Ďć! (-!+ēŊ , 41 ĔŊ 1!'(
Äž ĹŠ } Ä? ƒ Ĺ?
ĹŠÄ‡ÄˆĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‰ Ĺ?
11(¢-Ŋ !4"(1;Ŋ Ŋ+ Ŋ
1#-2 ĹŠ/#14 - ĹŠ /1.3#23 -ĹŠ/.1ĹŠ 5(2(3 ĹŠ"#ĹŠ .11#
#%ĂŒ-ĹŠ#+ĹŠ#7"(1#!3.1ĹŠ"#+ĹŠ .2/(3 +ĹŠ"#ĹŠ+ ĹŠ .+(!~ ĔŊ24ĹŠ'.-.1ĹŠ$4#ĹŠ, -!(++ ".ĹŠ8ĹŠ"#-4-!( ĹŠ 4- ĹŠ/#12#!4!(¢-ēŊŊ ;%(- ĹŠ ÄŠ
4#5.Ŋ2(23#, Ŋ "#Ŋ/ 13(!(/ !(¢-Ŋ
;%(- ĹŠ Ä?
ĹŠ 1"#- -9 ĹŠ04#ĹŠ #%+ ,#-3 ĹŠ+ ĹŠ 13(!(Äą / !(¢-ĹŠ (4" " - ĹŠ#-ĹŠ#+ĹŠ! -3¢-ĔŊ$4#ĹŠ !.%(Äą " ĹŠ#-ĹŠ2#%4-" ĹŠ(-23 -!( Ä“ BWi h[Yec[dZWY_ed[i fbWdj[WZWi feh bei Zei fhefe# d[dj[i M_bc[h JWXeWZW" fh_# c[h fheo[Yje1 7dZh[W IYWYYe" HWc_he F|[p [ >_bZW >[hh[hW" i[]kdZe de \k[hed WYe]_Zei Z[b jeZe$ 7 f[iWh Z[ bei h[fWhei o [nfb_YWY_ed[i" bW dehcWj_lW fhe# fk[ijW feh bW :_h[YY_ÂŒd Z[ FWh# j_Y_fWY_ÂŒd 9_kZWZWdW" \k[ Wfhe# XWZW [d i[]kdZe Z[XWj[ bk[]e Z[ Zei ^ehWi$ CWh‡W <[hdWdZW 9^_h_Xe]W o HWc_he F|[p" h[fh[i[djWdj[i Z[ bW Y_kZWZWd‡W" eYkfWhed dk[lW# c[dj[ bW i_bbW lWY‡W$ ;b Z[XWj[ i[ YedY[djhÂŒ [b
ĹŠ
j[cW Z[b fh[ikfk[ije fWhj_Y_# fWj_le" WiWcXb[Wi YWdjedWb[i" Yedi[`ei XWhh_Wb[i o Yecf[j[d# Y_Wi$ EimWbZe <beh[i" Z_h[Yjeh Z[ FWhj_Y_fWY_ÂŒd 9_kZWZWdW Z[b Ckd_Y_f_e" Z_`e gk[ [b eX`[j_le [i YWcX_Wh bW [ijhkYjkhW Z[ fWhj_# Y_fWY_ÂŒd Wdj[h_eh o \ehjWb[Y[hbW" fWhW gk[ jeZei bei i[Yjeh[i i[ X[d[Ă’ Y_[d$ I_d [cXWh]e" M_bc[h JWXeW# ZW" YedY[`Wb" i[‹WbÂŒ gk[ [i d[Y[# iWh_e [bWXehWh kdW dk[lW cWjh_p [d bW YkWb i[ fh_eh_Y[d bWi eXhWi Z[ WYk[hZe W bW h[Wb_ZWZ Z[ YWZW i[Yjeh$ ;%(- ĹŠ ÄŠ
#-.)-Ĺ‹* , Ĺ‹ ' , " ,Ĺ‹ Ĺ‹ /#.) : ĹŠ ĚŊ :[b[]WY_ed[i Z[ bW Kd_ZWZ DWY_edWb Z[ ;Zk# YWZeh[i KD; 9WhY^_ o [b 9edi[`e Z[ 9eckdWi 9Wc# f[i_dWi Z[ Cedj‘\Wh 99C " l_W`Wh|d W Gk_je [b fhÂŒn_ce . Z[ cWhpe fWhW ZWh W YedeY[h ik Z[iYedj[dje feh bWi feb‡# j_YWi gk[ Wfb_YW [b =eX_[hde 7YjkWb$ 7Z[c|i Z[ bW cel_b_pW# Y_ÂŒd i[ j_[d[ fbWd_\_YWZe h[Wb_pWh lWh_Wi WYY_ed[i [d bW fhel_dY_W fWhW ceijhWh ik _dYed\ehc_ZWZ ^WijW [b (( Z[ cWhpe$ Feh ik fWhj[ [b Cel_c_[d# je 7b_WdpW F7?I" i[ [dYk[d# jhW YedleYWdZe W ck`[h[i fWhW Z_h_]_hi[ Wb 7hXeb_je Gk_je [iW \[Y^W" ZedZ[ i[# ]‘d iki h[fh[i[djWdj[i" Y[b[# XhWh|d [b :‡W Z[ bW Ck`[h o i[ kd_h|d W bW YedjhW cWhY^W$ D_d]kdW Z[ bWi fWhj[i Z_[# hed [b d‘c[he Z[ f[hiedWi gk[ fWhj_Y_fWh|d [d [ijWi WY# Y_ed[i$
;%(- ĹŠ ĈÄ?
¥ ēŊ +Ŋ .-!#).Ŋ 4-(!(/ +ĔŊ"# 3(¢Ŋ8Ŋ+ Ŋ.1"#- -9 Ŋ"#Ŋ 13(!(/ !(¢-Ŋ (4Ĺ " " - Ŋ"#+Ŋ! -3¢-ēŊ ēŊ .!#-3#2Ŋ8Ŋ,.5Ĺ (,(#-3.2Ŋ(-"~%#- 2Ŋ"#+Ŋ 1!'(Ŋ / 13(!(/ 1;-Ŋ#-Ŋ, 1! Ŋ#-Ŋ!.-31 Ŋ "#+Ŋ . (#1-.Ŋ #-31 +ē
/ (. Ĺ‹ Ĺ‹ /Ă°Ĺ‹Â˜)Ĺ‹0v Ĺ‹ ()Ĺ‹" #&#.
ĹŠ
: ŊěŊ;b fk[dj[ gk[ kd[ W Jk#
Ă’ ‹e [d ;YkWZeh Yed [b Yehh[]_# c_[dje Z[ 9^_b[i [d 9ebecX_W Wcfb_e ik ^ehWh_e Z[ Wf[hjkhW o Y_[hh[ Z[iZ[ [b . Z[ \[Xh[he$ BW l‡W gk[ Yeckd_YW W bei Zei feXbWY_ed[i [ij| [djh[ bei (. fW# iei de ^WX_b_jWZei Z[ bW pedW Z[ \hedj[hW i[]‘d bWi Wkjeh_ZWZ[i i[YY_edWb[i$ BW l‡W de [i WfjW fWhW [b jhWdifehj[ Z[ c[hYWZ[h‡Wi" Wkd# gk[ i_d \[Y^W" i[ j_[d[ fbWd[i fWhW Z[YbWhWh bW l‡W Yece ^WX_# b_jWZW e b[]Wb" f[he jWcX_ƒd i[ Z[X[ YedjWh Yed [b Yecfhec_ie Z[b ;ijWZe YebecX_Wde$ ;d bW WYjkWb_ZWZ [d [b fk[dj[ oW ^Wo kd Z_ifei_j_le c_b_jWh o feb_Y_Wb f[he de kde Z[ bW Kd_# ZWZ Z[ L_]_bWdY_W 7ZkWd[hW KL7 $
4#5 ĹŠ! 1 ĹŠ"#+ĹŠ 1# ĹŠ, 3#1- +ĹŠ"#+ĹŠ'.2/(3 +ĹŠ"#ĹŠ 34-3 04( ĹŠ ĹŠ Ä–ĹŠ ĹŠ
, 41 Ä–ĹŠ .8ĹŠ2#ĹŠ(- 4%41 ĹŠ+ ĹŠ"#ĹŠ ,/+( !(¢-ĹŠ"#+ĹŠ 1# ĹŠ"#ĹŠ, 3#1-(" "ĹŠ"#+ĹŠ'.2/(3 +ĹŠ"#ĹŠ 34-3 04(ēŊ ĹŠ. 1 ĹŠ24$1(¢Ŋ 5 1(.2ĹŠ1#31 9.2ĔŊ/#1.ĹŠÄƒĹŠ- +,#-3#ĹŠ#23;ĹŠ!.-!+4(" ēŊ - ĹŠ"#ĹŠ+ 2ĹŠ .-" "#2ĹŠ#2ĹŠ4- ĹŠ, 8.1ĹŠ! / !(" "ĹŠ/ 1 ĹŠ 3#-"#1ĹŠ ĹŠ+ 2ĹŠ/ !(#-3#2ēŊŊ ;%(- ĹŠ Ä?
666Ä“+ '.1 Ä“!.,Ä“#!
Ĺ? Ĺ?
Ĺ?
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ
.2Ŋ31 -2/.13(23 2Ŋ"#Ŋ+ 2Ŋ!../#1 3(5 2Ŋ(-3#1! -3.- +#2Ŋ3." 5~ Ŋ-.Ŋ #-3(#-"#-Ŋ04#Ŋ++#5 -Ŋ/#12.- 2Ŋ8Ŋ-.Ŋ. )#3.2ēŊ (%4#-Ŋ++#- -".Ŋ242Ŋ 4-(" "#2Ŋ"#Ŋ/#12.- 2Ŋ/ 1 " 2ēŊ Ŋ .+(!~ Ŋ-.Ŋ"# #Ŋ ) 1Ŋ+ Ŋ%4 1"( Ŋ #-Ŋ#+Ŋ!.-31.+ĔŊ04#Ŋ-.Ŋ2# Ŋ2¢+.Ŋ#-Ŋ$#1( ".2ĔŊ#2#Ŋ31 ).Ŋ"# #Ŋ2#1Ŋ /#1, -#-3#ēŊ 21 #+Ŋ .+ -.Ŋ 11 Ŋ
ĹŠ } ĹŠ
( Ĺ‹ '* ˜ Ĺ‹ * , Ĺ‹- &0 ,Ĺ‹0# 8#1ĹŠ"#2"#ĹŠ+ 2ŊćĒĖććŊ#-ĹŠ#+ĹŠ #+(2!.ĔŊ+ ĹŠ 149ĹŠ .) ĔŊ(-(!(¢Ŋ4- ĹŠ!149 " ĹŠ- !(.- +ĹŠ "#ĹŠ".- !(¢-ĹŠ5.+4-3 1( ĹŠ"#ĹŠ2 -%1#ēŊ
ĹŠ
-Ŋ+ Ŋ! ++#Ŋ .+~5 1Ŋ#-Ĺ !.-31 ,.2Ŋ Ŋ4- Ŋ,4)#1Ŋ /("(#-".Ŋ+(,.2- Ŋ!.-Ŋ4- Ŋ ,(1 " Ŋ"#Ŋ31(23#9 ēŊ .+(!(3 Ŋ ,#"(!(- 2Ŋ8Ŋ +%.Ŋ/ 1 Ŋ !.,#1Ŋ Ŋ+ Ŋ%#-3#Ŋ04#Ŋ/ 2 ĔŊ +%4- Ŋ(-23(34!(¢-Ŋ"# #1~ Ŋ !.%#1+ Ŋ8Ŋ++#5 1+ Ŋ Ŋ4-Ŋ2(3(.Ŋ 04#Ŋ+ Ŋ!4("#-Ŋ8Ŋ+#Ŋ"#-Ŋ"#Ŋ !.,#1Ŋ/ 1 Ŋ04#Ŋ-.Ŋ2(% Ŋ /("(#-".Ŋ#-Ŋ+ 2Ŋ! ++#2ē .2Ŋ#2!1( #ĖŊ:+5 1.Ŋ 9Ŋ ~ Ŋ!.11#.Ŋ#+#!31¢-(!.
Ĺ? Ĺ?
¥ ēŊ 1(.2Ŋ!(4" " -.2Ŋ"#Ŋ+ Ŋ/1.5(-!( ĔŊ !4"(#1.-Ŋ Ŋ".- 1Ŋ2 -%1#Ŋ+ Ŋ,  - Ŋ8Ŋ3 1"#Ŋ"#Ŋ 8#1ēŊ
ěŊ9ed [b [ibe]Wd Æ:[Z‡YW#
ćŊ .-5(_13#3#Ŋ#-Ŋ-4#231.Ŋ 1#/.13#1.ēŊ -5~ Ŋ342Ŋ$.3.2Ŋ ĖŊ "3.11#2Ğ+ '.1 ē!.,ē#!ē
ĹŠ/1#%4-3 ĹŠ"#ĹŠ'.8ĹŠ#2Ä–ĹŠÄ 4_ĹŠ ./(- ĹŠ"#ĹŠ+ ĹŠ!.-31 , 1!' ĹŠ04#ĹŠ /1#/ 1 ĹŠ#+ĹŠ . (#1-.ĹŠ/ 1 ĹŠ' !#1ĹŠ $1#-3#ĹŠ ĹŠ+ ĹŠ/1.3#23 ĹŠ2.!( +ĹŠÄ&#x;ēŊ 2!1( #ĹŠ#-ĹŠ$ !# ..*ĹŠ.ĹŠ36(3Äą 3#1ĹŠ ĹŠ+ ĹŠ'.1 ĹŠ(, 41 ĹŠ.ĹŠ ĹŠ ( 11 Äž+ '.1 Ä“!.,Ä“#!
ĹŠ/1#%4-3 ĹŠ#-5( " ĹŠ ĹŠ-4#231.2ĹŠ2#%4(".1#2ĹŠ#-ĹŠ 6(33#1ĹŠ8ĹŠ !# ..*ĹŠ 8#1ĹŠ$4#ĹŠÄ 4_ĹŠ./(- ĹŠ2. 1#ĹŠ+ 2ĹŠ,.5(+(9 !(.-#2ĹŠ#-ĹŠ!.-31 ĹŠ"#+ĹŠ . (#1Äą -.ĹŠ04#ĹŠ2#ĹŠ -4-!( -ĹŠ/ 1 ĹŠ#+ŊđŊ"#ĹŠ, 19.ĹŠÄ&#x;ēŊ 04~ĹŠ +%4- 2ĹŠ1#2/4#23 2Ä“
ŊŊ +Ŋ%. (#1-.Ŋĥ1#5.+4!(.- 1(.ĢŊ8 Ŋ,(2,.Ŋ+#2Ŋ,#3#Ŋ/1#2.2Ŋ Ŋ+.2Ŋ04#Ŋ ŗ -4-!( 1.-Ŋ/.1Ŋ04#Ŋ#-Ŋ#+Ŋ !4 ".1Ŋ8 Ŋ-.Ŋ2#Ŋ/4#"#Ŋ' !#1Ŋ-(Ŋ"#!(1Ŋ - " ĔŊ(,/4#23.2Ŋ31 2Ŋ(,/4#23.Ŋ8Ŋ- "(#Ŋ/4#"#Ŋ"#!(1Ŋ- " ē .2Ŋ#2!1( #ĖŊ . #13.Ŋ 23#5#9
ŊŊ +Ŋ/4# +.Ŋ#7/1#2 Ŋ+.Ŋ04#Ŋ2(#-3#Ŋ$1#-3#Ŋ Ŋ24!#2.2Ŋ04#Ŋ' -Ŋ ŗ !.-3#!(".Ŋ#-Ŋ-4#231.Ŋ/ ~2ĔŊ/1.3#23 -Ŋ/.1Ŋ04#Ŋ+.2Ŋ(,/4#23.2Ŋ' -Ŋ
24 (".ĔŊ+.2Ŋ24#+".2Ŋ-.Ŋ +! -9 -Ŋ/ 1 Ŋ5(5(1Ŋ8Ŋ#-!(, Ŋ"#Ŋ3.".Ŋ-.Ŋ' 8Ŋ 31 ).ē .2Ŋ#2!1( #ĖŊ -#3'Ŋ 9Ŋ #1- -"#9
ŊŊ #Ŋ/ 1#!#Ŋ (#-ĔŊ#2.Ŋ$.1, Ŋ/ 13#Ŋ3 , (_-Ŋ"#Ŋ+ Ŋ+( #13 "Ŋ"#Ŋ ŗ#7/1#2(¢-ē .2Ŋ#2!1( #ĖŊ '1(23( -Ŋ %4(11#
ĹŠĹŠ #$#-"#1ĹŠ#+ĹŠ"#1#!'.ĹŠ ĹŠ./(- 1ĔŊ04#1#1ĹŠ4- ĹŠ5#1" "#1 ĹŠ"#,.!1 !( ĹŠ Ĺ—/.1ĹŠ+ ĹŠ ă ĹŠ+( !(¢-ĹŠ +ĹŠ #%41.ĹŠ .!( +ĹŠ/ 1 ĹŠ+.2ĹŠ!.,#1!( -3#2ĹŠ,(-.1(23 2ĔŊ
, 1!' 1Ŋ/.1Ŋ04#Ŋ2#Ŋ#2!+ 1#9! Ŋ#+Ŋ#2!;-" +.Ŋ"#Ŋ+ Ŋ- 1!.Ŋ5 )(+ Ŋ-.Ŋ#2Ŋ /#1"#1Ŋ#+Ŋ3(#,/.Ŋ#2Ŋ 24,(1Ŋ4-Ŋ1.+Ŋ !3(5.Ŋ#-Ŋ+ Ŋ!.-2314!!(¢-Ŋ"#Ŋ4-Ŋ ,#).1Ŋ !4 ".1ē .2Ŋ#2!1( #ĖŊ .6!(3.Ŋ (" +%.
ĹŠĹŠ .2ĹŠ(-"~%#- 2ĹŠ!.,.ĹŠ2(#,/1#ĹŠ2#ĹŠ"#) -ĹŠ, -(/4+ 1ĹŠ"#ĹŠ(-3#1#2#2ĹŠ Ĺ—.2!41.2Ä“ .2ĹŠ#2!1( #Ä–ĹŠ .2#ĹŠ 4(2ĹŠ 4#11 ĹŠ (5#1
dei kdW ]ejW Z[ jk j_[cfe fWhW iWblWh l_ZWiÇ" _d_Y_ÂŒ [ij[ c_ƒh# Yeb[i bW YWcfW‹W cWi_lW W d_l[b dWY_edWb Z[ bW ZedWY_ÂŒd Z[ iWd# ]h[ W jhWlƒi Z[ bW @kdjW Fhel_d# Y_Wb Z[ bW 9hkp he`W Z[ [ijW Y_k# ZWZ$ @ÂŒl[d[i o WZkbjei Z[iZ[ bWi &/0&& [cf[pWhed W bb[]Wh ^WijW bW fbWpeb[jW FWigk[b Ced][" c|i YedeY_ZW Yece EX[b_iYe" bk]Wh ZedZ[ f[hiedWb Z[b iWdWjeh_e beYWb i[ WfeijÂŒ fWhW YWfjWh kd d‘c[he _cfehjWdj[ Z[ f_djWi Z[ iWd]h[$ 7b cec[dje" bW 9hkp He`W ;YkWjeh_WdW" fhefehY_edW [b -& feh Y_[dje Z[ iWd]h[ [d [b fW‡i$ 9ed kdW f_djW i[ fk[Z[d iWblWh ^WijW YkWjhe l_ZWi ^kcWdWi$ ;d bW YWcfW‹W Z[ Wo[h i[ fh[i[djW# hed Whj_ijWi Z[ bW beYWb_ZWZ" gk_[# d[i WokZWhed W gk[ bWi f[hiedWi o Wkjeh_ZWZ[i i[Wd fWhj[ Z[ [ijW
WYY_Œd$ CWh‡W 7k]kijW @Whh‡d" Z_h[Y# jehW Z[b 8WdYe Z[ IWd]h[ Z[ bW [dj_ZWZ" _dZ_YŒ gk[ bW YhkpWZW cWi_lW [i bW fh_c[hW Z[b (&'( W d_l[b fW‡i$ ;d ?cXWXkhW i[ ^W h[]_ijhWZe Xk[dW WYe]_ZW feh fWhj[ Z[ bWi f[hiedWi gk[ bb[]Wd W ZedWh ik iWd]h[$ BW _Z[W [i cWdj[d[h kdW Z_i# fed_X_b_ZWZ o h[i[hlW WZ[YkWZW [d [b XWdYe Z[ iWd]h[$ JWcX_ƒd Yh[Wh [b ^|X_je fWhW bW ZedWY_Œd lebkdjWh_W$ >Wo eYWi_ed[i [d gk[ [b Z[iWXWij[Y_c_[dje fk[# Z[ ZWhi[ feh bW WbjW Z[cWdZW" be YkWb fk[Z[ ikf[hWh Wb d‘c[# he Z[ f[hiedWi gk[ [djh[]Wd \WYkbjWj_lWc[dj[ ik ]hkfe iWd# ]k‡d[e$ @Whh‡d Wi[]khŒ gk[ [ijW WYj_l_ZWZ de f[h`kZ_YW bW iWbkZ Z[b ZedWdj[$ ;d bW `ehdWZW bWXehWb Z[ Wo[h" i[ [if[hW YWfjWh Y[hYW Z[ (&&
.- !(¢-Ŋ5.+4-3 1( Ŋ #04(2(3.2
Ĺ—ĹŠ #-#1ĹŠ,;2ĹŠ"#ĹŠÄˆÄ‘ĹŠ  .2ĹŠ"#ĹŠ#" "Ä“ Ĺ—ĹŠ #2 1ĹŠ,;2ĹŠ"#ĹŠÄˆÄˆÄ‡ĹŠ+( 1 2Ä“ Ĺ—ĹŠ 4#- ĹŠ2 +4"Ä“ Ĺ—ĹŠ .ĹŠ#23 1ĹŠ#-ĹŠ 84- 2ēŊ f_djWi [d bW kd_ZWZ Z[ iWd]h[$ ;d bei fhÂŒn_cei c[i[i" Yedj_# dkWc[dj[ i[ ^Wh| YWcfW‹Wi fhel_dY_Wb[i$ ;b eX`[j_le [i [ijWh Wj[djei Wdj[ YkWbgk_[h YWbWc_# ZWZ gk[ i[ fh[i[dj[ [d bW h[]_ÂŒd dehj[ Z[b fW‡i$ KdW ZedWY_ÂŒd fk[Z[ cWhYWh bW Z_\[h[dY_W [djh[ bW l_ZW o bW ck[hj[$ Bei WYY_Z[dj[i Z[ jh|di_je [dYWX[pWd bW b_ijW Z[ bWi fh_dY_# fWb[i YWkiWi f[hYWdY[i o feh be jWdje" bei YWiei [d bei gk[ c|i i[ h[gk_[h[ f_djWi Z[ iWd]h[$ B[ i_]k[d bWi Yecfb_YWY_ed[i [d bei fWhjei$ JWcX_ƒd bW d[Y[i_jWd d_‹ei o WZkbjei Yed b[kY[c_W$ Feh ‘bj_# ce" bWi Y_hk]‡Wi fhe]hWcWZWi$
,)!, ' Ĺ‹ (/ & Ĺ‹ -* $)Ĺ‹ (., ! 3/ Ĺ‹ Ĺ‹* ,-)( -Ĺ‹ )(Ĺ‹ #- * # BW L_Y[fh[i_Z[dY_W Z[ bW H[f‘# Xb_YW W jhWlƒi Z[ bW \kdZWY_ÂŒd CWdk[bW ;if[`e" Yedj_d‘W Wj[d# Z_[dZe W bWi f[hiedWi Yed Z_i# YWfWY_ZWZ$ :_Wh_Wc[dj[" ^WijW bWi eĂ’ Y_dWi gk[ \kdY_edWd [d [b FWjhedWje Fhel_dY_Wb" WYkZ[d Z[Y[dWi Z[ f[hiedWi [d XkiYW Z[ WokZW$ Feh [`[cfbe" i[_i f[hiedWi \k[hed X[d[\_Y_Wh_Wi Z[ [ij[ Wfehj[ [d 7bfWY^WYW" 7pWoW" [d [b YWdjÂŒd ?XWhhW o DWjWXk[bW [d 7djed_e 7dj[$ I[ [djh[]Whed i_bbWi Z[ hk[ZWi" YebY^ed[i o lW# h_ei WdZWZeh[i$ 7hhWdWdZe 9WpWh" i[Yh[jW#
h_e ][d[hWb Z[ bW L_Y[fh[i_Z[d# Y_W" YWbYkbW gk[ Z[iZ[ cWoe Z[b (&&/ gk[ bb[]Whed W ?XWhhW" ^Wi# jW [b cec[dje" Wbh[Z[Zeh Z[ ,&& f[hiedWi ied bWi X[d[Ă’ Y_Wh_Wi$ Æ;b d‘c[he Z[ WokZWi jƒYd_YWi de lW Z[ WYk[hZe Wb d‘c[he Z[ f[hiedWi" i_de h[bWY_edWZe Wb j_fe Z[ Z_iYWfWY_ZWZÇ" WYbWhÂŒ 9WpWh$ JeZe Z[f[dZ[ Z[ bW lWbe# hWY_ÂŒd Z[b [gk_fe jƒYd_Ye$ ;d ?XWhhW [ij|d Zei cƒZ_Yei" fi_YÂŒ# be]ei" Whgk_j[Yjei o f[hiedWb WZ# c_d_ijhWj_le" [dYWh]WZei Z[ [lW# bkWh bei YWiei o Z[Ă’ d_h bei YWiei [d bei gk[ i[ fk[Z[ _dj[hl[d_h$
ēŊ ĹŠ 84" ĹŠ"#ĹŠ+ ĹŠ (!#/1#2(Äą "#-!( ĹŠ++#% ĹŠ ĹŠ+ 2ĹŠ/#12.- 2ĹŠ04#ĹŠ24$1#-ĹŠ "#ĹŠ +%ĂŒ-ĹŠ3(/.ĹŠ"#ĹŠ"(2! / !(" "ēŊ
, ( (4 ŋ ŋ ,.# #* #š(ŋ / ŋ *,) ŋ (ŋ )-ŋ"), -
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ă
+ĹŠ +#-.ĹŠ"#+ĹŠ .-!#).ĹŠ - +(9¢Ŋ 13~!4+.ĹŠ /.1ĹŠ 13~!4+.ĹŠ+ ĹŠ-.1, 3(5 ēŊ ĹŠ-.1, 3(5 ĹŠ 1#$.1, " ĹŠ$4#ĹŠ !#/3 " ĹŠ/.1ĹŠ, 8.1~ ēŊ Ä› BW ehZ[dWdpW gk[ h[]bW# c[djW [b I_ij[cW Z[ FWhj_Y_fW# Y_ÂŒd 9_kZWZWdW [d [b =eX_[hde 7kjÂŒdece :[iY[djhWb_pWZe Z[ ?XWhhW" \k[ Z[XWj_Ze o WfheXWZe bk[]e Z[ WYe][h bWi h[Yec[dZW# Y_ed[i fh[i[djWZWi [d bW I[i_ÂŒd Z[ 9edY[`e h[Wb_pWZW [b fWiWZe / Z[ \[Xh[he" ZedZ[ i[ WfheXÂŒ bW dehcWj_lW [d fh_c[hW _dijWd# Y_W$ 9_dYe Whj‡Ykbei Z[ bei -' gk[ Yedj_[d[d bW ehZ[dWdpW" \k[hed bei c|i Z_iYkj_Zei$ 7b Ă’dWb i[ WfheXÂŒ [b h[]bWc[dje [d i[]kd# ZW _dijWdY_W" W f[iWh Z[ bei h[fW# hei Z[ Wb]kdei YedY[`Wb[i$ Feh i[]kdZW eYWi_ÂŒd eYkfW# hed bW i_bbW lWY‡W" CWh‡W <[hdWd# ZW 9^_h_Xe]W o HWc_he F|[p" h[# fh[i[djWdj[i Z[ bW Y_kZWZWd‡W$ ;b Z[XWj[ i[ YedY[djhÂŒ [b j[cW Z[b fh[ikfk[ije fWhj_Y_fWj_le" WiWcXb[Wi YWdjedWb[i" Yedi[`ei XWhh_Wb[i o Yecf[j[dY_Wi$ M_bc[h JWXeWZW" YedY[`Wb" Yec[djÂŒ gk[ i[h‡W WXikhZe gk[ [b =eX_[hde [djh[]k[ W jeZei bei YWdjed[i bW c_icW YWdj_ZWZ" YkWdZe bWi Z_\[h[dY_Wi ied WX_i# cWb[i$ Feh [bbe" Z_`e gk[ i[h‡W _cfehjWdj[ h[jecWh bWi YWdj_ZW# Z[i Yed bW fWhj_Y_fWY_ÂŒd Z_h[YjW Z[ bei WYjeh[i _dlebkYhWZei" W jhWlƒi Z[ bW Z_h[YY_ÂŒd Z[ FWhj_# Y_fWY_ÂŒd 9_kZWZWdW o [ijWXb[Y[h kdW cWjh_p gk[ lWbeh[ bWi d[Y[# i_ZWZ[i Z[ WYk[hZe W bW h[Wb_ZWZ Z[ i[Yjeh$ EimWbZe <beh[i" Z_h[Yjeh Z[b :[fWhjWc[dje Z[ FWhj_Y_fWY_ÂŒd 9_kZWZWdW" Z_`e gk[ bW ehZ[dWd#
#$.1, 2ĹŠ"#ĹŠ + ĹŠ.1"#- -9 , (.2ĹŠ
ĹŠ 1#24/4#23.Ä–ĹŠ #ĹŠ"(2!43(1;ĹŠ8ĹŠ2#ĹŠ /1. Ĺ—!.-ĹŠ+ ĹŠ!(4" " -~ ĹŠ8ĹŠ.1% -(9 !(.-#2ĹŠ
Ĺ—ĹŠĹŠĹŠ
;b fb[de Z[b 9edY[`e Ck# d_Y_fWb" Z[YbWhŒ Z[ kj_b_ZWZ f‘Xb_YW bei fh[Z_ei gk[ i[ kX_YWd [d bW fhebed]WY_Œd Z[b jhWce [d bW Wl[d_ZW ;k# ][d_e ;if[`e" gk[ i[ kd_h| Yed bW fhebed]WY_Œd Z[ bW l‡W 9^ehbWl‡$ ;ijei jhWXW`ei \ehcWd fWhj[ Z[ bW l‡W Z[ Z[iYed][ij_Œd Wbj[hdW Z[ bW Wl[d_ZW CWh_Wde 7YeijW o Z[ bW Wkjel‡W HkjW Z[ bei BW]ei$ BWi _dj[hl[dY_ed[i i[ h[Wb_pWh|d Z[ \ehcW YWi_ _dc[Z_WjW$
2.!( +#2ēŊ+ Ŋ 2(%- !(¢-Ŋ2#1;Ŋ!.-$.1,#Ŋ Ŋ+ 2Ŋ /1(.1(" "#2Ŋ"#Ŋ+.2Ŋ/+ -#2Ŋ"#Ŋ"#2 11.++.Ŋ8Ŋ -.Ŋ2#1;Ŋ,#-.1Ŋ +Ŋ  .Ŋ -3#1(.1ēŊ
Ŋ 2 , +# 2Ŋ! -3.- +#2ĖŊ +Ŋ +! +"#Ŋ /1.Ĺ ŗ 1;Ŋ+.2Ŋ#23 343.2Ŋ"#Ŋ+.2Ŋ 11(.2ĔŊ!.,4Ĺ
-(" "#2ĔŊ!.-!#).2Ŋ 11( +#2ĔŊ/ 11.04( +#2ĔŊ .1% -(9 !(.-#2Ŋ.Ŋ+.2Ŋ"(2.+5#1ĔŊ 2~Ŋ!.,.Ŋ242Ŋ 13(!4+ !(.-#2Ŋ2.!(.Ĺ.1% -(9 3(5 2ē
Ŋ .-2#).2Ŋ 11( +#2ĖŊ " Ŋ!.-2#).Ŋ ŗ 11( +Ŋ8Ŋ/ 11.04( Ŋ2#Ŋ!.-$.1, 1;Ŋ!.-Ŋ+.2Ŋ 1#/1#2#-3 -3#2Ŋ+#% +,#-3#Ŋ1#!.-.!(".2ĔŊ -., 1 ".2Ŋ,#"( -3#Ŋ 2 , +# 2ēŊ
Ŋ .,/#3#-!( 2ēŊ +Ŋ2(23#, Ŋ"#Ŋ 13(!(Ĺ ŗ/ !(¢-Ŋ (4" " - ĔŊ2#1;Ŋ#)#1!(".Ŋ#-Ŋ3." Ŋ
+ Ŋ)41(2"(!!(¢-Ŋ"#+Ŋ! -3¢-ēŊ #Ŋ1#2/#3 1;Ŋ+ Ŋ 43.-.,~ Ŋ"#Ŋ+ 2Ŋ"#Ŋ+ 2Ŋ 4-3 2Ŋ 11.04( Ĺ +#2Ŋ8Ŋ2#Ŋ!..1"(- 1;Ŋ!.-Ŋ#++.2Ŋ!4 -".Ŋ-.Ŋ2#Ŋ 31 3#-Ŋ 24-3.2Ŋ"#Ŋ24Ŋ!.,/#3#-!( ē
pW fbWdj[W kd Z[iWf[]e W jeZW bW [ijhkYjkhW fWhj_Y_fWj_lW Wdj[# h_eh o fhefed[ kd i_ij[cW c|i fWhj_Y_fWj_le" ZedZ[ bei XWhh_ei" Yeckd_ZWZ[i o `kdjWi i[ eh]Wd_# Y[d o fWhj_Y_f[d WYj_lWc[dj[ i_d gk[ kd ]hkfe i[W [b gk[ [ijƒ Wb \h[dj[ Z[ kdW Z_h[Yj_lW$ HWc_he F|[p" h[fh[i[djWdj[ Y_kZWZWde" i[‹WbÂŒ gk[ [b fkdje \kdZWc[djWb [i gk[ bW Y_kZWZW# d‡W o bei XWhh_ei i[Wd bei c|i X[d[Ă’Y_WZei$ BW _Z[W [i be]hWh bW _dYbki_ÂŒd Z[ jeZei bei i[Yjeh[i" ik [ijhkYjkhW eh]Wd_pWj_lW o ]W# hWdj_pWh bei Z[h[Y^ei Z[ bW @kd# jWi FWhhegk_Wb[i" i_d Z[`Wh W kd
),' .#0 Ĺ‹ * , Ĺ‹, !/& ,Ĺ‹ & Ĺ‹. ( ( # Ĺ‹ Ĺ‹ (#' & ;b 9edY[`e Ckd_Y_fWb" WfheXÂŒ [d fh_c[h Z[XWj[ [b fheo[Yje Z[ EhZ[dWdpW Z[ J[d[dY_W o CWd[`e H[ifediWXb[ Z[ 7d_# cWb[i$ I_d [cXWh]e" bei [Z_b[i fh[i[djWhed h[fWhei o fhefk# i_[hed Z[XWj_hbW [d bW fhÂŒn_cW i[i_ÂŒd Whj‡Ykbe feh Whj‡Ykbe$ EiYWh 9W_Y[Ze" YedY[`Wb" Z_`e gk[ bW ehZ[dWdpW \k[ ieY_Wb_# pWZW Z[iZ[ ^WY[ kd W‹e o [ij| b_ijW fWhW i[h WfheXWZW$ BW cW# oeh‡W Z[ YedY[`Wb[i" \[b_Y_jWhed bW _d_Y_Wj_lW fhefk[ijW" f[he h[Yec[dZWhed [b Wd|b_i_i c_# dkY_eie Z[ bW dehcW$ CWh]Wh_jW CWdY[he" h[i# fediWXb[ Z[b Fhe]hWcW Z[ Fhej[YY_ÂŒd 7d_cWb ;YkWZeh F7; " i[‹WbÂŒ gk[ [b eX`[j_le
#11#-.2ĹŠ2#1;-ĹŠ #7/1./( ".2
1;ĹŠ
ēŊ Ŋ-.1, 3(5 Ŋ$4#Ŋ /1. " Ŋ Ŋ/#2 1Ŋ"#Ŋ+.2Ŋ1#/ 1.2Ŋ"#Ŋ +%4-.2Ŋ !.-!#) +#2Ŋ8Ŋ1#/1#2#-3 -3#2Ŋ"#Ŋ+ Ŋ!(4" " -~ ēŊ
bWZe ik fhef_W Wkjedec‡W$ 7b Ă’dWb [b I_ij[cW Z[ FWhj_Y_# fWY_ÂŒd 9_kZWZWdW Z[b YWdjÂŒd \k[ WfheXWZe" Yed Wb]kdWi h[Yec[d# ZWY_ed[i Yece bW Z[ M_bc[h JW#
XeWZW" YedY[`Wb" gk_[d Z_`e gk[ [i d[Y[iWh_e [bWXehWh kdW dk[lW cWjh_p [d bW YkWb i[ fh_eh_Y[d bWi eXhWi Z[ WYk[hZe W bW h[Wb_ZWZ Z[ YWZW i[Yjeh$
)Ĺ‹- Ĺ‹ #)Ĺ‹* -)Ĺ‹ Ĺ‹*,)*/ -. Ĺ‹ . ,,#.),# &
ēŊ +ĹŠÄƒ- +ĹŠ+ ĹŠ/1./4#23 ĹŠ $4#ĹŠ /1. " ĹŠ#-ĹŠ/1(,#1ĹŠ"# 3#ĹŠ !.-ĹŠÄˆÄ‰ĹŠ5.3.2ĹŠ ĹŠ$ 5.1ĹŠ"#+ĹŠ/1.8#!3.ēŊ
Ŋ/1¢7(, Ŋ2#, - ĔŊ2#Ŋ"(2!43(1;Ŋ 13~!4+.Ŋ/.1Ŋ 13~!4+.ēŊ
[i fbWdj[Wh kdW l_i_Œd Z[ Yk_# ZWZe o Z[\[diW Z[ bei Wd_cW# b[i YedYWj[dWdZe [b fheo[Yje Yed [b i[h ^kcWde$ 7Z[c|i" i[ fh[j[dZ[ h[ZkY_h bei ‡dZ_Y[i Z[ cWbjhWje o WXWdZede Z[ bWi cWiYejWi$ BW _d_Y_Wj_lW i[ fh[# i[djŒ [d WXh_b Z[b (&'& o bk[]e Z[ Zei W‹ei fWiW Wb i[de Z[b 9edY[`e" fWhW ik Wd|b_i_i$
BW Wkjeh_pWY_ÂŒd Z[b 9edY[`e fWhW gk[ bei h[fh[i[djWdj[i b[# ]Wb[i Z[b Ckd_Y_f_e" ikiYh_XWd WYjWi o WYk[hZei Z[ bei b‡c_j[i j[hh_jeh_Wb[i Z[b YWdjÂŒd de \k[ WfheXWZW feh [b fb[de$ ;i gk[ bW fhefk[ijW de Yedl[dY_ÂŒ W bei [Z_b[i$ =k_bb[hce @|Yec[" jƒY# d_Ye Z[b :[fWhjWc[dje Z[ FbW# d_Ă’YWY_ÂŒd" [nfkie [b fheo[Yje gk[ _dlebkYhWd fheY[iei Z[ Z[# b_c_jWY_ÂŒd [d bei YWdjed[i gk[ i[ kd[d W ?XWhhW o ied 7djed_e 7dj[ o KhYkgk‡$ ;b fbWd i[ [`[YkjW Z[ WYk[hZe W bW dk[lW B[o Z[ B‡c_j[i J[# hh_jeh_Wb[i Z[b fW‡i o [b FbWd Z[ EhZ[dWc_[dje J[hh_jeh_Wb$ I_d [cXWh]e" de i[ Z_e fWie$ >_bZW >[hh[hW" YedY[`Wb" h[Yec[dZÂŒ gk[ fWhW [b fhÂŒn_ce Z[XWj[ i[ _dl_j[ W bei fh[i_Z[dj[i Z[ bWi @kdjWi FWhhegk_Wb[i _dlebkYhW#
4#5.ĹŠ1#/1#2#-3 -3#ĹŠ
Ĺ—ĹŠĹŠĹŠ
@W_c[ L_pYW‡de" fh[i_Z[d# j[ Z[b XWhh_e F_bWdgk‡" \k[ Z[i_]dWZe Yece [b h[fh[# i[djWdj[ Z[ bW Y_kZWZWd‡W Wb Z_h[Yjeh_e Z[b 9k[hfe Z[ 8ecX[hei$ BW Z[i_]dWY_Œd i[ h[Wb_pW Yed\ehc[ W be gk[ [ij_fkbW bW ehZ[dWdpW Z[ Yh[WY_Œd Z[ bW _dij_jkY_Œd$ BW j[hdW fh[i[djWZW feh [b Wb# YWbZ[ @eh][ CWhj‡d[p" [ijkle Yed\ehcWZW feh 9hkp ;b‡Wi 7]k_hh[" Z[b ;`_Ze Z[ 9W# hWdgk_ o 9h_ij_Wd Gk_cXW" Z[ Hec[h_bbe 7bje$ L_pYW‡de eXjkle [b Wfeoe Z[b YedY[`e$
#+(!(3 !(¢-Ŋ +Ŋ +! +"#
Ĺ—ĹŠĹŠĹŠ
ēŊ Ŋ/1./4#23 Ŋ2#1;Ŋ"(2Ĺ !43(" Ŋ+4#%.Ŋ"#+Ŋ/+ 9.Ŋ#,(3(".Ŋ/.1Ŋ#+Ŋ +! +"#Ŋ 13~-#9ēŊŊ
Zei" fWhW [iYkY^Wh iki eXi[hlW# Y_ed[i$ 7b Ă’dWb" @eh][ CWhj‡d[p" WbYWbZ[" Z_`e gk[ j_[d[d kd bWfie Z[ eY^e Z‡Wi fWhW h[l_iWh bW fhe# fk[ijW j[hh_jeh_Wb fWhW ZWh fWie W bW WfheXWY_ÂŒd h[if[Yj_lW$
BWkh[Wde 7b[dYWijhe" Yed# Y[`Wb Z[ ?XWhhW" fh[i[djŒ bW f[j_Y_Œd fWhW bW fkXb_YWY_Œd Z[ kd WYk[hZe Z[ \[b_Y_jWY_Œd Wb WbYWbZ[ Z[ ?XWhhW" @eh][ CWhj‡d[p" Wb i[h Z[i_]dWZe feh bW 7ieY_WY_Œd Z[ Ck# d_Y_fWb_ZWZ[i Z[b ;YkWZeh Yece [b dk[le fh[i_Z[dj[ Z[b eh]Wd_ice$ BW ieb_Y_jkZ \k[ WfheXWZW feh [b fb[de Z[b 9edY[`e Ckd_Y_fWb$
Ä…
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
-(!( ĹŠ-4#5 ĹŠ 3#,/.1 " ĹŠ "#ĹŠ/1.%1 , ĹŠ1 "( +ĹŠ
Ĺ—ĹŠ ĹŠĹŠBW Fedj_Ă’Y_W Kd_l[hi_# ZWZ 9WjÂŒb_YW Z[b ;YkWZeh
I[Z[ ?XWhhW" fh[i[djW Z[iZ[ ^WY[ i[_i W‹ei" [b dej_Y_[# he FK9;#I? dej_Y_Wi W bW Yeckd_ZWZ _XWhh[‹W$ ;b fhe]hWcW gk[ [ij| Z_h_]_Ze feh DWdYo KbbeW o ;ZkWhZe 7dZhWZ[" i[ [dYk[djhW [d ik i[njW j[cfehWZW" c_icW gk[ _d_Y_Wh| [b i|XWZe &) Z[ cWhpe o i[ fhebed]Wh| ^WijW Z_Y_[cXh[ Z[b (&'($
(1#!!(¢-ŊŊ"#Ŋ "4! !(¢-Ŋ 1(-"(¢Ŋ!4#-3 2
Ĺ—ĹŠĹŠĹŠ
BW :_h[YY_ÂŒd Z[ ;ZkYW# Y_ÂŒd Z[ ?cXWXkhW Yed bW Ă’dWb_ZWZ Z[ ZWh Ykcfb_# c_[dje Wb cWdZWje 9edij_# jkY_edWb o Feb‡j_YWi ?dij_jk# Y_edWb[i Z[b C_d_ij[h_e Z[ ;ZkYWY_ÂŒd h[Wb_pÂŒ bW H[d# Z_Y_ÂŒd Z[ 9k[djWi Z[b W‹e (&''$ Ă›d][b 9Wij_bbe Z_h[Yjeh fhel_dY_Wb Z[ ;ZkYWY_ÂŒd" Z_e W YedeY[h bei WlWdY[i Z[ WYY_ed[i o WYj_l_ZWZ[i Z[b i_ij[cW [ZkYWj_le h[Wb_pWZWi [d bW fhel_dY_W ZkhWdj[ [b W‹e Wdj[h_eh o fh[i[djÂŒ bWi fheo[YY_ed[i fWhW [b (&'($
ēŊ"#Ŋ$.3.ē
)(-.,/ #š(ŋ0# &ŋ ŋ* -)ŋ & (.)ŋ*),ŋ &ŋ 2 -)ŋ ŋ&&/0#
.2ĹŠ %1(!4+3.1#2ĹŠ#23;-ĹŠ/1#.!4/ ".2ĹŠ /.104#ĹŠ+.2ĹŠ!4+3(5.2ĹŠ2#ĹŠ/(#1"#-ĹŠ/.1ĹŠ#+ĹŠ #7!#2.ĹŠ"#ĹŠ++45( 2ĹŠ8ĹŠ/.1ĹŠ#+ĹŠ, +ĹŠ#23 ".ĹŠ"#ĹŠ ěŊ ;d bWi fWhhegk_Wi IWd 7djed_e Z[ ?XWhhW" 7d]eY^W]kW o BW 9Wheb_dW" Wi‡ Yece [d bWi Yeckd_ZWZ[i Z[ Z_\[h[dj[i YWd# jed[i" bWi \k[hj[i bbkl_Wi gk[ i[ ^Wd h[]_ijhWZe [d [b ‘bj_ce W‹e" Z[ijhko[hed bW cWoeh fWhj[ Z[ bei Ykbj_lei o bei jhWXW`ei Z[ c[# `ehWc_[dje l_Wb WlWdpWd W fWie b[dje$ C_]k[b J_h_hW YWi_ W Z_Wh_e l_W`W Yed ik YWc_ÂŒd feh bW l‡W
IWd @[hÂŒd_ce# 8k[dei 7_h[i$ xb [nfb_YW gk[ bei fheZkY# jeh[i Z[ b[Y^[" jecWj[ Z[ |hXeb" dWhW`_bbW o c|i fheZkYjei Z[ bW pedW [ij|d fh[eYkfWZei feh bW Z_Ă’YkbjWZ gk[ j_[d[d fWhW Ye# i[Y^Wh iki fheZkYjei o jhWibW# ZWhbei ^WijW bei c[hYWZei Z[ bW Y_kZWZ$ 7Z[c|i Wh]kc[djÂŒ gk[ [d ik YWie jWcX_ƒd bW Yec[hY_W# b_pWY_ÂŒd Z[ ]WdWZe i[ ^W l_ije W\[YjWZW fehgk[ [b fh[Y_e Z[ bei
Wd_cWb[i XW`Œ o gk[ Wb l_W`Wh YWi_ jeZei bei Z‡Wi ik YWc_Œd fh[i[d# jW ZW‹ei o gk[ bei d[]eY_ei oW de ied h[djWXb[i$ >[hd|d IWdZelWb" fh[i_Z[dj[ Z[ bW @kdjW FWhhegk_Wb Z[ 7d]e# Y^W]kW" cWd_\[ijŒ gk[ bW i_jkW# Y_Œd [d ik Yeckd_ZWZ [i fh[# eYkfWdj[ fehgk[ bW cWoeh fWhj[ Z[ iki ^WX_jWdj[i j[c[d _dkdZW# Y_ed[i o Z[ibWl[i feh bWi \k[hj[i bbkl_Wi gk[ [d bei ‘bj_cei Z‡Wi ^Wd WpejWZe bW pedW o gk[ ieb_Y_# jWd WokZW W bWi Wkjeh_ZWZ[i$
2Ŋ 43.1(" "#2 @eh][ J[h|d Z_h[Yjeh fhel_dY_Wb Z[ bW I[Yh[jWh‡W Z[ H_[i]ei Z[
?cXWXkhW" [nfb_YŒ gk[ i[]‘d bWi [ijWZ‡ij_YWi Z[ W‹ei Wdj[h_eh[i [d bei c[i[i Z[ cWhpe o WXh_b" i[ h[]_ijhWd \k[hj[i bbkl_Wi$ :_[]e =WhY‡W" fh[\[Yje Z[ ?c# XWXkhW" Z_`e gk[ [d [ij[ W‹e ^Wd WlWdpWZe kd -( [d bei jhWXW# `ei Z[ l_Wb_ZWZ hkhWb o h[iWbjŒ bWi YedijhkYY_ed[i Z[ bei fk[d# j[i Z[ Hkc_fWcXW" 9^_h_]kWi_ o Z[ JWd]kWh‡d" ZedZ[ ^Wd j[d_Ze gk[ h[Wb_pWh kd jhWXW`e c|i Wc# fb_e" oW gk[ bei fk[dj[i j_[d[d kdW WbjkhW Z[ jh[i c[jhei fWhW fh[l[d_h Z[iWijh[i Yece bei h[# ]_ijhWZei [d [b (&''$
$), -ŋ*/(./ )-ŋ / ,)(ŋ*, '# ) !'(++#1#2Ŋ 42! -Ŋ .1(#-3 !(¢-Ŋ#-Ŋ 7/.$#1( Ŋ4-(5#12(3 1(
ÄŽÄŒÄ?ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;b Z[fWhjWc[dje Z[ Eh_[djWY_ÂŒd o 8_[d[ijWh [i#
jkZ_Wdj_b Z[ bW Kd_ZWZ ;Zk# YWj_lW ÆIW]hWZe 9ehWpÂŒd Z[ @[i‘iÇ" cW‹WdW h[Wb_pWh| bW ;nfe\[h_W Z[ Kd_l[hi_ZWZ[i Yed bW Ă’dWb_ZWZ Z[ Wi[iehWh W bei [ijkZ_Wdj[i Z[ j[hY[he Z[ XWY^_bb[hWje [d bW [b[YY_ÂŒd Z[ bW YWhh[hW fhe\[i_edWb$ ;b [l[dje be h[Wb_pWh|d [d [b iWbÂŒd Z[ WYjei Z[ bW _dij_jk# Y_ÂŒd$
BW I[Yh[jWh‡W DWY_edWb Z[ ;Zk# gk[ Æbei c[`eh[i [YkWjeh_Wdei YWY_ÂŒd Ikf[h_eh" 9_[dY_W" J[Y# j[d]Wd bW efY_ÂŒd Z[ YedjWh Yed debe]‡W [ ?ddelWY_ÂŒd I[d[i# bW efehjkd_ZWZ Z[ feZ[h [ijk# Yoj fh[c_ÂŒ W bW c[h_jeYhWY_W [d Z_Wh [d bWi c[`eh[i kd_l[hi_# bW [ZkYWY_ÂŒd ikf[h_eh o ejeh]ÂŒ ZWZ[i Z[b ckdZeÇ$ ;i feh [bbe h[YedeY_c_[djei W bei +*- c[# gk[ [ij[ ]hkfe Z[ Y_kZWZWdei `eh fkdjkWZei Z[b ;nWc[d DW# h[Y_X_h| [b Wfeoe Z[b =eX_[hde DWY_edWb fWhW fh[fW# Y_edWb fWhW bW ;ZkYWY_ÂŒd hWhi[ Yed [b Ă’d Z[ feZ[h Ikf[h_eh ;D;I " h[d# WYY[Z[h W kdW X[YW [d bW Z_Ze [b '. Z[ \[Xh[he Z[b ĹŠ fh[i[dj[ W‹e$ ,#).1#2ĹŠ/4-34 Äą YedleYWjeh_W Z[ ĂˆKd_l[h# i_ZWZ[i Z[ ;nY[b[dY_WÉ ;b [Yedec_ijW H[dƒ ".2ĹŠ$4#1.-ĹŠ/1#,(Äą ".2Ä“ gk[ bb[lW WZ[bWdj[ bW I[# HWc‡h[p" I[Yh[jWh_e d[iYoj$ DWY_edWb Z[ bW I[d[i# ;b i[]kdZe ;D;I i[ jecWh| Yoj" \[b_Y_jÂŒ W bei feijkbWdj[i feh ik [nY[b[dj[ Z[i[cf[‹e [b (. Z[ WXh_b W [iYWbW dWY_edWb o Z[Z_YWY_ÂŒd [d ik bWXeh Yece Yed c|i Z[ )&& _dij_jkY_ed[i [ijkZ_Wdj[i o fhecejeh[i Z[ bW Z[ [ZkYWY_ÂŒd ikf[h_eh o bei Wif_hWdj[i fk[Z[d ^WY[h iki YWb_ZWZ [ZkYWj_lW$ JWcX_ƒd _dZ_YÂŒ gk[ [ij[ feijkbWY_ed[i ^WijW [b '. Z[ i_ij[cW [i fWhj[ Z[b fhe]hWcW cWhpe W jhWlƒi Z[ mmm$iddW$ Ăˆ9WpW JWb[djeiÉ" gk[ i_]d_Ă’YW ]eX$[Y
234"( -3#2ĹŠ(, 41#Â .2ĹŠ /1#2#-3 1.-ĹŠ/1.8#!3.2 ĹŠ ĹŠ Ä–ĹŠ ĹŠ ĹŠ
Ŋ$#1( Ŋ#234"( -3(+Ŋĥ Ŋ "4! !(¢-Ŋ 5 -9 ĢŊ2#Ŋ"#2 11.++¢Ŋ 8#1Ŋ#-Ŋ#+Ŋ / 104#Ŋ (!#-3#Ŋ .-!#ēŊ .2Ŋ#234"( -3#2Ŋ"#Ŋ) 1"(-#2ĔŊ#2!4#+ 2Ŋ8Ŋ!.+#%(.2Ŋ "#Ŋ , 41 Ŋ1# +(9 1.-Ŋ+ Ŋ#7/.2(!(¢-Ŋ"#Ŋ+ 2Ŋ !3(5(" "#2Ŋ8Ŋ/1.8#!3.2Ŋ "#Ŋ 4+ ē
-ĹŠ2 +3.ĹŠ#-ĹŠ + ĹŠ.2!41(" " / 1 ĹŠ+( 1 12#ĹŠ "#+ĹŠ#231_2 +5(" 1ĹŠ+ 2ĹŠ).1- " 2ĹŠ"#ĹŠ31 Äą ).ĹŠ#73#-"(" 2ĹŠ#2ĹŠ+ ĹŠ#7!42 ĹŠ/#1Äą $#!3 ĹŠ/ 1 ĹŠ04(#-#2ĹŠ/1 !3(! -ĹŠ#+ĹŠ /4#-3(-%Ä“
§ Ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? Ĺ? ÄĄ
731#,.
.2ĹŠ"#3 ++#2
Ŋ +Ŋ/4#-3(-%Ŋ#2Ŋ4- Ŋ !3(5(" "Ŋ04#Ŋ-.Ŋ#23;Ŋ ŗ1#%4+ " ĔŊ!.,.Ŋ,4!'.2Ŋ"#Ŋ+.2Ŋ"#/.13#2Ŋ -.Ŋ31 "(!(.- +#2Ŋ8Ŋ#731#,.2Ŋ04#Ŋ2#Ŋ/1 !3(Ĺ ! -Ŋ#-Ŋ#+Ŋ/ ~2ē
ĹŠ -ĹŠ#+ĹŠ/4#-3#ĹŠ"#ĹŠ +ĹŠ '(!'#ĹŠ-.ĹŠ2#ĹŠ/4#"#ĹŠ Ĺ—/1 !3(! 1ĹŠ/4#-3(-%ĹŠ-.!341-.ĹŠ/.1ĹŠ 24-3.2ĹŠ "#ĹŠ+.%~23(! Ä“
ĥ .-Ŋ".2Ŋ.Ŋ31#2Ŋ2#Ĺ %4-".2Ŋ,;7(,.ĔŊ#-Ŋ +.2Ŋ04#Ŋ! #2ēŊ #1.Ŋ#2Ŋ (-!1#~ +#ēŊ #Ŋ + 1% Ŋ#+Ŋ3(#,Ĺ /.Ŋ/#1.Ŋ#2Ŋ/.104#Ŋ2(#-3#2Ŋ ,;2Ŋ!.2 2Ŋ +Ŋ,(2,.Ŋ3(#,Ĺ /.Ŋ8Ŋ+4#%.Ŋ2¢+.Ŋ+.Ŋ04(#1#2Ŋ 5.+5#1Ŋ Ŋ' !#1Ģ
^ĹŠ
ĹŠ ĹŠ
ĹŠ -ĹŠ -ĹŠ +#-3~-ĔŊÄ?ćŊ/ 1#) 2ĹŠ"#!("(#1.-ĹŠ Ĺ—1# +(9 1ĹŠ4-ĹŠ2 +3.ĹŠ!.-)4-3.ĹŠ#-ĹŠ#+ĹŠ/4#-3#ĹŠ
"#ĹŠ+ ĹŠ .-9;+#9ĹŠ 4;1#9ĔŊ!.,.ĹŠ/ 13#ĹŠ"#ĹŠ4-ĹŠ 1(34 +ĹŠ04#ĹŠ8 ĹŠ++#5 ĹŠÄŒĹŠ  .2ĹŠ#-ĹŠ 4(3.Ä“
ĹŠ .2ĹŠ , -3#2ĹŠ"#ĹŠ#23#ĹŠ"#/.13#ĹŠ#731#,.ĹŠ Ĺ—.!4/ -ĹŠ4-ĹŠ/#04#Â .ĹŠ#2/ !(.ĹŠ"#ĹŠ+ ĹŠ5#1#" ĹŠ #-ĹŠ+ ĹŠ! ++#ĹŠ .-9;+#9ĹŠ 4;1#2ĹŠ/ 1 ĹŠ/ 104# 1ĹŠ 242ĹŠ 43.2Ä“
ĹŠ ĹŠĹŠ ÂĄ
(2(3#ĹŠ+ ĹŠ/;%(- ĹŠ6# Ä– 666Ä“ $4#1 Ä“!.,Ä“#!ĹŠ
} # Ŋ(-$.1, !(¢-Ŋ! + ". 666ē+ '.1 ē!.,ē#!Ŋ
ēŊ -ĹŠ+ ĹŠ-.!'#ĹŠ+.2ĹŠ 5#-341#1.2ĹŠ2#ĹŠ1#ĂŒ-#-ĹŠ#-ĹŠ#+ĹŠ/4#-3#ĹŠ"#ĹŠ+ ĹŠ .-9;+#9ĹŠ 4;1#9Ä“
_iWi d[hl_eiWi o fh[]kdjWi h[# f[j_j_lWi ieXh[ bei h_[i]ei ied bW YedijWdj[ [djh[ gk_[d[i XkiYWd [ce# Y_ed[i \k[hj[i Yece bW Z[b fk[d# j_d] deYjkhde fWhW ebl_ZWh ik hkj_dW Z_Wh_W$ KdW l[p ik`[jei [d [b XehZ[ Z[b fk[dj[ Z[ bW =edp|b[p Ik|# h[p" Z[ [ifWbZWi Wb WX_ice" bW cWoeh‡W de fk[Z[ [l_jWh Y[hhWh bei e`ei o iebjWh kd ]h_je gk[ i[ fhebed]W c|i Wbb| Z[b j_[cfe d[# Y[iWh_e" [if[hWdZe gk[ bW Yk[hZW i[ j_[cfb[$ Æ;i Yece kd Yebkcf_e ]_]Wd# j[$ ;i kd fƒdZkbeÇ" [nfb_YW [b [nf[hje [d fk[dj_d] 9Whbei 8hW# le" gk_[d WokZW o ZW YedY[`ei W gk_[d[i jeZWl‡W de i[ Z[Y_Z[d W ZWh [b iWbje$ ;d [b cec[dje fh[Y_ie" YWi_ i_d ZWhi[ Yk[djW Z[ Yk|dZe je# cWhed bW Z[Y_i_ÂŒd" bei Wjh[l_Zei gk[ i[ YebeYWd [b Whdƒi i[ ZWd Yk[djW Z[ gk[ oW de ^Wo h[]h[ie o gk[ bW ‘d_YW l‡W fWhW ebl_ZWhi[
Z[b [ijhƒi [i Z[`|hi[ YW[h$ ." ĹŠ4- ĹŠ#7/#1(#-!( @eiƒ 7dZhWZ[" gk_[d j_[d[ kdW _Z[W [njh[cW Z[ be hec|dj_Ye" b[ fh[fWhÂŒ kd h[]Wbe iehfh[iW W ik del_W feh [b c[i Z[ bei [dW# cehWZei$ xb bW _dl_jÂŒ W bWdpWhi[ Z[b fk[dj[ Z[ bW =edp|b[p Ik|h[p ZkhWdj[ bW deY^[$ ÆC[ [dYWdjÂŒ bW WZh[dWb_dW gk[ i[ i_[dj[$ De iƒ$ C[ [dYWdjW [i[ Yece lWY‡e [d [b gk[ i[ j[ lW [b WbcW feh [b Yk[hfeÇ" Yec[djÂŒ 7b[`WdZhW JWcWoe Z[ifkƒi Z[ Z_i\hkjWh ik iWbje$ JWcWoe h[YedeY_ÂŒ gk[ [b iWb# je deYjkhde [i Z_\[h[dj[ Wb gk[ i[ fhWYj_YW ZkhWdj[ [b Z‡W fehgk[ jeZe i[ l[ Z_\[h[dj[$ 7Z[c|i Z_Y[ gk[ [d bW eiYkh_ZWZ i[ b_X[hW c|i WZh[dWb_dW$ ÆKde" Zei" jh[[[[[[[iÇ" [i be ‘bj_ce gk[ i[ [iYkY^W Z[ gk_[d[i l[dY[d [b lƒhj_]e o i[ Yebkcf_Wd [djh[ bWi f[dkcXhWi$ 7dj[i Z[ ĂˆiWbjWh W bW iecXhWÉ" FWc[bW I[l_bbW" i[ W\[hhWXW Wb XW# hWdZWb o h[f[j‡W ik cWdjhW0 Æde" de" deÇ$ 9kWdZe iki cWdei i[
iebjWhed i[ i_dj_ÂŒ b_Xh[ o [cf[pÂŒ W Z_i\hkjWh bW [nf[h_[dY_W$ FWhW de ebl_ZWh bW ^WpW‹W" :_WdW FedY[" ]hWXÂŒ kd l_Z[e Yed ik Y[bkbWh$ ;ijWXW j[cXbWdZe o i[ jecÂŒ kdei c_dkjei Wdj[i Z[ bWdpWhi[ Z[ \h[dj[$ ;bbW Yed\[iÂŒ gk[ ik l‡Z[e b[ WokZWh| W Yehhe# XehWh gk[ bei Z[fehj[i [njh[cei ied ik fWi_ÂŒd o gk[ fkZe l[dY[h [b j[ceh W bWi WbjkhWi$ +ĹŠ/4#-3#ĹŠ.ÄƒĹŠ!( +ĹŠ"#ĹŠ 4(3. ;b hk_Ze Z[ bei Wkjei o bWi bkY[i gk[ [dYWdZ_bWd h[Yk[hZWd gk[ [b Ăˆfk[dj_d] Y_jWZ_deÉ" Yece be bbWcWd Wb]kdei" [i kdW WYj_l_ZWZ gk[ i[ WZWfjW Wb h_jce Z[ l_ZW Z[ gk_[d[i j_[d[d kd jhWXW`e Z[ &.0&& W '.0&& o gk[ YWi_ de j_[# d[d j_[cfe fWhW l_l_h Wl[djkhWi \k[hW Z[ bW Y_kZWZ ÆBe Xk[de [i [ie" gk[ [ij|i Wgk‡ Y[hYW Z[ jeZe$ CkY^ei iWbjWd Z[ fWie W ik YWiWÇ" WĂ’ hcW 8hWle$ BWi WbjWi l[beY_ZWZ[i ^WY[d gk[ bW [ijhkYjkhW l_Xh[ ZkhWdj[ kdei i[]kdZei" f[he [ije de j_[d[ _c# fehjWdY_W fWhW gk_[d[i [if[hWd ik jkhde fWhW iWbjWh$
ēŊ +Ŋ 11#/#-3(,(#-3.Ŋ2#Ŋ04#" Ŋ2(#,/1#Ŋ 11( Ŋ4- Ŋ5#9Ŋ04#Ŋ2#Ŋ24#+3 -Ŋ#-Ŋ ! ~" Ŋ+( 1#ē
B_p[j[ DWhWd`e" Z[iYkXh_ÂŒ gk[ j[d[cei c|i ]hkfei fehgk[ b[i ƒijW [i kdW Z[ bWi WYj_l_ZWZ[i ]kijW$ I[ l[ Z_\[h[dj[Ç" [nfb_YW Z_Wh_Wi gk[ j_[d[ gk[ ^WY[h Z[i# 8hWle" gk_[d h[YedeY[ gk[ bei Wl[djkh[hei ][d[hWbc[d# fkƒi Z[b jhWXW`e o Wdj[i Z[ j[ i[ [d\h[djWd Wb \h‡e o W _h W YWiW$ 9WZW l[p gk[ lW ĹŠĹŠ bW d[Xb_dW gk[ YWi_ i_[c# W iWbjWh" DWhWd`e f_Z[ gk[ fh[ i[ ^WY[ fh[i[dj[ [d kdW l[p gk[ j[hc_d[ [b iWb# je b[ fWi[d iki f[hj[dY_Wi .2ĹŠ2 +3.2ĹŠ!4#2Äą 3 -ĹŠĹŒÄˆÄŽĹŠ8ĹŠ2#ĹŠ1# +(Äą [b fk[dj[ Z[ bW =edp|b[p Yed kdW ie]W" fWhW bk[]e 9 -ĹŠ+.2ĹŠ)4#5#2ĹŠ8ĹŠ Ik|h[p$ FWhW Wb]kdei Wl[djkh[hei" ƒij[ [i kd iWYWh (+ Y[djWlei o jecWh 5(#1-#2ĹŠ#-ĹŠ+ ĹŠ -.!'#Ä“ \WYjeh gk[ b[ fed[ c|i bW ;Yel‡W$ ;ij[ f[Z_Ze oW [ceY_ÂŒd Wb iWbje" fehgk[ lk[bje kikWb fWhW bei eh# i_[dj[d gk[ i[ bWdpWd W kd fh[Y_# ]Wd_pWZeh[i Z[b fk[dj_d]$ Æ;d bkdW bb[dW YWi_ i_[cfh[ f_Y_e i_d Ă’ dWb$
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄĄ 23 ,.2ĹŠ
Ŋ5 -(" "Ŋ #2314!341 Ĺ /1./( Ŋ+#Ŋ"(!#Ŋ ".2Ŋ/ 1 Ŋ" 1Ŋ +Ŋ'., 1#Ŋ /.8.Ŋ +Ŋ 11(.Ŋ8Ŋ 04_Ŋ#2Ŋ'.-.1ėŊ+ Ŋ 84" 1Ŋ Ŋ+.2Ŋ5#!(Ĺ !.-!(#-!( Ŋ+#Ŋ#-2#Ĺ -.2Ŋ"#Ŋ Ŋ (!3.1( Ģ  Ŋ04_Ŋ#2Ŋ)423(!( Ģē Ŋ
ĹŠÄĽ ĹŠ ÄŚ
ĹŠ ĹŠ
#23( 2ĹŠ2 +5 )#2
;i _dYecfh[di_Xb[ gk[ kd ^ecXh[ gk[ j_[d[ bW c|i WbjW WY[fjWY_ÂŒd Y_kZWZWdW" \hkje Z[ kd jhWXW`e j_j|d_Ye fWhW c[`ehWh bW l_ZW Z[ bei c|i d[Y[i_jWZei1 gk[ ^W be]hWZe be gk[ dWZ_[ [d iWbkZ" [ZkYW# Y_ÂŒd" l_Wb_ZWZ o gk[ Z_e kd c[`eh \kjkhe W bei `ÂŒl[d[i1 gk[ Wj[dZ_ÂŒ W bei Z_iYWfWY_jW# Zei o b[i Z_e efehjkd_ZWZ[i o Z_]d_ZWZ1 gk[ h[^WX_b_jW [b \[hheYWhh_b1 gk[ Z_e [if[hWdpW W bWi h[YbkiWi gk[ Yed\[YY_e# dWd kd_\ehc[i [iYebWh[i1 Z_e Xedei Z[ feXh[pW o Xedei fWhW l_l_[dZW" j[Ydebe]‡W o [ZkYWY_ÂŒd [ic[hWZW [d [iYk[bWi feXh[i o hkhWb[i" Z[# iWokde [iYebWh" Z[ceijhWhW Wb ckdZe gk[ [i o i[h| [b c[`eh fh[i_Z[dj[ Z[b ;YkWZeh" f[he jWcX_ƒd gk[ [i kdW fƒi_cW f[hiedW" kd cWb i[h ^kcWde$ Gk[ [i [b c|i Yehhkfje Z[ bei Yehhkfjei" gk[ fWhW YWij_]Wh W Wb]e e Wb]k_[d cWb kj_b_pW ik feZ[h" i[ [dikY_W [d bW Z[Y[dY_W o Z[ijhepW bW cehWb$ Gk[ j[hc_dW Yed bW \kdY_ÂŒd `kZ_Y_Wb decXhWdZe W c[Z_e# Yh[i o Yehhkfjei cW]_ijhWZei" fWhW gk[ b[ Z[d bW hWpÂŒd W bW i_dhWpÂŒd" fWhW gk[ Z[Ă’ [dZWd be _dZ[\[dZ_Xb[ o bk[]e Z[ ik ^WpW‹W iedh‡[ Y‡d_Ye o fh[fe# j[dj[ o WbWhcW Wb ckdZe Yed ik Z[i\WY^Wj[p$ I[ ^W `kdjWZe Yed _dcehWb[i" fehgk[ i_ jkl_[hW `kdje W ƒb kd iebe i[h ^kcWde Z[Y[dj[ b[ ^kX_[hWd ^[Y^e h[YWfWY_jWh o Z[i_ij_h Z[ [ijkf_Z[Y[i$ Feh Z[`Whi[ l[dY[h feh XW`Wi fWY_ed[i fed[ [d h_[i]e ik h[[b[YY_ÂŒd" oW gk[ dWZ_[ fk[Z[ [ijWh Z[ WYk[hZe Yed [ijWi fh|Yj_YWi fhef_Wi Z[ ]eX_[hdei Z[ \WYje$ I_ de [i h[[b[Yje [ijWh| Ă’ h# cWdZe bW Z[i]hWY_W Z[ jeZei bei gk[ i[ X[d[Ă’ Y_Whed Z[ ik feb‡j_YW ieY_Wb0 YkWbgk_[hW gk[ i[W be fh_c[he gk[ ^Wh|d [i [b_c_dWh bei ikXi_Z_ei" Xedei" bW ĂˆCWdk[bW ;if[`eÉ o bWi [iYk[bWi Z[b c_b[d_e$ IWbkZ o cWj[hd_ZWZ ]hWjk_jW" Y^We$ JeZe be gk[ ]WdWhed bei feXh[i i[ ^WXh| f[hZ_Ze$ BW lWd_ZWZ" [b YWfh_Y^e" [b WXkie [i fhef_e Z[ [dWdei c[djWb[i" kij[Z de be [i$ 1-#23.ĹŠ #1% 1 ĹŠ 1!_2ĹŠĹŠ Ä–ĹŠÄˆÄ?ćĉÄ?Ä?ÄˆÄŽÄ‡ÄąÄ‰
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¸ÄƒĹŠ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
ŋŋ
;d kd Z_iYkj_Ze h[\[hƒdZkc i[ WfheXÂŒ [d fWgk[j[ kdW bbWcWZW h[\ehcW `kZ_Y_Wb YkoWi fhec[iWi fh[j[dZ‡Wd h[_dWk]khWhbW Yece ÆdkdYW [d bW ^_ijeh_W Z[b fW‡iÇ$ ;d [b |d_ce h[\kdZWY_edWb j‡f_Ye" [b fh_c[h fWie ZkZeie \k[ bW [b[YY_ÂŒd Z[b 9edi[`e Z[ bW @kZ_YWjkhW" _dj[]hW# Ze feh jh[i WZb|j[h[i Z[b ;`[Ykj_le gk[ ZkhWdj[ [ijei c[i[i ^Wd f[hi[]k_Ze W hW`WjWXbW W gk_[# d[i de f_[diWd Yece [b e\_Y_Wb_ice o W Wgk[bbei YkoWi h[iebkY_ed[i de b[i X[d[\_Y_Wd$ 9WdY[bWY_ed[i" `k[Y[i W Z[Ze" i[dj[dY_Wi cWd_fkbWZWi" WYecfW‹Wd W kdW [b[YY_ÂŒd Z[ @k[Y[i DWY_edWb[i Z[\_d_j_lWc[dj[ jhWcfeiW f[he gk[ [d Wb]e i[ ieij[d‡W [ij[ fWhje Z[ bei cedj[i ^WijW gk[ jh[i fki_b|d_c[i [nf_Z_[hed kdW i[dj[dY_W feh bW gk[ [b ckdZe i[ ^ehheh_pÂŒ o gk[" Yed jeZe Z[ifWhfW`e bk[]e" i[ f_Z_ÂŒ ik WhY^_le$ ;b ckdZe i[ [dj[hÂŒ Z[ bW [n_ij[dY_W
ĹŠ ĹŠ
/ -.,)Ĺ‹ * &# /&š( BW i[cWdW [cf[pÂŒ Yed bW fh[# c_WY_ÂŒd Z[ bei âiYWh$ CkY^e ]bW# cekh" c_bbed[i Z[ j[b[if[YjWZe# h[i" ^Whje X_bb[j[ ^ebbomeeZ[di[ [d _cfbWdj[i o Z[ifbWdj[i$ BW _dZkijh_W [d jeZe ik [ifb[dZeh$ 7b fWh[Y[h bW Ă’ [ijW Z[b iƒfj_ce Whj[ de j[hc_dÂŒ o bei [YkWjeh_W# dei bW l_l_cei ZkhWdj[ [b h[ije Z[ bW i[cWdW$ KdW Z[iYWh]W cW]# d‡Ò YW Z[ Y[bkbe_Z[ gk[ Ykbjkh_pÂŒ dk[ijhei WhZ_[dj[i YehWped[i o dk[ijhWi c[dj[i YWZW l[p c[dei b‘Y_ZWi feh jWdjW f[b_ XWhWjW$ ÂśGkƒ W\ehjkdWZei gk[ iecei
Z[ kd fW‡i gk[ f[hZ_ÂŒ iki b_X[hjWZ[i o gk[ [ij| h[]_Ze feh kdW j_hWd‡W$ 7i‡ [ijW 9ehj[ DWY_edWb dWY_ÂŒ ck[hjW o [i _dYedY[X_Xb[ bW feYW Z_]d_ZWZ Z[ gk_[d bW fh[i_# Z[" YedYkhh_[dZe fh[ikheie Wb i^em Z[b f[hZÂŒd o WlWb_pWdZe jeZWi bWi XWpe\_Wi gk[ Yedj[d‡W [b Z_iYkhie#YWhjW$ <_dWbc[dj[ bei `k[Y[i gk[ Yede# Y[d [b bbWcWZe YWie Z[ Ăˆ;b =hWd >[hcWdeÉ lWd W Yedjh_Xk_h jWcX_ƒd W bW Yh[cWY_ÂŒd Z[ bW `kij_Y_W o Z[ceijhWh|d gk[ Wb _]kWb gk[ [d jeZei bei ]eX_[hdei d[\Wijei" bW `kij_Y_W o bei eh]Wd_icei Z[ Yedjheb ied i_cfb[i c[YWd_icei Z[ f[hi[Yk# Y_ÂŒd$ I[ WcfWhWd [d b[o[i o ehZ[dWdpWi gk[ bei Z_YjWZeh[i Yh[Wd$ ;\[Yj_lWc[dj[" [bbei \eh`Wd ik fhef_W `kij_Y_W o bW ^_ijeh_W [i fhÂŒZ_]W [d cWbei [`[cfbei$ O jWcX_ƒd WXkdZW [d YWiei [d bei gk[ [iW c_icW `kij_Y_W kd Z‡W b[i fWiÂŒ bW Yk[djW$
KdW i[cWdW ^_ijÂŒh_YW fk[i fkZ_cei Z[i[cfeblWh Wgk[bbW f[b‡YkbW gk[ h[ikbjÂŒ i[h bW ]hWd ]WdWZehW Z[ bW [Z_Y_ÂŒd -) Z[ bei âiYWh [d [b W‹e (&&&" Ăˆ=bWZ_W# ZehÉ$ I‡" Wgk[bbW [d bW gk[ Hkii[bb 9hem[ Ăˆi[ iWYWXW bW cWZh[É Yed ik [ifWZW Wdj[ bei e`ei Z[ kd [cf[hWZeh" gk_[d j[d‡W bW Z_l_dW \WYkbjWZ Z[ f[hZedWh e YedZ[dWh W Yh_ij_Wdei o bkY^WZeh[i$ Lebl_ÂŒ W deiejhei Yece kdW b[Y# Y_ÂŒd ^_ijÂŒh_YW o h[YehZWcei YÂŒce kd Z_YjWZeh hecWde fh[]kdjWXW W bW ckY^[ZkcXh[ Z[iYedjhebWZW i_ [hW Yehh[Yje f[hZedWh W gk_[d [d bW Wh[dW be Z[`WXW jeZe$ I_ bW ck# Y^WY^WZW \kh_XkdZW b[lWdjWXW [b fW‹k[be o be W]_jWXW" [b YW‡Ze i[ iWblWXW$ ;b [cf[hWZeh Z[ e`ei YbWhei fed‡W ik fkb]Wh ^WY_W Whh_# XW$ BW ][dj[ WfbWkZ‡W" i_ ^kX_[i[ [n_ij_Ze kdW \WbiW Z[ceYhWY_W fWh# j_Y_fWj_lW" _dYbkie f[Z_h‡Wd h[[b[Y# Y_ÂŒd$ 8k[d bWh]ec[jhW`[ o [i c[`eh W‘d W bW Yh_ebbW$
=WdÂŒ Yece c[`eh f[b‡YkbW$ >kXe ]hWd _dl[hi_ÂŒd fkXb_Y_jWh_W" Wb fWh[Y[h Yed [b Wfeoe Z[ kd fWh Z[ ^[hcWdei fkXb_Y_ijWi$ I_ ^WijW ^kXe [d bW Y[h[ced_W Ă’ dWb jhWZkY# Y_ed[i i_ckbj|d[Wi fWhW jeZe [b ckdZe" fWdjWbbWi ]_]Wdj[i" ][dj[ Yed bW XeYW WX_[hjW [d jeZe bWZe$ C[`eh WYjeh" YbWhe" YÂŒce de lW W ]WdWh$ I_ Yh[[ be YedjhWh_e" c[`eh Xkigk[ WokZW [d kd fW‡i Wc_]e o j_cXh[ bW fk[hjW Z[ ik Z[b[]WY_ÂŒd$ C[`eh[i [\[Yjei l_ikWb[i$ F[he" feh ikfk[ije$ >k[lei W bei ]bWZ_WZe# h[i" fWbWpei Yed XWdZ[hWi l[hZ[i" ^WijW i[ [Y^ÂŒ cWde Z[ ejhWi ]hWd# Z[i ikf[hfheZkYY_ed[i Z[ j[hheh Z[b i_]be fWiWZe$ ;iW" bW Z[b ck‹[# Ye Z_WXÂŒb_Ye$ ;d Ă’ d" gkƒ b_dZe [i [b Y_d[" f[he [i c[`eh W‘d i_ YkWdZe lWcei W bW iWbW" iWX[cei b[[h [djh[b‡d[Wi$ 7^‡ i‡ gk[ jeZe WZgk_[h[ i[dj_Ze o bei c[diW`[i WdYbWd [d fk[hje$ +#5(5 -!.Äž+ '.1 Ä“!.,Ä“#! Ä–ĹŠÄž+4(2#5(5 -!.
