You are on page 1of 9

4.% 5>+2+I.

*,/&%,$
,% 3/-% () ()/+2+/.)2
() '/-01%
'6BKEF>A
AdTV^ST[ P]l[XbXbST RPSPd]P ST [PbePaXPQ[Tb _aX]RX_P[Tb `dT TYTaRT] X]U[dT]RXP ^ cXT]T]
d]P _PacXRX_PRXp] T] T[ R^\_^acP\XT]c^ ST [^b R^]bd\XS^aTb%aTbd[cP]TRTbPaXP d]P bn]cT'
bXb`dT _aTbT]cT[PbaT[PRX^]Tb T]caTc^SPbT[[Pb(:] TbcTRP_ncd[^%bTcaPcPal]%T]c^]RTb%S^b
Pb_TRc^b2[^b _a^RTb^bST c^\P ST STRXbX^]Tb cP]c^ X]SXeXSdP[Tb R^\^ Vad_P[TbTT[ _[P]'
cTP\XT]c^ ST d] \^ST[^ V[^QP[ST R^\_^acP\XT]c^ ST R^]bd\^ (
! !!!! 01/')2/2 () 3/-%
() ()'+2+/.)2
9
XQXT]%_PaPUX]TbST R^\_aT]bXp]%WPbcPT[ \^\T]c^ bTWP_[P]cTPS^ `dT RPSPPRRXp]
ST [^b X]SXeXSd^b Tbcl aT[PRX^]PSPSXaTRcP\T]cTR^] T[ aTbd[cPS^ST R^\_aP% T] [P aTP'
r k8^\_a^ ^ ]^ R^\_a^5
>XSPS% T[ _a^RTb^ Tb\dRW^ \lb R^\_[XRPS^( :] TUTRc^% [^b X]SXeXSd^b ]^ c^\P] d]P b^[P
STRXbXp] T] T[ \^\T]c^ ST [P R^\_aP% bX]^ `dT mbcPbTR^]U^a\P _^a SXeTabPbSTRXbX^]Tb
X]cTa\TSXPb(
C^ Tb^QYTcXe^ ST TbcT[XQa^c^RPac^S^b [^b Pb_TRc^baTUTaXS^b P [PbSTRXbX^]Tb ST R^\_aP
bX]^ bX\_[T\T]cT _[P]cTPa XSTPbVT]TaP[Tb`dT _Ta\XcP] d]P R^\_aT]bXp] PSTRdPSPST
cT\P( E^a TbcPaPhp]%d] aTbd\T] ST [Pb TcP_PbST[ _a^RTb^ ST STRXbX^]Tb _^SanP bTa
bXVdXT]cT #el[XS^ST\P]TaP Tb_TRXP[ _PaP[PbR^\_aPb STVaP] aXTbV^% Pd]`dT P_[XRPQ[T cP\'
QXm]P STRXbX^]Tb R^aaXT]cTb$2
r aTR^]^RX\XT]c^ST[ _a^Q[T\P
r Qqb`dTSP ST X]U^a\PRXp]
r P]l[XbXbST [P X]U^a\PRXp]
r PRc^ST R^\_aP
r dcX[XhPRXp] g P]l[XbXb_^bcR^\_aP
HTP]P[XhPalRPSPd]P ST [PbTcP_Pb(
1:8A@A8=?=:@EA9:> BCA7>:?6
:] TbcPTcP_P%T[ X]SXeXSd^ aTR^]^RTbd ]TRTbXSPS#[PTfXbcT]RXP ST d]P RPaT]RXP$ g PRT_P
aTP[XhPa d] TbUdTah^WPRXP [P bPcXbUPRRXp] ST [P \Xb\P( E^a TYT\_[^%[P R^\_aP \lb bX\
STQTaTP[XhPabT STb_dmbST b^[dRX^]Pa_a^Q[T\Pb ST[ cX_^bXVdXT]cT2
r k]TRTbXc^ ^ ]^ ]TRTbXc^P[V^5
:bcP _aTVd]cP_[P]cTPd] aTR^]^RX\XT]c^STd]P RPaT]RXP g [PPRT_cPRXp] STd]P ]TRTbX''
`dT TfXVTd]P bPcXbUPRRXp]( E^a TYT\_[^%[Pb_Tab^]Pb STQT] SPabTRdT]cPST`dT P[Vd]^b
bdbP[X\T]c^b bT\P[^VaP] \dg al_XSP\T]cT%g `dT bTanP\TY^a cT]TaP[V^_PaPTeXcPa T[RT
cTaX^a^(EPbP]S^%_aX\Ta^%_^a T[ P]l[XbXbST SXeTab^b\TSX^b ST bPcXbUPRTa TbP]TRTbXSP
PaaXQPal]al_XSP\T]cT Pd]P STRXbXp] X]XRXP[( :] ^caPb_P[PQaPb%bTSP] RdP]cP ST`dT ]TRT
bXcP]d]P aTUaXVTaPS^aP(
:bcP _aTVd]cPTfXVTd]P STRXbXp] b^QaT[Pb^[dRXp]SXaTRcP ST[ _a^Q[T\P( :[[P Tbcl \lb
SP P[ R^]RT_c^ ST\^cXePRXp] `dT P[ ST ]TRTbXSPS( NPP`dn [Pb_Tab^]Pb WPRT]d]P T[
/.8Z:;47 =222 ;J? RFOF\JDHK@?H, H?PKI? BC BCAFOFKJCO BC AKILN?
