You are on page 1of 16

ǼË ËJIJĨİHË Ĺ ĪËİIJĢĖĢĪËĖĢÏÍ FÍ FI ĘFIĢIJĨ

é
ĘF ĘFĜİËJĘËĖĢÏÍ IJİĢĔJIJËİĢË Jèee
MFT+
Z,o,X
ABOB@EL
MBK>I

Ą Ĉ Ď Ã Ǽ Â C Á D Ĉ D Â Ć Ĉ Ċ Â Ď À Ă ÅÂ D
nk
>^kc]`k lkn h] Mkjpebe_e] Rjeranoe`]` @]pÅhe_] `ah ManÇ+ Ö
L&
*L
*L
b@
Q0
L%L

;
_
0
GON
9Q
x
K
q
L&
/6
N
];
*k
õk
bL
2
q
nk
q\

/6
C(
+,
L
ĎJÌËİĢĨŅ R
Ö
G0
nk
ÅŊ ĪİĨLĢÌËĖĢÏÍ Ë IË İFĞJIËĖĢÏÍ ĪFÍËI FÍ ÌËIJFİĢË IJİĢĔJIJËİĢËŊ
-
ÅÅŊ ǼË ËJIJĨİHË FÍ FI ĘFIĢIJĨ ĘF ĘFĜİËJĘËĖĢÏÍ IJİĢĔJIJËİĢËŊ @e*
nk
ŘŊ ŃÁFIĢIJĨ ĖĨÌĴÍ Ĩ ĘFIĢIJĨ FĮĪFĖĢËIN xnk
j
ŖŊ Œ ĖIJJËİ FÍ IJĞËİ ĘF ĨIJİĨŒ Ĺ ŒIFKËÍIJËÌĢFÍIJĨ ĘFI KFIĨ ŒŊ
9Q
ÅÅÅŊ ǼË ĪËİIJĢĖĢĪËĖĢÏÍ FÍ FI ĘFIĢIJĨ ĘF ĘFĜİËJĘËĖĢÏÍ IJİĢĔJIJËİĢËŊ nk
+,

;
&'
^^

?@
@J
--
/
Ō
Ü
N

I] ]qpkn~] u l]npe_el]_eÅj aj ah `ahepk `a `abn]q`]_eÅj pne^qp]ne] 4.


C) ;JLIRCG;=CëH ; F; L?AOF;=CëH P ei l hebe_ ] j ` k  h] ` eo _ q o eÅ j ) pa j a i k o  aj
J?H;F?H G;N?LC;NLC<ON;LC; qj atpnai k ] hko ]qpknao `a h] ao_qah] `a
C n]jgbqnp )0 mqa l nk lk j aj  ah nacnaok ] qj
F+I ] haceoh]_eÅjlanq]j]recajpauoq]lhe_]_eÅj `ana_dk laj]h aopne_p]i ajpa naolapqkok `a
fq`e_e]haji]pane]`a`ahepkopne^qp]nekoao_h]n] h]o c]n]jp~]o he^an]hao) mqa naopnejf] oq |i^epk
atlnaoeÅj `ah bajÅiajk atl]joerk aj ah mqa ] h] pqpa h]  `a ^eajao ]hp]i ajpa lanokj]hao
`ao`a d]_a ]hcqj]o `}_]`]o oa d]hh] ejianok u  ] h l ] p n e i k j e k )  ` a r k h r e a j ` k  ] h ` a n a _ d k 
ah`ana_dk laj]h+. I] nabanaj_e] ] aopa lnk_aok ]`i ejeopn]perk o]j_ekj]`kn h] caopeÅj `a h]o
atl]joerk oa d] _k jranpe`k aj gpb\m ^jhÅi `ajkiej]`]o jqar]obkni]o `a_neiej]he`]` 
`a hko aopq`eko _kjpai lkn|jako `a lkh~pe_] %ajran`]`) u] jk p]j jqar]o&) k aj pk`k _]ok
_neiej]h)_quk`e]cjÅope_kbqj`]iajp]h *a j  ah ]^kc]j`klknh]_na]_eÅj`aqj `ana_dk`ah]
lh]jk ian]iajpa`ao_nelperk*cen] ajpknjk] ejpanraj_eÅj %,jpanrajb,$kjona_Äb&)]_]^]hhkajpna
h] _kjop]p]_eÅj `a h] ]_pq]h bhate^ehev]_eÅj mqa ah`ana_dklaj]huah`ana_dk]`iejeopn]perk+1
atlanei ajp]j h]o nach]o `a ei lqp]_eÅj) hko
lnej_eleko lkh~pe_ko _neiej]hao u h]o c]n]jp~]o Bjkpn]knehh]oaoepÇ]jhko]qpknaomqahacepei]j
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]

lnk_ao]hao+/ h]na_al_eÅj`ahbajÅiajkatl]joerklknl]npa
`ah `ana_dk laj]h) oeaj`k lkoe^ha `eopejcqen ]
Pej `q`]) hko i a_]jeoi ko l nk l ek o  `a qj oq rav) lkn qj h]`k) lnklqaop]o mqa ]r]h]j h]
` a na_d k  laj]h a t l ] j ` e` k  kbna_aj i ]ukn na_al_eÅj `a h]o `ai]j`]o ok_e]hao `a _neie*
abe_]_e]ajh] hq_d]_kjpn]h]_neiej]he`]`) lank j]hev]_eÅj)]qjmqaahhkeilhemqah]iaj_ekj]`]
] _kop] `a h]o c]n]jp~]o `ah ei lqp]`k+ Bop] bhate^ehev]_eÅj `a h]o nach]o) lnej_elekouc]n]j*
_kjoa_qaj_e]) lnkle] `ah lnk_aok atl]joerk p~]o pn] `e_ekj]hi ajpa rej_qh]`]o ]h `ana_dk
]h mqa jko nabanei ko) ao _qaopekj]`] aj ah laj]h82u)lknkpnkh]`k)h] lnklqaop]`aqj `a*
lh]jk `a h] hacepeie`]` lkn mqeajao ]Äkn]j ah na_dklaj]h`a`korahk_e`]`ao `abaj`e`]lkn
l]n]`eci] he^an]h a ehqopn]`k mqa _]n]_panevÅ ah lnkbaokn Pehr] P|j_dav+ Bopa ]qpkn lnklkja
hko]h^knao`ah`ana_dklaj]hik`anjk)]hh|lkn i]jpajan h] atecaj_e] `a i|tei]o u n~ce`]o
bejao`ah oechk USFFF+Pej ai^]nck) h] atl]joeÅj nach]o `a ei lqp]_eÅj u c]n]jp~]o lnk_ao]hao
`ah `ana_dk laj]h peaja oqo `abajoknao) ajpna l]n]]mqahhko_kilknp]ieajpkomqaoa`a_e`]j
hko mqa _eanp]iajpa ia aj_qajpnk) oeailna u _kjiej]n_kj laj] lner]per]`ahe^anp]`)ulnk*
_q]j`k oqo _kjpknjko lani]jav_]j ]j_h]`ko _a`an] qj] bhate^ehev]_eÅj `a h]o ieoi]oaj ah
]_eanpkol]n|iapnko`an]_ekj]he`]`uhaoere`]`+ |i^epk`ah`ana_dklaj]hmqalnar}o]j_ekjao

.+ I]oejbn]__ekjao`ahe_per]ooaaj_qajpn]jpelebe_]`]oajahAa_napkIaceoh]perkKÑ5.0uh]ojkni]olnai~]haoajah
Aa_napkIaceoh]perkKÑ5.2+>i^ko`eolkoeperkoajpn]nkjajrecaj_e]aj]^neh`a .663)ajahi]n_k`a`ahac]_eÅj
`ab]_qhp]`aohaceoh]per]o]hMk`anBfa_qperklnareopkajh]@]np]`a.660+
/+ Pk^na h]o _]qo]o `ap]h lnk_aok atl]joerk) @bn+ Pehr] P|j_dav) I] atl]joeÅj `ah `ana_dk laj]h+ >ola_pko `a h]
lkh~pe_]_neiej]hajh]ook_ea`]`aolkopej`qopne]hao)/]a`+)@erep]o)J]`ne`)/--.)ll+/2ê 468Jaj`kv] ?qanck)Bh
`ana_dklaj]hajh]ok_ea`]``aneaock)@erep]o)J]`ne`)/--.)l]ooei+
0+ @eanp]iajpa)_kjbknia]`reanpaD>O@ñ>@>SBOL)éP`i_`i^d\n hj_`mi\n `i g\ _jbh{od^\ epm}_d^jçk`i\g \g`h\i\ )
Oareop] `a Aana_dk) Rjeranoe`]` `a Meqn]) rkh+ /) /--.) l+.52ê .6-) h] hh]i]`] ao_qah] `a Cn]jgbqnp ]cnql]
]qpknao`a_h]n]o`ebanaj_e]oe`akhÅce_]ouiapk`khÅce_]o)`eopejcqeaj`kajpnamqeajaooa]`o_ne^aj]hhe^an]heoik
n]_ekj]heop] %HÅdhan)W]_gvug)H]dhk&umqeajao`abeaj`ajh]kneajp]_eÅj`ah `ana_dklaj]h] h]o_eaj_e]ook_e]hao
%E]ooaian)K]q_ga)Mneppsepv&)lankmqaajpk`k_]okpeajaj_kik`ajkiej]`kn_kiÇjahna_d]vk]h]atl]joeÅj
`ah`ana_dklaj]h+
=@RK?=PQO ./3

1+ Pk^naaopkolkopqh]`ko)re`+hkopn]^]fkolq^he_]`koajFjopepqpk`a@eaj_e]o@neiej]hao`aCn]jgbqnp%a`+]hai]j]&
u ïna] `a Aana_dk Maj]h `a h] Rjeranoep]p Mkilaq C]^n] %a`+ aol]Äkh]&) I] ejokopaje^ha oepq]_eÅj `ah Aana_dk
laj]h)@ki]nao)Dn]j]`])/---+
2+ J>OQñKBWê ?RGïK MyOBW) =gbpi\n m`ag`sdji`n nj]m` g\ hj_`mi\ o`jm}\ _`g >db ?mpi^c `i g\ n`g`^^dÄi _` ]d`i`n
epm}_d^jêk`i\g`n+ %Bola_e]h nabanaj_e] ]h |i^epka_kjÅie_k& ) I] _eaj_e] `ah `ana_dk laj]h ]jpa ah jqark oechk+
Ie^nk Ekiaj]fa]h Mnkbaokn Ak_pkn A+Gko}@anavkJen)pa_jko)J]`ne`) /--/) ll+062 oo+8Dn]_e] J]np~j) âMp| `n
hj_`midu\^dÄi _`g _`m`^cj k`i\g< )I]_eaj_e]`ah`ana_dklaj]h]jpaahjqarkoechk)ll+016ê 061+

4/ Gko} Ia]j`nk Oa]Äk Mao_dean]


jk lner]per]o `a he^anp]`+3 Bh ]pn]_perk bqj`]* lanokj]h %lnej_elek`a_qhl]^ehe`]`&)umqai|o
Y eY b
iajp]h`aaop]lnklqaop]naoe`aajjk`aolh]v]n ^eaj ah na_qnok ] ahar]`]o o]j_ekjao laj]hao é
`ah `ana_dk laj]h ]mqahhko _kilknp]ieajpko k^a`a_a at_hqoer]i ajpa ] _kjoe`an]_ekjao S*>G
_qu] haoere`]`aook_e]hiajpaejpkhan]^ha)lank `a caopeÅj oa_pkne]h) kneajp]`]o lkn _nepaneko e e è..
&# &# 
_qu] aba_per] o]j_eÅj namqeana h] qpehev]_eÅj`a `a abe_]_e] na_]q`]pkne]+ Bh nabqanvk `a qj 2,$%
i ff
p}_je_]o`aeilqp]_eÅjuaopn]pace]olnk_ao]hao ` a pa ni ej ] ` k  i k ` ahk  `a c aopeÅ j  oa_pkne]h ABOB@EL
MBK>I
mqa]bnkjp]j eilknp]jpao_qaopekj]ieajpko oe _ k nna o l k j ` a  ]h ` a na _ d k  ] ` i ej eo pn ] per k 
oalkjajajnabanaj_e]_kj h]he^anp]`lanokj]h o]j_ekj]`kn) mqa k nea j p]  oq ej pa nr a j _ eÅ j 
`a hko _eq`]`]jko+ Bh lnao_ej`enoa `a h] laj] aj bqj_eÅj ] _kjoe`an]_ekjao `a ]ba_p]_eÅj
lner]per]`ah] he^anp]`%]_q`e}j`koalknafai* aop]`~ope_]) u jk `a haoere`]` _kj_nap]+5 I]
lhk ] h] laj] `a iqhp]& peaja qj `k^ha aba_pk+ kl_eÅjhaceoh]per]`a_neiej]hev]n`apaniej]`]o
Mkn qj h]`k) hko _qaopekj]ieajpko naola_pk ] ejbn]__ekjao`a`a^anaopne^qp]nekou_kjp]^hao)
h] i|tei] ejpajoe`]` ejpnkieoer] mqa oqlkja mqa ej`ere`q]hi ajpa _kjoe`an]`]o _]na_aj `a
ah `ana_dk laj]h oanah]perev]ju) lknkpnk h]`k) ajpe`]` haoer] cn]ra ê k ]h iajko `a _eanp]
h] nalnaoeÅj`ap]hao_kilknp]ieajpko]pn]r}o lahecnkoe`]`_kj_nap]ê l]n]ahl]pneikjekbeo_]h nk
`ah`ana_dklaj]hi]jpeajaaheilknp]jpar]hkn k l]n] h]obqj_ekjao`ahpne^ q pk 6)naolkj`a] h] Ö
atlnaoerku_kiqje_]perk_kjoqop]j_e]h]pk`k hÅce_]`ah`ana_dk]`i ejeopn]perko]j_ekj]`kn) 9q
QG
fqe_ek`a_qhl]^ehe`]`+ ]oqie`]ajaopa|i ^epklknah`ana_dklaj]h+ L
nk
L
-) Iko o~jpki]o mqa l ani epa j  `e]cjkope_]n >o~)mqeajao]r]h]jh]hacepeie`]``ah]na]__eÅj _q
;
ah `ao^kn`]i eajpk k atl]joeÅj `ah `ana_dk laj]h bnajpa ] ian]o ejbn]__ekjao `a `a^anao _
A
laj]haj i]pane]pne^qp]ne]oai]jebeaop]jaj h] beo_]hao)na_qnnajbna_qajpaiajpa]h]aopnq_pqn]
]`i ejeopn]perev]_eÅj `ahko`ahepkobeo_]hao)aj `a hko `ajki ej]`ko _`gdojn _` \^phpg\^dÄi) LF
L
h] bhate^ehev]_eÅj `aoqo nach]o`a eilqp]_eÅj u _kjopnq__eÅj `kci|pe_] ejolen]`] aj h] hÅce_] L
`ahko_nepanekolkh~pe_kê _neiej]haomqa`a^aj `ah _\~j j `a`^oj np h \ odqj ) mqa l nk l k j a 
lnaoe`en h]o `a_eoekjao haceoh]per]o aj i]pane] r]hkn]n h] haoere`]` `a qj _k i l k np] i ea j pk  LF
L
laj]h) ]o~ _ki k aj ah na h] f] i ea j pk  `a h]o _kj_napk aj bqj_eÅj ] hko `]Äko chk^]hao mqa \e
*\
c]n]jp~]o lnk_ao]haomqa`a^aj k^oanr]noaaj lnk`q_en~]oqnalape_eÅjlknahnaopk`aoqfapko+
h]]lhe_]_eÅj`ah] haulaj]h+4 I] _kjopnq__eÅj `a hko `ahepko `a]_qiqh]_eÅj
rej_qh] h] kbajoere`]` `a qj] _kj`q_p] _kj
@ q]j`k oa ] beni ]  m qa  ah ` a na _ d k  laj]h h] lnacqjp] åmq} k_qnnen~] oe pk`ko de_ean]j
pne^qp]nek oa aj_qajpn] ]`iejeopn]perev]`k oa hk ieoik< >o~) l kn a fa i lhk) qj] _kj_nap] ]8
ëL
mqeana `aop]_]n mqa h] ejpanraj_eÅj lqjeper] ` a bn] q ` ] _eÅ j  beo_]h `a P,+ /)---) mqa aop| e,e
k
_
aop| ]haf]`] `a oq bej]he`]` `a lnkpa__eÅj `a iqu hafko `a ej_e`en oecjebe_]per]i ajpa aj ah B
k
ejpanaoao_kj_napko)pn]`e_ekj]hiajpakneajp]`] bej]j_e]ieajpk `ah Mnaoqlqaopk Dajan]h `a h] nk
lkn_nepaneko`ahaoere`]`klahecnkoe`]`_kj_nap] OalÇ^he_])lqa`a`]nhqc]n]qj]_kj`aj]laj]h L
9W&
%l nej _el ek  `a kbajoere`]`& u `a ei l q p]_eÅ j ajpna`kou_ej_k]Äko`alner]_eÅj`ahe^anp]` nk
L
nk
L
LG
nk
!%
L%L
) + PFIS>PïK@EBW)H\`sk\indÄi_`g_`m`^cjk`i\g)ll+ .26ê .3/+ ;
E@
__
4+ Pk^na h]o _]qo]o) i]jebaop]_ekjao) ]h_]j_ao u lnklqaop]o `a okhq_eÅj bnajpa ] aopa bajÅiajk atl]joerk `ah
Aana_dklaj]h)bqj`]iajp]h7Pehr]P|j_dav)I]atl]joeÅj`ah Aana_dklaj]h+>ola_pko`ah] lkh~pe_]_neiej]haj
h]ook_ea`]`aolkopej`qopne]hao)/]a`+)@erep]o)J]`ne`)/--.)l|ooei+ R\
@Kf
+ + E]}_+)l|c+./2+
6+ Bj h] `k_pnej]) h] `eo_qoeÅj ok^na h] _kj_na_eÅj `ah ^eajfqn~`e_kpqpah]`kaj hko `ahepko pne^qp]neko peaja _kik Ø
lqjpkoatpnaiko h]olkoe_ekjaol]pneikje]heop]o%an]neklÇ^he_k&ubqj_ekj]eeop]o%h]obqj_ekjao`ahpne^qpk&+M]n]
qj] ^nara l]jkn|ie_]) re`+ J]np~javê ?qf|j M}nav) @`m`^cjk`i\g`^jiÄhd^j+ L\mo` `nk`^d\g)Qen]jp hk ?h]j_d)
Ō
S
S]haj_e]) .666) ll+ 0/3ê 0/6+ >oeieoik) l]n] qj] reoeÅj i|o _kilhap]) re`+ DO>@F> J>OQñK) H\diam\^^dÄi _` ?
_`]`m`n^jio\]g`ntm`bdnomÄg`nomd]po\mdjn`i@`m`^cjk`i\g)Qnereqi)J]`ne`).66-)ll+14ê 52+

I] ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  aj ah  ` a h e p k  `a ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]


%]np~_qhk0k`ah]Iaulaj]hpne^qp]ne]&+@kjbknia /--6)aop]^ha_a_kik`k_pnej] hac]h`a_]n|_pan
]h]hÅce_]`ah_\~jnph\odqj)h]haoere`]``aao] rej_qh]jpa qj] oanea `a l]qp]o ejpanlnap]per]o
`abn]q`]_eÅj naoe`en~] aj oq lahecnkoe`]` l]n] kneajp]`]o]naopnejcenah|i^epk`aklan]pere`]`
ah oeopai] `a na_]q`]_eÅj oe ao mqa pk`ko hko `a h] iaj_ekj]`] _]qo]h `aataj_eÅj `a laj])
_kjpne^quajpao h] nalepean]j+ Kk k^op]jpa) aj lna_eo]j`knach]orej_qh]`]o]h]klknpqje`]`aj
ah|i ^epkfqn~`e_kê laj]h)p]hbkni]`an]vkj]n h]mqaoalnk`q_ah]m`bpg\mdu\^dÄiu]h]bkni]aj
_ki lknp] h] ]pne^q_eÅj lanokj]h `a ejfqopko h]mqa}op]`a^ana]hev]noa+./
]fajkou_kjoa_qajpaiajpa h] rqhjan]_eÅj `ah
lnej_elek`a lnklkn_ekj]he`]`+.- >o~) naola_pk ] h] k l k npq je`] `  aj mqa `a^a
pajan hqc]n h] nacqh]nev]_eÅj `a h] oepq]_eÅj
0+ Lpn] `a h]o i]jebaop]_ekjao `a h] ]`iejeo* pne^qp]ne] ) l]n] klan]n _ki k ei l a `ei a jpk 
pn]perev]_eÅj `ah `ana_dk laj]h aj ah |i ^epk lnk_ao]hl]n]h]ejop]qn]_eÅj`ah]]__eÅjlaj]h)
pne^qp]nekreaja`]`]lknhkoaba_pkoateiajpao oa aop]^ha_a mqa h] `a_h]n]_eÅj na_pebg]pkne]
`a laj] mqa _kjbeana h] nacqh]nev]_eÅj `a h] `a^alnaoajp]noa]jpao`amqa h] Ceo_]h~]`e_pa
oepq]_eÅj pne^qp]ne] + Bj aba_pk) ah ]np~_qhk .56Ñ h]naokhq_eÅj`a]^nenejraopec]_eÅjlnaheiej]n)k
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]

`ah_Å`eckpne^qp]nekaop]^ha_ah]lnkde^e_eÅj`a ]jpaomqaahónc]jk>`i ejeopn]`kn`ahQne^qpk


bkniqh]n`ajqj_e]laj]h)uajoq_]okh]eilkoe* jkpebemqa ]hcÇj namqaneieajpk _kj nah]_eÅj ]h
^ehe`]``aejop]qn]nqjlnk_aokfq`e_e]h)_q]j`k pne^ q pk ulan~k`kajmqaoana]hevÅh]_kj`q_p]
ah ]qpkn`ah `ahepkpne^qp]nek d]u] nacqh]nev]`k lnaoqjp]iajpa `ahe_per]) `a ik`k mqa hk mqa
oq `aq`] ]jpao `ah eje_ek `a h] ejraopec]_eÅj k_qnn] lneiank ^hkmqa] hko aba_pko ateiajpao
beo_]h k ]jpao `a _q]hmqean namqanei eajpk `a `ah]nacqh]nev]_eÅjpne^qp]ne]+>p]haba_pk)ajah
h] >`i ejeopn]_eÅj nah]_ekj]`k _kj ah pne^ q pk  iaj_ekj]`k>_qan`kMhaj]nekoaaop]^ha_amqa
u ah lan~k`k aj mqa oa hharÅ ] _]^k ah `ahepk+ ahnamqaneieajpk`ah]>`iejeopn]_eÅjQne^qp]ne]
Iko aba_pko ateiajpao `a h] nacqh]nev]_eÅj oa `a^aoanatlnaokud]_annabanaj_e]h]o_kj`q_p]o
atpeaj`aj ] h]oennacqh]ne`]`ao_kjp]^haoub]h* m qa  _ k j bec q n] j  ah l na o q j pk  ` a hepk  beo_]h+
oa`]`aoejopnqiajp]haomqaoad]u]jna]hev]`k Oaola_pk ] aopa lqjpk %o_,4+ klknpqje`]` `a h]
l]n]_kiapanah`ahepk+Bj lnklea`]`)ah_Å`eck nacqh]nev]_eÅj`ah]oepq]_eÅjpne^qp]ne] &ateop~]
pne^qp]nekkpknc]aba_pkohe^an]hev]`knao`alaj] fqneolnq`aj_e]`erancajpa)`aop]_]j`k]hcqjko
]qj]oqanpa`a`aoeopeieajpkhhar]`k]_]^kaj l nk j q j _e] i ea j pk o mqa ]lna_e]^]j aba_pko
b]oalkopê _kjoqi]per]í )hk_q]hao_]l]]h]n]* ateiajpao `a laj] _q]j`k h] nacqh]nev]_eÅj
_ekj]he`]``ah]M]npaDajan]h`ah@Å`eckMaj]h) oa aba_pq]^] hqack `ah namqanei eajpk `a h]
_quk]np~_qhk .5k_kj_a`aaba_pkoateiajpao]h > `i ej eopn]_eÅj  Q ne^qp]ne] lank ]jpao `a h]
`aoeopei eajpk rkhqjp]nek na]hev]`k at_hqoer]* a tla`e_eÅj `a h] naokhq_eÅj `ah J ej eopa nek 
iajpaajb]oa`apajp]per]%lnaê _kjoqi]per]&+ MÇ^he_k`eolkjeaj`kaheje_ek`ah]ejraopec]_eÅj
laj]h+ Bh Mhajk `a hko Gqa_ao Pqlnaiko `a
1+Pk^naahejopepqpk`ah] nacqh]nev]_eÅjpne^qp]* hk Maj]h lnapaj`a lkjan bej  ] `e_dk r]er}j
ne] )ahSMhajkGqneo`e__ekj]h`ahkoGqa_aoPqlna* fqneolnq`aj_e]h) klp]`k lkn qj] lkopqn] dkopeh
iko`ahkMaj]h)_aha^n]`kah.0`ajkreai^na`a l]n] ah _kjpne^quajpa) ]_kn`a ] h] j]pqn]hav]

.-+ Pk^na hko `ahepko `a ]_qiqh]_eÅj % ]__qiqh]pera d]nio ) gqiqh]pekj`ahegpa &) re`+ PFIS> PïK@EBW) I]
atl]joeÅj+++) _ep+) ll+ .0.ê .03+ @kjoe`an] mqa hko `ahepko pne^qp]neko lqa`aj hacepei]noa oej ja_aoe`]` `a
_kj_alpq]hev]nhko_kik`ahepko`a]_qiqh]_eÅj)J]np~javê ?qf|j M}nav) >hcqj]onabhatekjaook^nah] ik`anj]
pakn~]`ah ?ec@nqj_daj h] oaha__eÅj`a^eajaofqn~`e_kê laj]hao%Bola_e]h nabanaj_e]]h|i^epka_kjÅie_k& )aj
=@RK ? =PQ O ./3

T+>>+I]_eaj_e]`ahAana_dklaj]h]jpaahjqarkoechk+Ie^nkEkiaj]fa]h MnkbaoknAk_pknAkjGko}@anavkJen)
Qa_jko)J]`ne`)/--/)ll+1/-ê 1/0+

..+ PFIS> PïK@EBW) _]hebe_] ] h] ejopepq_eÅj `a h] nacqh]nev]_eÅj pne^qp]ne] _kik ik`]he`]` delan_q]hebe_]`] `a
`aoeopeieajpk )ajP|j_davê LopevDqpe}nnav) I]ataj_eÅj`anaolkjo]^ehe`]` laj]h lknnacqh]nev]_eÅjpne^qp]ne])
>n]jv]`e)K]r]nn])/--/)lnÅhkck)l+.6+

./+ Papn]p]`ah>_qan`kMhaj]nekKk+/ê/--6,@Gê ..3+

41 Gko} Ia]j`nk Oa]Äk Mao_dean]


`ah ej opepq pk  `a h] nacqh]nev]_eÅj pne^qp]ne] + `alaj] jkaj_qajpn]bqj`]i ajpkajahlh]jk
Bj ^qaj] _qajp]) h] renpq]he`]` atkjan]pkne] ]j]h~pe_k `ah iana_eieajpk `a laj] )oejkmqa é
`alaj`an| `ah _]n|_pan a ol k j p| j ak  `a h] at_hqoer]iajpaoaoqopajp]aj_kjoe`an]_ekjao RG
n a c q h ] n e v ] _ e Å j )  ah _ q ] h j k  l q a ` a  l n a ` e _ ] n o a  a j  `a abe_eaj_e] na_]q`]pkne]) lanpaja_eajpao ]h eeõ..
N+
]mqahhko _]okoaj hkomqa ah bn]q`a d] oe`k u] |i ^epk`ah] ja_aoe`]``alaj] + qtj
iq
`apa_p]`k) oa] lkn ah ónc]jk >`i ejeopn]`kn ABOB@EL
`ahQne^qpk)oa] lknahJejeopanek MÇ^he_k)lkno~ 2+ > ik`k `a `s^pmnj `a aopa ]l]np]`k ejpnk* MBK>I

ieoik k ] pn]r}o `a h] na_al_eÅj `a h] jkpe_e] `q_pknek)oa]^kn`]j_qaopekjaorej_qh]`]o]h]


_neiej]h lknl]npa`apan_anko]fajko]hónc]jk aopnq_pqn]p~le_]`ahko`ahepkopne^qp]nekou] h]
>`i ejeopn]`kn`ahQne^qpk)ej_hqe`kohkoia`eko j]pqn]hav] lÇ^he_] `aoq lanoa_q_eÅj)pn]p]`]o
`a_kiqje_]_eÅjok_e]h+ aj ah >_qan`k Mhaj]nek Kk+ /ê /--6,@Gê ..3+
>o~) naola_pk ] h] _kjbecqn]_eÅj `a hko `ahepko
Oaola_pk] h]bkni]ajmqa`a^an| na]hev]noah] pne^qp]neko _kilnaj`e`ko aj h] Iau Maj]hQne*
nacqh]nev]_eÅj `a h] oepq]_eÅj pne^qp]ne] ) l]n] ^qp]ne] * Aa_napk Iaceoh]perk Kk5.0)oaoaÄ]h]
mqa_knnaolkj`]kpknc]nhaaba_pkoatpejperko`a mqa aopko pelko peajaj j]pqn]hav] `a ` a hepk 
naolkjo]^ehe`]` laj]h)ah>_qan`k Mhaj]nek_k* aola_e]h lnklek)_qukbqj`]i ajpk`alqje_eÅj Ö
iajp]`kateca]h_kjpne^quajpaahl]ck~jpacnk naoe`a aj h] ejbn]__eÅj `ah `a^an`a _kjpne^qen LG
J+
`ah]`aq`]pne^qp]ne]%pne^qpko)ejpanaoaoui qh* ia`e]jpaah l]ck`apne^qpko]h okopajeieajpk L
nk
p]o&)`aik`kmqaah ]_kceieajpk] qj oeopai] `ah c]opk lÇ^he_k+ @kik ranaiko diam\) qj] L
aola_e]h`abn]__ekj]ieajpkk`aoej_an]ieajpk `a h]o _kjoa_qaj_e]o `a _kj_a^en hko pelko `a 9
;p
pne^qp]nek jkaooqbe_eajpal]n] kpknc]naba_pko `abn]q`]_eÅjpne^qp]ne]_kik`ahepkoaola_e]hao _
ateiajpao `a laj] ] h] nacqh]nev]_eÅj+ Bj aopa `a ejbn]__eÅj`a`a^anaomqaoÅhk lqa`aj oan GON
oajpe`k)jkoÅhkoapn]p]`amqaoabkni qhaqj] _kjoe`an]`ko]qpknao`ah`ahepkah_kjpne^quajpa ];
*k
]qpk`ajqj_e]]pn]r}o`aqj]`a_h]n]_eÅjna_pe* uah naolkjo]^hapne^qp]nek) oeaj`kmqaoe h] _]* k
be_]pkne])oejk`amqaoal]cqa~jpacn]iajpah] he`]``a_kjpne^quajpaknaolkjo]^ha na_]aaj ];
`aq`]pne^qp]ne] koaaba_pÇah]`arkhq_eÅj_k* qj]lanokj]fqn~`e_])h]_kj`e_eÅj`a]qpknoan| "
nnaolkj`eajpa+Bhokiapeieajpk]qjn}ceiaj`a ]pne^qe`] ] oq nalnaoajp]jpa hac]h ]qpknev]`k) ];
*k
]lh]v]ieajpkk`abn]__ekj]ieajpk`ah]`aq`] oeailnamqa}opad]u]na]hev]`k]hcÇj]_pki]* *k
)nk
&$
pne^qp]ne] *l na reopk  aj ah ]np+ 03Ñ `ah @Å`eck pane]hrej_qh]`k]h]ejbn]__eÅj)oa]aj_kieoeÅj
Qne^qp]nek* eile`a ]lna_e]n aba_pko ateiajpao ]_per] q kieoer] %qmb+ oqo_nel_eÅj `a h] Aa_h]* q
nk
K&
`alaj]]h] nacqh]nev]_eÅj+ n]_eÅj Gqn]`] `ah FO aj h] mqa oa d]u]ki epe`k
_kjoecj]nejcnaokokoad]u]_kjoecj]`kc]opko -&
*K
Mkn k pnk  h]`k) oa aop]^ha_a mqa *a j  p] j pk  ejateopajpao&+>oeieoik)]mqahhkooqfapkomqajk }ao
j
R
oa pn]p] `a qj] _]qo] i]pane]h `a at_hqoeÅj kopajpah]_kj`e_eÅj`a_kjpne^quajpa)lk`n~]j Ö
`a l q j e^ ehe` ] `  `skjno a\ ^ op h * oqo aba_pko oan naolkjo]^ehev]`ko ] p~pqhko `a _Åilhe_ao k nk
he^an]pkneko`ah]o]j_eÅjlaj]hja_ao]ne]iajpa ejopec]`knao aj h] ia`e`] aj mqa oa ]_na`epa L
N+
]h_]jv]jk^ajabe_e]j]pk`kohkoejpanrejeajpao mqad]u]j_kjpne^qe`k`khko]iajpa]h]ahqoeÅj nk
*L
na
aj ah `ahepk) ]^]n_]j`k ]oeieoik p]jpk ] h]o beo_]h)]pn]r}o`a]lknpao i]pane]hiajpaÇpehao
ik`]he`]`ao`a`abn]q`]_eÅjpne^qp]ne])_kik ]h]_pk`abn]q`]pknek+ õ]
LG
]h]oennacqh]ne`]`ao_kjp]^haou]h]ob]hoa`]`ao
ejopnqiajp]haomqaoadq^ean]j_ki ape`kl]n] 3+Aakpnkh]`k)oaoaÄ]h]ajah>_qan`kMhaj]nek
lanlapn]nah`ahepkbeo_]h+ _kiajp]`k mqa hko `ahepko pne^qp]neko peajaj
j]pqn]hav] l]pnei k je] h `a _]n|_pan lÇ^he_])
I] ejpanlnap]_eÅj naopne_per] mqa ah nabane`k aj ]paj_eÅj ] h] bqj_eÅj ok_e]h mqa _qilha h]
>_qan`k Mhaj]nekna]hev])naola_pk`a h]]lhe_]* pne^qp]_eÅj) ]Ä]`e}j`koa mqa okj `ahepko `a Ö.
_eÅj`ahejopepqpk`ah] nacqh]nev]_eÅjpne^qp]ne] ) naoqhp]`k) lqao oq _kjbecqn]_eÅj ateca h] lnk* ~c
jkajanr]oqj]pqn]hav]`eobqj_ekj]h)lqao*aj `q__eÅj`aqjlanfqe_ek)mqaoa_kjoqi]`ao`a [
nec k n* hqack `a h] _kjoqi]_eÅj jk ao lkoe^ha ah i ki ajpkaj mqa oa `af] `a l]c]n*pk p] h k k
d]^h]n `a `aoeopeieajpk+ Pej `q`]) h] nacqh]ne* l]n_e]hi ajpa* hkopne^qpko mqaaop]^ha_aj h]o N
v]_eÅjpne^qp]ne]_kik _]qo]hac]h`aataj_eÅj hauao)k `ao`a ah i ki ajpk aj mqa oa k^peaja

I] ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  aj  ah  ` a h e p k  `a ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]
k oa `eobnqp] `a qj ^ajabe_ek pne^ q p] nek+ >o~) _kjpejq]_eÅj oa aba_pÇ] ah l]ck*) _q]j`k oa
oa ei lkja ] h] Ceo_]h~] ah `a^an `a lnk^]n h] l]c] hqack `a h] hem q e` ]_eÅj  annÅja] `a h]
ateopaj_e] `ah7%e& lanfqe_ek l]pnei kje]h l]n] ah >`iejeopn]_eÅj%ajhkooqlqaopko`a`a_h]n]_eÅj
beo_k8 u) %ee& jatk _]qo]h ajpna h] _kj`q_p] `ah b]ho]&)k _q]j`kraj_a ah lh]vk l]n] ejcnao]n ah
_kjpne^quajpauah lanfqe_ek]_]a_e`k+@k^n]`a ikjpk`apaniej]`kajh]hemqe`]_eÅjda_d]lkn
aopaik`keilknp]j_e]h]lnqa^]lane_e]h*_kjo* h] >`iejeopn]_eÅj %ajah oqlqaopkaj mqa jk oa
pepqe`] lkn ejbkniao _kjp]^haoê bej]j_eanko*) lnaoajp]`a_h]n]_eÅj]hcqj]&+$0
aj ]mqahhko _]oko aj hko mqa oa `eo_qp] h] %çj&
ateopaj_e]`ah lanfqe_ekl]pneikje]h+ 5+ Bh >_qan`k Mhaj]nek _ki ajp]`k _kjpeaja
p]i^e}jnabanaj_e]o]hk^fapki]pane]h`ah`ahepk
4+ >h _ebn]noa h] _kjoqi ]_eÅj `ah ` a hepk  aj pne^qp]nek) _kjopepqe`k lkn h] ahqoeÅj `ah l]ck
ah i ki ajpk aj mqa oa `af] `a l]c]n *pk p] h `apne^qpko`a^e`kok h] k^paj_eÅj ej`a^e`]`a
k l ] n_ e] hi a j pa * hko pne^ q pk o ) oa peaja mqa7 ^ajabe_ekopne^qp]neko)_qu] lanlapn]_eÅj lqa`a
%e& oe oa pn]p] `a pne^ q pk o mqa okj hemqe`]`ko lnk`q_enoa p]j pk  lkn ]__eÅj) _kik lkn k i e*
lkn ah ónc]jk > `i ejeopn]`kn `ah Qne^qpk) h] oeÅj+ I] nabanaj_e] ] h] ahqoeÅj _kikahaiajpk
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]

_kjoqi]_eÅj k_qnnen| _q]j`k ah _kjpne^quajpa jq_ha]n `a h] pele_e`]` k^faper] `ah `ahepk `a
l]c] h] `aq`] pne^qp]ne] lkn h] _]jpe`]` bef]`] `abn]q`]_eÅj pne^qp]ne]) eilhe_] h] ranebe_]_eÅj
annÅja]iajpa lkn h] >`iejeopn]_eÅj) `a^e`k ] `a qj ajc]Äk) _kik ia`ek _kieoerk e`Åjak
h] lnare] `a_h]n]_eÅj bn]q`qhajp] `a ]mqah8 %çe& l]n] `af]n `a l]c]n *a j  pk`k k aj l]npa* hko
oe oa pn]p] `a qj] ]qpkhemqe`]_eÅj) ah `ahepk oa pne^qpkomqaaop]^ha_ajh]ohauao+M]npeaj`k`ah]
_kjoqi]n|7]&ajah_]ok`ah]ik`]he`]`kieoer]) pelebe_]_eÅjlancaÄ]`]lknahhaceoh]`knlanq]jk)
_kjoeopajpaaj jk lnaoajp]n h] ]qpkhemqe`]_eÅj) oÅhk_]hebe_] _kik_kilknp]ieajpkam\p_pg`ioj
_q]j`krajv]ahÇhpeiklh]vkhac]hrkhqjp]nek`a j `ib\~jnj p~le_k `ah `ahepk pne^qp]nek) ]mqahh]
ejcnaok aop]^ha_e`k lkn h] haceoh]_eÅj pne^qp]ne] i]jek^n]_eanp]iajpaokbeope_]`]ae`Åja] l]n]
kah`alnÅnnkc]bef]`k lknh]>`iejeopn]_eÅj8^& raj_an h]o ^]nnan]o`a lnkpa__eÅj `a h] r~_pei])
ajah_]ok`ah]ik`]he`]`]_per])_kjoeopajpaaj aopk ao) `a^a lkopqh]noa h] ateopaj_e] `a qj ]n*
h] lnaoajp]_eÅj`a qj] hemqe`]_eÅjbn]q`qhajp]) `e` aopnq_pqn]`k aj bkni] p]h mqa naoqhpa ]lpk
_q]j`k ah oqfapk h] lnaoajpa) oa] mqa l]cqa l]n] k_qhp]n `apaniej]`] oepq]_eÅj b|_pe_] ] h]
h] oqi] na`q_e`] k jk l]cqa eilknpa ]hcqjk) >`iejeopn]_eÅj Qne^qp]ne]) oeaj`k lkn hk p]jpk
d]_eaj`k h] lna_eoeÅj `a mqa oan| lkoe^ha ah laj]hiajpa]p~le_ko]mqahhko_kilknp]ieajpko
`aoeopei ea jpk  aolkjp|jak) ej_hqok `aolq}o naola_pk`ahko_q]haojklqa`]lna`e_]noap]h_]*
`a lnaoajp]`] h] ]qpkhemqe`]_eÅj bn]q`qhajp]) l]_e`]`l]n]cajan]nkl]_e`]`+.1Aaaopaik`k)
d]op] ]jpao `a mqa rajv] ah lh]vk hac]h k h]o ahoeilhaej_qilheieajpk`ahl]ck`ahkopne^qpko
lnÅnnkc]o bef]`]o lkn h] lnkle] >`iejeopn]_eÅj8 jk_kjbecqn]`ahepk`a`abn]q`]_eÅjpne^qp]ne]+
_&ajah_]ok`apne^qpko_kj]_pk]`iejeopn]perk
`a hemqe`]_eÅj *a j  hko mqa ah oqfapk `a_h]n] Vaomqa)l]npeaj`k`ahpajknhepan]h`ahlna_alpk
lnare]i ajpa) h] ]`i ejeopn]_eÅj hemqe`]) u ] jkni]perkmqapelebe_]ah`ahepk`a`abn]q`]_eÅj

.0+ >?>KQLSïPNRBW)@`m`^cj L`i\g A^jiÄhd^j+M]npaBola_e]h)F`aio])Iei])/---)ll+100ê 105+

.1+ KÅpaoa mqa ] `ebanaj_e] `a kpn]o haceoh]_ekjao *_ki k h] aol]Äkh]*) aj ah lna_alpk jkni]perk lanq]jk oa d]_a
atlnao]nabanaj_e]]hajc]Äk_kikia`ek_kieoerk`ah`ahepkbeo_]h+Mknahhk)hkoikjkcn]beop]oaol]Äkhaoaji]pane]
`a`ahepkobeo_]hao)oaÄ]h]jmqa h] atecaj_e] `ah ahaiajpk ajc]Äk aj h]aopnq_pqn] p~le_] `ah `ahepkbeo_]h d] oe`k
eilqaop]lknh]fqneolnq`aj_e]+>o~)P|j_davê LopevDqep}nnav) BFahaiajpk bn]q`a ajhko`ahepko_kjpn]h]E]_eaj`]
=@RK ? =PQ O ./3

MÇ^he_] u _kjpn] h] Pacqne`]` Pk_e]h ) aj7 Pehr] P|j_dav %Aen+&) åIe^anp]` a_kjÅie_] k bn]q`ao lqje^hao< Oeaocko
laj]hiajpa nahar]jpao a ennahar]jpao aj h] ]_pere`]` a_kjÅie_kê ailnao]ne]h  J]n_e]h Mkjo) J]`ne`,?]n_ahkj])
/--0)ll+6.ê ./2)]jkp]7 Mknhkmqaoanabeana]hpai]mqajkok_ql])d]umqanao]hp]n_Åik`ao`aoqknecajah`ahepk
oa_kjbecqn]ok^nah]e`a]^|oe_]`a`abn]q`]_eÅj)]qjmqaoejiaj_ekj]natlnao]iajpaahajc]Äk+Pejai^]nck)h]
lnkle]fqneolnq`aj_e] reajaateceaj`k qj aola_~be_k ahaiajpk`abn]q`]pknek l]n] mqaateop] bn]q`apne^qp]nek+ Bh
ikperk)]hmqaoa]hq`a`ai]jan]nalape`])aomqaoejkoaatecaqjaola_~be_kahaiajpk`a`abn]q`]_eÅj)ieoaaj
o_}ja%ajk_]oekjao |jeik`a`abn]q`]n &)oaaop]n~]`]j`k`ajqarkre`]]h]lneoeÅjlkn`aq`]o %ll+ $ $ $ ê $ $ % &+

43 Gko} Ia]j`nk Oa]Äk Mao_dean]


pne^qp]ne])oa]`reanpah]atecaj_e]`ahahaiajpk `mmjm! odkj! q`i^d]g`  *m q a  ianav_]j pn]p]noa
\hêh
`ib\~j  k am\p_`)  _ k i k  i a ` ek  _ k i eo er k  _kik ei lnq`aj_e],_qhl]* oa naopnejf]j ] hko 9
aola_e]hiajpa e`Åjak l]n] `af]n`a l]c]n hko oqlqaopko aj hko mqa ah _kjpne^quajpa _qajpa @>G Z
eeõ$$
p n e ^ q p k o  m q a  a o p ] ^ h a _ a j  h] o  ha u a o +  @ k j b k n i a  _kj qj ejbkni a hac]h k _kjp]^ha lnarek ] h] LL+
]jkp]h]`k_pnej]aola_e]hev]`]) _`!pi\!kmdh`m\ na]hev]_eÅj `ah _ki lknp]i eajpk) mqa ]r]ha ah rtj
õeõ..
g`^opm\! _`g! o`ijm!gdo`m\g!_`g! odkj!k`i\g!n`!kp`_` lnk_a`eieajpkeilhaiajp]`k+Pejai^]nck)h] ABOB@EL
^ji^gpdm!lp`!`g!ndhkg`!di^phkgdhd`ioj! _`g!k\bj ranebe_]_eÅj`aqj_kilknp]ieajpk*_kieoerkq MBK>I

_`!gjn!omd]pojn!ij!^jiadbpm\!_`gdoj!_`!_`am\p_\^dÄi ki eoerk*`khkokjkaooqbe_eajpal]n]_kjoe`an]n
omd]po\md\)! kp`n! m`npgo\! i`^`n\mdj! lp`! g\! a\go\ _kjbecqn]`] h]pele_e`]` oq^faper] `ah `ahepk`a
_`!k\bj! _`g! omd]poj!n`\! ^jin`^p`i^d\! _`!\gbÅi `abn]q`]_eÅj pne^qp]ne]+ M]n] ahhk oa namqeana
h `_dj! am\p_pg`ioj! `hkg`\_j! k jm! `g! \pojm +$2 mqa ah _ k j pne^ q u a j pa  ]_pÇa _kj ah | jei k 
Mna_eo]iajpa)]haj_kjpn]noa_kjbecqn]`k_kik aola_e]h`ak^pajanqjlnkra_dklnklekk]fajk
qj `ahepk `a ia`eko `apaniej]`ko) ah `ahepk %iÅrehhq_n]perk&+Bjaopaoajpe`k)jkoaranebe_]n|
`a bn]q`a pne^ q p] nek  oa `eopejcqa `a h] ian] h] pele_e`]` oq^faper] aj ]mqahhko _]oko aj hko
ejbn]__eÅj ] `i ejeopn]per] `a _]n|_pan beo_]h) mqa *] q j  _q]j`k oa lnk`qv_] qj lanfqe_ek nk
B
aj h] atecaj_e] `a qj ajc]Äk %hdn`!`i!n^|i`& l]pnei kje]h ]h beo_k * ah _ki lknp]i eajpk `ah
lnakn`aj]`k] h]`abn]q`]_eÅj) aj nah]_eÅj `a _kjpne^quajpajknaoqhpak^faper]iajpae`Åjak _q
õk
]jpa_a`ajpa] _kjoa_qajpa)`aia`ek]bej+ l]n] ^ajabe_e]noa vqbm+ _q]j`k h] `a_h]n]_eÅj L
nk
b]ho] *ej_hqok `khko]iajpa na]hev]`]* cajan] L
6+ Bj ah | i ^epk oq^faperk `a h] pel e_e` ]` ) ah ]h_kjpne^quajpaqjeil]_pkbeo_]hi|ocn]rkok
>_qan`kMhaj]nekKk+/ê --6,@Gê ..3)`aop]_] kjk ha nalknp] ]dknnk]hcqjk&+
ah _]n|_pan `khkok `ah `ahepk `a `abn]q`]_eÅj
pne^qp]ne])`af]j`k oajp]`k mqa oapn]p] `a qj .-+ Cej]hiajpa)aj hkmqaoanabeana]h>_qan`k _q
L
` a hepk  `khkok) _ajpn]`k aj ah _kjk_ei eajpk Mhaj]nek /ê /--6,@Gê ..3) oa `aop]_] qj] k
ÁC
`a h] ]ba_p]_eÅj `ah ejpan}o na_]q`]pknek `ah _qaopeÅj `akn`aj lnk_ao]h)aj ahoajpe`kmqa q
_q

beo_]h) _qu] _ k j bec q n] _ eÅ j  ] ` e_ ek j ] hi a j pa  h] `abn]q`]_eÅj pne^qp]ne] u oqo ik`]he`]`ao L


