r OdYW]Z]WUh]cbg r OYhh]b[

AFDFP>H LNBOOQNB OBJOKN Jh[iikh[ jof[

H[]Wj_l[ fh[iikh[ jof[
BWk][ fh[iikh[
LjWdZWhZ fh[iikh[ jof[ >ecfekdZ fh[iikh[ jof[
Jh[ii 1i[Y, JWhWc[j[h
i[jj_d]
Jh[iikh[
kd_j
i[jj_d]
+
Ikjfkj
ef[hWj_ed
ceZ[ i[jj_d]
+
Ikjfkj
jof[ +
i[jj_d]
K[ifedi[
j_c[
i[jj_d]
<dWbe] ekjfkj iYWb[ E[o
+ WdZ CebZ-<kje L^_\j + beYa
_dfkj i[jj_d] i[jj_d]

<>8; >9=:9> <dWbe] lebjW][ ekjfkj LO>J0R34@,L-R LO>J034@,L-R LO>J04@,L-R LO>J0@34@,L-R Jh[i[j lWbk[

KNH ceZ[
GeZ[b Jh[ii i[jj_d] ?[j[Yj_ed b[l[b / i[jj_d] |ekj/} + ?[j[Yj_ed b[l[b 0 i[jj_d] |ekj0}
<dWbe] Ykhh[dj ekjfkj LO>J0R34@,L-> LO>J034@,L-> LO>J04@,L-> LO>J0@34@,L-> M^[ \ehY[Z ekjfkj Yedjheb ceZ[ _i Wffb_[Z m_j^ fh[ii_d] G a[o W\j[h i[b[Yj_d] \ehY[Z ekjfkj
,z4- AehY[Z ekjfkj
CebZ-<kje i^_\j _dfkj LO>J0R34@,L-E LO>J034@,L-E LO>J04@,L-E LO>J0@34@,L-E Yedjheb ceZ[ i[jj_d] Yedjheb ceZ[ _d ekjfkj ef[hWj_ed ceZ[ fWhWc[j[h, Aeh ceh[ Z[jW_b[Z _d\ehcWj_ed* h[\[h je
I > J Q > H KWj[Z fh[iikh[ hWd][ .,. q +/./,1aJW .,. q /..,.aJW . q /*...aJW +/./,1aJW q /..,.aJW
Jh[ii 1i[Y,
{{| AehY[Z ekjfkj Yedjheb ceZ[{ {-Ikjfkj ef[hWj_ed ceZ[{

J[Wa ^ebZ C_]^ f[Wa Fem f[Wa <kje L^_\j Ddfkj >^[Ya_d]
?_ifbWo fh[iikh[ hWd][ 3,. q +/./,1aJW +3,. q //.,.aJW +3. q /*/..aJW +/./,1aJW q //.,.aJW lWbk[ Y^[Ya + lWbk[ Y^[Ya + |Dd YWi[ e\ CebZ-<kje L^_\j _dfkj jof[ ceZ[b}
G_d,Z_ifbWo kd_j|_dj[hdWb h[iebkj_ed} .,/aJW .,/aJW /aJW .,/aJW
Jh[ii S[he fe_dj S[he fe_dj WZ`kijc[dj
GWn, fh[iikh[ hWd][ 0 j_c[i e\ hWj_d] fh[iikh[ /,3 j_c[i e\ hWj_d] fh[iikh[ 0 j_c[i e\ hWj_d] fh[iikh[ ~ ceh[ WZ`kijc[dj
<ffb_YWXb[ \bk_Z <_h* Hed+Yehhei_l[ ]Wi j^Wd /i[Y,
Jem[h ikffbo /0O+02O?> v/.z|K_ffb[ J+J8 GWn, /.z}
r LUfUaYhYf gYhh]b[
>khh[dj Yedikcfj_ed GWn, 3.c<|<dWbe] >khh[dj Ikjfkj jof[ GWn 53c<} z D\ j^[ a[o beYa _i i[j |beYa/ eh beYa0}* kdbeYa j^[ a[o beYa X[\eh[ i[jj_d] fWhWc[j[hi,
vHJH ef[d Yebb[Yjeh ekjfkj . GWn, i_da Ykhh[dj8GWn, /..c<* z Jh[ii * a[o je Y^Wd][ i[jj_d] lWbk[i,
>edjheb ekjfkj <ffb_[Z lebjW][8GWn, 1.O?>* K[i_ZkWb lebjW][8GWn, /O z Jh[ii a[o je iWl[ i[jj_d] lWbk[ _d [WY^ fWhWc[j[h WdZ cel[ je d[nj fWhWc[j[hi,
vJHJ ef[d Yebb[Yjeh ekjfkj . GWn, iekhY[ Ykhh[dj8GWn, /..c<* K[i_ZkWb lebjW][8GWn, 0O
z P^[d fh[ii_d] G a[o \eh 1 i[Y _d j^[ c_ZZb[ e\ fWhWc[j[h i[jj_d]* Ykhh[dj i[jj_d] lWbk[ m_bb X[ iWl[Z _d
Coij[h[i_i,z5- G_d, Z_ifbWo hWd][
M^Wda oek l[ho ckY^ \eh i[b[Yj_d] <kjed_Yi fheZkYji, @@JKIG WdZ T[^XU m_bb X[ \b_Ya[h_d] jm_Y[* j^[d h[jkhd[Z je KNH ceZ[,
K[f[Wj [hheh A,L,v.,0z vG_d, Z_ifbWo hWd][
Ccf mcif gUZYhm/ d`YUgY fYUX h\Y Zc``ck]b[ VYZcfY ig]b[1 NQJ acXY
K[ifedi[ j_c[ L[b[YjWXb[ 0,3ci* 3ci* /..ci* 3..ci* /...ci G 1i[Y, Jh[ii G 1i[Y,
r @Uih]cb Zcf mcif gUZYhm L^ehj Y_hYk_j fhej[Yj_ed
vIkjfkj lebjW][8 /+3O?> A,L,v0z vF_d[Wh8 GWn, A,L,v/z vIkjfkj _cf[ZWdY[8 /a1
=k_bj+_d
Jh[iikh[ kd_j i[jj_d] |aJW} |a]\-Yc0} |XWh} |fi_} zDd YWi[ e\ ki_d] ccC0I kd_j*
zJb[Wi[ a[[f j^[i[ _dijhkYj_edi WdZ h[l_[m j^[c X[\eh[ ki_d] j^_i kd_j, OebjW][ ekjfkj vS[he fe_dj8 GWn, /O?> A,L,v0z vLfWd8 GWn, 2O?> A,L,v0z ckbj_fbo /.. Xo Z_ifbWo lWbk[,
<dWbe] vK[iebkj_ed8 /-0*...|[gkWb je Z_ifbWo h[iebkj_ed} vK[ifedi[ M_c[8 3.ci ^XT] UZL URQ ML[ Z\T
\b_Ya[h_d] zDd YWi[ e\ ijWdZWhZ fh[iikh[
zJb[Wi[ eXi[hl[ j^[ YWkj_edi j^Wj \ebbem9 ekjfkj vIkjfkj Ykhh[dj8 2+0.c< A,L,v0z vF_d[Wh8 GWn, A,L,v/z _d jkhd |ccC0e} |_dC]} |ccC]} jof[ ceZ[b* TUZLU* TURQU*
,z6- >khh[dj ekjfkj vS[he fe_dj8 GWn, 2c< A,L,v0z vLfWd8 GWn, /4c< A,L,v0z G T ML[U WdZ TZ\TU fWhWc[j[hi
+ SUfb]b[ L[h_eki _d`kho cWo h[ikbj _\ _dijhkYj_edi Wh[ dej \ebbem[Z, vK[iebkj_ed8 /-0*...|[gkWb je Z_ifbWo h[iebkj_ed} vK[ifedi[ M_c[8 5.ci SEY TXSR WWSR
Wh[ Z_ifbWo[Z edbo,
?_ifbWo c[j^eZ 5 L[]c[dj F@? ?_ifbWo
+ @Uih]cb JheZkYj cWo X[ ZWcW][Z* eh _d`kho cWo h[ikbj _\ _dijhkYj_edi Wh[ dej \ebbem[Z,
h[iebkj_ed Ikjfkj ef[hWj_ed P_dZem YecfWh_ied Coij[h[i_i+P_dZem <kje i[di_j_l_jo AehY[Z ekjfkj
fh[iikh[ kd_j 4333 5333 4333 5333 4333 5333 4333 5333 ceZ[ i[jj_d] Coij[h[i_i ceZ[

