Čć! (-!+Ä“ĹŠ
.2ĹŠ ~.2
Äž ĹŠ } Ä?
ŊćĒŊ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄˆ Ĺ?
.-ĹŠ#+ĹŠ(-5(#1-.ĹŠ2#ĹŠ1#/(3#ĹŠ+ ĹŠ'(23.1( ĹŠ
.2Ŋ(-!.-5#-(#-3#2Ŋ"#Ŋ2(#,/1#Ŋ8Ŋ+ Ŋ"#2/1#.!4/ !(¢-Ŋ"#Ŋ+ 2Ŋ 43.1(" "#2Ŋ /#1,(3#Ŋ04#Ŋ+.2Ŋ +4,-.2Ŋ"#Ŋ+ Ŋ#2!4#+ Ŋ "¢-Ŋ +"#1¢-Ŋ 4 .9Ŋĸ -Ŋ ,(+.ĚĔŊ #-$1#-3#-Ŋ/.1Ŋ,;2Ŋ"#Ŋ".2Ŋ  .2Ŋ+.2Ŋ#231 %.2Ŋ"#+Ŋ(-5(#1-.ēŊŊ ;%(- Ŋ ĊŊ
4#231 2ĹŠ,#3 2ĹŠ ;%(- ĹŠ ĈĒ
ĹŠ
')-Ĺ‹ -/Äš '# )Ĺ‹& Ĺ‹, -Äš *)(- #&# Ĺ‹ Ĺ‹ ' # ,Ĺ‹ & Ĺ‹ #/ Ĺ‹3Ĺ‹ -)Ĺ‹.# ( Ĺ‹ /(Ĺ‹ )-.)Ä‘ ĹŠ
ĔŊ
ĹŠ Â&#x;
ĹŠ5 1( (+(" "ĹŠ !+(,;3(! ĹŠ/#12(23(1;ĹŠ
7/#13.2Ŋ!.-!+48#1.-Ŋ#-Ŋ04#Ŋ#+Ŋ$#-¢Ĺ ,#-.Ŋ"#Ŋ Ŋ ( Ŋ#2Ŋ"_ (+ĔŊ/#2#Ŋ Ŋ#++.Ŋ 2#%4(1;Ŋ#-Ŋ#+Ŋ/ ~2ēŊ Ŋě BWi fh_dY_fWb[i Yed#
Ybki_ed[i Z[b ?L <ehe DWY_edWb 9b_c|j_Ye h[Wb_pWZe [d bW YWf_jWb Z[ Bei H‡ei" XW`e [b b_Z[hWp]e Z[ bW I[Yh[jWh‡W JƒYd_YW Z[ =[ij_ÂŒd Z[ H_[i]ei ID=H " \k[hed gk[ bW _dY_Z[dY_W Z[b [l[dje Z[ BW D_‹W ieXh[ [b FWY‡ÒYe [i ZƒX_b" be YkWb f[hc_j_h‡W gk[ bWi XW`Wi j[cf[# hWjkhWi h[]_ijhWZWi [d lWh_Wi fhel_dY_Wi Z[b fW‡i Yec_[dY[d W h[Ykf[hWhi[ fWkbWj_dWc[dj[ o gk[ bWi YedZ_Y_ed[i c[j[ehebÂŒ]_# YWi i[h|d _hh[]kbWh[i Yed bW fh[# i[dY_W Z[ Z‡Wi Z[ ieb o bbkl_Wi$ ;b Z_h[Yjeh [`[Ykj_le Z[b ?D7C>?" 9Whbei DWhWd`e" [nfb_# YÂŒ bW i_jkWY_ÂŒd Yb_cWjebÂŒ]_YW Z[ YWZW h[]_ÂŒd fh[l_ijWi fWhW bWi fhÂŒn_cWi i[cWdWi$ FWhW [bbe [d bW H[]_ÂŒd B_jehWb bWi YedZ_Y_ed[i Wjcei\ƒh_YWi i[h|d _d[ijWXb[i"
fh[i[dY_W Z[ bbkl_Wi o bbel_pdWi Z[ _dj[di_ZWZ lWh_WXb[" Yed cW# oeh _dj[di_ZWZ Wb dehj[ [ _dj[h_eh$ ;d bW H[]_Œd ?dj[hWdZ_dW bWi bbk# l_Wi i[h|d Z_if[hiWi Z[ _dj[di_# ZWZ lWh_WXb[" [if[Y_Wbc[dj[ [d bWi fWhj[i WbjWi Z[ bW YehZ_bb[hW$ BW H[]_Œd Eh_[djWb j[dZh| bbk# l_Wi Yed lWh_WY_Œd Z[ ceZ[hWZWi W _dj[diWi" Yed cWoeh fh[i[dY_W [d bei Z[Yb_l[i Z[ bW YehZ_bb[# hW o [d bW H[]_Œd ?dikbWh ^WXh| l_[djei ceZ[hWZei o bbel_pdWi eYWi_edWb[i" [if[Y_Wbc[dj[ [d bW ?ibW IWd 9h_ijŒXWb$ Bei Y_[d# j‡\_Yei o h[fh[i[djWdj[i Z[ bW ID=H" ?D7C>? o [b 9[djhe ?d# j[hdWY_edWb Z[ ?dl[ij_]WY_Œd Z[b <[dŒc[de Z[ ;b D_‹e" h[Yec[d# ZWhed W bW Y_kZWZWd‡W jecWh bWi fh[YWkY_ed[i d[Y[iWh_Wi Wdj[ bW lWh_WX_b_ZWZ Yb_c|j_YW$
ĹŠ
ĹŠ
;%(- Ŋ ĉ
ĹŠ
;%(- 2ĹŠ ÄˆÄ‡Äą Ĉĉ
¥ ēŊ 41 -3#Ŋ#+Ŋ$.1.Ŋ04#Ŋ2#Ŋ"#2 11.++¢Ŋ#+Ŋ5(#1-#2Ŋ/ 13(!( /1.-Ŋ"#+#% ".2Ŋ"#Ŋ .1% -(2,.2Ŋ"#Ŋ2.!.11.ēŊ
666Ä“+ '.1 Ä“!.,Ä“#! ĹŠ
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
ĹŠ ĹŠ ĹŠ Äž 23 ĹŠ!4;-".Ä?ĹŠ
.2ĹŠ04#ĹŠ5(5(,.2ĹŠ#-ĹŠ+ ĹŠ/ 11.04( ĹŠ (#3#ĹŠ"#ĹŠ !34 1#ĹŠ!.-3(-4 ,.2ĹŠ1#!( (#-".ĹŠ %4 ĹŠ "#ĹŠ, + ĹŠ! +(" "ĔŊĞ/.1ĹŠ$ 5.1Ä?ĔŊ' 23 ĹŠ!4 -".ĹŠ5 ,.2ĹŠ ĹŠ2#%4(1ĹŠ 2~Ä“ .".ĹŠ4-ĹŠ2'.6ĹŠ/.+~3(!.ĹŠ 1, 1.-ĹŠ#+ĹŠ +! +"#ĹŠ8ĹŠ (!# +! +"#ĹŠ/.1ĹŠ- " ĔŊ(%4 +ĹŠ-(-%4- ĹŠ 2.+4!(¢-ĹŠ' -ĹŠ/+ -3# ".ĹŠ8ĹŠ+.2ĹŠ,.1 ".1#2ĹŠ"#ĹŠ 4#5#".ĹŠ2#%4(,.2ĹŠ#-ĹŠ+ 2ĹŠ,(2, 2Ä“ĹŠ .ĹŠ-.ĹŠ2_ĹŠ04#ĹŠ#23;-ĹŠ#2/#1 -".ĹŠ-4#231 2ĹŠ 43.1(" "#2ĹŠ/ 1 ĹŠ3., 1ĹŠ !!(.-#2Ä“ĹŠ ĹŠ#+ĹŠ .2/(3 +ĹŠ"#ĹŠ 4#5#".ĹŠ3 ,/.!.ĹŠ' !#ĹŠ- " ĹŠ/.1ĹŠ2.+4!(.- 1ĹŠ.ĹŠ#-5( 1ĹŠ +%ĂŒ-ĹŠ(-$.1,#ĹŠ +ĹŠ1#2/#!3.Ä“ ĹŠ"#)#-ĹŠ+ ĹŠ/.+~3(! ĹŠ8ĹŠ#,/(#!#-ĹŠ ĹŠ/1#.!4/ 12#ĹŠ/.1ĹŠ+.2ĹŠ!(4" " -.2Ä“ĹŠ } ĹŠ ĹŠ ĹŠ ĹŠ 4#5#".
ĹŠ 23#"ĹŠ/4#"#ĹŠ#-5( 1ĹŠ242ĹŠ$.3.2ĹŠ"#ĹŠ"#-4-!( 2ĹŠ!.,4-(3 1( 2ĹŠ8ĹŠ+ 2ĹŠ 43.1(" "#2ĹŠ1#2/#!3(5 2ĹŠ3(#-#-ĹŠ+ ĹŠ./.1Äą 34-(" "ĹŠ"#ĹŠ1#2/.-"#1Ä“ĹŠ ĹŠ .1 ĹŠ2#ĹŠ1#2#15 ĹŠ"#1#!'.ĹŠ"#ĹŠ2#+#!!(.- 1ĹŠ8ĹŠ#"(3 1ĹŠ+ 2ĹŠ"#-4-!( 2Ä“
/-.#Ă° (Ĺ‹ &Ĺ‹ &4 Ĺ‹ Ĺ‹&)-Ĺ‹#'*/ -.)-
ēŊ ++Ŋ/ 2 ".ŊĉĒŊ"#Ŋ"(!(#, 1#ĔŊ#+Ŋ!.-!#).Ŋ! -3.- +Ŋ#7/+(!¢Ŋ"#Ŋ+ Ŋ1# +(" "Ŋ"#+Ŋ(-!1#,#-3.Ŋ#-Ŋ+.2Ŋ(,/4#23.2ēŊ
.-ĹŠ#+ĹŠ/ %.ĹŠ/4-34 +ĹŠ"#ĹŠ+.2ĹŠ/1#"(.2ĹŠ41Äą -.2ĹŠ2#ĹŠ 2/(1 ĹŠ,#).1 1ĹŠ#+ĹŠ/1#24/4#2Äą 3.ĹŠ -4 +ĹŠ8ĹŠ+ ĹŠ. 1 ĹŠ/ĂŒ +(! ĹŠ,4-(!(/ +Ä“ĹŠ ĹŠÄ› ;d bW Y_kZWZ i[ j_[d[
1.!#2.ĹŠ ! "_,(!.
ĹŠ#5 +4 !(¢-ĹŠ#73#1- ĹŠ/ 1 ĹŠ+.2ĹŠ ".!#-3#2ĹŠ(-(!( 1;ĹŠ ĹŠ/ 13(1ĹŠ"#+ĹŠ/1¢7(Äą ,.ŊĉĉŊ"#ĹŠ#-#1.Ä“ĹŠ (#-31 2ĹŠ04#ĔŊ ÄˆÄ“ÄˆÄŽÄ‡ĹŠ/1.$#2.1#2ĹŠ$4#1.-ĹŠ#5 +4 ".2ĹŠ (-3#1- ,#-3#ĹŠ"41 -3#ĹŠ+ ĹŠ2#, - ĹŠ / 2 " Ä“ (+ĹŠ1#/.13#ĹŠ04#5#".Äž+ '.1 Ä“!.,Ä“#!
.! 2ĹŠ#7/#!3 3(5 2
.2ĹŠ31 ).2ĹŠ"#+ĹŠ3#1!#1ĹŠ/4#-3#ĹŠ 5 -9 ĹŠ#-ĹŠ24ĹŠ!.-2314!!(¢-Ä“ĹŠ +ĹŠ /+ 9.ĹŠ/ 1 ĹŠ#-31#% 1ĹŠ+ ĹŠ. 1 ĹŠ#2ĹŠ#+ĹŠ ÄˆÄ’ĹŠ"#ĹŠ#-#1.ĹŠ"#+ĹŠÄ‰Ä‡ÄˆÄˆÄ“ĹŠ (-ĹŠ#, 1%.ĔŊ ,4!'.2ĹŠ 5(9.1 ĹŠ04#ĹŠ+ ĹŠ#2314!341 ĹŠ -.ĹŠ#23 1;ĹŠ+(23 Ä“ (+ĹŠ1#/.13#ĹŠ04#5#".Äž+ '.1 Ä“!.,Ä“#!
h[]_ijhWZe kd YWjWijhe ckd_Y_# fWb Z[ +)$-'. fh[Z_ei khXWdei$ :[ [bbei" [d [b W‹e (&'& Wf[dWi (+$+-* Yedjh_Xko[dj[i Ykcfb_[# hed Yed iki eXb_]WY_ed[i ZWdZe kdW h[YWkZWY_ÂŒd Z[ ))& c_b +.* ZÂŒbWh[i$ ;d [i[ i[dj_Ze o i_ i[ cWdj_[d[ [i[ c_ice d‘c[he Z[ Yedjh_Xko[dj[i" [b WbYWbZ[ @e^d IWbY[Ze" WdkdY_ÂŒ gk[ fWhW [b (&'' i[ WbYWdpWh‡W bW ikcW Z[ -', c_b -++ ZÂŒbWh[i feh YedY[fjei Z[ YeXhei Z[ fh[Z_ei khXWdei$ #ĹŠ,."(ă!¢Ŋ! 3 231.
FWhW bW YedY[`WbW" 9[Y_X[b L_bbW# h[Wb" _dZ_YÂŒ gk[ Æ^[cei Wikc_Ze bW h[ifediWX_b_ZWZ Z[ YWcX_Wh bW Y_kZWZ o [ie j_[d[ kd Yeije Z[ i[dj_hdei \Wleh[Y_ZeiÇ$ 7]h[]ÂŒ gk[ c[Z_Wdj[ kd Wd|# b_i_i i[ ^W ceZ_Ă’YWZe [b YWjWijhe khXWde" f[he gk[ W‘d \WbjW feh ^WY[h bei fh[Z_ei h‘ij_Yei$ ÆGk_#
p|i [d fWiWZWi WZc_d_ijhWY_ed[i de be ^_Y_[hed feh [b Yeije feb‡j_# Ye gk[ b[ fkZe eYWi_edWh kdW Z[# Y_i_ÂŒd Z[ h[ifediWX_b_ZWZ" f[he W^ehW [ij[ 9edY[`e Ckd_Y_fWb jecÂŒ bW Z[Y_i_ÂŒd [d Ă’hc[ Z[ ^W# Y[hbeÇ" _dZ_YÂŒ$ :[ _]kWb \ehcW" bW YedY[`WbW =[hcWd_W 9WX[pWi" fh[i_Z[djW Z[ bW 9ec_i_ÂŒd Z[ <_dWdpWi" [n# fh[iÂŒ gk[ ÆlWcei W j[d[h ƒn_je [d [ij[ W‹e Yed [b Wkc[dje Z[ bei fh[Z_ei khXWdeiÇ$ :[ cWd[hW efj_c_ijW" bW [Z_b Z_`e gk[ Yed [bbe i[ feZh| YkXh_h jeZei bei ]Wijei Z[b =eX_[hde Ckd_Y_fWb o i[ c[`ehWh| [b ZÂƒĂ’# Y_j fh[ikfk[ijWh_e$ 9WX[ i[‹WbWh WZ[c|i" gk[ Z[ bei (+$+-* Yedjh_Xko[dj[i" '*$-*) [ij|d [ned[hWZei Z[ _cfk[ijei1 [i Z[Y_h gk[ iÂŒbe jh_XkjWd jWiWi feh YedY[fjei Z[ cWdj[d_c_[d# jei o Yeije Z[ [c_i_ÂŒd Z[ j‡jkbei Z[ YhƒZ_jei$
+ĹŠ(-!1#,#-3.
Bei _cfk[ijei Z[ bei fh[Z_ei khXWdei \k[hed Wkc[djWZei [d kd ''- c[Z_Wdj[ ehZ[dWdpW ckd_Y_fWb$ ;b _cfWYje [YedÂŒ# c_Ye [d bei Yedjh_Xko[dj[i i[h| c‡d_ce" Wb c[dei Wi‡ be _d\eh# cÂŒ [b Ckd_Y_f_e$ I[]‘d [nfb_YÂŒ [b fh_c[h f[hied[he ckd_Y_fWb" @e^d IWbY[Ze" [b =eX_[hde Ckd_# Y_fWb feh ^_ijeh_W ^W j[d_Ze kdW Z[ bWi c|i XW`Wi h[YWkZWY_ed[i [d h[bWY_ed[i W ejhei YWdjed[i Z[ bW fhel_dY_W" ZedZ[ bei _d]h[iei feh YeXhei Z[ fh[Z_ei khXWdei ied c[`eh[i$ ;d bW WYjkWb_ZWZ [b 8;:; [d# j_ZWZ jƒYd_YW Ă’dWdY_[hW" Z_`e Wb =eX_[hde Ckd_Y_fWb gk[ i_ de h[‘d[ bWi YedZ_Y_ed[i WZc_d_i# jhWj_lWi" jƒYd_YWi" Ă’dWdY_[hWi o Z[ jhWdifWh[dY_Wi" de i[h| ik`[# je Z[ YhƒZ_je" feh Wgk[bbe bW Z[# Y_i_ÂŒd Z[b 9edY[`e 9WdjedWb Z[ h[\ehcWh bW ehZ[dWdpW$ Æ;b _dYh[c[dje [ij| fb[# dWc[dj[ `kij_\_YWZe Yed bW WfheXWY_ÂŒd Z[ kd YhƒZ_je Z[ '- c_bbed[i Z[ ZÂŒbWh[iÇ" fkdjkW# b_pÂŒ IWbY[Ze$
(# # ,6(Ĺ‹' -.,v -Ĺ‹ (Ĺ‹& Ĺ‹ ĹŠÄ› BW Kd_ZWZ Z[ Fei]hWZe
ĹŠ1#/ 1 1ĹŠ+.2ĹŠ2#,;$.1.2
ŊěŊ Ŋ3 1"#Ŋ"#+Ŋ5(#1-#2Ŋ'4 .Ŋ(-!.-5#-(#-3#2Ŋ!.-Ŋ+.2Ŋ !'.$#1#2Ŋ04#Ŋ31 -2(3 1.-Ŋ/.1Ŋ+ Ŋ 5#-(" Ŋ 4(3.Ŋ!4 -".Ŋ#+Ŋ2#,;$.1.Ŋ 04#Ŋ#23;Ŋ4 (! ".Ŋ Ŋ+ Ŋ +341 Ŋ"#Ŋ+ Ŋ 2 Ŋ 4"(!( +Ŋ"#)¢Ŋ"#Ŋ$4-!(.- 1ēŊ -Ŋ 42Ŋ8Ŋ4-Ŋ 43.,¢5(+Ŋ#2345(#1.-Ŋ Ŋ/4-3.Ŋ"#Ŋ!.+(2(.- 1ēŊŊ
Z[ bW KJ;G j[dZh| ckY^W WYj_l_# ZWZ ZkhWdj[ bei c[i[i Z[ ;d[he" \[Xh[he o cWhpe$ ;b Z_h[Yjeh Z[ bW kd_ZWZ" ;ZkWhZe :‡Wp EYWcfe" WdkdY_ÂŒ gk[ WYjkWbc[dj[ [ij|d WX_[hjWi bWi _diYh_fY_ed[i fWhW lWh_ei fhe]hWcWi Z[ CW[ijh‡Wi$ ÆFei]hWZei [d WZc_d_ijhWY_ÂŒd Z[ ;cfh[iWi" [d 9edjWX_b_ZWZ o 7kZ_jeh‡W" [d =[h[dY_W [d ?dde# lWY_ed[i ;ZkYWj_lWi o [d :[iW# hhebbe o C[Z_e 7cX_[dj[ ied bWi gk[ i[ e\[hjWd" c[dY_edÂŒ :‡Wp$ Feh ejhe bWZe" bk[]e Z[ bW ikiYh_f# Y_ÂŒd Z[ bei Yedl[d_ei ikiYh_jei feh bW KJ;G Yed bW Kd_l[hi_ZWZ 7]hWh_W Z[ 9kXW" Kd_l[hi_ZWZ Z[ =hWdcW" ?dij_jkje Z[ 9_[dY_Wi
ēŊ 1 Ŋ%#23(.- 1Ŋ24Ŋ(-2!1(/!(¢-Ŋ.Ŋ, 31~!4+ 2Ŋ !#1! 12#Ŋ Ŋ+ Ŋ -(" "Ŋ"#Ŋ .23%1 ".Ŋ"#Ŋ+ Ŋ ēŊĸ .3.Ŋ 1!'(5.Ě
7d_cWb o bW Kd_l[hi_ZWZ Z[ bW >WXWdW1 bW Kd_ZWZ Z[ Feij]hWZe [ij| ^WY_[dZe bW _dl_jWY_Œd W je# Zei bei WYWZƒc_Yei gk[ fei[Wd
[ijkZ_ei Z[ YkWhje d_l[b fWhW eXj[d[h [b ]hWZe Z[ ZeYjeh [d 9_[dY_Wi [d _dij_jkY_ed[i Z[ bW H[f‘Xb_YW Z[ 9kXW$
(/( #)( -Ĺ‹ . (Ĺ‹ Ĺ‹ #(-.#./ #š(Ĺ‹ / .#0 #2"#ĹŠ' !#ĹŠ ,;2ĹŠ"#ĹŠ".2ĹŠ  .2ĹŠ 2#ĹŠ5(#-#ĹŠ2.+(!(Äą 3 -".ĹŠ4- ĹŠ. 1 ĹŠ "#ă-(3(5 Ä“
#Ŋ-.2Ŋ' Ŋ.$1#!(".Ŋ 2.+4!(¢-Ŋ/#1.Ŋ' 23 Ŋ #+Ŋ,.,#-3.Ŋ-.Ŋ2#Ŋ ' -Ŋ1# +(9 ".Ŋ. 1 2Ŋ/ 1 Ŋ#+Ŋ 2#!3.1Ŋ -3 Ŋ 1~ Ģ
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
ă
} ĹŠ Ä&#x;Ä“Ä“Ä“
ŗŊ Ŋ Kd ]h_\e WX_[hje ]WijW c|i W]kW Z[ bW gk[ j[ _cW]_dWi Z[ + W '& b_jhei lWd Wb Z[iW]”[ YWZW c_dkje$
ĹŠĹŠ ĹŠ ĹŠĹŠ ĹŠ ĹŠ
fk[ije gk[ [d [ijW _dij_jkY_Œd i[ [ZkYWd Wbh[Z[Zeh Z[ +&& d_‹ei$
ĹŠÄ› Fh[eYkfWZe [i Yece i[ [dYk[djhW MWbX[hje LWh]Wi =W_# 1.,#2 2ĹŠ2(-ĹŠ!4,/+(1 Xeh" Z_h[Yjeh Z[ bW [iYk[bW 7XZÂŒd I[]‘d [b Z_h[Yjeh Z[b [ijWXb[Y_# 9WbZ[hÂŒd Ck‹ep" kX_YWZW [d [b c_[dje [ZkYWj_le" bW h[ifk[i# i[Yjeh IWdjW CWh‡W Z[ bW fWhhe# jW Z[b WbYWbZ[ ^W i_Ze fei_j_lW" Yece gk[ oW i[ j_[d[d bei fbWdei" gk_W IWd 9Wc_be$ LWh]Wi _dZ_YÂŒ gk[ ik Z_iYed# gk[ i[ lW W h[Wb_pWh bW YWdWb_pW# \ehc_ZWZ o W bW l[p fh[eYkfWY_ÂŒd Y_ÂŒd Z[ bWi W]kWi bbkl_Wi" f[he i[ Z[X[ W bW bb[]WZW Z[ bW j[cfe# W‘d d_ i_gk_[hW i[ ^W h[Wb_pWZe bW b_cf_[pW Z[ bW pWd`W o [b hWZW _dl[hdWb" fk[ije gk[ [ijW jhW[ Yedi_]e ceb[ije# fheXb[cW [i ]hWl[ o i_# ĹŠ iei _dYedl[d_[dj[i fWhW [b ]k[ bWj[dj[$ ÆKdW bbkl_W i[Yjeh o feh [dZ[ fWhW bW \k[hj[ o dei gk[ZWcei [iYk[bW feh bWi _dkdZWY_e# +1#"#".1ĹŠ"#ĹŠ c|i e c[dei Yed kdei '& Y[dj‡c[jhei Z[ W]kW d[i gk[ i[ fheZkY[d Yed ĎććŊ-( .2ĹŠ2#ĹŠ #"4! -ĹŠ#-ĹŠ+ ĹŠ [d [b fWj_e Z[ bW [iYk[# YWZW bbkl_W [d [b i[Yjeh$ #2!4#+ ĹŠ "¢-ĹŠ ;b Z_h[Yjeh Z[ bW [iYk[# +"#1¢-ĹŠ 4 .9ĹŠ bWÇ Z_`e LWh]Wi$ ;l[d# 8ĹŠ' !#ŊĊćŊ  .2ĹŠ bW i[‹WbÂŒ gk[ [b fheXb[cW 04#ĹŠ#+ĹŠ2#!3.1ĹŠ jkWb_ZWZ[i Yece [ijWi [d i‡ ied bWi _dkdZWY_ed[i /1#2#-3 ĹŠ#23#ĹŠ W\[YjWd bW iWbkZ Z[ bei /1. +#, Ä“ Z[X_Ze W gk[ bWi W]kW bbk# c[deh[i fk[ije gk[ kd ]hWd d‘c[he Z[ d_‹ei l_Wi de j_[d[d feh ZedZ[ [lWYkWh" i[]‘d [b Z_h[Yjeh [d [b fh[i[djWhed i‡djecWi Z[ h[i\h_W# bk]Wh [n_ij[ kdW pWd`W" fWhY^[i Zei o Ă’[Xh[" [b fWj_e i[ _dkdZW o Z[ jkX[h‡W gk[ [ij|d Wdj_jƒYd_# bei d_‹ei i[ ce`Wd$ Æ>[cei fWh# YWc[dj[ _dijWbWZei fehgk[ de j_Y_fWZe [d bei ]WX_d[j[i _j_d[# j_[d[ kdW ]hWZ_[dj[ Z[ Z[iW]”[" hWdj[i gk[ ^W bb[lWZe W YWXe [b YkWdZe bbk[l[ bW pWd`W i[ Z[iXeh# =eX_[hde ckd_Y_fWb [d bW (& Z[ ZW o [b W]kW _d]h[iW W bW [iYk[bW$ \[Xh[he o [d IWd 9Wc_be" WZ[c|i LWh]Wi cWd_\[ijÂŒ gk[ Z[iZ[ [d bW i[i_ÂŒd ieb[cd[ Z[ fWhhe# [b W‹e (&&/ i[ l_[d[ ieb_Y_jWdZe gk_Wb_pWY_ÂŒd Z[ IWd 9Wc_be Yed Wb WbYWbZ[ gk[ Xh_dZ[ kdW iebk# bW Ă’dWb_ZWZ Z[ gk[ bei fheXb[cWi Y_ÂŒd Z[Ă’d_j_lW W [ij[ fheXb[cW" Z[b i[Yjeh i[Wd [iYkY^WZeiÇ$
Ĺ—ĹŠĹŠ
I_ Z[`Wi [b ]h_\e WX_[hje c_[djhWi j[ bWlWi bei Z_[dj[i" fk[Z[i cWb]WijWh YWi_ (& b_jhei Z[ W]kW$
Ĺ—ĹŠĹŠ
I_ j[ ZkY^Wi Yed [b ]h_\e WX_[hje" fk[Z[i [ijWh j_hWdZe ,& b_jhei Z[ W]kW$ Ä“ĹŠ .,#-3.2ĹŠ -ĹŠ04#ĹŠ#+ĹŠ"(1#!3.1ĹŠ"#ĹŠ+ ĹŠ#2!4#+ ĹŠ,.231 ĹŠ+.2ĹŠ/1. +#, 2ĹŠ 04#ĹŠ/1#2#-3 ĹŠ#+ĹŠ2#!3.1
/( #š(Ĺ‹,  ,6Ĺ‹*, '# #š(Ĺ‹ Ĺ‹Ä? v , -Ĺ‹ &Ĺ‹ ,Ä‘Ĺ‹ 9ed [b eX`[j_le _dY[dj_lWh [b d_# l[b YkbjkhWb o [ZkYWj_le Z[ bei d_‹ei o `ÂŒl[d[i Z[ dk[ijhW fhe# l_dY_W" bW <kdZWY_ÂŒd =Wbe BWhW >$ h[Wb_pWh| bW EYjWlW [Z_Y_ÂŒd Z[ fh[c_WY_ÂŒd Z[ bei ÆB‡Z[h[i Z[b IWX[hÇ" gk[ Yedi_ij[ [d [djh[]Wh kdW c[ZWbbW o kd Z_fbecW W bei Wbkcdei Yed bWi c|i WbjWi YWb_Ă’# YWY_ed[i" Yece ied bei fehjW [i#
#2(¢-Ŋ .+#,-#
ĹŠ ěŊ +ĹŠ ĂŒ!+#.ĹŠ "#ĹŠ #1(."(23 2ĹŠ"#ĹŠ 4#5#".ĹŠ8ĹŠ+ ĹŠ 2 ĹŠ"#ĹŠ+ ĹŠ 4+341 ĹŊ#73#-2(¢-ĹŠ 4#5#".ĹŠ .1% -(9 1.-ĹŠ 4- ĹŠ 2#2(¢-ĹŠ2.+#,-#ĹŠ/.1ĹŠ!.-,#,Äą .1 12#ĹŠ #+ĹŠ ~ ĹŠ "#+ĹŠ #1(."(23 ĹŠ !4 3.1( -.ĹŠ8ĹŠ ĹŠ24ĹŠ5#9ĹŠ2#ĹŠ1# +Äą (9¢Ŋ+ ĹŠ/1#2#-3 !(¢-ĹŠĹŠ"#+ĹŠ+( 1.ĹŠ ÄĄ (23.1( 2ĹŠ #ĹŠ 4#5#".ĔŊ 7(Äą .+.%~ ĹŠ8ĹŠ.-3.+.%~ ĢŊ"#ĹŠ 43.1~ ĹŠ #ĹŠ ",4-".ĹŠ !'#5#11~ Ä“
jWdZWhj[i Z[b FWX[bbŒd DWY_edWb" Z[ bW fhel_dY_W Z[ Bei H‡ei" o Z[ bW ?dij_jkY_Œd ;ZkYWj_lW" i[Wd [i# jWi [iYk[bWi" e Yeb[]_ei Z[ bei Z_# \[h[dj[i YWdjed[i Z[ bW fhel_dY_W Z[ Bei H‡ei$ Bei dk[lei B‡Z[h[i Z[b IWX[h i[h|d kd [`[cfbe YbWhe fWhW be gk[ l_[d[$ I[]k_cei o i[]k_h[# cei WokZWdZe Z[ YehWpŒd _[c#
fh[" cWd_\[ijÂŒ =Wbe BWhW$ 1.-.%1 , ĹŠ"#ĹŠ/1#,( !(¢-Ä–
Gk[l[Ze" 8k[dW <[" LWb[dY_Wi o CeYWY^[0 @k[l[i" ') Z[ [d[he W bWi &/0&& [d [b 7kZ_jeh_e Z[ bW Kd_l[hi_ZWZ ;ijWjWb JƒYd_YW Z[ Gk[l[Ze$ L[djWdWi" KhZWd[jW" Gk_d# iWbecW" o Fk[Xbel_[`e0 @k[l[i ')
Z[ [d[he W bWi '*0&& [d [b 7kZ_# jeh_e Z[b 9eb[]_e , Z[ EYjkXh[ [d L[djWdWi$ 8WXW^eoe" CedjWble o <[Xh[i 9ehZ[he0 L_[hd[i" '* Z[ [d[he W bWi '&0&& [d [b 7kZ_# jeh_e Z[ bW Kd_l[hi_ZWZ JƒYd_YW Z[ 8WXW^eoe$ L_dY[i" FWb[dgk[ o 8WXW0 L_[hd[i" '* Z[ [d[he W bWi '*0&& [d [b 9eb_i[e Z[ bW B_]W 9WdjedWb :[fehj_lW Z[ L_dY[i$
Ĺ—ĹŠĹŠ
<h[]Wh bei fbWjei Yed [b ]h_# \e WX_[hje ikfed[ kd Yedikce Z[ kdei '&& b_jhei Z[ W]kW$
Ĺ—ĹŠ ĹŠ BWlWh [b YeY^[ Yed kdW cWd]k[hW fk[Z[ ikfed[h kd Yedikce Z[ kdei +&& b_jhei Z[ W]kW$
Ĺ? Ĺ?
Ĺ?
Ä…
Ĺ? Ĺ?Ä…ÄĄÄ Äˆ
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ä“ĹŠ .2ĹŠ,.1 ".1#2ĹŠ"#+ĹŠ2#!3.1ĹŠ 2#%41 -ĹŠ04#ĹŠ"#2"#ĹŠ' !#ĹŠ5 1( 2ĹŠ2#, - 2ĹŠ#+ĹŠ2#15(!(.ĹŠ"#ĹŠ %4 ĹŠ/.3 +#ĹŠ#2ĹŠ(11#%4+ 1Ä“
,0# #)Ĺ‹ Ĺ‹ !/ Ĺ‹ -Ĺ‹ #,, !/& , 43.1(" "#2ĹŠ(-Äą $.1, 1.-ĹŠ#-!.-Äą 31 12#ĹŠ31 ) -".Ä“ĹŠ / 1 ĹŠ 1(-" 1ĹŠ +.2ĹŠĹŠ2#15(!(.2Ä“ ĹŠÄ› OW ied lWh_Wi bWi i[#
cWdWi gk[ bei cehWZeh[i Z[b i[Yjeh ;b C_hWZeh Z[ bW fWhhe# gk_W L[dki Z[b H‡e Gk[l[Ze" i[ gk[`Wd feh bW \WbjW Z[b i[hl_Y_e Z[ W]kW fejWXb[$ HeiW ;if_d" ^WX_jWdj[" Ye# c[djÂŒ gk[ bei cWb[ijWh[i [cf[pWhed Z[iZ[ ^WY[ lW# h_ei c[i[i o gk[ [b fheXb[cW YWZW Z‡W [i f[eh$ Æ;b W]kW iebe dei bb[]W kdW l[p W bW i[cWdW" feh be gk[ dei l[cei eXb_]WZei W YecfhWh ]W# bed[i Z[b b‡gk_Ze fWhW feZ[h ikfb_h dk[ijhW d[Y[i_ZWZ[i d_ Yed XecXWi i[ fk[Z[ be]hWh gk[ bb[]k[ [b i[hl_Y_e$ ;i feh [bbe gk[ f[Z_cei W bW Wkjeh_ZWZ Yecf[j[dj[ gk[ ^W]W Wb]e Wb h[if[Yje [d dk[ijhe i[Y# jehÇ" W]h[]ÂŒ ;if_d$
1 ).2ĹŠ
DWhY_ie Oed<W" ikXZ_h[Yjeh Z[b :[fWhjWc[dje Z[ 7]kW FejWXb[" WĂ’hcÂŒ gk[ i[ [ij|d h[Wb_pWdZe bei h[if[Yj_lei jhWXW`ei fWhW bW fhedjW iebkY_ÂŒd Z[b i[hl_Y_e$ @el_jW HeiWZe" W]h[]ÂŒ gk[ [b cWb [ijWZe Z[ bW YWbb[i _cf_Z[d jhWdi_jWh feh [b bk]Wh"Ç bWi YWbb[i i[ ^Wd Yedl[hj_Ze _djhWdi_jWXb[" [d [ijW j[cfehWZW Z[ _dl_[hde jeZe [i beZe feh be gk[ ieb_Y_jW# cei W bWi Wkjeh_ZWZ[i h[Wb_pWh kd h[Yehh_Ze o l[h_Ă’YWh bW i_jkW# Y_ÂŒd [d gk[ dei [dYedjhWcei o i[ Z[d _d_Y_e W eXhWi fWhW [b fhe]h[ie Z[ [ij[ i[Yjeh gk[ [ijW [d WXWdZede feh lWh_ei W‹eiÇ" h[YWbYÂŒ HeiWZe$ BW \WbjW Z[ WbkcXhWZe \k[ ejhe Z[ bei i[hl_Y_ei gk[ i[‹WbW# hed bei ^WX_jWdj[i Yed [b gk[ de Yk[djWd" oW gk[ feh bWi deY^[i jeZe [ijW [d jejWb eiYkh_ZWZ$ ÆDe i[ fk[Z[ jhWdi_jWh Yed YedĂ’WdpW feh bWi deY^[i oW gk[ ik`[jei [d cejeY_Yb[jWi h[Yehh[d [b bk]Wh [d XkiYW Z[ be W`[de" ZedZ[ [i _cfehjWdj[ gk[ bW Fe# b_Y‡W ^W]W h[Yehh_Zei fWhW [l_jWh c|i f[b_]hei [d bWi Whj[h_WiÇ" Ă’# dWb_pÂŒ HeiW ;if_d$
++')&#B=
1 " ĹŠ!.-ĹŠ/1. +#, 2 ĹŠÄ–ĹŠĹŠ ĹŠ
3748-B/CP
ŊěŊ 4(#-#2ĹŠ' (3 -ĹŠ)4-3.ĹŠ ĹŠ+ ĹŠ,(-(ĹŠ3#1,(- +ĹŠ4 (! " ĹŠ#-ĹŠ+ ĹŠ 5~ ĹŠ +#-!( ĹŠ2#ĹŠ04#) -ĹŠ!.-3(-4 ,#-3#ĹŠ8 ĹŠ04#ĹŠ2#%ĂŒ-ĹŠ, -($#23 1.-ĹŠ _23#ĹŠ2#ĹŠ!.-5(#13#ĹŠ#-ĹŠ4-ĹŠ"#2.1"#-ĹŠ"# (".ĹŠ ĹŠ+ ĹŠĹŠ, + ĹŠ.1% -(9 !(¢-ĹŠ"#ĹŠ +.2ĹŠ!.,#1!( -3#2Ä“
ŋ ŋ' (. ( ,ŋ&#'*# ŋ & ŋ0v ŋ*Ä &# ŋ3ŋ ( & . #$ 341 Ŋ"#Ŋ "#2#!'.2Ŋ2¢+(".2Ŋ (,/4+2 ŊŊ#-Ŋ!.,Ĺ #1!( -3#2Ŋ 2#.Ŋ"#Ŋ + 2Ŋ5#1#" 2ēŊ Ŋě ;b fhe]hWcW Z[ fh[#
l[dY_ÂŒd Z[ _dkdZWY_ed[i o Wi[e Z[ YWdWb[jWi Z[ bW Ckd_Y_fWb_ZWZ Z[ 8WXW^eoe" c[Z_Wdj[ bW @[\Wjk# hW Z[ :[i[Y^ei IÂŒb_Zei" L‡W F‘# Xb_YW o ;ciWXW1 h[Wb_pW bW [djh[# ]W Z[ lebWdj[i W bei fhef_[jWh_ei [ _dgk_b_dei Z[ bei [ijWXb[Y_c_[d# jei Yec[hY_Wb[i gk[ i[ [dYk[d# jhWd Z[djhe Z[ bW Y_kZWZ" fWhW gk[ cWdj[d]Wd b_cf_W bW l‡W f‘# Xb_YW WY[hWi " ZedZ[ Yec[hY_Wb_# pWd iki fheZkYjei" [ije i[]‘d be [ij_fkbWZe [d bei Whj‡Ykbei '+" ', o '/ Z[ bW EhZ[dWdpW Ckd_Y_fWb gk[ j[njkWbc[dj[ Z_Y[0 7hj‡Ykbe '+$ H[ifediWX_b_# ZWZ Z[ fhef_[jWh_ei e _dgk_# b_dei o Yedjheb Z[ Wi[e Z[ YW# bb[i$# ÆBW XWikhW e Z[if[hZ_Y_ei gk[ i[ Z[fei_j[d [d bei fWhj[# hh[i Y[djhWb[i Z[ kdW Wl[d_ZW" i[h| h[ifediWX_b_ZWZ Z[ bei fhe#
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ć
!3(5(" "#2 .,4-(" "
ĹŠ .2ĹŠ"4#Â .2ĹŠ"#ĹŠ#23 +#!(,(#-3.2ĹŠ Ĺ—!.,#1!( +#2ĹŠ8ĹŠ1#23 41 -3#2ĹŠ"# #-ĹŠ3#-#1ĹŠ 1#!(/(#-3#2ĹŠ/ 1 ĹŠ1#!.%#1ĹŠ+.2ĹŠ"#2#!'.2Ä“
ĹŠ .ĹŠ"#) 1ĹŠ 241 ĹŠ#-ĹŠ+ ĹŠ! ++#ĹŠ2(-.ĹŠ' 23 ĹŠ Ĺ—04#ĹŠ/ 2#ĹŠ#+ĹŠ1#!.+#!3.1Ä“ ĹŠ #-4-!( 1ĹŠ ĹŠ+ ĹŠ/#12.- ĹŠ04#ĹŠ-.ĹŠ!4,/+#ĹŠ Ĺ—!.-ĹŠ+ 2ĹŠ"(2/.2(!(.-#2Ä“
f_[jWh_ei e _dgk_b_dei Z[ bei _d# ck[Xb[i l[Y_dei" [i eXb_]WY_ÂŒd Z[ [bbei l_]_bWh bWi _hh[]kbWh_ZW# Z[i gk[ i[ fheZkpYWdÇ$
#8#2
Ă›d][b 8epW" @[\[ Z[ :[i[Y^ei IÂŒ# b_Zei Ckd_Y_fWb" _dZ_YÂŒ bW _cfeh# jWdY_W Z[ cWdj[d[h Wi[WZWi bWi l[h[ZWi Yed be YkWb i[ [l_jW WZ[# c|i [b jWfedWc_[dje Z[ bWi YWdW# b[jWi$ Bei Yec[hY_Wdj[i gk_[d[i h[Y_X_[hed [b Wl_ie" \[b_Y_jWhed bW c[Z_ZW [ijWdZe Z[ WYk[hZe jhW# XW`Wh feh [b X_[d[ijWh o Xk[dW _cW][d Z[ bW Y_kZWZ$ 7Z[c|i bei Whj‡Ykbei ', o '/ h[ZWYjWd0 7hj‡Ykbe ',$ H[Y_f_[d# j[i fWhW XWikhW$# ÆBei WZc_d_i#
ÂĄ Ä“ĹŠ 1./(#3 1(.2ĹŠ"#ĹŠ#23 +#!(,(#-3.2ĹŠ!.,#1!( +#2ĹŠ2#1;-ĹŠ2 -!(.- ".2ĹŠ2(ĹŠ-.ĹŠ!4,/+#-ĹŠ!.-ĹŠ+ ĹŠ #8Ä“
jhWZeh[i Z[ jeZe [ijWXb[Y_c_[dje l_i_Xb[i fWhW gk[ iki Yb_[dj[i o ÆBWi YedjhWl[dY_ed[i W [i# Yec[hY_Wb [ _dZkijh_Wb" Z[X[d jhWdi[‘dj[i fk[ZWd Whhe`Wh fW# jei Whj‡Ykbei i[h|d iWdY_edW# cWdj[d[h h[Y_f_[dj[i Wfhef_WZei f[b[i o Z[i[Y^eiÇ$ Zei Yed kdW ckbjW Z[ '&$&& fWhW bW XWikhW" ikĂ’Y_[dj[c[dj[ 7hj_Ykbe '/$ IWdY_ed[i$# ZÂŒbWh[i Wc[h_YWdei Ç$
(# # ŋ0 ŋ ŋ -* # -ŋ #) /6.# -ŋ Ŋ ěŊ ;ij[
'& Z[ [d[he WhhWdYW bW l[ZW [ijWY_edWh_W fWhW bWi [if[Y_[i X_eWYk|j_YWi Z[ bW fhel_dY_W Z[ Bei H‡ei" feh YkWd# je i[ [`[YkjWh|d Yedj_dkei ef[# hWj_lei o Yedjheb[i W Ă’d Z[ gk[ i[ YkcfbW Yed bW Z_ifei_Y_ÂŒd$ ;ijW WYj_l_ZWZ i[ bb[lW W YWXe Yed bW YebWXehWY_ÂŒd Z[b 9ec_jƒ Z[ L_]_bWdY_W o 9edi[hlWY_ÂŒd Z[ ;if[Y_[i X_eWYk|j_YWi" bW :_#
h[YY_ÂŒd =[d[hWb Z[ F[iYW" bW 7ieY_WY_ÂŒd Z[ Ckd_Y_fWb_ZWZ[i o bWi @kdjWi FWhhegk_Wb[i1 [d kd [i\k[hpe Yed`kdje feh fh[i[hlWh bWi [if[Y_[i$ ĂˆDe feZ[cei f[hc_j_h gk[ Yedj_dkƒ bW Z[ijhkYY_ÂŒd Z[ [ij[ h[Ykhiei feh [bbe i[ [if[hW [b Yecfhec_ie Z[ jeZei fWhW gk[ bW l[ZW j[d]W [b ƒn_je [if[hWZeÉ" \k[hed Wb]kdei Z[ bei Yec[djW#
h_ei Z[ bei l[dZ[Zeh[i$ 7 be bWh]e Z[ bW l[ZW ^WXh| ef[hWj_lei Z[ Yedjheb gk[ [ijW# h|d W YWh]e Z[b _dj[dZ[dj[" M_c# f[h D_l[bW" bW \k[hpW f‘Xb_YW o bWi Yeef[hWj_lWi Z[ fheZkYY_Œd f[i# gk[hW Z[ bW fhel_dY_W$ JWcX_ƒd i[ _d\ehcWh| jeZW bW Yeckd_ZWZ h_ei[di[ fWhW gk[ Z[dkdY_[d W gk_[d jhWj[ Z[ _hhkcf_h bW l_ZW Z[ bWi [if[Y_[i X_eWYk|j_YWi$
Ä“ĹŠ #ĹŠ1# +(9 1;ĹŠ!.-ĹŠ+ ĹŠÄƒ- +(" "ĹŠ"#ĹŠ 1(-" 1ĹŠ4-ĹŠ3(#,/.ĹŠ"#ĹŠ1#/1."4!!(¢-Ä“
( , (. (Ĺ‹&)-Ĺ‹*,) & ' -Ĺ‹ Ĺ‹-# '*, Ĺ‹ # )Ĺ‹ &Ĺ‹#(0# ,()
#%(231.ĹŠ (5(+ĹŠ" 1;ĹŠ-4#5 2ĹŠ!_"4+ 2
ŊěŊŊ .-Ŋ+ Ŋ-4#5 Ŋ!_"4+ Ŋ8 Ŋ-.Ŋ2#1;Ŋ-#!#2 1(.Ŋ04#Ŋ+.2Ŋ 424 1(.2Ŋ++#5#-Ŋ$.3.%1 $~ 2Ŋ3 ,  .Ŋ! 1-#3ēŊŊ +Ŋ2#15(!(.Ŋ31 3 1;Ŋ"#Ŋ2#1Ŋ ,;2Ŋ¢/3(,.ē
ĹŠ ěŊ ;b h[bb[de jhW# `e ckY^W \[b_Y_ZWZ W lWh_ei i[Yjeh[i [djh[ [bbei bW Y_kZW# Z[bW * Z[ CWoe" BW L[djkhW" Bei F[hWb[i" Kd_l[hi_jWh_Wi" [djh[ ejhWi$ I_d [cXWh]e de jeZe [i Yebeh Z[ heiW" fk[i# je gk[ Wb]kdWi YWbb[i [if[Y_Wb# c[dj[ kdW Z[ bWi fh_dY_fWb[i [ij| [d fƒi_ce [ijWZe" Yed bWi W]kWi [ijWdYWZWi" i_jkWY_ÂŒd gk[ i[ [cf[ehW Yed bW bb[]WZW Z[ bW ƒfeYW _dl[hdWb$ Bei Xki[i Z[ bWi Z_\[h[d# j[ b‡d[Wi gk[ WjhWl_[iWd [b i[Yjeh j_[d[d gk[ jhWdi_# jWh Yed ikce Yk_ZWZe fWhW de gk[ZWhi[ [dj[hhWZe [djh[ [b beZe o [b W]kW [ijWdYW# ZW gk[ de j_[d[ ZedZ[ Z[i\e]Wh" c_[djhWi bei YedZkYjeh[i Z[
Ä“ĹŠ .2ĹŠ !'#2ĹŠ2.-ĹŠ4-ĹŠ5#1" "#1.ĹŠ".+.1ĹŠ"#ĹŠ! #9 ĹŠ#-ĹŠ#23 ĹŠ_/.! ĹŠ"#ĹŠ ++45( 2ĹŠ/ 1 ĹŠ+.2ĹŠ' (3 -3#2ĹŠ"#ĹŠ+ ĹŠ! /(3 +ĹŠ1(.2#-2#Ä“
bWi cejei W Z_Wh_e h[iXWbWd o YW[d [b \Wd]e$ C_iW[b CehWZe" [i kde Z[ bei Y_[djei Z[ cehWZeh[i gk[
j_[d[d gk[ l_l_h W Z_Wh_e [ijW jhWl[i‡W _dYbkie fWhW bb[lWh feh bWi YWbb[i ZW‹WZWi W bei c|i Y^_# gk_jei Wb Yeb[]_e$
§ ć
4 -".ĹŠ+.2ĹŠ -ĹŠ+ 2ĹŠ '., 1#2ĹŠ2.-ĹŠ "#,.!1 !( 2ĔŊ /41.2ĔŊ+ 2ĹŠ + 2ĹŠ +#8#2ĹŠ2.-ĹŠ(-ĂŒ3(+#2Ä—ĹŠ 1#5.+4!(.-#2ĹŠ2.-ĹŠ !4 -".ĹŠ2.-ĹŠ!.Äą ! 2(ĹŠ2(#,/1#ĹŠ. 1 ĹŠ 114/3.2ĔŊ+ 2ĹŠ+#8#2ĹŠ "#ĹŠ+.2ĹŠ"#, %.%.2ĢēŊ 2#ĹŠ1.,/#-Ģē ÂĄ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
ĹŠ ĹŠ
ĈÄ?Ä?Ä?ÄąÄˆÄ‘ÄŒÄ‘Ä“ĹŠ ĹŠ Ä“
-"#/#-"(#-3#ĹŠ
;djh[ bWi fh[]kdjWi gk[ 9ehh[W YhWd[W fWhW Yecfb[jWh bW \Wd[iYW gk[ c[Z_Wdj[ h[\[# hƒdZkc i[ fh[j[dZ[ gk[ bWi WXik[blW [b fk[Xbe [YkWjeh_W# de Wikdjei f[dWb[i" jWkh_dei" _dij_jkY_edWb[i" Yehj[i" [jY$ i[h‡W Yedl[d_[dj[ o d[Y[iWh_e gk[ i[ _dYbkoW gk_p| bW c[`eh Z[ bWi fh[]kdjWi fWhW YWcX_Wh bW Z[f[dZ[dY_W Z[b ?;II Z[b ;`[Ykj_le o gk[ [ijW _dij_jk# Y_ÂŒd fWi[ W i[h WZc_d_ijhWZW feh iki l[hZWZ[hei Zk[‹ei0 bei WĂ’b_WZei o `kX_bWZei o de feh bei j‡j[h[i fk[ijei [d [iWi \kdY_ed[i fWhW Ykcfb_h ÂŒhZ[# d[i o Yedl[hj_h W [i[ ?dij_jkje [d bW YW`W Y^_YW Z[b =eX_[hde$ ;ij[ i[h‡W kd Xk[d YWcX_e gk[ fk[Z[ WfheXWh [b fk[Xbe [YkWjeh_Wde [d [b h[\[hƒdZkc o fWi[ [b _$[$ W i[h WZc_d_ijhW# Ze feh iki l[hZWZ[hei Zk[‹ei bei WĂ’b_WZei o `kX_bWZei" Yedl_hj_ƒdZei[ [d kd eh]Wd_i# ce YWfWp Z[ Ykcfb_h Yed bWi Yedj_d][dY_Wi Z[ [d\[hc[ZWZ" h_[i]ei Z[ jhWXW`e" cWj[hd_# ZWZ" Y[iWdj‡W" Z[i[cfb[e" l[`[p" _dlWb_Z[p" Z_iYWfWY_ZWZ o ck[hj[$ Iebe Wi‡ i[h| kd I[]khe IeY_Wb _dZ[f[dZ_[dj[$ 423 5.ĹŠ '(1( .% ĹŠ 231. Ä“ Ä“ĹŠÄˆÄ?ććÄ?ĎĉÄ?ćć
