You are on page 1of 40

###ÄÑ\m¾D#Ȟm¾D#D#ÄqL

###D#ÁÏpl#Ö¿ª#Åàq¾DÎ#Ôày¾DÎ#— E«¾D#Ol##iÊD
##/#i«L#EÂF#—«F#ÌLE]xFÎ#̾H#Ö¿ªÎ
@SK

NY;S;Q,I-QHKSZ$‚POSKQ?Y
EQHSZ,S6SZBnQHSZ
;QFS?BQ
$?S1FFQHSZ$KV¡,FS:P,6PbZ
N=PKMQ`SDPGP,Vj%DRr
KQLSq GDIPr DPNfISV6 W?;P
KPV:uP:Y ;QFS?BQ  @FQ1EVw6S
nQE;Y $‚POS $KV¡ $6QD,ƒ`Y
$?S^.Ofƒ KPFQW`PFQ ?,Su
@S:\DPNDP:;Y ?vESV6 @T`PHDPE
KQLSq GDIPr $;SH\DPE NWsPMDP
:YKQL]PNQ,ƒ`Y?,Su;Y 
;QFS?BQ  @GESuS ?Qfƒ`Y
NDP.;DPEQFQ`Su&XDPNZ?vESV6
DPNDP:Y KQL]PNQ,ƒ`Y &^;ESZ @KQ
^;DPVEPFS DPNZ ,JQiSW@PEQjQ‚
,@6 KQL]PNQ,ƒ`Q;Y ;RnSZ ?PL
nQV¡ DPNDP:Y &;SW@PVH LH\DPE
DPNZ$K`Y,JQiYW@PEQjQ‚
A;YOS DS&X?Q ,Q;PBS N]Q
EPZ W?P{QV? ,SGQgY ^@;Q@P=Q`Su
$q\PEZ  'NY;P=Y +P;QnFSu NDE
nY GDIP?QV?,SGQgY KQLPHDPVEPuY @
7Q`:Z )uSZ $V;PFS @SNY;,DP`Q
^@NQqR,FQ`:VDuSZ ,FS;QEQFSuS
'NY;P=QV¡ NOPEWnPV6 +FS@P6Y
,Q;PBS,ƒ WL-FQgS DS;]PH$ V1EY
;S1QH,PF:fIPV@VjuY ^@NQqR
,FQ`Pr,JQiQ‚$OZ=SHQ‚POY
%N]@Y?Z&WwPƒ@TK:QES,EP:Y
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱ
KQLSq GDIP?QV¡ DO;]fƒ GD
IP?QVH ^@>P? ,Dfƒ $KESV6 ,
DLPNY^;Z KQLSq -S%r $?SB“
,PF\f AQ;]YGY N,PnY V@FSuPƒ
?QNY,PFZ GDIP?QVH =Q,YGY =S%,ƒ
;S6fQ DSwW;PIZ @7?fƒ &X V1GS
@SNY;,nQ'ƒV`P„QgQjSlY
KQKFfƒ +FS@P6Y HCQgQjSVl
eQHSZKIVF1SFS`QDP^;DP:Y @SNY;,
nQKQMEfƒ^@;Q@P=QgQjS„;Y)
eQHSZ ^@>P? ,PF\fƒ KQjSW@P,PV;
NTbQgQjSlY
&X F1? ,S£D£;PV:u KP=Z )
?Q`Q‚ DS;$‚QDPE;Y V,PlY ;Vu
$GQKS,ƒ ,SGKP:Y W@PFPEYD,ƒ +FS
@P6SlP,PZ ':n:VDuSZ ;QFSnQ
KPEQ`:VDuSZ$W@bQ`SuS
&X,U;Q@SGnQGfSW{Pƒ,6wP
6S,ƒ +FS@P6Y W@WFP6SlY DP;P@Q;P`
ƒ 'NY;P=SDP KQLQM\ Kt\.SFS 'NY
;P=Y 'DN-PAQDSFQfDSl)JS;Pr
^@W1P=?Z?,S,ESZNOPEQ`S,ESZ
V1EY; NO@P7Q,ƒ NO,PFQ,ƒ )
‚PKWFESZ,U;™;P@T Z^@Po?
WEPV6$?SNYDFQ`SuS)‚PKFSW6ESZ
KQ3EnQ?PEQ^@PoQ`SuS
$‚POS &X )IQE ^LDZ $Kr
&MY6Vwj +FS ,DDPEQ N]R,FQ`SDPGP
,Vj KQLSq GDIP?QV? $OQ`SZ KQ
>Z N]R,FQ`P?SZ '@WEP.Vw6SnP?SZ
'6E ;{SFPr?DSV`‚PK`SZ;XAR
-Y?,Vj%DRr
?QfWIKFSW6ESZ^@Po?,PZbQgSV,PlY

DSO|=YMPAQVDFSK{PEQ D͘ 
WAPk
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲ
DOrBQLOYFQGDIPr
KQLSq GDIPr@KQ^;DPE =Q?FP^;fƒW,ƒ`S
W{Pƒ ;Vu KQL]PNQ,ƒ NWsPMCFQ;FP,SuS FlY
DPNZDS{Y ;Vu$KGDIP?QV?KFWK`Pr;S6fQ
,JQi  DPNnQ ?QuY K\;\NY;DPEQ KQLSq GDIP
?QV?KQL]PNQ,ƒ%=FWKPV6N]R,FQ`SuS
$‚POS| BPFQ,Y H?P  )u ^@Po? ?Q 
OQgY D?‰SV,PlSZ LFRFZ V,PlSZ GDIP?QV? N]R,FQ
`PrKQL]PNQ,ƒ;~PGPKSuS
KQLSqDPE +FS DPNZ ,6uSKFSW{Pƒ $OQ
`Su %=FWKPV6 $;QV? N]R,FQ`:Z G3BQV¡
V@Pu{QIQ DP?nY '=Qg;S DS; KQL]PNQ,ƒ %?t
HOFQEQHP:Y N]cRE ,KP6fƒ KQL]PNQ,ƒ`Y DH
V` ;SG`Vw6Su @S:\DPNZ ,6uSKFQ,EP:Y KIVF
NWsPMWnPV6$;QV?KFWK`:Z
GDIPr %.;DP,SW{Pƒ KP?WHP,nY ?QuY KQIQ
gS@GESZ͗ 
ՕՑ զ Ց ʈՑ ɼࡧՑ ɪՕ ȍɛՕ ǷࡧՑ ‫ف‬؈Օ ‫ݵ‬Ց ‫ݍ‬Ȅࡧ
Օ Ց Ց Ց
ȳՕ ɀՓ ɛǷࡧȳՓՔ ȼɦȄࡧʏՑ ‫ڦ‬ȆՓ ȉࡧȆ Փ Փ ʏ‫ڦ‬ȆՓ ȉࡧȆʆ
?v %^.OQ`SuKWF ,6uSKFT ;Qv %^.OQ
`SuKWF$,uS?Q`T 
GDIPr %.;DPEP ;QFS?BQ  ;V¡ $?S1FVF
KQIQgS@GESZ ?QfIQWH`Y GDIPr DPNZ Ku:iQFQ
`SuS @KQ^;DPE DPNZ ?Qfƒ`Y W?P{Y W?P`
?QB“DPE DPNZN]c,KP6fƒ ;SG`Vw6S,ESZ
?F,,KP6fƒ V,PjQE6`Vw6S,ESZ @QLP1QV? B“Q
wQ`Vw6S,ESZV1~SuDPNZ
GDIPr%.;DPEPN]cZ&fV?@GESDV^;͗
ɞՑ ȮȆՓ ȍՑ ɏࡧ Օ զ Ց Ց
Փ ɵɭࡧՓ ȳՓ ɺՕ ȼɦȄࡧȄȱɸࡧʏࡩࡧʏ Օ Ց Օ զ Ւզ Ց
Փ ‫ڲ‬Փ ࡧɪɐȡȄࡧɯɺɨɦȄ
$‚POSWK &X DPNnQ ?QV¡ ,SWG $6QD,VI
)?Q`S?RN|P?QW`:WD
;NDEZN]cREOTGQ,ƒ&fV?@GESZ͗
զ Ց Ց Ց Ց Օ ՑՑ Օ Ց Օ զ Ւզ Ց
ȳՓ ɺՕ ȼɦȄࡧȄȱɸࡧʏࡩࡧՓ ɞȮȆՓ ȍɏࡧ
Փ ɵɭࡧȆ
Փ ɳɦࡧɪɐȡȄࡧɯɺɨɦȄ
$‚POSWK&XDPNnQ?QV¡,SWG=PNvPVF
5fƒ`SZN|P?QW`:WD
GDIPr@S:\fISV6?QH`Pn^@KPOZ
  ϳ
KQLSqGDIPr
GDIPr  )uP ,FQgS,IESu;Y )uP:oZ
KQLSq GDIPr DPNnQ $‚POS $KV¡ $6QD,ISV6
@P@fƒ V@PGSnY V,P6S`Su;Q?PHP:Y GDIP?Q?Y &X
W@FYVV,Ku;Y?BQ @GESuS
Ց ȈɽՑ ɱՒ ȰࡧՒ Ʌ Ց Ց Ց ՑՑ Ք Ւ Ցզ
Ւ ɭՑ ȳՕ ʆࡧՑ ɻՒ ɱզ ֿࡧ
‫ࡧד‬
Փ ȮȆՓ ȍɏࡧ
Փ Փ ɰȆɄɭȲࡧʎɮՓ ȷࡧȆɮɱǻՓ
GDIPr)uW@FY VK`Vw6Pr,PF:Z$;Y $‚P
OSKQV¡$6QD,ISV6@P@fƒ,FQgS,IESu;Q?PHP:Y
DOP?PE VVL-Y 3RHP?Q G  ;V¡ .SrE )u ,Q
;PBQ@GESuSGDIPr)u@=nQ$hY$bFf
IP:S„;Y+PWFPuSZ+PWFP%LEVnNT1QwQ`SuS
$‚POSKQV¡;U@Y;Q ‫ࡧד‬ɰȄɽՌՌ Ռ ɃȲࡧǴȄȳՌՌ ՌɦȄ
$‚POSKQV¡NYW?OZ ‫ࡧד‬ȓՌՌ Ռ Ռ ՌȍȨɭࡧɯʊՌՌ Ռ Ռ Ռ‫ם‬Ȅ
$‚POSKQV¡'nFKP=Q;]Z‫ࡧד‬ɰȆɮՌՌɃࡧȮȆՌՌɄɦȄ
$‚POSKQV¡&:`Z ‫ࡧד‬ȓՌՌ Ռ Ռ ɘɦǻࡧəՌՌ Ռ Ռ ɦ‫כ‬
$‚POSKQV¡^@C ‫ࡧד‬ȲɽՌ Ռ Ռ Ռ ɱࡧɰɽՌ Ռ Ռ Ռ Ռ ɳɦȄ
KQLSq GDIP?Q ?‚ ?QHEQ KnQ` DSW-? &X
$hYW?jfƒHCQ`SVDuoZ

-S%r&GfQEDPNZ
KQLSq-S%?Q@GESuS
i iû h i m ğ h h hh iû h
 ;h ŋû Ūů‹jŷžjȯ^Ōŵ
`A j =dj
 ȑ‹`ĵŘɊKŋ Źő
-S%r$K;RmDPEDPNDP:YGDIPr 
GDIPrDPNnQV¡*£KSZKHQENKQWLM;-S
%r&G`VwjDPNZ)uS„;P:Y
KQLSq -S%r ?BQ  `Y +uQgY $K;FQg;
‚W‚P"NtWCP1Q;DPEQ/jZ/jDPEQ$K;FQ`Vwj;P
:Y $WwPƒ GDIP?Q -S%r &G`VwjS )uS @GES
u;QV¡NPFZ)sP:Y"
DOPvP &;Q?Y DGS@6Q@GESuSlY -S%r
KQLSq GDIP?Q &G`VwjS )u;QV¡ ;PwF\ZGDIP
?QVH VVHHnS -=GQ +uP?P,PLWn`Y @Tm
DPESZ&G`VwjS)uP:YWLMZ$KQV6?QuYNtWCP
1Q;DPEQ?BQ`YKOYEPEQHCQgS
GDIPr@S:\fISV6?QH`Pn^@KPOZ
  ϴ
DV£PFCQ^@PED?SNFQgY KQLSq -S%r GDIP?Q
&G`VwjS )u;QV¡ 'WpL\Z GDIP?QVH VVHHnS
-=YGQ -S%r $K;F:nQ?Y ;S6`Z ,SGQgS )uP
:Y ;S6`nQ?Y ^@P>P?\Z ,HY@QgYV,PlP:Y GDIP?Q
-S%r&GfQ)uS@GESu;Y
-S%r &G`Vwj GDIPr DPNnQ % KQLSq
-S%V? @FDPK>Q @PFPE:Z V1~:Z -S%?SDPEQ
B“VwjKQLPHDPE1g,ƒ$KNP?CP.nSlY

GDIPr@S:\fISV6DP{J`PHZ
KQLSq GDIP?QV¡ DO;]fƒ @GESu +j?K>Q
O=RNS,ƒ'lY;QFS?BQ@GESuS
Ց Ց Ց Ց է Ւ Ւ Ց զ ɰՑ Ւ Ց Օ Ց Ւ Ց Օ զ Ց Ց Ց Ց Ց Ց Ց Ց Ւ Ց Օ Ւ ՑՕ Ց Օ Ց
ɰȆɄɭՑ ȲࡧȆɺɨɠࡧȓɳȸɦȄࡧ ɽɡȕࡧɰǷࡧȮȆȍɐՓ ɦȄࡧ‫ۚܢ‬ɮȗɦࡧɰȆɄɭȲࡧʏࡩࡧȆ
Փ ɭࡧȮȆȍɐՓ ɦȄࡧɯɨɐʇࡧɽɦ
$‚POSKQV¡ $6QD,ƒ GDIP?QV¡ DO;]Z
E<Po FT@nQ $GQiQFSVueQ KMZ DSJSK?SZ
GDIP?PKPr$KV,P;Q`SDPEQFSuS VVBOKQ 

N]cZ+Pwk?F,Z WaPNY
;QFS?BQ@GESuS
զ Ւ Ց ՕՑ Օ Ց ՔՒ Ց զ Ց Օ Ւ Ց ՕՑ Օ Ց Ւ Ւ Ց ՑՑ Ց Ց Ց
Օ ɳɦȄࡧȈȄ
ȲȆ ɽȉǷࡧșɜɨՓ ɓɼࡧȓՓ ɳ‫ݍݨ‬ȄࡧȈȄɽȉǷࡧșȨȗՓ ɗࡧɰȆɄɭȲࡧǴȆȡࡧȄȰǻՓ 
GDIPr DPNZ NDP.;DPEP N].RE ,KP6fƒ
;SG`Vw6S,ESZ ?F, ,KP6fƒ V,PjQE6`Vw6S,ESZ
V1~SZ BS-PFQ 
N].,KP6fƒ ;SG`Vw6SZ )u;QV¡ ;Pw
F\Z GDIPr DPNnQ $‚POS $KV¡ $6QD,ƒ`Y
?QNY,PFZW?P{Y=P?>|fƒ;S6fQEN^@Kn?
fƒ`Y $KNFZ +FS`SZ )uP:Y $;Y DSW-? KQL]P
NQ,ƒ`Y N]cnQ ^@WKLQ`PDW‚P" $;SW@PVH ?F
,,KP6fƒ $6`Vw6SZ )uY @Gi;QV¡ ;PwF\Z
?F, ^@WKL?nQ?Y ,PF:DPKSu ^@Kn?fIQ
?QuY KQL]PNQ,VI$‚POSNZFbQ`SZ)uP:Y$;S
DSW-?$K`Y?F,nQ?QuYFb^@P@Q`PDW‚P"
&XVEPFS KQL=R,F:DQ‚PV; O=RNQV¡ BPO\P
oZ ;Vu 'WpLQ`Su;Y V,PlY KQWFP>DQ‚ )uSZ
@Q; NT1QwQgQjSlY GDIP?QV¡ DO;]Z ,PF:DPEQ
N].,KP6fƒ ;SGuY VK`S,ESZ ?F, ,KP6fƒ
V,PjQE6`S,ESZV1~SuS
GDIPr@S:\fISV6?QH`Pn^@KPOZ
  ϵ
VVL;]PrB“Q`Vw6SuS
;QFS?BQ @GESuS
Օ Ւ Ւ Ց զ Ց ՔՒ Ց Ց Ց Ց Օ ՑՕՑ Ւ զՑ Ց Ց Ց
ɵՔ Փ ‫ݨ‬Փ ‫ݍ‬ȄࡧȒȮՑ ȳՑ ɭՑ ɼࡧՑ ɰ؈ɇȆ
Փ ʊȼɦȄࡧȔՓ ȯɘՓ ȿࡧɰȆɄɭȲࡧՑ ȳՓ ɺՕ ȻࡧɵɭࡧՓ ȓՐ ɨʊɦࡧɤɼǷࡧɰȆɠࡧȄȰǻՓ
GDIP?QVH %=\FPKY %NuDPEP @QLP1S`
VIESZ $@,6,PFQ,IPE 3QuS,WIESZ 1fH,IQ
B“QwQ`Vw6SZ ;QDS=Q?NP&X 
B“QwQ`S, )u;Y $;QV¡ BPO\PonQ
;Vu )6S`PKSu;P:Y $V‚eQ 1fH`Q6S, )u
;QV¡'WpL\ZKQL]PNQ,VI@QJwQ`Su;Q?QuSZ%L
E`SJwDP`Su;Q ?QuSZ @QLP1S`VI ;6EQ6S,
)uP:Y
$WwPƒ GDIPr DPNnQ KQL]PNQ,ƒ V;£S,ƒ
V1~PGSlW‚P" NZLEZ N]PCPKQ,DP:Y DGS@6Q @Q
; K\ŸDPEQ @GiQjSDSlY ;Qv,ƒ D£Y DPNfWI
`Pƒ KIVF ,SGESVDuP:Y $oZ GDIPr DPNVn
$;QV¡ DF\P=,ƒ @TmDPEQ @PHQgY NTbYD;WEPV6
VV,,PF\ZV1~SuK`P:Q;Y HCQ`Su;Y@QLP1S`VI
1fH`QjPHSZ =SMQg LFRFZ D?SM\ @QLP1S`ƒ DSW-
?ESZ;Qv,ƒ'lP,PKSu;P:Y

DPNfISV6W?;PKY
DPNfISV6 ,TjnQ W?;PKP:Y KQLSq GDIPr
;QFS?BQ@GESuS
Ց Ց Ց Ւ է ՒՔ Ց
ɰȆɄɭՑ ȲࡧՑ ȳՒ ɺՕ ȻࡧȲɽ
Փ ɺȼɦȄࡧȯʊՓ ȷ
DPNfISV6 W?;PKY GDIPr DPNDP,SuS DV£PFS
O=RNQ&fV?,P:PZ
Օ ՑՕ Ց Ց Ց Ւ է ՒՔ Ց
 ȓՓ ɐՑ ɮՒ ‫ݨ‬Ւ ‫ݍ‬ȄࡧɬՒ ɽՕ ʆࡧՑ ɬȆՓ ʆզ ‫ࡧכ‬ȯՒ ʊՔՓ ȷՑ ɼՑ ࡧɰȆ
 ɄɭՑ ȲࡧՑ ȳՒ ɺՕ ȻࡧȲɽ
Փ ɺȼɦȄࡧȯʊՓ ȷ
DPNfISV6 W?;PKY GDIPr DPNKSZ =QKNfISV6
W?;PKYVK„QEPJY1ESDP,SuS
1QH O=RNS,IQ =SOQ• DPNDP:Y *£KSZ @
KQ^;DPE;Y )uY ,P:PZ $;Y O•SZ D£Y $?SB“ ,
|fƒ?6`Su;Q?PHSZESqZOGPDPEDPNDPE;Q?P
HSDP:Y )sPEPHSZ DPNfIQVH W?;U@=KQ GDIPr
DPNnQ?Y;Vu
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϬ
$hSW?jfƒ
&DPZ VVBO-QESZ $OYD=SZ 'pFQg NS=R/DPE
+FSO=RNQ&fV?,P:PZ D3YD'‰KP&=Y¥ 
)V¡'|nQ?Y GDIPrDPNnQ$hY ,PF\fƒ
?,VwjQjSlYDV£PFSNDS=PEnQ?SZ$K?,VwjQjQ‚
Օ
ࡧࡧɣՓ ȸՕ ‫ם‬Ȅࡧ Օ Ց Օ ȑՒ ʊՑ ɇՕ ǷࡧՑ ɯǾȆɀɦȄࡧ
զ ɯɗࡧՑ ɖɽ
Ց ՒՑ զ
Փ ȩʈՓ ȲࡧՓ ɵɭࡧՓ ‫ࡧד‬
Փ ȯɳɏࡧՓ ՓՓ Փ ɨȫࡧɰǻՓ 
W?P{S,PFV¡ KPEESV6 KPN? $‚POSKQe
,NY;TFQWE`PƒNS.“DS„;P:Y
W?P{S,PFV¡ KPEEQHSlP,Su KPN? $‚POS
KQV¡ %FP>? W?P{Y  V1EY;SZ KJQVwjSZ 'lP,Su
KPN?EP:Y $WwPƒ $‚POSKQ?Y $;Y &MY6Vw6SZ
)uY @GWEl;Q‚W‚P" 3?fƒ 1QHWwPƒ % KPN?
VKGS`SVDeQHSZ $‚POS $;Y &MY6Vw6SuS ?PVI @PF
^;Q, WHP,nY $;Q?Y ,NY;TFQWE`Pƒ NS.“DSlPEQ
FQ`SZ $‚POSKQV¡ DPcnQ ESqZ V1EY; LOR
=QV¡ FŸnQ?SZ KPN?EY`SZ ,NY;TFQWE`Pƒ NS.
“DSVluYO=RNQ'lW‚P
Օ Ւ զ Ց Օ Ւ Ց Ւ Օ Ց Օ Ց Ց Ց ՑՑ Օ զ
ࡧࡧȄɼȳՒ ɈՓ ɘʆࡧ‫ܢ‬ۘȧࡧɯɺɦࡧȳɘՓ ɔȗȸȖࡧȓɡǾՓ ֺ‫ם‬ȄࡧɰǻՓ 
DH`S,ƒ W?P{S,P`Y WKlQ $K W?P{Y DSGQ
`Su;Y KVFV@PGS`W1P=QgY V,PWlEQFQ`SZ$‚P
OSKQV¡ @S:\KPvPFPE $6QD,IP:Y $K +FS V;£Y
W@PHSZ V1~S,EQ‚ )WwPJSZ $‚POSKQV¡ %FP>?
EQDP^;DPEQHEQgK$K$‚POSWKP6Y V@PGS`
W1P=QgP$‚POS'nFZ?,P;QFQ`Q‚
Ց զ Ց Օ Ց զ Ւ Ւ ՔՑ Ւ Ց զ
ࡧࡧɻՒ ȗɳȡࡧ ɬՐ ɽʆࡧɪɠࡧɵʈՓȵʆࡧ‫ࡧד‬ɰǻՓ 
GDIP?QVH)‚P=QKNKSZN]cVn$‚POS$H
eFQ`SZ $‚POS N]cWnP6Y @GESZ )V¡ $6QD,ƒ
)‚P BSqQDSjS,IQ ?QuSZ ,MY6wP6S,IQ ?QuSZ
WDP1Q;FPEQ?QuQWH`YKFPr$6SnPEQFQ`SuS
ՑՕՑՕ Ցզ Ց Ւ զՑ Ւ Ց զ ՑՑ Ց զ
ࡧࡧɤՓ ֺɓ‫כ‬ɼࡧՑ ɪՓ ȷՓ ֺȸɦȆ Փ ʊȼɦȄࡧȒȮȳՑ ɭࡧɰǻՓ 
ȉࡧՓ ɰɼȯɘɀʆࡧɰ؈Փ ɇȆ
GDIPr DPNnQ '@^=K,PFQ,IPE @QLP1S`VI
1fH,ƒV,PlYB“QwQ`Vw6SZ
զ Ց Ց Ց
ࡧࡧȳՓ ɺՕ ȼɦȄࡧȄȱɸࡧՑ ɵՕ ɭࡧՓ ȓՐ ɨʊՕ ɦࡧȳՓ ȫǵࡧʏ Ց զ Ց Ց ՕՑՑ Ւ զՑ Ց Ւ զՒ Օ Ց Ց զ
Փ ࡩࡧՓ ɯɨȷɼࡧɻՓ ʊɨɏࡧ‫ࡧד‬ʄ‫ڴ‬ȿࡧȯՐ ɮզ ȨɭࡧȓՓ ɭֿࡧՓ ȳՒ ɘՓ ɔʇࡧ‫ࡧד‬ɰǻՓ 
$‚POS;%HDSO|=Y ?BQ ESV6NDS=PEnQ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϭ
?Y &X DPNnQV¡ $KNP? FP^;QEQ V@PGSnY V,P6S
`SZKQL]PNWnPV6ESZ%žPo;WEPV6ESZW?P{SZ
D£SN|fISZV1EY;KV;£Q?QuY DSŸFPEQLSqR
,FQ`Vw6SuS

