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ȱ Ȱ €šĤžȡ “˜ȡ
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ȱ Ȱ “@ €ǙǓ𘠖ȫǒƨ€ȡ›ȯ €šĤžȡ “˜ȡ ’ȯšȰ ™Ȫ‚‘ȡ“
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šǒ¡—“ȯ †Ȱ “@€šĤžȡ “€ȡ€Ǔ”™ǒŸ™¡Ǿ\ˆȰ ǓŒǔ‡Š›ȡ^‡ȯ ““—Ȱ  €ȯ€Ȫ\èȡ͕€š‘ȡȡ›ȯ
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–[˜ȡ“ \èȡ˜ȡ ‡èȪ Ǘ€Ȱ … Ǖ“ȫǓ —f”Ǔ“ €šĤžȡ “˜ȡ €ǙǓ𘠖ȫǒƨ€ȡ€Ȫ Ĥ™Ȫ‚€Ȫ ǒ€ã”
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˜ȡ›èǕȡǕȡ“Ȣ€ȡ ȡ’“€Ȫ\“Ǖ‚˜“ĤŽȡ›ȣ 9&76 
‘ȣƒ[šȡ‡˜Ȱ“ȡ›ȣ™

9&76€ȯ¡Ȫ!
˜ȡ›èǕ ȡ Ǖ ȡ“Ȣ€ȡ  ȡ’“€Ȫ \“Ǖ‚˜“ ĤŽȡ›ȣ 9HKLFOH DQG &RQVLJQPHQW 7UDFNLQJ 6\VWHP
9&76  —“ȯ€Ȫ噝 ȡǒ™€Ĥ™Ȫ‡“€ȡ˜ȡ›èǕf€èȡ“–ȡŠ\€Ⱦèȡ“
“ȯ”ȡ›Ǔ—ğ Ǖ ȡ“Ȣ‚“Ǖ[ —Û‘ȡ
”ǒ¡›ȡ ˜ȡ›èǕ ȡ Ǖ ȡ“Ȣ  ȡ’“€Ȫ  Ȳ ǔ¢Ü
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‚šȯ €Ȫ :HE EDVHG RQOLQH V\VWHP ˜ȡĤǙǔç
Š‚“ȶ 噝èȡ¡Ȫ@™Ȫ ^LJƐƚĞŵ 5HDO 7LPH ˜ȡ]’ȡǐš
6\VWHP ¡Ȫ @ ™ ˜ȡ ĤǙǔçŠ ‚šȯ š Ǔ ‡[“ȡ ¡Ǖ“ȯ Ǖ ȡ“Ȣ ƒȪŸŽȡ ”ğ 0DQLIHVWR  SULQW  ‚šȣ ȡ LJLWDO
&RS\0RELOH ˜ȡǓ›_˜ȡ›èǕǕ ȡ“Ȣ‚‘ȡ[ È€›Ǔ–›–Ȣ‡€€ȡ‚‡ȡ ȡǓ›_˜ȡğǒ¡Ȳ ԓǕ”‘[†@
Ǖ Ȫ Ĥ€ǙǓ ”ǐš˜ȡŽ
™Ȫ ĤŽȡ›ȣ˜ȡ Ǖ ȡ“Ȣ  ȡ’“€Ȫ “à–š  ȡšȣ …ȡ›€€Ȫ “ȡ˜ •Ȫ“ “à–š ˜ȡ›è€
˜Ǘã™ Đȯȡ š ǒĐȯȡ€Ȫ “ȡ˜ š èȡ™Ȣ ›ȯȡ “à–š €ȡ‚‡ȡ¡Ǿ€Ȫ Ĥ€ǙǓ š “à–š ˜ȡ›èǕ ”‹ȡf€Ȫ
èȡ“‡èȡǒšŽ ˜ȡȯž‚ǐšf€Ȫ†@™ȪĤŽȡ›ȣ˜ȡ噝 ȡǒ™€Ĥ™Ȫ‡“€Ȫ˜ȡ›èǕ \ȡ[`”—ȪƠȡ
  ‚“Ǖ[ ”‘[† @ ™ ›ȯ  %XVLQHVV WR %XVLQHVV 7UDQVDFWLRQ ›ȡ_
ȡ¡ȯ€€ȡ å™ǔƠ›ȡ_ Ǔ–Đȧ ‚‘ȡ[ ĤǙçŠ
‘ȡ™šȡ˜ȡ ã™ȡf€Ȫ † @ ™Ȫ 6\VWHP ˜ȡ šȡ‡è \“Ǖ Û’ȡ“ ǒ—ȡ‚€Ȫ ]Ǔ’€ȡǐš€ :HEVLWH
ZZZGULJRYQS ȡ 'LUHFW YFWVGULGULJRYQS ˜ȡ /RJLQ ‚šȣȪã“ ǒ€Û†@™ €ȪĤ™Ȫ‚‚“ȶ
8VHU 0DQQXDO ǒ—ȡ‚€Ȫ ZHEVLWH ˜ȡ“Ȱ šȡǔf€Ȫ†@™Ȫf`Šȡ Ǘ…“ȡĤŽȡ›ȣ¡Ȫ‡ ›ȯ 噝 ȡǒ™€
 Ǘ…“ȡ›ȡ_Ĥȡ܏ȢĤžȪ’“š`”™Ȫ‚‚“[ ƒȡ`”Ǖâ™ȡ`ȱ†@

9&76€Ȫ€ȡ“Ǘ“Ȣ]’ȡš€ȯ¡Ȫ!
šȡ‡è … Ǖ¡ȡŠ
\“Ǖ Û’ȡ“ ȡ Ǔ“™ÛğŽ  g“  €Ȫ ‘•ȡ CE ˜ȡ   ȡ›˜ȡ “Ȱ f€
ǔ‡ã›ȡ–ȡŠ \€Ⱦ ǔ‡ã›ȡ˜ȡ ˜ȡ›èǕ Ǖ ȡ“Ȣ€Ȫ :HE EDVHG \“Ǖ‚˜“ ĤŽȡ›ȣ ›ȡ‚Ǘ ‚“ȶ 噝èȡ ‚ǐšf€Ȫ
Ǔ™Ȫ@ ȡ›€Ȫ]Ǔ[€g“–ȡŠ™ȪĤŽȡ›ȣ›ȡ‚Ǘ ‚“[  Ȳ žȪ’“‚šȣf€ǔ‡ã›ȡ–ȡŠ\€Ⱦǔ‡ã›ȡ
—Û“ȯ€Ȫ  ʣȡ f€ èȡ“–ȡŠ \€Ⱦ èȡ“ —“Ȣ  Ȳ žȪ’“ ‚ǐš™Ȫ —“ȯ ‡ǐšȡ“ȡ  à–Û’Ȣ 噝èȡ›ȡ_  ˜ȯ
 Ȳ žȪ’“ ‚šȣ \“Ǖ Û’ȡ“ \Ǔ’€Ǚ€Ȫ  ʣȡ ˜¡ȡǓ“‘ȶ ž€›ȯ  ˜ȡğ ‡ǐšȡ“ȡ ‚“[  È“ȯ 噝èȡ ‚ǐš™Ȫ@  ȡȰ 
‡ǐšȡ“ȡ€Ȫ š€˜›ȡ_  ˜™ȡ“Ǖ€Ǘ› –“ȡ_ ”ǒ¡›Ȫ ”Š€›ȡ_  ¡‡ȡš à˜ š י ”Ǔ† ”Š€Ȱǒ”͆ȯ  f€
›ȡ à˜ ‡ǐšȡ“ȡ ¡Ǖ“ȯ 噝èȡ ‚ǐš™Ȫ @ י €Ȫ \ǓǐšƠ   ȡ›€Ȫ ‡ȯŠ –Ơ噀Ȫ –Ǖȱ‘ȡ “Ȳ
˜ȡ…ȪšȣǓ“€ȡ Ȣ”Ȱ‹ȡšȣš]ۏǐš€`הȡ‘“€Ȫ”ǐš¡“˜ȡ¡Ǖ“ȯǒ…›“›ȡ_ۙǗ“Ȣ€šŽ‚šȣšȡ‡è
… Ǖ¡ȡŠ Ǔ“™ÛğŽ ‚“[ `הȡ‘“ ”ǐš¡“ š Ǔ–Đȧ à˜€Ȫ ĮȲ Ǚ›ȡ›ȡ_ ̙ȡǒ€Ǎ ĤŽȡ›ȣ˜ȡ ]–ƨ ‚ǐš“ȯ†
—Û“ȯ 噝èȡ‚šȣ€ȡ™ȡ[۝™“€Ȫ›ȡǓ‚ š€ȡš€Ȫ“ȢǓ‚ĤǓƨȡ ˜ȯå™Ơ‚ǐš™Ȫ@ǒ™“Ȱ€ȡ“Ǘ “Ȣš
“ȢǓ‚ 噝èȡ€Ȫ ]’ȡš˜ȡ ™Ȫ ĤŽȡ›ȣ \‚ȡǓŒ –ȡ^f€Ȫ ¡Ȫ @ DBIC  ȡ›˜Ȱ  €ȡ“Ǘ “›ȯ  9&76 €Ȫ


˜¡ȡǓ“‘ȶ ž€šȡ‡è\“Ǖ Û’ȡ“ǒ—ȡ‚
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噝èȡ\ǔƒ ȡšȯ €ȪǓ™Ȫ@`ƭȪ‚–ȡǔŽÏ™˜¡ȡ Ȳ ƒ  “ȯ”ȡ› …ȯà–š\•€˜ž[ š“ȯ”ȡ›`ƭȪ‚”ǐš Ȳ ƒ
›‚ȡ™€ȡ  –Ȱ  Ȳ èȡ¡Ǿ›ȯ  יǓ–ȯ›ȡ “Ȱ ™Ȫ ĤŽȡ›ȣ €ȡ™ȡ[۝™“˜ȡ ã™ȡ`“Ǖ”†[ —“ȯ€ȡ Ǔf @ \ǒ¡›ȯ ”Ǔ“
`“Ȣ¡Ǿ™Ȫ ĤŽȡ›ȣ€Ȫ”¢˜ȡ“Ȱ†“Q@ȡ›ȣã›Ȫ¡˜ȡ€ȯ¡Ǖۆ —“Q
“ȯǔ‡£ȡ ȡ˜ȡğȰ†@¡ȡ˜Ȣ›ȯ è”ç
Š
Ǿ”˜ȡ —“ȯ€ȡ †ɋ €ȧ ‡¡ȡȱ  ^ۊš“ȯŠ€Ȫ ”¡Ǖȱ… †Ȱ “Q  י¡ȡȱ ™Ȫ ĤŽȡ›ȣ ›ȡ‚Ǘ ¡Ǖȱ‘Ȱ“ @ Ǖġȡ Ǔ–Đȯȡ š
ǒ€ ȡ“›ȡ_ ˜ȯ™ȪĤŽȡ›ȣ›ȡ‚Ǘ ¡Ǖȱ‘Ȱ“@

9&76›ȡ‚Ǘ‚“[™ȡšȣ€ȯǓ™Ȫ!
™Ȫ ĤŽȡ›ȣ ›ȡ‚Ǘ  ‚“[ ™ €Ȫ  Ȱ—Û‘ȡ ˜¡×”ǗŽ[ 6RIWZDUH Ǔ“˜ȡ[Ž š¡ȯ €Ȫ Ǔ™Ȫ @ šȡ‡è \“Ǖ Û’ȡ“
ǒ—ȡ‚›ȯ ]  €Ȫ žǕǽ–ȡŠ ™ €Ȫ ǒ€ȡ ˜ȡ ‚Ǚ¡€ȡ™[ \‚ȡǓŒ –ȡf€Ȫ Ǔ™Ȫ @ šȡ‡è
\“Ǖ Û’ȡ“ ǒ—ȡ‚ \[ ˜Ûğȡ›™–ȡŠ  •ȡ‚Ǖ“–ȡŠ Ĥ’ȡ“˜ÛğȢ ȡ ˜ǔÛğ”ǐšŸÙ€Ȫ €ȡ™ȡ[›™ ˜ȡ¡
]f ”æ…ȡQ šȡ‡è … Ǖ¡ȡŠ Ǔ“™ÛğŽ˜ȡ  à˜ȡ““Ȣ™ Ĥ’ȡ“˜ÛğȢϙǗ–ȡŠ žǗۙ  ¡“ǔž›ȡ \”“ȡ`“ȯ “ȢǓ
Ǔ›“Ǖ —f€Ȫ † @ šȡ‡è … Ǖ¡ȡŠ Ǔ“™ÛğŽ ‚“[ ĤŽȡ›ȣ‚  Ǖ’ȡš ‚“[  Ȱ—Û‘ȡ Ĥ—ȡ€ȡšȣ `”ȡ™ —“ȯ€Ȫ
 Ǘ…“ȡĤǒǓ’€ȪĤ™Ȫ‚¡Ȫšי €Ȫ`”™Ȫ‚›ȡ_–ȡ`“ȯǓ“‘ȶ ž“ĤȡÜ
—f€ȪǓ™Ȫ@˜ȡƒ à˜˜ȡ
6RIWZDUH ǒ€ȡ €Ȫ€ȡ˜ à”Û“‚šȣ šȪ€ȡšȡ›ȡǓ“€ȡ™ ȱ‚\ۏšǒЙȡ†›•›”Ǚç‹”ȪŸŽ“ȯ”ȡ›—ǐš
“Ȱ‚šȣGK—Û‘ȡ–ȣ\ۏšǒЙȡ‚šȣ噝 ȡǒ™€¢ȯğ–ȡŠĤȡ܏ Ǖˆȡ ˜ȯ ˜ȯŠȣ6RIWZDUH ˜ȡ Ǖ’ȡš
‚šȣ  ‡ȯç‹
  C ‚ȯ–ȡŠ ™Ȫ 6RIWZDUH 6\VWHP ›ȡ_ ”šȣ¢Ž€Ȫ Ǿ”˜ȡ ǒ—ȡ‚€Ȫ :HEVLWH ˜ȡ
šȡǔf€ȪǓ™Ȫ@

sd^€ǒ¡›ȯ–ȡŠ€ȡ™ȡ[۝™“˜ȡ]™Ȫ!
ǒ—ȡ‚€Ȫ ”ǗŽ[ ™ȡšȣ ”æ…ȡ  ĮȡŽ  ‚ȯ–ȡŠ ˜ȡ““Ȣ™ \[˜ÛğȢ Œȡ ™Ǖšȡ‡ ǓŒȡϙǗ–ȡŠ
Ĥ’ȡ“˜ÛğȢ €ȡ™ȡ[›™ Ǔ Ȳ ¡‘š–ȡš€Ȫ  —ȡ¡›–ȡŠ Ǔ“‡Ȣ¢ȯğ  ˜ȯ€Ȫ `”ǔèǓ˜ȡ &RPSXWHU ˜ȡ &OLFN ‚šȣ
™ €Ȫ žǕ—ȡšà— ‚“Ǖ[ —f€Ȫ Ǔ™Ȫ @ ™Ȫ žǕ—ȡšà— ‚‘ȡ[€ȡ – ™ €Ȫ  •›ȡ”Ǘ€
[  €ȡ™ȡ[۝™“ ‚“[
”¡ȡŒ‡èȪ… Ǖ“ȫǓ¡ȡĨȪ ȡ˜ǕǓ™Ȫ@Ǔ“‡Ȣ¢ȯğ€Ȫ €ȡšȡט€š… Ǖ“ȫǓ”ǗŽ[ ĤǓǒЙȡ]f€ȪǓ™Ȫ@

”ǒ¡›ȪF˜ǒ¡“ȡ€Ȫ€ȡ™ȡ[۝™“€Ȫ\èȡ€ȯ†!
9&76 ˜ȡĤ™Ȫ‚€ȡ[›ȯ]ݓȪèȡ™Ȣ›ȯȡ“à–šš9DOLG0DLO ,'–ȡŠ]ݓȪXVHU ,' š3DVVZRUG
]•Ȱ–“ȡ`“ È“ȯ噝èȡ‚ǐšf€Ȫ†@™ €Ȫ›ȡǓ‚šȡ‡è\“Ǖ Û’ȡ“ǒ—ȡ‚ȡ€ȡ™ȡ[›™‡ȡ“Ǖ ”‘ȷ “
@ 9&76  €ȪĤ™Ȫ‚›ȡ_ ¡‡Ȣ€šŽ‚“[ …ȡš‡“ȡ Ǘ…“ȡĤǒǓ’ ,7  €ȡ€˜[…ȡšȣ€Ȫ 6XSSRUW 7HDP
Šȡ^f€Ȫ † š ‡Ǖ“ Ǖ€Ȱ èȡ“–ȡŠ Šȯ Ǔ›•Ȫ“–ȡŠ  ȯȡ Ǔ›“  ǒ€“ȯ 噝èȡ ‚ǐšf€Ȫ † @ ™Ȫ ĤŽȡ›ȣ€Ȫ
Ĥ™Ȫ‚‚“[ ȡ˜ȡۙ˜ȡǓ“ ›ȯ È“ȯ‚šȣ–“ȡ^f€Ȫ†@™Ȫ\ ȡڙȰĤ™Ȫ‚€ȡ[˜ȰğȢš¡ȯ €Ȫ†@

 

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9&76€Ȫ`Ƨȯ晀ȯ¡Ȫ!
™ €Ȫ `Ƨȯæ™ —“ȯ€Ȫ 噝 ȡǒ™€ ”ȡš‘ǔž[ȡ €ȡ™˜ ‚“ȶ͕ 噝 ȡǒ™€ èè ĤǓè”’ȡ[€Ȫ ȡȡšŽ Ǔ“˜ȡ[Ž
‚“ȶ  …Ȫšȣ”Ȱ‹ȡšȣ  Ǔ“™ÛğŽ‚“ȶš]ۏǐš€j ȡš ”Ȫ ȡš˜ȡĤ™Ȫ‚—f€ȡǓ–›–Ȣ‡€¡Ǿ€Ȫ”Ǔ“ ĤŽȡ›ȣ˜ȡ
\Ǔ—›ȯǔ€šŽ ‚šȣ èȯǔ͆€ €š  ¡—ȡǓ‚ȡ –ȡ`“ȯ `Ƨȯæ™ Ĥȡ܏ ‚“[ ™Ȫ ĤŽȡ›ȣ€Ȫ ǒ€ȡ  ‚šȯ €Ȫ ¡Ȫ@
\ǒ¡›ȯ ™ €Ȫ Ĥ™Ȫ‚ `× ȡ¡‡“€ Ǿ”˜ȡ –ȯ €Ȫ † @ 噝 ȡǒ™€ š Ǔ“‡Ȣ ¢ȯğ›ȯ  ”Ǔ“ ™ €Ȫ \יۏȰ
 €ȡšȡט€Ǿ”˜ȡèȡ‚šèȢ€ȡš‚šȯ €ȡ†“Q@

™ –ȡŠ€ȯ€èȡ•ȡ^‘ȡ†“Q!
™ ›ȯ  ”ȡš‘žȸ 噝 ȡ™ š 噝 ȡ™Ȣ¡Ǿ›ȡ_ ĤȪ× ȡ¡“ ‚†[ @ \Ȱ’  \”ȡš‘žȸ €ȡšȪ–ȡš ‚“ȶ¡Ǿ›ȡ_
Ǔ“‚šȡ“Ȣ š Ǔ“™ÛğŽ ‚†[ @ f`ŠȰ  €ȡ‚‡ȡ ȡ –Ȣ‡€–ȡŠ ”Š€ ”Š€ ˜ȡ›èǕ 
j ȡš ” ȡš ‚“ȶ
€ȡ™[›ȡ_Ǔ“™ÛğŽ‚‘[†@˜ȡ›èǕ “Ǔ›_Ǔ–›–Ȣ‡€˜ȡğǓ›fš€š€ʣȢš…[ ‘ȡȢ‚“ȶ ĤǙǔƣ˜ȡ
€›ȣ–Ȣ‡€Ĥ™Ȫ‚‚šȣšȡ‡è… Ǖ¡ȡŠ‚“ȶ›ȡ_Ǔ“‚šȡ“Ȣ–ȡ`ȱ†@
Ǔ“™ÛğŽ‚‘[†@ˆǕʣȡȡ“È
˜ȯšȪ  ȡ˜ȡ“ Ǔ›fš ‚ȡŒȢ ǒ¡Ȳ ԙ
 Ȫ ǒ€ ǒ¡Ȳ Œȯ“ —“ȯš Òâ™ȡǒ€Ǎ Ĥ™Ȫ‚€ȡ[ ]•Ȱ›ȯ  ”Ǔ“ ‚“[  È‘†“Q @ ™èȰ
\€Ⱦ—“ȯ€Ȫ]”ǗǓ[ ĤŽȡ›ȣ˜ȡ–‡ȡš˜ȡ€Ǖ“ ȡ˜ȡ“€Ǔ†!  €ȯ\—ȡ ¡Ǖȱ‘Ȱ†—Û“ȯ ǒ€Ǔ ˜€ȡ‡ȡ“€ȡšȣ
™ ›ȯ  Ǒ‘“  È† @ ™ ›ȯ 噝 ȡǒ™€ Ĥ™Ȫ‡“€ȡ Ĥיȯ€ –Ȣ‡€€Ȫ \Ǔ—›ȯ  ‚‘[† @ ”Ǔ† Ǔ–› –Ȣ‡€
—ȯ›ȡ ‚šȯ š ǒ¡ ȡ– Ǔ˜›ȡ“ ‚“[ €Ǒ‹“ –“ȡ`ȱ† @ €š€Ȫ ‘ȡ™šȡ ǒèȡš ‚“[  ƒȡ`ȱ† @€š€Ȫ èȯǔ͆€
€š  ¡—ȡǓ‚ȡ –ȡ`“ ˜Ƨ ‚šȣ  ¡ȣ €šȡšȪ”Ž ‚“ȶ \“Ǖ€Ǘ› ȡȡšŽ –“ȡ`ȱ† @ šȡ‡è ”ǐš…ȡ›“
Ĥƨ[“‚‘[†@`”—ȪƠȡ›ȯǓ–›–Ȣ‡€”ȡ`“ȯ\èȡ€ȪǓ ‡[“ȡ‚‘[†@
ǒ¡‡Ȫ€ȡǑ‘“˜ȡ—Û ȡš–ȡŠ€Ǔ]™ȡ—™Ȫ—Ǐ ÈؙɊ@€Ǖ“`ƭȪ‚›ȯ Ÿ[˜ȡ  €Ǔ`הȡ‘“‚™Ⱦ—Ǐ
 ǒ€ÛؙȪ¡Ȫ›ȡ@š  \–¡ȡ˜Ȣ˜ǒ¡“ȡ—ǐš˜ȡ€Ǔ˜ȡ›èǕ ]™Ȫ!  \ǒ¡›ȯ à˜€Ǔ]™Ȫ!  ¡ȡ˜Ȣ
 ǔ‡›Ȱ  —Ǐ  È†Ɋ @ ]”ǗǓ[ ĤŽȡ›ȣ›ȡ_ ™ ›ȯ —š”‘Ⱦ š  ǕǓ“ǔƱ –“ȡ`ȱ† @ ǒ€“—“ȯ  Ǘ …“ȡ Ø™ȡNj›ȯ 
¡ȡ˜ȢǕ Ȁ
  ¡ǕۆɊ@噝 ȡǒ™€€ȡšȪȡš”ȡš‘žȸ—f˜ȡèè噝 ȡ™‚“ȶ€Ȫ˜“Ȫ›`ͅ¡Ǖ“‡ȡۆ
Ǔ–›–Ȣ‡€Ǔ›“ȯ Ǒ‘“ȯ ȡȡšŽ–“ȡ`“‘ȡǓ ‡[“ȡ‚‘[†@י €ȡšŽ™èȡȡ›€ȡĤŽȡ›ȣ›ȯ  ]˜
…ȡǑ‘Û†@šȡ‡è  Ȳ €›“€ȡ›ȡǓ‚
`”—ȪƠȡ›ȡ_ ˜ȯ Ǖǒ’ȡ¡Ǖۆš`“Ȣ¡Ǿ€ȪǓšȯ €Ȫ€š€Ȫ ǕǓ“ǔæ
 ¡™Ȫ‚ ”Ǖâ™ȡ`“ȯ ‚šȣ ™Ȫ ĤŽȡ›ȣ ]f€ȡ›ȯ  ™ €Ȫ Ĥ™Ȫ‚ ‚‘ȡ[ €Ǖ“Ȱ  š€˜ Ǔ“Ǖ”
[ ‘ȷ “ @ י €ȡšŽ ™ ›ȯ 
Ǔ“‡Ȣ š€ȡšȣ‘Ǖ–Ȱ¢ȯğ›ȡ_ ¡™Ȫ‚”Ǖ™ȡ[`ȱ†@
—Û ȡš–ȡŠ ˜ȡ›èǕ ]™ȡ ‚šȣ f`Šȡ €ȡ‚‡ –“ȡ`“ȯ š י¡ȣ €ȡ‚‡ ‘ȯ ȡfš —Û ȡš –ȡǒ¡š–ȡŠ  …Ȫšȣ
”Ȱ‹ȡšȣ‚“ȶ ĤǙǔƣ˜ȡǓ“™ÛğŽ‚‘[†@‡ ›ȯ f€”Š€—Û ȡšǓšȯ šCB”Š€“Ǔǐš ã™ȡ`“ȯ  ˜è™ȡ€Ȫ
\Ûי‚‘[†@\–יèȪĤǙǔƣ›ȡ_Ǔ“ǽ× ȡǒ¡‚“[ ǔ‡›Ȫ¡Ǖۆ@
יǓ ˜ȡğȰ ¡Ȫ^“ 9&76 ›ȯ  €ȡ›Ȫ–‡ȡšȣ šȪȓ ”Ǔ“ ˜¡×”ǗŽ[ —ǗǓ˜€ȡ ȯã“  È† @ `”×™€ȡ˜ȡ €Ǔ
ǔ…“Ȣ ]™Ȫ €Ǔ ˜Ȱ‘ȡ ]™Ȫ !  €Ǔ …ȡ˜› ]™Ȫ —Û“ȯ ǒšŽ ǕǽۏȰ ¡ȯ“[  ǒ€Û† @ €Ǖ“ å™ȡ”ȡšȣ€Ȫ
‚Ȫ‘ȡ˜˜ȡ€Ǔ ˜ȡ“ǕǒĤf€Ȫ†—Û
“ȯ Ǘ…“ȡǐš™›Šȡ^˜ŒȡŠȡ˜ȡǓ›“ ǒ€Û†@


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Š‚“Ǖ[ ”‘[†!
噝 ȡǒ™€Ĥ™Ȫ‡“€ȡ˜ȡ›èǕ ]™ȡǓ“™ȡ[€Ȫ¡€˜ȡ—Û ȡšǓ–Û‘Ǖ˜ȡ—Û ȡšf‡ȯ֊›ȯ ˜ȡ›èǕ Ǖ ȡ“Ȣ
 ȯȡĤ‘ȡ“‚“ȶ ĚȡÛ ”ȪŠ[ €à”“Ȣ€Ȫ¡€˜ȡ ĚȡÛ ”ȪŠ[ €à”“Ȣ›ȯ ĤǙǔç
Š‚“Ǖ[ ”‘[†@`ƭȪ‚  ǒš€š
Ȫ€ǒĐȯȡ›ȯĐȯȡ›ȡ_ ȪˆȰ˜ȡ›èǕǒĐȧ‚šȣ”‹ȡf˜ȡ˜ȡğǓ“‡¡Ǿ›ȯ™ȪĤŽȡ›ȣ˜ȡĤǙǔç
Š‚“Ǖ[ ”‘[†@
¾ ™ ĤŽȡ›ȣ˜ȡ噝 ȡǒ™€Ĥ™Ȫ‡“€ȡ˜ȡ›èǕf€èȡ“–ȡŠ\€Ⱦèȡ“˜ȡȪ€èš à˜€Ȫ€ȡšȪ–ȡš
‚“ȶ›ȯ]ۏǐš€j ȡš” ȡš‚‘ȡ[Ǖ ȡ“Ȣ ȡ’“š˜ȡ› ȡ˜ȡ“€Ȫ Ȳ ǔ¢ÜǒšŽĤǒǔ犂“Ǖ[ ”‘[†@
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€š¡Ǿ€Ȫ –ȡȱŒ•ȡȱŠ ‚“[  Ȳ €Ǔ› š€˜ ǒ—ȡϙ €ȪŸ ȡȡ˜ȡ ‡à˜ȡ ‚šȣ –ȡȱŒ•ȡȱŠ ‚“ȶ 噝èȡ  ˜ȯ
‚ǐšf€Ȫ†@èȡ“Ȣ™¡¡Ǿ€Ȫ‡“žǔƠšĤžȡ Ǔ“€¢˜ȡǒ€ȡ —_“ €ȯ€Ȫ›ȯ ƒš‡Ê‚ȡšǔ‡ƶȯž“
 à–Û’Ȣ€ȡ™[  ȡǒ€€Ȱ€ȡ™ȡ[›™›ȯ  ‚“ȶ ]Ǔ[€g“DBIG€Ȫ噝èȡ\“ǕǾ”˜ȡ›”Ȫ€ȡ™ȡ[›™›ȯ  ‚šȣ
ƒš‡Ê‚ȡšǔ‡ƶȯž“žǕ〚€˜ Ȳ €›“‚‘ȷ  ]f€ȡ†“Q @ NjǓ›š€˜˜ȡ›”Ȫ€ȡ™ȡ[›™›ȯ   à–ǔے
èȡ“Ȣ™¡šĤ‘ȯ ž š€ȡš€Ȫ ǔʶ€ȪŸ˜ȡš€˜”‹ȡ`“ȯ噝èȡ—f€Ȫ†@
\ۏš š€ȡšȣ ǒƣ 噝èȡ”“ g“€Ȫ ‘•ȡ H ˜ȡ ˜Ǘã™ \Ǔ—–Ǚǒƨ€š š ]ۏǐš€ `הȡ‘“–ȡŠ `‹ȯ €Ȫ
\ۏžǕ〠š€˜ ˜Ú™ȯ IB ĤǓž  Ȳ ƒȢ™  š€ȡš›ȡ_ CG ĤǓž Ĥ‘ȯ ž›ȡ_ š CG ĤǓž èȡ“Ȣ™
¡›ȡ_–ȡȱŒ•ȡȱŠ‚“ȶ 噝èȡ‚ǐšf€Ȫ†@‘•ȡI˜ȡĤȡ€ǙǓ€ĮȪ  ”[ȡšȪ¡Ž ǒƭǕ“ȡ“Ȣ
ȡǓ“‡”ȡ“Ȣȡ\ۙĤȡ€ǙǓ€\ۙĤȡ€ǙǓ€ĮȪ –ȡŠĤȡƯ¡Ǖ“ȯ šȪ™ãŠȣǒ—ȡϙ €ȪŸ˜ȡ‡à˜ȡ
‚“ȶšGBĤǓž Ȳ ƒȢ™ š€ȡšDGĤǓž à–ǔےĤ‘ȯ žšDGĤǓž à–ǔےèȡ“Ȣ™¡›ȡ_
šȡǒƶ™Ĥȡ€ǙǓ€ĮȪȡǒƣ]™Ȫ‚–ȡŠǓ“’ȡ[šŽ—f€Ȫ Ǘğ–˜Ȫǔ‡˜–ȡȱŒ•ȡȱŠ‚“ȶ噝èȡ†@
Ĥ‘ȯ ž š€ȡš€Ȫ¢ȯğȡǓ’€ȡšǓ—ğš¡ȯ €ȡ€šȡ‚Ȱš€š›ȡ_噝ǔ萏‚“[Ĥיȯ€Ĥ‘ȯ ž€ȡ€šȡ‚Ȱš
€š à–Û’Ȣg“¡Ǿ‡Ǖ˜
[ ȡ—_›ȡ‚Ǘ —f€ȡ†“Q @Ĥ‘ȯ ž š€ȡš€ȡ ȡ› ȡ›ȣ‡ȡšȣ¡Ǖ“ȯ ]Ǔ[€g“–ȡŠ

