You are on page 1of 8

mf

=<AL9<9

HGJ

D9 D=P

GJ?9FG

P1

>MF<9;AGF

9JF

=F=JG'E9JQG

' NGD( ++A


F! +

@
!#"

H$i\)

!"$#

ck

>MF<9;AGF

DP >LF<9;AGF
9IF
Tb d]P T]cXSPS RXeX[bX] UX]TbST [dRa^' Rdh^
^QYTc^ Tb _a^\^eTa
T[_a^`aTb^
ST [Pb RXT]RXPbP\QXT]cP[Tb' h T]
_PacXRd[Pa' [P ST [P _^[scXRP' T[ STaTRW^ h [P PS\X]XbcaPRXt]
P\QXT]cP[Tb h Sr [^b aTRdab^b ]PcdaP[Tb' R^]RXT]cXiP]S^ P[ _uQ[XR^
T] TbPb \PcTaXPb) DP >d]SPRXt] 9IF Tb TSXc^aPST TbcP ITeXbcP)

9JF

;^]bTY^ ST 9S\X]XbcaPRXt]
EXT\Qa^b HTa\P]T]cTb

HaTbXST]cT
=SdPaS^

9E:A=FL=

9) (HX`aTccX' IT_aTbT]cP]cT

P J=;MJKGK

ST J9<9IF

JdbRa[_RX^a)Tb

M[RT_!Tb[ST')kP

=]

=\X[X^ B) ;qaST]Pb

[^[[Tc^ _^a bT_PaPS^


=]

JTRaTcPaX^ ST IT[PRX^]Tb
A]bcXcdR[^]P[Tb

T[ TgcaPa`Ta^5 d"b

^RaTcPa[^(?TaT]cT

[^b caPQPY^b T]caTVPS^b

eXR _aTbXST]cT ST [P FPRXt]

FGK9

ST <XaTRRXt]

;Pa[^b 9QT[[P FPiPa


$'B : PcaXi Ca^\
%&aBd[X^ :PaQTaXb
+++ I^QTac^ eP] ?T[STaT]
!'
%$ST@T]STab^]
=SXc^aXP[

++& Ae]c^] C ;P[SfT@ %== LL&


+%& =\X[X^ ;qaST]Pb %9aVT]cX]P&

<[dWUU[u` k
MdgYgSk .01
Ls^Wj ,,*22
+*+/ :gW`ae

_^a [^b $Pdc^aTb)

(('6KgeUd[bU[a`We&
HgT^[U[VSV h 9V_[`[efdSU[u`
7LgUg_r`
+.1+ LW^sXa`a .&%o(/.@+)3
4#+*/* :gW`ae 9[dWe
9dYW`f[`S

=]Ta^(

T]

9FMF;AG
=KH=;A9D
AWd&
K[_bae[a ^mda5_;#d[US`a eaTdW EWV[a 9_T[W`fW h)
Eg`[U[b[a

D9 FGL9 <=D LJAE=KLJ=


Hd[_Wd V[eUgdea eaTdW ba^tf[US VWdWUgdeae`SfgdS^We VW^
HdWe[VW`fW
9^Xa`et`

[P 9aVT]cX]P)

<G;LJAF9
p; B[B e[efW_S VWHSdcgWeFSU[a`S^WecgWdW_ae8

9As ETZ^dPa
=Ua`a_tS

<a) EXRWT[ HaXTda%>aP]RXP&


<a) HTcTa JP]S %HFLE9 ( CT]XP&
<a) 9\PS^
J K^[T]cX]^ %>X[X_X]Pb&

O <AI=;;AGF

HGJK9D

( 4n < ,+,0
;9IK=

EPai^

,431

:dT]^b

<=

D9 >LF<9;AGF

h S_T[W`fW4W^hS^ad VW^ae dWUgdeae`SfgdS^We

HdWe[VW`fW
JSv^ 9^Xa`e[`
9dYW`f[`S

,0

>dS`U[eUa=dXlW
>g`VSU[u` N[VS K[^hWefdW
9dYW`f[`,

+3

( 9`fa`\a
=( :dW[^ahe]k
M`[h( VW:gW`ae 9[dWe
Eg`[U[bSf[VSV VW:e( q[dWe

Ha^tf[USFSU[a`S^ VW^
_WV[aS_T[W`fWS fdShse VW^SWhS^gSU[u`
VW^[_bSUfa S_T[W`fS^4^S WjbWd[W`U[S
WefSVag`[VW`eW

Dk`fa` C( ;S^ViW^^
M`[h( VWA`V[S`S&==( MM( h
JaTWdf N( :Sdf^Wff
M`[h& HgdVgW&
==( MM(

DSe ^WkWe(
^Se Sgfad[VSVWek ^S TS^^W`SXdS`USSgefdS^

@gYa ;seSd ESdfW^^[


M`[h( VW:gW`ae 9[dWe ) Xg`VSU[u` 9JF

A_badfS`U[S VW+,e rdWSe`SfgdS^WebdafWY[VSe


h `WUWe[VSV
Vm#(# $('%&%EWd[`a
W`USdSdg`S ba^tf[USbSdS eg ,bGkG
<[dWUU[u`FSU[a`S^ VW>Sg` S'9dYW`f[`S

9IF

9XaTb ( 9aVT]cX]P K=5 /+(,0-+

>g`VSU[u` 9_T[W`fW h JWUgdeae FSfgdS^We

=<ALGJA9D
DS VWX[`[U[u`VW^S ba^tf[USeaTdWdmUgdeae`SfgdS^Webad W^4 o=A <^dWUfad
HdWe[VW`fW
9^XS`et`( =^ VWeSdda^^a
eaefW`[VaVW^ae dWUgdeaeh
W^_S`W\a VW^ae bSdcgWe `SU[a`S^We h afdSe rdWSe bdafWY[VSe

%EPaadTR^b&
<a) IPUPT[ :aTXST GQTXS %9aVT]cX]P&
<a) 9[QTac^ GaP[ %9aVT]cX]P&
<a) =SdPaS^ HXVakccX%9aVT]cX]P&

Kr[Tg5 --+33

JWVSUU[u`
b( 3! < LW^sXa`a .*'+/,*
;9JL=
9J
9[dWe

M^[)[[[oF$,

AEHGIK9FK=

%-0,..4&
A\_aTb^

<a DdXb 9 =aXiT %9aVT]c$[[[P&


D[a 9[TgP]STa CXbb %>aP]RXP&
<a HPd[^ 9U[^]b^
DT\T(EPRWPS^

LadVdPh /12

BTUTST ITSPRRXt]5 HTSa^ KPaPZ

<XaTRc^a5
?dX[[Ta\^ B( ;P]^

+!

J=<=

=SXcPSP

X]R[dhT [^b .

9[ PRT_cPabT RPSP caPQPY^_^a [P <XaTRRXt] ST TbcP ITeXbcP' T[[^


X\_[XRP ST _PacT ST[ Pdc^a
RTbXt] ST bdb STaTRW^b ST Pdc^a P
UPe^aST [P >d]SPRXt] 9IF)
[^b ^aXVX]P[Tb ]^ b^[XRXcPS^b]^ bTaq]
STedT[c^b)
)
D^b PacsRd[^b UXa\PS^b ea` ST TgR[dbXeP aTb_^]bPQX[XSPS ST bdb
Pdc^aTb) DP <XaTRRXt] ST [P ITeXbcP ]^ R^\_PacT ]TRTbPaXP\T]cT
[Pb ^_X]X^]Tb eTacXSPb _^a [^b Pdc^aTb)
FX]Vd]P _PacT ST TbcP ITeXbcP _dTST bTa aT_a^SdRXSP bX] T[ _aTeX^
_Ta\Xb^ _^a TbRaXc^ ST[ <XaTRc^a ST [P ITeXbcP)
A)J)J)F) 4.-1(/--N
ITVXbca^ FPRX^]P[ ST [P Ha^_XTSPS A]cT[TRcdP[

K#^^ ;Pa[^cP 9QT[[P FPiPa

%3aPb'[&
<a E^WP\TS

9IF

KT[rU^]^ /4(0/3,*34)
DP <XaTRRXt] bT aTbTaeP T[ STaTRW^ TgR[dbXe^ ST aT_a^SdRRXt] ST

@^]^aPaX^

9bTb^aP

HdQ[XRPRXt]
caX\TbcaP[
ST [P >LF<9;AGF
_^a DP DTh5kJ)9)='T ,)

.+

Kr[Tg5 --+33
;9IK=
9I
IT[PcXeP P bdbRaX_RX^]Tb) R^\_aP
ST TYT\_[PaTb h _dQ[XRXSPS6
=SXc^aXP[DP DTh) KdRd\q]
,/2,
*,+0+
:dT]^b
9XaTb * 9aVT]cX]P)

A&a MXRc^a@) EPacs$]Ti

Bd]cP

F9LMJ9D=K

?IYMVWEHI 5IUIGLR$ >RObWMGE


\ 2HPMQMVWUEGMcQ

"!

UBdQ[XRP
T]

IT[PcXeP P SXaTRRXt] h aTSPRRXt]5 9\QXT]cT h ITRdab^b FPcdaP[Tb (


ITeXbcP ST <TaTRW^' H^[scXRPh 9S\X]XbcaPRXt]) LadVdPh /12 4(+ *
,+,0 :dT]^b
9XaTb * 9aVT]cX]P) KT[rU^]^ /+(,0-+)

B) ;P]^

H ^a^ KPaPZ

;^\Xcr

_Taa]P]T^cTaaRadT (0!