G_d, ?_ifbWo _dj[hlWb,z7-

ekjfkj ceZ[ YecfWh_ied ekjfkj ceZ[ i[jj_d] ceZ[ Yedjheb ceZ[
zM^[ \ebbem_d] _i Wd [nfbWdWj_ed e\ j^[ iocXebi ki[Z _d j^[ ef[hWj_ed cWdkWb,
+ YWkj_ed8Dd`kho eh ZWd][h cWo eYYkh kdZ[h if[Y_Wb YedZ_j_edi,
aJW .,/ + .,/ + / + + .,/ Y^]BW SacW `TX SaA` L^]Y QBY^]
a]\-Yc6 .,../ + .,../ + .,./ + + .,../ \b_Ya[h_d]
G _d jkhd
+ SUfb]b[ XWh .,../ + .,../ + .,./ + + .,../
41 L`YUgY igY ]h k]h\ XciV`Y gUZYhm XYj]WYg k\Yb ]h ]g igYX Uh h\Y Yei]daYbhg k\]W\ fi_ + .,./ + .,./ + .,/ + .,.0 Ikjfkj i[jj_d]
JWhWc[j[h INM/ ekjfkj INM0 ekjfkj
aUm WUigY XUaU[Yg hc \iaUb `]ZY cf UggYhg1 ,Bl:JiW`YUf dckYf/ IYX]WU` Yei]daYbh/ ccC] + .,2 + .,6 XYBXN DYEY DYEN DNEY DNEN DYEY HehcWbbo If[d HehcWbbo If[d
RY\]W`Y/ PfU]b/ >]f d`UbY/ @caVigh]cb UddUfUhig/ BbhYfhU]baYbh cf OUZYhm XYj]WY YhW1- \b_Ya[h_d] DYEN HehcWbbo If[d HehcWbbo >bei[Z
_dC] + .,.0 + .,.1 _d jkhd DNEY HehcWbbo >bei[Z HehcWbbo If[d
Dj cWo YWki[ W \_h[* ^kcWd b_\[ eh Wii[ji, G HehcWbbo >bei[Z HehcWbbo >bei[Z
ccC0I .,/ + + .,/ DNEN
51 Ac bch igY ]h ]b Z`UaaUV`Y [Ug VYWUigY ]h XcYg bch \UjY Ub Yld`cg]cb dfccZ WcbghfiWh]cb1
Dj cWo YWki[ [nfbei_ed, >^WhWYj[h_ij_Y e\ Yedjheb GWn, A,L,v.,3z e\ Z_ifbWo fh[iikh[ Wj 03y m_j^_d .y je 3.y K[ifedi[ j_c[ i[jj_d]
ekjfkj WdZ Z_ifbWo j[cf, zGWn, A,L,v/z e\ Z_ifbWo fh[iikh[ Wj 03y kdZ[h +/.y
HZO EBH HBC DCC HCC DCCC
+ @Uih]cb <dWbe] ekjfkj j[cf,
Y^WhWYj[h_ij_Y GWn, A,L,v0z e\ Z_ifbWo fh[iikh[ Wj 03y m_j^_d .y je 3.y \b_Ya[h_d]
_d jkhd
G zNd_j8ci
41 Ac bch Udd`m h\Y dfYggifY VYmcbX fUhYX dfYggifY1 DdikbWj_ed h[i_ijWdY[ G_d, 3.G1|Wj 3..O?> c[]][h}
Dj cWo YWki[ ZWcW][ je j^_i kd_j, ?_[b[Yjh_Y ijh[d]j^ /...O<> 3.-4.Cp \eh / c_dkj[
51 Ac bch igY ]h VYmcbX dckYf gidd`m1 >bU`c[ jc`hU[Y cihdih >bU`c[ WiffYbh cihdih Ec`X2>ihc O\]Zh ]bdih
Dj cWo YWki[ ZWcW][ je j^_i kd_j, O_XhWj_ed /,3cc Wcfb_jkZ[ Wj \h[gk[dYo e\ /. je 33Cp _d [WY^ e\ Q* R* S Z_h[Yj_edi \eh 0 ^ekhi
,LO>J0HqqqqR- ,LO>J0Hqqqq>- ,LO>J0HqqqqE-
61 Ac bch aU_Y U g\cfh W]fWi]h Zcf h\Y `cUX1 <cX_[dj
@dl_hedc[dj