#-3(1
BW c[dj_hW ckY^Wi l[Y[i h[f[j_ZW Yh[W f[hiedWi o ckdZei \Wbiei gk[ ^WijW [b fhef_e c[dj_heie i[ bei Yh[[$ 9kWdZe i[ j_[d[ [b ^|X_je Z[ c[dj_h de ^Wo YWc_de Z[ h[]h[ie" i_ [i Z[iYkX_[hje bW YedĂ’WdpW i[ ^WXh| j[hc_dWZe o feh jWdje ik \WcW [ _dĂ“k[d# Y_W$ BWi c[dj_hWi \Wc_b_Wh[i e Yeb[Yj_lWi YkWdZe iWb[d W bW bkp Z[icehedWd W bWi f[hie# dWi o Yh[Wd YWei o Yed\ki_ÂŒd$ BWi c[dj_hWi ^_ijÂŒh_YWi Wb i[h Z[iYkX_[hjWi XejWd Wb jhWij[ f[hiedW`[i" _Z[ebe]‡Wi o ]hWd# Z[i c_jei$ BWi c[dj_hWi feb‡# j_YWi i[ Yecfhk[XWd Z[ifkƒi Z[ YWZW [b[YY_ÂŒd" fk[i bW \WbjW Z[ _Z[Wi" [b \hWYWie o bW fh[# fej[dY_W ied [l_Z[dj[i$ Bei feb‡j_Yei c[dj_heiei bb[lWd W kd fk[Xbe Wb WX_ice$ ."1(%.ĹŠ .-3#1.ĹŠ # ă#+ĹŠ ĖŊćÄ?ććÄ?ĎćĒČÄ?ĹŠ ĹŠ ĹŠ ĹŠ Ä– ! 13 2 +"(1#!3.1Äž+ '.1 Ä“!.,Ä“#! 2(++ ĹŠÄˆÄ?ĈÄ?Ä‰ÄŒÄŠĹŠ ĹŠ.ĹŠ!4 +04(#1 ĹŠ "#ĹŠ-4#231 2ĹŠ %#-!( 2Ä“ #04(2(3.2Ä–ĹŠ ., 1#2ĹŠ8ĹŠ /#++(".2ĹŠ!.,/+#3.2Ä—ĹŠ-ĂŒ,#Äą 1.ĹŠ"#ĹŠ _"4+ Ä—ĹŠ3#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
Ä? Ĺ‹Ĺ‹ 5 ÄŒ
OW i[ iWX[0 [b fh[i_Z[dj[ >k]e 9^|l[p ^W Z[ceijhWZe lWh_Wi l[Y[i gk[ bW fei_X_b_ZWZ Z[ kdW Z[hhejW be [d\[hcW" be [dbegk[Y[ c|i$ 9WZW l[p gk[ ^W i_Ze l[dY_Ze [d bWi khdWi XkiYW WjW`ei o Whj_cW‹Wi fWhW iWb_hi[ Yed bW ikoW o be be]hW" fk[i ik fheo[Yje h[lebkY_edWh_e [i fh_eh_jWh_e$ I_d [cXWh]e" W f[iWh Z[ gk[ bei l[d[pebWdei Yh[‡Wd ^WX[hbe l_ije jeZe" [ij|d Wd]kij_WZei Yed bW [cX[ij_ZW Yed bW gk[ Z[if_Z_ÂŒ (&'& o h[Y_X_ÂŒ [b dk[le W‹e$ 7dj[i Z[ gk[ [nf_hWhW ik f[h‡eZe" bW 7iWcXb[W DWY_edWb eX[Z[Y_ÂŒ ik ehZ[d Z[ ejeh]Whb[ feZ[# h[i [if[Y_Wb[i$ BWi b[o[i WfheXWZWi [d j_[cfe hƒYehZ ^Wd i_Ze XWkj_pWZWi [d [b Wh]ej fefkbWh Yece Æ[b fWgk[jWpe YkXWdeÇ$ 9ece i_ [ie \k[hW feYe" [b FWhbWc[dje Z[i_]# dÂŒ W dk[l[ cW]_ijhWZei Z[b Jh_XkdWb Ikfh[ce" ĹŠ
)-Ĺ‹.),)-Ĺ‹3 & Ĺ‹ )(-/&. :[ d_‹e o `el[d jhWXW`Wcei c_ ^[hcWde CWhYe o oe" `kdje W c_ fWZh[" [d Wb]kdei [if[Yj|Ykbei f‘Xb_Yei0 jehei" Xen" bkY^W b_Xh[" \‘jXeb$ 9ed [iW bWXeh WokZ|XW# cei W bW ieXh[l_l[dY_W Z[ c_ YWiW Z[ feYei h[Ykhiei [YedÂŒ# c_Yei$ C_ fWZh[ dkdYW l_l_ÂŒ Z[ bW XkheYhWY_W$ ;d iki _d_Y_ei \k[ pWfWj[he o [ZkYÂŒ ^WY_[dZe ÆcW# hecWiÇ W iki Z_[p ^_`ei$ ;hW [b j‡f_Ye ^e]Wh Z[ XWhh_e fefkbWh$ EXl_Wc[dj[ l_ jeZe j_fe Z[ f[# b[Wi [d [b h_d]" ]hWdZ[i Yehh_ZWi Z[ jehei" lebj[h[jWi _cfh[i_e# dWdj[i" ZkhWi YehdWZWi$ O jeZe be gk[ fh[i[dY_ƒ de ^_pe Z[
jeZei \_[b[i Wb Y^Wl_ice" fWhW kd f[h_eZe Z[ '( W‹ei o )( ikfb[dj[i fWhW i[_i W‹ei$ 7^ehW" Wb ^WXbWh ieXh[ bW dk[lW B[]_ibWjkhW gk[ i[ _dijWbÂŒ [b c_ƒhYeb[i" _dijÂŒ W ik fWhj_Ze W Æjh_jkhWhÇ W bei h[fh[i[djWdj[i Z[ bW efei_Y_ÂŒd gk[ h[]h[iWd Yed \k[hpW W bW 9|cWhW jhWi Y_dYe W‹ei Z[ Wki[dY_W$ O b[i WZl_hj_ÂŒ gk[ `Wc|i lebl[h|d W eYkfWh [b fWbWY_e Z[ C_hW\beh[i Æfehgk[ [ij[ iebZWZe lW W i[h YWdZ_ZWje [d (&'(Ç$ I[ Z[ijWfÂŒ 9^|l[p o Wb _]kWb gk[ <_Z[b 9Wijhe" ik c[djeh" gk_[h[ [j[hd_pWhi[ [d bW Fh[i_Z[dY_W$ Be c_ice gk[ ^_pe 7Zeb\e >_jb[h [d '/))" YkWd# Ze [b H[_Y^ijW]" [b FWhbWc[dje Wb[c|d" b[ ejeh]ÂŒ feZ[h[i [if[Y_Wb[i fWhW b[]_ibWh ieXh[ YkWbgk_[h cWj[h_W$ O oW iWX[d be gk[ fWiÂŒ$ ;b h[jheY[ie Z[ceYh|j_Ye" [d ejhWi fWbWXhWi$ 7b]e fWh[Y_Ze fk[Z[ ikY[Z[h [d ;YkWZeh$ E`e" [djedY[i$
c_‡kd d_‹e e `el[d l_eb[dje$ De ^[ cWjWZe d_ W kdW cei# YW$ Be gk[ i‡ c[ WikijWXW [hW bW feXh[pW gk[ dei heZ[WXW o bW gk[ l_l‡Wcei$ 7^‡ i‡ ^Wo kd ][hc[d Z[ l_eb[dY_W$ CkY^ei Z[ c_i Wc_]ei Z[ [iW XWhh_WZW YW# o[hed [d [b WbYe^eb$ De ^Wo YeiW c|i jh_ij[ gk[ l[h W kd fWZh[ i_d jhWXW`e$ F[he i[ [di[‹eh[WXW bW Z_]d_ZWZ$ 9ed kdW YedikbjW cW‹eiW o Wb]kdW fh[]kdjW ÆWdYbWÇ" [b Fh[# i_Z[dj[ gk_[h[ jWcX_ƒd [b_c_dWh bWi Yehh_ZWi Z[ jehei$ 7 c‡ de c[ _dj[h[iW Yece [if[Yj|Ykbe$ Be gk[ [b _d[\WXb[ Fh[i_Z[dj[ Z[i# YedeY[ dkdYW \k[ feXh[#feXh[ [i gk[ Wbh[Z[Zeh Z[ [iei [if[Y# j|Ykbei l_l[d o ieXh[l_l[d c_# b[i Z[ ][dj[i i[dY_bbWi" Z[iZ[ bW gk[ l[dZ[ [cfWdWZWi" ^WijW [b Whj[iWde gk[ ^WY[ Ă’]kh_jWi Æje# h[hWiÇ$ 9edepYe [i[ ckdZe feh# gk[ be l_l‡ feh c|i Z[ (& W‹ei ckY^ei Yh[[d gk[ jeZW c_ l_ZW \k_ b_Xh[he $
:ƒ`[i[ Z[ ^_ijh_ed_icei o Yedikbj[ i_ gk[h[cei [iW JL Z[b ;ijWZe fbW]WZW Z[ YhÂŒd_YW he`W e fhe]hWcWi [dbWjWZei$ I_ gk[# h[cei i[]k_h [iYkY^|dZeb[ bWd# pWh _cfhef[h_ei" XkhbWi o c[d# j_hWi [d iki [dbWY[i iWXWj_dei1 i_ Z[i[Wcei c|i [iYk[bWi Z[b Æc_b[d_eÇ" c|i X_Xb_ej[YWi$ BW l_eb[dY_W de i[ c[`ehW Yed c|i Y|hY[b[i d_ b[o[i \WiY_ijWi$ De i_]W Z_bWf_ZWdZe Yece i_ \k[hW Zk[‹e Z[ dk[ijhei Z_d[hei$ H[i# f[j[ bei Æ]kijei W`[deiÇ$ BW ][dj[ lejWh| _]dehWdj[# c[dj[ gk[ i[ [b_c_d[d bWi Ye# hh_ZWi Z[ jehei o bWi f[b[Wi Z[ ]Wbbei" fehgk[ i[]k_h| bW WfWXk# bbWdj[ fkXb_Y_ZWZ eĂ’Y_Wb$ ÂľFeh gkƒ de Z[Yh[jW gk[ dei leblW# cei l[][jWh_Wdei5 ;b_c_d[ cW# jWh ]Wbb_dWi" fWlei$ 9bWkikh[ bei cWjWZ[hei [d [b YWcWb$ >WXbW Z[b fk[Xbe o gkƒ feYe be YedeY[$ ÂľGkƒ ied )& c_bbed[i fWhW kd Z[hheY^WZeh Yecfkbi_le5 ) -#3'$1#(1#14 (.Äž'.3, (+Ä“!.,
ĹŠ ĹŠ
Ä? / 0 )(-/&. )*/& ,ÄŽ BW f[hif[Yj_lW Z[ kdW dk[lW h[# \ehcW jh_XkjWh_W o [b WdkdY_e Z[ kdW YedikbjW fefkbWh dei bb[lWd W h[Ă“[n_edWh ieXh[ [b [\[Yje fi_Ye# bÂŒ]_Ye [d bW YkbjkhW jh_XkjWh_W Z[ bW f[hY[fY_ÂŒd gk[ j_[d[d bei Yedjh_# Xko[dj[i Z[b ]Wije f‘Xb_Ye$ BW [Ă’Y_[dj[ Z_h[YY_ÂŒd Z[ 9Wh# bei CWhn 9WhhWiYe Z[b IH? i[ ^W jhWZkY_Ze [d kdW h[YWkZWY_ÂŒd Z[ _cfk[ijei" gk[ i[ ^W [b[lWZe Z[ W‹e [d W‹e" o [d [b iWX[h W\hedjWh [b YeXhe Z[b _cfk[ije W bW h[djW W bWi ]hWdZ[i [cfh[iWi" gk[ [i be gk[ cWoeh [\[Yje fk[Z[ j[d[h [d bW h[Z_ijh_XkY_ÂŒd Z[b _d]h[ie$ ;d Z‡Wi fWiWZei dei _d\ehcW# XW" Yed Y_\hWi" Z[ bei h[ikbjWZei Z[ ik ][ij_ÂŒd$ FWh[Y‡W _di_dkWh gk[ [bbe i[ Z[X[ W kdW WfheXWY_ÂŒd Z[ bW _dl[hi_ÂŒd o [b ]Wije f‘Xb_Ye" feh fWhj[ Z[ bei Y_kZWZWdei$ 9h[[cei c|i X_[d gk[ i[ Z[X[ Wb Wkc[dje Z[ bei Yedjheb[i$ I_ X_[d bW _dl[hi_ÂŒd [d l_Wb_ZWZ [i fei_j_lW" ^Wo ckY^ei ]Wijei ikf[hĂ“kei o cWb YedjhebWZei feh fWhj[ Z[b 2]eX_[hde$ Be Z_Y^e dei bb[lW Wb j[cW Z[ bW YedikbjW fefk# bWh$ ;i kd Yeije Ă’iYWb Z[cWi_WZe Wbje fWhW Wb]e gk[ de [i [Ă’Y_[dj[ Z[iZ[ lWh_ei fkdjei Z[ l_ijW$ De dei fWh[Y[ WZ[YkWZe bb[# lWh W YedikbjW j[cWi `kh‡Z_Yei Z[ Z[h[Y^e fheY[iWb f[dWb" gk[ Z[X[h‡Wd Z_iYkj_hi[ [d bW 7iWc# Xb[W DWY_edWb$ 7‹WZ_h fh[]kd# jWi Yece ieXh[ bW fhe^_X_Y_ÂŒd Z[ bWi Yehh_ZWi Z[ jehei bb[lW W kdW cWoeh _d[Ă’Y_[dY_W$ ÂľE [i gk[ i[ jhWjW iÂŒbe Z[ XkiYWh kd [\[Y# je feb‡j_Ye o bW fefkbWh_ZWZ Z[b ]eX[hdWdj[5 ;i Z[iWY[hjWZe fhecel[h bWi h[\ehcWi b[]Wb[i feh c[Z_e Z[ kdW YedikbjW" Wf[bWdZe Wb j[ceh ][d[hWb_pWZe Z[ bW _di[]kh_ZWZ gk[ W\[YjW Wb fW‡i$ De i[ fk[Z[ jWcfeYe fed[h Z[ bWZe be gk[ Z_Y[ [b 7hj$ (&) Z[ bW 9edij_jk# Y_ÂŒd0 Ƒd_YWc[dj[ bWi f[hiedWi iWdY_edWZWi Yed f[dWi Z[ fh_# lWY_ÂŒd Z[ b_X[hjWZ c[Z_Wdj[ i[d# j[dY_W YedZ[dWjeh_W [`[Ykjeh_WZW f[hcWd[Y[h|d [d bei Y[djhei Z[ h[^WX_b_jWY_ÂŒd ieY_WbÇ$ BW b[]_ibW# Y_ÂŒd Z[X[h| WZ[YkWhi[ W [bbe$ (1. +(-.Äž+ '.1 Ä“!.,Ä“#!
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 : ĹŠ "(3.1 ĹŠ #-#1 +
ĹŠ ÂĄ ĹŠ "(3.1ĹŠ #%(.- + ĹŠ "(!#-31 +ĹŠ Ä“ Ä“ (1#!!(¢-ĹŠ 4#5#".Ä–ĹŠ 5Ä“ĹŠ 4-#ĹŠ 49,;-ĹŠ"#ĹŠ .13_2ĹŠĹ’ĹŠÄ?ÄˆÄˆĹŠ #+_$.-.2ĖŊĉÄ?Ä?ÄąÄ‡ÄŽÄŒÄ‡ĹŠÄľĹŠÄ‰Ä?Ä?ÄąÄ‡ÄŽÄŒÄˆ , (+Ä–ĹŠ04#5#".Äž+ '.1 Ä“!.,Ä“#! (1#!!(¢-ĹŠ '.8.Ä–ĹŠ 5Ä“ĹŠÄˆÄ‡ĹŠ"#ĹŠ %.23.ĹŠĹ’ĹŠÄ‘ÄŠÄˆĹŠ8ĹŠ +.8ĹŠ +$ 1. #+_$.-.ĖŊĉÄ?ÄŠÄąÄ?Ä‘Ä‘Ä?ĹŠ , (+Ä–ĹŠ '.8.Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠĹŠ .Ä“ĹŠÄŽÄ?ćČ
666ē+ '.1 ē!.,ē#! 23 Ŋ2#!!(¢-Ŋ1#/1#2#-3 Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#Ŋ+.2Ŋ#"(3.1#2ēŊ .2Ŋ#2!1(3.2Ŋ "#Ŋ+.2Ŋ!.+ .1 ".1#2Ŋ2¢+.Ŋ!.,/1.,#3#-Ŋ Ŋ242Ŋ 43.1#2Ŋ8Ŋ-.Ŋ1#Ą#) -Ŋ -#!#2 1( ,#-3#Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#+Ŋ/#1(¢"(!.ē
, #)Ĺ‹ &Ĺ‹* (Ĺ‹ Ă„(Ĺ‹- Ĺ‹ ' (.# ( Ĺ‹ (Ĺ‹ ")3)Ĺ‹ -(ă! ".1#2ĹŠ"#ĹŠ+ ĹŠ! /(3 +ĹŠ1(.2#-2#ĹŠ2#ĹŠ #-!4#-31 -ĹŠ/1#.!4/ ".2ĹŠ -3#ĹŠ#+ĹŠ(-!1#Äą ,#-3.ĹŠ"#+ĹŠ/1#!(.ĹŠ"#ĹŠ+ ĹŠ' 1(- Ä“ĹŠĹŠ ĹŠ Ä› 7 f[iWh Z[b _dYh[# c[dje Z[b fh[Y_e Z[ bW ^Wh_dW bW YkWb [i kde Z[ bei fh_dY_fWb[i _dikcei fWhW bW [bWXehWY_ÂŒd Z[b fWd" [n_ij[ YWbcW [d Wb]kdei fWd_Ă’YWZeh[i gk[ Z_Y[d gk[ de f_[diWd fh[Y_f_jWhi[ [d [b[lWh [b fh[Y_e Z[ [ij[ fheZkYje [d l_ijW Z[ gk[ [b _dYh[c[djWhbe f[h`kZ_# YWh‡W iki d[]eY_ei$ I_d [cXWh]e [n_ij[d ejhei gk[ i[ ck[ijhWd fh[eYkfWZei oW gk[ Z_Y[d gk[ W c|i Z[ bW ^Wh_dW ejhei _d]h[Z_[dj[i jWcX_ƒd ^Wd ikX_Ze Z[ fh[Y_e$ Eb]W HeiWZe" gk_[d j_[d[ ik fWdWZ[h‡W kX_YWZW [d bW 7l$ + Z[ @kd_e" [djh[ 9WbZ[hÂŒd o 8eb‡lWh" Z_`e gk[ [bbW Yedi[hlW ik Yb_[d# j[bW [d l_ijW Z[ gk[ de W‘d deh# cWbc[dj[ cWdj_[d[ [b fh[Y_e Z[b fWd$ ÆC_i _d]h[iei Z_Wh_ei ied Z[ (&&"&& feh be gk[ Z[Xe cWdj[# d[h [b fh[Y_e W &"'& Z[ be YedjhW# h_e c_ d[]eY_e i[ l[h‡W W\[YjWZeÇ" Z_`e HeiWZe$
-31 -04(+(" "
@eh][ HWcei" gk_[d jWcX_ƒd j_[d[ ik d[]eY_e Z[ fWd[i [d bW 7l$ =WhY‡W Ceh[de" [djh[ (- Z[ CWoe o 9WbZ[hŒd" _dZ_YŒ gk[ i[ [dYk[djhW fh[eYkfWZe Wdj[ [ijW i_jkWY_Œd" fk[i Z_`e gk[ [b
fheZkYje de iÂŒbe Z[f[dZ[ Z[ bW ^Wh_dW i_de jWcX_ƒd Z[ ejhei _dikcei gk[ jWcX_ƒd ][d[hWd ]Wijei [b[lWZei Yece [i [b YWie Z[b Wp‘YWh Ykoe Yeije feh gk_djWb [ij| [djh[ *&"&& o *("&&$ ÆJ[dZhƒ gk[ [bWXehWh fWd[i ^WijW j[hc_dWh bW cWj[h_W fh_cW gk[ j[d]e h[i[hlWZW" bk[]e j[d# Zhƒ gk[ WdWb_pWh [b fh[ikfk[ije Z[ []h[ie fWhW bW WZgk_i_Y_ÂŒd Z[ kdW dk[lW o i[]‘d [ie fed[hb[ fh[Y_e Wb fWdÇ" Z_`e HWcei$ F[Zhe IWdZeoW" [i ejhe fWY_# Ă’YWZeh gk[ cWd_\[ijÂŒ i[dj_hi[ fh[eYkfWZe Wdj[ [ijW i_jkWY_ÂŒd Z[X_Ze W gk[ [b gk_djWb Z[ ^Wh_dW W^ehW Z[X[ WZgk_h_hbe W )."&& c_[djhWi gk[ [d [b W‹e Wdj[h_eh be YecfhWXW W )+"&& feh be gk[ Z_`e gk[ [d jeZe YWie Z[X[h| h[# ZkY_h [b jWcW‹e Z[b fheZkYje fWhW feZ[h l[dZ[hbe Wb c_ice fh[Y_e o de f[hZ[h ik Yb_[dj[bW$
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ĉ
#-% ĹŠ#-ĹŠ!4#-3 ĹŠ .23.2ĹŠ
Ĺ—ĹŠĹŠĹŒĹŠÄŠÄ‘Ä”Ä‡Ä‡ĹŠ
ĹŠ
ĹŠ Ĺ—ĹŠĹŒĹŠÄŒÄ‡Ä”Ä‡Ä‡ĹŠ
ĹŠ
4(-3 +ĹŠ"#ĹŠ' 1(- 4(-3 +ĹŠ"#ĹŠĹŠ 9ĂŒ! 1ĹŠ
Feh ik fWhj[ :Wd_[b I|dY^[p" gk_[d i[ Z[Z_YW W bW l[djW Z[ Z[# iWokdei [d kd h[ijWkhWdj[ Z[ bW Y_kZWZ" ieijkle gk[ Z_Wh_Wc[d# j[ Z[X[ YecfhWh *"&& Z[ fWd fWhW fhel[[hbe W iki Yb_[dj[i" feh be gk[ Z_`e gk[ [d YWie Z[ gk[ [b fh[Y_e Z[ [ij[ Wb_c[dje i[ _dYh[# c[dj[ Z[X[h| Z_ic_dk_h bW hW# Y_ÂŒd [d bei Z[iWokdei e W ik l[p YeXhWh c|i feh [ij[ i[hl_Y_e$
Ä“ĹŠ ĂŒ-ĹŠ, -3(#-#-ĹŠ#+ĹŠ/1#!(.ĹŠ"#+ĹŠ/1."4!3.ĹŠ +ĹŠ!.23.ĹŠ"#ĹŠÄ‡Ä”ÄˆÄ‡ĹŠ!352ĹŠ / 1 ĹŠ-.ĹŠ/#1"#1ĹŠ+ ĹŠ!+(#-3#+ Ä“ĹŠ
.-24,(".1#2
7_Zƒ 8h_ed[i" Yedikc_ZehW Z[ fWd" _dZ_YŒ gk[ i_ [b Yeije i[ [b[# lW Z[cWi_WZe j[dZh| gk[ Z_ic_# dk_h [b Yedikce Z[b c_ice o h[# [cfbWpWhbe feh [b l[hZ[" Wkdgk[ [b fh[fWhWh [ij[ Wb_c[dje fWhW bei Y_dYe c_[cXhei Z[ ik \Wc_b_W b[ jec[ c|i j_[cfe$
0 (4 Ĺ‹& Ĺ‹ )(-.,/ #š(Ĺ‹ Ĺ‹ ) # ,()Ĺ‹ ,,)+/# & ĹŠ ĹŠ ĹŠÄ› ;d feYei c[i[i [ijWh| b_ijW bW YedijhkYY_ÂŒd Z[b ceZ[hde [Z_Ă’Y_e Z[b =eX_[hde FWhhegk_Wb <[Xh[i 9ehZ[he$ ;d bW l_i_jW Z[ l[h_Ă’YWY_ÂŒd Z[ bei jhWXW`ei" bW WbYWbZ[iW Z[ 8WXW^e# oe" A^WhbW 9^|l[p" Z_`e gk[ bWi @kdjWi FWhhegk_Wb[i ied [b [dbW# Y[ Z_h[Yje [djh[ bW 7bYWbZ‡W o bW Yeckd_ZWZ" oW gk[ h[Ye][d bWi d[Y[i_ZWZ[i [ _dgk_[jkZ[i gk[ fh[i[djWd bei Y_kZWZWdei o bWi jhWc_jWd W jhWlƒi Z[ bWi Z_\[h[d# j[i Z_h[YY_ed[i i[]‘d Yehh[ifed# ZW [b YWie$ :khWdj[ ik h[Yehh_Ze bW Xkh]ecW[ijh[ Yed\_hcÂŒ [b WlWdY[ i_]d_Ă’YWj_le Z[ bW eXhW" bW YWiW YeckdWb WbX[h]ÂŒ W Z_\[#
h[dj[i _dij_jkY_ed[i Z[b ;ijWZe Yece0 J[d[dY_W Feb‡j_YW" 9[d[b" H[]_ijhe 9_l_b" 8_Xb_ej[YW o [d ik cec[dje ^WijW bW Y|hY[b" [ije gk[ZWh| [d [b fWiWZe oW gk[ Yed# jWh| Yed Zei fbWdjWi o jeZWi bWi YeceZ_ZWZ[i WYjkWb[i$ BW YedijhkYY_Œd [hW Z[cWi_W# Ze eXieb[jW o Ykcfb_Œ ik Y_Ybe Z[ l_ZW" _dYbkie YkWdZe bbel‡W bei ZeYkc[djei i[ ce`WXWd" de ^WX‡W i[]kh_ZWZ feh [iWi hWpe# d[i bW Z[Y_i_Œd Z[ Yedijhk_h bW dk[lW YWiW fWhhegk_Wb$ CWjW Z[ 9WYWe YWX[hW fWhhegk_Wb Z[ <[# Xh[i 9ehZ[he j_[d[ Wbh[Z[Zeh Z[ '+ c_b ^WX_jWdj[i o [i kdW fWhhe# gk_W gk[ [ij| [d Yh[Y_c_[dje$
& .7437.(.F2 *2*6&0 9&68& )* 0& *< 6,B2.(& )* 146*7&7 G'0.(&7 ? 3836,& & 0&7 *146*7&7 4G'0.(&7 *286* *78&7 & 0& # 0& +&(908&) )* */*6(*6 0& 96.7).((.F2 3&(8.:& 4&6& *;.,.6 *0 4&,3 )* :&036*7 &)*9)&)37 436 797 0.*28*7 $79&6.37 3 32791. )36*7 436 037 7*6:.(.37 )* 8*0*(3192.(&(.32*7 46*78&)37 &'.C2)37* 49'0.(&)3 *2 *0 !*,.7863 H(.&0 3 )* )* ).(.*1'6* )* ).(.F2 74*(.&0 *0 >!*,0&1*283 4&6& *0 /*6(.(.3 )* 0& 96.7).((.F2 3&(8.:&@ 0& 36436&(.F2 &(.32&0 )* #*0*(3192.(&(.32*7 # < *2 (9140.1.*283 & 03 46*:.783 *2 037 68D(9037 < )*0 !*,0&1*283 .'D)*1 (32:3(& & 4&68.(.4&6 *2 0& 7*0*((.F2 4&6& 0& 3286&8&(.F2 )* '3,&)37 ;8*6237 ? "*(6*8&6.37 '3,&)37 4&6& 037 9=,&)37 63:.2(.&0*7 )* 3&(8.:& 037 59* )*'*6B2 (9140.6 (32 037 7.,9.*28*7 6*59.7.837 *68.H(&)3 )* *78&6 -&'.0.8&)3 4&6& *0 0.'6* */*6(.(.3 463+*7.32&0 < )* 23 -&'*6 7.)3 7&2(.32&)3 436 *0 30*,.3 63+*7.32&0 3 436 *0 327*/3 &(.32&0 )* 0& 9).(&896& 7*,G2 (366*7432)& *(0&6&(.F2 96&1*28&)& )* (9140.6 (32 03 *78.490&)3 *2 0& .7437.(.F2 *2*6&0 6.1*6& )*0 !*,0&1*283 4&6& *0 /*6(.(.3 )* 0& 96.7).((.F2 3&(8.:& )* 0& #
6*7*28&6 (34.& )*0 !*,.7863 A2.(3 )* 63:**)36*7 !$ ? 6*7*28&6 (34.& )*0 !*,.7863 A2.(3 )* 3286.'9<*28*7 !$ ? "! &)/928&2)3 (34.& )*0 31'6&1.*283 )*0 !*46*7*28&28* *,&0 )* 7*6 *0 (&73 37 .28*6*7&)37 4*6732&7 2&896&0*7 3 /96D).(&7 )*'*6B2 *2:.&6 79 -3/& )* :.)& < +*68& )* "*6:.(.37 63+*7.32&0*7 4&6& !*(94*6&(.F2 )* &68*6& %*2(.)& & 0& ).6*((.F2 30D:&6 < )* ,3783 *2 0& (.9)&) )* &'&-3<3 -&78& *0 )D& :.*62*7 )* *2*63 )*0 & 0&7 - 3 &0 7.,9.*28* (366*3 *0*(86F2.(3 /36,* 631*63 (28 ,3' *( 0 +361&83 )* +*68& )* "*6:.(.37 43)6B 7*6 6*8.6&)3 3 730.(.8&)3 *2 0& ).6*((.F2 7*E&0& )&
)+./#8
ŏ ŏ
ŏ
ĉ
ŏ ĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
.-ũ#23.ũ/4#"#ũ /1.5#!' 1ũ+.2ũ #-#ă!(.2ũ"#ũ! " ũ4-.ũ8ũ" 1+#ũ ,;2ũ! 1;!3#1ē
ŏ ŏĉġāă
1.2ũ8ũ!.-31 2ũ"#ũ + ũ/(-341 ũ8ũ#+ũ3 /(9
iWj_b_ZWZ" i_ gk_[h[i iWX[h jecWh kdW c[`eh Z[Y_i_ d de b[ f_[hZWi bei X[d[ÒY_ei o Z[il[djW`Wi Z[ bW f_djkhW o [b fWf[b jWf_p$
Y_ d" bW ]WcW Z[ fei_X_b_ZWZ[i [djh[ bWi YkWb[i fk[Z[ [b[]_h" Wi Yece ik ZkhWX_b_ZWZ ied Wif[Y# jei _cfehjWdj[i$ JWdje [b fWf[b jWf_p Yece bW f_djkhW dei e\h[Y[d ckY^Wi ef# ;djh[ bWi Z_ij_djWi Z[Y_i_ed[i #!.,#-" !(.-#2 gk[ j[d[cei gk[ jecWh [d dk[i# ;b j_[cfe gk[ dei bb[lWh| fh[# Y_ed[i" Z[f[dZ_[dZe Z[b [ij_be Z[ jhe ^e]Wh kdW Z[ [bbWi h[\_[h[ fWhWh bWi fWh[Z[i [i kd \WY# l_ZW Z[ dk[ijhW \Wc_b_W i[ _dYbk_# W bWi fWh[Z[i" bW fh[]kdjW gk[ jeh W j[d[h [d Yk[djW" gk_jWh h| feh kde e feh ejhe$ Z[X[cei h[ifedZ[h [i0 µgk [i kd [cfWf[bWZe fh[[n_ij[dj[ c|i Yedl[d_[dj[" bW f_djkhW e fk[Z[ i[h Yecfb_YWZe" d[Y[# 4(" ".2 [b fWf[b jWf_p5 i_jWhWi XWijWdj[ j_[cfe o bWi ;b fWf[b Z[ jWf_p [i ZkhWXb[ o Wb# I_d ZkZWi" YWZW kdW Z[ [ijWi ^[hhWc_[djWi WZ[YkWZWi$ ]kdWi lWh_[ZWZ[i ied bWlWXb[i" I_ X_[d [n_ij[d \ehcWi [ÒYWY[i [i Xk[de fWhW YWiWi Yed Y^_Yei efY_ed[i j_[d[ iki fhei o iki YedjhWi" feh [ie" Wdj[i Z[ jecWh Z[ ^WY[hbe Z[X[i j[d[h Yk_ZWZe o Yed pedWi Z[ ckY^e jh|ÒYe" kdW Z[Y_i_ d Z[X[cei j[d[h [d fWhW de ZW Wh bW fWh[Z$ BW f_djk# be d[]Wj_le [i gk[ i_ Wfb_YWcei Yk[djW \WYjeh[i Yece bW \WY_b_ZWZ hW" feh ejhW fWhj[" h[gk_[h[ ck# [d bk]Wh[i ^ c[Zei Yece XW# Z[ Wfb_YWY_ d" [b Yeije o ik l[h# Y^e c[dei j_[cfe Z[ fh[fWhW# ei e YeY_dWi fk[Z[ Z[ifh[d# Z[hi[" bWi f_djkhWi jWcX_ d ied ZkhWXb[i o fk[Z[d Wfb_YWhi[ Z[ \ehcW i[dY_bbW$ ;b Wif[Yje d[]Wj_le [i gk[ IMPORTANTE EMPRESA AGROINDUSTRIAL YkWdZe bWi fWh[Z[i [ij|d ZW W# 3FRVJFSF $POUSBUBS ZWi bW f_djkhW [n_][ kdW h[fWhW# 53"#"+"%03" 40$*"- Y_ d o bk[]e kdW ZeXb[ cWde$ 9ed h[if[Yje Wb fh[Y_e [n_ij[ 4FSÈ SFTQPOTBCMF EF PSJFOUBS DPPSEJOBS QMBOJö DBS QSPNP kdW Wcfb_W ]WcW Z[ lWh_[ZWZ[i" WFS HFTUJPOBS Z FKFDVUBS BDDJPOFT FODBNJOBEBT B PCUFOFS FM i_d [cXWh]e" [b fh[Y_e fhec[Z_e Z[ kd fWf[b jWf_p [i c|i Wbje" bW CJFOFTUBS TPDJBM EF MPT FNQMFBEPT EF BDVFSEP B MBT QPMÓUJDBT f_djkhW ik[b[ i[h c|i [Yed c_YW Z QSPDFEJNJFOUPT EF MB DPNQB×ÓB o h[gk_[h[ c[dei ^[hhWc_[djWi$ µO i_ YecX_dWcei bWi Zei5 3&26*4*504 9ece ^WXh| l_ije YWZW kde j_[d[ iki l[djW`Wi o Z[il[djW`Wi" feh t -JDFODJBUVSB FO 5SBCBKP 4PDJBM [ie" YecX_dWh bWi Zei Wbj[hdWj_# t $POPDJNJFOUPT EF 6UJMJUBSJPT lWi fk[Z[ i[h kdW [nY[b[dj[ fe# i_X_b_ZWZ fWhW ik ^e]Wh$ t $POPDJNJFOUPT BDUVBMJ[BEPT FO -FHJTMBDJØO -BCPSBM Z
¡ ēũ #-#1ũ!4(" ".ũ8ũ2#%4(1ũ+ 2ũ1#%+ 2ũ% 1 -3(9 ũ4-ũ 4#-ũ31 ).ē
MFZ EF 4FHVSJEBE 4PDJBM t &YQFSJFODJB FO ÈSFB EF USBCBKP TPDJBM P SFDVSTPT IVNB OPT BENJOJTUSBDJØO EF QFSTPOBM Z SFMBDJPOFT IVNBOBT
4F PGSFDF TVFMEP BDPSEF BM NFSDBEP CVFO BNCJFOUF MBCPSBM CFOF ö DJPT FNQSFTBSJBMFT DSFDJNJFOUP Z EFTBSSPMMP *OUFSFTBEPT FOWJBS TV IPKB EF WJEB BM DPSSFP FMFDUSØOJDP SFDVSTPT IVNBOPTFD!ZBIPP DPN 55114-M.G
OPORTUNIDAD DE TRABAJO /6&70 "º0 53"#"+0 /6&70
Los pesimistas son solo espectadores: son los optimistas los que transforman el mundo, donde se termina la esperanza comienza el fracaso
$&/530 0$61"$*0/"- 1"35*$6-"3 -0(*$0. /FDFTJUB QBSB FM EFQBSUBNFOUP EF .FSDBEFP Z 3FMBDJPOFT 1VCMJDBT QFSTPOBM EF BNCPT TFYPT 3&26*4*504 &EBE EF B B×PT &YQFSJFODJB FO DPNFSDJBMJ[BDJØO Z 7FOUBT /P JOEJTQFOTBCMF
%JTQPOJCJMJEBE EF UJFNQP $PO BDUJUVE NFOUBM QPTJUJWB 3FTQPOTBCJMJEBE Z IPOFTUJEBE FO FM USBCBKP
0'3&$&.04 &TUBCJMJEBE -BCPSBM 4VFMEP #ÈTJDP $PNJTJPOFT NBT JODFOUJWP 5FMFGPOÓB .PWJMJ[BDJØO $BQBDJUBDJØO $POTUBOUF "TDFOTP MMFHBS B TFS QSPGFTJPOBM FO NFSDBEFP
1PTJCJMJEBE EF (FSFODJBS 4VDVSTBMFT
1FEJNPT QSFTFOUBSTF DPO TV DBSQFUB EF WJEB Z TV GPUP BD UVBM FM NBSUFT EF FOFSP EFM B×P FO DVSTP FO MBT PöDJOBT EF -PHJDPN %ÏDJNB DVBSUB Z CPMÓWBS FTRVJOB FS QJTP BMUP 'SFOUF B MB FTDVFMB "NÏSJDB $VNQMJS DPO MPT 3FRVJTJUPT FTUBCMFDJEPT 55117-C.G
CONVOCATORIA AUDIENCIA PÚBLICA EN BABA &M $POTFKP /BDJPOBM EF &MFDUSJDJEBE $0/&-&$ FO FKFSDJDJP EF MB GBDVMUBE QSFWJTUB QPS FM BSUÓDVMP EFM 3FHMBNFOUP EF "QMJDBDJØO EF MPT .FDBOJTNPT EF 1BSUJDJQBDJØO 4PDJBM FTUBCMFDJEPT FO MB -FZ EF (FTUJØO "NCJFOUBM %FDSFUP &KFDVUJWP /P QVCMJDBEP FO FM 3FHJTUSP 0öDJBM /P EF EF NBZP EF F JOTUSVDUJWP FNJUJEP NFEJBOUF "DVFSEP .J OJTUFSJBM /P EFM .JOJTUFSJP EFM "NCJFOUF EF EF KVMJP EF Z TV DPSSFTQPOEJFOUF SFGPSNB "DVFSEP .JOJTUFSJBM /P EF EF PDUVCSF EFM DPOWPDB B MBT BVUPSJEBEFT Z QÞCMJDP FO HFOFSBM BM i130$&40 %& "1-*$"$*»/ %& -04 .&$"/*4.04 %& 1"35*$*1"$*»/ 40$*"- 1"3" -" 13&4&/5"$*»/ %&- #0 33"%03 %&- &456%*0 %& *.1"$50 ".#*&/5"- %&'*/*5*70 &*"% %&- 130:&$50 -¶/&" %& 46#53"/4.*4*»/ #"#")0:0 #"#" " L7 : LN EF -0/(*56% : 46#&45"$*»/ #"#" 13016&450 103 $/&- 3&(*0/"- -04 3¶04 w &953"$50 &M QSPZFDUP UJFOF QPS PCKFUP BUFOEFS MPT SFRVFSJNJFOUPT BDUVBMFT Z GVUVSPT EF MB QPCMBDJØO VCJDBEB FO TV ÈSFB EF JOøVFO DJB DPOTJEFSBOEP MB FYQBOTJØO QSFWJTUB FO TV TJTUFNB EF EJTUSJCVDJØO EF FOFSHÓB FMÏDUSJDB B öO EF HBSBOUJ[BS NFKPSFT FO MB DBMJEBE EFM TFSWJDJP "6%*&/$*" 1Á#-*$" -VHBS "VEJUPSJP EFM .VOJDJQJP EF #BCB %JSFDDJØO EF 0DUVCSF Z "W (VBZBRVJM 'FDIB .JÏSDPMFT EF FOFSP EFM )PSB I $&/530 %& */'03."$*»/ 1Á#-*$" #BKPT EFM .VOJDJQJP EF #BCB %JSFDDJØO EF 0DUVCSF Z "W (VBZBRVJM 'FDIB BM EF FOFSP EFM EF I B I JODMVTJWF TÈCBEPT Z EPNJOHPT &O EJDIP DFOUSP TF NBOUFOESÈ B EJTQPTJDJØO EFM QÞCMJDP FM CPSSBEPS EF &*"% Z TF SFDFQUBSÈO MPT DSJUFSJPT Z PCTFS WBDJPOFT IBTUB FM EF FOFSP EF 5BNCJÏO TF SFDFQUBSÈO MPT NJTNPT IBTUB MB GFDIB BOUFT JOEJDBEB FO FM DPSSFP FMFDUSØOJDP EF MB 'BDJMJUBEPSB EFM 1SPDFTP EF 1BSUJDJQBDJØO 4PDJBM -DEB $FDJMJB 1P[P DFDJMJB !IPUNBJM DPN 5FMÏGPOP EF $POUBDUP $POTVMUPSB FODBSHBEB EFM &TUVEJP -B DPOWPDBUPSJB Z FM CPSSBEPS EFM &TUVEJP EFM *NQBDUP "NCJFOUBM %FöOJUJWP &*"% TF FODVFOUSB B EJTQPTJDJØO EF MB DPNVOJEBE FO GPSNBUP EJHJUBM FO MB QÈHJOB 8FC JOTUJUVDJPOBM XXX DPOFMFD HPW FD (FTUJØO "NCJFOUBM &TUVEJPT "N CJFOUBMFT FO 1SPDFTP EF "QSPCBDJØO "UFOUBNFOUF *OH $MBVEJB 0UFSP / %*3&$503" &+&$65*7"
3734-B
.2#2(¢ (ŋ &ŋ & #)ŋ ŋ ,#-. &ŋ- ŋ*)- -#)( ŋ ŋ& ŋ(/ 0 ŋ #, .#0 ŋ &ŋ )& !#)ŋ ŋ ,#) #-. -ŋ ŋ )-ŋ v)-ŋ* , ŋ &ŋ* ,#) )ŋüúûûĚüúûüĄ
ŏ
(1#ũ242ũ$.3.2ũ#-Ė 666ē+ '.1 ē!.,ē#!
ŏ ĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
Ċ
ũ 18ũ 2/ 19 Ĕũ #.".1.ũ 4#-3#2Ĕũ 1 -*+(-ũ .-3#2ũ8ũ (!#-3#ũ 41%.2ē
1.+ũ 2!. 1Ĕũ 1~ ũ #1- -" ũ (++ ũ8ũũ 1!.ũ (++ 1.#+ũ 4, ē
ũ #22(! ũ .- Ĕũ 1 !(#+ ũ 1 ' ,ũ8ũ -1(04#ũ 1#3.ē
ũ ."1(%.ũ . / -3 Ĕũ 1 -*+(-ũ +3.2ũũ8ũ #+(/#ũ (5#1 ē
-"(1 ũ 2!. 1ũ8ũ .1%#ũ 1(1 ē
ũ #1-#1ũ #+ Ĕũ -_2ũ ) Ĕũ .1%#ũ -!'4-"( ũ8ũ +$1#".ũ (4ı ũ # ē
54991-CG.
Ĺ? Ĺ?
Ĺ?
