Professional Documents
Culture Documents
A*'(8$ $4>M>+&8N
O+<$5 5$(4 )5,B'$,-
.&/0(1) 2&/&+ >+ 7$8859$$3 &+3 $(' G JKKP
VDAX`ZaQQVbD
(+
i+$ gB)>/$&+d8>)>)
1) &/&)$ 1)'&)&8;&<1h >4F+>/$ 1)'&
41B(8)>F+G B$4 41)>)'1+/>&
B&4'1 31 ,>& ;1/>+$ 31 ,1)&N
/$,B&4'>4 (+&
/$,>3&G (+& 6$4,& )>,WF8>/& 318 ,>13$ & /$,B&4'>4 (+& B&41<& G 1)
31/>4G & 8& B4$,>)/(>3&3 )1c(&8j Z1)31 8(1M$G 8& B4>,14& 41)B(1)f
'& 0(1 ,1 ;>+$ & 8& ,1+'1 6(1 (+& ;&4>&/>F+ )$W41 8& &3;14'1+/>&
31 31 k(>+/15 /$+'4& 18 g&4'1 318 &)1)>+&'$h l18 ;143&314$ R$44$4
+$ 1) 8& B4$,>)/(>3&3 )1c(&8 )>+$ /$,B&4'>4 (+ B8&'$ /R>+$lN
g"Q(d+'&) B14)$+&) >+>/>&4$+ )( /&,>+$ 31 B143>/>F+ /$+ &8M(+&
>+$/1+'1 ;>$8&/>F+ 1+ B&+3>88&G 0(1 1+ 1)1 ,$,1+'$ +$ '1+*& M4&+
>,B$4'&+/>& B&4& 188&)G 5 '14,>+&4$+ /$,B&4'>1+3$ 8$) B8&'$)
B4>+/>B&81) 1+ (+ 41)'&(4&+'1 /R>+$-h
a+ g31)B8&%&,>1+'$hU
88&,F /&,W>$ '&8 31 e+6&)>) S(+&8 /&)$
)(W5&/1 1<1,B8&4
161/'$ /F,>/$ 3131 8$8& 0(1 m41(3
1cB41)>F+
,$31)'& 5 41'>/1+'1 n(+314)'&'1,1+'
n(+314)'&'1,1+' oG
oG )(B(1)'&,1+'1 /&4&/'14*)f
'>/& 318 )1+'>3$ 318 R(,$4 >+M8e) 5 '&+ &3,>4&3& B$4 7>'/R/$/@T
:>+ 1,W&4M$G &0(* 1)'&,$) 81<$) 31 /1314 & (+& &M(31%& &61/'&3&N
8$ 0(1 >,B$4'& 1)G ,d) W>1+G 0(1 1)'1 g31)B8&%&,>1+'$h & 8$ 31
k(>+/15 +$) B14,>'1 3>)/14+>4 8& 8FM>/& 31 (+& 1)/>)>F+ 0(1G /$,$
(+& 1)B1/>1 31 6&88& 6&'&8G 1)'d 1+ <(1M$ 1+ 8& V8()'4&/>F+ 31)31 )(
,>),$ >+>/>$T O) 31/>4G /(&+3$G 1+ )( '1c'$ B4$M4&,d'>/$ ik(e 1)
8& V8()'4&/>F+j G V,,&+(18 ]&+' B4$B$4/>$+& 8& 6&,$)& 316>+>/>F+
31 8& ,>),& /$,$ 8& g8>W14&/>F+ 318 R$,W41 31 )( '('18&<1
&('$>,B(1)'$hG 1)'$ 1)G 18 ;&8$4 B&4& R&/14 ()$ 31 )( 1+'1+3>,>1+f
'$ )>+ 0(1 $'4$ 8$ 3>4><&G 411,B8&%& 8& 3>;>)& g"Z>)/('1 8>W41,1+'1-h
!
(+>;14)&8G
41M8&) 0(1 1)'&W81/>F
41M(8&W&+ (+& g,$4&8>3&3/$'>3>&+&
)( 1c>)'1+/>& B4$;>)>$+&8hG (+ /$+<(+'$
3(4&+'1 31
18 '4&+)/(4f
)$ 31 )( '4&;1)*& 6>8$)F6>/&N 5& 1+ 8& B4>,14& 31 188&) B$+1 31
418>1;1 8& +1/1)>3&3 31 $W131/14 8&) /$)'(,W41) 5 8&) 8151) 318 B&*)
1+ 18 /(&8 +&/>FG )>+ /(1)'>$+&4 )( &('$4>3&3TTT O+ )*+'1)>)G )$5
8>W41 31 &W4>M&4 3(3&) &/14/& 31 /(&80(>14 /$)&G &/14/& 31 8&
1c>)'1+/>& ,>),& 318 (+>;14)$ B14$G & B1)&4 31 1)$G 1)'$5 $W8>M&3$
& $W131/14 &8 I,$ $G /$,$ 41%&4*& (+& ;14)>F+ & 8$ 31 k(>+/15N
g"Q(d+'&) B14)$+&) >+>/>&4$+ )( /&,>+$ 31 B143>/>F+ /$+ &8M(+&
>+$/1+'1 3(3& )$W41 8& 1c>)'1+/>& 318 ,(+3$ 0(1 8$) 4$31&W&G 8$
0(1 1+ 1)1 ,$,1+'$ +$ '1+*& M4&+ >,B$4'&+/>& B&4& 188&)G 5
'14,>+&4$+ '4&'&+3$ & )() )(B14>$41) /$+ B$/$ 41)B1'$-h
2& &/'>'(3 >31$8FM>/& 0(1 &W41 1)'& 1)/>)>F+ 1)G B$4 )(B(1)'$G 8&
318 />+>),$ G 8& 31 8& 3>)'&+/>& /*+>/& 0(1 /$441)B$+31 & 8& +$/>F+
,>),& 31 8& V8()'4&/>F+ 5 0(1 R$5 B&41/1 R&W14 &8/&+%&3$ )(
&B$M1$q )> W>1+ $6>/>&8,1+'1 )$/&;&3&G 31);&8$4>%&3&G 8& &('$4>f
3&3 ;(18;1 /$8d+3$)1 B$4 8& ;1+'&+& lh)&W1,$) 0(1 +$ R&5 ;143&3
1+ 8& &('$4>3&3G +$ $W)'&+'1 )1M(>,$) <(M&+3$ )( <(1M$ 5 $W131f
/>1+3$ & 6>+ 31 +$ B14'(4W&4 8& ,&4/R& +$4,&8 31 8&) /$)&)TTThlT 2&
;143&3 0(13& 1+ )()B1+)$ 1+ +$,W41 31 8& 16>/>1+/>&N 8& 81M>'>,&f
/>F+ p8'>,& 318 )>)'1,& 1) 0(1 6(+/>$+&T O+ 18 R$5 3>6(+'$
g)$/>&8>),$ 41&8,1+'1 1c>)'1+'1h 31 8& O(4$B& `4>1+'&8G 8& 1)/>f
)>F+ 14& 8& 0(1 1c>)'*& 1+'41 (+ 4>'(&8 BpW8>/$ 31 $W13>1+/>& 5 (+&
3>)'&+/>& /*+>/& B4>;&3&G 1+ '&+'$ 1+ `//>31+'1 18 />+>),$G 1+
/>14'$ ,$3$G )1 413$W8&N BpW8>/&,1+'1 )>,(8&,$) )14 8>W41) ,>1+f
"#
""
J
iC`X kaO aDI QIXAI
:VO[CXO
22O#I I :a ZO:AVD`j
C(13131
18 )>M+$ B&41/14
g,(14'1B1/(8>&4G 1 >+/8()$ i+$
5 )(W8>,&/>F+hN &W)(43$G /$8$/&4
1) &/&)$ & QR&B8>+
18 (+>;14)$ 31W&<$
)()
6>8,)G (+ (+>;14)$ 0(1 41W$)& 31 ;>'&8>3&3 +$ )(W8>,1 5 R&)'& 31
;(8M&4>3&3G B41/>)&,1+'1 8$ $B(1)'$ & (+& '13>$)& $W)1)>F+
4$,d+'>/& /$+ 8& ,(14'1 5 8& )(W8>,&/>F+j O) B$)>W81 0(1 )1& &)*G
B14$ 8&) /$)&) )1 /$,B8>/&+ 1+ (+ ,$,1+'$ B&4'>/(8&4N 18 31 8& >+f
'4()>F+ 31 8& ;$% T O) 8& ;$% 0(1 /$44$,B1 8& >+$/1+/>& 31 8& B&4$3>&
)>81+/>$)&G 31 1)'1 B&4&*)$ B4113*B>/$G $4&8l&+&8G 318 31;$4&4 5
31)'4(>4 )>+ 641+$G >M+$4&+'1) 31 8& ,(14'1 5 8& /(8B&N gD> 8&
,(14'1 +> 18 318>'$ 1c>)'1+ 1+ 18 ,(+3$ B$8>,$46$ 31 8& B&4$3>& 1+
8& 0(1 '$3$) 3&+ 5 41/>W1+ M$8B1) & ;$8(+'&3G 1+ 18 0(1 ;(18&+ 8&)
'$4'&) 31 /41,& 5 3$+31G 1+ ,13>$ 31 8& 4>)& M1+14&8G )1 3144(,f
W&+ 8$) 13>6>/>$)T O+ 1)'1 ,(+3$ 31 M1)'>/(8&/>F+ B(4&G 0(1 1)
'&,W>e+ 18 31 8$) 3>W(<$) &+>,&3$) S(+ )()'>'('$ 31 8&) /$,13>&)
B&5&)&) n)8&B)'>/@)
n)8&B)'>/@) o B143>3&)UG 8$) B4$'&M$+>)'&) )$+ M1+14&8,1+f
'1 >+,$4'&81)TTT 8& ;>$81+/>& 1) (+>;14)&8 5 +$ '>1+1 /$+)1/(1+/>&)G
+$ 1c>)'1 8& /(8B&hTJ
2& ;$% >+'4$3(/1 (+& 6>)(4& 1+ 1)'1 (+>;14)$ B4113*B>/$ 31
/$+'>+(>3&3 >+,$4'&8N 6(+/>$+& /$,$ (+ /(14B$ 1c'4&s$ 0(1
"$
)() ,&+$) 1+ 18 3>+14$ +1/1)&4>$ B&4& 8& $B14&/>F+ 0(1 R&M& 0(1
8& B$W41 ,(/R&/R& 41/(B141 8& ;>)'&q B$4 8$ /(&8 1) &441)'&3$ B$4
4$W$ 5 )1+'1+/>&3$ & B4>)>F+T Z1)B(e) 31 R&W14 /(,B8>3$ )(
/$+31+&G ;&M&W(+31& B$4 8& />(3&3G )$8>'&4>$ 5 31)$8&3$q 41B1+'>l
"&
+&,1+'1G )1 '$B& /$+ (+& 68$414*& 3$+31 ;1 & 8& ,(/R&/R&T O)'&G
31)B(e) 31 )(B14&4 /$+ ec>'$ 8& $B14&/>F+G ,&+1<& (+ B4F)B14$
+1M$/>$G B14$ &p+ &M(&43& &8 C4*+/>B1 O+/&+'&3$ 31 )() )(1s$)G
/(5$ /&W&88141)/$ $W)10(>$ B14,>'>F 0(1 41/(B14&4& 8& ;>)'&T Q&3&
;1% 0(1 (+ <$;1+ /8>1+'1 W>1+ B&41/>3$ 1+'4& & )( '>1+3&G )1 /$8,&
31 1)B14&+%&)q 5 (+& 5 $'4& ;1% )1 31/1B/>$+& &8 1)/(/R&4 8& ;$%T
O8 ;&M&W(+3$ 8& 41/$+$/1 31 >+,13>&'$G ,>1+'4&) 0(1 188& +$ 8$
R&/1G 3&3$ 0(1 '$3$ 8$ 0(1 /$+$/1 31 e8 1) )( ;$% 5 18 /$+'&/'$ 31
)( ,&+$N
/$,$ (+& 8$ p+>/$ 0(1
B&+'&88&U 1) 8&;14>3*/(8&
& '4&;e) 31 8&
6>M(4& 31 ;>34>14& S0(1 8$)(+)1B&4&
(+ ;&M&W(+3$G B&4>&
)$/>&8T D$ $W)'&+'1G &8 ;148$ B14314 )( 4$)& S(+ 41/(143$ 31 188&UG
)>1+'1 B>13&3 B$4 e8 5 )( ,>4&3& &B&)>$+&3& 5 31)1)B14&3&
31)B>14'& )( /$,B&)>F+q 31 ,$3$ 0(1G )>+ )&W14 0(>e+ $ 0(e 8&
1)B14& 5G )>+ 1,W&4M$G /$+ (+ '&8&+'1 &81M41 1 >4F+>/$ S1+ 18
+1M$/>$G 81 /$,1+'& & )( ,&341N g"71 R1/R$ (+& /$+0(>)'&-hUG )&81
& 8& /&881G 81 3& $'4& 4$)& 5 31B$)>'& (+& ,$+13& 1+ )( ,&+$T O+
1)'1 B41/>)$ ,$,1+'$G /(&+3$ )() ,&+$) )1 1+/(1+'4&+G 8$
41/$+$/1 B$4 18 /$+'&/'$T V+,13>&'&,1+'1 )1 )141+& 5 81 B41M(+'&N
giApjh O8 ;&M&W(+3$ &)>1+'1 /$+ 8& /&W1%& 5G )1s&8&+3$ )() $<$)G
8& >+'144$M&N
&R$4& giC(131)
B(13$ ;14hq ;14 &R$4&jh
R&5 1+'$+/1) 2& &,(/R&/R&
(+ /$4'1 (+ B4>,14 /$+'1)'&N g:*G
B8&+$ ,13>$
318 ;&M&W(+3$G )() $<$) 881+$) 31 '1,$4 5 1)B14&+%&G )$+4>1+3$
/$+ '>,>31%G )>+ )&W14 /(d8 ;& & )14 8& 41&//>F+ 31 8& ,(/R&/R&G
)&'>)61/R$ 5 &8 ,>),$ '>1,B$ >+)1M(4$ B$4 1)'&4 '&+ '$'&8,1+'1
1cB(1)'$ &+'1 188& l5 &)* '14,>+& 8& B18*/(8&lT
O+ 18 +>;18 ,d) 181,1+'&8G 18 161/'$ B$e'>/$ 31 1)'& 1)/1+& )1
W&)& 1+ 18 3$W81 )>M+>6>/&3$ 318 3>d8$M$ 6>+&8N g&R$4& B(13$ ;14h )1
416>141 & 8& ;>)'& 6*)>/& 41/(B14&3& '&+'$ /$,$ &8 R1/R$ 31 0(1 8&
,(/R&/R& ;1 &R$4& & )( C4*+/>B1 O+/&+'&3$ 1+ 8$ 0(1 41&8,1+'1
1)G (+ ;&M&W(+3$ ,>)14&W81Tw O)'1 )1M(+3$ )>M+>6>/&3$ +$) (W>/&
1+ 18 /$4&%F+
418&/>F+ 1+'41 8& ,>),$ 318 B4$W81,&
>31+'>6>/&/>F+ )>,WF8>/&8&/&+>&+$N /$+/>14+1
5 8$ 41)'&+'1G & 8&
18 41)>3($G
18 $W<1'$l1c/41,1+'$ 0(1 1)/&B& & 8& ,>),&T C$34*&,$) 31/>4 0(1
18 6>8, B$+1 1+ 1)/1+& 8$ 0(1 2&/&+G 1+ )() Q(&'4$ /$+/1B'$)
6(+3&,1+'&81) 318 B)>/$&+d8>)>) G 31+$,>+& 8& g)1B&4&/>F+hG &
)&W14G 8& )1B&4&/>F+ 1+'41 V 5 !G 1+'41 18 V31&8 318 _$G 8& >31+'>6>f
/&/>F+ )>,WF8>/& 318 )(<1'$G 5 18 $W<1'$N 18 3>)'&+/>&,>1+'$G 8& )1f
M41M&/>F+ 318 $W<1'$ 318 $431+ )>,WF8>/$Tx
Q$,$ 8$ )1s&8F [>/R18 QR>$+ 1+ )( W4>88&+'1 >+'14B41'&/>F+ 31
2(/1) 31 8& />(3&3 Gy 18 4&)M$ 6(+3&,1+'&8 31 8& 6>M(4& 318
;&M&W(+3$ 1) )( >+'14B$)>/>F+N )>1,B41 )1 >+'14B$+1 1+'41 (+&
,>4&3&
31)'>+&3&5 &)($'4$G
$W<1'$ gB4$B>$hG
B(+'$ 6><&+3$
( $W<1'$ 1+ )* ,&+/R&
>31&8 l(+& ,>),$ 0(1
(+& B14'(4W&
,>4&3&
8& /$,(+>/&/>F+ g3>41/'&h 1+'41 8& ,>4&3& 5 )( $W<1'$ gB4$B>$hG
"'
")
3$)
4>$G 1)/1+&) 1)G &)*G>+M14>3$G
18 &8>,1+'$ /8&4&N 8$ 0(1 18 ;&M&W(+3$ />+'&
8& >+'14,>+&W81 41/>W>F31318'&88&4>+1)G
,>88$+&f
&R$4& 8$ )1/41'& 31 )( ;>1+'41 5 8$ 1+'41M& & 8& ,(/R&/R&T
_ l1+ 1)'$ /$+)>)'1 +(1)'4& '1)>)l B$4 1)& 4&%F+G 1+ 2(/1) 31 8&
/>(3&3 G 8& /&4'& 881M& 3$) ;1/1) & )( 31)'>+$ $G B&4& 1cB41)&48$ 31
$'4& ,&+14&G 18 /&4'14$ 88&,& 3$) ;1/1)N B4>,14$G /(&+3$ 18
;&M&W(+3$ 8$M4& 1+'41M&4 & 8& ,(/R&/R& 18 3>+14$ 318 R$,W41
4>/$G 1) 31/>4G /(&+3$ /(,B81 1c>'$)&,1+'1 )( ,>)>F+ 31 >+'14,1f
3>&4>$q 5 )1M(+3$G /(&+3$ 8& ,(/R&/R& 41/$+$/1 1+ )( 4>3*/(8$
&)B1/'$ &8 W1+16&/'$4 0(1 R>%$ B$)>W81 )( $B14&/>F+T 2& /&4'& 881M&
316>+>'>;&,1+'1 & )( 31)'>+$ /(&+3$ 5& +$ B$31,$) 81M>'>,>%&4f
+$)
`'4$G/$,$ ,14$)
/(&+3$ ,13>&3$41)G
31<&,$) B4$;113$41)
31 $/(B&4 18 8(M&4313188$)V31&8
,1+)&<1) 318 1+
318 _$ M4&+
18
1)B&/>$ 6&+'&),d'>/$ 318 $'4$G /(&+3$ )1 &8/&+%& (+& )1B&4&/>F+
"!
2& )1B&4&/>F+
7&)'& 18 6>+&8 318 6>8,G 18 ;&M&W(+3$ )1 8>,>'& &8 B&B18 31
,13>&3$4G />4/(8&+3$ 1+'41 8&) 3$) 6>M(4&) 0(1G <(+'&)G /$+)'>'(>f
4*&+ (+& B&41<& >31&8 S18 R$,W41 4>/$ 5 8& ,(/R&/R& B$W41U 5
B14,>'>1+3$G 31 1)1 ,$3$G 8& /$,(+>/&/>F+ 1+'41 188$) B14$
)>1+3$G &8 ,>),$ '>1,B$G (+ $W)'d/(8$ & )( /$,(+>/&/>F+ >+,1f
3>&'&G 8& ,&+/R& 0(1 >,B>31 )( /$+'&/'$ >+,13>&'$G 18 >+'4()$ 0(1
+(+/& 1)'d 1+ )( B4$B>$ 8(M&4T :>+ 1,W&4M$G /$+ 8& 1)/1+& 6>+&8 18
<(1M$ &/&W&N 18 ;&M&W(+3$ )1 1cB$+1 6>+&8,1+'1 1+ )( B41)1+/>&G
&0(* 1)'dG +$ 41B41)1+'&+3$ +&3&G $/(B&+3$ 18 8(M&4 31 +&3>1G
31W1,$) &/1B'&48$ $ 41/R&%&48$T _ 18 M1+>$ 31 QR&B8>+ 8$ &'1)'>M(&
18 R1/R$ 31 0(1 31/>3>14& '14,>+&4 8& B18*/(8& 31 (+& ,&+14& '&+
W4()/& 1 >+1)B14&3&G 1+ 18 ,$,1+'$ ,>),$ 31 8& 41;18&/>F+ 318
;&M&W(+3$N 18 6>8, +$ 41)B$+31 & 8& B41M(+'& gi2& ,(/R&/R& 8$
&/1B'&4d $ +$jh 2& >31& 31 0(1 )* 8$ R&4d 5 0(1 31 &R* 1+ ,d) &,W$)
;>;>4d+ 618>/1) +$ '>1+1 +>+Mp+ '>B$ 31 6(+3&,1+'$ 1+ 18 6>8,T O)
31/>4G B&4& 18 6>+&8 618>% R&W>'(&8 +1/1)>'&4*&,$) (+& /$+'4&'$,&
&3>/>$+&8 & 8& 318 ;&M&W(+3$ ,>4&+3$ 1)B14&+%&3$ 5 '1,W8$4$)$
& 8& ,(/R&/R&N (+& '$,& 31 e)'& 41'4>W(5e+3$8$ /$+ (+& )1s&8 31
&/1B'&/>F+G B$4 1<1,B8$G 5 8(1M$G '&8 ;1%G (+& 31 &,W$) &W4&%d+f
3$)1T D$ 1+/$+'4&,$) +&3& 31 1)'1 '>B$ 1+ 18 6>8,N )1 '14,>+& 1+
18 ,$,1+'$ 31 >+/14'>3(,W41 5 &B14'(4& &W)$8('&) /(&+3$ 8&
,(/R&/R& l5G <(+'$ /$+ 188&G +$)$'4$) 8$) 1)B1/'&3$41)l )1 1+641+f
'& 3>41/'&,1+'1 /$+ 8& /(1)'>F+ 318 g&,$4 B$4 18 B4F<>,$hT iO) 1)'&
/4>&'(4& 4>3*/(8& 5 '$4B1 /(5& B41)1+/>& ,&)>;& +$) M$8B1& 31
)pW>'$ /$+ (+& B4$c>,>3&3 /&)> >+)$B$4'&W81 41&8,1+'1 3>M+& 31
)( &,$4j iC$34d 188& &/1B'&4G R&/14)1 /&4M$ 31 1)'1 B&4>& )$/>&8
0(1 R& /$+)1M(>3$ 1+ 41)B(1)'& & )( &43>1+'1 31)1$j _ l/$,$ 8$
)1s&8F \>88>&, X$'R,&+lJJ 8& ,>),& B41M(+'& 31W1 6$4,(8&4)1
*#
Z1 ,$3$ 0(1G iB$4 0(e 8& /&4'& )* 881M& & )( 31)'>+$j iC$4 0(e
B$34*& '&,W>e+ l& ;1/1)G B$4 8$ ,1+$)l 64&/&)&4 1+ &8/&+%&48$jJw
21<$) 31 3&4 '1)'>,$+>$ 31 (+& 416>+&3& )1+)>W>8>3&3 '1F4>/&G 1)'&
41&//>F+ & 8$ Z144>3& &8 6&,$)$ 1+(+/>&3$ 6>+&8 318 g:1,>+&4>$
)$W41 t2& /&4'& 4$W&3&ugG 31 2&/&+G Jx 1cR>W1 ,d) W>1+ 8$ 0(1
B$34*&,$) 88&,&4 (+& 41)B(1)'& B4>,$43>&8 318 )1+'>3$ /$,p+N
i0(e R&5 )> (+& /&4'& +$ 881M& & )( 31)'>+$j iD$ 1) )>1,B41 B$)>W81
0(1 (+& /&4'& )1 B>143&jJy :>G +$ $W)'&+'1G 8& '1$4*& 8&/&+>&+&
>+)>)'1 /&'1MF4>/&,1+'1 1+ 0(1 (+& /&4'& )* 881M& )>1,B41 & )(
31)'>+$G +$ 1) 31W>3$ & (+& >+/$+,$;>W81 /411+/>& 1+ 8& '181$8$M*&G
1+ 8& 6&/(8'&3 31 (+ ,1+)&<1 B&4& &8/&+%&4 )( ,1'& B411)'&W81/>f
3&N 8& 1cB$)>/>F+ 0(1 R&/1 2&/&+ 318 ,$3$ 1+ 0(1 (+& /&4'& 881M&
& )( 31)'>+$ 31)+(3& 18 ,1/&+>),$ ,>),$ 31 8& >8()>F+ '181$8FM>f
/& T O+ $'4&) B&8&W4&)G 8& /4*'>/& ,>),& 31 0(1 g(+& /&4'& '&,W>e+
B(131 +$ 1+/$+'4&4 )( 31)'>+$h +$ 1+/(1+'4& )( B4$B>$ 31)'>+$N 811
,&8 8& '1)>) 8&/&+>&+&G 413(/>e+3$8& &8 ,$;>,>1+'$ />4/(8&4
'181$8FM>/$ '4&3>/>$+&8G 1) 31/>4G & 8$ 0(1G B41/>)&,1+'1G 1) B(1)'$
1+ /(1)'>F+ 5 )(W;14'>3$ B$4 2&/&+T a+& /&4'& )>1,B41 881M& & )(
31)'>+$G 1+ 1)B1/>&8 /(&+3$ +$) 1+/$+'4&,$) &+'1 18 /&)$ 8*,>'1 31
(+& )>+ 31)'>+&'&4>$G 31 8$ 0(1 1+ &81,d+ )1 88&,& m8&)/R1+B$)' G
(+ ,1+)&<1 1+ (+& W$'188& &44$<&3& &8 ,&4 31)31 (+& >)8& 8(1M$
31 (+ +&(64&M>$T O)'1 /&)$ 1cR>W1 1+ )( ,dc>,& B(41%& 5 /8&4>3&3
8& ,&+14& 1+ 0(1 (+& /&4'& &8/&+%& )( ;143&314$ 31)'>+$ 1+ 18
,$,1+'$ 1+ 0(1 1) 1+'41M&3&G &44$<&3& &8 &M(& l$ )1&G )(
;143&314$ 31)'>+&'&4>$ +$ 1) 18 $431+ 1,B*4>/$ 0(1 B(131 41/>W>48&
$ +$G )>+$ 18 M4&+ `'4$G 18 B4$B>$ $431+ )>,WF8>/$G 0(1 8& 41/>W1 1+
18 ,$,1+'$
,$,1+'$ 1+ 1+
0(10(1 8& /&4'& 1)g1c'14+&8>%&h
18 41,>'1+'1 B(1)'& 1+ )(/>4/(8&/>F+
,1+)&<1GG 1)'$ 1)G 18
8& 1+'41M&
*$
SZ1) U/$+$/>,>1+'$ >,&M>+&4>$
O+ (+ B4>,14 &W$43&<1G (+& /&4'& 0(1 g)>1,B41 881M& & )( 31)'>+$h
&B(+'& & 8& 8FM>/& 318 41/$+$/>,>1+'${31)/$+$/>,>1+'$ S41/$+f S41/$+f
+&>))&+/1{,e/$++&>))&+/1 U 18&W$4&3& 1+ 31'&881 B$4 2$(>) I8f
'R())14 5 )() )1M(>3$41) S[>/R18 Ce/R1(cUNPJ 8& 8FM>/& B$4 ,13>$
31 8& /(&8 (+$ )1 S31)U/$+$/1 & )* ,>),$ /$,$ 18 31)'>+&'&4>$ 31
8& >+'14B18&/>F+ >31$8FM>/&T O)'& >8()>F+ /$+)'>'('>;& 318 $431+
>31$8FM>/$ B$34*& B41)1+'&4)1 )(/>+'&,1+'1 B&4&64&)1&+3$ (+&
6F4,(8& 31 H&4W&4& .$R+)$+NPP ga+& /&4'& )>1,B41 881M& & )(
31)'>+$ 3&3$ 0(1 e)'1 1)'d 3$+310(>14& &0(e88& 881M(1 ThT :( ,1/&f
+>),$ )(W5&/1+'1 6(1 18&W$4&3$ B$4 Ce/R1(c 1+ 418&/>F+ /$+
W4$,&) 318 '>B$N gC&Bd +&/>F 1+ [&+/R1)'14G ,&,d 1+ H4>)'$8 5
5$ 1+ 2$+341)N "0(e 4&4$ 0(1 +$) R&5&,$) /$+$/>3$-hPY O+ )*+'1)>)G
)> $W)14;&,$) 18 B4$/1)$ R&/>& &'4d)G 31)31 )( 41)(8'&3$ S/$+'>+f
M1+'1UG 18 R1/R$ 31 0(1 g8$) )(/1)$) '$,&4&+ B41/>)&,1+'1 1)'1
M>4$h +$ B$34*& &B&41/14 )>+$ /$,$ 1c'4&s$G $/(8'&+3$ &8Mp+
)>M+>6>/&3$ $,>+$)$G /$,$ )> &8M(+& ,&+$ ,>)'14>$)& )1 R(W>14&
1+/&4M&3$ 31 0(1 g8& /&4'& 881M&4& & )( 31)'>+$hG 1)'$ 1)G 0(1 ,>
B&341 5 ,> ,&341 )1 /$+$/>14&+TTT 2$ 0(1 '1+1,$) &0(*G )>+
1,W&4M$G 1) ,d) 0(1 (+& W4$,& )(B146>/>&8G /$,$ 8$ &'1)'>M(& 8&
6*)>/& /$+'1,B$4d+1&G 1+ 8& 0(1 1+/$+'4&,$) B41/>)&,1+'1 18
,>),$ ,1/&+>),$ W&<$ 18 +$,W41 31 gB4>+/>B>$ &+'4$B$/e+'4>/$hN
8& ;>3& &B&41/>F )$W41 8& A>144& 31W>3$ & +(,14$)&) /$+'>+M1+/>&)
0(1 /41&4$+ 8&) /$+3>/>$+1) &B4$B>&3&) S)>G B$4 1<1,B8$G 1+ 8$)
'>1,B$) B4>,>'>;$) 31 8& A>144& 8& /$,B$)>/>F+ 318 )(18$ 5 18 &>41
R(W>14& 3>614>3$ 1+ (+ B10(1s$ B$4/1+'&<1G 8& ;>3& +$ R&W4*& )>3$
B$)>W81Uq 31 ,$3$ 0(1G /(&+3$ 8$) 6*)>/$) )1 1,B1s&+ 1+ 41/$+)f
'4(>4 18 B4$/1)$ 0(1 /(8,>+F 1+ 8& &B&4>/>F+ 31 )141) ;>;>1+'1)
>+'18>M1+'1) )$W41 8& A>144&G B41)(B$+1+ 0(1 18 (+>;14)$ 6(1
/41&3$ & 6>+ 31 R&/14 B$)>W81 8& 6$4,&/>F+ 31 )141) >+'18>M1+'1) S18
B4>+/>B>$ &+'4$B$/e+'4>/$ g6(14'1hG &W>14'&,1+'1 '181$8FM>/$U $
&/1B'&+ (+& 41M8& ,1'$3$8FM>/& g/>4/(8&4h 0(1 )>1,B41 +$) 1c>M1
*%
$'4$
31)31/&,>+$ 5 1;>'&3$
8(1M$G 6&8&%G 3&3$ 1)&
0(11)/1+&jh :1,1<&+'1
g(+& /&4'& )>1,B41 /(1)'>$+&,>1+'$ 1)G
881M& & )( 31)'>+$hN
1)B14& )( ,$,1+'$ /$+ B&/>1+/>& l)> +$ e)'1G 1+'$+/1) $'4$
*&
$'4&) B&8&W4&)G
8>W>3>+&8 1+ e8G 1+
1+ 8&8& ,13>3&
,13>3& 1+1+0(1
0(11+/(1+'41
1)'& ,>),& (+& 41+(+/>&
)&'>)6&//>F+
81
B4$/(41 (+& 1)B1/>1 31 B8() 31 M$%&4 B14;14)$lT a+ R>)'e4>/$ )1
0(1<& /$+)'&+'1,1+'1 31 0(1 +$ B(131 &3&B'&4)1 & 8& 41&8>3&3
31 8& ,&+>B(8&/>F+ /4(18G 5 8& 41)B(1)'& B)>/$&+&8*'>/& & 188$ +$ 1)
g&W&+3$+1 )() )(1s$) ;&/*$)G 8& ;>3& 1) /4(18G &/eB'18& '&8 /(&8 1)h
)>+$ '$3$ 8$ /$+'4&4>$G g)() B8&s>3$) 5 0(1<>3$) )$+ 6&8)$) 3&3$ 0(1G
B$4 ,13>$ 31 188$)G ()'13 )F8$ )1 &3&B'& 31,&)>&3$ W>1+ & 8&
41&8>3&3 31 8& ,&+>B(8&/>F+ 5 8& 1cB8$'&/>F+hN &8 31)1,B1s&4 18
B&B18 31 8& ;*/'>,& >+3161+)&G 18 R>)'e4>/$ &)(,1 8& B$)>/>F+
)(W<1'>;& 0(1 81 B14,>'1 g/R&+'&<1&4 1,$/>$+&8,1+'1 & )( ,1f
3>$hG /$,$ 8$ 1cB41)&4*&,$) 1+ 8& <14M& 31 R$5 1+ 3*&TPw
O)'& 41)B(1)'&G 1+ 8& /(&8 18 gI8,& H188&h )1 ;1 1+641+'&3& &8
,$3$ 1+ 0(1 41&8,1+'1 '$,& B&4'1 1+ 8&) ,&8;&3&) ,&+14&) 318
,(+3$G /8&()(4& 18 />4/(>'$ 31 8& /$,(+>/&/>F+N 1+ e8G 18 )(<1'${
1,>)$4 41/>W1 318 41/1B'$4 )( B4$B>$ ,1+)&<1 1+ )( ;143&314&
6$4,&G 1)'$ 1)G 18 ;143&314$ )>M+>6>/&3$ 31 )() B8&s>3$) 5 0(1<>3$)T
O+ $'4&) B&8&W4&)G 1+ e8G 8& /&4'& 0(1 18 )(<1'$ B$+1 1+ />4/(8&/>F+
g881M& & )( 31)'>+$hG 0(1 14&G 31)31 18 B4>+/>B>$ ,>),$G 18 B4$B>$
41,>'1+'1N 8& /&4'& 881M& & )( 31)'>+$ /(&+3$ 18 )(<1'$ )1 ;1G
6>+&8,1+'1G $W8>M&3$ & &)(,>4 8&) ;143&314&) /$+)1/(1+/>&) 31 )(
&/'>;>3&3T O)'& 1) 8& 6$4,& 1+ 0(1 2&/&+G & /$,>1+%$) 31 8& 3e/&3&
31 JK^zG
31 8$ 41&8 >+'14B41'F
Sg2$ 0(1 1)184&/>$+&8
3>/'(, 1)R1M18>&+$
41&8 5 8$ &/14/&
0(1 1) 31
41&88&1)4&/>$+&8>3&3
4&/>$+&8hUN Px
18 ;143&314$ )>M+>6>/&3$ 31 8&) B&8&W4&) $ 8$) &/'$) 318 )(<1'$ l)(
*(
/>$+&4>$)
)&+M4>1+'$UT0(1O8 0(>141+ 8& X1;$8(/>F+
<(1M$ W1+e;$8$ )>+ 41;$8(/>F+
5 )d3>/$ S)( 41;14)$
31 7>'/R/$/@ /$+ 18
1)B1/'&3$4 '$,& 1+ /(1+'& B41/>)&,1+'1 1)'& +&'(4&81%& B&4/>&8
31 +(1)'4$ 31)1&4N R&/1 0(1 18 1)B1/'&3$4 41R(5& 8& /$+64$+'&/>F+
/$+ 8& /$+)1/(1+/>& B81+& 31 8& 41&8>%&/>F+ 31 )( 31)1$ Sgi0(>141)
0(1 1)'& ,&8& B14)$+& )1& &)1)>+&3&j [(5 W>1+G &0(* 8$ '>1+1)G
/$+ '$3$) 8$) 31'&881) +&()1&W(+3$) 0(1 0(144*&) B&)&4 B$4 &8'$
1+ )>81+/>$TTThUT O+ )*+'1)>)G 18 g)&3>),$h 31 7>'/R/$/@ /$441)B$+31
1c&/'&,1+'1 & 8& g+1('4&8>3&3 ,&8e;$8&h 318 )(B145FN &0(e8 +$ 1)
)>+$ (+ gB4$;113$4 31 ;143&31)h +1('4&8G 0(1 +$) 3& )F8$ 8$ 0(1
0(14*&,$)G B14$ >+/8(51+3$ 1+ 18 1+;&)1 8& B&4'1 31 188$ 0(1 B41f
614>4*&,$) >M+$4&4T
O)'& >+;14)>F+ 318 ,1+)&<1 318 )(<1'$ /$+)'>'(51 8$ 41B4>,>3$
318 ,1+)&<1q 31 ,$3$ 0(1 +$ 1) 3>6*/>8 ;14 31 0(e ,&+14& 8&
>,B$)>W>8>3&3 318 ,1'&81+M(&<1 )1 ;>+/(8& /$+ 18 41'$4+$ 31 8$
41B4>,>3$T gD$ R&5 ,1'&81+M(&<1h 1+ '&+'$ 18 )(<1'$ R&W8&+'1 1)
)>1,B41 5& R&W8&3$G 1)'$ 1)G 1+ '&+'$ +$ B(131 3$,>+&4 8$) 161/'$)
31 8$ 0(1 1)'d 3>/>1+3$N )>1,B41 3>/1 ,d) 0(1 8$ 0(1 gB41'1+3*&
31/>4hG 5 1)'1 B8() 31 8$ 0(1 1) 3>/R$ 161/'>;&,1+'1 /$+ 41)B1/'$ &
8$) )1+'>3$) 0(1 )1 B41'1+3*&+ B$+14 1+ B&8&W4&) 1) 18 /$+'1+>3$
41B4>,>3$ l1+ e8G g8$ 41B4>,>3$ 41'$4+&hlT Py ik(e )$+ 8$) )*+'$,&)
/$,$ g41'$4+$) 31 8$ 41B4>,>3$h )> +$ 1)$) 8&B)() 8>+M(&1 B$4
,13>$
,1+)&<1311+8$)
)( /(&81) 18 M4&+
;143&314& `'4$
6$4,&j :>G 31;(18;1
1+ ;1% 31&8 31/>4
)(<1'$gO+)(;>)'&
B4$B>$
31
8$ /(&8G 31/8&4$ &W>14'& 8& )1)>F+hG 3>M$ gO+ ;>)'& 31 8$ /(&8G 31/8&4$
*)
18 ,&4/$ B$4
,&4/&3$U 31 +(1)'4& B14)B1/'>;&
(+& B&4'1 5& 1)'d )>1,B41
31 )( /$+'1+>3$T C$31,$) 1+,&4/&3$ S41f
&0(* 41/$+$/14
/$+ 6&/>8>3&3 8& '$B$8$M*& 31 8& W&+3& 31 [$1W>() 1+ 8& 0(1G /$,$
*!
$#
B$)>/>$+1) 31+'4$0(1
3&)hr S8& B4>,14& 31 +$8& ;1'4*&3&
+&3&q >+'14)(W<1'>;&
8& )1M(+3& 0(131;1 8&)
0(1'41) g,>4&f
8& B4>,14&
+$ ;1 +&3& 5 )1 1+M&s& 41)B1/'$ 318 )1/41'$ 31 8$ 0(1 $/(8'&q 8&
'14/14& 0(1 ;1 0(1 8&) 3$) B4>,14&) 31<&+ 8$ 0(1 31W14*& 1)'&4
$/(8'$ 1cB(1)'$ & /(&80(>14& 0(1 0(>14& '$,&48$Uj iO+ 18 ,$3$G
B$4 1<1,B8$G 1+ 0(1 18 31)'>+$ 318 ,>+>)'4$ 0(13& )188&3$G +$ &
/&()& 31 )( ,&8 /d8/(8$ $ 31)&'1+/>F+ B14)$+&8 )>+$ 31W>3$ & 0(1
18 )>,B81 /&,W>$ 31 B$)>/>F+ 31)31 8& '14/14& & 8& )1M(+3& ,>4&3&
1+ 8& 41B1'>/>F+ 31 8& '4*&3& >+>/>&8 B4$;$/& )( /1M(14& 1)'4(/'(f
4&8j I0(* ;$8;1,$) & 1+/$+'4&4 18 ,1/&+>),$ 318 S31)U/$+$/>,>1+'$
>,&M>+&4>$N 8$) B&4'>/>B&+'1) 318 <(1M$ B14/>W1+ &('$,d'>/&,1+f
'1 )( 31)'>+$ /$,$ &8M$ 0(1 /$441)B$+31 & 8& /&4'& /$,$ '&8 1+ )(
,&'14>&8>3&3 >+,13>&'& Sg"O)'& /&4'& 1)'d ,&83>'&G '$3$) 8$) 0(1
1+'4&+ 1+ B$)1)>F+ 31 188& 0(13&+ 1+ 8& 4(>+&-hU l8$ 0(1 31)/$+$f
/1+ 1) 0(1 8& g,&83>/>F+h +$ 1)'d 1+ 8& /&4'& /$,$ '&8 )>+$ 1+ 8& 413
>+'14)(W<1'>;& $4M&+>%&3& 1+ '$4+$ & 8& ,>),&lT :>+ 1,W&4M$G B&f
4& 1;>'&4 41B1'>4 18 &M$'&3$ &+d8>)>) 318 /(1+'$ 31 C$1G &W$431,$)
r :>1+3$ 18 $W<1'$ ! ,>4&3& 1)/4>'$ /$,$ M&%1 S1+ 8$ /(&8 |>%1/@ )>M(1 8&
'4&3(//>F+ >+M81)& 318 :1,>+&4>$ 31 2&/&+ )$W41 2$) /(&'4$ /$+/1B'$) 6(+3&f
,1+'&81) TTTTUG
TTUG 18 B&4'>/(8&4 g<(1M$h 318 '1c'$ 31 C$1 /$441)B$+31G 1+ )( 31/>4G & (+&
3>&8e/'>/& 31 M8&+/1)
31 M8&+/1) T Z&3$ 0(1 81c>/&8,1+'1 1)'1 ;$/&W8$ 1) '&,W>e+ ;$8/&W81
/$,$ ,>4&3&G 8$ 1)/4>W>,$) /$+ /$,>88&)G B&4& 3>6141+/>&48& l/$+'1)'1) /$+
2&/&+l 31 8& M&%1 Sg,>4&3& 6><&hUT VM(&8 B4$/13>,>1+'$G 5 B$4 >3e+'>/$ ,$'>;$G
&3$B'&,$) B&4& 8$$@T SDT 318 XTATU
$"
)&/4>6>/&4
31)3>/R&3&)(+>s&q
&,$4/(&+3$G
5 313>/&4 )( ;>3&
&8 6>+&8 318 & 6>8,G
/(>3&4
)( ,&'14+&8,1+'1
&,&+'1 )$8>/>'&& )(
8&
,&+$G 188& )F8$ 81 B4$,1'1 (+& B4$6(+3& &,>)'&3G 41/R&%&+3$ )(
B4$B$)>/>F+ /$+ 8& 64&)1N giC&4& 0(e W()/&4 8& 2(+&G /(&+3$
B$31,$) '1+14 8&) 1)'4188&)jhG (+$ 31 8$) ,d) B(4$) 5G B$4 8$ '&+'$G
,d) 16>/&/1) )>+)1+'>3$) 31 8& R>)'$4>& 318 />+1T
Q(&+3$ )( &,&+'1 81 ,(1)'4& (+& 6$'$M4&6*& 31 8& 6&,>8>&G )(
&'1+/>F+ 1) &'4&*3& R&/>& (+& +>s& )1+'&3& &8 /$)'&3$ 5 ,>4&+3$
/$+ '4>)'1%& & 8& /d,&4&q 1)'& 6>M(4& 31)B>14'& >+,13>&'&,1+'1 )(
/$,B&)>F+ 5 QR&48$''1 0(>141 )&W14 '$3$ &/14/& 31 188&T iC$4 0(ej
:1 >31+'>6>/& /$+ 188& B$40(1 41/$+$/1 1+ 8& )(5& )( B4$B>&
B$)>/>F+G 8& 318 31)&'1+3>3$ gB&'>'$ 61$hT I)* 0(1G /(&+3$G 1+ 18
6>+&8 318 6>8,G )&/4>6>/& (+& ;>3& 31 &,$4 B$4 18 41)/&'1 31 8& B$W41
+>s&G +$ 8$ R&/1 & B&4'>4 31 (+ )1+'>3$ &W)'4&/'$ 318 31W14N 31 8$
0(1 )1 '4&'& 1)G ,d) W>1+G 0(1 /$+/>W1 8& )>'(&/>F+ B41)1+'1 31 8&
+>s&G 1+ 8& 0(1 )( ,>),& )(B14;>;1+/>& 31B1+31 31 188&G /$,$ 8&
41B1'>/>F+ 1c&/'& 31 )( B4$B>& )>'(&/>F+ &s$) &'4d)G /(&+3$ 1)'&W&
& ,14/13 31 )( ,&341T O+ 188$ 41)>31 8& R$,$8$M*& 1)'4(/'(4&8
1+'41 1)'1 6>8, 5 g2& /&4'& 4$W&3&hN 1+ 18 '4&+)/(4)$ 31 8& R>)'$4>&G
)1 41B>'1 8& ,>),& 413 >+'14)(W<1'>;&G 1+ 8& 0(1 8$) )(<1'$) )1
,(1;1+ & 3>6141+'1) B$)>/>$+1) l1+ &,W$) /&)$)G (+& ,&341
$,+>B$'1+'1 '>1+1 1+ )() ,&+$) 18 31)'>+$ 31 8& R><&G /$+ 8& p+>/&
3>6141+/>&
>,B(8)&W& 31
& 8&0(1
R><&1+& 8&8& B4>,14& 1)/1+& 14&
8$/(4&G ,>1+'4&) 0(1(+&
1+ ,&8& ,&341)10(1
8& )1M(+3& 81
W4>+3& & (+& W(1+& 8& $B$4'(+>3&3 31 413>,>4)1 )&8;d+3$8& 318
$*
&+'1 (+ /&)$
31)'>+$hN 1<1,B8&4
/(&+3$G 31 8&6$4,&
31 (+& ,&+14& 1+ 0(1 g(+&
'$'&8,1+'1 /&4'& 881M&
/$+'>+M1+'1G & )(
1+/(1+f
'4& 18 8(M&4 0(1 81 /$441)B$+31T
$%
&B&41/>F
I8>&+ C$1NB$418 B4>,14& ;1% &+F+>,$
$W)14;&3$4 1+ gO8 R$,W41
,>4& &31'4&;e)
8& ,(8'>'(3hG 31 O3M&4
31 8& ;>34>14& 31
(+ /&6e S1)'1 ,&4/$ 0(1 >+'4$3(/1 8& 3>)'&+/>& 1+'41 g&31+'4$h 5
g&6(14&h 1) /4(/>&8 &0(*U 18 '$4W188>+$ 31 8& ,(8'>'(3 ;1)B14'>+&
8$+3>+1+)1 5 31/>31 )1M(>4 & (+ &+/>&+$q &8 &,&+1/14G 8(1M$ 31
8&4M&) R$4&) 31 /&,>+&'&G )1 R&/1 1;>31+'1 0(1 +$ R&5 +&3& 0(1
31)/(W4>4N g:14*& 1+ ;&+$ /$+'>+(&4q +$ ,1 1+'14&4e 31 +&3& ,d)
)$W41 e8 5 )() &/'$)hT O8 &+/>&+$ 1)G 31 1)'1 ,$3$G B41)1+'&3$ /$,$
18 gR$,W41 31 8& ,(8'>'(3hG 18 1B*'$,1 318 ,&8G B41/>)&,1+'1 1+
8& ,13>3& 1+ 0(1 1+/&4+& &8M$ 0(1 g+$ )1 31<& 8114hG 1) 8}))' )>/R
+>/R' 81)1+ G /$,$ 18 B4$B>$ C$1 8$ B$+1 1+ &81,d+T O)'& g41)>)'1+f
/>& & 31<&4)1 8114h 31 8& ,(8'>'(3 31)>M+&G B$4 )(B(1)'$G 18 B&)&<1
318 41M>)'4$ )>,WF8>/$ &8 31 8$ X1&8T Yw
O8 1+/(1+'4$ 41&8
O8 ,$'>;$ 318 31)'>+$ +$) R& 881;&3$ &8 W$431 ,>),$ 318 '14/14
+>;18G 18 31 8$ X1&8q &0(*G g(+& /&4'& )>1,B41 881M& & )( 31)'>+$h
10(>;&81 & 8$ 0(1 )>M+>6>/& g1+/$+'4&4)1 /$+ 18 B4$B>$ 31)'>+$hN
g'$3$) ,$4>41,$)hT a+& )1+)>W>8>3&3 B41'1F4>/& /$,p+ +$) B14f
,>'1 31'1/'&4 18 $,>+$)$ W&<$ '$+$ 0(1 )1 &3R>141 & 8& B4$B$)>/>F+
g(+& /&4'& )>1,B41 881M& & )( 31)'>+$hN 8& p+>/& /&4'& & 8& 0(1
+&3>1 B(131 1)/&B&4G 0(1 '&431 $ '1,B4&+$ +$) &8/&+%&G 1) 31/>4G
8& 0(1 '>1+1 & /&3& (+$ 31 +$)$'4$) /$,$ )( 31)'>+&'&4>$ >+6&8>W81G
$'
1) 8& ,(14'1T C$31,$) 31/>4 0(1 ;>;>,$) )F8$ 1+ 8& ,13>3& 1+ 0(1
/>14'& /&4'& S8& 0(1 /$+'>1+1 +(1)'4& $431+ 31 ,(14'1U '$3&;*&
4$+3& W()/d+3$+$)T X1/$431,$) 8& '4>)'1,1+'1 /e81W41 31/8&4&f
/>F+ gB$e'>/&h 318 B41)>31+'1 >4&+* I8> ]R&,1+1> & B4$BF)>'$ 31 8&
)1+'1+/>& 31 ,(14'1 3>/'&3& & :&8,&+ X()R3>1N +&3& B(131
31'1+14 )( 1<1/(/>F+G 8& W&8& 5& 1)'d 1+ /&,>+$G '&431 $ '1,B4&+$
3&4d 1+ 18 W8&+/$q '&8 1) 18 31)'>+$ 31 '$3$) 5 /&3& (+$ 31 +$)$'4$)G
8& W&8& /$+ +(1)'4$ +$,W41 5& R& )>3$ 3>)B&4&3&T O8 ,>),$
Z144>3& B$+1 31 418>1;1 8& 3>,1+)>F+ 81'&8 31 8& 1)/4>'(4&N '$3$
'4&%$ 1)'d 31)'>+&3$ & )( 31)'4(//>F+ p8'>,&T I3;>e4'&)1 8&
&,W>M~13&3 6(+3&,1+'&8 31 8& B4$B>& B&8&W4& g6>+hN g,1'&h 5
g&+>0(>8&/>F+hG 8& /8&()(4& 318 />4/(>'$ 31 8& /&4'& 10(>;&81 & )(
/$+)(,&/>F+T 2$ /4(/>&8 &0(* 1) 0(1 8&) 3>,1+)>$+1) >,&M>+&4>&G
)>,WF8>/& 5 41&8 31 g(+& /&4'& )>1,B41 881M& & )( 31)'>+$h +$ )$+
1c'14+&) (+&) & $'4&)N '&+'$ &8 6>+&8 318 >'>+14&4>$ >,&M>+&4>$
/$,$ 318 )>,WF8>/$G 1+/$+'4&,$) 8$ X1&8T Q$,$ 8$ 31,$)'4F 2&/&+
/$+ 41)B1/'$ &8 )(1s$ 31 m41(3 31 8& >+51//>F+ 31 V4,&G 8& 418&/>F+
1+ 1)B1<$ 3(&8 /(8,>+& 1+ 8& R$44>B>8&+'1 /$+64$+'&/>F+ /$+ 18
&W>),$ 31 8$ X1&8G 1<1,B8>6>/&3$ B$4 8& /&4+1 31 8& M&4M&+'& 31
V4,&N
8& /&4+1 0(1 (+$ +(+/& ;1G 18 6(+3&,1+'$ 31 8&) /$)&)G 18 $'4$ 8&3$
31 8& /&W1%&G 318 4$)'4$G 8&) M8d+3(8&) )1/41'$4>&) B&4 1c/1881+/1 G 8&
/&4+1 31 8& 0(1 '$3$ 1c(3&G 1+ 18 /$4&%F+ ,>),$ 318 ,>)'14>$G
8& /&4+1 1+ /(&+'$ )(64>,>1+'$G /&41/1 31 6$4,&G 1+ /(&+'$ )( 6$4,&
1+ )* ,>),& 1) &8M$ 0(1 B4$;$/& &+M()'>&TYx
R&)'& 1)1 B(+'$ 6>+&8 0(1 +$ 1) +&3& ,d) 0(1 &8M$ 1)'4>/'&,1+'1
>3e+'>/$ & (+ &W&'>4)1G (+ 31)B13&%&4)1G (+& 8&/14&/>F+ 31 )* ,>),$
l5& +$ 1)G 5& +$ 1) +&3&G 1+ &W)$8('$lT _ 1) 1+ 1)1 ,$,1+'$ /(&+3$
B4$+(+/>& 8& 64&)1 0(1 41/$43e 8& p8'>,& ;1%N i[1 R&M$ R$,W41 1+
8& R$4& 1+ 0(1 31<$ 31 )14
)14jj Yy
$(
X1&8
,>),&B41)>,WF8>/$T
31 8& ;>3& 1)Q$,$
&<1+&2&/&+ 8$ )1s&8&
&8 $431+ (+& 5_ $'4&
)>,WF8>/$T ;1%G 8& 31
18 +$,W41 +$/>F+
1)'&
)()'&+/>& ;>'&8 0(1 41)(8'& (+ >,B&/'$ '4&(,d'>/$ B&4& 18 (+>;14f
)$ )>,WF8>/$ 1)G B$4 )(B(1)'$G M$/1 T 2& ;&4>&/>F+ p8'>,& )$W41 18
'1,& 31 (+& /&4'& 0(1 )>1,B41 881M& & )( 31)'>+$ 41%&G 1+
/$+)1/(1+/>&N g+(+/& B(131) 8>W4&4'1 31 8& ,&+/R& 318 M$/1h l18
M1)'$ ,>),$ 31 41+(+/>&4 &8 M$/1 B4$3(/1 >+1;>'&W81,1+'1 (+
B8() 31 M$%&4 0(1 2&/&+ 41B41)1+'& /$,$ 18 g$W<1'$ !hlT 7&5
1<1,B8$) 1+ &W(+3&+/>&G 31)31 18 &)/e'>/$ 0(1 +(+/& B(131 1)'&4
)1M(4$ 31 0(1 +$ 41B(3>& '$3$) 8$) W>1+1) '1441+&81) & /&()& 31 8&
$)'1+'$)& 5 ;&+& )&'>)6&//>F+ B4$/(4&3& B$4 18 &/'$ ,>),$ 318
)&/4>6>/>$G
/(&+3$ +$)& )$,1'1,$)
8& g)1+)&/>F+
& 8& 31 /(,B8>,>1+'$h
&B18&/>F+ 0(1g"H&)'&
'$'&8>'&4>&N +$) 31
&W4(,&
M$/1
31/&31+'1- "O) 18 ,$,1+'$ 318 )&/4>6>/>$ 5 8& 41+(+/>&/>F+-h O)'&
3>&8e/'>/& 318 M$/1 5 18 B8() 31 M$%&4 l1) 31/>4G 18 R1/R$ 31 0(1 +$
R&5& (+ M$/1 g)()'&+/>&8h 0(1 B41/13& &8 1c/1)$ 31 B8() 31 M$%&4G
0(1 18 M$/1 ,>),$ )1& (+& 1)B1/>1 31 1c/131+'1 B4$3(/>3$ B$4 8&
41+(+/>&l 1) '&8 ;1% 8& 0(1 3& (+& B>)'& B&4& 18 &)* 88&,&3$
g,&)$0(>),$ B4>,$43>&8hTYK
:1,1<&+'1 81/'(4&G )>+ 1,W&4M$G /$+3(/1 ,d) &88d 318 g:1,>+&4>$
)$W41 t2& /&4'& 4$W&3&ug 31 2&/&+G 0(1 )1 ,&+'>1+1 31+'4$ 31 8$)
8*,>'1) 31 8& B4$W81,d'>/& g1)'4(/'(4&8>)'&h 31 (+ $431+ )>,WF8>/$
/&41+'1 31 )1+'>3$G g,1/d+>/$hG 0(1 41M(8& 8& 41/F+3>'& 1cB14>1+f
$)
/>& 31 )* 318 )(<1'$T Z1)31 8& B14)B1/'>;& 31 8$) p8'>,$) &s$) 31 8&
1+)1s&+%& 31 2&/&+G 8& /&4'& 0(1 />4/(8& 1+'41 8$) )(<1'$) 1+ 18
/(1+'$ 31 C$1G 31'14,>+&+3$ )( B$)>/>F+ 1+ 8& 413 >+'14)(W<1'>;&G
5& +$ 1) 8& &M1+/>& ,&'14>&8>%&3& 318 )>M+>6>/&+'1 )>+$G ,d) W>1+G
(+ $W<1'$ 1+ 18 )1+'>3$ 1)'4>/'$ 318 M$/1 ,&'14>&8>%&3$G 8& ,&+/R&G
18 1c/1)$ )>+>1)'4$ 0(1 8$) )(<1'$) )1 &441W&'&+ (+$) & $'4$)G
$8;>3&3$) 31 8& ,&+14& 1+ 0(1 )( B$)1)>F+ ,>),& 8$) ,&4/&4d /$+
(+& B$)'(4& B&)>;&G g61,1+>+&hG 0(1 &'1)'>M(& 8& /$+64$+'&/>F+
/$+ 18 $W<1'$l/&()& 318 31)1$T 2$ 0(1G 1+ p8'>,& >+)'&+/>&G >+'1f
44(,B1 18 68(<$ /$+'>+($ 31 B&8&W4&)G 8$ 0(1 '4&W& 18 6(+/>$+&f
,>1+'$ 68(>3$ 318 />4/(>'$ )>,WF8>/$G 1) 8& B41)1+/>& '4&(,d'>/& 31
8$ X1&8N /(&+3$ 8&) B&8&W4&) )pW>'&,1+'1 )1 0(13&+ &6(14&G
'1+1,$) 0(1 W()/&4G +$ 8&) 41)>)'1+/>&) >,&M>+&4>&)G )>+$ 18
$W<1'$ 0(1 )1 &B4$c>,F 31,&)>&3$T
$!
