35$92 - Společnost pro trhací techniku a pyrotechniku

Transkript

35$92 - Společnost pro trhací techniku a pyrotechniku
Z PR AVODA J
VYDÁVÁ SPOLEČNOST PRO TRHACÍ TECHNIKU A PYROTECHNIKU
2 / 2010
®
SD - Vrtné a trhací práce
akciová společnost
a.s.
VRTNÉ, TRHACÍ A ZEMNÍ PRÁCE
pro
bezpečné rozpojování
tel.: 596 123 548
e-mail: [email protected]
www.desap.cz
549 273 338
=35$92'$6/29235(=,'(17$
}5Wˆ‘>ꎒˆŠœ‘?êê
„ꎒˆŠ’™>±
‡’–—5™5ê –ˆê }5ê ‡’ê •˜Žœê
‡•˜‹>ê ˆ—’O‘Bê :B–’ê ‘„Oˆ‹’ê
“•„™’‡„ˆ±ê Ž—ˆ•Uê 5•’™ˆGê
“‘Bꉘ‘Ž†Œêz…’•‘BŽ˜ê“dˆ‡¾
‘5OˆŽêêŽ’‘‰ˆ•ˆ‘†ˆêz“’ˆ:¾
‘’–—Œê ê ¡¥­ê Àê ¡§­ê 5dBê —­•­ê
}?dB±êWˆê‘ˆ–ˆê–5±êŽ‡’ê
ˆê “dˆ–™?‡:ˆ‘±ê Wˆê –ˆê ˆ—’O¾
‘Bê ¶o•’—’™Œ†ˆµê ’…™5O—?ê
“’™ˆ‡œê „ê —’ê ‘ˆˆ‘ê ™ˆŽUê
“’:—ˆê „B„™U†‹ê “dˆ‡¾
‘5OˆŽ±ê „ˆê Œê ‹’‘’˜ê R:„–—Bê
“•„†’™‘BŽSê ˆ–Ž>‹’ê …5G¾
–Ž>‹’êRd„‡˜ê™ê:ˆˆê–ê‘5?–—Žˆê“dˆ‡–ˆ‡œêi ꓄‘ˆêp‘Š­ê
k˜O„‘ˆê o„™ˆ­ê v–’…‘?ê –Œê ˆ>‘„ê †ˆ‘Bê …ˆ–ˆ‡œê –ê ‘ŒŒê
˜–Ž˜—ˆ:‘?‘>ꑄê5™?•ê“dˆ‡‘5OŽ’™>‹’ꅏ’Ž˜­ê„ê“’Œ—Œ™˜êˆê
“’™„W’™„—êŒê‘’™Œ‘Ž˜ê¾êR:„–—꣪ꑈ:ˆ‘Sêz“’ˆ:‘’–—Œ±êŽ—ˆdBê?Œê
’W‘’–—ê ™œ–ˆ†‹‘’˜—ê “dˆ‡‘5OŽœê „ê Ž—ˆdB±ê „Žê ‡’˜‰5±ê ’‹’˜ê
•’OBdŒ—ê‘„Oˆêd„‡œ­
}ꒅ‡’…BꒇꙜ‡5‘Bꓕ™‘B‹’ꏈ—’O‘B‹’ꁓ•„™’‡„ˆ±êŽ’‘Ž•>—‘?ê
™ê:ˆ•™‘˜ê¢ª¡ªê–ˆê˜–Ž˜—ˆ:‘Œê“’‘5™„†Bê5ˆ‡ê:ˆ‘Sêz“’ˆ:‘’–—Œê
‡’ê™U†„•–Ž„­êpê“dˆ–ê‘?Ž—ˆ•>꒕Š„‘Œ„:‘BꝐ„—Žœê„ê—>?dꓒê
†ˆ’˜ê‡’…˜êˆ‹’ê—•™5‘Bꑈ“dB‘Œ™>ê„ꇈO—Œ™>ꓒ:„–Bꖈê5ˆ‡ê
™œ‡„dŒê„ê—„Žêˆ‡Œ‘’˜ê–Ž™•‘’˜ê—>—’ê„Ž†ˆê’–’…‘?Ꙍ‡Bê•ˆ„—Œ™‘?ê
„’˜êR:„–—ê:ˆ‘Sêz“’ˆ:‘’–—Œê‘„ê5ˆ‡˜­êpê“dˆ–ꇏ’˜‹’‡’…’˜ê
“•’“„Š„†Œê™ˆê“•„™’‡„Œê„ê‘„ê‘„Oˆêšˆ…˜ê–ˆê‘ˆ“’‡„dŒ’ê‘„“¾
‘Œ—ꄘ—’…˜–­êrꙝ—ˆŽ˜ê“„Žê…œ’±êŽ‡œWꖈꓒê‘5™•„—˜êˆê5ˆ‡˜ê
‘„OŒêŒê—„†Bê:ˆ‘’™>êz{{w±êŽ—ˆdBêdBŽ„Œ®ê¶>ꗒꍈêOŽ’‡„êWˆê–ˆê
’ê—’ê‘ˆ™?‡?±ê5ꅜ†‹ê•5‡êˆê–ê}5Œµ­êu„ꗒꑈ’‹˜êdB†Œê‘Œ†ê
Œ‘>‹’±ê‘ˆWêWˆê–ˆê™„–—‘BꙌ‘’˜ê“dŒ“•„™ŒŒêŒê’ꙈŒ†ˆê„B„™>ê
5WŒ—Žœê„Ž’ê…œ„ê‘„“dBŽ„‡ê‘5™O—?™„ê™U–—„™…œê‘„ê–™?—?ꑈ‡ˆ¾
OB‹’ê—˜‘ˆ˜ê“dˆ–ên’——‹„•‡–Ž>ꓒ‹’dB±êŽ—ˆ•Uê?dBꥦ±¥êŽ±ê„ê
™êdB‘˜ê–ˆê?Œêê>‡ŒBꐒW‘’–—ꖈꇒ™?‡?—ê’ꍈ‹’ꆈŽ’™>ê
“•’•„Wˆ‘B­ê
„ꇒ…˜ê’‡ê™œ‡5‘Bꡭꏈ—’O‘B‹’ê:B–„ꁓ•„™’‡„ˆê‡’O’êŒêŽê5¾
™„W‘>ê ˜‡5’–—Œ±ê Ž—ˆ•5ê –ˆ±ê „ˆ–“’Gê ‡’˜‰5±ê …˜‡ˆê ™ê ‘ˆ‡„ˆŽ>ê
…˜‡’˜†‘’–—Œê—UŽ„—ê‘5–ê™Oˆ†‹­ê}ê5dBꗒ‹’—’±ê•’Ž˜ê“’ê—>?dê¢ê>¾
—ˆ†‹ê“dB“•„™±ê„ê“’êd„‡?ꍈ‡‘5‘Bꅜ„ꇒŽ’‘:ˆ‘„ê“dˆ‡’‹„ê‘’™ˆ¾
œê5Ž’‘„ê:­ê¦¡½¡©¨¨êz…­ê„ꓒꍈBê–†‹™5ˆ‘Bꙏ5‡’˜êyꅜ„ê
“’–—’˜“ˆ‘„êw’–„‘ˆ†Ž>ꖑ?’™‘?êw„•„ˆ‘—˜êˆ–Ž>ꕈ“˜…ŒŽœê
Žˆê –†‹™5ˆ‘B­ê w•’ê ‘5–ê ˆê ™ê —>—’ê ‘’™ˆˆê “„—•‘?ê ‘ˆ„B„™?OBê
“’‡–—„—‘>ê“dˆ“•„†’™5‘Bꖗ5™„B†B‹’ê„꓏„—‘>‹’ꝑ?‘BêÇꢥê‰êÀê
¶p‘‰’•„:‘Bê„꒝‘„’™„†Bꓒ™Œ‘‘’–—µê“dŒê—•„‘–‰ˆ•˜ê™U…˜O‘Œ‘­ê
{„—’ê‘’™ˆ„ê5–„‡‘Bê“S–’…ˆê’…•„†Bê“dB–—˜“êŽê’‘„’™5‘Bê
“dˆ“•„™ê™U…˜O‘Œ‘ê™ê—’ê–?•˜±êWˆêˆê¶‘’•5‘Bµê’‘„’™„—ê
“dˆ“•„™œê™U…˜O‘Œ‘궍ˆ‘µê¢¤ê‹’‡Œ‘ê“dˆ‡êˆŒ†‹ê•ˆ„Œ„†Bê„ê’‘ˆ‘ê
‘ˆOP„–—‘Uê“dˆ‡–—Œ‹ê“?—Œê‡‘Bꍈꓒ˜ˆê„Ž’궑5‹•„‡‘Bµ±ê“’Ž˜‡ê
5ê …U—ê “dˆ“•„™„ê “•’™ˆ‡ˆ‘„ê ™’Œ‡ˆ±ê Ž—ˆ•>ê ‘ˆ‘Bê ™œ…„™ˆ‘’ê
“•’–—dˆ‡Žœênwzê„ꑈ‘Bê“dŒ‹5Oˆ‘’ꇒꖜ–—>˜ê–ˆ‡’™5‘Bꍈ‹’ê
“’‹œ…˜­ê}ê“dB“„‡?ê“dˆ“•„™œê„>‹’ꐑ’W–—™Bê™U…˜O‘Œ‘ꎒ‘¾
Ž•>—‘?ê „›Œ5‘?ê ¥ªê ŽŠê †ˆŽ’™>‹’ê ‘’W–—™Bê ™U…˜O‘Œ‘œê ‘ˆ…’ê
„›Œ5‘?ꥪꎖꕒ…˜OˆŽÃꍈ꒖™’…’ˆ‘ê“dˆ“•„™†ˆê’‡ê’‘„¾
’™„†Bê “’™Œ‘‘’–—Œê ™S…ˆ†­ê ‘?‘Bê ‘’™ˆœ±ê Ž—ˆ•5ê “•’†‹5Bê —™­êê
¡­ê:—ˆ‘Bê‘„ê“•5™?ꓕ’…B‹„B†Bꩭꖆ‹SŒêw’–„‘ˆ†Ž>ꖑ?’™‘œê
w„•„ˆ‘—˜êˆ–Ž>ꕈ“˜…ŒŽœê„Ž’ê–‘?’™‘Bꗌ–Žê:­ê¡ª§½ªêˆêŒWê
‡ˆOBꇒ…˜ê˜B–—?‘’ꑄꚈ…˜ê‘„OBêz“’ˆ:‘’–—Œ±ê‘ˆ…’ꏝˆê“•S…?‹ê
ˆ‡‘5‘Bꖏˆ‡’™„—ê“dB’ê‘„ê–—•5‘Ž5†‹êw’–„‘ˆ†Ž>ꖑ?’™‘œ­
{B—’ê –ˆê ‡’–—5™5ê ‡’ê ‰Œ‘5ˆê ‘„Oˆê –“’ˆ:‘5ê –‘„‹„ê –ê i ê ’ê
?‘˜ê’ê’‡–—•„‘?‘B꒑’‹’ꇒ–˜‡ê“„—‘>‹’±ê“•’…ˆ„—Œ†Ž>‹’ê„ê
‘„“•’–—’ꑈ–œ–‘>‹’ê“?—Œ‡ˆ‘‘B‹’ê“dˆ‡–—Œ‹˜ê‹5Oˆ‘Bê“dˆ“•„™­
ê88
2%6$+
z’™’ê“•ˆŒ‡ˆ‘—„êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¡
z’™’ꕈ‡„Ž†ˆêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¢ê
zˆ‘„ê’–’…ê’†ˆ‘?‘U†‹ê‡‘ˆê¡¦­ê©­ê¢ª¡ªê:ˆ–—‘Uê˜‘5‘Bêz{{wêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¢
sˆŠŒ–„—Œ™‘BꝐ?‘œê™ê’…„–—Œê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œê¾êp‘Š­êtŒ†‹„êy’‹5:±êw‹­k­êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­£
q„Žê‡5ê™ê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œê¾êp‘Š­êq’–ˆ‰ê{˜•ˆŽêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¤
u?Ž—ˆ•>ꓒ‘„—Žœêê“’˜WB™5‘Bê™U…˜O‘Œ‘ê‘„ê“’™•†‹˜ê¾êp‘Š­êi’‹˜–„™êt„†‹ˆŽêw‹­k­êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¦
5†‹•„‘‘>ê„ꏌŽ™Œ‡„:‘Bꓕ5†ˆê“’’†Bꗕ‹„™Œ‘ê™ê•5†Œêo„–Œ:–Ž>‹’ê5†‹•„‘‘>‹’ê–…’•˜ê½oz½yê¾êê
“Ž­êp‘Š­êt„•—Œ‘ꈕ™ˆ‘Ž„±êkŒz­êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ¡ª
“S–’…œê‹„Oˆ‘Bê“dBˆ‘B†‹ê’Ž5‘B†‹ê“’W5•Sꓒ’†Bꗕ‹„†Bꗈ†‹‘ŒŽœê¾êp‘Š­êp‘Š¾w„ˆ‡êpnpwêtŒ•’–„™êq„‘B:ˆŽ±êw‹­k­ê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¡¢
w’‘„—Žœêê“’˜WŒ—Bꙝ‡˜†‹’™U†‹êˆˆ•ê™ê‘5’WB†‹ê†’‘’™U†‹ê’‡–—dˆS±ê™œ—™’dˆ‘U†‹ê“’’†B꓏œ‘’™U†‹ê™„ŽSê¾
p‘Š­êq’–ˆ‰êi„•—’O±êyuk•­êi’‹˜Œêz™’…’‡„±êjz†­±êp‘Š­êtŒ„‘ê{?OŒ—ˆêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ¡¦
uˆ…ˆ“ˆ:‘>ꝅ’WBê—dB‡œê¡ê¾ê‡’“•„™„±ê–Ž„‡’™5‘B±ê„ŒO—?‘Bê¾ê‡ˆ‘?Žêiˆ‡‘„dBŽêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¡¨
p‘’™„†ˆêŽ’‘ˆŽ—’•˜ê‘ˆˆˆŽ—•Œ†Ž>ꕒ…˜OŽœêzovjrz{hyêz|ymhjlê¾êp‘Š­êq„•’B•êmŒ„„êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¢¤
w•™‘Bꒇ–—dˆœê•’…˜OŽ’˜êlÊz—„•ê™êh˜–—•5ŒŒê’‡“5ˆ‘œê¾êw„™ˆêrdŒ™5‘ˆŽêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¢¥
w’–’˜ˆ‘Bꖗ„…ŒŒ—œê–™„‹˜ê‘„‡ê–—„•’˜ê‹’•‘Œ†Ž’˜ê:Œ‘‘’–—Bê–ê’‹ˆ‡ˆê‘„ê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†BꑄꏒŽ„Œ—?ê}„–—?’™Œ†ˆê¾
yuk•­êi’‹˜Œêz™’…’‡„±êjz†­êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¢§
slkꇌ’‡’™5꒖’…‘Bê‡S‘BꖙB—Œ‡„ê‘’™>ꊈ‘ˆ•„†ˆê¾ê}„‡ŒB•êw•„™‡„êê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¤ª
oŒ–—’•ŒˆêŒ‘’™„†ˆêŽ’‘ˆŽ—’•˜êz‹’†Ž–—„•êz˜•‰„†ˆê„ê“•™>ꓒ‘„—Žœêê“•’™’˜ê¾êr„•ˆêB•„êêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¤¢
u’™5ꓜ•’„…’•„—’dê™êw„•‡˜…Œ†B†‹ê™‘ŒŽ„êŒê„ê“dŒ–“?‘Bêhkê¾êp‘Š­êwˆ—•ê}5†„™BŽêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¤¤
w’‘5™„†Bê5ˆ‡ê‡’ê™U†„•–Ž„ê‘„ê–—„™…˜ên’——‹„•‡–Ž>‹’ê—˜‘ˆ˜ê„ê“’‡ˆ‘Bê™UŽ˜‘5ꓕ„†’™ŒO—?êê
™êo„Šˆ•…„†‹˜ê¡¢­ê¾ê¡¤­ê:ˆ•™‘„ꢪ¡ªê¾ê‰’—’ê{’5Oêw’Ž’•‘Uêêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­ ¤§
tˆŒ‘5•’‡‘BꖈŒ‘5dê¶{•‹„†Bꗈ†‹‘ŒŽ„ê„ê“œ•’—ˆ†‹‘ŒŽ„ꢪ¡ªµê™êo•’—’™Œ†B†‹ê¡¥­ê¾ê¡§­ê5dBꢪ¡ªê¾ê‰’—’êqŒdBêwˆ—dB:ˆŽêêêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¤©
p‘ˆ•†ˆêê­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­¥ª
=35$92'$-
qŒ–—’˜ê‡„‘BꝄꗘ—’Ꝑ?‘˜ê™O„Žê…˜‡ˆê“’™Œ‘‘’–—ꋏ5–Œ—ê¢ê‹’¾
‡Œ‘œê“dˆ‡ˆêŒê™•„†ˆ‘BꝅœU†‹ê:Œê‘ˆ“’˜WŒ—U†‹ê™U…˜O‘Œ‘ꝇˆê–Œê
™O„Žêœ–B±êWˆê—B±êWˆê—’—’ꖈꅘ‡ˆê‡B—ê“dB’ê—ˆˆ‰’‘Œ†Žœê‘„ê
“dB–˜O‘Uê ‡Œ–“ˆ:Œ‘Žê w’Œ†Œˆê ˆ–Ž>ê •ˆ“˜…ŒŽœ±ê “’Ž˜‡ê ‘ˆ…˜‡’˜ê
’…ˆŽ—Œ™‘Bê‡S™’‡œê“•’ê’‡Ž„‡ê„‹5ˆ‘Bê“dˆ“•„™œ±ê…˜‡ˆê’W‘>Ãê
„ꝗ•5—„Ꙝ˜WB™5‘Bꖎ˜Œ‘œê™ê–’˜:„–‘?꓏„—‘>ê‘?‘Bê5Ž’‘„±ê
Ž‡œê“dŒê‘„…U™5‘Bê‘5Ž˜“˜ê’‡êŒ‘>‹’ê–˜…ˆŽ—˜ê‘„êRˆBêyÃê
™U…˜O‘Œ‘ꑈ‘Bꑘ—‘>ꑌ†ê‹5–Œ—ê·ñêŒê—’±êWˆêŒ’ê“’’ˆ—‘B‹’ê
’‘„’™5‘Bê—?†‹—’ê‘„…U™5‘Bꑄê“dB–˜O‘Uêvi ꖈꅘ‡’˜ê˜¾
–ˆ—ê“B–ˆ‘?꒝‘5Œ—ê™Oˆ†‹‘œê“dˆ“•„™œ±ê†’WꖌꙜW5‡5ꘕ:Œ—’˜ê
R“•„™˜ê –’‰—š„•ˆê “•’ê ˆ™Œ‡ˆ‘†Œê ™U…˜O‘Œ‘ê ™ˆê ‰Œ•?ê „ê Ž—ˆ•5ê ’‡ê
•’Ž˜ê¢ª¡¢±ê“’Ꝅ™ˆ‡ˆ‘Bꖜ–—>˜ê’‘„:’™5‘Bê™U…˜O‘Œ‘ê:5•’™Uê
ŽI‡ˆ±ê…˜‡ˆê–—ˆ‘?ꑈˆ‘ꑘ—‘5±ê„ˆêŒê“’™Œ‘‘5­ê{„ŽWˆê—œ—’궑ˆ¾
“dBˆ‘’–—Œµêˆê™ê–’˜:„–‘’–—Œê‘˜—‘>ꓒ™„W’™„—Ꝅ궐„›Œ5‘Bê
’W‘UꓕS‘ŒŽê5Sµê–—5—˜ê„ꍈ‹’ê…ˆ“ˆ:‘’–—‘B†‹ê–’WˆŽê„ê‘5–±ê
Ž—ˆdBê™U…˜O‘Œ‘œê“dˆ“•„™˜ˆˆ­ê
5™?•ˆêŒê‡’™’—ˆê’‡“’™?‡?—ê“dˆ‡ˆê‘„ꐒW‘>ꇒ—„œê‘„ê—’±ê
“•’:ê5—ˆê™ê•˜Ž’˜ê—ˆ“•™ˆê¢­ê„ê5•’™ˆGêŒê“’–ˆ‡‘B±êˆ—’O‘BꙜ‡5¾
‘Bꁓ•„™’‡„ˆ­êqˆê—’êê•’‹’‡‘˜—Bꕈ‡„Ž:‘Bꕄ‡œê“•„™’‡„ˆêŒê
™U…’•˜êz“’ˆ:‘’–—Œ±êŽ—ˆ•>Ꙝ†‹5Bêê“•’–—>ꗈˆ±êWˆê‘5ê‡ˆê“dˆ¾
‡ˆ™OBê’ꎙ„Œ—˜ê„ꑈê’ꎙ„‘—Œ—˜ê„ê’Ꝓ‡“’™?‡‘>ꋒ–“’‡„dˆ‘Bê
–ê}„OŒŒê“ˆ‘?Œ­êuˆ…’Œê“’Ž˜‡ê‘ˆ–ˆê–†‹’“‘Œê„Œ–—Œ—ꇒ–—„—ˆ:¾
‘>ꐑ’W–—™Bꎙ„Œ—‘B†‹ê“dB–“?™ŽSꇒꎄW‡>‹’Ꙝ‡5‘B±ê“„Žê•„¾
‡?Œê™œ‡5™ˆˆê>‘?Ꙝ‡5‘B±ê•ˆ–“ˆŽ—Œ™ˆêˆŒ†‹ê“’:ˆ—ê’‡™’˜ˆê
’‡ê—’‹’±ê†’ê™ê‘Œ†‹ê…˜‡ˆê„B„™>‹’ê:Œê“’˜:‘>‹’­êw’Ž˜‡ê…˜‡’˜ê
“dB–“?™ŽœêŒꒇꎒ‹’Ž’Œ™êê}5–ñꅘ‡ˆêŒê™B†ˆê:B–ˆê“•„™’‡„ˆ­ê
{’—’ê’“„—dˆ‘Bꒇ“’™B‡5êŒê–“’ˆ:ˆ‘–ŽUê?‘5±êŽ‡œê“•’êOBdˆ‘Bê
„Ž—˜5‘B†‹êŒ‘‰’•„†Bê„ꝓ•5™êˆê—Œ–Ž’™>ꐈ‡Œ˜ê˜Wꑈ™‹’‡‘>ê
„ê “’„>±ê “•’—’Wˆê Œ‘—ˆ•‘ˆ—ê ˆê ‡‘ˆ–ê ˆ‡Œ˜ê “dB–—˜“‘Uê ‡•—Œ™>ê
™?—OŒ‘?ꓒ“˜„†ˆê„ꍈ‹’ê•œ†‹’–—ê„ê’“ˆ•„—Œ™‘’–—ꑈˆê–•’™‘5™„—ê
–ê—Œ–Ž’™Uê“ˆ•Œ’‡ŒŽˆêŒ…’™’‘>꓈•Œ’‡Œ†Œ—œ­ê
k’™’—ˆêŒ±ê„…œ†‹ê}5ê™Oˆê5™?•ˆê“’“d5ê“dBˆ‘>ê„ꎏŒ‡¾
‘>ê “•’WŒ—Bê }5‘’:‘B†‹ê –™5—ŽSê „ê ‡’ê ‘’™>‹’ê •’Ž˜ê ¢ª¡¡ê “’“d5ê
‘’‹’êR–“?†‹Sê™ê’–’…‘BêŒê“•’‰ˆ–‘BêWŒ™’—?±ê‡•„™Bê„ê“’•’¾
˜?‘BꐈŒêŒ‡Œ­
p‘Š­êtŒ„‘ê{?OŒ—ˆ
“•ˆŒ‡ˆ‘—êz“’ˆ:‘’–—Œê“•’ê—•‹„†Bꗈ†‹‘ŒŽ˜êê
„ê“œ•’—ˆ†‹‘ŒŽ˜
6/2925('$.&(
}5Wˆ‘>ê‡5œ±ê™5Wˆ‘Bê“5‘’™>±êŽ’ˆŠœ‘?ê„ꎒˆŠ’™>­
q„ŽêŒWꄙŒ’™„ê“„‘ê“•ˆŒ‡ˆ‘—Ꙉꖙ>êR™’‡‘Bê–’™?±êˆ—’O‘Bê
‡•˜‹>ê:B–’ꁓ•„™’‡„ˆêˆê5•’™ˆGê:B–ˆê“’–ˆ‡‘B­êk’˜‰5±ê
Wˆê™ê‘?ê‘„ˆ‘ˆ—ˆê„B„™>ê„ê‹’‡‘’—‘>ê“dB–“?™Žœ±êŒ’ꍌ‘>ê
Œê“•™‘Bê:5–—ê“•ˆˆ‘—„†BêêˆŒ‘5•’‡‘B‹’ê–ˆŒ‘5dˆê¶{•‹„†Bꗈ†‹¾
‘ŒŽ„ê„ê“œ•’—ˆ†‹‘ŒŽ„ꢪ¡ªµ±êŽ—ˆ•UꖈꍌWꓒ‘?Ž’ŒŽ5—>êR–“?O‘?ê
Ž’‘„ê™ˆêo•’—’™Œ†B†‹­
y’‹’‡Œê–ˆê–ˆ±êWˆê‘ˆ…˜‡ˆˆê„ꎄW‡’˜ê†ˆ‘˜ê—Œ–Ž‘’˜—ꁓ•„¾
™’‡„êˆ‘’ê“•’—’±ê„…œê™œOˆ±ê„ˆêWˆê–ˆê™œ‘„–‘„WBˆê“•ˆ‰ˆ•’™„—ê
Ž™„Œ—˜­êhê™ê—>—’ê–’˜™Œ–’–—Œê…œ†‹ê}5–ê•5‡ê“dŒ™„êŽˆê–“’˜“•5¾
†Œ­êj‹5“˜±êWˆê‡’…„ꑈ‘Bꍈ‡‘’‡˜†‹5ê„êWˆê™OŒ†‹‘Œê5ˆê–™>ê
–—„•’–—Œ²ê„ˆê“dˆ–—’ê…œ†‹ê}5–ê•5‡ê“’W5‡„ê’ê–“’˜“•5†Œ­ê“•„™’¾
‡„ê‘ˆ‘Bê„ê„‘Œê…œê‘ˆ?ê…U—궋5–‘’˜ê—•’˜…’˜µê}U…’•˜ê„½‘ˆ…’ê
¶•’‡Œ‘‘Uµê“’‡‘ŒŽˆ­êqŒ–—?êŒê‘„ê}„Oˆê“•„†’™ŒO—Œê“’˜WB™5—ˆê
’‡ˆ•‘Bꗈ†‹‘ŒŽœê„ê—ˆ†‹‘’’ŠŒˆ±ê“’™ˆ‡ê–ˆê}5ê„B„™U±ê‘ˆ¾
—•„‡Œ:‘Bê:Œê‘5•’:‘Uꒇ–—dˆê„‘ˆ…’ê…œ–—ˆê•5‡Œê–™>ꎒˆŠœêê’…’•˜ê
™„•’™„Œ±êŽ˜‡œê‘„’“„Žê†ˆ–—„ꑈ™ˆ‡ˆ­
hê —’ê –ˆê –„’dˆ?ê —UŽ5ê ™Oˆ†‹ê ’‡…’•‘’–—Bê „ê :Œ‘‘’–—B±ê Ž—ˆ•>ê
“’‡ê ‹„™Œ:Ž’˜ê z“’ˆ:‘’–—Œê „–—dˆO˜ˆˆ±ê —ˆ‡œê ‘ˆˆ‘ê ’…’•˜ê —•¾
‹„†B†‹ê“•„†B±ê„ˆêŒê“œ•’—ˆ†‹‘ŒŽœê„ê–“ˆ†Œ5‘B†‹ê:Œ‘‘’–—B±ê™U•’…œ±ê
™UŽ˜˜ê„“’‡­êy5‡ê…œ†‹ê}5–ê—ˆ‡œê™œ™„±ê„…œ–—ˆê™œ˜WŒŒê™Oˆ†‹ê
Ž’˜‘ŒŽ„:‘B†‹ê ’W‘’–—Bê ’‡ˆ•‘Bê ‡’…œê „ê “dŒ–“B™„Œê Œê }œê –ˆê
–™UŒê:5‘Žœê‡’ꁓ•„™’‡„ˆ²ê“dB“„‡‘?ꖈꝄ“’ŒŒê‡’ꇌ–Ž˜ˆê
‘„ê–—•5‘Ž5†‹êz“’ˆ:‘’–—Œêššš­–——“­†­êk’™’—ˆêŒ±ê„…œ†‹ê}5ê
>‘ˆê •ˆ‡„Ž:‘Bê •„‡œê “’“d5±ê „…œ–—ˆê ™ê “dBO—Bê •’†ˆê OŒê —’˜ê
–“•5™‘’˜ê†ˆ–—’˜±ê…œŒê‡•„™B±ê?ŒêO—?–—Bê„ê’–’…‘BêŒê“•„†’™‘Bê
R–“?†‹œ°
{’5Oêw’Ž’•‘U
“dˆ‡–ˆ‡„ꕈ‡„Ž†ˆ
6(=1$0262%2&(1÷1»&+'1(é(671»08=1Ÿ1«0
632/(é1267,35275+$&«7(&+1,.8$3<527(&+1,.8 0)14'(#351:
0)#&17#01&?.%
0)#31/@3145<.
0)0510@0!1,5#
#0.64<='-
0)6&?-#351:45
+314.#71.#B
31*64.#771$1&#%
0)&6#3&D0%0'3
0)#3+<0'A174-E
0)6:#0#7'.
!<%.#75+$13
0)#&+/6-<5-1%
1%0)#064#0+'.% &.16*1.'5E13)#0+9<513=+00145+#$E7#.>!
&.16*1.'5E13)#0+9<513=+00145+#$E7#.>!
&.16*1.'5E13)#0+9<513=+00145+#$E7#.>!
&.16*1.'5E13)#0+9<513=+00145+#=.'07E$136
&.16*1.'5E7'&16%@13)#0+9<513=+00145+23'9+&'05#7+%'23'9+&'05
&.16*1.'5E13)#0+9<513=+00145+#=.'07E$136
&.16*1.'5E13)#0+9<513=+00145+#=.'07E$136
&.16*1.'5E13)#0+9<513=+00145+#=.'07E$136
23'9+&'05$3#534->4.17'04->21.'=0145+23153*#%@#7350>23<%'
7+%'23'9+&'05$3#534->4.17'04->21.'=0145+23153*#%@#7350>23<%'
0</?45'-2B'&4'&8;'4->*1$<A4->*1CB#&6
&.16*1.'5E13)#0+9<513=+00145+#$E7#.>!
&.16*1.'5E13)#0+9<513=+00145+#421.623#%170@-"23#715#,'
2B'&4'&#;'4->*147#967?&'%-15'%*0+%-E%*421.'=0145@
0)+0&B+%*5+'$+59
&.16*1.'5E13)#0+9<513=+00145+#=.'07E$136
=35$92'$/(*,6/$7,91«=0÷1<92%/$67,1$./Ÿ'Ÿ1«69»%8j1,1$0,
,QJ0LFKDO5RK¿ê3K'
ˆ–ŽUê…5G–ŽUêRd„‡
wdB–“?™ˆŽê“dˆ‡Ž5‡5ꌑ‰’•„†Œê’ê™U‘„‘U†‹ê?‘5†‹ê™ê“•5™¾
‘B†‹ê“dˆ‡“Œ–ˆ†‹ê˜“•„™˜B†B†‹ê„†‹5ˆ‘Bê–ê“œ•’—ˆ†‹‘Œ†ŽUŒê™U¾
•’…Žœê „ê ‘„Ž5‡5‘Bê –ê ™U…˜O‘Œ‘„Œ±ê ˜–Ž˜—ˆ:‘?‘U†‹ê ‘ˆ…’ê “dŒ¾
“•„™’™„‘U†‹ê ˆ–ŽUê …5G–ŽUê Rd„‡ˆê :Œê Œ‘UŒê R–—dˆ‡‘BŒê
–“•5™‘BŒê’•Š5‘œê„ê–’˜:Œ‘‘’–—Œê–ˆê‡ˆOBêRd„‡ˆê’‡ê“’:5—¾
Ž˜ê•’Ž˜ê¢ª¡ª­
}UOˆê ˜™ˆ‡ˆ‘>ê “dˆ‡“Œ–œê “dŒ‘5OBê ‘’™’˜ê Ž„–Œ‰ŒŽ„†Œê “œ•’—ˆ†‹¾
‘Œ†ŽU†‹ê™U•’…ŽS±ê–—ˆ‘?ꍄŽ’êŒê‘’™UꝓS–’…ꘙ5‡?‘Bê™U•’…ŽSê
‘„ê—•‹ê’…‡’…‘?ꍄŽê—’˜êˆê™ê“dB“„‡?ꘙ5‡?‘Bê™U…˜O‘Œ‘ê‘„ê
—•‹Ã­ê k’“’–˜‡ê –’˜ê “œ•’—ˆ†‹‘Œ†Ž>ê ™U•’…Žœê Ž„–Œ‰ŒŽ’™5‘œê ‡’ê
—dB‡ê„ê“’‡—dB‡ê‘ˆ…ˆ“ˆ:‘’–—Œê‡ˆê™œ‹5OŽœê:­ê¡§¤½¡©©¢êz…­±ê’ê
“œ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…†B†‹ê„Ꝅ†‹5ˆ‘Bê–ê‘ŒŒ±ê•ˆ–“­ê™œ‹5O¾
Žœê:­ê££¥½¢ªª¤êz…­±êŽ—ˆ•’˜ê–ˆê“•’™5‡?Bê‘?Ž—ˆ•5ꘖ—„‘’™ˆ‘Bê
5Ž’‘„ê’ê’™?d’™5‘Bꖗdˆ‘U†‹ê…•„‘B±ê–—dˆŒ™„ê„ê“œ•’—ˆ†‹‘Œ†¾
ŽU†‹ê“dˆ‡?—S±ê™ˆê‘?‘BꙜ‹­ê:­ê¢¦§½¢ª¡ªêz…­êu’™5ꓕ5™‘Bê
R“•„™„ê Ž„–Œ‰ŒŽ˜ˆê “œ•’—ˆ†‹‘Œ†Ž>ê ™U•’…Žœê ‡’ê Ž„—ˆŠ’•ŒBê ‡ˆê
R:ˆ˜ê“’˜WŒ—Bꇕ˜‹˜Ã­êu5–ˆ‡˜B†Bꗄ…˜Ž„ê¡ê“’–Žœ—˜ˆê–•’™¾
‘5‘Bꇒ–„™„‡‘Bê„ê‘’™>ꎏ„–Œ‰ŒŽ„†ˆ­
¸YRG
w•5™‘Bê“dˆ‡“Œ–œê…œê?œêŽ’•ˆ–“’‘‡’™„—ê–ê„Ž—˜5‘Bê–—„™ˆê
™?†Œê„ê–’˜:„–‘?ꅜê?œê™œ—™5dˆ—ê“dB‘Œ™>ê„ê5•’™ˆGꅈ“ˆ:¾
‘>ê “•’–—dˆ‡Bꓕ’ê “’‡‘ŒŽ„—ˆˆê Œê ‰œŒ†Ž>ê ’–’…œ­ê }ê ‘ˆ“’–ˆ‡‘Bê
d„‡?ꅜê?œê…U—ê“dŒ“S–’…ˆ‘œê“•5™˜êl™•’“–Ž>‹’ê–“’ˆ:ˆ‘¾
–—™B±ê“„ŽŒWˆêˆê—’êW5‡’˜†B­êu5–ˆ‡˜B†Bꗈ›—ê“dˆ‡Ž5‡5ꖗ•˜:‘?ê
Œ‘‰’•„†ˆê’Ꝑ?‘5†‹ê“•5™‘B†‹ê“dˆ‡“Œ–Sê—UŽ„B†B†‹ê„†‹5ˆ‘Bê
–ê“œ•’—ˆ†‹‘Œ†ŽUŒê™U•’…Žœê„ê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œ­
5Ž’‘ê :­ê ¡¤¨½¢ª¡ªê z…­±ê –—ˆ‘?ê „Ž’ê ‘„dBˆ‘Bê ™5‡œê :­ê ¢ª¨½
¢ª¡ªê z…­±ê ‘„…œœê R:Œ‘‘’–—Œê ŒWê ‡‘ˆê ¡­ê :ˆ•™ˆ‘†ˆê ¢ª¡ª±ê ‘Œ†¾
>‘?ê“dˆ†‹’‡‘5ꘖ—„‘’™ˆ‘Bê5Ž’‘„ê:­ê¡¤¨½¢ª¡ªêz…­ê˜’W¾
G˜Bꘙ5‡?—ê“œ•’—ˆ†‹‘Œ†Ž>ê™U•’…Žœê“•’ê5…„™‘BêR:ˆœê‘„ê—•‹ê
‡ˆê‡’–„™„‡‘Bꎏ„–Œ‰ŒŽ„†ˆê—dB‡œê‘ˆ…ˆ“ˆ:‘’–—Œêpê„êppꇏˆê–—5¾
™„B†B†‹ê “dˆ‡“Œ–S±ê Ž—ˆ•’˜ê ˆê “•5™?ê ™œ‹­ê :­ê ¡§¤½¡©©¢ê z…­ê „ê
:­ê££¥½¢ªª¤êz…­±ê„Wꇒ꣭ê:ˆ•™ˆ‘†ˆê¢ª¡£­ê}ê“dB“„‡?ꓜ•’—ˆ†‹¾
‘Œ†ŽU†‹ê™U•’…ŽSꓕ’ê5…„™‘BêR:ˆœê—dB‡œê‘ˆ…ˆ“ˆ:‘’–—Œêppp±ê
p}ê„ê“’‡—dB‡œê‘ˆ…ˆ“ˆ:‘’–—Œê{ªêÀê{¢ê“„Žê„Wꇒ꣭ê:ˆ•™ˆ‘†ˆê
¢ª¡¦­ê{ˆ‡œê‡’ꇒ…œ±ê‘ˆWꅘ‡ˆê™œ‡5‘Bê“dB–˜O‘U†‹ê‹„•’‘Œ’¾
™„‘U†‹ê‘’•ˆê“•’êR:ˆœê‘„™•‹’™5‘B±êŽ’‘–—•˜’™5‘B±ê…„ˆ‘Bê„ê
Ž’˜Oˆ‘Bꓜ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…ŽS±ê’‘5ˆ‘’­
=PøQ\YREODVWL]DFK¿]HQËVS\URWHFKQLFNÛPL
YÛUREN\
}ê Rdˆ‡‘Bê ™?–—‘BŽ˜ê l™•’“–Ž>ê ˜‘Œˆê …œ„ê ‡‘ˆê ¡¤­ê :ˆ•™‘„ê
¢ªª§ê ™ˆdˆ‘?‘„ê z?•‘Œ†ˆê l™•’“–Ž>‹’ê w„•„ˆ‘—˜ê „ê y„‡œê
¢ªª§½¢£½lzꝈꇑˆê¢£­êŽ™?—‘„ꢪª§ê’ꘙ5‡?‘Bꓜ•’—ˆ†‹‘Œ†¾
ŽU†‹ê™U•’…ŽSꑄꗕ‹­ê{„—’êz?•‘Œ†ˆê?„Ꝅê†Bê‹„•’‘Œ’¾
™„—ê “’W„‡„™Žœê Ž„‡ˆ‘>ê ‘„ê “œ•’—ˆ†‹‘Œ†Ž>ê ™U•’…Žœ±ê ˜™5‡?‘>ê
‘„ê—•‹êl™•’“–Ž>‹’ê–“’ˆ:ˆ‘–—™B­êw’W„‡„™Žœê†Œ—’™„‘>êz?•¾
‘Œ†ˆê…œœê‡’ê:ˆ–Ž>‹’ê“•5™‘B‹’êd5‡˜ê—•„‘–“’‘’™5‘œê5Ž’‘ˆê
zꑒ™’˜êŽ„–Œ‰ŒŽ„†Bê™U•’…ŽSê“dŒ†‹5BêŒê‘’™5ê™?Ž’™5꒐ˆˆ‘Bê
„ê‘’™5ꒇ…’•‘5ꝓS–’…Œ’–—ê“•’Ꝅ†‹5ˆ‘Bê–Ꙝ…•„‘UŒêŽ„—ˆ¾
Š’•ŒˆŒ­êz•’™‘5‘Bꇒ–—˜“‘’–—Œê“œ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…ŽSꓕ’ê
5…„™‘BêR:ˆœê˜™5‡Bꗄ…˜Ž„ꢭ
:­ê ¡¤¨½¢ª¡ªê z…­±ê •ˆ–“­ê ‘„dBˆ‘Bê ™5‡œê :­ê ¢ª¨½¢ª¡ªê z…­±ê
™ˆdˆ‘?‘UŒê ™ˆê z…B•†ˆê 5Ž’‘Sê ™ê “•S…?‹˜ê ?–B†ˆê Ž™?—‘„±ê
•ˆ–“­ê:ˆ•™‘„ꢪ¡ª­
$),!"& !
"+,!-
)+#/#0
+,!-
$&)#0!"& !
")*"-
%()3%$!(
"& !
%()3%$!(
"& !
,)#0
'
,)#0
10
)"#0
'
&''#0
'
%$'# !.2-"*
$'10
{„…­ê¡ê¾êz•’™‘5‘Bꇒ–„™„‡‘Bê„ê‘’™>ꎏ„–Œ‰ŒŽ„†ˆê“œ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…ŽS
!
"
!
"
"
"
}œ–™?—Œ™Žœ®ê ÊÃê “’˜ˆê’–’…5ê–ê’‡…’•‘’˜ê“S–’…Œ’–—Bꇏˆê5Ž’‘„ê:­ê¡¤¨½¢ª¡ªêz…­
ê ê
ê ÊÊÃê “’˜ˆê“’Ž˜‡ê—’ê‘5™’‡êŽê“’˜WŒ—Bꑈ„Ž„˜ˆ
ê ê
ê ÊÊÊÃê “’˜ˆê’–’…5ê–ê’‡…’•‘’˜ê“S–’…Œ’–—Bꇏˆê5Ž’‘„ê:­ê¦¡½¡©¨¨êz…­
{„…­ê¢ê¾êz•’™‘5‘Bꇒ–—˜“‘’–—Œê“œ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…ŽSꓕ’ê5…„™‘BêR:ˆœê–ê’‹ˆ‡ˆê‘„ê‘’™’˜ê„ꇒ–„™„‡‘Bꎏ„–Œ‰ŒŽ„†Œ
h:Ž’Œ™ê…œœê5Ž’‘ˆê:­ê¡¤¨½¢ª¡ªêz…­ê–—„‘’™ˆ‘œê‘’™>ꇕ˜‹œê
„ê Ž„—ˆŠ’•Œˆê “œ•’—ˆ†‹‘Œ†ŽU†‹ê ™U•’…ŽS±ê ‘ˆ…œê Žê ‘?˜ê ‡’“’¾
–˜‡ê™œ‡5‘ê“•’™5‡?†Bê“dˆ‡“Œ–ꘓ•„™˜B†BꝄ†‹5ˆ‘Bê–ê‘ŒŒ±ê„:ê
—ˆ‘—’ê 5Ž’‘ê “dB–˜O‘>ê ’†‘?‘Bê ’…–„‹˜ˆ­ê rê “•’…ˆ„—Œ†ˆê
•ˆŠ˜„†ˆê„†‹5ˆ‘Bê–ê“œ•’—ˆ†‹‘Œ†ŽUŒê™U•’…Žœê–—’BꝄꝐB‘¾
Ž˜ê •’–˜‡ˆŽê uˆ™œOOB‹’ê –“•5™‘B‹’ê –’˜‡˜ê ˆê ‡‘ˆê ¢£­ê …dˆ¾
‘„ê ¢ª¡ª±ê :­­ê ¤ê h–¾¡§½¢ªª©¾¦¢­ê {ˆ‘ê •’‹’‡ê ™ê “•5™‘Bê ™?†Œê
W„’…†ˆê r„˜‰„‘‡ê ˆ–Ž5ê •ˆ“˜…ŒŽ„ê ™­’­–­ê “•’—Œê W„’™„‘>˜ê
ˆ–Ž5ê ’…†‹’‡‘Bê Œ‘–“ˆŽ†ˆ±ê R–—dˆ‡‘Bê Œ‘–“ˆŽ—’•5—±ê –ˆê –B‡ˆê
—?“5‘–Ž5ê¡¥±êw•„‹„ꢱê’ꎄ–„:‘BꖗBW‘’–—ŒêW„’…†ˆê“•’—Œê•’¾
–˜‡Ž˜êt?–—–Ž>‹’ê–’˜‡˜ê™êw•„ˆêˆê‡‘ˆê£¡­ê£­ê¢ªª©±ê:­ê­ê¡¡ê
j„ꢩ©½¢ªª¨êÀ꣣±ê—„Ž±êWˆê­ê˜‡ŒŽ’™„®
¶­­­ê•˜Oˆ‘Bê“dB–˜O‘>‹’Ꝑ’†G’™„†B‹’ꘖ—„‘’™ˆ‘Bꒅ–„Wˆ‘>‹’ê
™êÇꢡꒇ–—­ê¦±ê•ˆ–“­ê™ê¢¡ê’‡–—­ê©ê5Ž’‘„ê’ê‹’•‘Œ†Ž>ê:Œ‘‘’–—Œê
‘ˆ?’ê „ê ‘5–ˆ‡ˆŽê „˜—’„—Œ†Ž’˜ê ‡ˆ•’Š„†Œê ™œ‹5OŽœê :­ê ¡§¤½
¡©©¢êz…­±êŽ—ˆ•5ꗄŽêˆêŒê“’ꢩ­ê¡­ê¢ªª¨ê‘„‡5ˆê“„—‘Uê“•5™¾
‘Bê “dˆ‡“Œ–ˆ­ê uˆ‘Bê ™O„Žê ™‹ˆ‡ˆê Žê „…–ˆ‘†Œê „—ˆ•Œ5‘B†‹ê
“’‡B‘ˆŽê‡„OB‹’ê‘’•„—Œ™‘B‹’ê“S–’…ˆ‘Bê„…–ˆ‘†ˆê5Ž’‘‘>‹’ê
’†‘?‘BÃꍌWê“dˆ‡“Œ–ˆêR:Œ‘‘Uê„ê„“ŒŽ’™„—ˆ‘Uê­­­
•˜Oˆ‘Bê“dB–˜O‘>‹’Ꝑ’†G’™„†B‹’ꘖ—„‘’™ˆ‘Bꒅ–„Wˆ‘>‹’ê™êÇê
¢¡ê’‡–—­ê¦±ê•ˆ–“­ê™ê¢¡ê’‡–—­ê©ê5Ž’‘„ê’ê‹’•‘Œ†Ž>ê:Œ‘‘’–—Œ±ê™ê
‡S–ˆ‡Ž˜êŽ—ˆ•>‹’Ꙝ‹5OŽ„ê:­ê¡§¤½¡©©¢êz…­±ê‘ˆ‘BꄓŒŽ’™„—ˆ‘Uê
“•5™‘Bê “dˆ‡“Œ–ê ˆê “„—•‘?ê ‘5–ˆ‡Žˆê †‹„’—Œ†Ž>‹’ê „ê ™„‡‘>‹’ê
“S–’…˜ê“dŒB5‘Bê5Ž’‘Sê™êw„•„ˆ‘—˜êˆ–Ž>ꕈ“˜…ŒŽœ­­­±ê‘„ê
Ž—ˆ•>ꓒ˜Ž5„êuˆ™œOOBꖓ•5™‘Bꖒ˜‡ê™ê•’–˜‡Ž˜êˆê‡‘ˆê¢¥­ê¢­ê
¢ª¡ª±ê:­ê­ê¤êh‡–ê¡¢ª½¢ªª©ê¾ê¨¨­êu„ê•’‡Bê’‡ê‘„“’–ˆ‡œê˜™ˆ¾
‡ˆ‘>‹’ê“dB“„‡˜ê™O„Žê™ê“’–˜’™„‘>ê™?†Œê‘ˆˆêˆŠŒ–„—Œ™‘Bꑈ‡’¾
–—„—ˆŽê“S–’…˜B†Bꑈ„“ŒŽ’™„—ˆ‘’–—Ꙝ‹5OŽœê:­ê¡§¤½¡©©¢êz…­±ê
„ŽUŽ’Œ™ê ™UŽ„‡ˆê 5Ž’‘„ê ’ê ‹’•‘Œ†Ž>ê :Œ‘‘’–—Œê “dˆŽˆ‘’˜—±ê
‘ˆ…’Pê 5Ž’‘’‡5•†ˆê †ˆ„ê „–‘?ê ê •ˆWŒ˜ê ˜™ˆ‡ˆ‘>‹’ê 5Ž’‘„ê
™œ˜êR“•„™˜ê5Ž’‘‘>Ꝑ’†‘?‘BÃê—UŽ„B†Bꖈꓜ•’—ˆ†‹‘Œ†ŽU†‹ê
™U•’…ŽS±ê:BWꝑˆ’W‘Œê„“ŒŽ„†Œê™œ‹5OŽœê:­ê¡§¤½¡©©¢êz…­µ
=PøQ\YREODVWLQDNO¿G¿QËVYÛEXxQLQDPL
w•5™‘Bê“dˆ‡“Œ–œê˜“•„™˜B†BꑄŽ5‡5‘Bê–ê™U…˜O‘Œ‘„Œê„ê—ˆ‘—’ê
•’Žê‘ˆ‡’‘„œê™U‘„‘?OB†‹ê?‘²ê—œê5–„‡‘Bꖈꗈ“•™ˆê“dŒ¾
“•„™˜B­ê}5‡?ꅜê™ê‡„‘>ꖒ˜™Œ–’–—Œê“dˆ‡’Wˆ‘ê‘5™•‹ê5Ž’‘„±ê
Ž—ˆ•Uê–ˆê?‘Bê5Ž’‘ê:­ê¦¡½¡©¨¨êz…­±ê’ê‹’•‘Œ†Ž>ê:Œ‘‘’–—Œ±ê
™U…˜O‘Œ‘5†‹ê „ê ’ê –—5—‘Bê …5G–Ž>ê –“•5™?±ê ™ˆê ‘?‘Bê “’‡?OB†‹ê
“dˆ‡“Œ–S­
wdˆ‡’Wˆ‘5ꑒ™ˆ„ê“’:B—5ꐍ­ê–ˆê?‘’˜ê“S–’…˜ê‹5Oˆ‘Bê“dˆ¾
“•„™œê™U…˜O‘Œ‘­êz—5™„B†BꏋS—„ê“•’ꋏ5Oˆ‘Bê“dˆ“•„™œ±ê¥ê‡‘Bê
“dˆ‡ˆ±ê …œê ?„ê …U—ê ‘„‹•„ˆ‘„ê ‹S—’˜ê ¢¤ê ‹’‡Œ‘ê “dˆ‡ˆ­ê
i˜‡ˆê™O„Žê‘˜—‘>Ꙝ…„™Œ—ꇒ“•„™‘Bꓕ’–—dˆ‡ˆŽ±ê“dˆ“•„™˜B†Bê
™U…˜O‘Œ‘œ±ê„dBˆ‘Bê˜’WG˜B†Bê‘ˆ“dˆ—•WŒ—>ꖏˆ‡’™5‘Bꍈ‹’ê
“’‹œ…˜­êv•Š5‘ˆ±êŽ—ˆ•>˜ê–ˆê…˜‡ˆê‹5–Œ—ê“dˆ“•„™„±ê„ꎗˆ•Uê
…˜‡ˆêŒê—’—’ꖏˆ‡’™5‘Bꓕ’™5‡?—±êˆêw’Œ†ˆ‘BꓕˆŒ‡Œ˜êˆ–Ž>ê
•ˆ“˜…ŒŽœ­
=35$92'$u’™ˆ„ê ‡5ˆê “dˆ‡“’Ž5‡5ê ‡•’…‘>ê ˜“dˆ–‘?‘Bê ™UŽ„‡˜ê “’Sê
¶‘„…U™5‘Bµê „ê ¶“dˆ‡5™5‘Bµ­ê z’˜:„–‘?ê ‘„“•„™˜ˆê “dB–˜O‘>ê
‘ˆ–•’™‘„’–—Œ±êŽ‡œê“’ˆê¶“dˆ‡5™5‘Bµê‰ŒŠ˜•˜ˆê™ê˜–—„‘’™ˆ‘Bê
Çꢥꒇ–—­ê¢ê™ˆê™—„‹˜êŽê“dˆB–—?‘Bê™U…˜O‘Œ‘œê‘„êRˆBꈖ¾
Ž>ꕈ“˜…ŒŽœê„ê‘„’“„Žê“’ˆê¶‘„…U™5‘Bµê‰ŒŠ˜•˜ˆê™ê˜–—„‘’™ˆ¾
‘BêÇꤪꒇ–—­ê¢ê™ˆê™—„‹˜êŽˆêŽ’“ˆ—ˆ‘†Œêˆ–Ž>‹’ê…5G–Ž>‹’ê
Rd„‡˜±êŽ—ˆ•Uꗘ—’ê“•„™’’†±ê–ê’‹ˆ‡ˆê‘„ꆈUꎒ‘—ˆ›—ê5¾
Ž’‘„±ê–„’dˆ?ꑈ5­ê}UOˆê˜™ˆ‡ˆ‘>ꑈ–•’™‘„’–—Œê™‘ŒŽœê
“dŒê‘’™ˆŒ„†Œê5Ž’‘„ê™ê“•S…?‹˜ê•’Ž˜ê¢ªª§ê“’‡?Œê™ˆdˆ‘?¾
‘>‹’ê™ê:5–—†ˆê¡¡¤êz…B•Žœê5Ž’‘Sꓒ‡ê:B–ˆê£§¦±êˆ‹’Wê†Bˆê
…œ’Ꝉ>‘„ê“dŒ“S–’…ˆ‘Bê:ˆ–Ž>‹’ê“•5™‘B‹’êd5‡˜ê–ê“•5™ˆê
l™•’“–Ž>‹’ê–“’ˆ:ˆ‘–—™Bê™ê’…„–—Œê“’‹œ…˜ê™U…˜O‘Œ‘ê™ê•5†Œê
l™•’“–Ž>‹’ê–“’ˆ:ˆ‘–—™Bí
u’™ˆ„ê‘„™•‹˜ˆê˜“dˆ–‘?‘Bꎒ“ˆ—ˆ‘†ˆê’…™’‡‘B†‹ê…5G–ŽU†‹ê
Rd„‡Sê “dŒê ™œ‡5™5‘Bê “’™’ˆ‘Bê Žê ‘„…U™5‘Bê ™U…˜O‘Œ‘­ê iœê —’ê
ŒWê“S™’‡‘Bê5?•ê“•„†’™„—ˆSê‘5™•‹˜ê‘’™ˆŒ„:‘B‹’ê5Ž’‘„ê
:­ê£§¦½¢ªª§êz…­±ê„…œê–ˆê“’™’ˆ‘BêŽê’“„Ž’™„‘>˜ê‘„…U™5‘Bê
™U…˜O‘Œ‘ê ™œ‡5™„’ê “’˜ˆê “•’ê ˆŒ†‹ê “dˆB–—?‘Bê ˆŒê —UŒWê
’•Š„‘Œ„†ˆŒê—­êˆ‡‘Bê“dBˆ†ˆê„ꍈ‡‘Bê‡’‡„™„—ˆˆÃ­ê
}ꓕ„›Œê—’˜ê™O„Žê™UŒˆ:‘?ꅜ’ê‘„’“„Žê„ê“•’—’ꍈꑄ™•Wˆ¾
‘’ê“dB–˜O‘>ꘓdˆ–‘?‘Bí
u’™ˆ„ê ‡5ˆê ‘„™•‹˜ˆê ?‘˜ê B–—‘Bê “S–’…‘’–—Œê ’…™’‡‘B‹’ê
…5G–Ž>‹’ê Rd„‡˜ê ™ê sŒ…ˆ•†Œê „ê i•‘?­ê }ê “•™>ê “dB“„‡?ê …˜‡ˆê
’…™’‡‘Bê…5G–ŽUêRd„‡ê™œŽ’‘5™„—ê“S–’…‘’–—ê™êŽ•„Œê}œ–’:Œ‘„ê
„ê™ê‡•˜‹>ê“dB“„‡?ꖈꒅ™’‡‘B˜ê…5G–Ž>˜êRd„‡˜ê•’OBdBê
Ž’“ˆ—ˆ‘†ˆê™ˆêB‘–Ž>êŽ•„Œ±ê‘„êRŽ’•ê“•5™?ꎕ„ˆê}œ–’:Œ¾
‘„­
}ê ‘ˆ“’–ˆ‡‘Bê d„‡?ê –ˆê ‡’ê 5Ž’‘„ê :­ê ¦¡½¡©¨¨ê z…­ê ‘„™•‹˜ˆê
™•5—Œ—Ꝑ’†G’™„†Bꘖ—„‘’™ˆ‘BêŽê™œ‡5‘BꙜ‹5OŽœê’Ꝅ†‹5ˆ‘Bê
–ê“œ•’—ˆ†‹‘Œ†ŽUŒê™U•’…Žœ­ê{B—’ꝓS–’…ˆê…œê’‹’ꇒB—ê
Žê ™‹’‡‘>ê •ˆŠ˜„†Œê ‡„‘>ê “•’…ˆ„—ŒŽœê –ê ’‹ˆ‡ˆê ‘„ê ‘’™’˜ê
Ž„–Œ‰ŒŽ„†Œê“œ•’—ˆ†‹‘Œ†ŽU†‹ê™U•’…ŽSê„ê‘„ê™UOˆê˜™ˆ‡ˆ‘Uꕒ¾
–˜‡ˆŽêuˆ™œOOB‹’ê–“•5™‘B‹’ê–’˜‡˜­
=¿YøU
5™?•ˆê ‘ˆ…U™5ê ‡’‡„—ê ‘Œ†ê Œ‘>‹’±ê ‘ˆWê „…œê ˜–Ž˜—ˆ:‘?‘>ê „ê
‘„™•Wˆ‘>ê ˆŠŒ–„—Œ™‘Bê ?‘œê “‘Œœê –™’˜ê R’‹˜±ê ˆ>‘„ê ™ˆê
™—„‹˜êŽê„ŒO—?‘Bꅈ“ˆ:‘’–—Œê„ê’†‹•„‘œê‡•„™B±êWŒ™’—„ê„ꐄ¾
ˆ—Ž˜­
¡
êꋗ—“®½½ššš­™†•­†½–’˜…’•½–…ª¥¢¾¡ª¾“‡‰­„–“›
êꋗ—“®½½ššš­™†•­†½–’˜…’•½–…Œ•Ž„¾„Ž’‘˜¾‡’Ž˜ˆ‘—œê
¾–…ª§ª¾¡ª¾“‡‰­„–“›
£
ê ‹——“®½½ššš­‘––’˜‡­†½„Œ‘­„–“›¸†–Ó„‘’‘œ‘ˆ‘Œê
ƌ‡Ó¢¢¤¦§
¢
-$.'Ÿ/91$./Ÿ'Ÿ1«69»%8j1,1$0,
,QJ-RVHI7XUHN
–—dˆ‡‘Bê…5G–ŽUꌑ–“ˆŽ—’•
-DNQDWRPMVPHYPLPRĆ¿GQÛFKXG¿ORVWHFK
êˆ™Œ‡ˆ‘†ˆêŒ’d5‡‘U†‹ê˜‡5’–—Bꖗ5—‘Bê…5G–Ž>ꖓ•5™œê™œ¾
“U™5ê‘BWˆê˜™ˆ‡ˆ‘>ꓕ’†ˆ‘—˜5‘Bꕒ’Wˆ‘BꒇꕒŽ˜ê¡©©¦ê‡’ê
•’Ž˜ê ¢ªª©­ê iˆê ’‹ˆ‡˜ê ‘„ê §Üê “’‡Bê Œ’d5‡‘U†‹ê ˜‡5’–¾
—Bê“dŒê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œê„ê©£êÜꓒ‡BêŒ’d5‡‘U†‹ê
˜‡5’–—Bê“dŒê‡’…U™5‘Bꑈ•’–—Sê‹’•‘Œ†—™BÃꍈꖓ’ˆ:‘>ꗒ±êWˆê
¨ªê Üê ˜‡5’–—Bê ˆê “S–’…ˆ‘’ê –ˆ‹5‘Bê Œ‡–Ž>‹’ê :Œ‘Œ—ˆˆ±ê —­ê
“’•˜Oˆ‘Bê“•„†’™‘BêŽ5‘?±ê„ê—BêŒê5–„‡ê…ˆ“ˆ:‘>ꓕ5†ˆ±ê„ê
††„ꢪêÜꐌ’d5‡‘U†‹ê˜‡5’–—Bꍈê‡S–ˆ‡Žˆê‘ˆ“dˆ‡™B‡„—ˆ¾
‘U†‹ê•ŒŒŽ­ê
v…ˆ†‘?ꐈŒê‘ˆ‡SˆWŒ—?OBê„ꑈŽ•Œ—Œ:—?OBꉄŽ—’•œê‡’–„‹’™„¾
‘U†‹ê™U–ˆ‡ŽSê™ê’…„–—Œêivw±êŽ—ˆ•>ꍈꑘ—‘’ꑈ˜–—5ˆêˆ“¾
O’™„—±ê“„—dB®ê
=35$92'$ê ¡­ê “S–’…Œ’–—Ꝅ?–—‘„‘†S±
ê ¢­ê –—„™ê—ˆ†‹‘Œ†Ž>‹’ꝄdBˆ‘B±ê
ê £­ê “•ˆ™ˆ‘†ˆê•ŒŒŽ±
|ê Œ’d5‡‘U†‹ê ˜‡5’–—Œê “dŒê ‘„Ž5‡5‘Bê –ê ™U…˜O‘Œ‘„Œê “„Žê
“dˆ‡–—„™˜ˆê¤¢êÜꓒ˜WB™5‘B±ê££êÜê™U•’…„±ê¢ªêÜꖎ„‡’™5‘Bê„ê
¥êÜ꒖—„—‘B­}U™’êŒ’d5‡‘U†‹ê˜‡5’–—Œê“dŒê‘„Ž5‡5‘Bê–ê™U¾
…˜O‘Œ‘„Œê „ê ’…‡’…Bê ¢ªª£ê Àê ¢ªª©ê 5ê Žˆ–„B†Bê —ˆ‘‡ˆ‘†Œê ˜ê
“’˜WB™5‘Bê™U…˜O‘Œ‘±ê’“„:‘?ꍈꗒ˜ê“dBê™U•’…?ê™U…˜O‘Œ‘­}ê
•’†ˆê¢ªª©ê‡’O’ꎈê£êt ê“dŒê™U•’…?ê™U…˜O‘Œ‘±êŽê¡êt ê“dŒê
“’˜WB™5‘Bê™U…˜O‘Œ‘ê„êŽê¡êt ê“dŒê–Ž„‡’™5‘Bê™U…˜O‘Œ‘­
uˆŠ„—Œ™‘BŒê‡S–ˆ‡ŽœêŒ’d5‡‘U†‹ê˜‡5’–—Bê™ê’…„–—Œê
‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œê–’˜®
v =DVWDYHQtSURYR]X
v âHWĜHQtPLPRĜiGQpXGiORVWL
ê ê ê ¾ê „‡•Wˆ‘B꒓•5™‘?‘B
ê ê ê ¾ê „‹5ˆ‘Bꖓ•5™‘B‹’êdBˆ‘B
ê ê ê ¾ê wdˆ–™?‡:ˆ‘Bꖈê˜ê—ˆ†‹‘Œ†ŽU†‹ê„?–—‘„‘†Sê’ꝑ„’–¾ê
ê ê ê —ˆ†‹ê“•5™‘B†‹ê“dˆ‡“Œ–S­
v 3ĜLMtPiQtRSDWĜHQtN]DEUiQČQtRSDNRYiQtPLPRĜiGQêFK
XGiORVWt
v 3URMHGQiYiQt WHFKQLFNêFK D RUJDQL]DþQtFK RSDWĜHQt QD
ýHVNpPEiĖVNpP~ĜDGČY3UD]H
v .RQWUROD~þLQQRVWLSĜLMDWêFKRSDWĜHQt
wdB:Œ‘œê ‘ˆ“•’‡˜Ž—Œ™‘B‹’ê :„–˜±ê Ž—ˆ•Uê …œê ’‹ê …U—ê ™?‘’™5‘ê
5Ž„‘BŽSê ‘ˆ…’ê Œ‘Uê ˜WŒ—ˆ:‘?OBê :Œ‘‘’–—ˆ­ê —•„†ˆ‘Uê
:„–ê ‘ŒŽ‡’ê ‘ˆ‘„‹•„‡Bê „ê ˆê dˆOˆ‘ê ™?—OŒ‘’˜ê ™UOˆ‘Uê R–ŒBê
‘„“d­ê“dˆ–:„–œÃꆒWꍈꇄOBꝇ•’ê•ŒŒŽ„­ê—•5—„ê:„–˜êˆê:„–—’ê
–“’’™5‘„ê–ꇄOBꉌ‘„‘:‘Bꝗ•5—’˜±ê„Ž’ꍈꉌ‘„‘:‘Bꓒ–—Œ‹êˆê
–—•„‘œê’•Š5‘Sêziz­
1¿YUKĆHxHQË
}ê 5˜ê dˆOˆ‘Bê “•’…ˆ„—ŒŽœê Œ’d5‡‘U†‹ê ˜‡5’–—Bê …œ’ê
