj_# ce|bXkc"Ăˆ?beeajeoekÉ"[Z_# jWZe[d(&&/"[bfh_c[hegk[ bWdpWXW[di_[j[W‹ei"kdf[# bWh]efheY[ieZ[h[Ykf[hWY_ÂŒdÇ" h_eZe[d[bgk[ik_cW][dYWoÂŒ [nfb_YÂŒikh[fh[i[djWdj[$ [df_YWZWZ[X_ZeWikWZ_YY_ÂŒd BWm[X[if[Y_Wb_pWZW W bWi Zhe]Wi" [b WbYe^eb [d dej_Y_Wi Z[ \Wceiei ĹŠ o bWi YedijWdj[i febƒ# JCP \k[ bW fh_c[hW [d c_YWi `kdje W ik W^ehW fkXb_YWhbW_d\ehcWY_ÂŒd" [ncWh_Ze" [b YWdjWdj[ Wkdgk[ bW \k[dj[ gk[ ÄĽ+ĹŠ%4 1" #2/ +Äą 8eXXo8hemd$ " 2ČĔŊ04#ĹŠ3 ,Äą Y_jWXW [d kd fh_dY_f_e (_-ĹŠ$4#ĹŠ/1.3 Äą BWYWdjWdj[de^WX‡W Wi[]khWXWgk[ik_d]h[# %.-(9 " ĹŠ/.1ĹŠ h[]h[iWZeWbd‘c[hekde #5(-ĹŠ.23-#1ĔŊ iedej[d‡WdWZWgk[l[h $4#ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ Z[ l[djWi Z[iZ[ [b ]hWd !(-3 2ĹŠ,;2ĹŠ Yed [b Yedikce WYjkWb 3 04(++#1 2ĹŠ"#ĹŠ ƒn_jeZ[bWXWdZWiedehW 345.ĹŠ Z[WbYe^ebebWiZhe]Wi" ÄˆÄ’Ä’Ä‰ĹŠ8ĹŠ. Z[ bW f[b‡YkbW ĂˆJ^[ Xe# ".2ĹŠ-.,(- !(.Äą i_defWhWWi[]khWhi[Z[ -#2ĹŠ +ĹŠÂĄ2! 1Ä“ĹŠ Zo]kWhZÉ Ăˆ;b ]kWhZW[i# gk[deik\h‡WkdWh[YW‡# fbWZWiÉ "gk[f[hcWd[Y_ÂŒ ZW`kijeW^ehWgk[j_[d[ [dbec|iWbjeZ[bWib_ijWi fh[l_ijeYec[dpWh[bheZW`[Z[ Z[ ƒn_jei Z[b fW‡i ZkhWdj[ (& kdWdk[lWf[b‡YkbW$ i[cWdWiYedi[Ykj_lWi$
1(;-ĹŠ 04#" ĹŠ$4#1 ĹŠ "#ĹŠ , ĹŠ
Ŋ14 ( Ŋ/1#2#-3 Ĺ ".1 Ŋ"#Ŋ3#+#5(2(¢-Ŋ 04#"¢Ŋ$4#1 Ŋ"#+Ŋ! - +Ŋ +Ŋ-.Ŋ1#-.5 1+#Ŋ#+Ŋ !.-31 3.ēŊ
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
+ ĹŠ"#ĹŠ24ĹŠ + " ĹŠ
Ĺ—ĹŠĹŠĹŠ
.,#-3 1(.2ĹŠ
7i_c_ice"bWh[fehj[hWZ[ĂˆLW# ceiYedjeZeÉ HJI "Ij[f^Wd‡W 8WbZ[ÂŒd"[nfkiejWcX_ƒd[dik Yk[djWZ[Jm_jj[hgk[dei[Wb[# ]hWZ[beicWbeicec[djeifeh beigk[WjhWl_[iWCWh_|dIWXWjƒ1 i_d[cXWh]e"[iYh_X_ÂŒ0ÆF[he[i ŊěŊŊ ÆBWc[djWXb[c[dj[ c_ Wc_]W o YecfW‹[hW oW de kdWfhk[XWc|iZ[gk[begk[ i[h|c|ifWhj[Z[=WcWJL"jeZe kde^WY[befW]WÇ$ 8WbZ[ÂŒdi[h[Ă’[h[WbWiYh‡j_# [bWfeoeoYWh_‹e_dYedZ_Y_edWbÇ" YWi h[Y_X_ZWi feh fWhj[ \k[hed bWi fWbWXhWi gk[ Z[CWh_|d[d[bfhe]hW# kj_b_pÂŒ7Zh_WdWI|dY^[p" cWĂˆBeiZk[‹eiZ[bc[# c|i YedeY_ZW Yece ĂˆBW ĹŠ Z_eZ‡WÉ"[d[bj_[cfegk[ 8ecXWÉ"[dikYk[djWZ[ ZkhÂŒikhecWdY[`kdjeW Jm_jj[hgk[fkieW[if[# 1(;-ĹŠ 3_ĹŠ @eh][Jeb[Ze"[nZ_h[Yjeh YkbWh bW ikfk[ijW iWb_ZW 3(#-#ĹŠ,;2ĹŠ"#ŊĉćŊ  .2ĹŠ"#ĹŠ31 8#!Äą Z[bWĂˆh[_dWZ[bWfh[diW 3.1( ĹŠ#-ĹŠÄ“ĹŠ-.ĹŠ Z[j[WjheZ[=WcWJL$ "#ĹŠ242ĹŠ/1.%1 Äą heiWÉ" CWh_|d IWXWjƒ" bW , 2ĹŠ,;2ĹŠ$ ,.Äą 2.2ĹŠ$4#ĹŠÄĽ+¢Ŋ04_ĹŠ cW‹WdWZ[Wo[h$ +(" 3 +ČĔŊ#-ĹŠÄ“ĹŠ :[_dc[Z_Wje"ckY^ei BW de h[delWY_ÂŒd Z[b \k[hed bei Yec[djWh_ei YedjhWje Z[ IWXWjƒ ^W# gk[i[][d[hWhed[dc[Z_eZ[[ij[ Xh‡Weh_]_dWZebWiWb_ZWZ[bWWd_# c[diW`[ [d bW h[Z ieY_Wb$ >WijW cWZehWZ[bYWdWb_dYWkjWZefeh gk[bWfhef_WI|dY^[pYedĂ’hcÂŒbW [b;ijWZe"gk_[d^WXh‡W[n_]_Ze iWb_ZWZ[bWWd_cWZehW$ kd\k[hj[_dYh[c[dje[dikiWbW#
: Ä“ĹŠ 1(;-ĹŠ' ĹŠ2(".ĹŠ!.-2("#1 " ĹŠ!.,.ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠÄĽ"(5 2ĹŠ"#ĹŠ+ ĹŠĹŠ - !(.- +ÄŚÄ“ĹŠ
h_e$I[[if[YkbWgk[[bik[bZeZ[ bWhkX_WWd_cWZehW[ij|fehbei .$&&&ZÂŒbWh[i$ ;ijWh[ZWYY_ÂŒd_dj[djÂŒYeck# d_YWhi[YedCWh_|d"i_dbe]hWhik eX`[j_le1i_d[cXWh]e"Z[Xk[dW
\k[dj[i[ikfegk[IWXWjƒ^WXh‡W YWdY[bWZe #Z[X_Ze bW dej_Y_W# kdW[djh[l_ijW[nYbki_lWYedbW h[l_ijWZ[\Wh|dZkbWD[mCeZ[b CW]Wp‡d"bWcW‹WdWZ[Wo[h$
Ä 4(#1#-ĹŠ,.-¢+.%.Ä&#x;ĹŠ
¥ēŊ.-Ŋ4- Ŋ! ,(2#3 Ŋ"#Ŋ+ Ŋ (% Ŋ"#Ŋ4(3.ĔŊ#-Ŋ)4+(.Ŋ"#ŊĉććđĔŊ#-Ŋ#+Ŋ :%.1 Ŋ"#Ŋ+ Ŋē
;b ^kceh i[h| [b fbWje \k[hj[ WZ[c|iZ[ikicedÂŒbe]ei"[d# gk[[bc[n_YWde7ZWbHWced[i jh[l_ijWXW W Whj_ijWi Z[ bW jWbbW Z[08h_jd[oIf[Whi"9^h_i# o <hWdY_iYe F_deWh]e# j_dW7]k_b[hW"H_YaoCWh# jj_i[hl_h|dZ[f_[Wdj[ ĹŠ j_d";bjed@e^d"M_bbIc_j^" [bf‘Xb_Ye[YkWjeh_Wde I^Wa_hW"[djh[ejhei$ [ij[')o'*Z[cWoe"[d ;b[YkWjeh_WdeF_deWh# Gk_jeo=kWoWgk_b"h[i# 2ĹŠ#-31 " 2ĹŠ3(#Äą -#-ĹŠ4-ĹŠ!.23.ĹŠ"#ĹŠ ]ejj_ [i kd YÂŒc_Ye o fh[# f[Yj_lWc[dj[$ ĹŒÄ‰Ä?ĹŠ/ 1 ĹŠ/1#$#Äą ;dbWYWf_jWb"[b[l[d# 1#-!( Ä”ĹŠĹŒÄŒÄŽĹŠ ĹŠ8ĹŠ ĹŒÄ?ćŊ.+"#-ĹŠ.7Ä“ĹŠ i[djWZeh Z[ JL" \Wceie jei[h[Wb_pWh|[d[bJ[W# -ĹŠ4 8 04(+ĹŠ2#ĹŠ fehikfhe]hWcWĂˆ8k[dei 1¢Ŋ4- ĹŠ ckY^WY^eiÉ" [d [b gk[ bW jheĂ›]ehWZ[bW9WiWZ[ -., +.! +(" "ĹŠ +ĹŠ .7ĹŠ!48.ĹŠ/1#!(.ĹŠ i|j_hWfeb‡j_YWi[c[pYbWXW bW9kbjkhW;YkWjeh_WdW #2ĹŠĹŒÄ‘Ä’Ä“ Yedbei[hheh[io^ehheh[i 99; " W fWhj_h Z[ bWi Z[bWj[b[l_i_ÂŒddWY_edWb$ (&0&&o[d=kWoWgk_b" 7ZWb jhW[ fWhW [ijW eYWi_ÂŒd WbZ‡Wi_]k_[dj["WbWi(&0)&[d[b 9[djheZ[9edl[dY_ed[iI_cÂŒd Yecedel[ZWZikcedÂŒbe]eĂˆ)) 8eb‡lWh$;ijW[ibWi[]kdZWl[d_# YeiWigk[c[lk[bl[dbeYeÉoF_# ZWZ[bYec[Z_Wdj[c[n_YWdeWb deWh]ejj_"fehikbWZe"[ij|fhÂŒn_# ceW[ijh[dWhkdcedÂŒbe]eh[bW# fW‡i$7dj[ibe^_pe[d(&&.$ HWced[i[iYedeY_Zefehik Y_edWZeYedbWYedikbjWfefkbWh fhe]hWcWĂˆEjhehebbeÉ"[d[bYkWb" j_jkbWZeĂˆ9edi‘bj[c[Wc‡É$
ĹŠ ĹŠ
ĹŠ ĹŠ+49ĹŠ4-ĹŠ-(Â .ĹŠ
Ŋ: ŊěBWWYjh_pZ[)*
W‹eii[Yedl_hj_ÂŒ[dcWZh[ jhWiZWhWbkpWikfh_c[h^_`e Z[decXh[8[Wh8bk"\hkjeZ[ ikcWjh_ced_eYed9^h_ije# f^[h@Wh[Ya_"Z[*&W‹ei" i[]‘d_d\ehcÂŒWo[hbWh[l_ijW F[efb[$I_bl[hijed[iWbjÂŒWbW \WcW[dbei/&Yedf[b‡YkbWi YeceĂˆ9bk[b[iiÉ '//+ oĂˆ8Wj# cWd HeX_dÉ '//- $Bk[]e fkXb_YÂŒkdb_XheZ[h[Y[jWi Z[Z_[jWĂˆl[]WdÉ ĂˆJ^[A_dZ :_[jÉ "gk[fheck[l[kdW Wb_c[djWY_ÂŒdi_dfheZkYjei Wd_cWb[i$;<;
Ä Ä
ŊěŊŊ;bfk[hjehh_gk[# ‹eBk_i<edi_lk[bl[fehbei \k[heiYed beigk[l[d# Z_ÂŒc[Z_e c_bbÂŒdZ[ Yef_WiZ[ ĂˆFWbWXhWi Z[i_b[dY_eÉ (&&. o WXehZW[d Ăˆ=h_jWhÉ"fh_c[hi_d]b[Z[ik dk[lejhWXW`e"kdWZ[[iWi XWbWZWiYedbWigk[b[]kijW" YeceƒbZ_Y["Ægk[bW][dj[ [iYkY^[[iWb|]h_cW[dbW ]Wh]WdjWÇ$ ÆGk_[hebb[lWhWbW][dj[[b c[diW`[Z[gk[Wb]kdWil[Y[i j[d[ceigk[[nfh[iWhdei odej[d[hc_[ZeZ[Z[Y_he ^WY[hbegk[gk[h[cei[dbW l_ZWÇ"[nfb_YÂŒWo[h[dCWZh_Z [bYWdjWdj["gk[WbYWdpÂŒik cWoehƒn_je_dj[hdWY_edWb Yed[bj[cWĂˆDec[Zeofeh l[dY_ZeÉ$ĹŠ
#ĹŠ, 1( !'(ĹŠ8ĹŠ /1.3#23.- ĹŠ
Ĺ—ĹŠĹŠĹŠ
^ ŊěŊŊBWZo=W]W^_pe kdWfWhWZW[dCƒn_YeYece fWhj[Z[ik]_hWĂˆCedij[h8WbbÉ ojhWiZ[YbWhWhik\WiY_dWY_ÂŒd fehbWYkbjkhWc[n_YWdW" ceijhÂŒik efei_Y_ÂŒd ^WY_Wb[o[i Wdj_dc_# ]hWdj[i YecebWI8 '&-&Z[7h_# pedWfehbe gk[_dYbkie [iYh_X_ÂŒkdW YWdY_ÂŒd$ ÆÉ7c[h_YW# deÉ[iieXh[bW_d`kij_Y_WieY_Wb gk[^Wo[dc_fW‡iobWib[o[i Z[_dc_]hWY_ÂŒd$OedeWfeoe ckY^WiZ[[iWib[o[i_d`kijWi gk[^Wo[dc_fW‡io[iYh_X‡ Ăˆ7c[h_YWdeÉYeceh[ifk[ijW WbWB[oZ[7h_pedWÇ"WĂ’h# cÂŒbWYWdjWdj[Wbeic[Z_ei c[n_YWdei$ =W]WYec[djÂŒgk[_dYbkie [dkdWl[hi_ÂŒdZ[[i[j[cW Z[Y_Z_ÂŒ_dYbk_hc‘i_YWZ[ cWh_WY^_fWhWZWhb[kdjegk[ [if[Y_WbWikYh‡j_YW$
4#1#ĹŠ .'-ĹŠ +*#1ĹŠ
ŗŊ ŊŊ Ŋ ŊěŊ@e^d MWba[h"]k_jWhh_ijWoYWdjWd# -Ŋ"#+Ŋ3#-(2Ŋ
ŊěŊŊ+Ŋ!(-# 23 Ŋ#2/  .+Ŋ#"1.Ŋ+,."¢5 1Ŋ#2345.Ŋ,48Ŋ Ŋ%423.ĔŊ#-Ŋ
!.,/  ~ ĹŠ"#ĹŠ+ ĹŠ !31(9ĹŠ 1,#-ĹŠ !'(ĔŊ#-ĹŠ#+ĹŠ/ 13(".ĹŠ"#ĹŠ3#-(2ĹŠ#-31#ĹŠ24ĹŠ !.,/ 31(.3 ĹŠ $ #+ĹŠ " +ĹŠ8ĹŠ#+ĹŠ24(9.ĹŠ.%#1ĹŠ#"#1#1ĔŊ#-ĹŠ 23#12ĹŠÄˆÄ“Ä‡Ä‡Ä‡ĹŠ "#ĹŠ "1("Ä“ĹŠĹŠ
j[Z[beiMWba[h8hej^[hi" ckh_ÂŒ[bi|XWZeWbei,- W‹ei[dikl_l_[dZWZ[Bei Ă›d][b[i"i[]‘di[_d\ehcÂŒ [dbWcWZhk]WZWZ[Wo[hW jhWlƒiZ[ikf|]_dWm[X$ IkfehjWlepi[‹WbÂŒgk[[b Whj_ijWik\h‡WkdY|dY[hZ[^‡# ]WZeZ[iZ[^WY‡Wi[_ic[i[i" i[‹WbÂŒbW88$ ĹŠ
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ? Ĺ? Ĺ? Ĺ?
Ä Ä‚
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
[ijkZ_eh[Wb_pWZefeh[b?dij_jkje LWb[dY_WdeZ[?dl[ij_]WY_ed[i ;YedŒc_YWi ;ifW‹W "[bYkWb jWcX_ƒdi[‹WbWgk[Yed(-W‹ei" ,Z[YWZW'&ck`[h[ioWdel_l[d [d[b^e]Wh\Wc_b_Wh"c_[djhWigk[ [bfehY[djW`[Z[^ecXh[ii[i_j‘W [d[b+&$
#+.2ĹŠ04#ĹŠ!(#% -
Ĺ—ĹŠ ĹŠĹŠ?dl[ij_]WZeh[iZ[bWKd_l[h# i_ZWZZ[:[bWmWh[ ;;$KK$ Wi[]khWdgk[beiY[beigk[kdW ck`[hfk[Z[i[dj_h[`[hY[dkd ]hWd_cfWYje[ceY_edWb"^WijW[b fkdjeZ[c[hcWhikYWfWY_ZWZ l_ikWb$I[]‘dh[l[bWhedbeih[# ikbjWZeiZ[b[ijkZ_e"YkWdjec|i Y[beiWi[i[dj‡WkdWfWhj_Y_fWdj[" c|iZ_\‡Y_bb[h[ikbjWXW_Z[dj_# Ă’YWhbeifW_iW`[iXed_jeioc|i ceb[ijWib[fWh[Y‡WdbWi_c|][d[i Z[iW]hWZWXb[i"Z_ijehi_ÂŒdgk[i[ ZWXWiebeYkWdZeWikfWh[`Wi[ b[ceijhWXWd_c|][d[iZ[ejhWi \ƒc_dWi$
-"#/#-"(9 12#ĹŠ
Ĺ—ĹŠĹŠĹŠ
9kWdjecWoeh[i[bd_l[bZ[ [ijkZ_eiZ[bei`Œl[d[i"c|i h[jhWiWdbWiWb_ZWZ[b^e]Wh\W# c_b_Wh$7i‡"c_[djhWiYed(,W‹ei [b,&Z[bei`Œl[d[igk[j_[d[d [ijkZ_eieXb_]Wjeh_ei^WZ[`WZe [b^e]WhfWj[hde"‘d_YWc[dj[kd *(Z[beikd_l[hi_jWh_eii[^W [cWdY_fWZe$7i‡beWi[]khWkd
+ĹŠ"#ĹŠ ,.1#2Ä” , +ĹŠ"#ĹŠ,4!'.2
Ĺ—ĹŠ ĹŠĹŠOWi[W[d[bYeb[]_e"[dbW WZeb[iY[dY_W"[dbWkd_l[hi_ZWZe _dYbkie[dbWcWZkh[pbeY_[hje[i gk[WbWcWoeh‡WZ[bWif[hiedWi b[i^WdĂˆheje[bYehWpÂŒdÉ[dWb]‘d cec[dje$I[]‘di[Z[ifh[dZ[Z[ kdW[dYk[ijW[bWXehWZW[d;ifW# ‹W"Wdj[kdWcWbWi_jkWY_ÂŒdi[dj_# c[djWb[b(-"+Z[bWfeXbWY_ÂŒdi[ i_[dj[\Wj_]WZW"i_d[d[h]‡Woi_d \k[hpWifWhWiWb_hZ[YWiW$ BWfƒhZ_ZWZ[Wf[j_je[ijWcX_ƒd kdi‡djecWYec‘d[djh[YWi_kd (&Z[bei[dYk[ijWZei"Wkdgk[ Ykh_eiWc[dj[[ic|iYec‘d[d [bbWi$ BW\WbjWZ[ik[‹eobWi]WdWi _dYedjhebWXb[iZ[bbehWhjWcX_ƒd ik[b[di[h^WX_jkWb[i$
Ä“ĹŠ1 3#ĹŠ"#ĹŠ04#ĹŠ24ĹŠ! 2 ĹŠ2# ĹŠ4-ĹŠ/4-3.ĹŠ"#ĹŠ ,.1ĹŠ8ĹŠ"#ĹŠ +#%1~ Ä“ĹŠ
+%4-.2ĹŠ314!.2ĹŠ/ 1 ĹŠ 4-ĹŠ, 31(,.-(.ĹŠ$#+(9 7(23#-ĹŠ5 1(.2ĹŠ3(/2ĹŠ04#ĹŠ/."1; 84" 1+#ĹŠ ĹŠ, -3#-#1ĹŠ4- ĹŠ1#+ !(¢-ĹŠ 2 +4" +#ĹŠ"#ĹŠ/.1ĹŠ5(" Ä“ĹŠ ;bWceh[ikdi[dj_c_[djegk[ ckY^Wil[Y[i[iYWfWWbWhWpÂŒd oW^ehWjWcX_ƒdi[^WYedl[h# j_Ze[d[bY[djheZ[[ijkZ_eZ[ lWh_eiY_[dj‡ÒYei$ BW;iYk[bWZ[D[]eY_eiZ[ =_d[XhW Ik_pW Wi[]khW gk[ ]hWY_WiWkdW_dl[ij_]WY_ÂŒdgk[ h[Wb_pÂŒ"be]hÂŒ[dYedjhWhbWYbWl[ cWj[c|j_YWfWhWfeZ[hcWdj[# d[hkdcWjh_ced_e\[b_p$;ijW i[XWiW[dgk[bW[ifeiW_Z[Wb Z[X[ j[d[h Y_dYe W‹ei c[dei gk[ikfWh[`W"[bc_iced_l[b YkbjkhWb o i[h kd feYe c|i _dj[b_][dj[ (- c|i gk[ ik WcWZe"beYkWbdej_[d[gk[l[h Yedkdj‡jkbekd_l[hi_jWh_e$ FWhW bb[]Wh W [ijW YedYbk# i_ÂŒd"beiWYWZƒc_YeiWdWb_pWhed W'$&-*fWh[`Wi^[j[hei[nkWb[i [djh[bei'/o-+W‹eiZ[[ZWZ" Yed[beX`[j_leZ[beYWb_pWhbei \WYjeh[i ieY_Wb[i c|i _cfeh# jWdj[igk[f[hc_j[dcWdj[d[h h[bWY_ed[iZ[bWh]WZkhWY_ÂŒdo gk[" WZ[c|i" Wfehj[d ]epe W WcXeic_[cXhei$ I[]‘d [b Z_h[Yjeh Z[ bW _d# l[ij_]WY_ÂŒd"D]ko[dL_9We"i_ bWif[hiedWii_]k[d[ijeifWh|# c[jheiWbW^ehWZ[[iYe][hkd YecfW‹[he Z[ l_ZW" j[dZh|d kd(&c|iZ[fheXWX_b_ZWZ[i Z[j[d[hkdcWjh_ced_ebb[de Z[Z_Y^W$ 7i‡dei[W[ijWbWYbWl[fWhW ik l_ZW WceheiW" W Yedj_dkW# Y_ÂŒd b[ fh[i[djWcei Wb]kdei Yedi[`ei gk[ b[ WokZWh|d W ^WY[hc|ibb[lWZ[hWibWiYeiWi YedikWcWZe$
.,/1.,(2.
Bei ^e]Wh[i gk[ lWbehWd W bW \Wc_b_WYecekd_ZWZfeh[dY_# cWZ[bWid[Y[i_ZWZ[ioZ[i[ei _dZ_l_ZkWb[ibb[]WdWcWdj[d[h kdWWhced‡W$ ;ije gk_[h[ Z[Y_h gk[ Wkd# gk[YWZWYkWbj[d]Wikic[jWi" Z[X[[ijWhZ_ifk[ijeW[b_c_dWh Wgk[bbWigk[fk[ZWdWc[dWpWh bWXk[dWh[bWY_ÂŒdZ[bWfWh[`W" Z[X[jhWjWhZ[Yecfh[dZ[hbei ik[‹ei o i[dj_c_[djei Z[ ik Ăˆc[Z_WdWhWd`WÉoWcXeij_[d[d gk[WokZWhi[ckjkWc[dj[WZ[# iWhhebbWhikYWh|Yj[hoYWc_dWh YedZ[ij_de^WY_Wikic[jWi$ /1#!(.
FWhWcWdj[d[hkdcWjh_ced_e \[b_p i[ d[Y[i_jW Wb_c[djWh [b Wcehgk[YWZWkdei_[dj[feh [bejhe$;ijei[be]hWc[Z_Wdj[ f[gk[‹Wi[nfh[i_ed[iZ[YWh_# ‹e[dbWigk[dei[d[Y[i_jW_d# l[hj_hckY^eZ_d[he"h[YehZWd# ZeYedijWdj[c[dj[Yk|b[iied beifkdjeifei_j_leiZ[bYÂŒdok# ][oYeckd_YWdZei_[cfh[bWi YeiWiZ[kdWcWd[hWfei_j_lW [dbWgk[de^WoWYWX_ZWfWhW bWiYh‡j_YWiebWie\[diWi$ .,4-(! !(¢-
9edl[hiWh Yed ik WcWZe [i \kdZWc[djWbfWhWbWYecfh[d# i_ŒdckjkWojWcX_ƒd[ikdW \ehcWZ[Wb_c[djWh[bWceh$ 9ecfWhj_hbWi[nf[h_[dY_Wi gk[i[l_l[dWZ_Wh_e[dbeiZ_# \[h[dj[i|cX_jeigk[i[Z[X[d [d\h[djWh"bWifh[eYkfWY_ed[i"
#-% ĹŠ#-ĹŠ!4#-3 4-3.2ĹŠ(,/.13 -3#2
ĹŠ#-% -ĹŠ4- ĹŠ!(3 ĹŠ ,.1.2 ĹŠ +ĹŠ,#-.2ĹŠ4- ĹŠ Ĺ—5#9ĹŠ ĹŠ+ ĹŠ2#, - Ä“ ĹŠ
Ŋ % -Ŋ04#Ŋ#+Ŋ1#2/#3.ĔŊ+ Ŋ!.13#2~ Ŋ8Ŋ+ Ŋ ŗ%#-3(+#9 Ŋ2# -Ŋ' (34 +#2ēŊŊ ŊŊ;% -2#Ŋ1#% +.2ĔŊ2(-Ŋ(,/.13 1Ŋ$#!' 2Ŋ ŗ8Ŋ!#+# 1 !(.-#2ĔŊ!.-Ŋ#+Ŋ2.+.Ŋ/1./¢2(3.Ŋ"#Ŋ 2.1/1#-"#1ē
ŗŊŊ.-1~ -Ŋ$1#!4#-3#,#-3#ē ŊŊ! 1~!(#-2#Ŋ8Ŋ' +#-Ŋ"#Ŋ242Ŋ/1.8#!3.2Ŋ ŗ/#12.- +#2Ŋ8Ŋ"#Ŋ/ 1#) ē ŗŊŊ#+#!!(.-#-Ŋ4-Ŋ3#, Ŋ,42(! +Ŋ8Ŋ!.-5(_1Ĺ 3 -+.Ŋ#-Ŋ24Ŋ! -!(¢-Ŋ$ 5.1(3 ē ŗŊŊ#%;+#-2#Ŋ +Ŋ,#-.2Ŋ".2Ŋ!4,/+(".2Ŋ +Ŋ"~ ē ŊŊ4 -".Ŋ#23_-Ŋ2#/ 1 ".2ĔŊ! " Ŋ04(#-Ŋ ŗ#-Ŋ24Ŋ31 ).Ŋ.Ŋ#234"(.ĔŊ++;,#-2#Ŋ +Ŋ,#-.2Ŋ 4- Ŋ5#9Ŋ +Ŋ"~ ē
ŊŊ¢,#-2#Ŋ"#Ŋ+ 2Ŋ, -.2Ŋ8Ŋ 1;2#-2#Ŋ ŗ2(-Ŋ-#!#2(" "Ŋ"#Ŋ4-Ŋ/1#3#73.ĔŊ2.+.Ŋ/ 1 Ŋ "(2$143 12#Ŋ,434 ,#-3#ē
bWi Wb[]h‡Wi o bWi \hkijhWY_ed[i \ehjWb[Y[[bl‡dYkbeZ[kd_ÂŒd$ ;dYWieZ[gk[Wb]kdeZ[bei ZeiZ[`[Z[Yeckd_YWhi["jhWj[Z[ h[iebl[h[bfheXb[cWbeWdj[ife# i_Xb["oWgk[[ijefk[Z[Z[dejWh Wb]kdW\WbbWec_[Ze^WY_WWb]e$ -(¢-ĹŠ04#ĹŠ' !#ĹŠ+ ĹŠ$4#19
FWhW^WY[h\h[dj[WbWiYh_i_ioW bei Z[iW\‡ei gk[ ckY^Wi l[Y[i WfWh[pYWd[dikl_ZW"[id[Y[iW# h_eZ[iWhhebbWhkdWYWfWY_ZWZZ[ Ăˆfed[hbWYWhWÉ"begk[i[be]hWWb bb[dWhi[Z[Wceh$ ;ijeWokZWh|Wgk[Z[`[dZ[ XkiYWhi[YkbfWXb[io[cf_[Y[d W l_ibkcXhWhi[ iebkY_ed[i$ I_ [id[Y[iWh_e"f_ZWf[hZÂŒdei[W YWfWp Z[ Z[`Wh Wjh|i ik fhef_e [de`e$
Ä #ĹŠ423#" 04_ĹŠ#2ĹŠ#+ĹŠ+4/42Ä&#x; 23 ĹŠ#-$#1,#" "ĹŠ#2ĹŠ!1¢-(! ĹŠ8 /1(-!(/ +,#-3#ĹŠ 3 ! ĹŠ ĹŠ,4)#1#2 #-ĹŠ#" "ĹŠ1#/1."4!3(5 Ä“ĹŠ
1 ĹŠ/1#5#-(1
ŗŊŊ.Ŋ#7/.-#12#Ŋ Ŋ+ Ŋ!.-3 ,(- !(¢-ē ŗŊ#-#1Ŋ!4(" ".Ŋ +Ŋ#7/.-#12#Ŋ +Ŋ2.+ē ŗŊ -3#-#1Ŋ4- Ŋ +(,#-3 !(¢-Ŋ + -!# " ē ŗŊ)#1!(!(.Ŋ143(- 1(.ē ŗŊ23 1Ŋ#-Ŋ4-Ŋ , (#-3#Ŋ31 -04(+.ē
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
Ä Äƒ
1.-¢23(!. ŗŊ Ŋ 1 Ŋ 1!.Ŋ1 5.ĔŊ,_"(!.Ŋ (-3#1-(23 ĔŊ#2Ŋ31 2!#-"#-3 +Ŋ04#Ŋ+ Ŋ
%#-3#Ŋ2#/ Ŋ04#Ŋ#+Ŋ+4/42Ŋ#2Ŋ4- Ŋ#-Ĺ $#1,#" "Ŋ%1 5#Ŋ8Ŋ04#Ŋ+.2Ŋ/ !(#-3#2Ŋ 04#Ŋ-.Ŋ2#Ŋ31 3#-Ŋ (#-Ŋ/4#"#-Ŋ3#-#1Ŋ !.,/+(! !(.-#2ĔŊ2. 1#Ŋ3.".Ŋ/.104#Ŋ 24Ŋ2(23#, Ŋ(-,4-.+¢%(!.Ŋ2#Ŋ"# (+(3 Ŋ 8Ŋ!4 +04(#1Ŋ(-$#!!(¢-Ŋ/4#"#Ŋ++#% 1Ŋ Ŋ 2#1Ŋ/#+(%1.2 ē (-Ŋ#, 1%.ĔŊ+ 2Ŋ/#12.- 2Ŋ04#Ŋ #23;-Ŋ (#-Ŋ!.-31.+ " 2ĔŊ04#Ŋ !4"#-Ŋ ".-"#Ŋ4-Ŋ#2/#!( +(23 Ŋ"#Ŋ$.1, Ŋ /#1(¢"(! Ŋ8Ŋ04#Ŋ2(%4#-Ŋ+ Ŋ3#1 /( Ŋ /1./( " Ŋ/4#"#-Ŋ' !#1Ŋ24Ŋ5(" Ŋ"#Ŋ , -#1 Ŋ-.1, +ēŊ
[n|c[d[iZ[eh_dWfWhWh[l_iWh i_[n_ij[ZW‹e[dbeih_‹ed[i$ 1 3 ,(#-3.