9K

namqeanah]lnaoaj_e]`aqjahaiajpkoq^faperk p~le_]o _k jopepq uaj  `ahepko `a lanoa_q_eÅj ëL


_q

aola_e]h k `a paj`aj_e] ejpanj] pn]o_a`ajpa) lÇ^he_]]_]nck`ahJ ejeopanekMÇ^he_k)]qjmqa õL


nk
2
_kjoeopajpaajah|jeik`ahq_nkk`a]_pq]_eÅj _kj h] ja_ao]ne] ejpanraj_eÅj `a h] ]qpkne`]` "
L
aj lnkra_dk lnklek k `a qj pan_ank+ Aa aopa ]`i ejeopn]per] pne^qp]ne]+V ao mqa `ao`a mqa nk
ik`k) l]n]_kjoe`an]n_kjbecqn]`kah `khk`ah ajpnÅ aj recaj_e] ] jerah j]_ekj]h h] Pacqj`]
_q
]qpkn)`a^a]_na`ep]noamqaah_kjpne^quajpa*]h Aeolkoe_eÅjJk`ebe_]pkne]uAankc]pkne]`ah_Å* L
L%L
iki ajpk`ana]hev]nh] _kj`q_p] nalnk_d]`]* `eck lnk_ao]h laj]h) oacajanÅ ej_anpe`qi ^na L
_
an]_kjo_eajpamqaaop]^] k_qhp]j`k ejcnaoko) naola_pk ] oe ah _]n|_panoaieê lÇ^he_k `a hko B
0
_kjoecj]j`k l]oerko ejateopajpao) okhe_ep]j`k `ahepkopne^qp]neko*_kjpai lh]`kajah]np~_qhk nk
^ajabe_eko pne^ q p] nek o  oej aj_kjpn]noa aj ah 4k`ah Aa_napk Iaceoh]perk Kk+5.0* oa i ]jpa* k
,"
oqlqaopk `a da_dk mqa lani epa ckv]n `a hko j~] recajpa k jk+ PacÇj ah i k`ahk `a ]__eÅj nk
L
ieoiko+M]n]_kjoe`an]n_kjbecqn]`kah`khkao oaieê lÇ^he_]lnareopkajahAa_napkIaceoh]pe* nk
oqbe_eajpa mqa p]h _kjk_ei eajpk oa lnaoajpa ] rkKk+5.0)h]]__eÅjlaj]h lkn`ahepkpne^qp]nek $0
9K

jerah `aokola_d] %`khkarajpq]h&+ I] iaj_eÅj Çje_]iajpa lk`~] oan lnkikre`] ] ejop]j_e] nk
L%L
atlnao]]h_jgj!`q`iop\g) na]hev]`]ajah>_qan`k
 `ah ónc]jk>`i ejeopn]`kn`ahQne^qpk)u jk`s ;
"K
Mhaj]nek _kiajp]`k) `ebe_qhp]n| mqa hkofqa_ao jaad^dj lkn l]npa `ah J ejeopanek MÇ^he_k+ Rj]
 __
laj]hao ]lna_eaj oqlqaopko `a ei lnq`aj_e] ravbkniqh]`] h] `ajqj_e] laj]h lknl]npa`a
%_qhl],jachecaj_e]&k`a`mmjm!_`!odkj) ]hh~`kj`a  h] > `i ejeopn]_eÅj Qne^qp]ne]) oacÇj _nepaneko
9
@ÖK
;
ah _ k j pne^ q u a j pa  ]hacqa ` ao_k jk_ei eajpk+ `a`eo_na_ekj]he`]`) h] Ceo_]h~]mqa`]^]b]_qh*
Aa aopa ik`k) ao lnk^]^ha mqa hko _]oko `a p]`] l]n] eje_e]nh] ejraopec]_eÅj laj]h+Pejp]h @L
Ö
#
S
?
.2+ D>O@ñ>@>SBOL)@`m`^cj!L`i\g!A^jiÄhd^j+M]npaBola_e]h)Dnefhau)Iei])/--4+l|c+3.3+

I] ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  aj ah  ` a h e p k  `a ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]


`ajqj_e]) ah J ejeopanek MÇ^he_k jk aop]^] ]q* oaÄ]`]ol]n] `abn]q`]n]hbeo_k8%eee&oqlqaopko
pknev]`k]eje_e]n]_pko`aejraopec]_eÅj+>dkn] `aah]^kn]_eÅj`apn]i]o `alanokj]ofqn~`e_]o
^eaj)qj]ravlnaoajp]`]h]`ajqj_e]lknl]npa uj]pqn]hao)_qu]bej]he`]`aoaj_e]hoa]k_qhp]n
`ahónc]jk> `i ejeopn]`kn`ahQne^qpk)}op]lan* k aj_q^nen ah l]ck `a k^hec]_ekjao pne^ q p] *
`~] h] lkoe^ehe`]` `a`aoeopenoa`a h] ieoi]+ Bh ne]o8 %er& ln|_pe_]o mqa ei lhemqaj b]hoa`]`ao
>_qan`kMhaj]nek_kiajp]`kaop]^ha_amqa*] _kjp]^hao8%r& qpehev]_eÅj`ana`ao`ajack_eko
l]npen`ah]ajpn]`]ajrecaj_e]`ah] Pacqj`] be_pe_eko)a p_+.5I]cn]ra`]`_q]hebe_]`]`aaopko
Aeolkoe_eÅj J k`ebe_]pkne] u Aankc]pkne] `ah oqlqaopko fqopebe_]n~] oq lani]jaj_e] aj ah
_Å`eck lnk_ao]h laj]h %-.+-4+/--3&* h] ]__eÅj jÇ_hak `ah `ana_dk laj]h) oej lkoe^ehe`]` `a
laj]hlkn`ahepkpne^qp]nekao`a_]n|_panlÇ^he* kpknc]n aba_pko ateiajpao `a laj] ] h] m`bp*
_k)na_]uaj`kat_hqoer]iajpaajahJejeopanek g\mdu\^dÄi omd]po\md\+
MÇ^he_k h] lkpaop]` `a eje_e]nk jk qj] ejrao*
pec]_eÅj laj]h)oa]`akbe_ek)oa] lkn`ajqj_e] CC) F;;ONILê; ?H ?F >?FCNI>?
`ahónc]jk>`i ejeopn]`kn`ahQne^qpk)oa] lkn >?@L;O>;=CëHNLC<ON;LC;
`ajqj_e] lner]`] `aqjpan_ank+
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]

-),) Ü>^ebmh\hf}gh]^ebmh^li^\bZe9
..+ E]op]`kj`a]h_]jvÅ)hkolnk^hai]o`ahace*
pei e`]`mqa]ba_p]j]h`ana_dklaj]hpne^qp]nek .+ Bh_kjpaje`k`ahkoejfqopkopne^qp]nekolnareopko
recajpa jk okj ejo]hr]^hao) lkn hk mqa *]  ie ajah Aa_napkIaceoh]perkKÑ5.0aop|`]`klknah
fq e_ ek * jk `a^a klp]noa lkn oq ]^okhqp] `ao* di^phkgdhd`ioj_`pi\j]gdb\^dÄi mqa`ei]j]`a
laj]hev]_eÅj+ >jpao ^eaj) ah lnk_aok `a `aoê  qj]nah]_eÅjkrej_qh]_eÅj_kj h]>`iejeopn]_eÅj
]`iejeopn]perev]_eÅj mqa qnca ailnaj`an aj Cej]j_ean]+> l]npen`aaop] atecaj_e]p~le_])oq^*
i]pane]laj]hê pne^qp]ne]jk`a^an~]lnao_ej`en u]_ajpaajpk`]oh]oik`]he`]`ao`a`ahepkbeo_]h)
`ah ei lknp]jpaaba_pkoei^Åhe_k_kiqje_]perk `a^a]^kn`]noaah lnk^hai]`ahoqfapk]_perkaj
`a h] laj].3) lank }opa `a^an~] naoanr]noa ] hko `ahepko pne^qp]neko+ Mkn hk `ai|o) ah _]n|_pan
]mqahh]o `abn]q`]_ekjao mqa _ki lknpaj qj] bn]q`qhajpkmqad]`anaraopenahej_qilheieajpk
oecjebe_]per] haoere`]` q kbajoere`]` ] ejpanaoao `a `e_d] k^hec]_eÅj.6 _kjopepqua qj] atecaj_e]
_kj_napko$4+I]i]pane]`alnkde^e_eÅjatlnao]* p~le_]rej_qh]`]]h]haoere`]``ah]_kj`q_p])mqa
`]ajhkoejfqopkopne^qp]neko)`a^an~]naoanr]noa *kmdh \a\^d`* jkkbna_a_nepanekol]n] h]`aheiep]*
l]n]7 %e& oqlqaopko `a qpehev]_eÅj `a lanokj]o _eÅj`ah]Ån^ep]`alkpaj_e]hao]qpknao+
ejpanlqaop]o_kj aola_e]h cn]ra`]` `ah ei lkn*
pa `abn]q`]`k8 %ee& oqlqaopko `a ateopaj_e] `a I]j]gdb\^dÄi) _qukej_qi lhei eajpkbn]q`qhajpk
aopnq_pqn]o knc]jev]per]o atlnkbao]iajpa ` e* ê ] at_al_eÅj `ah `ahepk _kjp]^haê _kjbecqn]

.3+ @kjh]atlnaoeÅj aba_pkoei^Åhe_k_kiqje_]perk`ah]laj] oa`aop]_]h]bqanv]aopeci]pev]`kn]`ah]oo]j_ekjao


eilqaop]o lkn qj] ejop]j_e] fq`e_e]h laj]h) bnajpa ] h]o o]j_ekjao `a_nap]`]o lkn Ånc]jko ]`iejeopn]perko+
Pk_e]hiajpajkaohkieoikoanqj ejbn]_pknpne^qp]nek mqaqj `ahej_qajpapne^qp]nek +Bjah|i^epkailnao]ne]h
aopa aba_pk oei^Åhe_kê _kiqje_]perk `a h] laj] ]`mqeana nahar]j_e] aj bqj_eÅj ] h] r]hkn mqa oa ha kpknc] ]h
lnaopecek_kian_e]najahpn|be_kfqn~`e_k+M]n]qj]`ao_nel_eÅj`aaop]_]n]_pan~ope_]`ah]oo]j_ekjaolaj]hao)re`+
Pehr]P|j_dav)I]atl]joeÅj+++)_ep+)ll+ .16uoo+

.4+ PacÇjP@E{KBJ>KK) H\m`g\^dÄi`iom`jiojgjbdnhjtijmh\odqdnhj`ig\_jbh{od^\epm}_d^jêk`i\g )aj7SS+>>+)


Jk`anj]opaj`aj_e]o aj h] _eaj_e] `ah Aana_dk laj]h uaj h] _neiejkhkc~]) Rjeranoe`]` K]_ekj]h `a B`q_]_eÅj
] Aeop]j_e])J]`ne`)/--.)l|c+32.) Qk`] h] l]npacajan]h `ah Aana_dklaj]h lqa`aoan`ao]nnkhh]`]`ao`a`ko
=@RK?=PQO ./3

lnej_eleko ^|oe_ko mqa `apaniej]j ah da_dk lqje^ha7 ah lnej_elek `a h] `]Äkoe`]` %haoere`]`& u ah lnej_elek `a
_qhl]^ehe`]` )_qnoer]o]Ä]`e`]o+

.5+ Se`+ çj atpajok) PïK@EBW LPQFW) H\ `s`i^dÄi _` m`nkjin\]dgd_\_k`i\gkjmm`bpg\mdu\^dÄi omd]po\md\) >n]jv]`e)
K]r]nn])/--/)l|ooei)uaola_e]hiajpall+ .5. uoo+

.6+ >at_al_eÅj`ah`ajkiej]`k`ahepk_kjp]^haê pne^qp]nek)_qu]_kjbecqn]_eÅjjkatecabn]q`a]hcqjk+Pk^naaopa


pai])re`+PïK@EBWê LPQFWDqpe}nnav)Ag_`gdoj^jio\]g`omd]po\mdj)>n]jv]`e)M]ilhkj]) .662+

45 Gko} Ia]j`nk Oa]Äk Mao_dean]


ah ej fq opk  p~l e_ k  lqa`a aop]n nabane`]7 %e& ]h ]j|heoeo`ah] j]pqn]hav]u]h_]j_a`a h] k^hec]*
\.\G
l]ck `a hko pne^qpko mqa aop]^ha_aj h]o hauao _eÅj pne^qp]ne]) u jk at_hqoer]iajpa `ao`a ah é 9
%]np~_qhko .k u 0k `ah Aa_napk Iaceoh]perk Kk+ `ana_dk laj]h+ @kik ao o]^e`k) h] `eopej_eÅj
5.0&)%ee&] h]ajpnac])ajqjlh]vk`apaniej]`k) ajpna`ahepko_kiqjaou`ahepkoaola_e]haok^a* FF õ..
AǺĆ L
`a hko i kjpko _]lp]`ko lkn hko ]cajpao `a `a_a ] _kjoe`an]_ekjao ian]iajpa bkni]hao T ,h 8
eeè e&
napaj_eÅju`alan_al_eÅj`apne^qpkoX]np~_qhk rej_qh]`]o ] h] bej]he`]` _kiqje_]per] `a h]o ABOB@EL
/k+^& `ah Aa_napk Iaceoh]perk Kk+ 5.0Z8 %çee& jkni]o laj]hao+ >o~) ]mqahhko pelko laj]hao MBK>I

]h _ q i l hei ea j pk  `a `a^anao `a ran]_e`]` mqajknaopnejcajh]Ån^ep]`ahoqfapk]_perkokj


_qu] ejbn]__eÅj _ k i l k npa  h] k ^ pa j _ eÅ j  `a `ajki ej]`ko `ahepko _kiqjao Wqbm+ h] aop]b]
atkjan]_ekjao k ej]ba_p]_ekjao) naejpacnko) %]np~_qhk .63Ñ `ah @Å`eck Maj]h&Z) u ]mqahhko
o]h`ko ] b]rkn) _n}`epk beo_]h) _kilajo]_ekjao) kpnko mqa hei ep]j ah qjeranok `a lkpaj_e]hao
`arkhq_ekjao)^ajabe_ekokej_ajperkopne^qp]neko ]qpknao]lanokj]omqapeajajqj`ki ejekok^na
X]np~_qhk1Ñ+.&`ah Aa_napk Iaceoh]perk Kk+ 5.0Z) `apaniej]`ko|i^epko)lknaj_kjpn]noaajqj]
%er& ]h _qi lhei eajpk `a `a^anao `a ran]_e`]` lkoe_eÅj aola_e]h `arqhjan]^ehe`]` `ah k^fapk
rej _q h] ` k o ] h] okhraj_e] l ] pnei k j e] h `ah `alnkpa__eÅj)okj`ajkiej]`ko_`gdojn `nk`^d\*
k^hec]`k)_qu] ejbn]__eÅj ei lkoe^ehepa ah_k^nk g`n Wqbm+h]]`iejeopn]_eÅj`aoha]h %]np~_qhk .65Ñ
`a pne^qpko qj] rav eje_e]`k ah lnk_a`eieajpk `ah @Å`eck Maj]h&) h] _kj_ajpn]_eÅj _na`epe_e] 9q
ĊŎ

`a r a nebe_ ] _ eÅ j  u ,k  beo _ ] hev ] _ eÅ j  X] np~_ q hk  %]np~_qhk/11Ñ`ah @Å`eck Maj]hZ+ õk