Ä Ä€
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
+ĹŠ (1!4+.ĹŠ #"(!.ĹŠ"#ĹŠ 4#5#".ĹŠ1# +(9¢Ŋ 4- ĹŠÄƒ#23 ĹŠ"#ĹŠÄƒ-ĹŠ"#ĹŠ  .ĹŠ!.-ĹŠ#+ĹŠ. )#3(5.ĹŠ "#ĹŠ!.-$1 3#1-(9 1ĹŠ!.-ĹŠ3.".2ĹŠ+.2ĹŠ2.!(.2ĹŠ !3(5.2ĹŠ8ĹŠ04(#-#2ĹŠ#-ĹŠ4-ĹŠ,.,#-3.ĹŠ 345(#1.-ĹŠ04#ĹŠ +#) 12#Ä“ĹŠ
(1!4+.ĹŠ _"(!.ĹŠĹŠ "#ĹŠ 4#5#".ĹŠĹŠ !#+# 1 ĹŠ.-.,;23(!.ĹŠ 23 ĹŠ-. +#ĹŠ(-23(Äą 34!(¢-ĹŠ!#+# 1 ĹŠ /.1ĹŠ3.".ĹŠ+.ĹŠ +3.ĹŠĹŠ '.8ĹŠÄ’ĹŠ"#ĹŠ#-#1.ĹŠ 242ĹŠÄŒÄŠĹŠ  .2Ä“ĹŠ
;b / Z[ [d[he Z[ '/,. \k[ \kdZW# Ze [b Y_hYkbe cƒZ_Ye Z[ Gk[l[# Ze" fh[ij_]_eiW _dij_jkY_ÂŒd gk[ ^W be]hWZe h[kd_h W bei cƒZ_Yei o fhe\[i_edWb[i Z[ bW iWbkZ gk[ ^WX_jWd [d bW Y_kZWZ$ Ik WYjkWb fh[i_Z[dj[" 9^Whb[i LWh[bW :kgk[" gk_[d bb[lW . c[# i[i Wb cWdZe Z[ [ij[ eh]Wd_ice h[YWbYÂŒ [b ]hWd d‘c[he Z[ WYj_# l_ZWZ[i gk[ i[ ^Wd l[d_Ze h[W# b_pWdZe [d fhe Z[ bei ]Wb[dei o ieY_ei Z[ bW _dij_jkY_ÂŒd$ I[]‘d LWh[bW" ZkhWdj[ [ijei . c[i[i [d bW fWhj[ WYWZƒc_YW i[ ^Wd h[Wb_pWZe lWh_Wi Yed\[# h[dY_Wi" i[c_dWh_ei o Y^WhbWi fWhW be]hWh bW WYjkWb_pWY_ÂŒd f[hcWd[dj[ Z[ YedeY_c_[djei cƒZ_Yei Y_[dj‡ÒYei Yed Yedl[# d_ei Yed bWXehWjeh_ei" YWiWi \Wh# cWYƒkj_YWi Z[ bWi fh_dY_fWb[i Y_kZWZ[i Z[b fW‡i$ Æ9ed [b 9eb[]_e C[Z_Ye Z[ Bei H‡ei i[ ^Wd ^[Y^e Yed]h[# iei [d jeZWi bWi Y_kZWZ[i Z[ bW fhel_dY_W$ JWcX_ƒd i[ ^W fh[# fWhWZe Wb ]Wb[de [d YkWdje W bW b[]_ibWY_ÂŒd cƒZ_YW" bW dk[lW B[o Eh]|d_YW Z[b I[hl_Zeh F‘Xb_Ye o [ijWcei WYjkWbc[dj[ jhWjWd# Ze Z[ h[\ehcWh bei [ijWjkjei Z[ dk[ijhW _dij_jkY_ÂŒd c[Z_YWÇ" h[# YWbYÂŒ [b fh[i_Z[dj[$
++&/+#B=
Ä“ĹŠ ' 1+#2ĹŠ 1#+ ĹŠ 404#
.- ĹŠ"#/.13(5 ĹŠĹŠ
++&.,#C=
} ĹŠ ^
(#23 ĹŠ"#ĹŠÄƒ-ĹŠ"#ĹŠ  .ĹŠ
++&/*#B=
Ĺ? Ĺ?Ä Ä€ÄĄÄ Ä
Æ>Wo YeiWi _dj[h[iWdj[i Yece [i bW fk[ijW [d cWhY^W Z[ dk[i# jhe fhef_e WkZ_jeh_e" kdW Yedi# jhkYY_ÂŒd ceZ[hdW gk[ i[ ^Wh| :_ei c[Z_Wdj[ [d [b Yecfb[`e Z[fehj_le [b YkWb i[ [dYk[djhW kX_YWZe [d [b a_bÂŒc[jhe kde o c[Z_e l‡W W 8k[dW <[" gk[ Ye# b_dZW Yed [b Yeb[]_e ;beo 7b\Whe o bW fWh[ feij[h_eh Yed [b FWck# d_gÇ" ieijkle LWh[bW$ 9WX[ h[iWbjWh gk[ [b Yecfb[# `e Z[fehj_le [i kd |h[W Z[ kdW ^[Yj|h[W Z[ [nj[di_ÂŒd [d bW YkWb [n_ij[d YWdY^Wi Z[fehj_lWi" YWdY^Wi Z[ leb[o" \‘jXeb" j[dd_i" |h[Wi h[Yh[WY_edWb[i o [ijWcei fhÂŒn_cei W _d_Y_Wh bW YedijhkY# Y_ÂŒd Z[ bW f_iY_dW fWhW dk[ijhei ieY_eiÇ" Yec[djÂŒ$
Ä“ĹŠ .2ĹŠ,_"(!.2ĹŠ!4#-3 -ĹŠ!.-ĹŠ4-ĹŠ%1 -ĹŠ!.,/+#).ĹŠ"#/.13(5.Ä“ĹŠĹŠ
jhkYY_ÂŒd Z[ kdW X_Xb_ej[YW$ Æ9ece W^ehW ^Wo [iYk[bWi e [nj[di_ÂŒd Z[ [iYk[bWi Z[ \WYkb# jWZ Z[ Y_[dY_Wi Z[ bW iWbkZ" [d# jedY[i dk[ijhWi WbkcdWi o bei ^_`ei Z[ dk[ijhei ieY_ei fk[ZWd j[d[h WYY[ie W kd b_Xhe e Wb ?d# j[hd[j cƒZ_Ye$ ;d [ijei ‘bj_cei Z‡Wi [ijW# cei feh YedĂ’]khWh bW fW]_dW M[X Z[b 9_hYkbe CƒZ_Ye Z[ Gk[l[Ze fWhW gk[ dk[ijhei Yb_[dj[i o kikWh_ei fk[ZWd _d# ĹŠ ĹŠ4-(¢-ĹŠ' !#ĹŠ+ ĹŠ$4#19 ĹŠ ]h[iWh Z[ cWd[hW Z_h[YjW W bW ;b eX`[j_le Z[b 9_hYkbe CƒZ_# _d\ehcWY_ÂŒd ieXh[ [d\[hc[ZW# Ye [i kd_Ă’YWh W bei cƒZ_Yei Z[ Z[i" jhWjWc_[djei" lWYkdWY_ÂŒd" Gk[l[Ze o Z[ bW pedW dehj[" [djh[ ejheiÇ" [d\Wj_pÂŒ$ fh[fWhWhbei [d be gk[ fk[Z[ l[# 9ed bW kd_ÂŒd bei cƒZ_Yei d_h [b \kjkhe Yed b[o[i o b[]_ibW# fk[Z[d WokZWh W gk[ [ijW _di# Y_ed[i c[Z_YWi$ j_jkY_ÂŒd iWb]W WZ[bWdj[$ ÆJ[d[# ;d YkWdje W bei fbWd[i W \kjk# cei kd fheo[Yje cko WcX_# he [b fh[i_Z[dj[ i[‹WbW bW Yedi# Y_eie fWhW [ij[ W‹e o jWcX_ƒd
#-2 )#ĹŠÄƒ- + Ĺ—ĹŠĹŠÄĄ -ĹŠ!(1!4+.ĹŠ,#"(!.ĹŠ,;2ĹŠ 1#2/#3 +#ĔŊ,;2ĹŠ$.13 +#!(".ĔŊ! / 9ĔŊ
!.,4-(3 1(.Ŋ8Ŋ,;2Ŋ/1.%1#2(23 Ŋ2#Ŋ +.%1 Ŋ,#"( -3#Ŋ+ Ŋ4-(¢-ĔŊ!.-$1 3#1Ĺ -(" "ĔŊ#+Ŋ1#2/#3.Ŋ8Ŋ#+Ŋ3#-#1Ŋ4- Ŋ%1 -Ŋ _3(! Ŋ/1.$#2(.- +Ŋ04#Ŋ#2Ŋ+.Ŋ04#Ŋ'.8Ŋ ,;2Ŋ-#!#2(3 ,.2ĢĔŊŊ ' 1+#2Ŋ 1#+ ĔŊ /1#2("#-3#Ŋ"#+Ŋ (1!4+.Ŋ _"(!.ēŊ
[d l‡if[hWi Z[ gk[ i[ WY[hYWd bei fhÂŒn_cei `k[]ei Z[fehj_# lei fhe\[i_edWb[i dei jeYWh‡W Wb ]h[c_e c[Z_Ye eh]Wd_pWhbei" feh be YkWb [ijWcei W]_b_jWdZe bW YWdY^W fWhW gk[ bei YecfW# ‹[hei fhe\[i_edWb[i fk[ZWd Yed\hWj[hd_pWh [d dk[ijhe fhe# f_e Yecfb[`e Z[fehj_leÇ" fkd# jkWb_pÂŒ 9^Whb[i LWh[bW$
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
) # ,()Ĺ‹()Ĺ‹.)& , ,6Ĺ‹ '6-Ĺ‹#(0 -#)( :khWdj[ ik [dbWY[ iWXWj_de" [b fh[# f_[hZ[d bei feXh[i fehgk[ ied i_Z[dj[ HW\W[b 9ehh[W ^_pe ƒd\Wi_i WXkiWZei feh bei jhWĂ’YWdj[i Z[ [d gk[ de f[hc_j_h| c|i _dlWi_e# j_[hhW" [i [if[bkpdWdj[ be gk[ d[i o [nfb_YÂŒ ik feb‡j_YW Wb h[if[Y# [dYedjhWcei YWZW Z‡W$ Bei jhW# je$ Æ?dlWi_ed[i Yedieb_ZWZWi ^W# Ă’YWdj[i Z[ j_[hhW heXWd [d[h]‡W Xh| gk[ Wj[dZ[hbWi Yed jeZei bei [bƒYjh_YW o bW l[dZ[d W bWi \W# i[hl_Y_ei f‘Xb_Yei" de Yedieb_ZW# c_b_Wi" bei jWdgk[hei ied Z[ bei jhWĂ’YWdj[i Z[ j_[hhW ZWi i[h|d h[kX_YWZWi o Wj[d# o i[ bWi l[dZ[d Y_d# Z_ZWi Yed i[hl_Y_ei f‘Xb_# Ye l[Y[i c|i YWhW [b Yei" dk[lWi _dlWi_ed[i i[h|d Z[iWbe`WZWi o Wgk[# W]kW" b[i YeXhWd feh ĹŠ bW ]kWhZ_Wd‡W" bW [i# bbei gk[ Yh[[d gk[ lWd W ĹŠ2#ĹŠ' -ĹŠ!.-2314(".ĹŠ#-ĹŠ !4 31.ĹŠ  .2Ä“ĹŠ ]WdWh Wb]e" _dlWZ_[dZe Yk[bW [i Z[b jhWĂ’YWd# fWhW bk[]e i[h h[kX_YWZei" j[ Z[ j_[hhW [ _dYbkie [ij|d f[hZ_[dZe [b j_[cfe [d kdW _dlWi_ÂŒd Z[ o ik Z_d[heÇ" Z_`e$ I[h]_e JehWb b[i _cf_Z[d W bei ÆJeb[hWdY_W Y[he W dk[lWi d_‹ei _h W bW [iYk[bW gk[ j[d[cei _dlWi_ed[i" jeZei f[hZ[cei" Wb bWZe" fWhW Yk_ZWh [b d[]eY_eÇ" [nfb_YÂŒ$
ĉćĎēććć
Ä“ĹŠ -ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ"~ 2ĹŠ+.2ĹŠ'.2/(3 +#2ĹŠ"#+ĹŠ/ ~2ĹŠ2#ĹŠ' -ĹŠ5(23.ĹŠ2 341 ".2ĹŠ/.1ĹŠ #-$#1,#" "#2ĹŠ1#2/(1 3.1( 2Ä“ĹŠ
&/ Ĺ‹ (., Ĺ‹ (Ĺ‹ ' ,! ( # ;b I_ij[cW Z[ IWbkZ F‘Xb_YW [d# jhWh| cW‹WdW [d [c[h][dY_W Z[# X_Ze W bW Yh[Y_[dj[ Z[cWdZW Z[ kikWh_ei$ Æ:[ '* W )& c_bbed[i ^Wd Wkc[djWZe bWi YedikbjWi [d [b I_ij[cW Z[ IWbkZ F‘Xb_YW o bW YWfWY_ZWZ i[ ^W gk[ZWZe YehjWÇ" Z_`e [b fh[i_Z[dj[ HW\W[b 9ehh[W" gk_[d cWd_\[ijÂŒ gk[ bW cWbW WZ# c_d_ijhWY_ÂŒd [d Y_[hjWi YWiWi Z[ iWbkZ Z[b fW‡i WokZW fWhW gk[ de [n_ijW YWfWY_ZWZ Z[ h[ifk[ijW$ ;b eX`[j_le Z[b fhe]hWcW [c[h][dj[" i[]‘d 9ehh[W" [i ef# j_c_pWh bW fh[ijWY_ÂŒd Z[ i[hl_Y_ei Yh‡j_Yei Yece0 YWbb Y[dj[h" [c[h# ][dY_Wi" i[hl_Y_ei gk_h‘h]_Yei" _cfb[c[djWh kd fhe]hWcW Z[ YecfhWi o [gk_fWc_[dje" h[ce# Z[bWY_ÂŒd Z[ _dijWbWY_ed[i \‡i_YWi [d |h[Wi Yh‡j_YWi" [djh[ ejhei$ .,/1 ĹŠ"#ĹŠ'.2/(3 +#2
;b =eX_[hde fh[j[dZ[ _dj[hl[# d_h [d eY^e ^eif_jWb[i Z[b fW‡i"
be gk[ i_]d_Ă’YW kd Z[i[cXebie Z[ '&, c_bbed[i Z[ ZÂŒbWh[i$ 7Z[# c|i YecfhWh| ^eif_jWb[i fh_lW# Zei fWhW Yedl[hj_hbei [d f‘Xb_# Yei" [ije ikfed[ kdW _dl[hi_ÂŒd Z[ )&& c_bbed[i WZ_Y_edWb[i$ Æ9bWhe gk[ Yedijhk_h[cei ^ei# f_jWb[i f[he Yece [ijW jWhZW Z[# X[cei jecWh iebkY_ed[i W Yehje fbWpeÇ" Z_`e$ ;d jejWb [b fhe]hWcW [c[h# ][dj[ YeijWh| Y[hYW Z[ *&, c_# bbed[i )&& c_b ZÂŒbWh[i" Z[ [ijW ikcW [b ;ijWZe fei[[ '&& c_bbe# d[i Z[ ZÂŒbWh[i$ ÆFWhW h[kd_h [b Z_d[he ^Wh[cei W`kij[i fh[ik# fk[ijWh_ei" Yece feh [`[cfbe bW h[ZkYY_ÂŒd Z[b fhe]hWcW Z[ _dl[hi_ed[i Z[ bei c_d_ij[h_ei o h[\ehcWi jh_XkjWh_Wi Yece [b ?9; ?cfk[ije W bei 9edikcei ;if[Y_Wb[i W bei Y_]Whh_bbei" Wb WbYe^eb o bbWcWZWi j[b[\ÂŒd_YWiÇ" [nfh[iÂŒ 9ehh[W$ ;b ?L7 W bWi c[# Z_Y_dWi jWcX_ƒd i[h| h[l_iWZe$
ēŊ +Ŋ#-+ !#Ŋ2 3(-.Ŋ"#Ŋ $ #+Ŋ .11#2Ŋ2#Ŋ31 -2,(3(¢Ŋ"#2"#Ŋ #9 ē
#)-Ĺ‹ (., (Ĺ‹ Ĺ‹& Ĺ‹ Ä’)&& Ä“Ĺ‹ Ĺ‹& Ĺ‹ )(-/&. Ĺ‹ #, 2ĹŠ"#ĹŠ2#%41(" "ĔŊ1##2314!341 Äą !(¢-ĹŠ"#ĹŠ+ ĹŠ .13#ĹŠ"#ĹŠ 423(!( ĔŊ 24-~ĹŠ ĔŊ!.-23 1;-ĹŠ#-ĹŠ#+ĹŠ1#$#1#-".Ä“ @kij_Y_W" WcX_[dj[" i[Yjeh f‘# Xb_Ye" WYY_ed[i Z[ bW XWdYW o c[Z_ei Z[ Yeckd_YWY_ÂŒd Ă’]k# hWh|d [d bW YedikbjW fefkbWh gk[ [b fh[i_Z[dj[ HW\W[b 9ehh[W fh[lƒ h[Wb_pWh [ij[ W‹e$ ;b WdkdY_e be ^_pe Wo[h [b fhef_e 9ehh[W ZkhWdj[ [b [d# bWY[ iWXWj_de (&)" h[Wb_pWZe [d 8W[pW DWfe " ZedZ[ _d# \ehcÂŒ gk[ Æ[b /+ Z[b h[\[# hƒdZkc [ij| b_ije" iÂŒbe \WbjW fkb_h Wb]kdei Z[jWbb[i Yed c_ [gk_fe `kh‡Z_YeÇ$ ÆE`Wb| fk[ZW [b bkd[i oW [dl_Wh [iW YedikbjW$ J[d[cei gk[ ZWhb[ bei ‘bj_cei jegk[i$ I_ [i gk[ dWZW dei \WbbW" i[h| [b bkd[i gk[ [dl_Wh[cei Wb Jh_XkdWb 9edij_jkY_edWb gk[ j_[d[ gk[ YWb_\_YWh bWi fh[# ]kdjWiÇ" _dZ_YÂŒ [b @[\[ Z[ ;i# jWZe" gk_[d [nfb_YÂŒ gk[ [d [b h[\[h[dZe i[ fh[]kdjWh| i_ bei c[Z_ei Z[ Yeckd_YWY_ÂŒd dWY_edWb iÂŒbe Z[X[d j[d[h d[# ]eY_ei Z[Z_YWZei W [iW bWXeh$ ;d [ij[ fkdje 9ehh[W cW# d_\[ijÂŒ gk[ ^Wo Æc[Z_ei Z[ Yeckd_YWY_ÂŒd dWY_edWb[i gk[ f[hj[d[Y[d W Ăˆ^ebZ_d]iÉ o jWcX_ƒd j_[d[d _cfehjWZehWi Z[ fWf[b[i" b[ l[dZ[d fWf[b W ejhei c[Z_ei Z[ Yeckd_YW# Y_ÂŒd" o j[d‡Wd d[]eY_ei ^WijW Z[ YecfhW Z[ WhcWiÇ$ ;b j[cW Z[ bei c[Z_ei Z[ Yeckd_YWY_ÂŒd jWcX_ƒd [ij| [d Z[XWj[ [d bW 7iWcXb[W DW# Y_edWb" ZedZ[ ^Wo kd fheo[Y# je fh[i[djWZe feh [b eĂ’Y_Wb_i# ce gk[ [if[hW kd i[]kdZe
Z[XWj[ [d [b fb[de$ #%41(" "
;b Fh_c[h CWdZWjWh_e cWd_# \[ijÂŒ gk[ [b ZeYkc[dje fbWd[W h[\ehcWi b[]Wb[i [d j[cWi Z[ i[]kh_ZWZ Yece bW YWZkY_ZWZ Z[ bW fh_i_ÂŒd fh[l[dj_lW" bW fe# i_X_b_ZWZ Z[ c[Z_ZWi YWkj[bWh[i fWhW Z[b_jei f[b_]heiei Yece [b heXe W cWde WhcWZW o Wi[i_dW# jei" Wi‡ Yece bW h[[ijhkYjkhW# Y_ÂŒd Z[b 9edi[`e DWY_edWb Z[ bW @kZ_YWjkhW 9D@ $ BW fhefk[ijW Yedj[cfbW bW Yed\ehcWY_ÂŒd Z[ kdW Yec_i_ÂŒd jh_fWhj_jW _dj[]hWZW feh Z[b[]W# Zei Z[ bW 7iWcXb[W DWY_edWb" [b ;`[Ykj_le o [b FeZ[h @kZ_Y_Wb$ ;ij[ Yk[hfe Æj[dZh| Wjh_Xk# Y_ed[i fWhW h[[ijhkYjkhWh bWi 9ehj[i Z[ @kij_Y_W" Yh[Wh c|i jh_XkdWb[i o h[[cfbWpWh W bei `k[Y[i gk[ [ij|d [d \kdY_ed[i fhehhe]WZWiÇ" c[dY_edÂŒ 9e# hh[W" gk_[d jWcX_ƒd fbWdj[ÂŒ h[\ehcWi W bW 9edij_jkY_ÂŒd Z[ Cedj[Yh_ij_ gk[ i[ ^_pe Yed kdW cWoeh‡W Z[ 7b_WdpW F7?I$ ,/ 1.2ĹŠ
BW YedikbjW fefkbWh jWcX_ƒd fh[]kdjWh| W bei [YkWjeh_Wdei i_ [ij|d Z[ WYk[hZe [d dehcWh Wc# fWhei Yedij_jkY_edWb[i fehgk[ Z[ WYk[hZe Wb =eX_[hde ^W [n_ij_Ze kd Z[ic[Z_Ze WXkie$ Æ9kWbgk_[h f[hiedW fed[ kd WcfWhe o Z[j_[# d[ [b jhWXW`e Z[ kdW ^_Zhe[bƒYjh_# YW o Yed [ie fWhW [b Z[iWhhebbe Z[b fW‡iÇ" Y_jÂŒ 9ehh[W" Yece [`[cfbe o h[YWbYÂŒ gk[ de i[ jhWjW Z[ Z[`Wh
84" ĹŠ/ 1 ĹŠ (-,(%1 -3#2ĹŠ (+#% +#2ĹŠ ĹŠ +ĹŠ/1#2("#-3#ĹŠ $ #+ĹŠ .11# ĹŠ$ !(+(3¢Ŋ Ĺ— 8#1ĹŠ/ĂŒ +(! ,#-3#ĹŠ4-ĹŠ-ĂŒ,#1.ĹŠ"#ĹŠ
3#+_$.-.ĹŠ/ 1 ĹŠ04#ĹŠ+.2ĹŠ#731 -)#1.2ĹŠ (-,(%1 -3#2ĹŠ2(-ĹŠ/ /#+#2ĹŠ/4#" -ĹŠ "#-4-!( 1ĹŠ! 2.2ĹŠ"#ĹŠ#73.12(¢-ĹŠ/.1ĹŠ / 13#ĹŠ"#ĹŠ 43.1(" "#2Ä“ĹŠ +ĹŠ-ĂŒ,#1.ĹŠ#2ĹŠ #+ĹŠÄĽÄˆÄ‘Ä‡Ä‡ĹŠ8 ĹŠ 23 ČĔŊ"#ĹŠ+ ĹŠ #!1#3 1~ ĹŠ"#ĹŠ 1 -2/ 1#-!( ĹŠ"#ĹŠ #23(¢-Ä“ ÄĄ (ĹŠ-.2ĹŠ 84" -ĹŠ ĹŠ2 -!(.- 1ĹŠ ĹŠ#2.2ĹŠ , +.2ĹŠ#+#,#-3.2ĹŠ"#ĹŠ+ ĹŠ .+(!~ ĔŊ+#2ĹŠ " ,.2ĹŠ+.2ĹŠ/ /#+#2ĹŠ/.104#ĹŠ#23;-ĹŠ !.-31( 48#-".ĹŠ ĹŠ+ ĹŠ+ .1ĹŠ"#+ĹŠ . (#1Äą -.ĹŠ- !(.- +ĢĔŊ ă1,¢Ŋ .11# Ä“
(1;-Ŋ04#Ŋ04#1#,.2Ŋ ,#3#1Ŋ, -.Ŋ#-Ŋ+ 2Ŋ !.13#2ēēēŊ2~ĔŊ04#1#,.2Ŋ ,#3#1Ŋ, -.Ŋ/ 1 Ŋ (#-Ŋ"#+Ŋ /4# +.Ģē Ŋ
ĹŠ ĹŠ ĹŠ Ă‹
_dZ[\[diei W bei Y_kZWZWdei" i_de Z[ Z[Òd_h bei WcfWhei Z[ c[`eh cWd[hW$ 7/+.3 !(¢-Ŋ"#+Ŋ 24-~
;d [b h[\[h[dZe jWcX_ƒd [djhWh| [b j[cW OWikd‡ ?JJ$ ÆFh[]kdjW# h[cei Wb fk[Xbe i_ Yedi_Z[hWd gk[ de [n_ij[ Yehh[ifediWX_b_# ZWZ Z[ bW Yeckd_ZWZ _dj[hdWY_e# dWb Yed jeZei bei Yk_ZWZei Wc# X_[djWb[i o ieY_Wb[i" i[ [nfbej[ bW h[i[hlW c|i ]hWdZ[ Z[ f[jhÂŒb[e kX_YWZW [d [b fWhgk[ OWikd‡ o gk[ [iei -$&&& c_bbed[i Z[ ZÂŒbW# h[i i_hlWd fh[Y_iWc[dj[ fWhW [b Yk_ZWZe WcX_[djWb Z[ dk[ijhei fWhgk[i dWjkhWb[i" pedWi fhej[# ]_ZWi o fWhW _dl[hi_ÂŒd ieY_WbÇ" Z_`e 9ehh[W$
Ĺ‹ Ĺ‹ Ĺ‹ Ĺ‹ Ĺ‹ Ĺ‹
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
+ĹŠ1#%+ ,#-3.ĹŠ"#ă-(3(5.ĹŠ"#ĹŠ+ 2ĹŠ .1% -(9 !(.-#2ĹŠ2#ĹŠ#-31#% 1;ĹŠ ĹŠ ă- +#2ĹŠ"#ĹŠ,#2Ä“
;
b jWXb[he fWhW WYY_ÂŒd Yecfb[c[djWh_W [djh[ [b gk[ Eh]Wd_pW# ;ijWZe o bW ieY_[ZWZ Y_l_b gk[ Y_ed[i De =k# WokZW W gk[ i[ h[if[j[d o Ykc# X[hdWc[djWb[i fbWd bei Z[h[Y^ei Z[ bei Y_kZW# ED= jhWXW`[d ZWdei o Z[ bei i[Yjeh[i c|i lkb# [d [b fW‡i [ij| W d[hWXb[i$ ;b i[]kdZe j[cW \k[ fkdje Z[ YWc# h[YedeY[h [b Wfehj[ Z[ bWi ED= X_Wh$ ;ije be Z[`ÂŒ YbWhe bW C_d_i# Wb fW‡i" lWh_Wi Z[ bWi jhWdi\ehcW# jhW Z[ bW I[Yh[jWh‡W Z[ Fk[Xbei" Y_ed[i Z[b ;YkWZeh ^Wd i_Ze feh Cel_c_[djei IeY_Wb[i o FWh# ik jhWXW`e o Ă’dWbc[dj[ i[ fkie j_Y_fWY_ÂŒd 9_kZWZWdW IFF9 ieXh[ bW c[iW [b j[cW Z[b h[]bW# 7b[nWdZhW EYb[i" gk_[d _dZ_YÂŒ c[dje" gk[ [hW kdW Z_iYki_ÂŒd gk[ W Ă’d[i Z[ [ij[ c[i i[ [djh[# gk[ oW j[d‡Wd bWi ED= YkWdZe ]Wh| kd fheo[Yje Ă’dWb Wb Fh[i_# iWb_ÂŒ [b h[]bWc[dje /.," [b YkWb \k[ WdWb_pWZe o h[\ehcWZe$ Z[dj[ Z[ bW H[f‘Xb_YW$ BW fhefk[ijW YedijW [d [b Fheo[Yje Z[ H[]bWc[dje Z[ F[h# Ä 4;+#2ĹŠ 2.-ĹŠ + 2ĹŠ 1#$.1, 2ĹŠ 04#ĹŠ iedWi @kh‡Z_YWi Z[ :[h[Y^e Fh_# /1#.!4/ -ĹŠ ĹŠ + 2ĹŠ .1% -(9 !(.-#2ĹŠ lWZe Yed <_dWb_ZWZ IeY_Wb o I_d 2.!( +#2Ä&#x; <_d[i Z[ BkYhe" Wb gk[ BW >ehW B[i fh[eYkfW ieXh[ jeZe bWi YWk# iWb[i Z[ Z_iebkY_ÂŒd" bW Wbj[hdWX_# jkle WYY[ie$ b_ZWZ o bW h[dZ_Y_ÂŒd Z[ Yk[djWi$ Ä .-ĹŠ04_ĹŠ. )#3(5.ĹŠ2#ĹŠ'(9.ĹŠĹŠ+ ĹŠ1#$.1Äą
2ĹŠ ĹŠ ' -ĹŠ "(!'.ĹŠ 04#ĹŠ +#2ĹŠ /1#Äą , ĹŠ +ĹŠ1#%+ ,#-3.Ä&#x;ĹŠĹŠ ;b h[]bWc[dje ^WY[ fWhj[ Z[b 9ÂŒ# .!4/ ĹŠ04#ĹŠ!.-ĹŠ#23#ĹŠ1#%+ ,#-3.ĹŠ#+ĹŠ . (#1-.ĹŠ#-31#ĹŠ ĹŠ242ĹŠ 2#2ĹŠ Z_]e 9_l_b Z[iZ[ '.,&" Zk# Ä 2ĹŠ#2 ĹŠ+ ĹŠ(-3#-!(¢-Ä&#x;ĹŠ hWdj[ jeZei [ijei W‹ei i[ ĹŠ FWhW dWZW" be gk[ [b h[]bW# ^Wd [`[YkjWZe lWh_Wi h[# \ehcWi$ 7^ehW [b eX`[j_le #7(23#-ĹŠ#-ĹŠ#+ĹŠ/ ~2Ä“ c[dje XkiYW [i h[]kbWh o ehZ[dWh$ ;ij[ i[Yjeh ^W [i ceZ_Ă’YWhbe [d XWi[ W l_l_Ze Z[ Wb]kdW cWd[hW be gk[ fbWdj[W bW 9edij_# jkY_ÂŒd o bW b[o Z[ FWhj_Y_fWY_ÂŒd W ik b_Xh[ WbX[Zh‡e o feh [ie ^Wd 9_kZWZWdW fWhW Z[ [ijW cWd[hW j[d_Ze kdW WYjkWY_ÂŒd Z[ WYk[hZe Whced_pWh bW dehcWj_lW b[]Wb Z[ W iki fhef_ei _dj[h[i[i$ ;d [b fW‡i bWi ED=$ ;b h[]bWc[dje fbWdj[W [n_ij[d c_b[i Z[ ED= \WdjWicWi" bWi h[]bWi Z[b `k[]e fWhW gk[ [i# de ^Wo YeehZ_dWZeh[i" fh[i_Z[d# jWi eh]Wd_pWY_ed[i fk[ZWd \kd# j[i" de j_[d[d Z_h[YY_ed[i o ejhWi Y_edWh o ef[hWh i_d fheXb[cW [d YkWdZe Ykcfb_[hed iki eX`[j_lei i[ Z_iebl_[hed" feh [ie ^[cei [c# [b fW‡i$ f[pWZe kd fheY[ie Z[ Z[fkhWY_ÂŒd$ Ä 23#ĹŠ/1.!#2.ĹŠ1#$.1, 3.1(.ĹŠ' ĹŠ2(".ĹŠ Gk[ gk[Z[ YbWhe gk[ [b ;ijWZe de lW W _dY_Z_h [d bW fWhj[ _dj[hdW Z[ / 13(!(/ 3(5.Ä&#x; I‡" [b fh_c[he Z[ Z_Y_[cXh[ Z[ bW eh]Wd_pWY_ÂŒd" de lWcei W Yed# (&'& ^_Y_cei kd [dYk[djhe dW# jhebWh gkƒ fbWd[i j_[d[d" d_ Z[ Y_edWb [d [b gk[ [ijkl_[hed fh[# ZÂŒdZ[ h[Y_X[d [b Z_d[he$ i[dj[i c|i Z[ '-& ED=$ 7^‡ i[ Z_iYkj_[hed jh[i j[cWi \kdZW# Ä .-ĹŠ#+ĹŠ1#%+ ,#-3.ĹŠ2#ĹŠ.1% -(9 1;ĹŠ c[djWb[i0 BW d[Y[i_ZWZ Z[ Yedi# #+ĹŠ2#!3.1Ä&#x;ĹŠ jhk_h kdW Wb_WdpW [ijhWjƒ]_YW Yed I‡" ^Wo gk[ h[]kbWh [ij[ i[Yjeh feh# bWi ED=" fh[Y_iWc[dj[ fehgk[ [b gk[ kd fehY[djW`[ Z[ ED= h[Y_X[ =eX_[hde de i_[cfh[ bb[]W W je# \edZei f‘Xb_Yei$ ;d Wdj[h_eh[i Zei bei i[Yjeh[i o W^‡ [n_ij[ kdW ]eX_[hdei dkdYW ^Wd i_Ze iec[#
Ďćēććć
ēŊ Ŋ3(34+ 1Ŋ"#Ŋ+ Ŋ #!1#3 1~ Ŋ"#Ŋ 4# +.2ĔŊ .5(,(#-3.2Ŋ .!( +#2Ŋ8Ŋ 13(!(Ĺ / !(¢-Ŋ (4" " - ĔŊ +#7 -"1 Ŋ !+#2ĔŊ#7/42.Ŋ+.2Ŋ"#3 ++#2Ŋ"#+Ŋ3#73.ē
#3 ++#2
5 +4 !(¢-ĹŠ8ĹŠ!.-31.+ -ĹŠ#+ĹŠ! /~34+.ĹŠ ĔŊ 13~!4+.ĹŠÄŠÄŒÄ”ĹŠ"#ĹŠ+ ĹŠ/1.Äą Ĺ—ĹŠ /4#23 ĹŠ2#ĹŠ#23 +#!#-ĹŠ!.-31.+#2ĹŠ04#ĹŠ1#%(1;-ĹŠ ĹŠ$4-" !(.-#2ĹŠ.ĹŠ!.1/.1 !(.-#2Ä“
+Ŋ1#%+ ,#-3.Ŋ2# + Ŋ04#Ŋ#+Ŋ$4-!(.Ĺ ŗŊ - ,(#-3.Ŋ"#Ŋ4- Ŋ 1% -(9 !(¢-Ŋ .Ŋ
4 #1- ,#-3 +Ŋ2#1;Ŋ!.-31.+ ".Ŋ/.1Ŋ+.2Ŋ !(4" " -.2ĔŊ,(#, 1.2Ŋ"#Ŋ+ Ŋ.1% -(9 !(¢-ĔŊ /.1Ŋ+ Ŋ -23(34!(¢-Ŋ04#Ŋ.3.1%¢Ŋ+ Ŋ/#12.-#1~ Ŋ )41~"(! ē
Ĺ—ĹŠ +ĹŠ42.ĹŠ"#ĹŠ+.2ĹŠ1#!412.2ĹŠ/ĂŒ +(!.2ĹŠ"#ĹŠ+ 2ĹŠ .1% -(9 !(.-#2ĹŠ2#1;ĹŠ5(%(+ ".ĹŠ/.1ĹŠ+ ĹŠ .-31 Äą +.1~ ĹŠ #-#1 +ĹŠ"#+ĹŠ 23 ".Ä“ +ĹŠ!.-31.+ĹŠ31( 43 1(.ĹŠ#23 1;ĹŠ ĹŠ! 1%.ĹŠ"#ĹŠ Ĺ—ĹŠĹŠ + ĹŠ ",(-(231 !(¢-ĹŠ 1( 43 1( ĹŠ!#-31 +ĹŠ.ĹŠ #!!(.- +Ä“
j_ZWi W kd fheY[ie Z[ h[dZ_Y_ÂŒd Z[ Yk[djWi" e gk[ dei Z_]W kdW ED= Wdj[ gk_ƒd be ^_pe$ Feh [ij[ cej_le ckY^Wi eh]Wd_pWY_ed[i [ij|d [d Z[cWdZWi Yed bW 9edjhWbeh‡W feh# gk[ [iei \edZei f‘Xb_Yei de ^Wd i_Ze `kij_Ă’YWZei$ Ä 23.ĹŠ04(#1#ĹŠ"#!(1ĹŠ04#ĹŠ#+ĹŠ1#%+ ,#-Äą 3.ĹŠ 42! ĹŠ31 -2/ 1#-3 1ĹŠ#+ĹŠ, -#).ĹŠ #!.-¢,(!.ĹŠ"#ĹŠ+ 2ĹŠ Ä&#x;
IeXh[ jeZe Z[ Wgk[bbWi gk[ h[# Y_X[d \edZei f‘Xb_Yei" de feZ[# cei jeb[hWh d_ jWcfeYe `kij_Ă’YWh gk[ bWi [dj_ZWZ[i de h_dZWd Yk[djWi Wb fW‡i$ I_ [ij|d h[Y_X_[d# Ze Z_d[he Z[ bei [YkWjeh_Wdei [i# j|d [d bW eXb_]WY_ÂŒd Z[ jh_XkjWh" [c_j_h kd _d\ehc[ jƒYd_Ye o [Ye# dÂŒc_Ye Z[ YÂŒce i[ _dl_hj_[hed bei h[Ykhiei$ BWi eh]Wd_pWY_ed[i Z[X[d [djhWh [d kd fheY[ie Z[ Z[ceYhWj_pWY_ÂŒd" de h[dZ_h iebe Yk[djWi Wb ;ijWZe i_de Wb _dj[h_eh Z[ bWi c_icWi$ -ĹŠ#+ĹŠ! 2.ĹŠ"#ĹŠ04#ĹŠ+ 2ĹŠ ĹŠ-.ĹŠ#23_-ĹŠ "#ĹŠ !4#1".ĹŠ!.-ĹŠ#+ĹŠ-4#5.ĹŠ1#%+ ,#-Äą 3.ĹŠÄ 4_ĹŠ/4#"#-ĹŠ' !#1Ä&#x; J_[d[d bW efehjkd_ZWZ Z[ [dl_Wh iki Wfehj[i" [ij[ [i kd ZeYkc[d# je Z[ Yedi[diei" feh [ie [ijWcei jhWXW`WdZe [d kdW Yec_i_ÂŒd Yed (& f[hiedWi h[fh[i[djWdj[i Z[ bWi eh]Wd_pWY_ed[i$ F[he Z[X[d iWX[h gk[ [n_ij[d fkdjei de d[]eY_WXb[i" Yece bWi YWkiWb[i Z[ Z_iebkY_ÂŒd o bW h[dZ_Y_ÂŒd Z[ Yk[djWi$
, $ ), -Ĺ‹- Ĺ‹)*)( (Ĺ‹ &Ĺ‹*,)3 .) IWdj_W]e OW]kWb" fh[i_Z[dj[ Z[ bW 9ed\[Z[hWY_ÂŒd Z[ jhWXW`WZe# h[i Z[ ;YkWZeh" h[Y^WpÂŒ bW fhe# fk[ijW Z[ h[]bWc[dje gk[ fbWd# j[W bW I[Yh[jWh‡W Z[ bei Fk[Xbei" fk[i ieijkle gk[ bei Z[h[Y^ei Z[ bei jhWXW`WZeh[i i[ l[h‡Wd b_# c_jWZei$ FWhW ƒb be c|i ]hWl[ [i gk[ bWi eh]Wd_pWY_ed[i gk[ZWh‡Wd [n# Ybk_ZWi Z[ jeZei bei fheY[iei o
Æ7Z[c|i" j[d[cei ejhWi h[# YWcX_ei [ijhkYjkhWb[i Z[b fW‡i$ ÆDe dei fk[Z[d YeWhjWh ]bWi _dj[hdWi gk[ jWcX_ƒd Z[X[d dk[ijhei Z[h[Y^ei" iecei _dZ[# i[h h[if[jWZWi fWhW gk[ feZW# f[dZ_[dj[iÇ" Yec[djÂŒ OW]kWb" cei \kdY_edWh X_[dÇ" [nfb_YÂŒ [b i_dZ_YWb_ijW" gk_[d Yedi_# gk_[d Yedi_Z[hW _d`kije Z[hW gk[ Z[X[h‡W i[h bW ie# gk[ i[ jhWj[ Z[ ^WY[h gk[ Y_[ZWZ bW gk[ `kp]k[ bW bW# h[dZ_h Yk[djWi Wb =eX_[h# Xeh Z[ bWi eh]Wd_pWY_ed[i" de" YkWdZe [bbei i[ h[# 3(#-#ĹŠ+ ĹŠ .-$#"#1 !(¢-ĹŠ ‘d[d YWZW W‹e fWhW Yec# "#ĹŠ 1 ) ".1#2ĹŠ c|i de [b =eX_[hde$ OW]kWb jWcX_ƒd h[YbW# fheXWh gk[ bWi dehcWi i[ "#ĹŠ !4 ".1Ä“ĹŠ cÂŒ kd [ifWY_e [d bW I[Yh[# [ijƒd Ykcfb_[dZe$
ĈēĎćć
jWh‡W Z[ bei Fk[Xbei$ ÆDe l[cei gk[ [ij[cei i_[dZe h[if[jWZeiÇ" [nfkie [b Z_h_][dj[" gk_[d Z_`e gk[ bei jhWXW`WZeh[i j_[d[d Z[# h[Y^e W Z[XWj_h bei j[cWi gk[ b[i W\[Yj[d$ ;b fh[i_Z[dj[ Z[ bW 9ed\[Z[hWY_ÂŒd Z[ JhWXW`WZeh[i Z[ ;YkWZeh 9J; W‹WZ_ÂŒ gk[ bWi ED= j_[d[d _dZ[f[dZ[dY_W o [b =eX_[hde de bWi fk[Z[ h[]bW# c[djWh$
¥ ēŊ -3( %.Ŋ %4 +ĔŊ/1#2("#-3#Ŋ "#Ŋ+ Ŋ .-$#"#1 !(¢-Ŋ"#Ŋ 1 ) ".1#2Ŋ"#Ŋ !4 ".1ĔŊ!1##Ŋ04#Ŋ#+Ŋ1#%+ ,#-3.Ŋ $#!Ĺ 3 1~ Ŋ#+Ŋ"#1#!'.Ŋ Ŋ+ Ŋ.1% -(9 !(¢-ēŊ
,.# /& )Ĺ‹.# ( Ĺ‹ *,) & ' -Ĺ‹ Ĺ‹ )( )
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. ÄŒĹ?
FWXbe PWcXhWde" Z_h[Yjeh `kh‡# 7dj[ [ije" [b WXe]WZe [nfb_# Z_Ye Z[ bW 9|cWhW Z[ bW ?dZki# YW gk[ [d bW WYjkWb_ZWZ YWZW jh_W o Z[ bW FheZkYY_ÂŒd" ieij_[# eh]Wd_pWY_ÂŒd WYkZ[ Wdj[ kdW d[ gk[ [n_ij[d fheXb[cWi Z[ [dj_ZWZ fWhW gk[ i[ b[ Zƒ bW f[h# \edZe [d [b h[]bWc[dje gk[ bW ied[h‡W `kh‡Z_YW" i_[cfh[ WYeh# I[Yh[jWh‡W Z[ Fk[Xbei fh[i[d# Z[ W bW hWcW Z[ jhWXW`e" feh [ie j_[d[ ZkZWi Wdj[ bW _Z[W Z[ kd jWh| W bW Fh[i_Z[dY_W$ h[]_ijhe ‘d_Ye$ Kde Z[ bei _dYedl[# ;b i[]kdZe j[cW Z[ d_[dj[i j_[d[ gk[ l[h \edZe" i[]‘d PWcXhWde" Yed [b 7hj$ ," h[\[h[dj[ Wb ĹŠ [i gk[ i[ b_c_jW [b Z[h[Y^e h[]_ijhe Z[ kdW f[hiedW `kh‡Z_YW$ ;b j[nje fhefe# +ĹŠ/1.8#!3.ĹŠ3." Äą W bW W]h[c_WY_ÂŒd$ ;d kd #ĹŠ2#1ĹŠ fhedkdY_Wc_[dje Z[ kd d[ gk[ gk_[d[i gk_[hWd 5~ ĹŠ"# "# 3(".ĹŠ#-ĹŠ+ ĹŠ Yeb[Yj_le Z[ ED= [YkW# j[d[h bW WfheXWY_ÂŒd Z[ 2 , +# ĹŠ kdW f[hiedW `kh‡Z_YW Z[ !(.- +Ä“ĹŠ jeh_WdWi i[ [ijWXb[Y[ gk[ Z[h[Y^e fh_lWZe o i_d [d bei Whj‡Ykbei /" ''" '(" Ă’d[i Z[ bkYhe Z[X[h|d '*" (&" )+" ), o ). Z[b fhe# fh[i[djWh kdW ieb_Y_jkZ Wb I[# o[Yje Z[b h[]bWc[dje i[ ÆWj[djW Yh[jWh_e =[d[hWb Z[ bW 7Zc_# YedjhW bW b_X[hjWZ gk[ j_[d[ YkWb# d_ijhWY_ÂŒd F‘Xb_YW e W bW c|n_# gk_[h WieY_WY_ÂŒd fWhW eh]Wd_pWh# cW Wkjeh_ZWZ Z[ bW ?dij_jkY_ÂŒd i[ _dj[hdWc[dj[ o [ijWXb[Y[h iki Z[ bW <kdY_ÂŒd ;`[Ykj_lW e Wb fhef_ei c[YWd_icei Z[ YedjhebÇ" =eX[hdWZeh e Wb 7bYWbZ[$ Wi[l[hÂŒ [b `kh_ijW$
ă
(Ŋ./(-(¢-Ŋ #-ŊĊćŊ2#%4-".2 (#%.Ŋ #+% ".Ĕ !.-23(34!(.- +(23 ē
(Ĺ‹, !& ' (.)Ĺ‹ ()Ĺ‹*/ - ( #)( , Ĺ—ĹŠĹŠ
ēŊ 2Ŋ,.5(+(9 !(.-#2Ŋ2.-Ŋ4- Ŋ./!(¢-Ŋ!.-31 Ŋ+ Ŋ/1./4#23 ē
"(#ĹŠ/4#"#ĹŠ2#1ĹŠ2 -!(.- ".ĹŠ /.1ĹŠ4-ĹŠ1#%+ ,#-3.ĔŊ"# (".ĹŠ ĹŠ04#ĹŠ #23.2ĹŠ".!4,#-3.2ĹŠ-.ĹŠ/4#"#-ĹŠ (-3#1$#1(1ĹŠ!.-ĹŠ+ ĹŠ .-23(34!(¢-Ä“ +ĹŠ/1.8#!3.ĹŠ"#ĹŠ1#%4+ !(¢-ĹŠ"#ĹŠ+ 2ĹŠ .1% -(9 !(.-#2ĹŠ"#ĹŠ+ ĹŠ2.!(#" "ĹŠ !(5(+ĹŠ-.ĹŠ/."1;ĹŠ$4-!(.- 1ĹŠ!.,.ĹŠ3 +ĔŊ /4#2ĔŊ2#%ĂŒ-ĹŠ+.2ĹŠ 13~!4+.2ĹŠÄŒÄ‰ÄŒĹŠ8ĹŠ ÄŒÄ‰ÄŽĹŠ"#ĹŠ+ ĹŠ .-23(34!(¢-ĔŊ-.ĹŠ' 8ĹŠ -(-%ĂŒ-ĹŠ.1"#- ,(#-3.ĹŠ)41~"(!.ĹŠ 04#ĹŠ3#-% ĹŠ, 8.1ĹŠ/#2.ĹŠ04#ĹŠ#2#ĹŠ ".!4,#-3.Ä“ĹŠ 2ĹŠ"#!(1ĔŊ04#ĹŠ3." 2ĹŠ+ 2ĹŠ2 -!(.-#2ĹŠ "# #-ĹŠ#23 1ĹŠ-.1, +(9 " 2ĹŠ/.1ĹŠ #8ĹŠ 8ĹŠ-.ĹŠ/.1ĹŠ1#%+ ,#-3.Ä“ĹŠ
.Ŋ(,/.13 -3#Ŋ#-Ŋ#23#Ŋ,.,#-3.Ŋ #2Ŋ#2/#1 1Ŋ Ŋ5#1Ŋ04_Ŋ/ 2 Ŋ#-Ŋ +.2Ŋ"# 3#2Ŋ04#Ŋ+ Ŋ 2 , +# Ŋ !(.- +Ŋ3#-"1;Ŋ04#Ŋ1# +(9 1Ŋ#-Ŋ 3.1-.Ŋ Ŋ#23#Ŋ3#73.Ŋ8Ŋ5#1Ŋ2(Ŋ2#Ŋ/ 2 Ŋ !.,.Ŋ4-Ŋ1#%+ ,#-3.Ŋ.Ŋ!.,.Ŋ4- Ŋ +#8ĔŊ#-Ŋ!48.Ŋ! 2.Ŋ2~Ŋ2#Ŋ/."1~ -Ŋ /+(! 1Ŋ3." 2Ŋ+ 2Ŋ2 -!(.-#2Ŋ04#Ŋ ++~Ŋ2#Ŋ"#3#1,(- -ē
( v! ( -Ĺ‹ (Ĺ‹ & ,. Ĺ‹ (. Ĺ‹, !& ' (.) ÂĄ Ä“ĹŠ 2ĹŠ$4-" !(.-#2ĹŠ"# #-ĹŠ1#-"(1ĹŠ!4#-3 2ĹŠ"#+ĹŠ, -#).ĹŠ"#ĹŠ242ĹŠ$.-".2Ä“
3Ĺ‹ ' #!ĂŠ (Ĺ‹ / (.)Ĺ‹ Ĺ‹& #-)&/ #š(Ĺ‹ Ĺ‹& -Ĺ‹ Hkj^ >_ZWb]e" Z_h[YjehW [`[# Ykj_lW Z[ FWhj_Y_fWY_ÂŒd 9_k# ZWZWdW" ieij_[d[ gk[ [b Whj‡# Ykbe '," [d [b gk[ i[ [nfb_YWd bei YWkiWb[i Z[ Z_iebkY_ÂŒd Z[ bWi f[hiedWi `kh‡Z_YWi Z[ Z[# h[Y^e fh_lWZe o i_d Ă’d[i Z[ bkYhe" ^Wo WcX_]”[ZWZ[i fh[# eYkfWdj[i$ ;d [ij[ i[dj_Ze" [nfb_YW gk[ [djh[ bWi hWped[i i[ c[dY_edWd bei WYjei Z[ fhei[b_j_ice feb‡# j_Ye b_j[hWb W o Yecfhec[j[h bW i[]kh_ZWZ e bei _dj[h[i[i Z[b ;ijWZe b_j[hWb X $ I[]‘d bW j_jkbWh Z[ FWhj_Y_# fWY_ÂŒd 9_kZWZWdW" [b fheXb[cW [i gk[ bWi [nfh[i_ed[i ied Yed# \kiWi o i[ fk[Z[d fh[ijWh fWhW lWh_Wi Z[ZkYY_ed[i$ ÆFk[Z[ ZWhi[ bW fei_X_b_ZWZ Z[ _dj[hfh[jWY_ÂŒd Z[ fhei[b_j_i# ce W YkWbgk_[h WYj_l_ZWZÇ" Wi[# ]khW >_ZWb]e" gk_[d Yedi_Z[hW gk[ jeZe Z[f[dZ[h| Z[b cWd[`e gk[ i[ b[ Zƒ Wb Z[Yh[je$ >_ZWb]e WYbWhW gk[ i_ bWi Z[# Y_i_ed[i i[ Wf[]Wd W bWi dehcWi
de Z[X[h‡W ^WX[h fheXb[cW" f[he i_ [ije de eYkhh[ WZl_[hj[ gk[ ÆbW l_ZW Z[ bWi eh]Wd_pWY_e# d[i [ijWh‡W [d f[b_]heÇ$ .-31.+Ŋ "#!4 ".
>_ZWb]e Yedi_Z[hW gk[ i‡ Z[X[ [n_ij_h kd i_ij[cW Z[ l_]_bWdY_W fWhW Z_Y^Wi [dj_ZWZ[i" oW gk[ i[ YedeY[ gk[ [n_ij[ kd ]hWd d‘c[he Z[ [ijWi" f[he gk[ de jeZWi WYWjWd bWi dehcWi _c# fk[ijWi$ Æ;i _cfehjWdj[ gk[ bWi gk[ de Ykcfb[d i[Wd Z[fkhWZWiÇ" Z_Y[ bW \kdY_edWh_W" gk_[d cW# d_Ă’[ijW gk[ [ije Z[X[ Ykcfb_h# i[ [d kd cWhYe Yedij_jkY_edWb gk[ ]WhWdj_Y[ [b |cX_je Z[ WYY_ÂŒd Z[ bWi [dj_ZWZ[i" [b YW# h|Yj[h fh_lWZe Z[ YWZW kdW" o bW b_X[hjWZ Z[ cel_b_ZWZ o Z[ WYY_ÂŒd gk[ cWdj_[d[d$ JWcX_ƒd Yedi_Z[hW gk[ de i[ b[ Z[X[ j[d[h c_[Ze W bW h[d# Z_Y_ÂŒd Z[ Yk[djWi" oW gk[ [ijW [i kdW fh|Yj_YW gk[ Z[X[ h[Wb_# pWhi[ Z[iZ[ bW Y_kZWZWd‡W$
;b fheo[Yje fWhW h[]bWc[djWh [b jhWXW`e W bWi Eh]Wd_pWY_ed[i De =kX[hdWc[djWb[i ED= ^W fk[ije [d Wb[hjW W bei Z_h_][dj[i Z[ bWi eh]Wd_pWY_ed[i _dZ‡][dWi Yece bW ;YkWhkdWh_$ ÆI[ gk_[h[ h[ijh_d]_h bW fWhj_Y_# fWY_ÂŒdÇ" Wi[]khÂŒ :[b\‡d J[d[iWYW" fh[i_Z[dj[ Z[ bW eh]Wd_pWY_ÂŒd" gk_[d Yk[ij_edW [b fheo[Yje gk[ fheck[l[ bW I[Yh[jWh‡W Z[ Fk[# Xbei" Cel_c_[djei IeY_Wb[i o FWh# j_Y_fWY_ÂŒd 9_kZWZWdW$ I[]‘d [b Z_h_][dj[" i[ [if[hW gk[ [b Yedjheb Z[ bWi Eh]Wd_pW# Y_ed[i De =kX[hdWc[djWb[i ED= o bWi Z_\[h[dj[i _dij_jk# Y_ed[i f‘Xb_YWi fhel[d]W Z[ bW ieY_[ZWZ Y_l_b o de iÂŒbe feh fWhj[ Z[b =eX_[hde$ 7^ehW fk[Z[ i[h [b fh[i_Z[d# j[ HW\W[b 9ehh[W [b gk[ Yedjheb[" f[he YkWdZe ƒb j[hc_d[" ƾgkƒ fWiWh| i_ [b ikY[ieh b[ ZW kd cW# d[`e jejWbc[dj[ feb‡j_Ye Wb Wikd# je5Ç" fh[]kdjÂŒ$ ;b Z_h_][dj[ Yh[[ gk[ i[ fh[# j[dZ[ YedjhebWh W bWi ED= o W bWi eh]Wd_pWY_ed[i ieY_Wb[i gk[ Æ^Wd bkY^WZe feh bei _dj[h[i[i Z[ bW ieY_[ZWZ Y_l_b o gk[ W^ehW [ij|d i_[dZe W]h[Z_ZWiÇ$ JWcX_ƒd ieij_[d[ gk[ [b h[# ]bWc[dje YedjhWZ_Y[ h[iebkY_e# d[i Z[ bei :[h[Y^ei >kcWdei [d bWi gk[ i[ [ijWXb[Y[ bW b_Xh[ WieY_WY_ÂŒd$ Æ;i _dWY[fjWXb[ gk[ i[ b[i f_ZW W bWi ED= gk[ b[ Z[d Yk[djWi Z[ iki bWXeh[i Wb ;ijWZeÇ" W]h[]ÂŒ J[d[iWYW" gk_[d Z_`e gk[ [n_]_#
ēŊ +Ŋ"(1(%#-3#Ŋ"#Ŋ+ Ŋ !4 14- 1(ĔŊ #+$~-Ŋ #-#2 ! ĔŊ 2#%41 Ŋ04#Ŋ+.2Ŋ (-"~%#- 2Ŋ-.Ŋ' -Ŋ2(".Ŋ#2!4!' ".2ē
h|d gk[ bW I[Yh[jWh‡W DWY_edWb Z[ Fk[Xbei WXhW kd Z[XWj[ fWhW gk[ bWi ef_d_ed[i Z[ bWi eh]Wd_# pWY_ed[i i[ jec[d [d Yk[djW$ 3#-3 ".Ŋ Ŋ"#1#!'.2
CWdk[b 9^k]Y^_b|d" Z_h_][dj[ Z[ bW <[Z[hWY_ÂŒd Z[ ?dZ‡][dWi ;lWd]ƒb_Yei <[_d[ " Yec[djÂŒ gk[ [b h[]bWc[dje [i kd Wj[djWZe YedjhW bei ÆZ[h[Y^ei WZgk_h_Zei Z[ Xk[dW cWd[hWÇ$ ÆFk[Z[d fed[h [b h[]bWc[dje
(Ŋ#23#Ŋ"#!1#3.Ŋ2#Ŋ /14# ĔŊ2#Ŋ5 Ŋ Ŋ ļ/1#-"#1Ŋ! -"#+ ČŊ#-Ŋ -4#231 2Ŋ!.,4-(" "#2Ģē } Ŋ
ĹŠ ĹŠ ĹŠ Ä“
gk[ gk_[hWd f[he de dei lWd W Z[iWfWh[Y[hÇ" Wi[]khÂŒ 9^k]Y^_# b|d" gk_[d WdkdY_ÂŒ gk[ Yed]h[# ]Wh| W iki eh]Wd_pWY_ed[i W c[# Z_WZei Z[ \[Xh[he fWhW WdWb_pWh [b j[nje fkdje feh fkdje$
ƒ ą
ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. ÄŒĹ?