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€š ȡ ‚Ȱš €š€ȡ ‘š¡Ǿ Ȫ€ȧ €ȡ™ȡ[۝™“ ¡Ǖȱ‘Ȱ ]f€ȡ †“Q @ èȡ“Ȣ™ ¡¡Ǿ€Ȫ ¢ȯğȡǓ’€ȡš Ǔ—ğ
š¡ȯ €ȡ €š ȡ ‚Ȱš €š€ȡ ‘š¡Ǿ èȡ“Ȣ™ ¡¡Ǿ–ȡŠ  ȡ›– ȡ›ȣ Ǿ”˜ȡ ‡ȡšȣ ¡Ǖ“ȯ ]Ǔ[€ g“¡Ǿ–ȡŠ
Ȫ€ȧ€ȡ™ȡ[۝™“¡Ǖȱ‘Ȱ]f€ȡ†“Q@
Ĥ‘ȯ ž š èȡ“Ȣ™ ¡¡Ǿ€Ȫ šȡ‡è à–Û’Ȣ \Ǔ’€ȡš Ĥ™Ȫ‚€ȡ ǒ¡ ȡ–›ȯ  ™Ȫ ‘ȪİȪ Ÿ[ ¡Ȫ @  Ȳ ƒȢ™ ĤŽȡ›ȣ
Ǖ €ȡ ›ȡǓ‚ “ȫ›Ȫ š ”ǒ¡›Ȫ ”Š€€Ȫ \ߙȡ  —f€Ȫ ¡Ǖ‘ȡȱ €Ǔ”™ €Ǒ‹“ȡ_  ˜è™ȡ š ǒȡ‘¡Ǿ ”Ǔ“
˜Ǖ›€
š¡ȯ €ȡ†“Q@ȡ”Ǔ“ Ȳ ǒ’ȡ“\ۏš š€ȡšȣǒƣ噝èȡ”“g“èȡ“Ȣ™ š€ȡš ʶȡ›“g“€ȪĤȡ’ȡ“
\“ǕǾ” Ȳ ƒĤ‘ȯ žšèȡ“Ȣ™¡–ȡŠšȡ‡è Ȳ €›“š–ȡȱŒ•ȡȱŠ¡Ǖȱ‘Ȱ]f€Ȫ†@
F\ߙȡ ˜ȡ‘ȯ ǔf€ȡ ˜è™ȡ¡Ǿ 
 Ȳ ƒȢ™ȡ “ȯ”ȡ›€ȡ ›ȡǓ‚ Ǔ“ȡۏ “ȫ›Ȫ \ߙȡ  —f€Ȫ š €ȡ™ȡ[۝™“€Ȫ žǕǾ …šŽ˜ȡ š¡ȯ €Ȫ›ȯ Ĥ‘ȯ ž š
èȡ“Ȣ™ ¡–ȡŠ šȡ‡è à–Û’Ȣ \Ǔ’€ȡš€Ȫ \ߙȡ ˜ȡ €Ǔ”™  ˜è™ȡ¡Ǿ ‘ȯ ǔf€ȡ †“Q @  Ȫ˜Ú™ȯ €ȯ¡ȣ
Ĥ˜Ǖ ˜è™ȡ¡ǾǓ“à“–˜Ȫǔ‡˜†“Q@
FC Ȳ ǒ’ȡ“š€ȡ“Ǘ“ǒ”ǐš€ȡ€šȡžǕ〡Ǿ›‚ȡ`“Ǖ Ȳ ǒ’ȡ“ \ۏš š€ȡšȣǒƣ噝èȡ”“
g“šèȡ“Ȣ™ š€ȡš ʶȡ›“g“˜ȡȢ“ŠȰ  ¡›ȯ  €Ǖ“ €Ǖ“€šȡ žǕ〛‚ȡ`“”ȡ`“ȯ —“Ȣ
è”ƴ噝èȡ‚šȯ €Ȫ†@š噝¡ȡš˜ȡ€ȯ¡ȣĤ‘ȯ žšèȡ“Ȣ™¡¡Ǿ›ȯ  ¢ȯğȡǓ’€ȡš–ȡǒ¡š€ȡ€š
ȡ žǕ〠›‚ȡ`‘Ȱ  ]f€Ȫ ”ȡ^f€Ȫ † @ `‘ȡ¡šŽ€ȡ ›ȡǓ‚ “ȯ”ȡ›€Ȫ  Ȳ ǒ’ȡ“€Ȫ ’ȡšȡ DEH ›ȯ 
f€Ĥ‘ȯ žȡèȡ“Ȣ™¡–ȡŠ\€ȾĤ‘ȯ žȡèȡ“Ȣ™¡€Ȫ¢ȯğ˜ȡ¡Ǖ“ȯ èǕ€ȪǕ ȡ“Ȣȡ ȯ ȡ€Ȫ
ǒèȡš˜ȡ €Ǖ“Ȱ €š žǕ〠‘èǕš ˜¡ Ǖ› ›‚ȡ`“ “”ȡ`“ȯ è”ƴ 噝èȡ ‚šȯ  ȡ”Ǔ“ \Ǔ’€ȡȲž
èȡ“Ȣ™¡¡Ǿ€Ȫ]Ǔ[€g“˜ȡ]ݓȪ¢ȯğ–ȡŠ–ȡǒ¡šǓ“€ȡ Ȣ¡Ǖ“ȯ èǕ¡Ǿ˜ȡǓ“€ȡ ȢžǕã€Ǔ›“ȯ
噝èȡ ‚šȯ €Ȫ ”ȡ^f€Ȫ † @ ™ Ȱ ‚šȣ €ȯ¡ȣ Ĥ‘ȯ ž›ȯ `”—ȪƠȡ  ˜Ǘ¡–ȡŠ Ǔ–Đȧ ¡Ǖ“ȯ €ȡ‹˜ȡ
“”Ȱ‘ȡȡš žǕ〠š Ǔ ˜ȯۊ `ƭȪ‚¡Ǿ–ȡŠ `הȡ‘“ š Ǔ–Đȧ ¡Ǖ“ȯ Ǔ ˜ȯۊ˜ȡ Ĥȡ€ǙǓ€ ĮȪ `”™Ȫ‚
žǕã€`‹ȡ`“ȯ噝èȡ‚šȯ €Ȫ”ȡ^f€Ȫ†@
FD ˜™˜ȡ  à–ǔے  —ȡ˜ȡ šȡ‡è š 噙€Ȫ \“Ǖ˜ȡ“ ”ȯž ‚šȣ ”ȡǐš “‚šȯ €Ȫ  \ۏš š€ȡšȣ ǒƣ
噝èȡ”“g“DBIF˜ȡĤיȯ€èȡ“Ȣ™¡›ȯ  Ĥיȯ€]Ǔ[€Ÿ[€Ȫšȡ‡èš噙€Ȫ\“Ǖ˜ȡ“
]Ÿȡ CB ‚ȯ Ǔ—ğ  —ȡ˜ȡ ”ȯž ‚šȣ ]Ÿȡ ˜ ȡۏ \‚ȡȰ ”ȡǐš ‚ǐš È“Ǖ”“ȶ Ĥȡ’ȡ“ š¡ȯ€Ȫ˜ȡ
\ˆȰ  €ȯ¡ȣèȡ“Ȣ™¡›ȯ Ǔ“’ȡ[ǐš ˜™Ǔ’Ǔ—ğ]‚ȡ˜Ȣ]Ǔ[€Ÿ[€Ȫ–‡ȯŠš›‚ȡ^“ȯ €šȡ
žǕ ȡ‘š¡Ǿ ǒ¡€Ȫ]Ǔ[€g“”ȡǐš“‚šȯ €Ȫ”ȡ^f€Ȫ†@ —ȡ–ȡŠ”ȡǐš“‚šȡ_…[‚“[
š €š ȡ žǕ〠`‹ȡ`“Ǖ Ĥ‡ȡȡǔÛğ€ 噝èȡ€Ȫ ˜Ǖ›—Ǘ ˜ȡۙȡ š “ȯ”ȡ›€Ȫ  Ȳ ǒ’ȡ“ ǒ”ǐš
€ȡ™[ ¡Ȫ @ ‚ ]Ǔ[€ Ÿ[˜ȡ ™èȡ èȡ“Ȣ™ ¡€Ȫ  Ȳ əȡ GB —Û‘ȡ –ȣ —fȡ ”Ǔ“  ˜™˜ȡ
 —ȡ–ȡŠ šȡ‡è š 噙€Ȫ \“Ǖ˜ȡ“ ”ȡǐš “‚“ȶ èȡ“Ȣ™ ¡€Ȫ Ǔ“€ȡ ȡ šȪʞȡ ‚“ȶ \[ ˜Ûğȡ›™›ȯ
“ȢǓǓ›f”Ʊȡ™ Ÿ[™ ˜ȡ€ȯ¡ȣ Ǖ’ȡš—“ȯ—f€Ȫ†@
FE “ȡ‚ǐš€€Ȫ €š Ǔ“ȶ ¢˜ȡ “¡ȯšȣ €š ȡ žǕ〘ȡ ‘š Ȫǒ€“Ǖ  ȡ ‚šȣ èȡ“Ȣ™ ¡¡Ǿ›ȯ  €š
ȡžǕ ȡ‘š¡Ǿèȡ“Ȣ™èš‡“ȡ€Ȫ€š™Ȫʙ¢˜ȡ“¡ȯ šȣ\יǓ’€˜ȡğȡ˜ȡ€š›‚ȡf€Ȫ
”ȡ^f€Ȫ†š™èȡ‚Ǖ“ȡ ȡ¡Ǿå™ȡƯ†“Q@
FF ȡˆȡ€š€Ȫ€ȡ™ȡ[۝™“˜ȡ ˜è™ȡ Ĥ‘ȯ žšèȡ“Ȣ™¡€Ȫ ȡˆȡ\Ǔ’€ȡš€ȪǾ”˜ȡš¡ȯ €ȡ€š¡Ǿ
ȡ ‚šȣǓ‚ʣȢǕ Ǎȡȡ›Ǖȡ‡èȡ“‘ȣ‡Û™”‘ȡ[€Ȫšȡ‡è€ ›ȯ  `‹ȡ`“ȯ š€ šȣ–ȡȱŒ•ȡȱŠ‚“ȶ
—Ǐȯ ǒŸ™˜ȡǒȡ‘¡Ǿ‘ȯ ȡ”šȯ €ȡ†“Q @”ǒ¡›ȪǑƮǒ’ȡ€ȪǒŸ™Ǔ‚ʣȢǕ Ǎȡȡ›Ǖȡ‡èȡèǕ¡Ǿ

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Ĥȡ€ǙǓ€ĮȪ˜ȡ”†[“Q ȡ“‘ȣ‡Û™”‘ȡ[ ¡Ǖ“Q —Ǐȯ ǒŸ™˜ȡ“Ȱ ǑƮǒ’ȡš¡ȯ €Ȫ†@\ۏš š€ȡšȣ
ǒƣ 噝èȡ”“ g“€Ȫ 噝èȡ è”ƴ †Ȱ “ @ ™¡ȣ \è”ƴȡ˜ȡ Ǔ–… ”ǒ¡›Ȫ ”Š€ ]Ǔ[€ Ÿ[
DBIF@IG ˜ȡ –“ȯ€ȡ  –Ȱ Ĥ‘ȯ ž€ȡ €š ȡ ‚Ȱš €š à–Û’Ȣ g“¡Ǿ˜ȡ “‘ȣ‡Û™ ”‘ȡ[¡Ǿ€Ȫ
žǕ】šĤ‘ȯ ž›ȯ Ȫȓȯ šèȡ“Ȣ™¡›ȯ   Nj›“‚“ȶ š Ȳ €Ǔ›š€˜èȡ“Ȣ™¡›ȯ  HBĤǓž
š Ĥ‘ȯ ž›ȯ  FB ĤǓž ”ȡ`“ȯ ‚šȣ 噝èȡ ‚ǐš™Ȫ @ €ȯÛġ  š€ȡš€Ȫ ”Ǔ“ ™ ˜ȡ f€ Ĥ€ȡš€Ȫ
 ¡˜Ǔ Ǔ™Ȫ @š ”Ǔ† Ǔ˜Ǔ DBIG@CD@CK ˜ȡ €ȯ¡ȣ “ȯ”ȡ› g“  Ȳ  Ȫ’“ ˜ȡ•[ —f€Ȫ
 Ȳ  Ȫ’“–ȡŠèȡ“Ȣ™ š€ȡš ʶȡ›“g“DBIF˜ȡ Ȳ  Ȫ’“‚šȣèȡ“Ȣ™ ǔʶ€ȪŸ˜ȡ‡à˜ȡ‚“ȶ
噝èȡ‚šȯ ”Ǔ†™ ›ȯǒȡ‘Ǔ“àיȡf€Ȫ†@
“‘ȣ‡Û™”‘ȡ[ –ȡ¡ȯ €\ۙ˜“Ȫšʷ“€ššǒ£ȡ”“€šèȡ“Ȣ™¡›ȯ  Ȳ €›“‚šȣFBĤǓž
 š€ȡš›ȡ_”‹ȡ`“Ǖ”“ȶ˜ȡ”ǒ¡›Ȫ€Ǖšȡ™èȪ€š`‹ȡ`“˜ȡèȡ“Ȣ™¡¡ǾיǓ‚à—Ȣš‘ȯ ǔf€ȡ
†Ȱ ““Q@ \€Ⱦ €Ǖšȡ `‹ȡf€Ȫ š€˜ ”Ǔ“ Ĥ‘ȯ ž  ǔʶ €ȪŸ˜ȡ ”‹ȡ`“ȯ €ȡ™[ Ĥ—ȡ€ȡšȣ Ǿ”›ȯ ¡Ǖ“
 €ȯ€Ȫ†Ȱ “@
FG €š ȡ žǕ ȡ ‘š˜ȡ f€Ǿ”ȡ “¡Ǖ“Ǖ  `èȰ `èȰ —ȫ‚ȪǓ›€ Ĥ€ǙǓ€ȡ Ĥ‘ȯ ž š èȡ“Ȣ™¡˜ȡ
Ǖ €Ȫ 噝 ȡǒ™€ ȡȡšŽ˜ȡ \ š
›‚ȡ^f€ȡ €š ȡ žǕ ȡ ‘š¡Ǿ •š€ •š€ ¡Ǖ“ȡ›ȯ  ˜Ǖ›€
”šȯ €Ȫ ‚Ǖ“ȡ Ȫ f€ȡǓš † —“ȯ \€ȾǓš “ȡ‚ǐš€¡Ǿ˜ȡ ”Ǔ“ \“ȡæ™€ €š€Ȫ —ȡš Ȫ”šȯ €Ȫ —Ǐȯ
—“ȡ^š¡ȯ €Ȫ†@
FHǒ‚€Ȫ “†Ȫԓȯ “™ȡȱ ”Ǔ“ ›‚ȡ`“ȯ  Ĥ‘ȯ ž š èȡ“Ȣ™ ¡¡Ǿ˜ȡǒ‚˜ȡ ǔ‡ã›ȡ ǒ€ȡ   Ǔ˜Ǔ›ȯ 
›‚ȡ_ ]f€Ȫ Ǔ“€ȡ Ȣ €š ›‚ȡ`“Ǖ”†[ —Ǐȯ ˜ȡۙȡ š¡ȱ‘Ȱ ]f€Ȫ ”ȡ^ۆ @™ Ȱ ›ȯ €ȯ¡ȣ Ĥ‘ȯ ž š
\Ǔ’€ȡȲž èȡ“Ȣ™ ¡›ȯ  ]ݓȪ ¢ȯğ–ȡŠ –ȡǒ¡š ‡ȡ“ȯ èǕ¡Ǿ˜ȡ Ǔ“€ȡ Ȣ €š ›‚ȡf€Ȫ ”ȡ^ۆ ‡Ǖ“
 Ȳ ǒ’ȡ“š€ȡ“Ǘ“ǒ”ǐš†@
FI šȪ€ȡšȡ›ȡǓ–…”™ȡ[Ư†›•›“¡Ǖ“Ǖ Ĥ‘ȯ žšèȡ“Ȣ™¡›ȯ ›‚ȡ`“ȯ €šȡžǕ ȡ‘š¡Ǿ
 šȪ€ȡšȡ›ȡ¡Ǿ ȱ‚ ”™ȡ[Ư †›•› “‚šȣ Ȫȑȡ ”Ǔ“  ˜è™ȡ —f€Ȫ †@  šȪ€ȡšȡ›ȡ Ǔ–… ”™ȡ[Ư
†›•›‚šȣ€šȡžǕ ȡ‘š¡ǾȪȓȯ \Ǔ—Ĥȡ™›ȯ Ĥ‘ȯ žšèȡ“Ȣ™‘ǕȰ ¡˜ȡšȡ‡è”šȡ˜ž[
 Ǔ˜Ǔ€Ȫ 噝èȡ ‚šȣ  Ȫ  Ǔ˜Ǔ˜ȡ Ǔ“‡Ȣ ¢ȯğ€Ȫ ĤǓǓ“Ǔ’ם€Ȫ Ĥȡ’ȡ“ —fȡ”Ǔ“ Ǔ“‡Ȣ ¢ȯğ š
 šȪ€ȡšȡ›ȡ€ȡĤǓǓ“Ǔ’šȡȢ†›•›‚“ȶ€ȡ™[Ĥ—ȡ€ȡšȣ“—f€Ȫ”ȡ^f€Ȫ†@
FJ€š à–Û’Ȣ€ȡ“Ǘ“˜ȡ Ȳ Ȫ’“‚‘ȡ[ Ĥ‘ȯ žšèȡ“Ȣ™¡ ȱ‚†›•›“‚ǐš“Ǖ  €š à–Û’Ȣ€ȡ“Ǘ“˜ȡ
Ĥ‘ȯ žšèȡ“Ȣ™¡ ȱ‚†›•›“‚šȣ‚ǐš“ȯ Ȳ  Ȫ’“›ȯ”Ǔ“ ˜è™ȡĮǙ‡“ȡ‚šȯ €Ȫ†@`‘ȡ¡šŽ€Ȫ
Ǿ”˜ȡ èȡ“Ȣ™  š€ȡš  ʶȡ›“ g“ DBIF ˜ȡ —f€Ȫ f€ȧ€Ǚ  à”Ǔ €š à–Û’Ȣ 噝èȡ€Ȫ
 Ȳ  Ȫ’“›ȡ_Ǔ›“  ǒ€Û† @ èȡ“Ȣ™ ¡¡Ǿ›ȯ  ƒš ‡Ê‚ȡ ]Ǒ‘˜ȡ fǒ€€Ǚ  à”Ǔ €š ›‚ȡ`“ȯ š
`‹ȡ`“ȯ 噝èȡ —_ ’ȯ šȰ èȡ“Ȣ™ ¡›ȯ  ]æ™€ ™ȡšȣ  ˜ȯ ‚ǐš €ȯ€Ȫ \èȡ˜ȡ ]Ǔ[€ g“
DBIG ˜ȡ•[Q f€ȧ€Ǚ  à”ǔƣ €š€Ȫ 噝èȡ ¡Šȡ_ ƒš š ƒš›ȯ ……ȶ €Ȫ ‡Ê‚ȡ˜ȡ ˜ȡğ  à”ǔƣ
€š ›‚ȡ`“ȯ š \ۙ ‡Ê‚ȡ˜ȡ —ǗǓ˜€š Ǔ›“ȯ 噝èȡ ‚ǐš™Ȫ @ ™Ȫ  Ȳ  ȪǓ’ 噝èȡ€Ȫ €ȡ™ȡ[۝™“
•š€•š€Ȳ ‚›ȯ—f€Ȫ”ȡ^f€Ȫ†@
FK ‘¢ȡ š ǒ£ȡ€Ȫ €˜Ȣ  €šȡšȪ”Ž ‚“ȶ ǒŸ™ ĤȡǒǓ’€ ”Ǔ“ ¡Ȫ @ȡ ‚šȣ èȡ“Ȣ™ ¡¡Ǿ˜ȡ
Ǖ ȡ€ȡšŽ›ȯ ”Ǔ“ ˜è™ȡ¡Ǿ‘ȯ ǔf€ȡ†“Q@
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FCB ȡšȣ ȡ’“€š¡ȡ›Ĥ‘ȯ ž š€ȡš€Ȫ¢ȯğȡǓ’€ȡšǓ—ğ”šȣ™ȡȡ™ȡ噝èȡ€ȡ™ȡ[›™¡ǾĤ‘ȯ ž
 š€ȡš \ۏ‚[ ‚f€ȡ †“Q @  ȡšȣ  ȡ’“ à–Û’Ȣ  ÝŠȯ™š  Ȳ ƒȢ™ ™ȡȡ™ȡ 噝èȡ ǒ—ȡ‚€Ȱ
Ǔ“™ÛğŽ˜ȡ š¡€Ȫ † @ `‹ȯ €Ȫ šȡ‡è š€˜ ”Ǔ“ €ȯÛġȣ™ šȡ‡è 噝èȡ”“  Ǘ…“ȡ ĤŽȡ›ȣ
50,6  ˜Ȱ ‡à˜ȡ ¡Ǖ“ȯ ‚‘[† @ ™ ›ȯ `‹ȯ €Ȫ šȡ‡è š€˜€Ȫ ǒ¡ ȡ ™ǒ€“ ‚“ȶ š ȡȱŒ•ȡȱŠ ‚“ȶ
€ȡ™[˜ȡ ”Ǔ“ €Ǒ‹“ȡ^ š¡ȯ€Ȫ † @™ Ȱ ‚šȣ ǒ‚˜ȡ ‡Ǖ“ Ǖ€Ȱ ™ȡȡ™ȡ 噝èȡ €ȡ™ȡ[›™¡Ǿ–ȡŠ
RQOLQHĤŽȡ›ȣ˜ȡ•[ ȡšȣ ȡ’“€šǓšȣ“Ȣ€šŽ‚“[  ǒ€“ȯ˜ȡ\–Ĥ‘ȯ ž€Ȫ¢ȯğȡǓ’€ȡšǓ—ğ
‚f”Ǔ†\€ȾĤ‘ȯ ž–ȡŠ‚‘ȡ[ f€Ĥ‘ȯ ž€Ȫšȡ‡è\€ȾĤ‘ȯ ž˜ȡ”“[ ‡ȡ“ȯ \èȡĮǙ‡“ȡ—f€Ȫ†
@\€ȾĤ‘ȯ ž˜ȡ‘ȡ[ —f€ȡ ȡšȣ ȡ’“’“Ȣ¡Ǿ›ȯ èȡ™Ȣ‹ȯ ‚ȡ“ȡšȪ‡‚ȡš噝 ȡ™š¡ȯ €Ȫèȡ“€Ȫ
™ȡȡ™ȡ噝èȡ€ȡ™ȡ[›™˜ȡ‹ȡ`ȱ ȡšȣ‚“Ǖ”
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Ĥ‡ȡȡǔÛğ€ ˜Ǘã™ ˜ȡۙȡ ȡ י €Ȫ •› ‡“ȡ›ȯ  ”ȡ`“  È‘Ȱ ““Q @ ‡“ ¡—ȡǓ‚ȡ˜Ǖ›€ žȡ “
噝èȡ€Ȫ˜ȡڙ˜–ȡŠ‡ȡ•‘ȯ ¡ȣš”ȡš‘žȸžȡ “€ȪĤיȡ—ǗǓ Ǖžȡ “¡Ȫ@ Ǖžȡ “י¡ȡȱ ¡Ǖۆ͕
‡¡ȡȱšȡϙ€ȡ€ȡ“Ǘ“͕ ˜Ǘ㙘ȡۙȡ\Ǔ“€ȡ™[ Ͳ 噝ǔ萏͕ Ǒ‘‚Ȫ͕ Ǔ“™Ǔ˜͕ ǔ‡à˜ȯȡšš”ȡš‘žȸ¡Ǖۆ“Q@
™ ˜ȡ ”ǐšŽȡ˜ Ȫǔ‡Û†͕ ¡Ǖۆ@ ‘ȯ ž€Ȫ ]Ǔ[€ \èȡ͕ šȡ‡“ȢǓ€ \èȡ š Ĥžȡ Ǔ“€ €ȡ™[–ȡŠ
šȡϙ€ȡ –Ȱ¡˜ȡ—f€Ȫ\Ǔ’€ȡš͕ 噝èȡš ÛǕǒƴ€ȡ]’ȡš˜ȡ Ǖžȡ “€Ȫ\èȡ€èȪ†\Ǔ“
י¡ȡȱ Ǖžȡ “†ǒ€†Ȱ “—Ǐȯȡ¡ȡ”ȡ`“ ǒ€Û†@

 Ǖžȡ “€ȡ]™ȡ˜
 Ǖžȡ “›ȡ_¡ȯ ‘ȡ[š”ǐš—ȡŸȡ‚‘ȡ[ǒǓ—ǏǺǒƴ€ȪŽ–ȡŠ¡ȯ“ȶ‚ǐšÛ†
€Ϳ Ĥžȡ €ȧ™]™ȡ˜
‡“˜ǕȢ ‡ȡ•‘ȯ ¡ȣ ”ȡš‘žȸ  ˜ȡȯžȢ ȡ ‡“ ¡—ȡǓ‚ȡ˜Ǖ›€  ȡ[‡Ǔ“€ Ĥžȡ “€Ȫ
˜ȡڙ˜–ȡŠ  ȡ[‡Ǔ“€  ȯȡ Ǔ†ŠȪ †ǐšȪ ȡ €˜ ǔ…[›Ȫ Ǎ–ȡŠ Ĥȡǒ¡ ‚šȣ Ĥžȡ “


 ¡ۙȡ™ȡǓ’Ơȡ͕\ǔɏ™ȡš‘ǕǾ”™Ȫ‚\“Ǖ Û’ȡ“]™Ȫ‚
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Ǖ ˜ȡ\ ›žȡ “€Ȫ
 Ȳ ™Ûğ›ȡ_ ȯ ȡĤ‘ȡ™€ Ȳ ™Ûğ€ȪǾ”˜ȡǽ”ȡۏšŽ€Ȫ˜ȡڙ˜–ȡŠ˜Ǖ›€
Ĥיȡ—ǗǓǑ‘“Ǖ Ǖžȡ “€ȪĤžȡ €ȧ™]™ȡ˜¡Ȫ@
Ϳ  ȡ˜ȡǔ‡€]™ȡ˜
 ˜ȡ‡˜ȡ š¡ȯ €Ȫ ǒ—ȯ‘€Ȫ \Ûי ‚šȣ  ˜ȡȯžȢ š  ¡—ȡǓ‚ȡ˜Ǖ›€  ȡ˜ȡǔ‡€ 噝èȡ€Ȫ
èȡ”“ȡ ‚“ȶ  ȡ˜ȡǔ‡€ `ƣš‘ȡǒ™×€Ȫ ǒ€ȡ  ‚“ȶ  ȡˆȡ èȡ[€Ȫ ”ǒ¡…ȡ“ ‚‘ȷ   ȡ˜ȡǔ‡€
ȱ Ȣ€Ȫ Ǔ“˜ȡ[Ž ‚šȣ י €Ȫ Ĥ™Ȫ‚›ȡ_ –Ǚ¡ƣš  ȡ˜ȡǔ‡€ €ã™ȡŽ€ȡ ¢ȯğ˜ȡ €ȯǔÛġ ‚šȣ
”Ǖ‡
žȪŸŽ šǒ¡  ˜ȡ‡€Ȫ Ǔ“˜ȡ[Ž ‚“ȶ š  ˜ȡ˜Ǖ›€  ˜ȡ‡€Ȫ Ǔ“˜ȡ[Ž fȲ   ȡ˜ȡǔ‡€ ۙȡ™€Ȫ
 ǕǓ“ǔƱȡĤ‘ȡ“‚“Ǖ[  Ǖžȡ “€Ȫ ȡ˜ȡǔ‡€]™ȡ˜¡Ȫ@
‚Ϳ šȡ‡“ȢǓ€]™ȡ˜
Ǘ [  ¡—ȡǓ‚ȡ
šȡϙ Ȳ ™Ûğ€Ȫ¡šȯ €¡˜ȡ –Ȱ ‚[¢ȯğǓ›Ȳ ‚š ˜Ǖ‘ȡ™€Ȫ ˜ȡ“š\[”Ž
ǒǓ’€Ȫ žȡ “ ˜ȡ“ \Ǔ’€ȡš€Ȫ  à˜ȡ“ š  à–ƨ[“ 蝏Ûğ š Ǔ“產 ]Ǔ’€
Ǔ“ȡ[…“€Ȫ噝èȡ蝏Ûğ š  ¢˜ ۙȡ™ȡ”ȡǓ›€ȡ€Ȫ èȡ”“ȡ“ȢǓ ȡ Ǔ“Ž[™ Ǔ“˜ȡ[Ž˜ȡ
 ¡—ȡǓ‚ȡš ȡˆȯ‘ȡšȣǒ€ȯǔÛġžȡ “噝èȡ›Ȫ€ȡǔÛğ€˜Ǘ㙘ȡۙȡ€Ȫ ǕǓ“ǔƳȡ
 ȡ˜ȡǔ‡€ ۙȡ™  ˜ȡȯžȢ š  ¡—ȡǓ‚ȡ˜Ǖ›€ žȡ “ ”ƧǓ ]Ǒ‘ ǒŸ™¡Ǿ  Ǖžȡ “€Ȫ
šȡ‡“ȢǓ€]™ȡ˜›ȯ ˜ȯғȯǒŸ™¡Ǖ“Q @
ƒͿ ]Ǔ[€]™ȡ˜
šȡϙžǔƠ€Ȫ Ĥ™Ȫ‚ ‘ȯ ž˜ȡ `”›Þ’ ]Ǔ[€ ȡ  ȡ˜ǔ‡€ ĮȪ  ȡ’“€Ȫ Ĥ—ȡ€ȡšȣ
噝èȡ”“€Ȫ ˜ȡڙ˜–ȡŠ ǒ€ȡ  ‚ǐš“Ǖ ”‘[† @ ‘ȯ ž˜ȡ `”›Þ’ ]Ǔ[€ İȪ  ȡ’“€Ȫ
”ǐš…ȡ›“˜ȡ Ǔ˜å™ǒ™ȡ Ĥ—ȡ€ȡǐšȡ €ȡ™[‘¢ȡ š kǔ…×™ȡ èȡǒ” ‚‘ȷ  šȪ‡‚ȡšȣ€Ȫ
\ š Ǔ ‡[“ȡ ‚šȣ ‚ǐš–Ȣ Ǔ“ȡšŽ ‚“ȶ š ]Ǔ[€ \“Ǖžȡ “ €ȡ™˜ ‚“ȶ Ǒ‘žȡ˜ȡ ]Ǔ[€
İȪ š  ȡ’“€Ȫ ۙȡ™Ȫǔ… ǒšŽ€Ȫ 噝èȡ Ǔ˜›ȡ_ ħƴȡ…ȡš ¡Ǖ“ “”ȡ`“ȯ \èȡ€Ȫ
 ǕǓ“ǔƱȡ €ȡ™˜ ‚šȣ ]Ǔ[€  Ǖžȡ “ èȡ”“ȡ ‚“ȶ ǒŸ™  Ǖžȡ “€Ȫ ]Ǔ[€ ]™ȡ˜›ȯ
 ˜ȯғȯǒŸ™¡Ǖ“Q @
„Ϳ “ȰǓ€]™ȡ˜
”ȯžȡ‚ Ǔ“Ƶȡ ^˜ȡۑȡǐšȡ “ȰǓ€ȡ ]…šŽ‚ žǕƨȡ  ‘ȡ…ȡšȣ š èÍ†ȡ ‡èȡ
ǒŸ™¡Ǿ Ǖžȡ “€Ȫ“ȰǓ€]™ȡ˜›ȯ  ˜ȯғȯǒŸ™¡Ǖ“Q @
…Ϳ ȡȡšŽȢ™]™ȡ˜
ȡȡšŽ ĤǓ€Ȫ ^˜ȡۑȡǐšȡ ȡȡšŽ  Ȳ š¢Ž š  à–’[“ Ǒ‘‚Ȫ ǒ€ȡ  ȡȡšŽ˜ȰğȢ
ǒ€ȡ  Ĥȡ€ǙǓ€ İȪ  ȡ’“€Ȫ `ǔ… ”ǐš…ȡ›“ ‡èȡ ǒŸ™¡Ǿ  Ǖžȡ “€Ȫ ȡȡšŽȢ™
Q 
]™ȡ˜›ȯ  ˜ȯғȯǒŸ™¡Ǖ“@


æ:jR5 s/ k|zf;gM ljsf; / ;'zf;gÆ 63


͘ Ǖžȡ “€ȡǒžȯŸȡ
€ ¡šȯ € Ȳ èȡ›ȯ `ƣš‘ȡǒ™×–¡“‚†[͕‡ȡ•‘ȯ ¡ȣ–Û†@
 Ǔ“Ž[™š€ȡ˜€ȡšȡ¡ȣ˜ȡ”ȡš‘žȸǒЙȡ€›ȡ”\”“ȡ^ۆ@
‚ Ǔ“Ž[™š€ȡ˜€ȡšȡ¡ȣ˜ȡ‡“ȡ ˜ȯ€Ȫ ǒЙ ¡—Ǔ‚ȡš¡Û†@
ƒ €ȡ“Ǘ“€Ȫžȡ “€Ȫ”ȡ›“ȡ –Ȱ›ȯš –Ȱ€ȡ›ȡǓ‚¡Ǖۆ@
„ ‘¢šĤ—ȡ€ȡšȣžȡ “噝èȡ¡Ǖۆ@
… ‡“ȡ€Ȫ]æ™€ȡš…ȡ¡“ȡĤǓǔ‡à˜ȯȡš¡Ǖۆ@
†  ˜Û™ȡ™š ˜ȡȯǔžȡ˜ȡ‡ȪŒǑ‘^ۆ@
 Ǖžȡ “€ȡ `ǔã›ǔ ǒžȯŸȡ–ȡŠ ȡ¡ȡ ”ȡ`“  ǒ€Û†͕  Ǖžȡ “ šȡƶ€Ȫ  ˜ǙǑƮ€Ȫ  Ǘ…€ ¡Ȫ@ ‡Ǖ“
‘ȯ ž˜ȡ  Ǖžȡ “€Ȫ \èȡ šȡĨȪ †͕ י  ‘ȯ ž€Ȫ ǒ€ȡ €Ȫ 菚  › š¡ȯ€Ȫ ”ȡ_ۆ@šȡϙ
噝èȡĤǓ‡“ǒƳȡ €ȡ™˜š¡ȯ €Ȫ¡Ǖۆ@

F͘ Ǖžȡ “€ȡ –Ȱ”¢›ȯ˜Ǘə™ȡ…ȡš€Ǖšȡ›ȡ_ àȪ’“‚†[
€ ‡Ȫ`ƣš‘ȡ™Ȣ†͕` €Ȫ`ƣš‘ȡǒ™×–¡“‚“ȶ€Ǖšȡ͕ǔ‡à˜ȯȡšȣš—ǗǓ˜€ȡè”ƴ”ǐš—ȡǒŸ†@
 Ǔ“€ȡ™š\Ǔ’€ȡšȣè”ƴšǺ†@
‚ Ǔ“Ž[™Ĥ€Ǚ™ȡĤ…Ǔ›šȡèǒ€†@
ƒ ™ –ȡŠšȡƶ –›š ˜ǕǏ–Û‘Ȱ †@
 Ǖžȡ “›ȯ  šȡϙ˜ȡ’ȯ šȰ  €ȡšȡט€”ǐšŽȡ˜¡Ǿ›ȡ_Ǔ“‘ȶ ǔž‚šȯ €Ȫ¡Ǖۆ@ Ǖžȡ “Ǔ“™˜¡Ǿ€Ȫ Ȳ Ē¡
¡Ȫ^“ “ €Ǚ™ȡ€›ȡ”¡Ǿ€Ȫ “Ȱ@™Ȫ Ĥ€Ǚ™ȡ ¡Ȫ@  Ǖžȡ “€Ȫ Ĥ€Ǚ™ȡ Ǔ“™ÛğŽ˜ȡ ]’ȡǐš ¡Ǖȱ‘Ȱ“ –ǽ
 ˜Û™˜ȡ¡Ǖۆ@™ ˜ȡ ȡ[‡Ǔ“€šǓ“‡Ȣ¢ȯğ€Ȫ Ȳ ›Ê“ȡ¡Ǖۆ@ Ǖžȡ “k”…ȡǐš€ Ȳ èȡ¡Ȫ^“
š Ǔ“šÛš€Ȫ \ۏšǒЙȡ ¡Ȫ@ ™ €Ȫ `Ƨȯæ™ \Ǔ’€˜  ȡ[‡Ǔ“€ ǒ¡€ȡ ›ȡǓ‚ ¡Ȫ@ ™Ȫ šȡϙ͕
ȱ   à–ǔے †@ ™ –ȡŠ šȡ‡“ȢǓ€ –Ȱ’ȡ ĤȡƯ ¡Ǖۆ@ š€ȡš Ȳ ‚Ȱ
 š€ȡš š ĤŽȡ›ȣ€Ȫ \’ȡšŽȡ ‚
–‡ȡšš“ȡ‚ǐš€ ˜ȡ‡]” ˜ȡ¡ȡȯ ˜ȡ›Ȫ‚“ȶ\’ȡšŽȡ ȱ‚™Ȫ à–ǔے†@

G͘ Ǖžȡ “€Ȫ Ǘ…€
€ ‡“ȡ€Ȫ]ȡ‡€Ȫ à˜ȡ“@
 `ƣš‘ȡ™Ȣšǔ‡à˜ȯȡš š€ȡš@
‚ šȡ‡“ȢǓ€ǔ萚ȡ@
ƒ \”šȡ’Ǔ“™Ȳ ğŽ@
„  š€ȡš€ȪĤ—ȡ€ǐšȡ@
… €ȡ“Ǘ“€Ȫžȡ “@
† ħƴȡ…ȡšǓ“™ÛğŽ@