P J=;MJKGK

;^aaTb_^]ST]RXP

G[a^Rc^a =YTRdcXe^

EXT\Qa^

T[ eP[^a `dT

DP bdbRaX_RXt]) RdP[`dXTaP bTP [P UTRWPST _PV^'


]u\Ta^b
P _dQ[XRPabT SdaP]cT ,431)

EX dT[ EPcWdb =bR^aXWdT[P

dX[[Ta\^

+320

_^a

[P 9aVT]cX]P5

F9LMJ9D=K

9E:A=FL=

9I

>aP]`dT^

)V)m

;^]RTbXt]

_PVPS^

BMJAKHJM<=F;A9
FSU[a`S^
KW`fW`U[S
W`\g[U[a K_S^&B) :( P afdae bad SeaU[SU[u`[^XU[dS4 ;r_SdS
VW9bWBSU[W`WeW` ^a HW`S^ $<a^adWe(
SfW`fSVak dWe[efW`U[S
S ^SSgfad[VSVW[mXdSUU[0`
S ^S^Wk,,(.,+
Hdah( :e( 9[dWe%
eaTdWbdafWUU[u`S ^S XSg`S e[^hWefdW (

KPaXUP
ITSdRXSP
>aP]`dT^ HPVPS^

FG .0VT$

2 c;4mmmm0mmd4m()&(&+`'-*

e
) 7

$k$(k5jkXXp$mYYl'kkkkk)k'$k$ $k$!
)))

-1

-,

.3

/,

#################################

mRI%mg$I%mvmRD
#################################

.% ()*,0,',10
() .% 21.B6,'%
51&4)
4)'74515
0%674%.)5
214 ). 24)5,()06)
%.*105,0
).

()5%441..1
5156)0,(1
()
2%437)5
0%',10%.)5

%40M

.15
4)'74515
8 164%5 %4)%5

8 ).
/%0)-1
2416)+,(%5

()

.15

B9 FEBOJA;9
9C:A=DJ9B 9H?=DJAD9

;] acZ^Vc _}^Vc` UV VdeRcVgZdeR


#7HD$ V`VcVTZ` RaV_Rd ecVd^VdVd UVdafyd UV
Rdf^ZU` V] =`SZVc_` a`c ]R RU^Z_ZdecRTZ|_
7]W`_dz_' 9`^` V_ df UZdTfcd` UV Z_deR]RTZ|_%
V] *) UV UZTZV^ScV,43.' R_eVV] 9`_XcVd`% V] eV^R R^SZV_eR]_` WfVcR^V_TZ`_RU`%
ac`TfcR^`d ZUV_eZWZTRc
]` bfV aV_dRSR R] cVdaVTe` V] aRceZU`X`SVc_R_eV%]` bfV YZTZ^`d
cVac`UfTZV_U` f_ ecRSR[`UV] LZTVacVdZUV_eV
UV WRHVa}S]ZTR bfV T`^V_eR V] TRazef]`
aVceZ_V_eV
UV ]Ra]ReRW`c^RV]VTe`cR]UV ]R K9H #7HD *& ,' axX' ,2&) JR^SZy_ bfZdZ^`d
ZUV_eZWZTRc
V]aV_dR^ZV_e` R^SZV_eR]UV ]RacZ^VcR ^Z_`czR%V] FRceZU`@fdeZTZR]ZdeR%
j T`^`
df a]ReRW`c^RUV ,43. _` e`TRcRV] eV^R%cVac`Uf[Z^`d V_ V] ^Zd^` _}^Vc` #axX' *)/$' V]
CV_dR[V 7^SZV_eR] R ]`d FfVS]`d \ =`SZVc_`d UV] Cf_U`% V^ZeZU` V_ ,42- a`c V] Vi
FcVdZUV_eVFVc|_'
:Vdafyd
UV VdR RTTZ|_ ]Z^Z_Rc _fVdecR%YV^`d Z_deRU` R] X`SZVc_` R e`^Rc
a`dZTZ`_Vd d`ScV V] eV^R2V_ 7HD *& -' axX' ,.'$ T`^V_eR^`d ]Rd VdTRdRdV Z_T`^a]VeRd
T`_dZUVcRTZ`_Vdd`ScV ]R ^ReVcZRR^SZV_eR]YVTYRda`c V] FcVdZUV_eV
R] RScZcV] aVcz`U`
`cUZ_RcZ`UVdVdZ`_VdUV] 9`eZbcVd`%V]* a UV ^RjR UV ,43/) 9 WZ_Vd
UV VdV R{`%V_ 7HD ?&
-% axX' 0' R_R]ZkR^`d ]R \RW\ZR_RVdecfTefcR UV ]R RU^Z_ZdecRTZ|_R^SZV_eR] V_ V]
=`SZVc_` DRTZ`_R]%
TfjR Z_VWZTZV_TZR
WfVYVcVURURa`c V] RTefR] =`SZVc_`%aVc` bfV ydeV%
]V[`d UV ^V[`cRc(R%RXcRg| UfcR_eV df SZV_Z`Z_ZTZR]%
YRdeRbfV V_ 7ScZ] }]eZ^` #*10.$
T`^V_k|
S URc aRd`d aRcRT`ccVXZc]R'
'
)B FHAC=H<AI;KHIE 9C:A=DJ9B<=B2H=IB<=DJ=%B>EDIOD
9 a`T` ^xd UV U`d R{`d UVRdf^ZU` V] =`SZVc_`%V] FcVdZUV_eV
YR ViafVde`% a`c WZ_%
dfd ZUVRd%
Via]Rjx_U`dV V_ ^ReVcZRUV cVTfcd`d _RefcR]Vdj e`TR_U` Z_TZUV_eR]^V_eV
R]Xf_`d `ec`d eV^Rd R^SZV_eR]Vd'B` YZk` V_ df UZdTfcd` UV RaVcefcRUV ]R+/R' dVdZ|_ UV
]R 9`^ZdZ|_ UV FRcbfVd DRTZ`_R]Vdj 7cVRd Fc`eVXZURdUV ]R K?9D cVR]ZkRUR
V_ 8RcZ]`TYV
V] *) UV ^Rck` aRdRU`%V] bfV cVac`UfTZ^`d z_eVXc` V_ VdeV_}^Vc`% T`^` D`eR UV]
JcZ^VdecV':VdeRTR^`d% aRcRV^aVkRc%bfV y] ViacVdR ]R`aZ_Z|_ acVdZUV_TZR]%
j bfV aRcR
bfV T`_deZefjR f_ ac`_f_TZR^ZV_e` UV] +E:A=HDE! R_eVd UVSV `TfccZc f_ UVSReV
aRc]R^V_eRcZ`%
afVd V] 9`_XcVd` Tb VR&]VXZd]RU`c
j UVSV _VTVdRcZR^V_eVaRceZTZaRc
V_
e`UR UVWZ_ZTZ|_
UV a`]zeZTRd'
'

9E:A=FL=

P J=;MJKGK

F9LMJ9D=K

=<ALGJA9D

D` a`UV^`d
dZ_` dfdTcZSZc%
T`_ ]R d`]R cVdVcgR^xd RSR[` af_efR]ZkRUR%]`d
T`_TVae`d WZ]`d|WZT`&a`]zeZT`d
V_ bfV V] FcVdZUV_eV
SRdRdf a`]zeZTRcV]ReZgR
S ]`d cVTfcd`d
_RefcR]Vd' ;]]`d d`_ ]`d ^Zd^`d &T`^`
y] ]` cVTfVcUR& bfV Z_daZcR_]R ;decReVXZR
Cf_UZR] aRcR ]R 9`_dVcgRTZ|_%RU`aeRUR V_ *10) a`c ]R K?9D%V] <`_U` Cf_UZR] UV ]R
LZURIZ]gVdecV#<CLI$ k V] FDKC7 #Fc`XcR^R UV ]Rd DRTZ`_Vd K_ZURdaRcR V] CVUZ`
7^SZV_eV$ Tfj` cVdf^V_ afS]ZTR^`d V_ 7HD ! &-' axX' ,,. #V Rfe`c UV VdeVVUZe`cZR]
eZV_VV] Y`_`c UV dVc ^ZV^Sc` UV ]R 9`^ZdJw{ Uy F`]WeZTR
h :VcVTY` 7^SZV_eR] UV ]R
K?9D%bfV T`_ecZSfj| R df W`c^f]RTZ|_$' 7TZVceRV] FcVdZUV_eV
R] TR]ZWZTRc
V] UVdRcc`]]`
d`deV_ZS]VUV ]`d cVTfcd`d _RefcR]VdT`^` f_ UVcVTY` Yf^R_`% _` d|]` UV ]R acVdV_eV
XV_VcRTZ|_%dZ_` UV ]Rd gV_ZUVcRd'
BRd WfV_eVdUV] aV_dR^ZV_e` acVdZUV_TZR]
5` ^V[`c UZTY`&"RRURaeRTZ|_UV ]Rd
VdecReVXZRd
^f_UZR]Vd UV ]R K?9D(<CLI(FDKC7
R] TRd` RcXV_eZ_`%
h V_ XV_VcR]R ]`d
UV^xd aRzdVd V_ gzRdUV UVdVee`]]`&2 dV T`^a]VeR_ ]VjV_U` ecRSR[`dUV @`cXVC`cV]]`%
FcVdZUV_eVUV ]R 7U^Z_ZdecRTZ|_UV FRcbfVd DRTZ`_R]Vd #7FD$ cVTZV_eV^V_eVafS]ZTR&
U` %,&)C`cV]]` Vd%
dZ_UfUR%V]^V_e`c UV]aV_dR^ZV_e` acVdZUV_TZR]';] h dfd T`]RS`cRU`cVd
UVdRcc`]]R_ T`_ ^xd VieV_dZ|_ dfd ZUVRdV_ V] S`]Vez_ UV 7FD %-&O R VdV aV_dRc h
RTTZ`_RcT`]VTeZg` UV] VbfZa` UV C`cV]]` _`d cVWVcZcV^`d
eR^SZy_ ^xd RUV]R_eV'8RdeV
R_eZTZaRc
Rbfz bfV V] FcVdZUV_eV
RT`XV ]R ZUVRUV C`cV]]` UV URc]VT`_eV_ZU` IE;A9B R ]R
T`_dVcgRTZ|_%ac`TfcR_U` T`^aReZSZ]ZkRc]RT`_ V] UVdRcc`]]`%ZUVRbfV T`^aRceZ^`d'
7UV^xd% cVdaVTe` UV ]Rd xcVRd ac`eVXZURdac`afX_R e`^Rc V_ TfV_eR ]Rd _VTVdZURUVd
UV ]Rd a`S]RTZ`_Vd &eR_e` Vi|XV_Rd T`^`
Rfe|Te`_Rd& bfV ]Rd YRSZeR_'
GfZV_ VdTcZSVVdeRd]z_VRdYRTVjR ecVd]fdec`d dV ZUV_eZWZT|
T`^` UVWV_d`cUV]^VUZ`
R^SZV_eV@KC9DE! UZWVcV_TZx_U`dV
UV ]`d TRkRU`cVd UV ^RcZa`dRd h T`]VTTZ`_ZdeRdUV
YVce]RcZ`dbfV dV acV`TfaV_ d|]` a`c ]R DRefcR]VkRafcR% YRTZV_U` VSdecVTTe`_UV]
>`^ScV bfV ]R Z_eVXcRW`c^R_U` aRceV UV V]]R #,$'
"3!'=cVV^`d%dZ_V^SRcX`% ViRXVcRUR]R RacVTZRTZ|_acVdZUV_TZR]
UV bfV ]R acVdV_TZR
UV a`S]RU`cVd h RTeZgZURUVd
RXc`aVTfRcZRdUV_ec` UV ]`d ]z^ZeVd[fcZdUZTTZ`_R]Vd
UV ]`d
aRcbfVd _RTZ`_R]Vd !UVSV UV[RcUV dVc ^R] e`]VcRU` aRcR ecR_dW`c^RcdV
V_ f_ V]V^V_e`
FHALAB=?A9<E
_Ta^ R^aaTb_^]bPQ[T T] [P cPaTPST R^]bTaePa [^b aTRdab^b]PcdaP[Tb ST [P
FPRXt]!)
IZ UV ]Rd T`^f_ZURUVd RS`czXV_VddV ecReR%
SRdeRcVT`cURcbfV V] Rce`12' Z_T' ,0 UV
]R 9`_deZefTZ|_ cVbfZVcVbfV V] 9`_XcVd` UZTeV]VXZd]RTZ|_VdaVTZR]eV_UV_eVR T`_dVcgRc
]R aRk V_ y]]Rd h S T`_gVceZc]Rd
R] TRe`]ZTZd^`'FVc` VdR ]VXZd]RTZ|_
_` eZV_V
a`c bfy VdeRc
' Z_TcfdeRUR V_s ]R UV xcVRd ac`eVXZURd TfR_U` &R] aRcVTVc& YRj ^fTYRd ^xd
T`^f_ZURUVd RS`czXV_Vd WfVcRbfV UV_ec` UV ]`d aRcbfVd _RTZ`_R]Vd' B` ^V[`c bfV
a`UczR YRTVcdVWeViT]fZc ]`d eVccZe`cZ`d
bfV YRSZeR_%
UV] cyXZ^V_(VXR] h ]R[fcZdUZTTZ|_UV