(ŋ -)ŋ &ŋýúĚ ŋ&& ! ŋ ŋ& ŋ ),. ŋ #)( &ŋ ŋ /-.# #
-ĹŠ.ă!( +ĹŠ 2#%41¢Ŋ ' #1ĹŠ2(".ĹŠ5~!3(, ĹŠ "#ĹŠ31 3.ĹŠ"#-(%1 -Äą ;2ĹŠ"#ĹŠ31#2ĹŠ,#2#2ĹŠ"#3#-(". ĹŠĹŠ +ĹŠ!.1.-#+ĹŠ "6(-ĹŠ /( ĹŠ .1.- ".ĹŠ#23;ĹŠ"#3#-(".ĹŠ"#2"#ĹŠ#+ĹŠ/ 2 ".ĹŠÄ?ĹŠ"#ĹŠ.!34 1#ĹŠ"#ĹŠ 3#ĔŊ/#2#ĹŠ ĹŠ24ĹŠ%1 5#ĹŠ Ĺ—Ä‰Ä‡ÄˆÄ‡ĹŠ8ĹŠ#+ĹŠÄ?ĹŠ"#ĹŠ#-#1.ĹŠ"#+ĹŠ/1#2#-3#ĹŠ  .ĹŠ8 ĹŠ2#ĹŠ!4,/+(¢Ŋ+.2ŊĒćŊ"~ 2ĹŠ04#ĹŠ2#ĹŠ"(2/42.ĹŠ/ 1 ĹŠ + ĹŠ(-2314!!(¢-ĹŠÄƒ2! +ĹŠ(-(!( " ĹŠ#-ĹŠ24ĹŠ!.-31 ĹŠ/.1ĹŠ#+ĹŠ24/4#23.ĹŠ 3#-3 ".ĹŠ ĹŠ+ ĹŠ2#%41(" "ĹŠ #23 ".ĹŠ"#ĹŠ2 +4"Ä“ (-3#1(.1ĹŠ"#+ĹŠ 23 ".Ä“ ;b YWie Z[b Yehed[b ;Zm_d JWf_W 9ehedWZe" [n `[\[ Z[ bW ;iYebjW B[]_ibWj_lW o fheY[iWZe feh [b fh[ikdje Z[b_je Z[ Wj[djWZe W bW i[]kh_ZWZ _dj[h_eh Z[b ;ijWZe" Yece Yedi[Yk[dY_W Z[ bei ^[Y^ei Z[h_lWZei Z[b )& Z[ i[fj_[cXh[ Z[ (&'&" [i [b fh_c[he [d bb[]Wh W YedeY_c_[dje Z[ bW 9ehj[ DWY_e# dWb Z[ @kij_Y_W 9D@ $ BW Wf[bWY_ÂŒd Z[X[h| i[h h[# ik[bjW feh [b fh[i_Z[dj[ Z[ bW 9D@" @eiƒ L_Y[dj[ JheoW" gk[ fk[Z[ i[h kdW Z[ iki ‘bj_cWi WY# jkWY_ed[i Yece `k[p dWY_edWb" oW gk[ kdW l[p decXhWZe [b dk[le j_jkbWh Z[ bW 9ehj[" gk[ i[h| [b c_ƒhYeb[i fhÂŒn_ce" ƒij[ fWiWh| W \ehcWh fWhj[ Z[b Jh_XkdWb 7dZ_# de Z[ @kij_Y_W" [d h[fh[i[djWY_ÂŒd
.ĹŠ. 23 -3#ĔŊ/.1ĹŠ+ ĹŠ5(-!4+ !(¢-ĹŠ04#ĹŠ2#ĹŠ'(9.ĹŠ ĹŠĂŒ+3(, ĹŠ'.1 ĹŠ"#ĹŠ2(#3#ĹŠ/.+(!~ 2ĔŊ+ ĹŠ (-5#23(% !(¢-ĹŠ/1.!#2 +ĹŠ"# #1;ĹŠ#73#-"#12#ĹŠ' 23 ĹŠ/1¢7(,.ĹŠÄ?ĹŠ"#ĹŠ$# 1#1.ĔŊ$#!' ĹŠ#-ĹŠ+ ĹŠ 04#ĹŠ#+ĹŠÄƒ2! +ĹŠ"#ĹŠ+ ĹŠ! 42 ĔŊ (%4#+ĹŠ 41 ".ĔŊ3#-"1;ĹŠ04#ĹŠ#,(3(1ĹŠ4-ĹŠ"(!3 ,#-ĹŠ04#ĹŠ/4#"#ĹŠ2#1ĹŠ !42 3.1(.ĔŊ 23#-3(5.ĹŠ.ĹŠ,(73.Ä“ ĹŠ#23 ĹŠ(-2314!!(¢-ĹŠÄƒ2! +ĹŠ3 , (_-ĹŠ2#ĹŠ24, 1.-ĹŠ+.2ĹŠ/1.!#2.2ĹŠ(-(!( ".2ĹŠ/.1ĹŠ2#/ 1 ".ĹŠ !.-31 ĹŠ#+ĹŠ/.+(!~ ĹŠ 1!.ĹŠ ( ;-ĹŠ8ĹŠ#+ĹŠ, 8.1ĹŠ 5(#1ĹŠ . . ĔŊ/.1ĹŠ+.2ĹŠ,(2,.2ĹŠ'#!'.2ĹŠ"#ĹŠ+ ĹŠ 2 , +# ĹŠ !(.- +Ä“
Z[ ;YkWZeh$ +ĹŠ,#.++.
;Zm_d JWf_W" W^ehW Z[j[d_Ze [d bW 9|hY[b De$ * Z[ Gk_je" Wf[bΠ[b \Wbbe Z[ bW I[]kdZW IWbW Z[ be 9_l_b Z[ bW 9ehj[ Fhel_dY_Wb Z[ @kij_Y_W Z[ F_Y^_dY^W" feh [b YkWb i[ b[ d[]Π[b (* Z[ Z_Y_[cXh[ Z[ (&'& [b h[Ykh# ie Z[ ^|X[Wi Yehfki$ BW IWbW WZk`e gk[ [b ^|X[Wi Yehfki j_[d[ feh eX`[je gk[ bei
Y_kZWZWdei fk[ZWd h[Ykf[hWh bW b_X[hjWZ YkWdZe ^Wd i_Ze fh_lWZei Z[ [bbW [d \ehcW _b[]Wb" WhX_jhWh_W [ _b[]‡j_cW e YkWdZe i[ ^Wd l[h_Ă’YW# Ze YkWbgk_[h \ehcW Z[ jehjkhW" jhW# je _d^kcWde" Yhk[b e Z[]hWZWdj[ o gk[ [d [ij[ YWie de ^W eYkhh_Ze dWZW Z[ [ie" fehgk[ i[ Wh]kc[d# jW gk[ bW `k[pW gk[ YedeY_ÂŒ bW Wk# Z_[dY_W Z[ \ehckbWY_ÂŒd Z[ YWh]ei o ehZ[dÂŒ bW fh_i_ÂŒd fh[l[dj_lW WYjkÂŒ i_d Yecf[j[dY_W$
¥ ēŊ "6(-Ŋ /( Ŋ .1.- ".ĔŊ#7Ŋ)#$#Ŋ"#Ŋ+ Ŋ 2!.+3 Ŋ #%(2+ 3(5 ĔŊ/ "#!#Ŋ 4- Ŋ!1(2(2Ŋ1#2/(1 3.1( ĔŊ/#1.Ŋ-.Ŋ' 8Ŋ/#1,(2.Ŋ/ 1 Ŋ04#Ŋ4-Ŋ/#1(3.Ŋ+.Ŋ1#5(2#Ŋ8Ŋ"_Ŋ !4#-3 Ŋ"#Ŋ24Ŋ#23 ".Ŋ"#Ŋ2 +4"ēŊ
4#23(¢-Ŋ"#Ŋ2 +4"
;b Yehed[b JWf_W" W jhWlƒi Z[ ik WXe]WZe Z[\[dieh" L‡Yjeh >k]e 9[lWbbei" WZkY[ jWcX_ƒd gk[ [d bW Z[cWdZW Z[ ^|X[Wi Yehfki gk[ cej_lW [ijW Wf[bWY_Œd" i[ ^_pe YedeY[h [b ]hWl[ [ijWZe Z[ iWbkZ gk[ W\hedjW WYjkWbc[dj[ Yh_i_i h[if_hWjeh_W feh dŒZkbe Z[b fkbcŒd _pgk_[hZe " gk[ h[# gk_[h[ Wj[dY_Œd f[hcWd[dj[ o [if[Y_Wb_pWZW$
7]h[]W gk[ Yed [ijei Wdj[Y[# Z[dj[i ieb_Y_jŒ gk[ i[ Z[i_]d[ W kd f[h_je cƒZ_Ye WYh[Z_jWZe Wb 9edi[`e Z[ bW @kZ_YWjkhW fWhW gk[ ^_Y_[hW bW [lWbkWY_Œd Z[ ik iWbkZ" cWi [b @k[p :ƒY_ce Gk_d# je Z[ =WhWdj‡Wi F[dWb[i Z[ F_# Y^_dY^W" gk[ YedeY[ ik YWie" de i[ ^W fhedkdY_WZe Wb h[if[Yje o [ie [i kdW l_ebWY_Œd W iki Z[h[# Y^ei ^kcWdei" jhWje Z[]hWZWd# j[" Yhk[b [ _d^kcWde$
LOJA:
Celular: 089 909066 Srta. Mariuxi Loarte Celular: 098 467821 Sr. Diego Espinoza
ŏĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
Ć
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ć
& $) ) #&
& $) ) #& ')$ & "( " " " #'
')$ & "( " " " #' , ' )&#' "( " " " #" "'( () #" ' " " & '
& #" "(& $ (& !#" # ( " # (#( , #' ( *#' , #"( " "( ' $#" & #' $#& & ' # " ) ' # & '
"( " # # # " " #
# # # "
>#
! '
# #
' & $ #"
(#(
"! "& &#"! & -6 1;P>5?:> ;-=- 19/-61 -9/:> C :?=-> 59>?5?@/5:91> 259-9/51=-> 21/?:> 01 /:.=: 598105-?: %181>-> 19 ?=L9>5?: !) %& "! & #-=- 913:/5-= 01 19?50-01> 017 >1/?:= ;=5A-0: 5>;:95.71> ;-=- 7- A19?- 017 1>?-0: : 01 19?50-01> 017 >1/?:= ;R.75/: -9?1950-> 4->?- 17 A19/58519?: 017 1>?-0: : 01 19?50-01> 017 >1/?:= ;=5A-0: 1 05>;:95.5750-0 =1>?=59350- #=:A5>5P9 ;-=- 59A1=>5:91> %' % % '"& -=?1=- 01 /=M05?:> /:81=/5-7 ;:= A19/1= 1 - 0N-> 1 - 0N-> 1 8L> 01 0N-> -=?1=- 01 /=M05?:> 01 /:9>@8: ;:= A19/1= 1 - 0N-> 1 - 0N-> 1 8L> 01 0N-> -=?1=- 01 /=M05?:> 01 A5A5190- ;:= A19/1= 1 - 0N-> 1 - 0N-> 1 8L> 01 0N-> -=?1=- 01 /=M05?:> ;-=- 7- 85/=:18;=1>- ;:= A19/1= 1 - 0N-> 1 - 0N-> 1 8L> 01 0N-> -=?1=- 01 /=M05?:> :81=/5-7 %11>?=@/?@=-0- ;:= A19/1= -=?1=- 01 =M05?:> 01 :9>@8: %11>?=@/?@=-0- ;:= A19/1= -=?1=- 01 =M05?:> 01 )5A5190- %11>?=@/?@=-0- ;:= A19/1= -=?1=- 01 =105?:> ;-=- 7- 5/=:18;=1>- %11>?=@/?@=-0- ;:= )19/1= -=?1=- 01 /=M05?:> /:81=/5-7 <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> 01 /:9>@8: <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> 01 A5A5190- <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> ;-=- 7- 85/=:18;=1>- <@1 9: 01A193- 59?1=M> -=?1=- 01 /=M05?:> /:81=/5-7 =11>?=@/?@=-0- <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> 01 A5A5190- =11>?=@/?@=-0- <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> ;-=- 7- 85/=:18;=1>- =11>?=@/?@=-0- <@1 9: 01A193- 59?1=1>1> -=?1=- 01 /=M05?:> /:81=/5-7 A19/50- -=?1=- 01 /=M05?:> 01 /:9>@8: A19/50- -=?1=- 01 /=M05?:> 01 A5A5190- A19/50- -=?1=- 01 /=M05?:> ;-=- 7- 85/=:18;=1>- A19/50:> -=?1=- 01 /=M05?:> /:81=/5-7 =11>?=@/?@=-0- A19/50- -=?1=- 01 /=M05?:> 01 A5A5190- =11>?=@/?@=-0- A19/50- -=?1=- 01 /=M05?:> ;-=- 7- 85/=:18;=1>- =11>?=@/?@=-0- A19/50- #=:A5>5P9 ;-=- /=M05?:> 59/:.=-.71> ( !' & #"% " % % ! & % , & ( #"% # " %% ! % !' #%"# & + $( #" "'%"& ' )"& 9A1=>5:91> 19 -//5:91> C ;-=?5/5;-/5:91> "?=-> /@19?-> 01 E:?=:> -/?5A:>F #=:A5>5P9 ;-=- :?=:> -/?5A:> 5==1/@;1=-.71> '"' ' )" &'"& '"' ! % ' )" + &'"&
% "% & A-71> 5-9D-> C 3-=-9?N-> =M05?:> -;=:.-0:> 9: 01>18.:7>-0:>
'"' ( !' & "!' ! !' &
# #
' & $ #"
"( & $#&( "( " # # "#* ! &
" "! & ! ' &
( !' & #"% # %
$ (& !#" # (= " # $& ! & #
? #
' & $ ?" -;5?-7 #-3-0: #=58- 19 /:7:/-/5:9 01 -//5:91> %1>1=A-> 13-71> %1>1=A-> 191=-71> %1>1=A-> >;1/5-71> #-=- 2@?@=-> /-;5?-75D-/5:91> "?=:> ;:=?1> #-?=58:95-71> (?5750-01> : 1B/1019?1> -/@8@7-0:> >-70:> -@05?-0:> #M=050-> /@8@7-0-> >-70:> -@05?-0:> #=M>?-8: >@.:=059-0: ;:=?1> ;-=- 2@?@=- /-;5?-75D-/5P9
* #&
#7@>A-7N- 81=/-9?57 1>/@19?: 19 /:7:/-/5P9 01 -//5:91> 1
? #
! '
)-7:= -.>:7@?: ! "#'
' & $ ?" ".753-/5:91> /:9A1=?5.71> 19 -//5:91> 1@0- >@.:=059-0- - ;7-D: %1>1=A-> 1>;1/5-71> %1>1=A-> ;:= =1A-7:=5D-/5P9 017 ;-?=58:95: %1>1=A-> ;:= =1>@7?-0:> 9: :;1=-?5A-> &@;1=LA5? ;:= A-7@-/5P91> (?5750-01> : 1B/1019?1> -/@8@7-0:> #M=050-> -/@8@7-0-> (?5750-0 017 161=/5/5: #M=050- 017 161=/5/5: 93=1>:> 819:> ->?:>
$ (& !#" # ( " # ' )" & # " "! & ! ! % &
"'%"& # & )"&
'"' # & )"
# ' &" -;5?-7 ;-3-0:
% & %) & 13-71> >;1/5-71> %1A-7:=5D-/5P9 017 ;-?=58:95:
% &( ' "&
'"' # '% "! "
! % &"&
'"' ! % # & )" # '% "! " ! % &"& ! *" ( !' & "% ! ( "% & /?5A:> /->?53-0:> ";1=-/5:91> -/?5A-> /:9 18;=1>-> A59/@7-0-> "?=-> @19?-> 01 "=019 1@0:=-> % "% & ";1=-/5:91> ;->5A-> /:9 18;=1>-> A59/@7-0-> '"' ( !' & "% !
- /-=?1=- /:81=/5-7 A19/50- >1 =135>?=- 19 7- =1>;1/?5A- /@19?- - 7:> 0N-> <@1 17 0:/@819?: >1 A19/5P C 7:> 59?1=1>1> C /:85>5:91> 3-9-0:> C 9: /:.=-0:> >1 =1A1=>-9 01 7-> /@19?-> 01 =1>@7?-0:> - 7:> 0N-> C >1 =135>?=-9 ;-=- 121/?:> 01 /:9?=:7 19 @9- /@19?- 01 :=019 #-=- 17 /->: 01 /@:?-> : 05A50190:> 01 7- /-=?1=- /:81=/5-7 C 01 A5A5190- A19/50-> /:9 3-=-9?N- 45;:?1/-=5- >1 ?=-9>251=19 - 7- /@19?- /:==1>;:90519?1 01 A19/50: - 7:> 0N-> ;:>?1=5:=1> - 7- 21/4- 01 A19/58519?: 01 7- :;1=-/5P9 >59 ;1=6@5/5: 017 /:.=: 01 7:> 59?1=1>1> 01 8:=- /:==1>;:90519?1> - /-=?1=- 01 /:9>@8: >1 =135>?=-=L9 7:> >-70:> 19 /-=?1=- A19/50- - 7:> <@59/1 01 >1= 1B535.71> C 7-> :;1=-/5:91> 01 85/=:/=M05?: - 7:> /59/: 0N-> :> 59?1=1>1> C /:85>5:91> >1 =1A1=>-9 ;:= 9: 4-.1= >50: /-9/17-0:> 019?=: 01 7:> 0N-> ;:>?1=5:=1> - >@ 1B535.5750-0 01 ;-3: >1 =135>?=-=L9 ;-=- 121/?:> 01 /:9?=:7 19 7- >@./@19?- 01 :=019 E 9?1=1>1> 19 >@>;19>: )19/50:> 3@-7 ;=:/1058519?: >1 121/?@-=L ;-=- 17 =1A1=>: - 7:> 0N-> 01 7-> /@:?-> : 05A50190:> 01 7:> /=M05?:> 01 -8:=?5D-/5P9 3=-0@-7 01 7- /-=?1=- /:81=/5-7 C 01 A5A5190- - 7:> <@59/1 0N-> 7- /-=?1=- 01 /:9>@8: C - 7:> /59/: 0N-> 19 7-> :;1=-/5:91> 01 85/=:/=M05?:
#=:A5>5P9 3191=-7 ;-=- /-=?1=- 01 /=M05?:>
$ (& !#" # (= " # (#(
$ (& !#" # (= " # #"'( () #
! "#' 7 /-;5?-7 ->539-0: - @9- >@/@=>-7 : -319/5- 19 17 1B?1=5:= :> =1<@1=58519?:> 01 ;-?=58:95: ?M/95/: 01 7-> 19?50-01> <@1 01 -/@1=0: /:9 7-> 05>;:>5/5:91> A5319?1> ->N 7: =1<@51=-9 01 -/@1=0: /:9 7- 05>;:>5>5/5P9 ?=-9>5?:=5- 7 A-7:= 01 >@ ;-=?5/5;-/5Q9 19 17 /-;5?-7 ;-3-0: 8L> 7-> =1>1=A-> 1B/1;?@-90: 7-> ;=:A19519?1> 01 A-7@-/5:91> 017 -/?5A: 19 @9- 59>?5?@/5P9 >@.>505-=5- : -2575-0- 9A1=>5:91> 19 :?=-> 59>?5?@/5:91> 017 &5>?18- 5-9-9/51=: <@1 7-> /:9A51=?-9 19 >@.>505-=5- : -2575-0- 01 05/4- 59>?5?@/5P9 :> >-70:> =135>?=-0:> 19 7- >@./@19?-
E 9?5/5;: ;-=- -0<@5>5/5P9 01 -//5:91>F /@-90: /:==1>;:90- - 59A1=>5:91> 19 -//5:91> -9?5/5;:> 19 7- /-;5?-75D-/5P9 : /:9>?5?@/5P9 01 /:8;-ON-> >@.>505-=5-> : -2575-0-> ) #" ' $ (& !#" # ( " # (#(
( *#' , #"( " "( ' $#" & #' $#& & ' # /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 /?5A:> ;:901=-0:> /:9 (#( ( *#' , #"( " "( ' $#" & #' $#& & ' # $#' ?" & %) & ! "(# , & ?" $ (& !#" # (= " # : $ (& !#" # (= " # & %) & # + "( # " $ (& !#" # (= " # & %) & # ( *#' (#( ' , #"( " "( ' +
" ' " " &#'
' & $ #"
"#*
"#* ! &
AUDITOR INTERNO Dr. Joffre Yasbek G.
(#(
"69- 7 >-70: 01 =1>@7?-0:> 017 161=/5/5: /:==1>;:901 - 7- 0521=19/5- 01 7:> 171819?:> C >59 <@1 58;75<@1 7- 75<@50-/5Q9 01 7-> =121=50-> /@19?->
GERENTE GENERAL Ing. Leonardo Burneo M.
"#* ! &
$ &
" # # ' " ' " " &#'
# " " #
9?1=1>1> C 01>/@19?:> 3-9-0:> :85>5:91> 3-9-0-> (?5750-01> 259-9/51=-> 93=1>:> ;:= >1=A5/5:> 9?1=1>1> /-@>-0:> :85>5:91> /-@>-0-> #M=050-> 259-9/51=-> ! # "?=:> 593=1>:> :;1=-/5:9-71> ->?:> 01 :;1=-/5P9 "?=-> ;M=050-> :;1=-/5:9-71> " " # $ #=:A5>5:91> 1;=1/5-/5:91> 8:=?5D-/5:91> # "?=:> 593=1>:> "?=:> 3->?:> C ;M=050-> ! ! # #-=?5/5;-/5P9 ?=-.-6-0:=1> ! (+/&-.* % '% ,&).% !
'( # $ & ' , " " ' #"'# # , #" "' # $) #" 5 )' /A4-708 # #
* #&
125/519/5- 01 ;=:A5>5:91> -8:=?5D-/5P91> C 01;=1/5-/5:91> #M=050-> -/?5A-0-> <@1 2@1=:9 01?1/?-0-> - ?=-AM> 01 @05?:=N-> 01 7- ;=:;5- 19?50-0 01 7- &@;1=59?19019/5- 01 -9/:> : 01 7-> -@05?:=N-> 1B?1=9-> C 17 A-7:= 01 7:> -@819?:> 01 /-;5?-7 =1-75D-0:> /:9?=-A595190: 7-> 05>;:>5/5:91> 017 -=?N/@7: 01 7- :0525/-/5P9 01 7- 1C 191=-7 01 9>?5?@/5:91> 017 &5>?18- 59-9/51=: #-3: 01 05A50190:> -9?5/5;-0:> (#( $ (& !#" # (= " # ' )" & #
"69-8 9@.53.-8
"( " # #
# # "(
#" #&! #" $ (& !#" # (= " # (#(
(#(
" "! & "! #( " 1;P>5?:> - 7- A5>?- 1;P>5?:> - ;7-D: 1 - 0N-> 1 - 0N-> 1 - 0N-> 1 - 0N-> 1 8L> 01 0N-> 1;P>5?:> %1>?=59350:>
#&!) & #
" %'(% # '% "! ' )"&
# '% "! " ' ! " ' )"& #"! % "& #"% % & "
# '% "! " & (! % " # '% "! " #% % " " "%"& %(' '"' "%"& %' % " % "%"& %' % "!&( " "%"& %' % ) ) ! "%"& %' % %" #% & #%") & "! & %' % % '" #%" ( ' ) " %'(% %' % " % " %'(% %' % "!&( " " %'(% %' % ) ) ! " %'(% %' % %" #% & " ' )"& #%" ( ' )"& # & )"& "! "&'" % " &"% "! ->?:> ";1=-/5:9-71> -=319 59-9/51=: &'"& # %&"! ' )" '"' #%" " &'"& "# % ' )"& ' )" '"' #%" " % ! !'" "# % ' )" &" % ' )" %" % ! !'" &" % # '% "! " %"
! $ "! "& &#"! & '"' #"& '"& "%'" # ," ! $( , ( % " "! &#"& "! "!&' !' ! " K! % &" ( "! & &(# % !' ! ! ! "& + & (%"& + (!' ! % " %'(% +"% & #"& ' !' & " %'(% +"% & #"& ' !' &
"69- 905/1> -9@-75D-0:>
?" & ' #' ' $( ! &
$-.313. 70/39 &-93528 ' -7525/-/5P9 01 %51>3:> -9/: 01 :6- &
' '( ! " #' $& * #' "#*
CONTADORA GENERAL Lcda. Ena Guerrero Mora Reg 11-0367
Ä„ Ä„Ĺ‹ 2#! Ĺ‹ Ĺ‹ 1#.. ,Ĺ‹ . && -Ĺ‹ Ĺ‹ #%# %-Ĺ‹
#3 ++#2
Jm_jj[h de ^W h[Wb_pWZe feh [b cec[dje Yec[djWh_ei ieXh[ bW Y_jWY_ÂŒd o i[ ^W b_c_jWZe W Z[Y_h gk[ ik feb‡j_YW Yedi_ij[ [d dej_Ă’YWh W iki kikWh_ei" i_[cfh[ gk[ i[W fei_Xb[" ie# Xh[ bWi ieb_Y_jkZ[i eĂ’Y_Wb[i Z[ _d\ehcWY_ÂŒd$ 7Z[c|i Z[ 7iiWd][ o CWdd_d]" bW ehZ[d `kZ_Y_Wb jWcX_ƒd [n_][ W Jm_jj[h gk[ [djh[]k[ _d\ehcWY_ÂŒd ie# Xh[ 8_h]_jjW @ediZejj_h" kdW b[]_ibWZehW Z[ ?ibWdZ_W1 [b f_hWjW _d\ehc|j_Ye ^ebWdZƒi Hef =ed]]h_`f o [b fhe]hW# cWZeh [ijWZekd_Z[di[ @W# YeX 7ff[bXWkc$
COOPERATIVA DE AHORRO Y CREDITO “PADRE JULIAN LORENTE� LTDA !
!
! "')+%, %.*+%,"$) %( $)'"+%,
"%!
&/&
&/&
*4F7.837 4&6& *2(&/*
&2(37 = 386&7 278.89(.32*7 .2&2(.*6&7
+*(837 )* (3'63 .21*).&83
*1*7& *2 !6C27.83
!
&6& 2*,3(.&6 )* *28.)&)*7 )*0 7*(836 46.:&)3
&6& 2*,3(.&6 )*0 *78&)3 3 )* *28.)&)*7 )*0 7*(836 4G'0.(3
.7432.'0*7 4&6& 0& :*28& )* *28.)&)*7 )*0 7*(836 46.:&)3
! ! 2
*4F7.837 & 0& :.78&
4*6&(.32*7 )* 6*43683
*4F7.837 & 40&>3
* )E&7
* & )E&7
* & )E&7
* & )E&7
* 1C7 )* )E&7
*4F7.837 *2 ,&6&28E&
.7432.'0*7 4&6& 0& :*28& )*0 *78&)3 3 )* *28.)&)*7 )*0 7*(836 4G'0.(3
*4F7.837 6*786.2,.)37
&28*2.)&7 -&78& *0 :*2(.1.*283 )* *28.)&)*7 )*0 7*(836 46.:&)3
&28*2.)&7 -&78& *0 :*2(.1.*283 )*0 *78&)3 3 )* *28.)&)*7 )*0 7*(836 4G'0.(3
!
* ).7432.'.0.)&) 6*786.2,.)&
!
63:.7.F2 4&6& 2:*67.32*7
&68*6& )* (6D).83 (31*6(.&0 436 :*2(*6
* & )E&7
&68*6& )* (6D).83 )* (327913 436 :*2(*6
! "
* & )E&7
# % "!"
* 1C7 )* )E&7
<6@4A=A >=@ A4@D828=A
<B4@4A4A 20CA03=A
=;A8=<4A 20CA030A
&K@3830A 8<0<284@0A
!
#
%B@=A 8<6@4A=A =>4@028=<0:4A
0AB=A 34 =>4@028M<
%B@0A >4@3830A =>4@028=<0:4A
"
" # $
&@=D8A8=<4A
4>@428028=<4A
;=@B8G028=<4A
#
%B@=A 8<6@4A=A
%B@=A 60AB=A F >4@3830A
! ! #
&0@B828>028=< B@010903=@4A
;>C4AB= 0 :0 @4<B0
&4.8&0 4&,&)3
!
((.32*7 *2 8*736*6E&
&68*6& )* (6D).83 )* :.:.*2)& 436 :*2(*6
* & )E&7
* & )E&7
* 1C7 )* )E&7
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7&
" !
* & )E&7
* & )E&7
* 1C7 )* )E&7
&68*6& )* (6D).83 (31*6(.&0 6**7869(896&)& 436 :*2(*6
4368*7 )* 73(.37
! 0 7&0)3 )* 6*7908&)37 )*0 */*6(.(.3 (366*7432)* & 0& ).+*6*2(.& )* 037 *0*1*2837 = 7.2 59* .140.59* 0& 0.59.)&(.32 )* 0&7 6*+*6.)&7 (9*28&7
#
*,&0*7
*2*6&0*7
&68*6& )* (6D).83 )* (327913 6**7869(896&)& 436 :*2(*6
74*(.&0*7
&68*6& )* (6D).83 )* :.:.*2)& 6**7869(896&)& 436 :*2(*6
*7*6:& 4&6& 0& 6*&59.7.(.32 )* &((.32*7 4634.&7
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7& 6**7869(896&)& 436 :*2(*6
*:&036.>&(.F2 )*0 &86.132.3
&68*6& )* (6D).83 (31*6(.&0 59* 23 )*:*2,& .28*6*7*7
36 6*7908&)37 23 34*6&8.:37
&68*6& )* (6D).83 )* (327913 59* 23 )*:*2,& .28*6*7*7
!
! 1 $%, # ( %%& ( * , %((% . ( *% & ( !+" $ "%( $* " $%, # ( "
&68*6& )* (6D).83 )* :.:.*2)& 59* 23 )*:*2,& .28*6*7*7
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7& 59* 23 )*:*2,& .28*6*7*7
&68*6& )* (6D).83 (31*6(.&0 6**7869(896&)& 59* 23 )*:*2,& .28*6*7*7
&68*6& )* (6D).83 )* (327913 6**7869(896&)& 59* 23 )*:*2,& .28*6*7*7
&68*6& )* (6D).83 )* :.:.*2)& 6**7869(896&)& 59* 23 )*:*2,& .28*6*7*7
" !
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7& 6**7869(896&)& 59* 23 )*:*2,& .28*6*7*7
&68*6& )* (6D).83 (31*6(.&0 :*2(.)&
"8.0.)&)*7 3 *<(*)*28*7 &(9190&)37
&68*6& )* (6D).83 )* (327913 :*2(.)&
D6).)&7 &(9190&)&7
&68*6& )* (6D).83 )* :.:.*2)& :*2(.)&
"8.0.)&) )*0 */*6(.(.3
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7& :*2(.)&
D6).)& )*0 */*6(.(.3
&68*6& )* (6D).83 (31*6(.&0 6**7869(896&)& :*2(.)&
&68*6& )* (6D).83 )* (327913 6**7869(896&)& :*2(.)&
! ! !
&68*6& )* (6D).83 )* :.:.*2)& 6**7869(896&)& :*2(.)&
! ! !
" # ! # "
*%* " & *( #%$ % * $ % &( # ( %
*%* " & *( #%$ % * $ % ) +$ ( %
& *( #%$ % * $ % *%* "
+ %$ ) " & *( #%$ % * $ % *%* "
& *( #%$ % * $ % %$)* *+ %
)C94B= 0 :0A @4AB@8228=<4A 34 :0 B4@24@0 38A>=A828M< B@0<A8B=@80
&68*6& )* (6D).83 4&6& 0& 1.(63*146*7& 6**7869(896&)& :*2(.)& 63:.7.F2 4&6& (6D).83 .2(3'6&'0*7
" #
"
!
2:*67.32*7 *2 &((.32*7 = 4&68.(.4&(.32*7
86&7 (9*28&7 )* ?38637 &(8.:37@
63:.7.F2 4&6& 38637 &(8.:37 .66*(94*6&'0*7
!
=38582028M< 34 (4A=:C28=<4A 34 :0 )C>4@8<B4<34<280 34 0<2=A F )46C@=A F !C<B0 0<20@80
! 2B8D=A >=<34@03=A 2=<
2B8D=A >=<34@03=A 2=<
! ! # !
34 :0 A4228=< , 34: 20>LBC:= AC1BLBC:= , BLBC:= , 34 :0
2B8D=A >=<34@03=A 2=<
2B8D=A >=<34@03=A 2=< 2B8D=A >=<34@03=A 2=<
2B8D=A >=<34@03=A 2=<
*%* " * ,%) . %$* $ $* )
&%$ ( %) &%( ( ) %
! E
& *( #%$ % * $ % ( '+ ( %
- $* % $ & *( #%$ %
* $ % ( '+ ( % * ,%) *%* " ) . %$* $ $* ) E
$ " !
"
#&036*7 = '.*2*7 4634.37 *2 43)*6 )* 8*6(*637
(8.:37 4634.37 *2 43)*6 )* 8*6(*637
(8.:37 (&78.,&)37
($&#%
:&0*7
.2*&7 )* (6D).83 23 98.0.>&)&7
.&2>&7 = &6&28E&7
4*6&(.32*7 &(8.:&7 (32 *146*7&7 :.2(90&)&7
&68&7 )* 6D).83
4*6&(.32*7 &(8.:&7 (32 *28.)&)*7 )*0 ,6943 +.2&2(.*63
6D).837 &463'&)37 23 )*7*1'307&)37
&68*6& )* (6*).83 *2 )*1&2)& /9).(.&0
314631.737 & +989637
28*6*7*7 (31.7.32*7 * .2,6*737 *2 7974*273
!E89037 = )3(91*2837 *1.8.)37 436 1*6(&)*6.&7 6*(.'.)&7
'0.,&(.32*7 <8.2,9.)&7 436 &(9*6)37 (32(36)&8&6.37
3146&7 & +98963 *2 132*)& 2&(.32&0
86&7 (9*28&7 )* 36)*2 )*9)36&7
#*28&7 & +98963 *2 132*)& *<86&2/*6&
'0.,&(.32*7 *2 34(.32*7
'0.,&(.2*7 436 34*6&(.32*7 7;&4
#&036*7 = '.*2*7 6*(.'.)37 )* 8*6(*637
86&7 34*6&(.32*7 & +98963
4*6&(.32*7 4&7.:&7 (32 *146*7&7 :.2(90&)&7
86&7 (9*28&7 (328.2,*28*7 &(6**)36&7
!
+B8:83034A 58<0<284@0A
=;8A8=<4A 60<030A
* 1C7 )* )E&7
<B4@4A4A F 34A2C4<B=A 60<03=A
;>C4AB= $$
! "
!
! !
! ! #
* & )E&7 * & )E&7
! #
# "
" !
*4F7.837 436 (32+.61&6
4*6&(.32*7 4&7.:&7 (32 *146*7&7 79'7.).&6.&7 = &+.0.&)&7 *437.837 = 386&7 (&48&(.32*7 23 (9'.*68&7 436 0& 86&7 (9*28&7 )* 36)*2 &(6**)36&7 63:.7.32*7 3278.89.)&7 *437.837 3 (&48&(.32*7 (3278.89.)&7
% (*+( & *( #%$ " * ,%) & *( #%$ % * %$) *+ % * ,%) . %$
* $ $* ) &%$ ( %) &%( ( ) %
& * ) +$ ( % &*&( # ( % " #%(%) (+* *%* " #%(%) (* ( %# ( " #%(%) (* ( %$)+#% #%(%) (* ( , , $
#%(%) (* ( # (% #&( )
&(%, ) %$ ) (* ( ( *% #&(% + * ,
% (*+( (* ( %# ( "
% (*+( (* ( %$)+#% % (*+( (* ( , , $
)-", -3#(&#", "0 20@B4@0 2=;4@280: D4<2830 A4 @468AB@0 4< :0 @ 4A>42B8D0 2 C4<B0 0 : =A 3L0A ?C4 4: 3=2C;4<B= A4 D4<28M F : =A 8<B4@4A4A F 2=;8A8=<4A 60<03=A F <= 2=1@03=A A4 @4D4@A0< 34 :0A 2C4<B0A 34 @4AC:B03=A 0 :=A 3L0A F A4 @468AB@0< >0@0 4542B=A 34 2=<B@=: 4< C<0 2C4<B0 34 =@34< &0@0 4: 20A= 3 4 2C=B0A = 38D834<3=A 34 :0 20@B4@0 2=;4@280: F 34 D8D84<30 D4<2830A 2=< 60@0<BL0 78>=B420@80 A4 B@0<A584@4< 0 :0 2C4<B0 2=@@4A>=<384<B4 34 D4<283= 0 :=A 3L0A >=AB4@8=@4A 0 :0 54270 34 D4<28;84<B= 34 :0 =>4@028M< A8< >4@9C828= 34: 2=1@= 34 :=A 8<B4@4A4A 34 ;=@0 2=@@4A>=<384<B4A "0 20@B4@0 34 2=<AC;= A4 @468AB@0@J< :=A A0:3=A 4< 20@B4@0 D4<2830 0 :=A ?C8<24 34 A4@ 4E8681:4A F :0A =>4@028=<4A 34 ;82@=2@K38B= 0 :=A 28<2= 380A "=A 8<B4@4A4A F 2=;8A8=<4A A4 @4D4@A0< >=@ <= 7014@ A83= 20<24:03=A 34<B@= 34 :=A 3L0A >=AB4@8=@4A 0 AC 4E86818:8303 34 >06= A4 @468AB@0@J< >0@0 4542B=A 34 2=<B@=: 4< :0 AC12C4<B0 34 =@34< <B4@4A4A 4< ACA>4<A= ,4<283=A 6C0: >@=2438;84<B= A4 4542BC0@J >0@0 4: @4D4@A= 0 :=A A4A4<B0 3L0A 34 :0A 2C=B0A = 38D834<3=A 34 :=A 2@K38B=A 34 0;=@B8G028M< 6@03C0: 34 :0 20@B4@0 2=;4@280: F 34 D8D84<30 0 :=A ?C8<24 3L0A :0 20@B4@0 34 2=<AC;= F 0 :=A 28<2= 3L0A 4< :0A =>4@028=<4A 34 ;82@=2@K38B=
Ing. Hugo A. Espinosa A. GERENTE GENERAL
Econ. Justo Lanchi Montoya AUDITOR INTERNO
)*%) & ()%$ " * ,% *%* " &(%# %
)*%) %& ( * ,%) * ,% *%* " &(%# %
% (*+( (* ( # (% #&( ) " * ,%) &(% + * ,%) & ) ,%) %$ %)*%
ēŊ -.Ŋ"#Ŋ+.2Ŋ" 3.2Ŋ04#Ŋ 2#Ŋ/("#Ŋ3(#-#Ŋ04#Ŋ5#1Ŋ!.-Ŋ+ Ŋ (-$.1, !(¢-Ŋ/#12.- +Ŋ"#Ŋ 4+( -Ŋ 22 -%#ē
Ĉ
( % )%( %$ )*%) %& ( %$
" ) # ( $ $ $ (%
( $ # $*% %& ( * ,% )% ( * ,% (% ( $ # $*% )% ( & *( #%$ % (%
! $ %$ %) )&%$ " ) *%* " &%) *%)
% (*+( # .%( ) &%) * $* )
% (*+(
# .%( ) &%) * $* )
%(*% &" /%
Lcda. Janeth LojĂĄn CONTADORA GENERAL Registro 27.644
ĔŊ ĹŠÄ› 9ed kdW eh# Z[d `kZ_Y_Wb" [b =eX_[hde Z[ ;;$KK$ [n_]_ÂŒ W Jm_jj[h ZWh Z[jWbb[i ieXh[ bW Yk[djW Z[ M_a_B[Wai o bWi Z[ Wb]kdei Z[ iki fWhj_ZWh_ei" _dYbk_ZW _d\ehcWY_ÂŒd f[hiedWb Z[ ik \kdZWZeh" @kb_Wd 7iiWd][$ BW h[l_ijW [ijWZekd_Z[di[ IWbed jkle WYY[ie [d [nYbk# i_lW W bW ehZ[d `kZ_Y_Wb Z[ kd jh_XkdWb Z[ L_h]_d_W Yed \[# Y^W Z[b '* Z[ Z_Y_[cXh[ o gk[ WfWh[Y[ fkXb_YWZW [d bW f|]_# dW M[X Z[ bW h[l_ijW$ ÆBW [n_ij[dY_W Z[ kdW _d# l[ij_]WY_ÂŒd ]kX[hdWc[djWb i[Yh[jW [ijWZekd_Z[di[ feh [if_edW`[ ieXh[ M_a_B[Wai ^W i_Ze YedĂ’hcWZW feh fh_# c[hW l[p Wb iWb_h W bW bkp f‘# Xb_YW bW Y_jWY_ÂŒd `kZ_Y_WbÇ" WĂ’hcÂŒ M_a_B[Wai [d kd Ye# ckd_YWZe$ BW eh]Wd_pWY_ÂŒd [ij| [d [b fkdje Z[ c_hW Z[b =eX_[hde Z[ ;;$KK$ W hW‡p Z[ bW fkXb_YWY_ÂŒd W Ă’dWb[i Z[ del_[cXh[ Z[ Y_[d# jei Z[ c_b[i Z[ ZeYkc[djei YedĂ’Z[dY_Wb[i h[ZWYjWZei feh Z_fbec|j_Yei XWiWZei [d [c# XW`WZWi [ijWZekd_Z[di[i [d Z_ij_djWi fWhj[i Z[b ckdZe$ M_a_B[Wai i[‹WbÂŒ gk[ bei _dl[ij_]WZeh[i [ijWZekd_Z[d# ĹŠ i[i ^Wd f[Z_# Ze W Jm_jj[h"
ĹŠ.1"#-ĹŠ)4"(!( +ĹŠ Yed i[Z[ [d 2.23(#-#ĹŠ04#ĹŠ+ ĹŠ (-$.1, !(¢-ĹŠ IWd <hWdY_iYe 1#04#1(" ĹŠ#2ĹŠ ÄĄ1#+#5 -3#ĢŊ/ 1 ĹŠ 9Wb_\ehd_W " ÄĄ4- ĹŠ(-5#23(% Äą _d\ehcWY_ÂŒd !(¢-ĹŠ!1(,(- +ĹŠ#-ĹŠ Z[ 7iiWd][ , 1!' Ģē o Wb]kdei Z[ iki fWhj_ZW# h_ei Yece 8hWZb[o CWdd_d]" [b iebZWZe WYkiWZe Z[ i[h bW \k[dj[ Z[ M_a_B[Wai$
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ĉ
ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. ÄŒĹ?