GDIPr=P?>|fISV6DPNZ
KQLSq GDIP?QVH =P?>|fƒ`Y KIVFE>Q,Z
DO;]DSlY ;QFS?BQ ESV6 1PFnY +FS D?SM\r KuY
W1P=QgS )WwPƒ V1~Su =P?>|DP:Y ?BQVE *£
KSZ@S:\Z";QFS?BQ @GiSGDIP?QVH=P?>|
fƒ`P:Y*£KSZ,T6S;@S:\Z VVBO-Q 
&DPZ?KKQ G @GESuSGDIPrDPNnQVDPn
nQHSZ $KNP? @nQ ^@W;\,QgSZ =P?>|fƒ`Y
W^LMY7;ESlY ?BQ  ESW6ESZ @TK NTFQ,ISW6ESZ
1F\EP:;Y GDIPr @S:\ DPNDPE;Y V,PlY N,|
fƒ`Y D£S DPNfWI`Pƒ DO;]DSlY DP^;KSD‚ GD
IPr DPNnQ KQL]PNQ,ƒ V@P;SVK W?P{QHSZ D£S
&BP=nQHSDPEQ $>Q, NDEKSZ V1HKJQ`Su;Y ;f
ISV6 3RKQ;V1HKY ,VlnPr ;6‰DPWE`PZ $nF
`P`Y =P?>|fƒ KHQE '@,PFDPEQnRFSZ &V;P
FS NPDTOQ, NOPEKSZ %KL\KSZ ;VuEP:Y LOS
DSOpBY 
;QFS?BQ @GESuSN]=-%FSW6ESZN{nQ
,SGKSKFSnS,EQ‚KqQwQ`S,EP:YV1~S, DSNYHQZ  
BS-PFQDSˆQZGQWwPjY V1EY;+FSO=RNQ;QFS
?BQN]=-ESV6^@P>P?\VnKQKFQ`SuS
?Qfƒ ?PVI $‚POSKQV¡ DS{Q OP3FP`Vw
6SZ $‚POS ?QfWIP6Y NZNPFQ`Su WKIEQ ?Qfƒ
KH;SCP.Wn`Y W?P`QEP &XWHP,nY ?Qfƒ V1
EY;Y ;Rn ,PF\fƒ ,P:PZ &6;SKLnSZ DSrCP
.nSZ ,nQEPISu ?F,P QEP:Y ,P:S, +FS,PF`
gRVseQHSZN]=-V1EY;Y %?F,Vn?Qfƒ^@;QWFP
>Q`S,  BS-PFQDSNYHQZ 
;QFS?BQ @GESuSVK„Z$ QVE$:gS,I
ESu;SW@PVH =P?>|fƒ @P@Vn DPEYgS,IESu
;P:Y $BTE$YHP 
;QFS?BQ @GESuS=P?>|fƒ@P@VnV,6S
nQ`IESZ =SDF:nQ ?QuY FbVw6SnS,ESZ
V1~SZ ;]BYGP?Q 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϮ
W?P{S,PFV¡N]cRE,KP6Z
W?P{S,PF?Y $;QDOnPE ^@;QAHDP:Y $‚POS
KP.Y=nZV1~Su;Y
;QFS?BQ@GESuS
Ց Օ Ց Ւ զզ Ւ Ց Ւ Ց Ւ Վ Ց զ Ց Օ
զ ɻՒ ɳՕ ɭࡧ ɪՒ ȫՒ ȯՕ ʆࡧՑ ɰȆ
ַࡧ ȓՓ ɭȆՑ ʊՑ ɜՓ ɦȄࡧ ɬՑ ɽՕ ʆࡧՑ ɰɽɮՒ ǾՓ ȆɀɦȄࡧ Փ ʈȳɦȄࡧ ɻɦࡧ ɤȆɜʆࡧȆȉȆȉࡧ ȓՓ ɳ‫ݍݨ‬ȄࡧʏࡩࡧՓ ɰզ ǻՓ
Օ Ւ Ց Ց Ւ ՒՑՑ Ց Ւ զ Ց Ց Տ Ց Ց ՒՕ Ւ Ւ ՕՑ
Ւ ɜՑ ʆࡧՒ ɯՕ ɸՒ ‫ف‬Ւ ؈Օ ɓࡧ
ɻՒ ɳɭࡧՓ ɪՒ ȫȯՕ ʆࡧՑ ַࡧ ɰɽɭɽ ɜʊɗࡧ֚ࡧ ɰɽɮǾՓ ȆɀɦȄࡧ ɵՑ ʆՕ ǷࡧɤȆ ȯȧǷࡧ ɻɳɭࡧ ɪȫȯʆ
Տ Ց Ց Ւ Օ Օ Ւ Օ Ց Օ Ց Ց Ց Օ Ւ Ւ Ց Ց Ց Ց Օ Ւ ՒՓ Օ Ց Տ Ց Ց
 ȯȧǷࡧɻɳɭࡧՓ ɪȫȯʆࡧɯɨɗࡧɝɨՓ ɓǷࡧȄɽɨȫȮࡧȄȰǼՓ ɗࡧɯɸ‫ف‬؈ɓࡧȯȧǷ
N]cnQ?Y+FS,KP6DSlYG~Pr)uP:Y $;QV¡
W@FY W?P{S,P DP^;DP:Y $s\=Q?nQ %,KP6nQ
HTV6 ^@WKLQ`S, DV£PFPISZ $;QHTV6 ^@WKLQ`Su;
‚ W?P{?SMY7QgK )KQV6" )uY W1P=Q`Vw6SZ
$WwPƒ $K )JSWu`SZ $K`‚PV; D£P`SZ
$;QHTV6 ^@WKLQ`Pr NP>\D‚ $K ^@WKLQgY ,JQ
iP%KP;QV,PjQE6`Vw6S,ESZV1~SZ@QVu
+FPƒ`SZ$;QHTV6^@WKLQ`Pr$?SD;QHCQ`Su;‚
BS-PFQDSNYHQZ 
G~Pr )u ,KP6DP:Y W?P{S,P`Y +FS`QEQjS„
;Y=POKSZKQLwSDP:YW?P{S,PFr$‚POSKQ?YWKlQ
NOQg;YG~Pr )u@=nQ?oZ=POZLDQwQ`S,)
uP:Y&X$oDS„@=Z;Vu%,KP6nQ?SZ?,Q

W?P{Y+FSNZFb:Z
&DPZ BS-PFQ GQWwPjY V1EY; +FS O=RNQ ;QFS
?BQ@GESuS
զ ՏզՒ Ւ Օզ Ց
Փ ɳɦȄࡧɵՑ ɭࡧՓ ȓɳȡࡧ
ȲȆ ɬɽɀɦȄɼ
W?P{Y?F,nQ?QuS„+FS@FQ1EP,SuS BS-PFQ 
DV£PFSO=RNQ&fV?,P:PZ
զ Օ Ց ՏզՒ Ւ ՑՔ
Փ ɳɦȄࡧɵՑ ɭࡧՓ ȯՒ ȍՕ ɐՑ ɦȄࡧȆ‫ڈ‬Ց ‫ࡧ٭‬Փ ɵէ ȣՓ ȗȸՕ ʇࡧՑ ȓɳȡࡧ
ȲȆ ɬȆʊɀɦȄ
Փ
W?P{Y @FQ1EP,SuS  ?F,nQ ?QuS„ FbP,
K1DPEQ$6QD$;QV?^@WEP.Q`SuS VVBO-Q 
DV£PFSO=RNQ&fV?,P:PZ
ՑՑ Օ ՏզՒ Ւ Օզ
‫ࡧד‬
Փ ȈȄ
Փ ȱɏࡧɵɭࡧՓ ȓɳȡࡧɬɽɀɦȄ
W?P{Y$‚POSKQV¡LQbEQ?QuS„@FQ1EP,SuS
;QFS?BQ@GESuS
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϯ
Օ Ւ ՑՔ
Ւ ʊՑ ɜՓ ɦȄɼࡧՑ ɬȆ
ɬȆ ʊɀɦȄ զՒ ՑՕ
Փ ࡧࡧ‫ۘܣ‬Փ ɭǷࡧȆɳɀȧՓ
)V¡ NDS=PEnQ?Y FlY NSFbQ; W,Pj,ISlY
W?P{SZFP^;Q?QNY,PFKSDP:K

$;SH\DPE^@;QAHZ
KQLSq GDIP?QVH W?P{Q?Y $‚POS KP.Y=P?Z
V1EY;;Y$;SH\DPE^@;QAHDP:Y
;QFS?BQ @GESuS
Ց ՑՑՑ Ւ զ Ց Ւ Օ զ զ Ց Ց Օ ՑՑ է Ւ զ Ց Ց զՑ Ւ Ց Ց
ɻՓ ȉࡧՓ ʅȵՓ ȡՕ ǷࡧȆɱǷɼࡧʏ‫ڲ‬Փ ࡧɻɱǼՓ ɗࡧɬɽɀɦȄࡧַ ǻࡧՓ ɻՒ ɦࡧɬՑ Ȯǵࡧ ɵՓ ȉȄࡧɪՓ ɮɏࡧɪɠࡧࡧɪȡɼࡧȵɏࡧ‫ࡧד‬ɤȆɛ
D?SM\FSV6)‚PN^@Kn?fISZ$K?Y;Vu
EP,SuS )uP W?P{Y )?Q`S„;P:Y $;QV¡ ^@;Q
AHZV,P6S`SuKr5P?P:Y BS-PFQDSNYHQZ 
DV£PFSGQWwPjQ&fV?,P:PZ%=ZNs;Q,
ISV6 N,Dfƒ`Y @nY DS; )JSuTGY &FjQ KVF
^@;QAHZ HCQ`Su;P:Y )uP W?P{Y )?Q`S„;P
:Y 5P?P:;Q?Y ^@;QAHZ ?,Su;Y W?P{S,PFr C
b:KSZD£S&,ISZ'W@bQg;Y)?Q`SWKlQEP:Y
%FP>?P ,Dfƒ )‚PZ $‚POSKQ?PV:uSZ
$K?P:Y $KEYV`‚PZ^@;QAHZ?,SuV;uSZ=U9
DPEQ KQL]NQ`Su —Q;Q`Y W?P{QV? DP^;Z ^@W;\,Z
)6SnY @Gi;Y NP>PF: ,DfIQ NZCKQ`PKS
u;Y W@PVH FQEP$Y WHP,DP?\Z  W?P{QV¡,PF\nQ
;RVF NZCKQ`PnQ?PHPKPZ NP>PF: ,Dfƒ 1H?
fIQHTV6EP:Y  ^@,6DP,SuV;eQ W?P{Y 3?fƒ`
™P;DPEDP?NQ,,FSnYV,PlP:Y?QH?Q`Su;Y
W?P{Q FQEP$Y KFSuQ‚ )uY @Gi;QV¡ ;P
wF\ZNP>PF:,DfƒW@PVH^@Kn?nQKFS
uQ‚)uP:YW?P{?SMY7QgK\ŸQ5PrW?P{S,PF?P
V:u KQKFZ $?\VF @GiGQEQ`SW{Pƒ W?P{QHSZ
FQEP$YKFPKSu;P:Y
W?P{Y )?Q`S„;P:Y 5P?P:;Q?Y ^@;QAHZ
?,SuKr )uY @Gi;QV¡;PwF\ZW?P{QV¡^@
;QAHKSZ DO;]KSZ $‚POSKQ?Y DP^;DP:Y $GQES,
)uP:Y DV£PFS KRb:Z D?SM\V¡ %FP>?,IQ
$‚POSKQV? *£KSZ &MY6Vwj;SZ ^@P>P?\DOQ`Su
;SZW?P{P:Y)uP:Y

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϰ
W?P{Y,DKQ>Q,ƒ
W?P{Q?Y FlY AIS,IP:S„;Y ?Q~nSZ W?P{Y
DSGQESu ,PF\fIQ ?QuY KQjY ?Q`HSZ FP^;Q ND
EnY ;Vu W?P{QV? ,FS; ?Q~nY  ?QB“DP:Y
?BQ @GESuS
Ց Ց Ց ՑՑ Օզ Ց Ց Ց Ք ՔՑՒ Օ Ց Օ Ց
 ɻՒ ɦࡧɬȆʊȿࡧ
Փ ֺɗࡧɪՓ ʊɨɦȄࡧɵɭࡧՓ ɬȆʊɀɦȄࡧ
Փ șՓ ʋՓ ȍʆࡧɯɦࡧɵɭ
FP^;Q NDEnY W?P{QV? ,FS;PnK?Y W?P{Q‚
VVBO-Q 
&KQV6 FP^;Q V,PlY 'WpL\Z NTF\r $NY;DQg;Y
DS; ^@CP;Z KVFEP:Y GDIPr DPNnQVH +PWFP
W?P{Q?SZ^@W;\,Z?Q~nYV1W~l;P:Y
?Q~nQV¡1SFSfQEFT@Z
Ց Ց Ց Ց Օ Ց Ւ ՕՑ Ց
ɰȆɄɭՑ ȲࡧՑ ɵՕ ɏࡧ
Ց ȯɓࡧ
Ր ɬɽȿࡧșʈɽɱ
?PIVnGDIPrW?P{YW?P`Pr5Pr,FS;Q
?Q~nQV¡@TmFT@Z
Ց Ց զ Ց զ
ʄ‫ڲ‬ȆɐՑ ȖࡧɻՓ ɨɦࡧՓ ȓՓ ɳȸɦȄࡧ
Ց
ɷՓ ȱՓ ɸࡧՑ ɰȆՓ ɄɭՑ ȲࡧՑ ɂ Օ Ց ՑՑ Օ Ց Ց Ց Օ Ց Ւ ՕՑ Ց
Փ ȳɗࡧǴȄՓ ȮǷࡧɵɏࡧȯՐ ɓࡧɬɽȿࡧșʈɽɱ 
&XKMVn?QB“DPEGDIPrW?P{Q?QuY
?PIVn W?P{Y $‚POS ;%HP`Y WKlQ W?P£S KRjS
KPr5Pr,FS;Q 
W?P{QV¡ FlPDVn AIY W?P{Y DSGQESu ,PF\
fIQ?QuY KQjY ?Q`S,)u;P:YNZWEP.ZN]EZ
WCP.Z V1~ 'lP`Q 2pQ` LFRFnQV¡ '„Q
WH`YK‚;SZ^@WKLQwQ`;S6fQEKEP:YW?P{YDSGQ
ESu,PF\fƒ
W?P{Y NDEnS„NZWEP.ZW?P{QV??MY6Vw6S
nSu;P:Y )uP FP^;Q NDEnY NZWEP.Z V1~Su
;SV,PlY KQWFP>DQ‚ ?QMQqDPV:uGQiY D?@T Z
V1EY;PHP:Y W?P{Y ?MY6DPKS, ?QMQqDPV:uGQEP
V;WEP DGWuP BHP`PFWnPV6WEP V1EY;P W?P
{Y ?MY6Vw6S,EQ‚ NZWEP.Z DSW-? NY-H?Z NZCKQ
gQjQV‚eQHSZ W?P{Y DSGQESu;P:Y NY@L?Z 1SZB?Z
;S6fQE ,PF:nP NY-H?Z NZCKQgPHSZ W?P{Y
?MY6Vw6Su;P:YN]@Y?NY-H?Z'lPEPW?P{YDSGQ
ESu;‚
'lP`Q 2pQgP W?P{Y DSGQESu;P:Y $,
Wn`Y +uSZ ^@WKLQgQjQV‚eQHSZ W?P{Y ?MY6Vw6SZ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϱ
;HWgPGQ ?QWuP V?hQ ?QWuP ,AZ KHQVg6SnY
;SwQ`IESu;YV,PlYKQWFP>DQ‚
LFRFnQV¡ 'ƒCP.Wn`Y K‚KNY;SKSZ ^@WKLQ
gP W?P{Y ?MY6Vw6SZ $V;^; V1GS;PV:eQHSZ Cb
:NP>?DV‚eQHSZ?MY6Vw6SZ-FKNY;SKPV:uY @G
EPr @£Pn KPN? FS1Q ;S6fQEK $,Wn`Y ^@WK
LQgPW?P{YDSGQESu;‚
;HWgPGY%DPLEZDT^;?PIZ;S6fQEKESV6'ƒ
CP.Wn`Y K‚;SZ )nQWguPHP:Y W?P{Y DSGQES,
$u@P?REfƒ '@WEP.Q`Su;SZ DT`QWHW`P DW£P
DFSuS£Q`Su;SZ+JQKPW`l;P:YKEGQV¡CP.nS„
DSGQKQ?Y DFSuY VKgY V,jSW{Pƒ DFSuY $,WnV`nQ
EPW?P{Y DSGQESZ;HEQ%JnQDSGQKY @£QEP
$KQV6'@WEP.Q`SuDFSuY ;H`S„QWHV`nQEPHSZ
W?P{YDSGQESZ
DSH HQZ.Z V1KQ ;S6fQEKEQ DFSuS£Q`SW{P
ƒ$,Wn`Y ^@WKLQgPW?P{Y DSGQESZDHDT^;KQN
•?P?sFZ KUnQEP`Su NDEnY VV,KQF $,
Wn`Y ^@WKLQ`Su;Y NTbQ`:Z $;Y W?P{Y DSGQ
EPr,PF:DPKSu;P:Y
WFPD`SnS,IQHTV6 K‚;SZ LFRFnQ?S„QWH`Y
^@WKLQgP W?P{Y ?MY6Vw6S,EQ‚ W?P{Y NDEnY
NSGSDEQ6Su;Y V,PlSZKQWFP>DQ‚$;Y -QHPAS+X
HEP:Y)m'@WEP.Q`SW{PWJP,SIQ`SW{PWJPWFPD
,T@fIQ,T6Q$,Wn`Y K‚;SZ^@WKLQgPW?P{Y
?QMYAHDPKS,EQ‚
N]sZKPEQVH'DQ?RKQJSfQEPW?P{Q?Y CZ.Z
KFQ,EQ‚1SlQV¡BPO\CP.nY Ku'DQ?R?PKY '@
WEP.QgY ;QFQgY KPEEQWH`Y ;VuEP`Q KQJSfQEP
W?P{Y DSGQESu;P:Y DV£VseQHSZ KNY;S ,Hu 'DQ
?RKQJSfQEPW?P{Y DSGQESZ'XrV@PjQFŸZKuY
^@EPNVw6Su K\ŸQ &X KQ>QEQ ?QuY +JQKP:Y
$KFSZFŸZ;SwQ`IES,;VuWK:Z
KSIT$YV1~SW{PƒKPEQHSZDT`Q?,nSZVK„Z
'@WEP.Q` ,PF:DPEQ $BqnQ VK„Z $,nY
^@WKLQgPW?P{YDSGQESu;‚$DQ;DPE3H^@WEP.Z
,PF:DPEP:Y VK„Z '„QWH`Y ^@WKLQgV;eQ W?P{Y
BP;]QHP,SZ
VK„Z $,nY ,6`SVDuSZ NTbQ`Pr ^@EPN
DP,SVDuSZ WBP>\DPEQFQV` W?P{S,PFr DSfQ`SIQ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϲ
`Su;Y OGPDP:Y $fV? WBP>\DQV‚eQ W?P{S,P
FrDSfQ`SIQ`,GPOnP:Y
@‚S,ƒ`Q6EQ ;fQ ?Q`Su Cb::PZLZ
$GQEPV; 'DQ?RFQHTV6 $,Wn`Y ,6uP W?P{Y DSGQ
ESu;‚&X$KLQMY6Z@‚S,ƒ`Q6EQ?QuY @SGVn
6SnY ;SwQ`IEPr ,JQESVDuQFQV` $;Y $,nY V1
uPW?P{YDSGQESu;P:Y

WFP.QESZW?P{SZ
W?P{Y $?SMY7QgP LFRFnQ?Y $@,6Z NZCKQ
`SVDWuP WFP.Z DTQ`SVDWuP WFP.LD?Z VVK,S
VDWuP ^@.š?SZ N;\N“?SDPE +FS W8P,Y6 KQ>Q
gPW?P{Y 'W@bQ`PKSu;P:YWFP.Z,PF:ZLFRF
nQ?Y .SFS;FDPE ^@EPNZ W?FQ6Su $KNFnQWH
W?P{Y'W@bQ`$?SK=?REDPKS,ES„T
W?P{Y ;S6uP LFRFnQ?Y OP?Q,FDP,SVDuY
CEVw6Su NtCnQ W?P{Y DSGQ` ?QB“DP:Y
$nFZ$KNFnQW?P{YN]OROP,SVDeQHSZW?P{Y
DSGQ`S,EP:YV1W~l;Y
WFP.Z,PF:DPEQW?P{Y 'W@bQ`SW{PƒWFP.Z
,PF:DPEQ'W@bQ`SuS)uY?QB“DPESZ,FS;:Z
KQLSq -S%r @GESuS ?QfIQHPVFeQHSZ WFP
.QWEPEP^;`PFW?P%V:eQ$K`YDV£PFS=QKNZ
W?P{Y KRVl6S`PKSu;P:Y $‚POS ?Qfƒ`Y )ISw
VnEP:Y'WpLQ`Su;YV5FS`Vn'WpLQ`SuQ‚