$>537+*( *+
-0,14/()-=0
'6-.-9()%=0 8 (0;.-5-5
215)1/24(
W6CACOFPK K JK>
JCACOFPK ?HDK-
V
W/KILNK K
> JK AKILNK-
:&7< )1/241#
2
^ 8NKBQAPK
^ 5?NA?
+ +
*
:?I?[K
VN,%JPFB?B
''((+
^ W/\IK E?DK H?ICGKN
2
AKILN? LKOF@HC
(?
"A\IK I?SFIFUK

IF QPFHFB?B#-
''j
'
^ W0\JBC AKILNK-
^ W/QXJBK AKILNK-
2V
^ W/QXJPKL?MK-
^ W/\IK L?DK-
2
V
^ W/KILNY @FCJ-
^ W/\IK HKQPFHFUK-
^ W5C MQCBKAKJ YHK HKBCRQCHRK-
^ W4KRKT? NCAKICJB?N? IFO ?IFDKO-
^ W<KHRCNY ? AKILN?N HKIFOIK-
;><JG6 + -(+
:[ _a^RTb^ ST STRXRXp] ST [^b R^]bd\XS^aTb(
T]caT\^cXePRX^]Tb\dg SXeTabPb% P RPSPd]P ST [PbRdP[TbbT[TPbXV]Pd] _Tb^ Tb_TRnUXR^(
E^a TYT\_[^%[P _Tab^]P STRXSXal bXR^\_aP d]P aTUanVTaPS^aP ^ bX%SXVP\^b%[TRP\QXPST
]Td\lcXR^b P bd Pdc^\peX[(
7qb`dTSP ST X]U^a\PRXp]
AdTV^ST PRT_cPaT[ _a^Q[T\P g ST[Xa]XcPa[^ #R^\_aPa [P aTUaXVTaPS^aP$% T[ X]SXeXSd^R^'
\XT]hP P QdbRPa[P X]U^a\PRXp]SXb_^]XQ[Tb^QaTT[ cT\P( 8^\XT]hP _^a [PX]U^a\PRXp]X]'
cTa]P g [dTV^'ST bTa]TRTbPaX^'' _PbPP [P TfcTa]P( APb_aTVd]cPbP aTb_^]STa b^] _aX]'
RX_P[\T]cT[PbbXVdXT]cTb2
kFdm R^\_a^4% k_a^SdRc^%\PaRP%cP\Po^% RP]cXSPS%TcRmcTaP5
8NKACOKOBCPKI? BC BCAFOFKJCO
k9p]ST R^\_a^2 bd_Ta\TaRPS^%\TaRPS^%Q^STVdXcP'PQPbc^ ^ P\Qd[P]cT5
APX]U^a\PRXp]X]cTa]PTbcl QPbPSPT] bd Tf_TaXT]RXP PS`dXaXSPR^] [P \Xb\P ]TRTb
]TRTbXSPSTb bX\X[PaTb% TT] [P\P]TaP R^\^ b^[dRX^]pT[ _a^Q[T\P P]cTaX^a\T]cT( 1
RX\XT]c^ST _a^SdRc^b XVdP[Tb ^ bX\X[PaTb% aTR^aSPa[P_dQ[XRXSPS ^ [PbaTUTaT]RXPb `c
QXp R^] P]cTaX^aXSPS b^] _PacTST X]U^a\PRXp]`dT caPcPalST\P]TaP _aX^aXcPaXP( E
_[^%[P _Tab^]P R^\T]hPal P _T]bPa T] R^\_aPa d]P aTUaXVTaPS^aP \PaRP M%_dTb Tb
\P \PaRP ST bd [PePS^aP%R^] [P `dT bXT\_aTWPcT]XS^QdT]^b aTbd[cPS^b(