D$'&)
%#
2(/1)41/$+$/>3$
S1) 31 8& />(3&3N
1+ 1+
)( 18;143&314$
6>+&8 31 e)'1G
)14UG 18,>1+'4&)
;&M&W(+3$
0(1g/$,>1+%& & ;>;>4h
1+ 18 6>+&8 31
%"
%*
+&3$4 4*M>3$h 1+ 18 )1+'>3$ 31 ]4>B@1N )>M(1 )>1+3$ />14'& g1+ '$3$) 8$)
,(+3$) B$)>W81)hG >+31B1+3>1+'1,1+'1 31 '( /$,B$4'&,>1+'$ 6d/'>/$T
Pz O+ /(&+'$ & 1)'&) 81/'(4&)G /6T gAR1 m4&,1 $6 X16141+/1N C$1G 2&/&+G
Z144>3&hG 31 H&4W&4& .$R+)$+G 1+ AR1 C(48$>+13 C$1T
C$1T
PJ Q6T [>/R18 C/R1(cG 2&+M(&M1G :1,&+'>/) &+3 V31$8$M5 S2$+341)N
[&/[>88&+G JKyPUT
PP Q6T H&4W&4& .$R+)$+G $WT />'TG BT PLyT
PY [>/R18 C/R1(cG $WT />'TG BT JzxT
PL a+ /&)$ 1<1,B8&4 31 (+ S31)U/$+$/>,>1+'$
S31)U/$+$/>,>1+'$ '&8 )1 1+/(1+'4&
1+/(1+'4& 1+ Q&4'&
& '41) 1)B$)&) S21''14 '$ AR411 \>;1) UG 31 .$)1BR [&+@>19>/%G 1+ 18 0(1G
1+ (+ ;>&<1 3$,>+>/&8G /&3& (+& 31 8&) '41) 1)B$)&) )1 41/$+$/1 /$,$
8& 31)'>+&'&4>& 31 8& /&4'& 1+;>&3& & 188&) B$4 8&
8& 61,,1 6&'&81 8$/&8G 0(1
81) &+(+/>& 0(1 R& R(>3$ /$+ (+$ 31 )() ,&4>3$)N 8& /&4'& 1)'>,(8& 18
'4&(,& 31 8&) '41)G 0(>1+1) )1 ;(18;1+ /$+)/>1+'1) 318 64&/&)$ 31 )()
,&'4>,$+>$)T
P^ Q6T .&/0(1) 2&/&+G gV+'14;1+'>$+ $+ A4&+)6141+/1hG 1+ QR&481) H14+f
R1>,14 5 Q8&>41 Q&R&+1G /$,B)TG V+ Z$4&h) Q&)1 S2$+341)N E>4&M$
C41))G JKy^UT
Pw O+ /(&+'$ & 8&) B&4&3$<&) 318 gI8,& H188&hG /6T :8&;$< |>%1@G AR1
:(W8>,1 `W<1/' $6 V31$8$M5 S2$+341)N E14)$ H$$@)G JKyKUG BBT PJ^lJxT
Px #T \T mT 71M18G CR>8$)$BR5 $6 X>MR' S`c6$43N Q8&41+3$+ C41))G JKLPUG
BT y nm>8$)$6*&
nm>8$)$6*& 318 3141/R$G H(1+$) I>41)N 718>&)'&G JKyxoT
Py O+ 1)$ /$+)>)'1 18 B4$/13>,>1+'$ R1M18>&+$ 181,1+'&8q 71M18 31,(1)f
'4& 8& g+$ ;143&3h 31 &8M(+& B4$B$)>/>F+G +$ /$,B&4d+3$8& /$+ 8& /$)&
'&8 /$,$ e)'& 1) g1+ )*hG &)1;14&+3$ /$+ 188$ 8& >+1c&/'>'(3 31 8&
B4$B$)>/>F+G )>+$ /$,B&4&+3$ & 1)'& p8'>,& /$+)>M$ ,>),& G 1) 31/>4G
/$+ )( B4$B>$ B4$/1)$ 31 1+(+/>&/>F+N /$,B&4&+3$ 18 )1+'>3$ >+'1+/>$f
+&8 31 8& B4$B$)>/>F+ /$+ 8$ 0(1 18 )(<1'$ 3><$ 161/'>;&,1+'1T O)'&
3>)/$43&+/>& 1) 18 >,B(8)$ ,>),$ 318 B4$/1)$ 3>&8e/'>/$G '&8 /$,$ 1)f
'd &'1)'>M(&3$ 5& 1+ 18 /$,>1+%$ 31 8& m1+$,1+$8$M*& 318 1)B*4>'(G 1+
3$+31 8& g/14'>3(,W41 318 )1+'>3$h )1 416('& B$4 ,13>$ 31 (+&
416141+/>& & 8& 3>,1+)>F+ (+>;14)&8 /$+'1+>3& 1+ )( B4$B>$ &/'$ 31
1+(+/>&/>F+T
PK Q6T .&/0(1) Z144>3&G
Z144>3&G gm41(3 &+3 'R1
'R1 :/1+1 $6 \4>'>+MhG 1+ \4>'>+M &+3
Z>66141+/1 SQR>/&M$N a+>;14)>'5 $6 QR>/&M$ C41))G JKxyUG 3$+31 )1
31,(1)'4&G ,13>&+'1 (+ &+d8>)>) 4>M(4$)$G /F,$ +$ 1) B$)>W81 3>6141+f
/>&4G 31 (+& ,&+14& +1'&G 1+'41 8$) B4$/1)$) gB4>,&4>$h 5 g)1/(+3&4>$hN
18 B4$/1)$ gB4>,&4>$h S)$,1'>3$ & 8& 8FM>/& 318 >+/$+)/>1+'1N /$+31+)&f
/>$+1)G 31)B8&%&,>1+'$)G 1'/TU 5& 1)'d )>1,B41 S41U,&4/&3$ B$4 18
B4$/1)$ g)1/(+3&4>$hG 0(1 /&4&/'14>%& &8 )>)'1,& 318 /$+)/>1+'1{B41f
/$+)/>1+'1T
Yz :'4>/'$ )1+)(G R&5 (+& B$)>/>F+ )(W<1'>;& 31+'4$ 31 8& /(&8 (+& /&4'&
+$ 881M& & )( 31)'>+$G 31+'4$ 31 8& /(&8 8$ 41B4>,>3$ +$ 41'$4+& 1+ 8&
6$4,& 31 )*+'$,&)G 1+ 8& 0(1 18 )(<1'$ +$ 41/>W1 318 `'4$ )( B4$B>$
,1+)&<1 1+ )( ;143&314& 6$4,&N 8& 318 B)>/F'>/$T ga+& /&4'& 881M& & )(
31)'>+$h )F8$ )> 18 )(<1'$ >+M41)& &8 />4/(>'$ 31 8& /$,(+>/&/>F+G 1) 31/>4G
)>
8& 1) /&B&% :>+
;143&3T 31 &)(,>4 8& 418&/>F+
1,W&4M$G 3>&8e/'>/&
)1Mp+ 8& 6&,$)& /$+ 18 `'4$31/$,$
6F4,(8& 8(M&4
2&/&+ 31 31
8&
%$
,(+>3&3
;(18'&h B$4>,&M>+&4>&
,13>$ 3131)(8$) 0(1 B(131+
/&B&/>3&3 )14 g&6$4'(+&3$)
31 1,B41)& 1+ 2&
>+3>;>3(&8T 8& 1)B14&+f
B4Fc>,&
%%
%&
P
iC`X kaO O: 2I [a.OX
aD :‚DA`[I ZO2 7`[HXOj
a+ >'&8>&+$ 0(1 188& /$+$/>F 1+ 8$) O)'&3$) a+>3$) 81 3><$ 0(1 B$3*&
/$,(+>/&4)1 /$+ X$))188>+> 1)/4>W>e+3$81 & 8$) O)'(3>$) [>+14;&T
2(1M$G 8& )131 318 1)'(3>$ )1 >+/1+3>FG <()'$ 31)B(e) 31 0(1 881M&4&
8& /&4'&q 41W()/&+3$ 1+'41 8&) /1+>%&)G 8& 1+/$+'4&4$+G B14$ /(&+3$
18 1)'(3>$ '4&'F 31 B$+14)1 1+ /$+'&/'$ /$+ X$))188>+>G e)'1 /$4'F 8&
%(
ik(e B1+)&4GX$,&
X$))188>+>G 1+'$+/1)G 318 R1/R$
/>(3&3 &W>14'& 31 0(1 JKL^G
G 31 1+ 18 8$)
6>8, 3$)
,d) 6&,$)$ 31
B14)$+&<1)
+1M&'>;$) /1+'4&81)G 8& +&%> 81)W>&+& 5 18 '$4'(4&3$4 31 8& #1)'&B$G
)1 88&,1+ V+M4>3 5 H14M,&++ j O+ />14'$ ,$3$G X$))188>+> 5& R&W*&
'1+>3$G 161/'>;&,1+'1G )(1s$) )$W41 18 '1,& ƒV+M4>3 H14M,&+„TTT
ik(e B1+)F &8 41/>W>4 (+& /&4'& 6>4,&3& B$4 (+& B14)$+& /(5$
+$,W41 /$+31+)&W& 3$) /&W&81) B14)$+>6>/&/>$+1) 318 ,&8 1+ )(
6>8,jP iD$ 6(1 e)'& (+& 1)B1/>1 31 ƒ41)B(1)'& 31 8$ X1&8„ & )(
>,B4(31+'1 <(1M$ /$+ 8& >8()>F+ />+1,&'$M4d6>/&G (+& 1cB14>1+/>&
/14/&+& & 8& 31 Q&)&+$;& /(&+3$G /$,$ )> R(W>14& )>3$ (+&
41)B(1)'& & )( B&48$'1$ ,dM>/$G 8& +&'(4&81%& 41&//>$+F /$+ (+
;>$81+'$
88>+> /$+ '4$+&4j V+M4>3'4&(,d'>/$
18 >,B&/'$ H14M,&+ >+M41)F &)* 1+)> 8&W>1+
31 (+ &/'$N ;>3&)(31/&4'&
X$))1f
)1
B41)1+'F /$,$ (+& )&/(3>3&G )( 8(M&4 31+'4$ 318 1)B&/>$ )>,WFf
8>/$ 31 X$))188>+> 5& R&W*& )>3$ '$,&3$ ,(/R$ '>1,B$ &+'1)T
iQF,$ 31W14*&,$) /$+/1W>4 8& +$/>F+ 31 &/'$ 1+ <(1M$ &0(*G 1)'$
1)G 18 &/'$ 1+ )( 3>,1+)>F+ )(>/>3&jY O+ 8& &/'(&8>3&3G 5& 6$4,&
B&4'1 318 )&W14 &/1B'&3$G B$4 &)* 31/>48$ (+ )>M+$ 31 W(1+$)
,$3&81)G 41/R&%&4 W(48$+&,1+'1 8& $B$)>/>F+ )(B(1)'&,1+'1
ƒ>+M1+(&„G ƒB4$B>& 318 )1+'>3$ /$,p+„G 31 B&8&W4&) 5 &/'$) $ /$)&)G
(+& $B$)>/>F+ 1+ 8& 0(1 )1 W&)&+ 1cB41)>$+1) 318 '>B$ ƒ"+$ R&/1)
,d) 0(1 R&W8&4 1+ ;1% 31 &/'(&4-„G ƒ+$ )F8$ 1+ 8&) B&8&W4&) )>+$
'&,W>e+ 1+ 8$) R1/R$)„G 1'/T A$3$ 18 ,(+3$ )&W1 R$5 0(1 ƒB$31,$)
R&/14 /$)&) /$+ B&8&W4&)„N R&+ B&)&3$ ,d) 31 /(&41+'& &s$)
31)31 0(1 .T 2T I()'>+ 1)/4>W>F )( /8d)>/$ ,&+(&8 )$W41 18 '1,&T
_G B$4 />14'$G i&/&)$ +$ 1)'d 18 +p/81$ ,>),$ 318 B)>/$&+d8>)>)
>+,14)$ 1+ 8& 3>,1+)>F+ 318 81+M(&<1 /$,$ &/'$ 318 R&W8&j iD$
1)'d /$+6>+&3$ 1+ 1)'& 3>,1+)>F+ B$4 18 R1/R$ ,>),$ 31 )14 (+&
'&8@>+M /(41 G (+ >+'1+'$ 31 &8/&+%&4 5 '4&+)6$4,&4 8$ 41&8 318
)*+'$,& 1c/8()>;&,1+'1 B$4 ,13>$ 31 B&8&W4&)G 1)'$ 1)G )>+
41/(44>4 & (+& $B14&/>F+ >+,13>&'& )$W41 18 /(14B$ S& '4&;e) 31 8&
181/'4$'14&B>&G 8& 6d4,&/$'14&B>&G 1'/TUj SC$31,$)G /$+ 188$G 31'14f
,>+&4 18 ,$,1+'$ B41/>)$ 1+ 0(1 \>8R18, X1>/R 31<F 31 )14
B)>/$&+&8>)'&N /(&+3$ &W&+3$+F 18 ,13>$ 31 8& B&8&W4& 5 /$,1+%F
& /$+6>&4 1+ 18 ,&)&<1 /$4B$4&8 B&4& 8>W14&4 8&) '1+)>$+1) +1(4Ff
%)
(+& ;143&314&
,d)/&4& 5 +(1)'4$
5 1cR>W>4 &('e+'>/&ƒ;143&314$
B$)>/>F+ 4$)'4$„T
)(W<1'>;&[>1+'4&)
0(1 &44$<&4 8&
18 B$W41
H14'$+1G W&<$ 8& B41)>F+ 31 8&) />4/(+)'&+/>&)G
&#
)&W14 /$44>1+'1 )1Mp+ 18 /(&8 '$3$ &/'$ R(,&+$ S8$M4$G R1/R$U 1)G
1+ p8'>,& >+)'&+/>&G )F8$ (+ &/'(&4 SB$)'(4&G B41'1+)>F+UN 8& p+>/&
&('1+'>/>3&3 & +(1)'4& 3>)B$)>/>F+ 1) 8& 31 8& B14)$+>6>/&/>F+G 8&
31 ƒ'$,&4 /$+ )14>13&3 +(1)'4$ &/'(&4 SB$)'(4&U„T^
O)'& 8FM>/& 318 &/'$ /$,$ >31+'>6>/&/>F+ /$+ (+& ,d)/&4&G /$,$
&)(+/>F+ 31 (+ ,&+3&'$ )>,WF8>/$ 0(13&G )>+ 1,W&4M$G 1/8>B)&3&
1+ 8$) 6>8,) 31 X$))188>+> B$4 $'4& 8FM>/& 4&3>/&8,1+'1 R1'14$Mef
+1& 0(1 R&/1 )( &B&4>/>F+ 1+ 8$) ,$,1+'$) 31 1B>6&+*& q B$4 41M8&
M1+14&8G 1)'&) 1B>6&+*&) )$+ 81*3&) 1+ (+& B14)B1/'>;& /4>)'>&+&G
/$,$ ,$,1+'$) 31 M4&/>& 0(1 &M>'&+ 1 >8(,>+&+ &8 Re4$1G B14$G i1)
e)'&G 41&8,1+'1G 8& ,&+14& /$441/'& 31 1+6$/&48&)j `W)14;1,$)
/$+ ,&5$4 31'1+>,>1+'$ 1)'& /(1)'>F+ /$+/1+'4d+3$+$) 1+ '41)
6>8,)G '$3$) 8$) /(&81) 1)'d+ 1)'4(/'(4&3$) /$,$ (+& B41B&4&/>F+
$ (+& 41&//>F+ &8 ,$,1+'$ '4&(,d'>/$ 31 8& 1B>6&+*&N I81,&+>& G
&s$ /14$ S#14,&+>& G &++$ %14$ UG
UG :'4$,W$8> S*31,U 5 O(4$B& g^J
S*31,UT Q&3& (+$ 31 188$) )1 /&4&/'14>%& B$4 />14'& 1)'4(/'(4& 31
)1s(18$N B$+1+ (+& '4&,B& 0(1 31W1 1;>'&4)1G 1) 31/>4G )> 8$)
B14/>W>,$) 31 (+& ,&+14& ƒ1)B$+'d+1&„G >+1;>'&W81,1+'1 ;&,$)
B$4 ,&8 /&,>+$T
&*
B)>/F'>/$ 0(1 8&) '$,1 ƒ&8 B>1 31 8& 81'4&„lq 1+ 18 6>8,G +&3>1G +> 18
B4$61)$4 +> 8$) &)1)>+$)G 1) /&B&% 31 4$,B14 1)'1 8&%$ 5 &8/&+%&4
18 ,$,1+'$ 31 8& 8>W14'&3TJP
)1+'>3$ 318
&/14/& /$,$ 31W14*&,$)
B&341 0(1 +$ )&W1>+'14B41'&4
0(1 1)'d18,(14'$N
6&,$)$)()(1s$
6>M(4&641(3>&+$
B14)>)'1G
,&+'>1+1 )( /$+)>)'1+/>&G R&)'& 0(1 )1 81 3>/1 8& ;143&3T Z1 &88*
8& '*B>/& /$,B(8)>F+ $W)1)>;&N 31W1 >,B13>4 & /(&80(>14 B41/>$ 0(1
18 `'4$ )1 1+'141 S31 0(1 1)'d ,(14'$G 31 0(1 1) >,B$'1+'1Uq )14*&
B41614>W81 ,$4>4 &+'1) 31 0(1 18 `'4$ 881M&4& & /$+$/14 8& R$44>W81
;143&3TTT O+ )*+'1)>)G 18 )(<1'$ /&4M& /$+ 8& /(8B&N 1+ '&+'$ )1
)&/4>6>/& &)(,>e+3$8&G 18 `'4$ )1 )&8;& 318 31;&)'&3$4 /$+$/>f
,>1+'$ 31 )( >+/$+)>)'1+/>&G )( >,B$'1+/>&G )( >+1c>)'1+/>&T
k(>e+ 31 +$)$'4$) +$ R& B&)&3$ B$4 1)'& 1cB14>1+/>& /$+ 41)B1/'$
& (+& B14)$+& /$+ 8& /(&8 1)'&,$) 1+ (+& 418&/>F+ 31 '4&+)6141+f
/>&N 1) ,1<$4 0(1 5$ &)(,& 4dB>3&,1+'1 8& /(8B& &+'1) 31 0(1 8&
1)'(B>31%G 8& >,B$'1+/>& 318 $'4$ S18 B&341G 8& ,(<14 &,&3&U )1
3>;(8M(1+ l18 &,$4 )1 41/$+$/1 /$+ 6&/>8>3&3 B41/>)&,1+'1 B$4
,13>$ 31 1)'& B4$+'>'(3 & &)(,>4 18 B&B18 31 /R>;$ 1cB>&'$4>$lT JL
2& ,&+14& &31/(&3& 31 31'14,>+&4 ,d) 1)'41/R&,1+'1 1)'&
8FM>/& 31 8& /(8B& 1+ )( 418&/>F+ /$+ 8& >+/$+)>)'1+/>& 318 M4&+ `'4$
1) ,13>&+'1 8& +&'(4&81%& /$+'4&3>/'$4>& 31 8& +$/>F+ ,>),& 318
M4&+ `'4$T O) 31/>4G 1+ 18 3>)/(4)$ >31$8FM>/$G 8& &M1+/>& 318 M4&+
`'4$ 1)'d B41)1+'1 1+ 3$) ,$3&8>3&31) 41/*B4$/&,1+'1 1c/8(f
51+'1)T
I+'1) 0(1 +&3&G 18 ƒM4&+ `'4$„ &B&41/1 /$,$ (+& &M1+/>& $/(8'&
ƒ0(1 ,(1;1C4$;>31+/>&
8& Z>;>+& 8$) R>8$)„G 1+
0(18&,&+1<& 18 1)B1/'d/(8$
>31$8$M*& /4>)'>&+&G 8&1+'41 W&)'>3$41)N
ƒ&)'(/>& 31 8&
X&%F+„ R1M18>&+& S$G ,d) W>1+G 8& ;14)>F+ B$B(8&4 31 8& ,>),&UG
&'
8& ƒ,&+$ >+;>)>W81 318 ,14/&3$„ 1+ 8& 1/$+$,*& ,14/&+'>8G 8& ƒ8Ff
M>/& $W<1'>;& 31 8& 7>)'$4>&„ 1+ 18 ,&4c>),$l81+>+>),$G 8& ƒ/$+)f
B>4&/>F+ <(3*&„ 1+ 18 +&%>),$G 1'/T O+ 41)(,1+G 8& 3>)'&+/>& 1+'41
8$ 0(1 0(14*&,$) 8$M4&4 5 18 41)(8'&3$ 161/'>;$ 31 +(1)'4& &/'>;>f
3&3G 18 1c/131+'1 318 41)(8'&3$ 41)B1/'$ 31 8& >+'1+/>F+ 318 )(<1'$G
)1 1+/&4+& 31 +(1;$ 1+ $'4$ &M1+'1G 1+ (+& 1)B1/>1 31 ,1'&)(<1'$
SZ>$)G 8& X&%F+G 8& 7>)'$4>&G 18 .(3*$UT O)'& 416141+/>& &8 M4&+
`'4$G 31)31 8(1M$G 1) 1+ )* ,>),& 4&3>/&8,1+'1 &,W>;&81+'1T
C(131 6(+/>$+&4
S8& /$+6>&+%& /$,$ 1+
418>M>$)& (+ 8&41&)1M(4$
;$8(+'&3'4&+0(>8>%&+'1 5 6$4'&81/13$4
31 Z>$)q 8& /$+;>//>F+ 318
)'&8>+>)'& 31 0(1 1) (+ >+)'4(,1+'$ 31 8& +1/1)>3&3 R>)'F4>/&U $
/$,$ (+& &'144$4>%&+'1 &M1+/>& B&4&+$>/& S/$,$ 1+ 18 /&)$ 31 8&
>31$8$M*& +&%> 0(1 41/$+$/1G 31'4d) 31 8&) /4>)>) 1/$+F,>/&)G 8& R(f
,>88&/>F+ +&/>$+&8G 8& 31M1+14&/>F+ ,$4&8G 1'/TG 8& ,>),& ,&+$
$/(8'& 318 <(3*$UT O)'$) 3$) &)B1/'$) /$+'4&3>/'$4>$) )1 (+1+ 1+ 8&
6>M(4& 318 B)>/$&+&8>)'& /$,$ ƒ)(<1'$ )(B(1)'$ &8 )&W14„ S2&/&+UN
1+ 8& /(4& B)>/$&+&8*'>/&G )( B41)1+/>& ,>),& 6(+/>$+& /$,$ (+&
1)B1/>1 31 B41+3&G M&4&+'>%& 0(1 8& 41'&R>8& >+/$R141+'1 31
ƒ&)$/>&/>$+1) 8>W41)„ 41/>W>4d 41'4$&/'>;&,1+'1 (+ )>M+>6>/&3$T I8
,>),$ '>1,B$G&8)>+
(+& &,1+&%& 1,W&4M$G
M$/1 8& B41)1+/>&
318 &+&8>%&+'1G 318 &+&8>)'&
&,1+&%& 4$W&481 ,&'14>&8>%&
)( M$/1 &
'4&;e) 31 8& 3>)$8(/>F+ 31 )() )*+'$,&)N /(&+3$ 8& /(4& B)>/$&+&f
8*'>/& )1 &/14/& & )( 1)'&3>$ 6>+&8G R&W>'(&8,1+'1 B4$;$/& 1+ 18
&+&8>%&+'1 (+ ,>13$ B&4&+$>/$ 31 0(1 18 &+&8>)'& 1)'d 1+ W()/& 31
)( '1)$4$ ,d) *+'>,$G 18 +p/81$ 31 )( M$/1 )1/41'$TTT Q$,$ B(131
B14/>W>4)1 31 >+,13>&'$G 8$) &)B1/'$) '4&+0(>8>%&3$41) 5 &,1+&f
%&+'1) +$ 1)'d+ 3>)B(1)'$) )>,e'4>/&,1+'1N 18 )(<1'$ )(B(1)'$ 3&
)1M(4>3&3 )$W41 18 )1+'>3$ &8 &+&8>%&+'1 5 &,1+&%& )( M$/1T
I,W$) &)B1/'$) 1)'d+ 5& 41&8,1+'1 B41)1+'1) 1+ 8& 6>M(4& &+'>)1f
,>'& 318 <(3*$ 0(1G &8 ,>),$ '>1,B$ G M&4&+'>%& 18 )1+'>3$ l)>
&/1B'&,$) 8& B41,>)& 31 8& /$+)B>4&/>F+ <(3*&G 8&) /$)&) ƒ)1
&/8&4&+„ )pW>'&,1+'1l 5 +$) B4>;& 31 +(1)'4$ 81M*'>,$ M$/1T
O8 B(+'$ /4(/>&8 0(1 +$ 31W1 B&)&4)1 B$4 &8'$ 1)G )>+ 1,W&4M$G
0(1 18 ƒM4&+ `'4$„ >31$8FM>/$ 6(+/>$+& &8 ,>),$ '>1,B$ /$,$
1c&/'&,1+'1 8$ $B(1)'$ &8 &M1+'1 $/(8'$ 0(1 ,(1;1 8$) R>8$)N 8&
&M1+/>& 318 B(4$ &)B1/'$ 1c'14>$4G 31 (+& &B&4>1+/>& 0(1 1)G +$
$W)'&+'1G 1)1+/>&8 G 1) 31/>4G 0(1 31W14*& B41)14;&4)1 & /(&80(>14
B41/>$T O)'& 8FM>/& 31 8& &B&4>1+/>& 1)1+/>&8 6(1 881;&3& R&)'& )(
1c'41,$ 1+ 18 ƒ)$/>&8>),$ 41&8„G 1+ 18 /(&8 '$3$ 18 )>)'1,& &B(+'&f
W& & ,&+'1+14 8& &B&4>1+/>& 318 B(1W8$ (+>3$ 1+ )( 41)B&83$ &8
C&4'>3$ 5 1+ 8& 1+'()>&)'& /$+)'4(//>F+ 318 :$/>&8>),$G 1)B1/'d/(f
8$) 4>'(&8>%&3$)
ƒ/41*& 41&8,1+'1„0(1 )1 8$)
5 1+ )1M(*&+ (+$ &8)&W*&+
0(1 '$3$) $'4$ 50(1
1+ +&3>1
8$) /(&81)
/41*&G +&3>1
B14$
8$) W(4F/4&'&) B&4'>3&4>$) 1)'&W&+G +$ $W)'&+'1G 1c'4&$43>+&4>&f
&(
&C&4'>3$
B1)&4 Q$,(+>)'&
31 8& '41,1+3& 6(14%& 31
14& 1+ 41&8>3&3 8$) &B&4&'$)
>,B$'1+'1 G 31 0(141B41)>;$)G 18
)F8$ 14& '&+
6(14'1 /$,$ 188$)G 8$) )(<1'$)G 8$ R&/*&+G 31 0(1 )( 6$4'&81%& 14& )(
&)
'#
/$G
6(4$48$ 0(1 (+ ,$,1+'$
&441W&'&+3$ '$3& &+'1) )1 B41)1+'&W&
1c>)'1+/>& /$,$ 8&)1 ;$4dM>+1
31'14,>+&3& 318
'4&+)6$4,&
'"
&+$UG
/&W$„N 1+ e8G 1818 &/'$
1) 31/>4G )(<1'$>,B8>/&
1) &+>0(>8&3$ 5 B$)'14>$4,1+'1
(+& 1)B1/>1 41+&/1 S$G
31 1/8>B)1G &BR&+>)>)
'1,B$4&8 318 )(<1'$T 2$ 0(1 /$+)'>'(51 8& 4&%F+ B$4 8& /(&8 '$3$
'*
B$4
SC$4 (+ /$,(+>)'&
1)'& 4&%F+G G+$)F8$ B$40(1
R(W$ )1 41)>)'>F
M4&+31) & :'&8>+
B41)>$+1) B&4&/$,$
0(1 /$,(+>)'&
_(M$)8&;>&T
)1 /$+;>4'>14& 1+ B&4'1 31 8&) &8>&+%&) B$8*'>/&) $ ,>8>'&41)
'$
ƒ61,1+>+$„G
31/>4G 18 M4&+1+M1)'$
/$+'4&)'1 /$+318$(+B146$4,&'>;$
6(+3&3$4 +(1;$ $431+qƒ,&)/(8>+$„G 1)
1+ 18 /&)$ 31
2&/&+G 8& 3>)$8(/>F+ 31 8& O/$81 641(3>1++1 )14*& ƒ61,1+>+&„ 5 )F8$
'%
B&)&4*& &8 8&3$ ƒ,&)/(8>+$„ /$+ )( M1)'$ 31 6(+3&4 8& +(1;& O/$81
31 8& Q&()1 T Z1W14*& '4&%&4)1 (+& 8*+1& 31)31 I+'*M$+& & :>,$+1
\1>8G ,*)'>/& /&'F8>/& 5 /$,W&'>1+'1 31 8& 41)>)'1+/>& 64&+/1)& 0(1
'14,>+F )() 3*&) 1+ 2$+341) ,13>&+'1 18 )(>/>3>$ B$4 R&,W41G 5
& 8& 0(1 X$))188>+> ('>8>%F /$,$ ,$318$ B&4& V41+1 1+ O(4$B& g^J T
O+ 1)'& B14)B1/'>;&G 8& 3>6141+/>& ,&)/(8>+${61,1+>+$ 5& +$
/$>+/>31 /$+ 8& 31 &/'>;${B&)>;$G 1)B>4>'(&8{)1+)(&8G /(8'(4&{+&'(f
4&81%&G 1'/T 2& B4$B>& &/'>;>3&3 ,&)/(8>+& 5& 1) (+& R(>3& 31 8&
3>,1+)>F+
81%&„ 1)'d &W>),&8
318 8&3$31831 &/'$ 61,1+>+$T
8& ,(<14G 5 8&2&&/'>;>3&3
ƒ4(B'(4& /$,B(8)>;&
/$+ 8& +&'(4&f
318
R$,W41 +$ 1)G 1+ p8'>,& >+)'&+/>&G )>+$ (+ >+'1+'$ 31)1)B14&3$ 31
41B&4&4 8& >+/>)>F+ '4&(,d'>/& 31 1)'& 4(B'(4&T
_ 18 B&)$
>+R141+'1 1+ )(6>+&8 0(1 31W1
3>,1+)>F+ 3&4)1 1)1) />14'$G
B$)>'>;&N /&B'&4 181)'1 >,B13>,1+'$
$W<1'$ ! >,B>31
10(>8>W4>$
+1/1)>3&3 &('F+$,$
1c'14+& 0(1318$W8>M&
&B&4&'$ B)*0(>/$ B)*0(>/$
&8 &B&4&'$ l8& ƒ41&8>3&3„ /$,$ &8
& 41+(+/>&4 8&
M$W>14+$ 1c/8()>;$ 318 ƒB4>+/>B>$ 318 B8&/14„ 1) /$4418&'>;& 31 1)'1
$W)'d/(8$ >+'14+$lTPK
iQF,$ 31W14*&,$)G 1+'$+/1)G /$+/1W>4 8& 418&/>F+ 1+'41 18
$W<1'$ !G 1)'1 /(14B$ 1c'4&s$ 1+ 18 /$4&%F+ ,>),$ 318 &B&4&'$
B)*0(>/$G 5 8& &)* 88&,&3& ƒ41&8>3&3 1c'14+&„j O8 B(+'$ /4(/>&8 0(1
+$ 31W1 B&)&4)1 B$4 &8'$ 1) 0(1 18 $W<1'$ ! 6(+/>$+& /$,$ 18
ƒ1c/1)$„ >+R141+'1G >+'14+$G 0(1 >,B>31 31)31 &31+'4$ 8& ƒ,&4/R&
68(>3&„ 318 &B&4&'$ B)*0(>/$G /$,$ )( &+'&M$+>),$ >+,&+1+'1G
,>1+'4&) 0(1 8& 41&8>3&3G B$4 316>+>/>F+G )>1,B41 &B&41/1 /$,$ (+
8*,>'1
>+'14+$ 1c'14+$q 18 +$,W41
1)G 31)31 8(1M$G 8$ X1&8 T8&/&+>&+$ B&4& '&8 &('$>,B13>,1+'$
2& /$+/8()>F+ 4&3>/&8 0(1 31W1 1c'4&14)1 31 188$ 1) 0(1 l&8
/$+'4&4>$ 31 8& $B$)>/>F+ 1c'14+& B4$B>& 318 )1+'>3$ /$,p+ 1+'41
18 ƒB4>+/>B>$ 318 B8&/14„ 5 18 ƒB4>+/>B>$ 31 41&8>3&3„ S'&,W>e+
3161+3>3& B$4 18 B4>,14 m41(3Ul 8& ƒ41&8>3&3„ +$ 1) &8M$ 3&3$ 31
&+'1,&+$G )>+$ &8M$ /(5$ )'&'() $+'$8FM>/$ 1)G 1+ />14'& 6$4,&G )1f
/(+3&4>$G 1+ $'4&) B&8&W4&)N &8M$ /$+)'>'(>3$ 1+ 18 )>M+>6>/&3$
B41/>)$ 0(1 1)'1 'e4,>+$ &30(>4>F 1+ 18 >31&8>),$ &81,d+T 2$ 0(1
88&,&,$) ƒ41&8>3&3 S1c'14+&U„ )1 /$+)'>'(51 B$4 ,13>$ 31 (+ &/'$
B4>,$43>&8 31 ƒ41/R&%$„N 18 )(<1'$ ƒ41/R&%&„G ƒ1c'14+&8>%&„ )( &('$f
>,B13>,1+'$ >+,&+1+'1G 18 /*4/(8$ ;>/>$)$ 318 &+'&M$+>),$ B(8f
)>$+&8G R&/>& 8& $B$)>/>F+ ƒ1c'14+&„ 1+'41 8& 31,&+3& 31 )()
B(8)>$+1) 5 8&) 31 8& 41&8>3&3 $B(1)'&T O) &0(* 3$+31G 31+'4$ 318
')
'!