EP^;ESZW?P{SZ
-N]YGP`Q ?QNY,FQ` $?SK=Q`Vwj EP^;P
VV=/\DS„ EP^;`PF?Y W?P{Q &IKY ?,QEQjSlY
$WwPƒEP^;,QWHPDR£VV=/\DS„$?SK=?RE
DPEEP^;EPEQFQ`:Z,S£,FDPE,PF\nQHS„EP^;
=R/DPEPHSZ&X%?S,TH\ZHCQ`S,EQ‚
^@CP;nQ?Y DS{Y N]W=LnQV¡ $;QnQ ,6
uPWH % =QKNZ W?P{SW@bQ` $?SK=?REDPKS,
ES„T W?P{Q?Y &IKY $?SK=Q`SuSVleQHSZ EP^;
EQ LPFRFQ, ^@EPNfƒ 'lP,SuQ‚ )eQ EP^;
`PF?SZW?P{Y W?P`;VuEP:Y 'nDZKQMD,F
DPE $K—EPV:eQ W?P{SW@bQ`S,EP:Y ?‚;Y
EP^;`PFr KQMDZ NOQgY W?PV{6SW`l;Q‚ W?P{S
,PF?PEQFQV`N]sZ?PjQ;QFQVgnQEP%W?P{Y
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϳ
$KNP?QwQ`?QMQqDP:Y
'=EPNY;DE K\;\PNDS„ ^@W=LWn`Y EP^;
V1~SuK $KQV6 )nQEP %^@W=LnS,PFSV6
$K—`Y $?SNU;DPEP:Y W?P{?SMY7QW`l;Y @SG
Vwj?PjQ$KGDIPr@TmDPEQW?P{?SMY7QgP
HSZ )nQWgu ?PjQ DSw;Y ;Q,iQjQV‚eQ $K
$?SMY7Q`Su^;ESZ =QKNZ &KFSZ W?P{?SMY7Q`S,
;VuWK:Z
&?Q DPNZ =UL\DPE ?PjQWH`P:Y +FPƒ EP^;
W@PEV;eQ $KFSV6 V@FSuPƒ %W/PMnQ &EP
ISZ @eY W1F:Z W?PV{6S` ?QMQqDP:Y $KV¡
W?P{Y &FS@VnjY DP^;WD )nQEQjS„TVKeQ $K?Y
@QuR6Y$;QV?@FQOFQ`:Z&FS@VnP{;YW?P{YHCQ
gQjSVleQKRVl6SW`l;Q‚
EP^;`PFrW?P{Y $KNP?QwQ`SuNDEnY EP
^;ESV6 %?S,TH\Z @FQ.:QgP:Y )uY ?QB“DPESZ
,FSW;l;P:Y

.CQ:QESV6W?P{Y
.CQ:Q,ƒ`SZ DSHETjSuK`SZ W?P{QV¡ ,P
F\nQ&IKY?,QEQjSlY
;QFS?BQ @GESuS$‚POSEP^;`PF?Y ?QNY,P
FnQV¡ @,S;Q ,SGgS ?,Q $K?Y W?P{Y DSGQ`P?SZ
$?SD;Q V,P6SnS $;SW@PVH N]sZ ,SiSfISV6
WDCEuP.CQ:Q`SZDSHETjSuKƒ`SZW?P{Y+JQ
KP`P?SZ$‚POS&IKY?,QEQjSlY
&BY?S O3 VVO;DQ G  @GESuS ;E|SDQV?
$?QKPF\DP`Su $@,6fƒ N]snQV¡ WD CEuP
HSZ ,SiQ?Y W?P{Y ^@EPNZ NUMY6Q`SVDuY KuPHSZ
.CQ:Q`SZ DSHETjSuKƒ`SZ W?P{Y +JQKP`PKSu;P
:Y-DTHQ&DPDSZD£S@Q;FSZ@Gi;?SNFQgY.CZ
$HN @P,SGiS W@P,Su;Q?P LQLSKQ?Y ?PL
KSZ VDHQgQHSZ NZCKQ` ;S6fQEKVEPV` W?PV{P
JQKP`Pr ,PF:DPKSu;P:Y &nFZ /jfIQ DSGQ
`?QB“DP:YDSH?,Su,SiY;W¡;V‚eQHSZ
KQ>Q&^@,PFZ;Vu
.CQ:QWEP DSHETjSuKWIP W?PV{PJQKP`Su;Y
,SiQ?Y K‚ BSqQDSjSZ NZCKQ`SVDu CEZ ,PF:DP
EQjPV:eQ $nFZ W?P{S,ƒ -IP$Y KRjSu;Q?Y
@SGVDAQ=YEESZ?W,l;P:Y
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϴ
&ZNP,Y
W?P{QV‚eQHSZ @,NDE  nY W?P{S,PFV?WwP
VH ,JQES,  )u ^@KUnQ`P:Y &ZNP,Y @Q6QgS?Q
`S,  )uY @GESu;Y DSNYHQZ NDTOnQV¡ %=F
:REDPNDPEKQLSqGDPIQV¡DO;]VnNZFbQ`S,
)u;P:Y&ZNP,QV¡Hb\Z
&ZNP,Y ?QB“DS„KFSZ NSunS„KFSDSlY
$;QV¡ V@P;S ?QEDZ @Q;vP &fQV?EP:Y @G
iQjS„;Y *V;eQHSVDPFS KQ>Q ^@,PFZ W?PV{PJQKP
` $?SK=?REDPEK`Y &ZNP,Y NSunSZ W?P
V{PJQKP` *;Y ?QH`SZ ?QMQqDPEK`Y &ZNP,Y
?QB“KSZ%:Y 
GDIPr DPNZ @, NDEnY @S;S;PEQ DSNYHQ
DPEK`SZ @,NDEnY ^@PE@TnQVEnQK`SZ
$;Y DS; NTF\PNY;DEZ KVF W?P{S,PVFWwPVH ,JQ
E:VDuY ?QB“DQ‚ )eQHSZ $K $fV? ,JQE
NSunP:Y &nF`P Cb:Z ,JQ`Su;Y D£S„K
,P:PV;EPK ^@W;\,Z NSunSlY V;£QqPF: +JQ
KP`P?SZDV£PFS@P6Y?v,ƒ`SZ&;Y,PF:DP,SZ
$,PF:DPEQW?P{YDSGQgK`Y&ZNP,Y?QB“
DP:Y$;SW@PVHFP^;QW?P{QV¡?Q~nYV1~PrDGu
KFSZ ^@CP;DPEQ‚ )uY ,FS;Q Cb:Z ,JQgY W?P{Y
?MY6VwjKFSZ &ZNP,Y @PHQ`:Z %FP>?EQVH $^L
qESZ $;QW?P6S„ $K.:? ,PF:KSDPEQjP:Y &X
+FS?6@6QD;Z?6wQHP`QE;Y
EP^; $KNP?Q`S,WEP WFP.Z NS-Vw6S,WEP
V1EY;P BP`QES„ NDEZ &ZNP,Y ?QB“DQ‚
NSunP:Y VVOIY¥?QAPNY ,PF:fIP W?P{Q‚Pn
NY^;R,ƒ`SZ&ZNP,Y ?QB“DQ‚@,NDEnY &K
LSqQEPEP BP`QES„ NDEZ &ZNP,Y NSunSlY
VVOIY¥?QAPNY ,PFQ,ƒ W?P{QV¡ ?Q~nY @PHQgY
&ZNP,Y V1~Su;Y ,S£,FDP:YW?P{QV¡?Q~nQ‚PV;
&ZNP,YV1~Su;Y,S£,FD‚
&ZNP,Q?Y ^@;QAHZ HCQ`Su;P:Y &ZNP,QV¡
NDEnY W?P{S,ƒ @PHQW`l DF\P=,ƒ @PHQgP
DP^;WD ^@;QAHZ HC\DPKS,ES„T $V‚eQ ^@;QAHZ
?MY6Vw6SZ


GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϭϵ
$nPJZ
GDIPr )uY W,ƒ`SW{Pƒ ;Vu D?‰QWH`Y $
nPJKSZ W?P{Y ;SGESZ +P6Q KFSZ KIVF @S:\Z ?QG
i Cb: FR;QEP:Y $nPJZ $qFP^;Q DS; NS
BYOQ KVFEP:Y $nPJnQV¡ NDEVDeQHSZ ,JQES
u^;FP^;QESV6$KNP?Wn`Y @QsQ`NSunP:Y
)eQHSZ DQ;DPE FR;QEQ  -S%r NTŸfƒ +P;Q
nR`PrWKlNDEZNSBYOYKPeQ?YDS{Y$KWLMQ
`Su FT@nQ $nPJZ @QsQ`S,EP:Y WKl;Y
$nPJnQ?Y +FS &G`Y VK„Z ,S6QgPHSZ $nPJnQ
V¡ $N]YHSNSunY $6Q—P?@FDPE @S:\Z  HCQ`S
u;P:Y
$nPJZ ,JQ`Su;Q?Y +FS@P6Y DO;]fƒ 'lY
;QFS?BQ @GESuS
զ ȓՒ ɨՑ ɠՕ ǷࡧՑ ȈȆȗՑ ɡɦȄࡧ
ȳՓ ‫ݰ‬Ց ‫ܦ‬ɦȄࡧ
Օ Օ Ց Ց Ց Ց Ց Ց ՕՑ Ց Ց Օ Ց զ
Փ Փ ɪՓ ɸǷࡧɬȆՓ ʊȿՓ ɼࡧȆɳɭȆՓ ʊȿࡧ
Փ ɰ؈ȉࡧȆɭࡧɪɀɗࡧɰǻՓ
?|SV6ESZ$OYHS,Q;PBQV¡ESZW?P{S,ƒ;|Q
HS„K\;\PNZ$nPJCb:DP:Y DSNYHQZ 
?BQ@GESuS
Վ Ց
ȓɟȳՑ ȉࡧՑ Ȳɽ Ւ է զ ȳՒ ‫ݰ‬զ ‫ܦ‬Ց ȖՑ
Փ ‫ܦݰ‬ɦȄࡧʏࡩࡧՓ ɰǻࡧȄɼ
Փ
?Qfƒ $nPJZ ,JQ`S, ;RgEPESZ $nPJ
nQBG`nSlY BS-PFQDSNYHQZ 
?BQ@GESuS
ࡧ‫ࡧד‬ Ց ɯՕ ɟՒ ȯՒ ȧՑ ǷࡧՑ ɎՑ ȳզ ȣՑ ȗՑ ʆࡧՑ ɰՕ ǷࡧՑ ɽՕ ɦՑ ɼՑ ࡧɷɽ
Ց ɰզ ǼɗࡧՑ ǴȆɭࡧՑ ȓՑ ɏՑ ȳՕ ȡࡧ Ւ ɏՒ ȯՑ ȕࡧՑ ֺՑ ɗࡧՑ ȓՏ ɟՑ ȳՑ ȉࡧՑ ɻՒ ɨէ ɠࡧՒ Ȳɽ
Ւ ‫ݰ‬Ւ ‫ܦ‬ɦȄ
է
Փ Ր
ՑՒՕ Ց Ց Ց է Ց Ւ Ւ Ց Ց Ց Ց Ց զ Ց Ց զ Ց
 Ց ȳՓ ‫ݰ‬Ք Փ ‫ܦ‬Ց Ș‫ם‬Ȅࡧʄ‫ڴ‬ɏࡧ
 ɵʈ ɰɽɨɀʆࡧɻȗɡǾՓ ֺɭɼࡧɪȡɼࡧȵɏ
$nPJZ@TmDPESZBG,nS6E;P:Y+FS&G`Y
VK„Z,S6QgQjPV:eQHSZ?Qfƒ$;QV??MY6Vw6Sn
FS;Y ,PF:Z $‚POSKSZ DPHP-DPFSZ $nPJDSmSu
K`YWKlQ^@PoQgSV,PlQFQ`SZ
1SFS`nQ ^@>P?DPESZ DTuY W?jfƒ $nPJ
nQHTV6?DS`YHCQ`SuS+uY$;Q$‚POSKQV?ESZ
;QFS?BQ VEESZKJQVw6HSlYFlYBG,nS„Cb
:DP:;Y,T6PV;@,HQ$‚POSKQV?%FP>?V1~S
u;Q?Y W?P{Y $;Y NOPE,FDPKSZ DTuY $;Q
$OYHS,Q;PBQW?P6Y );QFPKHSlY $OYHS ,Q;PBS,P
W?P{YW?P`PGSVleQHSZ$nPJZ,JQ`PGQ‚

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϮϬ
W?P{Y;SGESZ;SGwQ`HSZ
NTF\PNY;DEZ 'GwPEP V@VjuY ;Vu W?P{Y
DSGQ` NSunP:Y NDEDPWEP &W‚ )uY NZLEQ
`Su NtCnQ W?P{Y ;SG`FS;Y $;Y ?QMQqDP:Y
D.YFQBY ?QNY,FQ`Su;Q?Y DS{Y W?P{Y ;SG`HP:Y NSu
nY)uP3DP$WnP;,YBRGnS&OYGPDQV¡W^L
MY7;WEP ?MY6Vw6SVDuY CEuP W?P{Y ;SG @QsQwQgY
?QNY,PFVnDSsQ`HP:Y?‚;Y
W?P{Y ;SG`Pr *£KSZ ?‚;Y &XnwJZ GS;]BY 
%:YDTuY )mZ%KHP:Y ?‚;Y$;Y HCQgQV‚eQ,P
F`$;SZHC\DV‚eQVK„ZVK„nQNZNZVK
„DP:Y'nDZVK„ZHCQgQjQV‚eQW;rDSsQFQW@PH
VnWKKQ`PV;'@WEP.Q`SuKNY;S`IP:Y?‚;Y
;QFS?BQ @GESuS
Օ Ւ Ց Ց ՕՑ Ւ զ Ւ ՑՑ Ց
ȳՑ ɈɘɦȄࡧȄɽ
Փ ɨ‫ݨ‬զ ܿࡧȆɭࡧ‫ف‬Ր ؈ȬȉࡧՓ ȶȆɳɦȄࡧɤȄȵʆࡧַ
W?P{Y;SGVE V@VjuP`Su ,PHWnPIZ 3?
fƒ`Y?v'lPEQV`PWlEQFQ`SZ BS-PFQDSNYHQZ 
W?P{Y ;SGwQ`Su;Q?Y KIVFE>Q,Z DO;]fISlY
;QFS?BQ @GESuS
Ց զ ȳȡՕ ǷࡧՑ ɵՕ ɭࡧɁ
 ‫ܡ‬Տ ۛՕ ȻࡧɯՓ ǾՓ ȆɀɦȄࡧ Ւ ɜՒ ɳՕ ʆࡧՑ ַࡧՑ ɻՒ ɱզ ǷࡧՑ ‫ف‬Ց ؈Օ ɓࡧ
Ց Օ Ց Ւ Օ ՒՑ Ց Ց Վ Ց Ցզ Ց Օ Ց
ɷՓ ȳՓ ȡǷࡧɪȝɭࡧՓ ɻɦࡧɰȆɠࡧȆɮǾՓ ȆȿࡧȳɈɗࡧɵɭ
Փ Փ
%VFeQHSZ +FS W?P{S,PFV? ;SGwQgP W?P{S
,PF?Y HCQ`Su;Y W@PVHES„ ^@;QAHZ ;SGwQgK?SZ
HCQ`Su;P:YW?P{S,PFV¡^@;QAHnQ?QuY +uSZ
;Vu,SGES,ESDQ‚ ?NP&X;QDS=Q 
;]BYGP?Q'pFQgDV£PFSO=RNQ?BQ @GESuS
Ւ Ց ՑՑ Օ Ց Ց Օ զ Ց ՑՑ Օ Ց Ց Ց ՑՑ Վ Ց Ցզ Ց Օ Ց
ࡧʏࡩࡧՓ ȓɡǾՓ ֺ‫ם‬ȄࡧɻՓ ʊՕ ɨɏࡧ șɨȿࡧɤՐ ֺȧࡧ ɵɭࡧՓ ȈȄ
Ր ȳՑ ȻࡧɼՕ ǷࡧɬȆՐ ɐՑ ɇࡧʄ‫ڴ‬ɏࡧȆ ɮǾՓ ȆȿࡧȳɈɗࡧɵɭ
Օ Ց Օ Ց ՑՕՑ Ւ ՑՕՑ ՕՑՑ զՑ Ց Ց Ց ՑՑ Օ Ց Ց Ց
 ȲՓ ȯɜɦȄࡧȓɨʊɦࡧɪʊǾՓ Ȅ‫ف‬؄ȡࡧɻՓ ʊɨɏࡧʄ‫ڴ‬ȿɼࡧɰȆɄɭȲࡧȳՓ ɺȻࡧȔȆ Փ ɏȆȷ
OHPHPE $u @P?REfƒ ?,Q %VFVEeQHSZ
W?P{Y ;SGwQgP DH`S,ƒ $K?Y WKlQ GDIPr ,P
HnY @P@WDP1?Z ?6nSu;P:Y ,T6PV; VVHHnS
-=GQ 3QBFR $  $K?Y WKlQ ^@W;\,Z $‚POS
WKP6Y^@PoQ`Su;P:Y
W?P{Y ;SGwQg;QV¡@S:\ZHCQ`:VDeQKQ@SH
DPE N=\ +FS`QnVuEPK:VDVuPuSDQ‚ DGQgY +FS
,PF` V,PlPV:eQHSZ +FQG`Y VK„Z V,PlPV:eQ
HSZ@S:\ZHCQ`Su;P:Y
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϭ
W?P{SZ-IP'Z
GDIPr DPNVn W?P{Y ?MY6VwjP $;QV? KR
Vl6S` ?QB“DP:Y -IP$Y FlY KQ>nQHP,PZ
+uY ^@W;\,Z ,PF:fƒ DSW-? ?MY6Vwj;Y FlY EP
V;PFS ,PF:KSDQ‚PV; ?MY6Vwj;Y FlY $KNFfIQ
HSZ-IP$YKRj?QB“DP:Y
&BY?S O3FQ VVO;DQ G  @GESuS GDIPr
W?P{Y ?MY6DPEK -IP'„ W?P{Y W?P£SKRjSu;QV¡
DS{Y NSunPEW?P{S,ƒW?P`,GPOnP,SuS
&wGi;Y ,PF:DQ‚PV; W?P{Y ?MY6VwjPHP:Y EP
V;PFS ,PF:KSDQ‚PV; ?MY6DPE ?QB“ W?P{S,ƒ
V@VjuY ;Vu W?P£SKRj ?QB“DP:Y L P FlQ
V¡$wSGWn`Y$;S@QsQ`?QMQqDP:Y
?MY6DPEW?P{Y -IP$Y KRjSu;Q?Y V@FSuPƒ=QK
Nfƒ =SOQ•S    )uQKE‚Pn *;S =QKN
fISZ %,PKSu;P:Y +uQH>Q,Z W?P{SVleQ ;S6
gEPE=QKNfIQW?P`HP:YNSunY
&X GDIP?Q ?MY6DPE W?P{S,ƒV;Pj6Sn GDIP
?Q?S DS{Y KRVl6SnP D;QVEeQHSZ V@VjuY ;Vu
W?P£SKRj NSunP:Y ,PF:DQ‚PV; $6Sn GDIP
?Q?S DS{Y KRVl6S`P;QFQ` ,S£,FDP:Y ,PF:DQ
‚PV; W?P{Y DSGQgKFSZ NZLE=Q?Z W?P{Y DSGQgKFSZ
V@VjuY ;Vu -IP$Y KRWjl;P:Y %nKZ ^@NKZ
)uQK ,PF:Z W?P{Y ?MY6DPE NY^;R,ƒ % W?P{S
,VIKRVl6S`?QB“DP:Y%NDEnY ?MY6DPE
?QNY,PFfƒKRVl6SW`l;Q‚
^CPsY ,PF:Z?MY6DPEW?P{S,ƒKRVl6SW`l
;Q‚,PF:Z%,PHnY $K`Y =R?Q,w?,ƒBP>
,D‚W‚P" WBP>bEZ +FSWFP.DPE;SV,PlY ;Vu$
;Y ,PF:DPEQ ?MY6Vw6Su W?P{S,VI KRVl6S`:Z
$;QFSKQj ^@Kn?fƒ ,PF:DPEQ ^CPsSlPEP
$`PHVnW?P{Y-IP$YKRj?QB“DP:Y
$DSNYHQZ&NYHPDQWH`Y KuP,JQi,PHVn
W?P{S,ƒ-IP$YKRWjl;Q‚$W;NDEZDS;pY D;@
FQ;\P.Q  KRlSZ &NYHPDQWH`Y KuP D;@FQ;\P.,P
HnY?MY6VwjW?P{S,ƒ-IP$YKRj?QB“DP:Y
HOFQ BP>Q; ?MY6DPE W?P{Y -IP$Y KRj:Z
WFP.Z ,PF:WDP K‚ DFSuS ,JQg;Q?PWHP %:Y $;S
lPEV;eQHSZ-IP$Y $?QKPF\Z;VuEP:Y@Wb&X
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϮϮ
/jnQW?P{Y ?MY6Vwj;Q$K,S£`PFPKS,EQ‚
)uP D=\Z DE`SDFSuY ;S6fQ ?QMQqDPEK '@WEP
.QgY HOFQ BP>QgK`Y ?MY6Vwj W?P{S,ƒ KRVl6S
` ?QB“DPV:u;Q?Y @SGVD $K`Y @FWHP,nY
LQbHCQ`Su;SDP:Y
FP^;Q ?Q~nY V1~Pr DGuK`Y @QW£=QKNVn
W?P{Y HCQ`Su;  ‚
  $Wu =QKNZ $K W?P{S,PFV  ?
W@PVH,JQES,ESZ@QuR6Y$;QV?-IP$YKRjS,ESZWK:Z
WFP.Z NS-Vw6SVDuY ^@;RbES„ WFP.Q`Y W?P
{Q?Y WFP.PK—EQ&IKSlY&nFZWFP.Q,ƒWFP.
,PHnY?MY6DPEW?P{YKRVl6S`?QB“DP,SuS