j[cf[hWjkh[ +/.y q 3.y* LjehW][8 +0.y q 4.y

Dj cWo YWki[ ZWcW][ je j^_i kd_j, /O LYWb[ i[jj_d] 2c< LYWb[ i[jj_d] @nj[hdWb _dfkj \kdYj_ed
71 Ac bch k]fY ]bWcffYWh`m ]b dckYf dc`Uf]hm YhW1 <cX_[dj 1. q 6.zKC* LjehW][8 1. q 6.zKC
Dj cWo YWki[ ZWcW][ je j^_i kd_j, ^kc_Z_jo |{/} LAD_ CBC |{/} LACG CBC OATX SYVO \SQ]
\b_Ya[h_d] \b_Ya[h_d] \b_Ya[h_d]
81 Ac bch igY Wcffcg]jY [Ug cf `]ei]X Ug ]h ]g cb`m Zcf bcb0Wcffcg]jY [Ug1 Jhej[Yj_ed DJ2.|D@> LjWdZWhZi} _d jkhd _d jkhd _d jkhd
Dj cWo YWki[ ZWcW][ je j^_i kd_j, GWj[h_Wb Ahedj YWi[8J>* K[Wh YWi[8J>* Jh[iikh[ fehj8H_Ya[b JbWj[Z =hWii
L[b[Yj CebZ|K[\[h je {-AkdYj_ed{}
91 Ac bch []jY dckYf hc ]hg WUgY cf hk]gh ]hg WUgY ghfcb[`m1
Dj cWo YWki[ ZWcW][ je j^_i kd_j, P_h[ >edd[Yjeh YWXb[|52* 3J* F[d]j^8 0c* <PB 02* DdikbWjeh Z_Wc[j[h8 5/} 3O LYWb[ i[jj_d] 0.c< LYWb[ i[jj_d] L[b[Yj Wkje i^_\j ekjfkj
<ffhelWb |{0} LA\_ DCCBC |{0} LAEC DCCBC \SBY] Y^]D Y^]E
r A]aYbg]cbg Nd_j m[_]^j <ffhen, 6.]
\b_Ya[h_d]
_d jkhd
\b_Ya[h_d]
_d jkhd
\b_Ya[h_d]
_d jkhd
LVV
|Nd_j8cc}
1.,5 d>WWYggcfm z 48 |J} h[fh[i[dji JHJ ekjfkj jof[ ceZ[bi, z A,L,8 KWj[Z fh[iikh[,
vJh[iikh[ kd_j bWX[b z 58 Dd ^oij[h[i_i ekjfkj ceZ[* Z[j[Yj_ed Z_\\[h[dY[ _i lWh_WXb[, z @dl_hedc[dj h[i_ijWdY[ _i hWj[Z Wj de \h[[p_d] |{/}L[jj_d] hWd][ 8 G_d,hWj[Z fh[iikh[ x T LAD_* LACGU x 7.z e\ hWj[Z fh[iikh[
1. 00,6 5,7 0. 0+G1 M<J z 68 Dj _i Wbbem[Z je i[b[Yj ed[ WdWbe] ekjfkj jof[ edbo, eh YedZ[diWj_ed, |{0}L[jj_d] hWd][ 8 TLAD_* LACGU~/.z e\ hWj[Z fh[iikh[x TLA\_* LAECU x GWn,hWj[Z fh[iikh[
z 78 K[iebkj_ed|/...-0...} e\ c_d, ?_ifbWo _dj[hlWb _i WkjecWj_YWbbo E[o beYa i[jj_d]
i[b[Yj[Z Z[f[dZ ed fh[iikh[ kd_ji,
VYNU YQQ VYND VYNE zL[[ i[jj_d] -\kdYj_ed } a[o beYa \kdYj_ed
\b_Ya[h_d]
r Kihdih cdYfUh]cb acXY \eh ceh[ Z[jW_bi,
0.
1.

/0

_d jkhd
JM/-6y
Z[fj^ 6cc n JL<H i[h_[i ^Wi 3 a_dZi e\ ekjfkj ef[hWj_ed ceZ[* fb[Wi[ ki[ fhef[h ekjfkj ef[hWj_ed ceZ[ z D\ j^[h[ _i de WZZ_j_edWb a[o ef[hWj_ed m_j^_d 4. i[Y, m^_b[ i[jj_d]* Ykhh[dj i[jj_d] lWbk[ _i dej lWb_Z WdZ fh[l_eki
_d WYYehZWdY[ m_j^ Z[j[Yj_ed, i[jj_d] lWbk[ m_bb X[ h[cW_d[Z,
dS]bXck WcadUf]gcb cihdih acXY,`TX-
0. v=hWYa[j < v=hWYa[j = dEmghYfYg]g acXY,Sa\BW-
d?fUW_Yh > Dj _i WXb[ je i[j Y[hjW_d lWbk[ \eh fh[iikh[
2Dj _i WXb[ je i[j j^[ hWd][ \eh ^_]^|STAD* STAE}-bem
|VYAD* VYAE}b_c_j e\ fh[iikh[ Z[j[Yj_ed b[l[b m^[d _j _i r LfYgYh OYhh]b[
Z[j[Yj_ed b[l[b|\]D* \]E} WdZ ^oij[h[i_i|Sa\D* h[gk_h[Z je Z[j[Yj fh[iikh[ Wj W Y[hjW_d hWd][, z T[^XU m_bb X[ \b_Ya[h_d] jm_Y[ m^[d h[jkhd_d] je KNH ceZ[,
Sa\E}, 3?[j[Yj_ed ^oij[h[i_i _i \_n[Z je c_d, Z_ifbWo hWd][, z Jh[ii * a[o je Y^Wd][ i[jj_d] lWbk[i,
z Jh[ii a[o je iWl[ i[jj_d] lWbk[ _d [WY^ fWhWc[j[h WdZ cel[ je d[nj fWhWc[j[hi,
0.

Jh[iikh[ Jh[iikh[ z{8G_d, Z_ifbWo hWd][

23

\]E ^ STAE { dEmghYfYg]g acXY d>ihcaUh]W gYbg]h]j]hm gYhh]b[ acXY

v>edd[Yjeh YWXb[ |JLI+>./} Sa\E
^ { NQJ acXY NQJ acXY
/3

\]D VYAE
Sa\D
4

/,4 0. STAD { G G
13,6 1. 0+G2 =IFM VYAD { Jh[iikh[ Z[j[Yj_ed
zL[jj_d] hWd][
Jh[iikh[ Z[j[Yj_ed zG_d,Z_ifbWo fh[iikh[
b[l[b / i[jj_d] b[l[b / i[jj_d] x TtunU xGWn, Z_ifbWo
G_d,Z_ifbWo fh[iikh[
M_c[ M_c[ \]D ECBC \]D DCBC fh[iikh[ + /z e\ hWj[Z
13 \b_Ya[h_d] / T\]DU x GWn, Z_ifbWo \b_Ya[h_d]
d?fUW_Yh ? INM/ HI IH INM/ HI IH _d jkhd _d jkhd fh[iikh[
dKdh]cb fh[iikh[
03 0+G2 =IFM \]D-Sa\D IAA VYAD-STAD IAA
vAhedj fhej[Yj_ed M_c[ M_c[
INM/ H> IH INM/ H> IH Coij[h[i_i Jh[iikh[ Z[j[Yj_ed
Yel[h|JLI+J./} b[l[b / i[jj_d] b[l[b 0 i[jj_d] zT\]DU~ /z e\ hWj[Z
zL[jj_d] hWd][
0.