­ê™œ‡5‘’êv“„—dˆ‘Bê:­ê¨½¢ªª©ê“dˆ‡–ˆ‡œêˆ–Ž>‹’ê…5G–Ž>‹’ê
Rd„‡˜±êŽ—ˆ•Uê–ˆê–—„‘’™˜Bꑈ…œ—‘5ꗈ†‹‘Œ†Ž5±ê’•Š„‘Œ„:‘Bê
„ꏈŠŒ–„—Œ™‘B꒓„—dˆ‘Bꖗ5—‘Bê…5G–Ž>ꖓ•5™œêŽˆê–‘BWˆ‘Bꓕ„¾
†’™‘BêR•„’™’–—Œê’ꢥêÜꇒꕒŽ˜ê¢ª¡¢ê™ˆê–•’™‘5‘Bꖈꖗ„™ˆê
™ê•’†ˆê¢ªª¦ê™ê’•Š„‘Œ„†B†‹±êŽ—ˆ•>ꓒ‡>‹„Bꙕ†‹‘B˜ê‡’’•˜ê
’•Š5‘Sê –—5—‘Bê …5G–Ž>ê –“•5™œ­ê v“„—dˆ‘Bê ™œ†‹5Bê ê “dŒ„—>‹’ê
|zulzluêyhk€êˆê‡‘ˆê¢¥­ê:ˆ•™‘„ꢪª§±ê’ê‘’™>ꖗ•„—ˆŠŒŒê
z“’ˆ:ˆ‘–—™Bê™ê’…„–—Œê’†‹•„‘œê‡•„™Bê„ê…ˆ“ˆ:‘’–—Œê“dŒê“•5†Œê
¢ªª§À¢ª¡¢Ãꢪª§½jꡤ¥½ª¡Ã­êy„‡„êl|ê“dŒ„„ê|–‘ˆ–ˆ‘BꝄê
R:ˆˆê “’–Bˆ‘Bê Ž’‘Ž˜•ˆ‘†ˆ–†‹’“‘’–—Œê “’‡‘ŒŽS±ê ‘ˆ˜¾
–—5>ꓒ—dˆ…œê“•’™5‡?‘Bꖗ5™„B†B†‹ê“•5™‘B†‹ê“dˆ‡“Œ–Sê
Žê„…ˆ“ˆ:ˆ‘Bꓒ‡“’•œê™‘ŒŽ˜ê‡•„™>‹’ê„ê…ˆ“ˆ:‘>‹’ê
“•„†’™‘B‹’ê“•’–—dˆ‡B±êˆ>‘„ê“’:—˜ê“•„†’™‘B†‹êR•„Sê
„ê ™U–Žœ—˜ê ‘ˆ’†Bê ê “’™’5‘B±ê Ž—ˆ•>ê ‡’“„‡5ê —„Ž>ê ‘„ê
‹’•‘Œ†—™B­ê w•’—’ê –ˆê Œê –—5—‘Bê …5G–Ž5ê –“•5™„ê ˜–ˆ„ê ™œ“’d5¾
‡„—ê –ê ‘?Ž—ˆ•UŒê RŽ’œ±ê Ž—ˆ•>ê –’˜ê –?d’™5‘œê Žˆê –ˆ‡’™5‘Bê
™œ…•„‘U†‹ê†BS­ê
3R]LWLYQËYÛVOHGN\
}U–ˆ‡Žœê R•„’™’–—Œê “dŒê —?W…?ê –˜•’™Œ‘ê –ê “•„†’™‘Bê ‘ˆ–†‹’“¾
‘’–—Œê‡ˆOBꑈWê£ê‡‘œ±êŽˆ–œê’‡ê•’Ž˜ê¢ªª¦êê“S™’‡‘B†‹ê¡£¢£ê
‘„ꨩ¨ê™ê•’†ˆê¢ªª©ê†’Wê“dˆ‡–—„™˜ˆê“’Žˆ–ê’꣡êÜ­
u„OBꖓ’ˆ:‘’˜ê–‘„‹’˜ê…œê?’ê…U—®
}œ—™’dˆ‘BꆈŽ’™>ꓕ’‰ˆ–‘Bꎘ—˜•œ±êŽ—ˆ•5®
v VLFHQt]GUDYt
v SĜLNOiGiYHONêYê]QDPSUHYHQFLUL]LN
v Y\Et]t]DPČVWQDYDWHOHDE\SĜLMDOLQRYpSĜtVWXS\]DPČĜH
QpQDRFKUDQX]GUDYt
9 SUHYHQFL UL]LN MH XSĜHGQRVWĖRYiQD SRGSRUD ]PČQ\ FKRYiQt
]DPČVWQDQFĤ0HWRG\MVRXUĤ]QpQDSĜY2.'XSĜHGQRVWĖXMt
PHWRGX.$,=(1VWiOiSUDFRYQtVNXSLQDSURWČåHEQtSUĤP\VO
3RUDGQtKRYêERUXSUR%2=3SĜL(YURSVNpNRPLVLXSĜHGQRVWĖX
MH]DYiGČQtRVYČGþHQêFKSRVWXSĤSURWRY]QLNODNRQFHPURNX
E\O\SĜLMDW\2VYČGþHQpSRVWXS\VWĜHOPLVWUDNWHUpQDMGHWH
QDXYHGHQpYHERYpVWUiQFHKWWSZZZFEXVEVF]VHNFHVSUDYQD
SUD[HDVS[
v X]QiYiQtYê]QDPXÄGREUpSUiFH³DMHMtFK]iNODGQtFK]i
VDG
v ]Y\ãRYiQtSRYČGRPt]OHSãHQtPLQIRUPRYDQRVWLRGERUQp
SĜtSUDY\D~þDVWL]DPČVWQDQFĤ
wdŒê˜‘5™5‘Bê™U‘„˜ê¶‡’…•>ꓕ5†ˆµê„ꍈB†‹ê5Ž„‡‘B†‹ê5¾
–„‡ê…œê–ˆê?’Ꝉ>‘„ꇅ5—ê‘„ê“•5™„Ꝅ?–—‘„‘†Sꑄꕒ™‘>ê
“dBˆWŒ—’–—Œ±êivwê„ê’•Š„‘Œ„†Œê“•5†ˆ±êŽ—ˆ•5ꍈꙖ—dB†‘5ê™S:Œê
•’‡Œ‘5­êrˆê™œO’™5‘Bꓒ™?‡’Bꝏˆ“Oˆ‘BêŒ‘‰’•’™„‘’–—Œ±ê
’‡…’•‘>ê “dB“•„™œê „ê R:„–—Œê „?–—‘„‘†S±ê …œê ?’ê ‡’†‹5ˆ—ê
ˆ>‘„®
v SRVN\WRYiQtPMDVQêFKSRN\QĤSĜHGHYãtPPDOêPSRGQL
NĤP
v SURVWĜHGQLFWYtP UR]ERUX SĜtNODGĤ RVYČGþHQêFK SRVWXSĤ
DMHMLFKãtĜHQt
}U‘„ê5ê—>Wꓒ‡“’•„ꇒ‡•W’™5‘Bꓕ5™‘B†‹ê“dˆ‡“Œ–Sꕈ„¾
Œ’™5‘„ê‘„“d­
v ]DYHGHQtPPČĜLWHOQêFKFtOĤ
v XSĜHGQRVWĖRYiQtPãtĜHQt
ê ê ê ¾ê ’–™?‡:ˆ‘U†‹ê“’–—˜“S±ê
ê ê ê ¾ê ’‡…’•‘>ê“dB“•„™œê„ꙝ‡?5™5‘B­ê
rꘓdˆ‡‘’–—G’™5‘BêOBdˆ‘B꒖™?‡:ˆ‘U†‹ê“’–—˜“S±ê’‡…’•‘>ê“dB¾
“•„™œê „ê ™‡?5™5‘Bê …œê ?’ê ‡’†‹5ˆ—ê ˆ>‘„ê ™œ—™5dˆ‘Bê
ˆ‡‘’‡˜†‹U†‹ê‘5–—•’Sê„ê“’Žœ‘S­
6SROHêQÇNURN\Q¿YUKVRXWøæHYEH]SHêQRVWLSĆL
QDNO¿G¿QËVYÛEXxQLQDPL
z†‹5Bê “’Œ—Œ™‘?ê ’—Œ™’™„‘5ê –’˜—?Wê “•’ê ’•Š„‘Œ„†ˆ±ê Ž—ˆ•>ê
‘„Ž5‡„Bê–ê™U…˜O‘Œ‘„Œ­
jˆ‘„Ꝅꅈ“ˆ:‘’–—ê™ê‹’•‘Œ†—™BêÀꁏ„—Uêwˆ•’‘ꖈꓕ’“S¾
:˜ˆê„ꘇ?˜ˆê–˜…ˆŽ—Sê“’‡>‹„B†Bê‡’’•˜ê–—5—‘Bê…5G–Ž>ê
–“•5™œê ˆ–Ž>ê •ˆ“˜…ŒŽœê „Ž’ê “•’ˆ™ê ˜‘5‘Bê „ê ‡’–„Wˆ‘Bê ™œ¾
‘ŒŽ„B†B†‹ê ™U–ˆ‡ŽSê ™ê ’…„–—Œê …ˆ“ˆ:‘’–—Œê “•5†ˆ­ê dŒ’™„—ˆŒê
†ˆ‘œê –’˜ê ˆ–ŽUê …5G–ŽUê Rd„‡±ê v‡…’•’™Uê –™„ê “•„†’™‘BŽSê
‹’•‘Œ†—™B±ê Šˆ’’ŠŒˆê „ê ‘„‰—’™>‹’ê “•Sœ–˜ê „ê v‡…’•’™Uê –™„ê
z—„™…„ꈖŽ>ꕈ“˜…ŒŽœ­êjˆ‘˜ê“•’“S:˜ˆê„ꘇ?˜ˆ±ê‘„ê5Ž„¾
‡?ê •’‹’‡‘˜—Bê Ž’Œ–ˆ±ê >‘ˆê ™Oˆ†‹ê dŒ’™„—ˆSê “dˆ‡–ˆ‡„ê
ˆ–Ž>‹’ê…5G–Ž>‹’êRd„‡˜ê™êŽ„—ˆŠ’•ŒB†‹®ê
ê p­êŽ„—ˆŠ’•Œˆê¾ê‹˜…Œ‘‘Uê‡SêÂ:ˆ•‘>ꘋB±êŒŠ‘Œ—±ê˜•„‘Ãê
ê pp­êŽ„—ˆŠ’•Œˆê¾ê“’™•†‹’™Uꘋˆ‘Uꏒê‹‘?‡>ꘋBÃê
ê ppp­ê Ž„—ˆŠ’•Œˆê ¾ê “’™•†‹’™Uê ’ê “B–Ž’™‘œ±ê O—?•Ž’™‘œê „—‡­±ê
Œ‘Œ5‘?ꥡꝄ?–—‘„‘†SÃê
ê p}­ê Ž„—ˆŠ’•Œˆê ¾ê “’‡ˆ‘Bê –—„™Œ—ˆ–—™Bê ™:ˆ—‘?ê —?W…œê ‘„‰—œê
Œ‘Œ5‘?ꥡꝄ?–—‘„‘†SÃê
ê }­êŽ„—ˆŠ’•Œˆê¾ê’•Š„‘Œ„†ˆê–ꐄ›Œ5‘?ꥪꝄ?–—‘„‘†Œ
qˆŒŽ’WꈛŒ–—˜ˆê‘ˆˆ‡‘’—‘Uê“dB–—˜“ꙈꙈ‡ˆ‘BꈙŒ‡ˆ‘:‘B†‹ê5¾
‘„Sê„ꇄOB†‹ê5‘„Sê’ê’‡–—dˆ˜ê™ê“„“B•’™>ê„ꈏˆŽ—•’‘Œ†¾
Ž>ꓒ‡’…?±ê‘„™•‹˜Œê™U…’•˜êz{{wꘖ“’d5‡„—ê–’˜—?Wê–ê—B—’ê
RŽ’ˆ®ê
v
ê êê
ê êê
1DYUKQRXWMHGQRWQêHOHNWURQLFNêIRUPXOiĜNWHUêE\VSO
ĖRYDOVWiYDMtFtSRåDGDYN\SODWQêFKSUiYQtFKSĜHGSLVĤ
¾ê ‡ˆ‘BŽ˜ê’‡–—dˆ˜ê
ê ™ˆêŽ—ˆ•>ê…œê­ê…œ„ꘙˆ‡ˆ‘„ê’…•„’™5ꇒŽ˜ˆ‘¾ê
êê
êê
êê
êê
ê êê
ê êê
êê
êê
=35$92'$ê —„†ˆê —•‹„†B†‹ê “•„†Bê „ê ™U–ˆ‡Žœê ?dˆ‘Bê ’‡†‹œˆŽê ™U¾ê
ê ™•—Sê ’‡ê “dˆ‡“’Ž5‡„‘>‹’ê –?•˜ê Žê “’–’˜ˆ‘Bê –—„™˜êê
ê “dB“•„™‘U†‹ê“•„†BêŽê’‡–—dˆ˜ê™ê’ˆ†‹±êŽ‡ˆê–’˜ê“•’ê
ê ™5‡?‘œê†’‘’™>ꒇ–—dˆœÃ±ê
¾ê 5“Œ–˜ê’ê’‡–—dˆ˜ê
ê „Ž’ê‘5™•‹êˆ™Œ‡ˆ‘:‘B‹’ê5‘„˜ê–ꇄOBŒê‡’Ž„‡œ±êê
ê Ž—ˆ•>ꖈê—UŽ„BꈙŒ‡ˆ‘†ˆê™U…˜O‘Œ‘ê„Ꙉ‡ˆ‘Bꖜ–—>˜êê
ê “•’ꍈ‡‘’‘„:‘>꒝‘„:’™5‘Bê„ꖏˆ‡’™„—ˆ‘’–—ê™U…˜O¾ê
ê ê ê ‘Œ‘ꇒ‡„†Bꏌ–—œ±ê“dˆ™’‡Žœ±ê5‘„‘BꎑŒ‹œê’ê–Ž„‡’¾ê
ê ê ê ™5‘Bê ™U…˜O‘Œ‘±ê 5“Œ–œê ’ê –“’—dˆ…?ê ™U…˜O‘Œ‘±ê 5“Œ–œêê
ê ê ê ’ê‘Œ:ˆ‘BꙄ‡‘U†‹ê™U…˜O‘Œ‘±ê„“’‡­Ã­
}B—?‘Uꉒ•˜5dꅜꐒ‹ê…U—ꝙˆdˆ‘?‘ꑄꚈ…’™U†‹ê–—•5‘¾
Ž5†‹ê–—5—‘Bê…5G–Ž>ꖓ•5™œêŽˆê–—„Wˆ‘Bê„ê“’˜WB™5‘BꙈꖐœ–˜ê
˜–—„‘’™ˆ‘BêÇꢧꙜ‹5OŽœê:­ê§¢½¡©¨¨êz…­±ê’ê“’˜WB™5‘Bê™U…˜O¾
‘Œ‘±ê™ˆê‘?‘Bꓒ‡?OB†‹ê“dˆ‡“Œ–S­
1÷.7(5§32=1$7.<=328å«9Ÿ1«9»%8j1,11$3295&+8
,QJ%RKXVODY0$&+(.3K'
–—dˆ‡‘Bê…5G–ŽUꌑ–“ˆŽ—’•
}U™’êŒ’d5‡‘U†‹ê˜‡5’–—Bê“dŒê“’˜WB™5‘Bê™U…˜O‘Œ‘ê‘„ê“’¾
™•†‹˜ê™êˆ–Ž>ꕈ“˜…Œ†ˆê™ˆ‡êˆ–ŽUê…5G–ŽUêRd„‡ê™ê•’†ˆê¢ª¡ªê
­êŽê†Bˆ‘?OB˜ê„?dˆ‘Bꍈ‹’ꎒ‘—•’‘Bê:Œ‘‘’–—Œ­êw•’—’Wˆê
‘„‡?•‘Uê •’ˆ—ê •’“’’™„‘U†‹ê ‹’•‘Œ‘ê “dŒê †’‘’™U†‹ê ’‡¾
–—dˆˆ†‹ê “„—dBê ‡’˜‹’‡’…?ê ˆŒê ‘ˆ5™„W‘?OBê „ê ‘ˆ:ˆ—‘?OBê
ˆ™Œ‡’™„‘>ê Œ’d5‡‘>ê ˜‡5’–—Œê “dŒê “’˜WB™5‘Bê ™U…˜O‘Œ‘ê ‘„ê
“’™•†‹˜±ê‘„–—„ê‘ˆ™œOOBê:„–ꎈꎒ‘—•’ˆêR:Œ‘‘’–—Bê„꓏‘?‘Bê
“dŒ„—U†‹ê’“„—dˆ‘B­ê
}U–ˆ‡Žœê“•’™?•ˆŽê‡™’˜ê™?—OB†‹ê’•Š„‘Œ„†B±êŽ—ˆ•>ꓕ’™5‡?Bê
—•‹„†Bꓕ5†ˆê‡’‡„™„—ˆ–ŽUê“S–’…ˆê–?d˜BêŽê’‡“’™?‡Bê
‘„ê’—5Žœ®ê¶w•’:ê –’˜ê ‘„’–—Œê ’ê —?Wˆ…‘Bê dˆ˜ê „ê ‘„’–—Œê ’ê
“„•„ˆ—•ˆ†‹ê ™U™•—Sê —„Žê ‡SˆWŒ—>ê “•’ê —ˆ†‹‘Œ†Ž>‹’ê ™ˆ‡’˜†B‹’ê
’‡–—dˆSê„ê“•’ꆈŽ’™Uê™U–ˆ‡ˆŽê†’‘’™>‹’ê’‡–—dˆ˜¸µê
qˆŒŽ’Wê ’ê ™U–ˆ‡Ž˜ê Ž„W‡>‹’ê ’‡–—dˆ˜ê ‘ˆˆê •’‹’‡’™„—ê „Ž’ê
“dŒê“’Žˆ•˜±ê…œ„ê‘„ê5Ž„‡?Ꝅˆ™Œ‡’™„‘>‹’ê“’:—˜êŒ’d5‡¾
‘U†‹ê˜‡5’–—Bꑈ“•™ˆê“•’™ˆ‡ˆ‘„ꎕ5—Ž5ꈛŽ˜•ˆê‡’Ꝅ‹•„‘Œ:¾
‘B†‹ê“’‘„—ŽS­êw’•’™‘5‘œê…œœê“dˆ‡ˆ™OBê“dB:Œ‘œê•„‡ŒŽ5‘B¾
‹’ê–‘BWˆ‘Bꓒ:—˜ê‘„‡?•‘U†‹ê•’ˆ—Sꕒ“’’™„‘U†‹ê‹’•‘Œ‘ê
™ê„‹•„‘Œ:BꖈꝍŒO—?‘Uê–—„™ˆ±ê—­ê„Žê‘„ê—’ê–ˆê–ꎒ‘—¾
•’„ŒêŠˆ’’ŠŒ†Ž>ꖗ„™…œê‹’•‘Œ‘’™>‹’ꐄ–Œ™˜±ê–—„™˜ê“•’‰Œ¾
˜Ãê—?Wˆ…‘B‹’êdˆ˜ê„êB–—„ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê‘5’WB±ê
™:­ê–—•˜:‘>‹’ê“dŒ“’ˆ‘˜—BꓒW„‡„™ŽSꘙˆ‡ˆ‘U†‹ê™ê“•5™‘B†‹ê
“dˆ‡“Œ–ˆ†‹ê„ê–’˜‹•‘˜êŒO—?‘>ꖌ—˜„†ˆê™ê“•’™’‘Bꓕ„›Œê‘5ˆ¾
œêˆê–“ˆ†Œ„Œ’™„‘U†‹êŽ’‘—•’Ã­ê
rˆê–‘„ˆê’ê‘„“•’–—’˜êˆŒŒ‘„†ŒêŒ‡ˆ‘—Œ‰ŒŽ’™„‘>‹’ꇕ˜‹˜êŒ¾
’d5‡‘>ꘇ5’–—Œê–’˜ê™ê5™?•˜ê“dB–“?™Ž˜ê–œ‘—ˆ—Œ’™5‘œê‘ˆ¾
‘’™?OBꝑ5>ꓒ‘„—Žœê„ê‘„–—B‘?‘œê‘ˆ…ŒWOBꎕ’ŽœêdˆOˆ‘B­
.OËêRYÇSRMP\
}U…˜†‹ê¾ê‘5‹>ꘙ’‘?‘Bꈑˆ•ŠŒˆê™œ™’5™„B†Bê™U…˜†‹’™>êR:Œ‘¾
Žœê–ꐒW‘Uê•’ˆ—ˆê“ˆ™‘U†‹ê:5–—Œ†ê—ˆ•B‘ê™U…˜†‹ê„‹•¾
‘˜ˆê •œ†‹>ê ‹’dˆ‘B±ê ‡ˆ—’‘„†Œê „ê ‡ˆ‰„Š•„†ŒÃ­ê y’ˆ—ˆê “ˆ™¾
‘U†‹ê :5–—Œ†ê ™U…˜†‹’™UŒê R:Œ‘Žœê ™ê ’…™’‡˜ê “•’ˆŽ—’™„‘>‹’ê
RˆBꖈꕒ˜Bꒇ‹’ê•’“’’™„‘>‹’ꐄ—ˆ•Œ5˜ê’‡ê—?Wˆ…¾
‘B‹’êdˆ˜ê’‡–„ˆ‘Uꕒ™„êˆWB†Bꑄꓕ„†’™‘B꓏’OŒ‘?ê—?Wˆ…¾
‘B‹’êdˆ˜ê’ê“’W„‡’™„‘>ꉕ„Šˆ‘—„†Œê„ꑈ“dˆ™œO˜B†Bê™UOŽ˜ê
¡±¤‘5–’…Ž˜ê™UOŽ’™>‹’ꇒ–„‹˜ê‘„Ž5‡„†B‹’ê–—•’ˆÃ­êy’ˆ—ˆê
“ˆ™‘U†‹ê :5–—Œ†ê ™U…˜†‹’™UŒê R:Œ‘Žœê ™ê ’…™’‡˜ê ’‹•’Wˆ‘>‹’ê
RˆBꖈꕒ˜Bꕒˆ—ê•’“’’™„‘>‹’ꐄ—ˆ•Œ5˜ê“•„™Œ‡„ê
“’–˜’™„‘UꍄŽ’ꑈ…ˆ“ˆ:‘Uꖗ„™Ã­êy’ˆ—ˆê“ˆ™‘U†‹ê:5–—Œ†ê
™U…˜†‹’™UŒê R:Œ‘Žœê Œ’ê ’…™’‡ê “•’ˆŽ—’™„‘>‹’ê RˆBê „ê
’‹•’Wˆ‘>‹’ê RˆBê –ˆê •’˜Bê ‘„‡?•‘Uê •’ˆ—ê •’“’’™„¾
‘>‹’ꐄ—ˆ•Œ5˜ê“•„™Œ‡„ê•’ˆ—ê•’“’’™„‘>‹’ꐄ—ˆ•Œ5˜ê„ê
‹•„‘Œ†Œê …ˆ“ˆ:‘’–—‘B‹’ê ’Ž•˜‹˜ê ™œ‹’‡‘’†’™„‘Uê „Ž’ê Œ’¾
d5‡‘5ꘇ5’–—íê
6LWXDFHSĆHGSURYøUNDPL
}U™’êˆ™Œ‡’™„‘>‹’ê“’:—˜ê‘„‡?•‘U†‹ê•’ˆ—Sê“dŒê†’‘’™U†‹ê
’‡–—dˆˆ†‹êˆêdˆUêê‘BWˆê˜™ˆ‡ˆ‘>ꗄ…˜Žœ­ê
ê —„…˜Žœê ˆê dˆUê ‘ˆ“„—•‘Uê “’Žˆ–ê “’:—˜ê Œ’d5‡‘U†‹ê
˜‡5’–—Bê„êê‡’Ž’‘:ˆ‘>‹’ê™UŽ˜‘>‹’êRŽ’˜ê¶w꣧¾ª¥êz‘Œ¾
W’™5‘BꕌŒŽ„ê’‹•’Wˆ‘Bꑈ’™Œ—’–—Bê“dˆ‡êR:Œ‘Žœê—•‹„†B†‹ê“•„¾
†Bê ™ˆŽ>‹’ê •’–„‹˜µ±êŽ—ˆ•Uꅜê™œdˆOˆ‘ê™êŒ–—’“„‡˜ê¢ªª§±êˆê
‘5„ê„‘„U„ê“dB:Œ‘ê‘„‡?•‘U†‹ê•’ˆ—S­êê‡„OB‹’ê™U™’ˆê
„ˆ™Œ‡’™„‘U†‹ê Œ’d5‡‘U†‹ê ˜‡5’–—Bê …œ’ê dˆ>±ê Wˆê Žê —•¾
™„>˜ê ˜‡•Wˆ‘Bê ‘˜’™>‹’ê “’:—˜ê —’‹’—’ê ‡•˜‹˜ê Œ’d5‡‘>ê
˜‡5’–—Œê—’ꑈ–“BOˆê–—„:Œ—ꑈ…˜‡ˆ­êê—’‹’ê‡S™’‡˜ê…œ„ê“dˆ‡ê
“•’™ˆ‡ˆ‘Bê“•™‘Bꎒ‘—•’œê“•’™ˆ‡ˆ‘„ꎕ5—Ž5ꈛŽ˜•ˆê‡’ꓘ¾
…ŒŽ’™„‘U†‹ê“’‘„—ŽSꙜ†‹5ˆB†B†‹êê™?—OB‹’ê“’:—˜ê„ˆ™Œ‡’¾
™„‘U†‹êŒ’d5‡‘U†‹ê˜‡5’–—B­ê
qˆŒŽ’Wꑄê5Ž„‡?ꇒ–—˜“‘U†‹êR‡„Sꏝˆê™ˆê–“’—dˆ…?ê™U…˜O¾
‘Œ‘ê ˆ‘ê —?WŽ’ê Ž’‘Ž˜•’™„—ê |zh±ê ˜™5‡Bê “•’ê –•’™‘5‘Bê ‘BWˆê
˜™ˆ‡ˆ‘’˜ê—„…˜Ž˜ê“’:—˜ê„ˆ™Œ‡’™„‘U†‹ê‘„‡?•‘U†‹ê•’ˆ—Sê
“dŒê’‡–—dˆˆ†‹ê™ê|zhꒇꕒŽ˜ê¡©§¨ê‡’ꢪª¨­
w•’ê–•’™‘5‘BêR‡„Sꓕˆ–ˆ‘—’™„‘U†‹ê™ê˜™ˆ‡ˆ‘U†‹ê—„…˜Ž5†‹ê
˜™5‡Bê†ˆŽ’™’˜ê–“’—dˆ…˜ê™U…˜O‘Œ‘ê™êˆ–Ž>ꕈ“˜…Œ†ˆ±êŽ—ˆ•5ê
w’:ˆ—Ꝅˆ™Œ‡’™„‘U†‹ê‘„‡?•‘U†‹ê•’ˆ—Sê“dŒê†’‘’™U†‹ê’‡–—dˆˆ†‹ê™êˆ–Ž>ꕈ“˜…Œ†ˆê’‡ê¡©©¦ê‡’ꢪ¡ª
w’:ˆ—Ꝅˆ™Œ‡’™„‘U†‹ê‘„‡?•‘U†‹ê•’ˆ—Sê“dŒê’‡–—dˆˆ†‹ê‘„ê“’™•†‹˜ê™ê|zhꒇꡩ§¨ê‡’ꢪª¨
=35$92'$–ˆê ‡’˜‹’‡’…?ê “’‹œ…˜ˆê ‘„ê R•’™‘Œê ¡¤­ªªªê —½•’Ž­ê z“’—dˆ…„ê
™U…˜O‘Œ‘ê™ê|zhꝄꕒŽê¢ªª¨ê…œ„®
ê ìê ™ê˜‹ˆ‘>ê‹’•‘Œ†—™Bꢭ£¥ª­ªªªê—±
ê ìê “dŒê“’™•†‹’™>ê‡’…U™5‘Bꑈ•˜‡‘U†‹ê–˜•’™Œ‘êê
ê ê £­£¤¥­ªªªê—±
ê ìê ™ˆê–—„™ˆ…‘Œ†—™B꣧¤­ªªªê—­
rꖌ—˜„†Œê™ê|zh±ê•ˆ–“­êŽê™Oˆ’…ˆ†‘>˜ê•„‡ŒŽ5‘B˜ê–‘BWˆ‘Bê
“’:—˜ê‘„‡?•‘U†‹ê•’ˆ—S±ê…œê­ê“’—™•ˆ‘ꎏ„‡‘Uê“dB‘’–®
ê ìê „™ˆ‡ˆ‘Bꎒ‘—•’ê“•’‰ŒSê—?Wˆ…‘B†‹êdˆS±
ê ìê „™ˆ‡ˆ‘Bꎒ‘—•’ê“•’‰ŒSê™U™•—S­
}U‘„ê‘„’–—Bê’ꊈ’’ŠŒ†Ž>ꖗ„™…?ꋒ•‘Œ‘’™>‹’ꐄ–Œ™˜ê„ê
’êB–—?ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê‘5’WBꗄŽê…œê“•’ꆈŽ’™Uê
™U–ˆ‡ˆŽê†’‘’™>‹’ê’‡–—dˆ˜ê“dˆ‡ê„‹5ˆ‘Bê“•’™?•ˆŽê“’—™•¾
ˆ‘­ê
-DNQDWRPMVPHVNRQWURODPLJHRORJLFNÇVWDYE\
KRUQLQRYÇKRPDVLYX"
zꓒˆê“•’‰Œê—?Wˆ…‘B‹’êdˆ˜ê–“’˜Œê“’ˆê‘„’–—ꊈ’’¾
ŠŒ†Ž>ꖗ„™…œê‹’•‘Œ‘’™>‹’ꐄ–Œ™˜­êv…„ê“’œêR†ˆê–’˜™Œ–ˆBê–ê
“’—dˆ…‘’˜ê‘„’–—BꎄW‡>‹’ê—ˆ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B‹’ê’‡–—dˆSê
’궐„—ˆ•Œ5˜µêB–—„ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê‘5’WB­ê
w•5™‘Bꖗ„™
u5ˆWŒ—’–—Œê „ê ’…–„‹ê Šˆ’’ŠŒ†Ž>ê ‡’Ž˜ˆ‘—„†ˆê ‹’•‘Œ†Ž>ê :Œ‘¾
‘’–—Œ±ê:Œ‘‘’–—Œê“•’™5‡?‘>ꋒ•‘Œ†ŽUê“S–’…ˆê„ê’–—„—‘B†‹ê
:Œ‘‘’–—B±ê „Ž’ê ‘„“d­ê —ˆ†‹‘Œ†ŽU†‹ê “•„†B±ê —‘­ê “dŒê :Œ‘‘’–—ˆ†‹±ê
“dŒêŽ—ˆ•U†‹ê–ˆê“’™’˜Bꗕ‹„†Bꓕ5†ˆ±ê–’˜ê˜“•„™ˆ‘œê™ˆê™œ‹5O¾
†ˆê:­ê£¦¨½¢ªª¤êz…­±ê’ꊈ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„†Œ­ê{„ê“’W„‡˜ˆ±ê
„…œêŠˆ’’ŠŒ†Ž5ꇒŽ˜ˆ‘—„†ˆê­ê’…–„‹’™„„êR‡„ˆê’ꉜŒŽ5¾
‘B†‹ê „ê ˆ†‹„‘Œ†ŽU†‹ê ™„–—‘’–—ˆ†‹ê ‹’•‘Œ‘’™>‹’ê “•’–—dˆ‡Bê
„–Œ™˜Ã±ê Ž—ˆ•>ê ’‹’˜ê B—ê ™Œ™ê ‘„ê …ˆ“ˆ:‘’–—ê “•5†ˆê ‘ˆ…’ê
™œ˜WŒ—Bê™U–ˆ‡ŽSꊈ’’ŠŒ†ŽU†‹ê“•„†B±ê‘ˆ…’ê—„Ž>ꖗ„‘’™˜ˆ±ê„…œê
™‡5ˆ‘’–—Œê„ê:ˆ—‘’–—ê“’dŒ’™5‘Bꊈ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„†ˆê“’¾
™•†‹’™U†‹êŒê“’‡ˆ‘B†‹ê‡S‘B†‹ê‡?ê…œ„ê™’ˆ‘„ê—„Ž±ê„…œê„¾
ŒOP’™„„Ꝅ†‹œ†ˆ‘Bꓒ‡–—„—‘U†‹ê?‘êê‹ˆ‡Œ–Ž„ꐒ•‰’’ŠŒˆê
„ê Ž™„Œ—œê ’WŒ–Ž„ê „ê ?‘ê —„Ž’™U†‹ê ™„–—‘’–—Bê ‹’•‘Œ‘’™>‹’ê
“•’–—dˆ‡Bꐄ–Œ™˜Ã±êŽ—ˆ•>ꐒ‹’˜ê’™Œ™‘Œ—ê…ˆ“ˆ:‘’–—ê“•5†ˆ­
zŒ—˜„†ˆê™ê“•’™’‘Bꓕ„›Œ
iœ’ꝍŒO—?‘’±êWˆ®
ìê}œ“’™B‡„†Bꖆ‹’“‘’–—ê’…–„‹˜ê„ê‘5ˆWŒ—’–—Bꊈ’’ŠŒ†Ž>ꇒ¾
Ž˜ˆ‘—„†ˆê ˆê ‘„:‘?ê •’‡B‘5­ê w’–˜<—ˆê –„Œê ™œ“’™B‡„†Bê
–†‹’“‘’–—ꇙ’˜ê‘BWˆê˜™ˆ‡ˆ‘U†‹ê‡ˆ’‘–—•„:‘B†‹ê‰’—’Š•„‰ŒBê
êˆ‡‘’‹’ꏒ˜­ê
ê sˆê –ˆê –ˆ—Ž„—ê –ê “’˜‹Uê “’dBˆ‘Bê ‰’—’‡’Ž˜ˆ‘—„†ˆê …ˆê
‡„OB†‹êŒ‡ˆ‘—Œ‰ŒŽ„:‘B†‹ê‘„ŽS±ê’‘„:ˆ‘B±ê’Ž„Œ„†ˆê„ê“dˆ¾
‡ˆ™OBê …ˆê „Ž>‹’Ž’Œ™ê ™œ‹’‡‘’†ˆ‘Bê ™Œ™Sê Ž’‘Ž•>—‘B†‹ê
™„–—‘’–—Bê ‹’•‘Œ‘’™>‹’ê „–B™˜ê ‘„“d­ê —ˆ›—˜•œ±ê –—•˜Ž—˜•œ±ê
Œ‘‹’’Šˆ‘Œ—œ±êˆ†‹„‘Œ†Ž>ꙏ„–—‘’–—Œ±ê“•’ˆ™œê“’‡ˆ‘B†‹ê
™’‡ê„꓏œ‘SÃꑄꅈ“ˆ:‘’–—ê“•5†ˆê‘ˆ…’Ꙝ˜WŒ—Bê™U–ˆ‡ŽSꊈ¾
’’ŠŒ†ŽU†‹ê“•„†B±ê„Ž’WêŒê…ˆê„†‹œ†ˆ‘Bꓒ‡–—„—‘U†‹ê?‘ê
ê ‹ˆ‡Œ–Ž„ê ’•‰’’ŠŒˆê „ê Ž™„Œ—œê ’WŒ–Ž„ê „ê ?‘ê —„Ž’™U†‹ê
™„–—‘’–—Bê ‹’•‘Œ‘’™>‹’ê “•’–—dˆ‡Bê „–Œ™˜Ã±ê Ž—ˆ•>ê ’‹’˜ê
’™Œ™‘Œ—ê…ˆ“ˆ:‘’–—ê“•5†ˆê™Œê“•™‘Bꉒ—’Š•„‰ŒˆÃ­êwdB‘’–ê—„¾
Ž’™>ꊈ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„†ˆêˆê“•’ê—ˆ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B¾
‹’ê’‡–—dˆSꍈ‘ꙈŒê„U­ê
sˆê –ˆê „ˆê –ˆ—Ž„—ê –ê Šˆ’’ŠŒ†Ž’˜ê ‡’Ž˜ˆ‘—„†B±ê Ž—ˆ•5ê ˜Wê ‘„ê
“’dBˆ‘>ê ‰’—’‡’Ž˜ˆ‘—„†Œê ˆ‡‘’‡˜†‹Uê „ê “dˆ‹ˆ‡‘Uê “S¾
–’…ˆê˜“’’•G˜ˆê‘„ê™Oˆ†‹‘œê‘ˆ“•„™Œ‡ˆ‘’–—Œ±êŽ—ˆ•>ꐒ‹’˜ê
’™Œ™‘Œ—ê…ˆ“ˆ:‘’–—ê“•5†ˆê„ê—BêŒê™U–ˆ‡ˆŽê†’‘’™>‹’ê’‡–—dˆ˜ê
™Œê‡•˜‹5ꉒ—’Š•„‰ŒˆÃ­ê
{„Ž—’ê ‡’“‘?‘5ê ‰’—’‡’Ž˜ˆ‘—„†ˆê ê Šˆ’’ŠŒ†Ž>ê ‡’Ž˜ˆ‘—„¾
†ˆê–“’ˆ:‘?ê–Ꙝ‹’‡‘’†ˆ‘BêŽ’‘Ž•>—‘B†‹êŠˆ’’ŠŒ†ŽU†‹êˆ™S±ê
Ž—ˆ•>ê ’‹’˜ê B—ê “’‡–—„—‘Uê ™Œ™ê ‘„ê ™U–ˆ‡ˆŽê ’‡–—dˆ˜ê 5ê
“•’ꎄW‡>‹’ê—ˆ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B‹’ê’‡–—dˆSꗘꖓ•5™‘’˜ê„ê
“’W„‡’™„‘’˜ê“dŒ‡„‘’˜ê‹’‡‘’—˜­ê
k5ˆê…œ’ꝍŒO—?‘’±êWˆ®
ìênˆ’’ŠŒ†Ž5ꇒŽ˜ˆ‘—„†ˆê…œ„꘏’Wˆ‘„ê‘„ê“’‡‘ŒŽ’™>êdˆ¾
‡Œ—ˆ–—™Bꅈê„Ž>Ž’Œ™ê’W‘’–—Œê‡„OB‹’Ꙝ˜WŒ—BꝄ?–—‘„‘¾
†Œê—?Wˆ…‘B꒕Š„‘Œ„†ˆê‘ˆ…’ê—ˆ†‹‘Œ†ŽUê™ˆ‡’˜†Bê’‡–—dˆSê
‡’‡„™„—ˆˆê—•‹„†B†‹ê“•„†B­ê{ˆ‘—’ꝓS–’…ê‘„’Wˆ‘Bê–ꇒŽ˜¾
ˆ‘—„†BꖈêBBê–ê‡S™’‡œê“•’ꍈBꓒdBˆ‘B­
ìêuˆ‡’†‹5BêŽê“’—dˆ…‘>ê™U?‘?ꌑ‰’•„†BꐈŒê“•„†’™„—ˆ¾
ˆêŠˆ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„†ˆê„ꍈBê˜WŒ™„—ˆˆê’‡“’™?‡¾
‘>꒖’…œê„ê’‡…’•‘>ê„ê…ˆ“ˆ:‘>êdBˆ‘Bꋒ•‘Œ†ŽU†‹ê“•„†Bê
„ê’–’…œê’‡“’™?‡‘>Ꝅê™U–ˆ‡ˆŽê’‡–—dˆ˜Ãê™ê—’±êWˆê‘„“d­ê
‘ˆ‡’†‹5BêŽê‡„OB˜ê˜“dˆ–G’™5‘Bꊈ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„†ˆê
“•’–—dˆ‡‘Œ†—™Bê–‹•’„W<’™„‘>ꇒŽ˜ˆ‘—„†ˆê—ˆ†‹‘Œ†ŽUê
™ˆ‡’˜†Bê ’‡–—dˆSê ™ê ‡ˆ‘BŽ˜ê ’‡–—dˆ˜­ê }W‡œPê “’‡•’…‘?OBê
R‡„ˆê“’dBˆ‘>ꗈ†‹‘Œ†ŽUê™ˆ‡’˜†Bê’‡–—dˆSê™ê“•S…?‹˜ê
“’–—˜“˜B†B†‹ê“•„†Bꐒ‹’˜ê“’–’˜WŒ—ꝓ•„†’™„—ˆŒêŠˆ’’ŠŒ†¾
Ž>ꇒŽ˜ˆ‘—„†ˆêŽê“dˆ–‘?OBꓕˆ‡ŒŽ†Œê“’‡B‘ˆŽê™ê“dˆ‡“’¾
B±ê „ê ‘„’“„Žê “•„†’™„—ˆê Šˆ’’ŠŒ†Ž>ê ‡’Ž˜ˆ‘—„†ˆ±ê SWˆê
“’–Žœ—‘’˜—ê —ˆ†‹‘Œ†Ž>˜ê ™ˆ‡’˜†B˜ê ’‡–—dˆSê “’‡•’…‘?OBê
“’“Œ–ê ™Oˆ†‹ê …ˆ“•’–—dˆ‡‘B†‹ê Šˆ’’ŠŒ†ŽU†‹ê ˆ™Sê Žê …ˆ“ˆ:¾
‘?OB˜ê„ê‹’–“’‡5•‘?OB˜ê™U–ˆ‡Ž˜ê’‡–—dˆ˜­
ìêwdˆ‡ˆ™OBê˜êˆ›—ˆ•‘?ꇒ‡„™„—ˆ–ŽœÃꓒdŒ’™„‘>ꊈ’’ŠŒ†Ž>ê
‡’Ž˜ˆ‘—„†ˆê ‘ˆ‘Bê –’˜:5–—Bê „‡5‘Bê “’W„‡„™ˆŽê ‘„ê ™œ‹’‡¾
‘’†’™5‘Bꎒ‘Ž•>—‘B†‹êŠˆ’’ŠŒ†ŽU†‹êˆ™S±êŽ—ˆ•>ꐒ‹’˜êB—ê
™Œ™ê‘„ê“•’ˆŽ—’™5‘Bê„ê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†B­êw’dBˆ‘5ê
‡’Ž˜ˆ‘—„†ˆê“’—’ê™êR“‘’–—Œê‘ˆ‘„“G˜ˆêR:ˆ±ê“•’ꎗˆ•Uê
ˆê“’dŒ’™5‘„­êwdB“„‡‘>ꑈ‡’–—„—ŽœêŒWꑈˆê“’ê“•’™ˆ‡ˆ‘Bê
†’‘’™>‹’ê’‡–—dˆ˜ê’‡–—•„‘Œ—­
-DNQDWRPMVPHVNRQWURODPLVWDYXSURILOX
WøæHEQËKRĆH]X"
zˆê ‘„’–—Œê ’ê ¶„—ˆ•Œ5˜µê Šˆ’’ŠŒ†Ž>ê –—„™…?ê ‹’•‘Œ‘’™>‹’ê
„–Œ™˜Ãê R†ˆê –’˜™Œ–Bê ‡„OBê “’—dˆ…‘>ê ‘„’–—Œê ’ê Ž’‘Ž•>—‘Bê
B–—?ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê‘5’WBê—?Wˆ…‘BêdˆÃê™ê•’–„‹˜ê
ˆ‹’ê—™„•˜±ê“•S…?‹˜ê„êdˆ˜ê“•’‰Œ˜Ã­ê
w•5™‘Bꖗ„™
w’‡•’…‘?OBꓒW„‡„™Žœê–’˜ê˜™ˆ‡ˆ‘œê™ˆê™œ‹5O†ˆê:­ê§¢½¡©¨¨ê
z…­±ê’ê“’˜WB™5‘Bê™U…˜O‘Œ‘±ê™ˆê‘?‘Bꓒ‡?OB†‹ê“dˆ‡“Œ–S­ê}œ¾
‹5OŽ„ꐍ­ê“’W„‡˜ˆ±ê„…œê‘„ê“’™•†‹’™U†‹ê“•„†’™ŒO—B†‹±êŽ‡ˆê–ˆê
˜–Ž˜—ˆ:G˜Bꗕ‹„†Bꓕ5†ˆê™ˆŽ>‹’ê•’–„‹˜±ê“dŒêŽ—ˆ•U†‹ê‡’†‹5¾
BêŽê“’‡–—„—‘>Ꝑ?‘?ꗙ„•˜ê’‡–—dˆ’™„‘>‹’ꐄ–Œ™˜ê‹’•‘Œ‘œ±ê
…œœê’–„ˆ‘œê–—„…Œ‘Bê?dŒ†Ž>ꅒ‡œ±ê„ê„…œê“dB–˜O‘5ê™UŽ•ˆ–’™5ê
:5–—ê—ˆ†‹‘Œ†Ž>‹’ê“•’ˆŽ—˜ê’‡–—dˆ˜ê™œ†‹5ˆ„êê—?†‹—’ê…’‡Sê
—„Ž±ê„…œê…œ’ꐒW‘’ꝓ?—‘?ê?dŒ†Žœê˜•:Œ—êB–—„ê‘5’WBêŒê“’ê
’‡–—dˆ˜­ê r’‘Ž•>—‘?ê “dB’‹„ê ™œ‹5OŽœê “’W„‡˜ˆê ™UŽ•ˆ–’™’˜ê
:5–—ꝓ•„†’™„‘’˜ê“’‡ˆê“’™„‹œê’‡–—dˆ˜ê™:ˆ—‘?ꖌ—˜„†ˆêRˆBê
–ˆê „Ž•ˆ–ˆ‘Bê “ˆ™‘U†‹ê ?dŒ†ŽU†‹ê …’‡Sê „ê …ˆ“ˆ:‘’–—‘B‹’ê
’Ž•˜‹˜ê–Ꙝ‘„:ˆ‘Bê–—„‘’™ŒOPꋏB‡ˆŽ­ê“S–’…ꝑ5’•‘?‘Bê„ê
?dB—Ž’ê™UŽ•ˆ–Sꐘ–Bꘐ’W‘Œ—êB–Ž5‘Bꇒ–—„—ˆ:‘?ê“dˆ–‘U†‹ê
“’‡Ž„‡Sꓕ’ê™U“’:ˆ—ê‘5’WB±ê™œ—œ:ˆ‘BꍈŒ†‹ê“’’‹œê“•’ê“dB¾
“•„™‘>ꓕ5†ˆê„ê“•’ê“dB“„‡‘’˜êŒŽ™Œ‡„†Œê–ˆ‹5™Žœ­
zŒ—˜„†ˆê™ê“•’™’‘Bꓕ„›Œ
iœ’ꝍŒO—?‘’±êWˆ®
ìêrêB–Ž5‘Bꇒ–—„—ˆ:‘?ê“dˆ–‘U†‹ê“’‡Ž„‡Sꓕ’ê™U“’:ˆ—ê‘5’¾
WB±ê™œ—œ:ˆ‘BꍈŒ†‹ê“’’‹œê“•’ê“dB“•„™‘>ꓕ5†ˆê„ê“•’ê“dB“„‡¾
=35$92'$‘’˜êŒŽ™Œ‡„†Œê–ˆ‹5™Žœ±ê–’˜ê“’˜WB™5‘œê’‡ˆ•‘Bꖎˆ‘’™„†Bê
—ˆ’‡’Œ—œ±êŽ—ˆ•>ê–ꇒ–—„—ˆ:‘’˜ê“dˆ–‘’–—BꝒ…•„Bꗙ„•±ê“•S¾
…?‹ê—?Wˆ…‘B‹’êdˆ˜ê„ê‘„™B†ê“•’–—dˆ‡‘Œ†—™Bê‡’‡„—ˆ:‘>‹’ê
–’‰—š„•ˆê ’…•„Bê “’—dˆ…‘Uê “’:ˆ—ê dˆSê ‘„–Žˆ‘’™„‘>‹’ê —?¾
Wˆ…‘B‹’êdˆ˜­ê}U–—˜“œêê“•’™’’™„‘U†‹ê’‡ˆ•‘B†‹ê?dB¾
†B†‹ê“dB–—•’SꙈê™?—OŒ‘?ê“dB“„‡Sꑈ’…–„‹’™„œê–’˜d„‡‘Œ†ˆê
“ˆ™‘U†‹ê ?dŒ:–ŽU†‹ê …’‡Sê „ê „‘Œê ‡„OBê R‡„ˆ±ê ‘„ê 5Ž„‡?ê
Ž—ˆ•U†‹êˆêŒ–—Œ—ê‘„‡’d–Ž’˜ê™UOŽ˜ê‘ˆ…’ê“’W„‡’™„‘>ê“dŒ¾
“’ˆ‘B­ê}UŽ•ˆ–’™5ê:5–—ê–ꘙˆ‡ˆ‘Bê™Œ•—˜5‘Bꖌ—˜„†ˆêRˆBê
‘ˆ’…–„‹’™„„ê‘„“d­ê–“•5™‘’˜ê‘ˆ…’êW5‡‘’˜ê™UOŽ˜ê—?Wˆ…‘B¾
‹’ê dˆ˜±ê “’“d­ê …œ„ê „—BWˆ‘„ê ‡„OBŒê ‘ˆ“dˆ–‘’–—Œ±ê „Ž’ê
‘„“d­ê‡™’‘5–’…‘’˜ê‡>Ž’˜ê“•’ˆŽ—’™„‘U†‹ê™U™•—SꑈWꅜ„ê
™ˆê–Ž˜—ˆ:‘’–—Œê“’—dˆ…„­ê
-DNQDWRPMVPHVNRQWURODPLPËVWDSĆHGSRNO¿GD
QÇKRSRXæLWËQ¿ORæË"
q„Žê–“’˜ê–’˜™Œ–Bꓒ‡†ˆ‘?‘BꕌŒŽ„ꝑ„’–—ŒêŠˆ’’ŠŒ†Ž>ꖗ„™…œê
‹’•‘Œ‘’™>‹’ꐄ–Œ™˜ê–ê•ŒŒŽˆê™’…œê‘ˆ™‹’‡‘>‹’ꙕ—‘>‹’ê‘5¾
d„‡Bꑈ…’ê–ê•ŒŒŽˆê™’…œê‘ˆ™‹’‡‘>‹’ê“dB—„Ž˜ê‘„ê™U–ˆ‡ˆŽê
™•—5‘Bê™U™•—ꍄŽ’êB–—’ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê‘5’WBñꍈê
dˆ>ê ê ˜™ˆ‡ˆ‘>ê ‰’—’Š•„‰Œˆ­ê ˆ•‘’˜ê :„•’˜ê ˆê ‘5’•‘?‘ê
“dˆ“’Ž5‡„‘UꓕS…?‹ê™U™•—˜ê„ê:ˆ•™ˆ‘’˜ê:„•’˜êˆê‘5’•‘?‘ê
–Ž˜—ˆ:‘UꓕS…?‹ê™U™•—˜­êu„…Œ—>ꒇŽ’‘?‘>ê™U™•—œê’‹˜ê…U—ê
“dB:Œ‘„Œê‘„‡?•‘U†‹ê•’ˆ—Sêê‡S™’‡˜ê’W‘’–—Œê™‘ŒŽ˜êŽ˜¾
˜’™„‘>ê‘5’Wˆê“•„™Œ‡„ê–’˜…?‹ˆê™U™•—Sê˜ê“„—œê—?Wˆ…¾
‘B‹’ê dˆ˜Ãê ‘ˆ…’ê ê ‡S™’‡˜ê –‘BWˆ‘Bê “dˆ‡“’Ž5‡„‘>‹’ê 5…?•˜ê
“•„™Œ‡„ê™ê“•™‘Bêd„‡?íê
w•5™‘Bꖗ„™
w’‡•’…‘?OBê “’W„‡„™Žœê –’˜ê ’“?—ê ˜™ˆ‡ˆ‘œê ™ˆê ™œ‹5O†ˆê :­ê
§¢½¡©¨¨êz…­±ê’ê“’˜WB™5‘Bê™U…˜O‘Œ‘±ê™ˆê‘?‘Bꓒ‡?OB†‹ê“dˆ‡¾
“Œ–S­ê {„ê ­ê “’W„‡˜ˆ±ê „…œê ™ˆ‡’˜†Bê “•„†’™ŒO—?ê ™ˆ‡ê ‡ˆ‘BŽ±ê
™ˆê Ž—ˆ•>ê –ˆê ™ê •’–„‹˜ê ˜•:ˆ‘>ê „?–—‘„™„—ˆˆê „‘„¾
=35$92'$ˆ‘5™„œê™Oˆ†‹‘œê–Ž˜—ˆ:‘’–—Œê‡SˆWŒ—>ꓕ’ê“’–’˜ˆ‘Bꖗ„™˜ê
“dB“•„™‘U†‹ê “•„†Bê Žê ’‡–—dˆ˜­ê k5ˆê †Œ—­ê ™œ‹5OŽ„ê “’W„‡˜ˆ±ê
„…œê“’꘎’‘:ˆ‘Bê“dB“•„™‘U†‹ê“•„†Bꓕ’ê’‡–—dˆê‘„ê“’™•†‹˜ê
™ê ‹’•‘Œ‘?ê …œ’ê “dˆ‡ê ‘„…Bˆ‘Bê “•’™ˆ‡ˆ‘’ê „?dˆ‘Bê B–—„ê
‘5’WBê™U™•—S±ê–ŽB“ŽS±êO—’±êŽ’’•ê„“’‡­Ã±ê“S–’…ˆê˜•:ˆ¾
‘Uê „?–—‘„™„—ˆˆê „ê Ž’‘—•’’™5‘’±ê ‡„ê –—„™ê ’‡“’™B‡5ê
—ˆ†‹‘Œ†Ž>˜ê“•’ˆŽ—˜ê’‡–—dˆ˜­
zŒ—˜„†ˆê™ê“•’™’‘Bꓕ„›Œ
iœ’ꝍŒO—?‘’±êWˆ®
ìꁄ?–—‘„™„—ˆ>ê “’˜WB™„Bê ’‡ˆ•‘Bê ™•—„†Bê —ˆ†‹‘ŒŽ˜±ê Ž—ˆ•5ê
ˆê–†‹’“‘„ê–ꙈŽ’˜ê“dˆ–‘’–—BꙜ™•—„—ê™U™•—œ­ê}’…’˜ê‘ˆ¾
™‹’‡‘>‹’ꙕ—‘>‹’ê‘5d„‡B±êˆ‘OB†‹ê“•S?•S±êŽ—ˆ•>ꑈ’‡¾
“’™B‡„Bꓕ’™’’™„‘Uê™UOŽ5ê—?Wˆ…‘B†‹êdˆS±ê™UOˆ‘Uê
“dB—„Žˆê „ê ‘ˆ‡’–—„—ˆ:‘Uê ™œ˜WB™5‘Bê –’‰—š„•’™>‹’ê ™œ¾
…„™ˆ‘Bꑈ–’˜êˆ>‘„Ꙉꙕ—‘>ê‡ˆ‘BŽ˜ê„‘„ˆ‘5™5‘œê
R‡„ˆê’®
ê ¾ê“’d„‡Bê„ê“•S…?‹˜ê™•—5‘Bꍈ‡‘’—Œ™U†‹ê™U™•—Sêꋏˆ‡Œ–Ž„êê
ê •œ†‹’–—Œê™•—5‘B±ê™•—„—ˆ‘’–—Œê‹’•‘Œ‘±ê„—“­Ã­
ê ¾ê–Ž˜—ˆ:‘>ê–Œ—˜’™5‘Bê„ê“•S…?‹˜êˆ‡‘’—Œ™U†‹ê™U™•—S±
ê ¾ê“’“Œ–˜êŒO—?‘U†‹êŠˆ’’ŠŒ†ŽU†‹ê“’‡B‘ˆŽ±ê™:ˆ—‘?ꑈ’:ˆ¾ê
ê Ž5™„‘U†‹ê?‘ê“’•˜†‹œ±êŽ„™ˆ•‘œ±ê“˜ŽŒ‘œ±ê™U“‘?±ê?¾ê
ê ‘„ê—™•‡’–—Œ±ê™U–Žœ—ê™’‡œ±ê“œ‘Sꄗ“­Ã­
{œ—’ê„ꇄOBêR‡„ˆ±êŽ—ˆ•>ꑈ–’˜êˆ>‘„ê’…–˜‹„Œê™•—‘U†‹ê
–’˜“•„™ê„‘„ˆ‘5™5‘œ±ê–’˜ê“’—dˆ…‘>ꓕ’ê—ˆ†‹‘Œ†Ž>‹’Ꙉ¾
‡’˜†B‹’ê ’‡–—dˆS±ê Ž—ˆ•Uê “’‡ˆê ‡’Ž˜ˆ‘—’™„‘U†‹ê ™U–ˆ‡ŽSê
“dB“•„™‘U†‹ê“•„†Bê„ê“’–’˜ˆ‘Bꑒ™U†‹ê–’˜™Œ–ˆB†B†‹ê‘5U†‹ê
•ŒŒŽê˜–Bꕒ‹’‡‘’˜—±ê‡„ꍈꑘ—‘>ꓕ’™>–—Ꝑ?‘œê™ê—ˆ†‹‘Œ†¾
Ž>ê“•’ˆŽ—˜ê†’‘’™>‹’ê’‡–—dˆ˜­
ìꁄ?–—‘„™„—ˆ>ê™?‘˜Bꑈ„>ꉌ‘„‘:‘Bꓕ’–—dˆ‡Žœê‡’ê?¾
dŒ†Bê —ˆ†‹‘ŒŽœ±ê Ž—ˆ•5ê ˆê –†‹’“‘„ê –ê ‡’–—„—ˆ:‘’˜ê “dˆ–‘’–—Bê
Œ–—Œ—ê “•S…?‹ê ™U™•—˜ê –Ž’‘ê „ê –?•Ã­ê {„—’ê —ˆ†‹‘ŒŽ„ê ‘ˆ‘Bê
‘’‹‡œêd5‡‘>Ꙝ˜WB™5‘„±êˆ>‘„ê™êB–—ˆ†‹±êŽ‡ˆê–’˜êŒO¾
—?‘œê‘ˆ“•„™Œ‡ˆ‘’–—ŒêŠˆ’’ŠŒ†Ž>ꖗ„™…œê‹’•‘Œ‘’™>‹’ꐄ–B¾
™˜ê‘ˆ…’ê™êB–—ˆ†‹±êŽ‡ˆê‡’O’êŽêˆ†‹„‘Œ†Ž>˜ê‘„•˜Oˆ‘Bê
‹’•‘Œ‘êêŒ‘U†‹ê‡S™’‡SꍄŽêˆê­ê“’W„‡’™5‘’ê™ê•’‹’‡‘˜¾
—B†‹ê’ê“’™’ˆ‘Bꗕ‹„†B†‹ê“•„†Bꑈ…’ê™ê’“„—dˆ‘B†‹ê’…™’‡‘B†‹ê
…5G–ŽU†‹ê Rd„‡S±ê “’“d­ê ™ê 5™„‘U†‹ê “dBŽ„ˆ†‹ê ’…™’‡‘B†‹ê
…5G–ŽU†‹êŒ‘–“ˆŽ—’•S­ê
ìê}ꓒŽœ‘ˆ†‹ê„?–—‘„™„—ˆˆêˆê“•„™Œ‡„ꘕ:’™5‘ê•’–„‹ê„ê
“S–’…Ꝅ?dˆ‘BêB–—„ê‘5’WBê„ꎒ‘—•’œ±ê‡„ê–—„™ê’‡“’¾
™B‡5ꗈ†‹‘Œ†Ž>˜ê“•’ˆŽ—˜ê’‡–—dˆ˜ê“’꘎’‘:ˆ‘Bê“dB“•„™¾
‘U†‹ê“•„†Bꓕ’ê’‡–—dˆ­êwdˆ–—’ê™ê‡ˆ‘B†B†‹ê’‡–—dˆSꖆ‹5ˆœê
™Oˆ†‹‘œê–˜„•Œ’™„‘>ê5‘„œ±êˆ>‘„ê5‘„œê’®
ê ¾ê“•’™5‡?‘BꗄŽ’™>‹’ê?dˆ‘B±
ê ¾ê“’dŒ’™5‘Bê5‘„Sê’ê™U–ˆ‡Ž˜ê—?†‹—’ê?dˆ‘B±
ê ¾ê™œ‹’‡‘’†’™5‘Bꓕ’™ˆ‡ˆ‘U†‹ê?dˆ‘Bê™U™•—Sꗈ†‹‘Œ†ŽUŒêê
ê ™ˆ‡’˜†BŒê ’‡–—dˆS±ê “’“d­ê ˆŒ†‹ê 5–—˜“†Œ±ê ‡„ê –Ž’‘œê „êê
ê –?•œê™U™•—Sꒇ“’™B‡„Bꓕ’ˆŽ—’™„‘UêR‡„S±
ê ¾ê“S–’…˜ê ˆŒŒ‘’™5‘Bê “dB“„‡‘U†‹ê •’‡BSê ™ˆê ŒO—?‘U†‹êê
ê R‡„B†‹±
ê ¾ê“’dŒ’™5‘Bꒅ•„’™>ꇒŽ˜ˆ‘—„†ˆêŽ„W‡>‹’ê’‡–—dˆ˜±êŽ—ˆ¾ê
ê •5ꅜê?„ê’…–„‹’™„—®
ê ê „­êê –—„™êB–—„ê“dˆ‡“’Ž5‡„‘>‹’ê“’˜WŒ—Bê™U…˜O‘Œ‘ꐌ‘­ê—?¾ê
ê ê ê Wˆ…‘Bêdˆê“dˆ‡ê„ê“’ê“•’™ˆ‡ˆ‘Bꗕ‹„†B†‹ê“•„†BÃ
ê ê …­êê “•S…?‹ê’‡–—dˆ˜±
ê ê †­êê 5‘„ê‡„—„ê“’dBˆ‘Bꒅ•„’™>ꇒŽ˜ˆ‘—„†ˆ±ê
ê ê ‡­êê 5Ž•ˆ–ê–—„‘’™ŒO—?ê‘„“d­êOŒ“Ž’˜ê–꒝‘„:ˆ‘Bê–?•˜êê
ê ê ê „ê ™‡5ˆ‘’–—Œê B–—„ê “’dBˆ‘Bê ’…•„’™>ê ‡’Ž˜ˆ‘—„¾ê
ê ê ê †ˆÃ­
ê {œ—’ê5–„‡‘BêR‡„ˆê–’˜ê•’‹’‡‘>ꑈˆ‘ê“•’ꆈŽ’™Uê™U–ˆ¾
‡ˆŽê’‡–—dˆ˜ê„ê“dB“„‡‘’˜ê’†‹•„‘˜ê—ˆ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B‹’ê
’‡–—dˆS±ê„ˆêŒê“•’ê’†‹•„‘˜ê„?–—‘„™„—ˆˆê“dŒêdˆOˆ‘Bê‘5¾
–ˆ‡ŽSꙝ‘ŒŽU†‹êOŽ’‡ê‘ˆˆ‘êê‘„‡?•‘>‹’ê•’ˆ—˜ê•’“’¾
’™„‘U†‹êŽ˜–Sꋒ•‘Œ‘œ­ê
=¿YøUDQ¿YUKGDOxËKRSRVWXSX
r’‘†ˆê?–B†ˆê‡˜…‘„ê—’‹’—’ê•’Ž˜ê…œ„ê“•’™ˆ‡ˆ‘„ê“•’™?•Ž„ê
„?dˆ‘5ê ‘„ê ‘5–ˆ‡‘’˜ê Ž’‘—•’˜ê R:Œ‘‘’–—Œê “dŒ„—U†‹ê ’“„—¾
dˆ‘Bê ˜ê ’•Š„‘Œ„†ˆ±ê Ž‡ˆê …œê ˆ™Œ‡’™5‘ê ‘ˆ™?—OBê “’:ˆ—ê •’ˆ—Sê
„ê ‘„‡?•‘U†‹ê •’ˆ—Sê “dŒê †’‘’™U†‹ê ’‡–—dˆˆ†‹­ê „:5—Žˆê
?–B†ˆêŽ™?—‘„ê…œ„ê“•’™ˆ‡ˆ‘„ê“•’™?•Ž„Ꝅ?dˆ‘5ꑄ꓏‘?‘Bê
“dŒ„—U†‹ê’“„—dˆ‘Bê˜ê’•Š„‘Œ„†ˆ±êŽ‡ˆê‡’–˜‡ê‘ˆ…œê–—5—‘Bê…5G¾
–Ž’˜ê„ˆ™Œ‡’™5‘ê™UOˆê˜™5‡?‘Uꇕ˜‹êŒ’d5‡‘>ꘇ5’–—Œ­ê
rꆈŽ’™>˜ê‹’‡‘’†ˆ‘Bꓕ’™?d’™„‘U†‹ê‡’‡„™„—ˆSꗕ‹„†B†‹ê
“•„†BꏝˆêŽ’‘–—„—’™„—±êWˆê™?—OBê“>:ˆê•ŒŒŽ˜ê‘„‡?•‘>‹’ê•’ˆ¾
—˜ê…œ„ê™?‘’™5‘„ê“•™‘Bꎒ‘—•’™„‘’˜ê’•Š„‘Œ„†B­ê
}ê Ž•5—Ž>ê ’…‡’…Bê ˆŒê “•’™?•Ž„Œê ‡’O’ê ˜ê Œ‘>‹’ê ™?—OB‹’ê
‡’‡„™„—ˆˆê—•‹„†B†‹ê“•„†BêŽê•’ˆ—˜±êŽ—ˆ•Uꅜê’…™’‡‘Bê…5G¾
–ŽUêRd„‡ˆêOˆ—dˆ‘ꍄŽ’ꐌ’d5‡‘5ꘇ5’–—­ê}U–ˆ‡ŽœêOˆ—¾
dˆ‘Bꕒ™‘?Wꓕ’Ž5„œ±êWˆêˆ>‘„ê—ˆ†‹‘Œ†ŽUꙈ‡’˜†Bꒇ–—dˆSê
“’‡†ˆ‘Œê‘„’–—Bê’ê—?Wˆ…‘Bêdˆ˜ê„ê’ê“„•„ˆ—•ˆ†‹ê™U™•—S­ê
hŽ—˜5‘’–—ê—>„—˜ê„ê“dBˆWŒ—’–—ê“•’ê“•’™ˆ‡ˆ‘Bꖜ‘—>œê–‹•’¾
5W‡?‘U†‹ê“’‘„—ŽSꍈꗈ‡œê‘ˆ–“’•‘5­ê
r•’?ꙈŒŽ’–—Œê‘5’Wˆ±ê˜B–—?‘Bꓒ:Œ‘’™>ê‘5’Wˆ±ê“„•„ˆ—¾
•Sê ˜†“5™Žœ±ê :„–’™5‘Bê –’˜–ˆ‡‘B†‹ê ‘5’WBê „ê ˆ›„Ž—‘?ê –—„‘’™ˆ¾
‘>ꙈŒŽ’–—Œê…ˆ“ˆ:‘’–—‘B‹’ê’Ž•˜‹˜±ê“„—dBꊈ’’ŠŒ†Ž5ꖗ„™…„ê
‹’•‘Œ‘’™>‹’ꐄ–Œ™˜ê„êB–—’ê“’˜WŒ—Bê‘5’WBꐈŒê™U‘„‘>ê
:Œ‘Œ—ˆˆ±ê Ž—ˆ•>ê ’™Œ™G˜Bê •ŒŒŽ’ê „Ž>‹’Ž’Œ™ê •’ˆ—˜­ê }U‘„ê
™Oˆ–—•„‘‘>‹’ꙝ‡?5™5‘Bê„Ꝏ˜Oˆ‘’–—Bꗈ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B‹’ê
’‡–—dˆS±ê?•‘>ꖓ’—dˆ…œê—•‹„™Œ‘±ê„Ž’WêŒê“ˆ:Œ™?ê“dŒ“•„™ˆ‘>¾
‹’ê „ê d5‡‘?ê “•’™ˆ‡ˆ‘>‹’ê —ˆ†‹‘Œ†Ž>‹’ê “•’ˆŽ—˜ê ’‡–—dˆ˜ê …œê
™ê“dB–“?™Ž˜ê“’‘ˆ†‹5‘ê–—•„‘’˜­
wdŒê “•„Ž—Œ†Žœê –—ˆ‘>ê ‡’–„Wˆ‘>ê –—˜“‘Œê “’‘5‘Bê :ˆ–ŽU†‹ê
—ˆ†‹‘Œ†ŽU†‹ê™ˆ‡’˜†Bꒇ–—dˆSê„ꄐˆ•Œ†ŽU†‹ê–—dˆŒ–—•Sê–ê“dŒ¾
“˜O—?‘Bê’W‘’–—Œê“’˜WB™„—ê–—ˆ‘>ꑈ’‡ˆ•‘?OBꗈ†‹‘ŒŽœÃê
ˆê –ê “dŒ‹>‡‘˜—Bê Žˆê –“’—dˆ…’™„‘Uê ‘’W–—™Bê ™U…˜O‘Œ‘ê
Ž’‘–—„—’™„—±ê Wˆê “•’ê ‡„OBê ‘„‡?•‘>ê •’ˆ—œê “dŒê †’‘’™U†‹ê
’‡–—dˆˆ†‹ê‘ˆ‘Bê„ꑈSWˆê…U—ê™ê:ˆ–ŽU†‹ê–—„—Œ–—ŒŽ5†‹êŒ’¾
d5‡‘U†‹ê˜‡5’–—BêW5‡‘UꇄOBꓕ’–—’•­ê
wdˆ–—’Wˆê“’:ˆ—ê‘„‡?•‘U†‹ê•’ˆ—Sꑈ‘Bꉘ‘Ž†Bꖓ’—dˆ…’™„¾