8hWleZ_Y[gk[^Wogk[j[d[h[d Yk[djWgk[[bbkfki[ikdWfWje# be]‡WZ[][d[hWj_lW"eXijhkYj_lW [_dYkhWXb["fehbegk[i[Z[X[ cWdj[d[hkdYedjhebWZ[YkWZe Z[bfWY_[dj[$ 7Z[c|i" W]h[]W gk[ YWZW f[hiedWd[Y[i_jWWokZWZ_ij_djW" Z[f[dZ_[dZeZ[iki_jkWY_Œdo Z[beiŒh]Wdeigk[[ijƒdi_[dZe Yecfhec[j_Zei$ Bei Yehj_Ye_Z[i i[ Yedi_Z[# hWd bei c[Z_YWc[djei X|i_Yei fehgk[ jeZei bei fWY_[dj[i bei jecWd[dWb]‘dcec[djeZ[ik l_ZW$;dYWieZ[gk[beifkbce# d[i"[bYehWpŒd"beih_‹ed[io[b i_ij[cW Y[djhWb d[hl_eie i[Wd beic|iW\[YjWZei"[bjhWjWc_[dje Z[X[i[hckY^ec|iW]h[i_le$ 7i_c_ice" i[ Z[X[ WYkZ_h ZedZ[[bcƒZ_YeZ[\ehcWh[]k# bWhfWhW[l_jWhh[YW‡ZWi$
ēŊ.Ŋ.+5("#Ŋ/#"(1Ŋ+ Ŋ./(-(¢-Ŋ"#+Ŋ,_"(!.Ŋ#2/#!( +(23 Ŋ -3#2Ŋ"#Ŋ1# +(9 1Ŋ 4- Ŋ!.,/1 ēŊ
+ĹŠ,#).1ĹŠ(-2314,#-3.ĹŠ/ 1 ĹŠ ,#"(1ĹŠ+ ĹŠ/1#2(¢ ŊŊľŊ ĹŠ ĹŠÄ›I_kij[Z deeXijWdj["i_[bh_jceYWhZ‡WYe[i j_[d[bWfh[i_ÂŒdWhj[h_WbWbjW" _hh[]kbWh"beib[Yjeh[ifk[Z[dbb[]Wh i_ j_[d[ Wb]kdW [d\[hc[ZWZ Wi[hfeYefh[Y_iei$ JWcX_ƒd" ^Wo kdei c[Z_Zeh[i YWhZ‡WYWeZ_WX[j[iei_i_c# fb[c[dj[gk_[h[YedjhebWhik j_fe fkbi[hW" f[he ied Z_\‡Y_b[i Z[ YehWpÂŒdYece\ehcWZ[fh[# YWb_XhWh o bWi kd_ZWZ[i Z_]_jWb[i l[dY_ÂŒd"kdWhj[\WYjefWhWl[# fWhWbeiZ[ZeideiedYedĂ’WXb[i$ h_Ă’YWhikid_l[b[iZ[fh[i_ÂŒd Whj[h_Wbb[i[h|cko‘j_b$
ĹŠ,#"(" ĹŠ "#!4 " =hWY_WiWbeiWlWdY[iZ[bW BW cWoeh‡W Z[ bei _dijhkc[djei j[Ydebe]‡W"oWded[Y[i_jW^W# Yk[djWd Yed i_ij[cWi gk[ i[ WZ[# Y[hbWh]WiĂ’bWi[dkdW\WhcW# YkWdWbjWcW‹eZ[bWcWdeZ[YWZW Y_Wef[Z_hkdWY_jWZedZ[[b f[hiedW$I_d[cXWh]e"i_[bXhWpe[i cƒZ_YeiebefWhW[ij[ cko ]hk[ie e cko Z[b]WZe de ik[b[ [dYW`Wh cko X_[d$ Y^[gk[e" W^ehW ^Wo ĹŠ WfWhWjei Zecƒij_Yei Feh[ijWhWpÂŒd"[i_cfehjWd# gk[ \kdY_edWd cko j[ gk[ i_]W XkiYWdZe ^WijW 1ĹŠ [dYedjhWh[bgk[j[d]WbWc[# X_[dogk[ZWdh[ikbjW# .ĹŠ.+5("#ĹŠ/1. #+ĹŠ / 1 3.ĹŠ -3#2ĹŠ "#ĹŠ!.,/1 1+.Ä“ĹŠ ZeiY[hj[hei$ Z_ZW [nWYjW" oW gk[ kd cWb F[he fWhW [b[]_h bW W`kij[h[ZkY[bWfh[Y_i_ÂŒdZ[ c|gk_dWYehh[YjW^Wo beih[ikbjWZei$ Wb]kdeifkdjeigk[Z[X[j[# d[h[dYk[djWfWhWgk[dei[ 4ĹŠ42. lWoWW[gk_leYWh$ :[ifkƒiZ[YecfhWh[bc[Z_ZehZ[ fh[i_ÂŒdWhj[h_Wb"bbƒl[beYedi_]eWbW eĂ’Y_dWeWbYedikbjeh_eZ[ikcƒZ_# .-.9! ĹŠ+ 2ĹŠ./!(.-#2 Bei ceZ[bei bbWcWZei Wd[# YeZ[YedĂ’WdpWfWhWWi‡Wi[]khWhi[ he_Z[iiedXWhWjeio\|Y_b[iZ[ Z[gk[h[Wbc[dj[Wfh[dZ[h|Wkj_b_# jhWdifehjWh$ 7Z[c|i" _dYbk# pWhbeZ[\ehcWYehh[YjW$ o[d kd [ij[jeiYef_e o Wb]k# deiYk[djWdYed_dZ_YWZeh[i #1(ă04# [njhW ]hWdZ[i fWhW \WY_b_jWh 9WZW,e'(c[i[ibb[l[[b_dijhk# ikb[YjkhW"f[hedeiedh[Ye# c[djeWh[l_i_ÂŒdoYecf|h[beYed c[dZWXb[ifWhWf[hiedWigk[ kdW kd_ZWZ [ijWdZWh_pWZW Z[ kd j_[d[d fheXb[cWi Z[ e‡Ze e Yedikbjeh_ecƒZ_Ye$ feYWZ[ijh[pWcWdkWb$ BeiWfWhWjei[b[YjhÂŒd_Yeie Z_]_jWb[iiedbeic|ifefkbW# h[i"Wkdgk[iedkdfeYec|i Yeijeiei$Ied\|Y_b[iZ[kiWh"
$*
ÂľGkƒf[diWh‡Wi_b[Z_Y[dgk[ 7‹WZ[gk[bWYedjWc_dWY_ÂŒd [n_ij[kdWfWjebe]‡W[dbWgk[ o bei fheXb[cWi ieY_Wb[i gk[ [bYk[hfefWh[Y[lebl[hi[ĂˆbeYeÉ WjhWl_[i[kd_dZ_l_ZkejWcX_ƒd oi[WjWYWWi‡c_ice5Bec|i fk[Z[di[hYedi_Z[hWZeiYece fheXWXb[ [i gk[ [ije fWh[pYW \WYjeh[ifh[Z_ifed[dj[i$ h[XkiYWZe e iWYWZe Z[ kdW f[b‡YkbW$$$f[he[dh[Wb_ZWZi‡ .-.9! ĹŠ+.2ĹŠ2~-3., 2 [n_ij[$ 9ece i[‹Wb[i ][d[hWb[i i[ ;bbkfki[ikdW[dj_ZWZ_d# fk[Z[d decXhWh0 YWdiWdY_e \|Y_b" fƒhZ_ZW Z[ f[ie Ă“WcWjeh_W YhÂŒd_YW gk[ fk[Z[ W\[YjWh lWh_Wi _d[nfb_YWXb["Ă’[Xh[fhe# fWhj[i Z[b Yk[hfe" [d ĹŠ bed]WZW o Wbj[hWY_ed[i [if[Y_WbbWf_[b"beih_‹e# Z[j[cf[hWjkhW$ d[i"bWiWhj_YkbWY_ed[io .1ĹŠ+.ĹŠ%#-#1 +ĔŊ+ ĹŠ 7Z[c|i" [d bW YWhW #-$#1,#" "ĹŠ bWiWd]h[$ WfWh[Y[ kdW cWdY^W / 1#!#ĹŠ#-ĹŠ/#1Äą 2.- 2ĹŠ#-31#ĹŠ+.2ĹŠ YW\ƒgk[j_[d[kdW\eh# ĉćŊ8ĹŠÄŒÄ‡ĹŠ  .2Ä“
2ĹŠ! 42 2 cW i_c_bWh W bW Z[ kdW cWh_feiW"i[ZWdZebe# I[]‘d CWhYe 8hWle" cƒZ_Ye _dj[hd_ijW" [ijW h[i[_dĂ“WcWY_ÂŒd[dbWi [ikdWfWjebe]‡WWkje_d# ĹŠ Whj_YkbWY_ed[i Z[ cW# ckd["begk[gk_[h[Z[# dei" ck‹[YWi" YeZei" heZ_bbWiof_[i$ Y_hgk[[b_dZ_l_Zkeik[b[ #%ĂŒ-ĹŠ 1!.ĹŠ Z[iWhhebbWhWbj[hWY_ed[i 1 5.ĔŊ,_"(!.ĹŠ ;b YehWpÂŒd" bei fkb# (-3#1-(23 ĔŊ+ ĹŠ o[cf_[pWWWjWYWhWik (-!("#-!( ĹŠ"#ĹŠ ced[i"[bY[h[Xheobei +4/42ĹŠ#2ĹŠ, 8.1ĹŠ h_‹ed[ijWcX_ƒdfk[Z[d fhef_eeh]Wd_ice$ #-ĹŠ,4)#1#2ĹŠ04#ĹŠ ;ije i[ ZW fehgk[ #-ĹŠ'., 1#2Ä“ĹŠ h[ikbjWhW\[YjWZei$ bWiZ[\[diWif_[hZ[dik ^WX_b_ZWZfWhWdejWhbW ( %-¢23(!.ĹŠ Z_\[h[dY_W[djh[bWifWh# ĹŠ FWhWZ[j[hc_dWhbW[n_i# j‡YkbWi [njhW‹Wi o iki j[dY_WZ[bW[d\[hc[ZWZ" fhef_Wi YƒbkbWi e j[`_# .-3 !3.2 [id[Y[iWh_eWYkZ_hWkd cƒZ_YeYkWdZeWfWh[p# Zei$;djedY[i[bi_ij[cW 1!.ĹŠ1 5. ĉđÄ?đĈČĉ _dckdebÂŒ]_Ye fheZkY[ YWdbeii_]dei$ :[f[dZ_[dZe Z[b Wdj_Yk[hfei YedjhW i‡ c_ice" bei YkWb[i fk[# YkWZheZ[YWZWf[hiedW" Z[dYWkiWh_dĂ“WcWY_ÂŒd"ZW‹e i[h[Wb_pWdWd|b_i_iZ[iWd]h[ Wbeij[`_ZeioZebeh$ [dbeigk[i[fk[Z[dZ[j[YjWh ;b[nf[hjeWi[]khWgk["feh Wdj_Yk[hfeigk[[ijƒdi_[dZe be][d[hWb"[ijei[Z[iWjWZ[X_# d[]Wj_leifWhW[bYk[hfe$ 7[ije^Wogk[ikcWhb[kdW ZeWkdd_l[bZ[[ijhƒi[ceY_e# dWbckoWbje$Feh[iWhWpÂŒd"i[ h[l_i_ÂŒdc_dkY_eiWZ[bW^_ije# fk[Z[Z[Y_hgk[[bbkfki[ikdW h_WcƒZ_YWZ[bW\[YjWZe"fhk[# [d\[hc[ZWZi_Yeiec|j_YW$ XWiZ[bWXehWjeh_eZ[hkj_dWo
#3 ++#2ĹŠ
Ä“ĹŠ .2ĹŠ/1. +#, 2ĹŠ2(!.2.!( +#2ĹŠ2.-ĹŠ#+ĹŠ/1(-!(/ +ĹŠ$ !3.1ĹŠ/1#"(2/.-#-3#ĹŠ"#ĹŠ+ ĹŠ#-3(" "Ä“ĹŠ
Ĺ? Ĺ?
Ĺ?
ÂĄ
ÄŠĹ‹
?%D8I:<CFD<A@8I%_d\a`X7cX_fiX%Zfd%\Z
Ä Ä…
086,&$/ 75,$1*8/$5 '( &8(5'$6
Ĺ? Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. ÄŒĹ?
%$75$&,2 $/7$5
6$/8'2 ,1',2
6(*81'$ 127$
$5*2//$
2&855,5
ĹŠĹŠ
086,&$/
&$17$17(
3,//$5
$&725 < &20326,725 0(;,&$12
$&&,Ă?1 '( &$7$5
35,0(5$
(6326$ '( $%5$+$0 (;7(16,Ă?1
7$17$/,2
1$9(
0$3$ (1
120%5(
)(0(1,12
'(7(1(5 3$5(-$ &$5&$-($5
,1+$/$5 7,=$
$&$5,$6,6
(15(-$'2
/,(%5( '( /$ 3$7$*21,$
(;,67,5
$),50$&,Ă?1
3/$17ĂŒ*5$'2
021('$ '( &2/20%,$
&$(5 '$1'2
&$68$/,'$'
(;75$f$
*5$1$'2
+255,%/(
*$5=$ 5($/
,5 (/ &$%$//2 $/ 7527(
7
6ĂŒ0%2/2 '(
&21)(5,5
5
1
$
=
$
'
(
0
2
5
$
*
$
3
( 6
5
,
,
/
$7$5 &21
,
)
,
(
/
$
/,$1$6
$ %$148(7( 6,*12 =2',$&$/
3$5(-$
/
3
$
*5$1'(
)$//$5
21'$
/
$
(
5
2
6$/8'2 ,1',2
7,(55$ 52'($
&
2
5
$
5
'$ '( $*8$
$)É1 $+,1&2
*
5
2
7
38172 &$5',1$/
(
6
7
(
$
5
(
1
(
5
2
1
+20%5( 08<
(
5
5
2
5
7248( 0,/,7$5
(67$'2 '( $6,$
(
6
7
(
$9( )$/&21,)250( ),&+$ '( $-('5(=
5
$
&219,&72
2
'
,
3
3(5621$
(
6
3
2
6
2
&257,1(-(
2
$
2
(
5
(
7
&21&8%,1$
6ĂŒ0%2/2 '(
(
260,2
&$6$'$
'(6&8,'$'2
5 &$17$17( 62/,67$ '( 38(5725,&2
$
$
1
(6&5,725 0(;,&$12
)$/7$ &58(/
,17(59(1,5 2%5$5
3$1 '( 0$,= ,*8$/'$ (1 /$ 683(5),&,(
(67$'2 '( ,1*/e6
3$72
0,('2
&(5(021,$
5
,
&
$
7$&$f2
7
&$'(5$
(
&(/(%5,'$'(6 2 5 8IEFC;JFDD<I=<C; 5 , (/-/$(0,( =à J@:FPD8K<D�K@:F $ & 8C<D�E%;<DFJKIä D8K<D8K@:8D<EK<C8 9 2 <C@GK@:@;8;;<C8J 2 äI9@K8J8KäD@:8J $ $
&8/72 /)$
)/$1&2
2
1,f2 '( 3(&+2
%$67,'25
(
129(1$ /(75$
1
,
3(56(&8&,Ă?1
& $
)81'$
$
6$%526$
$
%
$
5
2
5
(678&+(
352<(&7,/ 7e50,12 92&$%/2
$
5
5
5ĂŒ2 '( $/(0$1,$ &,8'$' '( %5$6,/ &$16$'2
6ĂŒ0%2/2 '(
35,0(5$ 127$
5(/$7,92 $/
2
812 (1 ,1*/e6
/$ 9ĂŒ$
*5,(*$
&252
6
7$%(51$
9
726&2 %586&2
1
,
$
9
$57ĂŒ&8/2
7(50,1$5
2
1
(
)(0(1,12
2
7
6ĂŒ0%2/2 '(
6
&
25*$1,=$&,�1 6(&5(7$ '(',&$'$ $/ %$1','$-( '( 1É32/(6
2326,&,Ă?1
0
$
$67$'2
2%67É&8/2
: ĹŠ }
1. 1;-ĹŠ-4#5 ĹŠ5 !4- ĹŠ"#ĹŠ+ ĹŠ, + 1( ĹŠ Â&#x;ĔŊŊě;bY_[dj‡ÒYeYebec#
X_Wde CWdk[b ;ba_d FWjWhheoe WĂ’hcÂŒWo[hgk[ikdk[lWlWYk# dW YedjhW bW cWbWh_W" 9eb\WlWY 9ebecX_Wd\WbY_fWhkclWYY_d[ " i[h|fheXWZW[di[h[i^kcWdei [d`kd_eZ[(&'(jhWieXj[d[hkd /&Z[[Ă’YWY_W[dcedei$ ;b Y_[dj‡ÒYe YebecX_Wde h[# YedeY_ÂŒgk[ikWdj[h_ehlWYkdW Yh[WZW [d '/.," IF\,," [ijWXW Æ_dYecfb[jWÇ" Yed kdW fhej[Y# Y_ÂŒd Z[ [djh[ [b )& o [b +& Z[beii[h[i^kcWdei"f[he]hW# Y_WiWbZ[iYkXh_c_[dje[d(&&(
+(50$12 '( $%(/ '21$5
&21&/8,5
&$5%212
:ĹŠĹŠ
62',2
086,&$/
2
5(/$7,92 $
,
2
$
0
1
5 <(552 (5525
/
/
$
$
-8(*2 '( $=$5
$ 7
&
5(32//2
$ 5
$
2
&
( 3 6 7$&72
/,=$
5(=$5 683/,&$5
&,8'$' '( 7$,:$1
/
=
&$17$17( $&725 < &20326,725 &2/20%,$12
12 68$9( $/
,
$
'25=2
$/ $0$1(&(5
2
$&(&+2
5$=$
1 (63,1$=2
ÄŠĹ‹
/ *,7$12 '(
ĸ, 8.ĹŠÄ‰ÄˆĹŠÄąĹŠ)4-(.ĹŠÄ‰ÄˆÄš 23;-ĹŠ$ 5.1#!(".2ĹŠ+.2ĹŠ31 ).2ĹŠ1#+ !(.- Äą ".2ĹŠ!.-ĹŠ+.2ĹŠ 13(23 2ĹŠ8ĹŠ,ĂŒ2(!.2Ä“ĹŠ.-ĹŠ5.+4-Äą 3 "ĹŠĹŠ/4#"#ĹŠ. 3#-#1ĹŠ+.ĹŠ04#ĹŠ2#ĹŠ/1./.-% Ä“ĹŠ Ä–ĹŠ ĹŠ!../#1 !(¢-ĹŠ 84" ĔŊ+ ĹŠ (-3#1$#1#-!( ĹŠ 31 / Ä“ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠ
$%5$=$5 &2*27( 7(678=
(638(57$
Z[b ][decW Z[b fWh|i_je Z[ bW cWbWh_WoWb^WbbWp]eZ[ikYebW# XehWZeh" CWkh_Y_e 9Wble" be]hÂŒ c[`ehWhbWoZWhbWWYedeY[h[b(+ Z[ cWhpe fWiWZe [d Ăˆ9^[c_YWb H[l_[miÉ$ ;bZ[iYkXh_c_[djeZ[bWdk[lW lWYkdWi_djƒj_YWi[fheZk`ejhWi Wl[h_]kWhbW[ijhkYjkhWgk‡c_YW Z[bc_YheX_e"i_dj[j_pWdZec_b[i Z[cebƒYkbWi[d\hW]c[djeiZ[ (& Wc_de|Y_Zei" Z[j[d_ƒdZe# i[[d[ijWeYWi_ÂŒd"WZ_\[h[dY_W Z['/.,"[di[b[YY_edWhiebebei \hW]c[djeigk[_dlWZ‡Wdbei]bÂŒ#
ĸ 1(+ŊĉćŊĹŊ, 8.ŊĉćĚ 42Ŋ ,(%.2Ŋ/4#"#-Ŋ-#!#2(3 1+.ĔŊ /¢8#+.2ēŊ 42Ŋ("# +#2Ŋ2.-Ŋ(,/.13 -3#2ĔŊ31 )#Ŋ/.1Ŋ #++.2ēŊŊ ĖŊ -3#-% Ŋ4- Ŋ4-(" "Ŋ"#Ŋ /1.8#!3.2ĔŊ/ 1 Ŋ!.-2#%4(1Ŋ242Ŋ. )#3(5.2ē Ŋ
^ ĹŠ
(675(&+$5
2
$
38172 &$5',1$/
0(=&/$ 6ĂŒ0%2/2 '( &(5,2
5$',2
6
'
$/0,5(=
6ĂŒ0%2/2 '(
,
6(/(1,2
)/Ô25
'(%$67$5
$ &$03(Ă?1
5(< '((*,1$ +,-2 '(=8(6 6ĂŒ0%2/2 '(
&58(/
6ROXFLyQDQWHULRU
6
ĹŠĹŠ
$5*2//$
7(/(129(/$ 7250(17$ (1 (/ 3$5$ĂŒ62
$
ĸ, 19.ĹŠÄ‰ÄˆĹŠÄąĹŠ 1(+ĹŠÄˆÄ’Äš 23 1;ĹŠ,48ĹŠ2#-2( +#ĹŠ ĹŠ+.ĹŠ04#ĹŠ+#ĹŠ1."# ĔŊ 3¢,#+.ĹŠ!.-ĹŠ2#1#-(" "ĹŠ8ĹŠ31 -04(+(" "Ä“ĹŠ #1~ ĹŠ 4#-.ĹŠ04#ĹŠ2#ĹŠ(-3#1(.1(!#ĹŠ8ĹŠ,#"(3#Ä“ĹŠ Ä–ĹŠĹŠĹŠ+ĹŠ/#-2 ,(#-3.ĹŠ8ĹŠ+ ĹŠ/ + 1 ĹŠ 3(#-#-ĹŠ#+ĹŠ/."#1ĹŠ"#ĹŠ!41 1Ä“
)5872 '(/
/,1$-( &$67$
ĸ$# 1#1.ŊĉćŊĹŊ, 19.ŊĉćĚŊ 4Ŋ/#12.- +(" "Ŋ#23 1;Ŋ2#-2( +#Ŋ8Ŋ #,.!(.- +ŊŊ ŊŊ3.".Ŋ+.Ŋ04#Ŋ+#Ŋ1."# ēŊ2Ŋ 4#-Ŋ ,.,#-3.Ŋ/ 1 Ŋ! - +(9 1Ŋ24Ŋ! 1;!3#1ē ĖŊ(#-2#Ŋ#-Ŋ%1 -"#Ŋ8Ŋ2#1;Ŋ %1 -"#ēŊŊ
ĹŠĹŠ
98(/7$6
$&75,= '( /$
)(59,(17(
Ĺ—ĹŠĹŠ
&21&(-$/
&8$'5Ô3('2
5
:ed:_[]eZ[bWL[]W"Yede# Y_ZeYece[bPehhe"\k[Z[i# fe`WZeZ[ik[ifeiW[^_`Wo [dYWhY[bWZefehZeiZƒYWZWi$ 7^ehWgk_[h[^WY[h`kij_Y_W o^WbbWh|WkdikY[iehgk[ [cfk‹[bW[ifWZWZ[bPehhe$ ;b[b[]_Zei[h|kdXWdZ_Ze bbWcWZe7b[`WdZheCkh_[jW$ BWY_djW[iZ_h_]_ZWfehCWh# j_d9WcfX[bbofhejW]ed_pWZW feh7djed_e8WdZ[hWi"9W# j^[h_d[P[jW#@ed[i"7dj^edo >efa_dioIjkWhjM_bied$
(6&5,725 0(;,&$12
9e57,*2
7$5'$1=$
Ä”ĹŠÄˆÄˆÄ–ÄŠÄ‡
,1*/e6
$*2%,2
'8(f$
ĹŠ,;2! 1 "#+ĹŠ .11.
(675(//$ (1
0$1,-$
ĸ#-#1.ŊĉćŊĹŊ$# 1#1.ĹŠÄˆÄ’Äš
2Ŋ"#!(2(.-#2Ŋ#!.-¢,(! 2Ŋ2#Ŋ+ 2Ŋ"# #Ŋ 3., 1Ŋ"#2/4_2Ŋ"#Ŋ1#Ą#7(.- 1ēŊ.Ŋ#2Ŋ 1#!.,#-" +#Ŋ#-"#4" 12#ēŊŊ ĖŊ4(#-Ŋ-.Ŋ2 #Ŋ1#/ 13(1ĔŊ-.Ŋ 2 #Ŋ , 1ēŊŊŊ
ĹŠĹŠ
,1*/e6
08-(5 '(/ +,-2
Ĺ—ĹŠĹŠ
L_Yjeh_W[ikdWZ[bWiZ_i[# ‹WZehWic|ih[YedeY_ZWi[d Cƒn_Ye$L_l[[dkdW[b[]Wdj[ cWdi_ŒdYedik[ifeieEi# lWbZe"kd\WceieWYjeh"oiki ^_`ei<[hdWdZWoCWn_c_b_W# de$JeZefWh[Y[f[h\[Yjef[he [bbWi[cWhj_h_pWh[YehZWdZeW YWZW_dijWdj[[bcec[dje[d gk[(&W‹eiWjh|i\k[Wjhef[# bbWZWWfhefŒi_jefeh8[hdWh# ZW"begk[cej_lŒgk[L_Yjeh_W f[hZ_[hWWikf[gk[‹W^_`W$
&$/&,2
1$&,Ă?1
&$'(5$
ĹŠÄ”ĹŠÄˆÄ?ĖĈĎ
$/)$ 6ĂŒ0%2/2 '(
52('25
+8(62 '( /$
1(4-$.ĹŠ"#+ĹŠ ,.1
&,8'$' '( )5$1&,$ )85,$
92&$/
6ĂŒ0%2/2 '(
Ä !(¢Ŋ4-ĹŠ"~ ĹŠ!.,.ĹŠ'.8Ä&#x;
4ĹŠ$#ĹŠ#2ĹŠ! / 9ĹŠ"#ĹŠ2. 1#++#5 1ĹŠ! 2(ĹŠ!4 +Äą 04(#1ĹŠ!.2 Ä“ĹŠ(#-#ĹŠ+ ĹŠ!.-ă -9 ĹŠ#-ĹŠ4"Ä“ĹŠ8ĹŠ#-ĹŠ #+ĹŠ/."#1ĹŠ24/#1(.1ĹŠ"#ĹŠ04#ĹŠ) ,;2ĹŠ+#ĹŠ$ +3 1;ĹŠ - " ĹŠ8ĹŠ#23 ĹŠ2#%41(" "ĹŠ(-3#1- ĹŠ' !#ĹŠ"#ĹŠ 4"Ä“ĹŠ4- ĹŠ/#12.- ĹŠ! / 9ĹŠ"#ĹŠ2./.13 1ĹŠ+.ĹŠ04#ĹŠ ,48ĹŠ"($~!(+,#-3#ĹŠ.31 ĹŠ/#12.- ĹŠ3.+#1 1~ Ä“
,167580(172
}
1;-2(3.ĹŠ, %4 Â Ä¸ÄˆÄ’Ä‡Ä’ÄąÄ‰Ä‡Ä‡Ä’Äš
Ĺ—ĹŠ ĹŠB‡Z[hZ[bei_dZ‡][dWi[YkWje# h_Wdeick[h[kdZ‡WYece^eo [dF[i_bbe"beYWb_ZWZ`kdjeWb lebY|d9WoWcX[$7Yj_l_ijWYe# ckd_jWh_WZ[bWh]WjhWo[Yjeh_W fWhj_Y_fÂŒ[d^k[b]WiW]hWh_Wi o[dcWhY^WifWhWh[YbWcWh j_[hhWioZ[h[Y^eibWXehWb[i"be YkWbb[YeijÂŒY|hY[bWZ[c|iZ[ bWYbWdZ[ij_d_ZWZfeh'+W‹ei$ <kdZÂŒ`kdjeWejheib‡Z[h[i YWcf[i_deibW<[Z[hWY_ÂŒd ;YkWjeh_WdWZ[?dZ_ei[d'/*,$ ;dbWZƒYWZWZ['/+&_cfkbiÂŒ bW\kdZWY_ÂŒdZ[[iYk[bWiX_b_d# ]”[i[d[ifW‹ebogk_Y^kW$
ĸ)4-(.ŊĉĉŊĹŊ)4+(.ŊĉĉĚ
ĹŠ ĂŒ204#" ĹŠ"#ĹŠ242ĹŠ5 +.1#2ĹŠ,;2ĹŠ(-3#1(.Äą 1#2ĹŠ#2ĹŠ(,/.13 -3#ĹŠ/ 1 ĹŠ4"ēĔŊ24ĹŠ2#-2( (+(" "ĹŠ +.ĹŠ 84" Ä“ĹŠ Ä–ĹŠ .ĹŠ,;2ĹŠ(,/.13 -3#ĹŠ#2ĹŠ#+ĹŠ ,.,#-3.ĹŠ/1#2#-3#Ä“
ĹŠĹŠ
ĸ)4+(.ŊĉĊŊĹŊ %.23.ŊĉĉĚŊ .-% ĹŠ 3#-!(¢-ĹŠ ĹŠ242ĹŠ24# .2Ä“ĹŠ1 )#ĹŠ !.-ĹŠ24ĹŠ! / !(" "ĹŠ"#ĹŠ1#%#-#1 !(¢-Ä“ĹŠĹŠ#1;ĹŠ -#!#2 1(.ĹŠ!#-31 12#ĹŠ#-ĹŠ242ĹŠÄƒ- -9 2Ä“ĹŠĹŠĹŠ Ä–ĹŠ#!#2(3 ,.2ĹŠ! ,(- 1ĹŠ!.-ĹŠ -4#231.2ĹŠ/(#2ĔŊ/ 1 ĹŠ /1#-"#1ĹŠ ĹŠ5(5(1Ä“ĹŠ
ĹŠĹŠ
ĸ %.23.ŊĉĊŊĹŊ2#/3(#, 1#ŊĉĉĚ #ĹŠ2(#-3#ĹŠ1.,;-3(!.ĹŠ8ĹŠ#2ĹŠ4-ĹŠ 4#-ĹŠ ,.,#-3.ĹŠ/ 1 ĹŠ2 ! 1ĹŠ3.".ĹŠ+.ĹŠ04#ĹŠ2(#-3#ĹŠ8ĹŠ "#,.231 1+.ĹŠ ĹŠ24ĹŠ/ 1#) Ä“ĹŠ 2ĹŠ2.!(#" "#2ĹŠ8ĹŠ )4(!(.2ĹŠ+#% +#2ĹŠ#23;-ĹŠ$ 5.1#!(".2Ä“ Ä–ĹŠ ĹŠ5(" ĹŠ2(-ĹŠ $#!3.ĹŠ#2ĹŠ4-ĹŠ (-ă#1-.ĔŊ4-ĹŠ"#2(#13.ĹŠ2(-ĹŠ. 2(2Ä“
ĹŠĹŠ
ĸ2#/3(#, 1#ŊĉĊŊĹŊ.!34 1#ŊĉĉĚ
2ĹŠ3 1# 2ĹŠ' (34 +#2ĹŠ2#ĹŠ54#+5#-ĹŠ(,/.1Äą 3 -3#2ĹŠ8ĹŠ"(2$143 ĹŠ"#ĹŠ#++ 2Ä“ĹŠĹŠ#2# ĹŠ 84" 1ĹŠĹŠĹŠ ĹŠ04(#-ĹŠ+.ĹŠ-#!#2(3 Ä“ĹŠ #).1#ĹŠ24ĹŠ2 +4"ĹŠ !4(" -".ĹŠ24ĹŠ"(#3 Ä“ĹŠ Ä–ĹŠĹŠĹŠ "(#ĹŠ/."1;ĹŠ1#-"(1ĹŠ!4#-3 2ĹŠ /.1ĹŠ4"Ä“
ĹŠĹŠ
ĸ.!34 1#ŊĉĊŊĹŊ-.5(#, 1#ĹŠÄ‰ÄˆÄšĹŠ +ĹŠ 13#ĹŠ8ĹŠ+ ĹŠ,ĂŒ2(! ĹŠ2#ĹŠ5#1;-ĹŠ #-#ă!( " 2Ä“ĹŠ .,/ 13 ĹŠ!.-ĹŠ242ĹŠ'().2ĹŠ,.,#-3.2ĹŠ #,.3(5.2Ä“ĹŠ Ä–ĹŠ +#ĹŠ2(#,/1#ĹŠ"#ĹŠ2 +4"ĔŊ /1.%1#2.ĹŠ8ĹŠ5(!3.1( Ä“ĹŠĹŠ
ĹŠĹŠ
Xkbeihe`ei$ ?dZ_YŒgk[[bZ_h[YjehZ[_d# ][d_[h‡W ][dƒj_YW Z[ BW >WXW# dW"CWdk[bB_cedjW"b[_dl_jŒW jhWXW`Wh [d kdW lWYkdW YedjhW [bZ[d]k[o8hWi_b[dejhWYedjhW bWiWc_]ZWb_j_i"Z[bWgk[oWj_[# d[dkdfhejej_fe$
ĸ-.5(#, 1#ŊĉĉŊĹŊ"(!(#, 1#ĹŠÄ‰ÄˆÄšĹŠ
Ŋ$ ,(+( Ŋ#2Ŋ,48Ŋ(,/.13 -3#Ŋ8Ŋ24Ŋ 3#-Ĺ !(¢-Ŋ2#Ŋ!#-31 Ŋ 04~ēŊ#Ą#7(.-#Ŋ2. 1#Ŋ242Ŋ 2#-3(,(#-3.2ēŊ ĖŊ!4_1"#2#Ŋ"#Ŋ04(#-#2Ŋ+#Ŋ , -ē
ĹŠĹŠ
ĸ"(!(#, 1#ŊĉĉŊĹŊ#-#1.ĹŠÄˆÄ’Äš
ŊŊ!.,4-(! !(¢-Ŋ#2Ŋ 1,¢-(! ĔŊ2#-2( +#Ŋ 8Ŋ%#-3(+ēŊ(#-3#Ŋ"#2#.2Ŋ"#Ŋ 84" 1Ŋ Ŋ+.2Ŋ '#1, -.2ĔŊ/ 1(#-3#2Ŋ8Ŋ5#!(-.2ēŊ ĖŊ.".Ŋ+.Ŋ04#Ŋ"ēŊ"#2# Ŋ#23;Ŋ Ŋ 24Ŋ +! -!#ēŊŊŊ
Ä Ä†
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ?+. Ĺ?