1 %#"( ĹŠ/.1ĹŠ !!("#-3#ĹŠ"#ĹŠ 5(.-#3
4,#-3 ĹŠ-ĂŒ,#1.ĹŠ"#ĹŠ,4#13#2ĹŠ/.1ĹŠ++45( 2
, -/&.šŋ" ,# Ĺ‹ &Ĺ‹ . ,,#4 ,Ĺ‹ 3 ,Ĺ‹ Ĺ‹ ' ,! ( # Ĺ‹/( Ĺ‹ 0#)( . Ĺ‹+/ Ĺ‹ / ,v Ĺ‹& Ĺ‹,/. Ĺ‹ - Ĺ‹& Ĺ‹#-& Ĺ‹ ,# ˜ Ĺ‹ Ĺ‹ ,! ,#. Ĺ‹ Ĺ‹ , -Ä…Ĺ‹#( ),Äš ' ,)(Ĺ‹ / (. -Ĺ‹ Ĺ‹),! (#-')-Ĺ‹ Ĺ‹-) ),,)Ä„
"#2"#ĹŠ!.,(#-9.2ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄ‡ĹŠ2.-ĹŠ8 ĹŠÄŠÄˆÄ‰Ä”ĹŠ,(#-31 2ĹŠ04#ĹŠ#+ĹŠ-ĂŒ,#1.ĹŠ"#ĹŠ" ,-(ÄƒÄą ! ".2ĹŠ2#ĹŠ' ĹŠ#+#5 ".ĹŠ ĹŠ,;2ĹŠ"#ŊĉĔĉĊŊ,(++.-#2ĔŊ(-$.1, 1.-ĹŠ 8#1ĹŠ$4#-3#2ĹŠ'4, Äą -(3 1( 2ĹŠ"#ĹŠ .%.3;Ä“
ĔŊ Ŋěŋ #( )Ĺ‹ /&.)-Ĺ‹'/,# ,)(Ĺ‹3Ĺ‹/( Ĺ‹' (),Ĺ‹ ŋÝýŋ ˜)-Ĺ‹
:ĔŊ ŊŊěŊ .2Ŋ,4#13.2Ŋ/.1Ŋ+ 2Ŋ(-3#-2 2Ŋ++45( 2Ŋ04#Ŋ $#!3 -Ŋ Ŋ .+., ( Ŋ
)&)' # Ĺ‹'#(#'#4 Ĺ‹ & -Ĺ‹Ä’ , 0/ )( -Ä“Ĺ‹ Ĺ‹Ä’Ĺ‹ & )(-)Ĺ‹ ()Ä“Ĺ‹ +ĹŠ%4#11(++#1.ĹŠ -4-!(¢Ŋ04#ĹŠ#+ĹŠ%14/.ĹŠ (-241%#-3#ĹŠ(-3#-2(ă! 1;ĹŠ242ĹŠ !!(.-#2ĹŠ #23#ĹŠ  .Ä“ :ĔŊ ĹŠÄ› ;b =eX_[hde Yebec#
X_Wde j_bZÂŒ Wo[h Z[ ÆXhWlkYe# dWZWiÇ [b c[diW`[ [d [b gk[ [b `[\[ c|n_ce Z[ bWi <k[hpWi 7h# cWZWi H[lebkY_edWh_Wi Z[ 9e# becX_W <7H9 " Ăˆ7b\edie 9WdeÉ" gk_[d WdkdY_ÂŒ bW _dj[di_Ă’YWY_ÂŒd Z[ bWi WYY_ed[i Z[b ]hkfe ]k[hh_# bb[he ZkhWdj[ (&''$ ÆIed XhWlkYedWZWiÇ" WĂ’hcÂŒ [b l_Y[fh[i_Z[dj[ Z[ 9ebecX_W" 7d][b_de =WhpÂŒd" [d bW fh_c[hW h[ifk[ijW Z[b ;`[Ykj_le Z[b fh[# i_Z[dj[ @kWd CWdk[b IWdjei W bW Z[YbWhWY_ÂŒd Z[b b‡Z[h h[X[bZ[" Yedj[d_ZW [d kd l‡Z[e gk[ \k[ Z_\kdZ_Ze [b l_[hd[i feh ?dj[h# d[j$ ;b l‡Z[e \k[ fkXb_YWZe feh bW 7][dY_W Z[ Dej_Y_Wi Dk[lW 9e# becX_W 7ddYeb " Yed i[Z[ [d ;ijeYebce o gk[ ik[b[ Z_lkb]Wh c[diW`[i o cWj[h_Wb[i ieXh[ bWi <7H9$ Æ;d (&'' h[ZeXbWh[cei WYj_# l_ZWZ[i [d jeZe i[dj_Ze Yed be gk[ dei fhefehY_edWd dk[ijhWi
Yedl_YY_ed[i" [b Yk_ZWZe gk[ dei _cfed[ bW [nf[h_[dY_W o [b Wb_[d# je Z[ jeZei bei YW‡ZeiÇ" dej_Ă’YÂŒ [b Z_h_][dj[ ]k[hh_bb[he$ I_d [cXWh]e" Æde Z[`Wh[cei kd iebe _dijWdj[ Z[ bkY^Wh feh bW iebkY_ÂŒd feb‡j_YW Z[b YedĂ“_YjeÇ" W]h[]ÂŒ Ăˆ9WdeÉ" gk[ WiY[dZ_ÂŒ W bW `[\WjkhW Z[ bWi <7H9 W c[Z_WZei Z[ (&&. jhWi bW ck[hj[ Z[ ĂˆCW# dk[b CWhkbWdZWÉ$
-$1#-3 ,(#-3.ĹŠĹŠ "#)¢Ŋ-4#5#ĹŠ ,4#13.2 Ĺ—ĹŠĹŠ -ĹŠ3.3 +ĹŠ"#ĹŠÄŽĹŠ%4#11(++#1.2ĔŊĊŊ ,(+(3 1#2ĹŠ8ĹŠÄˆĹŠ!(5(+ĹŠ,41(#1.-ĹŠ'.8ĹŠ#-ĹŠ4-ĹŠ (-3#-3.ĹŠ"#ĹŠ+ 2ĹŠ 4#19 2ĹŠ 1, " 2ĹŠ #Äą 5.+4!(.- 1( 2ĹŠ"#ĹŠ .+., ( Ŋĸ ĚŊ /.1ĹŠ 3 ! 1ĹŠ4-ĹŠ/4#23.ĹŠ"#ĹŠ .+(!~ ĹŠ"#ĹŠ+ ĹŠ /. + !(¢-ĹŠ!.+., ( - ĹŠ"#ĹŠ -ĹŠ (!#-Äą 3#ĹŠ"#+ĹŠ %4;-ĔŊ#-ĹŠ#+ĹŠ"#/ 13 ,#-3.ĹŠ "#+ĹŠ 04#3;Ŋĸ241Ěē
++.2ĹŠ 3 ! -ĹŠ!.-ĹŠ 3#-Äą 3 ".2ĔŊ!.-ĹŠ,(- 2ĹŠ -Äą 3(/#12.- ĔŊ!.-ĹŠ#7/+.Äą #2#23(, !(.-#2 ;d kdW [djh[l_ijW Yed bW hWZ_e 2(5.2ĔŊ 3 ! -ĹŠ ĹŠ, -2 +5 ĹŠ Xe]ejWdW H9D" [b l_Y[fh[i_Z[d# 8ĹŠ2. 1#ĹŠ2#%41.ĹŠ ĹŠ+ ĹŠ$4#19 ĹŠ j[ =WhpÂŒd Yedi_Z[hÂŒ gk[ ckY^Wi /ĂŒ +(! ĹŠ8ĹŠ ĹŠ+ ĹŠ/. + !(¢-ĹŠ Z[ bWi ÆXhWlkYedWZWiÇ Z[ bei !(5(+ĔŊ/#1.ĹŠ3 , (_-ĹŠ 3 ! -ĹŠ h[X[bZ[i Æied i[dY_bbWc[dj[ WY# !.-ĹŠ!.,4-(! ".2Ģē j_jkZ[i fWhW jhWjWh l[hXWbc[dj[ Z[ Wc[Zh[djWh W bW feXbWY_ÂŒdÇ$ Æ;d [ie WdZWd Z[iZ[ ^WY[ c|i Z[ *+ W‹ei" ^WY_ƒdZeb[ ZW‹e W bW feXbWY_ÂŒdÇ" W]h[]ÂŒ =WhpÂŒd" gk_[d _dl_jÂŒ W iki YecfWjh_ejWi W gk[ Yedieb_Z[d ik Z[h[Y^e b[# ]‡j_ce W l_l_h jhWdgk_bei o fWY‡# Ă’YWc[dj[ W gk[ i[ kdWd Yed [b
ĹŠ
ĹŠ ĹŠ ĹŠ ĹŠ
Ä“ĹŠ 2ĹŠ"#!+ 1 !(.-#2ĹŠ"#+ĹŠ #$#ĹŠ"#ĹŠ+ 2ĹŠ ĹŠ$4#1.-ĹŠ,(-(,(9 " 2ĹŠ/.1ĹŠ 1#/1#2#-3 -3#2ĹŠ"#+ĹŠ . (#1-.ĹŠ!.+., ( -.Ä“
;ijWZe ÆYedjhW jeZWi [ijWi [n# fh[i_ed[i Yh_c_dWb[i" l_eb[djWi" j[hheh_ijWiÇ$ ;b Yedj[d_Ze Z[b c[diW`[ Z[ bWi <7H9 \k[ jWcX_ƒd Yec[djW#
Ze feh [b c_d_ijhe Z[ :[\[diW" HeZh_]e H_l[hW" gk_[d i[‹WbÂŒ gk[ be _cfehjWdj[ [i de YW[h [d [b Æ`k[]e Z[ bei j[hheh_ijWi" gk[ [i YWkiWh j[hhehÇ$
Z!#' (Ĺ‹ Ĺ‹ "60 4Ĺ‹ )( ( Ĺ‹& Ĺ‹ Ä?#($ , ( # Ä‘Ĺ‹ Ĺ‹ (-/&4 ĔŊ ŊŊěŊŊ;b =eX_[hde l[d[#
pebWde YedZ[dÂŒ Wo[h bW Æ_d`[h[d# Y_WÇ o bWi ÆXeY^ehdeiWiÇ Z[YbW# hWY_ed[i Z[b i[Yh[jWh_e ][d[hWb Z[ bW E;7" @eiƒ C_]k[b ?dikbpW" Wb fed[h [d ZkZW gk[ bW B[o >W# X_b_jWdj[ gk[ ZW feZ[h[i [if[Y_W# b[i Wb fh[i_Z[dj[" >k]e 9^|l[p" [ijƒ [d YediedWdY_W Yed bW 9WhjW :[ceYh|j_YW Z[ bW eh]Wd_pWY_ÂŒd$ Æ;b =eX_[hde Z[ bW H[f‘Xb_YW 8eb_lWh_WdW Z[ L[d[pk[bW Yed# Z[dW Z[ bW cWd[hW c|i [dƒh]_YW" bWi XeY^ehdeiWi Z[YbWhWY_ed[i Z[ @eiƒ C_]k[b ?dikbpW ieXh[ Wikdjei Z[ feb‡j_YW _dj[hdW l[d[pebWdW" [d be gk[ Yedij_jko[ kd dk[le" WXki_le o efehjkd_ijW WYje Z[ _d# `[h[dY_W gk[ Z[ifh[ij_]_W W‘d c|i Wb i[Yh[jWh_e ][d[hWbÇ" [dkdY_ÂŒ bW 9WdY_bb[h‡W [d kd Yeckd_YWZe$ ?dikbpW _dZ_YÂŒ gk[" [d ik ef_# d_ÂŒd" de [ij| Æd_ Z[djhe Z[b [i#
f‡h_jk d_ [d bW b[jhWÇ Z[ bW 9WhjW :[ceYh|j_YW [b gk[ Ækd 9ed# ]h[ie gk[ i[ lW fk[ZW WjWhb[ bWi cWdei Wb 9ed]h[ie gk[ bb[]WÇ" [d Wbki_ÂŒd W bW B[o >WX_b_jWdj[ gk[ f[hc_j[ W 9^|l[p ]eX[hdWh feh Z[Yh[je i_d Yedjheb fWhbW# c[djWh_e$ BW 9WdY_bb[h‡W l[d[pebWdW ikXhWoW gk[ ÆbWi Z[iWY[hjWZWi Z[YbWhWY_ed[iÇ Z[ ?dikbpW ieXh[ bW B[o >WX_b_jWdj[ Æi[ fheZkY[d feYWi ^ehWi Z[ifkƒi o [nWYjW# c[dj[ [d bei c_icei jƒhc_deiÇ gk[ bWi [c_j_ZWi feh [b i[Yh[jWh_e Z[ ;ijWZe 7Z`kdje Z[ ;;$KK$ fWhW [b >[c_i\[h_e EYY_Z[djWb" 7hjkhe LWb[dpk[bW$ ;b \kdY_edWh_e [ijWZekd_Z[d# i[ j_bZÂŒ Wo[h Z[ ÆWdj_Z[ceYh|j_# YWÇ bW B[o >WX_b_jWdj[ o WĂ’hcÂŒ gk[ l_ebWXW bW 9WhjW :[ceYh|j_# YW ?dj[hWc[h_YWdW$
;b C_d_ijhe W]h[]ÂŒ gk[ [b c[diW`[ Z[b `[\[ ]k[hh_bb[he Z[`W l[h gk[ [b fW‡i ^W ÆWlWdpWZe ck# Y^eÇ [d bW bkY^W YedjhW [b ]hkfe _dikh][dj[$
' ŋ'#, ŋ" # ŋ& ŋ ! ( , #š(ŋ ŋ '*& ) ĔŊđŊ Ŋĸ ĚŊě BW c_#
^ Ä“ĹŠ +ĹŠ #!1#3 1(.ĹŠ%#-#1 +ĹŠ"#ĹŠ + ĹŠ ĹŠ$4#ĹŠ"41 ,#-3#ĹŠ!4#23(.- ".ĹŠ /.1ĹŠ+ ĹŠ -!(++#1~ ĹŠ5#-#9.+ - Ä“
ĹŠ-.1,
BW B[o >WX_b_jWdj[ \k[ WfheXW# ZW [b fWiWZe '- Z[ Z_Y_[cXh[ feh [b FWhbWc[dje W ieb_Y_jkZ Z[b =eX_[hde fWhW [d\h[djWh bW [c[h][dY_W feh bWi bbkl_Wi gk[ Z[`Whed c|i Z[ ')&$&&& ZWc# d_Ă’YWZei o ). ck[hjei" W c[dei Z[ jh[i i[cWdWi fWhW gk[ i[ _di# jWbWhW bW dk[lW 7iWcXb[W" ZedZ[ [b eĂ’Y_Wb_ice cWdj_[d[ cWoeh‡W WXiebkjW f[he oW de YkWb_Ă’YWZW$ BW dehcW [i Yh_j_YWZW feh bW efei_Y_ÂŒd feh Yedi_Z[hWh gk[ [i Wdj_Yedij_jkY_edWb o gk[ Yedj[c# fbW cWj[h_Wi gk[ de j_[d[d dWZW gk[ l[h Yed bW [c[h][dY_W$
i_ÂŒd \kdZWc[djWb Z[b =eX_[h# de Z[ ;ijWZei Kd_Zei i[h| [ij[ W‹e ÆWY[b[hWh bWi Yed# jhWjWY_ed[i o [b Yh[Y_c_[djeÇ [YedÂŒc_Ye" W\_hcÂŒ Wo[h [b fh[i_Z[dj[ 8WhWYa EXWcW" [d ik WbeYkY_ÂŒd i[cWdWb Z[ bei i|XWZei$ ;b Fh[i_Z[dj[ [ijWZekd_# Z[di[ WbkZ_ÂŒ W bWi Y_\hWi Z[ Z[i# [cfb[e ZWZWi W YedeY[h [ij[ l_[hd[i" gk[ _dZ_YWd gk[ i[ Yh[Whed [d Z_Y_[cXh[ '&)$&&& fk[ijei Z[ jhWXW`e o [b ‡dZ_Y[ Z[ Z[i[cfb[e YWoÂŒ Z[b /". feh Y_[dje Wb /"* feh Y_[dje" fWhW Wi[]khWh gk[ bWi f[hif[Yj_lWi Z[ Yh[Y_c_[dje ied Æc|i efj_# c_ijWiÇ [ij[ W‹e$ 7jh_XkoÂŒ [ijWi f[hif[Y# j_lWi [d fWhj[ Wb febƒc_Ye WYk[hZe Yed bei h[fkXb_YW# dei" Yedl[hj_Ze [d b[o [d Z_Y_[cXh[" fWhW fhehhe]Wh Zei W‹ei c|i bei h[Yehj[i Z[
_cfk[ijei WfheXWZei ZkhWdj[ [b =eX_[hde Z[ =[eh][ M$ 8ki^$ ;iei h[Yehj[i" WfkdjÂŒ" h[fh[# i[djWh|d c_b ZÂŒbWh[i c|i [d [b Xebi_bbe Z[ kdW j‡f_YW \Wc_b_W [ijWZekd_Z[di[" c_[djhWi gk[ ZeY[ c_bbed[i Z[ \Wc_b_Wi fe# Zh|d Z[i]hWlWhi[ c_b ZÂŒbWh[i feh ^_`e" [djh[ ejhei Wif[Yjei$ ÆBkY^ƒ feh [i[ WYk[hZe feh# gk[" Wkdgk[ dei [ijWcei h[Yk# f[hWdZe" i_cfb[c[dj[ gk[ZW W‘d ckY^e jhWXW`e feh ^WY[h$ BW h[Y[i_ÂŒd iWYkZ_ÂŒ bei Y_c_[d# jei Z[ bW [Yedec‡W o Z[`ÂŒ ckY^W Z[ijhkYY_ÂŒd o ZkZWi W ik fWieÇ" Z[ijWYÂŒ$ ;b Z_iYkhie Z[ EXWcW i[ fhe# ZkY[ Wf[dWi ^ehWi Z[ifkƒi Z[ gk[ [ij[ l_[hd[i WdkdY_WhW kd dk[le b‡Z[h fWhW ik [gk_fe [Ye# dÂŒc_Ye" =[d[ If[hb_d]" gk_[d h[# f[j_h| Yece Z_h[Yjeh Z[b 9edi[`e DWY_edWb ;YedÂŒc_Ye" kd YWh]e gk[ eYkfÂŒ ZkhWdj[ [b cWdZWje Z[ 8_bb 9b_djed '//)#(&&' $
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
ÄŠ
REPĂšBLICA DEL ECUADOR SUPERINTENDENCIA DE BANCOS Y SEGUROS INTENDENCIA NACIONAL DE INSTITUCIONES FINANCIERAS
ENTIDAD: COOPERATIVA “23 DE JULIO� LTDA.
CODIGO OFICINA: 1121
OFICINA EN: CAYAMBE
ESTADO DE PÉRDIDAS Y GANANCIAS CONSOLIDADO Y CONDENSADO (En USD dólares)
BALANCE CONSOLIDADO Y CONDENSADO (En unidades de dĂłlar)
ÄĽ ÄŚÄ“ĹŠ #ĹŠ31 3 ĹŠ"#ĹŠ(-(!( 3(Äą 5 2ĹŠ/ 1 ĹŠ04#ĹŠ2#ĹŠ"(2#Â #ĹŠ4- ĹŠ/.+~3(! ĹŠ / 1 ĹŠ+4!' 1ĹŠ!.-31 ĹŠ+ 2ĹŠ31 -2$.1, Äą !(.-#2ĹŠ!+(,;3(! 2Ä“
Ä’ ! & (Ä“Ĺ‹ *,)*/ -. -Ĺ‹ ' # (. & ĹŠ ĔŊ ěŊ7cX_[djW# b_ijWi iWblWZeh[‹ei Z[`Whed [b :‡W Z[ H[o[i , Z[ [d[he i[_i YW`Wi Z[ h[]Wbe \h[dj[ W bW 9WiW Fh[i_Z[dY_Wb" bWi YkWb[i h[fh[i[djWd bei Yecfed[d# j[i Z[ kdW fhefk[ijW fWhW gk[ [b =eX_[hde Z[ [ij[ fW‡i Z_i[‹[ kdW feb‡j_YW dWY_edWb Z[ij_dWZW W [d\h[djWh [b YWc# X_e Yb_c|j_Ye$ ÆL[d_cei W bW 9WiW Fh[i_# Z[dY_Wb [d [b cWhYe Z[b :‡W Z[ bei H[o[i W [djh[]Whb[ i_c# XÂŒb_YWc[dj[ [ijei f[gk[‹ei h[]Wbei" f[he Yed Yedj[d_Zei gk[ ied Yecfed[dj[i Z[ bW fhefk[ijW fWhj_Y_fWj_lW gk[ fh[i[djWcei [b ') Z[ eYjkXh[ Z[b W‹e fWiWZe o Z[ bW YkWb de ^[cei eXj[d_Ze h[ifk[ijWÇ" Z_`e 9Wheb_dW CWoW" kdW Z[ bWi Z[b[]WZWi Z[ bW 9WcfW‹W C[ieWc[h_YWdW Z[ @kij_Y_W 9b_c|j_YW$
DESCRIPCION
TOTAL
11 1101 1102 1103 1104 1105 12 13 1301 1302 1303
FONDOS DISPONIBLES Caja DepĂłsitos para encaje Bancos y otras instituciones financieras Efectos de cobro inmediato Remesas en trĂĄnsito OPERACIONES INTERBANCARIAS INVERSIONES Para negociar de entidades del sector privado Para negociar del estado o de entidades del sector pĂşblico Disponibles para la venta de entidades del sector privado
1304 1305 1306 1307 1399 14 1401 140105,10,15 140120 140125 1402 140205,10,15 140220 140225 1403 140305,10,15 140320 140325 1404 140405,10,15 140420 140425 1405 1406 1407 1408 1411 1412 1413 1414 1415 1416 1417 1418 1421 1422 1423 1424 1425 1426 1427 1428 1499 15 16 17 18 19 1901
Disponibles para la venta del estado o de entidades del sector pĂşblico Mantenidas hasta el vencimiento de entidades del sector privado Mantenidas hasta el vencimiento del estado o de entidades del sector pĂşblico De disponibilidad restringida (ProvisiĂłn para inversiones) CARTERA DE CRÉDITOS Cartera de crĂŠditos comercial por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de consumo por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de vivienda por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos para la microempresa por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos comercial reestructurada por vencer Cartera de crĂŠditos de consumo reestructurada por vencer Cartera de crĂŠditos de vivienda reestructurada por vencer Cartera de crĂŠditos para la microempresa reestructurada por vencer Cartera de crĂŠditos comercial que no devenga intereses Cartera de crĂŠditos de consumo que no devenga intereses Cartera de crĂŠditos de vivienda que no devenga intereses Cartera de crĂŠditos para la microempresa que no devenga intereses Cartera de crĂŠditos comercial reestructurada que no devenga intereses Cartera de crĂŠditos de consumo reestructurada que no devenga intereses Cartera de crĂŠditos de vivienda reestructurada que no devenga intereses Cartera de crĂŠditos para la microempresa reestructurada que no devenga intereses Cartera de crĂŠditos comercial vencida Cartera de crĂŠditos de consumo vencida Cartera de crĂŠditos de vivienda vencida Cartera de crĂŠditos para la microempresa vencida Cartera de crĂŠditos comercial reestructurada vencida Cartera de crĂŠditos de consumo reestructurada vencida Cartera de crĂŠditos de vivienda reestructurada vencida Cartera de crĂŠditos para la microempresa reestructurada vencida (Provisiones para crĂŠditos incobrables) DEUDORES POR ACEPTACIONES CUENTAS POR COBRAR B. REAL. ADJ. PAGO, ARREN. MERC. Y NO UTILIZADOS ENTIDAD PROPIEDADES Y EQUIPO OTROS ACTIVOS Inversiones en acciones y participaciones
1902..1990 1999
Otras cuentas de “otros activosâ€? (ProvisiĂłn para otros activos irrecuperables)
1
TOTAL DEL ACTIVO
CODIGO
5,836,817.14 996,621.97 0.00 4,591,685.35 248,121.00 388.82 0.00 2,920,144.22 0.00 0.00 2,920,144.22 0.00 0.00 0.00 0.00 0.00 49,472,200.89 1,127,881.19 226,834.34 200,774.36 700,272.49 19,964,212.66 4,333,417.29 3,948,241.81 11,682,553.56 6,758,999.29 685,921.28 667,543.86 5,405,534.15 22,160,302.40 5,944,584.54 4,571,701.96 11,644,015.90 0.00 0.00 0.00 0.00 23,649.91 467,931.62 167,714.48 780,370.96 0.00 0.00 0.00 0.00 3,583.35 274,278.01 29,292.98 610,500.96 0.00 0.00 0.00 0.00 -2,896,516.92 0.00 494,036.56 0.00 1,874,200.40 347,418.44 176,289.48
DESCRIPCION
TOTAL
21 2101 2102 2103 210305 210310 210315 210320 210325 210330 2104 2105 22
OBLIGACIONES CON EL PĂšBLICO DepĂłsitos a la vista Operaciones de reporto DepĂłsitos a plazo De 1 a 30 dĂas De 31 a 90 dĂas De 91 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 361 dĂas DepĂłsitos por confirmar DepĂłsitos de garantĂa depòsitos restringidos OPERACIONES INTERBANCARIAS
23
OBLIGACIONES INMEDIATAS
24
ACEPTACIONES EN CIRCULACION
25
CUENTAS POR PAGAR
1,947,439.52
26
OBLIGACIONES FINANCIERAS
3,484,091.86
27
VALORES EN CIRCULACION
28
OBLIG. CONV. ACCIONES Y AP. FUTURAS CAP.
29
OTROS PASIVOS
2
TOTAL DEL PASIVO
31 3101 3102 3103 32 33 3301 3302 3303 3304 3305 3310
CĂ“DIGO
43,013,660.63 27,238,130.15 0.00 15,624,970.78 4,640,553.63 4,738,008.75 4,203,311.90 1,966,813.69 76,282.81 0.00 0.00 150,559.70 0.00
DESCRIPCIĂ“N
PARCIAL
INGRESOS FINANCIEROS 51
Intereses y descuentos ganados
52
Comisiones ganadas
53
Utilidades financieras
0.00
54
Ingresos por servicios
135,969.83
0.00
41
Intereses causados
0.00
42
Comisiones causadas
0.00
43
PĂŠrdidas financieras
0.00
EGRESOS FINANCIEROS
1,669,063.71 1,669,063.71
MARGEN BRUTO FINANCIERO
6,890,425.40
OTROS INGRESOS Y GASTOS OPERACIONALES
-3,678,835.02
0.00 0.00 60,193.36
INGRESOS OPERACIONALES
BWi eh]Wd_pWY_ed[i WcX_[d# jWb_ijWi fhefed[d gk[ bW fe# b‡j_YW dWY_edWb fheck[lW [b kie Z[ [d[h]‡W iebWh" Z[iW# hhebb[ kdW ][ij_ÂŒd ikij[djW# Xb[ Z[b W]kW" Wfeo[ kdW h[# \ehcW W]hWh_W _dj[]hWb" [l_j[ bW [hei_ÂŒd Z[ bei [Yei_ij[cWi" _cfkbi[ [b ehZ[dWc_[dje j[# hh_jeh_Wb o \Wleh[pYW bW Yedi# jhkYY_ÂŒd Z[ kd i_ij[cW Z[ Y_kZWZ[i ikij[djWXb[i$ ÆB[ f[Z_cei Z[ cWd[hW [if[Y_Wb Wb fh[i_Z[dj[ 9Whbei <kd[i gk[ h[]Wb[ Wb fk[Xbe iWblWZeh[‹e [ijW fhefk[ijW gk[ j_[d[ Yecfed[dj[i gk[ c_d_c_pWd bei [\[Yjei Z[b YWcX_e Yb_c|j_Ye o gk[" Z[ YedYh[jWhi[" [ijWh‡Wcei _di# j_jkY_edWb_pWdZe bWi feb‡j_YWi f‘Xb_YWi fWhW ^WY[h c[dei i[l[hei bei [\[Yjei Z[b YWcX_e Yb_c|j_YeÇ" ieijkle CWoW$
CAPITAL SOCIAL Capital pagado (Acciones en tesorerĂa) Aportes de socios PRIMA O DESCUENTO EN COLOCACION ACCIONES
2,607,939.72 0.00 0.00 2,607,939.72 0.00
RESERVAS Legales Generales Especiales Reserva para readquisiciĂłn de acciones propias RevalorizaciĂłn del patrimonio Por resultados no operativos
6,586,481.61 2,619,601.16 0.00 3,107,094.71 0.00 859,785.74 0.00
34
OTROS APORTES PATRIMONIALES
35
SUPERAVIT POR VALUACIONES
36 3601 3602 3603 3604
RESULTADOS Utilidades o excedentes acumulados (PĂŠrdidas acumuladas) Utilidad del ejercicio (PĂŠrdida del ejercicio)
3 5
TOTAL DEL PATRIMONIO INGRESOS
10,753,622.41 9,261,458.24
TOTAL GENERAL DE PASIVO, PATRIMONIO E INGRESOS
68,520,466.02
55
0.00 0.00 0.00 0.00 0.00
TOTAL CUENTAS CONTINGENTES
7
TOTAL CUENTAS DE ORDEN
Gastos de operaciĂłn
46
Otras pĂŠrdidas operacionales
7,575,648.37 68,520,466.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
71 7103 7105 7106 74 7402 7403 7404
ANEXO CUENTAS DE ORDEN DEUDORAS Activos castigados Operaciones activas con empresas vinculadas Operaciones activas con entidades del grupo financiero Otras cuentas de orden deudores ACREEDORAS Operaciones pasivas con empresas vinculadas Operaciones pasivas con empresas subsidiarias y afiliadas DepĂłsitos y otras captaciones no cubiertas por la AGD Otras cuentas de orden acreedoras
8,809,006.95 259,559.71 0.00 0.00 8,549,447.24 166,354,239.37 0.00 0.00 0.00 166,354,239.37
3,211,590.38
PROVISIONES, DEPRECIACIONES Y AMORTIZACIONES
1,163,086.44
44
Provisiones
942,777.21
4505
Depreciaciones
195,464.09
4506
Amortizaciones
24,845.14
MARGEN OPERCIONAL NETO
2,048,503.94
INGRESOS Y GASTOS NO OPERACIONALES 56
Otros ingresos
47 + 4890
Otros gastos y pĂŠrdidas
4810
ParticipaciĂłn trabajadores
4890
Impuesto INNFA
628,349.29 631,354.88 3,005.59 2,676,853.23 401,527.99
UTILIDAD ANTES DE IMPUESTOS INNFA
BASE IMPONIBLE IMPUESTO A LA RENTA 4815
0.00
PATRIMONIO TÉCNICO PRIMARIO DESCRIPCIÓN Capital social Prima en colocación de acciones Reservas legales Reservas generales Reservas para futuras Capitalizaciones Otros aportes patrimoniales Utilidades o excedentes acumulados – saldos auditados PÊrdidas acumuladas – saldos auditados PrÊstamo subordinado Aportes para futura capitalización
A
TOTAL PATRIMONIO TECNICO PRIMARIO
CÓDIGO 2801 2803 3303 3305 3310 35 3601 3602 3603 3604 5–4
DESCRIPCIĂ“N Obligaciones convertibles en acciones deuda subordinada a plazo Reservas especiales Reservas por revalorizaciĂłn del patrimonio 45% reservas por resultados no operativos 45 % superĂĄvit por valuaciones Utilidades o excedentes acumulados PĂŠrdidas acumuladas Utilidad del ejercicio PĂŠrdida del ejercicio Ingresos menos gastos
Impuesto a la renta
589,515.37
CAPITAL: VALOR 2,607,939.72 2,619,601.16 0 3,107,094.71 0 0 0 0 0
SOLVENCIA
1613 B
TOTAL PATRIMONIO TECNICO SECUNDARIO
C = A+B (**)
PATRIMONIO TECNICO TOTAL
MENOS El capital asignado a una sucursal o agencia en el exterior. Los requerimientos de patrimonio tĂŠcnico de las entidades que de acuerdo con las disposiciones vigentes asĂ lo requieran. El valor patrimonial proporcional de aquellas entidades que no requieren de la conformaciĂłn de un patrimonio tĂŠcnico. Inversiones en otras instituciones del sistema financiero, que las conviertan en subsidiaria o afiliada de dicha instituciĂłn. Los saldos registrados en la cuenta 1611 “Anticipo para adquisiciĂłn de accionesâ€?, cuando correspondan a inversiones en acciones, anticipos en la capitalizaciĂłn o constituciĂłn de compaĂąĂas subsidiarias o afiliadas. D DEDUCCIONES AL PATRIMONIO TECNICO TOTAL 0 E=C-D PATRIMONIO TECNICO CONSTITUIDO ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO Activos ponderados con 0.00 Activos ponderados con 0.10 Activos ponderados con 0.20 Activos ponderados con 0.40 Activos ponderados con 0.50 Activos ponderados con 1.00 TOTAL ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO
LCDO. EDUARDO AGUIRRE GERENTE GENERAL
517.89
23.44%
18.49%
47.07%
31.53%
a)PATRIMONIO TECNICO CONSTITUIDO /
b)PATRIMONIO SECUNDARIO VS. PATRIMONIO PRIMARIO a) MOROSIDAD BRUTA TOTAL
4.50%
3.95%
b) MOROSIDAD CARTERA COMERCIAL
2.36%
2.51%
c) MOROSIDAD CARTERA CONSUMO
VALOR
MANEJO ADMINISTRATIVO:
2.48% 4.99%
f) PROVISIONES/(CARTERA CRED.IMPROD.)
122.87%
135.24%
g) COBERTURA DE LA CARTERA COMERCIAL
174.25%
155.29%
0.00 0.00 0.00 0.00 3,343,927.22 48,945,215.99 52,289,143.21
4,706,022.89 7,551,478.41 2,437,792.71
LCDO. IVAN BENAVIDES AUDITOR INTERNO
140.11%
146.33%
121.47%
109.96%
132.57%
a) ACTIVOS PRODUCTIVOS/PASIVOS CON COSTO
124.76%
117.95%
b) GRADO DE ABSORCION = Gastos operacionales
66.75%
76.11%
c) Gastos de personal / Activo total promedio
3.64%
2.75%
7.70%
5.74%
RENTABILIDAD:
a) RENDIMIENTO OPERATIVO SOBRE ACTIVO - ROA:
3.27%
1.74%
b) RENDIMIENTO SOBRE PATRIMONIO - ROE:
17.20%
11.20%
LIQUIDEZ:
a) FONDOS DISPONIBLES/TOTAL DEPOSITOS A
15.94%
19.69%
144.65%
224.28%
91.83%
163.30%
CORTO PLAZO b) COBERTURA 25 MAYORES DEPOSITANTES (**)
c) COBERTURA 100 MAYORES DEPOSITANTES ( **)
12,257,501.30
138.96%
I) COBERTURA DE LA CARTERA DE VIVIENDA J) COBERTURA DE LA CARTERA DE MICROEMPRESA
d) Gastos Operativos / Activo total promedio
0 0 0 0 3,922,865.71
3.44%
2.83% 5.91%
/ margen financiero:
675,629.61
12,257,501.30
3.58%
d) MOROSIDAD CARTERA VIVIENDA e) MOROSIDAD CARTERA MICROEMPRESA
h) COBERTURA DE LA CARTERA DE CONSUMO 859,785.74 0 701,640.49 0 0 1,685,809.87
POSICIĂ“N, REQUERIMIENTO Y RELACION DE PATRIMONIO TECNICO PATRIMONIO TECNICO REQUERIDO EXCEDENTE O DEFICIENCIA DE PATRIMONIO TECNICO REQUERIDO ACTIVOS TOTALES Y CONTINGENTES x 4%
SECTOR
621.92%
ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO
MAS
Deficiencia de provisiones, amortizaciones y depreciaciones PĂŠrdidas activadas que fueren detectadas a travĂŠs de auditorĂas de la propia entidad, de la Superintendencia de Bancos o de las auditorĂas externas y el valor de los aumentos de capital realizados contraviniendo las disposiciones del artĂculo 125 de la CodificaciĂłn de la Ley General de Instituciones del Sistema Financiero. Dividendos pagados por anticipado
INSTITUCION a) COBERTURA PATRIMONIAL DE ACTIVOS
8,334,635.59
(ProvisiĂłn general para cartera de crĂŠditos)
589,515.37 1,685,809.87
INDICADORES FINANCIEROS
0 0
PATRIMONIO TÉCNICO SECUNDARIO
0.00 2,275,325.24
NOTA TÉCNICA: El saldo de resultados del ejercicio corresponde a la diferencia de los elementos 5 y 4, sin que implique la liquidación de las referidas cuentas.
CALIDAD DE ACTIVOS: PlusvalĂa mercantil Descuento en colocaciĂłn de acciones
401,527.99 2,275,325.24
0.00
RESULTADOS DESPUÉS DE IMPUESTOS Y TRABAJADORES
MENOS
G = F x 9% H=E-G
0.00
UTILIDAD ANTES DE IMPUESTOS Y PARTICIPACIONES
175,163,246.32
190530 3202
F
3,749,449.27 3,749,449.27
MARGEN OPERACIONAL ANTES PROVISIONES
RELACIÓN ENTRE EL PATRIMONIO TÉCNICO TOTAL Y LOS ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO (EN U.S. DÓLARES)
MENOS:
70,614.25
EGRESOS OPERACIONALES 45 - 4505 - 4506
0.00 1,559,201.08
Otros ingresos operacionales
60,944,817.65
6
149930 (valor absoluto)
70,614.25
48,505,385.37
178,106.92 -6,977.96
4 GASTOS TOTAL GENERAL DEL ACTIVO Y GASTOS 64 ACREEDORAS 6401 Avales 6402 Fianzas y garantĂas 6403 Cartas de crĂŠdito 6404 CrĂŠditos aprobados no desembolsados 6405 Compromisos futuros 6406 TĂtulos y documentos emimitos por mercaderĂas recibidas 6407 Compras a futuro en moneda nacional 6408 Ventas a futuro en moneda extranjera 6409 Obligaciones en opciones 6410 Obligaciones por operaciones swap 6411 Otras operaciones a futuro 6490 Otras cuentas contingentes acreedoras
CĂ“DIGO 31 3201 3301 3302 330310 34 3601 3602 2608 2802
8,404,623.77 18,895.51
CONFORMACIÓN DEL PATRIMONIO TÉCNICO TOTAL
+ĹŠ/#"(".
TOTAL 8,559,486.11
NO TAS TÉC NI CAS: La cartera comercial vencida se registra en la respectiva cuenta a los 30 dĂas que el documento se venciĂł y los intereses y comisiones ganados y no cobrados se reversan de las cuentas de resultados a los 30 dĂas y se registran para efectos de control en una cuenta de orden. Para el caso de cuotas o dividendos de la cartera comercial y de vivienda vencidas, con garantĂa hipotecaria, se transfieren a la cuenta correspondiente de vencido a los 60 dĂas posteriores a la fecha de vencimiento de la operaciĂłn, sin perjuicio del cobro de los intereses de mora correspondientes. La cartera de consumo se registrarĂĄn los saldos en cartera vencida a los quince de ser exigibles; y, las operaciones de microcrĂŠdito, a los cinco dĂas. Los intereses y comisiones se reversan por no haber sido cancelados dentro de los 30 dĂas posteriores a su exigibilidad de pago, se registrarĂĄn, para efectos de control, en la subcuenta de orden 710605 “Intereses en suspenso - Vencidos. Igual procedimiento se efectuarĂĄ para el reverso a los 60 dĂas, de las cuotas o dividendos de los crĂŠditos de amortizaciĂłn gradual de la cartera comercial y de vivienda; a los quince (15) dĂas la cartera de consumo; y, a los cinco (5) dĂas en las operaciones de microcrĂŠdito.
DRA. SAYRA PONCE CONTADORA GENERAL REGISTRO 32221
AR/14056/
CODIGO
AĂ‘O: 2010 MES: 11 DIA: 30
Ä Ä€
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?Ĺ?
#1(#ĹŠ2. 1#ĹŠ #7.1!(2,.2ĹŠ
&ŋ ( &ŋ #- )0 ,3ŋ " (( &ŋ -.6ŋ )& ), ( )ŋ )(ŋ &ŋ .# ()ŋ (ŋ& ŋ & Ě ), #š(ŋ ŋ/( ŋ- ,# ŋ ŋ . & 0#-#š(ŋ-#(ŋ*, (. -ŋ -) , ŋ&)-ŋ -)-ŋ, & -ŋ+/ ŋ " ŋ#(0 -.#! )ŋ& ŋ !& -# ŋ .š&# ŋ ŋ*)- -#)( -ŋ ')(v -ŋ3ŋ 2), #-')-ąŋ - !Ä(ŋ#( ),'šŋ& ŋ*/ &# Ě #š(ŋ (-# ŋ Ąŋ &ŋ- ,# Ě )ŋ- ŋ ()'#( ,6ŋĒ " ŋ 2), #-.ŋð& -ēĄŋ ' ! (ŋ ŋ & ŋ .,#4ŋ #( ŋ & #,ŋ (ŋ& ŋ * &v /& ŋĒ &ŋ 2), #-. ēĄ
ĔŊ Ŋ Ŋ
-9 -ĹŠ2#%4-".ĹŠ2#-!(++.ĹŠ
ŊěŊ;b jh‡e Yed\ehcWZe feh 7b[n KXW]e" @eh][
L_bbWc_pWh o B[dW 8kha[ fh[i[djÂŒ [b l_[hd[i ĂˆBW YWd# Y_ÂŒd Z[b f[iYWZeÉ" i[]kdZe j[cW Z[ ik fh_c[h Z_iYe YebWXehWY_ÂŒd j_jkbWZe Ăˆ7b[n" @eh][ o B[dWÉ$ :[ WYk[hZe Yed ik i[bbe Z_iYe]h|Ă’Ye" [b Yehj[ [iYh_je feh L_bbWc_pWh [i WkjeX_e]h|Ă’Ye o h[bWjW kd cko Z[i[WZe [dYk[djhe [djh[ [b Whj_ijW o kdW ÆWc_]WÇ gk[ ƒb f[diWXW gk[ i[h‡W kdW Y_jW hec|dj_YW o j[hc_dÂŒ i_[dZe kdW kd_ÂŒd fWhW Yecfed[h [ij[ j[cW$ ĹŠ
, ) ".1ĹŠ (3(-#1 -3#ĹŠ ŊěŊ +ĹŠ! -3 -3#ĹŠ "#ĹŠ Äœ ĹŠ2#-#% +_2ĹŠ +(.4-#ĹŠ " 1 ĹŠ '( ,ĔŊ ,;2ĹŠ!.-.!(".ĹŠ!.,.ĹŠ *.-ĔŊ- !(.- +(9 ".ĹŠ #23 ".4-("#-2#ĔŊ' ĹŠ2(".ĹŠ -., 1 ".ĹŠ#, ) ".1ĹŠ (3(-#1 -3#ĹŠ"#ĹŠ #-#% +ĹŠ /.1ĹŠ#+ĹŠ/1#2("#-3#ĹŠ"#+ĹŠ / ~2ĔŊ ".4+ 8#ĹŠ "#ĔŊ (-$.1,¢Ŋ#+ĹŠ . (#1-.ĹŠ#-ĹŠ 4-ĹŠ!.,4-(! ".Ä“ĹŠ
ĹŠ Ä“ĹŠ ĹŠ
7!4+/ ".ĹŠ
Ŋ: ŊěŊ;b `k[p HeX[hj
F[hho [nYkbfÂŒ [ijW i[cWdW Wb WXe]WZe o [n del_e Z[ 7ddW D_Yeb[ Ic_j^" Z[ bei YWh]ei Z[ Yedif_hWY_ÂŒd fWhW _dZkY_h W bW [n Y^_YW FbWoXeo W bW WZ_YY_ÂŒd W bei \|hcWYei gk[ b[ YWkiWhed bW ck[hj[$ BW Z[Y_i_ÂŒd Z[b cW]_ijhWZe bb[]ÂŒ Zei c[i[i Z[ifkƒi Z[ gk[ [b `khWZe Z[b YWie Z[YbWhWhW Ykb# fWXb[ W Ij[hd o W bW gk[ \k[hW fi_gk_WjhW Z[ Ic_j^" A^h_ij_# d[ ;hei^[l_Y^" Z[ iWbjWhi[ bW b[o fWhW fhel[[h W bW ceZ[be i[ZWdj[i o ef_|Y[ei$ ĹŠĹŠ
1#2#-3 ĹŠ % $ 2 #2/#!( +#2ĹŠ
ĹŠ ĹŠ
^ Ä“ĹŠ % ĹŠ$4#ĹŠ+ ĹŠ! -3 -3#ĹŠ04#ĹŠ,;2ĹŠ"(.ĹŠ"#ĹŠ04_ĹŠ' + 1ĹŠ#-ĹŠÄ‰Ä‡ÄˆÄ‡ĹŠ/.1ĹŠ242ĹŠ#231 , ¢3(!.2ĹŠ 34#-".2Ä“ĹŠ
ĹŠ2(-%4+ 1ĹŠ! -3 -3#ĹŠ#23 ".4-("#-2#ĹŠ /1#2#-3 ĹŠ4- 2ĹŠ% $ 2ĹŠ"#ĹŠ2.+ĹŠ04# /#1,(3#-ĹŠ3., 1ĹŠ$.3.%1 $~ 2Ä“
ĹŠ: ĔŊ ĹŠÄ› BW fefkbWh _d# c|i Z[ i[h" i[]‘d Yec[djÂŒ =W]W" jƒhfh[j[ Z[ ĂˆFea[h \WY[É fh[i[djÂŒ" Æcko kj_b_pWXb[iÇ$ [d bW \[h_W 9edikc[h ;b[Yjhed_Yi Bei b[dj[i [ijWh|d [gk_fWZei I^em 9;I Z[ BWi L[]Wi ;;$ Yed kdW fWdjWbbW B;: Z[ '"+ fkb# KK$ " kd dk[le ceZ[be Z[ ]W\Wi ]WZWi gk[ i[hl_h| fWhW h[fheZk# Z[ ieb gk[ f[hc_j[d jecWh \eje# Y_h bWi _dijWdj|d[Wi$ Ejhe Z[ bei Whj_bk]_ei gk[ c|i ]hW\‡Wi o h[fheZkY_hbWi [d iki b[dj[i" i[]‘d _d\ehcÂŒ [b Z_Wh_e _dj[hƒi Z[if[hjÂŒ [d [b WYje Z[ Fe# J^[ MWi^_d]jed Feij$ bWhe_Z \k[ kdW _cfh[iehW BWZo =W]W" gk_[d Z[iZ[ ĹŠ fehj|j_b" Z[b jWcW‹e Z[ fh_dY_f_ei Z[ (&'& eij[djW kdW cWde" YWfWp Z[ fWiWh [b j‡jkbe Z[ Z_h[YjehW Yh[Wj_# W fWf[b" Yed kdW Z_c[d# lW Z[ bW [cfh[iW FebWhe_Z" ĹŠ(,/1#2.1 ĹŠ++#Äą i_ÂŒd c|n_cW Z[ ) n * Y[d# % 1;ĹŠ ĹŠ+ 2ĹŠ3(#-Äą WYkZ_ÂŒ feh i[]kdZe W‹e " 2ĹŠ#-ĹŠ, 8.ĹŠ!.-ĹŠ j‡c[jhei" bWi \eje]hW\‡Wi Yedi[Ykj_le W 9;I fWhW 4-ĹŠ/1#!(.ĹŠ"#ĹŠ jecWZWi Yed Y|cWhWi Z[ ĹŒÄˆÄŽÄ‡Ä“ĹŠ fheceY_edWh bWi del[ZWZ[i \ejei [gk_fWZWi Yed i_ij[# Z[ bW YecfW‹‡W \eje]h|Ă’YW$ cW 8bk[jeej^$ Æ;ij[ fheZkYje h[lebkY_edWh| YÂŒce i[ l[d bWi \ejei$ Jki _c|#
ĹŠ-.5#" " BWi ]W\Wi iWbZh|d Wb c[hYWZe W ][d[i de ceh_h|d dkdYW c|i [d Ă’dWb[i Z[ (&'' W kd fh[Y_e W‘d jk j[bƒ\ede cÂŒl_b e [d jk Y|cWhW feh Z[j[hc_dWh o f[hc_j_h|d Wb Z_]_jWbÇ" [nfb_YÂŒ bW YWdjWdj[" gk[ kikWh_e _dcehjWb_pWh [d _c|][# i[ ceijhÂŒ [if[Y_Wbc[dj[ [djk# d[i Wgk[bbe gk[ [ijƒ l_[dZe WZ[# i_WijW Yed [ij[ Z_ifei_j_le$
ÂĄ Ä“ĹŠ ĹŠ 13(23 ĹŠ,(#-31 2ĹŠ " ĹŠ ĹŠ!.-.!#1ĹŠ242ĹŠ% $ 2ĹŠ#2/#!( +#2Ä“ĹŠ
ŏĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
āā
$$% ' ) + G )*#) &* I !)
)*#) &*
$# $( (%$# ! ( .7.
2<P?6@;? <.>. 2:0.72
.:0;? E ;@>.? 6:?@6@A06;:2? 36:.:062>.? 320@;? 12 0;/>; 6:9216.@; '292?.? 2: @>L:?6@;
$% ' $# ( #) ' # ' ( #+ '( $# ( %.>. :24;06.> 12 2:@61.12? 128 ?20@;> <>6B.1;
%.>. :24;06.> 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
6?<;:6/82? <.>. 8. B2:@. 12 2:@61.12? 128 ?20@;> <>6B.1; 6?<;:6/82? <.>. 8. B2:@. 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
".:@2:61.? 5.?@. 28 B2:06962:@; 12 2:@61.12? 128 ?20@;> <>6B.1;
".:@2:61.? 5.?@. 28 B2:06962:@; 128 2?@.1; ; 12 2:@61.12? 128 ?20@;> <R/860;
2 16?<;:6/6861.1 >2?@>6:461.
%>;B6?6P: <.>. 6:B2>?6;:2?
') ' ' )$(
.>@2>. 12 0>M16@;? 0;92>06.8 <;> B2:02>
2 . 1N.?
2 . 1N.?
2 9L? 12 1N.?
.>@2>. 12 0>M16@;? 12 0;:?A9; <;> B2:02> 2 . 1N.? 2 . 1N.? 2 9L? 12 1N.?
.>@2>. 12 0>M16@;? 12 B6B62:1. <;> B2:02> 2 . 1N.? 2 . 1N.? 2 9L? 12 1N.? .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. <;> B2:02>
2 . 1N.?
2 . 1N.? 2 9L? 12 1N.? .>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. <;> B2:02>
.>@2>. 12 0>M16@;? 0;92>06.8 =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 0;:?A9; =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 B6B62:1. =A2 :; 12B2:4. 6:@2>2?2? .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. =A2 :; 12B2:4. 6:@2>2?2?
.>@2>. 12 0>M16@;? 0;92>06.8 B2:061.
.>@2>. 12 0>M16@;? 12 0;:?A9; B2:061. .>@2>. 12 0>M16@;? 12 B6B62:1. B2:061. .>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. B2:061. .>@2>. 12 0>M16@;? 0;92>06.8 >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? 12 0;:?A9; >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? 12 B6B62:1. >22?@>A0@A>.1. B2:061.
.>@2>. 12 0>M16@;? <.>. 8. 960>;29<>2?. >22?@>A0@A>.1. B2:061.
%>;B6?6;:2? <.>. 0>M16@;? 6:0;/>./82?
* $' ( %$' %) $# ( * #) ( %$' $ ' ' ' ! % $ '' # " ' - #$ *) ! . $( #) %'$% ( - &* %$
$)'$( ) +$( :B2>?6;:2? 2: .006;:2? E <.>@606<.06;:2?
$@>.? 0A2:@.? 12 ;@>;? .0@6B;? %>;B6?6P: <.>. ;@>;? .0@6B;? 6>>20A<2>./82?
)$) ! ! ) +$ ()$(
)$) ! # ' ! ! ) +$ - ()$( ' $' ( B.82?
6.:F.? E 4.>.:@N.?
.>@.? 12 0>M16@;
>M16@;? .<>;/.1;? :; 12?29/;8?.1;?
;9<>;96?;? 3A@A>;?
)N@A8;? E 1;0A92:@;? 29696@;? <;> 92>0.12>N.? >206/61.?
;9<>.? . 3A@A>; 2: 9;:21. :.06;:.8
+2:@.? . 3A@A>; 2: 9;:21. 2D@>.:72>.
$/864.06;:2? 2: ;<06;:2?
$/864.06;:2? <;> ;<2>.06;:2? ?C.<
$@>.? ;<2>.06;:2? . 3A@A>;
$@>.? 0A2:@.? 0;:@6:42:@2? .0>221;>.?
)$) ! * #) ( $#) # #) (
)$) ! * #) ( $' #
$ ! $# ( $# ! %* ! $ 2<P?6@;? . 8. B6?@.
$<2>.06;:2? 12 >2<;>@;
2<P?6@;? . <8.F; 2 . 1N.? 2 . 1N.? 2 . 1N.? 2 . 1N.? 2 9L? 12 1N.?
2<P?6@;? <;> 0;:36>9.>
2<P?6@;? 12 4.>.:@N.
12<Q?6@;? >2?@>6:461;? $% ' $# ( #) ' # ' (
$ ! $# ( #" ) ( %) $# ( # ' *! $# * #) ( %$' % '
$ ! $# ( # # ' (
+ !$' ( # ' *! $#
$ ! $#+ $# ( - % *)*' ( %
$)'$( % ( +$( )$) ! ! % ( +$
% ) ! ($ ! .<6@.8 <.4.1;
006;:2? 2: @2?;>2>N.
<;>@2? 12 ?;06;?
%' " $ ( * #)$ # $!$ $# $# ( ' ( '+ ( !24.82? 2:2>.82?
?<206.82?
'2?2>B. <.>. >2.1=A6?606P: 12 .006;:2? <>;<6.?
'2B.8;>6F.06P: 128 <.@>69;:6; %;> >2?A8@.1;? :; ;<2>.@6B;?
$)'$( %$') ( % )' "$# ! ( (*% ' + ) %$' + !* $# ( ' (*!) $( *@6861.12? ; 2D0212:@2? .0A9A8.1;?
%M>161.? .0A9A8.1.?
*@6861.1 128 272>0606;
%M>161. 128 272>0606;
)$) ! ! % )' "$# $ # ' ($(
)$) ! # ' ! % ( +$ % )' "$# $ # ' ($(
* $' (
0@6B;? 0.?@64.1;? $<2>.06;:2? .0@6B.? 0;: ;@>.? 29<>2?.? B6:0A8.1.?
$<2>.06;:2? .0@6B.? 0;: ;@>.? 2:@61.12? 128 4>A<;
$@>.? 0A2:@.? 12 ;>12: 12A1;>2? ' $' (
$<2>.06;:2? <.?6B.? 0;: 29<>2?.? B6:0A8.1.?
$<2>.06;:2? <.?6B.? 0;: 29<>2?.? ?A/?616.>6.? E .3686.1.?
2<P?6@;? E ;@>.? 0.<@.06;:2? :; 0A/62>@.? <;> 28 $( $@>.? 0A2:@.? 12 ;>12: .0>221;>.?
.<6@.8 ?;06.8
%>69. 2: 0;8;0.06P: 12 .006;:2? '2?2>B.? 824.82? '2?2>B.? 42:2>.82? '2?2>B.? <.>. 3A@A>.? .<6@.86F.06;:2?
$@>;? .<;>@2? <.@>69;:6.82? *@6861.12? ; 2D0212:@2? .0A9A8.1;? H ?.81;? .A16@.1;? %M>161.? .0A9A8.1.? H ?.81;? .A16@.1;? %>M?@.9; ?A/;>16:.1; <;>@2? <.>. 3A@A>. 0.<6@.86F.06P: " #$( %8A?B.8N. 92>0.:@68 2?0A2:@; 2: 0;8;0.06P: 12 .006;:2? )$) ! % )' "$# $ ) # $ %' " ' $
% )' "$# $ ) # $ ( *# ' $ $/864.06;:2? 0;:B2>@6/82? 2: .006;:2? 2A1.? ?A/;>16:.1.? . <8.F; '2?2>B.? 2?<206.82? '2?2>B.? <;> >2B.8;>6F.06P: 128 <.@>69;:6; >2?2>B.? <;> >2?A8@.1;? :; ;<2>.@6B;? ?A<2>LB6@ <;> B.8A.06;:2? *@6861.12? ; 2D0212:@2? .0A9A8.1;? %M>161.? .0A9A8.1.? *@6861.1 128 272>0606;
%M>161. 128 272>0606; H :4>2?;? 92:;? 4.?@;? " ( %>;B6?6P: 42:2>.8 <.>. B.8;> 0.>@2>. 12 0>M16@;?
./?;8A@; " #$( 236062:06. 12 <>;B6?6;:2? .9;>@6F.06;:2? E 12<>206.06;:2? %M>161.? .0@6B.1.? =A2 3A2>2: 12@20@.1.? . @>.BM? 12 .A16@;>N.? 12 8. <>;<6. 2:@61.1 12 8. (A<2>6:@2:12:06. 12 .:0;? ; 12 8.? .A16@;>N.? 2D@2>:.? E 28 B.8;> 12 8;? .A92:@;? 12 0.<6@.8 >2.86F.1;? 0;:@>.B6:62:1; 8.? 16?<;?606;:2? 128 .>@N0A8; 12 8. ;16360.06P: 12 8. !2E 2:2>.8 12 :?@6@A06;:2? 128 (6?@29. 6:.:062>; 6B612:1;? <.4.1;? <;> .:@606<.1; )$) ! % )' "$# $ ) # $ ( *# ' $
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
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
0@6B;? <;:12>.1;? 0;:
)$) ! ) +$( - $#) # #) ( %$# ' $( %$' ' ( $
%$( $# ' &* ' " #)$ - ' ! $# % )' "$# $ ) # $ 7 % )' "$# $ ) # $ ' &* ' $ , #) $ # % )' "$# $ ) # $ ' &* ' $ ) +$( )$) ! ( - $#) # #) ( 7
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
%.>@606<.06P: @>./.7.1;>2? ( "%$# ! "%* ()$ ! ' #) 9<A2?@; . 8. >2:@. ' (*!) $( (%* ( "%* ()$( - )' $' (
#$) 8 ?.81; 12 >2?A8@.1;? 128 272>0606; 0;>>2?<;:12 . 8. 1632>2:06. 12 8;? 28292:@;? E ?6: =A2 69<86=A2 8. 86=A61.06P: 12 8.? >232>61.? 0A2:@.?
$% ' ) + $''$ - ': )$ 8 )*#) &* 9 !)
! #$+ " ' !