AQ=YE @FQOPF=P?Z 
W?P{?SMY7Q`Pr ,JQEPnK @,FZ V1W~l
$u=P?DP:Y AQ=YE KPq,\nPWHP NS-Vw6SVDuY
^@;RbEQ‚Pn WFP.nPWHP W?P{SW@bQW`lQ KFS
uK`Y AQ=YE ?, ?QB“DP:Y NS-Vw6SVDuY
^@;RbES„ WFP.Q AQ=YE ?W,l;Q‚ $;SW@PVH
;VuEP^;`PF?SZVVL;\DS„=QKND‚PV;W?PV{6S
`Pr ,JQEPnKFSZ AQ=YE ?W,l;Q‚ &K DV£PFS
=QKNZ-IP$YKRjS,EP:YWKl;Y
W?P{SW@bQ`Pr $O;ES„K KQMDfƒ N
OQgY W?PV{6SnP AQ=YEEQ ?QuY +JQKP,Su;P:Y
AQ=YE ?,Pr BP>\;VwjK @Q`PHnY W?PV{6S
`Pr ,JQKS„ $K—EQWH`Y ;QFQgY KuP W?P{Y
-IP$YKRj?QB“DQ‚
.CQ:QWEP DSHETjSuKWIP ;V¡ LQLSKQV¡ ,P
F\nQBSqQDSjPKSVDuY CEuQjP:Y W?PV{PJQKP`QE
V;eQ ?MY6Vwj W?P{S,ƒ KRVl6S`Su;Q?Y @SGVD
AQ=YEESZ?W,l;P:Y
CPF\PC;U NZNcZ ,PF:D‚PV; DW£V;eQHSZ
KQ>Z W?P{Y DSGQgK?Y ?MY6DPE W?P{Y W?P£S KRjQEP
D;QAQ=YE?W,l;Q‚
AQ=YE)fV?"
?MY6DPE ^K;fƒ`Y +PWFP =QKNnQ?SZ +PWFP
DSpY )u W;P;Q Cb:@=PoZ KQ;F:Z V1~:Z
A-RDQNY,Rr)uRKQCP.nQV@jK`P:Y AQ=YE
?W,l;Y N,PnQV¡ D£S $K,PLQ,ƒ`Y AQ=YE
?,PKSu;‚
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϯ
+uQH>Q,Z DSpS,ƒ ?W,lK )‚PZ +FPƒ`Y
;Vu ?,Su;Q V;£Q‚ AQ=YE CP.Q`Pr @£S,EQ‚
'=POF:nQ?Y DTuY AQ=YE,ƒ ?W,lK +uF DSpY
KR;ZFlYW@`Y?,Pr@P6Q‚DTuSZ+FPƒ`YV,P6S
nPWHPFlSZ+FPƒ`YV,P6SnPWHP,SJwDQ‚
AQ=YE D£S ?P6S,IQWH`Y KQ;F:Z V1~PKSu;P
:Y N,PnQHS„ KQH`Y &KQV6EQ‚ AQ;]YGY N,PnY
?W,l Cb: @=Pofƒ ;VuEP:Y AQ=YEESZ
?W,l;Y
AQ=YEKqQ`SZ
+FS GDIP?Q ?MY6Vwj W?P{Y V;Pj6Sn GDIP?S
DS{Y -IP$Y KRj:Z NDEKSZ NX,F\KSDSlPEQFQV`
-IP$Y KRjP;QFSuPAQ=YE ?W,lQKFSZ +PWFP =QK
NnQ?Y +PWFP DSpY )u $IKQ ;VuEP:Y &X
AQ=YEESZWFP.WDP EP^;WEP ,PF:DPEQ W?P{S W?P£S
KRjPr @£QE =Q?fƒ HCQ`PV; W@PEP -IP$Y @QsQ
g;Q?Y AQ=YE ?W,l;Q‚ .CQ:Q`SZ DSHETjSuK
ƒ`SZ D;D?SK=Qg ,PF:fƒ DTHZ -IP&?Y %KL\
DPE =Q?fƒ HCQ`PV; KuP V;Pj6Sn GDIPr ,JQ
iPHSZAQ=YE?W,l;Q‚
$;Q^,DDPEQ W?P{SW@bQgK`Y $6Sn GDIPr
KVF@QsQ`OGPDPV:u;Q?Y @SGVDAQ=YE?W,l
;SlY ?MY6Vwj W?P{QV?`SGQgY DGu;Y DTHZ KRVl6S
`PnKAQ=YE?W,l;Q‚
?MY6DPE GDIPr ^K;Vn ,SWG KMfƒ @QsQ
gP +PWFP KMnQV¡ESZ Kq?K?SNFQgY AQ=YEES
V6)mZKqQ`Su;P:Y
?MY6DPE^K;ZKRVl6S`PV;AQ=YEDP^;Z?,Q
EP W@PFP W?P{Y KRVl6S`SuW;PV6PwZ AQ=YEESZ
?W,l;P:Y AQ=YE W?P{Q?Y B= )u ?QH`‚
-IP'ZAQ=YEESZ+wZ?6`:VDu?QB“?EQ‚?MY6
Vwj W?P{S,ƒ @FQOFQ`Pr NX,F\Z HCQ`Su NPO
1F\nQ AQ=YE,ƒ W?FVn ?,PKSu;P:Y FWlP
$;Q,T6S;WHP=QKNVnAQ=YE?,.CQ:Q,ƒ
DSHETjSuKƒ;S6fQEK`Y$?SK=?RED‚


GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϰ
GDIPr@,N=\
KQLSq GDIPr DPNnQV¡ @KQ^;;VE DP?Q`
+PWFP KQL]PNQ`SZ ?QB“DP:Y GDIPr DPNnQV¡
WEP W?P{QV¡WEP %=FKQ?Y ?QF`Pn +FS ^@Kn
?KSZ KQL]PNQEQ ?QuY 'lPEQ`T6P GDIPr @,HQ
W?P{Q‚PnK`Y Cb:Z ?,S,VEu;Y GDIPr
DPNVn $@DP?Q`HP:Y $DSNYHQDS,ƒ`Y W@PHSZ GD
IPr @,HQ Cb:Z ?,FS;Y &XVEPFonQ
1QsQ`SW{Pƒ  GDIPr @,HQ WOPj ?6nSu;SZ
WOPj W3PHQ V1~Su;SZ ?QMQqDP:Y KRjQ W3PHQ
V1~Su ,THQw:Q`P`SZ D£S„K`SZ Cb:Z ?
,Su;YNTbQW`l;P:Y
)uP ,SjQ,ƒ WFP.Q,ƒ W?P{Y W?P`Pr ^@
EPNVw6SuD£S„K ;S6fQEK`Y Cb:ZV,P6S`S
u;QWHP @P1,Z V1~Su;QW?P KQWFP>DQ‚ $;Y GDIP
?QV¡@KQ^;;EY`YW,PjZNUMY6Q`S,EQ‚

W?P{S,PFV¡'G`Y
W?P{S,PFV¡ 'G`Q?SZ ^@;QAHZ HCQ`Su;P:Y
$;SZ%FP>?ESV6@FQ>QEQV@6SZ
;QFS?BQ@GESuS
ՑՑ Վ Ց Ց Ց Օ Ց Ց Ց Ւ զ
Փ ȳՑ ɗՓ ࡧʄ‫ڴ‬ɏࡧȆɮǾՓ ȆɱࡧɰȆɠࡧɰǻՓ ɼࡧȒՐ ȮȆȍɏࡧʏ
ɻՓ ȻȄ Փ ࡩࡧՓ ɯǾՓ ȆɀɦȄ
W?P{S,PFr ;V¡ KQFQwQ 'GfSu NDEnY
W@PHSZ$Kr&BP=nQHP:Y
DV£PFSGQWwPjQ&fV?,P:PZ
Տ զ Ւ ՕՑ
ȒȮȆՑ ȍՑ ɏࡧ
Փ ɯՓ ǾՓ ȆɀɦȄࡧɬɽɱ
W?P{S,PFV¡'G`Y%FP>?EP,SuS

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϱ
&$Y;Q,PAY
^@W;\, ?Q~WnPV6 @„QEQ,JQiY ,T6Su;Q?P
:Y&$Y;Q,PAY)uS@GESu;YGDIP?QVH&$Y;Q,PAQ?YDO
;]ZKqQ`SVDuY@GWEl;Q‚W‚P&BY?S'D G @GESuS
Ց Ց
 ɄɭՑ ȲࡧՑ ɵՕ ɭࡧՓ ȳՑ ȫȄ ՑՑՕ Օ Ց Օ Ւ Ց Օ Ց Ւ Ւ Ց Ց
 ɰȆ Փ ɼ‫ࡧכ‬ȳՑ ȼɐɦȄࡧəɡՓ ȗɐʇࡧࡧ‫ࡧד‬
Փ ɤɽȷȲࡧՑ ɰȆɠ
GDIPr$KNP?@nQ?BQ &$Y;Q,PAY &FQ
`PGSlPEQFSuS  BS-PFQ ;QFS?BQ@GESuS
Ց Ց Ց Ց Ց Ց Ց Օ Ց Ց ՑՑՕ Ց
ɰՓ ؈Օ ȕȳՑ ɮՕ ɏՒ ɼࡧՑ ɰՓ ؈Օ ȗ‫ݨ‬զ ‫ݲ‬Ց ɟࡧɰȆɠࡧɰȆɄɭՑ ȲࡧՑ ɵՕ ɭࡧȄ
Փ ȳՎ ȼ
 ɏࡧ əɡȗɏȄࡧɵՓ ɭ
%VFeQHSZ GDIPr DPNnQVH  =QKNZ &$Y;Q
,PAY &FSuP$K?Y FlY O•SZ FlY 'ZGESZ V1EY;
^@;QAHZ HCQ`Su;P:Y VVBO-Q  ;]BYGP?Q GQWwPjY
V1EY;DV£PFSO=RNQ;QFS?BQ @GESuS
Ց ՑՑ զ Ց Ց Ւ Ց Ց Ց Ց Ց Ց Ց Օ ՎՕՑ Ց ՑՑՕ Ց
ࡧȚֺțࡧȲȆՓ ɳɦȄࡧɰ؈Օ ȋՑ ɼࡧՑ ɻՒ ɳʋՕ ȉࡧՑ ‫ࡧד‬ ɪɐȡࡧʄ‫ڲ‬ȆɐȖࡧ‫ࡧד‬ Փ ɻՓ ȡՑ Օ ɼࡧՑ ǴȆՑ ɔȗՓ ȉȄࡧȆɭɽʆࡧəɡȗɏȄࡧɵՓ ɭ
Օ Ց Ց Օ Ց ՕՑ զ Ց Ց Օ Ց Ց Ց
 Փ ؈ɜɗՓ Ȇ‫ݍݵ‬Ȅࡧɰ؈ȉࡧȆɮɭࡧՓ ȯɐȊǷࡧɚȮȆՓ ɳȫ
ɰ
$‚POSKQV¡ ^@R;Q ,PZbQgY %VFeQHSZ +FS
=QKNZ &$Y;Q,PAY &FSuP $KV¡ESZ ?F,nQ
V¡ESZ &6EQ $‚POS ^@@hnQV¡ Fl£fƒ`Q6EQ
HS„^;$,HnQDTuY,Q6fS,ƒ—P@Q`Su;P:Y
;QFS?BQ @GESuS
ՕՑ ՑՑ Ց Ւ Ց ՑՑՕ Ց
Ց ɱȆՎ ɮՑ ʆՑ ǻࡧə
ɻՓ ȍՓ ɱȰࡧɵՕ ɭࡧՓ ɬՑ ȯզ ɜȕࡧȆɭࡧՑ ɻՒ ɦࡧȳՑ ɘՓ ɓࡧȆȉȆՎ ȸՑ ȘՓ ȧȄ
Օ ɼࡧȆ
Փ ɡȗɏȄࡧɵՓ ɭ
KQL]PNWnPV6ESZ ^@;QAHZ %^.OQgYV,PlSZ
%VFeQHSZ &$Y;Q,PAY &FSuP$KV¡ ,JQiSW@PE
@P@fƒV@PGS`Vw6Su;P:Y
GDIPr DPNnQVH $KNP? @nQ &$Y;Q,P
AQ?Y *VG ^@P>P?\DSlY &X =QKNfIQ VVHHnS
-=YGQV¡DO;]ZW?6QVE6S`Pr$KNFZHCQ`SuS
)‚P @„Q,IQHSZ &$Y;Q,PAQFQ`PVDeQHSZ 3SDS
$ ?6`Su @„Q,IQ &$Y;Q,PAQFQ`HP:Y 'nDZ
@„QEQ &FQ`:VDu ?QB“?EQ‚ DGQgY ?6`Su
K?SZ ,Q6uSGfSuK?SZ &$Y;Q,PAQV¡ ?Q~nSVl
eQ^@;QAHZHCQ`Su;P:Y&XDNY3Q=Q&$Y;Q,P
AQ?Y5Pr,FS;Q )uYD?‰Q,FS;QEP?Q~nPEQ
&$Y;Q,PAYWKIEQ=Q,YGY-S%rN]HPnY;S6
fQE @S:\,|fƒ`PEQ KQ?QWEP.Q`:Z @F=TM
:Z 1Rn NZNPFZ ?QMQq Cb:Z ;S6fQEK 'W@
bQgQV‚eQ &$Y;Q,PAQV¡ @S:\Z ?MY6Vw6SVDuY
DOPvP@GiQjSlY
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϲ
VVHHnS-=Y
KQLSq GDIP?QV¡ KHQVEPFS NKQWLM;EP:Y
VVHHnS-=Y ?Q:EnQV¡FPKY 3RKQ,ISV6Cb
:Z 3??Z DF:Z DJ ;S6fQ^@>P?Vwj ,PF\fVI‚PZ
&X FPKQ ,:`P`Su;SV,PlP:Y &;Q?Y &X W@FY
VV,Ku;Y -=Y  )u;Q?Y —P?Z DO;]Z BOSD;Q
)VuPV` $oDSlY % +FS KRb:D?SNFQgY KQLS
q -S%r &GfQE DOnPE FPKY )uoZ @GEPZ
&X FPKQ ,Dfƒ V1EY;P 'u;DPE —P?fƒ
HC\DP,SZ )uSZ K\P-\P?Q`PZ -=Y  )u;Q?Y ;QfQ
?QGiS )u $oDSVlu;?SNFQgY KP?WHP,nY
?QuY DH`S,ƒ &GfQ KuY CXDWHP,Z ;QfQ?QGESu;Y
V,PlP:Y&XW@FYVV,Ku;Y)uY@GESuKFSDSlY
VVHHnS -=YGQV? @FPDLQ`Su +FS $q\PEZ
;Vu KQLSq -S%?QHSlY ?QœEZ -S%?QV? ?PZ
&G`QE;Y VVHHnS -=YGQHP,SuS VVHHnS -=Y
)sPV:uP:Y ;fƒ D?‰QHP`Su;Y" VVHHnS
-=Y %EQFZ DPNWn`Pƒ @KQ^;DPE;P:Y $‚POS
KQV¡ N|;^@,PFZ DPHP-DPFSZ GTOSZ % FPKQ &G
fSZ^@CP;ZKVF;S6FSuFbESV6FPKP:;Y
&X NTGnQV¡ $K;F: @œPnHZ D?‰QHP`S
,DPHQ,YBYr$?NY G @GESuS@TK,PHNDS=PE
nQV¡ %ESVV=/\Vn @£Q 1QsQgWwPƒ $KFSV6
$6SVnnPr ;V¡ NDS=PEnQV¡ %ES‰Y @F\P@Y;D
‚W‚P )uY ;QFS?BQ  @FQ;@QgS &;Q?Y @FQOPFDPEQ
jP:Y VVHHnS -=Y ^@-\P@QgSV,PlY ^@NY;S; NT
GnY&fQE;Y
DS3POQ=Y G @GESuSB?T&NYGP&XNDTOnQ
 FP^;Q DSJSK?SZ %FP>? V1EY;Y @, DSJSK?SZ =R
?QV¡ 'Eg`Y WKlQ NDFZ V1EY;Y %EQFZ DPNZ
3RKQg+FSD?SM\?SlPEQFSuS$WpOVn`SGQgY W,j
WwPƒ ;QFS?BQ  ESZ N]OPBnSZ %œF\Vw6S,ESZ
;fISV6$DHS,ƒ)^;,SGKPV:uYW-=Q`S,ESZV1
EY;S&X@œPnHnQHP:Y^@NY;S;$q\PEZ$K;FQg;Y

VVHHnS-=Y )WwPƒ"
'BP=nY BY?Y N]PDQ;Y G @GESuS?BQ +FQ`
VVHHnS-=Y*;Y=QKNDPV:uY$GQEQ`PrN]OPB
nQV¡$6S`WH`Y V1uS$WwPƒFlPIS,ƒ@„QEQ
VKgY)WsPLBY=DSlP`SuS&;Y,lY;QFS?BQ @GiS
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϳ
ՒՑ Ց Ց Ւ ՕՑ Օ Ց ՑՒ Ւ ՑՒ ՑՑ Ց Ց Օ Ց Ց Ւ Օ Ւ Ւ Ց
ɯՕ ɡɦࡧȄ‫ف‬Վ ؈Օ ȫࡧɰɽɡʆࡧՑ ɰǷࡧ‫ؠۜܢ‬Ց ɏՑ ɼࡧՑ șɐՑ ɗՓ ȳՒ ɗࡧɰՐ ֺɗࡧɵՒ ȉȄࡧՕ ɰֺɗࡧʄ‫ڌ‬Ց ֺȗɗࡧȲՓ ȯՕ ɜɦȄࡧȓՓ ɨʊՕ ɨȉࡧՓ ɯՕ ɟ‫ف‬Ց ؄Փ ȫֿࡧՓ șȡՕ ȳՑ ȫ
VVHHnS -=Y *;Y =QKNDPV:uY ^@-\P@Q`P
rKu;PEQFSuS5Pr@Wb&KBOIDSlP`Su;Y
,lWwPƒ%$GQKY)uQ?QuY@QrKHQ`VwjS$;Q
K‚?vESDSlPWE`PZ BS-PFQ
VVHHnS -=Y )uPV:uY K\ŸDPE $GQKY ?
DS`QV‚eQHSZ K\ŸDPE V;IQKS,ISW6ESZ NT1?,IS
W6ESZ $6Q—P?nQ @Q;vP @H $CQ^@PEfISZ
@GiQjSlY WHP,;HnQ ;Vu KQL]PNQ,ƒ GDIPr
&FS@nQWEJPZFPKQV?VVHHnS-=Y%EQ,:`P
`SuS;QFS?BQ @GESuS
Ց Ց ՑՕՑ Օ Ց Օ Ց ՑՕՑ Ւ ՑՕ
Ց ȳȼՕ ɏɼࡧՑ ɑȍՕ ȷࡧ
ɵʈ Փ Փ Ր ȓɨʊɦࡧȲՓ ȯɜɦȄࡧȓɨʊɦࡧȄɽȸɮՓ ȗɦȄՓ
GDIPr&FS@nQWEJPZFPKQ?QfƒVVHHnS
-=YGQV?^@;RbQ`S,
VVHHnS -=Y &FS@nQWEJPZ FPKY %,P?S„
NP>\;VE`SGQgY &BY?Y $yPNY G  @H ?Q.D?fISZ
?6nQEQjSlY
&BY?S$yPNY G @GESuSVVHHnS-=YGQV?
,SGQgS„ -S%r $q\PEnQ DSw;Y KP`S,IP:S
„;Y$;QVVHHnS-=YGQV?^@W;\,PonQNT
1QwQ`SuOQE )u@=Z&FS@nQWEJPDW n;P:Y&;Y
VVHHnS-=Y&FS@nQWEJPZFPKPV:uYNT1??,SuS
DOP?K,ƒ KRlSZ @GESuS VVHHnS -=Y
)uKP1,nQ+{;Y $bFfIP:S„;YVVHHnS
-=Y )u KP1,Z NTGnQ DTuY;K: %KnQ`S
uS &;QV? @FNY@FZ .S:Q`SW{Pƒ &FS@nQWEJY HCQ
`SuS       &FS@nQWEJPZ FPKQ VVHHnS
-=YKFSVDu;Q?Y&;SZNT1??,SuS
KMnQ *;S =QKNKSZ %KPZ KQLSq GDIPr
DPNnQHP:YGDIP?QVHFlYDTuY @nS,IQHP:Y$K
NP? @nQHP:Y $KNP?@nQVH +£EQj FPKS,IQ
HP:Y&FS@WnJPZFPKQHP:Y ;S6fQK\;\NY;$CQ^@P
EfƒVVHHnS-=YGQV¡KQMEnQ?QH?Q`SuS
lY;QFS?BQ @GESuS
Ց Ց ՑՕ Օ Ց Օ Ց Օ Օ ՑՕ ՑՑ Ց Ց
 ɄɭՑ ȲࡧՑ ɵՕ ɭࡧՓ ȳՓ ȫȄ
 ɰȆ Փ ɼՑ ‫ࡧכ‬ȳՓ ȼɐɦȄࡧɵɭՓ ࡧȳՓ ȕɽՓ ɦȄࡧʏࡩࡧՓ ȲՓ ȯՕ ɜɦȄࡧȓɨʊՕ ɦࡧȄɼՕ ȳզ ȨՑ ȕ
?Qfƒ GDIPr DPNnQVH $KNP? @nQVH +£EQj FP
KS,IQVVHHnS-=YGQV?^@;RbQ`S, BS-PFQ 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϴ
$K\ŸDP`QEV;sQ?Y"
VVHHnS -=YGQV? $K\ŸDP`Q VKg;QHS„
FON\Vn OQ,YDnY &DPZGPNQ G @GESuS
VVHHnS-=YGQV?D£S@H,PF\fVIESZW@PVH
$‚POS FON\DP`Q VKg;Q?Y @H ,PF:fƒ OQ,YD
nS,ƒ  ?DS`Y ,VlnPKSu;P:Y NS,U;fƒ`Y
@QuQ;V¡;U@Y;QVE$‚POSDGgYVKgQFQ`SuSD?S
M\r ?‚ ,PF\fƒ ^@;RbP@T Z ^@KnQ`Pr
WKlQEP:;Y @P@fƒ`Y @QuQ $‚POSKQV¡ LŸ
DPE W,P@DSlY )uP % W,P@Vn ?Q:EQ`Pr
?DS`Y NP>\D‚ ?PZ NK@P@fIQ ?QuSZ $,uY
?Q`PrWKlQEP:;Y$‚POS;V¡&MY6=PNvPFPE
+XHQEP`VI3?D>\nQ?QuY @HWwPJSZDGgS@Q6Q`S
uS 3?fƒ )‚PKWFESZ %=FWKPV6 ,P:Pr WKlQ
EP:;Y$;SW@PVH^@Po?`S„'nFZFON\DP`Q
E;Y$6QD,ƒ )‚P;FZ ^@Po?,IQHSZ KRlSZ KRlSZ
;PwF\Z,P:Q`PrWKlQEP:Y$‚POSKQV¡?PDf
IQ&NYDS$$YIDQV?DGgYVKg;Y)‚P?PDfWIESZ
%=FQ`P?P:Y @œP;P@ N]R,F:Vnw£QES„ $GQKY
DGgS@Q6Q`Su;Y )‚P;FZ ;XB,IQHSZ *Vw6P?P:Y
DF:NDEZ DGgY VKg;Y )‚PEYWwPJSZ $‚POSKQV?
+PnY 3RKQ`P?P:Y &^@,PFZ VVHHnS -=YGQV?
DGgY VKg;Y GDIPr FPKS,ƒ @TmDPEQ '@WEP.Vw6S
nP?SZN3RKDP`P?SZWKlQEP:Y
VVHHnS -=YGQV? FON\DP`QE;Q?S @QuQ
&fV?ESZ +FS ,PF:Z ,VlnPZ VVHHnS -=Y
)uPV:uY ,VlnPr N;\KQL]PNQ %žPoDPEQ
^LDQ`SuS $;SKJQ &X ^LDnQV¡ ^@;QAHKSZ ,T6Q
W?6QVE6S`Pr$K?Y,JQESuS
$‚POS 'WpLQg DOPvP`Y $‚POS VVHHnS
-=YGQV?VKIQVw6SnQV`P6S`PKSu;P:Y