4-"#-ĹŠ ĹŠÄĽ 1!.2ÄŚ
Ŋ ¥ēŊ+Ŋ!4#1/.Ŋ,_"(!.Ŋļ+ .ČĔŊ+("#1 ".Ŋ/.1Ŋ 4 -Ŋ 11(% Ŋĸ(904(#1" ĚĔŊ2#Ŋ#-! 1% 1;Ŋ"#Ŋ1#' (+(3 1Ŋ +Ŋ"#+ -3#1.Ŋ 1%#-3(-.ē
Ă‹ ĹŠ
ēŊ+Ŋ"#$#-2.1Ŋ 1(#+Ŋ!'(+(#1Ŋ!4,/+(¢Ŋ!.-Ŋ+ Ŋ242/#-2(¢-Ŋ8Ŋ#23;Ŋ"#Ŋ 54#+3 ē
-31#- -ĹŠ2(-ĹŠ3(,.-#+
I_dbWfh[i[dY_WZ[b[djh[dWZeh Wh][dj_deEcWh7iWZ"gk_[dh[# jehd[^eoZ[7h][dj_dWWZedZ[ l_W`ÂŒYedf[hc_ieZ[bWZ_h_][d# Y_WfWhWiebkY_edWhWikdjeif[h# iedWb[i";c[b[Yh[jehdÂŒWo[hW bei[djh[dWc_[djeif[diWdZe[d [b`k[]eZ[cW‹WdW '/0)& Wdj[ B_]WZ[Gk_je[d[b[ijWZ_e9WiW 8bWdYW$ FWhW [ij[ [dYk[djhe 7iWZ h[Ykf[hWWF[ZheGk_‹Œd[po=W# Xh_[b7Y^_b_[h"gk_[d[iYkcfb_[hed ikifWhj_ZeiZ[ikif[di_ÂŒd"WZ[# c|i9Whbei7dZhƒiGk_‹Œd[pi[ [dYk[djhWh[Ykf[hWZeZ[ikb[i_ÂŒd o[ij|WbWiÂŒhZ[d[iZ[bĂˆJkhYeÉ$ ;iWiiedbWiXk[dWidk[lWi
[d[b[b[dYeĂˆC_bbedWh_eÉ$BWi cWbWi ied bWi Wki[dY_Wi Z[ beiZ[\[dieh[i;ZkWhZeCe# hWdj[o@eiƒBk_iGk_‹Œd[p" beic_iceigk[WlWdpWd[d iki fheY[iei Z[ h[Ykf[hW# Y_ÂŒdZ[ikib[i_ed[i$ ;b fWhj_Ze h[fh[i[djW fWhWbeiĂˆ[bƒYjh_YeiÉbWfei_X_# b_ZWZZ[cWdj[d[hi[Yece[b ‘d_Yeb‡Z[hZ[bYWcf[edWje dWY_edWb" [b YkWb [dYWX[pW Yed))"Zeic|igk[beiĂˆWpk# Y[dWiÉ$ BW i[cWdW fWhW [b Yed# `kdjeĂˆ7pkbÉj[hc_dWh|YedbW Z_ifkjWZ[b9b|i_YeZ[b7ij_# bb[heWdj[8WhY[bedW$
+;/ %.2ĹŠ2#ĹŠ4-#ĹŠ +ĹŠ 2(23#, ĹŠ"#/.13(5.ĹŠ 11( +ĹŠ ?ibWi ;dYWdjWZWi [i [b decXh[ bWfWhj_Y_fWY_ÂŒdZ[(&YbkX[i$ BW WYj_l_ZWZ Z[# Z[bWb_]WXWhh_WbZ[bW?ibW IWdjW9hkp"gk[Z[iZ[[ij[ fehj_lW Yeckd_jWh_W i[h[Wb_pWoW[dlWh_ei Zec_d]e'+Z[cWoe_dWk# ĹŠ i[Yjeh[iZ[bWfhel_d# ]khWh|ikYWcf[edWjeZ[ \‘jXebYedbegk[=Wb|fW# .-ĹŠ+ ĹŠ(-!.1/.Äą Y_W _dikbWh [d \ehcW eh]Wd_pWZW" W jhWlƒi ]eii[kd_h|WbW[ijhkYjkhW 1 !(¢-ĹŠ"#ĹŠ +;/ %.2ĔŊ2.-ĹŠ Z[bZ[fehj[XWhh_Wb$ Ä‰ÄŒĹŠ/1.5(-!( 2ĹŠ+ 2ĹŠ Z[bWib_]WiXWhh_Wb[i0 ?ibWi ;dYWdjWZWi" HeZh_]e FWh[Z[i Je# 04#ĹŠ$.1, -ĹŠ / 13#ĹŠ"#+ĹŠ2(23#Äą hh[i"fh[i_Z[dj[Z[bWb_]W" , ĹŠ"#/.13(5.ĹŠ"#ĹŠ =hWd CWij[h" B_]W 8Whh_WbZ[8|igk[jXeb `kdjeWbWiWkjeh_ZWZ[iZ[bW #"#- +(% 2Ä“ =Wb|fW]ei?9;"IWdjW <[Z[hWY_ÂŒdDWY_edWbZ[B_# HeiW o B_]W 8Whh_Wb ]Wi8Whh_Wb[i <[Z[dWb_]Wi i[h|dfWhj[Z[b[l[djegk[j[dZh| IWd9h_ijÂŒXWb$
ĹŠ$1 !341 ĹŠ"#+ĹŠ3 (04#ĹŠ04#ĹŠ #1-;-ĹŠ 1!.2ĹŠ24$1(¢Ŋ#-ĹŠ#+ĹŠ )4#%.ĹŠ -3#ĹŠ ĹŠ !(.- +ĹŠ+.ĹŠ, -Äą 3#-"1;ĹŠ$4#1 ĹŠ"#ĹŠ+ 2ĹŠ! -!' 2ĹŠ /.1ĹŠ+.ĹŠ,#-.2ĹŠ31#2ĹŠ2#, - 2Ä“ BWW]h[i_ÂŒdik\h_ZW[d[bheijhe" gk[[bZ[\[diehZ[;bDWY_edWb @Wl_[h9^_bWb[fhef_dWhW"cWd# j[dZh| Wb Z[bWdj[he Z[ B_]W Z[ Gk_je >[hd|d 8WhYei" feh be c[dei jh[i i[cWdWi \k[hW Z[ bWiYWdY^Wi$;bĂˆF_hWjWÉfh[i[djW \hWYjkhWZ[bjWX_gk[oZ[b^k[ie cWbWhZ[h[Y^e$ BW Z_h_][dY_W Z[b YWcf[ÂŒd [YkWjeh_Wde" [dYWX[pWZW feh ;ij[XWdFWp"WdWb_pWbWfei_X_# b_ZWZZ[f[Z_hWdj[bW<[Z[hWY_ÂŒd ;YkWjeh_WdWZ[<‘jXeb <;< kdW iWdY_ÂŒd[`[cfbWhfWhW[b`k]WZeh ĂˆYh_ebbeÉ Wb Yedi_Z[hWh gk[ 9^_bW WYjkÂŒYedÆcWbW_dj[dY_ÂŒdÇ"cW# d_\[ijÂŒ[bfh[i_Z[dj[Z[bYbkX$ 7Z[c|iZ[bWiWdY_ÂŒd"i[Ye# deY[gk[[bZ[bWdj[heWh][dj_de feZh‡W [djWXbWh kdW Z[cWd# ZWb[]Wb[dYedjhWZ[9^_bW"Z[ gk_[d\k[YecfW‹[he[d[b(&&- YkWdZe WcXei Z[\[dZ_[hed bW YWc_i[jWZ[bEbc[Ze$ 8WhYei"gk_[di[h|h[[cfbW# pWZefehMWbj[hĂˆCWc_jWÉ9Wb# Z[hÂŒd[d[bfWhj_ZeZ[cW‹WdW Wdj[;c[b[Y"i[ikcWWbWb_ijWZ[ b[i_edWZei gk[ j_[d[ [b YkWZhe Ăˆ7pkY[dWÉ o gk[ [ij| _dj[]hWZW
#"(1;-Ŋ"41 Ŋ 2 -!(¢ŗŊŊ
31(!(.ĹŠ.11#2ĔŊ1#/1#2#-3 -3#ĹŠ "#ĹŠ (% ĹŠ"#ĹŠ4(3.ĹŠ#-ĹŠ+ ĹŠ#"#1 !(¢-ĹŠ !4 3.1( - ĹŠ"#ĹŠĂŒ3 .+ŊĸĚĔŊ' 1;ĹŠ '.8ĹŠ#+ĹŠ1#2/#!3(5.ĹŠ1#!+ ,.ĔŊ/.1ĹŠ+ ĹŠ $4#13#ĹŠ#-31 " ĹŠ04#ĹŠ#+ĹŠ)4% ".1ĹŠ"#ĹŠ+ĹŠ !(.- +ĹŠ 5(#1ĹŠ'(+ ĹŠ1# +(9¢Ŋ2. 1#ĹŠ#+ĹŠ "#+ -3#1.ĹŠÄĽ+ .ÄŚĹŠ#1-;-ĹŠ 1!.2ĔŊ#23.ĹŠ !.-ĹŠ#+ĹŠÄƒ-ĹŠ"#ĹŠÄĄ2#-3 1ĹŠ4-ĹŠ/1#!#"#-3#ĹŠ / 1 ĹŠ04#ĹŠ-.ĹŠ' 8 ĹŠ#23 2ĹŠ)4% " 2ĹŠ, +ĹŠ (-3#-!(.- " 2ĹŠ#-ĹŠ-4#231.ĹŠ$ĂŒ3 .+ĢĔŊ , -($#23¢Ŋ#+ĹŠ/1#2("#-3#ĹŠÄĽ94!#- ÄŚĹŠ 23# -ĹŠ 9Ä“
feh0;p[gk_[b=edp|b[p"9Whbei BkdW"FW‘b7cXheii_o;dh_gk[ =|c[p$ ;d[bYWieZ[beiZei‘bj_cei i[[dYk[djhWdh[Wb_pWdZejhW# XW`eiYed[bfh[fWhWZeh\‡i_Ye YbkX"7b[`WdZheCkh"fWhWfe# d[hi[WehZ[d[iZ[b[djh[dWZeh ĂˆC[h[d]k[É ;Z]WhZe 8WkpW" c_[djhWigk[=edp|b[poBkdW W‘d j_[d[ kd fWh Z[ i[cWdWi fWhW [dYedjhWhi[ h[^WX_b_jW# Zei$
'(+ Ŋ2#Ŋ"(2!4+/ ŊŊ-Ŋ5 1(.2Ŋ,#"(.2Ŋ"#Ŋ!.,4-(Ĺ ŗ! !(¢-ĔŊ#+Ŋ"#$#-2.1Ŋ"#Ŋ+Ŋ !(.- +Ŋ
5(#1Ŋ'(+ Ŋ/("(¢Ŋ"(2!4+/ 2Ŋ +Ŋ"#+ -Ĺ 3#1.Ŋ"#Ŋ (% Ŋ"#Ŋ4(3.Ŋ#1-;-Ŋ 1!.2Ŋ /.1Ŋ+ Ŋ$4#13#Ŋ#-31 " ĔŊ04#Ŋ/1.5.!¢Ŋ+ Ŋ $1 !341 Ŋ"#+Ŋ3 (04#Ŋ8Ŋ"#+Ŋ'4#2.Ŋ, Ĺ + 1Ŋ"#1#!'.Ŋ"#+Ŋ 3 ! -3#ēŊĥ1 3_Ŋ"#Ŋ /1.3#%#1,#Ŋ4-Ŋ/.!.Ŋ#+Ŋ$~2(!.Ŋ/.104#Ŋ 8.Ŋ3 , (_-Ŋ3#-%.Ŋ4- Ŋ+#2(¢-Ŋ#-Ŋ#+Ŋ !1;-#.ĔŊ04(9;Ŋ+.Ŋ'(!#Ŋ"#Ŋ, + Ŋ$.1, ĔŊ /#1.Ŋ-4-! Ŋ!.-Ŋ(-3#-!(¢-Ŋ"#Ŋ"  1ĢĔŊ , -($#23¢Ŋ#+Ŋ)4% ".1Ŋļ1(.++.Čē
#2(.-#2ĹŠ!.,/+(! -ĹŠ#+ĹŠ31 ).
;b[ijhWj[]WZ[B_]WZ[Gk_jei[ bWc[djÂŒfehbWi[h_[Z[b[i_ed[i gk[ ^Wd ik\h_Ze lWh_Wi Z[ iki fh_dY_fWb[if_[pWi ZkhWdj[ bW fh[# ĹŠ i[dj[j[cfehWZW$ ÆL[d_ceiYed_d# Yedl[d_[dj[iZ[i# ,4#+ĹŠ 1.ĔŊ 2(23(".ĹŠ/.1ĹŠ 4(2ĹŠ Z[ [b fh_dY_f_e$ +5 1 ".ĹŠ8ĹŠ >W i_Ze kd W‹e 1!.ĹŠ #- ĔŊ "(1(%(1;ĹŠ#+ĹŠ!.,Äą Yecfb_YWZe fWhW /1.,(2.ĹŠ"#ĹŠ ,  - ĹŠÄ¸ÄˆÄ’Ä–ÄŠÄ‡ÄšĹŠ >[hd|d 8WhYei " #-31#ĹŠ (% ĹŠ"#ĹŠ de ^W feZ_Ze j[# 4(3.ĹŠ8ĹŠ,#+#!ĔŊ #-ĹŠ#+ĹŠ#23 "(.ĹŠ d[h Yedj_dk_ZWZ$ 2 ĹŠ+ -! Ä“ Dei Yecfb_YW ckY^e fehgk[ deigk[ZWceiYedMWbj[h 9WbZ[# hÂŒd ‘d_YWc[dj[[d[iWfei_Y_ÂŒdÇ" [nfh[iÂŒ;Z]WhZe8WkpW[dhk[ZW Z[fh[diW$ 7Z[c|i Z[ 8WhYei" [d [ij[ i[c[ijh[i[b[i_edWhedDehX[hje 7hWk`e" C_bb[h 8ebW‹ei" 9Whbei BkdW" ;p[gk_[b =edp|b[p" [djh[ ejhei$
Ĺ? Ĺ?
Ĺ?
Ä Ä‡
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
ĹŠ
+ĹŠ,#).1ĹŠ"#ĹŠ+ 2#, - ĹŠ#-ĹŠ+ ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;b[YkWjeh_Wde@eWeFbWjW Z[XkjÂŒ[dbWCBIoi[WZk[‹Œ Z[bWZ[i_]dWY_ÂŒdYece @k]WZehZ[bWI[cWdW[dkdW `ehdWZW[dbWgk[jWcX_ƒd Z[ijWYWhedfehiki]eb[io jhWXW`e[bl[d[pebWde;c_b_e H[dj[h‡Wo[bYebecX_Wde <h[ZoCedj[he$ FbWjW"Z['/W‹ei"cWhYÂŒkd ]ebZ[f[dWbj_oZ_e[bfWi[ fWhW[bi[]kdZeYedbeigk[ik [gk_fe"[bJehedje<9"l[dY_ÂŒ feh(#'Wb:odWceZ[>eki# jed[dbWeYjWlW`ehdWZW$
.1ĹŠ+ ĹŠ"(%-(" "ĹŠ +ĹŠ+;2(!.ĹŠ2#1;ĹŠ/ 1 ĹŠ 1!#+.- ĹŠ#+ĹŠ/ 13(".ĹŠ"#ĹŠ+ ĹŠ1#(5(-"(Äą ! !(¢-ĔŊ2#%ĂŒ-ĹŠ#+ĹŠÄĽ.!'.ÄŚĹŠ 1 Ä“
ēŊ 1!#+.- Ŋ(-(!(¢Ŋ 8#1Ŋ+ 2Ŋ/1;!3(! 2Ŋ#-$.! " 2Ŋ#-Ŋ#+Ŋļ+;2(!.Ŋ"#+Ŋ23(++#1.ČēŊ
;bZec_d]eWbWi'-0)&"bWĂˆ9WbZ[# hW Z[b 9Wfm[bb WhZ[h| Yed kdW [Z_Y_ÂŒdc|iZ[bĂˆ9b|i_YeZ[b7ij_# bb[heÉ$;c[b[Y#8WhY[bedWi[lk[b# l[dWl[hbWiYWhWiYedeX`[j_lei Z_\[h[dj[i$ ;b Ăˆ8ecX_bbeÉ [d ik W\|d Z[ [iYWfWhi[Z[bWYWY[h‡Wgk[^Wd [cfh[dZ_ZeĂˆWbXeiÉoWpkb]hWdWiÉ fehXW`Whb[Z[bfh_c[hbk]WhZ[bW jWXbW$
BeiĂˆ9WdWh_eiÉ"fehikbWZe"Yed bW‘d_YW_Z[Wgk[ƒij[[i[bÆfWhj_Ze Z[bWZ_]d_ZWZÇ"i[]‘d[bfh[i_Z[d# j[Z[b[gk_fe"7b\edie>WhX$ÆI[ fk[Z[f[hZ[hYkWbgk_[hYeiW[dbW l_ZW"c[deikd9b|i_YeÇ"W]h[]ÂŒ[b ĂˆFeY^eÉ"gk_[dWĂ’dWb[iZ[[ij[c[i Z[`Wh|ikYWh]efWhWgk[kddk[le Z_h[Yjeh_e[dhkcX[Wb[gk_fegk[ i[kX_YWiƒfj_ceYed((fkdjei"Z[ +'fei_Xb[i$
FWhW[bZ_h[Yj_leĂˆ9WdWh_eÉ"[ij[ [b[c[djeiYedbeigk[fk[Z[ede j_feZ[fWhj_Zei[ij|d^[# YedjWhfWhW[bZec_d]e$ Y^eiWbWc[Z_ZWZ[b[gk_fe ĹŠ 7b cec[dje HeZh_]e gk[Z_h_][Ă›b[n7]k_dW]W$ CWhWd]ed_ i[ h[Ykf[hW Z[kdWZ_ij[di_ÂŒd"FWXbe 1!#+.- ĹŠ/#"(1;ĹŠ FWbWY_ei i[ fed[ W fkd# 5.+4!(¢'.8ĹŠ#-ĹŠ+ ĹŠĹŠ2(ĹŠ CW‹WdWi[h|kdZ‡W_cfeh# /4#"#ĹŠ! , ( 1ĹŠ je \‡i_YWc[dj[ o >eb][h jWdj[fWhW[bĂˆ=”[heÉ$;b[d# "#ĹŠ! ,(2#3 ĹŠ / 1 ĹŠ1#2/ +" 1ĹŠ ĹŠ CWjWcehei j[dZh| gk[ ^WY[hi[ kdW lWbehWY_ÂŒd jh[dWZehZ[beiĂˆWcWh_bbeiÉ + ĹŠ$(1, ĹŠ 42/(Äą !( -3#ĹŠ04#ĹŠ#2ĹŠ j[dZh| YbWhe [b fWdehWcW 4- ĹŠ!#15#!#1~ Ä“ĹŠ fWhWl[hYÂŒce[ij|bWY_# YWjh_pZ[ikb[i_ÂŒd$ fWhW iWX[h Yk|b[i ied bei
. .Ŋ+#2Ŋ"#)¢Ŋļ.) 2ČŊ Ŋ+.2Ŋ"#+Ŋ,_1(! +Ŋ31("#-3#Ŋ04# /1#.!4/ Ŋ Ŋ#1%42.-
Ĺ—ĹŠ ŊŊÆBegk[j[d[ceigk[^WY[h [i[dYedjhWhkdWiebkY_ÂŒd WbfheXb[cWNWl_#C[ii_# ?d_[ijWÇ"Z_`eĂ›b[n<[h]kied" [bjƒYd_YeZ[bCWdY^[ij[h Kd_j[Z"fWhWbWĂ’dWbZ[bWB_]W Z[9Wcf[ed[igk[[d\h[djWh| WbYkWZhe_d]bƒioWb8WhY[be# dWZ[;ifW‹W"[bfhÂŒn_ce(. Z[cWoe$ ÆJeZe[bckdZe[ij|XkiYWd# Ze [iWiebkY_ÂŒd "fehgk[ied \kjXeb_ijWi[njhWehZ_dWh_eiÇ" W]h[]ÂŒ[b[djh[dWZeh[iYeYƒi$
FeYeif[he[\[Yj_lei$7i‡iedbei feYei `k]WZeh[i [YkWjeh_Wdei gk[[ij|dZ_ifkjWdZeĂ’dWb[i[d bei Z_\[h[dj[i jehd[ei" ZedZ[ Z[if_[hjWdbWWZc_hWY_ÂŒdZ[bWi YWZ[dWi_dj[hdWY_edWb[igk[bei jhWic_j[d$ FWiÂŒ Yed 7djed_e LWb[dY_W gk[[ij|fehb[lWdjWh[bjhe\[eZ[ YWcf[ÂŒd[d?d]bWj[hhW"WZ[c|i Z[i[hĂ’dWb_ijWZ[bWĂˆ9^Wcf_e# diÉ"ofWiWYed@eWeHe`Wi"gk_[d i[ f[]ÂŒ [b YWhj[b Z[ Ă’]khW Z[b Ceh[b_W" gk[ bW deY^[ Z[b Ze# c_d]e[b_c_dÂŒWb7cƒh_YWZ[bei YkWhjeiZ[Ă’dWb$ Æ@eWeHe`Wi"Z[Ceh[b_W"i_c# fb[c[dj[i[dj[dY_ÂŒbW[b_c_dW# jeh_WYedjhW7cƒh_YW"bk[]eZ[ WdejWhZei]eb[i[dbWl_Yjeh_WZ[ CedWhYWi)#(Ç"h[i[‹WDej_c[n$
ĂŒ3 .+ĹŠ"#ĹŠ _7(!. #,(ÄƒĹŠ- +#2
4#5#2Ŋĸ(" Ě '(5 2Ŋ 149Ŋ94+Ŋ
ĹŊ ĹŊ
4, 2ĹŠ .1#+( ĹŠ
ĈĒĖćć ĉĈĖćć
.,(-%.Ŋĸ54#+3 ĚŊ 4, 2Ŋ .1#+( Ŋ
ĹŊ '(5 2ĹŠ ĈĉĖćć ĹŊ 149ĹŠ94+ĹŠ ĉćĖćć
;b[n`k]WZehZ[;c[b[Y"WZ[# c|i"\k[[b[dYWh]WZeZ[][d[hWh kd\WbjWf[dWbgk[\k[jhWdi\eh# cWZW[d]ebfehikYecfW‹[he C|hgk[p$ 7^ehW"[bYkWZheZ[He`Wi_h| fehbWĂ’dWbZ[Cƒn_YeWdj[9hkp 7pkb[d`k[]eZ[_ZWolk[bjW$ Ä“ĹŠ2~ĹŠ$4#ĹŠ#+ĹŠ 1#-"(,(#-3.ĹŠ"#ĹŠ.) 2ĔŊ04(#-ĹŠ "#) ĹŠ+ ĹŠ, 1! ĹŠ"#ĹŠ .-3#-#Äą %1.ĹŠ"#+ĹŠ,_1(! Ä“ĹŠ
+ĹŠ-4#5.ĹŠ1.231. "#+ĹŠ "1("
Ĺ—ĹŠ ĹŠĹŠ;bH[WbCWZh_ZYedĂ’hcÂŒ Wo[h[bĂ’Y^W`[Z[bY[djhe# YWcf_ijWjkhYeDkh_IW^_d" gk_[d^Wc_b_jWZebWi‘bj_cWi YWcfW‹Wi[d[b8ehkii_W :ehjckdZoYed[bgk[i[^W Yecfhec[j_ZefWhWbWii[_i fhÂŒn_cWij[cfehWZWi$
ĹŠ"#ĹŠ1 2(+ĹŠ(-2(-ĂŒ ĹŠ"#) 1+. $4#1 ĹŠ"#ĹŠ+ ĹŠ./ ĹŠ,_1(! +ĹŠ2#+#!!(.- ".1ĹŠ 1 2(+# .ĔŊ -.ĹŠ #-#9#2ĔŊ "#+ -3¢Ŋ04#ĹŠ-.ĹŠ/1#Äą 3#-"#ĹŠ!.-5.! 1ĹŠ ĹŠ *;ĹŠ/ 1 ĹŠ+ ĹŠ./ ĹŠ,_1(! ĹŠ +ĹŠ 2#%41 1ĹŠ04#ĹŠ-.ĹŠ (-31."4!(1;ĹŠ-.5#" "#2ĹŠ"#ĹŠĂŒ+3(, ĹŠ'.1 ĹŠ#-ĹŠ#+ĹŠ%14/.ĹŠ!.-ĹŠ#+ĹŠ04#ĹŠ' ĹŠ 31 ) ".ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ,#2#2Ä“
#,(++#1.2ĹŠ 8ĹŠ$4341.ĹŠ"#+ĹŠ 3+#3(2,.ĹŠ /1.5(-!( + Bei`ÂŒl[d[iYedleYWZeifWhW i[h fWhj[ Z[ bW fh[i[b[YY_ÂŒd fhel_dY_WbZ[Wjb[j_ice"^Wd h[ifedZ_ZeZ[cWd[hWiWj_i# \WYjeh_WWbWYedleYWjeh_W^[# Y^Wfeh[djh[dWZeh[iZ[[ijW Z_iY_fb_dW IedkdjejWbZ[('Z[fehj_i# jWi[djh['+o'/W‹eibeigk[ Z_Wh_Wc[dj[[djh[dWdYed[b Ă’dZ[[if[Y_Wb_pWhi[[dbegk[ bei fh[fWhWZeh[i bbWcWd ik fej[dY_Wb$ I_nje O[h[pk[be" [djh[dW# ZehYkXWdeZ[bW<[Z[hWY_ÂŒd :[fehj_lW Z[ Jkd]khW^kW" j_[d[WikYWh]eW[ijWZ[b[]W# Y_ÂŒd Z[ `ÂŒl[d[i Z[fehj_ijWi" i_d[cXWh]eZ_Y[gk[W‘d\Wb# jWkdWYkbjkhWZ[fh[fWhWY_ÂŒd [d[bi[dj_ZeZ[bWYedijWdY_W" fk[i[bi_ij[cWgk[i[^WcW# d[`WZe^WijWW^ehW[dbWfhe# l_dY_W"[i[d^ehWh_eiZ[eĂ’# Y_dWo[iedef[hc_j[c[`ehWh WbZ[fehj_ijW$ O[h[pk[be cWd_\[ijÂŒ gk[ [ie fWhj[ Z[ bW _d_Y_Wj_lW Z[ bei[djh[dWZeh[igk[iedbei gk[ Z[X[d [n_]_h c|i W iki fkf_beifWhWbe]hWhZ[fehj_i# jWiZ[[b_j[$ F[i[ W [bbe" gk_[d[i Wi_i# j[dWbei[djh[dWc_[djeioW i[ Wb_ijWd fWhW Yecf[j_h [d ]hWdZ[i[dYk[djheidWY_edW# b[i"[i[bYWieZ[@kWd9Whbei CehWgk[Wiki'/W‹eioW^W be]hWZe kX_YWhi[ [djh[ bei fh_c[heiZ[bWfhel_dY_W$ CehW" Wb _]kWb gk[ ejhei `ÂŒl[d[iZ[fehj_ijWioWi[Wb_i# jWdWfWhj_Y_fWh[d[bdWY_edWb Z[Wjb[j_icegk[i[h[Wb_pWh| [d`kd_e"Yedc_hWiWbWi[b[Y# Y_ÂŒd[dbWiYWj[]eh‡Wi_d\Wdj_b oikf[h_eh$ BWYeehZ_dWY_ÂŒdZ[^ehW# h_ei i[h| kd Xk[d [b[c[dje Z[jhWXW`e"cWd_\[ijWhed[d# jh[dWZeh[ioZ[fehj_ijWi"feh begk[Z[X[h|d[nj[dZ[hi[bWi `ehdWZWiZ[[djh[dWc_[dje"i_ i[XkiYWdh[ikbjWZei$
1 -ĹŠ04 2' Bei Yeb[]_ei Z[ 7cXWje i[ Wb_ijWdWfWhj_Y_fWh[d[b?d# j[hYeb[]_WbZ[IgkWi^gk[[c# f[pWh|[bbkd[i()Z[cWoe[d bWiYWdY^WiZ[b9[djhe;Zk# YWj_le8_b_d]”[?dj[hdWY_edWb 9;8? " fWhW _cfb[c[djWh [ijW WYj_l_ZWZ Z[fehj_lW [d bei`ÂŒl[d[i$
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
Ä Ä
ÂĄÄ“ĹŠ .2ĹŠ!.+#%(.2ĹŠ , 3#Â .2ĹŠ/ 13(!(/ 1;-ĹŠ"#+ĹŠ(-3#1Äą !.+#%( +ĹŠ"#ĹŠ5.+#( .+Ä“
.+#%( +#2ĹŠĹŠĹŠĹŠ #-ĹŠ#+ĹŠ3.1-#.ĹŠ "#ĹŠ5.+#( .+
+ĹŠ$ĂŒ3 .+ĹŠ!.+#%( +ĹŠ$#,#-(-.ĹŠ2#ĹŠ(,/42.ĹŠ#-ĹŠ+ ĹŠ ! -!' ĔŊ"#,.231 -".ĹŠ+ ĹŠ"#231#9 ĹŠ8ĹŠ".,(-(.ĹŠ "#ĹŠ +¢-ĹŠ04#ĹŠ3(#-#-ĹŠ+ 2ĹŠ!'(! 2ĹŠ2#!4-" 1( 2Ä“
#,.231 1.-ĹŠ2#1ĹŠ 4#- 2ĹŠ#-ĹŠ$ĂŒ3 .+ :[ifkƒiZ[dkc[heiei[dYk[d# jhei\kjXeb‡ij_Yei[d[b_dj[hYeb[# ]_WbZ[\‘jXebh[Wb_pWZeZkhWdj[ Zei c[i[i" Wo[h i[ `k]Whed bWi Ă’dWb[i[dbWceZWb_ZWZZWcWi" ZedZ[[b?dij_jkjeJ_hieZ[Ceb_# dWi[YehedÂŒYWcf[ÂŒdWXiebkje Z[bjehd[e$ Bei[dYk[djheiYWkiWhedck# Y^W [nf[YjWj_lW [d bei Yeb[]_ei gk[bb[]WhedWbWiĂ’dWb[i"ZWdZe kdcWj_pckoh[‹_ZefWhWbWYbW# i_Ă’YWY_ÂŒdĂ’dWb$ ;b ?dij_jkje CWh‡W DWjWb_W LWYW\k[ejheZ[beifbWdj[b[igk[ deZ_ejh[]kWWikiWZl[hiWh_ei
(- +#2ĹŠ"#ĹŠ - 3 !(¢  - ĹŠ+.2ĹŠ,#).1#2ĹŠ- " ".Äą 1#2ĹŠ/ 13(!(/ 1;-ĹŠ#-ĹŠ+ ĹŠÄƒĹŠ- +ĹŠ"#+ĹŠ -3#1!.+#%( +ĹŠ"#ĹŠ 3 !(¢-ĹŠÄ‰Ä‡ÄˆÄˆÄ”ĹŠ#-ĹŠ + ĹŠ/(2!(- ĹŠ"#+ĹŠ -23(343.ĹŠ4/#1(.1ĹŠ .+~5 1ĔŊ ĹŠ/ 13(1ĹŠ"#ĹŠ+ 2ĹŠÄˆÄ‡Ä–Ä‡Ä‡Ä”ĹŠĹŠ/1.Äą 8#!3;-".2#ĹŠ ĹŠ!.-$.1, 1ĹŠ+ ĹŠ2#+#!Äą !(¢-ĹŠ"#ĹŠ4-%41 '4 Ä“
.+#%(.2ĹŠ ,/#.-#2
ÄˆÄ“ĹŠ(12.ĹŠ"#ĹŠ .+(- ĉēŊ 1~ ĹŠ 3 +( ĹŠ ! ÄŠÄ“ĹŠĹŠ-~ +ĹŠ +% ".