. . / . / 0 1 2 3 4 5 . / 0 1 . / . / 0
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
" ,$' ( %$( ) #) (
22304/516/ )*#) &*
( () "
#% # # ' $ # $%# # $! % ' & % $ - $ "& & % $ ' . ) $ % # $ $ ) $ $ $ ) # $ $ # ' #$ $ & % $ # $& % $ $ - $ ) $ # $%# ! # % $ %# & & % # # $ & % $ ' $ #% # # ) ' ' ' $ # %- ! % # $ %# $/ # & % ## $! % #% # ' $ - $ ! $% # # $ ' % ! # . $ ! # & # $ % # $ $ # ## $! % $ #% # $& $ # $%# #+ $ $ $ #% # ' $ "& $ # ( $ ) $ ! # $ # #, % $ - $ $ % # $ $ ) $ $ $ # ' #$ ! # # $ $ %# $ - $ ! $% # # $ $& ( ! $ # $%# #+ ! # % $ %# $& & % # % # $ $ $&$! $ $ & !# % $ %& #+ ! # # ' #$ $ - $ $ & % $ ' $ $ #, % $ #% * . # & #% # # ) ' ' $ "& - $ #% # $& ) $ - $ $ ! # $ # #, %
# $ ! 'K# ' #) # ' ! (
" ( % !$ J * )$' #) '#$
# ! + !! ( $#) $' # ' ! .1 .6
āĂ
ĀĊŏ ŏ ŏ ŏĂĀāāŏ
ŏ +. Čŏ
ũ ũũ ũ ũ 42ũ"#$#!3.2Ėũ
;n_][dj[i" _djhWdi_][dj[i" Yh j_Yei [nY[i_lei" Y[beiei" i[l[hei" Zkhei o XhkiYei$ 9kWdZe i[ [de`Wd ik b[d]kW f_dY^W Yece kd W]k_` d$
#2ũ %1 " Ėũ
BW `kij_Y_W" bW b_X[hjWZ o bW i_dY[h_ZWZ$
#2ũ"#2 %1 " Ėũ
BW c[dj_hW" bW _dZ[Y_i_ d o bW ^_feYh[i W$
. (#1- ũ#-ũ#+ũ!4#1/.Ėũ
Bei h]Wdei ][d_jWb[i" [b i_ij[cW [nYh[jeh" bW YebkcdW o bW dWh_p$
2/#!3.ũ#2/(1(34 +Ėũ
De Z[X[d Z[`Whi[ ikYkcX_h feh [b _dij_dje fWi_edWb gk[ fei[[d o be [nj[h_eh_pWd [d jeZWi iki YeiWi gk[ h[Wb_pWd$
+(,#-3.2ũ8ũ2 +4"Ėũ
;b Yedikce Z[ Whhep _dj[]hWb" WY[_j[ Z[ eb_lW" ^ed]ei" pWdW# ^eh_Wi" jkX hYkbei [d ][d[hWb" b[Y^k]W" f[iYWZe" pWfWbbe" Y^eYbei o hWXWd_jei [ijWh Wd Yecfb[jWdZe [d \ehcW Yehh[Y# jW ]hWd fWhj[ Z[ ik Wb_c[djW# Y_ d$ Ik f[eh [d[c_]e [i bW Yec_ZW Z[ bW YWbb[$
_%(,#-ũ "#+% 9 -3#Ėũ
Ikfh_cW jeZe j_fe Z[ YWhd[1 YecW cko feYe Z[ bW XbWdYW$ FWij[b[h W" ZkbY[i" Y^eYebWj[i" [cXkj_Zei" cWoed[iW" Wj d" X[X_ZWi WbYe^ b_YWi o Y_]Whh_# bbei ikfh cWbei feh Yecfb[je$ FheYkh[ YWbZei Z[ l[][jWb[i$
!4/ !(.-#2ũ¢/3(, 2Ė
7gk[bbWi [d bWi gk[ fk[ZW ^WY[h jhWXW`ei Z[ Z[j[YY_ d e _dl[ij_]WY_ d$ C Z_Ye e Y_hk# `Wde _Z[Wb" oW gk[ j_[d[ kdW ^WX_b_ZWZ dWjkhWb fWhW YkhWh$ Ied Xk[dei c_b_jWh[i" gk c_# Yei e cW[ijhei$
1#) ũũ("# +Ėũ
;iYehf_e i[h W YecfWj_Xb[ Yed kdW f[hiedW Ykoe i_]# de iebWh i[W 9|dY[h" F_iY_i" 9Wfh_Yehd_e" L_h]e o 7h_[i1 o Ykoe i_]de 7iY[dZ[dj[ i[W 9|dY[h" 9Wfh_Yehd_e" F_iY_i o ;iYehf_e$
#74 +(" "Ėũ
;b ^ecXh[ fei[[ kd \k[hj[ cW]d[j_ice o l_]eh i[nkWb" fh_dY_fWbc[dj[ [d ik `kl[d# jkZ" f[he bk[]e Z[b cWjh_ce# d_e ZW jeZW ik [d[h] W W bW eXj[dY_ d Z[ ejhei be]hei$ BW ck`[h [i \[hleheiW" WfWi_edW# ZW o Wb]e lebkXb[ [d [b Wceh$ I_ [dYk[djhW kd lWh d gk[ bW Yecfh[dZW o de b[ [n_`W Z[cWi_WZe i[h|d \[b_Y[i$
ũ ũ ¡ Ĕũ ũ ¡ Ĕ ĖũũũĉĉČďıĉćĐũ #+4+ 1ĖũćĒĎďĊćĊććũ 666ē!#-31.-4#5 #1 ē.1%ũ (1, + 3ľ%, (+ē!.,
2!.1/(.
ũĉĉũ ũ ũ ũĉĉũ ũ
ũ Ė ;B [b[c[dje W]kW"
fbWd[jWi CWhj[ o Fbkj d" [b Z W cWhj[i" Yebeh he`e" c[jWb ^_[hhe" f_[ZhW [b ]hWdWj[ o bW cWbWgk_jW" Óeh bW ehgk Z[W" d c[he .$ ũ Ėũ 9Wh|Yj[h Z[Y_Z_#
Ze [ _dYed\kdZ_Xb[" hWhWc[dj[ e dkdYW lWY_bWdj[ e Z X_b$ BkY_Z[p Z[ `k_Y_e" Yh_j_YWd Yed f[h\[YY_ d [ _cfWhY_Wb_ZWZ" [c_j[d `k_Y_ei Z[ cWd[hW Z[Y_i_lW o YbWhW" |]_# b[i Z[ f[diWc_[dje" YWfWY_ZWZ Z[ YkhWY_ d cW]d j_YW$
¡ Ėũũũ +ũ +, ũ#-3(#-"#ũ04#ũ#+ũ +, ũ#2ũ+ ũ5(" ũ,(2, Ĕũ , -($#23 " ũ+.! +,#-3#ēũ ũ2#%41(" "ũ8ũ#+ũ/+ !#1ũ2.-ũ!4 +(" "#2ũ (-'#1#-3#2ē
-#1. ŗũũũ -(!( ũ#+ũ .ũ!.-ũ! 1;!3#1ũ8ũ 11 -ı 04#Ĕũ2. 1#ũ3.".Ĕũ#-ũ#+ũ/+ -.ũ"#ũ("# 2ũ 8ũ,#-3 +ēũ .2##ũ%1 -ũ!.,4-(! !(¢-ũ8ũ ! / !(" "ũ/ 1 ũ#7/1#2 1ũ"#ũ, -#1 ũ ./3(, ũ3.".ũ+.ũ04#ũ2#ũ1#+ !(.- ũ !.-ũ242ũ-#%.!(.2Ĕũ31 ).ũ.ũ! 11#1 ũ /1.$#2(.- +ēũ 4#"#ũ(-$.1, 1ũ242ũ /+ -#2ũ8ũ/1.8#!3.2ũ!.-ũ$ !(+(" "Ĕũ2# ũ "#ũ, -#1 ũ5#1 +ũ.ũ#2!1(3 ēũ 5(3#ũ+ ũ .23#-3 !(¢-ũ8ũ+ ũ(-,."#23( Ĕũ 2~ũ!.,.ũ + ũ#7!#2(5 ũ(+42(¢-Ĕũ8 ũ04#ũ#23.ũ-.ũ+#ũũ /#1,(3#ũ2#1ũ/1;!3(!.ē
8. ŗũũũ 4ũ/ 1#) Ĕũ2.!(.2ũ8ũ#+ũ1.!#ũ!.-ũ#++.2ũ
2.-ũ+.2ũ;, (3.2ũ".-"#ũ423#"ũ2(3Ì ũ 24ũ 3#-!(¢-ũ#-ũ#23#ũ,#2ėũ#+ũ"(;+.%.ũũ 1 !(.- +Ĕũ5#1 9ũ8ũ2#1#-.ũ+#ũ /.8 -ũ ++~ēũ /1#-" ũ ũ !#/3 1ũ ũ+.2ũ"#,;2ũ!.,.ũ 2.-Ĕũ!.-ũ242ũ!4 +(" "#2ũ8ũ"#$#!3.2Ĕũ-.ũ /1#3#-" ũ! , ( 1+.2ēũ #ũ+#ũ/1#2#-3 -ũ 4#- 2ũ!.-ă%41 !(.-#2ũ#-ũ#+ũ! ,/.ũ "#ũ+ ũ!1# 3(5(" "ũ 13~23(! ũ8ũ1#+ !(.-#2ũ !.-ũ242ũ'().2ēũũ #12.- 2ũ/1#23(%(.2 2ũ#ũ (,/.13 -3#2ũ+#ũ 1(-" -ũ /.8.ē
#/3(#, 1# ŗũũũ # ũ#!4;-(,#ũ8ũ31 -04(+.Ĕũ"#ũ
, -#1 ũ#2/#!( +ũ!.-ũ24ũ!¢-84%#ũ8ũ 2.!(.2ēũ 7 ,(-#ũ+ ũ1 9¢-ũ"#ũ242ũ"4" 2ũ 8ũ"#2!.-ă -9 ũ!.-ũ24ũ/ 1#) ēũ .2ũ/1.ı +#, 2ũ+#% +#2Ĕũ 24-3.2ũ)4"(!( +#2Ĕũ24ı !#2.2ũũ!.-3#-!(.2.2ũũ-.ũ+#ũ!.-5(#-#-ũ '.1 Ĕũ8 ũ04#ũ/4#"#-ũ/#1)4"(! 1+.ēũ ,/+(ă04#ũ24ũ!1# 3(5(" "ũ8ũ /+~04#+ ũ #-ũ(-5#12(.-#2ũ"#-31.ũ.ũ$4#1 ũ"#+ũ/ ~2ēũ /1.5#!'#ũ/ 1 ũ#-2# 1Ĕũ/(-3 1ũ.ũ #2!1( (1ēũ 2ũ ,(23 "#2ũ"#, -" -ũ"#ũ 24ũ 3#-!(¢-ēũ
# 1#1. ŗũũũ -ũ#23#ũ,#2ũ!#-31 +(9 ũ24ũ 3#-!(¢-ũ
#-ũ24ũ'.% 1ũ8ũ#-ũ+ ũ1#+ !(¢-ũ04#ũ , -3(#-#ũ!.-ũ242ũ2#1#2ũ04#1(".2Ĕũ#-ũ + 2ũ,(2, 2ũ04#ũ2#ũ !.-2#) ũ/14"#-!( ũ 8ũ/ !(#-!( ēũ #-% Ĕũ "#,;2Ĕũ3.+#1 -!( ũ 8ũ2#1#-(" "ũ/ 1 ũ $1.-3 1ũ3.".2ũ+.2ũ /1(#3.2ũ/.2( +#2ũ#-ũ24ũ'.% 1ēũ 7/1#2#ũ 242ũ2#-3(,(#-3.2ũ8ũ $#!3.2ũ!.-ũ, 8.1ũ 2.+341 ēũ 4ũ/ 1#) ũ ,#1(3 ũ, 8.1ũ !.,/1#-2(¢-ũ8ũ 3#-!(¢-ũ"#ũ24ũ/ 13#ēũ .-31.+#ũ24ũ2(23#, ũ-#15(.2.ēũ #+;)#ı 2#ũ8ũ2#1_-#2#ē
4-(. ŗũũũ 23#ũ,#2ũ+.ũ54#+5#ũ,~23(!.Ĕũ
/2~04(!.ũ#ũ(-34(3(5.ēũ #ũ /1#23 ũ ũ /1.$4-".2ũ8ũ%1 -"#2ũ! , (.2ũ"#ũ5(" Ĕũ +.2ũ,(2,.2ũ04#ũ"# #ũ#$#!34 1+.2ũ!.-ũ !.%-(!(¢-ũ8ũ!.-!(#-!( ēũ ũ2#74 +(" "ũ #2ũ! 42 ũ"#ũ-.5#" "ũ8ũ 2., 1.ēũ 4ũ,#-3#ũ24/#1(.1ũ2#ũ ,/+~ ũ8ũ24ũ /#1!#/!(¢-ũ#731 2#-2.1( + 2#ũ %4"(9 Ĕũ24ũ!.-!(#-!( ũ(-23(-3(5 ũ Ą.1#!#ēũ 42ũ24# .2ũ2#ũ3.1- -ũ#$#!3(ı 5.2ũ8ũ!+ 1.2ēũ
!34 1# ŗũũũ 41 -3#ũ#23#ũ,#2Ĕũ24ũ/#12.- ı +(" "ũ+4!#ũ, %-_3(! Ĕũ 31 !3(5 ũ#ũ (-3#1#2 -3#Ĕũ#2/#!~ă! ,#-3#ũ/ 1 ũ#+ũ 2#7.ũ./4#23.ēũ #ũ54#+5#ũ#7/1#2(5.ũ 8ũ"#,.231 3(5.Ĕũ 2~ũ!.,.ũ4-ũ3 -3.ũũ (-"#/#-"(#-3#ũ8ũ+( 1#ũ!.-ũ1#2/#!3.ũ ũ +.2ũ !4#1".2ũ ,.1.2.2ēũ 4ũ24 ı !.-2!(#-3#ũ2#ũ"(- ,(9 ũ8ũ+.ũ' !#ũ ,.231 12#ũ, "41.Ĕũ+¢%(!.ũ8ũ,#3¢"(!.ēũ .ũ"#2# ũ 24,(1ũ!.,/1.,(2.2ũ#-ũ242ũ 1#+ !(.-#2ũ $#!3(5 2ũ/.1ũ#+ũ,.,#-3.ēũ %-~ă! 2ũ/.2( (+(" "#2ũ"#ũ/1.%1#2.ũ #-ũ242ũ/1.8#!3.2ē
19. ŗũũũ .2ũ ,.1#2ũ8ũ2#-3(,(#-3.2ũ Ą.1 -ũ
!.-ũ, 8.1ũ$ !(+(" "ũ"41 -3#ũ#23#ũ ,#2ēũ 7(23#ũ+ ũ/.2( (+(" "ũ"#ũ!.-.!#1ũ ũ4- ũ/#12.- ũ"#+ũ2#7.ũ./4#23.ũ04#ũ +#ũ.! 2(.- 1;ũ$ 2!(- !(¢-ũ8ũ 31 !!(¢-ēũ #+ !(.-#2ũ2#-3(,#-3 +#2ũ!.-ũ/#1ı 2.- 2ũ!.-.!(" 2ũ"#ũ/ 2 ".2ũ+#) -.2ũ #,#1%#-ũ '.1 ũ8ũ/4#"#-ũ!.-2.+(" 1ı 2#ēũ 4ũ-. +#9 ũ#ũ(-3#%1(" "ũ+#ũ/#1,(3#ũ 3#-#1ũ 4#- ũ !#/3 !(¢-ũ/.1ũ/ 13#ũ"#ũ 242ũ24/#1(.1#2ũ8ũ1#!.-.!(,(#-3.ũ"#ũ +.2ũ,(2,.2ē
4+(. ŗũũũ 4ũ#2/~1(34ũ2#ũ/1#2#-3 ũ$4#13#ũ8ũ
+3(5.ũ8ũ!.-ũ4- ũ, %-~ă! ũ5(3 +(" "ũ#-ũ #23#ũ,#2ēũ 4ũ! 1;!3#1ũ8ũ !3(34"ũ./3(ı ,(23 ũ+.%1 -ũ 31 #1ũ 4#-.2ũ#2!#- 1(.2ũ #-ũ24ũ/1.$#2(¢-ũ8ũ31 ).ēũ #12.- 2ũ (-Ą48#-3#2ũ.ũ242ũ/ "1#2ũ+#ũ 84" -ũ8ũ !.+ .1 -ũ#-ũ242ũ%#23(.-#2ēũ #-31 ũ24ũ ,#-3#ũ#-ũ1# +(9 1ũ#234"(.2ũ24/#1(.1#2Ĕũ !.-.!#1ũă+.2.$~ 2ũ/1.$4-" 2Ĕũ1# +(9 1ũ 5( )#2ũ +ũ#731 -)#1.ēũ 42ũ24# .2ũ2#ũ 54#+5#-ũ/1#,.-(3.1(.2ũ8ũ2(#-3#ũ, 8.1ũ 2#-2( (+(" "ũ"#ũ3.".ũ24ũ2#1ē
.5(#, 1# ŗũũũ 23#ũ,#2ũ+#ũ /.13 ũ-4,#1.2.2ũ
$ 5.1#2ũ,#1! -3(+#2ũ2(ũ#,/+# ũ/#12(2ı 3#-!( Ĕũ!.-23 -!( ũ#ũ(-3#+(%#-!( ũ#-ũ 242ũ-#%.!(.2Ĕũ+4% 1ũ"#ũ31 ).ũ.ũ/1.ı $#2(¢-ēũ + -(ă04#ũ242ũũ31 -2 !!(.-#2ũ .ũ!.-5#-(.2ũ!.-ũ.ũ#-ũ#+ũ#731 -)#1.ēũ /1.5#!'#ũ"#ũ24ũ5(3 +(" "ũ8ũ$.13 +#9 ēũ 23#ũ,#2ũ#2ũ"#ũ(-31.2/#!!(¢-ũ8ũ,#"(ı 3 !(¢-ũ"#ũ3.".ũ+.ũ1# +(9 ".ũ#-ũ24ũ!(!+.ũ .ũ1#5.+4!(¢-ũ2.+ 1ēũ /1_23#2#ũ ũ-4#5.2ũ "#2 $~.2ē
#!' 2ũ-#% 3(5 2ũ/ 1 ũ !3(5(" "#2ũ (,/.13 -3#2ũ#-ũĉćĈĈ ŗũũ 1#2#-3 ,.2ũ+ 2ũ"(23(-3 2ũ$#!' 2ũ04#ũ-.ũ2.-ũ/1.!+(5#2ũ/ 1 ũ!(#13.2ũ 24-3.2ē #-% ũ#-ũ!4#-3 ũ#23 ũ(-$.1, !(¢-ũ +ũ1# +(9 1ũ"(+(%#-!( 2ũ!.,.ũ5( ) 1ũ#-ũ 5(¢-ũ.ũ 1!.Ĕũ!.,ı
/1 1ũ4- ũ! 2 Ĕũ-#%.!(.2Ĕũ 43.,¢5(+Ĕũă1, ũ"#ũ!4 +04(#1ũ!.-31 3.Ĕũ!(14%~ 2Ĕũ4-(.-#2ũ, 31(,.ı -( +#2Ĕũ1#+ !(.-#2ũ ,.1.2 2Ĕũ!.,/1.,(2.2Ĕũ#-31#ũ.31 2ũ!.2 2ē
ũũũũũũũũũũũũũũũũũũũũũũ } ũ ũ ũĉćĈĈũ ĈĉĔĈĎĔĈĐĔĉĒ ũ ČĔďĔĈĒĔĉĈĔĉČĔĉĐ ũ ĒĔĉćĔĉĈĔĉďĔĉđ ũ ĊĔĈĈĔĈđĔĈĒĔĉĉĔĊć ũ ĈĔĉĊĔĉČĔĉĎ
ũ ĈđĔĈĒĔĉćĔĉĈĔĉďĔĉđ
1(+ ŗũũũ 23#ũ,#2ũ2#ũ$.13(ă! ũ24ũ 2/#!3.ũ
ă- -!(#1.Ĕũ#+ũ , (#-3#ũ04#ũ+#ũ1."# ũ 2#ũ54#+5#ũ/1./(!(.ũ/ 1 ũ+ 2ũ"#!(2(.-#2ũ ./.134- 2ũ8ũ2 ( 2ũ#-ũ242ũ-#%.!(.2Ĕũ !.,#1!(.2ũ.ũ+4% 1ũ"#ũ31 ).ēũ 4ũ /#12.- +(" "ũ2#ũ3.1- ũ %1 " +#Ĕũ#-ı 342( 23 ũ8ũ1 "( -3#Ĕũ !.%#ũ+.2ũ!.-Ą(!ı 3.2ũ!.-ũ, "41#9ũ8ũ3#,/+#ēũ 4ũ2 +4"ũ ,#1#!#ũ,4!' ũ 3#-!(¢-ũ"#ũ24ũ/ 13#Ĕũ "#ũ, -#1 ũ#2/#!~ă! ũ24ũ2(23#, ũ -#15(.2.Ĕũ5(23 Ĕũ(-3#23(-.2ũ8ũ#23¢, %.ēũ # ũ,;2ũ ,(23.2.ũ8ũ!.-"#2!#-"(#-3#ũ #-ũ24ũ31 ).ē
%.23. ŗũũũ 42ũ/1.8#!3.2ũ2#ũ54#+5#-ũ!+ 1.2Ĕũ
#23 +#2ũũ8ũ1# +(9 +#2ũ"41 -3#ũ#23#ũ ,#2ēũ 42ũ ,(23 "#2ũ,4#231 -ũ2.+(" ı 1(" "ũ8ũ!.,/ #1(2,.ũ -3#ũ242ũ2.+(ı !(34"#2ēũ ũ2.!(#" "ũ#-ũ%#-#1 +ũ8ũ+.2ũ /1. +#, 2ũ04#ũ#23 ũ/1#2#-3 ũ#2ũ! 42 ũ "#ũ24ũ#2,#1.ũ/.1ũ2.+4!(.- 1+.2ũ '.1 ēũ
2ũ"(5#12(.-#2Ĕũ ,.1#2ũ8ũ/ 2#.2ũ "#, -" -ũ"#ũ24ũ 3#-!(¢-ũ8ũ3(#,/.ēũ 4ũ3#,/#1 ,#-3.ũ2#ũ/1#2#-3 ũ!.-ı ă ".ũ8ũ./3(,(23 Ĕũ 84" -".ũ#23.ũ ũ24ũ "#2 11.++.ũ/#12.- +ũ8ũ/1.$#2(.- +ē
(!(#, 1# ŗũũũ +ũ ,
(#-3#ũ04#ũ '.1 ũ+#ũ!(1!4-" ũ 2#ũ3.1- ũ %1 " +#ũ/ 1 ũ423#"Ĕũ8 ũ04#ũ ' 8ũ !#/3 !(¢-ũ%1 3 ũ"#ũ04(#-#2ũ+#ũ 1."# -Ĕũ#-ũ#2/#!( +ũ"#ũ242ũ2#1#2ũ04#ı 1(".2ēũ 4ũ#7/1#2(¢-ũ5#1 +ũ 4,#-3 ũ 8ũ+#ũ#2ũ%1 3.ũ"#/ 13(1ũ!.-ũ+.2ũ"#,;2ēũ 4ũ)4(!(.ũ2#ũ3.1- ũ %4".ũ8ũ24ũ !!(¢-ũ !.-2314!3(5 Ĕũ2#ũ+#ũ /."#1 ũ#+ũ"#2#.ũ "#ũ31 ) 1ũ#-ũ+.ũ04#ũ,;2ũ' ũ"#2# ".ēũ 4ũ2#-3(".ũ!.,Ì-ũ/1#2#-3 ũ!.-2(2ı 3#-!( ũ8ũ2#ũ54#+5#ũ/1;!3(!.ēũ #).1 ũ 24ũ2 +4"ē
ũũũũũũũũũũũũũũũũũũũũũũũũũ } ũ ũ
ũ ĉĔĐĔđĔĈĊĔĉćĔĉĒ ũ ĒĔĈĈĔĉĎ ũ đĔĈĐĔĈđĔĉĎĔĉĒ ũ ČĔĈĐĔĉĈĔĉđ ũ ĈĔĈĉĔĈĊĔĈČĔĉĈĔĉĊĔĉď ũũ ĈĔďĔĈĉĔĉĉĔĉĐĔĉĒ
+Ŋ-#4,.!.!.Ŋ#2Ŋ4-Ŋ5(142Ŋ+#3 +Ŋ #Ŋ#23(, Ŋ04#Ŋ4-Ŋ,(++¢-Ŋ"#Ŋ-( .2Ŋ,4#1#Ŋ +Ŋ  .Ŋ/.1Ŋ#23 Ŋ! 42 Ŋ#-Ŋ#+Ŋ,4-".ē
31 2ĹŠ !.-2#!4#-!( 2
:khWdj[ bW ƒfeYW Z[ bbkl_Wi bWi XWYj[h_Wi fWh[Y[d \ehjWb[Y[hi[$ =h_f[i o ejhei cWb[i WXkdZWd 3#-!(¢ .2ĹŠ2~-3., 2 ZkhWdj[ bW [ijWY_ÂŒd" fheleYWd# Ze cWb[ijWh [d bWi f[hiedWi$ 7kdgk[ ckY^Wi Z[ [ijWi de 1#Ä“ ied ]hWl[i o i[ YecXWj[d Yed Ĺ—ĹŠ (# ĹŠ 2! +.$1~.2Ä“ Ĺ— c[Z_YWc[djei o Wb]e Z[ h[fe# Ĺ—ĹŠ .2ĹŠ!.-ĹŠÄ„#, Ä“ ie" ^Wo Y_[hjei l_hki gk[ fk[# Ĺ—ĹŠ (ă!4+3 "ĹŠ/ 1 ĹŠ1#2/(1 1Ä“ Z[d i[h cehjWb[i$ ;i[ [i [b YWie Ĺ—ĹŠ 4,#-3.ĹŠ"#ĹŠ+.2ĹŠ+ 3(".2ĹŠ"#+ĹŠ!.1 9¢-Ä“ Z[b d[kceYeYe" _d\[YY_ÂŒd Z[ bei fkbced[i gk[ fk[Z[ i[h \WjWb" ieXh[ jeZe [d ĹŠ Wb Y[h[Xhe$ ;i [d [i[ ce# bei _d\Wdj[i c[deh[i Z[ c[dje gk[ YWkiW ZW‹eiÇ" Y_dYe W‹ei$ i[‹WbW [b [if[Y_Wb_ijW$
Ä Äƒ
ŊŊ "4 1".Ŋ 13#% ĔŊ/#"( 31 Ŋ(-Ĺ ŗ$#!3¢+.%.Ŋ/ - ,# .ĔŊ 2#%41 Ŋ04#Ŋ
/ 13#ĹŠ"#ĹŠ(-$#!!(.-#2ĹŠ/4+,.- 1#2ĔŊ #+ĹŠ-#4,.!.!.ĹŠ/4#"#ĹŠ.! 2(.- 1ĹŠ !.,/+(! !(.-#2ĹŠ!.,.ĹŠ.3(3(2ĔŊ+ ĹŠ!4 +ĹŠ #2ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ/1(-!(/ +#2ĹŠ! 42 2ĹŠ "#ĹŠ5(2(3 2ĹŠ +ĹŠ/#"( 31 ĔŊ"#ĹŠ42.ĹŠ"#ĹŠ -3( (¢3(!.2ĹŠ8ĹŠ"#ĹŠ!(14%~ 2Ä“ĹŠ "#,;2ĹŠ /4#"#ĹŠ $#!3 1ĹŠ+ ĹŠ 4"(!(¢-ĹŠ8ĹŠ/.1ĹŠ+.ĹŠ 3 -3.ĹŠ#+ĹŠ /1#-"(9 )#ĹŠ"#ĹŠ+.2ĹŠ-( .2Ä“ .1ĹŠ.31.ĹŠ+ ".ĔŊ+ ĹŠ,#-(-%(3(2Ŋĸ4- ĹŠ (-Ä„ , !(¢-ĹŠ"#+ĹŠ3#)(".ĹŠ04#ĹŠ1."# ĹŠ #+ĹŠ!#1# 1.ĹŠ8ĹŠ+ ĹŠ,_"4+ ĹŠ#2/(- +ĚŊ 2#ĹŠ "04(#1#ĹŠ!4 -".ĹŠ#+ĹŠ5(142ĹŠ"#+ĹŠ -#4,.!.!.ĹŠ2#ĹŠ31 2+ " ĹŠ' 23 ĹŠ#+ĹŠ !#1# 1.Ä“ĹŠ 4-04#ĹŠ#2ĹŠ/.!.ĹŠ!.,ĂŒ-ĔŊ /4#"#ĹŠ2#1ĹŠ,.13 +Ä“ĹŠ
#!.11(".ĹŠ/.1ĹŠ#+ĹŠ!4#1/.
I[]‘d [nfb_YW [b fWdW# De i[ Wikij[" Ehj[]W Z_Y[ c[‹e ;ZkWhZe Ehj[]W" gk[ Z[f[dZ_[dZe Z[ bW f[Z_WjhW _d\[YjŒbe]e" [ZWZ" [b )+ e [b +& gk_[d [ijkle Z[ fWie Z[ bei d_‹ei gk[ Wi_ij[d feh ;YkWZeh o Yedl[hiŒ
W kdW ]kWhZ[h‡W j_[d[ [b Yed BW >ehW" [ijW [i kdW "#ĹŠ! 2.2ĹŠ"#ĹŠ l_hki" f[he feh be ][d[hWb -#4,.-~ ĹŠ2#ĹŠ de ^WY[ dWZW$ \Wc_b_W Z[ c_Yheeh]Wd_i# 1#%(231 -ĹŠ! " ĹŠ  .ĹŠ#-ĹŠ,#-.1#2ĹŠ F[he" [n_ij[d \WYjeh[i cei gk[ i[ Yecfed[ Z[ c|i e c[dei /' c_[c# "#ĹŠ".2ĹŠ  .2Ä“ gk[ fheleYWd bW cel_# Xhei o YWZW kde Z[ [bbei b_pWY_ÂŒd Z[ bW XWYj[h_W$ [i h[ifediWXb[ Z[ kdW [dj_ZWZ Feh [`[cfbe" YkWdZe bei Y^_Yei Z_\[h[dj[$ WZgk_[h[d Wb]kdW fWjebe]‡W BW XWYj[h_W l_l[ [d bW ]Wh# h[if_hWjeh_W l_hWb [b eh]Wd_ice ]WdjW Z[ bei d_‹ei" ieXh[ jeZe YWcX_W o i[ fheZkY[d bWi Yed# bei c|i f[gk[‹ei" bei gk[ Wi_i# Z_Y_ed[i WZ[YkWZWi fWhW gk[ [b j[d W ]kWhZ[h‡Wi$ ;d bW cWoeh‡W d[kceYeYe i[ jehd[ f[b_]heie$ Z[ bei YWiei ÆZ[iWfWh[Y[d Yed ;b cƒZ_Ye W]h[]W gk[ bWi [b j_[cfe" f[he [d eYWi_ed[i YedZ_Y_ed[i ieY_e[YedÂŒc_YWi ^Wo c_Yheeh]Wd_icei gk[ i[ Z[ YWZW \Wc_b_W ied Z[j[hc_dWd# jhWibWZWd Wb e‡Ze" Wb fkbcÂŒd e j[i" oW gk[ bei bk]Wh[i ZedZ[ ^Wo
cWbdkjh_Y_Œd o ^WY_dWc_[dje" ZedZ[ [b WcX_[dj[ [ij| bb[de Z[ YedjWc_dWY_Œd e ^kce Z[ jWXW# Ye [i c|i \|Y_b gk[ bW XWYj[h_W ^W]W ZW‹e$
ÄˆÄŽÄ‡ĹŠ
.2ĹŠ,;2ĹŠ $#!3 ".2
Feh be ][d[hWb" bei X[Xƒi o bei d_‹ei c[deh[i Z[ Y_dYe W‹ei jeZWl‡W de j_[d[d kd i_ij[cW _dckdebŒ]_Ye \k[hj[ gk[ b[i WokZ[ W Z[\[dZ[h ik eh]Wd_ice Z[ fei_Xb[i WjWgk[i feh fWhj[ Z[ bei l_hki o feh [ie ied bW fe# XbWY_Œd c|i lkbd[hWXb[$ De eXijWdj[" jWcX_ƒd fk[# Z[d h[ikbjWh YedjW]_WZei Wb]k#
A.A./26222
OPORTUNIDAD IMPRENTAS Vendo guillotina CHALLENGE semiautomĂĄtica, funcionando 68 cm de luz, perfecto estado 096874464 - 096624857
ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. ÄŒĹ?
ēŊ Ŋ(-$#!!(¢-Ŋ2#Ŋ!., 3#Ŋ!.-Ŋ -3( (¢3(!.2Ŋ1#!#3 ".2Ŋ/.1Ŋ4-Ŋ,_"(!.ē
i[ c[`eh[d bWi YedZ_Y_ed[i Z[ l_ZW Z[ bWi f[hiedWi o ik [ijWZe dkjh_# Y_edWb" fehgk[ [ie ][d[hW ÆkdW c[`eh YWfWY_ZWZ Z[b i[h ^kcWde fWhW j[d[h c[dei _d\[YY_ed[i o YkhWhi[ c|i h|f_ZeÇ$ Feh [ie Yh[[ gk[ bW _dckd_pWY_ÂŒd 1#5#-!(¢I[]‘d Ehj[]W" [i _cfehjWdj[ [d# [i bW Æc[`eh c[Z_ZW gk[ [n_ij[Ç$ Be j[dZ[h gk[ \k[hW Z[ bW lWYkdWY_ÂŒd h[Yec[dZWXb[" i_d [cXWh]e" [i gk[ de ^Wo cWd[hW '&& i[]khW Z[ ^WXb[ Yed ik f[Z_WjhW fWhW iWX[h [l_jWh [b d[kceYeYe" W c[dei gk[ jeZe ieXh[ bW _dckd_pWY_ÂŒd$ dei _d\Wdj[i cWoeh[i o WZkbjei Yed [d\[hc[ZWZ[i YhÂŒd_YWi Yece Z_WX[j[i" fheXb[cWi Z[b YehWpÂŒd" Wki[dY_W Z[b XWpe e _d\[YY_ed[i feh [b l_hki Z[b i_ZW$
Ä #ĹŠ04_ĹŠ2#ĹŠ31 3 Ä&#x;
ĹŠ, 8.1~ ĹŠ"#ĹŠ ,4#13#2ĹŠ2#ĹŠ /1."4!#-ĹŠ#-ĹŠ / ~2#2ĹŠ#-ĹŠ5~ ĹŠ"#ĹŠ "#2 11.++.Ä“
¡
Ċŋ
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
āą
PELÍCULA
SHERLOCK HOLMES
ĀĊŏ ŏ ŏ ŏĂĀāāŏ
ŏ +. Čŏ
CONVOCAR, CITAR
RAMO LARGO Y DELGADO
ACARICIAR,
ũũ
HALAGAR
DE ITALIA FRUTO DE
ASIDERO
DUEÑA
DIOS DE LA INDIA PIEZA CÚBICA
SOGA DE ESPARTO
MÁSCARA
COMER
AJUSTE, PACTO
IR EN INGLÉS
CLORURO
VERSO
PATO
DEPORTIVO
MURCIÉLAGO
NACIÓN
SÍMBOLO DE
LLORO GATO EN
NOVENA LETRA GRIEGA
ROBUSTA,
INGLÉS
LICOR
DEVASTAR
HOMBRE EN
GRUESA INGLÉS
LIZA
HIJO DE DÉDALO OMEGA
FURIA
A N
R
A
BARRIO PERIFÉRICO HEMBRA DEL LORO
G
A
R
A
T
CHINO
R
A
S
YUNQUE DEL
S
O
I
R
COMPONER EN
ALGODÓN
SÍMBOLO DE IRIDIO
VERSO
FRENAR, DETENER PLATERO
A
R
E
A
L
A
FURIA SÍMBOLO DE
I
PELÍCULA
M A
R
ASTATO
O
C
K
MI MADRE
O
O
CIUDAD DE CHILE CINTA DE
TODO SOBRE
AROMATIZAR
C
L
T
ACTRIZ DE LA
BARIO
O
CAPITAL DE ITALIA ARBUSTO
E
A SÍMBOLO DE
T
A
N
A
T
A
CELEBRIDADES =<I;@E8E; =F:? (/,( $ (0)0 D8I@J:8C =I8E:<J% ;@I@>@ä :FE yO@KF C8 <EK<EK< <E C8 F=<EJ@M8 :FEKI8 CFJ 8C<D8E<J <E C8 GI@D<I8 >L<II8 DL;@8C%
VERDADERO
A S A HOGAR LISTA
G
O ARGOLLA INFUNDIR VIGOR
A
PATO
O
N
A
M
I
A FRAGANCIA PLEGARIA
N
O
A
R
EMBUSTE, TRAMPA
EMBARCACIÓN DEL DILUVIO
A C
SÍMBOLO DE
M
A
S
A
L
C
A
DE MAMÁ AZUFRE
PATO ÓXIDO DE CALCIO
A
R
LICOR
A
R
MAQUE
R
A
C
SODIO
C
O
NEBLINA
TANTO
ÓXIDO DE
A COM. AUTÓN. DE ESPAÑA
M DUEÑO
R APÓCOPE DE
A
L BULTO
M A
R DISPERSA TROMPETA DE
SONIDO AGUDO
B
A
A
L
L
C L A R
CANTÓN DE LOJA ÉTICA
A
M A
S
ESTADO DE EE. UU. SALUDABLE
A HILERA
ARGOLLA
DE ESTA
LECHO
CIUDAD DE CHILE
SÍMBOLO DE YODO
CULAR DEL OJO
I
R
N
O
S
R SECRETA
SÍMBOLO DE
S
O
R
I
R
I
MEDIDA DE
O
S
N
A
CIUDAD DE VENEZUELA PROVISIÓN DE
T
MASCULINO LONGITUD
ENSENADA
R
BOCA DEL VOLCÁN
N
O
I
A
R
C
A
N
A
O
R
E
N
ROENTGEN
A
R
D
R
A
INGLÉS
DEPARTAMENTO DE PERÚ
R
O
L
A
N
A
R SIGNO ZODIACAL DELTA
D
AFÁN, CALOR SÍMBOLO DE NEÓN
DIOSA DE LA TIERRA
SAGRADA
A
A
T
L
E
O
R
RATA EN
E BAR SIN R OMEGA
O TRIUNFADOR PRONOMBRE PERSONAL
G A LAGO DE RUSIA
EL QUE HACE VERSOS
PINTOR
ESPAÑOL
REGIÓN DEL N. DE CHILE
HERMANO DE MOISÉS
BATRACIO
TESORO
C H
O ÁTOMO
ACTOR DE CINE
PÚBLICOS
C
VÍVERES
AGREDIR
PELÍCULA
ENEMIGOS
AFIRMACIÓN
NOMBRE
PÚBLICO
RÍO DEL ECUADOR QUE HA PERDI-
B
ALFA
A
E
L
VOLCÁN DEL ECUADOR APÓCOPE DE TANTO
FLOTAR EN EL AGUA
ROSTRO
^ ũ
ĸ, 8.ũĉĈũıũ)4-(.ũĉĈĹ
.2ũ! , (.2ũ8ũ+ ũ1#%#-#1 !(¢-ũ2#1;-ũ (- /+ 9 +#2ũ/#1.ũ "ēũ"(2$143 1;ũ8ũ2#ũ #ı -#ă!( 1;ũ"#ũ+.2ũ,(2,.2ũ8 ũ04#ũ "04(#1 ũ , "41#9ũ8ũ+( #13 "ēũ #!4#1"#Ėũ #1#,.2ũ 31 -2/ 1#-3#2ũ2(ũ , ,.2ũ!.,.ũ-( .2ē
ĸ)4-(.ũĉĉũıũ)4+(.ũĉĉĹ +ũ#2/ !(.ũ8ũ+ ũ+( #13 "ũ!.-ũ+ ũ04#ũ !4#-3 -ũ3 -3.ũ "ēũ!.,.ũ24ũ/ 1#) ũ#2ũ,48ũ (,/.13 -3#ũ8ũ+#ũ" 1;ũ5 1(#" "ũ#ũ(-3#1_2ũ ũ + ũ1#+ !(¢-ēũũ #!4#1"#Ėũ -ũ242ũ, -.2ũ#23;ũ /1.%1 , 1ũ24ũ$#+(!(" "ũ8ũ/1.%1#2.ēũ
ũũ
Ċŋ
}
ŗũũũ
(%. #13 ũ #-!'Ì
Kd YWcf[ d Z[ dWjWY_ d Z[ i[YkdZWh_W Yed kd fWiWZe fheXb[c|j_Ye i[ [dhebW [d bW ;iYk[bW È7É Z[ bW =kWhZ_W 9eij[hW Z[ ;;$KK$" ZedZ[ [b b[][dZWh_e dWZWZeh h[iYWj_ijW 8[d HWdZWbb b[ ZW Wb]kdWi Zk# hWi b[YY_ed[i ieXh[ f hZ_ZWi" Wceh o iWYh_ÒY_e$ 9_djW fhejW# ]ed_pWZW feh A[l_d 9eijd[h" I[bW MWhZ" C[b_iiW IW][c_bb[h o 7i^jed AkjY^[h$
ĸĈĒĎĒĹ
ŗũũũB Z[h _dZ ][dW ]kWj[cWbj[YW Z[\[diehW Z[ bei Z[h[Y^ei ^k# cWdei" Fh[c_e DeX[b Z[ bW FWp '//(" dWY_ kd Z W Yece ^eo [d KifWdj|d$ <k[ YWdZ_ZWjW [d bWi [b[YY_ed[i fh[i_Z[dY_Wb[i Z[ ik fW i [d (&&-$ ;d '//' fWhj_Y_f [d bW fh[fWhWY_ d Z[ bW :[YbW# hWY_ d Z[ bei Z[h[Y^ei Z[ bei fk[Xbei _dZ ][dWi feh fWhj[ Z[ bWi DWY_ed[i Kd_ZWi$ ;d '//." \k[ ]WbWhZedWZW Yed [b Fh[c_e Fh dY_f[ Z[ 7ijkh_Wi Z[ 9eef[# hWY_ d ?dj[hdWY_edWb$ ;d]hei [b b_Xhe Z[ H YehZ =k_d[ii Yece ÈbW ]WdWZehW c|i `el[d Z[b DeX[bÉ o [b Èfh_c[h dWj_le _dZ ][dWÉ [d eXj[d[hbe$
: ũ }
.-3(-Ì ũ#+ũ54#+.ũ2(,4+ ".ũ ũ 13#ũ i_ckbWYhe Z[ lk[be Wb FbWd[jW He`e de XkiYWh|d [njhWj[hh[i# jh[i ZkhWdj[ iki jh[i iWb_ZWi fh[l_ijWi Wb i_ckbWZeh Z[ bW ikf[hÒY_[ cWhY_WdW" Z[YbWh [b Z_h[Yjeh Z[b fheo[Yje ÈCWhj[# +&&É" 8eh i Ceh ael" [d kdW [djh[l_ijW Z_\kdZ_ZW Wo[h feh bW W][dY_W ?dj[h\Wn$ Ƶ8kiYWh|d i[ Wb[i Z[ l_ZW5 De be i $ ;d jeZe YWie" feh [b ce# c[dje de j[d[cei fbWd[WZe d_ ^ecXh[Y_jei l[hZ[i d_ WhW _jWi gk[ iWb]Wd WhhWijh|dZei[ Z[ bW
ĸ 1(+ũĉćũıũ, 8.ũĉćĹ 4ũ"#2 11.++.ũ(-3#1(.1ũ2#1;ũ(,/1#2!(-"( +#ũ #-ũ#23#ũ,.,#-3.ēũ "ēũ"#2 11.++ 1;ũ4- ũ $4#13#ũ2#-2( (+(" "ũ8ũ2(04(2,.ũ+.2ũ04#ũ+#ũ 84" 1;-ũ ũ5#1ũ,;2ũ ++;ũ"#ũ+.ũ.1"(- 1(.ēũũ #!4#1"#Ėũ ũ%#-#1.2(" "ũ-.ũ!.-2(23#ũ#-ũ " 1Ĕũ2(-.ũ#-ũ" 12#ũ!.-ũ ,.1ũ3.3 +ēũ
: ũũ
DO EL JUICIO
ANTES DE CRISTO RÍO DE ALEMANIA
ĔũĈĒĖćĎ
ËĔũ ũě Bei lebkdjWh_ei Z[b
VOCEAR
TIEMPO
ACTOR DE LA
MEMBRANA CIRNIÑO DE PECHO
VOCIFERAR,
MANERA
A FEMENINO
MARCHAR
MISMA
CONTINENTE
ARTÍCULO
C I
A R
PARTIR,
QUE NO ES LA
Solución anterior L
ũũ
INGRESO,
SIGNO, PAGARÉ ENGAÑO MUECA
E
ĸ, 19.ũĉĈũıũ 1(+ũĈĒĹ 23#ũ2#1;ũ#+ũ,.,#-3.ũ "#!4 ".ũ/ 1 ũ 5#-341 12#ũ"#-31.ũ"#+ũ , (#-3#ũ/1.$#ı 2(.- +ũ8 ũ04#ũ#23#ũ2#1;ũ,48ũ/1.5#!'.2.ũ / 1 ũ "ēũ #!4#1"#Ėũ 23 ũ!.-ũ2#1ũ/#12.- ũ / 1 ũ2#1ũ"(%-(" "ũ'4, - ē
PERUANO
CATEDRAL
B
ũũ
NEÓN
MONARCA
IGLESIA,
APÓCOPE
ĸ$# 1#1.ũĈĒũıũ, 19.ũĉćĹũ 42ũ ,(%.2ũ2#1;-ũ$4#-3#ũ"#ũ 84" Ĕũ 2./.13#ũ8ũ!1#!(,(#-3.ũ/ 1 ũ "ēũ +ũ /.8.ũ "#ũ#23.2ũ2#1;ũ(-!.-"(!(.- +ēũ #!4#1"#Ėũ +ũ./3(,(2,.ũ8ũ+ ũ$#ũ-.2ũ 84" -ũ ũ5.+ 1ũ ,48ũ +3.ē
EN INGLÉS
RECELO
P
4 1"( -#2 "#ũ +3 ũ, 1
AFLUENTE MUJER QUE NO CREE EN DIOS PASIÓN,
l_i_j Wb fW i fWhW YedeY[h o Z_i\hkjWh Z[ Z_ij_djei bk]Wh[i jkh ij_Yei Yece [b FWhgk[ DWY_edWb Z[b 9W`Wi" 9k[dYW o [b YWdj d DWX d [d [b 7pkWo$ 7Z[c|i" bW YWdjWdj[ i[ l_ij_ Z[ Y^ebW Yk[dYWdW" f[iY Zei jhkY^Wi jec|dZebWi Yed iki cWdei o fh[fWh o Yec_ [b jhWZ_Y_edWb cej[ f_bbe" cehY_# bbW o cej[ Z[ fWjW$
ũũ
DIRIGENTE SINDICAL POL. ADVERBIO DE CANTIDAD
SÓDICO
ũũ;d [ij[ fhe]hWcW bW ŗũ YWdjWdj[ YebecX_WdW CW W
AZUFRE
DE MARFIL
PELÍCULA ALL IS NORMAL
GRITO
ĔũĈĈĖćć
RELIGIOSA SÍMBOLO DE
ACTRIZ DE LA
COMPONER EN
(4" " -.2 "#+ũ,4-".
ĸ#-#1.ũĈĒũıũ$# 1#1.ũĈĒĹ /1.5#!' 1;ũ! " ũ(-23 -3#ũ"#ũ2.+#" "ũ8ũ (2+ ,(#-3.ũ#-ũ24ũ5(" ũ"( 1( ũ/ 1 ũ!1#!#1ũ 8ũ$.13 +#!#12#ũ(-3#1- ,#-3#ēũũ #!4#1"#Ėũ Ğ 4_ũ'4,(+" "ũ3 -ũ'4, - ũ+ ũ'4,(+" "ũ 5#1" "#1 ĝ
IGUAL
LA VID
LECHO
Ġ !(¢ũ4-ũ"~ ũ!.,.ũ'.8ğ
4ũ,#-3#ũ#2ũ/."#1.2 ũ8ũ2(#,/1#ũ3(#-#ũ !+ 1.ũ#-ũ#++ ũ04_ũ#2ũ+.ũ04#ũ04(#1#ũ8ũ!¢,.ũ !.-2#%4(1+.ēũ 4ũ$.13 +#9 ũ8ũ24ũ!.1 )#ũ2.-ũ ,48ũ$4#13#2ēũ # #ũ 42! 1ũ4-ũ/4-3.ũ,#ı "(.ũ"#-31.ũ"#ũ24ũ! 1;!3#1ũ8ũ+4!' 1ũ' 23 ũ !.-!1#3 1ũ242ũ , (!(.-#2ēũ
ACTOR DE LA
Wh[dWÇ" Z_`e Ceh ael Wb [nfb_YWh [d gk Yedi_ij_h|d bWi YWc_dWjWi" gk[ ZkhWh|d kdWi Zei ^ehWi$ KdW Z[ bWi iWb_ZWi W bW ikf[h# ÒY_[ Whj_ÒY_Wb" bW j[hY[hW o bj_cW" Æ[ijWh| Z[Z_YWZW W bW h[iebkY_ d Z[ i_jkWY_ed[i Z[ [c[h][dY_WÇ$ ;ij[ [nf[h_c[dje" gk[ Yec[d# p [b ) Z[ `kd_e" i[hl_h| fWhW [ijk# Z_Wh bW YecfWj_X_b_ZWZ fi_Yeb ]_YW o bW jeb[hWdY_W Z[ bei c_[cXhei Z[ kdW jh_fkbWY_ d ZkhWdj[ kd lk[be _dj[hfbWd[jWh_e$ Iki fWhj_Y_fWdj[i YecfWhj_# h|d ZkhWdj[ kd W e o feYe c|i
Z[ Y_dYe c[i[i bei ++& c[jhei Y X_Yei gk[ Yed\ehcWd [b i_# ckbWZeh$ F[hcWd[Y[h|d W_ibWZei Z[b ckdZe [nWYjWc[dj[ [b j_[cfe gk[ bb[lW [b lk[be Z[ _ZW o lk[bjW W CWhj[" */& Z Wi" c|i ejhei )& Z[ [ijWdY_W i_ckbWZW [d [b l[Y_de fbWd[jW$
ĸ)4+(.ũĉĊũıũ %.23.ũĉĉĹũ
ũ2(34 !(¢-ũ"#-31.ũ"#ũ24ũ31 ).ũ2#1;ũ,;2ũ /1.5#!' +#ũ8ũ++#- ũ"#ũ./.134-(" "#2ēũ 7(23#ũ4-ũ !#1! ,(#-3.ũ!.-ũ242ũ!.,/ ı #1.2ũ"#ũ31 ).ēũ #!4#1"#Ėũ 1 )#ũ!.-ũ #-342( 2,.ũ, -3#-(#-".ũ+ ũ2#1#-(" "ē
ũũ
ĸ %.23.ũĉĊũıũ2#/3(#, 1#ũĉĉĹ
2ũ1#+ !(.-#2ũ2#-3(,#-3 +#2ũ2#1;-ũ 5(3 +#2ũ/ 1 ũ24ũ5(" ũ/#1.ũ "ēũ-.ũ3#-"1;ũ + ũ! / !(" "ũ"#ũ!.,/1.,#3#12#ũ8 ũ04#ũ , ũ24ũ+( #13 "ũ8ũ#2/ !(.ēũ #!4#1"#Ėũ .2ũ /1#)4(!(.2ũ2.-ũ1#"#2ũ,48ũ$4#13#2ēũũ
ũũ
ĸ2#/3(#, 1#ũĉĊũıũ.!34 1#ũĉĉĹ +ũ'.% 1ũ8ũ+ ũ$ ,(+( ũ2#1;ũ$4#-3#ũ"#ũ ,.,#-3.2ũ %1 " +#2ũ8ũ"#ũ"(5#12(¢-ēũ #!4#1"#Ėũ (,/+(ă04#ũ24ũ5(" ũ/ 1 ũ04#ũ !1#!(#-3#ũ24ũ#ă! !( ē
ũũ
ĸ.!34 1#ũĉĊũıũ-.5(#, 1#ũĉĈĹũ 4ũ,#-3#ũ2#1;ũ 1(++ -3#ũ8ũ/.2##1;ũ4- ũ ! / !(" "ũ(-!1#~ +#ũ/ 1 ũ!1# 1ũ8ũ#7/1#2 1ēũ 23#"ũ2#ũ2#-3(1;ũ,4!'.ũ,;2ũ("#-3(ă! ı ".ũ!.-ũ242ũ'#1, -.2ũũ #!4#1"#ĖũĞ (% ũ "#+ -3#ũ!.-ũ!.1 )#ũ8ũ5 +.1ĝ
ũũ
ĸ-.5(#, 1#ũĉĉũıũ"(!(#, 1#ũĉĈĹũ
2ũă- -9 2ũ#23 1;-ũ24)#3 2ũ ũ,4!'.2ũ ! , (.2ũ/#1.ũ3.".2ũ#23.2ũ2#1;-ũ #-#ăı !(.2.2ũ8ũ+#ũ" 1;-ũ,48ũ 4#- 2ũ./.134ı -(" "#2ũ"#ũ!1#!#1ēũũ #!4#1"#ĖũĞ (5 ũ!.-ũ ./3(,(2,.ĝ
ũũ
ĸ"(!(#, 1#ũĉĉũıũ#-#1.ũĈĒĹ "ēũ#7/1#2 1;ũ!.-ũ3." ũ24ũ$4#19 ũ24ũ(-"(ı 5("4 +(" "ũ8ũ.1(%(- +(" "ēũũ 4ũ/#12.- +(" "ũ 2#ũ3.1- 1;ũ,48ũ$4#13#ũ+.ũ04#ũ"# #1;ũ /1.5#!' 1ũ/ 1 ũ"#) 1ũ#-ũ!+ 1.ũ24ũ/.2(!(¢-ũ #-ũ3." 2ũ+ 2ũ2(34 !(.-#2ēũ #!4#1"#Ėũ .".ũ 3(#-#ũ1#,#"(.ē
4#5.ĹŠ 1#8
Ä Ä†
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
ĹŠ
Ĺ? +. Ĺ?