1k+/& `ah Aa_napk Iaceoh]perk Kk+ 5.0Z8 u) %r& L
]h _ q i l hei ea j pk  `a `a^anao `a ran]_e`]`
Mqao^eaj)h]`k_pnej]laj]h_kjoe`an]`abkni]
_kjp]^ha) mqa ej_hqua h] atecaj_e] `a hhar]ni]uknep]ne])]qjmqahafko`ah]qj]jeie`]`)mqa
he^nko u naceopnko _kjp]^hao8 `a ]jkp]n ]_pko)
hko `ahepkopne^qp]neko `a^aj oan ejpanlnap]`ko
klan]_ekjao a ejcnaoko8 u) `a _kjoanr]n h] _kik`ahepkoaola_e]hao+/-@eanp]iajpaoapn]p] ]è
õ]
` k _ q i a j p] _ eÅ j  _ k j p] ^ ha  u a t d e^ enh]  ]jpa
`a qj pai] klej]^ha/.) naola_pk `ah _q]h jk
h] > `i ejeopn]_eÅj Qne^qp]ne] %]np~_qhk 2k `ah
ao lkoe^ha ]`klp]n qj] lkoe_eÅj `abejeper] oej
Aa_napkIaceoh]perkKk+5.0&+ ]`ajpn]njko aj h] j]pqn]hav] u ]h_]j_a `a h]
j]gdb\^dÄi omd]po\md\ _qukej_qilheieajpk`kp]
-) >haop]n_kjbecqn]`koaopnq_pqn]hiajpa_kik `a _kjpaje`k ]h ejfqopk laj]h+ Kk ao lkoe^ha
hauaolaj]haoaj^h]j_k)h]ejpanlnap]_eÅj`ahko ` apani ej]n ah | i ^epk `a oqfapko k^hec]`ko)
`ahepkobeo_]hao_kik`ahepko_kiqjaok`ahepko oej ]jpao `ehq_e`]n`a mq} k^hec]_eÅj aop]iko
aola_e]haooÅhklqa`aoanaba_pq]`]]l]npen`ah d]^h]j`k+Sa|ikohk ^naraiajpa+
]e
L

/-+ Pej oan atd]qoperk aj h] nah]_eÅj `a ]qpknao) `abeaj`aj aop] paoeo) ?>GL CBOKïKABW,?>@FD>IRML P>DBPPB)
@`m`^cj k`i\g `^jiÄhd^j)@ajpnk`aBopq`ekoO]iÅj>na_ao)J]`ne`)/--.)ll+/10ê /128?ketOaec,Jen]?aj]rajp)
aj7Serao>jpÅj %_kkn`+&)@kiajp]neko]h@M62)S]haj_e]) .663) l+ .1658Jkn]haoMn]po)aj7NqejpankLher]nao%`en+&)
@kiajp]neko]h jqark_Å`ecklaj]h)>n]jv]`e)M]ilhkj]) .663)l+ .0358@dk_h|j Jkjp]hrk) Mnk^hai]o]_pq]hao
`ah`ahepkbeo_]h )aj7SS+>>+)Aana_dklaj]ha_kjÅie_k)@kjoafkDajan]h`ahMk`anGq`e_e]h)J]`ne`)/--.)ll+/6ê
0.8JqÄkv@kj`a)Aana_dklaj]h+M]npaaola_e]h) ..]a`)Qen]jphk?h]j_d)S]haj_e]) .663)l+5628Nqan]hpGei}jav) Q0
Aana_dk laj]h aol]Äkh+ M]npaaola_e]h) ?]n_ahkj]) .663) l+3/58Pq|navDkjv|hav)aj7 Ok`n~cqav Jkqnqhhk,Gknca L&
?]nnaenk%`eno+&)@kiajp]neko]h@Å`ecklaj]h)J]`ne`).664)l+54/8ajpnakpnkoiq_dko+Mknah_kjpn]nek)up]i^e}j
oejoanatd]qoperkaj h] nah]_eÅj)`abeaj`aj h]paoeo`ahko`ahepkobeo_]hao_kik`ahepko_kiqjao)@Ån`k^] Ok`])
Bh jqark`ahepkbeo_]h ) Oareop]Gqn~`e_] `a@]p]hqÄ]) .652) l+ 6068 Fchaoe]o Mqfkh) I] E]_eaj`] MÇ^he_] _kik ^eaj
fqn~`e_k lnkpace`k7_kjpn]^]j`ku`ahepkbeo_]h) ?]n_ahkj]) .65/) l+ /258 JqÄko ?]Äko) Fjbn]__ekjaopne^qp]ne]ou
`ahepko_kjpn]h]E]_eaj`]MÇ^he_])J]`ne`).663)l+0248Ok`n~cqavJkqnqhhk)@kiajp]neko]h]haceoh]_eÅjlaj]h)p+
FF)l+/568ajpnakpnko+ %)
)'

/.+ Bj aopa oajpe`k) D>O@ñ> @>SBOL) H\ m`nkjin\]dgd_\_ k`i\g+++) _ep+) l|c+ .61) l]n] mqeaj ]i^]o ]beni]_ekjao
%nabene}j`koa]h]olkoe_ekjaomqaejpanlnap]j]hkoeh~_epkolaj]haopne^qp]neko_kik`ahepko_kiqjaou]h]omqahko
_kjoe`an]j`ahepkoaola_e]hao&okjl]n_e]hiajpa_eanp]o)lqaooapn]p]bkni]hiajpa`aqj`ahepkaola_e]hu)]`ai|o) !
h]o_kj`e_ekjaob|_pe_]o`a`abn]q`]n] h] E]_eaj`]fqopebe_]j)aj `apaniej]`]o_en_qjop]j_e]o) h] ]lhe_]_eÅj`ah
S
]np~_qhk 0-2Ñ`ah _Å`eck laj]h ] p~pqhk`a]qpkn%nabene}j`koa]h pelk laj]h aol]Äkh `a `abn]q`]_eÅj pne^qp]ne]& ) ?
patpkajpna_kn_dapaobqan]`ahknecej]h+

I] ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  aj ah  ` a h e p k  `a ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]


0+ I] `k_pnej] `ah `ana_dk pne^ q p] nek  ` eo pej * Pk^na h] ^]oa `a aop] `eopej_eÅj) oa ]`ranpen|
cqa) `a ajpn]`]) ajpna k^hec]_eÅj pne^ q p] ne]  mqa h] `ajki ej]_eÅj j]gdb\_jn omd]po\mdjn )
lnej_el]huk^hec]_ekjaopne^qp]ne]o]__aokne]o+ qo]`] l]n] `aoecj]n ] mqeajao `a^aj na]hev]n
Bo lnej_el]h h] k^hec]_eÅj `a `]n qj] oqi] lnaop]_ekjao ] b]rk n `a h] > ` i ej eo pn] _ eÅ j 
`a `ejank) aop]^ha_e`] lkn h] Iau) _kjbkni a Cej]j_ean] k `a^aj oklknp]n ah afan_e_ek `a
]h lnej_elek `a _]l]_e`]`) ] b]rkn `a qj ajpa `apaniej]`] lkpaop]` ]pne^qe`] ] }op])naoqhp]
lÇ^he_k) l]n] okopajan oqo c]opko +// Aa aopa `ai ]oe]`k caj}ne_] u `a ao_]o] q pehe` ] ` +
ik`k) ]l]na_aj _ki k n]ocko `eopejperko `a Bo l na ba ne^ ha  i ] j pa j a n h] `ebanaj _e]  ajpna
aop] k^hec]_eÅj oq _]n|_pan `s g`b`) `a `ana* k^hec]_ekjaolnej_el]haou]__aokne]o]hikiajpk
_dk MÇ^he_k) oq bej ] he` ] `  `a okopajei eajpk `a _en_qjo_ne^enah qjeranok `a k^hec]`ko+ >o~)
`ah c]opk lÇ^he_k) u oq k^fapk _kjoeopajpa aj ah _kj_alpk `a k^hec]`k pne^ q p] nek  lnej_el]h
qj] oqi] `a `ejank+ Kk oa pn]p] lqao `a qj] `a^a oan ]oei eh]`k ]h `a ^jiomd]pt`io` ) aj
k^hec]_eÅj ]oeieh]^ha ] h]o _]packn~]o `a h]o p]jpk oklknp] ah `a^an knecej]nek `a _qi lhen
k^hec]_ekjao`a`ana_dklner]`k)oejkmqai|o _kj h] lnaop]_eÅj pne^qp]ne]+ Kqaopnk `ana_dk
^eaj oapn]p] `a qj c}jank i|o ]ilhek+ >dkn] l k oeperk  ` abej a  aj aopko ieoi ko p}ni ej k o
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ] _qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]

^eaj)]aba_pko`a]oacqn]nah_qi lhei eajpk`a ]h _kjpne^quajpa) _kik ]mqah mqa na]hev]) k


qj]lkpaj_e]hk^hec]_eÅjlnej_el]h)h]ojkni]o naola_pk`ah_q]hoalnk`q_aahda_dkcajan]`kn
pne^qp]ne]op]i ^e}jlqa`aj_na]nk^hec]_ekjao `ah]k^hec]_eÅjpne^qp]ne]%da_dkeilkje^ha& +/1
]__aokne]o) mqa ^eaj lqa`aj pajan _]n|_pan
la_qje]nek *rcn+) k^hec]_eÅj `a l]c]n ejpana* Bilank)]bejao`ab]_ehep]nu]oacqn]nahaba_perk
oao lkn `ai kn]*) k _kjpaje`k jk la_qje]nek _qilheieajpk`ah]lnaop]_eÅjpne^qp]ne]]_]nck
*rcn+)k^hec]_eÅj `a hhar]nu lnaoajp]n he^nko u `ah _kjpne^quajpa) ah `ana_dk pne^qp]nek lnar}
naceopnko _kjp]^hao*+ Fj_hqoera) ]i^]o _h]oao `erano]op}_je_]ol]n]eilkjanah_qilheieajpk
`ak^hec]_ekjao]__aokne]olqa`ajeilkjanoa `a p]h lnaop]_eÅj ] oqfapko `eopejpko `ah _kj*
ej`alaj`eajpai ajpa `a h] ateopaj_e] `a qj] _napk ^jiomd]pt`io`+ Bj h] `k_pnej] pne^qp]ne] oa
k ^ hec ] _eÅ j  l nej _el ] h *r c n) h] k ^ hec ] _eÅ j  `a na_kjk_aj bqj`]iajp]hiajpa pnao p}_je_]o `a
lnaoajp]n `apani ej]`] `a_h]n]_eÅj) u `a l]* ]pne^q_eÅj `ah _qi lhei eajpk`a h] lnaop]_eÅj ]
c]n qj] iqhp] lkn jk d]^anhk da_dk) lqa`aj pan_anko)/2] o]^an)e& Bh oqlqaopk`ah `ajkiej]*
ateopen]qjmqajkateop]k^hec]_eÅj`al]c]nah `k m`^\p_\_jm ndi o}opgj oa _kjbecqn] _q]j`k
pne^ q pk ]hmqaoanabeana h] `a_h]n]_eÅj*+ ah Bop]`k k^hec] ] `apaniej]`]o ailnao]o ]
na_]q`]n hko pne^qpko mqa oa `arajc]j _kj h]
Boaj_e]hiajpa)h]k^hec]_eÅjpne^qp]ne]lnej_el]h na]hev]_eÅj `a h]o klan]_ekjao _kian_e]hao mqa
oa`ebanaj_e]`ah]ok^hec]_ekjao]__aokne]olkn aba_pÇ]j _kj oqo _heajpao+ Bj aopa oqlqaopk) h]
oq bej]he`]`+ yop]o Çhpei ]o oa ei lkjaj l]n] ailnao] jk k_ql] ah no\opn `a oqfapk l]oerk
]oacqn]n)c]n]jpev]nu_kjpnkh]nah_qilheieajpk `a h] k^hec]_eÅj pne^qp]ne]) oejk mqa na_]q`] ah
`a h] k ^ hec ] _ eÅ j  l nej _ el ] h) _qu] bej ] he` ] `  pne^qpkajjki^naulkn_qajp]`ahBop]`k8ee&Bj
aola_~be_] %ia nabeank ]dkn] ] h] k^hec]_eÅj ah oqlqaopk`ah `ajkiej]`k ^jiomd]pt`io` ^ji
lnej_el]h& ao lnk_qn]n qj ejcnaok ]h Bop]`k+ _`m`^cj \ m`k`m^pndÄi ) h] lanokj] mqa na]hev] ah
Mna_eo]iajpa) h]obqj_ekjao `a ]oacqn]ieajpk da_dkeilkje^haoecqakopajp]j`kh]_]he`]``a
u_kjpnkh)lnkle]o`ah]ok^hec]_ekjao]__aokne]o) _kjpne^quajpa)lankahpne^qpkcn]r]aba_per]iaj*
fqopebe_]j oq eilkoe_eÅjaj_]okoaj hkomqajk pa]kpn]olanokj]o)k^hec]j`k]h_kjpne^quajpa]
ateopaqj]_kj_nap]k^hec]_eÅjlnej_el]h+/0 nalan_qpenaheilqaopkok^naoqo_heajpao+>mq~)]h
=@RK?=PQO ./3

//+ CBOOBFOLI>M>QW>)?pmnj _` @`m`^cj adi\i^d`mj `nk\~jg)rkh+F)/-]a`îJ]n_e]hMkjo)J]`ne`,?]n_ahkj]) .665)l|c+


023+

/0+ E]}_+)ll+016ê 02.+

/1+ >np~_qhk+ k`ah_Å`eckpne^qp]nek)patpkajpna_kn_dapaobqan]`ahknecej]h+

/2+ M]n]qj]atlhe_]_eÅj`ap]hh]`])re`+CBOOBFOLI>M>QW>)jk+ ^do+)ll+050uoo+

5- Gko} Ia]j`nk Oa]Äk Mao_dean]


ecq]hmqaajah_]ok]jpanekn)ah_heajpanalan_qpe* ]po\mdjn %]np~_qhk 4k `ah @Å`eckQne^qp]nek&) u
\I\ñ
`k_kjahpne^qpkjkl]o]]k_ql]nh]lkoe_eÅj`a `ajpnk`ah]_q]h`a^a_kilnaj`anoap]i^e}j] é
oqfapk l]oerk `a h] k^hec]_eÅjpne^qp]ne]8u) eee&> hko]cajpao`a napaj_eÅj k lan_al_eÅj %]np~_qhk S>G
pn]r}o`ah]p}_je_]`ah] npnodop^dÄi )oaeilkja .-k`ah@Å`eckQne^qp]nek&+ j é..
G&9B
] qjpan_ankê aj lnej_elek jk_kjpne^quajpaê  ei i
ĄÇĀ
h] k^hec]_eÅj `a _qi lhen _kj h]o lnaop]_ekjao Pecqeaj`k aopa ]j|heoeo) `a^a ajpaj`anoa mqa ABOB@EL
bkni]haoui]pane]hao`ah]k^hec]_eÅjpne^qp]ne]+ h]o ik`]he`]`ao `abn]q`]pkne]o lnareop]o aj MBK>I