\]D-Sa\D IAA VYAD-STAD IAA

4

M_c[ fh[iikh[ x T\]EU x

\]E ECBC
21,2

M_c[
Sa\D DCBC G_d,Z_ifbWo fh[iikh[
23

00

INM0 HI IH INM0 HI IH \b_Ya[h_d] \b_Ya[h_d] GWn, Z_ifbWo fh[iikh[

_d jkhd x TSa\DU / T\]DU _d jkhd
\]E-Sa\E IAA VYAE-STAE IAA
M_c[ M_c[
INM0 H> IH INM0 H> IH Jh[iikh[ Z[j[Yj_ed <kje i[jj_d]
zL[jj_d] hWd][ zT\P]U
22,6 \]E-Sa\E IAA VYAE-STAE IAA b[l[b 0 i[jj_d] lWbk[
M_c[ : |T\]DU~T\]EU}-0
/,4

M_c[
G_d,Z_ifbWo fh[iikh[
vGekdj_d] XhWYa[j
dEmghYfYg]g0k]bXck WcadUf]gcb cihdih acXY,SaA`
SaA`- d>ihcaUh]W gYbg]h]j]hm gYhh]b[ acXY,L^]Y-
\]E GCBC / T\]EU x GWn, Z_ifbWo \P] DHBC zJh[ii * a[o \eh
|JLI+=.0} \b_Ya[h_d] \b_Ya[h_d]
2Dj _i WlW_bWXb[ je i[j ^oij[h[i_i ceZ[|\]D* Sa\D} 2M^_i \kdYj_ed _i je i[j fh[iikh[ Z[j[Yj_ed _d jkhd fh[iikh[ _d jkhd cWdkWb WZ`kijc[dj,
dIcibh]b[ VfUW_Yh 12,0
vJWd[b Ykj+ekj 8 WdZ m_dZem YecfWh_ied ekjfkj ceZ[ m^[d Xej^ b[l[b je j^[ fhef[h fei_j_ed WkjecWj_YWbbo,
^oij[h[i_i ceZ[ WdZ m_dZem YecfWh_ied ekjfkj Dj _i i[j Xo Wffb_[Z fh[iikh[ \hec jme fei_j_edi|\]D* zTP[[FU @hheh m_bb X[ \b_Ya[h_d] 1 j_c[i
2. 4 |JWd[b j^_Yad[ii .,6ccq1,3cc} Coij[h[i_i zL[jj_d] hWd][ _d YWi[ i[jj_d] YedZ_j_edi Wh[ dej c[j*
ceZ[|VY`* STRS} Wh[ d[Y[iiWho, \]E}, b[l[b 0 i[jj_d] h[Vi[jj_d] _i ed ijWdZXo,
G_d,Z_ifbWo fh[iikh[
3?[j[Yj_ed ^oij[h[i_i _i \_n[Z je c_d, Z_ifbWo hWd][, 3?[j[Yj_ed ^oij[h[i_i _i \_n[Z je c_d, Z_ifbWo hWd][, Sa\E FCBC
sM^[ fh[iikh[ Z[j[Yj_ed b[l[b _i i^emd _d j^[ \b_Ya[h_d] x TSa\EU / T\]EU
zD\ j^[h[ _i de WZZ_j_edWb a[o ef[hWj_ed m_j^_d 4. i[Y,
~.,3

|Lj/~Lj0} _d jkhd
\ebbem_d] YWbYkbWj_ed, m^_b[ i[jj_d]* _j _i h[jkhd[Z je Kkd ceZ[ |@nY[fj \eh \ehY[
.

vG3 S@H?@K L@M:

14

0 ekjfkj ceZ[}, Jh[l_eki i[j lWbk[i Wh[ h[cW_d[Z,

20

|JLI+B./} Jh[iikh[ Jh[iikh[ o S]bXck WcadUf]gcb cihdih acXY zDd YWi[ e\ Y^Wd]_d] ekjfkj ef[hWj_ed ceZ[* de fh[i[j
{ z{8G_d, Z_ifbWo hWd][ z{8G_d, Z_ifbWo hWd][
STRS \]E { lWbk[i m_bb X[ _d_j_Wb_p[Z, Ddij[WZ* fh[l_eki ekjfkj ef[hWj_ed
14 ~.,3
. NQJ acXY i[jj_d]i m_bb X[Yec[ j^[ fh[i[j lWbk[i,
VY` { \P] L@M:|Lj/~Lj0}-0
zP^[d Y^Wd]_d] fh[iikh[ Z_ifbWo kd_j* h[iebkj_ed WdZ
{ G CebZ-<kje L^_\j _dfkj \kdYj_ed* fh[i[j lWbk[i m_bb X[ _d_j_Wb_p[Z
\]D \]D Wi i^emd j^[ jWXb[ X[bem, |P^[d Y^Wd]_d] fh[iikh[ Z_ifbWo
r Cfcbh dUbY` ]XYbh]Z]WUh]cb UbX ZibWh]cb Sa\D
{ Fem+b_c_j lWbk[ e\ Jh[iikh[
Z[j[Yj_ed b[l[b / i[jj_d]
zL[jj_d] hWd][
G_d,Z_ifbWo fh[iikh[
kd_j* fh[i[j lWbk[ m_bb X[ WkjecWj_YWbbo im_jY^[Z je Y^Wd][Z
fh[iikh[ kd_j,}
f NUb[Y cZ fUh]b[ dfYggifY8Dj _i feii_Xb[ je Y^Wd][ j^[ fh[iikh[ kd_j _d VYAD DCBC x TVYADUxGWn, Z_ifbWo
Jh[iikh[ i[dieh, Jb[Wi[ ki[ Z_\\[h[dj kd_j Wi INM/ HI IH M_c[ INM/ HI IH M_c[ \b_Ya[h_d] fh[iikh[+|1wG_d, Z_ifbWo ; LfYgYh AYZUi`h <
_d jkhd |Nd_j8aJW}
f bWX[b \eh oekh Wffb_YWj_ed, \]D-Sa\D IAA \P] IAA hWd][}
M_c[ H[]Wj_l[ LjWdZWhZ LjWdZWhZ >ecfekdZ
g g 7 X][]h HBA X]gd`Um,NYX-8Ni[Z je _dZ_YWj[ c[Wikh[Z fh[iikh[ lWbk[* i[jj_d] INM/ H> IH INM/ H> IH M_c[ Ikjfkj fh[iikh[ fh[iikh[ fh[iikh[ fh[iikh[
C_]^+b_c_j lWbk[ e\ Jh[iikh[ ceZ[
lWbk[ WdZ [hheh c[iiW][, \]D-Sa\D IAA \P] IAA zL[jj_d] hWd][ .,.q+/./,1 .,.q/..,. .q/*... +/./,1q/..,.
Z[j[Yj_ed b[l[b / i[jj_d]
INM0 HI IH M_c[ INM0 HI IH M_c[ TVYADU~|1wG_d, Z_ifbWo \]D8+3.,. \]D83.,. \]D83.. \]D83.,.
h i h Kihdih4 ]bX]WUhcf,NYX-8Ikjfkj / _i IH* F@? m_bb X[ IH,
VY`-STRS IAA \]D-\]E IAA STAD ECBC hWd][}x TSTADU Sa\BW Sa\D8.,. Sa\D8.,. Sa\D8. Sa\D8+3.,.
i Kihdih5 ]bX]WUhcf,DfYYb-8Ikjfkj 0 _i IH* F@? m_bb X[ IH, \b_Ya[h_d] \]E8+3.,. \]E83.,. \]E83.. \]E83.,.
j M_c[ M_c[ _d jkhd xGWn, Z_ifbWo fh[iikh[ Sa\E8.,. Sa\E8.,. Sa\E8. Sa\E8+3.,.
j _Ym8Ni[Z je [dj[h _dje Jh[i[j-JWhWc[j[h i[jj_d] ceZ[ WdZ je iWl[ L[jj_d] ceZ[, INM0 H> IH INM0 H> IH
VY`-STRS IAA \]D-\]E IAA VYAD8.,. VYAD8.,. VYAD8. VYAD8+3.,.
k / _Ym8Ni[Z je i[j fWhWc[j[h WdZ fh[i[j* f[Wa lWbk[ Y^[Ya ceZ[* Fem+b_c_j lWbk[ e\ Jh[iikh[ zL[jj_d] hWd][ `TX STAD8+3.,. STAD83.,. STAD83.. STAD83.,.
M_c[ M_c[ VYAE8.,. VYAE8.,. VYAE8. VYAE8+3.,.
\kdYj_ed i[jj_d] eh ekjfkj ef[hWj_ed ceZ[, dCcfWYX cihdih Wcbhfc` acXY,QBY^]- Z[j[Yj_ed b[l[b 0 i[jj_d] G_d,Z_ifbWo fh[iikh[ x STAE8+3.,. STAE83.,. STAE83.. STAE83.,.
k . _Ym8Ni[Z \eh p[he fe_dj WZ`kijc[dj \kdYj_ed Xo fh[ii_d] . 2Ni[Z je Z_ifbWo fh[iikh[ m_j^ \ehY_Xbo ^ebZ_d] YecfWh_d] ekjfkj IAA h[]WhZb[ii e\ i[jj_d] lWbk[, VYAE FCBC TrsmoUxGWn, Z_ifbWo \]D8+3.,. \]D83.,. \]D83.. \]D83.,.
a[oi el[h / i[Y, i_ckbjWd[ekibo _d KNH ceZ[, 3Dd fWhWc[j[h i[jj_d]* _\ ekjfkj ef[hWj_ed ceZ[ i[jj_d] {y{zvx{ _i Y^Wd][Z je {wvy{z{ * \ehY[Z \b_Ya[h_d] fh[iikh[+|1wG_d, Z_ifbWo SaA` Sa\D8.,. Sa\D8.,. Sa\D8. Sa\D8+3.,.
_d jkhd
hWd][} VY`8.,. VY`8.,. VY`8. VY`8+3.,.
ekjfkj Yedjheb ceZ[ _i ef[hWj[Z, STRS8+3.,. STRS83.,. STRS83.. STRS83.,.
r CibWh]cbg 4INM/* 0 YWd X[ IH-IAA cWdkWbbo Xo fh[ii_d] * a[o P^_b[ j^[ \ehY[Z ekjfkj Yedjheb ceZ[ _i Wffb_[Z, C_]^+b_c_j lWbk[ e\ Jh[iikh[
Z[j[Yj_ed b[l[b 0 i[jj_d] zL[jj_d] hWd][ L^]Y
\]D8.,.
\]E8+3.,.
\]D8.,.
\]E83.,.
\]D8.
\]E83..
\]D8+3.,.
\]E83.,.
pLfYggifY ib]h W\Ub[Y CibWh]cb NQJ acXY NQJ acXY CcfWYX cihdih Wcbhfc` acXY NQJ acXY \P]8.,.
cdYfUh]cb ghUhig TVYAEU~|1wG_d, Z_ifbWo \P]8+03,. \P]803,. \P]803.
JL<H+O./>|J}WdZ JL<H+>./>|J}^Wi 5 a_dZi e\ fh[iikh[ kd_j* JL<H+./>|J}WdZ JL<H+/>|J} G G G STAE GCBC hWd][}x TSTAEU
\b_Ya[h_d] z P^[d ki_d] j^[ \ehY[Z ekjfkj \kdYj_ed* CebZ-<kje i^_\j
^Wi 2 a_dZi e\ fh[iikh[ kd_j, Jb[Wi[ i[b[Yj j^[ fhef[h kd_j \eh Wffb_YWj_ed, >khh[dj fh[iikh[ _d jkhd xGWn, Z_ifbWo fh[iikh[ \kdYj_ed _i dej WlW_bWXb[ je ki[ _d CebZ-<kje i^_\j ceZ[,
vJL<H+O./>|J}* JL<H+>./>|J} 8 aJW* a]\-Yc6* XWh* fi_* 0C]* _dC]* ccC0I QBY^] KFBD IH
\b_Ya[h_d] KQP4 IAA
vJL<H+./>|J}* JL<H+/>|J} 8 aJW* a]\-Yc6* XWh* fi_ M_c[
G _d jkhd o EmghYfYg]g0S]bXck WcadUf]gcb cihdih acXY o LYU_ Ec`X 2 >ihc O\]Zh @\YW_2@\Ub[Y
zP^[d ki_d] ccC0I kd_j* fb[Wi[ ckbj_fbo Z_ifbWo lWbk[ Xo /.., IH
KQP5 IAA NQJ acXY NQJ acXY
pKihdih acXY W\Ub[Y CibWh]cb NQJ acXY M_c[
M^[h[ Wh[ 3 a_dZi e\ Yedjheb ekjfkj ceZ[ _d ehZ[h je h[Wb_p[ j^[ lWh_eki fh[iikh[ Z[j[Yj_ed, G Jh[ii a[o \eh 1 i[Y,
vCoij[h[i_i ceZ[|Sa\BW} 8 P^[d d[[Z[Z je Y^Wd][ ^oij[h[i_i \eh Z[j[Yj_d] fh[iikh[,
vP_dZem YecfWh_ied ekjfkj ceZ[|`TX} 8 P^[d d[[Z[Z je Z[j[Yj fh[iikh[ _d Y[hjW_d Wh[W, r Fbdih2Kihdih W]fWi]h UbX X]U[fUa Jh[iikh[ Z[j[Yj_ed
b[l[b / i[jj_d]
zL[jj_d] hWd][
G_d,Z_ifbWo fh[iikh[
C_]^ J[Wa lWbk[
vCoij[h[i_i + P_dZem YecfWh_ied ekjfkj ceZ[|SaA`} 8 P^[d Xej^ ^oij[h[i_i ceZ[ WdZ m_dZem p>bU`c[ cihdih hmdY,Rc`hU[Y cihdih LO>J0qqqqR/ @iffYbh cihdih LO>J0qqqq>- b@ZPU DCCBI
YecfWh_ied ekjfkj ceZ[ Wh[ h[gk_h[Z \]D DCBC / T\]DUxGWn, Z_ifbWo \b_Ya[h_d]
v<kjecWj_Y i[di_j_l_jo i[jj_d] ceZ[|L^]Y} 8 P^[d d[[Z[Z je i[j Z[j[Yj_ed i[di_j_l_jo WkjecWj_YWbbo vHJH ef[d Yebb[Yjeh ekjfkj jof[ vJHJ ef[d Yebb[Yjeh ekjfkj jof[ \b_Ya[h_d] fh[iikh[ _d jkhd
_d jkhd
Wj fhef[h fei_j_ed, ~O|=hemd} ~O|=hemd}
vAehY[Z ekjfkj Yedjheb ceZ[|QBY^]} 8 P^[d d[[Z[Z je Z_ifbWo fh[iikh[ m_j^ h[cW_d_d] YecfWh_ied Il[h Ykhh[dj Coij[h[i_i Fem J[Wa lWbk[
ekjfkj IAA h[]WhZb[ii e\ i[jj_d] lWbk[ INM/|=bWYa} FeWZ fhej[Yj_ed ~ b[l[b / i[jj_d] zL[jj_d] hWd][
Y_hYk_j /0+02O?>
+ G_d,Z_ifbWo fh[iikh[
VBZPU AEBJ
p@cbhfc` cihdih W\Ub[Y ZibWh]cb INM/|=bWYa} Sa\D ECBC \b_Ya[h_d]
Il[h Ykhh[dj x TSa\DU/T\]DU _d jkhd
GW_d Y_hYk_j