[d[bYWcfeZ[`k[]e"fehbegk[ WbYWdpŒ[bi[]kdZebk]WhZ[b_d# j[hYeb[]_Wb$ ;b7d‡XWbIWb]WZeZ[J_iWb[e jWcX_ƒdZ[ceijhŒ[b jWb[djeZ[ iki`k]WZehWi"YebeY|dZei[[d[b j[hY[hfk[ijeZ[bfeZ_eZ[ifkƒi Z[]eb[WhWbeiYeb[]_ei7cXWje"
>_ifWde"begk[b[ii_]d_Ă’YWYed# jWhYedkdWXk[dW[iYkWZhWfWhW [bfhÂŒn_ceW‹e$ Bei[djh[dWZeh[iZ[bei[gk_# feibWifh[fWhWhedYedZeic[i[i Z[Wdj_Y_fWY_ÂŒdoiWX[dbWYWb_ZWZ Z[[b[c[djei\[c[d_deigk[j_[# d[d[dbWYWdY^W"fk[ickY^Wi Z[[bbWi]kijWdZ[b\‘jXebh[Yh[W# j_leo[ijWifWhj_Y_fWY_ed[iied bWefehjkd_ZWZZ[Z[ceijhWhik jWb[dje$ Gk_[d[i \k[hed `k[Y[i l[[Zeh[ih[YedeY_[hedgk[[b\‘j# Xeb\[c[d_de[ikdfej[dY_Wb[d Jkd]khW^kWoi[\ehjWb[Y[[dbWi [ZWZ[i\ehcWj_lWi$
BWi _diYh_fY_ed[i _d_Y_Whed fWhW[b?dj[hYeb[]_WbZ[Le# b[_Xeb (&'' gk[ _d_Y_Wh| [b c_ƒhYeb[i(+Z[cWoe[dbWi YWdY^Wi Z[b 9eb_i[e Z[ :[# fehj[iZ[7cXWje$ BeiZ[fehj_ijWi[ijkZ_Wd# j_b[ifWhj_Y_fWh|d[dbWiYWj[# ]eh‡Wi_d\[h_eh"_dj[hc[Z_Wo ikf[h_ehZ[ZWcWiolWhed[i" \ehcWdZebeic[`eh[i[gk_# feiZ[iki[ijWXb[Y_c_[djei$ >WijW[bcec[dje"dei[ ^W_diYh_jed_d]kdW_dij_jk# Y_Œd"i_d[cXWh]ebeieh]Wd_# pWZeh[iZ[fehj_lei[if[hWd ikf[hWhbWi[nf[YjWj_lWiZ[b W‹efWiWZe"Yece^WikY[Z_# ZeYedejhWiZ_iY_fb_dWi$
-!4#-31.ĹŠ $ 4+.2.ĹŠ"#ĹŠ !'#1+##"#12ĹŠ
.2ĹŠ!.+#%(.2ĹŠ , 3# .2ĹŠ 2#ĹŠ +(23 -ĹŠ ĹŠ/ 13(!(/ 1ĹŠ #-ĹŠ#+ĹŠ -3#1!.+#%( +ĹŠ"#ĹŠ '#1+##"#12ĹŠ04#ĹŠ(-(!( 1;ĹŠ #+ĹŠ)4#5#2ĹŠÄˆÄ‰ĹŠ"#ĹŠ, 8.ĹŠ#-ĹŠ + 2ĹŠ! -!' 2ĹŠ"#+ĹŠ.+(2#.ĹŠ"#ĹŠ #/.13#2ĹŠ"#ĹŠ, 3.Ä“
Ä Ä‚
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
ēŊ26 +".Ŋ .+%4~-Ŋĸ(ĚĔŊ"(.Ŋ Ŋ!.-.!#1Ŋ2. 1#Ŋ + Ŋ!.,/#3#-!( Ŋ'~/(! ē
ĹŠ2#%4-" ĹŠ 5;+(" ĹŠ'~/(! 7cXWjei[h|bWi[Z[Z[kdW L|b_ZWZ[9Wcf[edWjeDW# Y_edWb>‡f_Ye"gk[i[h[Wb_# pWh| [b i|XWZe '* Z[ cWoe WbWi&.0&&[dbW>WY_[dZW IWdjWHeiW"[dbWfWhhegk_W Z[b c_ice decXh[$ I[h|d Wbh[Z[ZehZ['(&`_d[j[igk[ feZh|d Z[ceijhWh ik ^WX_# b_ZWZ o bW YedZ_Y_ÂŒd Z[ iki YWXWbbeifWhWYkcfb_hYed[b j_[cfe[ijWXb[Y_ZeZ[WYk[h# ZeWbh[]bWc[djeZ[bW<[Z[# hWY_ÂŒd;YkWjeh_WdW;Yk[ijh[$ EimWbZe>eb]k‡d"l_Y[fh[i_# Z[dj[Z[b9bkXJkd]khW^kW" cWd_\[ijÂŒikW]hWZefehgk[ [ibWfh_c[hWl[pgk[bWfhe# l_dY_Wj_[d[kd[dYk[djheZ[ [ijWcW]d_jkZ$ Feh 7cXWje fWhj_Y_fWh|d0 IWdj_W]e L|iYed[p" >[hd|d L|iYed[p" :_[]e 9Wbb[`Wi" CWhj‡dDWhWd`e":Wd_[bFWbW# Y_ei"=k_Ze>eb]k‡dfWZh[o =k_Ze>eb]k‡d^_`e$
41.ĹŠ+" 5#ĹŠ#23; $4#1 ĹŠ"#+ĹŠÄĽ."(++.ÄŚ
ĹŠ!.-"(!(¢-ĹŠ"#+ĹŠ "#+ -3#1.ĹŠ-.ĹŠ$4#ĹŠ 24ÄƒĹŠ!(#-3#ĔŊ8 ĹŠ-.ĹŠ /#13#-#!#ĹŠ +ĹŠ/+ -Äą 3#+ĹŠ4-(5#12(3 1(.Ä“
;bkhk]kWoeCWkhe7bZWl[\k[ i[fWhWZeWo[hZ[bYbkXZ[JƒYd_# YeKd_l[hi_jWh_e"Z[ifkƒiZ[gk[ ikh[dZ_c_[dje[dbWYWdY^Wde bb[dÂŒbWi[nf[YjWj_lWiZ[bfbWdj[b" d_Z[bW^_dY^WZWWbX_he`W$ 9edbWĂ’hcWZ[kdWWYjWZ[Ă’# d_gk_jefehfWhj[Z[M_biedL[# bWij[]k‡"fh[i_Z[dj[Z[bYbkXkd_# l[hi_jWh_e"o[bZ[bWdj[he7bZWl[" i[Z_iebl_ÂŒbWYedjhWjWY_ÂŒdgk[i[ ^_peW_d_Y_eiZ[b9Wcf[edWjeZ[ bWI[h_[8$ :[bei'(Yej[`eiZ[bWfh_c[# hW[jWfWZ[bYWcf[edWje"CWkhe 7bZWl[`k]ÂŒdk[l["[dbeigk[de fkZecWhYWhd_d]‘d]eb$ BWi Yedl[hiWY_ed[i [djh[ [b Z_h[Yjeh_eofhe\[iehZ[bJƒYd_# YeFW‘bLƒb[p"Z[j[hc_dWhedgk[ 7bZWl[defeZ‡Wi[]k_hZ[djhe Z[b fbWdj[b" Z[ifkƒi Z[b h[ikb# jWZe gk[ i[ eXjkle ieXh[jeZe [d bWi ‘bj_cWi \[Y^Wi ZedZ[ ƒb fWhj_Y_fÂŒ$ ;ZkWhZe <h[_h[" c_[cXhe Z[bZ_h[Yjeh_e"cWd_\[ijÂŒgk[be
9?H9K?JE
gk[i[XkiYW[iiWYWhWb[gk_fe WZ[bWdj[ogk[[ieZ[f[dZ[Z[b Yecfhec_ie gk[ j[d]Wd jWdje `k]WZeh[i Yece fh[fWhWZeh[i jƒYd_Yei[dYWZW[dYk[djhe$ >WijW[bcec[djeCWkhe7b#
ZWl[dei[^WfhedkdY_WZeieXh[ beiikY[Z_Ze$ FehejhWfWhj["[bb_XheZ[_di# Yh_fY_ed[ide[ijWh|Z_ifed_Xb[ ^WijW`kb_e"fehbegk[de^Woh[# Y[fY_ÂŒdYWhf[jWifWhWh[[cfbW#
pWhbWlWYWdj[Wbcec[dje$ F[i[W[ije[b[gk_feWcXWj[# ‹ei[fh[fWhWfWhW[d\h[djWhWb LWbb[Z[b9^ejW[bl_[hd[i')Z[ cWoe[d[b;ijWZ_e8[bbWl_ijWW fWhj_hZ[bWi(&0&&$
5 -9 ĹŠ+ ĹŠ2#%4-" ĹŠ! 3#%.1~
.2ĹŠ#04(/.2ĹŠ"#ĹŠ+ ĹŠĹŠ2#%4-" ĹŠ! 3#%.1~ ĹŠ"#ĹŠ4-%41 '4 ĹŠ!4,/+(1;-ĹŠ+ ĹŠ !4 13 ĹŠ$#!' ĹŠ"#ĹŠ!.3#).2ĹŠ#23#ĹŠ,(_1!.+#2ĹŠÄˆÄˆĹŠ"#ĹŠ, 8.ĹŠ ĹŠ/ 13(1ĹŠ"#ĹŠ+ 2ĹŠ ĈÄ?ĖććĔŊ#-ĹŠ31#2ĹŠ#-!4#-31.2ĹŠ2(,4+3;-#.2Ä“
#04(#1#-ĹŠ "#ĹŠ - +(23 2ĹŠ :[WYk[hZeWbWZ_ifei_Y_ÂŒdZ[b C_d_ij[h_eZ[b:[fehj["bWi\[# Z[hWY_ed[iZ[fehj_lWiZ[bfW‡i bWigk[Z[X[h|dYedjhWjWhWdW# b_ijWiĂ’dWdY_[heiojƒYd_Yeic[# jeZebÂŒ]_YeifWhWh[[ijhkYjkhWh [bfbWdZ[jhWXW`e[d[ijWi|h[Wi$ ;d[bYWieZ[Jkd]khW^kWoWi[ h[Y[fjWd bWi ^e`Wi Z[ l_ZW Z[ gk_[d[i gk_[hWd \ehcWh fWhj[ Z[bW_dij_jkY_ÂŒd$
ēŊ -"1 Ŋ#+ ĔŊ ,(-(231 Ŋ"#+Ŋ#/.13#ĔŊ'(9.Ŋ+ Ŋ !.-5.! 3.1( Ŋ1#2/#!3(5 ē
Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
Ä Äƒ
ļ Ŋ1#3#-!(¢-Ŋ#2Ŋ (-!.-23(34!(.- +Č
Ĺ—ĹŠĹŠĹŠ
&),(ŋ.,6!# ŋ'/ ,. ŋ ŋ/(ŋ.# ,(ŋ Zŋ3 , ēŊ .2Ŋ$ ,(+( 1#2Ŋ"#Ŋ+ Ŋ(-$ -3#Ŋ$ ++#!(" Ŋ2#Ŋ,.231 1.-Ŋ31(23#2Ŋ -3#Ŋ24Ŋ1#/#-3(- Ŋ/ 13(" ĔŊ"#) -".Ŋ4-Ŋ".+.1Ŋ%1 -"#Ŋ Ŋ3.".2Ŋ242Ŋ ++#% ".2ē
2ĹŠ(-5#23(% !(.Äą -#2ĹŠ"#ĹŠ(2! +~ ĹŠ8ĹŠ .+(!~ ĹŠ"#3#1,(Äą - 1;-ĹŠ1#2/.-2 (Äą +(" "#2ĹŠ ĹŠ$4341.Ä“
CWh‡W9Whc[dD"bW[dYedjhWhW `kdjeWikcWZh[CWh‡WD$"YWi_ i_di_]deil_jWb[ioYedZ_Ă’YkbjWZ fWhWh[if_hWh"fehbegk[\k[bb[# lWZWZ[kh][dY_WWbWc[dY_edWZW YWiWZ[iWbkZ$ ;d[bbk]Wh"bWZeYjehW;dcW =kWc|d"Z_`egk[bWX[Xƒ^WX‡W _d]h[iWZeYedh_]_Z[pZ[iki[n# jh[c_ZWZ[i"Yk[hfe\h‡eoY_Wdei_i ;dlk[bjW[dkdWcWdjWheiWZW ][d[hWb_pWZW$ oYedkdW]ehh_jWXbWdYW\k[be# YWb_pWZe[bYk[hfeZ[CWh‡W=W# Xh_[bWD"Z[kdc[iojh[iZ‡WiZ[ dWY_ZW"fehbeiW][dj[iZ[9h_c_#
4#%.ĹŠ"#ĹŠ+ ĹŠ-#!1./2( ĹŠ"#ĹŠ+#8ĔŊ1#Äą dWb‡ij_YWWb_dj[h_ehZ[bW9b‡d_YW +(9 " ĹŠ/.1ĹŠ#+ĹŠ,_"(!.ĹŠ$.1#-2#ĹŠ:-%#+ĹŠ Z[bD_‹e"kX_YWZW[dbWYWbb[FW# #11#1 ĔŊ2#ĹŠ"#3#1,(-¢Ŋ04#ĹŠ+ ĹŠ! 42 ĹŠ Y^WoBWjWYkd]W[dbWY_kZWZ[bW "#+ĹŠ"#!#2.ĹŠ"#ĹŠ+ ĹŠ(-$ -3#ĔŊ$4#ĹŠ4- ĹŠ 2Äą Dk[lW;if[hWdpW$ ÄƒĹŠ7( ĹŠ/.1ĹŠ 1.-!.ĹŠ 2/(1 !(¢-ĹŠ%;231(! ĔŊ I[]‘d [b _d\ehc[ feb_Y_Wb" bW %#-#1 " ĹŠ,(#-31 2ĹŠ+ ĹŠ, "1#ĹŠ" ĹŠ"#ĹŠ _d\Wdj[_d]h[iÂŒWbWYWiWZ[iWbkZ + !3 1ĹŠ ĹŠ+ ĹŠ # _Ä“ĹŠ+ĹŠ!4#1/.ĹŠ$4#ĹŠ2 ! ".ĹŠ Wo[hWbWi&,0)&"bk[]egk[ikj‡W "#ĹŠ+ ĹŠ .1%4#ĹŠ ĹŠ+ 2ĹŠÄˆÄ‘Ä–Ä‡Ä‡ĹŠ"#ĹŠ 8#1Ä“
,#1%#-!( ĹŠ#-ĹŠ
ĹŠ.+.1.2
Ĺ—ĹŠĹŠĹŠ
HŒckbeD$Z['-W‹ei"\k[ jhWibWZWZeZ[iZ[[bC[hYWZe BW:ebeheiW"Wb|h[WZ[;c[h# ][dY_WZ[b>eif_jWb:eY[dj[ 7cXWje"Wo[hWbWi'*0(("bk[]e gk[ik\h_[hWkd\k[hj[Zebeh[d [bbWZe_pgk_[hZeZ[bWiYeij_# bbWifheZkY_Zefehkd]ebf[$ C_[cXheiZ[bW9hkpHe`W"[i# jWX_b_pWhedWbW\[YjWZefh[l_e Wik_d]h[ieWbWc[dY_edWZW YWiWZ[iWbkZ$
42 ĹŠ"#ĹŠ,4#13# Ĺ—ĹŠĹŠ
ÂĄÄ“ĹŠ (#, 1.2ĹŠ"#ĹŠ+ ĹŠ.+(!~ ĹŠ 4"(!( +ĹŠ"#ĹŠ4-%41 '4 ĹŠ31 2+ " 1.-ĹŠ#+ĹŠ !4#1/.ĹŠ ĹŠ+ ĹŠ .1%4#ĹŠ"#+ĹŠ.2/(3 +ĹŠ.!#-3#ĹŠ, 3.Ä“
,) &'(Ĺ‹$/-.# #Ĺ‹ #)& (.)Ĺ‹ ")+/ Ĺ‹ (Ĺ‹&Ĺ‹ *,Ĺ‹- !/( )Ĺ‹ ,#' ( 0 (# Ĺ‹ )-Ĺ‹"-+/#-Ĺ‹ ;d[b`kp]WZeZ[]WhWdj‡Wif[dW# b[i"EiYWh:Wd_[bFWpc_‹eZ[(. W‹ei"gk_[dcWjÂŒWikcWZh[CW# h‡W7b[`WdZh_dWI_blW"Z[,'W‹ei [bZec_d]e(&Z[cWhpefWiWZe" Z_eikl[hi_ÂŒdieXh[[bYh_c[d[d [bgk[^WXh‡WWi[i_dWZeWI[]kd# Ze9WbWf_‹WWĂ’dWb[iZ[\[Xh[he Z[[ij[W‹e$ BW l[hi_ÂŒd Z[ FWpc_‹e \k[ h[Y[fjWZWWo[hWbWi&/0&&XW`e [ijh_YjWic[Z_ZWiZ[i[]kh_ZWZo YedbWfh[i[dY_WZ[HkXƒd=k[lW# hW"<_iYWbZ[Gk[he"gk_[d_dl[ij_# ]W[ijeiZei^ec_Y_Z_ei$
BW Wkjeh_ZWZ i[ WXijkle Z[ [c_j_hYh_j[h_eiieXh[bW_dl[ij_# ]WY_ÂŒd" [d\Wj_pWdZe gk[ [d bei fhÂŒn_ceiZ‡Wih[Y_X_h|kd_d\eh# c[ fi_gk_|jh_Ye ieXh[ [b [ijWZe c[djWbZ[FWpc_‹e"bk[]eZ[be YkWblebl[h|Wi[h[lWbkWZeoZ[# j[hc_dWhik_cfkjWX_b_ZWZ$ ;dbWWkZ_[dY_Wbei\Wc_b_Wh[i Z[9WbWf_‹W"cWd_\[ijWhedikZ[# i[e Z[ `kij_Y_W Wdj[ [ij[ Yh_c[d f[hf[jhWZe[d[bYWdjÂŒd9[lWbbei$ Æ9h‡c[d[iYece[ijeidefk[# Z[dgk[ZWh[dbW_cfkd_ZWZÇZ_# `[hedbei\Wc_b_Wh[i$
;beo>[h[Z_W"jWn_ijW_d\eh# cWb"Wi[]khÂŒgk[bWh[j[dY_ÂŒd Z[ikl[^‡Ykbe"c_[djhWi fh[ijWXWi[hl_Y_ef‘Xb_Yei_d i[hWĂ’b_WZeWkdWYeef[hWj_lW" [i_b[]Wb[_dYedij_jkY_edWb" Wh]kc[djWdZegk[[bZ[h[Y^e WbjhWXW`e[ij|]WhWdj_pWZe[d bW9edij_jkY_ÂŒdZ[Cedj[Yh_ij_$ >[h[Z_W_dZ_YÂŒgk[bb[]Wh| ^WijWbWi‘bj_cWiYedi[Yk[d# Y_WifWhW^WY[hh[if[jWhiki Z[h[Y^eiYecejhWXW`WZeh WkjÂŒdece1W]h[]ÂŒgk[de [ij|Z[WYk[hZeYedbWckbjW Z[+(.ZÂŒbWh[ioi_[j[Z‡WiZ[ h[j[dY_ÂŒdZ[ikkd_ZWZ[d[b fWj_el[^_YkbWhZ[bWfeb_Y‡W" _dYed\ehc_ZWZgk[[if[hW Z[XWj_hYedbWiWkjeh_ZWZ[iZ[ Yedjheb$
9edi[l[heiZW‹ei[d[b]kWhZW# \Wd]eo[dbWibbWdjWiZ[bWdj[hWi gk[ZŒ [b WkjecŒl_b Yed fbWYW FB=#&)(gk[YedZkY‡WBk_i=Œ# c[p" bk[]e Z[ Y^eYWh YedjhW [b jWn_YedfbWYWJ7J#&)-gk[cW# d[`WXW@eiƒ=kWoY^WWbWi')0)+ Z[bZec_d]eWdj[h_eh$ ;bWYY_Z[dj[\k[[dbWWl[d_ZW Bei 9^Wigk_i o H‡e FWoWc_de1 i[]‘d =Œc[p" ƒb Y_hYkbWXW feh bWWl[d_ZWfh_dY_fWbo[bjWn_]_hŒ WbW_pgk_[hZWZ[cWd[hWXhki# YW"fehbegk[defkZe[l_jWh[b _cfWYje$C_[djhWigk[=kWoY^W
Â&#x;Ä“ĹŠ 2ĹŠ4-(" "#2ĹŠ !!("#-3 " 2ĹŠ /1#2#-3 -ĹŠ%1 5#2ĹŠ" Â .2Ä“
Wh]kc[djŒgk[=Œc[pl_W`WXWW [nY[ieZ[l[beY_ZWZoYedc‘i_YW WWbjelebkc[d"fehbegk[deWb# YWdpŒW\h[dWh"fh[l_eWik]_he$
.+(!~ ĹŠ!.-31.+ ĹŠ + 2ĹŠ! 11#3#1 2
Ĺ—ĹŠĹŠĹŠ
:_l[hieief[hWj_leii[^Wd cedjWZe[dZ_ij_djeifkdjei Z[bWY_kZWZWĂ’dZ[[l_jWh[b Wk][Z[b_dYk[dY_Wb$ Beikd_\ehcWZeih[]_ijhWd gk[beiY_kZWZWdeidefehj[d WhcWi"WZ[c|igk[Y_hYkb[d YedbeiZeYkc[djei[dh[]bWi_ l_W`Wd[dWb]‘dWkjecejeh$ ;beX`[j_le"WZ[Y_hZ[bWi Wkjeh_ZWZ[ifeb_Y_Wb[i"[i [l_jWhZ[b_jeiYeckd[iYece [bheXeo[bWiWbje"i_d[cXWh]e h[iWbjWhedbW_cfehjWdY_WZ[bW YebWXehWY_ÂŒdY_kZWZWdW"[d[b Wif[YjeZ[fh[l[dY_ÂŒd$
āą
ŏāĀŏŏŏ ŏŏĂĀāā
ŏ+. ŏ
8KI9E;CFB;E @E><E@<IFJ
GIF=<JFI<J -"8ũ . (-2.-ēũ -%+_2ēćĒĒĐćĒćĊĒ
1.$#2.1ũ
154+ 1( ēũ -$ēũćđČČČćĒĊđ !.-.,(23 ũĵũ/1.$#2.1ēũ -$ēũćđČďćĊĊđĉ 1.$#2.1 ũ 154+ 1( ēũ -$ēũ ćĒĎđĊĎĈĒĊũ ĵũ ćĒđĉĈĒĎČČũ 154+ 1( ēũ -$ēũĉđĎĈČĐĉũĵũćđĐđĈďĊĈĊ
:FEK8;FI<J
-%#-(#1 ũ #-ũ +(,#-3.2ēũ -$ēũ ĉđĎĎĊĈĈũ ĵũ ćĒĎđĎĐĒďćũ %1#2 ".ũ"#ũ -%#-(#1~ ũ(.04~,(! ũ#+$ēĖũ ćđČĉĉĎČĒĊ %1#2 " ũ"#ũ -%#-(#1~ ũ(.04~,(! ũ#+$ēĖũ ćđČććđĊĉĉ -%#-(#1 ũ -"4231( +ũ #-ũ 1.!#2.2ũ "#ũ 43., 3(9 !(¢-ēũ -$ēũ ĉđĉČđďĊıũ ćđČĉđđďĊĊ
47(+( 1ũ !.-3 +#ĵ 3#-!(¢-ũ +ũ !+(#-3#ũ -$ĖćđĐĐďďĉČć
-%#-(#1 ũ #-ũ 1*#3(-%ēũ -$ēũ ĉČĈĈďČĊũ ĵũ ćĒđđĉććĉć
%1#2 " ũ "#ũ !.-.,~ ēũ -$ēũ ĉČČĈĎČČũ ĵũ ćĒĎďČČđČĒ
-%#-(#1 ũ#-ũ1% -(9 !(¢-ũ"#ũ,/1#2 2ēũ -$ĖũćđĐĊđĐĒĐďē
47(+( 1ũ !.-3 +#ēũ -$ēũ ĉđĉćĉďĎũ ĵũ ćĒĒĉĊđĒćĈũ
-%#-(#1.ũ !.-ũ #7/#1(#-!( ũ #-ũ , -3#ı -(,(#-3.ũ "#ũ !#-31.ũ "#ũ !.,/43.ēũ -$ēũũ ćđĊĉĒĉđďČũ
47(+( 1ũ!.-3 +#ũ -$ĖćĒĒĒČĒćĎĐ ũ 4"(3.1ũ !.-ũ ,/+( ũ #7/#1(#-!( ēũ -$ēũ ĉČĈĐĈĉĎũĵũćĒĉĒĊĐČČČũ -%#-(#1 ũ #-ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũĉĎĉćĉĈćũĵũćĒĉĐĉćĉČĒ -%#-(#1 ũ #-ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ ēēēũ -$ēũćĒđĉĉĐĊĈđũĵũćĊĉđČđĐđČ .-3 ".1 ũ !'(++#1ēũ -$ēũćđČćĊĒđđĉ !3 5.ũ2#,#231#ũ"#ũ -%#-(#1~ ũ#-ũ.-ı 3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũ ĉĐĎČĊČćũ ĵũ ćđĊČććďćĐ %1#2 ".ũ "#ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũĉđĉĒČćĈĵćđĐĒđďĒďĉ .-3 ".1 ēũ -$ēũćđĐććđďĐďũ -%#-(#1 ũ #-ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũćĒććđĐĒďĎũ
-%#-(#1.ũ #-ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũĉđĎĊĐĊĒũĵũćđČďćĐđĈďũ -%#-(#1.ũ"#ũ,/1#2 2ũćĒĉĊĊđĊĎĎ -%#-(#1.ũ #-ũ ,/1#2 2ēũ -$ēũ ĉČĈČĉĊďũ ĵũ ćđĐđĈďđďćũ -%ēũ.,#1!( +ũ8ũ'.$#1ũ/1.$#2(.- +ũ!.-ũ 5#'(!4+.ũćđĊĎďĈďĒČ -%#-(#1.ũ -"4231( +ũ #-ũ 1.!#2.2ũ "#ũ 43., 3(9 !(¢-ēũ -$ēũ ćĊıũ ĉĐČďıćĐČũ ĵũ ćđĊĉĒĉđďČ -%ēũ #-ũ (23#, 2ēũ #+ũ ćđĈćĈĎđĊďĵũ ĉČĈďĈĐĉ -%#-(#1 ũ .,#1!( +ũ !.-ũ #7/#1(#-ı !( ũ #-ũ !. 1 -9 2ēũ -$ēũ ćđČĎćĊďđČũ ĵũ ćđĐČćĐĈćČũ -%#-(#1 ũ.,#1!( +ēũ -$ćđĐđĊĈĊđĒ
-%#-(#1.ũ #-ũ ,/1#2 2ēũ -$ēũ ĉČĈĎĊĒćũ ĵũ ćđćďĈĈćĒć
(,/(#9 ũ"#ũ! 2 2Ĕũ"#/ 13 ,#-3.2Ĕũ.$(!(ı - 2ēũ -$.1,#2ĖũćĒćĊĊĎĈĐďũĵũĉĐĎČďĈĉēũ
#ũ1# +(9 ũ31 ).2ũ"#ũ/(-341 ũ#-ũ! 2 2Ĕũũ #+$ĖũćđĎĉćČĈĐĒ
84" -3#ũ"#ũ.$(!(- ũĵũ47(+( 1ũ"#ũ#-$#1ı ,#1~ ēũ -$.1,#2ĖũćĒđĉćĉĈĈĉ
-%#-(#1.ũ .,#1!( +ı'.$#1ũ /1.$#2(.- +ēũ -$ēũćđČČĈČđĎć
ũ 2#15(!(.2ũ !4(" -".ũ -( .2ũ -$ēĖũ ĉđČĎďđćũıũćĒĐĉĉĈććď
ũ 4#13 2ũ 43.,;3(! 2ũ !#++ĖũćđČĎĎĐĎđćũıũćĒĊćĒđĉĐĒ
ũ -%#-(#1 ũ #-ũ #23(¢-ũ (- -!(#1 ēũ -$ēũ ćĒĎĐĈČĒđďũĵũĉČĎććĎć
4(" ".ũ"#ũ -!( -.2ēũ -$ēũćĒđđćĎĊČćũ
#!-¢+.%.ũ (5(+ũ 8ũ ( +ēũ -$Ėũ ĉČĉĉĒĐćĵũ ćđĐĊČĉĈĐď
.,4-(! ".1ũ 2.!( +ũ ĵũ #+ !(.- ".1ũ Ì +(!.ũ ĵũ #231.ũ "#ũ #1#,.-( 2ēũ -$ēũ ćđČćĈĐČďĒ
ũ -%#-(#1 ũ.,#1!( +Ėũ -$ēũũĉđćĎČĎĈ ũ -%#-(#1.ũ#-ũ"(2# .ũ -"4231( +ēũ(-$.1,#2ũ ĉČĈĉĈĈđĵćđĐćĉĎćĎĒ -%#-(#1 ũ #-ũ $(- -9 2ēũ ĉđĐČĉćĈĵćđĐđĈďĎĉĉ
(-$.1,#2ũ
-%#-(#1 ũ#-ũ.-3 (+(" "ũ8ũ4"(3.1~ ēũ -$ēũ ćĒđĎĒĐĈđď -%#-(#1 ũ#-ũ1% -(9 !(¢-ũ"#ũ,/1#2 2ēũ -$ēũĉČČĎĊĎĎ ũ -%#-(#1 ũ#-ũ",(-(231 !(¢-ũ"#ũ,/1#ı 2 2ēũ -$ēũćđĐĈđĈČĐĒ -%#-(#1 ũ#-ũ+(,#-3.2ēũ -$ēũćđćĐĎĎĉĎČ ũ ēũ ēũ ēũ ćđČĎĈĊĐćĉũĵũĉđĉĐČČĉ
%1#2 " ũ (#-!( 2ũ ",(-(231 3(5 2ēũ -$ēũ ćđĊĉďČćĉć
-%#-(#1.ũ !.,#1!( +ēũ ĉČĎĉĒĎćũ ĵũ ćĒĎĒđĉĒĒĒ
47(+( 1ũ ",(-(231 3(5 Ĕũ 5#-3 2Ĕũ 3#-ı !(¢-ũ +ũ !+(#-3#ēũ -$ēũ ćđČĐČČĐćČũ ĵũ ćđĊĈđĐđČĊũ
%1#2 " ũ "#ũ ",(-(231 !(¢-ēũ .-3 ".ı 1 ēũ -$ēũĉČĈĎďĒďũĵũćĒĒĐĐĎđĐď
ũ -%#-(#1.ũ"#ũ,/1#2 2ēũ -$ēũĉČČĉĉĐďũĵũ ćđĊĉĒĒĐĉĐ
#!1#3 1( ũ #!#/!(.-(23 ēũ 47(+( 1ũ !.-ı 3 +#ēũ -$ēũćđČĎďďĈĒďũ
.-3 ".1 ēũ ćĒđĎĒďćĒď
-%#-(#1.ũ #-ũ (23#, 2Ĕũ #+#!31¢-(! ũ #ũ (-"4231( +ēũ -$ēũćĊĉĉĐďĈĉĈũIJũćĒđĈĉĊĊĉĈ
%1#2 " ũ "#ũ #1#!'.ũ !.-ũ #7/#1(#-!( ũ #-ũ!.-3 (+(" "ēũ -$ēũćđĐıĉĒĐĉĐĊũĵũćĒďı ĊĒĈĈĒć 234"( -3#ũ#ũ#1#!'.ēũ -$ēũćĒĒćĎĊĊđĐ %1#2 ".ũ "#ũ 41(2/14"#-!( ēũ -$ēũ ćđĐďĒĎďČĊũ
GJ@:FCF>FJ 2(!¢+.%.ēũ -$ēũćđĐďĒĎďČĊ .2#.ũ#234"(.2ũĸĒũ2#,#231#2Ĺũ#-ũ2(!.+.ı %~ ũ+~-(! ēũ -$ēũćđĐďĒĎďČĊũ 2(!¢+.% ũ +~-(! ēũ -$ēũ ĉČĐďĈĎĎũ ĵũ ćĒĈďĈĈĎćĎũ
/ !(3 ".1ũ #-ũ ",(-(231 !(¢-ũ Ì +(! ēũ -$ēũćĒČĎĊćČćđ
<:FEFD@JK8J !.-.,(23 ēũ -$ēũćđČČĒĊĒćĈũĵũĉĎĉĈđČć
(/.ũ
ũ
'.$#1ũ/.1, -ũ -$ēĖũćĊĉũđČćĉćĊ '.$#1ũ/1.$#2(.- +ēũ(/.ũũũ!.-ũ! ,(¢-ũ"#ũ Ďũ3.-#+ " 2ē -$ĖũćĒĐĈĊĉďĈČ '.$#1ũ /1.$#2(.- +ēũ (/.ũ ũ -$.1,#2Ėũ ĉČĉĉĒĐćĵćđĐĊČĉĈĐď
ĵũ
4(" ".ũ "#ũ /#12.- 2ũ -!( - 2ũ -$ēĖũ ĉČĈďĉĉďũıũćđČũĊĊĈďĐĉ
ũ '.$#1ũ /1.$#2(.- +Ĕũ ũ !.-ũ ! ,(¢-ũ
-%#-(#1 ũ"#ũ,/1#2 2ēũ -$ēũ#+$ēũćđďđĊĈĎĒũ ĵũćĒĈććďďĉď
'.$#1ũ /1.$#2(.- +Ĕũ ! 3#%.1~ ũ ēũ -$ēũ ćĒđćĐćĉČČũ '.$#1ũ/1.$#2(.- +ũ3(/.ũġĢũ/ 1 ũ3 7(2ũ8ũ ! ,(.-#2ũ"#ũĎũ3.-#+ " 2ēũ -$ĖũĉČććđĎĎũ ıũćĒĎĐĒĒĈČĊũũũũũũ
,/+# " ũ".,_23(! ēũ -$ēũćĒćĈĊćĊćĒ
'.$#1ũ2/.13, -ēũ -$ēũćđĐďďĉĊĊĊũũũũũ
,/+# " ũ".,_23(! ēũ -$ēũćĒđđĒČďćĐ
'.$#1ũ /1.$#2(.- +ũ !.-ũ +(!#-!( ũ 3(/.ũ ġĢũ + , 1ũ +ũ 3#+$ēĖũ ćĒĒĎĉĈđĒĐũ ĵũ ćĒĒĎĉĈđĒĐ
-%#-(#1.ũ"#ũ,/1#2 2ēũ -$ēũćĒđĐĎĉĐćĐ
,/+# " ũ ".,_23(! ēũ #+$ĖćđĒĒćĎĒČĉũ ĵćđĒĒĊĊĊĉČ
-%#-(#1.ũ #-ũ (23#, 2ēũ -$ēũ ĉđĎĊĒĉĊũ ĵũ ćĒđĎďČđČĈ
,/+# " ũ".,_23(! ēũ#+$ĖćĒćĐĐďĈĐČĵć đĒĒćĎĒČĉĵćđĒĒĊĊĊĉČ
ũ2(!¢+.% ũ -"4231( +ēũũ -$ēũćĒĎČĉĉĈĊĊ
-%#-(#1 ũ #-ũ #23(¢-ũ (- -!(#1 ēũ -$ēũ ĉČĎććĎćũĵũćĒĎĐĈČĒđď
#!1#3 1( ēũ -$ēũćĒĉđćĊĉĈćũ
ũ 2(!¢+.% ũ -"4231( +ēũ -$ēũ ĉČĉĈĊČĈũ ĵũ ćđČďĈĎĊďćũ
-%#-(#1 ũ #-ũ #23(¢-ũ (- -!(#1 ēũ -$ēũ ćđĐđĈďĎĉĉ -%#-(#1.ũ .,#1!( +ēũ -$ēũ ĉČĎĉĒĎćũ ĵũ ćĒĎĒđĊćć
ćđĒćĎĎđćČ
4(" ".ũ "#ũ -( .2ũ 8ũ /#12.- 2ũ , 8.1#2ũ -$ēĖũćđĊĈďĉđćĊ
234"( -3#ũ ćĒđććĒĈĎď
(,/(#9 ũ"#ũ! 2 Ĕũ.$(!(- 2ēũ -$ēũćđďĐďďĐĈćũ ĵũĉČĈĎČĎĊũ 11#%+.ũ! 2 2Ĕũ"#/ 13 ,#-3.2ũ4ũ.$(!(- 2Ĕũ 84" ũ8ũ!4(" ".ũ ũ "4+3.2ũ, 8.1#2ēũ -$Ėũ ćĒđĐĎĉđĈď
-$ēũ
..1"(- ".1 ũ ćĊĉĉĐČćđĈĐ
"#ũ
5#-3.2ēũ
-$ēũ
#!1#3 1( ũ )#!43(5 ũ (+(-%Õ#ēũ -$ēũ ćđĒĐđĈćđć 47(+( 1ũ "#ũ .$(!(- ũ ĵũ ,#-2 )#1.ēũ -$ēũ ćđĐĎĎĉĊďĈ .-2#)#1~ ũ ~ +(! ũ #1 /_43(! ũ #+$ēĖũ ĉđĉĈĊĐĊũıũćĒđĎČďĎđĐ .,4-(! !(¢-ũ.!( +ēũ -$ēũĉđĉďĒĉĉ #1 /( ũ~2(! ēũ -$ēũĉČĈĐĐĉĒ 234"( -3#ũ"#ũ"(2# .ēũ -$ēũćđČďđĉĉćĉ .,4-(! !(¢-ũ .!( +ēũ 1."4!!(¢-ũ 1 "( +Ĕũ ,42(! +Ĕũ+.!4!(¢-Ĕũ2.-("(23 ēũ -$ēũĉČĉĊĎĊĒũ ĵũćĒĒćĒđĎĊĈē
(!ēũ.,4-(! !(¢-ũ.!( +ēũ -$ēũĉČĈĉćĒĊ .,4-(! ".1 ũ .!( +ēũ -$ēũ ćđĊććĎĒČĊũ ĵũĉđĉďĒĉĉ ũ #!;-(!.ũ(-"4231( +ēũ -$ēũćĒĎćĒĊĉćĉũ
#-"#".1ēũ -$ēũćđĐĎČćĈďČ )#1 ũ ĵũ 5#-"#".1 ũ ĵũ 1#!#/!(.-(2ı 3 ēũ ũ ,#"(.ũ 3(#,/.ēũ -$ēũ ĉđĎĎćĈćũ ĵũ ćĒĉČĊĒĉďĎũ
_!-(!.ũ#-ũ(-$.1,;3(! ēũ -$ēũćĒđđďĒĈćĊ ũ#!1#3 1( ũ (+(-%Õ#ēũ -$ēũĉđĎĉĊďć
4 1"( ũ"#ũ#%41(" "ēũ -$ēũćĒđĉĉćđďČ
(!#-!( " ũ #-ũ 1 ).ũ .!( +ēũ -$ēũ ćĒĎďĐĎĈĉĉ
%#-3#ũ!423."(.ĵũ#2!.+3 ũ"#ũ2#%41(" "ēũ -$ēũćđđĈďćďĈĒ
_!-(!.ũ #-ũ (23#, 2ēũ -$ēũ ćđĐćĎĊďĊćũ ĵũ ĉđĉĈďđČ
#-"#".1 ēũ -$ēũćĒĉđćĊĉĈćũ
ũ (!#-!( " ũ#-ũ.,4-(! !(¢-ũ.!( +ēũ -$ēũ ćĒĎćĉĒĒďđ
.3.1(9 ".ũ !.,.ũ ,#-2 )#1.ũ 8ũ / /#+#2ũ +ũ "~ ũ ,.3.ũ /1./( ēũ ćĒĉĒđČĐĈćēũ (;-ũ %4(11#
ĉđĎďČćĒũ