$+%BadYWEadW^^a&;EQINR MQWIKUEHR
HI UIGXUVRV
QEWXUEOIV
$:e( 9[dWe&e)XbWda baefWd[ad S +32-5 WV(9HF5 h @RFUIOEV
UIOEGMRQIV
IQ&WUI#TDIGRORKbE
O IOHIVEUUROOR
QEGMRQEO$
dWbadfS\WSBadYWEadW^^a W` K;9& dWh[efSVW^S KaU[WVSV;W`fdS^ VW
9dcg[fWUfae& `n +-/ $:gW`ae 9[dWe(&V[W( +32/% brY( --(
#+$ 3ROIWbQ
HI >EUTXIV$bgT^[USU[u` VW^S 9HF& `#! +&,
$-%?( B( ;S`a&
_W`fW ./(

- $:gW`ae

7FD' ;] ^R_V[` UV ]Rd cV]RTZ`_VdT`_ ]Rd T`^f_ZURUVd RS`czXV_Vd Vd f_ eV^R FE7JBEE!


bfV ReR{VR] CZ_ZdeVcZ`
UV] ?_eVcZ`c
k R ]`d X`SZVc_`d UV ]Rdac`gZ_TZRdU`_UV YRSZeR_
k _`
S 7FD'

A
$,

;_ TfR_e` S ]`d a`S]RU`cVd Vi|XV_`d% T`Z_TZUZ^`d V_ bfV ]`d YRj bfV eZV_V_e]ef]`]
&R]Xf_`d d`_ aZ`_Vc`d V_ WIW[XSIGMRQ
UV VdRaRe*o3UV] eVccZe`cZ`
aRecZ`SR[` T`_UZT]`cf
_` dZV^acV T`_W`ceRS]Vd&jVd`d ezef]`d UVSV_ dVcZVdcVdaVeRU`d #` Viac`aZRU`d ^VU] ***
eV]RdaVceZ_V_eVd
Z_UV^_ZkRTZ`_Vd%
dZdf T`_eZ_fZURUZZ`T`_gZ_ZVcVR] Z_eVcyd_RTZ`_R]$'D`
Vd ]R RTefR]]RacZ^VcRRU^Z_ZdecRTZ|_
UV FRcbfVd DRTZ`_R]VdbfV dV YR `TfaRU` UV ]?#^
#-$' B`d UV^xd a`S]RU`cVd d`_ dZ^a]V^V_eV Z_deZfd`d fdfcaRU`cVd UV R[V_`d U`^Z_Z`%"3
T`^` ]`d !T`_fbfVc`d!
UV LV_VkfV]R%bfV eR_e`YR_ UR{RU` df DRefcR]VkR' ;de`d 4=8$
UV `TfaRTZ`_Vd dV RdV^V[R_ S ]`d cVTZV_eVd
UV !gZ~Vc`d!bfV fdfcaR_ TRdRdV_ T`_decf
TZ|_ a`c V] =`SZVc_`%acVRU[fUZTRURda`c ydeV S `ec`d bfV ]RdYR_aRXRU` T`_ dRTcZW]T
UE]
RY`cc`d%acZgR_U` R yde`d UV dfd ]VXzeZ^`d UVcVTY`d%^VUZR_eV RTe`d UV efVfR b(@(
Z^a]ZTR_T`_ecRcZRc
V] Z^aVcZ` UV]R]Vj' BRdeZVccRd
UVaRcbfVd h cVdVcgRd_RTZ`_R]VdeZAA%
A,
`ec` UVdeZ_`%
bfV ]Vd WZ[|V] 9`_XcVd`% k df `TfaRTZ|_ Z]VXzeZ^R
Z^a`ceR Sfc]Rc V] Z_e%
_RTZ`_R]' D`d aRcVTVbfV ]Rd`]fTZ|_ R VdeVac`S]V^R aRdR a`c cVUZ^V_dZ`_RcZcV_TV^ !
eV]`d aRcbfVd _RTZ`_R]Vdk `ecRdxcVRdac`eVXZURd%
cVUVWZ_ZV_U`
dfd ]z^ZeVdVieVc_` j "%**
k`_ZeZTVTZ`_Z_eVc_R';de` Vd ]` bfV Z_UZcVTeR^V_eV
SfdTR V] ac`jVTe` UV ]Vj RSR[` T`c_ ++
eRU`%RTfUZV_U` Z__VTVdRcZR^V_eV
R ]`d Z_ecZ_TRU`d
RceZ]fXZ`d]VXR]VdUV cVUZWZ_Zc
]RkE?](W?
TRTZ|_ Z_eVc_RdZ_Z_eVcgV_TZ|_UV] 9`_XcVd`' ;_ ]R cVf_Z|_ UV 8RcZ]`TYV%f_ UV] E '"))
ScRdZ]V{` ^`eV[| T`^` UV^RX|XZTRd ]Rd _`c^Rd bfV VdeR^`d T`^V_eRU`'
A

B` bfV _`d aRcVTVZ]fd`cZ` WebfV 7FD afVUR UZda`_Vc&RY`cR a V_ V] Wfefc`& UZ`"


cVTfcd`d Yf^R_`d h eyT_ZT`d _VTVdRcZ`daRcR YRTVcVWVTeZgR
]R !T`ccVd``_dVSfeU`U! T]e
VdR T]RdV UV a`S]RU`cVd V_ ]R XVdeZ|_ UV ]`d cVTfcd`d _RefcR]Vd%D`d ^fVgV
#'%#
%
RWZc^RTZ|_]R T`_dZUVcRTZ|_ UV bfV V] UZdTfcd` acVdZUV_9ZR]T`^V_eRU` cVTfVcUR 4'B !
!YV^`d RX`eRU` gRdeRdcVXZ`_VdS`dT`dRd! k ^V_TZ`_R T`^` f_ XcRgV^R] R ]R c`2?U`
$p%XV_yeZTRbfV _`d Vdex ]]VgR_U` S ]R !Z_^Z_V_eVaycUZUR UV VdaVTZVd _ReZgR e]]
V_`c^V Z^a`ceR_TZRVT`_|^ZTR !' K_R UV ydeRdVd V] cRf]z%a`c ]` bfV aRcVTVZ_T`^a ?]Y]e
T`_ ]`d RdVce`dacVdZUV_TZR]Vd
k T`_ ]R ^V_eRUR !T`ccVda`_dVSZ]ZUVU!%]R TzcTf_de **#%(%
UV bfV U`d ^VdVd R_eVd]R 7FD Rfe`cZkRdV]R eR]Rh ac`UfTTZ|_ UV f_ ^z_Z^` UV *)'))) _ A
UV cRf(l V_ ]R HVdVcgR DRTZ`_R] T`_ViR R] FRcbfV DRTZ`_R] BR_z_%RTe` RU^Z_]d]c](?g($
UVeVc^Z_R_eVUV] U`Tf^V_e`
UV ac`eVdeR ac`UfTZU` a`c ]R <f_URTZ|_ LZURI?(g` )
7cXV_eZ_R#<LI7$% UZcZXZU`S ]R 7FD% bfV cVac`UfTZ^`d V_ ]R IVTTZ|_ 9c|_]T ! \
:`Tf^V_e`d'
IZ^f]ex_VR^V_eV afS]ZTR^`d ]R cya]ZTR Via]ZTReZgRSVTYV a}S]ZT ?EW
]R 7FD'
7XcVXfV^`d
bfV V] UZdTfcd` acVdZUV_TZR]"
UV[| dZ_ TfScZc ]`d eV^Rd UV a`]]e] A
R^SZV_eR]_` gZ_Tf]RU`d S ]`d cVTfcd`d _RefcR]Vd%cVdaVTe` UV ]`d TfR]Vd V] `VeV ?Xf]
_VTVdZeR_U`k cVT]R^R RTTZ|_ XfSV^R^V_eR]' D` ]V WR]eR_
R] FcVdZUV_eVZ_ZTZdeeg %*
cVdaVTe`%V^R_RURd UV dfd ac`aZ`d T`ccV]ZXZ`_RcZ`d2
V_ 7HD *& /' axX' 40' afS]ZTR^` #*
ac`jVTe` UV ]Vj UV] IV_RU`c CReYfd ;dT`cZYfV]R &42ofV RTefR]ZkR f_` UV ,42. U A
V_e`_TVd UZafeRU` Jc|TT`]Z& `cXR_ZkR_U` f_R IVTcVeRczRUV F`]zeZTR7^SZV_eR] #V_ %,

