Ďć! (-!+ēŊ , 41 ĔŊ 1!'(
Äž ĹŠ } Ä?
ĹŠÄ‡ÄŒĹŠ ĹŠ ĹŠĹŠÄ‰Ä‡ÄˆÄ‰
( #13 "Ŋ"#Ŋ #7/1#2(¢-ŊŊ
ĹŠ
Ä? - Ĺ‹ Ĺ‹&)-Ĺ‹#(Äš . (.)-Ĺ‹ &Ĺ‹ )Äš # ,()Ä…Ĺ‹()Ĺ‹" (Ĺ‹ &)!, )Ĺ‹ #0# #,Äš ()-Ĺ‹3Ĺ‹&)Ĺ‹ ')-Äš ., , ')-Ĺ‹ (Ĺ‹& -Ĺ‹ *,š2#' -Ĺ‹ & Äš #)( -Ä‘ ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ
;%(- ĹŠ ÄŽ
ĹŠ
#!#- 2ĹŠ"#ĹŠ/#12.- 2ĹŠ2#ĹŠ24, 1.-ĹŠ 8#1ĹŠ +ĹŠ$#23#).ĹŠ/.1ĹŠ#+ĹŠ ~ ĹŠ"#ĹŠ+ ĹŠ ( Äą #13 "ĹŠ"#ĹŠ 1#-2 ĹŠ8ĹŠ ĹŠ+ ĹŠ"#$#-2 ĹŠ"#ĹŠ#23#ĹŠ"#1#!'.Ä“ĹŠ .".2ĹŠ!.(-!("(#1.-ĹŠ#-ĹŠ +%.Ä–ĹŠ2(-ĹŠ+( #13 "ĹŠ"#ĹŠ/1#-2 ĹŠ8ĹŠ"#ĹŠ#7/1#2(¢-ĹŠ+.2ĹŠ2#1#2ĹŠ'4, -.2ĹŠ-.ĹŠ/4Äą #"#-ĹŠ5(5(1ĔŊ,4!'.ĹŠ,#-.2ĹŠ4- ĹŠ"#,.!1 !( Ä“ĹŠ ;%(- ĹŠ ÄŠÄą Ĉ
, 5( +ĹŠ2(-ĹŠ, 04(- 1( ĹŠ
ĹŠ#,/1#2 ĹŠ/ĂŒ +(Äą ! ĹŠ"#+ĹŠ . (#1-.ĹŠ 1.5(-!( +ĹŠ-.ĹŠ3(#-#ĹŠ !.-ĹŠ04_ĹŠ1# +(9 1ĹŠ . 1 2ĹŠ"#ĹŠ 2$ +3 ".
ŊĚŊ?cXWl_Wb" [cfh[iW f‘#
Xb_YW Z[b =eX_[hde Fhel_dY_Wb Z[ ?cXWXkhW i[h| bW [dYWh]WZW Z[ h[Wb_pWh bei jhWXW`ei Z[ h[Wi# \WbjWZe Z[ bei . a_bŒc[jhei gk[ Yecfh[dZ[ bW l‡W Z[ _d]h[ie W F_cWcf_he$ I_d [cXWh]e" [ij| [cfh[iW de Yk[djW Yed bW cWgk_dWh_W fWhW
h[Wb_pWh jhWXW`ei Z[ Wi\WbjWZe$ ;b l‡Wi hkhWb[i Z[ bW fhel_dY_W de '' Z[ WXh_b" i[ ikX_ÂŒ Wb FehjWb Z[ h[]_ijhWd kd Wbje Ă“k`e l[^_YkbWh$ 9ecfhWi F‘Xb_YWi kd fheY[ie fWhW bW WZgk_i_Y_ÂŒd Z[ bei [gk_# ;%(- ĹŠ ÄŠ fei$ BW c|gk_dW W WZgk_h_h [i fWhW h[Wb_pWh jhWXW`ei Z[ Wi\Wbje [d \h‡e" W Z[Y_h Z[ bei fh_dY_fWb[i Z[ ?cXWl_Wb" [ije i[ Z[X[ W gk[ bWi
ŋ. ,$ . ŋ #(. &#! (. ŋ )(.#(Ä ŋ : ŊĚŊ;b fheY[ie fWhW WZgk_h_h
+45( 2ĹŠ $#!3 -ĹŠ ĹŠ! ,(-.2ĹŠ"#ĹŠ 4+(.ĹŠ -"1 "#ĹŠĹŠ ĹŠ ĹŠ Ä–ĹŠ ĹŠ ĹŠ
Ŋ ŊŊ Ŋ/ 11.04( Ŋ"#Ŋ 4+(.Ŋ -"1 "#Ŋ"#+Ŋ! -3¢-Ŋ 4+!;-Ŋ2#Ŋ5#Ŋ2#1( ,#-3#Ŋ $#!3 " Ŋ/.1Ŋ+ 2Ŋ!.-23 -3#2Ŋ
++45( 2ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ".2ĹŠ,#2#2Ä“ĹŠ #ĹŠ/1#2#-3 -ĹŠ"#114, .2ĹŠ#-ĹŠ+ 2ĹŠ5~ 2ĹŠ04#ĹŠ!.-"4!#-ĹŠ ĹŠ+ 2ĹŠ!.,4-(" "#2Ä“ĹŠĹŠĹŠ ;%(- ĹŠ Ä‘
e YWd`[Wh bW jWh`[jW _dj[b_][dj[ [d bW fhel_dY_W Z[b 9WhY^_ Yedj_d‘W$ ;d bW 7][dY_W Z[ >_ZheYWhXkhei i[ Wj_[dZ[ W Y[hYW Z[ (&& f[hie# dWi Z_Wh_Wc[dj[$ BW l[djW Z[ bei Y_b_dZhei Z[ ]Wi Yed bW dk[lW jWh`[jW _d_Y_Wh| W c[Z_WZei Z[ [ij[ c[i f[he iÂŒbe [d bWi fWhhegk_Wi Z[ KhX_dW o Jkҋe Yed [b eX`[j_le Z[ eXi[h# lWh bWi \WbbWi gk[ WfWh[pYWd o ik# f[hWhbWi$ Bk[]e i[ be _cfb[c[d# jWh| [d bWi Z[c|i fWhhegk_Wi o YWdjed[i$ KdW l[p i[ _cfb[c[d# j[ [b fheo[Yje" [b fWie W i[]k_h i[h| [b_c_dWh bWi bWh]Wi Ă’bWi$
'#(#-., ),ŋ ŋ/(#0 ,-# -ŋ ,, -ŋ&& !š Ŋ ěŊ 7o[h" [ijkZ_Wdj[i"
fWZh[i Z[ \Wc_b_W" f[hiedWb WZc_d_ijhWj_le o ZeY[dj[i Z[ bW Kd_l[hi_ZWZ 9h_ij_WdW BW# j_deWc[h_YWdW" h[Y_X_[hed Wb WZc_d_ijhWZeh j[cfehWb Z[ bW _dij_jkY_ÂŒd o W bei \kdY_e# dWh_ei Z[b 9edi[`e Z[ ;ZkYW# Y_ÂŒd Ikf[h_eh$ ;bbei h[Y_X_[hed bWi [nfb_# YWY_ed[i o bei b_d[Wc_[djei fWhW WYe][hi[ Wb fbWd Z[ Yed# j_d][dY_W" bk[]e Z[b Y_[hh[ Z[ bWi kd_l[hi_ZWZ[i gk[ eXjk# l_[hed YWb_Ă’YWY_ÂŒd j_fe ;$ BW kd_l[hi_ZWZ [ijWh| WX_[hjW ^WijW [b (&')" bk[]e i[ [n# j_d]k_h| Z[ \ehcW Z[Ă’d_j_lW Yed kdW Z[he]Wjeh_W [c_j_ZW feh bW 7iWcXb[W DWY_edWb$ ;b fhÂŒn_ce bkd[i" bb[]Wh| kdW Xh_]WZW Z[ Wbkcdei Z[ bW Kd_l[hi_ZWZ 9[djhWb" fWhW WfeoWh W bW _diYh_fY_ÂŒd Z[b
666Ä“+ '.1 Ä“!.,Ä“#!
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
4#5 ĹŠ 43.1(" "ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;b fWiWZe c_ƒhYeb[i \k[ fei[i_edWZe Yece dk[le
][h[dj[ Z[b FWjhedWje Ckd_# Y_fWb IWd C_]k[b Z[ ?XWhhW :_[]e FheW‹e$ BW Y[h[ce# d_W YedjŒ Yed bW fh[i[dY_W Z[b WbYWbZ[ @eh][ CWhj‡d[p" WbYWbZ[ Z[ bW Y_kZWZ" Be# khZ[i 8kY^[bb_" fh[i_Z[djW Z[b FWjhedWje o bei \kdY_e# dWh_ei Z[ bW _dij_jkY_Œd$ ;b dk[le ][h[dj[ Z_h_]_h| bW _dij_jkY_Œd Z[ WokZW ieY_Wb o [if[hW be]hWh YWcX_ei o Ykcfb_h Yed b_d[Wc_[djei [ijWXb[Y_Zei$
-31#% -ĹŠ(-24,.2
Ĺ—ĹŠĹŠĹŠ
;b C_d_ij[h_e Z[ 7]h_Ykb# jkhW" =WdWZ[h‡W" 7YkWYkb# jkhW o F[iYW Yed`kdjWc[dj[ Yed bW Kd_ZWZ Z[ ?ddelWY_Œd J[YdebŒ]_YW FWhj_Y_fWj_lW o FheZkYj_l_ZWZ 7]h‡YebW" h[W# b_pWh|d bW [djh[]W Z[ _dik# cei o cWj[h_Wb[i W]hef[YkW# h_ei" W bei fWhj_Y_fWdj[i Z[ bWi [iYk[bWi Z[ bW H[lebkY_Œd 7]hWh_W$ ;b [l[dje [i ^eo W bW '&0&& [d bWi _dijWbWY_ed[i Z[ bW _dij_jkY_Œd$
ēŊ 2Ŋ#,(2.1 2Ŋ!.,4-(Ĺ 3 1( 2Ŋ2#Ŋ#-!4#-31 -Ŋ#-Ŋ/1.!#2.Ŋ "#Ŋ31 -2$.1, !(¢-Ŋ8Ŋ!4#-3 -Ŋ!.-Ŋ #+Ŋ /.8.Ŋ"#+Ŋ 23 ".ēŊ
#)-Ĺ‹ )'/(#. ,# -Ĺ‹ $)Ĺ‹ &Ĺ‹' ( )Ĺ‹ Ĺ‹& Ĺ‹ , . ,v Ĺ‹ Ĺ‹ / &):[iZ[ WXh_b" bWi Yecf[j[d# Y_Wi [d h[bWY_ÂŒd W bW H[Z Z[ HWZ_ei 9eckd_jWh_Wi" [ij| W YWh]e Z[ bW I[Yh[jWh‡W Z[ Fk[# Xbei" Cel_c_[djei IeY_Wb[i o FWhj_Y_fWY_ÂŒd 9_kZWZWdW IFF9 $ ;b eX`[j_le [i \ec[d# jWh bW _dYbki_ÂŒd" fWhj_Y_fWY_ÂŒd Y_kZWZWdW" _dj[hYkbjkhWb_ZWZ o \ehjWb[Y_c_[dje Z[ bWi dW# Y_edWb_ZWZ[i o fk[Xbei Z[b ;YkWZeh$ 7 d_l[b dWY_edWb ied '* dWY_edWb_ZWZ[i bWi gk[ Yk[djWd Yed [gk_fei fWhW ef[hWh kdW hWZ_e Yeckd_jW# h_W$ I_d [cXWh]e" Wb cec[d# je i[ h[Wb_pW kd _dl[djWh_e Z[ jeZei bei X_[d[i feh fWhj[ Z[b C_d_ij[h_e 9eehZ_dWZeh Z[ bW Feb‡j_YW" fWhW jhWdi\[h_hbei [b fheo[Yje W bW I[Yh[jWh‡W Z[ Fk[Xbei$ BWi '* hWZ_ei Yeckd_jW# h_Wi \k[hed [djh[]WZWi ^WY[ kd W‹e o Wb cec[dje [ij|d [d fhk[XW Z[ [c_i_ÂŒd$ ;d ?cXWXkhW" i[ [if[hW gk[ [d jh[i c[i[i i[ Yk[dj[ Yed bW Wdj[dW [d [b Y[hhe 9ejWYW# Y^_" bk[]e [d CWbZedWZe o [b Ă›d][b$ Æ;ije i[ be]hWh| i_ bW <[Z[hWY_ÂŒd 7m| Yedi_]W bei h[Ykhiei fWhW bW YecfhW Z[ bei [ifWY_ei Z[ j[hh[de Zed#
#23(5 +ĹŠ ! "_,(!.ĹŠĹŠ
.-Ŋ#+Ŋ. )#3(5.Ŋ"#Ŋ,#).1 1Ŋ#+Ŋ-(5#+Ŋ ! "_,(!.Ŋ"#Ŋ+ Ŋ(-23(34!(¢-Ŋ8Ŋ "04(1(1Ŋ#7/#1(#-!( Ŋ#-Ŋ#+Ŋ;1# Ŋ3#!-.+¢%(! ĔŊ+ Ŋ !4+3 "Ŋ -%#-(#1~ Ŋ#-Ŋ (#-!( 2Ŋ /+(! " 2Ŋ"#Ŋ+ ŊŊ -(5#12(" "Ŋ _!-(! Ŋ"#+Ŋ .13#ĔŊ"#2 11.++ ŊŊ!.-)4-3 ,#-3#Ŋ!.-Ŋ + Ŋ 2.!( !(¢-Ŋ"#Ŋ .$36 1#Ŋ ( 1#Ŋ"#+Ŋ !4 ".1Ŋ!.-Ŋ2#"#Ŋ#-Ŋ , 41 ĔŊ#+Ŋ2_/3(,.Ŋ #23(5 +Ŋ 3(-. ,#1(! -.Ŋ"#Ŋ -23 + !(¢-Ŋ"#Ŋ .$36 1#Ŋ ( 1#ē
& (ŋ ŋ )(.#(! ( # ŋ ()ŋ ŋ ŋ )(0 ( , 8#1Ŋ$4#Ŋ/.2#Ĺ 2(.- ".Ŋ#-Ŋ 11 Ŋ #+Ŋ ",(-(231 ".1Ŋ 3#,/.1 +Ŋ"#Ŋ+ Ŋ ē ěŊ ;b
iWbÂŒd fh_dY_fWb Z[ bW Kd_l[hi_ZWZ 9h_ij_WdW BWj_# deWc[h_YWdW K9B i[ bb[dÂŒ Z[ [ijkZ_Wdj[i" fWZh[i Z[ \Wc_b_W" f[hiedWb WZc_d_ijhWj_le o fhe# \[ieh[i$ <k[hed Wbh[Z[Zeh Z[ kdWi +&& f[hiedWi gk[ h[Y_X_[# hed bW [nfb_YWY_ÂŒd ieXh[ [b FbWd Z[ 9edj_d][dY_W gk[ i[ Wfb_YW [d [b fW‡i$ ;ije" bk[]e Z[b Y_[hh[ Z[ '* kd_l[hi_ZWZ[i Wb de Wfhe# XWh bW lWbehWY_ÂŒd Z[b 9edi[`e Z[ ;lWbkWY_ÂŒd" 7Yh[Z_jWY_ÂŒd o 7i[# ]khWc_[dje Z[ bW 9Wb_ZWZ Z[ bW ;ZkYWY_ÂŒd Ikf[h_eh 9[WWY[i $ Hegk[ <Whje" [i [b WZc_d_ijhW# Zeh j[cfehWb$ CWhY[be 9[lWbbei" fh[i_Z[dj[ Z[b 9edY[`e Z[ ;ZkYWY_ÂŒd Ikf[# h_eh 9;I " Z_`e gk[ i[ i[b[YY_edÂŒ W kd fhe\[i_edWb Yed [nf[h_[dY_W fWhW gk[ WZc_d_ijh[ Z[ \ehcW j[cfehWb bW kd_l[hi_ZWZ ^WijW ik Y_[hh[ Z[Ă’d_j_le$ ;nfb_YÂŒ gk[ [b fbWd Z[ Yedj_d][dY_W i[ fh[fWhÂŒ ^WY[ jh[i c[i[i" fWhW ]WhWdj_pWh [b Z[h[Y^e W Yedj_dkWh bei [ijk# Z_ei [d ejhe Y[djhe Z[ [ZkYWY_ÂŒd ikf[h_eh$ BW _diYh_fY_ÂŒd _d_Y_ÂŒ [b ') Z[ WXh_b o Ykbc_dW [b ') Z[ cWoe [d jeZe [b fW‡i$ ÆBW [jWfW Z[ fbWd_Ă’YWY_ÂŒd gk[ _d_Y_W [b '+ Z[ cWoe" i[hl_h| fWhW iWX[h Yk|djei Wbkcdei i[ WYe]_[hed Wb fbWd o [d gk[ j[hh_jeh_eiÇ" cWd_\[ijÂŒ$ 4#5.2ĹŠ/1.!#2.2ĹŠ Hegk[ <Whje" WZc_d_ijhWZeh j[cfehWb Z[ bW _dij_jkY_ÂŒd" [n# fb_YÂŒ gk[ [b fh_c[h ]hkfe Z[ [ijkZ_Wdj[i" gk[ Yedj[cfbWd bei fh_c[hei W‹ei" ^WijW [b j[hY[h
Ä“ĹŠ .2ĹŠ#234"( -3#2ĹŠ"#ĹŠ+ ĹŠ ĹŠ1#!( (#1.-ĹŠ+.2ĹŠ+(-# ,(#-3.2ĹŠ/.1ĹŠ/ 13#ĹŠ"#ĹŠ+.2ĹŠ $4-!(.- 1(.2ĹŠ"#+ĹŠ Ä“ĹŠ .ĹŠ3.".2ĹŠ2 +(#1.-ĹŠ!.-5#-!(".2Ä“ĹŠ
i[c[ijh[" de ied [ijkZ_Wdj[i b[# ]Wb[i$ ;bbei j[dZh|d gk[ _diYh_# X_hi[ [d [b i_ij[cW Z[ d_l[bWY_ÂŒd o iki cWjh‡YkbWi i[h|d Z[lk[b# jWi$ ;b i[]kdZe ]hkfe" gk[ i[ [dYk[djhW [d i[]kdZe W‹e" ied X[d[Ă’Y_Wh_ei Z_h[Yjei Wb fbWd Z[ Yedj_d][dY_W$ ;bbei j[dZh|d gk[ _diYh_X_hi[ [d [b i_ij[cW dWY_e# dWb o [b ejhe" ]hkfe ied W bei gk[ b[i \WbjW kd W‹e fWhW Ykbc_dWh ik YWhh[hW$ ;bbei j_[d[d Z[h[Y^e W j[hc_dWh iki [ijkZ_ei [d bW c_icW kd_l[hi_ZWZ o iec[j[hi[ W kd fheY[ie Z[ [lWbkWY_ÂŒd WYW# Zƒc_YW o Z[ YWhh[hW$ FWhW [bbe" bW WZc_d_ijhWY_ÂŒd j[cfehWb WdWb_pW bW _d\hW[ijhkYjkhW o bei ZeY[dj[i gk[ i[h|d YedjhWjWZei fWhW [ij[ fWie$ Bei ^ehWh_ei o ceZWb_ZW# Z[i i[h|d bei c_icei$ 7 fWhj_h Z[b '+ Z[ `kd_e i[ Wf[hjkhW bW cWjh‡YkbW fWhW [ijk# Z_Wdj[i Z[b fh_c[h ]hkfe1 [d `k# b_e" fWhW bei Z[b i[]kdZe ]hkfe" [d `kb_e bei WYe]_Zei feh ejhWi kd_l[hi_ZWZ[i$ C_[djhWi gk[ [d i[fj_[cXh[ o eYjkXh[ i[ h[jecW# h|d bWi WYj_l_ZWZ[i WYWZƒc_YWi$
-(5#12(" "#2ĹŠ 242/#-"(" 2 3.2
ĹŠ +ĹŠ/ 2 ".ĹŠÄˆÄ‰ĹŠ"#ĹŠ 1(+ĹŠ31#2ĹŠ4-(5#12(" "#2ĹŠ Ĺ—#-ĹŠ 11 ĹŠ$4#1.-ĹŠ!#11 " 2Ä“ĹŠÄˆÄŒĹŠ$4#1.-ĹŠ ĹŠ-(5#+ĹŠ - !(.- +Ä“ĹŠ
ĹŠ #%ĂŒ-ĹŠ+ ĹŠ #8ĹŠ 1%;-(! ĹŠ"#ĹŠ "4! !(¢-ĹŠ Ĺ— 4/#1(.1ĔŊ+ 2ĹŠ4-(5#12(" "#2ĹŠ$4#1.-ĹŠ#5 +Äą
4 " 2ĹŠ8ĹŠ-.ĹŠ /1. 1.-ĹŠ#+ĹŠ2#%4-".ĹŠ -;+(2(2ĹŠ +4#%.ĹŠ"#ĹŠÄˆÄ‘ĹŠ,#2#2Ä“ĹŠ #ĹŠ, -345(#1.-ĹŠ#-ĹŠ+ ĹŠ ! 3#%.1~ ĹŠÄĄ Ģē ĹŠ .-ĹŠÄŠÄ‘ĹŠ,(+ĹŠ#234"( -3#2ĹŠ04#ĹŠ2#ĹŠ, 31(!4Äą Ĺ—+ 1.-ĹŠ#-ĹŠ+ 2ĹŠ(-23(34!(.-#2Ä“ĹŠ -ĹŠ 11 ĹŠ2.-ĹŠ +1#"#".1ĹŠ"#ŊĒććŊ +4,-.2Ä“ĹŠ
ĹŠ +ĹŠ . (#1-.ĹŠ !(.- +ĹŠ"#23(-¢Ŋ4-ĹŠ,.-3.ĹŠ Ĺ—"#ĹŠÄ?ćŊ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ/ 1 ĹŠ 24,(1ĹŠ #23#ĹŠ/1.!#2.Ä“ĹŠ
Ĺ—"#ĹŠ 23 ĹŠ#+ĹŠÄˆÄŠĹŠ"#ĹŠ, 8.ĔŊ+.2ĹŠ#234"( -3#2ĹŠ #1;-ĹŠ(-%1#2 1ĹŠ +ĹŠ/+ -ĹŠ"#ĹŠ!.-3(-%#-!( Ä“ ĹŠ 23 ĹŠ#+ĹŠ,.,#-3.ĹŠ' 8ĹŠ,;2ĹŠ"#ŊĊĉŊ,(+ĹŠ Ĺ—(-2!1(3.2ĹŠ#-ĹŠ#+ĹŠ2(23#, ĹŠ8ĹŠĹŠ04#" -ĹŠ2#(2ĹŠ,(+Ä“ĹŠ
"#,;2ĹŠ,(+ĹŠÄ?ććŊ/1.$#2.1#2ĹŠ2#ĹŠ !.%(#1.-ĹŠ +ĹŠ/+ -Ä“
BW j_jkbWY_Œd Z[ bei [ijkZ_Wdj[i Z[ bei ‘bj_cei W‹ei" Z[f[dZ[h| Z[ ik h[dZ_c_[dje o h[ifediWX_# b_ZWZ WYWZƒc_YW$
,/4Ĺ‹ )$ Ĺ‹ Ĺ‹ (#0 ,- ,#) -$1#-3 1;-ĹŠ"#2 231#2
Ĺ—ĹŠĹŠĹŠ>WY[ Zei i[cWdWi i[ Yed# \ehcÂŒ [d bW Y_kZWZ [b 9ec_jƒ 9WdjedWb Z[ Ef[hWY_ed[i ;c[h][dj[i$ ;b eX`[j_le [i [d\h[djWh bWi [c[h][dY_Wi [d bei YWdjed[i Z[ ?XWhhW o F_cWcf_he$ BW 9hkp He`W Z[ ?cXWXkhW" [djh[]ÂŒ [b fheo[Yje fWhW bW Yed\ehcW# Y_ÂŒd Z[ bW Kd_ZWZ Ckd_Y_fWb Z[ =[ij_ÂŒd Z[ H_[i]ei Yed ik h[if[Yj_le FbWd Z[ Ef[hW# Y_ÂŒd 7dkWb$
;b fhŒn_ce . Z[ cWoe" bW 9hkp He`W o bW C[Z_W BkdW He`W" Y[# b[XhWd [b dWY_c_[dje Z[ >[dho :kdWdj" Y_kZWZWde ik_pe o \kd# ZWZeh Z[ bW 9hkp He`W [d '.+/$ 7Z[c|i ZkhWdj[ jeZe [b W‹e i[ Y[b[XhWh| bW @kl[djkZ [d WYY_Œd$ :_[]e 9^_YW_pW" OebWdZW IWb]WZe o FWjh_Y_e HkX_e" YeehZ_dWZeh[i Z[b [l[dje" Z_[hed W YedeY[h bWi Z_\[h[dj[i WYj_l_ZWZ[i gk[ i[ h[Wb_pWh|d ZkhWdj[ bW i[cWdW$ ;d ;YkWZeh ied Y_dYe c_b lebkd# jWh_ei o [d ?cXWXkhW ied Wbh[Z[#
Zeh Z[ (&& `ÂŒl[d[i$ >eo i[ h[Wb_pWh| bW Z[ceijhW# Y_ÂŒd Z[b i_ij[cW Z[ [c[h][dY_W o [gk_fei Z[ h[iYWj[ [d bWi _di# jWbWY_ed[i Z[ bW 9hkp He`W W bWi '&0)& o kd jWbb[h YedjhW bW l_eb[d# Y_W `kl[d_b [d [b Yeb[]_e J[eZehe =ÂŒc[p Z[ bW Jehh[$ ;b fhÂŒn_ce bkd[i i[h| bW i[cWdW Z[ IWbkZ 9eckd_jWh_W Z[ &,0&& W '+0&& [d bWi Z_\[h[dj[i [iYk[bWi Z[ bW Y_kZWZ o Ă’dWb_pW bW Y[b[XhWY_ÂŒd Yed bW i[i_ÂŒd ieb[cd[ [b cWhj[i W bWi ',0&& [d bW _dij_jkY_ÂŒd$
ēŊ 4#%.Ŋ"#Ŋ+ Ŋ14#" Ŋ"#Ŋ/1#-2 Ŋ2#Ŋ1# +(9¢Ŋ4- Ŋ5(2(3 Ŋ/.1Ŋ+ 2Ŋ(-23 + !(.Ĺ -#2Ŋ"#Ŋ+ Ŋ 149Ŋ .) Ŋ/ 1 Ŋ!.-.!#1Ŋ242Ŋ2#15(!(.2ēŊ
' 0# &Äš Ĺ‹()Ĺ‹ / (. Ĺ‹ )(Ĺ‹ ' +/#( ,# Ĺ‹* , Ĺ‹ - &. ,Ĺ‹
ĹŠ#,/1#2 ĹŠ"#+ĹŠ . (#1-.ĹŠ 1.5(-Äą !( +ĹŠ"#ĹŠ , 41 ĹŠ 1# +(9 1;ĹŠ31 Äą ).2ĹŠ"#ĹŠ 2$ +3 ".ĹŠ 2(-ĹŠ3#-#1ĹŠ#04(/.ĹŠ ! ,(-#1.Ä“ ŊěŊ BW [cfh[iW f‘Xb_YW Z[ l_Wb_ZWZ ?cXWl_Wb ;$F$" Z[b =e# X_[hde Fhel_dY_Wb Z[ ?cXWXkhW =F? i[ Yedij_jkoÂŒ W Ă’dWb[i Z[b W‹e (&''$ I[ eh]Wd_pÂŒ fh_dY_fWb# c[dj[ fWhW jhWXW`Wh [d [b c[`e# hWc_[dje o YedijhkYY_ÂŒd Z[ l‡Wi [d bW fhel_dY_W Z[ ?cXWXkhW$ I_d [cXWh]e" de [ij| jejWbc[dj[ [gk_fWZW$ BW [cfh[iW" YkoW ehZ[dWdpW Z[ Yh[WY_ÂŒd i[ fkXb_YÂŒ [b (& Z[ Z_Y_[cXh[ [d bW =WY[jW EĂ’Y_Wb Z[b =F?" Yk[djW Yed bei X_[d[i ck[Xb[i [ _dck[Xb[i" [gk_fei" cWgk_dWh_W [ _dijWbWY_ed[i Z[ bW :_h[YY_ÂŒd Z[ L_Wb_ZWZ [ ?d\hW# [ijhkYjkhW Z[b =F?$ F[he Z[djhe Z[ [ije de YedijW bW cWgk_dWh_W fWhW [`[YkjWh jhWXW`ei Z[ Wi\Wb# jWZe o h[Wi\WbjWZe$ ;d [b FehjWb Z[ 9ecfhWi F‘# Xb_YWi [ij| feh WZ`kZ_YWh kd fhe# Y[ie fWhW bW WZgk_i_Y_ÂŒd Z[ kdW fbWdjW Z[ Wi\Wbje [d \h‡e Yed kd fh[ikfk[ije Z[ (,& c_b ZÂŒbWh[i o kdW fWl_c[djWZehW <_d_i^[h Yed kd fh[ikfk[ije h[\[h[dY_Wb Z[ '*( c_b ZÂŒbWh[i$ ;b fheY[ie fWhW bW WZgk_i_Y_ÂŒd Z[ [ijW cW# gk_dWh_W" \k[ ikX_Ze Wb FehjWb Z[ 9ecfhWi F‘Xb_YWi" [b '' Z[ WXh_b Z[b fh[i[dj[ W‹e$ I_d [cXWh]e" f[i[ W gk[ W‘d
Ĺ? ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ă
+ -ĹŠ"#ĹŠ -#).ĹŠ "#ĹŠ"#2#!'.2ĹŠ (./#+(%1.2.2
Ĺ—ĹŠĹŠĹŠ
Ä“ĹŠ ĹŠ#,/1#2 ĹŠ/ĂŒ +(! ĹŠ , 5( +Äą ĹŠ2#1;ĹŠ+ ĹŠ#-! 1% " ĹŠ"#ĹŠ1# +(9 1ĹŠ+.2ĹŠ31 ).2ĹŠ"#ĹŠ1# 2$ +3 ".ĹŠ#-ĹŠ+ ĹŠ5~ ĹŠ"#ĹŠ(-%1#2.ĹŠ ĹŠ (, ,/(1.Ä“ĹŠ
de Yk[djWd Yed bW cWgk_dWh_W d[Y[iWh_W" ?cXWl_Wb#;F i[h| bW [dYWh]WZW Z[ h[Wb_pWh bei jhW# XW`ei Z[ h[Wi\WbjWZe Z[ bW l‡W ;b @kdYWb#9^Wb]kWoWYk#F_cWc# f_he" [d kd jhWce Z[ . a_bŒc[# jhei$ 7Z[c|i" bW [cfh[iW de Yk[d# jW Yed [nf[h_[dY_W [d [ij[ j_fe Z[ jhWXW`ei$ ;ijW i[h| ik fh_c[# hW eXhW$ FWjh_Y_e @WhWc_bbe" Z_h[Yjeh Z[ ?d\hW[ijhkYjkhW <‡i_YW Z[b =eX_[hde Fhel_dY_Wb Z[ ?cXW# XkhW" o ][h[dj[ Z[ ?cXWl_Wb ;F" Z[ijWYŒ gk[ i[ [dYk[djhWd W bW [if[hW Z[ bW jhWdi\[h[dY_W Z[ bei h[Ykhiei fWhW bW [`[YkY_Œd Z[ bei jhWXW`ei [d bW l‡W Z[ _d]h[ie W F_# cWcf_he$ ;ijW eXhW i[ [`[YkjWh|
)#3(5.ĹŠ"#ĹŠ , 5( +Äą ĹŠ Ĺ—ĹŠĹŠ $1#!#1ĹŠ#+ĹŠ2#15(!(.ĹŠ +ĹŠ/ĂŒ +(!.ĹŠ#-ĹŠ, 3#1( 2ĹŠ"#ĹŠ 2#2.1~ ĔŊ!.-24+3.1~ ĔŊ%#23(¢-ĔŊ "(1#!!(¢-ĔŊ24/#15(2(¢-Ä”ĹŠÄƒ2! +(9 !(¢-ĔŊ/+ -(ă! !(¢-ĔŊ!.-2314!!(¢-ĔŊ!.,#1!( +(9 !(¢-ĹŠ
"#ĹŠ'("1.! 1 41.2ĹŠ8ĹŠ242ĹŠ"#1(5 ".2Ä—ĹŠ/1."4!!(¢-ĹŠ"#ĹŠ, 3#1( +#2ĹŠ"#ĹŠ!.-2314!!(¢-ĔŊ "#2 11.++ 1ĹŠ/+ -#2ĔŊ/1.%1 , 2ĹŠ8ĹŠ!.-2314!!(¢-ĹŠ"#ĹŠ5(5(#-" ĹŠ"#ĹŠ(-3#1_2ĹŠ2.!( +Ä—ĹŠ#)#Äą !4!(¢-ĹŠ"#ĹŠ. 1 2ĹŠ"#ĹŠ(-$1 #2314!341 ĹŠ"#ĹŠ(-%#-(#1~ ĹŠ!(5(+ĹŠ#-ĹŠ%#-#1 +Ä—ĹŠ'("1;4+(! 2ĔŊ1(#%.ĔŊ !.-2314!!(¢-ĹŠ8ĹŠ, -3#-(,(#-3.ĹŠ"#ĹŠ2(23#, 2ĹŠ5( +#2ĹŠ8ĹŠ. 1 2ĹŠ ă-#2ĹŠ.ĹŠ!.,/+#,#-Äą 3 1( 2Ä—ĹŠ!.-!#2(¢-ĹŠ8Äľ.ĹŠ!. 1.ĹŠ"#ĹŠ/# )#2ĹŠ#-ĹŠ+ ĹŠ5~ 2ĹŠ ",(-(231 " 2Ä—ĹŠ3.".ĹŠ#23.ĹŠ2#ĹŠ/."1;ĹŠ #)#!43 1ĹŠ ĹŠ-(5#+ĹŠ+.! +ĔŊ/1.5(-!( +ĔŊ1#%(.- +ĔŊ- !(.- +ĹŠ#ĹŠ(-3#1- !(.- +Ä“