yopaaoah_]ok`ahkooqfapkomqa`a^aj`apn]an) h] Iau laj]h pne^ q p] ne]  %]np~_qhko F k ]h 1k `ah
_kj k_]oeÅj `a hko l]cko mqa na]he_aj ] kpn]o Aa_napkIaceoh]perkKk+5.0&*_qukjÇ_hakreaja
lanokj]o) ah pne^ q pk  _knnaolkj`eajpa ] bej `a _kjbecqn]`klknahej_qi lhei eajpkbn]q`qhajpk
ejcnao]nhk]h]ónc]jk>`iejeopn]`kn`ahQne^qpk) `ah l]ck `a pne^qpko) oa] aj lnkra_dk lnklek
p]h_kikoq_a`aaj ah _]ok`a hkoailha]`knao k ]fajk) q k^paj_eÅj ej`a^e`] `a ^ajabe_eko
naola_pk]hkopne^qpko`ah]oacqne`]`ok_e]h+ Bj beo_]hao* Çje_]iajpa lqa`aj oan eilqp]`]o ]
aopkooqlqaopkooalnk`q_aqj]oq^nkc]_eÅjaj p~pqhk`a]qpkn~] ] mqeajao lkoa]j h]_]packn~]
h]nah]_eÅjk^hec]_ekj]h)`aoqanpamqaahoqopepqpk `a`aq`knaopne^qp]neko+Mknoql]npa)h]]qpkn~] nk
k_ql]h]_]he`]``aoqfapkl]oerk`ah]k^hec]_eÅj B
`ah`ahepk_kjp]^haê pne^qp]nek%]np~_qhk2k&oÅhk
pne^qp]ne])naailh]v]j`k]h^jiomd]pt`io`]pk`ko lk`n|oaneilqp]`] naola_pk`amqeajoklknp] ĤÆ
áL
hkoaba_pko]jpah]>`iejeopn]_eÅj Cej]j_ean]+ qj] aola_~be_] k^hec]_eÅj pne^qp]ne] ]__aokne]) L
nk
]o]^an)h]`ahhar]nhe^nkounaceopnko_kjp]^hao+ Q0
@kjbknia]aopaaomqai]`ar~j_qhkounah]_ekjao pR
;
fqn~`e_]o ajpna hko`eopejpko ejpanrejeajpao aj h] I] ejpanlnap]_eÅj mqa ajpkj_ao oa eilkja ao R
caopeÅj u ]lhe_]_eÅj `a qj pne^qpk) ah op]pqo `a h]`a_kjoe`an]n]hkoçh~_epkolaj]haopne^qp]neko
oqfapkl]oerk`ah]k^hec]_eÅjpne^qp]ne]lnej_el]h _kik _`gdojn aola_e]hao) lqao h] _]packn~] `a 9q
Q0
ao k_ql]`k lnej_el]hiajpa lkn _kjpne^quajpao `aq`kn pne^ q p] nek  ao _kj`e_eÅj l]n] h] pele_e* L
&9
u oqopepqpko) lqao ] ahhko oa hao ] pne^ qua  ah `]` `a h]o ik`]he`]`ao `abn]q`]pkne]o) u h] q
pR
_qilheieajpk `a h] lnaop]_eÅj pne^qp]ne] _kik `a j]gdb\_j! `nk`^d\g!\^^`njmdj ao lnaoqlqaopk `a
N
lnkle]+ Bilank) _kj h] bej]he`]` `a ]oacqn]n ah l]n] h] pele_e`]` `ah `ahepk _kjp]^ha+ Pe ^eaj ah pq
L
aba_perkl]ck`ahpne^qpk)ahkn`aj]ieajpkfqn~`e_k ]__aok]hno\opnaola_e]h`a_`p_jm!omd]po\mdjjk Lnk
p]i^e}j eilkja]kpnkooqfapkoh]k^hec]_eÅj`a kbna_a cn]j`ao `ebe_qhp]`ao) oejk mqa aj lnej* 0
_qilhen h] lnaop]_eÅj ] _]nck `ah _kjpne^quajpa) _elek lqa`a na_]an ok^na lanokj]o j]pqn]hao) R
nk
aP
]mqeajaojqaopnk`ana_dklkoeperk`ajkiej]`] fqn~`e_]o) ok_ea`]`ao _kjuqc]hao) oq_aoekjao
m`nkjin\]g`n v\np~_qhk5Ñ`ah_Å`eckpne^qp]nek&)u ej`ereo]o q kpnkoajpao_kha_perko) j]_ekj]haok `a
QG
lna_eo]iajpaokj`abeje`ko _kik]mqahhkomqa) atpn]jfanko)`kie_ehe]`koajahManÇ)kej_hqoera /
L
@
oej pajan h] _kj`e_eÅj `a_kjpne^quajpao) `a^aj jk`kie_ehe]`koaj ah l]~o %jkni] UF `ahQ~pqhk B
\0
_qilhenh]ok^hec]_ekjao`a}opko+ Mnaheiej]n`ah @Å`eckQne^qp]nek&)ahhk jk `a^a nk
oan`apaniej]jpa l]n] ejpanlnap]n}opko eh~_epko L
N+
Qajeaj`kaj _qajp] mqa jqaopn] haceoh]_eÅj jk aj_h]ra`a_`gdojn!^jhpi`n+ nk
qpehev]h]atlnaoeÅjnpnodopoj)umqa}opar~]oq^nk* L
nk
c]_eÅj aop| k^hec]`k ] _qilhen qj] lnaop]_eÅj @kik Çhpei] o]hra`]` `a aopa al~cn]ba) `a^a Q0
`a
lnkle]) _kjoe`ankmqa ] aba_pko laj]hao lqa`a ]_h]n]noamqah]ian]_kj`e_eÅj`anaolkjo]^ha nk
_kilnaj`}noahaajh]_]packn~]`a_kjpne^quaj* o k he` ] nek  %] np~_ q hk o  .3Ñ ] .6Ñ `ah @ Å`eck
`a
pa+Aaaopaik`k)_kjpne^quajpaounaolkjo]^hao Q ne^ q p] nek & jk bq j ` ] i a j p]  h] ei l q p] _ eÅ j  __
okj h]o `ko _]packn~]o `a oqfapko l]oerko `a h] lkn ]qpkn~] `a `ahepko pne^qp]neko) lqao `e_d]
nah]_eÅjfqn~`e_kê pne^qp]ne] lnej_el]h+ > oq rav) _]packn~]`ah`ana_dk]`iejeopn]perknaolkj`a]
9Ñ;
]i^]o _]packn~]o okj `aoecj]`]o aj jqaopnk _nepaneko_qiqh]perko)mqajklqa`ajpn]oh]`]noa @K
kn`aj]i eajpk _kj h] atlnaoeÅj _`p_jm`n! omd* ]qpki|pe_]iajpa]h`ana_dklaj]h+/3
Ø
!
Ü
?
/3+ Bhhkao`aop]_]`klknD>O@ñ>@>SBOL)H\!m`nkjin\]dgd_\_!k`i\g+++)_ep+)l|c+.61%jkp] .1/&+

I]! ] q p k n ~ ] ! u! l ] n p e _ e l ] _ e Å j ! aj! ah ! ` a h e p k ! `a ! ` a b n ] q ` ] _ e Å j ! p n e ^ q p ] n e ]
-) ;\mnZk^g en`Zk]^hmkh r m`km`n`io\^dÄi!\pojmdu\_j _`  h]lanokj]fqn~`e_]
e^oZgmZfb^gmh]^eo^eh ) k ^jhj!nj^dj!m`km`n`io\io`!\pojmdu\_j _`  qj]
ok_ea`]`) oeailna mqa `e_dk oqfapk na]he_a ah
.+ Iko `ahepkopne^qp]neko) bkni]hiajpa aopnq_pq* pelklaj]h_knnaolkj`eajpa+
n]`ko _kik`ahepko aola_e]hao lnkleko) lnaoajp]j
lnk^hai]o l]n] h] eilqp]_eÅj `a naolkjo]^ehe`]` Bj lnklea`]`)_q]j`k h] _kieoeÅj`ah`ahepkbeo_]h
_ q ] j ` k h]_ k j ` e _ eÅ j ` a _`p_jmomd]po\mdj _ k j _ q n n a aj naolkj`a] qj]_kê knc]jev]_eÅj `aba_pqko] `ah
h]ailnao]ujkajqj]lanokj]b~oe_]`apaniej]`]) ejopepq_ekj]hiajpak^hec]`k%^jiomd]pt`io`&ukpnko
ajp]jpkmqajqaopnk`ana_dklkoeperkjk]`iepah] oqfapko]fajko]`e_dk`a^an)h]]lhe_]_eÅj`ah ]_pq]n
naolkjo]^ehe`]`laj]h`ah]olanokj]ofqn~`e_]o+/4 ajhqc]n`akpnk _kjreanpa]h`som\i`pn %nalnaoajp]j*
Aa_]n]]h]]lhe_]_eÅj`ah]bÅniqh]`ah ]_pq]naj pa]qpknev]`k`ah]ailnao]kok_eknalnaoajp]jpa
hqc]n`akpnk u`ah]`k_pnej]`ah har]jp]ieajpk ]qpknev]`k&ajdiom\i`pn_`X pelklaj]h)ajp]jpkmqa
`ahrahk `ah]lanokj]he`]`fqn~`e_])`a^aj`eopej* h]`aoecj]_eÅjkjki^n]ieajpk`aqjoqfapk_kik
cqenoahkooqlqaopkoajhkomqaahda_dkeilkje^ha m`km`n`i!o\i!o`!\!p!ojmdu\_j k nj^dj!\pojmdu\_j eilhe*
d] oe`k aba_per]iajpa na]hev]`k lkn h] ailnao]) _]h]]oqj_eÅj`ah]lkoe_eÅjaola_e]h`ah`aopej]p]nek
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na_dk `a h] R j er a no e` ] `  `a Iei]

`aik`kmqaajahh]na_]ai]pane]hiajpah]_kj* bkni]h%]qpknlkpaj_e]h&`ah]jkni]+/6
`e_eÅj `a `aq`knpne^qp]nek uaj _quk _]ok oan|
`a ]lhe_]_eÅj ah ]np~_qhk /4Ñ `ah @Å`eck Maj]h) .) I] nece`av`a h] bÅniqh] lanq]j] `ah ]_pq]n
`a]mqahhkooqlqaopkoajhkomqa`e_dkop]pqoao aj hqc]n `a kpnk `af] `a h]`k ] h]o lanokj]o
i]pane]hiajpa k_ql]`k lkn qj] lanokj] b~oe_] b~oe_]o mqa i ] pane] hi a jpa  d]j na]hev]`k h]
mqa]_pÇ]]pn]r}o`aqj]ailnao]]h]mqaqpehev] ` a bn] q ` ] _ eÅ j ) lank m qa  bk ni ] hi a j pa  oa
_kikb]_d]`])uaj_quk_]okqj]l]npa`ah]`k_* a j _ q a j pn] j  ` eo p] j _ e] ` ] o  `a h] ai lnao])
pnej]ufqneolnq`aj_e]aol]Äkh]klp]lkn]lhe_]nh] oa] lknmqa ]_pÇaj ] pn]r}o `a paop]bannko)
p}_je_]`ah har]jp]ieajpk`ahrahk + `a be` q _ e] nek o  pa j a ` k na o  `a ] __ekjao) k
`a cjg_dibn+  Bj aopa oajpe`k) oq ]lhe_]_eÅj
-) PacÇj oa d] ]`ah]jp]`k) ah _Å`eck laj]h naoqhp] ejklan]jpa bnajpa ] hko ia_]jeoiko
lnar}qj]`eolkoe_eÅjaola_~be_]l]n]okhrajp]n fqn~`e_ko `a `eop]j_e]ieajpk bkni]h ] hko mqa
hko lnk^hai ]o `a ei l q p]_eÅ j  `aner]`ko `a bna_qajpaiajpa na_qnnaj mqeajao kopajp]j h]
h] _nei ej]he`]` ailnao]ne]h+/5 Ja nabeank ] h] `ena__eÅj i]pane]h*na ] h*`aqj]ailnao]+
bÅniqh]`ah ]_pq]najhqc]n`akpnk mqalaniepa
ei lqp]n naolkjo]^ehe`]` laj]h ] h]o lanokj]o Aa_]n] ]oqlan]nh] h]cqj] `alqje^ehe`]` mqa
b~oe_]o lkn hko `ahepko aola_e]hao _kiape`ko aj oa lnaoajp] aj hko _]oko `a `eop]j_e]i eajpk
ah i]n_k`ah]]_pere`]`ailnao]ne]h+>o~)aj hko bkni]h)oan~]`aoa]^haqj]bqpqn]bhate^ehev]_eÅj
_]oko aj mqa h] _kj`e_eÅj aola_e]h `a ]qpkn~] `ah ]np~_qhk /4Ñ `ah @Å`eck Maj]h) mqa ej_hqu]
*oan`aq`knpne^ q p] nek * na_]ec] i]pane]hiajpa _kik `aopej]p]nek `a h] ei lqp]_eÅj aj _]ok
ajqj]ailnao])h]naolkjo]^ehe`]`laj]h`a^a `a _nei ej]he`]` a_kjÅie_] aola_e]h p]i ^e}j
oan ]pne^qe`] \! lpd`i! \^oÅj! ^jhj! Ämb\ij! _` ]h \_hdidnom\_jm!_`! c`^cj  `a h] ailnao]+0-

/4+ Pk^na hko ik`ahko `a ]pne^q_eÅj `a naolkjo]^ehe`]` laj]h ] h]o lanokj]o fqn~`e_]o) re`+ Pehr] P|j_dav) I]
naolkjo]^ehe`]`laj]h`ah]olanokj]ofqn~`e_]ouh]o_kjoa_qaj_e]o]__aokne]o`ah]np~_qhk./6Ñ`ah@Å`ecklaj]h )
aj7T+>>+)Aana_dklaj]ha_kjÅie_k)@kjoafkDajan]h `ah Mk`anGq`e_e]h)J]`ne`)/--.)ll+0/.ê 0/5+Bj ManÇ)
aopapn]^]fkaop|lq^he_]`kaj7D]n_~]@]rank%@kkn`+&)H\!m`nkjin\]dgd_\_!k`i\g!_`!g\n!k`mnji\n!epm}_d^\n)!Ämb\ijn!t
m`km`n`io\io`n)>O>)Iei])/--/)ll+.10ê /./+
 C/3

/5+ Pk^nah]o`ebanaj_e]oajpnahko_kj_alpko`a _neiej]he`]``ao`ah]ailnao] u _neiej]he`]``ajpnk`a h]ailnao] 


re`+D>O@ñ>@>SBOL)H\!m`nkjn\]dgd_\_+++)^do+)ll+3.ê 43+
= @ R K ? = PQ O

/6+ Pk^naahbqj`]iajpk`kci|pe_k`ah]_pq]najhqc]n`akpnk]l]npen`aqj]`eopej_eÅjajpna`ahepko`a`kiejeku
`ahepko`aejbn]__eÅj`a`a^an)re`+D>O@ñ>@>SBOL) I]_dn^pndÄi!_j^omdi\g+++ )!^do+)ll+045ê054+

0-+ Pk^na hko ]h_]j_aou_]l]_e`]` `a naj`eieajpk`a h] _]packn~] `ah ]`iejeopn]`kn`a da_dk `a h] ailnao] aj
Aana_dklaj]h)bqj`]iajp]h7D]n_~]@]rank)H\!m`nkjin\]dgd_\_+++)!^do)ll+46uoo+

5/ Gko} Ia]j`nk Oa]Äk Mao_dean]