HX[P X]U^a\PRXp]X]cTa]P]^ UdTaPbdUXRXT]cT #SPSP[P X]Tf_TaXT]RXP% [PR^\_[TYXSPS^
aXTbV^ ST[PR^\_aP$%T[ X]SXeXSd^ _PbPal PR^]bd[cPaP bdbP\XV^b^ UP\X[XPaTb \lb R"' rr((R(rr((rr' rr
P [^b [nSTaTbST^_X]Xp]STbd T]c^a]^( :] TbcTRPb^%_a^QPQ[T\T]cT!8^]bd[cPal PP[Vd '
STRPbP%`dT b^] [Pb_Tab^]Pb`dT%_^a [^ VT]TaP[%R^]^RT] \lb STTbcTcX_^ST_a^S
EPaP[T[P\T]cT ^ STb_dmbSTTbcT_Pb^%XalP QdbRPa[P X]U^a\PRXp]P[ \TSX^ R^\T
cXT]T\T]^a RaTSXQX[XSPS `dT bd Vad_^ RTaRP]^$%bXT[ aXTbV^ ST [P R^\_aP [^ ST\ j'
SXaXVXal T]c^]RTb P P[Vd]P cXT]SPTb_TRXP[XhPSP% _PaP ^QbTaePa[P ^UTacPTfXbcT]cT
Pq]%_aTUTaXanP XaPd] RT]ca^ R^\TaRXP[^ Pd]P UTaXP% T] S^]ST _^Sal TfP\X]Pa%P[P
eTabPb_^bXQX[XSPSTb ST R^\_aP(
A^b[PcX]^P\TaXRPo^bcT]T\^b bXT\_aTSXeTabPb ^R_X^]TbST [dVPaSTR^\_aP(
\^b WPRTa[^T] [^b \^STa]^b bd_Ta\TaRPS^b%T] [^b \TaRPS^b caPSXRX^]P[Tb(
VdXcPb RTaRPST [P RPbP^ T] T[ P\Qd[P]cT `dT T]R^]caP\^b T] T[ RP\X]^%PST O
[^b bT\XP\Qd[P]cTb `dT bTT]RdT]caP] _^a c^SPb _PacTb#[[P\PS^b cXP]VdXb T] O
R^%QdW^]Ta^bT] KT]ThdT[P%TcRmcTaP$( AP T[TRRXp]ST_T]ST \dRW^ ST [^
R[XT]cTQdbRP(A^bPb_TRc^b\lb X\_^acP]cTb STSTRXbXp]% T] T[RPb^STP[X\T]c
[^b bXVdXT]cTb2
Hd_Ta\TaRPS^ BTaRPS^ 7^STVdXcP .
EaTRX^ _TaRXQXS^
=
===
==
EaTRX^ aTP[!
==
==
=
=XVXT]T
===
==
==
KPaXTSPS
===
===
=
8TaRP]nP
=
=
===
8^\_aP T] _T`dT]^b \^]c^b
=
==
===
<PaP]cnP
===
==
==
8^\^SXSPS P[R^\_aPa
===
=
==
8^]cP]Rc^ Wd\P]^
=
==
===
$ HXQXT][P VT]cTRaTT`dT [^b bd_Ta\TaRPS^b cXT]T]_aTRX^b\Pg^aTb `dT >AD
bXbcT\PbSTeT]cP%[PaTP[XSPSST\dTbcaP `dT Tbc^]^ TbPbn(H^] [PbQ^STVdXcPb
c^b [Pb`dT eT]ST] \lb RPa^%_Ta^%STQXS^P `dT Tbcl] RTaRPg eT]ST] T]
\^]c^b% [PVT]cTPRRTST\lb P T[[Pb(
"# /.8F:;47 =222 ;J? RFOF\J DHK@?H, H?PKI? BCBCAFOFKJCO BCAKILN?