GW_d Y_hYk_j

FeWZ \b_Ya[h_d]
Mof[ e\ Yedjheb ekjfkj \eh Ikj/ WdZ Ikj0 YWd X[ WXb[ je i[j HehcWbbo If[d WdZ HehcWbbo >bei[Z, fhej[Yj_ed INM0|P^_j[} Il[h Ykhh[dj
FeWZ _d jkhd
Y_hYk_j fhej[Yj_ed
z Hej[ j^Wj HehcWbbo If[d WdZ HehcWbbo >bei[Z fhel_Z[ effei_j[ ekjfkj, Y_hYk_j
~
Il[h Ykhh[dj INM0|P^_j[}
pNYgdcbgY h]aY W\Ub[Y ZibWh]cb,@\UhhYf]b[ dfYjYbh]cb- fhej[Yj_ed
/0+02O?>
+
Fem+b_c_j lWbk[ e\ Jh[iikh[ zL[jj_d] hWd][
Dj YWd fh[l[dj Y^Wjj[h_d] e\ Yedjheb ekjfkj Xo Y^Wd]_d] h[ifedi[ j_c[, Dj _i WXb[ je i[j 3a_dZi Y_hYk_j
Z[j[Yj_ed b[l[b 0 i[jj_d] G_d,Z_ifbWo fh[iikh[ K[\[h[dY[ fh[iikh[
<dWbe] ekjfkj FeWZ \eh <kje L^_\j
e\ h[ifedi[ j_c[|0,3ci* 3ci* /..ci* 3..ci* /...ci} WdZ _\ j^[ h[ifedi[ j_c[ _i ][jj_d] <dWbe] ekjfkj VY` FCBC xTVY`UxGWn, Z_ifbWo
lebjW][-Ykhh[dj lebjW][-Ykhh[dj
bed][h* j^[ Z[j[Yj_ed m_bb X[ ceh[ ijWXb[ Xo _dYh[Wi_d] j^[ dkcX[h e\ Z_]_jWb \_bj[h, /a1 /a1
|IhWd][}
\b_Ya[h_d]
_d jkhd fh[iikh[+|1wG_d,Z_ifbWo |{/} \SBTX HCBC
|IhWd][} \b_Ya[h_d]
p>bU`c[ cihdih gWU`Y gYhh]b[ UbX Ec`X2>ihc O\]Zh gYhh]b[ ZibWh]cb kd_j} _d jkhd
.O|=bk[} .O|=bk[}
v<dWbe] lebjW][ ekjfkj iYWb[ i[jj_d]8 M^[ iYWb[ \kdYj_ed \eh WdWbe] ekjfkj lebjW][ |/+3O?>} _i C_]^+b_c_j lWbk[ e\ Jh[iikh[ zL[jj_d] hWd][
n 8 Aeh lebjW][ ekjfkj jof[ edbo n 8 Aeh lebjW][ ekjfkj jof[ edbo Z[j[Yj_ed b[l[b 0 i[jj_d]
dej \_n[Z je j^[ hWj[Z fh[iikh[ hWd][, Dj YWd X[ Y^Wd][Z \eh Ni[hs i Wffb_YWj_ed, TVY`U~|1wG_d, Z_ifbWo |{/} JL<H+~~~~C ?_ifbWo[Z edbo m^[d OATX _i i[j
v<dWbe] Ykhh[dj ekjfkj iYWb[ i[jj_d]8 M^[ iYWb[ \eh WdWbe] ekjfkj >khh[dj |2+0.c<?>} _i dej pEc`X 2 >ihc O\]Zh ]bdih hmdY,LO>J0qqqqE- STRS GCBC hWd][}x TSTRSU je tqpu ,
\_n[Z je j^[ hWj[Z fh[iikh[ hWd][, Dj YWd X[ Y^Wd][Z \eh Ni[hs i Wffb_YWj_ed, \b_Ya[h_d]
vHJH ef[d Yebb[Yjeh ekjfkj jof[ vJHJ ef[d Yebb[Yjeh ekjfkj jof[ _d jkhd xGWn, Z_ifbWo fh[iikh[ <kje i^_\j h[\[h[dY[ fh[iikh[ YWd X[ i[j m_j^_d Z_ifbWo
vCebZ-<kje L^_\j _dfkj i[jj_d] [hheh hWd][,|FemVKWd][ x \SBTX x C_]^VKWd][}
~O|=hemd} ~O|=hemd}
wCebZ \kdYj_ed8 < \kdYj_ed je ^ebZ JO WdZ >edjheb ekjfkj m^_b[ i_]dWb _i _dfkj, +FemVKWd][:G_d,Z_ifbWo fh[iikh[+G_d, fh[i[j i[jj_d] lWbk[
w<kje L^_\j \kdYj_ed8 < \kdYj_ed je Yecf[diWj[ j^[ i[jj_d] lWbk[ \eh Y^Wd][Z lWbk[ e\ h[\[h[dY[ Il[h Ykhh[dj o TYfc dc]bh UX^ighaYbh
INM/|=bWYa} FeWZ +C_]^VKWd][:GWn, Z_ifbWo fh[iikh[+GWn, fh[i[j i[jj_d] lWbk[
fhej[Yj_ed ~
fh[iikh[ Wi j^h[i^ebZ b[l[b _\ h[\[h[dY[ fh[iikh[ e\ j^[ Z[l_Y[ Y^Wd][i, Y_hYk_j /0+02O?> /,Jb[Wi[ fh[ii ~ a[oi \eh el[h /i[Y, Wj j^[ iWc[ j_c[ fkjj_d]
+ Wd Wffb_[Z fh[iikh[ _d ijWj[ e\ j^[ Wjceif^[h_Y fh[iikh[, n FZ dfYgg]b[ . _Ymg Zcf cjYf 4gYW1 ]b WUgY cZ E][\
pGYm `cW_ ZibWh]cb INM/|=bWYa}
GW_d Y_hYk_j