9[dWe +32/'0%(

5IUIGLR$SRObWMGE
h EHPMQMVWUEGMcQ
EPFMIQWEOIV
$:gW`ae 9[dWe&=V( <WbS^_S%&be( +/&,,

P WebWU[S^'
9HF

$.%NWd>RObWMGE
HI EVIQWEPMIQWRV
LXPEQRVHI OE2HPMQMVWUEGMcQ
HI!>EUTXIV<EGMRQEOIV$
HgT^[USU[u` LsU`[US FM , VWAm
$_Sdla +32-%(

9E:A=FL=

P J=;MJKGK

F9LMJ9D=K

_ZgV]acVdZUV_TZR]$
j V_ 7HD (*&-&axX' 01 `ec` UV ]`d UZafeRU`d IR]gRU`c CRefd j CZXfV]
C`cRXfVd% TcVR_U` f_R IVTcVeRczR
UV] CVUZ` 7^SZV_eV V_ V] CZ_ZdeVcZ`
UV] ?_eVcZ`c'
;d`d
ac`jVTe`d T`_eZV_V_UVWZ_ZTZ`_Vd
UV a`]zeZTRR^SZV_eR]'a Z_decf^V_eR_ ]`d ^VUZ`d aVcV
UVWZ_Zc]Rd'

s]R^\_[Tcb H==IJHK;JKH9;APD<= B9 PS\[]sbcaTR[r]

[f_eR^V_eV T`_ ]`d X`SZVc_`d ]`TR]Vd' ;de`d afVUV_ a _` RU`aeRc(Rd';_ _fVdecR`aZ_Z|_


UVSVczR_YRTVc]R%
T`_ ]R cVdVcgRR_eVd Raf_eRUR'
>Rj `ec`d V[V^a]`d ]ReZ_R`^VcZTR_`dUZda`_ZS]VdV_ ]R ^ReVcZRR bfV _`d cVWVcZ^`d
bfV gR]UczRdVR_ e`^RU`d V_ T`_dZUVcRTZ|_2V] 9wUZX` 7^SZV_eR] j UV ]`d HVTfcd`d
DRefcR]VdUy 9`]`^SZR $+31.% eZV_Vf_ ezef]` ?##UV]BZSc`(*%FRceV+-%UV_`^Z_RU` !:VeRd
xcVRd UV ^R_V[` VdaVTZR]! bfV Z_T]fjV" c6l cyXZ^V_ UV2 S%]Vd c]ZQ3]cZe`d
UV ^R_V[`
Z_ecVbcVU`j xcVRd UV cVTcVRTZ|_3S$"eVdTfV_TRd YZUc`XcxWZTRd
V_ `cUV_RTZ|_3V$2e`t
UZdecZe`d
UV T`_dVcgRTZ|_ UV dfV]`3 j U$V] dZdeV^RUV aRcbfVd _RTZ`_R]Vd';_ RUZTZ|_IK
BZSc`,& FRceV+&Jzef]` ***% gVcdRd`ScV W^cyXZ^V_ UV cVdVcgRd'BR ZUVRSxdZTRWfV^S UV
Z_eVXcRcV_ f_ d`]` TRazef]`%SR[` acZ_TZaZ`dXV_VcR]Vd T`^f_Vd% e`U`d ]`d dZdeV^Rd
VdaVTZR]VdUV RU^Z_ZdecRTZ|_cVXZ`_R] UV cVTfcd`d _RefcR]Vd' ;d`d TRazef]`d WfVc`_
cVURTeRU`da`c V] :c =Rcj MVeeVcSVcXUV] IVcgZTZ` <`cVdeR] UV ]`d ;;
BB$ SR[` WR
dfaVcgZdZ|_ UV bfZV_ Vde` VdTcZSV%
j d`_ T`^aeVeV``V a`c V] HVX]R^V_e` UV FRcbfVd
DRTZ`_R]Vdj 7cVRd UV HVTcVRTZ|_UV +0 UV CRck` UV +311&Tfj` ac`jVTe` `cZXZ_R]efg`'
]R e_Zd^V Rfe`czR $/%( HVac`UfTZ^`d V] HVX]R^V_e` gZXV_eVV_ VdeV _}^Vc` #IVTTZ|_
BVXZd]RTZ|_;iecR_[VcR$' ;] :c' MVeeVcSVcXaRceZTZa|V_ ]R cVf_Z|_ UV 8RcZ]`TYV'

9C:A=DJ9B D9;AED9B

;_ 7ScZ]$+320%dV UZ` f_ aRd` RUV]R_eV%


R] ]]V_RcdV'VH]x^]33Ze`UV ]RFcVdZUV_TZR
UV ]R
DRTZ|_ f_R IfSdVTcVeRczR UV Fc`jVTe`d 7^SZV_eR]Vd ;daVTZR]Vd%TfjR T`^aVeV_TZR
RSRcTRd|]` f_ RdaVTe` UV] eV^R' BR^VUZUR e`^RUR V_gfV]gV f_ a`dZeZg`aRd` RUV]R_ZV%
aVc` Vd ^V_VdeVc GXI dVR T`^a]VeRUR' ;_ VWVTe`%
V] UVTcVe` ,/2*)2/ UVWZ_Z|
]R ^ZdZ|_%
Wf_TZ`_Vd j IVWWRGWXUI
`cXx_ZTR UV ]R IVTcVeRczRUV Fc`^`TZ|_ UV] 9cVTZ^ZV_e`%bfV
Wf_TZ`_R V_ V] yeeZSZe`
UV ]R FcVdZUV_TZRUV ]R DRTZ|_3 UV ]R bfV W`c^R_ aRceV ecVd
dfSdVTcVeRczRd'"
UV Fc`^`TZ|_% UV FcZgReZkRTZ`_Vd
j UV Fc`jVTe`d ;daVTZR]Vd' ;deR }]eZ^R
Vd ]R bfV YR dZU`ac`gZdeRT`_ f_ [`gV_ VT|]`X`% RTefR_eVV_ V] VbfZa` UV C`cV](`%R] bfV
R]fUZ^`d ^xd RSR[`' BR T`^aVeV_TZR UV ]R IVTcVeRczRacVdZUV_TzR]Tb UVWZ_ZUR
T`^`
T`_TcVeRUR R U`d `S[VeZg`d"acVTZd`d2R$ RdVd`cRc cVdaVTe` UV _fVg`d ac`jVTe`d UV
Z_gVcdZ`_VdbfV eZV_UR_S ac`^`gVc V] TcVTZ^ZV_e`VT`_|^ZT`3 S$RdVd`cRcV_ TfR_e` R ]R
acZgReZkRTZ|_
UV `cXR_Zd^`d j V^acVdRd UV] ;deRU` h &V_ R^S`d TRd`d& T``cUZ_Rc ]R
VTfgZ`V` UV ]`d `cXR_Zd^`d XfSVc_R^V_eR]Vd aVceZ_V{eVd2;] IVTcVeRcZ`8VceRZ_RYR
UVWZ_ZU`
TZ_T` !ac`jVTe`d VdaVTZR]Vd!UVWZ_ZV_U`
]R T`^aVeV_TZR UV] IfSdVTcVeRcZSUV
Fc`jVTe`d ;daVTZR]Vd%R dRSVc2+%^R_V[` Z_eVXcRU`UV TfV_TRd FMEWWGI_
#ubfy ]V bfVUR
R ]R IVTcVeRczRUVHVTfcd`d >zUcZT`dUV] E) ^) J) F' 8%5-& ]R Vc`dZ|_ VUxWZTR3
.& TRexdec`WVd
R^SZV_eR]Vd"#Z_f_URTZ`_Vd%dVbfzRd%VeT'$3 .% `cUV_RTZ|_ eVccZe`cZR]3
/% WRf_Rj W]`cR
dZ]gVdecVd'D`d aRcVTV bfV V] JcZSf_R] UV 9fV_eRd UV ]R DRTZ|_ YVdZeRcx
SRdeR_eVaRcR
RTVaeRcbfV ]`d XRde`d WZdTR]Vd
bfV dV YRXR_ V_ Tf^a]Zc Vde`d TZ_T` `S[VeZg`d TfV_eR_
T`_ Rfe`cZkRTZ|_]VXR]%
afVd&V] eV^R R^SZV_eR]_` WZXfcR
V_f_TZRU` V_ V] UVTcVe`TZeRU`%
V_ecV ]Rd ^ReVcZRd UV T`^aVeV_TZR UV ]R IVTcVeRczR%Rf_bfV &&TZVceR^V_eV& V]
TcVTZ^ZV_e`UVSV YRTVcdV V_ aRk T`_ V] R^SZV_eV'
BR d`]fTZ|_ Sfc`TcxeZTRRcSZecRUR
_`d aRcVTV T]RcR^V_eVZ_T`^a]VeR%afVd ]`d `ec`d
`cXR_Zd^`d UV ]R RU^Z_ZdecRTZ|__RTZ`_R] T`_ cVda`_dRSZ]ZURUVdR^SZV_eR]Vd#gVcV]
`cXR_ZXcR^RafS]ZTRU` V_ 7HD
+'.& axX' +,%aVc^R_VTV_ Z_^`gZVdV Z_e`TRU`dU`_UV
VdeRSR_%
dZ_a`dZSZ]ZURU
UV bfV V] _fVg` IfSdVTcVeRcZ` UV Fc`jVTe`d ;daVTZR]VdafVUR
Z_W]fZc
d`ScV V](`d #u` dVcx bfV _` UVdVRYRTVc]R6$%
P ^V_`d bfV _fVgRd Z_gVcdZ`_Vd%
^ ]R
acZgReZkRTZ|_
UV V^acVdRd VdeReR]Vd
RaRcVkTR_V_gfV]eRd%]` bfV _` aRcVTVac`SRS]V' ;d
T`^` dZR R]XfZV_ bfV aRUVTV Se`_T`_Vf^`_Zd
dV ]V bfZVcR TfcRc RU^Z_Zdecx_U`]Vf_R
' RdaZcZ_R';] dZdeV^R Z_deZefZU`TbcP T`_UV_RU` S ]R Z_VWZTZV_TZR'
9fR_U` dV ecReRUV a`]zeZTRdR^SZV_eR]Vd_`d aRcVTV SZV_5g_`d`ec`q
]` YV^`d
ac`aZTZRU` #7HD *&-% axX' 1)+-%' bfV V] `cXR_Zd^` UVWZ_ZU`c
UV VdRd a`]zeZTRddVR"
fSZTRU` V_ V] VdeR^V_e` acVdZUV_TZR]
\ _` V_ V] ^Z_ZdeVcZR]'
FVc` TcVV^`d bfV YRczRSZV_
V] FcVdZUV_eVV_ Z^af]dRc ]R dR_TZ|_ ]VXZd]ReZgR
UV] ac`jVTe` UV df T`ccV]ZXZ`_RcZ`V]
IV_RU`c CReYfd'"
>fV]XR &aRcR eVc^Z_RcV] T`^V_eRcZ` R] UZdTfcd` acVdZUV_TZR]&cVT`cURcbfV ]`d
cVTfcd`d _RefcR]Vdd`_ UV ]Rdac`gZ_TZRdj ]Rda`]zeZTRdaRcR^R_V[Rc]`d eR^SZy_#WfVcR
UV
]Rd xcVRd UV[fcZdUZTTZ|_UV ]R 7FD%Vd UVTZcV_ V] 33 " UV] eVccZe`cZ`
UV ]R HVa}S]ZTR$j
bfV a`c eR_e`]Rd aRfeRd a`]WeZTRd
URURda`c V] FcVdZUV_eVd`_ Ra]ZTRS]VdeR_d`]` S ]R
RTTZ|_ ;ED;KHH=DJ= bfV V] =`SZVc_` DRTZ`_R] UVTZURV[VcTVcV_ x^SZe`d ac`gZ_TZR]Vd