Bjah|i ^epk`ahko`ahepkoaola_e]hao) h]becqn] ha _knnaolkj`] ] qj] ailnao] mqa oenra `a
`ah ]`iejeopn]`kn `a da_dk laniepa ei lqp]n _k^anpqn]+ Bilank) h] qpehev]_eÅj `ah]p}_je_] é
na ol kj o] ^ehe` ]`  ] hko ] q p} j pe_ k o  caopknao `ah har]jp]i eajpk`ahrahk aj`ana_dklaj]h S>G
JR e
i ]pane]hao `a h] ailnao]) i eajpn]o mqa h] ]bnkjp] _qaopekj]i eajpko `ao`a h] recaj_e] E&9B
nabanaj_e]]hÄmb\ij_`m`km`n`io\^dÄi\pojmdu\_j `ahlnej_elek`ahac]he`]`+Bola_e]hiajpa)oeoa qtj
õe è..
jnj^djm`km`n`io\io`\pojmdu\_j  ]_kce`] aj ah okopeajaqj]lanola_per]aopne_p]i ajpabkni]h ABOB@EL
lna_alpklanq]jkrecajpaÇje_]iajpalaniepa ajah]j|heoeo`ahko_kj_alpkofqn~`e_ko)lk`n~] MBK>I

hhac]n ] hko ]`i ejeopn]`knao bkni ]hao `a h] _kjoe`an]noa h] ]lhe_]_eÅj fq ` e_ e] h `a `e_d]
lanokj]fqn~`e_]+ bÅni qh] `a ei lqp]_eÅj _kik qj] ]j]hkc~] di
h\g\hk\mo`h 0/+ Bj pk`k _]ok) h] ej_hqoeÅj aj
/) Mkn oq l nklek | i ^ epk  `a klan]pere`]`) h] ah]np~_qhk/4Ñ`ah@Å`eckMaj]h`ah]becqn]`ah
bÅni qh] `ah ]_pq]n aj hqc]n `a k pnk  jk ao ]`iejeopn]`kn`ada_dk )_kj_a^e`]ajp} ni e*
]lhe_]^ha _q]j`k aj h] _ki eoeÅj `ah ` a hepk  jko]ilheko) lani epen~] ei lqp]n`ena_p]i ajpa
`a `abn]q`]_eÅj pne^qp]ne] oa d]u]j qpehev]`k ]mqeaj i ]pane]hi ajpacajanaahda_dkei lk*
bkni]o`a]^qok`ah]lanokj]he`]`fqn~`e_])aopk je^ha) oej ja_aoe`]` `a na_qnnen ]h atla`eajpa nk

ao)ailnao]oa\^c\_\  kk\io\gg\) lqaopkmqaaj `ah har]jp]i eajpk`ah rahk +00 B


aopko oqlqaopko h] lanokj] b~oe_] jk ]_pÇ] `i LG
ák
gpb\m_`g\ `hkm`n\) oejk mqa ao h] ailnao] h] 0)E]op] ]mq~oad]reopkmqa Çje_]iajpa lqa* Q2
9-
mqa\^oÅ\`igpb\m_`g\k`mnji\a}nd^\+ >jpao`a `aj oan\pojm`n `a hko`ahepko `a`abn]q`]_eÅj L
h,h
mqaoaej_hquan]h]_]packn~]`ah ]`iejeopn]`kn beo_]h ]mqahhko oqfapko mqa kopajpaj h] _]he`]` 2
;
`ada_dk ajah_Å`ecklaj]h aol]Äkh`a .662) `a _`p_jm`n omd]po\mdjn) u _q]j`k `e_dkno\opn _
.-
hkoQne^qj]hao]lhe_]nkjajaopko_]okoh]p}_je_] fqn~`e_kna_]ec]i]pane]hiajpaajqj]ailnao] nk

`ah g`q\io\hd`ioj_`gq`gj _`  h] lanokj]he`]` oa eilqp]n| h] ]qpkn~] `ah da_dk ] mqeajao oa 9Ih
Ö\
fqn~`e_]+Bop]p}_je_]peajaknecajajahna_qnok]h `aoailaÄaj _kik Ånc]jk `a nalnaoajp]_eÅj j

_dnm`b\m_jag`b\g`iodot  `ah`ana_dk]jchko]fÅj) ]qpknev]`k`ah] lanokj]fqn~`e_] k_kikok_ek R
E@

`ajkiej]`kp]i^e}j q`dggdaodib  k q`dgkd`m^dib) nalnaoajp]jpa ]qpknev]`k `a h] ok_ea`]`+ Bt* 9R


L
aj_qu]renpq`hkoÅnc]jkofq`e_e]hao`aolna_e]j _al_ekj]hiajpa)aj hkooqlqaopko`a]^qok`a 9K
J?
h]o nah]_ekjaofqn~`e_]o ok_eap]ne]o bkni]hao a lanokj]he`]`fqn~`e_] lk`n~] na_qnnenoa] h]p}_* J?
.
nk 

ej`]c]jh]na]he`]`lanokj]hoq^u]_ajpa]ahh]o) je_] `ah har]jp]ieajpk `ah rahk l]n] ei lqp]n
h] ]qpkn~] ] mqeajao i]pane]hiajpa d]u]j na]* q
aola_e]hi ajpa aj ah _]ilk _ereh) pne^ q p] nek ) nk

ejpanj]_ekj]h)ian_]jpeh)h]^kn]hulaj]h+0. hev]`k ah da_dk ei lkje^ha q k_qlaj h] _]he`]`


`a]cajpa napaja`kn+ LF
J?
e,e
Bj Aana_dk Maj]hQne^qp]nek) h] renpq]he`]` `a L
_
aop] bÅni qh] n]`e_] aj lkoe^ehep]n h] ei lqp]* Sa]iko]dkn]^]fkmqanamqeoepkolqa`aei lq* B
p]noa naolkjo]^ehe`]` laj]h ] ]mqahhko oqfapko
&
_eÅj `a naolkjo]^ehe`]` laj]h ] mqeaj i]* %L
pane]hi ajpa d] na]hev]`k ah da_dk ei lkje^ha mqajk`apajp]jh]_]he`]``a_`p_jm`nomd]po\* k
k+
%_kjpne^quajpa&qkopajp] h]_]he`]``a]cajpa mdjn) lankmqa ejpanreajaj aj`abn]q`]_ekjao] nk
Q2
napaja`kn) ]qjmqa bkni ]hi ajpa `e_dk no\opn h] E]_eaj`] MÇ^he_]+ nL
L
_q
nk

;
0.+ PBOO>KLDLKWïIBWABJROFIIL,JBOFKLG>O>) H`q\io\hd`ioj_`gq`gjt_`gdoj~n^\g%=gcdgj_`g\OPO)O\g\/\)_` 9K
_a
/-_`h\tj_`.663&)aj7>_pq]he`]`Gqn~`e_]>n]jv]`e KÑ/31)l|c+.+

0/+ M]n] qj] atlhe_]_eÅj ok^na hko ]h_]j_aou naj`eieajpk `a h] `k_pnej] `ah har]jp]ieajpk `ah rahk aj Aana_dk
laj]h) re`+ PFIS> PïK@EBW) Eib`id`m}\adi\i^d`m\t@`m`^cjk`i\g )aj7T+>>+) CajÅiajko `ahe_perko _kilhafko) é0
@K
@kjoafkDajan]h`ah Mk`anGq`e_e]h)J]`ne`) .666)ll+ .4-ê .42+Bj`e_dkpn]^]fkoalkja`anahearah]`ebe_qhp]`
`a`apaniej]nqj]oepq]_eÅjh~iepa`a]^okhqp]ejopnqiajp]hev]_eÅj`ah]lanokj]he`]`fqn~`e_])ej`e_]j`kmqaaj
ahAana_dklner]`kaop]p}_je_]oa]lhe_]_kikqjna_qnokatpnaik)re`+l|c+.42%jkp] .-&+ Ø
o
00+ Se`+)]o~)PFIS>PïK@EBW)H\\pojm}\`i`nomp^opm\njmb\idu\_\n%`i`hkm`n\n)kj_`m`nkÅ]gd^jn)jmb\idnhjn&+Oj]m`g\
Ü
]\n`_`^\njn_`epmdnkmp_`i^d\)aj7Pehr]P|j_dav,Pq|navDkjv|hav)I]`kci|pe_]laj]hbnajpa]h]_neiej]he`]`ajh] N
]`iejeopn]_eÅjlÇ^he_])ukpnkolnk^hai]o]_pq]hao`ahAana_dklaj]h)Dnefhau)Iei])/--.)l|c+22+

I] ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  aj ah  ` a h e p k  `a ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]  50


CCC) F;J;LNC=CJ;=CëH ?H ?F>?FCNI >? `ah ej fq o pk  `ah ]qpkn) naoqhp] k ^ r ek  mqa h]
>?@L;O>;=CëHNLC<ON;LC; ]jpefqne_e`]` `ah da_dk `ah ]qpkn p]i ^e}j ao
naoqhp]`k `a h] _kj`q_p] `ah l]np~_ela)mqaaj
.+ I] l ]npe_el ] _eÅ j  l q j e^ ha  `ah `som\i`pn *  bkni] ia`e]p] ]p]_] ]h ieoik ^eajfqn~`e_k+Pe
oqfapk mqa _]na_a `a `apani ej]`] _q]he`]` lknah _kjpn]nek)_kik_nakmqaao_knna_pk) oa
namqane`] l]n] oan ]qpkn`a qj pelk laj]h*aj _kjoe`an]mqaahbqj`]i ajpk`ah] lqje^ehe`]`
` a h e p k o a o l a _ e ] h a o l n k l e k o ao] _ a l p ] ` ]  ` a  i k ` k  `ah l]np~_ela aop| aj h] na]hev]_eÅj `ah da_dk
i]uknep]nek aj h] `k_pnej]+01V ahhk ao lkoe^ha) _kiklnklek03)aoare`ajpamqa_kjoq]lknpaah
lknmqa ah l]np~_ela jk ejbnejca `ena_p]iajpa l]npe_ela_kjpne^qua]h]lnk`q__eÅj`ah da_dk
h] jkni]mqanaol]h`]ahpelklaj]h`ah]l]npa ]jpefqn~`e_k)mqap]i^e}jhalanpaja_aoa]_kik
aola_e]h) oejk h] lnkde^e_eÅj _kjpaje`] aj h]o ejopec]`knk_kik_Åilhe_a+
nach]o `a h] l]npe_el]_eÅj mqa ]ilh~]j ah pelk
aola_e]h+ Bj ah kn`aj]ieajpk lanq]jk) `e_d]o Mkn hk `ai |o) ah ] np~_ q hk  /3Ñ `ah @ Å ` eck 
nach]o oa aj_qajpn]j lnareop]o aj hko ]np~_qhko Maj]h jk naoqhp] ]lhe_]^ha l]n] hko _]oko `a
/1Ñ%ejopec]_eÅj&u/2Ñ%_kilhe_e`]`&`ah@Å`eck l ]npe_el]_eÅj `a oqfapko `som\i`daj `ahepko
O areop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A a na _d k  `a h] R j er a no e` ] `  `a Iei]

Maj]h+ aola_e]hao) lqao `e_dk lna_alpk Çje_]iajpa


lnar}h]ej_kiqje_]^ehe`]``ah]o_en_qjop]j_e]o
Bj aop] h~ja]) ahQne^qj]h Pqlnaik aol]Äkh d] mqa \a`^o\i) aopk ao) \bm\q\i k \o`iÅ\i) h]
`aop]_]`k mqa _q]hmqean] oa] ah bqj`]i ajpk naolkjo]^ehe`]` laj]h) i]o jk `a ]mqahhko
`ah] lqje^ehe`]``ah l]np~_ela) h] l]npe_el]_eÅj ahai ajpko mqa api_\h `io\i h] lqje^ehe`]`+
ajhko`ahepkoaola_e]haolnklekojkaoeilqja +02 Bj ` a bej eper] ) lqao) `a^a _kj_hqenoa mqa ah
>o~) oe oa _kjoe`an] mqa ah bq j ` ] i a j pk  `a kn`aj]ieajpklanq]jk]`iepah]l]npe_el]_eÅj
h] na ol kj o] ^ehe` ]`  `ah l ] np~_ el a  oa `aner] `aoqfapko`som\i`d`i`ahepkopne^qp]neko+04

01+ Se`+Mknpk`ko)GBP@EB@H,TBFDBKA) Pm\o\_j_`@`m`^cjk`i\g+M]npacajan]h)2]a`+)pn]`+ J+Lhia`k@]n`ajapa)


@ki]nao)Dn]j]`])/--/)ll+4-2ê 4..+

02+ I] ]__aoknea`]` `a h] l]npe_el]_eÅj jk `a^aajpaj`anoa aj _h]ra`a`alaj`aj_e] ]^okhqp] ]h `ahepk`ah ]qpkn)
lqaopk mqa ah ejfqopk `ah l]np~_ela jk peaja qj bqj`]iajpk `aner]`k `ah ejfqopk `ah ]qpkn) aj ah oajpe`k `a
mqa h] l]npe_el]_eÅj pki] lnaop]`] oq lqje^ehe`]` `ah da_dk lnej_el]h k mqa oa d]_a naolkjo]^ha ]h l]np~_ela
pn]jobene}j`khah]naolkjo]^ehe`]``ah]qpkn+Aabejeper]iajpa) j]`ealqa`aoanda_dknaolkjo]^ha`ah ejfqopk`a
kpnk ) re`+ MaÄ]n]j`] O]iko) I] l]npe_el]_eÅj aj ah `ahepku ah lnej_elek `a ]__aoknea`]`)Qa_jko) J]`ne`) .66-)
l|c+003+Nqaah`aor]hkn`ahda_dk`ahl]np~_elaoÅhklqa`]oanatlhe_]`kajnah]_eÅj_kjah_kilknp]ieajpk`ah
naopk`açjpanrejeajpao)jk`a^ahhar]n]_kj_hqenmqaoqnaolkjo]^ehe`]`laj]hoabqj`]iajp]ajqjda_dk]fajk+
Rj]reoeÅjchk^]h`ahoq_aok)_kj_a^e`k_kikda_dkÇje_k)laniepa]`ranpenmqaahda_dkp]i^e}jhalanpaja_a
]hl]np~_ela)]qjmqaajqj]ia`e`]_q]jpep]per]ejbaneknmqa]h]qpkn+

03+ >`iepeaj`kh]l]npe_el]_eÅjlqje^ha`aoqfapkoatpn]jaeaj`ahepkopne^qp]neko)re`+h]oejpanao]jpaonabhatekjao`a
PFIS>PïK@EBW)Agip`qj`n^`i\mdj_`g_`gdojadn^\g`iAnk\~\)>pahean) ?]n_ahkj])/--2) ll+20ê 45)mqeaj]nne^]]
h] iaj_ekj]`] _kj_hqoeÅj ] l]npen`a h] _kjoe`an]_eÅj `ah `ahepkbeo_]h aj _]hra`a`ahepk aola_e]h `a ejbn]__eÅj
`a`a^an_kjahaiajpko`a`kiejek)oaÄ]h]j`kmqa7 Mqao^eaj)]iefqe_ekao_eanpkmqah]ejbn]__eÅj`a`a^anao
pne^qp]nekolknl]npa`a]mqahhkook^namqeajao}opkona_]aj_kjopepqua_kj`e_eÅj ja_ao]ne]`a h]_kjbkni]_eÅj
p~le_]`ah`ahepk`a`abn]q`]_eÅjpne^qp]ne])lank)oejai^]nck)jk_kjopepqua_kj`e_eÅjoqbe_eajpa`ah]ateopaj_e]
`ah nabane`k `ahepk+ Bj aba_pk) ajpeaj`k mqa ah `ahepk`a`abn]q`]_eÅj pne^qp]ne] ao qj `ahpek aola_e]h aj ah mqa
_kj_qnnajp]jpkh]`eiajoeÅj`alkoe_eÅj_kikh]`eiajoeÅj`aejbn]__eÅj`a`a^an+Bh`ahepkbeo_]hjkao)oacÇj
_nak) qj `ahepk mqa oa _kjbecqna oÅhk lkn h] _kjfqj_eÅj `a h] ejbn]__eÅj `a `a^anao pne^qp]neko bkni]hao u h]
lnk`q__eÅj`aqjlanfqe_ekl]n]h] E]_eaj`]lÇ^he_]%aokjklaniepen~]`eopejcqenah`aor]hkn`a]__eÅj`ah`ahepk
=@RK ? =PQ O ,-1

u`a h] ejbn]__eÅj ]`iejeopn]per] pne^qp]ne]&+ Mankah `ahepkbeo_]hp]ilk_k ao qj `ahepk`a ian] knc]jev]_eÅj) aj
ah mqah] lnkrk_]_eÅj `a h] lnk`q__eÅj `aqj naoqhp]`k`a lanfqe_ek l]n] h] E]_eaj`] lÇ^he_] _kjopepqu] lkno~
ieoi]ahpelk+Bhpelk`ahe_perkoa_kjopepqua)lknp]jpk)lknh]_kjfqj_eÅj`a]_pko_kj_napko`aknc]jev]_eÅj)h]
ejbn]__eÅj`a`a^anaopne^qp]nekouh]lnk`q__eÅj`alanfqe_ek+Bjaoaoajpe`koan~]qjk`ahko`ahepkoaola_e]haoaj
hkomqa)]h]knc]jev]_eÅj)oahaoqi]aba_per]iajpah]ejbn]__eÅj`aqj`a^anejopepq_ekj]h)_kilnaj`eaj`k)lkn
p]jpk)]i^]o`eiajoekjao %l+4.&+

04+ >`iepeaj`kh]l]npe_el]_eÅjlqje^ha`aoqfapkoatpn]jaeaj`ahepkopne^qp]neko)re`+h]oejpanao]jpaonabhatekjao`a