DH`S,ƒ&GfSuS͊
VVHHnS-=YGQV?KQWLMQwQ`SuNDEnY-S
%r%FPKQDH`S,ƒ&GfQKFSZ )uY@GiS
DH`S,ƒ &GfQ KFSuS )u;Y BPO\PonQ
;Vu VK`PKSu;P:Y CXD WHP,Vn D?SM\FSV6
%FP>?,ISZ D£S ^@Kn?fISZ $6SnGQEPr WKlQ
DH`S,ƒ CTDQEQWH`Y &GfQKFSuS +uP?P,PLWn
`P:Y DH`S,ƒ &GfSu;Y )uY @Gi @Q;FSZ
'lY CTDQ WHP,Wn`Y KFPr DH`S,ƒ $‚POSWKP6Y
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 Ϯϵ
N|;Z W1P=Q`S,ESZ $‚POS N|;Z ?,S,ESZ V1
~SuS$fV?$KVVHHnS-=YGQD?SM\$‚P
OSKQV¡ ;U@Y;Q HCQ`SKPr ,7Q?P>]P?Z V1~Su;Y ,
lY NZ;U@Y;FPEQ D6fSuS VVHHnS -=YGQ %FP>
?,ƒ?Q OQgK`YWKlQ$KV@PGS`HQV?W;6SuS
;QFS?BQ@GESuS?DS`Y NHPZ@GEP?SZLS@P
L ?6nP?SZ DH`S,ƒ &GfQKFSZ &fV? DH`S,
ISV6NHPZ)nQEKFSV6@P@fƒV@PGS`Vw6SZ 

%FP:YGTOY"
KQLSq -S%?Q DH`S,ISZ GTOSZ VVHHnS
-=YGQ&GfSuS)uY@GESuS%FP:YGTOY"
@H $CQ^@PEfISDSlY VVHHnS -=YGQ DP^;Z
,P:Su +FS@£Z DH`S,IP:K )uP:Y +FCQ^@PEZ
GTOY )uP DH`S,WIP D?SM\WFP $‚Pn +FS@£Z
NUMY6Q,IPV:uP:Y DV£PFCQ^@PEZ GTOY V,PlY 'WpLQ
`Su;Y &XNP?BQ $ %V:uSZ$CQ^@PEDSlYDH
`S,W IPV6PwZ ;QFS?BQ ESV6 NDS=PEVn KRbQ`P
r&XNP?BQ $ ESZ&GfQKFSuSGTOY )uP-S
%r%V:uSZ $‚POSKQV¡ GOYDnY %V:uSZ 3QBY
FR $ %V:uSZ@H$CQ^@PEfISZ?QH?Q`SuS
^@CP;ZKVFNHPZ
VVHHnS -=YGQV¡ KQWLM:DPEQ -S%r @G
ESuDV£PFS,PF\Z$;Y ^@CP;ZKVFNHPZ %V:uP
:Y &X FPKQ DH`S,ƒ KQL]PNQ,ƒ`Y NHPZ @GES
uSDH`S,ƒ,TjZ,TjDPEQKuYCTDQEQNHPZKMZ
?6nSuS$fV?%FPKYNHPDQW¡;PEQnRFSuS
DV£PFS KRb:nQ VVHHnS -=Y KQMD
fƒ =SFQ;fƒ )uQKEQ ?QVu‚PZ '„ FbEPV:
uP:Y &X FPKY V,P6SeP£Y &6QnR ^@,U;QWbPCfƒ
;S6fQEKEQ ?QVu‚PZ DSŸDPE;Q?PHP:Y NHPZ 
)uY^@WEP.QgV;uSZ$CQ^@PEDSlY

VVHHnS-=YHCQ`PnK
%EQFZ DPNfWI`Pƒ @S:\DS„ $‚POSKQV¡
,PFS:\KMZ'lP,SuVVHHnS-=YGQV¡DO;]Z?PHY
KQCP.Z%IS,ƒ`YHCQ`S,EQV‚uY;QFS?BQ @7QwQgQjSlY
Օ է Ց Ց Օ Ց Ւ Օ Ւ Օ Ց Օ ՑՕ Ց Օ Ւ Ց Ւ Ց Օ Ւ Ց Ւ Ւ Օ Ց Ց Տ Ց ՑՕ Ց
ࡧɵՓ ʆՕ ȯՑ ɦȄՓ ɽՑ ɦȄࡧɚȆɏɼࡧȳՐ ɮȫࡧɵɭՓ ȯɭࡧȲՓ ȯɜɦȄࡧȓՓ ɨʊɦࡧʏࡩࡧՓ ɯɺɦࡧȳɘɔʇࡧַࡧɪȫȯʆࡧַࡧȓ ɐȌȲǷ
 Տ ȧȆ
Ց ՒՑ Ւ ɛՑ ɼՑ
ɵ Փ ȼɭɼࡧɯՐ ȧՓ ȲࡧՑ ɑɇȆ
Փ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϯϬ
 —QFDPEQD=\@Q`SuK
 DP;P@Q;P`VI@R9QwQ`SuK
 ,S6SZBB“ZKQW2=Q`SuK
 ,P@6\KSZ,SLS{SZOU=EnQV,PlY
?6`Su$>D,PFQ,ƒ
&KQ6ZDH`S,ƒ^@WKLQ`Q‚
VVHHnS-=YGQKVunSuDH`S,ƒ^@WKLQ`P
n1QH—HfISlY&NYDP&XOQ-Q G KQL=R,FQ`SuS
 VV^,NY;KW=KPHEfƒ
 BOSVV=KBQZBPFP>,FSV6CK?fƒ
 $?SK=Q`Vw6Pn FT@nQ KInSu ?PEY`
IS„CK?fƒ
 3RK3PHfISV6^@;QD—P@Qg—Hfƒ
 D=\@P?Q&FQ`SuCK?Z
 D=\DS„KR6S,ƒ
 ,S6SZBB“ZKQW2=QgKFSV6KR6S,ƒ
 KHQE$LSqQ`P;PDNQ`SuKR6Y
 @uQDPZNZ;QuSuKKNQ`SuCK?Z
 LFRFDPN,HZ ,SeSDWDP DW£P WDPLDPE FT@
nQ@TLQEK;PDNQ`SuCK?Z

&XFPKQ)sSV1~:Z"
VVHHnS -=Y %FP>?,ƒ V,PlY >?\DP`
:Z $ZGYB?Y VV-NY G  @GESuS % FPKQVH N
,|fƒ%EQFZDPNVn$:DSGQEPnN=YKUnQ`Y
NDP?DP:Y;QFS?BQ@GESuS
ՕՑ ՑՑ Ց Ւ Օ Ց ՑՕՑ Ց Ց Օ Ց
Ց ɱȆՎ ɮʆՑ ǻࡧȲȯՕ ɜՑ ɦȄࡧ
 ɻՓ ȍՓ ɱȰࡧɵՕ ɭࡧՓ ɬՑ ȯզ ɜȕࡧȆɭࡧՑ ɻՒ ɦࡧȳՑ ɘՓ ɓࡧȆȉȆՎ ȸՑ ȘՓ ȧȄ
Օ ɼࡧȆ
ՓՓ ȓɨʊɦࡧɬȆɛࡧɵɭ
VVHHnS-=YGQKQL]PNWnPV6^@;QAHZ,PZbQ
gSV,PlY %VFeQHSZ ?QNY,FQgP $KV¡ ,JQiSW@PE
@P@fƒ@TmDPEQV@PGS`Vw6Su;P:Y BS-PFQ 
DO;QEPE%&LBRKQ G @GESuS5Pr?BQ 
WEP6Y W1P=QgS ?BQWE VVHHnS -=YGQ ^@W;\,DP
EQK‚;SZV1W~l;SWlP";NDEZ?BQ @GiS
ՔՑ Ւ Օ Ց Ց ՕՑ Օ է Ւ գ ՒՑ Ց զ զ Ւզ Ց
‫ۚܣ‬Փ ɏࡧəɏȆɗࡧɽɘɐɦȄࡧȑȨՓ ȕࡧɽɘɏࡧɣɱǻࡧՓ ɯɺɨɦȄ
)u =Q,YGQV? KqQwQ`S, $‚POSWK ?R KQjS
KRJY1 ?,SuK
 ?SZ $;QV? &MY6Vw6SuK?SDP:Y $;S
V,PlY@P@QEPEQ)?Q`Y?RDPwY;FT 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϯϭ
&X=SAQ;]Y
&ˆPDQ, %W/PMfIQ ^@>P?DP:Y V1GQE V@
FSuPƒ$<KP&X=SAQ;]Y+FSDPN`PHZ$‚POS
KQ?S WKlQ $u@P?REfƒ VK6QiY W?P{Y W?P£ KQ
L]PNQ`Y V1GQE V@FSuPIQHTV6 NWsPMQ`Pr $K
NFZ?,SuS
V@FSuPƒ =Q?nQVH NS^@>P?DPE ,DDP:Y ;,Y
BRV@FSuPIQV¡;WH=QKNVnNTF\PNY;DEZDS;
V@FSuPƒ ?QNY,PFnQ ^@WKLQ`Su;Y KVFEP:Y
;,YBR DSJW`l NDEZ &X NDEnY )WwPJSZ ;,Y
BRNSunP:YNY^;R,ƒ`SZ@SFSMvP`SZ;,YBR
V1P‚PKSu;P:Y NY^;R,ƒ $?\@SFSMvP W,ƒ`SZ
KQ>ZLBY=Z'EnPr@P6Q‚)uSDP^;Z
;,YBRGQV¡FT@Z&fQV?EP:Y
Օ զ ՕՑ զ Ց ՕՑ Ւ Ց Ւ զ Ց Ց Ց ՕՑՕՑ Ւ զ Ց ՕՑՕՑ Ւ զ Ց ՕՑՕՑ Ւ զ Ց
 ȯ Օ ɮՕ ‫ݰ‬Ց ‫ݍ‬ȄࡧɻՓ ɨɦՓ ɼࡧՑ ‫ف‬Օ ؄Ց ɟǷࡧɻՒ ɨɦȄࡧ‫ف‬Օ ؄Ց ɟǷࡧ‫ד‬ ɼࡧ‫ַࡧד‬ǻࡧՓ ɻɦǻࡧՓ ַࡧ‫ف‬؄ɟǷࡧɻɨɦȄࡧ‫ف‬؄ɟǷࡧɻɨɦȄࡧ‫ف‬؄ɟǷࡧɻɨɦȄ
;,YBRGQV?PwZ&fV?ESZV1P‚NSunSlY
Վ Ց Վ Օ Ց Ց Օ Ւ Ց Ց զ Ւ Օ Ց Օ Ց Ց ՑՕՑ Ւզ Ց
ֺʊȿՓ ǷɼࡧՑ ȒȳՑ ɡȉࡧՒ ‫ࡧד‬
Փ ɰȆȨȍȷɼࡧȄ‫ف‬؈Վ ȝՓ ɟࡧɻՓ ɨɦࡧՓ ȯɮ‫ݍݰ‬ȄɼࡧȄ‫ف‬؈Վ ȍՓ ɟࡧ‫ف‬Ւ ؄ɟǷࡧɻ ɨɦȄ
V@FSuPƒ =Q?nQ ,SIQ`HSZ $:QViPFSf
HSZ LŸQEPE NSunP:Y V@FSuPƒ FPKY @,S;Q ,JQ
iP ,SIQ NSunPEQ @„QEQ W@P,SuK`SZ
$‚PnK`SZ ,SIQ NSunP:Y V@FSuPƒ =QKN
nQ@S;SKNY^;D:QE^@W;\,ZNSunP:Y
V@FSuPƒ ?QNY,PFZ DS$`=PE NSunP:Y
NTWF\P=EZ DS; 'gKVFEP:Y ?QNY,PF NDEZ &X
=S AQ;]Y NSunY ?QNY,PFZ FlY G,Y$nY $‚POS
KQ?Y WKlQ-QBYHEQWH`Y ;QFQiY &DPWDP6S,T6Q 3DP
$nY %V:eQ  ?QNY,FQ`SuS  )uP:Y ?Q~nY
;,YBRGnS &OYGPDQ?Y WLMZ K•OYnS +P;S,
WLMZ APnQOESV6 DS{Y *JY ;,YBR V1P‚S, +PWFP
;,YBRGQW¡ESZ&6EQ
Օ Ց Ւ Ց Ւ զ Ց Ց ՑՑ զ Ւ Օ Ց Օ Ց Ց Ց Օ Ւ
‫ف‬Օ ؄Ց ɟǷࡧ‫ד‬ ɼࡧ‫ ַࡧד‬ǻࡧՓ ɻɦǻࡧՓ ַɼࡧɻՓ ɨɦࡧՓ ȯɮ‫ݍݰ‬Ȅɼࡧ‫ࡧד‬
Փ ɰȆȨȍȷ
)uY V1P‚ NSunP:Y *JY ;,YBRGQ?S WLMZ
APnQOESZ NTGnSZ +P;S, FlPDVn G,Y$nQ
$hY ;,YBRGS,IP:Y V1PW‚l;Y V@FSuPƒ ?QNY,PFP
?sFZFlY-S;]YB^@W;\,ZNSunSlY