[d kd fbWpe Z[ eY^e c[i[i$ ;d be gk[ h[if[YjW W ?cXWl_Wb ;F" _d\ehcÂŒ gk[ Yk[djWd Yed Zei jh_jkhWZehWi Z[ W]h[]WZei" YWh]WZehWi" cejed_l[bWZehWi" heZ_bbei" h[jhe[nYWlWZehWi" [djh[ ejhWi cWgk_dWh_Wi$ Æ7^ehW gk[#
h[cei fhel[[hdei Z[ kdW fbWdjW Z[ Wi\Wbje [d \h‡eÇ$ I[ WZgk_h_# h| kdW fbWdjW Z[ Wi\Wbje [d \h‡e" Z[X_Ze W gk[ bWi l‡Wi hkhWb[i Z[ bW fhel_dY_W" j_[d[d jh|Ă’Ye XW`e$ ÆFeh be jWdje" h[ikbjW ikĂ’Y_[dj[ fWhW [ij[ j_fe Z[ l‡WiÇ" h[YWbYÂŒ$
# ,. ŋ ŋ 2*, -#š(ŋ (ŋ/(ŋ - ( ,#)ŋ ŋ'# )ŋ
Ä“ĹŠ .2ĹŠ,#"(.2ĹŠ"#ĹŠ!.,4-(! !(¢-ĹŠ2.-ĹŠ,.3(5.ĹŠ"#ĹŠ!1~3(! ĹŠ2#, - ĹŠ ĹŠ2#, - ĹŠ /.1ĹŠ#+ĹŠ 1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ #/ĂŒ +(! ĹŠ#-ĹŠ242ĹŠ! "#- 2ĹŠ2 3(- 2Ä“ĹŠ
+Ŋ/1. +#Ĺ , Ŋ,;2Ŋ %1 5#Ŋ"#Ŋ+ Ŋ +( #13 "Ŋ"#Ŋ/1#-Ĺ 2 Ŋ#-Ŋ#+Ŋ !4 ".1Ŋ #23;Ŋ +1#"#".1Ŋ"#+Ŋ,(#".ĢŊ
# #,.2Ŋ %#-#1 1Ŋ !!(.-#2Ŋ / 1 Ŋ"#$#-"#1Ŋ #+Ŋ"#1#!'.Ŋ04#Ŋ ' 23 Ŋ '.1 Ŋ+.Ŋ3#-#,.2Ģ
ĹŠ
ĹŠ ĹŠ }
ĹŠ ĹŠ ĹŠ Äą
ĹŠ ĹŠ ĹŠ ÂĄ ĹŠ Ă‹ ĹŠ
7o[h i[ Y[b[XhÂŒ W d_l[b _dj[hdW# Y_edWb [b :‡W Z[ bW B_X[hjWZ Z[ ;nfh[i_ÂŒd o Fh[diW$ Kd j[cW gk[ [d bei ‘bj_cei W‹ei ^W ][# d[hWZe kd i_dd‘c[he Z[ Z[XW# j[i [d [b ;YkWZeh$ BW f[dZ_[dj[ WfheXWY_ÂŒd Z[ bW B[o Z[ 9eck# d_YWY_ÂŒd o bWi h[ijh_YY_ed[i Z[i# Z[ [b =eX_[hde" ^Wd cWhYWZe [b jhWXW`e Z[ bei f[h_eZ_ijWi$ @WY_dje IWbWi" fh[i_Z[dj[ Z[ bW Kd_ÂŒd DWY_edWb Z[ F[h_eZ_ijWi d‘Yb[e Z[ ?cXWXkhW KDF#? " cWd_\[ijÂŒ gk[ Æb_X[hjWZ Z[ fh[d# iW [d kd [iY[dWh_e Z[ j[ceh" Z[ c_[Ze" Z[ WkjeY[dikhW" de [i kdW l[hZWZ[hW b_X[hjWZ Z[ fh[diW" o [ie [i be gk[ i[ [ij| l_l_[dZe [d [b ;YkWZehÇ$ :[ijWYÂŒ gk[ Z[ kdW cWd[hW ikj_b Z[iZ[ bW Fh[# i_Z[dY_W Z[ bW H[f‘Xb_YW i[ [ij| Yh[WdZe kdW WjcÂŒi\[hW Z[ j[ceh o Z[ c_[Ze [d [b f[h_eZ_ijW [YkW#
jeh_Wde$ ;ij[ j_fe Z[ i_jkWY_ed[i o Wc[dWpWi" de iÂŒbe W\[YjWd W bei f[h_eZ_ijWi o Yeckd_YWZeh[i" i_de W jeZW bW Y_kZWZWd‡W$ 7Z[c|i" ^_pe kd bbWcWZe fWhW gk[ bei f[h_eZ_ijWi o Yeck# d_YWZeh[i i[ fh[fWh[d [d [b Z‡W W Z‡W fWhW bb[]Wh W f[h\[YY_edWh [b Whj[ Z[ [iYh_X_h" Z[ _dj[hfh[jWh" Z[ _dl[ij_]Wh$ Æ:[X[cei gk_jWhb[ Wb feZ[h jeZei bei Wh]kc[djei gk[ j_[d[ fWhW Y[dikhWh o Yh_j_# YWh Wb f[h_eZ_iceÇ" h[YWbYÂŒ$ ;djh[ jWdje" 7dW 9h_ij_dW >[# hh[h‡W" f[h_eZ_ijW gk[ bWXehW [d kdW _dij_jkY_ÂŒd f‘Xb_YW" cWd_\[i# jÂŒ gk[ i‡ [n_ij[d b_c_jWY_ed[i [d jehde W bW b_X[hjWZ Z[ [nfh[i_ÂŒd$ Feh ik fWhj[" 7dZh[W B[ÂŒd" f[# h_eZ_ijW Z[ kd c[Z_e [iYh_je Z[ bW h[]_ÂŒd" Z_`e gk[ W d_l[b dWY_edWb ied [l_Z[dj[i bWi b_c_jWY_ed[i gk[ j_[d[d bei f[h_eZ_ijWi$
=kijWle OWY[b]W" h[ifediWXb[ Z[b |h[W Z[ =[ij_ÂŒd 7cX_[djWb Z[ bW ;cfh[iW ;bƒYjh_YW H[]_edWb Dehj[" YWfWY_jÂŒ Wb f[hie# dWb cƒZ_Ye" Wkn_b_Wh[i Z[ c[Z_Y_dW ][d[hWb" eZedjebe# ]‡W o f[hiedWb Z[ b_cf_[pW" ieXh[ [b cWd[`e Z[ Z[i[Y^ei Yeckd[i o X_ef[b_]heiei$ ;b eX`[j_le Z[b [l[dje \k[ Ykcfb_h Yed [b fbWd Z[ YWfW# Y_jWY_ÂŒd Z[ cWd[`e 7cX_[d# jWb o bW dehcWj_lW l_][dj[ gk[ i[ Z[X[ Wfb_YWh [d YWZW kde Z[ bei i_j_ei Z[ jhWXW`e$ BW [cfh[iW j_[d[ WYh[Z_jW# Y_ÂŒd j_fe Æ7Ç [d [b cWd[`e Z[ Z[i[Y^ei X_ef[b_]heiei [djh[]WZe feh [b C_d_ij[h_e Z[ IWbkZ F‘Xb_YW$
- 4%41 -ĹŠ 4-(" "ĹŠ "#ĹŠ"(;+(2(2ĹŠ
Ĺ—ĹŠĹŠ
>eo W fWhj_h Z[ bWi '+0&&" Yed bW fh[i[dY_W Z[ bW C_# d_ijhW Z[ IWbkZ" i[ h[Wb_pWh| bW _dWk]khWY_ÂŒd Z[ bW Kd_# ZWZ Z[ :_|b_i_i Z[b >eif_jWb IWd L_Y[dj[ Z[ FW‘b$ ;b eX`[j_le [i fhefehY_edWh Wj[dY_ÂŒd ÂŒfj_cW W fWY_[dj[i Yed _dikĂ’Y_[dY_W h[dWb o gk[ fh[Y_iWd Z[ jhWjWc_[dje ikij_jkj_lWi h[dWb[i ^[ce# Z_|b_i_i e Z_|b_i_i f[h_jed[Wb$ BW _dl[hi_ÂŒd [d _d\hW[i# jhkYjkhW o [gk_fWc_[dje Z[ bW Kd_ZWZ Z[ :_|b_i_i Z[b >eif_jWb IWd L_Y[dj[ Z[ FW‘b [i Wbh[Z[Zeh Z[ ,&& c_b ZÂŒbWh[i" [i kd |h[W Z[ (&& c[jhei YkWZhWZei" eh_[djWY_ÂŒd dehj[ Wl[d_ZW 9h_ijÂŒXWb JheoW" kX_YWZW [d fbWdjW XW`W" \k[hW Z[b [Z_Ă’Y_e" Yeb_dZW Yed [b |h[W Z[ YedikbjW [nj[hdW$
-31#% 1.-ĹŠ -., 1 ,(#-3.2ĹŠ
Ĺ—ĹŠĹŠ
;d [b WkZ_jeh_e Cedi[‹eh B[ed_ZWi FheW‹e i[ h[Wb_pŒ bW [djh[]W Z[ +, decXhW# c_[djei fWhW ZeY[dj[i Z[ ;ic[hWbZWi o dk[l[ Z[ ?c# XWXkhW" Yehh[ifedZ_[dj[i W bW i[]kdZW \Wi[ Z[b YedYkhie Z[ cƒh_jei o efei_Y_Œd$ CWdk[b H_lWZ[d[_hW" Z_h[Y# jeh pedWb Z[ ;ZkYWY_Œd" [n# fh[iŒ gk[ ied ,) fhe\[ieh[i gk[ _d]h[iWd Wb CW]_ij[h_e Yed iki h[if[Yj_lei decXhW# c_[djei$ I[ Yedj_dkWh| Yed [ij[ fheY[ie Z[ YedYkhiei Z[ cƒh_jei o efei_Y_Œd fWhW gk[ _d]h[i[d c|i ZeY[dj[i W YkXh_h bWi fbWpWi Z[ bei fhe\[ieh[i gk[ [ij|d XW`e YedjhWje$
Ä…
ĹŠĹŠ ÄŒÄ‡ĹŠ,(+ĹŠ"¢+ 1#2ĔŊ #2ĹŠ#+ĹŠ/1#24/4#2Äą 3.ĹŠ04#ĹŠ3(#-#ĹŠ#+ĹŠ 4-(!(/(.ĹŠ/ 1 ĹŠ #+ĹŠ,#).1 ,(#-3.ĹŠ #-ĹŠ(-$1 #2314!34Äą 1 ĹŠ"#ĹŠ+.2ĹŠ!#-31.2ĹŠ (-$ -3(+#2Ä“
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
#ĹŠ/1.,4#5#ĹŠ-4#5.2ĹŠ #,/1#-"(,(#-3.2
Ĺ—ĹŠĹŠ
ĹŠ $ ;b C_d_ij[h_e Z[ Jkh_ice Z[iWhhebbW `ehdWZWi Z[ YWfWY_jWY_ÂŒd fWhW bei Z_\[h[dj[i WYjeh[i Yeckd_jWh_ei$ ;b eX`[j_le [i Wfhel[Y^Wh bWi fej[dY_Wb_# ZWZ[i beYWb[i o fed[hbWi Wb i[hl_Y_e Z[b jkh_ice Yece kdW Wbj[hdWj_lW fWhW ][d[hWh kd Xk[d l_l_h [d bW pedW$ C_[cXhei Z[ eh]Wd_pWY_e# d[i Z[Z_YWZWi W bW WYj_l_ZWZ jkh‡ij_YW o h[fh[i[djWdj[i Z[
#ĹŠ1# +(9 -ĹŠ 1(% " 2ĹŠ,_"(! 2
Ĺ—ĹŠ ĹŠ }$ ;b YWdjÂŒd Yk[djW Yed i[_i kd_ZWZ[i ef[hWj_lWi
o jhWXW`Wd YkWjhe cƒZ_Yei" fWhW Wcfb_Wh [b ^ehWh_e Z[ Wj[dY_ÂŒd W '' ^ehWi Z[ bkd[i W Zec_d]e$ ;d bWi Yeckd_# ZWZ[i Z[ IWd 8bWi" JkcXWX_# he" FWXbe 7h[dWi" 9W^kWigk‡ o 8k[dei 7_h[i" i[ Yk[djW Yed kd cƒZ_Ye" [d\[hc[hW o eZedjÂŒbe]e$ ÆBW kd_ZWZ cÂŒl_b [ij| h[Wb_pWdZe Wj[d#
ēŊ .!~.Ŋ +(5.ĔŊ%#1#-3#Ŋ"#Ŋ '(+" 4-"ĔŊ (!' 1"Ŋ +"#1¢-ĔŊ +! +"#Ŋ"#Ŋ -3.-(.Ŋ -3#Ŋ8Ŋ +(9 Ŋ 4 ,;ĔŊ/1#2("#-3 Ŋ"#Ŋ+ Ŋ 2.!( !(¢-Ŋ -Ŋ 4(2Ŋ"#Ŋ , 8 ē
)(0 (#)-Ĺ‹ 0), ,6(Ĺ‹ Ĺ‹(#˜ 4Ĺ‹ (. ˜ #ĹŠÄƒ1, 1.-ĹŠ31#2ĹŠ!.-5#-(.2ĹŠ!.-ĹŠ#+ĹŠ .-Äą 2#).ĹŠ -3.- +ĹŠ"#ĹŠ+ ĹŠ ( #9ĹŠ8ĹŠ ".+#2!#-Äą !( ĹŠ8ĹŠ Äą '(+" 4-"ĹŠ !4 ".1Ä“ ĹŠ ĹŠ ěŊ Bei
WYk[hZei f[hc_j_h|d [gk_fWh YkWjhe Y[d# jhei _d\Wdj_b[i Z[b Xk[d l_l_h o [b \ehjWb[Y_c_[dje W bWi Z[\[die# h‡Wi Yeckd_jWh_Wi o W bei 9edi[# `ei 9edikbj_lei Z[ d_‹ei" d_‹Wi o WZeb[iY[dj[i$ H_Y^WhZ 9WbZ[hŒd" WbYWbZ[ Z[ 7djed_e 7dj[" Z[ijWYŒ bW bWXeh Z[ bW 9^_bZ<kdZ" gk[ Xh_dZW ik
+3 Ŋ#04(/ ,(#-3. ŗŊŊĥ .-Ŋ31#2Ŋ!.-5#-(.2Ŋ04#Ŋ-.2Ŋ5 -Ŋ Ŋ/#1,(3(1Ŋ(1Ŋ 5 -9 -".Ŋ#-Ŋ+.Ŋ04#Ŋ#2Ŋ+ Ŋ 3#-!(¢-ĔŊ#+Ŋ1#2/#3.ĔŊ+ Ŋ1#23(34!(¢-Ŋ"#Ŋ+.2Ŋ"#1#!'.2Ŋ"#Ŋ+ Ŋ-( #9Ŋ8Ŋ ".+#2!#-!( Ŋ
"#+Ŋ -3¢-ēŊŊ 3#-"#,.2Ŋ!#1! Ŋ"#Ŋ".2Ŋ,(+Ŋ-( .2ŊŊ#-Ŋ!.-5#-(.Ŋ!.-Ŋ#+Ŋ ēŊ .2Ŋ
Wfeoe feh ckY^ei [d ?cXWXk# ,#-.1#2ĹŠ2#ĹŠ +(,#-3 -ĹŠ#-ĹŠ+.2ĹŠ!#-31.2ĹŠ8ĹŠ/.1ĹŠ#2.ĹŠ"# #,.2ĹŠ,#).1 1ĹŠ+ ĹŠ(-$1 #2314!Äą hW$ 341 ĹŠ8ĹŠ#04(/ 1ĹŠ!.-ĹŠ 13~!4+.2ĹŠ"#ĹŠ!.!(- ĹŠ!.,.Ä–ĹŠ1#$1(%#1 ".1 2ĔŊ.++ 2ĔŊ!.!(- 2ĹŠ8ĹŠ2(++ 2Ä“ĹŠ 9ed bW <[Z[hWY_ÂŒd Z[ Eh]Wd_# -,#"( 3 ,#-3#ĹŠ04#ĹŠ2#ĹŠ-.2ĹŠ#-31#%4#ĹŠ+.2ĹŠ1#!412.2ĔŊ5 ,.2ĹŠ ĹŠ/1.!#"#1ĹŠ ĹŠ' !#1ĹŠ+ 2ĹŠ pWY_ed[i 9eckd_jWh_Wi" jWcX_ƒd %#23(.-#2ĹŠ"#+ĹŠ! 2.ĢĔŊ"#23 !¢Ŋ#+ĹŠ +! +"#ĹŠ"#+ĹŠ! -3¢-ĔŊ (!' 1"ĹŠ +"#1¢-Ä“ i[ Ă’hcÂŒ kd WYk[hZe fWhW c[`e# hWh [b [gk_fWc_[dje Z[ bei YkW# jhe Y[djhei Z[b Xk[d l_l_h" gk[ Z[ bW d_‹[p o WZeb[iY[dY_W$ [d bW fWhhegk_W Z[ ?cXWoW$ ;i# Wj_[dZ[d W d_‹ei Z[ Y[he W Y_dYe Bei Y[djhei gk[ d[Y[i_jWd jei ied [ifWY_ei [d bei gk[ _d# W‹ei o i[ ZWh| Wfeoe W bWi Z[\[d# c|i Wfeoe [ij|d kX_YWZei [d bW j[hl_[d[ bW 9^_bZ<kdZ$ ieh‡Wi Yeckd_jWh_Wi o Wb 9edi[`e Yeckd_ZWZ IWdjW 8[hdWhZ_jW o
Ä“ĹŠ 234"( -3#2ĹŠ"#ĹŠÄˆÄ?ĹŠ!.+#%(.2ĹŠ2#ĹŠ"(#1.-ĹŠ!(3 ĹŠ/ 1 ĹŠ 84" 1ĹŠ ĹŠ+(,/( 1ĹŠ+.2ĹŠ 3#11#-.2ĹŠ#-ĹŠ".-"#ĹŠ2#ĹŠ!.-2314(1;ĹŠ+ ĹŠ-4#5 ĹŠ (4" "ĹŠ"#+ĹŠ .-.!(,(#-3.Ä“
Ä? /(.)-Ĺ‹*),Ĺ‹ " 3Ä‘
ÄľÄ‰ÄŽÄ‰ÄˆÄ‰Äľ
ŊěŊ ;i[ [i [b [ibe]Wd [i# Ye]_Ze fWhW fh[fWhWh bei j[hh[# dei Z[ be gk[ i[h| [b i‡cXebe Z[ bW dk[lW Kd_l[hi_ZWZ$ 7bh[Z[Zeh Z[ c_b `ÂŒl[d[i ikcWhed iki cWdei W \Wleh Z[ bW 9_kZWZ Z[b 9edeY_c_[dje$ 9ed bW fh[i[dY_W Z[ h[fh[i[d# jWdj[i Z[ bW Z_h[YY_ÂŒd Z[ ;ZkYW# Y_ÂŒd" ;c[bdehj[" D[bied <ƒb_n" WbYWbZ[ Z[ KhYkgk‡" =WXh_[bW H_lWZ[d[_hW" ]eX[hdWZehW Z[ bW ?cXWXkhW o Z[b[]WY_ed[i [ijkZ_Wdj_b[i Z[ bei Z_\[h[dj[i Yeb[]_ei Z[ bW Fhel_dY_W" i[ _d_# Y_ÂŒ Wo[h" bW ]hWd c_d]W Æ@kdjei feh OWY^WoÇ$ >ƒYjeh HeZh‡]k[p" l_Y[c_# d_ijhe Z[ 9_[dY_W o J[Ydebe]‡W Z[ bW I[Yh[jWh‡W DWY_edWb Z[
;ZkYWY_Œd Ikf[h_eh" 9_[dY_W o J[Ydebe]‡W I[d[iYoj " \k[ [b [dYWh]WZe Z[ _dWk]khWh [b [l[dje" ZedZ[ bW [d[h]‡W `kl[# d_b Z[ceijhŒ gk[ ied [bbei bei fh_dY_fWb[i WYjeh[i [d bW Yedi# jhkYY_Œd Z[ [ijW dk[lW ^_ije# h_W" ZedZ[ [b YedeY_c_[dje [i [b \WYjeh \kdZWc[djWb fWhW [b Z[iWhhebbe$ H[dƒ HWc‡h[p" I[Yh[jWh_e DWY_edWb Z[ bW I[d[iYoj" h[Wb_pŒ [b h[Yehh_Ze Z[ bei jhWXW`ei gk[ [ij|d [d cWhY^W ]hWY_Wi W bei Yedl[d_ei _dj[h_dij_jkY_edWb[i h[Wb_pWZei o gk[ ck[ijhWd kd Yecfhec_ie Yed`kdje Z[ bWi [dj_ZWZ[i Z[b ;`[Ykj_le feh [b WlWdY[ Z[b Fheo[Yje o [b FW‡i$
-31#% 1.-ĹŠ!_"4+ 2ĹŠ ĹŠ#234"( -3#2
+1#"#".1Ŋ"#ŊĎććŊ#234"( -3#2Ŋ"#Ŋ+ Ŋ -(" "Ŋ"#+Ŋ (+#-(.Ŋ"#Ŋ 3 5 +.ĔŊ
34-ĹŠ*41 * ĹŠ$4#1.-ĹŠ!#"4+ ".2Ä“ĹŠ .8ĹŠ$4-!(.- 1(.2ĹŠ"#+ĹŠ #%(231.ĹŠ (5(+ĹŠ #-31#% 1.-ĹŠ#+ĹŠ".!4,#-3.ĹŠ ĹŠ+.2ĹŠ#234"( -3#2Ä“ĹŠ ĹŠ!_"4+ ĹŠ"#ĹŠ!(4" " -~ ĹŠ +#2ĹŠ2#15(1;ĹŠ/ 1 ĹŠ1# +(9 1ĹŠ!4 +04(#1ĹŠ31;,(3#ĹŠ+#% +Ä“
'#&# , -Ĺ‹ Ĺ‹-/*/ -.)-Ĺ‹ - / -., ), -Ĺ‹ ' ( 4 (Ĺ‹ Ĺ‹ )'/( ,)Bei Yeckd[hei Z[ bW 8ebiW" Z[ bW fWhhegk_W Z[ C_]k[b ;]Wi 9WX[pWi [ij|d j[c[heiei" feh# gk[ bei \Wc_b_Wh[i Z[ bei jh[i ikfk[ijei fbW]_WZeh[i Z[ kdW d_‹W Z[ '( W‹ei" Wo[h ^WXh‡Wd Wc[dWpWZe W bei Yeckd[hei gk[ WokZWhed W bei _dj[]hWdj[i Z[ bW Kd_ZWZ 7dj_i[Yk[ijhei o ;njehi_ÂŒd Z[ bW Feb_Y‡W DWY_e# dWb KdWi[ W Z[j[d[hbei$ Feh [ie WYkZ_[hed W bW <_i# YWb‡W fWhW fh[i[djWh bW Z[dkd# Y_W$ I_d [cXWh]e" Wgk‡ b[i h[# Yec[dZWhed gk[ WYkZWd W bW 9ec_iWh‡W DWY_edWb$ :_`[hed gk[ i_ Wb]e b[i ikY[Z[ h[ifed# iWX_b_pWd W [ijWi f[hiedWi gk[ b[i j_[d[d _Z[dj_Ă’YWZWi$ 7Z[# c|i" _d\ehcWhed Z[ [ij[ fhe# #-%.ĹŠ,(#".ĹŠ04#ĹŠ Xb[cW W bWi Wkjeh_ZWZ[i fWhhe# +%.ĹŠ/ 2#ĹŠ!.-ĹŠ,(ĹŠ gk_Wb[i$ $ ,(+( ĔŊ8.ĹŠ2.+ ĹŠ-.ĹŠ JWb [i [b c_[Ze gk[ f_Z_[hed 84"_ĹŠ ĹŠ+ ĹŠ .+(!~ ĔŊ gk[ iki decXh[i i[ cWdj[d# !(#-3.2ĹŠ"#ĹŠ!.,4-#1.2ĹŠ+.ĹŠ ]Wd [d h[i[hlW$ Bei c_[cXhei '(!(,.2Ģ Z[ bW KdWi[ W‘d f[hcWd[Y[d [d EjWlWbe" _dl[ij_]WdZe [b ^[# ĹŠ Y^e Z[b_Yj_le$ >Wo kdW f[hie# dW gk[ be]hÂŒ [iYWfWh [b cWhj[i h[iYWjWhed [i gk[ bei Yeckd[# Wdj[h_eh" YkWdZe Z[jkl_[hed hei jkl_[hed YedĂ’WdpW [d ik W bei jh[i _cfb_YWZei$ Be gk[ jhWXW`e$
( _3(!.2ĹŠ /1#-"#-ĹŠ ĹŠ!4(" 12#
Ĺ‹$/ 0 -Ä…Ĺ‹'6-Ĺ‹ ŋßúúŋ* # (. -Ĺ‹+/ Ĺ‹-/ , (Ĺ‹ # . -Ä…Ĺ‹- Ĺ‹, Ă„( (Ĺ‹ (Ĺ‹ &Ĺ‹")-*#. &Ĺ‹ (Ĺ‹ /#-Ĺ‹ Ĺ‹ . 0 &)Ä„Ĺ‹ ,) -#)( & -Ĺ‹ (Ĺ‹(/.,# #š(Ĺ‹& -Ĺ‹ (- ˜ (Ĺ‹ Ĺ‹ )(-/'#,Ĺ‹/( Ĺ‹ # . Ĺ‹ & ( Ä„Ĺ‹ &Ĺ‹'Z # )Ĺ‹, -*)(- & Ĺ‹ " +/ Ĺ‹-/Ĺ‹ -. )Ĺ‹ Ĺ‹- &/ Ĺ‹3Ĺ‹, . Ĺ‹& -Ĺ‹' # #( -Ĺ‹+/ Ĺ‹( -#. (Ä„
Ĺ? ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ć
Ŋ2(".Ŋ4-Ŋ3(#,/.Ŋ "#Ŋ!1(2(2Ŋ3#11( +#ĔŊ /.104#Ŋ#+Ŋ1_%(,#-Ŋ !34 +Ŋ2(#,/1#Ŋ ' Ŋ04#1(".Ŋ "#2 / 1#!#1Ŋ Ŋ+ 2Ŋ .1% -(9 !(.-#2Ŋ 2.!( +#2
} Ä“ĹŠ 1!.ĹŠ 4 3#, +ĹŠ#2ĹŠ!.-2("#1 ".ĹŠ ĹŠ-(5#+ĹŠ- !(.- +ĹŠ!.,.ĹŠ4-ĹŠ1#$#1#-3#ĹŠ"#ĹŠ+ ĹŠ"#$#-2 ĹŠ"#ĹŠ+.2ĹŠ"#1#!'.2ĹŠ"#ĹŠ+.2ĹŠ(-"~%#- 2Ä“ĹŠ 4#ĹŠ !42 ".ĹŠ/.1ĹŠ3#11.1(2,.ĹŠ8ĹŠ2 .3 )#ĔŊ!4 -".ĹŠ2 +(¢Ŋ ĹŠ/1.3#23 1ĹŠ/.1ĹŠ+ ĹŠ #8ĹŠ"#ĹŠ %4 2ĹŠ#-ĹŠ, 8.ĹŠ"#+ĹŠÄ‰Ä‡ÄˆÄ‡Ä“
ĆŋÄ? Ĺ‹ Ĺ‹ Ĺ‹ ™ŋ Ĺ‹ Ĺ‹ Ĺ‹ Ä‘ Ä“ĹŠ +ĹŠ".,(-%.ĹŠ2#ĹŠ#+#%(1;ĹŠ +ĹŠ-4#5.ĹŠ .-2#).ĹŠ"#ĹŠ . (#1-.ĹŠ"#ĹŠ+ ĹŠ Ä“
)3Ĺ‹#(# # Ĺ‹ )(!, -)Ĺ‹ Ĺ‹& Ĺ‹ 7b YkWhje Yed]h[ie Z[ bW <[Z[# hWY_ÂŒd Z[ bei Fk[Xbei A_Y^mWi Z[ bW I_[hhW Dehj[ <?9? [if[# hWd gk[ bb[]k[d )+& Z[b[]WZei Z[ bWi ',& Yeckd_ZWZ[i Z[ XWi[ gk[ f[hj[d[Y[d W [ijW eh# ]Wd_pWY_ÂŒd$ :[iZ[ ^eo ^WijW [b Zec_d]e i[ Z[iWhhebbWh| [b Yed]h[ie [d bW Yeckd_ZWZ IWdjW ?iWX[b Z[b fk[Xbe a_Y^mW DWjWXk[bW" Z[b YWdjÂŒd 7djed_e 7dj[$ BW h[d# Z_Y_ÂŒd Z[ Yk[djWi Z[b 9edi[`e Z[ =eX_[hde Z[ bW <?9?" i[h|
kdW Z[ bWi WYj_l_ZWZ[i gk[ i[ h[Wb_pWh|$ ;ijWh|d fh[i[dj[i Z_h_][d# j[i Z[ bW 9edW_[ o ;YkWhhkdW# h_$ ;djh[ bei j[cWi W Z[XWj_h [d [ij[ [l[dje ied bei b_d[W# c_[djei fWhW bWi fhŒn_cWi [b[YY_ed[i" bW fei_Y_Œd feb‡j_YW gk[ j[dZh| [ijW eh]Wd_pWY_Œd \h[dj[ Wb fheY[ie [b[YjehWb gk[ i[ Z[iWhhebbWh| [b fhŒn_ce W‹e i[ WdWb_pWh| bei jh[i Z‡Wi Z[b Yed]h[ie$
h[i W‹ei ^Wd jhWdiYkhh_# Ze Z[iZ[ gk[ CWhYe =kWj[# cWb Wikc_ÂŒ bW Fh[i_Z[dY_W Z[ bW <[Z[hWY_ÂŒd Z[ bei Fk[Xbei A_Y^mWi Z[ bW I_[hhW Dehj[ <?9? $ ;d ik f[# h_eZe h[iYWjW [b \ehjWb[Y_c_[dje Z[ [ijW eh]Wd_pWY_ÂŒd$ 9WjWbe]W ik WZc_d_ijhWY_ÂŒd Yece kd j_[cfe j[hh_Xb[" feh# gk[ i_[cfh[ ^kXe Z[ fWhj[ Z[b =eX_[hde _dj[dY_ed[i Z[ WYWXWh Yed bWi eh]Wd_pWY_ed[i ieY_Wb[i$ >eo Yedl[hiWcei Yed =kWj[cWb" Wb Ă’dWb_pWh ik f[h_eZe Yece Z_h_# ][dj[ Z[ bW <?9?$
ieY_Wb[i" bWi Wkjeh_ZWZ[i beYWb[i de ^Wd YeehZ_dWZe feb‡j_YWi Z[ Z[iWhhebbe$ 7Z[c|i" W bW Yeef[# hWY_ÂŒd _dj[hdWY_edWb [b =eX_[h# de b[ fkie kd Wbje$ Ä“ĹŠÄ 1##ĹŠ04#ĹŠ#23.ĹŠ"# (+(3¢Ŋ+ ĹŠ#2Äą 314!341 ĹŠ.1% -(9 3(5 Ä&#x; H$ De$ F[i[ W bei Zkhei cec[d# jei" W bWi _dj[dY_ed[i gk[ ^Wd [n_ij_Ze [d [ijW ƒfeYW Z[ WYWXWh Yed [b cel_c_[dje _dZ‡][dW" bW <?9? \ehjWb[Y_ÂŒ ik [ijhkYjkhW" o gk[ ^WoWd YWdZ_ZWjei fWhW bW fh[i_Z[dY_W Z[ [ijW eh]Wd_pW# Y_ÂŒd" [i kd YbWhe [`[cfbe$
Ä“ĹŠÄ .1ĹŠ04_ĹŠ"(!#ĹŠ04#ĹŠ+ 2ĹŠ 43.1(Äą " "#2ĹŠ+.! +#2ĹŠ-.ĹŠ' -ĹŠ!..1"(- ".ĹŠ /.+~3(! 2ĹŠ/ĂŒ +(! 2Ä&#x; Ä“ĹŠ 23#"ĹŠ 2(#,/1#ĹŠ ' + ĹŠ "#ĹŠ 4- ĹŠ H$ ;i gk[ de ^Wo kd Z_|be]e" d_ YeehZ_dWY_ÂŒd Yed bWi _dijWdY_Wi !1(2(2ĹŠ.1% -(9 !(.- +Ä”ĹŠÄ .1ĹŠ04_Ä&#x; H$ >W i_Ze kd j_[cfe Z[ Yh_i_i ]kX[hdWc[djWb[i" d_ ]eX_[hdei j[hh_Xb[" fehgk[ [b hƒ]_c[d WY# beYWb[i fWhW Yh[Wh ehZ[dWdpWi" jkWb i_[cfh[ ^W gk[h_Ze Z[i# WbpWd _cfk[ijei" jecWd Z[Y_# WfWh[Y[h W bWi eh]Wd_pWY_ed[i i_ed[i Z[djhe Z[ j[hh_jeh_ei _d#