=<ALGJA9D

A
,

;] 9|UZX` UV ]`d HVTfcd`d DRefcR]VdUV 9`ccZV_eVd#]Vj -0*1 UV +32+%


&eR^SZy_ UV]
Rfe`c UV VdeR_`eR& V_ df gVcdZ|_ `cZXZ_R]T`_eV_zR f_ Jzef]` N?L%d`ScV ]R aRceZTZaRTZ|_
UV] afS]ZT` V_ ]R XVdeZ|_ UV ]`d cVTfcd`d _RefcR]Vd bfV WfVdfacZ^ZU` R] dR_TZ`_RcdV]R
]Vj%aVc` bfV _`d`ec`d cVac`Uf[Z^`d V_ 7HD ?&-' axX' 3*( ;] aVc^ZezR]R `cXR_ZkRTZ|_UV
!UZdecZe`d
VdaVTZR]Vd!UV XVdeZ|_%Z_T]fd` a`c g`eRTZ|_ a`af]Rc' BR gVcdZ|_ac`^f]XRUR
T`_dVcgR%dZ_V^SRcX`%f_ BZSc`WZ_R]
d`ScV !cVTfcd`d aRZdR[zdeZT`d
j R^SZV_eVddZ]gVdecVd
UV dZX_ZWZTRTZw_
&VT`e``ZTV!'
)B 9DJ=FHEM=;JE<= B=MD9;AED9B<= NH=9I D9JKH9B=IFHEJ=?A<9I
;] RgV afS]ZTR^`d V_ _fVdecR IVTTZ|_ BVXZd]RTZ|_DRTZ`_R] eP RT`^aR{RU` V_
_`eRd R bd aZy UV T`^V_eRcZ`d UVeR]]RU`d%
V^R_RU`d UV HZTRcU`A``]V_% RdVd`c ]VXR]UV
7F8 $0%j% V_ ]R IVTTZ|_ :`TecZ_R%UV f_R acVdeZXZ`dRED=2 ]R <f_URTZ|_ LZURIZ]gVdecV
7cXV_eZ_R'>RTV^`d Rdza`dZS]V VdTfTYRc U`d TR^aR_Rd' ?X_`cR^`d e[ VdV dVcx V] eVie`
bfV V_ UVWZ_ZeZgR
V] FcVdZUV_eV
V_gZRcxS T`_dZUVcRTZ|_UV]9`_XcVd`% T`^` ]` R_f_TZ| V_
8RcZ]`TYV'
9`^`
Z__`gRTZ|_ a]RfdZS]V V_ V] ac`jVTe` Raf_eR^`d ]R Z_T`ca`cRTZ|_ UV ecVd
cVacVdV_eR_eVd
R] 9`_dV[` UV 2 ^ZV^Sc`d% #V]VXZU`dZ_UZcVTeR^V_eV
a`c -- ac`gZ_TZRd$%
'
Rf_bfV V_ y] VdeRcx_ V_ T]RcR^Z_`czR' JR^SZy_ V_gfV]gV f_R ^V[`cR V] Rce`0.' bfV
aVc^ZeVS ]`d X`SZVc_`d ac`gZ_TZR]VdbfV RUYZV2R_
R] cnX ^n_ 6V ^S]Vn V[VcTVcV] 0* " UV
dfd WRTf]eRUVd
Z^a`dZeZgRdV_ ]Rd eZVccRd
d`^VeZURd S @KcZdUZTTZ|_
QIGMRQI!&
IV ecReR
UV f_
Z_XV_Z`d` dZdeV^R RcSZecRU`aRcR T`]`TRc ]R kR_RY`cZRUV]R_eVUV] TRcc`'
;_ V] ac`jVTe` UV ]Vj bfV T`^V_eR^`d% _` `SdeR_eVdf cVZeVcRU`
c|ef]` UV^`TcneZ=`%
_` Vdex_ T`_eV^a]RURd _Z ]Rd RfUZV_TZRda}S]ZTRd acVgZRdS ]R e`^R UV UVTZdZ`_Vd

$/%N( HFM<)>9G& 5RGXPIQWR WaGQMGR


`# ,. HIO >UR\IGWR?:2A',*'(*$:aYafr& Bg^[a +310%(NsS`eW ^ae
Xg`VS_W`fae W` brYe( .2'/+& k W^HdakWUfaVWJWY^S_W`faVWHSdcgWeFSU[a`S^Wek ege Xg`VS_W`fae&W`brYe(
,1+'-+,(
$0%NWdfS_T[s` VW^_[e_a

Sgfad4 7EGMEXQE QXIYE OI\ HWSEUTXIV QEGMRQEOW` K;9

`n +-/& brY( 01(

#"

9E:A=FL=

P J=;MJKGK

F9LMJ9D=K

#Z_T]fjV_U` ]Rd bfV cVdfV]gV_ V] `e`cXR^ZV_e` UV aVc^Zd`d h T`_TVdZ`_Vd acVgZde`da`c