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H͘“ȯ”ȡ› Û‘—[
“ȯ”ȡ›€Ȫ Ȳǒ’ȡ“ Ǖžȡ “€Ȫ‘èȡȯ‡¡Ȫ@ Ǖžȡ “€ȡ™˜‚“ȶ€Ǖšȡ˜ȡ€ȡ“Ǘ“¡Ǿ\Ǔ“ Ȳ š…“ȡ‡èȰ
 š€ȡš͕  Ȳ …ȡš͕ \‘ȡ›͕ ›Ȫ€Ûğ͕ Ǔ“‡Ȣ¢ȯğ͕˜ȡ“\Ǔ’€ȡš͕ Ȳ  ‘ȣ™ Ǔ˜Ǔ͕€˜[…ȡšȣÛğ͕ǒǓ—Ǐ Ȳ èȡ
š “ȡ‚ǐš€  ˜ȡ‡ ]Ǒ‘ †“Q@ ǒžȯŸ €ȡ“Ǘ“€Ȫ  à–Û’˜ȡ ¡ȯ ‘ȡ[ Ǖžȡ “€Ȫ Ĥיȡ—ǗǓ ‚“ȶ  à–Û’˜ȡ
Ǖ €Ȫ  ȡ[‡Ǔ“€
噝èȡ ‚“[  Ǖžȡ “
噝èȡ”“ ȡ  Ȳ …ȡ›“  g“͕ DBHF –“ȯ€Ȫ —Û‘Ȱ  ˜Ǖ›€
Ĥžȡ “›ȡ_ ‡“˜ǕȢ͕ ‡ȡ•‘ȯ ¡ȣ͕ ”ȡš‘žȸ͕  ˜ȡȯžȢ ȡ ‡“ ¡—ȡǓ‚ȡ˜Ǘ›€ –“ȡ_ י €Ȫ ĤǓ•›
 [ ȡ’ȡšŽ›ȡ_`”›Þ’‚šȡ`“͕ €ȡ“Ǘ“€Ȫžȡ “͕ ħƴȡ…ȡš˜ǕƠš… ǕèĤžȡ “͕ ǒ€ȯǔÛġ€šŽ͕ ]Ǔ[€
\“Ǖžȡ “ ȡ  ȡ[‡Ǔ“€ €ȡ™[ š ĮȪ€Ȫ €Ǖž› 噝èȡ”“ ‡èȡ \ › žȡ “€ȡ ]’ȡš—Ǘ
˜ȡۙȡ›ȡ_ ]ט ȡ ‚šȣ  [ ȡ’ȡšŽ›ȯ  ”ȡ`“Ǖ ”“ȶ  ȯȡ Ǔ†ŠȪ͕ †ǐšȪ ȡ €˜ ǔ…[›Ȫ Ȳ ‚–ȡŠ
”ȡ`“ȯ \èȡ  Ǚ‡“ȡ ‚“[͕  Ǖžȡ “ ”ȡ`“ȯ “ȡ‚ǐš€€Ȫ \Ǔ’€ȡš›ȡ_ 噝¡ȡš˜ȡ `ȡšȣ €ȡ™[۝™“˜ȡ
Ǖ ˜ȡ
ã™ȡ`“͕š Ĥžȡ “  Ȳ ™Ûğ›ȡ_  ȯȡĤ‘ȡ™€  Ȳ ™Û𠏐ȡ  ¡‡€ȡ[€Ȫ Ǿ”˜ȡ ǽ”ȡۏšŽ ‚šȣ ˜Ǖ›€
 Ǖžȡ “€ȪĤיȡ—ǗǓǑ‘“ȯ  à–Û’˜ȡ€ȡ“Ǘ“Ȣ噝èȡ‚“[ ]æ™€ —f€Ȫ›ȯ  ™Ȫg“–“ȡf€Ȫg“€Ȫ
Ĥèȡ“ȡ˜ȡ`ã›ȯ †@
 ˜Û™ȡ™ š  ˜ȡȯžȢ€šŽ͕ €ȡ“Ǘ“€Ȫ žȡ “͕ ˜ȡ“\Ǔ’€ȡš€Ȫ Ĥיȡ—ǗǓ͕ ”ȡš‘ǔž[ȡ͕ èǕǓ“Ƶȡ͕
‡ȡ•‘ȯ ǒ¡ȡ ȡ ^˜ȡۑȡǐšȡ͕ ]Ǔ[€ \“Ǖžȡ “ f˜ ħƴȡ…ȡš˜ǕƠ͕ … Ǖè š ‡“˜ǗȢ Ĥžȡ “͕
ǒ€ȯǔÛġ€šŽ͕ ‡“ ¡—ȡǓ‚ȡ›‚ȡ™€ȡ ]’ȡš˜ȡĤžȡ Ǔ“€€ȡ™[  à”ȡ‘“ ‚‘ȡ[ ]Ǔ[€`‘ȡǐš€šŽ͕
‚ǐšȢ Ǔ“ȡšŽ͕  ÛǕǓ› ¢ȯğȢ™ ǒ€ȡ ͕ ȡȡšŽȢ™  Ȳ š¢Ž ›‚ȡ™€ȡ “ȢǓ \ǔə™ȡš ‚“ȶ g“˜ȡ
`ã›ȯ †@
 Ǖžȡ “ €ȡ™˜ ‚“Ǖ[  à–ǔے ”‘ȡǓ’€ȡšȣ€Ȫ €[å™ ¡Ǖ“ȯ 噝èȡ ‚‘ȷ  g“›ȯ  ˜ÛğȢ€Ȫ ǔ‡à˜ȯȡšȣ͕
˜Ǖə ǔ…€Ȫ͕ ǒ—ȡ‚Ȣ™Ĥ˜Ǖ€Ȫ͕ €ȡ™ȡ[›™Ĥ˜Ǖ€ȪיèȰ ‚šȣĤ‘ȯ žšèȡ“Ȣ™¡€Ȫǔ‡à˜ȯȡšȣ€Ȫ
”Ǔ“噝èȡ‚šȯ €Ȫ†@יèȰ͕ Ǔ“Ž[™‚‘ȡ[Ǔ“ǔƱ€ȡ™[ǒǓ’\”“ȡ`“Ǖ”“ȶ͕ Ǔ“Ž[™‚‘ȡ[”ȡš‘žȸȲ ‚–ȡŠ
‚“Ǖ”
[ “ȶ͕ Ǔ“Ž[™‚‘ȡ[]’ȡšš€ȡšŽǕ›ȡ`“Ǖ”“ȶ͕ ǔ‡à˜ȯȡšȣ”Û†ȡ`““¡Ǖ“ȯ͕ ”‘ȣ™ȡ”ȯžȡ‚]…šŽ
[ “ȶ͕ “ȯ”ȡ›  š€ȡš›ȯ  €Ǖ“Ȱ ”ǐš™Ȫ‡“ȡ ȡ
”ȡ›“ȡ ‚“Ǖ[ ”“ȶ͕ ”‘ȡǓ’€ȡšȣ›ȯ  ”‘ȣ™ `ƣš‘ȡǒ™× Ǔ“ȡ[¡ ‚“Ǖ”
]™Ȫ‡“ȡ‡“ȡ€Ȫ ¡—ȡǓ‚ȡšèȡǓ˜×˜ȡ Ȳ …ȡ›“¡Ǖ“ȯ 噝èȡǓ˜›ȡ`“ È“ȯ͕ ‚Ǖ“ȡ Ȫ噝èȡ”“
‚“[ ‚Ǖ“ȡ Ȫ”ȯǒŠ€ȡšȡơǕ”“ȶ͕ €àܙǕŠǐš€Ǚ Ǘ…“ȡĤǒǓ’›ȡ_噝¡ȡš˜ȡã™ȡ`“ ǒ€“ȯ͕ \“Ǖ‚˜“ȡ
˜Ǖã™ȡNj“›‚ȡ™€ȡ噝èȡš¡ȯ €Ȫ†@
ǒžȯŸ ™Ȫ g“›ȯ  €˜[…ȡšȣÛğ Ǔ—ğ€Ȫ  Ǖžȡ “˜ȡ ‡ȪŒ Ǒ‘f€Ȫ ‘ȯ ǔÛ†@ ™Ȫ g“€Ȫ 噝¡ȡš˜ȡ ¡ȯ ‘ȡ[
Ĥ—ȡ€ȡšȣ Ǿ”˜ȡ Ĥ™Ȫ‚ ȡ €ȡ™[۝™“ —f€Ȫ † —Ǐ  ǒ€“ȯ \èȡ ‘ȯ ǔ‘Ȱ “@ Ǖžȡ “€Ȫ  Û‘—[˜ȡ
 ÛȪŸ‡“€\èȡ‘ȯ ǔ‘Ȱ “@¡ȡĨȡ›ȡǓ‚™ €ȡǒžȯŸȡ… Ǖ“ȫǓ€ȪǾ”˜ȡ‘ȯ ǔf€ȡ†“Q@ š€ȡš›ȯ
‚“ȶ¡šȯ €Ǔ“Ž[™š€Ǚ™ȡ€›ȡ” Ǖžȡ “€ȡ›ȡǓ‚“Ȱ¡Ǖ“@
Q  š€ȡš€Ȫ”Š€”Š€€Ȫ\Ǔ—å™ǔƠ Ǖžȡ “
˜Ȱ €ȯǔÛġ ‘ȯ ǔÛ† ”Ǔ“ @ š ‡Ǖ“ ǐš€ȡ ȡ Ĥ€Ǚ™ȡ–ȡŠ \Ǔ“ ‡ šȣ €ȡ˜ —^š¡ȯ €Ȫ † י ˜ȡ
‡“ȡ›ȯ   Ǖžȡ “€Ȫ \“Ǖ—ǓǕ  ‚ǐšš¡ȯ €Ȫ —Ǔ“ Ǖ Ȁ
  ¡Ǖ“ȯ \èȡ  š€ȡš ]•Ǘ›ȯ Ǔ“Ž[™¡Ǿ ‚‘ȷ  Ǔ“Ž[™
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æ:jR5 s/ k|zf;gM ljsf; / ;'zf;gÆ 65


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’Ǖšȣ˜ȡ’ǕȡȲ “‘ȯ Ȣȡ“ȡ“ȡ“ȯ –ȡ“Ȣȡ”Ǚ؝Ȣ“ȡšȡ™Žžȡ¡€ȪĤ‡ȡ˜ȪŠȡ—™ȡ‘šȡš–Ǔ›™Ȫ
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Ǖ  š€ȡš›ȯ €š\“Ǖ”ȡ›“›ȡ‚€Ȫ
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˄ː˝˔˛ ^ˤˡ˥˔˨  ‚‘ȷ  ‡ȡ“ȯ ¡Ȫ
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‚šȯ €Ȫ‘ȯ ǔÛ†@š“ȯ”ȡ›€Ȫ[˜ȡ“ Ȳǒ’ȡ“€Ȫ€ȡ™ȡ[۝™“”Ʊȡèȡǒ”Ĥ‘ȯ žȡ èȡ“Ȣ™
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€š\“Ǖ”ȡ›“›ȡ‚Ǚǒƨ€ȡ€ȡšŽ

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›ȡ å™ǔƠ‚ €š‘ȡȡ›ȯ €š ǒšŽ ‘ȡǔ›ȡ ‚‘ȡ[ €Ǘ› DB \[ Œ›š ›ȡ‚ ”šȯ €Ȫ š C
€šȪŒå™ȡ ȡǒ™€•˜[›ȯ €š ǒšŽ‘ȡǔ›ȡ ‚‘ȡ[ F\[ FB€šȪŒŒ›š…[ —f€Ȫ €Ǖšȡ
`Ơ\ڙ™“›ȯ  ‘ȯ ȡf€Ȫ†@€šǒšŽ–ȡ¡ȯ€€š ȱ‚ à–ǔے\ۙ€ȡ˜€Ȫ›ȡǓ‚—f€Ȫ
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\“Ǖ”ȡ›“ ›ȡ‚˜ȡ €š‘ȡȡ€Ȫ €Ǘ› EI \[ Œ›š …[ —f€Ȫ Ø™ ”Ǔ“ `Ơ \ڙ™“›ȯ
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Ǖ €Ȫ €š \“Ǖ”ȡ›“ ›ȡ‚  €Ǘ› €š
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\“Ǖ ȡš ]ݓȪ €š Ǔ“’ȡ[šŽ ›‚ȡ™ €š à–Û’Ȣ \Ǔ’€ȡȲž €ȡ˜ €ȡ“Ǘ“›ȯ  €š‘ȡȡ€Ȱ ǔ‡à˜ȡ˜ȡ
†ȪŒȯ €Ȫ ¡Ǖۆ) š ™  ĤŽȡ›ȣ˜ȡ ”Ǔ“ €š à–Û’Ȣ  –Ȱ €ȡ˜ €ȡ“Ǘ“ 蝙˜Q €š Ǔ“’ȡ[šŽ
—Ǔ“fȡ”Ǔ“ €š €ȡ“Ǘ“€Ȫ €Ǒ‹“ȡ €š ǒšŽ ȡ \ۙ •ȡšȡ˜¡Ǿ€Ȫ ‡ǒŠ›ȡ €àܙǗŠš
ĤŽȡ›ȣ–ȡšȯ  ĤȡǒǓ’€ £ȡ“€Ȫ €˜Ȣ›ȯ  ‚‘ȡ[ €š‘ȡȡ ]•Ȱ›ȯ  ˜ȡğȰ €ȡ™[ à”ȡ‘“ ‚“[ “ €ȧ …ȡŠ[Œ[
f€ȡ`ۊȯ ۊ \ǓŒŠš €š  ¡™Ȫ‚Ȣ ȡ ǒ€›€Ȫ  ¡ȡ™ȡ Ǔ›“Ǖ”“ȶ ¡Ǖۆ @ י €ȡšŽ 蝙˜Q
Ǖ —“ȯ†Ȱ “š¡Ǖ“ È‘Ȱ “”Ǔ“@
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žȢŸ[€¡Ǿ€ȡ ȡȰ ǒ™“€Ȫ€ȡ™[ǒǓ’–ǕГ”Ǔ“ ȡ˜ȡۙ€š‘ȡȡ€Ȫ›ȡǓ‚€Ǒ‹“¡Ǖ“ȯ ‚‘[†)€š
ĤŽȡ›ȣ˜ȡ  š›ȡ Ǖ‚˜ȡǒƳ “Ȣ™ȡf€Ǿ”ȡ šǓ“ȷ™ǔƠ€ȡã™ȡ`“ǒ‚ €ȯ¡ȣ Ÿ[‘ȯǔ
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ȱ ȡ×€ȡ›€Ȫ›ȡǓ‚™ ›ȯ ”Ǔ“€š\“Ǖ”ȡ›“›ȡ‚–ȡf€Ȫ‘ȯ ǔÛ†
 Ǖ Ǘǔ…¡Ǖ“ ˜™›ȡʓȯ ¡Ǖ‘

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@€š Ĥžȡ “˜ȡ €š \Ǔ’€Ǚ “Ȱ ĥۊ Œȯ 耘ȡ š¡ȯš €ȡ˜ ‚“ȶ ¡Ǖȱ‘ȡ Ǔ“€Ȫ €š  à–Û’Ȣ
–Ǖˆȡ^€Ȫ 菚 €ȡ™[‘¢ȡ š €š‘ȡȡ ȱ‚ ‚“ȶ 噝¡ȡš›ȯ  ”Ǔ“ €š‘ȡȡ€Ȫ €š \“Ǖ”ȡ›“ ›ȡ‚
ƒŠȡ`“ȡ –ȡ`“‹Ǘ ›Ȫ —ǗǓ˜€ȡȯ›ȯ€Ȫ ¡Ǖۆ @יèȰ€š‘ȡȡ›ȯ  €š ĤŽȡ›ȣ€š€ȡ“Ǘ“š
™ €Ȫ€ȡ™[ǒǓ’–ȡšȯ ]•Ǘ›ȡ_\ƭȡǓ’€“šȡɑȡ€š ¡™Ȫ‚Ȣ˜ȡȢ\יǓ’€Ǔ“—[š‚‘ȡ[š€š
†›ȣ˜ȡ Ȳ ›Ê“¡Ǖȱ‘ȡ€š\“Ǖ”ȡ›“›ȡ‚–Õ“ȯ‚‘[†)

‘ȯ ž€ȡ€ȯ¡ȣǔ‡ã›ȡ¡Ǿ‘Ǖ‚˜
[ ˜ȡ†“Q‡¡ȡȱ€ȯ¡ȣ“€ȯ¡ȣ€š‘ȡȡ†“QšǓ“›ȡ_ ȯ ȡĤȡ¡‚“ȶ
]ۏǐš€šȡ‡è€ȡ™ȡ[›™ȡ€š‘ȡȡ ȯ ȡ€ȡ™ȡ[›™†Ȱ ““Q )š€š™Ȫʙ€ȡšȪȡšȡ]™
]‡[“‚“ȶ›ȯ €š˜ȡ‘ȡ[ ‚“ȶ›ȯȡšȡơȯ€šǒšŽ–Ǖˆȡ`“ȯ€š‘ȡǔ›ȡ‚“ȶ ȡ€š… ǕƠȡ
Ǔ›“ȯ ‡èȡ‘ȡǒ™×\Ǿ š¡י¡ȡȱ€ȡ˜ȡǓ“ ›ȯ  ”Ǔ“”Ǘšȡ‚“Ǖ”
[ ‘[†)`‘ȡ¡šŽ€Ȫ›ȡǓ‚¡Ǖà›ȡš
Ǖ ȡ ˜ȡǓ“  €š˜ȡ ‘ȡ[ ¡Ǖ“ š €š … ǕƠȡ Ĥ˜ȡŽ”ğ Ǔ›“ \ƭȡǒ” ¡ȡ_‡¡ȡ‡ …ȯ š “ȯ”ȡ›‚Ȳ‡
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š€˜™ȡȡ™ȡš¡ȪŠȯ ›…[˜ȡǓ“Ǖ”
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€š Ĥžȡ “›ȯ  €š‘ȡȡ€Ȫ  ǔ‡›Ȫ€ȡ ›ȡǓ‚ ”Ǔ†ã›ȡ Ǒ‘“˜ȡ \›à–“ ‚šȯ €Ȫ \“›ȡ^“€Ȫ
˜ȡڙ˜–ȡŠ €š‘ȡȡ ‘ȡ[ €š ǒšŽ ‘ȡǔ›ȡ €š — ǕƠȡ“Ȣ š €š … ǕƠȡ 噝èȡ›ȯ  €š
\“Ǖ”ȡ›“›ȡ‚ ƒŠȡ`“ȯ ›ê™ šȡȯ ȡ”Ǔ“ ȪĤ™Ȫ‚‚“ȶ ”™ȡ[Ư£ȡ“€Ȫ €˜Ȣ ȡ^ۊš“ȯŠ€Ȫ
ȱ ȡ י¡ȡȱ€ȡ €šȡ‘ȡȡ›ȯ  \”ȯǔ¢ ›ȡ— Ǔ›“ “ €ȯ€Ȫ›ȯ  €š \“Ǖ”ȡ›“ ›ȡ‚
 Ǖ›—ȡ “¡Ǖ‘
`ã›ȯ“Ȣ™Ǿ”˜ȡƒŠȯ €Ȫ‘ȯ ǔǏ)

€š\“Ǖ”ȡ›“›ȡ‚–¡“‚“ȶ…šŽ¡Ǿ

€š‘ȡȡ€Ȫ€š\“Ǖ”ȡ›“›ȡ‚יȪ\èȡ˜ȡǓ ‡[“ȡ¡Ǖۆ‡¡ȡ`“Ȣ¡Ǿ€Ȫ€ȡ™[‚ à–Û’
€š à–Û’ȢǒŸ™˜ȡ à–ǔے¡Ǖۆ)™èȡ€ȯ¡ȣ€ȡ™[‚\èȡ¡Ǿ€Ȫ›`ã›ȯ ‚ǐšÛ†)

€š‘ȡ[™ €Ȫ›ȡǓ‚€š‘ȡȡ›ȯ  ]ݓȪ•ȪŠȪ“ȡ‚ǐš€ȡ€ȪĤ˜ȡŽ”ğ噝 ȡ™‘ȡ[ Ĥ˜ȡŽ”ğ


噝 ȡ™ ‚“ȶ èȡ“ƒš€Ȫ ƒš’“Ȣ ȱ‚ ‚šȯ €Ȫ –¡ȡ›€Ȫ €šȡš”ğ ]ݓȰ ƒš˜ȡ 噝 ȡ™ ‚“ȶ
—f˜ȡ `Ơ èȡ“ƒš€Ȫ èȡǓ˜× ”ǕƴȢ ‚“ȶ ›ȡ›”Ǖ‡ȡ[ ȡ \ۙ ™èȰ Ĥ˜ȡŽ”ğ  Ȳ ›Ê“ ‚šȣ
[ ‘[† ) €š ‘ȡ[€Ȫ ›ȡǓ‚ €Ǖ“Ȱ  š€ȡšȣ ‘Ȱ ‘èǕš
 à–ǔے ]ۏǐš€ šȡ‡è €ȡ™ȡ[›˜ȡ ”ȯž ‚“Ǖ”
›ȡʑȰ “ ȡ”Ǔ“ €š‘ȡȡ ]•Ȱ ȡ €š  ¡™Ȫ‚Ȣ ˜ȡ•[Q ™Ȫ €ȡ˜ ‚‘ȡ[ “‚Ö™ ›ȡ‚ ”Ǔ“ ›ȡʓ
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€š›ȯȡNj“€š™Ȫʙ]™€ȡšȪȡšȡ à”ǔƣĒ¡Ž‚“ȶå™ǔƠ›ȯ €š€ȡ“Ǘ“›ȯ Ȫ€ȯ–˜Ȫǔ‡˜


י €Ȫ Ǔ“™Ǔ˜ Ǿ”˜ȡ Ǔ–Ǔ›Ǎ ȡ ›ȯ ȡNj“ ‚“Ǖ”
[ ‘[† ) Ǔ–Ǔ›Ǎ ȡ €š ›ȯ ȡNj“ €š‘ȡȡ›ȯ
 à”ȡ‘“‚“Ǖ”
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›ȯ ȡNj“€Ȫ ›ȡǓ‚ €š  ¡™Ȫ‚Ȣ ȡ \ǓŒŠš€Ȫ  ¡ȡ™ȡ Ǔ›“ȯ ‚‘[†“Q ) €š ›ȯ ȡ„€“˜ȡ

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›ȡ‚”“[‡ȡ“ȯ¡Ǖۆ)

€šǒšŽȡ€š‘ȡǔ›ȡ€ȡšȪȡšȡ]™ȡ à”ǔƣ€Ȫ]’ȡš˜ȡȪǒ€f€Ȫ€š\Ǔ’˜ȡ
]•Ȱ ȡ ]•“ȡ €˜[…ȡšȣ€Ȫ ˜ȡڙ˜–ȡŠ €š ǒšŽ ȡ €š ‘ȡǔ›ȡ ‚“Ǖ[ ”Ǔ“ €š‘ȡȡ€Ȫ
‘ȡǒ™×¡Ǖۆ)™ €Ȫ›ȡǓ‚’ȯšȰ  ˜™š›ȡ‚“›ȡʓȯ —fȡ”Ǔ“‡Ȫ›ȡ‚ȯ€Ȫ ˜™š]Ǔ[€
›ȡ‚€š‘ȡȡ€Ȫ€š\“Ǖ”ȡ›“›ȡ‚\ۏ‚[‚Ž“ȡ‚ǐšÛ†)

€šǒ•ȡ[ ‘ȡȢ€š‘ȡȡ›ȯ  ‘ȡǔ›ȡ‚šȯ €Ȫ€šǓ“Ǖ”


[ “ȶ —Û‘ȡ–ȣ—f€Ȫ\èȡ˜ȡ–ȣ‘ȡǔ›ȡ
š€˜ Ȫǒ€f–˜Ȫǔ‡˜ǒ•ȡ[ ”ȡ`“ȯ €ȡ“Ǘ“Ȣ噝èȡ† )š™ €ȡ ›ȡǓ‚Ȫǒ€f€ȡĤ˜ȡŽ ”ȯž
‚šȣ Ǔ“ǔƱ €ȡ™[ǒǓ’ ”Ǘšȡ ‚“Ǖ”
[ “ȶ ¡Ǖۆ @ €š‘ȡȡ›ȯ  ǒ“ȡ ˆÛˆŠ †ȪŠȪ  ˜™˜ȡ €š ǒ•ȡ[
”ȡ`“ €Ǖ“Q—“ȯš€šĤžȡ “›ȯ €šǒ•ȡ[‚ǐš È“Ǖ”“ȶ\Ǔ’€˜ ˜™ Ȣ˜ȡȪ€ȧĤǒЙȡ‚
 š›ȣ€šŽ‚šȯ €Ȫ†ȡ”Ǔ“™ €Ȫ›ȡǓ‚›ȡʓȯ  ˜™ȡ\ۙ›ȡ‚”Ǔ“€š\“Ǖ”ȡ›“›ȡ‚
Ǔ—ğȰ”‘[†)

€š ”šȣ¢Ž ȡ \“Ǖ Û’ȡ“  €š Ĥžȡ “›ȯ  ǒǓ—Ǐ ”Ǘ[ Ǔ“’ȡ[ǐš ˜ȡ”‘ÖŒ ȡ ĤȡƯ  Ǘ…“ȡ€ȡ
]’ȡš˜ȡ  ˜™  ˜™˜ȡ €š ”šȣ¢Ž ȡ \“Ǖ Û’ȡ“€Ȫ ›ȡǓ‚ €š‘ȡȡ€Ȫ †“ȪŠ ‚‘[† @
†“ȪŠ˜ȡ ”šȯ €ȡ €š‘ȡȡ›ȯ €š \Ǔ’€Ǚ›ȯ  ˜ȡ‚ ‚šȯ €ȡ 噝 ȡ™ ȱ‚  à–ǔے €ȡ‚‡”𠏐ȡ
Ĥ˜ȡŽ”ğ¡Ǿ Ǔ“‡ ˜¢ ”ȯž ‚“Ǖ”
[ ‘[† @ €ȡšȪȡš€Ȫ ‡ǒŠ›ȡ š Ĥ˜ȡŽ€Ȫ \“Ǖ”›å’ȡ€Ȫ
\èȡ˜ȡ ™‘ȡ€‘ȡ ™Ȫ €ȡ˜˜ȡ \Ǔ› ›ȡ˜Ȫ  ˜™ ›ȡʓ ”Ǔ“  È† @ ™ ˜ȡ €š‘ȡȡ›ȡ_
[ “ȶ¡Ǖȱ‘ȡ
€ȡ™ȡ[›™˜ȡ¡ȡǔ‡š‚šȡ`“ȯ–™ȡ“Ǔ›“ȯȯİȪ”¢–ǕГȯ›‚ȡ™ǒǓ—Ǐ€ȡ™[ǒǓ’”Ǘšȡ‚“Ǖ”
…ȡŠ[Œ[ f€ȡ`ۊȯ ۊ€š ¡™Ȫ‚Ȣȡǒ€›€Ȫ”Ǔ“ ¡™Ȫ‚Ǔ›“Ǖ”“ȶ¡Ǖۆ@™ ˜ȡ€ȯ€Ǔ”
€š ȡ ‡ǐšȡ“ȡ ›ȡʓȯ ¡Ȫ —“ȯš €š‘ȡȡ›ȡ_ ˜ȡ“Ǔ € “ȡ ”Ǔ“ ¡Ǖۆ @ €š ȱ‚  à–ǔے
—f€Ȫ›ȯ  ™Ȣ –Ȱ “ȡ ǒ¡€Ȫ›ȡ‚€š \“Ǖ”ȡ›“›ȡ‚ \ۏ‚[ ”‘[†“Q @š€š‘ȡȡ›ȯ
€š \“Ǖ”ȡ›“ȡ–ȡŠ `à€“ȯ Ǔ“™›ȯ  Ĥ…Ǔ› €š €ȡ“Ǘ“ `ã›ǎ“ ‚šȣ €š †›ȯȡ”Q €š
‡ǐšȡ“ȡޙȡ‡]Ǒ‘Ǔ“’ȡ[šŽ›‚ȡ™€ȡ ‡ȡ™—f˜ȡ Ȫ–ȡŠǓ ǔ‡[“ȡš›ȡ‚›ȡ_€š
\“Ǖ”ȡ›“›ȡ‚\ۏ‚[ ˜ȡȯž‚ǐšǏ@

Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“ȡ”Ǖ“šȡȯ‘“€š‘ȡȡ€Ȫ˜ȫǑġ€›ȡ‚ ˜™š“ȡ–ȡ`“ȯ \€Ⱦ
ǒŸ™ ”Ǖ“šȡ›Ȫ€“ ȡ ”Ǖ“šȡȯ‘“ ”Ǔ“ ¡Ȫ @ €š \Ǔ’€Ǚ›ȯ  ‚šȯ €Ȫ €š Ǔ“’ȡ[šŽ˜ȡ ǔ…ƣ
“–ǕГȯ›ȯ ǒ—ȡ‚  ˜¢ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ ›ȡǓ‚ š י ˜ȡ ”Ǔ“ ǔ…ƣ “–ǕГȯ›ȯ šȡ‡è
ȱ Ȱ  Ⱦͅ\‘ȡ› à˜”Ǖ“šȡȯ‘“Ǒ‘“ È“ȯ噝èȡ†@™ ˜ȡ”Ǔ“€š‘ȡȡ›ȯ
ۙȡ™ȡǓ’€šŽ¡Ǖ‘
ǒ€›€Ȫ ¡™Ȫ‚Ǔ›“Ǖ”“ȶ¡Ǖۆ@’šȫŠȣȡ”š€˜šȡơǕ”“ȶ¡Ǖۆ@™Ȫ ˜™š…[”Ǔ“€š
\“Ǖ”ȡ›“ ›ȡ‚ \ۏ‚[ ”‘[† @ š Ĥ…Ǔ› €š €ȡ“Ǘ“ `ã›ǎ“ ‚šȣ €š‘ȡȡ›ȯ  €š †›ȯ
ȡ”€š‡ǐšȡ“ȡޙȡ‡]Ǒ‘Ǔ“’ȡ[šŽ›‚ȡ™€ȡ ‡ȡ™—f˜ȡ ȪǒǾƨ”Ǖ“šȡ›Ȫ€“ȡ

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”Ǖ“šȡȯ‘“€Ȫ  Û‘—[˜ȡ ›ȡ‚ȯ€Ȫ  ˜™ š ”Ȱ ȡ€Ȫ …[ š Ǔ ǔ‡[ “ȡ›ȡ_ €š \“Ǖ”ȡ›“ ›ȡ‚
\ۏ‚[ ˜ȡȯž‚“[Ǔ˜ã‘Ȱ “)

€š\“Ǖ”ȡ›“›ȡ‚€Ȫ˜ȡ”“

‡Ǖ“ Ǖ€Ȱ ‘ȯ ž›ȯ  ]ݓȪ ‘ȯ ž€Ȫ €š ĤŽȡ›ȣ˜ȡ  Ǖ’ȡš€ȡ ›ȡǓ‚ י¡ȡȱ€Ȫ €š \“Ǖ”ȡ›“ ›ȡ‚€ȡ
Ǔ“’ȡ[š€×¡ǾšǓ“€Ȫ›ȡ‚”ǒ¡…ȡ“‚“Ǖ”
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 €ȯ Ǖ’ȡš€ȡ`”ȡ™¡Ǿ\›à“‚“[ ƒȡ`”Ǖʆ@™ €Ȫ›ȡǓ‚€š\“Ǖ”ȡ›“›ȡ‚ ȶ ¢Ž

dĂdž ĐŽŵƉůŝĂŶĐĞ ĐŽƐƚ ƐƵƌǀĞLJ ‚ǐšÛ†@™èȪ ȶ ¢Ž‚‘ȡ[ǒǓ—Ǐ€Ǖšȡ˜ȡڙȡ“”Ǖâ™


 ȡ`“Ǖ”“ȶ
¡Ǖۆ @ ȶ ¢Ž ‚‘ȡ[ ”™ȡ[Ư ”Ǘ[ ™ȡšȣ “—f˜ȡ ™ ›ȯ  ˜è™ȡ€Ȫ  ¡ȣ ”ǒ¡…ȡ“ ‚“[ “ €ȧ €š
 Ǖ’ȡš€ȡ›ȡǓ‚‚ǐš“ȯ ȡ’“İȪš ˜™י Ȱ ȯš‡ȡۆ@ [ ȶ ¢Ž›ȡ_Ĥ—ȡ€ȡšȣ–“ȡ_
—š”‘Ⱦš•›‘ȡ™Ȣ”ǐšŽȡ˜ĤȡƯ‚“[Ǔ“à“€Ǖšȡ˜ȡǒžȯŸڙȡ“”Ǖ™ȡ[`“Ǖ”“ȶ‘ȯ ǔÛ†

x  –Ȱ—ȫ‚ȪǓ›€¢ȯğ ˜ȯǒŠ“ȯ‚šȣț芚†“ȪŠ
x  –Ȱ噝 ȡ™š€ȡšȪȡš ˜Ǘ¡ ˜ȯǒŠ“ȯ‚šȣ€š‘ȡȡ†“ȪŠ
x €š\“Ǖ”ȡ›“›ȡ‚Ǔ ‡[“ȡ‚“ȶ –ȰǒŸ™˜ȡĤưȡ›ȣǓ“˜ȡ[Ž
x €š‘ȡȡ ȱ‚\ۏȡ[ȡ[ ǒǓ’
Ĥי¢\ۏȡ[ȡ[^˜ȯ›ȡ¡Ǖ›ȡ€–ȡŠĤư àĤȯŸŽ
‚“ȶ 
x ”ȡ^›ŠŠȯ èŠ
x ˜Ǖə ȶ¢Ž–ȡŠØ™ȡNj Ǘ…“ȡš‡ȡ“€ȡšȣ Nj›“
x  NjǓ› Ǘ…“ȡ€Ȫ\ڙ™“ǒƲȯŸŽfȲȡǓ›€ȧ€šŽ
x Ǔ“瀟[ ǒ¡€ȪĤǓȯ‘“›ȯ“@
“ȯ”ȡ›˜ȡ€š\“Ǖ”ȡ›“›ȡ‚€Ȫ\èȡ

“ȯ”ȡ›˜ȡ€šȡšȪ”Ž€Ȫ^Ǔ¡ȡ ›ȡ˜Ȫ—f”Ǔ“ȡ ‚šȣǓ– Ȳ DBGF”Ǔ†€š‘ȡȡ€Ȫ\“Ǖ”ȡ›“
–ȡ`“ȯ š ›ȡ‚ ƒŠȡ`“ȯ `Ƨȯ晛ȯ  €š€ȡ “™ȡȱ g“ Ǔ“™˜ Ǔ“˜ȡ[Ž š €ȡ™ȡ[۝™“  ȱ‚‹“
 Ȳ š…“ȡ˜ȡ  Ǖ’ȡš š ǒèȡš  Ǘ…“ȡ ĤǒǓ’€Ȫ å™ȡ”€ Ĥ™Ȫ‚ ȡ €š‘ȡȡ  ȯȡ˜ȡ  Ǖ’ȡš ‡èȡ
\Ǔ—™ȡ“ ȡǓ›f) €š‘ȡȡ€Ȫ  Ȳ əȡ˜ȡ ǒèȡš ȱ‚Ȱ €š \“Ǖ”ȡ›“ ›ȡ‚ ƒŠȡ`“ȯ `Ƨȯ晛ȯ  –‡ȯŠ
Ơå™ ȡ €š €ȡ“Ǘ“  Ȳ žȪ’“ ˜ȡ•[Q ǒǓ—Ǐ  Ȳ žȪ’“ ȡ  Ǖ’ȡš ‚ǐšf ) €š‘ȡȡ›ȡ_
ƒš‘Ȱ ›Ȫ˜Ȱ  ȯȡ ”Ǖâ™ȡ`“ȯ `Ƨȯ晛ȯ €Ǔ”™ ‹ȡ`ȱ˜ȡ €š‘ȡȡ  ȯȡ €ȡ™ȡ[›™ èȡ”“ȡ ‚ǐšf )
€š‘ȡȡ€Ȫǒ¡˜ȡ‚ǐšf€ȡ™èȡ Ȳ žȪ’“ Ǖ’ȡšȡ ȱ‚‹“ǒèȡš€ȪĤ—ȡ€ȡǐšȡ˜ȡ”“‚“[
Ǖ ȡ_
€ȯÛġ š €ȯÛġ Ĥ‘ȯ ž ȡ èȡ“Ȣ™ ¡˜ȡ  ȡ˜Ǖǒ¡€ †›•› ‚ȪƵȢ \ۏšǒЙȡ ‚Ǖ“ȡ Ȫ  Ǖ“
€ȡ™[И]™Ȫ‡“ȡ‚ǐš™Ȫ)€šĤžȡ “˜ȡ€ȡ™[ à”ȡ‘“˜ȡ]’ȡǐš Ǖǒ’ȡĤŽȡ›ȣ›ȡ‚Ǘ ‚ǐš™Ȫ
‡ ˜ȡ€š‘ȡȡ ȯȡ›ȡ_”Ǔ“€ȡ™[ à”ȡ‘“€Ȫ]’ȡš˜ȡ“Ȣ\Ȳ €Ǒ‘“ȯ”ǐš”ȡŠȣ€Ȫȡ›“Ȣ‚ǐš™Ȫ)