‘>‹’ê ‘’W–—™B±ê 5Ž„‡‘Bê ™U‘„‘>ê :Œ‘Œ—ˆˆ±ê Ž—ˆ•>ê ’™Œ™G˜Bê
•ŒŒŽ’ê•’ˆ—˜±ê‘5ˆ±ê„ꍄŽê—’‹’ꇒ–5‹‘ˆˆ±ê5ˆWBꑄê‘5–­ê
qˆ‡‘’˜êê™ê“dB–“?™Ž˜ê‘„‘„:ˆ‘U†‹ê†ˆ–—ꍈꐍ­ê™?‘’™„—ê“„—dŒ:¾
‘’˜ê B•˜ê “’’•‘’–—Œê Œ‡ˆ‘—Œ‰ŒŽ’™„‘Uê •ŒŒŽ’™Uê :Œ‘Œ—ˆS±ê
—­ê‘„’–—ˆêB–—‘B†‹ê“’‡B‘ˆŽê„ê“dŒ—’ê™œ˜WB™„—ꇒ–—˜“¾
‘U†‹ê“’‘„—ŽSꘙˆ‡ˆ‘U†‹êˆ>‘„ê™êŠˆ’’ŠŒ†Ž>ꇒŽ˜ˆ‘—„¾
†Œ±ê “dB–—•’’™>ê —ˆ†‹‘ŒŽœê „ê –’‰—š„•ˆê “•’™’’™„‘U†‹ê ™•—‘U†‹ê
–’˜“•„™­ê
wdˆ‡ˆ™OBê —ˆ†‹‘Œ:—Bê ™ˆ‡’˜†Bê ’‡–—dˆSê …œê –ˆê ‘ˆ?Œê ‘ˆ†‹„—ê
„–Ž’:Œ—ê •’•S–—„B†BŒê –ˆê ‡’‡„™„—ˆ–ŽUŒê ™—„‹œê „ê ’“’B¾
ˆ—ê—„Žê™U‘„ê“?—‘>Ꙅ…œê˜–Ž˜—ˆ:G’™„‘>ꓕ’–—dˆ‡‘Œ†—™Bê
’…’˜–—•„‘‘>ê Ž’˜‘ŒŽ„†ˆê ˆŒê Šˆ’’Šˆê „ê ’…–˜‹’˜ê ™•—‘>ê
–’˜“•„™œ­êuˆ…’PꝎ˜Oˆ‘Uꊈ’’ŠêSWˆê‘ˆˆ‘ꌇˆ‘—Œ‰ŒŽ’™„—ê„ê
“’“Œ–’™„—ꎒ‘Ž•>—‘Bꊈ’’ŠŒ†Ž>ꍈ™œ±ê„ˆêŒê—„Ž’™>ꍈ™œê“dˆ‡™B¾
‡„—­êŽ˜Oˆ‘5ꒅ–˜‹„ꙕ—„†Bꖒ˜“•„™œêˆê–†‹’“‘„ꊈ’’Šˆê
Œ‡ˆ‘—Œ‰ŒŽ’™„‘>ê „ê “dˆ‡™B‡„‘>ê ˆ™œê “’—™•‡Œ—±ê ™œ™•5—Œ—±ê “’“d­ê
˜“dˆ–‘Œ—­ê}ꎒ‘ˆ:‘>ê‡S–ˆ‡Ž˜êŽ˜Oˆ‘Uꗈ†‹‘Œ†ŽUꙈ‡’˜†Bê
’‡–—dˆSê™ê5™?•ˆ:‘>ê‰5Œê“dB“•„™œê†’‘’™>‹’ê’‡–—dˆ˜ê˜–Bê
…U—ê –†‹’“ˆ‘ê ™Oˆ†‹‘œê ’Ž’‘’–—Œê Ž’‘—•’’™„—ê „ê ™œ‹’‡‘’—Œ—±ê
“’“d­ê„“•„†’™„—ꇒꝐ?‘?‘>‹’ê—ˆ†‹‘Œ†Ž>‹’ê“•’ˆŽ—˜ê’‡–—dˆ¾
˜±ê„…œê•ˆ‡˜Ž’™„ê“’—ˆ‘†Œ5‘BꕌŒŽ’ꍄŽ>‹’Ž’Œ™ê•’ˆ—˜­ê
ê ™UOˆê ˜™ˆ‡ˆ‘>‹’ê —„Ž>ê ‘ˆ“dB’ê ™œ“U™5±ê Wˆê ‘ŒŽ‡’ê ‘ˆ‘Bê
’“•5™‘?‘ê “dŒê “•’“’’™5‘Bê “•’…ˆ„—ŒŽœê •ŒŒŽê ‡’˜‹’ê ™5‹„—ê
–ꈛ„Ž—‘?ꖗ„‘’™ˆ‘’˜ê™ˆŒŽ’–—Bꅈ“ˆ:‘’–—‘B‹’ê’Ž•˜‹˜±ê“dˆ¾
‡ˆ™OBê–ˆê„“•„†’™5‘Bê’‹•’Wˆ‘>‹’êRˆBꕒˆ—ˆê•’“’¾
’™„‘U†‹ê‹’•‘Œ‘Ꙉꖐ?•˜ê“dˆ‡“’Ž5‡„‘>‹’ꖐ?•˜ê™U…˜†‹˜ê
‡’ê ’“ˆ•„—Œ™‘Bê :5–—Œê ‹„™„•Œ‘B‹’ê “5‘˜ê „Ž’ê ‡„OB‹’ê “dˆ‡™B¾
‡„—ˆ‘>‹’ꇕ˜‹˜ê‹„™5•Œˆ­êuˆ…’Pê™U–ˆ‡ˆŽêŽ„W‡>‹’ê’‡–—dˆ˜ê
’™Œ™G˜ˆêŽ•’?ꖗdˆŒ–—•„±ê•ˆ–“­ê—ˆ†‹‘Œ†Ž>‹’Ꙉ‡’˜†B‹’ê’‡¾
–—dˆSꗄŽ>ꖓ•5™‘5Ꙓ…„ê—•‹„™Œ‘œê‘„ê5Ž„‡?ꇒ…•>ꝑ„’–—Œê
“•’–—dˆ‡B±ê Ž„ê …˜‡ˆê —•‹„™Œ‘„ê “’˜WŒ—„±ê „ˆê Œê ’Ž’B­ê {’ê –’˜ê
‘ˆ™U‘„‘?OBꉄŽ—’•œ±êŽ—ˆ•>ê™êŽ’‘ˆ:‘>ê‰5Œê„ê—ˆ†‹‘Œ†Ž>‹’ê
™ˆ‡’˜†B‹’ê ’‡–—dˆ˜ê •’‹’‡˜Bê ’ê —’±ê ‡„ê ˜ê ˜’W‘Bê ‡„OBê
“5‘’™5‘B±ê“dB“•„™˜±ê“’“d­ê“•’™ˆ‡ˆ‘Bꆏ’‘’™>‹’ꇒ–—dˆ˜­ê
ê —’‹’ê ™Oˆ‹’ê ™œ“U™5±ê Wˆê ˆ‡Œ‘?ê “•„Ž—Œ†ŽUê „ê ‡S–ˆ‡‘Uê
Ž„W‡’‡ˆ‘‘Bê“5‘’™5‘B±ê“•’™5‡?‘B±êŽ’‘—•’’˜ê„ê“dŒ“S¾
–’…’™5‘Bê B–—‘Bê “’‡B‘Ž5ê –œ‘—ˆ—Œ’™„‘U†‹ê “’‘„—ŽS±ê
Ž—ˆ•>ê „Bê ‘ˆ“’†‹œ…‘Uê ™Œ™ê ‘„ê ™U–ˆ‡ˆŽê Ž„W‡>‹’ê ’‡–—dˆ˜±ê
…œê?’ꇒB—êŽê“’Œ—Œ™‘Bê™U–ˆ‡ŽSê„Žê™êdBˆ‘Bêivw±ê—„Žê
Œê Žê ˆ‰ˆŽ—Œ™‘?OB˜ê „ê >‘?ê •ŒŒŽ’™?OBê “’˜WB™5‘Bê ™U…˜O‘Œ‘ê
‘„ê“’™•†‹˜­ê
qˆŒŽ’Wê™ê“•S…?‹˜ê“•’™5‡?‘U†‹êŽ’‘—•’ê–ˆê–ˆê–ˆ—Ž„ê–ꑈ¾
ˆ‡‘’—‘Uê“dB–—˜“ˆê™ˆê™ˆ‡ˆ‘BꈙŒ‡ˆ‘:‘B†‹ê5‘„Sê„ꇄ¾
OB†‹ê5‘„Sê’ê’‡–—dˆ˜ê™ê“„“B•’™>ê„ꈏˆŽ—•’‘Œ†Ž>ꓒ‡’…?±ê
Œ–—?ꅜꅜ’ꝄB„™>ꇒꅘ‡’˜†‘„ê“dŒ“•„™Œ—ê‘„“d­êˆ‡‘’—‘Uê
ˆˆŽ—•’‘Œ†ŽUꉒ•˜5dꇈ‘BŽ˜ê’‡–—dˆ˜ê„ê5“Œ–˜ê’ê’‡–—dˆ˜­ê
êzuêluê¡£¨¥§¾¡ê}U…˜O‘Œ‘œê“•’ꆌ™Œ‘Bꓒ˜WŒ—BêÀê5–—ê¡®ê
u5™’–’™B
=35$92'$
êtŒ‘ˆêi„–—Œ‘Šêz„‰ˆ—œêŒ‘ê—‹ˆê|zhêÀêw•’Š•ˆ––ê„‘‡ê{ˆ†‹‘’¾
’Šœê h‡™„‘†ˆˆ‘—–ê iœê o„••œê }ˆ•„ŽŒ–ê „‘‡ê {‹’„–ê s’……±ê
|­z­ê kˆ“—­ê ’‰ê s„…’•±ê tŒ‘ˆê z„‰ˆ—œê „‘‡ê oˆ„—‹ê h‡Œ‘Œ–—•„¾
—Œ’‘ê{ˆ†‹‘Œ†„êz˜““’•—±êh““•’™„ê„‘‡êjˆ•—Œ‰Œ†„—Œ’‘êjˆ‘—ˆ•±ê
{•Œ„‡ˆ“‹Œ„±ê ~}ê ¢¦ª¥©±ê vyshukvê msê |zh±ê mˆ…•˜„•œê §¾
¡ª±ê ¢ª¡ª±ê wyvjlkpunzê vmê {olê {opy{€ê zpê huu|hsê
jvumlylujlêvuêlwsvzp}lzêhukêishz{punê{ljo¾
upx|l­
ê o’•‘Œ†Ž5ê •’:ˆ‘Ž„ê ¢ªª©±ê tvu{hul±ê „­–­ê …dˆˆ‘ê ¢ª¡ª±ê
v–—•„™„±ê£¡©ê–­±êpziuꩧ¨¾¨ª¾§¢¢¥¾£¡¤¾¢
êp‘Š­êq­êpthꝋ’—’™Œê„ê“•’ꇈ’‘–—•„:‘BêR:ˆœê™ê“dB–“?™¾
Ž˜ê˜“•„™Œê‰’—’‡’Ž˜ˆ‘—„†Œê—?Wˆ…‘B†‹êdˆS­
ê p‘Š­ê }­ê ulspih±ê ‰’—’‡’Ž˜ˆ‘—„†ˆê —?Wˆ…‘B‹’ê dˆ˜ê „ê ’‡¾
Ž’‘?‘>‹’ê ™U™•—˜ê ‹’—’™ˆ‘5ê ™ê “•S…?‹˜ê Oˆ—dˆ‘Bê Œ’d5‡‘>ê
˜‡5’–—Œ­
êwlyzzvu±êwˆ•¾h‘‡•ˆ–±êovstilyn±êy’Šˆ•±êsll±êq„ŒŒ‘±ê
y’†Žêi„–—Œ‘Šê„‘‡êl›“’–Œ™ˆ–êl‘ŠŒ‘ˆˆ•Œ‘Š±êjyjêw•ˆ––êssj±ê
|zh±ê ¢ªª¡±ê {‹ˆê –Œ›—‹ê †’••ˆ†—ˆ‡ê “•Œ‘—Œ‘Š–±ê ¥¤ªê “­ê pziuê ª¾
¨¤©£¾¨©§¨¾­
êu„“d­êp‘Š­êi­êt„†‹ˆŽ±êq„Žê“dˆ‡†‹5ˆ—ê“’‡‘ŒŽ„—ˆ–ŽUê•Œ¾
ŒŽSê“dŒê“’™•†‹’™>ê‡’…U™5‘Bꑈ•’–—Sꆏ’‘’™UŒê’‡–—dˆœ±ê
wyh}vkhqê:­ê£½¢ªª¨­
ê}Œ­êKWWSZZZFEXVEVF]VHNFHVSUDYQDSUD[HDVS[v–™?‡¾
:ˆ‘>ꓒ–—˜“œê–—dˆŒ–—•„ê“•’ê“dB“•„™˜ê„ê“•’™5‡?‘Bꗕ‹„†B†‹ê
“•„†B±ê ˆ‘’™>ê –—5>ê “•„†’™‘Bê –Ž˜“Œ‘œê “•’ê —?Wˆ…‘Bê “•Sœ–ê
w’•„‡‘B‹’ê™U…’•˜ê“•’ê…ˆ“ˆ:‘’–—ê„ê’†‹•„‘˜ê‡•„™Bê“dŒê“•5†Œê
“dŒêl™•’“–Ž>ꎒŒ–Œ±ês˜†ˆ…˜•Ž±ê£¡­ê:ˆ•™ˆ‘ˆ†ê¢ªª©­
=Ÿ&+5$11§$/,.9,'$é1«35Ÿ&(3202&«75+$9,195Ÿ0&,
+$6,é6.§+2=Ÿ&+5$11§+26%258+=6é5
SON,QJ0DUWLQéHUYHQND'L6
}ˆ‡’˜†Bꗕ‹„†B†‹ê“•„†Bêozêy
w•’™5‡?‘Bê —•‹„†B†‹ê “•„†Bê ˆê –—„‘‡„•‡ˆê ™ê d„‡?ê ’…„–—B±ê ˆ¾
>‘„ê ™ˆê –—„™ˆ…‘Œ†—™Bê „ê ‡’…U™5‘Bê ‘ˆ•’–—S­ê }U…˜O‘Œ‘œê –’˜ê
ˆ‰ˆŽ—Œ™‘Bê “•’–—dˆ‡Žˆê “•’ê –™’˜ê –†‹’“‘’–—ê ™œŽ’‘„—ê ™ˆŽUê
’…ˆê “•5†ˆê …?‹ˆê Ž•5—Ž>‹’ê :„–’™>‹’ê R–ˆŽ˜­ê {„—’ê ˆŒ†‹ê
™U‹’‡„ꍈê™O„Žê–’˜:„–‘?ꝇ•’ˆê•ŒŒŽ±ê„ê“•’—’ê“•’ê‘„Ž5‡5‘Bê
–ê ™U…˜O‘Œ‘„Œê “„—Bê “dB–‘>ê …ˆ“ˆ:‘’–—Bê –—„‘‡„•‡œê „ê ˆŒ†‹ê
“‘?‘Bꓒ‡>‹5ꎒ‘—•’ˆ­
}ˆê™—„‹˜êŽê™UOˆê˜™ˆ‡ˆ‘>˜êˆê’‡S™’‡‘?‘Uê“dˆ‡“’Ž„‡±êWˆê
“•’™5‡?‘Bê —•‹„†B†‹ê “•„†Bê ™ê •5†Œê 5†‹•„‘‘U†‹ê „ê ŒŽ™Œ‡„:¾
‘B†‹ê “•„†Bê ˆ‡‘’—Ž„Œê “’W5•‘Bê ’†‹•„‘œê ‡5ˆê ˆ‘ê ¶ˆ‡‘’—Žœê
wvµÃ±ê •ˆ–“­ê ˜•:ˆ‘UŒê “dB–˜O‘BŽœê o„–Œ:–Ž>‹’ê 5†‹•„‘‘>‹’ê
–…’•˜ê yê ‡5ˆê ˆ‘ê ¶ozê yµÃ±ê “’™ˆ‡ˆê Žˆê ˆ‡‘’‡˜Oˆ‘Bê „ê
ˆ‰ˆŽ—Œ™‘?‘Bê ‘?Ž—ˆ•U†‹ê †‹„•„Ž—ˆ•Œ–—Œ†ŽU†‹ê :Œ‘‘’–—B±ê ‘„“d­ê
•’•˜O’™5‘Bꏈ‡’™U†‹ê†ˆŒ‘ê‘„ê™’‡‘B†‹ê—’†B†‹±ê5†‹•„‘„Ꝅ¾
™„ˆ‘U†‹ê ’–’…ê „“’‡­ê z’˜:„–‘?ê ˆê ™ˆ‡ˆê “dˆ™ˆ—Bê „ê •ˆ™Œˆê
–—5™„B†B†‹ê —ˆ†‹‘’’ŠŒ†ŽU†‹ê “’–—˜“Sê “•’ê –“ˆ†Œ5‘Bê :Œ‘‘’–—Œê
™œ™Œ‘’˜—ê“’–—˜“œê™„–—‘B­ê{œ—’ê–“ˆ†Œ‰Œ†Ž>ê:Œ‘‘’–—Œê„Bꆋ„¾
•„Ž—ˆ•ê5†‹•„‘‘U†‹ê“•„†Bê„ê…ˆ“•’–—dˆ‡‘B±ê’Ž„WŒ—?ꑘ—‘>ê„ê
‘ˆ“5‘’™„‘>ê:Œ‘‘’–—Œ­
ozê yê 5ê Ž’’•‡Œ‘„:‘Bê •’Œê ™ê •5†Œê pz­ê {„—’ê Ž’’•¾
‡Œ‘„†ˆê –“’:B™5ê Œ’ê Œ‘>ê ™ê ‹ˆ‡5‘Bê ‡•’Sê “•’ê Ž’‘Ž•>—‘Bê
5†‹•„‘‘>ê „ê ŒŽ™Œ‡„:‘Bê “•5†ˆê ™:ˆ—‘?ê –—„‘’™ˆ‘Bê –˜…ˆŽ¾
—S±ê Ž—ˆ•>ê –“ˆ†Œ‰Œ†Ž>ê :Œ‘‘’–—Œê „Œ–—B­ê }ê •’†ˆê ¢ªª¥ê –ˆê t}¾
¾nê ozê yê –’˜–—dˆ‡Œ’ê ‘„ê ‘„ˆˆ‘Bê —„Ž’™>‹’ê –˜…ˆŽ—˜êê
™ê•5†Œêpz±êŽ—ˆ•Uꅜꅜê–†‹’“ˆ‘ê“•’™>–—ê™ê–’˜™Œ–’–—Œê–ˆê
5–„‹ˆêpzꗕ‹„†Bꓕ5†ˆê–ê‡S•„ˆê‘„êOŒ•’Ž’˜êOŽ5˜ê:Œ‘¾
‘’–—B±êŽ—ˆ•>ꍈê—dˆ…„ê“•’™>–—ê“•’êR–“?O‘>ꓕ’™ˆ‡ˆ‘Bê5–„‹˜ê
“dŒê •S‘U†‹ê Œ’d5‡‘U†‹ê ˜‡5’–—ˆ†‹­ê w’—dˆ…„ê „“’ˆ‘Bê —„¾
Ž’™>‹’ê–˜…ˆŽ—˜ê–ˆê˜Ž5„„Ꝉ>‘„ê‘„ê5Ž„‡?Ꝏ˜Oˆ‘’–—Bêê
“’™’‡‘Bê™ê•’†ˆê¡©©§ê„ꢪª¢±êˆê5–„‹Sê“dŒêˆ–‘B†‹ê“’W5•ˆ†‹êê
„ê ™ê –’˜™Œ–’–—Œê –ê ‘’™UŒê —ˆ†‹‘Œ†ŽUŒê “’‘„—Žœê ™ê ’…„–—Œê
‹„–ˆ…‘B†‹ê “’–—˜“S­ê w’‡B‘Žœ±ê Ž—ˆ•>ê ?ê ‹ˆ‡„‘Uê –˜…ˆŽ—ê
–“G’™„—ê…œœê‘5–ˆ‡˜B†B®
v “•5™‘Bê“dˆ‡“Œ–œê˜“•„™˜B†Bꍈ‹’ê:Œ‘‘’–—ꋒꑈ?œê“dŒê“•’¾
™5‡?‘Bꗕ‹„†B†‹ê“•„†B꒐ˆ’™„—±
v ?ê…U—ê–†‹’“ˆ‘ê“•’™5‡?—ê—•‹„†Bꓕ5†ˆêŒê™ˆê™5OPêOŽ’‡Œ¾
™U†‹ê„ꑈ…ˆ“ˆ:‘U†‹ê“’‡B‘Ž5†‹±
v ?ê…U—ꇒ–—„—ˆ:‘?꒓ˆ•„—Œ™‘Bê–ê“S–’…‘’–—Bꑄꆈ>êRˆ¾
Bêy±
v –ê’‹ˆ‡ˆê‘„ꑈ…ˆ“ˆ:Bêê“•’‡ˆ‘Bê?ê…U—ê–†‹’“ˆ‘Ꝅ“’¾
:B—ê–ê“•’™5‡?‘Bê—•‹„†B†‹ê“•„†Bꇒê¤ê‹’‡Œ‘ꒇꙜW5‡5‘B­
|Ž5„’ê –ˆ±ê Wˆê —„Ž’™Uê –˜…ˆŽ—ê ™ê yê ‘ˆˆ›Œ–—˜ˆ­ê }ê “•™‘Bê
‰5Œê –ˆê “’’•‘’–—ê t}¾nê ozê yê –’˜–—dˆ‡Œ„ê ‘„ê h•5‡˜ê
y±ê w’Œ†ŒŒê yê „ê –’˜Ž•’Uê –ˆŽ—’•­ê h‘„U„ê –—„™˜ê ™ˆ‡„êê
Žê‘5–ˆ‡˜B†Bê5™?•S®
=35$92'$v ’“•5™‘?‘Bêw’Œ†Œˆêy±êŽ—ˆ•>ꍈꝄŽ’—™ˆ‘’ê™êÇ꣨ê5Ž’‘„ê:­ê
¢§£½¢ªª¨êz…­±ê’êw’Œ†ŒŒêˆ–Ž>ꕈ“˜…ŒŽœ±ê™ˆê‘?‘Bꓒ‡?¾
OB†‹ê“dˆ‡“Œ–S±ê„ꘐ’WG˜B†Bê“dB–˜O‘BŽSêw’Œ†Œˆêyꓒ˜WŒ¾
—Bê™U…˜O‘Œ‘ê„ê™U…˜O‘U†‹ê“dˆ‡?—Sê™ê–’˜™Œ–’–—Œê–ˆê„ŒOP’¾
™5‘Bê…ˆ“ˆ:‘’–—Œê’–’…ê„ê’†‹•„‘œê„ˆ—Ž˜±êˆê†ˆ„ꍌ‘>‹’ê
—ˆ†‹‘Œ†Ž>‹’ê †‹„•„Ž—ˆ•˜­ê wdB–˜O‘B†Œê wyê –ˆê –“ˆ†Œ„Œ˜Bêê
‘„ꝑˆOŽ’‡G’™5‘Bꐘ‘Œ†ˆê„ê™U…˜O‘U†‹ê“dˆ‡?—Sê„ê‘„ê‘?¾
Ž—ˆ•>ê –“ˆ†Œ5‘Bê :Œ‘‘’–—Œê ™ê –’˜™Œ–’–—Œê –ˆê ™5O—‘BŒê —œ“œê
“’Œ†ˆ‘B†‹ê5Ž•’ŽS²ê
v ’“•5™‘?‘Bê˜WŒ—Bê™U…˜O‘Œ‘ê™’5Žœêh•5‡œêyꍈꓕ’ê“’—dˆ…œê
5†‹•„‘‘U†‹ê„ꏌŽ™Œ‡„:‘B†‹ê“•„†Bꖓ’ˆ‘’ê–ꏈŠŒ–„—Œ™‘BŒê
5…•„‘„Œê “•’ê “•’™5‡?‘Bê —•‹„†B†‹ê “•„†Bê Œ’ê ™’ˆ‘–Ž>ê
Rˆ‡œê„ꝄdBˆ‘Bêh•5‡œêy­êz’˜:„–‘?êh•5‡„êyꑈ‘Bê
–†‹’“‘„ê Š„•„‘—’™„—ê ‡’–—„—ˆ:‘’˜ê ’“ˆ•„—Œ™‘’–—ê „ê •’–„‹ê
’“•5™‘?‘BꓒW„‡’™„‘U†‹ê“dˆ‡“Œ–œê“•’ê“’˜WŒ—Bê™U…˜O‘Œ‘ê™ê
†Œ™Œ‘Bê–ˆŽ—’•˜²
v ’“•5™‘?‘BêŽê“’˜WŒ—Bê™U…˜O‘Œ‘ê˜ê“dB–˜O‘BŽSꆌ™Œ‘B†‹ê“•„¾
™’‡„–ŽU†‹ê –˜Wˆ…ê „ê ‡„OB†‹ê ’…•’ˆ‘U†‹ê …ˆ“ˆ:‘’–—‘B†‹ê
–…’•Sꑈ‘Bê5Ž’‘ˆê™U–’™‘?ꘓ•„™ˆ‘’ê™S…ˆ†­êz’˜Ž•’>ê
–˜…ˆŽ—œê‘ˆ–’˜ê‡’–—„—ˆ:‘?꒓ˆ•„—Œ™‘Bê„ꍈ꒐ˆˆ‘„ê–†‹’“¾
‘’–—Ꝅ–„‹’™„—Ꙉꝙ5OPꑈ…ˆ“ˆ:‘U†‹ê„ꝇ•„™BêOŽ’‡Œ™U†‹ê
“’‡B‘Ž5†‹­
v zê ’‹ˆ‡ˆê ‘„ê ™UOˆê ˜™ˆ‡ˆ‘>ê –Ž˜—ˆ:‘’–—Œ±ê p‘—ˆ•‘Bê “’Žœ¾
‘ˆê Šˆ‘ˆ•5‘B‹’ê dˆ‡Œ—ˆˆê ozê yê …œê ™ê “•™‘Bê Ž•’Ž˜ê
dBˆ‘ê ’“?•‘Uê …’‡ê t’•„™„­ê }ê ‘5™„‘’–—Œê ‘„ê “’‘„—Žœê „ê
™œ‹’‡‘’†ˆ‘Bê :Œ‘‘’–—Œê ’“?•‘>‹’ê …’‡˜ê t’•„™„ê „ê :ˆ—‘’–—Œê
5–„‹SꑄêRˆBꈆ‹ê–ˆê™5WBêdBˆ‘B꒓?•‘>‹’ê…’‡˜êˆ¾
†‹œ­ê
v“?•‘Uꅒ‡êt’•„™„ê¾ê„—Bê–ê“S–’…‘’–—Bꓕ’ꆈ’˜êy
‡ }ˆ‡’˜†Bꗕ‹„†B†‹ê“•„†Bêozêy꓏Ž­êp‘Š­êt„•—Œ‘ꈕ™ˆ‘Ž„±ê
kŒ–êÀêozêqŒ‹’’•„™–Ž>‹’ꎕ„ˆ
‡ 5†‹•„‘‘Uê R—™„•ê ½ê |ê ½ê o˜:B‘ê ¾ê ¤›ê –—dˆŒ–—•ê Ðê ™•—„†Bê
“•5†ˆê„Ꝉ‘Bꖗ•’ˆê™:ˆ—‘?Ꙝ“•’OP’™„†B‹’ê—„‘Ž˜
‡ ozêv’’˜†Ž>‹’ꎕ„ˆê¾ê£ê›ê–—dˆŒ–—•
‡ ozêqŒ‹’’•„™–Ž>‹’ꎕ„ˆêÀê¢ê›ê–—dˆŒ–—•
êê ¾ê™’Œ‡’ê“•’ê“dˆ“•„™˜ê—•‹„™Œ‘êhky
êê ¾êŽ’“ˆ—‘Bê™U…„™„ê“•’ê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†B
wdˆ‡“’Ž5‡„‘5ê:Œ‘‘’–—ê„ê“dˆ‡˜•:ˆ‘B꒓?•‘>‹’ê…’‡˜
¾ê ‡ˆ–—•˜Ž†ˆê‡?‘U†‹±ê…ˆ—’‘’™U†‹±êWˆˆ’…ˆ—’‘’™U†‹ê„ê’†ˆ’¾
™U†‹êŽ’‘–—•˜Ž†Bê„ê“•™ŽS±
¾ê ˜™’G’™5‘Bê Ž’•œ—ê ™’‡‘B†‹ê —’ŽSê „ê R:ˆˆê ’‡–—•„‘?‘Bê ‘ˆ¾
…ˆ“ˆ:‘U†‹ê–—„™S±ê
¾ê —•‹5‘Bꍈ‡‘’‡˜†‹U†‹êŽ’‘–—•˜Ž:‘B†‹ê“•™ŽS±
¾ê Ž5†ˆ‘Bꖗ•’S±
¾ê ™œ—™5dˆ‘BꓕS†‹’‡Sê„ê“•S—„ŽSꙈꙄˆ†‹ê„ê‘5–“ˆ†‹±
¾ê ™œ—™5dˆ‘Bê™U’Sê„ê•U‹ê“•’—Œê’‹‘Œê„ê’‡™’‡G’™„†B†‹ê•U‹±
¾ê “’˜WŒ—Bê ŒŽ•’ê „ê „’“•S?•’™U†‹ê ‘5’WˆŽê “dŒê 5†‹•„‘?ê
„™„ˆ‘U†‹ê ‘ˆ…’ê „–œ“„‘U†‹ê ’–’…ê ™ê Ž•„–’™U†‹ê ’…„–—ˆ†‹ê
:Œê“’‡’…‘U†‹ê‡Bˆ†‹±
¾ê —•‹5‘Bꏈ‡˜ê‘„ê™’‡‘B꓏’Oˆê„ê’‡–—•„G’™5‘Bꏈ‡’™U†‹ê…„•Œ¾
>•
¾ê —•‹„†Bꓕ5†ˆê„ꝗBWˆ‘U†‹ê“’‡B‘ˆŽ
¾ê ™œ—™’dˆ‘Bꓕ’–—˜“˜ê™ê–ˆ–˜—>ꎒ‘–—•˜Ž†Œê™ê“’‡B‘Ž5†‹ê5¾
™„˜ê‘ˆ…’ê“’W5•˜±
¾ê ™ˆ—ˆ‘Bꋄ–Œ™„ꇒꓕ’–—’•˜ê“’W5•˜±
¾ê ’‡–—dˆê™ê˜„™dˆ‘>ê“•’–—’•˜±
¾ê ‹5Oˆ‘B꓏„ˆ‘ˆê™U…˜†‹ˆ­
hŽ†ˆ–†‹’“‘’–—¾“’‹’—’™’–—¾™Uˆ‡
ìêtŒ’ê ‘„dBˆ‘’˜ê “’‹’—’™’–—ê ’‡“’™B‡5ê „ê „Ž†ˆ–†‹’“‘’–—ê
’“?•‘>‹’ê…’‡˜ê™ˆ‡’˜†Bꗕ‹„†B†‹ê“•„†B꒓?•‘>‹’ê…’‡˜ê“dŒê
„ŒO—?‘Bꐌ‘Œ5‘?ê¢ê–—dˆŒ–—•Sê
ìê}ˆ‡’˜†Bê —•‹„†B†‹ê “•„†Bê “•’ê ’“?•‘Uê …’‡ê “•„†’™5™5ê “5‘ê
„ŒO—?‘Bꗕ‹„†B†‹ê“•„†Bê„ê—ˆ‘—’Ꝅ–B5ꑄꎕ„–Ž>꒓ˆ•„:‘Bê
–—dˆ‡Œ–Ž’ê½êrvwpzê½êozꎕ„Sê“dB–˜O‘U†‹êŽê’“?•‘>˜ê
…’‡˜ê„ê’“ˆ•„:‘Bꖗdˆ‡Œ–Ž’ꊈ‘ˆ•5‘B‹’êdˆ‡Œ—ˆ–—™Bê½êvwpzê
nê½êozêyꑈ>‘?ê¥ê‡‘Bê“dˆ‡êŽ’‘†ˆê“dˆ‡†‹5ˆB†B‹’ê
Ž„ˆ‘‡5d‘B‹’ê?–B†ˆ­
ìêvꓒ™’5‘Bꇕ˜W–—™„ê“•’ê“•’™ˆ‡ˆ‘Bꗕ‹„†B†‹ê“•„†BêW5‡5Ꙉ¾
Œ—ˆê 5–„‹˜ê rvwpzê ozê Ž•„ˆê ‘ˆ…’ê vwpzê nê ozê y±ê
Ž—ˆ•>ê ™œ•’˜Bê ™ˆ‡’˜†B‹’ê —•‹„†B†‹ê “•„†Bê ’“?•‘>‹’ê …’‡˜ê
‘ˆ…’êBê˜•:ˆ‘>‹’ê5–—˜“†ˆ­ê
ìê}Uˆ‡ê’“?•‘>‹’ê…’‡˜êêB–—„ꇌ–’Ž„†ˆêˆê‘ˆ“’‡?Œê‡’ê
¦ªêŒ‘˜—ꒇꙜ•’˜?‘Bꘕ:ˆ‘>‹’ê“dB–˜O‘BŽ„­
z—dˆŒ–—•êozêy
ìêwdˆ‡ê„d„ˆ‘Bê‡’ꇕ˜W–—™„ê“•’ê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†Bê
™ê•5†Œêozêyꐘ–Bê…U—ê“dB–˜O‘BŽê‡•WŒ—ˆˆê’“•5™‘?‘Bê
–—dˆŒ–—•„ꘇ?ˆ‘>‹’êB–—‘?ê“dB–˜O‘Uêvi ꑈ…’êi ±ê
v“•5™‘?‘Bê –—dˆŒ–—•„ê “•’ê –—„™ˆ…‘Bê “•5†ˆê „ê ‡ˆ–—•˜Ž†ˆê
‘ˆ…’ê ’“•5™‘?‘Bê —ˆ†‹‘Œ†Ž>‹’ê ™ˆ‡’˜†B‹’ê ’‡–—dˆSê “•’ê –—„¾
™ˆ…‘Bꓕ5†ˆê„ꇈ–—•˜Ž†ˆê‡ˆêÇ꣦ê5Ž’‘„ê:­ê¦¡½¡©¨¨êz…­ê
ìꖓ‘Œ—ê“’W„‡„™Žœê“•’ê–“ˆ†Œ„Œ„†Œê‹„–Œ:¾ˆˆ†ê„ꖏ’WŒ—ꝑ„¾
’–—‘Bê„ꇒ™ˆ‡‘’–—‘BꝎ’˜OŽ˜êˆê–—„‘’™ˆ‘U†‹ê’…„–—Bê“dˆ‡ê
Ž’Œ–B­
ìêz—dˆŒ–—•ê„d„ˆ‘Uꇒꇕ˜W–—™„ê“•’ê“•’™5‡?‘Bꗕ‹„†B†‹êˆê
“’™Œ‘ˆ‘êŽê„…–’™’™5‘Bꒇ…’•‘>ê“dB“•„™œê™ê•’–„‹˜ê“dˆ‡ˆ¾
“–„‘>ꓕ„™Œ‡ˆ‘>ꒇ…’•‘>ê“dB“•„™œ­
ìêtŒ‘Œ5‘?ꍈ‡ˆ‘ê–—dˆŒ–—•êˆê‡•WŒ—ˆˆê’“•5™‘?‘Bê¾ê“’—5¾
“?:
wdˆ“•„™„ꇕ˜W–—™„ê‘„êB–—’ê5–„‹˜ê®
ìê}’Œ‡’ê{hê¢ê‘„ê“’‡™’Ž˜ê}~ê{•„‘–“’•—ˆ•
ê }œ…„™ˆ‘’®ê
ê ¾ê„—ˆ•Œ5ˆê“•’ê—•‹„†Bꓕ5†ˆ
ê ¾ê ‡•„™’—‘Œ†ŽUŒê “•’–—dˆ‡Žœê „ê ™œ…„™ˆ‘Bê Žê “’–Žœ—‘˜—Bêê
ê “•™‘Bꓒ’†Œ
=35$92'$ê ¾ê’†‹•„‘‘UŒê“•’–—dˆ‡Žœ
ê ¾ê—U’™Uê„—ˆ•Œ5ˆê–—„‘±ê–“„†Bꓜ—ˆ±êŽ„•Œ„—Žœ±ê™„dŒ:±êê
ê “Œ—‘5Ꙓ‡„±ê–—•„™„ê„“’‡­Ã
ê ¾ê “•5™’ê “dˆ‡‘’–—Œê ™ê B‡?ê –™?—ˆ‘>ê „ê ™˜Ž’™>ê ™U–—•„W‘>êê
ê „dBˆ‘Bꐒ‡•>ꅄ•™œÃ
ê ¾êhkyê“•’ê“dˆ™’ê„—ˆ•Œ5˜ê—dB‡œê¡ê‡ˆêhkyÃ
ê ¾êt’—’ê€hthoh꣥ªêˆ‘‡˜•’ê¾ê“•’ê“’‹œ…ê™ê‘5•’:‘>ê—ˆ¾ê
ê •>‘˜
ìê}•—˜‘BŽêwyêÂiˆê¤¡¢Ã
=3č62%<+$j(1«3ą«=(01«&+/2.Ÿ/1«&+32åŸ5č
3202&«75+$&«7(&+1,.<
,QJ,QJ3DHG,*,30LURVODY-DQËêHN3K'
|‘Œ™ˆ•Œ—„ê{’5Oˆêi„—ŒêB‘±êm„Ž˜—„ꏒŠŒ–—ŒŽœê„ꎕŒ’™>‹’êdBˆ‘B
}ê :5‘Ž˜ê ˆê “dˆ‡’Wˆ‘ê „ê ™œ–™?—ˆ‘ê “•Œ‘†Œ“ê ‘ˆ–—„‘‡„•‡‘B‹’ê
“•’™ˆ‡ˆ‘BꋄOˆ‘BꓒW5•Sꓒ’†Bê•5’™U†‹ê™‘Ꙝ™’„‘U†‹ê™U¾
…˜†‹ˆê ‘5’Wˆê —•‹„™Œ‘œ­ê q–’˜ê ‡ˆê ˜™ˆ‡ˆ‘œê “’‘„—Žœê ‘ˆˆ‘ê
’™?dˆ‘>ê ™ê “•„›Œê „ˆê Œê 5™?•œê ™U–ˆ‡Ž˜ê ’‡ˆ’™5‘Bê —?†‹—’ê “’¾
–—˜“Sê “’’†Bê „—ˆ„—Œ†ŽU†‹ê ’‡ˆSê „ê ™U“’:ˆ—‘Bê —ˆ†‹‘ŒŽœ­ê
t’‡ˆ’™5‘Bê „ê ’™?dˆ‘Bê “•’™ˆ‡Œê “•„†’™‘B†Œê –—„™˜ê —ˆ’•ˆ—Œ†Ž>ê
„ꈛ“ˆ•Œˆ‘—5‘BꈏˆŽ—•’—ˆ†‹‘ŒŽœ±ê}œ–’Ž>‹’ê˜:ˆ‘Bꗈ†‹‘Œ†Ž>‹’ê
™êi•‘?ꓒ‡ê™ˆ‡ˆ‘Bêˆ‹’êdˆ‡Œ—ˆˆê‡’†­êp‘Š­êw„™„êmŒ„œ±êw‹­k­ê
}ê5™?•˜ê–’˜ê˜™ˆ‡ˆ‘œê‘ˆˆ‘ꐒW‘’–—Œê™œ˜WŒ—Bꗒ‹’—’ꉈ‘’>‘˜ê
“dŒê‹„Oˆ‘BꓒW5•SꄏˆêŒê‘5™•‹ê„Žê™œ†™Œ:Œ—ê“’—dˆ…‘>ꒇ…’•‘BŽœê
“•’ê„“ŒŽ„†Œê˜™ˆ‡ˆ‘U†‹ê‘ˆ–—„‘‡„•‡‘B†‹ê“’–—˜“Sê™ê“•„›Œ­ê
w•’ê‹„Oˆ‘BꙜ…•„‘U†‹ê“’W5•Sꅜê’•ŒŠŒ‘5‘?Ꙝ˜WŒ—ê™Oˆ’…ˆ†‘>ê
‘5œêˆ‰ˆŽ—±êWˆê“dŒê™U…˜†‹˜ê‘5’Wˆê–ˆê™ˆê™‡˜†‹˜êOBdBꒇêB–¾
—„ê™U…˜†‹˜ê•5’™5ê ™‘„±êŽ—ˆ•5ꓒ–—˜“‘?ꝗ•5†Bꈑˆ•ŠŒŒê„Wê
“dˆ‡ˆê™ˆê™‘˜ê„Ž˜–—Œ†Ž’˜±êˆBWꕜ†‹’–—ꍈꖋ’‡‘5ê–ê•œ†‹’–—Bê
OBdˆ‘Bꝙ˜Ž˜­êy5’™5ꙏ‘„ê5ꗙ„•ê™‘œê’…•­ê¡Ã­êu„•„B¾Œê
•5’™5ꙏ‘„ꑄ꓈™‘’˜ê“dˆŽ5WŽ˜±ê’‡•„Bꖈꒇê—>—’ê“dˆŽ5WŽœê
„ê“S–’…Bꕈ‰ˆ›‘Bê—„Žˆêˆ‹’Wꋒ‡‘’—„ꍈê„Wê—dŒ‘5†—Œ‘5¾
–’…ˆŽê —„Ž˜ê ‘„ê :ˆˆê •5’™>ê ™‘œÃê ‘„ê —˜—’ê “dˆŽ5WŽ˜­ê {Bê ˆê
‡5‘ê ™Oˆ’…ˆ†‘?ê ‘5Uê ‘Œ:Œ™Uê R:Œ‘ˆŽê •5’™>ê ™‘œ­ê yœ†‹’–—ê
™U…˜O‘>ê“dˆ?‘œê“dŒê‡ˆ—’‘„†Œê‡’–„‹˜ˆê‹’‡‘’—êd5‡’™?ꗌ–B†Sê
ˆ—•Sê „ê –ˆŽ˜‘‡˜­ê wdBŽ„‡ˆê —„Ž’™>ê ‡ˆ—’‘„†ˆê ˆê ™U…˜O‘5ê
“dˆ?‘„ê—•‹„™Œ‘±ê…ˆ–Ž’™Œ†ê„ê•’…˜OˆŽ±ê‡’“•’™5ˆ‘5ꖌ‘Uê
™˜Ž’™Uêˆ‰ˆŽ—ˆê„ê“•’ˆ™˜B†Bꖈꇈ—’‘„:‘BêR:Œ‘Žˆê‘„ê
’Ž’B­ê z’˜‡’…5ê ‹œ‡•’‡œ‘„Œ†Ž5ê —ˆ’•Œˆê ‡ˆ—’‘„†ˆê ™œ†‹5Bê ê
“dˆ‡“’Ž„‡˜±êWˆê“dŒê‡ˆ—’‘„†Œê™‘ŒŽ5Ꙉê™U…˜OŒ‘?ꗝ™­ê‡ˆ—’‘„:¾
‘Bꙏ‘„±êŽ—ˆ•5ꍈꝙ5O—‘Bê“dB“„‡ˆê•5’™>ꙏ‘œ­ê
j‹„•„Ž—ˆ•Œ–—Œ†Ž’˜ê™5O—‘’–—Bê•5’™>ꙏ‘œêˆê—’±êWˆê“•’–—dˆ‡Bê
„ꙏ‘’˜ê–ˆêOBdBꙈꖐ?•˜ê“’‹œ…˜ê™‘œ­êwdˆ–˜‘ˆê:5–—Œ†ê“œ‘˜ê
ê™•–—ˆ™êˆWB†B†‹ê…ˆ“•’–—dˆ‡‘?Ꝅꙕ–—™’˜ê–—„:ˆ‘BꙈꖐ?•˜ê
OBdˆ‘Bê•5’™>ꙏ‘œ±ê‘„–—5™5ê“dŒê“’‹œ…˜ê•5’™>ꙏ‘œê‹˜O—?‘>ê
“•’–—dˆ‡B­ê}ˆê™‡5ˆ‘?OB†‹ê™•–—™5†‹ê‘5–ˆ‡Žˆê—’‹’ꙝ‘ŒŽ5ê
™•–—™„êdˆ‡?‘B±ê™ˆêŽ—ˆ•>ꍈꗏ„Žêˆ‘OBꑈWꗏ„Žê„—’–‰>•Œ†ŽUê
’…•­ê¡Ã­ê}‡5ˆ‘’–—ê’‡ê:ˆ„ꙏ‘œê‡’Ꝅ:5—Ž˜ê™•–—™œêdˆ‡?‘Bê
–ˆê‘„U™5ê‡>Ž„ê•5’™>ꙏ‘œ­
9Û]QDPU¿]RYÇYOQ\
u„•„B¾Œê •5’™5ê ™‘„ê ‘„ê ‡’Ž’‘„ˆê —˜‹’˜ê “dˆŽ5WŽ˜ê ’†ˆ±ê
…ˆ—’‘ê „“’‡­Ã±ê ˜–Bê –ˆê “’‹œ…ê ‹’—‘>‹’ê “•’–—dˆ‡Bê ’Ž„WŒ—?ê
„–—„™Œ—­êu5‹Uê„…•‡?‘Bê—’‹’—’ê“’‹œ…˜ê™‘ŒŽ5ꝑ„:‘Uê
—„Žê‘„ê“dˆŽ5WŽ˜±êŽ—ˆ•UꍈꐒW‘’ê“dŒ•’™‘„—ꗏ„Ž˜ê™?—•˜ê‘„ê
“„†‹—˜±ê’™Oˆê–ꑈ–•’™‘„—ˆ‘?ê™?—OBꖌ’˜­êy5’™5ꙏ‘„ê“S¾
–’…Bê —ˆ‡œê ‘„ê “dˆŽ5WŽ˜ê ‘„ê ˆ‡‘>ê –—•„‘?ê ™UOˆ‘Uê —„Žˆ±ê
‘„ê–—•„‘?ꇕ˜‹>ꇜ‘„Œ†ŽUŒê–Œ„Œ±ê™œ™’„‘UŒê‘5•„ˆê
“•’–—dˆ‡B­ê|ꖌ‘U†‹ê•5’™U†‹ê™‘ꇜ‘„Œ†Ž>ê–Bœê‘?Ž’ŒŽ•5—ê
“dˆ™œO˜Bê“S–’…ˆ‘Bꗏ„Ž˜­
3UDNWLFNÇY\XæLWËSĎVREHQËU¿]RYÇYOQ\
¡ê¾êB–—’ê™U…˜†‹˜±ê¢ê¾ê™•–—™„ê„—’–‰>•Œ†Ž>‹’ꗏ„Ž˜±ê£ê¾ê™•–—™„ê
dˆ‡?‘B±ê¤ê¾ê™•–—™„ê–—„:ˆ‘B±êî“ê¾ê“dˆ—„Žê™ê:ˆˆê•5’™>ꙏ‘œ±êê
¥ê¾ê:ˆ’ê•5’™>ꙏ‘œ
v…•­ê ¡ê ¾ê ˆ‡‘’‡˜Oˆ‘>ê –†‹>„ê OBdˆ‘Bê •5’™>ê ™‘œê ™ê “œ‘‘>ê
“•’–—dˆ‡Bê
l‘ˆ•ŠŒˆê •5’™>ê ™‘œê –ˆê ‡5ê ™œ˜WB—ê “•’ê „–—„™ˆ‘Bê OBdˆ‘Bê “dB¾
ˆ‘B‹’ê“’W5•˜­êwdŒê“’˜WŒ—Bꖒ˜–—dˆ‡?‘U†‹ê‘5’WBꖈê™ê“•„›Œê
—œ—’ê‘5’Wˆê’ꋐ’—‘’–—Œê††„ê¦ê¾ê¡¢êŽŠê•’B–—B±êˆê—„Ž>ꐒW‘’ê
“’˜WB—ê“•’—Œ—„‘Ž’™>ꐌ‘œê‹’—‘’–—ê—•‹„™Œ‘œê††„ꡪê¾ê¡¢êŽŠÃê
™ê d„‡?ê ™ˆê ™‡5ˆ‘’–—Œê ¡ê ê ’‡ê –ˆ…ˆ±ê “•’“’Bê –ˆê …ˆ–Ž’™Œ†Bê „ê
’‡“5Bê –ˆê –’˜:„–‘?ê —?–‘?ê “dˆ‡ê “dB†‹’‡ˆê :ˆ„ê “’W5•˜ê ††„ê
„›­ê‡’ꡪêê’…•­ê:­ê¢Ã­
=35$92'$-
v…•­ê¢ê¾ê}œ˜WŒ—Bê“S–’…ˆ‘Bê•5’™>ꙏ‘œê“’’†Bꖒ˜–—dˆ‡?‘U†‹ê‘5’WB꘏’Wˆ‘U†‹ê™êd„‡?êŽê„–—„™ˆ‘BêOBdˆ‘Bê“dBˆ‘B‹’ê“’W5•˜
3DUDPHWU\U¿]RYÇYOQ\YHY]GXFKXSĆL
NRQWDNWQËPYÛEXFKX
“™ê¾ê“ªê ê
qˆ‡‘5ꖈê’ê“dB“„‡±êŽ‡œêˆê‘5’WꘐB–—?‘„ꑄꝈ–Ž>ê“’™•¾
†‹˜êÀꓒˆ‘Bê™U…˜†‹ê–ˆŽ˜‘‡5•‘Bꗕ‹„†Bꓕ5†ˆ±ê‘Œ:ˆ‘Bꗕ‹„¾
™Œ‘ê‘„ê“’™•†‹˜±ê™U…˜†‹ê“’™•†‹’™>‹’ê–Ž„‡˜ê™U…˜OŒ‘ê„“’‡­Ã­ê
wdŒê“’ˆ‘Bê™U…˜†‹˜ê–ˆê™œ—™’dBê•5’™5ꙏ‘„ê–ê“’’Ž˜„—Uê
:ˆˆê’…•­ê£Ã­ê
t„›Œ5‘Bê“dˆ—„Žê™ê:ˆˆê™‡˜O‘>ê•5’™>ꙏ‘œêˆê’W‘>ꓒ‡ˆê
z„‡’™–Ž>‹’êĨÅꝄ“–„—Ꙉꗙ„•˜
3D¡ðyò¡¥ê ¡Ã
ê
ê
ê
êê
ê
ê
ê
ê
ê
¢Ã
êêêêêêêêêêêêê
ê
ê
ê
v…•­ê£ê¾êw•S…?‹ê•5’™>ꙏ‘œê™ˆê™‡˜†‹˜
£Ã
Ž‡ˆêê y•êꍈꕈ‡˜Ž’™„‘5ꙝ‡5ˆ‘’–—ꐯŽŠ¾¡½£Ã±
ê ê ê yêÀꙝ‡5ˆ‘’–—ꘙ„W’™„‘>‹’êB–—„ꒇꖗdˆ‡˜ê‘5’Wˆêñ
ê ê ê xêÀê‘5’Wꎊñ
ê ê ê “™êÀꗏ„Žê™ê:ˆˆê•5’™>ꙏ‘œêÂw„ñ
ê ê ê “ªêÀꄗ’–‰>•Œ†ŽUꗏ„ŽêÂw„í
ˆê™—„‹˜ê¡Ãꍈêdˆ>±êWˆê‘ˆ™?—OBꇈ–—•˜Ž:‘BêR:Œ‘ˆŽê•5’™>ê
™‘œê–ˆê“•’ˆ™Bꑄ꒎’‘B†‹ê’…ˆŽ—ˆ†‹ê™ˆê™‡5ˆ‘’–—Œê’‡ê¡ê‡’ê
¡¥êˆ—•S­êk’“„‡ê—?†‹—’ꑈŠ„—Œ™‘B†‹êR:Œ‘ŽSꖈê™ê…?W‘>ꓕ„›Œê
–‘„WBˆêˆŒŒ‘’™„—ê‘„êR‘’–‘’˜êB•˜ê’…•­ê¤Ã­êqˆê’W‘’ꄏˆê
ˆ‘ˆ•ŠŒŒê•5’™>ꙏ‘œê„ꍈBꇒ“„‡ê‘„ê’Ž’‘Bꓕ’–—dˆ‡BꙜ˜WB™„—ê
Žê‹„Oˆ‘Bê“dBˆ‘B†‹ê“’W5•S­
=35$92'$-
v…•­ê¤ê¾êw•S…?‹ê’‡•„Wˆ‘>ê•5’™>ꙏ‘œê™ˆê™‡˜†‹˜
9\XæLWËHQHUJLHLQWHUIHUHQFHU¿]RYÛFKYOQNKDxH
QËSRæ¿UĎ
q„Žê…œ’ꍌWêdˆ:ˆ‘’ê™ê“dˆ‡ˆO>ꓒ‡Ž„“Œ—’ˆ±ê“dŒê™U…˜†‹˜ê‘5’¾
Wˆê™ˆê™‡˜†‹˜ê–—„:Œ—ˆ‘>ꎄ“„Œ‘?ÃꖈêOBdBꒇêB–—„ê™U…˜†‹˜ê
•5’™5ꙏ‘„±êŽ—ˆ•5ꓒ–—˜“‘?ꝗ•5†Bꈑˆ•ŠŒŒê„Wê“dˆ‡ˆê™ˆê™‘˜ê
„Ž˜–—Œ†Ž’˜±êˆBWꕜ†‹’–—ꍈꖋ’‡‘5ê–ê•œ†‹’–—BêOBdˆ‘Bꝙ˜Ž˜­ê
u„•„B¾Œê•5’™>ꙏ‘œê‘„꓈™‘’˜ê“dˆŽ5WŽ˜±ê’‡•„Bꖈꒇê—>—’ê
“dˆŽ5WŽœê„ê“S–’…Bꕈ‰ˆ›‘Bê —„Žˆêˆ‹’Wꋒ‡‘’—„ꍈê„Wê
—dŒ‘5†—Œ‘5–’…ˆŽê—„Ž˜ê‘„ê:ˆˆê•5’™>ꙏ‘œÃꑄꗘ—’ê“dˆŽ5WŽ˜­ê
{Bê ˆê ‡5‘ê ‘Œ:Œ™Uê R:Œ‘ˆŽê •5’™>ê ™‘œ­ê o’‡‘’—„ê •ˆ‰ˆ›‘B‹’ê
—„Ž˜ê™ê“dB“„‡?ꄎ˜–—Œ†ŽU†‹ê™‘ꍈꍌWꓒ˜‹Uê‡™’‘5–’…Žˆê
—„Ž˜ê‘„ê:ˆˆê„Ž˜–—Œ†Ž>ꙏ‘œ­ê
}U…˜†‹ˆê‡™’˜êd„‡ê‘5’WBꑈ…’ê‘5’WBꘐB–—?‘U†‹ê™êŽ•˜‹˜Ãê
ˆê’W‘’Ꝅ–—„™Œ—êOBdˆ‘Bê“dBˆ‘B‹’ê“’W5•˜­ê}ꗒ—’ê“dB“„¾
‡?ꖈê‡5Ꙝ˜WB—ꈑˆ•ŠŒˆêŒ‘—ˆ•‰ˆ•ˆ‘†ˆê–•„˜ê„ê’‡•„˜Ãꇙ’˜ê
•ˆ–“­ê‘?Ž’ŒŽ„Ãê•5’™U†‹ê™‘­
p‘—ˆ•‰ˆ•ˆ‘†ˆê ‡™’˜ê Ž•˜‹’™U†‹ê •ˆ–“­ê Ž˜’™U†‹Ãê ™‘ê ™‘ŒŽ5ê
‘„“dBŽ„‡ê“dŒê™U…˜†‹˜ê‡™’˜ê‘5’WB±êŽ—ˆ•>ꍖ’˜ê˜B–—?‘œê™ê‡’¾
–—„—ˆ:‘>ꙝ‡5ˆ‘’–—Œê’‡ê–ˆ…ˆ­ê}‘ŒŽ5ꗄŽê™‘?‘B±êŽ—ˆ•>ꖈêOBdBê
ê’…’˜ê‡™’˜ê‡•’Sꖒ˜:„–‘?ꓕ’—Œê–’…?­êw’Ž˜‡ê–’˜ê‘5’Wˆê
ˆê–—ˆ‘>ꗕ‹„™Œ‘œê’ê–—ˆ‘>ꋐ’—‘’–—Œê’‡“5ˆ‘œê™ˆê–—ˆ‘U꒎„¾
WŒŽ±ê ŽŒ—„Bê –ˆê –—ˆ‘’˜ê ‰5B­ê }U–ˆ‡‘>ê ™‘?‘Bê ˆê “„Žê ‡5‘’ê
–’˜:—ˆê–˜“ˆ•“’Œ†BÃê—?†‹—’ꇙ’˜ê™‘?‘B­êˆ‡‘’‡˜Oˆ‘?ꓒ¾
Ž˜‡ê–’˜ê’…?ê‘5’Wˆê’‡“5ˆ‘œê™ˆê–—ˆ‘U꒎„WŒŽ±ê“’–—˜“˜Bê
v…•­ê¥êÀê}œ˜WŒ—Bê“S–’…ˆ‘Bꌑ—ˆ•‰ˆ•ˆ‘†ˆê•5’™U†‹ê™‘ê“’’†Bꇙ’˜ê—5‹U†‹ê‘5’WB꘏’Wˆ‘U†‹ê•’™‘’…?W‘?êŽê„–—„™ˆ‘BêOBdˆ‘Bê“dBˆ‘B‹’ê
“’W5•˜
=35$92'$-
v…•­ê¦êÀê}œ˜WŒ—Bꌑ—ˆ•‰ˆ•ˆ‘†ˆê•5’™U†‹ê™‘ê“’’†Bꖒ˜–—dˆ‡?‘U†‹ê‘5’WB꘏’Wˆ‘U†‹ê™êŽ•˜‹˜êŽ’ˆê’‹‘?êŽê„–—„™ˆ‘BêOBdˆ‘Bê“dBˆ‘B‹’ê
“’W5•˜
“•’—Œê–’…?ê„ê“’ê–—dˆ—˜ê‘5•„˜Ãꖈꒇꖈ…ˆê’‡•„Bê„ê“’–—˜“˜Bê
™ê’“„:‘>ê–?•˜ê„™O„Žê„Wê–êOˆ–—„‡™„†ˆ—Œ‘5–’…‘’˜ê•œ†‹’–—B±ê
—’ꝑ„ˆ‘5ꇙ’‘5–’…ˆŽê–’˜:ˆ—ê’…’˜Ãꕈ‰ˆ›‘B†‹ê—„ŽS­ê
{B±ê Wˆê ‘ˆ†‹5ˆê ™ˆê –—ˆ‘Uê ’Ž„WŒŽê ™œ…˜†‹‘’˜—ê ‡™?ê —5‹>ê
‘5’Wˆ±êŽ—ˆ•>꘏’WBˆê•’™‘’…?W‘?êŽê–’…?ê„ê’‹ˆGꖈꑄ†‹5Bê
ˆŒê‘ŒŒê’…•5ˆŽê¥Ãꇒ–5‹‘ˆˆê—’‹’±êWˆê‘?Ž‡ˆê˜“•’–—dˆ‡ê
’‹‘?ê –ˆê ’…?ê —„Ž’™>ê ™‘œê –•„Bê „ê ’‡•„Bê ‘?Ž’ŒŽ„‘5–’…‘’˜ê
•œ†‹’–—Bíê :Œ‘ˆŽêˆê‘’‹ˆê™?—OBê„ê™U‹’‡’˜êˆ±êWˆê–ˆê—5‹>ê
‘5’Wˆê’‹’˜ê˜B–—Œ—Ꙉê™?—OBꙝ‡5ˆ‘’–—Œê’‡ê“’W5•˜­
w•Œ‘†Œ“˜êŒ‘—ˆ•‰ˆ•ˆ‘†ˆê‘?Ž’ŒŽ„ê•5’™U†‹ê™‘ꍈꐒW‘’Ꙝ˜WB—ê
Œê ™ê “dB“„‡?±ê “’Ž˜‡ê 5ˆê ’W‘’–—ê ’Ž’’ê “’W5•˜ê •’B–—Œ—ê
–’˜–—dˆ‡?‘>ê ‘5’Wˆê “•’—Œ—„‘Ž’™>ê Œ‘œê ‘ˆ…’ê …ˆ‡‘œê –ê —•‹„¾
™Œ‘„ŒÃê ™ê Ž•˜‹˜­ê {œ—’ê ‘5’Wˆê ˆê ‘˜—‘>ê “•’“’Œ—ê …ˆ–Ž’™Œ†B±ê
Ž—ˆ•5ê‘5ê„…ˆ“ˆ:Bꒇ“5ˆ‘Bê‘5’WBꙈꖗˆ‘U꒎„WŒŽê’…¾
•5ˆŽê¦Ã­ê|ê—>—’ꐈ—’‡œê‡’†‹5BêŽêŒ‘—ˆ•‰ˆ•ˆ‘†Œê‘?Ž’ŒŽ„ꙏ‘ê
“’‡ˆê“’:—˜ê“’˜WŒ—U†‹ê‘5’WB­ê}U‹’‡’˜ê—>—’ꐈ—’‡œê–’˜ê–Œ‘>ê
‡ˆ—’‘„:‘Bê ™‘œê Œê ™ˆŽ5ê ˆ‘ˆ•ŠŒˆê “dŒê ’‡•„˜±ê †’Wê ‘5ê „•˜:Bê
‡’…•>ê™U–ˆ‡Žœê“dŒê‹„Oˆ‘BêŒê“dŒê™?—OB†‹ê™‡5ˆ‘’–—ˆ†‹ê‘5’WBê
’‡ê“’W5•˜­ê
o„Oˆ‘Bꓒ’†Bꘙˆ‡ˆ‘>ꐈ—’‡œêˆê™U‹’‡‘>ꓒ˜WB—ê™ê‘ˆ“dB¾
–—˜“‘>ê —ˆ•>‘˜ê Žê ‹„Oˆ‘Bê ’Ž5‘B†‹ê “’W5•Sê ‘„ê —ˆ•>‘˜±ê “dB¾
ˆ‘B†‹êˆ–‘B†‹ê“’W5•Sê„êŽê‹„Oˆ‘BꋒdB†B†‹ê™U•’‘S꓏œ‘S­ê
wdŒê“•™‘B†‹ê“•„Ž—Œ†ŽU†‹êŽ’˜OŽ5†‹ê…œê“•’™ˆ‡ˆ‘ê’‡–—dˆê“’¾
’†Bê ˆˆŽ—•Œ†Ž>‹’ê •’‘?—˜­ê iœœê “’˜WŒ—œê ˆˆŽ—•Œ†Ž>ê •’…˜O¾
ŽœêWŒŽ’™>ꑘ—>‹’ê–—˜“‘?ñꖗˆ‘>ê™U•’…‘Bê–>•Œˆ­ê}ꗒ—’ê
“dB“„‡?ê ™O„Žê Œ‘—ˆ•‰ˆ•ˆ‘†ˆê •5’™U†‹ê ™‘ê ‘ˆ‰˜‘Š’™„„±ê ‘ˆ…’Pê
‘ˆ“dˆ–‘’–—ê:„–’™>‹’ê5Wˆ‹˜ê•’…˜OˆŽê…œPꖈꍈ‡‘5ê’ꝏ’Žœê
–ˆŽ˜‘‡œÃꅜ„ê—„Žê™ˆŽ5±êWˆê:ˆ„ꇈ—’‘„:‘B†‹ê™‘ꖈꖗdˆ—5™„„ê
Œ’ê’‹‘ŒO—?­êk„OBŒêŽ’˜OŽ„Œê…œ’ê“’—™•ˆ‘’±êWˆêŒ‘—ˆ•¾
‰ˆ•ˆ‘†Œê•5’™>ꙏ‘œê“•’ꏌŽ™Œ‡„†Œê˜‹„Oˆ‘BÃꓒW5•˜êˆê’W‘>ê
„Œ–—Œ—ꍈ‡Œ‘?ꓒ˜WŒ—Bê…ˆ–Ž’™Œ†’™>‹’ê•’‘?—˜­
}‡5ˆ‘’–—ê„ꙈŒŽ’–—ê‘5’Wˆê–ˆê‡5Ꙝ“’:B—„—Ꝉꙝ—„‹˜±
êêê
ê
Ž‡ˆêê ™êÀꙈŽ—’•ê•œ†‹’–—Œ
êê ê ê “êÀꄎ—˜5‘Bꋘ–—’—„
ê
ê¤Ã
êê ê ê
êê
êê ê ê
êê ê ê
êê ê ê
“ªê Àêêêꕈ‰ˆ•ˆ‘:‘Bꋘ–—’—„ê“dŒê‘5U†‹ê“’‡B‘Ž5†‹ê‘„“d­êê
ê ê êêꗈ“’—„Ã
Šêê ÀꙈŽ—’•ê—B‹’™>‹’ꝕœ†‹ˆ‘B
“•ˆêÀꕈ„—Œ™‘Bꗏ„Ž
ûêê ÀꙌ–Ž’Œ—„ꙝ‡˜†‹˜
{ˆ‘—’ꙝ—„‹ê™ê–’…?ꈛ“Œ†Œ—‘?ꑈ„‹•‘˜ˆê‹’—‘’–—ê‘5’Wˆ±ê
„ˆê™œ„‡d˜ˆê™—„‹êˆŒê—„Žˆê„ê•œ†‹’–—Bê™ê„Ž—˜5‘BêB–¾
—?ê™ê“•’–—’•˜±ê—„Žê„ê•œ†‹’–—ꍖ’˜ê5™Œ–>ꑄꋐ’—‘’–—Œê‘5’¾
Wˆ±êŽ—ˆ•>ꖈꝈꙝ—„‹˜ê’‡™’‡BꖈŽ˜‘‡5•‘?­êu„™B†ê™O„Žê—ˆ‘—’ê
™—„‹ê’‹ˆ‡G˜ˆê“„•„ˆ—•œê™‡˜O‘>‹’ê“•’–—dˆ‡B­
h˜—’•ˆê —’‹’—’ê ‘ˆ–—„‘‡„•‡‘B‹’ê “’–—˜“˜ê ˆê „˜—’•ê :5‘Ž˜­ê
|™ˆ‡ˆ‘>ꓒ–—˜“œê…œœê“„—ˆ‘—’™5‘œê–ꐈŒ‘5•’‡‘B꓏„—‘’–—B­ê
v“•5™‘?‘’–—ê „ê “„—‘’–—ê ‘„™•‹’™„‘>‹’ê “S–’…˜±ê Œê Ž‡œWê …œê
™ˆêˆ‘Oˆ‘>ê?dB—Ž˜ê“’—™•ˆ‘ê™ê“•„›Œ±ê’™?dŒŒê„ê“’—™•‡ŒŒê
“’’†Bꐄ—ˆ„—Œ†Ž>‹’ꐒ‡ˆ’™5‘Bꒇ…’•‘B†Œêê –—„™˜ê—ˆ’¾
•ˆ—Œ†Ž>ê„ꈛ“ˆ•Œˆ‘—5‘BꈏˆŽ—•’—ˆ†‹‘ŒŽœ±ê}|{ê™êi•‘?±êŽ—ˆdBê
„Bêê—>—’ê’…„–—Œê™ˆŽ>Ꝏ˜Oˆ‘’–—Œ­ê
|™ˆ‡ˆ‘>ê ˆ—’‡œê }5ê ‘ˆ“dˆ‡Ž5‡5ê „˜—’•ê ˆ‘ê “•’ê Œ‘‰’•„¾
†Œê „ê “•’ê ™?—OBê “dˆ‹ˆ‡ê „ˆê “dŒ†‹5Bê –ê ‘„…B‡Ž’˜ê ‘„ê “•„Ž—Œ†¾
Ž>ê ™œ˜WŒ—B­ê m„Ž˜—„ê ’ŠŒ–—ŒŽœê „ê Ž•Œ’™>‹’ê dBˆ‘Bê |‘Œ™ˆ•Œ—œê
{’5Oˆêi„—Œê™ê|‹ˆ•–Ž>êo•„‡ŒO—Œê„êz“’ˆ:‘’–—ê“•’ê—•‹„†Bê
—ˆ†‹‘ŒŽ˜ê„ê“œ•’—ˆ†‹‘ŒŽ˜ê“dŒ“•„™˜Bê„êOŽ’ˆ‘Bꓕ’ê’‡…’•‘BŽœê
ozêyê:Œê’–—„—‘B†‹ê–’WˆŽêpzꙈꝓS–’…˜ê“’˜WB™5‘Bê—?†‹¾
—’ꑈ–—„‘‡„•‡‘B†‹ê“’–—˜“S­êt5ˆê‘„ê—’ê“dŒ“•„™ˆ‘œê™‹’‡‘>ê
ˆ—’‡ŒŽœ­êq–ˆê–Œê™?‡’Œê—’‹’±êWˆê—œ—’ê“’–—˜“œê…˜‡’˜ê™œ˜¾
WB™5‘œê“•„™Œ‡„ꍈ‘’±ê“’Ž˜‡ê—’ê…˜‡ˆê‘ˆ…œ—‘?ꑘ—‘>±ê—ˆ‡œê
“dŒê dˆOˆ‘Bê ‘ˆ–—„‘‡„•‡‘B†‹ê Œ’d5‡‘U†‹ê ˜‡5’–—Bê –ê “’W5•œê
:Œê “dB’ê “dŒê Ž•Œ’™U†‹ê –Œ—˜„†B†‹­ê wdB“•„™„ê …œê …œ„ê “•’™5¾
‡?‘„ꎕ’?êm„Ž˜—œê’ŠŒ–—ŒŽœê„ꎕŒ’™>‹’êdBˆ‘Bê–Ꙝ˜WŒ—Bê
’W‘’–—Bê z“’ˆ:‘’–—Œê “•’ê —•‹„†Bê —ˆ†‹‘ŒŽ˜ê „ê “œ•’—ˆ†‹‘ŒŽ˜ê
„ê ’‡…’•‘BŽSê ê –—„™˜ê —ˆ’•ˆ—Œ†Ž>ê „ê ˆ›“ˆ•Œˆ‘—5‘Bê ˆˆŽ—•’¾
—ˆ†‹‘ŒŽœê }œ–’Ž>‹’ê ˜:ˆ‘Bê —ˆ†‹‘Œ†Ž>‹’±ê m„Ž˜—œê ˆˆŽ—•’—ˆ†‹¾
‘ŒŽœê„ꎒ˜‘ŒŽ„:‘B†‹ê—ˆ†‹‘’’ŠŒBê™êi•‘?±ê“’‡ê™ˆ‡ˆ‘Bê‡’†­ê
p‘Š­êw„™„êmŒ„œ±êw‹­k±êŽ—ˆdBꐄBꎕ’?ꙈŽU†‹êŽ˜Oˆ‘’–—Bê
ê„—ˆ„—Œ†Ž>‹’ꐒ‡ˆ’™5‘Bê•S‘U†‹ê‡•˜‹Sê™U…˜†‹SêŒêˆŒ†‹ê
•’–5‹’˜ê‡„—„…5Œêê†ˆ>‹’ê–™?—„­êk’™ˆ‡’˜ê‘ˆˆ‘ꘕ:Œ—±ê„Žê
’™Œ™‘Bꐕ„Žœê„ê“’:„–Bꒇ•„ê—„Ž’™>ꙏ‘œê„ê—Bê“’‡B‘Žœê
“•’ê—•‹5‘BꄏˆêŒê˜•:Œ—ꙋ’‡‘>ꐑ’W–—™Bꓒ—dˆ…‘>ꗕ‹„™Œ‘œ­êk’¾
™ˆ‡ˆˆê–Œê—„Ž>ê“dˆ‡–—„™Œ—±êWˆê—„Ž—’ꙜOŽ’ˆ‘Bꖓˆ†Œ„Œ–—>ꅜê
=35$92'$-
…œŒê“’˜WŒ—ˆ‘Bꓒ˜ˆê“dŒêŒ’d5‡‘U†‹ê˜‡5’–—ˆ†‹ê„ꍈ‡Œ‘?ê
‘„ê5Ž„‡?ꑄdBˆ‘BꙜ…•„‘U†‹ê˜•:ˆ‘U†‹Ãꒇ“’™?‡‘U†‹ê“•„¾
†’™‘BŽSênêozêy±ê‘ˆ…’ê“’ê‘„dBˆ‘Bê“dB–˜O‘>‹’ꎕ„–Ž>¾
‹’ꋈ—„‘„ê„êdˆ‡Œ—ˆˆê“dB–˜O‘>‹’ꎕ„–Ž>‹’êdˆ‡Œ—ˆ–—™Bêozê
y±ê†’Wꅜꅜ’ꘕ:Œ—?ꐒW‘>ꙋ’‡‘?ꏈŠŒ–„—Œ™‘?ê’Oˆ—dŒ—­êh…œê
–ˆê—Œ—’Ꙝ–’†Bꉘ‘Ž†Œ’‘5dŒê’‹Œê’‡“’™?‡‘?ꕒ‹’‡’™„—±ê–ˆê