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϮ
GDIPr=Q,YGY=S%,ƒ
KQLSqGDIP?QV?KFWK£SV,PlY G3BYL$YBPr
DPNfIQ&X^@Po??6nPr?BQ @GiQjSlY
Ց Ց Ց ՑՕ ՔՑՑ Ց ՑՕ Ց Ց Ց Ց ՑՑ Օ Ց զ Ւզ Ց
 ɄɭՑ ȲࡧȆ
 ɰȆ ɳɔɨՓ ȋɼࡧɰȆȍɐȻ
 ɼࡧȑՐ ȡȲࡧʏࡩࡧȆ
Փ ɳɦࡧɞȲȆՓ ȉࡧɯ ɺɨɦȄ
$‚POSWK G3BQHSZ L$YBP?QHSZ 5fƒ`Y ?R
BG,nY V1W~:WDKQLSq GDIP?Q ?V| )nQ`S
,ESZV1W~:WD 
DPNwQGKQ,P:SW{Pƒ
Ց զ Ց Ց Օ Ց ՕՑ Օ Ց Օ ՑՑ Ւ զ Ց զ Ւ զ Ց ՕՑ Օ Ց Ւ զ Ց ՕՑ Օ Ց Ւ զ Ց
ࡧȓՓ ɭՑ ֺȸɦȄ ɼࡧɰȆՓ ɮʆ‫ל‬Փ ɼࡧɵՓ ɭֿȆȉࡧȆ ɳʊɨɏࡧɻɨɸՓ ǷࡧɯɺɨɦȄࡧ‫ف‬؄ɟǷࡧɻɨɦȄࡧ‫ف‬؄ɟǷࡧɻɨɦȄ
Ց Օ Ց Ց է ՒՓ Ց Օզ Ց ՑՕ Օ Ց
‫عۜܢ‬ȳȕɼࡧȑȨՓ ȕࡧȆɮՌɦࡧՓ ɝʊ
Փ ɗՓ ɽȗɦȄɼࡧɬՓ ֺȷ‫ל‬Փ ɼ
$‚POS $,YB$‚POSWK&X DPNZ 5fƒ
`Y KQL]PNKSZ FbESZ ?QCE;]KSZ ;XAR-SZ ?QGi
;PW`:WD?R ;U@Y;QVw6Su ,Dfƒ V1~Pr 5fƒ
`YNXCP.\Z;WF:WD 
GDIPrDSJSK?SZV1W~l=S%$Y
?BQ @GESuSGDIP?Q?PHS,PF\fƒ?Qfƒ
KqQwQ`S,$;Q FlY ,PF\Z ?QfISV6 GyQV¡
V@PFSnZ W?6Pr @£Su;SZ FlY ,PF\Z ?Qfƒ`Y +FS
?QH`SZ +JQgY,T6Pr @£Pn;SDP:Y LOP=nY ,HQD
@P@WDP1?W;jZ N].nQ?Y WKlQES„ $W@b ?F
,VnV;PjS„,PKW;6)uQKEP:K
O=RNQ @Gi ?PHY ,PF\fISZ 'ƒV`P„Su
=Q,YGP:Q;Y
զ Ց Ւ Ց Ց զ Օ Ց ՒՑ Ց Ց Ւ Օ Ց Օ Ց Ւ զ Ց Ց Ց Օ Ց Ւ Ց Օ Ց
 Օ ɳɦȄࡧɵՑ ɭࡧՓ ɣȉࡧՓ ȰɽɏՒ ǷɼࡧՑ ȓɳ‫ݨ‬Ց ‫ݍ‬ȄࡧɣɦǸȷՕ Ƿࡧ‫ࡧד‬
 ȲȆ ȳɘՓ ɔȗȷǷࡧ‫ַࡧד‬ǻࡧՓ ɻɦǻࡧՓ ַࡧɰǷࡧȯɺȻǷ
$‚POSK‚PV; %FP>?`O?QV‚uY 5Pr
NPb\Z KOQ`SuS $‚POSWKP6Y 5Pr V@PGS`HQV?
W1P=Q`SuS$‚POSWK?QWuP6Y 5Pr N].Z W1P=Q
`S,ESZ?F,VnV;PjY,PKW;6S,ESZV1~SuS
GDIPr)‚P=QKNKSZV1W~lDV£PFS=S%
Ց ɳՑ ɦȆՑ ɭǵࡧȆ
Ց ɳՑ ɔՕ ɨՔ ȋՑ ɼࡧȆ Ց ՑՑ Օ Ք ՑՑ Ց Ց Օ Ց ՑՑ Օ Ւ Օ զ Ւզ Ց
Ց ɳՑ ɛȄȴՑ ȲՕ Ƿࡧʏ
ࡧ‫ݳ‬Օ ‫ݱ‬Ք Փ ܵՑ ɼࡧȆ
Փ Փ Փ ɳɦࡧɑȷՓ ɼɼࡧȆɱȲȆɮɏǷࡧʏࡩࡧȆ
ࡩࡧȆ Փ ɳɦࡧȮȯɭȄࡧɯɺɨɦȄ
Ց Օ է Ւ Ց Ց Օ Ց Ւ Օ Ւ Ց Ւ Ց Ց Ց Ւ Օ ՑՓ Ց զ Ց Ց Ց Ց Օ Ց Ց Ց
ࡧȈȆ
Փ ȗɡՓ ɦȄࡧɬǷࡧɞȯɳɏՓ ɼࡧșȎՓ ȝȕɼࡧǴȆȼȖࡧȆ ɭࡧɽ Ȩ ɮȕࡧɣɱǼՓ ɗࡧȆɳɭȆȸȡǷࡧȆɳɦ
Ց Ց Ց Ց Ց
զ ࡧɯȧȲՕ ǷࡧȆʆࡧɣȗՓ ɮՑ ȧՕ ȳՑ ȉ
Ց
ɰ؈ ɮՓ ȧȄ
Փ ȳɦȄ Փ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϯ
$‚POSWK5fƒ`Y =R/PES‰SZCb:nQ
KQLPH;ESZ ?W,:WD5fISV6 %^.OfVI NP>Q
wQgS ;FQ,ESZ %WFP.\Vn ?QH?QnS,ESZ V1W~:
WD?R&MY6^@,PFZKQ>Q,ƒDP£SuK?SZ?QH?QnSu
K?SDP:W‚P ?QV¡ ?QE^s:nQHP:Y NK KQ>Q,ISZ
WF-Vw6SnVwj^.˜DS„;Y 
GDIPr+uPDVn@nQ
DS,IQHVn =S%&?Y @SGVD +PWFP @nQHSZ
^@W;\,Z=S%NSunSlY+uPDVn@nQVH=S%
Ց Ց Ց Օ Ց Օ զ Ւզ Ց
զ ɯՑ ȧՑ ȲՕ ǷࡧȆ
 ɰ؈
 ɮՓ ȧȄ
Փ ȳɦȄࡧ ʆࡧ‫ۚܣ‬Փ ɮȧȲȄࡧɯɺɨɦȄ
,FS:PKPFQ>QEPE$‚POSWK)WuP6Y,FS:,P:QW`:WD 
GDIPrFlPDVn@nQ
Ց Ց Ց Օ զ Ց Ց ՒՒ Օ Օ զ Ւզ Ց
ɰ؈‫ם‬Ȇ
Փ ɐɦȄࡧȈȲࡧȆʆࡧʎȌɽ
Փ ɱȰࡧʏ‫ڲ‬Փ ࡧȳɘՓ ɓȄࡧɯɺɨɦȄ
N WHP,FbQ;PKPE$‚POSWK
)V¡@P@fƒV@PGSnY;WF:WD 
GDIPrDTuPDVn@nQVH=S%
Ց Ց Ց Օ զ Ց Ց Ց զ Ց Օ Օ ՕՑՑ զ Ց Օ Օ Ց զ զ Ց
ɰ؈‫ם‬Ȇ Փ ۚՓ ɜȗՓ ɏǷࡧɯɺՒ ɨɦȄ
Փ ɐɦȄࡧȈȲࡧȆʆࡧȓɳ‫ݍݨ‬Ȅࡧ‫ۚܣ‬Փ ɨȫՓ ȮǷɼࡧȲȆՓ ɳɦȄࡧɵɭࡧ‫ܣ‬
N WHP,FbQ;PWK)Vu?F,nQ?QuYWDP1Q
wQgYN]cnQ^@WKLQwQW`W: 
ՔՑ Ւ Օ Ց Ց ՕՑ Օ է Ւ գ ՒՑ Ց զ զ Ւզ Ց
‫ۚܣ‬Փ ɏࡧəɏȆɗࡧɽɘɐɦȄࡧȑȨՓ ȕࡧɽɘɏࡧɣɱǻՓ ࡧɯ ɺɨɦȄ
$‚POSWK?RDPwY?,SuK?SZ$;Y&MY6Vw6SuK
?SDP:Y$;SV,PlY)?Q`YDPwY;WF:WD 
$nPJWKIEQ ;K: 
Օ Ց Օ Ց Ք Ւ ՑՑ Ւ Ց Օ Ւ է Ց Օ է Ց Օ Ւ զ Ց Ց Ց
ࡧșȎՑ ȸՑ ɟࡧȆɮՑ ȉࡧՓ ȹ
Ր ɘɱࡧɪՓ ɠࡧʄ‫ڴ‬ɏࡧɯǾՓ ȆɜɦȄࡧɬɽʊɜɦȄࡧʏ‫ڍ‬ɦȄࡧ‫ַࡧד‬ǻࡧՓ ɻɦ ǻࡧՓ ַ
$‚POSK‚PV; %FP>?`O?Q‚ $Kr N3RK;ES„
K?SZ@FDLŸ?SZ)‚PKWFESZ$6`QCFQ`SuK?SDP:Y 
W?P{Y;SGuP
Ւ Օ զՑ Ւ զ Ց Ւ Ց Օ Ց Ց Օ ՑՑ Ց Ւ Օ Ւ Ց Ց զ Ւզ Ց
ࡧɚɼȳՒ ɐՒ ɦȄࡧșՓ ɨȗȉȄՕ ɼࡧՑ ǸɮՑ ɌɦȄࡧȑՑ ɸՑ ȰࡧȔȳՕ ɈɗǷࡧɣɛՓ ȴȲࡧʄ
Փ ‫ڴ‬ɏɼࡧșɮȿࡧɣɦࡧɯɺɨɦȄ
Ց Ց Ց Ւ Ց Ց Օ Ւ ՕՑՕ Ց ՑՑՑ
ʄ‫ڲ‬ȆɐȖࡧ‫ࡧד‬ǴȆȻࡧɰǻࡧՓ ȳȡ‫ࡧכ‬șȎțɼ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϰ
$‚POSWK?Q?`Y WKlQ 5Pr W?P{?SMY7QgS
?R ;u Cb:Z V,PlY W?P{Y ;SG`S,ESZ V1EY;S
=POZ ;RuS 5F{S,ƒ ':uS $‚POS 'WpLQgP
^@;QAHZHCQ`S,ESZV1~SZ 
;QFS?BQ  W?P{Y ;SGuP &fV?ESZ @GEPGS
lPEQFSuS
Ւ Ց ՕՑ Ց Ւ Ւ Ց Ց Ց Ց զ զ Ւ Օ Ց ՕՑ
ȔȳՕ ɈɗǷࡧ‫ۚܣ‬Փ ɛȴՑ ȲՑ ɼࡧՑ șɮՕ ɀɗࡧ‫ۚܣ‬Փ ɱȆɏǷࡧʅȱՓ ɦȄࡧɻՓ ɨɦࡧՓ ȯɮ‫ݍݰ‬Ȅ
)V¡NOPEQEPE$‚POSKQ?P:Y NKNY;S;Q
ESZ5Pr$KV¡NOPEnPW?P{?SMY7QgS$Kr
;uCb:ZV,PlYW?P{YDSGQ`S,ESZV1EY;S 
W?P{Y ;SGuES6V? &fV?ESZ ;QFS?BQ ^@P
oQgQjSlY
Օ Օ ՑՕ Ց Ց Ց
ʏ‫ڲ‬Փ ࡧȳՕ ɘՓ ɓȄࡧՓ ɪՓ ɄɘɦȄࡧɑȷȄ
Փ ɼࡧȆʆ
KQLPHDPE $?S^.OZ V1~SuKW? )?Q`Y
V@PGSnY;WF:WD 
W?P{Y;SGwQgK
 `YWKlQ
;QFS?BQ  VE %VFeQHSZ W?P{Y ;SGwQgP &
fV?^@PoQ`SZ
Ւ Ց ՑՑ Օ Ւ Ց Ց Օ զ Ց Ց Ւ Ց ՕՑ Օ Ւ Ւ Ց Ց Ց Ց Ց Ց Ց Ց Ւ զ Ւ Ւ Ց Օ Ց Ց Օ Ց
ȓɡǾՓ ֺ‫ם‬ȄࡧɯՒ ɡʊՕ ɨɏࡧșɨȿɼࡧȲȄȳȉ‫ࡧכ‬ɯɡɭȆɐɇࡧɪɠǷɼࡧɰɽɮǾՓ ȆɀɦȄࡧɯɟȯɳɏࡧ Փ ȳɈɗǷ
?QfISV6 NDR@nY VKgY W?P{S,P W?P{Y ;SG
uS ?QfISV6 Cb:Z N•?fƒ CbQgS ?Qfƒ`Y
WKlQDH`S,ƒ^@Po??6nVj 
;GPKROQ?YWLMZ
Ց ՑՒ ՑՑՒ Ց Ց ՑՑ Օ Ց Ց Ց Ց Ւ Ց Ց զ Ց
ǴȆՑ ɜɨɇɼࡧՑ ǴȆՑ ɜȗɏࡧ ɰȆɄɭȲࡧ ȳՓ ɺȻࡧ ʏ‫ڲ‬Փ ȆʊՑ ɦࡧ ɵՕ ɭࡧՓ ȓՐ ɨ ʊՕ ɦࡧ ɪՔ Փ ɠࡧ ʏࡩࡧՓ ɣɦࡧ ɰզ ǻࡧՓ ɯզ ɺՒ ɨɦȄ
Ց Ց Ց Ւ Ց Ց Ց ՑՒ Ց Ց Ց Ց Ւ Օ Ց ՕՑ Օ Օ զ Ց Ց Ց Ց ՒՑ Ց Ց Ց Ւ Ց
ɣǾՓ Ȇɀ ɨȫɼࡧɣǾՓ ȆɜɨɇɼࡧɣǾՓ ȆɜȗɏࡧɵɭࡧȆ Փ ɳɨɐȡȄࡧࡧ
Փ ȲȆɳɦȄࡧɵɭࡧՓ ǴȆɳɭǷɼࡧǴȆɀɨȫɼ
Ց Ց Ց Օ զ Ց Ց Ւ
ȆʆࡧՑ ‫ࡧד‬Ȇ
Ւ ʆࡧՑ ‫ࡧד‬Ȇ Ւ ʆࡧȆ Ց ɳɨɐՑ ȡՕ Ȅ DTuY;K: ࡧ Ռ ȲȆ
Ց ɳɺՑ ɦǻࡧȆʆࡧȆ
Փ Փ Օ ɳɦȄࡧ ɵՑ ɭࡧՓ ɣǾՓ ȆɳɭՑ ǷɼՑ
Օ Ց Օ ՑՕ Ց ՑՕՑ Օ Ց Ց Ց Օ Ւ Օ Ց Օ Ց Ց է Ց Ւ
Ց ȮɼȳՒ ɈՕ ɮՌՑ ɦȄࡧ
 ࡧɵʆ Փ ǴȆՓ ʊɜՓ Ȼ‫ࡧכ‬ɵɭࡧȆ Փ ɳɨɐȣȕࡧַɼࡧɰ؈ɦɽՓ ȍɜɮՌɦȄࡧǴȄՓ ȯɐȸɦȄࡧɵɭࡧՓ ‫ד‬
 $‚POSWKGDIP?QVH +PWFP FPKQHSZ ?F,nQ
?QuY WDP1?Z ?,Vw6SuKFSZ ?QCE;]Z ?,Vw6SuK
FSDPEQ+FS@P6PIS,ƒ?Q?`SlY$KFSV6,TjnQ5f
WIESZ 'ƒVw6SWn:WD 5fISV6 %FP>\?PE $‚POS
WK?QV¡N]R,PF\FPEKQ3EQ,IQ5fVI'ƒVw6SWn
:WD$,£Vw6Su@FP3Q;FQ5fVIV@6SnFSW; 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϱ
;GPKROY ?QNY,PFnQ?Y WLMZ ?Q~nQ?Y WLMZ
&X=S%?‚;PV:uY@Q;vP@GESuS
Ց է Ց Ց Ց Ց Ց Ւ Ւ Ց Ց Ց Ւ Ւ Ց Ց Ց Ց Ց Ց Ց Ց Ց զ Օ զ Ց Ց Ց զՑ
ࡧȆɳɐՑ ȼȬȕɼࡧȆ ɱȮɽ‫ܥݨ‬ɼࡧȆɳɏɽɟȲɼࡧȆɳɭȆʊȿɼࡧȆɳȕֺȿࡧȆɳɭࡧɪȍɜȕࡧȆɳȋȲ
Օ Ւ զ Ց Օ Ց Ց զ Ց Ց Ց Ւ Օ Ց Օ Փ Ց Ց Ց Օ Ց ՕՓ Ք Ց Ց Ց Ց է Ց Ց Ց
ՒࡧɯʊɨɐՑ ɦȄࡧ
Փ ɑʊɮՓ ȸɦȄࡧșɱǷࡧɣɱǻࡧȆ Փ ɳǾȆզ ɏȮࡧՑ ȑՕ ȣՑ Փ ȗȷȄզ ɼࡧȆՑ ɱ‫ف‬؈Ց ɀՓ ɜՒ ȕࡧɯɮՓ ȕɼࡧȆɳɏȳՌɄȕɼ
Օ զ Ւ ɽզ ȗɦȄࡧș Ց Օ Ց Օ Ց
 ɯʊȧՓ ȳɦȄࡧȈȄ  ɱǷࡧɣɱǻࡧȆ Փ ɳʊɨɏࡧȑȕɼ
($‚POSWK5fISV6 ?QNY,PFfƒ W?P{S,ƒ
?Q~nS,ƒ?QGSnfƒGS,T',ƒNS3T=S,ƒ5fƒ
^@,6QwQg CECŸQ )‚PZ ?R N]R,FQgY V@PFSnVw6
W:,DfIQ ?\T?;,ƒ @FQOFQW`:WD5fISV6
^@Po??RN]R,FQW`:WD5fISV6@œPnP@Vn
?R N]R,FQW`:WD?R DPwY ?,SuK?SZ >PFPIZ
,FS:V1PFQESuKSDP:Y 
KQ;YGQ?YWLMZ
 KQ;YGY?QNY,PFnQ?QuYNHPZKRjQEP
Օ ՑՕ Ց Ց Օ Ւ
Ւ ȯէ ɜՒ ɦȄࡧ
ȶɼ ɣՓ ɨՓ ‫ם‬ȄࡧɰȆȨȍȷ
)uY DTuY ;K: V1P‚ NSunP:Y DTuPDWn;Y
$HY@ZLBY=DSEnNSunP:Y
 KQ;YGQ?YWLMZ&fV?V1P‚NSunSlY
Ց Ց Ւ Ց Ց Ց Օ Ւ Օ Ց Ց Ւ Ւ Ց Ք զ Ւզ Ց
ࡧɣȋՓ ɼࡧՑ ɣȗՓ ȋɽՑ ɜɏՒ ࡧɵՕ ɭࡧՓ ɣȕȆՓ ɗȆɐՑ ɮՒ ȋՓ ɼࡧՑ ɣɈՓ ‫ࡧܥݵ‬ɵɭࡧՓ ɞȆɃȳȉࡧȰɽɏǷ ࡧʎɲՓ ǻࡧՓ ɯɺɨɦȄ
Ց Օ Ց Ց Ց Ց Օ Ց ՕՑ Ց Ց Ց ՕՑ Ց Օ Ց Ց Վ Ց Ց Փ ՓՕ Ւ Ց Ց Օ
 ɣȸՓ ɘɱࡧʄ‫ڴ‬ɏࡧșʋɳțǷࡧȆɮɟࡧșɱǷࡧɣʊɨɏࡧȄǴȆɳțࡧʎՌɀՓ ȧǷ ࡧַࡧɣɳɭՓ
 $‚POSWK?QV¡ V@PFSnZ DSr?QnQ ?QV¡
W,P@Vn V;PjSZ ?QV¡ KQjSKRJY1 DSr?QnQ ?QV¡
LQbVE V;PjSZ ?QV¡ $GQKSZ ?QœEKSZ ^@,PFZ
KFSu %@nS,VI V;PjSZ ?QWuP6Y 5Pr ,PK W;6S
uS ?R ?QVu N]EZ NY;S;Qg;Y W@PVH NY;S;Q @P6Pr
)?Q`Y,JQKQ‚ 