ĹŠ ĹŠ
ŋŋ$/0 (./ ŋŋ (Ĺ‹ ,#-#BW l_eb[dY_W `kl[d_b [i kd fhe# Xb[cW ]hWl[ Z[ dk[ijhW ieY_[# ZWZ gk[ Z[X[cei jhWjWh Z[ iebkY_edWh _cfb[c[djWdZe fe# b‡j_YWi f‘Xb_YWi" fWhW [l_jWh [b Yedikce Z[ Zhe]Wi" WbYe^eb o bW fhec_iYk_ZWZ ieY_Wb$ ;ijW [i kdW Z[ bWi \ehcWi Z[ Wj[djWh YedjhW i‡ c_icei o bei Z[c|i$ KdW fhk[XW Z[ bW Yh_i_i feh bW gk[ WjhWl_[iWd$ ;djh[ bWi ieY_[ZWZ[i ceZ[hdWi be gk[ i[ [iYkY^W Z[Y_h W Wb]kdei fWZh[i [i gk[ [ie ‘d_YWc[dj[ ikY[Z[ [djh[ bei feXh[i e [d Y_[hjei ]hkfei ƒjd_Yei$ ;d fWhj_YkbWh [i kd ]hWd [hheh gk[ f_[di[d Z[ [iW cWd[hW$ Bei fheXb[cWi WY# jkWb[i Z[ bW `kl[djkZ jhWifWiWd bWi XWhh[hWi [YedÂŒc_YWi" ieY_W# b[i o hWY_Wb[i$ Bei `ÂŒl[d[i" WZeb[iY[dj[i o d_‹ei gk[ W\hedjWd Y_hYkdijWd# Y_Wi o fh[i_ed[i [nYbki_lWi Z[ [ijW ƒfeYW$ Bei YWcX_ei [d [b |cX_je \Wc_b_Wh" bW i[fWhWY_ÂŒd Z[ bei fWZh[i eYWi_edW ]hWd Zebeh W bei ^_`ei" [i [if[Y_Wb W bei d_‹ei gk[ WYWXWd Z[ ik\h_h kdW Z[i# _dj[]hWY_ÂŒd \Wc_b_Wh" b[i Yk[ijW jhWXW`e Z[i[cf[‹Whi[ X_[d [d [b YWcfe ieY_Wb o WYWZƒc_Ye [d h[bWY_ÂŒd W bei gk[ f[hj[d[Y[d W \Wc_b_Wi _djWYjWi$ ;b Yedikce Z[ WbYe^eb [d WZeb[iY[dj[i o d_‹ei Yedj_d‘W [nj[dZ_ƒdZei[" bWi Zhe]Wi" bW l_eb[dY_W o bW fhec_iYk_ZWZ ieY_Wb [d [ij[ j_[cfe [i cko Yec‘d o dejeh_e" be ‘bj_ce fWhW ckY^ei WZeb[iY[dj[i o `ÂŒl[d[i be jecWd Yece kd i_cfb[ `k[]e _de\[di_le$ ;d bei ‘bj_cei )& W‹ei ^[# cei l_ije h[ZkY_hi[ bW [ZWZ W bW gk[ bei WZeb[iY[dj[i _d_Y_Wd ik WYj_l_ZWZ i[nkWb" oW de [i [njhW# ‹e [dYedjhWh Wb]kdei YWiei gk[ [cf_[pWd Yed iÂŒbe '( W‹ei$ ;ijei `ÂŒl[d[i i[ l[d [n# fk[ijei W bW _d\bk[dY_W Z[ bW j[b[l_i_ÂŒd" [b Y_d[" bW c‘i_YW" o [b _dj[hd[j$ >Wo gk[ WZefjWh c[YWd_icei gk[ fk[ZWd \h[dWh [ijWi i_jkWY_ed[i$
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 ĹŠ ")4-3
ĹŠ ÂĄ ĹŠ (1#!3.1
ĹŠ ĹŠ "(3.1ĹŠ #%(.- + ĹŠ "(3.1( +ĹŠ (-.3 41.ĹŠ Ä“ Ä“ 11 Ä–ĹŠ #)~ ŊĊĎćŊ#-31#ĹŠ 4!1#ĹŠ8ĹŠ .! $4#13#Ä“ #+_$.-.ĖŊĉĒĎĹÄ?ĎćĉŊ , (+Ä–ĹŠ( 11 Äž+ '.1 Ä“!.,Ä“#! 3 5 +.Ä–ĹŠ 4!1#ĹŠ#-31#ĹŠ +(- 2ĹŠ8ĹŠ .1 +#2Ä“ ĹŠ #+_$.-.Ä–ĹŠÄ‰Ä’Ä‰ÄąÄŽÄŒÄ?Ä?ĹŠ , (+Ä–ĹŠ.3 5 +.Äž+ '.1 Ä“!.,Ä“#! 4+!;-Ä–ĹŠ 4!1#ĹŠÄ?ĉĉŊ#-31#ĹŠ 8 !4!'.ĹŠ8ĹŠ 4-~-ĔŊĉ".ĹŠ/(2. #+_$.-.Ä–ĹŠÄ‰Ä’Ä‘ÄąÄŒÄ?ÄŒÄ?ĹŠ , (+Ä–ĹŠ34+! -Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠ .ēŊÄ?ćČĒ
666ē+ '.1 ē!.,ē#! 23 Ŋ2#!!(¢-Ŋ1#/1#2#-3 Ŋ+ Ŋ./(-(¢-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#ĄŊ#) -Ŋ-#!#2 1( Ĺ ,#-3#Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#+Ŋ/#1(¢"(!.ē
#23(5 +ĹŠ,42(! +ĹŠ
34-3 04(ēŊ  - ĹŠ ĹŠ+ 2ŊĉćĖććŊ#-ĹŠ+ ĹŠ/+ 9 ĹŠ 4+341 +ĹŠ ( #13 "ĔŊ2#ĹŠ1# +(9 ĹŠ #+ĹŠ2'.6ĹŠ 13~23(!.ĹŠ/.1ĹŠ+ ĹŠ!.-,#,.1 !(¢-ĹŠ"#ĹŠ+.2ĹŠÄ?ÄŒĹŠ  .2ĹŠ"#ĹŠ! -3.-(Äą 9 !(¢-ĹŠ"#ĹŠ -3.-(.ĹŠ -3#ĔŊ!.-ĹŠ+ ĹŠ/ 13(!(/ !(¢-ĹŠ"#ĹŠ+ 2ĹŠ %14/ !(.-#2ĹŠ .-23#+ !(¢-ĹŠ ++#- 3 ĹŠ8ĹŠ ' 4!' ĹŠ (-%2ēŊ
1#2#-3 !(¢-Ŋ"#Ŋ(-5#12(.-(23 2Ŋ
,, Ąŋ )3ŋ ŋ& -ŋÝúĆúúŋ (ŋ& -ŋ#(-. & #)( -ŋ ŋ& ŋ ) ,( #š(ŋ ŋ ' /, ąŋ& ŋ , . ,v ŋ #)( &ŋ ŋ / #š(ŋ /* ,#),ąŋ # ( # ąŋ ()&)!v ŋ ŋ (()0 #š(ąŋ ./ ,6ŋ/( ŋ,/ ŋ ŋ*, (- ŋ* , ŋ& ŋ *, - (. #š(ŋ ŋ& ŋ & ! #š(ŋ ŋ#(0 ,-#)(#-. -ŋ*,)0 (# (. -ŋ ŋ "#( Ąŋ
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĉ
(.)(#)Ĺ‹ (. Ĺ‹ # ,, Ĺ‹-/-Ĺ‹ -.#0# ŊěŊ;b YWdjÂŒd j[nj_b Z[
ēŊēŊ #2"#ĹŠ#+ŊĉććĒŊ+ ĹŠ. 1 ĹŠ345.ĹŠ"(ă!4+3 "#2ēŊ 23#ĹŠ  .ĹŠ2#ĹŠ!.-2.+("¢Ŋ+ ĹŠ ,/+( !(¢-ĹŠ"#ĹŠ+ ĹŠ, 3#1-(" "ĹŠ8ĹŠ2#ĹŠ1# +(9 ĹŠ+ ĹŠ "#!4 !(¢-ĹŠ/ 1 ĹŠ#+ĹŠ;1# ĹŠ"#ĹŠ-#.- 3.+.%~ ēŊŊ
5, Ĺ‹ Ĺ‹ . ,(# Ĺ‹ $šŋ Ĺ‹- ,Ĺ‹/(Ĺ‹-/ ˜)Ĺ‹ ;2ĹŠ"#ĹŠ4- ĹŠ31 ĹŠ2#ĹŠ345.ĹŠ04#ĹŠ24/#1 1ĔŊ + ĹŠ. 1 ĹŠ"#ĹŠ ,/+( !(¢-ĹŠ"# (¢Ŋ#23 1ĹŠ!.-Äą !+4(" ĹŠ#-ĹŠ#+ĹŠÄ‰Ä‡ÄˆÄ‡Ä“ ŊěŊ>eo W bWi '&0&& [d [b
>eif_jWb Z[ 7jkdjWgk_" i[ _dWk# ]khW bW Wcfb_WY_ÂŒd Z[ bW CWj[h# d_ZWZ" i[hl_Y_e [if[hWZe feh bei ^WX_jWdj[i Z[b YWdjÂŒd 7djed_e 7dj[$ Ă›d][bW Ceh|d" Z_h[YjehW [dYWh]WZW Z[ bW YWiW Z[ iWbkZ" cWd_\[ijÂŒ gk[ bk[]e Z[ Zei W‹ei Z[ [if[hW bW Wcfb_WY_ÂŒd [i kdW h[Wb_ZWZ$ BW eZ_i[W [cf[pÂŒ Yed bW Ă’hcW Z[b Yedl[d_e [djh[ [b YedjhWj_ijW
o [b C_d_ij[h_e Z[ IWbkZ F‘Xb_# YW [d [b W‹e (&&/$ ;d [d[he Z[b (&'&" i[ h[Wb_pŒ bW YebeYWY_Œd Z[ bW fh_c[hW f_[ZhW fWhW be gk[ i[# h‡W [b _d_Y_e Z[ bei jhWXW`ei" f[he de \k[ i_de ^WijW [b (&''" gk[ bei fheY[iei i[ WY[b[hWhed o bW [djh[# ]W \ehcWb Z[ bW eXhW i[ [\[YjkŒ [b fWiWZe '/ Z[ \[Xh[he$ BW _dl[hi_Œd \k[ Z[ (&& c_b ZŒbWh[i$ 7dj[h_ehc[dj[" [b i[h# l_Y_e Z[ ^eif_jWb_pWY_Œd Z[b |h[W
Z[ cWj[hd_ZWZ YedjWXW Yed '+ YWcWi" YWfWY_ZWZ gk[ h[ikbjWXW YehjW Wdj[ bW Z[cWdZW feXbWY_e# dWb$ 9ed bW Wcfb_WY_ÂŒd i[ ikcWd eY^e YWcWi" YkWjhe [d\[hc[hWi o kd cƒZ_Ye" Ceh|d Wi[]khÂŒ gk[ i[ lW W h[\ehcWh bei ^ehWh_ei fWhW [djh[]Wh kd i[hl_Y_e [Ă’Y_[dj[ o Z[ YWb_ZWZ$ F[he bWi Wif_hWY_ed[i Z[ Ce# h|d lWd c|i Wbb|$ C[Z_Wdj[ kd Yedl[d_e [djh[ bW Ckd_Y_fWb_ZWZ Z[ 7djed_e 7dj[ Yed bW \kdZWY_ÂŒd 7b_WdpW Z[b WokdjWc_[dje Z[ CW# Zh_Z# ;ifW‹W" \k[hed [djh[]WZei [gk_fei fWhW [b |h[W Z[ d[edWje# be]‡W gk[ i[ _cfb[c[djWh| [d bei fhÂŒn_cei c[i[i$ ;ije jWcX_ƒd
f[hc_j_h| bW Wf[hjkhW Z[ kd dk[# le gk_hÂŒ\Wde$ 7YjkWbc[dj[ [if[hWd bW Yed# jhWjWY_ÂŒd Z[ i[_i [d\[hc[hWi fWhW [b |h[W Z[ d[edWjebe]‡W$ I[ jhWjW Z[ ejhe Z[ bei i[hl_Y_ei gk[ bWi cWZh[i Wdj[‹Wi [if[hWd i[ Yed# Yh[j[ be c|i fhedje fei_Xb[$ C[hY[Z[i =k[hh[he" ^WX_jWdj[ Z[ bW fWhhegk_W 7dZhWZ[ CWh‡d Z[ *+ W‹ei Z[ [ZWZ" i[‹WbÂŒ gk[ ^WY[ c|i Z[ jh[i W‹ei" ik[‹Wd Yed kd i[hl_Y_e Z[ YWb_ZWZ" f[he Y[hYWde$ Æ7dj[i j[d‡Wcei gk[ i[h jhWibWZWZWi Wb ^eif_jWb IWd L_Y[d# j[ Z[ FW‘b" fWhW feZ[h ZWh W bkp$ 7^ehW [ij[ i[hl_Y_e be feZ[cei h[Y_X_h [d dk[ijhe ^eif_jWbÇ" Z_`e$
?cXWXkhW i[ Wfh[ijW W Y[hhWh iki Ă’[ijWi$ Be ^Wh| cW‹WdW Yed lWh_Wi WYj_l_ZWZ[i o bW Ă’h# cW Z[ Yedl[d_ei$ 9ece [l[djei Y[djhWb[i i[ Z[ijWYW bW fWhj_Y_fWY_ÂŒd Z[ +& _dij_jkY_ed[i [ZkYWj_lWi" [d [b Z[iĂ’b[ Y‡l_Ye gk[ _d_Y_Wh| W bWi &.0&& [d bW fbWpW YkbjkhWb BW B_X[hjWZ$ 7 bWi ''0&&" [d [b iW# bÂŒd c|n_ce Z[ bW Ckd_Y_fWb_# ZWZ Z[ 7djed_e 7dj[" i[ Z[iW# hhebbWh| bW i[i_ÂŒd ieb[cd[$ ;b YedY[`Wb 9Whbei ;if_deiW" i[h| [b [dYWh]WZe Z[ [c_j_h [b Z_i# Ykhie Z[ ehZ[d$ C_[djhWi gk[ [b Z_iYkhie Z[ bei WYjei c|i ieXh[iWb_[dj[i Z[ bW WZc_d_i# jhWY_ÂŒd WYjkWb" [ijWh| W YWh]e Z[b WbYWbZ[ H_Y^WhZ 9WbZ[hÂŒd$ BW Wkjeh_ZWZ _dZ_YÂŒ gk[ Ă’hcWh| Yedl[d_ei Yed [b 8Wd# Ye Z[b ;ijWZe" fWhW bW h[ceZ[# bWY_ÂŒd [d kdW fh_c[hW \Wi[ Z[b c[hYWZe Z[ bW Y_kZWZ$ 7kdgk[ [n_ij[ bW d[Y[i_ZWZ Z[ Y_dYe c_bbed[i Z[ ZÂŒbWh[i fWhW gk[ bW eXhW i[ Yecfb[j[" [b fh_c[h Z[i[cXebie i[h| Z[ /,& c_b ZÂŒbWh[i$ 9ed [b C_d_ij[h_e Z[ ?dZkijh_Wi o FheZkYj_l_ZWZ" fWhW _cfkbiWh [b 9[djhe Z[ <W[dWc_[dje Yed kd cedje Z[ '.+ c_b ZÂŒbWh[i$ ;b _dck[# Xb[ fWhW [b dk[le ^eif_jWb Z[ 7jkdjWgk_" i[h| fWhj[ Z[ [ijW Ă’hcW Z[ Yedl[d_ei Yed [b C_# d_ij[h_e Z[ IWbkZ F‘Xb_YW$
ÂĄ ēŊ +ĹŠ"#2ă+#ĹŠ!~5(!.ĔŊ#2ĹŠ 4- ĹŠ"#ĹŠ+ 2ĹŠ !3(5(" "#2ĹŠ"#ĹŠ+ ĹŠ /1#Äą 3 " ĹŠ %#-" ĹŠ04#ĹŠ2#ĹŠ5(5(1;ĹŠ,  - ĹŠ #-ĹŠ#+ĹŠ! -3¢-ēŊ
˜  #š(Ĺ‹3Ĺ‹- ' ),#4 #š(Ĺ‹ (Ĺ‹& Ĺ‹ ( ' ,# (
ēŊ .2ĹŠ!.,/1.,(2.2ĹŠ 24,(".2ĹŠ#-ĹŠ#+ĹŠÄ‰Ä‡ÄˆÄˆÄ”ĹŠ2#ĹŠ!.-!1#3 -ĹŠ#-ĹŠ#23#ĹŠ  .Ä“
ŊěŊ;b C_d_ij[h_e Z[ JhWdi# fehj[ o EXhWi F‘Xb_YWi CJEF " Ykcfb[ Yed [b Yecfhec_ie Z[ h[# \ehpWh bW i[‹Wb_pWY_ÂŒd fh[l[dj_lW [d bW FWdWc[h_YWdW Dehj[" feh bW i[]kh_ZWZ Z[ bei ^WX_jWdj[i Z[ bW Yeckd_ZWZ Z[ 9Whfk[bW o [ijk# Z_Wdj[i Z[b Yeb[]_e JƒYd_Ye LWbb[ Z[b 9^ejW$ CWhYe F|[p" Z_h[Yjeh fhel_d# Y_Wb Z[b CJEF" i[‹WbÂŒ gk[ [d [b
Yedl[d_e Ă’hcWZe [b W‹e Wdj[h_eh Yed bei Z_h_][dj[i Z[ bW Yeckd_# ZWZ Z[ 9Whfk[bW" i[ WYehZÂŒ bW kX_YWY_ÂŒd Z[ kd i[c|\ehe o fWie f[WjedWb$ ;ijW i[cWdW i[ Ykbc_dW bW i[# ‹Wb_pWY_ÂŒd ^eh_pedjWb$ Bei jhWXW`ei \k[hed [`[YkjW# Zei feh bW YedY[i_edWh_W FWdW# l_Wb$ BW i[‹Wb_pWY_ÂŒd ^eh_pedjWb o l[hj_YWb YebeYWZW [i Z[ fh[l[d#
Y_ÂŒd o Z[ WYk[hZe W bWi [if[Y_Ă’# YWY_ed[i jƒYd_YWi$ ;d YkWdje Wb fWie f[WjedWb" [nfb_YÂŒ gk[ i[h| jecWZe [d Yk[djW Z[djhe Z[b fheo[Yje Hkc_Y^WYW#?XWhhW$ Ieb_Y_jÂŒ Wfeoe W bW Feb_Y‡W fWhW YedjhebWh gk[ bW feXbWY_ÂŒd h[if[j[ bW i[‹Wb_pWY_ÂŒd" c_[d# jhWi bei YedZkYjeh[i o f[Wjed[i i[ WZWfjWd W bW fh[i[dY_W Z[ bei Z_ifei_j_lei$
Ĺ? Ĺ?
Ĺ?
ĉ
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.-31.+ 1;-ĹŠ/1."4!3.2ĹŠ! "4! ".2
2ĹŠ 43.1(" "#2ĹŠ"#ĹŠ!.-31.+ĹŠ1#!.11#1;-ĹŠ+ 2ĹŠ3(#-" 2ĔŊ !#1~ 2ĔŊ,#1! ".2ĹŠ"#ĹŠ+ ĹŠ!(4" "ĹŠ/ 1 ĹŠ5#1(ÄƒĹŠ! 1ĹŠ04#ĹŠ+.2ĹŠ/1.Äą "4!3.2ĹŠ04#ĹŠ2#ĹŠ#7/#-"#-ĹŠ#23_-ĹŠ#-ĹŠ 4#-ĹŠ#23 ".ĹŠ8ĹŠ04#ĹŠ+ 2ĹŠ$#!' 2ĹŠ"#ĹŠ#+ .1 !(¢-ĹŠ8ĹŠ! "4!(" "ĹŠ#23_-ĹŠ+#%( +#2ĹŠ8ĹŠ04#ĹŠ -.ĹŠ' 8 -ĹŠ#7/(1 ".ēŊ -ĹŠ! 2.ĹŠ"#ĹŠ04#ĹŠ2#ĹŠ#-!4#-31#-ĹŠ 13~!4+.2ĹŠ! "4! ".2ĹŠ2#1;-ĹŠ"#!.,(2 ".2ĹŠ/ 1 ĹŠ 2#%41 1ĹŠ04#ĹŠ2#ĹŠ !.,#1!( +(!#-ĹŠ/1."4!3.2ĹŠ /3.2ĹŠ/ 1 ĹŠ#+ĹŠ!.-24,.ĹŠ'4, -.ēŊ -ĹŠ#+ĹŠ2#!3.1ĹŠ41 -.ĹŠ8ĹŠ141 +ĹŠ2#ĹŠ1# +(9 1;ĹŠ#23 2ĹŠ(-2/#!!(.Äą
.-!412.ĹŠ"#ĹŠ #7!#+#-!( ĹŠ#"4! 3(5
Ĺ—ĹŠ ĹŠĹŠBW \kdZWY_ÂŒd <_ZWb" _dl_jW W bei ZeY[dj[i [YkWjeh_Wdei W _diYh_X_h iki fheo[Yjei fWhW fWhj_Y_fWh [d [b L YedYkhie Z[ ;nY[b[dY_W ;ZkYWj_lW$ BW \kdZWY_ÂŒd Xh_dZWh| Wi[iehW# c_[dje o Wfeoe jƒYd_Ye fWhW bW feijkbWY_ÂŒd Z[ bei fheo[Y# jei$ Bei cW[ijhei Wif_hWdj[i Yecf[j_h|d feh bW ;ijWjk_bbW Deki" WYY[Z[h|d W fWiWdj‡Wi _dj[hdWY_edWb[i o X[YWi fWhW [ijkZ_ei Z[ feij]hWZei$ BWi XWi[i fWhW [b YedYkhie [ij|d [d bW f|]_dW m[X mmm$ Ă’ ZWb#WcbWj$eh]$ Fhe\[ieh[i Z[ 9ejWYWY^_ oW \k[hed X[d[Ă’ Y_WZei Yed bei [ij‡ck# bei e\h[Y_Zei feh <_ZWb [d YedYkhiei Wdj[h_eh[i$
+! +"#ĹŠ5( ) ĹŠ ĹŠ 23.
Ĺ—ĹŠ ĹŠĹŠ;b 7bYWbZ[ Z[ 9ejWYWY^_" 7bX[hje 7dhWd]e" ^eo l_W#
`Wh| W FWije fWhW YedYh[jWh bei WYk[hZei Yed [b WYjkWb =eX[hdWZeh Z[ [ij[ i[Yjeh Z[ 9ebecX_W$ Bei WYk[hZei i[ XWiWd [b |h[W Z[ jkh_ice" Whj[iWdWb gk[ i[ be]hWhed Yed bW Wdj[h_eh Wkjeh_ZWZ Z[b ^[hcWde fW‡i" f[he [if[hWd WÒ WdpWhbei Yed [b WYjkWb" fWhW i[]k_h Yed bei Yedl[# d_ei gk[ X[d[Ò Y_Wd W bei Zei i[Yjeh[i$
ēŊ Ŋ2 +(" Ŋ"#Ŋ#,#1%#-!( Ŋ#-Ŋ+.2Ŋ+.! +#2Ŋ"#Ŋ5#-3 Ŋ"#Ŋ% 2.+(- Ŋ#2Ŋ(,/1#2!(-"( +#ēŊ Ŋ% 2.+(- Ŋ2#Ŋ5#-"#Ŋ#-Ŋ#23 2Ŋ!.-"(!(.-#2Ŋ#-Ŋ}-3 %ĔŊ/.104#Ŋ-.Ŋ' 8Ŋ4- Ŋ "(231( 4(".1 Ŋ04#Ŋ% 1 -3(!#Ŋ#+Ŋ 23#!(,(#-3.ē
(. ŋ ŋ! -)&#( ŋ (ŋu(. !ŋ )(ŋ, !& -Ŋ#23 Ŋ9.- Ŋ2#Ŋ!.,#1!( +(9 Ŋ#+Ŋ!.,Ĺ 423( +#Ŋ#-Ŋ!4 +04(#1Ŋ+.! +Ŋ2(-Ŋ+ 2Ŋ "# (" 2Ŋ2#%41(" "#2ēŊ .2Ŋ ., #1.2Ŋ ěŊ ;d YkWbgk_[h fWhhe#
gk_W e Yeckd_ZWZ Z[ bW pedW Z[ ÞdjW] bei jWdgk[i Yed c|i Z[ (&& b_jhei bb[dei Z[ ]Wieb_dW i[ eXi[hlWd i_d cWoeh[i Yecfb_YW# Y_ed[i$ Bei Zk[‹ei Z[ jhWf_Y^[i" Z[ cejeY_Yb[jWi o l[^‡Ykbei WZ# gk_[h[d [d [ijei beYWb[i [b Yec# Xkij_Xb[$ F[he bWi YedZ_Y_ed[i Z[ i[]k# h_ZWZ Yed bWi gk[ [nf[dZ[d [b YWhXkhWdj[ de ied bWi WZ[YkWZWi o bei Yedikc_Zeh[i Wb _]kWb gk[
bei l[dZ[Zeh[i Yehh[d [b f[b_]he Z[ ik\h_h Wb]‘d f[hYWdY[$ <hWdY_iYe DWhl|[p" c_[cXhe Z[ bW 9WiWYW He`W Z[ 9ejWYW# Y^_" Z_`e gk[ [d bW fWhhegk_W Z[ 7fk[bW [dYedjhWhed Wb c[dei (& beYWb[i Z[ l[djW Z[ ]Wieb_dW" be c_ice [d =WhY‡W Ceh[de" [d [b i[Yjeh Z[ 7]kW]h‘c" ^Wo kdWi Zei f[hiedWi gk[ d[]eY_Wd bW ]Wieb_dW$ I[ YWbYkbW gk[ [d [ijei i_j_ei [n_ij[d c|i Z[ c_b b_jhei Z[ ]Wie#
#!.,#-" !(.-#2 #%41(" "ĹŠ#-ĹŠ5#-3 ĹŠ "#ĹŠ!., 423( +#
Ŋ 2Ŋ(-23 + !(.-#2Ŋ"# #-Ŋ#23 1Ŋ#-Ŋ ŗ/#1$#!3 2Ŋ!.-"(!(.-#2ĔŊ+.2Ŋ! +#2Ŋ"#-31.Ŋ "#ŊŊ! - +#3 2ē
ĹŠ # #-ĹŠ!.-3 1ĹŠ!.-ĹŠ#73(-3.1ĔŊ, -%4#1 2ĹŠ Ĺ— "#!4 " 2ĹŠ8ĹŠ5#-3(+ !(¢-ĹŠ24ă ĹŠ!(#-3#Ä“ ĹŠ .+.! 1ĹŠ 5(2.2ĹŠ5(2( +#2ĹŠ(-$.1, -".ĹŠ+ ĹŠ Ĺ—/1.'( (!(¢-ĹŠ"#ĹŠ$4, 1ĹŠ!(% 11(++.2Ä“
i[ gk[ZÂŒ i_d ]Wieb_dW o bW ‘d_# YW ÆiWblWY_ÂŒdÇ ied [ijWi l[djWi" f[he de Z[iYedeY_ÂŒ [b f[b_]he gk[ Yehh[d$
-. /, (. -Ĺ‹ )(Ĺ‹, )' ( #)( -
1 ).ĹŠ , (#-3 +
Ĺ—ĹŠ ĹŠĹŠJƒYd_Yei Z[ bW 7iWcXb[W Z[ Kd_ZWZ 9WdjedWb Z[
9ejWYWY^_ jhWXW`Wd Yed '+& [ijkZ_Wdj[i Z[ YkWjhe Yeb[# ]_ei [d j[cWi WcX_[djWb[i$ BW _dj[dY_ÂŒd [i gk[ i[ Yed# Y_[dY_[d gk[ bW dWjkhWb[pW ^Wo gk[ Yk_ZWhbW o cWdj[d[h b_cf_ei bei WĂ“ k[dj[i dWjkhW# b[i$ 7Z[c|i YedeY[d i_j_ei jkh‡ij_Yei o \ec[djWd bW \eh[ijWY_ÂŒd$ BW YWb_Ă’ YWY_ÂŒd gk[ eXj[d]Wd [i kd h[gk_i_# je fWhW bW ]hWZkWY_ÂŒd$
b_dW$ Bei XecX[hei [dYedjhWhed kd bk]Wh Z[ [nf[dZ_e Z[b Yec# Xkij_Xb[ `kdje W kd bk]Wh ZedZ[ kj_b_pWXWd [ic[h_b[i" iebZWZk# hWi gk[ ][d[hWd Y^_ifWi o [hW kd f[b_]he YedijWdj[$ EXb_]Whed _dc[Z_WjWc[dj[ W i[fWhWh W bei Zei beYWb[i" Z_`e DWhl|[p$ BW fWhhegk_W Z[ 9k[bbW`[" i[h| ejhe Z[ bei bk]Wh[i gk[ _di# f[YY_edWh|d [d bei fhŒn_cei Z‡Wi bei XecX[hei$ JeZWi bWi ik][h[dY_Wi i[h|d h[l_iWZWi [d bW fhŒn_cW l_i_jW" i_de Ykcfb[d i[h|d Y[hhWZei bei beYWb[i Z[ l[djW$ IWhW 8[`WhWde" l_W`W YedijWd# j[c[dj[ W YecfhWh \hkjWi [d [b i[Yjeh" Z_`e gk[ Wb]kdWi l[Y[i
#ĹŠ/.2#2(.- -ĹŠ! (+".2 ĹŠ ĹŠ Ä–ĹŠ ĹŠ ĹŠ
.2Ŋ-4#5.2Ŋ! (+".2Ŋ04#Ŋ/#13#-#!#-Ŋ Ŋ+ Ŋ -(¢-Ŋ"#Ŋ 1% -(9 !(.-#2Ŋ -"~%#- 2Ŋ8Ŋ ,/#2(- 2Ŋ"#Ŋ .3 ! !'(Ŋĥ -.1! !ĢŊ2#Ŋ/.2#2(.- 1;-Ŋ #23#Ŋ".,(-%.ēŊ +Ŋ#5#-3.Ŋ2#Ŋ"#2 11.++ 1;Ŋ#-Ŋ#+Ŋ3# 31.Ŋ 4-(!(/ +Ŋ Ŋ+ 2Ŋ ćđĖĊćēŊ -31#% 1;Ŋ#+Ŋ 23¢-Ŋ"#Ŋ, -".Ŋ Ŋ! " Ŋ/1#2("#-3#ĔŊ,#"( -3#Ŋ 4- Ŋ!#1#,.-( Ŋ -!#231 +ē
BW 9ec_iWh_W DWY_edWb" _dif[Y# jeh[i Z[ iWbkZ o feb_Y_Wb[i" h[# l_iWhed h[ijWkhWdj[i ]hWdZ[i o f[gk[‹ei" fWhW YedeY[h [b [ijW# Ze Z[ bei c_icei$ BW Ă’ dWb_ZWZ \k[ Xh_dZWh kdW Xk[dW Wj[dY_ÂŒd W bei Yb_[dj[i$ <[hdWdZW F_[ZhW" 9ec_iWh_W DWY_edWb" [nfb_YÂŒ gk[ l[h_Ă’ YWhed Y_[hjei fheXb[cWi [d bei beYWb[i f[gk[‹ei$ 7gk‡ bei _dif[Yjeh[i Z[ iWbkZ Z_[hed h[Yec[dZWY_e# d[i W bei fhef_[jWh_ei$ ?dijWbWh [d [b |h[W Z[ bW YeY_dW bWjWi Z[ WY[he _den_ZWXb[ fWhW gk[ bW ]hW# iW de i[ _cfh[]d[ [d bWi fWh[Z[i o Z[ cWbW _cW][d" gk[ f_dj[d bei beYWb[i" gk[ i[ Yebegk[d XWbZe# iWi [d bei f_iei" fWhW gk[ [b Wi[e i[W cWoeh$ 7Z[c|i" l[h_Ă’ YWhed bei f[h# c_iei Z[ \kdY_edWc_[dje$ 7 Y_dYe h[ijWkhWdj[i Z[ bei (' bk# ]Wh[i gk[ l_i_jWhed [d bW Y_kZWZ
ĥ (Ŋ+.2Ŋ +.! +#2Ŋ-.Ŋ !4,/+#-Ŋ !.-Ŋ+ 2Ŋ"(2/.2(Ĺ !(.-#2Ŋ#-Ŋ#+Ŋ/+ 9.Ŋ #23 +#!(".Ŋ2#Ŋ3., 1;-Ŋ .31 2Ŋ,#"(" 2Ģ Ŋ
ĹŠ
o bW fWhhegk_W Gk_he]W b[i dej_# Ă’ YWhed fWhW gk[ fh[i[dj[d bWi Yef_Wi Z[ bW YƒZkbW o f[hc_iei Z[ \kdY_edWc_[dje" fehgk[ de [ijWXWd [d [b bk]Wh Z[ jhWXW`e W bei Z[c|i beYWb[i b[i ik]_h_[hed gk[ Yebegk[d bei f[hc_iei [d kd bk]Wh l_i_Xb[$ FWhW gk[ YkcfbWd Yed [ij[ f[Z_Ze j_[d[d '+ Z‡Wi" i_ de j_[# d[d [b h[gk_i_je fWhW \kdY_edWh [d bW 9ec_iWh‡W b[i Wi[iehWh|d fWhW eXj[d[h [b f[hc_ie$
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄŠ
1 ).ĹŠ5.+4-3 1( ".
Ĺ—ĹŠĹŠ
ēŊ -Ŋ+ 2Ŋ'.1 2Ŋ/(!.Ŋ' 8Ŋ4- Ŋ%1 -Ŋ! -3(" "Ŋ"#Ŋ/ 2 )#1.2Ŋ04#Ŋ -3#2Ŋ5( ) -Ŋ/ 1 ".2Ŋ/#1.Ŋ '.1 Ŋ2¢+.Ŋ+.Ŋ/4#"#-Ŋ' !#1Ŋ2#-3 ".2ēŊ 8Ŋ+ Ŋ/.2( (+(" "Ŋ"#Ŋ (-!1#,#-3 1Ŋ,;2Ŋ341-.2Ŋ#-Ŋ+ Ŋ,  - ĔŊ+ Ŋ3 1"#Ŋ8Ŋ+ Ŋ-.!'#ēŊ
)-ŋ., (-*),.#-. -ŋ /- (ŋ &. ,( .#0 -ŋ* , ŋ"), -ŋ*# )ŋ " Ŋ./#1 ".1 Ŋ#-31#% 1;Ŋ242Ŋ/1.Ĺ /4#23 2Ŋ/ 1 Ŋ - +(9 1+ 2Ŋ"#Ŋ,.".Ŋ04#Ŋ - "(#Ŋ2#Ŋ04#"#Ŋ2(-Ŋ5( ) 1ēŊ ě Bei jhWdifehj_ijWi Z[
Xki[i j_[d[d jejWbc[dj[ fhe^_# X_Ze [b jhWibWZe Z[ fWiW`[hei fW# hWZei$ ;ijW i_jkWY_ÂŒd Z[i[dYWZ[# dÂŒ kdW i[h_[ Z[ YedjhWj_[cfei W bWi ^ehWi f_Ye" ZedZ[ i[ h[]_ijhW cWi_lW WĂ“k[dY_W Z[ l_W`[hei$ >Wo [ijkZ_Wdj[i o jhWXW`WZe# h[i gk[ bk[]e Z[ [ijW Z_ifei_Y_ÂŒd bb[]Wd jWhZ[ W ik bk]Wh Z[ Z[i# j_de" jeZe [ije i[ Z_e bk[]e Z[b jh|]_Ye WYY_Z[dj[ Z[ 9kW`WhW gk[ Z[`ÂŒ Yece iWbZe )& ck[hjei$ BW Feb_Y‡W Z[ Jh|di_je h[Wb_pW kd [n^Wkij_le Yedjheb W bei Xki[i
[d bWi j[hc_dWb[i o [d bW l‡W$ ;d l_ijW Z[ [ijW i_jkWY_Œd [ _dYbkie feh bWi YedijWdj[i gk[# `Wi Z[ bei c_icei kikWh_ei" bei jhWdifehj_ijWi WdWb_pWd Wbj[hdW# j_lWi fWhW YkXh_h bW Z[cWdZW [d bWi ^ehWi f_Ye$ BW Kd_Œd Fhel_d# Y_Wb Z[ JhWdifehj_ijWi cWdjkle kdW h[kd_Œd Yed bW =eX[hdWY_Œd Z[ ?cXWXkhW" fWhW ^WXbWh Z[ [ijW i_jkWY_Œd$ 9WZW ef[hWZehW Z[ Xki[i Z[X[ fh[i[djWh kdW iW# b_ZW$ ;d bW Yeef[hWj_lW Z[ jhWdi# fehj[i EjWlWbe" fbWdj[Wh|d [b _dYh[c[dje Z[ jkhdei [njhWi Wb
c[dei kdW ^ehW [d bW cW‹WdW" Wb c[Z_eZ‡W o bW deY^[$ FWXbe 7oWbW" ][h[dj[ Z[ bW Yeef[hWj_lW" WYbWhÂŒ gk[ i[ ikf[# hWhed bei Wikdjei b[]Wb[i fk[i [b @kp]WZe \WbbÂŒ \WlehWXb[c[dj[ Z[`WdZe b_Xh[ Z[ iWdY_ed[i W bW ef[hWZehW$ H[YWbYÂŒ gk[ [ij|d eXb_]WZei W Ykcfb_h bWi Z_ife# i_Y_ed[i [c_j_ZWi feh bW B[o Z[ Jh|di_je o YedYk[hZWd [d bWi c[Z_ZWi Zh|ij_YWi _cfk[ijWi fWhW gk_[d[i bb[l[d ieXh[YWh# ]W Z[ fWiW`[hei$ ÆF_[die gk[ ^W i_Ze kdW b[YY_ÂŒd c|i fWhW h[_# l_dZ_YWh [b i[hl_Y_e Z[ bWi ef[# hWZehWi o c[`ehWh [b i[hl_Y_e Wb kikWh_eÇ" W‹WZ_ÂŒ$ Feh ik fWhj[" CWdk[b :‡Wp" ][h[dj[ Z[ bW 9eef[hWj_lW ?c# XWXkhWfWY" [nfb_YÂŒ gk[ [d bWi
\h[Yk[dY_Wi ^WY_W bW pedW hkhWb bW Z_d|c_YW [i Z_\[h[dj[" fk[i W‘d i[ f[hc_j[ fWiW`[hei Z[ f_[ Z[X_Ze W bW Z_ijWdY_W$ I[‹WbÂŒ gk[ [d [b YWie Z[ [ijW ef[hWZehW bW iWb_ZW i[h‡W bW c_icW" [i Z[Y_h _dYh[c[djWh bWi hkjWi$ /(-(.-#2ĹŠ F[i[ W bWi Z_iYh[fWdY_Wi" bei kikWh_ei ied bei c|i iWj_i\[Y^ei$ CkY^ei ieij_[d[d gk[ oW [hW j_[cfe gk[ i[ Yedjheb[ [b jh|di_je o bW \ehcW Z[ l_W`Wh$ ÆDei bb[lW# XWd Yece iWhZ_dWi" WfbWijWZei Yehh_[dZe jeZe j_fe Z[ h_[i]e$ OW [hW ^ehW gk[ fed]Wd kd Wbje W [iWi i_jkWY_ed[iÇ" Z_`e 9Whc[d B[cW" kikWh_W Z[b i[hl_Y_e" gk_[d l_W`W W Z_Wh_e W bW kd_l[hi_ZWZ Z[iZ[ EjWlWbe W ?XWhhW$
ĹŠ
Ä› >eo [d ^ehWi Z[ bW cW‹WdW [d bWi _dijWbWY_e# d[i Z[b Yeb[]_e H[f‘Xb_YW Z[b ;YkWZeh i[ Z_YjWh| [b jWbb[h Æ9eckd‡YWj[" Z[iYkXh[ bW Wl[djkhWÇ$ Bei Yeckd_YW# Zeh[i0 L_l_WdW H_l[hW" @eiƒ H[l[be o @W_he I[l_bbWde [ijWh|d W YWh]e Z[ [ijW WYj_# l_ZWZ gk[ bW YeehZ_dWd Yed bW I[Yh[jWh‡W Z[ Fk[Xbei o Cel_c_[djei ieY_Wb[i Yece fWhj[ Z[ kd lebkdjWh_WZe$
(1, 1.-ĹŠ!.-5#-(.ĹŠ / 1 ĹŠ31 ).ĹŠ 13(!4+ ".ĹŠ
Ĺ—ĹŠĹŠ
ĹŠ
Ä› ;d bWi _dijWbWY_e# d[i Z[ bW 9WiW Z[ bW @kl[djkZ Wo[h W bWi ''0&& i[ Ykcfb_ÂŒ bW Ă’hcW Z[b Yedl[d_e [djh[ bW Eh]Wd_pWY_ÂŒd ?dj[hdWY_e# dWb Z[ bWi C_]hWY_ed[i" bW KiW_Z o [b Ckd_Y_f_e$ ;i kd fheo[Yje fWhW [hhWZ_YWh bW jhWjW Z[ f[hiedWi [d [b YWd# jÂŒd fk[i i[ jhWjW Z[ kd jhW# XW`e Whj_YkbWZe [djh[ lWh_Wi _dij_jkY_ed[i o Wi‡ ^WY[hb[ \h[dj[ W [ij[ fheXb[cW ieY_Wb gk[ Z[i[cXeYW _dYbkie [d [b jhWXW`e _d\Wdj_b$
)-ŋ -)-ŋ - ,. )-ŋ )')ŋ,/ Z)& ŋ3ŋ- , '*#š(ŋ
;b XWhh_Ze ZeYkc[djWZe fWhW Yecfb[jWh bW _dckd_pWY_Œd [d YedjhW Z[b iWhWcf_Œd o hkXƒe# bW Yedj_d‘W W bei d_‹ei Z[ i[_i c[i[i W '* W‹ei Z[ [ZWZ$ Feh \ehjkdW" Zei Z[ bei YkWjhe YWiei ieif[Y^eiei \k[hed Z[iYWhjWZei Yece hkXƒebW o fWf[hWi$ 7i‡ be Z[ck[ijhWd bei h[ikbjWZei [d# l_WZei Z[iZ[ [b _dij_jkje ?dgk_[jW Fƒh[p$ IŒbe ^WY[ \WbjW [b h[ikbjWZe Z[ bei Zei ‘bj_cei YWiei$ :[iZ[ [b (* Z[ \[Xh[he gk[ i[ h[jecŒ [b jhWXW`e Z[ lWYkdWY_Œd" fWhW Yecfb[jWh jeZWi bWi pedWi" i[ Wfb_YWhed kd fhec[Z_e Z[ )& Zei_i Z[ iWhWcf_Œd Z_Wh_Wi$ ;ije
f[i[ W gk[ bW YWcfW‹W i[ Ykcfb_ÂŒ [d eYjkXh[ Z[b (&''$ CkY^ei Z[ bei d_‹ei o WZeb[iY[dj[i gk[ Wb cec[dje h[Y_X[d [b X_ebÂŒ]_Ye ied [c_]hWdj[i gk[ bb[]Whed feh bWi Ă’[ijWi Z[b FWmaWh HWoc_ o gk[ de ^WX‡Wd i_Ze _dckd_pWZei$ IWdZhW CeoW" h[ifediWXb[ Z[ [f_Z[c_ebe]‡W Z[b ^eif_jWb IWd Bk_i Z[ EjWlWbe" i[‹WbÂŒ gk[ i[ jhWjW Z[ kd jhWXW`e hkj_dWh_e gk[ i[ h[Wb_pW \h[dj[ W YWiei Z[ Ă’[Xh[ c|i [hkfY_ÂŒd$ ÆDeiejhei de j[d[cei YWiei Z[ iWhWcf_ÂŒd d_ hkXƒebW" dk[ijhe jhWXW`e [i _d# l[ij_]Wh W bei YWiei ieif[Y^eiei Yece _dZ_YW [b fhejeYebeÇ" Z_`e$
' 1!.2ĹŠ#-ĹŠ#+ĹŠ (-%1#2.ĹŠ ĹŠ+ ĹŠ!(4" "
Ĺ—ĹŠĹŠ
ēŊ +ĹŠ31 ).ĹŠ"#ĹŠ(-,4-(9 !(¢-ĹŠ2(%4#ĹŠ#-ĹŠ3.".ĹŠ#+ĹŠ! -3¢-ēŊ #ĹŠ31 3 ĹŠ"#ĹŠ04#ĹŠ 3.".2ĹŠ+.2ĹŠ-( .2ĹŠ"#ĹŠÄ?ĹŠ,#2#2ĹŠ ĹŠÄˆÄŒĹŠ  .2ĹŠ"#ĹŠ#" "ĹŠ1#!( -ĹŠ+ ĹŠ".2(2ĹŠ#-ĹŠ!.-31 ĹŠ"#+ĹŠ 2 1 ,/(¢-ēŊ
ĹŠ
Ä› BWi bbkl_Wi Z[ bei ‘bj_cei Z‡Wi _dĂ“ko[hed [d bW WfWh_Y_ÂŒd Z[ c|i XWY^[i" Wi‡ Yece [d bW \ehcWY_ÂŒd Z[ Y^WhYei gk[ _cf_Z[d [b deh# cWb jh|di_je Z[ l[^‡Ykbei o f[Wjed[i$ ;ij[ fheXb[cW i[ h[]_ijhW [d bW l‡W FWp FedY[ Z[ B[ÂŒd" [d [b h[ZedZ[b Z[ bei :WdpWdj[i [d fb[de _d# ]h[ie Wb LWbb[ Z[b 7cWd[Y[h$
Ĺ? Ĺ?
Ĺ?
*, - (. (. -Ĺ‹ Ĺ‹ (.,)-Ĺ‹ (. , /&./, & -Ĺ‹ - Ĺ‹, Ă„( (Ĺ‹ (Ĺ‹ . 0 &)
Ä Ä€
Ĺ? Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ĹŠ
#-3 2ĹŠ ) 2
Ĺ—ĹŠ ĹŠĹŠ $ Bk[]e Z[b Wcfb_e \[h_WZe bWi l[djWi [d [b c[h#
YWZe 9efWYWXWdW h[]_ijhWd kd XW`Œd$ 7o[h" bei Yec[h# Y_Wdj[i [nfb_YWhed gk[ bW WYj_l_ZWZ Yec[hY_Wb [d [ij[ fkdje Z[YWoŒ dejWXb[c[dj[$ C[dY_edWhed gk[ i[ jhWjW Z[ kdW j[cfehWZW XW`W f[he j[# d‡Wd bWi [if[hWdpWi Z[ l[d# Z[h Wb c[dei fWhW h[Ykf[hWh bei ]Wijei Z[ jhWdifehj[$
ĹŠĹŠ Ä?ĉÄ?ĹŠ,(+ĹŠ"¢+ 1#2ĹŠ !4#23 ĹŠ+ ĹŠ(-$1 #Äą 2314!341 ĹŠ"#ĹŠ+ ĹŠ ( +(.3#! ĹŠ 423 5.ĹŠ +$1#".ĹŠ
;!.,#
ŊěŊ :khWdj[ [ij[ Z‡W o cW‹WdW i[ Ykcfb_h| [b jWbb[h Z[ \ehjWb[Y_c_[dje Z[ YWfW# Y_ZWZ[i fWhW bW ][ij_ÂŒd Z[ bei Y[djhei _dj[hYkbjkhWb[i Yeckd_jWh_ei" Yedijhk_Ze Yed Wfehj[ Z[b C_d_ij[h_e Z[ 9kbjkhW$ ;ijW WYj_l_ZWZ i[ Z[# iWhhebbWh| [d ;b 9eb_Xh‡" A_dj_ MWi_ o fWhj_Y_fWh|d WYj_l_ijWi o ][ijeh[i YkbjkhWb[i Z[ jeZe [b fW‡i$ >WijW [b cec[dje" Z_[p Y[djhei W d_l[b dWY_edWb \k[# hed _cfb[c[djWZei Yed bei [gk_fei d[Y[iWh_ei fWhW ik Yehh[Yje \kdY_edWc_[dje$ ;djh[ [bbei [b A_dj_ MWi_ o ;b @kdYWb" gk[ i[ [dYk[djhWd [d ?cXWXkhW$ ;ij[ W‹e i[ fh[# lƒ bW _cfb[c[djWY_ÂŒd Z[ '& [ifWY_ei YkbjkhWb[i c|i [d jeZe [b fW‡i$ BkY‡W Hk_p" h[i# fediWXb[ Z[b jWbb[h" Z_`e gk[ ^WijW [b cec[dje bei Y[djhei _dj[hYkbjkhWb[i Yeckd_jWh_ei gk[ i[ [dYk[djhWd [d \kdY_e# dWc_[dje ][d[hWhed h[ikbjW# Zei _dj[h[iWdj[i f[he ^Wo i_# jkWY_ed[i Yecfb[`Wi gk[ W‘d h[gk_[h[d i[h WYbWhWZWi$
ēŊ .2Ŋ#2/ !(.2Ŋ/ 1 Ŋ+ Ŋ4 (! !(¢-Ŋ"#Ŋ3#73.2ĔŊ. 1 2Ŋ/(!3¢1(! 2Ŋ8Ŋ/(#9 2Ŋ 104#.+¢%(! 2Ŋ#23;Ŋ!.,/+#3 ,#-3#Ŋ+(23.ēŊ
.2/(3 +ĹŠ 2(%4#ĹŠ2(-ĹŠ3(34+ 1ĹŠ
Ĺ—ĹŠ ĹŠĹŠ $ BW Z_h[YY_ÂŒd Z[b ^eif_jWb IWd Bk_i Z[ EjWlWbe Yedj_d‘W [d cWdei Z[ @Wl_[h 7bWhYÂŒd" cƒZ_Ye Z[ bW YWiW Z[ iWbkZ$ ;ij[ YWh]e WZc_# d_ijhWj_le i[ [dYk[djhW i_d j_jkbWh Z[iZ[ ^WY[ c|i Z[ Zei i[cWdWi$ ;b decXhW# c_[dje be Z[X[ ^WY[h bW :_# h[YjehW Fhel_dY_Wb Z[ IWbkZ$ >Wo [nf[YjWj_lW _dY[hj_Zkc# Xh[ [djh[ [b f[hiedWb gk[ bWXehW [d bW _dij_jkY_ÂŒd$
'* 4šŋ +/#* '# (.)ŋ ŋ # &#). ŋ /-. 0)ŋ & , )ŋ 6 )' +Ŋ,.,#-3.Ŋ+ Ŋ ( +(.3#! Ŋ 4-(!(/ +Ŋ $4-!(.- Ŋ Ŋ,#"( 2ēŊ -(!(¢Ŋ#+Ŋ31 2/ 2.Ŋ "#Ŋ+.2Ŋ3#73.2ēŊ ŊěŊ 9ed bW _d\hW[ijhkYjkhW
(%4#ĹŠ/1.!#2.ĹŠ / 1 ĹŠ3 7(23 2
Ĺ—ĹŠĹŠĹŠ
$ Bei jWn_ijWi gk[ fWiWh|d W \ehcWh fWhj[ Z[ bei Yedl[dY_edWb[i Yedj_d‘Wd Yed [b fheY[ie fWhW ik b[]W# b_pWY_Œd" YbWhe gk[ c_[djhWi Ykcfb[d Yed bei jh|c_j[i oW fk[Z[d bWXehWh Yed dehcW# b_ZWZ ]hWY_Wi W kd iWbleYed# ZkYje gk[ [djh[]Œ [b Ckd_Y_# f_e$ I[ [ij_cW gk[ jeZe [ije Z[ceh[ kd c[i c|i$
b_ijW" Z[iZ[ _d_Y_ei Z[ i[cWdW [cf[pŒ [b jhWibWZe Z[ bei j[njei" YkWZhei o ceX_b_Wh_e gk[ i[ _c# fb[c[djWh| [d [b Y[djhe YkbjkhWb Yeckd_jWh_e =kijWle 7b\h[Ze @|Yec[" Yece i[ Z[dec_dWh| bW X_Xb_ej[YW gk[ WYe][h| W bei Y_dYe c_b j[njei ZedWZei feh [b h[Ye# deY_Ze b_j[hWje ejWlWb[‹e$ ;d [b bk]Wh \kdY_edWh| bW X_# Xb_ej[YW WX_[hjW ZedZ[ jWcX_ƒd i[ kX_YWh|d bei '( c_b b_Xhei gk[ oW ied fWhj[ Z[ bW WYjkWb WhY^_le Ckd_Y_fWb$ Bei [ifWY_ei oW [ij|d Z_ijh_Xk_Zei o [n_ij[d Wcfb_Wi pedWi fWhW YWZW |h[W$ I[ Z[ij_dW# h| kd bk]Wh fh_l_b[]_WZe fWhW bW kX_YWY_Œd Z[ bWi f_[pWi Whgk[e# bŒ]_YWi f[hj[d[Y_[dj[i Wb _dl[ij_# ]WZeh L|igk[p <kbb[h$ 7Z[c|i" bei YkWZhei f_YjŒh_Yei Yed ^_ije# h_W Yeb]Wh|d bWi fWh[Z[i Z[ [ij[ i_j_e$ KdW YW\[j[h‡W" kdW pedW Z[
b[YjkhW" WiY[dieh" [djh[ ejhWi de# l[ZWZ[i j[dZh| [ij[ Y[djhe$ Be gk[ _dj[djWd [i Yed[YjWh bWi WYj_l_ZWZ[i Z[ bW 9WiW Z[ bW @kl[djkZ Yed bWi Z[b Y[djhe Ykb# jkhWb fWhW be YkWb ^WXh| WYY[ie Z_h[Yje$ Jh[i f[hiedWi [dYWh]W# ZWi Z[ bW Wj[dY_ÂŒd [d bW X_Xb_e# j[YW h[Y_X_h|d YWfWY_jWY_ÂŒd fWhW _cfb[c[djWh [b dk[le i_ij[cW$ C_]k[b Fk[dj[" WZc_d_ijhWZeh Z[b Y[djhe YkbjkhWb Yeckd_jWh_e =kijWle 7b\h[Ze @|Yec[" [nfb_YÂŒ gk[ [d [b bWfie Wfhen_cWZe Z[ kd c[i bW dk[lW X_Xb_ej[YW [ijWh| \kdY_edWdZe Wkdgk[ eĂ’ Y_Wbc[d# j[ i[ _dWk]khWh| [d `kd_e$ ;d bW fh_c[hW fbWdjW i[ _dijWbWh| jeZW [b |h[W fWhW bei j[njei gk[ _h| WYecfW‹WZW Z[ kdW X_Xb_ej[YW _d\Wdj_b$ ;n_ij[d i[dieh[i Z[ ce# l_c_[dje" Y|cWhWi" Wb [nj[h_eh bW YedijhkYY_ÂŒd Z[ kd fWhgk[WZ[# he o Y[hhWc_[dje gk[ oW [ij| [d
ēŊ 41 -3#Ŋ".2Ŋ"~ 2Ŋ+.2Ŋ ",(-(231 ".1#2Ŋ8Ŋ1#/1#2#-3 -3#2Ŋ "#Ŋ,4-(!(/(.2Ŋ/ 13(!(/ 1;-Ŋ#-Ŋ#+Ŋ 3 ++#1Ŋ#-Ŋ#+Ŋ (-3(Ŋ 2(ē
& ,)(ŋ &ŋ )). Ŋ ěŊ ;ijkZ_Wdj[i
ēŊ - Ŋ/ 13#Ŋ"#Ŋ+.2Ŋ3#73.2Ŋ "#Ŋ+ Ŋ !34 +Ŋ ( +(.3#! Ŋ,4-(!(/ +Ŋ 8 Ŋ$4#1.-Ŋ++#5 ".2Ŋ +Ŋ-4#5.Ŋ!#-31.Ŋ !4+341 +ēŊŊ
fheY[ie$ ÆDk[ijhW fh_iW [i gk[ [b ZeYjeh @|Yec[ dei WYecfW‹[ [d bW _dWk]khWY_ÂŒd o l[W Yh_ijWb_pW# Ze ik ik[‹eÇ" h[iWbjÂŒ$ .+(!(34"
;d YWcX_e" bei j[njei Z[ bW X_Xb_e# j[YW f[hiedWb Z[b b_j[hWje =kijWle 7b\h[Ze @|Yec[" bb[]Wh|d YkWdZe bWi [ijWdj[h‡Wi fWhW bW kX_YWY_ÂŒd Z[ bei b_Xhei [ijƒ Yecfb[jWc[dj[ b_ijW$ ;iW \k[ kdW [n_][dY_W Z[b _bkijh[ ejWlWb[‹e gk[ gk_[h[ gk[ ik ZedWY_ÂŒd i[ [dYk[djh[ W Xk[d h[YWkZe o X[d[Ă’ Y_[ W bei [ijk# Z_Wdj[i ejWlWb[‹ei$
Z[ bW Kd_l[hi_ZWZ Z[ EjWlWbe" Z[b ?dij_jkje J[YdebÂŒ]_Ye EjWlW# be o h[fh[i[djWdj[i Z[ @kdjWi FWhhegk_Wb[i" \k[hed fWhj[ Z[ bW Yed\[h[dY_W Z_YjWZW feh bW WiWcXb[‡ijW feh bW fhel_dY_W Z[ F_Y^_dY^W" FWebW FWXÂŒd$ BW `el[d b[]_ibWZehW ^WXbÂŒ Z[b 9ÂŒZ_]e Eh]|d_Ye Z[ EhZ[dW# c_[dje J[hh_jeh_Wb" 7kjedec‡W o :[iY[djhWb_pWY_ÂŒd$ ;bbW [nfk# ie gk[ [i d[Y[iWh_e ZWh W Yede# Y[h YÂŒce WlWdpW [ij[ j[cW [d [b fW‡i$ :[ijWYÂŒ gk[ ƒij[ YÂŒZ_]e cWhYW h[]bWi YbWhWi fWhW fh[# \[YjkhWi" WbYWbZ‡Wi o `kdjWi fW# hhegk_Wb[i" WY[hY|dZebei c|i ^WY_W ik ][dj[$ H[YehZÂŒ gk[ [d [b fW‡i [n_ij[d (* fhel_dY_Wi" ((' ckd_Y_f_ei o .&( `kdjWi fWhhegk_Wb[i gk[ Z[X[d Yede# Y[h [b Yedj[d_Ze Z[ ƒijW b[o$ JWcX_ƒd i[ h[Ă’ h_ÂŒ W bW h[# Z_ijh_XkY_ÂŒd Z[ bWi \h[Yk[d# Y_Wi Z[ hWZ_e o j[b[l_i_ÂŒd" Wi‡ Yece W bW d[Y[i_ZWZ Z[ kdW [lWbkWY_ÂŒd h_]kheiW o eX`[j_lW W bWi kd_l[hi_ZWZ[i Yed YWj[# ]eh‡W ;$
# ũ(-$.1, !(¢666ē+ '.1 ē!.,ē#!
ŏ Āāŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
āā
43(9.ũ"#ũ+ ũ -( ũ +, ũ /' #+ ũ 1 #
(ŋ& ŋ *#&& ŋ *#- )* &ŋ& ŋ- ŋ & , ŋ &ŋ /.#4)ŋ ŋ& ŋ(# ŋ &' ŋ *" & ŋ , ąŋ / ŋ/( ŋ0 & ŋ ( (. ), ŋ3ŋ' ')Ě , & Ąŋ ŋ, * # (ŋ- ŋ,  ŋ (ŋ &ŋ ). &ŋ &' ŋ &ąŋ )(ŋ /( ŋðŋ -. ŋ#( , v & Ąŋ (0#. )-ŋ -* # & -ŋ3ŋ '#&# , -ŋ -./0# ,)(ŋ*, -( . -Ą
13' ũ #1;-ũ8ũ 4%.ũ 1 #Ĕũ 4#+(3.2ē
#1¢-(! ũ , ".1Ĕũ (-"8ũ ¢/#9Ĕũ ,#+ ũ , ".1Ĕũ 1(#+ ũ 23(" 2Ĕũ 1.+ũ 1#2/.ũ8ũ .$~ ũ ¢/#9ē
+, ũ /' #+ ũ 1 #ē
1(#+ ũ 23(" 2Ĕũ (!'#++(-ũ 1 #ũũ8ũ ,81 ũ (!3.1( Ĕũ)4-3.ũ ũ+ ũ'#1,.2 ũ-( ũ04#ũ1#!( (¢ũ#+ũ2 !1 ,#-3.ē
+ũ/ 23#+
-.ũ"#ũ+.2ũ"#3 ++#2ũ,;2ũ+(-".2ũ "#ũ+ ũ-.!'#ũ$4#ũ#+ũ/ 23#+Ĕũ!.-ũ4- ũ "#!.1 !(¢-ũ#+#% -3#ũ"#ũ!.+.1#2ũũ , 1(++.2ũ!.-ũũ + -!.Ĕũ,;2ũ4-.2ũ "#3 ++#2ũ"#ũ, 1% 1(3 2ũ ũ242ũ!.2ı 3 ".2ũ04#ũ+.ũ' !~ -ũ4-ũ1#!4#1".ũ , 1 5(++.2.ũ/ 1 ũ#+ũ#5#-3.ē
1+.2ũ 23(" 2ũ8ũ (#" "ũ -" 1 ē
"1(-.2Ėũ ,81 ũ , ".1ũ8ũ 1+.2ũ 23(" 2ē
āĂ
ŏ Āāŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
# ũ(-$.1, !(¢666ē+ '.1 ē!.,ē#!
-31#% ũ"#ũ%+. .2
.,.ũ/ 13#ũ"#+ũ#5#-3.ũ#)#!43(5.2ũ "#ũ (14 Ĕũ1# +(9 1.-ũ+ ũ#-31#% ũ"#ũ /1#2#-3#2ũ ũ+.2ũ 2(23#-3#2ē -ũ#+ũ -(5#12 1(.ũ#-31#% 1.-ũ%+. .2ũ ũ +.2ũ5(2(3 -3#2
- ũ!#+# 1 !(¢-ũ "#ũ +3.ũ-(5#+
&ŋ* - )ŋ0# ,( -ŋ- ŋ /'*&# ,)(ŋüûŋ )-ŋ+/ ŋ& ŋ '*, - ŋ #,/ ŋ ,#( ŋ &ŋ- ,0# #)ŋ )(ŋ& ŋ' -ŋ &. ŋ. ()&)!v ŋ ŋ& ŋ *) & # (ŋ#' /, Ą
04#+(-#ũ .9.ũ8ũ --8ũ +% ".ũ"#ũ 34-3 04(
#1¢-(! ũ .-3 +5.ũ8ũ -#3'ũ (/ -%4 -.ũ"#ũ 34-3 04(ē
-!8ũ .-3 +5.ũ8ũ (+,#1ũ 23_5#9ũ"#ũ 3 5 +.ē
.1 -ũ #-~3#9ũ ,(+8ũ8ũ 3 !4, ũ 1(- -%.ũ 1!.ũ$4#1.-ũ+.2ũ% - ".1#2ē
41 ".ũ! +(ăũ! ".1ũ 2!ēũ %" +#- ũ"#ũ !.23 Ĕũ !" 2ēũ ( - ũ"#ũ +,#(" ũ8ũ .13#-2( ũ # -% ē
1(,#1ũ!.-!412.ũ(-3#1-.ũ"#ũ+( 1.ũ+#~".