–†‹’“‘Œê“•’ê—œ—’Ꙝ…•„‘>꒖’…œê“dŒ“•„™Œ—ê„ê“•’™>–—ê–“ˆ†Œ5‘Bê
Ž˜•­ê|Bˆê“dŒ“•„™Œ—êŒêŽ˜•ê¶}œ˜WŒ—Bꑈ–—„‘‡„•‡‘B†‹êˆ—’‡ê
“dŒê ‹„Oˆ‘Bê “’W5•Sµê “•’ê ™ˆ‡’˜†Bê “•„†’™‘BŽœê pzê „ê Ž•Œ’™>¾
‹’ê dBˆ‘Bê ™ˆê ™ˆdˆ‘>ê –“•5™?ê —„Ž±ê „…œê …œŒê ¶—™­ê ™ê ’…•„ˆµê „ê
’‹Œê™ê“dB“„‡?ꓒ—dˆ…œê‘„™•‹‘’˜—ê“dB–˜O‘Uê’‡“’™?‡‘Uê
“•„†’™‘BŽSê™œ˜WŒ—Bê—?†‹—’ꑈ–—„‘‡„•‡‘B†‹êˆ—’‡­êqˆê—„Ž>ê
’W‘>ê “•’ê •’OBdˆ‘Bê ’‡…’•‘U†‹ê ‘„’–—Bê “dB–˜O‘BŽSê pzê „ê
Ž•Œ’™>‹’ê dBˆ‘Bê “dŒ“•„™Œ—ê ™ê •5†Œê ˆŒ†‹ê ’‡…’•‘>ê “dB“•„™œê
Ž•5—ŽUꎘ•ê’ê—?†‹—’ꐈ—’‡5†‹ê„ê’ꍈŒ†‹ê’W‘’–—ˆ†‹­ê{ˆ“•™ˆê
„Wꅘ‡’˜ê“dŒ“•„™ˆ‘Œê‘„OŒê’‡…’•‘B†Œê™êˆ–Ž>ꕈ“˜…Œ†ˆ±ê…˜‡ˆ¾
ˆê—œ—’ꐒW‘’–—Œê‘„…Bˆ—ê™ê•5†Œêl™•’“–Ž>ê|‘Œˆ­ê}Oˆ†‹‘œê
ˆ—’‡œê–’˜êˆŒ‘5•’‡‘?꓄—ˆ‘—’™?ꆋ•5‘?‘œ­
êp‘Š­êp‘Š¾w„ˆ‡êpnpwêtŒ•’–„™êq„‘B:ˆŽêw‹­k­±ê’‡…’•‘UꄖŒ–¾
—ˆ‘—±ê|‘Œ™ˆ•Œ—„ê{’5Oˆêi„—ŒêB‘±êm„Ž˜—„ꏒŠŒ–—ŒŽœê„ꎕŒ’¾
™>‹’êdBˆ‘B±ê –—„™êŽ•Œ’™>‹’êdBˆ‘B±êz—˜‡ˆ‘—–Ž>ê‘5­ê¡¥£¢±ê
¦¨¦êª¡ê|‹ˆ•–Ž>êo•„‡ŒO—?±ê—ˆ­®ê¥§¦êª£¨êª§¢±êˆ¾„®ê„‘Œ†ˆŽÍ¾
‰Ž•­˜—…­†±ê:ˆ‘êz“’ˆ:‘’–—Œê“•’ê—•‹„†Bꗈ†‹‘ŒŽ˜ê„ê“œ•’—ˆ†‹¾
‘ŒŽ˜­
ê{‹ˆ’•œêyˆ‰ˆ•ˆ‘†ˆê‰’•ê—‹ˆêtˆ†‹„‘Œ†„êhwksꄑ‡êtˆ†‹„‘Œ¾
†„êh““Œ†„—Œ’‘–±ê„‘’‘–…˜•Š±êwh¡¥£¡§®huz€z±ê¢ªª©­ê
ê z­u~­ê €˜„‘±ê m’˜‘‡„—Œ’‘–ê ’‰ê m˜Œ‡ê tˆ†‹„‘Œ†–±ê w•ˆ‘—Œ†ˆ¾
¾o„êp‘—ˆ•‘„—Œ’‘„±êp‘†­±ês’‘‡’‘±ê““­ê§¡¾¡ª¢±ê¡©§¦­
32=1$7.<=328å,7«9='8&+29»&+0(=(591Ÿ/2å«&+
&/2129»&+2'67ą(/č9<792ą(1»&+3202&«3/<129»&+
9$.č
,QJ-RVHI%DUWRx51'U%RKXPLO6YRERGD&6F,QJ0LODQ7øxLWHO
¸92'
o„™‘Bê†Bˆêw•’ˆŽ—˜ê:­ê¥¨¾ª§ê½¡½ê…œ’êdˆOˆ‘Bꇏ’˜‹’‡’…>ê
–—„…ŒŒ—œê5™?•‘U†‹ê–—?‘ꏌŽ™Œ‡’™„‘U†‹êŽ„ˆ‘’’S­ê}ê•5¾
†Œê“•’ˆŽ—˜ê…œœê™œ™Œ‘˜—œêˆ—’‡œ±ê˜’WG˜B†Bꖏˆ‡’™5‘Bꕒ¾
•˜O’™„†B‹’êR:Œ‘Ž˜ê‘„“?P’™U…˜†‹’™>ꙏ‘œ±ê™œ™’„‘>ꇈ—’‘„†Bê
™U…˜O‘Œ‘ê ™ê ‹’•‘Œ‘’™>ê „–Œ™˜ê „ê …œœê ‹ˆ‡5‘œê —ˆ†‹‘Œ†Ž>ê
“S–’…œê’ˆˆ‘Bꇒ–„‹˜ê“’•˜Oˆ‘Bꋒ•‘Œ‘­
qˆ‡‘Bê ˆê “S–’…˜ê …œ’ê “’˜WŒ—Bê „›Œ5‘?ê ’‡ˆ‹:ˆ‘U†‹ê ‘5’¾
WBꖈꙝ‡˜†‹’™’˜êˆˆ•’˜ê™ê‹’•‘Bê:5–—Œê‘5’Wˆ­êˆOŒ—ˆ>ꖌê
…œŒê ™?‡’Œ±ê Wˆê “S™’‡‘Bê 5?•ˆê “’˜WB™5‘Bê „›Œ5‘?ê ’‡¾
ˆ‹:ˆ‘U†‹ê‘5’WBꓒ’†Bꙝ“?•‘U†‹ê—„Ž’™U†‹êˆˆˆ‘—Sꗝ™­ê
“œ‘’™U†‹ê™„ŽSñꎗˆ•>ꒇ‡?Bê‘5’Wˆê—•‹„™Œ‘œê’‡ê˜†“5™Žœê„ê
™œ—™’dBꙝ‡˜†‹’™’˜êˆˆ•˜±ê…œ’ê„ꍈêB–Ž5‘BêR–“’•œê—•‹„™Œ‘œê
“dŒêŒ‘„Žê–‹’‡‘>ꉕ„Šˆ‘—„†Œ­ê}ꐄ•Žˆ—Œ‘Š’™U†‹ê„—ˆ•Œ5ˆ†‹ê
„‹•„‘Œ:‘B†‹ê‰Œ•ˆ±êŽ—ˆ•>ꖈꝄ…U™„Bê™U•’…’˜ê—?†‹—’ꙄŽS±ê
ˆê ™O„Žê „Ž’ê ˆ‡‘’ê ê ’W‘U†‹ê ™œ˜WŒ—Bê ˜™5‡?‘ê Œê ‹„‡ŽUê ™U¾
’­êw•’—’ê…œ’ê“•’™ˆ‡ˆ‘’ê‘?Ž’ŒŽêˆ›“ˆ•Œˆ‘—5‘B†‹ê’‡–—dˆSê
–ꙄŽœê„‹•„‘Œ:‘B†‹ê™U•’…†S±ê„ˆêŒê–ꙄŽœêê—ˆ–—’™„†Bê–>•Œˆê
™U•’…†ˆê—˜ˆ–Ž>‹’­
}ꓕS…?‹˜ê—?†‹—’ê’‡–—dˆSꅜ„ê“’’•‘’–—ê™?‘’™5‘„Ꝉ>‘„ê
—’˜±ê‡„ê™êB–—?ꙝ‡˜†‹’™>ꐈˆ•œêSWˆê‡’B—ꎈꖑBWˆ‘Bê
•’•˜O’™„†B‹’êR:Œ‘Ž˜ê‡ˆ—’‘„:‘Bê•5’™>ꙏ‘œê‡’ê“dˆ‡“’Bꋒ•¾
‘Œ‘’™>‹’ꐄ–Œ™˜±ê„ꗒꐄŽ•’–Ž’“Œ†ŽUê“’’•’™5‘B­
êv…•5ˆŽê¡ê¾êr’‘–—•˜Ž†ˆê‘5’WBê„ꘆ“5™ˆŽê™•—Sêjvê:­ê¡¥½¢ªª¨
323,63529('(1»&+(;3(5,0(17Ÿ/1«&+
2'67ą(/č
}ˆê™5“ˆ‘†’™>ê’˜êˆdŒ‘Ž„ê…œœê™ê•5†ŒêdˆOˆ‘Bêw•’ˆŽ—˜ê
:­ê ¥¨¾ª§ê “•’™ˆ‡ˆ‘œê †ˆŽˆê ¤ê ˆ›“ˆ•Œˆ‘—5‘Bê ’‡–—dˆœê –ê “’¾
˜WŒ—Bê “œ‘’™U†‹ê ™„ŽS±ê “dŒê Ž—ˆ•U†‹ê …œ’ê –ˆ‡’™5‘’±ê ‡„ê „ê
™ê„Ž>êBdˆê–ˆê“•’ˆ™BꙏŒ™ê™‡˜†‹’™>ꐈˆ•œê‘„ê‹’•‘Œ‘’™Uê
„–Œ™­êw•’ê‘5’•‘’–—ꘙ5‡Bˆê†‹„•„Ž—ˆ•Œ–—ŒŽœê‡™’˜ê—„Ž’™U†‹ê
’‡–—dˆS­
&ORQRYÛ RGVWĆHO ê SURYHGHQÛ GQH
v‡–—dˆê…œê–Œ—˜’™5‘ꑄꦭꈗ5WŒê’˜êˆdŒ‘Ž„ê„ê’‡ŒO’™„ê–ˆê
v…•5ˆŽê¢ê¾êwS‡’•œ–‘5ꖌ—˜„†ˆê“•’™5‡?†B‹’ê“•’ˆŽ—˜êjvê:­ê¡¥½¢ªª¨
=35$92'$-
v…•5ˆŽê£ê¾êjˆŽ’™Uꓒ‹ˆ‡ê‘„ê•’™„ê“’êjvê:­ê¡¥½¢ªª¨
’‡ê …?W‘U†‹ê ’‡–—dˆSê •ˆ„Œ’™„‘U†‹ê ™ê ‡„‘>ê B–—?ê —B±ê Wˆê
†ˆŽˆê ¡¢ê ™•—Sê ™ê ’…’˜ê d„‡5†‹ê …œ’ê ’‡ˆ‹:ˆ‘’ê —„Ž±ê Wˆê :5–—ê
“•’–—’•˜±êŽ—ˆ•Uê…?W‘Uê“S–’…ˆê™ê‘„…Bˆ‘U†‹ê™•—ˆ†‹±ê™œ“¾
G˜Bꗕ‹„™Œ‘„ê„ꘆ“5™Ž’™Uꐄ—ˆ•Œ5±ê…œê„ê“’’†Œê“œ‘’™>‹’ê
™„Ž˜ê“’‘ˆ†‹5‘ê“•5‡‘UêÀꙌê’…•5Žœê:­ê¡ê„ꢱꝈꎗˆ•U†‹ê
ˆêdˆ5ꍄŽê–„’—‘5ꎒ‘–—•˜Ž†ˆê‘5’WBê„ꘆ“5™Žœ±ê—„Žê–Œ—˜¾
’™5‘Bꒇˆ‹:ˆ‘U†‹ê™•—SꙈꙕ—‘>ê“’Œ­
êv…•5ˆŽê¤ê¾êr’‘–—•˜Ž†ˆê‘5’WBê„ꘆ“5™ˆŽê™•—Sêjvê:­ê¤¨½¢ªª¨
o„™‘Bê R:ˆˆê …œ’ê Œ’ê ’™?d’™5‘Bê “’˜WŒ—ˆ‘’–—Œê “œ‘’¾
™U†‹ê™„ŽSꍄŽ’ê“•’–—dˆ‡Ž˜ê“•’ê–‘BWˆ‘Bꖓ’—dˆ…œê—•‹„™Œ‘ê“dŒê
„†‹’™5‘Bꎙ„Œ—œê’‡–—dˆ˜êˆ>‘„ê“’W„‡’™„‘>ꉕ„Šˆ‘—„†ˆê
„ê¶:Œ–—’—œµê’‡–—dˆˆê‘’™?Ꙝ—™’dˆ‘>ꏒ’™>ꖗ?‘œÃꓒ’•’¾
™5‘Bê ™Œ™˜ê ‡ˆ—’‘„†ˆê ’‡ˆ‹:ˆ‘>ê ‘5’Wˆê ‘„ê ‹’•‘Œ‘’™Uê „–Œ™ê
—™’dB†Bꑒ™?ꙝ‘ŒŽ’˜ê’’™’˜ê–—?‘˜­êiœ’ꝍŒO—?‘’±êWˆêŽ•5†ˆ¾
‘Bê‡>Žœê˜†“5™Žœê‘ˆ“S–’…Œ’ê™U•’‘ê“’™U…˜†‹’™U†‹ê“’‡Œ‘ê
„꓏œ‘SêR–—Bê™•—˜ê—™­ê™œ‰’˜Ž‘˜—Bꘆ“5™ŽœÃ±ê„êWˆê’‡ˆ‹:ˆ‘Bê
™•—Sê ‘ˆ’™Œ™‘Œ’ê “•™’—‘?ê ™‘ŒŽ„B†Bê ‰•„Šˆ‘—„†Œ±ê Ž—ˆ•5ê ˆ™Œ¾
‡ˆ‘—‘?ꎒ“B•˜ˆê“•ˆ‡Œ–“’Œ†Œê‡„‘’˜ê˜’Wˆ‘Bê–ˆ‡Œˆ‘—5•‘B†‹ê
™5“ˆ‘†Sê„ê—ˆŽ—’‘ŒŽ˜ê’WŒ–Ž„­ê
ê“„‘’•„„—Œ†Ž>‹’ê’…•5Ž˜ê:­ê£êˆêdˆ>±êWˆê‰•„Šˆ‘—„†ˆê
„‘Œê“’ꇒ“„‡˜ê•’“’ˆ‘>‹’ê—?WŒ™„ê™êB–—ˆ†‹±êŽ‡ˆê…œœê’‡ˆ‹¾
:ˆ‘>ê ‘5’Wˆ±ê ‘ˆ™œŽ„˜ˆê ™U•„‘Uê •’‡Bê ’“•’—Œê ‰•„Šˆ‘—„†Œê
™‘ŒŽ>ê™êB–—ˆ†‹ê‘’•5‘B†‹ê¶“‘U†‹µÃê‘5’WB­
&ORQRYÛ RGVWĆHO ê SURYHGHQÛ GQH
j’‘’™Uꒇ–—dˆê:­ê¤¨ê–ˆê’‡ê“dˆ‡†‹’B‹’ê’‡–—dˆ˜ê:­ê¡¥êŒOŒê
‘ˆˆ‘êB–—ˆêˆ‹’ê“•’™ˆ‡ˆ‘B±ê„ˆêŒêŽ’‘–—•˜Ž†Bꒇˆ‹:ˆ‘U†‹ê
‘5’WB­ê v‡–—dˆê …œê •ˆ„Œ’™5‘ê ™ê †’ê ’W‘5ê ‘ˆŽ’“„Ž—‘?OBê
“„•—ŒŒê ™5“ˆ‘†Sê ‘„ê ¥­ê ˆ—5WŒê ’˜ê ˆdŒ‘Ž„ê „ê ˜ê ¡¤ê ™•—Sê …œ’ê
’‡ˆ‹:ˆ‘Bꝙ?—Oˆ‘’ê’ꍈ‡ˆ‘ꐈ—•ê‘„ꆈŽ’™’˜ê‡>Ž˜ê¦êê…ˆê
‘5’Wˆê—•‹„™Œ‘œê„ê¤êê™’‘>‹’ê“•’–—’•˜­êzŒ—˜’™5‘Bꒇˆ‹:ˆ¾
‘U†‹ê™•—Sê„ꎒ‘–—•˜Ž†ˆê‘5’WBꍖ’˜êdˆ>êê’…•5Ž˜ê:­ê¤ê„ꥱê
“’‹ˆ‡ê‘„ê•’™„ê˜™5‡Bꒅ•­ê:­ê¦­
v…•5ˆŽê¥ê¾êwS‡’•œ–‘5ꖌ—˜„†ˆê“•’™5‡?†B‹’ê“•’ˆŽ—˜êjvê:­ê¤¨½¢ªª¨
ê ‡’Ž˜ˆ‘—„†ˆê ™Oˆ†‹ê :—œdê ’‡–—dˆS±ê Ž—ˆ•>ê …œœê “•’™ˆ‡ˆ‘œê
™ê •5†Œê “•’ˆŽ—˜ê wê ¥¨¾ª§ê ˆê “„—•‘’±ê Wˆê ‘5’Wˆê Ž—ˆ•>ê …œœê
„›Œ5‘?ꒇˆ‹:ˆ‘œê™ê‹’•‘Bê—dˆ—Œ‘?ê‡>Žœê™•—SêŒê—„±êŽ‡ˆê‡>Ž„ê
˜†“5™Žœê…œœêŽ•5†ˆ‘„ꆆ„ê’ê¡êê„ê‡>Žœê‘5’WBꅜœêŽ•5†ˆ‘œê
™ê“•S?•˜ê’ꡱ¥ê„Wê£ê±ê‘ˆ‡’O’Ꙉê™?—OŒ‘?ê“dB“„‡SêŽê„Ž•’¾
–Ž’“Œ†Žœê™U•„‘Uê•’‡BSê’“•’—Œê™•—Sê–ꑈ’‡ˆ‹:ˆ‘UŒê
‘’•5‘BŒÃê‘5’WˆŒ­ê
6+5187«
v…•5ˆŽê¦ê¾êy’™„ê“’êjvê:­ê¤¨½¢ªª¨
}U–ˆ‡Žˆê “’’•’™5‘Bê ’‡–—dˆSê ˆ±ê Wˆê B–—„ê ™ê ‹’•‘Œ‘’™>ê
„–Œ™˜±êŽ—ˆ•5ꑈ–’˜êŽ’‘—„Ž—‘?Ꙝ–—„™ˆ‘„êR:Œ‘Ž˜ê‡ˆ—’‘„:‘Bê
•5’™>ê ™‘œê “dŒê Ž—ˆ•>ê –Ž’Ž’™?±ê ‘ˆ–“’Œ—’˜ê :„•’˜±ê ‡’†‹5Bê
™ê –˜“ˆ•Ž•5—Ž>ê :„–ˆê Žê ‘5•S–—˜ê ‡ˆ—’‘„:‘B‹’ê —„Ž˜ê „Wê ‡’ê
d„‡˜ê‡ˆ–B—ˆŽê—Œ–B†êtw„±êS–—5™„Bꕈ„—Œ™‘?ꑈ“’OŽ’ˆ‘„­êsˆê
—ˆ‡œê­ê‡’™’‡Œ—±êWˆê™ê—’—’ê“•’–—’•˜êˆê‡’–„‹ê•’•˜O’™„†B¾
‹’ê R:Œ‘Ž˜ê ‡ˆ—’‘„:‘Bê •5’™>ê ™‘œê ‡’ê “dˆ‡“’Bê ‹’•‘Œ‘’™>‹’ê
„–Œ™˜ê Œ‘Œ„Œ’™5‘±ê ‘ˆ…’Pê ™ê “•’–—’•˜ê ™•—˜ê …ˆê “dB—’¾
‘’–—Œê‘5’Wˆê™U…˜O‘Œ‘œê‘ˆ™‘ŒŽ5ê™U…˜†‹’™5ꇘ—Œ‘„±êŽ—ˆ•5ꅜê
…ˆ“•’–—dˆ‡‘?ê “S–’…Œ„ê ‘„ê –—?‘œê ™•—Sê „ê —Bê ‘„ê ˆŒ†‹ê …ˆ¾
“•’–—dˆ‡‘B꒎’B­êrꕒ“’’™„†B˜êˆ‰ˆŽ—˜ê™ê’‡ˆ‹:ˆ‘>ê:5–—Œê
‘5’WBꇒ†‹5Bê„Wê™ê—™­ê”˜„Œ–—„—Œ†Ž>ê‰5Œê‡ˆ—’‘„:‘Bê“dˆ?‘œê
™U…˜O‘Œ‘±ê Ž‡œê ‡’†‹5Bê Žˆê Ž’“•ˆ–Œê ™‡˜†‹˜ê ™ˆê ™‡˜†‹’™>ê
ˆˆdˆê ‘5’Wˆê „ê ™ê ‡S–ˆ‡Ž˜ê –“’˜“S–’…ˆ‘Bê “dˆ‡‘B†‹ê d„‡ê
‘5’WBêŽê™œ–˜‘˜—Bꑄ•˜Oˆ‘>‹’ê‹’•‘Œ‘’™>‹’ꐄ–Œ™˜ê–?•ˆê
‡’ê ™’‘>ê “’†‹œê •’“’’™„‘>ê –—?‘œ­ê }U–ˆ‡Žœê “•’™ˆ‡ˆ‘U†‹ê
=35$92'$-
ˆ›“ˆ•Œˆ‘—5‘B†‹ê’‡–—dˆSꓒ—™•‡Œœêˆ‡ˆ‘êê™œ–’™ˆ‘U†‹ê5¾
™?•Sê „—ˆ„—Œ†Ž>‹’ê ’‡ˆ’™5‘B±ê ˜™ˆ‡ˆ‘>‹’ê ™ê “dˆ‡†‹’B†‹ê
:5–—ˆ†‹êdˆOˆ‘Bêw•’ˆŽ—˜ê:­ê¥¨¾ª§±êWˆê—’—ŒWꕒ–„‹œêI‘ê“’•˜Oˆ¾
‘Bꋒ•‘Œ‘ê™ê’Ž’Bꇈ—’‘˜B†B†‹ê‘5’WBꍖ’˜ê“dˆ‡ˆ™OBê‰˜‘Ž†Bê
ˆŒ†‹ê “•S?•S±ê †’Wê “’—™•˜ˆê ™‘’™’˜ê —ˆ’•ŒŒê „Ž’ê 5Ž„‡‘Bê
“•Œ‘†Œ“ê•’“’’™„†B‹’ê“•’†ˆ–˜ê‹’•‘Œ‘ꈛ“’Œ™‘BꆋˆŒ†Ž’˜ê
“dˆ?‘’˜ê™U…˜O‘Œ‘­
™Œ‘œ±ê™œ“U™„B†Bêê‘ˆ‘„…Œ—U†‹ê:5–—Bꙕ—S­
sˆê Ž’‘–—„—’™„—±ê Wˆê ˆ—’‡„ê “’˜WŒ—Bê –„’‘„‰˜Ž’™„†B†‹ê “œ¾
‘’™U†‹ê ™„ŽS±ê Ž—ˆ•>ê ˜’WG˜Bê ™œ—™5dˆ‘Bê ˆˆ•ê ™ê ‘5’WB†‹ê
—•‹„™Œ‘œ±ê ™œ“‘?‘U†‹ê ‘„“d­ê ™‡˜†‹ˆê ‘ˆ…’ê Œê ™’‡’˜±ê ‡5™5ê
“dˆ‡“’Ž„‡ê –‘BWˆ‘Bê “’•˜Oˆ‘’–—Œê B†ˆê …˜‡’˜†Bê ’’™>ê –—?‘œê
™ê“dˆ‡ˆê˜•:ˆ‘U†‹ê:5–—ˆ†‹±ê‘ˆ‹ˆ‡?êŽê’W‘’–—ŒêR–“’•œê—•‹„¾
ÊÃê
yˆ‰ˆ•5—ꍈꓘ…ŒŽ’™5‘ꖈꖙ’ˆ‘Bêˆ–Ž>‹’ê…5G–Ž>‹’êRd„‡˜ê
ˆê‡‘ˆê©­ê¦­ê¢ª¡ªê‘ˆ…’PꍈꙜ“•„†’™5‘ê‘„ê5Ž„‡?ê™U–ˆ‡ŽS±ê
B–Ž„‘U†‹êdˆOˆ‘Bêw•’ˆŽ—˜ê™UŽ˜˜ê„ê™U…’ˆêˆ–Ž>‹’ê…5G¾
–Ž>‹’ê Rd„‡˜ê :­ê ¥¨¾ª§ê ¶z—„…ŒŒ—„ê 5™?•‘U†‹ê –™„‹Sê ŒŽ™Œ‡’™„¾
‘U†‹êŽ„ˆ‘’’Sµ­
/LWHUDWXUD
½¡½ê 5™?•ˆ:‘5ê “•5™„ê l—„“œê £ê w•’ˆŽ—˜ê ˆ–Ž>‹’ê …5G–Ž>‹’ê
Rd„‡˜ê:­ê¥¨¾ª§
1(%(=3(é1§=%2å«7ą«'<'235$9$6./$'29Ÿ1«
=$-,j7÷1«
=GHQøN%HGQDĆËN
uˆ…ˆ“ˆ:‘>ê ™?†Œ±ê •ˆ–“­ê ‘ˆ…ˆ“ˆ:‘>ê …’WBê ™ê ‘5–ê ™œ™’5™5ê ŒWê
–™Uê ‘5™ˆê •ˆ–“ˆŽ—ê „ê Œ–—’˜ê ‡5™Ž˜ê ‘ˆ‡S™?•œ±ê :Œê ‡’Ž’‘†ˆê
’…„™­êqˆ‡‘’˜êê‘ˆ•ŒŒŽ’™?OB†‹ê–Ž˜“Œ‘ꑈ…ˆ“ˆ:‘>‹’ꝅ’WBꗙ’¾
dBê™U…˜O‘Œ‘œ­êw’Ž˜‡ê–ˆê„?dBˆê¶“’˜ˆµê‘„ꆌ™Œ‘BꖈŽ—’•±ê—„Žê
™ê –’˜:„–‘>ê ‡’…?ê –ˆê “dŒê —•‹„†B†‹ê “•„†B†‹ê ™ê yê –“’—dˆ…’™5™5ê
•’:‘?ꆆ„ꧭªªªê—˜‘ê—•‹„™Œ‘ê“•’ê™U•’…˜ê–—„™ˆ…‘B‹’ꎄˆ‘ˆê„ê
††„ꢭªªªê—˜‘ê—•‹„™Œ‘ê“•’ê—?W…˜ê™5“ˆ‘†S­êjˆŽ’™5ꖓ’—dˆ…„ê“•’ê
“•Sœ–’™>ꓒ˜WŒ—Bê™O„Žê‡’–„‹˜ˆê—>?dê¡¥­¥ªªê—˜‘ê—•‹„™Œ‘­ê
}ê –’˜™Œ–’–—Œê –ê —B±ê ˆê —dˆ…„ê “dŒê ‘„Ž5‡5‘Bê –ê “•Sœ–’™UŒê
™U…˜O‘Œ‘„Œê ‡’‡•W’™„—ê –’˜…’•ê …ˆ“ˆ:‘’–—‘B†‹ê ’“„—dˆ‘Bê ™:­ê
’“„—dˆ‘Bê ™ˆ‡’˜†B†‹ê Žê “•ˆ™ˆ‘†Œê “dˆ‡ê ‘ˆ…ˆ“ˆ:‘UŒê ‹„™5•ŒˆŒê
„ꑈ‹’‡„Œ­êwdˆ‡‘5OŽ„ê5ꓕ’—’Ꝅê†B±ê–ˆ‘5Œ—ê’‡…’•‘’˜ê
™ˆdˆ‘’–—ê–ê“dŒ„—UŒê’“„—dˆ‘BŒê‘„êR–ˆŽ˜ê…ˆ“ˆ:‘’–—Œê“dŒê“dˆ¾
“•„™?±ê–Ž„‡’™5‘Bê„ꐄ‘Œ“˜„†Œê–ê“•Sœ–’™UŒê™U…˜O‘Œ‘„Œê
“dŒê …?W‘>ê :Œ‘‘’–—Œê ‰Œ•œê h˜–—Œ‘ê w’š‡ˆ•ê zˆ•™Œ†ˆê jê –­•­’­±ê
ˆBWê“dˆ‡?—ˆê“’‡‘ŒŽ5‘Bꍈꐍ­ê‘5Ž˜“ê„ê“•’‡ˆê™U…˜O‘Œ‘ê„ê
“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†B­
¸92'
{>„ê “•ˆ™ˆ‘†ˆê ˆê ™ê –’˜:„–‘>ê ‡’…?ê ™ˆŒê ‰•ˆŽ™ˆ‘—’™„‘>±ê „ê
“•’—’ꍖˆê–ˆ±ê–ê’‹ˆ‡ˆê‘„ê—’±êWˆê“•„†˜Œê–ê“•Sœ–’™UŒê
™U…˜O‘Œ‘„ŒêŒWꢧꏈ—±ê•’‹’‡ê–ˆ‘5Œ—ê}5–±ê™5Wˆ‘Bê:—ˆ‘5dŒ±ê
–ê “dŒ„—UŒê ’“„—dˆ‘BŒê ‘„ê R–ˆŽ˜ê …ˆ“ˆ:‘’–—Œê “dŒê “dˆ“•„™?±ê
–Ž„‡’™5‘Bê „ê „‘Œ“˜„†Œê –ê “•Sœ–’™UŒê ™U…˜O‘Œ‘„Œê “dŒê
…?W‘>ê :Œ‘‘’–—Œê ‰Œ•œê h˜–—Œ‘ê w’š‡ˆ•ê zˆ•™Œ†ˆê jê –­•­’­±ê ™ˆê
Ž—ˆ•>ê™ê–’˜:„–‘>ꇒ…?ꓕ„†˜Œê„ꍈBWê“dˆ‡?—ˆê“’‡‘ŒŽ5‘Bê
ˆê­ê‘5Ž˜“ê„ê“•’‡ˆê™U…˜O‘Œ‘ê„ê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†B
uˆ…ˆ“ˆ:‘>ê™?†Œ±ê•ˆ–“­ê‘ˆ…ˆ“ˆ:‘>ꝅ’WBê™ê‘5–Ꙝ™’5™5ꍌWê
–™Uê ‘5™ˆê •ˆ–“ˆŽ—ê „ê Œ–—’˜ê ‡5™Ž˜ê ‘ˆ‡S™?•œ±ê :Œê ‡’Ž’‘†ˆê
’…„™­ê„–ê’‡ê:„–˜ê–ˆêSWˆˆê™ê‘’™Œ‘5†‹±ê—ˆˆ™ŒŒê‘ˆ…’ꑄꌑ¾
—ˆ•‘ˆ—˜ê‡’™?‡?—ê’ê‹„™5•ŒB†‹±êOŽ’‡5†‹ê„ê—ˆ‡œêŒ’d5‡‘U†‹ê
˜‡5’–—ˆ†‹ê ™‘ŒŽU†‹ê ™ê –’˜™Œ–’–—Œê –ê ™U•’…’˜±ê “dˆ“•„™’˜ê „ê
–Ž„‡’™5‘Bê‘ˆ…ˆ“ˆ:‘>‹’ꝅ’WB­êk’‘B™5ê–ˆê™O„Ž±êWˆê:ˆ—¾
‘’–—ê—„Ž’™U†‹ê‘ˆ‹’‡êˆê‘’‹ˆêˆ‘OBꑈWꓒ:ˆ—ꑈ‹’‡ê„ê
‹„™5•ŒBê ™‘ŒŽU†‹ê ™ê –’˜™Œ–’–—Œê –ê Œ‘UŒê ‡•˜‹œê …’WB±ê „™O„Žê
ˆ‡Œ„Œ„†ˆê˜‡5’–—Bꎒˆê‘ˆ…ˆ“ˆ:‘U†‹ê™?†Bꗈ‘—’ê“’?•ê
’“—Œ†Žœê’…•„†B­ê
ê }ˆê –™>ê :5‘Ž˜ê –ˆê „?dBê ‘„ê “•Sœ–’™>ê ™U…˜O‘Œ‘œê „ê
“’Ž˜–Bê “dŒ‘>–—ê ‘’™>ê ‘ˆ…’ê „ˆ–“’Gê ‡’“G˜B†Bê “’‘„—Žœê „ê
Œ‘‰’•„†ˆê’ꇒ“•„™?ê“dˆ“•„™?Ãê™U…˜O‘Œ‘ê“’ê“’ˆ‘B†‹êŽ’¾
˜‘ŒŽ„†B†‹±ê’ꍈŒ†‹ê–Ž„‡’™5‘Bê„ꝄŒO—?‘B­ê
w’‡ˆê‡’–—˜“‘U†‹êŒ‘‰’•„†Bꖈê™ê–’˜:„–‘>ꇒ…?ê“dŒê—•‹„†B†‹ê
“•„†B†‹ê™êyꖓ’—dˆ…’™5™5ꕒ:‘?ꆆ„ꨭ¥ªªê—˜‘ê—•‹„™Œ‘ê“•’ê
™U•’…˜ê–—„™ˆ…‘B‹’ꎄˆ‘ˆê„ꆆ„ꢭªªªê—˜‘ê—•‹„™Œ‘ê“•’ê—?W¾
…˜ê™5“ˆ‘†S±ê“dŒ:ˆWꆈŽ’™5ꖓ’—dˆ…„ê™O„Žê‡’–„‹˜ˆê—>?dê
¡¥­ªªªê—˜‘ê—•‹„™Œ‘ê“•’ê“•Sœ–’™>ꓒ˜WŒ—B­ê{’—’ꐑ’W–—™Bꖈê
˜–BꏒŠŒ†Žœê™œ•’…Œ—±ê˜–Ž„‡‘Œ—±ê“dˆ“•„™Œ—ê„ê—„Ž>ꖓ’—dˆ…’™„—­ê
w’Ž˜‡ê–Œê“dˆ‡–—„™Bˆê—ˆ‘—’ꎒ’…?‹ê™ê“•„›Œê„ê“dŒ“’:B—5ˆê
’…ˆœ±êŽ—ˆ•>ê“dˆ–êRˆBêyꓒ˜ˆê—•„‘Œ—˜B±ê“„Žê–Œê‡’™’Bê
’‡‹„‡‘’˜—±êWˆê™ê“•S…?‹˜ê•’Ž˜ê–ˆê™ê‘„OBꝈŒê‘„Ž5‡5ꆆ„ê
–ꥪ­ªªªê—˜‘„Œê“•Sœ–’™U†‹ê™U…˜O‘Œ‘­ê
2%(&1Ÿ&+$5$.7(5,67,.$1(%(=3(é1§+2
=%2å«5(639÷&«
uˆ…ˆ“ˆ:‘>ꝅ’WBêSWˆˆê†‹„•„Ž—ˆ•Œ’™„—ꍄŽ’ꝅ’WB±êŽ—ˆ•>ê
™ê‡S–ˆ‡Ž˜ê–Œ‘?ꄊ•ˆ–Œ™‘B†‹ê„Ž—Œ™‘B†‹ê™„–—‘’–—Bê5ꗕ™„Uê
‘ˆ…’ꍈ‘Ꝅꘕ:Œ—U†‹ê’Ž’‘’–—BêOŽ’‡Œ™UꙏŒ™ê‘„ê’Ž’‘Bꓕ’–—dˆ¾
‡B±êˆ>‘„ꑄꝇ•„™Bê„êWŒ™’—œêŒ‡B­
uˆ…ˆ“ˆ:‘>ê™?†Œê–’˜ê™œˆˆ‘œê™ê5Ž’‘?ê:­ê¡¡¡½¡©©¤êz…­±ê’ê
–Œ‘Œ:‘Bꇒ“•„™?±ê„Ž’ê5—Žœê„ê“dˆ‡?—œ±ê“•’ꍈŒ†‹Wꓒ™„‹˜±ê
™„–—‘’–—Œê‘ˆ…’ê–—„™êSWˆê…U—ê™ê–’˜™Œ–’–—Œê–ꍈŒ†‹ê“dˆ“•„¾
™’˜ê’‹•’Wˆ‘„ê…ˆ“ˆ:‘’–—ê’–’…±ê™Bd„—ê„ê™?†Bꑈ…’ê’‹•’Wˆ‘’ê
WŒ™’—‘Bꓕ’–—dˆ‡B­
êuˆ…ˆ“ˆ:‘>ê™?†Œê–’˜ê‡ˆê‡’‹’‡œêhkyꇈ‰Œ‘’™5‘œê„Ž’ê5—Žœê
„ê“dˆ‡?—œ±êˆŒ†‹Wê“dˆ“•„™„ꍈêk’‹’‡’˜êhkyꝄŽ55‘„ꑈ…’ê
‡’™’ˆ‘„±ê„ê—’ê“’˜ˆê„ê“’‡B‘ˆŽê™ê‘Bê“dˆ‡ˆ“–„‘U†‹­ê{„Ž’¾
™>—’ê™?†Œê’‹’˜êB—ê•S‘5ꑈ…ˆ“ˆ:B±ê‘„“d­ê™U…˜O‘’–—±ê‹’d¾
„™’–—±ê–†‹’“‘’–—ê–„’„“5ˆ‘B±ê—’›Œ†Œ—˜±êŒ‘‰ˆŽ:‘’–—±ê•„‡Œ’„Ž¾
—Œ™Œ—˜ê‘ˆ…’ꐒ‹’˜êŒ‘„Žê’‹•’W’™„—êWŒ™’—‘Bꓕ’–—dˆ‡Bꄓ’‡­
uˆ…ˆ“ˆ:‘>ê™?†Œêˆê‘˜—‘>ꆋ5“„—ꑈˆ‘ꍄŽ’ê5—Žœê™ê—˜‹>±ê
Ž„“„‘>ê:Œê“œ‘‘>ê–Ž˜“ˆ‘–—™Bê“„Œ™’ê“•’ê–“„’™„†Bꐒ—’¾
•œ±êŽœ–ˆŒ‘„ꇘ–Œ:‘5ñꄏˆê—„Ž>ꍄŽ’ê“dˆ‡?—œê’…–„‹˜B†Bꑈ¾
…ˆ“ˆ:‘>ê™?†Œê„Ž’ê‘„“d­ê—„Ž’™>ê‘5‡’…œ±ê‘5…’ˆê“•’ꝅ•„‘?±ê
„Ž˜˜5—’•œê„“’‡­­ê
q„Ž’ꑈ…ˆ“ˆ:‘>ê™?†Œê–’˜ê‡ˆêhkyꆋ5“5‘œêŒê’‡“„‡œê5—¾
Žœ±ê •’—’Žœ±ê –?–Œ±ê “dˆ‡?—œÃ±ê Ž—ˆ•>ê ‘ˆSW’˜ê …U—ê “’˜WŒ—œê
„Ž’ê—„Ž’™>ê„ꎗˆ•>ꍖ’˜ê“dˆ“•„™’™5‘œêŽê‡„OB˜ê“•„†’™5‘B±ê
Žê˜’Wˆ‘Bꑄꖎ5‡Ž˜ê‘ˆ…’êŽêŒŽ™Œ‡„†Œ­ê
=35$92'$}ê‘5™„‘’–—Œê‘„ê™UOˆê˜™ˆ‡ˆ‘>ꇈ‰Œ‘Œ†ˆê‘ˆ…ˆ“ˆ:‘>‹’ꝅ’WB±ê
•ˆ–“­ê ™?†Bê SWˆˆê ™œ™’‡Œ—±ê Wˆê ‡’ê —>—’ê Ž„—ˆŠ’•Œˆê –“„‡„Bê Œê
™U…˜O‘Œ‘œ­
9»%8j1,1<
w’‡ˆê>‹’ê‘5’•˜ê™U…˜O‘Œ‘œê—™’dB±ê‹‘ˆ‡ê“’ê•„‡Œ’„Ž—Œ™‘B†‹ê
5—Ž5†‹±ê‡•˜‹’˜ê‘ˆ‘ˆ…ˆ“ˆ:‘?OBꖎ˜“Œ‘˜ê™?†B±ê–ˆêŽ—ˆ•’˜êˆê
‘˜—‘>ê ™ê Ž„W‡’‡ˆ‘‘Bê WŒ™’—?ê ‘„Ž5‡„—­ê {?Wˆ…‘Bê “•Sœ–ê „ê
‘?Ž—ˆ•>ê:Œ‘‘’–—Œê™ˆê–—„™ˆ…‘Œ†—™Bꖈꓕ’–—?ꅈê™U…˜O‘Œ‘ꘕ:ˆ¾
‘U†‹êŽê“•Sœ–’™>˜ê™œ˜WŒ—B±êˆŒê‘?Wêd„‡Bˆê“•Sœ–’™>ê
—•‹„™Œ‘œ±ê•’…˜OŽœê„ꅏˆ–Ž’™Œ†ˆ±ê‘ˆ’…ˆ‡’˜­ê
+LVWRULHSRXæLWËYÛEXxQLQ
w’˜WŒ—Bê™U…˜O‘Œ‘ê™ê‡?Œ‘5†‹êŒ‡–—™„ꑈˆêê‘ˆ‡’–—„—ŽSꋌ–—’¾
•Œ†ŽU†‹ê“•„ˆ‘Sê“dˆ–‘?ꖏˆ‡’™„—­êˆ•‘Uꓕ„†‹ê™O„Žêdˆ?ê
‘„ŒêŒWꖗ„dBêBG„‘>­ê}êl™•’“?ꅜê“’“•™>ꓒ˜WŒ—ê™ê…Œ—™?ê˜ê
sˆŠ‘Œ†ˆêÂwsÃê™ê•’†ˆê¡¢¤¡ê„ꇒꓒ’™Œ‘œê¡©­ê–—’ˆ—Bꅜê“•„Ž—Œ†¾
Žœêˆ‡Œ‘’˜ê™U…˜O‘Œ‘’˜ê“’˜WB™„‘’˜ê™ˆê™’ˆ‘–—™Bê„ê™ê†Œ™Œ‘B†‹ê
“•Sœ–’™U†‹ê’‡™?—™B†‹­êqˆ‹’ê“•™‘Bꓒ˜WŒ—Bê™ê‹’•‘Œ†Ž>ꓕ„›Œê
–ˆê‡„—˜ˆê‡‘ˆê¨­ê¢­ê¡¦¢§±êŽ‡œê…œê“dŒê•„Wˆ‘Bêo’•‘Bêi’…dBê
O—’œê™êi5‘–Ž>ꗌ„™‘Œ†ŒêÂzrÃꓕ’™ˆ‡ˆ‘êr„O“„•ˆê~ˆŒ‘‡ˆê
“•™‘Bê ’‡–—dˆ­ê w’Ž•’Žê ™ê “•Sœ–’™>ê ™œ˜WŒ—Bê ™U…˜O‘Œ‘ê …œê
“S–’…ˆ‘ê ™œ‘5ˆˆê ‘Œ—•’Šœ†ˆ•Œ‘˜ê ™ê •’†ˆê ¡¨¤¦ê h–†„‘Œˆê
z’…•ˆ•ˆê „ê “’–>ˆê ‹Œ‘BŽ’™„‘>‹’ê ‡œ‘„Œ—˜ê h‰•ˆ‡ˆê u’¾
…ˆˆê™ê•’†ˆê¡¨¦§­ê{Bê…œê™ê“’‡–—„—?ê‡5‘ê5Ž„‡êŽê™U•’…?ê
’‡ˆ•‘B†‹ê „ê ™UŽ’‘‘?OB†‹ê “•Sœ–’™U†‹ê —•‹„™Œ‘ê ™ê l™•’“?ê
¡¨§ªê 5Žœê ˜ê w•„‹œ±ê ¡¨§£ê i•„—Œ–„™„±ê ¡©¢£ê w„•‡˜…Œ†ˆÃê „ê
—„Ž>Ꙉꖙ?—?­
3ą(35$9$1(%(=3(é1»&+9÷&«
wdˆ“•„™„ê ‘ˆ…ˆ“ˆ:‘U†‹ê ™?†Bê “„—dBê …ˆˆ–“’•˜ê Žê —?ê ‘5•’:¾
‘?OBê „ê ‹„™‘?ê •ŒŒŽ’™?OBê “dˆ“•„™5ê …’WBê „ê „‹•‘˜ˆê
˜†ˆˆ‘Uꖒ˜…’•ê’“ˆ•„†Bê„êRŽ’‘S±êŽ—ˆ•>ꖒ˜™Œ–Bê–ê‘„Ž5‡Ž’˜±ê
˜’Wˆ‘Bê„Ꝅ…ˆ“ˆ:ˆ‘Bê…’WBꑄꇒ“•„™‘Bꍈ‡‘’—†ˆê„Ꙝ¾
Ž5‡Ž’˜­êhꓕ5™?ꓕ’ê“dˆ“•„™˜ê‘ˆ…ˆ“ˆ:‘U†‹ê™?†B꓏„—Bꋑˆ‡ê
‘?Ž’ŒŽê “dˆ‡“Œ–Sê ™ê “’‡’…?ê ˆŒ‘5•’‡‘B†‹ê ‡’‹’‡±ê –?•‘Œ†ê
l|±ê5Ž’‘Sê„Ꙝ‹5OˆŽ­ê
9xHREHFQÇSĆHGSLV\DSĆHGSLV\VRXYLVHMËFË
VSĆHSUDYRXQHEH]SHêQÛFKYøFË
0H]LQ¿URGQËSĆHGSLV\
u˜—‘’–—ꘓ•„™Œ—ê“dˆ“•„™˜ê‘ˆ…ˆ“ˆ:‘U†‹ê™?†Bê™êˆ‡‘’—Œ™U†‹ê
‡’“•„™‘B†‹ê’…’•ˆ†‹ê™ˆ‡„êŽê—’˜±êWˆê™êŽ„W‡>ê’…’•˜ê–Œ‘Œ:¾
‘B±ê Wˆˆ‘Œ:‘B±ê ‘5’d‘B±ê ˆ—ˆ†Ž5±ê dB:‘BÃê ˆê –“ˆ†Œ5‘Bê “dˆ‡“Œ–ê
“•’ꍈŒ†‹ê“dˆ“•„™˜êÂhky±êypk±êptknêj’‡ˆ±êsh{h±êhkuíê
w’‡Ž„‡ˆê“•’ê—™’•…˜ê—?†‹—’ê“dˆ‡“Œ–Sꍖ’˜ê™’•’™>ê“dˆ‡“Œ¾
–œê¶|u¾t’‡ˆêyˆŠ˜„—Œ™µ±ê“•„†’™„‘>ê}U…’•ˆêˆ›“ˆ•—Sꓕ’ê
“dˆ“•„™˜ê‘ˆ…ˆ“ˆ:‘U†‹ê™?†Bêvzu­
3ĆHGSLV\(YURSVNÇXQLH
}ê•5†Œêl|ꍈê“dˆ“•„™„ꑈ…ˆ“ˆ:‘U†‹ê™?†BꕈŠ˜’™5‘„ê—?Œ¾
—’ꖐ?•‘Œ†ˆŒ±êŽ—ˆ•>ꍌ‘„Žê‘ˆ?‘Bꓒ‡–—„—˜ê„ꖐœ–êk’‹’‡œê
hky®
z?•‘Œ†ˆê•„‡œê¢ªª¨½¦¨½lzꝈꇑˆê¢¤­ê5dBꢪª©ê’ê“’ˆ¾
‘Bê“dˆ“•„™?ꑈ…ˆ“ˆ:‘U†‹ê™?†B
z?•‘Œ†ˆê :­ê ¢ªª¤½¡¡¢±ê ’ê ˆ‡‘’—‘U†‹ê “’–—˜“ˆ†‹ê Ž’‘—•’œê
“dŒê–Œ‘Œ:‘Bê“dˆ“•„™?ꑈ…ˆ“ˆ:‘U†‹ê™?†B­
3ĆHGSLV\éHVNÇUHSXEOLN\
w•’ꝄŽ’—™ˆ‘BꓒW„‡„™ŽSêhkyê„Ꝉ>‘„ꍈB†‹ê“dB’‹êhê„êiê
‡’ê“•5™‘B‹’êd5‡˜êˆ–Ž>ꕈ“˜…ŒŽœê…œ’ꑈ…œ—‘>±ê„…œê“’™Œ‘¾
‘’–—Œê‡ˆê˜™5‡?‘>ꅜœê˜’Wˆ‘œê5Ž’‘‘’˜êR“•„™’˜®
5Ž’‘ê:­ê¡¡¡½¡©©¤êz…­ê’ê–Œ‘Œ:‘Bꇒ“•„™?ê™ê“„—‘>ê‘?‘B
}œ‹5OŽ„ê tŒ‘Œ–—ˆ•–—™„ê ‡’“•„™œê „ê –“’Sê :­ê ¤§¨½¢ªªªê z…­±ê
Ž—ˆ•’˜ê–ˆê“•’™5‡Bê5Ž’‘ê’ê–Œ‘Œ:‘Bꇒ“•„™?±ê™ˆê‘?‘BꙜ‹­ê
:­ê¥¥½¢ªª£êz…­ê„Ꙝ‹­ê:­ê¢¨¡½¢ªª§êz…­ê–êR:Œ‘‘’–—Bꒇꡭê
‡˜…‘„ꢪª©­ê
v…•­ê¡­ê¾ê}U…˜O‘Œ‘œê“dŒ“•„™ˆ‘>êŽê“’˜WŒ—B
3ą(35$9$1(%(=3(é1»&+9÷&«7ą«'<
9»%8j1,1
9xHREHFQÇSĆHGSLV\RYÛEXxQLQ¿FK
.ODVLILNDFHGOH$'5
u„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œêˆê™êyꘓ•„™ˆ‘’ꝙ5O—‘BŒê“•5™¾
‘BŒê“dˆ‡“Œ–œ±êê‘Œ†‹Wꗈ‘ꑈ‡SˆWŒ—?OB±ê5Ž’‘ê:­ê¦¡½¡©¨¨ê’ê
‹’•‘Œ†Ž>ê:Œ‘‘’–—Œ±ê™U…˜O‘Œ‘5†‹ê„ê–—5—‘Bê…5G–Ž>ꖓ•5™?±ê™êÇ¢¡±ê
’‡–—­ê¡ê“B–­ê„Ãꇈ‰Œ‘˜ˆê™U…˜O‘Œ‘œê„Ž’®êµs5—Žœê„ê“dˆ‡?—œ±ê
Ž—ˆ•>ꍖ’˜ê˜™ˆ‡ˆ‘œê™êwdB’ˆêhêl™•’“–Ž>ꇒ‹’‡œê’ꐈŒ‘5¾
•’‡‘Bê –Œ‘Œ:‘Bê “dˆ“•„™?ê ‘ˆ…ˆ“ˆ:‘U†‹ê ™?†Bê ÂhkyÃê „d„ˆ‘>ê
‡’ê—dB‡œê¡ê—?†‹—’ê5—ˆŽ±ê“’Ž˜‡ê‘ˆ‡ˆê’ê–—dˆŒ™’ê„ê™’ˆ‘–Ž’˜ê
˜‘Œ†Œµ­Â¥Ã
}ê k’‹’‡?ê hkyê –’˜ê ‘ˆ…ˆ“ˆ:‘>ê ™?†Œê :ˆ‘?‘œê ‡’ê ¡£ê —dB‡­ê
}U…˜O‘Œ‘œê–’˜ê„d„ˆ‘œê‡’ê—dB‡œê¡êÀê}U…˜O‘>ê5—Žœê„ê“dˆ‡¾
?—œ­ê{„—’ê–Ž˜“Œ‘„ꑈ…ˆ“ˆ:‘U†‹ê™?†Bê5ꖗˆ‘’˜ê‹„™‘Bꑈ¾
…ˆ“ˆ:‘’˜ê™„–—‘’–—±ê—­ê™U…˜O‘’–—ê™ê‡S–ˆ‡Ž˜ê’‹dˆ™˜±êR‡ˆ•˜ê
:Œê—dˆ‘B±ê“„ˆ‘ˆê‘ˆ…’ꍌ‘Uê5“„‘Uê‡•’ˆ­ê}ˆ‡ˆOBê
‘ˆ…ˆ“ˆ:Bê–’˜ê—ˆ“’±ê–™?—’±ê™˜Ž±ê“œ‘±ê‹„ê:ŒêŽ’˜d­ês5—¾
Žœê„ê“dˆ‡?—œê—dB‡œê¡ê–ˆê“„Žê‡5ˆê‡?Bꑄꓒ‡—dB‡œê¡­¡²ê¡­¢­²ê
¡­£²ê¡­¤²ê¡­¥²ê¡­¦Ã­
{ˆ‘—’ê 5Ž’‘ê ‡5ˆê ‡ˆ‰Œ‘˜ˆ±ê Wˆê ‘„Ž5‡5‘Bê –ê ™U…˜O‘Œ‘„Œê ˆ®ê
¶}UŽ˜±ê™U™’ê„Ꝏ’˜Oˆ‘Bê™U…˜O‘Œ‘±êˆŒ†‹ê™U•’…„ê„ꝓ•„†’¾
™5‘B±ê“’˜WB™5‘B±ê‘Œ:ˆ‘Bê„ꝑˆOŽ’‡G’™5‘B±ê–Ž„‡’™5‘B±ê‘„…U™5¾
‘B±ê“dˆ‡5™5‘B±ê‡’™’±ê™U™’ê‘ˆ…’ê—•„‘Œ—±ê„ꍈŒ†‹ê“dˆ“•„™„µ­ê
}U…˜O‘>ê5—Žœê„ê“dˆ‡?—œê—dB‡œê¡ê‡5ˆêˆ‘®ê™U…˜O‘Œ‘œÃꍖ’˜ê
—dB‡?‘œê ‡’ê –Ž˜“Œ‘ê –‘5Oˆ‘Œ™’–—Œê ’‘„:’™„‘U†‹ê ™ˆŽUŒê “B–¾
ˆ‘œêhêÒêz­ê{„—’ê“B–ˆ‘„ê–“’˜ê–ê:B–ˆê“’‡—dB‡œê—™’dBꗝ™­ê
Ž„–Œ‰ŒŽ„:‘BêŽI‡­ê
w•’™5‡?†BŒê ™œ‹5OŽ„Œê Žê —’˜—’ê 5Ž’‘˜ê –’˜ê ™œ‹5OŽ„ê :­ê
§¢½¡©¨¨êz…­êˆ–Ž>‹’ê…5G–Ž>‹’êRd„‡˜ê’ê™U…˜O‘Œ‘5†‹ê„Ꙝ¾
‹5OŽ„ê:­ê©©½¡©©¥êz…­êˆ–Ž>‹’ê…5G–Ž>‹’êRd„‡˜ê’ê–Ž„‡’™5‘Bê
™U…˜O‘Œ‘­ê
r„W‡>ê5—†ˆê:Œê“dˆ‡?—˜êˆê“dŒd„ˆ‘’ê—>Wꌇˆ‘—Œ‰ŒŽ„:‘Bê:B–’ê
5—Žœ±ê‘ˆ…’Œê|uê:B–’±ê•ˆ–“­ê|uêŽI‡­êqˆêˆŽ™Œ™„ˆ‘—ˆê:B–„ê
vzuê “dŒd„ˆ‘>‹’ê 5—†ˆê :Œê “dˆ‡?—˜ê ˆ›“ˆ•—œê vzu­ê B–ˆê ˆê
††„꣭¥ªªê„ꎕ’?ê™U…˜O‘Œ‘±ê˜êŽ—ˆ•U†‹ê™W‡œê„:B‘5ê|uê:B–¾
=35$92'$-
’ê ª±ê –’˜ê :B–„ê “dŒd„ˆ‘„ê 5—Ž5ê „ê “dˆ‡?—Sê ‘„‹’‡ŒUê
™U…?•ˆ­ê
2]QDêRY¿QËNXVĎDYR]LGHO
z“•5™‘>꒝‘„:’™5‘Bꎘ–Sê„ê™’Œ‡ˆêˆê‘ˆ…œ—‘>ꑈˆ‘êê‡S¾
™’‡Sê –“‘?‘Bê 5Ž’‘‘U†‹ê “’‡B‘ˆŽ±ê „ˆê ˆê —„Ž>ê ‘ˆ…œ—‘’˜ê
–’˜:5–—Bꓕˆ™ˆ‘†ˆê“•’—ŒêŒ’d5‡‘Uê˜‡5’–—ˆ­êw’–Žœ—˜ˆê
—’—ŒWê5Ž„‡‘Bê„ê‡SˆWŒ—>ꌑ‰’•„†ˆê—?±êŽ—ˆdBê™ê†ˆ>êdˆ—?†Œê
‘„Ž5‡5‘Bꐄ‘Œ“˜„†ˆÃê–ê™U…˜O‘Œ‘’˜ê“dŒ‡’˜ê‡’ê–—œŽ˜­ê
%H]SHêQRVWQË]QDêN\
iˆ“ˆ:‘’–—‘Bꝑ„:Žœê“•’꒝‘„:’™5‘Bꎘ–Sꑈ…’ê™’Œ‡ˆê“dˆ¾
“•„™˜B†B†‹ê ™U…˜O‘Œ‘œê ˜–Bê –“G’™„—ê ˜™ˆ‡ˆ‘5ê ˜–—„‘’™ˆ‘Bê „ê
’‡“’™B‡„—ê …„•™„Œ±ê –œ…’œê „ê —™„•ˆê ™’•Sê ˜™ˆ‡ˆ‘Uê
™êhky­
zœ…’œ±ê—ˆ›—ê„ê:B–Œ†ˆê˜–Bê…U—ꇒ…dˆê:Œ—ˆ‘>ê„ꑈ–„„—ˆ¾
‘>­ê }Oˆ†‹‘œê …ˆ“ˆ:‘’–—‘Bê ‘„:Žœê ˜–Bê …U—ê –†‹’“‘>ê ’‡’„—ê
“’™?—•‘’–—‘BêR:Œ‘ŽSê„ê—’ê…ˆê“’‡–—„—‘>‹’ê–‘BWˆ‘BꍈŒ†‹ê
‰˜‘Ž:‘Bê:Œ—ˆ‘’–—Œ­ê
v…•­ê£­ê¾êv‘„:ˆ‘Bê™U…˜O‘Œ‘ꇏˆêhky
2]QDêRY¿QËGRSUDYQËFKMHGQRWHN
qˆ‡‘’˜ê ˆê 5Ž„‡‘B†‹ê “’™Œ‘‘’–—Bê dŒ‡Œ:ˆê “dŒê
“dˆ“•„™?ꑈ…ˆ“ˆ:‘U†‹ê™?†Bê™ê•ˆWŒ˜êk’‹’‡œê
hkyê ˆê –“•5™‘>ê ’‘„:ˆ‘Bê ™’Œ‡„ê ¾ê ‡’“•„™‘Bê
ˆ‡‘’—Žœ±ê’•„‘W’™UŒê—„…˜Ž„Œ±ê“dB“„‡‘?±ê“’¾
Ž˜‡êˆê—’ê“dˆ‡ˆ“–5‘’±êŒê™ˆŽUŒê…ˆ“ˆ:‘’–—‘BŒê
‘„:Ž„Œ­êv‘„:’™5‘Bꎒ‘—ˆ‘ˆ•Sê„ꎘ–Sꍈꓒ¾
™Œ‘‘’–—Bꒇˆ–B„—ˆˆ­
k’“•„™‘Bꍈ‡‘’—Ž˜êˆê—ˆ‡œê‘˜—‘>꒝‘„:Œ—ꇙ?„ê
“•„™’R‹UŒê•ˆ‰ˆ›‘BŒê’•„‘W’™UŒê—„…˜Ž„Œê
’ê 5Ž„‡‘?ê ¤ªªê ê „ê ™UO†ˆê £ªªê ê ¾ê —œ—’ê
—„…˜Žœê –ˆê ˜B–P˜Bê ‘„ê “dˆ‡‘Bê „ê „‡‘Bê –—•„‘˜ê
ˆ‡‘’—Žœê „ê ˜–Bê …U—ê dˆ—ˆ‘?ê ™Œ‡Œ—ˆ‘>­ê kSˆ¾
WŒ—>ꍈ±ê„…œê—„…˜Žœê™œ‡•Wˆœê™ˆê–™U†‹ê‡•W5†B†‹ê
“S–’…ˆ‘Bê “dB>‹’ê ’‹‘?ê “’ê ‡’…˜ê ¡¥ê Œ‘˜—ê „ê
—’êŒê“dŒê“dˆ™•5†ˆ‘BꙒŒ‡„­êw•’ꐈ‘OBꙒŒ‡„ê
‡’‡5™Ž„±ê“Œ†Ž¾˜“ÃêSWˆê…U—ê“’˜WŒ—„Ꝑˆ‘Oˆ‘5ê
—„…˜Ž„ê’ê5Ž„‡‘?꣪ªêê„ê™UO†ˆê¡¢ªê­
v…•­ê¢­ê¾êiˆ“ˆ:‘’–—‘Bꝑ„:Žœê—dB‡œê¡
2]QDêRY¿QËNXVĎ
„ê Ž˜–ê SWˆˆê ™ê “’‡–—„—?ê “’™„W’™„—ê ’…„ê Ðê ‘ˆ…ˆ“ˆ:‘’˜ê
™?†ê™ê‘?ê’…–„Wˆ‘’˜±ê“dB“„‡‘?ê“dˆ‡?—ê–ꑈ…ˆ“ˆ:‘’˜ê‘5¾
“‘B­êr„W‡Uꎘ–ꐘ–Bê…U—êdˆ—ˆ‘?ê„ê—•™„ˆê’‘„:ˆ‘ê|uê:B–¾
ˆ±ê ˆ˜Wê –’˜ê “dˆ‡d„ˆ‘„ê “B–ˆ‘„ê ¶|uµê „ê …ˆ“ˆ:‘’–—‘Bê
‘„:Ž’˜ê‡ˆê“dˆ‡ˆ“–„‘U†‹ê™’•S­ê}Oˆ†‹‘„꒝‘„:ˆ‘Bꐘ–Bê…U—ê
dˆ—ˆ‘?Ꙍ‡Œ—ˆ‘5ê„ê:Œ—ˆ‘5ê„ê’‡’‘5ê™S:Œê™Œ™˜ê“’™?—•‘’–—Œê
…ˆê“’‡–—„—‘>‹’ꝋ’•Oˆ‘BꍈŒ†‹ê:Œ—ˆ‘’–—Œ­
w•’ê™U…˜O‘Œ‘œê˜–Bê…U—ꎘ–œêŽ•’?ê|uê:B–„ê„ê…ˆ“ˆ:‘’–—‘Bê
‘„:Žœê’‘„:ˆ‘œê’‰Œ†Œ5‘Bê“’ˆ‘’™5‘Bê“’‡ˆêhky­ê{„Ž>ê
—’—’꒝‘„:ˆ‘Bꐘ–Bê…U—ꇒ…dˆê™Œ‡Œ—ˆ‘>ê„ꑈ–„„—ˆ‘>­êw’¾
Ž˜‡ê–ˆêˆ‡‘5ê’ꐈŒ‘5•’‡‘Bê“dˆ“•„™˜±ê˜–Bê…U—ê’‰Œ†Œ5‘Bꓒ¾
ˆ‘’™5‘Bꘙˆ‡ˆ‘’ê™êRdˆ‡‘Bê„œ†ˆêˆ?ꒇˆ–5‘Bê„ê“’Ž˜‡ê
—ˆ‘—’ꍄœŽê‘ˆ‘BꄑŠŒ:—Œ‘„±ê‰•„‘†’˜O—Œ‘„ꑈ…’ê‘?:Œ‘„±ê“„Žê
ˆO—?ꓕ5™?ê™ê‘?Ž—ˆ•>êê—?†‹—’ê—dBꍄœŽS­ê
}’Œ‡„ê“dˆ“•„™˜B†Bê™U…˜O‘Œ‘œê˜–Bê…U—ê‘„™B†ê’‘„:ˆ‘œê‘„ê
’…’˜ê …’:‘B†‹ê –—•„‘5†‹ê „ê ™„‡˜ê “dB–˜O‘’˜ê ™ˆŽ’˜ê …ˆ“ˆ:¾
‘’–—‘Bꝑ„:Ž’˜­ê{œ—’ꝑ„:Žœê–ˆê‘ˆ™œW„‡˜Bꓕ’ê“dˆ“•„™˜ê™U¾
…˜O‘U†‹ê5—ˆŽê„ê“dˆ‡?—Sꓒ‡—dB‡œê¡­¤ê–Ž˜“Œ‘œê–‘5Oˆ‘Œ™’–—Œê
¶zµ­ê
wdˆ‡ˆ“–„‘>꒝‘„:ˆ‘BꙒŒ‡ˆê‘ˆ‘Bê„WꗄŽê‡SˆWŒ—>êê‹ˆ‡Œ–Ž„ê
–„’—‘>‹’ꇒ“•„™†ˆê‘ˆ…’ꎒ‘Ž•>—‘B‹’êdŒ‡Œ:ˆ±ê„ˆê“’–Žœ—˜ˆê
‡SˆWŒ—’˜êŒ‘‰’•„†Œê–™>˜ê’Ž’B±êˆ>‘„ê’–—„—‘BêdŒ‡Œ:S­ê
{Œ±ê“’Ž˜‡ê—„Ž’™>ꙒŒ‡’ꘙŒ‡B±ê…œê?Œê„›Œ5‘?ꝙUOŒ—ê–™’¾
Œê“’’•‘’–—ê„ê’“„—•‘’–—±ê„…œê‘ˆ‡’O’ê“dŒêBˆ‘Bê:Œê“dˆ‡BW‡?¾
‘BêŽêW5‡‘>ꎒŒ‘Bꖌ—˜„†Œê„ê–“BOˆê…œê?Œê—„Ž—’꒝‘„:ˆ‘>˜ê
™’Œ‡˜ê˜’W‘Œ—궋„‡ŽUµê“•Sˆ‡­ê
3UĎYRGQËGRNODG\Y]WDKXMËFËVHNQ¿NODGX
}ˆê™’Œ‡ˆê“dˆ“•„™˜B†Bê™U…˜O‘Œ‘œê˜–Bê…U—ê—„Ž>êŽê‡Œ–“’Œ†Œê
dŒ‡Œ:Œê„ꎒ‘—•’‘Bê’•Š5‘Sê“dB–˜O‘>ꇒŽ„‡œ­ê
qˆ‡‘5ê –ˆê ˆ>‘„ê ’ê “dˆ“•„™‘Bê ‡’Ž„‡ê ‘„“d­ê ‘5Ž„‡‘Bê Œ–—±ê
‡’‡„†Bꏌ–—±êŒ–—êjtyꄓ’‡­±êŽ‡ˆê–’˜ê˜™ˆ‡ˆ‘œê5Ž„‡‘Bê„ê5¾
=35$92'$-
v…•­ê¤­ê¾êv‘„:ˆ‘Bꇒ“•„™‘B†‹êˆ‡‘’—ˆŽ
–„‡‘Bꌑ‰’•„†ˆê’ê‘5Ž„‡˜êÂ|uê:B–’±ê’‰Œ†Œ5‘Bꓒˆ‘’™5‘B±ê
:B–’ꙝ’•˜ê…ˆ“ˆ:‘’–—‘Bꝑ„:Žœ±ê“’:ˆ—ê„ê“’“Œ–ꎘ–S±ê†ˆŽ’™5ê
:Œ–—5ꋐ’—‘’–—ê™U…˜O‘>‹’ê’…–„‹˜ê„—“­Ã­ê
k„OBê ‘ˆ>‘?ê ‡SˆWŒ—Uê ‡’Ž„‡ˆê –’˜ê “B–ˆ‘>ê “’Žœ‘œ±ê
Ž—ˆ•>ꐘ–Bê…U—ꇒ“•„™†ˆê“dˆ‡5‘œêdŒ‡Œ:Œê“•’ê“dB“„‡ê‘ˆ‹’‡œê
‘ˆ…’ꐌ’d5‡‘>ꘇ5’–—Œê„ꍖ’˜ê˜’Wˆ‘œê™êŽ„…Œ‘?ꙒŒ‡„ê‘„ê
dˆ—ˆ‘?ꌇˆ‘—Œ‰ŒŽ’™„—ˆ‘>êB–—?­êw’Žœ‘œê˜–Bê…U—ê‘„“–5‘œê
™êdˆ:Œ±êŽ—ˆ•>ꕒ˜BꎄW‡Uê:ˆ‘ê’–5‡Žœê„ꎄW‡Uê:ˆ‘ê’–5‡Žœê
–Œê —œ—’ê ˜–Bê “dˆ‡ê “dˆ“•„™’˜ê “dˆ:B–—­ê u„™B†ê ˜–Bê ‡’“•„™†ˆê
„Œ–—Œ—±ê„…œê‡’—œ:‘BêdŒ‡Œ:Œê“’Žœ‘Sê•’˜?Œê„ê…œŒê–†‹’“‘Œê
ˆê–“•5™‘?ꓒ˜WB—­ê
k5ˆê–’˜ê—’ꍌWꍈ‘ꇒŽ„‡œê™—„‹˜B†BꖈêŽê™’Œ‡˜ê„êdŒ‡Œ:Œ±ê
‘„“d­ê’–™?‡:ˆ‘Bê’êOŽ’ˆ‘BêdŒ‡Œ:ˆêÀêhkyꓕSŽ„±ê“•SŽ„ê—’—’W¾
‘’–—Œê–ꉒ—’Š•„‰ŒBꎄW‡>‹’ê:ˆ‘„ê’–5‡Žœ±ê’–™?‡:ˆ‘Bê’ê–†‹™5ˆ¾
‘Bꓕ’ê“dˆ“•„™˜ê™U…˜O‘Œ‘ê“•’ꎄW‡’˜ê‡’“•„™‘Bꍈ‡‘’—Ž˜­ê
3RYLQQ¿YÛEDYD
9ÛEDYDSURRVREQËDREHFQRXRFKUDQX
}ˆê™’Œ‡ˆ†‹ê˜–Bê…U—êŽê‡Œ–“’Œ†Œê™U…„™„ê“•’ê’–’…‘Bê„ê’…ˆ†¾
‘’˜ê’†‹•„‘˜êŽê“•’™5‡?‘Bê™Oˆ’…ˆ†‘U†‹ê:Œ‘‘’–—Bê„ê–“ˆ†Œ‰Œ†ŽU†‹ê
‘’˜’™U†‹ê :Œ‘‘’–—Bê –ê ’‹ˆ‡ˆê ‘„ê ‘ˆ…ˆ“ˆ:B±ê Ž—ˆ•5ê ’‹’˜ê
™ê“•S…?‹˜ê“dˆ“•„™œê™‘ŒŽ‘’˜—­ê}’Œ‡„ê“•’ê“dˆ“•„™˜ê™U…˜O¾
‘Œ‘ꐘ–Bê…U—Ꙝ…„™ˆ‘„ꝄŽ5‡„†BêŽB‘ˆêŽB‘œÃ±ê‡™„ê–—’„†Bê
v…•­ê¥­ê¾ê}U…„™„êhky
™U–—•„W‘>ꓕ’–—dˆ‡ŽœêŽ˜Wˆœ±ê—•’R‹ˆ‘BŽœ±ê’•„‘W’™?ꅏŒŽ„B†Bê
–™B—Œ‘œÃ±ê‰˜’•ˆ–†ˆ‘:‘BꙈ–—œê“•’ê™Oˆ†‹‘œê:ˆ‘œê’–5‡Žœ±ê“dˆ¾
‘’–‘5ꖙB—Œ‘„±’†‹•„‘‘>ꕘŽ„™Œ†ˆê„ê…•Uˆ­
+DVËFËSĆËVWURMH
v–5‡Ž„ê™’Œ‡„ꐘ–Bê…U—êd5‡‘?ꒅˆ‘5ˆ‘„ê–ê’…–˜‹’˜ê‹„–Œ¾
†B†‹ê“dB–—•’S­êê™„–—‘BꝎ˜Oˆ‘’–—Œê‡’“’•˜:˜Œ±ê„…œê–ŒêŽ„W‡Uê
dŒ‡Œ:ê ‘„†™Œ:Œê ‘ˆˆ‘ê –„’—‘>ê ’™5‡5‘Bê ‹„–B†B‹’ê “dB–—•’ˆê „ê
‹„–ˆ…‘Bꓒ–—˜“±ê„ˆê—„Ž>Ꙝ˜—Bꋄ–Œ†B‹’ê“dB–—•’ˆêêR’W‘>¾
‹’êB–—„­êo„–Œ†Bê“dB–—•’ê˜•:ˆ‘Uꓕ’ê‹„Oˆ‘Bꐒ—’•˜ê„ꎄ…Œ‘œê
…œê?ê…U—ꘐB–—?‘ê“dB’ê™êŽ„…Œ‘?­
9R]LGODSURSĆHSUDYXYÛEXxQLQ