(#
("
413(/>48& & 1)'$) 161/'$) 5 3&4 & 1+'1+314 0(1G B$4 1<1,B8$G ƒ8&
C&'4>& +$ 1) )>+$ 8& )(,& 31 1)'&) &//>$+1) >+3>;>3(&81) 41&81)„q
&8 /$+'4&4>$G 1)'&) ,>),&) &//>$+1) &)(,1+ )( /$+)>)'1+/>&
$+'$8FM>/& p+>/&,1+'1 B$4 ,13>$ 31 )( 416141+/>& & 8& 6>//>F+
)>,WF8>/& ƒC&'4>&„T 2& C&'4>& /$,$ /&()& B$4 8& /(&8 /$,W&'>,$)
ƒ+$ 1)'d 1+ +>+M(+& B&4'1 1+ 8& 41&8>3&3„ B14$G & B1)&4 31 188$G +$
B$31,$) 1cB8>/&4 8& B4$B>& 41&8>3&3 ƒ,&'14>&8„ 31 8$) /$,W&'1) 5
8$) )(64>,>1+'$) )>+ 416141+/>& & 8& ,>),&T C&4& 41/(44>4 & 8$)
'e4,>+$) 6>8$)F6>/$)
B& >31&8>)'& /$,$ 8& '4&3>/>$+&81)G
+$,>+&8>)'&N 2&/&+ 1;>'&
18 ƒM4&+ &0(*S18'&+'$
`'4$„ $431+8&)>,WFf
'4&,f
8>/$U +$ B$)11G 31)31 8(1M$G 41&8>3&3 )()'&+/>&8G +$ 1c>)'1 /$,$ (+
,(+3$ B8&'F+>/$ &B&4'1G B14$G )>+ 1,W&4M$G '&,B$/$ B(131 )14
413(/>3$ & (+& ƒ&W41;>&'(4&„ +$,>+&8>)'&,1+'1 /$+/1W>3& 31 8&
,(8'>'(3 31 1+'>3&31) >+3>;>3(&81) 41&8,1+'1 1c>)'1+'1)T C41/>f
)&,1+'1 1+ '&+'$ 1) (+ ƒ1)0(1,& )>+ ;>3&„ 31W1,$) B41)(B$+148$
/$,$ (+ B(+'$ 31 416141+/>& >31&8 0(1G & B1)&4 31 )( >+1c>)'1+/>&G
1) ƒ;d8>3$„G 1) 31/>4G 3$,>+& 5 41M(8& +(1)'4& ;>3& 41&8T Z1 (+&
,&+14& (+ '&+'$ B$e'>/&G B$34*&,$) 31/>4 0(1 18 R$,W41 1) 18
&+>,&8 /(5& ;>3& 1) M$W14+&3& B$4 6>//>$+1) )>,WF8>/&)T O)'1 1) 18
,$3$ 1+ 0(1 '>1+1 8(M&4 18 ƒ31,$4&4)1 1+ 8$ +1M&'>;$„ G 1+ 0(1 8&
+1M&'>;>3&3 /$,$ '&8 &30(>141 (+ )14 B$)>'>;$ G 31'14,>+&3$N
/(&+3$ 8& ,>),& ;>3& 41&8 31 (+& /$,(+>3&3 1) 1)'4(/'(4&3& 1+
416141+/>& & 6>//>$+1) )>,WF8>/&) T O+ +(1)'4& ;>3& /$'>3>&+& &/1Bf
'&,$) 1)'$ /$,$ &8M$ '&+ 1;>31+'1 B$4 )* ,>),$ 0(1 +> )>0(>14&
&3;14'>,$) 8& )>+M(8&4>3&3 31 8$ 0(1 1)'d )(/13>1+3$q B&4& '$,&4
B81+& /$+)/>1+/>& 31 188$G 1) +1/1)&4>& (+& 1cB14>1+/>& 6>8$)F6>/&
31 ƒ&)$,W4$„T
a+& 31 8&) 81//>$+1) 318 B)>/$&+d8>)>) 8&/&+>&+$ l5G &8 ,>),$
'>1,B$G 18 B(+'$ 1+ 0(1 2&/&+ ;(18;1 & (+>4)1 /$+ 71M18l 1) 8&
3>)/$+'>+(>3&3 4&3>/&8 1+'41 8& >+,13>&'1% $4Md+>/& 31 8& ƒ;>3&„
518 18 (+>;14)$
B&)&<1 )>,WF8>/$N
& '4&;e) 8& ƒ)>,W$8>%&/>F+
318 B(+'$ 31 318
/14$ 31 8& ƒ+$/R1 8& 41&8>3&3„
,(+3$„T >,B8>/&
2$ 0(1
$8;>3&,$) 1+ 18 '4&+)/(4)$ 31 +(1)'4& ;>3& /$'>3>&+& 1) 0(1 +(1)f
'4$ (+>;14)$ R(,&+$ +$ 1) )>+$ (+& 1+/&4+&/>F+ 31 8& 4&3>/&8,1+f
'1 >+R(,&+& ƒ+1M&'>;>3&3 &W)'4&/'&„G 318 &W>),$ 0(1 1cB14>,1+f
'&,$) /(&+3$ +$) 1+641+'&,$) & 8& ƒ+$/R1 318 ,(+3$„T i_ 0(e 1)
18 &/'$ )>+$ 18 ,$,1+'$ 1+ 0(1 18 )(<1'$ 0(1 1) )( B$4'&3$4 31<& 1+
)()B1+)$ 8& 413 31 6>//>$+1) )>,WF8>/&) 0(1 )>4;1+ /$,$ )$)'e+ 31
)( ;>3& 3>&4>& 5 /$+64$+'& (+& ;1% ,d) /$+ 8& +1M&'>;>3&3 4&3>/&8
1+ 0(1 1)'d+ 6(+3&3&)j
O+ $'4&) B&8&W4&)G 8& ƒ+1M&'>;>3&3 &W)$8('&„ R1M18>&+& /$>+/>31
/&W&8,1+'1 /$+ 18 &W>),$
318 )(<1'$ @&+'>&+$ 0(1 1+
31 8& /$)& )1B&4&
)*T O88&$W<1'>;$
1cB14>1+/>& 61+$,e+>/&
31 71M18 +$ 1)
31,$)'4&4 0(1 B$31,$) &8/&+%&4 8& /$)& 1+ )*G 0(1 B$31,$)
(*
($
4(>+&)G 0(1 )$+ 8$ 0(1 ƒ1+ V'&8>& n1)o ,d) 0(1 V'&8>&„G (+ ,(3$
'1)'>M$ 31 &8Mp+ M$/1 B&)&3$ 5 R&/1 ,(/R$ '>1,B$ B143>3$T Y^ O+
8$) '41) /&)$)G 8& R14$*+& 1) /&B&% 31 B14/>W>4 1)'& 6>)(4& 1+ 8&
ƒ)()'&+/>&„ 1+ 8& ,13>3& 1+ 0(1 $/(B& 8& B$)>/>F+ 31 (+ 1c'4&s$ G
1) 31/>4G 1+ '&+'$ )( ,>4&3& 1) 1c'14+&N 0(>1+1) )1 1+/(1+'4&+
31+'4$ 31 8& )()'&+/>& )$+G B$4 +1/1)>3&3G />1M$)T O8 ,1/&+>),$
0(1 8$) />1M& 1) 18 318 )&/4>6>/>$N 8& 6(+/>F+ 181,1+'&8 31 e)'1 1)
)&+&4 8& 6>)(4& 318 `'4$ T 2$ 0(1 ,&+'>1+1 (+>3& & (+& /$,(+>3&3
ƒ)()'&+/>&8„
(+ ƒ1c'4&s$„SƒB4>,$43>&8„U 1) )( 4>'$ 31 B$4
)1 316>+1G B41/>)&,1+'1G )&/4>6>/>$G 5 8& B$)>/>F+
)( +1M&'>;& 31
& '$,&4
B&4'1 1+ e8T
(&
R&5 `'4$ 0(1 B(131 )14 &B&/>M(&3$ B$4 ,13>$ 318 )&/4>6>/>$T O8
'4(/$ 31 e)'1 /$+)>)'1G B$4 8$ '&+'$G 1+ 8$ 0(1 8$) '1F4>/$) 318 &/'$
318 R&W8& 88&,&4*&+ )( ƒB41)(B(1)'$ B4&M,d'>/$„N ,13>&+'1 18
&/'$ ,>),$ 318 )&/4>6>/>$ G B$)'(8&,$) S)(B$+1,$) U 8& 1c>)'1+/>& 31
)( 31)'>+&'&4>$ 0(1 M&4&+'>%& 8& /$+)>)'1+/>& 5 8& B81+>'(3 318
)1+'>3$ 31 +(1)'4& 1cB14>1+/>& l31 ,$3$ 0(1G &(+ )> 18 &/'$ +$
&8/&+%& )( ,1'& B4$/8&,&3&G 1)'1 ,>),$ 64&/&)$ B(131 8114)1
31+'4$ 31 8& 8FM>/& 318 )&/4>6>/>$ /$,$ +(1)'4$ 64&/&)$ 1+ &B&/>M(&4
&8 `'4$lT O+ '&+'$ 1)'1 &W>),$ 318 31)1$ 318 `'4$ )(4M>F /$+ '$3&
)( ;>$81+/>& /$+ 8& 418>M>F+ <(3*& l1) 31/>4G 1+ '&+'$ 8& B$)>/>F+
6(+3&,1+'&8 318 /4151+'1 <(3*$ 1) 8& 31 (+ B14B81<$ QR1 ;($>j G
ik(e 0(>141 O8 31 ,*jlG 14& >+1;>'&W81 0(1 e)'& 4$,B>14& /$+ 8&
8FM>/& 318 )&/4>6>/>$N e)'1 )>M+>6>/&4*& +(1)'4& '4&>/>F+ &8 &W>),$
318 QR1 ;($>j 5 8& '4&3(//>F+ 318 31)1$ 31 Z>$) & (+& 31,&+3& 0(1
B(3>14& )14 &B&/>M(&3& B$4 ,13>$ 31 (+ )&/4>6>/>$T _ l1+ 1)'1
B(+'$ B$31,$) )1M(>4 & X1+e #>4&43lYx 6(1 B41/>)&,1+'1 B$4 1)'&
4&%F+ 0(1 1+/$+'4&,$) 1+ 8& 418>M>F+ <(3*& 8& B4>,14& &B&4>/>F+
31 (+ )(<1'$ 0(1 )1 41)>)'1 & &)(,>4 18 B&B18 31 (+ /R>;$ 1cB>&'$4>${
;*/'>,&N .$WT :( +1M&'>;& & 31)1,B1s&4 )( B&4'1 1+ 18 4>'$
)&/4>6>/>&8 1) 18 41;14)$ 1c&/'$ 31 )( B14B81<>3&3 641+'1 & )()
/&8&,>3&31)N 1+ ;1% 31 >31+'>6>/&4)1 R14$>/&,1+'1 /$+ )( ,&8>M+$
31)'>+$G )>M(1 B8&+'1&+3$ 8& B41M(+'& 318 )1+'>3$ 31 '$3$ e)'1G 31
0(e 1) 8$ 0(1 Z>$) 0(>141 31 e8 &8 1+;>d4)18$T :$,$) '1)'>M$) &0(*
31 8$ 0(1G '&8 ;1%G 1) 8& 41;$8(/>F+ e'>/& ,d) M4&+31 31 8& R>)'$4>&
31 8& R(,&+>3&3N 18 ,$,1+'$ 1+ 0(1 18 )(<1'$ 41/R&%& 18 B&B18 31
;*/'>,& & e8 &)>M+&3$G 18 ,$,1+'$ 1+ 0(1 8& B14)B1/'>;& )$/>&8
31 )&/4>6>/&4 &8 /R>;$ 1cB>&'$4>$ )1 1+641+'& /$+ 8& B14)B1/'>;& 31
8& B4$B>& ;*/'>,&q 8$ 0(1 R&5 &0(* 31 '&+ )(W;14)>;$ 5 4(B'(4>)'&G
8$ 0(1 /$+6>141 & 8& R>)'$4>& 31 .$W )( '1+)>F+ 34&,d'>/& 5G &8
,>),$ '>1,B$G )( ;143&3G 1) <()'&,1+'1 8& /$+64$+'&/>F+ 31 8&)
3$)
;>)'& B14)B1/'>;&)T O) 31/>4G
31 8& /$,(+>3&3 0(1 )>1c>M1
)F8$ 183>)B()>e4&,$) 318 B(+'$ 31
)&/4>6>/>$G B14,&+1/14*&,$)
31+'4$ 318 (+>;14)$ ƒ'$'&8>'&4>$„q )>G B$4 18 $'4$ 8&3$G +$) 8>,>'d4&f
,$) & 8& ;$% 31 8& ;*/'>,&G '1+34*&,$) (+ B(+'$ 31 ;>)'& )(W<1'>;$
5 +&3& 0(1 &'1)'>M(&4& )( ;143&3T O8 161/'$ 31 ;143&3 41)(8'&
1c/8()>;&,1+'1 31 8& /$+64$+'&/>F+ 31 8&) 3$) B14)B1/'>;&)N B4>f
,14$G 18 3>)/(4)$ )&/4>6>/>&8 /$8$/& &8 )(<1'$ 1+ 8& B$)>/>F+ 31
;*/'>,& )&M4&3&G B>+'d+3$8$ /$,$ (+& 1+'>3&3 >+'$/&W81 5 R$441+f
3&G 1+ )*+'1)>)G /$,$ (+ $W<1'$ 1+ 18 )1+'>3$ B)>/$&+&8*'>/$G /$+
'$3& 8& /&4M& 31 1+14M*& '4&+)6141+/>&8 1+ e8q 8(1M$G 31 )pW>'$G )1
+$) '4&)8&3& & )( B4$B>& B14)B1/'>;&G B(1)'$) /&4& & /&4& /$+ 8&
,>)'14>$)& 1)/1+& 1+ 8& 0(1 +$ 1) )>,B81,1+'1 (+ )(<1'$ )>+$ 8&
/$)& ,>),& 8& 0(1 /$,>1+%& & R&W8&4T
7$5G 1+ +(1)'4$ (+>;14)$ 31 8& /(8'(4& 31 ,&)&)G 8& 6>M(4& 0(1
('
,d) )1 &B4$c>,& & 1)'1 B&B18 31 /R>;$ 1cB>&'$4>$ 0(1 1+/&4+& 8&
;>$81+/>& )&M4&3& 1) 18 ƒ&)1)>+$ 1+ )14>1„G 18 8$/$ 0(1G )>+ +>+Mp+
ƒ6(+3&,1+'$ 4&/>$+&8„G 41B>'1 /$,B(8)>;&,1+'1 &/'$) /4>,>+&f
81)TYy O) B$4 1)'& 4&%F+ 0(1 Q(&+3$ 88&,& (+ 1c'4&s$ S\R1+ &
:'4&+M14 Q&88) UG
UG 31 m413 \&8'$+G '&8 ;1% 8& ,1<$4 ;&4>&/>F+ )$W41
18 '1,& 31 8&) &,1+&%&) '1816F+>/&) &+F+>,&)G 1) 31 1)B1/>&8
>+'14e)T 2& B4>,14& B&4'1 318 6>8, 1) +&44&3& 31)31 18 B(+'$ 31
;>)'& 31 (+& ,(/R&/R& 0(1 1)'d /(>3&+3$ & (+$) /R>/$) 1+ (+&
41)>31+/>& 6&,>8>&4
B>)$G ,>1+'4&) )(W(4W&+&N
188& ,>4& 8$) 1++>s$)
'181;>)>F+ 3(14,1+
8& )&8& 31 1)'&4T1+Z1)B(e)
18 B4>,14
31
8&) B4>,14&) 88&,&3&) &,1+&%&3$4&) 0(1 41B>'1+ 8& B41M(+'&
ƒim(>)'1 & ;14 & 8$) +>s$)j„G &814'& & 8& B$8>/*&G 0(1 81 &/$+)1<&
/144&4 /$+ 88&;1 '$3&) 8&) B(14'&)G +$ 31<&4 0(1 +&3>1 1+'41 & 8&
/&)& 5 '4&'&4 31 '4&W&4 (+& 8&4M& /$+;14)&/>F+ /$+ 18 >,B$4'(+&f
3$4 B&4& B14,>'>4 0(1 8& 88&,&3& )1& 4&)'41&3&T C$/$ 31)B(e)G 8&
B$8>/*& (W>/& )( 6(1+'1N $'4$ '18e6$+$ 31+'4$ 31 8& ,>),& /&)&TTT O8
>,B$4'(+&3$4 1)'(;$ '$3$ 18 '>1,B$ &88*G 5 5& R&W*& &)1)>+&3$ & 8$)
+>s$)T O8 &)1)>+$ &B&41/1G &)*G /$,$ (+ $W<1'$ >+)$+3&W81 /$+ 18
/(&8 +>+M(+& >31+'>6>/&/>F+ 1) B$)>W81G (+ B(4$ X1&8 0(1 B4$;$/&
(+ '144$4 >+16&W81T O+ 1)'1 ,$,1+'$ 31 8& R>)'$4>&G )>+ 1,W&4M$G
18 6>8, 3& (+ ;(18/$ >+1)B14&3$N )1 +$) '4&+)B$4'& )pW>'&,1+'1 &
8& B14)B1/'>;& 318 B4$B>$ &)1)>+$G 5 )$,$) '1)'>M$) 31 8& ,>)14&W81
1c>)'1+/>& /$'>3>&+& 31 1)'1 >+3>;>3($ )$8>'&4>$ 5 31)1)B14&3$q
3(14,1 1+ (+ &)>8$G ;&M&W(+31& 1+ '$4+$ & /&6e) 31/4eB>'$) 1
>+'1+'&G 1+ ;&+$G 1)'&W81/14 /$+'&/'$ /$+ )() ;1/>+$)q 31 ,$3$
0(1G /(&+3$ 18 31'1/'>;1 /$+'4&'&3$ B$4 18 B&341 31 8$) +>s$)
&)1)>+&3$) )1 3>)B$+1 & &B(s&8&48$G +(1)'4&) )>,B&'*&) 1)'d+
/$,B81'&,1+'1 318 8&3$ 318 B$W41 &)1)>+$T
a+& ;1% ,d)G +$ R&5 +&3& 31 )(W;14)>;$ 1+ 8$) 3$) B(+'$) 31
;>)'& B$4 )* ,>),$)N )> 8& R>)'$4>& 6(14& +&44&3& 31)31 8& p+>/&
B14)B1/'>;&
/&)$ /8d)>/$ 31
31 8&
(+&<$;1+ W&W5l)>''14
;*/'>,& &,1+&%&3&G +$)B$41+/$+'4&4*&,$)
(+& &)1/R&+%& &+'1 18
6&+'&)f
,&8G >+/$4BF41& 5G B$4 1)& 4&%F+G '&+'$ ,d) R$44$4$)&q )> +$)
8>,>'d4&,$) & 8& 1cB14>1+/>& B4$B>& 318 &)1)>+$G 1)'&4*&,$) &+'1
8& 41B41)1+'&/>F+ /8d)>/& 318 (+>;14)$ B&'$8FM>/$ 31 e)'1T A$3$ 18
161/'$ )(W;14)>;$ 31B1+31 31 8& 4(B'(4&G 18 B&)$ 31)31 (+&
B14)B1/'>;& & 8& $'4&G 18 /&,W>$ 0(1 /$+6>141 &8 R&)'& 1+'$+/1)
>,B$)>W81{>+&8/&+%&W81 $W<1'$ (+ /(14B$G 0(1 3& & 8& /$)& >+'$/&f
W81 (+& ;$% 5 8& R&/1 R&W8&4G 1+ )*+'1)>)G 0(1 8& )(W<1'>;>%& TYK
#>4&43G )>+ 1,W&4M$G 1) >+6>18 & )( B4$B>& /$+/1B/>F+ /(&+3$
413(/1 & .$W & (+& 1)B1/>1 31 B41/(4)$4G &+(+/>&3$4G 31 Q4>)'$G 18
;143&314$ B&4&3>M,&
%&N )( M1)'$G 31 8&31;*/'>,&
/$,$ M1)'$ &,$4G 0(1 R&W8&
$/(8'& 18 /8&4$
&W>),$5 )1 )(W<1'>;>f
/&()&+'1 31
&+M()'>& 31 8& >+/$+)>)'1+/>& 318 `'4$G 881;&+3$ & /&W$ /$+ 188$ 18
((
;(18/$ 31)31 8& 418>M>F+ 31 8& &+M()'>& S18 <(3&>),$U & 8& 318 &,$4
S18 /4>)'>&+>),$UT O) 31/>4G i1+ 0(e /$+)>)'1 18 )1s(18$ 318 &,$4j
Q(&+3$ 1)'$5 1+&,$4&3$G &,$ & &8M(>1+ & /&()& 318 $W<1'$ ! 1+ e8G
& /&()& 31 8$ 0(1 ƒ1+ e8 n1)o ,d) 0(1 e8 ,>),$„G 1+ )*+'1)>)G 18
$W<1'$ 318 &,$4 +$ B(131 3&4,1 8$ 0(1 31,&+3$ 31 e8 5& 0(1 +$
8$ B$)11G 3&3$ 0(1G 1+ 8$ ,d) *+'>,$G )1 '4&'& 31 (+ 1c/1)$T 2$ 0(1
316>+1 &8 &,$4 1) 1)'& 3>)/$43&+/>& $ W41/R& Wd)>/& S18&W$4&3& B$4
2&/&+ & B4$BF)>'$ 31 8& 418&/>F+ 31 I8/>W*&31) /$+ :F/4&'1) 1+ 18
Lz
H&+0(1'1
ne4$,1+$) o31 C8&'F+UN
8$ 0(1 186&8'&G
& e8 81 &,&3$4 n14&)'e)
n14&)'e)
B14$G /$,$ 8$o 1cB41)&
W()/& 2&/&+G
1+ 18 ƒ8$
&,&3$
0(1
& (+$ 81 6&8'& +$ 1) 8$ 0(1 1)'d 1)/$+3>3$ 31+'4$ 318 $'4$„ l31 1)'1
,$3$G 8$ p+>/$ 0(1 81 0(13& B$4 R&/14 &8 &,&3$ 1) 41&8>%&4 (+&
1)B1/>1 31 >+'14/&,W>$ 31 8(M&41)G /&,W>&4 31 $W<1'$ ! )(<1'$ 318
&,$4G 1+ )*+'1)>)N 31;$8;14 &,$4 lT lT O+ 1)'$ /$+)>)'1G )1Mp+ 2&/&+G
18 ,$,1+'$ ,d) )(W8>,1 318 &,$4N 1+ 1)'& >+;14)>F+ 1+ 0(1 18
$W<1'$ &,&3$ )1 1)6(14%& B$4 8>W4&4)1 318 /&881<F+ )>+ )&8>3& 31 )(
B$)>/>F+G 31 8& >,B$)>W>8>3&3 31 /(,B8>4 /$+ 8& 31,&+3& 318
&,&3$4G ;$8;>1+3$ & '1+314 )( ,&+$ & e)'1 5 41)B$+3>1+3$G &)*G &
8& 6&8'&{31)1$ 318 &,&3$4 /$+ )( B4$B>& 6&8'&T O8 &,$4 )1 W&)& 1+
8& >8()>F+ 31 0(1 1)'1 1+/(1+'4$ 31 3$) 6&8'&) B(131 '1+14 ec>'$ 5
1+M1+34&4 (+& ƒ+(1;& &4,$+*&„T O+ 188$ /$+)>)'1 '&,W>e+ 8&
)(B41,& )(W8>,>3&3 318 M1)'$ 31 Q4>)'$N i0(e 1)G )>+$ (+ )>M+$ 318
&,$4 31 Z>$) B$4 18 R$,W41 Tj O+ 41)B(1)'& &8 &,$4 318 /4151+'1
B$4 v8G 1+ 41)B(1)'& & 8&) ,&+$) 0(1 18 /4151+'1 21 '>1+31G 18
B4$B>$ Z>$) )1 '4&+)6$4,& 1+ &,&3$4 5 )1 1c'>1+31 R&/>& 18 R$,f
W41G $/(8'&+3$ /$+ 188$ 18 &W>),$ 31 8& `'413&3 0(1 +>+Mp+
)&/4>6>/>$ B$34*& &B&/>M(&4G 1) 31/>4G /$+ 18 /(&8 +$ 1) B$)>W81
+>+M(+& 418&/>F+ 31 >+'14/&,W>$TLJ
Q$+)>314&+3$ 0(1 8& ;$% & 8& 0(1 18 B)>/$&+d8>)>) &W41 18 1)B&/>$
B&4& 0(1 )1 &4'>/(81G B41)'d+3$81 (+ $*3$G 1) B41/>)&,1+'1 8& 31
8& ;*/'>,&
B(131 )>+$/$,$ $W<1'$ 31&+'1
,&4&;>88&4)1 6&)/>+&/>F+ SR>)'e4>/&
18 R1/R$ 31 0(161,1+>+&UG (+$ +$
>+/8()$ &8M(+$)
8&/&+>&+$) 413(%/&+ 18 B)>/$&+d8>)>) & (+& 1)B1/>1 31 &)(+/>F+
R14$>/& 31 (+ )&/4>6>/>$ +1/1)&4>$ 5 /$+)'>'('>;$ l&0(188$) B&4& 8$)
/(&81) 18 B)>/$&+d8>)>) '14,>+& /(&+3$ 18 &+&8>%&+'1 1) /&B&% 31
&/1B'&4 (+ 41+(+/>&,>1+'$ 6(+3&,1+'&8 /$,$ /$+3>/>F+ 31 &//1f
)$ &8 31)1$ Sƒ/&)'4&/>F+ )>,WF8>/&„UlT 2&/&+ 1)'d 8$ ,d) 81<$)
B$)>W81 31 '&8 e'>/& 318 )&/4>6>/>$ R14$>/$N 8& 6&8'& 0(1 18 )(<1'$ 31W1
&)(,>4 +$ 1) 8& )(5& B4$B>& )>+$ 8& 318 `'4$G 8$ /(&8 1) &8M$
>+/$,B&4&W81,1+'1 ,d) >+)$B$4'&W81T O8 `'4$ +$ B$)11 8$ 0(1 &8
)(<1'$ 81 6&8'&G 5 +>+Mp+ )&/4>6>/>$ B(131 /$,B1+)&4 1)'& 6&8'& 31
&0(e8T IR$4& B$31,$) ;14 '&,W>e+ /(d+ &<1+& & 2&/&+ 1) /(&8f
0(>14 M8$4>6>/&/>F+ 318 ƒM4&+ `'4$„ /$,$ 18 $431+ 1)'4(/'(4&8 0(1
ƒ,(1;1 8$) R>8$)„ 5 41M(8& 8& &('$1cB14>1+/>& 318 )(<1'$G 1)'$ 1)G
()
ik(e )$+ X$,& />(3&3 &W>14'& G C&>)& 5 I81,&+>& G &s$ /14$ )>+$
'41) >+'1+'$) 31 881M&4 & (+ &/(143$ /$+ 18 '4&(,& 318 6&)/>),$j
ik(e )$+ :'4$,W$8> G O(4$B& g^J 5 E>&<1 & V'&8>& )>+$ >+'1+'$) 31
>+'1M4&4G 31 )(B14&4 18 1+/(1+'4$ '4&(,d'>/$ /$+ V+M4>3 H14Mf
,&+G )( &/'$ 31 31/>4 ƒ"D$-„ & 7$8859$$3 5 (+>4)1 & X$))188>+> 1+
8& /(,W41 31 )( 1)'4188&'$G 1)'& '41,1+3& 31/>)>F+G (+ ;143&314$
&/'$ 31 ƒ8$/(4&„ /$+ 18 0(1 +&3& 1+ 8& B4$B>& ;>3& 31 &0(e8G 881+&
31 ,&+>$W4&) $B$4'(+>)'&)G B(131 10(>B&4&4)1jL^ O) />14'$G '$3$)
)()
'>/& 6>8,) B4$'&M$+>%&3$)
B&4& 10(>8>W4&4 B$4 188&
8& 3>M+>3&3 31)B8>1M&+
31 )( (+&/$,B1+)&48$G
&/'$G B&4& &/'>;>3&3 641+ef
B14$
18 &/'$ 6(1 31 188& T
)"
D$'&)
31/41'$G $431+&+%&G
)>M+>6>/&3$) 31 ƒI@'„B4$,(8M&/>F+lT O+ &81,d+G
1) '&,W>e+ ƒB>+'&4 1+ 18R(,&+$
(+ /(14B$ 0(1 (+$ 31 8$)
31)+(3$„G
B$31,$) >,&M>+&4 >+/8()$ '$3$ (+ M(>F+N B4>,14$G 8& >,&M1+ 31 (+&
,(<14 31)+(3& +$) )13(/1q 8(1M$G ƒ881;&,$) & /&W$ 18 &/'$ S)1c(&8U„q
B$4 p8'>,$G >+)/4>W>,$) +(1)'4& /$+0(>)'& 1+ 8& 8>)'&G 1)'$ 1)G 1+ (+
&/'& S8& 1'&B& 0(1 6(1 /4(/>&8 B&4& 3$+ #>$;&++>UT
w Q6T mT \T .T :/R188>+MG ‡W14 3&) \1)1+ 314 ,1+)/R8>/R1+ m41>R1>'
Sm4&+/6$4'N :(R4@&,B E148&MG JKxyUT
x 2& R$,$8$M*&
R$,$8$M*& 1+'41 8& B$)>/>F+ )(W<1'>;& 318 B)>/$&+&8>)'& 5 8& 318 )&+'$
41/$441 /$,$ (+ R>8$ 8$) p8'>,$) &s$) 31 8& 1+)1s&+%& 31 2&/&+N 1+
&,W$) /&)$)G &)(,>,$) 8& B$)>/>F+ 31 (+ $W<1'$l1c/41,1+'$G 31 (+
41)>3($ 0(1 1+/&4+& 8& >+/$+)>)'1+/>& 318 $431+ )>,WF8>/$G 1) 31/>4G 31
(+ 181,1+'$ 0(1 +$ B(131 )14 >+'1M4&3$ & 8& ,&0(>+&4>& 31 8& ('>8>3&3
)$/>&8G 31 (+ B(+'$ 31 B(4$ /$+)(,$T O) />14'$G /$+ 641/(1+/>& 3&,$)
'&,W>e+ /$+ &6>4,&/>$+1) 31 2&/&+ 0(1 &B(+'&+ 1+ 8& 3>41//>F+
$B(1)'&G /$,$ 8&) 0(1 >+/8(51+ & 8&) &)$/>&/>$+1) B)>/$&+&8*'>/&) 1+ 8&
,>),& )14>1 0(1 8$) /&,B$) 31 /$+/1+'4&/>F+q B14$G i1) &0(* 8&
$B$)>/>F+ 41&8,1+'1 >+64&+0(1&W81j iD$ )1 '4&'&G ,d) W>1+G 31 0(1 1+
18 ,$,1+'$ 1+ 0(1 8$) ƒ)&+'$)„ )1 1)6(14%&+ B$4 ƒ)$/>&8>%&4)1„G B$4
ƒ;1+>4 ,&4/R&+3$„ 5 $4M&+>%&4)1 /$,$ $431+ )$/>&8 8$ 0(1 $W'1+1,$)
)$+ ,$+&)'14>$)N (+ ,(+3$ '$'&8,1+'1 41M(8&3$ 0(1 B(131 )14;>4
/$,$ ,$318$ & 8$) /&,B$) 31 /$+/1+'4&/>F+G /$+ 8& )&8;13&3 31 0(1G 1+
;1% 31 '$4'(4&4 & )() ;*/'>,&)G 8$) ,$+<1) )1 '$4'(4&+ & )* ,>),$)G
&)(,>1+3$ 8& B1)&3& /&4M& 31 8& &W)'>+1+/>&j iD$ 14&+ 8&) ,>)>$+1)
<1)(*'>/&) 318 C&4&M(&5G 1+ 18 )>M8$ •EVV Sƒ413(//>$+1)„ n1+ /&)'188&+$ 1+
18 $4>M>+&8G DT 318 AToG /$,$ )1 8&) 88&,&W& 1+ 1)1 ,$,1+'$UG (+&
)*
>8()$4>$ 31 1)'&
1+ 41&8>3&3G 1) 18+(1;&
&/'$ /$,(+>3&3 31 1)B14&+%&
)(>/>3& 31 41'>4&3& 5 61q
4&3>/&8 8$ 0(1
)$W41 81 >+'141)&G
18 /(&8 )F8$ 1)
)$
Jx 18
O8 31
>,B14&'>;$
ƒ)&8;&4 8&e'>/$ 1+ 18318/(&8
>,&M1+ )1 6(+3&
$'4$„N R&/148$1)'& &/'>'(3
'$3$G &+'1) 1)G B$4 0(1
,$4>4 )(B(1)'$G
31<&4
)%
0(1 18 $'4$ B>143& >,&M1+T O+ 188$ /$+)>)'1 8& 3>,1+)>F+ ,d) 181,1+'&8
31 8$ 0(1 88&,&,$) ƒ'&/'$„ $ ƒ/$+)>314&/>F+„N /F,$ 1)'&4 1+ 31)&/(143$
/$+ 18 $'4$G /F,$ 41/R&%&4 )( 31,&+3&G )>+ R&/1481 B14314 >,&M1+T O+
/$+'4& 31 8& B4>,14& >,B41)>F+G 8& ƒ>,&M1+„ & 8& 0(1 )1 R&/1 416141+/>&
&0(* +$ 1) >,&M>+&4>&G )>+$ 0(1 /$+/>14+1 &8 +>;18 31 8& >31+'>3&3 )>,f
WF8>/&N 316>+1 18 8(M&4 0(1 )1 &)>M+& &8 )(<1'$ 31+'4$ 31 8& 413 )>,WF8>/&
>+'14)(W<1'>;&q 18 ;e4'>M$ 0(1 )1 &B$314& 31 +$)$'4$) /(&+3$ ƒ0(13&f
,$) ,&8„ 1+ BpW8>/$ ,&+>6>1)'& +(1)'4& Be43>3& 31 )$)'e+ 1+ 18 ƒM4&+
`'4$„T S2$ 0(1 /$+)'>'(51 8& 4&%F+ B$4 8& /(&8 1+/$+'4&,$) 8& ;14)>F+
,d) /8&4& 31 8& e'>/& 318 ƒ)&8;&4 8&) &B&4>1+/>&) 318 $'4$„ 1+ .&BF+G 1)
31/>4G 1+ (+& )$/>13&3 /$+ 8& 1)'4(/'(4& ,d) 4*M>3&,1+'1 316>+>3& 31
,&+3&'$) )>,WF8>/$)TU
Jy I8&>+ H14M&8&G ƒQ1881 B&4 0(> 81 )/&+3&81 &44>;1„G 1+ Q&R>14) 3(
Q>+1,& Y^w S61W414$ 31 JKyLUG BT JJT
JK Q>'&3$ 1+ H4(+1''1G $WT />'G BT JPwT
Pz VW*3TGBT JPLT
PJ iD$ 1)'d 8& ,>),& /$+;14)>F+ 1+ <(1M$ 1+ 18 6&,$)$ )(1s$ 31 m41(3
&/14/& 31 8& >+51//>F+ 31 V4,&j O8 3>d8$M$ 3(&8 1 >,&M>+&4>$ /$+ e)'&G
3$,>+&3$ B$4 8$) >+'141)1) +&4/>)>)'&) 31 m41(3G /(8,>+& 1+ (+&
,>4&3& & )( W$/& &W>14'&q 31 )pW>'$G 1)'1 R$44$4 S1+ 18 0(1 8& &B14'(4&
31 8& M&4M&+'& /$441)B$+31 1;>31+'1,1+'1 &8 /4d'14 1+ :'4$,W$8> U )1
'4&+)6$4,& ,>8&M4$)&,1+'1 1+ (+& 1)B1/>1 31 &'&4&c>&G 18 )(<1'$ 68$'&
8>W41,1+'1 1+ (+& 3>/R& )>,WF8>/&G '&+ B4$+'$ /$,$ 18 )$s&3$4 Sm41(3U
41+(+/>& & )( B14)B1/'>;& +&4/>)>)'&T
PP _& 1+ 418&/>F+ /$+ 18 )(>/>3>$ 31 O3,(+3 1+ I81,&+>&G &s$ /14$G
X$))188>+> R&W8& )$W41 (+& ƒ1)B1/>1 31 &W&+3$+$ &8 41B$)$ 0(1 '>1+1
0(1 $/(44>4 &+'1) 31 /(&80(>14 +(1;& &//>F+„ SH4(+1''1G $WT />'G BT ywUN
e)'1 1) 18 &/'$ 1+ 18 )1+'>3$ 8&/&+>&+$ 318 'e4,>+$G 8& 41'>4&3& 0(1G B$4
31/>48$ &)*G 31)B1<& 18 1)B&/>$ B&4& (+& +(1;& &//>F+T
PY Q6T .&/0(1)lI8&>+ [>8814G ƒ.&/0(1) 2&/&+N H1,14@(+M1+ ~W14 )1>+
]$+%1B' 31) B&))&M1 … 8h&/'1„G \$ 1) 9&4 xly SE>1+&N 7$4& E148&MG
JKKzUT
PL C$34*&,$) 1)'&W81/14 &0(* (+ ;*+/(8$ /$+ 8& +$/>F+ 31 &/'$ )1Mp+ 8&
18&W$4F 41/>1+'1,1+'1 O4+1)'$ 2&/8&(N 18 &/'$ )>'(&3$ 1+ 18 B(+'$ 31
>+31/>3>W>8>3&3 31 (+& 1)'4(/'(4& )>,WF8>/& S/6T )( >+'4$3(//>F+ & D19
X1681/'>$+) $+ 'R1 X1;$8('>$+ $6 `(4 A>,1G 2$+341)N E14)$G JKKzU
nD(1;&) 41681c>$+1) )$W41 8& 41;$8(/>F+ 31 +(1)'4$ '>1,B$G H(1+$)
I>41)N D(1;& E>)>F+G JKKYoT 2& ƒ>+1cB8>/&W>8>3&3„ >4413(/'>W81 31 (+
&/'$ &'1)'>M(& 18 R1/R$ 31 0(1 8$ 0(1 8$ 316>+1 1) (+& '1,B$4&8>3&3
>4413(/'>W81 &8 1)B&/>$N 18 &/'$ >+'4$3(/1 (+ /$4'1 0(1 )1B&4& 18
ƒ31)B(e)„ 318 ƒ&+'1)„G (+& 3>)/$+'>+(>3&3 31 8& 0(1 +$ B(131 3&4)1
/(1+'& 31+'4$ 31 (+& 3>)B$)>/>F+ 1)B&/>&8 31 8$) 181,1+'$)T O+ 1)'1
)1+'>3$G 18 &/'$ )1 /$+'4&B$+1 & 8& '1+31+/>& & 413(/>4 18 '>1,B$ &8
1)B&/>$G 1) 31/>4G 8& )(/1)>F+ '1,B$4&8 & 8& /$1c>)'1+/>& 1)B&/>&8 5
)>+/4F+>/&G 1+ <(1M$ 1+ 18 &4'1 8$ ,>),$ 0(1 1+ 8& B4d/'>/& />1+'*6>/& 31
+(1)'4$ )>M8$T ik(e 1) 18 /(W>),$ 1+ 8& B>+'(4&G B$4 1<1,B8$G 1+ 18 0(1
18 $W<1'$
)>+$ 1) B>+'&3$
(+ >+'1+'$ )>,(8'd+1&,1+'1
31 '4&3(/>4 31)31
8& )(/1)>F+ 3>)'>+'$)31B(+'$)
'1,B$4&8 31 ;>)'&G
8& ,>4&3& 0(1
)&
31
a+ m41(3 S8& 531&/&88&3$
41/>1+'1 )14 '$4'(4&3$ B$4 /$+
1)/d+3&8$ (+& (+&
4&'& 1)'4188&
0(1 B1+1'4&4&
31 />+1B$4 )( &+$UT
41;18F 0(1
)'
)(
31)31 8(1M$G 1) 0(1G /$,$ '&8G (+ B)>/$&+d8>)>) 1c>'$)$ 5& 1) 8& ƒ)*+'1)>)„
410(14>3&G 1+ 8& ,13>3& 1+ 0(1 1cB8>/& 8& Me+1)>) 31 8& 3>;>)>F+G 1)
31/>4G 8& /$+/>W1 ƒ1+ )( 31;1+>4„T O+ 1)'$ 4&3>/& '&,W>e+ 8& 4181;&+/>&
31 8& '1$4*& 31 2&/&+ )$W41 18 ƒ1)'&3>$ 318 1)B1<$„ B&4& 18 /&,B$ 31 8&
6>8$)$6*&q /$,$ 8$ )1s&8&G 8$) )1+'>,>1+'$) B&4&+$>/$) 31 B14)1/(/>F+
0(1 /&4&/'14>%&+ &8 1)'&3>$ 318 1)B1<$ )$+ /$+)'>'(>3$) B$4 (+ 1)'&+f
/&,>1+'$ )1,1<&+'1 & ƒ8$) 4$)'4$) 31 8$) &/'$41) /(&+3$ (+ 6>8, )1
31'>1+1 )pW>'&,1+'1 1+ ,13>$ 31 8& &//>F+„N ƒIR$4& W>1+G 1)'1 1)'&+f
/&,>1+'$ 6$4,&8 1)'d 1,B&41+'&3$ /$+ 8& 1)'4(/'(4& ,d) M1+14&8 318
/$+$/>,>1+'$ R(,&+$N 8& 0(1 /$+)'>'(51 18 5$ 5 )() $W<1'$) /$+
&'4>W('$) 31 B14,&+1+/>&G >31+'>3&3 5 )()'&+/>&8>3&3G 1+ )*+'1)>)G /$+
1+'>3&31) $ t/$)&)u 0(1 )$+ ,(5 3>6141+'1) & 8&) #1)'&8'1+ 0(1 8&
1cB14>1+/>& +$) B14,>'1 &>)8&4 1+ 18 /&,B$ /&,W>&+'1G '1+3>3$ )1Mp+
8&) 8*+1&) 318 31)1$ &+>,&8„ S.&/0(1) 2&/&+G ƒIMM41))>;>'5 >+ C)5/R$&f
+&85)>)„G 1+
1+ O/4>')N I :181/'>$+ nD(1;& _$4@N D$4'$+G JKxxoGBT JxU nƒ2&
&M41)>;>3&3 1+ B)>/$&+d8>)>)„G 1+ O)/4>'$) PG [ec>/$N :>M8$ ••VG JKx^oT
2$ 0(1 2&/&+ R&/1 ;>)>W81 &0(* 1) 18 ƒB8&'$+>),$ 1+ )( 31;1+>4„N +$
416('& &8 B8&'$+>),$ ,13>&+'1 8& 31+(+/>& 3>41/'& 31 8& +&'(4&81%&
>8()$4>& 318 1>3$) )>+$ & '4&;e) 31 8& 1cB$)>/>F+ 31 8& Me+1)>) 31 8&
6><&/>F+ 318 )(<1'$ 1+ 18 1>3$) >+,F;>8T
Y^ :1Mp+ I8&>+ H14M&8&G 18 4&)M$ 6(+3&,1+'&8 31 8$) 6>8,) 31 X$))188>+>
B4$'&M$+>%&3$) B$4 V+M4>3 H14M,&+ /$+)>)'1 1+ 18 R1/R$ 31 0(1 18
'14/14 181,1+'$ 0(1 B14'(4W& 8& 418&/>F+ &4,$+>$)& 31 8& B&41<& +$ 1)
18 R&W>'(&8 '14/14 ,>1,W4$ 31 (+ '4>d+M(8$ &,$4$)$ )>+$ &8Mp+ 181,1+f
'$ 4&3>/&8,1+'1 R1'14$Me+1$ 31 +&'(4&81%& '$'&8,1+'1 +$ B)>/$8FM>/&N
18 ;$8/d+ 1+ :'4$,W$8>G 8&) >31$8$M*&) S/$,(+>),$ 5 /&'$8>/>),$U 1+
O(4$B& g^JG 8&) 1)'&'(&) 5 4(>+&) 31 DdB$81) 1+ E>&<1 & V'&8>& S/6T
H14M&8&G $WT />'G BT JzUT 2$ 0(1 31W14*&,$) &M41M&4 & 188$ 1) 0(1 1+ /&3&
(+$ 31 8$) '41) /&)$)G 18 181,1+'$ B14'(4W&3$4 1) 31 +&'(4&81%&
3>6141+'1N 18 ;$8/d+ 31 :'4$,W$8> 1) 41&8 S18 B4$B>$ H14M&8& 8$ >31+'>6>/&
/$,$ (+& ƒQ$)& 1+ )*„ 641+'1 & 8& /(&8 '$3& 1cB14>1+/>& 31 )1+'>3$ )1
31)W&4&'&UG 1+ O(4$B& g^J '1+1,$) >31$8$M*&) )>,WF8>/&)G ,>1+'4&)
0(1 8&) 4(>+&) 31 E>&<1 & V'&8>& 6(+/>$+&+ /8&4&,1+'1 /$,$ )>+'R$,1 G
64&M,1+'$) )>M+>6>/&+'1)G 64&M,1+'$) 31 (+& /(8'(4&G 0(1 )$+ &8
,>),$ '>1,B$ 18 /$+M18&,>1+'$ 31 (+ M$/1 B143>3$T
Yw .&/0(1) 2&/&+G AR1 m$(4 m(+3&,1+'&8 Q$+/1B') $6 C)5/R$lI+&85)>)
S2$+341)N AR1 7$M&4'R C41))G JKxxUG BT Px^ n2$) n2$) /(&'4$ /$+/1B'$)
6(+3&,1+'&81) 318 B)>/$&+d8>)>)G H&4/18$+&N H&44&8G JKxxJT
Yx Q6T X1+e #>4&43G .$WN AR1 E>/'>, $6 7>) C1$B81 S2$+341)N I'R8$+1
C41))G JKyxU nO8
nO8 /R>;$ 1cB>&'$4>$G H&4/18$+&N I+&M4&,&oT
Yy k(1 1) 8& 4&%F+ B$4 8& /(&8 7&++>W&8 21/'14G 18 B)>0(>&'4& )d3>/${M1+>&8
31 8&) +$;18&) )$W41 &)1)>+$) 1+ )14>1 31 AR$,&) 7&44>) SZ4&MF+SZ4&MF+ 4$<$G
O8 )>81+/>$ 31 8$) >+$/1+'1) UG 1) 8$ ,d) /14/& 0(1 8& /(8'(4& 31 ,&)&)
B(131 881M&4 31 8& 6>M(4& 318 &+&8>)'& 8&/&+>&+$T
YK O+/$+'4&,$) (+& >+;14)>F+ R$,$8$M& 1+ 88&) &) B4>+/>B&81) +$;18&) 5
B18*/(8&) R&43lW$>813N 18 ,$,1+'$ 1+ 0(1 8& 61,,1 6&'&81 )1 )(W<1'>f
;>%&T O+ B4>,14
&,W>1+'1 8(M&4 1) B41)1+'&3&
)$/>&8 S,&)/(8>+$U 5 &B&41/131)31
/$,$8&(+B14)B1/'>;&
$W<1'$ 6&'&83131)(6&)/>+&f
,13>$
))
/>F+ 0(1 '4&1 8& B143>/>F+ 5 31<& '4&) 188& ;>3&) &44(>+&3&)G ƒ/d)/&4&)
;&/*&)„q /(&+3$ 6>+&8,1+'1 )1 +$) '4&)B$+1 & )( B(+'$ 31 ;>)'&G )1 R&/1
B&'1+'1 0(1 188& ,>),& +$ B(131 3$,>+&4 8$) 161/'$) 31 ƒ8$ 0(1 1+ 188&
1) ,d) 0(1 188& ,>),&„G 318 $W<1'$ 1+ )* ,>),&G )$W41 )( ,13>$
&,W>1+'1 l&8 >M(&8 0(1 8$) R$,W41) 0(1 8& 4$31&+G 1) (+& ;*/'>,&
>+3161+)& 318 31)'>+$lT
Lz Q6T .&/0(1) 2&/&+G 21 :e,>+&>41G 8>;41 EVVVN 21 A4&+)614' SC&4*)N
O3>'>$+) 3( :1(>8G JKKJUG /&B*'(8$) P & JJT
LJ X&%F+ B$4 8& /(&8G 1+ 18 B4$/1)$ B)>/$&+&8*'>/$G 18 &+&8>)'& +$ 31W14*&
'1+314 )( ,&+$ &8 &+&8>%&+'1G 1) 31/>4G 41)B$+314 &8 &,$4 '4&+)6141+f
/>&8 /$+ )( B4$B>$ &,$4N )F8$ B$4 ,13>$ 31 1)'1 41/R&%$ 31 8& 31,&+f
3& 31 &,$4 318 &+&8>%&+'1G )F8$ B14)>)'>1+3$ 1+ 8& B$)>/>F+ ,(3& 31 8&
,(14'1G B(131 >+3(/>48$ & &)(,>4 8& ;143&3 31 )( 31)1$ ,d) &88d 31
8& '4&+)6141+/>&T
LP `'4& 4&%F+ B&4& 0(1 18 B)>/$&+&8>)'& B14,&+1%/& /&88&3$N &8 +$
31,&+3&4 +&3& 318 &+&8>%&+'1G )( )>81+/>$ )()B1+31 8& >8()>F+ 31
>+'14B18&/>F+G $W8>M&+3$ &)* & &0(e8 & 1+641+'&4 )( B4$B>$ &/'$ 31 B$)f
'(8&/>F+ 318 `'4$T
LY 2& 3>,1+)>F+ ƒB)>/F'>/&„ 31 1)'& 41'>4&3& /$+ 41)B1/'$ &8 `'4$ &8/&+%&
)( ,1<$4 ,&+>61)'&/>F+ 1+ 8& &/'>'(3 6(+3&,1+'&8 318 B)>/F'>/$ 31 a+f
#8&(W1+G 31)/411+/>& 1+ 18 $431+ )>,WF8>/$ 0(1 M&4&+'>%& 8& /$R141+f
/>& 31 8& 41&8>3&3N 1)'& 31)/411+/>& 1+M1+34& 8& '*B>/& >31& B)>/F'>/& 31
0(1 18 ƒ,(+3$„ 1) )F8$ ,> &8(/>+&/>F+ >+3(/>3& B$4 &8Mp+ [&8>M+$
[&+>B(8&3$4T
LL Q6T )() &4'*/(8$) )$W41 X$))188>+> 1+ 18 ;$8T VE 31 k(h1)'l/1 0(1 81
/>+1,&j SC&4*)N 21) O3>'>1+) 3( Q146G JKwPUT
L^ O+ $'4&) B&8&W4&)G )() 6>8,) /$+ V+M4>3 H14M,&+ )$+ &81MF4>/$)N )(
/$+'1+>3$ 3>1Me'>/$ S)( ƒ1+(+/>&3$„U 1) (+& &81M$4*& 31 8&) /$+3>/>$+1)
>+'14)(W<1'>;&) 31 )( B4$/1)$ 31 B4$3(//>F+T SO+ /(&+'$ & 1)'& +$/>F+
31 8& &81M$4*&G ;e&)1 m4134>/ .&,1)$+G ƒI8>1M$4>%>+M 7>'/R/$/@„G 1+
:>M+&'(41) $6 'R1 E>)>W81 nD(1;& _$4@ 5 2$+341)N X$('813M1G JKKzoUT
)!