Z‡][dWi i_d YedikbjWhdei$ Ä“ĹŠÄ ĹŠ!../#1 !(¢-ĹŠ(-3#1- !(.- +ĹŠ -.ĹŠ++#%¢Ŋ ĹŠ+ ĹŠ ĹŠ#-ĹŠ31#2ĹŠ  .2ĹŠ"#ĹŠ 24ĹŠ/#1(.".Ä&#x; H$ BW Yeef[hWY_ÂŒd i[ ^W b_c_jW# Ze feh Zei YeiWi0 bW Yh_i_i [Ye# dÂŒc_YW ckdZ_Wb W\[YjÂŒ W gk[ bei Z_d[hei bb[]k[d fWhW fheo[Yjei Z[ Z[iWhhebbe" f[he jWcX_ƒd bW b_c_jWY_ÂŒd Z[b =eX_[hde [i [l_# Z[dj[" fehgk[ Yh[[d gk[ iebW# c[dj[ Yed h[Ykhiei [YedÂŒc_Yei bWi eh]Wd_pWY_ed[i ikXi_ij[d$ >Wo [dj_ZWZ[i gk[ i‡ WfeoWd fheY[iei fheZkYj_lei" Yece 7]hÂŒdecei o L[j[h_dWh_ei i_d <hedj[hW$ Ä“ĹŠÄ 1;ĹŠ 4 3#, +ĹŠ ĹŠ+ ĹŠ1##+#!!(¢-ĹŠ "#ĹŠ+ ĹŠ Ä&#x; H$ >Wo fhefk[ijWi fWhW bW h[# [b[YY_ÂŒd" f[he bW c|n_cW Wkjeh_# ZWZ gk[ [i [b Yed]h[ie Z[Ă’d_h| i_ c[ gk[Ze e de" h[if[jWh[cei bWi Z[Y_i_ed[i Z[ bei Z[b[]WZei$
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
,.2Ŋ Ŋ!4Ĺ +Ŋ04#Ŋ-.Ŋ 1(1Ŋ"#Ŋ$.1, Ŋ 3(#-#Ŋ +%.Ŋ"#Ŋ #,#1%#-3#Ŋ .-Ŋ 4().3#Ŋ +.2Ŋ/4#23.2Ŋ,;2Ŋ -.Ŋ,#1#!#Ŋ#+Ŋ! 1(Ĺ 2#-2( +#2ĔŊ#2Ŋ"#!(1Ŋ  .Ŋ-(Ŋ#+Ŋ /1#!(.Ŋ"#Ŋ + 2Ŋ!.,(2 1~ 2Ŋ8Ŋ+ Ŋ Ŋ242Ŋ2#,#) -3#2Ģē
Ŋ -3#-"#-!( Ģ Ŋ Ŋ
ĹŠ ĹŠ ĹŠ
#2314!3.1#2ĹŠ
>WY[ c|i e c[dei kdWi Zei i[cWdWi fkZ[ l[h gk[ Z[iZ[ [b Ckd_Y_f_e Z[ ?XWhhW i[ [c# fh[dZ_ÂŒ [d kdW YWcfW‹W fWhW YebeYWh XWikh[hei [d Wb]kdWi YWbb[i Z[ bW Y_kZWZ$ 7dj[ [ije c[ f[hc_je ^WY[h Wb]kdWi h[# Ă“[n_ed[i Z[ cWd[hW f‘Xb_YW$ BW fh_c[hW [i gk[ bW ][dj[ Z[X[ Yk_ZWh [ijei jWY^ei o de Z[ijhk_hbei" Yece eYkhh_ÂŒ Yed Wb]kdei Z[ [bbei$ Be i[]kdZe [i gk[ Z[X[ _dYh[# c[djWh [b d‘c[he Z[ jWY^ei" [if[Y_Wbc[dj[ [d i[Yjeh [d ZedZ[ [n_ij[ cWoeh fh[i[dY_W Z[ ][dj[$ ;ie f[hc_j_h| gk[ YkcfbW ik eX`[j_le gk[ [i [l_# jWh bW YedjWc_dWY_ÂŒd o cWdj[# d[h bW Y_kZWZ c|i b_cf_W$ <_dWbc[dj[" gk[ [ije de i[ Yedl_[hjW [d kdW efehjkd_ZWZ fWhW ^WY[h YWcfW‹W$ Gk[ de WfWh[pYW feh W^‡ [b heijhe d_ decXh[ Z[ d_d]‘d feb‡j_Ye" Z[ d_d]kde" feh h[if[je W bW Y_kZWZWd‡W$ ;3' +8ĹŠ +% ".ĹŠ Ä“ -2 +% ".Ä´/.9.Äž'.3, (+Ä“!.,ĹŠ
( #13 "ĹŠ"#ĹŠ/1#-2 ĹŠ
7o[h i[ Y[b[XhÂŒ [b Z‡W Z[ bW B_X[hjWZ Z[ ;nfh[i_ÂŒd" kdW \[Y^W [d bW gk[ bei Y_kZWZWdei dei fh[]kdjWcei i_ [d l[hZWZ [ie i[ Ykcfb[$ Fk[i [i[ de [i kd Z[h[Y^e [nYbki_le Z[ bei c[Z_ei Z[ Yeckd_YWY_ÂŒd$ Feh [ie ik]_[he gk[ W fWhj_h Z[ ^eo i[ Xh_dZ[ cWoeh [ifW# Y_e W bW feXbWY_ÂŒd$ Gk[ [d iki Whj‡Ykbei i[ jec[ [d Yk[djW bW fWbWXhW Z[ bW ][dj[ Yec‘d o Yehh_[dj[ o de ‘d_YWc[dj[ Z[ bei feb‡j_Yei o Wkjeh_ZWZ[i$ Deiejhei j[d[cei ckY^e gk[ Z[Y_h" ieXh[ bWi eXhWi" fheo[Y# jei" _dij_jkY_ed[i$ :[ fhedje i_ dei fh[]kdjWd" i[ lWd W ZWh Yk[djW gk[ bei Y_kZWZWdei ie# cei [d h[Wb_ZWZ bei gk[ c[`eh _Z[Wi fhefed[cei$ I[‹eh[i Z[ bW fh[diW" bWi Wkjeh_ZWZ[i de ied dWZW c|i gk[ dk[ijhei [cfb[WZei" W gk_[d[i deie# jhei fW]Wcei" fWhW gk[ [d bW cWoeh‡W Z[ YWiei" ^WY[d jeZe" c[dei be gk[ Z[X[d ^WY[h$ 423 5.ĹŠ .1 ĹŠ Ä“ %42,.1 Äž'.3, (+Ä“!.,ĹŠ ĹŠ ĹŠ ĹŠ Ä– ! 13 2 +"(1#!3.1Äž+ '.1 Ä“!.,Ä“#! 2(++ ĹŠÄˆÄ?ĈÄ?Ä‰ÄŒÄŠĹŠ ĹŠ.ĹŠ!4 +04(#1 ĹŠ "#ĹŠ-4#231 2ĹŠ %#-!( 2Ä“ #04(2(3.2Ä–ĹŠ ., 1#2ĹŠ8ĹŠ /#++(".2ĹŠ!.,/+#3.2Ä—ĹŠ-ĂŒ,#Äą 1.ĹŠ"#ĹŠ _"4+ Ä—ĹŠ3#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
ŋ ™ ŋ u
I[ WieY_W bW Yehj[i‡W W bW Z[Y[dY_W" W bW khXWd_# ZWZ" W bW WcWX_b_ZWZ$ Feh be h[]kbWh i[ Yedi_Z[# hW" feh be c[dei [djh[ ][dj[ [ZkYWZW" gk[ i[h Yehjƒi \WY_b_jW bW Yedl_l[dY_W" jWcX_ƒd _dZ_YW gk[ [if[hWcei be c_ice Z[ bei ejhei0 gk[ dWZ_[ dei ]h_j[" dei _dikbj[ e i[W hkZe Yed deiejhei$ ÂľFeh gkƒ de h[Y_X_h W kd ]hkfe Z[ f[hiedWi gk[ iebe gk_[h[d [nfed[h iki hWped[i o iki Wh]kc[djei Z[ cWd[hW h[if[jkeiW5 ;b Wikdje [i ]hWl[ YkWdZe i[ jhWjW Z[ [nYec# XWj_[dj[i Z[ kdW ][ijW Yece bW Z[b 9[d[fW" gk_[# d[i [n_][d gk[ i[ Z[he]k[ e h[\ehc[ bW B[o Z[ >ƒhe[i WfheXWZW [d cWhpe Z[b (&''$ ;i fei_Xb[ gk[ j[d]Wd hWpÂŒd [d iki h[YbWcei e gk[ de bW j[d]Wd" f[he bW Yehj[i‡W c|i [b[c[djWb _dZ_YW gk[ i[ b[i Z[X[ e‡h$ I_d [cXWh]e" [d 9WhedZ[b[j i[ d_[]Wd W ^WY[hbe$ ;b I[Yh[jWh_e @kh‡Z_Ye Z[ bW Fh[i_Z[dY_W Z_`e
ĹŠ
Ä? -* .)ÄŒ >[cei i_Ze iWYkZ_Zei Yed dej_# Y_Wi gk[ dei ck[ijhWd gk[ [d [b fW‡i bW l_ZW Z[ bei Y_kZWZWdei i[ [dYk[djhW i[h_Wc[dj[ Wc[dWpWZW" oW i[W feh bW YedZkYjW _hh[ifediW# Xb[ Z[ Y_[hjei ÆYedZkYjeh[i fhe\[# i_edWb[iÇ Z[ WkjeXki[i" oW i[W feh bW \WbjW Z[ h[if[je Z[ bei Y_kZWZW# dei W c[Z_ei Z[ jhWdifehj[ gk[ de i[Wd l[^‡Ykbei" jWb [i [b YWie Z[ bWi X_Y_Yb[jWi o de i[ fk[Z[ Z[`Wh Z[ bWZe bW \WbjW Z[ [dj[dZ_c_[dje Z[ kd YedY[fje gk[ i[ jhWdi\ehcW [d bW [i[dY_W c_icW Z[ bW c‡d_cW Ye[n_ij[dY_W Y_kZWZWdW0 [b f[WjÂŒd Z[X[ fh[lWb[Y[h feh [dY_cW Z[ bWi l[beY_ZWZ[i Z[ bei Wkjei$ 7dj[ [ijW YhkZW h[Wb_ZWZ i[ ^W
W kd c[Z_e Z[ Yeckd_YWY_ÂŒd gk[ [b fh[i_Z[dj[ HW\W[b 9ehh[W de bei h[Y_X_h| o gk[ [b =eX_[hde de Y[Z[h| W bWi fh[i_ed[i$ O i[ fh[]kdjÂŒ0 ÆBei iebZWZei" ÂľfWhW gkƒ [ij|d ^[Y^ei5Ç O i[ Yed# j[ijÂŒ W i‡ c_ice0 ÆFWhW _h W bW ]k[hhW" [djedY[i de jeZe iebZWZe gk[ ^W [ijWZe [d bW ]k[hhW Z[X[ i[h YedZ[YehWZe fehgk[ bW YedZ[YehW# Y_ÂŒd [i kd WYje [njhWehZ_dWh_eÇ$ IeXh[ bW Yehj[i‡W i[ _dZ_YW gk[ ÆbWi f[hie# dWi Z[iYehj[i[i i[ [nfed[d W h[Y_X_h ]hei[h‡Wi Z[ bei Z[c|iÇ o gk[ ÆbW \WbjW Z[ khXWd_ZWZ Z[]hWZW bW YWb_ZWZ Z[ l_ZW [d Yeckd_ZWZÇ$ ;iWi WYj_jkZ[i ieX[hX_Wi o fh[fej[dj[i [ij|d bb[lWdZe W bei [nYecXWj_[dj[i" gk[ i[ cWd_# \_[ijWd fWY‡\_YWc[dj[" W kdW i_jkWY_ÂŒd b‡c_j[$ O [ie [i cko f[b_]heie fWhW jeZei$ >Wo gk_[d Yedi_Z[hW gk[ ÆbW _dZ[Y[dY_W h[ijW YWb_ZWZ o lWbeh W bei i[h[i ^kcWdeiÇ$
Z[ceijhWZe gk[ [b Yedjheb Z[ bWi Wkjeh_ZWZ[i e bW Wfb_YWY_ÂŒd Z[ bWi b[o[i de ied bW ‘d_YW iebkY_ÂŒd" fk[i i[ WZl_[hj[ YbWhWc[dj[ gk[ [ij[ j[cW jWcX_ƒd Z[X[ W\hedjWh# i[ Z[iZ[ bW [ZkYWY_ÂŒd ZedZ[ [b h[if[je W bW Z_\[h[dY_W i[W bW h[]bW eh_[djWZehW$ FeZ[cei fhef_Y_Wh Wb]kdWi h[Ă“[n_ed[i" i_[dZe bW fh_c[hW bW d[Y[i_ZWZ Z[ h[fbWdj[Wh dk[ijhe [ij_be Z[ l_ZW" fk[i h[ikbjW jh_ij[ WZl[hj_h YÂŒce bei Y_kZWZWdei h[# YbWcWcei ckY^e Z[ bei ]eX_[hdei o ZWcei W YWcX_e cko feYe$ JWb [i [b YWie Z[ bW YecfhW Z[ic[Z_# ZW Z[ l[^‡Ykbei fWhW [d\h[djWh [b f_Ye o fbWYW" YkWdZe be bÂŒ]_Ye i[h‡W j[d[h jhWdifehj[ f‘Xb_Ye i[]khe o Z[ YWb_ZWZ e [b kie Z[ c[Z_ei Wb# j[hdWj_lei Z[ jhWdifehj[ Yece bW X_Y_Yb[jW$ Ejhe Wif[Yje gk[ Z[X[cei h[Z[i# YkXh_h [i [b YedY[fje Z[ l[Y_dZWZ" fk[i kd l[^‡Ykbe fk[Z[ i[h eYkfW# Ze feh Y_dYe f[hiedWi [d bk]Wh Z[b
kie [nYbki_le Z[b fhef_[jWh_e" Z[ dk[le [b fW‡i o bW Y_kZWZ h[gk_[h[d Z[ YWcX_ei [d dk[ijhWi WYj_jkZ[i o YedZkYjWi$ 7 c|i Z[ bW _d\hW[ijhkY# jkhW c‡d_cW fWhW Y_Yb_ijWi o f[Wje# d[i i[ h[gk_[h[ Z[ kd i_ij[cW Z[ `ki# j_Y_W gk[ l[b[ fWhW gk[ bW _cfkd_ZWZ i[W Z[Ă’d_j_lWc[dj[ Z[ij[hhWZW$ ;if[he gk[ bW fhÂŒn_cW l[p gk[ l[Wcei kd f[WjÂŒd e kd Y_Yb_ijW i[Wcei be ik\_Y_[dj[c[dj[ fhk# Z[dj[i Yece fWhW Y[Z[hb[i [b fWie o Yecfh[dZ[h gk[ bei l[^‡Ykbei ied WhcWi gk[ fk[Z[d YWkiWh ZW‹e o gk[ bW l_ZW [i kd Z[h[Y^e gk[ de Z[X[ i[h YkijeZ_WZe feh bW \k[hpW f‘Xb_YW i_de feh jeZei bei Y_kZWZWdei h[ifediWXb[i$ ;b YWcX_e _d_Y_W [d dk[ijhWi c[dj[i" [d [if[Y_Wb [d bW cWd[hW Yece [cf[Y[cei W f[diWh [d [b ejhe Wdj[i gk[ [d deiejhei$ )5(-3(,(++ Äž+ '.1 Ä“!.,Ä“#!
ĹŠ ^ : ĹŠ Ä“ ÄŠĹŠ
Ĺ‹ / #š( ;i _cfehjWdj[ j[d[h [b lWbeh YedY[fjkWb Z[ bW [ZkYWY_ÂŒd Yed Xk[dei cW[ijhei gk[ [i Yece j[d[h [d bWi cWdei jeZW bW ^_i# jeh_W Z[ bW ^kcWd_ZWZ$ JeZei YedeY[cei ieXh[ bW [lWbkWY_ÂŒd kd_l[hi_jWh_W" [if[# Y_Wbc[dj[ Wgk[bbWi kX_YWZWi [d YWj[]eh‡W ;" gk[ i[ iec[j_[hed Wb fheY[ie o gk[ de WbYWdpWhed bW YWb_\_YWY_ÂŒd h[gk[h_ZW" feh be gk[ Z[Ă’d_j_lWc[dj[ \k[hed Y[hhWZWi Yed kd b[jh[he ]hei[# he gk[ Z[Y‡W0 Æ9[hhWZW feh _d# ik\_Y_[dY_W WYWZƒc_YWÇ" [ijWi \k[hed [d d‘c[he Z[ '* W d_l[b dWY_edWb" Z[`WdZe \k[hW Z[b i_i# j[cW W ). c_b [ijkZ_Wdj[i gk[ W^ehW WjhWl_[iWd f[dWb_ZWZ[i [d [b fbWd Z[ Yedj_d][dY_W$ 9ed [ijW WYY_ÂŒd" fWh[Y[ gk[ [b ]eX_[hde Yec[j_ÂŒ kdW ]hWl[ [gk_leYWY_ÂŒd Wb Yec[dpWh Yed bW [lWbkWY_ÂŒd feh [b [ijWc[dje ikf[h_eh Z[djhe Z[b i_ij[cW$ ;d jeZWi fWhj[i Z[b ckdZe bW [Zk# YWY_ÂŒd Z[b fk[Xbe _d_Y_W W bei + e , W‹ei Z[ [ZWZ" [i Z[Y_h bW fh_# cWh_W" bk[]e l_[d[ bW c[Z_W gk[ [i [b Yeb[]_e e XWY^_bb[hWje Yece Wdj[iWbW W bW kd_l[hi_ZWZ$ ;d# jedY[i" bW _Z[W ^kX_[i[ i_Ze c[# `ehWh jeZe [b i_ij[cW [ZkYWj_le _d_Y_WdZe feh [b fh_c[h d_l[b o Wi‡ ikY[i_lWc[dj[ ^WijW Ykbc_# dWh [d bW kd_l[hi_ZWZ$ ;i _cfehjWdj[ de Z[iYk_ZWh bW [ZkYWY_ÂŒd X|i_YW o i_ [i Z[ YedjhWjWh [nf[hjei Z[b [nj[h_eh" ^WY[hbe" Yed [b Yk_ZWZe Z[ gk[ de i[Wd Wgk[bbei gk[ jhW[d de# l[ZWZ[i gk[ i[ b[i eYkhh[" i_d gk[ dWZW j[d]Wd gk[ l[h Yed be gk[ gk[h[cei" be gk[ h[ikbjW kd `k[]e Yed bW [ZkYWY_ÂŒd$ ;d \ehcW W_ibWZW i[ gk_[h[ [diWoWh Yed [b XWY^_bb[hWje kd_# Ă’YWZe" Yece i_ \k[hW kd jhedYe Yec‘d$ ;d j[eh‡W fWh[Y[ _dde# lWZeh f[he [b h[ikbjWZe [ij| feh l[hi[" fk[ije gk[ [ij[ d_l[b de j_[d[ [if[Y_Wb_pWY_ÂŒd Yece [hW ^WY[ feYe$ ;if[h[cei gk[ Yece [ij|d bWi YeiWi de i[ fWi[ bW ZkhW jW# h[W W bWi kd_l[hi_ZWZ[i$ ÂśGkƒ :_ei dei WcfWh[
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 .Ä“ĹŠÄ?ĈĈĊ
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#Ą#) -Ŋ-#!#2 1( Ĺ ,#-3#Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#+Ŋ/#1(¢"(!.ē
(%4#-ĹŠ/.23#1% -".ĹŠ14#" ĹŠ"#ĹŠ/1#-2 ĹŠ
-ĹŠ#+ĹŠ 4-(!(/(.ĹŠ -4-!( 1.-ĹŠ04#ĹŠ ĹŠ31 5_2ĹŠ"#ĹŠ4- ĹŠ14#" ĹŠ"#ĹŠ/1#-2 ĹŠ 1(-" 1~ -ĹŠ(-$.1, !(¢-ĹŠ2. 1#ĹŠ#+ĹŠ/.2( +#ĹŠ"#2ă- -!( ,(#-3.ĹŠ"#+ĹŠ/1#24Äą /4#23.ĹŠ,4-(!(/ +ĹŠ"#+ĹŠÄ‰Ä‡ÄˆÄ‰Ä“ĹŠ (%4#--ĹŠ#, 1%.ĔŊŊ3." 5~ ĹŠ-.ĹŠ' 8ĹŠ$#!' ĹŠ /4#2ĹŠ -4-!( 1.-ĹŠ04#ĹŠ#23;-ĹŠ/1#/ 1 -".ĹŠ4-ĹŠ(-$.1,#ĹŠ +ĹŠ1#2/#!3.Ä“ĹŠ
(%4#-ĹŠ!#11 ".ĹŠ!#-31.ĹŠ(-$ -3(+ĹŠ
# (., -Ĺ‹ )(.#(Ă„ (Ĺ‹& -Ĺ‹#(0 -.#! #)( -Ĺ‹ (.),()Ĺ‹ Ĺ‹& Ĺ‹.,6!# Ĺ‹'/ ,. Ĺ‹ Ĺ‹/( Ĺ‹(#˜ Ĺ‹ ŋÝĂŋ' - -Ĺ‹ &Ĺ‹#(. ,#),Ĺ‹ &Ĺ‹ (.,)Ĺ‹#( (.#&Ĺ‹ &Ĺ‹ / (Ĺ‹0#0#,Ĺ‹ Ĺ‹ ,# / & Ä…Ĺ‹ &Ĺ‹&) &Ĺ‹- !/#,6Ĺ‹ ,, )Ä„Ĺ‹ '6-Ä…Ĺ‹).,)-Ĺ‹) ")Ĺ‹- ,6(Ĺ‹ #(. ,0 (# )-Ĺ‹ )(Ĺ‹' $), -Ĺ‹ (Ĺ‹-/Ĺ‹#( , -.,/ ./, Ä„Ĺ‹Ĺ‹
Ĺ? ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĉ
ĹŠ/4-3.ĹŠ"#ĹŠ (- 4%41 1ĹŠ,#).1 2
Ĺ—ĹŠĹŠ
#-. ' Ĺ‹ Ĺ‹0#-#. -Ĺ‹3 Ĺ‹ - Ĺ‹ *&# Ĺ‹ (Ĺ‹& Ĺ‹ ÂĄ Ä“ĹŠ -ĹŠ4- ĹŠ1#4-(¢-ĹŠ!.-ĹŠ+.2ĹŠ 13#2 -.2ĔŊ!.,4-#1.2ĹŠ8ĹŠ+ ĹŠ#,/1#2 ĹŠ/ĂŒ +(! ĹŠ"#ĹŠ341(2,.ĔŊ#+ĹŠ ĹŠ#7/+(!¢Ŋ#+ĹŠ2(23#, ĹŠ"#ĹŠ, -#).Ä“
8ĹŠ-4#5 2ĹŠ1#%+ 2ĹŠ#-ĹŠ#+ĹŠ;1# ĹŠ/1.3#%(Äą " Ä“ĹŠ .2ĹŠ!.,#1!( -3#2ĹŠ8ĹŠ!.,4-#1.2ĹŠ+ 2ĹŠ "# #-ĹŠ!4,/+(1Ä“ĹŠ Ä› 7kjeh_ZWZ[i WcX_[d#
jWb[i" feXbWZeh[i o Yec[hY_Wdj[i gk[ [ij|d Z[djhe Z[b |h[W Z[ _d# Ă“k[dY_W Z[ bW H[i[hlW ;YebÂŒ]_YW 9ejWYWY^_#9WoWfWi H;99 be# ]hWhed WYk[hZei fWhW Yedi[hlWh [b |h[W fhej[]_ZW$ I[ jhWjW Z[b i_ij[cW Z[ l_i_jWi e fbWd Z[ cWd[`e gk[ i[ Wfb_YW oW [d bW H;99 o gk[ _dYbko[ Y_[hjei YWcX_ei [d [b gk[ bei _dlebkYhW# Zei Z[X[d fed[h ik ]hWd_je Z[ Wh[dW$ BW ieY_Wb_pWY_ÂŒd ZedZ[ i[ h[kd_[hed \ehcWbc[dj[" feh i[# ]kdZW eYWi_ÂŒd" i_hl_ÂŒ fWhW Z[i#
f[`Wh bWi ZkZWi$ >WXbWhed Z[ j[cWi Yece0 ^ehWh_e Z[ Wj[dY_ÂŒd" b_cf_[pW" h[]bWi WcX_[djWb[i" WYj_l_ZWZ[i [YedÂŒc_YWi" fWhgk[e o ejhWi$ 7i_c_ice" _d\ehcWhed gk[ i[ _cfb[c[djWh| kdW eĂ’Y_dW f[h# cWd[dj[ Z[ bW WZc_d_ijhWY_ÂŒd$ 9ed [b fWiWh Z[ bei c[i[i o [d [b YWie Z[ [n_ij_h _dj[hƒi" bWi Yeckd_ZWZ[i _dlebkYhWZWi e [b Ckd_Y_f_e" fk[Z[d ieb_Y_jWh bW Ye#WZc_d_ijhWY_ÂŒd Z[b |h[W" Wkd# gk[ YbWhe [ie _cfb_YW kd Wcfb_e fheY[ie$
I[]kdZe <k[dj[i" Z_h[Yjeh Fhel_dY_Wb Z[b C_d_ij[h_e Z[ 7cX_[dj[" c[dY_edÂŒ gk[ be _c# fehjWdj[ [i Z_Wbe]Wh o jecWh Z[# Y_i_ed[i Yedi[dikWZWi Yed bei _dlebkYhWZei$ :[`ÂŒ YbWhe gk[ [b eX`[j_le [i cWd[`Wh \WlehWXb[# c[dj[ bW h[i[hlW" ][d[hWh dk[# lei fheZkYjei o cel[h bW [Yede# c‡W beYWb$ JhWXW`Wd jWcX_ƒd [d kdW _cW][d YehfehWj_lW W d_l[b Z[ |h[Wi fhej[]_ZWi$ Æ8kiYWcei gk[ [b jkh_ijW j[d]W kdW Z_l[hi_# ZWZ Z[ WjhWYj_lei o h[]h[i[ iWj_i# \[Y^eÇ" h[iWbjÂŒ$ ;b _d]h[ie W bW H;99 Z[`ÂŒ Z[ i[h YeXhWZe ^WY[ kd fWh Z[ c[i[i o Z[iZ[ [iW \[Y^W i[ h[]_ijhW [b _d# Yh[c[dje Z[b '& Z[ jkh_ijWi" [d ik cWoeh‡W dWY_edWb[i$ Bei ZWjei bei lWb_ZWh|d bk[]e Z[ kd W‹e$
#"(".2ĹŠ ;b ^ehWh_e Z[ Wj[dY_ÂŒd o [b dk[# le i_ij[cW Z[ fWhgk[e fWhW bei l[^‡Ykbei Z[ bei jkh_ijWi ied bei j[cWi gk[ _dgk_[jWd W bei Whj[# iWdei gk[ l[dZ[d fheZkYjei W eh_bbWi Z[ bW bW]kdW Z[ 9k_YeY^W$ 9bWkZ_e CehWb[i" Yec[hY_Wb_# pW Whj[iWd‡Wi ^WY[ (& W‹ei feh be gk[ b[ h[ikbjW Yecfb_YWZe ik# `[jWhi[ W bWi dk[lWi h[]bWi$ xb i[ gk[`W Z[b XW`ÂŒd [d bWi l[djWi W hW‡p Z[ bWi dk[lWi h[]bWi fk[i bei jkh_ijWi W fWhj_h Z[ bWi '-0&& oW de fk[Z[d _d]h[iWh o bW \WbjW Z[ WYY[ie [d l[^‡Ykbe ^WijW [b ck[# bb[ b[i Yecfb_YW c|i$ ÆDeiejhei oW de l[dZ[cei Yece Wdj[i" ‘bj_cWc[dj[ [ijWcei WjhWiWZei ^WijW Yed bWi c[dikWb_ZWZ[iÇ" Z_`e$
(. ˜)-Ĺ‹&& ! ,)(Ĺ‹ Ĺ‹& Ĺ‹ #/ Ĺ‹ * , Ĺ‹&#'*# ,Ĺ‹ &Ĺ‹")-*#. &Ĺ‹Ĺ‹ Feh _d_Y_Wj_lW Z[ bW @kdjW FWhhe# gk_Wb Z[ FbWpW =kj_ƒhh[p o Yece kdW \ehcW Z[ h[jh_Xk_h [b jhWXW`e gk[ h[Wb_pW [b |h[W Z[ iWbkZ d‘# c[he )" bei fWhhegk_Wdei fWhj_# Y_fWhed [d kdW `ehdWZW Z[ b_c# f_[pW o i_[cXhW Z[ |hXeb[i$ :[djhe Z[ bW c_d]W ehdW# c[djWb ieb_ZWh_W i[cXhWhed (*& fbWdjWi o i[_i |hXeb[i [d bWi `WhZ_d[h‡Wi Z[b ^eif_jWb 7i# Zh‘XWb Z[ bW Jehh[$ +& Yeckd[# hei Z[ 7pWX‡" FWbe I[Ye o IWdjW HeiW bb[]Whed fWhW Ykcfb_h Yed [ijW jWh[W$ ;bbei Z_Y[d gk[ i[ jhW#
jW Z[ kdW Yecf[diWY_ÂŒd feh bWi Wj[dY_ed[i h[Y_X_ZWi [d [b j[cW Z[ iWbkZ$ KX_YWhed jWcX_ƒd \W# heb[i" feij[i o XWdYWi fWhW Wi‡ WZ[Y[djWh bW YWiW Z[ iWbkZ$ ;b‡Wi ?cXWgk_d]e" fh[i_Z[dj[ Z[ bW @kdjW FWhhegk_Wb Z[ FbWpW =kj_ƒhh[p" c[dY_edÂŒ gk[ bW WYj_# l_ZWZ i[ Ykcfb_ÂŒ [d [b cWhYe Z[b W]hWZ[Y_c_[dje feh bWi '( Xh_]W# ZWi Z[ iWbkZ [d eZedjebe]‡W o c[Z_Y_dW ][d[hWb \WY_b_jWZWi gk[ bb[]ÂŒ W bWi pedWi c|i Wb[`WZWi Z[ ĂždjW]$
ĹŠ