w•’ê “dˆ“•„™˜ê ™U…˜O‘Œ‘ê ’…ˆ†‘?ê ‘ˆˆê “’˜WB—ê …?W‘5ê ’—’•’¾
™5ê ™’Œ‡„ê “’Ž˜‡ê –ˆê ‘ˆˆ‡‘5ê ’ê —™­ê “’‡ŒŒ—‘Bê ‘’W–—™Bñê
„ˆê“’˜ˆê™’Œ‡„±êŽ—ˆ•5ꍖ’˜êŽ’‘–—•˜Ž:‘?ꓕ’ê—„Ž’™’˜ê“dˆ¾
“•„™˜ê˜“S–’…ˆ‘„ê„ê–“G˜Bꓒ‡B‘ŽœêˆŒ‘5•’‡‘Bꇒ‹’‡œê
hky­ê rê 5Ž„‡‘Bê ’‡ŒO‘’–—ˆê „ê ‘5•’ŽSê ’“•’—Œê …?W‘Uê
™’Œ‡S±ê “„—dBê ˆ>‘„ê Ž’‘–—•˜Ž:‘Bê ˜–“’d5‡5‘Bê ˆˆŽ—•’Œ‘¾
–—„„†ˆ±ê…•‡’™Uꖜ–—>ê˜–Bê…U—Ꙝ…„™ˆ‘êhizê„ê“dB“„‡‘?ê
Œê •ˆ—„•‡>•ˆê ‘„‡ê ¡¦ê —Ã±ê ’—’•ê ‹„–B†Bê –œ–—>±ê ’ˆ’™„:ê
•œ†‹’–—Œê‘„‡ê¡¢ê—ñꖓˆ†Œ5‘BêR“•„™„ê“„Œ™’™U†‹ê‘5‡•WBê„ê™U¾
‰˜Ž’™>‹’ê“’—•˜…B±ê™5O—‘BꓒW„‡„™Žœê‘„ꎒ‘–—•˜Ž†Œê‘5–—„™…œê
ÀꖎdB‘?ꄗ‡­
v…•­ê¦ê¾êu5–—„™…œê“•’ê“dˆ“•„™˜ê™U…˜O‘Œ‘
=35$92'$-
=DMLxWøQËYÛEXxQLQYSUĎEøKXSĆHSUDY\
6./$'<9»%8j1,1
w•’ê—˜—’ê’…„–—ꏈŠŒ–„—Œ™„±êŽ•’?ê“dˆ‡“Œ–˜êhkyꑈ–—„‘’™˜ˆê
W5‡‘5ꓕ„™Œ‡„­ê5Ž„‡ˆêˆ±êWˆê™’Œ‡„ê“dˆ“•„™˜B†Bê™U…˜O‘Œ¾
‘œê™œ–’†ˆê•ŒŒŽ’™>ꑈ…ˆ“ˆ:‘>ê™?†ŒÃ±ê˜–Bê…U—®
’“„—dˆ‘„ê “•’–—dˆ‡Žœê :Œê –œ–—>œê Žê ’†‹•„‘?ê “•’—Œê †Œˆ‘Bê
™’Œ‡„ê„ꍈ‹’ê‘5Ž„‡˜
˜–Bê …U—ê –—5ˆê “’‡ê ‡’’•ˆê ’–5‡Ž„±ê “•Sœ–’™Uê 5™’‡±ê
‡’’•†ˆê“„•Ž’™ŒO—?±ê™‹’‡‘>Ꙓ‘>ꓕ’–—•„‘–—™BÃ
zŽ„‡œê™U…˜O‘Œ‘ê“•’ꆌ™Œ‘Bꓒ˜WŒ—BꍈꐒW‘>ꕒ‡?Œ—ê™ê“’‡¾
–—„—?ꇒê—dBꖎ˜“Œ‘­êqˆ‡‘5ꖈê’ê–Ž„‡œê˜ê™U•’…†Sê5Ž„‡‘Bê
–Ž„‡±êˆŒ–Ž„‡±ê“dB•˜:‘Bꖎ„‡Ã±ê–Ž„‡œê„êR–†‹’™‘œê™U…˜O¾
‘Œ‘ê˜ê’‡…?•„—ˆSê5Ž„‡‘Bꖎ„‡±ê–—„™ˆ‘ŒO—‘Bꖎ„‡œ±êR–†‹’™¾
‘œê ™U…˜O‘Œ‘Ã±ê –Ž„‡œê „ê R–†‹’™‘œê ™U…˜O‘Œ‘ê “’‡ê “’™•†‹ˆê
˜‹ˆ‘>ê „ê •˜‡‘>ê ‡’œÃ­ê w•’—’Wˆê h˜–—Œ‘ê w’š‡ˆ•ê zˆ•™Œ†ˆê jê
–­ê•­ê’­êˆê‰Œ•„±êŽ—ˆ•5ꖈꝄ…U™5ꗄŽ>ê‘5Ž˜“ˆê„ê“•’‡ˆˆê
™U…˜O‘Œ‘±ê…˜‡˜ê–ˆê‡5ˆê„…U™„—ê’—5Ž’˜ê–Ž„‡Sê˜ê’‡…?•„—ˆS±ê
Ž’‘Ž•>—‘?ê5Ž„‡‘Bê–Ž„‡ˆ­
3UHYHQFH$36&=QDØVHNXSĆHSUDY\YÛEXxQLQ
u„Oˆê‰Œ•„êh˜–—Œ‘êw’š‡ˆ•êzˆ•™Œ†ˆêjê–­ê•­ê’­ê™?‘˜ˆê“•ˆ™ˆ‘†Œê
“dˆ‡†‹5ˆ‘Bê Œ’d5‡‘U†‹ê ˜‡5’–—Bê “dŒê “dˆ“•„™?ê ™U…˜O‘Œ‘ê
Œ’d5‡‘’˜ê“’’•‘’–—­êq–ˆê“dˆ–™?‡:ˆ‘±êWˆê“•5™?ê“dˆ“•„™„ê
ˆê‘ˆ•ŒŒŽ’™?OBꒅ„–—Bê“dŒê“•’†ˆ–˜ê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œ­ê
l›Œ–—˜ˆê‡ˆê‘’‹’ꙑ?OB†‹ê™Œ™S±êŽ—ˆ•>ꐒ‹’˜ê—ˆ‘—’ê“•’†ˆ–ê
‘ˆŠ„—Œ™‘?꒙Œ™‘Œ—ê„ꎗˆ•>ꐒ‹’˜ê“S–’…Œ—ê‘„“d­êŽ’ŒŒê™’Œ¾
‡„±êˆ‘WêSWˆê…U—ê“dB:Œ‘’˜êŒ’d5‡‘>ꘇ5’–—Œê–ꑈ‡’B•‘U¾
Œê‘5–ˆ‡Žœ­êê“•ˆ™ˆ‘—Œ™‘B†‹ê’“„—dˆ‘Bê„êê’“„—dˆ‘Bê“dŒ„—U†‹ê
‘„‡ê•5ˆ†ê5Ž’‘‘U†‹êR“•„™ê™œ…B•5®ê
„ŒO—?‘Bê“dˆ“•„™’™„‘U†‹ê™U…˜O‘Œ‘ê“•’—Œê†Œˆ‘Bꑈ…’ꝑˆ˜¾
WŒ—Bꑄ‡ê“’W„‡„™ŽœêˆŠŒ–„—Œ™œêÀ꒑¾Œ‘ˆê’‘Œ—’•Œ‘Šê™’Œ‡ˆê
“•’–—dˆ‡‘Œ†—™Bênwz
ˆˆŽ—•’‘Œ†Žœê†‹•5‘?‘„ꍈêŒê“’–5‡Ž„ê™’Œ‡„ê
†ˆ•—Œ‰ŒŽ„†ˆêpzꓕ’ê–Œ‘Œ:‘Bê‘5Ž„‡‘Bꇒ“•„™˜
„™ˆ‡ˆ‘ê Ž’•“’•5—‘Bê zolzê t„‘„Šˆˆ‘—ê zœ–—ˆê Âz„‰ˆ—œ±ê
oˆ„—‹±êl‘™Œ•’‘ˆ‘—ê„‘‡êzˆ†˜•Œ—œÃê
“dˆ“•„™„ê–“’˜ê–ê’–—„—‘BŒê:Œ‘‘’–—Œê“dŒê‘„Ž5‡5‘Bê–ê™U¾
…˜O‘Œ‘„Œê ˆê „’Wˆ‘„ê ‘„ê Ž’•“’•5—‘B†‹ê “•Œ‘†Œ“ˆ†‹ê ivzê
Âi„–Œ†ê’‰êz„‰ˆ—œÃ±ê‘„“d­ê’“„—dˆ‘Bê“dŒê“’˜WB™5‘Bꐒ…Œ‘B†‹ê
—ˆˆ‰’‘S
“•Œ’•Œ—˜ê 5ê „™ˆ‡ˆ‘Uê –œ–—>ê ™U…?•˜ê „ê “•5†ˆê –ê Œ‡–ŽUŒê
‡•’Œê‘„ê“’Œ†B†‹êdŒ‡Œ:ꖈꝄ?dˆ‘Bê‘„ê’‡–—•„‘?‘Bꉏ˜Ž¾
—˜„†ˆ
Œ’ê ™„–—‘B‹’ê …ˆ“ˆ:‘’–—‘B‹’ê “’•„‡†ˆê ™œ˜WB™5ˆê —„Ž>ê
–˜Wˆ…ꈛ—ˆ•‘Bꓒ•„‡ˆ‘–Ž>ꉌ•œê™ˆê™?†ˆ†‹ê“dˆ“•„™œê™5O¾
—?ꑈ…ˆ“ˆ:‘U†‹ê™?†B
™œ…•„‘UêÀꖗ„…Œ‘Bꇒ‡„™„—ˆê™’Œ‡ˆê„Ꝉ>‘„ꎒ‘–—•˜Ž¾
—>•ê„ê™U•’…†ˆê–ŽdBG’™U†‹ê‘5–—„™ˆ…
“•„™Œ‡ˆ‘5ê‘5?—’™5ê„ꋏ„™‘?ꓕ„Ž—Œ†Ž5ꆙŒ:ˆ‘Bꝇ’5™5‘Bê
‘ˆ…ˆ“ˆ:‘U†‹ê–Œ—˜„†Bê“dŒê“’W5•˜ê™’Œ‡ˆ
’“„Ž’™„‘>ꗕ>‘Œ‘ŽœêdŒ‡Œ:SꙒŒ‡ˆê“dˆ“•„™˜B†B†‹ê™U…˜O‘Œ¾
‘œê ™ˆê OŽ’5†‹ê –œŽ˜ê “dB’ê –ê ™’Œ‡œ±ê –ˆê Ž—ˆ•UŒê ‡ˆ‘‘?ê
ˆ‡B
6./$'29Ÿ1«9»%8j1,1
3ĆHGSLV\SURVNODGRY¿QËYÛEXxQLQ
„ê “’™OŒ‘˜—Bê –—’B±ê Wˆê Œê Ž‡œWê –ˆê 5Ž„‡‘Bê “•5™‘Bê ‘’•„ê
’ê ™U…˜O‘Œ‘5†‹±ê 5Ž’‘ê :­ê ¦¡½¡©¨¨ê z…­±ê ’‡Ž„˜ˆê ™ê ‡ˆ‰Œ‘Œ†Œê
™U…˜O‘Œ‘ꑄꐈŒ‘5•’‡‘Bꇒ‹’‡˜êhky±ê—„Žê“•’ê–Ž„‡’™5‘Bê
™U…˜O‘Œ‘꓏„—BꝆˆ„ê’‡ŒO‘>Ꝅd„ˆ‘Bê¾êŽ„–Œ‰ŒŽ„†ˆ­ê
5Ž„‡‘Bꑒ•’˜±êŽ—ˆ•’˜ê–ˆêdB‡Bê™ê†Œ™Œ‘Bê–ˆŽ—’•˜ê–Ž„‡’™5¾
‘Bê™U…˜O‘Œ‘±êˆê™œ‹5OŽ„ê:­ê©©½¡©©¥êi ê’ê–Ž„‡’™5‘Bê™U…˜O¾
‘Œ‘­ê}œ‹5OŽ„ê–—„‘’™˜ˆê5–„‡œê™U–—„™…œê–Ž„‡S±êŽ’‘–—•˜Ž:‘Bê
“’W„‡„™Žœ±ê“S–’…ꝄŒO—?‘B±ê˜’Wˆ‘Bê™U…˜O‘Œ‘ê„ꐄ‘Œ“˜„†Œê
–ê‘ŒŒ­ê
w„ŽŒWˆê“’•’™‘5ˆê’‘„:ˆ‘Bê„Ꝅd„ˆ‘BꓕSœ–’™>ꗕ‹„™Œ‘œê
–ê’…†‹’‡‘Bê‘5™ˆê‘„“d­êh˜–—•’Šˆêw¡ê“’‡ˆêhkyê„Ꙝ‹­ê
:­ê©©½¡©©¥±ê“„Žê™œ“„‡5ꗄŽ—’®
„d„ˆ‘Bꓕ’ꇒ“•„™˜®ê|uꪪ¨¡±ê—•‹„™Œ‘„ê—œ“êh±êŽ„–Œ‰ŒŽ„:¾
‘BêŽI‡ê¡­¡êk±
„d„ˆ‘Bꓕ’ê–Ž„‡’™5‘B®êhêppp±ê“’d„‡’™>ê:B–’ê¨ê
v…•­ê§ê¾êzŽ„‡ê™U…˜O‘Œ‘ê5Ž„‡‘BÃ
=¿VDG\SURYÛVWDYEXVNODGĎ
w•’ê“dŒ“’ˆ‘˜—Bꘙˆ‡˜ê‘?Ž’ŒŽê5Ž„‡‘B†‹ê5–„‡ê“•’ê™U–—„™¾
…˜ê5Ž„‡‘B†‹ê–Ž„‡Sꑄꓒ™•†‹˜­êq–’˜ê—’Ꝉ>‘„®ê…ˆ“ˆ:‘5ê
™‡5ˆ‘’–—ꒇꑈ…ŒWOB†‹ê’‹•’Wˆ‘U†‹ê’…ˆŽ—S±êŽ—ˆ•5ꍈê5™Œ–5ê
‘„ꐑ’W–—™B꘏’Wˆ‘U†‹ê™U…˜O‘Œ‘ê’…’Wˆ‘Bñꖎ„‡œê–’˜êˆ‡¾
‘’“’‡„W‘Bê„ꍈ‡‘„ê–—?‘„ꑈ…’ê–—dˆ†‹„ꐘ–Bê…U—궙U‰˜Ž’™5µ±ê
Ž’ˆê–Ž„‡˜ê˜–Bê…U—ê“5–êê‘ˆ‹’d„™U†‹ê‹’—ꡐÃê„ê“’W5•¾
‘Bꓕ˜‹êÂ¥Ã±ê“•’ꎒ‘–—•˜Ž†Œê–—?‘ê„ꇙˆdBꐘ–Bê…U—ê“’˜WŒ—œê
“’˜ˆê ‘ˆ‹’d„™>ê „—ˆ•Œ5œ±ê “’‡„‹„ê •’™‘5±ê ˜–Bê ‘„™„’™„—ê
‘„ê–—?‘œê„’…ˆ‘B±ê˜–Bê…U—ꑈ“•’“˜–—‘5ê„ꐘ–Bê…U—ê“•’™ˆ¾
‡ˆ‘„ê–ê’†‹•„‘’˜ê“•’—Œê‹•’„‡?‘Bꖗ„—Œ†Ž>ꈏˆŽ—dŒ‘œ±êŽ’ˆê
–Ž„‡˜ê˜–Bê…U—ꝅ˜‡’™5‘ê’†‹•„‘‘UꙄê‘ˆ…’ê–—?‘„ꄇˆŽ™5—¾
‘Bê‘5‹•„‡’˜êSWˆê…U—ꝑ„†ˆê“’–’˜ˆ‘Uꙝ•’–—Uꏈ–ñꈏˆŽ¾
—•Œ†Ž5ꝄdBˆ‘Bꐘ–Bê…U—ê™ê“•’™ˆ‡ˆ‘Bꇒꓕ’–—dˆ‡Bꑈ…ˆ“ˆ:Bê
“’W5•˜ê‘ˆ…’ê™U…˜†‹˜ê™U…˜O‘Œ‘­
}Oˆ†‹‘„ê—„—’ê™UOˆê˜™ˆ‡ˆ‘5꒓„—dˆ‘B±ê–“’˜ê–ꇄOBŒ±ê™ˆŒê
™U•„‘?ê ’™Œ™G˜Bê ‘ˆˆ‘ê ˜B–—?‘Bê –Ž„‡˜±ê „ˆê —„Ž>ê ˆ‹’ê “’¾
dŒ’™„†Bê †ˆ‘˜­ê k‘ˆ–ê ‘ˆ‘Bê “•„Ž—Œ†Žœê •ˆ5‘>ê ™œ…˜‡’™„—ê ‘’™Uê
–Ž„‡ê ¶‘„ê ˆˆ‘>ê ’˜†ˆµ­ê o’‡‘?ê –ˆê “•’—’ê ™œ˜WB™5ê …U™„U†‹ê
™’ˆ‘–ŽU†‹ê ˜‘Œ:‘B†‹ê –Ž„‡S±ê Ž—ˆ•>ê –’˜ê …˜‡’™5‘œê ‘„ê ’‡¾
ˆ‹U†‹êB–—ˆ†‹­êz“‘?‘Bꓒ‡B‘ˆŽ±êˆ>‘„ê–ê’‹ˆ‡ˆê‘„ê
…ˆ“ˆ:‘’˜ê™‡5ˆ‘’–—±êˆê•ˆ„—Œ™‘?ꖑ„‡‘?OB­ê
2FKUDQDXæLWQÇKRGQRW\YÛEXxQLQ
v†‹•„‘„ê ˜WŒ—‘U†‹ê ™„–—‘’–—Bê ™U…˜O‘Œ‘ê ˆê ™ˆŒê ‡SˆWŒ—5±ê
ˆ>‘„ê–ê’‹ˆ‡ˆê‘„ꍈŒ†‹ê™U…˜OŒ‘5d–Ž>꓄•„ˆ—•œ­êpê™U¾
…˜O‘Œ‘œ±ê –—ˆ‘?ê „Ž’ê ’–—„—‘Bê ‡•˜‹œê …’WB±ê –—5•‘’˜±ê „ê “•’—’ê
„Bê™U•’…†ˆê˜•:ˆ‘˜ê„›Œ5‘Bꇒ…˜ê–“’—dˆ…œê“dŒê‡’‡•Wˆ¾
‘Bꖎ„‡’™„†B†‹ê“’‡B‘ˆŽ­ê|ê™U…˜O‘Œ‘êSWˆê“’ꇒ…˜êˆŒ†‹ê
“’‹œ…˜ê„Ꝉ>‘„Ꙉꖉ>dˆê’…?‹˜ê–Ž„‡’™5‘BÃꇒ†‹5ˆ—ꍄŽê
Žê–„’™’‘Uê?‘5±ê—„ŽêŽˆê?‘5ê‡BŽœê“S–’…ˆ‘Bꙑ?¾
OB†‹ê ™Œ™S­ê w•’—’ê ˆê ™ˆŒê ‡SˆWŒ—>±ê „…œê …œœê “’ê †ˆ’˜ê ‡’…˜ê
–Ž„‡’™5‘Bꇒ‡•Wˆ‘œê–—„‘’™ˆ‘>ꖎ„‡’™„†Bꓒ‡B‘Žœ±êˆ>¾
‘„ê–ê’‹ˆ‡ˆê‘„ê—ˆ“’—˜ê„ꙏ‹Ž’–—±ê“dB“„‡‘?ꐈ†‹„‘Œ†Ž>ê“S¾
=35$92'$–’…ˆ‘B­êq–’˜¾Œê“’‡B‘Žœê–Ž„‡’™5‘Bꇒ‡•Wˆ‘œ±ê“„ŽêŒê“dˆ–—’±ê
Wˆê™U…˜O‘Œ‘œê–’˜ê™ê“’‡–—„—?ꆋˆŒ†Ž>ꖏ’˜:ˆ‘Œ‘œ±ê‘ˆSWˆê
™ê“•S…?‹˜ê:„–˜ê‡’†‹5ˆ—êŽê™‘Œ—d‘Bê?‘5ê„ꑈ?’ê…œê
‡’B—ê Žˆê ?‘5ê ™U…˜OŒ‘5d–ŽU†‹ê ™„–—‘’–—Bê •œ†‹’–—ê ‡ˆ—’¾
‘„†ˆ±ê “•„†’™‘Bê –†‹’“‘’–—±ê ’…ˆê ™U…˜†‹’™U†‹ê “œ‘Sê „—“­Ã±ê
—ˆ‡œê„‘ŒêŽˆê?‘5±êŽ—ˆ•>ꅜê?œê™Œ™ê‘„ê™UŽ’‘’™>ê„ê…ˆ¾
“ˆ:‘’–—‘B꓄•„ˆ—•œ­
=SĎVREVNODGRY¿QËDXORæHQËYÛEXxQLQ
{˜—’ê’…„–—ꏈŠŒ–„—Œ™‘?êdˆOBꙜ‹5OŽ„êi ê:­ê©©½¡©©¥êz…­±ê
Ž—ˆ•5ꖗ„‘’™˜ˆê’ˆ˜B†Bꓒ‡B‘Žœê“•’꘎5‡5‘Bê™U…˜O‘Œ‘ê
™ˆê–Ž„‡ˆ†‹­êw•’ê“dˆ‡–—„™˜ê™œ…B•5ê‘?Ž’ŒŽê5–„‡®
“’Ž˜‡êˆê™ˆê–Ž„‡˜ê“’™’ˆ‘’ê–Ž„‡’™„—ê™U…˜O‘Œ‘œê•S‘U†‹ê
‡•˜‹S±ê ˆ‡‘’—Œ™>ê ‡•˜‹œê –ˆê ˜Ž5‡„Bê ’‡‡?ˆ‘?ê „ê dˆ—ˆ‘?ê
–ˆê ’‘„:˜B­ê v‡‡?ˆ‘Uê ˜’Wˆ‘Bê ˆê ˜’Wˆ‘Bê ™U…˜O‘Œ‘ê ™ê
ˆ›“ˆ‡Œ:‘B†‹ê’…„ˆ†‹±
™Oˆ†‹‘œê ’…„œ±ê ™ê ‘Œ†‹Wê –ˆê ™U…˜O‘Œ‘œê –Ž„‡˜B±ê –ˆê ’“„—dBê
—•™„‘Œ™Uê„ꇒ…dˆê™Œ‡Œ—ˆ‘Uê’‘„:ˆ‘B±
™U…˜O‘Œ‘œê–ˆê’‹’˜ê–Ž„‡’™„—ê“’˜ˆê™ê‘ˆ“’•˜Oˆ‘U†‹ê’…„¾
ˆ†‹ê™U•’…†ˆê„꘎5‡„BꖈꗄŽ±ê„…œê–?d’™„œê™BŽˆê‘ˆ…’ê
˜5™?•ˆê™‹S•˜±ê„…œê…œ’Ꙍ‡Œ—ˆ‘>ꍈŒ†‹ê’‘„:ˆ‘Bê„ꇄ¾
—˜ê™U•’…œ
™U…˜O‘Œ‘œ±ê ˜ê ‘Œ†‹Wê ™‘ŒŽ„ê “’†‹œ…‘’–—ê ’ê ˆŒ†‹ê ‘ˆ5™„‡¾
‘’–—Œ±ê ˆê ‘ˆ…œ—‘>ê “dˆŽ’˜Oˆ—ê ‘ˆ…’ê ‘Œ:Œ—ê „ê ‘ˆ–?Bê …U—ê
–Ž„‡’™5‘œê–“’ˆ:‘?ê–ꍌ‘UŒê™U…˜O‘Œ‘„Œ±ê
™ˆê–Ž„‡˜ê„ê™êˆ‹’ꅏBŽ’–—Œê‘ˆ–Bê…U—ê–Ž„‡’™5‘œê‹’d„™Œ‘œê
‘ˆ…’ꍌ‘>ꋒd„™>ê„ê–‘„‡‘’ê5“„‘>ê5—Žœê„ê“dˆ‡?—œ±
˜–Bê…U—ꇒ‡•Wˆ‘„ꑈ™?—OBꇒ™’ˆ‘5ê™UOŽ„꘏’Wˆ‘Bê™U…˜O¾
‘Œ‘ꇏˆê“dB’‹œê:­ê¤ê†Œ—­ê™œ‹5OŽœ
™U…˜O‘Œ‘œê–ˆê˜Ž5‡„BꇒꕈŠ5Sê•’…˜OŽœ±ê•’‘?—Žœ±ê5“„¾
Žœ±êˆˆŽ—•Œ†Ž5ꕒ‘?†’™„‡„ñê™ê‹•„‘Œ†B†‹±ê„ê—’ê…˜<ꖄ’¾
–—„—‘?±ê‘ˆ…’ê‘„ê“„ˆ—5†‹ê—•‹„™Œ‘œÃ
v…•­ê©ê¾êz“’ˆ:‘>ꖎ„‡’™5‘B
=DMLxWøQËYÛEXxQLQSURWL]QHXæLWËQHER]FL]HQË
v†‹•„‘„ê„ꝄŒO—?‘Bê™U…˜O‘Œ‘ê“•’—Œê‘ˆ˜WŒ—Bꑈ…’ꝆŒˆ‘Bꍈê
“•Œ’•Œ—’˜ê™ê†ˆ>ê“•’†ˆ–˜ê‘„Ž5‡5‘Œê–ê‘ŒŒ­êqˆê—’ê–’˜…’•ê„Žê
—ˆ†‹‘Œ†ŽU†‹±ê—„Žê’•Š„‘Œ„:‘B†‹ê’“„—dˆ‘Bê„ê—’ê™:­ê“•S…?W‘>ê„ê
“dˆ–‘>ꈙŒ‡ˆ‘†ˆê™ˆ‡ˆ‘>ꗄŽ±ê„…œê™êŽ„W‡>ê’Ž„WŒŽ˜ê“•’†ˆ–˜ê
…œ’ê dˆ>±ê Ž‡ˆê –ˆê ™U…˜O‘Œ‘œê ‘„†‹5ˆB±ê •ˆ–“­ê „Žê –ê ‘ŒŒê
…œ’ê‘„’Wˆ‘’­ê
w•™‘Bꎒ‘—•’„ê“•’…B‹5Ꙉê‰5Œê™U•’…œ±êŽ‡œê˜–Bê…U—ꝄŒO—?‘„ê
“dˆ–‘5ꈙŒ‡ˆ‘†ˆ±êŒ‘Œ5‘?ꝇ™’ˆ‘5ꎒ‘—•’„Ꝉꖗ•„‘œê“ˆ•¾
–’‘5˜±ê™U…˜O‘Œ‘œê“•’†‹5ˆBꎒ‘—•’‘BŒê…’‡œê™5‹œ±ê:Œ‡„í
}ꓕ’†ˆ–˜ê–Ž„‡’™5‘Bê“dˆ‡ˆ“Œ–˜ˆê5Ž„‡‘Bꓒ‡B‘Žœê“•’Ꝅ¾
ŒO—?‘Bꖎ„‡S꒓?—Ꙝ‹5OŽ„êi ê:­ê©©½¡©©¥êz…­±êŽ—ˆ•5ꑄ“d­ê
˜Ž5‡5±êWˆ®ê
™ê “•’ˆŽ—’™>ê ‡’Ž˜ˆ‘—„†Œê –Ž„‡˜ê –ˆê –—„‘’™Bê “S–’…ê „¾
ŒO—?‘Bꖎ„‡˜ê“•’—Œê’‡†Œˆ‘Bꑈ…’ꝑˆ˜WŒ—Bê™U…˜O‘Œ‘êÀꍈê
“’–’˜ˆ‘ꝑ„†ˆ±
ˆ‡‘’—Œ™>ꖗ„™ˆ…‘Bê:5–—Œê–Ž„‡˜ê’Ž‘„±ê–—?‘œ±ê–—dˆ†‹„ê„“’‡­Ãê
˜–Bê…U—ꇒ–—„—ˆ:‘?ꒇ’‘>ꓕ’—Œê‘5–Œ‘>˜ê™‘ŒŽ‘˜—Bꇒê
–Ž„‡˜ê–ê™UŒŽ’˜ê“•™ŽSꙈê™U‰˜Ž’™>ê“•’™ˆ‡ˆ‘B­ê}–—˜“ê
‡’ê–Ž„‡˜ê–ˆê„Œ–—Bꐈ†‹„‘Œ†ŽUê5…•„‘‘Uê–œ–—>ˆ±
‡™ˆdˆê–Ž„‡˜ê–ˆê…˜‡˜BꍄŽ’ê’‡’‘?OBꓕ’—Œê™’˜“5‘Bꎄ—ˆ¾
Š’•Œˆêh±
–Ž„‡ê–ˆê™œ…„™BꝄdBˆ‘Bêlz±êŽ—ˆ•>ꅘ‡ˆê–ŒŠ‘„Œ’™„—ê‘„¾
•˜Oˆ‘BꝄŒO—?‘Bꖎ„‡˜ê‘5–Œ‘>ꙑŒŽ‘˜—Bꇒꖎ„‡˜Ã­êlzê
ˆê™œ™ˆ‡ˆ‘„ꇒêB–—ꖈꖗ5’˜ê“dB—’‘’–—B꒖’…±ê—­ê“•„†’¾
™ŒO—?ꑈ“dˆ—•WŒ—?ꒅ–„ˆ‘>±
˜’Wˆ‘BꎏB:Sꒇꖎ„‡˜ê‘„ê‡S™?•‘>êB–—?ꘕ:ˆ‘>ê“’‡¾
‘ŒŽ„—ˆˆ±
–Ž„‡ê ‘ˆ…’ê –’˜…’•ê –Ž„‡Sê ˆê “’‡‘ŒŽ„—ˆê “’™Œ‘ˆ‘ê „Œ–—Œ—ê
’“’†ˆ‘Bê™œ–’ŽUê‘ˆ>‘?ꢱ¢ê­
v…•­ê¨ê¾ê“S–’…ê–Ž„‡’™5‘Bê™U…˜O‘Œ‘
6SROHêQÇVNODGRY¿QËYÛEXxQLQ
w’‡B‘Žœê“•’ê–“’ˆ:‘>ꖎ„‡’™5‘Bê™U…˜O‘Œ‘ê“’‡ˆê‡•˜‹Sê„ê
—dB‡œê‘ˆ…ˆ“ˆ:Bꍈꘙˆ‡ˆ‘’ꙈꙜ‹­êi ê:­ê©©½¡©©¥êz…­êv“?—ê
Žê“dŒ“’ˆ‘˜—Bê‘?Ž’ŒŽê5–„‡®ê
‘ˆ‘Bꇒ™’ˆ‘’ê–Ž„‡’™„—ê–“’˜ê–ꍌ‘UŒê™U…˜O‘Œ‘„Œê–“’¾
ˆ:‘?ꕒ‘?—Žœ±ê•’…˜OŽœ±ê5“„Žœ±êŒ‘5ê5Ž„‡‘Bꕒ‘?†’™„¾
‡„±ê˜‘Œ†Œ±ê:ˆ•‘Uꓕ„†‹±ê—d„–Ž„™Œ‘œê
ˆ‡‘’—Œ™>ꇕ˜‹œê™U…˜O‘Œ‘ê™O„Žê˜–Bê…U—꘏’Wˆ‘œê’‡‡?ˆ‘?ê
™ê ˆ›“ˆ‡Œ:‘Bê …„ˆ‘Bê „ê ˜B–—?‘œê ™ê ’‡‡?ˆ‘U†‹ê „ê ’‘„:ˆ¾
‘U†‹ê‹•„‘Œ†B†‹ê“„ˆ—5†‹Ã±ê“dŒ—’ê–Bê…U—ê’—ˆ™dˆ‘ê“’˜ˆê
ˆ‡ˆ‘ê’…„ê’‡êŽ„W‡>‹’ꇕ˜‹˜±
™ˆê–Ž„‡ˆ†‹ê–Bê…U—ꅏˆ–Ž’™Œ†ˆê˜’Wˆ‘„ê–“’ˆ:‘?ê–ê“•Sœ–¾
’™UŒê—•‹„™Œ‘„Œ±
™ˆê–Ž„‡ˆ†‹ê‘ˆ–Bê…U—ê–Ž„‡’™5‘œê„‡˜–—’™„‘>ê‘5’WŽœ­
v…•­ê¡¡ê¾ê}–—˜“‘Bꇙˆdˆê‡’ê–Ž„‡˜ê™U…˜O‘Œ‘
3UHYHQFH$36&=QDØVHNXVNODGRY¿QË
YÛEXxQLQ
w•’†ˆ–˜ê –Ž„‡’™5‘Bê ˆê ™ê ‘„OBê ‰Œ•?ê h˜–—Œ‘ê w’š‡ˆ•ê zˆ•™Œ†ˆê
jê–­ê•­ê’­ê™?‘’™5‘„ê—„Ž>ꙈŽ5ꓒ’•‘’–—±ê†’Wꍈꍌ–—?꓄—•‘’ê
Œê ê ™UOˆê ˜™ˆ‡ˆ‘U†‹ê ’…•5ŽS­ê pê “dŒê —>—’ê :Œ‘‘’–—Œê–ˆê“dŒ„¾
Œê‘?Ž’ŒŽê’“„—dˆ‘Bꑄ‡ê•5ˆ†ê5Ž’‘‘U†‹êR“•„™­ê„ꝐB‘Ž˜ê
–—’BꝈ>‘„®ê
„ŒO—?‘BꒅˆŽ—Sꖎ„‡Sꎄˆ•’™Uê–œ–—>ˆ±
ˆˆŽ—•’‘Œ†Žœêˆê†‹•5‘?‘„êŒê’…–˜‹„ê–Ž„‡˜±ê
†ˆ•—Œ‰ŒŽ„†ˆêpzꓕ’ê‘5Ž˜“ê„ê“•’‡ˆê™U…˜O‘Œ‘±
—•ˆ’•’™>Ꙗ—˜“‘Bꇙˆdˆê™•„—„Ã꒓•’—Œê“dˆ‡ˆ“–„‘>˜ê—œ“˜ê
¶hµ
„™ˆ‡ˆ‘ꎒ•“’•5—‘Bêzolzêt„‘„Šˆˆ‘—êzœ–—>±ê
–Ž„‡’™5‘Bê ™U…˜O‘Œ‘ê ˆê „’Wˆ‘’ê ‘„ê Ž’•“’•5—‘B†‹ê “•Œ‘†Œ¾
“ˆ†‹êivz±ê
“•Œ’•Œ—˜ê 5ê „™ˆ‡ˆ‘Uê –œ–—>ê ™U…?•˜ê „ê “•5†ˆê –ê Œ‡–ŽUŒê
‡•’Œê‘„ê“’Œ†B†‹ê™ˆ‡’˜†Bꖎ„‡˜ê™U…˜O‘Œ‘ꖈꝄ?dˆ‘Bê
‘„ê’‡–—•„‘?‘Bꉏ˜Ž—˜„†ˆ±
“•’“•„†’™„‘Uꖜ–—>êOŽ’ˆ‘Bê„ê’™?d’™5‘Bꝑ„’–—Bꖎ„‡‘B¾
ŽSꄗ“­ê
=Ÿ9÷5
u„Ž5‡5‘Bê –ê ™U…˜O‘Œ‘„Œê –ˆê –—5™5ê ‡BŽœê –™>˜ê •ŒŒŽ˜ê „ê 5¾
Ž’‘‘Uê “dˆŽ5WŽ5ê ™ˆŒê R†ˆê “•’‰Œ’™„‘’˜ê „ê –“ˆ†Œ‰Œ†Ž’˜ê
:Œ‘‘’–—B­êmŒ•œ±êŽ—ˆ•>ꖈꗒ˜—’ê:Œ‘‘’–—BꝄ…U™„B±ê˜–Bꖒ˜¾
=35$92'$–—dˆ‡Œ—ê ’‡…’•‘BŽœ±ê —ˆ†‹‘ŒŽ˜±ê ™U•’…‘Bê „ê –Ž„‡’™„†Bê “•’–—’•œê
—„Ž±ê„…œê„Œ–—ŒŒê…ˆ“ˆ:‘’–—ê“dŒê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ‘„Œê„ê
‹„™‘?±ê „…œê „…ˆ“ˆ:Œœê ™U…˜O‘Œ‘œê “•’—Œê ‘ˆ˜WŒ—Bê „ê †Œˆ‘B­ê
o„™‘Bê“dˆ‡“’Ž„‡ˆê–’˜ê’‡…’•‘?ꝇ„—‘B±ê¡ªªÜꖓ’ˆ‹Œ™Bê
„Ꝓ‡“’™?‡‘Bꓕ’‰ˆ–Œ’‘5’™>­ê}ꒅ„–—Œê‘„Ž5‡5‘Bê–ê™U…˜O‘Œ¾
‘„Œê“„—Bê™B†ˆ±ê„ŽêŽ‡ˆêŒ‘‡ˆ±ê•:ˆ‘B®êµk™„Ž•5—ê?dê„ꍈ‡‘’˜ê
dˆWµ­ê
sŒ—ˆ•„—˜•„
tujuly±êl­ê„ꎒˆŽ—B™êw•B•˜:Ž„ê“•ˆê–—•ˆ„–—•’™ê„ê—ˆ†‹¾
‘Œ†ŽU†‹ê ™ˆ‡R†Œ†‹ê ’‡–—•ˆ’™±ê {„:Œ„•ˆGê zˆ‡5Ž±ê ¢ªª¦­ê pziuê
¨ª¾©¦¨§¤¨¾¤¾¥­
wl{y|ur±êw­êhkyꢪª¥êwdˆ“•„™„ꑈ…ˆ“ˆ:‘U†‹ê™?†B±êp‘¾
—ˆ•“•ˆ––ê„­–­êpziuꨪ¾©ª£¤¢§¾¢¾¨­
tvu{hulê „­–­ê u5–—Œ‘ê ‡?Œ‘ê :ˆ–Ž>‹’ê ‹’•‘Œ†—™B­ê v–—•„™„ê
¢ªª£­êpziuꨪ¾§¢¢¥¾ª©£¾ª
ovstilyn±êy­êl›“’–Œ™ˆ–ê„‘‡êi„–—Œ‘Šê{ˆ†‹‘Œ†ˆ­êzšˆ—–êÆê
ˆŒ—Œ‘Šˆ•êw˜…Œ–‹ˆ•–­ê{‹ˆêuˆ—‹ˆ•„‘‡–ꢪª£­êpziuꩪꥨª©ê
¦ª¥ê
iyp±êw­êu„˜Ž„ê’ꝅ’WB±ê|{iꁏB‘±ê¢ªª©­êpziuꩧ¨¾¨ª¾§£¡¨¾
§§¤¾£­ê
5Ž’‘ê:­ê¦¡½¡©¨¨êz…­ê™ê“„—‘>ê‘?‘B
}œ‹5OŽ„ê:­ê§¢½¡©¨¨êi
}œ‹5OŽ„ê:­ê©©½¡©©¥êi
,129$&(.21(.72581((/(.75,&.§52=%8j.<6+2&.67$5
685)$&(
,QJ-DURPËU)LDOD
–ˆŽê™UŽ˜˜ê„ê™U™’ˆêh˜–—Œ‘êkˆ—’‘„—’•ê–­ê•­ê’­
r’‘ˆŽ—’•ê“•’ꑈˆˆŽ—•Œ†Ž>ꕒ…˜OŽœêˆê5Ž„‡‘Bê–“’’™„†Bê
“•™ŽˆêŽê™œ—™5dˆ‘Bꕒ‘?—‘U†‹ê–B—BꑈˆˆŽ—•Œ†ŽU†‹ê•’…˜OˆŽê
“dŒê—•‹„†B†‹ê“•„†B†‹ê“dˆ™5W‘?ꑄꓒ™•†‹˜±ê„ˆêŒê™ê“’‡ˆB­ê
k’ꎒ‘ˆŽ—’•˜êSWˆê…U—Ꝅ“’ˆ‘’ꐄ›­ê¨êŽ–ꇈ—’‘„:‘B†‹ê—•˜¾
…Œ:ˆŽ­ê
uˆ…œ—‘’–—Ꙝˆ“Oˆ‘Bꖗ5™„B†Bꎒ‘–—•˜Ž†ˆêŽ’‘ˆŽ—’•˜ê™ˆO„ê
ê“•„Ž—Œ†ŽU†‹êŽ˜Oˆ‘’–—Bꓕ„†’™‘BŽSꐄ•Žˆ—Œ‘Ž˜ê“dŒê–ˆ–—„™’¾
™5‘Bꕒ‘?—‘U†‹ê–B—Bê™ê‘5•’:‘U†‹ê“’‡B‘Ž5†‹êzŽ„‘‡Œ‘5™Œˆê„ê
™ê‘ˆ“’–ˆ‡‘Bêd„‡?êê“’W„‡„™Ž˜ê‘„Ꝉ‰ˆŽ—Œ™‘?‘Bê™U•’…œê™ê‘„OBê
‰Œ•?®
Àꅏ’ŽêŽ’‘ˆŽ—’•˜ê˜–Bꘐ’W‘Œ—ꍈ‡‘’‡˜†‹>ê„ê–“’ˆ‹Œ™>Ꝅ¾
“’ˆ‘Bꇈ—’‘„:‘B†‹ê—•˜…Œ:ˆŽê™ê•’–„‹˜ê—ˆ“’—ê¾£ªê„WêÐ¥ªêÏjê
„ꓒꍈŒ†‹ê„“’ˆ‘Bꘝ„Ž‘˜—Bꖈ–—„™œê—„Ž±ê„…œê‘ˆ’‹’ê
‡’B—êŽêˆ‹’ꑈW5‡’˜†B˜ê’—ˆ™dˆ‘Bê„ê—BêŽê•’“’ˆ‘BꙜ—™’¾
dˆ‘>ꕒ‘?—‘>ê–B—?­
Àê—?’ê Ž’‘ˆŽ—’•˜ê ˜–Bê †‹•5‘Œ—ê •’‘?—‘’˜ê –BPê ™œ—™’dˆ‘’˜ê
ê‡ˆ—’‘„:‘B†‹ê—•˜…Œ:ˆŽê“dˆ‡ê–—dˆ“Œ‘„ŒêêŒ‘Œ†Œ„:‘Bꕒ…˜O¾
Žœê„ê–’˜–ˆ‡‘B†‹ê“’™•†‹’™U†‹ê•’…˜OˆŽ
¶Œ‘’™„†Œµê ‘„ê ‘˜—‘’–—ê ˆ‹’ê †ˆ„ê ‘’™>‹’ê Ž’‘–—•˜Ž:‘B‹’ê “•’¾
™ˆ‡ˆ‘B­ê
h…œê…œœê‘5Ž„‡œê‘„ê™U™’ê†’ꑈ‘ŒWOB±ê…œê“•’—’—œ“ꎒ‘ˆŽ—’¾
•˜ê‹’—’™ˆ‘ꍄŽ’ê’‡Œ—ˆŽêˆ‹’ê£kꐒ‡ˆ˜­êw’ê“•Œ‘†Œ“Œ5‘Bê
’‡Ž’˜Oˆ‘Bê „ê –†‹™5ˆ‘Bê —’‹’—’ê 5Ž„‡‘B‹’ê Ž’‘–—•˜Ž:‘B‹’ê
‘5™•‹˜ê …œ„ê ‹’—’™ˆ‘„ê ˆ‡‘’‘5–’…‘5ê Ž˜Oˆ…‘Bê ™–—dŒŽ’™„†Bê
‰’•„ꇒꘑŒ™ˆ•5‘B‹’ê•5˜±ê‘„ꎗˆ•>ꅜ’ꇒ„‡?‘’ꎒ‘ˆ:¾
‘>ꎒ‘–—•˜Ž:‘Bꓕ’™ˆ‡ˆ‘Bꎒ‘ˆŽ—’•˜ê„ê’“—Œ„Œ’™5‘’ꍈ‹’ê
„—ˆ•Œ5’™>ꖏ’Wˆ‘B­ê
{ˆ–—œê ™’•ŽSê ˆ‹’ê ˆ‡‘’—Œ™U†‹ê “•’™ˆ‡ˆ‘Bê ™œ•’…ˆ‘U†‹ê ‘„ê
Ž˜Oˆ…‘Bꉒ•?ꅜœê“•’™5‡?‘œê„ê–“’˜“•5†ˆê–ê“•„†’™‘BŽœê
R–ˆŽ˜ê „•Žˆ—Œ‘Ž˜±ê Ž—ˆdBê –ˆê —„Ž>ê R:„–—‘ŒŒê ™Oˆ†‹ê Ž’˜OˆŽê
™ê¶“’Œµê‘ˆ‘5•’:‘?OB†‹ê—ˆ•Œ—’•ŒBꙈêzŽ„‘‡Œ‘5™ŒŒ­
qˆê’W‘’ꎒ‘–—„—’™„—±êWˆê™ˆOŽˆ•>ê™UOˆê˜™ˆ‡ˆ‘>ꓒW„‡„™Žœê–ˆê
“’‡„dŒ’ê–“‘Œ—ê„ê…œ’ê“•’—’ꐒW‘’ê™U•’…ˆŽê˜™’‘Œ—ꇒê‰5ˆê
’™?d’™„†Bê–>•Œˆ­
3ĆHKOHGMHGQRWOLYÛFKY\OHSxHQËNRQHNWRUX
Àꎒ‘–—•˜Ž:‘Bꓕ’™ˆ‡ˆ‘Bꎒ‘ˆŽ—’•˜ê˜–Bꘐ’W‘Œ—ê–‘„‡‘?OBê
–ˆ–—„™˜ê‘„ê™U•’…‘Bꏌ‘†ˆê–ꐒW‘’–—BꍈBê‘5–ˆ‡‘>ꄘ—’„¾
—Œ„†ˆê
ÀꝆˆ„ê‘’™>ꎒ‘–—•˜Ž:‘BêdˆOˆ‘BꝄŒOP’™„†Bꏄˆœê˜’WG˜ˆê
–‘„‡‘’˜ê –ˆ–—„™˜ê –ê ‡ˆ—’‘„:‘BŒê —•˜…Œ:Ž„Œê Œê “dŒê —ˆ“’—?ê
¾£ªÏêjê“dŒê™UOˆ‘>ê–Bˆê“•’—ŒêˆŒ†‹ê“?—‘>˜ê™œ–˜‘˜—B
w’W„‡„™ˆŽê ‘„ê ’W‘’–—ê ˜„:ˆ‘Bê Ž’‘ˆŽ—’•˜ê “’ê ™’Wˆ‘Bê ‡ˆ¾
—’‘„:‘B†‹ê—•˜…Œ:ˆŽê„ꍈ‹’ꍈ‡‘’‡B‘>ꓕ’™ˆ‡ˆ‘B꓄Žê?‘Œê
Àꍈ‡‘’‡B‘Uê ˜„™B•„†Bê ˆ†‹„‘Œ–˜–ê ‡’—5:Bê OŒŽUŒê ‡’•„¾
œê˜B–—?‘UŒê‘„ê–™>꒗’:‘>ê:5–—Œê™’Wˆ‘’˜ê‘ˆˆˆŽ—•Œ†Ž’˜ê
=35$92'$-
ÀꝄŒO—?‘Bê “•’—Œê ’“?—’™‘>˜ê ’—ˆ™dˆ‘Bê Ž’‘ˆŽ—’•˜ê “’ê ˆ‹’ê
–ˆ–—„™?ê –ê •’…˜OŽ’˜ê ˆê dˆOˆ‘’ê —dˆŒê 5“„‡Ž„Œê —„Ž±ê „…œê
—ˆ‘—’ꑈ’‹ê…U—ꝓ?—‘?꒗ˆ™dˆ‘ê…ˆêˆ‹’ꝍˆ™‘>‹’ê“’OŽ’¾
ˆ‘B­ê „ˆBê –ˆê —„Žê ‘ˆ“’™’ˆ‘>ê „‘Œ“˜„†Œê –ˆê –ˆ–—„™’˜ê
Ž’‘ˆŽ—’•˜ê–ê•’…˜OŽ’˜ê˜ê5Ž„‘BŽ„­ê
Àê“’ê ™œ—™’dˆ‘Bê •’‘?—‘>ê ˆê ’W‘’ê ˜„™dB—ê Ž’‘ˆŽ—’•ê „ê —ˆ‘ê
“’—’ê–ꙏ’Wˆ‘UŒê‡ˆ—’‘„:‘BŒê—•˜…Œ:Ž„Œê—™’dBꑈ•’ˆ¾
…B•„—ˆ‘UꆈˆŽ­ê{Bê–ˆê™ê—?WŽU†‹ê“’‡B‘Ž5†‹ê„ꎗˆ•U†‹ê
“•’…B‹„Bꗕ‹„†Bꓕ5†ˆê„…•5‘BꐒW‘’–—Œê‘ˆW5‡’˜†B‹’ê’‡“’¾
ˆ‘Bꇈ—’‘„:‘B†‹ê—•˜…Œ:ˆŽê„ê—’êŒê“dŒê—„‹’™>ê–Bˆê‘„ê‹•„‘Œ†Œê
ˆŒ†‹ê“ˆ™‘’–—Œ­ê„…•5‘BꖈꗄŽê•’“’ˆ‘BꙜ—™’dˆ‘>ꕒ‘?—¾
‘>ê–B—?ê„ꑈ„Wˆ‹‘˜—Bꒇ“’ˆ‘>ê‘5’Wˆê—•‹„™Œ‘œ­
}‹ˆ‡ˆêŽê—’˜±êWˆê“’–ˆ‡‘?ꍐˆ‘’™„‘’˜ê™„–—‘’–—ꑈ„Bê
W5‡‘>ꎒ‘ˆŽ—’•œêŽ’‘Ž˜•ˆ‘:‘B†‹ê™U•’…†Sê„ê—’—’ꎒ‘–—•˜Ž:‘Bê
dˆOˆ‘Bꍈꗈ‡œêˆ‡Œ‘ˆ:‘>±ê…œ„ê‘„ê—’—’êdˆOˆ‘Bꓒ‡5‘„ꐈŒ‘5¾
•’‡‘Bê“dŒ‹5OŽ„Ꙝ‘5ˆ˜­ê
–ˆŽê™UŽ˜˜ê„ê™U™’ˆê—„Žê“dˆ‡„ê‡’ê˜WB™5‘Bê™êŽ•5—Ž>ꇒ…?ê
ŒWꇕ˜‹Uê™U•’…ˆŽ±êŽ—ˆ•UꍈꐒW‘’꒝‘„:Œ—Ꙍ–„:Ž’˜ê„‡ˆêŒ‘ê
h˜–—Œ‘ê}–ˆ—B‘±êŽ—ˆ•Uê5Ꙉꖕ’™‘5‘Bê–ꎒ‘Ž˜•ˆ‘†BꙈŒê‡’…¾
•>ê “„•„ˆ—•œ­ê wdˆ‡†‹’Bê ™U•’…ˆŽê …œ’ê “„—ˆ‘—’™?ê †‹•5‘?‘>ê
Ž’‘–—•˜Ž:‘BêdˆOˆ‘Bꎒ‘ˆŽ—’•˜ê‘ˆˆˆŽ—•Œ†Ž>ꕒ…˜OŽœêi˜‘†‹ê
j’‘‘ˆ†—’•­ê k’ê —’‹’—’ê ‘’™?ê dˆOˆ‘>‹’ê Ž’‘ˆŽ—’•˜ê ˆê ™’Wˆ‘ê
…ˆ–Ž’™Œ†’™Uê –™„Ž’™„:ê ˜’WG˜B†Bê Œ‘Œ†Œ„†Œê „Wê ¢ªê Ž–ê ™’Wˆ¾
‘U†‹ê‡ˆ—’‘„:‘B†‹ê—•˜…Œ:ˆŽ­
w•„†’™‘B†Œê™UŽ˜˜ê„ê™U™’ˆê—„Žê’“?—’™‘?ꇒŽ5„Œ±êWˆê–’˜ê
–†‹’“‘Œêˆ‡‘’—Œ™>ꓕ’ˆŽ—œêdˆOŒ—ê‘„ê—ˆ†‹‘Œ†Ž>êR•’™‘Œ±êˆWꖌê
‘’‹‡œê„–˜‹˜ˆê“dB–˜O‘’˜êˆŒ‘5•’‡‘Bꒆ‹•„‘˜­êuœ‘Bꍈê
‘„Ꝏ˜Oˆ‘U†‹ê“•„†’™‘B†B†‹ê„•Žˆ—Œ‘Ž˜±ê„…œê—ˆ‘—’ꍌ–—Uꗈ†‹¾
‘Œ†ŽUê‘5–Ž’Žê™œ˜WŒŒêŽê’…†‹’‡‘B˜ê“•’–“?†‹˜ê‘„OBꉌ•œ­
•’…˜OŽ˜ê‘„ê:ˆ’ꇘ—Œ‘œêŽ’‘ˆŽ—’•˜ê„ê’‡–—•„‘BꗄŽê’W‘’–—ê
™‘ŒŽ˜ê‘ˆW5‡’˜†Bê™Sˆê„“dB:Œ‘?‘>ꕒ‡B‘’˜±ê—’ˆ•’™„‘’˜ê
‡>Ž’˜ê–ˆ–—„™ˆ‘U†‹ê•’…˜OˆŽê
5™?•ˆê ˆê ’W‘’ê Ž’‘–—„—’™„—±ê Wˆê “•™‘Bê ’‹„–œê 5Ž„‘BŽSê
ê™U‘„‘U†‹ê„ê‘5•’:‘U†‹ê—ˆ•Œ—’•ŒBꑄꑄOˆê‘’™>ꌑ’™’™„‘>ê
™U•’…Žœê–ê‘’™UŒê—œ“œêŽ’‘ˆŽ—’•Sꍖ’˜ê™ˆ–Ž•ˆê“’Œ—Œ™‘B­
3591«2'67ą(/<52=%8j.28(67$59$8675Ÿ/,,2'3Ÿ/(1<
3DYHO.ĆLY¿QHN
5Ž„‘Œ†ŽUꖈ•™Œ–±ê—ˆ†‹‘Œ†ŽUꎒ‘˜—„‘—êh˜–—Œ‘êkˆ—’‘„—’•ê–­ê•­ê’­
i?‹ˆê…dˆ‘„ꢪ¡ªê…œœê•ˆ„Œ’™5‘œê“•™‘Bꒇ–—dˆœêˆˆŽ—•’¾
‘Œ†Ž’˜ê•’…˜OŽ’˜êlÊz—„•ê˜ê5Ž„‘BŽ„êk’š‘ˆ•êlkpêtŒ‘Œ‘Š­ê
{ˆ‘—’ê 5Ž„‘BŽê “•’™5‡Bê Ž’“ˆ—‘Bê ‡’‡5™Žœê “•„†Bê “dŒê —?W…?ê
„—ˆ•Œ5Sê ™ê h˜–—•5ŒŒê ™ê ’…„–—ˆ†‹ê xˆˆ‘–„‘‡ê „ê uˆšê z’˜—‹ê
~„ˆ–­êw•’ê“•™‘BꝎ˜Oˆ…‘Bꒇ–—dˆœê…œœê™œ…•5‘œê:ˆ•‘’˜‹ˆ¾
‘>ꓒ™•†‹’™>ꇒœêtŒˆ‘‘Œ˜ê„êl‘–‹„­
w•™‘Bê ’‡–—dˆê ˆˆŽ—•’‘Œ†Ž’˜ê •’…˜OŽ’˜ê …œê “•’™ˆ‡ˆ‘ê ™ê ‡’ˆê
tŒˆ‘Œ˜ê‡‘ˆê©­£­¢ª¡ªê™ˆê¡¤®¥¦êB–—‘B‹’ê:„–˜­êjˆŽˆê–ˆê
“’˜WŒŒê ¡¨¡ê Ž–ê ˆˆŽ—•’‘Œ†ŽU†‹ê •’…˜OˆŽê lÊz—„•ê „ê ¡¡¥ê —˜‘ê
—•‹„™Œ‘ê—œ“˜ê‹ˆ„™œêhumv­êz„’—‘Uꒇ–—dˆê…œê‘„…Bˆ‘ꇙ„ê
‡‘œê„ê™Oˆê‰˜‘Š’™„’ê…?‹ˆê’‡–—dˆ˜ê‘„ꍈ‡‘Œ:Ž˜­êuˆ‘Bꗈ‡œê
‡Œ™˜±êWˆê5Ž„‘BŽê…œê–ê’‡–—dˆˆê‘„‡B•˜ê–“’Ž’ˆ‘U­
’‡–—dˆ˜­ê wdŒê “’˜WŒ—Bê ‘ˆˆˆŽ—•Œ†ŽU†‹ê •’…˜OˆŽê …œœê ‹’‡‘’—œê
††„ꥪꐐ½–±ê„ˆê™’…?ꕒ…˜OˆŽêlÊz—„•ê…œ„ꐄ›Œ5‘Bꋒ‡¾
‘’—„ê ¦±¤¥ê ½–­ê 5Ž„‘BŽê …œê ™ê —’—’ê ’‹ˆ‡˜ê „›Œ5‘?ê
–“’Ž’ˆ‘­
w•™‘BꝎ˜Oˆ…‘Bꒇ–—dˆœê™ê‡’ˆêl‘–‹„ê˜–ˆœê…U—ê’‡’Wˆ¾
‘œêê‡S™’‡˜ê5“„™ê™ê’…„–—Œê„Ꝅ—’“ˆ‘Bê“dB–—˜“’™>ꆈ–—œê‡’ê
‡’˜­
k•˜‹Uꒇ–—dˆêˆˆŽ—•’‘Œ†Ž’˜ê•’…˜OŽ’˜ê…œê—„Ž—>Wꓕ’™ˆ‡ˆ‘ê
™ê‡’ˆêtŒˆ‘‘Œ˜­êjˆŽˆê…œ’Ꙝ™•—5‘’ꤤ©ê™•—Sê’ꋏ’˜…¾
Ž5†‹ê©êÀ꣪êê„ê“’˜WŒ—’ê…œ’ꨩ¨ê•’…˜OˆŽêlÊz—„•­êu„…Œ—’ê
…œ’ꢤ¥ê—˜‘ê—•‹„™Œ‘ê—œ“˜ê‹ˆ„™œêhumv±ê‘„…Bˆ‘Bꓕ’…B‹„’ê
“?—ê ‡‘Bê „ê “•’Š•„’™5‘Bê •’…˜OˆŽê „…•„’ê ˆ‡ˆ‘ê ‡ˆ‘­ê }Oˆê
‰˜‘Š’™„’ꑄꡪªêÜ­
w•’ê’‡–—dˆœê™ê‡’˜êtŒˆ‘‘Œ˜ê–’˜ê–—„‘’™ˆ‘œê‹’‡‘’—œê™Œ¾
…•„†Bê ¡¢ªê ½–ê “•’ê †‹•5‘?‘>ê B–—’ê Àê –Ž„‘Bê ˆ–Žœ‘?ê “S¾
™’‡‘B†‹ê „˜–—•„–ŽU†‹ê ’…œ™„—ˆê ™ˆê ™‡5ˆ‘’–—Œê ††„ê £ªªê ’‡ê
ˆ•‘’˜‹ˆ‘Uꓒ™•†‹’™Uê‡S±êh˜–—•5Œˆ
z“’˜O—?‘Bꕒ…˜OŽœêlÊz—„•ê‡’ꙕ—˜
u„…Bˆ‘Bꙕ—˜ê—•‹„™Œ‘’˜ê—œ“˜ê‹ˆ„™œêhumv±ê††„ꨪªêŽŠ½Œ‘
{ˆ–—’™5‘Bꕒ…˜OˆŽêlÊz—„•
=35$92'$-
w•’Š•„’™5‘Bꕒ…˜OˆŽêlÊz—„•
}“•„™’ê’‡–—dˆê–ꑈˆˆŽ—•Œ†Ž’˜ê•’…˜OŽ’˜±ê™ˆ™’ê’‡–—dˆêê
–ê•’…˜OŽ’˜êlÊz—„•
„—’“ˆ‘5ê“dB–—˜“’™5ꆈ–—„ê™ê‡’˜êl‘–‹„
=35$92'$-
32628=(1«67$%,/,7<69$+81$'67$528+251,&.28
é,11267«62+/('(01$3529Ÿ'÷1«75+$&«&+35$&«1$/2
.$/,7÷9/$67÷-29,&(
51'U%RKXPLO6YRERGD&6F
nˆ’‡œ‘ê–­•­’­±êi„Ž’‘˜•–Ž5ꧣ¦½¤±ê¡¤©êªªêw•„‹„ê¤
r„ˆ‘’’ê }„–—?’™Œ†ˆê 5ê ™ê “’‡’WBê –—„•5ê ‡S‘Bê ‡B„ê “’ê
—?W…?ê „Š‘ˆ—Œ—˜­ê iœ’ê ‘˜—‘’ê –—„‘’™Œ—ê …ˆ“ˆ:‘’˜ê Žˆ‘…˜ê ‘„‡ê
™œ—?Wˆ‘Uê ’WŒ–Žˆ±ê Ž‡œê ‘ˆ‡’‡ˆê Žê „™„ˆ‘Bê „ê …˜‡ˆê ’W‘’ê
“’’†BꖈŒ–Œ†Ž>ꗒ’Š•„‰Œˆê–—„‘’™Œ—ê–Ž˜—ˆ:‘>ꊈ’—ˆ†‹‘Œ†ˆê“’¾
?•œ­ê}U“’:ˆ—ê…œ’ꑘ—‘’ê“•’™>–—êŒê“•’ꇜ‘„Œ†Ž>Ꝅ—BWˆ‘Bꒇê
†’‘’™U†‹ê’‡–—dˆS
*(2/2*,(j,5j«+22.2/«
}ê OŒ•OBê ’Ž’Bê “dB’‹„ê ¡¾¢Ãê –ˆê ‘„†‹5ˆBê ‘5–ˆ‡˜B†Bê
–—•„—ŒŠ•„‰Œ†Ž’¾“ˆ—•’Š•„‰Œ†Ž>ꋒ•‘Œ‘’™>ꍈ‡‘’—Žœ®
Œ•OBê ’Ž’Bê }„–—?’™Œ†ê ˆê …˜‡’™5‘’ê ‹’•‘Œ‘„Œê ’‡„‘˜…Œ¾
Ž„±êŽ—ˆ•>êd„‡Bˆê‡’ꗝ™­êˆ‡ˆ:–Ž’¾†‹U‘’™–Ž>‹’ê“•˜‹˜ê“ˆ–—•>ê
–>•Œˆ­ê wdˆ™5‡„B†BŒê ‹’•‘Œ‘„Œê –’˜ê “„•„•˜œ­ê k„OBŒê ™U¾
‘„:‘UŒê ‹’•‘Œ‘„Œê –’˜ê ’•—’•˜œ±ê ™œ—™5dˆB†Bê ™ˆŽ>ê —?ˆ–’±ê
—™’dB†Bê5‡•’ꉌ’‘Œ†Ž>ꖜ‘ŽŒ‘5œê’…•­¡Ãê­
v…•­ê¡ê¾ênˆ’’ŠŒ†ŽU꓏5‘ˆŽê’Ž’Bê}„–—?’™Œ†
}„–—‘Bê ’WŒ–Ž’ê ˆê —™’dˆ‘>ê –Ž„•‘ˆ±ê Ž—ˆ•Uê ‡ˆê ™œ—™5dBê ‡™?ê
•’–5‹5ê„ê—dŒêˆ‘OBê—?ˆ–„ê™5„‘5ꑄꐒ‹˜—‘’˜ê’•—’•˜’™’˜ê
–œ‘ŽŒ‘5˜ê˜’Wˆ‘’˜ê™ê“„•„•˜5†‹ê’…•­¡±¢Ã­êuˆ™?—OBꖎ„•‘’¾
™5ê—?ˆ–„ꖈꙜ–Žœ—˜Bꑄêo’>ê™•†‹˜ê’WŒ–Ž’ê‹’>‹’ꙕ†‹˜Ãê
„ê™ê’Ž’Bꝅœ—Ž˜êŽ’–—ˆBŽ„êz™­êt5dBêt„Š‡„>‘œê„Š‡„ˆ‘–Ž>ê
’WŒ–Ž’íêk•’…‘5ê—?ˆ–„ê’…ˆ™Bˆê˜êŽI—œê¥¡ªêêˆ‡Œ™Œ‘œê„ê‘„ê
B–—?ꝙ„‘>ê¶—SŽœµ­êzŽ„•‘’™>ê—?ˆ–’ê‘„êo’>ê™•†‹˜ê5ê
“•’—5‹U±ê“’OˆêˆŒ“–’™Œ—Uꗙ„•ê™ˆê–?•˜ê}¾ê„ꇒ–„‹˜ˆê‘„ê
“’™•†‹˜ê‡>Žœê¤§ªê±êˆ‹’ꑈ“•„™5ꐒ†‘’–—ꎒB–5ꒇꡢªê
‡’ꡨªê­ê Ž’‘ê:’:Žœê–ˆê“’‹œ…˜ˆê’‡ê£ªÏꇒꦪÏêŽêz­êv‡ê
„Š‡„ˆ‘–Ž>‹’ê –Ž„•‘’™>‹’ê ’WŒ–Ž„ê ˆê ’‡‡?ˆ‘„ê ’‹˜—‘’˜ê
—ˆŽ—’‘Œ†Ž’˜ê“’•˜†‹’˜±ê‡’“•’™5ˆ‘’˜êœ’‘Œ—’™Uê“5–ˆ­ê
t„Š‡„ˆ‘–Ž>ꏒWŒ–Ž’ê5ê™?—OBꖙŒ–Uꕒ–„‹ê‘ˆWê:’:Ž„ê‘„êo’¾
>ê™•†‹˜­êv‡êŽI—œêt„Š‡„ˆ‘„ê“’Ž•„:˜ˆê–Ž„•‘ê“’‡êR•’™ˆGê
¡ª­ê“„—•„ê‡?‡Œ:‘5êO—’„ñê5ꗈ‡œê’†‘’–—ê™?—OBꑈWê¡£¦ê­ê
{?ˆ–’ê5ꎒ–’:—™ˆ•ˆ:‘Uꗙ„•ê–ꇈOB꒖’˜ê‘„ê“’™•†‹˜ê‡’˜¾
‹’˜ê¤¢ªêê„êOBdŽ’˜ê¢£ªêê’…•­ê¢Ã­ê
7øOHVR+ROÛYUFKQDNWHUÇPMHNDPHQRORPE\OR
RWHYĆHQRQøNROLNDVYLVOÛPLGËO\
¡Àꕘ„±ê£êÀꄐ‰Œ…’Œ—±ê¤êÀ꒕—’•˜„±ê¥êÀꎙ„•—>•‘Bꖈ‡Œˆ‘—œ­ê
w„˜ŒOê¡©©¦Ã
v…•­ê¢
¡­êr’’•„­ê{„—’ê…œ„ê“S™’‡‘?꒗ˆ™dˆ‘„êŽê“’™•†‹˜­êwdˆ‡ê’¾
’™’˜ê—?W…’˜êŽ„ˆ‘ˆê…œ„Ꝅ–œ“5‘„ê–Ž•U™Ž’™Uê„—ˆ•Œ¾
5ˆ±êŽ—ˆ•Uꍈê™ê–’˜:„–‘’–—Œê™œŽŒˆ‘ê‘„ê}­êˆ—5WŒ­êr’’•„ê
–ˆê‘’dBêzê–?•ˆê“’‡ê“„—˜ê}­êˆ—5Wˆê„WꑄêR•’™ˆGꡪ­ê
“„—•„­
¢­êz™5W‘5­ê qˆBê ’Ž„Œ„†ˆê ˆê dˆ5ê ê „“œ­ê o’•‘Bê Ž’‘ˆ†ê
–™5W‘>ꅜê?ê™ê–’˜:„–‘’–—ŒêR–—Œ—ꑄ꓏’O‘?êp}­ˆ—5Wˆ­
£­êk?‡Œ:‘5êO—’„êt„•Œˆê„ê“dˆŽ’“ꑄꍈBêR•’™‘Œê¡ªê“„—•’ê
‡’˜Ã­ê}ꖒ˜:„–‘>ꇒ…?ꖈꑄ†‹5ˆB꣪êê“’‡ê}­êˆ—5Wˆ­ê
¤­êq5„ê y˜‡’‰­ê „–œ“„‘5ê 5„ê „–„‹˜B†Bê ‘„ê Ž’—˜ê ††„êê
£©ªêê‘­ê­­ê
¥­êw•SŽ˜‘>ꆋ’‡…œê“’‡êR•’™‘Bꡪ­ê“„—•„ê“’‡ê5“„‡‘Bê
“’Ž•„:’™5‘BêŽ’’•œ­ê
¦­ê5–—ê O—’œê •„Wˆ‘>ê ê ™U†‹’‡˜ê –?•ˆê Žê 5?ê y˜‡’‰­ê
v•ŒŠŒ‘5‘Bêdˆê‘ˆ‘BêŽê‡Œ–“’Œ†Œ­ê}ˆê“•5™?êê•’Ž˜ê¡©¦¡êˆê
™êdˆ˜ê“’˜ˆê“•S?—ꎒ’•œê„ê–™5W‘>­ê}ˆê“•5™?êê•’Ž˜ê
¡©¨§ê ˆê –Œ†ˆê ‰ˆê Ž’‘–—•˜’™5‘±ê Ž’’•„ê ˆê ™O„Žê ˆ™Œ‡ˆ‘—‘?ê
„Ž•ˆ–ˆ‘„êO“„—‘?­ê
=35$92'$-
*(27(&+1,&.§320÷5<
nˆ’—ˆ†‹‘Œ†Ž>ꙏ„–—‘’–—Œê‹’•‘Œ‘ꍖ’˜ê‡ˆê—„…˜Žœê:­ê¡ê‘5–ˆ‡˜B†B®
{„…­ê¡
Qi]HYKRUQLQ\
2EMHPRYi 0RGXO
KPRWQRVW SĜHWYiU
NJPñ
QRVWL
03D
0RGXO
SUXåQRVWL
03D
5\FKORVW
ãtĜHQt
SRGpOQêFK
YOQPV
~KHO
YQLWĜQtKR
WĜHQt
GHJ
6RXGUå 3RLVVR
QRVWL
QRYR
þtVOR
N3D
7ČåLWHO
QRVW
ý61
6YDKRYpKOtQ\V~ORPN\
RUWRUXOD
VNDUQ
+RGQRWD
WDEXONRYp
YêSRþWRYp
~QRVQRVWL
03D
+<'52*(2/2*,&.§320÷5<
ê“•SŽ˜‘U†‹ê“•„†BꙜ“U™„Bê‘5–ˆ‡‘Bꖎ˜—ˆ:‘’–—Œ®
„Ãêê ™’‡‘?‘Uꋒ•Œ’‘—ꍈê™ê‘5–ˆ‡˜B†B†‹ê‹’•‘Œ‘5†‹®ê™ê“˜ŽŒ‘’™>ê–œ–—>˜ê“’‡ê‡?‡Œ:‘’˜êO—’’˜±êŽ—ˆ•5ꏒê’‡™’‡G˜ˆ
…Ãêê o„‡Œ‘„ê“’‡ˆ‘BꙒ‡œê–ˆê‘„†‹5BꑄêŽI—?꣩¤êê—­ê¢ªêê“’‡ˆê‡‘ˆê’˜
†Ãêê }œ‡„—‘’–—ê–ˆê“dˆ‡“’Ž5‡5®ê‡ˆ–ˆ—Œ‘œêꏽ–
./$6,),.$&(+251,129§+20$6,9835232'=(01«67$9%<
w•„Ž—Œ†Ž’˜ê ˆ—’‡’˜ê “•’ê –—„‘’™ˆ‘Bê Šˆ’—ˆ†‹‘Œ†ŽU†‹ê ™„–—‘’–—Bê ‹’•‘Œ‘’™>‹’ê “•’–—dˆ‡Bê ˆê –—„‘’™ˆ‘Bê ‹’‡‘’—œê xê Ây’†Ž„––ê ”˜„Œ—œÃê
’‘„:’™„‘>ê—>WꍄŽ’êyty­ê{„—’ꐈ—’‡„ê…œ„ꓘ…ŒŽ’™5‘„êu­êi„•—’‘ˆ±êm­ês’–ˆ—ˆ±y­sŒˆ‘ˆê„êq­ês˜‘‡ˆêêu’•šˆŠŒ„‘ênˆ’—ˆ†‹¾
‘Œ†„êp‘–—Œ—˜—˜ê™êv–˜ê“’‡ê‘5™ˆêh“Œ†„—Œ’‘êꒉêx¾–œ–—>êŒ‘ꇈ–ŒŠ‘ꇈ†Œ–Œ’‘–ꆒ‘†ˆ•‘Œ‘Šê‡Œˆ‘–Œ’‘–ê„‘‡ê„““•’“•Œ„—ˆê–˜““’•—ꉒ•ê
˜‘‡ˆ•Š••’˜‘‡êŒ‘–—„„—Œ’‘–­êzœ–—>êxꍈê™ê“’‡–—„—?ê™5WB†Bꓕ’†ˆ–±“dŒê‘?Wꖈꋒ‡‘’—BꑈŠ„—Œ™‘Bê„ê“’Œ—Œ™‘Bꄖ“ˆŽ—œê‹’•‘Œ‘’™>‹’ê
„–Œ™˜êŽ™„‘—Œ—„—Œ™‘?ê„ê—’ê—„Ž±êWˆê–ˆê‹’‡‘’—BêOˆ–—ꉄŽ—’•Sꓒ‡ˆê•’™‘Œ†ˆê¡­
54'-U
-Z
4 [[
65)
-Q-D
54'«(,/%#'!'$ !%3%3"+!
-Q«« ,# $%3"'"#-1