Ea^RTb^b ST c^\P ST STRXbX^]Tb
! "
%@J>=D=D 9: >6 =@;AC?68=L@
HXQXT]_PaP[T[P\T]cT P[PaTR^[TRRXp] STX]U^a\PRXp]%T X]SXeXSd^ WPXS^P]P[Xhl]S^[P R^]
T UX]ST bPQTaT] `dm \^\T]c^ eP P UX]P[XhPa [P Qqb`dTSP%]^a\P[\T]cT% P[ UX]P[ ST mbcP%
TbcdSXPal [^b SPc^bTc^\Pal d]P STRXbXp]( :bcP STRXbXp] X\_[XRPT[T\T]c^b R^\^ T \^]c^
P VPbcPa% [PbRPaPRcTanbcXRPb VT]TaP[TbST _a^SdRc^ P R^\_aPa #cP] STUX]XS^ R^\^ [P X]U^a'
\PRXp] [^ _Ta\XcP$TT[ TbUdTah^`dT bTSTSXRPal P[ PRc^ST R^\_aP("
:] TbcT_d]c^ T]caP] T] YdTV^SXeTab^bPb_TRc^bR^\^ [PbPRcXcdSTb `dT [P _Tab^]P cXT]T
UaT]cTP STcTa\X]PSP\PaRP ^ _a^SdRc^%P [PcXT]SP%P bdbTf_TRcPcXePb ST X]VaTb^g%T] VT'
]TaP[%P c^S^ P`dT[[^ `dT [T_dTSP SPad]P X]SXRPRXp] b^QaT[^b _a^b TR^]caPbSTRPSP_a^'
SdRc^ P R^\_aPa( E^a ^ca^ [PS^%T[ _a^RTb^c^\Pal \dRW^ \lb cXT\_^ RdP]S^ bTcaPcPST
d] _a^SdRc^ ]dTe^%\XT]caPb `dT bTal RPbXPdc^\lcXR^ RdP]S^ bTcaPcPST d]^ R^]^RXS^ ^
ST R^\_aP aT_TcXSP( AP"_aTVd]cPcn_XRP P`dn Tb2
kRp\^ WPV^[P \TY^a R^\_aP _^bXQ[T#Rp\^ \PfX\Xh^ \X dcX[XSPS$5
%8EA9: 8A?BC6
J]P <.=STUX]XS^ \lb ^ \T]^b T _a^SdRc^ TP]P[XhPS^[P X]U^a\PRXp]_aT[X\X]Pa%T X]SX'
eXSd^bTSXaXVXal PaTP[XhPa [PR^\_aP( 6[[n%_dTSTbdUaXa ]dTePb X]U[dT]RXPb `dT TeT]cdP[\T]'
( cTRP\QXT] [PSTRXbXp] c^\PSP(
:]caT TbcPbX]U[dT]RXPb _dTSTbXcdPabT [PX]TfXbcT]RXP ST[ _a^SdRc^ T] T[[dVPaSTeT]cP3]dT'
ePb X]U^a\PRX^]TbaTUTaXSPb P[ cT\P #_^a TYT\_[^%d] _a^SdRc^ bX\X[Pa\lb QPaPc^7 ST\T'
Y^aRP[XSPS$3 [P UdTacTX]U[dT]RXP ST[ eT]STS^a3 [P X]R^\^SXSPS ST[ R[XT]cTP]cT [PbXcdPRXp]
ST R^\_aP #`dT [^ WPRTSTRXSXa ST U^a\P al_XSPbX]]TRTbPaXP\T]cT[^VaPabd ^QYTcXe^ X]X'
RXP[$3 TcRmcTaP( :[ aTbd[cPS^bTal T _PV^ #R^]cPS^ ^ RamSXc^$ g [P _^bTbXp]ST _a^SdRc^(
APb_aTVd]cPbR[lbXRPb P [Pb`dT aTb_^]ST TbcPUPbTb^] [PbbXVdXT]cTb2
k9p]ST R^\_a^5
k8dl]S^ R^\_a^5
k8dl]c^ _PV^5
k8p\^ _PV^5
+ E(LaXVWc%!8^]bd\Ta 8W^XRTHcaPcTVXTb2 HXa]_[XUgX]V <9" D_cXa]XhX]V!% T] '6;5+4 6/ (+83.:2:4# *5+8,1! e^[( + ,%
+ 10/(
4E=>=H68=L@ G6@J>=D=D BADE8A?BC6
:[ X]SXeXSd^% R^\_aPal% _^a TYT\_[^%T] [P cXT]SPST PacTUPRc^b T[mRcaXR^b M%P UX]ST \Tb
#[dTV^STWPQTa aTRXQXS^ bd _PV^ T] T[ caPQPY^$3 P[[nbp[^ SPal [PRd^cPX]XRXP[ #STT]VP]RWT$
g Tb _a^QPQ[T`dT [^ WPVPT] TUTRcXe^ ^ R^] RWT`dT_Tab^]P[( :] TbcTRPb^%[P U^a\P ST