V] V_' ,.' Z_Td S h V$%_Z ]R aRceZTZaRTZ|_
TZfURUR_ReR_e` V_ V] ac`TVd` UV e`^R UV
UVTZdZ`_VdT`^` V_ ]R XVdeZ|_' BR Z_eVXcRTZ|_UV ]`d 9`_dV[`d 7dVd`cVd B`TR]Vd bfV
TcVR #Rced'/3 k 0-& bT UV[R ]ZScRURR ]R UZXZeRTZ|_
UV] :ZcVTe`cZ` UV 7FD% k _` P ]R
Vda`_ex_VR RTTZ|_ UV] a}S]ZT`'
' & By&WR]zR
]R ViZXV_TZRUV RfUZV_TZRda}S]ZTRd bfV aVc^ZeR_%
a`c f_ ]RU`%V] V[VcTZTZ`
UV ]R UV^`TcRTZR aRceZTZaReZgR
bfV V] FcVdZUM]#m'7]W`_dz_
ac`afX_R Z_dZdeV_eV^V_eV
aRcR
`ec`d x^SZe`d %hbfV _`d`ec`d eR^SZy_ YV^`d ac`aZTZRU`%
7HD *&-%
a' ,46 *&,%a' ,06 *&+%
a'
,3 *&+%
a' 1)$' If cVR]ZkRTZ|_acVgV_UczRbfV bT dfdTZeV_T`_ec`gVcdZRdT`^` ]R bfV _`d
UVeVc^Z_RR afS]ZTRc V] U`Tf^V_e` cVWVcV_eV
R] T`_ecRe` #UV, UV V_Vc` ,431& TV]VScRU`
a`c ]R 7U^Z_ZdecRTZ|_UV FRcbfVd DRTZ`_R]Vd%
Rfe`cZkR_U` ]R'vR]RUV cRf]WVdV_ ]RHVdVcgV
DRTZ`_R] BR_z_' F`c `ec` ]RU` ]Rd RfUZV_TZRda}S]ZTRd aVc^ZeZczR_V] ]ZScVRTTVd` UV]
a}S]ZT` R ]R Z_W`c^RTZ|_`WZTZR]%
eV^R d`ScV V] TfR] afS]ZTR^`d f_ Z_eVcVdR_eV
VdefUZ` V_
7HD **&-%a' 0.' VgZeR_U`V] ecReR^ZV_e`V_ TV_xTf]`d TVccRU`d UV Rdf_e`d bfV e`TR_ R
Z_eVcVdVda}S]ZT`d aRecZ^`_ZR]Vd';] ac`aZTZRU` Tb V] e`bfV !UV^`TcxeZT`! bfV YR]]R^`d
RfdV_eV V_ V] ac`jVTe` T`^V_eRU`% _` `SdeR_eVV] cVZeVcRU`
db^ UV VdeRaR]RScRV_ ]Rd
Wf_URe_V_eRTZ`_Vd'
FRcyTV_`d WfVcRUV ]fXRc ]R UV]VXRTZ._#a`c }_ZTR"gVk$ R] H( ;' UV ]R WRTf]eRU
UV
cVT]RdZWZTRc
]Rd xcVRd df[VeRd R] cyXZ^V_ UV ]R ]Vj #Rce'1.&) 7Yz Vdex V] bfZU VWe`U` V]
ac`jVTe`' uF`c bfy _` bT YRTVacVgZR^V_eVV] VdefUZ`UV TbPb xcVRdh bT ^R_eZV_VV_ V]s
9`_XcVd` ]R WRTf]eRU
UV V[VcTVca`c bs\Xb\^ TbP RecZSfTZ|_%
acVgZ` UVSReVRSZVce`%
T`^`
]` YR YVTY` Z_gRcZRS]V^V_eV
YRdeRRY`cR6 :VdRWVTeRcWcRTTZ`_Vd
UV] cyXZ^V_ UV xcVRd
ac`eVXZURd%
T`^`
]` aVc^ZeV_ ]`d Rced' /4 h 11' Vd Rdf_e` UV^RdZRU` dVcZ`aRcR bfy
bfVUV ]ZScRU` R] :ZcVTe`cZ` UV 7FD% h R}_ V] H) ;' HVbfZVcV%T`^` ]R RWVTeRTZ|_
f_
ac`_faTZR^ZV_e` aRc]R^V_eRcZ`'
D` YRTV%S _fVdec` aRcVTVc%
f_ WRg`cS ]R acVdVcgRTZ|_UV WVUVcR]Zd^`%
V] Rce`10' bfV
aVc^ZeV TcVRc%a`c d`]R UVTZdZ|_ _RTZ`_R]%IAD ;EDI=DJACA=DJE <= B9I FHELAD;A9I!
!cVdVcgRdUV db^ ^}]eZa]V!%h cVdVcgVd_RfecR]&Tf]efcR]Vd';d ]R 9`_deZefTZ|_ ]RbfV ViZXVV]
T`_dV_eZ^ZV_e` ac`gZ_TZR]'7UgZyceRdVbfV V_ ]Rd cVdVcgRdUV fd` ^}]eZa]V%TcVRS]VddZ_
T`_dV_eZ^ZV_e` ac`gZ_TZR]%
]R Rfe`cZURU_RTZ`_R] UV Ra]ZTRTZ|_a`Ucx UVTcVeRc
cVdecZTTZ`&
_Vd R] V[VcTZTZ`UV] U`^Z_Z` acZgRU`UV aRceZTf]RcVd%
]Rd bfV T`_deZefTZ`_R]^V_eV%
h dVX}_
V] 9|UZX` 9ZgZ]%
T`^aVeV_ S ]`d X`SZVc_`d UV ac`gZ_TZRd'
V"eV[VcTZTZ`UV RTeZgZURUVd
ac`UfTeZgRd V_ ]Rd !k`_Rd UV fd` T`_ec`]RU`! UV ]`d
^ed^zdZ^`d FRcbfVd DRTZ`_R]Vd #jR _` UV ]Rd HVdVcgRd$%bfV Rfe`cZkR V] Rce` *+%
' UVd_RefcR]ZkRa`c T`^a]Ve` V] T`_TVae` U`TecZ_VeZ`
h V] Wf_UR^V_e` WZ]`d|WZT`&a`]zeZT`
UV
]R Z_deZefTZ|_!aRcbfV _RTZ`_R]!' CRcT :`fc`[VR__Z% gZTVacVdZUV_eV
UV ]R ?K9D%TcZeZT|
dVgVcR^V_eV VdeR d`]fTZ|_ V_ ]R cVf_Z|_ UV 8RcZ]`TYV'
HVT]R^R^`d V_ cV]RTZ|_ R] ac`jVTe` T`^V_eRU` f_ R^a]Z` UVSReVa}S]ZT`% T`_
aRceZTZaRTZ|_UV ]Rd ED= Z_eVcVdRURd%
RUV^xd UV] aRc]R^V_eRcZ` bfV acVdTcZSV]R
9`_deZefTZ|_' D`d aRcVTV bfV ^VUZR V_ ]R ^ReVcZR%
aRceZV_U`UV ViTV]V_eVdZUVRd%
f_R
T`_WfdZ|_ 'p"1F"TVn@`d]fXRcVd ZU|_V`d aRcR Ra]ZTRc]Rd3[^b acZ_TZaZ`dUV] !UVdRcc`]]`
d`deV_ZU`! UV ]`d cVTfcd`d _RefcR]Vd (Tb
UVTZc bd Rac`gVTYR^ZV_e` V_ aRk k
T`^aReZSZ]ZkRU` T`_ ]R acVdVcgRTZ|_ UV] ^VUZ` R^SZV_eV h ]R DRefcR]VkRh T`_ V]
SZV_VdeRcd`TZR] bfV RfdaZTZR_]R ;decReVXZRCf_UZR] UV ]R 9`_dVcgRTZ|_ h V] UZdTfcd`
acVdZUV_TZR]&d`_ gR]VUVc`d k Ra]ZTRS]VdyeZV 44 # UV] eVccZe`cZ`
T`_eZ_V_eR]_RTZ`_R]

=<ALGJA9D

##

ViT]fZU` UV ]R[fcZdUZTTZ|_UV ]R 7U^Z_ZdecRTZ|_UV FRcbfVd DRTZ`_R]Vd%


aVc` _` V_ V]
, # bfV RSRcTRydeR%
Tfj` cyXZ^V_ dVgVcR^V_eV cVdecZTeZg`
_` _`d aRcVTVT`_gV_ZV_eV
TR^SZRc' ;d acVTZd` cV&VdefUZRc
eyT_ZTR^V_eV]`d aRcbfVd j cVdVcgRdViZdeV_eVdaRcR
UVTZUZc2
,!& dZYRj R]Xf_`d d`ScVUZ^V_dZ`_RU`d%V_ Tfj` RPb^ ac`TVUVczRRTYZTRc]`d3
+!$
dZT`_gZV_V TcVRc_fVgRd xcVRd ac`eVXZURdU`_UV _` ]Rd YRj%aRcR `ecRd ^fVdecRd UV
VT`dZdeV^Rd' #a`c V['2 aV^ae2 Y}^VUR% T`deRd ^RczeZ^Rd' Yf^V`VeVd ^Vd`a`ey^Z&
T`d%VeT'$'
9`_ ]Rd UZda`dZTZ`_Vd UV ]`d Rced' ,-' ,.'6 ,0' ,1' -/ P -3 UV] ac`jVTe` bfV
T`^V_eR^`d% bT acVeV_UVVieV_UVcR SfV_R aRceVUV ]Rd xcVRd ac`eVXZURd#Z_T]fd` ]Rd
!k`_Rd UV db^ T`_ec`]RU`! UV ]`d aRcbfVd _RTZ`_ReVd$%
f_ dZdeV^RT`_TVSZU` h gR]VUVc`
aRcR WfVcRUV V]]Rd%
U`_UV bd Ra]ZTRTZ|_Tb Z_`S[VeRS]V%
j bfV V_ _fVdec` aRzd _` Vd UV
T`^aVeV_TZR ViT]fdZgR UV] =`SZVc_` DRTZ`_R]' DfVgR PV]R_UR RTRSR UV dVaRcRcdf
RU^Z_ZdecRTZ|_UV aRcbfVd _RTZ`_R]Vd UV ]R UV |ecRd xcVRd ac`eVXZURd%
a`c YR]]Rc]Rd
Z_T`^aReZS]Vd j T`^aVeZeZgRdV_ecVdz'
)B =GKAFE@KC9DE <= B9%20! IKI J=EHB9I) IK 9;;APD
;] FcVdZUV_eV
UV"TbT `cXR_Zd^` _`d Y`_c| VnTcZSZV_U`V_ _fVdec` acZ^Vc _}^Vc`
#7HD *&*%a' -.& %@M')
bfV a`c V]]` Z_eVXcV^`d bd VbfZa`& f_ RcezTf]`2 !D`TZ`_Vd UV
VT`]`XzR aRcRa`]zeZT`d k [fcZdeRd!%
bfV ViYZSVbdb ^fj ^VcVTZU`d bfZ]ReVdT`^` VT|]`X`
TfjR WR^RecRdTZV_UV
]`d ]z^ZeVdUV]aRzd' FVc` _` WfVV_ gR_` bfV VdTcZSZ|aRcRa`eeeZT`d%
a`cbfV y] ]` Tb' k YRSZ]zdZ^`V_ XcRU` df^`' 7dZUf` ]VTe`c UV !;] Fcz_TZaV!j acRTeZTR_eV
UV bdb cVT`^V_URTZ`_Vd%YR W`c^RU` V_ U`d R_`d f_ VbfZa` UV ac`WVdZ`_R]VdbfV
U`^Z_R a`c T`^a]Ve` V] x^SZe` Z_eVc_`UV 7FD%"bfV RTRSR UV UVda]RkRcf_` UV bdb
^ZV^Sc`d UV a]RkR IR_ CRcez_S a]RkR UV CRj` \ eZV_V_`e`cZRXcRgZeRTZ|_
RecZSfeZgR
UV
SV_VWZTZ`d
V_ `cXR_Zd^`d Z_eVc_RTZ`_R]Vd
UV RdZdeV_TZR
eyT_ZTR#FKD:% 9;F7B% VeT'$'
;dV VbfZa` &]R ^Rj`czR UV Rdh^b ^ZV^Sc`d _` ^Z]ZeR_V_ V] aRceZU`X`SVc_R_eV&
VdexaVcT`eV_U` V_ ydeVbd ac`aZR WZ]`d`WzR%
bfV S gVTVd _` T`Z_TZUVViRTeR^V_eV T`_ ]R
UV UZTY`aRceZU`'B` bfV T`_deZefjV f_R a]RfdZS]V gV_eR[R&aVc` eR^SZy_ f_ cZVdX`& UV]
a]fcR]Zd^` UV^`TcxeZT`'