&ŋ v ŋ0# ,( -ŋüþŋ ŋ , ,)ŋ- ŋ&& 0)ŋ ŋ )ŋ &ŋ*,#' ,ŋ )( /,-)ŋ &ŋ&# ,)ŋ& v )ŋ )(ŋ &ŋ.#./&)ŋ ( (.# &ŋ ŋ- # /,v ąŋ* ,.# #* ,)(ŋ- #-ŋ -./ # (. -ŋ, *, - (. ( )ŋ &ŋ) . 0)ŋ3ŋ()0 ()ŋ ŋ 6-# Ą
-ũ! -3.ũ ũ+.2ũ% - ".1#2
.2ũ-( .2ũ"#"(! 1.-ũ4- 2ũ! -!(.-#2ũ ũ+.2ũ% - ".1#2ũ"#+ũ/1(,#1ũ+4% 1ũ#-ũ!.-!41ı 2.ũ"#ũ+( 1.ũ+#~".ē
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
, " Ĺ‹ Ĺ‹*,). -. Ĺ‹ && ! Ĺ‹" -. Ĺ‹& Ĺ‹ - ' & Z_iYWfWY_ZWZ" c[`ehWc_[dje Z[ bei i[hl_Y_ei Z[ Wj[dY_ÂŒd cƒZ_YW o bW _dYehfehWY_ÂŒd Z[ bWi \Wc_# b_Wi Z[ bei feXbWZeh[i hkhWb[i o f[iYWZeh[i Whj[iWdWb[i" gk[ de [ij|d Wi[]khWZei e `kX_bWZei [d ejhe i[]khe$ ;b fh[i_Z[dj[ Z[ bW <[kdWi# iY" 8Wohed =WhYƒi" ik]_[h[ gk[ [b 8WdYe Z[b ?dij_jkje ;YkWjeh_Wde Z[ I[]kh_ZWZ IeY_Wb 8_[ii _dYeh# feh[ [d iki i[hl_Y_ei Ă’dWdY_[hei W bei WĂ’b_WZei o `kX_bWZei Z[b I[]khe IeY_Wb 9Wcf[i_de$ JWcX_ƒd f_Z_ÂŒ bW _dYehfehWY_ÂŒd Z[ kd Wkn_b_e fWhW \kd[hWb[i feh [b \Wbb[Y_c_[dje Z[ c_[cXhei Z[ \Wc_b_W WĂ’b_WZW Wb Hƒ]_c[d ;if[Y_Wb$ ?]kWbc[dj[" ieb_Y_jWd gk[ bW f[di_ÂŒd feh _dlWb_Z[p e Z_iYWfW# Y_ZWZ jejWb i[ ejeh]k[ [nYbki_lW# c[dj[ Wb `[\[ Z[ \Wc_b_W Wi[]khW# Ze" Yed kd cedje Z[b -+ Z[ bW f[di_ÂŒd feh l_kZ[p" ĹŠ gk[ [gk_lWb[ W .($+ ZÂŒbWh[i$
BW cWhY^W eh]Wd_pWZW Wo[h feh bei h[fh[i[djWdj[i Z[b I[]khe IeY_Wb 9Wcf[i_de II9 " gk[ Wo[h i[ YedY[djhWhed [d bWi fh_# c[hWi ^ehWi Z[ bW cW‹WdW [d [b FWhgk[ ;b 7hXeb_je" [d Gk_je" \k[ kd [ifWY_e Wfhel[Y^WdZe feh i_cfWj_pWdj[i Z[b FWhj_Ze IeY_[# ZWZ FWjh_ÂŒj_YW FIF o kd ]hkfe Z[ jWn_ijWi gk[ i[ kd_[hed W bW fhej[ijW" Yedi_Z[hWZW kde Z[ bei [dYk[djhei fh[l_ei W bW cWhY^W dWY_edWb WdkdY_WZW fWhW [b . Z[ cWhpe$ M_bc[h =edp|b[p" Z_h_][dj[ YWcf[i_de" Yh_j_YÂŒ bW YedjhWcWh# Y^W eh]Wd_pWZW feh [b =eX_[hde fWhW [i[ c_ice Z‡W" o h[ifed# iWX_b_pÂŒ Wb fh[i_Z[dj[" HW\W[b 9ehh[W" Z[ fheXWXb[i [d\h[djW# c_[djei$ H[Y^WpÂŒ bWi WĂ’hcWY_e# d[i Z[ gk[ ^Wo Ă’dWdY_Wc_[dje Z[ ;;$KK$ -ĹŠ+ ĹŠ 2 , +#
Eh]Wd_pWY_ed[i Yece bW <[Z[hWY_ÂŒd ĂŚd_YW DW# -ĹŠ%14/.ĹŠ"#ĹŠ31 Äą ;2ĹŠ5.!#2 ) ".1#2ĹŠ,(-.Äą ;b fh[\[Yje Z[ 7pkWo" FW‘b Y_edWb Z[ 7Ă’b_WZei Wb I[# 1(23 2ĹŠ2#ĹŠ1#4-(1;ĹŠ ]khe IeY_Wb 9Wcf[i_de ĹŠ/ 13(1ĹŠ"#ĹŠ+ 2ĹŠ 9WhhWiYe" WdkdY_ÂŒ [b cWh# <[kdWiiY o bW Kd_ÂŒd Z[ ÄˆÄŽÄ–Ä‡Ä‡ĹŠ"#ĹŠ'.8ĹŠ#-ĹŠ + ĹŠ 5#-(" ĹŠÄˆÄ‡ĹŠ"#ĹŠ j[i bW Ăˆ9Wc_dWjW feh bW :[# 9Wcf[i_dei Z[b ;YkWZeh %.23.ĹŠ8ĹŠ .%.3;ĔŊ \[diW Z[b 7]kW o bW :_]d_# bb[dWhed" jhWi bW cWhY^W" #-ĹŠ 4(3.Ä“ ZWZ Z[ bei 7pkWoeiÉ" gk[ [b WkZ_jeh_e i[YkdZWh_e i[ h[Wb_pWh| [b '& Z[ cWhpe" Z[ bW 7iWcXb[W o ieb_Y_# bk[]e Z[ ik fWhj_Y_fWY_ÂŒd jWhed" Wdj[ bW 9ec_i_ÂŒd Z[ :[h[# [d bW cWhY^W Z[b . Z[ cWhpe$ Y^ei Z[ bei JhWXW`WZeh[i o I[]k# 7Z[c|i" i[ ^Wd YedleYWZe cW# h_ZWZ IeY_Wb" bW h[\ehcW W bW B[o d_\[ijWY_ed[i [d Y_kZWZ[i Yece Z[ I[]kh_ZWZ IeY_Wb$ Dk[lW Oeha" D[m @[hi[o" 9ed# ;djh[ bei YWcX_ei" fbWdj[Wd d[j_Ykj" Bei Ă›d][b[i" 9^_]WZe [b _dYh[c[dje Z[ bWi f[di_ed[i o 9Wheb_dW Z[b Dehj[ o [d ;ifW# `kX_bWh[i" feh l[`[p" eh\WdZWZ o ‹W [ ?jWb_W$
.1"#1.ĹŠ,(-(,(9 ĹŠ+ 2ĹŠ, 1!' 2 ĹŠĹŠĹŠ ěŊ +ĹŠ/1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ 2 , +# ĔŊ #1- -".ĹŠ .1"#1.ĔŊ,(-(,(9¢Ŋ+ ĹŠ Ĺ—).1- " ĹŠ"#ĹŠ/1.3#23 ĹŠ -4-!( " ēŊ 1 2ĹŠ! +(ă! 1+ ĹŠ"#ĹŠÄĄ/1.3#23 ĹŠ/.+~3(! ĢĔŊ(-"(!¢Ŋ04#ĹŠ#2#ĹŠ ,(2,.ĹŠ"~ ĔŊ#+ĹŠ.ă!( +(2,.ĹŠ1#-"(1;ĹŠ'.,#- )#ĹŠ ĹŠ+ 2ĹŠ,4)#1#2ĹŠ#-ĹŠ24ĹŠ"~ ĹŠ(-3#1- !(.- +ĔŊ+.ĹŠ !4 +ĔŊĥ ).ĹŠ-(-%4- ĹŠ!(1!4-23 -!( ĔŊ2(%-(ă! ĹŠ4- ĹŠ!.-31 /1.3#23 Ģē , (_-ĹŠ  "(¢Ŋ04#ĹŠ+ ĹŠ, 1!' ĹŠ./.2(3.1 ĹŠ#2ĹŠ#+ĹŠÄĄ 11 -04#ĹŠ"#ĹŠ+ ĹŠ! ,/ - ĹŠ#+#!3.1 +ĢŊ 8ĔŊ!.-2("#1¢ĔŊ3 +ĹŠ!.,.ĹŠ5 ĔŊĥ2#1;ĹŠ4-ĹŠ$1 ! 2.ĹŠ#23 ĹŠ!.-!411#-!( ĹŠ"#ĹŠ !3.1#2Ģē #2 +3¢Ŋ04#ĹŠ+.2ĹŠ%14/.2ĹŠ!.-31 1(.2ĹŠ +ĹŠ _%(,#-ĹŠ2.-ĹŠ./4#23.2ĹŠ#-31#ĹŠ2~ĔŊ8ĹŠ/.1ĹŠ#2.ĹŠ"().ĹŠ 04#ĹŠ 4%41 ĹŠ#+ĹŠ$1 ! 2.ĔŊ"# (".ĹŠ ĹŠ04#ĹŠ-.ĹŠ5#ĹŠ)4-3.2ĔŊ/.1ĹŠ#)#,/+.ĔŊ ĹŠ+ ĹŠ .-$#"#1 !(¢-ĹŠ "#ĹŠ !(.- +(" "#2ĹŠ -"~%#- 2Ŋĸ .- (#ĚŊ8ĹŠ ĹŠ+ ĹŠ 4-3 ĹŠ ~5(! ĹŠ"#ĹŠ 4 8 04(+Ä“
ēŊ +Ŋ 4"(3.1(.Ŋ2#!4-" 1(.Ŋ"#Ŋ+ Ŋ 2 , +# Ŋ2#Ŋ++#-¢Ŋ!.-Ŋ+.2Ŋ1#/1#2#-3 -Ĺ 3#2Ŋ"#Ŋ#23 Ŋ.1% -(9 !(¢-ē
ÂĄ ēŊ ĹŠĂŒ+3(, ĹŠ5#9ĹŠ04#ĹŠ3.".ĹŠ#+ĹŠ/ ~2ĹŠ !4"(¢Ŋ ĹŠ+ 2ĹŠ41- 2ĹŠ$4#ĹŠ#-ĹŠ+ ĹŠ!.-24+3 ĹŠ/./4+ 1ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄˆÄ“ĹŠÄ¸ .3.Ä–ĹŠ 1!'(5.ĚēŊ
Ä’ #-.,#.  #š(Ĺ‹ 3/ ,v Ĺ‹ Ĺ‹ Ĺ‹ (Ĺ‹ & #)( -Ä“ 1;ĹŠ,;2ĹŠ+(23 2ĹŠ#-ĹŠ/1.5(-!( 2 %1 -"#2ēŊ 23.ĹŠ$ !(+(3 1~ ĹŠ+ 2ĹŠ +( -9 2ĹŠ 04#ĹŠ04(#1#ĹŠ#+ĹŠ.ă!( +(2,.ēŊŊ
Kd fheY[ie _dƒZ_je i[ bb[lWh| X_[hde fWhW Z[X_b_jWh W bei ce# W YWXe [d bei Yec_Y_ei [b[Yje# l_c_[djei o fWhj_Zei feb‡j_Yei hWb[i Z[ \[Xh[he Z[ (&')" [d [d bW X‘igk[ZW Z[ cWdj[d[h bei gk[ i[ [b[]_h| Fh[i_Z[dj[" bW ^[][ced‡W Z[ kd iebe ce# L_Y[fh[i_Z[dj[" WiWcXb[‡ijWi l_c_[djeÇ" WZl_hj_ÂŒ B[ÂŒd$ O o fWhbWc[djWh_ei WdZ_dei$ ;b [nfb_YÂŒ gk[" Yed bW Wfb_YWY_ÂŒd Z[b cƒjeZe :É>edZj 9edi[`e DWY_edWb ;b[Y# fWhW bW Wi_]dWY_ÂŒd Z[ jehWb 9D; " WYWjWdZe [b [iYW‹ei" i[ X[d[Ă’Y_Wh| Whj‡Ykbe '+& Z[b 9ÂŒZ_]e ĹŠ W bWi cWoeh‡Wi [d Yed# Z[ bW :[ceYhWY_W l_# jhW Z[ bW h[fh[i[djWY_ÂŒd ][dj[ feh [b C_d_ij[h_e (231(3.ĹŠ#2ĹŠ#+ĹŠĹŠ fefkbWh$ Æ;ije eXb_]W# Z[ bW B[o Z[iZ[ [b * Z[ #2/ !(.ĹŠ%#.%1;$(Äą !.ĹŠĹŠ"#ĹŠ4-ĹŠ3#11(3.Äą h| W bei cel_c_[djei \[Xh[he" Z_l_Z_h| W =kW# 1(.ĹŠ".-"#ĹŠ2#ĹŠ oWi" F_Y^_dY^W o CWdW# #+(%#ĹŠ"(%-(" "#2Ä“ f[gk[‹ei W kdW cWoeh eh]Wd_pWY_ÂŒd" YWie Yed# X‡" [d Y_hYkdiYh_fY_ed[i jhWh_e" Z[X[h|d kd_hi[ W j[hh_jeh_Wb[i$ bWi ]hWdZ[i h[fh[i[djW# ;d bW ‘bj_cW i[i_ÂŒd Z[b fb[de Z[b 9D;" i[ ĹŠ Y_ed[i o j[hc_dWh|d [d Wb_WdpWi Yed cel_c_[d# Z[Y_Z_ÂŒ gk[ =kWoWi i[W Z_l_Z_ZW [d YkWjhe ĹŠ/1(,#1 ĹŠ54#+Äą jei ]hWdZ[i F7?I ^W Z_ijh_jei" F_Y^_dY^W [d 3 ĹŠ2#1;ĹŠ#+ĹŠÄˆÄ?ĹŠ"#ĹŠ Z[YbWhWZe f‘Xb_YWc[dj[ $# 1#1.ĹŠ"#+ĹŠ ik _dj[dY_ÂŒd Z[ Yh[Wh jh[i o CWdWX‡ [d Zei" /1¢7(,.ĹŠ  .ēŊ Wb_WdpWi [d fhel_dY_Wi gk[ W‘d de [ij|d Z[Ă’# fWhW j[d[h cWoeh‡W [d bW d_Zei j[hh_jeh_Wbc[dj[$ Bei [b[Yjeh[i oW de Z[X[h|d 7iWcXb[W Ç"Z_`e$ B[ÂŒd jWcfeYe Z[iYWhjÂŒ gk[ lejWh feh YWdZ_ZWjei fhel_d# [ije eYWi_edWh| [b WfWh[Y_c_[d# Y_Wb[i i_de Z_ijh_jWb[i$ Feh [`[cfbe" [d [b YWie Z[ je Z[ YWkZ_bbei i[Yjeh_Wb[i [d XW# CWdWX‡" i_ jhWZ_Y_edWbc[dj[ bW hh_ei fefkbWh[i0 [d [b ikXkhX_e lejWY_ÂŒd i[ fheZkY‡W feh kdW Z[ =kWoWgk_b e [d [b 9ec_jƒ Z[b b_ijW Z[ '* YWdZ_ZWjei" Yed [b Fk[Xbe" [d Gk_je" feh [`[cfbe$ dk[le i_ij[cW i[ [b[]_h| W i_[j[ h[fh[i[djWdj[i Z[ kd Z_ijh_je" #!#2(" "#2 o ejhei i_[j[ Z[ ejhe Z_ijh_je$ 7cXei Ye_dY_Z[d [d gk[ i[h| d[Y[iWh_e h[Wb_pWh kd [ijkZ_e ][e]h|Ă’Ye" Z[ feXbWY_ÂŒd o Z[ 1~3(! 2 ;b [nleYWb Z[b [n Jh_XkdWb Ik# _cfehjWdY_W feb‡j_YW$ B[ÂŒd" _dYbkie ^WXbÂŒ Z[ kd fh[ce ;b[YjehWb JI; 7dZhƒi B[ÂŒd o [b [nfh[i_Z[dj[ Z[b JI; Wd|b_i_i YkbjkhWb fWhW gk[ C[ZWhZe Eb[Wi WZl_[hj[d gk[ [n_ijW kd [gk_b_Xh_e [d bW le# [ij[ i_ij[cW X[d[Ă’Y_Wh| Wb Hƒ# jWY_ÂŒd$ ;b 9D; W‘d de ^W Z[Ă’d_Ze ]_c[d [d bW lejWY_ÂŒd$ Æ9h[Wh i[kZe fhel_dY_Wi [i bW ÆZ_l_i_ÂŒdÇ Z[ bWi fhel_dY_Wi" kdW YbWhW cWd_eXhW Z[b =e# f[he [b leYWb Z[b eh]Wd_ice
1# 1ĹŠ2#4".ĹŠ/1.Äą 5(-!( 2ĹŠ#2ĹŠ4- ĹŠ!+ 1 ĹŠĹŠ , -(. 1 ĹŠ"#+ĹŠ .Äą (#1-.ĹŠ/ 1 ĹŠ"# (+(3 1ĹŠ ĹŠ+.2ĹŠ ,.5(,(#-3.2ĹŠ8ĹŠ/ 13(".2ĹŠ /.+~3(!.2ĹŠ#-ĹŠ+ ĹŠ ĂŒ204#" ĹŠ"#ĹŠ , -3#-#1ĹŠ+ ĹŠ'#%#,.-~ ĹŠ"#ĹŠ 4-ĹŠ2.+.ĹŠ,.5(,(#-3.Ģē ^ ĹŠ ÂĄ
ĹŠ ĹŠ
7/#1(#-!( 2ĹŠ#-ĹŠ .31.2ĹŠ/ ~2#2ĹŠĹŠ ĹŠ #-#94#+ ĔŊ 23 ".2ĹŠ -(".2ĹŠ 8ĹŠ ĹŠ Ĺ— _7(!.ĹŠ 8 ĹŠ /+(! -ĹŠ + ĹŠ 5.3 !(¢-ĹŠ /.1ĹŠ "(231(3.2ēŊŊ #%ĂŒ-ĹŠ -"1_2ĹŠ #¢-ĔŊŊ"41 -Äą 3#ĹŠ24ĹŠ%#23(¢-ĔŊ#23 ĹŠ/.2( (+(" "ĹŠĹŠÄĄ04#"¢Ŋ !.,.ĹŠ4-ĹŠ/+ -3# ,(#-3.ĹŠ (2+ ".Ä—ĹŠ' 8ĹŠ ,4!' 2ĹŠ"(ă!4+3 "#2ĹŠ#-ĹŠ+ ĹŠ /+(! !(¢-ĹŠ /.104#ĹŠ-.ĹŠ#7(23#ĹŠ4- ĹŠ31 "(!(¢-ĹŠ"#ĹŠ5.Äą 3 !(¢-ĹŠ/.1ĹŠ"(231(3.2ĢŊēŊ +ĹŠĹŠ ĹŠ ĹŠ! 1%.ĹŠ "#ĹŠ , 1ĹŠ (,.-ĔŊ1# +(9¢ŊŊŊ2(,4+ !(.Äą -#2ĹŠ"#ĹŠ+.2ĹŠÄĄ/.2( +#2ĹŠ#2!#- 1(.2Ģē
@kWd FWXbe Fepe Z[i[ij_cÂŒ bWi _dgk_[jkZ[i Z[ bei WdWb_ijWi$ Æ;ijW dehcWj_lW de i[ Yedijhk_h| W fk[hjW Y[hhWZW" i[ Z[iWhhebbWh| Z[ kdW cWd[hW jƒYd_YWÇ" Wi[]khÂŒ o WdkdY_ÂŒ gk[ bW fhÂŒn_cW i[cW# dW [ijWh| b_ije kd YWb[dZWh_e Yed \[Y^Wi o Y_kZWZ[i ZedZ[ i[ Z[# iWhhebbWh|d lWh_ei jWbb[h[i fWhW bW Wfb_YWY_ÂŒd Z[ bW b[o$ ĹŠ"#ă#-"#ĹŠ#+ĹŠ/1.8#!3.ĹŠ
;b eĂ’Y_Wb_ijW L_h]_b_e >[hd|dZ[p h[ijÂŒ _cfehjWdY_W W bWi Yh‡j_YWi o Wi[]khÂŒ gk[ [ije X[d[Ă’Y_Wh| W jeZei bei fWhj_Zei o cel_c_[d# jei feb‡j_Yei gk[ jhWZ_Y_edWb# c[dj[ ^Wd j[d_Ze kd h[]_ijhe Z[ WbjW lejWY_ÂŒd [d Wdj[h_eh[i [b[YY_ed[i o c[dY_edÂŒ [b YWie Z[ bei XWij_ed[i [b[YjehWb[i Z[b FI9 =kWoWi " e Z[b CF: ;i# c[hWbZWi $
/ , 'ŋ*# ŋ 6, &ŋ 3ŋ 2#! ŋ#( '#4 #š(ŋŋ ŋ & 2#-ŋ ,
ƒ Ă
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
*)-# #š(ŋ ð ( ŋ & ŋ#('/(# ŋ ŋ (,#+/ ŋ ,, ,v
ēŊ #11#1~ ĹŠ' ĹŠ, -3#-(".ĹŠ"#2"#ĹŠ#+ĹŠ(-(!(.ĹŠ"#+ĹŠ _%(,#-ĹŠ4- ĹŠ/.2341 ĹŠ!1~3(! ĹŠ!.-ĹŠ#+ĹŠ.ă!( +(2,.ēŊ
+ĹŠ.ă!( +(2,.ĹŠ-.ĹŠ3(#-#ĹŠ ĂŒ-ĹŠ4- ĹŠ/.2341 ēŊ -ĹŠ - +(23 ĹŠ "5(#13#ĹŠ04#ĹŠÄƒ2! +(9 !(¢-ĹŠ -.ĹŠ2#ĹŠ" 1~ ĹŠ2(-ĹŠ#23#ĹŠ1#!412.ēŊ
Ŋ(-,4-(" "Ŋ/ 1+ Ĺ ,#-3 1( Ŋ#2Ŋ4-Ŋ(-2314Ĺ ,#-3.Ŋ"#,.!1;3(!.ĔŊ 04#Ŋ' 8Ŋ04#Ŋ3.+#1 1ēŊ -!+42.Ŋ 242Ŋ#7!#2.2ĢēŊ
BW efei_Y_ÂŒd [ij| W \Wleh Z[ Hƒ]_c[dÇ$ Feh ik fWhj[" B‡dZ[h 7bjW\koW cWdj[d[h bW _dckd_ZWZ Z[b WiWcXb[‡ijW ;dh_gk[ >[hh[h‡W" CF: Yedi_Z[hW gk[ Æ^Wo gk[ fWhW gk[ de fhei_]W [b `k_Y_e f[# h[if[jWh bW _dckd_ZWZ fWhbW# dWb gk[ _dj[hfkie [d ik YedjhW c[djWh_W fehgk[ bW 9edij_jkY_ÂŒd [b fh[i_Z[dj[ Z[ bW 9ehfehWY_ÂŒd [i YbWhW [d gk[ d_d]‘d WiWc# <_dWdY_[hW DWY_edWb" 9Wc_be IW# Xb[‡ijW fk[Z[ i[h [d`k_Y_WZe feh c|d$ 7 [ijW feijkhW i[ kd_h‡Wd be gk[ Z_]W Z[djhe e \k[hW Z[ bW WiWcXb[‡ijWi _dZ[f[dZ_[dj[i" 7iWcXb[W" [d [b cWhYe Z[ iki \kdY_ed[iÇ$ i[]‘d iki Z[YbWhWY_ed[i$ =Wbe LWYW _dZ[f[dZ_[dj[ BW 7iWcXb[W j_[d[ (- Z‡Wi fWhW jhWjWh [b j[cW [d [b Fb[de$ WYjkWh| Z[ bW c_icW cWd[hW gk[ ;b fh[i_Z[dj[" <[hdWdZe 9ehZ[# [d YWiei i_c_bWh[i" [i Z[Y_h" W \W# he F7?I " cWd_\[ijÂŒ gk[ [d bWi leh Z[ bW _dckd_ZWZ$ ÆI_ bW Wd# fhÂŒn_cWi i[cWdWi [ijWh| [d bW j[h_eh l[p lejƒ Ye^[h[dj[c[dj[" W][dZW" Wkdgk[ c[dY_edÂŒ gk[ de leo W YWcX_Wh$ ;ije de [i [i# jeZWl‡W de [n_ij[ kdW feijkhW f‡h_jk Z[ Yk[hfe" [i h[if[je W bW 9edij_jkY_ÂŒdÇ$ Z[Ă’d_ZW Z[b eĂ’Y_Wb_ice$ C_[djhWi gk[ [b WdWb_ijW fe# b‡j_Ye <hWdY_iYe HeY^W 1#2(¢Wi[]khW gk[ bW _dckd_# ĹŠ FWhW HeY^W" [b b[lWdjW# ZWZ [i \kdZWc[djWb fWhW c_[dje Z[ bW _dckd_ZWZ bei b[]_ibWZeh[i" gk_[d[i i[h‡W kdW \ehcW Z[ ÆWYW# jWcX_ƒd j_[d[d bW bWXeh 1 ĹŠ+#5 -3 1ĹŠ+ ĹŠ bbWh YkWbgk_[h i‡djecW (-,4-(" "ĹŠ2#ĹŠ 1#04(#1#ĹŠ+ ĹŠ Z[ Ă’iYWb_pWh$ Z[ de WY[fjWY_ÂŒd W be gk[ , 8.1~ ĹŠ 2.+4Äą [ij| ikY[Z_[dZeÇ" [d h[bW# 3 ŊĸÄ?ÄŠĹŠ5.3.2Ěē Y_ÂŒd W bei fheY[iei Z[ Ă’i# /.8. YWb_pWY_ÂŒd$ 7Z[c|i gk[" ÆBW 7iWcXb[W de lW W Wkjeh_pWh [b b[lWdjWc_[dje Z[ ÆbW b_X[hjWZ gk[ Z[X[d j[d[h bei bW _dckd_ZWZ fehgk[ >[hh[h‡W WiWcXb[‡ijWi fWiW feh h[if[jWh Z_`e kdW l[hZWZÇ" i[‹WbÂŒ =Wbe ^WijW iki _hh[ifediWX_b_ZWZ[iÇ$ JWcX_ƒd Yedi_Z[hW gk[ ÆbW BWhW FIF " gk_[d jWcX_ƒd fWiÂŒ feh kd fheY[ie i_c_bWh$ I[]‘d [b _dckd_ZWZ [i YedikijWdY_Wb Wb WiWcXb[‡ijW" [ij[ j_fe Z[ f[Z_Zei [`[hY_Y_e Z[b YWh]eÇ o Æi_ de ZW# i[ Z[X[d W Æf[hi[YkY_ed[i feb‡j_# cei W bei b[]_ibWZeh[i _dckd_# YWi" [d YedjhW Z[ gk_[d[i Z[dkd# ZWZ" [ijWcei Xbegk[WdZe jeZW Y_Wd bei WYjei Z[ YehhkfY_ÂŒd Z[b fei_X_b_ZWZ Z[ Ă’iYWb_pWY_ÂŒdÇ$
ĹŠ ĹŠ
:ei W‹ei Z[ Y|hY[b o kdW _d# W fh[i[djWh bW Z[cWdZW" ieb_Y_# Z[cd_pWY_ÂŒd de _d\[h_eh W '& jÂŒ W bW <_iYWb‡W gk[ f_ZW kdW Ye# c_bbed[i Z[ ZÂŒbWh[i f_Z_ÂŒ Wo[h f_W Z[ bW [djh[l_ijW h[Wb_pWZW Wb [b WiWcXb[‡ijW Z[b FWhj_Ze Heb# I[Yh[jWh_e @kh‡Z_Ye [d kd YWdWb Zei_ijW ;YkWjeh_Wde FH; " j[b[l_i_le$ 7XZWb| 8kYWhWc Fkb[o" [d bW ;b b[]_ibWZeh Wi[]khÂŒ gk[ Z[cWdZW gk[ fbWdj[ÂŒ YedjhW [b Æde fk[Z[ lWb[h bW ^edhW Z[ i[Yh[jWh_e `kh‡Z_Ye Z[ bW Fh[i_# bei \kdY_edWh_ei Z[b =eX_[hde" Z[dY_W" 7b[n_i C[hW$ c|i gk[ bW Z[ bei Y_kZWZWdei BW gk[h[bbW [i feh [b [YkWjeh_WdeiÇ$ ikfk[ije Z[b_je Z[ _d`k# ĹŠ 8kYWhWc Z_`e gk[ h_Wi de YWbkcd_eiWi$ ;b Yed [ij[ fheY[ie gk_[# ZeYkc[dje \k[ [djh[]W# h[d [l_Z[dY_Wh Æi_ [n_ij[ Ze [d bW 9ehj[ DWY_edWb +#7(2ĹŠ #1 ĹŠ '(9.ĹŠ+ 2ĹŠ"#!+ 1 Äą kd ;ijWZe Z[ Z[h[Y^e [d Z[ @kij_Y_W 9D@ $ 8kYW# !(.-#2ĹŠ"#2/4_2ĹŠĹŠ [b fW‡i e i_ Yedj_dkWcei "#ĹŠ24ĹŠ(-3#15#-Äą hWc bb[]ÂŒ WYecfW‹WZe !(¢-ĹŠ#-ĹŠ+ ĹŠ Yed c|i Z[ be c_ice1 feh iki WXe]WZei Z[# .,(2(¢-ĹŠ"#ĹŠ o i_ [b Wi[ieh `kh‡Z_Ye
423(!( ĹŠ"#ĹŠ+ ĹŠ \[dieh[i" @kWd L_pk[j[ o 2 , +# Ä“ Z[b [nfh[i_Z[dj[ B[ÂŒd Bk_]k_ =WhY‡W$ <[Xh[i 9ehZ[he" ^eo Wi[ieh Z[ HW\W[b 9ehh[W i_]k[ cWd[`WdZe bW `kij_Y_W W 1%4,#-3.2 8khWYWc [djWXbW bW Z[cWdZW ik Wdje`eÇ" [nfh[iÂŒ$ I[]‘d Z[YbWhÂŒ" C[hW Z[X[# feh bei YWb_Ă’YWj_lei gk[ kj_b_pÂŒ C[hW" [b fWiWZe (+ Z[ [d[he$ h| YecfheXWh be gk[ Wi[l[# ÆJ_[d[ kdW YehhkfY_ÂŒd ][dƒ# hÂŒ [d bW 7iWcXb[W DWY_edWb$ j_YW" ^[h[ZWZW Z[ ik fWZh[Ç" ÆFh_dY_fWbc[dj[" [b ZeYjeh c[dY_edÂŒ [b I[Yh[jWh_e" Wb h[\[# 7b[n_i C[hW ^W Wi[l[hWZe gk[ h_hi[ W 8kYWhWc$ ;ijWi Z[YbWhW# [b WiWcXb[‡ijW 8kYWhWc j_[d[ Y_ed[i bWi ^_pe Z[ifkƒi Z[ bWi kdW YehhkfY_ÂŒd ][dƒj_YW ^[# Yh‡j_YWi gk[ ^_pe [b b[]_ibWZeh" h[ZWZW Z[ ik fWZh[" l[h[cei Wb Wi[]khWh gk[ C[hW cWd[`W bW YÂŒce [i gk[ ^[h[Zƒ [iW \WbiW YehhkfY_ÂŒd [d c_i ][d[i o gk[ `kij_Y_W [d [b fW‡i$ ƒb 7b[n_i C[hW be Yecfhk[X[$ 9Wie YedjhWh_e" j[dZh| gk[ _h W 1.!#2. L_pk[j[ cWd_\[ijÂŒ gk[" fh[l_e bW Y|hY[bÇ" i[‹WbÂŒ$
ĹŠ } ĹŠ
2.2ĹŠ2(,(+ 1#2 ĹŠĹŠ -ĹŠ"(!(#, 1#ĔŊ+ ĹŠ 2 , +# ĔŊ!.-ĹŠ Ĺ—Ä?ćŊ5.3.2ĹŠ"#ĹŠÄˆÄ‰ÄŒĹŠ+#%(2+ ".1#2ĔŊ#5(3¢Ŋ
04#Ŋ +.Ŋ 1 Ŋĸ ĚŊ/#1"(#1 Ŋ+ Ŋ(-Ĺ ,4-(" "ēŊ -Ŋ-.5(#, 1#ĔŊ+ Ŋ #%4-" Ŋ + Ŋ"#Ŋ+.Ŋ #- +Ŋ"#Ŋ+ Ŋ .13#Ŋ !(.- +Ŋ "#Ŋ 423(!( Ŋ#-5(¢Ŋ4- Ŋ/1.5("#-!( Ŋ +Ŋ 1#2("#-3#Ŋ"#Ŋ+ Ŋ 2 , +# Ŋ#-Ŋ1#+ Ĺ !(¢-Ŋ Ŋ4- Ŋ04#1#++ Ŋ"#+Ŋ/1#2("#-3#ĔŊ $ #+Ŋ .11# ĔŊ#-Ŋ!.-31 Ŋ"#Ŋ 1 ĔŊ Ŋ 1 ~9Ŋ"#Ŋ4- 2Ŋ"#!+ 1 !(.-#2Ŋ248 2ēŊ
Feh ik fWhj[" 7bjW\koW Wi[# ]khÂŒ gk[ Æ[b =eX_[hde iWX[ gk[ bW _dckd_ZWZ [i kd fh_dY_f_e Yedij_jkY_edWb o b[]WbÇ$ ă!( +(2,.
=WijÂŒd =W]b_WhZe F7?I hWj_Ă’YÂŒ gk[ jeZWl‡W de [n_ij[ kdW fei_# Y_ÂŒd Z[ bW XWdYWZW eĂ’Y_Wb_ijW$ ÆI[ jhWjWh| [d bW W][dZW Z[ bW XWdYW# ZW [d bWi fhÂŒn_cWi i[cWdWiÇ$ ÆBW Wkjeh_pWY_ÂŒd de Z[X[h‡W i[h feh [if‡h_jk Z[ Yk[hfeÇ" cW# d_\[ijÂŒ 9ehZ[he$ ÆBei b[]_ibWZe# h[i jWcX_ƒd Z[X[cei j[d[h h[i# fediWX_b_ZWZ kbj[h_ehÇ" W]h[]ÂŒ [b Fh[i_Z[dj[" gk_[d h[YWbYÂŒ gk[ [d bW h[\ehcW W bW B[o Z[ bW <kdY_ÂŒd B[]_ibWj_lW i[ fbWdj[W WfheXWh [b b[lWdjWc_[dje Z[ bW _dckd_ZWZ Yed bWi Zei j[hY[hWi fWhj[i$
ēŊ (,/ 3(9 -3#2Ŋ"#+Ŋ Ŋ%1(3 -Ŋ#-Ŋ!.-31 Ŋ"#+Ŋ(,/4#23.Ŋ5#1"#ēŊ
),Ĺ‹ &. Ĺ‹ Ĺ‹$/ -Ä…Ĺ‹()Ĺ‹- Ĺ‹ #)Ĺ‹ & Ĺ‹ / # ( # Ĺ‹ )(., Ĺ‹, ),' Ĺ‹ .,# /. ,# Ĺ‹ (Ĺ‹& Ĺ‹ BW WkZ_[dY_W gk[ [ijWXW fh[# X_ƒd i[‹WbÂŒ gk[ ÆZ[X_Ze W gk[ l_ijW Wo[h [d bW 9ehj[ 9edij_# de [ij|d [d `k[]e lWh_ei c_bbe# jkY_edWb 99 fWhW [djh[]Wh bWi d[i Z[ ZÂŒbWh[i fWhW ik Xebi_bbe" fhk[XWi Z[ YWh]e o Z[iYWh]e 9ehh[W de l_de W ZWh bW YWhWÇ$ feh bW Z[cWdZW Z[ _dYedij_jk# Y_edWb_ZWZ W bWi h[\ehcWi jh_# -!.-23(34!(.- +(" " XkjWh_Wi \k[ ikif[dZ_# =kj_ƒhh[p Wi[]khW gk[ ZW fehgk[ bei `k[Y[i de ĹŠ de \k[ Yedij_jkY_edWb Wi_ij_[hed$ bW WfheXWY_ÂŒd Z[ bW b[o ;b WiWcXb[‡ijW =_bcWh W jhWlƒi Z[ kd jh|c_# =kj_ƒhh[p FIF " gk_[d ĹŠ"#, -" ĹŠ$4#ĹŠ j[ [YedÂŒc_Ye kh][dj[ !.+.! " ĹŠ#-ĹŠ _dj[hfkie [b h[Ykhie" -.5(#, 1#ĹŠ fehgk[ bW 9WhjW CW]# / 2 ".Ä“ Wi[]khÂŒ gk[ [ije i[ Z[X[ dW [ijWXb[Y[ gk[ jeZei W gk[ Æbei `k[Y[i [ij|d bei _cfk[ijei Z[X[h|d jejWbc[dj[ YedjhebWZei feh [b fWiWh feh bW WfheXWY_ÂŒd" [d fh[i_Z[dj[" HW\W[b 9ehh[W o ƒb fh_c[h o i[]kdZe Z[XWj[" Z[ bW ehZ[dÂŒ gk[ de Wi_ijWdÇ$ JWc# 7iWcXb[W$
Z- ,Ĺ‹ ,,#š(Ĺ‹*, - (. ,6Ĺ‹ /( Ĺ‹ ' ( Ĺ‹ (. Ĺ‹& Ĺ‹ #%ĂŒ-ĹŠ_+ĔŊ24ĹŠ'.-.1ĹŠ $4#ĹŠ, -!(++ ".ĹŠ8ĹŠ "#-4-!( ĹŠ4- ĹŠ/#1Äą 2#!4!(¢-ĹŠ"#ĹŠ/ 13#ĹŠ "#ĹŠ+ ĹŠ .+(!~ ēŊ
Æ7XW`e bW Z_YjWZkhWÇ" ÆWXW`e bei Xehh[]ei i[hl_b[i Z[b Z_Y# jWZehÇ$$$ \k[hed Wb]kdWi Z[ bWi Yedi_]dWi gk[ ]h_jWXWd Wc_]ei o \Wc_b_Wh[i Z[b Yehed[b 9ƒiWh 9Whh_ÂŒd" [nZ_h[Yjeh Z[b >eif_# jWb Z[ bW Feb_Y‡W" gk_[d WYkZ_ÂŒ Wo[h W bW 9ecWdZWdY_W Z[ bW Feb_Y‡W fWhW [djh[]Wh ik WhcW o [gk_fe Z[ ZejWY_ÂŒd$ ÆL[d]e W ^WY[h bW [djh[]W \ehcWb Z[ c_ WhcW Z[ ZejWY_ÂŒd$ >[ i[hl_Ze feh c|i Z[ )& W‹ei W bW ?dij_jkY_ÂŒd$ 9ed Z_]d_ZWZ o ^edeh" ^[ iWX_Ze bb[lWh c_ kd_# \ehc[Ç" Z_`e$ 9Whh_ÂŒd i[‹WbÂŒ gk[ i[ i_[d# j[ Z[i_bki_edWZe feh ik i[fW# hWY_ÂŒd Z[ bWi Ă’bWi feb_Y_Wb[i" ^[Y^e gk[ YWb_Ă’YÂŒ Yece ÆkdW jejWb _d`kij_Y_WÇ$ ÆL[d]e Yed ckY^ei i[dj_# c_[djei [dYedjhWZei$ CWdY_bbW# hed c_ ^edeh o Wb]k_[d j_[d[ gk[ h[ifedZ[h$ ;ijkl[ fh[ie feh c|i Z[ i_[j[ c[i[i i_[dZe _de# Y[dj[" f[he jh[i _dijWdY_Wi c[ WXiebl_[hedÇ" [nfh[iÂŒ$
ēŊ 11(¢-Ŋ++#%¢Ŋ !.,/  ".Ŋ"#Ŋ24Ŋ#2/.2 Ŋ8Ŋ24Ŋ .% ".Ŋ"#$#-2.1Ŋ/ 1 Ŋ#-31#% 1Ŋ24Ŋ 1, ē
gk[ [d bei fhÂŒn_cei Z‡Wi Z[# dkdY_Wh| ik YWie Wdj[ bW 9ehj[ ?dj[hWc[h_YWdW Z[ :[h[Y^ei >kcWdei 9?:> $ :[ ik fWhj[" IjWb_d BÂŒf[p" Z[\[diW Z[b [n][dZWhc[" [n# fh[iÂŒ gk[ ÆkdW _d`kij_Y_W Yece [ijW" kd [d]W‹e gk[ fh[j[dZ[ jhWiY[dZ[h W d_l[b _dj[hdWY_edWb Wb Z[Y_h gk[ [d ;YkWZeh de i[ l_ebWd bei Z[h[Y^ei ^k# cWdei" de fk[Z[ gk[ZWh YWiW WZ[djheÇ$ Â&#x; BÂŒf[p WdkdY_ÂŒ gk[ 2(15(¢Ŋ 11(¢ ĹŠ+ ĹŠ(-23(34!(¢-ĹŠ [ij| b_ijW jeZW bW ZeYk# /.+(!( +ēŊ c[djWY_ÂŒd fWhW fh[# i[djWh bW Z[cWdZW [d bW 9?:>$ ĹŠ ÆBWi Yedi[Yk[dY_Wi Z[ bW Z[cWdZW gk[ lWcei W
ĹŠ(-.!#-!( ĹŠ"#ĹŠ fh[i[djWh i[h|d kd bbW# 11(¢-ĹŠ$4#ĹŠ1 3(Äą $(! " ĹŠ#-ĹŠ3." 2ĹŠ cWZe Z[ Wj[dY_ÂŒd o [b h[# + 2ĹŠ(-23 -!( 2Ä“ YedeY_c_[dje Z[ gk[ [d
Ċć
#-4-!(
9Whh_ÂŒd WdkdY_ÂŒ gk[ fh[# i[djWh| _d\ehcWY_ÂŒd o ZeYkc[djei Z[ be gk[ ƒb YWb_\_YÂŒ Yece kdW Æf[h# i[YkY_ÂŒdÇ" Z[ bW gk[ ^W i_Ze l‡Yj_cW feh fWhj[ Z[ W][dj[i Z[ _dj[b_][dY_W Z[ bW Feb_Y‡W$ ;b eĂ’Y_Wb W]h[]ÂŒ
Ŋ"#, -" Ŋ -3#Ŋ+ Ŋ Ŋ2#1;Ŋ4-Ŋ1#!.Ĺ -.!(,(#-3.Ŋ"#Ŋ04#Ŋ#-Ŋ !4 ".1Ŋ2#Ŋ5(.+ -Ŋ+.2Ŋ"#1#Ĺ !'.2Ŋ'4, -.2ĔŊ+ Ŋ+( #13 "Ŋ "#Ŋ#7/1#2(¢-Ģē Ŋ ¥
ĹŠ ĹŠ ÂĄ
;YkWZeh i[ l_ebWd bei Z[h[Y^ei ^kcWdei" bW b_X[hjWZ Z[ [nfh[# i_ÂŒdÇ" W]h[]ÂŒ$ ;b `kh_ijW jWc# X_ƒd ef_dÂŒ gk[ de i[ YWbbWh|d Yed Wc[dWpWi [ _d\Wc_Wi$ Æ;b Yehed[b 9Whh_ÂŒd de d[# Y[i_jÂŒ f[Z_h f[hZÂŒd W dWZ_[" d_ d[Y[i_jÂŒ [b f[hZÂŒd Z[ dWZ_[$ De gk_[h[ [b ebl_Ze" de gk_[h[ gk[ [b Fh[i_Z[dj[ Z[ bW H[f‘Xb_YW ebl_Z[ [b ik\h_c_[dje Z[ [ij[ ^ecXh[$ De gk[h[cei gk[ [b Fh[i_Z[dj[ ebl_Z[ YWZW iWXWj_dW [d bW YkWb _dikbjWXW W [ij[ eĂ’Y_Wb
Z[ bW Feb_Y‡WÇ" Z_`e$ BW Z[\[diW Z[b eĂ’Y_Wb ^_pe kd bbWcWZe fWhW gk[ bei kd_\ehcW# Zei o [b fk[Xbe Æde W]WY^[d bW YWX[pW" fWhW Z[ceijhWh gk[ de i[ fk[Z[d h[dZ_h Wdj[ bW fh[fe# j[dY_W Z[ dWZ_[Ç$ .-2#).ĹŠ"#ĹŠ #-#1 +#2 :[ifkƒi Z[ i[h WYkiWZe Z[b ikfk[ije Z[b_je Z[ cW]d_Y_Z_e" bk[]e Z[ bei ^[Y^ei Z[b )& Z[ i[fj_[cXh[ Z[ (&'& )&#I " Z‡W Z[ bW h[lk[bjW feb_Y_Wb o jhWi i[h WXik[bje [d jh[i _dijWd# Y_Wi" [b (, Z_Y_[cXh[ Z[ (&''" [b 9edi[`e Z[ =[d[hWb[i Z_e Z[ XW`W Wb eĂ’Y_Wb" WZkY_[dZe cWbW YedZkYjW fhe\[i_edWb$ 9Whh_ÂŒd fh[i[djÂŒ bW h[Yedi_Z[hWY_ÂŒd W bW Z[Y_i_ÂŒd$ I_d [cXWh]e" [ijW \k[ hWj_Ă’YWZW [b fWiWZe '& Z[ \[Xh[he$
ÝĀŋ) , ,)-Ĺ‹ &#-. (Ĺ‹& Ĺ‹ - Ĺ‹ Ĺ‹Y #-)(Ĺ‹ )-v)9[hYW Z[ ', jhWXW`WZeh[i bWXehWd Ze Yedijhk_h [b Z[fWhjWc[dje Z[ W Z_Wh_e Z[iZ[ bWi &-0&& ^WijW ')& c[jhei YkWZhWZeiÇ" Yec[djÂŒ bWi ('0&& fWhW j[hc_dWh Z[ Yedi# :_[]e =WbbWhZe" _d][d_[he Y_l_b" jhk_h [b Z[fWhjWc[dje Wb gk[ i[h| YedijhkYjeh Z[ bW eXhW$ jhWibWZWZe [b [ijkZ_Wdj[ xZ_ied 9ei‡ei kdW l[p gk[ bei cƒZ_Yei #3 ++#2ĹŠ Z[b >eif_jWb Z[ Bei LWbb[i" [d ;b Zehc_jeh_e Z[ 9ei‡ei j_[d[ Gk_je" b[ Z[d [b WbjW$ Z_l[hiWi WZ[YkWY_ed[i [n_]_ZWi ;b `el[d Z[ '- W‹ei" feh [b C_d_ij[h_e Z[ IWbkZ" gk_[d WYjkWbc[dj[ f[hcW# ĹŠ Yec[djÂŒ =WbbWhZe$ ÆBW d[Y[ [d [ijWZe Z[ YecW" ^WX_jWY_ÂŒd Z[ )& c[jhei ik\h_ÂŒ [b _cfWYje Z[ kdW YkWZhWZei" Yedj_[d[ kd XecXW bWYh_cÂŒ][dW [d ik ĹŠ2#, - ĹŠ Yb_cWj_pWZeh fWhW gk[ bW / 2 " ĹŠ+ .1 Äą YWX[pW ZkhWdj[ kdW cW# 1.-ĹŠÄŠÄŽĹŠ. 1#1.2ĹŠ j[cf[hWjkhW i[ cWdj[d]W d_\[ijWY_ÂŒd [ijkZ_Wdj_b" [b #-ĹŠ+ ĹŠ!.-2314!Äą [d (' ]hWZei" [b XW‹e Z[ / !(¢-ĹŠ"#+ĹŠ"#/ 1Äą fWiWZe '+ Z[ i[fj_[cXh[$ 3 ,#-3.ĹŠ04#ĹŠ c[jhei YkWZhWZei [i [if[# .!4/ 1;ĹŠ .2~.2Ä“ ;d bW l_l_[dZW" kX_YWZW Y_Wb" de j_[d[ j_dW" oW gk[ [d [b i[Yjeh BW 7h][b_W" [d Z[X[h| i[h XW‹WZe [d kdW [b ikheh_[dj[ Z[ Gk_je" c_[djhWi i_bbW Z[ hk[ZWi$ 7Z[c|i" i[ ^Wd kdei eXh[hei [dbkY[d bWi fWh[# YebeYWZe WXhWpWZ[hWi [d bW fWhj[ Z[i" ejhei i[ [dYWh]Wd Z[ YebeYWh feij[h_eh fWhW gk[ i[ fk[ZW iei# bW Y[h|c_YW o bei ck[Xb[i [d [b j[d[hÇ" [nfb_YÂŒ [b _d][d_[he$ _dj[h_eh$ Æ;b WlWdY[ [i Z[ .+ " JWcX_ƒd i[‹WbÂŒ gk[ [d [b [n# [ijWcei Ykbc_dWdZe Yed bei j[h_eh Z[ bW YWiW i[ ^W Yedijhk_# WYWXWZei$ ;d (( Z‡Wi i[ ^W be]hW# Ze kdW hWcfW Z[ (- c[jhei" gk[
ēŊ .2Ŋ31 ) ".1#2Ŋ(-23 + 1.-Ŋ 8#1Ŋ+.2Ŋ,4# +#2Ŋ"#Ŋ+.2Ŋ".1,(3.Ĺ 1(.2Ŋ8Ŋ"#Ŋ+ Ŋ!.!(- ē
iWb_h Z[b ^eif_jWb [d YkWbgk_[h cec[dje" f[he de feZ[cei bb[lWhbe fehgk[ W‘d de [ij| j[hc_dWZe [b bk]WhÇ" i[‹WbÂŒ$ I[]‘d Z_`e" bW YedZ_Y_ÂŒd Z[ ik ^_`e [i [ijWXb[$ Æ>W ikf[hW# #,.1 ĹŠ#-ĹŠ+ ĹŠ#-31#% L_bcW F_d[ZW" cWZh[ Z[ 9e# Ze bW d[kced‡W gk[ j[d‡W f[he i‡ei" i[‹WbÂŒ gk[ bW YedijhkYY_ÂŒd [b YkWZhe Yb‡d_Ye [i [b c_ice" ^W Z[cehWZe$ ÆC_ ^_`e fk[Z[ de dei ZWd [if[hWdpWiÇ$
YedZkY[ Z_h[YjWc[dj[ Wb Zeh# c_jeh_e Z[b `el[d$ 7dj[i Z[b jhWibWZe \WbjW bW YebeYWY_ÂŒd Z[ bei [gk_fei d[Y[iWh_ei$
ƒ
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
ă
Ĺ‹0 (ŋÞĄúúúŋ -*# ) /,) ,6.# );d be gk[ lW Z[b W‹e i[ ^W Z[i# f[Z_Ze W Wbh[Z[Zeh Z[ c_b f[hie# dWi" Z[ WYk[hZe Yed [b fh[i_Z[dj[ Z[ bW 7ieY_WY_ÂŒd Z[ ;cfb[WZei F‘Xb_Yei" C_]k[b =WhY‡W$ ;ijWi i[ ikcWh‡Wd W bWi ( c_b -&& Z[b W‹e fWiWZe" gk[ \k[hed i[fWhW# ZWi Z[ ik jhWXW`e feh h[dkdY_W eXb_]Wjeh_W" jhWi [b Z[Yh[je .')$ ;b cWhj[i i[ i[fWhÂŒ W Wfhen_# cWZWc[dj[ '&& f[hiedWi Z[b H[# ]_ijhe 9_l_b W d_l[b dWY_edWb$ =WhY‡W Z[dkd# Y_ÂŒ gk[ Æ[ij|d iW# ĹŠ YWdZe YecfW‹[# hWi cko Xed_jWi feh de WYY[Z[h W .-ĹŠ+ ĹŠ1#2.+4Äą !(¢-ĹŠ"#ĹŠ+ ĹŠ ĔŊ++#Äą bWi fh[i_ed[i _d# 5 1;-ĹŠ24ĹŠ"#, -Äą cehWb[i Z[ \kd# " ĹŠ ĹŠ+ ĹŠ 1% -(9 !(¢-ĹŠ Y_edWh_eiÇ$ I[]‘d 4-"( +ĹŠ"#+ĹŠ 1 ).Ä“ ƒb" [ij[ W‹e [ijWh‡W fh[l_ije bb[]Wh W - c_b f[hiedWi Z[if[Z_ZWi$ !!(.-#2
=WhY‡W i[‹WbÂŒ gk[ [ij|d [if[# hWdZe gk[ bW 9ehj[ 9edij_jkY_e# dWb 99 h[ik[blW [b f[Z_Ze Z[ _dYedij_jkY_edWb gk[ fki_[hed [d W]eije Z[b W‹e fWiWZe$ ÆDe ^Wo fbWpe f[h[djeh_e o" feh fkhW Ye_dY_Z[dY_W" lWd W Z_# h_c_h YkWdZe oW i[ ^WoW XejWZe W c_b[i Z[ f[hiedWi$ 9ece de j_[d[ [\[Yje h[jheWYj_le i[ cWd# j[dZh|d bei Z[if_ZeiÇ" _dZ_YÂŒ$
- (-), &Ĺ‹ Ĺ‹ ,.#4Ĺ‹ && ! ,6(Ĺ‹ -. Ĺ‹' I[]‘d e\h[Y_ÂŒ Wo[h [b l_Y[c_d_i# jhe Z[ IWbkZ" D_Yeb|i @WhW" bei - dk[lei WiY[dieh[i fWhW [b >ei# f_jWb 8WYW Ehj_p" Z[ Gk_je" bb[# ]Wh|d W Ă’dWb[i Z[ [ij[ c[i$ I_d [cXWh]e" ik _dijWbWY_ÂŒd i[h| [d WXh_b$ ;ije" bk[]e Z[ [l_Z[dY_Wh# i[ ik Z[j[h_ehe" [if[Y_Wbc[dj[ YkWdZe kdW c[deh Z[ i[_i W‹ei YWoÂŒ feh kde Z[ bei ZkYjei$ ;d kdW hk[ZW Z[ fh[diW" i[# ‹WbÂŒ gk[ bei WiY[dieh[i fWhW [b >eif_jWb J[ÂŒ\_be :|l_bW" Z[ CWY^WbW" oW i[ [ij|d YebeYWd# Ze$ C_[djhWi gk[ bei gk[ _h|d Wb 7X[b =_bX[hj" Z[ =kWoWgk_b" Zed# Z[ jWcX_ƒd YWoÂŒ kdW c[deh Z[ [ZWZ" bb[]Wh|d [d i[fj_[cXh[$ @WhW de ^_pe kd XWbWdY[ ieXh[ [b [ijWZe Z[ jeZei bei WiY[dieh[i" i[ b_c_jÂŒ W Z[Y_h gk[ bW cWoeh‡W j_[d[ c|i Z[ )& W‹ei Z[ kie$ ;YkWZeh j_[d[ '(& ^eif_jWb[i o [djh[ *&& o +&& WiY[dieh[i$ 9k[ijWd [djh[ ,& o .&$&&& ZÂŒ# bWh[i$ FkdjkWb_pÂŒ gk[ ^Wd _d_Y_WZe jh[i _dl[ij_]WY_ed[i fWhW Z[j[h# c_dWh i_ ^kXe h[ifediWX_b_ZWZ[i [d bei WYY_Z[dj[i Y_jWZei$
ƒ
|h[W Z[ bW f_ijW o bWi eĂ’Y_dWi Z[ bW ;cfh[iW Z[ BWXeh[i 7ƒh[Wi" gk[ i[ Z[Z_YW W bW \kc_]WY_ÂŒd Z[ Ykbj_lei$ BWi _dijWbWY_ed[i Z[ bWi eĂ’Y_dWi [ijWXWd YkWhj[WZWi" feh
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ? be gk[ \k[hed WXWdZedWZWi Wd#
Ĺ? +. ÄŒĹ? j[i Z[ gk[ ^WoW fƒhZ_ZWi$ >WijW [b bk]Wh bb[]Whed bei YedY[`Wb[i Z[b Ckd_Y_f_e Z[ FWiW`[ o f[hiedWb Z[ bW I[Yh[# jWh‡W DWY_edWb Z[ =[ij_ÂŒd Z[ H_[i]ei ID=H $ KdW Z[ bWi fh_c[hWi WYY_ed[i i[h‡W Z[YbWhWh bW [c[h][dY_W Z[ ĹŠ ĹŠ š ;d [b W_h[$ 7i‡ gk[ZÂŒ bW pedW W\[YjWZW gk[ i[ [dYk[d# ]hWd fWhj[ Z[ bW f_ijW Z[ Wj[hh_# jhW [d bW fWhhegk_W Jh[i 9[hh_# jei" fk[i de iÂŒbe i[ jhWjÂŒ pW`[ Z[b YWdjÂŒd FWiW`[ Z[ bW f_ijW Z[ Wj[hh_pW`[ jhWi bW Whh[c[j_ZW Z[b ĹŠ i_de jWcX_ƒd bW fƒhZ_ZW h‡e @kXed[i gk[ i[ bb[# Z[ fbWdjWY_ed[i" [if[Y_Wb# lÂŒ Y[hYW Z[ , c[jhei W be WdY^e o c|i Z[ )&& ĹŠ!1#!(#-3#ĹŠ"#+ĹŠ 1~.ĹŠ3 , (_-ĹŠ $#!Äą c[dj[ Z[ XWdWde$ 3¢Ŋ ĹŠ+.2ĹŠ2#!3.1#2ĹŠ BW jkX[h‡W gk[ WXWi# c[jhei W be bWh]e$ j[Y[ Z[b W]kW fejWXb[ W ;ije" jhWi kdW jehh[d# "#ĹŠ +#23(- ĹŠ8ĹŠ ' + ! +ĹŠ"#+ĹŠ Y_Wb bbkl_W gk[ Yec[d# ! -3¢-ĹŠ +ĹŠ 4 .ēŊ [ij[ YWdjÂŒd jWcX_ƒd [ij| [d h_[i]e o" Z[ fheZkY_hi[ pÂŒ W [ie Z[ bW ()0)& Z[b ejhW Yh[Y_[dj[" feZh‡W i[h cWhj[i$ F[he \k[ [d bW cWZhk]WZW Z[ Wo[h YkWdZe bW WhhWijhWZW o Z[`Wh| Z[iXWij[Y_Ze Yh[Y_[dj[ Z[b @kXed[i ieYWlÂŒ [b W jeZe [b YWdjÂŒd$
Ä…
&Ĺ‹,v)Ĺ‹ / )( -Ĺ‹ ,, - Ĺ‹ )(Ĺ‹.) )Ĺ‹ Ĺ‹-/Ĺ‹* -)
ŋ &š !Ě (.)ŋ )'#(!)ąŋ #-& ŋ
¥ ēŊ .2Ŋ,(#, 1.2Ŋ"#Ŋ+ Ŋ .+(!~ Ŋ 84" 1.-Ŋ Ŋ,.5(+(9 1Ŋ Ŋ+ 2Ŋ/#12.- 2Ŋ04#Ŋ2#Ŋ04#" 1.-Ŋ 31 / " 2Ŋ31 2Ŋ#+Ŋ"#2+ 5#ē
+Ŋ/ 2.Ŋ2#Ŋ!#11¢Ŋ Ŋ+ 2ŊĉćĖĊćŊ"#+Ŋ, 1Ĺ 3#2Ŋ8Ŋ1#!(_-Ŋ2#Ŋ 1(1~ Ŋ'.8Ŋ#-Ŋ+ Ŋ, Ĺ  - ĔŊ2(Ŋ#+Ŋ!+(, Ŋ+.Ŋ/#1,(3#ē Ŋ Ŋě :[iZ[ bW
ēŊ +Ŋ %4 Ŋ 11#,#3(¢Ŋ!.-Ŋ$4#19 Ŋ8Ŋ-4#5 ,#-3#Ŋ2#Ŋ++#5¢Ŋ/ 13#Ŋ"#Ŋ+ Ŋ/(23 Ŋ"#Ŋ 3#11(9 )#ē
Wo[h i[ ^WX_b_jWh‡W [b jh|di_je l[# ^_YkbWh" f[he bk[]e i[ YedĂ’hcÂŒ gk[ [ije ikY[Z[h‡W h[Y_ƒd ^eo W bWi &,0&&$
deY^[ Z[b cWhj[i" C_bjed IWhWd]e [ijWXW WjhWfWZe [d bW l‡W 7bÂŒW]#IWdje :e# c_d]e$ 7o[h [d bW cW‹WdW Z[Y_Z_ÂŒ h[]h[iWh ^WijW IWd# #3 ++#2 je :ec_d]e fWhW jecWh bW 7o[h" YkWdZe oW [ijWXWd feh YWhh[j[hW BWi C[hY[Z[i# WXh_h bW YWhh[j[hW" kd dk[le Z[i# IWd C_]k[b Z[ bei 8WdYei# bWl[ i[ h[]_ijhÂŒ o eXb_]ÂŒ W iki# Gk_je$ f[dZ[h Yecfb[jWc[dj[ [b Ă“k`e BW Z[Y_i_ÂŒd bW WZefjWhed l[^_YkbWh$ Z[Y[dWi Z[ YedZkYjeh[i gk[ ;b fheXb[cW [i gk[ ^kXe kd i[ gk[ZWhed [d [b bWZe c[# dk[le Z[ibWl[ o bei Z[ib_pWc_[d# dei Yecfb_YWZe Z[ bW jei Z[ j_[hhW eYkhh_Zei l‡W$ BW deY^[ Z[b cWh# [d bei a_bÂŒc[jhei ,&" ,, ĹŠ j[i ^kXe jh[i Z[ibWl[i o ,- Z[ bW YWhh[j[hW W\[Y# gk[ eXb_]Whed W Y[hhWh jWhed bW cel_b_pWY_ÂŒd$ bW fh_dY_fWb Whj[h_W Z[ ĹŠ+ 2ŊĉćĖĊćŊ"#+ĹŠ BW Y_hYkbWY_ÂŒd i[ Y[hhÂŒ , 13#2ĹŠ2#ĹŠ!#11¢Ŋ Yeckd_YWY_ÂŒd [djh[ bW + ĹŠ5~ Ä“ W bWi (&0)& Z[b cWhj[i" 9eijW o bW I_[hhW$ Z[`WdZe Z[ bWZe o bWZe W JeZei [if[hWXWd Y_[djei Z[ l[^‡Ykbei WjhW# gk[ fhedje i[ WXh_[hW bW l‡W" fWZei [d bW Whj[h_W$ f[he [ie de eYkhh_ÂŒ$ ?d_Y_Wb# BW cWgk_dWh_W Z[ bW [cfh[iW c[dj[" bWi Wkjeh_ZWZ[i _d# >_ZWb]e >_ZWb]e jhWXW`W fWhW \ehcWhed gk[ W bWi ')0&& Z[ h[j_hWh bW j_[hhW gk[ YWoÂŒ [d [b
(,/(#9 ĹŠ"#ĹŠ+ ĹŠ ! +9 " Ĺ—ĹŠĹŠ
_!-(!.2Ŋ8Ŋ. 1#1.2Ŋ"#+Ŋ .-2#).Ŋ 1.5(-!( +Ŋ"#Ŋ (!'(-!' Ŋ31 ) -Ŋ#-Ŋ + Ŋ5~ ēŊ (;-Ŋ 9!;3#%4(ĔŊ2#!1#3 1(.Ŋ "#Ŋ -$1 #2314!341 Ŋ ( +ĔŊ(-$.1,¢Ŋ 04#Ŋ2#Ŋ#23;Ŋ+(,/( -".Ŋ+ Ŋ! 11#3#1 Ŋ !.-Ŋ!(-!.Ŋ, 04(- 1( 2Ŋ/#2 " 2Ŋ8Ŋ#+Ŋ /#12.- +Ŋ-#!#2 1(.ē
jhWce Z[b a_bŒc[jhe ,/$ 7bb‡ ^Wo beZe o fWbei gk[ Y[# hhWhed Yecfb[jWc[dj[ bW l‡W$ C_[djhWi jWdje" bei YedZkYjeh[i jecWhed Wb]kdWi YWhh[j[hWi Wb# j[hdWi Yece bW IWdje :ec_d]e# BWi C[hY[Z[i#IWd C_]k[b Z[ bei 8WdYei#Gk_je$ BWi bbkl_Wi ^_Y_[hed gk[ Zei [ij[hei i[ Z[iXehZWhWd$ Bei YedZkYjeh[i Z[ bei l[^‡Ykbei _d# j[djWhed WXh_h [b fWie kj_b_pWdZe cWY^[j[i o fWbWi$ O bei fWiW`[hei Z[Y_Z_[hed Whh_[i]Whi[ o iWb_h W f_[" Yed bW Wok# ZW Z[ bei YedZkYjeh[i gk[ [ijWXWd W kd bWZe Z[ bW YWhh[j[hW o feZ‡Wd WlWdpWh W IWdje :ec_d]e$