ě I[‹Wbƒj_YW" i_ij[cW Z[ _d\ehcWY_Œd" WZ[YkWY_Œd Z[b i[dZ[he" h[ceZ[bWY_Œd Z[ ]Wh_jW" XWj[h‡Wi iWd_jWh_Wi o i_ij[cW Z[ _d\ehcWY_Œd ied bei jhW# XW`ei gk[ W c[Z_WZei Z[ c[i [ijWh|d b_ijei [d bW bW]kdW Z[ 9k_YeY^W Yece fWhj[ Z[ bWi c[`ehWi [\[YjkWZWi [d bW H[i[hlW ;YebŒ]_YW 9ejWYWY^_ 9WoWfWi$ ;b fheo[Yje XehZ[W [b c[Z_e c_bbŒd Z[ ZŒbWh[i Z[ _dl[hi_Œd$
- 4%41 1;-ĹŠ/ 104#ĹŠ
Ĺ—ĹŠĹŠ
ĹŠ
Ä› ;d [b cWhYe Z[ bWi Ă’[ijWi Z[ Gk_he]W [d ^edeh W bW fWjhedW Z[ bW fW# hhegk_W CWh‡W 7kn_b_WZehW ^eo W bWi '/0&& i[ Ykcfb_h| bW _dWk]khWY_ÂŒd Z[b fWhgk[ gk[ \k[ h[ceZ[bWZe bk[]e Z[ jh[i W‹ei Z[ h[jhWie$ BW fbW# pW i[ [dYk[djhW jejWbc[dj[ _bkc_dWZe o i[h| [b [iY[dW# h_e Z[b fh[]ÂŒd Z[ Ă’[ijWi [ijW deY^[$
,/ Â ĹŠ"#ĹŠ1#!(!+ )#
Ĺ—ĹŠĹŠ
Ä“ĹŠ -.2ŊĎćŊ!.,4-#1.2ĹŠ31 ) 1.-ĹŠ#-ĹŠ+ ĹŠ2(#, 1#ĹŠ"#ĹŠ;1 .+#2ĹŠ8ĹŠ+(,/(#9 ĹŠ #-ĹŠ#+ĹŠ'.2/(3 +ĹŠ 2"1ĂŒ +ĹŠ"#ĹŠ+ ĹŠ .11#Ä“ĹŠ
ĹŠ
Ä› ;d bWi [iYk[bWi >[hdWdZe Z[ CW]WbbWd[i Z[ Gk_jkcXW o bW H[Z ;ZkYWj_# lW ?cWdjW]" Ykbc_dÂŒ bW YWc# fW‹W Z[ cWd[`e Z[ Z[i[Y^ei iÂŒb_Zei o h[Y_YbW`[$ 9ed bW YWcfW‹W XkiYWd gk[ bei d_‹ei o d_‹Wi i[Wd gk_[d[i bb[l[d [b c[diW`[ WcX_[djWb W iki ^e]Wh[i fWhW gk[ Yedj_d‘[d Yed [b fheY[ie Z[ YbWi_Ă’YWY_ÂŒd [d bW \k[dj[$ BW _dl[hi_ÂŒd [d [ijW YWcfW# ‹W gk[ i[ [nj[dZ_ÂŒ W bW pedW hkhWb [i Z[ Y_dYe c_b ZÂŒbWh[i$
ĉ
ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
/&#)Ĺ‹ ( , Ĺ‹ . )Ĺ‹ *),Ĺ‹& -Ĺ‹#(. (- -Ĺ‹&&/0# Ĺ‹
.2ĹŠ! ,(-.2ĹŠ 2#ĹŠ' -ĹŠ5(23.ĹŠ $#!3 ".2ĹŠ/.1ĹŠ +.2ĹŠ!.-23 -3#2ĹŠ "#2+ 5#2Ä“ĹŠ
#3#-(".ĹŠ/.1ĹŠ5(.+#-!( ĹŠ
ŗŊŊŊ Ŋ ŊěŊBW Feb_Y‡W Z[jkle W kdW f[hiedW feh
l_eb[dY_W _djhW\Wc_b_Wh [d IWd =WXh_[b$ ;b Z[j[d_Ze \k[ bb[lWZe Wb 9[djhe Z[ :[j[dY_Œd Fhel_# i_edWb Z[ bW IkX`[\WjkhW Hk# hWb$ ;b W]h[ieh fWiŒ W cWdei Z[ bW 9ec_iWh‡W DWY_edWb Z[ Cedj‘\Wh$ Bk[]e Z[ bei jh|c_# j[i f[hj_d[dj[i [b _dZ_l_Zke h[Ykf[hŒ ik b_X[hjWZ$
#1( Ŋ% 231.-¢,(! Ŋ
Ĺ—ĹŠ ĹŠĹŠ ÂĄ ĹŠ ÂĄ ŊěŊ BW fWhhegk_W 9h_ijÂŒXWb 9ebÂŒd Z[b YWdjÂŒd Cedj‘\Wh Yedj_# d‘W Yed bWi \[ij_l_ZWZ[i Z[ Wd_l[hiWh_e$ >eo W bWi &.0&&" i[ h[Wb_pWh| bW \[h_W ]WijhedÂŒ# c_YW o Whj[iWdWb Æ9ehh[Zeh jkh‡ij_YeÇ W [\[YjkWhi[ [d [b fWhgk[ fh_dY_fWb$ 7 bWi '/0&&" i[ h[Wb_pWh| bW YWhWlWdW Whj‡ij_YW W Z[iWhhebbWhi[ [d [b fWhgk[" eh]Wd_pW [b ]eX_[hde fWhhegk_Wb$
#!./(+ !(¢-Ŋ"#Ŋ" 3.2Ŋ
Ĺ—ĹŠĹŠĹŠ
ĹŠ ŊěŊ;d [b FWjhe# dWje Z[ 7cfWhe o =[ij_ÂŒd IeY_Wb Z[b ckd_Y_f_e Z[ Ced# j‘\Wh i[ h[Yef_bW ZWjei fWhW f[hiedWi cWoeh[i o cWZh[i iebj[hWi$ ;b eX`[j_le [i gk[ [ij[ ]hkfe lkbd[hWXb[ i[W X[d[Ă’Y_WZe Yed [b Fhe]hW# cW CkdZ_Wb Z[ 7b_c[djei FC7$ ;ij[ fheY[ie [cf[pÂŒ [b fWiWZe l_[hd[i o YedYbk_h| [d YkWjhe c[i[i$
ĹŠ ĹŠ Ä› @ei[bod H_l[hW"
cehWZehW Z[b XWhh_e IWdjW J[h[i_# jW i[ iWblÂŒ Z[ ceh_h YkWdZe XW`WXW Yed iki Zei d_‹Wi ^WY_W ik l_l_[d# ZW$ BW ck`[h l_e gk[ ^WX‡W kd f[# gk[‹e Z[hhkcXe f[he Z[Y_Z_ÂŒ _h feh ejhe bWZe$ :[ fhedje" [iYkY^ÂŒ kd \k[hj[ ied_Ze feh ZedZ[ c_# dkjei Wdj[i _XWd W fWiWh$ L_e Yed [ifWdje Yece kdW ]hWd YWdj_ZWZ Z[ j_[hhW jWfedÂŒ bW YWbb[$ I[]kdZe Cedj[d[]he" kde Z[ bei ^WX_jWdj[i" WĂ’hcÂŒ gk[ bW YWbb[ f[hcWd[Y_ÂŒ Y[hhWZW feh c|i Z[ kd c[i f[he gk[ ^eo Yedj_d‘W [b f[b_]he" oW gk[ [n_ij[ bW fei_X_b_# ZWZ Z[ gk[ i[ h[]_ijh[d c|i Z[ibW# l[i$ CWhYe 9W_Y[Ze" ejhe cehWZeh Z_`e gk[ [i f[b_]heie YhkpWh [i[ i[Yjeh$ ÆJ[c[cei gk[ eYkhhW ejhe Z[ibWl[ Z[ ]hWd cW]d_jkZ$ Deie# jhei dei l[cei eXb_]WZei W fWiWh feh W^‡ fWhW WYkZ_h W dk[ijhei j[# hh[deiÇ$ Bei ^WX_jWdj[i Z[ bW pedW" Yed# i_Z[hWd gk[ [i bW fh_c[hW l[p gk[ [b YhkZe _dl_[hde" [d bei ‘bj_cei j_[cfei" WjWYW Yed jeZW ik \k[hpW$
 .2ĹŠ/.1ĹŠ3." 2ĹŠ/ 13#2ĹŠ ;Zm_d ;iYeXWh" fh[i_Z[dj[ Z[ bW fWhhegk_W" WĂ’hcÂŒ gk[ Z[iZ[ ^WY[ Zei c[i[i Wjh|i i[ ^Wd h[]_ijhWZe ZW‹ei [d bWi l‡Wi$ Bei YWc_dei c|i Yh‡j_Yei ied bei gk[ YedZkY[d W 9^WkY^‡d" OWbgk[h" 9WiW <h‡W" XWhh_e IWdjW J[h[i_jW" i[Yjeh F_YkWbƒi o ;b B_# h_e$ ;b i_j_e c|i W\[YjWZe [i [d [b XWhh_e IWdjW J[h[i_jW ZedZ[ kd Z[hhkcXe jWfedÂŒ bW l‡W$ Kdei eY^e Z‡Wi f[hcWd[Y_ÂŒ _d^WX_b_jW# Ze$ I[ Z[if[`ÂŒ kd jhWce iebe fWhW gk[ fWi[d bWi YWc_ed[jWi gk[ jhW[d fheZkYjei Z[ bW Yeckd_ZWZ ;b B_h_e$ :[if[`Wh feh Yecfb[je de i[ fk[Z[ Wdj[ bWi YedijWdj[i bbkl_Wi o [b f[b_]he gk[ i_]d_Ă’YW Wgk[bbe$ ;d bei Z[c|i i_j_ei i[ be]hÂŒ ^W# X_b_jWh [b YWc_de gk[ jkle kdW Zk# hWY_ÂŒd [d [b Z[if[`[ Z[ [iYecXhei feh c|i Z[ jh[i W YkWjhe Z‡Wi$ BW i[cWdW fWiWZW" [d [b i[Yjeh Z[ 9WiW <h‡W" \h[dj[ W bW YWf_bbW" bW c[iW Z[ bW l‡W i[ Z[ijhkoÂŒ$ :[ _]kWb cWd[hW" ^WY[ gk_dY[ Z‡Wi" [b fk[dj[ [d ;b B_h_e [ij| feh Ye# bWfiWh$ >eo bW cWgk_dWh_W Z[ bW fWhhe# gk_W gk[ Yk[djW Yed kdW lebgk[jW o kdW h[jhe [nYWlWZehW" h[Wb_pW [b c_dWZe Z[ cWj[h_Wb [d C_Y^kgk[h W Ă’d Z[ YebeYWh f_[ZhW e bWijh[ [d bei i[Yjeh[i c|i W\[YjWZei feh [b _dl_[hde$
,# Ĺ‹ -./ # (.#&Ĺ‹ )(Ĺ‹!, (Ĺ‹ )!# Ĺ‹ ĹŠ ĹŠ Ä› 7o[h i[ [\[YjkÂŒ bW
\[h_W [ijkZ_Wdj_b Z[b Yeb[]_e jƒYd_# Ye W]hef[YkWh_e Æ@eh][ CWhj‡d[p 7YeijWÇ Yed bW fh[i[djWY_ÂŒd Z[ bWi Z_\[h[dj[i |h[Wi$ ;d [b |h[W Y_[dj‡ÒYW i[ [\[YjkÂŒ kd YedYkhie Z[b ckdZe Z[b Ye# deY_c_[dje$ ;d [b |h[W jƒYd_YW" bW Yed\[h[dY_W ieXh[0 ÆBecXh_Ykbjk# hW" fheY[ie Z[ Ykbj_lei Z[ ^ehjWb_# pWiÇ$ ;d [b |h[W _dijhkc[djWb0 Æ\[# h_W ]WijhedÂŒc_YW Yed fheZkYjei dWjkhWb[i Ă„i_d gk‡c_Yei# o jhWZ_# Y_edWb[iÇ$ ;d [b |h[W Z[ Z[iWhhebbe f[hiedWb0 Yed\[h[dY_W ieXh[0 ÆWb# Ye^eb_ice o Zhe]WZ_YY_ÂŒdÇ$ 1.8#!3.2ĹŠ(-3#1#2 -3#2 ;b Yeb[]_e Yk[djW Yed fheo[Yjei Z[ c_Yhe [cfh[dZ_c_[dje Z[ Yko[i" Y[hZei" ^ehjWb_pWi o Ykbj_lei$ ;b '& Z[ cWoe" bei [ijkZ_Wd# j[i i[ fh[i[djWh|d [d bW \[h_W Z[b I;D79OJ Yed WXede eh]|d_Ye Z[ ^kcki b‡gk_Ze Yece kdW _d# l[ij_]WY_ÂŒd fhef_W Z[ [ij[ Y[djhe [ZkYWj_le$ >Wo kd Yedl[d_e Yed bW Kd_l[h#
i_ZWZ Feb_jƒYd_YW ;ijWjWb Z[b 9WhY^_ KF;9 ieXh[ bW fbWdjW fheY[iWZehW Z[ Y|hd_Yei$ I[ fh[fWhW kd _dj[hYWcX_e Z[ [nf[h_[dY_Wi o kd Yedl[d_e Yed bW <;FF" W][dY_W ieY_W _c# fb[c[djWZehW Z[ 79DKH [d fheY[iei W]he _dZkijh_Wb[i W bei fheZkYjeh[i Z[ bei YWdje# d[i Cedj‘\Wh o JkbY|d$ Æ;b eX`[j_le [i ZWh kd Xk[d i[hl_Y_e [ZkYWj_le# jƒYd_Ye# W]hef[YkWh_e o h[bWY_edWhi[ Yed Z[c|i [dj_ZWZ[i WĂ’d[iÇ" Z_`e <[hc‡d L_bbWhh[Wb" h[Yjeh [dYWh]WZe$ KdW Z[ bWi c|i ]hWdZ[i Wif_hWY_ed[i [i WZ[djhWhi[ W kd fheY[ie Z[ Wkje [lWbkWY_ÂŒd _dij_jkY_edWb gk[ i[ h[Wb_pW W d_l[b dWY_edWb Z[ fWhj[ Z[b =e# X_[hde W Ă’d Z[ Yedl[hj_hi[ [d kd Yeb[]_e jƒYd_Ye Z[ fheZkY# Y_ÂŒd$ ;d bW WYjkWb_ZWZ ^Wo kdW iebW [if[Y_Wb_ZWZ0 Æ[nfbejWY_e# d[i W]hef[YkWh_WiÇ o i[ Wif_hW j[d[h bW [d0 ÆYed\ehcWZei o [bWXehWZei Y|hd_YeiÇ$
Â&#x; Ä“ĹŠ ĹŠ5~ ĹŠ04#ĹŠ!.-"4!#ĹŠ ĹŠ+ ĹŠ!.,4-(" "ĹŠ +ĹŠ (1(.ĹŠ#2ĹŠ+ ĹŠ,;2ĹŠ $#!3 " Ä“ĹŠ 8ĹŠ3#Äą ,.1ĹŠ8ĹŠ#+ĹŠ/#+(%1.ĹŠ04#ĹŠ2#ĹŠ1#%(231#-ĹŠ,;2ĹŠ"#2+ 5#2ĹŠ8ĹŠ/4#" ĹŠ.!411(1ĹŠ +%4- ĹŠ"#2%1 !( Ä“ĹŠ #ĹŠ' (+(3¢Ŋ2.+.ĹŠ/ 1 ĹŠ#+ĹŠ31;-2(3.ĹŠ"#ĹŠ! ,(.-#3 2Ä“ĹŠ
.+(!(3 -ĹŠ 84" ĹŠ Ĺ—14,ĹŠĹŠ 2ĹŠ 43.1(" "#2ĹŠ/ 11.04( +#2ĹŠ/42(#1.-ĹŠ24ĹŠ, 04(- 1( ĹŠ/#1.ĹŠ -3#ĹŠ3 -3.ĹŠ"#1Äą .ĹŠ2.+(!(3 1.-ĹŠ, 04(- 1( ĹŠ"#+ĹŠ . (#1-.ĹŠ 1.5(-!( +ĹŠ"#+ĹŠ 1!'(ĹŠ8ĹŠ#+ĹŠ,4-(!(/(.ĹŠ
"#Ŋ 4+!;-ēŊĥ 2Ŋ(,/.13 -3#Ŋ+ Ŋ!..1"(- !(¢-Ŋ!.-)4-3 Ŋ/ 1 Ŋ 3#-"#1Ŋ+ 2Ŋ#,#1%#-!( 2ēŊ
2ĹŠ++45( 2ĹŠ!.-3(-ĂŒ -ĹŠ8ĹŠ3#,#,.2ĹŠ04#ĹŠ+.2ĹŠ"  .2ĹŠ 4,#-3#-ĢĔŊ"().ĹŠ "6(-ĹŠ 2!. 1Ä“ 2~ĹŠ,(2,.ĔŊ#-ĹŠ +%4- 2ĹŠ5(5(#-" 2ĔŊ2#ĹŠ' -ĹŠ5(23.ĹŠ $#!3 ".2ĹŠ+.2ĹŠ .1"(++.2Ä“ĹŠ -ĹŠ#+ĹŠ 11(.ĹŠ -3 ĹŠ + 1 ĹŠ' 8ĹŠ4-ĹŠ/1. +#, ĹŠ"#ĹŠ3 /.- ,(#-3.ĹŠ"#ĹŠ +! -3 1(++ ".Ä“ĹŠĹŠ
(ŋ )(.Ä ,ŋ()ŋ- ŋ, !#-., ŋ ' #)-ŋ ,/- )-ŋ ŋ &#' Ŋ Ŋ ě I[]‘d ZWjei Z[ bW
[ijWY_Œd c[j[ehebŒ]_YW Z[ IWd =W# Xh_[b" i[ Z[j[hc_dŒ gk[ [d WXh_b" bW j[cf[hWjkhW c|n_cW \k[ Z[ ('$. ]hWZei ZkhWdj[ [b fWiWZe '+ Z[ WXh_b$ ;b Yb_cW c|i \h‡e \k[ Z[ ) ]hWZei ZkhWdj[ [b (- Z[ WXh_b$ BWi j[cf[hWjkhWi \h‡Wi feh be ][d[# hWb ied Z[ - ]hWZei W fWhj_h Z[ bWi &+0&&$
BW _d][d_[hW CWh‡W ;b[dW 7Yei# jW" eXi[hlWZehW Z[ bW [ijWY_ÂŒd c[# j[ehebÂŒ]_YW Z[ IWd =WXh_[b" WĂ’hcÂŒ gk[ bW j[cf[hWjkhW [d Cedj‘\Wh [i dehcWb$ ;bbW Yece ;k][d_W 7h# cWi bWXehWd [d bW [ijWY_ÂŒd$ Bei h[# fehj[i bei [dl‡W Y_dYe l[Y[i Wb Z‡W ^WijW [b ?dij_jkje DWY_edWb Z[ C[# j[ehebe]‡W [ >_Zhebe]‡W ?D7C>? [d Gk_je$
¥ ēŊ 1~ Ŋ +#- Ŋ !.23 ĔŊ1# +(9 Ŋ+ Ŋ. 2#15 !(¢-Ŋ!.-23 -3#Ŋ"#+Ŋ!+(, ēŊ
7
ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄŠ
,/ Â ĹŠ , (#-3 +ĹŠ
Ĺ—ĹŠ ĹŠĹŠ : ĹŠÄ›) c_b \kdZWi [if[# Y_Wb[i \k[hed [djh[]WZWi fWhW
Ä“ĹŠ .-ĹŠ+ ĹŠ3 1)#3 ĹŠ(-3#+(%#-3#ĹŠ8 ĹŠ-.ĹŠ2#ĹŠ3#-"1;ĹŠ04#ĹŠ1# +(9 1ĹŠ+ 2ĹŠ#-.1,#2ĹŠÄƒ+ 2ĹŠ#-ĹŠ+.2ĹŠ! )#1.2Ä“
,)3 .)Ĺ‹ Ĺ‹(/ 0 -Ĺ‹. ,$ . -Ĺ‹ #( # ,6Ĺ‹ Ĺ‹' # )-Ĺ‹ &Ĺ‹' ĹŠ!(4" " -~ ĹŠ ĂŒ-ĹŠ/4#"#ĹŠ !4"(1ĹŠ ĹŠ ! , ( 1ĹŠ+ 2ĹŠ3 1)#3 2Ä“ĹŠ +ĹŠ/1.!#2.ĹŠ(-(!( 1;ĹŠ /#1 3(5.2 ĹŠ .2ĹŠ./#1 3(5.2ĹŠ!.-)4-3.2ĹŠ04#ĹŠ1# +(9 ĹŠ+ ĹŠ .+(!~ ĔŊ )_1!(3.ĹŠ8ĹŠ "4 - ĹŠ#-ĹŠ+.2ĹŠ"($#Äą Ĺ—1#-3#2ĹŠ/ 2.2ĹŠ(+#% +#2ĹŠ"#ĹŠ$1.-3#1 ĹŠ" -ĹŠ1#24+3 ".Ä“ĹŠ ĹŠ,;2ĹŠ"#ĹŠ"#!.,(2 1ĹŠ!(+(-"1.ĹŠ"#ĹŠ #-ĹŠ+ 2ĹŠ/ 11.04( 2ĹŠ"#ĹŠ 4ă .ĹŠ8ĹŠ 1 (- Ä“ĹŠ : ĹŠÄ›I[ [nj[dZ_ÂŒ [b fbW# pe fWhW WZgk_h_h e YWd`[Wh bW jWh`[jW _dj[b_][dj[ [d bW fhel_dY_W Z[b 9WhY^_$ 7b cec[dje i[ Wj_[dZ[d W Y[h# YW Z[ (&& f[hiedWi Z_Wh_Wi [d bW 7][dY_W Z[ >_ZheYWh# Xkhei Dehj[$ 9ece i[ be ^WX‡W Wdkd# Y_WZe" [b fheY[ie Z[ bW Yec# fhW Z[ bei Y_b_dZhei Z[ ]Wi Yed bW dk[lW jWh`[jW _d_Y_W# h| [ij[ c[i f[he iÂŒbe [d
ĹŠ
-Ŋ 1!'(Ŋ#Ŋ , 41 Ŋ2#Ŋ 2 -!(.- 1.-Ŋ ŊđŊ "(231( 4(".1#2ēŊ 23 2Ŋ2.-Ŋ/ 1!( Ĺ +#2Ŋ.Ŋ3.3 +#2ĔŊ#2Ŋ "#!(1Ŋ-.Ŋ/4#"#-Ŋ 1#/ 13(1Ŋ#+Ŋ Ŋ /.1Ŋ5 1(.2Ŋ"~ 2Ŋ.Ŋ 2#Ŋ+.2Ŋ2#/ 1 Ŋ 3.3 +,#-3#Ŋ"#Ŋ+ Ŋ %#-!( ē
bWi fWhhegk_Wi Z[ KhX_dW o Jkҋe Yed [b eX`[j_le Z[ eX# i[hlWh bWi \WbbWi gk[ WfWh[p# YWd o ikf[hWhbWi$ ;b fheY[ie ZWh| _d_Y_e W c[Z_WZei Z[b c[i o i[ [nj[dZ[h| [d bei Z[c|i YWdjed[i fWkbWj_dW# c[dj[$ I[]‘d @eiƒ <hWdYe" j_# jkbWh Z[ bW 7][dY_W Z[ >_# ZheYWhXkhei Dehj[ Yed [b eX`[j_le Z[ [l_jWh [b YedjhW# XWdZe i[ ieb_Y_je Wb ;`ƒhY_je
% 2ĔŊ2#Ŋ1#345.Ŋ Ŋ5 1(.2Ŋ! ++.2Ŋ04#Ŋ2(15#-Ŋ/ 1 Ŋ!.,#3#1Ŋ#+Ŋ(+~!(3.ēŊ .2Ŋ./#1 3(5.2Ŋ !.-3(-4 1;-Ŋ' 23 Ŋ#11 "(! 1Ŋ#+Ŋ(+~!(3.Ŋ04#Ŋ/#1)4"(! Ŋ +Ŋ/ ~2ē
o Feb_Y‡W DWY_edWb gk[ i[ Wi_]d[d W][dj[i W bei YWhhei Z_ijh_Xk_Zeh[i fWhW gk[ i[ Yedjheb[ bWi [djh[]Wi" W [ije i[ ikcW f[hiedWb Z[ bW 7][d# Y_W Z[ >_ZheYWhXkhei$ 9bWh_Ă’YÂŒ gk[ bWi f[hiedWi fk[# Z[d WZgk_h_h kd Y_b_dZhe Z[ ]Wi [d ejhei XWhh_ei f[he i[ Z[X[ [dj[d# Z[h fh_c[he [b i[Yjeh Z[ij_dWZe fWhW [b Z_ijh_Xk_Zeh" o bk[]e W bWi Z[c|i f[hiedWi i_[cfh[ o YkWdZe
j[d]Wd [b j_Ya[j$ :‡Wi Wjh|i bei l[^‡Ykbei h[fWh# j_Zeh[i de bb[]WXWd W bW ^ehW gk[ i[ ZWXW W YedeY[h fehgk[ i[ Z_e Z[iWXWij[Y_c_[djei Z[ bW h[Ă’d[h‡W Z[ ;ic[hWbZWi" Yece oW i[ ikf[hÂŒ [b _dYedl[d_[dj[ bei YWhhei Z[X[d bb[]Wh fkdjkWb WZ[c|i i_[cfh[ bb[# ]Wd W bei XWhh_ei Yed [b Ykfe Wi_]# dWZe$ BWi Z[dkdY_Wi i[ h[Y[fjWd [d bW 7][dY_W Z[ >_ZheYWhXkhei$
bW YebeYWY_ÂŒd Z[ Z[if[hZ_Y_ei o XWikhW [d bei l[^‡Ykbei gk[ Y_hYkbWd [d bW Y_kZWZ" W jhWlƒi Z[ bW 9WcfW‹W ÆJkbY|d 9_kZWZ C‡W" I_[cfh[ B_c# f_WÇ" _cfkbiWZW feh bW Kd_l[h# i_ZWZ Feb_jƒYd_YW ;ijWjWb Z[b 9WhY^_ KF;9 $ BW YWcfW‹W i[ Z[iWhhebbÂŒ [d Zei [jWfWi$ BW fh_c[hW" h[Wb_pWZW Z[b () Wb (, Z[ WXh_b" gk[ Yedi_ij_ÂŒ [d bW ieY_Wb_pWY_ÂŒd W jhWlƒi Z[ bei c[Z_ei Z[ Yeckd_YWY_ÂŒd ieXh[ j[cWi WcX_[djWb[i" c_[djhWi gk[ bW i[]kdZW [\[Y# jkWZW [b (- Z[ WXh_b i[ YedY[d# jhÂŒ [d bW [djh[]W Z[ bWi \kdZWi W bWi f[hiedWi [d bei l[^‡Ykbei gk[ Y_hYkbWXWd [d Z_\[h[dj[i i[Yjeh[i Z[ khX[$
#1( Ŋ"#Ŋ+ Ŋ-431(!(¢-Ŋ
Ĺ—ĹŠ ĹŠĹŠ : ĹŠÄ› BW C_i_ÂŒd CW# dk[bW ;if[`e _dl_jW W bW <[h_W Dkjh_Y_edWb o I[]kh_ZWZ 7b_c[djWh_W" Z[b fh_c[h fbWd f_beje Z[ ^k[hjei \Wc_b_Wh[i Z[ f[hiedWi Yed Z_iYWfW# Y_ZWZ" X[d[Ă’Y_WZWi Yed [b Xede @eWgk‡d =Wbb[]ei BWhW" W h[Wb_pWhi[ [b fhÂŒn_ce bkd[i W fWhj_h Z[ bWi &/0&& [d [b fWhgk[ Z[ bW ?dZ[f[dZ[dY_W$ FWhW Z_Y^e [l[dje i[ YedjWh| Yed bW fh[i[dY_W Z[b I[Yh[jWh_e =[d[hWb Z[ bW L_Y[fh[i_Z[dY_W Z[ bW H[f‘Xb_YW Z[b ;YkWZeh$
(., ! Ĺ‹ Ĺ‹ 3/ Ĺ‹ Ĺ‹ '(#Ă° )- .#, (Ĺ‹- &&)-Ĺ‹ Ĺ‹& Ĺ‹ (#. Ĺ‹ : ĹŠÄ› $ BW 9hkp He`W Ă’b_Wb 9Wh#
Y^_" YedY_[dj[ Z[ ik h[ifediWX_b_# ZWZ ^kcWd_jWh_W o Z[ WYk[hZe W iki fei_X_b_ZWZ[i" ^_pe bW [djh[]W Z[ WokZWi W bei ZWcd_Ă’YWZei Z[ bei XWhh_ei IWd f[Zhe o BWi @kdjWi" kX_YWZei [d bWi h_l[hWi Z[b h‡e JW# `WcWh" bei c_icei gk[ ik\h_[hed bei [\[Yjei Z[ bWi _dkdZWY_ed[i$ LebkdjWh_ei Z[ bW _dij_jkY_ÂŒd" i[ ^_Y_[hed fh[i[dj[i [d bei WbX[h# ]k[i Z‡Wi Wjh|i" o [djh[]Whed W (& \Wc_b_Wi" a_jÉi Z[ Wb_c[djei" YeY_# dW" Wi[e" ‘j_b[i [iYebWh[i" hefW o \hWpWZWi$ BWi \Wc_b_Wi gk[ h[Y_X_[hed [ijW ^kcWd_jWh_W YebWXehWY_ÂŒd W]hW# Z[Y_[hed Wb fh[i_Z[dj[ Z[ bW 9hkp He`W Z[b 9WhY^_ EimWbZe 7YeijW o lebkdjWh_WZe [d ][d[hWb feh [ij[
Ä“ĹŠ ĹŠ 149ĹŠ .) ĹŠ 1!'(ĹŠ#-31#%¢Ŋ 84" ĹŠ'4, -(3 1( 2ĹŠ ĹŠ" ,-(ă! ".2Ä“
][ije ieb_ZWh_e$ 9WX[ c[dY_edWh gk[ bW C[Z_W BkdW He`W i[ ^_pe
fh[i[dj[ YkWdZe i[ Z_[hed [ijei ^[Y^ei bWc[djWXb[i$
: ĹŠÄ› 9kcfb_[dZe Yed bW fbW# d_Ă’YWY_ÂŒd [ijWXb[Y_ZW [d [b FbWd Z[ 9edj_d][dY_W [bWXehWZW feh [b 9edi[`e Z[ ;ZkYWY_ÂŒd Ikf[h_eh 9;I bei 7Zc_d_ijhWZeh[i J[c# fehWb[i Z[i_]dWZei feh [ij[ 9ed# i[`e" Wo[h i[ h[j_hWhed bei i[bbei Z[ YbWkikhW YebeYWZei feh [b 9edi[# `e Z[ ;lWbkWY_ÂŒd" 7Yh[Z_jWY_ÂŒd o 7i[]khWc_[dje Z[ bW 9Wb_ZWZ Z[ bW ;ZkYWY_ÂŒd Ikf[h_eh 9;779;I [d bW Kd_l[hi_ZWZ J[YdebÂŒ]_YW 7cƒh_YW Kd_jW i[Z[ JkbY|d" W Ă’d Z[ ZWh Yedj_dk_ZWZ Wb c[dY_edWZe FbWd Z[ 9edj_d][dY_W$ Feh jWb hWpÂŒd" D[bbo H[_dW" _d# j[dZ[djW Z[ Feb_Y‡W Z[b 9WhY^_" `kdje W bW \k[hpW f‘Xb_YW o Z[b[]W# Y_ÂŒd gk[ [dl_ÂŒ bW 9;I [\[YjkWhed [ijWi Z_b_][dY_Wi$ LWh_ei Wbkcdei i[ [dYedjhW#
XWd fh[i[dj[i `kdje Wb Bk_i BÂŒf[p" h[Yjeh Z[ bW Kd_jW i[Z[ JkbY|d$
: ēŊ #Ŋ"(.Ŋ Ŋ!.-.!#1Ŋ Ŋ+.2Ŋ #234"( -3#2Ŋ04#Ŋ+ Ŋ(-$.1, !(¢-Ŋ04#Ŋ -#!#2(3#-Ŋ2#Ŋ#-31#% Ŋ#-Ŋ+ Ŋ(-23(34!(¢-Ŋ #"4! 3(5 ē
āĀ
ŏŏ Āąŏŏ ŏ ŏĂĀāĂ Āąŏŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
(1#ũ242ũ$.3.2ũ#-Ė 666ē+ '.1 ē!.,ē#!