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€š\“Ǖ”ȡ›“›ȡ‚”ǒ¡…ȡ“€Ȫ›ȡǓ‚\ۏšȡ[ǒƶ™ǒƣǓ“‚˜
ʽʺʷ €Ȫ ¡™Ȫ‚˜ȡ “Q DBCD
˜ȡ \“Ǖ”ȡ›“›ȡ‚€ȡ  –Ȱ ¢ȯğ  ˜ȯғȯ ‚šȣĤưȡ›ȣ ™ȡš ‚šȣ†ȡǓ“f€ȡ ǔ‡ã›ȡ€ȡ†ȡǓ“f€ȡ
€š‘ȡȡ›ȡ_ Ĥư  Ȫ’ȯš “ȯ”ȡ›˜ȡ 噝ǔ萏 Ǿ”˜ȡ ”ǒ¡›Ȫ”Š€ €š \“Ǖ”ȡ›“ ›ȡ‚  ȶ ¢Ž
‚ǐšf€Ȫ ‘ȯ ǔÛ† ) ”ğ”Ǔğ€ȡ˜ȡ `ã›ȯ  ‚ǐšf\“Ǖ ȡš €ȡšȪȡš \Ȳ€€Ȫ \“Ǖ”ȡ˜ȡ  ȡ“ȡ
€š‘ȡȡ›ȡ_€š\“Ǖ”ȡ›“›ȡ‚–ȣ”“ȶ‚šȯ €Ȫš˜Ǘã™\Ǔ—–Ǚǒƨ€š˜ȡ”ǒ¡›Ȫ”Š€‘ȡ[—f€ȡ
€š‘ȡȡ€Ȫ`Ơ›ȡ‚ˆ“Q –ȣ—f€Ȫ‘ȯ ȡf€Ȫ`ã›ȯ‚ǐšf€ȪǓ™Ȫ)ǒƳ–Ȱ€ƮȡšȡĤ€ȡǔž
ĂƐĞ ŽĨ ĚŽŝŶŐ ďƵƐŝŶĞƐƐ ĐŽƐƚ ϮϬϭϵ €Ȫǐš”ȪŠ[˜ȡ`ǔã›ǔCBŠȡ”ǐš Ǘ…€¡Ǿ˜Ú™ȯWĂLJŝŶŐ
ƚĂdžĞƐžȢŸ[€\ۏ‚[“ȯ”ȡ›€Ȫ\èȡǓ“à“ȡ“Ǖ ȡšš¡ȯ€Ȫ`ã›ȯ†
R €šǓ“ȶ à–Û’ȢĤȡƯȡNj;BCBBͿ  FIC
Ǖ ȡ“Ȣ‚“Ǖ”
R ĤǓŸ[€š—Ơ [ “ȶ Ȳ əȡ  FHB
R ĤǓŸ[\“Ǖ”ȡ›“ ˜™›ȡ‚
ƒÖŠȡ˜ȡ  EII
R €šš™Ȫ‚‘ȡ“€Ȫ‡à˜ȡ‘š   FCJ
R ”Ȫƴ•ȡ^Ǔ›Ǎ Ǘ…€ȡNj;BCBBͿ EEE

`ã›ȯ‚šȯ €ȡ”ǐš Ǘ…€¡Ǿ”Ǔ“€š\“Ǖ”ȡ›“›ȡ‚€ȡ”ǐš Ǘ…€ ȱ‚Ǔ˜ã‘Ȫ‡Ǖã‘Ȫ—f€Ȫ›ȯ  ”Ǔ“


™¡ȡȱ€Ȫ€š\“Ǖ”ȡ›“›ȡ‚Ǖ›“ȡט€Ǿ”˜ȡ–ȣ“Ȱ š¡ȯ€Ȫ”ǕƴȢ¡Ǖۆ@š™Ȫ›ȡ‚–ȣ
‘ȯ ǔ“Ǖ˜ȡ ]ۏǐš€ šȡ‡è ǒ—ȡ‚€Ȫ ¢ȯğ—Û‘ȡ –ȡǒ¡š ”“ȶ  ȡ˜ȡǔ‡€  Ǖš¢ȡ €š èȡèؙ –Ȣ˜ȡ
ȡ‘ǕƒŠ
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€š\“Ǖ”ȡ›“›ȡ‚€ȪĤ—ȡ

€š Nj›“ǒ“ȡšȡϙ Ȳ …ȡ›“‚“[  ǒ€‘Ȱ “—“ȯ €š Nj›“‚‘ȡ[ €š‘ȡȡ˜ȡ\ۙ›ȡ‚”Ǔ“


”“ȶ ‚‘[† ) €š \“Ǖ”ȡ›“ ›ȡ‚›ȯ €š‘ȡȡ€Ȫ ]Ǔ[€ 噝¡ȡš š Ǔ“Ž[™˜ȡ ˜ȡğ “—_ €š
ĤŽȡ›ȣĤǓ ]˜ “ȡ‚ǐš€€Ȫ Ǻǒƴ€ȪŽ˜ȡ  ˜ȯ ‘Ǘ š‚ȡ˜Ȣ Ĥ—ȡ ”ȡ‘[† ) \Ǔ’€ €š \“Ǖ”ȡ›“
›ȡ‚€Ȫ€ȡšŽ›ȯ €šĤŽȡ›ȣ \›Ȫ€ǒĤ™ ¡Ǖ“ȯ š\›Ȫ€ǒĤ™ €šĤŽȡ›ȣ€Ȫ €ȡšŽ€Ǔ”™‘ȯ ž˜ȡ
 š€ȡš“Ȱ —Ǎ—f€ȡ`‘ȡ¡šŽ”Ǔ“–ȯ›ȡ– ǕǏ”ȡ^ۆ)€š\“Ǖ”ȡ›“›ȡ‚›ȯ  ˜ǕəǾ”˜ȡ
Ǔ“à“ ¢ȯğ˜ȡ Ĥ—ȡ ”ȡšȯ €Ȫ ¡Ǖۆ š ™èȪ ›ȡ‚ ‡Ǔ –ȣ —™Ȫ ™ €Ȫ Ĥ—ȡ יǔƣ “Ȱ –ȣ
ĤיǕהȡ‘€¡Ǖۆ

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‡Ǔ–ȣ—™ȪיǓ“Ȱ €š‘ȡȡ€Ȫ\“Ǖ”ȡ›“菚è€‘Ȱ  ‡ȡۆ)ǒ‚€ȡ ȶ¢Ž–ȡŠ
€š˜ȡ —[š ‘ȡ[ —f€ȡ  ȡ“ȡ ȡ ˜ˆȫ›ȡ €š‘ȡȡ˜ȡȢ ™ €Ȫ ›ȡ‚ \ˆ –ȣ ”“ȶ
‚šȯ €Ȫ”ȡ^ۆ@

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x €š Ĥžȡ “˜ȡȢ Ĥ—ȡ \“Ǖ”ȡ›“ ›ȡ‚ –Õ‘Ȱ  ‡ȡȱ‘ȡ €š‘ȡȡ€Ȫ \“Ǖ”ȡ›“ 菚 ƒÒ‘Ȱ 
‡ȡ“ȯ ¡Ǖȱ‘ȡ €š  Ȳ €›“ €˜ —_ Ǔ“’ȡ[ǐš šȡ‡è ›ê™ ”Ǘšȡ ¡Ǖȱ‘Ȱ“ —“ȯ \€ȾǓš
‡“˜ȡ“ ˜ȡ š€ȡšš€šĤžȡ “€Ȫ†ǒ“šȡĨȪ¡Ǖȱ‘Ȱ‡ȡۆ@
x \[Ûğ˜ȡȢĤ—ȡ€š\“Ǖ”ȡ›“›ȡ‚€Ȫ€ȡšŽ›ǔꙏ€š Ȳ €›““—f”Ǔ†€Ǘ›
‚ȡ¡[èؙ`הȡ‘“˜ȡ€š€Ȫ\“Ǖ”ȡƒÒ‘Ȱ  ‡ȡۆ@–‡ȯŠƒȡŠȡ–Õ†)ǒ€ȡ –‡ȯŠ€ȡ
›ȡǓ‚ šȡϙ›ȯ ]ۏǐš€ ȡ ȡƻ bŽ Ǔ›“Ǖ”“ȶ ¡Ǖۆ @›ȡ˜Ȫ  ˜™ à˜ ™èȰ \èȡ
š¡ȯ˜ȡšȡϙbŽ€ȪȪš
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€š\“Ǖ”ȡ›“›ȡ‚ۙǗ“Ȣ€šŽ€ȡĤ™ȡ 

“ȯ”ȡ›˜ȡ€šĤŽȡ›ȣ Ǖ’ȡš\Ǔ—™ȡ“\ۏ‚[Ǔ– Ȳ DBGF˜ȡ˜Ǘ\€ššDBGJ˜ȡ“™ȡȱ
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\“Ǖ Û’ȡ“žȡȡ͕šȡ‡è\“Ǖ Û’ȡ“ǒ—ȡ‚–ȡŠ—f€ȡ€šǓ“’ȡ[šŽ˜ȡǔ…ƣ“–Ǖˆȡ`“ȯ€š‘ȡȡ›ȯĤžȡ €ȧ™
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€ȡ“Ǘ“Ȣ噝èȡ
\ۏȬžǕ〠g“͕ DBGJ \“Ǖ ȡš \ۏȬžǕ〠\Ǔ’€Ǚ–ȡŠ —f€Ȫ \ۏȬžǕ〠Ǔ“’ȡ[šŽ `”š  Ȫ¡ȣ g“€Ȫ
‘•ȡCK\“Ǖ ȡš]ۏǐš€ šȡ‡èǒ—ȡ‚€ȡ˜¡ȡǓ“‘ȶ ž€  ˜¢Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“Ǒ‘“
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g“€Ȫ ‘•ȡ EC€ –˜Ȫǔ‡˜ ]ۏǐš€ šȡ‡è ǒ—ȡ‚€ȡ ˜¡ȡǓ“‘ȶ ž€  ˜¢ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ
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\“Ǖ ȡš]ۏǐš€šȡ‡èǒ—ȡ‚ ˜¢Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“Ǒ‘“ È†@
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f€…ȫȡ^[”Ǔ“‘ȡǔ›ȡ‚“Ǖ[ ”“ȶ噝èȡ‚ǐšf€Ȫ†@ 
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Ǔ˜Ǔ›ȯ  ȡ‹Ȥ Ǒ‘“Ǔ—ğ Ǔ“Ž[™ Ǒ‘“Ǖ”“ȶ 噝èȡ ‚ǐšf€Ȫ † @ ”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“˜ȡ  ȡ‹Ȥ Ǒ‘“Ǔ—ğ
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”ȡf€Ȫ Ǔ˜Ǔ›ȯ EG Ǒ‘“Ǔ—ğ  à–ǔے å™ǔƠ›ȯ  šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ Ǒ‘“  È“ȯ 噝èȡ
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ȡ”Ǖ“šȡȯ‘“Ǒ‘“ȯ å™ǔƠ›ȯ   Ȫ€Ȫf€ĤǓ”ÛĢǑ‘“Ǔ—ğ à–ǔے€ȡ™ȡ[›™˜ȡ‘ȡ[ ‚šȡ`“Ǖ ”“ȶ 噖èȡ
š¡ȯ €Ȫ†@
\ۏȬžǕ〠\Ǔ’€Ǚ›ȯ €Ȱ‘ ‚“ȶ ‚šȣ ‚šȯ €Ȫ Ǔ“Ž[™ `”š šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ Ǒ‘“  ǒ€“ȯ †
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å™ǔƠ€Ȫ  à”ǔƣ ‡• ‚“ȶ ‚šȣ Ǔ“Ž[™ —_  Ȫ Ǔ“Ž[™ `”š ”Ǖ“šȡȯ‘“ ”šȯ €Ȫ˜ȡ ”Ǖšȡȯ‘“ ¡ȯ“ȶ \Ǔ’€ȡšȣ›ȯ 
”Ǖ“šȡȯ‘“€Ȫ €ȡšȡ¡ȣ ǒ€“ȡšȡ “‚šȯ  à˜  Ȫ  à”ǔƣ ‡• ‚“ȶ €ȡšȡ¡ȣ èǓ‚ šȡơȯ ]‘ȯ ž \ۏȬžǕã€
\Ǔ’€Ǚ›ȡ_Ǒ‘“ È“ȯ †@š™ šȣšȪʞȡš¡ȯ €Ȫ à”ǔƣ Œ“ȯ͕Ǔ–Ē“ȯ “ƴ¡Ǖ“ȯ ȡי €Ȫ˜Ǘ㙃ғȯ
‘ȯ ǔf˜ȡ\ۏȬžǕã€\Ǔ’€Ǚ›ȯ  יèȪèǕ ǕǽۏǓ››ȡ˜Ǔ–Đȧ‚šȣ]f€Ȫš€˜€Ȫ]à‘ȡ“Ȣ–ȡȲړǕ ”“ȶ
† @ šȪʞȡ š¡ȯ€Ȫ  à”ǔƣ ”Ǔ†  à–ǔے å™ǔƠ›ȯ  ǒ•ȡ[ ”ȡ`“ȯ ‹¡ǐšf˜ȡ Ǔ››ȡ˜ Ǔ–Đȧ–ȡŠ ĤȡƯ —f€Ȫ
š€˜˜ȡğǓ“‡›ȡ_ǒ•ȡ[Ǒ‘_“ȯ†@ à–ǔےå™ǔƠ›ȯ èǕ“Ȱǒ•ȡ[”ȡ`Ȳ —“Ȣ‘ȡȢ‚“[”ȡ`“ȯ†Ȱ “@
”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“ ȡ ”Ǖ“šȡȯ‘“ Ǒ‘f€Ȫ €ȡšŽ–ȡŠ \ۏȬžǕ〠g“͕ DBGJ €Ȫ ‘•ȡ CH €Ȫ
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˜Ǒ‘šȡ g“ DBEC –˜Ȫǔ‡˜ \ۏȬžǕ〠\Ǔ’€Ǚ›ȯ  ‚šȯ €Ȫ Ǔ“Ž[™ `”š šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ š “ȯ”ȡ›
 š€ȡš›ȯ Ȫ€ȧ Ǒ‘f€Ȫ \Ǔ’€ȡšȣ›ȯ  ‚šȯ €Ȫ Ǔ“Ž[™ `”š  à–ǔے `ͅ \‘ȡ›˜ȡ ”Ǖ“šȡȯ‘“ ›ȡʓȯ † @
 
™ šȣ”Ǖ“šȡȯ‘“Ǒ‘“ȯ å™ǔƠ›ȯ  ”Ǖ“šȡȯ‘“Ǒ‘f€Ȫ”ÛĢǑ‘“Ǔ—ğ”Ǖ“šȡȯ‘“€Ȫf€ĤǓ à–ǔے€ȡ™ȡ[›™˜ȡ
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ǔ‡ǒ€š ×™‘ȯ ǔ“]f˜ȡè”ƴ€ȡšŽȪ›ȣ”…ȡ[ Œȡ‚šȣ˜¡ȡǓ“‘ȶ ž€›ȯ   Ȫ€šǓ“’ȡ[šŽ]‘ȯ ž–‘š

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]‘ȯ ž Ǒ‘“  È“ȯ † @ ”ȯž —f€Ȫ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“˜ȡ HB Ǒ‘“Ǔ—ğ ǒ—ȡ‚›ȯ Ǔ“Ž[™
“Ǒ‘f˜ȡ à–ǔےå™ǔƠ›ȯ šȡ‡èۙȡ™ȡǓ’€šŽ˜ȡ”Ǖ“šȡȯ‘“Ǒ‘“ È‘†@
יèȰ ǒ—ȡ‚›ȯ  ‚šȯ €Ȫ Ǔ“Ž[™ `”š ǔ…ƣ “–ǕГȯ å™ǔƠ›ȯ  šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ Ǒ‘“  È“ȯ
噝èȡš¡ȯ €Ȫ†@”Ǖ“šȡȯ‘“Ǒ‘“ȯ å™ǔƠ›ȯ  ”Ǖ“šȡȯ‘“‘ȡ[ ‚šȯ €ȪǓ˜Ǔ›ȯ ”ÛĢǑ‘“Ǔ—ğ”Ǖ“šȡȯ‘“”ğ€Ȫ
ĤǓǓ›ǒ” Ȳ ›Ê“‚šȣǒ—ȡ‚ ˜¢Ǔ›ǔ‡ȡ“€ȡšȣ‚šȡ`“Ǖ”“ȶ†@
]™€š•[Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“`”šǒ—ȡ‚›ȯ  ȪǓ“ȯ‘“˜ȡ`ã›ȯ ǔ€Ǖšȡ¡Ǿ›ȡ_”ǗŽ[ ȡ
]Ȳǔž€ Ǿ”˜ȡ èȢ€ȡš ȡ \èȢ€ȡš ‚“[ š Ǔ“ȯ‘“ `”š€Ȫ Ǔ“Ž[™€Ȫ Ǔ›ǔ  Ǘ …“ȡ  Ȫ å™ǔƠ›ȡ_ Ǒ‘“
 È“ȯ †@Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“Ǒ‘f€ȪǓ˜Ǔ›ȯ HBǑ‘“Ǔ—ğǒ—ȡ‚›ȯ  Ȫ Ǔ“ȯ‘“`”š€Ȫ
Ǔ“Ž[™€Ȫ  Ǘ …“ȡ Ǔ“ȯ‘€›ȡ_ “Ǒ‘f˜ȡ Ǔ“ȯ‘€›ȯ  Ȫ€Ȫ ‡ȡ“€ȡšȣ ǒ—ȡ‚˜ȡ ‘ȡ[ ‚šȡ_ ǒ—ȡ‚›ȯ Ǔ“ȯ‘“
\èȢ€ȡš ‚šȯ €Ȫ ˜ȡǏ  È“ȯ † @ ™ šȣ Ǔ“ȯ‘“ \èȢ€ȡš ‚šȯ €Ȫ ˜ȡ“ȯ€Ȫ €Ǖšȡ  à–ǔے Ǔ“ȯ‘€›ȯ 
Ǔ›ǔ Ǿ”˜ȡ ǒ—ȡ‚›ȡ_ ‡ȡ“€ȡšȣ Ǒ‘“Ǖ”“ȶ † @ ǒ—ȡ‚›ȯ  יèȪ ‡ȡ“€ȡšȣ ‘ȡ[ —f€Ȫ Ǔ˜Ǔ˜ȡ יèȪ
Ǔ“ȯ‘“ \èȢ€ȡš ‚“ȶ Ǔ“Ž[™ ‚šȯ €Ȫ š  Ȫ å™ǔƠ›ȡ_  Ȫ Ǔ“Ž[™€Ȫ  Ǘ …“ȡ Ǒ‘f€Ȫ ˜ȡǓ““ȯ †—Ǐȯ 噝èȡ
]™€šg“DBGJ˜ȡ‚ǐšf€Ȫ†@
ǒ—ȡ‚˜ȡ Ǒ‘f€Ȫ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“ `”š —f€Ȫ Ǔ“Ž[™˜ȡ ǔ…ƣ “–ǕГȯ å™ǔƠ›ȯ  šȡ‡è
ۙȡ™ȡǓ’€šŽ g“ DBEC –˜Ȫǔ‡˜  šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ Ǒ‘“  È“ȯ† @ ”Ǖ“šȡȯ‘“ Ǒ‘“ȯ
å™ǔƠ›ȯ  ”Ǖ“šȡȯ‘“Ǒ‘f€Ȫ”ÛĢǑ‘“Ǔ—ğ”Ǖ“šȡȯ‘“€Ȫ Ǘ…“ȡ€Ȫf€ĤǓǒ—ȡ‚˜ȡ‘ȡ[ ‚šȡ`“”“ȶ 噝èȡ
”Ǔ“š¡ȯ €Ȫ†@
ǒ—ȡ‚˜ȡ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“ Ǒ‘f€Ȫ ȡ šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ Ǒ‘f€Ȫ
€ȡšŽ–ȡŠ ]™€š g“͕ DBGJ €Ȫ ‘•ȡ CCF €Ȫ `”‘•ȡ
C  ˜ȡ `ã›ȯ ǔ Ǔ“Ž[™€Ȫ €ȡ™ȡ[۝™“˜ȡ
\ š”šȯ €Ȫ˜ȡǓ““ȯ†Ȱ “@
Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“žȡȡ
]ۏǐš€ šȡ‡è ǒ—ȡ‚˜ȡ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“ žȡȡ š¡ȯ €Ȫ † @ `Ơ žȡȡ›ȯ  ˜¡ȡǓ“‘ȶ ž€€Ȫ
Ĥי¢Ǔ“™ÛğŽšǓ“‘ȶ ž“˜ȡš¡ȣ˜¡ȡǓ“‘ȶ ž€–ȡŠ à”ȡ‘“‚ǐš“ȯ Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“ à–Û’Ȣ€ȡ˜˜ȡ
 ƒȡ`“ȯ €ȡ˜ ‚‘[† @ €š‘ȡȡ–ȡŠ  Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“ĤȡƯ —f”Ǔ† ›‚ƣȰ €ȡ™ȡ[›™€Ȫ
ĤǓǒЙȡš ʞ›•ȡ_›”‹ȡ`“ à–Û’Ȣ€ȡ™ȡ[›™˜ȡ›ȯ Ȣ”‹ȡ`ȱ†@€ȡ™ȡ[›™–ȡŠĤǓǒЙȡš ʞ›
•ȡ_›ĤȡƯ—f”Ǔ†˜¡ȡǓ“‘ȶ ž€–ȡŠ€š‘ȡȡ€ȪǓ“ȯ‘“ǔ‡ǒ€š͕ €ȡ™ȡ[›™€ȪĤǓǒЙȡ͕•ȡ_› ȡš¡ȯ€ȡ
€šǓ“’ȡ[šŽ ȱ‚ à–Û’Ȣ€ȡ‚‡ȡ͕Ĥ˜ȡŽ¡Ǿ€Ȫ\ڙ™“fȲ ǒƲȯŸŽ‚šȣǓ“ȯ‘“`”šǓ“Ž[™¡Ǖۆ@
šȡ‡èۙȡ™ȡǓ’€šŽ à–Û’Ȣ噝èȡ
šȡ‡è ۙȡ™ȡǓ’€šŽ g“͕ DBEC ›ȯ  šȡ‡è ۙȡ™ȡǓ’€šŽ  à–Û’Ȣ 噝èȡ ‚šȯ €Ȫ † @šȡ‡è
ۙȡ™ȡǓ’€šŽ˜ȡ ”Ǖ“šȡȯ‘“ ‚‘ȡ[ Ǔ“ǔƱ ĤǒЙȡ ”Ǘšȡ ‚“Ǖ[ ”“ȶ 噝èȡ š¡ȯ €Ȫ † @šȡ‡è ۙȡ™ȡǓ’€šŽ˜ȡ
”Ǖ“šȡȯ‘“‚‘ȡ[ǒȡǑ‘š€˜€ȪGBĤǓž’šȫŠȣšȡơǕ ”“ȶ 噝èȡšȡ‡èۙȡ™ȡǓ’€šŽg“DBEC
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ǒ—ȡ‚Ȣ™”ǐš”ğ€Ȫǒ”šȣ€šǓ“’ȡ[šŽ¡Ǖ“ È‘†@™ šȣ€šǓ“’ȡ[šŽ—f€Ȫ˜ȡ€š‘ȡȡ¡Ǿ›ȡ_

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 à˜“—f€Ȫ‘ȯ ǔf€Ȫ¡‘ à˜יèȡǓ“Ž[™¡Ǿȡ]‘ȯ ž¡Ǿ–‘š‚ǐšÛ†@

Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€Ȫ›ȡǓ‚Ǔ“‘ȯ “Ǒ‘“ È“ȯ噝èȡ]™€šg“͕ DBGJ€Ȫ‘•ȡCCG˜ȡ


噝èȡ ‚ǐšf€Ȫ † @ ]™€š g“͕ DBGJ €Ȫ ‘•ȡ CCG
C  ˜ȡ ‘•ȡ CCF –˜Ȫǔ‡˜€ȡ
Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“ ‚“[  ǒ€“ȯ Ǔ“Ž[™ `”š ǔ…ƣ “–ǕГȯ å™ǔƠ›ȯ  Ȫ Ǔ“Ž[™€Ȫ  Ǘ …“ȡ ”ȡf€Ȫ
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J ˜ȡ
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 È“ȯ†—Ǐȯ噝èȡ‚šȯ €Ȫ†@‘•ȡCCG–˜Ȫǔ‡˜ǒ—ȡ‚˜ȡǑ‘f€ȪǓ“ȯ‘“`”š—f€ȪǓ“Ž[™˜ȡ
ǔ…ƣ“–Ǖˆ“ȯ å™ǔƠ›ȯ  šȡ‡èۙȡ™ȡǓ’€šŽg“͕ DBEC–˜Ȫǔ‡˜šȡ‡èۙȡ™ȡǓ’€šŽ˜ȡ”Ǖ“šȡȯ‘“
›ȡʓȯ噝èȡ‚ǐšf€Ȫ†@

]™€š g“͕ DBGJ €Ȫ ‘•ȡ CCF ˜ȡ ǒ—ȡ‚ š €ȡ™ȡ[›™–ȡŠ —f€ȡ ‘ȯ ¡ȡ™ –˜Ȫǔ‡€ȡ ]‘ȯ ž š
Ǔ“Ž[™¡Ǿ `”šĤžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“ ¡Ǖ“  È“ȯ 噝èȡ ‚šȯ €Ȫ†@
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[ “ȶ è”ƴ €ȡšŽ š ]’ȡš¡Ǿ
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Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪȘȡ‘ȯ ǔf€ȡ ˜è™ȡ¡ǾȬ
€š‘ȡȡ›ȯ  Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“€Ȫ Ǔ“ȯ‘“ Ǒ‘ȱ‘ȡ ”Ǖ“šȡ›Ȫ€“ ‚“Ǖ[ ”“ȶ è”ƴ €šŽ š \’ȡš¡ǽ
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]`“ȯ ĤǙǔƣ‘ȯ ǔÛ†@€ȡ™ȡ[›™–ȡŠ€š”šȣ¢Ž‚“ȶ Șȡ€Ǔ”™\èȡ˜ȡ€š‘ȡȡ à”€[˜ȡ
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Ǖ ȡ_€Ȫ ˜ȫ€ȡ ”ȡ_“ —“Ȣ ǔ‡ǒ€š Ǔ›“ȯ ‚šȯ €Ȫ ‘ȯ ǔÛ† @ י Ȱ‚šȣ
 €ȯ”Ǔ† ˜Ȱ›ȯ ‡ȡ“€ȡšȣ ”ȡ_“͕  Ǖ“
€ȡ™ȡ[›™–ȡŠ˜ȡ‚‚ǐšf€ȡĤ˜ȡŽ€ȡ‚‡ȡ¡Ǿ”ȯž“‚“ȶ š€š”šȣ¢Ž—^ €ȯ”Ǔ†Ĥ˜ȡŽ€Ȫ†ȡ“Ȣ“
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‘ȯ ǔÛ† @€ȡ™ȡ[›™ •[ Ĥžȡ €ȧ™ ”Ǖ“šȡ›Ȫ€“˜ȡ ‚f€ȡ š ۙȡǒ™€ Ǔ“€ȡ™¡Ǿ˜ȡ ‚f€ȡ
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`ã›ȯ  噡Ȫšȡ “Ȱ €ȡ™ȡ[›™€Ȫ ĤǓǒЙȡ š¡ȯ€Ȫ —“Ȣ `ã›ȯ  —^ ]`“ȯ ‚šȯ €Ȫ ‘ȯ ǔÛ† @€Ǔ”™
\èȡ˜ȡǓ“ȯ‘“ǔ‡ǒ€š˜ȡ€š”šȣ¢ŽĤǓȯ‘“šǓ“Ž[™”…ȡ[ —Û‘ȡǓ—Ǐ噡Ȫšȡ`‹ȡf€Ȫ à–Û’˜ȡ
” ĤǓǒЙȡ ȡ šȡ™ ]`“ȯ ‚šȯ €Ȫ ”ȡ^ȱ‘Ȱ“ @ י Ȱ ‚šȣ ǒ—ȡ‚€Ȫ •[–ȡŠ ”Ǔ“ €ȡ“Ǘ“›ȯ  Ȫ€ȯ€Ȫ
 ˜™Ǔ—ğ ȰĤžȡ €ȧ™”Ǖ“šȡ›Ȫ€“€ȪǓ“ȯ‘“`”šǓ“Ž[™Ǒ‘“ ǒ€f€Ȫ†Ȱ “@

`” Ȳ ¡ȡš
€š”šȣ¢Ž€Ȫ ›ȡǓ‚ €š‘ȡȡ †“ȫŠ ‚“[€Ȫ ›ȡǓ‚ \ǒ¡›ȯ  Ĥ™Ȫ‚˜ȡ ã™ȡ_f€ȡ ”ǐš Ǘ …€¡Ǿ€Ȫ
€ȡ™ȡ[۝™“–ȡŠ€Ǔ”™\èȡ˜ȡf`ŠȰ €š‘ȡȡ€Ȫȡšàȡš€š”šȣ¢Ž€Ȫ›ȡǓ‚†“ȫŠ˜ȡ”“ȶ‚šȯ €Ȫ
š €Ǔ”™ €š‘ȡȡ¡Ǿ€Ȫ €š ”šȣ¢Ž˜ȡ ”‘ȷ  “”šȯ €Ȫ \èȡ ”Ǔ“ ‘ȯ ǔÛ† @  Ȱ ¢ȯğ€ȡ
噝 ȡ™¡Ǿ›ȡ_  ˜ȯғȯ ‚šȣ €š ”šȣ¢Ž˜ȡ †“ȫŠ ‚“ȶ ]’ȡš ™ȡš ‚“Ǖ”
[ “ȶ ‘ȯ ǔÛ† @ י Ȱ ‚šȣ
“ǒ“˜ ǒƭǕȢ™ €ȡšȪȡš›ȡ_ €š ”šȣ¢Ž€ȡ ›ȡǓ‚ †“ȫŠ ‚“ȶ ]’ȡš¡Ǿ›ȯ  à–Ȫ’“ ‚“[  €ȯ€Ȫ
‘ȯ ǔ‘Ȱ “@€š†Ǖ Š€ȡ噝 ȡ™͕ ȡ ›ȡ˜ȡ—f€Ȫ”ǐš[“͕ èȡǓ˜×˜ȡ—f€Ȫ”ǐš[“͕ “™ȡȱ噝 ȡǒ™€
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 àȪ’“‚“ȶ ȡ›€ȡ Ǘ…€¡Ǿ ˜ȯ”‚“Ǖ”
[ “ȶ ‘ȯ ǔÛ†@י Ȱ‚šȣǒƳ€šĤŽȡ›ȣ˜ȡ\”“ȡf€ȡ
\ › \ߙȡ ͕ “ǒ“˜ ĤǒǓ’ š `”š€šŽ¡Ǿ€Ȫ Ĥ™Ȫ‚ ‚šȣ €š ”šȣ¢Ž ȡ \“Ǖ Û’ȡ“€Ȫ

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€ȡ™[›ȡ_ ‚ǕŽèšȣ™ –“ȡ`“Ǖ ”“ȶ ‘ȯ ǔÛ†@ €š  à–Û’Ȣ ǒȡ‘¡Ǿ –Õ‘Ȱ  ‡ȡ“ȯ͕ ›ȡ˜Ȫ  ˜™  à˜
ۙȡ™ȡǒ™€ Ǔ“€ȡ™˜ȡ ǒ…ȡšȡ’Ȣ“ š¡ȣ  š€ȡš›ȯ ĤȡƯ ‚“Ǖ”
[ “ȶ šȡ‡è  ˜™˜ȡ ĤȡƯ ¡Ǖ“ “ ǒ€š¡ȯ €Ȫ
\èȡ ¡Ǖȱ‘ȡ ]‚ȡ˜Ȣ Ǒ‘“˜ȡ ǒȡ‘  ˜ȡ’ȡ“ ‚“ȶ èȡ™Ȣ  Ȳ ™Ûğ€Ȫ 噝èȡ ‚ǐšf˜ȡ Ǔ†ŠȪ †ǐšȪ
ǒȡ‘€ȪǓ“Ǿ”Ž¡Ǖ“ È“ȯ —_€š”ǐš”ȡ›“ȡ›ȡ‚ ˜ȯƒŠȡ`“ ǒ€Û†@י Ȱ ‚šȣĤžȡ €ȧ™
”Ǖ“šȡ›Ȫ€“€Ȫ €ȡ™[›ȡ_ ” 噝ǔ萏 š €ȡ™[ ĤŽȡ›ȣ›ȡ_  ¡‡ –“ȡ`“€Ȫ ›ȡǓ‚ €ȡ™[ǒǓ’  ˜ȯ
™ȡš‚“Ǖ”
[ “ȶ‘ȯ ǔÛ†@

 Û‘—[ ȡ˜ĒȢ
C ]™€šg“͕ DBGJȡ]™€šǓ“™˜ȡ›ȣ͕ DBGK͕ €ȡ“Ǘ“ǒ€ȡ噝èȡ Ǔ˜Ǔ͕ ––š˜¡›͕
€ȡ‹˜ȡŒɋ@
D ˜Ǘã™\Ǔ—–Ǚǒƨ€šg“͕ DBGD͕ ȡ˜Ǘã™\Ǔ—–Ǚǒƨ€šǓ“™˜ȡ›ȣ͕ DBGE͕ €ȡ“Ǘ “ǒ€ȡ噝èȡ
 Ǔ˜Ǔ͕––š˜¡›͕€ȡ‹˜ȡŒɋ@
E \ۏȬžǕ〠g“͕ DBGJ ȡ \ۏȬžǕ〠Ǔ“™˜ȡ›ȣ͕ DBGK͕ €ȡ“Ǘ “ ǒ€ȡ 噝èȡ  Ǔ˜Ǔ͕
––š˜¡›͕€ȡ‹˜ȡŒɋ@
F fǒ€€Ǚ €š ›ȯ ȡ ”šȣ¢Ž Ǒ‘Ê‘ž[“͕ DBHJ͕ ;”ǒ¡›Ȫ  Ȳ žȪ’“͕DBIE  ǒ¡ ͕ ]ۏǐš€ šȡ‡è
ǒ—ȡ‚͕›ȡǔ‡à”ȡŠ͕€ȡ‹˜ȡŒȫ@
G ]™€šǓ“‘ȶ ǔž€ȡ͕ DBHH͕ ;‘ȪİȪ Ȳ žȪ’“͕DBIE͕  ǒ¡ ͕ ]ۏǐš€šȡ‡èǒ—ȡ‚͕ ›ȡǔ‡à”ȡŠ͕
€ȡ‹˜ȡŒȫ@

 