&Ĺ‹#(0# ,()Ĺ‹()Ĺ‹ Ĺ‹., !/ Ĺ‹ Ĺ‹ /&.#0)-Ĺ‹ (Ĺ‹ / 3 ĹŠÄ› ;b Z[iXehZWc_[dje Z[b h‡e 8kbkXkbk _dkdZÂŒ Wbh[Z[# Zeh Z[ ( c_b ^[Yj|h[Wi Z[ Ykbj_le [d =kWoWi$ BWi pedWi Z[ JWkhW" L_h][d Z[ <|j_cW" @k`Wd o BW ?X[h_W ied bei fkdjei c|i W\[Y# jWZei$ JWcX_ƒd ^Wo kdWi (& \Wc_b_Wi WjhWfWZWi feh [b W]kW [d iki l_l_[dZWi kX_YWZWi [d [b _dj[h_eh Z[b YWcfe$ BWi W]kWi jWcX_ƒd Wd[]W# hed bei i[Yjeh[i IWd <hWdY_i# Ye" IWd CWj[e o ;bl_hW$ BWi l_l_[dZWi h[ikbjWhed _dkd# ZWZWi fk[i [b W]kW WbYWdpÂŒ ^WijW [b c[jhe Z[ WbjkhW feh be gk[ bWi \Wc_b_Wi \k[hed [lWYkWZWi$
Bei ^WX_jWdj[i Z[ bW pedW Wi[]k# hWhed gk[ de [i bW fh_c[hW l[p gk[ eYkhh[ Wb]e Wi‡ o h[YbWcWhed Wj[d# Y_ÂŒd Z[ bWi Wkjeh_ZWZ[i$ ;b YWkZWb Z[b h‡e fheleYÂŒ bW hkfjkhW Z[ kd ckhe Z[ Yedj[d# Y_ÂŒd ZkhWdj[ bW deY^[ Z[b cWhj[i$ 7b]kdei Z[ bei W\[YjWZei fh[Ă’h_[# hed fWiWh bW deY^[ W bW _dj[cf[h_[ fWhW Yk_ZWh iki f[hj[d[dY_Wi$ BW I[Yh[jWh‡W DWY_edWb Z[ =[ij_ÂŒd Z[ H_[i]ei ID=H Z[X_ÂŒ bb[]Wh Wo[h Yed Xh_]WZWi cƒZ_YWi fWhW Wj[dZ[h W bei ZWc# d_Ă’YWZei o [dhkcXWhbei W bei WbX[h]k[i c|i Y[hYWdei$ ;ije" c_[djhWi [b ]eX[hdWZeh Z[b =kWoWi" HeX[hje 9k[he" Z[i#
YWhjÂŒ Z[YbWhWh [d [c[h][dY_W W bW fhel_dY_W Wdj[ kd f[Z_Ze Z[b fh[\[Yje" @_cco @W_hWbW$ .+ /2 ĹŠ/4#-3#
C_[djhWi jWdje" [b WbYWbZ[ Z[b YWdjŒd OW]kWY^_" :Wd_[b 7l[# Y_bbWi" bWc[djŒ bW YW‡ZW Z[ kd fk[dj[ Yeb]Wdj[ f[WjedWb Z[X_Ze W bW Yh[Y_ZW Z[b h‡e 8eb_Y^[" [d bW fWhhegk_W F[Zhe @$ Cedj[he$ Feh ik fWhj[" <[b_f[ 9Wijhe 9[Z[‹e" WbYWbZ[ Z[ FWb[ij_dW" Z[YbWhŒ [b [ijWZe Z[ [c[h][dY_W Z[b YWdjŒd" Wdj[ bW \k[hj[ j[cfe# hWZW _dl[hdWb o bei ]hWl[i [ijhW# ]ei gk[ ^W YWkiWZe [b Z[iXehZW# c_[dje Z[ bei h‡ei CWYkb o FkbW$
("#-Ŋ5#12(¢-Ŋ"#Ŋ$ ,(+( 1#2Ŋ"#Ŋ .11# Ŋ#-Ŋ! 2.Ŋ 1!.5 +() Ŋ
+ĹŠ! 2.ĹŠ"#ĹŠ+ ĹŠ- 1!.5 +() ĹŠ#-!.-31 " ĹŠ#-ĹŠ 3 +( ĹŠ"(.ĹŠ 8#1ĹŠ4-ĹŠ-4#5.ĹŠ%(1.ēŊ +ĹŠ 2 , +#~23 ĹŠ"#ĹŠ "#1 ĹŠ"#ĹŠ 4#11#1.ĔŊ -1(04#ĹŠ #11#1~ ĔŊ/("(¢Ŋ ĹŠ+ ĹŠ (2! +~ ĹŠ04#ĹŠ3.,#ĹŠ+ 2ĹŠ 5#12(.-#2ĹŠ"#ĹŠ+ ĹŠ'#1, - ĹŠ"#+ĹŠ/1#2("#-3#ĔŊ (#1(- ĹŠ .11# ĔŊ8ĹŠ"#+ĹŠ/1(,.ĹŠ"#+ĹŠ -" 3 1(.ĹŠ8ĹŠ3(34+ 1ĹŠ"#+ĹŠ -!.ĹŠ #-31 +ĔŊ #"1.ĹŠ #+% ".ēŊ +ĹŠ+#%(2+ ".1ĔŊ#-ĹŠ24ĹŠ"#-4-!( ĔŊ 2#%41 ĹŠ04#ĹŠ++#% 1.-ĹŠ ĹŠ242ĹŠ, -.2ĹŠ$.3.2ĹŠ"#ĹŠ+.2ĹŠ$ ,(+( 1#2ĹŠ"#ĹŠ $ #+ĹŠ .11# ĹŠ!.-ĹŠ .1%#ĹŠ 4(2ĹŠ #31. ;-ĔŊ("#-3(ă! ".ĹŠ/.1ĹŠ+ ĹŠ/.+(!~ ĹŠ(3 Äą +( - ĹŠ!.,.ĹŠ#+ĹŠ04#ĹŠ+("#1 1~ ĹŠ+ ĹŠ -" ĹŠ"#ĹŠ- 1!.31 ă! -3#2ĹŠ04#ĹŠ#-5( 1.-ĹŠÄŒÄ‡ĹŠ*(+.2ĹŠ"#ĹŠ!.! ~- ĹŠĹŠ#-ĹŠ+ ĹŠ5 +() ĹŠ"(/+.,;3(! ĹŠ#!4 3.1( - ĹŠ ĹŠ (+;-ēŊ
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ć
Ćŋ / (. Ĺ‹ Ĺ‹*& . Ĺ‹ Ĺ‹& Ĺ‹ &#( / ( # Ĺ‹ ;b 8WdYe DWY_edWb Z[ <ec[dje ^WY[ c|i Z[ kd W‹e i[ bW h[j_hÂŒ 8D< [ij| W c[hY[Z Z[ bW Z[b_d# Yece Yedi[Yk[dY_W Z[b )&#I$ :[# Yk[dY_W$ ;djh[ (&&. o (&'' \k[ X_Ze W [ij[ YWcX_e" ÆZ[Xe WZc_# heXWZe [d '/ eYWi_ed[i$ ;ij[ W‹e j_h gk[ [ijW WZc_d_ijhWY_ÂŒd jkle oW \k[ _dWk]khWZe [b bkd[i [d gk[ [cf[pWh Z[ Y[he [d j[cWi Z[ L_dY[i" YkWdZe i[_i Z[b_dYk[d# i[]kh_ZWZÇ$ JWd Z[ Y[he" Z_Y[" gk[ h[YedeY_ÂŒ gk[ bWi j[i i[ bb[lWhed Y[hYW '+& W][dY_Wi de j_[d[d Z[ /+$&&& ZÂŒbWh[i$ d_ Y|cWhWi Z[ i[]kh_# Kd c[i o c[Z_e Wd# ĹŠ ÂĄ ĹŠ ZWZ$ =hWdZW i[‹WbÂŒ gk[ j[i" [d FWb[dgk[ YWi_ +#ĹŠ1. 1.-ĹŠ +ĹŠ ĹŠ"#2"#ĹŠ i[ b[lWdjWhed jh[i fhe# i[ bb[lWd ("+ c_bbed[i ĉććđēŊ Y[iei Z[ YedjhWjWY_ÂŒd Z[ ZÂŒbWh[i$ fWhW _dijWbWh Y|cWhWi 7b[nWdZhW =hWd# ZW" fh[i_Z[djW Z[b Z_h[Yjeh_e Z[b Z[ i[]kh_ZWZ [d bWi W][dY_Wi" f[he 8D<" Wi[]khW gk[ bW lkbd[hWX_# jeZWi i[ YWo[hed Æfeh bW feYW [n# b_ZWZ Z[ bW [dj_ZWZ i[ Z[X[ W gk[ f[h_[dY_W [d [ij[ j[cWÇ$ F[i[ W bei heXei" ZkhWdj[ (&'' bb[lWd kd W‹e o c[Z_e i_d Ykije# Z_W feb_Y_Wb$ I_d [cXWh]e" bei [i# bW l_]_bWdY_W iÂŒbe i[ b_c_jÂŒ W bW Y|dZWbei o bW \WbjW Z[ Z_d[he de YedjhWjWY_ÂŒd Z[ ]kWhZ_Wi fh_lW# iebe ^W i_Ze kd b‡e [nj[hde" fk[i Zei ^Wo ,&& W d_l[b dWY_edWb $ [d bW 9edYehZ_W IWdje :ec_d]e 7Z[c|i i[ YedjhWjÂŒ kdW Yed# Z[ bei Ji|Y^_bWi W‘d i[ l[dj_bW ikbjeh‡W" gk[ b[ YeijÂŒ Wb XWdYe [b YWie Z[ kd Z_h[Yj_le Z[b XWdYe )/$&&& ZÂŒbWh[i fWhW Z[Ă’d_h kd gk[ \k[ Z[j[d_Ze feh bW Feb_Y‡W" fbWd Z[ i[]kh_ZWZ$ =hWdZW Z_Y[ fk[i i[ be WYkiÂŒ Z[ ikfk[ijW# gk[ Æ[i feYeÇ$ ;ijW _dl[ij_]WY_ÂŒd c[dj[ ^WX[h ikijhW‡Ze Z_d[he Z[ ZkhÂŒ jh[i c[i[i o [ij| b_ijW" Z[ WYk[hZe W =hWdZW" iWbZh| W b_Y_# bW YW`W \k[hj[$ =hWdZW Z_Y[ gk[ de [i gk[ bWi jWY_ÂŒd bW fhÂŒn_cW i[cWdW$ 7Z[# YeiWi [ijƒd \k[hW Z[ Yedjheb" _dYbk# c|i i[ _cfb[c[djWh|d Y|cWhWi ie Yh[[ gk[ ÆbW XWdYW fh_lWZW ^W [nj[hdWi o Xejed[i Z[ f|d_Ye$ Bei '/ WiWbjei ikcWhed i_Ze c|i WjWYWZWÇ$ 7dkdY_ÂŒ gk[ bW fhÂŒn_cW i[cWdW iWbZh| W b_Y_# 'É/-,$&&& ZÂŒbWh[i" f[he =hWdZW jWY_ÂŒd kd fbWd Z[ i[]kh_ZWZ fWhW _dZ_YÂŒ gk[ de jeZe jkle gk[ i[h _cfb[c[djWh [d [b 8D<" Ykoe Yei# W\hedjWZe feh [b XWdYe" i_de feh bW Wi[]khWZehW$ ;b 8D< ^WXh‡W je WiY[dZ[h‡W W )"+ c_bbed[i$ BW \kdY_edWh_W i[‹WbÂŒ gk[ bW fW]WZe feh Z[ZkY_Xb[i Æde c|i [dj_ZWZ ]epÂŒ Z[ l_]_bWdY_W fe# Z[ )&& c_b ZÂŒbWh[i [d YkWjhe b_Y_Wb feh c|i Z[ .& W‹ei" f[he W‹eiÇ" WfkdjÂŒ$
ÄˆÄŚÄ’Ä?Ä?ēććć
ēŊ -23 + !(.-#2Ŋ"#+Ŋ + !(.Ŋ"#Ŋ 423(!( ĔŊ#-Ŋ+ Ŋ! /(3 +ēŊ
Ĺ‹0# ( Ĺ‹& Ĺ‹"), Ĺ‹ ,)Ĺ‹ * , Ĺ‹&)-Ĺ‹$/ # # & .ĹŠ' 8ĹŠ!($1 2ĹŠ!.-!1#3 2ĔŊ/#1.ĹŠ/."1~ -ĹŠ ++#% 1ĹŠ ĹŠ4-.2ŊĉēćććŊ+.2ĹŠ04#ĹŠ"#) 1~ -ĹŠ 242ĹŠ/4#23.2ĹŠ"#ĹŠ31 ).Ä“ ;djh[ WXh_b o cWoe fhÂŒn_cei" [b 9edi[`e Z[ bW @kZ_YWjkhW Z[ JhWdi_Y_ÂŒd 9@J [if[hW YedYh[# jWh bW Z[il_dYkbWY_ÂŒd jejWb Z[ bei `kZ_Y_Wb[i gk[ de fWiWhed bWi fhk[XWi o Wgk[bbei gk[ ieb_Y_jW# hed ik Z[i[dhebWc_[dje lebkdjW# h_e e `kX_bWY_ÂŒd$ >WijW bW \[Y^W de ^Wo Y_\hWi YedYh[jWi Z[ bei gk[ j[dZh‡Wd gk[ iWb_h Z[ iki fk[ijei Z[ jhW# XW`e feh de ^WX[h Yecfb[jWZe [b fkdjW`[ c‡d_ce [d bWi fhk[XW Z[ YedeY_c_[djei -&%'&& o [b [nW# c[d i_YebÂŒ]_Ye" f[he de c[dei Z[ '$+&& i[hl_Zeh[i fh[i[djWhed f[Z_Zei Z[ h[Yedi_Z[hWY_ÂŒd Z[b fkdjW`[ eXj[d_Ze o ejhei -&& h[dkdY_Whed lebkdjWh_Wc[dj[ e f_Z_[hed ik `kX_bWY_ÂŒd$ I_d [c# XWh]e" i[ ^WXbW Z[ gk[ ($&&& Z[# `Wh‡Wd iki fk[ijei$ I[]‘d <[hdWdZe O|lWh" leYWb Z[b 9@J" bW \[Y^W j[djWj_lW fWhW [c_j_h bWi h[iebkY_ed[i ieXh[ bei YWiei Z[ Y[hYW Z[ '$+&& i[hl_# Zeh[i `kZ_Y_Wb[i gk[ ieb_Y_jWhed h[Yedi_Z[hWY_ed[i" i[h‡W [b '/ Z[ cWhpe o Z[ W^‡ [d kd c[i" i[ fe# Zh‡W fheZkY_h bW Z[il_dYkbWY_ÂŒd Yecfb[jW Z[ bW <kdY_ÂŒd @kZ_Y_Wb$
FkdjkWb_pÂŒ" i_d [cXWh]e" gk[ [ie i[ ZWh| i_[cfh[ o YkWdZe i[ Yk[dj[ Yed h[Ykhiei fWhW YkXh_h bWi _dZ[cd_pWY_ed[i$ ;b \kdY_edWh_e Z_e W [dj[dZ[h gk[ bW _Z[W [i i[fWhWh" [d ]hkfe" W jeZei bei `kZ_Y_Wb[i gk[ h[fhe# XWhed" i_[cfh[ gk[ i[ Yk[dj[ Yed bei h[[cfbWpei$ :_`e gk[ [d f[hiedWb WZc_d_ijhWj_le [i c|i i[dY_bbe" fk[i [d Z_Y_[cXh[ Z[ (&'' i[ Yh[ÂŒ kdW XebiW Z[ [cfb[e `kZ_Y_Wb" [d bW YkWb c|i Z[ )$&&& f[hiedWi" fhe\[i_edWb[i de iebe Z[ bW hWcW Z[b Z[h[Y^e" i_de jWc# X_ƒd Z[ WZc_d_ijhWY_ÂŒd o ejhWi hWcWi" ^Wd Wfb_YWZe$ FWhW [b YWie Z[ Ă’iYWb[i" [nfb_# YÂŒ gk[ bWi lWYWdj[i Z[`WZWi feh bei gk[ de fWi[d bWi [lWbkWY_e# d[i i[ bb[dWh|d Z[ kd XWdYe Z[ [b[]_Xb[i" [b gk[ iWbZh| Z[ bei feijkbWdj[i gk[ [ij|d fWhj_Y_# fWdZe$ ;d bWi lWYWdj[i Z[ `k[Y[i" i[ Wi_]dWh|d `k[Y[i j[cfehWb[i" ^WijW gk[ i[ ^WoW decXhWZe W bei h[if[Yj_lei j_jkbWh[i$ H[if[Yje Z[ bW fei_X_b_ZWZ Z[ kd dk[le [nWc[d fWhW bei `k# Z_Y_Wb[i gk[ i[ gk[ZWhed [d bWi
ĹŠ3#-"1;ĹŠ 2.+.ĹŠÄ‰ÄˆĹŠ !.-)4#!#2 Ĺ—ĹŠĹŠĹŠ (- +,#-3#ĔŊ+.2ĹŠ/1#2("#-3#2ĹŠ "#ĹŠ+ ĹŠ .13#ĹŠ !(.- +ĹŠ"#ĹŠ 423(!( ĹŠ
ĸ ĚĔŊ 1+.2ĹŠ ,~1#9ĔŊ8ĹŠ"#+ĹŠ ĔŊ 4+.ĹŠ ."1~%4#9ĔŊ ++#% 1.-ĹŠ ĹŠ 4-ĹŠ !4#1".ĹŠ 8ĹŠ #23 +#!(#1.-ĹŠ 04#ĹŠ #+ĹŠ -ĂŒ,#1.ĹŠ "#ĹŠ !.-)4#!#2ĹŠ - !(.- Äą +#2ĹŠ2#1;ĹŠ"#ĹŠÄ‰ÄˆÄ“ .+.ĹŠ2#ĹŠ#2/#1 ĹŠ+ ĹŠ1 3(ă! !(¢-ĹŠ"#ĹŠ +.2ĹŠ ,(-(23#1(.2ĹŠ "#ĹŠ #+ !(.-#2ĹŠ
.1 +#2ĹŠ 8ĹŠ (- -9 2ĔŊ 1#2/#!3.ĹŠ "#ĹŠ/1#24/4#23.ĔŊ/ 1 ĹŠ04#ĹŠ_23.2ĹŠ 2# -ĹŠ/.2#2(.- ".2ĹŠ#-ĹŠ#23 ĹŠ,(2Äą , ĹŠ2#, - ĹŠ8ĹŠ+ ĹŠ/1¢7(, ĹŠ(-(!(#-ĹŠ 24ĹŠ31 ).Ä“ 4+.ĹŠ ."1~%4#9ĔŊ/1#2("#-3#ĹŠ"#+ĹŠ ĔŊ"().ĹŠ04#ĹŠ+ ĹŠ!.,/#3#-!( ĹŠ"#ĹŠ +.2ĹŠ !.-)4#!#2ĹŠ #23;ĹŠ "#ă-(" ĹŠ "#ĹŠ , -#1 ĹŠ+#% +ĔŊ/#1.ĹŠ (#-ĹŠ/."1~ ĹŠ+ ĹŠ ĹŠ !.1" 1ĹŠ (-3#1- ,#-3#ĹŠ 4- ĹŠ 1#2.+4!(¢-ĹŠ/ 1 ĹŠ" 1+#2ĹŠ,;2ĹŠ 31(Äą 4!(.-#2ĔŊ/ 1 ĹŠ04#ĹŠ 84"#-ĹŠ#-ĹŠ+ ĹŠ #5 +4 !(¢-ĹŠ"#ĹŠ+ ĹŠ! 1% ĹŠ/1.!#2 +ĹŠ #7(23#-3#Ä“
fhk[XWi fi_YebŒ]_YWi" f[he j_[d[d c|i Z[ -& fkdjei [d bWi Z[ YedeY_c_[dje" Z_`e gk[ [i iebe kdW fhefk[ijW [d Z_i# Yki_Œd o Z[f[dZ[h| Z[ kdei _d\ehc[i jƒYd_Yei gk[ i[ ^Wd ieb_Y_jWZe$
ēŊ , %#-Ŋ"#Ŋ+ Ŋ %#-!( Ŋ"#Ŋ 4(-(-"_ĔŊ 2,#1 +" 2ĔŊ04#Ŋ$4#Ŋ 2 +3 " Ŋ#-Ŋ -.5(#, 1#Ŋ"#+Ŋ  .Ŋ/ 2 ".ēŊ
#. Ĺ‹ Ĺ‹ ),. -Ĺ‹ (Ĺ‹ /#.)Ĺ‹ Gk_je [i i[Z[ Z[iZ[ Wo[h Z[ bW J[hY[hW H[kd_ÂŒd Fh[fWhWjeh_W Z[ bW NL? 9kcXh[ @kZ_Y_Wb ?X[# heWc[h_YWdW" 7h][dj_dW (&'($ 7 bW Y_jW WYkZ_[hed fh[i_Z[dj[i Z[ bWi Yehj[i ikfh[cWi Z[ `kij_Y_W Z[ ?X[heWcƒh_YW o Wkjeh_ZWZ[i `kZ_Y_Wb[i Z[b ;YkWZeh$ ;b fh[i_Z[dj[ Z[ bW 9ehj[ Z[ ;YkWZeh" 9Whbei HWc‡h[p" \k[ [b [dYWh]WZe Z[ _dWk]khWh [b [l[dje$ :_`e gk[ bW YkcXh[ Z[X[ Yedjh_Xk_h Wb \ehjWb[Y_c_[dje Z[b ;ijWZe Yedij_jkY_edWb Z[ Z[h[# Y^ei" W jhWlƒi Z[ bW c[`ehW Z[ bWi
WZc_d_ijhWY_ed[i Z[ `kij_Y_W$ ;d [b WYje jWcX_ƒd _dj[hl_de [b fh[i_Z[dj[ Z[b 9edi[`e Z[ bW @kZ_YWjkhW Z[ JhWdi_Y_ÂŒd" FWkbe HeZh‡]k[p" gk_[d ^WXbÂŒ Z[ bWi ÆXedZWZ[iÇ Z[b fheY[ie Z[ h[[i# jhkYjkhWY_ÂŒd Z[ bW `kij_Y_W$ I[]‘d bei eh]Wd_pWZeh[i Z[b [l[dje" bW 9kcXh[ [i Wdj[ jeZe kdW [ijhkYjkhW Z[ Yeef[hWY_ÂŒd" YedY[djhWY_ÂŒd [ _dj[hYWcX_e Z[ [nf[h_[dY_Wi" gk[ i[ Whj_YkbW W jhWlƒi Z[ bWi c|n_cWi _dijWdY_Wi Z[ bei feZ[h[i `kZ_Y_Wb[i Z[ bW h[# ]_ÂŒd _X[heWc[h_YWdW$
-ŋ, ' - -ŋ (ŋ þąþĿŋ*),ŋ &ŋ!,#-ŋ * (), ' ŋ -* )&
ć
Āāŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. Čŏ
ēũ .2ũ+.! +#2ũ$4#1.-ũ!+ 4241 ".2ũ+4#%.ũ"#ũ4-ũ$4#13#ũ./#1 3(5.ũ"#ũ+ ũ .+(!~ ũ 8ũ+ ũ (2! +~ ēũ
(# # ŋ 0)&/ # (ŋ ŋ ÿúĄúúúŋ&). -ŋ ŋ$)3 -ŋ ũ ěũ F[i[
W de ^WX[h kdW h[iebkY_ d [d Òhc[ ieXh[ bW [n_ij[dY_W Z[b fh[ikdje Z[b_je Z[ bWlWZe Z[ WYj_lei" bW <_iYWb W _d_Y_Wh| [ijW i[cWdW bW Z[lebk# Y_ d Z[ bWi `eoWi _dYWkjWZWi Z[ '( d[]eY_ei Z[ YecfhWl[djW Z[ ehe [d ;ic[hWbZWi$ ;b )' Z[ [d[he bW Feb_Y W o bW <_iYWb W _dj[hl_d_[hed () Z[ [i# jei d[]eY_ei [d Wb]kdWi fWhj[i Z[b fW i" fWhW _dl[ij_]Wh bW fhe# Y[Z[dY_W Z[b Z_d[he Yed bW gk[ i[ \_dWdY_WXW bW WYj_l_ZWZ$ I[ Z[jkle W '* YebecX_Wdei o i_[j[ [YkWjeh_Wdei$ BW <_iYWb W [ijWXb[Y_ gk[ bW Z[lebkY_ d i[ Z[X[ ZWh i_[cfh[ o YkWdZe bei Y[hYW Z[ )&$&&& Yb_[dj[i h[]_ijhWZei fW]k[d [b YWf_jWb gk[ h[Y_X_[hed YkWdZe
bb[lWhed iki `eoWi Wb [cf[ e$ /#1341 ũ"#ũ!4#-3 ũ
;b ÒiYWb Z[ bW Kd_ZWZ Z[ Iebk# Y_ed[i H|f_ZWi De$ '" B[d_d F # h[p C[Z_dW" Z_`e gk[ bei Z_d[hei j[dZh|d gk[ Z[fei_jWhi[ [d kdW Yk[djW XWdYWh_W W decXh[ Z[ bW Kd_ZWZ Z[ BWlWZe Z[ 7Yj_lei$ I_d [cXWh]e" [b c[YWd_ice Z[ Z[lebkY_ d \k[ h[Y^WpWZe feh [b WXe]WZe Z[ ', _cfb_YWZei" âiYWh F_d[ZW" gk_[d Z_`e gk[ c_[djhWi de [n_ijW kdW h[iebkY_ d Z[ Wkje# h_ZWZ" dWZ_[ fk[Z[ Z_ifed[h ejhW YeiW$ F_d[ZW h[YehZ gk[ bW _di# jhkYY_ d ÒiYWb \k[ WX_[hjW [b )' Z[ [d[he o feh jWdje Yehh[ h[Y_ d kd c[i [d [b gk[ W d [ij|d h[YW# XWdZe bWi fhk[XWi$
(;75$&72 'H FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO DUWtFXOR GHO UHJODPHQWR GH &RQ FHVLRQHV \ 3HUPLVRV GH 2SHUDFLyQ VH SRQH HQ FRQRFLPLHQWR GHO S~EOLFR HQ JHQHUDO TXH PHGLDQWH 5HVROXFLyQ 1R GH GH IHEUHUR GH HO 3UHVLGHQWH GHO &RQVHMR 1DFLRQDO GH $YLDFLyQ &LYLO DFHSWD D WUiPLWH OD VLJXLHQWH VROLFLWXG 120%5( '( /$ &203$fÌ$ 5(35(6(17$17( /(*$/ $%2*$'2
$(520$67(5 $,5:$<6 6 $ 'RPLQJR 5REHUWR 'DPRQH $ 3UHVLGHQWH GHO 'LUHFWRULR 'U -XDQ /ySH] 0HGLQD
62/,&,78' 2EWHQHU XQD FRQFHVLyQ GH RSHUDFLyQ SDUD OD SUHVWDFLyQ GHO VHUYL FLR GH WUDQVSRUWH DpUHR S~EOLFR QR UHJXODU GRPpVWLFR D WLHPSR ÀMR GH SDVDMHURV FDUJD \ FRUUHR HQ IRUPD FRPELQDGD HQ WRGR HO WHUULWRULR HFXDWRULDQR LQFOX\HQGR HQWUH ODV ,VODV *DOiSDJRV
(O HTXLSR GH YXHOR HVWi FRQVWLWXLGR SRU DHURQDYHV %RHLQJ % 6(5,( %RHLQJ % 6(5,(6 $QWRQRY $1 6(5,(6 'DVK 6(5,(6 6\NRUVN\ 6 6(5,(6 'DVK 6( 5,(6 $75 6(5,(6 $75 6(5,(6 6\NRUVN\ 6 6(5,(6 $JXVWD :HVWODQG $: 6(5,(6 %HOO 67 6(5,(6 $JXVWD :HVWODQG $: 6(5,(6 (PEUDHU (0% 6(5,(6 6\NRUVN\ 6 6(5,(6 %HOO 7H[WURQ 6(5,(6 %HOO 7H[WURQ 6(5,(6 \ %2 6(5,(6 /D EDVH SULQFLSDO GH RSHUDFLRQHV GH OD FRPSDxtD HVWDUi XELFDGD HQ HO DHURSXHUWR LQWHUQDFLRQDO 0DULVFDO 6XFUH GH OD FLXGDG GH 4XLWR FRQ VXE EDVHV HQ HO DHURSXHUWR LQWHUQDFLRQDO -RVp -RD TXtQ GH 2OPHGR GH OD FLXGDG GH *XD\DTXLO DHURSXHUWR )UDQ FLVFR GH 2UHOODQD HQ OD FLXGDG GHO &RFD \ HQ HO DHURSXHUWR GH OD FLXGDG 3XHUWR %DTXHUL]R 0RUHQR GH OD ,VOD 6DQ &ULVWyEDO HQ WUiPLWH
'H H[LVWLU RSRVLFLyQ D OD VROLFLWXG VH GLVSRQH TXH VH OD SUHVHQWH DQWH OD 6HFUH WDUtD *HQHUDO GHO 2UJDQLVPR GHQWUR GHO WpUPLQR GH GLH] GtDV FRQWDGRV D SDUWLU GH OD IHFKD GH SXEOLFDFLyQ GHO H[WUDFWR \ FXPSOLHQGR ORV UHTXLVLWRV HQ HO 5HJODPHQWR GH OD PDWHULD 'DGR HQ 4XLWR ' 0 D )(% 'U -XOLR &DUUHUD *ULMDOYD ',5(&725 '( 6(&5(7$5,$ *(1(5$/ &1$& 8%G%&,)')-&b%d%
-ũ#+ũÌ+3(,.ũ31(,#231#ũ"#ũĉćĈĈũ(-ı %1#2 1.-ũ +ũ/ ~2ũďČĐũ,(++.-#2ũ8ũ#-ũ #2#ũ+ /2.ũ"#ũĉćĈćũďĐĐũ,(++.-#2ēũ
ũ ũ ũ ũěũ ;b fWdehWcW [i Z[iebWZeh [d ;ifW W$ I[ lW W Ykcfb_h kd jh_c[ijh[ Z[ ]eX_[h# de Z[b FWhj_Ze FefkbWh" Yed CW# h_Wde HW`eo W bW YWX[pW" o bW YeiW f_djW ]h_i$ 7o[h i[ YedeY_ gk[ [b d c[he Z[ Z[i[cfb[WZei Z[ bWh]W ZkhWY_ d c|i Z[ kd W e [d [b Z[i[cfb[e i[ ^W ckbj_# fb_YWZe feh i_[j[ Z[iZ[ [b _d_Y_e Z[ bW Yh_i_i [d (&&-" Z[ )/)$(&& W ("- c_bbed[i" kd _dYh[c[dje Z[b +-' $ ;ifW W Z[if_Z_ (&'' Yed +É(-)$,&& Z[ieYkfWZei o bW j[dZ[dY_W [i W [cf[ehWh" i[] d fWbWXhWi Z[b fhef_e HW`eo$ ;ijW h[Wb_ZWZ Yecfb_YW W bei [YkWjeh_Wdei" fWhW gk_[# d[i Yedi[]k_h kdW fbWpW i[ ^W lk[bje kd ^WpW W [d ckY^ei YWiei$ (&'( _d_Y_ Yed kdW Y_# \hW feYe Wb[djWZehW0 [b ,'"- Z[ bei c_[cXhei Z[ bW Yeckd_# ZWZ [YkWjeh_WdW [d [ZWZ bWXe# hWb de j_[d[ jhWXW`e$ BW Yedi[# Yk[dY_W Z_h[YjW Z[ [iW h[Wb_ZWZ [i gk[ [b Ók`e Z[ h[c[iWi Z[ [c_]hWdj[i YWo [d kd *"* [d [b YkWhje jh_c[ijh[ Z[b W e fWiWZe [d YecfWhWY_ d Yed [b c_ice f[h eZe Z[ (&'&" _d\eh# ũ c [b 8WdYe 9[djhWb" gk[
ũ1# +(" "ũ#-ũ Wjh_Xko [b Z[i# 2/ ũ/ 1#!#ı 1~ ũ-.ũ $#!3 1ũ ũ+ ũ Y[die W bW Yh_# (-,(%1 !(¢-ũ i_i [Yed c_YW !'(- Ĕũ!.-ũ4-ũ ~-"(!#ũ"#ũ"#2#,ı _dj[hdWY_edWb" /+#.ũ"#+ũĉĔĒŘũ [if[Y_Wbc[dj[ #-31#ũĈďĎēćććũ !'(-.2ũ1#%(231 ı [d ;ifW W$ ".2ē I[] d [iW _dij_jkY_ d" [d# jh[ eYjkXh[ o Z_Y_[cXh[ fWiW# Zei _d]h[iWhed Wb fW i Wb]e c|i Z[ ,*- c_bbed[i Z[ Z bWh[i feh YedY[fje Z[ h[c[iWi" [d jWd# je gk[ [d [i[ bWfie Z[ (&'& bW Y_\hW bb[] YWi_ W ,-- c_bbed[i Z[ Z bWh[i$ BW Y_\hW Z[b YkWhje jh_c[ijh[ Z[ (&'' ikfed[ jWc# X_ d kdW XW`WZW Yed h[bWY_ d W bei jh[i c[i[i Wdj[h_eh[i" YkWdZe bb[]Whed Wb fW i Y[hYW Z[ ,-' c_bbed[i Z[ Z bWh[i [d h[c[iWi$ ;b 8WdYe 9[djhWb Wjh_Xko[ bW Z_ic_dkY_ d ÆW bW YeokdjkhW [Yed c_YWÇ Z[ bei fW i[i ZedZ[ h[i_Z[d [c_]hWdj[i" Yece ;i# fW W [ ?jWb_W" [djh[ ejhei$ BW cWoeh YW ZW i[ h[fehjW [d bWi h[c[iWi fhel[d_[dj[i Z[ ;i# fW W" gk[ [d [b bj_ce jh_c[ijh[ Z[ (&'' i[ i_jkWhed [d YWi_ ((& c_bbed[i Z[ Z bWh[i" kd '/", c[dei gk[ [d [b c_ice bWfie Z[ (&'&$ BWi h[c[iWi fhel[d_[dj[i Z[
2#2.1 ,(#-3.ũ -3#ũ "#2 '4!(.2ũ ŗũũ
ũ , ) " ũ"#ũ !4 ".1ũ #-ũ 2/ ũũ -4-!(¢ũ+ ũ/4#23 ũ #-ũ, 1!' ũ"#ũ4-ũ2#15(!(.ũ"#ũ 2#2.1 ,(#-3.ũ)41~"(!.ũ/ 1 ũ +.2ũ!.,/ 31(.3 2ũ1#2("#-3#2ũ#-ũ 2/ ũ $#!3 ".2ũ/.1ũ+ 2ũ"#4" 2ũ '(/.3#! 1( 2ũ8ũ+.2ũ"#2 '4!(.2ũ "#1(5 ".2ũ"#ũ24ũ#)#!4!(¢-ē 23#ũ/1.%1 , ũ/(+.3.ũ#23;ũ ũ ! 1%.ũ"#ũ4-ũ#04(/.ũ"#ũ .% ı ".2ũ#2/#!( +(9 ".2ũ#-ũ3#, 2ũ ,(%1 3.1(.2ũ#ũ'(/.3#! 1(.2ũ04#ũ 2#ũ#-! 1% 1;-ũ"#ũ(-$.1, 1ũ ũ+.2ũ #!4 3.1( -.2ũ"#ũ$.1, ũ%1 34(3 ũ #-ũ "1("Ĕũ 1!#+.- Ĕũ +#-!( ũ8ũ 41!( ē #%Ì-ũ+ ũ , ) " Ĕũ#-31#ũ đēćććũ8ũĈĎēćććũ#!4 3.1( -.2ũũ2#ũ ' -ũ/."(".ũ5#1ũ $#!3 ".2ũ#-ũ+.2ũ Ì+3(,.2ũ31#2ũ .2ũ/.1ũ+ 2ũ#)#!4!(.ı -#2ũ'(/.3#! 1( 2ėũ#-ũ3." ũ 2/ ũ ' -ũ2(".ũĈĎćēćććũ+ 2ũ,#"(" 2ũ "#ũ#23#ũ3(/.ũ "./3 " 2ũ#-ũ#2#ũ /#1(.".ē
(ũ./(-(¢-ũ #-ũĊćũ2#%4-".2
1!.ũ ¢/#9 7%#1#-3#ũ"#+ũ -!.ũ #-31 +ũ
,) & ' -ŋ (ŋ& ŋ & (4 ŋ ũũ # (".ũ ũ+ ũ!1(2(2ũ#!.-¢,(! ũ04#ũ ŗ3." 5~ ũ2#ũ5(5#ũ#-ũ 41./ Ĕũ2. 1#ũ
3.".ũ#-ũ 2/ ũ#ũ 3 +( Ĕũ04#ũ2.-ũ".2ũ / ~2#2ũ".-"#ũ' 8ũ%1 -ũ!.-!#-31 ı !(¢-ũ"#ũ!.,/ 31(.3 2Ĕũ+.ũ,;2ũ2#%41.ũ #2ũ04#ũ2#ũ"_ũ4- ũ"#2 !#+#1 !(¢-ũ#-ũ + 2ũ1#,#2 2ēũũ ;2ũ Ì-ũ!.-ũ#+ũ$.1ı 3 +#!(,(#-3.ũ04#ũ' ũ3#-(".ũ#+ũ"¢+ 1ũ $1#-3#ũ +ũ#41.ēũ ũ2(34 !(¢-ũ#2ũ04#ũ #+ũ"# (+(3 ,(#-3.ũ"#+ũ#41.ũ' !#ũ04#ũ 3#-% ,.2ũ".2ũ/1. +#, 2Ėũ4-.ũ"#ũ 5.+4,#-ũ"#ũ1#,#2 2Ĕũ/.104#ũ2.-ũ ,#-.2ũ04#ũ -3#2ũ8ũ.31.ũ/.1ũ3(/.ũ"#ũ ! , (.ũ04#ũ3 , (_-ũ' !#ũ04#ũ2#ũ 1#!( -ũ,#-.2ũ"¢+ 1#2ēũ 23 ũ! ~" Ĕũ#5("#-3#,#-3#Ĕũ5 ũ ũ %#-#1 1ũ4-ũ/1. +#, ũ"#ũ(-%1#2.ũ"#ũ "(5(2 2ũ +ũ/ ~2ũ/.104#ũ/1.$4-"(9 ũ #+ũ/1. +#, ũ"#ũ"#2 + -!#ũ04#ũ8 ũ 3#-#,.2ũ#-ũ+ ũ + -9 ũ!.,#1!( +ēũ 23.ũ.1(%(- ũ4-ũ, 8.1ũ"# (+(3 ,(#-ı 3.ũ"#+ũ2#!3.1ũ#73#1-.ēũ -ũ#2#ũ2#-3(".Ĕũ #+ũ . (#1-.ũ"# #1~ ũ/1#.!4/ 12#ũ#-ũ 1#$.19 1ũ +ũ2#!3.1ũ#7/.13 ".1Ĕũ04#ũ#2ũ + ũ.31 ũ5~ ũ,;2ũ(,/.13 -3#ũ"#ũ(-%1#ı 2.2ũ"#ũ"(5(2 2ũ +ũ/ ~2ēũ
ēũ -($#23 -3#2ũ"#ũ "1("Ĕũ 8#1ũ#-ũ/1.3#23 ũ"#ũ2(-"(! 3.2ēũ
?jWb_W [djh[ eYjkXh[ o Z_Y_[cXh[ c_bbed[i Z[ Z bWh[i" gk[ h[fh[# i[djWd kd .", c|i fWiWZei bb[]Whed gk[ [b c_ice f[h eZe W YWi_ +& c_bbed[i Z[ (&'&$ Z[ Z bWh[i" kd . ;b cedje Z[ h[c[iWi c[dei gk[ bWi Z[b fhel[d_[dj[i Z[b h[ije bj_ce jh_c[ijh[ Z[ ũ Z[ ckdZe [d [b YkWhje (&'&$ !#-2 ".2ũ1#2("#-ũ#-ũ jh_c[ijh[ Z[ (&'' \k[ Z[ ;d YedjhWfWhj[" 2/ ē YWi_ -( c_bbed[i Z[ Z # i[] d bWi [ijWZ ij_YWi bWh[i" be gk[ h[fh[i[djW Z[b 8WdYe 9[djhWb" [d [b bj_ce jh_c[ijh[ Z[ ũ kd Wkc[dje Z[b ,"( (&'' bb[]Whed Z[iZ[ 1#!( #-ũ24 2("(.ũ/.1ũ Yed h[bWY_ d Wb c_ice "#2#,/+#.ē f[h eZe Z[ (&'&$ ;;$KK$ c|i Z[ )&,
ĊĐđēĐďĉ
Ċďēćććũ
, '#)-Ĺ‹3Ĺ‹' #)-Ĺ‹* ,/ ()-Ĺ‹ *,). -. (Ĺ‹*),Ĺ‹0#-#. Ĺ‹ Ĺ‹ ),, .-2#).ĹŠ"#ĹŠ+ ĹŠ 1#-2 ĹŠ1#!' 9¢Ŋ 3 04#2ĹŠ "#+ĹŠ 1#2("#-3#ĹŠ#!4 3.1( -.ĹŠ ĹŠ+ ĹŠ+( #1Äą 3 "ĹŠ"#ĹŠ#7/1#2(¢-Ä“ Bei jh[i ]hkfei h[iWbjWhed Yece Æ^[Y^ei _dWY[fjWXb[i Z[ Z[ F[h_eZ_ijWi" [b 9edi[`e Z[ bW [ijW [iYWbWZW bWi i[dj[dY_Wi Wh# Fh[diW F[hkWdW o [b ?dij_jkje X_jhWh_Wi o Z[ifhefehY_edWZWi Fh[diW o B_X[hjWZ Yh_j_YWhed [c_j_ZWi feh [b FeZ[h @kZ_Y_Wb Wo[h [b ÆZ[j[h_eheÇ gk[ W ik `k_# YedjhW [b Z_Wh_e ;b Kd_l[hie o bei Y_e ik\h[ bW b_X[hjWZ Z[ fh[diW f[h_eZ_ijWi @kWd 9Whbei 9WbZ[# [d ;YkWZeh" [d Ye_dY_Z[dY_W Yed hÂŒd o 9^h_ij_Wd Pkh_jWÇ$ ÆBWi i[dj[dY_Wi iÂŒbe i[ [n# bW bb[]WZW Wb fW‡i Z[b fh[i_Z[dj[ fb_YWd feh kdW ik`[Y_ÂŒd Z[ bWi [YkWjeh_Wde" HW\W[b 9ehh[W$ Yehj[i Wb feZ[h feb‡j_YeÇ" BWi jh[i eh]Wd_pWY_ed[i [d\Wj_pWd bei ]h[c_ei Z[ Ă’hcWdj[i Z[b Yeckd_YWZe ĹŠ fh[diW f[hkWdei$ ^WY[d h[\[h[dY_W Wb Æf[h# ZÂŒdÇ YedY[Z_Ze feh 9e# hh[W W bei YedZ[dWZei feh ŊĉđŊ"#ĹŠ)4+(.ĹŠ"#ĹŠ (%4#ĹŠ/1#.!4/ !(Â˘Ä‰Ä‡ÄˆÄˆĹŠ#+ĹŠ"( 1(.ĹŠ Zei Z[cWdZWi `kZ_Y_Wb[i .11#.ĹŠ1#!' 9¢Ŋ+ ĹŠ BWi eh]Wd_pWY_ed[i Z_Y[d /1#2#-!( ĹŠ"#+ĹŠ fbWdj[WZWi feh ƒb$ gk[ i_]k[d fh[eYkfWZWi -" 3 1(.ĹŠ ÆBW WXhkcWZehW h[WY# #!4 3.1( -.ĹŠ#-ĹŠ fehgk[ ÆbWi i[dj[dY_Wi #1ĂŒĹŠ8ĹŠ+.ĹŠ"#!+ 1¢Ŋ Y_ÂŒd Z[ fhej[ijW _dj[hdW# !.,.ĹŠÄĄ #12.- ĹŠ [c_j_ZWi feh bW 9ehj[ Y_edWb ^W eXb_]WZe Wb fh[# -.ĹŠ%1 3 ĹŠ/ 1 ĹŠ+ ĹŠ DWY_edWb Z[ @kij_Y_W i[ /1#-2 ĹŠ/#14 - Ģē i_Z[dj[ 9ehh[W W YedY[Z[h cWdj[d]Wd l_][dj[i o bW h[c_i_ÂŒd Z[ bWi YedZ[# Yedieb_Z[d kd Wjhef[bbe dWiÇ" i[‹WbWd$ Z_h[Yje YedjhW bW b_X[hjWZ Z[ fh[diW [d [b ;YkWZehÇ" i[]‘d bW dejW$ -3#ĹŠ+ 2ĹŠ %1#2(.-#2 Æ>WY[cei lejei fWhW gk[ Y[i[ ÆBei Ă’hcWdj[i fhej[ijWcei feh [b Yh[Y_[dj[ Z[j[h_ehe Z[ bW b_X[h# jeZe WYje Z[ Y[dikhW" _dj_c_ZW# jWZ Z[ fh[diW [d ;YkWZeh o feh Y_ÂŒd o Wc[dWpW YedjhW bW b_X[hjWZ bWi W]h[i_ed[i gk[ ik\h[ bW fh[d# Z[ [nfh[i_ÂŒd" XWi[ \kdZWc[djWb iW _dZ[f[dZ_[dj[ Z[ [i[ fW‡iÇ" Z[ jeZW ieY_[ZWZ Z[ceYh|j_YWÇ" YedYbko[ [b Yeckd_YWZe$ _dZ_YW kd Yeckd_YWZe$ ÂĄ ĹŠ ĹŠ IJŊ Äą ĹŠ Ä› BW 7ieY_WY_ÂŒd DWY_edWb
#!3.1ĹŠ"#ă#-"#ĹŠ".!3.1 ".ĹŠ ĹŠ .11# ĹŠ ĹŠĹŠĹŠ 1 ĹŠ#+ĹŠ1#!3.1ĹŠ"#ĹŠ+ ĹŠ -(5#12(" "ĹŠ"#ĹŠ '(!+ 8.ĔŊ 4 -ĹŠ (-%.ĹŠ Ĺ— 1 ĔŊ-.ĹŠ' 8ĹŠ- " ĹŠ"#ĹŠ, +.ĹŠ#-ĹŠ!.-!#"#1ĹŠ4-ĹŠ".!3.1 ".ĹŠ
ēŊ - Ŋ-( Ŋ/#14 - Ŋ.-"# Ŋ -"#1 2Ŋ"#Ŋ !4 ".1Ŋ Ŋ+ Ŋ++#% " Ŋ"#+Ŋ /1#2("#-3#Ŋ .11# ēŊ
'.-.1(2Ŋ! 42 Ŋ +Ŋ/1#2("#-3#Ŋ"#Ŋ !4 ".1ĔŊ $ #+Ŋ .11# ē -Ŋ"(;+.%.Ŋ!.-Ŋ#+Ŋ"( 1(.Ŋ +Ŋ .,#1!(.ĔŊ"#Ŋ (, ĔŊŊ (-%.Ŋ
1 Ŋ' Ŋ31 3 ".Ŋ"#Ŋ"#2+(% 1Ŋ+ Ŋ1#/1. +#Ŋ !3(34"Ŋ"#+Ŋ , -" 3 1(.Ŋ!.-Ŋ+.2Ŋ,#"(.2Ŋ"#Ŋ!.,4-(! !(¢-Ŋ8Ŋ"#$#-"(¢Ŋ #+Ŋ".!3.1 ".Ŋ/ 1 Ŋ .11# ēŊĥ 23#Ŋ#2Ŋ4-Ŋ1#!.-.!(,(#-3.Ŋ!(#-Ŋ /.1Ŋ!(#-3.Ŋ ! "_,(!.ĔŊ-.Ŋ/.+~3(!.ĢĔŊ"().Ŋ Ŋ#23#Ŋ,#"(.ē #2/#!3.Ŋ +Ŋ,#-2 )#Ŋ04#Ŋ/4#"#Ŋ#23 1Ŋ" -".Ŋ Ŋ+.2Ŋ #234"( -3#2Ŋ"#Ŋ/#1(."(2,.Ŋ"#Ŋ24Ŋ! 2 Ŋ"#Ŋ#234"(.2ĔŊ (-%.Ŋ 1 Ŋ2# +¢Ŋ04#Ŋ31 3 Ŋ"#Ŋ ĥ24, 1Ŋ/ 1 Ŋ04#Ŋ! " Ŋ#234"( -3#Ŋ/4#" Ŋ$.1, 12#Ŋ4- Ŋ./(-(¢-Ŋ8Ŋ#2!4!' 1Ŋ Ŋ4- Ŋ /#12.- Ŋ04#Ŋ/+ -3# Ŋ +%.ĔŊ!.-Ŋ+.Ŋ04#Ŋ2#Ŋ!.-31( 48#Ŋ Ŋ4-Ŋ"# 3#Ŋ8Ŋ Ŋ04#Ŋ#+Ŋ +4,-.Ŋ /4#" Ŋ' !#1Ŋ4- Ŋ!1~3(! Ŋ +Ŋ1#2/#!3.Ģē
, -# (. -Ĺ‹#( /!/, ,)(Ĺ‹ Ĺ‹ #( . Ĺ‹ #( #)( &Ĺ‹ Bei fh[i_Z[dj[i Z[ F[h‘" EbbWd# hed iki Xk[dWi h[bWY_ed[i Yed jW >kcWbW" o Z[ ;YkWZeh" HW\W[b kd jhWje YehZ_Wb [d [b gk[ i[ bbW# 9ehh[W" _dWk]khWhed Wo[h [b L cWhed ckjkWc[dj[ Æ^[hcWdeÇ =WX_d[j[ 8_dWY_edWb `kdje W iki o ÆWc_]eÇ" [ _dYbkie i[ Z_[hed c_d_ijhei [d bW Y_kZWZ f[hkWdW j_[cfe fWhW Xhec[Wh$ ;b CWdZWjWh_e f[hkW# Z[ 9^_YbWoe$ de Z_`e gk[ [if[hW gk[ Yed ÆDe iebe j[d[cei kd bW _dj[]hWY_ÂŒd Z[ WcXei fWiWZe Yec‘d" i_de kd
Z[ij_de Yec‘dÇ" ieijkle "#ĹŠ"¢+ 1#2ĹŠ24, ĹŠ fW‡i[i bW \hedj[hW i[W kd + ĹŠ + -9 ĹŠ h[Yk[hZe" c_[djhWi gk[ 9ehh[W" Wb Yec[dpWh bW !.,#1!( + [b [YkWjeh_Wde i[‹WbÂŒ gk[ h[kd_ÂŒd$ >kcWbW i[‹WbÂŒ (+ 3#1 +Ä“ XkiYW h[Ykf[hWh [b j_[cfe gk[ [ijW Y_jW ÆcWhYW kdW f[hZ_Ze jhWi lWh_Wi ZƒYW# dk[lW [jWfW Z[ _dj[]hW# Y_ÂŒd fhe\kdZW o h[bWY_ÂŒd [djh[ ZWi Z[ Z[i[dYk[djhei$ Zei fk[Xbei ^[hcWdei gk[ l_[# d[d Z[ kdW c_icW ^_ijeh_W" Z[ .2ĹŠ3#, 2 kdW c_icW cWjh_pÇ$ ;djh[ bWi [nf[h_[dY_Wi gk[ Xki# >kcWbW o 9ehh[W Z[ceijhW# YWd Wfhel[Y^Wh WcXei fW‡i[i i[
ĉēÄ?ććŊ
ēŊ 4, + Ŋ8Ŋ .11# Ŋ(-(!( -Ŋ#-Ŋ '(!+ 8.Ŋ#+Ŋ Ŋ (-#3#Ŋ (- !(.- +ŊēŊ
[dYk[djhWd bWi feb‡j_YWi ieY_Wb[i fWhW Z_iYWfWY_jWZei Z[ ;YkWZeh o bW W]h_YkbjkhW Z[iWhhebbWZW [d pedWi Z[iƒhj_YWi Z[ F[h‘$ Kde Z[ bei fheXb[cWi Yeck# d[i gk[ i[‹WbŒ 9ehh[W \k[ [b Yed#
jhWXWdZe Z[ WhcWi fheY[Z[dj[ Z[ F[h‘$ JWcX_ƒd [ij| fh[l_ijW bW Z_iYki_Œd Z[ j[cWi Z[ _d\hW[i# jhkYjkhW" i[]kh_ZWZ" _dYbki_Œd ieY_Wb" c[Z_eWcX_[dj[ o fheZkY# j_l_ZWZ$
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ĉ
(ĹŠ./(-(¢-ĹŠ #-ĹŠÄ?ćŊ2#%4-".2
4 -Ŋ 1+.2Ŋ +"(5( ( 1(.Ŋ .11#.ŊIJŊ (, Ŋ
Ä’ )Ĺ‹ # (0 (# )Ä…Ĺ‹ *, -# (. Ĺ‹ ),, Ä“
ĹŠĹŠ +ĹŠ/1#2("#-3#ĹŠ $ #+ĹŠ .11# ĹŠ Ĺ—#2ĹŠ#+ĹŠ. 5(.ĹŠ24!#2.1ĹŠ"#ĹŠ".-ĹŠ 4%.ĹŠ
';5#9Ŋ#-Ŋ+ Ŋ!.-"4!!(¢-Ŋ"#Ŋ#2#Ŋ 2 -!.!' ".Ŋ("#.+¢%(!.Ŋ04#Ŋ#2Ŋ #+Ŋ++ , ".Ŋĥ .!( +(2,.Ŋ"#+Ŋ2(%+.Ŋ ĢēŊ Ŋ!.,.Ŋ3 +ĔŊ1#2/.-"#Ŋ Ŋ + 2Ŋ,(2, 2Ŋ/1;!3(! 2Ŋ04#Ŋ04(#-Ŋ + ,#-3 +#,#-3#Ŋ#)#1!#Ŋ+ Ŋ/1#2(Ĺ "#-!( Ŋ"#Ŋ #-#94#+ ē .,.Ŋ2(Ŋ$4#1 Ŋ/ 13#Ŋ"#+Ŋ ,(2,.Ŋ%4(¢-ĔŊ $ #+Ŋ .11# Ŋ Ĺ +Ŋ(%4 +Ŋ04#Ŋ 4%.Ŋ ';5#9Ŋ.Ŋ 5.Ŋ .1 +#2ĹŊ#)#1!#Ŋ+ Ŋ/1#Ĺ 2("#-!( Ŋ#-Ŋ4-Ŋ/#1, -#-3#Ŋ !.-$+(!3.Ŋ!.-Ŋ+.2Ŋ2#!3.1#2Ŋ"#Ŋ ./.2(!(¢-Ŋ8ĔŊ!¢,.Ŋ-.ĔŊ!.-Ŋ+.2Ŋ ,#"(.2Ŋ"#Ŋ!.,4-(! !(¢-ēŊ #1.Ŋ +.2Ŋ-(5#+#2Ŋ"#Ŋ(-3.+#1 -!( Ŋ"#Ŋ .11# Ŋ1#2/#!3.Ŋ +Ŋ/#1(."(2,.Ŋ +.Ŋ' -Ŋ++#5 ".Ŋ Ŋ"#2 11.++ 1Ŋ+ 2Ŋ /1;!3(! 2Ŋ,;2Ŋ(-3.+#1 +#2Ŋ#-Ŋ /#12#!4!(¢-Ŋ"#Ŋ04(#-#2Ŋ#)#1!#-Ŋ !.-Ŋ(-"#/#-"#-!( Ŋ+ Ŋ+ .1Ŋ"#Ŋ (-$.1, 1Ŋ8Ŋ./(- 1ē 42Ŋ2#%4(".1#2Ŋ04#, -Ŋ#)#,Ĺ /+ 1#2Ŋ"#Ŋ"( 1(.2Ŋ"#Ŋ./.2(!(¢-Ŋ ĸ!.,.Ŋ +Ŋ -(5#12.ĚĔŊ' -Ŋ"#2 Ĺ 11.++ ".Ŋ! ,/  2Ŋ/4 +(!(3 Ĺ 1( 2Ŋ Ŋ-(5#+Ŋ- !(.- +Ŋ!.-31 Ŋ+.Ŋ 04#Ŋ .11# Ŋ!.-2("#1 Ŋĥ/1#-Ĺ 2 Ŋ!.114/3 ĢĔŊ' Ŋ(,/4+2 ".Ŋ 1#$.1, 2Ŋ+#% +#2Ŋ"#23(- " 2Ŋ Ŋ !.-31.+ 1Ŋ+.2Ŋ!.-3#-(".2Ŋ"#Ŋ+.2Ŋ ,#"(.2Ŋĸ #8Ŋ +#!3.1 +Ŋ8Ŋ .-2#).Ŋ "#Ŋ #%4+ !(¢-Ŋ"#Ŋ!.-3#-(".2ĚĔŊ ' Ŋ#-)4(!( ".Ŋ Ŋ+.2Ŋ/#1(."(23 2Ŋ
4 -ĹŠ 1+.2ĹŠ +"#1¢-ĹŠ8ĹŠ '1(23( -ĹŠ 41(3 ĔŊ 43.1#2ĹŠ"#+ĹŠ+( 1.ĹŠ +ĹŠ 1 -ĹŠ #1, -.ĔŊ".-"#ĹŠ2#ĹŠ1#2# -ĹŠ +.2ĹŠ-#%.!(.2ĹŠ"#+ĹŠ'#1, -.ĹŠ"#+ĹŠ 1#2("#-3#ēŊ .11# ĹŠ' ĹŠ+.%1 ".ĹŠ 4- ĹŠ2#-3#-!( ĹŠ04#ĹŠ. +(% ĹŠ ĹŠ+.2ĹŠ 43.1#2ĹŠ ĹŠ/ % 1+#ŊĉŊ,(++.-#2ĹŠ"#ĹŠ "¢+ 1#2ĹŠ/.1ĹŠ"  .ĹŠ,.1 +ēŊ ĹŠ!+ 1.ĔŊ 3 , (_-ĹŠ#23;ĹŠ#+ĹŠ)4(!(.ĹŠ!.-31 ĹŠ#+ĹŠ "( 1(.ĹŠ +ĹŠ -(5#12.ĔŊ04#ĹŠ' ĹŠ. +(Äą % ".ĹŠ ĹŠ24ĹŠ"(1#!3.1ĹŠ ĹŠ 42! 1ĹŠ 2(+.ĔŊ 8ĹŠ04#ĹŠ/1#3#-"#ĹŠ2#ĹŠ+#ĹŠ/ %4#ĹŠÄŒÄ‡ĹŠ ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2Ä“ .11# ĹŠ#2ĹŠ +%4(#-ĹŠ04#ĹŠ-.ĹŠ !#/3 ĹŠ !1~3(! 2ĹŠ8ĹŠ04#ĹŠ#)#1!#ĹŠ#+ĹŠ/."#1ĹŠ"#ĹŠ , -#1 ĹŠ 42(5 ĹŠ#ĹŠ(-3.+#1 -3#ēŊ #1.ĹŠ#2ĹŠ/4#2ĹŠ#+ĹŠ)#$#ĹŠ"#ĹŠ 23 ".ĹŠ"#ĹŠ 4-ĹŠ/ ~2ĹŠ5#!(-.ĹŠ8ĹŠ!.,.ĹŠ3 +ĹŠ#23;ĹŠ 5(2(3 -".ĹŠ-4#231 ĹŠ/ 31( ēŊ .-ĹŠ 1#+ !(.-#2ĹŠ04#ĹŠ4-ĹŠ"#,¢!1 3 ĹŠ "# #1~ ĹŠ1#!' 9 1ĔŊ,;2ĹŠ ++;ĹŠ"#ĹŠ + ĹŠ. +(% !(¢-ĹŠ/1.3.!.+ 1ēŊ #1.ĹŠ 2(ĹŠ#+ĹŠ/1#2("#-3#ĹŠ 4, + ĹŠ"# #ĹŠ 3#-"#1+.ĹŠ!.-ĹŠ!.13#2~ ĔŊ#+ĹŠ/#1(.Äą "(2,.ĹŠ/#14 -.ĹŠ"# #ĹŠ,.231 1+#ĹŠ 242ĹŠ. )#!(.-#2ĹŠ ĹŠ4-ĹŠ#)#1!(!(.ĹŠ 43.1(3 1(.ĹŠ!.-31 ĹŠ+.2ĹŠ!.+#% 2ĹŠ #!4 3.1( -.2Ä“
ĉ
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
), ), Ĺ‹ .# ( Ĺ‹& Ĺ‹ ,, , Ĺ‹ (/ & ,Ĺ‹ Ĺ‹ ' #)Ĺ‹ Ĺ‹ )'#
+Ŋ-4#5.Ŋ+~"#1Ŋ-.1!.1# -.Ŋ (,Ŋ .-%Ĺ4-Ŋ 242/#-"#Ŋ/1.%1 , Ŋ #+(!(23 Ŋ -3#Ŋ+ Ŋ ' , 14- Ŋ"#Ŋ24Ŋ/4# +.ē Ë ĔŊ Ŋě 9eh[W Z[b Dehj[
WdkdY_ÂŒ Wo[h gk[ ikif[dZ[h| j[cfehWbc[dj[ iki WYj_l_ZWZ[i Z[ [dh_gk[Y_c_[dje Z[ khWd_e" Wi‡ Yece bWi fhk[XWi dkYb[Wh[i o bei bWdpWc_[djei Z[ c_i_b[i Z[ bWh]e WbYWdY[" W YWcX_e Z[ h[Y_# X_h WokZW Wb_c[djWh_W Z[ ;ijW# Zei Kd_Zei$ 7i‡" [b h[]_c[d [ijWb_d_ijW ZWh| W ;ijWZei Kd_Zei o iki Wb_WZei kd h[if_he [d ;njh[ce Eh_[dj[ W YWcX_e Z[ bWi fhej[‡# dWi o YWhXe^_ZhWjei gk[ d[Y[i_# jW fWhW YWbcWh W kdW feXbWY_ÂŒd \Wcƒb_YW$ ;b XehhWZeh Z[b WYk[hZe [d [ij[ i[dj_Ze be d[]eY_Whed bW i[cWdW fWiWZW Z_fbec|j_Yei [ijWZekd_Z[di[i o dehYeh[Wdei [dl_WZei W F[a‡d fWhW Wj[dZ[h kdW Z[b_YWZW h[kd_ÂŒd [d bW gk[ i[ fbWdj[ÂŒ YÂŒce ZWh kd fh_c[h fWie" kd ][ije gk[ YedZkpYW W bW c[iW Z[ d[]eY_WY_ed[i o Z[`[ Wjh|i" feh Ă’d" bei W‹ei c|i j[d# iei gk[ ^W l_l_Ze bW f[d‡dikbW Yeh[WdW [d ZƒYWZWi$ BW _d_Y_Wj_lW i[ YedYh[jÂŒ Yed [b WdkdY_e ^[Y^e f‘Xb_Ye Wo[h" Z[ cWd[hW i_ckbj|d[W" Z[iZ[ [b :[fWhjWc[dje Z[ ;ijWZe Z[ ;;$ KK$ o bW W][dY_W eĂ’Y_Wb Z[ dej_# Y_Wi dehYeh[WdW$
(34 !(¢-Ŋ!1~3(! ŗŊŊ Ŋ2(34 !(¢-Ŋ#-Ŋ .1# Ŋ"#+Ŋ .13#ĔŊ "5(#13#-Ŋ+ 2Ŋ.1% -(9 !(.-#2Ŋ'4, Ĺ
-(3 1( 2ĔŊ#2ĹŠ1# +,#-3#ĹŠ!1~3(! ēŊ .2ĹŠ 1#$4%( ".2ĹŠ04#ĹŠ' -ĹŠ -".- ".ĹŠ#+ĹŠ / ~2ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ,#2#2ĹŠ 31 5#2 -Äą ".ĹŠ+ ĹŠ$1.-3#1 ĹŠ!.-ĹŠ '(- ĹŠ 2#%41 -ĹŠ 04#ĹŠ-.ĹŠ' 8ĹŠ- " ĹŠ04#ĹŠ#!' 12#ĹŠ ĹŠ+ ĹŠ .! ĹŠ#-ĹŠ+ 2ĹŠ#,/. 1#!(" 2ĹŠ1#%(.-#2ĹŠ "#+ĹŠ-.1#23#Ä“ #%ĂŒ-ĹŠ 1(3 2ĔŊ".2ĹŠ3#1!(.2ĹŠ"#ĹŠ+ ĹŠ /. + !(¢-ĹŠ#23 1~ ĹŠ24$1(#-".ĹŠ8 ĹŠ +%ĂŒ-ĹŠ3(/.ĹŠ"#ĹŠ! 1#-!( ĹŠ-431(3(5 ēŊ +ĹŠ 1.%1 , ĹŠ 4-"( +ĹŠ"#ĹŠ +(,#-3.2ĔŊ"#ĹŠ + ĹŠ ĔŊ! +!4+¢Ŋ8 ĹŠ#-ĹŠ, 19.ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ 04#ĹŠ4-.2ĹŠÄ?ĹŠ,(++.-#2ĹŠ"#ĹŠ/#12.- 2ĹŠ#2Äą 3 -ĹŠÄĄ +ĹŠ .1"#ĢŊ"#ĹŠ+ ĹŠ"#2-431(!(¢-ĹŠ8ĹŠ -#!#2(3 -ĹŠÄĄ41%#-3#,#-3#ĢŊ 84" ĹŠ '4, -(3 1( Ä“
+ĹŠ!.,/1.,(2.