_PV^ ePaXPalVaP]ST\T]cT bTVq] [PbRPaPRcTanbcXRPb STRPSPX]SXeXSd^( 6bn%_PaPP[Vd]^b%[^
X\_^acP]cT bTal T[ \^]c^ c^cP[^ [^b X]cTaTbTb P _PVPa%\XT]caPb `dT _PaP^ca^b #T] Tb_TRXP[
_PaP T[ TbcX[^ST eXSPST [^b +-+7:+-69! [P \Pg^anP ST _Tab^]Pb R^] d] X]VaTb^UXY^ ST T\'
_[TPS^$[^ \lb X\_^acP]cT _PaPSTRXSXa Tbb^[P\T]cT T[ \^]c^ ST [PbRd^cPb#bX]cT]Ta T]
RdT]cP [P cPbPST X]cTamb ^ T[ \^]c^ c^cP[ UX]P[ P _PVPa$(E^a T[[^ Tb`dT \dRWPb T\_aTbPb
eT]STS^aPb ST PacTUPRc^b _PaPT[ W^VPacXT]T]bXbcT\PbST RamSXc^ \dg Q[P]S^b%_Ta^ R^]
cPbPbST X]cTamb \dg T[TePSPb(
6d] RdP]S^ WPgPcTa\X]PS^ T[ _a^RTb^ST R^\_aP%[Pb_Tab^]Pb ]^ bTSTcXT]T]T] bd _^a'
RTb^ST STRXbX^]Tb( HXT\_aTP]P[XhP][P RP[XSPSST bd R^\_aP(
AdTV^STR^\_aPa T[_a^SdRc^%T[ X]SXeXSd^ R^\T]hPal X]\TSXPcP\T]cT d] _a^RTb^STP]l'
[XbXb ST [PRP[XSPSST bd R^\_aP( 6[Vd]Pb _aTVd]cPb_aTbT]cTbT] TbcPTcP_Pb^]2
r k8p\^ [^ dcX[Xh^5
r kBT `dTS^ R^] m[^ [^ STedT[e^5
r #A^ePgP aTR^\T]SPa P \Xb P\XV^b5
r 8dP]S^ cT]VP"`dT R^\_aPa ST ]dTe^%kR^\_aPam [^ \Xb\^5
:b X]cTaTbP]cT eTa P`dn `dT%[dTV^ST R^\_aPa%T[ X]SXeXSd^ TbcPal\dRW^ \lb PcT]c^ P RdP['
`dXTaX]U^a\PRXp]aTUTaXSP P[ _a^SdRc^(6bn%_^a TYT\_[^%bTVdXal PcT]c^P [^b _aTRX^b #_PaPeTa
bX]^ _PVp\lb `dT ^ca^b$^ P [PbRPaPRcTanbcXRPb ST[^b _a^SdRc^b#_PaPeTa bXcXT]TT _a^SdR'
c^ \lb Q^]Xc^^ TfR[dbXe^% TcRmcTaP$( :] TbcTbT]cXS^%T R^]bd\XS^a _^SanPeTabT\^acXUXRPS^
bX[dTV^STR^\_aPa T]RdT]caPP[V^\TY^a%[^ RdP[[^ _^SanP[[TePaPd] STbR^]cT]c^X]XRXP[( A^b
aTbd[cPS^bST TbcTP]l[XbXb _^Sal] bTaST cX_^!aTb^[dRXp]ST [P SXb^]P]RXPR^V]^bRXcXeP!% Tb
STRXa% T]R^]caPa aPh^]TbR^]caPaXPb _PaPR^]eT]RTabTST[^ QdT]^ STbd STRXbXp] #emPbTT[RP'
_ncd[^>M$^ bX\_[T\T]cT VdPaSPa[^R^\^ X]U^a\PRXp]_PaPd]P _apfX\P c^\P STSTRXbX^]Tb(
E^a c^S^ [^ P]cTaX^a% \dRWPbT\_aTbPb TbcX_d[P] `dT bdbeT]STS^aTbWPVP]d] bTVdX\XT]c^ ST
bdbR[XT]cTb P[Vd]^bSnPbSTb_dmbST[PR^\_aP%R^] T[UX] STaTPUXa\Pa[^b T] bdTfRT[T]cTSTRX'
bXp](J]P [[P\PSP _PaP_aTVd]cPaRp\^ bTbXT]cTR^] bd _a^SdRc^%[Tb_Ta\XcTcP\QXm]R^]^'
RTabXcXT]TP[Vd]PbSXUXRd[cPSTb R^] m[_PaP%[dTV^STb^[dRX^]labT[Pb% SPa[Tb\Pg^a caP]`dX[XSPR
R^] bd R^\_aP( 9T TbcP\P]TaP%[P_^bXQX[XSPS STaTR^\_aP UdcdaPPd\T]cP caT\T]SP\T]cT(
! " /.8Z:;47 =222 ;J? RFOF\JDHK@?H, H?PKI? BC BCAFOFKJCO BC AKILN?