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‚šȯ €Ȫ š€˜  š€ȡš€Ȫ šȡ‡è ȡȡ˜ȡ ‡à˜ȡ ‚“Ǖ[ ”‘[† @ ™èȪ \èȡ›ȡ_ €š ǒ£¡Ǿ›ȯ
WĂLJ Ɛ zŽƵ ĂƌŶ ;WzͿ3 ”ȯ™Ȣ//Ǔ ƨȡۏ€Ȫ“ȡ˜ȡ€šŽ‚šȯ €ȡ†“Q@™ Ǔ ƨȡۏ–˜Ȫǔ‡˜
— ǕƠȡ“Ȣ€ȡ[›ȯ ]™ ĤȡƯ ‚“ȶ€Ȫ •[–ȡŠ  Ȫ ]™˜ȡ ›ȡʓȯ €š — ǕƠȡ“Ȣ€ȡ – “Ȱ €ʣȡ ‚šȯ š
 š€ȡš›ȡ_–Ǖˆȡ`“Ǖ”‘[†@

— ǕƠȡ“Ȣ Ǒ‘“ȯ›ȯ ]à‘ȡ“Ȣ ‚“ȶ–ȡŠ €š ȡ” €Šȡf€Ȫ š€˜ Ǔ ’Ȱ   š€ȡšȣ €ȪŸ˜ȡ ‘ȡǔ›ȡ ‚“ȶ
™  Ǔ ƨȡۏ›ȡ_ İȪ˜ȡ €š €ʣȢ ;dĂdž ĞĚƵĐƚŝŽŶ Ăƚ ^ŽƵƌĐĞͲd^Ϳ ”Ǔ“ —Ǐȯ ‚ǐšÛ† @
€Ǔ”™ ‘ȯ ž€ȡ €š Ĥžȡ “˜ȡ ™  ĤŽȡ›ȣ›ȡ_ €š €ʣȢ ;dĂdž tŝƚŚŚŽůĚŝŶŐͿ 噝èȡ ”Ǔ“
—“ȯ€Ȫ”ȡ^ۆ@‡Ǖ“ Ǖ€Ȱ“ȡ˜šȡȯȡ”Ǔ“— ǕƠȡ“Ȣ‚“ȶ›ȯ— ǕƠȡ“Ȣ€Ȫ ˜™˜ȡ]à‘ȡ“Ȣ‚“ȶ–ȡŠ
€šȡ”€Šȡf€Ȫš€˜ š€ȡšȣ€ȪŸ˜ȡ\ǓĒ˜Ǿ”˜ȡ‘ȡǔ›ȡ‚“ȶ™Ȫ噝èȡ€š€ȪĤȡǔ£€
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D͘ Ǖ šȡϙ\˜ȯǐš€ȡ˜ȡ€š€ʣȢ;dĂdž tŝƚŚŚŽůĚŝŶŐͿ


Ǔ ƨȡۏ€ȪĤȡ‘Ǖ—ȡ[Ȭ “QCJHDȡ€ȡ Ȳ ™Ơ
€Ȫ “ȡ˜–ȡŠ™Ȫ 噝èȡ€ȪĤȡ‘Ǖ—ȡ[ —f€Ȫ噡Ȫšȡ  Ȳ  ȡš€ȡ€š ĤŽȡ›ȣ¡Ǿ€Ȫ ǒ€ȡ  И€Ȫ
\ڙ™“ ‚‘ȡ[ ”ȡ^ۆ @ \˜ȯǐš€ȡ›ȯ  `Ơ  ˜™˜ȡ  š€ȡšȣ İȪ€Ȫ €˜Ȣ›ȡ_ ”ǗǓ[ ‚“[ ›ȡ‚Ǘ
‚ǐšf€Ȫ €š€ʣȢ€Ȫ™ 噝èȡ›ȡ_`Ơ ˜è™ȡŠšȯ €Ȫ›ȯ   “Q CJID˜ȡ¡Šȡf€Ȫš”Ǔ†
•ȯšȣ “QCKFE˜ȡ Ȫ¡ȣ“ȡ˜–ȡŠ”Ǖ“Ȭ€ȡ™ȡ[۝™“˜ȡã™ȡf€Ȫ”ȡ^ۆ@


Ĥ˜Ǖ€š\Ǔ’€Ǚ͕‹Ǘ ›ȡ€š‘ȡȡ€ȡ™ȡ[›™
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 Ȳ ™Ơ
€ȡ™ȡ[۝™“ —f€Ȫ ”ȡ^ۆ @  “Q CKHC €Ȫ ]™€š €ȡ“Ǘ“˜ȡ Ǔ˜ğšȡƶ —ȡš›ȯ  İȪ˜ȡ €š
€ʣȢ€Ȫ“ȡ˜–ȡŠ™èȪ€šĤŽȡ›ȣ€Ȫ噝èȡ‚šȯ €Ȫ‘ȯ ǔÛ†—“ȯ \ƶȯ Ǔ›™ȡ›ȯ   “Q CKKK‘ȯ ǔ
WĂLJ Ɛ zŽƵ 'Ž ;Wz'Ϳ€Ȫ“ȡ˜–ȡŠ]ݓȪ€šĤŽȡ›ȣ˜ȡ™ȪǓ ƨȡۏ€ȪĤ™Ȫ‚‚šȯ €Ȫ”ȡ^ۆ
@ “ȯ”ȡ›€Ȫ €š ĤŽȡ›ȣ˜ȡ —“ȯ €š €ʣȢ€Ȫ “ȡ˜–ȡŠ Ǔ Ǔ˜ €ȡšȪ–ȡš˜ȡ —f ”Ǔ“  “Q CKGK
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Ǖ ¡Ǿ˜ȡ ™  Ǔ ƨȡۏ –˜Ȫǔ‡˜ €š €ʣȢ
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Ǖ ¡Ǿ›ȯ  —“ȯ €ʣȢ—f€Ȫš€˜“Ȱ  Ȫ]™€ȡ[€Ȫ`Ơ
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E͘ Ǔ ƨȡۀȡ ǒžȯŸȡ¡ǽȬ ]™€ȡ[€Ȫ •[–ȡŠ — ǕƠȡ“Ȣ€ȡ[ ˜ȡ•[  š€ȡš›ȯ  €š ĤȡƯ ‚“ȶ €š€Ȫ
™ Ǔ ƨȡۏ›ȡ_‘ȯ ž¡Ǿ›ȯ  ǒǓ—Ǐ“ȡ˜ȡ€šŽ‚šȯ  ȡ”Ǔ“™ €ȡ€ȯ¡ȣǒžȯŸȡ¡Ǿš¡ȯ€ȡ†“Q @
Ǖ ¡Ǿ˜ȡ ›ȡ‚Ǘ
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Ǖ ¡Ǿ˜ȡ   Ȳ ƒȢ™  š€ȡš Ĥȡǔۏ™  š€ȡš ȡ
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Ǖ ȪĤ˜Ǖ€ȡšŽ™ €ȡǓ“à“ǒžȯŸȡ¡Ǿ›ȯ ‚‘ȡ[¡Ȫ—Ǐ ǒ€Û†@
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[ “ȶ —Ǐȯ Ĥȡ’ȡ“
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ИžȬ–ȡ`‘Ȱ ›‚ȯ€Ȫ”ȡ^ۆ@™ g“˜ȡ™ šȣİȪ˜ȡ€š€ʣȢ‚šȯ š— ǕƠȡ“Ȣ‚“Ǖ”
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•ʪȿŠ—f€ȪǓ™Ȫ—“ȯ ]DBIF@BIG˜
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™  Ÿ[ ”Ǔ“ ǒŸ™‚ ‚ȸ€šŽ€ȡ ]’ȡš˜ȡ ]
ۙȡ™ȡǓ’€šŽ›ȯ 噡Ȫ“Ǖ[ ”šȯ €Ȫ ˜ǕƧȡ —ȡš˜ȡ —“ȯ ™ 
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DJBȡ“˜ǕƧȡǔ‡à˜ȡǔ‡à˜ȯȡšȣ šȯ €ȪǓ™Ȫ@
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—f€Ȫ‘ȯ ǔÛ†@]@˜ȡ˜ǕƧȡ•†™ȿŠ˜ȡ]’ȡš˜ȡ—f€ȡ‡à˜ȡ˜ǕƧȡȡ“˜Ú™ȯ
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Ǔ“Ž[™€Ȫ ›ȡǓ‚ ”‹ȡ`“ȯ Ǔ“Ž[™ —f€Ȫ  ȡ“ ǓŒ Ǔ˜  š  ȡ“ ˜ǕƧȡ ˜Ǖ㏝Ȣ˜ȡ š¡ȯ €Ȫ \èȡ † @
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€ȯ¡ȣ `ãŠȣ  ȡ“ ˜ǕƧȡ `ãŠȣ  ȡ“ ˜ǕƧȡ ”Ǖ“Ȭ Ǔ“Ž[™€Ȫ ›ȡǓ‚ ”‹ȡ`“ȯ  ȡ“ ȡšȯ ‡Ȣ š C ȡ“
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€ȡ“Ǘ “\“Ǖ ȡš”Ǘšȡ‚“Ǖ”
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›ȡǓ‚”‹ȡ`“ȯ ›‚ȡ™€ȡǓ“Ž[™˜ȡ”Ǔ“€Ǔ”™˜ȡ”Ǘšȡ‚“Ǖ”
[ “ȶ €ȡ“Ǘ “Ȣ€ȡ™[ǒǓ’”Ǘšȡ“—f€ȡš€Ǔ”™˜ȡ
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€š‘ȡȡ ˜ǕƧȡ Ǔ›fš ‡ȡ“ȯ И ƒÒ“ȯ š \€Ⱦ •[ šȡ‡è ۙȡ™ȡǓ’€šŽ–ȡŠ ”Ǔ“ €š Ĥžȡ €–ȡŠ —f€Ȫ
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 ۙȡǒ™€ Ǔ“€ȡ™˜ȡ ‘ȡ[ —f€ȡ ˜ǕƧȡ¡Ǿ˜ȡ  à–ǔے Ǔ“€ȡ™–ȡŠ ›ȡ˜Ȫ  ˜™ à˜ žǕǽ Ǔ˜Ǔ ›
Ĥ˜ȡŽ Ǔ˜Ǔ › š ˜ȡ‚ȯ€Ȫ ‡ȡ• ĤȡƯ “¡Ǖȱ‘ȡ ›ȡ˜Ȫ  ˜™ à˜ •Ȱ ›ȡ “—_ –È™ȫȡ š¡ȣ š¡ȱ‘ȡ “ȯ”ȡ›
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š¡ȯ €Ȫ €ȡ™ȡ[›™˜ȡ \ǔۏ˜ ‡ȡ•‘ȯ ǒ¡ȡ €ȡ™ȡ[›™ Ĥ˜Ǖ˜ȡ š¡“ȯ ‚šȣ  à˜ȡǓ“  Ⱦͅ \‘ȡ› š
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æ:jR5 s/ k|zf;gM ljsf; / ;'zf;gÆ 123


€ȡ“Ǘ “ \Ǔ’€Ǚ›ȡ_ Ȫȓȯ €ȡ“Ǘ“ \Ǔ’€Ǚ “š¡ȯ€ȡ €ȡ™ȡ[›™˜ȡ \ǔۏ˜ ǔ‡à˜ȯȡšȣ €ȡ™ȡ[›™ Ĥ˜Ǖ˜ȡ š¡“ȯ
‚šȣ Ĥžȡ “ žȡȡ ¡ȯ“ȶ \Ǔ’€Ǚ›ȡ_  à”€[ \Ǔ’€Ǚ€Ȫ Ǿ”˜ȡ Ȫȓȯ  ȡ˜ȡۙȡȬ ”ğȡ…ȡš —f€Ȫ 
Ǒ‘“Ǔ—ğǓ˜Ǔ ›ȡ‡ȡ•˜ǕƧȡ¡ȯ “ȶۙȡǒ™€Ǔ“€ȡ™¡Ǿ›ȡ_ĤȡƯ¡Ǖ“ È“ȯ]ۏǐš€噝èȡ à–ǔے
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€ȡ™ȡ[›™€Ȫ€ȡ™[ à”ȡ‘“ Ǘ…€˜ȡ ˜ȯ\ š‚“ȶ¡Ǖȱ‘ȡ]ݓȪ˜Ǖə€ȡ™[ à”ȡ‘“‘ȡǒ™×Ǔ—ğ˜ǕƧȡ¡ȯ “ȶ
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ۙȡǒ™€ Ǔ“€ȡ™¡Ǿ›ȡ_ ‚“Ǖ”
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†ȪŒȢ ǐšŠ ¢ȯğȡǓ’€ȡš€Ȫ –ȡŠȪ–ȡŠ `”…ȡš ˜ȡʓ Ǔ“ǽ× ȡǒ¡ ‚“ȶ ]Ǒ‘ €ȡ™[ ‚“[  €ȯ˜ȡ ’ȯšȰ ¡‘ à˜
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ĤȡǒǓ’€žÞ‘ȡ›ȣ¡Ǿ‡ǒŠ›—f€Ȫ¡Ǖȱ‘ȡȢžå‘ȡ›ȣ¡Ǿ ˜ȯ ˜ȯŠȣšȡ‡è à–Û’Ȣg“Ǔ“™˜¡Ǿ›ȡ_
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ǒЙȡ€›ȡ”¡Ǿ›ȡ_ۙǗ“Ȣ€šŽ‚“Ǖ[ ”Ǔ“]‡€Ȫ]æ™€ȡš¡ȯ€Ȫ‘ȯ ǔÛ†@

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“—f€Ȫ\èȡ˜ȡ]Ǔ’€™Ȫ‡“ȡ Ȳ ƒȢ™ š€ȡš€Ȫ“ȢǓȡ€ȡ™[Иš–‡ȯŠ–Ơ噘ȡƒȪŸŽȡ—f€ȡ
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Ĥ™ȡ \“ǕǾ”€š€Ȫ”ǐš”ȡ›“ȡ˜ȡĤžȡ Ǔ“€ȡ€ȡ™[ǒǓ’‚ȡȱ…ȡ¡ǾfȲ  €š ¡—ȡǓ‚ȡ€Ȫ›ȡǓ‚‚ǐš“ȯ
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Ǔ“™˜ȡ›ȣ DBGE ˜ȡ fʞȡ_ ɋ  Ȳ žȪ’“›ȯ  ‚šȯ €ȡ ”ǐšǓ[ Ĥȡ’ȡ“€ȡ ǒŸ™˜ȡ  ˜Ȣ¢ȡט€ ǒŠÜ”ŽȢ¡Ǿ
`ã›ȯ ‚ǐšf€Ȫ†@

˜Ǘã™\Ǔ—–Ǚǒƨ€š˜ȡ\Ǔ“ȡ™[‘ȡ[Ȭ
˜Ǘã™ \Ǔ—–Ǚǒƨ €š ›ȡʓȯ èǕ ȡ  ȯ ȡ€Ȫ €ȡšȪ–ȡš ‚“ȶ å™ǔƠ›ȯ  ˜Ǘã™ \Ǔ—–Ǚǒƨ €š˜ȡ ‘ȡ[ —fš˜ȡğ
€ȡšȪ–ȡš ‚“Ǖ[ ”“ȶ 噝èȡ ˜Ǘã™ \Ǔ—–Ǚǒƨ €š g“ DBGD ˜ȡ š¡ȯ €Ȫ †@  ȡȰ  ȡ“Ȫ €ȡšȪ–ȡš ‚“ȶ
噝 ȡ™Ȣ\ȡ[ȡǒŸ[€Ǿ”˜ȡȪǒ€f€Ȫš€˜MĠȯ ¡Ȫ㌗ۑȡ€˜€Ȫ€ȡšȪ–ȡš˜ȡ Ȳ ›Ê“å™ǔƠ›ȡ_‘ȡ[
¡Ǖ“ȡ™  à–Û’Ȣ]æ™€ĤǒЙȡ”Ǘšȡ‚“[ “”“ȶ ‚šȣ†Ǖ ŠǑ‘_f€Ȫ”ȡ_ۆ@™ €ȡȡ‡Ǖ‘g“˜ȡ
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 Ȳ žȪ’“›ȯ“ȯ”ȡ›€Ȫ‡Ǖ“žǕ€Ȱ¢ȯğ˜ȡ¡Ǖ“ȯ˜Ǒ‘šȡ͕ȡ^“͕¡ȯãț–ǓŒè€Ȫȯ€͕˜ ȡ‡ȯšȡ”Ȣ˜ȪŠš”ȡŠ[ Q 
Ǖ Ȫ 噝 ȡ™€Ȫ €ȡšȪ–ȡš ”
ǒƭǕȢ™  ÝŠȯ™š —Û ȡš f‡ȯ֊͕ ȯ›ȫ“ȡ€Ȫ 噝 ȡ™ €ȡŒȢ ȡ ”ğ€
‚ǐšf€ȡ †“Q@  ȡȰ €Ǖ“Ȱ å™ǔƠ›ȯ  ˜¡ȡ“‚š”ȡǓ›€ȡ͕ `”˜¡ȡ“‚š”ȡǓ›€ȡ͕ “‚š”ȡǓ›€ȡ ȡ ǒ—ȡ‚›ȯ  Ȫ€ȯ€Ȫ
¢ȯğǓ—ğ žȰǔ¢€ ȡ €ȡ“Ǘ “Ȣ ”šȡ˜ž[ ›ȯ ȡ ȡ ›ȯȡ”šȣ¢Ž  à–Û’Ȣ  ȯ ȡ ‚šȯ ˜ȡ \Ǔ“ȡ™[ Ǿ”˜ȡ ˜Ǘã™
\Ǔ—–Ǚǒƨ€š˜ȡ‘ȡ[¡Ǖ“”Ǖ “ȶ‚šȣȪǒ€f€Ȫ†@
]Ǔ[€g“DBIH–ȡŠ—f€Ȫ`ǔã›ǔ Ȳ žȪǓ’噝èȡ ǒ¡˜Ǘã™\Ǔ—–Ǚǒƨ€šg“DBGD€Ȫ
‘•ȡ CB €Ȫ `”‘•ȡ
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–˜Ȫǔ‡˜€ȡ™˜—f€Ȫ†@

€Ǖ“Ȱ å™ǔƠ›ȯ  €ȡšȪ–ȡš ‚šȯ €Ȫ èǕ ȡ  ȯ ȡ˜ȡ €š ›ȡʓȯ —f˜ȡ ȡ ‘ȯ ¡ȡ™€Ȫ €ȡšȪ–ȡš ‚šȯ ˜ȡ י šȣ €š
›ȡ‚ȯ€Ȫȡ€ȡšȪ–ȡš ʶȡ›“‚šȯ €ȪǓ˜Ǔ›ȯ Ȣ Ǒ‘“Ǔ—ğיèȪ€ȡšȪ–ȡš‘ȡ[€Ȫ›ȡǓ‚Ȫǒ€f€Ȫȡȱ…ȡ˜ȡ
€š\Ǔ’€Ǚ ˜¢‘šȡèǑ‘“Ǖ”“ȶ†Ȭ

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Ǖ Ȫ 噝 ȡ™ Ěȯ ǒ€„͕ â™ȡǔ݊„͕
ǒƭǕȢ™  ÝŠȯ™š —Û ȡš f‡ȯ֊͕ȯ›ȫ“ȡ€Ȫ 噝 ȡ™ €ȡŒȢ ȡ ”ğ€
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噝 ȡ™ ʶȡ›“͕

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 ȡ[‡Ǔ“€ Ȳ ƒ͕ Ȳ èȡȡ‘ȡ[—f€Ȫå™ǔƠ›ȯ  ȡǒŸ[€”ȡȱ…›ȡǽ”Ȱ™ȡȱ —Û‘ȡ–ȣ€Ȫ‹ȯ ʞȡ”ʣȡȡ”šȡ˜ž[  ȯȡǓ›ȱ‘ȡ
˜Ǘã™ \Ǔ—–Ǚǒƨ €š˜ȡ ‘ȡ[—f€Ȫ å™ǔƠ  ȱ‚˜ȡğ Ǒ‘“ǕǓ›“Ǖ”“ȶ —f€Ȫ† @  Ȳ žȪ’“ ”Ǖ[ š€˜€Ȫ  Ȣ˜ȡ `ǒ¡
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˜Ǘã™\Ǔ—–Ǚǒƨ€šg“DBGD€Ȫ‘•ȡCK€Ȫ`”‘•ȡ
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˜Ǘã™\Ǔ—–Ǚǒƨ€šǒ•ȡ[Ȭ
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š€˜ ]•Ǘ›ȯ  `‹ȡf€Ȫ €š€Ȫ š€˜–ȡŠ €ʣȢ ‚“[ ”ȡ`“ȯ 噝èȡ š¡ȯ €Ȫ †@™ šȣ €ʣȡ ‚‘ȡ[ `‹ȡf€Ȫ
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–ȡȱ€ȧ š¡ȯ €Ȫ š€˜ ‘ȡ[ —f€Ȫ å™ǔƠ›ȯ  ǒ•ȡ[ ”ȡ`“ȯ €ȡ“Ǘ “Ȣ 噝èȡ †@ Ȳ žȪ’“ ¡Ǖ“Ǖ ”Ǖ[ ™Ȫ  ˜™ H
˜ǒ¡“ȡš¡ȯ €ȪǓ™Ȫ@

 ȡȰ g“€Ȫ‘•ȡDG”Ǔ†DG
€C ”‚šȣ€ǕŠ“ȢǓ€Ǔ“™Ȫ‚›ȡ_¡Ǖ“ȯ €šǒ•ȡ[€ȡ à–Û’˜ȡ “ȯ”ȡ›
 š€ȡš ”ššȡƶ ˜Ûğȡ›™€Ȫ Ǔ •ȡǐš ˜ȡ €ǗŠ“ȢǓ€  Ǖǒ’ȡ ĤȡƯ Ǔ“™Ȫ‚›ȯ “ȯ”ȡ› Ǔ—ğ€š›ȡʓȯ èǕ ȡ ȯȡ
šȣ‘‚‘ȡ[Ǔšȯ €Ȫ€š€Ȫš€˜ —ǏȯĤȡ’ȡ“šȡȢ”è”ƴȡ‚šȯ €Ȫ‘ȯ ǔÛ†@

™ Ȱ ‚šȣ‘•ȡDG€Ȫ`”‘•ȡ
C€ ˜ȡ—f€Ȫ”ǐš[“›ȯ €ǗŠ“ȢǓ€Ǔ“€ȡ™ȡ€ǗŠ“ȢǓ£›ȯ  €š›ȡʓȯ
èǕ ȡ ȯȡǐš‘‚‘ȡ[ Ǔšȯ €Ȫ€šf€”Š€˜ȡ‘ž¡‡ȡšǽ”Ȱ™ȡȱ—Û‘ȡ€˜€Ȫǐš‘˜ȡǒ•ȡ[ “¡Ǖ“ȯ ‚šȣ
ۙǗ“˜š€˜˜ȡ–Ǚǒƨ‚šȯ €Ȫ†@‡Ǖ“™ \ǔƒǽ”ȡȱ…¡‡ȡšš¡ȯ €ȪǓ™Ȫ@

g“€Ȫ‘•ȡDG€Ȫ`”‘•ȡ
C€ ”Ǔ†
C ”‚šȣ`”—ȪƠȡ›ȡ_Ǔ“ǔƱĤǓžš€˜ǒ•ȡ[Ǒ‘“ȯ“™ȡȱ
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˜ȡڙ˜–ȡŠ— ǕƠȡ“Ȣ‚šȯ ˜ȡǓ“‡›ȡ_“‚‘ĤȪ× ȡ¡“èǾ”— ǕƠȡ“Ȣ‚šȯ €Ȫ€š€Ȫ‘žĤǓžš€˜ǒ—ȡ‚›ȯ
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˜Ǘã™ \Ǔ—–Ǚǒƨ €š€Ȫ ˜Ǖə ]’ȡš —“ȯ€Ȫ  ǒ¡ š€˜€Ȫ –Ȣ‡€ ‡ȡšȣ —f€Ȫ ¡Ǖ“Ǖ ¡Ȫ@ǐš‘ ǒĐȧ —f€Ȫ
™ȡ[ ˜Ǘ㙘ȡ –Ȣ‡€ ›ȯ “‘ȯ “ —f˜ȡ €ȡšȪ–ȡš€Ȫ  ǒ¡ ǔ…ğŽ ¡Ǖ“ȯ š ]™€š ‚Ž“ȡ  ˜ȯ ™ȡ[”š€
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ĤȪ× ȡ¡“ èǾ” ™Ȫ 噝èȡ —f€Ȫ ‘ȯ ǔÛ†@¡ȡ› ™Ȫ 噝èȡ ǒƭǕȢ™ ˜ȡڙ˜–ȡŠ — ǕƠȡ“Ȣ ‚“ȶ
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ǐš•ÖŒ ” à–Û’Ȣ“™ȡȱ噝èȡȬ
˜Ǘã™\Ǔ—–Ǚǒƨ€šg“E€ȪǓ“™˜€Ȫ`”Ǔ“™˜
€ ˜ȡ—f€Ȫ”噝èȡ›ȯ €ǗŠ“ȢǓ€
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‘ÖŒ ‡ȡ™˜ȡ–ǙǒƨȬ
˜Ǘã™ \Ǔ—–Ǚǒƨ €š ”ǗŽ
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ǔ‡à˜ȯȡšȣ ¡“ ‚“Ǖ”
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‘•ȡ €š”ǐš”ȡ›“ȡ`›Ȳ ƒ“€Ȫ\èȡ ‡ǐšȡ“ȡš€˜ȡ ‡ȡ™  ȡǒ€€Ȫ\èȡ




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‚  èǕ ȡ  ȯȡ€Ȫ ¡èȡۏšŽ “‚šȣ ‡ȡšȣ–Ȣ‡€˜Ǘ㙀Ȫ”…ȡ  ‡ȡšȣ–Ȣ‡€˜Ǘ㙀ȪGB
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Ĥžȡ €ȧ™”Ǖ“šȡ›Ȫ€“˜ȡš€˜‘ȡǔ›ȡȬ
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˜Ǘã™\Ǔ—–Ǚǒƨ€š›ȡʓȯȬ
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‚¡Ǖȱ€Ȫ]ȱŠȡ  Ȫ™ȡ–ŒȢ˜è™ȫšȡ Ǖ ȡ“Ȣ ȯȡ Šȯ à”Ȫ

˜Ǘã™\Ǔ—–Ǚǒƨ€š†Ǖ Š—f€ȡȬ

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‘ȯ ǔÛ† —“ȯ E  ȯȡ¡Ǿ   ‘ǕƒŠ
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‹ȯ ʞȡ€Ȫ€š— ǕƠȡ“Ȣ à–Û’ȢǒžȯŸ噝èȡȬ
˜Ǘã™\Ǔ—–Ǚǒƨ€š˜ȡ‘ȡ[ š¡ȯ €ȪèǕ ȡ ȯȡĤ‘ȡ™€å™ǔƠ ȱ‚˜Ǘã™\Ǔ—–Ǚǒƨ€š™ȪʙèǕ ȡ ȯȡ
ĤȡƯ ‚‘ȡ[ Ĥȡ”€›ȯ ˜Ǘã™ \Ǔ—–Ǚǒƨ €š  ǒ¡€Ȫ š€˜ — ǕƠȡ“Ȣ ‚“Ǖ[ ”‘[†@˜Ǘã™ \Ǔ—–Ǚǒƨ €š Ǔ“™˜ȡ›ȣ
 ˜ȡ ™  Ÿ[ —f€Ȫ fʞȡ_ ɋ  Ȳ žȪ’“›ȯ   š€ȡšȣ Ǔ“€ȡ™ ȡ “ȯ”ȡ›  š€ȡš€Ȫ ”ǗŽ[ ȡ ]Ȳǔž€
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噡Ȫšȡ€Ȫ ‡ȡ“€ȡšȣ  à–ǔے‹ȯ €ȯ‘ȡš ȡ ]”ǗǓ[€ȡ[›ȡ_ Ǒ‘“Ǖ ”“ȶ ‚šȣ ‘ȡǒ™× Ȫǒ€f€Ȫ †@`Ơ €ʣȢ

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€š˜ȡǓ˜›ȡ“‚“[”ȡ`“ȯ噝èȡ`ã›ȯ š¡ȯ €Ȫ†@

 Ȳǔ¢Ư€š–Ȣ‡€€Ȫ‘ȡ™šȡ ȲžȪ’“Ȭ
˜Ǘã™\Ǔ—–Ǚǒƨ€š˜ȡ‘ȡ[ —f€Ȫå™ǔƠ›ȯ  €Ǖ“Ȱ èǕ€ȪǕġȡǓ–Đȧ‚“ȶ —f˜ȡ\“Ǖ˜ǓĤȡƯ‚šȣf€”Š€˜ȡ
ǽ”ȡȱ…¡‡ȡš à˜€ȪǒĐȧ˜ȡ€š–Ȣ‡€€Ȫ ʣȡ\“Ǖ Ǘ…ȢʹH –˜Ȫǔ‡˜€Ȫȡȱ…ȡ˜ȡ Ȳ ǔ¢Ư€š–Ȣ‡€‡ȡšȣ
‚“[  È“ȯ 噝èȡ š¡ȯ€Ȫ Ǔ™Ȫ@˜Ǘã™ \Ǔ—–Ǚǒƨ €š Ǔ“™˜ȡ›ȣ  ˜ȡ —f€Ȫ  Ȳ žȪ’“ –˜Ȫǔ‡˜
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ǽ‘ž¡‡ȡš à˜—f€Ȫ†@
€š€ʣȢ‚“[“”ȡ^“ȯȬ

˜Ǘã™ \Ǔ—–Ǚǒƨ €š Ǔ“™˜ȡ›ȣ  €Ȫ Ǔ“™˜  ˜ȡ —f€Ȫ  Ȳ žȪ’“ –˜Ȫǔ‡˜ ˜Ǘã™ \Ǔ—–Ǚǒƨ €š
g“  €Ȫ ‘•ȡ CI €Ȫ Ĥ™Ȫ‡“€Ȫ ›ȡǓ‚ ”ȯĚȪǓ›™˜ ”‘ȡ[
”ȯĚȪ›˫ ǓŒ‡ȯ› š f›ǒ” ʙȡȱ   ˜ȡ
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€š ¡™Ȫ‚Ȣ€Ȫ噝èȡ¡Šȯ €ȪȬ
˜Ǘã™ \Ǔ—–Ǚǒƨ €š Ǔ“™˜ȡ›ȣ  €Ȫ Ǔ“™˜ € ȡšȯ ‡ —f€Ȫ›ȯ  €š‘ȡȡ›ȯ €š  ¡™Ȫ‚Ȣ šȡơ
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€š€Ȫ‘ȡ™šȡ˜ȡ]`“ȯå™ǔƠ›ȡ_†Ǖ ŠȬ
]Ǔ[€ g“  €Ȫ ‘•ȡ  ›ȯ  èŠȡŠ[ \” 噝 ȡ™Ȣ›ȡ_ €š ‡ǐš–ȡ“ȡ ” ‘èǕš žǕ〠ȡ
å™ȡ‡ Ǔ˜Û¡ȡ  à–Û’Ȣ ǒžȯŸ 噝èȡ ‚šȯ €Ȫ †@ “Ȣ“˜Q  Ȫ…˫  Ȣ”˫ `ƭ˜žȢ›ȡ š ĤǒǓ’€Ȫ `”™Ȫ‚
‚šȣžǕǽ‚ǐšf€ȡ
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]‚ȡ˜Ȣ DBIH ”ȫŸ ˜ ȡۏǓ—ğ èȡ™Ȣ ›ȯ ȡ “à–š Ǔ›_ ˜Ǘã™ \Ǔ—–Ǚǒƨ €š˜ȡ ‘ȡ[ ‚šȯ ˜ȡ ]Ǔ[€ Ÿ[
DBIG@BIH—Û‘ȡ\ǔƒ€ȡŸ[¡Ǿ€Ȫ€Ǖ“Ȱ”Ǔ“ǒ€Ǔ ˜€ȪǒšŽ˫€š˫‡ǐš–ȡ“ȡ˫”‘èǕš˫žǕ』ȡ
ޙȡ‡–Ǖˆȡ`“Ǖ“”“ȶ‚šȣ Ǖǒ’ȡ ǒ¡]å¡ȡ“‚ǐšf€Ȫ†@

š\Ûי˜ȡȬ
“ȯ”ȡ›˜ȡ˜Ǘã™\Ǔ—–Ǚǒƨ€š€ȡ™ȡ[۝™“€Ȫ–ȡ_ Ÿ[€Ȫ\ߙȡ ˜ȡ “ȢǓ‚Ǿ”˜ȡ Ǔ“™Ǔ˜š ȡ› ȡ›ȣ
Ǿ”˜ȡ‚ǐšf€ȡ”ǐšǓ[噝èȡ¡Ǿ€ȪǒƲȯŸŽ ‚‘ȡ[ ”ǐšǓ[噝èȡ›ȯ €š€Ȫ‘ȡ™šȡ˜ȡǒèȡš€šǒ•ȡ[
噝èȡ˜ȡ š›ȣ€šŽ — ǕƠȡ“ȢĤ€Ǚ™ȡ˜ȡ Ǖ’ȡš; š€ȡšȣ‹ȯ ʞȡ€šȡš€Ȫ— ǕƠȡ“Ȣ˜ȡ”…ȡ ĤǓž€ʣȢ‚šȯ š
˜Ǘã™\Ǔ—–Ǚǒƨ€š— ǕƠȢ‚“Ǖ[ ”“ȶ “™ȡȱ 噝èȡͿ›‚ȡ™€ȡǒŸ™ ˜ȡȯž—f€Ȫ‘ȯ ǔÛ†@˜Ǘã™\Ǔ—–Ǚǒƨ
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 ˜Ē šȡ‡è ”ǐš…ȡ›“˜ȡ ǒ‚ Ÿ[¡Ǿ€Ȫ˜Ǘã™ \Ǔ—–Ǚǒƨ €š€Ȫ  Ȳ €Ǔ› ǒ¡è ȡ›ȯ  ˜ȯ ”ǕƴȢ ‚‘[† @
šȡ‡è€Ȫ –“ȫŠ ¡ȯ ‘ȡ[ ]Ǔ[€ –Ÿ[ DBIG@IH ˜ȡ €Ǘ› €š šȡ‡è˜ȡ ˜Ǘ ã™ \Ǔ—–Ǚǒƨ €š€Ȫ \Ȳ ž ED
ĤǓž —Û‘ȡ –ȣ š¡ȯ €Ȫ ‘ȯ ǔ™Ȫ@”Ȱ‹ȡšȣ•[€Ȫ žȢŸ[€‚ šȡ‡è€Ȫ ǒƲȯŸŽ ‚‘ȡ[ —Û ȡš ǒÛ‘Ǖ˜ȡ —Û ȡš

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ĤŽȡ›ȣ›ȯ   ǒ¡ Ǿ”˜ȡ €ȡ˜ ‚“ȶ ‚šȣ €ȡ“Ǘ“˜ȡ Ǖ’ȡš fȲ   ˜Ē €š  Ȳ š…“ȡ˜ȡ ”ǐš[“ ‚‘ȷ  ‡ȡȱ‘ȡ˜Ǘã™
\Ǔ—–Ǚǒƨ€š\ˆ –›š–Ǔ›™ȪǾ”˜ȡèȡǒ”—_šȡ‡è”ǐš…ȡ›“˜ȡ‘ȣ‚Ȫ™Ȫ‚‘ȡ“‚“[  È“ȯ \”ȯ¢ȡ
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x ˜Ǘã™\Ǔ—–Ǚǒƨ€šg“ȡ˜Ǘã™\Ǔ—–Ǚǒƨ€šǓ“™˜ȡ›ȣ€ȡ“Ǘ “ǒ€ȡ–噝èȡ
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š˜ȯž Ǖ–ȯ‘ȣ 