.--8ũ 4( .-#9Ĕũ .8ũ (5#1 ũ8ũ .-8ũ 1 %¢-ēũ
-31#% ũ"#ũ ., 1 ,(#-3.2
(ŋ &ŋ / #.),#)ŋ )(- ),ŋ )(# -ŋ ,) )ąŋ- ŋ"#4)ŋ& ŋ (Ě ., ! ŋ ŋÿĀŋ()' , '# (.)-ŋ ŋ&)-ŋ ) (. -ŋ! ( ), -ŋ ŋ& -ŋ *,)0#( # -ŋ ŋ ' /, ŋ3ŋ -' , & -Ąŋ /.),# -ąŋ '#&#Ě , -ąŋ- ŋ"# # ,)(ŋ*, - (. -ŋ (ŋ -. ŋ .)Ą
1-+ēũ -4#+ũ (5 "#-#(1 ũ)4-3.ũ +ũ 1ēũ:-%#+ũ 23(++.ē
1 -!( ũ ~ 9Ĕũ 3(+"#ũ 1#!( ".Ĕũ 1,#-ũ 1!~ ũ8ũ ( - ũ #++.ē
(#-5#-(" ũ
43.1(" "#2ũ"(#1.-ũ+ ũ (#-5#-(" ũ ũ+.2ũ".!#-ı 3#2Ĕũ, -($#23 -".ũ24ũ /.8.Ĕũ8ũ1#!.1";-".+#2ũ 04#ũ24ũ. )#3(5.ũ#2ũ5#+ 1ũ /.1ũ+ ũ 4#- ũ#"4! !(¢-ē
;3(, ũ ;204#9Ĕũ +#-" ũ #1 Ĕũ 1-+ēũ -4#+ũ (5 "#-#(1 Ĕũ .7 - ũ + 9 1Ĕũ #+!(ũ ' 1!./ Ĕũ (%4#+ũ (+#+ ũ8ũ ¢-(! ũ .-"¢-ē
1,#-ũ +#-!( Ĕũ .7 - ũ + 9 1Ĕũ #+(" ũ #1-;-"#9ũ8ũ .2 ũ 4# 2ē
+(73.ũ 3 Ĕũ 1-+ēũ -4#+ũ (5 "#-#(1 Ĕũ ¢-(! ũ .-"¢-ũ8ũ .2 ũ 4# 2ē
(- +ĹŠ"#ĹŠ$ĂŒ3 .+ĹŠ
.8ĹŠ2#ĹŠ"#2 11.++ ĹŠ+ ĹŠ%1 -ĹŠÄƒ- +ĹŠ"#ĹŠ$ĂŒ3 .+ĹŠ"#ĹŠ+.2ĹŠ #-31.2ĹŠ"#ĹŠ "4! !(¢-ĹŠ -(!( +ĹŠ04#ĹŠ/ 13(!(/ -ĹŠ#-ĹŠ#+ĹŠ3.1-#.ĹŠ"#ĹŠ#2 ĹŠ"(2!(/+(- Ä“ĹŠ +ĹŠ#2!#- 1(.ĹŠ "#/.13(5.ĹŠ#2!.%(".ĹŠ/ 1 ĹŠ+ ĹŠ3#1,(- !(¢-ĹŠ"#+ĹŠ#5#-3.ĹŠ2#1;ĹŠ+ ĹŠ! -!' ĹŠ "#+ĹŠ!.+#%(.ĹŠ #.".1.ĹŠ ¢,#9ĹŠ"#ĹŠ+ ĹŠ .11#Ä“ĹŠ 2ĹŠ#2!4" 1 2ĔŊ 4(2ĹŠ #.1.ĹŠ
11#1 ĹŠÄˆÄ‡*
-. ŋ &ŋÝÝŋ ŋ' 3)ŋ-)(ŋ& -ŋ#(- ,#* #)( -ŋ ŋ& ŋ ,, , ŋ* -., ŋÝú%ŋ +/ ŋ- ŋ,  ,6ŋ (ŋ &ŋ (.š(ŋ . 0 &)Ąŋ ŋ*,/ ŋ- ŋ& ŋ /'*&#,6ŋ &ŋ )'#(!)ŋÝýŋ ŋ' 3)ŋ - ŋ& -ŋÝúĆúúŋ*),ŋ& -ŋ*,#( #* & -ŋ0v -ŋ ŋ& ŋ #/ Ąŋ , -ŋ'#&ŋ š& , -ŋ (ŋ .#0)ŋ3ŋ.,) )-ąŋ- ,6ŋ &ŋ*, '#)ŋ+/ ŋ , * ,.#,6ŋ& ŋ )'* . ( # ąŋ+/ ŋ),! (#4 ŋ #! ŋ *),.#0 ŋ (.)( &ŋ
Ĺ? ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
4, .ĹŠ ĹŠ 4(9
#/.13#ĹŠ #731#,.ĹŠ2#ĹŠ /1.7(,
Ä“ĹŠ (+.3.2ĹŠ1#%(.- +#2ĹŠ#-ĹŠ !3(5(" "ĹŠ"#ĹŠ"#231#9 ĹŠ8ĹŠ' (+(" "ĹŠ#-ĹŠ#+ĹŠ"#/.13#ĹŠ#731#,.Ä“
+ĹŠ +4 ĹŠ +3 ĹŠ .-3 Â ĹŠ"#ĹŠ (Äą , ,/(1.ĹŠ+.ĹŠ3(#-#ĹŠ3.".ĹŠ+(23.ĹŠ / 1 ĹŠ+.ĹŠ04#ĹŠ2#1;ĹŠ+ ĹŠ.!3 5 ĹŠ Ä› BW [nf[YjWj_lW [i jejWb
ZW [d bW h[j_dW Z[ bei _cXWXk# [d bW ĂˆJ_[hhW Z[b IebÉ" fk[i i[ [i# h[‹ei o Z[ jeZei bei gk[ l_i_jWd f[hW bW bb[]WZW Z[ kd fhec[Z_e F_cWcf_he$ BW Yecf[j[dY_W i[ Z[ '&& Yecf[j_Zeh[i Z[ h[Wb_pWh| [b (& Z[ cWoe bW h[]_ÂŒd dehj[ Z[b fW‡i$ ĹŠĹŠ W bWi '&0&&$ <hWdY_iYe BW [nf[h_[dY_W Z[ l[h DWhl|[p fh[i_Z[dj[ Z[b Z[iY[dZ[h W bei f_bejei 9bkX 7bjW CedjW‹W" _d# ieXh[ iki X_Y_Yb[jWi o +ĹŠ(-(!(.ĹŠ"#ĹŠ+ ĹŠ Z_YÂŒ gk[ bW YWhh[hW Yedi# ! 11#1 ĹŠ2#1;ĹŠ Z[iWhhebbWh l[beY_ZWZ[i "#2"#ĹŠ#+ĹŠ2#!3.1ĹŠ jW oW Yed [b WlWb Z[ <[# [njh[cWi feh bW f_ijW ;b "#ĹŠ+ 2ĹŠ -3#- 2ĔŊ / 1 ĹŠ"#2!#-"#1ĹŠ Z[hWY_ÂŒd :[fehj_lW o bW 9WblWh_e Z[ ($*&& c[# ' 23 ĹŠ+ ĹŠ,#3 ĔŊ 7ieY_WY_ÂŒd Z[ Y_Yb_ice 04#ĹŠ2#1;ĹŠ#-ĹŠ+ ĹŠ jhei" i[h| [if[YjWYkbWh$ / 13#ĹŠ/.23#1(.1ĹŠ Z[ ?cXWXkhW$ 7YjkWbc[dj[ [b 9bkX ;ijW fei[[ iWbjei" Y^W# "#ĹŠ+ ĹŠ#2!4#+ ĹŠ
4!(+ Ŋ 8 ē h[Wb_pW YeehZ_dWY_ed[i gk_‹Wd[i" eXij|Ykbei Yed bei fWhj_Y_fWdj[i" ZedZ[ bei fhejW]ed_ijWi _dj[djWh|d ikf[hWhbei fWhW Wb# ZedZ[ oW i[ [dYk[djhWd Wb]k# YWdpWh bW ]beh_W [d bW fh_c[hW dei Z[ [bbei [d bWi fh|Yj_YWi l|b_ZW$ Z[djhe Z[ bW [nfbWdWZW" ZedZ[ I[h| kdW [nf[h_[dY_W _d_# i[ [\[YjkWh| [if[Y‡ÒYWc[dj[ ]kWbWXb[ gk[ i[ gk[ZWh| ]hWXW# bW Yecf[j[dY_W$ BW Yeckd_ZWZ
Z[ F_cWcf_he ^W ceijhWZe ik [djki_Wice o i[ fh[fWhW fWhW h[Y_X_h W bei Yecf[j_Zeh[i fh[# Y_iWc[dj[ [d fb[dWi Ă’[ijWi Z[ bW Y_kZWZ$ Ied eY^e W‹ei Yedi[# Ykj_lei ZedZ[ i[ ^W l[d_Ze h[W# b_pWdZe [ijW YbWi[ Z[ [l[djei" c[dY_edÂŒ DWhl|[p$ BWi YWj[]eh‡Wi gk[ [ijWh|d fh[i[dj[i ied1 `kd_eh" _d\Wdj_b" fh[`kl[d_b" cWij[h" [b_j[" ZWcWi o WXiebkjW$ Bei c[`eh[i [nfe# d[dj[i [d [ijW Z_iY_fb_dW \eh# cWh|d fWhj[ Z[ [ijW YWhh[hW$ ;b Y_Yb_ijW gk[ j_[d[ h[YehZ Z[ f_ijW ^Wh| ik fh[i[dY_W$ I[ jhWjW Z[b f_Y^_dY^Wde" CWh_e 9ehd[`e" [d bW YWj[]eh‡W [b_j[" Y_dYe l[# Y[i YWcf[ÂŒd dWY_edWb Z[ Zemd ^_bb" ik Yhede [i Z[ YkWjhe c_# dkjei Yed (- i[]kdZei" `kdje W ƒb" jWcX_ƒd WYjkWh|d bei Z[ijW# YWZei f_cWcf_h[‹ei1 =WXh_[b o FWXbe CWoeh]W [d bW YWj[]eh‡W fh[`kl[d_b$ Bei ]WdWZeh[i eX# j[dZh|d fh[c_ei [YedÂŒc_Yei" jhe\[ei o c[ZWbbWi$
9_dYe c_b_jWh[i _cXWXkh[‹ei i[ fh[fWhWd YWZW Ă’d Z[ i[cW# dW [d ik j_[hhW$ LWh_ei [`[hY_Y_ei \‡i_Yei o Z[ \k[hpW h[Wb_pWd bei YWijh[di[i [d Z_\[h[dj[i [iY[dW# h_ei Z[fehj_lei" bW cWoeh‡W Z[ ik j_[cfe [djh[dWd [d bW ;iYk[bW Ikf[h_eh C_b_jWh ;ic_b " bk[]e fWiWd Wb ]_cdWi_e 9heiiĂ’j Z[ fhef_[ZWZ Z[ ik [djh[dWZeh$ @eĂľh[ FWp" _dijhkYjeh Z[ bei Z[fehj_ijWi" c[dY_edÂŒ gk[ Wbh[# Z[Zeh Z[ i_[j[ c_b_jWh[i [djh[ eĂ’# Y_Wb[i o lebkdjWh_ei" i[ [djh[dWd fWhW fWhj_Y_fWh [d [b 9Wcf[edW# je CkdZ_Wb C_b_jWh" W h[Wb_pWhi[ W c[Z_WZei Z[ W]eije [d Ik_pW$ BW Z_iY_fb_dW gk[ fhWYj_YWd [i [b jh_WjbÂŒd$ 9WZW Ă’d Z[ i[cWdW bb[]Wd bei Z[fehj_ijWi W Wb]kdei i[Yjeh[i Z[ ?cXWXkhW fWhW [`[hY_jWhi[ o WYedZ_Y_edWhi[ \‡i_YWc[dj[$ :[i# Z[ bW cW‹WdW" cko j[cfhWde Z[ ƒij[ i|XWZe1 C_bjed 9WX[pWi" <hWdab_d =kpc|d" @eiƒ ;ifWhpW" EiYWh ;hWpe o @kWd 9Whbei 7]k_# hh[" [ijWh|d fh[i[dj[i Z[iZ[ bWi &-0&& [d b[ i[Yjeh Z[b LWbb[ Z[b 9^ejW" fWhW ^WY[h WZ_[ijhWc_[d# jei Z[ hkjW$ Feij[h_ehc[dj[" bk[# ]e Z[ Wb]kdWi ^ehWi bb[]Wh|d W bW bW]kdW Z[ OW^kWhYeY^W ZedZ[ Wfb_YWh|d f_ijW o dWjWY_ÂŒd$
Ä“ĹŠ #12.- +ĹŠ #$#!34 -".ĹŠ#)#1!(!(.2ĹŠ"#ĹŠ1(%.1ĹŠ/ 1 ĹŠ#+ĹŠ ,4-"( +ĹŠ#-ĹŠ 4(9 Ä“
Ä Ä
4, .ĹŠ ĹŠ 4 8 04(+ĹŠ
Ĺ—ĹŠĹŠ
;b 9bkX LWbb[ Z[b 9^ejW l_W`W ^eo W bWi &,0&& hkcXe W bW Y_kZWZ Z[ =kWoWgk_b" jhWi ^WX[h [\[Yj_l_pWZe iki jhWXW`ei Z[ [djh[dWc_[dje W ZeXb[ `ehdWZW [d Z_l[hiWi YWdY^Wi Z[ ?XWhhW$ ;b [ijhW# j[]W c[n_YWde Z[ )' W‹ei Z[ [ZWZ" [d ik Z[Xkj Yed [b [gk_fe" de b[ \k[ cko X_[d$ ;b Yej[`e f[hZ_Œ [d YWiW YedjhW [b :[fehj_le Gk[# l[Ze$ 7^ehW i[ [if[hW kd Xk[d h[ikbjWZe [d YWb_ZWZ Z[ l_i_jWdj[i Wdj[ [b fbWdj[b <[hhel_Wh_e$
-31#- ,(#-3.
ŗŊ ŊBW [iYk[bW Z[ \‘jXeb Z[ ;b DWY_edWb i_]k[ _dijhko[dZe
W `Œl[d[i o d_‹ei [d bW Z_iY_# fb_dW Z[ \‘jXeb [d bW YWdY^W Z[b [ijWZ_e IWd C_]k[b Z[ ?XWhhW$ ;b [gk_fe WXh_Œ iki fk[hjWi [b fWiWZe c[i Z[ cWhpe [d bW fhel_dY_W$ BWi YWj[]eh‡Wi gk[ fhWYj_YWd ied Y_dYe" Z[iZ[ bei i[_i ^WijW bei ', W‹ei$ H[dƒ 9Wcfei [i [b h[ifediWXb[ Z[ YeehZ_dWh o [`[YkjWh bWi WYj_l_ZWZ[i Z[fehj_lWi Yed bei [djh[dW# Zeh[i o ced_jeh[i Z[djhe Z[ bW Y_kZWZ$
1 -"#2ĹŠ/ 13(".2ĹŠ#-ĹŠ#+ĹŠ231##3ĹŠ ++ ÆBW [nf[YjWj_lW [i WbjW" feh# gk[ ^WY[ j_[cfe de i[ ^WY[ kd jehd[e Yece [ij[ [d dk[ijhe c[Z_eÇ" _dZ_YÂŒ @eh][ 9WhbeiW# cW fWjheY_dWZeh Z[b [l[dje$ ;d YWj[]eh‡W [b_j[ i[h| iebWc[dj[ cWiYkb_dW c_[djhWi gk[ [d bWi Z[c|i i[h|d [d bWi Zei hWcWi$ ;b Zec_d]e" jeZei bei [gk_# fei [ijWh|d fh[i[dj[i [d bWi YWdY^Wi" Wbb‡ i[ h[Wb_pWh| bW _d# Wk]khWY_ÂŒd e\_Y_Wb Z[iZ[ bWi &/0&&" [d kd Z‡W gk[ i[ [iYh_X_# h| kdW f|]_dW ^[hceiW Z[b Z[# fehj[ fhel_dY_Wb" Z[ceijhWdZe gk[ de _cfehjW bW [ZWZ" be gk[ _cfehjW [i [b Wceh Wb XWbed# Y[ije$ Bk[]e Z[b fhe]hWcW ie# b[cd[ i[ h[Wb_pWh| [b h[if[Yj_le
Ä“ĹŠ Â - ĹŠ+ ĹŠ!(3 ĹŠ#2ĹŠ#-ĹŠ !4! ++#ĹŠ!.-ĹŠ+.2ĹŠ%1 -"#2ĹŠ"#+ĹŠ 31##3ĹŠ ++Ä“
iehj[e Z[ bei i[_i Yej[`ei eĂ’Y_W# b[i$ Bei ]WdWZeh[i h[Y_X_h|d fh[c_ei [YedÂŒc_Yei" jhe\[ei o c[ZWbbWi$
CW‹WdW WhhWdYW [b 9Wcf[edW# je Z[ Ijh[[j 8Wbb [d bWi YWdY^Wi Z[ X|igk[j Z[ OWYkYWbb[" Yed [b WlWb Z[ bW <[Z[hWY_ÂŒd :[fehj_# lW Z[ ?cXWXkhW" Ckd_Y_f_e Z[ ?XWhhW o bW 9ehfehWY_ÂŒd Z[ ;i# jkZ_ei 7Zc_d_ijhWj_lei o IeY_W# b[i 9;:7I $ ;b Y[hjWc[d YedjWh| Yed YkWjhe YWj[]eh‡Wi [d bW hWcW cWiYkb_dW o \[c[d_dW" gk[ feh fh_c[hW l[p i[ bb[lWh| W YWXe [d bW Y_kZWZ$ Kd jejWb Z[ ', [gk_fei" ^Wi# jW [b cec[dje _diYh_jei" Yed# \ehcWh|d [b YWcf[edWje [d [b gk[ fWhj_Y_fWh|d Wb]kdWi Ă’]k# hWi _cfehjWdj[i Z[b XWbedY[ije fhel_dY_Wb$
Ä Ä‚
Ĺ?Ĺ? ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.+4,- Ŋ #.".1(23 1#/ 1 !(¢-Ŋ/ 1 Ŋ#+Ŋ /1¢7(,.Ŋ/ 13(".
4 Bei `k]WZeh[i o Yk[hfe jƒYd_Ye Z[b J[eZehe =ÂŒc[p" i[ fh[fWhWd Z_Wh_Wc[dj[ [d ik [ijWZ_e fWhW [d\h[djWh Wb )' Z[ EYjkXh[" cW‹WdW W bWi ',0&&" [d [b [ijWZ_e Æ;b 8W# j|dÇ" Z[ bW Y_kZWZ Z[ EjWlW# be$ FWhW [ij[ Yej[`e [b [gk_fe lW Yed jeZe" o [if[hW jhW[h jh[i lWb_eiei fkdjei" fWhW be]hWh kX_YWhi[ [d bei fh_c[# hei bk]Wh[i Z[b YWcf[edWje fhel_dY_Wb$
Ă‹
Ŋ! ,/#¢-Ŋ "#+Ŋ -3#1!.+#%( + ēŊ +Ŋ#+#-!.Ŋ3#.".1(23 Ŋ"#,.231¢Ŋ2#1Ŋ#+Ŋ,#).1Ŋ"41 -3#Ŋ#+Ŋ! ,/#.- 3.ē
-ĹŠ4-ĹŠ /1#3 ".ĹŠ#-!4#-31.ĔŊ#+ĹŠ ÄĽ 31¢-ÄŚĹŠ. 345.ĹŠ#+ĹŠ3~34+.ĹŠ"#+ĹŠ 3.1-#.ĹŠ!.+#%( +ĹŠÄ‰Ä‡ÄˆÄ‰Ä“ /.8.ĹŠ"#ĹŠ+ ĹŠ'(-!' "
4 Bei [ijkZ_Wdj[i Z[b ĂˆfWjhÂŒdÉ" Wb_[djWd W ik [gk_fe [d YWZW Yej[`e$ 7fhen_cWZWc[dj[ -&& [ijkZ_Wdj[i \ehcWd fWh# j[ Z[ bW XWhhW Z[ bW _dij_jkY_ÂŒd$ Bei Z_h_][dj[i Z[b J[eZehe =ÂŒc[p" ^Wd cWdj[d_Ze Yed# l[hiWY_ed[i Yed [b YbkX h_lWb Z[ [ij[ Ă’d Z[ i[cWdW" o i[ bb[]ÂŒ Wb WYk[hZe gk[ jeZei bei [ijkZ_Wdj[i fW]WhWd ‘d_YW# c[dj[ kd ZÂŒbWh" Wb cec[dje Z[ _d]h[iWh Wb [ijWZ_e$
(-ĹŠ! , (.2ĹŠ#-ĹŠ#+ĹŠ !4#1/.ĹŠ3_!-(!.