'.$#1ũ /1.$#2(.- +ēũ -$ēĖũ ćđĉćČđĐĊĉũũ ĸćĊĹĉČĈĊČĉĊũ
"#1ũ #ũ '() ũ "#2# -ũ 31 ) 1ũ /4#1ı 3 2ũ "#-31.ũ .ũ $4#1 ũ -$ēĖũ ćđĊĈďĉđćĊũ ıũ ĉČĈĉĉď
#!-¢+.%.ũ #-ũ 2(23#, 2ēũ ĉČĉĊđĉĉĐĵćđĊĈĒĎĊĈĒ
'.$#1ũ /1.$#2(.- +ēũ ćĒĎĎćďďĐđ
# .1 ũ "#2# ũ 31 ) 1ũ /4#13 2ũ "#-31.ũ ++ , 1ũ +ũćđĊĈďĉđćĊũ.ũ +ũćĊĉČĈďĉĉď
-%#-(#1.ũ #-ũ #1! ".3#!-( ēũ -$ēũ #+$ēũ ĉđĎĒĊĒĈũĵũćĒČČćĎđČČũĵũćđĐđĈĐĉđĉ
4#' !#1#2ũ ".,_23(!.2ēũ -$ēũ ĉČĈďĉĉďũ ĵũ ćđĊĈďĉđćĊũ
(!#-!( " ũ#-ũ41(2,.ũ(23¢1(!.ũ4+34ı 1 +ēũ -$ēũćĒćĊĈĒĐČć
'.$#1ũ /1.$#2(.- +ēũ -$ēũ ćĊĉũ ČĈĉĊćđũ ĵũ ćđČĈČđđđĊ
-%ēũ #!;-(!.ēũ2/#!( +(9 ".ũ#-ũ",(-(2ı 31 !(¢-ũ"#ũ1."4!!(¢-Ĕũēũ + , 1ũ +ũĉČĎĈĈĊČũ ĵũćĒĎđĎĎĐĈĉ
#15(!(.ũ"#ũ .1" ".2ũ ũŌũćĔđćũ+ ũ".!#- ēũ -$ēũćĒđĈďćČĎĊ
'.$#1ũ/1.$#2(.- +ũĵũ#%41(" "ũ -"4231( +Ėũ -$ēĖũćĊĉđĎĈđďđıćĒĉĎĒćĈđđ
4(" ".ũ ũ /#12.- 2ũ "#ũ + ũ Ċ1 ũ " "ũ ĉČĈďĈĎĈũıũćĒĎĊććďČĊ
%1#2 ".ũ "#ũ -%#-(#1~ ũ +#!31¢-(! ũ #-ũ .,4-(! !(.-#2ēũ -$ēũ ĉđĉĎďĐĈũ ĵũ ćđČĐđĎćĐĎũ
-3#-(,(#-3.ũ "#ũ /(2!(- 2ēũ -$ēũ ćđĈĐĈĒďĉđ
'.$#1ũ/1.$#2(.- +Ėũ -$.1,#2ĖũĉČĉĐĎĊđ
,/+# " ũ".,_23(! ũ -$ēũćđĊďČĐĒćĒ
<DGC<F;FD<JK@:F
M8I@FJ .2.ũ#-ũ.5#1+.!*Ĕũ1#!3 Ĕũ1#!4 1(".1 ũũ#-ũ ! 2 ēũ -$ēĖũćđđĈĊČĈĈď
)#1.Ĕũ /#1!'#1.Ĕũ "(%(3 ".1Ĕũ 3#!-¢ı +.%.ũ #-ũ !.,/43 !(¢-ēũ -$ēũ ĉČĈđćĉďũ ĵũ ćđĊćĎđĊćĒ
-%#-(#1 ũ .,#1!( +ēũ -$ēũ ĉđČďćĉČũ ĵũ ćĒďđćĉĐďĈ
-%#-(#1.ũ #-ũ +(,#-3.2ēũ -$.1,#2Ėũ ćĒđĈĐĊđĐĉ
2(!¢+.% ũ -"4231( +ēũ -$ēũ ĉČĈĈČďćũ ĵũ ćđČĈĐĈďĒĐ
'.$#1ũ !.-ũ (!#-!( ũ #+ēćđďĒđĐďČď
'.$#1ũ /1.$#2(.- +Ĕũ +(!#-!( ũ 3(/.ũ ġĢēũ #-%.ũ ! ,(¢-ēũ 3#+_$.-.Ėũ ćĒĒĉćĊĐĎđũ ıũ ĉĎĉĉđĊđ
2(!¢+.%.ũ -"4231( +ēũ -$.1,#2Ėũ ĉđČďĈđČũ ĵũćĒĉĐđĊĉĎČ -$ēũ
'.$#1ũ /1.$#2(.- +Ĕũ ! 3#%.1~ ũ ēũ -$ēũ ćđĐĊČĐČĎĉ
%1#2 " ũ #-ũ -! ũ 8ũ (- -9 2ēũ -$ēũ ćĒĉĎĐććĈČ
2(!¢+.%.ũ -"4231( +ēũ -$ēũćđĐČČďĎĒĊũ
2(!.+.%~ ēũ
:?F=<I<J
%1#2 ".ũ "#ũ -%#-(#1~ ũ +#!31¢-(! ũ #-ũ .,4-(! !(.-#2ēũ -$ēũ ĉđĉĎďĐĈũ ĵũ ćđČĐđĎćĐĎũ
ũ -%#-(#1.ũ #-ũ (23#, 2ēũ -$.1,#2Ėũ ĉČĎĉĐĎĎũĵũćđĐČĒĊĉČĉ
"#ũ
4(" ".ũ ũ/#12.- 2ũ"#ũ+ ũ3#1!#1 ũ#" "ũ -$ēĖũćĒĎĊććďČĊũıũĉČĈďĈĎĈ
'.$#1ũ /.13, -ũ 3(/.ũ ġĢĖũ (-$ēũ ćđĈĐĈĒďĉđũ
-%#-(#1 ũ"#ũ,/1#2 2ēũ.-3 ".1 ēũ -$ēũ ĉČĎććČĐũĵũćĒĐĒČććĉđũ
89F>8;FJ
#231.ũ #+#!31.,#!;-(!.ēũ .+" "41 ũ "#ũ 34 #1~ 2ũ ũ /1#2(¢-ēũ -$ēũ ũ ćĒĊćĎĊĈĒĉũ ĵũ ćđĈđĒĉĒĉďũ
#!1#3 1( ũ)#!43(5 ēũ -$ēũđĊĉČĊĊđČũ
-%#-(#1 ũ#-ũ,/1#2 2ēũ -$ēũćđĐĒđĉĐĊĐũ
234"( -3#ũ "#ũ 41(2/14"#-!( Ĕũ 2_/3(,.ũ 2#,#231#ēũ -$ēũćđćĐČďĒďĈ
,/+# " ũ".,_23(! ũćĒđđĒČďćĐ
'.$#1ũ/1.$#2(.- +Ĕũ+(!#-!( ũ3(/.ũũ8ũũ -$ēĖũ ćđćĐďćĒČČũıũćđćĐďćĒČČũ
#!1#3 1( ēũ -$ēũćĒĎćĉđĐĉĊ
ũ _!-(! ũ 4/#1(.1ũ #-ũ .,/43 !(¢-ũ #ũ (-$.1,;3(! ēũ -$ēũćđćĊĎďĉĎĐ
ũ #-ũ +4,(-(.ũ 8ũ 5("1(.ēũ -$ēũ ĉđĉĊďĈĈũ ĵũ ćĒđĈĊĒĎĉĒ
%1#2 ".ũ"#ũ",(-(231 !(¢-ũ"#ũ,/1#ı 2 2ēũ -$ēũćĒČđĎđĈĎĎēũ
",(-(231 ".1 ũ ũ "#ũ ,/1#2 2ēũ -$ēũ ĉČĉĊđĉĉĐĵćđĊĈĒĎĊĈĒ
+#!31(!(23 ēũ -$ēũćĒĉĎđćĊćĒũ
(,/(#9 ũ "#ũ ! 2 Ĕũ .$(!(- 2ēũ -$ēũ ćđďĐďďĐĈćũĵũĉČĈĎČĎĊũ
'.$#1ũ /1.$#2(.- +Ĕũ +(!#-!( ũ 3(/.ũ ēũ -$ēũ ćĒĉČćĉĎĈĎ
8;D@E@JKI8K@MFJ
ũ.,4-(! ".1 ũ.!( +ēũ -$ēũĉđĉĈĊĒĊ
!'.$#1ũ /1.$#2(.- +ũ ĵũ 1# +(9.ũ 5( )#2ũ !.-ũ 5#'~!4+.ũ/1./(.ēũ -$ēũćđĊĈĈĐćĊĉ
ũ #!#2(3.ũ !.2#1ũ . 1 2ũ ũ + ũ ! 2 ũ ++ , 1ũ ćĒĈĒĉćĈĉć
#-2 )#1.ēũ -$ēũĉĐďĉĊđĉ
13#2 -.ũ! +($(! ".ũ#-ũ +4,(-(.ũ8ũ5("1(.ēũ 1(! ,.2ũ /4#13 2Ĕũ 5#-3 - 2Ĕũ 5(31(- 2Ĕũ #3!ēũ #15(!(.ũ "#ũ , -3#-(,(#-3.ēũ -$ēũ ćĒĐĎČĈđĐĎ
4(" ".ũ "#ũ -( .2Ĕũ "4+3.2ũ , 8.1#2Ĕũ #-$#1,.2ũ#+$ēũćđĐĊĒđđĊČ
-%#-(#1.ũ(5(+ēũ -$ēũćĒĉĐćĒĐďĈ
.-3 ".1 ēũ -$ēũĉČĉĎĒďćũĵũćĒĎČćĊĈĎđ
ĵũ
4(" ".ũ "#ũ -!( -.2ũ 8ũ -( .2ēũ -$ēũ ĉČĉĊĎćĊũ
'.$#1ũ /1.$#2(.- +Ĕũ +(!#-!( ũ 3(/.ũ ēũ -$ēćĒĒĎĉĈđĒĐıćĒĒĎĉĈđĒĐēũũ
%1#2 ".ũ"#ũ -%#-(#1~ ũ#-ũ+(,#-3.2ēũ -$ēũ ćĒđĊćđĒĈďũ
ĉČĉďđĊđũ
(,/(#9 ũ "#ũ .$(!(- 2ũ 8ũ ,#-2 )#1 ēũ -$ēũ ćĒĒćĉĉđĈĊũ
-%#-(#1.ũ #-ũ #23(¢-ũ (- -!(#1 ēũ -$ēũ ćđČČĈČĉćĈũĵũćĒĐĊćĈĊĈć
%1#2 " ũ "#ũ .-3 (+(" "ũ 8ũ 4"(3.1( ēũ -$ēũĉČĈĈĐĉĈũĵũćĒĎĉĎććĎć
-$ēũ
4(" ".ũ"#ũ -!( -.2ēũ -$ēũćĒĉĐćĎĒČď
1."4!!(¢-ũ 4"(.5(24 +ũ -$ēĖũ ĉČĉćĈĎČũ ıũ ćĒĎĎČďĉĒĐ
ũ !'(++#1ũ_!-(!.ēũ+#!31(!(" "ũ -"4231( +ēũ -$ēũĉĐĎĎććć
2(23#-3#ũ"#ũ.$(!(- ũ#+$ĖũćđČıĉĉĉıĉćĎ !'(++#1ũ #-ũ ćĒĉĎĈĊĉĊĒũ
(-$.1, 3(! ēũ
-$ēũ
,/+# ".ũ -! 1(.ũ!4 +04(#1ũ;1# ėũ!'.ı $#1ũ /1.$#2(.- +ũ #+$ēũ ćĒĎĒďĎČĊĐũ 8ũ ćĊũ ĉČĈćČČĉ
84" -3#ũ 1/(-3#1.ũ -$ēĖũĉČďćČĈĊ
#!#/!(.-(23 ēũ -$ēũ ćĒĒČćĊČĐĒũ ĵũ ćđĉďĎďĉČćũ
#!#/!(.-(23 ũ .3#+Ĕũ +(!#-!( ũ (/.ũ ũ -$ēĖćđďĒđĐďČď
#!-¢+.%.ũ#-ũ-;+(2(2ũ"#ũ(23#, 2ēũ -$ēũ ĉČĎĉĒĎČũĵũćđĊćĈĎďĈĉũ
41%.-#3 ũĈĐũ/ 2 )#1.2ũ -$ēĖćĒĉđĎćĈĈđ
%1#2 " ũ"#ũ41(2,.ũ!.-ũ,#-!(¢-ũ#!.ı +¢%(! ēũ -$ēũćđČĐĈĊďďĈũ
4~ ũ341~23(! Ĕũ/1.$#2.1 ũ"#ũ(+.2.$~ ēũ -$ēũ ćĒćĊĈĒĐČćũ !'(++#1ũ 4~,(!.ũ (¢+.%.ēũ -$.1,#2ũ ćđĐĒĎĒćĉČĵćđĐĈĎďĒĎĒ 1#-2(23 Ĕũ#7/#1(#-!( ũ#-ũ(,/1#-3 2ēũ -$ēũ ćĒĒĒďČđĈďũĵũĉđĉĉďĐĒũ
(2# ".1ũ/4 +(!(3 1(.ēũ -$ēũćđČĎđČďĒđũũ
(!#-!( ".ũ #-ũ "4! !(¢-ũ , (#-ı 3 +ũ 8ũ !.341(2,.ēũ -$ēũ ćĒđđĎđđĊćũ ĵũ ĉđČĉĊĈćũ
ĵũ
(-3.1ũ /1.$#2(.- +ũ "#ũ ! 2 2ũ /(-341 ũ "#!.1 3(5! ũ #-ũ %#-#1 +ũ % 1 -3(9 ".ēũ ćĒĒćĈĉĊĈć
13 ēũ !'(++#1ũ#-ũ(-$.1, 3(! ũ 4#- ũ/1#ı 2#-!( ēũĉđĎćČČĐ
(!#-!( ".ũ #-ũ "4! !(¢-ũ , (#-ı 3 +ũ 8ũ !.341(2,.ēũ -$ēũ ĉđČĉĊĈćũ ĵũ ćĒđđĎđđĊć
ũ 11#%+.ũ "#ũ !.,/43 ".1 2ēũ -$ēũ ćĒĎđćČČđď
42!.ũ#,/+#.ũ!.-.!(,(#-3.2ũ"#ũ(-%+_2Ĕũ !.,/43 !(¢-ĔũćĒĎČďĎĊĉĐ
'.$#1ũ3(/.ũũćđĈĉĎĒČĒĐ
ũ #-2 )#1.ũ .3.1(23 ēũ -$ēũĉČĈĒĉĊĐ
#!1#3 1( ēũ -$ēũĉđĎĎćĈćũĵũćĒĉČĊĒĉďĎ
'.$#1ũ 1.$#2(.- +Ĕũ +(!#-!( ũ 3(/.ũ ēũ -$ēĖũ ćđđĈĊČĈĈď
ũ#!#/!(.-(23 ũĵũ2(23#-3#ũ.-3 +#ēũ -$ēũ ćđĐĊđďĈĉĐ
%1#2 ".ũ"#ũ1% -(9 !(¢-ũ"#ũ,/1#2 2ēũ -$ēũćđĐĉĐďĈĐćũĵũĉĎĉĈćĐĒ
4/#15(2.1ũ"#ũ ."#% ēũ -$ēĖũćĒĉũĒĎũĎđũćĉũ IJũĉũČĉũČČũĉĎũũũ
ũ ũ.-3 !.ĖũćĒĎĎďđĎĐĒ
'.$#1ũ /1.$#2(.- +ũ ćĒĒćĈĉĊĈć
42! ũ 31 ).ũ
:FEJKIL::@FE #ũ1# +(9 ũ31 ).2ũ"#ũ/(-341 ũ#-ũ! 2 2Ĕũũ #+$ĖũćĒĒćĈĉĊĈć
-$#1,#1 ēũ ćđČĎČĐČĈĒ
-$ēũ
ćĒĐĎďĉĎĒćũ
/-,-/
ũ ũ +#!31(! 2ũ ! , 1 2ũ"#ũ5(%(+ -!( ũ#+ēĖũćđČĎĎĐĎđć
ũ
3 ,#-3.ũ ,. + ".ũ #+$ēĖũ ĉČČĎĉďČũ ıũ ćĒĎĐĎĉĒĐďũĸ 8.ũĈćŇĒđĊĈĎĹ
ũ ũ /1./(#" "ũ ,#).1ũ 2#!ı 3.1ũ 3 3#ũ ĊĊćēćććũ -#%.!( +#2ũ ďũ !4 "1 2ũ "#ũ 3#11#-.ũ -$ēĖũ ćĒđĒćĒĊĉĉũ ıũćĒďĉĐČĊČď
#-".ũ ;, 1 2ũ (*.-ũ IJũ Ēćũ +#-3#ũ IJũ ĈđıĈćĎıďćıũ #-3#ũ ĈđēĉĐćũ ũ Ċćććũ
#-3#ũ ĈđıĐćũ IJũ + 2'ũ IJũ ũ IJũ ĉđēũ #+$ēĖũ ćđĐĈĈđćđĒũĸ 8.ũĈĉŇĒđĉđĎĹ
#-".ũ ! 2 ũ #-ũ #!'.ũ 1./(.ũ ĈČĎũ ,ũ
#-".ũ#-ũ/+#-.ũ#-31.ũĸ 104#ũ#5 ı
"#ũ!.-2314!!(¢-ũ8ũĉđĐũ,ũ"#ũ3#11#-.Ĕũĉũ /+ -3 2ũ5 +.1ũŌũČĐēćććũ-#%.!( +#2ũ#+ēĖũ ćĒĐĈČĐĈćďũıũćĒĎĒČćđĎđ
++.2Ĺēũ+, !_-ũĸĊČ,ĉĹũ8ũ/3.ēũĸĈďć,ĉĹēũ ćđĐĊĒĈČĎĈũĸ 8.ũĈćũŇĒđĉĊďĹ
11(#-".ũ ."#% ũ "#ũ ĈĎćũ ,ēũ "#!4 " ũ / 1 ũ 3.".ũ $4-!(.- ,(#-3.ēũ -% '41!.ũ ).ũ )4-3.ũ ũ 1, !( ũ 2/ ēũ ĸ 8.ũ ĈĈŇĒđĊĊĉĹ #-3.ũ+.! +ũ#-ũ#+ũ#-31.ũ.,#1!( +ũ + ı !(.2ũ .ũ ĊČũ IJũ -31#ũ + , ũ 8ũ 1( -.ũ %Õ#9ũ -$.1,#2ũ IJũ #+$ēĖũ ćđđČďČćđćũ ĸ 8.ũĈćŇĒđĉĈĎĹ
1#/4#23.2ũ 43.,.31(!#2ēũ234"(.2ũ24/#ı 1(.1#2ēũ -$ēĖ "#,.1 ľ++ -3 , 3.ē!.,Ĕũ !1.2#1.ľ++ -3 , 3.ē!.,
ũ ēũ#/ 13 ,#-3.ũ#-ũ4(3.Ĕũ #-ũ+ ũďũ"#ũ"(!(#, 1#ũ8ũ~.ũ.! Ĕũ.11#2ũ "#ũ -ũ 2("1.ēũ#+$ēũćĒĒćĉďĒĒĉē
-ũ 4 !'(Ėũ 5#-".ũ Đēćććũ ,ĉēũ + -.2Ėũ / 1 ũ/+ -#2ũ"#ũũ5(5(#-" ēũ#-".ũ"#/ 1ı
ũ ēũ-ũ!4 13.ũ!.-ũ .ũ/1(ı 5 ".ũ#-ũ ũ(!3.1( ēũ -$ĖũćĒćđĎĉďĉćē
1(3 ũ !'(++#1Ĕũ 31 ).ũ $;!(+ũ /1#2#-3 +#ē .+~5 1ũČıĉĎũ8ũ-(" "ũ !(.- +ēũĸ 8.ũ ĈćŇĒđĉćđĹ
ũ + -3 , 3.ũēēũ -#!#2(3 ũ!.-31 3 1ũ ! )#1 Ĕũĉũ .2ũ"#ũ#7/#1(#-!( ũ#-ũ#,/1#ı 2 2ũ "#ũ 5#-3 ũ "#ũ ++ -3 2Ĕũ 5#'~!4+.2ũ .ũ
3.2'./ũ 8ũ $.3.%1 $~ ũ !.,4-(! 12#ũ ũ +.2ũ 3#+_$.-.2ũćđĐĈđđČČĉũIJũćĊĉĎĉĉČćĐ ũ
ũũ
-23 + ,.2ũ !#1!.2ũ #+_!31(!.2ũ #+ēĖũ
ćđČĎĎĐĎđć
$55,(1'2
2ÀFLQDVFRQEDxR SULYDGR,QIRUPHV -R\HUtD7LIIDQ\0HUD \6XFUH)RQR
$PSOLRVHJXQGRSLVR LGHDOSDUD63$R¿FLQDV LQVWLWXFLyQHWF
āĆ
ũ ēı2#ũ !41 ũ 3.".ũ 3(/.ũ "#ũ #-$#1,#" "#2ũ !.-.!(" 2ũ 8ũ"#2!.-.!(" 2ũ -$ēĖũćđĒďĎĊĊďĉũ -3 ũ .2 ũũĸ 8.ũĈĉũŇĒđĉĐćĹ
ũ ēũ #1ı 5(!(.ũ "#ũ +4).Ĕũ 2#1(#" "Ĕũ 5 1(#" "ũ 8ũ "(23(-!(¢-ēũ .3 +ũ #+ 7ũ !.-3 !3.2ũ +ũ ćđĊĉďďĒĒĐĸ 8.ũĈĈŇũĒđĊďĊĹ
13#2 -.ũ ! +($(! ".ũ $ 1(! ,.2ũ /4#1ı 3 2Ĕũ!+.2#32Ĕũ,4# +#2ũ"#ũ!.!(- ũ8ũ1#/ 1.ũ 3.".ũ3(/.ũ"#ũ,4# +#2ũ#+$ēĖũćĒĐĈČĐĈćď
#ũ "(!3 ũ !+ 2#2ũ "#ũ '.3.2'./ũ #+ēũ ćĒĒđĈĒĈĎĉũIJũćĊĉĎĉĉČćĐ
,.$ .$5$7(
ũ
$55,(1'2
āĀŏŏ ŏŏĂĀāā
ŏ+. ŏŏ
.+(!(3.ũ31 ).ũ!.-2#1-(#-3#ũ#-ũ'.ı
ēũ#!#2(3 ũ).5#-ũ.ũ2# .ı
#-".ũ "#/ 13 ,#-3.ũ #-ũ .11#2ũ "#+ũ .13#ũ ĊĎēćććũ #%.!( +#ũ -$ēĖũ ćĒČĎďĉČĊđũ IJũ ĉđČČđĐďũ ĸ 8.ũ ĈćŇĒđĊĈĈĹ
#!#2(3.ũ3_!-(!.2ũ"#ũ ., ũ(-8#!!(¢-ũ "(#2#+ēũ ũ + , 1ũ ćđČČĊđĎćĈũ ĸ 8.ũ ĈĈŇĒđĊĊďĹ
,17(51$7,21$/.$5$7($662&,$7,21
'2
'()(16$3(5621$/5($/
/.',+
)LFRD
&856263(50$1(17(6'( '()(16$3(5621$/32/,&,$/ (&&,21 .$5$7(75$',&,21$/ +25$5,26$(/ 6 .$5$7(3$5$(-(&87,926 '$0$6&$%$//(526<1,f2 -8-8768<$,.,'2 3(6$6'(6$552//2086&8/$5
'LU0DOGRQDGR\%ROtYDUWR3LVR /.'-) 7HOI±
$Y*XD\WDPERVIUHQWH &ROHJLR6DQWR'RPLQJRGH *X]PiQ
9ed`kdje >WX_jWY_edWb IEB:;?P7C87 FDVDVD %RQR9LYLHQGD,QI 4XLOOiQ/RPD,]DPED
6769;<50+(+=,5+6 (QWUDGD DO 3X\R(FR SDUTXHFRPSOHMR WXUtVWLFR 63$ JUDQ UHVWDXUDQWH KDV GH PRQWDxD KDVGHFRQVWUXFFLRQHV\ PiV SUR\HFWRV
/.)-* /.)'&
³35202&,21(6325(/0(6'(0$<2´ *5832)(55(7(52
9(1'(0263523,('$' 9;DJH7B&21/2&$/(6 9EC;H9?7B;I<2),&,1$6 ,1)
# !& $ %
3,62)/27$17(
'(6'(,167$/$'2,1&/8<(
" ! )'0,#* -')-'&#*).!%'&
($#+)
%$55('(5$632/<63$1'(5 $,6/$17( 0$12'(2%5$,1&/8<(,9$
$Y/DV$PpULFDV\&RORPELD7HOI &HO 0RYL &ODUR
/8&,$12
+PZFSÓBZ3FMPKFSÓB
£867('<$6(&$16Ð'()$/6$6
t&YDMVTJWPTNPEFMPTFO1MBUFSÓBöOB /.'+(
OR FHUWLILFDQ
'UD6LOYLD79DOHQFLD('U6D~O$9DOHQFLD( $PEDWR/DWDFXQJD3X\R3HOLOHR 7HOI /-,.-
!
3DFLHQWHVHQWUDWDPLHQWR /.(&-
7(1(026/260(-25(635(&,26
*
'(6'(
/--/ %% ##! & ('! # % " !!#)#& &$' & !
.02)-!1%01)!-!1 .0)7.-2!+%16 %02)#!+%1 +&.,"0!1)1.+.2!-2% "0!1$%02%
)+1.-3%4!0!!00! %+& ,!)+#.02)+3*. 5('/(.2,!)+#.,
/-,,+
3XHV FRQR]FD DO ~QLFR DPDUUH TXH GHPXHVWUD ORV UHVXOWDGRV HO PLVPR GtD SRUTXH HVWH DPDUUH VL OH PXHVWUD UHVXOWD GRV UHDOHV 6,1 9$1$6 (63(5$1=$6 < 6,1 )$/6$6 ,/86,21(6 \ SRGUi XVWHG JR]DU QXHYDPHQWHGHVXIHOLFLGDGUHXQLGRFRQORV VHUHVTXHDPD
9,6Ì7$0(2//$0( &(/
&58=52-$ 2)5(&(
)LORVRItDFRUSRUDWLYD %DQFRGHVDQJUH'RQDFLyQYROXQWDULD 2IWDOPRORJtD±&LUXJtD2SWRPHWUtD +HPDWRORJtD2QFRORJtD\FLUXJtD *LQHFRORJtD\2EVWHWULFLD3HGLDWUtD &HQWURGHUHKDELOLWDFLyQItVLFD 0HGLFLQDJHQHUDO,QWHUQD
(FRJUDItD\UDGLRORJtD /DERUDWRULRFOtQLFR)DUPDFLD %DQFRRUWRSpGLFR'DPDVYROXQWDULDV &HQWURGHFDSDFLWDFLyQ *HVWLyQGHOULHVJRGHHPHUJHQFLDV\GHVDVWUHV $FWLYLGDGHVGHMXYHQWXG 3URJUDPDGHVDOXGFRPXQLWDULD 'LIXVLyQRSULQFLSLRV\YDORUHV
.-78+%7 380%7 6%$0.!0". .,)#)+). %+
$/(0$1
0$;)/2$7,1*)/225 (852)/25,1
! " ! !/
JI
2325781,'$'
ũ"#+ũēũ
ũ ũũ ũ ũ
āć
āĀŏŏ ŏŏĂĀāā
ŏ+. ŏ
:;I;7L;D:;H"7HH;D:7H" 7BGK?B7H"9ECFH7H /-)(/
ũũ ēēē
ēēēũũũ ēēē #2#15#ũ24ũ#2/ !(.ũ3 -ũ2.+.ũ++ , -".
3 4
, 3.ĖũĉıČĉĈĐĊćĔũĉıČĉĈĐĊĈ
3 !4-% ĖũĉũđĈćďĈĒ
7 #-) * .+-+/# . /--/)
/-.&-
0$5,$&+,7(48,/$$=8/
;bc[`ehh[]WbefWhWbWi cWZh[i FWhWjeZeYecfhec_ieieY_Wb0 YedfkdjkWb_ZWZ"[b[]WdY_Wo fhe\[i_edWb_ice :h$<[hdWZeLWh]Wi :?H;9JEH
9[bkbWh0F$&//',*-/(#C$&/.,+-+'&
"$ $
" # %" .#
" #%# ". # "$ # $ " % "$" #$( " "# # $ "#
# # "$&# "% # " # #" #$ #$ "$"$#'"$" ## ## " #"" & "$% " $ # " # #!%$" $, #' "' !% # $$ - $" #$ % . "$ % $"# +#"$" $ $" ' $" # #$"% $ #
'-#!!'9* ((# '%+ 2 +(#"+"( ., 8 #($
+- -'+ "#(0*#. 1'#-*#."# & & ) /-.** +./+ "9( -#.,+-.#.'9*
+]IVLWU]MZMTIUIUnTW[PQRW[[M^]MT^MVOMVMZW[W[KWVNTWZM[ +]IVLWU]MZMTIUIUnTW[PQRW[[M^]MT^MVOMVMZW[W[KWVNTWZM[ aXZM[MV\M[#XMZWK]IVLW^Q^M[QMUXZMM[\nVI][MV\M[ aXZM[MV\M[#XMZWK]IVLW^Q^M[QMUXZMM[\nVI][MV\M[ +WV2]IV/IJZQMTMK]I\WZQIVW +-4=4):!! )UWZM\MZVW /.&,/.()(
+25$ 352*5$0$ + + + + + + + + +
/.).-
3RUHO'tDGHOD0$'5( WXPHMRUUHJDOR HVXQDVHUHQDWD
3DWUyQGH6LQWRQtD 1RWLFLHUR5HJLRQDO 7HOHGHSRUWHV ,QTXLHWXGHV &LQH0DWLQDO 9LDMHDODV(VWUHOODV 1RWLFLHUR5HJLRQDO 7HOHGHSRUWHV 2QGD+LWV
+25$ 352*5$0$ + + + + + + + + K
3OXJ 3OD\ &OXE$QLPD 3XQWRGH$QiOLVLV 1RWLFLHUR5HJLRQDO 7HOHGHSRUWHV 'RFXPHQWDOHV (O0XVLFDOtVLPR 1RWLFLHUR5HJLRQDO UHSULVVH
&LHUUH
Ėũ ũ ũ ēĉćĈĈıćĈĈĊũ ēũ ũ Ėũ ēũ ũ ũ ũ Ĕũ ũ ũũ
ũ ũ ũ ũ Ėũ +ũ
ũũ ũ
ēũ ũ ũ ũ ũ Ėũ ũ ēũ
ũ ũ ũ ũ ũ ũ ēıũ , 3.Ĕũ +4-#2ũ ĉđũ "#ũ $# 1#1.ũ "#+ũ ĉēćĈĈĔũ + 2ũ ćđ'Čďēıũ Ėũ (_-".2#ũ" ".ũ!4,/+(,(#-3.ũ ũ +.ũ .1"#- ".ũ #-ũ /1.5("#-!( ũ 04#ũ -3#!#"#Ĕũ + ũ "#, -" ũ #2ũ !+ 1 ũ8ũ!.,/+#3 Ĕũ2#ũ+.ũ ",(3#ũ +ũ 31;,(3#ũ#-ũ)4(!(.ũ#1 +ũ4, 1(.ũ 04#ũ 2#ũ " ũ ũ + ũ ! 42 ēũ ~3#2#ũ ũ (1( -ũ -#3'ũ #1;-ũ 4, +Ĕũ /.1ũ + ũ /1#-2 ũ ,#"( -3#ũ 31#2ũ /4 +(! !(.-#2ũ #-ũ 4-ũ "( 1(.ũ "#ũ + ũ +.! +(" "Ĕũ -3#ũ #+ũ )41 ,#-3.ũ "#ũ + ũ / 13#ũ !3.1 ũ "#ũ "#2!.-.ı !#1ũ24ũ1#2("#-!( Ĕũ/4 +(! !(.-#2ũ 04#ũ2#ũ' 1;-ũ,#"( -".ũ#+ũ3_1,(ı -.ũ"#ũ.!'.ũ"~ 2ũ"#ũ4- ũ ũ.31 ũ8ũ "#ũ+ ũÌ+3(, ũ/4 +(! !(¢-ũ"# #1;ũ !.,/ 1#!#1ũ + ũ / 13#ũ "#, -" ı " ũ #-ũ 5#(-3#ũ "~ 2ũ ũ ' !#1ũ 5 +#1ũ 24ũ"#1#!'.ũ ).ũ /#1!( (,(#-3.ũ "#ũ1# #+"~ Ĕũ/1#5(-(_-".+#ũ2# ı + 1ũ! 2(++#1.ũ)4"(!( +ũ/ 1 ũ-.3($(ı ! !(.-#2ēũ.1ũ' #1ũ1# +(9 ".ũ#+ũ , 31(,.-(.ũ#-ũ#+ũ -3¢-ũ4(3.Ĕũ 1.5(-!( ũ"#ũ(!'(-!' Ĕũ3 , (_-ũ 2#ũ !(3 1;ũ !.-ũ #+ũ #731 !3.ũ "#ũ + ũ "#, -" ũ 8ũ #23#ũ 43.ũ #-ũ 4-ũ /#1(¢"(!.ũ"#ũ+ ũ!(4" "ũ"#ũ4(3.Ĕũ 2#%Ì-ũ +.ũ "(2/4#23.ũ #-ũ #+ũ 13ēũ ĈĈĒũ "#+ũ ¢"(%.ũ (5(+ēıũ ¢,#2#ũ #-ũ !4#-3 ũ #+ũ ! 2(++#1.ũ )4"(!( +ũ 2# + ".ũ /.1ũ #+ũ !.,/ 1#!(#-3#ũ / 1 ũ 242ũ -.3($(! !(.-#2Ĕũ +#%(3(ı ,;-".2#ũ + ũ /#12.-#1~ ũ "#+ũ ēũ -3.-(.ũ +"#, 1ũ +(5.ũ Ì #9ũ "#ũ !.-$.1,(" "ũ !.-ũ #+ũ /."#1ũ ")4-3.ēũ .3($~04#2#ũ 8ũ !~3#2#ũ $Ĺũ 1ēũ .1%#ũ 1!.2ũ .1 +#2ēũ 4#9ũ 1(,#1.ũ "#ũ +.ũ (5(+ũ #,/.1 +ēũ #13($(!.ũ$Ĺũ1 ēũ -( ũ 8.1% ũ 1!_2ēũ#!1#3 1( ũ 13(!4+ 1ũ04#ũ/.-%.ũ#-ũ!.-.!(ı ,(#-3.ũ"#+ũ!(3 ".Ĕũ/1#5(-(_-".ı +#ũ"#ũ+ ũ. +(% !(¢-ũ04#ũ3(#-#ũ"#ũ 2# + 1ũ ! 2(++#1.ũ )4"(!( +Ĕũ / 1 ũ 1#!( (1ũ /.23#1(.1#2ũ -.3($(! !(.ı -#2Ĕũ ).ũ/1#5#-!(.-#2ũ+#% +#2ēũ (1, ũ +#%( +# 1 ēũ -( ũ 8.1% ũē
ũ#!1#3 1( 8ũ4-ũ2#++. ĈĒďĈćĵĒĐĒĒĒ
ũ ũ
ũ ũũ ũ ũ ũ ũ ũũ ē ē Ėũ Ėũ ũ ũ
ũ Ėũ ũ ũ ũ
Ėũ ũ ũ ũ ũ ũ Ėũ ũ ũ ũ
ũ
Ėũ 1 ēũ ũ ũ ēũ ēũ
ũ ũ ũ ũ ũ 8ũ ũ ũ ũ ũ ēũ , 3.Ĕũ ,(_1!.+#2ũ Ĉďũ "#ũ 19.ũ "#+ũ ĉćĈćĔũ + 2ũ ćĒ'ĊĊēũ ēũ - ũ 5#9ũ 04#ũ 2#ũ ' ũ !4,/+(".ũ!.-ũ#+ũ1#04(2(3.ũ#23(ı /4+ ".ũ #-ũ #+ũ 13ēũ đĉũ (-!(2.ũ Ċŗũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ #-ũ 5(134"ũ "#ũ +.ũ !4 +ũ #+ũ 2# .1ũ + ũ 2# .1 ũ ũ ũ
ũ Ĕũ ' ũ $(1, ũ ).ũ )41 ı ,#-3.ũ 04#ũ /#2#ũ ' ũ ' #1ũ 1# +(9 ".ũ + 2ũ 5#1(%4 !(.-#2ũ / 1 ũ #23 +#!#1ũ #+ũ ".,(!(ı +(.Ĕũ / 1 "#1.ũ .ũ 1#2("#-!( ũ !34 +ũ "#+ũ 2# .1ũ ũ ũ ũ
Ĕũ ũ 2(".ũ (,/.2( +#ũ 4 (! 1+.Ĕũ 8ũ /.1ũ !4 -3.ũ + ũ "#, -" ũ 04#ũ -3#!#"#ũ 1#Ì-#ũ +.2ũ 1#04(2(3.2ũ "#ũ +#8Ĕũ 2#ũ + ũ ! +($(! ũ "#ũ 2#1ũ !+ 1 Ĕũ /1#!(2 Ĕũ !#/3;-".+ ũ +ũ 1;,(3#ũ 2/#!( +ũ "#3#1,(- ı ".ũ #-ũ + ũ #8ũ #$.1, 3.1( ũ +ũ ¢"(%.ũ1%;-(!.ũ"#ũ+ ũ( #9ũ8ũ ".+#2!#-!( 2Ĕũ/4 +(! " ũ#-ũ#+ũ #%(231.ũ$(!( +ũŗũďČĊũ"#+ũĉđũ "#ũ 4+(.ũ"#+ũĉććĒēũ-ũ+.ũ/1(-!(ı / +Ĕũ!~3#2#ũ +ũ. +(% ".ũ/1(-!(/ +ũ 2# .1ũ ũ ũ ũ
Ĕũ/.1ũ,#"(.ũ "#ũ 31#2ũ /4 +(! !(.-#2ũ /.1ũ + ũ /1#-2 ũ #-ũ 4-.ũ "#ũ +.2ũ "( 1(.2ũ "#ũ , 8.1ũ !(1!4+ !(¢-ũ - !(.- +ũ .ũ +.! +Ĕũ / 1 ũ 04#ũ "#-31.ũ "#+ũ /+ 9.ũ"#ũ5#(-3#ũ"~ 2ũ!.-3 ".2ũ ũ / 13(1ũ"#ũ+ ũ4+3(, ũ/4 +(! !(¢-ũ 2# +#ũ 24ũ ".,(!(+(.ũ 4"(!( +ũ "#-31.ũ"#ũ+ ũ(4" "ũ"#ũ, 3.Ĕũ / 1 ũ 04#ũ 1#!( ũ 242ũ $4341 2ũ -.3($(! !(.-#2ėũ 2#ũ 2# + 1;ũ + ũ 4"(#-!( ũ Ë-(! Ĕũ 4- ũ 5#9ũ 04#ũ 2#ũ #-!4#-31#ũ +#% +,#-3#ũ !(3 ı ".ũ #+ũ "#, -" ".Ĕũ + ũ 04#ũ 2#ũ /1 !3(! 1;ũ #-ũ #+ũ 3_1,(-.ũ #23 ı +#!(".ũ#-ũ#+ũ¢"(%.ũ1%;-(!.ũ "#ũ + ũ ( #9ũ 8ũ ".+#2!#-!( ēũ -ũ /+(! !(¢-ũ "#ũ +.ũ "(2/4#2ı 3.ũ #-ũ #+ũ 13ēũ (--4,#1 ".ũ Ēũ 8ũ ĈĎũ "#ũ + ũ #8ũ #$.1, 3.1( ũ "#+ũ ¢"(%.ũ1%;-(!.ũ"#ũ+ ũ( #9ũ8ũ ".+#2!#-!( Ĕũ#-ũ!.-!.1" -!( ũ !.-ũ + ũ + ũ "#ũ /#-2(.-#2ũ +(ı ,#-3(!( 2ũ ,~-(, 2ũ /1. " ũ /.1ũ #+ũ .-2#).ũ !(.- +ũ "#ũ + ũ ( #9ũ8ũ".+#2!#-!( Ĕũ2#ũ$() ũ#-ũ ! +(" "ũ"#ũ/#-2(¢-ũ/1.5(2(.- +ũ "#ũ +(,#-3.2ũ04#ũ24,(-(231 1 ũ #+ũ 2# .1ũ ũ ũ
ũ
ũ #-ũ $ 5.1ũ "#ũ24ũ'().ũ ũ ũ ũ