r kRdl]c^ SX]Ta^ e^g P STSXRPaP[ _a^RTb^5 #VPbc^bST \^eX[XSPS%SX]Ta^ `dT
STYPST VP]Pa%TcRmcTaP$3
)
6W^aPQXT]%ST]ca^ ST TbcT_a^RTb^ ]^ bTWPR^]bXSTaPS^[P R^\_[TYXSPSST [PbSTRXbX
ST]ca^ ST RPSP_Pb^( E^a TYT\_[^%[P _aTVd]cP !kSp]ST R^\_a^5!% T]RXTaaPd]P bTaXT'
RdTbcX^]P\XT]c^bPSXRX^]P[Tb cP[TbR^\^2
r kRdl]c^ cXT\_^ e^g P STSXRPa P R^\_aPa5
r kRdl]c^ TbUdTah^e^g P _^]Ta T] [PQqb`dTSP ST[ _a^SdRc^4%g
r kgP TfP\X]m bdUXRXT]cTb _^bXQX[XSPSTb ^ c^SPenPSTQ^ R^]cX]dPa5
I^SPb TbcPbSTRXbX^]Tb Tbcl] aT[PRX^]PSPb% _^a bd _PacT%R^] P]l[XbXbST SXeTab^cX_^%
c^S^ R^] [^b aTUTaXS^b P[ aXTbV^ `dT X\_[XRP[PR^\_aP ST[ _a^SdRc^( :] TUTRc^% T[ _a
ST STRXbX^]Tb bTal cP]c^ \lb R^\_[XRPS^%RdP]c^ \Pg^a bTP[P_^bXQX[XSPS ST `dT T[ X
Sd^ bTeTP PUTRcPS^ _^a [P R^\_aP ST[ _a^SdRc^(! A^b cX_^bST aXTbV^ \lb X\_^acP]cTb
aP [^b R^]bd\XS^aTb b^] [^b bXVdXT]cTb(!
GXTbV^ST Ud]RX^]P\XT]c^
6`dn%T[ X]SXeXSd^ bT_aT^Rd_P_^a T[WTRW^ ST`dT T[ _a^SdRc^ Rd\_[P PSTRdPSP\T] T
[PbUd]RX^]Tb_PaP[PbRdP[TbUdTPS`dXaXS^( E^a TYT\_[^%bXT[ X]SXeXSd^ eXeTT] d]P h^ "
ST [^b6]STb%]^ TbcP] X\_^acP]cT bX[PaTUaXVTaPS^aP bT\P[^VaP STcXT\_^ T] cXT\_^ O
P [PX]cT\_TaXT[^b P[X\T]c^b _dTST] b^_^acPaQPbcP]cTcXT\_^( :[ aXTbV^ ST Ud]RX^]P\
Tb%TeXST]cT\T]cT%\dRW^ \lb VaP]STbXbTT]RdT]caPT] d]P h^]P \dg Rl[XSP%_dTb[P
ST [P aTUaXVTaPS^aP ^RPbX^]PanP_a^Q[T\Pb VaPeTbP [Pb UP\X[XPb( :] T[ RPb^ ST [P R
X]SdbcaXP[% [^b aT_dTbc^b(* [^b X]bd\^b _PaP [Pb \l`dX]Pb ST _a^SdRRXp] bT P
TfWPdbcXeP\T]cT% _dTb bXUd]RX^]PaP]X]PSTRdPSP\T]cT%Pd]`dT bTcaPcTSTd] bX\_[T
\XT]c^%bT_^]SanP T] _T[XVa^ c^SP[P_a^SdRRXp]ST[PUlQaXRP( C^ bTcaPcPST[P\Xb\P
aPT] [PR^\_aP STqcX[TbSTTbRaXc^aX^% Rdg^ aXTbV^ ST Ud]RX^]P\XT]c^Tb\dg _T`dT'
, G( 7PdTa%!8^]bd\Ta 7TWPeX^aPb GnbZ IPZX]V!%T] )86,..-2 09 6/ &1".-! C(%X^!("8^!i\!%% 6/ "! 6[[[TaXRP]
6bb^RXPcX^!% 8WXRPV^%'+)&%
- 3 %>PR^QgT4%@P_[P]%!:EC 8^\_^]T]cb ^UETaRTXeTS GXbZ!% T] 5%KT]ZPcTbP] #TS$%$-<" ,"9 X!%6 9445+ 8
6bb^RXPcX^]U^a8^]bd\Ta GTbTPaRW% '+*(%
.-* 86EnIJAD M>>>J]P eXbXp] V[^QP[2[P c^\P ST STRXbX^]Tb ST R^\_aP
1=:D<A ;KD=8A
:] TbcTadQa^ T[ X]SXeXSd^ bT_aT^Rd_P_^a bd _a^_XPbTVdaXSPSUnbXRP% g T] Ud]RXp]ST T[[P
TeP[qPT[ aXTbV^ STR^\_aP( E^a TYT\_[^%d]P \^c^RXR[TcPX\_[XRP\Pg^a aXTbV^UnbXR^ _PaP