4 Bei Z_h[Yj_lei Z[b [gk_fe ^Wd Z[ic[dj_Ze bei hkceh[i Z[ YkWbgk_[h YWcX_e [d ik Yk[hfe jƒYd_Ye$ ;b fhe\[ieh Wh][dj_de" >ƒYjeh I_blW" Yedj_dkW jhWXW`WdZe Yed bei `k]WZeh[i fWhW [b fhŒn_ce fWhj_Ze$ :khWdj[ bW i[cWdW bei [djh[dWc_[djei \k[hed f[hcWd[dj[i o W f[iWh Z[ bWi \k[hj[i bbkl_Wi i[ jhWXW`Œ fWhW ]WdWh Wdj[ [b )' Z[ EYjkXh[$
ěŊ ;b Yed`kdje Z[b J[eZehe
Wb c_dkje ', [cfWjÂŒ [b cWhYWZeh =ÂŒc[p Z[ bW Jehh[ bb[]e Yed jeZe Z[ bW cWde Z[ @edWj^Wd 9h_ebbe$ fWhW ik fWhj_Ze Ă’dWb$ 7 f[iWh Z[ F[he [b cWhYWZeh i_]k_ÂŒ Wk# gk[ de [ijkl_[hed WYecfW‹W# c[djWdZe fWhW [b J=J$ ;d [b c_# Zei Z[ ik XWhhW Yece [d ejhWi dkje )+ 7dZhƒi Ik|h[p fkie bW eYWi_ed[i" bei `ÂŒl[d[i Z[`Whed l[djW`W fWhW ik [gk_fe o kd c_# [d Wbje [b decXh[ Z[ ik dkje Z[ifkƒi" HedWbZ Oƒ# _dij_jkY_ÂŒd" Wb Z[hh_XWh Wb ĹŠĹŠ f[p lebl_ÂŒ W WdejWh$ 7i‡ i[ ?dij_jkje JƒYd_Ye EjWlWbe Y[hhÂŒ [b fh_c[h j_[cfe Yed feh [b cWhYWZeh Z[ )#(" [d kdW l[djW`W YedjkdZ[dj[ .- +"ĹŠ _/#9ĹŠ bW YWj[]eh‡W ikf[h_eh$ $4#ĹŠ+ ĹŠ$(%41 ĹŠ"#+ĹŠ Z[b YkWZhe J[eZeh_ijW$ #-!4#-31.ĹŠ!.-ĹŠ FWhW bW i[]kdZW fWh# ".2ĹŠ -.3 !(.-#2ĹŠ #3 ++#2ĹŠ"#+ĹŠ!.3#). j[ Z[b fWhj_Ze" [b EjWlWbe / 1 ĹŠ24ĹŠ#04(/.Ä“ ;b cWhYWZeh i[ WXh_ÂŒ h|f_# WdejÂŒ ejhe ]eb [d [b c_dkje ,.$ @[Ăľ[hied FWhh[‹e" gk[ ZWc[dj[$ ;b J[eZehe ^_pe ik fh_c[hW Yedgk_ijW Wb c_dkje \k[ ^WX_b_jWZe [d [b i[]kdZe f[# ''" Yed kd h[cWj[ Z[ HedWbZ Oƒ# h_eZe Z[Ă’d_ÂŒ W \Wleh Z[ ik fbWd# f[p gk[ iehfh[dZ_ÂŒ Wb Whgk[he j[b$ 7b Ă’dWb bW l[djW`W \k[ fWhW [b h_lWb$ F[he [b EjWlWbe Z[if[hjÂŒ o J[eZehe gk[ i[ YehedÂŒ YWcf[ÂŒd
#!+ 1 !(.-#2ĹŠ"#ĹŠ+.2ĹŠ#231 3#% 2 CWkh_Y_e 8ebW‹ei" :J Z[b J[e# Zehe =ÂŒc[p" Yec[djÂŒ gk[ ^kXe ckY^ei [hheh[i gk[ YWi_ b[i Yk[i# jW [b j‡jkbe$ ÆI[ be]hÂŒ bW l_Yjeh_W Yed [b Yeb[]_e" ^[cei WbYWdpWZe Zei YWcf[edWjei o Zei l_Y[# YWcf[edWjei" hWj_Ă’YWdZe Wi‡ bW ^[][ced‡W Z[b J[eZehe =ÂŒc[p" oW gk[ fWhW [b fhÂŒn_ce W‹e j[d[# cei kd [gk_fe \k[hj[Ç" Z_`e$ IWdj_W]e Hk_p" [ijhWj[]W Z[b ?dij_jkje EjWlWbe" cWd_\[ijÂŒ gk[ [ij|d kd feYe jh_ij[i o ^Wd ^[# Y^e jeZe bei fei_Xb[ feh ]WdWh$ Æ>[cei [ijWZe [d Zei Ă’dWb[i
.2(!(.-#2ĹŠÄƒ- +#2 .1ĹŠ! 3#%.1~ 2
3#%.1~ Ŋ 4-(.1 ŗŊ 1(,#1Ŋ 4% 1ĖŊ !(-3.Ŋ .++ '4 9. ŗŊ #%4-".Ŋ 4% 1ĖŊ #.".1.Ŋ ¢,#9 ŗŊ #1!#1Ŋ 4% 1ĖŊ -Ŋ (#%. 3#%.1~ Ŋ -$#1(.1 ŗŊ 1(,#1Ŋ 4% 1ĖŊ !(-3.Ŋ .++ '4 9. ŗŊ #%4-".Ŋ 4% 1ĖŊ #.".1.Ŋ ¢,#9 ŗŊ #1!#1Ŋ 4% 1ĖŊ ++#Ŋ"#+Ŋ '.3 3#%.1~ Ŋ -3#1,#"( ŗŊ 1(,#1Ŋ 4% 1ĖŊ #.".1.Ŋ ¢,#9 ŗŊ #%4-".Ŋ 4% 1ĖŊ -23ēŊ _!-(!.Ŋ 3 5 +. ŗŊ #1!#1Ŋ 4% 1ĖŊ '4 1!.!' 3#%.1~ Ŋ 4/#1(.1 ŗŊ 1(,#1Ŋ 4% 1ĖŊ #.".1.Ŋ ¢,#9 Ŋ #%4-".Ŋ 4% 1ĖŊ -23ēŊ _!-(!.Ŋ 3 5 +. ŗŊ #1!#1Ŋ 4% 1ĖŊ ~!3.1Ŋ -4#+Ŋ # '#11#1 ŗ
Z_\‡Y_b[i Wdj[ [b J[eZehe" fWhW [b fhÂŒn_ce W‹e l[d_cei Yed kd cko Xk[d ]hkfe" oW gk[ [b [gk_# fe Yedj_d‘W [d bW YWj[]eh‡W ik# f[h_ehÇ" W‹WZ_ÂŒ$
!'.ĹŠ #2!4#+ 2ĹŠ #-ĹŠ+ ĹŠ 1#!3 ĹŠ$(- +
(!+.ĹŠ/ 2#.ĹŠ /.1ĹŠ#+ĹŠ1#2/#3.ĹŠ +ĹŠ!(!+(23 9ed [b eX`[j_le Z[ h[kd_h W bei Y_# Yb_ijWi _cXWXkh[‹ei o [n_]_h h[i# f[je [d bWi l‡Wi" i[ lW W h[Wb_pWh [b [l[dje Z[dec_dWZe ÆH[if[je Wb Y_Yb_ijW o Z[h[Y^e Z[ YecfWh# j_h bWi l‡WiÇ$ BW h[kd_ÂŒd Z[ bei fWhj_Y_fWdj[i i[h| [d [b FWhgk[ Z[ bW <Wc_b_W" W bWi '.0&&$ CWkh_Y_e HkX_e" eh]Wd_pWZeh Z[b [l[dje" Yec[djÂŒ gk[ [b eX`[j_# le [i YedY_[dY_Wh W bei YedZkYje# h[i Z[ l[^‡Ykbei" fWhW gk[ j[d]Wd c|i fh[YWkY_ÂŒd Wb YedZkY_h$ Æ;b Wdj[h_eh c[i" i[_i Y_Yb_ijWi ckh_[# hed [d bWi l‡Wi" [ijWcei kd_Zei feh kd X_[d Y_kZWZWde o [if[hW# cei gk[ dei Wfeo[d [d [b Z[iW# hhebbe Z[b Y_Ybe fWi[eÇ" W‹WZ_ÂŒ$ FWhW fWhj_Y_fWh Z[b [l[dje" bei Y_Yb_ijWi Z[X[d Wi_ij_h Yed ik h[if[Yj_le YWiYe o b_dj[hdW$ 7b Ă’# dWb_pWh [b h[Yehh_Ze i[ ZWh| kdW
Z[b jehd[e$ :khWdj[ [b fWhj_Ze ‘d_YWc[d# j[ Zei `k]WZeh[i \k[hed Wce# d[ijWZei Yed jWh`[jW WcWh_bbW" 7dZ[hied 7hc[dZ|h_p Z[b ?di# j_jkje EjWlWbe o >[dho H[YWbZ[ Z[b J[eZehe =ÂŒc[p" be gk[ Z[# ceijhÂŒ gk[ \k[ kdW Ă’dWb b_cf_W o i_d [d\h[djWc_[djei$
Ä“ĹŠ .2ĹŠ!(!+(23 2ĹŠ/ 13(1;-ĹŠ"#+ĹŠ 104#ĹŠ"#ĹŠ+ ĹŠ ,(+( ĹŠ' 23 ĹŠ#+ĹŠ 104#ĹŠ #"1.ĹŠ .-! 8.Ä“
Y^WhbW W jeZei bei Y_Yb_ijWi" fWhW _d\ehcWh ieXh[ bWi c[Z_ZWi Z[ fh[l[dY_Œd o fh[YWkY_Œd$ 7fhen_cWZWc[dj[ '&& f[h# iedWi i[h|d fWhj[ Z[ [ijW _d_Y_W# j_lW" gk[ YedjWh| Yed [b Wfeoe Z[b Ckd_Y_f_e Z[ ?XWhhW o bW Feb_Y‡W DWY_edWb$
:[ifkƒi Z[ Z[Ă’d_h W bei c[`e# h[i Z[ YWZW i[h_[ [d [b ?dj[h[i# YebWh Z[ <‘jXeb IkX '(" eY^e fbWdj[b[i ^Wd YbWi_Ă’YWZe fWhW bW i_]k_[dj[ hedZW" [d ZedZ[ i[ `k]Wh| XW`e bW ceZWb_ZWZ Z[ jeZei YedjhW jeZei$ Bei fbWdj[b[i gk[ Yedj_# d‘Wd XkiYWdZe [b j‡jkbe Z[b jehd[e ied BW IWbb[" CeZ[be" :ed 8eiYe" F[Zhe Z[ 7heX[" (. Z[ 7Xh_b" J[eZehe =ÂŒc[p" F[di_edWZe ÆBW L_Yjeh_WÇ o CWZh[ J[h[iW 8WYg$ Bei [gk_# fei \k[hed bei Zei c[`eh[i [d YWZW i[h_[" o i[ Z[Y_Z_ÂŒ ^WY[h fWiWh W bW i_]k_[dj[ hedZW W bei Zei c[`eh[i j[hY[hei [d bWi
Ä“ĹŠ 2ĹŠ#2!4#+ 2ĹŠ "#,4#231 -ĹŠ"( 1( ,#-3#ĹŠ04#ĹŠ2.-ĹŠ+ 2ĹŠ ,#).1#2ĹŠ#-ĹŠ#+ĹŠ3.1-#.Ä“
jh[i i[h_[i$ Bei Yej[`ei i[ [ij|d h[Wb_# pWdZe [d [b [ijWZ_e Z[ B_]W IWd C_]k[b o Bei IWkY[i" W fWhj_h Z[ bWi &.0)&$ :[ [ijWi _dij_jk# Y_ed[i iWbZh| [b h[fh[i[djWdj[ Z[ bW Y_kZWZ fWhW [b jehd[e _d# j[hYWdjedWb pedWb Z[ bW Z_iY_# fb_dW$
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
2., ($ ,)-Ĺ‹ / (. (Ĺ‹ š')Ĺ‹ -Ĺ‹0#0#,Ĺ‹-#(Ĺ‹&# ,. BW b_X[hjWZ Z[ fh[diW o Z[ [n# fh[i_ÂŒd [d ejhei fW‡i[i" [if[Y_Wb# c[dj[ [d C[Z_e Eh_[dj[ e XW`e ]eX_[hdei Yeckd_ijWi" [i b_c_jWZW e dkbW" i[]‘d bei j[ij_ced_ei Z[ Y_kZWZWdei Z[ [iWi dWY_ed[i gk[ l_l[d [d [b fW‡i" [bbei Z[ijWYWd bW _cfehjWdY_W Z[ [ij[ Z[h[Y^e$ 7bb|" Z_Y[d" bW ][dj[ o bei f[#
1;-Ä–ĹŠÄĽ #1.ĹŠ+( #13 "ÄŚĹŠ
Ĺ—ĹŠĹŠ
-ĹŠ 1;-ĹŠ+ ĹŠ2(34 !(¢-ĹŠ#2ĹŠ!1~3(! Ä“ĹŠ "(#ĹŠ/4#"#ĹŠ' + 1ĹŠ.ĹŠ!1(3(! 1ĔŊ/.1ĹŠ+.ĹŠ 04#ĹŠ+("#1 ĹŠ+ ĹŠ+(23 ĹŠ"#ĹŠ/ ~2#2ĹŠ!.-ĹŠ,;2ĹŠ /#1(."(23 2ĹŠ#-! 1!#+ ".2Ä“ĹŠ 2~ĹŠ1#+ 3 ĹŠ 4-ĹŠ!(4" " -.ĹŠ(1 -~ĔŊ04(#-ĹŠ"#)¢Ŋ24ĹŠ/ ~2ĹŠ ' !#ĹŠ,;2ĹŠ"#ĹŠÄˆÄŽĹŠ  .2ĹŠ8ĹŠ04#ĔŊ ĹŠ/#2 1ĹŠ"#ĹŠ 1#2("(1ĹŠ 04~ĔŊ3#,#ĹŠ"#!(1ĹŠ24ĹŠ-., 1#ĹŠ/.1Äą 04#ĹŠ"#2/4_2ĹŠ/."1~ ĹŠ3#-#1ĹŠ/1. +#, 2ĹŠ #-ĹŠ24ĹŠ/ ~2ĹŠ!4 -".ĹŠ5 8 ĹŠ"#ĹŠ5(2(3 Ä“ĹŠ ÄĄ 4(#-ĹŠ"(% ĹŠ +%.ĹŠ#-ĹŠ!.-31 ĹŠ"#+ĹŠ . (#1-.ĹŠ5 ĹŠ/1#2.ĹŠ"#ĹŠ4- ĹŠ.ĹŠ2(ĹŠ#2ĹŠ,;2ĹŠ $4#13#ēēēĢŊ8ĹŠ#+ĹŠ(1 -~ĹŠ' !#ĹŠ4-ĹŠ%#23.ĹŠ!.-ĹŠ24ĹŠ "#".ĹŠ!.,.ĹŠ1#/1#2#-3 -".ĹŠ+ ĹŠ,4#13#Ä“ĹŠ ÄĄ ++;ĹŠ#2ĹŠ/#.1ĹŠ04#ĹŠ#-ĹŠ3.".ĹŠ#+ĹŠ,4-".ĹŠ /.104#ĹŠ-(ĹŠ2(04(#1 ĹŠ.1% -(9 !(.-#2ĹŠ"#ĹŠ "#1#!'.2ĹŠ'4, -.2ĹŠ/4#"#-ĹŠ#-31 1ĢĔŊ !4#-3 ĹŠ#23#ĹŠ'., 1#ĔŊ04(#-ĹŠ"#)¢Ŋ24ĹŠ/ Äą 31( ĹŠ/.104#ĹŠ24ĹŠ$ ,(+( ĹŠ#23 ĹŠ#-ĹŠ"#2Äą !4#1".ĹŠ!.-ĹŠ#+ĹŠ . (#1-.Ä“ĹŠÄĄ .ĹŠ3#-~ ĹŠ +( #13 "ĢēŊ 1 ĹŠ_+ĔŊ !4 ".1ĹŠ '.1 ĹŠ#23;ĹŠ #,/#9 -".ĹŠ ĹŠ1#!.11#1ĹŠ#2.2ĹŠ/ 2.2Ä“ĹŠ
-%+ "#2'Ä–ĹŠ ÄĽ .-Ä„(!3.2ĹŠ-.ĹŠ $#!3 -ÄŚ
ĹŠ -%+ "#2'ĹŠ2#ĹŠ#-!4#-31 ĹŠ!#1! ĹŠ Ĺ—"#ĹŠ/ ~2#2ĹŠ"#ĹŠ #"(.ĹŠ 1(#-3#ĹŠ04#ĹŠ2#ĹŠ
#-!4#-31 -ĹŠ#-ĹŠ%4#11 Ä“ĹŠ (-ĹŠ#, 1%.ĔŊ 4+3 -ĹŠ ',#"' 9(ŊĸĊÄ?ĚŊ#7/+(! ĹŠ04#ĹŠ #+ĹŠ31 ).ĹŠ/#1(."~23(!.ĹŠ-.ĹŠ2#ĹŠ' ĹŠ5(23.ĹŠ $#!3 ".Ä“ĹŠÄĄ .2.31.2ĹŠ/."#,.2ĹŠ"#!(1ĹŠ ++;ĹŠ+ 2ĹŠ!.2 2ĹŠ!.,.ĹŠ2.-ĹŠ2(-ĹŠ3#,.1Ä“ĹŠ ."#,.2ĹŠ!1(3(! 1ĹŠ +ĹŠ . (#1-.ĹŠ.ĹŠ #7/1#2 1ĹŠ+.ĹŠ04#ĹŠ-.2ĹŠ/ 1#!#ĹŠ04#ĹŠ#23;ĹŠ , +ĢĔŊ(-"(!¢ē
h_eZ_ijWi de fk[Z[d Yh_j_YWh" ef_dWh e fkXb_YWh ieXh[ Wb]e gk[ [ijƒ [d YedjhW Z[ bWi Wkjeh_ZW# Z[i e Z[ iki feb‡j_YWi feh j[ceh W h[fh[iWb_Wi" fh_i_Œd [ _dYbki_l[ bW ck[hj[$ 7Z[c|i" Wb[hjWd gk[ feYe W feYe [ije feZh‡W ZWhi[ [d ;YkWZeh i_ bWi YeiWi Yedj_d‘Wd feh [b hkcXe WYjkWb$
4 ĖŊ ļ 1(2(¢-Ŋ/.1Ŋ' + 1ČŊ
Ĺ—ĹŠ
ÄĄ -ĹŠ 4 ĹŠ-.ĹŠ+.ĹŠ/4#"#2ĹŠ' !#1Ä–ĹŠ ' + 1ĹŠ#-ĹŠ!.-31 ĹŠ"#+ĹŠ . (#1-.ĹŠ.ĹŠ !1(3(! 1ĢĔŊ!4#-3 ĹŠ + (-ĹŠ ."1~%4#9ŊĸĊćĚĔŊ 04(#-ĹŠ' !#ĹŠ31#2ĹŠ  .2ĹŠ1#2("#ĹŠ#-ĹŠ#+ĹŠ/ ~2Ä“ĹŠ .ĹŠ2¢+.ĹŠ+.2ĹŠ!(4" " -.2ĹŠ#23;-ĹŠ/1(5 ".2ĹŠ "#ĹŠ#7/1#2 12#ĹŠ+( 1#,#-3#ĔŊ2(-.ĹŠ04#ĹŠ 3." ĹŠ+ ĹŠ/1#-2 ĹŠ8ĹŠ,#"(.2ĹŠ"#ĹŠ!.,4-(Äą ! !(¢-ĹŠ#23;-ĹŠ ĹŠ$ 5.1ĹŠ"#+ĹŠ . (#1-.ĔŊĥ-.ĹŠ #7(23#ĹŠ +%4-.ĹŠ04#ĹŠ#23_ĹŠ#-ĹŠ!.-31 Ģē +ĹŠ/1. +#, ĔŊ"(!#ĔŊ#2ĹŠ04#ĹŠÄĄ2(ĹŠ,#ĹŠ #2!4!' -ĹŠ#-ĹŠ+ ĹŠ! ++#ĹŠ"#!(1ĹŠ +%.ĔŊ,#ĹŠ++#Äą 5 -ĹŠ ĹŠ+ ĹŠ#23 !(¢-ĹŠ"#ĹŠ .+(!~ ĢēŊ .1ĹŠ#23.ĔŊ + ĹŠ%#-3#ĹŠ#-ĹŠ+ ĹŠ(2+ ĹŠ/1#ă#1#ĹŠ-.ĹŠ!1(3(! 1ĹŠ /.1ĹŠ3#,.1ĹŠ ĹŠ(1ĹŠ ĹŠ+ ĹŠ!;1!#+Ä“ĹŠ
*(23;-Ä–ĹŠ ÄĽ 4 .ĹŠ, +.2ĹŠ3(#,/.2ÄŚĹŠ
ĹŠ ##- ĹŠ ) ĹŠ#2ĹŠ"#ĹŠ 2+ , "ĔŊ Ĺ— *(23;-Ä“ĹŠ^+ĹŠ8 ĹŠ5(5#ĹŠ,;2ĹŠ"#ĹŠÄˆÄ‡ĹŠ  .2ĹŠ
#-ĹŠ#+ĹŠ/ ~2ĹŠ8ĹŠ#23;ĹŠ"#ĹŠ !4#1".ĹŠ!.-ĹŠ04#ĹŠ #7(23 ĹŠ+( #13 "ĹŠ"#ĹŠ/1#-2 Ä“ĹŠ 4-04#ĹŠ"(!#ĹŠ 04#ĹŠ24ĹŠ- !(¢-ĹŠ' ĹŠ 5 -9 ".ĹŠ,4!'.ĹŠ#-ĹŠ #23#ĹŠ2#-3(".ĔŊ1#!4#1" ĹŠ04#ĹŠ -3#2ĹŠ"#ĹŠ ĉććĊŊ+ ĹŠ2(34 !(¢-ĹŠ#1 ĹŠ.31 Ä“ĹŠÄĄ ĹŠ/1#-2 ĹŠ -.ĹŠ/."~ ĹŠ"#!(1ĹŠ- " ĹŠ#-ĹŠ!.-31 ĹŠ"#+ĹŠ . (#1-.Ä“ĹŠ '.1 ĹŠ#-ĹŠ3.".ĹŠ,.,#-3.ĹŠ ' 8ĹŠ"#-4-!( 2ĹŠ"#ĹŠ!.114/!(¢-ĢēŊ +ĹŠ! , (.ĔŊ2#%ĂŒ-ĹŠ1#+ 3 ĔŊ2#ĹŠ"# (¢Ŋ ĹŠ 04#ĹŠ"41 -3#ĹŠ4-ĹŠ  .ĹŠ+.2ĹŠ/#1(."(23 2ĹŠ2 Äą +(#1.-ĹŠ ĹŠ+ 2ĹŠ! ++#2ĹŠ ĹŠ/1.3#23 1Ä“ĹŠ #2/4_2ĔŊ +.%1 1.-ĹŠ04#ĹŠ2#ĹŠ(-23 41 1 -ĹŠ/.+~3(! 2ĹŠ 04#ĹŠ$ 5.1#!#-ĹŠ+ ĹŠ+( #13 "ĹŠ"#ĹŠ/1#-2 Ä“ĹŠ
ĹŠ #2"#ĹŠÄˆÄ’Ä’ÄŠÄ”ĹŠ+ ĹŠ -#2!.ĹŠ!1#¢Ŋ#+ĹŠ ~ ĹŠ 4-"( +ĹŠ"#ĹŠ + ĹŠ ( #13 "ĹŠ"#ĹŠ 1#-2 Ä“
ÂĄ Ä“ĹŠ ĹŠÄƒ%41 ĹŠ"#ĹŠ 4%#-(.ĹŠ 2/#).ĔŊ'#!' ĹŠ#-ĹŠ#2/.-) ĔŊ1#!.11(¢Ŋ5 1( 2ĹŠ! ++#2ĹŠ"#ĹŠ+ ĹŠ! /(3 +Ä“ĹŠ
Ä’ 3Ĺ‹+/ Ĺ‹" ,Ĺ‹ /(Ĺ‹* ,#) #-')Ĺ‹ '6-Ĺ‹0 &# (. Ä“Ĺ‹ #!#- 2ĹŠ"#ĹŠ/#12.- 2ĹŠ2#ĹŠ24, 1.-ĹŠ 8#1ĹŠ +ĹŠ$#23#).ĹŠ/.1ĹŠ#+ĹŠ ~ ĹŠ"#ĹŠ+ ĹŠ ( #13 "ĹŠ"#ĹŠ 1#-2 ĹŠ8ĹŠ ĹŠ+ ĹŠ"#$#-2 ĹŠ"#ĹŠ#23#ĹŠ"#1#!'.Ä“ĹŠ JeZei Ye_dY_Z_[hed [d Wb]e0 i_d b_X[hjWZ Z[ fh[diW o Z[ [nfh[# i_ÂŒd bei i[h[i ^kcWdei de fk[# Z[d l_l_h" ckY^e c[dei kdW Z[# ceYhWY_W$ ;ijkZ_Wdj[i" f[hiedWi Z[ bW j[hY[hW [ZWZ o f[h_eZ_ijWi i[ YedY[djhWhed Wo[h [d Gk_je fWhW Y[b[XhWh [b :‡W CkdZ_Wb Z[ bW B_X[hjWZ Z[ Fh[diW$ 8W`e [b b[cW ĂˆL_l[ jk b_X[hjWZ Z[ [nfh[i_ÂŒdÉ" Zei ]hWdZ[i ced_# ]ej[i Z[ ;k][d_e ;if[`e" [b fh_# c[h f[h_eZ_ijW gk[ jkle [b fW‡i" gk_[d Z[\[dZ_ÂŒ bW _cfehjWdY_W Z[ _d\ehcWh" h[Yehh_[hed bW YWf_jWb$ Feh bWi Wl[d_ZWi '& Z[ 7]eije" 7cWpedWi" , Z[ :_Y_[cXh[ o :[ bei I^oh_i" bW ][dj[ eXi[hlÂŒ Ykh_e# iWc[dj[ [b fWiWh Z[b h[\[h[dj[ Z[ [ij[ eĂ’Y_e [d [b fW‡i$ O" \h[dj[ W bW i_jkWY_ÂŒd WYjkWb" jeZei [d\Wj_pWhed gk[ de i[ Z[`W# h|d _dj_c_ZWh o Yedj_dkWh|d dW# hhWdZe bW h[Wb_ZWZ" Wkd YkWdZe Wb =eX_[hde de b[ ]kij[$ .-!#-31 !(¢-
:[iZ[ Wdj[i Z[ bWi '&0&&" bW ][d#
j[ Yec[dpÂŒ W bb[]Wh fWhW [b fbWd# jÂŒd [d bWi Wl[d_ZWi DWY_ed[i Kd_ZWi o 7cWpedWi$ 8ejed[i o fkbi[hWi i[ h[fWhj_[hed fWhW h[# YehZWh W bei [YkWjeh_Wdei bW _c# fehjWdY_W Z[ [ij[ Z[h[Y^e$ 7kdgk[ ckY^ei Z[ bei jhWd# i[‘dj[i de iWX‡Wd gkƒ i[ Yedc[# cehWXW" YedYehZWhed [d gk[ ik [n_ij[dY_W [i \kdZWc[djWb$ <[h# dWdZe Ceh[de +) [i Yedi[h`[$ BW Ykh_ei_ZWZ be ^_pe Z[j[d[hi[ o [nfh[iWh ik _dYed\ehc_ZWZ$ Æ;b Fh[i_Z[dj[ de Z[`W ^WXbWh Wb fk[Xbe" Z[Y_h be gk[ de dei ]ki# jW$ I[ dei _cf_Z[Ç" Yh_j_YÂŒ$ JWcX_ƒd J[h[iW Ceh_bbe ,+ " gk_[d WYkZ_ÂŒ Yed ejhWi Wc_]Wi" ieij[d‡W kd b[jh[he0 Æ9ehh[W j_# hWde$ 9|bbWj[ o [iYkY^W Wb fk[# Xbe$ De c|i YWZ[dWiÇ$ 7 l_lW lep" ]h_jWXW W \Wleh Z[b jhWXW`e f[h_eZ‡ij_Ye$ ÆDWY_cei b_Xh[i o [ie gk[h[cei fWhW dk[ijhei ^_# `ei$ F[he [ij[ =eX_[hde dei [ij| gk[h_[dZe fed[h kdW cehZWpW o de feZ[cei Z[`Wh gk[ [ie fWi[Ç" W‹WZ_ÂŒ$
#2"#ĹŠ.31.2ĹŠ 2#!3.1#2 Ĺ—ĹŠĹŠ
+ĹŠ/1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ #"#1 !(¢-ĹŠ"#ĹŠ ;, 1 2ĹŠ"#ĹŠ .,#1!(.ĹŠ"#+ĹŠ !4 ".1ĔŊ + 2!.ĹŠ # '#11#1 ĹŠ .+ 'ĔŊ 2#Äą 5#1¢Ŋ04#ĹŠÄĄ+ ĹŠ+( #13 "ĹŠ#2ĹŠ4- ĹŠ2.+ ĔŊ (-"(5(2( +#ĔŊ(11#-4-!( +#ĹŠ/1(-!(/(.ĹŠ8ĹŠ ă-ĹŠ"#ĹŠ3." ĹŠ2.!(#" "ĹŠ"#,.!1;3(! ĢĔŊ /#1.ĹŠ04#ĹŠ#-ĹŠ#+ĹŠ/ ~2ĔŊ/.1ĹŠ+ ĹŠÄĄ/.+~3(! ĹŠ /1#/.3#-3#ĹŠ8ĹŠ 42(5 ĹŠ"#+ĹŠ . (#1-.ĹŠ2#ĹŠ #23;ĹŠ++#% -".ĹŠ ĹŠ4- ĹŠ3(1 -~ ĔŊ".-"#ĹŠ+ 2ĹŠ %1#2(.-#2ĹŠ ĹŠ/#1(."(23 2ĹŠ2.-ĹŠ-4,#1.Äą 2 2ĹŠ8ĹŠ+ ĹŠ/#12#!4!(¢-ĹŠ ĹŠ+.2ĹŠ,#"(.2ĹŠ"#ĹŠ !.,4-(! !(¢-ĹŠ!.-23 -3#2ĢēŊ
/.8.