ũ + ũ ! -3(" "ũ "#ũ ũ 8ũ ũ ũũĉđĵĈććũēũ Ĕũ ! -3(" "ũ #04(ı 5 +#-3#ũ +ũ ĉĐũ Řũ "#+ũ + 1(.ũ ;2(!.ũ -($(! ".ēũ .1ũ -4-ı !( " 2ũ #-ũ $.1, ũ ./.134- Ĕũ #-ũ + ũ 4"(#-!( ũ Ì-(! ũ /1 !3~ı 04#2#ũ + 2ũ 2(%4(#-3#2ũ "(+(%#-ı !( 2ũ /1. 3.1( 2Ėũ %1_%4#2#ũ +ũ /1.!#2.ũ !.,.ũ /14# ũ +.2ũ ".!4,#-3.2ũ 04#ũ /1#2#-3 ũ + ũ !3.1 ũ8ũ3_-% 2#ũ#-ũ!4#-3 ũ+.2ũ ".!4,#-3.2ũ 04#ũ -4-!( ũ /1#ı 2#-3 1ũ#-ũ+ ũ4"(#-!( ũË-(! ēıũ #!~ 2#ũ + ũ "#!+ 1 !(¢-ũ 3#23(ı ,.-( +ũ"#ũ+.2ũ2# .1#2ũ 3 +(- ũ "#+ũ .!~.ũ 1 ũ #+_-"#9Ĕũ
.1#- ũ +#7 -"1 ũ 5 2ũ .-3#1.Ĕũ (+( ũ (#" "ũ .+(- ũ ++#ēıũ #!~ 2#ũ + ũ !.-$#2(¢-ũ )4"(!( +ũ "#+ũ 2# .1ũ ũ ũ ũ ũ
Ĕũ #-ũ#+ũ,.,#-3.ũ./.134-.ũ"#ũ+ ũ 4"(#-!( ũÌ-(! Ĕũ04(#-ũ1#2/.-ı "#1;ũ ũ + 2ũ /1#%4-3 2ũ 04#ũ #-ũ $.1, ũ .1 +ũ 1# +(9 1 ũ #+ũ "#$#-ı 2.1ũ "#ũ + ũ !3.1 ēıũ -ũ 5(134"ũ "#ũ +.ũ"(2/4#23.ũ#-ũ#+ũ 13ēũ(--4,#ı 1 ".ũ ĉĎũ "#+ũ ¢"(%.ũ 1%;-(!.ũ "#ũ + ũ ( #9ũ 8ũ ".+#2!#-!( ũ 2#ũ "(2/.-#ũ #-ũ ! +(" "ũ "#ũ ,#"(ı " ũ ! 43#+ 1ũ /#12.- +ũ + ũ /1.ı '( (!(¢-ũ "#ũ 2 +(" ũ "#+ũ / ~2ũ "#+ũ 2# .1ũ ũ ũ ũ
Ĕũ 04(#-ũ #2ũ /.13 ".1ũ "#ũ + ũ !_"4+ ũ "#ũ !(4" " -~ ũ ŗũ ĈđćČćĊĒđďı ĊĔũ / 1 ũ + ũ (-2!1(/!(¢-ũ "#ũ #23 ũ ,#"(" ũ ! 43#+ 1ũ 2#ũ #-5( 1 ũ #+ũ .$(!(.ũ !.11#2/.-"(#-3#ũ "(1(%(ı ".ũ +ũ 2# .1ũ #$#ũ 1.5(-!( +ũ "#ũ (%1 !(¢-ũ 8ũ 731 -)#1~ ũ "#ũ + ũ .+(!~ ũ !(.- +ēıũ .3($~04#2#ũ 8ũ Ì,/+ 2#ēũ ũ Ĺ1 ēũ (,#- ũ #1".~9 ũ ēũ ũ ũ ē$ũ Ĺ1ēũ #1- -".ũ.-2#! ũēũ#13($(! ēıũ ũ ēĢũ
.ũ04#ũ/.-%.ũ#-ũ!.-.!(,(#-3.ũ "#+ũ /4 +(!.ũ #-ũ %#-#1 +Ĕũ / 1 ũ +.2ũ $(-#2ũ +#% +#2ũ !.11#2/.-ı "(#-3#2ēũ (1, ũ +#%( +# 1ēũ#1- -".ũ.-2#! ũēũ ũ ũ ũ ũ ũũ ũ ũ ũ ũ ũ ũ ē 8ũ".2ũ2#++.2 ĈĒČĎĈĵĒĐĊĊČ
ēũ ũēũ
ũ.ēıũĉććĒıćĐĉĉē Ėũ ũ ũ ũ ũ ũĖũ .-%.ũ #-ũ !.-.!(,(#-3.ũ "#+ũ /Ì +(!.ũ #-ũ %#-#1 +ũ 04#ũ /.1ũ "#!1#3.ũ #7/#"(".ũ /.1ũ #+ũ 1ēũ 423 5.ũ ¢/#9ũ Ì #9Ĕũ 4#9ũ #,/.1 +ũ "#+ũ 49% ".ũ _/3(,.ũ "#ũ+.ũ ũ"#ũ, 3.Ĕũ,#"( -ı 3#ũ !!(¢-ũ "#ũ /#12.- +ũ .ēıũ đĐũ ıēĔũ2#ũ' ũ2# + ".ũ/ 1 ũ#+ũ "~ ũ ,(_1!.+#2ũ 5#(-3#ũ 8ũ !(-!.ũ "#ũ , 8.Ĕũ"#+ũĉćĈĈũ"#2"#ũ+ 2ũ! 3.1ı !#ũ '.1 2ũ ' 23 ũ + 2ũ "(#9ũ 8ũ .!'.ũ '.1 2Ĕũ #-ũ + ũ #!1#3 1~ ũ "#ũ #23 ũ
4"(! 341 ũ/ 1 ũ04#ũ3#-% ũ+4% 1ũ #+ũ 1#, 3#ũ #-ũ /4 +(! ũ 24 23 ũ "#+ũ (#-ũ ,4# +#ũ #, 1% ".ũ 2(%4(#-3#Ėũ Ĉēıũ ¡ũ ũ ũ ũ ũ ēũ +ũ 43.,.3.1ũ . )#3.ũ "#ũ + ũ /#1(ı !( ũ 2#ũ #-!4#-31 ũ #23 !(.- ".ũ #-ũ #+ũ (-3#1(.1ũ 8ũ 2(-ũ !4 (#13 ũ "#ũ 4-ũ% 1 )#ũ4 (! ".ũ#-ũ+ 2ũ ++#2ũ 4#-! ũ#-31#ũ #1 ũ8ũ .-3 +5.Ĕũ )4-3.ũ +ũ 1 )#ũ"#ũũ+ ũ../#1 3(5 ũ ũ"#ũ+ ũ!(4" "ũ"#ũ, 3.Ĕũ -3¢-ũ , 3.Ĕũ 1.5(-!( ũ "#+ũ 4-%41 '4 ē ĉēı ¡ũ ũ ũ #ũ31 3 ũ"#ũ4- ũ! ,(.-#3 ũ". +#ũ ! (- ũ42 " Ĕũ, 1! ũ ũĔũ .ũ"#ũ$ 1(! !(¢-ũĉēććđĔũ/1.!#ı "#-3#ũ"#ũ'(- ũ./4+ 1Ĕũ,."#+.ũ ũũČ ĉũĈćĉĈ ĉĔũ !.+.1ũ Ĕũ /+ ! 2ũ ćĐďďĔũ !.-ũ ,.3.1ũ Œũ ĒČĎĉĒĊĔũ "#ũ ĉēĉĊĐũ !#-3~,#31.2ũ !Ì (!.2Ĕũ !' 2(2ũ Œ ĈĉĈĉĈđĉććĊđđĉē"#ũ !.,ı 423( +#ũ ũ% 2.+(- ēũ +ũ$1#-3#Ĕũ+ 3#1 +#2ũ8ũ/.23#1(.1ũ2#ũ ,4#231 -ũ #-ũ -.1, +ũ !.-"(!(¢-Ĕũ .2##ũ ".2ũ $ 1.2Ĕũ +4!#2ũ 8ũ %4~ 2ũ "#+ -3#1 ũ8ũ/.23#1(.1#2ũ!.,/+#ı 3 2Ĕũ 3(#-#ũ ".2ũ 1 9.2ũ 8ũ /+4, 2ũ (,/( / 1 1(2 2ē -ũ#+ũ(-3#1(.1ũ"#ũ+ ũ! (- ũ3(#-#ũ ".2ũ 2(#-3.2ũ "#+ -3#1.2ũ 8ũ 4-.ũ /.23#1(.1ũ!.-ũ+ ũ3 /(!#1~ ũ#-ũ, +ũ #23 ".Ĕũ ũ !.-2.+ ũ 8ũ / -#+ũ "#ũ !.-31.+#2ũ2#ũ#-!4#-31 -ũ#-ũ-.1ı , +ũ!.-"(!(¢-ũ8ũ#23 ".ũ +ũ(%4 +ũ 04#ũ #+ũ 5.+ -3#ũ 8ũ / + -! ũ "#ũ !(-!.ũ ! , (.2ũ +ũ /(2.Ĕũ +.2ũ !1(2ı 3 +#2ũ"#ũ/4#13 2ũ8ũ/ 1 1(2 2ũ2#ũ #-!4#-31 -ũ#-ũ 4#-ũ#23 ".ēũ
Ėũ!4 31.ũĸũćČũĹũ"#ũ ũ ĈĎĔũ!.-ũ242ũ 1.2Ĕũ/1#2#-3 -ũ +3.ũ %1 ".ũ"#ũ"#2% 23#ũũũ
ũ Ėũ 1#2#-3 ũ 1#%4+ 1ũ #23 ".ũ"#ũ!.-2#15 !(¢-ēũ Ċēıũ Ėũ 1#2#-3 ũ %.+/#ũ #-ũ #+ũ %4 1" ũ !'.04#ũ "#+ -3#1.ũ + ".ũ "#1#!'.ũ 8ũ 3(#-#ũ 1#!4 1(,(#-3.ũ "#ũ +"#Ĕũ .ũ 2#ũ 1# +(9¢ũ /14# ũ "#ũ $4-!(.- ı ,(#-3.ũ /.1ũ 04#ũ #+ũ % 1 )#ũ #23;ũ !#11 ".ũ 2#ũ #-!4#-31 -ũ 1# +(9 ı ".ũ31 ).2ũ"#ũ! , (.ũ"#ũ! - +ũ !.+#!3.1ũ#-ũ+ ũ! ++#ũ4#-! ē Čēũ ũ ũ -ũ + 2ũ !.-"(!(.-#2ũ #7/4#23 2ũ 8ũ 3., -".ũ #-ũ !4#-3 ũ 24ũ #23 ".ũ !34 +ũ+.ũ 5 +Ì.ũ#-ũēēēēēēēēēēēēēēēēēēēēēēē ēēēēēēēēēēēēēēēēēēŌũĈĈēĎććĔććũēũ Ėũũ ũ Ĕũ ććĵĈććũ ũ ũ ũ ũ ũ ũ ũ ē
2ũ /#12.- 2ũ (-3#1#2 " 2ũ /4#ı "#-ũ . 3#-#1ũ , 8.1#2ũ (-$.1,#2ũ #-ũ + ũ #!1#3 1( ũ "#+ũ 49% ".ũ _/3(,.ũ"#ũ+.ũ(5(+ũ"#ũ, 3.Ĕũ #, 3#ũ 04#ũ 2#1;ũ ")4"(! ".ũ +ũ ,#).1ũ /.23.1Ĕũ /.1ũ 31 3 12#ũ "#+ũ #%4-".ũ 2# + ,(#-3.Ĕũ + 2ũ /.2341 2ũ 2#ũ 1#!#/3 1;-ũ 2. 1#ũ + ũ 2#ũ "#ũ + ũ ,(3 "ũ "#+ũ /1#!(.ũ "#+ũ 5 +Ì.Ĕũ "#+ũ (#-ũ ,4# +#ũ #, 1% ".ũ ũ1#, 3 12#ũ8ũ04#ũ
(1;-ũ !.,/ ".2ũ !.-ũ #+ũ "(#9ũ /.1ũ!(#-3.ũ#-ũ"(-#1.ũ#-ũ#$#!3(5.ũũ .ũ !'#04#ũ !#13($(! ".ũ ũ -., 1#ũ "#ũ #23 ũ 4"(! 341 ēıũ , 3.ũ ũ 1(+ũćĎũ"#+ũĉćĈĈēı (1, ũ +#%( +# ēũũũ 8ũ".2ũ$.3.2ũ 8ũ4-ũ2#++. ĈĒĎĉĊĵĒĐďćĎ 44
(-$.1,#2ũ #-ũ + ũ #!1#3 1~ ũ #+ũ
49% ".ũ 4 13.ũ "#ũ +.ũ (5(+ũ "#ũ 4-%41 '4 Ĕũ 1#, 3#ũ 04#ũ 2#1;ũ ")4"(! ".ũ +ũ,#).1ũ/.23.1ē .1ũ 2#1ũ #+ũ 2#%4-".ũ 2# + ı ,(#-3.Ĕũ2#ũ !#/3 1;-ũ/.2341 2ũ 2. 1#ũ+ ũ ũ"#+ũ 5 +Ì.ũ"#ũ + 2ũ !!(.-#2ũ 8ũ #1#!'.2Ĕũ + 2ũ ,(2, 2ũ 04#ũ (1;-ũ !.,/ ı " 2ũ"#+ũĈćŘũ#-ũ"(-#1.ũ#$#!3(5.ũ .ũ!'#04#ũ!#13($(! ".ũ ũ-., 1#ũ "#+ũ 49% ".ē (1, ũ +#%( +# ēũ ũ 8ũ4-ũ2#++. ĈĒĎĉđĵĒĐďĉĐ 44
ũũ ēũ ũ .ēũćĒĊĉıĉććĐ .-%.ũ #-ũ !.-.!(,(#-3.ũ "#+ũ /Ì +(!.ũ #-ũ %#-#1 +Ĕũ 04#ũ #+ũ "~ ũ +4-#2ũ 5#(-3(31_2ũ "#ũ , 8.ũ "#+ũ /1#2#-3#ũ .ũ ".2ũ ,(+ũ .-!#Ĕũ "#2"#ũ+ 2ũ! 3.1!#ũ'.1 2ũ' 23 ũ + 2ũ"(#!(.!'.ũ'.1 2Ĕũ2#ũ++#5 1;ũ ũ ! .ũ #+ũ 1#, 3#ũ #-ũ /Ì +(! ũ 24 23 ũ "#ũ + 2ũ ũ ũ ũ "#+ũ 2(%4(#-3#ũ (#-ũ (-,4# +#ũ#, 1% ".ē +ũ /1#"(.ũ 2#ũ #-!4#-31 ũ )4-3.ũ ũ 4-ũ ! ,(-.ũ 5#!(- +ũ "#+ũ 2#!ı 3.1ũ "#-.,(- ".ũ .-3 +5.Ĕũ /#13#-#!(#-3#ũ ũ + ũ / 11.ı 04( ũ 4-!'( , ũ "#+ũ ! -ı 3¢-ũ , 3.Ĕũ /1.5(-!( ũ "#+ũ 4-%41 '4 ē ĉēĈı ũ ē Ėũ ,(-.ũ /Ì +(!.ũ !.-ũ ĈĎēĒć,ē Ėũ ũ /1./(#" "ũ "#ũ
.2ũ '#1#"#1.2ũ #-#+#, ũ !.-ũ ĈĐēĐđ,ē ũ Ėũ ,(-.ũ 5#!(ı - +ũ "#ũ ".2ũ ,#31.2ũ "#ũ -!'.ũ !.-ũĊĉēĎĐ,.ē ũ Ėũ 1./(#" "ũ "#ũ/ 13(!4+ 1#2ũ!.-ũĊĎēĒđ,ē +ũ ;1# ũ "#+ũ 3#11#-.ũ #2ũ "#ũ ĎČČēČĊ,ĉē ũ ũ ũ
ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ēũũ ũ04#ũ#+ũ3#11#-.ũ 04#ũ !.-23 ũ #-ũ #+ũ !#13($(! ".ũ "#+ũ 1#%(231.ũ "#ũ + ũ /1./(#" "ũ 8ũ !3 ũ "#ũ #, 1%.ũ 04#ũ 3#-~ ũ ĈĉćČ,ĉũ 2#ũ ' ũ 2(".ũ "(5("(".ũ 8ũ 5#-"(".Ĕũ /.1ũ +.ũ 3 -3.ũ #+ũ 5 ı +Ì.ũ #2ũ #7!+42(5 ,#-3#ũ "#ũ +.2ũ ĎČČēČĊ,ĉēē Ċē ũ ũ 23#ũ 2#ũ #-!4#-31 ũ #-ũ + ũ 9.- ũ 41 +ũ "#ũ + ũ / 11.04( ũ 4-!( , ē +ũ+.3#ũ2#ũ!.-2("#1 ũ#204(-#1.Ĕũ + ũ$.1, ũ#2ũ31 /#9.(" +Ĕũ+ ũ/#-ı "(#-3#ũ#2ũ(-!+(- " ē +ũ3#11#-.ũ-.ũ!4#-3 ũ!.-ũ(-$1 ı #2314!341 ũ ;2(! ĔũÌ-(! ,#-3#ũ ! ,(-.ũ "#ũ 3(#11 ũ 8ũ !.,#3(" ũ "#ũ #-#1%~ ũ #+_!31(! Ĕũ %4 ũ "#ũ 1#% "~.ũ.! 2(.- +ēũ -ũ #+ũ (-3#1(.1ũ "#+ũ 3#11#-.ũ 2#ũ . 2#15 -ũ 5 1(.2ũ !4+3(5.2ũ "#ũ !(!+.ũ!.13.ē #ũ' ũ+#5 -3 ".ũ4- ũ!.-2314!ı !(¢-ũ "#ũ '.1,(%¢-ũ 1, ".ũ "#ũ 4- ũ/+ -3 ũ2(-ũ ! ".2Ĕũ2. 1#ũ 4-ũ ;1# ũ "#ũ ďČēćć,ĉēũ 4#ũ #2ũ 43(+(9 " ũ!.,.ũ5(5(#-" ũ/.1ũ#+ũ 2# .1ũ #%4-".ũ ' 3.Ĕũ 3(#-#ũ )4-3.ũ ũ + ũ !.-2314!!(¢-ũ 4- 2ũ ! 2#3 2ũ "#ũ , "#1 ũ #-ũ , + 2ũ !.-"(!(.-#2ũ 2(-ũ 5 +.1ũ !.,#1ı !( +ēē Čēũ ũ ũ ũ 1 ũ3#11#-.2ũ141 +#2ũ2(-ũ(-$1 ı #2314!341 ũ ;2(! ũ ,4+3(/+(! ı ,.2ũ#+ũ5 +.1ũ!.,#1!( +ũ"#+ũ,ĉũ "#ũ 3#11#-.ũ /.1ũ 24ũ ;1# ũ ! +ı !4+ " ē ČēĈıũ #+ũ 5 +.1ũ !.,#1!( +ũ / 1 ũ 3#11#-.2ũ 4 (! ".2ũ #-ũ #+ũ 2#!ı 3.1ũ ġ .-3 +5.Ģũ "#ũ + ũ / 11.ı 04( ũ 4-!'( , ũ "#+ũ ! -3¢-ũ , 3.ũ #2ũ "#ũ đēććũ ũ #+ũ ,#31.ũ!4 "1 ".ē Čē ĉı ũ
ũ Ş!Ň Ş Ď ē ć ć ĵ ĉŇĎČČēČĊ ĉ ŞĉĐĉĉĔĈĎē Ďēũ ũ ũ ũ ũ ē 1 ũ !.-2314!!(.-#2ũ 2(-ũ !.-ı 31.+ũ 3_!-(!.Ĕũ "#ũ 4- ũ /+ -3 ũ "#ũ '.1,(%¢-ũ 1, ".Ĕũ!.-ũ!4 (#1ı 3 ũ "#ũ +.2 ũ / 1#"#2ũ "#ũ +.04#Ĕũ /(2.2ũ "#ũ '.1,(%¢-ũ 2(,/+#ũ #ũ (-23 + !(.-#2ũ 1Ì23(! 2ũ "#ũ !.-"4!!(¢-ũ "#ũ #-#1%~ ũ #+_!ı 31(! Ĕũ !.-ũ /4#13 2ũ 8ũ 5#-3 - 2ũ "#ũ , "#1 ũ 2(-ũ 5("1(.ũ #2ũ "#ũ ĈĉĎēććēũ ũ +ũ ,#31.ũ !4 "1 ı ".ē ĎēĈıũ ũ#" "ũ"#ũ+ ũ!.-2314!!(¢-ũ #2ũ"#ũČũ .2ũ(ŞćēĒď Ďēĉıũ+ũ#23 ".ũ"#ũ!.-2#15 !(¢-ũ 8ũ , -3#-(,(#-3.ũ #2ũ 1#%4+ 1ũ !ŞćēĐćē ĎēĊıũ ũ
ũ ŞĈĉĎēććŇćēĒďŇćēĐćŇďČ ēćć ŞĎĊĐďēććē ďēũ ũ ē Ĕũ ũē ĔũĉĐĉĉēĈĎ ĔũĎĊĐďēćć ũ ŞĔũđćĒđĔĈĎ +ũ ĎćēććŘũ "#ũ + 2ũ !!(.-#2ũ 8ũ "#1#!'.2ũ "#+ũ % 1 -3#ũ "#, -ı " ".ũ #2ũ ČćČĒĔćĐĎĖũ ĸ4 31.ũ ,(+ũ !4 1#-3 ũ 8ũ -4#5#ũ ćĐĵĈćć¢+ 1#2Ĺ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ¡ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ ũē
2ũ /#12.- 2ũ (-3#1#2 " 2ũ /4#"#-ũ . 3#-#1ũ , 8.1#2ũ
ũũ
ũ.ũĉćĈćıćĉćĉ .-%.ũ #-ũ !.-.!(,(#-3.ũ "#+ũ /Ì +(!.ũ #-ũ %#-#1 +ũ 04#ũ /.1ũ "#!1#3.ũ #7/#"(".Ĕũ /.1ũ + ũ 1 ēũ 31(!( ũ.,#1.ũ+.1#2Ĕũ 4#9ũ"#+ũ
49% ".ũ #%4-".ũ "#+ũ 1 ).ũ "#ũ 4-%41 '4 Ĕũ 2#ũ ' ũ 2# + ".ũ / 1 ũ#+ũ ũ ũũũ
ũ ũ ũ ũ Ĕũ "#2"#ũ + 2ũ ! 3.1!#ũ '.1 2Ĕũ ũ + 2ũ "(#!(.!'.ũ'.1 2Ĕũ ũ$(-ũ"#ũ04#ũ#-ũ + ũ 2#!1#3 1~ ũ "#ũ #23#ũ 49% ".ũ 3#-% ũ +4% 1ũ #+ũ ũ "#ũ +.2ũ (#-#2ũ ,4# +#2ũ #, 1% ".2ũ "#2!1(3.2ũ #-ũ #+ũ (-$.1,#ũ /#1(ı !( +ũ 8ũ 04#ũ ũ !.-3(-4 !(¢-ũ 2#ũ "#3 ++ -ē Ĕũ
Ĕũ Ĕũ Ĕũ
ĈĔũ .,/43 ".1 Ėũ / -3 ++ ũ , 1! ũ ũ ũ ĈĒČĉĎĔũ !.+.1ũ -#%1.Ĕũ ".2ũ / 1+ -3#2ũ !.+.1ũ -#%1.ũ ĉĐĐĊćČČČČĈČēũũ ,/1#2.1 ũ , 1! ũ ũ !.+.1ũ /+.,.ũ ĊććıĈĔũ 2#1(#ũ đĒĉĉćĒĎĔũ ũ !.+.1ũ -#%1.ũ , 1! ũ ũ Ĕũ 3#!+ ".ũ , 1! ũ ũ ıĉćĎććĔũ 4-ũ .42#Ĕũ4-ũ1#%4+ ".1ũ, 1! ũ ũ !¢"(%.ũ ĈćĈćĔũ #%4+ 1Ĕũ ŌĊććĔũŌĊćć ĈĔũ.,/43 ".1 Ėũ/ -3 ++ ũ, 1! ũ
ũ2#1(#ũĒćĉ ČĈĎđĊĔũ3#!+ ı ".ũ , 1! ũ ũ !.+.1ũ -#%1.ũ ,."#+.ũ ĐćĈĎĔũ 4-ũ ,.42#Ĕũ ,/1#2.1 ũ , 1! ũ ũ !.+.1ũ + -!.ũ,."#+.ũ ũIJũĉćĈćũ 2#1(#ũ ČČďĈđ ĊĊĈČĊĈĔũ 4-ũ Ĕũ4-ũ1#%4+ ".1ũ!.+.1ũ-#%1.ũ 2#1(#ũ ćĐĊĊĊćĈććĐćĐĐĔũ #%4+ 1ĔũŌĊććĔũŌĊćć ĈĔũ#+_$.-.ũ, 1! ũ Ĕũ #%4+ 1ĔũŌĈĎĔũŌĈĎ ĈĔũ ,/1#2.1 ũ 2#1(#ũ ď Ē ć ĉ Ĉ ć ć Ĉ đ Đ Đ Ē ĉ Ċ ć ĉ Ē Ĕũ #%4+ 1ĔũŌĊćĔũŌĊć ĈĔũĔũ#%4+ 1ĔũŌđćĔũŌđć ĈĔũ .231 ".1Ĕũ #%4+ 1Ĕũ ŌĎćĔũ ŌĎć ĈĔũ #+#5(2.1ũ "#ũ ĉĈũ /4+% " 2Ĕũ , 1! ũ ũ"#ũ!.+.1ũ-#%1.ũ 2#1(#ũ ČććĉďćČČĎĈđĈĔũ 4#-.Ĕũ ŌĉĎćĔũŌĉĎć ĈĔũ .!(- ũ , 1! ũ ũ !.+.1ũ + -!.ũ 2#1(#ũ ĉĉČďćđČďĈććđĔũ #%4+ 1Ĕũ ŌĉĎćĔũŌĉĎć ĈĔũ #$1(%#1 ".1 ũ !.+.1ũ + -!.Ĕũ 2#1(#ũ ĈĈĊđććĈĒĈćĈđĔũ ũ 4#-.Ĕũ ŌČććĔũŌČćć ĈĈĔũ (++ 2ũ "#ũ #2!1(3.1(.ũ !.+.1ũ -#%1.Ĕũ#%4+ 1ĔũŌĈćĔũŌĈĈć ĉĔũ 2!1(3.1(.2ũ "#ũ , "#1 ũ !.+.1ũ -#%1.Ĕũ +.ĔũŌĉćĔũŌČć ĎĔũ 11 2ũ "#ũ !#1.Ĕũ #%4+ 1Ĕũ ŌĎćĔũŌĉĎć ũ ũ ũ Ĕũ ŌĉēćĐĎ +ũ 5 +Ì.ũ3.3 +ũ 2!(#-"#ũ ũũ ũũ ũ ũććĵĈććũ ũ Ĕũ + 2ũ /#12.- 2ũ (-3#1#2 " 2ũ /4#"#-ũ . 3#-#1ũ , 8.1#2ũ (-$.1,#2ũ #-ũ + ũ #!1#3 1~ ũ "#+ũ
49% ".ũ #%4-".ũ "#+ũ 1 ).ũ "#ũ 4-%41 '4 ēũ ũ .1ũ 31 3 12#ũ "#+ũ 2#%4-".ũ 2# + ,(#-3.Ĕũ 2#ũ !#/3 -ũ /.2341 2ũ "#2"#ũ + ũ ,(3 "ũ"#+ũ/1#!(.ũ"#+ũ 5 +Ì.Ĕũ+ 2ũ 04#ũ(1;-ũ !.,/ " 2ũ"#+ũ"(#9ũ /.1ũ!(#-3.ũ"#+ũ5 +.1ũ3.3 +ũ"#ũ+ ũ .$#13 ũ 2# ũ #-ũ "(-#1.ũ #-ũ #$#!ı 3(5.ũ .ũ #-ũ !'#04#ũ !#13($(! ".ũ ũ .1"#-ũ"#+ũ 49% ".ēũ, 3.ĔũĈĎũ "#ũ 1(+ũ"#+ũĉćĈĈēı (1, ũ +#%( +# 1ēũ(3 +( -.ũ 1#"#2 8ũ4-ũ2#++. ĈĒďćĉĵĒĐĒĎđ 44
13#+ũ"#ũ#, 3# ũ ũ ũ ũ ũ ēũ ēũ
ũ ũ Ĕũ
ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ
ũ ũ .ũ ćďČĉı ĉććďĔũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũũũ
ũ ũ Ė Ĉēıũ ēıũ +ũ (-,4#ı +#ũ "#ũ + ũ /1#2#-3#ũ "(+(%#-!( ũ 2#ũ #-!4#-31 ũ 4 (! ".ũ #-ũ + ũ 11.04( ũ (2'(+ 3 Ĕũ #!3.1ũ ,#1(! -ũ 1*Ĕũ ++#2ũ , #+~ũ 8ũ '4 1!.!' Ĕũ "#ũ + ũ (4" "ũ "#ũ , 3.Ĕũ 1.5(-!( ũ "#ũ 4-%41 '4 ē ĉēıũ ũ ēıũ .13#Ėũ !.-ũ ĒĔČćũ ,ēũ 1./(#" "ũ "#ũ#1%(.ũ -!' / -3 ē 41Ėũ!.-ũĒĔĉĎũ,ēũ ++#ũ , #+~ē 23#Ėũ !.-ũ ČĊĔććũ ,ėũ ćĔĎćũ ,ēũ 8ũ ĐĔĎĎũ,ēũ ++#ũ '4 1!.!' ē #23#Ėũ!.-ũĎćĔććũ,ēũ1./(#" "ũ "#+ũ10ēũ .2_ũ 4(2ũ149ē Ċēıũũ ēıũ+ũ;1# ũ !34 +ũ ,#"(" ũ "#+ũ 3#11#-.ũ #2Ėũ Şũ ČĐĎĔďĈũ,ĉē Čēıũ ũ ũ ēıũ +ũ 3#11#-.ũ #2ũ "#ũ 3./.%1 $~ ũ /+ - ũ 8ũ $.1, ũ 1#!ı 3 -%4+ 1Ĕũ2#ũ#-!4#-31 ũ!.-ũ-(5#+ũ śćĔĈĎũ ,ēũ ũ + 2ũ ! ++#2Ĕũ #23 ũ /1./(#" "ũ #2ũ #204(-#1.Ĕũ #-ũ 24ũ (-3#1(.1ũ3(#-#ũ+.ũ2(%4(#-3#Ė - ũ ! 2 ũ 5(#) ũ "#ũ 4-ũ /(2.ũ !.-ũ
3#!'.ũ"#ũ 2 #23.ũ!#,#-3.Ĕũ/(2.ũ #-ũ !#,#-3 ".Ĕũ / 1#"#2ũ "#ũ +.ı 04#ũ #-+4!(" 2ũ 2(-ũ /(-3 1Ĕũ !.-ũ 5#-3 - 2ũ "#ũ '(#11.ũ 8ũ /1.3#!3.1ũ !.+.1ũ-#%1.ũ8ũ5("1(.ũ!+ 1.Ĕũ/4#1ı 3 ũ"#ũ'(#1.ũ!.+.1ũ5#1"#ũ ũ+ ũ! ++#ũ !.,.ũ(-%1#2.ũ$.3.ũĉĔũ#2ũ43(+(9 ".ũ !.,.ũ5(5(#-" ē ".2 " ũ ũ#23 ũ4- ũ,#"( ũ %4 ũ "#ũ 4-ũ /(2.ũ !.-ũ 3#!'.ũ "#ũ 9(-!Ĕũ /(2.ũ #-ũ !#,#-3 ".Ĕũ / 1#"#2ũ "#ũ +.04#ũ #-+4!(" 2Ĕũ !.-ũ .ũ (-3#1(.1ũ !.-ũ 3 9 ũ 8ũ + 5 .ũ + -ı !.ũ !.-ũ 94+#).ũ "#ũ /(2.ũ !.+.1ũ ! $_ũ 8ũ + -!.Ĕũ /4#13 ũ "#ũ '(#11.ũ %1 -"#ũ !.+.1ũ -#%1.ũ ũ + ũ ! ++#ũ !.,.ũ(-%1#2.Ĕũ#2ũ43(+(9 ".ũ!.,.ũ ."#% ē .2ũ,#"( 2ũ %4 2ũ ".2 " 2ũ!.-ũ 3#!'.ũ "#ũ 9(-!Ĕũ /(2.ũ #-"4#+ ".Ĕũ / 1#"#2ũ "#ũ +.04#ũ #-+4!(".2Ĕũ 5#-3 - 2ũ 8ũ /1.3#!3.1ũ "#ũ '(#11.ũ !.+.1ũ -#%1.ũ !.-ũ 5("1(.ũ !+ 1.Ĕũ 3(#-#ũ !4 31.ũ ".1,(3.1(.2Ĕũ 2 + Ĕũ !.,#".1ũ !.-ũ /(2.ũ #-ũ !#,#-ı 3 ".Ĕũ !.!(- ũ !.-ũ ,#2¢-ũ 8ũ $1#ı % "#1.Ĕũ .ũ !.-ũ 3 9 ũ 8ũ + 5 .ũ !.+.1ũ!#+#23#ũ2./+.ũ %4 ũ$1~ Ĕũ#2ũ 43(+(9 ".ũ!.,.ũ5(5(#-" ē 23 2ũ !.-2314!!(.-#2ũ 2#ũ #-!4#-31 -ũ #-ũ 1#%4+ 1ũ #23 ".ũ "#ũ!.-2#15 !(¢-ē -ũ% 1 )#ũ!.-ũ/(2.ũ#-ũ!#,#-3 ı ".ũ 8ũ /4#13 ũ %1 -"#ũ "#ũ (-%1#2.ũ "#ũ'(#11.ũ!.+.1ũ-#%1.ē
.2ũ +(-"#1.2ũ 3(#-#-ũ (#-ũ "#$(ı -(".2ũ /.1ũ + 2ũ !.-2314!!(.-#2ũ 8ũ !#11 ,(#-3.ũ "#ũ +.04#ũ #-+4!(ı ".2ũ#73#1(.1,#-3#ē Ďēıũ ũ ũ ũ ēıũ#2("#-!( +ē ďēıũ ũ ũ ũ ēıũ 49ũ #+_!31(! Ĕũ +4, 1 ".ũ Ì +(!.Ĕũ %4 ũ .3 +#Ĕũ +! -3 1(++ ".Ĕũ + 2ũ ! ++#2ũ3(#-#-ũ 2$ +3.ũ$+#7( +#ũ!.-ũ !#1 2ũ8ũ .1"(++.2ē Đēıũ ũ ũ ēı Ĕũ Ĕũ Ĕũēũ Ĕũ
#11#-.Ĕũ ČĐĎĔũ ďĈĔũ ,ĉĔũ ďćĔććĔũ ĉđēĎĊďĔďćė 2 ũ 5(#) Ĕũ ĎďĔĎĊĔũ ,ĉĔũ ČćĔććĔũ ĉēĉďĈĔĉćė #"( ũ %4 ũ/(2.ũ#-ũ!#,#-3 ".Ĕũ ďĉĔĐĉĔũ,ĉĔũČĎĔććĔũĉēđĉĉĔČćė #"( ũ %4 ũ /(2.ũ "4#+ Ĕũ ĈĎĊĔĒĊĔũ ,ĉĔũĎćĔććĔũĐēďĒďĔĎćė ũ ũ ũ ũ Şũ ČĈēĊĈďĔĐć +ũ 5 +Ì.ũ 3.3 +ũ "#+ũ (-,4# +#ũ 2.-Ėũ ũ ũ ũ ũ ũ ũ ũ ĐćĵĈććũ ũ 1 ũ+ ũ5 +.1 !(¢-ũ"#+ũ3#11#-.ũ2#ũ ' ũ3., ".ũ#-ũ!4#-3 ũ+.2ũ~-"(!#2ũ !.,.ũ /#-"(#-3#2Ĕũ ! +(" "ũ "#+ũ 24#+.Ĕũ 5~ 2ũ "#ũ !!#2.Ĕũ #-#1%~ ũ #+_!31(! Ĕũ %4 ũ /.3 +#Ĕũ +! -ı 3 1(++ ".Ĕũ +~-# 2ũ 3#+#$¢-(! 2ũ 8ũ 5 +.1 !(¢-ũ"#ũ+ ũ9.- ē -ũ + ũ !4 -3($(! !(¢-ũ /1./.1ı !(.- +ũ "#+ũ ,#31.ũ !4 "1 ".ũ "#ũ !.-2314!!(¢-ũ 2#ũ ' ũ 3., ".ũ #-ũ !4#-3 ũ + ũ "#/1#!( !(¢-ũ "#3#1ı ,(- " ũ /.1ũ #+ũ 3(#,/.ũ "#ũ !.-2ı 314!!(¢-Ĕũ ! ".2Ĕũ ũ #+ũ #23 ".ũ "#ũ!.-2#15 !(¢-ē 8.1ũ (-$.1, !(¢-ũ 2#ũ /1./.1ı !(.- 1;ũ #-ũ + ũ #!1#3 1~ ũ "#+ũ
49% ".Ĕũ ".-"#ũ 2#ũ 1#!#/3 1;-ũ + 2ũ 1#2/#!3(5 2ũ /.2341 2Ĕũ ,(2ı , 2ũ 04#ũ (1;-ũ !.,/ " 2ũ /.1ũ #+ũ "(#9ũ /.1ũ !(#-3.ũ "#+ũ 5 ı +Ì.ũ 3.3 +Ĕũ #-ũ "(-#1.ũ #$#!3(5.ũ .ũ !'#04#ũ !#13($(! ".ēıũ .1ũ 2#1ũ #+ũ ũ 2# + ,(#-3.ũ + 2ũ /.2ı 341 2ũ2#1;-ũ/.1ũ+ 2ũ".2ũ3#1!#1 2ũ / 13#2ũ "#+ũ 5 +Ì.ũ 8ũ #+ũ 1#, 3#ũ 2#ũ ")4"(! 1Gũ +ũ ,#).1ũ /.23.1ēıũ , 3.Ĕũĉćũ"#ũ 1(+ũ"#+ũĉćĈĈē (1, ũ +#%( +# -( ũ 8.1% ũ 1!_2 #!1#3 1( 8ũ4-ũ2#++. ĈĒďďďĵĒđĉĈĉ
ēũ"#+ũē #-31.ũ "#+ũ )4(!(.ũ ũ ũ ũ ĸ ĹĔũ 2#%4(ı ".ũ /.1ũ ũ ũ ũ ũ !.-31 ũ
ũ ũ ũ ũ8ũ ũ ũ ũ Ĕũ 2#ũ ' ũ "(2/4#23.ũ !(3 1ũ /.1ũ + ũ /1#-2 ũ /.1ũ "#2!.-.!#1ũ + ũ 1#2("#-!( ũ .ũ".,(!(+(.ũ ũ+.2ũ"#, -" ".2Ĕũ "#ũ !.-$.1,(" "ũ !.-ũ +.ũ 04#ũ "(2/.-#ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ 2#ũ +#ũ ' !#ũ2 #1Ė
Ėũ ũ ũ ũ
ũ ũ Ėũ ũ ũ ũĸ Ĺē ĖũĈđĊćĉĉćĈĈćĉćČ
ũ ũ ũ ũ Ėũ ēũ
ũ ũ Ėũ ũ ũ ũ Ėũ
ũ ũ ũ ũ8ũ ũ ũ ũ ĖũŌũĊēćććĔ.. Ėũ ēũ ČĈĊũ 8ũ ČĈĎũ ũ ũũ ũ ũ 8ũ ČĈćũ ũ ũ ũ
ũ ũ ũ ũ ũ ũ ēũũ , 3.Ĕũ)4#5#2ũĈČũ"#ũ 1(+ũ"#+ũ ĉćĈĈĔũ + 2ũ ĈĈ'ĊĐēũ ũ Ėũ ũ "#, -" ũ 04#ũ /1#!#"#ũ /.1ũ 2#1ũ !+ 1 ũ 8ũ +#% +ũ 2#ũ + ũ !#/3 ũ +ũ 31;,(3#ũ)#!43(5.ėũ/.1ũ+.ũ3 -3.Ĕũ !~3#2#ũ ũ+.2ũ"#, -" ".2ũ ũ ũ ũ ũ8ũ ũ ũ ũ ũ ,#"( -ı 3#ũ 31#2ũ /4 +(! !(.-#2ũ /.1ũ + ũ /1#-2 Ĕũ #-ũ 4-.ũ "#ũ +.2ũ "( 1(.2ũ 04#ũ #"(3#-ũ #-ũ #23 ũ !(4" "ũ ũ $(-ũ "#ũ 04#ũ / %4#-ũ .ũ /1./.-ı % -ũ#7!#/!(.-#2ũ"#-31.ũ"#ũ31#2ũ "~ 2ũ+4#%.ũ"#ũ!(3 ".2ēũ.1ũ' #1ũ ,_1(3.2ũ #-ũ 43.2ũ 2#ũ .1"#- ũ + ũ /1.'( (!(¢-ũ "#ũ #- )#- 1ũ "#ũ /1./(#" "ũ "#ũ + ũ "#, -" ".2ũ 1#$#1(".2Ĕũ!48.2ũ+(-"#1.2ũ8ũ,;2ũ "#3 ++#2ũ . 1 -ũ #+ũ !#13($(! ".ũ "#ũ $.) 2ũ Ċũ "#ũ +.2ũ 43.2Ĕũ / 1 ũ +.ũ 04#ũ 2#ũ ũ -.3($(! 1;ũ +ũ 2# .1ũ
#%(231 ".1ũ "#ũ + ũ 1./(#" "ũ "#+ũ -3¢-ũ +!#".Ĕũ ,#"( -ı 3#ũ "#/1#! 3.1(.ũ 04#ũ 2#ũ +( 1 ũ +ũ 2# .1ũ 4#9ũ "#ũ +.ũ (5(+ũ"#+ũ (-"(ı ! ".ũ -3¢-Ĕũ 5.! -".ũ !.-.ı !(,(#-3.ũ "#ũ + ũ /1#2#-3#ũ ! 42 ũ /.1ũ' #1ũ2(".ũ#2(%- " ũ 4#9ũ #,/.1 +ũ "#ũ #23#ũ #2/ !'.ũ ,#"( -3#ũ !!(¢-ũ "#ũ /#12.- +ũ ēıũ ĐĒũ ıēũ ~3#2#ũ 8ũ -.3(ı $~04#2#ē (1, ũ +#%( +# ēũ
ũũ
ũ
#13($(!.Ėũ (1, ũ +#%( +# ēũ_2 1ũ4# 2ũ14)(++.