T[ dbdPaX^`dT d]P aTUaXVTaPS^aP% _^a [^ `dT bd R^\_aP bTP]P[XhPalR^] \lb STcT]X\XT]c^(
:] [P _alRcXRP% [P X]ca^SdRRXp] P[ \TaRPS^ ST [^b W^a]^b ST \XRa^^]SPb T] ]dTbca^b _PnbTb
bTWPeXbc^aTcaPbPSPUdTacT\T]cT_^a [PRaTT]RXP ST [PbP\Pb ST`dT TbcTP_PaPc^TbSPoX]^
_PaP [P bP[dS( :[ P[c^ aXTbV^UnbXR^ `dT R^][[TeP d]P Q^cT[[PST eXSaX^R^] S^b ^ \lb [Xca^b
STaTUaTbR^ VPbT^b^^Q[XVpP [^b _a^SdRc^aTbP aT\_[PhPa[^b _^a T]ePbTb\lb [XVTa^b g R^]'
UXPQ[Tb WTRW^b R^] aTbX]Pb_[lbcXRPb(
1=:D<A BD=8A>L<=8A
:] TbcTbT]cXS^%T[ X]SXeXSd^ TfP\X]P bXT[ _a^SdRc^ Tbcl ST PRdTaS^R^] bd X\PVT] _Tab^'
]P[( E^a TYT\_[^%d]P _Tab^]P ]PcdaXbcP#\dg ^aXT]cPSPP [^b P[X\T]c^b ]PcdaP[Tb$cT]Sal
\dRW^ \Pg^a RdXSPS^T] [P STRXbXp] ST R^\_aP ST d]P aTUaXVTaPS^aP% `dT P`dT[[P _PaP[P
RdP[[P P[X\T]cPRXp]Tbd]P Ud]RXp]bX]\Pg^a X\_^acP]RXP_Tab^]P[( E^a ^ca^ [PS^%P`dn bT
TeP[qP bXT[ _a^SdRc^ ^ T[ bTaeXRX^ Tbcl ST PRdTaS^R^] T[ Pdc^R^]RT_c^ ST [Pb _Tab^]Pb%
R^\^ bTanPT[ RPb^STd] X]SXeXSd^ \dg ]PRX^]P[XbcP% `dT cT]Sal \dRW^ \lb RdXSPS^_PaP
P]P[XhPad] _a^SdRc^ X\_^acPS^ `dT bXbTcaPcPaPST d]^ ]PRX^]P[(
1=:D<A DA8=6>
APX\_^acP]RXPST[PSTRXbXp] ePaXPal% cP\QXm]%bTVq] [PX\_^acP]RXP`dT [Pb^RXTSPS [TPbXV]T
P[_a^SdRc^PR^\_aPa( 6bn%R^\^ bTSXY^ T] T[RP_ncd[^P]cTaX^a% [PR^\_aP STd] _PaSTRP[RT'
cX]TbcXT]T_^R^ aXTbV^ b^RXP[% \XT]caPb`dT [PSTd] caPYT ST]^RWTX\_[XRPd]P \Pg^a aTU[TfXp]
STQXS^P `dT R^][[TePd] aXTbV^ \Pg^a( APaTUaXVTaPS^aP% T] 6\maXRPAPcX]P% bXV]XUXRP c^SPenP%
b^QaTc^S^ T] [^b _dTQ[^b\lb _T`dTo^b%d] bn\Q^[^ STTbcPcdb% g%_^a [^ cP]c^%bd aXTbV^ b^'
RXP[ Tb\dRW^ \lb P[c^`dT T[`dT cXT]TT] [PbRXdSPSTb \lb VaP]STb(7PbcPR^] ^QbTaePa`dT T]
[^b_dTQ[^b[PaTUaXVTaPS^aP bTT]RdT]caPRPbXbXT\_aTdQXRPSP T] [PbP[P_aX]RX_P[ ST[PRPbP#[^
\Xb\^ `dT T[cT[TeXb^a$% _PaP\^bcaPa bd X\_^acP]RXPR^\^ T[T\T]c^ STSXUTaT]RXPRXp] b^RXP[(
:b ]TRTbPaX^bToP[PaP`dn `dT%cP[R^\^ bTeX^T] T[ RP_ncd[^+ + %[P _aTbXp]b^RXP[ YdTVPd]
_P_T[ \dg X\_^acP]cT T] [PbSTRXbX^]Tb ST [Pb_Tab^]Pb%b^QaTc^S^ T] P`dT[[Pb\lb X]bT'
VdaPb^ [Pb`dT cXT]T]\T]^b Tf_TaXT]RXP ^ R^]^RX\XT]c^bST[ _a^SdRc^(
HX]SdSP%[PRP]cXSPSSTTbUdTah^STSXRPS^ePaXPalbXbTcaPcPSTd] _a^SdRc^ R^\_aPS^ _^a