^@;Q=Q?=Q,YGS,ƒ
GDIP?Q +PWFP =QKNKSZ ^@W;\,Z V1PW‚l
=Q,YGS,ƒ'lY
GDIPr+uY
Ց Ց ՑՕ Ց Ց
ࡧ‫ܣ‬۶Փ Օ ȍՔՓ ɱɼࡧՑ ɰ؈ɮՓ ǾՓ ȆɜɦȄࡧɬȆ
Ց զ Ց Ց
ʊɛՓ ࡧʎɭȆՓ ʊՑ ɛՓ ɼࡧՑ ɰ؈ɮՓ ǾՓ ȆɀɦȄࡧɬȆʊȿࡧʎ Օ ɯզ ɺՒ ɨɦզ ȄՑ
Ց ɪՕ ɐՑ ȡȄࡧ
Փ ɭȆՓ ʊȿࡧ Փ
զ ՑՕՑ ՑՑ Ց Ց Ց Օ Ց Ց Ց Ց Ց Օ Ց Օ Ց Օ Ց
 Ց ȳՓ ȿȆ
ɵʈ Փ ɳɦȄࡧ‫ف‬؈ȫࡧȆʈɼࡧɰ؈‫ם‬Ȇ Փ ɐɦȄࡧɻɦǻࡧȆ
Փ ʆࡧɰ؈ɨՓ ɗՓ ȆɔɦȄࡧȓՓ ɭɽɱࡧɵɏ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϲ
NKWHP, ?QEsPWK NOPEQ,IQ $;\SnDP )V¡ ^K;fVI
N]R,F\;W?6QE?QV¡W?P{S,PFSW6;S,:V`ESZ)V¡?QNY,PF
Vn ?R V@PFSnVw6Su ?QNY,PF`PFSW6;S W@PVHESZ %`W:
%FP>?`PF\nQ $^Lq @SHnSuKFSV6 ?Q^=VE V;PjY )Vu
?R':nS,ESZV1W~:WD 
GDIPrFlY
ՕՔ Ց ՑՑ Ց Ց Ց Օ Ք Ց Ց Ց Ց ՕՔ Ց զ Ւ զ Ց
ࡧ‫ۚܣ‬Փ ɜɗՓ ɼՑ ɼࡧՑ ɣȕՓ ȆɮɜɱɼࡧՑ ɣɈՓ ‫ࡧܥݵ‬ ɵɭՓ ࡧ‫ۚܣ‬Փ ȍՕ ɳՓ ȡՑ ɼࡧՑ ɣȕՓ ȆɃȳՕ ɭࡧʄ‫ڲ‬ǻࡧ‫ۚܣ‬ȋȳɛࡧɯɺɨɦȄ
Ց զ Ց Ց Օ Ց Ց Ց Ց Օ Ց Ց Ց Ց Ց Փ ՓՓ
ɰ؈ Փ ȳɦȄࡧɯȧȲǷࡧȆʆࡧɣȗՓ ɮȧȳȉࡧՓ ɣȕՓ ȆʆǵࡧȓՓ ǾȄȳɜՓ ɦՓ
 ɮՓ ȧȄ
$‚POSWK ?QV¡ DOnPE ,PFS:\Vn DSr?QnQ 5Pr W1P=Q
`SuS ?QV¡ ^@R;QEQWHV`Vu $6SwQ`W: ?QV¡ W,P@KSZ
LQbESZ )VuVnPjS KQ=TFnP`S,ESZ V1W~W: ?QV¡ KQLSq
-S%r+P;P?S„CP.\Z,?QiFSIW: 
GDIPrDTuY
ɪՕ ɐՑ ȡȄ
զ Ց Ց Ց զ Ց
Օ ɼࡧՑ ɻʈɽɮՕ ȗɦȄ Օ Օ Ց Ց Ց Օ զ Ց Ց Օ Ք ɻʊɗࡧ‫ۚܣ‬ɛՕ ȴՒ ȲȄࡧ զ Ց
Փ Փ ɼࡧȓՓ Ց ɸȆɘȸɦȄࡧɵɭࡧɻʊՓ ɗՓ ࡧʎɲՓ ȯɐՓ ȊǷɼࡧɻʊȎՓ ɳȗɦȄɼࡧɵɸȱɦȄࡧ Փ Փ Փ Փ Օ ɯզ ɺՒ ɨɦȄ
Ց զ Ց Ց Օ Ց Ց Ւ Ց Ց ՑՑ Ւ Օ Ց Օ Ց Ւ Օ ȍʋՎ ɀɱࡧʏ Ց
ɰ؈
 ɮՓ ȧȄՓ ȳɦȄࡧ Փ ‫ڴ‬ɏࡧɻʊՓ ɗՓ ࡧɤ‫ق‬Փ ؇ʆࡧ‫ف‬Ր ؈ȫࡧɪՔ Փ ɠࡧɵɭࡧȆ
ɯȧȲǷࡧȆʆࡧɞȮɽՓ ȣȉՓ ࡧɞȮȆՓ ȍɏࡧʄ Փ Փ ‫ڲ‬Փ
$‚POSWKNS,U;fƒV1~Pr@T:D?‰SZ': SZ)?Q`S?R
+X=PF\DPEQ;FW:$^LpESZ$BqKSZ)uQ?Qu,£S,ESZV1~
W: ?QV¡ DOnPE =P?LRHVnDSr?QnQ 5PrW1P=Q`SuS &X
=Q?nQ?QV¡KQLQMY6=PNvP`SWD$K;FQ`SuNK$?S^.
OnQ?QuSZ+FSKQOQ;Z)?Q`SZ?RKQ>QgFSIW: 
GDIPr?PHY
Ց Ց Օ Ց ՑՑ Օ Ւ Ց Ց Ց Ք ɛࡧՑ ɯզ ɺՒ ɨɦզ ȄՑ
ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɏՕ ȴՓ ɼՕ ǷɼࡧՑ ɞȳՓ ɟȰࡧՓ ȒɼՑ ֺȧࡧ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄՕ ɼࡧՑ ɞȳՓ ɭՕ ǷࡧȓՓ ɭȆՑ ɛׁࡧՓ Փ ɻʊ
Փ ɗՓ ࡧʎ ɲ
Փ ɽ
Փ
զ ՑՕՑ Ց Ց Ց Ց Ց Օ Ւ ՑՑ
 Ց ȳՓ ȿȆ
ɵʈ Փ ɳɦȄࡧ
‫ف‬ ؈
 ȫࡧȆ ʆࡧɣ ɭ ȳ ɡ
Փ Փ Փ ȉࡧɞȳ ɡ Ȼࡧ ǴȄ Ȯ
Փ Փ ֿ
$‚POSWK ?QV¡ %™,ƒ $?SKnQ`Pr )?Q`S ?R LŸQ
@,FW: ?QV¡ =Q,YGQV¡ DP>SF\Z )Vu FS1QwQ`W: ?QV¡ DOP
ž\VnDSr?QnQW1P=Q`Vj?Q?`S„,U;™;PNDw:nQ?S
D?‰QV??R@P,Vw6SnQnFW: 
GDIPr$hY
Ց զ ɞՑ ȮȆȍՑ ɏࡧɵՕ ɭࡧ‫ۚܣ‬ɨՕ ɐՑ ȡȄ
ࡧɰ؈‫ݰ‬Փ ‫ݍ‬ȆՓ ɀɦȄࡧ Ց ȳɘɔՕ ȗՑ ȸՕ Ւ‫ם‬ȄՕ ࡧɵՑ ɭࡧ‫ۚܣ‬ɨՕ ɐՑ ȡȄࡧ
Օ ɼࡧՑ ɵʈ Օ ɯզ ɺՒ ɨɦզ ȄՑ
Փ Փ Փ Փ
Ց Ց Ց Ց Օ Ց Ց զՒՕ Ց Փ Ց Օ Ց Օ Փ Փ Փ
Ց զ Ց ȧՑ ȲՕ ǷࡧȆ ՕՑ Օ Ց Ց Ց Օ
ɰ؈
 ɮՓ ȧȄՓ ȳɦȄࡧ ɯ ʆࡧɣȗՓ ɮȧȳȉࡧՓ ɰ؈ɜՓ ȗ‫ם‬ȄࡧɣǾȆՓ ʊɦՓ ɼǷࡧɵɭࡧ‫ܣ‬ Փ ۚՓ ɨɐȡȄɼࡧɰ؈ȗՓ ɱՓ ȆɜɦȄ
$‚POSWK?QV¡,U@V,PlY )VuCŸFSZNgFQ;FSDPE$6QD,
ISV6 .:nQ 'ƒVw6SWn:WD NTbYD=U`S,IPE ?QV¡ +XHQEP
&V¡,TjnQ)?Q`SZ—P?Z?,W:@P@WDP1?n  Q?oQ`S
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϳ
u $W?,FQ +FPIP:S 5P?SZ $KFSV6 $o?,ƒ ?R N]R,FQ
`SW{Pƒ%.:nQ)W¡;SZ?R'ƒVw6SnQ$?S^.OQ`W: 
GDIPr%GY
Ց Օ
ࡧɣȗՓ ɮՑ ɜɱՓ ࡧɆȆ Ց Օ Օ Ց Ց Ց Ց Ց Օ Ց ȳէ ɐՑ ȗՑ ȉࡧ‫ۚܣ‬ɦՕ ȱՒ ȬՕ ȕࡧՑ ַࡧՑ ɯզ ɺՒ ɨɦզ ȄՑ
Փ ʊȸՓ ȊࡧՓ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ȋȳՓ ɄȕࡧַɼࡧɣȗՓ ʋɀՓ ɐɭࡧɂ Փ Փ Փ
Ց զ Ց ՑՕ Ց ՑՕՒ Ց Ց ՔՑ Ց Ց Ց Ց Ւ Օ Ց Օ Օ ՑՑ
ࡧɰ؈ȍՓ ɓȄ
Փ ȳɦȄࡧȓȍɓȲࡧ‫ܢ‬ՑࢼȗɳɭࡧȆʆࡧɣɳՓ ɮȉࡧՓ ɣɈՓ ‫ࡧܥݵ‬ȔȆ Փ ȍȡɽ Փ ɭࡧɵɏࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ȧȵՓ ȧȴɼ
 $‚POSWK?Q?V`;QFS^@KnQ`P?S„NPO1F\Z;uSV,PlY)Vu
?R @FP3EVw6SnFSW; ?QV¡ CEP?,LQbESV6 1PjKPVG?Q`S KQ>Q`
W‚ )‚PKQ> ^@;Rb,ISW6ESZ %;\sQ,DPE W,=PFDPE ?P<P ?QV¡
W,P@nQ?SKQW>EDP,Su,PF\fIQ?QVuVu?R+JQgS?QWnW: 
GDIPr*JY
Օ Ւ Ց Ց
ࡧ‫ۚܣ‬Փ ɛȴȲȄՕ ɼࡧՑ ɻՓ ɭȆՓ țǵɼࡧՑ ɻՓ ȕՓ ȄɽՑ ɘɸࡧՑ ɵՕ ɭࡧ‫ܣ‬ ՕՒՕ Ց Ց Ց Ց ‫ڴ‬Ց ɏࡧ‫ܣ‬ Ց ۚՔ ɏǷࡧՑ ɯզ ɺՒ ɨɦզ ȄՑ
Փ Օ ۚՓ ȍɳȡȄɼࡧɻՓ ɭȆՓ ʊɛՓ ɼࡧɻՓ ɭȆՓ ʊȿࡧʄՓ ՓՓ
Ց ՕՒ Ց Ց Ց Ց Օ Ց Ց Ց Ց Ց Օ
ࡧɰ؈ɳՓ ɭՓ Ǻ‫ם‬ȄࡧʅȮȆՓ ɸࡧȆʆࡧɣɜʊ Փ ɗՓ ɽȗȉࡧՓ ɻՓ ɭȄՓ ɼȯȉࡧՓ ɞȳɟȰࡧՓ ɻʊՓ ɗՓ
^K;P?SMY7P?nQ?SZ ;GPKRO6`DS„ ?QNY,PFfƒ`SZ )Vu ?R
NOPEQ`W:&X=Q?nQKuSV@6Su,S£fISZ,SGKS,ISZ?R
$,£QnFW: N;\KQL]PNQ,ƒ`S NvP.@P; ?,QE ;{SFPW?
?QV¡NYDF:)VuuSZ?QH?QnPV??Q`SCP.\Z;FW: 
GDIPr)jY
Ց զ Ց Ց Օ Ց Ց զ Ց Ց Օ Ց Ց ՕՑ Օ Ց Ց Օ Ց Օ ՒՕ զ Ւզ Ց
ࡧɬՓ ֺȸɦȄࡧǴȆȼɗǻՓ ɼࡧɬȆՓ ɐɈɦȄࡧɬȆɐɇǻՓ ɼࡧɬȆՓ ȗʆ‫ࡧכ‬ȓɮȧȲࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄࡧ ɯɺɨɦȄ
Ց Ց ՕՑ ՑՔ Ց Օ Օ Ց ՑՑ Ց Ւ ՕՒ Օ Ց Ց Օ Ց Ց Օ Ւ Օ Ւ
ࡧȆʆࡧɣɦՓ ɽɈȉࡧՓ ɬȆՓ ȀɨɦȄࡧ
Փ ɰȄՓ ɽȫ‫ࡧל‬Փ ȓțՑ ȮȆȨɭࡧ‫ܣ‬ ۚՓ ȍɳȡȄɼࡧɬȄՓ ȳɡՓ ɦȄࡧȓȍ‫ۚܣࡧܵݰ‬Փ ɛȴȲȄՕ ɼՑ
Օ Ց Օ
 ɨՓ ɭՓ ‫ࡧך‬Ǹ‫ݨ‬Ց ‫ݏ‬ɭՑ
ɰ؈
$‚POSWK&X=Q?nQ$?P<,ƒ`S,PFS:\ZV1~P?SZ$u@P
?P=Q,ƒ=P?ZV1~P?SZNHPZ$CQKP=?fƒ?Q OQ`P?SZ)?Q`S
@TWKP@FQ$KNFZ?,W:)‚PKF SW6ESZ$CEW,^tDPE?P<P
?‚KWFP6S NOKNQ`Pr ?RVE?Q`S CP.\Z ?,T .SFS;]Z V,j
,TjS,PVFPnS„NZNPFZ'W@bQ`Pr)Vu?R;S:EY`T 
GDIPr+{;Y
զ Ց Ց Օ Ց Ց Ց ɽՑ ɦȄࡧ
Օ Ց ՑՑ Օ Ց Օ ՒՕ զ Ւզ Ց
ࡧȓՓ ɐՑ ɇȆ
Փ ȸɦȄࡧɣɳՕ Փ ʊɸȄՓ ‫ف‬Ց ؄Ց ɦࡧՓ ɻʊՓ ɗՓ ࡧʎɲՓ ȯՓ ɸȄɼࡧȓɐȷȄՓ ɣȗɮȧȲࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄࡧ ɯɺɨɦȄ
Ց Ց ՕՒ Ց Ց Ց Ց զՑ Ց Ց Ց Օ Ց Ց ՕՑ Ց Ց Ց Օ Ւ Ց
ɰ؈
 ɛՓ Ȇȗȼ‫ם‬ȄࡧɪɭǷࡧȆʆࡧɣȗՓ ȍȨɮȉࡧՓ ȓՓ ɐɭȆՓ ‫ݍݨ‬ȄࡧɣȕՓ ȆɃȳɭࡧʄ‫ڲ‬ǻࡧ‫ܣ‬ Փ ۘՓ ʊȿȆ Փ ɳȉՓ ࡧȱ ȫɼ
$‚POSWK &X =Q?nQ ?QV¡ KQLPHDPE ,PFS:\Vn )?QW`,
W: ?QV¡ NSK\ŸDPE ^@DP:fƒV`Vu @P,Vw6SWn:WD
?QV¡ DOnPE DOynSV,PlY ?QV¡ N{Tm NZ;U@Y;QEQWH`Y
)Vu%?EQ`W: 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϴ
GDIPr@nY
Ց ՑՑ Ց ՑՕ Ց Օ Օ Ց Ց Օ Ց Ց Ց Ք Ց ՑՒՕ Ց Օ Օ զ Ւզ Ց
ࡧɣʆՕ ȯɦࡧɵʈ ȵՓ ǾՓ ȆɘɦȄࡧɵɭࡧ‫ܣ‬
Փ ۚՓ ɨɐՑ ȡȄɼࡧɣʊɨɏࡧɰ؈ɨՓ ɠՓ ɽȗ‫ם‬Ȅࡧɵɭࡧ‫ܣ‬
Փ ۚՓ ɨɐՑ ȡȄࡧ ɯɺɨɦȄ
Ց զ Ց Ց Ց Ց Ց Ց Օ Ց Օ Ց Ց զ ՑՒՕ Ց ՕՑ Օ Ց
ɰ؈
 ȍՓ ɦȆՓ ɈɦȄࡧȓʆȆɓࡧȆʆࡧɣɱՓ ȆȸȧǼՓ ȉࡧՓ ɣʊɦǻࡧՓ ɰ؈ȋՓȳɜ‫ם‬Ȅࡧɵɭࡧ‫ܣ‬ Փ ۚՓ ɨɐȡȄɼ
)‚P $o?,ISW6ESZ %;\sQ, ^@;RbEPE ;{SFPW? ?QuQ
NKZNDwQ`SuKFSV6.:nQ)VuESZ?RV@6SnS,?QuQ
WH`Y $6S`SuKFSV6ESZ?QV¡@FQ.:?EQKQ3EZKFQ`SuKFS
W6ESZ,TjnQ)VuESZ'ƒVw6SWn:WD 
GDIPr@;QV?PuY
ՑՑ Օ Ք Ց Ց Ց Ց Օ Օ Ց Ց Ց Օ Ց Ց ɯզ ɺՒ ɨɦզ ȄՑ
ࡧɻʊՓ ɗՓ ࡧʏզ ‫ڴ‬ɏࡧ ɬȳՓ ȧɼࡧɰȆʊɀɐՓ ɦȄࡧ  ɻʊՓ ɗՓ ࡧʏզ ‫ڲ‬ǻࡧՓ ɷՕ ȳՓ Ք ɟɼࡧՑ ɰȆȸՑ ȧՕ ‫ࡧל‬
Փ ɻʊՓ ɗՓ ࡧʏզ ‫ڲ‬ǻࡧՓ ȑՕ ȍՔՓ ȧࡧ
Ց Ց ՒՕ Ց Ց Ց Ց Ց Ք Ց Օ է
 ȝʊՓ ɔՓ ȗȸՕ ‫ם‬ȄࡧȚɽՕ ɓࡧȆʆࡧՑ ɣțՓ ɽՕ ɔȊࡧՓ ɰȄ‫ف‬؈Ց ɳՓ ɦȄɼࡧՑ ɉ‫ܦݵ‬ɦȄ
ɰ؈
 $‚POSWK&XNS=Q?nQ?QV¡DPwSZDGESZV,PVlVuCZ.QEP`Q
nFQ,ESZ '„;SV,PlY ;U@Y;QVw6Su D;QEPE KNY^;Z V,PlY )Vu
$HeF Q`S,ESZV1~W:$CEPoQ,I SV6%LPW,^tDPE;{SFPW?
?vESW6ESZ$?S^.nQV¡ESZ;S:QnFfƒ)V¡WD?R1PnW: 
GDIPr@^slY
ՑՑՕ Ց Ց ՑՑՕ ՒՕ Ց ՑՑ Օ Ց ՕՔ Ք զ Ց
ࡧɖȆ
Փ ɘɡɦȄɼࡧȓՓ ɏȆɳɜɦȄࡧȶȆ Փ ȍՑ ɨՓ ȉࡧՓ ɻʊՓ ɗՓ ࡧʎɲՓ‫ف‬Օ ؅ȷȄ ɼࡧɖȆ
Փ ɘɐɦȄɼࡧ‫ف‬Փ ؅ȸɦȆ
Փ ȉࡧ‫ܣ‬
Փ ۚՓ ʈՔՓȴࡧՑ ɯզ ɺՒ ɨɦȄ
Ց Ց Օ Ց Օ Ց Ց ՑՕ Ց Օ Օ Ց Օ Ց Օ զ Ւ ۚɨՔ ȧՑ ɼՑ
 ɘՓ ǾȆՓ ‫ݍݵ‬ȄࡧȓɮՑ ɀ
ɰ؈ Փ ʆࡧɣȗՓ ɮɀɐՓ ȊՓ ࡧɰȆՓ ȸȧ‫ל‬Փ ɼࡧɪՓ ɄɘɦȄࡧȓՓ ɨȨȉࡧ‫ܣ‬
ɏࡧȆ Փ ՓՓ
$‚POSWK $JS`Q ?QVuVu NZLSqDP`S,ESZ ?QV¡ KQ>Q,
IQ bDQ`P?S„ LŸQ @,uS ;FQ,ESZ V1~W: =SBHFSV6
LŸQW,^tDPE ;{SFPW? .S:KPvPWFPV6PnS„ NOKPNnQ?SZ
;-YK`SZ)?Q`S?RNXCP.\Z?,W: 
GDIPr@;QDTuY 
Ց
ՑՕ Օ Ց Ց ՑՑ ՕՔՑ Ց Ց ՕՑՕ Ց Ցզ Ց Ց զ Ց
ࡧȲȄՓ ȱɛ‫ࡧכ‬ȔȆ Փ ǾՓ Ȇɠࡧʄ‫ڴ‬ɏࡧʎɲՓ‫ف‬؄Փ ȿɼࡧȲȄՓ ȱɛՑ ‫כ‬ɼࡧࡧȹ
ɳ Փ ɲȯɦȄࡧɵɭࡧՓ ɻʊՓ ɗՓ ࡧʎɲՓȳՕ ɺՔՓ ɇࡧɯզ ɺՒ ɨɦȄ
Ց ՑՕ Ց Ւ Ց Ւ Օ Ց ɜՑ ȗɨɦࡧ
է ՕՔ
 ɟȆՓ ȸՑ ‫ם‬ȄࡧȒɽզ ɛࡧȆʆࡧՑ ɣȕՓ ɽզ ɜȉࡧՓ ȲȄՓ ȳՑ ȉՕ ‫ࡧכ‬ȓՓ ȍՑ ‫ݰ‬Օ ܵ
ɰ؈ Ւ ɼࡧʃ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɜɗՓ ɼՑ ɼՑ
$‚POSWK $JS`Q ?QVuVu NZLSqDP`S,ESZ ?QV¡
KQ>Q,IQ bDQ`P?S„ LŸQ @,uY ;FQ,ESZ V1W~:WD
=SBHFSV6 LŸQW,^tDPE ;{SFPV? .S:KPvPWFP6S„
NOKPNnQ?SZ;-YK`SZ)?Q`Y?RNXCP.\ZV1W~:WD
GDIPr@;Q?PHY
Ց Ց Ց Օ Ց Ց Ց Ց Օ Օ ՑՑ ՑՑՑ Օ Օ ՑՒ Ց զ Ւզ Ց
ࡧַɼࡧՑ ȔȄ
Փ ɽɘɺՑ ɦȄɼࡧȆՕ ʆȆɈ‫ݍݵ‬ȄࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɨɛՓ ǷɼࡧՑ ȔȄ
ՓՕ ‫ف‬؆ɐɦȆՑ ȉࡧՓ Օ ɻʊՓ ɗՓ ࡧʎɲՓ ȱȫȄ
Փ Օ ǺȕࡧַࡧՑ ɯɺɨɦȄ
Ց ՕՒ զ Ց Ց զ Ց Ց Ց Վ Ց Ց Ց Օ
 ɮՓ ɨՓ ȸ‫ם‬ȄࡧȵɏࡧȆ
ɰ؈ Փ ʆࡧɣȕՓȵɐՓ ȊࡧՓ ȔȆՓ ɗ‫ך‬ɼࡧȆʆֺȍɨɦࡧȆ Փ Ƀȳɏࡧ‫ۚܣ‬Փ ɨɐȣȕ
$‚POSWK )?Q`Y NZCKQg @P,wQJKS,ƒ ,PF:DPEQ )Vu
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϱϵ
LQbQ`FSW;,S£fISZV;£S,ISZ?R;S6gSDP£QnFW:?QV¡DO
nPE ^@;P@nQ?S ^@:PDDwQgS 5Pr W,JSuS KQMDfƒ`SZ
=SFQ;fƒ`SDS„?Pj`SGQEP`Q)Vu?RDP£FSW; 
GDIPr@;Q?hY ՕՑ Ց
Ց Ց Օ Ց Ւ Ւ ՕՑ Ց Օ ՑՑ Ց Օ ՒՕ զ Ւզ Ց
ࡧɰ؈
 ɐՓ ȻȆ Փ ‫ݍݵ‬ȄࡧՑ Ɏɽ ȼȫࡧ‫ܣ‬Ց ۗՓ ɨɛࡧɻʊՓ ɗՓ Ց ࡧ‫׀‬ɭȄՕ ɼࡧՑ ɰ؈ɐՓ ɃȆ
Փ ‫ݍݵ‬ȄࡧȓɏȆ ɇࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄࡧ ɯɺɨɦȄ
Ց Օ Ց Ց Ց Ց Օ Ց Ք ՒՕ Ց Ց Ց Օ Ց Օ Օ ՑՑ
 ɘՓ ǾՓ Ȇ‫ݍݵ‬ȄࡧɰȆɭǷࡧȆʆࡧɣɳՓ ɭǸȉࡧՓ ɰ؈ȍՓ ȨՓ ‫ם‬ȄࡧȓȉȆɱǻࡧՓ ʅȲՓ ȯȿࡧɻʊՓ ɗՓ ࡧʎɲՓȳɐՓ ȻǷɼ
ɰ؈
$‚POSWK ?QVu K:fSuKFSV6 .:nQ )VuESZ 'ƒVw6S
nS,)V¡D?‰QE<PoCŸFSV6CŸQ?QGEY`S,?QV¡DO
nPE$CEVnDSr?QnQ5PrW1P=Q`Vj?QV¡&MY6vP?QuQ
WH`S D6fSW{PJSlP,Su $?SCT;Q )?Q`SZ $?SCKQ`Pr $K
NFZ?,W: 
GDIPr@;Q?Ց PGY ՑՕ Ց Ց
Ց Օ Ց ՑՑ ՑՒ
Ց ȲȄȳՑ ȻՕ ‫ࡧכ‬ Օ ɳՔ ȡՑ ɼࡧՑ ȲȄȳՑ ȉՕ ‫ࡧכ‬ ՕՔՑ զ Ւզ Ց
ࡧʄ‫ڲ‬ǻࡧʎɲՓ ɼǵɼࡧ
Փ Փ Փ Օ Ց ՑՕ Ց ȓ ɜ ɗȄɽ ɭࡧɻʊ
Փ ɗ
Փ ࡧ‫ܣ‬ۚՓ ȍ Փ ՓՒ Ւ Ց ɪՕ Փ ɮɐȊࡧՓ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɜɗՓ ɼࡧɯɺɨɦ Ȅ
Ց ȳȫ‫ך‬ɼࡧՑ ɰ؈ɦɼզ ‫ࡧכ‬ɻՑ ɦǻࡧȆʆࡧՑ ɣՑ ȗ ʊզ ɸɽɦǸȉࡧȲȄȳՑ ɜɦȄࡧȲȄȮՑ ࡧʏࡩࡧɣՑ ȗɮՑ ȧՕ Ց
ɵʈ Փ Փ Փ Փ Փ Փ ՓՓ Փ Փ Փ Ȳ
?‚K V1~Su;S V1~Pr )?Q`SZ CP.\Z ;FW: 1Rn 3?fWIP
V6PnS W1FSu;Q ?QVuVu ,PnFSIS,ESZ V1~W: NS—QF
NWe;nQ?QV¡$?S^.OnQWHV`VuESZ,TjQnFW: 
GDIPr@;QW?JY
Օ
Ց ɭՑ ‫ך‬Օ ɼࡧՑ ȥՑ ǾՓ ȄɽՑ ‫ݰ‬Ց ‫ݍ‬Ȅࡧ Օ Ց Ց ՕՑՕ Օ ɯզ ɺՒ ɨɦզ ȄՑ
 Օ ɭࡧȆ
ࡧࡧɵ Ց ʆࡧՑ ɤȆ ɻʊՓ ɗՓ ࡧʏ‫ڲ‬Փ ࡧɅ ɛȄ ɼࡧɤȆ ɮ ɏ‫ࡧכ‬ ‫ݳ‬ ‫ݍ‬Ȇ
Փ
Ց ɦࡧɻʊɗࡧʎɲȯɸȄࡧ
ɀ Փ Փ Փ Փ Փ
Ց Ց Ց Օ Ȳɼ Ւ Ւ Ց Վ Ց Ց Փ Ց է ՓՑ Օ զՓ Ց Ց Ց Օ Ց Ւ Ց Օ Ց Ց
ɰ؈
 ‫ם‬Ȇ Փ ɐɦȄࡧ Փ ȯ ȿࡧʏ ࡩࡧȆ ‫ࡧם‬Ȇ
Փ Փ Փ ‫ם‬Ȇ ɏࡧȆ ʆࡧ ɤȄ
Փ Ǻ ȸɦȄ ɼࡧ
‫ف‬؈Փ Փ ȗɦȄɼࡧɰȆՓ ʊȍɦȄࡧʄ‫ڲ‬ǻࡧՓ ȠȆȗȨʆࡧַ
ȸɘ
 $‚POSWK?‚,PF\fƒ`Y)?Q`SDP.=L?ZV1~W:)V¡%KL\
fISZ $CQHPMfISZ @TK:QEQW`:WD NKWHP,FSW6ESZ D?‰PsF
Vn$GQESu?Q?`SDS{Q)V¡%^.OfƒKQL=R,FQW`l;Q‚W‚P 
GDIPr@;QV?jY
Օ Ւ ՕՑ ՕՑ Ց Ց ՑՑՑ ՕՔ Ց զ Ց
ࡧȱȫɼࡧՑ ɷՓ ȲȄՓ ɽՑ ɱǷࡧǴȆՓ ʊՑ ɄՓ ȉࡧ‫ܣ‬
Փ ۗՓ ɨɛࡧɻʊՓ ɗՓ ࡧȲՕ ɽՓ Ք ɱɼࡧՑ ɷՓ ȲȆՓ ‫ݰ‬Ց ‫ܥ‬Օ ǷࡧȔȆ
Փ ɠ‫ف‬؄ɦࡧՓ ɻʊՓ ɗՓ ࡧ‫ܣ‬۶Փ Ց ȍՓ ɱࡧɯզ ɺՒ ɨɦȄ
Ց Օ ՒՒ Ց Ւ Ց Ց Ւ Ց ՑՔ Ց Ց Օ Ք Ւ
 ɗՓ ȲȆՓ ɐՑ ɦȄࡧȈɽ
ɰ؈ Փ ɨɛࡧȲɽɱࡧȆʆࡧɞȲɽ Փ ɳȉࡧՓ ɷՓ ȲȆՓ țǵࡧɎȆՓ ȍȕՓ Ȅࡧʄ‫ڲ‬ǻࡧʎՓ ǿՓ ȆɄɏǷࡧɪՓ ɢȉՓ
$‚POSWK &X =Q?nQVH $nPJwS:\nQV?Vu ':nS,ESZ
@FQLSq^@CV,PlY )V¡D?‰QV?=R@Y;DP`S,ESZV1~W:%FQ
ARfISV6DW?PDHnQ^@CES;Q`Su;{SFPW?GDIPrHb\
DP`Su DOnPE NWtLZ )V¡ NK $Z.fƒ V,PlSZ 'ƒV`P
„Pr?RKJQVEPFS`QnFW: 
GDIPr@VnP{;Y
Վ Ց Ց Ց Ց Ց Ց ȳՕ ɗՔ ɼՑ ࡧɯզ ɺՒ ɨɦզ ȄՑ
Ց ɪՕ ɺՔ ȷՑ ɼࡧՑ ɻȕȆɠՑ ȳՑ ȉࡧՑ ɵՕ ɭࡧʎɌՔ ȧࡧ
ֺʊɨՓ ɛࡧ‫ۚܣ‬Փ ɭՕ ȳՓ ȨՕ ȕࡧַɼࡧՑ ɻՓ ȕՓ Ȅ‫ف‬Ց ؈Օ ȫࡧʄ‫ڲ‬ǻࡧʏ‫ڴ‬ʊ
Փ ՓՓ Ȏ ȷࡧ Փ Փ Փ Փ Փ Փ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲϬ
ՒՕ Օ Ց Վ Ց Ց Ց Ց Ց Օ
 Փ ȍՓ ‫ם‬ȄࡧɝՔ Փ ‫ݰ‬Ց ‫ݍ‬Ȅࡧʄ‫ڲ‬ǻࡧȆ
ɰ؈ Փ ʆȮȆՓ ɸࡧȆʆࡧɻՓ ȕȆՓ ɳȸȧࡧɵɭՓ
$‚POSWK GDIPV¡ @S:\KQOQ;Z )?Q`SZ ?R @TnQEP`QnFQ
,ESZ?vEQWH`S„KJQ)ISwDP`QnFQ,ESZV1~W:N;\DP.
nQWH`S KJQ ?6nSu ?P<P GDIPV¡ .S:Vn $@Z W@PHSZ
)?Q`S?R;6EFSW; 