Y
iC`X kaO A`Z` IQA` O:
aDI XOCOAVQVbD j
!*
&+'>('>8>'&4>$ 5 @&+'>&+$
+$G X&98) ƒ1;&/(&„ 4&3>/&8Te'>/$G
18 3$,>+>$ Z1 1)
(+31/>4G
,$3$8$ /&W&8,1+'1 @&+'>&f
;&/*& 31 '$3$) 8$)
$W<1'$) ƒB&'$8FM>/$)„ S/$+'>+M1+'1)G 1,B*4>/$)UT O+ $'4&) B&8&f
W4&)G )( '1)>) /4(/>&8 1) 8& &6>4,&/>F+ 31 8& B4>,&/*& 31 8& .()'>/>&
)$W41 18 W>1+N &0(e88& '>1+1 0(1 )14 316>+>3& B41;>& 1 >+31B1+3>1+f
'1,1+'1 31 8$ 0(1 /$+)>314&,$) /$,$ W>1+G +$ B(131 313(/>4)1 31
8& +$/>F+ 318 W>1+T O+ 8&) )$/>13&31) )1/(8&41) /$+'1,B$4d+1&) 1+
8&) 0(1 /$1c>)'1 (+& ,(8'>'(3 31 ;>)>$+1) 318 ,(+3$G /&3& +$/>F+
B&4'>/(8&4 5 31'14,>+&3& 318 W>1+ )(B41,$ 1) 1cB14>,1+'&3&
/$,$ (+& 1+'>3&3 1+ p8'>,& >+)'&+/>& ƒ/$+'>+M1+'1„q B$4 /$+)>f
M(>1+'1G +>+M(+& (+>3&3 l18 ƒ/1,1+'$„ >31$8FM>/$ 0(1 8&) ,&+'>1f
+1 (+>3&)l B(131 )14 316>+>3& 1+ 8$) 'e4,>+$) 31 &8Mp+ W>1+
/$,p+T 2$ 0(1 )1 416('& /$+ 188$ 1) '&,W>e+ '$3& 6$4,& 31
('>8>'&4>),$ 0(1 R&M& & 8& .()'>/>& 31B1+3>1+'1 318 ƒ/d8/(8$ 31 8$)
B8&/141)„ lB&4& 41614>4+$) & 8& '14,>+$8$M*& B)>/$&+&8*'>/&G X&98)
&)(,1 (+& B$)>/>F+ ƒ,d) &88d 318 B4>+/>B>$ 318 B8&/14„G &)* /$,$
,d) &88d 31 )( B4$8$+M&/>F+ >+R141+'1G 18 B4>+/>B>$ 31 41&8>3&3lT
O) 1)'$ 8$ 0(1 1)'d 1+ <(1M$ 1+ 8& 3>)'>+/>F+ 0(1 18&W$4& 1+'41 8$
4&/>$+&8 5 8$ 4&%$+&W81N 8$ X&/>$+&8 /$+)>)'1 1+ 18 ƒ/d8/(8$ 31 8$)
B8&/141)„G 1+ 8& 1/$+$,*& 31 M&)'$) 5 M&+&+/>&) 1+ 18 +>;18 318
B4>+/>B>$ 31 41&8>3&3G 1) 8& &M1+/>& 0(1 +$) 3>/1 /(d+3$ 1)
B4$;1/R$)$ 41+(+/>&4 &8 B8&/14 B41)1+'1 1+ B4$ 31 (+& M&+&+/>&
1+ 18 8&4M$ B8&%$G 1)'$ 1)G $W131/14 (+& +$4,& )$/>&8 &(+0(1 1)'&
$W13>1+/>& ;&5& 1+ 31'4>,1+'$ 31 +(1)'4$) >+'141)1) 1+ 18 /$4'$
B8&%$q ,>1+'4&) 0(1 & 8& .()'>/>& 81 >+/(,W1+ 8$) B4>+/>B>$) e'>/$)
0(1 31W1+ )14 )1M(>3$) >+31B1+3>1+'1,1+'1 31 8& /$+)>314&/>F+
ƒ4&/>$+&8„ 31 +(1)'4$) >+'141)1) ƒB&'$8FM>/$)„ 5 /$+'>+M1+'1)T 2&
+$/>F+ /1+'4&8 31 X&98) 318 ƒ;18$ 31 >M+$4&+/>&„ &B(+'& B41/>)&f
,1+'1 & 1)'& 18>,>+&/>F+ 31 8&) /$+)>314&/>$+1) ƒB&'$8FM>/&)„ 318
)(<1'$N 18 )(<1'$ e'>/$ &/'p& /$,$ )> +$ )(B>14& 31)31 3F+31 S31)31
0(e B$)>/>F+ 31+'4$ 31 8& )$/>13&3 U R&W8& G )1 /$+)'>'(51 B$4 ,13>$
31 1)'& &W)'4&//>F+ 31 )( B$)>/>F+ 31 1+(+/>&/>F+T
2& B&4&3$<& 318 )(<1'$ 31 8& .()'>/>& /$+)>)'1G 31 1)1 ,$3$G 1+
0(1 8& '4&+)B&41+/>& '$'&8 31 )( $W<1'$ 1+'4&s& 8& >,B1+1'4&W>8>f
3&3 '$'&8 318 8(M&4 31)31 18 /(&8 R&W8&N B$4 (+ 8&3$G )1 )(B$+1
1)'d /$,B81'&,1+'1 >+6$4,&3$ &/14/& 31 8& )$/>13&3 )$W41 8&
!$
0(1 1)'d 88&,&3$ & 1,>'>4 (+ <(>/>$G &/14/& 31 8& B$)>/>F+ 31 '$3$)
)() )(<1'$)G &/14/& 31 )() >+'141)1) 5 B14)B1/'>;&)q B$4 18 $'4$G 18
41;14)$ 31 1)'& )(B$)>/>F+ 31 /$+$/>,>1+'$ '$'&8 1) (+& >M+$4&+/>&
4&3>/&8 31 8& ,&+14& 1+ 0(1 18 B4$B>$ )(<1'$ 1)'d ƒ1+/&<&3$„ 1+ 18
(+>;14)$ )$/>&8 l(+ <(>/>$ ƒ4&%$+&W81„ 31W1 1cB41)&4 (+ B(+'$ 31
;>)'& /$+ 18 /(&8 18 )(<1'$ &/$43&4*& &(+ )> )( B$)>/>F+ 1+ 8& 1)/&8&
)$/>&8 6(14& 8& ,d) W&<&lTL O)'& 18>,>+&/>F+ 318 /$+'1+>3$ ƒB&'$f
8FM>/$„ 31 8& B$)>/>F+ 31 1+(+/>&/>F+ 318 )(<1'$ B(131 1)/4>W>4)1 1+
8$) ,&'14+&) 8&/&+>&+$) /$,$ : :G 1) 31/>4G 18 B&)&<1 318 )(<1'$
ƒB&'$8FM>/$„ 881+$ 31 >+'141)1) B&4'>/(8&41) &8 )(<1'$ ;&/>&3$G
ƒW&44&3$„G 31 8& .()'>/>&q 1+ $'4&) B&8&W4&)G 18 )(<1'$ 1)'d >4413(/f
'>W81,1+'1 1)/>+3>3$ 1+'41 18 )(<1'$ ƒB&'$8FM>/$„ R1/R$ 31 ƒ/&4+1
5 R(1)$„ 5 18 )(<1'$ e'>/$G (+& 1)B1/>1 31 6>//>F+ )>,WF8>/&G (+
B&4'>/>B&+'1 &W)'4&/'$ 31 8& ƒ)>'(&/>F+ $4>M>+&8„ 1+ 8& /(&8 )1 6>4,F
18 /$+'4&'$ )$/>&8T O8 )'&'() 31 1)'1 /$+'4&'$ )$/>&8 l18 B&/'$
)>,WF8>/$ /$,$ R1/R$ )$/>&8 $4>M>+&8 B41;>$ & /(&80(>14 ƒ/d8/(8$ 31
>+'141)1)„ ('>8>'&4>$l 1) '&,W>e+ 18 31 (+& 6>//>F+ )>,WF8>/&N 8&
p+>/& ,&+14& 31 1,>'>4 (+ <(>/>$ e'>/$ /$R141+'1 )$W41 18 1)'&3$
B41)1+'1 31 8& )$/>13&3 41&8 1) B4$/1314 31)31 8& 6>//>F+ 31 8&
ƒ)>'(&/>F+ $4>M>+&8„/$+
)$/>&8G /(W4>1+3$ 1+ 18
8& /(&8
ƒ;18$8$)31)(<1'$) /$+/8(514$+
>M+$4&+/>&„ 18 /$+'4&'$
8& 31'14,>+&/>F+
ƒB&'$8FM>/&„ 31 )* ,>),$) /$,$ )141) 31 /&4+1 5 R(1)$T 2& +$/>F+
8&/&+>&+& 318 V31&8 318 _$ S1+ $B$)>/>F+ &8 5$ >31&8U 31W1 (W>/&4)1
B41/>)&,1+'1 1+ 1)'1 8(M&4 6>/'>/>$ 31 8& ƒ)>'(&/>F+ $4>M>+&8„G 18
8(M&4 31)31 18 /(&8 18 )(<1'$ )1 ,>4& & )* ,>),$G 31 ,$3$ 0(1 1)
/&B&% 31 1,>'>4 (+ <(>/>$ e'>/$ l1) 31/>4G (+ <(>/>$ )$W41 8&
3>)'4>W(/>F+ 31 8$) W>1+1)G 5& 0(1G )1Mp+ X&98)G 1) 1)'$ 8$ 0(1G 1+
p8'>,& >+)'&+/>&G 81 &'&s1 & 8& .()'>/>&G 1) 31/>4G )1 '4&'& 31
<()'>/>& 3>)'4>W('>;&lT
:>+ 1,W&4M$G /$,$ 8$ 31,$)'4F .1&+lC>1441 Z(B(5G^ 8& ƒ31/>f
)>F+ 31 :$BR>1„ 1cB$+1 (+ /&)$ 8*,>'1 0(1G /$,$ 18 M4&+$ 31 &41+&
&BF/4>6$G B14'(4W& 18 ,1/&+>),$ 8FM>/$ 31 8& <()'>/>& 3>)'4>W('>;&T
O8 B(+'$ /4(/>&8 1) 0(1 8& ƒ31/>)>F+ 31 :$BR>1„ +$ 1) )F8$ $'4$
1<1,B8$ 31 8& )>'(&/>F+ )&/4>6>/>&8 /8d)>/& 1+ 8& 0(1 )&/4>6>/&,$)
8$) 3141/R$) 318 >+3>;>3($ B&4& ,&5$4 W1+16>/>$ 31 8& /$,(+>3&3
S/$,$ 1+ (+& )>'(&/>F+ 31 '1+)>$+1) >+'14e'+>/&) 1c'41,&) 1+
3$+31 8& 8FM>/& ('>8>'&4>& +$) 3>/1 0(1 1) ƒ4&/>$+&8„ 1<1/('&4 &
&8M(+$) >+3>;>3($) >+$/1+'1)G 3&3$ 0(1 )&W1,$) 0(1 1)'1 )&/4>6>f
/>$ &0(>1'&4d 8&) B&)>$+1) &R$44&+3$G /$+ 188$G (+ +p,14$ ,(/R$
,d) M4&+31 31 ;>3&)UT O) 6d/>8 3161+314 18 B(+'$ 31 ;>)'& 8>W14&8
&+'>('>8>'&4>$ /$+'4& (+& 8FM>/& '&8 318 /R>;$ 1cB>&'$4>$ 1+ 18 /(&8
)1
'1G B4$51/'& 8& 318
18 3141/R$ /(8B&>+3>;>3($
/$81/'>;&N& (+$ '>1+1B14<(3>/&3$
+$ )14 0(1 &6>4,&4G
1+ )>,B81,1+f
B4$ 31 8$)
B41)(+'&,1+'1 ,d) 181;&3$) >+'141)1) 31 8& /$,(+>3&3T O,B14$
!%
/(14B$
,>),&G 1c'4&s$
B14$ 0(1G0(1G&8 1+,>),$
p8'>,&'>1,B$G
>+)'&+/>&G
+$ 1) >+/$,B&'>W81
B(131 /$+ 31
)14 416('&3$ 8&
,&+14& >+R141+'1 5G B$4 8$ '&+'$G '>1+1 0(1 1c/8(>4)1 Si)&/4>6>/&4f
)1jU B$4 &+'>/>B&3$ )> 1) 0(1 8& '1$4*& B41'1+31 /$+)14;&4 )(
/$R141+/>&T O+ (+& 6$4,(8& 1+ />14'$ ,$3$ >+M1+(&G B$34*&,$)
31/>4 0(1 8& e'>/& 31 X&98) ƒ+$ 1)'d R1/R& B&4& )>'(&/>$+1)
)&/4>6>/>&81)„N +$ $641/1 (+& 41)B(1)'& ,1<$4 & /F,$ &/'(&4 1+ (+&
31 188&)G 8$ 0(1 B4$B$+1 )$+G &+'1) W>1+G B4>+/>B>$) 0(1G )> )1 8$)
)>M(1G >,B>31+ 18 )(4M>,>1+'$ ,>),$ 31 )>'(&/>$+1) )&/4>6>/>&81)Tw
:&/4>6>/>$ G '4&3>/>$+&8 5 ('>8>'&4>$
C$34*& B&41/14 0(1 R1,$) /$+31+)&3$ 1+ 8& 6>M(4& 31 8& ƒ8FM>/&
)&/4>6>/>&8„ 3$) &/'>'(31) e'>/&) >+/$,B&'>W81)G 8& /$,(+>'&4>&
'4&3>/>$+&8 5 8& ('>8>'&4>&q )>+ 1,W&4M$G B(131 31,$)'4&4)1 0(1
+$) 1+641+'&,$) &0(* & (+& 1)/>)>F+ >+R141+'1 & 8& 8FM>/& )&/4>6>f
/>&8 0(1 )1 416>141 & (+ /&,W>$ 1+ 18 )'&'() 318 /$+$/>,>1+'$T 2&
8FM>/& )&/4>6>/>&8 '4&3>/>$+&8 6(1 31)/4>B'& 31 ,&+14& B&4&3>M,df
'>/& B$4 X1+e #>4&43Nx 8& /(8B& )1 B4$51/'& 1+ 18 /R>;$ 1cB>&'$4>$
/(5$ )&/4>6>/>$ +$) B14,>'1 1)'&W81/14 8& B&% )$/>&8 ,13>&+'1 8&
8$/&8>%&/>F+ 31 8& ;>$81+/>&q /$,$ )> )1 '4&'&4& 31 (+ 41/$+$/>,>1+f
'$ B$4 18 B&B18 W1+e6>/$ 0(1 31)1,B1s&G 8& ;*/'>,& $W'>1+1 31 1)'1
,$3$ 18 &(4& 31 8& )&+'>3&3T O8 /$,B$+1+'1 /4(/>&8 31 1)'&
ƒ('>8>%&/>F+ M1+14&'>;& 318 /R>;$ 1cB>&'$4>$„ 1)G 31)31 8(1M$G 0(1
!&
8& )$/>13&3 ƒ/411 41&8,1+'1„ 1+ 8& /(8B& 318 ,>),$N 8& ƒ6(+/>F+
)$/>&8„ 31 )( ('>8>%&/>F+ 4&3>/& 1+ )( )(WB4$3(/'$G 1+ 18 ,$3$ 1+
0(1 e)'1 M&4&+'>%& 18 B&/'$ )$/>&8G &(+0(1 )F8$ B(131 31)1,B1s&4
1)'& 6(+/>F+ 1+ 8& ,13>3& 1+ 0(1 +$ )1 8& B$)'(8& 3>41/'&,1+'1
/$,$ )( $W<1'>;$T O8 )&/4>6>/>$ ('>8>'&4>$ >,B8>/&G B$4 18 /$+'4&4>$G
(+& &/'>'(3 /*+>/$l,&+>B(8&3$4&N 18 $4M&+>%&3$4 31 8& ('>8>%&/>F+
318 /R>;$ 1cB>&'$4>$ +$ /411 1+ ,$3$ &8M(+$ 1+ 8& /(8B& 31 8&
;*/'>,&G )( $B>+>F+ 1)G )1+/>88&,1+'1G 0(1 R&5 0(1 3&4 B416141+/>&
& 8$) >+'141)1) 31 8& /$,(+>3&3 )$W41 8$) 3141/R$) 318 >+3>;>3($
l18 )&/4>6>/>$ 31 e)'1 1) &/1B'&W81 1+ '&+'$ >,B>31 8& 31)>+'1M4&f
/>F+ 318 '1<>3$ )$/>&8lT O8 B4$W81,& 31 1)'& 8FM>/& /*+>/$lƒ>8()'4&f
3&„ 318 )&/4>6>/>$ 1) 0(1 B41)(B$+1 5 +1/1)>'& &8 ƒ$'4$„ S8& ƒM1+'1
/$,p+„U 1+ 18 B&B18 318 )>,B8F+ 0(1 ƒ/411 41&8,1+'1„ 1+ 8& /(8B&
318 /R>;$ 1cB>&'$4>$q )> +$G 18 )&/4>6>/>$ /&41/1 31 ,$'>;$T C&4&
R&/14 ;>)>W81 8& +&'(4&81%& 3(3$)& 31 1)'1 B41)(B(1)'$G W&)'& /$+
0(1 B1+)1,$) 1+ 8$) ,$+)'4($)$) B4$/1)$) )'&8>+>)'&) /$,$ 8&
6$4,& ,d) 1cB8*/>'& 31 8FM>/& )&/4>6>/>&8 /*+>/$l('>8>'&4>& S&B&4'1
318 &+'>)1,>'>),$ 6&)/>)'&UN 8& 41)B(1)'& & 8& B41M(+'& ƒiQ41*&+
8$) &/()&3$41) 41&8,1+'1 1+ 8& /(8B& 31 )( ;*/'>,&j„ 1) ,(/R$
,d) 3>6*/>8 5 &,W>M(& 31 8$ 0(1 B(131 B&41/14T a+ ƒ;143&314$„
)'&8>+>)'& B4$W&W81,1+'1 3>4*&N &(+ )>G 1+ 18 +>;18 31 8$) R1/R$)
>+,13>&'$)G 8$) &/()&3$) )$+ >+$/1+'1)G )$+ '&+'$ ,d) /(8B&W81)
1+ (+ +>;18 ,d) B4$6(+3$ 31 41)B$+)&W>8>3&3 R>)'F4>/&q ,13>&+'1
8& >+)>)'1+/>& ,>),& 1+ )( >+$/1+/>& &W)'4&/'&l81M&8G R&+ 3&3$
B416141+/>& & )( >+3>;>3(&8>3&3 )$W41 8$) >+'141)1) R>)'F4>/$) ,d)
&,B8>$) 31 8& /8&)1 $W414& 1cB41)&3$) 1+ 8& ;$8(+'&3 318 C&4'>3$TTT
O)'1 &4M(,1+'$ 41)(,1 /$+ /8&4>3&3 8& B&4&3$<& 318 1)B&/>$
)&M4&3$ 1+ <(1M$ 1+ 8& 8FM>/& )&/4>6>/>&8 '4&3>/>$+&8N '&+ B4$+'$
/$,$ (+ R$,W41 )1 1+/(1+'4& $/(B&+3$ 18 8(M&4 31 8& ;*/'>,&
)&M4&3&G )( B4$B>$ )14 1) 1)'>M,&'>%&3$ 5 /(&+'$ ,d) B4$/8&,& )(
>+$/1+/>&G
/>& ,>),&,d) /(8B&W81
& 8& 1)G 5&
&)(+/>F+ 31 0(1
8& )( /(8B& 41)>31
ƒ/(8B&„G 1+ 18)( ,&+3&'$
1)'$ 1)G 41)>)'1+f
)>,WF8>/$ 31 8& ;*/'>,& & e8 /$+614>3$ B$4 8& /$,(+>3&3T 2$ 0(1 8&
;*/'>,& '>1+1 0(1 R&/14 & 6>+ 31 )14 ƒ>M(&8 & )( '&41&„ 1)G B$4 8$ '&+f
'$G &)(,>4 8& /&4M& 31 8& /(8B& /$+ B81+& /$+/>1+/>& 31 )(
>+$/1+/>&N /(&+'$ ,d) >+$/1+'1 1)G ,&5$4 1) 18 B1)$ 31 )( )&f
/4>6>/>$T
O+ $'4&) B&8&W4&)G 8& 416141+/>& & 8$) )>,B8$+1) 31 0(>1+1) )1
)(B$+1 0(1 ƒ/411+ 41&8,1+'1„ 1+ 8& /(8B& 31 8& ;*/'>,& 5 1+ B4$ 31
8$) /(&81) )1 B$+1 1+ 1)/1+& '$3$ 18 1)B1/'d/(8$ 318 /R>;$ 1cB>&'$f
4>$G 1) B4$6(+3&,1+'1 &,W>M(&N B$4 ,13>$ 31 188&G 18 ,&+>B(8&3$4
('>8>'&4>$ '4&)B$+1 1+ 18 $'4$ )( B4$B>& /411+/>& S>+/$+)/>1+'1 UG
UG
/$,$ 8$) B&341) 0(1G ƒB$4 )(B(1)'$G +$ /411,$) 1+ :&+'& Q8&()G
)F8$ )>,(8&,$) /4114 B&4& +$ 31)>8()>$+&4 & +(1)'4$) R><$)TTT„ 2&
!'
21 B€41 TTT
TTT
O+ 1)'1 B41/>)$ ,$,1+'$G ;>1+1 1+ +(1)'4& &5(3& (+& 416141+/>&
& 8& '1$4*& B)>/$&+&8*'>/&N 18 >+)>MR' 6(+3&,1+'&8 0(1 )(W5&/1 &
8&) +$/>$+1) 318 /$,B81<$ 31 O3>B$G 8& B4$R>W>/>F+ 318 >+/1)'$G 8&
/&)'4&/>F+ )>,WF8>/&G 18 &3;1+>,>1+'$ 318 D$,W41 318 C&341G 1'/TG
/$+)>)'1 1+ 0(1 />14'& ƒ)>'(&/>F+ )&/4>6>/>&8„ 316>+1 18 )'&'()
,>),$ 318 R$,W41 /$,$ ƒB&48'41„G ƒ)14 31 81+M(&<1„T O) 31/>4G
i0(e 1) '$3& 8& '1$4*& B)>/$&+&8*'>/& 31 8& ƒ)$/>&8>%&/>F+„G 31 8&
1,14M1+/>& 318 )(<1'$ & B&4'>4 318 1+/(1+'4$ 31 (+& )()'&+/>&
;>'&8 B41)>,WF8>/& 31 ƒM$/1„ /$+ 18 $431+ )>,WF8>/$G )>+$ 8& 31)/4>Bf
/>F+ 31 (+& )>'(&/>F+ )&/4>6>/>&8 0(1G 81<$) 31 )14 1c/1B/>$+&8G 1) 8&
R>)'$4>& 31 /&3& (+$ 5G /$,$ '&8G /$+)'>'('>;& j O)'1 /&4d/'14
/$+)'>'('>;$ )>M+>6>/& 0(1 18 ƒ/$+'4&'$ )$/>&8„G 8& >+/8()>F+ 318
)(<1'$ 1+ 8& /$,(+>3&3 )>,WF8>/&G '>1+1 8& 1)'4(/'(4& 31 (+&
181//>F+ $W8>M&3&N 18 )(<1'$ 318 0(1 )1 )(B$+1 0(1 1)/$M1 8>W41,1+f
'1 )( /$,(+>3&3 S3&3$ 0(1 )F8$ (+& 181//>F+ 8>W41 1) ,$4&8,1+'1
;>+/(8&+'1U +$ 1c>)'1 /$+ &+'14>$4>3&3 & 1)'& 181//>F+G )>+$ 0(1 1)
/$+)'>'(>3$ B$4 ,13>$ 31 188&T 2& 181//>F+ 31 /$,(+>3&3G 18
ƒ/$+'4&'$ )$/>&8„G 1) (+& 181//>F+ B&4&3F<>/& 1+ 8& 0(1 /$+)14;$ 8&
8>W14'&3 31 181M>4 )F8$ )> ƒR&M$ 8& 181//>F+ /$441/'&„N )> 1)/$<$ &8
ƒ$'4$„ 31 8& /$,(+>3&3G ,1 3>)B$+M$ & B14314 8& 8>W14'&3 ,>),&G
8& B$)>W>8>3&3 ,>),& 31 181//>F+ S1+ 'e4,>+$) /8*+>/$)N 18><$ 8&
!(
!)
!!
TTT
TTT$(
$( B>41
Z1 '&8 ,$3$G 5& R1,$) >+3>/&3$ 0(1 8& p8'>,& B&8&W4& 31 2&/&+
+$ 1) 8& 181//>F+ $W8>M&3&T 2& B$)>/>F+ $4>M>+&8 318 R$,W41 /$,$
)14 31 81+M(&<1 1) 31/>3>3&,1+'1 8& 31 8& &8>1+&/>F+ 1+ 18 )>M+>6>f
/&+'1
3&3G 8&S1+31818 C&341G
$431+ )>,WF8>/$UN
0(1 ,&4/& 8&&8B4>,14&
)(<1'$ 181//>F+ 1)G B$4>+3181W81
/$+ 8& /(8B& +1/1)>f
/$441)B$+3>1+'1 & )( 1c>)'1+/>& S)>,WF8>/&U ,>),&T O8 ,1<$4
1<1,B8$ 31 1)'& &8>1+&/>F+ 1) 18 )(<1'$ ,$4&8 @&+'>&+$N 18 )(<1'$
1)/>+3>3$G )(W$43>+&3$ &8 >,B14&'>;$ ,$4&8G &'4&B&3$ 1+ 18 /*4/(f
8$ ;>/>$)$ 318 )(B145F 1+ 3$+31 1) '&+'$ ,d) /(8B&W81 /(&+3$ ,d)
$W131/1 )( $431+T O,B14$G 8& &B(1)'& 31 2&/&+ 1) 0(1 1) B$)>W81
0(1 18 )(<1'$ )1 8>W141 31 8& B41)>F+ 318 )(B145F 41B>'>1+3$ 8&
181//>F+ 5 1c/(8Bd+3$)1G 31 1)1 ,$3$G 31 )( /(8B& /$+)'>'('>;&T O8
B41/>$ 31 188$ 1) 1c$4W>'&+'1N )> 8& B4>,14& 181//>F+ 1) ƒ,&8&„G )(
41B1'>/>F+ 1)G 1+ )( B4$B>& 1)'4(/'(4& 6$4,&8G ƒB1$4„ 3&3$ 0(1 1)
(+ &/'$ 31 )1B&4&/>F+ 31 8& /$,(+>3&3 )>,WF8>/&N &0(*G 18 1<1,B8$
,dc>,$ 31 2&/&+ 1)G B$4 )(B(1)'$G 18 ƒ"D$-„ )(>/>3& 31 I+'*M$+&
& Q41$+'1T
O+ 1)$ /$+)>)'1 8& 316>+>/>F+ 8&/&+>&+& 318 &('e+'>/$ &/'$ e'>/$N
(+ &/'$ 0(1 &8/&+%& 18 8*,>'1 &W)$8('$ 31 8& 181//>F+ $W8>M&3&
B4>,$43>&8 5 8& 41B>'1 1+ )1+'>3$ >+;14)$T a+ &/'$ '&8 1cB$+1 18
p+>/$ ,$,1+'$ 1+ 0(1 )$,$) 161/'>;&,1+'1 ƒ8>W41)„N I+'*M$+& 1)
ƒ8>W41„ 31)B(e) 31 R&W14 )>3$ 1c/$,(8M&3& 31 8& /$,(+>3&3T O+
+(1)'4$ '>1,B$G 1)$) &/'$) B&41/1+ /&)> >,B1+)&W81)N )() 10(>;&f
81+'1) )$+G B$4 8$ R&W>'(&8G 31)/&8>6>/&3$) /$,$ ƒ'144$4>),$„G /$,$
18 M1)'$ 31 #(34(+ O+))8>+G 8*314 31 8& ƒm4&//>F+ 318 O<e4/>'$ X$<$„
SmOXUG
JKxy 1+(+&(+&$4M&+>%&/>F+
B4>)>F+ 31ƒ'144$4>)'&„ ,&$*)'&G 0(1
,dc>,& )1M(4>3&3T :( )1 ,&'F 6(1
R>)'$4>& 1+
418&'&3& 1+ 18 6>8, 31 [&4M&41'R& ;$+ A4$''& 2$) &s$) 31 B8$,$
"##
,>+&4 18 &/'$
4*& W&)'&4 B&4&lƒ41B1'>/>F+„G ƒ8>W14'&3
81M>'>,>%&4 1)'1 M>4$UT 31O8 181//>F+„G ƒ/(8B&„l
M1)'$ e'>/$ 31W1f
6(+3&,1+'&8
1) 8& &8>1+&/>F+ 318 )(<1'$ 1+ 8& (+>;14)&8>3&3 318 B&/'$ )>,WF8>/$G
,>1+'4&) 0(1 8$ 418>M>$)$ ,&4/& 8& )()B1+)>F+ 31 8$ e'>/$G 1)'$ 1)G
18 ,$,1+'$ 31 8& 31/>)>F+ ƒ8$/&„ 1+ 0(1G 1+ ;1% 31 8& V 31 8&
>31+'>3&3 )>,WF8>/&G 31 8& 815 (+>;14)&8G 181M>,$) &G 8& 1c/1B/>F+G
18 $W<1'$ B&4'>/(8&4 0(1 )1 31)B41+31 318 $431+ )>,WF8>/$T O+
)*+'1)>)G 18 )&8'$ R&/>& 8$ 418>M>$)$ 41B>'1 8& 181//>F+ $W8>M&3& e'>/&
5 /$+ 188$ +$) 1c/(8B& 31 8& /(8B& >,B8*/>'& 1+ e)'&T
X1B1'>/>F+N >,&M>+&4>$ G )>,WF8>/$ G 41&8
2& 41B1'>/>F+ /$,$ &/'$ 31W1 3>)'>+M(>4)1 31 )() $'4&) ,$3&8>3&f
31)q 1) 31/>4G 18 )'&'() 31 8& ,>),& 1+ ]>14@1M&&43 1) '4>B81G 31
&/(143$ /$+ )( '4*&3& 31 8&) 1'&B&) 1)'e'>/& G e'>/& 5 418>M>$)& S$G
B&4& ,1+/>$+&4 )() 10(>;&81+'1) 8&/&+>&+$)G V,&M>+&4>&G :>,WFf
8>/& 5 X1&8UTJY
O+ 8& 1'&B& 1)'e'>/& G 8& >,B$)>W>8>3&3 31 8& 41B1'>/>F+ )1 1cB1f
4>,1+'& W&<$ 18 &)B1/'$ 31 8$) 1)'&+/&,>1+'$) >,&M>+&4>$) 0(1 18
)(<1'$ 1+/(1+'4& /(&+3$ )1 1)6(14%& B$4 41)(/>'&4 8& B81+>'(3 31
B8&/141) B&)&3$)T O+ )(
)( X1B1'>/>F+ G ]>14@1M&&43 1<1,B8>6>/& 1)'1
&'$88&314$ B$4 ,13>$ 318 64&/&)$ 31 )( 41M41)$ S1) 31/>4G 18 318
+&44&3$4U & H148*+N '$3$ >+'1+'$ 31 41/(B14&4 &8M(+& >+'1+)&
1cB14>1+/>& B&)&3& 1)'d /$+31+&3$ & '14,>+&4 1+ (+ &+'>/8*,&cq
"#"
"#$
X1B1'>/>F+ 5 B$)',$314+>3&3
IR$4& '&,W>e+ B$31,$) 1+6$/&4 31)31 (+& +(1;& B14)B1/'>;& 18
,&8 &6&,&3$ B4$W81,& 31 8& Be43>3& B$)',$314+& 318 )1+'>3$
R>)'F4>/$ &31/(&3$G 1) 31/>4G )( 6&8'& 31 &B41/>$ B$4 8& '4&3>/>F+
/$,p+ 0(1 +$) (+1 & +(1)'4$ B&)&3$T 2& 1cB14>1+/>& 31 /F,$
1)'&,$) ƒ1+/&<&3$)„ 1+ (+ /$+'>+($ R>)'F4>/$ 1) B41)(+'&,1+'1
)()'>'(>3& B$4 8& 8FM>/& 31 8& +$)'&8M>& G B$4 8& 6&)/>+&/>F+ /$+ (+&
>,&M1+
/$+/1B'$1'e41& 318 B&)&3$
31 41B1'>/>F+ 31 &44&+/&3$ 31 )( 1)'&)>)G
H1+<&,>+ /$,$ /$+'1c'$)()B1+)>F+
R>)'F4>/$T 318
O8
/$+'>+($ R>)'F4>/$G /$+)'>'(51 (+ &+'*3$'$ &B4$B>&3$ B&4& 1)'&
/4*'>/& 3&3$ 0(1 1+ e8 8$) 3$) 'e4,>+$) >+'14/&,W>&+ )() 41)B1/f
'>;$) ƒ;&8$41)„N B&4& H1+<&,>+G 8& ƒ;143&3„ )1 1+/(1+'4& 318 8&3$
31 8& 1)'&)>) &+'>R>)'F4>/&G 1+ '&+'$ 0(1 8& 7>)'$4>& 1) )>1,B41
ƒ6&8)&„G (+ 418&'$ 318 ;1+/13$4 0(1 81M>'>,>%& )( ;>/'$4>& B41)1+f
'&+3$ 18 31)&44$88$ B41;>$ /$,$ 18 /$+'>+($ 8>+1&8 0(1 /$+3(<$ & )(
B4$B>$ '4>(+6$ 6>+&8T iQF,$ 31W14*&,$)G 1+'$+/1)G '4&'&4 1)'1
&+'&M$+>),$ 31 8&) 3$) B14)B1/'>;&) 31 8& R>)'$4>&G 8& 31 8$)
B&4'>3&4>$) 31 8& R>)'$4>/>3&3 0(1 31B8$4&+ 8& Be43>3& 31 )1+)>W>f
8>3&3 R>)'F4>/& 1+ 8& +$)'&8M>& B$)',$314+& 5 8& 31 8& /$+6>&+%&
W1+<&,>+>&+& 1+ 18 B$314 41)/&'&3$4 31 8& 41B1'>/>F+ ƒ&+'>R>)'Ff
4>/&„ 0(1 >+'144(,B1 18 /$+'>+($ R>)'F4>/$j O8 B4>,14 B&)$ 1)G
31)31 8(1M$G /&B'&4 1)'1 &+'&M$+>),$ /$,$ >+R141+'1 & /&3& (+$
31 8$) 3$) 'e4,>+$)G R>)'$4>/>3&3 5 41B1'>/>F+ &+'>R>)'F4>/&T O8
ƒ)1+'>3$ R>)'F4>/$„ 1)'dG 31 ,&+14& >+'4*+)1/&G 31)M&44&3$ 1+'41
8& /$+)/>1+/>& 318 ,$3$ 1+ 0(1 18 8(M&4 ,>),$ 31)31 3$+31
R&W8&,$) 1)'d 31'14,>+&3$ B$4 (+& '4&3>/>F+ R>)'F4>/& ƒ31)/1+f
'4&3&„G 5 18 ƒR>)'$4>/>),$„G 1) 31/>4G 8& ,>4&3& 318 I,$ 0(1G
/$+'1,B8&+3$ 8& R>)'$4>& 31)31 (+& 3>)'&+/>& ,1'&8>+M~*)'>/&
)1M(4&G /$+)'4(51 18 418&'$ 8>+1&8 31 8& ƒ1;$8(/>F+ R>)'F4>/&„T 2&
1)'&)>) &+'>R>)'F4>/& B$)',$314+&G B$4 18 $'4$ 8&3$G 1)'d 31)M&44&f
3& 1+'41 8& 41B1'>/>F+ /$,$ )()B1+)>F+ 318 ,$;>,>1+'$ B$4 ,13>$
318 /(&8 ƒ)>+/4$+>%&,$)„ +(1)'4& B$)>/>F+ &,1+&%&3& /$+ 8& 31
+(1)'4$) B4131/1)$41)G 5 8& 41B1'>/>F+ /$,$ +$)'&8M>&G 18 $W<1'$
&31/(&3$ 31 8& /(&8 +$ 1) 8& >,&M1+ 318 B&)&3$ )>+$G ,d) W>1+G 8&
,>4&3& ,>),& 1,W181)&3& /$+ 1)'& >,&M1+ l8& +$)'&8M>& )>1,B41
31B1+31 31 (+ M>4$ 41681c>;$ 31 1)1 '>B$G 8$ 0(1 1+ 41&8>3&3 +$)
6&)/>+& 1+ 188& 1) 8& ,>4&3& &p+ /&B&% 31 )(,14M>4)1 ƒ>+M1+(&f
,1+'1„ 1+ 8& >,&M1+ 1'e41& 318 B&)&3$ B143>3$lT O+ &,W$) /&)$)G
8& 8FM>/& 31 8& ƒ/&*3&„ S31 8& /$+)/>1+/>& R>)'F4>/& 1+ 18 R>)'$4>/>)f
,$q 31 8& 41B1'>/>F+ /$,$ 1)'&)>) 1+ 8& +$)'&8M>&U 1) 8& ,>),&G >,f
B8>/& +(1)'4& 1c/8()>F+ 318 B4$/1)$G +(1)'4& '$,& 31 3>)'&+f
/>& 1c'14+&q 1,B14$G 8$ 31/>)>;$ 1) 0(1G 1+ 8& 6$4,& 3$W81 1+ 0(1 )1
1cB14>,1+'& 1)'1 &+'&M$+>),$G 8$) 'e4,>+$) )1 ;>+/(8&+ 1+ 3>&f
"#%
ƒ` { $„ 413(B8>/&3$
2& 3$W81 $B$)>/>F+ SR>)'$4>/>3&3 ;)T +$)'&8M>&G R>)'$4>/>),$ ;)T
41B1'>/>F+U B(131 )14 3>)B(1)'& 1+ (+& )(/1)>F+ +&44&'>;&N 1+ (+
B4>,14 ,$,1+'$G 41/R&%&,$) 8& 1)'&)>) +$)'d8M>/& 1+ +$,W41 318
)1+'>3$ R>)'F4>/$q 1+ (+ )1M(+3$ ,$,1+'$G '$,&,$) /$+)/>1+/>&
31 8& 6$4,& 1+ 0(1 1)'1 )1+'>3$ R>)'F4>/$ )1 /$+;>14'1 1+ )(
"#&
&'4&+)M41)>F+
8$ 418>M>$)$31/(&+3$
8& 815 +$) 31/>,$)
641+'1 & +$)$'4$) ,>),$)
& 8& '4&+)M41)>F+ ƒik(e
0(1 &'&s1 & 8&1) B4$f
(+&
B>& 815j ik(e )$+ 8$) B10(1s$) 318>'$) R(,&+$) 641+'1 & 8&
"#(
"#)
+>$ 31 /$+)'>'('>;$
8*,>'1 8& 31W>8>3&3 318
'1F4>/& 31 I3$4+$G
B1+)&,>1+'$ )1 1cB$+1+
>+)/4>W1 8&31+'4$
6$4,&318
1+ B4$B>$
0(1 18
B1+)&,>1+'$q 1) 31/>4G '&8 416141+/>& ƒ31 8& )$/>$8$M*& ;(8M&4„
R&/1 M1)'$) R&/>& (+ &6(14& 318 B1+)&4 l5& &8 )>)'1,& ,>),$ 1+ 8&
6$4,& 31 4&/>$+&8>%&/>F+G $ & 8& '$'&8>3&3 /$,$ (+ ,1/&+>),$
)$/>$1/$+F,>/$ 31 3$,>+&/>F+ 5 1cB8$'&/>F+l 0(1 18(31 8& 41B41f
)1+'&/>F+ B$4 B&4'1 318 B1+)&3$4 $ 18 B1+)&,>1+'$ >+3>;>3(&81)T 2&
6(+/>F+ 31 8& 416141+/>& >,B(4& 5 1c'4*+)1/& 1) ,1+$) >+'14B41'&4
0(1 /4>'>/&4 & 8& >+'14B41'&/>F+ /$,$ '&8 1 >+/8(>4 31+'4$ 318
B1+)&,>1+'$ 18 41/$43&'$4>$ 31 0(1 1+ )* ,>),$ 1)G >+1;>'&W81,1+f
'1G 18 41)(8'&3$ 31 (+ )>)'1,& 0(1 81 R(51 5 &8 0(1 B14B1'p&TPJ
"#!
B$)>'>;>3&3 ƒ>44&/>$+&8„G
3>&8e/'>/$ &31/(&3$ W>$8FM>/&G
>+/8(51G B$4 8$ 318 /(14B$
'&+'$G 318 415UT
)( B4$B>& O8 1+6$0(1
)()B1+)>F+ G (+
B(+'$ 31 1c/1B/>F+ 0(1 1) /$+)'>'('>;$ 318 &+d8>)>) 3>&8e/'>/$T
O)& 1) 8& ,&8 &6&,&3& ƒ/$>+/>31+/>& n3>&8e/'>/&o 31 8$) $B(1)f
'$)„N 8& 6$4,& B(4& 31 8& ,13>&/>F+ 3>&8e/'>/& /$+)14;& )( 3>)'&+f
/>& 318 /$+'1+>3$ B$)>'>;$ 0(1 ,13>& p+>/&,1+'1 B$4 ,13>$ 31 )(
/$>+/>31+/>& /$+ 18 41)>3($ ,d) >+14'1G ƒ+$ ,13>&3$„G 31 )( /$+f
'1+>3$N 5 8$ ƒX1&8„ 8&/&+>&+$ 31+$'&G 1+ p8'>,& >+)'&+/>&G 1)1 41)'$
+$ ,13>&3$ 0(1 )>4;1 /$,$ )$)'e+ 31 8& 1)'4(/'(4& )>,WF8>/& 1+ )(
B(41%& 6$4,&8TPP O,B14$G 8& B&4&3$<& 31 8& >31+'>3&3 4&3>/& 1+ 18
R1/R$ 31 0(1 1) B41/>)&,1+'1 & '4&;e) 31 1)'1 41)>3($ 31 8$ X1&8
l& '4&;e) 31 1)'& $W)14;&/>F+ /$,B81,1+'&4>& 0(1 ,&+'>1+1 )(
+$l31+'>3&3 5 &B14'(4&l 0(1 18 )>)'1,& S18 1)'&3$ R1M18>&+$G 18
13>6>/>$ '1F4>/$ 31 I3$4+$U 8$M4& )( >31+'>3&3 /$+)>M$ ,>),$N
""#
81R41 UU„G
„G )$+ $'4$) '&+'$) >+'1+'$) 31 &W$43&4 (+ +p/81$ '4&(,d'>/$
>+)>)'1+'1 0(1 ƒ41'$4+& /$,$ 8$ ,>),$„T m>/R'1 )1 1)6(14%&G 1+
B4>,14 8(M&4G B$4 8>W14&4)1 31 e8 B$4 ,13>$ 31 8& +$/>F+ 31 8&
&('$B$)'(8&/>F+ B(4& 318 5$N /$+/>W1 8& >31+'>3&3 31 e)'1 /$+)>M$
,>),$ S5$ ‰ 5$U /$,$ 18 B(+'$ 31 B&4'>3& &W)$8('$ 31 8& 6>8$)$6*&T
O8 ƒ5$„ 1) (+& &/'>;>3&3 0(1 /$>+/>31 &W)$8('&,1+'1 /$+ )( B4$B>&
&('$B$)'(8&/>F+G ƒ1)„ )F8$ 1+ 8& ,13>3& 1+ 0(1 )1 B$)'(8& & )*
,>),$ B$4 ,13>$ 31 )( /$+)/>1+/>& 31 )*q /$,$ '&8G 1) 8& (+>3&3
$4>M>+&8 31 )(<1'$B$34*&
/$+'1,B$4d+1$)G 5 $W<1'$G
31/>4)1310(1
)14 & 58$R&/14T O+ 'e4,>+$)
0(1 m>/R'1 ,d)
&B(+'& &0(*
1) & 8& +$/>F+ 31 (+ B146$4,&'>;$ B(4$N 5$ ‰ 5$ 31)>M+& 8&
/$>+/>31+/>& &W)$8('& 318 1+(+/>&3$ S18 /$+'1+>3$ B4$B$)>/>$+&8U
/$+ )( B4$/1)$ 31 1+(+/>&/>F+G 1)'$ 1)G (+ /$+'1+>3$ 0(1 +$
/$+)>)'1 )>+$ 1+ 18 &/'$ 31 )( B4$B>& B$)'(8&/>F+T :>+ 1,W&4M$G
&0(* +$) '$B&,$) /$+ 8& B4>,14& 3>6>/(8'&3N 8& >31+'>3&3 &W)$8('&
318 5$ /$+)>M$ ,>),$ /$,$ &('$B$)'(8&+'1G 1)'1 B(+'$ 31 B(4&
&('$'4&+)B&41+/>&G 1) &8M$ 0(1 18(31 B&4& )>1,B41 &8 5$ 1,B*4>/$G
3&3$ 0(1 1)'1 p8'>,$ 1)'d 1+413&3$ '&,W>e+ B&4& )>1,B41 1+ (+&
413 31 418&/>$+1) /$+ 18 ƒ+$l5$„G /$+ 8$) $W<1'$) & )( &841313$4 l1+
ƒR1M18e)„G 18
B41)(B(1)'$ 5$ 0(1
N &8M$ &('$B$)'(8&+'1 )>M(1 )>1+3$
+(+/& 1) ƒB$)'(8&3$ G 1'14+&,1+'1
/$,$ G (+
'&8„G B41)1+'1 1+
8& '4&+)B&41+/>& 31 (+ 5$ 41&8T ik(e 3141/R$ '1+1,$)G 1+'$+/1)G
& &'4>W(>4 & 1)'1 B(4$ &('$B$)'(8&+'1 B146$4,&'>;$ 18 /&4d/'14 31
(+ ƒ5$„ )>G B41/>)&,1+'1G +(+/& B$)11 )( /&4&/'14*)'>/& 6(+3&f
,1+'&8G 8& &('$B41)1+/>& '4&+)B&41+'1j O+ )( 6>8$)$6*& '&43*&G
m>/R'1 1c'4&<$ 8& /$+/8()>F+ &B4$B>&3& 318 R1/R$ 31 0(1 18 B(+f
'$ 0(1 1) >+&//1)>W81 B&4& )>1,B41 B&4& 18 )(<1'$ 41&8 )1& 18 B(+'$
,>),$ 31 )( &('$>31+'>3&3 &W)$8('&G 5 /$+/>W1 8$ &W)$8('$ /$,$
'4&+))(W<1'>;$G /$,$ (+ 6(+3&,1+'$ 318 /(&8 1,14M1 18 5$TTT D$ 1)
3>6*/>8 ;14 /F,$ 1)'1 1+/(1+'4$ 6&88>3$ S5$ ‰ 5$ 1) B4>,14$ B41)(f
B(1)'$G 8(1M$ 31)'4$+&3$ 5 /$+/1W>3$ /$,$ (+ ,$,1+'$ 31 &8Mp+
&W)$8('$ '4&+))(W<1'>;$U 41B>'1 18 &'$88&314$ 6(+3&,1+'&8 31 8&
&('$441681c>F+TPL
2& 1)1+/>& 31 8& /4*'>/& 31 71+4>/R & 71M18 1) 0(1 1)'& >+'(>/>F+
)$W41 8& >,B&))1 /$+)'>'('>;& 31 8& &('$441681c>F+ )1 B>1431 /$+ e8N
71M18 41&6>4,& & 8& &('$441681c>F+ /$,$ ƒ&W)$8('&„G /$,$ (+
,$;>,>1+'$ />4/(8&4 /&B&% 31 B$)'(8&4 )() B4$B>$) B41)(B(1)'$)G
31 ƒ)(B14&48$)„ )>+ 31)/&+)$TP^ O8 B41/>$ 0(1 '>1+1 0(1 B&M&4 B$4
188$ /$+)>)'1 1+ +(,14$)&) 10(>;$/&/>$+1) +$ '1,&'>%&3&)G /&,f
W>$) 31 )1+'>3$ $/(8'$)G 0(1 3>6(,>+&+ 18 /*4/(8$ ;>/>$)$ 318
,$;>,>1+'$ 31 41681c>F+N )1Mp+ 71+4>/RG 8& p+>/& )&8>3& 31 1)'1
8FM>/& 6(+3&,1+'&8
R1M18>&+& /(5& 1cB41)>F+
31 8& 641+$8$M*&G ,d)1) /$+/>)&
ƒ18 O)B*4>'( 1) Pw
(+ 7(1)$„N 8& 8&B&4&3$<&
;143&f
314& >31+'>3&3 1)B1/(8&'>;& +$ 1) (+& )(B14&/>F+ 31 '$3$) 8$)
,$,1+'$) B&4'>/(8&41) 1+ (+& '$'&8>3&3 1)B>4>'(&8G )>+$ 8& >31+f
'>3&3 31 1)'& '$'&8>3&3 ,>),& 31 ,13>&/>F+ 4&/>$+&8 /$+ (+
ƒB13&%$ 31 8$ 41&8„ >+14'1G >+,13>&'$ 5 +$ 4&/>$+&8 l8$ 0(1 2&/&+
88&,&4*& 8& /&*3& 318 M4&+ `'4$ S18 $431+ )>,WF8>/$ 4&/>$+&8U
R&/>e+3$)1 &G 18 41)>3($ >+14'1†T
O+ $'4&) B&8&W4&)G 8& '$'&8>3&3 4&/>$+&8 )1 &3R>141 & (+ ƒB13&%$
n>+14'1 To 31 8$ 41&8„ B41/>)&,1+'1 1+ 8& ,13>3& 1+ 0(1 1) &'4&B&3&
1+ (+ /*4/(8$ ;>/>$)$ T C$4 1)& 4&%F+G 71M18 /$+;>14'1 18 5$ ‰ 5$
6>/R'1&+$ 1+ 8& /$+'4&3>//>F+ &W)$8('& O)B*4>'( ‰ 7(1)$G 1) 31/>4G