51 Gko} Ia]j`nk Oa]Äk Mao_dean]


Bjaopaoajpe`koalnkjqj_e]ah>_qan`kMhaj]nek m`bpg\g\nm`bg\n_`g\di^jhpid^\]dgd_\__`
Kk+/ê /-..,@Gê ..3)]h oaÄ]h]nmqa7 g\n ^dm^pino\i^d\n _`k\mod^dk\^dÄitn`~\g\ # !
gjndbpd`io`7 H\n^dm^pino\i^d\nt^p\gd_\_`n
 . . É +A n o`  o d k j  _ `  _ ` g d o j n  % n ^ dg+ @ ` g d o j n  lp` \a`^o\i g\ m`nkjin\]dgd_\__` \gbpijn õeõ..
-*-+
`nk`^d\g`n_`diam\^^dÄi _`_`]`m& m`nomdib` _`gjn\pojm`nt k\mo}^dk`nijhj_dad^\i g\n qtj
jèee
`g^}m^pgj_`\pojm`n*^jh jn`\ijoÄ*)k`mj _`gjn jomjn\pojm`n jk\mo}^dk`n _`ghdnhj ABOB@EL
n` \_hdo` g\ k\mod^dk\^dÄi _`g `som\i`pn  c`^cjkpid]g` +Ano\aÄmhpg\m\odad^\g\jk^dÄi MBK>I

lp` ij jno`io\ `n\ j]gdb\^dÄi `nk`^d\g) _jbh{od^\tepmdnkmp_`i^d\glp`njnod`i`g\


^jhj k\mo}^dk`7 di_p^ojmj ^Ähkgd^`+ L\m\ dhkjnd]dgd_\__`g\kpjd]dgd_\__`g`som\i`pn
api_\h`io\m`no\k`mnk`^odq\ *` i  ojmij \ ^jhj \pojm_` pi _`gdoj _` diam\^^dÄi _`
g\ \^^`njmd`_\__` g\k \mod^dk\^dÄi* `i g\ _`]`m+Hj`skp`nojndbidad^\)\_`h{n)lp``g
epmdnkmp_`i^d\i\^dji\g\^op\gn`^jind_`m\ k\mo}^dk`nÄgjh`m`^`n`mn\i^dji\_jnd`sdno`
_ j h di \ i o`  t  cjh jb|i`\ g\ o`ndn _` g\ pic`^cj\iodepm}_d^jkjmk\mo`_`g\pojm +
pid_\__`o}opgj_`dhkpo\^dÄik\m\m`njgq`m
g\ ndop\^dÄi _`g `som\i`pn + Ano\ kjnd^dÄi) -) PacÇj hk u] `e_dk aj pknjk ]h ]np~_qhk /4Ñ ON
Ö
njnod`i`gjndbpd`io`7=+ Qihdnhjc`^cjij `ah @Å`eck Maj]h)aj hko_]oko aj mqaah no\opn
kp`_`n`mm`kpo\_j ]\ej _jn odkjnk`i\g`n `a`aq`knpne^qp]nek hkkopajpai]pane]hiajpa Ra
õL
_da`m`io`n+ >+ Ag`som\i`pnkp`_`k\mod^dk\m qj] ailnao]) oq nalnaoajp]jpa ]qpknev]`k c6
ON
J-
`i_`gdojnapi^dji\md\g`ntm`nkji_`m{kjm`g ]`mqenen|h]_kj`e_eÅj`adiom\i`pn `ahpelklaj]h
diepnoj m`\gdu\_jkjmpi \pojmlp` diamdib` pne^qp]nek)`aik`kmqaÇje_]iajpa]}h lk`n| Ra
`g_`]`m`nk`^d\g+ Ljmo\ioj)g\k\mod^dk\^dÄi ]pne^q~noaha naolkjo]^ehe`]` laj]h ] p~pq hk  `a R
0
_`g `som\i`pn ij ^jinodopt` pi\ ^\o`bjm}\ \pojm+ Bj`abejeper])]pn]r}o`aoqjki^n]ieajpk
\ p oÄ i j h \  _` ^jç `e`^p^dÄi _`g c`^cj k`aoecj]_eÅjbkni]hklan]h]pn]jobanaj_e]`ah _q
QG
kpid]g`) ndij lp``n_`k`i_d`io`_`gc`^cj `a^an`aknc]jev]nh]]_pere`]`ailnao]ne]h `a L
#0
kmdi^dk\g+ Anoj `n) ij kjn`` \pojijh }\ t bkni ] mqa jk oa lnk`qv_]j `abn]q`]_ekjao R
9K

^jiadbpm\^dÄi _`gd^odq\kmjkd\ \ k`n\m_` pne^qp]ne]o)`a^anmqaknecej]ne]iajpaejpacn]^] Ra


N
lp`\lp|gojh\k\mo``ig\m`\gdu\^dÄi_`g\ ahd]v`a`a^anaoejopepq_ekj]hao`ah]ailnao] Ra
õL
^ji_p^o\kpid]g`+ ./É+ @`n_``no\kjnd^dÄi _kjpne^quajpa+ Ae_dk _kj kpn]o l]h]^n]o) ah J+
nk
np]nd_d\md\) n`m{i k\mo}^dk`n gjn lp` ndi Å nc ] j k  ] ` i ej eo pn] ` k n ] q pk nev ] ` k  `a qj]
q
di amdi b dm`g_`]`m) ajmh`i k\mo` _`g c`^cj ailnao] ao b\m\io`  `ah _qi lhei eajpk `a h]o nk
m`a`md_j\g\\^^dÄi_`gdiam\^ojm_`g_`]`m*`g k^hec]_ekjaopne^qp]ne]o`ah]lanokj]fqn~`e_]+
c`^cjkpid]g` `no{ pid_j `n`i^d\gh`io` \g Pej ai^]nck) aj h] ]_pere`]` ailnao]ne]h hko Ra
õL
\pojmt^jinodopt` pi\ dhkpo\^dÄi Åid^\*+ ]`i ejeopn]`knao jk ]_pÇ]j okhko) oejk mqa e,e
L
R
Ano\kjnd^dÄibp\m_\\]njgpo\^ji^jm_\i^d\ bna _q a j pa i a j pa  `ahac]j _ki lapaj_e]o aj Ö
kpnko Ånc]jko k i eai ^nko `a h] ailnao]) a G0
^ji `g \mo}^pgj /3É _`g ?Ä_dbj L`i\g lp` nk
L
N+
nk
xj
nk
PFIS>PïK@EBW)Agip`qj`n^`i\mdj_`g_`gdojadn^\g`iAnk\~\)>pahean) ?]n_ahkj])/--2)ll+20ê 45)mqeaj]nne^]]
ëL
h] iaj_ekj]`] _kj_hqoeÅj ] l]npen`a h] _kjoe`an]_eÅj`ah`ahepkbeo_]haj_]hra`a`ahepkaola_e]h `a ejbn]__eÅj 9K

`a`a^an_kjahaiajpko`a`kiejek)oaÄ]h]j`kmqa7 Mqao^eaj)]iefqe_ekao_eanpkmqah]ejbn]__eÅj`a`a^anao nk
e,e
pne^qp]nekolknl]npa`a]mqahhkook^namqeajao}opkona_]aj_kjopepqua_kj`e_eÅj ja_ao]ne]`ah]_kjbkni]_eÅj
p~le_]`ah`ahepk`a`abn]q`]_eÅjpne^qp]ne])lank)oejai^]nck)jk_kjopepqua_kj`e_eÅjoqbe_eajpa`ah]ateopaj_e]
%R
^^
`ah nabane`k `ahepk+ Bj aba_pk)ajpeaj`k mqa ah `ahepk `a `abn]q`]_eÅj pne^qp]ne] ao qj `ahpekaola_e]h aj ah mqa
_kj_qnnajp]jpkh]`eiajoeÅj`alkoe_eÅj_kikh]`eiajoeÅj`aejbn]__eÅj`a`a^an+Bh`ahepkbeo_]hjkao)oacÇj
_nak) qj `ahepk mqa oa _kjbecqna oÅhk lkn h] _kjfqj_eÅj `a h] ejbn]__eÅj `a `a^anao pne^qp]neko bkni]hao u h] _k
9D
lnk`q__eÅj`aqjlanfqe_ekl]n]h]E]_eaj`]lÇ^he_]%aokjklaniepen~]`eopejcqenah`aor]hkn`a]__eÅj`ah`ahepk
u`a h] ejbn]__eÅj]`iejeopn]per] pne^qp]ne]&+ Mank ah `ahepkbeo_]hp]ilk_kaoqj `ahepk`aian] knc]jev]_eÅj)aj
ahmqa h] lnkrk_]_eÅj `a h] lnk`q__eÅj `a qj naoqhp]`k`alanfqe_ekl]n] h] E]_eaj`] lÇ^he_] _kjopepqu] lkno~ Ø
ieoi]ahpelk+Bhpelk`ahe_perkoa_kjopepqua)lknp]jpk)lknh]_kjfqj_eÅj`a]_pko_kj_napko`aknc]jev]_eÅj)h] !
ejbn]__eÅj`a`a^anaopne^qp]nekouh] lnk`q__eÅj`alanfqe_ek+Bjaoaoajpe`koan~] qjk`ahko`ahepkoaola_e]hao Ü
aj hkomqa)] h]knc]jev]_eÅj)oahaoqi]aba_per]iajpah] ejbn]__eÅj`aqj `a^anejopepq_ekj]h)_kilnaj`eaj`k) N
lknp]jpk)]i^]o`eiajoekjao %l+4.&+

I ]  ] q p k n ~ ]  u l ] n p e _ e l ] _ e Å j  a j  a h  ` a h e p k  ` a  ` a b n ] q ` ] _ e Å j  p n e ^ q p ] n e ]  52
ej_hqok aj kpn]o ailnao]o r~] h]o `eopejp]o h]o i ] j ek^ n] o bn] q ` q ha j p] o  mqa a teca h]
bkni]o`a_kjpn]p]_eÅjateopajpao+05Iko]_pko`a `abn]q`]_eÅjpne^qp]ne]) hk_q]hbna_qajpaiajpa
`ahac]_eÅj`a_kilapaj_e]okbqj_ekjaoaj ah lk`n|ranebe_]noapajeaj`kaj_qajp] oq_]he`]`
|i^epkailnao]ne]h_kjhhar]jqj]pn]jobanaj_e] `ac]n]jpa+ Bba_per]iajpa) h] ]qpkn~] `ah da_dk
`a naolkjo]^ehe`]`) aj p]jpk mqa ah `ahac]`k ]jpefqn~`e_k p]i ^e}j lqa`a oanha eilqp]`] ]h
]oqia qj] jqar] lkoe_eÅj `a c]n]jp~]+ Mkn ]`i ejeopn]`kn hac]h ] p~pq hk  `a _kieoeÅj lkn
oq l]npa) ah `ahac]jpa i]jpeaja qj] lkoe_eÅj kieoeÅj)ajp]jpkjkeile`]mqa]hcÇj`somji`pn
`a naolkjo]^ehe`]` naoe`q]h) mqa ej_hqua h] na]he_ahko]_pkoi]pane]hao`ah]`abn]q`]_eÅj+Bo
_ki lapaj_e] `a oaha__eÅj `ah `ahac]`k) h] `a_en)mqa h] ]pne^q_eÅj `a h] ]qpkn~] `ah ejfqopk
`a receh]j_e] u oqlanreoeÅj `a oq ]_pq]_eÅj) jkatecaqj]_kieoeÅj`alnkle] i]jk+
h] `a ejbkni]_eÅj ubkni]_eÅj) h] `a `kp]_eÅj
`a i a`eko a_kjÅi e_ko u i ]pane]hao) h] `a /) Mkn k pnk  h]`k) h] ] pne^q_eÅj `ah ejfqopk ]h
knc]jev]_eÅj u _kkn`ej]_eÅj `a h] ]_pq]_eÅj `som\i`pn`a^an|]_alp]noaat_al_ekj]hiajpa)
]niÅje_]`ahko`ahac]`ko)ajpnakpn]o+06 aj ]mqahhko _]oko aj mqa d]u] naknc]jev]`k
k ]`]lp]`k oq _ki lknp]i eajpk aj bqj_eÅj ]h
Oareop] a ` ep] ` ]  l k n ] hq i j k o  `a h] C ]_qhp]` `a A ana_dk `a h] R j er a no e` ] `  `a Iei]

.) >o~) h]o_kilapaj_e]okbqj_ekjaomqaoa`aha* da_dk `ahe_perk) i]o jk _q]j`k oq _ki lknp]*
c]j aj renpq` `ah Bop]pqpk`a h] ailnao] k`a h] ieajpk oa aj_q]`na aj hko h~iepao `ah mjgmqa
oqo_nel_eÅj `a qj _kjpn]pk h]^kn]h k `a hk_]_eÅj `aoailaÄ])]qjmqapajc]_kjk_eieajpkmqaoq
`a oanre_eko) lqa`aj _kjranpen ] hko `ahac]`ko ]lknpaoan|aoaj_e]hl]n]h]_kieoeÅj`ah`ahepk+
%lanokj]h`a hko `al]np]iajpko `a_kjp]^ehe`]`) >o~)ah]oeopajpa`ah`al]np]i ajpk`a_kjp]^ehe*
bej]jv]o) hac]h)k ]q`epknao) oa]j ejpanjko k at* `]`jknaolkj`alaj]hiajpaoeê lknej`e_]_ek*
panjko)ap_+& aj c]n]jpao`ah_qilheieajpk`a h]o jao`ah_kjp]`knê na]hev]]jkp]_ekjaob]ho]oaj
k^hec]_ekjaopne^qp]ne]o) `ajpnk hkop}niejkomqa h]o_qajp]o`ah]ailnao])lqaoh]ranebe_]_eÅj`a
oa_kjbecqnaoq_kilapaj_e]+Kkk^op]jpa)aj_]ok h]ran]_e`]``a`e_d]ejbkni]_eÅjaop|bqan]`a
`a`abn]q`]_ekjaopne^qp]ne]o)h]ejbn]__eÅj`aaop]o oq^jhk`o`i^d\+Vlani]ja_an|eilqja]qjmqa
_kilapaj_e]o `ahac]`]o oÅhk lqa`a `]n hqc]n] h]o ]jkp]_ekjao h]o d]u] na]hev]`k _kj _]^]h
qj]]pne^q_eÅj]p~pqhk`al]np~_elao)oa]_kikejope* _kjk_eieajpk `a oq b]hoa`]` u`a oq lkopanekn
c]`knaok_Åilhe_ao)lqaoê ]hpn]p]noa`aqj`ahepk qpehev]_eÅjajqj]`abn]q`]_eÅjpne^qp]ne]+@kj*
aola_e]hêh]_kilapaj_e]lnej_el]h`aarep]_eÅj`a reaja]_h]n]n)mqaaop]b]hp] `a]pne^q_eÅj `ah]
ej_qilheieajpk`ak^hec]_ekjaobeo_]haoh]napeaja naolkjo]^ehe`]`laj]hjkoabqj`]iajp]ajqj]
ahnalnaoajp]jpa]qpknev]`k`ah]lanokj]fqn~`e_]+ _]qo] `a at_qhl]_eÅj vqbm+ k^a`eaj_e] `a^e`])
]np~_qhk/-Ñ+5`ah_Å`ecklaj]h&)oejkmqaoapn]p]
@kjreaja lna_eo]n) mqa ah nalnaoajp]jpa jk `aqjda_dk]p~le_klkn]qoaj_e]`aeilqp]_eÅj
naolkj`a lkn ah iank da_dk `a oanhk) oejk k^faper]`a`e_d]_kj`q_p])aola_~be_]iajpa]h
aj p] j pk  lqa`] ei l q p| no a ha  h] ]qpkn~] `a klan]nh]kmjcd]d^dÄi _` m`bm`nj+
=@RK ? =PQ O ./3

05+ PFIS> PïK@EBW)=pojm}\ _`gd^odq\+++) ^do+) ll+ .2ê .3) `aop]_] mqa ah bajÅiajk `a `ahac]_eÅj `a_kilapaj_e]o
_kjopepquaqjk`ahkooecjkoi|o`eopejperko`ah]oknc]jev]_ekjaoailnao]ne]haoik`anj]o+

06+ E]}_+)ll+.3ê .6+

Gko} Ia]j`nk Oa]Äk Mao_dean]

You might also like