#"#1#1Ŋ 11# 3 Ŋ+ Ŋ!.1.- Ŋ Ŋ 58"#-*.Ŋ#-Ŋ #+Ŋ#231#-.Ŋ"#Ŋ+ Ŋ3#,/.1 " ēŊ ¥ ĔŊ Ŋě ;b ik_pe He][h <[#
Z[h[h _dWk]khÂŒ [d :e^W ik Yei[# Y^W Z[ j‡jkbei Z[ (&''" Wb Whh[XW# jWh bW YehedW Z[b jehd[e gWjWh‡ Wb ‘bj_ce YWcf[ÂŒd" [b hkie D_aebWo :WloZ[dae" W gk_[d ]WdÂŒ [d ,/ c_dkjei feh ,#) o ,#*$ ;b ^[blƒj_Ye" i[]kdZe `k]WZeh Z[b ckdZe" h[Yedgk_ijW :e^W" Yecf[j_Y_ÂŒd gk[ oW ]WdÂŒ [d (&&+ o (&&,$ 9ed [ij[ jh_kd\e" bW h[bWY_ÂŒd Z[ ƒn_jei Z[ <[Z[h[h W be bWh]e Z[ ik YWhh[hW WiY_[dZ[ W ,-$ De fWZ[Y_ÂŒ YedjhWj_[cfe Wb# ]kde [b j[d_ijW Z[ 8Wi_b[W$ :W# loZ[dae" l[hZk]e Z[b [ifW‹eb HW\W[b DWZWb [d bWi i[c_Ă’dWb[i$ De Z_ifkie Z[ efY_ed[i W be bWh# ]e Z[b fWhj_Ze fWhW hecf[h [b iWgk[ Z[b ik_pe" gk_[d ]WdÂŒ Z[ YWhh[h_bbW$ ;b jh_kd\e" [b Z[Y_cegk_dje Z[ <[Z[h[h [d bei Z_[Y_i_[j[ [d\h[d# jWc_[djei gk[ ^W cWdj[d_Ze Yed [b hkie" Wb_[djW ik fWdehWcW [d [b dk[le Ykhie" [dYWc_dWZe W bW h[Yedgk_ijW Z[b d‘c[he kde Z[b ckdZe$ ;b ik_pe j_[d[ [djh[ Y[`W o Y[`W [b 7X_[hje Z[ 7kijhWb_W" [b fh_# c[h =hWdZ IbWc Z[ bW j[cfehW# ZW" gk[ [cf[pWh| [b fhÂŒn_ce '- Z[ [d[he [d C[bXkhd[ o ZedZ[ Z[Ă’[dZ[ bW YehedW Yedgk_ijWZW [b fWiWZe W‹e$ ;i [b fh_c[h ]hWd [dl_j[ Z[ (&'' fWhW [b ^[blƒj_Ye$
Ä“ĹŠ 2ĹŠ2#(2ĹŠ/1(,#1 2ĹŠ#3 / 2ĹŠ' -ĹŠ2(".ĹŠ".,(- " 2ĹŠ/.1ĹŠ#+ĹŠ/(+.3.ĹŠ #2/ Â .+Ä“ĹŠ
(-9ĖŊļ +Ŋ * 1Ŋ #,/(#9 Ŋ '.1 Č ĔŊ Ŋ ě ;b [ifW‹eb 9Whbei
IW_dp LebaimW][d i[ ^W cei# jhWZe" ^WijW [b cec[dje" Yece kd iÂŒb_Ze b‡Z[h Z[b :WaWh" Wkd# gk[ [l_jW YkWbgk_[h fh[ikdY_ÂŒd Z[ jh_kd\Wb_ice o Wi[]khW gk[ be c|i Zkhe Z[b HWbbo W‘d [ij| feh bb[]Wh$ Æ;ijeo cko Yedj[dje Z[ [d bW fh_c[hW i[cWdW bb[]Wh W bW `ehdWZW Z[ Z[iYWdie b‡Z[h" [hW [b eX`[j_leÇ" [nfb_YÂŒ IW_dp [d kd [dYk[djhe Yed f[h_eZ_ijWi [ifW‹eb[i [d [b YWcfWc[dje Z[ 7h_YW" Wb dehj[ Z[ 9^_b[" Zk# hWdj[ bW `ehdWZW Z[ Z[iYWdie Wo[h$ Æ;d jeZe YWie" [b HWbbo [c# f_[pW cW‹WdW ^eo Ç" fkdjkWb_#
pÂŒ IW_dp" gk_[d Wi[]khÂŒ gk[ bei (0*( gk[ b[ iWYW Wb gWjWh‡ DWi# i[h 7b 7jj_oW^ LebaimW][d o bei '*0+' Wb \hWdYƒi Ijƒf^Wd[ F[j[h^Wdi[b de ied ÆWXiebkjW# c[dj[ dWZWÇ$ ÆGk[ZW be c|i Z_\‡Y_b$ >Wo gk[ i[]k_h Yed bW c_icW [ijhW# j[]_W fehgk[ [ij| \kdY_edWdZe X_[d$ ;b h_jce Z[ YWhh[hW [i cko Wbje o ^Wo gk[ [ijWh Yed# Y[djhWZei fWhW [ijWh Whh_XWÇ" W‹WZ_ÂŒ$ ;b cWZh_b[‹e [i cko Yedi# Y_[dj[ Z[ gk[ bWi fhÂŒn_cWi YkWjhe [jWfWi" Yed bW _dYkhi_ÂŒd W bW pedW c|i fhe\kdZW Z[b Z[# i_[hje Z[ 7jWYWcW o [b YhkY[ W 7h][dj_dW" Z[Ă’d_h|d [b jhWce
.--ĔŊ+ Ŋ,;2Ŋ1;/(" Ŋ#-Ŋ"#2!#-"#1Ŋ
ĹŠ #23 ".4-("#-2#ĹŠ (-"2#8ĹŠ .--ĔŊ 31(/+#ĹŠ ! ,/#.- ĹŠ "#ĹŠ + ĹŠ ./ ĹŠ "#+ĹŠ 4-".ĹŠ"#ĹŠ#204~ĹŠ +/(-.ĔŊ% -¢Ŋ 8#1ĹŠ#+ĹŠ"#2!#-2.ĹŠ#-ĹŠ+ ĹŠ#23 !(¢-ĹŠ 4231~ ! ĹŠ"#ĹŠ 4!'#-2##ĔŊ".-"#ĹŠ+ ĹŠ#2/  .+ ĹŠ 1.+(- ĹŠ 4(9ĹŠ ! ¢Ŋ 5(%_2(,.ĹŠ2#%4-" Ä“ĹŠ (-"2#8ĔŊ !34 +ĹŠ! ,/#.- ĹŠ.+~,/(! ĹŠ"#ĹŠ"#2!#-Äą 2.ĔŊ5.+5(¢Ŋ ĹŠ2#1ĹŠ+ ĹŠ,;2ĹŠ1;/(" ĹŠÄ¸ÄˆÄ–ÄŒÄ?ēĊĒĚĔŊ "#+ -3;-".2#ĹŠ ĹŠ+ ĹŠ24#! ĹŠ -) ĹŠ #12.-ĹŠÄ¸Ĺ›Ä‡Ä“ÄŒÄŠÄšĹŠ8ĹŠ ĹŠ+ ĹŠ 4231~ ! ĹŠ -- ĹŠ #--(-%#1ŊĸśćēĒđĚē
Ä“ĹŠ #"#1#1ĹŠ+.%1 ĹŠ#+ĹŠ/1(,#1ĹŠ3~34+.ĹŠ"#ĹŠ+ ĹŠ3#,/.1 " ĹŠÄ‰Ä‡ÄˆÄˆÄ“ĹŠ
Ä Ä‡
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. Ĺ?
+ĹŠĂŒ+3(,.ĹŠ !.,/1. 3.1(.
Ĺ—ĹŠĹŠĹŠBW i[b[YY_ÂŒd dWY_edWb ikX (&" gk[ Z_h_][ [b fhe\[ieh I_nje L_pk[j[" `k]Wh| ^eo kd fWhj_Ze Wc_ijeie Wdj[ [b ?cXWXkhW [d [b [ijWZ_e Z[ EjWlWbe" W bWi ''0&&$ ;d [ij[ fWhj_Ze" L_pk[j[ fheXWh| bW Wb_[dWY_ÂŒd j_jkbWh Z[ bW ĂˆJh_É" oW Z[ YWhW W bW fWhj_Y_fW# Y_ÂŒd Z[b [gk_fe [d [b jehd[e IkZWc[h_YWde o Wb Z[Xkj [b fhÂŒn_ce '- Z[ [d[he Wdj[ 9ebecX_W [d JWYdW" F[h‘$
#(2ĹŠ,#2#2 ,;2ĹŠ#-ĹŠ _7(!.
Ĺ—ĹŠ ĹŠĹŠ9^h_ij_Wd 8[d‡j[p" Z[bWdj[he Z[b IWdjei BW]kdW" i[ gk[ZW# h| i[_i c[i[i c|i [d [b [gk_fe c[n_YWde" oW gk[ bei ĂˆbW]k# d[heiÉ bb[]Whed W kd WYk[hZe Yed [b 9[bj_Y =bWi]em" Z[ ;iYeY_W [d del_[cXh[ fWiWZe o 8[d‡j[p i[]k_h| [d XWbecf_ƒ Ăˆ7pj[YWÉ feh i[_i c[i[i c|i Wdj[i Z[ ik jhWifWie ^WY_W [b \‘jXeb [iYeYƒi o W kde Z[ bei [gk_fei c|i _cfehjWdj[i Z[b fW‡i [khef[e$
#ĹŠ"(ă!4+3 ĹŠ+ ++#% " ĹŠ"#ĹŠ (*#ĹŠ
Ĺ—ĹŠ ĹŠĹŠBW WYjkWb Yh_i_i [YedÂŒc_YW gk[ ik\h[ [b :[fehj_le 9k[dYW de fWhW$ ;d [ijei fh_c[hei Z‡Wi Z[b W‹e" bW i_jkWY_ÂŒd fWhW h[\ehpWh Wb fbWdj[b Yk[dYW# h[\ehpWh Wb fbWdj[b Yk[dYW de i[ ^W Yecfb_YWZe c|i Z[ bW Yk[djW" oW gk[ de ^Wd feZ_Ze YedjhWjWh W C_a[ HeZh‡]k[p" Z[X_Ze W bWi fh[j[di_e# d[i [YedÂŒc_YWi Z[b `k]WZeh$ BW Z_h[Yj_lW ĂˆCehbWYWÉ i[]k_h| W bW [if[hW fWhW bb[]Wh W kdW WYk[hZe Yed [b `k]WZeh fWhW feZ[h h[\ehpWh [d Wb]e bW c[hcWZW fbWdj_bbW Yed bW gk[ Yk[djW ^WijW [b cec[dje$
Ŋ (23.Ŋ/ 1 Ŋ#+Ŋ(-(!(. #Ŋ, -3(#-#Ŋ #+Ŋ2(23#, Ŋ"#Ŋ ! ,/#.- 3.ĔŊ "#,;2Ŋ"#Ŋ +%4- 2Ŋ1#Ĺ $.1, 2Ŋ +Ŋ 1#%+ ,#-3.Ŋ "#+Ŋ!#13 ,#-ē$
;b 9ed]h[ie EhZ_dWh_e Z[ bW <[# Z[hWY_ÂŒd ;YkWjeh_WdW Z[ <‘jXeb <;< i[ bb[lÂŒ W YWXe [b l_[hd[i fWiWZe$ ;d [b c_ice i[ h[[b_]_ÂŒ W Bk_i 9^_h_Xe]W Yece fh[i_Z[d# j[" WZ[c|i Z[ ^WY[h lWh_Wi h[\eh# cWi Wb i_ij[cW Z[ YWcf[edWje o Wb h[]bWc[dje$ /1. !(¢-ĹŠ3.3 +
Bei fh_c[hei fkdjei gk[ i[ jhW# jWhed [d [b 9ed]h[ie \k[hed bei _d\ehc[i Z[ WYj_l_ZWZ[i Z[ bW ][ij_ÂŒd Z[ 9^_h_Xe]W Wb \h[dj[ Z[ bW <;<" be c_ice gk[ i_hl_ÂŒ Z[ Wfeoe jejWb fWhW bW h[[b[YY_ÂŒd Z[b WYjkWb Z_h[Yjeh_e$ ;b Z_h[Yjeh_e [d ][d[hWb \k[ h[[b[Yje feh kdWd_c_ZWZ$ Bei ƒn_jei o bWi eXhWi Yedi[]k_ZWi feh Bk_i 9^_h_Xe]W Wb \h[dj[ Z[ bW <[Z[hWY_ÂŒd Z_[hed fWie W gk[ i_]W feh YkWhjW eYWi_ÂŒd Yedi[Yk# j_lW Z_h_]_[dZe Wb \‘jXeb [YkWje# h_Wde$ #ĹŠ, -3(#-#ĹŠ#+ĹŠ2(23#,
;d [ij[ W‹e [b i_ij[cW Z[ YWc# f[edWje i[ cWdj[dZh| i_c_bWh Wb Z[b W‹e fWiWZe$ I[h|d Zei [jWfWi" ĂˆjeZei YedjhW jeZeiÉ$ Bei ]WdWZeh[i Z[ bW fh_c[hW o i[]kdZW \Wi[ i[h|d gk_[d[i Z_i# fkj[d [b j‡jkbe Z[b YWcf[edWje dWY_edWb" [d fWhj_Zei Z[ _ZW o lk[bjW" c_[djhWi gk[ bei [gk_fei gk[ eYkf[d bW j[hY[hW o YkWh# jW YWi_bbW Z_ifkjWh|d [b j[hY[h Ykfe W bW 9efW B_X[hjWZeh[i" oW
ĹŠ
ĹŠ +ĹŠ-ĂŒ,#1.ĹŠ"#ĹŠ 24/+#-3#2ĹŠ/#1,(Äą 3(".2ĹŠ8 ĹŠ-.ĹŠ2#1;ĹŠ "#ĹŠ!(-!.ĔŊ2(-.ĹŠ"#ĹŠ 2(#3#ĹŠ)4% ".1#2Ä“
Ä“ĹŠ +ĹŠ  .ĹŠ/ 2 ".ĹŠ (% ĹŠ8ĹŠ ,#+#!ĹŠ$4#1.-ĹŠ+.2ĹŠ% - ".1#2ĹŠ"#ĹŠ+ 2ĹŠ".2ĹŠ#3 / 2ĹŠ"#+ĹŠ3.1-#.ĹŠ8ĹŠ/.1ĹŠ#-"#ĹŠ+.2ĹŠ".2ĹŠÄƒ- +(23 2Ä“ĹŠ
gk[ bei Zei Ă’dWb_ijWi eXj[dZh|d Z_h[YjWc[dj[ ik fWi[ Wb jehd[e Yedj_d[djWb$ ;b jehd[e Z[ h[i[hlWi jWc# X_ƒd i[ i[]k_h| Z_ifkjWdZe" Yece fh[b_c_dWh Z[ bei Yej[`ei Z[ Fh_c[hW$ ;b fhÂŒn_ce cWhj[i '' Z[ [d[# he i[ Z[Ă’d_h| [b YWb[dZWh_e Z[ bW fh_c[hW [jWfW" Yed [b Z[jWbb[ Z[ bW fWhj_Y_fWY_ÂŒd Z[ bei [gk_fei [d bW 9efW B_X[hjWZeh[i o WZ[# c|i Z[ bW 9efW 7cƒh_YW Z[ i[# b[YY_ed[i o bei `k[]ei Wc_ijeiei Z[ bW i[b[YY_ÂŒd$ ;b i_ij[cW Z[b jehd[e Z[ bW I[# h_[ 8 jWcX_ƒd i[ cWdj_[d[ o i[# h|d Zei [jWfWi Z[ ĂˆjeZei YedjhW jeZeiÉ" [d bW gk[ bei Zei c[`eh[i [gk_fei Z[ bW jWXbW WYkckbWZW WiY[dZ[h|d W bW I[h_[ 7$
45#-(+#2ĹŠ8ĹŠ,4-"( +#2
;b j[cW gk[ c|i Z[XWj[ fheZk`e
\k[ [b `kl[d_b [d YWdY^W$ ;ij[ W‹e bei [gk_fei j[dZh|d gk[ kj_b_pWh kd `k]WZeh ikX '. o de kd ikX '/ Yece [b W‹e fWiWZe" f[he [ije feZh‡W YWcX_Wh i_ bW I[b[YY_ÂŒd ikX (& Z[ ;YkWZeh i[ YbWi_Ă’YW Wb CkdZ_Wb Z[ bW YWj[]eh‡W$ ;d YWie Z[ bW ĂˆJh_É eXj[d]W [b fWi[ Wb CkdZ_Wb" [b `kl[d_b [d YWdY^W i[h| kd `k]WZeh ikX (&" fWhW gk[ j[d]Wd c_dkjei [d YWdY^W Wdj[i Z[ bW Y_jW ckdZ_Wb_ijW$ #$.1, 2ĹŠ +ĹŠ1#%+ ,#-3.
;d YWie Z[ gk[ bei [gk_fei i[ h[jhWi[d [d iWb_h Wb j[hh[de Z[ `k[]e Wdj[i Z[b _d_Y_e e h[_d_Y_e Z[b fWhj_Ze i[h|d iWdY_edWZei" i_ ied Y_dYe c_dkjei" f[he i_ i[ fWiWd bei '& c_dkjei" [b Z_h[Y# jeh jƒYd_Ye j[dZh| kd fWhj_Ze Z[ ikif[di_Œd WZ[c|i Z[ bW ckbjW$ JWcX_ƒd i[ fhe^_X_Œ bW h[f[# j_Y_Œd [d bei [ijWZ_ei ZedZ[ [n_i#
.2ĹŠ,#).1#2ĹŠ "#ĹŠ+ ĹŠ"_! " BW <[Z[hWY_ÂŒd ?dj[hdWY_edWb Z[ ;ijWZ‡ij_YWi [ >_ijeh_W Z[b <‘jXeb ?<<>I feh iki i_]bWi [d _d]bƒi fkXb_YÂŒ bW b_ijW Z[ bei c[`eh[i Z_h[Yjeh[i jƒYd_Yei Z[ bW ‘bj_cW ZƒYWZW" [d bW gk[ Ă’]khWd jh[i [ijhWj[]Wi gk[ ^Wd Z_h_]_Ze [d ;YkWZeh$ ;b c[`eh Z[ bW ZƒYWZW [i [b \hWdYƒi 7hi[d[ M[d][h" gk_[d Z_h_][ Wb 7hi[dWb _d]bƒi$ B_Z[hW bW b_ijW Yed '+, fkdjei" ikf[hWd# Ze Wb [iYeYƒi 7b[n <[h]kied" Z[b CWdY^[ij[h Kd_j[Z" gk_[d eXjk# le '*. kd_ZWZ[i$ ;b j[hY[h bk]Wh [i fWhW @eiƒ Cekh_d^e" Z[ Feh# jk]Wb gk_[d WbYWdpÂŒ ')+ fkdjei$ ;b c[`eh jƒYd_Ye ikZWc[h_# YWde [i Bk_i <[b_f[ IYebWh_" [d bW iƒfj_cW YWi_bbW Yed '&' fkdjei$
, (.2ĹŠ#-ĹŠ #%4-" ĹŠ Ĺ— ĂŒ3ĹŠ -ĹŠ#+ĹŠ .-%1#2.ĹŠ 1"(- 1(.ĹŠ"#ĹŠ .+ĔŊ#+ĹŠ2(23#, ĹŠ"#ĹŠ! ,/#.- 3.ĹŠ"#ĹŠ
+ ĹŠ #%4-" ĹŠ 3#%.1~ ĹŠ$4#ĹŠ,."(ă! Äą ".Ä“ĹŠ -ĹŠ#23#ĹŠ  .ĹŠ2#ĹŠ)4% 1;-ĹŠ/1(,#1.ĹŠ 3.1-#.2ĹŠ+.! +#2ĹŠ#-ĹŠ+ 2ĹŠÄ‰ÄˆĹŠ/1.5(-!( 2ĹŠ 04#ĹŠ/ 13(!(/ -Ä“ĹŠ .2ĹŠ".2ĹŠ,#).1#2ĹŠ"#ĹŠ ! " ĹŠ/1.5(-!( ĹŠ2#ĹŠ!+ 2(ă! 1;-ĹŠ ĹŠ+ ĹŠ 2(%4(#-3#ĹŠ#3 / ĹŠ04#ĹŠ2#1;-ĹŠ!4 31.ĹŠ 9.- +#2ĹŠ"#ĹŠ".2ĹŠ%14/.2ĔŊ#2ĹŠ"#!(1ĹŠ.!'.ĹŠ %14/.2Ä“ĹŠ 1 ĹŠÄƒ- +(9 1ĔŊ+.2ĹŠ/1(,#1.2ĹŠ"#ĹŠ ! " ĹŠ%14/.ĔŊ,;2ĹŠ+.2ĹŠ!4 31.ĹŠ,#).1#2ĹŠ 2#%4-".2ĔŊ2#ĹŠ!+ 2(ă! 1;-ĹŠ ĹŠ".2ĹŠ'#7 Äą %.- +#2ĹŠÄƒ- +#2ĹŠ8ĹŠ+.2ĹŠ".2ĹŠ/1(,#1.2ĹŠ "#ĹŠ! " ĹŠ'#7 %.- +ĹŠ2#1;-ĹŠ+.2ĹŠ#04(/.2ĹŠ 04#ĹŠ 2!(#-" -ĹŠ ĹŠ+ ĹŠ #1(#ĹŠ Ä“
jWd fWdjWbbWi ]_]Wdj[i" Z[ `k]W# ZWi Z[ ]eb" WZ[c|i Z[ WYY_ed[i febƒc_YWi$
_!-(!.2ĹŠ"#ĹŠ+ ĹŠ"_! " ., 1#ĹŠ ~2ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠ 4-3.2 1 -!( ĹŠĹŠ ĈĎÄ? Ĺ—ĹŠ 12k-#ĹŠ #-%#1ĹŠ 2!.!( ĹŠ ĈČđ Ĺ—ĹŠ +#7 -"#1ĹŠ #1%42.-ĹŠ .134% +ĹŠ ĈĊĎ Ĺ—ĹŠ .2_ĹŠ .41(-'.ĹŠ (.ĹŠ /#++.ĹŠ 3 +( ĹŠ Ĉĉć Ĺ—ĹŠ .+ -" ĹŠĹŠ ĈĈĉ Ĺ—ĹŠ 442ĹŠ (""(-*ĹŠ 3 +( ĹŠĹŠ Ĉćđ Ĺ—ĹŠ 1+.ĹŠ -!#+.33(ĹŠ 1 2(+ĹŠĹŠ ĈćĈ Ĺ—ĹŠ 4(9ĹŠ #+(/#ĹŠ !.+ 1(ĹŠ 1%#-3(- ĹŠĹŠ ĈćĈ Ĺ—ĹŠ 1!#+.ĹŠ (#+2 ĹŠ 2/  ŊŊ Ä’Ä? Ĺ—ĹŠ $ #+ĹŠ #-~3#9ĹŠĹŠ Ä‘Ä‘ Ĺ—ĹŠ 1!#++.ĹŠ (//(ĹŠ 3 +( ĹŠĹŠ
ĹŠ 49 ĹŠ!.-ĹŠ (% ĹŠ. 345.ĹŠ+.2ĹŠ_7(3.2ĹŠ,;2ĹŠ2.- -3#2ĹŠ#-ĹŠ24ĹŠ! 11#1 ĹŠ/1.$#Äą 2(.- +Ä“
CWhY[be 8_[biW jWcX_ƒd j_[d[ [b c_ice fkdjW`[ f[he eYkfW bW eY# jWlW YWi_bbW$ ;d [b YWie Z[ bei jƒYd_Yei gk[ ^Wd fWiWZe feh ;YkWZeh" bei jh[i
c[`eh[i kX_YWZei ied bei gk[ ^Wd j[d_Ze kd fWie feh B_]W$ ;b c[`eh hWdgk[WZe [i CWdk[b F[bb[]h_d_" [ij| [d [b fk[ije ). Yed (/ fkdjei$ ;b WYjkWb jƒYd_Ye ĂˆWbXeÉ" ;Z]WhZe
8WkpW" [d YWcX_e [ij| [d [b fk[i# je ,- Yed '. kd_ZWZ[i" c_[djhWi gk[ @eh][ <eiiWj_ j_[d[ Wf[dWi '( fkdjei o [i /($ ;d [b YWie Z[ bei [n i[b[Y# Y_edWZeh[i Z[ bW ĂˆJh_É" i[ Z[ijW# YWd Bk_i Ik|h[p" gk_[d j_[d[ '( kd_ZWZ[i o [ij| [d [b fk[ije /)" c_[djhWi gk[ <hWdY_iYe CWjkhW# dW j_[d[ Wf[dWi jh[i fkdjei o [i /( [d [b [iYWbW\ÂŒd Z[ bW ?<<>I$
23 343.2ĹŠ/ 1 ĹŠ!4,/+(1ĹŠ ;b Y_hYkbe c[Z_Ye Z[ Gk[l[Ze " i[]‘d bei [ijWjkjei h[\ehcWZe [d WiWcXb[W ][d[hWb Z[b - Z[ W]eije Z[b (&&) o Z[b '. Z[ i[fj_[cXh[ Z[ (&&)" [ijWh| _dj[]hWZe feh bei cƒZ_Yei WĂ’b_WZei W bW <[Z[hWY_ÂŒd CƒZ_YW ;YkWjeh_WdW$ OW i[W [d b_Xh[ [`[hY_Y_e fhe\[# i_edWb e [d [b Z[i[cf[‹e Z[ kdW \kdY_ÂŒd f‘Xb_YW" i[c_f‘Xb_YW e fh_lWZW [d [b YWdjÂŒd Gk[l[Ze" e fhel_dY_W Z[ Bei H‡ei" e ik |h[W Z[ _dĂ“k[dY_W$ Gk_[d[i fWhW ^WY[hbe Z[X[h|d Z_h_]_h ieb_Y_jkZ [iYh_jW Wb fh[i_# Z[dj[ Z[b 9CG" i[h WY[fjWZei feh bW Z_h[Yj_lW o Ă’hcWh WZ[c|i [d [b b_Xhe Z[ ieY_ei$ ;d ik Whj‡Ykbe ) WĂ’hcW gk[ j_[d[ feh Ă’dWb_ZWZ fh_cehZ_Wb \ec[djWh" cWdj[d[h o heXki# j[Y[h bei fh_dY_f_ei Z[ kd_ZWZ" ieb_ZWh_ZWZ" YecfW‹[h_ice o Z[ Wc_ijWZ [djh[ jeZei o YWZW kde Z[ iki ieY_ei$
Ĺ?
} ĹŠ ^
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ä Ä
.!(.2ĹŠ
-23(34!(¢-Ŋ
Ĺ—.ĹŠ +ĹŠ ĹŠ/ 1 ĹŠ#+ĹŠ!4,/+(,(#-3.ĹŠ"#ĹŠ242ĹŠ )#3(5.2ĹŠ!.-3 1;ĹŠ!.-ĹŠ+.2ĹŠ.1% -(2,.2ĹŠ"(Äą
1#!3(5.2ĖŊ 2 , +# Ŋ%#-#1 +Ŋ"#Ŋ2.!(.2ĔŊ)4-3 Ŋ "(1#!3(5 ĔŊ31( 4- +Ŋ"#Ŋ'.-.1ĔŊ8Ŋ!.,(2(.-#2ēŊ
ĹŠ .-ĹŠ,(#, 1.2ĹŠ "2!1(3.2ĹŠ +ĹŠ ĹŠ Ĺ—+.2ĹŠ/1.$#2(.- +#2ĹŠ ă-#2Ŋĸ.".-3¢+.%.2ĔŊ
+(!#-!( " 2Ŋ#-Ŋ#-$#1,#1~ ĔŊ. 23#31(!#2ĔŊ3#!Ĺ -¢+.%.2Ŋ,_"(!.2ĚŊ04#Ŋ' 8 -Ŋ, -($#23 ".Ŋ 24Ŋ5.+4-3 "Ŋ#7/1#2 Ŋ"#Ŋ/#13#-#!#1Ŋ Ŋ+ Ŋ (-23(34!(¢-Ŋ8Ŋ' 8 -Ŋ2(".Ŋ !#/3 ".2Ŋ/.1Ŋ+ Ŋ )4-3 Ŋ"(1#!3(5 ēŊ
>WY_[dZe fei_Xb[ bW Z[\[d# iW YbWi_ijW o [b Ykcfb_c_[dje Z[ YWZW kdW iki Wif_hWY_ed[i Yeckd[i$ ;djh[ iki eX`[j_lei i[ [dYk[d# jhWd0 [b Z[iWhhebbWh WYj_l_ZWZ[i Y_[dj‡\_YWi" YkbjkhWb[i" ieY_Wb[i o Z[fehj_lWi$ <ec[djWh WZ[c|i bW l_dYkbW#
Ä“ĹŠ (#, 1.2ĹŠ"#ĹŠ+ ĹŠ"(1#!3(5 ĹŠ !34 +Ä“ĹŠ"#+ĹŠ (1!4+.ĹŠ _"(!.ĹŠ"#ĹŠ 4#5#".Ä“ĹŠ
Y_Œd c|i [ijh[Y^W [djh[ jeZei iki c_[cXhei c[Z_Wdj[ h[bW# Y_ed[i Z[ Wc_ijWZ" YecfW‹[# h_ice" ƒj_YW fhe\[i_edWb o Wok# ZW ckjkW$
ĹŠ4-(¢-ĹŠ#2ĹŠ/1(,.1"( +ĹŠ :khWdj[ '/// o [b (&&) [b ZeY# jeh ;X[hj^ 9Wijhe i[ Z[i[cf[# ‹Œ Yece fh[i_Z[dj[ Z[b 9_hYkbe C[Z_Ye Z[ Gk[l[Ze$ ;b [n fh[i_Z[dj[ Yedi_Z[hW bW \kdY_ÂŒd h[Wb_pWZW Yece [n_jeiW" oW gk[ ZkhWdj[ [i[ j_[cfe i[ fkZe _dj[]hWh W bW YbWi[ c[Z_YW [ _dYh[c[djWh [b d‘c[he Z[ ie# Y_ei$ ÆxhWcei Y[hYW Z[ '+& cƒ# Z_Yei" jWcX_ƒd [n_ij‡Wd ieY_ei ^edehWh_ei [djh[ [bbei cƒZ_Yei bWXehWjeh_ijWi" j[YdÂŒbe]ei" eXi# j[jh_Y[i$ KdW Z[ bWi YeiWi c|i _cfehjWdj[i gk[ h[Yk[hZe [i gk[ i[ fkZe cWdj[d[h kdW WY# j_l_ZWZ Y_[dj‡ÒYW Z[ Wfhen_cW# ZWc[dj[ +& Y^WhbWi ZkhWdj[ jeZe [b W‹e" Yed be gk[ i[ fkZe WYjkWb_pWh W bei cƒZ_Yei$ ;d [b YWcfe Z[fehj_le o [b ieY_Wb jWcX_ƒd i[ Z[iWhhebbWhed WYj_# l_ZWZ[i$ ;d [ij[ f[h_eZe bW i[Z[ ieY_Wb \k[ h[ijWkhWZW kd feYe o [b jkcXWZe o [b p_dY fkZ_[hed i[h Yehh[]_ZeiÇ" ieijkle$ 7Z[c|i" i[]‘d i[‹WbÂŒ [b [n fh[i_Z[dj[" i[ be]hÂŒ cWdj[d[h o h[iYWjWh bW i[Z[ Z[fehj_lW [d ZedZ[ i[ j[hc_dWhed kdei jhW# XW`ei gk[ _dYbk‡Wd kd Z_if[diW# h_e$ ÆF_[die gk[ [ij[ Z_if[diW# h_e [i Wb]e gk[ ^Wo gk[ h[iYWjWh
++'((#B=
++&,.#C=
ēŊŊ #13'Ŋ 231.ĔŊ#7Ŋ/1#2("#-3#Ŋ"#+Ŋ (1!4+.Ŋ _"(!.Ŋ"#Ŋ 4#5#".ēŊ
be c|i fhedje fei_Xb[ fehgk[ i[h_W _cfehjWdj[ ZWh kd i[hl_# Y_e W bW Yeckd_ZWZ [d [ijW |h[W$ ;i _cfehjWdj[ WokZWh W bW YbWi[ ieY_Wb c|i Z[ifhej[]_ZW Xh_d#
Z|dZeb[ iWbkZ W bW Yeckd_ZWZ$ C_ c[diW`[ fWhW bei cƒZ_Yei Z[ bW Y_kZWZ [i gk[ jhWj[cei Z[ kd_hdei fWhW \ehcWh kdW c[`eh _dij_jkY_ÂŒdÇ" fkdjkWb_pÂŒ$
++&-&#C=
++&/)#B=
} ũ ^
āĂ
ŏ ĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
(1!4+.ũ _"(!.ũ"#ũ 4#5#".ũ
¢,(- ũ"#ũ2.!(.2ũũ -!8ũ #"(- ũ 4;1#9ũ (- ũ #"(- ũ + 1!¢-ũ -(3 ũ #-".9 ũ + ũ .+(- ũ 31(!( ũ .-! 8.ũ +#7ũ .-3 +5.ũ 4+#!(.ũ +#7(2ũ 4 .9ũ #2 1ũ 4 .9ũ .-3.-ũ 1(.ũ )#1 ũ .1#(1 ũ
#--8ũ Ì #9ũ:+5 1#9ũ -1(04#ũ ! ,/.ũ 1+.2ũ -.$1#ũ -31( %.ũ .-9 +.ũ 1"¢ #9ũ "4 1".ũ 9,( .ũ 4#11¢-ũ 3(+"#ũ _1#9ũ #1 1".ũ (#"1 ũ 1#).ũ 41.ũ ,.2ũ 13(9ũ
4(2ũ #5#+.ũ .+., ũ 26 +".ũ #8#2ũ + 1#9.ũ .-8ũ ."1~%4#9 1!.2ũ .,#1.ũ 04#1(9.ũ ,/ 1.ũ .,#1.ũ #1 ũ
.1%#ũ .,#1.ũ 1(.-#2ũ +3#1ũ 4(9ũũ .13#9ũ + (.ũ + 9 1ũ #+(9ũ (1#8 ũ ;-!'#9ũ (+3.-ũ -3(-ũ ;-!'#9ũũ
.2_ũ +$1#".ũ -9ũ .1 +#2ũ 1!.2ũ #5(++ ũ ,¢-ũ #5(++ ũ 1#""8ũ #5(++ -.ũ (,_-#9ũ
.2_ũ (+5 ũ (+5 ũ
4(2ũ .1( ũ #2 -3#2ũ (++( -ũ 8ũIJũ (-%ũ
4+(.ũ .11#2ũ #% 11 ũ ' 1+#2ũ 1#+ ũ 404#ũ 1!.2ũ ;204#9ũ #-#!#+ ũ 1(- ũ #+ 2!.ũ ;204#9ũ 1+.2ũ .-%ũ ++.-ũ .1(2ũ , 1 -.ũ +!~5 1ũ "(3'ũ Ì (% ũ !( 2ũ
4(2ũ 1 ( ũ
ēũ ũ2#"#ũ2.!( +ũ#-ũ242ũ(-(!(.2ēũũ .8ũ/1#2#-3 ũ4- ũ(, %#-ũ,4!'.ũ,;2ũ,."#1- ēũ
.!(.2ũ-4#5.2ũ 1#""8ũ .( 41.ũ (%4#+ũ (5#1 ũ "( ũ:+5 1#9ũ +(9 #3'ũ ;-!'#9ũ 31(!( ũ .#++.ũ
4 -ũ 1+.2ũ -.$1#ũ
.2_ũ #-".9 ũ
4 -ũ 1+.2ũ +,#(" ũ +#(2, -ũ (,_-#9ũ 1 -!(2!.ũ .8.+#, ũ .2 1(.ũ 41(++.ũ 1!~ ũ 41(!(.ũ ., 2ũ 5("ũ .2#1.ũ -(#+ũ 11.8.ũ -!8ũ .04(++.ũ 17ũ .-3#2ũ #"1.ũ 41(ũ
(23 ũ"#ũ ,_"(!.2ũ -4#5.2ũ 1!#+.ũ 11#1 ũ #)( ũ 1(- ũ (9 ũ 2!. 1ũ - ũ ' -%ũ 5 11#3#ũ
4+(.ũ '(1( .% ũ ,.2ũ ."1(%.ũ + 19 ũ #5 ++.2ũ
.2#$ ũ .+%4(-ũ 204#9 1(#+ũ #1#+.ũ ,.2ũ .- +"ũ ."1(9%4#9ũ 5#++ -ũ
++'()#C;
:-%#+ũ + 1!¢-ũ #"1 -.ũ 4(".ũ +!~5 1ũ .-!#ũ 1+ -".ũ:+5 1#9ũ (! 1".ũ:+5 1#9ũ 4(9ũ -4#+ũ -"1 "#ũ 4%#-(.ũ -%4+.ũ (3 ũ 1 - ũ + -! ũ 1 49ũ #5 ++.2ũ 1!.2ũ 1%4".ũ -!8ũ 04#1.ũ (2-#1.2ũ +$1#".ũ #-~3#9ũ "ũ 1+.2ũ #-~3#9ũ "ũ +#,#-3#ũ 1 5.ũ #5 ++.2ũ
4 -ũ 1+.2ũ 1 5.ũ (+5 ũ 2'(-3.-%ũ 1(.-#2ũ (-4#9 ũ - ũ 41%.2ũ -_2ũ +"#1¢-ũ 9,( .ũ -4#+ũ +"#1¢-ũ ! ũ 31(!( ũ +"#1¢-ũ , 1 -.ũ #13'ũ 231.ũ ~ 9ũ 1(2ũ 231.ũ ~ 9ũ +(!( ũ 231.ũ "(2.-ũ 231.ũ #)~ ũ -4#+ũ #1" ũ .,#1.ũ
41# -.ũ 1#2/.ũ "4 1".ũ ' +#-ũ ';5#9ũ :-%#+ũ '(! (9 ũ _/#9ũ %- !(.ũ '404(++ ũ _23.1ũ"#ũ+ ũ .11#ũ 1!.ũ .,~-%4#9ũ ¢/#9ũ #%4-".ũ 404#ũ 1 -) ũ
.1%#ũ ) 1".ũ .1;-ũ #1- -".ũ +.1#2ũ .1*8ũ 4#11#1.ũ +% ũ 1 8ũ ¢,#9ũ .2 ũ 4#5 1 ũ"#ũ 1%4".ũ +($#ũ 49,;-ũ . #1ũ -31( %.ũ ,.1 ũ -4#+ũ #¢-ũ +".- ".ũ (1( ,ũ ..1ũ -31( %.ũ Ì+ũ ;104#9ũ"#ũ+ ũ + 3 ũ .-( ũ 13~-#9ũ 1341.ũ 3 ũ -!'4-"( ũ
++'(*#C;
(#, 1.2ũ "2!1(3.2ũ +ũ (1!4+.ũ - #3'ũ .#++.ũ
4(2ũ .1".5 ũ --8 149ũ "(2.-ũ 13#% ũ 13(9ũ (++( -ũ /( ũ
Ä Äƒ
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ä“ĹŠ (-ĹŠ"4" 2ĹŠ#+ĹŠÄ‰Ä‡ÄˆÄ‡ĹŠ$4#ĹŠ.31.ĹŠ  .ĹŠ$14!3~$#1.ĹŠ/ 1 ĹŠ#+ĹŠ"#/.13#ĹŠ"#ĹŠ .2ĹŠ ~.2ĔŊ 4-04#ĹŠ#7(23#-ĹŠ$ +#-!( 2ĹŠ#-ĹŠ+.2ĹŠ1#24+3 ".2ĹŠ"#ĹŠ5 1(.2ĹŠ"#/.13#2ĹŠ04#ĹŠ"# #-ĹŠ1#!3(ă! 1ĹŠ24ĹŠ !!(.- 1ĹŠ/ 1 ĹŠ#+ĹŠ/1#2#-3#ĹŠ/#1~.".Ä“ĹŠ
Ă‹+3(, ĹŠ,(1 " ĹŠ +ĹŠÄ‰Ä‡ÄˆÄ‡ -ĹŠ3.3 +ĹŠ"#ĹŠÄ?đĉŊ,#" ++ 2ĔŊ"#ĹŠ #++ 2ĹŠÄ‰ÄŒÄ?ĹŠ"#ĹŠ.1.ĔŊ% - 1.-ĹŠ+.2ĹŠ ĈĈÄ?ÄŒĹŠ"#/.13(23 2ĹŠÄ„4,(-#-2#2Ä“ ŊěŊB[lWdjWZeh[i Z[ fe# j[dY_W o f[iWi o `kZeYWi \k[hed bei Z[fehj_ijWi c|i ieXh[iWb_[d# j[i [d [b W‹e gk[ Ykbc_dÂŒ" jWdje [d [b |cX_je dWY_edWb Yece _d# j[hdWY_edWb" [bbe be Z[ck[ijhWd bWi [ijWZ‡ij_YWi Z[b :[fWhjWc[d# je JƒYd_Ye C[jeZebÂŒ]_Ye :JC " Z[ bW <[Z[hWY_ÂŒd :[fehj_lW Fhe# l_dY_Wb Z[ Bei H‡ei <[Z[h‡ei " [d ik h[ikc[d WdkWb$ BW fhel_dY_W fWhj_Y_fÂŒ W d_# l[b dWY_edWb [d '. Z[fehj[i" h[# iWbjWdZe bei Wfehj[i c[j|b_Yei Z[ b[lWdjWc_[dje Z[ fej[dY_W '-* fh[i[Wi " b[lWdjWc_[dje Z[ f[iWi '&* o `kZe /) $ Kd i[# ]kdZe Xbegk[ be \ehcWd" bkY^W ., " Wjb[j_ice -, o W`[Zh[p )) $ 9ecfb[jWd [b ]hkfe Z[ Yedjh_# Xk_Zeh[i" fWj_dW`[ )( " Xen[e )& " aWhWj[ Ze ', " ]_cdWi_W ') " jW[amedZe '& o dWjWY_ÂŒd o XWbedY[ije ( $ I_d j‡jkbe Wb]kde [d [b W‹e WfWh[Y[d0 Y_Yb_ice" \‘jXeb" \‘jXeb iWbW o j[d_i$ 7Z[c|i" bWi [if[# Y_Wb_ZWZ[i Z[0 [iYWbWZW" [i]h_cW" h[ce o leb[_Xeb de _dj[hl_d_[hed [d [l[djei dWY_edWb[i eĂ’Y_Wb[i$ @kZe WbYWdpÂŒ bW ikfh[cWY‡W dWY_edWb [d , efehjkd_ZWZ[i" [i# YWf|dZei[ iebe bei @k[]ei DWY_e# dWb[i Z[ C[deh[i" feh ik fWhj[" B[lWdjWc_[dje Z[ F[iWi [dYWX[# pÂŒ bW fkdjkWY_ÂŒd [d [b YWcf[e# dWje dWY_edWb `kl[d_b cWiYkb_# de o \k[ i[]kdZe [d bei @k[]ei 7Xiebkjei o [d bW b_Z _d\Wdj_b Z[ i_c_bWh ]ƒd[he$ C_[djhWi" BkY^W b_Z[hÂŒ bW YWj[]eh‡W lWhed_b Z[ YW# Z[j[i$ Bei W`[Zh[Y_ijWi ]WdWhed bW `kijW ikX '- W‹ei cWiYkb_de o ikX '+ W‹ei \[c[d_de$ :[ _]kWb ceZe" [ijei Z[fehj[i
o ejhei Yece0 8WbedY[ije" 8en[e" B[lWdjWc_[dje Z[ Fej[dY_W o J[# d_i Z[ C[iW1 be]hWhed kX_YWh W iki [gk_fei e bW fhel_dY_W [djh[ bei c|i h[l[bWdj[ Z[ bei jehd[ei dWY_edWb[i eĂ’Y_Wb[i$ ?dZ_l_ZkWbc[dj[" [d /, efeh# jkd_ZWZ[i bei \bkc_d[di[i ik# X_[hed W be c|i Wbje Z[b feZ_e$ ;i `kije WYbWhWh gk[ ckY^ei Z[ dk[ijhei Z[fehj_ijWi fWhj_Y_fW# hed [d bei YWcf[edWjei eĂ’Y_Wb[i o [d @k[]ei DWY_edWb[i" be gk[ fk[Z[ Zkfb_YWh ik Yei[Y^W" WZ[# c|i bei Z[fehj[i Yece" Wjb[j_i# ce" b[lWdjWc_[dje Z[ fej[dY_W" b[lWdjWc_[dje Z[ f[iWi" dWjW# Y_ÂŒd o j[d_i Z[ c[iW" [djh[ ejhei1 kd i[b[YY_edWZe fk[Z[ WbYWdpWh lWh_ei fh[c_ei [d [b c_ice jeh# d[e o feh ik [ZWZ _dj[hl[d_h [d lWh_ei Z[ [bbei$ Feh ikfk[ije [d d_d]kde Z[ bei YWiei i[‹WbWZei f_[hZ[ [b c[h[Y_Ze cƒh_je Z[ i[h YWcf[ÂŒd dWY_edWb J[d[cei [`[cfbei gk[ [b fWiWZe W‹e WbYWdpWhed lWh_ei fh_c[hei bk]Wh[i" [djh[ [bbei feZ[cei c[dY_edWh W0 :[d_i# i[ LWh]Wi" WYef_ÂŒ i_[j[ fh[i[Wi ZehWZWi" Zei Z[ FbWjW o Y_dYe Z[ 8hedY[" ZWZe gk[ fWhj_Y_fÂŒ [d lWh_ei YWcf[edWjei dWY_edWb[i o fhk[XWi ik [ZWZ i[ be f[hc_# j[ o [d Zei @k[]ei DWY_edWb[i$ Ejhe YWie [i0 M_bc[h 9edjh[hWi b[lWdjWc_[dje Z[ f[iWi eXjk# le dk[l[ c[ZWbbWi Z[ Ehe" [d bei @k[]ei DWY_edWb[i @kl[d_b[i o 7Xiebkje o [d [b 9Wcf[edWje DWY_edWb @kl[d_b$ -ĹŠ3(#11 2ĹŠ$.1;-# 2
:[ _]kWb cWd[hW Bei H‡ei Yed# jh_XkoŒ W bei ƒn_jei Z[b :[fehj[
;YkWjeh_Wde" [d jejWb bW fhel_dY_W jkle ++ fWhj_Y_fWY_ed[i _dj[hdW# Y_edWb[i eÒY_Wb[i o de eÒY_Wb[i" [d bWi Z_iY_fb_dWi Z[fehj_lWi Z[0 7`[Zh[p" 8WbedY[ije" 8WbedcWde" 8en[e" @kZe" B[lWdjWc_[dje Z[ F[iWi" B[lWdjWc_[dje Z[ Fej[d# Y_W" BkY^W o J[d_i Z[ C[iW$ H[# iWbjWdZe bei @k[]ei :[fehj_lei IkZWc[h_YWdei" fh_dY_fWb [l[d# je Z[b bbWcWZe Y_Ybe eb‡cf_Ye [d# jh[ kdW Eb_cf_WZW o ejhW Zed#
Z[ bW fhel_dY_W [ijkle fh[i[dj[ Yed + okZeYWi" Zei bkY^WZehWi o kdW c_Yhej[d_ijW$ Feh ejhe bWZe" bei h_ei[di[i Yedgk_ijWhed +) c[ZWbbWi Z[ Ehe" '- Z[ FbWjW o '/ Z[ 8hedY[$ 8en[WZehW" Zei okZeYWi o kd b[# lWdjWZeh Z[ fej[dY_W Wi_ij_[hed Wb YWcf[edWje ckdZ_Wb Z[ ik YW# j[]eh‡W" :[ijWY|dZei[ @eiƒ 9Wij_# bbe" Yed kdW dk[lW l_Yjeh_W" Yed# l_hj_ƒdZei[ [d jh_fb[ 9Wcf[Œd
CkdZ_Wb$ :[ _]kWb ceZe" Bei H‡ei [ijkle [d Z_l[hiWi Yecf[# j_Y_ed[i Z[b |h[W ikZWc[h_YWdW o Z[b Yedj_d[dj[$ ;i `kije i_]d_\_YWh bWi c‘b# j_fb[i c[ZWbbWi Z[ Fej[dY_W [d `kijW Z[b ikX Yedj_d[dj[" e" bei j‡jkbei Z[ YkWjhe bkY^WZehWi" Z[ _]kWb cWd[hW bW WYjkWY_Œd jhWZ_# Y_edWb Z[ okZeYWi" [d jeZWi bWi YWj[]eh‡Wi" jWcX_ƒd bei f[i_ijWi Z_[hed ik ]hWd_je Z[ Wh[dW$
FHE<;I?ED7B;I <79J .&/&+ C7J;H?7B FB7DJ7
ŏ ŏ
ŏ
&ŋ & (. ,#&& )ŋ -ŋ /( ŋ( -# ŋ/,! (. ŋ
āą
ŏ ĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
.2ũ' (3 -3#2ũ #-$1#-3 -ũ/.1ũ .2ũ#+ũ/1. +#, ēũ 43.1(" "#2ũ-.ũ " -ũ2.+4!(¢-ēũũ ũěũ9edZkYjeh[i o ^WX_jWd#
ŏ ŏāąġĈ
[ije gk[ i[ ^WY[ kd bbWcWZe W bWi Wkjeh_ZWZ[i Z[ bW khX[ o jec[d cko i[h_Wc[dj[ bei _dYedl[# d_[dj[i gk[ W^ehW fWZ[Y[ceiÇ" Z_`e PWcXhWde$ +#23 1
j[i gk[ W Z_Wh_e h[Yehh[d bW Y_kZW# Z[bW BW IWbkZ" cWd_\[ijWhed gk[ h[gk_[h[d Z[ fhedjW iebkY_ d fWhW [b WbYWdjWh_bbWZe$ Ied_W PWcXhWde" kdW Z[ bWi cehWZehWi Z[b bk]Wh Wh]kc[dj gk[ YWZW W e fh[i[djWd bW c_i# cei fheXb[cWi Z[ de YedjWh Yed [b WbYWdjWh_bbWZe o jeZW [b W]kW i[ [ijWdYW [d bW Whj[h_W$ Æ>Wo gk[ [if[hWh ckY^ei Z Wi fWhW gk[ [ijW i[ h[ikcW o feZ[h i[]k_h kiWdZe [ijW YWbb[ Z[ WYY[# ie W bW Wl[d_ZW fh_dY_fWb oW gk[ ^WijW bWi WY[hWi o XehZ_bbei ied jWfWZWi feh [b W]kW" Z[X_Ze Wb _d# l_[hde bW cWb[pW jWcX_ d Yh[Y[ o Yed [bbW bWi [d\[hc[ZWZ[i" [i feh
Kde Z[ bei ^WX_jWdj[i" He][b_e Ik|h[p" W]h[] gk[ Wb _]kWb gk[ [ij[ i[h_e cWb[ijWh bWi b|cfWhWi de i[ [dYk[djhWd ZWdZe [b i[hl_# Y_e Yehh[ifedZ_[dj[$ Æ7b h[Yehh[h [b bk]Wh [d bei l[# ^ Ykbei Yed bW YWbb[ bb[dW Z[ W]kW de i[ fk[Z[ jhWdi_jWh Yed i[]k# h_ZWZ [i feh [ije gk[ i[ ^WY[ kd bbWcWZe W bW 9ehfehWY_ d DW# Y_edWb Z[ ;b[Yjh_Y_ZWZ fWhW gk[ [n_ijW kd Xk[d i[hl_Y_e Z[ Wbkc# XhWZe f Xb_Ye$ ;ije jWcX_ d [i kd Wfeh# j[ fWhW gk[ bei Z[b_dYk[dj[i WYkZWd o Yec[djWd iki \[Y^e# h Wi feh bW eiYkh_ZWZ [d gk[ dei [dYedjhWcei$ Dei kh][ bW Wj[dY_ d [d dk[ijhW beYWb_ZWZÇ" ÒdWb_p Ik|h[p$
ēũ 23 ũ#2ũ+ ũ2(34 !(¢-ũ#-ũ04#ũ2#ũ#-!4#-31 ũ+ ũ! ++#ē
(# # ŋ '* )( .)ŋ / ŋþúŋ (ŋ / ( ŋ
*/45*5650 5&$/0-»(*$0 "(301&$6"3*0 i$*6%"% %& 7"-&/$*"w 7"-&/$*" -04 3*04 &$6"%03
ũ ũěũ >eo _d_Y_W bW fh_c[hW
"7*40 %& 3&."5&
\[Y^W Z[b YWcf[edWje Z[ \ jXeb IkX *& Æ9efW CWhj d Ced# j[i 8[jWdYekhjÇ" ZedZ[ `k]Wh| [b WYjkWb YWcf[ d BW FWdZ_# bbW$ ;b YWcf[edWje i[ h[Wb_pWh| [d B_]W :[fehj_lW 9WdjedWb" ^WXh| i[_i [dYk[djhei$ Bei ^ehWh_ei Z[ bei [dYk[d#
3&."5& %& ("/"%0 .&%*"/5& $0/$6340 %& 0'&35" &/ 40#3& $&33"%0 -" +6/5" %& 3&."5& %&- */45*550 5&$/0-»(*$0 "(301&$6"3*0 i$*6%"% %& 7"-&/$*"w $POWPDB B SFNBUF EF HBOBEP CPWJOP EF BDVFSEP BM TJHVJFOUF EFUBMMF
3FHJTU %&4$3*1$*0/ 1&40 &/ -#
7"-03
/&(30 1"3%0 $3&." "."3*--0 $"'² $"'² $"'² $"'² "."3*--04" #-"/$" $&/*;" /&(3" ")6."%0 /&(30 /&(30 #-"/$0 /&(30
505"-
7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$" 7"$0/" 7"$0/" 3&130%6$503 503&5& 503&5& 503&5&
$0-03
-04 4&.07*&/5&4 4& &/$6&/53"/ &/ -" '*/$" i&TUFSP EF 1JFESBw EF QSPQJFEBE EFM *5" VCJDBEP FO FM 3DUP $IJQF ,N EF MB WÓB 7BMFODJB o (BMMPHJSP MPT NJTNPT RVF QVFEFO TFS JOTQFDDJPOBEPT QPS MPT JOUFSFTBEPT B QBSUJS EFM EÓB MVOFT EF &OFSP EFM EF I B I &M WBMPS UPUBM EFM BWBMÞP FT EØMBSFT /P QPESÈO JOUFSWFOJS FO FM SFNBUF QPS TÓ OJ QPS JOUFSQVFTUB QFTPOB RVJFOFT GVFSPO TFSWJEPSFT QÞCMJDPT EF FTUB JOTUJUVDJØO OJ TVT DØOZVHFT -PT TPCSFT DPO MB PGFSUB TF SFDJCJSÈO FO MB TFDSFUBSÓB EFM QMBOUFM QPSUBOEP FM EFM WBMPS EF SFNBUF FO FGFDUJWP IBTUB FM EÓB NJÏSDPMFT EF &OFSP I 7BMFODJB &OFSP EFM *OH +PSHF 3PESÓHVF[ 5PCBS 3&$503
55131-V.M
jhei Z[fehj_lei [ij|d fhe]hWcW# Zei [d bei i_]k_[dj[i [dYk[djhei0 Hebb_i <$9$ li 9k[hfe Z[ 8ecX[# hei '&0'+ " ?dlWi_ d ;ijhWZW li 9 dZeh <$9 ''0)& " ;cfWj[ 9Wb# Y[jW li 9bkX Eb_cf_W ')0'& " BW FWdZ_bbW li 9edijhkYY_ d 9_l_b '*0(& o '/ Z[ EYjkXh[ li Gk[# l[Ze Ifehj '+0)& $
ēũ +ũ +4 ũ .!( +ũ ũ -"(++ ũ3 , (_-ũ)4% 1;ēũ
231 -ũ! ++#2ũ#-ũ/ 11.04(
ũ ũěũ -ũ"~ 2ũ/ 2 ".2ũ, 04(- 1( 2ũ+ 231 1.-ũ! ++#2ũ"#+ũ2#!3.1ũ -3 ũ .2 Ĕũ+.2ũ,.1 ".1#2ũ, -($#23 1.-ũ04#ũ!.-ũ#23 2ũ. 1 2ũ#2/#1 -ũ 3#-#1ũ,#-.2ũ"(ă!4+3 "#2ũ#-ũ+ ũ_/.! ũ(-5#1- +ē
/&.)-Ĺ‹Ĺ‹ / ,)(Ĺ‹Ĺ‹ ! - $ )-Ĺ‹
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ä Ä†
ĹŠ Ä› Feh bWi \[ij_l_ZWZ[i
ZehWi Z[b fhe]hWcW$ =hWY_[bW 7]k_hh[" YeehZ_dW# ZehW Z[b =hkfe Z[ :WcWi Lebkd# jWh_Wi" _d\ehcÂŒ gk[ [ij[ j_fe Z[ [l[djei i[ be h[Wb_pWh| YWZW W‹e Yed bW Ă’dWb_ZWZ Z[ gk[ bWi f[hie# dWi Z[ bW j[hY[hW [ZWZ" jWcX_ƒd j[d]Wd iki dWl_ZWZ[i$ 7]k_hh[ W\_hcÂŒ gk[ Yed bW WokZW Z[ :_ei" i[ [if[hW gk[ [d bei fhÂŒn_cei W‹ei feZ[h Yedj_# 1.%1 , :khWdj[ [b [l[dje ^kXe YedYkh# dkWh W]WiW`WdZe W bei c|i l_[`_# iei o fh[i[djWY_ed[i Whj‡ij_YWi" jei Z[b YWdjÂŒd" gk_[d[i ^Wd ZWZe gk[ Z[b[_jWhed W bei fh[i[dj[i$ jeZe feh ik gk[h_Ze CeYWY^[" 7Z[c|i bei WZkbjei cWoeh[i h[# o gk[ i_d [cXWh]e [ij|d i_[dZe Y_X_[hed fheZkYjei Yece fWd o ebl_ZWZei feh bW ieY_[ZWZ gk[ bei b[Y^[" feh fWhj[ Z[ bWi eh]Wd_pW# heZ[W Yedj_dkWc[dj[$ dWl_Z[‹Wi gk[ i[ Y[b[XhWhed [d [b c[i Z[ Z_Y_[cXh[ Z[ (&'&" [b =hkfe Z[ :WcWi LebkdjWh_Wi Z[b YWdjÂŒd CeYWY^[" `kdje W bW YedY[`Wb =b[dZW 9W_Y[Ze" W]W# iW`Whed Wbh[Z[Zeh Z[ .& f[hie# dWi Z[ bW j[hY[hW [ZWZ Z[ XW`ei h[Ykhiei [YedÂŒc_Yei$
'*),. (. ŋŋ )( .#0)ŋ &ŋ ,. ŋ : ēŊ .,#-3.2Ŋ#-Ŋ04#Ŋ2#Ŋ#$#!34¢Ŋ4- Ŋ1#4-(¢-Ŋ!.-Ŋ"#23 ! ".2Ŋ#,/1#2 1(.2Ŋ"#Ŋ+ Ŋ9.- ē
-.Ŋ"#Ŋ+.2Ŋ#,/1#2 1(.2Ŋ2#Ŋ.$1#!(¢Ŋ Ŋ 1# +(9 1Ŋ+ Ŋ".- !(¢-Ŋ"#Ŋ4-Ŋ/( -.Ŋ/ 1 Ŋ + Ŋ#2!4#+ Ŋ"#Ŋ #++ 2Ŋ 13#2ē
ĹŠ ĹŠÄ› 9ed cej_le Z[ bW l_i_#
jW Z[b 9ÂŒdikb =[d[hWb Z[ ;YkW# Zeh [d I^Wd]^|_" H[f‘Xb_YW FefkbWh 9^_dW" @eh][ >_ZWb]e =k[hh[he" Wb YWdjÂŒd 8k[dW <[" W Ă’d[i Z[b W‹e Wdj[h_eh" [b WbYWbZ[ Bk‡i PWcXhWde 8[# bbe" Yed`kdjWc[dj[ Yed [b Wbje \kdY_edWh_e Z_fbec|j_Ye iei# jkl_[hed kdW h[kd_ÂŒd Yed [cfh[iWh_ei Z[ bW pedW o gk[ j_[d[d eh_][d Y^_de e l‡dYkbei Yec[hY_Wb[i$ ;djh[ [bbei0 L_Y[dj[ ?p# gk_[hZe 7]k_b[hW" ][h[dj[
][d[hWb Z[ ?DC7?7" 7b[`Wd# Zhe 9^ed]#Gk‡ BWd] Bed]" fheZkYjeh Z[ XWdWde o fWbcW W\h_YWdW o M_bied B[ÂŒd B[[" ][h[dj[ ][d[hWb Z[ bW Eh_[djWb ?dZkijh_W 7b_c[dj_Y_W$ 9ed ƒij[ cej_le i[ e\h[Y_ÂŒ kd WYje YkbjkhWb Wb Ă’dWb_pWh bW h[kd_ÂŒd" ZedZ[ fWhj_Y_fWhed d_‹ei o `ÂŒl[d[i Xk[dW\[i_dei gk[ _dj[]hWd bW ;iYk[bW Z[ 8[# bbWi 7hj[i Ckd_Y_fWb Z[ 8k[dW <[" Wi‡ Yece [b =hkfe Z[ :WdpW <ebabÂŒh_YW" gk_[d[i Z[ceijhW# hed ik jWb[dje$
$1#!(,(#-3.