;] VbfZa` UV 7FD% RdhPb TR]ZWZTRTZ`_Vd


eyT_ZTRd%
ac`WVdZ`_R]Vdj Yf^R_Rd _`
T`_ec`gVceZ^`d%YR ]]V_RU` f_ gRTz` UV a`UVc%UV_ec` UV] x^SZe` UV ]R RU^Z_ZdecRTZ|_
_RTZ`_R] bfV ReR{V R] eV^R R^SZV_eR]';de` Tb Rdza`cbfV ]Rd f_ZURUVdRU^Z_ZdecReZgRd
bfV Z_eVXcRSR_]R Vi IVTcVeRczRUV ;deRU` UV] 7^SZV_eV j HVTfcd`d DRefcR]Vd
HV_`gRS]Vd #TcVRURV_ ,42.' UVXcRURURS IfSdVTcVeRczR V_ ,421 &TR^SZRUR UV
CZ_ZdeVcZ`
gRcZRdeTRTb V_ V] z_eVcZ_&j WZ_R]^V_eVRSd`cSZURV_ ,43. T`^` dZ^a]V
f_ZURU RU^Z_ZdecReZgR
a`c ]R IVTcVeRczRUV LZgZV_UR$
aVcUZVc`_a`c T`^a]Ve` bd a`UVc
a`]zeZT`' ;dV VdaRTZ` YR dZU` `TfaRU` a`c V] VbfZa` UV 7FD' B` UV^fVdecR ]R
TZcTf_deR_TZRUV YRSVc ]`XcRU`% a`c WZ_%
bfV V] FcVdZUV_eVUV ^S HVa}S]ZTR acVdeV
ReV_TZ|_R f_ RdaVTe` UV ]R eV^xeZTRR^SZV_eR] bfV a]R_eVdZ^S|]ZTR^V_eV f_ xcS`] V]
aRdRU` / UV @f_Z`%
R^\^ Y`^V_R[V R] :zR Cf_UZR] UV] CVUZ` R^SZV_eV%
TVcV^`_ZR V_ ]R
bfV YRS]| V] IVTcVeRcZ`UV Fc`^`TZ|_ UV] 9cVTZ^ZV_e` #uUV]xcS`]6$' 7^SRd IGGWRQIV
T`_deZefjV_ f_ _`e`cZ` ac`XcVd` a`c V] bfV e`U`d [^b R^SZV_eR]ZdeRd
_`d T`_XcRef]R^`d'
FRcRVd` V] VbfZa` VW
7FD `cXR_Zk| ]R cVf_Z`_ UV 3IUMWRGQI$
bfV dZV_U`RaV_Rd f_ ^zeZ_
cVXZ`_R]UV f_R UV ]Rd eR_eRdT`^ZdZ`_Vd UV ]R K?9D%^VcVTZ| ^SacVdV_TZRUV] FcVdZUV_eV
UV ]R HVa}S]ZTR%
]R bfV dV_e| f_ acVTVUV_eVZ_fdZeRU`%
afVd _ZV] FcVdZUV_eV
UV ]R K?9D%
_Zdf IVTcVeRcZ`=V_VcR] VdefgZVc`_acVdV_eVd'u;deRczR_V]]`d UV RTfVcU` T`_ ]`d cf^S`d
e`^RU`d V_ 8RcZ]`TYV6

+,

9E:A=FL=

P J=;MJKGK

F9LMJ9D=K

D`d aRcVTV bfV V] :c' C`cV]]` Vd !eYVcZXYe


^R_! aVc` V_ V] !hc`_X a]RTV!%afVd dZy]
WfVdVUVdZX_RU`IVTcVeRcZ`UV ;deRU` UV HVTfcd`d DRefcR]Vd#aRcRV] 44 " UV] eVccZe`cZ`
_RTZ`_R] ViT]fZU` UV ]R 7FD$ e`UR]R V]RS`cRURWZ]`d`WzR
a`c y] ViafVdeR dVczRRa]ZTRS]Vh
V_ V] ]fXRc RUVTfRU`' 9`^` 7U^Z_ZdecRU`cUV FRcbfVd DRTZ`_R]VddV ac`a`_V Z^a]ReRc(R
V_ V] ]fXRc VbfZg`TRU` h' R _fVdec` [fZTZ`%V_ UVd^VUc` UV] `S[VeZg` UVeVc^Z_R_eV
UV ]R
TcVRTZ|_ UV ]R 7FD' :V[R^`d
]R dfXVdeZ|_ UV TR^SZ` UV' Zf_TZTfVd Z_dZ_fRUR S
T`_dZUVcRTZ|_acVdZUV_TZR]';daVTZR]^V_eV UVdafyd UV] R_f_TZ` UV ]R Z_eV_TZ|_&bfV
GRPSIQMPRV%.UV ecRd]RURc
]R 9RaZeR]<VUVcR]R] dfc' FfVd e[ Vde` eWT`_TcVeR%
dZ_UfUR
Rf^V_eRcx T`_dZUVcRS]V^V_eV]RacVdZ|_ UV ]R a`S]RTZ|_ TZcTf_UR_eVd`ScV ]`d aRcbfVd
_RTZ`_R]Vd h `ecRd xcVRd ac`eVXZURd'
L`]gZV_U` S ]`d ]Z_VR^ZV_e`d SxdZT`d UV ]R U`TecZ_RbfV C`cV]]` YR V]RS`cRU`%
dVX}_ "f_` UV ]`d TfR]Vd _` UVSV^`d Z^a`ceRc Uy aRzdVdUVdRcc`]]RU`d^`UV]`d aRcR ]R
RU^Z_ZdecRTZ|_UV _fVdec`d cVTfcd`d _RefcR]Vd%dZ_` UZdV{Rcf_` _`d`ec`d ^Zd^`d% V_
eR_e`aRzd V_ UVdRcc`]]`%V_ ]` bfV VdeR^`d a]V_R^V_eV UV RTfVcU`%_`d cVdf]eRXcRe`
cVT`cURc bfV df ZUVRUV T`^V_kRc a`c V] cVT`_`TZ^ZV_e`%Z_gV_eRcZ`%
h VgR]fRTZ|_
aVc^R_V_eVd UV _fVdec`d cVTfcd`d _RefcR]Vd%Vd ]R ^Zd^R bfV V] Rfe`c UV VdeR_`eR
ac`afd`
V_ +30* R] 9`_dV[` <VUVcR] UV ?_gVcdZ`_Vd%
h bfV V_ df acZ^VcR VeRaR
#Z_gV_eRcZ`$
efg` acZ_TZaZ`UV V[VTfTZ|_ 9EY ]R afS]ZTRTZ|_ a`c V] 9<? &cVURTeRU`d a`c
_f^Vc`dRd ViaVce`d%SR[` ]R UZcVTTZ|_UV] IdWRW0&HI
3 g`]}^V_Vd $1%bfV cVT`aZ]Rc`_ ]R
Z_W`c^RTZ|_ViZdeV_eVR +30,'.& d`ScV ]`d cVTfcd`d _RefcR]VdUV ]R 7cXV_eZ_R'BR^V_eR&
S]V^V_eV VdR^`_f^V_eR] afS]ZTRTZ|_ bfVU| ecf_TR%
afVd ]`d e`^`d +nh WZ_R]
bfVURc`_
Z_yUZe`d';] acZ^Vc` T`_eV_zR%
V_ecV`ec`d eV^Rd%f_ gR]Z`d`VdefUZ`UVH`bfV 9RccR_kRd`ScV
]`d cVTfcd`d V_ycXVeZT`dh `ec` d`ScV ]`d cVTfcd`d UV CR]gZ_Rdh 7_exceZUR'O V] }]eZ^`
gVcI3'lm'(@R%
acVTZdR^V_eV%
d`ScV V] dZdeV^RRcXV_eZ_`UV aRcbfVd _RTZ`_R]Vd' JT dfa`_V
bfV ]`d ^R_fdTcZe`d Vdex_ V_ ]`d RcTYZg`dUV] 9<?' BR D`eR ?_ec`UfTe`cZRUV] IVTcVeRcZ`
=V_VcR] UV] 9<? S Vd`d g`]}^V_Vd \ ^Zd UZdTfcd`d R]acVdV_eRc(`d$2%Via]ZTRSR_bfV f_R
gVk T`^a]VeRUR ]R VeRaR UV Z_gV_eRcZ`%
f_R T`_WVcV_TZR_RTZ`_R] dVczR'T`_g`TRUR
&eV_ZV_U` VdRdafS]ZTRTZ`_VdT`^` U`Tf^V_e`d UV WWIFIMR%.
aRcRUVSReZc
j RT`cURc]Rd
VeRaRddZXfZV_eVdUV VgdZfVTZ`_h ]R UV UVdRcc`]]]` UV ]`d cVTfcd`d' ;] Rfe`c UV VdeR_`eR
Vdefg` ecRSR[R_U`V_ V] 9<? V_ ]R acVaRcRTZ|_ UV VdR T`_WVcV_TZR
$+30,'-%& aVc` f_
UVdeZ_`UV ecRSR[`V_ V] VieVcZ`c%
R]dVcgZTZ`UV]aRzd%
Z_eVccf^aZ| VdR]RS`c' CZTYRV]DV]d`_%
RTefR][VWVUV ]R:ZgZdZ|_ UV]`d HVTfcd`d DRefcR]VdUV ]R9;F7B% RdVd`cRSRV_ VdReRcVR'
K_ T`_TVae` bfV RTefR]ZkRR_`cR C`cV]]` Z_daeeVSqkS Vd`d ecRSR@EI2
V] UV bfV ^S
VgR]fRTZ|_ UV ]`d cVTfcd`d _RefcR]VdUVSV dVc f_ ac`TVd` T`_eZ_f` bfV ReZV_UR
eR^SZy_
S cVf_Zc]`d V]V^V_e`d aRcR UVTZUZc
Tfx]Vd fd`d dV YRcx_ UV V]]`d' 9`^` ]` UZTVBj_e`_
9R]UhV]] cVdaVTe` UV ]R a`]zeZTRk ]`d cVTfcd`d V_VcXyeZT`d%4&'Vd ^fTY` ^xd Z^a`ceR_eV
T`^` eV^R UV a`]zeZTRV] a`UVc UVTZUZc
bfy UVdeZ_`dV URcxR ]R V_VcXzR#U|_UV%T|^` k
aRcR bfy dV ]R fdRcx$ bfV UZdafeRcd`ScV V] U`^Z_Z` UV dfd WfV_eVda d`ScV ]`d eZa`dUV
T`_ecRe`d bfV T`_UfkTR_ S df ac`UfTTZ|_'
GfZV_ VdeR _`eR WZc^R"
VdTcZSZ|%
eR^SZy_%T`^`
C`cV]]`% d`ScV ]R T`_gV_ZV_TZR
Yf^R_R UV&TfR_U` UV ^R_V[Rc ]`d cVTfcd`d _RefcR]VdUV ecReR&cVdaVeRc]Rd]VjVd UV ]R
$1%;a`eW\a >WVWdS^
VWA`hWde[a`We&6YEOXEGMcQHI ORVUIGXUVR$
QEWXUEOIV
HI OE2UKIQWMQE
% )(& IWESE $:gW`ae
+30,'.& 3 ha^(& =V4 ?( Cd SXfDfVS(
$2% NWd ?(

;S`a&

?IGXUVRV <EWXUEOIVk 6OOIUKbE$:gW`ae

,.