C͘ ǒŸ™Ĥȯž

€àܙǕŠš€Ȫ ]ǒè€ȡš ¡Ǖ“Ǖ —Û‘ȡ ”ǒ¡›ȯ  ğɊ žȡޑȣ˜ȡ ĥȡÛ €ȡ ‚ǔŽ£ ȯǓ›  ”ȡ耛›ȯ  WĂƐĐĂůŝŶĞ
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ǔ蘐›ȯ “QCIIH˜ȡ €š€ȡǓ ƨȡۏ¡Ǿ€ȪǾ”˜ȡ ˜ȡ“ȡǓ“ǔƱȡǓ˜Þ™ǒ™ȡš Ǖǒ’ȡ€ȪǓ ƨȡۏ
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€ȡ˜‚šȯ €Ȫ†@

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šȡϙ›ȡ_ €Ǖ“Ȱ  ȯ ȡ  Ǖǒ’ȡ€Ȫ ˜ȡ‚ ȡ €ȡ“Ǘ“ –˜Ȫǔ‡˜ ”ǐš”ȡ›“ȡ ‚“Ǖ”
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ǒƭǕȢ™ žȡ “›ȡ_ Ĥ—ȡ€ȡšȣ –“ȡ`“ ǒƭǕȢ™ €ȡšȪ–ȡš g“ DBHE €Ȫ ‘•ȡ IK \“Ǖ ȡš  š€ȡšȣ
Ǔ“€ȡ™Ʈȡšȡ  ȡ˜ȡǔ‡€  ʷȡ› Ĥ™Ȫ‚ ‚“ȶ €ȡ™[ǒǓ’ DBIG ‡ȡšȣ —f€Ȫ † @ “ȯ”ȡ›€Ȫ  Ȳ ǒ’ȡ“›ȯ  ˜ȯ
]’ǕǓ“€  ȯ ȡ Ĥȡ¡˜ȡ ‡ȪŒ Ǒ‘f€Ȫ †@ ȡǒ”  ȡ[‡Ǔ“€ Ĥžȡ “ ȡ šȡ‡è Ĥžȡ “€Ȫ ǒƭ˜ȡ“ €ȡ™[
žȰ›ȣ ĤǒǓ’™ǕƠ ǔž¢ȡ͕ “ȡ‚ǐš€ …ȯ “ȡ š ”Ǘȡ[’ȡš€Ȫ €˜Ȣ›ȯ   ȯ ȡ Ĥȡ¡˜ȡ Ĥ™Ȫ‚ —f€ȡ “Ȣ“ ĤǒǓ’€Ȫ
Ĥ™Ȫ‚›ȯ `ã›ȯ“Ȣ™‚ǓǓ›“ €ȯ€Ȫ†Ȱ “@

D͘ šȡ‡èĤžȡ “˜ȡ Ǘ…“ȡĤǒǓ’€ȪĤ™Ȫ‚€Ȫǒƭ˜ȡ“\èȡ

šȡ‡è Ĥžȡ “›ȡ_ Ĥ—ȡ€ȡšȣ ޙèȡ”“ ‚“ȶ ǔ‡à˜ȯȡšȣ €Ûġȣ™ Ǔ“€ȡ™€Ȫ Ǿ”˜ȡ \[ ˜Ûğȡ›™€Ȫ
š¡ȯ €Ȫ†@]Ǔ[€“ȢǓ™‚šȣšȡ‡è€ȪĤ¢ȯ”Ž‚ǐš›ê™\“Ǖ ȡš€Ȫšȡ‡è Nj›“‚“[™ \ۏ‚[€Ȫ
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‚‘[†@™ ǒ—ȡ‚›ȯ  “ȢǓ‚ȡ€ȡ“Ǘ “Ȣ噝èȡ›ȡ_Ĥ—ȡ€ȡšȣ€ȡ™ȡ[۝™“‚“[  Ǘ…“ȡĤǒǓ’€ȪĤ™Ȫ‚
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WŽƌƚĂůšŽĨĨŝĐĞƌWŽƌƚĂů€Ȫޙèȡ‚ǐšf€Ȫ
x ƵƐŝŶĞƐƐ ŽŶƚŝŶƵŝƚLJ WůĂŶ ™ȡš‚šȣ]ݓȰĂƚĂ ĞŶƚĞƌ šŝƐĂƐƚĞƌ ZĞĐŽǀĞƌLJ ĞŶƚĞƌ €Ȫ
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x  Ǘ…“ȡĤǒǓ’˜¡ȡžȡȡ€Ȫ噝èȡ‚šȣ]æ™€‘¢‡“žǔƠ€Ȫ ˜ȯš¡ȯ €Ȫ
x èȡ™Ȣ ›ȯȡ “àš€Ȫ ‘ȡ[ €ȡšȪ–ȡš€Ȫ ǒšŽ šȡ‡è ]‘ȣ \“›ȡ^“ ĤŽȡ›ȣ–ȡŠ €š‘ȡȡ›ȯ
šȡ‡èĤžȡ “˜ȡ‘ȡǔ›ȡ‚“[ È“ȯ噝èȡ‚šȯ €Ȫ
x f€ ”Š€˜ȡ CB ›ȡ à˜€Ȫ šȡ‡è ‘ȡǔ›ȡ \“›ȡ^“ ĤŽȡ›ȣ–ȡŠ ;ͲWĂLJŵĞŶƚͿ ‚“[  ǒ€“ȯ
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x €š‘ȡȡ蝙Ȳ›ȯ€šǒšŽ¡Ǿ ˜ȯǾ‡Ǖ‚“[ È“ȯ噝èȡ—f€Ȫ
x Ǔ“ǔƱ€ȡšȪ–ȡš¡Ǖ“ȯ€š‘ȡȡ›ȯ ;ͲϬϭǓ– ›ȡ à˜͕ ͲϬϮ”…ȡ ›ȡͿ€šǒšŽššȡ‡è
‘ȡǔ›ȡ‚ǐš €ȯ”Ǔ†\“›ȡ^“–ȡŠ“Ȱ€š… ǕƠȡĤ˜ȡŽ”ğ‡ȡšȣ‚“[ȡǓ›f€Ȫ
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\ۏš]–ƨȡ ‚šȣ DBIB \ Ȫ‡ CJ ‚ȯ–ȡŠ “ȯ”ȡ›  š€ȡš€Ȫ ”ǒ¡›Ȫ ;'ŽǀĞƌŶŵĞŶƚ ƚŽ
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ŝůůŝŶŐ DŽŶŝƚŽƌŝŶŐ ^LJƐƚĞŵ ;D^Ϳ ˜ȡ ˜ȯ—ÖŒȡš¡Ǖ“ȯĤ€Ǚ™ȡDBIF@BJ@BC–ȡŠ ǕǾ
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x ˜¡ȡ›ȯȡǓ“™Ûğ€€ȡ™ȡ[›™–ȡŠ€š‘ȡȡ›ȯ ‘ȡǔ›ȡ‚šȯ €Ȫ —ȫ…š€Ȫ à”ǗŽ[ ǒšŽĤŽȡ›ȣ–ȡŠ“Ȱ
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x —Û ȡš ǒ—ȡ‚–ȡŠ ]™ȡ Ǔ“™ȡ[€Ȫ ŒȡŠȡ ˜ȯ›ȡ_ ĤŽȡ›ȣ‚ Ǿ”˜ȡ \ۏš]ƨȡ €ȡ™˜ ‚šȣ
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x Ĥ˜Ǖ—Û ȡš€ȡ™ȡ[›™¡Ǿ›ȡ_ǒ—ȡ‚–ȡŠ“Ȱ\“Ǖ‚˜“‚“[ ǒ€“ȯ/WĂŵĞƌÇŒȡ“‚ǐšf€Ȫ
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x  š€ȡš›ȡ_ ĤȡƯ ¡Ǖ“ȯ  –Ȱ Ĥ€ȡš€ȡ €š ȡ ‚Ȱš€š šȡ‡è€Ȫ ĤȡǓƯ ‚“ȶ ZĞǀĞŶƵĞ
DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;ZD/^Ϳ DBIC@E@DF‘ȯ ǔ›ȡ‚Ǘ—_ǒǓ—Ǐ Ȳ 耚Ž
¡Ǖȱ‘ȰEĞǁ ZĞǀĞŶƵĞ DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;EĞǁZD/^Ϳ™ȡš‚šȣDBIG ȡ›
–Ȱ žȡCD‚ȯ×€ȡ›ȣ“€š‘ȡȡ ȯȡ€ȡ™ȡ[›™‹˜ȯ›€ȡ€š‘ȡȡ›ȯͲWĂLJŵĞŶƚ ˜ȡ•[šȡ‡è
— ǕƠȡ“Ȣ‚ǐš“ȯ”ȡ› š€ȡš€ȡ –Ȱ Ǔ“€ȡ™˜ȡǓ–ƭǕȢ™— ǕƠȡ“Ȣ‚“[ È“ȯͲƉĂLJŵĞŶƚ DBIG ȡ›
ĮȡŽC‚ȯ–ȡŠ ǕǾ‚šȯ €Ȫ@
x  Ȳ ƒšĤ‘ȯ ž€ȡ š€ȡš€Ȫ ǔʶ€ȪŸ噝èȡ”“͕ǒƣȡȱԕȡŒ͕ f€›ȡȡ ʶȡ›“ ;dƌĞĂƐƵƌLJ
^ŝŶŐůĞĐĐŽƵŶƚͿ‚ǐšf€Ȫ
x  Ȳ ƒ \ۏ‚[€ȡ  –Ȱ  š€ȡšȣ …[€Ȫ — ǕƠȡ“Ȣ ǒƭǕȢ™ ˜ȡڙ˜–ȡŠ ]”ǗǓ[€ȡ[€Ȫ ȡȡ˜ȡ “Ȱ
— ǕƠȡ“Ȣ‚ǐšǑ‘“ȯůĞĐƚƌŽŶŝĐ&ƵŶĚdƌĂŶƐĨĞƌ;&dͿ à–Û’Ȣ€ȡ™[ ʶȡ›“˜ȡš¡ȯ €Ȫ
x ŽŵŵƵŶŝnjĞĚ 'ŽǀĞƌŶŵĞŶƚ ĐĐŽƵŶƚŝŶŐ ^LJƐƚĞŵ ;'^Ϳ  š€ȡšȣ…[DBHG ȡ›–ȡŠ ǕǾ
—_ ʶȡ›“˜ȡš¡ȯ €Ȫ
x šȡ‡è Nj›“‚“ȶ –ȰNj€Ȫf`Šȡ˜ȡğȡȡ ʶȡ›“‚ǐš KŶƚŝŵĞ ZĞǀĞŶƵĞ ŽůůĞĐƚŝŽŶ ĂŶĚ
džƉĞŶĚŝƚƵƌĞ€Ȫ‡ȡ“€ȡšȣ àǔےǓ“€ȡ™›ȯĤȡƯ‚“[ È“ȯ噝èȡ‚ǐšf€Ȫ@
x ^hdZ ;^ƵďͲŶĂƚŝŽŶĂů dƌĞĂƐƵƌLJ ZĞŐƵůĂƚŽƌLJ ĂƉƉůŝĐĂƚŝŽŶͿ èȡ“Ȣ™¡˜ȡDBIH ȡ›–Ȱ ȡ
CJ€Ȫ˜ǔÛğ”ǐšŸ‘€ȪǓ“Ž[™\“Ǖ ȡš›ȡ‚Ǘ—_ ʶȡ›“˜ȡš¡ȯ €Ȫ@

‚Ȱš€ššȡ‡è•[

‚Ȱš€ššȡ‡èĤžȡ “ à–Û’˜ȡ“ȯ”ȡ› š€ȡš€Ȫ –Ȱ ‡ ȪǓ“€ȡ™˜ȡ“ȡ‚ǐš€›ȯ €šȡ‚š€ššȡ‡è


‘ȡǔ›ȡ ‚“[  È“ȯ  tĞď ĂƐĞĚ \“›ȡ^“ ĤŽȡ›ȣ ˜¡ȡ›ȯ ȡ Ǔ“™Ûğ€ €ȡ™ȡ[›™›ȯ  EĞǁ ZĞǀĞŶƵĞ
DĂŶĂŐĞŵĞŶƚ /ŶĨŽƌŵĂƚŝŽŶ ^LJƐƚĞŵ ;EĞǁZD/^ͿDBIG ȡ›ĮȡŽC‚ȯ–ȡŠ ǕǾ‚šȯ €Ȫ†@
™ €Ȫ Ĥ™Ȫ‚ ‚ǐš ‘ȯ ž€Ȫ IHC ŠȰ   š€ȡšȣ€ȡ Ǔ“€ȡ™¡Ǿ˜ȡ \“›ȡ^“ ĤŽȡ›ȣ–ȡŠ  €š ȡ ‚Ȱš€š
šȡ‡è –Ǖˆȡ`“  ǒ€“ȯ ĤŽȡ›ȣ€Ȫ  ǕǾȡ —f€Ȫ † @ ¡ȡ› €à”“Ȣ šǔ‡ƶȡš€Ȫ €ȡ™ȡ[›™͕ ›Ȫ€  ȯ ȡ
]™Ȫ‚€Ȫ \“›ȡ^“ ]ȯ‘“͕ šȡ‡è — ǕƠȡ“Ȣ͕ šȡ¡‘ȡ“Ȣ ǒ—ȡ‚€Ȫ \“›ȡ^“ ]ȯ‘“ š \“›ȡ^“ šȡ‡è
— ǕƠȡ“Ȣ‚Ȱš€ššȡ‡è˜ȡĤ™Ȫ‚—f€ȡ Ǘ…“ȡĤǒǓ’€ȡ`‘ȡ¡šŽ¡Ǿ¡Ǖ“@

;€Ϳšȡ‡è\“Ǖ Û’ȡ“ǒ—ȡ‚;šȡ‡è… Ǖ¡ȡŠ•[Ϳ

¡ȡ›Ĥ’ȡ“˜ÛğȢȡ˜ǔÛğ”ǐšŸÙ€Ȫ€ȡ™ȡ[›™\ۏ‚[š¡ȯ €Ȫšȡ‡è\“Ǖ Û’ȡ“ǒ—ȡ‚›ȯ€šȡ‚Ȱš€š
šȡ‡è… Ǖ¡ȡŠ à–Û’Ȣ\“Ǖ Û’ȡ“‚šȣ‘ÖŒ‡ǐšȡ“ȡ‚šȡ`“ȯ€ȡ˜‚‘[†@“ȢǓ‚ȡ€ȡ“Ǘ “Ȣ
噝èȡ›ȡ_Ĥ—ȡ€ȡšȣ€ȡ™ȡ[۝™“‚“[™ ǒ—ȡ‚›ȯ Ǘ…“ȡĤǒǓ’€ȪĤ™Ȫ‚Ǔ“à“ȡ“Ǖ ȡš‚ǐšf€Ȫ†@

x ˜ȡ›èǕ j
  ȡš ” ȡš 噝ǔ萏 ‚“[ DBIH@BF@BC ‘ȯ ǔ \Ǔ“ȡ™[ Ǿ”˜ȡ sĞŚŝĐůĞƐ
ŽŶƐŝŐŶŵĞŶƚdƌĂĐŬŝŶŐ^LJƐƚĞŵ›ȡ‚Ǘ‚ǐšf€Ȫ@

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x `Ơ ĤŽȡ›ȣ Ǔ—ğ š¡ȯš ¡ȡ› ‘Ȱ Ǔ“€ €ǐš DB͕BBB —Û‘ȡ ȣ ˜ȡ›èǕ j ȡš ” ȡš ‚“ȶ
Ǖ ȡ“Ȣ€ȡ[›ȯǕ ȡ“Ȣ‚ǐšš¡ȯ€ȡ†“@
x \“Ǖ Û’ȡ“ \Ǔ’€Ǚ›ȯ ˜Ȫȡ^› ȡ ʫȡ›ȯŠ˜ȡ•[ ‡Ǖ“ Ǖ€Ȱ èȡ“˜ȡ – ȯš Ǖ ȡ“Ȣ €ȡ[›ȯ ’ȪŸŽȡ
‚šȯ \“Ǖ ȡš ȡ˜ȡ“—f“—f€Ȫ…ȯ€‡ȡȱ…‚“[ È“ȯ噝èȡ‚ǐšf€Ȫ
E͘ šȡ‡èĤžȡ “˜ȡ Ǘ…“ȡĤǒǓ’€ȪĤ™Ȫ‚›ȯĤȡƯ—f€Ȫ\ š
x šȡ‡èĤžȡ “ ȯȡ˜ȡ [ ȡ’ȡšŽ“ȡ‚ǐš€€Ȫ”¡Ǖȱ…”Ǖâ™ȡ`“ •›—f€Ȫ
x  ȯȡĤȡ¡ĤǒЙȡ›ȡ_ š›ȣ€šŽ‚ǐšf€Ȫ
x  ȯȡĤȡ¡€ȪȘȡ›ȡʓȯ ˜™ȡ›ȡ‚›ȡ_ۙǗ“Ȣ€šŽ‚ǐšf€Ȫ
x  š€ȡš€Ȫ;WĂƉĞƌůĞƐƐ ĚŵŝŶŝƐƚƌĂƚŝŽŶͿ€ȡ‚‡ǒ¡ȣ“Ĥžȡ “€Ȫ˜ȡۙȡ ȡ[€Ǖã™ȡ`“  ¡™Ȫ‚
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x f€ȧ€Ǚ ȡ[‡Ǔ“€ ȯȡǒšŽĤŽȡ›ȣ›ȡ_èȡǒ”‚“[ ¡™Ȫ‚‚ǐšf€Ȫ
x šȡ‡èĤžȡ “˜ȡ ȯȡĤȡ¡˜ȡŽͲůŽĐĂƚŝŽŶ€Ȫ\–’ȡšŽȡ›ȡ‚Ǘ‚“[ •›—f€Ȫ
x  ȯȡȡ Ǘ…“ȡǒšŽ˜ȡ”ȡš‘ǔž[ȡ€ȡ™˜—f€Ȫ
x  ȡ[‡Ǔ“€Ǔ“€ȡ™ȡ”‘ȡǓ’€ȡšȣ›ȡ_`ƣš‘ȡ™Ȣ–“ȡ`“ •›–“ȯ€Ȫ
x  ¡—ȡǓ‚ȡ˜Ǘ›€žȡ “ĤŽȡ›ȣèȡ”“ȡ—f€Ȫ
x  ȯȡ€Ȫ›ȡ‚š ˜™–…‚“[ •›—f€Ȫ
x ǒƭǕȢ™žȡ “›ȡ‚Ǘ‚“[ •›—f€Ȫ
x €ȡ™ȡ[›™€Ȫ€ȡ™[Ȫˆ€˜—f€Ȫ š›ȣ€šŽ‚ǐšf€Ȫ
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x  ȡ›– ȡ›ȣ ]`“ȯ ]Ǔ[€ g“›ȯ €ȯ¡ȣ “ €ȯ¡ȣ “™ȡȱ “ȢǓ‚ 噝èȡ ‚šȯ €Ȫ ¡Ǖ“ȯ ‡  \“Ǖ ȡš
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x ]’ǕǓ“€ĤǒǓ’˜ȡ”¡Ǖȱ…€Ȫ€˜Ȣ¡Ǖ“Ǖ
x  ȡ^–š Ǖš¢ȡ€ȪǒƳ “Ȣ™ȡ\Ǔ—–Ǚǒƨ‚“Ǖ[
x ˜“ȪȰ£ȡǓ“€ğȡ šƮÛƮǓ“ȡšŽ‚“Ǖ[
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x \ڙ™“͕\“Ǖ Û’ȡ“š\۝ȯŸŽǒ€ȡ ‚‘ȷ ›Ȱ‡ȡ“Ǖ
x ”¡Ǖȱ…ȡ›ȡ€ȪĤ—ȡۙǗ“Ȣ€šŽ‚“Ǖ[
x ǒƭǕQ š`ͅ‚Ǔ€Ȫ^ۊš“ȯŠ›ȡ_噝ǔ萏–“ȡ`“Ǖ
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[ “ȶ‘ȯ ǔÛ†͗

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x  š›͕  ¡‡ š Ǔ˜å™™Ȣ Ǿ”˜ȡ — ǕƠȡ“Ȣ€ȡ ›ȡǓ‚ KŶůŝŶĞ WĂLJŵĞŶƚ͕ YZ ŽĚĞ WĂLJ ‡èȡ
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x šȡ‡èĤžȡ “˜ȡ€ȡ˜‚“ȶ€ȡ˜[…ȡšȣ¡Ǿ€Ȫ]ۏǐš€¢˜ȡ–Ǚǒƨ€ȡ™[И›ȡ‚Ǘ‚“ȶ
x ǒƭ˜ȡ“–‡ȡš˜ȡ‘ȯ ǔf€ȪǓ–‡€ à–Û’Ȣ ˜è™ȡ›ȡ_ ˜ȡ’ȡ“‚“[ŝŐŝƚĂů ĂƐŚ ZĞŐŝƐƚĞƌ͕ Ͳ
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x `”—ȪƠȡ›ȯ èǕ ȡ  ȯȡ ǐš‘ ‚‘ȡ[ יèȪ ǐš‘ ˜Ǘã™ Ĥ…Ǔ› €ȡ“Ǘ“ –˜Ȫǔ‡˜ ǒƭǕȢ™
˜ȡڙ˜–ȡŠ — ǕƠȡ“Ȣ ‚šȯ ˜ȡ Ǔ“‡›ȡ_ “‚‘ ĤȪ× ȡ¡“ èǾ” — ǕƠȡ“Ȣ ‚šȯ €Ȫ €š€Ȫ ǒƭ˜ȡ“ CB
ĤǓž›ȯš€˜ǒ—ȡ‚›ȯȪ€ȯ€Ȫ Ĥ€Ǚ™ȡ–˜Ȫǔ‡˜Ǔ“‡€Ȫ–ɇ €ȡȡ˜ȡǒ•ȡ[‚“ȶ噝èȡ›ȡ_DB
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EC ȱ‚‹“š Ȳ š…“ȡ‚ޙ–èȡȬ
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š¡“Ǖ›ȯ “Ȱ ™   à–Û’˜ȡ “ȢǓ‚ fȲ  €ȡ“Ǘ“Ȣ ǒŒà–“ȡ›ȡ_ Ĥçʫȡ`ȱ† @ ˆÖŒȰ  ”ȡȱ… ‘ž€ à˜
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ۙȡ™ȡǓ’€šŽ€Ȫšȡ™˜ȡǓ““ȯ†@

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[ ”˜ȡ  ʶȡ›“ ‚šȣ €ȡ™ȡ[›™›ȡ_
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ǒ‚€ȡ‘ž€¡Ǿ˜ȡ“ȯ”ȡ›ȣ\[Ûğ€ȪǒƲȯŸŽ˜ȡ’ȯšȰ‡ Ȫ`”™ǕƠ
[ fȲ Ĥ˜ȡǔŽ]Ǔ[€Ø™ȡNj¡Ǿ—Û‘ȡ
“€ȡšȡט€ȡ—ȡǕ€ȡå™ǔƠ‚]žȡš\“Ǖ—‡Û™€Ǖšȡ›ȯ ‹ȡ`ȱ ”ȡ`“ȯ ‚šȯ €Ȫ€Ǖšȡ†›[ǍȰ †@]•Ǘ›ȯ
Ǒ‘“Ǒ‘“Ȱ —Ȫʓȯ \“Ǖ—€ȡ ]’ȡš˜ȡ Ǔ“耟[ Ǔ“€ȡã“Ǖ ˜ȡǓ“ €Ȫ 蝗ȡ ”Ǔ“ ¡Ȫ@ —ǔ׀f€Ȫ –ȡŠȪ˜ȡ ǒ¡ȱԑȡ
’Ǖ›Ȫ š €ƴ ȯ¡Ȫ‘ȡ[ ˜¡‚ȢȲ  —Ȫʑȡ ˜ȡǓ“ ›ȯ ‘ȯ ž€Ȫ \[Ûğ€Ȫ –ȡšȯ ˜ȡ “€ȡšȡט€ Ǔ“瀟[ Ǔ“€ȡã“Ǖ
\蝗ȡǒ€ ”Ǔ“ ¡Ȫ^“@ š å™ǔƠ€Ȫ ‘Ȱ Ǔ“€ȧ —Ȫ‚ȡ^ š  ˜Ē ‘ȯ ž€Ȫ ‘ȣƒ[€ȡǓ›“ ]Ǔ[€ ‚ǓǒǓ’€Ȫ
ǒƲȯŸŽ€Ȫ Ǔ“耟[ •š€ ¡Ǖ“  È‘†@ f`Šȡ ˜ȡǓ“ ›ȯ CBB Ÿ[ \ǔƒ “ȯ”ȡ›ȣ€Ȫ ȡ ǒƳ€Ȱ kŸ
]Ǔ[€  ȡ˜ȡǔ‡€ žȰǔ¢€ š èȡèؙ€Ȫ ǔèǓ€Ȫ ›ȯȡ‡Ȫȡ ǒš›Ȱ  ‚“ȶ ‚‘[† @ ˜ȡǓ“   ǒ¡‡Ȫ —Û‘ȡ
]‡ ǔ‡›Ȫ—™Ȫ™ȡ”Ȫ¡Ȫš ȡ›—Û‘ȡ™ ”ȡ›ȣ ǔ‡›Ȫ—™Ȫ—“ȯš¡ȯ‘[†@ Ǖ…“ȡ€Ȫ™Ǖ‚˜ȡˆ“f`Šȡ
Ǖ €Ȫ ¡ȡ›€ȪǔèǓ
ǒ‚€Ȫ¡Ȫ^“  ‚Ȳ  Ǖ›“ȡ‚‘[†š
“ȯ”ȡ›ȣ›ȯ  ]ݓȪ ˜ĒǔèǓ›ȡ_ǒ€Ǔ ˜Ǖ›€
Ǔ“šȡžȡ€Ȫ ȡŒ›˜ȡ ”‘[†@ €ȯ ¡ȡ˜Ȣ›ȯ  ]ݓȪ Ǔ“€Š ǒ‚€Ȫ —Ȫ‚ȡ^ ȡ ǒ€Ǔ  šȡƶ€Ȫ ¡ȡ›€Ȫ
ǔèǓ ȱ‚ Ǖ›“ȡ ‚šȯ š ¡ȡĨȪ ǒ€ȡ €Ȫ ȡèǒ€ ǔ…ğ €Ȫ“[  È†Ɋ ! ™  ›ȯ  ˜ȡ•[ ™èȪ Ǖ›“ȡ
[ “¡Ǖ“ȯ€Ǖšȡ›ȡ_“ȯ”ȡ›€Ȫ]Ǔ[€ǒ€ȡ €Ȫ^Ǔ¡ȡȱ €Ȫ”ǐš”ȯ¢˜ȡǒƲȯŸŽ‚ǐšf€Ȫ†@
`”™ǕƠ

™ ˜ȡ¡ȡ˜Ȣ›ȯ  –ǕГǕ ”“ȶ €Ǖšȡ€ȯ†—“ȯ €Ǖ“Ȱ ”Ǔ“Ȱ£ȡǓ“€ǒƲȯŸŽØ™ȡNjšĤ˜ȡŽ€ȡ]’ȡš˜ȡ‚ǐš“Ǖ ”“ȶ


¡Ǖۆ@ \ۙ ǐš€ȡ›ȯ  ‚ǐš“ȯ ˜“Ȫ‚ š —ȡ“ȡט€ǒƲȯŸŽ–ȡŠ €Ǖ“Ȱ”Ǔ“ ȡǒ€[€ Ǔ“耟[˜ȡ ”Ǖʓ  ǒ€Ǐ@
™ ˜ȡ€ȯǒ¡`‘ȡ¡šŽǑ‘“Ǖ ȡۑǓ—[€¡Ǖۆ@

‡èȪ “ȯ”ȡ›€Ȫ ]Ǔ[€ ǔ萏Ȣ ĤǓ ‡“˜ȡ“ ˜ȡ š ǒƲȯŸŽ¡Ǿ˜ȡ ‘ž Ÿ[ \ǔƒ š \ǒ¡›ȯ˜ȡ €Ǖ“Ȱ Ǔ—Ǐȡ
”ȡ`“Ȱ ‚ȡıȪ ‘ȯ ǔÛ†@ ]˜ ˜ȡǓ“ €Ȫ ‡Ȣ“˜ȡ €ȯ¡ȣ ȡǔם€ Ǔ—Ǐȡ “]f€Ȫ š ]f€Ȫ —f ”Ǔ“ יȪ
Ĥ‚Ǔ€Ȫ ‘š \יۏ ۙǕ“ š¡ȯ €Ȫ €Ǖšȡ  [èȢ€ȡ™[  ×™ ‡ šȣ ǒç›ȯ ŸŽ ‚ǐšf€Ȫ ”ȡ^ۆ@ \ˆ ¡ȡĨȪ
”ȡ›ȡ˜ȡ™èȪǓ™Ȫ\ǒ¡›ȯƣ˜—™Ȫ—ǏȯǓ“耟[å™ȡƯ“Ȱ†@€ȯǔ萏Ȣ™èȰ¡Ȫ !™ ˜ȡØ™ȡNj
€ȯ—Û†!“ȯ”ȡ›ȣ€ȪĤǓå™ǔƠ]™ “QCKHBǓš¡ȡ›€Ȱ˜Ǘ㙘ȡ”Ǔ“DBB\˜ȯǐš€ȧŒ›š—Û‘ȡ
€˜Ǔ™Ȫ@\ǒ¡›ȯ ™ȪCBBB\˜ȯǐš€ȧŒ›š—Û‘ȡ˜ȡȢ†šĤיȯ€Ÿ[ `ã™ȯəǾ”˜ȡ–Õ‘Ȫ†@™Ȫ
 Ǖ菚ȣ“Ȱ  ǒ¡šk “ȯ”ȡ›ȣ€Ȫ‡Ȣ“˜ȡ]f€ȪG‚ǕŽȡȱ€ȪĤ‚Ǔ¡Ȫ^“š!\ˆ“ȯ”ȡ›ȣ›ȯ  `”—Ȫ‚
‚“ȶèǕȡ ȯ ȡ€Ȫǒǒ’ȡ˜ȡ]f€Ȫ`†ȡ›šèȡèؙšǔž¢ȡ˜ȡ—f€Ȫ‚ǕŽèš€Ȫ–Ǚǒƨ¡ȯ“ȶ ¡Ȫ—“ȯ
‡Ȣ“菚 Ǔ“€Ȱ  Ǖ’ȡš —f€Ȱ ˜ȡǏǕ ”‘[†@ š ǒ€“ ™Ȫ €Ǖšȡ  ’Ȱ  †ȡ™ȡȱ˜ȡ ”†[ —Ǐȯ €Ǖšȡ \“Ǖ Û’ȡ“ €Ȱ
ǒŸ™ ¡Ǖ“  È†@ ǒ‚ DBB Ÿ[€Ȫ Ĥ‚Ǔ€ȡ –ȡšȯ ˜ȡ \[žȡƸȢ¡Ǿ –Ȣ… ]˜  ¡˜Ǔ ‡èȰ —f ”Ǔ“
Ǔ˜ǓŒ™ȡ˜ȡ š ]˜ ¡ ˜ȡ ™ ›ȯ èȡ“ ǒ€“ ”ȡ`ȱ‘Ȱ“ ! ™ ˜ȡ ǔ芗“ ǒ”Û€š›ȯ  ]ݓȪ ”Ǖ菀
˶ŶůŝŐŚƚĞŶŵĞŶƚ EŽǁ˷˜ȡ “€ȡšȡט€  ˜ȡ…ȡš€Ȫ Ĥȡ€ǙǓ€ š `ͅ ˜ȡ‚›ȡ_ ǔ‡à˜ȯȡš ‹¡šȡf€ȡ †“@
`“›ȯ  `Ơ ”Ǖ菀˜ȡ  Ȳ  ȡš˜ȡ ǒ‚ D žȡǔޑ˜ȡ ]Ǔ[€  ȡ˜ȡǔ‡€  Ǖš¢ȡ  ˜ȡ“ȡ ˜ȡ“ \Ǔ’€ȡš


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\Ǔ èŠȯ ۊĤȪ•ȯ š
\[žȡƸ ͕€ȡ‹˜ȡ֌ɊǒƳǒƭȡ›™

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›Ȫ€Ûğǒ£ȡ“ǔž¢ȡèȡèؙ]Ǒ‘¢ȯğ˜ȡ™èȪ`ã›ȯ Ǔ“™š\ǓǓĭĤ‚Ǔ€ȡȡ‡Ǖǒ€“˜ȡǓ“ 
Ǔ“šȡž†šǒ€“ ȡ˜ȡǔ‡€ Ȳ ‡ȡ›šĤȯ “€ȡšȡט€ȡ˜ȡ€ȯǔÛġ†—Ǐȯ €Ǖšȡå™ȡəȡ‚šȯ €ȡ†“@™ 
›ȯ ˜ȡ“ȯ”ȡ›€Ȫ Û‘—[˜ȡǒ€ȡ €ȪǔèǓš]˜˜ȡǓ“ €Ȫי ĤǓ€Ȫ¡ȯšȡ^€èȪ†—Ǐȯ €Ǖšȡ€Ȫ
†ȪŠȪǒƲȯŸŽ‚“ȶĤ™ȡ ‚ǐšf€Ȫ†@

\[žȡƸȢ¡Ǿ €Ǖ“Ȱ ”Ǔ“ ˜Ǖ›€


Ǖ €Ȫ ]Ǔ[€ èȡèؙ ‡ȡȱ͓ Ǔ“ǔ腏 ”ǐš Ǖ…€¡Ǿ Ĥ™Ȫ‚ ‚“ȶ ‚‘[†“@ ‡ šȣ
f`Šȡ ǔ…ǒ€× €›ȯ €Ǖ“Ȱ –ȡ›€€Ȫ èȡèؙ ‡ȡȱ͓€Ȫ Ǔ“àȢ ` €Ȫ `…ȡ^ ȫ› š –Ǚǒƨ ‘š “ȡ܆
\[žȡƸȢ›ȯ \[Ûğ€Ȫ èèؙ ‡ȡȱ͓ ĤǓ å™ǔƠ €Ǘ› Ēȡ¡è `הȡ‘“
'WͿ š ™ €Ȫ –Ǚǒƨ‘š ¡ȯ “ȶ
‚‘[†“@‡ šȣǔ…ǒ€× €›ȯ  žǐšš€Ȫȡ”Đ˜‡ȡȱ͑†\[žȡƸȢ›ȯ ‘ȯ ž€Ȫ˜Ǘ㙚™ €Ȫ–Ǚǒƨ‘š¡ȯ †[@
™Ȣ ‘Ǖ_ ”ǐš Ǖ…€¡Ǿ›ȯ  èȡèؙ€Ȫ š \[Ûğ€Ȫ  à”ǗŽ[ ‡ȡ“€ȡšȣ Ǒ‘“ȯ ¡Ȫ^““ š ™ –ȡŠ å™ǔƠ ȡ
\[Ûğ€Ȫ èȡè –ȡšȯ   –Ȱ  €Ǖšȡ ȡ¡ ¡Ǖ“ȯ ”Ǔ“ ¡Ȫ^“@ š ™Ȣ“Ȣ¡Ǿ èȡèؙ ȡ \[Ûğ€Ȫ ۙǕ“˜
”ǐš Ǖ…€…ȡ¡ȣU ¡Ǖ“@

\– ™Ȣ“Ȱ š ™Ȣ ‡èȰ €ȯǒ¡ ”ǐš Ǖ…€¡Ǿ Ĥ™Ȫ‚ ‚šȯ š ¡‘ȡ[ “ȯ”ȡ›€Ȫ \[Ûğ€Ȫ ǒ‚€ȡ ‘ž€¡Ǿ€Ȫ š
¡ȡ›€ȪǑ‘žȡ€ȡ¡Ȫ!ĤǓå™ǔƠȡèǒ€€Ǘ›Ēȡ¡è`הȡ‘“›ȡ_Ǔ›“ȯ ¡Ȫ—“ȯ ]’ǕǓ“€“ȯ”ȡ›€Ȫ