1+ 18 B(+'$ 31 +$ 41681<$ &W)$8('$ G 8& >31+'>3&3 318 )(<1'$ /$,$
;&/*$ /$+ 18 181,1+'$ 1+ 18 /(&8 +$ B(131 41/$+$/14 )( >,&M1+ 1+
18 1)B1<$G /$+ 18 41)>3($ >+14'1G 18 R(1)$G 8& 4$/&G 18 $W)'d/(8$ 0(1
>,B>31 8& &('$'4&+)B&41+/>& &W)$8('& 318 B146$4,&'>;$ B(4$N 18
)(<1'$ 1) B$)'(8&3$ /$,$ /$4418&'>;$ 31 (+ $W<1'$ 0(1G B41/>)&f
,1+'1G +$ B(131 )14 /$+/1W>3$ /$,$ 8& $W<1'>;&/>F+ 318 )(<1'$T _
8$ 0(1 71+4>/R 88&,& ƒ&('$/$+$/>,>1+'$ B41441681c>;$„ 31)>M+&
)>,B81,1+'1 &8 M1)'$ 31 ƒ)(W<1'>;&/>F+„ B$4 ,13>$ 318 /(&8 18
)(<1'$ ƒ$8;>3&„ /F,$ )1 &3R>141 )( 1c>)'1+/>& & (+ 64&M,1+'$
1c'14+$ 31 41&8>3&3 /$+'>+M1+'1 5 /$+ 188$ )1 1)'&W81/1 /$,$
>+'14>$4>3&3 &('$B41)1+'1T
/$+/1W>4 18 &'$88&314$ O8 B&)$
6>/R'1&+$ 3&3$
/$,$ )( B$4 71M18
B4$B>& 1) 1+'$+/1)
)$8(/>F+N +$ 1)
3>6*/>8 &3;14'>4 /F,$ 8& 8FM>/& B&4&3F<>/& 31 1)'1 4&)M$ 1c/131+'1
""$
V31+'>3&3 5 6&+'&),&
31)B41+31„G
3&3&G 0(1 +$
B14$ 0(1G B(131 )14/$,$
<()'&,1+'1 >+'1M4&3$ 1+ 8& 1)'4(/'(4&
'&8G /$+)'>'(51 )>,WF8>/&
)( >31+'>3&3T 2&
/8*+>/& B)>/$&+&8*'>/& 31'1/'& )( ,&'4>% 6(+3&,1+'&8 1+ 18 &)*
88&,&3$ $W<1'$ ƒB41M1+>'&8„ S&+&8UN )1Mp+ 8& $4'$3$c>& 641(3>&+&G
8& 6><&/>F+ 1+ e8 >,B>31 8& 1,14M1+/>& 31 8& 418&/>F+ )1c(&8
ƒ+$4,&8„ SM1+>'&8Uq 1+ 8& '1$4*& 8&/&+>&+&G )>+ 1,W&4M$G 18 ƒ$W<1'$
+$ 1) 8$ 0(1 $W)'&/(8>%& 18 &3;1+>,>1+'$ 31 8& 418&/>F+ )1c(&8G
/$,$ +$) R&/1 /4114 (+& 1)B1/>1 31 144$4 31 B14)B1/'>;&T O8 $W<1'$
1)G B$4 18 /$+'4&4>$G (+ 41881+$G 8$ 0(1 1+ 8& 418&/>F+ 881+& 8$ 0(1 +$
1c>)'1 5 81 /$+6>141 )( /$+)>)'1+/>& 6&+'&),d'>/&„TPx 2& 418&/>F+
)1c(&8 1) 1+ )* ,>),& >,B$)>W81G 1)'d $W)'4(>3&G 5 18 $W<1'$ +$ R&/1
)>+$ ,&'14>&8>%&4 1)'& >,B$)>W>8>3&3 ƒ$4>M>+&8„G 1)'1 $W)'d/(8$
>+R141+'1q 18 ƒ144$4 31 B14)B1/'>;&„ 4&3>/& 1+ /$+/1W>48$ /$,$ (+
>,B13>,1+'$ & 8& 1,14M1+/>& 31 8& 418&/>F+ )1c(&8 ƒB81+&„G /$,$
""%
)>G )>+ 1)'1 >+'4()$ 6&)'>3>$)$G 8& 418&/>F+ )1c(&8 6(14& B$)>W81 1+
)( B81+>'(3 >+'&/'&T 2$ 0(1 &0(* 1+/$+'4&,$) 1) 8& B&4&3$<& 318
)&/4>6>/>$ 1+ )( ,dc>,& B(41%&N 8& >8()>F+ 318 )&/4>6>/>$ 1) 0(1
18 41+(+/>&,>1+'$ 318 $W<1'$ R&4d &//1)>W81 18 '$3$ >+'&/'$T O+ 18
/&,B$ >31$8FM>/$G 1)'& B&4&3$<& 1+/(1+'4& )( &4'>/(8&/>F+ ,d)
/8&4& 1+ 18 /$+/1B'$ &+'>)1,>'& 318 <(3*$N 18 +&%> '>1+1 0(1
)&/4>6>/&48$ & 6>+ 31 )14 /&B&% 31 ,&+'1+14 8& >8()>F+ 31 0(1 1) )F8$
18 ƒ/$,B8$' <(3*$„ 18 0(1 >,B>31 18 1)'&W81/>,>1+'$ 31 8& ƒ418&/>F+
31
0(1/8&)1)„G
1cB8>/&31B$4
8& )$/>13&3
0(eG 1+ /$,$ (+ '$3$BdM>+&)
8&) p8'>,&) &4,$+>$)$
318 5:1,>+&4>$
$4Md+>/$T •V
2$G
2&/&+ 1)'d B81+&,1+'1 <()'>6>/&3$ &8 31)>M+&4 &8 7$8$/&()'$ /$,$
(+ ƒ3$+ 31 41/$+/>8>&/>F+„N i+$ 1) &/&)$ 18 <(3*$ 18 $W<1'$ &+&8 B&4
1c/1881+/1 G 1)'$ 1)G 18 $W<1'$l,&+/R& B&4/>&8 0(1 B14'(4W& 8&
&4,$+*& 31 8& 418&/>F+ 31 /8&)1)j I0(* (+$ )>1+'1 8& '1+'&/>F+ 31
B&4&64&)1&4 8& &+'1) />'&3& B4$B$)>/>F+ 31 .&/0(1)lI8&>+ [>8814N
ƒO8 <(3*$ +$ 1) 8$ 0(1 $W)'&/(8>%& 18 &3;1+>,>1+'$ 31 8& 418&/>F+ 31
/8&)1)T O8 <(3*$ 1)G B$4 18 /$+'4&4>$G (+ 41881+$G 8$ 0(1 1+ 8& 418&/>F+
881+& 8$ 0(1 +$ 1c>)'1 5 81 /$+6>141 )( /$+)>)'1+/>& 6&+'&),d'>/&„TPy
O+ $'4&) B&8&W4&)G 8$ 0(1 &B&41/1 /$,$ 18 $W)'d/(8$ B&4& 8& B81+&
>31+'>3&3 &831'4&)B$+14
B$)>'>;&N 8& )$/>13&3
1+ /$+)>M$
18 <(3*$ ,>),& 1) 318
18 B&B18 41&8,1+'1
/(14B$ )( /$+3>/>F+
1c'4&s$ 0(1
>+'4$3(/1 1+ 18 $4M&+>),$ )$/>&8 8& 31)>+'1M4&/>F+ 5 18 &+'&M$+>)f
,$G )1 ;(18;1 B$)>W81 8& >,&M1+ 6&+'&),d'>/& 31 8& )$/>13&3 /$,$
(+ '$3$ /$+)>)'1+'1 5 &4,$+>$)$T
a+& 31 8&) 81//>$+1) 0(1 31W1+ )&/&4)1 31 1)'& +$/>F+ 318
&+'&M$+>),$ 1) 0(1 18 /$+/1B'$ 31 >31$8$M*& 31W1 )14 31)8>M&3$ 31
8& B4$W81,d'>/& ƒ41B41)1+'&/>$+&8>)'&„N 8& >31$8$M*& +$ '>1+1 +&3&
0(1 ;14 /$+ 8& ƒ>8()>F+„ G /$+ (+& 41B41)1+'&/>F+ 144F+1& 5 3>)'$4f
)>$+&3& 31 )( /$+'1+>3$ )$/>&8T C&4& 1cB41)&48$ )(/>+'&,1+'1N (+
B(+'$ 31 ;>)'& B$8*'>/$ B(131 )14 318 '$3$ 1c&/'$ Sƒ;143&314$„U 1+
/(&+'$ & )( /$+'1+>3$ $W<1'>;$ 5G )>+ 1,W&4M$G /$,B81'&,1+'1
>31$8FM>/$G 5 ;>/1;14)& G 8& >31& 0(1 3& 31 )( /$+'1+>3$ )$/>&8 B(131
31,$)'4&4)1 '$'&8,1+'1 10(>;$/&3& 5G +$ $W)'&+'1G +$ R&5 &W)$f
8('&,1+'1 +&3& ƒ>31$8FM>/$„ 1+ 188&T Q$+)>3141,$) 18 /&)$ 318
ƒ,13>&3$4 1;&+1)/1+'1„ 318 B4$/1)$ 31 31,$/4&'>%&/>F+ 1+ 8&
&+'>M(& I81,&+>& `4>1+'&8G D1(1) m$4(, T O)'1 /$+)>)'*& 1+
M4(B$) 31 >+'181/'(&81) &B&)>$+&3$) 0(1 ƒ'$,&W&+ 1+ )14>$ 18
)$/>&8>),$„ 5 1)'&W&+ 3>)B(1)'$) & B$+148$ '$3$ 1+ <(1M$ & 6>+ 31
31)'4(>4 18 )>)'1,& /$,B4$,1'>3$ 5 411,B8&%&48$ B$4 8& ('FB>/&
ƒ'14/14& ;*&„ 1+'41 18 /&B>'&8>),$ 5 18 )$/>&8>),$ ƒ41&8,1+'1
1c>)'1+'1„T :( )>+/14& /411+/>& 5 8& >+)>)'1+/>& 1+ 0(1 +$ '4&W&<&f
W&+
)14G B$4
31)318& 8(1M$G
41)'&(4&/>F+ 318 >8()>F+
)>+$ (+& /&B>'&8>),$ $//>31+'&8/$+
>+)()'&+/>&8N +$ 41)B1/'$
41)(8'&4$+&
8& ƒ;143&3 6d/'>/&„G 8& B$)>/>F+ 31 D1(1) m$4(, l8& 31 /$+/1W>4 8&
""&
8&/&+>&+&1+ )1Mp+
6>//>F+N 8& /(&8 8&
1)$) /$+6()$) ;143&3
,1)1) 318 '>1+1
B&)&<1 8&3181)'4(/'(4& 31 41&8f
ƒ)$/>&8>),$ (+&
,1+'1 1c>)'1+'1„ &8 /&B>'&8>),$G 8& 6>//>F+ 31 (+& ƒ'14/14& ;*&„ 14&
18 p+>/$ B(+'$ 1+ 0(1 18 &+'&M$+>),$ )$/>&8 +$ 14& W$44&3$ T O+ 188$
/$+)>)'1 (+& 31 8&) '&41&) 31 8& /4*'>/& ƒB$)',$314+&„ 31 8&
>31$8$M*&N 31)>M+&4 8$) 181,1+'$) 31+'4$ 31 (+ $431+ )$/>&8
1c>)'1+'1 0(1 l/$+ 8& &B&4>1+/>& 31 8& ƒ6>//>F+„G 1) 31/>4G 31 8&)
+&44&/>$+1) ƒ('FB>/&)„ 31 R>)'$4>&) &8'14+&'>;&) B$)>W81) B14$
64&/&)&3&)l &B(+'&+ & )( /&4d/'14 &+'&MF+>/$ 5 31 1)1 ,$3$ +$)
ƒ1+&<1+&+„ 31 8& &('$1;>31+/>& 31 )( >31+'>3&3 1)'&W81/>3&T
I 8$ 0(1 '1+1,$) 0(1 1)'&4 &'1+'$) 1) &8 /&4d/'14 >+R141+'1f
,1+'1 &('$4>'&4>$ 31 1)'1 4&)M$G 1) 31/>4G 18 ;*+/(8$ >+'4*+)1/$ 31
8& >31+'>3&3 /$+ 8& &('$4>3&3N 18 ,$+&4/& 31)1,B1s& )( B&B18
/$,$ (+& 6>M(4& 31 B(4& &('$4>3&3G /$,$ 18 p+>/$ 0(1G B$4 ,13>$
31 )( ƒ"A&8 1) ,> ;$8(+'&3-„G 1)'$ 1)G 31 )( 31/>)>F+ &W>),&8G
&'4&;>1)& 8& )14>1 >+'14,>+&W81 31 8$)
8$) B4$ 1' /$+'4& T i_ +$ $/(441
8$ ,>),$ /$+ 8$) &44&+0(1) ƒ31 8& )$/>$8$M*& ;(8M&4„ 31 I3$4+$G +$
1<1/('&+ 18 ,>),$ M1)'$ &('$4>'&4>$ 31 416141+/>& &8 3$M,&
,&4c>)'& 0(1 4$,B1 18 R>8$ >+&/&W&W81 31 8& &4M(,1+'&/>F+
3>&8e/'>/&j D$ 1) 1+ ,$3$ &8M(+$ &//>31+'&8 0(1 8&) '&('$8$M*&)
lB4$B$)>/>$+1) 0(1 >,B8>/&+ 8& >31+'>3&3 /$+)>M$ ,>),$ 31 )(
)(<1'$l )1&+ 8$) 1<1,B8$) ,d) /8&4$) 31 &('$4>3&3 &)14'>;&N ƒ"2&
/>F+ 31 8& B(4& 3>6141+/>&G 31 (+& 6&8'&lTPK O+ 1)'1 )1+'>3$G 8& &(f
'$4>3&3 1)'d 81<$) 31 )14 (+& 1)B1/>1 31 41)'$ 31 8& B41lV8()'4&/>F+N
1)'d >+)/4>B'& 1+ 18 /$4&%F+ ,>),$ 318 B4$51/'$ 31 8& V8()'4&/>F+T
D$ 6(1 R&)'& e)'& 0(1 8& 1)'4(/'(4& 31 8& &('$4>3&3 )1 3>;>)F
/$,$ '&8G /$+'4& 18 '18F+ 31 6$+3$ 31 8& &4M(,1+'&/>F+ 4&/>$+&8 /$f
,$ 6(+3&,1+'$ 318 /$+$/>,>1+'$ >8()'4&3$T O) (+ R1/R$ )>+'$,df
'>/$ 0(1 18 B4>,14$ 1+ R&/14 ;>)>W81) 8$) B146>81) 31 8& &('$4>3&3
ƒB(4&„ 6(14& B41/>)&,1+'1 ]>14@1M&&43G (+$ 31 8$) ,d) M4&+31)
/4*'>/$) 31 71M18T
2$ 0(1 &0(* 31W14*& '1+14)1 1+ /(1+'& 1) 0(1G )1Mp+ 2&/&+GYz 8&
3161+)& 31 I+'*M$+& /$+'4& 8& &/()&/>F+ 31 Q41$+'1 /$+)>)'1
<()'&,1+'1G 1+ p8'>,& >+)'&+/>&G 1+ (+& 31 1)&) '&('$8$M*&)
ƒ&('$4>'&4>&)„N +$ /$+'4&B$+1 & 8$) &4M(,1+'$) 31 Q41$+'1 8$)
)(5$) B4$B>$) S+$
S+$ $B$+1 & 8& 815 31 8& B$8>) 31 e)'1 8& 815 3>;>+&
)(W'144d+1& 0(1 B4$'1M1 18 3141/R$ 31 8$) 3>6(+'$)G /$,$ )(B()$
144F+1&,1+'1 71M18UG )>,B81,1+'1 >+'144(,B1 18 68(<$ 31 )(
&4M(,1+'&/>F+ >+)>)'>1+3$ 1+ 0(1 ƒ"O) &)* B$40(1 1) &)*-„G 1+ 0(1
ƒ"[> R14,&+$ 1) ,> R14,&+$-„TTT O8 ,1<$4 ,$3$ 31 R&/14 ;>)>W81
8& 8FM>/& 31 )( 3161+)& 1)G '&8 ;1%G ,1+/>$+&4 8& +$/>F+ 31 :&(8
]4>B@1 318 ƒ31)>M+&3$4 4*M>3$„G 31 (+ )>M+>6>/&+'1 0(1 31)>M+& &8
,>),$ $W<1'$ ƒ1+ '$3$) 8$) ,(+3$) B$)>W81)„G 1) 31/>4G &(+ )> '$3&)
)() B4$B>13&31) B$)>'>;&) )1 ,$3>6>/&+TYJ O8 ƒ31)>M+&3$4 4*M>3$„
6><& &)* 18 ;143&314$ +p/81$ 318 $W<1'$ 31)>M+&3$G 8$ 0(1G 1+ e)'1G
ƒ)>1,B41 41'$4+& & )( 8(M&4„ S8& 316>+>/>F+ 31 2&/&+ 31 8$ 41&8U l1+
18 /&)$ 31 C$8>+>/1)G 31)>M+& )( >+3>;>3(&8>3&3 &W)$8('& 0(1 )>M(1
)>1+3$ 8& ,>),&G ,d) &88d 31 8&) B4$B>13&31) /&,W>&+'1) 0(1
/&4&/'14>%&+ & )( B14)$+& S)() W(1+&) $ ,&8&) &//>$+1)UlT 2& ƒ815„
1+ +$,W41 31 8& 0(1 I+'*M$+& >+)>)'1 1+ 18 3141/R$ 31 1+'144&4 &
C$8>+>/1) 1) 1)'& 815 318 ƒB(4$„ )>M+>6>/&+'1G B41;>& & '$3& 815
B$)>'>;& 0(1 <(%M(1 +(1)'4&) &//>$+1)N 1) 8& 815 318 D$,W41 0(1
6><& +(1)'4& >31+'>3&3 ,d) &88d 318 68(<$ 1'14+$ 31 8& M1+14&/>F+ 5
8& /$44(B/>F+TYP
1)1+/>&
&8/&+%&+)1Mp+ 71M18UT
8& ;143&3 O) />14'$G
1'14+& 8$) ,$,1+'$
1+ &8Mp+ )(<1'$) '4&+)>'$4>$)
31'14,>+&3$5 6>+>'$)
1+ 18
'>1,B$ 31 )() ;>3&)q )>+ 1,W&4M$G (+& ;1% 0(1 >+M41)&+ & 8&
;143&3G 18 >+)'&+'1 1) 41;$/&3$G &W&+3$+&3$ /$,$ (+& 1)/&814&
>+p'>8T X&%F+ B$4 8& /(&8 :F/4&'1) 1)'d 318 '$3$ <()'>6>/&3$ /(&+3$
)1 /$,B&4& /$+ (+& B&4'14&N )( '&41& )F8$ 1) B14,>'>4 0(1 18 )(<1'$
3e & 8(% 18 /$+$/>,>1+'$ 5& B41)1+'1 1+ e8G 31 ,$3$ 0(1 18
41/$+$/>,>1+'$ )(B41,$ 0(1 B(131 /$+/1314)1 & :F/4&'1) 1) 31/>4
0(1 6(1 $8;>3&3$ 1+ 18 ,$,1+'$ 1+ 0(1 +$) 1+/$+'4&,$) /&4& &
/&4& /$+ 8& ;143&3T Q$+ Q4>)'$G 8$ 0(1 ;&81 1) 1c&/'&,1+'1 8$
/$+'4&4>$N 8& ;143&3 /4>)'>&+&G +$ ,1+$) 1'14+& 0(1 8& )$/4d'>/&G
1)'d >+3181W81,1+'1 ,&4/&3& B$4 (+ )(/1)$ R>)'F4>/$G 18 ,$,1+'$
31 8& 1+/&4+&/>F+ 31 Z>$)T C$4 /$+)>M(>1+'1G 18 $W<1'$ 31 8& 61
/4>)'>&+& +$ 1) 8& 1+)1s&+%&G )>+$ 18 ,&1)'4$N (+ /4>)'>&+$ /411 1+
Q4>)'$ /$,$ B14)$+&G +$ >+,13>&'&,1+'1 1+ 18 /$+'1+>3$ 31 )()
&6>4,&/>$+1)q Q4>)'$ +$ 1) 3>;>+$ B$4 R&W14 B4$614>3$ ;143&31) '&+
B4$6(+3&)G :() B&8&W4&) )$+ ;143&314&) B$40(1 6(14$+ B4$+(+f
/>&3&) B$4 v8T 2& B&4&3$<& 318 /4>)'>&+>),$ 4&3>/& 1+ 1)'1 8&%$ 0(1
(+1 8& ;143&3 1'14+& & (+ )(/1)$ R>)'F4>/$N B(13$ /$+$/14 8&
;143&3 1'14+& )F8$ 1+ 8& ,13>3& 1+ 0(1 /41$ 0(1 8& /4>&'(4&
,>)14&W81 0(1 R&/1 3$) ,>8 &s$) /&,>+F B$4 C&81)'>+& 14& Z>$)T
[$'>;$) 0(1G )1Mp+ 18 /$+$/>,>1+'$ 6>8$)F6>/$ /$44>1+'1G 316>+1+
8& >+;14)>F+ B$)'R1M18>&+& l8& &6>4,&/>F+ 318 )(/1)$G 318 >+)'&+'1G
1+ $B$)>/>F+ & 8& ;143&3 1'14+& 1 >+,('&W81q 8& B4>$4>3&3 31 8&
1c>)'1+/>& S18 R1/R$ 31 0(1 (+& /$)& 1c>)'&U )$W41 8& 1)1+/>& S)$W41
"")
""!
Q$+ '$3$G &8 ,>),$ '>1,B$ ]>14@1M&&43 B&41/1 3&4 & 1+'1+314
1c&/'&,1+'1 8$ /$+'4&4>$ 31 1)'& B4>$4>3&3 318 ,&1)'4$ )$W41 8&
1+)1s&+%&N (+ &BF)'$8 l(+& B14)$+& & 8& 0(1 )1 /$+6>141 8& &(f
'$4>3&3 31 Z>$)l )1 413(/1 & )( B&B18 31 B$4'&3$4 31 &8Mp+
,1+)&<1 6$4d+1$ G 1) '$'&8,1+'1 &+(8&3$ /$,$ B14)$+&G '$3$ 8$ 0(1
>,B$4'& 1) 18 /$+'1+>3$ 318 ,1+)&<1N
I)* /$,$
+&3& (+ /$+
0(1 ;14 R$,W41G 1+;>&3$ )>+$
)( /$+'1+>3$G & 8& 0(1
/>(3&3 /$+ (+&
8$ p+>/$ /&4'&G0(1
0(1 '>1+1 +$ R&/14
'>1+1
1) 1+'41M&48&q &)* /$,$ (+ ,>+>)'4$ 0(1 1) 1+;>&3$ & (+& /$4'1
1c'4&+<14& +$ 1) 41)B$+)&W81 318 /$+'1+>3$ 318 ,1+)&<1G )>+$ 0(1 8$
p+>/$ 0(1 '>1+1 0(1 R&/14 1) '4&+),>'>48$ /$441/'&,1+'1q &)* '&,f
W>e+G (+ IBF)'$8G 1+ 41&8>3&3G )F8$ '>1+1 0(1 )14 81&8 1+ )( )14;>/>$G
5 881;&4 & /&W$ )( '&41&T O+ 188$ 4&3>/& 8& 1)1+/>& 31 8& ;>3& 31
&('$)&/4>6>/>$ 318 IBF)'$8G &(+ )> +(+/& 6(14& B14)1M(>3$N 1+ 18
R1/R$ 31 0(1 1) ƒB$W41G &(+0(1 R&/1 4>/$) & ,(/R$)„TYx
"*#
"*"
Q$,$ 0(13& /8&4$ & B&4'>4 318 B&)&<1 />'&3$ 31 2$) /(&'4$
/$+/1B'$) 6(+3&,1+'&81) 318 B)>/$&+d8>)>) G 31 2&/&+G 8& B&4&3$<&
31 1)'& 3$W81 )()B1+)>F+ 1)G 1+ p8'>,& >+)'&+/>&G 8& 318 ,>),$
)>M+>6>/&+'1T C$4 316>+>/>F+G (+ )>M+>6>/&+'1 1) (+ B(4$ 41B41)1+f
'&+'1 0(1 ƒ+$ '>1+1 +&3& 0(1 ;14 /$+ )( /$+'1+>3$ )>M+>6>/&3$G )>+$
0(1 8$ p+>/$ 0(1 '>1+1 0(1 R&/14 1) 3&48$„ SB&4& /$+/1W>4 18 )1+'>3$
31 8& B&8&W4& ƒB1%„G R&5 0(1 W$44&4 '$3$) )() 4&)M$) 6*)>/$)
>+,13>&'$)Uq 18 41;14)$ +1/1)&4>$ 31 188$ 1)G )>+ 1,W&4M$G 8&
&('$4>3&3 /$+)'>'('>;& 318 )>M+>6>/&+'1N 1+ 18 $431+ )>,WF8>/$G
8& 413 B(4&,1+'1 6$4,&8 31 4&)M$) 3>6141+/>&81) '>1+1 B4>$4>3&3
)$W41 18 /$+'1+>3$ S18 ƒ)>M+>6>/&3$„U 31 )() /$,B$+1+'1) >+3>;>f
3(&81)G 1)'$ 1)G )( ƒ)>M+>6>/&3$„ )1 B$)'(8&G 1+ p8'>,& >+)'&+/>&G
/$,$ )1/(+3&4>$ 1 >+3>6141+'1T C&4& R&/14 416141+/>& & 8$) 'e4,>f
+$) 31 8& '1$4*& 31 8$) &/'$) 31 R&W8&G 1)'& B&4&3$<& 1) 18 B(+'$
ƒ>,B$)>W81„ 31 >+'14)1//>F+ 1+'41 8$ /$+)'&'&'>;$ 5 8$ B146$4,&'>f
;$G 18 ;143&314$ >,B13>,1+'$ 31 1)'& '1$4*&T O) 31/>4G 5& 1+ QF,$
R&/14 /$)&) /$+ B&8&W4&) G 31 .$R+ I()'>+G 18 B&)&<1 31 8& $B$)>/>F+
B146$4,&'>;${/$+)'&'&'>;$ & 8& '4*&3& 8$/(/>F+{>8$/(/>F+{B148$/(f
/>F+
318&'&5 (+
& 8&&'&)/$
)(W)>M(>1+'1
'1F4>/$ /8&)>6>/&/>F+
6(+3&,1+'&8T 3121<$)
8$) &/'$)
31 )14>8$/(/>$+&4>$)
(+& )>,B81
18&W$4&/>F+ 31 8& >+'(>/>F+ $4>M>+&8 &/14/& 31 /F,$ B(131+ ƒR&/14f
)1 /$)&) /$+ B&8&W4&)„G 8& '4&)B$)>/>F+ 318 B146$4,&'>;$ 1+ 18 &/'$
>8$/(/>$+&4>$ 1+'4&s& />14'& Be43>3& 4&3>/&8N 5& 1+ 18 +>;18 31 (+
1+6$0(1 >+,13>&'$G ƒ>+M1+($„G +$ B(131 1;>'&4)1 8& >,B41)>F+ 31
0(1G 1+ 18 /(4)$ 31 1)'1 B&)&<1G 8$ 0(1 14& ;143&314&,1+'1
)(W;14)>;$ 1+ 8& +$/>F+ 318 B146$4,&'>;$ 1+ />14'& 6$4,& )1 B>1431T
C$4 $'4$ 8&3$G 1)'d /8&4$ 0(1 I()'>+ )1 ;>$ 1,B(<&3$ & 41&8>%&4 1)'1
B&)&<1 318 B146$4,&'>;$ &8 &/'$ >8$/(/>$+&4>$ & /&()& 31 (+&
>+)(6>/>1+/>& 1+ 18 B4$B>$ B&4 B146$4,&'>;${/$+)'&'&'>;$T 2& '&c$f
+$,*& 31 8$) &/'$) >8$/(/>$+&4>$) B4$B(1)'& B$4 .$R+ :1&481YK
'>1+1 8& ;1+'&<& 31 B14,>'>4+$) (W>/&4 1)'& 6&8'& B4$3(/>1+3$ 18
"**
41(+>F+ &8 &6>4,&4 0(1 1)'d /144&3&G 1)'$ 1)G B41'1+31 31)/4>W>4 (+
1)'&3$ 5& 3&3$ 31 8&) /$)&) l& 6>+ 31 )14 161/'>;$G 18 B146$4,&'>;$
ƒB(4$„ S18 &/'$ 31 R&W8& 0(1 3& 8(M&4 & )( B4$B>$ /$+'1+>3$
B41B$)>/>$+&8U '>1+1 0(1 )(64>4 (+& 1)/>)>F+ >+'14+& 5 &)(,>4 8&
6$4,& 31 )( $B(1)'$G 31 (+ /$+)'&'&'>;$T
/ $+)'&'&'>;$T
O) & 8& 8(% 31 1)'& 1)/>)>F+ 0(1 R&5 0(1 >+'14B41'&4 8& '1$4*& 31
:1&481 31 8$) ƒ&/'$) 31 R&W8& >+3>41/'$)„G 1)'$ 1)G 31 8&) B4$B$)>/>$f
+1) 318 '>B$ ƒiC(131) B&)&4,1 8& )&8j„G 1+ 8&) 0(1 18 &/'$ >8$/(/>$f
+&4>$ B4>,&4>$ S8& 3>41/'>;&G 8& $431+ &8 31)'>+&'&4>$ 31 B&)&4 8&
)&8U )1 41&8>%& B$4 ,13>$ 31 (+ &/'$ >8$/(/>$+&4>$ )1/(+3&4>$ S8&
>+'144$M&/>F+ 41614>3& & 8& /&B&/>3&3 318 31)'>+&'&4>$ 31 /(,B8>4
8& $431+UT :1&481 /$+/>W1 & 1)&) B4$B$)>/>$+1) /$,$ ƒB&4d)>'&)„N )(
+&'(4&81%& 1) )1/(+3&4>&G B41)(B$+1+ &8Mp+ &/'$ >8$/(/>$+&4>$
8FM>/&,1+'1 B41;>$ S1+ 18 /&)$ 31 ƒiC(131) B&)&4,1 8& )&8j„G 8&
$431+ 3>41/'& ƒ"Cd)&,1 8& )&8-„UT O,B14$G i8&) ƒ31/8&4&/>$+1)„ +$
31+$'&+ 18 /&)$ 1+ 0(1 18 ƒB&4&)>'>),$„ 1)G 1+ />14'& 6$4,&G
$4>M>+&8 Tj :( 3>,1+)>F+ >8$/(/>$+&4>& B4>,&4>& S18 ƒB$314 ,dM>/$„
31 3&4 8(M&4 &8 /$+'1+>3$ B41B$)>/>$+&8U B(131 ,&+>61)'&4)1 )F8$
W&<$ 18 &)B1/'$ 318 &)14'>;$G 31 (+& &6>4,&/>F+ 31 0(1 ƒ1) &)*„T O)'&
B&4&3$<& +$) $641/1 (+& B>)'& B&4& 8& '1)>) 31 2&/&+ )1Mp+ 8& /(&8
8& $+'$8$M*& B14'1+1/1 &8 ƒ3>)/(4)$ 318 I,$„N 18 3>)/(4)$ S6>8$)F6>f
/$U 318 )14
B(131
4&3$4 G 41&8>%&4
31 7&+) (+& 31/8&4&/>F+T
QR4>)'>&+ O+ 2&)
I+314)1+G +(1;&)
'$3$ 4$B&))&W1
18 ,(+3$ 318 0(1
O,B1f
18
"*%
31
0(18&ƒ1)41&8>3&3 &)(,1 &B$4
&)*„T Z1W>3$ 1)'&+1/1)>3&3
1)/>)>F+G 8&18 6$4,& 31 8&/&+>&+$
,&'1,& 8& &6>4,&/>F+
B&4& 31
18
)(<1'$ 1) :N
:N (+ M1)'$ ;&/*$ 31 /$+)1+'>,>1+'$ & 8$ 0(1 1) 3&3$ /$,$
)> 6(14& (+& 8>W41 181//>F+ B4$B>&TLL
O8 :J 8&/&+>&+$G 18 ƒ)>M+>6>/&+'1 I,$„ 0(1 41B41)1+'& &8 )(<1'$
B&4& $'4$) )>M+>6>/&+'1)G 1) B$4 8$ '&+'$ 18 B(+'$ 31 >+'14)1//>F+
1+'41 B146$4,&'>;$ 5 /$+)'&'&'>;$G 1)'$ 1)G 18 B(+'$ 1+ 18 /(&8 18
B146$4,&'>;$ ƒB(4$„ /$>+/>31 /$+ S&)(,1 8& 6$4,& 31U )( $B(1)'$T
C$31,$) ;14G &R$4&G 8$ 0(1 81 6&8'& '&+'$ & I()'>+ V S18 318
ƒB146$4,&'>;$„U /$,$ & I()'>+ VV S18 31 8& ƒ6(14%& >8$/(/>$+&4>&„UN
(+& 1)B1/>1 31 ,$318$ '$B$8FM>/$ B&4&3F<>/$G >+;14'>3$ R&/>&
&31+'4$G 1+ 3$+31 18 >+'14>$4 1c'41,$ 318 B146$4,&'>;$ ƒB(4$„
/$>+/>31 /$+ 18 1c'14>$4 318 /$+)'&'&'>;$T O)'1 B(+'$ 31 >+'14)1/f
/>F+ ƒec'>,$„ 1)G B$4 )(B(1)'$G 18 31 8& &('$4>3&3q )( 1)/>)>F+
"*&
B)>/$&+d8>)>)G )1 416>141+
6(+3&3$41) S[&4cG &,W$):(& 8&
m41(3UT &('$4>3&3 1)31 >+'4*+)1/&,1+'1
1)'4(/'(4& )() 41)B1/'>;$)
ƒ&('$4>'&4>&„N /$,$ [&4c 5 m41(3 &W4>14$+ (+ +(1;$ /&,B$
'1F4>/$ 0(1 1)'&W81/1 8$) /4>'14>$) ,>),$) 31 ;14&/>3&3G )()
B&8&W4&) +$ B(131+ )14 B(1)'&) & B4(1W& 31 8& ,>),& 6$4,& 1+
0(1 (+$ )1 B14,>'1 /(1)'>$+&4 8&) &6>4,&/>$+1) 31 )() )1M(>3$41)q
)> R&5 &8M$ 0(1 416('&4 1+ )() '1c'$)G )1 '4&'&G )>,B81,1+'1G 31
&6>4,&/>$+1) 0(1 B41/131+ & 8& ƒ4(B'(4& 1B>)'1,$8FM>/&„G 1) 31/>4G
0(1 +$ B14'1+1/1+ &8 /&,B$ &W>14'$ B$4 18 31)/(W4>,>1+'$ 318
6(+3&3$4 S8$) 1)/4>'$) 31 m41(3 B41;>$) &8 31)/(W4>,>1+'$ 31 8$
>+/$+)/>1+'1G B$4 1<1,B8$UT Z1 1)'1 ,$3$G )() '1c'$) 31W1+ 8114)1
31 8& 6$4,& 1+ 0(1 (+$ 31W14*& 8114 18 '1c'$ 31 (+ )(1s$G )1Mp+
2&/&+N /$,$ '1c'$) ƒ)&M4&3$)„ 0(1 1)'d+G 1+ (+ )1+'>3$ 4&3>/&8G
ƒ,d) &88d 31 8& /4*'>/&„ 3&3$ 0(1 /$+)'>'(51+ 18 R$4>%$+'1 ,>),$
31 8& ;14&/>3&3T C$4 1)& 4&%F+G '$3$ ƒ31)&44$88$ (8'14>$4„ 318
,&4c>),$ $ 318 B)>/$&+d8>)>) &)(,1G B$4 +1/1)>3&3G 8& 6$4,& 31
(+ ƒ41'$4+$„ & [&4c $ & m41(3N 8& 6$4,& 31 (+ S41U31)/(W4>,>1+'$
31 &8Mp+ 1)'4&'$ 31 )( $W4& R&)'& 1)1 ,$,1+'$ B&)&3$ B$4 &8'$G
1) 31/>4G 31 8& 41;18&/>F+ 31 8$ 0(1 8$) 6(+3&3$41) ƒB4$3(<14$+ )>+
)&W14 0(1 8$ B4$3(/*&+„G B&4& >+;$/&4 8& 6F4,(8& 31 I8'R())14T O+
)( &4'*/(8$ )$W41 Q&+3>81<&) G 31 QR&B8>+G I+34e H&%>+ 41/$,>1+f
3& 8& ,>),& &/'>'(3 /$,$ 8& p+>/& 0(1 /$+;>1+1 &8 M1+>$ 31 e)'1N
>+/8()$ )> &8M(+$) 31'&881) 318 6>8, +$) B&41/1+ ,&8$M4&3$) 5
'$4B1) S8& '13>$)& B4>,14& R$4&q 8$) B&'e'>/$) &44&+0(1) 31 6>8$)$f
"*'
/&+ B$40(1
;&„G 31 )( 81/'(4&
>+,13>&'$ 31/$,$
)1 41;18& m41(3
+$ 1) 8& ,d)L^>+'18>M1+'1
8&/&+>&+$T 5 B14)(&)>f
O)'1 ƒ1)/d+3&8$„ 318 W&83F+ 31 8& >+3>;>3(&8>3&3 /$+'>+M1+'1
0(1 ,&+/R& 18 /&,B$ +1('4&8 318 /$+$/>,>1+'$ &B(+'& R&/>& 8$
0(1 B$34*&,$) 31)>M+&4 /$,$ 8& ƒ>+;14)>F+ ,&'14>&8>)'& 31 71f
M18„ 31 ]>14@1M&&43T O+ p8'>,& >+)'&+/>&G &0(e8 B14,&+1/1
31+'4$ 31 8$) 8*,>'1) 318 (+>;14)$ ƒ)$/4d'>/$„N 1+ )( m1+$,1+$8$f
M*& 318 1)B*4>'( G 8& /$+)/>1+/>& 881M& & 8& E143&3G 8& 41,1,$4& 5 8&
>+'14+&8>%&G ,13>&+'1 )( B4$B>$ 1)6(14%$G /$,B&4d+3$)1 /$+ )(
B4$B>& D$/>F+ >+,&+1+'1G /$+64$+'&+3$ 18 /$+'1+>3$ B$)>'>;$ 31
)() &6>4,&/>$+1) /$+ )( B4$B>$ 8(M&4 31 1+(+/>&/>F+G B1+1'4&+3$
& '4&;e) 31 )( B4$B>& 1)/>)>F+G )>+ +>+Mp+ )$)'e+ $ B(+'$ 31
416141+/>& 1c'14+$T O8 B(+'$ 31 ;>)'& 31 8& ;143&3 3>&8e/'>/& S18
ƒB&4& +$)$'4$)„U +$ )1 )(,& & 8& /$+)/>1+/>& /$,$ (+& 1)B1/>1 31
"*(
"*!
/>B&+'1)
4&/>$+&8T 881M&+ & (+31 /$+)1+)$
O+ /$+'4& 8& $B>+>F+B$4/$44>1+'1G
,13>$ 31 8& &4M(,1+'&/>F+
2&/&+ '&,W>e+ )&W1
31 (+& ƒ)>'(&/>F+ 318 3>)/(4)$ >31&8„ 0(1 )$/&;& 8& >,B$)'(4& 318
:>M+>6>/&+'1 I,$N +$ 1) $'4& 0(1 8& )>'(&/>F+ &+&8*'>/& ,>),&q
&0(*G 18 &W>),$ 0(1 8$ )1B&4& 31 7&W14,&) )&8'& & 8& ;>)'&T O+ 18
B4$/1)$ 318 B)>/$&+d8>)>)G '&,W>e+ '1+1,$) 3$) )(<1'$) R&W8&+3$
(+$ /$+ $'4$q )>+ 1,W&4M$G 1+ ;1% 31 ,>4&4)1 /&4& & /&4& 1
>+'14/&,W>&4 &4M(,1+'$)G (+$ 31 188$) 1)'d &/$)'&3$ 1+ 18 3>;d+G
,>4& &8 '1/R$ 5 1,>'1 (+ B&48$'1$ >+/$+1c$G ,>1+'4&) 0(1 18 $'4$
B14,&+1/1 1+ )>81+/>$ 8& ,&5$4 B&4'1 318 '>1,B$ 5 &'144$4>%& &8
B4>,14$ B$4 18 B1)$ 31 )( $B41)>;& B41)1+/>& ,(3&TTT O)'& )>'(&f
/>F+ 1)'d ƒ8>W41 31 41)'4>//>$+1)„ 1+ 18 B41/>)$ )1+'>3$ 31 )()B1+f
314 18 B&B18 1)'4(/'(4&8 318 :>M+>6>/&+'1 I,$N 18 3>)/(4)$ &+&8*'>/$
/$,$ 1+;14) 318 3>)/(4)$ 318 I,$ +$) '4&)B$+1 & (+ 1)'&3$ 31
"$"
"$*
D$'&)
)1 8$) &B8>/&
)&/4>6>/>&8 & '$3&)
<()'>6>/&+ 8&) )>'(&/>$+1) B$)>W81)l 1+ (+& )>'(&/>F+
18 )&/4>6>/>$T
x Q6T X1+e #>4&43G E>$81+/1 &+3 'R1 :&/413 SH&8'>,$41N .$R+) 7$B@>+)
a+>;14)>'5 C41))G JKxxU n2& n2& ;>$81+/>& 5 8$ )&M4&3$G H&4/18$+&N I+&f
M4&,&o T
y O8 &4M(,1+'$ 0(1 8& e'>/& @&+'>&+& B(131 $641/14 1+ /(&+'$ & )()
/$+)1/(1+/>&) 41&81) 1) (+& +(1;& ;14)>F+ 31 8& 8FM>/& 31 8$) ƒ)(WB4$f
3(/'$)„N 8$) /$)'$) & /$4'$ B8&%$ 318 41/R&%$ 4&3>/&8 31 8& ('>8>%&/>F+ 318
/R>;$ 1cB>&'$4>$ B(131+ B&41/14 1c$4W>'&+'1)G B14$ )$+ )(B14&3$) B$4
8$) W1+16>/>$) & 8&4M$ B8&%$G 3&3$ 0(1 18 )(WB4$3(/'$ 1)1+/>&8 31 1)'1
41/R&%$ 1) 18 R1/R$ 31 0(1 >,B>31 8& &B&4>/>F+ 31 )>'(&/>$+1) 0(1
410(>14&+ (+& )$8(/>F+ )&/4>6>/>&8T
)&/4>6>/>&8T
K Q6T .$&+ Q$B<1/G ƒAR1ƒAR1 :&4'$4>&8 :(B141M$„G 1+ `/'$W14 ^z SQ&,W4>3M1G
[&))TN [VA C41))G JKyKUT
"$$
"$%
R&/1 /$+ 8$) 1)0(>,&81) $ 8$) B$8>+1)>$)T 2$) 41)(8'&3$) 31 (+& 81/'(4&
'&+ +(1;& 31 8&) 6(1+'1) M4>1M&) R&+ )>3$ 6&)/>+&+'1)N 1+ ;1% 31 8&
#41/>& ƒ/8d)>/&„ 31 8& B$8>) G 31 8& &4,$+*& 1+'41 18 >+3>;>3($ 5 8&
/$,(+>3&3G 31 8& (+>3&3 $4Md+>/& '4dM>/& B14$ W>1+ '1,B14&3& 31 8&
;>3& 1+ $B$)>/>F+ & 8& W&4W&4>1 $4>1+'&8G R1,$) $W'1+>3$ (+& >,&M1+
ƒ1c'4&s&3&„ 31 (+& #41/>& B81+&,1+'1 >+'1M4&3& & )( /$+'1c'$
,13>'144d+1$G (+& #41/>& 31 4>'(&81)G )&/4>6>/>$)G ;>$81+/>& 5 ,>'$)
)&8;&<1)TTT O+ )*+'1)>)G 8$) &+'>M($) M4>1M$) +$ )(B>14$+ 0(1 1)'&W&+
>+>/>&+3$ (+& +(1;& 14& 31 8& 4&%F+G +$ )1 /$+;>4'>14$+ 1+ 8& ƒ&(4$4&
31 8& />;>8>%&/>F+ $//>31+'&8„G iR&)'& /(d+3$j C&4& (W>/&4 1)'1 ,$,1+f
'$G R&5 0(1 '4&14 & /$8&/>F+ 8& $B$)>/>F+ 1+'41 I'1+&) 5 X$,&q )()
B$)>/>$+1) 41)B1/'>;&) 31+'4$ 31 8& ,>'$8$M*& '1F4>/& )$+ 6d/>81) 31
31'14,>+&4 B$4 ,13>$ 31 8& $B$)>/>F+ 3144>31&+& 31 8& ;$% 5 8&
1)/4>'(4&N #41/>& 1<1,B8>6>/& 8& 1cB14>1+/>& 31 8$) $4*M1+1)G 8& &4,$+*&
5 8& &('1+'>/>3&3 '4dM>/& 31 8& B$8>)G ,>1+'4&) 0(1 X$,& 41B41)1+'& )(
31)>+'1M4&/>F+G 18 1+'1+3>,>1+'$ 1c'14+$ 1+ /$+'4&B$)>/>F+ & 8& 4&%F+
>+'4*+)1/&G 1'/T O,B14$G 1) /4(/>&8 0(1 8& 81+M(& (+>;14)&8 31 8&
/>;>8>%&/>F+ $//>31+'&8 6(14& 18 8&'*+G 8& 81+M(& 318 $8;>3$G 5 +$ 18 M4>1M$G
8& 81+M(& 31 8&) 4&*/1) 5 8$) $4*M1+1) &('e+'>/$)q iB$4 0(ej 7&5 (+& )$8&
41)B(1)'& B$)>W81N B$40(1 #41/>&G /$,$ >,&M1+ 31 8$) &('e+'>/$)
$4*M1+1)G 881MF & )148$ 1+ 18 ,$,1+'$ ,>),$ 31 )( Be43>3& T O+ $'4&)
B&8&W4&)G 8$) ƒ&+'>M($) M4>1M$)„ +(+/& 1c>)'>14$+N 14&+ ƒWd4W&4$)„
,13>'144d+1$) 0(1G 41'4$)B1/'>;&,1+'1G B&4& 8& ,>4&3& 4$,&+&G )1
/$+;>4'>14$+ 1+ ƒ&+'>M($) M4>1M$)„T :>+ 3(3&G 8$) M4>1M$) +$ 14&+
ƒWd4W&4$)„ /$,$ 18 41)'$G R(W$ (+& 4(B'(4& 4&3>/&8 0(1 188$) 161/'(&f
4$+G &(+0(1 8& ,>),& +$ 1) 8& 4(B'(4& 1+'41 8$) ƒWd4W&4$)„ 5 +(1)'4&
6>M(4& +$)'d8M>/& 31 8$) ƒ&+'>M($) M4>1M$)„ R1413&3& 31 X$,&q )>
;&,$) & /$+/1W>4 & 8$) M4>1M$) ƒ1+ )( 31;1+>4„G ƒ1+ )( B$)>W>8>3&3„G
'1+1,$) 0(1 1cR(,&4 8$) B146>81) 31 (+ &/'$ )>+ B41/131+'1) 0(1 1) 18
41;14)$ $/(8'$ 31 8& 6>M(4& 31 8$) ƒ&+'>M($) M4>1M$)„ >+R141+'1 &
+(1)'4& '4&3>/>F+ R>)'F4>/&T
JK :T ]>14@1M&&43G X1B1'>'>$+ G ]>14@1M&&43h) \4>'>+M) EV SC4>+/1'$+G DT
.TN C4>+/1'$+ a+>;14)>'5 C41))G JKyYUG BT PPx nV+ nV+ ;>+$ ;14>'&)T 2&
41B1'>/>F+G [&34>3N #(&3&44&,&G JKKzoT
Pz Q6T /&B*'(8$ w 31 |>%1@G m$4 AR15 ]+$9 D$' \R&' AR15 Z$T
Z$T
PJ m4134>/ .&,1)$+G 2&'1 [&4c>),T I3$4+$G $4G AR1 C14)>)'1+/1 $6 'R1
Z>&81/'>/ S2$+341)N E14)$ H$$@)G JKKzUG BT YzT
PP Q6T |>%1@G AR1 :(W8>,1 `W<1/' $6 831$8$M5G /&B*'(8$) ^ 5 wT
PY Q6T Z>1'14 71+4>/RG ƒ71M18h) #4(+3$B14&'>$+N O>+1 O>+81>'(+M >+ 3>1
t\>))1+)/R&6' 314 2$M>@uƒG 1+ Z14 V31&8>),() (+) )1>+1 #1M1+9&4'N
m1)')/R4>6' 6(14 \14+14 [&4cG /$,BT a'1 #(%%$+> S7&,W(4M$N me8>c
[1>+14 E148&MG JKxwUq &)* /$,$ Z>1'14 71+4>/RG ƒm>/R'1h) tV/Ru„G 1+
:18W)';14R&18'+>))1 S:'(''M&4'N CR>8>BB X1/8&, E148&MG JKyPUT C&4&
(+& 41/&B>'(8&/>F+ /$+31+)&3& 318 /$,1+'&4>$ 31 71+4>/R 1+ >+M8e)G
"$&
"$'
"$(
4&*/1) 1+ 8& '4&3>/>F+ /4>)'>&+&G /6T O4+1)'$ 2&/8&(G D19 X1681/'>$+) $+
"$)
"$!