;ijkZ_Wdj[i Z[ f[h_eZ_ice Z[ bWi kd_l[hi_ZWZ[i jWcX_ƒd WYk# Z_[hed Wb fbWdjÂŒd$ L_Y[dj[ Eh# ZŒ‹[p" fh[i_Z[dj[ Z[ bW Kd_ÂŒd DWY_edWb Z[ F[h_eZ_ijWi KDF " Wi[l[hÂŒ gk[ [b Z[iW\‡e Z[ bei f[h_eZ_ijWi W^ehW [i Æl[dY[h [b c_[Ze o ^WY[h kd f[h_eZ_ice c|i lWb_[dj[Ç$ 9h_j_YÂŒ [b WYeie f[hcWd[dj[ gk[ [n_ij[ YedjhW bei fhe\[i_edW# b[i" gk_[d[i Z[X[d feZ[h _d\eh# cWh i_d Y[dikhWi$ @^eddo L_j[h_" f[h_eZ_ijW ZkhWdj[ (- W‹ei" cWd_\[ijÂŒ gk[ [n_ij[ kdW YedjhWZ_YY_ÂŒd [d [b =eX_[hde" Ægk[ i[ Z_Y[ h[lebk# Y_edWh_e f[he gk[ XkiYW WZk[# ‹Whi[ Z[ bW l[hZWZÇ$ Feh ik fWhj[" [b [Z_jeh =ed# pWbe Hk_p Ă›blWh[p i[‹WbÂŒ gk[ bW \kdY_ÂŒd Z[ bei f[h_eZ_ijWi [i i[h c[Z_WZeh[i Yed [b fk[Xbe o h[# l[bWh be gk[ [b feZ[h gk_[h[ eYkb# jWh$ ÆDk[ijhW fei_X_b_ZWZ Z[ i[# ]k_h Z_Y_[dZe bWi YeiWi ^Wo gk[ Z[\[dZ[hbW WX_[hjWc[dj[ o ^WijW [b ‘bj_ce c_dkjeÇ" W]h[]ÂŒ$
)( ( ŋ ŋ . +/ -ŋ3ŋ")-.#! '# (.)ŋ ŋ* ,#) #-. Ŋš LWh_Wi h[WYY_ed[i i[ ][d[hW#
hed Wo[h [d [b ckdZe" feh [b :‡W Z[ bW B_X[hjWZ Z[ Fh[diW$ Ck# Y^ei [d Z[\[diW Z[ [ij[ Z[h[Y^e o ejhei jWdjei fh[eYkfWZei feh bW lkbd[hWX_b_ZWZ Z[ [ijei j_[cfei$ ;b i[Yh[jWh_e ][d[hWb Z[ bW EDK" 8Wd A_#ceed" ikXhWoÂŒ gk[ [ij[ Z[# h[Y^e Yedij_jko[ ÆbW XWi[ Z[ jeZWi bWi Z[c|i b_X[hjWZ[i o [i [b \kdZW# c[dje Z[ bW Z_]d_ZWZ ^kcWdWÇ$ 8Wd" [d kd c[diW`[ Yed`kd# je Yed bW Z_h[YjehW ][d[hWb Z[ bW Kd[iYe" ?h_dW 8eaelW" Z[ijWYÂŒ jWcX_ƒd gk[ bW [n_ij[dY_W Z[ c[# Z_ei Z[ Yeckd_YWY_ÂŒd Æb_Xh[i"
fbkhWb_ijWi [ _dZ[f[dZ_[dj[i [i [i[dY_WbÇ$ 7cXei h[YehZWhed gk[ ÆbW b_# X[hjWZ Z[ bei c[Z_ei Z[ Yeckd_YW# Y_ÂŒd ikfed[ bW b_X[hjWZ Z[ ef_d_ÂŒd o [djhW‹W [b Z[h[Y^e Z[ _dl[ij_]Wh o h[Y_X_h _d\ehcWY_ed[i o ef_d_ed[i" o [b Z[ Z_\kdZ_hbWi" i_d b_c_jWY_ÂŒd Z[ \hedj[hWi" feh YkWbgk_[h c[Z_e Z[ [nfh[i_ÂŒdÇ$ I_d [cXWh]e" i[]‘d [b ?dij_jk# je ?dj[hdWY_edWb Z[ Fh[diW ?F? " YkWdZe Wf[dWi ^Wd jhWdiYkhh_Ze YkWjhe c[i[i Z[ (&'(" Æ[ij[ W‹e i[ f[hĂ’bW Yece [b c|i b[jWb fWhW bei f[h_eZ_ijWiÇ$
7i‡ be WZl_[hj[ [b ?F? [d kd Yeckd_YWZe j_jkbWZe ĂˆCk[hj[ Z[ f[h_eZ_ijWi Wkc[djW ZhWc|j_YW# c[dj[É$ Æ;d [b fh_c[h jh_c[ijh[ Z[ (&'(" (/ f[h_eZ_ijWi \k[hed Wi[i_dWZei W YWkiW Z[ ik jhWXW`e$ Feh [ie" _dijW W [ijWXb[Y[h kd [gk_fe Z[ _dl[ij_]WZeh[i _dj[h# dWY_edWb[i _dZ[f[dZ_[dj[i gk[ jhWXW`[d Yed W][dY_Wi ]kX[hdW# c[djWb[i [d bW _dZW]WY_ÂŒd Z[ WjW# gk[i YedjhW f[h_eZ_ijWi$ H[fehj[hei i_d <hedj[hWi HI< " [d YWcX_e" Z[dkdY_ÂŒ gk[ kd f[h_e# Z_ijW ^W i_Ze Wi[i_dWZe YWZW Y_dYe Z‡Wi [d be gk[ lW Z[ W‹e$
ēŊ -($#23 !(.-#2Ŋ2#Ŋ'(!(#1.-Ŋ#-Ŋ5 1( 2Ŋ/ 13#2Ŋ"#+Ŋ/+ -#3 ēŊ -Ŋ #-#1(Ĺ $#ĔŊ"#!#- 2Ŋ"#Ŋ/#1(."(23 2Ŋ,.-3 1.-Ŋ#23#Ŋ! 13#+ēŊ
ƒ Ă
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
( # .)ŋÄ(# )ŋ ŋ )*)-# #š(ŋ*) ,v ŋ Ē'),#,ēŋ (. -ŋ ŋĒ( ,ēŋ
#%ĂŒ-ĹŠ - +(23 2ĹŠ8ĹŠ /.+~3(!.2ĔŊ+ ĹŠ! -"(Äą " 341 ĹŠ"#ĹŠ . . ĹŠ ' 1~ ĹŠ2 +(".ĹŠ"#2Äą "#ĹŠ#+ĹŠ.ă!( +(2,.Ä“ĹŠĹŠ
ēŊ .2Ŋ4-($.1, ".2Ŋ 1, 1.-Ŋ24Ŋ! 1/ 2Ŋ#-Ŋ+ Ŋ + 9 Ŋ 1 -"#ĔŊ3 +Ŋ!.,.Ŋ+.Ŋ ' !~ -Ŋ#-Ŋ#+Ŋ! ,/.Ŋ"#Ŋ 3 ++ ēŊ
,). -. Ĺ‹ 2 )' .# (. -Ĺ‹ . Ĺ‹ Ĺ‹-/Ĺ‹ '#&# Ĺ‹
9ed\b_Yjei f[hiedWb[i o ^WijW \Wc_b_Wh[i ][d[hÂŒ bW WYY_ÂŒd gk[ .2ĹŠ/1. +#, 2ĹŠ [cfh[dZ_[hed bei [nYecXWj_[d# KhX_Wb[i WĂ’hcÂŒ gk[ [d [ij[ ce# j[i Z[b 9[d[fW Z[ '//+$ ÆFeh f[# c[dje [ij| i[fWhWZe Z[ ik ^e]Wh b[Wh feh dk[ijhei Z[h[Y^ei" [d feh ik fhej[ijW$ ÆC_i Yedl_YY_e# dk[ijhWi YWiWi jWcX_ƒd ^[cei d[i o c_i fh_dY_f_ei c[ eXb_]Wd j[d_Ze fheXb[cWi fk[i i[ Z[i# W i[]k_h [d bW bkY^WÇ" [nfh[iW Yed [gk_b_XhW bW [Yedec‡W Z[b ^e]WhÇ" deijWb]_W$ ÆC_ [ifeiW c[ f_Z[ Z_`e CWhYe KhX_Wb[i" gk_[d \ehcW gk[ c[ Z[Z_gk[ W bW \Wc_b_W o h[# fWhj[ Z[b ]hkfe Z[ kd_\ehcWZei jec[ bWi WYj_l_ZWZ[i dehcWb[iÇ$ if gk[ ^WY[d Æl_]_b_WÇ \h[dj[ Wb Bei h[YbWcei Z[ ik [ifeiW i[ FWbWY_e Z[ =eX_[hde Z[i# l[d Yecf[diWZei Yed bW Z[ [b bkd[i fWhW [n_]_h bW ĹŠ YecfW‹‡W Z[ ik ^_`e :_# Z[he]Wjeh_W Z[ bW B[o Z[ bWd" Z[ + W‹ei" gk_[d [d >ƒhe[i$ lWh_Wi eYWi_ed[i fWiÂŒ bW ;d [b YedĂ“_Yje Z[b 9[# #%ĂŒ-ĹŠ+.2ĹŠ #7!., 3(#-3#2ĔŊ deY^[ `kdje ik fWZh[ [d d[fW Z[ '//+" KhX_Wb[i \k[ 4-.2ŊĊććŊŊ kdW Z[ bWi YWhfWi YebeYW# [b [dYWh]WZe Z[b WXWij[# 143 ,ĹŠĹŠ5#-"1;-ĹŠ ZWi \h[dj[ W 9WhedZ[b[j$ "#2"#ĹŠ ! 2ĔŊ Y_c_[dje Z[ YecXWj[ o Z[ ,.1 ĔŊ 48.Ä“ĹŠ ÆC_ ^_`e [i kd \Wd|j_Ye Z[b jhWibWZWh bW be]‡ij_YW ^WY_W ;`ƒhY_je o c[ WfeoW _dYed# bei Z[ijWYWc[djei c_b_jW# ĹŠ Z_Y_edWbc[dj[Ç$ Ik ^_`W h[i$ 9Wi_ '- W‹ei Z[ifkƒi" 9WhbW" Z[ '/ [i c|i ÆYWkjW [d [b YWcfWc[dje WYedZ_# o d[kjhWbÇ" i[‹WbÂŒ$ Y_edWZe [d bW FbWpW =hWd# #2"#ĹŠ 8#1ĔŊŊ+.2ĹŠ #7!., 3(#-3#2ĹŠĹŠ Z[" [d Gk_je" jWcX_ƒd [i [b #,/#9 1.-ĹŠ ĹŠ 31 ĹŠ'(23.1( h[ifediWXb[ Z[ fh[fWhWh 1#!.%#1ĹŠ$(1, 2ĹŠ "#ĹŠ /.8.ĹŠ"#ĹŠ+.2ĹŠ ;b YWie Z[b iWh][dje Jkb_e bei Wb_c[djei fWhW iki 31 -2#ĂŒ-3#2Ä“ĹŠĹŠ ;ijkf_‹|d" gk_[d [d '//+
+#5 -ŊĊććē YecfW‹[hei$ 9W\ƒ Yed \k[ Wi_]dWZe W bW ĂˆOÉ Z[b b[Y^[ [d bWi cW‹WdWi" kd 9[d[fW" jWcfeYe [i Z[iYe# Wbck[hpe o kdW c[h_[dZW Ædeh# deY_Ze fWhW iki [nYecfW‹[hei Z[ cWbÇ [i [b c[d‘ Z_Wh_e" h[bWjW$ WhcWi$ ÆOe ieo Y[dj_d[bW i_d h[b[# BW YWiW Z[ kde Z[ [bbei" kX_# le" o [ijWhƒ Wgk‡ ^WijW Z[hhWcWh YWZW [d [b ikh" [i [b ÆYkWhj[bÇ bW ‘bj_cW ]ejW$$$Ç" Z_`e [b kd_\ehcW# ZedZ[ i[ fh[fWhWd bei Wb_c[d# Ze" gk_[d bb[]ÂŒ Z[iZ[ =kWoWgk_b$ jei$ F[he Æfeh i_ bWi ZkZWiÇ BW Yeckd_YWY_ÂŒd Yed ik [ifeiW [d Ædk[ijhei Z[fWhjWc[djeiÇ DWhY_iW o ik ^_`W 9Whc[d [i f[h# YWhfWi " jWcX_ƒd j[d[cei [b cWd[dj[$ Æ7^ehW Yed [b Y[bkbWh [i WXWij[Y_c_[dje d[Y[iWh_e0 Xeb# c|i \|Y_b1 [d bW i[blW bW Yeckd_YW# iWi Z[ Zehc_h" YeY_dWi Z[ YWc# Y_ÂŒd [hW dkbWÇ" Z_`e$ fW‹W" h[l[hX[hei W ]Wi" b_dj[h# dWi" ^WcWYWi" YecfkjWZehWi" 5# ĹŠ4- ĹŠ$.3.% +#1~ ĹŠ#-Ä– j[bƒ\edei Y[bkbWh[i$$$ de [ijW# 666Ä“+ '.1 Ä“!.,Ä“#! cei Z[ifh[l[d_ZeiÇ" W]h[]ÂŒ$
. . ĹŠ5#1242ĹŠ 22. ĹŠ -3( %.ĹŠ 2 #ĹŠ3 , (_-ĹŠ. 2#15 ĹŠ.31 ĹŠ"($#1#-!( ĹŠ#-31#ĹŠ+ ĹŠ! -"(" 341 ĹŠ"#ĹŠ Ĺ— 4(++#1,.ĹŠ 22.ĹŠ8ĹŠĹŠ+ ĹŠ"#ĹŠ:+5 1.ĹŠ . . Ä“ĹŠ ĹŠ/1(,#1 ĹŠ!.11#2/.-"#ĹŠ ĹŠ+ ĹŠ"#ĹŠ4- ĹŠ
/.2(!(¢-ĹŠ/.+~3(!.Äą("#.+¢%(! ĹŠ8ĹŠ#2ĹŠ#+ĹŠ1#24+3 ".ĹŠ"#ĹŠ4-ĹŠ/1.!#2.ĹŠ"#ĹŠ1# %14/ ,(#-Äą 3.ĹŠ"#ĹŠ2#!3.1#2ĹŠ"#ĹŠ!#-31.ĹŠ"#1#!' ĔŊ$4-" ,#-3 +,#-3#ĹŠ"#ĹŠ+ ĹŠ!.23 ĹŠ8ĹŠ!.-ĹŠ!+ 1 2ĹŠ #7/#!3 3(5 2ĹŠ"#ĹŠ! 1;!3#1ĹŠ/.+~3(!.Ä–ĹŠÄĄ% - 1ĹŠ+ 2ĹŠ#+#!!(.-#2ĹŠ8ĹŠ3#-#1ĹŠ#2/ !(.2ĹŠ"#ĹŠ "#!(2(¢-ĢĔŊ"(!#Ä“ĹŠ ÄĄ +ĹŠ#5#-34 +ĹŠ /.8.ĹŠ ĹŠ+ ĹŠ! -"(" 341 ĹŠ"#ĹŠ 22.ĹŠ/.1ĹŠ/ 13#ĹŠ"#ĹŠ2#!3.1#2ĹŠ!.,.ĹŠ +.2ĹŠ2.!( +ĹŠ!1(23( -.2ĹŠ.ĹŠ "#1 ĹŠ"#ĹŠ 4#11#1.ĔŊ-.ĹŠĹŠ/ 1#!#ĹŠ2#1ĹŠĹŠ+#) - ĢĔŊ 2#%4Äą 1 Ä“ĹŠĹŠ ĹŠ/1(,#1 ĹŠ(,/1#2(¢-ĹŠ"#ĹŠĹŠ -1(04#ĹŠĹŠ #11#1~ Ŋĸ#7ĹŠ ĚĔŊ +(-# ".ĹŠ ĹŠ#23.2ĹŠ 2#!3.1#2ĔŊ#2ĹŠ04#ĹŠĹŠ+ ĹŠ/.234+ !(¢-ĹŠ"#ĹŠ 22.ĹŠ#2ĹŠĹŠÄĄ!.,/1#-2( +#ĢŊ8 ĹŠ04#ĹŠ!4#-3 ĹŠ !.-ĹŠ#+ĹŠ1#2/ +".ĹŠ.ă!( +ĹŠ"#+ĹŠ .5(,(#-3.ĹŠ !(.- +ĹŠ ĔŊ,(#-31 2ĹŠ04#ĹŠ#2ĹŠĹŠ"($~!(+ĹŠ #-3#-"#1ĹŠ+ ĹŠ/.2(!(¢-ĹŠ"#+ĹŠ 1( -Ä“ĹŠ .,#-3¢Ŋ04#ĹŠ+ ĹŠ"#!(2(¢-ĹŠ"#ĹŠ /.8 1ĹŠ.ĹŠ-.ĹŠ ĹŠ 4(++#1,.ĹŠ 22.ĹŠ#23;ĹŠ#-ĹŠ#+ĹŠ+~"#1ĹŠ "#+ĹŠ ĔŊ (,#ĹŠ # .3Ä“
BW j[i_i Z[b YWdZ_ZWje ‘d_Ye Z[ efei_Y_ÂŒd feZh‡W Z_bk_hi[" i[# ]‘d lWh_ei WdWb_ijWi$ ;i gk[ bW Z[Y_i_ÂŒd" ^WijW [b cec[dje" Z[ BkY_e =kj_ƒhh[p FIF " Ă›blWhe DeXeW Fh_Wd o =k_bb[hce BWiie 9H;E " Z[ j[hY_Wh [d bWi [b[YY_e# d[i fh[i_Z[dY_Wb[i Z[ (&')" _c# f[Z_h‡W bW Yed\ehcWY_ÂŒd Z[ kdW iebW \k[hpW feb‡j_YW Yedj[dZehW Z[b YWdZ_ZWje eĂ’Y_Wb" gk[ [l[d# jkWbc[dj[ i[h‡W [b fh[i_Z[dj[" ŊěŊ +ĹŠ"(1#!3.1ĹŠ"#+ĹŠ #15(!(.ĹŠ"#ĹŠ #-3 2ĹŠ -3#1- 2Ŋĸ ĚĔŊ 1+.2ĹŠ 17ĹŠ HW\W[b 9ehh[W$ 11 2!.ĔŊ-#%¢Ŋ04#ĹŠ#7(23 ĹŠ +%4- ĹŠ/#12#!4!(¢-ĹŠ ĹŠ+ 2ĹŠ#,/1#2 2ĹŠ"#ĹŠ:+5 1.ĹŠ F[he WdWb_ijWi feb‡j_Yei" Yece . . ĹŠ .-3¢-Ŋĸ 1( -Ěē IWdj_W]e 8WiWX[ o B[ÂŒd ;if_# # +¢Ŋ04#ĹŠ+ ĹŠ#-3(" "ĹŠ#23;ĹŠÄĄ31 3 -".ĹŠ"#ĹŠ' !#1ĹŠ!4,/+(1ĹŠ!.-ĹŠ+ 2ĹŠ. +(% !(.Äą depW" WZl_hj_[hed _dYbkie gk[ bW -#2ĹŠ31( 43 1( 2ĹŠ ĹŠ+ 2ĹŠ#,/1#2 2ĹŠ"#ĹŠ%14/.ĹŠ . . ĔŊ!.-ĹŠ+ ĹŠ04#ĹŠ, -3(#-#ĹŠ5 1(.2ĹŠ YWdZ_ZWjkhW Z[ DeXeW [ijWh‡W +(3(%(.2ĹŠ)4"(!( +#2ĹŠ/.1ĹŠ#+ĹŠ-.ĹŠ/ %.ĹŠ"#ĹŠ(,/4#23.2ĹŠ"#2"#ŊĉććĎĢē fhef_Y_WZW Z[iZ[ [b fhef_e eĂ’# Y_Wb_ice o \ehcWh‡W fWhj[ Z[ kdW hWdj[i Æ\hkijhWÇ bW YWdZ_ZWjk# [djh[ i[Yjeh[i Z[ efei_Y_ÂŒd gk[ [ijhWj[]_W fWhW j[d[h kd YWdZ_# hW Z[ efei_Y_ÂŒd$ Æ7 f[iWh Z[ bei ]WhWdj_Y[d kd fheY[ie Æ\k[hj[ ZWje gk[ _cf_ZW gk[ bei fWhj_Zei [i\k[hpei gk[ ^_Y_cei Wb]kdei gk[ f[hc_jW [d\h[djWh bW cWgk_# Z[ efei_Y_ÂŒd be]h[d kdW b[]_ibWZeh[i fWhW fhe# dWh_W ]kX[hdWc[djWbÇ$ lejWY_ÂŒd _cfehjWdj[$ cel[h kdW YWdZ_ZWjkhW ĹŠ Æ$$$I[ XkiYW Z_l_Z_h Wb ik\_Y_[dj[c[dj[ \k[hj[ 1(3#1(.2ĹŠ [b[YjehWZe o gk[ 9ehh[W fWhW Z[hhejWh bW fei_Xb[ CehWb[i i[ ceijhÂŒ efj_c_ijW i[W [b[]_Ze [d bW fh_c[hW ĹŠ(904(#1" ĹŠ-.ĹŠ h[[b[YY_ÂŒd Z[ 9ehh[W" Z[b Wfeoe cWoeh_jWh_e gk[ fe# !.11#~23 ĹŠ3 ,Äą lk[bjWÇ" ef_dÂŒ 8WiWX[" jhWi (_-ĹŠ' ĹŠ -4-!( Äą [ije gk[ZWh| [d [b b_c# Zh‡W h[Y_X_h DeXeW" Ægk_[d oW i[‹WbWh gk[ bW YWdZ_ZWjkhW ".ĹŠ24ĹŠ(-3#-!(¢-ĹŠ "#ĹŠ4-ĹŠ! -"(" 3.ĹŠ XeÇ" i[‹WbÂŒ >[hh[h‡W Wb ^W [d\h[djWZe Yed ƒn_je YkW# Z[ DeXeW Æde [i f[diWZW" ĂŒ-(!.Ä“ h[fheY^Wh bW WYj_jkZ ÆYÂŒ# jhe [b[YY_ed[i Wb ^WX[h fWiWZe d_ Z[i[WZW feh ƒb" [ _dYbkie ceZWÇ Z[b Fh_Wd" YkoW W bW i[]kdZW lk[bjW [b[YjehWbÇ$ fk[Z[ i[h kdW h[ifk[ijW ĹŠ feijkhW feb‡j_YW ^W i_Ze Æ:_Wbe]Wh[cei Yed jeZei bei feb‡j_YW W kd fheXb[cW Z[ Æfeh Z[c|i j_X_WÇ \h[dj[ fh[YWdZ_ZWjei" f[he jWcX_ƒd YWh|Yj[h jh_XkjWh_e$ C|i W bWi WYjkWY_ed[i Z[b =e# \ehjWb[Y[h[cei bW YWdZ_ZWjk# gk[ [b Fh_Wd" [b gk[ fh[i_e# 22.ĹŠ"#) 1~ ĹŠ#+ĹŠ X_[hde$ hW Z[ DeXeW" _dYbkie Z[iZ[ bW -!.ĹŠ"#ĹŠ dW [i [b =eX_[hdeÇ" W]h[]ÂŒ 4 8 04(+ĹŠ#23#ĹŠ F[he Bk_i CehWb[i" 7iWcXb[WÇ" W]h[]ÂŒ$ +4-#2Ä“ [ij[ [nf[hje$ `[\[ Z[ Xbegk[ Z[b Fh_Wd >WijW bW fhÂŒn_cW i[cWdW" [d bW 7iWcXb[W" d[]ÂŒ gk[ [b Fh_Wd Wif_hW W [djh[]Wh [d [b bWdpWc_[dje Z[ DeXeW Xki# [b 9edi[`e DWY_edWb ;b[YjehWb 4, -ĹŠ5.!#2ĹŠĹŠ ;b WiWcXb[‡ijW ;dh_gk[ >[hh[h‡W gk[ Z_l_Z_h [b [b[YjehWZe$ Feh [b 9D; bWi Ă’hcWi Z[ Wfeoe fWhW [n FI9 " i[ Wb_d[ÂŒ W bW feijkhW YedjhWh_e Ă„Wi[]khÂŒ# ik feijkbW# ik h[_diYh_fY_ÂŒd Yece fWhj_Ze Z[ gk[ [b WfWh[Y_c_[dje Z[ Wif_# Y_ÂŒd WfkdjW W XkiYWh Yedi[diei feb‡j_Ye$
Ä–ĹŠÄĽ .ĹŠ/#12#%4(,.2ĹŠ ĹŠ . . ÄŚĹŠ Ĺ—ĹŠĹŠ
¥ ēŊ . . Ŋ'(9.Ŋ#+Ŋ -4-!(.Ŋ#+Ŋ,(_1!.+#2ĔŊ)4-3.Ŋ Ŋ24Ŋ#2/.2 Ŋ8Ŋ5 1(.2Ŋ!.+ .1 ".1#2ēŊ 7/#13.2Ŋ!1(3(! -Ŋ24Ŋ"#!(2(¢-ē
&ŋ./,#-')ŋ (.)( &ŋ- ŋ *,)') #)( ŋ (ŋ / 3 +/#& ěŊ9kWjhe ckd_Y_f_ei fWh#
ēŊ .2Ŋ)¢5#-#2Ŋ-.Ŋ04(#1#-Ŋ2.,#3#12#Ŋ Ŋ.31 Ŋ#5 +4 !(¢-Ŋ04#Ŋ-.Ŋ2# Ŋ"#Ŋ24Ŋ/1./( Ŋ4-(5#12(" "ēŊ +Ŋ3#, Ŋ1.-" Ŋ8 Ŋ#-Ŋ +.2Ŋ/ 2(++.2ēŊ
&/'()-Ĺ‹3Ĺ‹'Z # )-Ĺ‹ -# (. (Ĺ‹. '),Ĺ‹*),Ĺ‹ 2 ' (Ĺ‹ &Ĺ‹ ) # ,()Ĺ‹ -ĹŠ/1(-!(/(.ĔŊ+ ĹŠ#5 +4 !(¢-ĹŠ2#1;ĹŠ/ 1 ĹŠ 04(#-#2ĹŠ. 345(#1.-ĹŠ24ĹŠ3~34+.ĹŠ ĹŠ/ 13(1ĹŠ"#ĹŠ Ä‰Ä‡ÄˆÄ‡ĹŠ/#1.ĹŠ/."1~ ĹŠ2#1ĹŠ1#31. !3(5 Ä“ĹŠ
;b WdkdY_e gk[ ^_Y_[hW [b 9[WWY[i Wc[dWpWZei feh [ijWi dk[lWi 9edi[`e Z[ ;ZkYWY_ÂŒd" 7Yh[Z_# [lWbkWY_ed[i$ ;b =eX_[hde [n_][ YWb_ZWZ [d bei fhe\[i_e# jWY_ÂŒd o 7i[]khWc_[dje dWb[i o Yk|dje ^W _dl[h# Z[ bW 9Wb_ZWZ Z[ bW ;Zk# ĹŠ j_Ze fWhW gk[ bei cƒZ_Yei YWY_ÂŒd Ikf[h_eh ieXh[ bW gk[ [ijWcei W fkdje Z[ [lWbkWY_ÂŒd W bWi ÆYWhh[hWi Z[ _dj[hƒi f‘Xb_YeÇ" [djh[ #ĹŠ#5 +4 1;-ĹŠ+ 2ĹŠ ! 11#1 2ĹŠ5(-!4+ Äą ]hWZkWhdei dei YWfWY_# j[cei" jeZe ^W i_Ze feh [ijWi" bWi Z[b i[Yjeh Z[ bW " 2ĹŠ ĹŠ+ ĹŠ2 +4"ĔŊ iWbkZ" cWdj_[d[ _dgk_[jei #1#!'.ĹŠ8ĹŠ +%4Äą - 2ĹŠ -%#-(#1~ 2Ä“ĹŠ dk[ijhe iWYh_Ă’Y_eÇ" WĂ’h# W [ijkZ_Wdj[i Z[ c[Z_Y_dW +ĹŠ # !#2ĹŠ ĂŒ-ĹŠ cÂŒ$ -.ĹŠ"#$(-#ĹŠ3.".ĹŠ#+ĹŠ o W ]Wb[dei gk[ oW [`[hY[d /+ -Ä“ĹŠ bW fhe\[i_ÂŒd$ 7;,#-#2ĹŠ 7 f[iWh Z[ gk[ bW B[o <[hdWdZe ;if_depW" leYWb Eh]|d_YW Z[ ;ZkYWY_ÂŒd Z[b 9[WWY[i" c[dY_edÂŒ Ikf[h_eh BE;I [ij_fkbW gk[ [b [nWc[d Z[ Ă’d Z[ bei [n|c[d[i Z[ Ă’d Z[ YW# YWhh[hW i[ jecWh| W bei ĹŠ ^ ĹŠ hh[hW o ^WX_b_jWY_ÂŒd fhe\[# #7(23#-ĹŠ ĹŠ-(5#+ĹŠ- !(.Äą [ijkZ_Wdj[i gk[ Ykhi[d - +Ä“ i_edWb" bei `ÂŒl[d[i i[ h[^‘# [b ‘bj_ce W‹e o gk[ Z_# iWd W ik Wfb_YWY_ÂŒd fehgk[ Y^W YWb_Ă’YWY_ÂŒd de i[h| Z_`[hed gk[ [d [b YWie Z[ de iWYWh l_dYkbWdj[$ Æ;ijW [lWbkWY_ÂŒd [i kdW dejW gk[ iWj_i\W]W Wb 9[WWY[i fWhW l[h bW YWb_ZWZ Z[ bW \WYkbjWZ bei eY^e W‹ei gk[ [ijkZ_Whed Æ[i# ZedZ[ i[ [ZkYWd$ C_[djhWi gk[ [b jWh|d Z[if[hZ_Y_WZeiÇ$ [nWc[d Z[ ^WX_b_jWY_ÂŒd fhe\[i_e# 7b\h[Ze Ehj_p" [ijkZ_Wdj[ Z[ dWb Z[j[hc_dWh| i_ [b dk[le cƒ# bW <WYkbjWZ Z[ C[Z_Y_dW Z[ bW Z_Ye [ij| [d bW YWfWY_ZWZ e de Z[ Kd_l[hi_ZWZ 9[djhWb ef_dÂŒ0 ÆI_ [`[hY[h bW fhe\[i_ÂŒdÇ" [nfh[iÂŒ$ [ijkZ_Wcei . W‹ei o fWiWcei ;if_depW c[dY_edÂŒ gk[ bW bei i[c[ijh[i Yed Xk[dWi YWb_Ă’# fh_c[hW [lWbkWY_ÂŒd i[ bb[lWh| W YWY_ed[i" Âľfeh gkƒ iec[j[hdei YWXe ^WijW eYjkXh[ Z[ [ij[ W‹e" bW W [lWbkWY_ed[i [nj[hdWi5" de i[]kdZW W‘d de j_[d[ \[Y^W$ Æ;ij[ iWX[cei YÂŒce i[h| [b [nWc[d" [nWc[d Z[ ^WX_b_jWY_ÂŒd fhe\[i_e# gkƒ fhe\[i_edWb[i be [bWXehWh|d" dWb i[ jecWh| W gk_[d[i i[ ]hWZkW# e i_ iÂŒbe i[h| kdW Yef_W Z[ ejhWi hed [d bWi Z_\[h[dj[i hWcWi Z[ bW kd_l[hi_ZWZ[i _dj[hdWY_edWb[i" iWbkZ W fWhj_h Z[ (&'& gk[ [djhÂŒ Yece be gk[ ikY[Z_ÂŒ YkWdZe i[ [d l_][dY_W bW b[oÇ" _dZ_YÂŒ$ 7 bW l[p jecÂŒ bei [n|c[d[i Z[ c[Z_Y_dW i[‹WbÂŒ gk[ [b 9[WWY[i [ij| Z[j[h# W bei [ijkZ_Wdj[i gk[ i[ [ZkYW# c_dWdZe i_ bW [lWbkWY_ÂŒd i[h| e de hed [d kd_l[hi_ZWZ[i Z[ YWj[]e# h[jheWYj_lW$ h‡W ;Ç" i[‹WbÂŒ$ >ƒYjeh 7$ [ij| W fkdje Z[ Ykb# 5 +4 !(¢-ĹŠ3_!-(! ĹŠ c_dWh ik YWhh[hW Z[ c[Z_Y_dW [d ;b [nc_d_ijhe Z[ IWbkZ <hWdY_i# kdW kd_l[hi_ZWZ fh_lWZW o jWc# Ye 7dZ_de h[Y^WpÂŒ ÆbWi WYY_e# X_ƒd i[ i_[dj[ _djhWdgk_be$ ÆBei d[i Z_iYh_c_dWjeh_Wi YedjhW [b W‹ei Z[ [i\k[hpe o jhWXW`e i[ l[d ]h[c_e cƒZ_YeÇ o" Wkdgk[ Z_`e
Ċćēććć
ƒ ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
ă
iWbkZ" l_l_[dZW" [ZkYWY_ÂŒd" [d# jh[d ejhei i[hl_Y_ei$ Bk_i IWbcÂŒd" `[\[ Z[ Z[iWhhe# bbe Yeckd_jWh_e" [ijkle [dYWh]W# Ze Z[ ZWh W YedeY[h bei fWiei gk[ bei Y_kZWZWdei Z[X[d ZWh [d bWi Yeef[hWj_lWi Z[ l_l_[dZW fefk# bWh[i fWhW b[]Wb_pWh iki j_[hhWi$
j_Y_fWd Z[iZ[ Wo[h [d bW ;nfeck# d_Y_fWb (&'(" gk[ WXh_ÂŒ iki fk[h# jWi [d [b 9[djhe Z[ 9edl[dY_ed[i I_cÂŒd 8eb‡lWh" Z[ =kWoWgk_b$ ;b h[Y_dje [n^_X[ bei WlWdY[i Z[ =kWoWgk_b" DWXÂŒd" ?XWhhW o 7pe]k[i" [d be gk[ h[if[YjW .3(5 !(¢W iki eXhWi o Z[iWhhebbe Ykb# ;ijW YkWhjW [Z_Y_ÂŒd ĹŠ jkhWb$ 7 c|i Z[ [ijei" fWhj_# [ij| Z[Z_YWZW W Zei Y_fWd Z[b[]WY_ed[i ckd_Y_# fheXb[cWi gk[ W\[YjWd fWb[i Z[ F[h‘ o Z[ 9^_b[$ W bW Y_kZWZWd‡W W d_l[b
ĹŠ #1( ĹŠ#23;ĹŠ =_de Ceb_dWh_" YedY[`Wb (#13 ĹŠ' 23 ĹŠ ckdZ_Wb0 ][d[hWY_ÂŒd Z[ '.8Ä“ĹŠ ]kWoWgk_b[‹e" \k[ [b [dYWh# [cfb[e o [b Z[iWhhebbe ]WZe Z[ ZWh bW X_[dl[d_ZW Wb jkh‡ij_Ye$ WYje Wb gk[ YedYkhh[d" WZ[# Æ;i _cfehjWdj[ Yed# c|i" Z[b[]WY_ed[i ckd_Y_fWb[i i_Z[hWh Z[djhe Z[ bWi feb‡j_YWi Z[ gk[ de WbYWdpWhed W _diYh_X_hi[$ Z[iWhhebbe Z[ bei ]eX_[hdei i[Y# ;b Ckd_Y_f_e [n^_X[ iki Z_# Y_edWb[i [b \[dÂŒc[de jkh‡ij_Ye o l[hiei i[hl_Y_ei W bW Yeckd_ZWZ ik _dY_Z[dY_W [d bW ][d[hWY_ÂŒd [d cWj[h_W Z[ eXhWi Z[ _d\hW[i# Z[ [cfb[eÇ" Z_`e @W_c[ Hkbb" fh[# jhkYjkhW" Z[iWhhebbe Yeckd_jW# i_Z[dj[ Z[ >eh_jpe]hekf" eh]W# h_e" l‡W f‘Xb_YW" X_[d[ijWh ieY_Wb" d_pWZeh Z[ bW <[h_W$
ļ Ŋ#5 +4 !(¢-Ŋ -.Ŋ"# #Ŋ2#1Ŋ /.+~3(! Č ŗŊŊ 1+8Ŋ 8 %4#ĔŊ #73(34+ 1Ŋ "#Ŋ + Ŋ #"#1 !(¢-Ŋ _"(! Ŋ !4 3.1( - ĔŊ