-U«,/"-(,/!%"#/ $
-D«,/"-(,/"#$ .#! $'
-Z«#(%./ $'
65)«#"/*/ .#/
¡Ãê
6WDQRYHQËNRHILFLHQWĎ
qˆ‡‘’—Œ™>ꎒˆ‰Œ†Œˆ‘—œê…œœê˜•:ˆ‘œê‘5–ˆ‡’™‘?
x 54'SRGOH'HHUHSĜHGVWDYXMHNYDOLWXYUWQpKRMiGUD-HWRSDUDPHWU//FRåSĜHGVWDYXMHVRXþHWGpOHNMDGHUGHOãtFKQHåFPNFHO
NRYpGpOFHQiYUWX2]QDþHQtNYDOLW\KRUQLQMHQiVOHGXMtFtGOHWDEXON\
{„…­ê¢
3RSLVKRUQLQ\
9HOPLãSDWQi
âSDWQi
6OXãQi
'REUi
9\QLNDMtFt
54'
zŽ„•‘ꘕ:ˆ‘5ꋒ‡‘’—„êyxkêÓꡪªê
v•—’•˜„ꘕ:ˆ‘5ꋒ‡‘’—„êyxkêÓꧥ
v 3RþHWSXNOLQRYêFKV\VWpPĤDKRGQRW\NRH¿FLHQWX -Q MH XUþHQSRGOHWDEXON\
{„…­ê£
3RSLVSXNOLQRYpKRV\VWpPX
0DVLYQtEH]SXNOLQQHERVPiORSXNOLQDPL
-HGLQêSXNOLQRYêV\VWpP
'YDVRXERU\SXNOLQ\
'YDVRXERU\SXNOLQVGDOãtPLQDKRGLOêPLSXNOLQDPL
7ĜLVRXERU\SXNOLQ
7ĜLVRXERU\SXNOLQVGDOãtPLQDKRGLOêPLSXNOLQDPL
ýW\ĜLDYtFHSXNOLQRYêFKV\VWpPĤVLOQpUR]SXNiQtQDNXV\YHOLNRVWLNRVWN\FXNUXDWG
3RGUFHQiKRUQLQDDåFKDUDNWHUX]HPLQ\
8WXQHORYêFKNĜtåHQt
8SRUWiOĤ
|•:ˆ‘5ꋒ‡‘’—„êq‘êÓê¤ê“•’ê’…?ꋒ•‘Œ‘œ
+RGQRWD-Q
[+RGQRWD-Q
[+RGQRWD-Q
=35$92'$v ýtVHOQpY\MiGĜHQtQHURYQRVWtSXNOLQ-UMHXUþHQRGOHWDEXON\
{„…­ê¤
3RSLVQHURYQRVWLSXNOLQ
1HVRXYLVOpSXNOLQ\
'UVQpQHERQHSUDYLGHOQp]YOQČQp
+ODGNp]YOQČQp
6RKOD]\]YOQČQp
'UVQpQHERQHSUDYLGHOQpURYLQQp
+ODGNpURYLQQp
6RKOD]\URYLQQp
3RUXFKRYpSiVPRREVDKXMHMtORYLWpPLQHUiO\YGRVWDWHþQpPRFQRVWLNWHUp]DEUDĖXMtNRQWDNWXVWČQ
3tVþLWČQHER~ORPNRYLWČSRGUFHQpSiVPRYGRVWDWHþQČYHONpPRFQRVWLNWHUi]DEUDĖXMHNRQWDNWX
VWČQ
ýtVHOQpR]QDþHQtQHURYQRVWLSXNOLQ -U
w’‘5Ž„®
v 3RNXGMHSUĤPČUQêUR]HVWXSXVWHMQpKRSXNOLQRYpKRV\VWpPXYČWãtQHåSĜLþWČWH
v 3URURYLQQpSXNOLQ\VRKOD]\DOLQHDFtMHPRåQRSRXåtWKRGQRWXSXNOLQ-U SRNXGMVRXOLQHDFHRULHQWRYiQ\YHVPČUXPLQLPiOQt
SHYQRVWL
|•:ˆ‘5ꋒ‡‘’—„êq•êÓê¢ê’…?ꋒ•‘Œ‘œ
v ýtVHOQpR]QDþHQtDOWHUDFH-DSXNOLQ\MHXUþHQRGOHWDEXON\
{„…­ê¥
3RVXQSRWUKOLQČ
3RSLVWUKOLQ\
6WČQ\YNRQWDNWX
3HYQČY\KRMHQiQHPČNQRXFtQHSURSXVWQiYêSOĖQDSĜtNODGNĜHPHQQHERHSLGRW
6WČQ\SXNOLQ\QHSRVWLåHQ\DOWHUDFtY\VN\WXMtVHSRX]HPtVWQtVNYUQ\
0tUQČDOWHURYDQpVWČQ\SXNOLQ1HPČNQRXFtSRYODN\PLQHUiOĤ þiVWLFHStVNXSRGUFHQp
~ORPN\KRUQLQ\EH]MtORYLWpYêSOQČ
3UDFKRYLWpQHERMtORYLWRStVþLWpVODEiMtORYLWiYêSOĖSRPČUQČWYUGi
0ČNNpQHERKODGNpSRYODN\PLQHUiOĤQDSĜNDROLQLWXQHERVOtG\7DNpFKORULWPDVWHN
ViGURYHFJUDILWDWGQHERPDOpPQRåVWYtEREWQDYêFKMtOĤ
3tVþLWp þiVWLFHSRGUFHQiKRUQLQDEH]MtORYLWpYêSOQČ
6LOQČ]SHYQČQiWYUGiDQHPČNQRXFtYêSOĖMtORYLWêFKPLQHUiOĤVRXYLVOiDOHPRFQRVWSRG
PP
6WĜHGQtDåQt]NêVWXSHĖ]SHYQČQtYêSOĖPČNQRXFtKRMtORYLWpKRPLQHUiOXVRXYLVOiDOH
PRFQRVWSRGPP
9êSOĖ]EREWQDYêFKMtORYêFKPLQHUiOĤQDSĜPRQWPRULORQLWX6RXYLVOiDOHPRFQRVWSRG
PP+RGQRWD-D ]iYLVtQDSURFHQWXREVDKXEREWQDYêFKþiVWLFSĜtVWXSXYRG\DSRG
=yQ\DSiVPDUR]SDGDYpþLSRGUFHQpKRUQLQ\VMtORYLWRXYêSOQt9êSOĖMtORYLWêFKPLQHUiOĤ
VRXYLVOiDOHPRFQRVWSRGPP
=yQ\DSiVPDUR]SDGDYpþLSRGUFHQpKRUQLQ\VMtORYLWRXYêSOQt9êSOĖPČNQRXFtKR
MtORYLWpKRPLQHUiOXVRXYLVOiDOHPRFQRVWSRGPP
=yQ\DSiVPDUR]SDGDYpþLSRGUFHQpKRUQLQ\VMtORYLWRXYêSOQt9êSOĖ]EREWQDYêFK
MtORYêFKPLQHUiOĤQDSĜPRQWPRULORQLWX6RXYLVOiDOHPRFQRVWSRGPP+RGQRWD-D
]iYLVtQDSURFHQWXREVDKXEREWQDYêFKþiVWLFSĜtVWXSXYRG\DSRG
3iVPDDSUXK\SUDFKRYLWpQHERStVþLWRMtORYLWpYêSOQČSURFHQWRMtOXQt]NpMtOWXKê
6WČQ\SXNOLQ\
YNRQWDNWXSĜHG
SRVXQHP
3RSRVXQXQHMVRX
VWČQ\YNRQWDNWX
3RPČUQČPRFQpDVRXYLVOp]yQ\MtOX9êSOĖMtORYLWêFKPLQHUiOĤVRXYLVOiDOHPRFQRVWSRG
PP
3RPČUQČPRFQpDVRXYLVOp]yQ\MtOX9êSOĖPČNQRXFtKRMtORYLWpKRPLQHUiOXVRXYLVOiDOH
PRFQRVWSRGPP
3RPČUQČPRFQpDVRXYLVOp]yQ\MtOX9êSOĖ]EREWQDYêFKMtORYêFKPLQHUiOĤQDSĜ
PRQWPRULORQLWX6RXYLVOiDOHPRFQRVWSRGPP+RGQRWD-D ]iYLVtQDSURFHQWXREVDKX
EREWQDYêFKþiVWLFSĜtVWXSXYRG\DSRG
ýtVHOQi
KRGQRWD-D
ÒKHO
YQLWĜQtKRWĜHQt
|•:ˆ‘5ꋒ‡‘’—„ê–Ž„•‘êq„Óꪱ§¥ê
|•:ˆ‘5ꋒ‡‘’—„ê’•—’•˜„êq„Óê¤
v 6WDQRYHQtNRH¿FLHQWX ]YRGQČQtSXNOLQ\-ZMHSURYHGHQRGOHWDEXON\
{„…­ê¦
&KDUDNWHULVWLNDSĜtWRNX
6XFKêYêUXEQHERPLQLPiOQtSĜtWRNPtVWQČPpQČQHåOPLQ
6WĜHGQtSĜtWRNQHERWODNPtVWQČY\P\WiYêSOĖSXNOLQ
9HONêSĜtWRNQHER]QDþQêWODNYNRPSDNWQtKRUQLQČVSXNOLQDPLEH]YêSOQČ
9HONêSĜtWRNQHER]QDþQêWODNYêSOĖSXNOLQGR]QDþQpPtU\Y\SODYHQD
9êMLPHþQČY\VRNêSĜtWRNQHERWODNYRG\SĜLRGVWĜHOXVSRVWXSHPþDVXVHVQLåXMH
9êMLPHþQČY\VRNêSĜtWRNQHERWODNYRG\EH]]QDWHOQpKRSRNOHVXVSRVWXSHPþDVX
|•:ˆ‘5ꋒ‡‘’—„êêqšêÓê¡ê’…?ꋒ•‘Œ‘œ
NRHILFLHQWX]YRGQČQt
SXNOLQ\-Z
3ĜLEOLåQêWODNYRG\0SD
3RG
9ČWãtQHå
9ČWãtQHå
=35$92'$-
v .RH¿FLHQW VQtåHQtQDSČWtQDPiKiQt65)MHVWDQRYHQSRGOHWDEXON\
{„…­ê§
=iNODGQtFKDUDNWHULVWLNDKRUQLQ\
3RGUREQiFKDUDNWHULVWLNDKRUQLQ\
3iVPDRVODEHQtSURWtQDMtYêUXEþtPåPĤåH
GRMtWNXYROQČQtKRUQLQ\SĜLUDåEČ
KRGQRW\65)MHQXWQRVQtåLWRSRNXG
SĜtVOXãQpVP\NRYp]yQ\GRYêUXEX]DVDKXMt
DOHQHSURWtQDMtMHM
ýHWQpYêVN\W\RVODEHQêFKSiVHPREVDKXMtFtFKMtOFKHPLFN\UR]ORåHQRXUR]SDGORX
KRUQLQXRNROQtKRUQLQD]QDþQČUR]YROQČQi
-HGLQpSiVPRRVODEHQtREVDKXMtFtMtOQHERFKHPLFN\UR]ORåHQRXUR]SDGORXKRUQLQX
KORXENDUDåE\GRP
6NDOQtKRUQLQ\SUREOpP\VQDPiKiQtP
7ODþLYpKRUQLQ\SRGYOLYHPY\VRNpKRWODNX
KRUQLQGRFKi]tNWHþHQtSODVWLFNêFKKRUQLQ
%REWQDYpKRUQLQ\EREWQDYRVW]iYLVtQD
SĜtWRPQRVWLYRG\
-HGLQpSiVPRRVODEHQtREVDKXMtFtMtOQHERFKHPLFN\UR]ORåHQRXUR]SDGORXKRUQLQX
KORXENDUDåE\QDGP
ýHWQpVP\NRYp]yQ\YKRUQLQRYpPPDVLYXEH]MtORYLWpYêSOQČRNROQtKRUQLQD
UR]YROQČQDQDKORXEFHUDåE\QH]iOHåt
-HGLQiVP\NRYiSORFKDYKRUQLQRYpPPDVLYXEH]MtORYLWpYêSOQČKORXENDUDåE\GR
P
-HGLQiVP\NRYiSORFKDYKRUQLQRYpPPDVLYXEH]MtORYLWpYêSOQČKORXENDUDåE\QDG
P
9ROQpRWHYĜHQpSXNOLQ\VLOQpUR]SXNiQtUR]SDGQDNU\FKORYp~ORPN\NRVWN\FXNUXQD
KORXEFHUDåE\QH]iOHåt
1t]NpQDPiKiQt$ YČWãtQHå% YČWãtQHå
6WĜHGQtQDPiKiQt$ % 9\VRNpQDPiKiQtYHOPLSHYQiVWUXNWXUDREY\NOHSĜt]QLYiSURVWDELOLWXDOHPĤåHEêW
QHSĜt]QLYpSURVWDELOLWXVWČQ$ % 6ODEČQDGRXYDYiKRUQLQD$ % 6LOQČQDGRXYDYiKRUQLQD$ PHQãtQHå% PHQãtQHå
0tUQČWODþLYpKRUQLQ\
65)
6LOQČWODþLYpKRUQLQ\
0tUQêEREWQDYêWODN
6LOQČEREWQDYêWODN
|•:ˆ‘5ꋒ‡‘’—„êzymÓꢱ¥ê’…?ꋒ•‘Œ‘œ
9ÛSRêHWDY\KRGQRFHQËNYDOLW\KRUQLQRYÇKRPDVLYX
w’ꇒ–„ˆ‘Bꋒ‡‘’—êê“dˆ‡†‹’Bꎄ“Œ—’œê‡’ê•’™‘Œ†ˆê¡ê…œ„ê–“’:—ˆ‘„ê‹’‡‘’—„êytx
zŽ„•‘êxêÓꢦ±¦ê
v•—’•˜„êxêÓ꣱§¥
}œ‹’‡‘’†ˆ‘Bꍈꓕ’™ˆ‡ˆ‘’ꇏˆê—„…˜Žœê¨ê„ê’…•­ê£±ê“dˆ™„—>êê:„–’“Œ–˜ê~’•‡ê—˜‘ˆŒ‘Šê‘5–ˆ‡˜B†Bê“S–’…ˆ®
x 1DYRGRURYQpRVHMHY\QHVHQDKRGQRWD5044DSRGOHMHMtYHOLNRVWLVHKRUQLQDUR]GČOHQDSRGOHWDEXON\DREU
{„…­ê¨
2]QDþHQtQDSĜtOR]H
*
)
(
'
&
%
$
$
$
ýHVNêQi]HYNYDOLW\KRUQLQRYpKRPDVLYX
9êMLPHþQČãSDWQi
0LPRĜiGQČãSDWQi
9HOPLãSDWQi
âSDWQi
6OXãQi
'REUi
9HOPLGREUi
0LPRĜiGQČGREUi
9êMLPHþQČGREUi
$QJOLFNêQi]HYNYDOLW\KRUQLQRYpKRPDVLYX
([FHSWLRQDOO\SRRU
([WUHPHO\SRRU
9HU\SRRU
3RRU
)DLU
*RRG
9HU\JRRG
([WUHPHO\JRRG
([FHSWLRQDOO\JRRG
w’‡ˆê—„…˜Žœê¨ê„ê’…•­ê¡ê…œê‹’•‘Œ‘’™Uꐄ–Œ™ê’‹’‡‘’†ˆ‘ꍄŽ’êiꇒ…•5ꓕ’ê’…?ꋒ•‘Œ‘œ­
x 1DVYLVOpRVHYOHYRMHY\QHVHQSRPČUKRGQRW\ãtĜN\QHERYêãN\UDåHQpKRGtODNKRGQRWČ(65NWHUiXUþXMHGĤOHåLWRVWGtODSRGOHWDEXON\
6SDQRUKHLJKWLQP(65
{„…­ê©
'UXKVWDYE\
'RþDVQpWČåHEQtRWYtUN\DSRG
7UYDOpWČåHEQtRWYtUN\SĜtYRGQtWXQHO\SURK\GURHOHNWUiUQ\NURPČSĜtYRGQtFKWODNRYêFKSRWUXEtSLORWWWXQHO\ãDFKW\DSRUXEQtFKRGE\X
YHONêFKRWYtUHN
6NODGRYpSRG]HPQtSURVWRU\þLVWLþN\SRG]HPQtFKYRGPHQãtVLOQLþQtDåHOH]QLþQtWXQHO\SĜtVWXSRYpWXQHO\Y\URYQiYDFtNRPRU\
(OHNWUiUQ\YČWãtVLOQLþQtDåHOH]QLþQtWXQHO\REMHNW\FLYLOQtREUDQ\SRUWiO\NĜLåRYDWN\NĜtåHQt
3RG]HPQtMDGHUQpHOHNWUiUQ\åHOH]QLþQtVWDQLFHVSRUWRYQtDYHĜHMQi]DĜt]HQtWRYiUQ\
x o’‡‘’—„ê‘„ê–™Œ–>꒖ˆêˆê“•’ꇄ‘>ꕒ?•œê‡B„ê„êlzyꍈê‘5–ˆ‡˜B†B®ê¡±¦
x 1HQtQXWQiVYRUQtNRYiYê]WXå
v 3UĤVHþtNþDUQDYRGRURYQpDVYLVOpVWDQRYtSDUDPHWU\YêVWURMHGtODSRGOHWDEXON\DREU
(65
=35$92'${„…­ê¡ª
3RĜDGRYp þtVOR
=QDþND
6E
%
%6
6IU%
6IU%
6IU%
6IU556%
&&$
'UXKYêVWURMH
%H]YêVWURMH
6YRUQtNRYiYê]WXåPtVWQt
6\VWHPDWLFNiVYRUQtNRYiYê]WXå
6\VWHPDWLFNiVYRUQtNRYiYê]WXåDWRUNUHWFP
6\VWHPDWLFNiVYRUQtNRYiY\]WXåHQiVtWtWRUNUHWFP
6\VWHPDWLFNiVYRUQtNRYiYêVWXåQiVtWtWRUNUHWFP
6\VWHPDWLFNiVYRUQtNRYiY\]WXåHQiVtWtWRUNUHWFP
6\VWHPDWLFNiVYRUQtNRYiYê]WXåRFHORYiVtĢDåHEUDWRUNUHWQDGFP
2EORXN]OLWpKREHWRQX
o’•‘Œ‘’™>˜ê„–Œ™˜ê’‡“’™B‡5ê‘5–ˆ‡˜B†Bꇕ˜‹ê™U—˜Wˆ®ê‘ˆ‘Bꑘ—‘5ꖙ’•‘BŽ’™5ê™U—˜W
v…•­ê£
9ÛSRêHWKRUQLQRYÇKRWODNX
w˜…ŒŽ’™5‘’êu­êi„•—’‘ˆ±êm­ês’–ˆ—ˆ±y­sŒˆ‘ˆê„êq­ês˜‘‡ˆêêu’•šˆŠŒ„‘ênˆ’—ˆ†‹‘Œ†„êp‘–—Œ—˜—˜ê™êv–˜­
o’‡‘’—„ê‹’•‘Œ‘’™>‹’ꗏ„Ž˜ê™ˆê–—•’“?ꖈꖓ’:B—5ꓒ‡ˆê•’™‘Œ†ˆê¤±ê‘ˆ…’ê“’‡ˆêŠ•„‰˜ê‡ˆêr„•‹5‘Ž„ê‘„êv…•­ê¤®
-Q
3U 03D
-U ¥4U ¥
{„Žê‘„ê–—?‘œê™U•˜…˜
wšÓêê¥êxêÓꪱª¥êêêÂtw„Ãêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê£Ã
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
±
x êÓê¥êxêêêꓕ’êꡪ¼xê
±
x êÓꢱ¥êxêꓕ’êꪱ¡¼x¼¡ªê
±
x êÓêêxêêêêêꓕ’êêêx¼ª±¡
o’•‘Œ‘’™Uê —„Žê ™ˆê –—•’“?ê ˆê ª±ª¡ê ê tw„ê “•’ê ’…?ê
‹’•‘Œ‘œ
o’•‘Œ‘’™Uꗏ„Žê‘„ê–—?‘œê™U•˜…˜êˆêª±ª¥êtw„ê“•’ê
’…?ꋒ•‘Œ‘œ
'REDVWDELOLW\YÛUXEX
w˜…ŒŽ’™5‘’ê u­ê i„•—’‘ˆ±ê m­ê s’–ˆ—ˆ±y­sŒˆ‘ˆê „ê q­ê
s˜‘‡ˆêêu’•šˆŠŒ„‘ênˆ’—ˆ†‹‘Œ†„êp‘–—Œ—˜—˜ê™êv–˜­
ê¢Ã
v…•­ê¤
=35$92'$-
v…•­ê¥
k’…„ê–—„…ŒŒ—œê™U•˜…˜ê–ˆê–—„‘’™Bꓒ‡ˆêŠ•„‰˜ê‡ˆêr„•‹5‘Ž„ê‘„ê’…•­ê¥®
k’…„ê–—„…ŒŒ—œê™U•˜…˜êˆê¡ªêˆ—ê’…?ꋒ•‘Œ‘œ
&LPEDUHYLêRYDWHRULH
z—•’“‘Bꗏ„Žê“’‡ˆê’…•­ê¦êˆê‡5‘„ê•’™‘Œ†B
v…•­ê¦
Į ij
¤Ã
D DYWJĮ
DD
E WJȕWJij
Â¥Ã
*V DEȖQ
§Ã
¦Ã
.GH
ǹ««2("/1
D«« %,/)/0%3!$$
Y««%3)%3!$$
E««%3)'
ij«2%#0/#0/
ȖQ «%+#/*/!
*V «"#! /#-' (//
ê•’™‘Œ†ê¤ê¾ê¦ê’…‡•WBˆê™—„‹ê¨Ã
DYWJij
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
E WJij
¨Ã
“’—’ê“’‡ˆê¨±©Ã
D ȖQ
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
*V WJij
êêêêêêêêêêêêê
©Ã
–“’ˆ‘Bê¡ª±¡¡Ãꒅ‡•WBˆ
DYWJij ȖQ
*V êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
WJij
¡ªÃ
=35$92'$}U“’:ˆ—ê…œê“•’™ˆ‡ˆ‘ê™ê—„…­ê¡¡êêêê
{„…­ê¡¡
KRUQLQD
6NDUQ
RUWRUXOD
9êãND
YêUXEXYP
âtĜNDYêUXEXP
VNXWHþQi
3RORYLþQtD
ÒKHO
YQLWĜQtKR
WĜHQt ij
2EMHPRYi
KPRWQRVWȖQ
N1P
9êãND
NOHQE\E
P
6WURSQtWODN
03D
6WURSQtWODN
QDEP*V
N1EP
ê—„…˜Žœê¡¡ê™œ“U™„Bê‘5–ˆ‡˜B†Bê5™?•œ®êê
v 6WURSQtWODNXVNDUQXGOH&LPEDUHYLþHMH03DSĜLYêãFHNOHQE\P
v 6WURSQtWODNXRUWRUXO\GOH&LPEDUHYLþHMH03DSĜLYêãFHNOHQE\P
¸SUDYD&LPEDUHYLêRY\WHRULHSURG\QDPLFNÇQDP¿K¿QË
w’‡ˆê’…•­ê§ê–ˆê™?—OŒê–—•’“‘Bꗏ„Žê’ꇜ‘„Œ†Ž’˜ê–’WŽ˜ên‡œ‘ê„ê—˜‡BWꖈꝙ?—OŒ„ꙈŒŽ’–—ꎏˆ‘…œê‘„ê…¡­êjˆŽ’™Uꖗ•’“‘Bꗏ„Žêˆê—ˆ‡œ®
*FHON *G\Q*Vêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê¡¡Ã
kœ‘„Œ†ŽUꗙ„•êo’’Ž’™„ê5Ž’‘„ê5ꗙ„•®
ıG\Q (İG\Q
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
kœ‘„Œ†Ž5ꇈ‰’•„†ˆê
–ˆê–“’:B—5
ê
X
İG\ êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
ê
ê
F
z—•’“‘Bꗏ„Žê‘„ê¡ê…êB–Ž5ˆêR“•„™’˜ê•’™‘Œ†ˆê¡¡ê‘5–ˆ‡’™‘?®
ıG\Q
*G\Q êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
D
êêêêêêêêêêê
}ꕒ™‘Œ†B†‹ê¡¡ê¾ê¡¤ê‘„:B®
ê
ê
êêê¡¢Ã
ê
ê
êê
ê
ê
êêꡤÃ
ê¡£Ã
v…•­ê§
*G\Q«'+"*"#! /#$
*FHON«%3"#! /#
ıG\Q«'- .#/
(««$ !$*"# X«« !'"##+/'-++/"
F««!'"#)/0/ -1%
E««%1)%-!%-'
z“’ˆ‘Bê•’™‘Œ†ê¡¢ê„Wꡦꇒ–—„‘ˆˆ®
(XDYWJij ȖQ
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê¡¥Ã
*FHON D FWJij
ê’…•5Ž˜êê¥ê’…‡’…‘?ꍄŽ’ê˜ê’…•5Ž˜ê¤ê“„—Bꕒ™‘Œ†ˆ
*
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê꧄Ã
FHONV DE ȖQ
w’ꇒ–„ˆ‘Bꕒ™‘Œ†ˆê¨ê‡’–—„‘ˆˆê
*
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꡦÃ
FHON DYWJijE ȖQ
z“’ˆ‘Bê•’™‘Œ†ê¡¥ê„ꡦꒅ‡•WBˆ
(XDYWJij ȖQ
D
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꡧÃ
YWJijE ȖQ D FWJij
}UOŽ˜ê‘’™?ꙝ‘ŒŽ>ꋒ•‘Œ‘’™>ꎏˆ‘…œê…¡ê“„Žêê•’™‘Œ†ˆê¡©ê‡’–—„‘ˆˆê™ˆê—™„•˜
(XDYWJij ȖQ
D FWJij
EêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꡨÃ
DYWJijȖQ
}UOŽ„ê‹’•‘Œ‘’™>ꎏˆ‘…œê…¡êꍈꐌ‘Œ5‘Bꙝ‡5ˆ‘’–—ꑄꎗˆ•’˜ê–ˆê…ˆ“ˆ:‘?ꐒ‹’˜ê“dŒ…BWŒ—ê—•‹„†Bꓕ5†ˆ±ê“dŒê‘Œ†‹Wê™ê“•’–—’•˜êŽˆ‘…œê
O—’œê…˜‡ˆê•œ†‹’–—ꎐŒ—5‘Bê˜ê½–íê}U“’:ˆ—ê…œê“•’™ˆ‡ˆ‘ê™ê—„…­ê¡¢­êêêê
=35$92'$-
ê—„…˜Žœê¡¢ê™œ“U™„Bê‘5–ˆ‡˜B†Bê5™?•œ
v 6WURSQtWODNXVNDUQXGOHXSUDYHQpKR&LPEDUHYLþHSURU\FKORVWNPLWiQtRGWUKDFtFKSUDFtRGPVMH±03DSĜLYêãFH
NOHQE\P
v 6WURSQtWODNXVNDUQXGOHXSUDYHQpKR&LPEDUHYLþHSURU\FKORVWNPLWiQtRGWUKDFtFKSUDFtRGPVMH±03DSĜLYêãFH
NOHQE\P
v =iYLVORVWQDU\FKORVWLNPLWiQtRGGRPVMHXRERXKRUQLQFFDP
{„…­ê¡¢
âtĜNDYêUXEXP
9êãND
YêUX
EX
YP
6NXWHþ
Qi
3RORYLþQt
D
ÒKHO
YQLWĜQt
KRWĜHQt
ij
2EMH
PRYi
KPRW
QRVW ȖQ
N1P
0RGXO
SUXåQRV
WL(
03D
5\FKORVW
ãtĜHQt
SRGpO
QêFKYOQ
PV
6NDUQ
RUWRUXOD
KRUQLQD
5\FKORVW
NPLWiQtRG
FORQRYêFK
RGVWĜHOĤYH
YêUXEX
PV
&HONRYê
VWURSQtWODN
QDEP*V
N1EP
&HONRYê
WODN
03D
9êãND
.OHQ
E\
E
P
7HNWRQLND
}ˆê™U†‹’‡‘Bê:5–—Œê’˜êˆê™U•„‘5ꗈŽ—’‘Œ†Ž5ꓒ•˜†‹„­ê{„—’ê“’•˜†‹„ê…œ„Ꝅ?dˆ‘„ê“dB–—•’ˆênwzꐄ“ꦪjz›ê„ꍈꝄŽ•ˆ–ˆ‘„ê‘„ê
’…•­¨­êw’•˜†‹„ê•’‡?˜ˆê’WŒ–Ž’êt„Š‡„ˆ‘„êppꑄê¢ê:5–—Œ­ê}êB–—?ꓒ•˜†‹œêˆê‘˜—‘’ê“dŒê“•’™5‡?‘Bꗕ‹„†B†‹ê“•„†Bꇒ‹BWˆ—ꖈꝙUOˆ‘’˜ê
’“„—•‘’–—Bꑄꖗ„…ŒŒ—˜ê–™„‹˜ê’…•­ê¡ªÃ­
v…•­ê¨
1Ÿ95+75+$&«&+35$&«
9ROEDYKRGQÇWUKDYLQ\
u„ê5Ž„‡?ꐑ’‹„ˆ—U†‹êŽ˜Oˆ‘’–—Bê™êˆ†‹5†‹êŒê™ê„‹•„‘Œ:B꓏„—Bê‘5–ˆ‡˜B†Bꙝ—„‹êˆŒê„Ž˜–—Œ†Ž’˜êŒ“ˆ‡„‘†Bꋒ•‘Œ‘œê„ê—•‹„™Œ‘œ®
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê¡©Ã
,KRU ,WUK
,KRU«DNXVWLFNiLPSHGDQFHKRUQLQ\
,WUK«DNXVWLFNiLPSHGDQFHWUKDYLQ\
,KRU NKRUF
,WUK NWUKY
NKRU«« %+#"#!'
NWUK««%+#"##!%'
F«««!'"#)/0/ -1%%!.
Y«««#,/!'"##!%'
=35$92'$w•’ê•’“’’™„‘’˜ê‹’•‘Œ‘˜ê˜™5‡Bê™ê—„…˜†ˆê:­ê¡£êꖓ’:—ˆ‘>ꑘ—‘>ꇈ—’‘„:‘Bꕜ†‹’–—Bêꓕ’ê•S‘>ꗕ‹„™Œ‘œ­
ê—„…˜Žœê¡£ê™œ“U™„Bê‘5–ˆ‡˜B†Bê5™?•œ®
x SURWUKDFtSUiFHMHPRåQRSRXåtYDWEČåQpVFKYiOHQpSUĤP\VORYpWUKDYLQ\
x GHWRQDþQtU\FKORVWWUKDYLQ\YHYUWXGRSRUXþXML]PČĜLWSĜtVWURMHP92'
{„…­ê¡£
KRUQLQD
*HQHVH
KRUQLQ\
REMHPRYi U\FKORVWãtĜHQt
KPRWQRVW
SRGpOQêFKYOQ
NKRUNJPñ FPV]GUDYp
KRUQLQ\
WČåLWHOQRVW
DNXVWLFNi
LPSHGDQFH
KRUQLQ\,KRU
NJPðV
RGSRYtGDMtFt
PLQLPiOQt
DNXVWLFNi
LPSHGDQFH
WUKDYLQ\,WUK
NJPðV
RUWRUXOD
VNDUQ
0HWDPRU
IRYDQp
2GSRYtGDMtFtPLQLPiOQtGHWRQDþQtU\FKORVW
WUKDYLQ\YPV
SODVWLFNp
DPRQROHGNRYp
2EMHPRYi
2EMHPRYiKPRWQRVW
KPRWQRVW
NJP NJP 1¿YUKêDVRY¿QËUR]QøWXV\VWÇPX,1'(76+2&.
v
2SWLPiOQtLQWHUYDOþDVRYiQtE\OVSRþWHQGOHURYQLFH
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢢÃ
IJ 1[,KRUPQ
P D9
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢣÃ
ȉ«« #+/,"%1#!%(!($)
1««
P««"$,# 0/*/+*/
,KRU«$"#+ !'
D!(#,
9««(+.!
Q«& #$!,1 !#1($)"#
"(/
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢣÃ
P êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢤÃ
IJ PV
v 5R]GtOYþDVRYêFKVWXSQtFKSĜLSRXåLWtUR]EXãHN,1'(76+2&.QDYUKXMHPHPVDY\ããt
6WDQRYHQËPD[LP¿OQËFKQ¿ORæËQDêDVRYÛVWXSHĀ
¥­£­¡êêz—„‘’™ˆ‘BêR—˜˜ê–ˆŒŒ†ŽU†‹ê™‘ꇏˆêzuꧣªª¤ªêê
w•’ê™U“’:ˆ—ê–ˆŒŒ†ŽU†‹êR:Œ‘ŽSꗕ‹„†B†‹ê“•„†Bꅜ’ê“’˜WŒ—’ê•’™‘Œ†ˆêÂ¥Ãêzuꧣªª¤ª­
.—PHY
êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêê
X êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢥÃ
/
ê
ê.««$ 0"$
PHY « %%#/#"#+*
ê
/«%(+"##.*)#."#0$
u„?dˆ‘>ꋒ‡‘’—œêˆê–ˆŒŒ†ŽU†‹ê?dˆ‘Bêê„•†‹Œ™˜ê„˜—’•„ꝓ•„†’™„‘>ê–ꨪÜꓕ„™‡?“’‡’…‘’–—Bêꍖ’˜ê‘„ê’…•­ê©­
v…•­ê©
=35$92'$-
¥­£­¢êz—„‘’™ˆ‘BêR—˜˜ê–ˆŒŒ†ŽU†‹ê™‘ê“•’ꨪêÜꓕ„™‡?“’‡’…‘’–—Œ
{„—’ꐈ—’‡„ê“’“–„‘5êk’š‡Œ‘Šˆê™êŒ—ˆ•„—˜dˆê¡§êˆê–’˜:5–—Bêmˆ‡ˆ•„êyˆŠŒ–—•˜ê}’­ê¤¨±êu’ꤦ±ê{˜ˆ–‡„œ±êt„•†‹ê¨±ê¡©¨£±êy|slzê
hukêyln|sh{pvuê~„–‹Œ‘Š—’‘±êk­j­®ê|­z­ên’™ˆ•‘ˆ—êw•Œ‘—Œ‘Šêv‰‰Œ†ˆ­êu„ê5Ž„‡?ê?dˆ‘BꖈŒŒ†ŽU†‹êR:Œ‘ŽSꋐ’—‘’–—Œê‘5’Wˆêê
‘„ê:„–’™Uꖗ˜“ˆGê„ꙝ‡5ˆ‘’–—Œê’‡ê’‡–—dˆ˜ê…œê“’‡ˆê™UOˆê˜™ˆ‡ˆ‘>ꐈ—’‡ŒŽœ±êŽ—ˆ•5ꍈꖒ˜:5–—Bꖒ‰—š„•˜ê–“’ˆ:‘’–—Œêpuz{hu{lsê
i„–—ê~„•ˆêpppꖈ–—„™ˆ‘ꊕ„‰ê‘„ê“dB’ˆê¤±êŽ‡ˆê‘„êꖙŒ–>꒖ˆêˆê„›Œ5‘Bꕜ†‹’–—ꎐŒ—5‘Bêê|ꐐ½–Ãê„ê™’‡’•’™‘>꒖ˆê•ˆ‡˜Ž’™„‘5ê
™‡5ˆ‘’–—꒝‘„:ˆ‘5ê™U•„ˆêzkêÂz”˜„•ˆêy’’—êkŒ–—„‘†ˆÃêzk±êŽ—ˆ•Uꍈꇏˆê•’™‘Œ†ˆê¢¦Ãꕒ™ˆ‘®
/
6' êêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢦÃ
—PHY
u„ꊕ„‰˜êˆêŽ„–Œ†Ž5ꕈŠ•ˆ–‘BêŽdŒ™Ž„Ꙝ‘„:ˆ‘„ê:5•Ž’™„‘?ê„êŽdŒ™Ž„ꨪÜꓕ„™‡?“’‡’…‘’–—Œê“‘?­êyœ†‹’–—ꎐŒ—5‘Bꓕ’ê“•’™5‡?‘Bê
—•‹„†B†‹ê“•„†Bê–ê©¥Üꓕ„™‡?“’‡’…‘’–—Bꍈ꓄Žê‡5‘„ê•’™‘Œ†Bꢧí
|Óêr¡êêÂzkÃê¾r¢ÃêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêêꢧÃêê
êŠ•„‰˜ê‘„ê’…•­ê¨ê™œ†‹5ˆBê‘5–ˆ‡˜B†Bꋒ‡‘’—œ®
v . v . v .RH¿FLHQW NRUHODFH v 6WDQGDUGQtRGFK\OND §­£­£êêjˆŽ’™>ꝋ’‡‘’†ˆ‘BêR—˜˜
v (NYLYDOHQWQtQiORåMHFKiSiQDMDNRKPRWQRVWWUKDYLQ\NWHURXO]HRGSiOLWEH]SHþQČEH]Y]QLNXSUYêFK]QiPHNãNRGYMHGQRPþDVRYpP
VWXSQL'H''H3SRSĜ'H.
v 0D[LPiOQtQiORåHQDþDVRYêVWXSHĖMVRXXYHGHQ\YWDEXOFHQXPHULFN\
x 7DEXONDE\ODVSRþWHQDSURQiVOHGXMtFtSDUDPHWU\
R
'\QDPLFN\QHMFLWOLYČMãtREMHNWNDYHUQD0DJGDOHQDMLK
R
6WDQRYHQiPD[LPiOQtU\FKORVWNPLWiQtDPPV
{„…­ê¡¤
9]GiOHQRVWP
0D[LPiOQtQiORåQDþDVRYêVWXSHĖ'H0QHER,1'(7SUDYGČSRGREQRVWLNJSURPH]QtU\FKORVWLNPLWiQt
PPV
PP6
PPV
PPV
w’‘5Ž„®êy’…˜OŽœêpukl{êzovjrꖈꇒꕒ‡B˜ê:„–Sê¨ê–ꆋ’™„BꍄŽ’ê•’…˜OŽœêkˆt­êwdŒêˆ‘OBê•’‡B˜êˆê‘˜—‘’ê
™’Œ—ê“’’™Œ:‘Bê‘5’Wˆ
1¿YUKWUKDFËFKSUDFË
¥­¤­¡êt„“„ꌝ’†‹„•Š
v 'OHURYQLFHVRKOHGHPQD]NXãHQRVWLE\O\VWDQRYHQ\Y]GiOHQRVWLY]iYLVORVWLQDQiORåHQDþDVRYêVWXSHĖDRULHQWDFLRGRGVWĜHOXGOH
SURJUDPX,167$17(/%/$67:$5(,,,SĜLQLFKåQDWDNWR]YROHQpPVWDQRYLãWLQHSĜHNURþtU\FKORVWNPLWiQtKRGQRWXPPVFRå
]DUXþtGRVWDWHþQêVWXSHĖEH]SHþQRVWL7\WRKRGQRW\MVRXXYHGHQ\YWDEXOFH
v 1D]iNODGČVWDQRYHQêFKPD[LPiOQtFKQiORåtQDþDVRYêVWXSHĖGOHWDEXON\MVRXQDSĜtOR]HYĜH]XVWDQRYHQ\þiU\PD[LPiOQtFK
QiORåtQDþDVRYêVWXSHĖL]RFKDUJ\SĜLQLFKåQHEXGHSĜHNURþHQDPH]QtU\FKORVWNPLWiQtVWDQRYHQiSURRKURåHQêREMHNWSURVWDQRYHQRX
L]RVHLVWX
x ,]RFKDUJ\MVRXVWDQRYHQ\WDNDE\QHGRFKi]HORNSRGGLPHQ]RYiQtQiORåt8SRGGLPHQ]RYDQêFKQiORåtVHHQHUJLHYêEXFKXQHY\XåtYi
NUR]SRMHQtKRUQLQ\DOHN]YêãHQêPVHL]PLFNêP~þLQNĤPDRPH]RYiQtQiORåtE\PČORREUiFHQêHIHNW%\O\QDUêVRYiQ\QD]iNODGČ
WDEXON\
=35$92'${„…­ê¡¥
1iORåQDþDVRYêVWXSHĖ
NJ
9]GiOHQRVWRGL]RFKDUJ\P
SUDYGČSRGREQRVWLYêVN\WX
PPV
¥­¤­¢êt„“„ꌝ’–ˆŒ–—
v 2EHFQČO]HVWDQRYLWåHSĜLU\FKORVWLNPLWiQtPPVQDRNUDMLYêUXEXQHGRMGHN]DYDOHQtVWDUêFKGĤOQtFKGČO
v 0DSDL]RVHLVWMHQDREU
¥­¤­£ê{ˆ†‹‘Œ†ŽUꓕ’ˆŽ—ê—•‹„†B†‹ê“•„†B
„ŒO—?‘Bꒆ‹•„‘œê–—„™ˆ…‘B†‹ê’…ˆŽ—Sꓒ‡ˆê—’‹’—’ê“’–˜‡Ž˜êˆê“’—dˆ…„ꎒ‘Ž•ˆ—Œ’™„—ê™ê“dB–˜O‘>ê:5–—Œê—ˆ†‹‘Œ†Ž>‹’ê“•’ˆŽ—˜ê—•‹„†B†‹ê
“•„†B­ê
v…•­ê¡ª
7(&+1,&.»=Ÿ9÷5
.RQNUHWL]DFHQDUXxHQËVWøQORPX
v 6WDĜLQ\ Y SURVWRUX VWiYDMtFtKR ORPX QD +ROpP YUFKX MVRX
SRVWXSQČ RGWČåRYiQ\ 6WDĜLQ\ Y SURVWRUX ORPX 0DJGDOHQD
EXGRX ORPHP WČåHQ\ Y QHMEOLåãt GREČ 6WDĜLQ\ Y MLåQt þiVWL
PDJGDOpQVNpNU\EXGRXSDWUQČRWHYĜHQ\YEXGRXFQRVWL
v =GĤYRGXEH]SHþQRVWLSUiFHYORPXMHWĜHED]QiWSURVWRURYRX
ORNDOL]DFLVWDĜLQD]HMPpQDY\GRE\WêFKSURVWRUVPD[LPiOQt
SĜHVQRVWL&tOHPSUiFHE\ORVKURPiåGLWYHãNHURXGRVWXSQRX
GRNXPHQWDFLKOXELQQpKRGROXDSĜHYpVWMLGRGLJLWiOQtSRGR
E\WDNRYêP]SĤVREHPDE\E\ODY\XåLWHOQiSURSĜLSUDYRYDQp
SĜHKRGQRFHQL ]iVRE D ]PČQX 323' 7\WR SUiFH SURYHGO\
*HRORJLFNpVOXåE\VURDMHMLFKPDSRYpSRGNODG\E\O\SRX
åLW\YWRPWRSRVXGNX0DSDGĤOQtFKGČOMHQDDJHRORJLF
NêĜH]QDREU
v 9HYêFKRGQtþiVWLORPXMHYêUD]QiWHNWRQLFNiSRUXFKD7DWR
SRUXFKDE\OD]DPČĜHQDSĜtVWURMHP*36PDS&6[DMH]D
NUHVOHQDQDREU3RUXFKDUR]GČOXMHORåLVNR0DJGDOHQD,,QD
þiVWL9PtVWČSRUXFK\MHQXWQRSĜLSURYiGČQtWUKDFtFKSUDFt
GRKOtåHWVH]YêãHQRXRSDWUQRVWtQDVWDELOLWXVYDKX
9ÛVOHGN\JHRWHFKQLFNÛFKYÛSRêWĎ
v +RGQRWD KRUQLQRYpKR WODNX YH VWURSČ SRGOH PHWRGLN\ Y\
SUDFRYDQp1%DUWRQHP)/RVHWHP5/LHQHPDM/XQGHP
] 1RUZHJLDQ *HRWHFKQLFDO ,QVWLWXWX Y 2VOX E\OD VSRþWHQD
SRGOHURYQLFHQHERSRGOHJUDIXGOH.DUKiQNDQD2EUQi
VOHGRYQČSURRUWRUXOXLVNDUQ
R
+RUQLQRYêWODNYHVWURSČMH03DSURREČKRUQLQ\
R
+RUQLQRYêWODNQDVWČQ\YêUXEXMH03DSURREČKRU
QLQ\
v 'REDVWDELOLW\YêUXEXMHOHWREČKRUQLQ\
x 6WURSQtWODNXVNDUQXGOH&LPEDUHYLþHMH03DSĜL
YêãFHNOHQE\P
x 6WURSQtWODNXRUWRUXO\GOH&LPEDUHYLþHMH03DSĜL
YêãFHNOHQE\P
x 6WURSQtWODNXVNDUQXGOHXSUDYHQpKR&LPEDUHYLþHSUR
U\FKORVW NPLWiQt RG WUKDFtFK SUDFt RG PV MH ±03DSĜLYêãFHNOHQE\P
x 6WURSQtWODNXVNDUQXGOHXSUDYHQpKR&LPEDUHYLþHSUR
U\FKORVWNPLWiQtRGWUKDFtFKSUDFtRGPVMH
±03DSĜLYêãFHNOHQE\P
x =iYLVORVWQDU\FKORVWLNPLWiQtRGGRPVMHXRERX
KRUQLQFFDP
x 6SRþWHQpQDSČWtYHVWURSČYêUXEXGOH&LPEDUHYLþHMHSRG
VWDWQČ YČWãt QHå SRGOH 1RUVNp PHWRG\ -H WR ]SĤVREHQR
WtPåH1RYi1RUVNiPHWRGDY\FKi]t]HVWDWLVWLN\ãWROGR
PD&LPEDUHYLþRYDWHRULHMGHGRKORXEN\PHFKDQLN\
KRUQLQ
x 3URWRYGDOãtPKRGQRFHQtMHSRXåLWR&LPEDUHYLþRY\WHR
ULH
v…•­ê¡¡
=35$92'$x 'RED VWDELOLW\ YêUXEX MH OHW REČ KRUQLQ\ RG NRQFH
WČåE\ 7DWR GRED MLå GiYQR XSO\QXOD D SURWR ]FHOD MLVWČ
GRFKi]t Y NDYHUQČ N Y\SDGiYiQt EORNX KRUQLQ\ ]YOiãWČ
YWHNWRQLFNpSRUXãHNWHUiGOHREUDYSURWtQiNDYHU
QX
v 'OH URYQLFH V RKOHGHP QD ]NXãHQRVWL E\O\ VWDQRYHQ\
Y]GiOHQRVWLY]iYLVORVWLQDQiORåHQDþDVRYêVWXSHĖDRULHQ
WDFLRGRGVWĜHOXGOHSURJUDPX,167$17(/%/$67:$5(
,,,SĜLQLFKåQDWDNWR]YROHQpPVWDQRYLãWLQHSĜHNURþtU\FKORVW
NPLWiQtKRGQRWXPPVFRå]DUXþtGRVWDWHþQêVWXSHĖ
EH]SHþQRVWL7\WRKRGQRW\MVRXXYHGHQ\YWDEXOFH
v 1D]iNODGČVWDQRYHQêFKPD[LPiOQtFKQiORåtQDþDVRYêVWX
SHĖGOHWDEXON\MVRXQDREUYĜH]XVWDQRYHQ\L]RFKDUJ\
þiU\PD[LPiOQtFKQiORåtQDþDVRYêVWXSHĖSĜLQLFKåQHEXGH
SĜHNURþHQDPH]QtU\FKORVWNPLWiQtVWDQRYHQiSURRKURåHQê
REMHNWSURVWDQRYHQRXL]RVHLVWX
x ,]RFKDUJ\MVRXVWDQRYHQ\WDNDE\QHGRFKi]HORNSRGGL
PHQ]RYiQtQiORåt8SRGGLPHQ]RYDQêFKQiORåtVHHQHU
JLHYêEXFKXQHY\XåtYiNUR]SRMHQtKRUQLQ\DOHN]YêãH
QêP VHL]PLFNêP ~þLQNĤP D RPH]RYiQt QiORåt E\ PČOR
REUiFHQê HIHNW ,]RFKDUJ\ E\O\ QDUêVRYiQ\ QD ]iNODGČ
WDEXON\
x *HQHUiOQtVNORQVYDKXMHREUDMH]DNUHVOHQ¿DOR
YRXþHUFKRYDQRXþiURX
v 2EHFQČ O]H VWDQRYLW åH SĜL U\FKORVWL NPLWiQt
PPV QD RNUDML YêUXEX QHGRMGH N ]DYDOHQt
VWDUêFKGĤOQtFKGČO
v 0DSD L]RVHLVW MH Y ĜH]X QD REU Y VLWXDFL QD
REU
9\PH]HQËSURVWRUXRKURæHQÇKRØ]HPË
uˆ‘ˆ…ˆ“ˆ:‘?OBꍈꓕ’–—’•êˆê‘„‡ê™œ•˜…„‘Uê“•’¾
–—’•ˆê‡’˜êt„Š‡„>‘„ꍌ‹ê’‹•„‘Œ:ˆ‘Uꌝ’†‹„•Š„Œê
‘„ê“dB’ˆê¢¢­êv…™5O—?꓄Žê™ê…BŽ’–—Œê—ˆŽ—’‘Œ†Ž>ê
“’•˜†‹œê’…•„ˆ‘>ꑄê“dB’ˆê¢¢­
1¿YUKRSDWĆHQËNVDQDFL
ê™UOˆê˜™ˆ‡ˆ‘U†‹êŒO—?‘BꙜ“U™„Bê‘5–ˆ‡˜B†Bê
5™?•œ®
v -HOLNRåKRGQRW\U\FKORVWLãtĜHQtSRGpOQêFKYOQD
PRGXO\ SUXåQRVWL E\O\ RGKDGQXW\ EXGH QXWQR
Y EXGRXFQRVWL SURYpVW VHL]PLFNRX WRPRJUD¿L
NWHUi W\WR KRGQRW\ XSĜHVQt D QDYtF XUþt SĜHVQČ
UR]YROQČQtNROHPYêUXEĤSURYHGHQêFKSĜLWČåEČ
VNDUQRYpKRORåLVND
v 7RPRJUD¿L EXGH QXWQR SURYpVWDåWČåEDGRViKQH
~URYQČ ]DNUHVOHQp QD REU SOQRX KQČGRX þD
URX
v 3R SURYHGHQt WRPRJUD¿H MH PRåQR SRNUDþRYDW
N KUDQLFL R]QDþHQp SOQRX ¿DORYRX þiURX V JHQH
UiOQtPVNORQHP
v 'DOãt HWDSX JHRI\]LNiOQtFK PČĜHQt MH QXWQR SUR
YpVW SĜL GRVDåHQt KUDQLFH R]QDþHQRX þHUFKRYD
QRX ¿DORYRX þiURX NWHUi ]DþtQi QD HWiåL
=35$92'$PQPVHVNORQHP=GHEXGHQXWQRSURYpVWLJUDYL
PHWULFNp PČĜHQt 3DN EXGH PRåQR SRNUDþRYDW Y GRWČåHQt
DåNHNDYHUQČ