L
iC`X kaO ICIXOQO O2 mI2` j
"%"
JU 2$) $<$)N ƒ:() $<$) )$+ '&+ B4$6(+3$) 0(1 &B1+&) B(131+
;14)1 8&) B(B>8&) 6><&)T A$3$ 8$ 0(1 B(131) ;14 )$+ 3$) M4&+31)
R(1/$) +1M4$)G /$,$ 1+ 8& /&8&;14& 31 (+ ,(14'$„TP C&4& (+
/$+$/13$4 31 I86413 7>'/R/$/@G 1)'& >,&M1+ 41/(143& &8 >+)'&+'1
2$) Bd<&4$) G & )&W14G 18 /&3d;14 /$+ 8$) $<$) &44&+/&3$) & B>/$'&%$)
/$+ 18 0(1 '4$B>1%& 8& ,&341 31 [>'/R S.1))>/& A&+35U 1+ (+&
M4&+<& )$8>'&4>&G 5 /(5& ;>)>F+ 81 R&/1 B4$614>4 (+ M4>'$ )>81+/>$)$T
Q(&+3$G $/&)>$+&8,1+'1G &'4&B&,$) (+ 31)'188$ 31 1)'$) $<$)G
B&41/1+ /$,$ 3$) ;18&) 1+/1+3>3&) 1+ 8$ B4$6(+3$ 31 8& /&W1%&G
0(1 )F8$ B(131+ B14/>W>4)1 1+ 8& $)/(4>3&3N 1)'&) 3$) 8(/1) 1+
/>14'$ ,$3$ >+/$+M4(1+'1) /$+ 8& )(B146>/>1 318 4$)'4$G /$,$
8>+'14+&) 0(1 &431+ 1+ 8& +$/R1 1+ (+& /&)& )$8>'&4>& 5 &W&+3$+&f
3&G )$+ 41)B$+)&W81) 318 ,>)'14>$)$ 161/'$ 318 ƒ,(14'$ ;>;$„T 2&
B4>,14& ƒ&)$/>&/>F+ 8>W41„ B4$;1+>1+'1 318 3$,>+>$ 31 8& /(8'(4&
)(B14>$4 1) &0(* 8& 31 8&) B>+'(4&) 31 O3;&43 [(+/RG 318 ,>),$
B14*$3$G 6(+3&,1+'&8,1+'1 )( A&431 31 B4>,&;14& )$W41 ]&48
.$R&+ SJyKPUG 1+ 8& 0(1 8& /$44>1+'1 31 '4&+)1p+'1) 6&+'&),&81)
)1 ,(1;1 R&/>& 18 1)B1/'&3$4G )() $<$) )&8'$+1) >+/$+M4(1+'1) /$+
)() 4$)'4$) 31 ,d)/&4& ,$4'($4>&T
PU 2& +&4>%N ƒE&81 '&+ B$/$ 8& B1+& R&W8&4 31 )( +&4>% 0(1 +$
B(131) ;148& 31 B146>8N 5 )( &()1+/>& 1)
1) &8M$ R$44>W81 31 $W)14;&4 „„TTY
i7&/1 6&8'& 41/$43&4 8& ,&+14& 1+ 0(1 m41(3G 1+ )( &4'*/(8$ )$W41
18 61'>/R>),$G ('>8>%& 1c&/'&,1+'1 8&) ,>),&) B&8&W4&) B&4&
31)/4>W>4 18 R$44$4 31 8& /&)'4&/>F+N 8$ 0(1 &'144$4>%& &8 +>s$ 1) 8&
&()1+/>& ,>),& 318 B1+1G 1)'$ 1)G 18 R1/R$ 31 0(1 +$ R&5& +&3&
0(1 ;14 3$+31 8& ,>4&3& 1)B14& &8M$j SO8 4&)M$ /$441)B$+3>1+'1 1+
8&) B>+'(4&) 31 [(+/R l)> 1) 0(1 ;&,$) & )1M(>4 /$+ 8& R$,$8$M*&f
1) 8& &()1+/>& 31 +&4>% 5 $*3$) 1+ 8& /&W1%& 318 R$,W41/>88$ 31 )(
/(&34$ ,d) 6&,$)$G O8 M4>' $ nJyKYoTU O+ 8$ 0(1 41)B1/'& & 1)'1
B(+'$G R&5 (+& >+'141)&+'1 3>;14M1+/>& 1+'41 8& +$;18& 31 214$(c
5 8& 41/>1+'1 ,>+>)14>1 '181;>)>;& )$W41 18 ƒ6&+'&),&„N 1+ 8& +$;18&G
18 '4&(,& B4>,&4>$ 31 e)'1 /$+)>)'*& 1+ 0(1G 31 +>s$G 14& '&+ 61$
0(1 >+/8()$ )( B4$B>& ,&341 8$ /$+)>314&W& 41B(8)>;$ S/(&+3$ )1
&/14/&W& W()/&+3$ (+ &W4&%$G 188& 8$ R&/>& & (+ 8&3$ /$+ 41B(Mf
+&+/>& 5 81 B13*& 0(1 )1 B()>14& 8& ,d)/&4&UG L ,>1+'4&) 0(1 1+ 8&
)14>1 31 '181;>)>F+ +&3>1 B(131 )$B$4'&4 )( 4$)'4$ 316$4,1G /$+ 8&
1c/1B/>F+ 31 )( ,&341 G & 0(>1+ 81 B&41/*& 8>+3$ 5 +$4,&8 5 0(1
/$+)'&+'1,1+'1 81 &/&4>/>&W& 8& /&4&G ,>1+'4&) 8$ 1+'41'1+*& /$+
)( ;$% /181)'>&8 Se)'& 1) 8& 4&%F+ B$4 8& 0(1G ,d) '&431G 1)'d
$W)1)>$+&3$ /$+ 8& FB14&N W()/& /$+ 31)1)B14&/>F+ 8& 41B1'>/>F+ 31
8& ;$% 31 )( ,&341 1+'41 8$) /&+'&+'1)UT I0(*G R&5 0(1 1;>'&4 18
B)1(3$B4$W81,& 31 /(d8 1) 8& ;14)>F+ ƒ&31/(&3&„N 31W1+ 8114)1
&8 ,$3$ 31 2e;>l:'4&())G /$,$ 3$) ;14)>$+1) /$,B81,1+'&4>&)
"%*
"%$
318 ,>),$ ,>'$ 0(1 )1 >+'14B41'&+ (+& & 8& $'4&T O) 31/>4G i0(e
;1*& 8& ,&341 1+ )( 4$)'4$ S1+ 8& )1M(+3& ;14)>F+G 8& '181;>)>;&U
0(1 81 B&41/*& '&+ >441)>)'>W81,1+'1 &'4&/'>;$G ,>1+'4&) 0(1 18
,>),$ 4&)M$ 14& '&+ 41B(M+&+'1 B&4& '$3$) 8$) 31,d)j :F8$ R&5
(+& 41)B(1)'& B$)>W81N 1c&/'&,1+'1 8$ /$+'4&4>$ 31 8& B4>,14&
;14)>F+ G 1)'$ 1)G (+& B4$'(W14&+/>& 6d8>/& 1c/1)>;&G 41B(8)>;& B&4&
(+& ,>4&3& ƒ+$4,&8„G 1+ 8(M&4 31 8& +&4>%q B$4 31/>48$ &)*G 8&
41&8>%&/>F+ 31 )( 31)1$ S,&'14+$U 31 /$+)1M(>4 1+ 18 +>s$ )( 6&8$
6&8'&+'1G &8M$ B&41/>3$ &8 6&,$)$ /&)$ 318 ,$+)'4($ 318 )>M8$ •EVVV
&+&8>%&3$ B$4 I8&>+ #4$)4>/R&43T^
"%%
"%&
B&'14+&G 5&
181//>F+ ,>1+'4&) 0(1 58&0(1
1)'d R1/R& ;$/&8>%&/>F+
18 )(<1'$ )1/$,$ '&8 /$44$W$4&
1+/(1+'4& 31+'4$ 310(1 8&
8& /$f
,(+>3&3TJz
"%'
2& ;$% 0(1 $W)1)>$+& &8 6&+'&),& S31 8& FB14&UG )>+ 1,W&4M$G +$
1) (+ M4>'$ )>+$ (+& R>B+F'>/& '$+&3& $B14*)'>/&N )1 1+&,$4& 31
QR4>)'>+1 31)B(e) 31 41/$+$/14 1+ )( /&+'$ )13(/'$4 8& 41)$+&+/>&
31 8& B143>3& ;$% ,&'14+&T O+ O+ ,&+$) 318 31)'>+$ G 1)'& /&+/>F+
>+/1)'($)& 0(1 (+1 &8 )(<1'$ /$+ 8& Q$)& S18 /(14B$ ,&'14+$UG 1)
31/>4G B$4 ,13>$ 31 8& /(&8 8& Q$)& 8$ &'4&B& /$+ )() '1+'d/(8$)G +$
1)G 31)31 8(1M$G $'4& 0(1 8& /$+$/>3& ƒQR1 )&4…G )&4…„G /&+'&3& B$4
Z$4>) Z&5 1+ 8& 1,W&<&3& 1+ 8& 0(1 )( R><$ 1) ,&+'1+>3$
B4>)>$+14$T O)G /$,$ 3><>,$) &+'1)G (+& /&+/>F+ & '4&;e) 31 8& /(&8
8& ,&341 &8/&+%& G ƒ&'4&B&„ G & )( R><$ G 1)'$ 1)G (+& /&+/>F+ 0(1
1)'&W81/1 1cB41)&,1+'1 18 /$43F+ (,W>8>/&8 >+/1)'($)$ S&0(*G
7>'/R/$/@ R&/1 ()$ 31 (+ B4$/13>,>1+'$ 6$4,&8 /(5& &(3&/>& +$
R& )>3$ '$3&;*& B81+&,1+'1 B14/>W>3&N 8& /d,&4& 3>41/'&,1+'1
ƒ)>M(1 8& B>)'&„ 31 8& ;$%G ƒ,(1)'4&„ )( 41)$+&+/>& 1+ 8& 1)/&8>+&'&
5 )( &)/1+)$ R&)'& 18 31);d+ 3$+31 1)'d 1+/144&3$ 18 R><$UT `'4$
4&)M$ /4(/>&8 31 1)'& 1)/1+& 1) 8& ;(8M&4>3&3 5 8& $W)/1+>3&3
&/1+'(&3&) 318 ,$3$ 31 /&+'&4 31 Z$4>) Z&5N )( ;$% 1) 31,&)>&3$
4(>3$)&G 31 ,$3$ 0(1 8$) 3>)'>+M(>3$) R(e)B131) 31 8& )&8& 31
41/>W$ 1;>'&+ 8&) ,>4&3&) 31 8$) $'4$) 5 6><&+ 8& ;>)'& 1+ 18 )(18$G
/$,$ )> 1)'(;>14&+ &;14M$+%&3$) B$4 (+& 1cR>W>/>F+ '&+ $W)/1+&T
O8 '14/14 5 p8'>,$ 4&)M$ 0(1 +$ 31W1 B&)&4)1 B$4 &8'$ 1) 18
/$+'1+>3$ ,>),$ 31 8& /&+/>F+G 0(1 1cR>W1 3>41/'&,1+'1 )( )'&'()
)(B145$>/$N ƒQR1 )&4…G )&4…„G 8$ 0(1 )14dG )14dq /F,$ B(131
1;>'&4)1 &3;14'>4G 1+ 1)'& 41)B(1)'& & 8& B41M(+'& 318 +>s$ 1+
/(&+'$ & 0(e )14d 31 e8 /(&+3$ /41%/&G 8& >+3>6141+/>& ,&81;$81+'1
0(1 /$441)B$+31 & 8& +$/>F+ ,>),& 318 )(B145FT O)'1 )'&'()
)(B145$>/$ 41/>W1 (+& /$+6>4,&/>F+ &3>/>$+&8 )> )1 (W>/& & ƒQR1
)&4…G )&4…„ 1+ 18 /$+'1c'$ 31 $'4$) 6>8,) 31 7>'/R/$/@G /$,$ 18
'e4,>+$ ,13>$ 1+'41 2& ;1+'&+& >+3>)/41'& SX1&4 \>+3$9 U 5
C)>/$)>) T 2$ 0(1 '1+1,$) 1+ ,1+'1 1)G B$4 )(B(1)'$G (+& B1/(8>&f
JJ
4>3&3 18
R&/>& 31 6>+
8& W&+3& 31 )$+>3$
318 &'&431/14G 31 ]1885
#4&/1 2& ;1+'&+& >+3>)/41'&N
)1 &/14/& & .&,1)T :'19&4'G
/(&+3$G
0(1 1)'d 3$4,>'&+3$ 1+ )( )>88& 31 4(13&) SB4>,14$ /$,$ (+&
)$,W4& $,>+$)& 0(1 /(W41 )( 4$)'4$G 8(1M$ /$,$ ƒ188& ,>),&„UG 8$)
)$+>3$) 31 6$+3$ l8& 4>/& '1c'(4& 31 8$) 4(>3$) /$'>3>&+$)l )1
)()B1+31+ 41B1+'>+&,1+'1G 5 '$3$ 8$ 0(1 1)/(/R&,$) 1) 8& ;$% 31
(+& )$B4&+$ 31)/$+$/>3& 0(1 B4&/'>/& 1)/&8&)G /$,$ )> ,&,d &p+
1)'(;>14& &B41+3>1+3$ & /&+'&4 S4&%F+ B$4 8& /(&8 '$3&;*& '$814&
18 >+'14/&,W>$ 31 W1)$) 1+'41 :'19&4' 5 ]1885UT O+ O+ ,&+$) 318
31)'>+$ ,&,d 5& )&W1 /&+'&4G )( ;$% 881M& B$4 6>+ R&)'& 18 R><$ l18
41)(8'&3$ p8'>,$ 31 8$ /(&8 )1 ,(1)'4& 1+'$+/1) 1+ C)>/$)>)N (+
R><$ 3$,>+&3$ B$4 8& ;$% 31 8& ,&341G 31 ,$3$ 0(1 (+$ )>1+'1 8&
'1+'&/>F+ 31 &44>1)M&4 8& '1)>) 31 0(1 18 /R>/$ 31 O+ ,&+$) 318
31)'>+$ +$ 1) $'4$ 0(1 D$4,&+ H&'1) 1+ )( +>s1%lT O+ $'4&)
"%(
B&8&W4&)G 8& 41)B(1)'& & 8& B41M(+'& ƒ0(e )14d„G 0(e )14d 318 /R>/$
31 O+ ,&+$) 318 31)'>+$ G 1)'d /$+'1+>3& 1+ C)>/$)>) T I 6>+ 31 1;>'&4
18 B18>M4$ 31 8& &)* 88&,&3& ƒ>+'14B41'&/>F+ B)>/$&+&8*'>/& 318 &4'1„
0(1 &/1/R& &0(* S18 )(B145F ,&'14+$ /$,$ 18 ƒ)1/41'$„ 31 8& ;$%
,&+/R&TTTUG R&5 0(1 41&8>%&4 8& >+;14)>F+ &B4$B>&3&,1+'1 3>&8e/f
'>/& 318 1cB8&+&+) 1+ 1cB8&+&+3(,N 31 8$ 0(1 )1 '4&'& 1) 31 +$
>+'14B41'&4 8& >+)$+3&W81 ;$% ƒ&/$(),&'>0(1„ /$,$ 18 )(B145F
,&'14+$ )>+$G ,d) W>1+G /$,$ )( $B(1)'$G 1) 31/>4G 1cB8>/&4 8&
8FM>/&
;$/&8q 8$,>),& 318 )(B145F
0(1 88&,&,$) ,&'14+$
ƒ)(B145F B$4 ,13>$
,&'14+$„ 31 1)'&
+$ 1) ,d) ,&+/R&
0(1 (+& ;$%
'&8 0(1 1,W&3(4+& 8& B>+'(4& 5 B14'(4W& )( '4&+)B&41+/>&u
D(1)'4$ B4$/13>,>1+'$ 1)G B$4 8$ '&+'$G 1)'4>/'&,1+'1 &81MF4>/$N
8& ƒ,&341„ /$,$ B14)$+&8>3&3 3>1Me'>/& 1)G 1+ p8'>,& >+)'&+/>&G
(+& &M1+/>& 0(1G 31+'4$ 318 /$+'1+>3$ +&44&'>;$ 31 8$) 6>8,) 31
7>'/R/$/@G 411,B8&%& 5 $/(B& 18 8(M&4 31 />14'& B14'(4W&/>F+
6$4,&8G (+& ,&+/R& 0(1 1,B&s& 18 /&,B$ 31 8& ;>)>F+T
O8 M4>'$ 5 8& /&+/>F+ /$+)'>'(51+G &)*G (+& $B$)>/>F+N 18 )'&'() 31
8& /&+/>F+ 1) 18 31 (+& ,&+/R& 0(1 ,&'14>&8>%& 18 M$/1 >+/1)'($)$G
,>1+'4&) 0(1 18 M4>'$ 1) lB&4& 1cB41)&48$ )>,B81,1+'1l (+&
41&//>F+ R$44$4>%&3& & 1)'& ,&+/R&T a+ ;>)'&%$ )(,&4>$ & O8 M4>'$
31 [(+/R 41;18& /F,$ 1)'d ƒ3>W(<&3&„ )( )(B146>/>1N 8& ,>'&3
3141/R& 1)'d ,(/R$ ,d) 3>)'$4)>$+&3& &+&,F46>/&,1+'1 0(1 8&
>%0(>143&G 1) 31/>4G 8& B>+'(4& 1) ƒ/R(B&3&„ R&/>& )( /1+'4$ 31 M4&f
;13&3 1+ &8Mp+ 8(M&4 &B4$c>,&3&,1+'1 & 3$) '14/>$) 31 8& &8'(4&
318 8&3$ 3141/R$ l18 R$44$4 )1 &B$314& 318 R$,W41/>88$ &8 )14
&'4&*3$ R&/>& 1)'1 41,$8>+$lT 2&) 8*+1&) 1+ 1)B>4&8 31 8& 41&8>3&3
3>)'$4)>$+&3& /$+)'>'(51+ (+& +(1;& 6$4,& 0(1 41/(143& ;&M&f
,1+'1 (+ $<$ $ (+ $*3$ M>M&+'1)/$)G (+& 1)B1/>1 31 &M1+/>&
B&4&+$>/& 0(1 ƒ8$ ;1 '$3$ 5 8$ $51 '$3$„q /F,$ +$ 41/$43&4 &0(* &
C&4)>6&8 G 31 :5W14W14MG 1+ 3$+31 8& B4$6(+3>3&3 318 /&,B$ ;>)(&8
S18 6$+3$U )1 881+&G /$+ 641/(1+/>&G /$+ (+& B4$51//>F+ 31 6$+3$ )>+
418>1;1 0(1 31)'4(51 318>W14&3&,1+'1 18 161/'$ 31 B14)B1/'>;& 5 &
;1/1) 6>M(4& 3>41/'&,1+'1 (+ $<$ M>M&+'1)/$ S/$,$ 8$) 641)/$)
31 $<$) 1+ 8;d+ 18 A144>W81 G 31 O>)1+)'1>+ $G B$4 )(B(1)'$G 18 6$+3$
/$+ $<$) B>+'&3$) 1+ 8& )1/(1+/>& 318 )(1s$ 41&8>%&3& B$4 :&8;&3$4
Z&8* B&4& Q(e+'&,1 '( ;>3& n:B188W$(+3 ToG oG 31 7>'/R/$/@UTJP O+
[&4+>1 S*31,UG 31 7>'/R/$/@G 18 ,>),$ B&B18 31 (+ 181,1+'$
6&+'d)'>/$ 0(1 1,B&4/R& 18 &M(<14$ S18 W8&+/$U 1+ 8& 41&8>3&3 1)
31)1,B1s&3$ B$4 18 M>M&+'1)/$ &4,&'$)'1 +1M4$ 1+ 18 1c'41,$ 31
8& /&881 3$+31 ;>;1 8& ,&341 31 [&4+>1N 1) 1;>31+'1 0(1 1) (+
3>W(<$G 5 /$+ 188$ 31)'4(51 18 161/'$ 31 B4$6(+3>3&3T O+ 1)$
/$+)>)'1
B41)1+/>& 8&,&)>;&
316>+>/>F+ 6$4,&8
31 &8Mp+ X1&8,d)
0(1 181,1+'&8 31 8& B)>/$)>)N
881+& 5 W8$0(1& 8&
8& &B14'(4&
1+ B14)B1/'>;& /$+)'>'('>;& 31 8& ƒ41&8>3&3„TJY O)'& 6(14%& ,&M+ef
"%)
'>/& 0(1 3>)'$4)>$+& 8& B14)B1/'>;& 8>+1&8 )$W41 8& 41&8>3&3 1)G
31)31 8(1M$G 18 M$/1N O8 M4>' $ 31 [(+/R 41'4&'& 8& >+'4()>F+ 318
M$/1 1+ 8& 41&8>3&3T Q(&+'$ ,d) +$) &/14/&,$) & )( ;F4'>/1G ,d)
B>1431 8& B>+'(4& )( /&4d/'14 ƒ41&8>)'&„G 1) 31/>4G )() 8*+1&) 1+
1)B>4&8 ,d) +$) M$8B1&+ /$+ 18 B1)$ 31 )( B41)1+/>& ,&'14>&8q 8&
>8()>F+ 31 ƒ41&8>3&3„ 318 /$+'1+>3$ B>+'&3$ +$ 1)G /$+ 188$G )>,B81f
,1+'1 )$/&;&3&q 41)(8'& ,(/R$ ,d) &B4$B>&3$ 31/>4 0(1 8&
41&8>3&3 41'4&'&3& B>1431 )( /&4d/'14 68$'&+'1G 1'e41$ 5 B&)& &
1)'&4
4&+3$ /&4M&3& /$+ 2&/&+G
0(1G )1Mp+ (+& 1)B1/>1
8& p+>/&31)()'&+/>&
31+)>3&331)()'&+/>&8
8& 0(1 )1 S/$+)>31f
/14/>$4&
18 B)>/$&+d8>)>) 1) 18 M$/1G +$ 1) 3>6*/>8G 31 1)'1 ,$3$G >,&M>+&4
/F,$ 18 B1)$ ,&'14>&8 31 8&) ,&+/R&) 31 [(+/R /$+6>4,& 8&
31+)>3&3 318 M$/1UT
"%!
ƒ&/$(),&'>0(1„
31 1+ 18 )1+'>3$
(+& ;$% $,+>B41)1+'1 0(1/(14B$G
/(5$ QR>$+ 31
81 3& &8 'e4,>+$N
>,B4$;>)$G 18 R$44$4
)(4M1 ƒ31 8&
+&3&„T Q(&+3$G 1+ 18 6>+&8 ,>),$ 318 6>8,G 8& B$8>/*& 8$ ,&'& 1+ (+
1)'&3>$ ;&/*$ 1 >8(,>+&3$G +$ 1) &//>31+'&8 0(1 18 /R&+'&<>)'&G /$+
)( <&31$ &),d'>/$G 41/(1431 & (+ B1% &R$Md+3$)1 1+ '>144&G 6(14&
31 )( ƒ181,1+'$ +&'(4&8„N 1)G 161/'>;&,1+'1G /$,$ (+ B(8B$ 0(1G
(+& ;1% 6(14& 318 &M(&G B>1431 )( 6&)/>+&/>F+ &'144$4>%&3$4& 5 )1
'4&+)6$4,& 1+ (+ />1+$ >,B$'1+'1q e)'1 1) 18 31)'>+$ 0(1 81
)$W41;>1+1 &8 )14 6&+'&),&MF4>/$G ƒ&/$(),&'>0(1„ G '&+ B4$+'$
/$,$ 1) 413(/>3$ & )( /$4B$41>3&3 /$44>1+'1T
iZ1 0(e ,&+14&G 1+'$+/1)G )(W;>14'1 18 B$)',$314+>),$ 1)'1
,&4/$ ,$314+>)'&j Q$+)>3141,$) (+& +$;18& 0(1G )> W>1+ &p+
,$314+>)'&G )1 &/14/& &8 8*,>'1 ,>),$ 318 B$)',$314+>),$N
Q(1+'$ 31 8& /4>&3& G 31 [&4M&41' I'9$$3G (+& ;>)>F+ 3>)'FB>/& 31
"&#
I0(* +$) 1+/$+'4&,$)G (+& ;1% ,d)G /$+ 8& 3>6141+/>& 1+'41 18
)1+'>3$ 5 8$ 0(1 2&/&+ 88&,& 18 )>+'R$,1N 1+ 18 +>;18 318 B4>,14$G
Q(1+'$ 31 8& /4>&3& 1)G 8>)& 5 88&+&,1+'1G (+ 1<1,B8$ 31 3>)'$B*&
0(1 B>+'& (+& +(1;& 6$4,& B$)>W81 31 ƒ)$/>13&3 /144&3&„G &(+0(1
1)'1 +>;18 1)'d &B(+'&8&3$ B$4 8&) R(188&) 318 M$/1 61,1+>+$T 2$
0(1 1) /4(/>&8 &0(*G )>+ 1,W&4M$G 1) 0(1 1)'& ƒ1)/4>'(4&„ 61,1+>+&
+$ B(131 )14 B(1)'& 1+ 1)/1+& 3>41/'&,1+'1G 1;>'&+3$ 8& )>+($)&
4('& 318 )1+'>3$N )F8$ B(131 )14 ;14'>3& /$,$ (+ )(WB4$3(/'$ 31
8& R>)'$4>& /(5$ /$+'1+>3$ ƒ$6>/>&8„ 1) 18 (+>;14)$ '$'&8>'&4>$ 31 8&
[&5$4*& [$4&8T 2& ,>),& 3>&8e/'>/& 1)'d 1+<(1M$ 1+ 8&) +$;18&)
R&43lW$>813 31 QR&+3814N 8& >+)*B>3& $B>+>F+ 31 0(1 e)'1 )&/F
B4$;1/R$
,&4/$ 0(131881+F
8& /$+
+&44&'>;& 31'1/'>;1)/&G
&W(+3&+/>& ('>8>%d+3$8&
31 31'&88&3&) /$,$ (+1
$W)14;&/>$+1)
>+)>MR') &/14/& 31 8& /$44(B/>F+ 318 /&B>'&8>),$ )&8;&<1 &8 1)'>8$
"&"
TTT
TTT&& 8& Q$)& B$)',$314+>)'&
2$ 0(1 /&4&/'14>%& &8 B$)',$314+>),$ 1)G B$4 8$ '&+'$G (+&
$W)1)>F+ /$+ 8& Q$)&G /$+ (+ /(14B$ 1c'4&s$ 31+'4$ 318 '1<>3$
)$/>&8G 1+ '$3&) )() 3>,1+)>$+1) 0(1 ;&+ 31)31 8& ,(<14 /$,$ 18
181,1+'$ >+)$+3&W81 0(1 )$/&;& 18 B413$,>+>$ 318 ƒB4>+/>B>$ 31
SA14/>$B18$ &%(8 nH8(1 E18;1' GoUG
41&8>3&3„ SA14/>$B18$ oUG B&)&+3$ B$4 ,$+)'4($)
31 />1+/>& 6>//>F+ SI8>1+
SI8>1+ U 5 &<1+>3&31) &('>)'&) SO8
SO8 R$,W41 1816&+f
1816&+f
'1 UG
UG R&)'& 8& ;>)>F+ B&4&+$>/& 31 8& ,>),& '$'&8>3&3 )$/>&8 /$,$ 8&
6&)/>+&3$4& Q$)& p8'>,&G (+ 1)B1/'4$ ;&,B*4>/$ 0(1 ,&4/& >+/8(f
)$ 8& )(B146>/>1 /$'>3>&+& ,d) >3*8>/& /$+ )>M+$) 31 /$44(B/>F+
8&'1+'1T SO+ 1)'1 )1+'>3$G B$34*& 31/>4)1G R$5 ,d) 0(1 +(+/&G 0(1
18 /&B>'&8 1) 8& Q$)& B&4 1c/1881+/1N (+& &B&4>/>F+ 0(>,e4>/& 0(1G
)> W>1+ +$ B(131 )14 )>'(&3& 1+ +>+M(+& B&4'1 /$,$ (+& 1+'>3&3
B$)>'>;& 5 /8&4&,1+'1 318>,>'&3&G 6(+/>$+& +$ $W)'&+'1 /$,$ 8&
Q$)& p8'>,& 0(1 41M(8& +(1)'4&) ;>3&)TU 2& &,W>M~13&3 31 8& 41f
8&/>F+ B$)',$314+& /$+ 8& Q$)& 4&3>/& 1+ 18 R1/R$ 31 0(1 e)'& +$
1) )>,B81,1+'1 (+ /(14B$ 1c'4&s$G (+ >+'4()$ 0(1 B14'(4W& 8& &4f
,$+*& 31 8$) 8&%$) )$/>&81)N <()'&,1+'1 /$,$ '&8G 8& Q$)& 1) 8$ 0(1
ƒ,&+'>1+1 (+>3$„ 18 13>6>/>$ )$/>&8 B$4 ,13>$ 31 8& M&4&+'>%&/>F+
31 )( /$+)>)'1+/>& 6&+'&),d'>/&T Z1+'4$ 318 ,$314+>),$G 8& Q$)&
&)(,1 8& 6$4,&G 5& 31 ƒ41,&+1+'1) 318 B&)&3$„G 31 8& >+14/>& 31
8$) B41<(>/>$) 0(1 R&5 0(1 31)1/R&4G 5& 31 8& 6&/(8'&3 31 8& ;>3&
41B4>,>3& 31 31)1+/&31+&4)1 S/$,$ 1+ 8& >31$8$M*& B)>/$&+&8*'>/&
>+M1+(& 31 8& 8>W14&/>F+ 31 8$) B$'1+/>&81) B(8)>$+&81) 41)B1/'$ 31
8&) /$&//>$+1) 31 8& 41B41)>F+ )$/>&8Uq >+M41)&,$) &8 B$)',$314f
+>),$ /(&+3$ +(1)'4& 418&/>F+ /$+ 8& Q$)& )1 R&/1 &+'&MF+>/&N
&W<(4&,$) 31 188& 5 8& 41B(3>&,$) 5G +$ $W)'&+'1G 1<14/1 (+&
"&*
O8 B&341 &+&8
O)'1 31)B8&%&,>1+'$ B$)',$314+$ &61/'& 31 ,&+14& 4&3>/&8 18
)'&'() 31 8& &('$4>3&3 B&'14+&N 18 ,$314+>),$ )1 1,B1s& B$4
&6>4,&4
&('$4>3&318 318
B$'1+/>&8
C&341G )(W;14)>;$ 31 8$)
31 8$) M$/1) 0(1 ,d4M1+1)
1)/&B&+ &0(1)( )$/&;&+ 8&
/&B'&/>F+G
,>1+'4&) 0(1 18 B$)',$314+>),$ )1 /$+/1+'4& 1+ 18 B&341 ,>),$
5 8$ /$+/>W1 /$,$ ƒ;>;$„ G 1+ )( 3>,1+)>F+ $W)/1+& T O8 $W<1'$
6&+'&),&MF4>/$ 0(1 $W)'4(51 (+& 418&/>F+ )1c(&8 ƒ+$4,&8„ 1)G B$4
/$+)>M(>1+'1G (+& 6>M(4& B&'14+&G &(+0(1 +$ 18 B&341 0(1 6(1
+1M&3$ n&(6M1R$W1+
n&(6M1R$W1+ o 1+ )( D$,W41G 1)'$ 1)G 18 B&341 ,(14'$f
)>,WF8>/$G )>+$ 18 B&341 0(1 1)'d &p+ ;>;$ lB&341 1+ 8& ,13>3& 1+
0(1 '$3&;*& +$ 1)'d ƒ'4&+)()'&+/>&3$„ 1+ (+& 6(+/>F+ )>,WF8>/& 5
)>M(1 )>1+3$ 8$ 0(1 18 B)>/$&+d8>)>) 88&,& (+ ƒ$W<1'$ B&4/>&8„lT O)
31/>4G 18 B&341 /$,$ D$,W41 318 C&341G 413(/>3$ & (+& 6>M(4& 31
&('$4>3&3 )>,WF8>/&G 1)'d ƒ,(14'$„ S'&,W>e+U 1+ 18 )1+'>3$ 31 0(1
+$ )&W1 +&3& 318 M$/1 G 31 8& )()'&+/>& ;>'&8N 18 $431+ )>,WF8>/$ S18
M4&+ `'4$U 5 18 M$/1 )$+ 4&3>/&8,1+'1 >+/$,B&'>W81)T Jx X&%F+ B$4
"&%
6>+ 312$/$,1+%&4
3&3T /4(/>&8 &&0(*
;>;>41)G/$,$
B$4 (+
8$ ,>1,W4$
'&+'$G 0(1ƒ+$4,&8„ 31 8& &+&8„
1)'1 ƒB&341 /$,(+>f
1)
C&341l#$/1 S81
S81 C€41l.$(>))&+/1 G /$,$ 8$ 88&,& [>/R18 :>8;1)'41UN JK
+$ 1) 8& &M1+/>& 31 8& 215 )>,WF8>/&G )( ƒ41B41)>F+„G 8$ 0(1
$W)'4(51 8& 418&/>F+ )1c(&8 S)1Mp+ 18 8(M&4 /$,p+ 8&/&+>&+$G 18
B&B18 318 D$,W41 318 C&341 1) <()'&,1+'1 B14,>'>4 8& &B&4>1+/>&
31 (+& 418&/>F+ )1c(&8UG )( >,B13>,1+'$ 1)G B$4 18 /$+'4&4>$G
/>14'& ƒ1/8$)>F+ 31 M$/1„ 1c/1)>;& ,&'14>&8>%&3& 1+ 8& 6>M(4&
$W)/1+& 318 ƒB&341 &+&8„TPz
A$3& (+& )14>1 31 B>+'(4&) 31 [(+/R 31W1+ /$+)>314&4)1 /$,$
;&4>&/>$+1) )$W41 1)'1 ,$'>;$G 1+ B4>,14 8(M&4 8$) 3$) [16>)'F6181)
31 JKY^T [16>)'F6181) VN 18 3(18$ B>+'& (+& 6>M(4& $)/(4& 1+ 18 &/'$
31 ,&'&4 & )( 3$W81G W8&+/$ 5 /$,$ 31 )$,W4&G ,>1+'4&) 0(1 1+
[16>)'F6181) VVN B14)$+&8>3&3 3>;>3>3& G 8& ,>),& 6>M(4& $)/(4&
/&,>+& B$4 8& ,>),& /&881 318 W4&%$ 31 )( /&)> '4&+)B&41+'1 3$W81G
1 >M+$4& & (+& ,(/R&/R& 0(1 )1 3& ;(18'& B&4& 8&+%&481 (+&
)13(/'$4& ƒ,>4&3&„T I0(* R&5 0(1 >4 ,d) &88d 31 8& 413(//>F+
ƒ8&/&+>&+&„ /8d)>/& 318 ,$'>;$ 31 (+ 3$W81 & (+& 418&/>F+ 1+ 1)B1<$
>,&M>+&4>&N 1+ )( /&4d/'14 ,d) 6(+3&,1+'&8G 18 3$W81 1+/&4+& &
8& Q$)& 6&+'&),&MF4>/& 1+ ,*q 1) 31/>4G 8& &)>,1'4*& 1+'41 5$ 5 ,>
3$W81 1)G 1+ p8'>,& >+)'&+/>&G 8& 0(1 R&5 1+'41 18 $W<1'$ S/$44>1+'1U
5 8& Q$)& S)(W8>,1UT O+ ,> 3$W81G +$ ,1 1+/(1+'4$ )>,B81,1+'1
&ƒ1+,*,*
,>),$ S,> >,&M1+
n1)o ,d) 0(1 5$ 1+ 18 1)B1<$U
,>),$„N )>+$G 1)&+'1)
18 3$W81 ƒ5$ 0(1 +&3&G &(+0(1
,>),$„G 8$ 0(1
lB&4& 1cB41)&48$ 1+ 'e4,>+$) )B>+$%>&+$)l /$+/1W>3$ W&<$ $'4&
"&&
,$3&8>3&3G 8& 318 $'4$G /(14B$ )(W8>,1G 1'e41$G (+& B(4& )()'&+/>&
31 M$/1 1c>,>3& 318 />4/(>'$ 31 8& M1+14&/>F+ 5 8& /$44(B/>F+T
I+'1) 31 )14 ƒ+1M&3$„ 1+ )( D$,W41G 18 ƒB&341„ 31)>M+& (+& Q$)&
&)*G 0(1 1) ƒ1+ ,* ,d) 0(1 5$ ,>),$„TPJ
:14*& (+ 144$4G )>+ 1,W&4M$G )&/&4 8& /$+/8()>F+ 31 0(1 8&
418&/>F+ /$+ 18 3$W81 /$,$ Q$)& +$ '>1+1 &W)$8('&,1+'1 +&3& 0(1
;14 /$+ 8& 418&/>F+ >,&M>+&4>& 1+'41 18 5$ 5 18 5$ >31&8G )( >,&M1+
1+ 18 1)B1<$G 1) 31/>4G /$+ 18 1<1 ,l> TS!U $G /$,$ 8$ 1)/4>W1 2&/&+
1+ )( ƒ1)0(1,& 2„G !l !h T 2$ 0(1 31W14*& R&/14)1 B4$W81,d'>/$ 1+
1)'& 418&/>F+ 1+ 1)B1<$ 1) 18 &B$)'4$61 0(1 3>)'>+M(1 8& >,&M1+ 31
(+ 3$W81 S!hU 31 ƒ5$ ,>),$„ S!UN ,d) '&431 S1)'$ 1)G /(&+3$ ! 5& +$
)1 /$+/>W1 /$,$ (+ $'4$ >,&M>+&4>$G )>+$ /$,$ 18 $W<1'$l/&()& 41&8
318 31)1$U 1)'1 &B$)'4$61 )1 /$+;>14'1 1+ 18 $W<1'$ !T O+ $'4&)
B&8&W4&)G 18 $W<1'$ ! 1) 18 B8() (+R1>,8>/R1) B&4& )>1,B41 6&8'&+'1
1+ 8& >,&M1+ 318 1)B1<$G 1) 31/>4G ƒ+$ 1)B1/(8&4>%&W81„G &(+0(1G
B41/>)&,1+'1 /$,$ '&8G B41)1+'1 1+ 188& 1+ 8& 6$4,& 31 8& •
>+)$+3&W81 1+ 4&%F+ 31 8& /(&8 8& >,&M1+ 318 1)B1<$ $W'>1+1 )( /&f
4d/'14 (+R1>,8>/R1) l18 3$W81 1) ƒ8$ ,>),$ 0(1 5$„G 5 +$ $W)'&+'1
'$'&8,1+'1 1c'4&s$lq )( )1,1<&+%& &/1+'p& &(+ ,d) )( /&4d/'14
)>+>1)'4$T O)'& 1) 8& 4&%F+ B$4 8& /(&8 8& >,&M1+ 31 (+ 3$W81 )1
'4&+)6$4,& /$+ '&+'& 6&/>8>3&3 1+ )( $B(1)'$G 31 ,$3$ 0(1G 1+ ;1%
31 1cB14>,1+'&4 8& $'413&3 4&3>/&8 31 )( )1,1<&+'1G 18 )(<1'$ )1
41/$+$/1 1+ 8& >,&M1+ 31 8& $'413&3 4&3>/&8G 1)'$ 1)G 41/$+$/1 & )(
10(>;&81+'1 1+ 8& ,&)& &,$46& 31 8$ X1&8 /(5&) ;14)>$+1) 8>'14&f
4>&) 5 />+1,&'$M4d6>/&) ;&+ 31)31 O8 R$48& 31 [&(B&))&+' &8
ƒ&8>1+„ 318 6>8, 318 ,>),$ +$,W41G 31 X>3815 :/$''T O+ 1)'1
)1+'>3$G B$34*& 31/>4)1 0(1 8& 6F4,(8& 8&/&+>&+& 318 6&+'&),&
S: &UG 8& /$+64$+'&/>F+ 318 )(<1'$ ;&/*$ /$+ 8& B41)1+/>& &,$46& 31
8$ 41&8G 31)B8>1M& 8& ƒ;143&3„ 31 8& 418&/>F+ 1+ 1)B1<$ !l !h G 1) 31/>4G
8$ 0(1 /$+6>141 & 1)'& 418&/>F+ )( '1+)>F+ &+'&MF+>/&q $'4& /$+6>4f
,&/>F+ 31 8& ,&+14&
31 8$ V,&M>+&4>$T 1+ '&+'$G
C$4 8$ 0(1 8$1)'dX1&8/8&4$
B14)>)'1 1+ 188$)/$4&%F+
B$4 0(e ,>),$
;&,B>4$) )$+
>+;>)>W81) 1+ 8$) 1)B1<$)N B$40(1 R&+ 81*3$ & 2&/&+ 5G B$4 /$+)>f
M(>1+'1G )&W1+ /F,$ /$,B$4'&4)1 l,&'14>&8>%&+ 18 $W<1'$ ! 0(1G
B$4 316>+>/>F+G +$ B(131 41681<&4)1 llTT
2$ 0(1 1) /4(/>&8 &0(*G B$4 8$ '&+'$G 1) 8& &)>,1'4*& 4&3>/&8 1+
8& 418&/>F+ !l!hG 1)'$ 1)G (+ 31)10(>8>W4>$ … 8& Z$4>&+ #4&5 1+'41
5$ ,>),$ 5 ,> >,&M1+ 1+ 18 1)B1<$N 18 B41/>$ 0(1 31W1 B&M&4)1 B&4&
0(1 ,> >,&M1+ /$+)14;1 )( /$+)>)'1+/>& &4,$+>$)& 1) 0(1 '$3$ 18
R$44$4 31 )( 41)>3($ &,$46$ /&>M& )$W41 ,*T O)'1 41)>3($ &,$46$
1) 18 /$4418&'$ ,&'14>&8 31 8& ,>4&3&q 1) 31/>4G /(&+3$ ,1 1+/(1+f
'4$ /&4& & /&4& /$+ ,> 3$W81G /(&+3$ ƒ,1 1+/(1+'4$ & ,* ,>),$„
1+'41 8$) $W<1'$)G /(&+3$ ƒ5$ ,>),$„ /$,$ )(<1'$ &B&41%/$ ƒ&88*
&6(14&„G i0(e )$5 1+ 1)1 B41/>)$ ,$,1+'$ /$,$ 0(>1+ 8$ ,>4&G
"&'
/>& 31 8&
FB14&o 418&/>F+
/$,$ $W<1'$)1c(&8 ƒ+$4,&8„
+$ R&/1 ,d) SM1+>'&8UN 18 ƒ6&+'&),&„
0(1 ,&'14>&8>%&4 n31 8&
18 $W)'d/(8$
>+'4*+)1/$G 8& >,B$)>W>8>3&3 ƒ$4>M>+&8„ 0(1 /$441)B$+31 & 8& 418&f
/>F+ )1c(&8TPP
O8 B&B18 &,W>M($ 31 1)'1 $W<1'$l>,B13>,1+'$ 0(1G &8 ,>),$
'>1,B$G M&4&+'>%& 8& /$+)>)'1+/>& 6&+'&),d'>/&GPY +$) B14,>'1
318>+1&4 8& 8FM>/& 31 8& >+;14)>F+ )(W8>,1 1+ O8 6&+'&),& 31 8&
`B14& G 1)'$ 1)G 31 )( ,$,1+'$ ,18$34&,d'>/$ )(B41,$ 1+ 18 0(1
18 6&+'&),&G &8 0(1 R&)'& 1+'$+/1) )1 81 >,B>3>F 8& 41&8>%&/>F+ 31
8& 418&/>F+ )1c(&8G &B&41/1 31 >,B4$;>)$ /$,$ 18 p+>/$ 0(1G B$4
8& B14,>'1q TPL 8$ 0(1 '1+1,$) 1+ ,1+'1 1)G
,13>$ 31 )( )&/4>6>/>$G 8&
B$4 )(B(1)'$G 18 ,$,1+'$ 6>+&8 1+ 0(1 18 6&+'&),& O4>/ )1
)&/4>6>/& & 6>+ 31 0(1 & QR4>)'>+1 81 )1& B$)>W81 (+& ;>3& 3>/R$)&
<(+'$ &8 ;>%/$+31 31 QR&M+5T O+ 'e4,>+$) 318 &+d8>)>) +&44&'>;$
31 C4$BBG B$34*& 31/>4)1 0(1 1+ 1)'& >+;14)>F+ 6>+&8 18 &M1+'1
B41;>&,1+'1 >31+'>6>/&3$ /$,$ ,&8R1/R$4 )1 '4&+)6$4,& 31 )pW>f
'$ 1+ 3$+&3$4G 1) 31/>4G 1+ (+ ƒ,13>&3$4„ 0(1G B$4 ,13>$ 31 )(
)&/4>6>/>$G B14,>'1 8& )&8;&/>F+ 318 Re4$1T _ 1) 0(>%d 8& 1cB14>1+/>&
,>),& 31 1)'& >+;14)>F+ 31 8& ƒ/$+3>/>F+ 31 >,B$)>W>8>3&3„ 1+ (+&
ƒ/$+3>/>F+ 31 B$)>W>8>3&3„ l8& 1cB14>1+/>& 31 8& ,&+14& 1+ 0(1
ƒ)F8$ 8& 8&+%& 0(1 '1 3144>WF{B(131 )&+&4 '( R14>3&„ SB&4& />'&4 18
C&4)>6&8 31 \&M+14Ul 8$ 0(1 /$+)'>'(51 18 +p/81$ 31 8$ 0(1
P^
88&,&,$) ƒ3>&8e/'>/&„T
"&)
'1) B4>) 1+
&'4&B&3$ 3&+)18 81)(1s$
4;1 318
31 $'4$G
8h&('41 1)'d
G ;$() '1) 6$('(„
B143>3$„UT Sƒ:>41;18&3$G
O8 6&8$ ()'13 1)'d
8&
3>)'$4)>F+ 6d8>/$l&+&,F46>/& 318 4$)'4$G 1) (+& 1)B1/>1 31 ,&4/&
0(1 &'1)'>M(& 0(1 18 )(<1'$ 1)'d &'4&B&3$ 1+ 18 31)1$ 318 $'4$ S8&
,&341UG 1+'4&,B&3$ 1+ )( )(1s$T O+ 1)'1 B41/>)$ )1+'>3$G 18 6&8$
ƒ&B&41/1„ 1+ 8& B4$'(W14&+/>& $W)/1+& )$W41 8& 641+'1 318 ƒR$,W41
1816&+'1„ 5 8& ,&4/& /$+ 8& )1s&8 318 31)1$ 31 8& ,&341G /$,$ )>
e)'& 8$ &%$'&4& /$+ 18 8d'>M$ 31 )( ,>4&3&T 2$ 0(1 2&/&+ 88&,&
ƒ>31+'>6>/&/>F+ 6d8>/&„ 1)G B$4 18 /$+'4&4>$G 1c&/'&,1+'1 8$ $B(1)'$
31 1)'& ƒ41;18&/>F+ 318 6&8$„N 1) 8& >31+'>6>/&/>F+ /$+ 18 6&8$ /$,$
)>M+>6>/&+'1 318 31)1$G 1) 31/>4G 8& B&4&3$<& 31 8& >31+'>6>/&/>F+ /$+
8& +$ >31+'>3&3 G /$+ 8& W41/R& 0(1 ,&+'>1+1 18 31)1$T O+ 8&
>31+'>6>/&/>F+ 6d8>/& B4$B>&,1+'1 3>/R&G +$) >31+'>6>/&,$) /$+ 18
181,1+'$ 0(1 6(+/>$+& /$,$ 18 )>M+>6>/&+'1 31 )( B4$B>$ $B(1)'$
S1+ )*+'1)>)G /$,$ )>M+>6>/&+'1 8>)$ 5 88&+$UT X1/$431,$) & 8& 4(W>&
R>'/R/$/@>&+& S#4&/1 ]1885G B$4 1<1,B8$UN 1+ )( 6>M(4& 1) )(B14&f
3& Sƒ+1M&3&„G &(6M1R$W1+ G 1+ 18 )1+'>3$ R1M18>&+$ B41/>)$U 8&
$B$)>/>F+ 1c'14+& 31 8& 4(W>& 64*M>3& 5 8& ,$4$/R& &43>1+'1G 31
,$3$ 0(1 8& ,>),& 64>&83&3 )(B146>/>&8 6(+/>$+& /$,$ (+ )>M+$
31 )( $B(1)'$ l/(&+'$ ,d) /&8,& 1)G ,d) &'1)'>M(& 1)'1 41641+&f
,>1+'$ (+& B&)>F+ )(W5&/1+'1TTT `/(441 8$ ,>),$ /$+ 8& 6(4>&N
>+M41)&,$) & 8& 3>,1+)>F+ 6d8>/& /(&+3$ )(B14&,$) 8& $B$)>/>F+
1c'14+& 1+'41 8$) 1)'&88>3$) 31 >4& 4(>3$)& 5 18 )>81+/>$ /$+'1+>3$G
31 ,$3$ 0(1 18 B4$B>$ )>81+/>$ 64*$ /$,>1+%& & 6(+/>$+&4 /$,$ &8M$
>+6>+>'&,1+'1 ,d) &,1+&%&3$4 0(1 8$) 4(M>3$) ;>$81+'$)T O+ $'4$
+>;18G )(/131 8$ ,>),$ /$+ 8& 3>&8e/'>/& 318 8*314N 8$) R&M>FM4&6$)
B$8*'>/$) )&W1+ ,(5 W>1+ 0(1 18 8*314 '>1+1 0(1 )14 41'4&'&3$ /$,$
6(+3&,1+'&8,1+'1 )$8$ 1+ )() &8'(4&)G 3&3$ 0(1 1) B41/>)&,1+'1
1+ 1)'$) ,$,1+'$) 31 )$813&3 &W)$8('& /(&+3$G 1+ (+ )1+'>3$
ƒ,d) B4$6(+3$„G ƒ1)'d /$+ '$3$) +$)$'4$)„N 18 8*314 1) ƒ'$3$)
+$)$'4$)„ <()'&,1+'1 /$,$ &W)$8('&,1+'1 )$8$G /$,$ (+$T O)'$ 1)
8$ 0(1 71M18 88&,& ƒ+1M&/>F+ &('$4418&/>$+&3&„N 18 ,$3$ 1+ 0(1
161/'>;&,1+'1 +1M&,$) 5 )(B14&,$) 8& 64>M>31% +$ 1) 411,B8&%d+f
3$8& B$4 )( $B(1)'$ 1c'14+$ S8& B&)>F+UG )>+$ R&/>1+3$ 0(1 31)>M+1
& 1)'1 $B(1)'$T O+ 188$ /$+)>)'1 8& B&4&3$<& p8'>,& 31 8$ 0(1 2&/&+
88&,& ƒ8& 3>&8e/'>/& 318 31)1$„ l18 41+(+/>&,>1+'$ &8 31)1$ /$,$
"&!