GW_d Y_hYk_j

Il[h Ykhh[dj 0, P^[d j^[ p[he fe_dj WZ`kijc[dj _i Yecfb[j[Z* _j m_bb Z_ifbWo dYU_ 2 Hck dYU_2 >ihc g\]Zh fYZYfYbWY dfYggifY jU`iY/
M^[ a[o beYa \kdYj_ed fh[l[dji a[o ef[hWj_edi ie j^Wj YedZ_j_edi i[j _d [WY^ ceZ[, Tfh[i[j-fWhWc[j[h ceZ[U fhej[Yj_ed INM0|P^_j[} FeWZ Il[h Ykhh[dj
CBC WdZ h[jkhd je KNH ceZ[ WkjecWj_YWbbo,
Y_hYk_j fhej[Yj_ed FeWZ gYhh]b[ jU`iY k]`` VY YfUgY UbX fYhifb hc bYlh cdYfUh]cb1
Wh[ dej _dWZl[hj[djbo Y^Wd][Z, M^[h[ Wh[ 0 a_dZi e\ a[o beYa \kdYj_edi WlW_bWXb[, Y_hYk_j zD\ [n[Ykj_d] p[he fe_dj WZ`kijc[dj ed [nj[hdWb fh[iikh[
~
vVYND 8 <bb a[oi Wh[ beYa[Z9 j^[h[\eh[ _j _i dej WlW_bWXb[ je Y^Wd][ fWhWc[j[h i[jj_d]i* fh[i[j lWbk[* p[he Il[h Ykhh[dj /0+02O?> INM0|P^_j[} X[_d] Wj fh[iikh[ fehj P[[D m_bb X[ \b_Ya[h[Z 3j_c[i, z T[^XU m_bb X[ \b_Ya[h_d] jm_Y[* j^[d h[jkhd je KNH ceZ[,
WZ`kijc[dj* C_]^-Fem f[Wa Y^[Ya WdZ \SBTX ZWjW _d_j_Wb_pWj_ed, |FeYa i[jj_d] Y^Wd][ _i WlW_bWXb[} fhej[Yj_ed + Jb[Wi[ [n[Ykj[ _j _d j^[ Wjceif^[h_Y fh[iikh[ W\j[h h[cel_d]
Y_hYk_j FeWZ
vVYNE 8 JWhj_Wbbo beYa[Z ijWjki9 j^[h[\eh[ _j _i dej WlW_bWXb[ je Y^Wd][ fWhWc[j[h i[jj_d]i edbo CebZ-<kje i^_\j CebZ-<kje i^_\j [nj[hdWb fh[iikh[,
|FeYa i[jj_d] Y^Wd][ _i WlW_bWXb[}, Ij^[h i[jj_d]i Wh[ ij_bb WlW_bWXb[, _dfkj|ehWd][} _dfkj|ehWd][} zJb[Wi[ [n[Ykj[ p[he fe_dj WZ`kijc[dj h[]kbWhbo,
vYQQ 8 <bb e\ j^[ i[jj_d] _i WlW_bWXb[* Wbb a[oi Wh[ kdbeYa[Z,
pTYfc dc]bh UX^ighaYbh ZibWh]cb .O|=bk[} .O|=bk[} r @Uih]cb Zcf ig]b[
M^[ p[he fe_dj WZ`kijc[dj \kdYj_ed \ehY_Xbo i[ji j^[ fh[iikh[ lWbk[ jetS[heum^[d j^[ /, ?e dej _di[hj Wdo i^Whf eh fe_dj[Z eX`[Yj _dje fh[iikh[ fehj,
fh[iikh[ fehj _i ef[d[Z je Wjceif^[h_Y fh[iikh[, P^[d j^[ p[he WZ`kijc[dj _i Wffb_[Z* WdWbe] ekjfkj
TOebjW][ eh >khh[djU _i Y^Wd][Z Xo j^_i \kdYj_ed,|Jh[ii . a[oi el[h / i[Y, _d KNH ceZ[,} r FbghU``Uh]cb Dj cWo YWki[ cWb\kdYj_ed WdZ ZWcW][ j^[ i[dieh,
0, =[ ikh[ j^Wj j^_i kd_j ckij Wle_Z Z_h[Yj jekY^ m_j^ mWj[h* e_b* j^_dd[h [jY,
/, Jh[iikh[ fehj ^Wi jme jof[i* JM/-6y WdZ HJM/-6y* j^[h[\eh[ 1, Dj _i h[WZo je ef[hWj[ 1 i[Y, W\j[h _j _i jkhd[Z IH, =[ ikh[ dej je ki[ j^[ fheZkYj m_j^_d 1 i[Y,
pE][\ LYU_ 2 Hck LYU_ Ec`X ZibWh]cb X[ ikh[ je ki[ fhef[h fehj m^[d ki_d] ed[ jekY^ \_jj_d], + @Uih]cb
2, P^[d ki_d] im_jY^_d] fem[h ikffbo* \hWc[ ]hekdZ |A,B,} j[hc_dWb e\ fem[h
M^_i \kdYj_ed _i je Z_W]dei_i cWb\kdYj_ed e\ j^[ ioij[c YWki[Z Xo fWhWi_j_Y fh[iikh[ eh je Y^[Ya |HJM /-6y _i efj_ed} P\Y h][\hYb]b[ hcfeiY cZ ikffbo i^ekbZ X[ ]hekdZ[Z,
j^hek]^ c[ceh_p_d] j^[ cWn,-c_d, fh[iikh[ eYYkhh[Z \hec j^[ ioij[c, 0, Jb[Wi[ Yedd[Yj _j Xo ki_d] ifWdd[h|/0cc} Wj j^[ c[jWb fWhj cbY hciW\ Z]hh]b[ g\ci`X VY 3, Me Wle_Z _dZkYj_l[ de_i[* a[[f j^[ m_h_d] WmWo \hec fem[h b_d[* ^_]^ lebjW][ b_d[,
/0cc
_d ehZ[h dej je el[hbeWZ ed j^[ XeZo m^[d Yedd[Yj_d] ed[ LfWdd[h aUl1433_[ZvWa1 Fh aUm WUigY Dj cWo YWki[ cWb\kdYj_ed,
jekY^ \_jj_d],
r Bffcf 1, Mme Z_\\[h[dj \_n_d] XhWYa[ji Wh[ fhel_Z[Z \eh JL<H ceZ[b, L[b[Yj
aYW\Ub]WU` dfcV`Yag1
3, =hWYa[j|JLI+=.0} WdZ \hedj fhej[Yj_ed Yel[h
4, P^[d cel_d] j^_i kd_j \hec mWhc fbWY[ je YebZ fbWY[* fb[Wi[ h[cel[
j^[ ^kc_Z_jo ed j^[ Yel[h j^[d ki[ _j, Lm_jY^_d]
fhef[h ed[ m_j^ Yedi_Z[h_d] oekh Wffb_YWj_ed [dl_hedc[dji, 5, ?e dej fh[ii j^[ i[jj_d] Xkjjed m_j^ i^Whf eh fe_dj[Z eX`[Yj, Jem[h ~
@hheh Z_ifbWo ?[iYh_fj_ed >ekdj[hc[Wikh[i |JLI+J./} Wh[ efj_edWb je i[bb, Jb[Wi[ i[[ Lkffbo +
2, <j \_hij* fb[Wi[ kdiYh[m ^[nW]ed mh[dY^ Xebj WdZ Wii[cXb[ 6, ?e dej Wffbo W j[di_b[ ijh[d]j^ _d [nY[ii e\ 1.H je j^[ YWXb[i eh Yedd[Yjeh,
P^[d [nj[hdWb fh[iikh[ _i _dfkj j^[ XhWYa[j ed j^_i kd_j Xo \_n_d] ^[nW]ed j^[ mh[dY^Xebj, j^[ f_Yjkh[i \eh _dijWbbWj_ed, A,B,
P[[D Mho W]W_d W\j[h h[cel_d] [nj[hdWb fh[iikh[ 7, P^[d ki_d] ccC0I kd_j* fb[Wi[ ckbj_fbo Z_ifbWo lWbk[ Xo /..,
m^_b[ WZ`kij_d] p[he fe_dj Fb h\]g WUgY/ h][\hYb]b[ hcfeiY cZ \YlU[cb kfYbW\ BhekdZ
n Fh aUm WUigY aU`ZibWh]cb ]Z UVcjY ]bghfiWh]cbg UfY bch Zc``ckYX1
P[[E P^[d el[hbeWZ _i Wffb_[Z ed Yedjheb ekjfkj K[cel[ el[hbeWZ g\ci`X VY aUl1 63_[ZvWa1 Fh aUm WUigY aYW\Ub]WU` JWd[b XhWYa[j
dfcV`Yag1 |LOK0?35}
P[[F P^[d i[jj_d] YedZ_j_ed _i dej c[j
_d <kje i[di_j_l_jo i[jj_d] ceZ[
>^[Ya i[jj_d] YedZ_j_edi
WdZ i[j fhef[h i[jj_d] lWbk[i r IU^cf dfcXiWhg
P^[d Wffb_[Z fh[iikh[ [nY[[Zi Lfh_d] mWi^[h * Jhen_c_jo i[diehi * J^eje[b[Yjh_Y i[diehi * <h[W i[diehi
VVVV Fem+b_c_j e\ Z_ifbWo fh[iikh[ hWd][ <ffbo fh[iikh[ m_j^_d =eZo * A_X[h efj_Y i[diehi * ?eeh-?eeh i_Z[ i[diehi * Jh[iikh[ i[diehi
OUh]gZ]UV`Y LUfhbYf Ccf CUWhcfm >ihcaUh]cb
*EB>A MQ>NPBNO 8