v 7DWRPČĜHQtMHQXWQRSURYpVWQHERĢUR]VDKNDYHUQ\MHGtN\
SĜHNURþHQtGRE\VWDELOLW\EXGHYČWãtRGQDGYêORP\
v 3ĜLEOLåRYDW VH NH NDYHUQČ GRSRUXþXML RG VHYHUX 9 WČFKWR
PtVWHFK VH GOH YUWĤ D EXGH QDFKi]HW NYDOLWQt
VNDUQ
v 9SĜtSDGČ]MLãWČQtYČWãtKRUR]VDKXSRUXãHQtEXGHQXWQRND
YHUQXSĜHGY]PiKiQtPtY\SOQLWLQHUWQtPPDWHULiOHP
v 9PtVWČSRUXFK\]DNUHVOHQpQDREUDMHQXWQRSĜL
SURYiGČQtWUKDFtFKSUDFtGRKOtåHWVH]YêãHQRXRSDWU
QRVWtQDVWDELOLWXVYDKX
¡§­êt„†ŽS±êw­±ê5™’‡–ŽU±êq­±êi•œ†‹—„±êi­®ê„B„™>ê‘5ˆœêz…ê
’Ž•Sê „ê …ˆ•—‹Œˆ•Œ—˜ê ˆê –Ž„•‘˜ê ™ˆê }„–—?’™Œ†B†‹­ê tŒ‘ˆ•5±ê
¡©©¥±ê•’:­ê£±ê:­ê¦±ê–­ê¤¡¢­ê
¡¨­êu’™5Ž±êt­®êiI•ê’…–„‹˜B†Bꐌ‘ˆ•5œêêŠ•„‘Œ—Œ†ŽU†‹ê“ˆŠ„¾
—Œ—Sê ’‡„‘˜…ŒŽ„­ê i˜ˆ—Œ‘ê Œ‘ˆ•„’ŠŒ†Ž’¾“ˆ—•’Š•„‰Œ†Ž>‹’ê
’‡‡?ˆ‘Bêu5•’‡‘B‹’ꐘˆ„ê™êw•„ˆ±ê¡©©¥±ê•’:­ê£±ê–­ê¡¦¤¾
¡¦©­ê
¡©­êw„˜ŒO±êw­®êzŽ„•‘’™>ꏒWŒ–Ž’ê}„–—?’™Œ†ˆê˜ê•˜:ˆê‘„‡êz5¾
„™’˜­êtŒ‘ˆ•5±ê¡©©¦±ê•’:­ê¤±ê:­ê¦±ê–­ê£©¢¾£©¨­ê
¢ª­ê‹——“®½½ššš­‹’•‘Œ†—™Œ­Œ‘‰’½‹Œ–—‹’•½’Ž„Œ—œ½™„–—ˆ½}shz¾
{lq­‹—
¢¡­ênˆ’’ŠŒ†Ž>ꖏ˜W…œê–­•­’­êk˜Žˆ–Ž„ꡧ§©±ê¤£ªêª¡êj‹’˜—’™±ê
pjvꤧ£¡¡§ª£ê
328å,7Ÿ/,7(5$785$
¡­ê zuꧣª¦ª¡êv†‹•„‘„ê–—„™ˆ…ê“•’—Œê•„‡’‘˜êê“’‡’WB
¢­ê zuꧣ¡ªª¡ê5Ž„‡’™5ê“S‡„ê“’‡ê“’O‘UŒê5Ž„‡œ
£­ê zuꧣ£ª¥ªêˆ‘Bꓕ5†ˆ
¢¢­êw—5Žêq­ê„ꎒ­ê¡©¨§Ã®ê5™?•ˆ:‘5ꝓ•5™„ê„Ꙝ“’:ˆ—ê5–’…ê
’WŒ–Ž„ê}„–—?’™Œ†ˆ­êtzêy˜‡‘>ꇒœ­êu­“­êwdŒ…•„±ê5™’‡ê
t’dŒ‘„­êmªª¦¡§©ê
¢£­êt„•—Œ‘ˆ†ê t­ê „ê Ž’­ê ¡©¦¡ê îê }U“’:ˆ—ê Šˆ’’ŠŒ†ŽU†‹ê 5–’…ê
}„–—?’™Œ†ˆ­êtzê%ˆˆ‘’•˜‡‘>ꇒœê„ê‹•˜‡Ž’™‘œê‘­“­êl¾
“’™Œ†ˆ±ê5™’‡êu˜:Œ†ˆ­êmªª¤ª¢¦­ê
¥­ê zuꧣªª©ªênˆ’’ŠŒ†ŽUꓕSŽ˜ê“•’ê–—„™ˆ…‘BêR:ˆœ
¢¤­êˆ•‘Uêp­êhꎒêª®êê}U“’:ˆ—ꊈ’’ŠŒ†ŽU†‹ê5–’…ꐄŠ‘ˆ—Œ—˜ê
‘„ꏒŽ„Œ—?ê}„–—?’™Œ†ˆê–ˆê–—„™ˆêŽê¡­§­¡©¦§­êtzê%ˆˆ‘’¾
•˜‡‘>ꇒœê„ê‹•˜‡Ž’™‘œê‘­“­êl“’™Œ†ˆ±ê5™’‡êr˜—‘„êo’•„­ê
mªª¤©¤¤ê
¦­ê zuê §£¡¢¡¥ê iˆ—I‘’™>ê Ž’‘O—•˜Ž†Œˆ­ê r„–Œ‰ŒŽ5†Œ„ê „Š•ˆ–Œ™¾
‘U†‹ê“•’–—•ˆ‡B
¢¥­êiˆê„˜—’•„ê„ꇄ—„®êk?Œ‘œê‡’’™5‘ŒêWˆˆ‘U†‹ê•˜‡ê™ˆê}„–¾
—?’™Œ†B†‹­êz—„Wˆ‘’Ꝉꖈ•™ˆ•˜êoŒ–—’•Œˆê‹’•‘Œ†—™B­ê
§­ê zuê §£¡¢¡¤ê iˆ—’‘’™>ê Ž’‘–—•˜Ž†ˆ­ê 5Ž„‡‘Bê ˜–—„‘’™ˆ‘Bê
“•’ê‘„™•‹’™5‘Bꒆ‹•„‘œê“•’—ŒêŽ’•’Œ
¢¦­êp‘Šêq„•’B•êr„•‹5‘ˆŽêjz†±êu5™’‡œêŽˆê†™Œ:ˆ‘Bêê“’‡ˆ¾
‘B†‹ê–—„™ˆ…êzu{sê¡©¨¦±ê}|{ê™êi•‘?êm„Ž˜—„ê–—„™ˆ…‘B
¨­ê r’5dê}­±êu?ˆ†êp­®êz—˜‡Œˆê‘’™>‹’ꐒ‡ˆ˜ê“’‡’WBꖗ„™ˆ…ê
­hjhkltphꖗ˜‡Œˆê£­¨¦p
¢§­êu­êi„•—’‘±êm­ês’–ˆ—ˆ±y­sŒˆ‘ˆê„­ês˜‘‡ˆêêu’•šˆŠŒ„‘ênˆ’¾
—ˆ†‹‘Œ†„êp‘–—Œ—˜—˜êêv–’±êh“Œ†„—Œ’‘êꒉêx¾–œ–—>êŒ‘ꇈ–ŒŠ‘ê
‡ˆ†Œ–Œ’‘–ꆒ‘†ˆ•‘Œ‘Šê‡Œˆ‘–Œ’‘–ê„‘‡ê„““•’“•Œ„—ˆê–˜““’•—ê
‰’•ê ˜‘‡ˆ•Š••’˜‘‡ê Œ‘–—„„—Œ’‘–­ê p‘—ˆ•‘„—Œ’‘„ê –œ“’–Œ˜ê
’‘ê–˜…–˜•‰„†ˆê–“„†ˆ±êy’†Ž–—’•ˆê¡¨ª±êz—’Ž‹’ê¡©¨ª­ê“•’†­ê
}’­ê¢­ê““­ê¥¥£¾¥¦¡­
¤­ê zuꧢ¡ªª¡êw’ˆ‘’™5‘Bê„ê“’“Œ–ê‹’•‘Œ‘
©­ê 5Ž’‘ꦢ½¨¨êz…ê™ê“‘>ê‘?‘Bê5Ž’‘„ꦦ½¢ªª¡ê’ꊈ’’¾
ŠŒ†ŽU†‹ê“•„†B†‹­
¡ª­ê5Ž’‘ꡤ£½¢ªª¡ê’ê’†‹•„‘?ꋒ–“’‡5d–Ž>ꖒ˜—?Wˆ­
¡¡­ê5Ž’‘ê¡¢¡½¢ªªªê’ê“•5™˜ê„˜—’•–Ž>ê„ê“•5™ˆ†‹ê–’˜™Œ–ˆB¾
†B†‹ê–ê“•5™ˆê„˜—’•–ŽU
¡¢­ê5Ž’‘ꥪª½¢ªª¤êz…­êꙈꝑ?‘Bꑒ™ˆœê¤¡£½ª¥êz…­êÂz“•5™‘Bê
d5‡Ã­
¡£­êˆ–Ž5ꊈ’’ŠŒ†Ž5ꖏ˜W…„êê}U—„‹êê„“œê¡®¥ªêªªª
¡¤­ênˆ’‰’‘‡êyꓕ’Š•„êl¾l„•—‹
¡¥­êiˆ•‘„•‡±ê q­ê o­±ê w’˜…„±ê ­ê „ê Ž’­®ê y˜‡‘Bê ’WŒ–Ž„ê „ê ˆ¾
—„’Šˆ‘ˆˆê :ˆ–Ž’–’™ˆ‘–Ž>ê :5–—Œê ˆ–Ž>‹’ê „–B™˜­ê w•„‹„®ê
–—dˆ‡‘BêR–—„™êŠˆ’’ŠŒ†ŽU±ê¡©¨¦­ê–­ê¡©¢¾¡©¤­
¡¦­êsŒ—’†‹ˆ…±êq­±ê•ˆŒ‘±ê}­±êˆ•‘U±êw­®êu5ˆêWˆˆˆê…’‹„—>‹’ê
–‰„ˆ•Œ—˜ê ™ˆê –Ž„•‘˜ê ‘„ê o’>ê ™•†‹˜ê ™ˆê }„–—?’™Œ†B†‹ê ˜ê
•˜:ˆê‘„‡êz5„™’˜­êi˜ˆ—Œ‘ꐌ‘ˆ•„’ŠŒ†Ž’¾“ˆ—•’Š•„‰Œ†Ž>¾
‹’ê ’‡‡?ˆ‘Bê u5•’‡‘B‹’ê ˜ˆ„ê ™ê w•„ˆ±ê ¡©©¥±ê •’:­ê £±ê –­ê
¢£§­
¢¨­êi„•—’‘ê u­ê yˆ†ˆ‘—ê l›“ˆ•Œˆ‘†ˆ–ê šŒ—‹ê ê ê —‹ˆê x¾–œ–—ˆê ’‰ê
{˜‘‘ˆêz˜““’•—ꇈ–ŒŠ‘êêp‘êw•’†­êv‰ê—‹ˆêzœ“’–Œ›Œê’‘ê
l›“’•„—Œ’‘ꉒ•êy’†Žêl‘ŠŒ‘ˆˆ•Œ‘Šê½q’‹˜‘ˆ–…˜•Š½êu’™ˆ¾
…ˆ•ê¡©§¦ê““¡ª§¾¡¡§­ê
¢©­êiŒˆ‘Œ„š–ŽŒê ê ­{­ê ê l‘ŠŒ‘ˆˆˆ•Œ‘Šê j„––Œ‰Œ†ˆ—Œ’‘ê ’‰ê q’Œ—ˆ‡ê
y’†Žêt„–êt„––ˆ–­p‘—ê{‹ˆêjŒ™Œêl‘ŠŒ‘ˆˆ•Œ‘ŠêŒ‘êz’˜—‹êh‰¾
•Œ†ˆ±êkˆ†ˆ…ˆ•ê¡©§£±ê““꣣¥¾£¤£­
£ª­êˆ‡Œ™U±t­®{˜‘ˆ5d–Ž>ê Ž„–Œ‰ŒŽ„†ˆ±ê z—„™ˆ…‘Bê Šˆ’’ŠŒˆê ‘­“ê
w•„‹„ê¡©¨£êê
£¡­êjŒ…„•ˆ™Œ:±ê w­t±ê ®­ªê Š’•‘’ê ê ‡„™ˆ‘ŒŒê ™ê ’:Œ–—‘’ê ™„Œ•„¾
…’—Žˆê Ž•˜—’“„‡„˜O:ˆ™’ê ê ˜Š’‘’Š’ê “„–—„ê ê “•Œê •„…’—„†‹ê
–ꝄŽ„‡Ž’ê|Š’ê¡©¥¢ê:­£ê–—•­ê¨¾¡¢ê
£¢­êjŒ…„•ˆ™Œ:±ê w­t±ê ®­ªê Š’•‘’ê ê ‡„™ˆ‘ŒŒê ™ê ’:Œ–—‘’ê ™„Œ•„¾
…’—Žˆê Ž•˜—’“„‡„˜O:ˆ™’ê ê ˜Š’‘’Š’ê “„–—„ê ê “•Œê •„…’—„†‹ê
–ꝄŽ„‡Ž’ê|Š’ê¡©¥¢ê:­¦
=35$92'$-
/('',2'29Ÿ262%1«'č/1«69«7,'/$129§*(1(5$&(
9ODGLPËU3UDYGD
tˆ—•’–—„™ê„­–­
w’Ž•’Žê™ê’…„–—Œê„Ž˜˜’™5‘BꈏˆŽ—•Œ†Ž>ꈑˆ•ŠŒˆê„ꍈB‹’ê‘5¾
–ˆ‡‘>‹’Ꙝ˜WŒ—Bꓕ’ê“’—dˆ…œê™œ…„™ˆ‘Bꓕ„†’™‘BŽS꒖’…‘BŒê
–™B—Œ‡œê„–5‹êŒê–‰>•˜ê“’˜WŒ—Bê—?†‹—’ê–™B—Œ‡ˆê“dŒê“•5†Œê‘„ê“•„¾
†’™ŒO—B†‹±êŽ‡ˆê‘ˆ‘Bꇈ‘‘Bꖙ?—’ê‘„“d­ê“•5†ˆê™ê“’‡ˆ‘Bê
–—„™Œ—ˆ–—™B±ê™ê’…„–—Œê‹’•‘Œ†Ž>ê:Œ‘‘’–—Œê„ê:Œ‘‘’–—Œê“•’™5‡?‘>ê
‹’•‘Œ†ŽUê“S–’…ˆÃê:Œê—„±êŽ‡ˆê“•„†’™‘BŽê“’—dˆ…˜ˆêB—ê
Žê“•5†Œê™’‘>ꒅ?ꕘ†ˆ­
v–’…‘Bê‡S‘BꖙB—Œ‡’êd„‡œêrs¦s§t
slkê ‡Œ’‡’™5ê ’–’…‘Bê ‡S‘Bê –™B—Œ‡„ê ™U•’…‘Bê d„‡œê rs¦s§tê
‘„ˆ‘„Bꝑ„:‘UꓒŽ•’Žê„ꝍˆ‡‘’‡˜Oˆ‘Bê“dŒêˆŒ†‹ê“•’™’˜ê„ê
R‡•W…?±ê†’Wꖄ’dˆ?ꝑ„ˆ‘5êŒê™U•„‘’˜ê‰Œ‘„‘:‘BêR–“’¾
•˜ê“dŒêˆŒ†‹ê“•’™’˜­ê{„—’ê–™B—Œ‡„ꍖ’˜ê‘„“5ˆ‘„ꏌ—‹Œ˜¾Œ’‘¾
—’™UŒê„Ž˜˜5—’•œ±êŽ—ˆ•>ꍖ’˜ê“’ꆈ’˜ê‡’…˜ê–™>êWŒ™’—‘’–¾
—Œê ‘„“•’–—’ê …ˆR‡•W…’™>­ê v‡“„‡5ê —Bê ‘˜—‘’–—ê ‹’–“’‡„dˆ‘Bê
–ꑈ…ˆ“ˆ:‘UŒê5—Ž„Œ±ê’…–„Wˆ‘UŒê™êˆˆŽ—•’œ—ˆ†‹ê’˜‹’¾
|†‹œ†ˆ‘Bꕈ‰ˆŽ—’•˜ê„ꎄ…ˆ˜ê–™B—Œ‡„ê‘„ê’†‹•„‘‘>ê“dŒ…?
™U†‹±ê“’“d­êŽœ–ˆU†‹ê„Ž˜˜5—’•S±ê„ê—Bê‘˜—‘>Ꙝ…„™ˆ‘Bꏄ¾
“’™ˆ‘ꇏˆê“„—‘U†‹ê…5G–ŽU†‹ê“dˆ‡“Œ–S±ê™:ˆ—‘?ê“dˆ‡“Œ–’™>‹’ê
™?—•5‘Bꓕ’™’’™ˆ‘­ê
z™?—ˆ‘Uꝇ•’ê–™B—Œ‡„ꍈꗙ’dˆ‘ê–’˜–—„™’˜ê™œ–’†ˆê™UŽ’‘‘U†‹ê
–™B—Œ™U†‹ê slkê ‡Œ’‡ê „ê ˆê dˆOˆ‘ê ’…‡’…‘?ê „Ž’ê ˜ê Ž„–Œ†ŽU†‹ê
‡S‘B†‹ê –™B—Œ‡ˆÃê ˆ‡‘’˜ê ™UŽ’‘’™’˜ê ‡Œ’‡’˜ê “•’ê “•’™’‘Bê
’–™?—ˆ‘Bê „ê Oˆ–—Œê ˆ‘OBŒê R–“’•‘UŒê ‡Œ’‡„Œê “•’ê ‘’˜’™>ê
’–™?—ˆ‘B­êr’‘–—•˜Ž†ˆê–™?—ˆ‘>‹’ꝇ•’ˆê„ꊈ’ˆ—•Œˆê“„•„…’¾
œê •†„‡„ê ˆê “’:B—„:ˆê ‘„™•Wˆ‘5ê “•’ê B–Ž5‘Bê „›Œ5‘B‹’ê
–™?—ˆ‘>‹’ê™UŽ’‘˜­êw’Ž•œ—BꏒŽ5‘B꓏’†‹œê–™?—ˆê„ê‡5Ž’™Uê
‡’–™Œ—ê–™B—Œ‡„ꍈꐑ’‹ˆêŽ™„Œ—‘?OBꑈWê˜ê–’˜:„–‘U†‹ê‡S¾
‘B†‹ê –™B—Œ‡ˆ­ê i„•ˆ™‘>ê –“ˆŽ—•˜ê –™?—„ê –ˆê ŒWê …BWBê –“ˆŽ—•˜ê
‡ˆ‘‘B‹’ê–™?—„ê„ê“S–’…BꗄŽê‘’‹ˆê“dŒ•’ˆ‘?Œê‘ˆWê˜êŽ„¾
–Œ†ŽU†‹êW5•’™Ž’™U†‹ê–™B—Œ‡ˆ­
z“B‘„:꒖™?—ˆ‘BꑄꖙB—Œ‡ˆêˆêdˆOˆ‘ꍄŽ’ꗏ„:B—Ž’™U±êˆê„Ž•œ—ê
–Œ‘’˜êŠ˜’™’˜êˆ…•5‘’˜ê„ê—Bêˆê‘’‹ˆê>‘?ê‘5†‹œ¾
‘Uê ‘„ê “’OŽ’ˆ‘Bê ‘ˆ:ŒO—?‘Bê ™ê —?WŽ>ê ‹’•‘Œ†Ž>ê “•’™’˜ê
…5—’±ê“B–ˆŽ±ê…ˆ—’‘’™Uꖓ„‡ê“dŒê–—dBŽ5‘B±ê„“’‡­Ã±ê‘ˆWꕒ—„:‘Bê
–“B‘„:ꒅ‡’…‘U†‹ê–™B—Œ‡ˆ­
w’•’™‘5‘Bê –™?—ˆ‘U†‹ê ™UŽ’‘Sê W5•’™Ž’™U†‹ê „ê slkê ‡Œ’‡’™U†‹ê
–™B—Œ‡ˆ
r„…ˆêê“dŒ…’™>‹’ꕈ‰ˆŽ—’•˜êˆê™œ™ˆ‡ˆ‘êê—?ˆ–„ê–™B—Œ‡„ꇒê
–—•„‘œê„ê—Bêˆê†‹•5‘?‘ê“•’—Œê“’OŽ’ˆ‘Bê‘5•„ˆê“dŒ…œê‘„ê
=35$92'$‹’•‘Œ‘˜ê ‘„‡ê “•„†’™‘BŽˆê ‘ˆ…’ê ‘„ê Ž’‘–—•˜Ž†ˆê ™ê “’‡ˆB­ê
r„…ˆêˆŒê“dŒ…’™Uê•ˆ‰ˆŽ—’•ˆê„ê„Ž˜˜5—’•’™Uê‡•’¾
ˆê5ꇒ–—„—ˆ:‘’˜ê‡>Ž˜êŒê“•’ê“•„†’™‘BŽœê™œOOB†‹ê“’–—„™­
uˆ–“’•‘?ꑈ™?—OBê™U‹’‡’˜ê—’‹’—’ê–™B—Œ‡„ꍈꙈŒŽ’–—ê“’˜‡¾
•„ê„Ž˜˜5—’•˜ê„ꍈ‹’ê‘BŽ5ꋐ’—‘’–—­êz™B—Œ‡’ꍈꓕŒ’•Œ—‘?ê
˜•:ˆ‘’êŽê‘’Oˆ‘Bꑄ꒓„–Ž˜±ê„ˆê™ˆŒŽ’–—ê“’˜‡•„ê„Ž˜˜5—’¾
•˜ê˜’W‘Bꍈ‹’ê‘’˜’™>ꅈ“•’…>’™>ꘐB–—?‘BêŒê„ê“•„†’™¾
‘Bꒇ?™ê:Œê‡’ꎄ“–œ­êu„ê“d5‘BꍈꐒW‘>ꓕ’™>–—ꍈ‡‘’‡˜†‹’˜ê
R“•„™˜ê„“œê–ê„Ž˜˜5—’•ˆê“•’ꘐB–—?‘Bꑄê“dŒ…?­êo’—¾
‘’–—ꆈ>‹’ê–™B—Œ‡„ê:Œ‘Bꓒ˜‹U†‹ê¤¨ªêŠ•„S­ê{„Ž—’궗?WŽ>µê
–™B—Œ‡’ê“•„†’™‘BŽê˜Wꖎ˜—ˆ:‘?ꑈ™‘B5ꍄŽ’ê5—?W­
s„“’™‘„ꖈꖙB—Œ‡œêd„‡œêrs¦s§t
t’W‘’–—ê ˜†‹œ†ˆ‘Bê “’˜‡•„ê –ê „Ž˜˜5—’•ˆê ‘„ê ’“„–Ž˜ê “•„¾
†’™‘BŽ„
}Oˆ†‹‘œê Ž’“’‘ˆ‘—œê –™B—Œ‡„ê –’˜ê Ž•œ—œê “ˆ™‘Uê „ê —?–‘Uê
“’˜‡•ˆ±ê –™B—Œ‡˜ê ‘ˆ™„‡Bê …?W‘>ê ‘5•„œê „ê “5‡œ±ê „‘Œê ?Ž>ê
“’‘’dˆ‘BꇒꙒ‡œê“5‡ê‡’ê™’‡œê:Œê“’—dˆ…„ê–™B—Œ—ê“’‡ê‹„‡Œ‘’˜ê
™’‡œ±ê„—‡­Ã­êz™B—Œ‡’ꍈꐒW‘>ꓒ˜WB—ꇒꓕ’–—dˆ‡Bê–ꑈ…ˆ“ˆ¾
:Bê™U…˜†‹˜ê‘ˆ…’ê“’W5•˜ê™U…˜O‘Œ‘ê„ꍈꎒ‘†Œ“’™5‘’êŒê“•’ê
“’˜WŒ—Bê™ê“•’–—dˆ‡BꇒSê–ê™U–Žœ—ˆê™U…˜O‘U†‹ê“œ‘Sê„ê“„•ê
‘„ê–™B—Œ‡’ê…œê™œ–—„™ˆ‘ꆈ•—Œ‰ŒŽ5—êh{lê¾êws½©¦ª©½ª¨£¨¦ê
“•’ê“’‡ˆ‘Bꓕ’–—dˆ‡Bꘋˆ‘U†‹ê‡’Sê–ê™U–Žœ—ˆê™U…˜O‘>¾
‹’ꐈ—„‘’™>‹’ê“•’–—dˆ‡Bê¾ê—dB‡„êp­Ã­êk„OBê™U‹’‡’˜êˆê™ˆŽUê
Ž„“„†Œ—‘Bê “dˆ–„‹ê ‡’…œê –™B†ˆ‘B±ê Ž‡œê –™B—Œ‡’ê “‘?ê Ž„“„†Œ—‘?ê
™œ‹’™BêŒê‡™„‘5†—Œ‹’‡Œ‘’™Uê–?‘5­êpê“dŒê–™B†ˆ‘Bꑄꋏ„™‘Bê
–™?—’Ꙝ‡•WBꖙB—Œ‡’ꐌ‘­ê¡¦ê‹’‡Œ‘±ê‘„ꏒŽ5‘Bꗝ™­ê¶‘’˜’¾
™>µÃ꒖™?—ˆ‘BꙜ‡•WBꖙB—Œ‡’ê–™B—Œ—ꐌ‘­ê¤¥ê‹’‡Œ‘­ê{BêSWˆê
…U—ê“’Ž•œ—„ê“’—dˆ…„ê’–™?—ˆ‘BêŒê“dŒêŒ’d5‡‘U†‹ê˜‡5’–—ˆ†‹ê
‘ˆ…’ê“dŒêŒŽ™Œ‡„†Œê‹„™5•ŒBê™ê“’‡ˆB±êˆê’W‘>ꖑBWˆ‘Bꓒ:—˜ê
–™B—Œ‡ˆê‘„ê“•„†’™ŒO—B†‹êˆê’W‘’ê“’:B—„—ê–ê“•’‡’˜Wˆ‘’˜ê‡’¾
…’˜ê –™B†ˆ‘Bíê uˆ–“’•‘?ê ‘ˆ™?—OBê ™U‹’‡’˜ê —’‹’—’ê –™B—Œ‡„ê ˆê
„…–’˜—‘Bꑈ5™Œ–’–—ꑄꎏ„–Œ†Ž>ꏄ“5•‘?±êŽ‡œêˆê‡’…Bˆ‘Bê
’W‘’ê “•’™5‡?—ê ™O˜‡ˆê —„±ê Ž‡ˆê ˆê Žê ‡Œ–“’Œ†Œê 5–˜™Ž„ê ‘„ê
¢£ª}êhjê„ꎇˆêˆê’W‘>ꘐB–—Œ—ê“dˆ‘’–‘>ꑄ…Bˆ:ˆê‡’ê–˜¾
†‹>‹’ê“•’–—dˆ‡B­
z™B—Œ‡’ꏝˆê‡’…Bˆ—ê–„’–—„—‘Uê‡•’ˆ±êŽ—ˆ•UꍈꎈꖙB—Œ‡˜ê
–—„‘‡„•‡‘?ꇒ‡5™5‘­êz—„:Bꍈ‡‘’‡˜†‹Uê“S–’…ˆê–™B—Œ‡’ê
“dŒ“’Œ—ꑄꝇ•’ê„ꇒ…Bˆ‘BꍌWꓕ’…B‹5ꄘ—’„—Œ†Žœ­êw’ꇒ…Œ—Bê
–™B—Œ‡„ꌑ—ˆŒŠˆ‘—‘Bꇒ…Bˆ†Bꝇ•’ê–™B—Œ‡’ê–5ê’‡“’B­êz—„™ê
‘„…Bˆ‘BꍈꖌŠ‘„Œ’™5‘ê…„•ˆ™‘Uêslkꎒ‘—•’‘Bê–™?—ˆê
‘„ê ‘„…Bˆ†Bê ‡•’Œ­ê ˆ•™ˆ‘>ê Ž’‘—•’‘Bê –™?—’ê ‘„:Bê ™œ…Œ—>ê
–™B—Œ‡’ê„Ꝉˆ‘>ꎒ‘—•’‘Bꖙ?—’ꝑ„:Bꑄ…Œ—>ꖙB—Œ‡’­êk’…„ê
‡’…Bˆ‘Bꍈê5™Œ–5ꑄꖗ˜“‘Œê™œ:ˆ•“5‘Bꄎ˜˜5—’•˜±ê“dŒê…?W¾
‘>ê“’˜WŒ—Bꖈꓒ‹œ…˜ˆê™ê•’ˆBê¦ê„Wê¨ê‹’‡Œ‘­êhŽ˜˜5—’•ê
–™B—Œ‡„ꑈ5궓„?P’™UꈉˆŽ—µê„ê–™B—Œ‡’ꍈꗈ‡œê’W‘’ꇒ…B¾
ˆ—ꎇœŽ’Œ™ê“’ꎄW‡>ê“’˜WŒ—B±ê…ˆê’‹ˆ‡˜ê‘„ê–—˜“ˆGꙜ…Œ—B­ê
ê™UOˆê˜™ˆ‡ˆ‘U†‹ê‡S™’‡Sꍈꗒ—’ê–™B—Œ‡’ꙈŒê™‹’‡‘>ꓕ’ê
“’—dˆ…œê •S‘U†‹ê ‡Œ–’Ž’™„‘U†‹ê “•„†’™ŒOP±ê Ž—ˆ•5ê …U™„Bê …ˆê
™„…œê‘„ꏄ“5•‘˜±ê‘ˆ…’ꎇˆêˆê™U–—„™…„ꏄ“5•‘œê‘ˆˆŽ’¾
‘’Œ†Ž5ê Šˆ’’Š’™>±ê Šˆ’‡ˆ—Œ±ê :ˆ•“„†Bê :ˆ—œ±ê ’“•„™5dŒ±ê „—‡­Ã­ê
u„ê “•„†’™ŒO—B†‹ê –ê ™?—OBê “’:—ˆê ˜WB™„‘U†‹ê –™B—Œ‡ˆê ‘ˆ‘Bê
“•’…>ê Œ‘–—„’™„—ê ‡’…Bˆ†Bê –—’„‘œê —„Ž±ê „…œê ‘ˆ…œ’ê ‘˜—‘>ê
“’˜WB™„—ꌑ‡Œ™Œ‡˜5‘Bꇒ…Bˆ:ˆ­ê
pê™ê—„Ž—’êdBˆ‘U†‹ê„“5•‘5†‹ê“•’ê—œ—’ê’–’…‘Bê‡S‘BꖙB—Œ‡„ê
‘ˆ‘Bê ‘˜—‘>ê „‘Œ“˜’™„—ê –ê ‘ˆ…ˆ“ˆ:‘UŒê 5—Ž„Œê ¾ê ˆˆŽ—•’¾
œ—œ±ê ‘ˆ‘Bê ‘˜—‘>ê ’‡™?—•5™„—ê “’‡Œ‘œê ‘„…Bˆ‘Bê „ê ‘ˆ‘Bê —ˆ‡œê
„‘Œê‘˜—‘>êdŒ’™„—ê—œ—’ꏄ“5•‘œê™ˆê™5O—‘B†‹êB–—‘’–—ˆ†‹­ê
z™B—Œ‡’ê ˆê ˜“S–’…ˆ‘’ê “•’ê Ž„–Œ†Ž’˜ê ‘5Ž’™’˜ê ˆ™Œ‡ˆ‘†Œê
„ê‘„ê“d5‘Bꏝˆê„™>–—êŒêˆ™Œ‡ˆ‘†Œê–ê“’˜WŒ—Bê…ˆŽ’‘—„Ž—‘B†‹ê
ˆˆŽ—•’‘Œ†ŽU†‹ê :Œ“Sê ‡’–„‹ê …ˆŽ’‘—„Ž—‘B‹’ê –‘B5‘Bê „Wê ‘„ê
††„ꡪꐈ—•S±ê™:ˆ—‘?ꐒW‘’–—Œê–‘B5‘Bê:Œ“Sê™ê„“5†‹ê’–’…±ê
ˆ‡’˜†B†‹ê™ˆê™’Œ‡ˆ†‹Ã­
7HFKQLFNÇSDUDPHWU\VYËWLGOD.//0
z™?—ˆ‘Uꝇ•’ê
¡Ð¦êslkꇌ’‡
p‘—ˆ‘Œ—„ꋏ„™‘Bꇌ’‡œê
ó꣪ªªs›
i„•™„ê–™?—„ê
¦ªªªÏr
hŽ˜˜5—’•ê
¦h‹êsŒ¾Œ’‘ê…ˆR‡•W…’™U
k’…„ê–™B†ˆ‘Bꋏ„™‘Bꇌ’‡œê
óꡦꋒ‡Œ‘
k’…„ê–™B†ˆ‘BꙈ‡ˆOB†‹ê‡Œ’‡ê óꤥꋒ‡Œ‘
k’…„ꇒ…Bˆ‘Bꏄ“œê
ðê¨ê‹’‡Œ‘
u„“?—Bê:5‘Ž˜êê
£±§ê}
%Œ™’—‘’–—ê…„—ˆ•Œˆê™ê†œŽˆ†‹ê ñꥪªê†œŽS
u„…Bˆ‘BꖙB—Œ‡„ꌑ‡Œ™Œ‡˜5‘Bê‡’…Bˆ:ˆê‘„ꐄ>ꖗ„™…?
}5‹„ꆈ>‹’ê–™B—Œ‡„ê
¤¨ªêŠ•„S
=35$92'$k’…„ê–™B†ˆ‘Bꋏ„™‘Bêslkꇌ’‡œêêê
ó¡¢ê‹’‡­
k’…„ê–™B†ˆ‘Bꓒ’†‘U†‹êslkꇌ’‡ê
ó¡§ê‹’‡­
}5‹„ꆈ>‹’ê–™B—Œ‡„ê
ª±¢ªêrŠ
ê
w’:ˆ—ꆜŽSꑄ…Œ—Bꄎ˜˜5—’•˜ê
ñꥪª
u„“?—Bꄎ˜˜5—’•˜ê
£±§ê}
ê
o’—‘’–—ꆈ>‹’ê–™B—Œ‡„ê
y’–„‹ê“•’™’‘Bꗈ“’—œêê
ª±¤¨êŽŠ
ê
¾¢ªÏêj½Ð¦ªÏêj
kS‘B꒖’…‘BꖙB—Œ‡„ê™U•’…‘Bêd„‡œêrs¦s§tê„êrs¢s§tê
‘„ê:ˆ–ŽUꗕ‹ê‡’‡5™5ê„ê–ˆ•™Œ–ê“•’™5‡Bꖓ’ˆ:‘’–—êt’‘¾
—„‘ŒŽ„ê’­–­Ž—ˆ•5ꍈê™U‹•„‡‘Bê5–—˜“†ˆê™U•’…†ˆê“•’ê
y±êzyê„êw’–Ž’­
u„“•’–—’˜ê‘’™Œ‘Ž’˜êˆê’–’…‘Bê‡S‘BꖙB—Œ‡’ê–—ˆ‘>ê™U•’…‘Bê
d„‡œê –ê —œ“’™Uê ’‘„:ˆ‘Bê rs¢s§t±ê Ž—ˆ•>ê ŒWê ‘ˆ5ê „Ž˜¾
˜5—’•ê “•’ê ˜B–—?‘Bê ‘„ê ’“„–Ž˜±ê –“’ˆ‘Uê –ê ‹„™’™’˜ê :5–¾
—Bê Ž„…ˆˆ­ê {’—’ê –™B—Œ‡’ê 5ê „Ž˜˜5—’•ê Œ‘—ˆŠ•’™5‘ê “dB’ê
™ê‹„™’™>ê:5–—Œ­êqˆ‹’ꋐ’—‘’–—ê:Œ‘Bꍈ‘ꢪªêŠ•„S··
7HFKQLFNÇSDUDPHWU\VYËWLGOD.//0
‡•’ê–™?—„ê
ê
slkꇌ’‡„ê¡Ð¦êŽ–
hŽ˜˜5—’•ê
ê
¢±¢h‹êsŒ¾p’‘
p‘—ˆ‘Œ—„ê–™?—„ꋏ„™‘Bêslkꇌ’‡œê
ó꣪ªªês›
i„•™„ê–™?—„ê
¦ªªªêr
ê
+,6725,(,129$&(.21(.72586+2&.67$5685)$&($359§
32=1$7.<=35292=8
.DUHOjËUD
’…†‹’‡‘BêR–ˆŽêh˜–—Œ‘êkˆ—’‘„—’•ê–­ê•­ê’­
u5Oꎒ‘ˆŽ—’•êz‹’†Ž–—„•êz˜•‰„†ˆê5Ꝅꖈ…’˜ê‡„OBêR“•„™˜­ê
qˆŒŽ’Wꖈꍈ‡‘5ꍌWê’ê—dˆ—Bꌑ’™„†Œ±ê‡’™’—ˆêŽ•5—Ž>ꑄ‹>‡‘˜—Bê
‡’ê‹Œ–—’•Œˆê—’‹’—’ê“•’‡˜Ž—˜­
=Dê¿WN\DSUYQËØVSøFK
w•™‘BꝈê—dBꖈ™ˆ•–ŽU†‹êˆB±ê‡’ꎗˆ•U†‹ê–ˆê–ê‘„OBê™U•’…¾
Žˆê™–—’˜“ŒŒ±ê…œ’êmŒ‘–Ž’­êiœ’ê—’ê™ê•’†ˆê¢ªª£±ê„ê—ˆ‹‡œê–ˆê
“dŒOŒê–ê“•™‘BꙈ•Bꎒ‘ˆŽ—’•˜êz‹’†Ž–—„•êz˜•‰„†ˆ­êr•5—†ˆê‘„ê
—’ꍖˆê–ˆê“’‡B™„ŒêŒê“dˆ–ê‹•„‘Œ†ˆê‡’ê™>‡–Ž„­êpꎇœWꖈê‘5ê
“’‡„dŒ’ê™–—’˜“Œ—ê‘„ê’…„ê—œ—’ê—•‹œê—>?dꖒ˜:„–‘?±ê‘ˆ—˜OŒŒê
–ˆêˆO—?±ê„Žê‡’˜‹’˜ê†ˆ–—˜ê5ˆê“dˆ‡ê–ˆ…’˜±ê‘ˆWê™ê—?†‹—’ê
™’‡5†‹ê—•™„ˆê„Ž’—™Bˆ­êw•„™5ꖎ„‘‡Œ‘5™–Ž5Ꝍ„ê™U•’…ˆŽê
“’‡•’…Œ„Ꝏ’˜O†ˆ±ê“dŒêŽ—ˆ•>ꖈ꘎5„’±êWˆêˆê‘˜—‘>ꍈê?¾
‘Œ—­ê w•™‘Bê ™ˆ•ˆê Ž’‘ˆŽ—’•˜ê …œ„ê “dBŒOê —˜‹5ê „ê “•5†ˆê –ê ‘Bê
™ê Œ‘˜–’™U†‹ê —ˆ“’—5†‹ê ‘ˆ…œ„ê –‘„‡‘5­ê wdŒO„ê —ˆ‡œê ‡•˜‹5ê
™ˆ•ˆê–ꘓ•„™ˆ‘Uê—™„•ˆê„ê?Ž:Bê“„–—ˆ±ê†’Wꓕ5†Œê™êŒ¾
?ꘖ‘„‡G’™„’­êzꗒ˜—’Ꙉ•Bꍖˆê–Œê‘„ê–ˆ™ˆ•–ŽU†‹ê—•B†‹ê
ŒWꙜ…˜‡’™„Œê–—„…Œ‘BꓒŒ†Œê„ê“•’‡˜Ž—ê–ŒêB–Ž„ê–™>ê“dB‘Œ™†ˆê
„ê’…‹5†ˆ­
1RY¿FHVWD
zê “’–—˜“‘Uê •S–—ˆê “•’‡ˆˆê –ˆê –ˆê ’‡™5WŒŒê ™–—’˜“Œ—ê ‘„ê
‘ˆ‘5•’:‘?OBꗕ‹ê¾êu’•–Ž’­êi’‹˜Wˆ±ê‘ˆ…’ê–“BOˆê…’‹˜‡BŽ±ê–ˆê
™ê —’—’ê ‘’™>ê “•’–—dˆ‡Bê :„–ˆê ’…ˆ™ŒŒê Ž•Œ—Œ†Œ±ê Ž—ˆdBê –‹ˆ¾
‡5™„Œê ‘ˆ‡’–—„—Žœê Œê ‘„ê ‡•˜‹>±ê ™œˆ“Oˆ‘>ê ™ˆ•Œê Ž’‘ˆŽ—’•˜ê
z‹’†Ž–—„•êz˜•‰„†ˆ­êu„OŒê“„•—‘ˆdŒê™êu’•–Ž˜±ê‘5Oꇌ–—•Œ…˜—’•ê
uljvê„ꍈ‹’ê‡SˆWŒ—Uê5Ž„‘B†‹ê{{êh‘ˆŠŠ±ê“’˜Ž„’™„Œê‘„ê
“•’…>œê–ꎒ‘ˆŽ—’•ˆê“dŒê’‡–—dˆˆ†‹ê™ˆê–—„™ˆ…‘Œ†—™B­ê{œ—’ê
’‡–—dˆœê–ˆê:„–—’ê“•’™5‡?Bê™ê…BŽ’–—Œê…˜‡’™ê‘ˆ…’ê–Œ‘Œ†ê„ꍈê
“dŒê‘Œ†‹êŽ„‡ˆ‘ꙈŽUê‡S•„ê‘„ê…ˆ“ˆ:‘’–—ê„ê’†‹•„‘˜ê“dˆ‡ê
‘ˆW5‡’˜†Bê •’ˆ—ˆê Ž„ˆ‘S­ê w•’ê —ˆ‘—’ê R:ˆê –ˆê “’˜WB™„¾
Bê —?WŽ>ê „—•„†ˆê ™œ•’…ˆ‘>ê ê ’ˆ—U†‹ê “‘ˆ˜„—ŒŽê „ê •œ…5d–Ž>ê
–B—?±ê Ž—ˆ•UŒê –ˆê ’‡–—dˆœê „Ž•U™„B­ê „ê —?†‹—’ê “’‡B‘ˆŽê –ˆê
‘5Oꎒ‘ˆŽ—’•ê™ˆê–™>ꇕ˜‹>Ꙉ•Œê˜Ž5„ê„Ž’ꑈ™‹’‡‘U­êqˆ‹’ê
?ŽŽ’–—±ê—’ŒŽê“’—dˆ…‘5ê™êŒ?±ê–ˆê“•’ˆ™Œ„ꍄŽ’ꖏ„…Œ‘„ê“dŒê
‘„5‹5‘B±êŽˆêŽ—ˆ•>˜ê‡’†‹5BꝄŽ•U™5‘Bê„—•„†ˆŒê„ê–B¾
—?Œ­ê
=35$92'$-
Œ‘Bꇈ‘ê‘„ê“’5•‘BêŽ•˜‹˜ê™>‡–Ž’Ã
„Ž•U™5‘Bꒇ–—dˆ˜ê•œ…5d–Ž’˜ê–B—BêÂu’•–Ž’Ã
kˆ—„Œê„Ž•œ—Bꕜ…5d–Ž’˜ê–B—B±êŽ’‘ˆŽ—’•ê¢­ê™ˆ•ˆ
.GRVHXPË]PøQLWWHQSĆHæLMH
„Ž•U™„‘Bê ’‡–—dˆSê —?WŽUŒê „—•„†ˆŒ±ê „‘Œ“˜„†ˆê …„Š•ˆê
Âu’•–Ž’Ã
w•’—’Wˆê–™Uê5Ž„‘BŽSê‘„–’˜†‹5ˆê„ê“•’—’Wˆê–ˆŠˆ‘—ê
–—„™ˆ…‘Œ†—™Bê“dˆ‡–—„™˜ˆê™ê–ˆ™ˆ•–ŽU†‹êˆB†‹ê™ˆŽUꗕ‹±ê“dŒ¾
–—’˜“ŒŒê –ˆê –ê ‘„OBê ‡Œ–—•Œ…˜—’•ˆê uljvê „ê ˆ‹’ê ‹„™¾
‘Bê 5Ž„‘BŽˆê {{ê h‘ˆŠŠê Žê ™U™’Œê —dˆ—Bê ™ˆ•ˆê Ž’‘ˆŽ—’•˜ê
z‹’†Ž–—„•êz˜•‰„†ˆ±êŽ—ˆ•>˜ê–ˆê“’‡•’…‘?ê™?‘˜ˆˆê‘„ꍌ‘>ê
B–—?ê —’‹’—’ê :B–„­ê {„—’ê ‡„dŒ5ê Œ‘’™„†ˆê dˆOBê ™UOˆê B‘?‘>ê
“•’…>œê„ꍈê™U–ˆ‡Žˆê‡’…•>ê„ꌑ—ˆ‘Œ™‘Bꖓ’˜“•5†ˆêw•’¾
‡˜†—êt„‘„Šˆˆ‘—˜ê“’‡ê™ˆ‡ˆ‘BêŒ‘Š­êy’…ˆ•—„êrB:ˆê„ê‘„Oˆ¾
‹’ê ’‡‡?ˆ‘Bê }UŽ˜˜ê „ê }U™’ˆê „–—’˜“ˆ‘>‹’ê ’–’…’˜ê Œ‘Š­ê
q„•’–„™„êmŒ„œ­êzꌑ’™’™„‘UêŽ’‘ˆŽ—’•ˆê–ˆê„“’ˆ‘Bꓒ‡ê
„—•„†ˆŒê‘ˆ•’“’˜Bê„ꎒ‘ˆŽ—’•ê–ˆê‘ˆ‡ˆ‰’•˜ˆ­
rꙈŽUê™U‹’‡5êŽ’‘ˆŽ—’•˜ê“„—dBêŒê—’±êWˆê–ˆê‘ˆ?‘Bꇒ¾
–„™„‡‘BꝓS–’…ê“’˜WŒ—B­êq„Ž’ê˜ê“dˆ‡†‹’BꙈ•ˆ±êˆêŒê˜ê—>—’ê
„“’Œ—êêŽ„W‡>ꖗ•„‘œê¤ê—•˜…Œ:Žœ­êu„™B†êˆêŽ’‘ˆŽ—’•ê™œ…„™ˆ‘ê
‘’™’˜ê ‰˜‘Ž†Bê ˜„œŽ„—ˆ‘’–—Œ­ê z—„:ˆ‘Bê ¶“„†Œ:ˆŽµê –ˆê —•˜¾
…Œ:Žœê˜„Ž‘’˜ê™ê„“’ˆ‘>ꓒ’ˆê„ê—„Ž—’ꝄŒO—?‘>Ꝅ“’ˆ‘Bê
ˆê‘„:‘?ꒇ’‘>ê™S:Œêˆ†‹„‘Œ†Ž>˜ê‘„5‹5‘Bꗏ„Žˆê‘ˆ…’ê
’‹œ…ˆ­êk„OBê™U‹’‡’˜êˆê‰„Ž—±êWˆêŒê™ê’—ˆ™dˆ‘>±ê‘ˆ˜„:ˆ‘>ê
“’’ˆêˆêŽ’‘ˆŽ—’•ê“‘?ꉘ‘Ž:‘B­ê„“’ˆ‘Bꗕ˜…Œ:ˆŽêˆê‡’Ž’‘¾
†ˆê Œê ™ê ’—ˆ™dˆ‘>ê –—„™˜ê ‡’Ž’‘„ˆOBê ‘ˆWê ˜ê “dˆ‡†‹’Bê ™ˆ•ˆ­ê
m˜‘Ž†ˆê„œŽ5‘Bꖈꗈ‡œê‘ˆ˜–Bꓒ˜WB™„—ê“’Ž˜‡ê—’ê“’‡B‘¾
Žœê’‡–—dˆ˜ê‘ˆ™œW„‡˜B­ê
wdBŽ„‡êˆ›—•>‘B†‹ê“’‡B‘ˆŽê¾ê’‡–—dˆê™ê—?–‘>ꅏBŽ’–—Œê‡’˜ê
Âu’•–Ž’Ã
w•™‘Bꒇˆ™œê‘„ê—ˆ‘—’ꎒ‘ˆŽ—’•ê–’˜ê“’Œ—Œ™‘Bê„ê™ê•’†ˆê¢ª¡ªê
“5‘˜ˆˆê‡’‡5™Žœê¶™ˆê™ˆŽ>µê“•’ê—•‹ê™ˆê™>‡–Ž˜ê„êu’•–Ž˜­ê
}U™’ê—’‹’—’ꎒ‘ˆŽ—’•˜êˆê™’•ˆêŽ™„Œ—‘Bꖓ’˜“•5†ˆê‘„Oˆ‹’ê
=35$92'$-
u’™Uêz‹’†Ž–—„•êz˜•‰„†ˆê™ê“’Œê™>‡–Ž’Ã
£kꐒ‡ˆê‘’™>‹’ꎒ‘ˆŽ—’•˜êz‹’†Ž–—„•êz˜•‰„†ˆ
—™„•˜ê}UŽ˜˜ê„ê}U™’ˆê„ê —™„•˜êw•’‡˜†—êt„‘„Šˆˆ‘—˜­ê
„Œ–—>ꍈꗄŽ>ê“dBŽ„‡ˆê„“ŒŽ„†ˆêˆ‡‘’‹’êê…’‡Sꎒ•“’•5—‘Bê
“’Œ—ŒŽœê‘„OBꖓ’ˆ:‘’–—Œ®ê¶u„–’˜†‹5ˆê–™Uê5Ž„‘BŽSµ­ê
{Œê –Œê „–’˜WBê “’‡?Ž’™5‘Bê „ê —’±ê Wˆê Žê ‘5ê …œŒê ‡’–—„—ˆ:‘?ê
˜“dB‘Bê „ê …œŒê ™W‡œê ’†‹’—‘Œê ’‡“’™?‡?—ê ‘„ê ™Oˆ†‹‘œê ’—5Žœ±ê
Ž—ˆ•>ê –ˆê “dŒê ™U™’Œê —’‹’—’ê Ž’‘ˆŽ—’•˜ê ?Œ­ê }U–ˆ‡Žˆê ˆê
“•’‡˜Ž—±ê Ž—ˆ•Uê “’–’˜™5ê ‘5Oê –œ–—>ê ‘ˆˆˆŽ—•Œ†Ž>‹’ê •’‘?—˜ê
Ž˜“dˆ‡˜±ê:Œ‘Bꋒê>“ˆê“’˜WŒ—ˆ‘Uê‘„“dBŽ„‡ê™ê„“ŒŽ„†B†‹ê–—„¾
™ˆ…‘Bê™U•’…œê„ê‘5ê—Bê’—ˆ™B•5ꇄOBꓕ’‡ˆ‘Bê“dBˆWŒ—’–—Œ­ê
129Ÿ3<52/$%25$72ą93$5'8%,&«&+9=1,./$
,=$3ą,63÷1«$'
,QJ3HWU9¿FODYËN
}UŽ˜ê„ê™U™’
}ê Œ‘˜>ê •’†ˆê “•’…?‹„ê „Ž†ˆ±ê ’ê Ž—ˆ•>ê …œ†‹ê †‹—?ê:—ˆ‘5dˆê
hkê p“˜–˜ê ‡’‡„—ˆ:‘?ê Œ‘‰’•’™„—­ê „:‘˜ê —•’†‹˜ê ˆOŒ•’Ž„±ê
“•’—’Wˆê™Oˆê‘BWˆê˜™ˆ‡ˆ‘>ê–ê—>„—ˆê–’˜™Œ–B­
„—Œ†ˆê™?‘˜ˆê“•’ˆŽ—ê’‡–—•„‘?‘B꒏’™„êÂw…Ãê„ꍈ‹’ꖏ’˜:ˆ‘Œ‘ê
ê‘„OŒ†‹ê™U•’…ŽS­êv’™’ê¾ê“˜…˜êÀꍈê—?WŽUꎒ™±ê‘ˆê“dBŒOê
“d5—ˆ–ŽUêŽêŒ‡–Ž>˜ê‡•„™B­
hPê˜Wê™B—ˆê‘ˆ…’ꑈ±ê‘„Oˆê‰Œ•„êR†ˆê–“’˜“•„†˜ˆê–ê|‘Œ™ˆ•Œ¾
—’˜êw„•‡˜…Œ†ˆêÀꉄŽ˜—’˜ê†‹ˆŒ†Ž’¾—ˆ†‹‘’’ŠŒ†Ž’˜ê¾êR–—„™ˆê
ˆ‘ˆ•Šˆ—Œ†ŽU†‹ê„—ˆ•Œ5S±ê—™­ê…’˜†‹„:Ž„Œ­ê}U…˜OŒ‘5d–Ž5ꎄ¾
—ˆ‡•„±ê„ŽêŒê—„Ž>ꑄU™5ˆ±ê™‡?5™5ꖓˆ†Œ„Œ–—œê“•’ꉌ•œê„ê
Œ‘–—Œ—˜†ˆ±êŽ—ˆ•>ꖈꝄ…U™„Bê™U…˜O‘Œ‘„Œ­ê{„Ž>ê™ê‘„OBꉌ•?ê
“•„†˜ˆê ‘?Ž’ŒŽê ˆB†‹ê „…–’™ˆ‘—S®ê p‘Š­ê w„™ˆê }„ˆ‘—„±ê p‘Š­
wˆ—•ê r˜‘„±ê p‘Š­ê m•„‘—ŒOˆŽê Œ„•ê Àê „ê Ž˜Oˆ‘>ê …„•‡œ±ê „ê
„‡OB®êp‘Š­êqŒdBêr’:B±êw‹­k­±êp‘Š­êpŠ’•êo‘„—ê„êp‘Š­êy’„‘ê
}„„ꍄŽ’ꑈ:ˆ•–—™?OBꄅ–’™ˆ‘—ê„êzŽ’Ž„‘ê•’Ž˜­ê –—„™ê—„Ž>ê
’•Š„‘Œ˜ˆê “’–—Š•„‡˜5‘Bê ‡™’˜ˆ—>ê Œ†ˆ‘:‘Bê –—˜‡Œ˜ê “•’ê ’‡¾
…’•‘BŽœê–ꑈ™U…˜O‘Œ‘5d–ŽUê™‡?5‘B±êŽ—ˆdBꓒ—dˆ…˜Bꗘ—’ê
Ž™„Œ‰ŒŽ„†Œê“•’ê–™’˜ê“•5†Œ­ê{’—’ê–—˜‡Œ˜êŒWꄅ–’™’™„„êd„‡„ê
‘„OŒ†‹ê„?–—‘„‘†Sê„ꇄOBꖗ˜‡˜B­êê‡„OB†‹ê‰’•ˆê–“’˜¾
“•5†ˆêˆê’W‘’ꘙ>–—±êWˆê‘„Oˆê‰Œ•„ê“’–Žœ—˜ˆê–—˜‡ˆ‘—SêŽ„¾
—ˆ‡•œê‘5?—œê5™?•ˆ:‘U†‹ê‡Œ“’’™U†‹ê„ꇌ–ˆ•—„:‘B†‹ê“•„†B±ê
‘„OŒê –“ˆ†Œ„Œ–—>ê ‡?„Bê ’“’‘ˆ‘—œ±ê –—˜‡ˆ‘—Sê –’˜ê ˜’W‘?‘œê
ˆ›Ž˜•ˆê ‡’ê ˜‘ŒŽ5—‘B†‹ê ™U•’…ê ‘„OBê ‰Œ•œ±ê ™5ˆ‘?ê –ˆê Ž’‘¾
˜—˜Bꓕ’…>œ­
qˆ‡‘Bêê“’‡“•’ˆŽ—SꍈêŒê‘5‹•„‡„ê—d„–Ž„™Œ‘œê–ê‘5™ˆê„Œ‡ê
’’™‘„—Uꄏ—ˆ•‘„—Œ™‘BŒê„—ˆ•Œ5œê…ˆê’’™„­êˆOˆ‘Bꗒ‹’—’ê
RŽ’˜ê–ˆê˜„ê™UOˆêˆ‘’™„‘UêR–—„™ê“’‡ê™ˆ‡ˆ‘Bê“•’‰­êz™„¾
—’“˜Ž„ê ˆ„‘„­ê r’‘Ž•>—‘Bê ™UŽ˜ê “•’™5‡?Bê „Ž„‡ˆŒ:—Bê
“•„†’™‘B†Œê p‘Š­ê qŒdBê w„†‹5G±ê w‹­k­ê „ê p‘Š­y’…ˆ•—ê t„—œ5O±ê
w‹­k­ê }‹ˆ‡ˆê Žê —’˜±ê Wˆê –ˆê “•„†˜ˆê –ê ‘ˆ†Œ—Œ™?OBŒê ™U¾
…˜O‘Œ‘„Œê¾ê—d„–Ž„™Œ‘„Œê–ꑈ™œ“œ—„—ˆ‘Uê†‹’™5‘B±ê…œ’ê
•’‹’‡‘˜—’Ꙝ…˜‡’™„—ê—d„–Ž„™Œ‘5d–Ž’˜ê“œ•’„…’•„—’dê™ê“•’¾
–—’•5†‹êŽ„—ˆ‡•œê—„Ž±ê„…œê™œ‹’™’™„„Ꙝ–’ŽUê…ˆ“ˆ:‘’–—‘Bê
–—„‘‡„•‡Sê“’W„‡’™„‘U†‹ê5Ž’‘ˆ­êu5Ž„‡œê‘„ꝅ˜‡’™5‘Bê
—„Ž’™>‹’ê“•„†’™ŒO—?ꍖ’˜ê™O„Žê™ˆŒê™œ–’Ž>­êw•’—’ê…œ’ꇒ¾
‹’‡‘˜—’±ê™‹ˆ‡ˆêŽê‡SˆWŒ—’–—Œê—’‹’—’ê“•’ˆŽ—˜±êWˆê:5–—ê‘5¾
Ž„‡SꑄꙜ…„™ˆ‘Bꓜ•’„…’•Žœê“’‘ˆ–ˆêh˜–—Œ‘êkˆ—’‘„—’•­
{•ˆ‘‡ˆê –’˜:„–‘’–—Œê ™ê •5†Œê —•™„ˆê ˜‡•WŒ—ˆ‘>‹’ê •’™’ˆê
ˆê‡S•„ê‘„ê™U™’êˆŽ’’ŠŒ†ŽU†‹ê™U•’…ŽSê„ê—ˆ†‹‘’’ŠŒBê–ê—Bê
–“’ˆ‘U†‹­ê}ꑄOBꉌ•?±êŽ’‘Ž•>—‘?Ꙉê™U™’Œ±ê–ˆê—>—’ê“•’…ˆ¾
u5Oê‡Bê“•5†ˆê–“’:B™„ê™ê„ŒO—?‘Bê‘5–ˆ‡˜B†B‹’®
¾êꄑ—Œ–—„—Œ†Ž5ꏌ—5ꓒ‡„‹„ê¾ê’•Š„‘Œ’™„êp™’êo’ˆ†ê¾ê–“•5™†ˆê
…˜‡’™êhk
¾êꓜ•’—ˆ†‹‘Œ†Ž>ꖗ’œêÀꑒ™5ꎒ‘–—•˜Ž†ˆê–ˆê–ˆ‘‡™Œ:’™’˜ê“•„¾
†’™‘Bê ‡ˆ–Ž’˜±ê „–Œ™‘Bê ’†‹•„‘‘Uê O—B—ˆê „ê Ž’‘™ˆ›‘Bê
“„‘†Bdˆê‘„ê’†‹•„‘˜ê‘’‹’˜
¾êꒇŽ5‡„†Bꄑ—Œ–—„—Œ†Ž>ꖗ’œ
¾êꐈŒ–Ž„‡ê—d„–Ž„™Œ‘êÀꑄ™•‹êqŒdBêzŒ†‹ˆ•êÀê™U™’êhk
=35$92'$¾êꄑ—Œ–—„—Œ†Ž>êWŒ‡ˆ
¾êꐌ‘Œ‘5–œ“ê Àê „dBˆ‘Bê ‘„ê Ž’˜OŽ˜ê –œ“„—ˆ‘’–—Œê „ê –œ“‘>ê
™5‹œê ‘’™?ê ™œ™Œ‘˜—U†‹ê —d„–Ž„™Œ‘ê Àê ‡SˆWŒ—5ê ™„–—‘’–—ê “•’ê
–>•Œ’™>ê‡5™Ž’™5‘B
¾êꙒ‡Œ™>ê “’–“’’™5‘Bê ™œ…„™ˆ‘Bê „…’•„—’dˆê „ê ?dˆ‘Bê –™’‡˜ê
„‘—Œ–—„—Œ†ŽU†‹ê “’™•†‹Sê “œ•’–—’Sê „ê Ž™„Œ—œê “’–“’’™5‘Bê
Àꓕ’™ˆ‡êq’–ˆ‰êBWê„êq’–ˆ‰êBWê¾êR‡•W…„ꈏˆŽ—•’êhk
¾êê?dB†BꝄdBˆ‘Bꑄꎒ‘—•’˜ê™’‡Œ™’–—Œê’…˜™Œ
¾êꇒ“•„™„Ꙝ…„™ˆ‘BêÀꝄŒ–—Œê‡Œ–“ˆ:ˆ•êq„•’–„™êo•˜OŽ„±ê’‡¾
™ˆêdŒ‡Œ:êh’Œ–êwdŒŽ•œ
wœ•’–—’œê „ê Œ‘Œ‘5–œ“ê –ˆê –Œê ‡’™’Œê ‘„™•‹‘’˜—ê ’–’…‘?­ê
v–—„—‘BꝄŒ–—Œ„ꎄ—ˆ‡•„®ê–—„™ˆ…‘BêR“•„™œê„ꌑ–—„„†ˆ±ê‡ŒŠˆ–¾
—’dˆ±ê „dBˆ‘Bê ‘„ê Ž’˜OŽ˜ê ’‡’‘’–—Œê “œ•’—ˆ†‹‘Œ†ŽU†‹ê 5—ˆŽê
Žˆê—dˆ‘B­
£­êwœ•’–—’œê„ꇌŠˆ–—’dêtlyjp
}ê –’˜:„–‘>ê ‡’…?ê 5ê ŒWê “•’ˆŽ—ê ‘5‹•„‡œê „Œ‡˜ê ’’™‘„—>‹’ê
‹„—„—ˆ‘>ê ‘„‡?‘>ê ™U–—˜“œê ™ˆê ‰’•?ê Ž’‘Ž•>—‘B†‹ê ™’•ŽSê
“’˜WŒ—ˆ‘U†‹ê…ˆ’’™‘„—U†‹ê—d„–Ž„™Œ‘­êhˆê—’ê˜Wꍈê‘5?—ê‘„ê
–„’–—„—‘Uê:5‘ˆŽê‘?Ž‡œê“dBO—?ꒇꎙ„Œ‰ŒŽ’™„‘?OB‹’ꄘ—’•„ê
Àê †‹ˆŒŽ„ê ™U…˜O‘Œ‘5dˆ±ê 5ê –ˆê –“BOˆê –—•’„d­ê tœ–Bê –Œ±ê
Wˆê “’“Œ–’™„‘5ê –“’˜“•5†ˆê …’˜†‹„:ˆŽê –ê hk>:Žˆê ˆê “?Ž‘’˜ê
˜Ž5Ž’˜ê–“’˜“•5†ˆê’‡…’•‘>ꘑŒ™ˆ•Œ—œê–ê™U•’…‘Bê5™’‡ˆê
„ꖐœ–˜“‘Uê™œ˜WŒ—Bê„“ŒŽ’™„‘>‹’ê™UŽ˜˜ê“•’ꇒ…•’˜ê
™?†­
¤­êtˆŒ–Ž„‡ê—d„–Ž„™Œ‘
¡­êz—„™ê“dˆ‡ê•ˆŽ’‘–—•˜Ž†B
¥­êtŒ‘Œ‘5–œ“
¢­êh‘—Œ–—„—Œ†Ž5ꏌ—5ꓒ‡„‹„
¦­êw5‘ŒêBW’™>ê“dŒê•ˆ™Œ‘Bê?dˆ‘B
=35$92'$-
§­êv‘„:ˆ‘Bê’ê–“’˜R:„–—ŒêhkꑄꙜ…˜‡’™5‘Bꏄ…’•„—’dˆ
¨­ê z„™‘’–—‘Bê ’—ˆ™dˆ‘Bê ‡‘ˆê ¡¨­¡¡­¢ªª©ê ‡?Ž„‘ˆê ‰„Ž˜—œê †‹ˆ¾
Œ†Ž’¾—ˆ†‹‘’’ŠŒ†Ž>ê |‘Œ™ˆ•Œ—œê w„•‡˜…Œ†ˆê “•’‰­±ê p‘Š­ê wˆ—•ˆê
s’OP5Žˆ±êk•z†­ê„êp‘Š­êw„™ˆê}„ˆ‘—’˜êdˆ‡Œ—ˆˆê™UŽ˜˜ê
„ê™U™’ˆê„êhkê
©­ê w„‘ê ‡?Ž„‘ê „ê dˆOŒ—ˆ>ê Àê „Ž„‡ˆŒ:—Bê “•„†’™‘B†Œê p‘Š­ê qŒdBê
w„†‹5G±êw‹­k­ê„êp‘Š­êy’…ˆ•—êt„—œ5O±êw‹­k­
¡ªê ¾ê ¡¢­ê v‡…’•‘5ê ™ˆdˆ‘’–—±ê „?–—‘„‘†Œê „ê –—˜‡ˆ‘—Œê R–—„™˜ê
ˆ‘ˆ•Šˆ—Œ†ŽU†‹ê„—ˆ•Œ5Sê“dB—’‘Bꖏ„™‘’–—‘B˜ê’—ˆ™dˆ‘B®
‡’†­êp‘Š­êwˆ—•êt’O‘ˆ•±êk•­êÀꓕ’‡?Ž„‘ꉄŽ˜—œê†‹ˆŒ†Ž’¾—ˆ†‹¾
‘’’ŠŒ†Ž>ê|‘Œ™ˆ•Œ—œêw„•‡˜…Œ†ˆ
“•’‰­±êp‘Š­êz™„—’“˜Žêˆ„‘±êk•z†­êÀꙈ‡’˜†BêR–—„™˜êlt
‡’†­êp‘Š­w„™ˆê}5™•„±êjz†­êÀê™?‡ˆ†ŽUꓕ„†’™‘BŽ
p‘Š­êv——’êrœ–ˆ„êÀê5–—˜“†ˆêi
p‘Š­êtŒ†‹„êy’‹5:±êw‹­k­êÀê5–—˜“†ˆêi
p‘Š­ê{’5Oêk’•„ŒêÀê5–—˜“†ˆêŽ˜Oˆ…‘œê}} |êy„‡™„‘Œ†ˆ
p‘Š­êq„‘êq„Ž˜…Ž’±êw‹­k­êÀêdˆ‡Œ—ˆê™U•’…œêltz¾wh{}hn
p‘Š­êq„•’–„™êo„‡BŽê¾ê5–—˜“†ˆê‰Œ•œêuŒ““’‘êr„œ„Ž˜êj
=35$92'$32=1Ÿ9$&«=Ÿ-(=''2j9»&$56.$1$67$9%8
*277+$5'6.§+2781(/8$32'=(01«9»=.801Ÿ
35$&29,j7÷9+$*(5%$&+8é(591$
=35$92'$-
‰’—’ê{’5Oêw’Ž’•‘U
=35$92'$0(=,1Ÿ52'1«6(0,1Ÿąe75+$&«7(&+1,.$
$3<527(&+1,.$r9+52729,&«&+=Ÿą«
‰’—’êqŒdBêwˆ—dB:ˆŽ
=35$92'$-
=35$92'$-
=35$92'$-
=35$92'$-
)
%*0& (+!
)'$2 $ +4-$#$ 32 (!4 +4'% +4*3$$ %5 ()%' (0 % '%!* !,
," -"%5$ /(!%("%+$(!0 !%+0 )%+0'$ $ "0)!, +4*3$1. + #)2$ * '* '
$0-+* ( %+2 2 % '%!* $%+ % '%!* (%*($1 &%% (#%())$%* %%$2 (&%"$%()2 ( +4-$#$4#&%()+$2# $)'*&'#,("%+4)'+$ + #-$0'%$ -$0#4 +4-$#$4 +4'% &'#,("%+4 )'+$ !)'1 +,+052 % ,
-#2 ##% $
(&%$* !+"!%+$ %("*%+$4# +4'%$2# (!"%+4# !&)# %5 2 *#%5* $2$%*))5# $% (&%"$%()#&%(!,)* 22# ("*5, )'2 &'2 &'!)!,!%#&")$2 (%')#$)
&'#,("%+4 )'+$ '%-$%+" &'% +3$, %"() &%*5)2 $ &%+'* +&%-#2
#%- #%()2 (%* %0+!,)'+$&2#% !%()"* &'%+%-%+0$2#2(2$2 2+%-
&%(!,)* (+4# -0!-$2!# - )5 *"$%* $2!* ("*5 ,)% ("*5, (%* $,$2
$)'"-%+0$, + +"()$$1 $$1 (&%"$%() ) !)'0 $ +)32#
&%(!,)%+)"# )'2 &'2 + + (%*($1 % &'%+02 '%-&% $2 #" )*$ !#$+
'%$$ -'*!#$%"%# + $ #*!# % " !$ +& ! #' " #*")
' '
(
+&-&-."21(&/& +&-&-."21(&/&
'&%#
24.6#+8 5
! ! *
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
3-),/'""/&*07+ ".%1#'$&
" &/,#- ,1('&0 ./,' (+!
'-*',1)#$+2&/+#',&0#
'-*',1)#$ (% $0&
&0" 0,'.
POKORNÝ & SYN, DĚČÍN
www.destrux.cz
Sazba a tisk:
Náklad:
Redakční rada:
DOT (Tiskárna DTO CZ, s.r.o.)
Ing. Tomáš Pokorný, Ph.D. - předseda redakce,
Ing. L. Bartoš, Ing. R. Fukátko, CSc., J. Klusáček, Ing. B. Machek, Ph.D., V. Pravda, Ing. M. Těšitel
350 výtisků