7 be gk[ i[ Yecfhec[j[ 9eh[W Z[b Dehj[ feh W^ehW [i W fWhWh ik fhe]hWcW WjŒc_Ye0 Z[`Wh Z[ [dh_gk[Y[h khWd_e o ikif[dZ[h jeZWi bWi fhk[XWi Yed c_i_b[i Z[ bWh]e WbYWdY[$ 7Z[c|i" i[ f[hc_j_h| gk[ _dif[Yjeh[i Z[ bW 7][dY_W ?dj[h# dWY_edWb Z[ bW ;d[h]‡W 7jŒc_YW 7_[W l_i_j[d [b Yecfb[`e dk# Yb[Wh Z[ Oed]Xoed fWhW Yecfhe#
ēŊ (#, 1.2ĹŠ"#ĹŠ+ 2ĹŠ$4#19 2ĹŠ#2/#!( +#2ĹŠ241!.1# - 2ĹŠ/ 13(!(/ -ĹŠ#-ĹŠ4-ĹŠ2(,4+ !1.ĹŠ"#ĹŠ(-3#15#-!(¢-ĹŠ -3(3#11.1(23 ĔŊ"#ĹŠ! 1 ĹŠ ĹŠ+ ĹŠ/1¢7(, ĹŠ 4, 1#ĹŠ"#ĹŠ #%41(" "ĹŠ 4!+# 1ĔŊ#-ĹŠ#+ĹŠ #1./4#13.ĹŠ"#ĹŠ -!'#.-ĔŊ#-ĹŠ #ĂŒ+ēŊ
XWh gk[ [b hƒ]_c[d Ykcfb[ iki fhec[iWi$ 9ece fh[c_e" ;ijWZei Kd_# Zei [dl_Wh| (*&$&&& jed[bWZWi Z[ Wb_c[djei fWhW fWb_Wh bW YW# jWijhÂŒĂ’YW i_jkWY_ÂŒd ^kcWd_jWh_W Z[ ik Æ[d[c_]eÇ$ O Yed bW fhec[iW Z[ cWdZWh c|i WokZW i_ [b Z_|be]e Yedj_d‘W Ă“ko[dZe$ I[ jhWjW Z[ kdW lk[bjW eĂ’Y_Wb W bW bbWcWZW ÆZ_fbecWY_W dkYb[WhÇ gk[ ^W l[d_Ze fhWY#
j_YWdZe 9eh[W Z[b Dehj[ [d bei ‘bj_cei W‹ei" [n_]_[dZe WokZW cWj[h_Wb fh_dY_fWbc[dj[ Wb_# c[djei o f[jhŒb[e W YWcX_e Z[ ]WhWdj‡Wi Z[ fWp$ # !!(.-#2
BW i[Yh[jWh_W Z[ ;ijWZe Z[ ;i# jWZei Kd_Zei" >_bbWho 9b_djed" Y[b[XhŒ [b WdkdY_e Z[ 9eh[W Z[b Dehj[ Z[ gk[ Wfb_YWh| kdW cehW# jeh_W Wb bWdpWc_[dje Z[ c_i_b[i
)_1!(3.ĹŠ2(1(.ĹŠ+ -9 ĹŠ 4- ĹŠ%1 -ĹŠ.$#-2(5 ĹŠ
ĹŠ ĔŊ ĹŠÄ› ;b ;`ƒhY_je i_h_e
^W bWdpWZe kdW ]hWd e\[di_lW YedjhW [b XWij_ÂŒd efei_jeh Z[ 8WXW 7che [d bW Y_kZWZ Z[ >eci" ZedZ[ bWi jhefWi b_XhWd \k[hj[i YecXWj[i Yed bei Z[i[hjeh[i [d ik _dj[dje Z[ je# cWh bW pedW Wb WiWbje" _d\ehcÂŒ kd fehjWlep Z[ bei h[X[bZ[i$ ;b fehjWlep Z[b ;`ƒhY_je B_Xh[ I_h_e ;BI " CW^[h Wb DkW_# c_" [nfb_YÂŒ gk[ bW e\[di_lW [i ÆX|hXWhW o XhkjWbÇ o gk[ bWi jhefWi [ij|d kiWdZe Æfeh fh_c[hW l[p c_i_b[i Z[ bWh]e WbYWdY[Ç$
4#+5#Ŋ+ Ŋ3#-2(¢-Ŋ #-31#Ŋ 1%#-3(- Ŋ8Ŋ #+Ŋ #(-.Ŋ -(".Ŋ ŊŊŊ
ĔŊ ŊěŊ;b H[_de Kd_Ze
Z[ bWh]e WbYWdY[ o W bWi WYj_l_ZW# Z[i dkYb[Wh[i" _dYbk_Ze [b [dh_# gk[Y_c_[dje Z[ khWd_e$ Æ;b WdkdY_e h[fh[i[djW kd ceZ[ije fh_c[h fWie [d bW Z_# h[YY_ÂŒd Yehh[YjWÇ" i[‹WbÂŒ$ De eXijWdj[ WZl_hj_ÂŒ gk[ [b ]eX_[hde Z[b fh[i_Z[dj[ Z[ ;i# jWZei Kd_Zei" 8WhWYa EXWcW" j_[d[ W‘d Æfhe\kdZWi fh[eYkfW# Y_ed[iÇ ieXh[ [b YecfehjWc_[d# je Z[ 9eh[W Z[b Dehj[$ YedleYÂŒ Wo[h Wb [dYWh]WZe Z[ d[]eY_ei Z[ 7h][dj_dW" EilWb# Ze C|hi_Ye" fWhW f[Z_hb[ kdW [nfb_YWY_ÂŒd ieXh[ [b YWie Z[ Zei YhkY[hei Xh_j|d_Yei W bei gk[ i[ b[i Z[d[]ÂŒ bW [djhWZW Wb fk[hje Wh][dj_de Z[ Ki^kW_W" [d [b ikh$ 7i‡ be WĂ’hcÂŒ kd fehjWlep Z[b C_d_ij[h_e Xh_j|d_Ye Z[ 7ikd# jei ;nj[h_eh[i" be gk[ ikfed[ kd [f_ieZ_e c|i [d bW Z_ifkjW gk[ cWdj_[d[d WcXei fW‡i[i feh bW ieX[hWd‡W Z[ bWi _ibWi CWbl_dWi$
!4#1" -ĹŠ#+ĹŠ/1.3.!.+.ĹŠ / 1 ĹŠ+ ĹŠ#-31#% ĹŠ "#ĹŠ+.2ĹŠ1#'#-#2
:ĔŊ ĹŠĹŠÄ› 9ebecX_W" 8hWi_b o [b 9ec_jƒ ?dj[hdW# Y_edWb Z[ bW 9hkp He`W 9?9H WYehZWhed Wo[h [d 8e]ej| [b fhejeYebe Z[ i[]kh_ZWZ fWhW bW WdkdY_WZW [djh[]W Z[ bei '& feb_Y‡Wi o c_b_jWh[i" gk[ bWi <7H9 cWdj_[d[d i[Yk[i# jhWZei" Z_`[hed \k[dj[i Z[b ;`[Ykj_le$ ;b Yedi[die \k[ WbYWdpWZe ZkhWdj[ kd [dYk[djhe Z[b l_Y[c_d_ijhe YebecX_Wde Z[ :[\[diW" @eh][ ;dh_gk[ 8[Ze# oW" Yed [b Z[b[]WZe Z[b 9?9H [d 9ebecX_W" @ehZ_ HW_Y^" o [b [cXW`WZeh XhWi_b[‹e [d [b fW‡i" 7djed_de C[dW$
:1# 2ĹŠ/1.3#%(" 2ĹŠ "#ĹŠ !4 ".1
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
#-)&/ #š(ŋ ŋ "# &)ŋ*,)0) ŋ #(0# ,()ŋ )(ŋ '6-ŋ(# 0
#2#15 Ŋ (.+¢%(! Ŋ +Ŋ ¢-".1
ĔŊ š ;b Z[hh[j_c_[d#
ŗŊ ¥ ĖŊ Ŋ .1"(++#1 Ŋ"#+Ŋ ¢-".1Ŋ2#Ŋ4 (! Ŋ#-Ŋ ,.1 Ŋ '(-!'(/#Ŋ 8Ŋ .1.- Ŋ -3( %.ē
Ĺ—ĹŠ ÂĄ Ä–ĹŠÄ‰Ä“ÄŒÄŒÄ‡ĹŠ'#!3;1# 2 :[ifkƒi Z[ bW \_hcW Z[b 7Yk[hZe Z[ FWp [djh[ ;YkW# Zeh o F[h‘" [d '//." i[ [ijW# Xb[Y_[hed Zei fWhgk[i0 kde Z[ ,$&&& ^[Yj|h[Wi [d j[hh_jeh_e f[hkWde o ejhe Z[ ($*&& [d [b [YkWjeh_Wde$ 7cXei \ehcWd fWhj[ Z[ bW 9ehZ_bb[hW Z[ ;b 9ÂŒdZeh gk[ j_[d[ c|i Z[ ',& a_bÂŒc[jhei Z[ bed]_jkZ$ ;b |h[W Z[ bW H[i[hlW i[ YW# hWYj[h_pW feh i[h ikXWdZ_dW o j[d[h h[b_[l[i cedjW‹eiei gk[ lWh‡Wd [djh[ bei (&& o bei ($.&& c[jhei ieXh[ [b d_l[b Z[b cWh$ Ik Yb_cW [i lWh_WZe oW gk[ [d bWi pedWi WbjWi i[ kX_YW [djh[ bei ')e9 o bei '.e9" [d bWi pedWi cedjW‹eiWi [i Z[ '/e9 W ((e9" [d bWi pedWi XW`Wi [i c[dei W bei ((e9$ 7Z[c|i [i Yedi_Z[# hWZe kd j[hh_jeh_e [njh[cWZW# c[dj[ ^‘c[Ze ZkhWdj[ jeZe [b W‹e$ Fei[[ Xeigk[ WcWpÂŒd_Ye" fh[cedjWde" cedjWde o cW# jehhWb$ Ik \WkdW de j_[d[ [i# jkZ_ei [if[Y‡ÒYei" f[he [d bW 9ehZ_bb[hW ^Wo '*( [if[Y_[i Z[ cWc‡\[hei" ,') Z[ Wl[i o +, Z[ WdĂ’X_ei$ 1 ĹŠ++#% 1
;b WYY[ie W bW 9ehZ_bb[hW Z[ ;b 9ŒdZeh de [i i[dY_bbe$ Fk[Z[ l_W`Wh [d Wl_Œd ^WijW CWYWi e Be`W fWhW i[]k_h Zk# hWdj[ YkWjhe k eY^e ^ehWi feh j_[hhW ^WijW bWi feXbWY_ed[i l[Y_dWi Yece0 IWd @kWd 8ei# Ye" =kWbWgk_pW" IWdj_W]e" ;b FWd]k_" OWdpWjpW" FWgk_i^W e PWcehW$ :[iZ[ [ijei bk]Wh[i i[ _d]h[iW W kdW h[Z l_Wb gk[ WYY[Z[ W bW XWi[ Z[ YWi_ jeZW bW YehZ_bb[hW$ ;d pedWi ^WX_jWZWi feh Yeckd_ZWZ[i i^kWh" [b WYY[ie iebe i[ fk[Z[ h[Wb_pWh Yed ]k‡Wi beYWb[i fk[i [ijei YedeY[d bei i[dZ[hei gk[ i[ [dYk[djhWd [d c[Z_e Z[b Xeigk[$
#2#15 Ŋ (.+¢%(!
!3(5(" "#2ĹŠ/#1,(3(" 2
ĹŠĹŠ 4ĹŠ. )#3(5.ĹŠ/1(-!(/ +ĹŠ#2ĹŠ!.-2#15 1ĹŠ Ĺ—#!.2(23#, 2ĹŠ!.,/+#3.2ĹŠ8ĹŠ242ĹŠ#2/#Äą
!(#2ĔŊ/.!.Ŋ +3#1 ".2Ŋ8Ŋ!.-Ŋ,~-(, Ŋ /1#2#-!( Ŋ'4, - ē ŊŊ 4#"#-Ŋ1# +(9 12#Ŋ(-5#23(% !(¢-Ŋ ŗ(.+¢%(! ĔŊ#!.+¢%(! Ŋ8Ŋ , (#-3 +ĔŊ 2~Ŋ !.,.Ŋ#"4! !(¢-Ŋ , (#-3 +ē ŊŊ +Ŋ-(5#+Ŋ"#Ŋ1#231(!!(¢-Ŋ"#Ŋ42.Ŋ#2Ŋ +3.Ŋ ŗ/ 1 Ŋ% 1 -3(9 1Ŋ#+Ŋ"#2 11.++.Ŋ"#Ŋ+.2Ŋ /1.!#2.2Ŋ#!.+¢%(!.2ē ŇŊ -$.1, !(¢-Ŋ1#!./(+ " Ŋ!.-Ŋ+ Ŋ 84" Ŋ"#+Ŋ (-(23#1(.Ŋ"#Ŋ , (#-3#ē
ÄŠ
¥ ēŊ #Ŋ"# #Ŋ1#"4!(1Ŋ#+Ŋ(,/ !3.Ŋ"#+Ŋ% - ".Ŋ#-Ŋ+.2Ŋ24#+.2Ŋ8Ŋ24Ŋ!.-3 ,(- !(¢-Ŋ!.-Ŋ'#!#2Ŋ$#! +#2ē
v)ŋ (/( 3ŋ -. ,v ŋ . )ŋ*),ŋ! ( ,v +Ŋ Ą4#-3#Ŋ!4#-Ĺ ! -.Ŋ3#-"1~ Ŋ4- Ŋ +(%#1 Ŋ!.-3 ,(Ĺ - !(¢-Ŋ%#-#1 " Ŋ /.1Ŋ!.+($.1,#2ēŊ
BW fheZkYY_ÂŒd ]WdWZ[hW eYW# i_edW lWh_Wi Wbj[hWY_ed[i Wb c[Z_eWcX_[dj[" [djh[ [ijWi i[ Z[ijWYW [b Z[j[h_ehe Z[b ik[be" bW YedjWc_dWY_ÂŒd Z[ \k[dj[i ^‡Zh_YWi o bW Z[ijhkYY_ÂŒd Z[ bW l[][jWY_ÂŒd eh_]_dWb$ ;d [b 7ki# jhe [YkWjeh_Wde i[ ^W [l_Z[d# Y_WZe [ijW fheXb[c|j_YW [d bWi Yeckd_ZWZ[i Wb[ZW‹Wi Wb h‡e OWdkdYWo$ Æ;n_ij[ kdW b_][hW YedjW# c_dWY_ÂŒd [d bW Yk[dYW ^‡Zh_YW `kije Wdj[i Z[ [djhWh W bW fWhj[ Z[ bW YWfjWY_ÂŒd Z[ W]kW fejW# Xb[ fWhW 9k[dYWÇ" [nfb_YW @kWd FWXbe =WhpÂŒd" jƒYd_Ye Z[b ?di# j_jkje DWY_edWb 7kjÂŒdece Z[ ?dl[ij_]WY_ed[i 7]hef[YkW# h_Wi ?d_Wf $ ;b ?d_Wf" Yed`kdjWc[dj[ Yed bW [cfh[iW f‘Xb_YW ;jWfW" [i# j|d [cfh[dZ_[dZe kd fheY[ie Z[ YWfWY_jWY_ÂŒd W bei ]WdWZ[# hei Z[ bW pedW fWhW Yedi[]k_h
#$.1#23 !(¢ŗŊŊ Ŋ#,/1#2 Ŋ 3 / Ŋ"#2 11.++ Ŋ+ Ŋ (-(!( 3(5 Ŋļ !4#1".2Ŋ,434.2Ŋ/.1Ŋ#+Ŋ
%4 ČĔŊ04#ĹŠ 42! ĹŠ04#ĹŠ+.2ĹŠ% - Äą "#1.2ĹŠ!#1! -.2ĹŠ +ĹŠ1~.ĹŠ -4-! 8ĹŠ !.-!#" -ĹŠ4-ĹŠ#2/ !(.ĹŠ"#ĹŠ24ĹŠ3#11(Äą 3.1(.ĹŠ#-ĹŠ+ ĹŠ.1(++ ĹŠ"#+ĹŠ Ä„4#-3#ĹŠ/ 1 ĹŠ 2#1ĹŠ1#!4/#1 ".ĹŠ!.-ĹŠ+ ĹŠ2(#, 1 ĹŠ"#ĹŠ #2/#!(#2ĹŠ- 3(5 2ĹŠ8ĹŠ$.1, 1ĹŠ4-ĹŠÄƒ+31.ĹŠ - 341 +ĹŠ/ 1 ĹŠ#5(3 1ĹŠ+ ĹŠ!.-3 ,(- Äą !(¢-ĹŠ"#ĹŠ+ ĹŠ% - "#1~ Ä“ ÄĄ .-31( 4(,.2ĹŠ!.-ĹŠ+.2ĹŠ, 3#1( Äą +#2ĹŠ/ 1 ĹŠ+ ĹŠ2(#, 1 ĹŠ8ĹŠ+#2ĹŠ 84" ,.2ĹŠ ĹŠ,#).1 1ĹŠ4-ĹŠ#2/ !(.ĹŠ2(,(+ 1ĹŠ +ĹŠ !#"(".ĔŊ/#1.ĹŠ#-ĹŠ242ĹŠ/ 23(9 +#2ĢĔŊ 2# + ĹŠ 43'ĹŠ 404(++ ĔŊ"#ĹŠ 3 / ēŊ
fh[i[hlWh o ]WhWdj_pWh bW YWb_ZWZ Z[ W]kW o c[`ehWh bWi fh|Yj_YWi fheZkYj_lWi fWhW gk[ i[Wd Wc_# ]WXb[i Yed bW dWjkhWb[pW$ Æ>[cei Z[j[hc_dWZe gk[ '( a_bÂŒc[jhei W]kWi Whh_XW Z[iZ[ bW fbWdjW Z[ YWfjWY_ÂŒd i[ kX_YW [b i_ij[cW ]WdWZ[he o Yed _d\eh# cWY_ÂŒd h[Yef_bWZW Z[iZ[ ^WY[ '& W‹ei ^[cei [ijWXb[Y_Ze gk[ ^Wo Wbj[hWY_ed[iÇ" W]h[]W Hkj^ 7kgk_bbW" YeehZ_dWZehW Z[b cW# d[`e _dj[]hWZe Z[ Yk[dYWi fWhW bW fhej[YY_ÂŒd Z[ W]kW Z[ ;jWfW$
[d [b Yh[Y_c_[dje Z[b fWije" eYW# i_edW gk[ bei ik[bei i[ _djen_# gk[d fehgk[ [b kie [nY[i_le fhe# leYW kdW cWoeh WY_Z_Ă’YWY_ÂŒd$ ÆBe [ij|d Wfb_YWdZe [cf‡h_# YWc[dj[$ KiWd kdei ,&& W c_b iWYei feh ^[Yj|h[W" be gk[ [b[lW [b Yeije Z[ fheZkYY_ÂŒd o YWkiW cWoeh _cfWYjeÇ" i[‹WbW [b jƒYd_# Ye Z[ ?d_Wf$ #"(" 2ĹŠ +3#1- 3(5 2
Feh c[Z_e Z[ YWfWY_jWY_ed[i XkiYWd gk[ bei ]WdWZ[hei i[ _d# \ehc[d o Wfh[dZWd YÂŒce h[Wb_pWh kd i_ij[cW i_ble# +(,(- 1ĹŠ!.-3 ,(- -3#2 ĹŠ fWijeh_b gk[ Yedjh_XkoW W Bei ]WdWZ[hei Wb[ZW‹ei bW i_[cXhW Z[ |hXeb[i [d Wb OWdkdYWo kj_b_pWd [b bei fejh[hei gk[ WokZ[d WXede Z[ ]Wbb_dWpW fWhW +ĹŠ/1.8#!3.ĹŠ(-(!(¢Ŋ #-ĹŠÄ‰Ä‡ÄˆÄˆĹŠ8ĹŠ3(#-#ĹŠ iki fWij_pWb[i" i_d [cXWh# 4- ĹŠ"41 !(¢-ĹŠ"#ĹŠ W bW \[hj_b_pWY_ÂŒd o Wi‡ [l_jWh [b kie Z[ ]Wbb_dW# ]e" [ij[ \[hj_b_pWdj[ ][d[hW 31#2ĹŠ  .2Ä“ pW$ 7Z[c|i" b[i [di[‹Wd Yeb_\ehc[i \[YWb[i gk[ feh c[Z_e Z[ bW bbkl_W Z[i[cXeYWd Xk[dWi fh|Yj_YWi ]WdWZ[hWi [d [b WĂ“k[dj[$ ÆKiWd kdW Ăˆ\WbiW Yece bW YebeYWY_ÂŒd Z[ [ij[hYe# ]Wbb_dWpWÉ fehgk[ [i [b WXede Z[ b[hei fWhW Z[fei_jWh bWi ^[Y[i ]Wbb_dW c[pYbWZe Yed YWiYWh_bbW Z[ bei Wd_cWb[i fWhW i[h kiWZWi Z[ Whhep o j_[d[ kd Wbje Yedj[# Yece WXede$ EjhW Wbj[hdWj_lW gk[ fhefed[ d_Ze Z[ d_jhÂŒ][deÇ" c[dY_edW bW ?dij_jkY_ÂŒd [i Z_ic_dk_h [b kie =WhpÂŒd$ 7i_c_ice" [ijW WbjW \[hj_b_pW# Z[ Wdj_X_ÂŒj_Yei fWhW bWi [d\[hc[# Y_ÂŒd d_jhe][dWZW" gk[ Wb fh_dY_# ZWZ[i Z[b ]WdWZe o Wi‡ ]WhWdj_pWh f_e b[i Xh_dZW Xk[dei h[ikbjWZei kdW Xk[dW YWb_ZWZ Z[ b[Y^[$
je Z[b ^_[be [d [b Ă›hj_Ye fk[Z[ i[h bW YWkiW Z[ gk[ [b ^[c_i\[# h_e dehj[ ^WoW [nf[h_c[djWZe _dl_[hdei Yed c|i d_[l[ [d bWi ‘bj_cWi Zei j[cfehWZWi" _dZ_# YWhed _dl[ij_]WZeh[i Z[ ;ijWZei Kd_Zei o 9WdWZ|$ ;b d_l[b Z[ ^_[be cWh_de Z[b Ă›hj_Ye WbYWdpÂŒ kd dk[le c‡d_ce ^_ijÂŒh_Ye [d (&&-" i[‹WbÂŒ [b [ijk# Z_e" Z_h_]_Ze feh [b ?dij_jkje Z[ J[Ydebe]‡W Z[ =[eh]_W ikh[ij[ Z[ ;ijWZei Kd_Zei o fkXb_YWZe [d bWi 7YjWi Z[ bW 7YWZ[c_W DW# Y_edWb Z[ 9_[dY_Wi Z[ [i[ fW‡i$ 7b c_ice j_[cfe" d[lWZWi c|i \k[hj[i gk[ [b fhec[Z_e ^Wd YkX_[hje ]hWd fWhj[ Z[b deh# j[ Z[ ;ijWZei Kd_Zei" [b dehe[i# j[ o Y[djhe Z[ ;khefW o [b dehj[ o Y[djhe Z[ 9^_dW$
, (.2ĹŠ"1;23(!.2
;b ^[c_i\[h_e dehj[ ^W j[d_Ze [d bWi ‘bj_cWi Zei j[cfehWZWi" gk[ WXWhYW bei _dl_[hdei Z[ (&&/# (&'& o (&'&#(&''" bW i[]kdZW o j[hY[hW cWoeh[i YW‡ZWi Z[ d_[l[ Z[iZ[ gk[ i[ j_[d[d h[]_ijhei$ Bei _dl[ij_]WZeh[i Yh[[d gk[ bW Z[iWfWh_Y_ÂŒd Z[ ^_[be Z[b Ă›hj_# Ye ][d[hW c|i lWfeh Z[ W]kW [d [b W_h[ [ _dj[hĂ’[h[ Yed bWi Yehh_[d# j[i Wjcei\ƒh_YWi o bei l_[djei Z[b e[ij[" gk[ dehcWbc[dj[ ^kX_[hWd XWhh_Ze bW d_[l[ ^WY_W [b dehj[$
} ēŊ Ŋ_/.! Ŋ(-5#1- +Ŋ04#Ŋ2#Ŋ#23;Ŋ 5(5(#-".Ŋ#-Ŋ 41./ ĔŊ 23 ".2Ŋ -(".2Ŋ8Ŋ '(- Ŋ2#Ŋ1#+ !(.- 1~ Ŋ!.-Ŋ#+Ŋ:13(!.ē
4#+5#ĹŠ ĹŠ + ĹŠ ĹŠ #-ĹŠ)4-(.ĹŠ
Ä Ä€
ĹŠ ĹŠ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?Ĺ?
Ŋ+#2Ŋ++#%¢Ŋ#+Ŋ5 1.-!(3.Ŋ
Ŋ-4#5 Ŋ2#1(#Ŋ"#+Ŋ/.+_,(!.Ŋ !3.1Ŋ #2Ŋ+ Ŋ " /3 !(¢-Ŋ"#Ŋ4- Ŋ!.-.!(" Ŋ /#+~!4+ Ŋ"#ŊĉććĊēŊ
ÆI[h‡W h[Wbc[dj[ [njhW‹e j[# dd_\[h =Whd[h o ik [ifeie" [b d[h kd d_‹eÇ" Yec[djÂŒ h[Y_[d# jWcX_ƒd WYjeh 8[d 7á[Ya" i[ j[c[dj[ bW _djƒhfh[j[ W bW fh[# Yedl_hj_[hed [b cWhj[i [d fW# i[djWZehW ;bb[d :[=[d[h[i" Zh[i Z[ kd d_‹e" [b j[hY[he Z[b Wkdgk[ jWcX_ƒd i[‹WbÂŒ gk[ bW [nf[h_[dY_W i[h‡W Æ_dj[# cWjh_ced_e" _d\ehcÂŒ bW h[iWdj[ o Z_\[h[dj[Ç$ [Z_Y_ÂŒd Z_]_jWb Z[ bW h[# ĹŠ 7\\b[Ya" [d YWcX_e" l_ijW F[efb[$ i_[cfh[ i[ ceijhÂŒ fWhj_# =Whd[h o 7á[Ya" Wc# Xei Z[ )/ W‹ei" j_[d[d Zei ĹŠ !31(9ĔŊ04#ĹŠ2#ĹŠ '(9.ĹŠ$ ,.2 ĹŠ31 2ĹŠ ZWh_e Z[ bW bb[]WZW Z[ kd d_‹Wi0 I[hWf^_dW" Z[ jh[i /1.3 %.-(9 1ĹŠ+ ĹŠ ^ecXh[ c|i W bW \Wc_b_W$ 2#1(#ĹŠÄĽ +( 2ČĔŊ!.-Äą =Whd[h j_[d[ f[d# W‹ei" o L_eb[j" Z[ i[_i$ 31 ).ĹŠ, 31(,.-(.ĹŠ Z_[dj[ [b [ijh[de Z[ BW fWh[`W WdkdY_ÂŒ [d !.-ĹŠ $$+#!*ĹŠ#-ĹŠ ĉććĎŊ31 2ĹŠ /#Äą W]eije Z[b W‹e fWiWZe - 2ĹŠ4-.2ĹŠ,#2#2ĹŠ ĂˆJ^[ eZZ b_\[ e\ J_cej^o =h[[dÉ o Ăˆ8kjj[hÉ" c_[d# gk[ [if[hWXW kd dk[le "#ĹŠ-.5( 9%.Ä“ jhWi gk[ ik [ifeie [ijh[# ^_`e$ BW fhef_W =Whd[h Z_`e [b fWiWZe [d[he [d kd dWh| [d W]eije Ăˆ7h]eÉ" ik dk[le fhe]hWcW Z[ j[b[l_i_ÂŒd gk[ oW Ă’bc[ Yece Z_h[Yjeh" jWh[W gk[ YedeY‡W [b i[ne Z[b X[Xƒ f[he oW Z[i[cf[‹Œ [d Ăˆ:[iWfWh[Y_ÂŒ gk[ de _XW W YecfWhj_hbe Z[ kdW deY^[É (&&- o Ăˆ7jhWYY_ÂŒd f[b_]heiWÉ (&'& $ cec[dje Yed [b f‘Xb_Ye$
Ŋ: ĔŊ Ŋě BW WYjh_p @[#
c[hW j[cfehWZW Z[ Ăˆ7d][h CW# ĹŠ ĔŊ ĹŠÄ› Ăˆ7d][h CWdW][# c[djÉ ĂˆBeYei Z[ _hWÉ " bW dk[lW dW][c[djÉ" gk[ ]_hWh| [d jehde j[b[Yec[Z_W fhejW]ed_pWZW feh W kd ^ecXh[ jhWdgk_be eXb_]W# [b Yedjhel[hj_Ze WYjeh 9^Whb_[ Ze W Wi_ij_h W kdWi i[i_ed[i fWhW I^[[d" i[ [ijh[dWh| [b fhÂŒn_ce YedjhebWh bW _hW gk[ Z_h_][ kd _hWiY_Xb[ j[hWf[kjW$ (. Z[ `kd_e [d ;ijWZei BW jhWcW [i i_c_bWh Wb Kd_Zei" WdkdY_ÂŒ Wo[h [b ĹŠ Z[b Ă’bc[" [d [b gk[ IWd# YWdWb feh YWXb[ <N$ Zb[h _dj[hfh[jÂŒ W kd fW# ;b fheo[Yje" kdW WZWfjWY_ÂŒd Z[ bW f[b‡Yk# '##-ĔŊ"#ĹŠÄŒÄ?ĹŠ  .2ĔŊ#1 ĹŠ#+ĹŠ !3.1ĹŠ Y_[dj[ Wb gk[ iWYWXW Z[ bW ^ecÂŒd_cW Z[ (&&) ,#).1ĹŠ/ % ".ĹŠ"#ĹŠ gk_Y_e D_Y^ebied$ Fh[Y_iWc[dj[ [b f[hie# fhejW]ed_pWZW feh @WYa 3#+#5(2(¢-ĹŠ#-ĹŠ Ä“ ēŊĸĉŊ,(++.Äą dW`[ Z[b j[hWf[kjW i[h| [b D_Y^ebied o 7ZWc IWd# -#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ /.1ĹŠ#/(2."(.ĚŊ Zb[h" ikfed[ [b h[]h[ie W /.1ĹŠ24ĹŠ/ /#+ĹŠ#-ĹŠ gk[ [dYWhd[ I^[[d [d [ijW j[b[Yec[Z_W fheZkY_ZW feh bW f[gk[‹W fWdjWbbW Z[ ÄĽ 6.ĹŠ -"ĹŠ ĹŠ' +$ĹŠ ,#-ÄŚĹŠ' 23 ĹŠ I^[[d jhWi ik jehc[d# , 19.ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄˆÄ“ĹŠ bei [ijkZ_ei B_edi]Wj[ o [b fheZkYjeh @e[ Hej^" Yed jeiW iWb_ZW Z[ bW i[h_[ gk_[d [b WYjeh oW Ye_dY_Z_ÂŒ ĂˆJme WdZ W ^Wb\ c[dÉ [d f[b‡YkbWi Yece ĂˆOekd] ]kdiÉ e ^WY[ YWi_ kd W‹e$ ĂˆJ^h[[ Ckia[j[[hiÉ$ ;d YedYh[je" I^[[d _dj[hfh[jW#
ĹŠ!.,#"( ĹŠ"#ĹŠ ĹŠ <N" fhef_[ZWZ Z[b ]hkfe h| W kd [nZ[fehj_ijW gk[ jkle gk[ <en" i[‹WbÂŒ [d kd Yeckd_# h[j_hWhi[ jhWi kdW b[i_ÂŒd fheleYW# YWZe gk[ fWhW [b [ijh[de ZW feh ik fhef_W _hW o W^ehW Wj_[d# [c_j_h| Zei Z[ bei '& Z[ Yece fi_gk_WjhW W kd ]hkfe Z[ [f_ieZ_ei Z[ bW fh_# Yh_c_dWb[i [d bW Y|hY[b$
!Ŋ"#!#/!(.- Ŋ#-Ŋ 1 2(+Ŋ Ŋ ĔŊ Ŋě Kd ckbj_jkZ_dWh_e
ēŊ #--($#1Ŋ8Ŋ #-Ŋ2#Ŋ!.-.!(#1.-Ŋ#-Ŋ#+Ŋ1." )#Ŋ"#Ŋļ 1#"#5(+ČĔŊ#-ŊĉććĉēŊ
ĹŠ+ ĹŠ , 9.-~ ĹŠ
Ĺ—ĹŠ ĹŠĹŠ8ede" i[ [dYk[djhW Z[iZ[ Wo[h [d bW 7cWped‡W f[hkWdW [d kdW l_i_jW jkh‡ij_YW Z[i# fkƒi Z[ Z_i\hkjWh Z[ CWY^k F_YY^k$ ;b b‡Z[h Z[ bW XWdZW _hbWdZ[iW K( bb[]ÂŒ Wb W[he# fk[hje Z[ bW Y_kZWZ i[bl|j_YW Z[ Fk[hje CWbZedWZe fheY[Z[dj[ Z[ 9kpYe o i[ jhWibWZÂŒ W kd bk`eie WbX[h]k[ [d bW h[i[hlW dWY_edWb Z[ JWcXefWjW$
]hkfe Z[ WZeb[iY[dj[i XhWi_b[# ‹ei gk[ W]kWhZWXW [b cWhj[i [d kd Y[djhe Yec[hY_Wb fWhW feZ[h l[h Wb WYjeh [ijWZekd_Z[di[ PWY ;\hed [d [b [ijWZe Z[ IWe FWkbe WXWdZedŒ [b bk]Wh Z[iebWZe Z[i# fkƒi Z[ gk[ [b _djƒhfh[j[ YWdY[# bWhW bW l_i_jW$ ;b [ijWXb[Y_c_[dje" kX_YWZe
[d 9Wcf_dWi" W kdei '&& a_bÂŒ# c[jhei Z[ IWe FWkbe" _d\ehcÂŒ gk[ ;\hed" Z[ () W‹ei" gk_[d ^W# X‡W i_Ze _dl_jWZe fWhW kd WYje [d kdW j_[dZW" jkle kd ÆYedjhWj_[c# feÇ ZkhWdj[ [b l_W`[ feh be gk[ ik l_i_jW jkle gk[ i[h YWdY[bWZW$ JhWi h[Y_X_h bW dej_Y_W" bei WZ# c_hWZeh[i Z[ ;\hed de eYkbjWhed ik Z[Y[fY_ÂŒd$
.1ĹŠ+.2ĹŠ!'(+#-.2ĹŠ
ĹŠ
ZWh| Zei YedY_[hjei [d 9^_b[" Wi[]khÂŒ gk[ b[ ]kijWh‡W h[kd_hi[ Yed [b fh[i_Z[dj[ I[XWij_|d F_‹[hW fWhW Z_iYk# j_h Wb]kdWi Z[ bWi Z[cWdZWi ieY_Wb[i gk[ ^Wd WĂ“ehWZe [d [b fW‡i" [djh[ [ijWi Yk[ij_ed[i Yece Z[b cel_c_[dje [ijk# Z_Wdj_b o bWi fhej[ijWi Z[ bei ^WX_jWdj[i Z[ bW h[]_ÂŒd ikh[‹W Z[ 7oi[d$ ĹŠ
ĹŠ: ĹŠÄ› BW WYjh_p
ŗŊ ŊŊ;b [nb‡Z[h Z[b ]hkfe F_da <beoZ" He][h MWj[hi" gk[
2/#1 ĹŠ24ĹŠ3#1!#1ĹŠ'().ĹŠ
4/#1 ĹŠ +ĹŠÄĽ #8ÄŚ
Ĺ—ĹŠ ĹŠĹŠ;b Z_iYe Ăˆ('É Z[ bW YWdjWdj[ Xh_j|d_YW 7Z[b[" Yed c|i Z[ * c_bbed[i Z[ Yef_Wi" ^W ik# f[hWZe [d l[djWi [d [b H[_de Kd_Ze Wb \Wceie Ăˆ8WZÉ '/.- Z[ C_Y^W[b @WYaied" _d\ehcÂŒ bW EĂśY_Wb 9^Whji 9ecfWdo" bW [cfh[iW gk[ [bWXehW bWi b_ijWi$ De eXijWdj[" ejhe Z_iYe Z[b ĂˆH[o Z[b fefÉ" ĂˆJ^h_bb[hÉ" f[hcWd[Y[ gk_dje" Yed *"(* c_bbed[i Z[ Yef_Wi$ ĹŠ
[ijWZekd_Z[di[ Z[ *' W‹ei [ij| [cXWhWpWZW Z[ ik j[hY[h ^_`e" _d\ehcÂŒ Wo[h [b fehjWb Z[b YWdWb 98I$ ;i [b fh_c[he fWhW bW fWh[`W \ehcWZW feh J^khcWd o ik del_e" [b [Yedec_ijW 7hfWZ 8ki# ied" i[]‘d YedĂ’hcÂŒ [b h[fh[i[djWdj[ Z[ bW _djƒh# fh[j[ W bW h[l_ijW [if[Y_W# b_pWZW F[efb[$ BW ckiW Z[ Gk[dj_d JWhWdj_de j_[d[ ejhei Zei h[je‹ei" \hkje Z[ ik cWjh_ced_e Yed [b WYjeh ;j^Wd >Wma[$ ĹŠ
ēŊ $1.-Ŋ% -¢Ŋ-.3.1(#" "Ŋ%1 !( 2Ŋ Ŋ+ Ŋ31(+.%~ Ŋ)45#-(+Ŋļ (%'Ŋ !'..+Ŋ 42(! +ČēŊ
+ĹŠ$.+!+.1ĹŠĹŠ '.1 ĹŠ24#- ĹŠ ĹŠ2 +2
ĹŠ
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
- ĹŠ.104#23 ĹŠ!.+.,Äą ( - ĹŠ04#ĹŠ31 3 ĹŠ"#ĹŠ /.-#1ĹŠ#-ĹŠ +3.ĹŠ#+ĹŠ2 Äą .1ĹŠ+ 3(-. ,#1(! -.Ä“
Ä Ä
Bei h_jcei BWj_deWc[h_YWdei o bW iWbiW i[ `kdjWd [d bW dk[lW fhefk[ijW Z[ C[jWb fkhe" kdW ehgk[ijW YebecX_WdW gk[ bWdpW ik YWhh[hW Z[iZ[ ;YkWZeh ^WY_W [b ckdZe [dj[he$ Ik fh_c[h fhe# ceY_edWb [i ĂˆI_d [bbWÉ" YWdY_ÂŒd _dj[hfh[jWZW feh bei A`WhaWi" gk[ Yed kdW dk[lW iedeh_ZWZ h[l_l[ fWhW bWi dk[lWi ][d[hW# Y_ed[i$
ĹŠ/1./4#23
;b Whh[]b_ijW YebecX_Wde FWXbe =hW`Wb[i ^_pe gk[ bWi YWdY_e# d[i Z[b \ebYbeh WdZ_de c_]h[d W kdW l[hi_ÂŒd jhef_YWb fWhW i[h YWdjWZWi feh @e^d CWh_e Lƒb[p" CWkhe Ceigk[hW o :Wl_Z FWhhW" gk_[d[i b[ fed[d lep W C[jWb fkhe$ ;d [iY[dW ied '* c‘i_Yei gk[ W h_jce Z[ iWbiW _dj[hfh[jWd ^_cdei Z[b cW[ijhe ;Zm_d 9Wi# j[bbWdei gk[ [d ik ƒfeYW \k[hed jeYWZei feh A`WhaWi o JkfWo Z[ 8eb_l_W$ ÆIecei kdW ikcW Z[ jWb[djei oW gk[ bei _dj[]hWdj[i Z[ C[jWb fkhe ^[cei l[d_Ze Z[ Z_\[h[d# j[i ehgk[ijWi h[YedeY_ZWi Z[ dk[ijhe fW‡i$ BW _Z[W fh_dY_fWb [i h[_l_dZ_YWh bW YWb_ZWZ _dj[h# fh[jWj_lW Z[ bWi ehgk[ijWi o fe#
ĹŠ
4#%.ĹŠ"#+ĹŠ+ -9 Äą ,(#-3.ĹŠ.$(!( +ĹŠ"#+ĹŠ ĔŊ+.2ĹŠ/ ~2#2ĹŠ ĹŠ 5(2(3 1ĹŠ/.1ĹŠ+ ĹŠ .104#23 ĹŠ2.-Ä–ĹŠ .+., ( ĔŊ .+(5( ĔŊ 1%#-3(- ĹŠ8ĹŠ #1ĂŒÄ“
ēŊ #3 +Ŋ/41.Ŋļ!.-Ŋ2#-3(,(#-3.Ŋ3#Ŋ+.Ŋ 2#%41.ČŊ#2Ŋ+ Ŋ$1 2#Ŋ(-2(%-( Ŋ"#Ŋ+ Ŋ.104#23 ē
d[hbWi Z[ dk[le W bW ceZWÇ" Z_`e @e^d CWh_e Lƒb[p$ +ĹŠ"(2!.
;b j[cW ĂˆI_d [bbWÉ" gk[ WZ[c|i b[ ZW decXh[ Wb 9: Yecfb[je" fei[[ kd l_ijeie l_Z[eYb_f gk[ \k[ ]hWXWZe [d C[Z[bb‡d" [d bei
jWbb[h[i Z[b <[hheYWhh_b Z[ bW be# YWb_ZWZ" XW`e bW Z_h[YY_ÂŒd Z[ 9Wh# bei 9Wij_bbe$ Æ<k[ kdW ]hWXWY_ÂŒd [if[YjWYkbWh Wb _]kWb gk[ bW ce# Z[be gk[ iWb[ [d ƒbÇ" WYejÂŒ CWkhe Ceigk[hW$ ;b bWdpWc_[dje e\_Y_Wb Z[ [ij[ cWj[h_Wb i[ h[Wb_pWh| [ij[
'' Z[ cWoe [d [b 9eb_i[e =[# d[hWb Hkc_‹W^k_ o Wb Z‡W i_# ]k_[dj[" [d [b 9eb_i[e LebjW_h[ FWbWZ_d[i Febe Z[ =kWoWgk_b$ Bei _dl_jWZei [if[Y_Wb[i fWhW bW l[bWZW i[h|d0 =hkfe D_Y^[" Eh# gk[ijW =kWoWY|d o bei beYWb[i 7pkgk_je$
.#+ĹŠ++#% ĹŠ !.-ĹŠ242ĹŠ %1 -"#2ĹŠ ! -!(.-#2
ĹŠ
'.1 ĹŠ#-ĹŠ ÄĽ .23 +%( 2ÄŚ
4#%.ĹŠ"#+ĹŠ+ -9 ,(#-3.ĹŠ#-ĹŠ 4 8 Äą 04(+ĹŠ"#ĹŠ24ĹŠ-4#5.ĹŠ3#, ĹŠÄĽ .ĹŠ5.8ĹŠ ĹŠ ++.1 1ČĔŊ (5(ĹŠ 11 ĹŠ04(#1#ĹŠ1#/#3(1ĹŠ + ĹŠ#7/#1(#-!( ĹŠ#-ĹŠ +(- 2ēŊ +ĹŠ 1ĹŠ ÄĽ .23 +%( 2ČĔŊ4 (! ".ĹŠ#-ĹŠ#23#ĹŠ +-# 1(.ĔŊ1#!( (1;ĹŠ#23#ĹŠ2; ".ĹŠ ĹŠ + ĹŠ'#1, - ĹŠ,#-.1ĹŠ"#+ĹŠ!+ -ĹŠ 11 ĔŊ 04(#-ĹŠ.$1#!#1;ĹŠ4-ĹŠ,(-(ĹŠ2'.6ĹŠ ĹŠ+.2ĹŠ 341(23 2ĹŠ"41 -3#ĹŠ#+ĹŠÄƒ-ĹŠ"#ĹŠ2#, - ēŊ +ĹŠ3#, ĹŠ#2ĹŠ"#ĹŠ#23(+.ĹŠ.-" ĹŠ/./ĹŠ#+#!Äą 31¢-(!.ĹŠ04#ĹŠ!.-3¢Ŋ!.-ĹŠ#+ĹŠ /.8.ĹŠ"#ĹŠ #--8ĹŠ ."1~%4#9ĔŊ,#).1ĹŠ!.-.!(".ĹŠ !.,.ĹŠ#+ĹŠÄĽ %.ĹŠ"#ĹŠ+ ĹŠ,#+."~ ÄŚÄ“
ĹŠ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‰
Whh_XWh Wb fW‡i [b '+ Z[ cWhpe$ I[ [ij_cW gk[ bk[]e Z[ ik bb[]WZW e\h[Y[h| kdW hk[ZW Z[ fh[diW fWhW ZWh W YedeY[h Z[jWbb[i Z[ ik fh[i[djWY_ÂŒd fh[l_ijW fWhW [b ', Z[ cWhpe" [d [b 9[djhe Z[ 9ed# l[dY_ed[i Z[b fk[hje fh_dY_fWb$ I[]‘d bei eh]Wd_pWZeh[i" [b Wh][dj_de dWY_edWb_pWZe c[n_# YWde de ^W ^[Y^e cWoeh[i [n_# ][dY_Wi fWhW ik [ijWZ‡W [d bW ĹŠ Ä› ;b [n_dj[]hWdj[ Z[ I_d 8WdZ[hW h[]h[iW W ;YkWZeh$ Y_kZWZ$ ÆIebe ^W f[Z_Ze gk[ [d [b YWc[h_de i[ _dYbkoW Ik l_i_jW Wdj[h_eh \k[ [d f_ppW l[][jWh_WdWÇ" Wi[# bW J[b[jÂŒd Z[ Z_Y_[cXh[1 ĹŠ ]khÂŒ bW YWdjWdj[ I^Whed" i_d [cXWh]e" W^ehW De[b gk_[d [ij| [dYWh]WZW Z[ IY^W`h_i h[jehdW fWhW bW fheceY_ÂŒd Z[b i^em$ e\h[Y[h kd ‘d_Ye YedY_[h# 1#!(.2ĹŠ"#ĹŠ+ 2ĹŠ #-31 " 2 IY^Wh`_i \ehcÂŒ fWhj[ je [d =kWoWgk_b Yece .#+ĹŠ .7ĹŠ#2/#Äą !( +Ä–ĹŠĹŒÄˆÄˆÄ‡Ä“ fWhj[ Z[ ik ]_hW Ăˆ=hWdZ[i .+"#-ĹŠ .7Ä–ĹŠĹŒÄ‘ÄŽÄ“ Z[ I_d 8WdZ[hW" Z‘e gk[ Ä–ĹŠĹŒÄŽÄ‡Ä“ fefkbWh_pÂŒ j[cWi Yece YWdY_ed[iÉ$ 1#$#1#-!( Ä–ĹŠĹŒÄŠÄŽÄ“ Ăˆ;djhW [d c_ l_ZWÉ" ĂˆA_# bÂŒc[jheiÉ" ĂˆI_h[dWÉ" ĂˆGk[ +ĹŠ!.-!(#13. Fhel[d_[dj[ Z[ C_Wc_" fh[lƒ bbeheÉ" [djh[ ejhei$
Ĺ—ĹŠ ĹŠFWXbe Cedj[he WdkdY_ÂŒ gk[ [ij| cko Yedj[dje fehgk[ oW i[ Yedl_hj_ÂŒ [d fWZh[ Z[ ik fh_c[hW ^_`W Yed ik [ifeiW 9Wheb_dW$ ÆBe ^W]e eĂ’Y_Wb$ Ieo fWZh[ Z[ kdW ^[hceiW <beh[# Y_jWÇ" [iYh_X_ÂŒ [b _djƒhfh[j[ [d ik Yk[djW Jm_jj[h$ ĹŠ
.ĹŠ-4#5.ĹŠ"#ĹŠ+ ĹŠ"(5
Ĺ—ĹŠ ĹŠI^Wa_hW de gk_[h[ Z[`Wh ckY^e j_[cfe W iki \Wdi
23#$ -~ ĹŠ # +/#ĹŠ _1#9
H[fh[i[djWdj[ Z[ F_# Y^_dY^W" Z[ (( W‹ei" \k[ I[‹eh_jW I_cfWj‡W [d H[_dW Z[ Gk_je (&&- o ]WdWZehW Z[b YedYkhie dWY_edWb Z[b CeZ[b D[m =[d[hWj_ed o H[_dW Z[ bW Kd_l[hi_ZWZ ?dj[hdW# Y_edWb$ 7^ehW" ;ij[\Wd‡W gk_[h[ fheo[YjWhi[ Wb |h[W ieY_Wb o WokZWh W bei c|i d[Y[i_jWZei$ ;i Yeckd_YWZehW ieY_Wb$
ĹŠ#2ĹŠ/ /;
i_d c‘i_YW" feh be gk[ oW i[ [dYk[djhW fh[fWhWdZe be gk[ i[h| ik i_]k_[dj[ cWj[h_Wb Z_iYe]h|ÒYe" [d [b YkWb i[ WfeoWh| Z[ ]hWdZ[i jWb[djei Yece H[Z <ee Z[ BC<7E " 7aed o H[Z Ed[$
ĹŠ#23;ĹŠ' 13
ŗŊ ŊÆDe leo W jeb[hWh gk[ Wb]k_[d c[ Z_]W gk[ leo W
ēŊ !' )1(2Ŋ5#12(.- Ŋ3#, 2Ŋ"#Ŋ1#!.-.!(".2Ŋ!.,/.2(3.1#2Ŋ#-Ŋ24Ŋ-4#5.Ŋ ;+ 4,ē
ceh_hÇ" \k[hed bWi fWbWXhWi Z[ C_b[o 9ohki bk[]e Z[ h[Y_X_h Wc[dWpWi Z[ ck[hj[ W jhWlƒi Z[ Jm_jj[h" bW deY^[ Z[b âiYWh$ BW YWdjWdj[ fbWd[W [d`k_Y_Wh W bW h[Z ieY_Wb$ĹŠ
āĂ
ŏĀāŏ ŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
,1&8%$'25$ $1',1$ ,1&8%$1',1$ 62&,('$' $1Ð1,0$ (67$'26 '( 5(68/7$'26 ,17(*5$/(6 325 )81&,Ð1 ([SUHVDGRV HQ GyODUHV
(67$'26 '( 6,78$&,Ð1 ),1$1&,(5$ &/$6,),&$'26 ([SUHVDGRV HQ GyODUHV
'LFLHPEUH 'LFLHPEUH (QHUR $&7,92 $FWLYR FRUULHQWH (IHFWLYR \ HTXLYDOHQWHV DO HIHFWLYR $FWLYRV ILQDQFLHURV 'RFXPHQWRV \ FXHQWDV SRU FREUDU FOLHQWHV QR UHODFLRQDGRV 'RFXPHQWRV \ FXHQWDV SRU FREUDU FOLHQWHV UHODFLRQDGRV 2WUDV FXHQWDV SRU FREUDU 2WUDV FXHQWDV SRU FREUDU UHODFLRQDGDV 3URYLVLyQ FXHQWDV LQFREUDEOHV
,QYHQWDULRV $FWLYRV SRU LPSXHVWRV FRUULHQWHV 6HUYLFLRV \ RWURV SDJRV DQWLFLSDGRV 7RWDO $FWLYR FRUULHQWH $FWLYR QR FRUULHQWH 3URSLHGDGHV SODQWD \ HTXLSR 3URSLHGDGHV GH LQYHUVLyQ $FWLYRV ELROyJLFRV $FWLYRV SRU LPSXHVWRV GLIHULGRV 7RWDO $FWLYR QR FRUULHQWH 727$/ $&7,92 3$6,92 3DVLYR FRUULHQWH &XHQWDV \ GRFXPHQWRV SRU SDJDU 2EOLJDFLRQHV FRQ LQVWLWXFLRQHV ILQDQFLHUDV 2WURV SDVLYRV FRUULHQWHV 3RUFLyQ FRUULHQWH GH ODV REOLJDFLRQHV HPLWLGDV 3RUFLyQ FRUULHQWH GHO SDVLYR D ODUJR SOD]R $QWLFLSRV GH FOLHQWHV 2WUDV REOLJDFLRQHV FRUULHQWHV 7RWDO 3DVLYR FRUULHQWH
3DVLYR QR FRUULHQWH 2EOLJDFLRQHV FRQ LQVWLWXFLRQHV ILQDQFLHUDV 2EOLJDFLRQHV HPLWLGDV 3URYLVLRQHV SRU EHQHILFLRV D HPSOHDGRV 3DVLYR GLIHULGR
3DVLYR QR FRUULHQWH 727$/ 3$6,92 3$75,021,2 &DSLWDO 5HVHUYDV 5HVXOWDGRV DFXPXODGRV 7RWDO SDWULPRQLR 727$/ 3$6,92 < 3$75,021,2
,1* -$9,(5 &255$/(6 *(5(17( *(1(5$/ ,1&8%$1',1$ 6 $
'LFLHPEUH µ
27526 ,1*5(626 < 27526 *$6726
,QJUHVRV ILQDQFLHURV ,QWHUHVHV JDQDGRV 2WUDV UHQWDV
*DVWRV ILQDQFLHURV &RPLVLRQHV +DVWR LQWHUHVHV 2WURV JDVWRV ILQDQFLHURV
&2672 '( 9(17$6 < 352'8&&,Ð1 0DUJHQ EUXWR *$6726 '( 23(5$&,Ð1 *DVWR GHWHULRUR *DVWRV DGPLQLVWUDWLYRV *DVWRV GH YHQWDV 3DUWLFLSDFLyQ D WUDEDMDGRUHV
8WLOLGDG HQ RSHUDFLRQHV
8WLOLGDG DQWHV GH SURYLVLyQ SDUD LPSXHVWR D OD UHQWD ,PSXHVWR D ODV JDQDQFLDV ,PSXHVWR D OD UHQWD FRUULHQWH (IHFWR LPSXHVWRV GLIHULGRV 87,/,'$' 1(7$ '(/ (-(5&,&,2 2752 5(68/7$'2 ,17(*5$/ &RPSRQHQWHV GHO RWUR UHVXOWDGR LQWHJUDO 5(68/7$'2 ,17(*5$/ 727$/
'5$ 621,$ =$0%5$12 &217$'25$ *(1(5$/ 5(*
'LFLHPEUH
,1*5(626 ,QJUHVRV GH DFWLYLGDGHV RUGLQDULDV
87,/,'$' 325 $&&,Ð1 1(7$
3520(',2 321'(5$'2 '(/ 1Ó0(52 '( $&&,21(6 (1 &,5&8/$&,Ð1
+3#1 !(.-#2ũ !43;-# 2ũ#-ũ -(, +#2
#11.2ũ8ũ% 3.2ũ/4#"#-ũ2#1ũ $#!3 ".2ũ/.1ũ,(!1..1% -(2,.2ũ 04#ũ! 42 -ũ+#2(.-#2ũ#-ũ24ũ/(#+ē KdW Z[ bWi [d\[hc[ZWZ[i c|i \|Y_b[i Z[ Z[j[YjWh [d bei Wd_# cWb[i ied Wgk[bbWi gk[ i[ eh_# ]_dWd [d bW f_[b oW gk[ ik l_i_# X_b_ZWZ o lWh_WY_ d _dc[Z_WjW Z[b f[bW`[ ^WY[ gk[ bei Zk[ ei i[ Wb[hj[d$ Bei fWZ[Y_c_[djei Ykj|# d[ei ied cko lWh_WZei" feh be gk[ [i _dZ_if[diWXb[ gk[ bW fh_c[hW WYY_ d i[W bb[lWh W bW cWiYejW Wb l[j[h_dWh_e" Wdj[i Z[ YebeYWhb[ Wb] d c[Z_YW# c[dje$ ÆBW Z[hcWjeÒjei_i [i kdW _d\[YY_ d YWkiWZW feh ^ed]ei ikf[hÒY_Wb[i Z[ bW f_[b gk[ l_# l[d o i[ ckbj_fb_YWd [d [ij[ WcX_[dj[ o Z[djhe Z[ bW gk[# hWj_dW Z[ bWi k WiÇ" [nfb_YW bW l[j[h_dWh_W 9Wheb_dW L[bW$ JWcX_ d ied YedeY_ZWi Yece j_ Wi o ik[b[d i[h \h[# Yk[dj[i [d \[b_dei o YWd[i$ Feh ik YkWb_ZWZ YedjW]_eiW i[ jhWdic_j[ Yed \WY_b_ZWZ [djh[ Wd_cWb[i [" _dYbki_l[" ^WY_W bei i[h[i ^kcWdei$ Ġ ¢,.ũ+.ũ "04(#1#-ğ
,1* -$9,(5 &255$/(6 *(5(17( *(1(5$/ ,1&8%$1',1$ 6 $
'5$ 621,$ =$0%5$12 &217$'25$ *(1(5$/ 5(*
BWi [ifehWi gk[ i[ [dYk[d# jhWd [d [b WcX_[dj[ _dÓko[d [d [ij[ fWZ[Y_c_[dje$ ÆBW f_[b Z[ bei Wd_cW# b[i i[ lk[bl[ ũ c|i lkbd[hW# Xb[ YkWdZe j_[# 4 -".ũ+ 2ũ d[d [nY[ie Z[ +#2(.-#2ũ2.-ũ /#04# 2ũ2#ũ W]kW e YkWdZe 31 3 ũ!.-ũ3¢/(!.2ũ bW b_cf_[pW de 8ũ .2Ĕũ! 2.ũ !.-31 1(.ũ24#+#-ũ [i WZ[YkWZWÇ" /+(! 12#ũ -3(,(ı c [ d Y _ e d W !¢3(!.2ē L[bW$ I_ bei Y[f_# bbei" f[_d_bbWi" YebbWh[i" `k]k[# j[i e `WkbWi Z[ jhWdifehj[ de j_[d[d kdW WZ[YkWZW ^_]_[d[ ied [b[c[djei fej[dY_Wb[i feh# jWZeh[i Z[ ^ed]ei$ 7Z[c|i" YkWdZe [n_ij[ kdW ^_ZhWjWY_ d Ykj|d[W [nY[i_lW bei Z[hcWje# Òjei ^ed]ei e bWi [ifehWi i[ fheb_\[hWd$ JWcfeYe [i h[Yec[dZWXb[ h[Wb_pWh XW ei cko \h[Yk[dj[i fehgk[ Wb Yedl[hj_hi[ [d kd ^|# X_je [nW][hWZe i[ fh[Z_ifed[ Wb eh]Wd_ice \[b_de e YWd_de W _d\[YY_ed[i oW gk[ i[ [b_c_dW e Z_ic_dko[ [b i[Xe dWjkhWb gk[
#5 "41 2ũ.ũ,.'.2ũ 42 -3#2
ũ (!1.2/.14,ũ! -(2ũĸ1#2/.-2 +#ũ"#ũ ŗ+ ũ, 8.1~ ũ"#ũ+ 2ũ,(!.2(2ũ#-ũ% 3.2ũ8ũ"#+ũ đćŘũ"#ũ+.2ũ/#11.2Ĺē
ũ (!1.2/.14,ũ%8/2#4,ũĸ#-ũ,48ũ ŗ/.!.2ũ! 2.2Ĺēũ ũ 1(!'./'83.-ũ,#-3 %1./'83#2ũĸĈĎŘũ ŗ"#ũ+.2ũ! 2.2Ĺē
ŗũ -"(" ũ + (! -2ēũ ŗũ + 22#9( ũ/ !'8"#1, 3(2ēũũ
.-24+3#ũ +ũ #2/#!( +(23 ũũ .1ũ2#1ũ/ 3.+.%~ 2ũ24/#1ă!( ı ŗ+#2Ĕũ+ 2ũ/#12.- 2ũ24#+#-ũ/#-2 1ũ
04#ũ/4#"#-ũ2#1ũ!41 " 2ũ!.-ũ+ ũ /+(! !(¢-ũ"#ũ +%4- ũ!1#, ũ.ũ 4-%Õ#-3.ēũġ 23 2ũ(-$#!!(.-#2ũ #-ũ+ ũ/(#+ũ/4#"#-ũ %1 5 12#ũ8ũ !.,/+(! 12#ũ2(ũ#+ũ31 3 ,(#-3.ũ-.ũ #2ũ "#!4 ".ũ/.104#ũ+.2ũ,(!1..1ı % -(2,.2ũ! 42 -3#2ũ/4#"#-ũ!1# 1ũ 1#2(23#-!( ĢĔũ#-$ 3(9 ũ+ ũ5#3#1(- 1( ũ 1.+(- ũ #+ ē 2ũ 2~ũ04#ũ+.ũ,;2ũ1#!.,#-" ı +#ũ#2ũ !4"(1ũ +ũ,_"(!.ũ/ 1 ũ04#ũ 1# +(!#ũ4- ũ5 +.1 !(¢-ũ8ũ' % ũ+.2ũ #234"(.2ũ-#!#2 1(.2ũ/ 1 ũ#-5( 1ũ+ ũ ,#"(! !(¢-ē
YWZW _dZ_l_Zke Z[X[ j[d[h$ 4ũ, -($#23 !(¢-
Gk_[d[i j[d]Wd f[hhei e ]Wjei [d ik ^e]Wh fk[Z[d Z[j[hc_# dWh Wb]kdW Wbj[hWY_ d Ykj|d[W YkWdZe eXi[hl[d gk[ [b f[bW`[ Z[b Wd_cWb [cf_[pW W YWcX_Wh Z[ Yebeh" \ehcW e Z_ic_dko[ [d pedWi beYWb_pWZWi$ 7Z_Y_e# dWbc[dj[" Wb YWkiWh Yec[p d" ik cWiYejW i[ hWiYWh| Yed \h[# Yk[dY_W [d [b |h[W W\[YjWZW" ZedZ[ ^WXh| fh[i[dY_W Z[ [i# YWcWi e YeijhWi$ Æ;ij[ j_fe Z[ f[hjkhXWY_ed[i i[ beYWb_pWd Z[ \ehcW c|i Ye# c d [d bW YWhW e bWi fWjWi" i_d [cXWh]e" [d [b jhedYe jWcX_ d ik[b[d [l_Z[dY_Whi[Ç" WYbWhW bW l[j[h_dWh_W$
ēũ (#,/1#ũ"# #ũ2#1ũ31 3 ".ũ/.1ũ4-ũ#2/#!( +(23 ē
+Ŋ".+.1Ŋ"#Ŋ#2/ +" ĔŊ,48Ŋ$1#!4#-3#Ŋ
23 ĹŠ,.+#23( ĹŠ / 1#!#ĔŊ/.1ĹŠ+.ĹŠ%#-#1 +ĔŊ ĹŠ/ 1Äą 3(1ĹŠ"#ĹŠ+.2ŊĊćŊ  .2ĹŠ8ĹŠ#2ĹŠ! 42 " ĹŠ/.1ĹŠ5 1( 2ĹŠ 1 9.-#2ēŊ .-.9! ĹŠ,;2ĹŠ ĹŠ!.-3(-4 !(¢-Ä“ CkY^ei [YkWjeh_Wdei gk[ ie# Xh[fWiWd bei )& W‹ei ik\h[d Z[ Zebeh[i Z[ [ifWbZW feh be c[dei kdW l[p [d bW l_ZW o W\[YjWd Z[ Z_ij_djWi cWd[hWi" i[]‘d YWZW YWie$ ;i kde Z[ bei \WYjeh[i fh_dY_fWb[i Z[ bW _dYeceZ_ZWZ Z_Wh_W gk[" _dYbkie" fheleYW [b Wki[dj_ice bWXehWb$ CkY^Wi l[Y[i i[ i_[dj[ Yece kdW fh[i_ÂŒd" j[di_ÂŒd e h_]_Z[p [d bW fWhj[ ikf[h_eh e _d\[h_eh Z[ bW [ifWbZW$ BWi Zei \ehcWi c|i Yeckd[i ied bWi W]kZWi o bWi YhÂŒd_YWi$ ;b fh_c[h YWie eYkhh[ Z[ h[# f[dj[ o ZkhW Wbh[Z[Zeh Z[ jh[i c[i[i$ KikWbc[dj[ i[ fh[i[djW feh YW‡ZWi" fh|Yj_YW Z[ Z[fehj[i e feh WYY_Z[dj[i$ Feh ejhe bWZe" [d [b i[]kdZe YkWZhe [b j_[cfe Z[ YkhWY_ÂŒd [i c|i bWh]e o fk[Z[ WfWh[Y[h feh bW WYkckbWY_ÂŒd Z[ [ijhƒi$ I_d [cXWh]e" bei Zei Zebeh[i de [ij|d YbWi_Ă’YWZei Yece kdW [d# \[hc[ZWZ ]hWl[ o ][d[hWbc[dj[ i[ fk[Z[d YkhWh Yed jhWjWc_[d# jei o Yk_ZWZei WZ[YkWZei$
Z[ i[h kd \WYjeh gk[ Yedjh_Xko[ Wb cWb[ijWh$ ?dZ_YW gk[ i_ de i[ cWdj_[d[ kdW l_ZW iWbkZWXb[ e i_ [b f[ie YehfehWb Ă“kYj‘W [nY[# i_lWc[dj[" bW [ifWbZW fk[Z[ ik# \h_h bWi ]hWl[i Yedi[Yk[dY_Wi$ 7i_c_ice" L_pk[j[ Yec[djW gk[ [b jhWkcW" [i Z[Y_h bei [\[Y# jei Z[ kd WYY_Z[dj[ e _dY_Z[dj[ [ijh[iWdj[" jWcX_ƒd fk[Z[ fhe# leYWh kdW h[WYY_ÂŒd [d [b Yk[bbe" [d bW [ifWbZW ikf[h_eh" [d bW [i# fWbZW _d\[h_eh" [d bWi dWb]Wi e [d bWi f_[hdWi$ 9ed [ije YedYk[hZW @Whl_i" gk_[d i[‹WbW gk[ ÆW l[Y[i bei [\[Yjei Z[b jhWkcW de WfWh[Y[d feh Z‡Wi" i[cWdWi e c[i[iÇ$ :[ifkƒi Z[ kd _dY_Z[dj[ jhWkc|j_Ye [i _cfehjWdj[ iec[# j[hi[ W kd [nWc[d cƒZ_Ye fWhW l[h i_ [b Yk[hfe e bW [ifWbZW ^Wd ik\h_Ze ZW‹ei$ <_dWbc[dj[" bW fh[Z_ifei_# Y_ÂŒd ][dƒj_YW e \Wc_b_Wh W l[Y[i fheleYW Z[iW`kij[i Z[ Z_iYe e jhWijehdei Yece [iYeb_ei_i$ J‡f_# YWc[dj[ [iei j_fei Z[ ceb[ij_Wi ied c|i \|Y_b[i Z[ Z_W]deij_YWh o i[ [l_Z[dY_W c|i [d ][dj[ `el[d$
;ZmWhZ @Whl_i" gk_hefh|Yj_Ye" _dZ_YW gk[ bW feijkhW _dWfhe# f_WZW fk[Z[ YWkiWh ZW‹ei [d bW fWhj[ _d\[h_eh Z[ bW [ifWbZW Yece h[ikbjWZe" feh [`[cfbe" Z[ i[djWhi[ cWb [d [b bk]Wh Z[ jhWXW`e e feh fWiWh _dYÂŒceZW# c[dj[ ckY^e j_[cfe \h[dj[ W bW j[b[l_i_ÂŒd e W bW YecfkjWZehW$ @Whl_i cWd_Ă’[ijW gk[ [b bk]Wh ZedZ[ i[ bWXehW Z[X[ i[h ĂˆWc_]W# Xb[É$ 7i‡" h[Yec_[dZW kiWh kdW i_bbW YÂŒceZW" gk[ Zƒ Yed\ehj o iefehj[ W bW YebkcdW$ JWcX_ƒd [i _dZ_if[diWXb[ [b[lWh bW fWd# jWbbW Z[ bW YecfkjWZehW i_ bW kiW Wb d_l[b Z[ bei e`ei o jecWh Z[iYWdiei Yehjei e [ij_hWhi[ YkWdZe i[W fei_Xb[$ ;b i[h ^kcWde Z[X[h‡W i[h c|i WYj_le o Z[`Wh W kd bWZe [b i[Z[djWh_ice" Yec[djW [b [if[# Y_Wb_ijW" h[Ă’h_ƒdZei[ W gk[ Yed [ije bei ^k[iei o [b Yk[hfe" [d i‡" i[ \ehj_Ă’YWd$
5(3#ĹŠ/1. +#, 2
42 2ĹŠ/1(-!(/ +#2
ÆBW fh[l[dY_ÂŒd [i cko _cfeh# jWdj[$ J[d[cei gk[ fhej[][h W dk[ijhW [ifWbZWÇ" cWd_\_[ijW L_pk[j[" gk_[d W]h[]W gk[ [b [`[hY_Y_e Z_Wh_e" bW Z_[jW XWbWd# Y[WZW o bW feijkhW Yehh[YjW ied bei cƒjeZei c|i \|Y_b[i fWhW cWdj[d[h kdW WZ[YkWZW iWbkZ YehfehWb$ Æ)& c_dkjei Z[ WYj_l_# ZWZ Z_Wh_W o kd hƒ]_c[d i_cfb[Ç fk[Z[ cWdj[d[h kdW [ifWbZW o Yk[hfe iWde" [nfh[iW L_pk[j[$ @Whl_i W‹WZ[ gk[ bWi hkj_dWi Z[ [ij_hWc_[dje Z[ bei c‘iYkbei [d bW [ifWbZW jWcX_ƒd ied [i[d# Y_Wb[i$ ÆBei c‘iYkbei ied c|i _cfehjWdj[i Z[ be gk[ bW ][dj[ f_[diWÇ$ H[Yk[hZ[ gk[ [b [ij_hWc_[dje [i \kdZWc[djWb fWhW de ik\h_h b[i_ed[i$ Bei [nf[hjei Ye_dY_Z[d gk[ bei fheXb[cWi Z[ bW [ifWbZW fk[Z[d [cf[ehWh feh bW deY^[ i_ i[ Zk[hc[ [d kd YebY^ÂŒd de Yed\ehjWXb[$ ;b _Z[Wb Z[X[ i[h 31.2ĹŠ$ !3.1#2ĹŠ/1#"(2/.-#-3#2 ÆEjhW Z[ bWi YWkiWi fh_dY_fWb[i Z[ Ă’hc[ o cWdj[d[h ik \ehcW W bei Zebeh[i Z[ bW [ifWbZW [i [b i‡d# f[iWh Z[b f[ie YehfehWb$ Æ7kd# Zhec[ c_e\WiY_WbÇ" _dZ_YW @Whl_i" gk[ iebe i[W feh kdWi deY^[i" YWhWYj[h_pWZe feh kdW ceb[ij_W kd YebY^ÂŒd Z[cWi_WZe ikWl[ YhÂŒd_YW gk[ i[ Y[djhW [d bei fkd# fk[Z[ [cf[ehWh bei Zebeh[i Z[ jei i[di_j_lei Z[b c‘iYkbe Z[# bW [ifWbZWÇ" YedYbko[ @Whl_i$ i[dYWZ[dWdj[i e jh_]][h fe_dji $ ÆFheleYW jeZe j_fe Z[ ZebehÇ" #1 /( 2 [nfh[iW @Whl_i$ 7Z[c|i [i f[h# JWdje @Whl_i Yece L_pk[j[ i_ij[dj[ o fhe\kdZe$ WĂ’hcWd gk[ [n_ij[d lWh_ei jhW# I[]‘d EiYWh L_pk[j[" Ă’i_WjhW" jWc_[djei fWhW bei Zebeh[i Z[ [b [nY[ie Z[ f[ie YehfehWb fk[# [ifWbZW o ckY^e Z[f[dZ[ Z[ bW
]hWl[ZWZ Z[ bW _dYeceZ_ZWZ$ @Whl_i [nfb_YW gk[ ckY^ei [YkWjeh_Wdei j_[dZ[d W Yedi_Z[# hWh _dc[Z_WjWc[dj[ bW Y_hk]‡W YkWdZe [d ckY^ei Z[ bei YWiei de [i d[Y[iWh_e" W c[dei gk[ [b Zebeh _hhWZ_[ ^WY_W bWi f_[hdWi e ^WoW Z[X_b_ZWZ ckiYkbWh YWkiW# ZW feh bW Yecfh[i_Œd Z[b d[hl_e$ ;d l[p Z[ bW Y_hk]‡W" ^Wo kd ]hWd d‘c[he Z[ Wbj[hdWj_lWi$ ;d fh_c[h bk]Wh" i_ [b fWY_[dj[ XkiYW kd YWbcWdj[ fWhW [b Zebeh" ^Wo c[Z_YWc[djei WdWb]ƒi_Yei Yece [b WY[jWc_de\[de" [b _Xk# fhe\[de e [b dWfhen[de gk[ fk[# Z[d WokZWh i_ i[ kiWd Z[ cWd[hW ceZ[hWZW$ H[Yk[hZ[ gk[ Wdj[i Z[ Wkjec[Z_YWhi[" [i c[`eh Yed# ikbjWh Yed ik cƒZ_Ye Z[ YWX[Y[hW$ 7Z[c|i" bW j[hWf_W Z[ dWjWY_Œd" bW