=<ALGJA9D

DRefcR]VkR%
cVW]V[x_U`]RV_ ]Rd _`c^Rd [fczUZTRdbfV W^>`^ScV
dfcXZ| VdR ZUVRWfV9`_WfTZ`'

TcVR #*)$' GfZV_ acZ^Vc`

BR eV`czRXV_VcR] UV C`cV]]` ^VcVTV e`U` V]`XZ` a`c df T`^acV_dZgZURU h a`c df


gZ_Tf]RTZ|_ T`_ ]R eV^xeZTRd`TZR]' IZ_ V^SRcX`% acVdV_eR U`d gRTz`d%bfV S y] _` ]V
GRVWIUWV
]]V_Rc2
*r$ E^ZeV T`_dZUVcRcV] aRaV] TcfTZR]UV ]`d cVTfcd`d V_VcXyeZT`dacZ^RcZ`d' ;de` Vd%
V] cVTfcd` _RefcR] SxdZT`%Z_W]fjV_eVd`ScV e`U`d ]`d UV^xd% gZg`d ^ Z_VceVd'LyRdV T]
7HD ! & -' a' ,+0 %hV_ ]`d 7_R]Vd UV ]R 7TRUR^ZR DRTZ`_R] UV 9ZV_TZRdC`cR]Vd h
F`]zeZTRd%,430& T`_TVae`d UV] Rfe`c UV VdeV VUZe`cZR]^xd UVeR]]RU`d d`ScV VdeR
RWZc^RTZ|_'BR ]Vj UV V_ec`azR Z_W]fjVeR^SZy_ V_ ]`d cVTfcd`d _RefcR]Vd gZg`d k V_ V]
T`^a`ceR^ZV_e` UV ]Rd d`TZVURUVdYf^R_Rd' ;] Z_TV_UZ`Vda`_ex_V` UV f_ S`dbfV
_RefcR] T`_deZefjV f_R RTTZ|_ V_ec|aZTR UV ]R DRefcR]VkR%V_UVcVkRUR S df ac`aZR
T`_eZ_fZURU%
dVX}_ RacV_Uz UV =Rcj MVeeVcSVcX';] RcezTf]` - UV ]R ]Vj ac`jVTeRUR%
UVWZ_Ze`cZ`d
UV a`]zeZTRd%
TRcVTVUV f_ Z_TZd`bfV ac`aZTZVV] fd` UV W`c^Rd UV V_VcXzRUV
SR[R V_ec`azR'

A
6

+r$ D` acVdeRdfWZTZV_eV
ReV_TZ|_R ]`d RdaVTe`d [fcWUZTb&a`]zeZT`d
UV ]R Z_eVcUVaV_&
UV_TZRUV ]`d cVTfcd`d _RefcR]Vd%
h UV ]`d UZWVcV_eVd
fd`d UV yde`d V_ecVde' ;_ ]` bfV
T`_TZVc_V S UZTY`d RdaVTe`d UV VdR ]Vj UV ]R DRefcR]VkR%V]]R UZ` `cZXV_ S ]R U`TecZ_R
MXUWHMG_
UV] ecReR^ZV_e`Z_eVXcRU`h T`^acV_dZg` UV e`U`d ]`d cVTfcd`d _RefcR]VdV_ f_
^Zd^` TfVca` ]VXR]%bfV YRTV `_TV R{`d ViafdV V_ f_R afS]ZTRTZ|_ UV ]R <7E %,,&' h
bfV WfVZ_decf^V_eRURV_ V] 9|UZX` 7^SZV_eR] UV 9`]`^SZR $+31.% acZ^Vc`%jV_ V] UV ]`d
HVTfcd`d DRefcR]Vd UV 9`ccZV_eVd%,43,& UVdafyd' 9fcZ`dR^V_eV V] ecRSR[`UV C`cV]]`
TZeRU`V__`eR , h V] UV] Rfe`c UV VdeR_`eR TZeRU`V_ _`eR ,, eZV_V_TRdZV] ^Zd^` ezef]` h
aRceV_ UV TRdZ]R ^Zd^R WZ]`d`WzR'
B`d [fcZdeRdUV] VbfZa` UV C`cV]]` a`UcWR_eV_VcV_
TfV_eR ]R&eV`czRUZWf_UZUR
a`c ]R <7E' ;[V^a]`
R] TRd`2 e[ T`^`
RWZc^RC`cV](`% ]`d
S`dbfVd UV ]`d aRcbfVd _RTZ`_R]VdacVdVcgR_]Rd WfV_eVdYzUcZTRd
UV ]`d cz`d T`_ ]`d bfV
>ZUc`_`c XV_VcR V]VTecZTZURU%
ydeR \ dfd fdfRcZ`d UVSVczR_aRXRc a`c VdV dVcgZTZ`%
RjfUR_U` WZ_R_TZVcR^V_eV
R 7FD R Tf^a]Zc dfd `ec`d WZ_Vd
#`WcVTV^`d VdeRZUVRR 7FD
dZ_ cVT]R^Rc cVecZSfTZ|_a`c V]]R$'
Eec`d Rfe`cVd RcXV_eZ_`d%
?) =R]]`az_ \ FRS]` =fe^R_% YR_ T`_ecZSfZU` eR^SZy_
a`_UVcRS]V^V_eV S UVWZ_Zc
]R eV`czRV_ VdeR ^ReVcZR'C`cV]]` ]Vd TZeRS ^V_fU`'
BR XVdeZ|_ UV ]R 7FD eWcVdZV_eV
RTefR]^V_eV UV R]Xf_Rd UVdac` Z[ZURUVd%
bfV eW
afVUV_ T`ccVXZcdZ_^Rj`c UZWZTf]eRU%
\ dZcoUVd^VUc` UV ]R T`_TVaTZ|_ U`TecZ_RcZR
V_ bfV
dV Ra`jR' ;[V^a]`2 V] T`_dV_eZ^ZV_e` S ]R Wf_URTZ|_UV f_ afVS]` _fVg` R] aZVUV] <Zek
H`j% UVdRWVTeR_U`
aRceVUV f_R HVdVcgRDRTZ`_R]%bfV Vd S ]R gVk HVdVcgR Cf_UZR]
#FRecZ^`_Z` UV ]R >f^R_ZURU$ V_ gZcefUUV f_R 9`_gV_TZ|_ ?_eVc_RTZ`_R]UV ]R bfV
_fVdec` X`SZVc_` Vd dZX_ReRcZ`'
BRdeei_ _`e eVVde2V_ ]R ]ZeVcRefcR
UV] VbfZa` UV 7FD dV ^V_fUVR_ RU[VeZg`d_`
dZV^ScV R[fdeRU`d%h bfV _` T`_UfTV_ S WZ_R]ZURU
}eZ]R]Xf_R' ;] FcVdZUV_eV
7]W`_dz_\ ]R

9[dWe
$+*%?(

;S`a(

:EZV

RJ QEWXUIEXH CEWIU OEZV$ W` OSfWd ^`dUd`Sd[a`S^& f( 1& &&#, $+32,%& b( 2+(

9[dWe& +313& =V( DS DWk%(

$3%D#k`fa` ;S^ViW^A& 6OOIUK\ EQH WLI VWUXGWXUI


RJ VRGMEO
MQVWMXXMRQV$
W` @g_S`
H^W`g_ HgTB[eZ[`Y ;adb%(

=Ua^aYk $F4 Pad]& +310& =V(

"))# ;EUGE NXUbHMGR


I MQVWbWXGMRQEO
SEUE IO PEQINE MQWIKUEHR
HI ORVUIGXUVRV
QEWO'UEOIV
$>9G& Ja_S
DWY[e^Sf[ha`! 3%(

+31/& =efgV[a

#$

9E:A=FL=

P J=;MJKGK

F9LMJ9D=K

?X]VdZR
YR_ ]]R^RU` cVZeVcRUR^V_eV
S f_R f_ZURUj T`_T`cUZR'bfV aVc^ZeRS ]R 7cXV_eZ_R
TcVTVcV_ aRk' BRd WVTYRd
UV] ,+ UV UZTZV^ScVUV ,43.' ,1 UV dVaeZV^ScVUV ,400' / UV
[f_Z` UV ,4/. h 0 UV dVaeZV^ScVUV *1,)% UVSV_ UVdRaRcVTVcUV _fVdecRd ^V_eVd%
fdRURd T`^` ]Z_UVc`dV_ecVcyac`S`d j V]VXZU`d' D` UVSVc]R'e3?
fdRcdV \qb ]`d ^`eVd UV
!T`_dVcgdT\^Zdec` T`_dVcgVU`c! #]R T`_dVcgRTZ|_ Tb T`_dVcgVU`cV ``c "_RefcR]VkR%
Rf_bfV bTP ac`XcVdZdeR$%
^ !T`_dVegVTe`_Zd^` U^/^N'$!6U!]
"9XW..'%[l( =V_VcR9 %!""2VdZUVZ]eV
Rfe`cZeRcZ`
bfZV_ afd` a`c acZ^VcRgVk V_ ef_TZ`_VdVU^Z`ZVecVeZgVd%
V_ ^Rj` UV ,42.' S
SfV_R aRceVUV] VbfZa` UV 7FD$' B`d aRcbfVd _RTZ`_R]Vd W@Vc`_
TcVRU`d V_ ]R UyTRUR
UV ]`d R{`d .+6 ac`gZV_V_ UV ]R Z_daZcRTZ|_j U`_RTZ|_ UV f__`^RcV
UV ]R XV_VcRTZ|_
UV] 0)% h UfcR_eV ^fTY`
eZV^a` WfVc`_ &aRcR _fVdec.2s`cXf?@`& V] }_ZT` ^`UV]`
UZda`_ZS]VV_ ]R 7^ycZTR BReZ_R'9RUR f_`% V_ df PRPIQWR/ Tf^a]Z| df UVSVc%RT`cUV
T`_ ]Rd TZcTf_deR_TZRd
UV ]R Y`cR' :V[V^`d ]`d RU[VeZg`dS#BB( r]RU` j TR^Z_V^`d e`U`d
[f_e`d YRTZRV] a`cgV_Zc%^ZcR_U` YRTZR&VUVeV_eV'
'%'"

;] :ZcVTe`c

You might also like