Podobné dokumenty

nový domov nový domov

nový domov nový domov *DWHZRRG5G.LWFKHQHU=iMHPFLNRQWDNWXMWHVHYSĜtSDGČ]iMPXRþHV RGEČUDWHOĤ âHN\ ODVNDYČ ]DãOHWH QD &]HFK DQG 6ORYDN $VVRFLDWLRQ RI NRXãNROXV0LUNRX3LURYRXPLUNDSLURYD#ZF...

Více

Finále MS jednotlivců do 21 let 36. ročník Zlaté

Finále MS jednotlivců do 21 let 36. ročník Zlaté 7RSDN]RSDNRYDOMHãWČGYDNUiW1HMOHSãtPXPtVWČQtPE\ORGH YiWpPtVWRYURFH&RSURYiVYWpGREČ]QDPHQDOVWDUW YH=ODWpSĜLOEČ"Ä%\OWRSURPQHYUFKROVH]RQ\7HKG\MVHP MH]GLOMHQGRPi...

Více

PDF

PDF ]YOiãW  SDN Y UXNRX ãtOHQêFK Y GF$ NWHUêP MGH VStãH R RVREQt SUHVWLå QHå R YãHREHFQp EODKR$P OSUDYGX3LSRPHPHVLNRQHF VY WRYp YiON\ D VYUåHQt MDGHUQêFK SXP QD MDSRQV...

Více

Zpravodaj 1-2016+.indd

Zpravodaj 1-2016+.indd =KRGQRWLWUL]LNRNULWLFNêFKVFpQiĜĤ 1iVOHGXMtFtGYDSĜtNODG\LOXVWUXMtMDNVHW\ WRþW\ĜLNURN\PRKRXDSOLNRYDWDMDNpSĜLWRP PRKRXY]QLNDWFK\E\=SĤVREDSOLNDFHMHSR SViQYHOPLVWUXþQČQHS...

Více