<JD<I8C;8J
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef )(( [\ cX :kX% :k\% Ef% *,'+'.'*'+ g\ik\$ e\Z`\ek\ X Q8D9I8EF :<;<EF#=I<;;P$<;@JFE [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (+)($(++0 [\ cX :kX% :k\% Ef% **.0(/,-'+ g\ik\e\Z`\ek\ X :FEKI<I8J IF;I@>L<Q# I8=8<C$8C=FEJF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ @D989LI8 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef ()+( [\ cX :kX% :k\% Ef% *+/+/-(+'+ g\ik\e\Z`\ek\ X GL>8 C8E;<K8#>L@CC<IDF$M@$ E@:@F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& * d^
C8K8:LE>8
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ),, mXcfi )''#'' [\ cX :kX% :k\% Ef% *+/+./0.'+ g\ik\e\Z`\ek\ X DFI<EF >L8D8E>8CCF# 9PIFE$ >FEQ8CF [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef +)0 mXcfi ,-(#'. [\ cX :kX% :k\% Ef% *+---)/+'+ g\ik\e\Z`\ek\ X :?@I@9F>8 ?L@C:8D8@>L8# E<CCP$ 8;I@8E8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,') [\ cX :kX% :k\% Ef% *+.)*0+0'+ g\ik\e\Z`\ek\ X A<I<Q >8IQFE# M@:$ KFI$I<@E8C;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
#3 ++#2
Ä Äƒ
.Ŋ04#Ŋ"# #Ŋ2 #1 Ŋ +Ŋ".+.1Ŋ"#Ŋ+ Ŋ#2/ +" Ŋ! " Ŋ5#9Ŋ#2Ŋ,;2Ŋ ŗ$1#!4#-3#Ŋ#-Ŋ+ Ŋ%#-3#Ŋ).5#-ē Ŋ / 3.2Ŋ!.-Ŋ3 !.-#2Ŋ +3.2Ŋ/4#"#-Ŋ ŗ#,/#.1 1Ŋ+ 2Ŋ,.+#23( 2ē Ŋ +Ŋ$4, 1Ŋ(,/("#Ŋ#+ŊĄ4).Ŋ"#Ŋ.7~%#-.Ŋ Ŋ ŗ+.2Ŋ3#)(".2Ŋ"#Ŋ+ Ŋ,_"4+ Ŋ8Ŋ#,/#.1 -Ŋ+.2Ŋ , +#23 1#2ē
j[hWf_W cW]dƒj_YW o bW WYkfkd# jkhW fk[Z[d Wb_l_Wh bW _dYece# ZWZ e [ijhƒi Z[ bW [ifWbZW" Z_Y[ L_pk[j[$ 7kdgk[ [ijWi efY_ed[i h|f_ZWc[dj[ h[ZkY[d [b Zebeh" @Whl_i [nfh[iW gk[ iebe [dcWi# YWhWd [b fheXb[cW o e\h[Y[d ie# bkY_ed[i j[cfehWb[i$
444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef (+/' Xc (+/) [\ cX :kX% :k\% Ef% *)/'-0.-'+ g\i$ k\e\Z`\ek\ X J8E:?<Q M@$ CC8M@:<E:@F# DPI@8E$GI@$ J@C8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^
CFJ I@FJ
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -(0 [\ cX :kX% :k\% Ef% *+/0**0.'+ g\ik\e\Z`\ek\ X 8II@8>8 <JG8E8#8IKLIF$ D@>L<C [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef */0 [\ cX :kX% :k\% Ef% *+/0**0.'+ g\ik\e\Z`\ek\ X 8II@8>8 <JG8E8#8IKLIF$ D@>L<C [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef ,0* [\ cX :kX% :k\% Ef% *+/0**0.'+ g\ik\e\Z`\ek\ X 8II@8>8 <JG8E8#8IKLIF$ D@>L<C [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef -'' [\ cX :kX% :k\% Ef% *+/0**0.'+ g\ik\e\Z`\ek\ X 8II@8>8 <JG8E8#8IKLIF$ D@>L<C [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ((,, mXcfi *-*#,( [\ cX :kX% :k\% Ef% **+*(0.''+ g\ik\e\Z`\ek\ X KF8G8EK8 J8EK8D8I@8#<;@JFE$;8$ E@<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef ((,- mXcfi *//#*. [\ cX :kX% :k\% Ef% **+*(0.''+ g\ik\e\Z`\ek\ X KF8G8EK8 J8EK8D8I@8#<;@JFE$;8$ E@<C [\c 9XeZf G`Z_`eZ_X%
Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef +/, [\ cX :kX% :k\% Ef% *,''+0/('+ g\ik\$ e\Z`\ek\ X :?8E8CL@J8 : ? 8 I @ > L8 D 8 E # D 8 I @ 8$ >I8:@<C8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef +/- [\ cX :kX% :k\% Ef% *,''+0/('+ g\ik\$ e\Z`\ek\ X :?8E8CL@J8 : ? 8 I @ > L8 D 8 E # D 8 I @ 8$ >I8:@<C8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^
D8E89@
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (,- mXcfi )*(#'' [\ cX :kX% :k\% Ef% **-0-'++'+ g\ik\e\Z`\ek\ X D8:@8J G<E8=@<C#D8I@KQ8$IF$ 9<IK@E8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *,, Xc *,- [\ cX :kX% :k\% Ef% *+/.-(,.'+ g\i$ k\e\Z`\ek\ X CCFI<EK@J D < E ; < Q # A F E 8 J$ G < K < I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ('( Xc (*' [\ cX :kX% :k\% Ef% *)+/+0,+'+ g\ik\e\Z`\ek\ X :8II@CCF JFCFIQ8EF# :<$ :@C@8$8EE89<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (*( Xc (-' [\ cX :kX% :k\% Ef% *)+/+0,+'+ g\ik\e\Z`\ek\ X :8II@CCF JFCFIQ8EF# :<$ :@C@8$8EE89<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^ 444444
ēŊ +ĹŠ".+.1ĹŠ"#ĹŠ#2/ +" ĹŠ $#!3 ĹŠ ĹŠ ,;2ĹŠ"#+ĹŠÄ‘Ä‡Ĺ˜ĹŠ"#ĹŠ+.2ĹŠ#!4 3.1( -.2ĹŠ8ĹŠ/4#"#ĹŠ 2#1ĹŠ! 42 ".ĹŠ/.1ĹŠ, + 2ĹŠ/.2341 2Ä“
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (0( Xc ))' [\ cX :kX% :k\% Ef% *)+/+0,+'+ g\ik\e\$ Z`\ek\ X :8II@CCF JFCFI$ Q8EF# :<:@C@8$8EE89<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi G<I; [\c :_\hl\ Ef )-)/ mXcfi (//#0) [\ cX :kX% :k\% Ef% *(-+,/).'+ g\ik\e\Z`\ek\ X 8C:@M8I =<II@E#8C9<IKF$;8E@CF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& )( d^
G@:?@E:?8
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (/, [\ cX :kX% :k\% Ef% *,'/0++('+ g\i$ k\e\Z`\ek\ X <JKI8;8 G<I>L<Q8#AF?8E8$@J8$ 9<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (0- [\ cX :kX% :k\% Ef% *,'/0++('+ g\i$ k\e\Z`\ek\ X <JKI8;8 G<I>L<Q8#AF?8E8$@J8$ 9<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *). [\ cX :kX% :k\% Ef% **-(*+/('+ g\ik\e\Z`\ek\ X 8ID@AFJ ?<II<I8# E<CC@$ A8E<K [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef *)- [\ cX :kX% :k\% Ef% **-(*+/('+ g\ik\e\Z`\ek\ X 8ID@AFJ ?<II<I8# E<CC@$ A8E<K [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^
J8EKF ;FD@E>F
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ))*. Xc ))+' [\ cX :kX% :k\% Ef% *(-''+'''+ g\ik\e\Z`\ek\ X M<C8I;< J<>FM@8#:8ICFJ$=<IE8E$
;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef )'+) Xc )',' [\ cX :kX% :k\% Ef% *(-'.)'+'+ g\ik\e\Z`\ek\ X P8:<C>8 HL@J?G<# AFJ<$D8EL<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef *.)* [\ cX :kX% :k\% Ef% *(-.(0'-'+ g\ik\e\Z`\ek\ X C8II<8 D<I8# 8E><C8$ AFJ<=@E8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^
KLE>LI8?L8
HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef ()-, [\ cX :kX% :k\% Ef% *++).-0-'+ g\ik\e\Z`\ek\ X JFKF 9I@:<EF# <C@J8$ 8EKFE@<K8 [\c 9XeZf G`$ Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef (/-$(0, [\ cX :kX% :k\% Ef% *,'*-/')'+ g\i$ k\e\Z`\ek\ X ?L<IK8J >LK@<II<Q#MC8;@D@I$@J$ I8<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef (+,- mXcfi -''#'' [\ cX :kX% :k\% Ef% *+.))..*'+ g\ik\e\Z`\ek\ X :8C8?F$ II8EF CFG<Q#CLQD@C8$ @E<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef ,.- [\ cX :kX% :k\% Ef% *+*(-.0/'+ g\i$ k\e\Z`\ek\ X D8CLJ@E >LK@<II<Q#<;@K?$D8I@8$ E8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& *) d^
āą
¡
Ċŋ
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
Āāŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. Čŏ
Ġ !(¢ũ4-ũ"~ ũ!.,.ũ'.8ğ
"ēũ2#ũ! 1 !3#1(9 ũ/.1ũ2#1ũ4- ũ/#12.- ũ 2#15(!( +ēũ +ũ /.8.ũ8ũ+ ũ 84" ũ' !( ũ+.2ũ "#,;2ũ2.-ũ242ũ,#).1#2ũ!4 +(" "#2ēũ .2##ũ 4- ũ' (+(" "ũ(-- 3 ũ/ 1 ũ ",(-(231 1ũũ 8ũ, -#) 1ũ!.11#!3 ,#-3#ũ!4 +04(#1ũ -#%.!(.ũ.ũ#,/+#.ēũ
&,8'$' '( 9(1(=8(/$ 5(&8562 3527(67$
'(721$&,Ð1 /$7,*$=2 $=27(
$&725 '( /$ 3(/Ì&8/$ 0(;,&$1 *2/'
ũũ
&$17$17( < $&75,=
&+$1=$
&803/($f26
$57Ì&8/2
&$552 (1
%85/$
)(0(1,12
,1*/e6
352<(&7,/
&$(5 '$1'2
)/$0$
',26 '(/
98(/7$6
$/3$&$
,167580(172 086,&$/
81,5 (1/$=$5
'( &52$&,$
'( ,7$/,$
'26 0É6 812
+20%5( (1
7Ì78/2 +2125Ì ),&2 ,1*/e6
,1*/e6
/,%$5 720$5
ĔũĈđĖćć
ŗũũ
)/27$ &$5',1$/
$7$/$<$
/,&25
$3Ð&23( '( 0$0É
$35,6&2
(67Ð0$*2 '(/
=22*(1,$
52('25
0$0Ì)(52
É5,'2 5(6(&2
,1*(1,2 352<(&72
0867e/,'2
$/2(
62/,7$5,$
0$'5( '( -(6Ô6
&219,&72
&2/,1$ &(552
3(f$6&2
%$55,2 )8(5$ '( /$ 32%/$&,Ð1
&8$'5Ô3('2
62*$ '(
ũũ
ĸ 1(+ũĉćũıũ, 8.ũĉćĹ 4ũ/#12.- +(" "ũ2#ũ/1#2#-3 ũ"4+!#Ĕũ $#!34.2 ũ8ũũ %1 " +#ũ/.1ũ+.ũ04#ũ#-! -ı 3 1;ũ ũ04(#-#2ũ3#ũ1."# 1ēũ #!4#1"#Ėũ .".ũ '., 1#ũ#2ũ!.,.ũ+ ũ 4- Ėũ3(#-#ũ4- ũ! 1 ũ .2!41 ũ04#ũ ũ- "(#ũ#-2# ē
,1*(1,$5 352<(&7$5 (0%52//2
^ ũ
$7$5
&$%2 521=$/
6ROXFLyQ DQWHULRU )
$/*$ '( /26 &+$5&$/(6
$57(6$ *5$1'( 3$5$ $0$6$5 5 5(/,*,26$ ( (17(
0
)587$ '( (;3257$&,Ð1
(
/
9,725($5
*/25,),&$5
)5$*8$5 6Ì0%2/2 '( %252
92= '(
$558//2
(/2*,$5
&$17$17( < $&725 '( 38(572 5,&2
5
$
$
&
Ċŋ
, / $ &$/,)$ É5$%(
5 2 & $ 3(f$6&2
$ 0 ,0,7$5 &23,$5 $8;,/,2 $<8'$
6
' $ 5 $3$5$72 5$',2 /2&$/,=$'25 $'9(5%,2 '( &$17,'$'
$ &8&+,//2 &2572
&$3,7$/ '( ,7$/,$
$ /
(16(1$'$
*
8
(
8
&
(
5Ì2 '( ,7$/,$
(
1
2
-
2
(
3
5
/8*$5 )5Ì2 <
&
,
'
(
0
(
5
2(67(
(
2
,
$
&
5$Ì= (1
5
2
2
7
'
$
2
$
6$/8'2 ,1',2 (0%$5&$&,Ð1 '(/ ',/89,2
5
$ %
5
2
1
&
9É67$*2 $-867$'2
,
5 2
/,%52 6$*5$'2 0$+20(7$12
812 (1 ,1*/e6
&203/(72
7
$ 1
)/(&+$6
,168),&,(17( '(/*$'2
$=$'$ '( 0,1(526
$3Ð&23( '( 7$172
$&25'( &21)250(
5
& $ 2',2 5(&(17,0,(172
$
7 1
&
0
5
(
5
2
(
2
2
2
5
/
(
$
&(/(%5,'$'(6
7 $
&$'(5$
,55,7$&,Ð1
5
5$02 /$5*2 <
$
3(552 '(62/$'2
( & +8(62 '( /$
&
7
2 1
,1*/e6
6
$
5
6 62/,7$5,$
&$552 (1
$=8)5(
5
2
$
1
&,(/2
6Ì0%2/2 '( 3529,1&,$ '( &+,/(
9
1
&
(
&$1&(/$5
$
021$5&$ 5(<
2
6
+(50$12 '( $%(/
5
$
$
/8*$5
$
&$f(5Ì$ 3$5$ &21'8&,5 $*8$
'(52*$5
2
1
$'9(5%,2 '(
5(< '( (*,1$ +,-2 '( =(86 7,(032
'21$
5
'2&( 0É6 812
0$'(5$ $0(5,&$1$
:C8L;@F 8II8L (0'* $ (00( G@8E@JK8 :?@C<EF% GI<D@F @EK<IE8:@FE8C ;< >@E<9I8 <E (0+(
2),',2 '( *5$1 7$0$f2
$
&$5&20(5
2
5
+$%,7$17( '( /$ 6,(55$ %2*$5
5$721$5
3$5$ ',63$5$5
/
$/,0(172 $1,0$/
7(03(67$' '( 758(126
$
$&78$5 ,1*/e6
0
3
$
6Ì0%2/2 '( %252 3$75,$5&$ '(/ ',/89,2
&
$
1
5Ì2 '( 68'É)5,&$ $1725&+$
5
$
6Ì0%2/2 '( 5$',2 $0$55$5
5
(
2
$
',26$ *5,(*$ '(/ 0$/ 7,(032
$
7
(
129(1$ /(75$ *5,(*$
$
&
2
/
$
7
$
1
%
$
$
5
/
(
$&75,= '( /$ 3(/Ì&8/$ -867 -25'$1
7 (6&5,72 $&8(5'2
(
'(0(17(
3$/2 '( %(,6%2/
&5(0$ '( /$ /(&+(
$
&
7
$
2
6,*12 =2',$&$/ (6&5,725
$
2
5
'
(
0
,
35,0(5$ 127$ 086,&$/
0(;,&$12
}
ũ9WdiWZe Z[ [dl_Whb[ 9:i ŗũ Z[ c i_YW W ik [ndel_W Jh_i"
#-1(ũ #!04#1#+
D_Ya o iki Wc_]ei Z[Y_Z[d XkiYWh W ik XWdZW \Wleh_jW [d Wb] d beYWb deYjkhde Z[ CWd# ^WjjWd$ :khWdj[ bW X igk[ZW" YedeY[ W DehW^ o [b Z[ij_de b[ bb[lW W YecfWhj_h kdW \WXkbe# iW deY^[$ 8W`e bW Z_h[YY_ d Z[ F[j[h Iebb[jj o bWi WYjkWY_ed[i [ij[bWh[i Z[ C_Y^W[b 9[hW" AWj :[dd_d]i" 7Whed Oee o 7b[n_i :_i[ W$
ĈĒĐĎũıĉććĐ
ũ< i_Ye \hWdY i" c_[cXhe Z[ ŗũ kdW fhec_d[dj[ \Wc_b_W Z[ Y_[dj ÒYei" kd Z W Yece ^eo Z[ './, Z[iYkXh[ kdW dk[lW fhe# f_[ZWZ Z[ bW cWj[h_W gk[ h[Y_X[ [b decXh[ Z[ ÈhWZ_WYj_l_ZWZÉ$ EXjkle [b Fh[c_e DeX[b Z[ < i_YW [d '/&) YecfWhj_Ze Yed CWh W o F[Zhe 9kh_[ o h[Wb_p _dl[ij_]WY_ed[i ieXh[ bW \ei# \eh[iY[dY_W" bW [if[YjheiYef_W o bW WXiehY_ d Z[ bW bkp$ ;d ik ^edeh i[ XWkj_p kdW kd_ZWZ Z[ c[Z_ZW Z[ WYj_l_ZWZ hWZ_WYj_lW [d [b I_ij[cW ?dj[hdWY_edWb Z[ Kd_ZWZ[i0 [b X[Ygk[h[b$
: ũ }
42! -ũ.31.2ũ,#"(.2ũ/ 1 ũ31 3 1ũ#+ũ!;-!#1ũ Ĕũ ũě ;b h[je WYjkWb fWhW c[`ehWh bei jhWjWc_[djei Yed# jhW [b Y|dY[h [i be]hWh Yedijhk_h f[gk[ ei WY[b[hWZeh[i Z[ fWh# j YkbWi fWhW fheZkY_h ^WY[i Z[ fhejed[i gk[ [b_c_dWd bWi Y bk# bWi YWdY[h ][dWi Z[ \ehcW c|i [ÒY_[dj[ gk[ bW hWZ_ej[hWf_W$ ;b Z_h[Yjeh Z[b 9[djhe ;k# hef[e Z[ < i_YW Z[ FWhj YkbWi 9;HD " Heb\#:_[j[h >[k[h" [n# fb_Y gk[ [b eX`[j_le Z[ bei Y_[d# j ÒYei [i ÆiWX[h gk d[Y[i_jW bW c[Z_Y_dW o Z[ifk i l[h gk [i be gk[ i[ fk[Z[ Z[iWhhebbWhÇ$
ĸ, 19.ũĉĈũıũ 1(+ũĈĒĹ 4ũ2(34 !(¢-ũ#!.-¢,(! ũ3(#-"#ũ ũ ,#-%4 1Ĕũ#23.ũ ,#1(3 ũ04#ũ/.-% ũ, 8.1ũ 3#-!(¢-ũ#-ũ242ũ% 23.2ėũ '.11 1ũ"# #ũ2#1ũ 24ũ,#3 ũ/.1ũ'.8ēũ #!4#1"#Ėũ#-! -3.ũ"#ũ+ 2ũ 1.2 2ũ#2ũ04#Ĕũ2(#-".ũ3 -ũ'#1,.2 2Ĕũ-4-! ũ 2 #-ũ04#ũ+.ũ2.-ē
)5$*$1&,$
(63$572 0$172 %('8,12
0$48,1$5
ĔũĈďĖČĎ
ũũ
5(',/
580,$17(
KdW j[b[del[bW gk[ Yk[djW bW ^_ijeh_W Z[ kdW bkY^W Z[ YbWi[i o bW h[X[bZ W Z[ kd fe# Xh[ d_ e h_Ye" gk[ ^Wh|d gk[ YkWjhe f[hiedWi j[d]Wd kd Z[ij_de [igk_le W bW \[b_Y_ZWZ$ 9k[djW Yed kd [b[dYe Yebec# X_Wde Z[ fh_c[hW0 7bX[hje LWbZ_h_" I[XWij_|d 9W_Y[Ze" @e^WddW 8W^Wc d o 7dZh[W B f[p `kdje W h[YedeY_Zei Whj_ijWi c[n_YWdei Yece ;lWd][b_dW ;b_pedZe" FWjh_Y_W 8[hdWb" <[hdWdZe 9_Wd]^[hej# j_ o 9bWkZ_W ÛblWh[p$
ĸ$# 1#1.ũĉćũıũ, 19.ũĉćĹũ +ũ3#2¢-ũ8ũ+ ũ#-31#% ũ04#ũ "ēũ/.-#ũ#-ũ242ũ -#%.!(.2ũ2#1;-ũ+.ũ04#ũ #-#ă!( ũ8ũ' !#ũ !1#!#1ũ ũ+.2ũ,(2,.2ēũ #!4#1"#Ėũ ¢+.ũ2#ũ' ũ /#1"(".ũ!4 -".ũ2#ũ"#) ũ"#ũ+4!' 1ē
38172
5Ì2 '( ,7$/,$
,.1#2ũ!149 ".2
ũũ
$025
',/$7$'2 /21*,78'
(!*ũĜũ .1 '
ĸ#-#1.ũĉćũıũ$# 1#1.ũĈĒĹ 1 3#ũ"#ũ,#"( 1ũ"#-31.ũ"#ũ24ũ'.% 1ũ #5(3 -".ũ+ ũ-#!#" "ũ8ũ+.2ũ#731#,.2ē #!4#1"#Ėũ 1(23#ũ_/.! ũ+ ũ-4#231 ēũ 2ũ,;2ũ $;!(+ũ"#2(-3#%1 1ũ4-ũ;3.,.ũ04#ũ24/#1 1ũ 4-ũ/1#)4(!(.ē
(63$f2/$
æbj_cWc[dj[" bei jhWjWc_[d# jei YedjhW [b Y|dY[h gk[ [cfb[W# XWd hWoei N i[ lWd ikij_jko[dZe feh ejhei gk[ kj_b_pWd ^WY[i Z[ fhejed[i" [b c_ice j_fe Z[ fWhj # YkbWi gk[ i[ [cfb[Wd [d bWi Yeb_# i_ed[i [d [b =hWd 7Y[b[hWZeh Z[ >WZhed[i B>9 Z[b 9;HD$ ;ijei ^WY[i Z[ fhejed[i i[ Yedl_[hj[d [d kd X_ijkh ckY^e c|i fh[Y_ie o [\[Yj_le gk[ bei hWoei N" Wkdgk[ j_[d[d _dYed# l[d_[dj[i" oW gk[ Wb [djhWh [d [b Yk[hfe [b h[Yehh_Ze Z[ bW hWZ_W# Y_ d Z[ [ijWi fWhj YkbWi W\[YjW
ĸ, 8.ũĉĈũıũ)4-(.ũĉĈĹ 4ũ(-3#1_2ũ#-ũ+.ũ#!.-¢,(!.ũ8ũ$ ,(+( 1ũ2#1;ũ ,;2ũ$4#13#ũ/.1ũ+.ũ04#ũ2#1;ũ(,/.13 -3#ũ04#ũ 1#24#+5 ũ+.2ũ 24-3.2ũ/#-"(#-3#2ēũ #!4#1ı "#Ėũ +ũ!.,/.13 ,(#-3.ũ#2ũ4-ũ#2/#).ũ#-ũ#+ũ 04#ũ! " ũ4-.ũ,4#231 ũ24ũ(, %#-ē
: ũũ
ĸ)4-(.ũĉĉũıũ)4+(.ũĉĉĹ "ēũ2#-3(1;ũ#+ũ /.8.ũ (#13.ũ8ũ"#2(-3#1#2 ı ".ũ"#ũ242ũ ,(%.2ũ8ũ#23.ũ2#1;ũ"#ũ2(%-(ă! ı 3(5 ũ(,/.13 -!( ũ/ 1 ũ423#"ēũ #!4#1"#Ėũ +ũ 04#ũ3(#-#ũ$#ũ#-ũ2~ũ,(2,.ũ-.ũ-#!#2(3 ũ04#ũ +.2ũ"#,;2ũ!1# -ũ#-ũ_+ē
ũũ
ĸ)4+(.ũĉĊũıũ %.23.ũĉĉĹũ -ũ+ ũ1#+ !(¢-ũ!.-ũ242ũ24/#1(.1#2Ĕũ #2/#!( +,#-3#ũ!.-ũũ,4)#1#2Ĕũ"# #1;ũ2#1ũ ,;2ũ! 43#+.2.ũ8 ũ04#ũ#++ 2ũ3#-"#1;-ũ ũ+ ũ 242/(! !( ēũ #!4#1"#Ėũ ũ) !3 -!( Ĕũ!.,.ũ + ũ 1, "41 ũ".1 " Ĕũ-.ũ#2ũ+.ũ,(2,.ũ/.1ũ "#-31.ũ04#ũ/.1ũ$4#1 ē
ũũ
ĸ %.23.ũĉĊũıũ2#/3(#, 1#ũĉĉĹ 42ũ!4 ".2ũ8ũ/ 1(#-3#2ũ#-ũ%#-#1 +ũ2#ũ ,.231 1;-ũ,;2ũ (#13.2ũ8ũ!.,4-(! 3(5.2ũ +.ũ04#ũ' !#ũ04#ũ+ ũ1#+ !(¢-ũ!.-ũ "ēũ,#ı ).1#ēũ #!4#1"#Ėũ +ũ/1(-!(/(.ũ,;2ũ/1.$4-".ũ "#+ũ! 1;!3#1ũ'4, -.ũ#2ũ#+ũ -'#+.ũ"#ũ2#1ũ /1#!( ".ē
ũũ
ĸ2#/3(#, 1#ũĉĊũıũ.!34 1#ũĉĉĹ
.2ũ! , (.2ũ#-ũ+ ũ5(" ũ2#-3(,#-3 +ũ8ũ#+ũ '.% 1ũ2#1;-ũ"(-;,(!.2ũ8ũũ"# #1;ũ#23 1ũ /1#/ 1 ".ũ/ 1 ũ#++.2ēũ #!4#1"#Ėũ (ũ!4(".ũ ,(ũ! 1;!3#1ũ,(ũ1#/43 !(¢-ũ2#ũ!4(" 1;ũ2.+ ē
ũũ
ĸ.!34 1#ũĉĊũıũ-.5(#, 1#ũĉĈĹũ +ũ3#,/#1 ,#-3.ũ"#ũ24ũ/ 1#) ũ2#ũ2.2(#% Ĕũ 2(-ũ#, 1%.ũ2# ũ/14"#-3#ũ#-ũ242ũ./(-(.ı -#2ēũ #!4#1"#Ėũ 2ũ,#).1ũ2#1ũ/14"#-3#ũ8ũ 3.+#1 -3#ũ!.-ũ+.2ũ"#,;2ē
ũũ
ĸ-.5(#, 1#ũĉĉũıũ"(!(#, 1#ũĉĈĹũ +ũ , (#-3#ũ"#-31.ũ"#ũ24ũ31 ).ũ2#1;ũ,;2ũ 31 -04(+.ũ8ũ/ 13(!(/ 3(5.ēũ 4ũ#-31#% ũ#-ũ#+ũ 31 ).ũ' !#ũ04#ũ "ēũ2#ũ!.-2.+("#ũ#-ũ24ũ /4#23.ēũ #!4#1"#Ėũ #ũ04_ũ-.2ũ5 +#ũ2#1ũ ,;2ũ$4#13#2Ĕũ2(ũ-.ũ2 #,.2ũ2#1ũ,#).1#2ē
jWdje W bWi Y bkbWi YWdY[h ][dWi Yece W bWi iWdWi$ Feh [bbe" [b 9;HD [ij| _dj[d# jWdZe Z[iWhhebbWh dk[lei jhWjW# c_[djei [cfb[WdZe Wdj_fheje# d[i" fWhW Wi c_d_c_pWh [b [\[Yje Z[ bW hWZ_WY_ d ieXh[ bWi Y bkbWi de W\[YjWZWi$
ũũ
ĸ"(!(#, 1#ũĉĉũıũ#-#1.ũĈĒĹ
2ũ1#+ !(.-#2ũ $#!3(5 2ũ2#1;-ũ,;2ũ5~5(" 2ũ 8ũ$4#13#2ēũ 4ũ/ 1#) ũ2#ũ,.231 1;ũ! 1( .2 ũ 8ũ"#"(! " ũ+.ũ04#ũ' !#ũ04#ũ "ēũ2#ũ2(#-3 ũ ũ %423.ēũ #!4#1"#Ėũ #5 -3 1ũ +ũ04#ũ' ũ! ~".ũ #2ũ +%.ēũ .23#-#1ũ/ 1 ũ04#ũ-.ũ! (% ũ"#ũ -4#5.ũ#2ũ,;2ē
Ä Ä†
#1ĂŒĹŠ(%4 +¢Ŋ$4#19 2ĹŠ!.-ĹŠ ĂŒ-#9ĹŠ
,Äŋ / ŋ#( * 4ŋ ŋ-/* , ,ŋ ŋ Ä( 4ŋ (ŋ/(ŋ ( / (.,)ŋ '#-.)-)ŋ ŋ / ,4 -ŋ* , $ -ŋ+/ ŋ-)&)ŋ./0)ŋ., -ŋ'#(/.)-ŋ ŋ ') #š(ąŋ )( (., Ě )-ŋ (ŋ &ŋð( &ŋ ŋ& ŋ*,#' , ŋ* ,. ąŋ / ( )ŋ&& !šŋ &ŋ. (.)ŋ &ŋ )' #Ě ( )ŋ./( #()ŋ ŋ ,!)ŋ ŋ (ŋ "# ŋ3ŋ- !/# ' (. ŋ& ŋ#!/ & ŋ ŋ & / #)ŋ #4 ,,)ŋ* , ŋ ,Äąŋ ŋ* ( &.#Ą ŋ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. Ĺ?
.%1 1.-ŊŊ 24Ŋ. )#3(5. ¥ ēŊ 4(2Ŋ '(1( .% ĔŊ/1#2("#-3#Ŋ"#Ŋ+ Ŋ ĔŊ"41 -3#Ŋ#+Ŋ .-%1#2.Ŋ!4,/+(".Ŋ 8#1Ŋ#-Ŋ 4 8 04(+ē
ēŊ #22(Ŋ!.-5(13(¢Ŋ24Ŋ/1(,#1Ŋļ' 3Ŋ31(!*ČŊ!.-Ŋ 1%#-3(- ēŊ
#22(ĹŠ-.ĹŠ2 #ĹŠ"#ĹŠ ,(23.2.2ĹŠ ĔŊ ĹŠ ěŊ Kd Ăˆ^Wj jh_YaÉ Z[ B_ed[b C[ii_" [b fh_c[he gk[ WdejW Yed bW i[b[YY_ÂŒd dWY_e# dWb" Z_e Wo[h bW l_Yjeh_W 7h][d# j_dW [d [b fWhj_Ze Wc_ijeie gk[ Z_ifkjÂŒ YedjhW Ik_pW [d 8[hdW" [d kdW dk[lW Z[ceijhWY_ÂŒd Z[ gk[ [b XWhY[bed_ijW [i Yecf[# j_j_le [d YkWbgk_[h [iY[dWh_e o Z[ gk[ jWcX_ƒd [i [b h[o Z[ bW ĂˆWbX_Y[b[ij[É$ C[ii_ WYWfWhÂŒ jeZWi bWi c_# hWZWi Z[iZ[ bW bb[]WZW W 8[hdW Z[ bW i[b[YY_ÂŒd Wh][dj_dW o bWi )($&&& f[hiedWi gk[ Wi_ij_[#
Ĉ Ċ
hed [d Z_h[Yje Wb Y^egk[ [d [b ;ijWZ_e Z[ Ik_pW" i[Z[ Z[ bW Ă’dWb Z[b CkdZ_Wb Z[ '/+*" de iWb_[hed Z[\hWkZWZWi" fehgk[ [b XWhY[bed_ijW `k]ÂŒ jeZe [b fWhj_Ze o Z[`ÂŒ jh[i ]eb[i cWhYW Z[ bW YWiW$ }
Ĉ Ĉ
ĹŠ Ă‹
7;1 (31.2ĹŠ(-2/#!!(.- 1;-ĹŠ +.2ĹŠ/ 13(".2ĹŠ"#+ĹŠ! ,/#.- 3.ĹŠ Ä‰Ä‡ÄˆÄ‰Ä“ĹŠ ĹŠ1#!' 9¢Ŋ/#3(!(.-#2ĹŠ "#ĹŠ ĹŠ8ĹŠ (% ĹŠ"#ĹŠ 4(3.Ä“ š ;b 9ed]h[ie ;njhWeh#
14%4 8ĹŠ#,/ 3 ĹŠ -3#ĹŠ4- ĹŠĹŠ 2.1/1#-"#-3#ĹŠ 4, -~ ĹŠ
-ĹŠ"(2!1#3.ĹŠ 14%4 8ĹŠ#,/ 3¢Ŋ ĹŠ4-.ĹŠ -3#ĹŠ4- ĹŠ 4, -~ ĹŠ04#ĹŠ/4".ĹŠ % - 1ĹŠ8ĹŠ$4#ĹŠ24/#1(.1ĹŠ ĹŠ+.2ĹŠ'., 1#2ĹŠ"#ĹŠ ;1#9Ä” /#1.ĹŠ04#ĹŠ +ĹŠÄƒ- +ĹŠ-.ĹŠ/4".ĹŠ/ 2 1ĹŠ"#ĹŠ4-ĹŠ2.1/1#2(5.ĹŠ#,/ 3#ĹŠÄˆÄąÄˆÄ“ -ĹŠ"(2/ 1.ĹŠ!149 ".ĹŠ!.-ĹŠ+ ĹŠ941" ĹŠ"#ĹŠ 5 -(ĹŠ 1(¢Ŋ#+ĹŠ, 1! ".1ĹŠ#-ĹŠ #+ĹŠ/1(,#1ĹŠ,(-43.ĹŠ"#ĹŠ/ 13(".ĹŠ/ 1 ĹŠ+ ĹŠ2#+#!!(¢-ĹŠ414%4 8 ĔŊ,(#-31 2ĹŠ 04#ĹŠ 3 -!4ĹŠ(%4 +¢ē
Z_dWh_e" gk[ i[ h[Wb_pÂŒ Wo[h [d bW ;YkW\‘jXeb" WYe]_ÂŒ bW f[j_Y_ÂŒd Z[ bW 7ieY_WY_ÂŒd Z[ Ă›hX_jhei ;YkW# jeh_Wdei fWhW gk[ h[]h[i[ W bW ceZWb_ZWZ gk[ [ijWXb[Y_ÂŒ bW <[# Z[hWY_ÂŒd ?dj[hdWY_edWb Z[ <‘jXeb 7ieY_WY_ÂŒd <?<7 " h[if[Yje Z[ bW Z[i_]dWY_ÂŒd Z[ _dif[Yjeh[i Z[b jehd[e dWY_edWb$ 9ed [ije" i[ Z[he]W be h[ik[bje [d [d[he fWiWZe YkWdZe bW <;< Z_e jh|c_j[ W kd f[Z_Ze Z[ bei Ybk# X[i W jhWlƒi Z[ 7ie =kWoWi" fWhW gk[ bei _dif[Yjeh[i de i[Wd [n|h# X_jhei Z[ XWbecf_ƒ fWhW ZWh fWie W kdW 9ec_i_ÂŒd 7YWZƒc_YW$ =Wbe I|dY^[p [i gk_[d jecW# h| bWi h_[dZWi Z[ bW 9ec_i_ÂŒd Z[ Ă›hX_jhei" i[]‘d Z_ifei_Y_ÂŒd Z[b 9ec_jƒ ;`[Ykj_le Z[ bW <;<$ ;b fb[de i[ _dijWbÂŒ Z[iZ[ bWi ''0&&"
Yed -- Z[b[]WZei Z[ bWi <[Z[hW# Y_ed[i Fhel_dY_Wb[i$ ;b fb[de WYe]_ÂŒ [b Whj‡Ykbe , gk[ ^WXbW Z[ bei eX`[j_lei Z[ bW <[Z[hWY_ÂŒd gk[ _dijW W h[if[jWh bei [ijWjkjei" h[]bWc[djei Z_h[Y# jh_Y[i Z[ bWi H[]bWi Z[ @k[]e" W Ă’d Z[ _cf[Z_h YkWbgk_[h l_ebWY_ÂŒd o ]WhWdj_pWh gk[ jWcX_ƒd i[Wd h[if[jWZei feh iki c_[cXhei$ ;i Z[Y_h" j_[d[d bW eXb_]WY_ÂŒd Z[ WZc_d_ijhWh bei Wikdjei Z[ cWd[hW _dZ[f[dZ_[dj[ i_d f[h# c_j_h bW _dj[hl[dY_ÂŒd Z[b ;ijWZe [YkWjeh_Wde [d bWi Z[Y_i_ed[i gk[ h[Wb_Y[ bW <;<$ BW f[j_Y_ÂŒd fhefk[ijW feh B_]W Z[ Gk_je" Z[ kdW ceZ_Ă’YW# Y_ÂŒd Wb Whj‡Ykbe '*" ieXh[ [b :[# h[Y^e Z[ C_[cXhei" de \k[ Wfhe# XWZW$ BW h[]bW i[ h[\[h‡W W gk[ bei
YbkX[i gk[ j[d]Wd Wb]‘d fhe# Xb[cW b[]Wb e Z[kZW de fk[ZWd fWhj_Y_fWh [d [b 9ed]h[ie Z[ bW <;<" \ehckbWh fhefk[ijWi fWhW ik _dYbki_ÂŒd [d bW \[Z[hWY_ÂŒd" Wi‡ Yece jWcfeYe fhefed[h YWdZ_# ZWjei W jeZei bei ÂŒh]Wdei Z[ bW [YkWjeh_WdW$ :[ _]kWb \ehcW" bW f[j_Y_ÂŒd Z[ 7<D7 gk[ XkiYWXW ikfh_c_h [d [b Whj‡Ykbe ') Z[ WĂ’b_WY_ÂŒd Z[ Ybk# X[i fWhW gk[ de i[W [b 9ed]h[ie" gk_[d Z[Y_ZW W gkƒ YbkX[i _dYbk_h$ BW fed[dY_W \k[ h[Y^WpWZW Yed ,. lejei$ :Wl_Z HeZh‡]k[p" fh_c[h l_# Y[fh[i_Z[dj[ Z[ 8WhY[bedW" Z_`e gk[ de YedY_X[ gk[ [d ‘bj_ce cec[dje i[ b[i ^WoW [djh[]W# Ze kdW YWhf[jW Yed jeZWi bWi f[j_Y_ed[i" fk[ije gk[ Wb]kdei d_ i_gk_[hW iWX[d be gk[ [ij|d b[o[dZe o iebe h[f_j[d kdW h[i# fk[ijW Z[ WYk[hZe W be gk[ Z_Y[d bei Z[c|i$ BW 9ec_i_ÂŒd Z[ 9Wb_Ă’YWY_ÂŒd Z[ 7Yh[Z_jWY_ÂŒd Z[ C_[cXhei" gk[ZÂŒ Yed\ehcWZW Z[ bW i_]k_[d# j[ cWd[hW0 fh[i_Z[dj[ =edpWbe KbbWkh_ o @^eddo Z[ BW FWh[Z" l_Y[fh[i_Z[dj[$
Ä Ä‡
Ä€Ä Ĺ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
ÄĽ /;ÄŚĹŠ2.,#3#ĹŠ ĹŠ+ ĹŠÄĽ ÄŚ
Ĺ—ĹŠ ĹŠĹŠ7kYWi Z[hhejÂŒ Wo[h W B_]W Z[ Gk_je feh ) W ( [d [b 9ecfb[`e Z[ FecWigk_$ ;b :J ;Z]WhZe 8WkpW de kj_b_pÂŒ W bei `k]WZeh[i j_jkbWh[i" c_[djhWi gk[ L_Y[dj[ Ceh[de kj_b_pÂŒ W ik fbWdj_bbW fh_dY_fWb Wdj[i Z[b _d_Y_e Z[ bW I[]kdZW 9Wj[]eh‡W$
#ĹŠ/.-#ĹŠ#+ĹŠÄĽ/#!'.ĹŠ ĹŠ+ 2ĹŠ + 2ÄŚ
Ĺ—ĹŠ ĹŠĹŠ;b :J Z[ ;b DWY_edWb" CWh_e :Wd_[b IWhWb[]k_" Wikc_ÂŒ bW h[ifediWX_b_ZWZ Z[ gk[ bei ĂˆYh_ebbeiÉ j[d]Wd kd XW`ÂŒd \kjXeb‡ij_Ye f[he [if[hW h[l[h# j_hbe [b Zec_d]e Wdj[ CWYWh|$ @kWd 9Whbei 7dWd]edÂŒ feZh‡W f[hZ[hi[ [ij[ Yecfhec_ie feh kdW j[dZ_d_j_i oW gk[ de [djh[dÂŒ Yed [b fbWdj[b Wo[h [d JkcXWYe$
++ ĹŠ(-3#1- !(.- +
Ĺ—ĹŠ ĹŠĹŠ;b h[\[h‡ [YkWjeh_Wde EcWh FedY[ f_jWh| [b [dYk[djhe Z[ 9efW B_X[hjWZeh[i [djh[ F[‹Wheb o bW Kd_l[hi_ZWZ Z[ 9^_b[" [b fhÂŒn_ce cWhj[i [d Khk]kWo$ FedY[ [ijWh| WYecfW‹WZe Z[ @kWd 9[Z[‹e o 9Whbei >[hh[hW" jWcX_ƒd [YkWjeh_Wdei$
ÄĽ .ĹŠ,~.ĹŠ#2ĹŠ+ ĹŠ, 1! ÄŚ 1#""8ĹŠ +(5.ĹŠ 2#ĹŠ' ĹŠ% - ".ĹŠ + ĹŠ!.-ă -9 ĹŠ "#+ĹŠ ĹŠ 1+.2ĹŠ 2!'( Ä“
KdW Z[ bWi YedjhWjWY_ed[i Z[ :[fehj_le Gk_je fWhW bW fh[i[d# j[ j[cfehWZW \k[ <h[ZZo Eb_le" c[Z_eYWcf_ijW Z[ cWhYW gk[ ^W fWiWZe feh ;ic[hWbZWi F[jhe# b[he" B_]W Z[ Fehjel_[`e" B_]W Z[ Be`W" ;ifeb_" 8WhY[bedW" ;c[b[Y [ ?dZ[f[dZ_[dj[ Z[b LWbb[$ Ik bb[]WZW i[ Z_e Yed [b l_i# je Xk[de Z[b :J 9Whbei ?iY^_W" gk_[d iWX‡W gk[ EimWbZe C_dZW _XW W iWb_h Z[b [gk_fe o bW b[i_ÂŒd Z[ IWdj_W]e CehWb[i [hW bWh]W$ ÆC_dZW [hW kdW f_[pW \kd# ZWc[djWb" i_d [cXWh]e Eb_le be ^W ^[Y^e X_[d o [i Yk[ij_ÂŒd Z[ j_[cfe fWhW gk[ i[ WZWfj[ c[# `ehÇ" Z_`e ?iY^_W$ Eb_le [i Z[ [iei `k]WZeh[i gk[ i[ Yedl_[hj[d [d kd Ăˆf[hhe Z[ fh[iWÉ oW gk[ j_[d[ gk[ fh[# i_edWh Wb h_lWb fWhW gk_jWhb[ [b XWbÂŒd$ ;b Xk[d jegk[ de [i ik [i# j_be" i_d [cXWh]e" [d ckY^ei fW# iW`[i Z[ bei fWhj_Zei [i bW WZkWdW Z[b c[Z_eYWcfe ĂˆY^kbbWÉ$ @kdje W 7b[n 8ebW‹ei i[ i_[d# j[ YÂŒceZe" f[he iWX[ gk[ \WbjW ckY^e fWhW WYefbWhi[ Z[Ă’d_j_# lWc[dj[ o i[h kdW fWh[`W gk[ i[ [dj_[dZ[ W bW f[h\[YY_ÂŒd$ Eb_le i_[cfh[ i[ ^W YWhWYj[h_pWZe feh Z[Z_YWhi[ W bW cWhYW o bk[]e [d# jh[]Wh [b XWbÂŒd W bei gk[ iWX[d$ ÆC_ jhWXW`e i_[cfh[ ^W i_Ze bW cWhYW" Z[ifkƒi i_ i[ fk[Z[ jhWje Z[ WfeoWh W bei ckY^WY^ei Z[ Xk[d f_[" f[he i_[cfh[ fh_e# h_pe [b ehZ[d Z[b c[Z_eYWcfeÇ" YedjÂŒ Eb_le$ 7 f[iWh Z[ ^WX[h [ijWZe [d bW cWoeh‡W Z[ bei Yej[`ei Z[ bW Ăˆ7A:É" jWdje [d YWcf[edWje be#
ÄĽ -ĹŠ 5(#1-#2ÄŚĹŠ !.-ĹŠ$ĂŒ3 .+ BW gk_djW \[Y^W Z[ bW I[h_[ 7 i[ `k]Wh| [djh[ l_[hd[i o Zec_d]e$ Bei ĂˆY^kbbWiÉ WXh_h|d bW `ehdWZW [d [b ;ijWZ_e Eb‡cf_Ye 7jW^kWbfW o i[ Y[hhWh| [b Zec_d]e [d [b Cedk# c[djWb YkWdZe 8WhY[bedW h[Y_XW Wb ?dZ[f[dZ_[dj[ Z[b LWbb[$ FWhW [ijW `ehdWZW bei [YkWje# h_Wdei" ;ij[XWd :h[[h o CWj‡Wi EoebW" `k]WZeh[i Z[ ;c[b[Y o 8WhY[bedW h[if[Yj_lWc[dj[ fe# Zh‡Wd ^WY[h ik Z[Xkj eĂ’Y_Wb [ij[ Ă’d Z[ i[cWdW" jhWi h[Y_X_h ik YWhjW Z[ dWjkhWb_pWY_ÂŒd [b fWiW# Ze bkd[i$ Ebc[Ze o :[fehj_le Gk_je _dj[djWh|d Yedi[]k_h iki fh_#
#/.13(5.ĹŠ 4(3.
ĹŠ
(!' ĹŠ3_!-(!
ĹŠ Ä–ĹŠ #-(3.ĹŠ 1#""8ĹŠ +(5.ĹŠ Ĺ— .-9;+#9 ĹŠ ĹŠ ĹŠ ĖŊĉÄ?ĹŠ"#ĹŠ Ĺ—2#/3(#, 1#ĹŠ"#ĹŠÄˆÄ’Ä‘Ä‰ ĹŠ ĹŠ ĹŠ Ä–ĹŠ 2,#1 +Äą Ĺ—" 2ĔŊ 2,#1 +" 2 Ĺ—ĹŠ ÂĄ Ä–ĹŠ .+ -3# ĹŠ ĹŠ ĹŠ Ä–ĹŠ 2,#1 +" 2ĹŠ Ĺ— #31.+#1. Ĺ—ĹŠ Â&#x; ĹŠ ĹŠ ĖŊĉććĊ
YWb Yece [d 9efW B_X[hjWZeh[i" <h[ZZo de i[ i_[dj[ kdW f_[pW \kdZWc[djWb [d [b [igk[cW Z[b jƒYd_Ye Wh][dj_de$ ÆOe jhWXW`e W Z_Wh_e fWhW ^W# Y[h bWi YeiWi X_[d" f[he de c[ i_[dje \kdZWc[djWb$ 7Y| `k[]W [b gk[ c[`eh [ijƒ o bei gk[ ^WY[d bW Yh‡j_YW ied kij[Z[i bei f[h_e# Z_ijWiÇ" YedjÂŒ [b c[Z_eYWcf_ijW [ic[hWbZ[‹e$ Eb_le [i [b ^ecXh[ hkZe Z[b c[Z_eYWcfe gk_j[‹e" f[he \k[hW Z[ bW YWdY^W [i kd ^ecXh[ cko ^e]Wh[‹e" ]kijW fWiWh Y[hYW Z[ ik \Wc_b_W o Z[ [iYkY^Wh iWbiW [d YWiW o [d bWi YedY[djhWY_ed[i$ ÆIeo Z[ bei gk[ ]kijWd Z[ _h fhedje W YWi_jW" Z[ fWiWh Yed bW \Wc_b_W o Z[ YecfWhj_h Yed bWi f[hiedWi gk[ c[ heZ[Wd$ ;d YkWdje W bW c‘i_YW i_[cfh[ c[ ^W ]kijWZe bW iWbiW o bW [iYkY^e [d jeZWi fWhj[iÇ" Ykbc_dÂŒ [b [n B_]W Z[ Be`W$
ēŊ 1#""8Ŋ +(5.Ŋ#-Ŋ#+Ŋ#-31#- ,(#-3.Ŋ"#Ŋ #/.13(5.Ŋ 4(3.ē
#ĹŠ1#!4/#1 -ĹŠ+.2ĹŠ! ~".2 Ĺ—ĹŠĹŠ 4(2ĹŠ #1- -".ĹŠ 1(3 , ĹŠ8ĹŠ 4 -ĹŠ 1+.2ĹŠ 1#"#2ĹŠ 2#ĹŠ1#!4/#1 -ĹŠ"#ĹŠ242ĹŠ,.+#23( 2ĹŠ#-ĹŠ242ĹŠ1."(++ 2ĹŠ8ĹŠ-.ĹŠ
#23 1;-ĹŠ/1#2#-3#2ĹŠ#-ĹŠ#+ĹŠ!.,/1.,(2.ĹŠ"#ĹŠ,  - ĹŠ -3#ĹŠ _!-(!.ĹŠ -(5#12(3 1(.ēŊ 8#1ĔŊ#+ĹŠ ĹŠ 1+.2ĹŠ 2!'( ĹŠ 1# +(9¢Ŋ4-ĹŠ31 ).ĹŠ$~2(!.ĹŠ/.1ĹŠ4- ĹŠ'.1 ĹŠ8ĹŠ+ ĹŠ'.1 ĹŠ8ĹŠ ,#"( ĹŠ1#23 -3#ĹŠ#+ĹŠ#04(/.ĹŠ1# +(9¢Ŋ3.04#2ĹŠ#-ĹŠ+ ĹŠ,(3 "ĹŠ "#ĹŠ+ ĹŠ! -!' ĹŠ ĹŠ4-.ĹŠ8ĹŠ".2ĹŠ3.04#2Ä“ +ĹŠÄƒ- +(9 1ĹŠ+ ĹŠ/1;!3(! ĔŊ2#ĹŠ!#+# 1 1.-ĹŠ+.2ĹŠ !4,/+#  .2ĹŠ"#ĹŠ 4(2ĹŠ (%4#+ĹŠ 2! + " ĹŠ8ĹŠ 4(2ĹŠ .-%.ĔŊ 04(#-#2ĹŠ!4,/+(#1.-ŊĉÄ?ĹŠ8ŊĉĊŊ1#2/#!3(5 ,#-3#ēŊ 42ĹŠ !.,/  #1.2ĹŠ+#2ĹŠ'(!(#1.-ĹŠ,.1"#1ĹŠ+ ĹŠ3.13 Ä“
4(-3 ĹŠ$#!' 1(,#1 ĹŠ
Â&#x; Ĺ—ĹŠ ēŊ 4(3.ĹŠ52ēŊ ēŊ -(5#12(3 1(.ĹŠ
ĈĒĖćć
: ŗŊ +,#".Ŋ52ēŊ (% Ŋ"#Ŋ .) Ŋ
ĈÄ?Ėćć
ĈĈĖĊć Ĺ—ĹŠ (% ĹŠ"#ĹŠ 4(3.ĹŠ52ēŊ ,#+#!ĹŠ ĈĉĖĊć Ĺ—ĹŠ ! 1;ĹŠ52ēŊ +ĹŠ !(.- +ĹŠ ĈĊĖĊć Ĺ—ĹŠ -3 ĹŠ52ēŊ #/.13(5.ĹŠ 4#-! ĹŠ Ĺ—ĹŠ 1!#+.- ĹŠ52ēŊ -"#/#-"(#-3#ĹŠ ĈÄ?ĖĈć
c[hei jh[i fkdjei" c_[djhWi gk[ Y^eYWh|d bei fkdj[hei" B_]W Z[ Gk_je o ;c[b[Y$ ;b CWdjW j[dZh| gk[ ^WY[h Z[ beYWb [d =kWoWgk_b" oW gk[ [b ;i# jWZ_e @eYWo de ^W fWiWZe jeZW# l‡W bW _dif[YY_Œd" c_[djhWi gk[ [b H[Wb[i JWcWh_dZei" h[ZkYje ZedZ[ ^_pe Z[ beYWb [d Zei `eh# dWZWi" de [i Wfje fWhW `k]Wh feh bWi YedijWdj[i bbkl_Wi gk[ YW[d [d Fehjel_[`e$
ļ 3¢+(! ČŊ)4#% Ŋ #+Ŋ".,(-%.
BW I[h_[ 8 i[ `k]Wh| [djh[ i|XW# Ze o Zec_d]e" fWhW [ijW i[]kd# ZW `ehdWZW ^WXh| kd ZeXb[j[ [d [b ;ijWZ_e 7b[`WdZhe FedY[ DeXeW [d =kWoWgk_b" [d bW gk[ <[hhel_Wh_ei o HeYW\k[hj[ ^W# h|d Z[ beYWb[i$ Bei Z[XkjWdj[i [d [ijW YWj[]e# h‡W" <[hhel_Wh_ei o Cki^kY HkdW XkiYWh|d ik fh_c[hW l_Yjeh_W [d [b \‘jXeb fhe\[i_edWb [YkWjeh_Wde oW gk[ bW i[cWdW fWiWZW Z[XkjW# hed Yed Z[hhejWi$ =h[Y_W Z[ 9^ed[ i[ ckZWh| W Fehjel_[`e fWhW ^WY[h Z[ beYWb [d [ijW \[Y^W o [if[hWh| gk[ ik [ijWZ_e fWi[ bW _dif[YY_Œd [d bWi fhŒn_cWi i[cWdWi$ FWhW [ijW `ehdWZW" bW Kd_l[h#
#!' Ŋĉ #1(#Ŋ
: Ĺ—ĹŠ .! $4#13#ĹŠ52ēŊ ++#ĹŠ"#+ĹŠ '.3 ĹŠÄˆÄˆÄ–ÄŠÄ‡ Ĺ—ĹŠ #11.5( 1(.2ĹŠ52ēŊ ēŊ 4#5#".ĹŠÄˆÄŒÄ–Ä‡Ä‡ Ĺ—ĹŠ 1#!( ĹŠ52ēŊ 42'4!ĹŠ 4- ĹŠÄˆÄŽÄ–Ä‡Ä‡ Ĺ—ĹŠ ēŊ 9.%4#2ĹŠ52ēŊ (5#1ĹŠ + 3#ĹŠÄˆÄŽÄ–Ä‡Ä‡ Ĺ—ĹŠ , 41 ĹŠ52ēŊ 2/.+(ĹŠÄˆÄ?Ėćć
Ĺ—ĹŠ ēŊ 3¢+(! ĹŠ52ēŊ ĹŠ .3./ 7(ĹŠÄˆÄˆÄ–ÄŠÄ‡ i_ZWZ 9WjÂŒb_YW Y[hhWh| bW i[]kdZW \[Y^W Z[ bW I[h_[ 8 [d\h[djWdZe W bW Kd_l[hi_ZWZ J[YdebÂŒ]_YW 9eje# fWn_ KJ9 o [b h[ije Z[ [gk_fei `k]Wh|d [b i|XWZe$
#%4-" ĹŠ ! 11#1 ĹŠ 3+_3(! ĹŠ#-ĹŠ 34-3 04( 9ed cej_le Z[ Yedc[cehWh bWi Ă’ [ijWi Z[ YWd# jed_pWY_ÂŒd" [d bW h[YjW Ă’ dWb Z[ [l[djei" i[ bb[lWh| W YWXe bW ?? 9Whh[hW 7jbƒj_YW 7jkdjWgk_ '&a [d dk[l[ YWj[]eh‡Wi$ ;i eh]Wd_pWZW feh bW B_]W :[feh# j_lW 9WdjedWb Z[ 7djed_e 7dj[" [ij[ Zec_d]e * Z[ cWhpe" W bWi &-0&&$ Bei Wjb[jWi Z[ bWi YWj[]eh‡Wi i[d_eh lWhed[i" c|ij[h 7 o 8 h[Wb_pWh|d [b h[Yehh_Ze Yecfb[# je Z[ '& a_bÂŒc[jhei1 [d jWdje gk[ bWi YWj[]eh‡Wi _d\Wdj_b 7" h[Yehh[h| *&& c[jhei1 _d\Wd# j_b 8" '&&& c[jhei1 _d\Wdj_b 9" (&&& c[jhei1 fh[#`kl[d_b lW# hed[i" )&&& c[jhei1 `kl[d_b ZWcWi#lWhed[i" +&&& c[jhei o ZWcWi ‘d_YW" +&&& c[jhei$ BW YedY[djhWY_ÂŒd fWhW [b _d_# Y_e Z[b [l[dje i[h| [d [b fWhgk[
Ŋ ěŊ
ēŊ 1( 2Ŋ/#12.- 2Ŋ2#Ŋ24, -Ŋ Ŋ#23 Ŋ! 42 Ŋ#-Ŋ-4#231 Ŋ!(4" "ē
(23 ĹŠ! 11#1 ĹŠ
# -ĹŠ ##ĹŠÄŽ
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä Äƒ
CWh_iYWb IkYh[ Z[ bW Y_kZWZ Z[ 7jkdjWgk_$ BW fWhj_ZW i[h| [d [b i[Yjeh bW 9eb_dW Z[ 9^WbjkhW$ I[ h[Yehh[h| bW l‡W W 9^WbjkhW" YWbb[ 9ehd[b_e L[bWiYe" YWbb[ 8eb‡lWh Z[ 7jkdjWgk_ ^WijW bW F_Y^_dY^W" @kb_e C_]k[b 7]k_# dW]W" XW`W feh bW 7cWpedWi ^WijW bW =Wbe FbWpW" ikX[ feh bW =[d[hWb ;dh‡gk[p ^WijW bW IkYh[" HeYW\k[hj[" 7jW^kWbfW" Wl[d_ZW IWb_dWi" Bk_i B[ehe <hWdYe" ^WijW bW YWbb[ Ebc[Ze @|j_lW" XW`W W bW 8eb‡lWh bk[]e W bW 7cWpedWi o j[hc_dW [d [b Ckd_Y_f_e$ BWi _diYh_fY_ed[i i[ [ij|d h[Y[fjWdZe [d bWi eĂ’ Y_dWi Z[ B_]W :[fehj_lW 9WdjedWb Z[ 7djed_e 7dj[" o [b h[gk_i_je [i bb[lWh bW Y[ZkbW Z[ _Z[dj_ZWZ$ Bei ]WdWZeh[i h[Y_X_h|d fh[# c_ei [YedÂŒc_Yei W fWhj_h Z[ bW YWj[]eh‡W Fh[`kl[d_b[i" bWi YWj[]eh‡Wi _d\[h_eh[i h[Y_X_h|d c[ZWbbWi o eXi[gk_ei Z[ h[Ye# deY_c_[dje$
11 Ŋ2#1;Ŋ#+Ŋ#2!#- 1(.Ŋ/ 1 Ŋ#+Ŋ1#!.11(".Ŋ"#Ŋ "#/.13(23 2Ŋ!.-Ŋ/1¢3#2(2ē ŊěŊ9ed bW Ò dWb_ZWZ Z[ _dj[#
]hWh W bWi f[hiedWi Yed fhÂŒj[i_i o Z[ceijhWh gk[ [bbei jWcX_ƒd fk[Z[d ^WY[h Z[fehj[" bW \kdZW# Y_ÂŒd ÆFhÂŒj[i_i fWhW bW L_ZWÇ o [b 9bkX HejWh_e Z[ ?XWhhW" eh]Wd_# pWd bW Yecf[j[dY_W$ ;b [l[dje YedjWh| Yed bW fWh# j_Y_fWY_ÂŒd Z[ ,&& Yecf[j_Zeh[i [djh[ ^ecXh[i o ck`[h[i X[d[Ă’ # Y_WZWi Yed fhÂŒj[i_i o f‘Xb_Ye ][# d[hWb _diYh_je [d bW YWhh[hW$ Bei fWhj_Y_fWdj[i i[ X[d[\_Y_WhWd Z[b Wfeoe Z[ lWh_Wi _dij_jkY_e# d[i f‘Xb_YWi o fh_lWZWi" gk[ i[ ^Wd ikcWZe W bW eh]Wd_pWY_ÂŒd o be]‡ij_YW Z[ bW Yecf[j[dY_W$ BW YWhh[hW [ij| Z_l_Z_ZW [d Zei YWj[]eh‡Wi" [b fh_c[h f[bejÂŒd WhhWdYWh| Yed bWi f[hiedWi Z[ [b_j[ [d ZedZ[ fWhj_Y_fWhWd jeZW bW Y_kZWZWd‡W _diYh_jW o bk[]e bW h[Yh[WY_edWb" ZedZ[ Yecf[j_h|d
jeZWi bWi f[hiedWi Yed fhÂŒj[i_i$ >ecXh[i" ck`[h[i o d_‹ei" fe# Zh|d i[h fWhj[ Z[b h[Yehh_Ze$ ?ledd[ =kj_ƒhh[p" YeehZ_dW# ZehW Z[b [l[dje" [nfh[iÂŒ gk[ ^Wo fWhj_Y_fWdj[i gk[ iÂŒbe lWd W YW# c_dWh" o [iW [i bW _Z[W" fWhW gk[ [ije de i[W kdW YWhh[hW" i_de kdW l[hZWZ[hW Ă’ [ijW$ ÆBW \kdZWY_ÂŒd gk_[h[ bb[]Wh W bW Y_kZWZWd‡W Yed kd c[diW# `[ Z[ Wfeoe o ieb_ZWh_ZWZ" fWhW gk[ de [n_ijW bWij_cW [djh[ bei feXbWZeh[i" i_de bW X‘igk[ZW Z[ kdW iebkY_ÂŒd W bei fheXb[cWiÇ" W‹WZ_ÂŒ$ LWh_Wi f[hiedWi lebkdjWh_Wi i[h|d fWhj[ Z[ [ij[ [l[dje$ ;d# jh[ [bbei [ijW 7dW 8[bƒd 9WZ[dW" h[_dW Z[ ?XWhhW" gk[ i[ ikcÂŒ W bW YWkiW fWhW WokZWh o Xh_dZWh kdW lep Z[ Wb_[dje W bWi f[hiedWi gk[ be d[Y[i_j[d$
ÆBei _XWhh[‹ei Z[X[cei Z[# ceijhWh dk[ijhe YehWpÂŒd o je# cWh [ijei YWiei Z[ f[hiedWi Yed YWfWY_ZWZ[i Z_ij_djWi W bWi dk[i# jhWi" Yece kd [`[cfbe Z[ l_ZW o ikf[hWY_ÂŒdÇ" Yec[djÂŒ$ >Wo [nf[YjWj_lW [djh[ bei fWhj_Y_fWdj[i$ ÆGk_[he iWb_h WZ[# bWdj[" ]WdWh o Z[ceijhWhb[ W bWi f[hiedWi gk[ deiejhei jWcX_ƒd feZ[cei o iecei YWfWY[i Z[ fWhj_Y_fWh" fehgk[ d[Y[i_jWcei Wfeoe Z[ bW Y_kZWZWd‡W fWhW de i[dj_hdei h[Y^WpWZeiÇ" [nfh[iÂŒ 9h_ij_Wd Ehj[]W" fWhj_Y_fWdj[ Yed fhÂŒj[i_i$ BW YedY[djhWY_ÂŒd fWhW [b h[# Yehh_Ze [i [b i|XWZe [d bW f_ijW Z[b [n7[hefk[hje 7jW^kWbfW" W bWi /0&&$ ;b lWbeh Z[ bWi _diYh_f# Y_ed[i [i Z[ '& ZÂŒbWh[i fWhW [b f‘Xb_Ye ][d[hWb o Y_dYe fWhW [i# jkZ_Wdj[i$
++#Ŋ"#+Ŋ '.3 Ŋ+(23.Ŋ/ 1 Ŋ,#"(1Ŋ +Ŋ .! $4#13#Ŋ CW‹WdW [b YkWZhe Y^ej[‹e l_W# `WhW ^WijW bW Y_kZWZ Z[ =kWoW# gk_b" fWhW [d\h[djWhi[ W ik h_lWb [b HeYW\k[hj[$ Bei Z[fehj_ijWi [ij|d fh[fWhW# Zei fWhW be gk[ i[h| ik Z[Xkj Yece l_i_jWdj[i$ ;b [gk_fe fh[i[djW Zei XW`Wi fWhW [ij[ [dYk[djhe" HedWbZ HeZh‡]k[p o ;h_Ya :[ @[i‘i"
gk_[d[i de feZh|d l_W`Wh feh de [ijWh jejWbc[dj[ h[Ykf[hW# Zei Z[ iki b[i_ed[i$ 9ed h[if[Yje Wb _dY_Z[dj[ eYkhh_Ze [d [b Z[Xkj Z[b YkWZhe l[hZ_XbWdYe" bW 9ec_i_Œd DW# Y_edWb de fh[i[djŒ kdW iWdY_Œd Wb [ijWZ_e 9_kZWZ Z[ ?XWhhW" f[he [b [gk_fe Z[X[h| [d\h[djWh kdW ckbjW [YedŒc_YW$
ēŊ +Ŋ#04(/.Ŋ2#Ŋ#-Ĺ !4#-31 Ŋ#-Ŋ 4#-Ŋ-(5#+Ŋ$~2(!.Ŋ8Ŋ3_!-(!.ē
ēŊ #/.13(23 2Ŋ"#Ŋ3." 2Ŋ+ Ŋ#" "#2Ŋ!.,/#3(1;-Ŋ2. 1#Ŋ24#+.Ŋ -3# .ēŊ
7 1!#+.-(23 ĹŠ +ĹŠ (+ '4~-ĹŠ f[hcWd[dY_W" Z[X_Ze W gk[ i[ ŊěŊ;b [gk_fe iWhWdY[ Z_# h_]_Ze feh CWkh_Y_e 8ebW‹ei" [dYk[djhW [d [nY[b[dj[ [ijWZe j_[d[ oW [d iki Ă’ bWi W kd dk[# \‡i_Ye$ le `k]WZeh$ I[ jhWjW Z[ CWh_e BWijhW" gk_ƒd Yecfb[c[djWh| -3#!#"#-3#2 Wb [gk_fe gk[ fWhj_Y_fW [d [b F_bW^k‡d J‡e Ifehj_d] 9bkX" [i jehd[e Z[ i[]kdZW YWj[]eh‡W$ [b [gk_fe Z[ \‘jXeb Z[ bW _di# BW f[hcWd[dY_W Z[b j_jkY_ÂŒd Ă’ dWdY_[hW gk[ \kjXeb_ijW Z[f[dZ[ Z[ `k]Wh| [b jehd[e Z[ bW ĹŠĹŠ kd YedjhWje" [d Zed# I[]kdZW 9Wj[]eh‡W [d Z[ i[ h[ZWYjWd Y_[hjWi ?cXWXkhW$ Yb|kikbWi o YedZ_Y_ed[i +ĹŠ#04(/.ĹŠ Kd WcX_Y_eie fhe# (+ '4~-ĹŠ /.13(-%ĹŠ Z_iY_fb_dWh_Wi" fWhW [i# +4 ĔŊ#-31#- ĹŠ o[Yje \kjXeb‡ij_Ye o Z[ jWXb[Y[h bW Z[Y_i_ÂŒd Z[ "( 1( ,#-3#ĹŠ#-ĹŠ + ĹŠ (% ĹŠ -3.- +ĹŠ YWh|Yj[h ieY_Wb" fed[ [d gk[ f[hcWd[pYW [d [b "#ĹŠ 3 5 +.Ä“ cWhYW bW 9eef[hWj_lW Z[ [gk_fe" Z[X_Ze W \WbjWi 7^ehhe o 9hƒZ_je F_b# Z[ YecfehjWc_[dje gk[ W^k‡d J‡e$ Ik fWhj_Y_fW# [b `k]WZeh fh[i[djÂŒ YkWdZe Y_ÂŒd [d [b YWcf[edWje fhel_d# fWhj_Y_fWXW [d ejhei YbkX[i$ Y_Wb Z[ I[]kdZW 9Wj[]eh‡W" [i I[ [if[hW gk[ [b Z[feh# [b eX`[j_le Z[b edY[de Yeef[# j_ijW WY[fj[ bWi YedZ_Y_ed[i hWj_l_ijW$ Ik XWi[ i[h| EjWlW# _cfk[ijWi feh [b [gk_fe" oW be o [d fh_c[hW _dijWdY_W [b gk[ [ij[ i[h‡W [b ‘d_Ye _dYed# [gk_fe ZWh| efehjkd_ZWZ W bei l[d_[dj[ Yed h[bWY_ÂŒd W ik `k]WZeh[i _dZ‡][dWi$
Ä Ä…
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄˆÄ‡ĹŠ*ĹŠ#-ĹŠ 3 5 +.