 “ CKHB ”Ǔ† ‡Ǖ“  ˜™ ‘ȯ Ȣ Ø™ȡNj `”›Þ’ †  ^Ǔ¡ȡȱ ›ȡ_ E —ȡ‚˜ȡ –ȡȱԓ  ǒ€Û†@ Ĥ˜
…šŽ  “ CKJG  à˜›ȡ_ ˜ȡǏ ǒ€Û†@ ™Ȫ \Ǔ’˜ȡ ȡèǒ€ĤǓå™ǔƠ €Ǘ› Ēȡ¡è `הȡ‘“ €Ȫ
k  –Ǚǒƨ‘š B ĤǓž ] ”ȡ  š¡ȯ€Ȫ †@ ™ €Ȫ \[ k  “ȯ”ȡ›ȣ€Ȫ ]™˜ȡ €Ǖ“Ȱ ”ǐš[“ —f“
—Ǐȯ ¡Ȫ@ ‘ȪİȪ \Ǔ’
CKJHDBCG  ˜ȡ ™Ȫ k  DE ĤǓž š¡“ ”ǕʙȪ ‡ €Ȫ \[ ȡèǒ€
ĤǓå™ǔƠ€Ǘ›Ēȡ¡è`הȡ‘“‘Ȫޖš¡Ǖ“DGEGŸ[  à˜›ȡʙȪ@ “DBCH‘ȯ ǔ›‚ȡȡšFŸ[
 à˜™Ȫk HGĤǓž—Û‘ȡ˜ȡȢš¡ȯ €Ȫ†‡ €Ȫ\[ ™Ȫ‘š€ȡ™˜š¡ȯ˜ȡȡèǒ€ĤǓå™ǔƠ
€Ǘ› Ēȡ¡è `הȡ‘“ ‘Ȫޖš ¡Ǖ“ CC Ÿ[ ›ȡʆ@ ™Ȫ Ǻǒƴ€ȪŽ–ȡŠ ¡ȯ ‘ȡ[ “ȯ”ȡ›€Ȫ \[Ûğ DBCG €Ȫ
Ǖ à””Ǔ†f`Šȡ“™ȡȱ ™Ǖ‚˜ȡ” ȯ €Ȫ—ȡ“¡Ǖۆ@™¡ȡȱ ˜““™Ȫʙ€Ǖšȡ€ȯ”Ǔ“†—“ȯ f€
ǒ“ȡž€ȡšȣ—€
‘ž€ à˜€ȡ™˜š¡ȯ €Ȫ‘Ȫ¡ȪšȪ\Nj€Ȫ˜Ǖġȡǔè•Ǔ‘š”Ǔ“ȯİȪ\Ǔ’˜ȡ]^”ǕʑȡGH€Ȫ‘ȡfšȡ˜ȡ
Ǔ Ǔ˜¡Ǖ“ €ȯ€Ȫ†@™èȪ`ͅ]Ǔ[€–Ǚǒƨ‘šۙǕ“˜Ǖġȡǔè•Ǔf`Šȡǒ€ȡ ȪۘǕ\[Ûğ€Ȫ›ȡǓ‚
 Ǖ“ȫ›Ȫ¢Ž˜ȡǓ“Û†@™Ȫ–Ǚǒƨ‘š¢ǔŽ€¡Ȫ^“—Ǐȯ €ǕšȡǒƳ–ȰNjfǓ ™ȡ›ȣǒ€ȡ –Ȱ €Ȳ]Ǒ‘›ȯ  ‚šȯ €ȡ
]‚ȡ˜Ȣ Ÿ[¡Ǿ€Ȫ `× ȡ¡‡“€ Ĥ¢ȯ”Ž›ȯ Ĥƴ ”ȡ‘[†@ `הȡ‘“ ›ȡ‚ €˜ ‚“[  Ǖ›— š  èȪ `‡ȡ[
ȱ Ȣ‚ …[€Ȫ ĤǓž
噝 ȡǒ™€ ȡȡšŽ˜ȡ €ȯǒ¡  Ǖ’ȡš ‚‘ȷ  Ȱ‘ȯǔž€ ›‚ȡ“Ȣ ]€Ÿ[Ž ‚“[  €ȯ˜ȡ š ”Ǘ‡
–ȡ`“  €ȯ˜ȡ ™Ȫ ]Ǔ[€ –Ǚǒƨ ‘š K ĤǓž€Ȫ ¡ȡšȡ¡ȡšȣ ”Ǖ™ȡ[`“ €Ǒ‹“ ¡Ǖ“ȯ †Ȱ “@ ™Ȫ –Ǚǒƨ‘š›ȯ
ȡèǒ€ ĤǓå™ǔƠ €Ǘ› ‚ȡ¡[è `הȡ‘“ ‘Ȫޖš ¡Ǖ“ ˜ȡğ J Ÿ[ ›ȡʓȯ† ‡Ǖ“ \ǒ¡›ȯ ›‚—‚
–Ǎ›ȡ‘ȯ ž€Ȫ \[Ûğ \èȡ ¡Ȫ@ –Ǎ›ȡ‘ȯ ž€Ȫ \[Ûğ€Ȫ CB Ÿ[ \‚ȡǓŒ ›‚—‚ “ȯ”ȡ›€Ȱ ǔèǓ˜ȡ
š¡ȯ €ȪǓ™Ȫ@

€ǙǒŸ ¢ȯğ›ȡ_ Ǔ›fš ”Ǔ“ “€ȡšȡט€  ˜ȡ…ȡš›ȯ  ȡ[‡Ǔ“€ ¡ ˜ȡ ’ȯ šȰ ˜¡× ”ȡf€Ȫ ‘ȯ ǔÛ†@ ‡èȪ
Ǖ  Ǔ™Ȫ\ǒ¡›ȯ  ’ȡ“ ”Ǔ“ ]™ȡ ‚‘[†@ \– ™ ǒŸ™›ȡ_
—Ǔ“Û†ǒ€ “ȯ”ȡ› ”ǒ¡›ȯ \Ǐ Ǔ“™ȡ[€ ˜Ǖ›€
ȡǒ€[€ Ǻǒƴ€ȪŽ–ȡŠ Ǔ“™ȡã“ȯ €ȪǓ   ‚šɊ@ ǒƳ –Ȱ€Ȳ€Ȫ Ø™ȡNj \“Ǖ ȡš  “ CKHC ˜ȡ “ȯ”ȡ›€Ȫ ĤǓ
¡ȯȊš \Ǐ `הȡ‘“ CJG ¡‡ȡš €ȯǔ‡ Ǔ™Ȫ@  “ DBCG ˜ȡ ™Ȫ DIF ¡‡ȡš €ȯǔ‡ š¡ȯ €Ȫ †@

164 :dfl/sf–@)&^
™ ˜ȡ ™ȡ‘ ‚“Ǖ[ ”“ȶ €Ǖšȡ €Ǖšȡ €ȯ † —“ȯ  Ȫǒ¡ \Ǔ’˜ȡ €ǙǒŸ˜ȡ €ȡ˜ ‚“ȶ ‡“ Ȳ əȡ Ǔ“šÛš ƒÒ‘Ȫ
\èȡ˜ȡ š¡ȯ €Ȫ †@ י Ȫ —f ¡ȡ˜Ȣ Ǔ“™ȡ[€ȡ[ –ȡŠ € šȣ ]™ȡ €ȡ[ —™Ɋ ! ™ €Ȫ €ȡšŽ ¡Ȫ
`”—Ȫ‚˜ȡ—f€ȪȢĭ–Ǚǒƨš”ȪŸŽ˜ȡǑ‘^f€ȪĤȡǓ˜€ȡ@€ǙǒŸ¢ȯğ€Ȫ€Ǘ›‚ȡ¡[è`הȡ‘“˜ȡ™Ȫ‚‘ȡ“
Ǔ“šÛš€˜¡Ǖ“Ǖ ”Ǔ“ Ǖ‘ Ǖ…€€ȪǾ”˜ȡǓ›“ȯ ‚ǐšÛ†@ “CKHB€Ȫ‘ž€˜ȡKBĤǓžš¡ȯ €Ȫ
™Ȫ ĤǓž ¡ȡ› DJ ĤǓž˜ȡ ˆšȯ €Ȫ †@ ™  ǒ¡ ȡ–›ȯ  “ȯ”ȡ›€Ȫ €ǙǒŸ ¢ȯğ€Ȫ ǒ€ȡ ›ȡ_ ’ȯšȰ
“€ȡšȡט€—fš¡ȯ “[Ǖ ”“ȶ \èȡ†Ȱ “@¡Ȫ¡ȡ˜Ȣ›ȯ  \ˆ’ȯ šȰ‚“[  ÈؙɊš‚“[ ”Ǔ“ È†Ɋ@šǒèȡšȰ 
 ǒ¡Ĥ‚Ǔ`ã›ȯə…ȡǒ¡ȱ†@

\–`ƨȪ‚€Ȫ€Ǖšȡ‚šɊ@™Ȫ¢ȯğ”Ǔ“‘Ȱ Ǔ“€ ˜ȡ…ȡš›ȡ_¡ȯ“ȶ ¡Ȫ—“ȯ \ǓǓ“šȡžȡ‡“€ǔèǓ˜ȡ†@


kƭȪǓ‚€ ǒ€ȡ   Ȫ…ȯ  \“Ǖ ȡš “¡Ǖ“Ǖ ™ȡ[ ¡Ȫ@ š ǒ‚€ȡ ‘ž€¡Ǿ˜ȡ  ȯȡ¢ȯğ€Ȫǒ€ȡ  `ã›ȯə
—f€Ȫ†@ ȯ ȡ€Ȫ`הȡ‘“”Ǔ“èǕ€Ȫ`הȡ‘“‡èȰ ¡Ȫ@™ ›ȯ ”Ǔ“šȪ‡‚ȡšȣ Ǚ‡“ȡ‚‘[†˜ȡǓ“ €Ȫ
‘Ȱ Ǔ“€ ]è™€ȡ ”Ǖšȡ ‚‘[† š šȡǒƶ™ Ǖ €ǕǒŠ˜ȡ ˜¡×”ǗŽ[ ™Ȫ‚‘ȡ“ ‚‘[†@ •ȯšȣ  ȡ˜ȡۙ™ȡ —Ǔ““ȯ ‚šȯ 
‡èȪ“ȯ”ȡ›˜ȡ`ƭȪ‚¡Ǿ’˜ȡ’˜–Û‘˜ȡğ—f€ȡ†Ȱ ““Q škƭȪǓ‚€`הȡ‘“ƒŠȯ €Ȫ“—_™ €Ȫ€Ǘ›
‚ȡ¡[è`הȡ‘“˜ȡ™Ȫ‚‘ȡ“˜ȡğ€˜—f€Ȫ¡Ȫ@

`ƭȪ‚€Ȫ Ȳ əȡ–ȯ €Ȱ†škƭȪǓ‚€`הȡ‘“”Ǔ“Ĥיȯ€Ÿ[ –ȯ €Ȱ†@’šȰ  ‡ Ȫ š€ȡšȣèȡǓ˜×˜ȡ


—f€ȡ\Ǔ“ȡ‡Ǖ€噝èȡ”“š]Ǔ[€ Ȳ —ȡ“ȡ“—f€ȡ`’Ȫ‚¡Ǿ–Û‘¡Ǖ“Ǖ Ǖ›ȡ–‡ȡš\[噝èȡ€Ȫ
Ǔ“ǔà  €ȡšȡט€ š  ȡ˜ȡۙ €Ǖšȡ ¡Ȫ@ ™Ȣ `ƭȪ‚¡Ǿ šȡ‡“ȰǓ€ ]’ȡš˜ȡ èȡǒ” —f€ȡ ¡Ǖ“ȡ›ȯ ]Ǔ[€
˜Ǖ“ȡ•ȡ fȲ šȪ‡‚ȡšȣ˜ȡ ’ȯ šȰ  €ȡšȡט€ —Û‘ȡ ”Ǔ“  Ȳ ”ǗŽ[ k’ȪǓ‚€ ȡȡšŽ˜ȡ “Ȱ “€ȡšȡט€ \ š ”ȡ“ȶ
ȡ›€ȡ ¡Ǖۆ“@ `‘ȡ¡šŽ€Ȫ ›ȡǓ‚ ‡Ǖƣȡ `הȡ‘“ ›ȡ_ Ǔ›`ȱ@  “ CKKB —Û‘ȡ \ǔƒ f`Šȡ  š€ȡšȣ
èȡǓ˜× €Ȫ `ƭȪ‚ š¡ȯ€Ȫ Ǔ™Ȫ š “ȯ”ȡ›˜ȡ ‡Ǖƣȡ f`Šȡ ǒ›ȡ Ȣ èǕ€Ȫ Ǿ”˜ȡ š¡ȯ €Ȫ Ǔ™Ȫ@ f`Šȡ
`ƭȪ‚›ȯ €ǓšȪ‡‚ȡšȣššȡ‡èǑ‘™Ȫ¡Ȫ›ȡ!€Ǔ“ȯ”ȡ›ȣ›ȯ  יȪ`ƭȪ‚€Ȫ`הȡ‘“ Ǖ›—˜Ǘ㙘ȡ ǐš‘
‚“[ ”ȡf¡Ȫ›ȡ“!€Ǔ˜Ǖ“ȡ•ȡ‚™Ⱦ¡Ȫ›ȡיȪ–ȯ›ȡ˜ȡ!¡ȡ›“ȯ”ȡ›˜ȡIKŠȡǓ“‡Ȣ¢ȯğ€ȡ‡Ǖƣȡ`ƭȪ‚
š¡ȯ €ȡ†“@HBBBB—Û‘ȡ’ȯšȰ›ȯĤי¢šȪ‡‚ȡšȣ”ȡf€ȡ†“`”—ȪƠȡ›ȯǓ“€Ȱ èȪ`הȡ‘“Ĥ™Ȫ‚‚“[
”ȡf€ȡ†“QǓ“™ȡ[—f€Ȫ†ššȡϙ›ȯ‹Ǘ ›Ȫ˜ȡğȡ˜ȡšȡ‡è Ȳ €›“‚“[ €ȯ€Ȫ”Ǔ“†@

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ǔž¢ȡèȡèؙ‡èȡ€Ǖšȡ¡Ǿ˜ȡ Ǖ’ȡš“¡Ǖ“ȯ ¡Ȫ—“ȯ]™˜ȡ—f€Ȫ–Ǚǒƨ˜ȡğ›ȯ  ǒ€ȡ —™Ȫ—Ǐ“Ǔ˜ã“
 È†@ š ™Ȫ €ȪŽ–ȡŠ ¡ȯ “ȶ ¡Ȫ —“ȯ  “ȯ”ȡ›€Ȫ Ĥ‚Ǔ ˆ“Ȱ `× ȡ¡‡“€ —ȯǒŠÛ†@ “ȯ”ȡ›€Ȫ ĤǓå™ǔƠ
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šèȡèؙ€ȡ Ǖ…€¡Ǿיǒ¡˜ȡğȡ˜ȡ€˜†Ȱ ““Q@“ȯ”ȡ›€Ȫ¡ȡ›€Ȫk \”ȯǔ¢]™Ǖ ICŸ[ š¡ȯ €Ȫ
† ‡Ǖ“ ĤȡƯ ‚“[ \˜ȯǐš€ȡ›ȡ_ ›‚—‚ CDBBB
 “ CKIK ˜ȡ  \˜ȯǐš€ȧ Œ›š€Ȫ ĤǓå™ǔƠ €Ǘ›
Ǖ €ȡ Ǖ›“ȡ˜ȡ ’ȯ šȰ
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ǒ€ȡ ȪۘǕšȡƶ¡Ǿ›ȯ Ǔ“€Ȱ€˜ ˜™š…[˜ȡèȡèؙšǔž¢ȡ˜ȡ`Ǔ“Ȱ Ǖ’ȡš‚“[  •›—f€ȡ†“@
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™ Ȱ ‚šȣ ȡ¢šȡ›ȡ_¡ȯ “ȶ ¡Ȫ—“ȯ“ȯ”ȡ›˜ȡ™ȪИžȬ “CKGCCKJCDBBCšDBCJ˜ȡD
DB GKH š HG š¡ȯ €Ȫ†
İȪ ǒƳ–Ȱ Nj @ ™Ȫ Ĥ‚Ǔ ǒ›Ȱ  —f ”Ǔ“ Ǔ“€Ȱ `× ȡ¡‡“€ †@
™ ›ȯ —ȡȢ“ȯ”ȡ›€Ȫ]Ǔ[€¢˜ȡ˜ȡǓ“€Ȱ\[šȡɑ†@

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˜ȡڙ˜˜ȡ]`“ȯǓ“šȡ ȡˆ“ˆ“–Õ‘Ȫ†@™ ˜ȡ‘Ǘ _€ȡšŽǔ‡à˜ȯȡš†“@Ĥ˜¡ȡ˜Ȣ›ȯ ¡ȡĨȪ’šȡ›
ǒǓ [f€ȡ †Ɋ@  “ CKKB  à˜ ”Ǔ“ “ȯ”ȡ›€Ȫ €Ǘ›  Œ€  Û‡ȡ›€Ȫ ›à–ȡ_ €ǐš– HJF ¡‡ȡš
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—“ȯ“ȯ”ȡ›˜ȡ€Ǖ“Ȱšȡ‡˜ȡ‚[“ȰǓf“—“ȯ”Ǔ“¡Ǖۆ@ Œ€“Ȱ“¡Ǖȱ‘ȡ Œ€€Ȫ‚ǕŽ
ȱ 菚€Ȫ€Ǖšȡ]`“ȯ“Ȱ
ȱ 菚€Ȫ –Ǚǒƨ ǒš›Ȱ  ¡Ǖ“ȯ ‚†[@ ™Ȫ €Ǖšȡ ǔž¢ȡ˜ȡ ǒƭȡ›™ š
—f“@ ‘ȪİȪ ”ǐš˜ȡŽȡט€ –Ǚǒƨ “—_ ‚ǕŽ
ǔž¢€€Ȫ Ȳ əȡšèȡèؙ˜ȡ\蔏ȡ›š‘¢‡“žǔƠ€Ȫ Ȳ əȡ”Ǔ“\”ȡ‘€Ȫ€Ǖšȡ¡Ȫ^“@

Ǔ“€Ȱ ›ȡ˜Ȫ Ĥ™ȡ ”Ǔ† “ȯ”ȡ›€Ȫ ”™ȡ[Š“ ¢ȯğ›ȯ  ‹Ǖ ›Ȱ  •Ô€Ȫ ˜ȡ“ȶ ‘ȯ ǔÛ†@ €Ǖ“Ȱ  ˜™ G ›ȡ ”™[Š“
Ǔ—ŧ™ȡ`“¡à˜ȯ¡à˜ȯ ”šȯ €Ȫ“ȯ”ȡ›˜ȡ “DBCJ˜ȡCD›ȡ—Û‘ȡ–ǒ”™[Š€Ǔ—Ǔğf€ȡ†“—“ȯ  “
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¢ȯğ˜ȡ]æ™€‡“žǔƠ`הȡ‘“]Ǒ‘˜ȡ—Ȱ š¡ȯ €Ȫ›‚ȡ“Ȣ–Ǚǒƨ›ȡ_Ǔ›“ ǒ€Û†@

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˜¡×”ǗŽ[  ȡǒ¡Ǖ“ȯ†@

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Ǖ Ȱ  €ȡšŽ›ȯ 
¡Ȫ  “ȯ”ȡ›ȣ \[Ûğ ǒƳ ‚ Ĥƴ Ǿ”˜ȡ ‡ȪǓŒf€Ȫ kƭȪǓ‚€šŽ˜ȡ ”ȡ^›ȡ Šȯ €ȯ€Ȫ Ȱ£ȡǓ“€ ĤŽȡ›ȣ
\“Ǖ ȡš èȡèؙ š €ǙǒŸ˜ȡ ›ȡ‚ȯ€Ȫ €ȯ› HBIB Ÿ[ —f€Ȫ †@ š ™ǕšȪ”˜ȡ DGB Ÿ[ \ǔƒ “Ȱ ™Ȫ
Ĥ€Ǚ™ȡ  Ǖǽ —Ȱ  €ȯ€Ȫ Ǔ™Ȫ@  Ǖǽȡ “Ȱ •š€  ˜™˜ȡ ‚šȯ ”Ǔ† ‘ȫŒ˜ȡ €Ȫ \ǔƒ š €Ȫ ”Ǔ† —ǏǕ יȢ
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ǒ€ȡ ˜ȡ ‚ǔà—š  ˜è™ȡ¡Ǿ †“Q š šǒ¡š¡“ȯ †“@ š —f€Ȫ  €ȡšȡט€ Ĥ‚Ǔ›ȡ_  ǒ¡ ǐš€ȡ›ȯ 
˜Ǖã™ȡNj““‚“Ǖ[ šǔž¢ȡ“Ǔ›“Ǖ —ǒè™€Ȫǒ€ȡ šŽ“ȢǓ–“ȡ`“ ¡ȡ™€¡Ǖȱ‘Ȱ“@ ˜è™ȡ€ȪǒƲȯŸŽ ’ȯšȰ
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DD ĤǓž˜ȡ ˆȡšȯ €Ȫ † @ —ȡšȢ™ \[Ûğ›ȡ_ ‚Ǔ Ǒ‘“ \[˜ÛğȢ Ǔ“˜[›ȡ Ǔ ȡš˜Ž›ȯ \ĤיȡǓ 
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Ǖ €Ȱ 菚€Ȫš¡ȯ €Ȫ \èȡ˜ȡ—“ȯ €š€Ȫ


\ۙ ”Ǘȡ[’ȡš¡Ǿ`èȰ \ǔèǓš–‡ȡš€Ȫ]€ȡš —f€ȡ ˜Ǖ›€
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Ǖ ¡Ǿ–Ȣ…€š€Ȫ‘š˜ȡ€ŠȫȢ
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…Ȣ“€Ȫ˜Ú™¢ȯğ˜ȡ€š ¡ǕǓ›™›ȯ…Ȣ“€Ȫ€ȯÛġȣ™¢ȯğ˜ȡšȡĨȪ—ǗǓ˜€ȡǓ“ȡ[¡‚šȯ ”Ǔ“”ǔƱ˜Ȣ”Ǘȸ¢ȯğ˜ȡ
—“ȯ ™ €Ȫ —ǓǗ ˜€ȡ ‚ȫŽ ‘ȯ ǔf€Ȫ \ڙ™“€Ȫ Ǔ“瀟[ Ǔ™Ȫ ‡™ȡ“ DBCHˆ @ ”ȡǒ€èȡ“˜ȡ ‚ǐšf€Ȫ f€
\ڙ™“›ȯ —“ȯ €š  ¡ǕǓ›™ Ǒ‘ȱ‘ȡ ”ȡǒ€èȡ“˜ȡ ǒ‘ȯ žȢ ›‚ȡ“Ȣ ]€Ÿ[Ž˜ȡ  €ȡšȡט€ \ š ”šȯ €Ȫ
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€Ǖ“‘ȯ ž˜ȡ€Ǔ€”Ⱦšȯ Š]™€š

‘ȯ ž €”Ⱦšȯ Š€š€Ȫ‘š  “QDBBJ˜ȡǒ‘ȯ žȢ›‚ȡ“Ȣ‡\˜ȯǐš€ȧŒ›šˆ


“ȯ”ȡ› DGĤǓž CH€šȪŒ
—ȡš DDĤǓž FD\–[
ĦǕ“ȡ^ CJGĤǓž GC€šȪŒ
€à–ȪǓŒ™ȡ DBĤǓž E\–[
à™ȡ“˜ȡš DGĤǓž C\–[DK€šȪŒ
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Ǔ—™“ȡ˜ DBĤǓž CG\–[GB€šȪŒ
ȡ^ã™ȡی DBĤǓž CE\–[DG€šȪŒ
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İȪ€€ȯ”Ȣf˜‡Ȣ~DBCKǒƳ–ɇ€~DBCK

ǒƳ˜ȡ –Ȱ—Û‘ȡ’ȯ šȰǒ‘ȯ žȢ›‚ȡ“ȢǓ—ŧ™ȡ`“ȯ‘ȯ žšי¡ȡȱ€Ȫ]™€š‘š

‘ȯ ž  “Q DBCJ ˜ȡ Ǔ—Ǔğf€Ȫ ǒ‘ȯ žȢ ›‚ȡ“Ȣ €”Ⱦšȯ Š]™€š€Ȫ‘š


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\˜ȯǐš€ȡ DGD DCĤǓž
…Ȣ“ CEK DGĤǓž
¡„€„ CCH CHGĤǓž
Ǔ Ȳ ‚ȡ”Ǖš JD CIĤǓž
“ȯ‘šã™ȡÖÔ  IB DGĤǓž

İȪ€\Ȳ €ŠȡŒDBCK

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Ǖ ¡Ǿ›ȯ\‚
ǒ‘ȯ žȢ›‚ȡ“Ȣ›ȡ_”Ǔ“ ˜ȡ“€šǓ›“ȯ\ȡšȡǒƶ™噝¡ȡš‚“ȶ“ȢǓ›ȡ_’ȯ šȰ˜Ǖ›€
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ȱ \ à–ǔے\ۙ€š€ȡǒŸ™˜ȡ”Ǔ“›‚ȡ“Ȣ€ȡ[ڙȡ“Ǒ‘“ȯ‚šȯ €ȡ†“Q@€Ǖ“ȰǒžȯŸ
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יèȰ˜Ǖ›€
ȱ   à–ǔے Ǔ“™˜¡Ǿ€Ȫ èȡǒ™× š ǔ萚ȡ
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‘Ȫ¡ȪšȪ €š˜ǕǔƠ  àˆȫȡ ”Ǔ“ €š ǒ‘ȯ žȢ ›‚ȡ“Ȣ ]€Ÿ[Ž ‚“ȶ \€Ⱦ ˜¡ƣ”ǗŽ[ k‡ȡš ¡Ȫ @ “ȯ”ȡ››ȯ
ȱ ‘Ȫ¡ȪšȪ€š˜ǕǔƠ àˆȫȡ‚šȯ €Ȫ†@ “QCKJI˜ȡ—ȡš ‚
Ǖ  ‚
¡ȡ› à˜CD˜Ǖ›€ ȱ ”ǒ¡›Ȫ”Š€™èȪ
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Ǖ –ȡŠ]f€Ȫ›‚ȡ“Ȣ¡ȯ “ȶ ¡Ȫ—“ȯ י ›ȯ ǒ‘ȯ žȢ›‚ȡ“ȢǓ—ŧ™ȡ`“ €ȡšȡט€—ǗǓ˜€ȡ
 àˆȫȡ‚šȯ €ȡ˜Ǖ›€
›ȯ ȯ€Ȫ è”ƴ ¡Ǖȱ‘Ȱ“ @ ˜Ǖ›€ Ǖ ˜Ú™ȯ ]’ȡ ȱ‚ ˜ȡğȰ “ȯ”ȡ››ȯ
Ǖ ˜ȡ  –Ȱ—Û‘ȡ ’ȯ šȰ ›‚ȡ“Ȣ Ǔ—ŧ™ȡ`“ȯ CB ˜Ǖ›€
‘Ȫ¡ȪšȪ€š˜ǕǔƠ àˆȫȡ‚šȯ €Ȫ†@

“ȯ”ȡ››ȯ‘Ȫ¡ȪšȪ€š˜ǕǔƠ àˆȫȡ‚šȯ €ȡ‘ȯ žšי¡ȡȱ–ȡŠ]f€Ȫ›‚ȡ“Ȣ‡ “QDBCHˆ

‘ȯ ž Ǔ—Ǔğf€Ȫ›‚ȡ“Ȣ‡ǽCB›ȡ˜ȡˆ
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İȪ€“ȯ”ȡ›šȡƶ–ɇ€DBCJ

“ȯ”ȡ›˜ȡ›‚ȡ“Ȣ€ȡ[›ȡ_€š†Ǖ Š

“ȯ”ȡ››ȯ ”Ǔ“›‚ȡ“ȢĤ‘[’“€ȡ›ȡǓ‚¢ȯğȪ€ȯš€š†Ǖ ŠǑ‘“ȯ €ȡ“Ǘ“Ȣ Ȳ š…“ȡ™ȡš‚šȯ €Ȫ†@“ȯ”ȡ›˜ȡ


€”Ⱦšȯ Š]™€š€Ȫ]’ȡš—Ǘ‘šDGĤǓžš¡ȯ €Ȫ˜ȡ`הȡ‘“˜Ǘ›€`ƭȪ‚˜ȡDBĤǓž]™€š†Ǖ Š
¡Ǖ“ȯ 噝èȡkƭȪǓ‚€噝 ȡ™g“DBIE›ȯ ‚šȯ €Ȫ†@יèȰ Œ€”Ǖ› ǕǽǍšȪ”ȯšȯ ãȯĚȡ˜
̛ȣ– ǒ˜ȡ“萛kƭȪǓ‚€ Ȳ š…“ȡfȲ ”Ǘȡ[’ȡš€àܛȯÈ ˜ȡFBĤǓž\Ǔ\ǒ€Ǔ \ǒ€Ǔ 
š€˜ǒ€Ǔ ¢ȯğ˜ȡ`ƭȪ‚Ȫ›ȯ ˜ȡ“Þ–ȯĤǓž à˜€š†Ǖ Š”ȡ`“ȯ噝èȡ‚ǐšf€Ȫ†@

ȱ Ȣ›‚ȡ“Ȣ˜ȡèȡ”“ȡ¡Ǖ“ȯ šG ™—Û‘ȡ–ȣ›ȡ_Ÿ[—ǐš“Ȱ Ĥי¢šȪ‡‚ȡšȣĤ‘ȡ“‚“ȶ


C\–[—Û‘ȡ–ȣ€Ȫ”Ǖ‡
`הȡ‘“˜Ǘ›€ `ƭȪ‚›ȡ_ €ȡšȪ–ȡš žǕǽ ‚šȯ €Ȫ Ǔ˜Ǔ›ȯ ”ȡȱ… Ÿ[ à˜ ”ǗŽ[ Ǿ”˜ȡ ]™€š †Ǖ Š Ǒ‘_

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 ȡ›…Ȱğ˜ǒ¡“ȡ à˜`הȡ‘“žǕǽ‚“ȶ ‡›ǒƭǕ›ȡ_CBŸ[ à˜”ǗšȰ ]™€š†Ǖ Š€Ȫ噝èȡ‚ǐšf€Ȫ
ȱ Ȣ›‚ȡ“Ȣ˜ȡèȡ”“ȡ¡Ǖ“ȯ ”™[Š“¢ȯğ ȱ‚ à–ǔے`ƭȪ‚›ȡ_šG€šȪŒ—Û‘ȡ
†@D\–[—Û‘ȡ–ȣ€Ȫ”Ǖ‡
ȱ Ȣ ›‚ȡ“Ȣ˜ȡ ˜¡ȡ“‚š”ȡǓ›€ȡ š `”˜¡ȡ“‚š”ȡǓ›€ȡ –ȡ¡ȯ €€ȡ ¢ȯğ˜ȡ èȡ”“ȡ ¡Ǖ“ȯ ”Ǘȡ[’ȡš™ǕƠ
–ȣ€Ȫ ”Ǖ‡
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Ǿ”˜ȡ]™€š†Ǖ ŠǑ‘“ȯ噝èȡ—_י ”Ǔ†€ȪȢ“Ÿ[ à˜›ȡʓȯ]™€š€Ȫ‘š˜ȡ”…ȡ ĤǓž†Ǖ Š
¡Ǖ“ȯ†@]™€š˜ȡ\ۙ’ȯ šȰ ǒ€Ǔ ˜€ȡ†Ǖ Š€Ȫ噝èȡg“˜ȡ†@יèȰ—Û ȡšš˜Ǘã™\Ǔ—–Ǚǒƨ€š˜ȡ
 ˜ȯ ›‚ȡ“Ȣ€ȡ[›ȡ_ †Ǖ Š Ǒ‘_ ›‚ȡ“Ȣ ]€ǒŸ[ ‚“ȶ €ȡ“Ǘ“Ȣ 噝èȡ “ȯ”ȡ›˜ȡ † @ ™ƭǒ” ™ šȣ Ĥ‘ȡ“
‚ǐšf€Ȫ€š†Ǖ Š€ȡ€ȡšŽ\”ȯǔ¢Ǿ”˜ȡǒ‘ȯ žȢ›‚ȡ“Ȣ]f€Ȫ—“ȯ‘ȯ ǔǏ@

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]æ™€ †@י ”Ǔ†€š€Ȫ ‘š›ȡ_]•Ǘ‡èȰ \ۙ ˜Ǖ›€ ȱ  ĤǓè”’ȸ ¡Ǖ“ȯ ǒ€Ǔ ˜€Ȫ –“ȡ`“”Ǔ“
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\ǓǐšƠ€šĤžȡ “›ȡ_ĤǓè”’ȸš”ȡš‘žȸ–“ȡ`“”Ǔ“ڙȡ“Ǒ‘“Ǖ”†[ @š“ȯ”ȡ›‡èȰ €˜ǒ€Ǔ 
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ZĞĨĞƌĞŶĐĞƐ