,1+/>$+&3&
3$ 1+ 8& B&4'13131[&4+>1
&'4d) G318
31 1)/1+&4>$G
7>'/R/$/@q1+ 1)'1 &4,&'$)'1
18 8(M&4 ,>),$ 1)'d (W>/&f
1+ 0(1 8$)
$<$) 318 1)B1/'&3$4 1)B14&+ 1+/$+'4&4)1 /$+ 18 B(+'$ >,&M>+&4>$
"'"
318 1<1 >+6>+>'$ 31 8& B14)B1/'>;&G 1)'$ 1)G 8& ,>4&3& 318 `'4$ 0(1
/$+6>141 )( B4$6(+3>3&3 &8 /&,B$ 31 ;>)>F+N 18 1)B1/'4$ 318
R$8&+3e) &B&41/1 /(&+3$ 8&) ,&+$) M>M&+'1)/&) 0(1 6$4,&+ 18
&4,&'$)'1 )1 1c'>1+31+ 5 B14,>'1+ (+& ;>)>F+ 31 )( >+'14>$4G 8$
X1&8 B81M&3$ 5 ;>;>3&,1+'1 4$<$G 18 1)B&/>$ 318 M$/1 &p+ +$
ƒ/$8$+>%&3$„ B$4 18 $431+ )$/>$)>,WF8>/$TYz
31 8& `B14&
/1+'4$ /$+)>)'1G &)*G
,d) 41/F+3>'$ '$/&1+/$+
(+ )(
/&,B$ 1c'>+'$G
1c'14>$4 (+ /&,B$
4&3>/&8N /(5$
18 /$4&%F+
,>),$ 31 8& &8'& )$/>13&3 B&4>)>+&G 18 13>6>/>$ 31 8& `B14& /$+ )()
8(<$)&) 1)/&8>+&'&)G 41;18& l1+ 18 ,$,1+'$ 1+ 0(1 +$) %&,W(88>f
,$) 1+ )() />,>1+'$)l 8&) R(188&) 31 (+ '4&(,d'>/$ B&)&3$
ƒ41B4>,>3$„G 1) 31/>4G 318 ,$,1+'$ R>)'F4>/$ 0(1 )&/(3>F 8$)
/>,>1+'$) 318 1)'&3$ W(4M(e)T
A&8 1)G 1+'$+/1)G 8& '$B$M4&6*& )$/>$>31$8FM>/& 318 m&+'&),&N )(
6>M(4& /$+)'>'(51 (+ ƒB(+'$ 31 B&)$„ >,B$)>W81 1+ 18 /(&8 18 B$314
)(W;14)>;$ 31 8$ +(1;$ S8& /8&)1 $W414&U ;(18;1 & (+>4)1 /$+ 18
41'$4+$ 31 8$ ;>1<$ S8& 31/&31+/>& &4>)'$/4d'>/&UT O+ 1)'1 B41/>)$
)1+'>3$G 18 m&+'&),& 1) (+ 41B41)1+'&+'1 S(+ )()'>'('$ U 61'>/R>)'&
31 8& 8(/R& 31 /8&)1)N 8& 31)/$+$/1 /$+31+)&+3$ 1+ (+$ )() 3$)
1c'41,$) 0(1 )$/&;&+ 18 $431+ W(4M(e) 1)'&W81/>3$G '&+'$ 8&
31/&31+/>& &4>)'$/4d'>/& /$,$ 8& )(W;14)>F+ B4$81'&4>& ;1+>314&T
C$4 8$ '&+'$G 1) (+ 144$4 B41M(+'&4)1 3>41/'&,1+'1 ƒiQ(d8 1) 8&
/8&)1 10(>;&81+'1 318 m&+'&),&j„N )( ƒ)1+'>3$ 31 /8&)1„ 1)'d
/$+'1+>3$ 1+ 8& 3>)'$4)>F+ ,>),& 0(1 41)(8'& 31 8& /$+<(+/>F+
ƒ>,B$)>W81„ 31 $B(1)'$) S/$,$ 1+ 18 &+'>)1,>'>),$ 6&)/>)'&G 1+ 18
0(1 18 ƒ<(3*$„ /$+31+)& 1+ (+& 6>M(4& p+>/& 8& +&'(4&81%& 1c/1)>;&
318 /&B>'&8>),$ †)( &/&B&4&,>1+'$ )&8;&<1G 1'/Tl 5 )( )(W;14)>F+
B4$81'&4>&G 1) 31/>4G 18 ƒ/$,B8$' <(31$l/$,(+>)'&„UT O)'& 3>)'$4f
)>F+ 318&'&8$)8&/$+'$4+$)
>+;>)>W81) $W4& 318 41&81)
ƒ31)1$318
31 &+'&M$+>),$
/8&)1„G )( 1)6(14%$
)$/>&8G 5B$4
/$+R&/14
188$
&88&+&4 18 /&,>+$ B&4& )( ƒ)$8(/>F+ >,&M>+&4>&„N B$4 ,13>$ 31 )(
"'$
)>F+
B&4& 31
8$) 8&)1+'>3$)
6$4,&„ >31$8FM>/$)
B$4 ,13>$ $G
31 /$,$
8& /(&88$ 1,14M1
1cB41)&18m4134>/
1)B&/>$.&,1)$+
B$)>W81
1+ 418&/>F+ /$+ A>W(4F+N
"'%
"'&
Z&(,14G
3&3N )1 ƒR(,&+>%F„
$W<1'$ /$+ 4&B>31%
31 >+;1)'>M&/>$+1) 5 )1 /$+;>4'>F
6>8$)F6>/&)G 1+ (+&B13&MFM>f
B)>/$8FM>/&)G /181W4>f
/&) 5 ,e3>/&)G $W<1'$G >+/8()$G 31 (+& 1)B1/(8&/>F+ B$8*'>/& &/14/&
31 )() $4*M1+1) Si14& 18 31)&B&41/>3$ B4*+/>B1 31 H&3e+jUT Z1)f
B(e) 31 (+ B&4 31 &s$) 1+ B&%G 8& '&431 318 JL 31 3>/>1,W41 31 JyYY
6(1 1+/$+'4&3$ ,$4'&8,1+'1 R14>3$ B$4 (+ /(/R>88$q 1+ )( 81/R$ 31
,(14'1G &+(+/>F 0(1 )( &)1)>+$ 14& 18 ,>),$ ƒR$,W41 +1M4$„ 0(1
8$ R&W*& 881;&3$ & 8& B8&%& /1+'4&8 31 D(41,W14M />+/$ &s$)
&'4d)TTTYw
:> W>1+ 8& &B&4>/>F+ )pW>'& 31 X&)B&4 7&()14 B4$;$/F (+ >,f
B&/'$ 0(1 /$441)B$+31 & 1)'1 '>B$ 31 1+/(1+'4$ W4('&8 /$+ (+ 41&8{
>,B$)>W81
161/'$G 8$ 0(1
,d) B&41/1 >+'144(,B>4
)$4B41+31+'1 18 />4/(>'$
1+ 188& 6(1 0(1G)>,WF8>/$ 31 /&()& )(5
1+ (+ )1+'>3$G
881M&3& 14& 1)B14&3&N <()'&,1+'1 /$,$ (+& )$4B41)&G 881MF &
"''
"'(
8&
18 )$/>13&3U
41;14)$ 310(1
(+&)(4M>F 1+ '$3& 6(+3&,1+'&8G
B4$R>W>/>F+ )( 6(14%& /$+8&188&G
31 +$ 1) ,d)
)$+31&4 0(1
31,&f
)>&3$ B4$6(+3&,1+'1 1+ 8$) $4*M1+1) $)/(4$)G 8$ 0(1 318&'& 18
'1,$4 31 0(1G R&/>e+3$8$G B(3>14& 41;18&4)1 &8M$ ,$+)'4($)$TTTYy
:>G B$4 /$+)>M(>1+'1G )1 '>1+1 1+ /(1+'& 18 R1/R$ 31 0(1G )1Mp+
2&/&+G 18 5$ 1) (+ $W<1'$ G (+& ƒ41)„ )()'&+/>&8G B(131 /&B'&4)1 /$+
6&/>8>3&3 18 )1+'>3$ p8'>,$ 318 M>4$ '4&)/1+31+'&8 31 ]&+'N e)'1
31)()'&+/>&8>%& &8 )(<1'$ S0(1G 1+ Z1)/&4'1)G )>M(1 )>1+3$ &p+ (+&
ƒ41) /$M>'&+)„ G 1) 31/>4G (+ ƒB13&%$ n)()'&+/>&8o 31 8& 41&8>3&3„UG 5
1) 1)'& ,>),& 31)()'&+/>&8>%&/>F+ 0(1 &W41 18 1)B&/>$ ;&/*$ S8&
ƒ)(B146>/>1 1+ W8&+/$„ U )$W41 18 /(&8 )1 B4$51/'&+ 8$) 6&+'&),&) G
"(#
"("
31 8& 41B(M+&+/>& 1)G B$4 1)& 4&%F+G ,(/R$ ,d) >+1)'&W81 31 8$ 0(1
B(131 B&41/14G 3&3$ 0(1 )>1,B41 1) 31B1+3>1+'1 31 (+ 1)B&/>$
/(8'(4&8 1)B1/*6>/$N 8& '$4'(4& ƒ&+&,F46>/&„ 318 /(14B$ 0(1 B(131
1<14/14 (+& 6&)/>+&/>F+ '&+ M4&+31 31+'4$ 31 &8M(+$) 1)B&/>$)
/(8'(4&81) S31)31 18 ;1+3&<1 31 8$) B>1) 61,1+>+$) 1+ QR>+&G 8&
'4>W( >+3$/R>+& /(5&) ,(<141) )1 B$+1+ &+>88$) &<()'&3$) 1+ 18
/(188$ & 6>+ 31 &8&4M&48$G 1'/TG R&)'& 8& B4$B>& 141//>F+ G 18 B&4&3>Mf
,& 318 &8&4M&,>1+'$ &+&,F46>/$ 31 (+ B13&%$ 31 8& 41&8>3&3UG +$
B(131 B4$;$/&4 ,d) 0(1 41B(M+&+/>& 1+ (+& ,>4&3& 1c'4&+<14&T
iZ1 1)'1 ,$3$ +$ R1,$) 318>+1&3$ '&,W>e+ 8$) B146>81) 31 (+&
/4*'>/& B$)',$314+& 31 8& >31$8$M*& 0(1 +$) >+)'4(51 B&4& 0(1
&)(,&,$) '&8 ,>4&3& 1c'4&+<14& &+'1 +(1)'4$ B4$B>$ /&,B$
>31$8FM>/$G /$+ 8$ 0(1 8& &+&,$46$)>) >31$8FM>/& B>1431 )( B$314 31
6&)/>+&/>F+ 5 )1 '4&+)6$4,& 1+ (+& B4$'(W14&+/>& 41B(M+&+'1j
"(*
D$'&)
J C&4& (+& 31)/4>B/>F+ 31'&88&3& 31 1)'1 B&4&818$G /6T .&,1) Z$+&83G ƒAR1
m&+'&)'>/G 'R1 :(W8>,1 &+3 'R1 C$B(8&4q $4G \R&'h) &' :'&@1 >+
E&,B>41 m>8,)j„G 1+ m&+'&)5 &+3 'R1 Q>+1,&G /$,BT .T Z$+&83
S2$+341)N H4>'>)R m>8, V+)'>'('1G JKyKUG BBT PYYl^PT
P #&)'F+ 214$(cG AR1 CR&+'$, $6 'R1 `B14& SD(1;& _$4@N 7>BB$/41+1
H$$@) V+/TG JKKzUG BT JP nO8nO8 6&+'&),& 31 8& `B14&G H(1+$) I>41)N :>M8$
E1>+'1oT
Y VW*3T
L :1Mp+ 8& 316>+>/>F+ /8d)>/& 31 2&/&+G 8& 6(+/>F+ 31 8& ,d)/&4& 1)
ƒ3$,>+&4 8&) >31+'>6>/&/>$+1) & '4&;e) 31 8&) /(&81) )1 41)(18;1+ 8$)
&,$41) 41/R&%&3$)„ SƒAR1 [1&+>+M $6 'R1 CR&88()„G 1+ m1,>+>+1
:1c(&8>'5N .&/0(1) 2&/&+ &+3 'R1 O/$81 m41(3>1++1G /$,BT .(8>1'
[>'/R188 5 .&/0(18>+1 X$)1 nD(1;& _$4@N D$4'$+G JKy^oG BT y^Uq B$4 8$
'&+'$G +$ 1) 3>6*/>8 /$+/1W>4 18 ()$ /$,B(8)>;$ 31 8& ,d)/&4& B$4 B&4'1
318 m&+'&),& l$'4$ 31 )() 4&)M$)l /$,$ (+& 1)'4&'1M>& B&4& /$+'4&f
441)'&4 18 41/R&%$ 318 &,$4 ,&'14+$T
^ Q6T I8&>+ #4$)4>/R&43G
#4$)4>/R&43G ƒ21 Q&) C$85BR€,1 $( a+ [$+)'41 1' )& ,141„G
1+ `4+>/&4j JJ SBBT JKlYwU 5 JPlJY SBBT L^l^xU SC&4*)N D&;&4>+ O3>'1(4G
JKxxUT
w I8(3>,$) &0(* & 8& 3> 3>6141+/>&
6141+/>& 1+'41 8&) 3$) ,(14'1)G
,(14'1)G 8& 41&8 SW>$8FM>/&U
5 8& )>,WF8>/& S18>,>+&/>F+ 31 8&) R(188&) )>,WF8>/&)UT O+ )( :1,>+&4>$
)$W41 2& e'>/& 318 B)>/$&+d8>)>) G 2&/&+ 18&W$4F 8& +$/>F+ 31 8& ƒ)1M(+3&
,(14'1 S)>,WF8>/&U„ & B4$BF)>'$ 31 8& 3>)'>+/>F+ 31 :&31 1+'41 18
/4>,1+ /$44>1+'1G 0(1 1) '$3&;*& B&4'1 318 />/8$ +&'(4&8 31 M1+14&/>F+
5 /$44(B/>F+G 5 18 /4>,1+ &W)$8('$G 8& 31)'4(//>F+G 8& 144&3>/&/>F+ 31
1)'1 />/8$ ,>),$T SQ6T 18 /&B*'(8$ L 31 :8&;$< |>%1@G AR1 :(W8>,1 `W<1/'
$6 V31$8$M5 n2$+341) 5 D(1;& _$4@N E14)$ H$$@)G JKyKoTU 2& >31+'>3&3
6(+3&,1+'&8 31 8& )1M(+3& ,(14'1 S)>,WF8>/&U 5 18 /4>,1+ &W)$8('$ 31
:&31 B(131 1<1,B8>6>/&4)1 ,13>&+'1 8& $W)1)>F+ 31 ]&+' /$+ 18 '4&(,&
31 (+ B4$/1)$ <(3>/>&8 /$+'4& 18 415G )( )1+'1+/>& 31 ,(14'1 S1+
/$+'4&)'1 /$+ 18 )>,B81 41M>/>3>$ 1+ 18 &/'$ 31 8& 41W18>F+UT O) 31/>4G iB$4
0(e 8& &//>F+ 81M&8 /$+'4& 18 415G )( 1<1/(/>F+G 1) (+ /4>,1+ &W)$8('$
)&31&+$ 0(1 +>+Mp+ /&)'>M$ +> +>+M(+& B1+>'1+/>& B(131+ /$,B1+f
)&4j O8 &)1)>+&'$ 318 415 1+ 18 &/'$ 31 8& 41W18>F+ )$/&;& 18 B$314 81M&8
1c>)'1+'1G B14$ )F8$ 1+ 18 +>;18 31 8& 41&8>3&3q 1)G )1+/>88&,1+'1G (+&
B&4'1 318 B4$/1)$ 31 /$44(B/>F+ 5 M1+14&/>F+ S)$/>&81)U 0(1 31<& >+'&/'&
8& 81M&8>3&3 )>,WF8>/&T :>G B$4 18 /$+'4&4>$G 31)B(e) 31 )( 3144$/&,>1+f
'$ 1c>'$)$G $4M&+>%&,$) (+ B4$/1)$ <(3>/>&8 /$+'4& e8G 1)'$ 1)G /$+'4& 8&
1+/&4+&/>F+ 5 M&4&+'*& p8'>,& 318 B$314 81M&8G /$,1'1,$) 18 /4>,1+
&W)$8('$N )$/&;&,$) 18 B$314 81M&8G 18 M$W>14+$ 31 8& 815 /$,$ >+)'>'(f
/>F+ )>,WF8>/&
1<1/(/>F+ 81M&8 l0(1
318 1)
4158& 1)4&%F+
(+ B$4 8& /(&8G318/$,$
ƒ)(>/>3>$ 8$ 1cB41)&
O)'&3$„lT ]&+'G 1+
` W>1+G 8&
"($
ƒR1M18e)„N 1)'1 /4>,1+ 5& +$ B(131 )14 ,13>3$ )1Mp+ 8&) +$4,&) 31
81M&8>3&3G +$ 1) (+& )>,B81 +1M&/>F+ 1c'14+& 31 8& 81M&8>3&3 )>+$ )(
ƒ+1M&/>F+ 31 8& +1M&/>F+„q )$/&;& 18 B(+'$ 31 ;>)'& ,>),$ 31)31 18 /(&8
B(131 /$+/1W>4)1 (+ &/'$ /$,$ ƒ>81M&8„T X1)B1/'$ 31 8& +$/>F+ @&+'>&+&
318 ƒ)(>/>3>$ 318 1)'&3$„G /6T /&B*'(8$ ^ 31 :8&;$< |>%1@G m$4 AR15 ]+$9
D$' \R&' AR15 Z$ S2$+341) 5 D(1;& _$4@N E14)$ H$$@)G JKKJUT
x 7&5 (+ 31'&881
31'&881 /&('>;&+'1 1+ 8$ 0(1 41)B1/'& & 8& ƒ;143&314& R>)'$4>&„
R>)'$4>&„
318 R$,W41 1816&+'1N /(&+3$ 8$) R>)'$4>&3$41) 1c&,>+&4$+ 8&) 6(1+'1)G
31)/(W4>14$+ 0(1 18 ,>'$ 31 )() $4*M1+1) '1+*& 1+ 8$) R1/R$) (+
)$4B41+31+'1 6(+3&,1+'$N (+ 3>&4>$ 8$/&8 31 )( />(3&3 +&'&8 /$+'>1+1
(+& B10(1s& +$'& )1Mp+ 8& /(&8 lB41/>)&,1+'1 1+ 8& eB$/& 318
1,W&4&%$ 31 )( ,&341lG 3(4&+'1 18 31)6>81 31 (+ />4/$G (+ 1816&+'1
1+8$0(1/>F 5 1)'(;$ & B(+'$ 31 B>)$'1&4 & (+& ,(<14 1,W&4&%&3&T
y O+ /(&+'$ &8 /$+/1B'$
/$+/1B'$ 31 8& ƒ;$>c &/$(),&'>0(1„G /6T [>/R18 QR>$+G 2&
E$>c &( />+1,& SC&4*)N Q&R>14) 3( Q>+1,&G JKyPUT
K 2& $B$)>/>F+ 31 ;$% 5 ,>4&3& /$,$ $W<1'$)
$W<1'$) /$441)B$+31
/$441)B$+31 &8 &+'&M$+>),$
&+'&M$+>),$
31 8&) B(8)>$+1) 31 ;>3& 5 31 ,(14'1N 8& ;$% ;>;>6>/&G 1+ '&+'$ 0(1 8&
,>4&3& ,$4'>6>/&T
Jz 7&5G )>+ 1,W&4M$G (+ '14/14 '>B$ 31 M4>'$ 0(1 +$ 1) +> )>81+/>$)$ +>
;$/&8G )>+$ ;$/&8>%&3$ 31 ,&+14& 3>614>3& T 2$ R&88&,$)G 1+'41 $'4$)
1<1,B8$)G R&/>& 18 6>+&8 31 O8 B&34>+$ VVV S#$36&'R14 VVV UUG G 31 Q$BB$8&N
1) B4$614>3$ B$4 [>/R&18 Q$481$+1 SI8 C&/>+$U 1+ 8& 1)/&8>+&'& 31 8&
FB14& 31 C&814,$G 31)B(e) 31 0(1 (+ &)1)>+$ 31 8& ,&6>& ,&'& & )(
&,&3& R><&q &8 B4>+/>B>$G 18 M4>'$ 1) )>81+/>$)$G )$,$) '1)'>M$)G 1+ (+
/$,B81'$ )>81+/>$G 31 8& 31)1)B14&3& &B14'(4& 31 )( W$/&q 31)B(e) 31
(+ B&4 31 )1M(+3$)G 18 )$+>3$ +$) M$8B1& /$+ '$3& )( 6(14%& l8$ 0(1 1)'d
1+ <(1M$ &0(* 1) (+& 1)B1/>1 31 &('$441681c>;>3&3G /$,$ )> 18 M4>'$ 6(14&
;$/&8>%&3$ 1+ 18 B41/>)$ ,$,1+'$ 1+ 0(1 18 )(<1'$ B14/>W1G '$,&
/$+)/>1+/>& 31 )( )>81+/>$lT [>1+'4&) 18 M4>'$ )>M(1 )>1+3$ )>81+/>$)$G
68$'&,$) 1+ (+& 1)B1/>1 31 ƒ1)'&)>)„ 318 '>1,B$ S1+ 18 )1+'>3$ 0(1 1)'1
'e4,>+$ &30(>4>F /$+ \&8'14 H1+<&,>+UG 18 ,$;>,>1+'$ )1 )()B1+31G
'$3& 8& ;>3& 318 Re4$1 )1 /$+31+)& 1+ 8&) '41) >,dM1+1) )(B14B(1)'&)
1+ 18 ƒ&R$4&„ >+'1,B$4&8 S8& R><& &)1)>+&3&q 8& +$;>& &)1)>+&3& ,(/R$
'>1,B$ &'4d)q 8& 1)B$)& B143>3&Uq /(&+3$ 18 M4>'$ 41)(1+&G [>/R&18 )1
1+/(1+'4& 1+ (+ 8(M&4 R$,F8$M$ &8 31 O3>B$ 1+ Q$8$+$N B$4 ,13>$ 31
&0(e8G )( ƒ6(14%& ;>'&8„ )1 1;&B$4&G [>/R&18 1) ƒ;&/>&3$„G )( 31)'>+$
)>,WF8>/$ )1 /(,B81q 8$ 0(1 0(13& 31 e8 1) (+& /&)/&4& ;&/*&G (+&
B$,B& 31 <&WF+ 31);&+1/>3&G (+ B(4$ 41)>3($ 31 8$ X1&8T O) B$4 8$
'&+'$ ,(5 /$R141+'1 0(1 & 1)'1 M4>'$ 8$ )>M& (+& 1)B1/>1 31 68&)RW&/@
>+;14'>3$G (+ )&8'$ R&/>& (+ 6('(4$ +$ 1)B1/>6>/&3$ 1+ 18 0(1 [>/R&18G
(+ &+/>&+$ )$8>'&4>$ )1+'&3$ 1+ (+& )>88& 31 <&43*+G )1 31),$4$+&
)pW>'&,1+'1 5 /&1 ,(14'$N 1)'& 6>M(4& /$,B81'&,1+'1 ;&/*& B4>;&3&
31 ;>3& 1) '$3$ 8$ 0(1 0(13& 31 e8 31)B(e) 318 M4>'$TTT
JJ Q6T [>/R18 QR>$+G ƒ21 k(&'4>e,1 Q$'1„G 1+ Q&R>14) 3( Q>+1,& YzK
SJKyzUG BBT ^lxT
JP :1,1<&+'1 $<$ M>M&+'1)/$ 0(1 ;>;1 )( B4$B>& ;>3& l1)'$ 1)G (+ F4M&+$
B&4'>/(8&4
Ul 1) '&80(1
,$ Ul ;1%/$>+/>31
18 $W<1'$,>)'14>$)&,1+'1 /$+ '$3$
B)>/F'>/$ 6(+3&,1+'&8 5G &818 ,>),$
/(14B$'>1,B$G
S$4M&+>)f
8&
"(%
1)B1/>&8N ƒQ$,$
B(13$ ;148$ C41)>31+'1G +$ '1+M$ )>+$ $<$) /$+)'>'(/>$+&81)q +$
& ()'13„T
"(&
"('
S7&4,$+3)9$4'RN C1+M(>+
/$+)>)'1 18 144$4 31 H$$@)G
m4>134>/R O+M18)JKy^UT
1+ O8 V+/>31+'&8,1+'1G 1+ 1)$
$4>M1+ 31 8& 6&,>8>&G 8&
"((
"()
"(!
^
iC`X kaO 7I_ :VO[CXO
Z`: CIZXO:j
O8 `'4$ B&4&+$>/$
O+ 8& /(8'(4& B$B(8&4 31 8& &/'(&8>3&3G R&5 3$) 61+F,1+$) 0(1
1<14/1+ (+ B$314 31 6&)/>+&/>F+ B143(4&W81 )$W41 8& &)* 88&,&3&
'1$4*& ƒB$)',$314+&„N I86413 7>'/R/$/@ 5 18 6>8, +$>4 T :>+ 1,W&4f
M$G 1+ /&3& (+$ 31 8$) 3$) /&)$) 8& 6&)/>+&/>F+ 6(+/>$+& 31 (+&
,&+14& /$,B81'&,1+'1 3>6141+'1N 8& $1(;41 31 7>'/R/$/@ 31)1+f
/&31+& (+ '$441+'1 31 >+'14B41'&/>$+1) 0(1 1+ )( ,&5$4 B&4'1 )1
1c/8(51+ ,('(&,1+'1 SB)>/$&+&8*'>/&G R14,1+e('>/&G 31/$+)'4(/f
'>;>)'&G 61,>+>)'&G 418>M>$)&G )1,>F'>/&G 1'/TUG (+& &W(+3&+/>& 31
>+M1+>$)&) ,$;>3&) >+'14B41'&'>;&) 0(1 )1 1)6(14%&+ B$4 '4&+)f
6$4,&4 1+ ec>'$) >+/8()$ )() 64&/&)$) 1;>31+'1)GJ ,>1+'4&) 0(1 8&)
B4>,14&) /&4&/'14*)'>/&) 0(1 )&8'&+ & 8& ;>)'& 1+ 418&/>F+ /$+
8$) '1c'$) )$W41 18 6>8, +$>4 )$+ )( B$W41%& 5 (+>6$4,>3&3 '1F4>/&
>+()(&81)T O) 31/>4G 18 M4(1)$ 31 8$ 0(1 )1 1)/4>W1 )$W41 18 6>8, +$>4
/$+)>)'1 1+ ;&4>&/>$+1) &M$W>&3&) 31 /8>)e) )$W41 )( 1)'>8$ ;>)(&8
S8& >+68(1+/>& 318 1cB41)>$+>),$ &81,d+N 8& >+'14&//>F+ 31 8(/1) 5
)$,W4&)G 8$) d+M(8$) >+()(&81)G 1'/TUq )$W41 )() B4$/13>,>1+'$)
+&44&'>;$) S68&)RW&/@)
S68&)RW&/@) G ;$/1) )(B14B(1)'&) & 8& >,&M1+G 1'/TUq
)$W41 )( '4&)6$+3$ )$/>&8 S8& /$44(B/>F+ 31 8&) ,1M&8FB$8>) &,14>f
/&+&)q 18 >,B&/'$ )$/>&8 31 8& :1M(+3& #(144& [(+3>&8q 8&
1,&+/>B&/>F+ 31 8&) ,(<141) /$,$ 6(+3&,1+'$ 31 8& 6>M(4& 31
8& 61,,1 6&'&81 0(1 3& 1cB41)>F+ & 8& >+1)'&W>8>3&3 31 8& >31+'>3&3
,&)/(8>+&Uq )$W41 8& ;>)>F+ 1c>)'1+/>&8 +$>4 S18 31)'>+$ >+1c$4&W81
5 )( >+'14/$+1c>F+ B&4&3F<>/& /$+ 8& 8>W14'&3G B$4 1<1,B8$Uq 1'/TP O8
")"
JU
JU O8 418$< &)1)>+$ SAR1 H>M Q8$/@ G JKLxG .$R+ m&44$9UT ik(e
/$+6>141 & 1)'& R>)'$4>& )( /&4d/'14 +$>4 Tj X&5 [>88&+3G (+ B14>$3>)f
'& >+;1)'>M&3$4G 1) /$+'4&'&3$ B$4 (+ /$44(B'$ ,&M+&'1 31 8&
B41+)& SQR&481) 2&(MR'$+U B&4& >31+'>6>/&4 &8 >+3>;>3($ 31)/$+$f
/>3$ 0(1 &W&+3$+F )1/41'&,1+'1 8& /&)& 31 (+& ,(/R&/R& &)1)>f
PU
PU I8 6>8$ 31 8& +$/R1 S:$445 G \4$+M D(,W14 G JKLyG I+&'$81
2>';&@U 1) 8& R>)'$4>& 31 (+& &44$M&+'1 ,(<14 4>/&G &'&3& &8 81/R$
&1)/(/R&
/&()& (+&
31 /$+;14)&/>F+
8& B&4d8>)>) '1816F+>/&
31 )() B>14+&)G
&/14/& 310(1 &//>31+'&8,1+'1
8& B8&+>6>/&/>F+ 31
(+ &)1)>+&'$q 1,B41+31 8& >+;1)'>M&/>F+ 318 &)(+'$ 5G 31)B(e)
31 '$3$ (+ 3*& 31 '1816$+1&4G 31)/(W41 6>+&8,1+'1 0(1 8& ;*/'>,&
318 /4>,1+ B41;>)'$ 1) 188& ,>),&G 31,&)>&3$ '&431G 3&3$ 0(1 18
&)1)>+$ 5& 1)'d 1+ /&,>+$TTT O8 6>8, 1) (+ 1<1,B8$ 31 8>W4$ 31 '1c'$
31 8& '1)>) 8&/&+>&+& &/14/& 31 8& ,&+14& 1+ 0(1 8& ;143&3 318
)(<1'$ 1)'d /$+)'>'(>3& B$4 18 3>)/(4)$ 318 `'4$N 8& +&44&3$4&
41p+1 M4&3(&8,1+'1 '$3&) 8&) B>1%&) 5 S41U/$+)'4(51 8$) R1/R$)G
/$,B41+3>1+3$ 0(1G )>+ )&W148$G 188& 14& 8& B>1%& /1+'4&8 31 (+&
>+'4>+/&3& '4&,&q 1+ )*+'1)>)G 1+/(1+'4& )( ;143&3 6(14& 31 )*
,>),&G 1+ 8& 413 >+'14)(W<1'>;& /(5$) 161/'$) 1)/&B&+ & )( /$+'4$8T
")&
(+ ,&4/$
/R&,B 31 ;1+'&+&UT
)1 ,&+>6>1)'& 1+ 3$)O+ 18 +>;18
,$'>;$) '1,d'>/$G
/$+)'&+'1) 18 161/'$ 31 R$4) f
31 7$BB14N
# (+& ,(<14 $ (+& B&41<& /(5&) ,>4&3&) 1)'d+ >+,$;>8>%&3&)
1+ &8Mp+ B(+'$ 1c'14+$ & 8& B>+'(4& S1+ 7$BB14G 8&) B&41<&) +(+f
/& )1 ,>4&+ 3>41/'&,1+'1 & 8$) $<$)G 8$ 0(1 /$+)'>'(51 (+& 1)B1/>1
31 10(>;&81+'1 ;>)(&8 31 8&) B&41<&) ƒ,$314+>)'&)„ 31 8&) +$;18& 31
[&4M(14>'1 Z(4&)G 0(1 )F8$ B(131+ R&88&4 18 &,$4 /$+/1+'4d+3$f
)1 1+ &8M(+& &/'>;>3&3 1c'14+&G B$4 1<1,B8$ 8& Wp)0(13& 31 (+&
'14/14& B14)$+&Uq
8& 8>,>'&/>F+ 318 /$+'1+>3$ B>+'&3$ & (+ 41681<$ 64&M,1+'&4>$
#
31 (+& 6(1+'1 31 8(% 1c'14+& S8& B&4'1 >8(,>+&3& 31 8& R&W>'&/>F+
/14/&+& & 8& ;1+'&+& &W>14'&G B$4 1<1,B8$UT
")'
+&3$
,(14'1q/(&+3$ 18 31
31)B(e) R$,W41 /&1/R&48&
'$3& 8& B41)&)$W41
31 (+& ,(<14N 8& B(8)>F+
8& )(B14>$4>3&3 31
1)B>4>'(&8
318 R$,W41G >+&//1)>W81 & 8&) ,(<141)G 1'/TG B4$B$+1G 1+ 8&)
"))
")!
>+>/>&8N
B&4& 0(1ƒik(e /&,W>$
8& ,(<14 )1 '1+34*& 0(1 $/(B&+3$
1+/$+'4&4& &/$+'1/148118 &8 $431+
8(M&4 )>,WF8>/$
31 (+& Q$)&
'4&(,d'>/&j„ Q$,$ )&W1,$) B$4 18 B)>/$&+d8>)>) 8&/&+>&+$G 18
M&4&+'1 6(+3&,1+'&8 31 8& )>'(&/>F+ ƒ+1('4&8„ 31 8& 215 )>,WF8>/&
31+'4$ 31 8& 1/$+$,*& )(W<1'>;& 1) 18 B&341 /$,$ 6(+/>F+ )>,WFf
8>/&G 18 D$,W41 318 C&341G 8$ 0(1 2&/&+ 88&,& 8& ƒ,1'd6$4&
B&'14+&„N 18 :>M+>6>/&+'1 I,$G 18 )>M+>6>/&+'1 ƒ;&/*$„ )>+ (+
)>M+>6>/&3$T 2& 215 0(1 1)'d ƒ1+ 18 $431+ ;>M1+'1„ 1)G B$4 316>+>f
/>F+G ƒ/>1M&„G >M+$4&+'1G )1 181;& )$W41 8&) B&)>$+1) B&4'>/(8&41)N
(+& /$,(+>3&3 )1 ,&+'>1+1 (+>3&G 1+ p8'>,& >+)'&+/>&G & '4&;e)
31 (+ )>M+>6>/&+'1 0(1 ƒ)>M+>6>/& '$3$„ 1+ 8& ,13>3& 1+ 0(1 +$
)>M+>6>/& +&3& 1+ B&4'>/(8&4 5 0(1G /$+ 188$G B14,>'1 0(1 '$3$) )1
41/$+$%/&+ 1+ e8TJL C$4 1)& 4&%F+G +(1)'4$ B&)$ )>M(>1+'1 31W14*&
)14 W()/&4 ,('&/>$+1) 1;1+'(&81) 1+ 8& )>'(&/>F+ 31 8& 6(+/>F+
B&'14+&T O8 8(M&4 &31/(&3$ B&4& /$,1+%&4 1) 18 B4>+/>B>$ ,>),$G
$ ,d) B41/>)&,1+'1N 18 B(+'$ >+,13>&'&,1+'1 &+'14>$4 & e8G 8&
1'&B& p8'>,& 31 8& ƒB41R>)'$4>&„ 31 8& +$;18& R&43lW$>813 1+ 8& 0(1
8&) /$)&) 0(1 )$+ &p+ ;>)>W81) )1 /$+;14'>4d+G (+ ,$,1+'$
31)B(e)G 1+ >+;>)>W81) l+$ 1+ QR&+3814 )>+$ 1+ 7&,,1''lT
m41+'1 &8 6(8M$4 31 8& B143(4&W81 M8$4>& 31 QR&+3814G Z&)R>188
7&,,1'' 1)'d R$5G 1+ />14'$ ,$3$G $8;>3&3$N '$3$) 8$) >+'1+'$) 31
41)(/>'&48$ B$4 ,13>$ 31 8&) 13>/>$+1) 31 W$8)>88$ 31 )() +$;18&)G
8&)
;>)'&+(1;&)
31 1)'1W>$M4&6*&)G 1'/TG B&41/1+
64&/&)$ B14)>)'1+'1G /$+31+&3$)
)1 )>1+'1 &8 64&/&)$T
8& '1+'&/>F+ O+
31 &44>1)f
M&4 8& R>BF'1)>) 31 0(1 8& 4&%F+ 6(+3&,1+'&8 +$ 1) 8& ,1+$4
/&8>3&3 31 )() 1)/4>'$) )>+$ (+& 4(B'(4& 1)'4(/'(4&8 1+'41 )(
(+>;14)$ 5 (+ B81+&,1+'1 1)'&W81/>3$ (+>;14)$ +$>4 T 7&5 $W;>&f
,1+'1 &8M$ 1+ 8& 8FM>/& >+'4*+)1/& 31 8& $W4& 31 7&,,1'' 0(1 )1
41)>)'1 & 8& )1s&8>%&/>F+N )() />+/$ +$;18&) )$+ />+/$ R&B&c1) rG rG
/&3& (+& 31 188&) 1) p+>/&T O61/'>;&,1+'1 3&+ 8(M&4 & )14>1)G B14$
/$+ $'4$) 1)/4>'$41) SQ$)1/R&
SQ$)1/R& 4$<& >+&(M(4F 8& 318 31'1/'>;1 )$8>'&f
4>$ 0(1 >+'14;>1+1 1+ (+& />(3&3 31;&)'&3& B$4 8& M(144& 1+'41
r Z18 M4>1M$ R&B&c 81M$,1+$+ G B&8&W4& $ 64&)1 M4>1M& $ 8&'>+& 31 8& 0(1 )1
/$+$/1 (+ )$8$ 1<1,B8$ 1+ '$3& 8& 81+M(& SDT 318 ATUT
"!#
I,6$4'&)G
4>'(&8 l6(1 18 415 1+
R14>3$ >+/&B&%
,13>$ 31
318 31)1,B1s&4
B1/&3$ 5 )F8$)(0(>141
6(+/>F+
,$4>4)>,WF8>/$f
S)() 3$)
ƒ8&,1+'&/>$+1)„ )$+G )>+ 3(3&G 8$) B(+'$) )&8>1+'1) 31 8& FB14&UlT
I,6$4'&)G 18 415 R(,>88&3$ 5 )(64>1+'1G 5 )( /$+'4&&M1+'1G 18
,&8;&3$ ,&M$ ]8>+M)$4G e8 ,>),$ >,B$'1+'1 S/&)'4&3$UG )> W>1+
3$,>+& & ](+345N i+$ /$+)'>'(51 )( $B$)>/>F+ (+& ,&'4>% 31
6>M(4&) 0(1 )(4M1 ,d) '&431 1+ 18 (+>;14)$ +$>4 SI,$) 0(1 )$+
R(,>88&3$) & /&()& 31 )( &B1M$ & 8& 61,,1 6&'&81q &,$) &)1c(&f
3$)l>,B$'1+'1) 0(1 1<14/1+ 18 B$314 )$W41 8& 61,,1 6&'&81 Uj Uj O+
$'4&) B&8&W4&)G 8& 6>M(4& )(B(1)'&,1+'1 &4/&>/& 318 ƒB&341 B4>f
,$43>&8„ 1) 1+ 41&8>3&3 (+& 1+'>3&3 /&W&8,1+'1 ,$314+& G (+
41)(8'&3$ 31 8& 31/&31+/>& 31 8& ,1'd6$4& B&'14+&TJy
C41/>)&,1+'1 1+ 8& p8'>,& BdM>+& 31 )( :1,>+&4>$ •V G 2&/&+
3>/1 0(1 ƒ/(&80(>14 416(M>$ 1+ 0(1 B(13& 1)'&W81/14)1 (+& 418&f
"!$
.&+1' 71+45 ,>4F & D13 H1&(,$+'T O)'1 /$+'1,B8&W& 6><&,1+'1 8&
B(14'&TPP
"!&
"!'
1c&/'$ 1) B$/$
8& B4>,14& ,>'&3/8&4$N
31 i)$+ >4F+>/&)
8& )14>1 )>M(1$ )>1+3$
31W1+ '$,&4)1 /$+ )14>13&3jUG
(+& ;&4>&/>F+ S)> W>1+
B1/(8>&4U )$W41 18 '1,& +$>4 /8d)>/$ 318 31)1+,&)/&4&,>1+'$ 31 8&
/$44(B/>F+ 0(1 1)'d &8 &/1/R$ '4&) 8& )(B146>/>1 >3*8>/& 31 (+&
/>(3&3 B10(1s&q 1+ 8& )1M(+3& ,>'&3G 41)(8'& 0(1 18 &)1)>+$
31 2&(4& C&8,14 S)( B&341U 14& (+& R144&,>1+'& >+/$+)/>1+'1 31
ƒH$W„G 18 1)B*4>'( ,&8>M+$ 0(1 ,$4& 1+ ƒX13 2$3M1„TPw
I0(* 31W14*& 41/$43&4)1 18 41B4$/R1 31 .1&+ X1+&(8'G 8& 1+/&4f
+&/>F+ 6(+3&,1+'&8 318 ,&8 ƒ,(+3&+$„G & Z&81 Q$$B14N ƒI+'1) 31
0(1 ()'13 881M&4&G 8& ;>3& 1+ A9>+ C1&@) '4&+)/(44*& '4&+0(>8& 5
68(>3&,1+'1G ;1+3*&,$) 34$M&)G $4M&+>%dW&,$) 8& B4$)'>'(/>F+G
'$3$ 18 ,(+3$ 1)'&W& /$+'1+'$q (+& ;1% 0(1 ()'13 1)'(;$ &0(*G '$f
3$ 6(1 ,&8G 8& ,&4/R& +$4,&8 31 8&) /$)&) )1 '4&)'$4+FTTT„ O+
)*+'1)>)G 1+ A9>+ C1&@) 8& 8FM>/& 31 31)/(W4>4 8& /$44(B/>F+ 0(1
"!(
1)'d &8 &/1/R$ W&<$ 8& )(B146>/>1 >3*8>/& 5& +$ 6(+/>$+&G 3&3$ 0(1
8& /$44(B/>F+ 5& 1) B&4'1 31 1)'& >3*8>/& ;>3& /$'>3>&+&T 2$ p+>/$
0(1 B(131 B14'(4W&4 18 />4/(>'$ +$4,&8 1)G B$4 8$ '&+'$G (+&
>+'14;1+/>F+ 31 8& >+$/1+/>& B(4& 5 ;>4'($)& SQ$$B14UG /(5$
/$+'4&B(+'$ +$ B(131 )14 5& 18 ,&8 ,(+3&+$ 5 )$/>&8 )>+$ 18
ƒ)$W41+&'(4&8„ 1c'14+&8>%&3$T C$4 1)& 4&%F+G 18 /$+'4&&M1+'1
ƒR(,&+$„ 31 Q$$B14 1+ 8& )1M(+3& ,>'&3 31 8& )14>1G )( 1c /$81M&
\5+3$, O&481G )F8$ B(131 )14 &8M(>1+ 1+ W()/& 31 (+ /$+'&/'$ /$+
8&
$'4&6(1+'1
B&4'1G31 881;&
1)'1 &,&8/&W$
)$W41+&'(4&8 S8& ƒX13
)() /4*,1+1) 2$3M1„U
31 (+ ,$3$5 &4'>6>/>&8
0(>1+G B$45
1)'1'>/>)'& SB$4 1<1,B8$G /(W>14'$ /$+ )*,W$8$) &<1341/*)'>/$)UG 1+
/$+'4&)'1 B(4$ /$+ 8& ;>$81+/>& W4('&8 1 >,B(8)>;& 31 8&) +$;18&)
R&43lW$>813 T I)*G 18 /*4/(8$ 1)'dG 1+ />14'$ ,$3$G /144&3$q 1) 31/>4G
'$3$) 41/$43&,$) 8&) 6&,$)&) B&8&W4&) 31 QR&+3814 /$+ 8&) 0(1
316>+>F 8& ,&+14& 1+ 0(1 7&,,1'' B(8;14>%F 18 (+>;14)$ 31 8&
+$;18& 31 8FM>/& 5 313(//>F+ /8d)>/&N ƒ7&,,1'' 41)'>'(5F 18
&)1)>+&'$ & 8& /8&)1 31 M1+'1 0(1 8$ /$,1'1 /$+ &8Mp+ ,$'>;$G
+$ )F8$ B&4& B4$B$4/>$+&4 (+ /&3d;14q 5 /$+ 8$) ,13>$) 0(1 '>1+1
& ,&+$G +$ /$+ B>)'$8&) 31 3(18$ 6$4<&3&)G /(4&41 5 B1/1) '4$B>/&f
81)„TPx O+ A9>+ C1&@) G 25+/R 41/$44>F 18 ,>),$ )1+314$ R&/>&
&'4d)N 41/(B14F 18 &)1)>+&'$ 31 8&) /&881) 5 8$ 31;$8;>F & 8& /8&)1 31
M1+'1 0(1 +$ 8$ /$,1'1 /$+ &8Mp+ ,$'>;$ S;(8M&4 $ /$3>/>$)$UG )>+$
B&4& B4$B$4/>$+&4 (+ /&3d;14 & (+ <(1M$ 1)'1'>/>)'&q 0(1 +$ 8$
/$,1'1 /$+ 8$) ,13>$) 0(1 )1 R&88&+ & ,&+$ )>+$ /$+ &+'>M(&)
W&881)'&) 5 &4&s&) ;1+1+$)&) 1+ (+& <&(8& (W>/&3& 1+/>,& 31 8&
/&W1%& 31 8& ;*/'>,&TTT
I 6>+ 31 /$+/1W>4 8& 8FM>/& 31 1)'1 /&,W>$G R&5 0(1 /$+)>314&4 8&
Q4*'>/& 318 <(>/>$ G 31 ]&+' $G ,d) B41/>)&,1+'1G 8& 3>6141+/>& 1+'41
8$ W188$ 5 8$ )(W8>,1 B8&+'1&3& 1+ )( B4>,14& B&4'1T 2$ 0(1 +$)
>+/(,W1 &0(* 1) )( $B$)>/>F+ 1+ /(&+'$ & 8& B$)>W>8>3&3 31 8&
41B41)1+'&/>F+
)1+)>W81 +$ B(1315{$ 8&)14)>,W$8>%&/>F+N
41B41)1+'&3& )>31W>1+
(+&8& ,&+14&
V31&{Q$)& )(B4&f1
3>41/'&
>+,13>&'&G B(131 41B41)1+'&4)1 8& V31& ƒ)>,WF8>/&,1+'1„G W&<$ 8&
&B&4>1+/>& 31 8& W1881%& S1+ $'4&) B&8&W4&)G 8$ W188$ 1) (+ ,$3$ 31
41B41)1+'&4+$) ƒ&+&8FM>/&,1+'1„ 18 W>1+ 1+ 18 ,(+3$ 61+$,e+>f
/$Uq 8$ 0(1 8& >+6$4,>3&3 /&F'>/& 31 8$) 61+F,1+$) )(W8>,1) R&/1
;>)>W81G B$4 18 /$+'4&4>$G 1) 8& >,B$)>W>8>3&3 ,>),& 31 41B41)1+'&4
8& V31&{Q$)& )(B4&)1+)>W81T Q$+ 188$G 8$ )(W8>,1 )1 41;18& /$,$
&8M$ )>+>1)'4&,1+'1 /14/&+$ &8 ,&8N 8& 3>,1+)>F+ 0(1 )1 &+(+/>&
1+ 18 /&$) )(W8>,1 S18 ,&4 '1,B1)'($)$G 8$) B>/$) ,$+'&s$)$)G
1'/TU 1) 8& 3>,1+)>F+ ,>),& 318 ,&8 4&3>/&8G 1) 31/>4G 31 (+ ,&8
/(5& +&'(4&81%& 1) B(4&,1+'1 ƒ1)B>4>'(&8„G )(B4&)1+)>W81G +$
ƒB&'$8FM>/&„T 2$ 0(1 31W14*& '1+14)1 1+ /(1+'& &0(* 1) 8& &)>,1f
'4*& 1+'41 18 W>1+ 5 18 ,&8N 18 R1/R$ 31 0(1 ƒ18 ,&8 +$ )1& W188$„
"!)