EjWlWbe j[dZh| ik '& a$ BW YWhh[hW Wjbƒj_YW [i bW fhk[XW gk[ YedleYW bW Wj[dY_ÂŒd Z[ bei W\_Y_edWZei o WcWdj[i Z[ [ijW Z_iY_fb_dW$ Jh[i c_b ZÂŒbWh[i [d [\[Yj_le o jhe\[ei" i[h| [b fh[c_e gk[ h[fWhj_h| bW Yecf[j[dY_W" gk[ eh]Wd_# pW B_]W :[fehj_lW 9WdjedWb EjWlWbe" B:9E$ ;b Zec_d]e ') Z[ cWoe i[h| kd Z‡W [if[Y_Wb$ De iÂŒbe" feh i[h Z‡W Z[ bW cWZh[" i_de feh h[kd_h W bei c[`eh[i [n# fed[dj[i Z[ bW h[]_ÂŒd [d [b YWdjÂŒd IWhWdY[$ BW Ă’ [i# jW Wjbƒj_YW WhhWdYWh| W bWi '&0&& [d bWi _dijWbWY_ed[i Z[ B:9E$ Æ;b h[Yehh_Ze [ij| b_ije$ I[h| kdW Yecf[j[dY_W cko jƒYd_YW" jeZe [b jhWo[Yje [i fbWde o [ie WokZW W bei Z[# fehj_ijWiÇ" [nfb_YW CWh_e CWoWb_jW" YeehZ_dWZeh Z[ bW Yecf[j[dY_W$ Bei '& a_bÂŒc[jhei gk[ Z[X[h|d iehj[Wh bei Wjb[jWi" _d_Y_Wd Z[iZ[ bW Wl[d_ZW 7jW# ^kWbfW" h[Yehh[d bWi fh_dY_# fWb[i l‡Wi" ^WijW bb[]Wh W bW FWdWc[h_YWdW Dehj[ o Ă’ dW# b_pWh [d bWi _dijWbWY_ed[i Z[ B:9E$ FWhW [ijW fhk[XW i[ Z_i# jh_Xko[hed i_[j[ YWj[]eh‡Wi0 D_‹ei" fh[`kl[d_b" `kl[d_b" i[d_eh" cWij[h" i‘f[h cWij[h o ZWcWi$ -2!1(/!(.-#2ĹŠ8ĹŠ/1#2#-3 !(¢;b f[h‡eZe Z[ _diYh_fY_ed[i _d_Y_W [b '/ Z[ cWhpe ^WijW [b '' Z[ cWoe$ ;ijWi i[ h[Y[fjW# h|d [d bWi eĂ’ Y_dWi Z[ B:9E$ BW fh[i[djWY_ÂŒd e\_Y_Wb Z[ bW Yecf[j[dY_W i[ h[Wb_pWh| [b c_ƒhYeb[i (' Z[ cWhpe" '&0&& [d bW c_icW [dj_ZWZ$
ÂĄ ēŊ #ĹŠ5(5(1;ĹŠ#23#ĹŠÄƒĹŠ-ĹŠ "#ĹŠ2#, - ĹŠ#-ĹŠ ĹŠ .+.1.2 ĹŠ"#ĹŠ 1(.1 3.Ä“
-!'.2ĹŠ "#+ĹŠ5.+#8
ŊŊ #%4+ 1,#-3#Ŋ +.2Ŋ!.3#).2Ŋ"#Ŋ+ Ŋ !./ Ŋ"#-.,(- Ĺ " Ŋĥ .2_Ŋ .-! 8.ĢĔŊ2#Ŋ #$#!34 1;-Ŋ#-31#Ŋ 2; ".2Ŋ8Ŋ ".,(-%.2Ŋ Ŋ/ 1Ĺ 3(1Ŋ"#Ŋ+ 2ŊćĒĖććĔŊ #-Ŋ#+Ŋ#23 "(.Ŋ"#Ŋ + Ŋ+.! +(" "ēŊ
4)#1#2ĹŠ 31 2ĹŠ#+ĹŠ +¢ ēŊ +ĹŠÄƒĹŠ-ĹŠ"#ĹŠ2#, - ĹŠ2#ĹŠ" 1;ĹŠ(-(!(.ĹŠ +ĹŠ! ,/#.- 3.ĹŠ"#ĹŠ$ĂŒ3 .+ĹŠ$#,#-(-.ĹŠ#-ĹŠ#+ĹŠ 11(.ĹŠ '4 1!.!' Ä“
Ă‹
23#ĹŠ".,(-%.ĹŠ#-ĹŠ#+ĹŠ#23 "(.ĹŠ "#ĹŠ '4 1!.!' ĹŠ2#ĹŠ" 1;ĹŠ(-(Äą !(.ĹŠ +ĹŠ! ,/#.- 3.Ä“ Ä› ;b Y[hjWc[d Z[fehj_le
ēŊ ( .2ĹŠ)¢5#-#2ĹŠ8ĹŠ "4+Äą 3.2ĹŠ2#ĹŠ/1#/ 1 -ĹŠ/ 1 ĹŠ+ ĹŠ!.,/#3#-Äą !( ĹŠ#-ĹŠ+ 2ĹŠÄˆÄ‡ĹŠ*ēŊ#-ĹŠ 3 5 +.Ä“
WhhWdYWh| [ij[ Ă’ d Z[ i[cWdW" Wb cec[dje i[ [dYk[djhWd _diYh_# jei '' [gk_fei gk[ fWhj_Y_fWh|d [d [b YWcf[edWje$ BW fh_dY_fWb YWhWYj[h‡ij_YW Z[b Y[hjWc[d Z[ \‘jXeb \[c[d_de" [i gk[ iÂŒbe fWhj_Y_fWd [gk_fei Wie# Y_WZei Z[ Z_l[hiWi beYWb_ZWZ[i" [n_]_ƒdZei[ gk[ YWZW fbWdj[b [ijƒ Yed\ehcWZe feh be c[dei Yed '+ `k]WZehWi$ 7i‡ c_ice i[ WY[fjWh| bW _diYh_fY_ÂŒd Z[ jh[i h[\k[hpei Ăˆ[njhWd`[heiÉ$ BW _cfb_YWY_ÂŒd Z[ bei YbkX[i
Z[ bW pedW [d [ijW Yecf[j_Y_Œd i[h| Z[ l_jWb _cfehjWdY_W$ :[ ^[Y^e" bei fWhj_Zei Z[b YWcf[edWje \[c[d_de i[h|d fWhW gk[ i[ Yed\ehc[ i[b[YY_e# d[i" Yed [b eX`[j_le Z[ be]hWh fWhj_Y_fWh [d jehd[ei _dj[hYWd# jedWb[i$ Feh [ie bWi Y^_YWi h[Y_# X_h|d [b Wfeoe Z[ bWi ^_dY^WZWi Z[ iki YbkX[i$ BW _cfehjWdY_W o cWi_\_YW# Y_Œd Z[b \‘jXeb \[c[d_de [i cko XW`W [d [b i[Yjeh$ Feh be ][d[hWb Wi_ij[d bei \Wc_b_Wh[i e Wc_]ei Z[ bWi `k]WZehWi$ :[ WYk[hZe
#!4 "1. 1#,(.2ĹŠ
Ĺ—ĹŠ #" ++ 2ĔŊ31.$#.2ĹŠ8ĹŠ"(-#1. Ĺ—ĹŠ 1(,#1.ŊŊĉććŊ"¢+ 1#2ŊśŊ,#" ++ 2 Ĺ—ĹŠ #%4-".ĹŠĹŠÄˆÄ‡Ä‡ĹŠ"¢+ 1#2ŊśŊ,#" ++ 2 Ĺ—ĹŠ #1!#1.ŊĎćŊ"¢+ 1#2ŊśŊ31.$#.2 Ĺ—ĹŠ 4 13.Ä–ĹŠ 1#,(.ĹŠ2.1/1#2 Yed [b YeehZ_dWZeh Z[b [l[dje" @W_c[ =kWY|d" bW _Z[W [i _dij_jk# Y_edWb_pWh [b YWcf[edWje fWhW cWi_Ă’ YWh [b Z[fehj[ o [djh[]Wh kd Xk[d cWdj[d_c_[dje Z_Wh_e Wb [ijWZ_e$ Bei fWhj_Zei eĂ’ Y_Wb[i i[ _d_Y_Wh|d [i[ c_ice Z‡W" W jhW# lƒi Z[ kd iehj[e$
CW‹WdW W fWhj_h Z[ bWi (&0&& i[ ZWh| Yec_[dpe W kde Z[ bei fWhj_Zei c|i [ceY_e# dWdj[i [d jehde Wb _d_Y_e Z[b YWcf[edWje Z[ [YkWleb[o Fh_ehWje (&'($ BW YeehZ_dW# Y_ÂŒd Z[fehj_lW Yeckd_jWh_W o kd ]hkfe Z[ Wc_]ei" bb[lWd WZ[bWdj[ [b L_]ƒi_ce 9Wc# f[edWje Z[ ;YkWleb[o gk[ i[ Z[iWhhebbWh| [d bWi YWdY^Wi Z[ bW beYWb_ZWZ$ ;b [l[dje i[ Wfh[ijW W ZWh _d_Y_e eĂ’ Y_Wbc[dj[ [b i|XWZe '& Z[ cWhpe$ Feh ik fWhj[" bWi _diYh_fY_ed[i oW i[ [cf_[pWd W h[Y[fjWh Z[iZ[ [b fWiWZe cWhj[i o i[ [nj_[dZ[d ^WijW [b Ă’ d Z[ i[cWdW$ BkY_[dZe iki _cf[YWXb[i kd_\ehc[i fWhW [b Y[hjWc[d" Y[hYW Z[ (+ [gk_fei fWhj_# Y_fWdj[i ^Wh|d [b _d]h[ie h[if[Yj_le W bW YWdY^W Z[ Fh_ehWje$ =WdY^WZeh[i o Ye# beYWZeh[i i[ fed[d W fkdje fWhW _d_Y_Wh [d bW Yecf[j[d# Y_W Z[b lÂŒb[o$ Bei [gk_fei gk[ be]h[d bb[]Wh ^WijW bWi Ă’ dWb[i eXj[d# Zh|d kd fh[c_e Z[ Zei c_b ZÂŒbWh[i" h[fWhj_Zei [djh[ je# ZWi bWi Z_\[h[dj[i YWj[]eh‡Wi fWhj_Y_fWdj[i$ .-%1#2(++.
;b Yed]h[i_bbe jƒYd_Ye i[ h[W# b_pWh| W bWi '.0&& Z[b i[_i Z[ cWhpe" [d [b iWbÂŒd Z[b 9WX_b# Ze" [d bW h[kd_ÂŒd iÂŒbe i[ [ijW# Xb[Y[h| [b i_ij[cW Z[ YWcf[e# dWje o [b YWb[dZWh_e Z[ `k[]ei$ I[ YedeY_ÂŒ gk[ [ij[ l_[hd[i o i|XWZe i[ `k]Wh|d jh[i [d# Yk[djhei eĂ’ Y_Wb[i [djh[ bei [gk_fei gk[ i[h|d iec[j_Zei fh[l_Wc[dj[ W iehj[e$ ;d WZ[bWdj[" bei fWhj_Zei i[ `k]Wh|d bei Z‡Wi l_[hd[i" i|XWZei o Zec_d]ei Z[ YWZW i[cWdW ^WijW bWi ((0&&$ BW YWdY^W fWhW bW fh|Yj_YW Z[ [ij[ Z[fehj[ Z[X[ j[d[h dk[# l[ c[jhei Z[ WdY^e feh '. Z[ bWh]e" Z_l_Z_ZW feh kdW b‡# d[W Z[cWhYWjeh_W Z[ + Yc Z[ WdY^e" Z[ cWd[hW gk[ YWZW YWcfe Z[ `k[]e j[d]W bW Z_# c[di_ÂŒd Z[ kd YkWZhWZe Z[ / c[jhei$ ;b Y[hjWc[d YedjW# h| Yed `k[Y[i Z[ b‡d[W o h[Z$
.1 1(.2 13(".2ĹŠ
Ĺ—ĹŠ (#1-#2ŊIJŊĉćĖćć ".2ĹŠÄ˛ĹŠÄˆÄ?Ėćć Ĺ—ĹŠ ; Ĺ—ĹŠ .,(-%.2ĹŠÄ˛ĹŠÄˆÄ?Ėćć
1!'#-2#2ĹŠ/1#2#-3#2ĹŠ #-ĹŠ#+ĹŠ - ,#1(! -.ĹŠ : ĹŠÄ› ;ij[ l_[hd[i o i|XWZe
i[ Z[iWhhebbWh| [d IWb_dWi bW 9efW FWdWc[h_YWdW Z[ Jh_W# jbed [d bWi YWj[]eh‡Wi `kd_eh" ikX () o ƒb_j[$ BW fhel_dY_W Z[b 9WhY^_ [i# jWh| fh[i[dj[ Yed i[_i Z[feh# j_ijWi gk[ \k[hed i[b[YY_edWZei feh [b :[fWhjWc[dje JƒYd_Ye C[jeZebŒ]_Ye Z[ bW <[Z[hWY_Œd :[fehj_lW Z[b 9WhY^_$ Bei Wjb[jWi [iYe]_Zei ied @[Wcf_[h Ck‹ep" IWdj_W]e IWb# jei" Bk_i L_bbWhh[Wb" CWkh_Y_e IWd]kY^e o 7dZhƒi L_bbWhh[Wb$ ;b YWcf[edWje _dj[hdW#
Y_edWb Yk[djW Yed [b WlWb Z[ bW Kd_ÂŒd ?dj[hdWY_edWb Z[ Jh_Wj# bÂŒd" 9ed\[Z[hWY_ÂŒd FWdWc[h_# YWdW Z[ Jh_WjbÂŒd o C_d_ij[h_e Z[b :[fehj[$ Æ;ijWcei YedĂ’ WZei [d gk[ Yed ik fh[fWhWY_ÂŒd o i[dj_Ze Z[ f[hj[d[dY_W dk[ijhei Z[# fehj_ijWi h[fh[i[djWh|d Yed WbjkhW W bW fhel_dY_WÇ" \k[hed bWi [nfh[i_ed[i Z[ bW fh[i_Z[d# jW Z[ bW <[Z[hWY_ÂŒd :[fehj_lW Z[b 9WhY^_" HeY‡e L|igk[p$ BW 9efW FWdWc[h_YWdW [i eh]Wd_pWZW feh bW <[Z[hWY_ÂŒd ;YkWjeh_WdW Z[ Jh_WjbÂŒd$
Ä Ä†
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.231 1;-ĹŠ !.-"(!(.-#2
ēŊ .2Ŋ 3+#3 2Ŋ"#+Ŋ!+4 Ŋ .,#1.Ŋ #5#+.Ŋ/ 13(!(/ 1;-Ŋ#+Ŋ/1¢7(,.Ŋ".,(-%.Ŋ#-Ŋ+ Ŋ! 11#1 Ŋ 3+_3(! Ŋ"#Ŋ 34-3 04(Ŋĸ , 41 Ěē
ēŊ -Ŋ +(- 2Ŋ2#Ŋ1# +(9 1;Ŋ+ Ŋ ./ Ŋ - ,#1(! - Ŋ"#Ŋ 1( 3+.-ē
+ "(,(1ĹŠ 24 8ĹŠ!.,/#3(1;ĹŠ#-ĹŠ#+ĹŠ 4" ,#1(! -.ĹŠ"#ĹŠ 1.22ĹŠ .4-318 : ĹŠÄ› ;b Wjb[jW cedjk\Wh[#
‹e" LbWZ_c_h KikWo" _dj[]hWh| bW i[b[YY_ÂŒd Z[b ;YkWZeh gk[ fWhj_Y_fWh| [d [b IkZWc[h_YW# de Z[ 9heii 9ekdjho W h[Wb_# pWhi[ [d B_cW F[h‘ bei Z‡Wi ) o * Z[ cWhpe$ ;b Z[fehj_ijW" [if[Y_Wb_i# jW [d fhk[XWi Z[ \edZe" be]hÂŒ ik _dYbki_ÂŒd [d [b YecX_dWZe dWY_edWb" Z[X_Ze Wb Xk[d Z[i# [cf[‹e gk[ jkle [d [b 9Wc# f[edWje DWY_edWb Z[ 9heii 9ekdjho [\[YjkWZe W _d_Y_ei Z[ \[Xh[he [d Be`W" ZedZ[ i[ kX_YÂŒ [d i[]kdZe bk]Wh" Z[ifkƒi Z[b WpkWoe M_bied CWjkj[$ ÆC[ i_[dje eh]kbbeie Z[ h[#
fh[i[djWh W c_ fhel_dY_W o W c_ fW‡i [d [b [l[dje ikZWc[h_YW# de [d [b YkWb ^Whƒ be c[`eh gk[ fk[ZW fWhW kX_YWhc[ [d bei fh_c[hei bk]Wh[iÇ" fkdjkWb_# pÂŒ KikWo" gk_[d _dj[di_Ă’ YÂŒ bei [djh[dWc_[djei [d bW Y_kZWZ Z[ ?XWhhW XW`e bW Z_h[YY_ÂŒd Z[b [djh[dWZeh FWjh_Y_e C[dW$ ;b Wjb[jW cedjk\Wh[‹e ^W Yedi[]k_Ze be]hei dWY_edWb[i" Yece YWcf[ÂŒd [d bei Y_dYe c_b c[jhei fbWdei" l_Y[YWcf[ÂŒd [d bei '& c_b c[jhei o c[ZWbbW Z[ XhedY[ [d bei @k[]ei DWY_e# dWb[i @kl[d_b[i Z[ =kWoWgk_b" [djh[ ejhei be]hei [d Yecf[# j[dY_Wi YWbb[`[hWi$
+Ŋ/1¢7(,.Ŋ".,(-%.Ŋ4-Ŋ%14/.Ŋ "#Ŋ 3+#3 2Ŋ"#+Ŋ!+4 Ŋ .,#1.Ŋ #5#+.Ŋ!.11#1;Ŋ#-Ŋ 34-3 04(ē : Ŋě ;b Zec_d]e fWiWZe [d
bW Yecf[j[dY_W eh]Wd_pWZW feh [b YecWdZe Z[ Feb_Y‡W 9WhY^_ De$ '& bei Wjb[jWi Z[b YbkX >ec[he H[l[be \k[hed bei fhejW]ed_ijWi$ =WdWhed [d YkWjhe Z[ i[_i YW# j[]eh‡Wi0 7dd_[ Oƒf[p" :WcWh_i BecWi" xc[hied ?cXWYk|d o HÂŒX_died Gk[ifWp$ Æ;ijeo cko Yedj[dje feh bei h[ikbjWZei feh# gk[ [ie gk_[h[ Z[Y_h gk[ YWZW l[p c[`ehWceiÇ" [nfh[iÂŒ [b [djh[dW# Zeh >ec[he H[l[be$ @ƒ\\[hied H[l[be" YWcf[ÂŒd ikZWc[h_YWde" de [ijkle fh[# i[dj[ [d bW Yecf[j[dY_W feb_Y_Wb fehgk[ [d kde Z[ bei [djh[dW# c_[djei ik\h_ÂŒ kdW b[i_ÂŒd [d kd f_[$ ;b fhÂŒn_ce Zec_d]e [ijWh|d
14# ĹŠ 3+_3(!
ēŊ + "(,(1Ŋ 24 8Ŋ31 3 1;Ŋ"#Ŋ24 (1Ŋ +Ŋ/."(.Ŋ#-Ŋ#+Ŋ24" ,#1(! -.Ŋ "#Ŋ 1.22Ŋ .4-318ē
4+!;-Ä–ĹŠ 3+#3 2ĹŠ "#ĹŠ !4 ".1ĹŠ 8ĹŠ .+., ( ĹŠ#23 1;-ĹŠ/1#2#-3#2ĹŠ#-ĹŠ + ĹŠ 11#1 ĹŠ 3+_3(! ĹŠ ÄĽ (4" "ĹŠ "#ĹŠ 4+!;-ÄŚĹŠ ĹŠ1# +(9 12#ĹŠ#+ĹŠ2; ".ĹŠÄ?ĹŠ"#ĹŠ 1(+ĹŠ/.1ĹŠ+ 2ĹŠ! ++#2ĹŠ"#ĹŠ+ ĹŠ!(4" "Ä“
ĹŠ!.,/#3#-!( ĔŊ04#ĹŠ2#ĹŠ!.11#1;ĹŠ #-ĹŠ '.,#- )#ĹŠ ĹŠ +.2ĹŠ ĈÄ?ÄˆĹŠ  .2ĹŠ "#ĹŠ ! -3.-(9 !(¢-ĔŊ2#ĹŠ+.ĹŠ' 1;ĹŠ#-ĹŠ!.-Äą 5#-(.ĹŠ!.-ĹŠ#+ĹŠ!+4 ĹŠ (+5(.ĹŠ 4#11 ĹŠ04#ĹŠ 2#ĹŠ#-! 1% 1;ĹŠ"#ĹŠ+ ĹŠ.1% -(9 !(¢-ĹŠ8ĹŠ "#+ĹŠ!1.-.,#31 )#ĹŠ#+#!31¢-(!.Ä“ +ĹŠ 4-(!(/(.ĹŠ"#ĹŠ 4+!;-ĹŠ(-5(3 ĹŠ ĹŠ+.2ĹŠ 3+#3 2ĹŠ"#ĹŠ , .2ĹŠ+ ".2ĹŠ"#ĹŠ+ ĹŠ$1.-Äą 3#1 ĹŠ ĹŠ/ 13(!(/ 1ĹŠ#-ĹŠ#+ĹŠ!#13 ,#-ĹŠ "#/.13(5.Ä“
fh[i[dj[i Wfhen_cWZWc[dj[ (& Z[fehj_ijWi Z[b YbkX >ec[he H[l[be [d bW YWhh[hW Wjbƒj_YW W Z[# iWhhebbWhi[ [d 7jkdjWgk_ ?cXW# XkhW " [djh[ [bbei @ÂƒĂľ [hied ^_`e $ ;b l_W`[ i[h| [b c_ice Z‡W W bWi &+0&&$ BWi Yecf[j[dY_Wi [cf[# pWh|d W bWi &.0&&$ ÆDeiejhei i_[cfh[ XkiYWcei ]WdWh bei fh[c_ei [YedÂŒc_Yei fehgk[ dei Z[lk[bl[ bei Yeijei Z[ _diYh_fY_ed[i" fWiW`[i o Wb_# c[djWY_ÂŒd [ _dYbkie dei gk[ZW Wb]e fWhW dk[ijhei Xebi_bbeiÇ" [nfh[iÂŒ [b [djh[dWZeh" gk_[d jWcX_ƒd Z[ijWYÂŒ [b Wfeoe Z[ bei fWZh[i Z[ \Wc_b_W$ 9kWdZe i[ jhWjW Z[ Yecf[j[d# Y_Wi [d bk]Wh[i c|i Z_ijWdj[i" bei l_W`[i i[ bei ^WY[ Yed Wdj_Y_#
fWY_ÂŒd fWhW gk[ bei Z[fehj_ijWi Z[iYWdi[d$ Æ;ijWcei l_[dZe bW \ehcW Z[ iebl[djWh bei ]Wijei" j[d[cei kd fheo[Yje gk[ e`Wb| i[ Z[ fWhW j[d[h c|i \WY_b_ZWZ[i o [djh[dWh Yed cWoeh jhWdgk_b_# ZWZÇ" [d\Wj_pÂŒ H[l[be$ ;d YkWdje W bei Z[fehj_ijWi gk[ ied fWhj[ Z[ bW <[Z[hWY_ÂŒd :[fehj_lW Z[b 9WhY^_" [b [djh[# dWZeh h[ifedZ_ÂŒ gk[ de ^Wo fheXb[cWi fehgk[ [bbei fh_c[he f[hj[d[Y[d Wb YbkX$ ÆDeiejhei de j[d[cei feh# gk[ f[Z_h [b WlWb W d_d]kdW _di# j_jkY_ÂŒd" f[he W‘d W bW <[Z[YWh# Y^_" fehgk[ bWi Yecf[j[dY_Wi Z[ YWbb[ ied WX_[hjWi W jeZe f‘# Xb_Ye$ Deiejhei fWhj_Y_fWcei W decXh[ Z[b YbkX o dei Z[ifbW# pWcei Yed dk[ijhei fhef_ei h[Ykhiei" _dYbkie iebl[djWcei bei ]Wijei fWhW bWi YkhWY_ed[i Z[ @ÂƒĂľ [hied Yed [b Wfeoe Z[ <WhcWY_W ?dcWYkbWZWÇ" cWd_# \[ijÂŒ [b [djh[dWZeh Z[b YbkX gk[ bb[lW ik decXh[$
Ĺ? Ĺ?
Ĺ?
7 7 Ä Ä‡ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ?Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
13(!(/ !(¢-Ŋ !(4" " - Ŋ
Ĺ—ĹŠĹŠĹŠ
: ŊěŊ ;b Ckd_Y_f_e Z[ JkbY|d o [b 9edi[`e Z[ FWhj_# Y_fWY_ÂŒd 9_kZWZWdW o 9edjheb IeY_Wb _dl_jW W bei jWbb[h[i Z[ YWfWY_jWY_ÂŒd [d bei fheY[iei Z[ i[di_X_b_ZWZ W bei ]eX_[h# dei YWdjedWb[i o fWhhegk_Wb[i Z[b YWjÂŒd" [d bei YkWb[i ^W [i# jWXb[Y_Ze [b Wfeoe Z[b 9F99I [d [b fheY[ie Z[ Yed\ehcWY_ÂŒd Z[ WiWcXb[Wi beYWb[i Y_kZWZW# dWi$ ;b [l[dje i[ bei h[Wb_pWh| ^eo" [b ."'+ o (( Z[ cWhpe [d [b ^ej[b IWhW ;if‡dZebW Z[iZ[ bWi &/0&& ^WijW bWi ')0&&$ Bei ]Wijei Z[ Wb_c[dje YkXh[ bW ckd_Y_fWb_ZWZ$
234"(.ĹŠ"#ĹŠ /1#$ !3( (+(" "ĹŠ
Ĺ—ĹŠĹŠĹŠ
: ŊěŊ 7o[h" Z_h[Yjeh[i Z[b =eX_[hde Fhel_dY_Wb Z[b 9WhY^_ i[ h[kd_[hed Yed h[fh[i[djWdj[i Z[b ?dij_jkje DWY_edWb Z[ Fh[_dl[hi_ÂŒd Z[b ;YkWZeh gk_[d[i fh[i[djWhed kd fheo[Yje fWhW h[Wb_pWh [ijkZ_ei Z[ fh[\WYj_X_b_ZWZ o \WYj_X_b_ZWZ Z[b fej[dY_Wb [ÂŒb_# Ye [d =WhY‡W Ceh[de kX_YWZe [djh[ bei YWdjed[i 8eb‡lWh o ;if[`e gk[ YkXh_h| kd |h[W Wfhen_cWZW Z[ -&& c(" o Xh_dZWh| Wbh[Z[Zeh Z[ +& CM$ ;b Ă’d [i Z[j[hc_dWh bW Wbj[hdWj_lW jƒYd_YW#[YedÂŒc_YW ÂŒfj_cW fWhW bW YedijhkYY_ÂŒd Z[ kd fWhgk[ Z[ W[he][d[# hWZeh[i gk[ jhWdi\ehcWd bW [d[h]‡W [ÂŒb_YW [d [d[h]‡W [bƒYjh_YW$
ēŊ 1 ĹŠ#+ŊđŊ"#ĹŠ, 19.ĹŠ2#ĹŠ3(#-#ĹŠ/+ -(ă! ".ĹŠ5 1( 2ĹŠ !!(.-#2ĹŠ/.1ĹŠ/ 13#ĹŠ"#+ĹŠ ĹŠ8ĹŠ+ ĹŠ ĹŠ/ 1 ĹŠ" 1ĹŠ ĹŠ!.-.!#1ĹŠ24ĹŠ"#2!.-3#-3.ĹŠ/.1ĹŠ/.+~3(! 2ĹŠ"#+ĹŠ . (#1-.ĹŠ #-31 +Ä“
-'). ,6(Ĺ‹-/Ĺ‹ - )(. (.)Ĺ‹ &Ĺ‹ *,š2#')ŋĂŋ Ĺ‹' ,4)Ĺ‹ (Ĺ‹ /#.) ĹŠ8ĹŠ .-2#).ĹŠ"#ĹŠ .,4- 2ĹŠ ,/#Äą 2(- 2ĹŠ"#ĹŠ .-3ĂŒ$ 1ĹŠ 2#ĹŠ24, 1;-ĹŠ ĹŠ+ ĹŠ , 1!' Ä“ : ĹŠÄ› :[b[]WY_ed[i Z[ bW Kd_# ZWZ DWY_edWb Z[ ;ZkYWZeh[i KD; 9WhY^_ o [b 9edi[`e Z[ 9eckdWi 9Wcf[i_dWi Z[ Ced# j‘\Wh 99C " l_W`Wh|d W Gk_je [b fhÂŒn_ce . Z[ cWhpe fWhW ZWh W YedeY[h ik Z[iYedj[dje feh bWi feb‡j_YWi gk[ Wfb_YW [b =eX_[hde 7YjkWb$ Feh ik fWhj[ [b Cel_c_[d# je 7b_WdpW F7?I" i[ [dYk[djhW YedleYWdZe W ck`[h[i fWhW Z_# h_]_hi[ Wb 7hXeb_je Gk_je [iW \[Y^W fWhW kd_hi[ W bW YedjhW cWhY^W$ C_bjed 9WhWfWp" Z_h_][dj[ Z[b
99C i[‹WbÂŒ gk[ l_[d[d cWdj[# d_[dZe h[kd_ed[i Yed bei Yeck# d[hei o YWcf[i_dei j_[cfe Wjh|i Yed [b Ă’d Z[ YedeY[h ik Z[iYed# j[dje feh bWi feb‡j_YWi gk[ l_[d[ _cfb[c[djWdZe [b hƒ]_c[d$ I[‹WbÂŒ gk[ j_[d[d fbWd_Ă’YW# Ze Z_h_]_hi[ [b . Z[ cWhpe f[he bW cel_b_pWY_ÂŒd i[h| iÂŒbe [b _d_# Y_e Z[ lWh_Wi WYY_ed[i gk[ j_[d[d fhe]hWcWZWi$ ;d 9WhY^_ bei Ye# ckd[hei o YWcf[i_dei ^Wh|d i[dj_h ik cWb[ijWh [d Z_\[h[dj[i fkdjei$ ÆBe gk[ d[Y[i_jWcei [i kdW l[hZWZ[hW B[o 7]hWh_W bW YkWb i[W ieY_Wb_ijW o de f[hi_# ]W W bei Yeckd[hei Yece i[ be ^WY[ WYjkWbc[dj[Ç" _dZ_YÂŒ 9WhWfWp$ CWd_\[ijÂŒ gk[ [i ^ehW gk[ bW Y_kZWZWd‡W f_[hZW [b c_[Ze o iWb]W W bWi YWbb[i fWhW fhej[ijWh$ Æ8WijW Z[ c_[Zei o Wc[dWpWi" j[d[cei [b Z[h[Y^e Z[ ZWh W Ye# deY[h dk[ijhe cWb[ijWh" j[d[h
-3#!#"#-3#2ĹŠĹŠĹŠĹŠ ĹŠ ĹŠ .-$#"#1 !(¢-ĹŠ"#ĹŠ !(.- +(" "#2ĹŠ -"~%#- 2ĹŠ"#+ĹŠ !4 ".1Ŋĸ .- (#ĚŊ -4-!(¢Ŋ Ĺ—4- ĹŠ,.5(+(9 !(¢-ĹŠ- !(.- +ĹŠ04#ĹŠ(-(!( 1;ĹŠ#+ŊđŊ"#ĹŠ, 19.ĹŠ8ĹŠ!4+,(- 1;ĹŠ#+Ŋĉĉē #%ĂŒ-ĹŠ+ ĹŠ/+ -(ă! !(¢-ĔŊ+ ĹŠ, 1!' ĹŠ2 +"1;ĹŠ"#2"#ĹŠ ,.1 ĹŠ8ĹŠÄƒ- +(9 1;ĹŠ#-ĹŠ 4(3.Ä“ ĹŠ)4-3.ĹŠ ĹŠ+ ĹŠ .- (#ĹŠ#2/#1 ĹŠ1#!.%#1ĹŠ,;2ĹŠ"#ĹŠÄ?ćŊ,(+ĹŠÄƒ1, 2ĹŠ/ 1 ĹŠ#-31#% 1ĹŠ +ĹŠ
#%(2+ 3(5.ēŊ .+(!(3 1;-Ŋ1#$.1, 2Ŋ Ŋ+ Ŋ #8Ŋ"#Ŋ "4! !(¢-Ŋ -3#1!4+341 +Ŋ8Ŋ+ Ŋ /1. !Ĺ (¢-Ŋ"#Ŋ+ Ŋ #8Ŋ"#Ŋ %4 2ē
b_X[hjWZ Z[ [nfh[i_ÂŒd [d bei c[# Z_ei Z[ Yeckd_YWY_ÂŒdÇ WĂ’hcÂŒ [b Z_h_][dj[$ Feh ik fWhj[ bW =Wbe F[h[_# hW" fh[i_Z[dj[ Z[ bW KD; 9Wh# Y^_ Z_e W YedeY[h gk[ jWcX_ƒd [ijWh|d fh[i[dj[i Yed kdW dk# jh_ZW Z[b[]WY_ÂŒd [d [ijW cW# d_\[ijWY_ÂŒd" ZedZ[ h[Ye][h|d Ă’hcWi o ieb_Y_jWh|d h[\ehcWi W bW B[o Z[ ;ZkYWY_ÂŒd ?dj[hYkb# jkhWb o bW WfheXWY_ÂŒd Z[ bW B[o Z[ 7]kWi$ CWh‡W >[b[dW L_bbWhh[Wb" ]e# X[hdWZehW Z[b 9WhY^_ Z_`e gk[ [ij|d YedleYWdZe W ck`[h[i
fWhW Z_h_]_hi[ W bW YWf_jWb Z[ bei [YkWjeh_Wdei [b . Z[ cWhpe$ Æ9[# b[XhWh[cei [b :‡W Z[ bW Ck`[h o Z[\[dZ[h[cei Wb ;ijWZe fWY‡Ò# YWc[dj[ oW gk[ [i dk[ijhe Z[h[# Y^eÇ$ ?dZ_YÂŒ gk[ i[ YedY[djhWh|d [d [b fWhgk[ Z[b 7hXeb_je o bk[]e [d YWhWlWdW Z[iĂ’bWh|d feh bWi YWbb[i Yƒdjh_YWi Z[ bW YWf_jWb fWhW ZWh W YedeY[h ik h[ifWbZe Wb hƒ]_c[d$ ÆBe gk[ XkiYWd [i Z[i[ijW# X_b_pWh Wb =eX_[hde" feh [bbe o Yece [i dk[ijhe Z[h[Y^e" ZWh[# cei dk[ijhe h[ifWbZeÇ [nfh[iÂŒ L_bbWhh[Wb$
)(.#(Ă„ (Ĺ‹')& -.# -Ĺ‹*),Ĺ‹ * ,./, Ĺ‹ Ĺ‹ ,)(. , : ĹŠÄ› 7o[h" H[dƒ OWdZ‘d" fh[#
\[Yje Z[b 9WhY^_ Z_e kdW hk[ZW Z[ fh[diW fWhW ZWh W YedeY[h ik cW# b[ijWh feh bW Wf[hjkhW Z[b fk[dj[ Z[ Hkc_Y^WYW bWi (* ^ehWi$ ÆDe [ijWcei [d YedjhW Z[ bW c[Z_ZW" be gk[ f[Z_cei [i j[# d[h bW i[]kh_ZWZ d[Y[iWh_W fWhW [l_jWh WYjei Z[b_Yj_lei o Wi[i_dW# jei Yece i[ bei h[]_ijhWhed [d [b
(&&(Ç WĂ’hcÂŒ [b Fh[\[Yje$ I[‹WbÂŒ gk[ [b ZeYkc[dje gk[ h[Wb_pWhed [djh[ bWi Wk# jeh_ZWZ[i o h[fh[i[djWdj[i Z[b lebWdj[" \k[ [dl_WZe W bW Fh[i_Z[dY_W Yed bW \_dWb_ZWZ Z[ h[Y_X_h kdW h[ifk[ijW" Æde# iejhei jWcX_ƒd j[d[cei b_X[h# jWZ Z[ [nfh[i_ÂŒd o feZ[cei f[Z_h gk[ Wdj[i Z[ jecWh kdW
c[Z_ZW Z[ [ijW dWjkhWb[pW i[ Z[j[hc_d[ bei fWh|c[jhei d[# Y[iWh_ei fWhW h[i]kWhZWh W bW Y_kZWZWd‡WÇ" W]h[]ÂŒ bW Wkjeh_# ZWZ$ 7Z[c|i Yh_j_YÂŒ W kd f|hhW# \e Z[b Xeb[j‡d gk[ [c_j_ÂŒ bW =eX[hdWY_ÂŒd Z[b 9WhY^_ Yece \k[0 ÆBWi Z[Y_i_ed[i Z[b Fh_c[h CWdZWjWh_e de i[ Yk[ij_edWd"
i[ [`[YkjWd [d [b =eX_[hde Z[ bW H[lebkY_ÂŒd 9_kZWZWdWÇ$ 7dj[ [bbe Z_`e gk[ de [ijW [d YedjhW Z[ bW h[lebkY_ÂŒd Y_kZW# ZWdW e bW c[Z_ZW f[he Wb [ijWh [d kd [ijWZe Z[ceYh|j_Ye bW Y_kZWZWd‡W jWcX_ƒd j_[d[ Z[# h[Y^e W b[lWdjWh ik lep i_ de b[ fWh[Y[ Wb]kdW h[iebkY_ÂŒd" [nfb_YÂŒ OWdZ‘d$
ēŊ #2#ĹŠ ĹŠ+ 2ĹŠ!1~3(! 2ĹŠ"#ĹŠ #-_ĹŠ -"ĂŒ-ĔŊ/1#$#!3.ĹŠ"#+ĹŠ 1!'(ĔŊ2#ĹŠ 3.,¢Ŋ+ ĹŠ"#!(2(¢-ĹŠ"#ĹŠ 1(1ĹŠ+ ĹŠ$1.-3#1 ĹŠ "41 -3#ĹŠ+ 2ĹŠÄ‰ÄŒĹŠ'.1 2Ä“
:
Ä Äˆ
Ä Ä€Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +.
Ĺ? +. Ĺ? ÄĄ Ĺ? ÄĄ
4#13.2ĹŠ$ ,(+( 1#2
Ĺ—ĹŠ ĹŠĹŠ : ŊěŊ>eo W bWi &.0)& [d bW :_h[YY_ÂŒd Z[ IWbkZ
ĹŠ -ĹŠ+ ĹŠĂŒ+3(, ĹŠ5(2(Äą 3 ĹŠ"#ĹŠ $ #+ĹŠ .11# ĹŠ 1#2("#-3#ĹŠ .-23(34!(.- +ĹŠ "#+ĹŠ !4 ".1ĹŠ2#ĹŠ ' +¢Ŋ2. 1#ĹŠ +#% +(9 1ĹŠ+ ĹŠ5~ ĔŊ /#1.ĹŠ+ ĹŠ$#!' ĹŠ-.ĹŠ 2#ĹŠ!.-!1#3¢Ŋ /.104#ĹŠ#+ĹŠ!.,Äą /1.,(2.ĹŠ3 , (_-ĹŠ "# #1ĹŠ2#1ĹŠ"#ĹŠ .+., ( Ä“
ēŊ ĹŠ5~ ĹŠ04#ĹŠ!.-#!3 ĹŠĹŠ '(+#2ĹŠ!.-ĹŠ 4ÄƒĹŠÂ .ĹŠ-.ĹŠ#2ĹŠ4- ĹŠ5~ ĹŠ' (+(3 " ĹŠ/ 1 ĹŠ#+ĹŠ/ 2.ĹŠ"#ĹŠ,#1! "#1~ 2Ä“
-)Ĺ‹ ,)(. ,#4)Ĺ‹()Ĺ‹ -Ĺ‹ , )() # )Ĺ‹ )')Ĺ‹& ! &
+ĹŠ/4#-3#ĹŠ04#ĹŠ !.-#!3 ĹŠ ĹŠ 4$(Â .ĹŠ !.-ĹŠ '(+#2ĹŠ-.ĹŠ#2ĹŠ4-ĹŠ / 2.ĹŠ+#% +,#-3#ĹŠ 1#!.-.!(".Ä“
: ĹŠÄ›:[iZ[ [b eY^e Z[ \[Xh[he i[ [nj[dZ_ÂŒ [b ^ehWh_e Z[ Wf[hjk# hW Z[b fWie gk[ kd[ W JkĂ’ ‹e [d ;YkWZeh Yed [b Yehh[]_c_[dje Z[ 9^_b[i [d 9ebecX_W BW f[j_Y_ÂŒd Z[ Wcfb_WY_ÂŒd Z[ ^ehWh_e bW h[Wb_pÂŒ >k]e ;d#
h‡gk[p YÂŒdikb Z[ 9ebecX_W [d JkbY|d o [d ik cec[dje [nfb_YÂŒ gk[ [i fWhW \Wleh[Y[h W bei `ehdW# b[hei YebecX_Wdei gk[ W Z_Wh_e YhkpWd bW \hedj[hW fWhW jhWXW`Wh [d JkĂ’ ‹e$ BW l‡W gk[ kd[ bei Zei feXbW# Zei [ij| Yedi_Z[hWZW Yece de ^WX_b_jWZW fWhW [b fWie Z[ c[h# YWZ[h‡W i[]‘d [nfb_YÂŒ HWc_he Khh[ijW Z_h[Yjeh Z[ I[hl_Y_e DW# Y_edWb Z[ 7ZkWdW Z[b ;YkWZeh" [b \kdY_edWh_e Z_`e WZ[c|i gk[ de ^Wo kdW Z_ifei_Y_ÂŒd ]kX[h# dWc[djWb gk[ _dZ_gk[ gk[ feh [b fk[dj[ fk[ZWd Y_hYkbWh l[^‡Yk# bei Yed c[hYWZ[h‡W$
7YjkWbc[dj[ [d [b fk[dj[ ^Wo kd Z_ifei_j_le c_b_jWh o feb_Y_Wb f[he de kde Z[ bW Kd_# ZWZ Z[ L_]_bWdY_W 7ZkWd[hW KL7 $ BW Wcfb_WY_ÂŒd Z[b ^ehWh_e \W# leh[Y[ Wbh[Z[Zeh Z[ (+ c_b \Wc_# b_Wi gk[ l_l[d [d [i[ i[Yjeh Z[b YehZÂŒd \hedj[h_pe$ ÆBWi c[hYWZ[h‡Wi gk[ _d]h[# iWd feh [iW l‡W ied Yedi_Z[hW# ZWi Yece c[hYWZ[h‡Wi Z[ YedjhWXWdZeÇ WYejÂŒ [b \kd# Y_edWh_e$ ;d bW fhel_dY_W Z[b 9Wh# Y^_ [b ‘d_Ye fWie ^WX_b_jWZe [i [b Fk[dj[ ?dj[hdWY_edWb
ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÄŹ Ĺ´ Ĺ´ ÄÄ&#x;Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ˆ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´
Ĺ´ Ĺ´ Ĺ´ ÄĄ ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i ŢŴ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺƒ Ĺ´ Ĺ´ ńŴ ÄĄĹ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ă– Ĺ´
Ĺ´Ĺƒ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ńĞ Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ă– Ĺ´ Ĺ´Ĺƒ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i ńĞ Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴŴ Ĺ´ Ĺ´ Ĺ´
Äž ŢŴ ÂŹ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´
Ä&#x;Ĺ´ Ä&#x;Ĺ´ Ä&#x;Ĺ´ ÂŹ Ä&#x;Ĺ´ Äž ŢŴ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ä&#x;Ĺ´
Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Äž ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i Ĺ´ Ĺ´ ˆ Ĺ´ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´Ĺƒ Ä&#x;Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ ńĞ ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ $84/Ĺ´4/- #/Ĺ´Ĺ´#$Ĺ´ /,$4‰.Ĺ´Ĺ´ )#2/" 2!52/3Äž
Z[ Hkc_Y^WYW gk[ i[ fh[lƒ gk[ Z[iZ[ ^eo f[hcWd[pYW WX_[hje bWi (* ^ehWi" [b `kd_e Z[b W‹e Wdj[h_eh i[ ^WXbÂŒ Z[ c|i Z[ )+ l‡Wi Wbj[hdWi feh ZedZ[ Y_hYkbWd [b Yec[hY_e _d\ehcWb$ ;d bW ‘bj_cW i[cWdW Wkjeh_# ZWZ[i Z[ bW fhel_dY_W [nfb_YWhed gk[ i[ jhWjW Z[ (. fWiei _d\eh# cWb[i _Z[dj_Ă’ YWZei$
Z[b 9WhY^_ i[ _dWk]khWh|d bei ^k[hjei \Wc_b_Wh[i Z[ f[hiedWi Yed Z_iYWfWY_ZWZ$ I[ _cfb[c[djWh|d Yed bWi \Wc_b_Wi X[d[Ă’ Y_Wh_Wi Z[b 8ede @eWgk‡d =Wbb[# ]ei BWhW _cfkbiWZe feh bW L_Y[fh[i_Z[dY_W Z[ bW H[f‘Xb_YW$ BW _dl_jWY_ÂŒd [i Z[ 9Whe# b_dW 9WZ[dW" Wi_ij[dj[ WZ# c_d_ijhWj_lW Z[b 9[djhe Z[ 7j[dY_ÂŒd ?dj[]hWb CWdk[b ;if[`e 9W_c[ Z[b 9WhY^_$
#Ŋ/1#2#-3¢Ŋ+( 1.
Ĺ—ĹŠĹŠĹŠ
ŊěŊ@k]WdZe Yed [b WXk[# be o bW WXk[bW [i [b j‡jkbe Z[b b_Xhe gk[ i[ fh[i[djÂŒ Wo[h [d [b 9[djhe ?dj[hYkbjkhWb Z[ IWdjW 7dW [d bW fWhhegk_W Z[ BW 9edY[fY_ÂŒd" [d [b YWdjÂŒd C_hW$ BW eXhW j_[d[ kdW Yecf_# bWY_ÂŒd Z[ Yk[djei" Yece BW Ceb[ZehW Z[ JkĂ’ ‹e" BW HWdW ;dYWdjWZW" ;b @kZ‡e ;hhWdj[" ;b :_WXbe" BW Jkd# ZW o ;b 9ko Z[ Ehe" [djh[ ejhei$ ;b fheo[Yje \k[ _cfkbiWZe feh bWi Z_h[YY_ed[i Z[ 9kb# jkhW Z[b 9WhY^_" ?cXWXkhW o ;ic[hWbZWi$ JWcX_ƒd ^kXe [b Wfeoe f[ZW]ÂŒ]_Ye Z[b C_d_ij[h_e Z[ ;ZkYWY_ÂŒd$ ;d kd bWfie Z[ Zei W‹ei i[ h[Yef_bWhed (' b[o[dZWi YedjWZWi feh bWi f[hiedWi cWoeh[i Z[ bWi Y_jWZWi fhel_dY_Wi" i[]‘d <[hdWd# Ze @WhW" Wi[ieh jƒYd_Ye Z[b C_d_ij[h_e Z[ 9kbjkhW$
Ĺ? Ĺ?
Ĺ?
Ä Ä‰
Ĺ?Ĺ?
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĺ? +. Ĺ? ÄĄ
84" ĹŠ#-ĹŠ2 +4"ĹŠ
(1 ēŊ +Ŋ,4-(!(/(.Ŋ"#Ŋ (1 Ŋ/1./42.Ŋ#04(/ 1Ŋ8Ŋ,#).1 1Ŋ+ Ŋ(-$1 #2314!341 Ŋ ;2(! ŊŊ"#Ŋ!#-31.2ĔŊ24 !#-31.2Ŋ8Ŋ/4#23.2Ŋ"#Ŋ2 +4"ēŊ +Ŋ,.,#-3.Ŋ2#Ŋ1# +(9¢Ŋ+ Ŋ#-31#% Ŋ"#Ŋ4-Ŋ#04(/.Ŋ,¢5(+Ŋ"#Ŋ.".-3.+.%~ ĔŊ!.,/43 ".1 2ĔŊ".3 !(¢-Ŋ"#Ŋ -3#1-#3Ŋ8Ŋ 11#%+.Ŋ"#Ŋ+ Ŋ(-$1 #2Ĺ 314!341 Ŋ#-Ŋ+.2Ŋ"(2/#-2 1(.2Ŋ"#+Ŋ #%41.Ŋ .!( +Ŋ ,/#2(-.Ŋ"#Ŋ -3 Ŋ 4!~ ĔŊ -Ŋ -3.-(.Ŋ8Ŋ -3( %4(++.ēŊ +Ŋ,.-3.Ŋ$4#Ŋ"#ŊĊŊĊććŊ"¢+ 1#2ēŊ
* #. (Ĺ‹-) , Ĺ‹ $ -Ĺ‹ Ĺ‹ "),,)Ĺ‹3Ĺ‹ ,Z #.) ;if[`e o 8eb‡lWh Z[ bW fhel_d# Y_W Z[b 9WhY^_$ ;d [i[ Yedj[n# je bei X[d[Ă’Y_Wh_ei Yh[Whed bW YW`W Yeckd_jWh_W Z[ W^ehhe o YhƒZ_je$ BW YW`W Z[ W^ehhe o YhƒZ_je Z[ bei [cfh[dZ[Zeh[i gk[ZÂŒ [ijWXb[Y_ZW Z[iZ[ WXh_b Z[b (&'' [djh[]WdZe c_Yhe YhƒZ_jei W \W# leh Z[ bei ieY_ei$ BW CWdYeckd_ZWZ o [b C_# d_ij[h_e Z[ ?dYbki_ÂŒd ;YedÂŒc_# YW o IeY_Wb C?;I i[ kd_[hed Yed [b fhefÂŒi_je Z[ \ehjWb[Y[h bW [Yedec‡W [d bei jh[i YWdjed[i$ ;b fhe]hWcW [ij| Z_h_]_Ze W bei [cfh[dZ[Zeh[i gk[ f[hj[d[# Y[d W bei ]hkfei lkbd[hWZei Yece0 cWZh[i iebj[hWi" f[hie# dWi Yed Z_iYWfWY_ZWZ" WZkbjei cWoeh[i" `ÂŒl[d[i [cfh[dZ[# ,/1#-"#".1#2ĹŠ BW cWdYeckd_ZWZ Z[ bW 9k[d# Zeh[i o f[hiedWi Z[ [iYWiei YW Z[b h‡e C_hW _cfkbiÂŒ [b fhe# h[Ykhiei [YedÂŒc_Yei" gk[ j_[# o[Yje Z[ \ehjWb[Y_c_[dje Z[ d[d kd [cfh[dZ_c_[dje [Ye# [cfh[dZ_c_[djei [YedÂŒc_Yei dÂŒc_Ye [d bWi pedWi khXWdWi o fWhW f[hiedWi [d i_jkWY_ÂŒd lkb# hkjWi jkh‡ij_YWi Z[ bei YWdjed[i d[hWZW Z[ bei YWdjed[i C_hW" 8eb‡lWh" ;if[`e o C_hW$ ĹŠÄ› Bei Z_h[Yj_lei Z[ bWi YW#
`Wi Z[ W^ehhe o YhƒZ_je Z[ bei YWdjed[i0 C_hW" ;if[`e o 8eb‡# lWh fWhj_Y_fWhed Z[ kd Ykhie ieXh[ [b cWd[`e Z[ kdW YW`W o [b i_]d_Ă’YWZe Z[b W^ehhe$ 7dZh[W CWhj‡d[p \kdY_edW# h_W Z[b C_d_ij[h_e Z[ ?dYbki_ÂŒd ;YedÂŒc_YW o IeY_Wb C?;I [n# fb_YÂŒ bei heb[i" cWhYe `kh‡Z_Ye o [b dk[le i_ij[cW Z[ \kdY_edW# c_[dje Z[ bWi YW`Wi Z[ W^ehhe o YhƒZ_je$ BWi eh]Wd_pWY_ed[i WYjkWb[i j_[d[d bWi h[ifediWX_b_ZWZ[i Z[ WYjkWb_pWh bei ZWjei o ik`[jWhi[ Wb WYjkWb i_ij[cW b[]Wb Z[ be gk[ ^eo ied bWi YW`Wi Z[ W^ehhe o YhƒZ_je ieb_ZWh_Wi$
ēŊ .2ĹŠ ., #1.2ĹŠ"#ĹŠ .-3ĂŒ$ 1ĹŠ ĂŒ-ĹŠ1#04(#1#-ĹŠ"#ĹŠ(,/+#,#-3.2ĹŠ/ 1 ĹŠ !34 1ĹŠ#-ĹŠ! 2.ĹŠ"#ĹŠ#5#-34 +(" "#2ēŊ +ĹŠ ,4-(!(/(.ĹŠ#$#!34 1;ĹŠ+ ĹŠ%#23(¢-ĹŠ/ 1 ĹŠ(-(!( 1ĹŠ!.-ĹŠ+ ĹŠ 84" ĹŠ!.11#2/.-"(#-3#ēŊ
ēŊ .2Ŋ"(1#!3(5.2Ŋ"#Ŋ+ Ŋ 2.!( !(¢-Ŋ"#Ŋ#,/1#-"#".1#2Ŋ"#Ŋ+.2Ŋ! -3.-#2Ŋ (1 ĔŊ 2/#).Ŋ8Ŋ .+~5 1Ŋ 2(23(#1.-Ŋ +Ŋ!412.ē
, )ŋ ' 3),#-. ŋ )(ŋ -#-. ' ŋ ŋ #( ),' #š( } Ŋ ě 7o[h [d [b c[hYWZe
cWoeh_ijW Z[ 8eb‡lWh" i[ [`[YkjÂŒ bW _dWk]khWY_ÂŒd Z[ kdW fWdjWbbW o kdW eĂ’Y_dW Z[b I_ij[cW Z[ _d# \ehcWY_ÂŒd Z[ YecfehjWc_[dje Z[ fh[Y_ei Z[ fheZkYjei W]h‡Ye# bWi W d_l[b dWY_edWb$ 7b [l[dje Wi_ij_[hed Wkjeh_ZW# Z[i Z[b C?FHE" C7=7F o ejhWi [dj_ZWZ[i$ ;hd[ije >_ZheXe" WbYWbZ[ Z[ 8eb‡lWh" h[Wb_pÂŒ bW _dWk]k# hWY_ÂŒd Z[b [l[dje gk_[d Wh# ]kc[djÂŒ gk[ bW W]h_YkbjkhW [i X|i_YW [d [b i[Yjeh$ ;nfb_# YÂŒ gk[ [b Y[djhe Z[ _d\ehcW# Y_ÂŒd j_[d[ kd Yeije Z[ . (&&
)' ,)-ŋ( -#. (ŋ ŋ'6-ŋ +/#* '# (.)ŋ .Ŋ. 23 -3#ĔŊ#+Ŋ ,4-(!(/(.Ŋ#23;Ŋ "(2/4#23.Ŋ Ŋ2#%4(1Ŋ #04(/ -".Ŋ Ŋ+ Ŋ #-3(" "Ŋ ., #1(+ēŊ Ŋ Ŋě Bei '* XecX[hei"
ēŊ - 4%41 1.-Ŋ+ Ŋ
(,/+#,#-3 !(¢-ĹŠ"#+ĹŠ2(23#, ĹŠ "#ĹŠ(-$.1, !(¢-ĹŠ"#ĹŠ/1#!(.2ĹŠÄ“ ZÂŒbWh[i$ 9Whbei Fepe fheZkYjeh Z[b YWdjÂŒd 8eb‡lWh" [nfb_YÂŒ gk[ bW _d\ehcWY_ÂŒd gk[ fh[ijW# h|d bWi eĂ’Y_dWi i[h| Z[ ]hWd _cfehjWdY_W$ CWhY[b_de ?cXWgk_d]e W]h_Ykbjeh Z[ 8eb‡lWh" ef_# dÂŒ gk[ i[h‡W Xk[de gk[ i[ ^W]W kd [ijkZ_e Z[ c[hYW# Ze Yed`kdjWc[dj[ Yed bW fWhj_Y_fWY_ÂŒd Z[ b[ ][dj[ fWhW gk[ [cf_[Y[d W _dj[# h[iWhi[ ieXh[ [ij[ dk[le i[hl_Y_e$
[djh[ [bbei" lebkdjWh_ei gk[ bWXe# hWd [d [b YWdjÂŒd Cedj‘\Wh W‘d h[gk_[h[d Z[ c|i _cfb[c[djei fWhW WYjkWh Z[ cWd[hW [Ă’Y_[dj[$ I[]‘d bei c_[cXhei Z[ bW [dj_ZWZ" d[Y[i_jWd Z[ kd Wkje XecXW fWhW YedjhebWh _dY[d# Z_ei \eh[ijWb[i o [ijhkYjkhWb[i$ 7i‡ c_ice" i[ h[gk_[h[ Z[ jhW`[i Yecfb[jei fWhW WYjkWh [d Ă“W][# bei$ JWd iebe [n_ij[ YkWjhe jhW`[i f[he _dYecfb[jei$ ;d be gk[ lW Z[ [ij[ W‹e" i[ ^Wd h[]_ijhWZe Zei _dY[dZ_ei W l_l_[dZWi$ ;b `k[l[i '- Z[ \[Xh[# he kd Yehje Y_hYk_je fheZk`e kd YedWje Z[ _dY[dZ_e [d bW YWiW Z[ bWi j[bWi$ Kd '& Z[b beYWb i[ gk[cÂŒ$ Feh ik[hj[ i[ be]hÂŒ YedjhebWh W j_[cfe" oW gk[ W ik Wbh[Z[Zeh [n_ij‡Wd d[]eY_ei Yed
/.8.ĹŠ++#% 1;ĹŠ ĹŠ 41(!(.ĹŠ 23(" 2ĔŊ5(!# +! +"#ĹŠ"#+ĹŠ! -3¢-ĹŠ .-3ĂŒ$ 1ĔŊ, -($#23¢Ŋ04#ĹŠ+ ĹŠ,4Äą Ĺ—-(!(/ +(" "ĹŠ' ĹŠ(-5#13(".ĹŠ 23 -3#2ĹŠ1#!412.2ĔŊ8 ĹŠ04#ĹŠ+ ĹŠ#-3(" "ĹŠ ., #1(+ĹŠ#,/#9¢Ŋ
"#2"#ĹŠ!#1.ēŊ ă1,¢Ŋ04#ĹŠ+ ĹŠ , 4+ -!( ĔŊ#+ĹŠ3 -04#1.ĹŠ8ĹŠ#+ĹŠ#04(/.ĹŠ04#ĹŠ3(#-#-ĹŠ#-ĹŠ+ ĹŠ !34 +(" "ĔŊ /4#"#-ĹŠ"#2#-5.+5#12#ĹŠ 4-04#ĹŠ-.ĹŠ +ĹŠÄˆÄ‡Ä‡Ĺ˜ĹŠ/.104#ĹŠ ĂŒ-ĹŠ' !#ĹŠ$ +3 ĹŠ,;2ēŊĥ .2.31.2ĹŠ 2#%4(1#,.2ĹŠ#04(/ -".ēŊ +ĹŠ. )#3(5.ĹŠ#2ĹŠ04#ĹŠ2#ĹŠ"#ĹŠ4-ĹŠ2#15(!(.ĹŠ!.,/+#3.ĹŠ#-ĹŠ! 2.ĹŠ "#ĹŠ#,#1%#-!( ēŊ 23 ,.2ĹŠ%#23(.- -".ĹŠ+ ĹŠ".3 !(¢-ĹŠ"#ĹŠ,;2ĹŠ4-($.1,#2ĹŠ04#ĹŠ#-ĹŠ24ĹŠ , 8.1~ ĹŠ2.-ĹŠ!.23.2.2Ģē .,#-3¢Ŋ04#ĹŠ"#+ĹŠ/1#24/4#23.ĹŠ2#ĹŠ!.-2#%4(1;ĹŠ +%.ĹŠ"#ĹŠ"(-#1.ĔŊ8 ĹŠ04#ĹŠ4-ĹŠ2.+.ĹŠ 31 )#ĹŠ/4#"#ĹŠ .1"# 1ĹŠ+.2ĹŠÄˆÄŽĹŠ,(+ĹŠ"¢+ 1#2ĹŠ8ĹŠ04#ĹŠ 2/(1 ĹŠ04#ĹŠ#-ĹŠ+ ĹŠ ",(-(231 !(¢-ĹŠ !34 +ĹŠ 2#ĹŠ+.%1#ĹŠ#04(/ 1ĹŠ4-ĹŠÄŽÄ‡Ĺ˜Ä“ĹŠĹŠ
fheZkYjei WbjWc[dj[ _d\bWcW# Xb[i be gk[ ^kX_[hW fheZkY_Ze kdW Z[i]hWY_W cWoeh$ De eXijWdj[" [d [b ‘bj_ce _d# Y[dZ_e eYkhh_Ze [b Zec_d]e (, Z[ \[Xh[he" [d [b XWhh_e Bei 7hhW# oWd[i" i[ Yedikc_Œ kdW YWiW feh Yecfb[je feh kdW \k]W Z[ ]Wi$ Bei W\[YjWZei Z[ dWY_edWb_ZWZ YebecX_WdW gk_[d[i i[ gk[ZWhed [d bW YWbb[ jkl_[hed gk[ i[h WbX[h# ]WZei [d bW 9WiW Z[ bW Ck`[h$ Feh \WbjW Z[ kd [gk_fe d[Y[# iWh_e" bei XecX[hei Z[ Cedj‘\Wh jkl_[hed gk[ f[Z_h WokZW W bei XecX[hei Z[b YWdjŒd 8eb‡lWh o ;if[`e$
31 2ĹŠ-#!#2(" "#2ĹŠ
Bei XecX[hei Z[ Cedj‘\Wh" WZ[# c|i" Yk[djWd Yed kdW WcXk# bWdY_W _dYecfb[jW" [i Z[Y_h" \WbjW ZejWhb[ Z[ _cfb[c[djei Yece0 YebbWh_d[i" jWXbWi" j[hcŒc[jhe o c|i$ :[ _]kWb cWd[hW" ^WY[ \Wb# jW jhW`[i fWhW h[iYWj[ WYk|j_Ye$ I[ h[gk_[h[ Z[ kd [gk_fe Z[ [njh_YWY_Œd l[^_YkbWh$ ;d YWie Z[ WYY_Z[dj[i ]hWl[i" bei Xec# X[hei Z[ Cedj‘\Wh h[Ykhh[d W bei XecX[hei Z[ @kb_e 7dZhWZ[ gk_[d[i Yk[djWd Yed [ij[ j_fe Z[ _cfb[c[djei$
& ,' Ĺ‹3Ĺ‹. '),Ĺ‹ (Ĺ‹ " */ &Ĺ‹ +ĹŠ1. .ĹŠ"#ĹŠ% - Äą ".ĹŠ/1#.!4/ ĹŠ ĹŠ+.2ĹŠ ,.1 ".1#2ĹŠ"#ĹŠ#2#ĹŠ 2#!3.1ĔŊ4 (! ".ĹŠ#-ĹŠ + ĹŠ5~ ĹŠ ĹŠ 4ÄƒĹŠÂ .ēŊ : ŊěŊ I[]kdZe ;ifW‹W" W]h_# Ykbjeh Z[ -( W‹ei" i[ iWblÂŒ Z[ ceh_h$ ;b `k[l[i Z[ bW i[cWdW fWiWZW W [ie Z[ bWi ('0)& YkWjhe [dYWfkY^WZei \k[hj[c[dj[ Wh# cWZei _d]h[iWhed l_eb[djWc[d# j[ W ik Y^epW kX_YWZW [d [b YWi[# h‡e Z[ 9^Wfk[b" kX_YWZe [d bW l‡W W JkĂ’ ‹e" W Y_dYe a_bÂŒc[jhei Z[ JkbY|d$ :[ifkƒi Z[ cWd_WjWhbe Z[ f_[i o cWdei" bei bWZhed[i i[ bb[# lWhed Y_dYe YWX[pWi Z[ ]WdWZe$ ;b jhWXW`WZeh W]h‡YebW" bk[]e Z[ pW\Whi[" Wl_iÂŒ W bW ][dj[ o feb_Y‡Wi Z[b i[Yjeh" gk_[d[i cedjWhed kd ef[hWj_le fWhW ZWh Yed bei Wdj_# ieY_Wb[i" f[he dkdYW bei [dYed# jhWhed$ Fh[ikc[ gk[ i[ \k[hed Yed Z[ij_de W CWh‡W CW]ZWb[dW o Z[ Wbb‡ W 9ebecX_W$ ;hW [b j[hY[h heXe YedjhW Zed I[]kdZe$ ;d bW Wdj[h_eh[i eYW# i_ed[i bei Z[b_dYk[dj[i i[ bb[lW# hed Y_dYe h[i[i [ _]kWb d‘c[he Z[ el[`Wi$ Ă›blWhe Fehj_bbW" fhef_[jWh_e Z[ bW ^WY_[dZW ;b BbWde" kX_YWZW [d [b i[Yjeh Z[ ;b 9^WhYe" jWc# X_ƒd \k[ l‡Yj_cW Z[ bei bWZhed[i
ƒ
Ä€Ä Ĺ?Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä ÄŠ
# (. Ĺ‹ Ĺ‹.,6(-#.)Ĺ‹
ēŊ Ŋ' !(#-" Ŋ +Ŋ + -.ĔŊ#-Ŋ#+Ŋ2#!3.1Ŋ"#Ŋ +Ŋ ' 1!.ĔŊ3 , (_-Ŋ$4#Ŋ5~!3(, Ŋ"#Ŋ+.2Ŋ+ "1.-#2Ŋ"#Ŋ% - ".ē
Z[ ]WdWZe$ Ik [ifeiW" 7bXW Fepe" YedjÂŒ W BW >ehW gk[ ^WY[ '* Z‡Wi i[ heXW# hed kd jehe o Zei YWX[pWi c|i bWi h[Ykf[hWhed [d kd fejh[he W`[de$ H[YehZÂŒ gk[ ^WY[ kd c[i jWcX_ƒd b[i _dj[djWhed heXWh" f[he l[djW`eiWc[dj[ i[ WYj_lÂŒ bW WbWhcW o bei Z[b_dYk[dj[i Z[i# WfWh[Y_[hed$ ÆJ[d[cei c_[Ze fehgk[ Wkc[djÂŒ [b Z[b_jeÇ" [n# fh[iÂŒ bW ck`[h$ Bk_i @W_c[ Cedj[d[]he" W]h_# Ykbjeh" Yed\_hcÂŒ be Z_Y^e feh bWi l‡Yj_cWi$ Æ;d 9^Wfk[b ^Wo ckY^ei bWZhed[i gk[ de dei Z[`Wd Zehc_h jhWdgk_bei feh bei heXei" [if[Y_Wbc[dj[ Z[ ]WdWZe"
.+(!~ ĹŠ"#ÄƒĹŠ#-"#ĹŠ24ĹŠ+ .1 ĹŠ -ĹŠ+ ĹŠ ĹŠ"#ĹŠ ' /4#+ĹŠ31 ) -ĹŠ2#(2ĹŠ4-($.1, ".2ēŊ +ĹŠ24 .ÄƒĹŠ!( +ĹŠ (+.ĹŠ %4(11#ĹŠ"().ĹŠ Ĺ— ĹŠ ĹŠ .1 ĹŠ04#ĹŠ+ ĹŠ%#-3#ĹŠ#2ĹŠ!.-ă ĹŠ " ĹŠ"# (".ĹŠ ĹŠ04#ĹŠ-.ĹŠ3., ĹŠ,#"(" 2ĹŠ"#ĹŠ/1#! 4!(¢-ĹŠ
: ŊěŊ 7o[h [d ^ehWi Z[ bW jWhZ[ [d bWi _dj[hi[YY_ÂŒd Z[ bW Wl[d_ZW 8hWi_b o YWbb[ Ik# Yh[ eYkhh_ÂŒ [b Y^egk[ Z[ Zei Wkjecejeh[i" i[]‘d j[ij_]ei Z[b ^[Y^e kdW YWc_ed[jW gk[ Y_hYkbWXW feh [b i[Yjeh \h[dÂŒ WXhkfjWc[dj[ o [b YWhhe gk[ l[d‡W Wjh|i Y^eYÂŒ$ ;b Wkjecejeh \k[ jhWibW# ZWZe W bei fWj_ei Z[ bW `[\Wjk# hW Z[ jh|di_je" de i[ fh[i[d# jWhed f[hiedWi ^[h_ZWi$ ;b l[^‡Ykbe c|i W\[YjWZe \k[ [b gk[ Y_hYkbWXW Wjh|i" XecX[hei Z[ JkbY|d WokZW# hed W bei W\[YjWZei$
/ 1 ĹŠ#5(3 1ĹŠ#+ĹŠ1. .ĹŠ"#ĹŠ% - ".Ä“ , (_-ĹŠ#7/1#2¢Ŋ04#ĹŠ/1#23 -ĹŠ2#15(!(.ĹŠ#-ĹŠ 4+!;-ēŊ #23 !¢Ŋ#+ĹŠ /.8.ĹŠ"#+ĹŠ )_1!(3.ĹŠ 8ĹŠ"#ĹŠ+ ĹŠ "4 - ĹŠ#-ĹŠ+.2ĹŠ!.-31.+#2ĹŠ ĹŠ+.ĹŠ+ 1%.ĹŠ"#ĹŠ+ ĹŠ5~ ĹŠ ĹŠ 4ÄƒĹŠÂ .Ä“
gk[ l_[d[d Z[iZ[ j_[cfe Wjh|i [d \ehcW Yedj‡dkW$ >Wo ckY^W ][dj[ YebecX_WdW gk[ YedeY[ [b i_j_e c[`eh gk[ deiejheiÇ" [d\W# j_pÂŒ [b jhWXW`WZeh W]h‡YebW$ I[]kdZe ;ifW‹W o 7bXW Fepe Yh_j_YWhed bW WYj_jkZ fWi_lW Z[ bei c_[cXhei Z[ bW KF9$ I[]‘d [bbei i[h‡W _cfehjWdj[ bW fh[i[dY_W Z[b
;`ƒhY_je fWhW WokZWh W bW Feb_Y‡W" Wi‡ Yece ^WY[h ]kWhZ_W e hedZWi Y_l_b[i W Ă’ d Z[ [l_jWh [b WYY_edWh Z[b_dYk[dY_Wb$ ;d bW l‡W W JkĂ’ ‹e [ij|d Wi[d# jWZei i[Yjeh[i Yece BW ;di_bbWZW" 9^Wfk[b" ;b 9^WhYe" BW @eoW" ;b 9Whc[d" ;b 9edik[be" IWd C_]k[b Z[ 9Wh o H‡e 9^_gk_je" [djh[ ejhei$
ēŊ 8#1Ŋ#-Ŋ'.1 2Ŋ"#Ŋ+ Ŋ 3 1"#Ŋ#-Ŋ#+Ŋ!#-31.Ŋ"#Ŋ 4+!;-Ŋ.!41Ĺ 1(¢Ŋ4-Ŋ+#5#Ŋ !!("#-3#Ŋ"#Ŋ31;-2(3.ē
' " !