.ũ04#ũ!.,4-(!.ũ ũ+.2ũ!(3 ".2ũ / 1 ũ+.2ũ$(-#2ũ+#% +#2ũ/#13(-#-ı 3#2Ĕũ ũ $(-ũ "#ũ 04#ũ "#-31.ũ "#ũ 5#(-3#ũ "~ 2ũ ũ !.-3 12#ũ "#2"#ũ + ũ Ì+3(, ũ /4 +(! !(¢-ũ 2# +#-ũ ! 2(++#1.ũ)4"(!( +ũ/ 1 ũ242ũ-.3(ı $(! !(.-#2ēũũ#13($(!.ēıũ, 3.Ĕũ ĉđũ"#ũ 1(+ũ"#+ũĉćĈćē (1, ũ +#%( +# ũ 8ũ4-ũ2#++. ĈĒďĐĎĵĒđĉĎĐ 44
ēũ"#+ũē #-31.ũ "#+ũ )4(!(.ũ ũ ũ ũ ĸ ĹĔũ 2#%4(ı ".ũ /.1ũ ũ ũ ũ Ĕũ 2#ũ ' ũ "(2/4#23.ũ !(3 1ũ /.1ũ + ũ /1#-2 ũũ /.1ũ "#2!.-.!#1ũ + ũ 1#2("#-!( ũ .ũ ".,(!(+(.ũ "#+ũ !.-"4# .ũ "#ũ !.-$.1,(" "ũ !.-ũ +.ũ 04#ũ "(2ı /.-#ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ(5(+Ĕũ2#ũ+#ũ' !#ũ 2 #1Ė
Ėũ ũ ũ ũ
ũ ũ Ėũ ũ ũ ũĸ Ĺ ĖũĈđĊćĉĉććĒĈĈČĎ
ũ ũ ũ ũ Ėũ ēũ
ũ ũ Ėũ ũ ũ
ũ
Ėũ ũ ũ ũ ĖũŌũďēćććĔ..ũē Ėũ ēũ ČĈĊēũ ũ ũũ ũ ũ ũ ēũ ČĈćũ ũ ũ ũ ũũũ
ũ ũ ũ ũ ũ ũ ēũũ , 3.Ĕũ +4-#2ũ ĈČũ "#ũ $# 1#1.ũ "#+ũ ĉćĈĈĔũ + 2ũ ćĒ'Ĉĉēũ ēıũ .1ũ ' #1ũ ,_1(3.2ũ #-ũ 43.2Ĕũ 2#ũ .1"#- ũ #+ũ #, 1%.ũ "#+ũ !(-!4#-3 ũ /.1ũ !(#-3.ũ "#ũ +.2ũ "#1#!'.2ũ 8ũ !!(.-#2ũ 04#ũ +#ũ !.11#2/.-"#-ũ ũ + ũ "#, -" ı " ũ - ũ 1~ ũ +.1#2ũ ;-!'#9Ĕũ 2. 1#ũ #+ũ (-,4# +#ũ 4 (! ".ũ #-ũ #+ũ 2(3(.ũ ' 8 %4 Ĕũ #-ũ #+ũ 11(.ũ !'(+(5(ũ1 -"#ũ"#ũ+ ũ/ 11.04( ũ -ũ (%4#+ũ"#+ũ -3¢-ũ +!#".ũ /1.5(-!( ũ "#ũ .3./ 7(Ĕũ !48.2ũ +(-"#1.2ũ8ũ,;2ũ"#3 ++#2ũ!.-23 -ũ "#+ũ !#13($(! ".ũ ")4-3.ũ / 1 ũ +.ũ 04#ũ 2#ũ "#/1#! ũ +ũ 2# .1ũ 4#9ũ "#ũ +.ũ (5(+ũ "#ũ +!#".Ĕũ 04(#-ũ !.-3 1;ũ !.-ũ 4-.ũ "#ũ +.2ũ 2# .ı 1#2ũ #/.2(3 1(.2ũ 4"(!( +#2Ĕũ 8ũ !.-ũ + ũ 84" ũ "#ũ 4-ũ ,(#, 1.ũ "#ũ + ũ .+(!~ ũ !(.- +Ĕũ 4- ũ 5#9ũ 31 ".ũ #+ũ #, 1%.Ĕũ -.3(ı $~04#2#ũ +ũ 2# .1ũ #%(231 ".1ũ "#ũ + ũ 1./(#" "ũ "#+ũ 1#$#1(".ũ ! -3¢-Ĕũ /.1ũ (-3#1,#"(.ũ "#+ũ # .1ũ 4#9ũ "#/1#! ".Ĕũ ũ $(-ũ "#ũ 04#ũ 2#ũ 2(15 ũ 3., 1ũ -.3 ũ "#ũ #23#ũ #, 1%.ėũ "# (#-".ũ -.3(ı $(! 1#ũ +ũ 2# .1ũ 1!.ũ ."1(%.ũ (94#3#ũ +5#1"#Ĕũ ũ $(-ũ "#ũ 04#ũ 2#ũ ' % ũ ! 1%.ũ "#+ũ .31.ũ !(-ı !4#-3 ũ/.1ũ!(#-3.ũ"#ũ+.2ũ"#1#ı !'.2ũ 8ũ !!(.-#2ũ "#+ũ (-,4# +#ũ 1#$#1(".ũ /.1ũ 2#1ũ !¢-84%#ũ "#ũ + ũ "#, -" " ēũ ũ .1ũ #7(23(1ũ /1.ı '( (!(¢-ũ "#ũ #- )#- 1ũ #ũ '(/.3#ı ! ũ ũ $ 5.1ũ "#ũ + ũ ../#1 3(5 ũ "#ũ + ũ #04# ũ ,/1#2 ũ "#ũ 4-%41 '4 ēũ ũ $~!(#2#ũ +ũ 2# .1ũ %#1#-3#ũ "#ũ + ũ 1#$#1(" ũ -23(34!(¢-ũ (- -!(#1 Ĕũ ũ $(-ũ "#ũ 04#ũ !.,/ 1#9! ũ ũ ' !#1ũ 5 +#1ũ 242ũ "#1#!'.2ũ "#ũ !.-$.1,(" "ũ !.-ũ+ ũ+#8ēũũ.3($~04#2#ē (1, ũ +#%( +# ēũ
ũũ
ũ ũ #13($(!.Ė (1, ũ +#%( +# ēũ_2 1ũ4# 2ũ14)(++.
ũ ũ ũ ũ ũ ũ ēũ , 3.Ĕũ , 13#2ũ ĉĉũ "#ũ , 19.ũ "#+ũĉćĈĈĔũ+ 2ũĈĐ'ćĐēũũ.3($~04#2#ũ +ũ 2# .1ũ ũ ũ ũ Ĕũ /.1ũ + ũ /1#-2 Ĕũ #-ũ 4-.ũ "#ũ +.2ũ "( 1(.2ũ 04#ũ 2#ũ #"(3 -ũ #-ũ #23 ũ !(4" "Ĕũ /.1ũ!4 -3.ũ+ ũ !3.1 ũ, -($(#23 ũ !.-ũ )41 ,#-3.ũ 04#ũ #2ũ 04#ũ #2ũ (,/.2( +#ũ " 1ũ !.-ũ 24ũ / 1 "#ı 1.ũ .ũ 1#2("#-!( Ĕũ ũ $(-ũ "#ũ 04#ũ 2#ũ ' % ũ ! 1%.ũ "#+ũ .31.ũ ĎćŘũ "#ũ+.2ũ"#1#!'.2ũ8ũ !!(.-#2ũ"#+ũ (-,4# +#ũ#, 1% ".ēıũ;% 2#ũ 2 #1ũ.3($~04#2#ē (1, ũ +#%( +# ēũ
ũũ
ũ
#13($(!.Ė
.ũ04#ũ!.,4-(!.ũ +ũ!(3 ".ũ/ 1 ũ +.2ũ $(-#2ũ +#% +#2ũ /#13(-#-3#2Ĕũ ũ $(-ũ "#ũ 04#ũ "#-31.ũ "#ũ 5#(-3#ũ "~ 2ũ ũ!.-3 12#ũ"#2"#ũ+ ũÌ+3(, ũ /4 +(! !(¢-Ĕũ 2# +#ũ ! 2(++#1.ũ )4"(!( +ũ/ 1 ũ242ũ-.3($(! !(.-#2ēũũ #13($(!.ēı , 3.ĔũćČũ"#ũ 8.ũ"#+ũĉćĈĈē (1, ũ +#%( +# ũ 8ũ4-ũ2#++. ĈĒďĒĎĵĒđĊĐđ 44
ēũ ũē ġũ ũ ũ ũ Ĕũ ũ
ũ ũ ũ ũ ũ ũ ũ #ũ ' !#ũ 2 #1Ė
#-31.ũ "#+ũ 4(!(.ũ )#!43(5.ũ . 1.ũ "#ũ (-#1.ũ 2(%- ".ũ !.-ũ #+ũēıũĉćĈćıćďĉĊũ2#%4(".ũ/.1ũ -%#+ũ . +., .ũ (9 Ĕũ /1.!4ı 1 ".1ũ 4"(!( +ũ"#ũ+ ũ../#1 3(5 ũ "#ũ'.11.ũ8ũ1_"(3.ũġı Ģũ
ũ#-ũ!.-31 ũ"#ũ +.ũ#,(%(.ũ ;204#9ũ.8#2Ĕũ(!#-3#ũ ++#).ũ -! ũ 8ũ + -! ũ 1+#-#ũ (" +%.ũ
.9 " ũ2#ũ' ũ"(2/4#23.ũ!(3 1ũ/.1ũ ,#"(.ũ"#ũ+ ũ/1#-2 ũ"#ũ#23 ũ!(4ı " "ũ"#ũ, 3.Ĕũ"#ũ!.-$.1,(" "ũ ũ +.ũ "(2/4#23.ũ #-ũ #+ũ 13ēũ đĉũ "#+ũ ¢"(%.ũ "#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ 8 ũ 04#ũ #+ũ !3.1ũ ' ũ , -($#23 ".ũ ).ũ)41 ,#-3.ũ+ ũ(,/.2( (+(" "ũ "#ũ"#3#1,(- 1ũ#+ũ !34 +ũ".,(!(ı +(.ũ.ũ1#2("#-!( ũ"#ũ+.2ũ"#, -" ı ".2ēũũ#ũ' !#ũ2 #1Ė
Ėũ ũ ũ ũ ũũ ũũ Ėũ Ėũũũ ĖũĈđĊćĐũĉćĈćıćďĉĊē
ũ ũ ũ Ėũ ēũ ũ ũ Ėũ ũ ũ ũ Ėũ ũ ũ ũ Ĕũ ũ
ũ ũ ũ ũ ũ ũ
Ėũ ũ ũ ũ ũ ũ
ũ ũ ũ ũ ũ
ũ ũ ũ ũ ũ ũ ēũ , 3.Ĕũ )4#5#2ũ Ĉćũ "#ũ , 19.ũ "#+ũ ĉćĈĈĔũ + 2ũ Ĉď'ćďēũ ũ Ėũ 4,/+(".ũ !.-ũ #+ũ 1#04#1(,(#-ı 3.ũ "#+ũ 49% ".ēũ ũ ũ "#, -" ũ /1#2#-3 " ũ#2ũ!+ 1 ũ8ũ1#Ì-#ũ+.2ũ 1#04(2(3.2ũ "#ũ +#8Ĕũ 2#ũ !#/3 ũ ũ 31;,(3#ēũ ũ ~3#2#ũ ũ +.2ũ "#, -ı " ".2Ĕũ ũ ũ ũ ũ ũ ũ ũ
ũ
ũ ũ #-ũ+ ũ"(1#!!(¢-ũ2# + " Ĕũ+~ 1#ı 2#ũ "#/1#! 3.1(.ũ ũ ũ 4-.ũ "#ũ +.2ũ 2# .1#2ũ )4#!#2ũ "#ũ 23 9 Ĕũ ũ $(-ũ "#ũ 04#ũ +4#%.ũ "#ũ !(3 ".2ũ +#% +,#-3#ũ #-ũ #+ũ 3_1,(-.ũ "#ũ 31#2ũ "~ 2ũ !.-3#23#-ũ + ũ "#, -ı " Ĕũ /1./.-% -ũ #7!#/!(.-#2ũ .ũ / %4#-ũ + ũ . +(% !(¢-ũ 1#!+ , ı " ũ #-ũ + ũ 24, ũ "#ũ !(-!.ũ ,(+ũ 04(-(#-3.2ũ 31#(-3 ũ "¢+ 1#2ēũũ (#-31 2ũ 04#ũ ũ +.2ũ 2# .1#2ũ ũ ũ ũ Ĕũ ũ
ũ ũ ũ ũ ũ ũ ũ ũ 2#ũ +#ũ !(3 1;ũ /.1ũ ,#"(.ũ "#ũ + ũ /1#-2 ũ 2#%Ì-ũ#+ũ13ēũđĉũ"#+ũ¢"(%.ũ"#ũ 1.!#"(,(#-3.ũ (5(+Ĕũ ũ $(-ũ 04#ũ +4#%.ũ "#ũ !(3 ".2ũ +#% +,#-3#ũ !.,/ 1#9! -ũ "#-31.ũ "#ũ +.2ũ ĉćũ "~ 2ũ / % -".ũ + ũ . +(% !(¢-ũ .ũ !.-3#23 -".ũ + ũ "#, -" ũ 8ũ /1./.-(#-".ũ #7!#/!(.-#2ēũ .1ũ #7(23(1ũ ,_1(3.2ũ #-ũ 43.2ũ 2#ũ "(2/.-#ũ + ũ /1.'( (!(¢-ũ "#ũ #- )#- 1ũ 2. 1#ũ #+ũ (#-ũ (-,4#ı +#ũ"#ũ+.2ũ"#, -" ".2ũ +4%2' ũ 4 -~-ũ .2_ũ !(-3.Ĕũ 4(2'/#ũ ' -%.ũ 1!(9 ũ "#ũ #2Ì2Ĕũ +~ 1#2#ũ "#/1#! 3.1(.ũ ũ 4-.ũ "#ũ +.2ũ 2# .1#2ũ 4#!#2ũ "#ũ 23 9 ũ ũ $(-ũ "#ũ 04#ũ 2#ũ "(%-#ũ -.3($(ı ! 1ũ +ũ 2# .1ũ #%(231 ".1ũ "#ũ + ũ 1./(#" "ũ "#ũ "(!'.ũ +4% 1ũ / 1 ũ 04#ũ 3.,#ũ -.3 ũ "#ũ + ũ ,#"(" ũ ! 43#+ 1ũ "#!1#3 " ũ #-ũ #23 ũ ! 42 ēũũ%1_%4#2#ũ +ũ/1.!#2.ũ+ ũ ".!4,#-3 !(¢-ũ -#7 ēũ¢,#2#ũ #-ũ !4#-3 ũ + ũ ! 2(++ ũ )4"(!( +ũ 2# + " ēıũ .3($~04#2#Ĕũ ~3#2#ũ 8ũÌ,/+ 2#ēıũ $Ĺũ 1ēũ 423 5.ũ ¢/#9ũ Ì #9Ĕũ
4#9ũ #,/.1 +ũ "#+ũ 49% ".ũ _/3(,.ũ"#ũ+.ũ(5(+ũ"#ũ, 3.ēũũ #13($(!.ēũũ+ũ#!1#3 1(.ēũ
.ũ 04#ũ !(3.ũ ũ +.2ũ "#, -" ".2ũ / 1 ũ+.2ũ$(-#2ũ+#% +#2ũ/#13(-#-ı 3#2Ĕũ ũ $(-ũ "#ũ 04#ũ 5#(-3#ũ "~ 2ũ "#2/4_2ũ "#ũ + ũ Ì+3(, ũ /4 +(! ı !(¢-ũ 2# +#ũ ! 2(++#1.ũ 4"(!( +ũ #-ũ#23 ũ!(4" "ũ"#ũ, 3.ũ/ 1 ũ 242ũ -.3($(! !(.-#2ēıũ #13($(!.ēũũ +ũ #!1#3 1(.ēũ ũ , 3.Ĕũ ĉđũ "#ũ 1(+ũ"#+ũĉćĈĈē (1, ũ +#%( +# 1ēũ4%.ũ -3.2ũ';5#9 #!1#3 1(. 8ũ4-ũ2#++. ĈĒďĒďĵĒđĊĐĒ 44
ũũ ũ ũ ũ ũ ũ ũ ē ē ũ
ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ
ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ Ĕũ ũ ũ Ĕũ ũ ũ ē ũēũĐđĉıĉćĈĈı ē Ėũ 1ēũ _!3.1ũ %423~-ũ !41(.ũ1. . Ėũ ēũ -~ +ũ #(- +".ũ_1#9ũ(3#1(ũũ ũ ũ ũ Ėũ .-!#2(¢-ũ"#+ũ#1#!'.ũ"#ũ2.ũ 8ũ /1.5#!' ,(#-3.ũ "#ũ %4 2ũ "#ũ+ 2ũ %4 2ũ"#+ũ1~.ũ, 1% )(3 2ũ 8ũ "#ũ + ũ 5#13(#-3#ũ 2(-ũ -., 1#Ĕũ 4 (! " 2ũ #-ũ +.2ũ 3#11#-.2ũ "#+ũ 2# .1ũ -~ +ũ #(- +".ũ _1#9ũ (3#1(Ĕũ 11.04( ũ ~.ũ #%1.ũ %4 2ũ 04#ũ 2#1;-ũ 43(+(9 " 2ũ / 1 ũ $(-#2ũ /(2!~!.+ 2Ĕũ !.-ũ 4-ũ ! 4" +ũ"#ũĊćũ+ĵ2ē ē ũ ũ ũ ēıũ ũ ũ ũ ēıũ ũ ũ ēıũ , 3.Ĕũ ũ Ċćũ "#ũ 19.ũ "#+ũ ĉćĈĈēıũ 2ũ ĈĊĈćēıũ ũ !.-.!(,(#-3.ũ "#ũ + ũ /1#2#-3#ũ ! 42 ũ #-ũ ,(ũ ! +(ı " "ũ "#ũ ..1"(- ".1ũ #%(.- +ũ #, 1! !(¢-ũ ("1.%1;$(! ũ
"#+ũ 23 9 Ĕũ 2#%Ì-ũ + ũ !!(¢-ũ "#ũ /#12.- +ũ .ēũ ĈďćĉĐĉēıũ -ũ +.ũ /1(-!(/ +ũ + ũ 2.+(!(34"ũ "#ũ .-!#2(¢-ũ "#ũ %4 2ũ 04#ũ "(2ı !411#-ũ /.1ũ #+ũ ~.ũ 1% )(3 2ũ 8ũ "#ũ + ũ 5#13(#-3#ũ 2(-ũ -., 1#Ĕũ 4 (! " ũ #-ũ + ũ /1./(#" "ũ "#+ũ 2# .1ũ -~ +ũ #(- +".ũ _1#9ũ (3#1(Ĕũ _23 2ũ 4 (! " 2ũ #-ũ + ũ / 11.04( ũ ~.ũ #%1.Ĕũ "#+ũ ! -ı 3¢-ũ .2ũ /1#2#-3 ".ũ /.1ũ #+ũ 2# .1ũ _!3.1ũ %423~-ũ !41(.ũ 1. .Ĕũ #2ũ !+ 1 ũ !.,/+#3 ũ 8ũ 1#Ì-#ũ +.2ũ "#,;2ũ 1#04(2(3.2ũ "#ũ +#8ũ /.1ũ +.ũ 04#ũ 2#ũ !#/3 ũ +ũ 31;,(3#ēıũ -ũ !.-2#!4#-!( ũ 2#ũ "(2/.-#Ėũ Ĉēıũ ~3#2#ũ ũ +.2ũ 424 ı 1(.2ũ !.-.!(".2ũ .ũ -.Ėũ 2# .1ũ -~ +ũ #(- +".ũ _1#9ũ (3#1(Ĕũ ,#"( -3#ũ !.,(2(¢-ũ +( 1 " ũ +ũ 2# .1ũ #-(#-3#ũ .+~3(!.ũ "#ũ + ũ 11.04( ũ ~.ũ -#%1.Ĕũ / 1 ũ 04#ũ #-ũ #+ũ 3_1,(-.ũ "#ũ đũ "~ 2ũ !.-3#23#ũ 2# + -".ũ ".,(!(+(.ũ +#% +Ĕũ / 1 ũ $4341 2ũ -.3($(! !(.ı -#2ēıũ ĉēıũ ~3#2#ũ ũ +.2ũ 424 1(.2ũ !.-.!(".2ũ .ũ -.ũ /.1ũ + ũ /1#-2 Ĕũ #-ũ4-.ũ"#ũ+.2ũ"( 1(.2ũ+ũ#1 +".ũ .ũ ũ.1 ũ04#ũ2#ũ#"(3 -ũ#-ũ#23 ũ !(4" "ũ"#ũ, 3.ũ,#"( -3#ũ+ ũ /4 +(! !(¢-ũ "#ũ 4-ũ #731 !3.ũ "#ũ #23 ũ /#3(!(¢-ũ 8ũ #23 ũ /1.5("#-ı !( Ĕũ /.1ũ 31#2ũ 5#!#2Ĕũ ,#"( -".ũ "#ũ 4- ũ ũ .31 ũ #+ũ /+ 9.ũ "#ũ đũ "~ 2ũ "#ũ !.-$.1,(" "ũ !.-ũ #+ũ 13ēũ đĐũ "#ũ + ũ #8ũ "#ũ %4 2ēıũ Ċēıũ 4#ũ 2#ũ !(3#ũ ũ +.2ũ 424 1(.2ũ !.-.!(".2ũ .ũ -.ũ /.1ũ ! 13#+#2ũ 04#ũ 2#ũ $() 1;-ũ #-ũ 31#2ũ "#ũ +.2ũ / 1 )#2ũ,;2ũ$1#!4#-3 ".2ũ"#ũ+ ũ / 11.04( ũ ~.ũ #%1.Ĕũ ,#"( -ı 3#ũ !.,(2(¢-ũ +( 1 " ũ +ũ 2# .1ũ #-(#-3#ũ .+~3(!.ũ "#ũ + ũ (-"(! ı " ũ / 11.04( ēıũ ũ "#2(%- !(¢-ũ "#ũ #1(3.ũ 2#ũ + ũ ' 1;ũ #-ũ 4- ũ $#!' ũ 04#ũ ./.134- ,#-3#ũ 2#ũ 2# + 1;ēıũ _-% 2#ũ #-ũ !4#-3 ũ #+ũ".,(!(+(.ũ2# + ".ũ8ũ+ ũ 43.ı 1(9 !(¢-ũ !.-$#1(" ũ +ũ .% ".ũ #$#-2.1ēıũ%1_%4#2#ũ+ ũ".!4ı ,#-3 !(¢-ũ ")4-3 ēıũ.1ũ 42#-ı !( ũ"#+ũ#!1#3 1(.ũ(34+ 1Ĕũ !3Ì#ũ !.,.ũ #!1#3 1(.ũ -! 1% ".ũ #+ũ (!ēũ 1+.2ũ 13~-#9ēıũ ēıũ $Ĺũ -%ēũ 4(2ũ + 9 1ũ. / -3 Ĕũ..1"(- ".1ũ #%(.- +ũ "#, 1! !(¢-ũ ("1.%1;$(! ũ "#+ũ 23 9 ēıũ !#-31.ũ .- +ũ , 3.ēıũ (%4#ũ !#13($(! !(¢-ēı
.ũ04#ũ!.,4-(!.ũ +ũ/Ì +(!.ũ#-ũ %#-#1 +ũ / 1 ũ +.2ũ $(-#2ũ "#ũ +#8ũ !.-2(%4(#-3#2Ĕũ /1#5(-(_-".+#2ũ "#ũ + ũ . +(% !(¢-ũ 04#ũ 3(#-#-ũ "#ũ 2# + 1ũ ".,(!(+(.ũ +#% +ũ "#-31.ũ "#+ũ /#1~,#31.ũ 41 -.ũ "#ũ _23 ũ %#-!( Ĕũ / 1 ũ $4341 2ũ -.3($(ı ! !(.-#2ē (1, ũ +#%( +#
(!ēũ 1+.2ũ 13~-#9 ũĸĹ 8ũ4-ũ2#++. ĈĒĎĐĐĵĒĐđĐČ 44
ũ ũ ũ ũ ũ ũ ē ē ũ
ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ēũ ũ ũ ėũ Ĕũ ũ
ũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ
Ĕũ ũ ũ ē ũēũĐĐĒıĉćĈĈı ē Ėũ !" ēēũ - ũ 1~ ũ .-(++ ũ ./.2(3 ē Ėũ 1~ ũ +5(1 ũ ./.2(3 ũ8ũ.31.ē ũ ũ ũ Ėũ .-!#2(¢-ũ"#+ũ#1#!'.ũ"#ũ2.ũ 8ũ /1.5#!' ,(#-3.ũ "#ũ %4 2ũ 04#ũ "(2!411#-ũ /.1ũ 4-ũ .).ũ "#ũ %4 Ĕũ4 (! " ũ#-ũ+ ũ/1./(#" "ũ "#ũ+ ũ1 ēũ 1~ ũ+5(1 ũ ./.2(3 ėũ 8Ĕũ4# 1 " ũ ũ !!' ũ4 (! " ũ #-ũ + ũ /1./(#" "ũ "#+ũ 2# .1ũ 4(2ũ 13#% Ĕũ _23 2ũ 4 (! " 2ũ #-ũ + ũ / 11.04( ũ -ũ (%4#+(3.Ĕũ "#+ũ ! -3¢-ũ ~++ 1.Ĕũ 1.5(-!( ũ "#ũ 4-%41 '4 Ĕũ %4 2ũ 04#ũ 2#1;-ũ 43(+(9 " 2ũ / 1 ũ 1(#%.Ĕũ !.-ũ 4-ũ ! 4" +ũ"#ũĉćũ+ĵ2ē ē ũ ũ ũ ēıũ ũ ũ ũ ēıũ ũ ũ ēıũ , 3.Ĕũ ũ Ċćũ "#ũ 19.ũ "#+ũ ĉćĈĈēıũ 2ũ ćĒććēıũ ũ !.-.!(,(#-3.ũ "#ũ + ũ /1#2#-3#ũ ! 42 ũ #-ũ ,(ũ ! +(ı " "ũ "#ũ ..1"(- ".1ũ #%(.- +ũ #, 1! !(¢-ũ ("1.%1;$(! ũ "#+ũ 23 9 Ĕũ 2#%Ì-ũ + ũ !!(¢-ũ "#ũ /#12.- +ũ .ēũ ĈďćĉĐĉēıũ -ũ +.ũ /1(-!(/ +ũ + ũ 2.+(!(34"ũ "#ũ .-!#2(¢-ũ "#ũ %4 2ũ 04#ũ "(2ı !411#-ũ /.1ũ 4-ũ .).ũ "#ũ %4 Ĕũ 4 (! " ũ #-ũ + ũ /1./(#" "ũ "#ũ + ũ 1 ēũ 1~ ũ +5(1 ũ ./.2(3 ėũ 8Ĕũ 4# 1 " ũ ũ !!' ũ 4 (! ı " ũ #-ũ + ũ /1./(#" "ũ "#+ũ 2# .1ũ
4(2ũ 13#% Ĕũ _23 2ũ 4 (! " 2ũ #-ũ + ũ / 11.04( ũ -ũ (%4#+(3.Ĕũ "#+ũ ! -3¢-ũ ~++ 1.Ĕũ /1#2#-3 ı ".ũ /.1ũ + ũ 2# .1(3 ũ !" ēēũ - ũ 1~ ũ .-(++ ũ ./.2(3 Ĕũ #2ũ !+ 1 ũ !.,/+#3 ũ 8ũ 1#Ì-#ũ +.2ũ "#,;2ũ1#04(2(3.2ũ"#ũ+#8ũ/.1ũ+.ũ 04#ũ 2#ũ !#/3 ũ ũ 31;,(3#ēıũ -ũ !.-2#!4#-!( ũ 2#ũ "(2/.-#Ėũ Ĉēıũ ~3#2#ũ ũ +.2ũ 424 1(.2ũ !.-.!(ı ".2ũ .ũ -.Ėũ 2# .1 ũ 1~ ũ +5(1 ũ ./.2(3 ũ8ũ2# .1ũ 4(2ũ13#% Ĕũ ,#"( -3#ũ !.,(2(¢-ũ +( 1 " ũ +ũ 2# .1ũ #-(#-3#ũ .+~3(!.ũ "#ũ + ũ 11.04( ũ -ũ (%4#+(3.Ĕũ / 1 ũ 04#ũ #-ũ #+ũ 3_1,(-.ũ "#ũ đũ "~ 2ũ !.-3#23#ũ 2# + -".ũ ".,(!(+(.ũ +#% +Ĕũ / 1 ũ $4341 2ũ -.3($(! !(.ı -#2ēıũ ĉēıũ ~3#2#ũ ũ +.2ũ 424 1(.2ũ !.-.!(".2ũ .ũ -.ũ /.1ũ + ũ /1#-2 Ĕũ
āĈ
āĀŏŏ ŏŏĂĀāā
ŏ+. ŏ
#-ũ4-.ũ"#ũ+.2ũ"( 1(.2ũ+ũ#1 +".ũ .ũ ũ.1 ũ04#ũ2#ũ#"(3 -ũ#-ũ#23 ũ !(4" "ũ"#ũ, 3.ũ,#"( -3#ũ+ ũ /4 +(! !(¢-ũ "#ũ 4-ũ #731 !3.ũ "#ũ #23 ũ /#3(!(¢-ũ 8ũ #23 ũ /1.5("#-ı !( Ĕũ /.1ũ 31#2ũ 5#!#2Ĕũ ,#"( -".ũ "#ũ4- ũ ũ.31 ũ#+ũ/+ 9.ũ"#ũđũ"~ 2ũ "#ũ !.-$.1,(" "ũ !.-ũ #+ũ 13ēũ đĐũ "#ũ + ũ #8ũ "#ũ %4 2ēıũ Ċēıũ 4#ũ 2#ũ !(3#ũ ũ +.2ũ 424 1(.2ũ !.-.!(ı ".2ũ .ũ -.ũ /.1ũ ! 13#+#2ũ 04#ũ 2#ũ $() 1;-ũ #-ũ 31#2ũ "#ũ +.2ũ / 1 )#2ũ ,;2ũ $1#!4#-3 ".2ũ "#ũ + ũ / 11.ı 04( ũ -ũ (%4#+(3.Ĕũ ,#"( -ı 3#ũ !.,(2(¢-ũ +( 1 " ũ +ũ 2# .1ũ #-(#-3#ũ .+~3(!.ũ "#ũ + ũ (-"(! ı " ũ / 11.04( ēıũ ũ "#2(%- !(¢-ũ "#ũ #1(3.ũ 2#ũ + ũ ' 1;ũ #-ũ 4- ũ $#!' ũ 04#ũ ./.134- ,#-3#ũ 2#ũ 2# + 1;ēıũ _-% 2#ũ #-ũ !4#-3 ũ #+ũ".,(!(+(.ũ2# + ".ũ8ũ+ ũ 43.ı 1(9 !(¢-ũ !.-$#1(" ũ +ũ .% ".ũ #$#-2.1ēıũ%1_%4#2#ũ+ ũ".!4ı ,#-3 !(¢-ũ ")4-3 ēıũ.1ũ 42#-ı !( ũ"#+ũ#!1#3 1(.ũ(34+ 1Ĕũ !3Ì#ũ !.,.ũ #!1#3 1(.ũ -! 1% ".ũ #+ũ (!ēũ 1+.2ũ 13~-#9ēıũ ēıũ $Ĺũ -%ēũ 4(2ũ + 9 1ũ. / -3 Ĕũ..1"(- ".1ũ #%(.- +ũ "#, 1! !(¢-ũ ("1.%1;$(! ũ "#+ũ 23 9 ēıũ !#-31.ũ .- +ũ , 3.ēıũ (%4#ũ !#13($(! !(¢-ēı
.ũ04#ũ!.,4-(!.ũ +ũ/Ì +(!.ũ#-ũ %#-#1 +ũ / 1 ũ +.2ũ $(-#2ũ "#ũ +#8ũ !.-2(%4(#-3#2Ĕũ /1#5(-(_-".+#2ũ "#ũ + ũ . +(% !(¢-ũ 04#ũ 3(#-#-ũ "#ũ 2# + 1ũ ".,(!(+(.ũ +#% +ũ "#-31.ũ "#+ũ /#1~,#31.ũ 41 -.ũ "#ũ _23 ũ %#-!( Ĕũ / 1 ũ $4341 2ũ -.3($(ı ! !(.-#2ē (1, ũ +#%( +#
(!ēũ 1+.2ũ 13~-#9 ũĸĹ 8ũ4-ũ2#++. ĈĒĎĐđĵĒĐđĐĐ 44
3.ũ ũ +.ũ .1"#- ".ũ #-ũ /1.5("#-ı !( ũ 04#ũ -3#!#"#Ĕũ + ũ "#, -" ũ #2ũ!+ 1 ũ8ũ!.,/+#3 ũ2#ũ+.ũ ",(ı 3#ũ +ũ31;,(3#ũ#-ũ)4(!(.ũ)#!43(5.ũ 04#ũ 2#ũ " ũ ũ + ũ ! 42 ēũ ũ ~3#2#ũ ũ .+ -" ũ !*#+(-#ũ #23 1#2ũ #"(- Ĕũ/.1ũ+ ũ/1#-2 Ĕũ,#"( -ı 3#ũ 31#2ũ /4 +(! !(.-#2ũ #-ũ 4-ũ "( 1(.ũ "#ũ + ũ +.! +(" "Ĕũ -3#ũ #+ũ )41 ,#-3.ũ "#ũ + ũ / 13#ũ !3.1 ũ "#ũ "#2!.-.!#1ũ 24ũ 1#2("#-!( Ĕũ / 1 ũ 04#ũ "#2/4_2ũ "#ũ 5#(-3#ũ "~ 2ũ "#ũ + ũ Ì+3(, ũ /4 +(! !(¢-ũ ,;2ũ #+ũ 3_1,(-.ũ "#ũ 31#2ũ "~ 2Ĕũ / %4#ũ.ũ/1./.-% ũ#7!#/!(.-#2ũ "#-31.ũ"#+ũũ3_1,(-.ũ"#ũ31#2ũ"~ 2ũ +4#%.ũ "#ũ !(3 " ũ +#% +,#-3#ũ + ũ "#, -" " ēıũ3¢,#2#ũ#-ũ!4#-ı 3 ũ #+ũ ! 2(++#1.ũ )4"(!( +ũ 2# + ı ".ũ /.1ũ #+ũ !.,/ 1#!(#-3#ũ / 1 ũ 242ũ -.3($(! !(.-#2ũ 8ũ + ũ 43.ı 1(9 !(¢-ũ 04#ũ " ũ +ũ 1.$#2(.- +ũ 04#ũ 242!1( #ēũ ũ .3($~04#2#ũ 8ũ !~3#2#ēıũ$Ĺũ1ēũ .1%#ũ1!.2ũ 4#9ũ #,/.1 +ũ "#+ũ 49% ".ũ 1(,#1.ũ "#ũ +.ũ (5(+ũ "#ũ , 3.ũ $Ĺũ 1 ēũ -( ũ 8.1% ũ ēũ #!1#3 1( ũ 04#ũ#13($(! ē 13(!4+ 1ũ 04#ũ ++#5.ũ ũ !.-.!(ı ,(#-3.ũ"#ũ+ ũ!(3 " Ĕũ/1#5(-(_-ı ".+#ũ"#ũ+ ũ. +(% !(¢-ũ04#ũ3(#-#ũ 04#ũ 2# + 1ũ ! 2(++#1.ũ 4"(!( +ũ / 1 ũ 1#!( (1ũ /.23#1(.1#2ũ -.3(ı $(! !(.-#2Ĕũ ).ũ /1#5#-!(.-#2ũ "#ũ1# #+"~ ē (1, ũ +#%( +# -( ũ 8.1% ũē ũ ũ
8ũ4-ũũ2#++. ĈĒďĒĈĵĒđĊĎČ
ũ ũ ũ
ũ ũ ũ ũ ũ ũ ē ē ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ ũ ũ ũ ũ ũ ũ Ĕũ ũ ũ