_aX\TaPeTh `dT bXbTcaPcPSTd]^ ST R^\_aP adcX]PaXP #T] T[RdP[%TeXST]cT\T]cT%X]cTaeXT'
]T [P Tf_TaXT]RXP$3 bX]T\QPaV^%T[ `dT ST\P]ST \T]^b TbUdTah^]^ bXV]XUXRP `dT bTTeXcT
[P c^\P ST STRXbX^]Tb% bX]^`dT mbcPbbTWPRT]\lb al_XSP\T]cT(
8NKACOKOBC PKI? BC BCAFOFKJCO
8J69GD + -(,
G>:H<D E:G8>7>9D
IX_^b ST aXTbV^ IT\^a ST[ R^]bd\XS^a
HXP]P[XhP RdP[`dXTa R^\_aP `dT WPgPaTP[XhPS^ aTRXT]cT\T]cT%T [TRc^a _^Sal ^QbTaePa c^'
SPb [Pb STRXbX^]Tb`dT STQXpc^\Pa Pd] RdP]S^% SPSP [P UaTRdT]RXPR^] `dT [Pb aTP[XhP%
[Pb WPgPR^]cPQX[XhPS^R^]bRXT]cT\T]cT(
:fXbcT] ePaXP]cTbT] TbcT_a^RTb^%R^\^ `dT T] T \^\T]c^ ST [P Qqb`dTSP ST X]U^a\PRX
TfcTa]P bT STRXSPR^\_aPa _^a aPh^]Tb SXeTabPb%gP bTP _^a [P _aTbXp] ST eT]STS^a ^
T[ STbT^ X]\TSXPc^ ST _^bTTa T[ _a^SdRc^% `dT ]^ bT WPVPT[ P]l[XbXbPSTRdPS^ #R^\^ T] '
R^\_aP _^a X\_d[b^$ ^ `dT bT STRXSPT]RPaVPa T PRc^ ST R^\_aP P d]P cTaRTaP_TabP '
I^SPb TbcPb _^bXQX[XSPSTbR^]bcXcdgT]% _dTb%ePaXPQ[TbPSXRX^]P[Tb`dT STQT] cT]TabT
RdT]cP _PaP [P R^\_aTbXp] ST [^b R^]bd\XS^aTb(
GXTbV^ST Ud]RX^]P\XT]c^ :[ _a^SdRc^ ]^ Ud]RX^]PR^\^
bTTb_TaP(=PRTa _TaSTacXT\_^
^ SX]Ta^P[ R^]bd\XS^a(
GXTbV^UnbXR^ :[ _a^SdRc^ TbX]bTVda^^ _^'
cT]RXP[\T]cTaXTbV^b^(
GXTbV^_bXR^[pVXR^ :[ _a^SdRc^ cXT]Td]P X\PVT]
#_Tab^]P[XSPS$R^]caPaXPP [P
X\PVT] ST[ R^]bd\XS^a(
GXTbV^b^RXP[ :[ _a^SdRc^ _dTST ]^ bTaPRT_'
cPS^ _^a [^b ST\lb( E^SanP
PeTaV^]hPa ^ WPRTa bT]cXaRd['
_PQ[TP[ R^]bd\XS^a(
:YT\_[^
:[ cT[TeXb^a R^\_aPS^ cXT]T\T]^a
]XcXSThST [P P]d]RXPSP(
:[ aT[^Y]dTe^ STYPST Ud]RX^]PaP[
\Tb(
:[ RdRWX[[^ T[mRcaXR^ Tb\dg UX[^b^ g
WPg`dT bPQTa[^dbPa_PaPTeXcPaaXTb'
V^b(
APaPSX^]TRTbXcP caP]bU^a\PS^a _PaP
bTaT]RWdUPSP(
J]^b P\XV^b [^ X]eXcP]P d] aTbcPd'
aP]cT cn_XR^`dT `dTSP T] d]P h^]P
\PaVX]P[ ST [P RXdSPS(
:[ eTbcXS^R^\_aPS^ ]^ cXT]T\PaRP
^ mbcP]^ Tb\dg R^]^RXSP(
:[ a^] R^\_aPS^ ]^ TbRdQP]^%bX]^
P[T\l](
6W^aP QXT]%T _a^RTb^ \^bcaPS^ _aTbT]cP P d] X]SXeXSd^c^\P]S^ [P STRXbXp]%bXcdPRXp]
cP]cT R^\q]% _Ta^ ]^ q]XRP%_dTb \dRWPb eTRTb [^b X]SXeXSd^bPS^_cP] STRXbX^]TbST cX
Vad_P[( :] Tbc^b RPb^b%VT]TaP[\T]cT RPSP d]^ ST ([^b \XT\Qa^b ST[ Vad_^ STbT\_ToP
Ud]RXp] SXUTaT]cTT] [P STRXbXp](A^b Vad_^b \lb R^\d]Tb b^] [Pb UP\X[XPbg [Pb T\_aTbPb

You might also like