%
$ # % & $QWH HO VHQVLEOH IDOOHFLPLHQWR GHO GLVWLQJXLGR FDEDOOHUR
3('52 5$)$(/ 'É9,/$ 9$5(/$ ([SUHVDQ VXV VHQWLPLHQWRV GH VROLGDULGDG D VX DWULEXODGD IDPLOLD SRU WDQ LUUHSDUDEOH SpUGLGD GH PDQHUD HVSHFLDO D VX KLMR 'U 3('52 'Ăˆ9,/$ *8(9$5$ H[ *REHUQDGRU GH OD 3URYLQFLD \ DPLJR GH QXHVWUD ,QVWLWXFLyQ ,EDUUD 0DU]R GH $' $,
ŏ ŏ
ŏ ŏ ŏ
ŏ
ĂĀ ĂĀ
Ė Ė
ũ }
.,/1 ĵ5#-3 ĵ1#-3 ũ"#ũ3#11#-.2Ĕũ 2 2ĵă ũ-! ĵ!.,/1 ĵ5#-3 ĵ"#ı ! 2 2Ĕũ"#/ 13 ,#-3.2ũ8ũ.ăũ!(- 2ē / 13 ,#-3.2ĵ 11(#-".2ē
.,/1 ĵ5#-3 ũ"#ũ3.".ũ3(/.ũ"#ũ .,/1 ĵ5#-3 ũ"#ũ3.".ũ3(/.ũ"#ũ 5#'~!4+.2 5#'~!4+.2
4#23.2Ĕũ./.134-(" "#2ũ"#ũ .,/1 ĵ5#-3 ĵ! , (.ē 31 ).ē ũũ 4#23.2Ĕũ./.134-(" "#2ũ"#ũ #15(!(.2ũ!412.2Ĕũ!.-2314!!(¢-Ĕũ 31 ).ũē !.-24+3.1~ ē
0%!),+ 0%!),+ 0%!),+ (! 01. (! 01. (! 01. āĆŏ)%*ċ āĆŏ)%*ċ āĆŏ)%*ċ
:
Āāŏ ŏ ŏĂĀāĂ Āāŏ ŏ ŏĂĀāĂ āĉŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
ŏ +. ŏ
ŏ +. ŏ
ġ ġ ġ
.,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!31.ı .,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!ı ".,_23(!.2Ĕũ,4# +#2Ĕũ.ă ũ!(- ēũ#3!ē
-Ì-!( 3#ũ +Ėũũũ -Ì-!( 3#ũ +Ėũũũ
ı
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ .! $4#1#ēũ #+ĖũĉĒĎďĎćĉĔũĉďćĐďĉĎũ 7Ėũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĉďĈĉďďĈ %#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ 4+!;-Ėũ 4!1#ũ#-31#ũ 8 !4!'.ũ8ũ 4-~-ı (#"1 '(3 ēũ 7ĖũĎďćĐĊČ #+ĖũĉĒđČĎĎĈē ũ 7ĖũĉĒđČďČď %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćĔũĎĎĎČĊĈĔũ ĎĎĈĎĎĉē + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ %#-!( ĈĖ ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ČĐĎĐĉďĔũČĐĎĐĉđē ĉĉĉČćďũ 7ĖũĉĉđĒĈđ %#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ ı (#"1 '(3 ēũ 7ĖũĎďćĐĊČ %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćĔũĎĎĎČĊĈĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĎĎĈĎĎĉē %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ČĐĎĐĉďĔũČĐĎĐĉđē
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ .+~5 1ũ8ũ .! $4#13#ēũ #+ĖũĊũĉũČĉĈũĐĊć ĉĉĉČćďũ 7ĖũĉĉđĒĈđ 7ĖũĊũĉũČĉĈũĐĊĈ
%#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ %#-!( ũ -3 Ėũ 5ēũ 4 13 Ĕũ#-31#ũ! ++#ũ
ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖ 11 Ėũ ++#ũ #)~ ũĊĎćũ#-31#ũ 4!1#ũ8ũ
%#-!( ĈĖũ ++#ũ 4(3.ũ ũćĉıČĎũ#-31#ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ
%#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ + -3 ũ "(3.1 Ėũ , 41 ũĈĎđČũ8ũĈđũ
(#"1 '(3 ēũ 7ĖũĎďćĐĊČ "#ũ .5(#, 1#Ĕũ "(ăũ!(.ũ .5(2 ēũũ #+$ĖũĐũ %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ ĉĎĐĐćĒĒĔũĐũĉĎđĎũđćĎē ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćē 7ĖũĐũĉĎĐđđČđ
#(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ
ũ
#(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ 4(2ũ ;104#9ũ8ũ , 9.- 2Ĕũ
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ #-31.ũ .,#1!( +ũ #(- "#+ũ (2-#Ĕũ ũŒĈĒũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ #+ĖũũĐũĉũďćďũĐĎćē
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ + -3 ũ "(3.1 Ėũ .13.5(#).ũ ,ũČĔĎũ5~ ũ ũ 04#" -.ũ #+ĖũĎćĊĉďďĔũ -3 ēũ #+ĖĎũĉĒĊĈćĒĈē
(#"1 '(3 ēũ 7ĖũĎďćĐĊČ đũ8ũĒēũ #+$ĖũĎũĉũďĉĉĎđĈĔũĎũĉďĉČĎđĎē
+ -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ %#-!( ũ '.-#Ėũ ++#ũ .+~5 1ũ#-31#ũ (ı
ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ !'(-!' ũ8ũ .+¢-Ĕũ "ēũ _+#9ũĊ#1ũ (2.ēũ #+Ėũ ČĐĎĐĉďĔũČĐĎĐĉđē ĎũĉďĒďũćĈĈē
%#-!( ĈĖũ ~!3.1ũ 1 ,(+.ũ 231 " ũđĈũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ 04#" -.ũ #+ĖũĎćĊĉďďĔũ Č ũ#ũ (%4#1 2ũıũ 1"#2 ũ #-31 +ē #+ĖũČũĉĊđĎĒđĈĔũČũĉĊđĎĒĐĊē
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ 04#" -.ũ #+ĖũĎćĊĉďďĔũ %#-!( ĈĖũ .+~5 1ũ2ĵ-ũ8ũ .! $4#13#ũ ĸ 20ēĹũ "(ă %#-!( ĈĖũũ!(.ũ (+#-(4,ēũ #+$Ėũďũĉũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ ĐĉđďćĉĔũďũĉũĐĉđďććĔũďũĉũĐĉĉĉĒČē 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ 04#" -.ũ #+Ėũ ĎćĊĉďďē
ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũĉĒĉĎĒĐĊ ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũ ĉĒĉĎČĐĐ ĉĎĎĈıĎĎĉ
9(1'2 &$6$ ,QGHSHQGLHQWH HQ FLXGDGHOD 0XQL FLSDO GRV SODQWDV \ WHUUD]D GRU PLWRULRV SDUTXHDGHUR WHOpIRQR 86' ,QIRUPHV DG DL
6( 9(1'( &$6$ )UHQWH 8QLYHUVLGDG &DWyOLFD ,ED UUD GRUPLWRULRV ORFDOHV FR PHUFLDOHV PLQL GHSDUWDPHQWR 2SRUWXQLGDG LQYHUVLRQLVWDV ,QIRU PHV DG DL
9(1'2 &$6$ (Q OD =RLOD *DOiUUDJD -DUGtQ GH 3D] FRQ P GH FRQV WUXFFLyQ \ iUHD WRWDO P 3UHFLR FyPRGR ,QIRUPHV DO DG DL 9HQGR KHUPRVD FDVD HVTXLQHUD VDOD FRPHGRU FRFLQD GRUPL WRULRV VXLW FRPSOHWD JDUDMHV ,QIRUPHV H PDLO ZLORDUW#KRWPDLO FRP DG DL
9(1'2 $SURYHFKH XQD )LQFD HQ 0DVFDULOOD WRGR HQ SURGXF FLyQ ,QIRUPHV
325 (675(1$5 (1 /$ 6$/,1$6 < -8$1 0217$/92 ,1)250(6 DG DL
7255(6 '( /$ &2/Ð1
9HQGR KHUPRVR GHSDU WDPHQWR \ ORWH HVTXLQH UR HQ HO 0D\RULVWD ,QIRU PHV HPDLO ZLORDUW#KRWPDLO FRP DG DL
&$6$ (1 9(17$
(Q &RQMXQWR +DELWDFLRQDO SRU HVWUHQDU 3DVHR (O 5HWRUQR MXQWR D OD 3OD]D GH 7RURV ,Q IRUPHV 7HOpIRQRV DG DL
'( 2325781,'$'
9(1'2 &$6$
9(1'2 &$6$ 'H WUHV SODQWDV FRQ JDUD MHV HVTXLQHUD HQ OD 8UED QL]DFLyQ /D 4XLQWD ,QIRU PHV WHOpIRQR
DG DL
/LQGR WHUUHQR HQ %HOODYLVWD P D OD HQWUDGD GH &KDO WXUD WRGRV ORV VHUYLFLRV Ei VLFRV ,QIRUPHV DG DL
/27(6 '( 2325781,'$' (Q OD )(&20, P \ HQ HO 0D\R ULVWD P ,QIRUPHV H PDLO ZLORDUW#KRWPDLO FRP DG DL
9(1'2 /27( (1 $0%848, 'H P GLDJRQDO D 5HV WXDUDQWH ´(O )RJyQµ ,QIRU PHV DO PU DW
6( 9(1'( 'H RSRUWXQLGDG YHQGR +LQR )0 6ROR LQWH UHVDGRV OODPDU DO FHOXODU
%86&$6 75$%$-2" 5V [PLULZ JHZH WYVWPH& )\ZJHTVZ WHYLQH QV]LU WHYH H[LUKLY TV[LSLZ 6MYLJLTVZ I\LU Z\LSKV ` ]P]PLUKH 0UMVYTLZ! HK HP
1(&(6,72 75$%$-$5 -RYHQ GH DxRV GH HGDG GHVHD WUDEDMDU ORV GtDV Vi EDGRV \ GRPLQJRV ,QIRU PHV DG DL
9HJGN=;@= D9 ?J9F GHGJLMFA<9<
0DUFD ,QWHUQDFLRQDO ,Q IRUPHV D ORV WHOpIRQRV
DG DL
(1 2%(/,6&2 $UULHQGR RÀ FLQDV HQ SHUIHF WDV FRQGLFLRQHV FRQ WHOpIR QR \ EDxR SULYDGR ,QIRUPHV DG DL
9(1'2
9(1'2 2 $55,(1'2
&LXGDG GH PD\RU SOXVYDOtD &LQFR GHSDUWDPHQWRV H[FHOHQWH XELFDFLyQ D PLQXWRV GH iUHD FRPHUFLDO \ EDQFDULD ,QIRUPHV
9(1'2
$5 FF
DG DL
9(1'2
'H P HQ $WXQWDTXL D OD DOWXUD GH OD %DVH GH ORV 0LOLWDUHV ,QIRUPHV DG DL
9ROTXHWD &KHYUROHW ,VX]X &<= PRGHOR 7HOpIR QRV DG DL
6LQ LQWHUPHGLDULRV HVFULWXUDV LQ PHGLDWDV FRQ HO GH HQWUDGD SODQRV DSUREDGRV (QWUHYLVWDV )LQFD 'U 9DOHQFLD * &KRUODYt ,EDUUD DG DL
9(1'2 9RONVZDJHQ *RO SXHUWDV FRQIRUW DxR XQ VROR GXH xR FRORU URMR ,QIRUPHV WHOp IRQRV DG DL
LAVADO
1R WH SUHRFXSHV OOiPDQRV DEVROXWD GLVFUHVLyQ
%ULQGDPRV VHUYLFLRV SURIHVLRQDOHV
(SMVTIYHZ WLNHKHZ ` Z\LS[HZ T\LISLZ [HWPJLYxH H\[VZ ZLY]PJPV 0TIHI\YH ` *HYJOP 0UMVYTLZ! *SHYV
0RYL &ODUR & $ 0
6$0$17+$ (;3(57$ (1 $0$55(6 '( $025
/( 5(*5(62 $/ 6(5 $0$'2
FRQ R VLQ IRWR FXUR KHFKL]RV PDOD VXHUWH LPSRWHQFLD VH[XDO 2EALIZO ,)-0)!3 $%, !52! $025 EDxRV HQHUJpWLFRV OHFWXUD GH 7$527 &DPELH VX VXHUWH
$/(-( /$6 (19,',$6 12 3,(5'$ /$ )(
$0$55(6 *$5$17,=$'26
//$0(0( $/ 3UHYLD FLWD
<e Hl`kf i\j`[\eZ`X >`iXjfc _XY`kXZ`fe\j XdfYcX[Xj jfcf \jkl[`Xek\j Z\iZX X ]XZlckX[ [\ d\[`Z`eX [\j[\ (''% @e]%1 '00*-(-,' & ')),++)-/ nnn%i\j`[\eZ`Xle`m\ij`kXi`X$ ^`iXjfc%Zfd 8I&/,--(&ZZ
!#
+2512 *,5$725,2 6H YHQGH D GLHVHO FiPDUD OHXGR DPD]DGRUD GLYLVRUD RWUR ODWDV 'DPRV JDUDQWtD GH IXQFLRQDPLHQWR ,QIRUPHV DG DL
9(1'2 2 $55,(1'2 /RFDO FRPHUFLDO SODQWD EDMD P 9HODVFR \ 6iQ FKH] \ &LIXHQWHV ,QIRUPHV
9(1'2 5RSD $PHULFDQD QXHYD ,QIRUPHV DG DL
DG DL
9(1'2 7(55(12
78 '( 92 72 / + 7
¢(67É6 (0%$5$=$'$"
DG DL
1LVVDQ $OPHUD PDWUtFXOD FRORU SODWD NP )XOO \ WDPELpQ 1LVVDQ 3DWURO [ PDWULFXODGR EXHQ HVWDGR ,Q IRUPHV
'R\ JUD FLDV SRU HO ID YRU UH FL EL GR
L^ ]b\mZg \eZl^l ]^ ]b[nch
&KHYUROHW /XY \ (O 5HWRU &KHYUROHW &DUU\ &DVD HQ $Y QR P ,QIRUPHV ,QIRUPHV DG DL
2325781,'$' (',),&,2 (1 0$17$
&RQ ItR HQ 7t PL 'LRV 3D GUH +L MR \ (V St UL WX 6DQ WR 0L ~QL FR 6DO YD GRU FRQ WR GDV PLV IXHU ]DV OHV SL GR TXH PH FRQ FH GDQ OD JUD FLD TXH WDQ WR GH VHR 3L GD WUHV GH VHRV XQR GH QH JR FLRV \ GRV LP SR VL EOHV 5H FH QXH YH YH FHV DO $YH PD UtD GX UDQ WH GtDV DO QR YH QR GtD SX EOL TXH HV WH DQXQ FLR \ VH FXP SOL Ui DXQ TXH QR OR FUHD RE VHU YH OR TXH RFX UUL Ui DO FXDU WR GtD GH VX SX EOL FD FLyQ
m®\gb\h r l^ k^ZebsZg mh]Z \eZl^ ]^ ]b[nchl Zkm²lmb\hl' M^e®_hgh3 + 210 ,,/'
6$/8'
$2
/27(6 '(6'( & 0
(+ (6
9(1'2 92/48(7$
2UDFLyQ 0LODJURVD
(SL]PULZ KL ;PSHWPH 9VQH HS WVY TH`VY ` TLUVY 0UMVYTLZ [LStMVUVZ!
*VUZ\S[VYH /PKYVZVM[ *PH 3[KH 5LJLZP[H JVU[YH[HY SVZ ZLY]PJPVZ KL :Y[H (\_PSPHY KL *VU[HIPSPKHK ZVS[LYH JVU KPZWVUPIPSPKHK KL [PLTWV 4mZ PUMVYTHJP}U
DG DL
9(1'2 +(&7É5($6 3/$1$6 $ .0 '( &27$&$&+, &21 $*8$ &202 81 62/2 &8(532 2 ',9,','2 7(/) &(/
DG DL
,QGHSHQGLHQWH HVTXLQHUD GRU PLWRULRV HVWXGLR SDUTXHDGH URV WHOpIRQR WRGR VHUYLFLR 86' ,QIRUPHV DG DL
75$%$-2 27$9$/2
9(1'2
9(1'2 &$6$
DG DL
6H YHQGH FDVD FXDWUR GRU PLWRULRV GRV ORFDOHV FRPHU FLDOHV IUHQWH 8 &DWyOLFD ,ED UUD ,QIRUPHV
9HQGR ORWHV GH [ HQ OD &LXGDGHOD /RV /DJRV 8UEDQL]DFLyQ 6DQ 1LFR OiV ,QIRUPHV WHOpIRQRV DG DL
',1(52
(1 /26 &(,%26
HK HP
2325781,'$' 9HQGR FDVD QXHYD FRQ GRU PLWRULRV P WHUUHQR VHFWRU +XHUWRV )DPLOLDUHV 86' ,QIRUPHV DG DL
9(1'2 &$6$
#+ĖũĉĎĎĈıĎĎĉũ 7ĖũĉĎĎĉıĈĊĎĔũ.ũ, 1! ũ ũ!4 +04(#1
$ $
(Q 6DQ $QWRQLR 3XHQWH SRU HVWUHQDU ,QIRUPHV DG DL
.-3 !3.
9(1'2
9(1'2 &$6$6 (&21Ð0,&$6
#ũ+4-#2ũ ũ5(#1-#2ũ"#ũđĖććũ ũ ũĊĖććũ
2325781,'$' (1 27$9$/2
PU DW
SURSLHGDG DO SLH GH OD FLXGDG (QWHUD R SRU KHFWiUHDV FRQ DJXD GH ULHJR /DV KRUDV ,QIV
+HUPRVD FDVD GRUPL WRULRV VHFWRU /D 4XLQWD ,QIRUPHV DG DL
( ; , 72
PLJ
.1 1(.
+ 2($(! ".2ũ,(-Ì2!4+ 2ũĸĈĎũ/ + 1 2ĹũũũũŌĊēćć + 2($(! ".2ũ, 8Ì2!4+ 2ũĸĈĎũ/ + 1 2ĹũũũŌĊēĎć ( /.ũ.ũ!+ 2($.3.ũĸ, 8Ì2!4+ ĹũũũŌČēĎć + 1 ũ "(!(.- +ũũũŌĉēćć % ũ".2ũ"~ 2ũ8ũ/4 +~! 3#ũ%1 3(2ũ#-ũ666ē+ '.1 ē!.,
9(1'2
85&848, 9(1'2
1($ 2
6( $55,(1'$ 8Q 0LQL 'HSDUWDPHQWR FRPSOHWR LQGHSHQGLHQWH HQ OD FLXGDGHOD /RV &HLERV 5tR 3DWDWH \ 5tR /LWD HV SHFLDOPHQWH SDUD SHUVRQDV VROWHUDV R HVWXGLDQWHV ,QIRUPHV DG DL
2325781,'$'
6( $55,(1'$ 'HSDUWDPHQWRV HQ OD )ORULGD &DOOH /RV *LUDVROHV 1 FRQ WRGRV ORV VHUYLFLRV EiVLFRV 7HOpIRQRV FF DL
7HOI
YI
9HQGR QHJRFLR GH DFFHVR ULRV SDUD YHKtFXORV VHFWRU FRPHUFLDO PX\ EXHQD UHQWD ELOLGDG 86' ,QIRUPHV DG DL
ũũũũũũũũũ
',675,%8,'25 $8725,=$'2 &17 78/&É1 < 27$9$/2 2
&(1752 '( 5(+$%,/,7$&,Ð1 ´&+$5/(6 '$9,'µ (WSHaH LS ZVY[LV WVZW\LZ[V WHYH LS KL MLIYLYV ZL YLHSPaHYm LS KL THYaV KLS LZ[V LZ WVY MHS[H KL YLJH\KHJPVULZ (NYHKLJLTVZ WVY Z\ JVTWYLUZP}U LZWLYHTVZ UVZ ZPNHU HWV`HUKV LU U\LZ[YH JH\ZH O\THUP[HYPH
&DPSDxD GH OLPSLH]D SRU OD &LXGDG GH 7XOFiQ
(+ (0
0*#+%#(!% #( #&#$)(4 1 #&#!)'.(%! !%)(#, () %("%,*#(, &# ),%-%/%,') 1 #0!#&#(-# !-%-." 0*#+%#(!% #( #(- ,
''' GH ;NLJN> F:L''' K^l^ko^ ln ^liZ\bh mZg lheh eeZfZg]h
Mne\§g3 )/+ 21-..* ( )/ + 21-/-/ HmZoZeh3 )/+ 2+.2.0 B[ZkkZ3 )/+ /)0/+. ( )/ + 2./.)+
.,26.2
´ /D &XHQFDQLWDµ 2)5(&(
#5(23 2Ĕũ/#1(¢"(!.2Ĕũ2.13#.2ũ"#ũ+.3#1~ Ĕũ+( 1.2ũ"#ũ !.!(- Ĕũ! -!(.-#1.2ũ8ũ+( 1.2ũ"#ũ,.3(5 !(¢-ēũ 104#ũ #-31 +ēũ #+_$.-.ĖũĉũĒđĈũćĊĒ
'RQDU WX VDQJUH QR LPSOLFD QLQJ~Q ULHVJR
2UDFLyQ 0LODJURVD <hg _²h ^g M²% fb =bhl% IZ ]k^% Ab ch r >l i² kb mn LZg mh' Fb ¼gb \h LZe oZ ]hk% \hg mh ]Zl fbl _n^k sZl e^l ib ]h jn^ f^ \hg \^ ]Zg eZ `kZ \bZ jn^ mZg mh ]^ l^h' !Ib ]Z mk^l ]^ l^hl ngh ]^ g^ `h \bhl r ]hl bf ih lb [e^l"' K^ \^ gn^ o^ o^ \^l Ze :o^ fZ k²Z ]n kZg m^ 2 ]²Zl% Ze gh o^ gh ]²Z in [eb jn^ ^l m^ Zgng \bh r l^ \nf ieb k§ Zng jn^ gh eh \k^Z% h[ l^k o^ eh jn^ h\n kkb k§ Ze \nZk mh ]²Z ]^ ln in [eb \Z \b·g' =hr `kZ \bZl ihk ^e _Z ohk k^ \b [b ]h'
Iki YbWi_\_YWZei [d
mmm$bW^ehW$Yec$[Y
9B7I?<?97:EI B7 >EH7 ?87HH70 &, ( /+,+&( 78/&$1 27$9$/2
Bgm^k^lZ]hl !Zl"% ik^l^gmZk ]h\nf^gmhl ^g eZ H_b\bgZ +)+ ]^ eZ FnmnZeblmZ Bf[Z[nkZ' M^e_' )/+ 2.+ ++- ( <^e3 )2+,*--214 ^&fZbe3 `^lmhk*9ahmfZbe'^l
*/2%$/ 6,67(0 2)5(&( 0$17(1,0,(172 '( &20387$'25$6 5('(6 78725,$ 5()(5(17( $ &20387$&,Ð1
/26 1,f26 '(%(1 6$%(5 '( 0(025,$ (/ 1Ó0(52 '( 68 7(/e)212
ũ ũ
$/ 325 0$<25 < 0(125 9HQWD GH SXQWDOHV 8/0$ VHPLQXHYRV UHIRU]DGR $/ &217$'2 < &5e',72 7HOIV &RUUHR GLVWULEXLGRUD DOYDUHVD#\DKRR HV 6$172 '20,1*2 (&8$'25
&XDQGR FUXFH OD FDOOH KDJDOR VLHPSUH SRU ODV HVTXLQDV \ SRU OD ]RQD GH VHJXULGDG WRPDQGR ODV SUHFDXFLRQHV GHO FDVR 9B7I?<?97:EI Z[ :?7H?E B7 >EH7
ln f^chk Zem^kgZmboZ iZkZ \hfikZk r o^g]^k
P]
'RQD WX VDQJUH
NAKAL= FM=KLJ9 H9?AF9 O=:
Ăā Ăā
:=(+-/*/(:B
K^jnblbmhl3 & >lmn]bhl lni^kbhk^l ^g <hgmZ[beb]Z] & M^g^k oh\Z\b·g iZkZ ln ^li^\bZeb]Z] & Bgb\bZmboZ r Z_§g ]^ lni^kZ\b·g & >qi^kb^g\bZ ^g fZg^ch ]^ lblm^fZl \hgmZ[e^l & =blihgb[beb]Z] bgf^]bZmZ
&(/
MN => OH M: E'A'M'
ŏ Āāŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
ġ Āāŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
$8;,/,$5 '( &217$%,/,'$'
'(6($ 9(1'(5 $55(1'$5 $/48,/$5 &2035$5
6$/9$ 81$ 9,'$
,PSRUWDQWH (PSUHVD &RPHUFLDO GH OD &LXGDG GH ,EDUUD UHTXLHUH FRQWUDWDU
#&3$)()
6L QR D\XGDV D OLPSLDU QR D\XGHV D HQVXFLDU
$6(625$0,(172 '( 7(6,6 7(5&(52 < &8$572 1,9(/ ,1)250(6
$57(6 /8&$6
'( -8$1,7$ /8&$6 /H RIUHFH WUDEDMRV HQ IRPLV FRPR DGRU QRV UHFXHUGRV FDUWHOHV PDWHULDO GLGiFWL FR \ FXUVRV %ROtYDU HQWUH SLFKLQFKD \ 5RFDIXHUWH
ŏ ŏ
ŏ
ĂĂ
ŏŏ 7 ŏŏ
Āāŏ ŏ ŏĂĀāĂŏ ĀĂŏ ŏ ŏĂĀāĀ Āāŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
-8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &,7$&,Ð1 -8',&,$/ $/ '(0$1'$'2 6(f25 /8,6 )(51$1'2 6$5 =26$ 1$9$552 6( /(6 +$&( 6$%(5 &21 /$ '(0$1'$ (-(&87,9$ 1R 48( 325 &2%52 '( ',1(52 352321( (/ 6(f25 '2&725 0$5&2 9,1, &,2 08f2= 352$f2 (;75$&72 $&725 6(f25 '2& 725 0$5&2 9,1,&,2 08f2= 352$f2 '(0$1'$'2 6(f25 /8,6 )(51$1'2 6$5 =26$ 1$9$552 0$7(5,$ '(/ -8,&,2 &2%52 '( ',1(52 75É0,7( -8,&,2 (-( &87,92 12 &8$17Ì$ $872 -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &RWDFDFKL GH -XQLR GHO ODV K 9,6726 /D GHPDQGD TXH DQWHFHGH SUHVHQWDGD SRU HO VHxRU GRFWRU 0DUFR 9LQLFLR 0X xR] 3URDxR HV FODUD SUHFL VD \ UH~QH ORV UHTXLVLWRV GH OH\ HQ FRQVHFXHQFLD VH OR DFHSWD DO WUiPLWH HMHFXWLYR $JUpJXHVH D ORV DXWRV OD OHWUD GH FDPELR DGMXQWDGD D OD GHPDQGD $O GHPDQ GDGR VHxRU /XLV )HUQDQGR 6DU]RVD 1DYDUUR VH OH FL WDUi FRQ OD FRSLD GHO HVFULWR GH GHPDQGD \ DXWR TXH DQWHFHGHQ HQ HO OXJDU TXH VH LQGLFD HQ OD GHPDQGD D ÀQ GH TXH FXPSODQ FRQ OD REOLJDFLyQ FRQWUDtGD R GHGX]FDQ H[FHSFLRQHV
TXH VH FUHDQ DVLVWLGRV HQ HO WpUPLQR GH WUHV GtDV 'H FRQIRUPLGDG FRQ OR SUHVFUL WR HQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO VH GLVSRQH TXH HO HMHFXWD GR VHxRU /XLV )HUQDQGR 6DU]RVD 1DYDUUR YHQGD KLSRWHTXHQ R FRQVWLWX\DQ RWUR JUDYDPHQ R FHOHEUHQ FRQWUDWR TXH OLPLWHQ HO GRPLQLR R JRFH GHO ELHQ LQPXHEOH GH VX SURSLHGDG HQ HO FLQFXHQWD SRU FLHQWR TXH OH FRUUHVSRQGH GHQWUR GH OD VRFLHGDG FRQ\XJDO HQ HO LQPXHEOH XELFDGR HQ OD DYHQLGD 0RGHVWR 3HxDKH UUHUD VHFWRU XUEDQR GH OD SDUURTXLD (O 6DJUDULR GH OD FLXGDG \ FDQWyQ &RWDFDFKL FX\RV OLQGHURV H[WHQVLR QHV \ PiV FDUDFWHUtVWLFDV FRQVWDQ GHVFULWR HQ HO FHUWLÀFDGR GH SURSLHGDG \ JUDYiPHQHV FRQVWDQWH D IV GH ORV DXWRV SDUD OR FXDO VH QRWLÀFDUi DO VHxRU 5HJLVWUDGRU GH OD 3URSLH GDG GH HVWH &DQWyQ HQ VX GHVSDFKR RÀFLDO 7pQJDVH HQ FXHQWD OD FXDQWtD GH OD SUHVHQWH DFFLyQ FRPR WDPELpQ OD GHVLJQDFLyQ GHO GRPLFLOLR MXGLFLDO SDUD UH FHSWDU VXV QRWLÀFDFLRQHV 1RWLItTXHVH \ &tWHVH 'U 5D~O 9LOODFtV 9 -8(= 2&7$92 '( /2 &, 9,/ '( ,0%$%85$ -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &RWDFDFKL GH IHEUHUR GHO /DV K 8QD YH] TXH HO GHPDQGDQWH 'U 0DUFR 0XxR] 3URDxR KD FXPSOLGR FRQ OR GLVSXHVWR HQ SURYLGHQFLD DQWHULRU \ DWHQWR HO MXUDPHQWR UHQ GLGR VH GLVSRQH TXH VH SURFHGD D OD FLWDFLyQ DO GHPDQGDGR VHxRU /XLV )HUQDQGR 6DU]RVD 1DYD UUR GH FRQIRUPLGDG FRQ OR
TXH GLVSRQH HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO HVWR HV PHGLDQWH SXEOLFDFLRQHV HQ XQR GH ORV 'LDULRV GH PD\RU FLU FXODFLyQ UHJLRQDO SDUD OR FXDO FRQÀpUDVH HO H[WUDFWR FRUUHVSRQGLHQWH 127,), 48(6( 'U (GJDU /ySH] 7REDU -XH] 2FWDYR GH OR &LYLO GH ,PEDEXUD /R TXH FLWR D XVWHG SDUD ORV ÀQHV OHJDOHV SUHYLQLpQ GROH GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU GRPLFLOLR MXGLFLDO D OD GLVWDQFLD OHJDO GH HVWH MX]JDGR SDUD TXH UHFLED SRVWHULRUHV QRWLÀFD FLRQHV &RWDFDFKL GH IHEUHUR GHO /FGD /RUHQD 9LOHOD 9DUJDV /$ 6(&5(7$5,$ $' +2& +D\ ÀUPD \ VHOOR QE DL -8=*$'2 6(*81'2 '( /2 &,9,/ '( ,%$55$ (;75$&72 -8',&,$/ '(0$1'$17( *8, //(502 *(50É1 %( 1$9,'(6 0$&+$'2 '(0$1'$'2 -26e '$9,' -$5$0,//2 *8( 55$ 0$7(5,$ &2%52 '( ',1(52 -8,&,2 (-(&87,92 1R &8$17Ì$ 86' '20,&,/,2 '(/ $&725 '5 6,;72 0$126$/ 9$6 &DVLOOHUR 1R -8(= 'U 3('52 /(,9$ *$//(*26 -8(= 683/(17( '(/ -8=*$'2 6(*81'2 '( /2 &,9,/ '( ,%$55$ -8=*$'2 6(*81'2 '( /2 &,9,/ '( ,0%$ %85$ ,EDUUD MXHYHV GH IHEUHUR GHO ODV K 9,6726 /D GH PDQGD TXH DQWHFHGH HV
683(5,17(1'(1&,$ '( &203$fË$6 (;75$&72 #$ $% ? >=
( *425(A@(
7, *4378/89;B 546 ,7*6/896( 5C)1/*( 4846.(+( (38, ,1 48(6/4 " "! +,1 (38B3 "" ,1 "! -9, (564)(+( 546 1( #95,6/38,3+,3*/( +, 425(A@(7 2,+/(38, ",7419*/B3 # ! +, +, ,)6,64 +, (38B3 =& " 564:/3*/( +, " $ #97*6/84 %# C2,64 +, **/43,7 &(146 %#
$ 1 4)0,84 +, 1( *425(A@( ,7 # "< ' %# & $ $" # "$ " " & & !9/84 +, ,)6,64 +,
" #$ ! ! ! '
% &%
FODUD SUHFLVD \ UH~QH ORV UHTXLVLWRV OHJDOHV SRU OR TXH VH OH DFHSWD DO WUiPLWH HMHFXWLYR TXH OH FRUUHVSRQ GH &RQ OD GHFODUDFLyQ MXUD PHQWDGD KHFKD SRU OD DF WRUD FtWHVH DO GHPDQGDGR -26e '$9,' -$5$0,//2 *8(55$ SRU OD SUHQVD HQ XQR GH ORV GLDULRV GH PD\RU FLUFXODFLyQ UHJLRQDO TXH VH HGLWDQ HQ OD FLXGDG GH ,EDUUD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $UW GHO &yGLJR GH 3URFHGL PLHQWR &LYLO D ÀQ GH TXH HQ HO WpUPLQR GH WUHV GtDV FXPSOD FRQ OD REOLJDFLyQ R GHGX]FD H[FHSFLRQHV OH JDOHV EDMR SUHYHQFLyQ GH VHQWHQFLD $JUpJXHVH OD GRFXPHQWD FLyQ DFRPSDxDGD 7pQJD VH HQ FXHQWD OD FXDQWtD \ HO FDVLOOHUR MXGLFLDO VHxDODGRV &Ì7(6( < 127,)Ì48( 6( /R TXH FLWR D XVWHG SDUD ORV ÀQHV OHJDOHV DGYLUWLpQ GROH GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU FDVLOOHUR MXGLFLDO HQ HVWD FLXGDG ,EDUUD D GH IHEUHUR GHO 'UD 1HOO\ 5XDQR ( 6(&5(7$5,$ +D\ ÀUPD \ VHOOR $' $,
5(3Ô%/,&$ '(/ (&8$'25 -8=*$'2 &8$572 '( /2 &,9,/ 0(5&$17,/ ( ,148,/,1$72 '(/ &$5&+, &,7$&,Ð1 -8',&,$/
&,7$&,Ð1 $ &+5,67,$1 -$9,(5 38*$ &(9$ //26 $&725 7$7,$1$ '(,), /,$ ',$= ',$= '(0$1'$'2 &+5,6 7,$1 -$9,(5 38*$ &( 9$//26 -8,&,2 9(5%$/ 680$ 5,2 '( ',925&,2 -8=*$'2 &8$572 '( /2 &,9,/ 0(5&$17,/ ( ,148/,1$72 '(/ &$5 &+, &8$17Ì$ /$ &8$17Ì$ 325 68 1$785$/(=$ (6 ,1'(7(50,1$'$ 2%-(72 '(/ -8,&,2 2%7(1(5 0(',$17( 6(17(1&,$ 6( '(&/$ 5( ',68(/72 (/ 9Ì1 &8/2 0$75,021,$/ (;,67(17( (175( 7$7,$1$ '(,),/,$ ',$= ',$= < &+5,67,$1 -$ 9,(5 38*$ &(9$//26 3529,'(1&,$6 -8=*$'2 &8$572 '( /2 &,9,/ 0(5&$17,/ ( ,148,/,1$72 '(/ &$5 &+, 7XOFiQ YLHUQHV GH IHEUHUR GHO ODV K 9,6726 $YRFR FRQRFLPLHQWR HQ HVWH MXL FLR HQ YLUWXG GH OD UD]yQ GH VRUWHR \ OD UD]yQ VHQWDGD SRU HO VHxRU 6HFUHWDULR WLWX ODU GH HVWD -XGLFDWXUD TXH DQWHFHGHQ (Q OR SULQFLSDO SUHYLDPHQWH D FDOLÀFDU OD GHPDQGD SUHVHQWDGD SRU OD VHxRUD 7DWLDQD 'HLÀOLD 'tD] 'tD] VH GLVSRQH TXH HQ HO WpUPLQR GH WUHV GtDV OD DFFLRQDQWH FRPSD UH]FD D HVWD -XGLFDWXUD D GDU FXPSOLPLHQWR D OR GLV SXHVWR HQ HO DUWtFXOR GHO &yGLJR GH 3URFHGLPLHQWR &LYLO YLJHQWH 7yPHVH QRWD GHO FDVLOOHUR MXGLFLDO 1R VHxDODGR SDUD ODV QRWLÀ FDFLRQHV \ OD DXWRUL]DFLyQ TXH 7DWLDQD 'HLÀOLD 'tD] OH FRQÀHUH DO 'U $QGUpV 0DXULFLR *XWLpUUH] 5HYH OR SDUD TXH SUHVHQWH ORV HVFULWRV QHFHVDULRV SDUD OD WUDPLWDFLyQ GH HVWH SUR FHVR 1RWLItTXHVH I '5 '$9,' *25',//2 *8= 0$1 -8(= 7(0325$/ -8=*$'2 &8$572 '(
/2 &,9,/ 0(5&$17,/ ( ,148,/,1$72 '(/ &$5 &+, 7XOFiQ PLpUFROHV GH IHEUHUR GHO ODV K 9,6726 8QD YH] TXH OD DFFLRQDQWH VHxRUD 7DWLDQD 'HLÀOLD 'tD] 'tD] KD GDGR FXPSOLPLHQWR D OR GLVSXHVWR HQ HO 'HFUHWR TXH DQWHFHGH VH SURFHGH D FDOLÀFDU VX GHPDQGD GH FODUD FRPSOHWD \ GH UHXQLU ORV UHTXLVLWRV GH /H\ HQ FRQVHFXHQFLD VH OD DGPLWH D WUiPLWH 9HUEDO 6XPDULR $JUpJXHVH DO SURFHVR OD GRFXPHQWDFLyQ DSDUHMDGD D OD GHPDQGD &tWHVH DO GHPDQGDGR VHxRU &KULV WLDQ -DYLHU 3XJD &HYDOORV FRQ OD FRSLD GHO HVFULWR GH GHPDQGD \ HVD SURYLGHQ FLD PHGLDQWH WUHV SXEOLFD FLRQHV PHGLDQGR HO WpUPL QR GH RFKR GtDV HQWUH FDGD XQD GH HOODV PLVPDV TXH VH UHDOL]DUiQ SRU LQWHUPH GLR GHO 'LDULR ´/D 1DFLyQµ GH DPSOLD FLUFXODFLyQ GH HVWD FLXGDG GH 7XOFiQ 3RU ÀMDGD OD FXDQWtD &tWHVH \ 1RWLItTXHVH I '5 '$9,' *25',//2 *8=0$1 -8(= 7(0325$/ -8= *$'2 &8$572 '( /2 &,9,/ 0(5&$17,/ ( ,148,/,1$72 '(/ &$5 &+, 7XOFiQ PLpUFROHV GH IHEUHUR GHO ODV K $JUpJXHVH DO SURFHVR HO HVFULWR SUHVHQ WDGR SRU 7DWLDQD 'HLÀOLD 'tD] 'tD] (Q OR SULQFLSDO DPSOLDQGR HO $XWR GH &D OLÀFDFLyQ D OD GHPDQGD \ SRU FXDQWR GH OD SDUWLGD GH PDWULPRQLR TXH REUD GHO SURFHVR VH GHVSUHQGH TXH HO FRPSDUHFLHQWH KD FRQWUDtGR PDWULPRQLR HQ OD FLXGDG GH 4XLWR VH GLV SRQH FLWDU DO GHPDQGDGR VHxRU &KLVWLDQ -DYLHU 3XJD &HYDOORV PHGLDQWH WUHV SXEOLFDFLRQHV PHGLDQGR HO WpUPLQR GH RFKR GtDV HQWUH FDGD XQD GH HOODV PLVPDV TXH VH UHDOL]DUiQ HQ HO 'LDULR ´/D +RUDµ GH DPSOLD FLUFXODFLyQ HQ OD FLXGDG GH 4XLWR \ D QLYHO QDFLRQDO (Q OR GHPiV HVWpVH D OR RUGHQDGR HQ SURYLGHQFLD TXH DQWHFHGH &tWHVH \ 1RWLItTXHVH I '5 '$9,' *25',//2 *8=0$1 -8(= 7(0325$/ 6H SUHYLHQH DO FLWDGR GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU &DVLOOHUR -XGLFLDO HQ HVWH 3DODFLR GH -XVWLFLD SDUD ODV QRWLÀFDFLRQHV TXH GHEDQ KDFpUVHOH HQ OD WUD PLWDFLyQ GH HVWH MXLFLR 7XOFiQ )HEUHUR GHO $E &DUORV $ 3R]R & 6(&5(7$5,2 +D\ ÀUPD \ VHOOR 0U DW
¡
%$1&2 352&5(',7
%$1&2 352&5(',7 6 $ SRQH HQ FRQRFL PLHQWR GHO S~EOLFR OD DQXODFLyQ SRU SpUGLGD GH OD OLEUHWD GH DKR UURV Q~PHUR GH &$,=$ 025$/(6 &(6$5 $085,&,2 $' $2
$18/$&,Ð1 6H SRQH HQ FRQRFLPLHQWR GHO S~EOLFR TXH VH KD H[WUD YLDGR OD FXHQWD GH $KRUURV SHUWHQHFLHQWH D OD FXHQWD 1R &HUWLILFD FLyQ GHO VRFLR 7$5$38e6 (63$f$ *21 =$/2 5,*2%(572 GH OD &RRSHUDWLYD ´ GH 2FWX EUHµ SRU OR TXH VH SURFHGH DW IS D VX DQXODFLyQ
Z!#' (ŋ$/,v # )ŋ ŋ&)-ŋ .)-ŋ '#(#-., .#0)-ŋ )(- (-/ & ;b Whj Ykbe '++ Z[b ;H@7<; [ijWXb[Y[ be i_]k_[dj[0 ÆBW 7Zc_d_ijhW# Y_ d F Xb_YW [ijW \WYkbjWZW" Z[ Yed\ehc_ZWZ Yed be Z_ifk[ije [d bW B[o Eh]|d_YW Z[ bW FheYkhWZkh W =[d[hWb Z[b ;ijWZe" W Y[b[XhWh WYk[hZei" fWYjei" Yedl[d_ei e YedjhWjei Yed f[hiedWi jWdje Z[ Z[h[# Y^e f Xb_Ye Yece fh_lWZe" i_[cfh[ gk[ de i[Wd YedjhWh_ei Wb ehZ[# dWc_[dje `kh Z_Ye d_ l[hi[d ieXh[ cWj[h_Wi de ikiY[fj_Xb[i Z[ jhWd# iWYY_ d o j[d]Wd feh eX`[je iWj_i\WY[h [b _dj[h i f Xb_Ye gk[ j_[d[d [dYec[dZWZe" Yed [b WbYWdY[" [\[Yjei o h ]_c[d `kh Z_Ye [if[Y ÒYe gk[ [d YWZW YWie fh[l[W bW Z_ifei_Y_ d gk[ be h[]kb[" fkZ_[dZe jWb[i WYjei j[d[h bW Yedi_Z[hWY_ d Z[ ÒdWb_pWZeh[i Z[ bei fheY[Z_c_[djei WZc_d_ijhWj_lei e _di[hjWhi[ [d bei c_icei Yed YWh|Yj[h fh[l_e" l_d# YkbWdj[ e de" W bW h[iebkY_ d gk[ b[i fed]W ÒdÇ$ 9ece fk[Z[ l[hi[" bWi Yedl[dY_ed[i W bWi gk[ WbkZ[ [ijW Z_ifei_# Y_ d i[ Y[b[XhWd [d [b cWhYe o Yedj[nje Z[ kd fheY[Z_c_[dje WZc_# d_ijhWj_le" [ije [i" [d [b c_ice fheY[ie Z[ \ehcWY_ d Z[ bei WYjei WZ# c_d_ijhWj_lei$ ;ije YecfehjW kdW dk[lW l_i_ d Z[b fheY[Z_c_[dje WZc_d_ijhWj_le" gk[ W ik YWh|Yj[h Z[ _dijhkc[dje Z[ ]WhWdj W" i[ b[ W WZ[ bW fhef_[ZWZ Z[ c[Z_e Z[ Yecfei_Y_ d Z[ _dj[h[i[i h[b[lWd# j[i W bW Z[Y_i_ d ÒdWb" W jhWl i Z[ bW fWhj_Y_fWY_ d$ BW dehcW i[ [dYk[djhW _di[hjW [d [b hejkbe J[hc_dWY_ d 9ed# l[dY_edWb Z[b fheY[Z_c_[dje" f[he i[ eXi[hlW gk[ Z_Y^Wi Yedl[d# Y_ed[i fk[Z[d j[d[h" X_[d bW Yedi_Z[hWY_ d Z[ ÒdWb_pWZeh[i Z[ bei fheY[Z_c_[djei WZc_d_ijhWj_lei " X_[d _di[hjWhi[ [d bei c_icei Yed YWh|Yj[h fh[l_e" l_dYkbWdj[ e de" W bW h[iebkY_ d gk[ b[i fed]W Òd $ ;d l[hZWZ" i[ jhWjW Z[ YWiei Z_ij_djei" [d hWp d Z[b [\[Yje Z_\[# h[dj[ gk[ fheZkY[d ieXh[ [b fheY[Z_c_[dje$ :[ kdW fWhj[" bW Yedl[d# Y_ d gk[ ÒdWb_pW [b fheY[Z_c_[dje _d_Y_WZe ikij_jko[ W Z[Y_i_ d ÒdWb o \kd][ Yece h[iebkY_ d" iebe gk[ WYehZWZW" feh be gk[ fk[Z[ j[d[h [b Yedj[d_Ze WbYWdY[ fhef_e Z[ [ijW" Yed bW c_icW eXb_]Wjeh_[ZWZ gk[ [b WYje WZc_d_ijhWj_le" kd_bWj[hWb$ :[ ejhW fWhj[" bW Yedl[dY_ d gk[ _di[hjW [d [b fheY[Z_c_[dje Yed YWh|Yj[h fh[l_e de ikij_jko[ W bW Z[Y_i_ d ÒdWb" i_de gk[ i[ [nfb_YW Yed kd YWh|Yj[h fh[fWhWjeh_e Z[ [ijW" gk[ fk[Z[ i[h l_dYkbWdj[ e de Z[ bW h[iebkY_ d$ ;d [ij[ bj_ce YWie" YWX[ jWcX_ d WYbWhWh gk[ i_ Yedl[dY_ d Z[ YWh|Yj[h fh[fWhW# jeh_e [i l_dYkbWdj[" bW 7Zc_d_ijhWY_ d" [l_Z[dj[c[dj[" ^WXh| oW Wikc_Ze kd Yecfhec_ie eXb_]Wjeh_e h[if[Yje Z[ bW Z[Y_i_ d ÒdWb" Z[ ceZe gk[ [ijW oW [ijWh| YedZ_Y_edWZW feh [b WYk[hZe$ I_ de [i l_d# YkbWdj[" de feZh W ^WXbWhi[ Z[ kd WYje WZc_d_ijhWj_le Yedi[dikWb" fk[i bW 7Zc_d_ijhWY_ d Yedi[hlW jejWbc[dj[ ik Z_ifei_Y_ d ieXh[ bW Z[Y_i_ d ÒdWb gk[" [d jeZe YWie" i_]k[ i_[dZe kd_bWj[hWb$ #ă-(!(¢-ũ"#ũ !3.ũũ ",(-(231 3(5.ũ!.-2#-24 + 9ed [ijWi fh[Y_i_ed[i" o i[] d BkY_Wde FWh[`e" 7b\edie" i[ fk[Z[ \ehckbWh bW i_]k_[dj[ Z[Òd_Y_ d0 Z[ WYje WZc_d_ijhWj_le Yedi[dikWb0 ÆQ$$$S WYk[hZe Z[ lebkdjWZ[i [djh[ kdW0 7Zc_d_ijhWY_ d f Xb_YW o kde e lWh_ei ik`[jei Z[ :[h[Y^e" h[]kbWZe feh [b :[h[Y^e WZc_d_i# jhWj_le Y[b[XhWZe [d [b Yedj[nje Z[ kd fheY[Z_c_[dje WZc_d_ijhW# j_le W jhWl i Z[b gk[ Wgk[bbW Z[XW" [`[hY[h kdW fej[ijWZ Wi_c_ice WZc_d_ijhWj_lW o fWhW bW j[hc_dWY_ d e fh[fWhWY_ d #[d j hc_dei l_dYkbWdj[i# Z[ ij[" gk[ [ijW Z_h_]_Ze W bW" Yedij_jkY_ d" ceZ_ÒYW# Y_ d e [nj_dY_ d Z[ kdW h[bWY_ d `kh Z_YWÇ$ ;b WYje WZc_d_ijhWj_le Yedi[dikWb" \hkje Z[ kd WYk[hZe [djh[ bW 7Z# c_d_ijhWY_ d o ejhe ik`[je Z[ :[h[Y^e f Xb_Ye e fh_lWZe " l[hiW ieXh[ kd Wikdje YedYh[je o fWhj_YkbWh" W _]kWb gk[ [b WYje WZc_d_ijhWj_le ehZ_# dWh_e kd_bWj[hWb$ 9ece oW i[ WZl_hj_ " i[ fheZkY[d [d [b Yedj[nje Z[ kd fheY[Z_c_[dje WZc_d_ijhWj_le Z[ \ehcWY_ d Z[ bei WYjei WZc_d_ijhWj_# lei ehZ_dWh_ei e kd_bWj[hWb[i" o ikfed[d [b [`[hY_Y_e Z[ kdW fej[ijWZ WZ# c_d_ijhWj_lW Z_ij_djW Z[ bW h[]bWc[djWh_W" Z[ ceZe gk[ [ij|d bbWcWZei W _dY_Z_h o fheZkY_h [\[Yjei [d kdW h[bWY_ d `kh Z_YW YedYh[jW" [d kdW i_jkWY_ d `kh Z_YW fWhj_YkbWh e h[if[Yje Z[ kd Wikdje i_d]kbWh$
731 Â .2ĹŠ1. .2ĹŠ ĹŠ5#'~!4+.2
(ŋ " 0,)& .ŋ #. , ŋ3ŋ/( ŋ '#)( . ŋ )3). ŋ / ,)(ŋ & ( )-ŋ ŋ& ŋ &#( / ( # ŋ& ŋ() " ŋ &ŋÄ&.#')ŋ' ,. -Ąŋ &ŋ*,#' ,ŋ -)ŋ (ŋ& ŋ && ŋ / (ŋ
)-Zŋ &), -ŋ3ŋ 0 (# ŋ #' ŋ #0 ( #, ŋ3ŋ &ŋ- !/( )ŋ- ŋ, *),.šŋ (ŋ& ŋ 0 (# ŋ &ŋ .),()ąŋ (ŋ &ŋ ,,#)ŋ )-ŋ # )-Ąŋ )ŋ /,#)-)ŋ -ŋ+/ ŋ ŋ ' )-ŋ /.)').), -ŋ& -ŋ ),4 ,)(ŋ& -ŋ- !/,# -ŋ#(. ,( -ŋ3ŋ& -ŋ-/-., $ ,)(ŋ &ŋ #-* (- ),Ąŋ &ŋ )-.)ŋ *,)2#' )ŋ ŋ ŋ, */ -.)ŋ -ŋ ŋ'#&ŋ ÿúúŋ š& , -Ą
ĂźÄƒĂşĹ‹. )-Ĺ‹ Ĺ‹* (.)&#. Ĺ‹ / ,)(Ĺ‹ -.,/# )-
Ä€Ä Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ăă
+Ŋ/.+~%.-.Ŋ"#Ŋ3(1.Ŋ "#+Ŋ!4 13#+Ŋ,(+(3 1Ŋ %4 !'(Ŋ$4#Ŋ#+Ŋ #2!#- 1(.Ŋ/ 1 Ŋ+ Ŋ #7/+.2(¢-Ŋ!.-31.Ĺ
Ä› KdW fej[dj[ edZW [nfbe# i_lW h[Yehh_ÂŒ bW cW‹WdW Z[ Wo[h bWi [nj[diWi |h[Wi Z[b YkWhj[b C_b_jWh OW]kWY^_" [d bW fWhhe# gk_W bW ;if[hWdpW$ <k[hed YkWjhe Z[jedWY_ed[i YedjhebWZWi Z[ (/& jWYei Z[ f[d# jeb_jW$ ;b cWj[h_Wb [nfbei_le \k[ Z[ijhk_Ze fWhW [l_jWh WYY_Z[dj[i Yece bW Z[b . Z[ Z_Y_[cXh[ Z[ (&'' [d bW ;iYk[bW Ikf[h_eh C_# b_jWh ;beo 7b\Whe$ Bei [nfbei_lei \k[hed YedĂ’ i# YWZei [d eYjkXh[ o del_[cXh[ Z[b W‹e Wdj[h_eh" YkWdZe [hWd jhWibWZWZei feh Zei Y_kZWZWdei W XehZe Z[ kd_ZWZ[i Z[ jhWdi# fehj[ _dj[hfhel_dY_Wb Yed Z[ij_de W bW \hedj[hW dehj[$ I[ fh[ikc[ gk[ [ijWi YWfjkhWi [ij|d l_dYk# bWZWi Yed bei ]hkfei _hh[]kbWh[i gk[ ef[hWd [d [b l[Y_de fW‡i Z[ 9ebecX_W$ ;b iWh][dje L‡Yjeh :k[‹Wi" [nf[hje [d [nfbei_lei" l_W`ÂŒ Z[i# Z[ ik kd_ZWZ c_b_jWh [d Gk_je W Z_h_]_h bWi ef[hWY_ed[i$ :_l_Z_[# hed bei (/& jWYei Z[ f[djeb_jW [d YkWjhe ]hkfei fWhW i[h Z[ijhk_# Zei Yed kd _dj[hlWbe Z[ )& i[# ]kdZei$ 7i‡ [l_jWhed kdW edZW [nfbei_lW cWoeh$
ēŊ 4#9Ŋ 5(#1Ŋ ' + !4;-Ŋ-.Ŋ/1#2#-3 Ŋ,;2Ŋ -Ĺ 3#!#"#-3#2Ŋ/#- +#2ŊŊ#-Ŋ+.2Ŋ31( 4Ĺ - +#2Ŋ/1.5(-!( +#2ēŊ
#Ŋ2(-!#1¢Ŋ !.-Ŋ+ Ŋ )423(!( Ŋ ¥ ēŊ (+(3 1#2Ŋ, -(/4+ -".Ŋ+ Ŋ/#-3.+(3 ē
BW Z[jedWY_ÂŒd i[ bW ^_pe W jhWlƒi Z[ kdW c[Y^W b[djW fWhW fh[YWkj[bWh bW i[]kh_ZWZ Z[b f[h# iedWb c_b_jWh$ KdW edZW [nfbei_# lW Z[ Wfhen_cWZWc[dj[ kd a_bÂŒ# c[jhe W bW h[ZedZW i[ ^_pe i[dj_h [d jeZW BW ;if[hWdpW$ :k[‹Wi Wi[]khW gk[ ckY^ei Z[ [ijei [nfbei_lei ied Z[ \W# Xh_YWY_ÂŒd dWY_edWb" i[ fh[ikc[ gk[ ik bk]Wh Z[ [bWXehWY_ÂŒd [ijW WĂ’ dWZe [d Y_[hjWi Yeckd_ZWZ[i hkhWb[i Z[ bW fhel_dY_W Z[ 9eje# fWn_$ Ejhei c|i [ijWh‡Wd i_[dZe jhW‡Zei Z[iZ[ [b F[h‘ feh bW WbjW Yej_pWY_ÂŒd gk[ j_[d[ Wb ejhe bWZe
Z[ bW \hedj[hW dehj[$ :k[‹Wi h[Y_X[ kd eĂ’ Y_e Z[b 9ecWdZe 9ed`kdje Z[ bWi <k[h# pWi 7hcWZWi YkWdZe [b [`ƒhY_je d[Y[i_jW h[Wb_pWh kdW [nfbei_ÂŒd Z[ [ij[ j_fe$ ;nfb_YW gk[ bW cW# oeh‡W Z[ iki _dj[hl[dY_ed[i bWi h[Wb_pW [d bei Z[ijWYWc[djei c_# b_jWh[i Z[ bW \hedj[hW dehj[$ ;2ĹŠ"#3 ++#2 Bk_i 8|[p" `[\[ Z[ bW Feb_Y‡W @k# Z_Y_Wb Z[ ?cXWXkhW" [nfh[iÂŒ ik X[d[fb|Y_je feh bW Z[ijhkYY_ÂŒd Z[ bW f[djeb_jW$ Æ;ij[ j_fe Z[ cW# j[h_Wb Z[X[ [ijWh WbcWY[dWZe [d
kd bk]Wh WZ[YkWZe$ De [d bW fWh# j[ khXWdW ZedZ[ fk[Z[ fheleYWh ZW‹ei o Z[ijhepei W bWi f[hiedWi o W bWi fhef_[ZWZ[iÇ$ CWd_\[ijÂŒ$ FWXbe ^[hh[hW" h[fh[i[djWdj[ Z[ bW <_iYWb‡W Z[b ;ijWZe" YedijW# jÂŒ [b [ijWZe Z[ bW f[djeb_jW Wdj[i o Z[ifkƒi Z[ ik Z[ijhkYY_ÂŒd$ ;d kd Xkda[h [if[Y_Wb Z[b [`ƒhY_je W]kWhZWd feh ik Z[i# jhkYY_ÂŒd *&& jWYei c|i" gk[ \k[hed [dYedjhWZei [d feZ[h Z[b ejWlWb[‹e 7cXhei_e L$" [d [b jh_ij[c[dj[ \Wceie YWie Æ[ij[# hWiÇ$ ?dj[djWXW bb[lWhbei ^WijW bW \hedj[hW dehj[ feh bW l‡W ?XWhhW#
.,)* && (Ĺ‹ Ĺ‹ / &#.) ( Ĺ‹*# , Ĺ‹ !šŋ& Ĺ‹0# Ĺ‹ Kd Y_kZWZWde Z[ bW j[hY[hW [ZWZ \k[ jhWibWZWZe ]hWl[c[dj[ ^[h_# Ze W bW iWbW Z[ [c[h][dY_Wi Z[b ^eif_jWb IWd L_Y[dj[ Z[ FW‘b bW cW‹WdW Z[ Wo[h$ Cedi_je ;Y^[l[hh‡W" Z[ )+ W‹ei Z[ [ZWZ" \k[ Wjhef[bbWZe W bW WbjkhW Z[b h[ZedZ[b Z[ BW CW# Zh[" YkWdZe _dj[djWXW YhkpWh bW Wl[d_ZW 9h_ijÂŒXWb Z[ JheoW" Wbh[# Z[Zeh Z[ bWi &/0'+$ KdW fh_c[hW eXi[hlWY_ÂŒd ieXh[ [b [ijWZe Z[ iWbkZ Z[ ;Y^[l[hh‡W feh fWhj[ Z[b 9k[hfe Z[ 8ecX[hei Z[ ?XW# hhW" h[l[bÂŒ gk[ [b WZkbje cWoeh fh[i[djWXW kd \k[hj[ jhWkcW Yh|d[e [dY[\|b_Ye o lWh_Wi Yed# jki_ed[i [d jeZe [b Yk[hfe$ KdW cejeY_Yb[jW Yebeh d[]hW" i_d fbWYWi [i i[‹WbWZW feh lWh_ei j[ij_]ei" Yece [b l[^‡Ykbe gk[ i[ \k[ [dY_cW Z[ CWdi_je ;Y^[l[#
hh‡W$ BWc[djWXb[c[dj[ [b ceje# Y_Yb_ijW i[ Z_e W bW \k]W$
ēŊ .2Ŋ/1(,#1.2Ŋ 47(+(.2Ŋ04#Ŋ 1#!( (¢Ŋ#+Ŋ 31./#++ ".Ŋ#-Ŋ#+Ŋ #".-"#+Ŋ "#Ŋ Ŋ "1#ēŊ
Ĺ‹ )(Ĺ‹ &)Ĺ‹
ěŊ7o[h kd Z[ib_pWc_[dje Z[ j_[hhW [d bW O Z[ bW fWhhegk_W Z[ IWb_dWi" WYWXÂŒ Yed bW l_ZW Z[ =Wbe Fepe Z[ -) W‹ei Z[ [ZWZ$ BW l‡Yj_cW l_W`WXW [d kdW YW# c_ed[jW Yebeh YedY^e Z[ l_de" i_d fbWYWi Z[iZ[ ?XWhhW$ @kdje W ik Yedl_l_[dj[ Pe_bW FW]kWo" i[ Z_ifed‡Wd W h[jeh# dWh Wb YWdjÂŒd ;b Ă›d][b" bk]Wh Z[ h[i_Z[dY_W$ F[he kdW becW Z[ j_[hhW ^_pe gk[ kdW f_[ZhW YWo[hW [d YW`ÂŒd Z[b YWhhe gk[ _XW Wb \h[dj[" h[Xej[ ^WijW [b fWhWXh_iWi Z[b eYY_ie o iWb]W feh [b bWZe feij[h_eh Z[b Wkje# cejeh$ FW]kWo h[ikbjÂŒ _b[iW" c_[djhWi gk[ Fepe W]ed_pWXW feh [b \k[hj[ _cfWYje$ ;ijW l[h# i_ÂŒd \k[ [djh[]WZW feh bW ^_`W Z[b \Wbb[Y_Ze" gk_[d fh[Ă’ h_ÂŒ de
h[l[bWh ik decXh[$ BW ck`[h _dZ_YÂŒ gk[ W bWi '-0&& h[Y_X_ÂŒ bW bbWcWZW Z[ ik Yk‹WZW 8[Wjh_p DWhl|[p" [d ZedZ[ i[ b[ _dZ_YÂŒ gk[ ik fWZh[ ^WX‡W ik\h_Ze kd WYY_Z[dj[$ ;d [i[ cec[dje i[ [dYedjhWXW [d ;b Ă›d][b o l_W`ÂŒ ^WijW [b ^ei# f_jWb IWd L_Y[dj[ Z[ FW‘b" [d ZedZ[ i[ [dYedjhÂŒ Yed bW WcWh# ]W dej_Y_W Z[ gk[ ik fhe][d_jeh [ijWXW ck[hje$ Fepe" gk_[d i[ Z[Z_YWXW W bW ceb_[dZW" ^WY[ jh[i W‹ei" Z[`ÂŒ [ij[ eĂ’ Y_e Z[X_Ze W ik WlWdpW# ZW [ZWZ$ Ik ^_`W h[Yk[hZW W kd fWZh[ Yece kd ^ecXh[ YWh_# ‹eie$ 9ed bW lep [djh[YehjWZW _dZ_YÂŒ gk[ i_[cfh[ b[ [nfh[iÂŒ [b Wceh W ik fhe][d_jeh$ Bei h[ijei Z[ =Wbe Fepe" i[#
ÆBW l[hZWZ [i ^_`W Z[b j_[c# fe o c[ WokZWh| W Yecfh[d# Z[h c[`eh bW l_ZWÇ$ 9ed [ijWi fWbWXhWi i[ fh[i[djÂŒ Wdj[ bW iWbW Z[b Jh_XkdWb I[]kdZe Z[ be F[dWb" [b YebecX_Wde" @[i‘i @Wl_[h 9^WbWYk|d" Z[j[d_Ze [b fWiWZe '. Z[ eYjkXh[ Z[ (&'' [d bWi _dc[Z_WY_ed[i Z[b ?dij_jkje JƒYd_Ye Ikf[h_eh EjWlWbe" Yed '-- ]hWcei Z[ YeYW‡dW [d ik feZ[h$ BW Z[\[diW de jkle gk[ [i\ehpWh[ [d Z[ceijhWh bW _deY[dY_W Z[ 9^WbWYk|d$ ;b _cfkjWZe Z[iZ[ [b _d_Y_e Z[ bW WkZ_[dY_W WY[fjÂŒ ^WX[hi[ Z[Z_YWZe Wb jh|Ă’ Ye Z[ [ijkf[# \WY_[dj[i o h[gk_h_ÂŒ W bei cW# ]_ijhWZei kdW YedZ[dW `kijW feh ik \WbjW$ 9^WbWYk|d [nfb_YÂŒ gk[ XkiYÂŒ h[\k]_e [d [b ;YkWZeh Z[X_Ze W gk[ ]hkfei _hh[]k# bWh[i [d ik fW‡i be gk[h‡Wd [b_c_dWh YkWdZe i[ [dj[hW# hed gk[ fh[ijWXW i[hl_Y_e [d bW c_b_Y_W Z[ 9ebecX_W$ Fh_c[he i[ W\_dYÂŒ [d [b Ă›d][b" o bk[]e [d 9WoWcX[ ZedZ[ i[ Z[i[cf[‹Œ Yece W]h_Ykbjeh$ I_d [cXWh]e" kdW ck`[h [d EjWlWbe b[ ^WXh‡W YedjWYjWZe fWhW gk[ i[ Z[Z_# gk[ W ikhj_h Z[ [ijkf[\WY_[d# j[i Wb c[hYWZe ejWlWb[‹e$ 9^WbWYk|d Z_`e ^WX[h WY[fjWZe bW fhefk[ijW feh# gk[ j_[d[ W ik YWh]e jh[i ^_# `ei" Zei Z[ [bbei WZefjWZei$ ;b Jh_XkdWb I[]kdZe Z[ be F[dWb be [dYedjhÂŒ YkbfWXb[ Z[b Z[b_je Z[ Yehh[jW`[ [ _dj[h# c[Z_WY_ÂŒd [ ikijWdY_Wi [ijk# f[\WY_[dj[i$ ;d bei fhÂŒn_cei Z‡Wi ^Wh|d YedeY[h ik Yed# Z[dW$
ŏ ŏ
ŏ
Ďć!
ũćĈũ ũ ũĉćĈĉ
, 41 Ĕũ 1!'(
(-!+ēũ
Čćũ :
Ď ũ2#1;ũ4-ũ 24!#2.ũ ;2ũ"#ũďććũ / 13(!(/ -3#2ũ !.,/ 13(1;-ũ#-ũ #23#ũ#5#-3.ũ"#ũ 2.+(" 1(" "ũ8ũ /.8.Ĕũ/ 1 ũ+ 2ũ /#12.- 2ũ!.-ũ /1¢3#2(2ēũ
;%(- ũ ĈĊ
#%1#2 ũ ũ+ ũ ũ#-ũ)4-(.ũũũ
+ũ! - +ũ ũ -4-!(¢ũ04#ũ+ ũ-4#5 ũ!.,#"( ũ"#ũ ' 1+(#ũ '##-ũ2#ũ#231#- 1;ũ#+ũĉđũ"#ũ)4-(.ũ#-ũ ē ēũ : ũ Ĉć
¡ ũ ũ ũ ĉĒćũ3 !.2ũ"#ũ/#-3.+(3 ũ +, !#- ".2ũ#-ũ+ 2ũ ."#% 2ũ"#ũ+ ũ .+(!~ ũ 4"(!( +ũ#-ũ 9 8 ũăũı - +,#-3#ũ$4#1.-ũ"(- ,(3 ".2ũ+ ũ, - ũ"#ũ 8#1ēũČććũ,;2ũ#2/#1 -ũ#+ũ,(2,.ũ/1.!#"ı (,(#-3.ēũ ;%(- ũ ĉĊ
- ũ/(#"1 ũ+.ũ, 3¢
-ũ'., 1#ũ"#ũĐĊũ .2ũ"#ũ#" "Ĕũ,41(¢ũ 8#1Ĕũ!4ı -".ũ4- ũ/(#"1 ũ! 8¢ũ"#ũ4- ũ,.-3 ũ8ũ+.ũ"#)¢ũ , +ũ'#1(".ēũ ũ5~!3(, ũ-.ũ2. 1#5(5(¢ũ +ũ(,/ !3.Ĕũ .!411(".ũ#-ũ+ ũ ũ"#ũ +(- 2ēũũ ;%(- ũ ĉĊ