Ĕũ ũ ũ ē ũũđĈćıĉćĈĈıē ē Ėũ _+%(! ũ 4, #13(- ũ ,.1#2ũ .2! -.ē ũ ũ ũ Ėũ .-!#2(¢-ũ "#+ũ#1#!'.ũ"#ũ2.ũ8ũ/1.5#!' ,(#-3.ũ %4 2ũ 04#ũ "(2!411#-ũ /.1ũ 4- ũ 5#13(#-3#ũ (-ũ., 1#Ĕũ4 (! ".ũ#-ũ24ũ/1./(#" "Ĕũ#-ũ + ũ / 11.04( ũ 1!.2ũ 2/(-#+Ĕũ "#+ũ ! -3¢-ũ ~++ 1.Ĕũ 1.5(-!( ũ "#ũ 4-%41 '4 Ĕũ %4 2ũ 04#ũ 2#1;-ũ 43(+(9 " 2ũ / 1 ũ 1(#%.Ĕũ !.-ũ 4-ũ ! 4" +ũ"#ũĎũ+ĵ2ē ē ũ ũ ũ ēıũ ũ ũ ũ ēıũ ũ ũ ēıũ , 3.Ĕũ ũ ĉďũ "#ũ 1(+ũ "#+ũ ĉćĈĈēıũ 2ũ ĈĈĎćēıũ ũ !.-.!(,(#-ı 3.ũ "#ũ + ũ /1#2#-3#ũ ! 42 ũ #-ũ ,(ũ ! +(" "ũ "#ũ ..1"(- ".1ũ #%(.- +ũ #, 1! !(¢-ũ ("1.%1;$(! ũ"#+ũ 23 9 Ĕũ2#%Ì-ũ+ ũ !!(¢-ũ "#ũ /#12.- +ũ .ēũ ĈďćĉĐĉēıũ -ũ +.ũ /1(-!(ı / +ũ + ũ 2.+(!(34"ũ "#ũ .-!#2(¢-ũ "#ũ %4 2ũ 04#ũ "(2!411#-ũ /.1ũ 4- ũ 5#13(#-3#ũ (-ũ ., 1#Ĕũ 4 (! ".ũ #-ũ 24ũ /1./(#" "Ĕũ #-ũ + ũ / 11.04( ũ 1!.2ũ 2/(-#+Ĕũ "#+ũ ! -3¢-ũ ~++ 1.Ĕũ/1#2#-3 " ũ/.1ũ+ ũ2# .1 ũ_+%(! ũ 4, #13(- ũ ,.1#2ũ .2! -.Ĕũ #2ũ !+ 1 ũ !.,/+#3 ũ 8ũ 1#Ì-#ũ +.2ũ "#,;2ũ 1#04(2(3.2ũ "#ũ+#8ũ/.1ũ+.ũ04#ũ2#ũ !#/3 ũ ũ31;,(3#ēıũ-ũ !.-2#!4#-!( ũ2#ũ"(2/.-#ĖũĈēıũ~3#2#ũ ũ+.2ũ 424 1(.2ũ!.-.!(".2ũ.ũ-.ũ/.1ũ+ ũ/1#-2 Ĕũ#-ũ 4-.ũ "#ũ +.2ũ "( 1(.2ũ +ũ #1 +".ũ .ũ ũ .1 ũ 04#ũ2#ũ#"(3 -ũ#-ũ#23 ũ!(4" "ũ"#ũ, 3.ũ ,#"( -3#ũ + ũ /4 +(! !(¢-ũ "#ũ 4-ũ #731 !3.ũ "#ũ #23 ũ /#3(!(¢-ũ 8ũ #23 ũ /1.5("#-!( Ĕũ /.1ũ 31#2ũ 5#!#2Ĕũ ,#"( -".ũ "#ũ 4- ũ ũ .31 ũ #+ũ /+ 9.ũ "#ũ đũ "~ 2ũ "#ũ !.-$.1,(" "ũ !.-ũ #+ũ 13ēũ đĐũ "#ũ + ũ #8ũ "#ũ %4 2ēıũ ĉēıũ 4#ũ 2#ũ !(3#ũ ũ +.2ũ 424 1(.2ũ !.-.!(".2ũ .ũ -.ũ /.1ũ ! 13#+#2ũ 04#ũ 2#ũ $() 1;-ũ #-ũ 31#2ũ "#ũ +.2ũ / 1 )#2ũ ,;2ũ $1#!4#-3 ".2ũ "#ũ + ũ / 11.ı 04( ũ 1!.2ũ2/(-#+Ĕũ,#"( -3#ũ!.,(2(¢-ũ +( 1 " ũ +ũ 2# .1ũ #-(#-3#ũ .+~3(!.ũ "#ũ + ũ (-"(! " ũ / 11.04( ēıũ ũ "#2(%- !(¢-ũ "#ũ #1(3.ũ 2#ũ + ũ ' 1;ũ ./.134- ,#-3#ēıũ _-% 2#ũ#-ũ!4#-3 ũ#+ũ".,(!(+(.ũ2# + ".ũ 8ũ + ũ 43.1(9 !(¢-ũ !.-$#1(" ũ +ũ .% ".ũ #$#-2.1ēıũ%1_%4#2#ũ+ ũ".!4,#-3 !(¢-ũ ")4-3 ēıũ .1ũ 42#-!( ũ "#+ũ #!1#3 1(.ũ (34+ 1Ĕũ !3Ì#ũ !.,.ũ #!1#3 1(.ũ #+ũ (!ēũ 1+.2ũ 13~-#9ēıũ ēıũ $Ĺũ -%ēũ 4(2ũ + 9 1ũ . / -3 Ĕũ ..1"(- ".1ũ #%(.- +ũ "#, 1! !(¢-ũ ("1.%1;$(! ũ "#+ũ 23 9 ēıũ !#-31.ũ .- +ũ , 3.ēıũ (%4#ũ !#13($(! !(¢-ēı
.ũ 04#ũ !.,4-(!.ũ +ũ /Ì +(!.ũ #-ũ %#-#1 +ũ / 1 ũ+.2ũ$(-#2ũ"#ũ+#8ũ!.-2(%4(#-3#2Ĕũ/1#5(ı -(_-".+#2ũ"#ũ+ ũ. +(% !(¢-ũ04#ũ3(#-#-ũ"#ũ
2# + 1ũ ".,(!(+(.ũ +#% +ũ "#-31.ũ "#+ũ /#1~,#31.ũ 41 -.ũ "#ũ #23 ũ %#-!( Ĕũ / 1 ũ $4341 2ũ -.3($(ı ! !(.-#2ē (1, ũ +#%( +#
(!ēũ 1+.2ũ 13~-#9 ũĸĹ 8ũ4-ũ2#++.ũ ĈĒďĒČĵĒđĊĐĐ
#ũ 5 ũ ũ /1.!#"#1ũ ũ -4+ 1ũ + ũ 4#-3 ũ "#ũ '.11.2ũ .ũ ĈćĈČĉĐĎĐĒĈũ /#13#-#!(#-ı 3#ũ ũ ũ ũ ėũ /.1ũ ' #12#ũ #731 5( ". , 3.Ĕũ ũĉĎũ"#ũ 1(+ũ"#ũĉćĈĈ ŇĒđĈĊď 44
ũ ũ ũ
#ũ 5 ũ ũ /1.!#"#1ũ ũ -4+ 1ũ + ũ 4#-3 ũ "#ũ '.11.2ũ .ũ ĈćČćĉĉćĎĉČũ /#13#-#!(#-ı 3#ũ ũ ũ ũ ėũ /.1ũ ' #12#ũ#731 5( ". , 3.Ĕũ ũĉďũ"#ũ 1(+ũ"#ũĉćĈĈ ŇĒđĈĊď 44
ũ ũ ũ
#ũ 5 ũ ũ /1.!#"#1ũ ũ -4+ 1ũ + ũ 4#-3 ũ "#ũ '.11.2ũ .ũ ĈćĈČĉđĐćĊĐũ /#13#-#!(#-3#ũ ũ ũ ũ ėũ/.1ũ' #12#ũ#731 5( ". , 3.Ĕũ ũĉũ"#ũ, 8.ũ"#ũĉćĈĈ ŇĒđĉđď 44
ũũũ ũ ũġ ũũ ũũ Ģ
ũĖũ .+ -" ũ !*#+(-#ũ #23 1#2ũ #"(- ēũ"#+ũē
ũ ũũ ũ
Ėũ 1ēũ .1%#ũ 1!.2ũ 4#9ũ #,/.1 +
Ėũ ũ ũ ũ .ēũĉćĈĈıćĉĎĊ Ėũ Ėũ ũ ũ ũ Ėũ .+ -" ũ
!*#+(-#ũ#23 1#2ũ #"(- Ėũ13ēũČĈĊũ ũ ũ ũ ũ
Ėũ ũ ũ ēı
ũ ũ ũ ũ ũ ũ ēıũ , 3.Ĕũ )4#5#2ũ ĉđũ "#ũ 1(+ũ "#+ũĉćĈĈēıũ 2ũĈć'ĎĊēıũ Ėũ (_-".2#ũ" ".ũ!4,/+(,(#-ı
.,4-(! ũ +ũ /Ì +(!.ũ + ũ -4ı + !(¢-ũ "#ũ + ũ ¢+(9 ũ .ēũ ĈĊĐĈĉĈũ /#13#-#!(#-3#ũ +ũ 1ũ ĸ Ĺũ ũ ũ ũ ũ 04(#-ũ 2#ũ !.-2("#1#ũ !.-ũ "#1#ı !'.ũ /4#"#ũ 1#!+ , 1+ ũ #-ũ 4-ũ /+ 9.ũ"#ũĈĉũ"~ 2Ĕũ/.23#1(.1#2ũ ũ + ũ Ì+3(, ũ /4 +(! !(¢-ũ "#ũ #23#ũ 5(2.Ĕũ ! 2.ũ !.-31 1(.ũ "(!'.ũ ".!4,#-3.ũ 04#" 1;ũ -4+ ".ũ 2(-ũ1#2/.-2 (+(" "ũ"#+ũ#,(2.1ē ũ ĈĐČć ŇĒđĊđĎ
āĉ
ŏāĀŏŏ ŏŏĂĀāā
ŏ+. ŏ
/,67$'2 '( &203$f,$6 48( 6( (1&8(175$1 &21 352&(62 '( (-(&8&,Ï1 &2$&7,9$ $f2 325 &21&(372 '( &2175,%8&,21(6 62&,(7$5,$6 '( 7,78/26 '( &5(',72 0$<25(6 $ 86'RR 35,0(5$&,7$&,Ï1 6(&&,Ï1'(&2$&7,9$ $YGHODV $PpULFDV\&XED 7OI ([W
(Q PL FDOLGDG GH 6HFUHWDULR GH &RDFWLYD GH OD 6XSHULQWHQGHQFLD GH &RPSDxtDV DO QR KDEHU VLGR SRVLEOH ORFDOL]DU D ODV FRPSDxtDV FRDFWLYDGDV QL D VXV 5HSUHVHQWDQWHV /HJDOHV HQ ORV GRPLFLOLRV UHJLVWUDGRV HQ OD EDVH GH GDWRV GH OD ,QVWLWXFLyQ \ SRU GHVFRQRFHU VX GLUHFFLyQ DFWXDO GH FRQIRUPLGDG FRQ OR TXH GLVSRQH HO $57,&8/2 75,*e6,02 GHO 5HJODPHQWR SDUD HO (MHUFLFLR GH OD $FFLyQ &RDFWLYD SRU SDUWH GH OD 6XSHULQWHQGHQFLD GH &RPSDxtDV HQ FRQFRUGDQFLD FRQ ORV DUWtFXORV \ GHO &yGLJR 7ULEXWDULR DUW \ VLJXLHQWHV GHO &yGLJR GH 3URFHGLPLHQWR &LYLO VH SURFHGH D OD &,7$&,21 FRQ HO DXWR GH 3DJR D ODV FRPSDxtDV HQ ODV SHUVRQDV GH VXV 5HSUHVHQWDQWHV /HJDOHV TXH D FRQWLQXDFLyQ VH GHWDOODQ FX\RV GDWRV VRQ Q~PHUR GH H[SHGLHQWH Q~PHUR \ DxR GHO SURFHVR QRPEUH GH OD FRPSDxtD Q~PHUR GH WtWXOR GH FUpGLWR DxR GHO WtWXOR GH FUpGLWR \ YDORU QRPLQDOGHOWtWXORGHFUpGLWR
2UGLQDO
([S
1-XLFLR $xR-XLFLR
'HQRPLQDFLyQ
1GH7tWXOR
&25325$&,21 $87202725(66$ &25325$&,21 $87202725(66$ ),'(26683(5,25),'6836$ &25325$&,21 $87202725(66$ ,1'8675,$'(&$/=$'2 $0%$72 $0%$&$/=$6$ ,1'8675,$'(&$/=$'2 $0%$72 $0%$&$/=$6$ ',675,%8,'25$ '( 352'8&726 /,'(5(6 ',6352/,'&$ 3/$17,7$&266$ 181189,6$ ,03257$&,21(6 < 5(35(6(17$&,21(6 48,0,0$4 6$ 1$66(5*25',//2&216758&725(6&,$/7'$ &20(5&,$/6$11,&2/$6&,$/7'$ &20(5&,$/6$11,&2/$6&,$/7'$ ',675,%8,'25$ &20(5&,$/ 6$/$=$5 &206$5$ &,$ /7'$ (67$&,21 '( 6(59,&,2 < &20(5&,$/,=$'25$ 6$/$=$5 , 62/,6 6$/$=,62/ /$ %2/,9$5,$1$ &,$ /7'$ $*520$<$6$ (&8$&(5($/ (&8$725,$1$ '( &(5($/(6 &,$ /7'$ ,03257$&,21 < 5(35(6(17$&,21 '8.$1 ,032'8.$16$ 3/$17,7$&266$ )$6+,21&2/256$ $8;,/,$5(6 (63(&,(/,'$'(6 < &2/25$17(6 $1(;,21&2/25&,$/7'$ &20(5&,$/ $/3529$5(&,$/7'$ ,03257$&,21(6 (;3257$&,21(6 < 35202&,21(6,0(;352)$5&,$/7'$ (67$&,21 '( 6(59,&,2 < &20(5&,$/,=$'25$ 6$/$=$5 , 62/,6 6$/$=,62/ /$ %2/,9$5,$1$ &,$ /7'$ ',675,%8,'25$ &20(5&,$/ 6$/$=$5 &206$5$ &,$ /7'$ ',675,%8,'25$ '( 352'8&726 /,'(5(6 ',6352/,'&$ 1$66(5*25',//2&216758&725(6&,$/7'$ ,1'8675,$'(/26 $1'(6,1'8$1'(66$ 08/7,1(*2&,26 /$ 526$/('$ 08/7,/$526 &,$ /7'$ $*520$<$6$ &25325$&,21 $87202725(66$ (&8$&(5($/ (&8$725,$1$ '( &(5($/(6 &,$ /7'$ ,03257$&,21(6 < 5(35(6(17$&,21(6 48,0,0$4 6$ ,7$/,$1$ '( ,168026 3/$67,&26 < 3$5$ 0(7$/0(&$1,&$,7$/3/$67,&26&/7'$ &21)(&&,21(6 ,1'8675,$/(6 < 02'$ &21)<02'$6$ ,0&27(',&,$/7'$ 1(*2&,$56(53529(&,$/7'$ &216758&725$0,//(11,803,. 3$/&,$/7'$ &$03$f$9(/$67(*8,&,$/7'$ ,03257$&,21(6 < (;3257$&,21(6 (;35(66725* &,$ /7'$ ,03257$&,21(6 (;3257$&,21(6 < 35202&,21(6 ,0(;352)$5&,$/7'$ &25'29$72856&,$/7'$ */,'6$6$ 9,7(5,9(/$+(50$1269,9(/&/7'$ /(8'$/6$ */$%$/75$,/&,$/7'$ $ &25'29$72856&,$/7'$ $ ,03257$&,21 < 5(35(6(17$&,21 '8.$1 ,032'8.$16$ $ &2%5(6,67(0$66$ $ 186189,6$ $ $9$62&,(7<6$ $ 081,75$166$ $ ,$9*5283&,$/7'$ $ :$//675((7 $0%$72&,$/7'$ $ ,03257$&,21(6 (;3257$&,21(6 < 35202&,21(6 ,0(;352)$5&,$/7'$ $ 3529()22'6&,$/7'$ $ 683(5&$7(5,1*=8&$7'$0=$&,$/7'$ $ 3/$1(7$',*,7$/3/$1(7',*,7$/&,$/7'$ $
$xR7tWXOR
9DORU
)-ŋ -. $)-ŋ ŋ &#& )ŋ (ŋ', "ŋ )(ŋ&)-ŋ .)I_dZkZW"bWiÒ[ijWiZ[F[b_b[e fehiki'+'WeiZ[YWdjed_pW# Y_di[[cf[pWhedWl_l_hZ[iZ[ ^WY[ lWh_ei ZWi$ ;i Wi gk[ [b 9ec_j Z[ <_[ijWi Z_h_]_Ze feh <WX_|dHWceii[h[kd_dk[lW# c[dj[fWhWÒ`WhbWi\[Y^WiZ[bei fh_dY_fWb[ifhe]hWcWi$ ;b l_[hd[i ) Z[ `kd_e" W bWi '/0&&"i[h|bWfh[i[djWY_deÒY_Wb Z[bWi<_[ijWiZ[F[b_b[e(&''$;b Zec_d]e+Z[`kd_e"WbWi&/0&&" i[h[Wb_pWh|[bfh[]dZ[Ò[ijWi$ BW[b[YY_dZ[H[_dW?dj[hfWhhe# gk_Wbi[h|[bi|XWZe/Z[`kb_e"W fWhj_hZ[bWi(&0&&$ C_[djhWi [b i|XWZe ', Z[ `k# b_e"WbWi(&0&&"i[Z[iWhhebbWh| bW[b[YY_dZ[H[_dWZ[F[b_b[e$;b Zec_d]e'-Z[`kb_e"WbWi&/0&&" i[Ykcfb_h|[b:[iÒb[?dj[hYkbjk# hWb$;djWdje"[bl_[hd[i((Z[`kb_e i[[\[YjkWh|[b:[iÒb[9l_YeobW I[i_dIeb[cd[fehbei'+'Wei Z[ YWdjed_pWY_d Z[ bW È9_kZWZ 7pkbÉ$ 7i_c_ice" i[ Yed\_hcW gk[ [bi|XWZe()Z[`kb_ei[ZWh|bWi [ceY_ed[i Z[b HWbbo 9_kZWZ Z[ F[b_b[e$
,*"/) (!).! *)-.!,) *- ).!!'-!)-% '!" ''! % (%!).* !' !3*,
¡ēũ .2ũ(-3#%1 -3#2ũ"#+ũ .,(3_ũ"#ũ(#23 2ũ"#ũ#+(+#.ũăũ) 1.-ũ $#!' 2ũ"#ũ !3.2ũ!#-31 +#2ē
7bc_icej_[cfe"[b9ec_j Z[<_[ijWi_dl_jWWbeiZ_i[WZe# h[iZ[Jkd]khW^kWWfWhj_Y_fWh [d[bYedYkhieWX_[hjefWhWbW [bWXehWY_dZ[bWÒY^[$ CWoeh_d\ehcWY_doXWi[i Z[bYedYkhiebWfk[Z[dieb_Y_# jWh[d[bCkd_Y_f_eZ[F[b_b[e" Kd_ZWZZ[9eckd_YWY_deWb Y[bkbWh&/.,-/*(*$
2/*$&2167$17( ,!-!). -/-!).%(%!).* !+!- , -/ %-.%)#/% (%'% 1 !( )!, (/1!-+! % ' -/$%& * .*, !* *) '!,!) *)-. ).! +,! % (%# 1 *'!# !)/!-., )-.%./ %4) ( .* ! 1* !'
6H H[LJH D ODV FRPSDxtDV FRDFWLYDGDV \R VXV 5HSUHVHQWDQWHV /HJDOHV FLWDGRV SDJXHQ OD GHXGD R GLPLQWDQ ELHQHV VXILFLHQWHV SDUD H[WLQJXLU ODV REOLJDFLRQHV GHQWUR GH WUHV GtDV FRQWDGRV D SDUWLU GH OD SUHVHQWH SXEOLFDFLyQ DSHFLELpQGROHV TXH GH QR KDFHUOR VH HPEDUJDUiQ ELHQHV HTXLYDOHQWHV DO WRWDO GH OD GHXGD SRU HO FDSLWDO LQWHUHVHV \ FRVWDV FRPR OR RUGHQD HO $UW GHO PLVPR&yGLJR
, ,*'%) , 2-
'U5$8/5(&$/'(68$5(= 6(&5(7$5,2'(&2$&7,9$ 127$ 3DUDOLTXLGDFLRQHVDFWXDOL]DGDVSUHYLRDOSDJRIDYRUFRPXQLFDUVHDO H[W
, /.$ ) $ + 0%
Ä Â˘,.ĹŠ42 1ĹŠ (#-ĹŠ,(ĹŠ 3(#,/.ĹŠ+( 1#Ä&#x;
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä Ä€Ĺ?Ĺ? Ĺ?Ĺ?Ä‚Ä€Ä Ä
Ĺ?+. Ĺ?
Ŋ ŊŊ ŊŊľŊ Ŋ
Ä ÄŠ
ēŊ(#,/1#Ŋ8Ŋ!4 -".Ŋ-.Ŋ2#Ŋ54#+5 Ŋ 5(!(.ĔŊ#+Ŋ)4#%.Ŋ!.-Ŋ / 1 3.2Ŋ#+#!31¢-(!.2Ŋ 2#1;Ŋ4-Ŋ 4#-Ŋ/ 2 3(#,/.ēŊ
Ä“ĹŠ3(+(9 1ĹŠ#+ĹŠ3(#,/.ĹŠ+( 1#ĹŠ/ 1 ĹŠ4-.ĹŠ,(2,.ĹŠ 84" ĹŠ ĹŠ, -3#-#1ĹŠ#+ĹŠ#2/~1(34ĹŠ#-ĹŠ#04(+( 1(.Ä“ĹŠ
Ä“ĹŠ+ĹŠ3(#,/.ĹŠ"#"(! ".ĹŠ +ĹŠ "#/.13#ĹŠ 84" ĹŠ +ĹŠ.1% -(2,.ĹŠ8ĹŠ ĹŠ3#-#1ĹŠ 4- ĹŠ,#-3#ĹŠ2 - Ä“ĹŠ
Ä“ĹŠ ĹŠ!.,/43 ".1 ĹŠ#2ĹŠ4- ĹŠ 4#- ĹŠ +( " ĹŠ/ 1 ĹŠ /1#-"#1ĹŠ8ĹŠ"(231 #12#Ä“ĹŠ
+ĹŠÄ‘Ä?ĹŠ/.1ĹŠ!(#-3.ĹŠ"#ĹŠ)¢5#-#2ĹŠ43(+(9 -ĹŠ24ĹŠ 3(#,/.ĹŠ+( 1#ĹŠ#-ĹŠ !3(5(" "#2ĹŠ#-ĹŠ+ ĹŠ! 2 Ä“ĹŠ 2ĹŠ,#).1ĹŠ' !#1+.ĹŠ#-ĹŠ!.2 2ĹŠ/.2(3(5 2Ä“ ;b kie Z[b j_[cfe b_Xh[ [d bW WZeb[iY[dY_W \ehcW fWhj[ [i[dY_WbZ[bWl_ZWZ[beiWZe# b[iY[dj[i"[dh[bWY_ÂŒdWbW[jW# fWZ[Z[iWhhebbe[dgk[i[[d# Yk[djhWdoWb[djehde[dgk[ l_l[d" oW i[W Yed ik \Wc_b_W" XWhh_eeYeb[]_e$ ;b\Wceiej_[cfeb_Xh[[i Wgk[b[ifWY_eZ_ifed_Xb[gk[ de i[ kj_b_pW fWhW [ijkZ_Wh e ^WY[hWb]kdWYeiW\ehcWb"ied ejhWi WYj_l_ZWZ[i Z_ij_djWi Yece Zehc_h" Yec[h e Z_i# jhW[hi[ Yed bei Wc_]ei" gk[ feh [b WcX_[dj[ [d [b gk[ i[ [dYk[djhW [i Z[ ]hWd WokZW fWhWdeYW[h[dbWhkj_dW$ BWi WYj_l_ZWZ[i c|i h[W# b_pWZWi feh bei WZeb[iY[dj[i ZkhWdj[[ij[[ifWY_eb_Xh[ied fh_dY_fWbc[dj[ Zecƒij_YWi" oWgk[bei`ÂŒl[d[i[ij|d[dbW
#2 !4#1".2ĹŠ
KdW fh|Yj_YW gk[ [i cej_le Z[YedĂ“_Yje[dbWh[bWY_ÂŒdZ[ fWZh[i[^_`eiWZeb[iY[dj[i[i [bj_[cfeZ[ij_dWZeWbkieZ[b YecfkjWZeh" kj_b_pWZe fWhW Y^Wj[Wh" `k]Wh" h[l_iWh h[Z[i ieY_Wb[i e dWl[]Wh feh f|]_# dWiZ[_dj[hƒi$ ;ijWi_jkWY_ÂŒd[ickoZ_\‡# Y_bfWhWbeifWZh[iYedjhebWh"o b[iceb[ijWfehgk[[i[j_[cfe ĂˆcWb ]WijWZeÉ i[ feZh‡W kj_b_# pWhZ[c[`eh\ehcW$ ;d[ij[i[dj_Ze"beifWZh[i Z[X[h‡Wd cej_lWh W iki ^_`ei Z[iZ[ f[gk[‹ei W kiWh [iWi Ăˆ^eh_jWi ^k[YWiÉ [d WYj_l_ZW# Z[igk[h[\k[hY[dikiWfj_jk# Z[i" Z[iWhhebb[d ^WX_b_ZWZ[i" [if[Y_Wbc[dj[ ieY_Wb[i o gk[ h[Wbc[dj[b[\Wleh[pYWkdZ[i# [dlebl_c_[djec|i_dj[]hWb[d ikiWbkZ\‡i_YW"c[djWb"ieY_Wb o[if_h_jkWb$
YWiW o fWiWd ckY^e j_[cfe [d bei gk[^WY[h[i Z[b ^e]Wh YeceWhh[]bWh[bYkWhje"`k]Wh [d bW YecfkjWZehW" l[h j[b[# l_i_ÂŒd"WokZWh[dbWYeY_dWe i_cfb[c[dj[Yedl[hiWhYedbW \Wc_b_W" [ijei [`[cfbei [d [b YWieZ[bei^ecXh[i$ BWick`[h[ifh[Ă’[h[diWb_h Z[ YecfhWi e Ăˆl_jh_d[WhÉ Yed bWcWc|eWb]kdWiWc_]Wi1o dei[Z[iYWhjWdbWifei_X_b_ZW# Z[iZ[gk[jWcX_ƒd^W]WdbWi c_icWi WYj_l_ZWZ[i gk[ bei lWhed[i" c[dY_edWZWi Wdj[# h_ehc[dj[$ KdW[dYk[ijWh[Wb_pWZWfeh beiĂˆh[fehj[heiYeckd_jWh_eiÉ Z[ bW \kdZWY_ÂŒd 9^_bZ <kdZ" _dZ_YWdgk[bWiZeiWYj_l_ZW# Z[i c|i \h[Yk[dj[i [d ^ec# Xh[i o ck`[h[i [i [iYkY^Wh (#,/.ĹŠ"#ĹŠ"(231 !!(¢-ĹŠ c‘i_YWo[ijWhYedbW\Wc_b_W$ ;ij[ [ifWY_e Z[ Z[iYWdie
de ied ^ehWi Z[ ieXhW" feh [b YedjhWh_e [i kd cec[dje gk[ YWZW kde j_[d[ Z_ifed_# Xb[ fWhW kiWh [d Wgk[bbe gk[ be^WY[\[b_poYWcX_WhZ[bWi WYj_l_ZWZ[iZ_Wh_Wi"Yece[i# jkZ_WheWokZWhWikifWZh[i [dbWijWh[WiZecƒij_YWi$ Bei WZkbjei ied bei fh_# c[hei gk[ Z[X[d [dj[dZ[h [ije fWhW bk[]e [di[‹Whbe W ik ^_`ei$ I_ i[ gk_[h[ gk[ [b WZeb[iY[dj[ fWi[ iebWc[dj[ eYkfWZeWokZWdZe"i[b[[ij| _cf_Z_[dZe ik f[hiedWb Z[i# [cf[‹e"oWgk[Z[f[dZ[h|Z[ bWiYeiWigk[^W]Wiebe"fWhW j[d[h \WY_b_ZWZ Z[ jecWh bWi fhef_WiZ[Y_i_ed[i$I[]‘dbW _dl[ij_]WY_Œdh[Wb_pWZW"i_bei fWZh[i i[ ZWd Yk[djW Z[ gk[ [bbei c_icei de kiWd [iWi ^ehWi^k[YWiecec[djeiZ[ Z[iYWdie"[dWb]egk[bei^W]W c|i\[b_Y[i"j_[d[dgk[Yec[d# pWhfehh[YedeY[h[i[[hheho bWd[Y[i_ZWZgk[[bbeij_[d[d deiebeZ[Z[Z_YWhi[WWYj_l_# ZWZ[ibWXehWb[i"i_dejWcX_ƒd
[bZ[h[Y^eZ[j[d[hkd[ifWY_e Z[Z_i\hkj[f[hiedWb"[dZed# Z[ fk[ZW _dYbk_h WYj_l_ZWZ[i Z[ h[Yh[WY_ÂŒd `kdje Yed iki ^_`ei$ /1.5#!' 1ĹŠ#+ĹŠ3(#,/.
FWhW iWX[h YÂŒce eYkfWh Z[ cWd[hWWZ[YkWZW[i[Ăˆj_[cfe Z[c|iÉgk[i[ik[b[j[d[h"Z[# X[ceiZ[iYkXh_hoZ[iWhhebbWh _dj[h[i[iZ[YWh|Yj[hf[hiedWb oiWX[hgkƒb[^WY[\[b_p$ >Wogk[XehhWhbW_Z[Wgk[ YkWdZe kde Z_i\hkjW Z[ kdW f[b‡YkbW"`k[]WYedbeiWc_]ei" iWb[Z[fWi[e"[iYh_X["Z_Xk`W e Zk[hc[" i[ [ij| f[hZ_[dZe [bj_[cfeegk[ieceilW]ei" Z_`e @_cco 9^_YW_pW" h[feh# j[he Yeckd_jWh_e Z[ 9^_bZ <kdZ$ Æ;b feZ[h ZWhdei kd Ăˆ]kij_jeÉ ^WY_[dZe Wb]e gk[ dei^WY[\[b_Y[iWokZWckY^e W gk[ \ehjWb[pYWcei dk[ijhW Wkje[ij_cW"ogk[deiĂˆc_c[# ceiÉfWhWf[diWh[ddk[ijhe fhef_e X_[d[ijWhÇ" Z_`e [b h[# fehj[he$
Čć! (-!+ēũ 4-%41 '4
ũũũĈćũũũ ũũĉćĈĈ
Čćũ:
(% ũ"#ũ4(3.ũ#23;ũ2(-ũ"#+ -3#1.2
(% ũ"#ũ4(3.Ĕũ+4#%.ũ"#ũ+ ũ+#2(¢-ũ"#ũ#1-;-ũ 1!.2Ĕũ04#"¢ũ2.+.ũ!.-ũ +3#1ũĥ ,(3 Ħũ +"#1.-ũ!.,.ũ"#+ -3#1.ēũ - ũ#-$1#-3 ũ +ũ,#+#!ũ"#ũ4 8 04(+ē ;%(- ũĈĎ
+" 5#ũ $4#1 ũ"#+ũ _!-(!. +ũ"#+ -3#1.ũ"#ũ_!ı -(!.ũ-(5#12(3 1(.ũ 41.ũ+" 5#Ĕũ"#)¢ũ "#ũ/#13#-#!#1ũ 8#1ũ +ũ!4 "1.ũ , 3# .ũ /.1ũ"#!(2(¢-ũ"#ũ"(ı 1#!3.1(.ē ũĈĉ
- ũ # _ũ ,41(¢ũ 2ăũ7( " 1~ ũ 1(#+ ũēĔũ"#ũ4-ũ ,#2ũ8ũ31#2ũ"~ 2ũ"#ũ- !(" Ĕũ $ ++#!(¢ũ 8#1ũ ũ+ 2ũćĐĖććũ +4#%.ũ04#ũ2#ũ 2ăũ7( 1 ũ!.-ũ#+ũ 2#-.ũ"#ũ24ũ, "1#ēũ ũĈĊ
-5#23(% -ũ/.1ũ ". +#ũ!1(,#2! 1ũ -(#+ũ 9,( .Ĕũ "#ũĉđũ .2Ĕũ#2ũ#+ũ24/4#2ı 3.ũ 43.1ũ"#+ũ 2#2(- 3.ũ "#ũ#%4-".ũ + /( Ĕũ+ ũ .+(!~ ũ+.ũ(-5#23(% ē ũĈĊ
1(;-ũ$4#1 ũ "#ũ , ũ
ũ14 ( ũ/1#2#-3 ".1 ũ#!4 3.1( - ũ"#ũ 3#+#5(2(¢-ũ04#"¢ũ$4#1 ũ"#+ũ! - +ũ +ũ-.ũ 1#-.5 1+#ũ#+ũ!.-31 3.ēũ ũĈĈ