Z_ifbWo fh[iikh[ hWd][ |LO>J} * >ekdj[hi * M_c[hi * KejWho [dYeZ[hi 2/+3* Red]ZWd]+Zed]* RWd]iWd+i_* Bo[ed]dWc* 404+625*
P^[d Wffb_[Z fh[iikh[ [nY[[Zi
SSSS C_]^+b_c_j e\ Z_ifbWo fh[iikh[ hWd][, Jhej[Yj_ed * ?_ifbWo kd_ji * Jem[h Yedjhebb[hi * L[dieh Yedjhebb[hi
Eeh[W
*KRBNOB>O O>HBO 8

Yel[h * JWd[b c[j[hi * BhWf^_Y-Fe]_Y fWd[bi * M[cf[hWjkh[ Yedjhebb[hi =bZ], 2.0 1hZ Ab,* =kY^[ed M[Y^de JWha* /71* RWaZW[+Zed]*

ASSA L[j j^[ Yehh[Yj[Z i[jj_d] lWbk[ |LOK0L34} * MWY^ec[j[h-Jkbi[|KWj[} c[j[hi

Pedc_+]k* =kY^[ed+i_* Bo[ed]]_+Ze* 20.+512* Eeh[W
M@F860+10+4/.+051. - A<Q860+10+107+.506

AVVA <kje i^_\j Yehh[Yj_ed [hheh m_j^_d i[jj_d] fh[iikh[ hWd][, =hWYa[j
* M[cf[hWjkh[-Ckc_Z_jo jhWdiZkY[hi *B0aU]` 8 iWb[i;Wkjed_Yi,Yec

ASVA C[nW]ed mh[dY^ Xebj|G1n4}

fWd[b
*
*
Lj[ff_d] cejehi-Zh_l[hi-cej_ed Yedjhebb[hi
FWi[h cWha_d] ioij[c|>I0* HZ8R<B}
P\Y dfcdcgU` cZ U dfcXiWh ]adfcjYaYbh
UbX XYjY`cdaYbh : dfcXiWh=Uihcb]Wg1Wca

nP\Y UVcjY gdYW]Z]WUh]cbg UfY giV^YWh hc W\Ub[Y k]h\cih bch]WY1 * FWi[h m[bZ_d]-iebZ[h_d] ioij[c @J+E@+55+../2<