L_Y[dj[ ?pgk_[hZe 7]k_b[hW" ][h[dj[ ][d[hWb Z[ ?DC7?7" Yed [i[ ]hWd Z[ifh[dZ_c_[dje o Wbjhk_ice gk[ be YWhWYj[h_# pW" [d ik _dj[hl[dY_Œd h[iWbjŒ [b ][ije deXb[ Z[b Xkh]ecW[i# jh[" Wi‡ Yece bW _cfehjWdj[ l_i_jW Z[b 9Œdikb =[d[hWb Z[b ;YkWZeh [d I^Wd]^|_$ 7b \_dWb_pWh ik Z_iYkhie ?pgk_[hZe ^_pe [b e\h[Y_c_[d# je Z[ ZedWh kd f_Wde fWhW bW ;iYk[bW Z[ 8[bbWi 7hj[i Ckd_Y_fWb Z[ 8k[dW <[$ ;b deXb[ ][ije Z[ ?pgk_[hZe \k[ h[YedeY_Ze feh jeZei bei fh[i[dj[i o fh[\[h[dj[c[dj[ feh [b 7bYWbZ[" gk_[d b[ W]hW# Z[Y_Œ [d decXh[ Z[ bW d_‹[p o `kl[djkZ Xk[dW\[i_dW$
./ ,)(Ĺ‹- -#š(Ĺ‹ Ĺ‹ )( $)Ĺ‹ *),Ĺ‹#(# #)Ĺ‹ Ĺ‹ ˜)Ĺ‹ (Ĺ‹ / ( Ĺ‹ ĹŠ ĹŠÄ› ;b bkd[i ) Z[ [d[he i[ [\[YjkÂŒ bW fh_c[hW i[i_ÂŒd Z[ YedY[`e Z[b W‹e (&''$ 9ece fh_# c[h fkdje Z[b ehZ[d Z[b Z‡W" i[ h[Y_X_ÂŒ [d 9ec_i_ÂŒd =[d[hWb W bei _dj[]hWdj[i Z[ bW @kdjW FW# hhegk_Wb Z[ FWjh_Y_W F_bWh$ 7dj[i Z[b _d_Y_e Z[ bW i[i_ÂŒd" [b Xkh]ecW[ijh[ Wfhel[Y^ÂŒ [b cec[dje fWhW Z[i[Wh be c[`eh fWhW [ij[ dk[le W‹e" jWdje W bei YedY[`Wb[i Yece W bei c_[cXhei Z[ bW @kdjW FWhhegk_Wb Z[ FWjh_# Y_W F_bWh" Wd^[bWdZe gk[ jeZei bei fheo[Yjei gk[ i[ j_[d[d fWhW 8k[dW <[ o ZedZ[ [ij| _dYbk_ZW bW ‘d_YW fWhhegk_W gk[ j_[d[ [b YWdjÂŒd i[ ^W]Wd h[Wb_ZWZ Yed ÂĄ Ä“ĹŠ .,#-3.2ĹŠ#-ĹŠ04#ĹŠ2#ĹŠ#$#!34¢Ŋ+ ĹŠ2#2(¢-ĹŠ"#ĹŠ .-!#).Ä“ kd cWd[`e WZc_d_ijhWj_le ^e# d[ije o jhWdifWh[dj[ Yece ^W [ijkle WYecfW‹WZe Z[ bei 9^WbWYe ieb_Y_jÂŒ Wb 7bYWbZ[ o leYWb[i0 7cWb_W PWcXhWde" YedY[`Wb[i gk[ [b Wfeoe Yedj_# i_Ze ik YWhWYj[h‡ij_YW$ CWdk[b CWY‡Wi o DWdYo PWc# d‘[ ZkhWdj[ ƒij[ dk[le W‹e$ :khWdj[ bW h[kd_ÂŒd i[ [ijW# /.8. XhWde" [nfh[iÂŒ ik W]hWZ[Y_# ;b fh[i_Z[dj[ Z[ bW @kdjW FW# c_[dje Wb WbYWbZ[ o Wb 9edY[`e Xb[Y_ÂŒ gk[ bW fhÂŒn_cW i[i_ÂŒd Z[ hhegk_Wb Z[ FWjh_Y_W F_bWh" Ckd_Y_fWb" feh [b Wfeoe gk[ 9edY[`e i[ bb[lWh| W [\[Yje [d bW L‡Yjeh >k]e 9^WbWYe" gk[ b[ ^Wd ZWZe [d [b (&'&$ fWhhegk_W FWjh_Y_W F_bWh$
Ä“ĹŠ " ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ/#12.- 2ĹŠ04#ĹŠ 2(23(#1.-ĹŠ +ĹŠ#5#-3.ĹŠ1#!( (#1.-ĹŠ/ -ĹŠ8ĹŠ +#!'#ĹŠ!.,.ĹŠ/ 13#ĹŠ"#+ĹŠ % 2 ).ĹŠ- 5("#Â .Ä“
6OJWFSTJEBE 5Ă?DOJDB &TUBUBM EF 2VFWFEP 'BDVMUBE EF %FSFDIP "OUF FM TFOTJCMF GBMMFDJNJFOUP EF RVJFO FO WJEB GVF 4SB
TĂ…xĂœ|vt \ĂĄĂ…xĂ„wt g|ĂĽ|Ă„xĂ…t _Ă‰Ă‰Ăœ 1PS FTUB SB[Ă˜O MPT FTUVEJBOUFT EFM UP "Ă—P 1BSBMFMP i"w EF MB DBSSFSB EF $JFODJBT +VSĂ“EJDBT KVOUP B MBT "VUPSJEBEFT EF MB 'BDVMUBE EF %FSFDIP EF MB 65&2 IBDFNPT MMFHBS OVFT USB NBT TFOUJEB OPUB EF QFTBS Z OPT TPMJEBSJ[BNPT DPO FM EPMPS RVF FOMVUB B TV EJTUJOHVJEB GBNJMJB QPS UBO JSSFQBSB CMF QFSEJEB EF NBOFSB FTQFDJBM B OVFTUSP BNJHP Z DPNQB Ă—FSP &HEP /&: 4"/%07"- 5*9*-&." 2VFWFEP EF &OFSP EFM "UFOUBNFOUF
$0.1"Âş&3*4.0 : 40-*%"3*%"% %S $PMPO #VTUBNBOUF ' %&$"/0
-FPOBSEP +JNĂ?OF[ 7FSHBSB 3&13&/5"/5& &456%*"/5*- "- )$6
$PSJOB 4FHPWJB 3BNĂ“SF[ &456%*"/5& %& Â? "Âş0 %& %&3&$)0 55125-M.G
Ĺ? Ĺ?
Ĺ?
Ĺ? Ĺ?Ä Ä‡ÄĄÄ†
Ä Ä‡
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
/- (Ĺ‹& Ĺ‹ ( Ĺ‹ Ĺ‹Ä’ &Ĺ‹0#( ˜)Ä“ Ä“ĹŠ +ĹŠ31 2+ ".ĹŠ' 23 ĹŠ+ ĹŠ!(4" "ĹŠ"#ĹŠ 4 8 04(+ĹŠ"#+ĹŠ .+(!~ ĹŠ .04#ĹŠ ++ 41(ĹŠ2#ĹŠ"(.ĹŠ#-ĹŠ'#+(!¢/3#1.Ä“ĹŠĹŠ
#ĹŠ(-$.1,¢Ŋ04#ĹŠ+.2ĹŠ !4 31.ĹŠ/1#24-3.2ĹŠ 2 +3 -3#2ĹŠ$4#1.-ĹŠ "#3#-(".2ĹŠ"41 -3#ĹŠ 4- ĹŠ + !#1 Ä“ĹŠ ĹŠ ĹŠÄ› JhWi bWi h[`Wi f[hcWd[# Y[d YkWjhe fh[ikdjei _djh[]Wdj[i Z[ bW XWdZW Z[ Ăˆ;b l_dY[‹eÉ" gk_[# d[i \k[hed Z[j[d_Zei Wbh[Z[Zeh Z[ bWi '&0&& Z[b fWiWZe l_[hd[i ZkhWdj[ kdW XWbWY[hW gk[ i[ h[# ]_ijhÂŒ [d bW fWhhegk_W IWd @kWd l‡W FWdWc[h_YWdW W bW WbjkhW Z[ IWd @kWd Dk[le l‡W gk[ YedZkY[ W 8WXW^eoe$ ;b [d\h[djWc_[dje [djh[ ][d# ZhWc[i o Z[b_dYk[dj[i i[ eh_]_# dÂŒ bk[]e gk[ bW WYY_ÂŒd ^[hÂŒ_YW Z[b ][dZWhc[ :Wd_be Hegk[ KbbWkh_ CedYWoe" gk_[d h[ikb# jÂŒ ^[h_Ze Z[ XWbW" i[ [d\h[djÂŒ W Z[b_dYk[dj[i gk[ be]hWhed iki# jhW[hi[ '(& ZÂŒbWh[i Z[ kd Yec[h# Y_Wb Z[ jkXei Z[ h_[]e kX_YWZe [d bW fWhhegk_W IWd @kWd Z[b YWd# jÂŒd Fk[Xbel_[`e$ :khWdj[ [b j_hej[e i[ YedeY_ÂŒ gk[ bW XWdZW Z[ Z[b_dYk[dj[i [hW _dj[]hWZW feh Y_dYe ik`[jei" [d# jh[ [bbei [b [n feb_Y‡W 8ohed LbW# Z_c_h >_ZWb]e 9Whh_[b YedeY_Ze Yece Ăˆ;b l_dY[‹eÉ$ 7Z[c|i ZkhWdj[ [b j_hej[e gk[ i[ fhebed]ÂŒ feh Wfhen_cW# ZWc[dj[ )& c_dkjei" [b lWb_[dj[ kd_\ehcWZe KbbWkh_ h[ikbjÂŒ ^[h_# Ze [d bW f_[hdW Z[h[Y^W o Z[Ze Z[ bW cWde Z[h[Y^W$
ēŊ +Ŋ!.,#1!( +Ŋ"#Ŋ34 .2Ŋ"#Ŋ1(#%.Ŋ".-"#Ŋ2#Ŋ1# +(9¢Ŋ#+Ŋ 2 +3.ē
#3#-(".2ĹŠ
;d hk[ZW Z[ fh[diW bW Feb_Y‡W _d\ehcÂŒ gk[ ZkhWdj[ [b [d\h[d# jWc_[dje i[ be]hÂŒ Z[j[d[h W bei Y_kZWZWdei0 7djed_e 8[hc[bbe Hec[he" 7b\h[Ze HebWdZe IWd# j_bb|d Ik|h[p" gk_[d h[]_ijhW [d [b (&&, kdW Z[dkdY_W [d Gk_je feh heXe$ 7Z[c|i Z[b l[djWd[d[ @[Ăľ[h# ied 9Wc_be 8W`W‹W Cedi[hhWj[ o Bk_i PWcXhWde 7bX|d" ƒij[ ‘bj_# ce eh_kdZe Z[ H_YWkhj[$ I[ _d\ehcÂŒ gk[ 8ohed LbW# Z_c_h >_ZWb]e 9Whh_[b Ăˆ;b l_d# Y[‹eÉ be]hÂŒ [iYWfWh ZkhWdj[ [b [d\h[djWc_[dje" f[i[ W [bbe [i XkiYWZe feh bW `kij_Y_W o Z[ bWi _dl[ij_]WY_ed[i i[ fh[ikc[ gk[ ƒij[ ^[h_ÂŒ Wb Feb_Y‡W KbbWkh_$ 7Z[c|i c_[djhWi \k[hed Z[# j[d_Zei bei ^WX_jWdj[i Z[ bW fWhh_#
ēŊ .,#-3.2Ŋ#-Ŋ04#Ŋ+ Ŋ .+(!~ Ŋ1# +(9¢Ŋ#+Ŋ./#1 3(5.ē
gk_W IWd @kWd _dj[djWhed b_dY^_h W bei Wdj[i Y_jWZei" hWpÂŒd feh bW gk[ \k[hed jhWibWZWZei ^WijW bW Y_kZWZ Z[ 8WXW^eoe$ 1 -2$#1(".ĹŠ ĹŠ 4 8 04(+ĹŠ
BW Feb_Y‡W jWcX_ƒd h[Wb_pÂŒ kd ef[hWj_le Z[ Yedjheb [d [b jhWi# bWZe Z[ KbbWkh_ Y[hhWdZe [b fWie l[^_YkbWh$ ;d bW Yb‡d_YW =[hc|d h[Y_X_ÂŒ bei fh_c[hei Wkn_b_ei c_# dkjei Z[ifkƒi \k[ jhWibWZe W bW [iYk[bW BWi F[‹Wi" ZedZ[ kd ^[# b_YÂŒfj[he Z[ bW Feb_Y‡W DWY_edWb be jhWdiĂ’h_ÂŒ Wb >eif_jWb feb_Y_Wb Z[ =kWoWgk_b$ ;b `[\[ Z[ bW Feb_Y‡W Z[ Bei H‡ei" HWc_he CWdj_bbW" _d# \ehcÂŒ gk[ bei Wkjeh[i Z[b _dj[dje Z[ Wi[i_dWje i[ ^Wd c[j_Ze Yed bW Feb_Y‡W o feh [dZ[ ZWh|d kdW h[Yecf[diW W gk_[d Zƒ _d\ehcW# Y_ÂŒd fWhW iki YWfjkhWi$
Ä“ĹŠ .2ĹŠ!4 31.2ĹŠ24)#3.2ĹŠ04#ĹŠ/1#24-3 ,#-3#ĹŠ/ 13(!(/ 1.-ĹŠ#-ĹŠ#+ĹŠ 2 +3.ĹŠ 2#ĹŠ2 +5 1.-ĹŠ"#ĹŠ2#1ĹŠ04#, ".2ĹŠ#-ĹŠ -ĹŠ 4 -Ä“
ũũ ũũ Ė
ũ
.,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!31.".,_2ı 3(!.2Ĕũ,4# +#2Ĕ#04(/.2ũ"#ũ.ă!(- Ĕũ#3!ē
4#23.2Ĕũ./.134-(" "#2ũ"#ũ31 ).ē
ũ } .,/1 ĵ5#-3 ĵ1#-3 ũ"#ũ3#11#-.2Ĕũ ! 2 2Ĕũ"#/ 13 ,#-3.2ũ8ũ.ă!(- 2ē
HL<M<;F
;`i\ZZ` e1 8m% Ale\ >lqd}e [\ :fik j -(( p ; Z`dX \jhl`eX Xckfj [\ @g\ijX K\c ]fef1 ).-$',+' & ).-$',+( <$dX`c1 hl\m\[f7cX_fiX%Zfd%\Z
9898?FPF
;`i\ZZ` e1 8m% (' [\ 8^fjkf /*( p <cfp 8c]Xif <[`]`Z`f J_fgg`e^ K_\ Iflj\ K\c ]fef1 ).*-//. <$dX`c1 YXYX_fpf7cX_fiX%Zfd%\Z
āĈ
ŏ ĀĊŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
(Ĺ‹ (. ( -Ĺ‹- .),Ĺ‹ , Ĺ‹ Ĺ‹&v+/# )Ĺ‹0#. &
Ä Ä‰
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
ŊěŊ CehWZeh[i Z[ bW Y_k#
#. (. -Ĺ‹*# (Ĺ‹ ' 3),Ĺ‹- !/,# Ä“ĹŠ .2ĹŠ 1#2ĹŠ8ĹŠ+ 2ĹŠ1(Â 2ĹŠ04#ĹŠ2#ĹŠ.! 2(.- -ĹŠ ĹŠ"( 1(.ĹŠ#-ĹŠ#23.2ĹŠ2(3(.2ĹŠ2.-ĹŠ2(34 !(.-#2ĹŠ' (34 +#2ĹŠ#-ĹŠ+ ĹŠ9.- Ä“
4(#-#2ĹŠ' (3 -ĹŠ#-ĹŠ#+ĹŠ2(3(.ĹŠ ă1, -ĹŠ 04#ĹŠ"#ĹŠ/.2##1ĹŠ.31 ĹŠ/1./(#" "ĹŠ2#ĹŠ ,4" 1~ -ĹŠ2(-ĹŠ/#-2 1+.ĹŠ".2ĹŠ5#!#2Ä“ ĹŠ ěŊ ;b
i[Yjeh Z[ BWi <beh[i WfWhj[ Z[ i[h YedeY_Ze Yece kd XWhh_e Z[ jeb[hWdY_W gk[ f[hj[d[Y[ W bW khX[ l[d# jWd[di[ jWcX_ƒd i[ YWhWYj[# h_pW feh bei Yedj_dkei Z_ijkh# X_ei o bW WbjW f[b_]hei_ZWZ gk[ i[ l_l[ [d bW pedW$ BW \WbjW Z[ WbkcXhWZe f‘Xb_# Ye" [b i_dd‘c[he Z[ XWh[i o Z[# c|i Y[djhei deYjkhdei gk[ i[ [dYk[djhWd kX_YWZei [d bW pedW ied Yecfed[dj[i o YWkiWi Z[b j[die WcX_[dj[ Yed [b gk[ Yed# l_l[d lWh_Wi \Wc_b_Wi$ KdW ^WX_jWdj[ Z[b i[Yjeh cW# d_\[ijŒ gk[ bW Z[b_dYk[dY_W [i [b fWd Z[ YWZW Z‡W" c_[djhWi gk[
[d bWi deY^[i bWi h_‹Wi o [b Wbje lebkc[d Z[ bW c‘i_YW fhel[# d_[dj[ Z[ bei iWbed[i Wbb‡ kX_YW# Zei i[ WfeZ[hW Z[b i[Yjeh$ Æ7gk‡ de i[ fk[Z[ l_l_h" kdW j_[d[ gk[ iefehjWh jeZWi bWi deY^[i f[b[Wi Z[ XehhWY^ei o W jhWXW`WZehWi i[nkWb[i gk[ i[ fWi[Wd b_Xh[c[dj[ feh bWi YW# bb[i e\h[Y_[dZe iki i[hl_Y_eiÇ Z_`e bW cehWZehW$ ( .2Ŋ1."# ".2Ŋ"#Ŋ"#+(-!4#-!(
7Z[c|i bW ck`[h Yec[djŒ gk[ [ij[ WcX_[dj[ de [i fhef_Y_e fWhW bei d_‹ei fk[ije gk[ [bbei Yh[Y[d heZ[WZei Z[ jeZe j_fe Z[ i_jkWY_ed[i _hh[]kbWh[i [d#
Clasificados
jh[ [bbWi Z[b_dYk[dY_W" Zhe]Wi o WbYe^eb eXi[hl|dZebWi Yece dehcWb[i$ I[]‘d Z_`[hed bei cehWZeh[i bW feb_Y‡W [iYWiWc[dj[ WYkZ[ Wb bk]Wh W h[Wb_pWh fWjhkbbW`[i fWhW [l_jWh o YedjhebWh bW Z[b_dYk[d# Y_W o Z[c|i _hh[]kbWh_ZWZ[i gk[ i[ eXi[hlWd W Z_Wh_e$ ÆKde Wgk‡ de fk[Z[ Z[Y_h dWZW feh gk[ [i c[j[hi[ [d fheXb[cWi" Yece de j[d[cei ejhe i_j_e ZedZ[ l_l_h Z[X[cei W]kWdjWh jeZWi bWi YeiWi gk[ i[ ZWd Wgk‡Ç [nfh[iÂŒ kd cehWZeh$ Bei ^WX_jWdj[i Z[b i[Yjeh BWi <beh[i ^WY[d kd bbWcWZe Wb Z[# fWhjWc[dje Z[ feb_Y‡W fWhW gk[ bei W][dj[i Z[b ehZ[d i[ ^W]Wd fh[i[dj[i [d i_j_e o WokZ[d W c[hcWh bei _b‡Y_jei gk[ Wgk‡ ik# Y[Z[d" fk[ije gk[ Wi[]khWd [b XWhh_e i[ ^W Yedl[hj_Ze [d pedW \hWdYW fWh bei Z[b_dYk[dj[i$
#ĹŠ/.-#ĹŠ#-ĹŠ!.-.!(,(#-3.ĹŠ "#+ĹŠ /ĂŒ +(!.ĹŠ #-ĹŠ %#-#1 +ĹŠ #+ĹŠ #731 5~.ĹŠ "#ĹŠ + ĹŠ ( 1#3 ĹŠ "#ĹŠ + ĹŠ ĹŠ ĹŠ ĹŠ 4#-3 ĹŠ "#ĹŠ '.11.ĹŠ Ĺ’ĹŠÄ‡ÄˆÄ?Ä‡ÄŒÄŠÄ‡ÄŠÄŽÄŽĹŠĹŠ/#13#-#Äą !(#-3#ĹŠ ĹŠ ^ ĹŠ ĹŠ ^ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ !.-ĹŠ _"4+ ĹŠ .Ä“ĹŠÄˆÄ‰Ä‡Ä‡Ä’Ä’ÄŒÄŒÄˆÄąÄŒ
ĹŠ ĹŠ
4!Ä“ĹŠ#-ĹŠ '.8.
ĹŠ ĹŠĹŠ
Ä“ĹŠ (23 ĹŠ/ 1!( +ĹŠ"#ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ! ++#2ĹŠ".-"#ĹŠ1#2("#-ĹŠ5 1( 2ĹŠ$ ,(+( 2ĹŠ04#ĹŠ ! 1#!#-ĹŠ"#ĹŠ %4 Ä“
ĹŠ ĹŠ ĹŠ ÄŠÄ?ÄŠÄŠÄą
ĹŠ
#ĹŠ /.-#ĹŠ #-ĹŠ !.-.!(Äą ,(#-3.ĹŠ "#+ĹŠ /ĂŒ +(!.ĹŠ #-ĹŠ %#-#1 +ĹŠ #+ĹŠ #731 5~.ĹŠ ĹŠ ĹŠ ĹŠ Ĺ’ĹŠÄŒÄŽÄ‡ÄˆÄˆÄ?Ä‘Ä?ćÄ? #13#-#!(#-3#ĹŠ +ĹŠ 21ĸ ĚĖŊ ĹŠ
ĹŠ ĹŠ
#ĹŠ /.-#ĹŠ #-ĹŠ !.-.!(,(#-Äą 3.ĹŠ "#+ĹŠ /ĂŒ +(!.ĹŠ #-ĹŠ %#-#1 +ĹŠ #+ĹŠ #731 5~.ĹŠ ĹŠ ĹŠ ĹŠĹ’ĹŠÄ‰ÄˆÄ‡Ä‡Ä‡Ä‡Ä‰Ä‘Ä?Ä‘ #13#-#!(#-3#ĹŠ +ĹŠ 21ĸ ĚĖŊ ĹŠ ĹŠ ĹŠ ĹŠ
ēŊĉĒŊ Ŋ ŊŊ
ĹŠ ĎĎĈćÄ?
h[i gk_[d[i Z_`[hed gk[ [ijei de WXWij[Y[d Z[b b‡gk_Ze l_jWb d[Y[# iWh_e o [b W]kW de [ij| WfjW fWhW [b Yedikce ^kcWde$ Bei cehWZeh[i Z_`[hed gk[ Z[X_Ze W bW d[Y[i_ZWZ Z[X[d kj_b_pWh [b W]kW Z[ bei fepei W h_[i]e Z[ W\[YjWh ik iWbkZ o bW Z[ iki ^_`ei$ Bei ^WX_jWdj[i Z[b i[Yjeh Dk[lW ;if[hWdpW ^_Y_[hed kd bbWcWZe W bWi Wkjeh_ZWZ[i Z[b YWdjŒd L[djWdWi fWhW gk[ b[i Zej[d Z[ cWd[hW h[]kbWh Z[b i[hl_Y_e Z[ W]kW fejWXb[ Z[b YkWb YWh[Y[d bW cWoeh fWhj[ Z[b j_[cfe$
ĹŠ
ĹŠ #ĹŠ/.-#ĹŠ#-ĹŠ!.-.!(,(#-Äą 3.ĹŠ"#+ĹŠ/ĂŒ +(!.ĹŠ#-ĹŠ%#-#1 +ĹŠ #+ĹŠ #731 5~.ĹŠ ĹŠ ĹŠ ĹŠĹ’ĹŠÄŠÄ‡ÄŒÄŒÄŽÄ‡Ä‰Ä? #13#-#!(#-3#ĹŠ +ĹŠ 21ĸ ĚĖŊ
ĹŠ ĹŠ ĹŠ
ĎĎćĉĉ
ZWZ[bW Dk[lW ;if[hWdpW WĂ’hcW# hed YWh[Y[h Z[b i[hl_Y_e Z[ W]kW fejWXb[ ^WY[ lWh_ei W‹ei$ CWh‡W HeiWZe" ^WX_jWdj[ Z[b i[Yjeh" Wi[l[hW gk[ ied Wb# h[Z[Zeh Z[ kdWi )&& \Wc_b_Wi bW gk[ i[ [dYk[djhWd W\[YjWZWi feh [ijW i_jkWY_ÂŒd$ I[]‘d HeiWZe Æ[b Wdj[h_eh WbYWbZ[ o ik Yk[hfe Z[ [Z_b[i [d jh[i f[h_eZei Z[ ]eX_[hde i[Y# Y_edWb i[ ebl_ZWhed Z[ h[Wb_pWh [b i_ij[cW Z[ Yed[n_ÂŒd Z[ W]kW fWhW WXWij[Y[h Wb i[YjehÇ$ ;d [ij[ i[Yjeh iebe [n_ij[d fe# pei Z[ feYei c[jhei Z[ fhe\kdZ_# ZWZ Yedijhk_Zei feh bei cehWZe#
ĎĎĈćČ
#,#-ĹŠ ĹŠ+ 2ĹŠ(-4-" !(.-#2
ŊěŊ .2Ŋ' (3 -3#2Ŋ"#+Ŋ2#!3.1Ŋ Ŋ .9 Ŋ"()#1.-Ŋ#23 1Ŋ/1#.!4Ĺ / ".2Ŋ/.1Ŋ+ Ŋ#3 / Ŋ(-5#1- +Ŋ8 Ŋ04#Ŋ 2#%41 1.-Ŋ3#,#-Ŋ04#Ŋ2#Ŋ/1."49! -Ŋ (-4-" !(.-#2Ŋ8Ŋ"# -Ŋ2 +(1Ŋ"#Ŋ242Ŋ'.% 1#2Ŋ' !( Ŋ + #1%4#2Ŋ +Ŋ(%4 +Ŋ04#Ŋ #-Ŋ  .2Ŋ -3#1(.1#2ēŊ
.".ĹŠ+.ĹŠ04#ĹŠ "#2# ,.2ĹŠ1# +(9 1ĹŠ
#2/4_2Ŋ"#Ŋ+ Ŋ 3 ++ ĔŊ4-Ŋ3#-(#-3#Ŋ+#Ŋ "().Ŋ +ŊŊ%#-#1 +ēŊĥ "(#Ŋ/4#"#Ŋ! , ( 1Ŋ #+Ŋ"#23(-.Ģē
Æ;i l[hZWZÇ" Yedj[ijÂŒ [b ][d[hWb c_[djhWi ceijhWXW bW ced[ZW Wb j[d_[dj[" gk[ j[d‡W YWhW [d WcXei bWZei$ :khWdj[ kdW XWjWbbW" kd ][# d[hWb `Wfedƒi Z[Y_Z_ÂŒ WjWYWh W‘d YkWdZe ik [`ƒhY_je [hW cko _d\[# h_eh [d d‘c[he$ ;ijWXW YedĂ’WZe gk[ ]WdWh‡W" f[he iki ^ecXh[i [ijWXWd bb[dei Z[ ZkZW$ 9Wc_# de W bW XWjWbbW" i[ Z[jkl_[hed [d kdW YWf_bbW$ :[ifkƒi Z[ h[# pWh Yed iki ^ecXh[i" [b ][d[hWb iWYÂŒ kdW ced[ZW o Z_`e" Æ7^ehW j_hWhƒ [ijW ced[ZW$ I_ [i YWhW" ]WdWh[cei$ I[ [i Yhkp" f[hZ[h[# cei$ ;b Z[ij_de i[ h[l[bWh|Ç$ J_hÂŒ bW ced[ZW [d [b W_h[ o jeZei c_hWhed Wj[djei Yece Wj[hh_pWXW$ ;hW YWhW$ Bei ieb# ZWZei [ijWXWd jWd Yedj[djei o Yed\_WZei gk[ WjWYWhed l_# ]eheiWc[dj[ Wb [d[c_]e o Yedi_]k_[hed bW l_Yjeh_W$ ;i _cfehjWdj[ h[YehZWh gk[ de _cfehjW be ckY^e gk[ Wfh[dZWcei o j[d]Wcei c|i YedeY_c_[djei gk[ bei Z[c|i"
i_ YWh[Y[cei Z[ bW YedĂ’WdpW [d deiejhei c_icei fWhW bb[lWh h[Wb_pWh dk[ijhWi c[jWi [djed# Y[i ^WXh[cei f[hZ_Ze bW XWjWbbW _dYbkie Wdj[i Z[ Yec[dpWhbW$ ÂľF[he" Z[ ZÂŒdZ[ fhel_[d[ bW Yed\_WdpW5$ ;ijWcei i[]khei gk[ oW YedeY[i bW h[ifk[ijW" bW YedĂ’WdpW hWZ_YW Z[ :;DJHE Z[ deiejhei c_icei$ BW Yed# Ă’WdpW de i[ XkiYW W\k[hW i_de Z[djhe Z[ j_$ ;b c[diW`[ [i YbWhe" [b ƒn_je o bW YWfWY_ZWZ Z[ be]hWh jeZWi jki c[jWi hWZ_YWd Z[djhe Z[ j_$ Be fh_c[he o be c|i _cfehjWdj[ [d bW l_ZW [i jk c_ice o jk 9H;9?# C?;DJE Yece f[hiedW" Z[X[i jhWXW`Wh Zkhe" Z[X[i YedjhebWh jk c[dj[ Yed jk [if‡h_jk" Z[X[i WY[fjWh" Yedgk_ijWh o XehhWh jki c_[Zei" Z[X[i [b_c_dWh jki f[diWc_[djei d[]Wj_lei" Z[X[i be]hWh bW Whced‡W [djh[ [b f[i_# c_ice [nW][hWZe o [b efj_c_i# ce [nW][hWZe" Z[X[i feZ[h l[h bW l[hZWZ" Z[X[i Wfh[dZ[h W ]W# dWh" W f[hZ[h o W h[j_hWhj[ [d [b
2ĹŠ1.2 2ĹŠ8ĹŠ24ĹŠ2(%-(ă! ".ĹŠ ;n_ij[d ckY^ei Yebeh[i o j_fei Z[ heiWi o YWZW kdW j_[d[ kd i_]# d_Ă’YWZe Z[b YkWb feZ[cei ^WY[h kie YkWdZe bWi kj_b_pWcei Yedi# Y_[dj[c[dj[ fWhW kd fhefÂŒi_je$ 9kWdZe l[i bWi heiWi j[ i_[dj[i WjhW‡Ze dWjkhWbc[dj[ W Wb]kdW [d [if[Y_Wb" ckY^Wi f[hiedWi WZe# hWd bW heiWi he`Wi" c_[djhWi gk[ ejhei i[ _dYb_dWd feh bWi XbWdYWi e WcWh_bbWi" W c_ f[hiedWbc[dj[ c[ \WiY_dWd bWi Z[ Yebeh \kYi_W e heiWZWi" c_ [nf[h_[dY_W Yed bWi heiWi c[ ^W f[hc_j_Ze [dj[dZ[h feh gkƒ YWkiWd [i[ [\[Yje c|]_# Ye [d deiejhei o [ie [i Z[X_Ze W gk[ [i kd h[]Wbe Z[ bW dWjkhW# b[pW fWhW Wb[]hWhdei o [gk_b_# XhWhdei" [i kdW cWd_\[ijWY_ÂŒd Z[ Wceh fkhe$ :[f[dZ[ Z[ iki ]kijei Z[X[ [b[]_h bWi heiWi Z[`|dZei[ bb[lWh feh Wgk[bbWi gk[ b[i WjhW[d Z[ l[hZWZ" W l[Y[i Z[i[Wcei h[# ]WbWh heiWi W Wb]k_[d o ckY^Wi l[Y[i de iWX[cei i_ be ^WY[cei Yehh[YjWc[dj[" j[ WYbWhe gk[ be ^Wh|i Yehh[YjWc[dj[ YkWdZe [i# jƒi [b_]_ƒdZebW Z[iZ[ jk YehWpÂŒd" ^Wp be i_]k_[dj[ YkWdZe Z[i[[i h[]WbWh heiWi W kdW f[hiedW jk cWc|" fWf|" [ifeiW" [ifeie" ^_`W" ^_`e" Wc_]W" Wc_]e" del_W" [jY$$$$ f_[diW [d [iW f[hiedW o jhWjW Z[ i[dj_h YkWb heiW [i bW gk[ b[ fheZkY_h| c[`eh h[WYY_ÂŒd$ BWi heiWi i[ kj_b_pWd fWhW ckY^Wi eYWi_ed[i [d [if[Y_Wb fWhW Z[ceijhWh Wceh e f[Z_h f[hZÂŒd" Wkdgk[ Z[X[i j[d[h
Ä“ĹŠ #Ä„#).2ĹŠ"#ĹŠĹŠ2#-3(,(#-3.2Ä“
fh[i[dj[ gk[ de ^Wo eYWi_ÂŒd [i# f[Y_Wb k eXb_]Wjeh_W fWhW h[]WbWh heiWi" ^Wpbe YkWdZe be i_[djWi" de _cfehjW i_ [i kd bkd[i e Ze# c_d]e ^Wpbe Z[ YehWpÂŒd YWkiWh| cWoeh [\[Yje c|]_Ye$ .) 2ĹŠ
;ijWi heiWi lWd h[bWY_edWZWi Yed bW fWi_Œd" bW Z[Y_i_Œd" bW lebkd# jWZ" bW i[nkWb_ZWZ" jWcX_ƒd [i cko kiWZW fWhW Z[ceijhWh Wceh e Z[i[e$ ;ijW heiW fk[Z[ i[h kiW# ZW Yece h[]Wbe fWhW bW fWh[`W Wkdgk[ jWcX_ƒd [djh[ Wc_]ei i[ fk[Z[ h[]WbWh [ij[ j_fe Z[ heiWi$ + -! 2
;ijWi heiW Z[ dejWd fkh[pW" _de# Y[dY_W" XedZWZ" Wceh i_dY[he o fWhW i_[cfh[$ 9kWdZe Wb]k_[d [ij| [d\[hce [i h[Yec[dZWXb[ h[]WbWh [ij[ Yebeh Z[ heiWi oW gk[ _dZ_YW gk[ i[ [ij| f[dZ_[dj[ Z[ bW f[hiedW$ BWi del_Wi [b_][d [ij[ Yebeh [d ik cWoeh‡W$
Ĺ? ĀĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ? ƒ
Ä ÄŠ
ĹŠ'4,(+" "ĹŠ #2ĹŠ-#!#2 1( ĹŠ #-ĹŠ#+ĹŠ2#1 Kde Z[ bei _d]h[Z_[dj[i i[Yh[jei [i bW >kc_bZWZ$ :[ i[]khe ^Wi l_ije feh [`[cfbe [d kd fWhj_Ze Z[ \‘jXeb fhe\[i_edWb" Yece Wb# ]‘d `k]WZeh Z[ifkƒi Z[ ^WY[h kd ]eb [djhW [d [k\eh_W" Y[b[XhW ik cec[dje o bk[]e i[ f[hi_]# dW e b[ ^WY[ Wb]kdW h[l[h[dY_W W ik :_ei$ ;ij[ [i feh [`[cfbe" kd ][ije Z[ ^kc_bZWZ$ Feh ckY^e gk[ j[ fWh[pYW gk[ [ijWi f[hiedWi de be ied" ik l[hZWZ[he i[h _dj[h_eh be [i o b[ W]hWZ[Y[ W :_ei e W kdW \k[hpW cWi Wbb| Z[ ƒb%[bbW [b feZ[h gk[ i[ b[ YedY[Z_ÂŒ fWhW be]hWh [b jh_kd\e$ Ä .1ĹŠ04_ĹŠ+ ĹŠ'4,(+" "Ä&#x;
Ä“ĹŠ 23.ĹŠ2#ĹŠ' !#ĹŠ/ 1 ĹŠ/1#/ 1 1ĹŠ ĹŠ24ĹŠ2#1ĹŠ24/#1(.1Ä“
cec[dje WZ[YkWZe$ :[X[cei h[YehZWh gk[ bW l_ZW ^WijW [b ‘bj_ce Z‡W [i Yece kdW ]hWd ]k[hhW o jeZe be gk[ ikY[Z[ Z[djhe Z[ [bbW ied i_c#
fb[c[dj[ XWjWbbWi" de ^WY[ \WbjW ]WdWh jeZWi bWi XWjWbbWi fWhW ]W# dWh bW ]k[hhW" f[he i_ ^WY[ \WbjW Wfh[dZ[h Z[ bWi fƒhZ_ZWi" WZWf# jWhi[" c[`ehWh o Whh[c[j[h$
9kWdZe iecei ^kc_bZ[i" j[d[# cei XW`e Yedjheb dk[ijhe []e" [ijWcei WX_[hjei W bW Yh‡j_YW o W bW ikf[hWY_Œd Yece f[hiedW" dei f[hc_j_cei Yec[j[h [hheh[i o de dei YWij_]Wcei _dY[iWdj[c[d# j[ feh [bbe" dei i[dj_cei c[dei fh[i_edWZei o dei Z[`Wcei [d cWdei Z[ :_ei e [b Kd_l[hie$
ŏ ŏ
ŏ
ŏ ŏĂĀġā
Čć! (-!+ēũ ũćĒũ ũ ũ ũũĉćĈĈ
.2ũ ~.2
Ċďũ :
,/+(! ".ũ#-ũ 2 +3.ũ +$1#".ũ -3(++;-ũ$4#ũ"#3#-(".ũ)4-3.ũ ũ31#2ũ1(.2#-2#2ũ"41 -3#ũ4-ũ3(1.3#.ũ 04#ũ2#ũ1#%(231¢ũ#-ũ+ ũ/ 11.04( ũ -ũ 4 -ũ8ũ".-"#ũ1#24+3¢ũ'#1(".ũ4-ũ%#-ı " 1,#ēũ #ũ/1#24,#ũ04#ũ2.-ũ"#ũ+ ũ -"#ũ"#ũĥ +ũ5(-!# .Ħēũ ;%(- ũ Ĉď
2 +3 -ũ+.! +ũ"#ũ5~5#1#2ũ
-ũ+.! +ũ"#ũ5~5#1#2ũ"#+ũ! -3¢-ũ .! !'#ũ$4#ũ. ı )#3.ũ"#ũ 2 +3.ũ8ũ1. .ēũ .2ũ/1#24-3.2ũ"#+(-!4#-3#2ũ 2#ũ24231 )#1.-ũ /1.7(, " ,#-3#ũ31#2ũ,(+ũ"¢+ 1#2ũ #-ũ,#1! "#1~ ēũ +ũ'#!'.ũ.!411(¢ũ#+ũ, 13#2ũÌ+3(,.ũ #-ũ'.1 2ũ"#ũ+ ũ-.!'#ēũ
.23#ũ /4-3.ũ"#ũ! #12#
-ũ5(#).ũ/.23#ũ04#ũ#23;ũ4 (! ".ũ#-ũ+ ũ5~ ũ/1(-!(/ +ũ"#+ũ1#!(-3.ũ -ũ 4(2ũ "#+ũ! -3¢-ũ .! !'#Ĕũ ũ/.!.2ũ/ 2.2ũ"#+ũ Ĕũ!.-3(-Ì ũ2(-ũ2#1ũ1#3(1 ".Ĕũ "# (".ũ ũ+ 2ũ, + 2ũ!.-"(!(.-#2ũ#-ũ04#ũ2#ũ#-!4#-31 ũ#23;ũ/.1ũ! #12#ēũ .2ũ ' (3 -3#2ũ#7(%#-ũ24ũ1#3(1.ũ41%#-3#ē