41'>4d+3$)1 (+& ;1% ,d) & )( [d) I88dT O+ 18 /&)$ 318 /4>)'>&+>)f
,$G )>+ 1,W&4M$G 8& ,(14'1 31 Q4>)'$ +$ &+(+/>& 18 41'$4+$ &8
C&341 )>+$ 8& 881M&3& 318 O)B*4>'( :&+'$N Z>$) /$+'>+p& ;>;>1+3$
1'14+&,1+'1 31)B(e) 31 )( ,(14'1 1+ 8& /$,(+>3&3 31 8$)
/4151+'1)G 1+ )( 4>'(&8 )>,WF8>/$T 71M18 1)'dG &)*G 318 '$3$ <()'>6>f
/&3$ &8 31/>4 0(1G B&4&3F<>/&,1+'1G 8$ 0(1 1cB>4& 1+ 8& /4(% +$ 1)
(+& 1+/&4+&/>F+ 16*,14& 5 '4&+)>'$4>& 31 Z>$) )>+$ 18 B4$B>$ Z>$)
318 [d) I88dG 1)'$ 1)G 8& +$/>F+ 31 Z>$) /$,$ (+& 1+'>3&3
>+&//1)>W81G '4&)/1+31+'1
Z>$) 0(1 B14'1+1/1 5 +$ 1841;18&3&
& 8$ X1&8G l1+ $'4&)
Z>$) &+'>M($lT O+ 18B&8&W4&)G 18
/4>)'>&+>)f
,$G Z>$) 31<& 31 )14 (+& 1+'>3&3 '4&)/1+31+'1 0(1 )1 1+/&4+& 1+
(+& 6>M(4& R(,&+& 6>+>'&G )1 /$+;>14'1 1+ (+ +$,W41 B$4 )(
,$;>,>1+'$ ,>),$ 31 1+/&4+&/>F+{41;18&/>F+N )( 1c>)'1+/>& 1)
B(4&,1+'1 ƒB146$4,&'>;&„G (+ 161/'$ 31 )( B4$B>& 41;18&/>F+ 1+ 8&
C&8&W4&T
Z1 1)'& 6$4,&G 1) 31/>4G (+& ;1% 0(1 18 31)'>+$ )1 '4&+)6$4,& 1+
(+& C&8&W4& 41;18&3&G B&4& 18 )(<1'$ )1 &W41 8& B$)>W>8>3&3 31
'$,&4 (+& 3>)'&+/>& ƒ41681<&„ /$+ 41)B1/'$ & &0(e8G 31 +1M&4)1 &
&)(,>4 18 8(M&4 & e8 &)>M+&3$ 1+ 8& '1c'(4& 318 ,>),$T _G 31
&/(143$ /$+ 2&/&+G & 1)'$ 1) & 8$ 0(1G 1+ p8'>,& >+)'&+/>&G )1
416>141 8& E14)&M(+M 641(3>&+&N B$4 ,13>$ 31 e)'&G 41+(+/>&,$)
&8 ,&+3&'$ )>,WF8>/$ ,>),$ 1+ B4$ 318 /(&8 1)'dW&,$) 3>)B(1)'$)
& B$+148$ '$3$ 1+ <(1M$T O+ 188$ 4&3>/& 8& /(8B& /$+)'>'('>;&G
6(+3&,1+'&8G 31 8& 0(1 3&+ '1)'>,$+>$ 8$) )*+'$,&) +1(4F'>/$)
0(1 B14'1+1/1+ &8 B4$B>$ )14 31 8$ 0(1 88&,&,$) ƒ18 R$,W41
,$314+$„N 18 R1/R$ 31 0(1G 1+ p8'>,& >+)'&+/>&G +$ R&5& &M1+/>&
& 8$) $<$) 31 8& /(&8 e)'1 B(13& )14 /(8B&W81 B1)& )$W41 e8 /$,$ (+&
/(8B& 413(B8>/&3&T 2& ƒ,(14'1 31 Z>$)„ l$'4$ +$,W41 B&4& 1)'&
41'>4&3& 318 31)'>+$l R&/1 &W)$8('& & +(1)'4& /(8B&T
2$ 0(1 2&/&+ 3>/1 &0(* B&41/1 (+ 8(M&4 /$,p+ 6>8$)F6>/$N B$4
,13>$ 31 8& 3>)'&+/>& 41681c>;& 41)B1/'$ 318 /$+'1+>3$ )()'&+/>&8G
18 )(<1'$ ,$314+$ )1 31)1+'>1+31 31 8&) /$&//>$+1) 318 31)'>+$q 1+
/$+'4&)'1 /$+ 18 >+3>;>3($ '4&3>/>$+&8 /$,B81'&,1+'1 31'14,>+&f
3$ B$4 18 />1M$ />4/(>'$ 31 &0(e8G ƒ41681<&„G B$+1 & 8& 8(% 318 3*& 8$)
)(B(1)'$) >,B8*/>'$) 0(1 318>+1&+ & )( 1)B&83& 8$) /$+'$4+$) 31 )(
;>3&G (+ ,$'>;$ 318 0(1 R>/>14$+ ;&4>&/>$+1) '$3$) 8$) 3161+)$41)
31 8& ,$314+>3&3 R&)'& 7&W14,&)T O)'& &('$1;>31+/>&G )>+ 1,f
W&4M$G 1) B4$6(+3&,1+'1 1+M&s$)&N 8$ 0(1 2&/&+ R&/1 ;>)>W81 1)
(+ 41+(+/>&,>1+'$ &('$4416141+/>&8 4&3>/&8 5 413(B8>/&3$G B$4
,13>$ 318 /(&8 1,14M1 8& 3>,1+)>F+ 31 8& )(W<1'>;>3&3T O8 B4>,14
+>;18 1) 18 B&/'$ )>,WF8>/$N 18 )(<1'$ >31+'>6>/& 18 +p/81$ 31 )( )14
/$+ (+ 4&)M$
1+'14&G 1+ B4$)>,WF8>/$
318 0(1&8 /(&8
1)'d 1)'d 3>)B(1)'$
3>)B(1)'$ & )(W$43>+&4'$3$q
& )&/4>6>/&48$ )( ;>3&
1+
)*+'1)>)G 8& &8>1+&/>F+ 1+ 18 ,&+3&'$ )>,WF8>/$T O8 )1M(+3$ +>;18
*#*
/&4'14$
A9>/1 oG )>1,B41
oG 31 _;$++188&,& 3$) 1+;1/1)
31 Q&4>$ nAR1
:>+ 815 C$)',&+
5 )>+ I89&5) X>+M)
ToTTTUG
&8,& nQ4>))lQ4$)) oTTTUG
18 31)'>+$ 318 Re4$1 0(13& )188&3$G 8$) R1/R$) '$,&+ )( 4(,W$
>+1c$4&W81T C$4 41M8& M1+14&8G 8& ƒ+1M4(4&„G 18 /&4d/'14 ƒ+$>4„ 318
(+>;14)$ +$>4 G )1 &)$/>& & 1)'1 31)'>+$ >+1c$4&W81 1B>'$,>%&3$ B$4
8& ,(<14lQ$)&N 1+ )( 4$)'4$ 18 Re4$1 B(131 8114 18 B41)&M>$ 31 )(
4(>+& 6('(4&T D(1)'4& '1)>)G )>+ 1,W&4M$G 1) &0(* 1c&/'&,1+'1 8&
$B(1)'&N 18 B(+'$ ,d) W&<$G 18 318 ;143&314$ R$44$4G 1) 18 ,$,1+'$
31 E14)&M(+M 1+ 0(1 18 )(<1'$ )1 1+/(1+'4& /&4& & /&4& /$+ 18
&W>),$ )>+ 6$+3$ 31 )( 6&8'& 31 )14T Q$+ 41)B1/'$ & 1)'1 ,$,1+'$G
8& 1+'4&3& 31 8& 61,,1 6&'&81 5& &B$4'& (+& 1)B1/>1 31 &8>;>$G
B$31,$) ;$8;14 & 416(M>&4+$) 1+ 8& ƒ/8&()(4& +&44&'>;&„N 18 )(<1'$
18(31 31 +(1;$ 8& /$+64$+'&/>F+ /$+ )( 6&8'& 31 )14T O+ 1)'1
)1+'>3$G 8& '1)>) 31 2&/&+ )$W41 8& ,(<14 /$,$ ƒ(+$ 31 8$) D$,W41)
318 C&341„ )1 &B8>/& B81+&,1+'1 & 8& 61,,1 6&'&81 1+ 18 (+>;14)$
+$>4 N 8& 6(+/>F+ 0(1 31)1,B1s& 1) 1c&/'&,1+'1 R$,$8$M& & 8& 318
D$,W41 318 C&341G 1) 31/>4G R&/1 B$)>W81 0(1 18 )(<1'$ ;(18;& &
)>'(&4)1 31+'4$ 31 8& '1c'(4& 318 31)'>+$ )>,WF8>/$T
/$+/1W>4)1
A4&@8N '&,W>e+'4&(4>M
ƒ:$ 814+h>/R 18 E14%>/R' 31 8$) ]1>+
31+ E14%>/R'N 6&,$)$)
Z>+M ;14)$) 31 #1$4M
)1> 9$ 3&) \$43
*#%
R(,&+$ 3180(1
1+ )*+'1)>)G R1/R$ 31 0(1 31
1) B4>;&3$ )1 /$+;>14'&
8$ 0(1 ,d)1+81(+>,B$4'&G
)(<1'$ 31
5 & 8&/&,W>$
815 )$+G
e8
,>),$ 1) 1+'41M&3$ & 8& '18& 0(1 1) '1<>3& 1+'41 M1+14&/>$+1)„TY^
2$ B4>,14$ 0(1 )&8'& & 8& ;>)'& &0(* 1) 8& &)>,1'4*&G 1)'$ 1)G
/$,$ 8$ 1cB41)& 2&/&+G ƒ8& 1c'4&s& /$+<(M&/>F+ 31 (+ ,1+$) 0(1
+$ 1) 413$W8&3$ B$4 +>+Mp+ ,d)„TYw O) 31/>4G 1+ 8& ,13>3& 1+
0(1 8& ƒ/&)'4&/>F+„ )1 316>+1 /$,$ (+ &/'$ 31 >+'14/&,W>$G /&W4*&
1)B14&4 0(1 18 )(<1'$ $W'(;>14& &8M$ & /&,W>$ 318 41+(+/>&,>1+'$
SB4$M41)$ /(8'(4&8G 41/$+$/>,>1+'$ )>,WF8>/$G W>1+1) ,&'14>&81) $
&8M$ B$4 18 1)'>8$Uq )>+ 1,W&4M$G '$3$ 8$ 0(1 8& )1M(+3& B&4'1 31
1)'1 1c'4&s$ &/'$ 31 >+'14/&,W>$ B4$;$/& 1) (+& Be43>3& &3>/>$f
+&8N 181++p/81$
/&4 &M4&31/>,>1+'$ B$4)14GR&W148$
,>),$ 31 )( 1+'41M&3$
18 $W<1'$ ƒ'$3$„G
1+ e8 ,>),$G B$4 )&/4>6>f
1) 31/>4G 8$ 0(1
ƒ1+ e8 n1)o ,d) 0(1 e8 ,>),$„G 18 B4$B>$ )(<1'$ 1) /$+;14'>3$ 1+
*#'
>+'14/&,W>$G
$641/1 1+ 18 1) 31/>4G 18+$,$,1+'$
,14/&3$ )F8$ (+ 1+ 0(1 18
$W<1'$ S)()(<1'$ 318 >+'14/&,W>$
B4$3(/'${,14/&+/*&UG
)>+$ & )* ,>),$ /$,$ ,14/&+/*& T O8 &+d8>)>) 3>&8e/'>/$ /$+/>W1
)1,1<&+'1 >+;14)>F+ 41681c>;& /$,$ (+& /$+)1/(1+/>& +1/1)&4>&
31 8& (+>;14)&8>%&/>F+ 31 8& 6(+/>F+ 31 >+'14/&,W>$N '&+ B4$+'$
/$,$ 18 >+'14/&,W>$ 31 ,14/&+/*&) )1 R&/1 (+>;14)&8 5 B413$,>f
+&+'1G 8& B4$B>& 6(14%& 31 '4&W&<$ 31W1 &B&41/14 1+ 18 ,14/&3$
/$,$ (+& ,14/&+/*&T O8 B(+'$ /4(/>&8 0(1 +$ 31W1 B&)&4)1 B$4 &8'$
&0(*G )>+ 1,W&4M$G 1) 0(1 1)'1 31;1+>4 (+ $W<1'$ 31 >+'14/&,W>$
/$>+/>31 /$+ 8& 1,14M1+/>& 31 8& B(4& )(W<1'>;>3&3 T O) 31/>4G '$3&
8& $W)14;&/>F+ 31 [&4c /$+)>)'1 1+ 0(1G 1+ 8& $B$)>/>F+ 1+'41 18
/&B>'&8>)'& 5 18 B4$81'&4>$G 1) e)'1 18 0(1 41B41)1+'& 8& B(4&
)(W<1'>;>3&3N 1) <()'&,1+'1 B$40(1 1) 413(/>3$ & (+& )(W<1'>;>f
3&3 B(4& 1 >+)()'&+/>&8 S1) 31/>4G B$40(1 1) B4>;&3$ 31 '$3&) 8&)
*#(
/&)&4)1 /$+ )( +$;>$ 31 8& &8'& )$/>13&3 /$+ 8& /$+/>1+/>& '4&+0(>f
8&T Q(&+3$G 1+ 18 6>+&8 ,>),$ 318 6>8,G 8& ,&341 SH&4W&4& :'&+95/@U
$W)14;& 8& /141,$+>& 31 8& W$3&G &+F+>,& 1+ 8& ,(8'>'(3 B4Fc>,&
& 8& /14/& 31 8& >M81)>&G 5 8(1M$ )1 ;& /$+ (+& 1cB41)>F+ 31 3>/R&
1+ 18 4$)'4$G +$) 1+/$+'4&,$) 1+ 18 318>/&3$ ,$,1+'$ 31/>)>;$ 1+
18 /(&8 8$ 0(1 B&41/1 )14 18 +>;18 ,d) W&<$ 31 )(W$43>+&/>F+
B&'4>&4/&8 31 8& ,(<14 )1 '4&+)6$4,& 1+ )( $B(1)'$T O) 31/>4G 8&
B4>,14& 81/'(4& 318 6>8, 0(1 )1 >,B$+1 1) 4&3>/&8,1+'1 &+'>61,>f
+>)'&N
1+ 18 8&)&/4>6>/>$
,&341 1+/(1+'4& 18 /(,B8>,>1+'$
6(+3&,1+'&8 1+ W>1+ 31 8&31 618>/>3&3
)( ,>)>F+SB&'4>&4/&8f
61,1+>+&
R1'14$)1c(&8U 31 )( R><&T D$ $W)'&+'1G 18 41+(+/>&,>1+'$ 1+ <(1M$
&0(* 1) '&+ 4&3>/&8 0(1 1) 881;&3$ &8 1c'41,$ 31 8& &('$+1M&/>F+N
8& ,&341 '>1+1 0(1 41+(+/>&4 &8 161/'$ ,>),$ 318 41+(+/>&,>1+'$G
18 M4&+ `'4$ S18 BpW8>/$U +$ B14/>W1 )( M1)'$ /$,$ (+ +$W81
)&/4>6>/>$G 1) 31/>4G 1)'d $W8>M&3& & B41)1+'&48$ /$,$ )( $B(1)'$G
/$,$ (+ &/'$ 31 /$44(B/>F+ 41B(M+&+'1G 31 ,$3$ 0(1 )1 ;1 B4>;&3&
31 8& ,*+>,& )&'>)6&//>F+ +&4/>)>)'&T O8 ;&/*$ 1+ 0(1 )1 1+/(1+'4&
8& ,&341 &8 6>+&8 318 6>8,G B$4 8$ '&+'$G 1) )>,B81,1+'1 18 ;&/*$ 31
8& 8>W14'&3N 1) 8>W14&3& 31 8& /&4M& 31 8& ,&'14+>3&3G 5 )1 &W41 B&4&
188& 8& B$)>W>8>3&3 31 (+& +(1;& ;>3&G 31 (+ +(1;$ /$,>1+%$ 31)31
18 B(+'$ /14$TYK
2$ 0(1 R&88&,$) &0(* 1)G (+& ;1% ,d)G 8& $B$)>/>F+ 1+'41
18 41+(+/>&,>1+'$ 318 31'1/'>;1 R&43lW$>813 5 18 31 8& ,(<14N 18
B4>,14$ B14,&+1/1 31+'4$ 31 8& 1/$+$,*& +&4/>)>)'&G )>1,B41
/(1+'& /$+ (+ 41/$+$/>,>1+'$ ƒ,d) B4$6(+3$„ 318 M4&+ `'4$G
,>1+'4&) 0(1 )F8$ (+& ,(<14 1) /&B&% 31 (+ 41+(+/>&,>1+'$ /(5$
41)(8'&3$ 1) 0(1 (+$ 0(13& 8>W4&3$ 31 ,&+14& &W)$8('& & )*
,>),$T O8 )(W'*'(8$ +>1'%)/R1&+$ 31 [&341 B$34*& R&W14 )>3$ ƒ18
+&/>,>1+'$ 318 /$M>'$ & B&4'>4 318 1)B*4>'( 318 41+(+/>&,>1+'$
,18$34&,d'>/$„T
ƒZ1)'>'(/>F+ )(W<1'>;&„
Z1W14*& )14 /8&4$ &R$4& B$4 0(e 1)'& 416141+/>& & 8& E14)&M(+M +$
1+'4&s& +>+M(+& 1)B1/>1 31 ƒ41M41)>F+„ & (+& >3$8&'4*& B41>8(,>f
+>)'& 5 /(&)> 4>'(&8 31 (+ )&/4>6>/>$ B4>,$43>&8N E14)&M(+M 31)>M+&
ƒ8& V8()'4&/>F+ 1+ )( 31;1+>4„ B41/>)&,1+'1 1+ 18 )1+'>3$ @>14@1f
M&&43>&+$G 1)'$ 1)G (+ M1)'$ 6(+3&+'1 0(1 31)&B&41/1G )1 R&/1
>+;>)>W81G (+& ;1% 0(1 18 1)B&/>$ )>,WF8>/$ 31 8& V8()'4&/>F+ 0(13&
1)'&W81/>3$T _& R1,$) >+3>/&3$ /F,$ 8& 41&8>%&/>F+ ,d) B(4& 31
8& B&4&3$<& 31 8& E14)&M(+M 1) 8& ;*/'>,& 1+ 8$) B4$/1)$) )'&8>+>)f
'&)q +$ R&5 0(1 &)$,W4&4)1G 1+'$+/1)G 31 0(1 1+ 18 3$,>+>$ 31 8&
*#!
_ 18 )1M(+3$N
Z$) )$+ 8$) 4&)M$) 0(1 R&5 0(1 '1+14 1+ /(1+'& &0(* )> ;& &
1;>'&4)1 '$'&8,1+'1 18 B&)&4 B$4 &8'$ 8& /(1)'>F+ R&/>1+3$ 31 1)'1
:* (+ 1<1,B8$ /$,p+ 5 /$44>1+'1 31 )&/4>6>/>$ R14$>/$ B$4 8& /&()&T
O8 )1M(+3$ :* 1) 31 (+& +&'(4&81%& 1)'4>/'&,1+'1 6$4,&8G (+ M1)'$
;&/*$ 3&3$ 0(1 S1+ .&)&M14 8$ ,>),$ 0(1 1+ 2& ,13>3& U 18 /$4$G
1+ 18 6$+3$G B$+1 31 418>1;1G (+ B$/$ /*+>/&,1+'1G 0(1 18 <$;1+ )14d
,(14'$ >+31B1+3>1+'1,1+'1 31 )( 41)B(1)'&N
CXV[OX I#VAIZ`XN E&,$) & B41M(+'&481 )> 1)'d 31 &/(143$G B$40(1
6(1 (+ ;&8>1+'1 8(/R&3$4T
:O#aDZ` I#VAIZ`XN C14$ &(+ )> +$ 8$ 1)'dG 31W1 31)&B&41/14G 5
'$'&8,1+'1T SJzwU
*"*
*"$
*"%
*"&
*")
1c>M1 0(1 41+(+/>1 & )( $W13>1+/>& )>+ 8*,>'1) & 8&) 8151) R1'14Ff
+$,&)q )>+ 1,W&4M$G 1+ 1)'1 B41/>)$ ,$,1+'$G 18 )(<1'$ 1+/(1+'4&
1+ ,13>$ 31 )* (+& $431+ >+/$,B&4&W81,1+'1 ,d) 4>M(4$)& 0(1
41/8&,& )( B&4'1 31 ,&+14& >+/$+3>/>$+&8G +$ B41)'&+3$ &'1+/>F+
& )() 41&81) &B'>'(31) Sƒ"C(131) B$40(1 31W1)-„UT O+ 18 B41/>)$
,$,1+'$ 1+ 0(1 &8/&+%& 8& &('$+$,*&G 1+ 0(1 )()B1+31 8&
&('$4>3&3 31 8&) 8151) R1'14F+$,&) 5 1c'14+&,1+'1 >,B(1)'&)G 18
)(<1'$ )1 ;1G &)*G 6$4%&3$ & /$+64$+'&4 /$+ (+ I,$ ,(/R$ ,d)
^Y
)1;14$
R$,F8$M&/(5$'>1+1
,&+3&'$
8(M&4 8$
1+ 31)/1+'4&
18 3$,>+>$31)31 &31+'4$T
31 8$) a+&
B8&/141)N >+;14)>F+
18 41+(+/>&f
,>1+'$ ,>),$ & 188$) B4$;$/& (+ B8() 31 M$%&4 B&4&3F<>/$G (+
ƒM$/1 1+ 18 3$8$4„G 1+ 18 3>)B8&/14G W&('>%&3$ B$4 2&/&+ <$(>))&+/1 G
18 M$/1 ƒ>,B$)>W81„{'4&(,d'>/${3$8$4$)$ ,d) &88d 318 B4>+/>B>$ 318
B8&/14T :> 811,$) 1+ /$+<(+'$ 1)'$) 3$) M1)'$) '1F4>/$)G 8& /$+/8(f
)>F+ 0(1 )1 >,B$+1 B$4 )* ,>),& 1)G B$4 )(B(1)'$G 0(1 8& 215G 1+
)( 3>,1+)>F+ ,d) 4&3>/&8G 1) 18 ƒ)(B145F„G 1) 31/>4G (+ ,&+3&'$
&8 M$/1 0(1 1) >,B$)>W81 /(,B8>4T 2& /1+)(4& >,B8*/>'& 31 m$(/&(8'
& 2&/&+ )1 416>141 & 8& /$+/1B/>F+ )(B(1)'&,1+'1 +1M&'>;& 31 1)'1
p8'>,$ 31 8& 215 /$,$ 6(14%& 31 B4$R>W>/>F+^L l&(+0(1 18 /$+/1B'$
31
)>F+2&/&+ 318 )(B145F
B$)>'>;& 31)>M+&^^ B41/>)&,1+'1
5 B4$3(/'>;&lT 2& 3>;>)>F+G &B$4
8& 815
8$ 1+ )( 3>,1+f
'&+'$G +$ )1
B4$3(/1 1+'41 8& 815 ,$4&8 5 8$) 31)1$) B&'$8FM>/$)G )>+$ 1+'41 18
M$/1 5 18 B8&/14N B$4 (+ 8&3$G 1)'d 8& 815 8$/&l$W)/1+& 0(1 1)
>+/$+,1+)(4&W81 /$+ +(1)'4$ W>1+1)'&4 1+ 8& ,13>3& 1+ 0(1
'4&)'$4+& 18 10(>8>W4>$ B)*0(>/$ &8 $431+&4 18 M$/1q B$4 18 $'4$G 1)'d
8& '1+)>F+ 1+'41 18 B4>+/>B>$ 318 B8&/14 5 )() 8>,>'&/>$+1) >,B(1)f
'&) 1c'14+&,1+'1G 1) 31/>4G 8& 3>&8e/'>/& 31 8$) B4>+/>B>$) 318
B8&/14 5 31 41&8>3&3G 18 &4'1 31 8& ƒ,1)(4& &31/(&3&„ 31 /$+'1+14
18 B8&/14G 0(1 M&4&+'>%& )( B41)14;&/>F+ & 8&4M$ B8&%$T
C(131 B&41/14 B&4&3F<>/$ ,1+/>$+&4 (+& ƒ4(B'(4& 1+ 8& (+>;14f
)&8>3&3„ 1+ 418&/>F+ /$+ ]&+'N i+$ 1)'&W& e)'1 $W)1)>$+&3$ /$+ 8$
a+>;14)&8G +$ 14& )( $W<1'>;$ 6(+3&,1+'&8 1)'&W81/14 8& 6$4,&
(+>;14)&8 S/$+)'>'('>;&U 318 /$+$/>,>1+'$G +$ B4$B$+1 )( e'>/& 8&
6$4,& (+>;14)&8 31 8& +$4,& 0(1 41M(8& +(1)'4& &/'>;>3&3 /$,$
18 /4>'14>$ 1c/8()>;$ 31 8& ,$4&8>3&3G 1'/Tj O,B14$G '&+ B4$+'$
/$,$ 8& Q$)& 1+ )* 1) B$)'(8&3& /$,$ >+&8/&+%&W81G '$3& (+>;14f
)&8>3&3 0(13& B$'1+/>&8,1+'1 )()B1+3>3& G >,B8>/& (+ B(+'$ 31
1c/1B/>F+ 1+ 18 /(&8 )( ;&8>31%G )( &('$4>3&3G 1) /&+/18&3& $G
1cB41)d+3$8$ 1+ 18 81+M(&<1 31 8& 6*)>/& /$+'1,B$4d+1&G (+ B(+'$
31 )>+M(8&4>3&3G )>1+3$ 1)'& ƒ)>+M(8&4>3&3„G 1+ p8'>,& >+)'&+/>&G
18 B4$B>$ )(<1'$ @&+'>&+$ G $ )1&G 18 )(<1'$ ;&/*$ 31 8& &B14/1B/>F+
'4&)/1+31+'&8T
/8&4& 1cB41)>F+2&1+4(B'(4& 1+ 8& 318
8& R>BF'1)>) (+>;14)&8>3&3 1+/(1+'4&
ƒ,&8 4&3>/&8„G 1)'$ 1)G)(1+,d)
8&
B$)>W>8>3&3 B&4&3F<>/&G >,&M>+&3& B$4 ]&+' S,d) '&431 &)(,>3&
*"!
1;>31+/>&+3$ '$3$
k(e 1)6(14%$ &M$'&3$4 /(1)'&
:14 ,&8;&3$T^x
A&8 ;1%G 5 31)B(e) 31 '$3$G 1)'&) 3$) +$/>$+1) 318 )(<1'$G 8&
6$(/&(8'>&+& 5 8& 8&/&+>&+&G +$ )1&+ '&+ 1c/8(51+ '1) /$,$ B&41/1N
8& /$+)'4(//>F+ 318 )186 )>+ 8& M&4&+'*& 31 8& (+>;14)&8>3&3 31 8&
X&%F+ )F8$ 1) B$)>W81 /$+'4& 18 '18F+ 31 6$+3$ 31 8& E14)&M(+M T :>
R(W$ &8M(+& ;1% (+ '1F4>/$ )1+)>W81 & 8& 3>,1+)>F+ &)/e'>/&
8&'1+'1 31 8& ƒ1)'e'>/& 31 8& 1c>)'1+/>&„G 6(1 m$(/&(8'N 8& ƒ/(8'(4&
318 )186 6$(/&(8'>&+& +$ 1)G 1+ p8'>,& >+)'&+/>&G ,d) 0(1 (+
1)6(14%$ /$+)'&+'1 B$4 B$+14 /$'$ &8 ,$+)'4($)$ 1c/1)$ 88&,&3$
ƒ)(<1'$ @&+'>&+$„G B$4 >+'4$3(/>4 (+& &B&4>1+/>& 31 B8&+ &4,$+>$f
)$ 1+ e8G 1)'$ 1)G 3$,>+&4G /$+'1+14G 413(/>4 & (+ +>;18 )$B$4'&W81
)( >+/$+,1+)(4&W>8>3&3T Z1)31 8(1M$G 18 B4$W81,& 4&3>/& 1+ 0(1
**#
ƒZ1,$4d+3$)1 1+ 8$ +1M&'>;$„
I0(* 31W1 1;>'&4)1 (+ ,&81+'1+3>3$ /4(/>&8N &)* /$+/1W>3&G 8&
E14)&M(+M +$ 1) &8M$ 0(1 )(4<& 1+ (+ )1M(+3$ ,$,1+'$G 31)B(e)
31 0(1 R&5&,$) B&)&3$ (+ 8&4M$ B14*$3$ 31 1+/&4/18&,>1+'$ '$'&8
31+'4$ 318 '1<>3$ 318 31)'>+$ )>,WF8>/$q 1)G B$4 18 /$+'4&4>$G
ƒ$4>M>+&4>&„G 1) 31/>4G 8$ 0(1 88&,&,$) ƒ)(W<1'>;>3&3 31 8& +(1;&
14&„ 41&8>%&3&G '4&*3& & 8& 8(% 318 3*&G &8M$ 0(1 1)'&W& /$+'1+>3$
>+ B$'1+ ' >& 1+ 8& 418&/>F+ ,d) 181,1+'&8 318 )(<1'$ /$+ 18 )>M+>6>f
/&+'1T 2$ 0(1 '1+1,$) &0(* 1) (+ /&)$ 1<1,B8&4 31 8& 3>6141+/>&
1+'41 R>)'$4>/>3&3 3>&8e/'>/& B4$B>&,1+'1 3>/R& 1 ƒR>)'$4>/>),$„N
1+ e)'1G 8& B&4&3$<& 31 8& R>)'$4>/>3&3 S8& /$)& 1+ /(1)'>F+ 31;>1+1
l)1 41;18&G 31,(1)'4& )14l 8$ 0(1 5& 14& )>1,B41 U 1)'d 1+ />14'$
,$3$ ƒ&/R&'&3&„G 413(/>3& & (+& )(/1)>F+ 8>+1&8 31 ƒeB$/&)„
SB4>,14$ 18 31)'>+$ '$3$B$314$)$ /(5&) ,&4>$+1'&) )$,$)q 8(1M$
18 )(<1'$ /&B&% 31 8>W14&4)1 31 e8G 31 '$,&4 3>)'&+/>& 41)B1/'$ 31
e8G 1'/TUT C&4& 3>8(/>3&4 1)'& /(1)'>F+ /4(/>&8G 41/$431,$) 3$)
1<1,B8$)T Z1 &/(143$ /$+ 8& 6&,$)& B4$B$)>/>F+ 318 [&+>6>1)'$
Q$,(+>)'& 31 [&4cG R&)'& 8& 61/R& '$3& 8& R>)'$4>& R& )>3$ 8&
R>)'$4>& 31 8& 8(/R& 31 /8&)1)q )>+ 1,W&4M$ l1+ (+ ,$;>,>1+'$
&B&41+'1,1+'1 /$+'4&3>/'$4>$l [&4c +(+/& 31<& 31 >+)>)'>4 1+
0(1 8& W(4M(1)*& 1) 8& B4>,14& ƒ/8&)1„ )'4>/'$ )1+)(N 18 &+'&M$+>)f
,$ 1+'41 188& 5 18 B4$81'&4>&3$ 1) 18 B4>,14 &+'&M$+>),$ 31 /8&)1)
0(1 /&)'&)G
8&) )1 ,&+>6>1)'& ƒ/$,$1'/T
8$) M41,>$)G '&8„Gl31
+$ 1)'1
/&,(68&3$
,$3$G B$4
+$) 8&B14,>'1
4>/& '1c'(4& 31
31)/>64&4
8$) &+'&M$+>),$) )$/>&81) B41/131+'1) /$,$ 6$4,&) 1+/(W>14'&)
31 8(/R& 31 /8&)1)lT `/(441 &8M$ )1,1<&+'1 /$+ 8& 6&,$)& 316>+>f
/>F+ 31 Q8&(31 216$4' 31 8& 31,$/4&/>& /$,$ (+ )>)'1,& 1+ 18 /(&8
18 8(M&4 318 B$314 1)'d ƒ;&/*$„G 1)'$ 1)G (+ )>)'1,& 6(+3&3$ 1+ (+&
W41/R& >+64&+0(1&W81 0(1 )1B&4& 18 8(M&4 )>,WF8>/$ 318 B$314 31
8$) &M1+'1) B$8*'>/$) 41&81) 0(1G '1,B$4&4>&,1+'1G 8$ $/(B&+
Sƒ1<14/1+ 18 B$314„UN 8& $W)14;&/>F+ 31 216$4' +$ /$+)>)'1 1+ 0(1 1)
1c/8()>;&,1+'1 1+ 8& 31,$/4&/>& 1+ 3$+31 18 8(M&4 318 B$314 6(1
1;&/(&3$G )>+$ 0(1 5& 1)'(;$ )>1,B41 ;&/*$ G /(&80(>14& 0(1
B41'1+3>14& )14 )( B$)113$4 5& 14& )>1,B41 (+ >,B$)'$4G &(+0(1
1)'1 ;&/*$ )1 /$+;>4'>F 1+ 41&8 5 ;>)>W81 p+>/&,1+'1 /$+ 8& 881M&3&
**"
3&3 31 3>)'>+M(>4
3>)'$4)>$+1) 8$) 1<1,B8$)S&+(+/>$)
/$,14/>&8>%&3&) &('e+'>/$)1+318$)
1)$)3>&4>$)
ƒ41'$4+$)„
)$W4131ƒ,1f
)()
3>'&/>F+ '4&)/1+31+'&8„G B$4 1<1,B8$UT :>+ 1,W&4M$G 1) B$)>W81 0(1
(+& $B$)>/>F+ )1,1<&+'1 )1& 31,&)>&3$ >+M1+(&q '&8 ;1% 8$ 0(1
B&41/1 (+& 3>)'$4)>F+ /$,14/>&8>%&3& 31 8& )&W>3(4*& $4>1+'&8
&('e+'>/& )1& R$5 )( ;143&3 q '&8 ;1% 18 B4$B>$ ƒ41'$4+$ & 8&
)&W>3(4*& $4>1+'&8 B143>3&„ 5& 1)'e &8 )14;>/>$ 31 8& ,&0(>+&4>&
)$/>&8 318 /&B>'&8>),$ '&43*$G 6&/>8>'&+3$ 18 6(+/>$+&,>1+'$ )>+
B4$W81,&) 31 )() '(14/&) 5 '$4+>88$) l'&8 ;1% '4&>/>$+&,$) & 8&
ƒ)&W>3(4*& $4>1+'&8„ /(&+3$ 8& 31)&44&>M&,$) 31 )( ,(+3$ ;>'&8
B41'1/+$8FM>/$ 5 8& '4&+)6(+/>$+&8>%&,$) 1+ (+ ,13>$ '14&Be('>/$
>+3>;>3(&8lT O+ $'4&) B&8&W4&)G '&,W>e+ &0(* 1)'d 1+ ;>M$4 8&
,dc>,& 3>&8e/'>/& ƒ/(&+'$ ,d) 8>,B>$ 1)'d)G ,d) )(/>$ 1)'d)„N
/(&+'$ ,d) ƒ;143&314&,1+'1„ 41M41)&) & 8& )&W>3(4*& $4>1+'&8G
,d) /$+'4>W(51 '( 1)6(14%$ & )( '4&+)6$4,&/>F+ 1+ (+& B>1%& 31
8& ,&0(>+&4>& )$/>&8 $//>31+'&8TTT O8 41;14)$ 31 1)'& )>'(&/>F+ 1)
0(1 0(>1+1) B413>/&+ 18 ƒ31)/1+'4&,>1+'$ ,(8'>/(8'(4&8„G 8& ƒ&B14f
'(4& R&/>& 8&) /(8'(4&) +$ 1(4$B1&)„G 1'/TG &6>4,&+ /$+ 188$G 5 )>+
)&W148$G )( ƒ1(4$/1+'4>),$„G 3&3$ 0(1 8$ 0(1 31,&+3&+ )F8$ 1)
>,&M>+&W81 31+'4$ 318 R$4>%$+'1 ƒ1(4$B1$„N 8& >31& ,>),& 318
B8(4&8>),$ /(8'(4&8 31)/&+)& 1+ 8& 1cB14>1+/>& /&4'1)>&+& 31 8&
)(W<1'>;>3&3 ;&/*& 1 >+)()'&+/>&8q p+>/&,1+'1 /$+'4& 18 '18F+ 31
6$+3$ 31 1)'& 1cB14>1+/>& '$3& 6$4,& 31'14,>+&3& 31 (+>3&3
)()'&+/>&8 B(131 &B&41/14 /$,$ &8M$ 1+ p8'>,& >+)'&+/>& /$+'>+f
M1+'1T
A$3$ 1)'$ '>1+1 /$+)1/(1+/>&) 4&3>/&81) B&4& 18 B4$W81,& 0(1G
***
**$
**%
D$'&)
**&
K wxlwyT
Q6T C&)/&8 H$+>'%14G Ze/&34&M1) SC&4*)N Q&R>14) 3( Q>+1,&G JKy^UG BBT
**'
**(
Jy O8 D$,W41 318 C&341 1)G B$4 8$ '&+'$G 1cB14>,1+'&3$ /$,$ 8& &M1+/>&
ƒ41B41)>;&„ 31 8& B4$R>W>/>F+ 0(1 3& 8(M&4 &8 31)1$ 31 )(W;14)>F+ 318
)(<1'$G ,>1+'4&) 0(1 18 ƒB&341 B4>,$43>&8„ $W)/1+$ 31)1/& &8 )(<1'$G
$W)'4(51 )( 31)1$T O+ ;1% 31 (+ R><$ 0(1 )1 1,B1s& B$4 ,>+&4 8&
&('$4>3&3 B&'14+& 5 ƒ;>;>4 B81+&,1+'1„G '1+1,$) (+$ 0(1G & /&()& 31
)( ;14M~1+%& &+'1 8& >,B$)'(4& $W)/1+& 318 B&341G )1 41'>4& & 8&
B(41%& &)/e'>/&T
JK .&/0(1) 2&/&+G AR1 m$(4 m(+3&,1+'&8 Q$+/1B') $6 C)5/R$lI+&85)>)
S7&4,$+3)9$4'RN C1+M(>+ H$$@)G JKxKUG BT Pxw n2$)
n2$) /(&'4$ /$+/1B'$)
6(+3&,1+'&81) 318 B)>/$&+d8>)>)G H&4/18$+&N H&44&8G JKxxoT
Pz O+ 18 (+>;14)$ R&43lW$>813 1)'&W81/>3$G 1)'1 '4>d+M(8$ 318 Re4$1G 8&
6>M(4& B&'14+& $W)/1+& 5 8& ,(<14 0(1 /$,B&4'1+ )(641 (+ /&,W>$N 18
Re4$1 1)'d 31)M&44&3$ 1+'41 8& 61,,1 6&'&81 5 8& 8& $W8>M&/>F+G 18 /$+'4&'$
)>,WF8>/$G 0(1 8$ (+1 &8 ƒ,(+3$ 318 R$,W41„G 8$ 0(1 3& /$,$ 41)(8'&3$
0(1 8& 61,,1 6&'&81 )1& 1cB14>,1+'&3& /$,$ (+& '4&>/>F+ & 8&
$W8>M&/>F+ )>,WF8>/&G 1) 31/>4G &0(e88& )13(/1 &8 Re4$1 B&4& 0(1 e)'1
4$,B& 18 /$+'4&'$ S&(+ /(&+3$ )F8$ )1& (+ /$+'4&'$ /$+ (+ <161 31
M&+M)'14)G /$,$ $/(441 1+ :>+ 815 5 ) > + &8,& G X1'$4+$ 318 B&)&3$ $ 2$)
&)1)>+$) nAR1 ]>8814) oUT
oUT
PJ 2& /$+)'18&/>F+ 1) &0(* ,(/R$ ,d) /8&4& 0(1 1+ O8 R&8/F+ ,&8'1) G 0(1
)>M(1 )>1+3$ 8& ,d) B$B(8&4 31 8&) +$;18&) 31 7&,,1''G 8& p+>/& 0(1
'$3&;*& 1)'d ƒ;>;&„G B41/>)&,1+'1 B$40(1 1+ 188& 18 M1)'$ /R&+3814>&+$
5& 1)'d 41&8>%&3$N :&, :B&31 5& 1) (+ /8d)>/$ 31'1/'>;1 R&43lW$>813
/(5& >+'1M4>3&3 1) &,1+&%&3& B$4 (+& 61,,1 6&'&81 SO4>M>3
`h:R&(MR+1))5UG 4&%F+ B$4 8& /(&8 8& 6>M(4& B&'14+& $W)/1+& 31)&B&f
41/1q 8$ 0(1 1+/$+'4&,$) 1+ )( 8(M&4 1) (+& )14>1 31 6>M(4&) )()'>'(*&)
Sm&')$ #(',&+G .$18 Q&>4$G 1'/e'14&UT
PP Z&)R>188 7&,,1''G AR1 #8&)) ]15 S2$+341)N C&+ H$$@) 2'3TG JKx^UG BT
PPz n2&
n2& 88&;1 31 /4>)'&8G H&4/18$+&N H4(M(14&G JKxyoT
PY O+ 18 6>+&8 ,>),$ 31 A(5$ 1) ,> /$4&%F+ G 31 7>'/R/$/@G :1W&)'>&+
'&,W>e+ 31)&B&41/1 B(14'&) &31+'4$ 31 )( ,&+)>F+G /&51+3$ /$+ 188$
1+ 8&) ,&+$) 31 8$) )&+M(>+&4>$) +&%>)T
PL O+ 1)'1 )1+'>3$G A$3$) 8$) R$,W41) 318 415 S'&+'$ 8& +$;18& 31 X$W14'
C1++ \&441+ /$,$ 18 6>8, 31 X$W14' X$))1+ nZ1/1B/>F+
n Z1/1B/>F+ lI88 'R1 ]>+Mh)
[1+ oU
oU 31W1 /$+'&4)1G )>+ +>+M(+& 3(3&G /$,$ (+& $W4& +$>4q 1+/$+'4&f
,$) 1+ 188& '$3$) 8$) >+M413>1+'1) /4(/>&81) 318 (+>;14)$ +$>4N 8& 6>M(4&
B&'14+& /$44(B'&{/&4>),d'>/& S18 M$W14+&3$4 :'&4@Uq 8& &/'>'(3 &,W>f
M(& 318 B14)$+&<1 B4>+/>B&8 S18 B14>$3>)'&U R&/>& e8G /1+'4&3& 1+ 18
B4$W81,& 31 8& 6>318>3&3 5 8& '4&>/>F+q 18 R1/R$ 31 0(1 &,W$) /$,B&4f
'&+ 18 &,$4 31 8& ,>),& ,(<14q 18 ƒ$)/(41/>,>1+'$„ 318 B14)$+&<1
B4>+/>B&8 1+ 18 ,$,1+'$ /4(/>&8 1+ 0(1 31W1 3>8(/>3&4 )( &/'>'(3 R&/>&
:'&4@ S&8 1+'14&4)1 31 0(1 /$,B&4'1+ 18 ,>),$ &,$4G )1 &B&4'&
1,W$44&/Rd+3$)1Uq 8& +&44&/>F+ /$+ 68&)RW&/@) 5 ;$>/1$;14 q 18 ;*+/(8$
0(1 /$+1/'& 8& 31B4&;&/>F+ )$/>&8 /$+ 18 '1,& 31 8& /$44(B/>F+
ƒ$+'$8FM>/&„ 318 (+>;14)$ /$,$ '&8G 1'/e'14&T
P^ X>/R&43 X$4'5G Q$+'>+M1+/5G V4$+5G &+3 :$8>3&4>'5 SQ&,W4>3M1N Q&,f
W4>3M1 a+>;14)>'5C&>3F)oT
4>3&3G H&4/18$+&N C41))G JKyKUG BT JxK nQ$+'>+M1+/>&G
nQ$+'>+M1+/>&G >4$+*& 5 )$8>3&f
**)
/$+$/>,>1+'$ 5 186(+/>$+&
e)'&G 18 &+&8>)'& )14 0(1/$,$
/$441)B$+31
18 )(<1'&)(BB$)e
8& +$/>F+ 31 '4&+)6141+/>&N
)&;$>4 1+
G )1 )(B$+1 0(1
**!
/$+$/1 8& ;143&3 &/14/& 318 31)1$ 318 &+&8>%&+'1q +$ $W)'&+'1G &8 ,>),$
'>1,B$ 1) 18 $W<1'$ 318 31)1$ 31 e)'1G 8& 1+/&4+&/>F+ 318 $W<1'$ !G 0(1
B$)11 18 ,>)'14>$)$) <1 +1 )&>) 0($> 0(1 31)B>14'& 18 &,$4 31 '4&+)6141+f
/>&T :> W>1+ 1+ JKwJ 2&/&+ '$3&;*& +$ 3>)B$+*& 31 8& +$/>F+ 318 ƒ)(<1'$
)(B(1)'$ &8 )&W14„G 5& 14& /&B&% 31 1cB8>/&4 8$) 'e4,>+$) 31 1)'&
&+'>+$,>&N ƒTTT1+ 18 8(M&4 B41/>)$ 1+ 0(1 )1 )(B$+1 0(1 )&W1,$) n$‹ n$‹
+$() )$,,1) )(BB$)e) )&;$>4 oG oG )1 1)B14& 0(1 )1&,$)G 0(1 )1&,$) +&3&
,d) 5 +&3& ,1+$) 0(1 8& B41)1+/>& 41&8G <()'&,1+'1 1+ 8& ,13>3& 1+
0(1 1)'& B41)1+/>& 1) >+/$+)/>1+'1„ S>W*3TG BT YJ^UT 2& p+>/& ,&+14& 31
0(1 +$)$'4$)G &+&8>)'&)G &8/&+/1,$) 18 ,>)'14>$ 318 31)1$ 318 `'4$
S&+&8>%&+'1U 1) $/(B&+3$ +$)$'4$) ,>),$) l'1,B$4&8,1+'1G 3(4&+'1
18 '>1,B$ 31 8& '4&+)6141+/>&l 18 8(M&4 318 $W<1'$ !G 1+/&4+&+3$ 18
$W<1'$l/&()& 31 )( 31)1$T O+ $'4&) B&8&W4&)G 18 /&,>+$ & 8& ;143&3
&/14/& 318 31)1$ 318 `'4$ B&)& & '4&;e) 31 8& >8()>F+ '4&+)6141+/>&8 1+
8& 0(1 1+/&4+&,$) 18 $W<1'$ 318 31)1$ 318 `'4$T
Yy C&4& (+& &/'(&8>%&/>F+ 31 1)'& 6F4,(8& /$+ ,>4&) &8 &+d8>)>) 31 8&
>31$8$M*&G /6T m4134>/ .&,1)$+G ƒAR1 E&+>)R>+M [13>&'$4q $4G [&c
\1W14 &) :'$45'18814„G 1+ AR1 V31$8$M>1) $6 AR1$45G ;$8T P S[>++1&B$8>)N
a+>;14)>'5 $6 [>++1)$'& C41))G JKyyUT
YK C&4& (+& 81/'(4& )1,1<&+'1 31 8& 1)/1+& 6>+&8 31 [&341 G /6T \>88>&+
X$'R,&+G ƒC&'R$) &+3 A4&+)6>M(4&'>$+ >+ 'R1 m&/1 $6 'R1 Q&,14&N I
X1&3>+M $6 :'188& Z&88&) „G
„G 1+ AR1 ƒV„ $6 'R1 Q&,14& SQ&,W4>3M1G [&))TN
Q&,W4>3M1 a+>;14)>'5 C41))G JKyyUT
Lz O8 41;14)$ 31 188$ 1) 0(1 8& 416141+/>& &8 .&BF+ )1 ;(18;1 4181;&+'1 1+
8$) 8(M&41) ,d) >+1)B14&3$)T i7&5 &8M$ ,d) ƒ1(4$B1$„ 0(1 8& +$/>F+
R1M18>&+& 318 1)'&3$ /$,$ ,$+&40(*& /$+)'>'(/>$+&8 /$+ /8&)1) W>1+
316>+>3&)G 1'/Tj :>+ 1,W&4M$G 0(>1+1) '>1+1+ 8& B4$B1+)>F+ & 31)1/R&4
/$+ 4&B>31% 1)'1 ,$318$ /$,$ &+'>/(&3$G /$,$ (+& 1cB41)>F+ 31 8$)
/$,B4$,>)$) 5 8&) >8()>$+1) B$8*'>/&) 31 71M18G &+'1) 31W14*&+ /$+)>f
314&4 0(1 18 .&BF+ ,$314+$ B41)1+'& (+& 41&8>%&/>F+ /&)> 8>'14&8 31 )(
;>)>F+N (+& ,$+&40(*& 1+ 8& 0(1 18 1,B14&3$4 1)'d 413(/>3$ & (+ 4$8
)>,WF8>/$G /$+ (+& 1)'4(/'(4& /$4B$4&'>;& 0(1 41641+& 8& 3>+d,>/&
B$8*'>/&G (+& B4$B>13&3 4(4&8 ,&+'1+>3& /$+ ;>3& B&4& /$+'4&B1)&4 18
>,B&/'$ 31)>+'1M4&3$4 31 8& >+3()'4>& ,$314+& 5 B&4& )&8;&M(&43&4
8& '4&3>/>F+ $4Md+>/&G 1'/T Q6T Z&;>3 Q$8WG AR1 Q4>'>0(1 $6 C(41
[$314+>'5 SQR>/&M$N a+>;14)>'5 $6 QR>/&M$ C41))G JKyyUG BT PyJT
LJ H41/R' )1 &B$5F 1+ 8& '4&3(//>F+ &81,&+& S31 O8>%&W1'R 7&(B',&++U
31 8& ;14)>F+ >+M81)& 31 I4'R(4 \&815G A&+>@$G AR1 E&8815l7(48>+MT
E&8815l7(48>+MT
LP [T m$(/&(8'G 1+ )( >+'14B41'&/>F+ 31 ik(e 1) 8& V8()'4&/>F+jG 31 ]&+'
S/6T ƒ\R&' >) O+8>MR'1+,1+'„G 1+ AR1 m$(/&(8' X1&314G /$,BT C&(8
X&W>+$9 n7&4,$+3)9$4'RN C1+M(>+ H$$@)G JKyLoUG 88&,& 8& &'1+/>F+
)$W41 1)'& 3>;>)>F+ B&4&3F<>/& 1+'41 18 ()$ ƒBpW8>/$„ 5 18 ƒB4>;&3$„ 31
8& 4&%F+ &(+0(1G 1c'4&s&,1+'1G +$ 1)'&W81/1 18 ;*+/(8$ 1+'41 8&
410(14>3& $W13>1+/>& ƒB4>;&3&„ 5 )( B4$B>$ ,$'>;$ 31 8$) ,1/&+>),$)
3>)/>B8>+&4>$) /$,$ 41;14)$ /$+)'>'('>;$ 31 8& )(W<1'>;>3&3 8>W41T
LY 2$) +p,14$) 0(1 )>M(1+ & 8&) />'&) 31 2& ,13>3& )1 416>141+ & 8&)
BdM>+&) 31 H14'$8'
SD(1;& _$4@N H41/R'G
#4$;1 C41))G AR1 .19>)R \>61 &+3 `'R14 :R$4' C8&5)
JKw^UT
*$#
LL X1)B1/'$ 31 8& +$/>F+ 318 ƒ1+'41 3$) ,(14'1)„ 5 8& ƒB(8)>F+ 31 ,(14'1„G
/6T /&B*'(8$ L 31 |>%1@G AR1 :(W8>,1 `W<1/' $6 831$8$M5 T
L^ X1)B1/'$ 31 1)'&) +$/>$+1) @>14@1M&&43>&+&)G /6T )1//>F+ YTJ 318
B41)1+'1 8>W4$T
Lw "k(e 81<$) 1)'&,$) 31 8&) 418&/>$+1) >+'14)(W<1'>;&) 31)/4>B'&) 1+ 8&)
M4&+31) $W4&) 31 71+45 .&,1)G 1+ 8&) 0(1 >+/8()$ 8& +1M&'>;& $ 8&
'4&>/>F+ ,d) W4('&81) )$+ '4&+),>'>3&) 1+ 8& 6$4,& 31 (+& /$+;14)&f
/>F+ M1+'>8 5 /$4'e)-
Lx Q6T [>/R18 m$(/&(8'G ƒ`+ 'R1 #1+1&8$M5 $6 O'R>/)N I+ `;14;>19 $6
\$4@ >+ C4$M41))„G 1+ AR1 m$(/&(8' X1&314T
X1&314T
Ly Q6T .&/0(1) 2&/&+G 21 :e,>+&>41G 8>;41 EVVN 2hO'R>0(1 31 8& B)5/R&f
+&85)1 G BT
BT JJJT
LK Q6T .&/0(1) 2&/&+G ƒ]&+' &;1/ :&31„G 1+ O/4>') SC&4*)N O3>'>$+) 3(
:1(>8G JKwwUG BBT xw^lww nO)/4>'$)
nO)/4>'$) PG [ec>/$N :>M8$ ••VG JKxyoT C$4 $'4&
B&4'1G 41/$431,$) 0(1 18 )(W'*'(8$ 31 (+$ 31 )() e/4>') /8&;1)G ƒ2&
>+)'&+/>& 31 8& 81'4& 1+ 8$ >+/$+)/>1+'1„G 1) ƒ2& 4&%F+ 31)B(e) 31
m41(3„T
^z O+/$+'4&,$) (+& B&4&3$<& )>,>8&4 31 3$) >+'14B41'&/>$+1) $B(1)'&)G
41/*B4$/&,1+'1 1c/8(51+'1) 5G +$ $W)'&+'1G ,>)'14>$)&,1+'1 B4Fc>f
,&) & B4$BF)>'$ 31 :B>+$%&G /(5& $W4& )>4;>F /$,$ B(+'$ 31 416141+/>&
6(+3&,1+'&8 '&+'$ B&4& 2$(>) I8'R())14 /$,$ B&4& #>881) Z181(%1N
B&4& &0(e8G :B>+$%& 6(1 18 B4>,14$ 1+ 18&W$4&4 8& $B$)>/>F+ 1+'41 18
/$+$/>,>1+'$ >,&M>+&4>$ >31$8FM>/$ 5 18 /$+/1B'(&8 1)'4>/'$G ,>1+'4&)
0(1 B&4& Z181(%1 )( 6>8$)$6*& &4'>/(8& (+& ,&0(>+&4>& B$8>,$46& 31
31)1$)G )() ,$3&8>3&31) 1 >+'1+)>3&31)G 8$ 0(1 1c/8(51 8& B$)>W>8>3&3
31 (+& B$)'(4& '1F4>/& &W)'4&/'&l(+>;14)&8q R&)'& )1 )>1+'1 8& '1+'&f
/>F+ 31 31/>4 0(1 8& $B$)>/>F+ 2&/&+lm$(/&(8' 41B>'1 8& 31 I8'R())14f
Z181(%1 1+ 418&/>F+ /$+ ]&+'T
^J [>/R18 m$(/&(8'G AR1 a)1 $6 C81&)(41 SD(1;& _$4@N E>+'&M1 H$$@)G
JKywU n7>)'$4>&
n7>)'$4>& 31 8& )1c(&8>3&3 VVT O8 ()$ 31 8$) B8&/141)G [ec>/$N :>M8$
••VG JKywo 5 AR1 Q&41 $6 'R1 :186 SD(1;& _$4@N E>+'&M1 H$$@)G JKyyU
n7>)'$4>& 31 8& )1c(&8>3&3 VVVT 2& >+0(>1'(3 31 )*G [ec>/$N :>M8$ ••VG
JKyxoG
^P .&/0(1) 2&/&+G AR1 m$(4 m(+3&,1+'&8 Q$+/1B') $6 C)5/R$lI+&85)>)G
BBT Px^lxwT
^Y Q6T [8&31+ Z$8&4G ƒAR1 21M&/5 $6 'R1 O+8>MR'1+,1+'N m$(/&(8' &+3
2&/&+„G 1+ D19
1+ D19 m$4,&'>$+) JL S;14&+$ 31 JKKJUT
^L O)'& /4*'>/& 1)'d 18&W$4&3& 1+ [>/R18 m$(/&(8'G 7>)'$45 $6 :1c(&8>'5G
E$8(,1 V SD(1;& _$4@N E>+'&M1G JKyzU n7>)'$4>&
n7>)'$4>& 31 8& )1c(&8>3&3 VT 2&
;$8(+'&3 31 )&W14G [ec>/$N :>M8$ ••VG JKy^oT
^^ ƒD&3& 1+ &W)$8('$ '1 >+)'& & M$%&4 1c/1B'$ 18 )(B145FT O8 )(B145F 1)
M$/1N "#$%&- T„ S.&/0(1) 2&/&+G 21 :e,>+&>41G 8>;41 ••N
18 >,B14&'>;$ 318 M$/1N
O+/$41 nC&4*)N O3>'>$+) 3( :1(>8G JKx^oG BT Jz n:1,>+&4>$
n:1,>+&4>$ ••N Ip+G
H(1+$) I>41)N C&>3F)oUT
^w Q6T 2>W4$ a+$ 31 V,,&+(18 ]&+'G X18>M>F+ \>'R>+ 'R1 2>,>') $6
X1&)$+ I8$+1 SD(1;& _$4@N 7&4B14G JKwzU n2& n2& 418>M>F+ 31+'4$ 31 8$)
*$"
*$*