Ք Ց Ց ՕՑ ՑՑ Օ Օ ՑՑ Ց Օ Ց Ց ՕՑ Օ Ց Օ զ Ւ զ Ց
GDIPr&FS@;Y
ՕՔ
ࡧ‫ۚܣ‬Փ ɜɗՓ ɼՑ ɼࡧՑ ɰȄՓ ‫ف‬؈Ց ɳՓ ɦȄࡧȈȄɽȉǷࡧɻʊՓ ɗՓ ࡧʏզ ‫ڴ‬ɏࡧ ɝɨՓ ɓǷɼࡧɰȆɳ‫ݍݨ‬ȄࡧȈȄɽȉǷࡧʏ‫ࡧڲ‬ȩȗɗȄࡧɯɺɨɦȄ
Ց ՕՒՕ ՒՒ Ց զ ɤՑ Օ Ւ Փ Ց Փ Օ Ւ Օ Ց Ց Փ
ɰ؈
 ɳՓ ɭՓ Ǻ‫ם‬ȄࡧȈɽ Փ ɨɛࡧʏࡩࡧՓ ȓՓ ɳʊɡՓ ȸɦȄࡧ ‫ق‬Փ ؇ɭࡧȆʆࡧɰǵՓ ȳɜɦȄࡧȒՓ ɼֺȗՓ ɦࡧՓ ɻʊՓ ɗՓ
 $‚POSWK N]. ,KP6fƒ )?Q`S ;SGuS;FW: ?F, ,KP6
fƒ)VuVnPjSV,PjQE6 `W:N;\KQL]PNQ,ISV6D?‰QLPsQ
?QGEY`SuGWy-S%r+PnQV??Q`S;XAR-Y;FW: 
GDIPr&FS@VnPuY
Վ Ց Ց զ ՑՑ Օ Ց Օ Ց ՑՑ Վ Ց Ց Ց Օ Ց Ց Օ Ց Օ զ Ւ զ Ց
ࡧֺʊȎՓ ȷࡧ ɻʊՓ ɗࡧՓ ɰȆՓ ɈʊՕ ȼɨɦࡧՓ ʏզ ‫ڴ‬ɏࡧ ɪɐȣȕࡧַɼࡧֺʊɦՓ ȮࡧɣȕՓ ȆɃȳɭࡧʄ‫ڲ‬ǻࡧՓ ɪɐȡȄࡧɯɺɨɦȄ
Ց զ Ց Ց Ց Ց Ց Վ ՑՑ Վ ՕՑ ՑզՑ Օ Ց Օ Ց
ɰ؈
 ȍՓ ɦȆՓ ɈɦȄࡧȥՓ ǾՓ Ȅɽȧࡧ‫عۜܣ‬Ȇ Փ ɛࡧȆʆࡧֺʊɜՓ ɭɼࡧַ‫ق‬Փ ؇ɭࡧʏ‫ڲ‬Փ ࡧȓɳ‫ݍݨ‬ȄࡧɪՓ ɐȡȄɼ
$‚POSWK ?QV¡ V@PFSnnQ?Y +FS ^@DP:Z )?Q`S ?QœEQgS
;FQ, @QLP1QV? )V¡ WD ?R @JSV;PFS`W‚ N].Vn )V¡
%;\sQ,CK?DP`QnFW:)‚P$W@b,FSW6ESZ %^.OZKRjS
uK?P:W‚P?R 
GDIPr&FS@nQFlY
Ւ ՕՔ Ց Ց ՕՑ Ց Օ Ց Ց Ց ՕՑ զ ՑՑ Օ Ց Օ զ Ւ զ Ց
 Փ ȍՑ ȡɽ
ࡧȔȆ Փ ‫ࡧם‬Փ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɜɗՓ ɼՑ ɼࡧՑ ɻՓ ȕՓ ȆɠȳՑ ȉࡧՑ ɵՕ ɭࡧՓ ɻʊՓ ɗՓ ࡧʏզ ‫ڴ‬ɏࡧՑ ɤՕ ȵՓ ɱǷɼࡧՑ ɣɨՓ ɄɗࡧȈȄɽȉǷࡧʏ‫ڴ‬ɏࡧՑ ȩȗɗȄࡧɯɺɨɦȄ
Ց Ք Ց Օ ՒՕ Ց Օ Ց Ց Ւ Ց Ց զ Ց Ց Ւ Օ Ւ Ց Ց Ց Ք Օ Ց Ց Ց Ց
ɵʈ
 ȳՓ ɈɄ‫ם‬ȄࡧȒՓ ɽɏȮࡧȑʊȣՓ ɭࡧȆʆࡧɣȕՓ ȆɳȡࡧȔȆ Փ ȋɽȍȨȉࡧɻՓ ȗՓ ɟ‫ف‬؄ȉࡧՓ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɡՓ ȷǷɼࡧɣȕՓ ȆɃȳՕ ɭ
$‚POSWK ?QV¡ DOnPE $?S^.OKP;QHS,ƒ )?Q`SZ ;SGuS
;FTGDIPr@S:\Vn)?Q`SZ$K;FQwQgS;FT?QV¡V@PFSnD
?NFQgS?RfPr)?Q`S;XAR-Y ;FW:GDIPr@S:\Z,PF:DPEQ
?QV¡N].WnPjnQ+FQ6Z)?Q`SZ?R+PLPFZ;FW:KQMDnQ
H,VwjKV¡^@Po?;„Q`IEPnK?P:W‚P?R 
GDIPr&FS@nQDTuY
Ց ՒՒ Օ Ց Ց Ց Ւէ Ց Օ Օ զ
ࡧɵՕ ȨՓ ȗɭȄՕ ɼࡧՑ Ȉɽ Փ ɗՓ ࡧʎɲՓȳՕ ɺՔՓ ɇɼࡧȈɽ
ՓՑ ʊՕ ɐՒ Օ ɦȄࡧɵɭࡧՓ Ց ɻʊ Փ ɱȱɦȄࡧɵɭࡧՓ ɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɨȸՓ ɓȄࡧɯզ ɺՒ ɨɦȄ
Ց Ց ɜɭࡧȆ Օ Ց ՕՑ ՕՑ
Ւ Ց  ɨՒ ɜՒ ɦȄࡧ
ɰ؈
 ȍՓ ɱՓ ȱ‫ם‬ȄࡧȔȄ Փ ‫ف‬Ց ؆ɏࡧɪʊ Փ ʆࡧȈɽ Փ ɾɽɜȗɦࡧ‫ܣ‬Փ ۗՓ ɨɛࡧɻʊՓ ɗՓ
$‚POSWK &X =Q?nQ ?R )uQVH @P@`G ,JS,S,ESZ W@PFP
EYD,IQ ?QVuVu LSqR,FQ`S,ESZ V1~W: OU=EnQV¡ ;-YK
`Y )V¡ -BQW?ESZ ?R ,6Vi6S`W: ,S£KPIQ,ISV6 V;£S
,ƒ?QKRF\DP`Su+X=PF\KP?P:W‚P?R 
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲϭ
GDIPr&FS@nQ?PHY
Ց ՒՑ Ց Ց Օ Ւ զ Ց Ւ Ւ ՑՑ Ց Օ Ւ Ց Ց ՒՑ Ց Ք զ Ց
ࡧɣɦǸȷՕ ǷɼࡧՑ ɣʆȰՓ ǺʆࡧȆ ɮɭࡧՓ ɣȉࡧՓ ȰɽɏǷɼࡧɣʊɃՓ ȳʆࡧȆɭࡧɻʊՓ ɗՓ ࡧɣɦǸȷՕ ǷࡧʎɲՓ ǻࡧՓ ɯզ ɺՒ ɨɦȄ
Ց զ Ց Վ Ց Ց Ց Օ ǷࡧՑ ַՑɼࡧՑ ɣՑ ɐʊ
Ց ɈʆࡧՒ ɰՕ ǸՑ ȉࡧɝʊ
Ց Օզ
ɰ؈
 ɨՓ ǾՓ ȆȸɦȄࡧɤȄՓ ɽՑ ȧՕ ǸȉࡧȆ
Փ ‫ם‬Ȇ
Փ ɏࡧȆ ʆࡧɣʊ ɀ
Փ ɏ Փ Փ ɗՓ ɽȗɦȄ
 $‚POSWK?R;U@Y;QVw6Su;QV??QWuP6S5PrW1P=Q`S,ESZ?QVu
VKGSwQ`Su;
 QV?V;PjS ,PK W;6S,ESZ V1~SuS ?Q?V`;QFS
^@KnQ`PV;@T:DPEQ$?SNFQ`P?S„NXCP.\nQ?PEQ?QWuP6S
5PrW,JSuSW1P=\,nP`ISV6$K—$GQESuK?P:W‚P?R
GDIPr&FS@nhY
Ց զ Վ Ք Ց Ց Ւ Ց Ց Ց Օ Ց Վ Ց Ւ Ց Ց Ց ՕՑ ե Ւ ՕՑ Օ զ Ւ զ Ց
ɯՓ ȕՓ ȆȫࡧȓՓ ɳȸՒ ɦࡧȆ
Փ ɢȸՓ ɮȗɭɼࡧɣǾՓ ȄȯɏֿࡧȆ Փ ʆȮȆ
 Փ ɐɭɼࡧɣǾՓ ȆʊɦՓ ɼֿࡧȆ
Փ ȍȨՓ ɭࡧ‫ ۚܣ‬Փ ɨɐȡȄࡧɯɺɨɦȄ
Ց Ք զ ՒՒ Ց Ց Օ Ց Ց Ց ՕՑ
ɰ؈
 ʊՓ ȎՓ ɳɦȄࡧȈɽ
Փ ɨɛࡧȓɮɀɏࡧȆ Փ ʆࡧɣǾՓ ȆʊȎՓ ɱǷ
?QV¡ L^;S`WIP6S @6VKjS,ESZ ?QV¡ +XHQEP&V? ^@QEZ VK`S
,ESZV1~SuKFSV6.:nQ)VuESZ$Z.DP`W:?QV¡?BQ
ESV6 1F\ @QsS6FPr )?Q`S ?R CP.\Z ;FW: ?BQDPFSV6 D?‰S
,VI,S£DSŸDP`QEK?P:W‚P?R 
GDIPr&FS@nPGY
Ց Ւ Օ Ց Ց Վ Ւ Օ Ց Օ Ց Ց Ȳɽ Վ ɡՒ ȼՕ ɭࡧ‫ܣ‬
Ց ۛɐՕ ȷࡧ Օ ɯզ ɺՒ ɨɦզ ȄՑ
Ց ɻʊɗࡧ‫ۚܣ‬ɨՕ ɐՑ ȡȄࡧ
Փ ȣȉࡧՓ ɻʊՓ ɗՓ ࡧ‫ۗܣ‬Փ ʊɏɼࡧȄȲɽɘՕ ɔɭࡧ‫ۗܣ‬Փ ɱȰɼࡧȄ
ɞȮɽ Փ Ւ Փ Փ Փ
Ց Ւ
 ɨՓ ‫ڈ‬Փ ْՑ ȍՕ ‫ם‬ȄࡧȔȄ
ɰ؈ ɽ Օ ǷࡧՑ ɑՑ ɭȆȷࡧȆ
Ցȿ Ց Ȳɽ
Ց ʆࡧȄ Վ ȗȸՕ ɭՑ
Փ Փ
)V¡ @FQ^LDfƒ ?Q?`S„ ,U;\;EPEQ ?R @FQ.:Q`W: )V¡
@P@fƒV@PGSnS;FW:)V¡)‚P?\T?;,ISZ?QV¡+X=PF\nP
DGgSVKEY`W :=S-Q;FSV6WFP=?f
 ƒW,ƒ`SuK  ?
 P:W‚P?R 
GDIPr&FS@WnJY
ՑՕ Օ Ց Օ
ɪՓ ǾՓ ȆȸՑ ‫ם‬ȄɼࡧՑ ȥՓ ǾȄՓ ɽՑ ‫ݰ‬Ց ‫ݍ‬ȄࡧȦȆȣɱ Ǽ ȉࡧ‫ܣ‬ۚ Օ ȳɟՕ ǷՑ ɼࡧՑ ɪɗȄɽՑ ɳɦȄ
ɭ
զ Ց
ࡧɵ ɭࡧɻʊ ɗ ࡧʎ
Ք Ց ՕՔՑ զ Ւզ Ց
Ɍ
Փ Փ Փ Փ Փ Փ Փ Փ Փ Փ ȧࡧȳɗՓ ɼࡧɯɺɨɦȄ
Ց Ք Ւ Օ Ւ Ց Օ Ւ Ւ ՕՓ Ւ Ց Օ Ց Ց Օ Օ Օ Ց Ց Ց Ց Օ ՔՑՑ
 ‫ݰ‬Փ ‫ݏ‬Փ ‫ם‬ȄࡧȦȆ‫ݍݰ‬ǻࡧՓ ɻɭ‫ف‬Փ ؄ʆࡧַࡧɵɭࡧȆʆࡧɪՓ ǾՓ ȆȷՑ ɽՑ ɦȄࡧɰՓ ؈ȉࡧՑ ɵɭࡧՓ ɣʊՕ ɦǻࡧ‫ܣ‬
ɰ؈ Փ ۘՓ ɨʊȷՓ ɼࡧȈȳՓ ɛɼ
$‚POSWK V)2Q,,DfIQ ?QuS„ )V¡ KQOQ;Vn ?R
@TnQEP`QnFW: )V¡ %KL\fISZ W?jfISZ KQ3E^@=DP`Q
)Vu?RDP?Q`S,ESZV1~W:?QuQWH`S„)V¡KNRHVE?R
$6SwQgS;FW:,RnQgPKL\Vw6SuKVFD6SwQ`Pn^@,U;DS„
K?P:W‚P?R 
GDIPr&FS@VnjY
Ց Ց Օ Օ Ց Ց Օզ Օ Ւ զ ȉࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ȼՕ ɏࡧ զ ɺՒ ɨɦզ ȄՑ
ࡧȳՕ ɺՔՓ ɇɼࡧՑ ȓɮՑ ɀ ɐՓ ɦȄɼࡧɝʊɗՓ ɽȗɦȄࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄՕ ɼࡧՑ ȓՓ ɮՑ ȧՕ ȳɦȆ ՓՑ Փ ɯ
Ց Օ ՒՕ է ȔȆȉȆՑ ʊՑ ɓࡧ
Ց ȓɮՑ ɸՕ ȯɦȄࡧ ՕՑ
 ɳՓ ɭՓ Ǻ‫ם‬ȄࡧɷՓ ȮȆՓ ȍՑ ɐՓ ɦࡧȆ
ɰ؈ Փ ՓՎ
ɮʊ ȧ Ց
ȲࡧȆʆࡧ Փ Փ ɵՕ ɭࡧ‫ܣ‬
Փ ۗՓ ɨɛ
GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲϮ
$‚POSWK &X NS=Q?nQ ?QV¡ GOYDnSZ ;XAR-SZ @P@fIQ
?QuS„ DSŸQESZ )?Q`SZ KQ>QgFSIW: &FSIQV¡ $.P>;EQ
?QuY)V¡D?‰QV??R@FQLSqDP`QnFW: 
GDIPr&FS@nQVEP{;Y
Օ
ࡧȳՓ ȸՕ ɐՒ ɦȄࡧɵՕ ɭࡧʅ Ւ Ւ զ Ւ ՕՔՑ Ց Օ Ց Օ ՑՕՑ Ց Օ Ց Օ ՒՕ զ Ւզ Ց
Փ Ȳɽ Փ ɭǷࡧɪɠࡧʏ‫ࡧڲ‬Փ ‫ف‬؈Փ ȿɼࡧȲՓ ȯɜɦȄࡧȓՓ ɨʊɦࡧɪɄɗࡧɻʊՓ ɗՓ ࡧ‫ۚܣ‬Փ ɛȴȲȄࡧɯɺɨɦȄ
Ց զ ɷȮȆȍՑ ɐȊࡧȆɗɼ Վ ՒՑ Ց ՑՕ Օ ՔՑ զ Ւ Ց Ց Ց ՑՕ Ց Օ ՒՕ Ց
ɰ؈ ‫ݰ‬Փ ‫ݍ‬ȆՓ ɀɦȄࡧ Փ Փ Փ Փ ǹȲࡧȆʆࡧȲȴɽՓ ɦȄࡧ‫ۚܣ‬Փ ɏࡧɉȧɼࡧʅȳʆՓ ȰȆՓ ɐɭࡧɪՕ ȍɛȄɼࡧȳՓ ȸʋɦȄࡧʄ‫ڲ‬ǻՓ
&X =Q?nQ HEYH;S-=YGQV¡ DO;]Z )?Q`S ?R NQqDP`W:
)V¡ )‚P ,PF\fISZ V5FS`nQ ?QuY )ISwDP`QnFQ,ESZ
V1~W:)V¡+JQKY,JQKY @GgQHQV??RN]R,FQ`S,ESZLQb+JQKP
`S,ESZV1~W:?‚=PNvPWFP6S,FS:,P:Q`SuK?P:W‚P?R 
GDIPrDSw;Y
Ց Ց Ց
ɷȆՒ ɃȳՕ ʈՑ ɼࡧՑ ɷȆՒ ɃȳՕ ȕࡧ ȆɭࡧՑ ʄ‫ڴ‬ɏࡧ
ՑՑ Օ Օ է
ɤՓ ɽȍՒ ɜՑ ɦȄɼࡧՑ ȳՓ ɡȼɦȆ ȉՓ ࡧ ʎɭȆՓ ʊՑ ȿࡧ Օ Ց Օ զ զ Ց
Փ ɪɐȡȄࡧ ɯɺՒ ɨɦȄ
Ց ȳɸȆɈɦȄࡧ
ɵʈ
զ
ɻՓ ɦǵՓ ɼࡧՑ ȯՐ ɮզ ȨՑ ɭࡧՒ ɝՔ Փ ȨՑ ȉࡧՓ ɤՓ ɽȿ Ւ ɽՒ ɦȆՕ ȉࡧ ɻɏɼȳՒ ɗՒ ɼࡧՑ ɻɮɡՕ ȨՒ ȉࡧ ɤՒ ɽȷՒ ȳɦȄ
զ
ՓՓ Փ ՓՓ ՓՓ Փ
Օ Ք Ց Ք Ց Ց Օ Ւ Ց Ւ Օ Ց Ց Ք Ց Օ ՕՑ Ց Ց զ
Ց Ȓȵզ ɐɦȄࡧ
Ȇɮզ ɏࡧ Փ Փ ȈՓ ȲࡧՑ ɣȋՓȲࡧՑ ɰȆȨȍȷࡧ ɰɽɦȯՓ ɐʇࡧ ɻՓ ȋՓ ɼࡧ ɝՓ ‫ݍݰ‬ȆȉࡧՓ ȄɽɄɛࡧ ɵʆȱՓ ɦȄ
Ց Ց Ց Օ Ք Ց զ Ւ Օ Ց Օ Ց Ց Ց Օ Ւ Օ Ց Ց Տ Ց Ց Ց ɰՑ Ւ Ց
 ɰ؈  ‫ם‬ȆՓ ɐɦȄࡧȈՓ ȲࡧɻՓ ɨɦࡧՓ ȯɮ‫ݍݰ‬Ȅɼࡧɰ؈ɨՓ ȷȳ‫ם‬Ȅࡧʄ‫ڴ‬ɏࡧ  ɬֺȷɼࡧ ɽɘɀՓ ʆ
@S:\ =T;FSW6ESZ KQLSq ,S6SZBnQV¡ESZ O-Y V,PlY )V¡
W?P{QV??Q?`S„?tQ^@,PL?DP`S,ESZ?RESZ;QFS?BQ ESZ
V@PFSnVw6Su KQ>Q ^@,PFDS„;P`S,ESZ V1~W: $KQL]PNQ
,ƒ VD?iSlP`QE $WEP3\ KQWLM:fVIVnPjY ?QVu 5Pr
KQLSq?P`SuS ^@KP1,FSV6 WD $‚POSKQV¡ FbESlPKVj
?Q?`S;VuNKNY;S;QESZ

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲϯ


Éé Eç}Âç lç #çmËé t
ç #EçÐ#õ¼Ñé ¿õ ªç #èÅEõ¿qï ¾õD

 @S:\fƒ KPFQ`TjP?S„ NSKmPKN


FDPE GDIP?QV¡ NDP.DnQ NWsPMQg KQL]P
NQ,ƒ $;QV¡ WK@P6Y KIVF WK=?WEPV6
EP:YW?P`Q`P:S,
 ;QFS?BQ  @GESuS @FQLSq GDIP?Q
VH$KNP??PIS,IQ%,PLCTDQ,ƒ,FESZ
DH`S,ƒ %n ?P=Z DSJ`SZ &KVF‚PZ ,F
ESu;Y )V¡ NDS=PEnQ?Y KuSV@j DSN]R
BnY ,lQjP:Y N]OPBnY W1P=QgS)sP:Y
?BQWE GDIPr $KNP?QgP NZCKQ`Pr
W@P,Su;Y"?BQ @GiSGDIPV¡KQ6KPf
 ;VuEP:Y DSN]RBnY NS,U;fƒ`Y )^;
WEP D6fY KqQg ^@;QAHZ$K,PLVw6PKSu
DPNDP:Y GDIPr &^;ESZ DOnFDPE +FS DPN
nQV¡ KQ6KPf NDS=PEnQ?Y DSN]RBnV‚
eQDV£sP:Y"
 $‰HPDS$VVH,EPLOYGGDIPr,P
FS:\nQV¡ESZ&HPOR ;U@Y;QESW6ESZDPNDPE
GDIPr?Q?`Y NHPZ@P@WDP1?nQV¡ FPKS
,WI?Q?`Y NHPZ @S:\Z @TnSHi GD
IPr?Q?`Y NHPZ;GPKROQW¡ESZ NS,U;f
ISW6ESZDPNWDNHPZ
 ?v,ISV6CPfISDPEQ,6uY KuGD
IPr?R W@PKS,EPW:P" '6E ;{SFPr )^;
?v,IP:Y ?QuQ ?QWb@Qg;Y ?v,ƒ`Y ?R
;Vu^@;QAHZ)^;DP^;DPEQFSuS)^;V;£S
,ƒ`Y ?QuQ WDP1?Z ,VlnQ )^; @P@
fƒ?RDPEYgS,IiS$‰HPDS%VVH,EP
LOYGGDIPr

GDIPr@S:\fISV6?QH`Pn^@KPOZ
 ϲϰ

You might also like