EĞƉĂůZĂƐƚƌĂĂŶŬ;ϮϬϭϴͿ͘^ƵƌǀĞLJZĞƉŽƌƚŽŶ&ŽƌĞŝŐŶŝƌĞĐƚ/ŶǀĞƐƚŵĞŶƚŝŶEĞƉĂů͘<ĂƚŚŵĂŶĚƵ͗
EĞƉĂůZĂƐƚƌĂĂŶŬ͘
tŽƌůĚĂŶŬ;ϮϬϭϵ͕EŽǀĞŵďĞƌϲͿ͘tŽƌůĚĂŶŬĂƚĂ͘ZĞƚƌŝĞǀĞĚĨƌŽŵ&ŽƌĞŝŐŶĚŝƌĞĐƚŝŶǀĞƐƚŵĞŶƚ͕
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ĐĞŶƚƌĞͬŐƵŝĚĞƐͲƌĞƐŽƵƌĐĞƐ͘Śƚŵů
K͘;ϮϬϬϴ͕&ĞďƌƵĂƌLJͿ͘dĂdžĨĨĞĐƚƐŽŶ&ŽƌĞŝŐŶŝƌĞĐƚ/ŶǀĞƐƚŵĞŶƚ͘Ɖ͘ϭ͘
hEd͕h͘E͘;ϮϬϭϵͿ͘tŽƌůĚ/ŶǀĞƐƚŵĞŶƚZĞƉŽƌƚϮϬϭϵ͘'ĞŶĞǀĂ͗hŶŝƚĞĚEĂƚŝŽŶƐŽŶĨĞƌĞŶĐĞŽŶ
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šȡǒƶ™ ™Ȫ‡“ȡ ]™Ȫ‚›ȯ  ‚šȯ €Ȫ Ĥ¢ȯ”Ž\“Ǖ ȡš  “Q DBEB  à˜ Ǒ‘‚Ȫ ǒ€ȡ  ¡ȡǓ › ‚“[€ȡ ›ȡǓ‚
Ĥ¢ȯ”Ž ‚šȯ €Ȫ İȪ€Ȫ ]æ™€ȡ š `”›Þ’ȡǓ–… ȡǒŸ[€ G –[ JG \–[ Ǿ”Ȱ™ȡȱ€Ȫ ȡŒ›
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”ǐš™Ȫ‡“ȡ¡Ǿ€Ȫ \ڙ™“ ‚šȣ €ȡ™ȡ[۝™“˜ȡ ‡ȡ“™Ȫʙ\èȡ˜ȡ šȡơȯ š Ǔ“€Ȫ Ĥ‘ž[“Ȣ  ˜ȯ‚‘ȷ 
ȱ €Ȫ†›•›€ȪȘȡ ȡ[—ȫ˜ ȡ˜Ǘã™ȡNj“
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€ÛĚȣ šȯ ǒŠ„  Ĥ˜Ǖ ǒŸ™¡Ǖȱ‘Ȱ ]f€Ȫ †@ ™ Ȱ ”ǙƵ—ǗǓ˜˜ȡ  š€ȡš›ȯ   ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“ ‚“ȶ
ĤǒЙȡ \‚ȡǓŒ –ȡf€Ȫ † @ ™ €ȡ ›ȡǓ‚ \[͕ `ƭȪ‚ ȡǔŽÏ™ ȡ ]”ǗǓ[͕ `‡ȡ[͕ ‡›İȪ ȡ
Ǔ ȱ…ȡ^͕ “͕ ȡȡšŽ˜Ûğȡ›™›‚ȡ™“ȯ”ȡ›šȡƶ–ɇ€͕ Ǔ–˜ȡ Ǔ˜Ǔ͕ Ǔ’Ȫ”ğ–ȪŒ[˜ȡ ȡ[—ȫ˜ ȡ
˜Ǘã™ȡNj“€ȡ ›ȡǓ‚ ]æ™€ Ø™͕ Ø™ȡNj š  Ǘ…“ȡ  Nj›“ ‚“[  à”€[ å™ǔƠ Ȫǒ€f€Ȫ † @
ǒƳå™ȡ”Ȣ Ǿ”˜ȡ ĤǓƵȢ šȯ Šȣ„ €à”“Ȣ¡Ǿ–ȡŠ Ĥèȡ Ǔ›fš ˜Ǘã™ȡNj“€ȡ ]’ȡš˜ȡ €ȡ˜ \ǔƒ
Ǖ €Ȫ ]Ǔ[€  ȡ˜ȡǔ‡€ ǒ€ȡ €ȡ ›ȡǓ‚ ]æ™€ š `”›Þ’ İȪ–Ȣ…€Ȫ
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ȱ Ȣ€ȪĤȡ¡¡ȯ “ȶ¡Ȫ—“ȯĤי¢Ȱ‘ȯǔž€›‚ȡ“Ȣ”ǒ¡›Ȫèȡ“˜ȡ†@™ €ȪȡǒŸ[€
\ǒ¡›ȯ  Ȳ  ȡš—š”Ǖ‡
Ĥȡ¡CG–[\˜ȯǐš€ȧŒ›š†@HBB\–[\˜ȯǐš€ȧŒ›š€ȪǒĤȯŸŽȡǒŸ[€Ǿ”˜ȡĤȡ¡¡Ǖۆ
—“ȯ CEB ‘ȯ ǔ CEG \–[ \˜ȯǐš€ȧ Œ›š€Ȫ Ȱ‘ȯǔž€  ¡™Ȫ‚ ”ǐš…ȡ›“ —^š¡ȯ€Ȫ † @ Ĥי¢
Ȱ‘ȯǔž€›‚ȡ“Ȣ€ȪĤȡ¡ǒƳå™ȡ”ȢǾ”˜ȡ‹Ǘ ›Ȫ—f”Ǔ““ȯ”ȡ›˜ȡDBBJʹBK ȡ›‘ȯ ǔ‚]Ǔ[€
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Ĥי¢ Ȱ‘ȯǔž€ ›‚ȡ“Ȣ˜ȡğ ¡Ȫ^“͕ \ۏšȡQ[ǒƶ™ –ɇ€ ȡ ǒƣȢ™  Ȳ èȡ¡Ǿ–ȡŠ bŽ
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 Ȳ èȡ¡Ǿ›ȡ_ ǒ‘ȯ žȢ ǒǔƣ™  Ȳ èȡ–ȡŠ ”ǐš×™[ ˜Ǖġȡ˜ȡ š —ȡšȢ™ Ǿ”Ȱ™ȡȱ˜ȡ bŽ ã™ȡfš Ȫǒ€f€ȡ
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\èȡ€ȡ –ȡšȯ ˜ȡ ‡ȡ“€ȡšȣ Ǒ‘“ȯ  ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“€Ȫ \—ȡ˜ȡ –ɇ€ ȡ ǒƣȢ™  Ȳ èȡ¡Ǿ›ȯ
\”ȯǔ¢”ǐš˜ȡŽ˜ȡbŽã™ȡ`“ ǒ€š¡ȯ €ȡ†Ȱ ““Q@

ǒ‘ȯ žȢ ǒƣȢ™  Ȳ èȡ–ȡŠ “ȯ”ȡ›ȣ –ɇ€ ȡ ǒƣȢ™  Ȳ èȡ›ȯ  bŽĤȡƯ ‚“[  –Ȱ—Û‘ȡ ‹Ǘ ›Ȫ €Ǒ‹“ȡ^€Ȫ
Ĥ˜Ǖ€ȡšŽ ȡ˜Ǘã™ȡNj““¡Ǖ“Ǖ ”Ǔ“¡Ȫ@Ĥי¢Ȱ‘ȯǔž€›‚ȡ“Ȣ¡Ȫ Q ™ȡ–ȡƻ˜Ǖ›€
Ǖ –ȡŠã™ȡ`“ȯ
bŽ›‚ȡ“Ȣ™¡ȡȱ€Ȫ‡Ȫǔ˜€Ȫ菚€ȯ¡Ȫ—Ǐȯ‡ȡ“€ȡšȣ›‚ȡ“Ȣ€ȡ[˜ȡ¡Ǖ“‡Ǿšȣ†@

 ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“ ‚šȡ`ȱ‘ȡ ™ ›ȯ ¡ȡĨȪ ’šȡ›ȣ™ ™ȡ[›ȡ_ ›‚ȡ“Ȣ€ȡ[˜ȡˆ ”Ǖš™Q ȡ`“  ǒ€Û†
—“ȯ ]‚ȡ˜Ȣ Ǒ‘“˜ȡ ]æ™€  Ǖ’ȡš€ȡ ›ȡǓ‚ ×”šȡ ‘ȯ ȡf€Ȫ  Û‘ȯ ž ”Ǔ“  ȡ ȡȰ Ǒ‘“ȯ† @
 ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“›ȯ  “Ȱ ¡ȡ˜Ȣ ›‚ȡ“Ȣ à–Û’Ȣ ‡Ȫǔ˜€Ȫ €Ǖ“ \èȡ˜ȡ †ɋ š €èȪ  Ǖ’ȡš
]æ™€†—Ǐȯ™ȡ[‡ȡ“€ȡšȣ‚šȡ`ȱ†@

\ۏ[šȡǒƶ™Ǿ”˜ȡəȡǓĤȡƯšȯ ǒŠ„€à”“Ȣ àˆȫȡ —^ €ȯ”Ǔ† à—Ȭ…ȡ›Ǖ ]Ǔ[€Ÿ[Ǔ—ğ€ÛĚȣ


šȯ ǒŠ„€Ȫ€ȡ˜ à”Ǐ¡Ǖ“ȯ \”ȯ¢ȡ‚“[  ǒ€Û†@šȯ ǒŠ„f‡ȯÛ Ȣ›ȯ  ”ȡȱ…Ÿ[™ȡ€Ȫ]Ǔ[€ȡǒƣȢ™
ǔèǓ à–Û’ȢØ™Ø™ȡNjǒƲȯŸŽšf€ȡ’˜ǒ¡“ȡ萛‚˜Ǘã™ȡNj“€ȡ]’ȡš˜ȡ͚€ÛĚȣšȯ ǒŠ„͛ ‚‘ȷ 
]f€ȡ†“Q@ǒƳ€ȡ’ȯ šȰ‘ȯ ž¡Ǿ›ȯ  ȡ[—ȫ˜ ȡ˜Ǘã™ȡNj“‚šȡf€ȡ†“Q@

 ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“˜ȡ ‡Ȫǔ˜€Ȫ 菚–ȡšȯ  ‡ȡ“€ȡšȣ —^ €ȯ”Ǔ† י €ȡ ]’ȡš˜ȡ ¡ȡ˜Ȣ›ȯ
ȱ Ȣ–‡ȡš–ȡŠ ˜ȯ”Ǖ‡
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€Ǖ“Ȱ ”Ǔ“‘ȯ ž€Ȫ ȡ˜Ǘã™ȡNj›“–ȡŠ™ȡš¡Ǖ“ȯ͚ǐšè€ĤȪ•ȡ^›͛˜ȡ‘Ǖ_šȣĒȯŒ¡Ǿ¡Ǖۆ“Q@”ǒ¡›Ȫ


^ۗȯ芘ȯۊ ĒȯŒ͕ ‡ ˜ȡ  ȡ ‡Ȫǔ˜€˜ š ˜Ú™˜ȡ›€Ȫ ¡Ǖۆ@™èȪ šȯ ǒŠ„›ȡ_  –Ȱ—Û‘ȡ€˜
Ǖ šȡϙ\˜ȯǐš€ȡ͕ ‡˜[“Ȣ͕ Ǔ Ȳ ‚ȡ”Ǖš‡èȡ‘ȯ ž¡Ǿ†“Q@
‡Ȫǔ˜͚Ěȣ”›f͛ šȯ ǒŠ„Ǒ‘^ۆ@™ ˜ȡ Ȳ ™Ơ
י —Û‘ȡf€¡ã›Ȫ͚Œ–›f͛ šȯ ǒŠ„ĤȡƯ‚“ȶ ‘ȯ ž¡Ǿ˜ȡ–ȯ›ȡ™͕ ĥȡÛ ͕ ‘ǔ¢Ž€Ȫǐš™ȡ›‚ȡ™
‘ȯ ž¡Ǿ†“Q@˜Ú™˜˜ȡ”Ǔ“€˜‡Ȫǔ˜˜ȡǓ““ȯ͚f͛ šȯ ǒŠ„”ȡ`“ȯ ‘ȯ ž¡Ǿ˜ȡ˜ȯǔÈ €Ȫ͕ ”Ȫã™ȡ֌ȡ
‡ȡ”ȡ“ ‡èȡ ‘ȯ ž¡Ǿ †“Q —“ȯ ”Ȫ…‚ Ǖ[ ›͕ ‘ǔ¢Ž \ǒĥ€ȡ͕ —ȡš ‡èȡ ‘ȯ ž¡Ǿ ^ۗȯ芘ȯۊ ĒȯŒ˜ȡ
 ˜ȡȯž—f€ȡ–ȣ‡Ȫǔ˜—f€ȡ‘ȯ ž¡Ǿ¡Ǖ“Q @™Ȣ‘ȯ ž¡Ǿ›ȯ͚–ȢŒ–›f͛šȯ ǒŠ„ĤȡƯ‚šȯ €ȡ†“Q@

‘ȪİȪ͕ ͚““ʹ^ۗȯ芘ȯۊ ĒȯŒ͛ ‡¡ȡȱ ‡Ȫǔ˜ `ͅ † @ ™  ĒȯŒ˜ȡ ͚–Ȣf͛ šȯ ǒŠ„ ĤȡƯ ‚“ȶ˜ȡ Ħȡǔ‡›͕
‡ǔ‡[™ȡ͕ Ǔ—™“ȡ˜‡èȡ‘ȯ ž¡Ǿ†“Q@יèȰ͕ ͚–Ȣ͛ šȯ ǒŠ„ĤȡƯ‚“ȶ˜ȡ^ȝȯŒš͕ ƒȡ“ȡ͕ €à–ȪǓŒ™ȡ›‚ȡ™
‘ȯ ž¡Ǿ †“Q @ ͚““ʹ^ۗȯ芘ȯۊ ĒȯŒ͛ ˜ȡ  –Ȱ—Û‘ȡ `ͅ ‡Ȫǔ˜ ͚ Ȣ͛ šȯ ǒŠ„ ĤȡƯ ‚“ȶ˜ȡ –ȡ–ȶŒȪ ͕
Ǖ ›ȡ͕^šȡ€‡èȡ‘ȯ ž¡Ǿ†“Q@
—ȯ“ȯ‡™

’ȯ šȰ Šȡȡ ‡ȡ“Ǖ”‘ȷ “ ͚““ʹ^ۗȯ芘ȯۊ ĒȯŒ͛ \ۏ‚[ ͚–Ȣf͛ š ͚–Ȣ͛ šȯ ǒŠ„ ĤȡƯ ‚“ȶ fǓ ™ȡ›ȣ ‘ȯ ž¡Ǿ
Ǔ—™“ȡ˜š€à–ȪǓŒ™ȡ€Ȱ`‘ȡ¡šŽ¡ȯ šɋ@€ȯי¡ȡȱǒ‘ȯ žȢ›‚ȡ“Ȣ]f€Ȫ†Ȱ “š͍ י €ȡšŽ¡ȡ˜Ȣ›ȯ 
 ȡ[—ȫ˜ ȡ˜Ǘã™ȡNj“€ȡ›ȡǓ‚Œšȡ`“Ǖ”“ȶ †Ȱ “@\æ™”Ǔ“¡ȡ˜Ȣ€¡ȡȱ ‡Ȫǔ˜€ȯ¡ȣ`ͅ†͕ š

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†Ȱ “ɋ@

\–¡ȡĨȡ‡Ȫǔ˜š žƠ”¢€ȪǒƲȯŸŽ‚šɋ@

…ȡ›Ǖ ]Ǔ[€ Ÿ[˜ȡ  ˜ȯ ‚šȣ Ȣ“ ]Ǔ[€ Ÿ[˜ȡ ¡ȡ˜Ȣ ›‚ȡȡš `ͅ ]Ǔ[€ Ǚǒƨ‘š ¡ȡǓ ›
‚‘ȷ †ɋ@ ȡ[—ȫ˜ ȡ˜Ǘã™ȡNj“˜ȡšȡĨȪ˜Ǘã™ȡNj“”ȡ`“¡ȡĨȡ ȡ˜Ǖ ‘ȯ ǔ“ȯ … Ǖ“ȫǓ—“ȯ€ȪיȪ]Ǔ[€
Ǚǒƨ€Ȫèȡǒ™×€ šȣ€ȡ™˜‚“ȶ —Ǐȯ \¡˜Q  ȡ› š¡Û†@¡ȡĨȪšȡ‡è€ȪǙǒƨ‘ššȡĨȪ†@
ȡǒŸ[€CJʹDBĤǓž€Ȫšȡ‡èǙǒƨ‘š—^š¡ȯ €€Ȱ†@™ ˜ȡ¡ȡ˜Ȣ›ȡ_… Ǖ“ȫǓ—“ȯ€Ȫ`‹ȡf€Ȫ
šȡ‡è›ȡ_`הȡ‘“˜Ǘ›€¢ȯğǒèȡš˜ȡ€ǔƣ€Ȫ”ǐš…ȡ›“‚“[  €ȯ€ȡ†ɋ—Ǐȯ ¡Ȫǒ€“ǒ€™ ˜ȡ
 ¡ȡ˜Ȣ›ȯ   Ǖ’ȡš ‚“ȷ”“ȶ† @ šȡ‡è€Ȫ `הȡ‘“˜Ǘ›€ `”™Ȫ‚˜ȡ ”ǐš…ȡ›“ “—f \ ›ȣ \[˜ȡ יȪ
”Ǖ“ǒ[šŽ Ĥ—ȡ€ȡšȣ ¡Ǖ“Ȱ  È‘Ȱ “ @ י €ȡšŽ ™ ˜ȡ  ¡ȡ˜Ȣ›ȯ  ˜ȯ¡“ ‚“ȷ”“ȶ† —“ȯ  ȡ
˜Ǘã™ȡNj“˜ȡ‡ȡ“¡ȡ˜Ȣ›ȡ_€ȯ]”ǔƣš¡Û†š!\€Ⱦ•[͕  ȡ˜Ǘã™ȡNj“˜ȡbŽ
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ǒ€ȡ   ȡˆȯ‘ȡš¡Ǿ›ȯ  \“Ǖ‘ȡ“ Ǒ‘“Ȱ –Û‘ ‚ǐš €ȯ€ȡ †“Q @ ]ۏǐš€ bŽ  …ȡ›Ǖ ]Ǔ[€ Ÿ[˜ȡ
\יۏ €˜ `‹ȡf ”Ǖʓȯ ‘ȯ ǔÛ† @ י €ȡšŽ bŽĒ菏ȡ€Ȫ ǔ…ۏȡ “ȯ”ȡ››ȡ_ †Ȱ “ @ יèȰ
— ǕƠȡ“Ȣ  ÛǕ›“˜ȡ š¡ȯ €Ȫ‚Ÿ[€Ȫ bŽȡט€ \èȡ…ȡ›Ǖ ]Ǔ[€ Ÿ[˜ȡ  Ǖ’ȡš —f€Ȫ†@ ‚
Ÿ[–ȡ¡ȯ€ י \ǔƒ€ȡ”ȡȱ…Ÿ[™ȡ ¡ȡ˜Ȣ€¡ȡȱ — ǕƠȡ“Ȣ  ÛǕ›“€Ȫ \èȡ˜ȡ ‹Ǘ ›Ȫ  ˜è™ȡ ”Ȱ‘ȡ —f€Ȫ
Ǔf“@\ǒ¡›ȯ  Ȱ‘ȯǔž€å™ȡ”ȡš€Ȫ\èȡ˜ȡ Ǖ’ȡš]f€Ȫ†@”ǒ¡›ȪğȰ˜ȡ ˜ȡ]™ȡ€ȪǙǒƨ‘š
CBEF ĤǓž bŽȡט€ † —“ȯ Ǔ“™ȡ[€Ȫ Ǚǒƨ‘š CFFC ĤǓž † @ Ǔ“™ȡ[€Ȫ ǒèȡš›ȯ 
\[Ûğ˜ȡ`הȡ‘“ǒ€ȡ ššȪ‡‚ȡšȣǓ ‡[“ȡ›ȡ_–ȡȡǑ‘f€Ȫ†@

š¡ȡĨȡ€ȯ¡ȣǓ“ǒ¡… Ǖ“ȫǓ¡Ǿ†“Q ‡ ›ȯ   ȡ˜Ǘã™ȡNj“˜ȡ`ͅ˜¡ǂšȡɆ“Q @ǒƣȢ™–‡ȡš˜ȡ


š›ȡ  Ȳ €Š €ȯ¡ȣ Ÿ[™ȡ‘ȯ ǔ ǔ…šèȡ™Ȣ  ˜è™ȡ ‡èȰ —^š¡ȯ €Ȫ † @ šȡ‡è Ǚǒƨ‘š \ǔƒã›Ȫ
Ÿ[€ȪǕ›“ȡ˜ȡ ȡ˜ȡۙƒŠȯ €Ȫ†@

 ȡ[—ȫ˜  ȡ ˜Ǘã™ȡNj“˜ȡ ǒǓ—Ǐ …ȡš Ǚ¡ɮ ”¢˜ȡȢ Ǖê˜ Ȳ ‚›ȯ  ˜Ǘã™ȡNj“ ȡǒƲȯŸŽ‚ǐšÛ† @
”ǒ¡›Ȫ͕ ]Ǔ[€ žƠȡ@˜ȡȢ`ã›ȯ ‚ǐšf‡èȰ ]Ǔ[€Ǚǒƨ‘šš™ €Ȫèȡǒ™×\¡˜Q  ȡ›
¡Ǖ“Q @™ \ۏ‚[\[Ûğ€Ȫè€ȯ›¡ȯ “
[ ‚“[“ȪǓ˜“›‡ȢŒȢ”Ȣ
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¡ȡ˜Ȣ›ȯ Ȫ‡Ȣ‚“ȷ”†[@™ ˜ȡ‘ǕȰ ǒŸ™]” ˜ȡ‡ȪǓŒfš]`ȱ†“Q @ĤȡƯšȡ‡è€Ȫ`הȡ‘“˜Ǘ›€
`”™Ȫ‚–ȡŠ™ ›ȯ  ]Ǔ[€ǒЙȡ€›ȡ”Ĥƨ[“‚†[ @™ –ȡŠ]Ǔ[€Ǚǒƨ‘š›ȯ  èȡǒ™×”ȡ`ȱ†—“ȯ
ȱ Ȣ‚ …[ ‚“ȶ  ȡ›˜ȡ ¡ȡ˜Ȣ›ȯ ]˜Ǘ›  Ǖ’ȡš
šȡ‡è€Ȫ ]’ȡš ”Ǔ“ •šȡǒ€›Ȫ ¡Ǖۆ @ ”Ǖ‡
ã™ȡ`“Ȱ”†[@\€Ⱦ͕ €Ǘ›‚ȡ¡[è`הȡ‘“ĤǓå™ǔƠ]™€Ǔ†!¡ȡĨȪĤǓå™ǔƠ]™ۙǗ“†@

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—[šȰ ĤǓå™ǔƠ]™f€¡‡ȡšŒ›š€ȪĠȯ ¡Ȫ㌔ȡš‚šȯ €Ȫ†‡Ǖ“\ۙǒ€ȡ ȪۘǕ‘ȯ ž¡Ǿ€Ȫ
Ǖ›“ȡ˜ȡ”Ǔ“\יۏ€˜¡Ȫ@

‘ȪİȪ͕  Ȳ èȡ‚¢˜ȡ@™Ȫ”ȡŠȪ˜ȡ—“ȯ¡ȡĨȡǕĤȰ €˜Ȣ€˜‡Ȫšȣ†“Q@™ ˜ȡ˜ǕəȬ€ȡ“Ǘ“Ȣžȡ “


šħƴȡ…ȡšǓ“™ÛğŽ›ȡ_¡ȯ ǐšÛ†@“ȡ‚ǐš€¡Ǿ›ȯ Ĥ‡ȡȡǔÛğ€\ߙȡ €ǔƣ€Ȫ ¡ȣȲ ‚›ȯ ‚“[ ”ȡf€ȡ
†“Q͕  š€ȡš€ȡ “ȢǓ ȡ €ȡ™[И€Ȫ €ȡ™ȡ[۝™“ €ǔƣ€Ȫ Ĥ—ȡ€ȡšȣ † —“ȯš ǒƲȯŸŽ ‚ǐšÛ† @
ȡ ‚šȣǒƣȢ™“ȢǓ
–‡ȯŠ š˜ȫġȣ€“ȢǓ€ȡ™ȡ[۝™“€Ȫ Ǖê˜ǒƲȯŸŽ‚ǐšÛ†@ȡǒŸ[€k 
˜Ǖġȡǔè•Ǔ€Ȫ \èȡ €ȯ †͕ ˜Ǖġȡǔè•Ǔ€Ȫ `ȡš…ȡ›ȯ  ”Ǔ“  ȡ ˜Ǘã™ȡNj“›ȡ_ Ĥ—ȡ ”ȡ†[ @ š
ȱ €Ȫǔ萚ǒǓ“˜™‘š
˜Ǖġȡǔè•Ǔ›ȡ_Ǔ“™ÛğŽ‚“ȶ ¡ȡĨȪ˜ȫǑġ€“ȢǓ€Ȫ˜Ǖək‡ȡš—“ȯ€Ȫ—ȡš ‚
¡Ȫ @ ‡ €ȡ €ȡšŽ ˜ȡ‚ ”¢ Ǔ ǔ‡[˜ȡğ “—_ ]”ǗǓ[ ”¢–ȡŠ Ǔ ǔ‡[ ˜Ǖġȡǔè•Ǔ Ǔ“™ÛğŽ ¡ȡĨȪ
Ȳ ž˜ȡ “¡Ǖ“  È† @ –‡ȯŠ €ȡ™ȡ[۝™“€ȡ  ȡ›˜ȡ ¡ȡ˜Ȣ €˜‡Ȫš †ɋ @ \噝ǔ萏 …[
ĤŽȡ›ȣ›ȡ_ Ǔ“Ǿ× ȡǒ¡ ‚‘ȷ  –‡ȯŠ€Ȫ ǒƳ “Ȣ™ȡ \Ǔ—–Ǚǒƨ‚“[ ]æ™€ † @ –‡ȯŠ˜ȡ …[
ĤŽȡ›ȣ›ȡ_ ™ȡ[”š€ –“ȡ`“ ›ȡ‚Ǘ ‚ǐšf€Ȫ ˜Ú™€ȡ›ȣ“ …[  Ȳ š…“ȡ ›‚ȡ™›ȯ   ȡ ˜Ǘã™ȡNj“˜ȡ
¡ȡĨȪ\Ȳ €ǒ”“ȯ†@

 ȡ˜Ǘã™ȡNj“€ȪȯĮȪ]™ȡ˜¡Ȫʹ  ȡ[‡Ǔ“€ǒƣ@€Ǘ›‚ȡ¡[è`הȡ‘“€ȪǕ›“ȡ˜ȡ¡ȡĨȪbŽ—ȡš
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DG ĤǓž—Û‘ȡ €˜ † @ ]ۏǐš€ bŽ˜ȡ ”Ǔ“ €Ǘ› ‚ȡ¡[è `הȡ‘“€Ȫ G ĤǓž—Û‘ȡ ˜ȡȢ
Ǖ ȯ  ”Ǔ“
“–Õ“ȯ ˜ȡ‚[‘ž[“ † @  š€ȡš›ȡ_ bŽ€Ȫ  ȡȱȡ ȡ ޙȡ‡ —ǕƠȡ“Ȣ€Ȫ ‹Ǘ ›Ȫ ‘ȡǒ™× “¡Ǖ“›
 ȡ˜Ǘã™ȡNj“˜ȡ¡ȡĨȪ žƠ”¢¡Ȫ@

…ȫȪ”¢¡Ȫʹ ‡Ȫǔ˜€ȪƒŠ“ȡ•[€Ȫ Ȳ ȯ‘“žȢ›ȡ@ƒŠ“ȡ‡Û™‡Ȫǔ˜›ȡ_”Ǔ“ ȡ˜Ǘã™ȡNj“˜ȡ


יǔƣ€Ȱ ˜¡× Ǒ‘^ۆ @ ™ ˜ȡ ]Ǔ[€͕ ǒƣȢ™ š šȡ‡“ȢǓ€ ƒŠ“ȡ›ȯ Ǔ“àיȡ`“  È“ȯ ‡Ȫǔ˜€Ȫ
\“Ǖ˜ȡ“›ȡ_ ]’ȡš –“ȡ^ۆ @ ]Ǔ[€͕ ǒƣȢ™ ™ȡ šȡ‡“ȢǓ€ ƒŠ“ȡ‡Û™ ‡Ȫǔ˜€Ȫ …”ȯŠȡ˜ȡ ”“ȶ
 à—ȡ“ȡ¡Ǿ€Ȫ ǒƲȯŸŽ ‚šɋ @ šȡ‡“ȢǓ€ ‡Ȫǔ˜€ȡ ǒ¡ ȡ–›ȯ  ¡ȡ˜Ȣ Ǖ›ȡ š `‘ȡš Ĥ‡ȡȡǔÛğ€
Ǖ  ¡ɋ @ —[šȰ  Ȳ ƒȢ™ “ȯ”ȡ›€Ȫ  Ȳ ǒ’ȡ“ ‡ȡšȣ
噝èȡ š ]Ǔ’€ Ǔ“ȡ[…“ ĤŽȡ›ȣ \”“ȡf€Ȫ ˜Ǖ›€
ȱ Ȱ ˜Ǖ›€
—f€Ȫ † @ ]Ǔ’€ Ǔ“ȡ[…“ ‚ Ǖ  šȡ‡“ȢǓ€ èȡǒ™×•[ Ĥȯž ‚šȯ €Ȫ † ‡ €ȡ €ȡšŽ
噝èȡ ”ǐš[“ ™ȡ ]ۑȪ›“€Ȫ ‚Ǖʷȡ™  ‘ȯ ǔ‘ɇ “ @ ™Ȫ  €ȡšȡט€ ”¢ ¡Ȫ @  ȡ[—ȫ˜  ȡ
˜Ǘã™ȡNj“˜ȡ“ȡ‚ǐš€›ȯ  Ĥ‡ȡȡǔÛğ€\Ǔ’€ȡš`”—Ȫ‚‚“[ ǔʶ‚ǐšf€Ȫ†™ȡ†Ȱ “—Ǐȯ  ȡ›”Ǔ“
\¡Ȳ  š¡Û† @ šȡ‡“ȢǓ€ èȡǒ™× š ǒ€ȡ €ȡ f‡ȯ֌ȡ˜ȡ \ǔƒ –Õ‘Ȱ  ‚‘ȡ[ ‹Ǘ ›Ȫ šȡ‡“ȢǓ€ ‘›–ȡŠ
…Ȫ^ǒŠf€Ȫ f`Šȡ  “Ȫ \Ȳž›ȯ  ‘›€ȡ “ȡ˜˜ȡ ǒ¡Ȳ  ȡט€ €ȡ™[¡Ǿ ‚“ȶ͕ ƮÛƮ …€ȡ[`“ Ȫϓȯ ‚ǓǒǓ’
€ȡ™˜Ȱ šȡȯ€Ȫ†@›‚ȡ“Ȣ€ȡ[˜ȡȢ…Û‘ȡ€ȡ›ȡǓ‚‘–ȡ–Ǒ‘“ȯ͕ “Ǒ‘fǓ“€ȡ à”ǔƣ˜ȡ—ȫǓ€¢Ǔ
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ǒǔƣ™ ‡Ȫǔ˜€Ȫ ……ȡ[ ‚“ȶ ¡Ȫ —“ȯ ¡ȡĨȪ –ȡƻ ¢ȯğ ‡Ȫǔ˜  ȡ˜ȡۙ–ȯ €Ȫ ‘ȯ ǔÛ† @ ǒ‘ȯ žȢ ˜Ǖġȡ
 ǔʶǓ €ȯ¡ȣ ƒŠȯ €Ȫ † @ ™ƭǒ” J ˜ǒ¡“ȡ€Ȫ èǕ š  ȯȡ€Ȫ ]™ȡ ’ȡǏ ”Ǖʆ @ ǒ‘ȯ žȢ ˜Ǖġȡ

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šȯ Ǔ˜ʫȡÛ   š¡ȯ€Ȫ † @ י €ȡšŽ “ȯ”ȡ›˜ȡ ˜ȡğ “—fš
˜Ú™”Ǘȸ‘ȯ ž¡Ǿ͕ ‡Ǖ““ȯ”ȡ›ȣ€ȡĮ˜‚ۏ噡Ǖ“͕Q  י¡ȡȱ`הǏ¡Ǖ“ȯƒŠ“ȡ‡Û™‡Ȫǔ˜›ȯ ˜ȯ¡ȡ˜Ȣ›ȡ_
Ĥי¢ ]ƒȡ ”ȡ“ȶ ‘ȯ ǔÛ† @ \ۏšȡ[ǒƶ™ –‡ȡš˜ȡ €Í…ȡ ȯ›€Ȫ —ȡ` › ‡ȡȱ‘ȡ ȯ› Ǔ“™ȡ[€
˜Ú™”Ǘȸ ‘ȯ ž¡Ǿ˜ȡ šȪ‡‚ȡšȣ €ŠȫȢ ¡Ǖ“ȡㆠ‡ €Ȫ \ š ¡ȡĨȪ ǒĤȯŸŽ ]Ĥȡ¡˜ȡ ”“[ ȡㆠ@
ȱ ȰĤžȡ Ǔ“€…[€Ȫ‘ȡǒ™×–ȯ €Ȫ†@ã›Ȫ¡€ȡ
Ǖ  Ȳ ƒȢ™ĤŽȡ›ȣ\–›à–“‚šȯ  ‚
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”bŽ`‹ȡ`“Ǖ”“ȶ]æ™€ȡ”“[ È†@

\€Ⱦ•[͕ ¡ȡĨȪǒƣȢ™¢ȯğ€Ȫ€‡ȡ[’ȯ šȰ €˜˜ȡğ`הȡ‘“˜Ǘ›€¢ȯğ˜ȡ”ǐš…ȡ›“—f€Ȫ†@‹Ǘ ›Ȫ


ǒ¡è ȡ€Ȫ €‡ȡ[ ]™ȡ˜ȡ ›‚ȡ“Ȣ —f€Ȫ † @ ǒƣȢ™ ¢ȯğ€Ȫ èȡǒ™×€Ȫ ›ȡǓ‚ €‡ȡ[ ›‚ȡ“Ȣ
ǒǒǓ’€šŽ˜ȡ €ȯÛġȣ™ –ɇ€›ȯ  ǒƣȢ™  Ȳ èȡ¡Ǿ›ȡ_ ĤȪ× ȡ¡“ ‚šȯ €Ȫ —f”Ǔ“ ǒ™“Ȣ¡Ǿ€Ȫ “ȡ•ȡ˜ǕȢ
€‡ȡ[ “ȢǓ›ȯ  ã™ȡ`“ È“ȯ ‡Ȫǔ˜›ȡ_ “‡š\ۑȡ‡ ‚“[ Ǔ˜ã‘Ȱ “@ \€Ⱦ•[͕  š€ȡš›ȡ_ ”Ǔ“ šȡ‡è
ĤȡǓƯ€ȡ›ȡǓ‚]™ȡ˜ȡ›ǔ…›Ȫ¡Ǖ“”“ȶ –ȡڙȡ†@–ɇ€€Ȫ€‡ȡ[›‚ȡ“Ȣ͕ ]™ȡ͕ `”—Ȫ‚ššȡ‡è
ĤȡǓƯ€Ȫ–Ǔ›™Ȫ\ۏš à–Û’›ȯ  ”‡Ȫǔ˜€Ȫ‘Ǖç…Đ˜ȡ‡ȡ““Ǒ‘“`הȡ‘“˜Ǘ›€¢ȯğ›ȡ_ĤȪ× ȡ¡“
ȡ šȪ‡‚ȡšȣ Ǔ ‡[“ȡ˜ȡ ڙȡ“ Ǒ‘“ ]æ™€ † ‡ €ȡ ›ȡǓ‚ èǕ ȡ  ȯȡ€Ȫ ˜Ǘ㙘ȡ
\Ǔ—–Ǚǒƨ
ߙȡ›Ǖ fǓŒ “ ‚“ȶ͕ šȪ‡‚ȡšȣǓ ‡[“ȡ‚“ȶ šǒ‘ȯ žȢ˜Ǖġȡ]‡[“‚“ȶ  –Ȱ ¢ȯğ˜ȡ”›‚ȡ“Ȣ
Ǔ—ŧ™ȡ`“]æ™€†@™ €ȡ›ȡǓ‚蝑ȯ žȢ›‚ȡ“Ȣ›ȯ ˜ȡğ”™ȡ[Ư“¡Ǖ“ȯ —f€ȡ›ȯ   ˜™˜Ȱ  ȡ[—ȫ˜
 ȡ˜Ǘã™ȡNj“‚šȡ_ǒ‘ȯ žȢ›‚ȡ“Ȣ€ȡ[›ȡ_‡Ȫǔ˜€Ȫ™ȡ[\èȡ ǒ¡]æ™€›‚ȡ“Ȣ Ǖš¢ȡš
 Ȳ š¢Ž€ȪĤיȡ—ǗǓĤ‘ȡ“‚“Ǖ[ ‡Ǿšȣ†@






 
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“ȯ”ȡ›˜ȡ — ǕƠȡ“Ȣ  ȯ ȡ Ĥ‘ȡ™€ 噝 ȡ™€Ȫ ǒèȡš ¡Ǖ“ ȡ›ȯ€Ȫ †@ –ȰNj ȡ ǒƣȢ™  Ȳ èȡ€ȡ ]ݓȰ

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