,#-!(.-¢Ŋ 04#ĹŠ 2#ĹŠ "# #-ĹŠ #2314!Äą 341 1ĹŠ +.2ĹŠ ,#! -(2,.2ĹŠ / 1 ĹŠ + ĹŠ #5 +4 !(¢-Ä“ĹŠ ÄĄ 8ĹŠ 04#ĹŠ !.-.!#1ĹŠ 04(_-#2ĹŠ 2#1;-ĹŠ +.2ĹŠ /1.$#2(.- +#2ĹŠ 04#ĹŠ #5 +ĂŒ#-ĹŠ 8ĹŠ + 2ĹŠ ! / !(" "#2ĹŠ 04#ĹŠ3(#-#-ĹŠ/ 1 ĹŠ' !#1+.ĢēŊ .1ĹŠ24ĹŠ / 13#ĔŊ #+ĹŠ /1#2("#-3#ĹŠ "#+ĹŠ .+#%(.ĹŠ "#ĹŠ _"(!.2ĹŠ "#ĹŠ (-!'(-!' ĔŊ 5;-ĹŠ (.$1~.ĔŊ2.2345.ĹŠ04#ĹŠ2(ĹŠ+.2ĹŠ,_"(!.2ĹŠ #-31 -ĹŠ ĹŠ#23 ĹŠ#5 +4 !(¢-ĹŠÄĄ3 , (_-ĹŠ "# #1~ -ĹŠ' !#1+.ĹŠ!.-ĹŠ.31 2ĹŠ/1.$#Äą 2(.-#2ĢēŊ #%ĂŒ-ĹŠ (-"(! 1.-ĹŠ +.2ĹŠ #2/#!( Äą +(23 2ĔŊ#+ĹŠ . (#1-.ĹŠ345.ĹŠ04#ĹŠ!.-Äą 2#-24 1ĹŠ !.-ĹŠ + 2ĹŠ $#"#1 !(.-#2ĹŠ 8ĹŠ !.+#%(.2ĹŠ,_"(!.2ĹŠ8ĹŠ$ !4+3 "#2ĹŠ"#ĹŠ ,#"(!(- ĹŠ/ 1 ĹŠ3., 1ĹŠ3 +ĹŠ"#3#1,(Äą - !(¢-Ä“ĹŠ 4-04#ĹŠ"(!#-ĹŠ04#ĹŠ-.ĹŠ2#ĹŠ ./.-#-ĹŠ ĹŠ+ ĹŠ#5 +4 !(¢-ĹŠ!.-2("#Äą 1 -ĹŠ04#ĹŠ#23 ĹŠ"# #1~ ĹŠ3#-#1ĹŠ! 1;!Äą 3#1ĹŠ3_!-(!.ĹŠ8ĹŠ-.ĹŠ/.+~3(!.Ä“ĹŠ
gk[ de i[ efed[d W bW [lW# bkWY_ÂŒd" ^_pe kd bbWcWZe Wb =eX_[hde fWhW gk[ _dl_[hjW [d bW [ZkYWY_ÂŒd Z[ [ijei fhe# \[i_edWb[i$ Æ;b =eX_[hde de ^W ]WijW# Ze [d bW YWfWY_jWY_ÂŒd o \eh# cWY_ÂŒd Z[ bei fhe\[i_edWb[i Z[ bW iWbkZÇ" i[‹WbÂŒ$ 7 bW l[p" Wi[]khÂŒ gk[ i_ [ijWi [lWbkW# Y_ed[i ied Yed [b Ă’d Z[ Z[i# f[Z_h c|i cƒZ_Yei Z[b i[Yjeh f‘Xb_Ye" bW feXbWY_ÂŒd i[h‡W bW c|i f[h`kZ_YWZW$ Æ9kWdZe i[ h[Wb_pWhed bei Z[if_Zei cWi_lei" [if[Y_Wb_ijWi Z[ ^eif_jWb[i o dWY_edWb[i jk# l_[hed gk[ Z[`Wh iki YWh]ei Yed be gk[ i[ W]hWlÂŒ [b fhe# Xb[cW Z[ iWbkZ$
Ä“ĹŠ #!#- 2ĹŠ"#ĹŠ#234"( -3#2ĹŠ5(2(3 1.-ĹŠ 8#1ĹŠ+.2ĹŠ/4#23.2ĹŠ"#ĹŠ+.2ĹŠ"(23(-3.2ĹŠ ,4-(!(/(.2Ä“ĹŠ
3Ĺ‹'6-Ĺ‹./,()-Ĺ‹* , Ĺ‹ &Ĺ‹ Ĺ‹ * ,)Ĺ‹-#!/ (Ĺ‹&)-Ĺ‹#( )(0 (# (. ;b fh[i_Z[dj[ Z[b 9edi[`e :_h[Y# W^ehW [i Z[ '$( _dj[djei$ j_le Z[b ?;II" HWc_he =edp|b[p" h[Wb_pÂŒ kdW [lWbkWY_ÂŒd ieXh[ [b -!.-5#-(#-3#2 W][dZWc_[dje Z[ Y_jWi cƒZ_YWi F[i[ W bWi Y_\hWi Z[ =edp|b[p" bei Z[b fh_c[he Wb )& Z[ WXh_b Z[ [ij[ Y_kZWZWdei gk[ i[ Wj_[dZ[d [d W‹e o i[‹WbÂŒ gk[ [b fhec[Z_e bWi kd_ZWZ[i cƒZ_YWi Z[b c[dikWb Z[ Y_jWi \k[ Z[ c|i I[]khe IeY_Wb _dZ_YWhed Z[ -.'$&&&" Y_\hW ikf[h_eh W bW gk[ [b ZÂƒĂ’Y_j Z[ [if[Y_W# ĹŠ ĹŠ ĹŠ gk[ Wdj[h_ehc[dj[ cWd[`WXW 04#ĹŠ3., ĹŠ4- ĹŠ b_ijWi jeZWl‡W Yecfb_YW bW 9hÂŒd_n" +.'$&&& Y_jWi c[d# !(3 ĹŠ-.ĹŠ !4"#ĹŠ ĹŠ+ ĹŠ Wj[dY_ÂŒd$ ÆBbWce W f[Z_h !.-24+3 Ä“ĹŠ ikWb[i$ Æ>kXe kd _dYh[c[dje kdW Y_jW o oW de c[ ^WY[d Z[b )( Ç" Wi[]khÂŒ$ [if[hWh jWdje j_[cfe Yece I[]‘d =edp|b[p" [b Wdj[i" f[he c[ ZWd bW Y_jW j_[cfe Z[ [if[hW j[b[\ÂŒd_# ĹŠ o leo ZedZ[ [b cƒZ_Ye ][# YW Z_ic_dkoÂŒ$ 7dj[h_eh# d[hWb" ƒb c[ [dl‡W ^WY[h c[dj[" bW [if[hW [hW Z[ [n|c[d[i o bk[]e c[ Z_Y[ i[_i c_dkjei ^WijW gk[ bW +ĹŠ,.,#-3.ĹŠ' 8ĹŠ ÄˆÄ“Ä‰Ä‡Ä‡ĹŠ+~-# 2ĹŠ3#+#Äą gk[ j[d]e gk[ [if[hWh Zei bbWcWZW i[W Wj[dZ_ZW$ I_d $¢-(! 2ĹŠ04#ĹŠ e jh[i c[i[i fWhW gk[" Yed [cXWh]e" [b j_[cfe W^ehW 3(#-"#-ĹŠ+ 2ĹŠ++ Äą bei h[ikbjWZei" c[ l[W [b , " 2Ä“ĹŠ i[ h[Zk`e W )& i[]kdZei" [if[Y_Wb_ijWÇ" Yec[djÂŒ CW# i[]‘d bW l[hi_ÂŒd eĂ’Y_Wb$ h_[j^W H[o[i" WĂ’b_WZW$ ;b fehY[djW`[ Z[ WXWdZede Z[ =edp|b[p de Z[iYedeY[ [b fhe# bbWcWZWi [hW Z[b +& YkWdZe Xb[cW o Wi[]khÂŒ gk[ bWi [if[Y_W# \kdY_edWXW bW ejhW ef[hWZehW" b_ZWZ[i Yed cWoeh iWjkhWY_ÂŒd W^ehW [b WXWdZede [i Z[b - $ ied =_d[Yebe]‡W" JhWkcWjebe]‡W" 7Z[c|i" i[‹WbÂŒ gk[ Wdj[i i[ ^W# 9WhZ_ebe]‡W" F[Z_Wjh‡W o ;dZe# Y‡Wd Y[hYW Z[ i[_i _dj[djei j[b[# Yh_debe]‡W o h[YedeY_ÂŒ gk[ [n_ij[ \ÂŒd_Yei feh Yedi[]k_h kdW Y_jW" kd ZÂƒĂ’Y_j Z[ ,&& cƒZ_Yei$
ÄˆÄŒĹ˜ĹŠ
ƒ ą
ŋ . ,#), ŋ& ŋ0v ŋŋ -' , & -ŋĚŋ . ' -
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
;ZkWhZe Ehj[]W E`[ZW$ l‡W gk[ YedZkY[ W bei XWbd[Wh_ei Z[ JedikfW" 7jWYWc[i o I‘W" Wb 1;-ĹŠ"#2!4#-3.2 ikh Z[ bW fhel_dY_W Z[ ;ic[hWb# 7]h[]ÂŒ gk[ Z[ de Ykcfb_hi[ ZWi" [ij| eXb_]WdZe W bei YedZkY# Yed [iW \[Y^W" f[i[ W ^WX[h i_Ze jeh[i Z[ bei Y_[djei Z[ l[^‡Ykbei dej_Ă’YWZei" [b CJEF _dj[hl[d# gk[ bW kiWd W YedZkY_h Yed cW# Zh| [d [b XWY^[e o Z[iYedjWh| oeh Yk_ZWZe$ [b Yeije Z[ bW fbWd_bbW BW fh[i[dY_W Z[ ^k[# ĹŠ f[dZ_[dj[ gk[ i[ j_[d[ Yei o Z[id_l[b[i [d lW# Yed bW YecfW‹‡W Yedi# h_ei jhWcei Z[ bei (($) jhkYjehW$ a_bÂŒc[jhei Z[ Wi\WbjWZe (ĹŠ+ ĹŠ#,/1#2 ĹŠ Ehj[]W E`[ZW [nfb_YÂŒ !.-!#2(.- 1( ĹŠ-.ĹŠ Yedl_[hj[d W [ijW YWhh[# 11#%+ ĹŠ+ ĹŠ2(34 Äą gk[ Wdj[i Z[ bW [djh[]W !(¢-ĔŊ(-3#15#-"1;ĹŠ j[hW Z[ YkWjhe YWhh_b[i [d #+ĹŠ Ä“ĹŠ Z[ bW eXhW gk[" Z_`e" [ij| kdW l‡W Yed Wbjei h_[i]ei X_[d i[‹Wb_pWZW" bW >_# Z[ WYY_Z[dj[ feh bei Wbjei ZWb]e >_ZWb]e Z[X[ d_l[b[i Z[ l[beY_ZWZ gk[ WbYWd# XWY^[Wh" b_cf_Wh bWi Ykd[jWi pWd bW cWoeh‡W Z[ YedZkYjeh[i$ o bW cWb[pW gk[ [ij|d [d bei Æ>WijW bW \[Y^W bW YecfW‹‡W YeijWZei Z[ bW YWhh[j[hW" Yece YedijhkYjehW >_ZWb]e >_ZWb# fWhj[ Z[b jhWXW`e YedjhWjWZe$ ]e de ^W ^[Y^e bW [djh[]W Z[ bW 7Z[bWdjÂŒ gk[ fWhW Ă’d[i Z[ eXhW" feh be gk[ j_[d[ ^WijW [b W‹e [ij| fh[l_ije ^WY[h kd h[# bkd[i - Z[ cWoe fWhW ^WY[h# YWf[e jejWb Z[ YWhh[j[hW ;ic[# beÇ" Z_`e [b Z_h[Yjeh fhel_dY_Wb hWbZWi#I‘W$ Æ;ie i[h| bk[]e Z[ Z[b C_d_ij[h_e Z[ JhWdifeh# gk[ i[ ^W]W [b XWY^[eÇ" YedYbk# j[ o EXhWi F‘Xb_YWi CJEF " oÂŒ [b \kdY_edWh_e$
š ;b Z[j[h_ehe Z[ bW
} Ä“ĹŠ 23 ĹŠ5#9ĹŠ2#ĹŠ'(9.ĹŠ#5("#-3#ĹŠ#+ĹŠ-#%.!(.ĹŠ/ 1 ĹŠ#-31#% 1ĹŠ .+#3 2ĹŠ"#ĹŠ+( #13 "Ä“
, '#. ), -ŋ-#!/ (ŋ (ŋ& -ŋ )'#- ,v -ŋ 23 ŊĎćŊ"¢+ 1#2Ŋ#7(%#-Ŋ#23 2Ŋ/#12.Ĺ - 2Ŋ Ŋ+.2Ŋ424 1(.2Ŋ Ŋ! , (.Ŋ"#Ŋ" 1Ŋ1#2Ĺ /4#23 Ŋ Ŋ242Ŋ-#!#2(" "#2ēŊ
Zei [d [b fWiWZe gk[ j[hc_dWhed ikfk[ijei WYjei Z[ YehhkfY_ÂŒd Yed bW iWb_ZW Z[ jeZei bei Yec_iW# [d [b _dj[h_eh Z[ bWi Yec_iWh‡Wi h_ei Wdj_]kei" W‘d Yedj_dkWXWd Z[ Feb_Y‡W Z[ =kWoWi" W‘d f[h# bWi _hh[]kbWh_ZWZ[i$ i_ij[d$ 7o[h" Wb]kdWi f[hiedWi gk[ [if[hWXWd eXj[d[h bWi Xeb[# ;2ĹŠ! 2.2 jWi Z[ b_X[hjWZ Z[ iki \Wc_b_Wh[i C_[djhWi jWdje" ejhWi f[hiedWi fh[iei Z[dkdY_Whed bW fh[i[dY_W \ehcWXWd bWh]Wi Ă’bWi [d bei [n# Z[ jhWc_jWZeh[i gk[ b[i [n_]‡Wd j[h_eh[i Z[ bWi Z[f[dZ[dY_Wi +& ZÂŒbWh[i feh YWZW ehZ[d Z[ [n# feb_Y_Wb[i" fWhW ][ij_edWh bWi b_# YWhY[bWY_ÂŒd$ X[hjWZ[i Z[ iki Wbb[]WZei Æ7 c‡ c[ Z_`[hed gk[ i_ ĹŠ [dYWhY[bWZei$ 7b]kdei gk[h‡W c_ Xeb[jW h|f_Ze" fWiWhed bW deY^[ [d [i[ fW]WhW +& ZÂŒbWh[i o c[ bW bk]Wh fWhW eYkfWh bei ZWXWd$ Oe de fW]kƒ feh# ĹŠ#7!.,(2 1( ĹŠ fh_c[hei bk]Wh[i [d bWi 413 ".ĹŠ$4#ĹŠ gk[ de j[d]e Z_d[he o feh# !42 " ĹŠ"#ĹŠ Ă’bWi$ +(% 1ĹŠ ĹŠ!#-Äą gk[ oW ^WX‡W YWdY[bWZe bW .31.2ĹŠ"#ĹŠ"(5#1Äą I_d [cXWh]e" [b cWb[i# ckbjW Z[ i_[j[ ZÂŒbWh[i [d 2(¢-ĹŠ ĹŠ5#-"#1+#ĹŠ jWh Z[ bei Y_kZWZWdei i[ +(!.1ĹŠ$4#1 ĹŠ"#ĹŠ [b 8WdYe Z[ <ec[djeÇ" Ye# +.2ĹŠ'.1 1(.2ĹŠ cWdj[d‡W oW gk[ Z[iZ[ c[djÂŒ CWh‡W ?iWX[b Fƒh[p" /#1,(3(".2Ä“ĹŠ cko j[cfhWde fk]dW# kdW Z[ bWi W\[YjWZWi$ XWd feh _d]h[iWh Wb [Z_# BW _hh[]kbWh_ZWZ i[ h[]_ijhÂŒ Ă’Y_e$ IÂŒbe bW 9ec_iWh‡W Gk_djW" [d [b fh_c[h Z‡W Z[ bWXeh[i Z[ bei W YWh]e Z[ 8[hj^W 8kh]ei" ZWXW dk[lei Yec_iWh_ei Z[ Feb_Y‡W Z[# jh|c_j[ W bWi Xeb[jWi Z[ b_X[hjWZ$ i_]dWZei [b c_ƒhYeb[i feh bW ]e# HeiW IWbWpWh" kdW Z[ bWi f[hie# X[hdWZehW L_l_WdW 8ed_bbW$ dWi gk[ WYkZ_ÂŒ Wb bk]Wh fWhW jhW# Ejhe W\[YjWZe Z_`e gk[ de Wb# c_jWh bW Xeb[jW" _dZ_YÂŒ0 ÆDe ^[cei YWdpWXW W Yecfh[dZ[h YÂŒce i_Ze Wj[dZ_Zei" fehgk[ iÂŒbe ^Wo Z[ifkƒi Z[ bei ^[Y^ei Z[dkdY_W# kdW Yec_iWh‡W$ ;ijWcei Z[iZ[ [b š BWi Z[dkdY_Wi ieXh[
413 ".Ŋ04(#1#Ŋ #-31#% 12# ŊŊ 804#+Ŋ .".8ĔŊ .% ".Ŋ ŗ"#$#-2.1Ŋ"#Ŋ+ Ŋ#7!.,(2 1( Ŋ3#1!#1 ĔŊ
!04#+(-#Ŋ 413 ".ĔŊ"#Ŋ04(#-Ŋ2#Ŋ 2#%41 Ŋ#23;Ŋ#-Ŋ .+., ( ĔŊ"#-4-!(¢Ŋ 04#Ŋ24Ŋ!+(#-3 Ŋ#2Ŋ5~!3(, Ŋ"#Ŋ4- Ŋ ĥ/#12#!4!(¢-Ŋ/.+~3(! Ŋ8Ŋ1 !( +ĢŊ/.1Ŋ / 13#Ŋ"#+Ŋ2#!1#3 1(.Ŋ !(.- +Ŋ"#Ŋ 1 -2/ 1#-!( Ŋ"#Ŋ #23(¢-ĔŊ "6(-Ŋ
11~-ē 23.ĔŊ,(#-31 2Ŋ(-"(! Ŋ04#Ŋ+ Ŋ #7$4-!(.- 1( Ŋ"#, -" Ŋ"#+Ŋ 23 ".Ŋ % 1 -3~ 2Ŋ/ 1 -Ŋ#-31#% 12#Ŋ Ŋ+ Ŋ .Ĺ +(!~ Ŋ8Ŋ04#Ŋ2# Ŋ#+Ŋ,(2,.Ŋ/1#2("#-3#ĔŊ $ #+Ŋ .11# ĔŊ04(#-Ŋ2#Ŋ/1.-4-!(#Ŋ 2. 1#Ŋ242Ŋ"#1#!'.2Ŋ Ŋ4-Ŋ"# (".Ŋ /1.!#2.ē
Ŋ#7$4-!(.- 1( Ŋ(-3#-3¢Ŋ"#!+ 1 1Ŋ Ŋ+ Ŋ/1#-2 ĔŊ5~ Ŋ *8/#ĔŊ/#1.Ŋ-.Ŋ$4#Ŋ /.2( +#Ŋ/.1Ŋ/1. +#, 2Ŋ3_!-(!.2ĔŊ/.1Ŋ +.Ŋ04#Ŋ$4#Ŋ24Ŋ .% ".Ŋ"#$#-2.1Ŋ#+Ŋ 04#Ŋ"(.Ŋ Ŋ!.-.!#1Ŋ24Ŋ4 (! !(¢-Ŋ#-Ŋ .+., ( ēŊ
cWhj[i o [if[hWcei gk[ ^eo bWi YeiWi i[ dehcWb_Y[dÇ$ Bei dk[lei \kdY_edWh_ei" Z[ bW 9ec_iWh‡Wi Fh_c[hW" J[hY[hW" o I[njW" ^Wd _d\ehcWZe gk[ [i# j|d YedeY_[dZe jeZWi bWi YWkiWi h[fh[iWZWi$
¥ ēŊ '.1 Ŋ2¢+.Ŋ' 8Ŋ/#04# .2Ŋ'4#!.2Ŋ/#1.Ŋ!.-Ŋ#+Ŋ3(#,/.Ŋ8Ŋ 2(Ŋ-.Ŋ2#Ŋ' !#Ŋ, -3#-(,(#-3.ĔŊ2#Ŋ!.-5#13(1;-Ŋ#-Ŋ4-Ŋ/#+(%1.ē
&Ĺ‹* -)Ĺ‹ (Ĺ‹& Ĺ‹0v Ĺ‹ (#* Ĺ‹Äš ˜)-Ĺ‹3 Ĺ‹ -.6Ĺ‹" #&#. ) LeY[hei Z[b Ckd_Y_f_e F[# š ;b jh|di_je feh bW l‡W 8W‹ei# F[d_f[ i[ h[ijWXb[Y_ÂŒ d_f[ _d\ehcWhed gk[ [b WYY[ie Wo[h$ BWi bbkl_Wi Z[b fWiWZe Ă’d gk[ kd[ W [ij[ YWdjÂŒd Yed 8_b# Z[ i[cWdW fheleYWhed ^WbWh[i XWe o 8W‹ei [ij| ^WX_b_jWZe [d gk[ _dj[hhkcf_[hed bW Y_hYkbW# jeZei iki jhWcei$ Bei YWcf[i_dei o Y_ÂŒd l[^_YkbWh ^WijW [b W]h_Ykbjeh[i gk[ kj_b_pWd c_ƒhYeb[i feh bW jWhZ[$ I_d [cXWh]e" o i[]‘d ĹŠ bW l‡W fWhW jhWdifehjWh iki fheZkYjei Z_`[hed [b _d\ehc[ Z[b Ckd_Y_# f_e Z[ 8W‹ei" bW Feb_Y‡W .2ĹŠ5(%~ 2ĹŠ1#/.1Äą gk[ [ij|d f[dZ_[dj[i Z[ 1 ,(".2ĹŠ8ĹŠ bei _d\ehc[i [c_j_Zei W‘d l_]_bW bW [djhWZW 3 1.-ĹŠ 31#,.1#2ĹŠ' 23 ĹŠ feh [b EXi[hlWjeh_e Z[ Z[b i[Yjeh Bei F|`Whei" + ĹŠ,  - ĹŠ"#+ĹŠ =kWZWbkf[$ Z[X_Ze W gk[ cWj[h_Wb ,(_1!.+#2Ä“ lebY|d_Ye XW`W feh bWi gk[XhWZWi Wb[ZW‹Wi W bW -$.1,#ĹŠ5.+!;-(!. l‡W gk[ kd[ Yed [b YWdjÂŒd F[d_# I[]‘d bei jƒYd_Yei" [b [ijWZe f[" [d 9^_cXehWpe$ Z[b lebY|d [i Yedi_Z[hWZe Yece BW cWgk_dWh_W h[cel_ÂŒ [b ceZ[hWZe" i_d Z[iYWhjWh bWi cWj[h_Wb gk[ XW`ÂŒ [b bkd[i feh [c_i_ed[i Z[ ]Wi o Y[d_pW gk[ bei bWZei Z[b Jkd]khW^kW" i_d i[ fh[i[djWhed [d bei ‘bj_cei cWoeh[i W\[YjWY_ed[i [d [ijW Z‡Wi" WYecfW‹WZei Z[ bbkl_W [d pedW$ bWi deY^[i$
Ă° #  (Ĺ‹ ,# )-Ĺ‹, -. (. -Ĺ‹* , ŋßúÝßŋ C[Z_Wdj[ Z[Yh[je" [b fh[i_Z[dj[" HW\W[b 9ehh[W" eĂ’Y_Wb_pÂŒ bei Z‡Wi \[h_WZei h[ijWdj[i fWhW (&'($ ;i Wi‡" [b Z‡W Z[ Z[iYWdie eXb_# ]Wjeh_e Yehh[ifedZ_[dj[ Wb (* CWoe" feh bW 8WjWbbW Z[ F_Y^_d# Y^W" i[ jhWibWZWh| Wb l_[hd[i (+$
;b / Z[ eYjkXh[" feh bW ?dZ[f[d# Z[dY_W Z[ =kWoWgk_b" i[ jhWibWZW# h| Wb l_[hd[i '($ ;b Z[Yh[je jWcX_ƒd Z[YbWhW fk[dj[ lWYWY_edWb [b bkd[i (* Z[ Z_Y_[cXh[" gk[ i[h| h[Ykf[hWZe [b i|XWZe + Z[ [d[he Z[ (&')$
7Z[c|i" [b bkd[i )' Z[ Z_Y_[c# Xh[ i[h| h[Ykf[hWZe [b i|XWZe '( Z[ [d[he Z[ (&')$ BW h[]kbWh_pW# Y_Œd h[]_h| fWhW [b i[Yjeh f‘Xb_# Ye o [b i[Yjeh fh_lWZe i[ WYe][h| W [ijei Z‡Wi Z[ Z[iYWdie i[]‘d be Z[j[hc_d[$
¥ ēŊ +Ŋ2#!3.1Ŋ"#Ŋ .2Ŋ ;) 1.2Ŋ#2Ŋ5(%(+ ".Ŋ/.1Ŋ+ Ŋ .+(!~ Ŋ !(.- +ĔŊ 4-04#Ŋ' 8Ŋ+( 1#Ŋ !!#2.Ŋ' !( Ŋ #-(/#ē
-)ŋ &)ŋŋ 4/&Ćŋ )! )-ŋ *, - (. ,6(ŋ ' ( ŋ
ēŊ 1+.2Ŋ ¢+(3ĔŊ!.-31 +.1Ŋ"#+Ŋ 23 ".ĔŊ(-$.1,¢Ŋ 8#1Ŋ Ŋ4- Ŋ!.,(2(¢-Ŋ"#Ŋ+ Ŋ 2 , +# Ŋ !(.- +Ŋ2. 1#Ŋ#+Ŋ! 2.Ŋ5 +() ē
Ä’ &#$ Ĺ‹ #*&)'6.# Ĺ‹()Ĺ‹ #šŋ- ,Ĺ‹ /.),#4 Ä“ #%ĂŒ-ĹŠ#+ĹŠ .-31 +.1ĔŊ+.2ĹŠ) 11.-#2ĹŠ04#ĹŠ !.-3#-~ -ĹŠ+ ĹŠ"1.% ĹŠ-.ĹŠ#1 -ĹŠ. )#3.2ĹŠ"#ĹŠ /1.,.!(¢-ĹŠ!4+341 +Ä“
;b [dl‡e Z[ bW lWb_`W Z_fbec|j_YW h[bWY_edWZei Yed bW lWb_`W Z_fbe# gk[ bb[]ÂŒ W C_b|d Yed *& a_bei c|j_YW" jhWi be gk[ i[ Z[j[hc_dÂŒ Z[ YeYW‡dW b‡gk_ZW Æde Z[X_ÂŒ i[h d[Y[iWh_e kd [nWc[d [if[Y_Wb Wkjeh_pWZeÇ" _dZ_YÂŒ [b YedjhWbeh gk[ _d_Y_ÂŒ [b '- Z[ WXh_b$ ][d[hWb Z[b ;ijWZe" 9Whbei ;d [b f[h‡eZe Z[ '+ FÂŒb_j" ZkhWdj[ ik YecfWh[# ĹŠ c[i[i gk[ i[ WdWb_pW" [d# Y[dY_W Wdj[ bW 9ec_i_ÂŒd Z[ jh[ [b fh_c[he Z[ [d[he Z[ <_iYWb_pWY_ÂŒd Z[ bW 7iWc# (&'' o )' Z[ cWhpe Z[ [ij[ '(1( .% ĹŠ -4-Äą W‹e" i[ ^W [dYedjhWZe Xb[W$ !(¢Ŋ04#ĹŠ_+ĹŠ8ĹŠ#+ĹŠ ;ije i[ Z[X[ W gk[ bei /1.!41 ".1ĔŊ [b [dl‡e Z[ '. lWb_`Wi Z_# `Whhed[i [dl_WZei Yece (#%.ĹŠ 1!~ ĔŊ 5( ) 1;-ĹŠ ĹŠ 3 +( ĹŠ fbec|j_YWi" Yed kd f[ie cWj[h_Wb jkh‡ij_Ye ÆZ[ / 1 ĹŠ5#1($(! 1ĹŠ#+ĹŠ \bkYjkWdj[ [djh[ bei )"+ #23 ".ĹŠ"#ĹŠ+ ĹŠ WYk[hZe Wb h[]bWc[dje de (-5#23(% !(¢-Ä“ĹŠ a_bei ^WijW +-/ a_bei$ I_d Yedij_jk‡Wd eX`[jei Z[ fhe# [cXWh]e" jeZWl‡W [ij| [d ceY_ÂŒd YkbjkhWb" d_ _d\eh# _dl[ij_]WY_ÂŒd bei Yeijei cWY_ÂŒd jkh‡ij_YW" d_ ck# Z[ jhWdifehj[" gk_ƒd[i fW# Y^e c[dei ZeYkc[djei ĹŠ ]Whed o YÂŒce be ^_Y_[hed$ eĂ’Y_Wb[iÇ" W‹WZ_ÂŒ$ ?]kWbc[dj[" [i[ eh]W# 7Z[c|i" i[ [dYed# d_ice h[Wb_pW kd [nWc[d jhWhed ejhWi \Wb[dY_Wi [d +ĹŠÄŒĹŠ"#ĹŠ)4-(.ĹŠ2#ĹŠ #23(, ĹŠ04#ĹŠ!4+Äą [if[Y_Wb Z[ bWi Z[YbWhW# 9WdY_bb[h‡W" ZkhWdj[ [b ,(-#ĹŠ+ ĹŠ(-5#23(Äą Y_ed[i fWjh_ced_Wb[i `k# [nWc[d [if[Y_Wb gk[ h[W# % !(¢-ĹŠ8ĹŠ 4"(3.Äą hWc[djWZWi Z[b YWdY_bb[h" 1~ ĹŠ"#ĹŠ+ ĹŠ .-31 +.1~ Ä“ĹŠ b_pW bW 9edjhWbeh‡W$ H_YWhZe FWj_‹e" W be gk[ ÆKd i_dd‘c[he Z[ \Wb# [b WiWcXb[‡ijW Jec|i P[# jW Z[ Yedjheb[i _dj[hdei lWbbei ieb_Y_jÂŒ i[ Wfb_gk[ fk[i de i[ h[Wb_pW [d Z[jWbb[ d_ jWcX_ƒd fWhW jeZWi bWi f[hiedWi fehc[deh_pWZWc[dj[ [b Yedj[# h[bWY_edWZWi Yed [dl‡ei Z[ lWb_# d_Ze Z[ bei Xkbjei" gkƒ o YÂŒce `Wi Z_fbec|j_YWi$ i[ [ij|d [dl_WdZe o bW XeZ[]W Z[ WbcWY[dWc_[dje Z[ bei X_[d[i de ĉĊŊ5#12(.-#2 j_[d[d i[]kheiÇ$ ;b Ă’iYWb Z[b ;ijWZe" =Wbe 9^_h_# Feh ejhe bWZe" [b Ă’iYWb ][d[# Xe]W" i[‹WbÂŒ gk[ i[ ^Wd h[Ye]_# hWb Z[b ;ijWZe" =Wbe 9^_h_Xe]W" Ze () l[hi_ed[i" WdWb_pWZe eY^e gk_[d jWcX_ƒd YecfWh[Y_ÂŒ" _d# YecfkjWZeh[i Z[ 9WdY_bb[h‡W Z_YÂŒ gk[ ^eo Ykbc_dW bW _dl[ij_# o Zei f[hiedWb[i" i[ ^W [nWc_# ]WY_ÂŒd gk[ h[Wb_pW ?jWb_W o oW i[ dWZe bW _d\ehcWY_ÂŒd Z[ Yehh[ei ^W Z[j[hc_dWZe gk[ Z[ bei i_[j[ [b[YjhÂŒd_Yei o b‡d[Wi Z[ j[bƒ\ede Z[j[d_Zei" ^WXh| Y_dYe _cfkjW# o i[ ^Wd h[Wb_pWZe Y_dYe h[Yede# Y_ed[i$ Y_c_[djei W bk]Wh[i [djh[ Gk_je o =kWoWgk_b$ CWdj_[d[d jeZWl‡W jh[i ^_# -5#23(% !(¢;b . Z[ cWhpe _d_Y_ÂŒ kdW l[h_Ă’# fÂŒj[i_i0 gk[ bW Zhe]W iWb_ÂŒ Z[ bW YWY_ÂŒd fh[b_c_dWh Z[ bei ^[Y^ei 9WdY_bb[h‡W" gk[ \k[ _djheZkY_ZW
#-4-!( ĹŠ /#- +ĹŠ
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
Ć
[dYedjhÂŒ [b [nĂ’iYWb MWi^_d]jed F[i|dj[p" gk[ [djh[ [b fepe ĂˆFWbe ;b 9eb[]_e Z[ 7Xe]WZei Z[b =kW# 7pkb 'É Z[djhe Z[ Xbegk[ '. o [b oWi WdkdY_ÂŒ Wo[h gk[ [ij[ bkd[i ĂˆFWbe 7pkb (É de [n_ij[ YWcfe h[Wb_pWh|d kd f[Z_Ze eĂ’Y_Wb Z[ YecfWhj_Ze$ L_bbWl_Y[dY_e Z_`e gk[ bWi fheY[iWc_[dje f[dWb [d YedjhW Z[b \_iYWb ][d[hWb Z[b ;ijWZe" YecfW‹‡Wi 9W_c|d" J[nWYe o =Wbe 9^_h_Xe]W" o bW `k[pW Z[ bW F[jhecWdWX‡ [hWd YedjhWj_ijWi Z[b Xbegk[ '. FWbe 7pkb 9ehj[ DWY_edWb Z[ @ki# o" i[]‘d bei [ijkZ_ei Z[ j_Y_W 9D@ " BkYo 8bWY_e" '///" [i[ YWcfe de j[# feh Z[YbWhWh dkbe jeZe be ĹŠ d‡W h[i[hlWi Yec[hY_Wb[i WYjkWZe [d [b YWie ĂˆFWbe fWhW [nfbejWh o bb[]WXWd 7pkbÉ$
ĹŠ #"#1 !(¢-ĹŠ W ( c_bbed[i Z[ XWhh_b[i$ ;b ]h[c_e jecÂŒ [ijW !(.- +ĹŠ"#ĹŠ .% ".2ĹŠ!.-Äą ;d bk]Wh Z[ Z[lebl[h Z[Y_i_ÂŒd Z[ifkƒi Z[ gk[ 5.!¢Ŋ ĹŠ4- ĹŠ +# ĹŠ/ 1 ĹŠ [b YWcfe" be gk[ i[ ^_pe [i bW `k[pW Z[ bW 9D@ Z_e W 2 , /.8 1ĹŠ#+ĹŠ/1.!#Äą YedeY[h [b \Wbbe ieXh[ [b 2.ĹŠ/#- +ĹŠ!.-31 ĹŠ f[h\ehWh kd fepe b_c‡jhe\[" .% ĹŠ8ĹŠ [i Z[Y_h" kX_YWZe Y[hYW Z[b fheY[ie ĂˆFWbe 7pkbÉ" [b '(1( + !(.Ä“ĹŠ YWcfe FWbe He`e" gk[ [ij| fWiWZe bkd[i )& Z[ WXh_b$ `kdje Wb FWbe 7pkb$ ;i[ 7 jhWlƒi Z[ kd Yeckd_# fepe Whhe`ÂŒ '-& XWhh_b[i YWZe" [b 9eb[]_e WdkdY_ÂŒ gk[ fbWdj[Wh| bW Z[cWdZW W bei feh be gk[ i[ Yedi_Z[hÂŒ gk[ [n_ij‡W Zei \kdY_edWh_ei ieXh[ kd ik# Yed[n_ÂŒd [djh[ WcXei YWcfei$ ;ij[ fepe fheZk`e Wbh[Z[Zeh Z[ fk[ije Z[b_je Z[ Ăˆfh[lWh_YWjeÉ$ 7b\edie Bkp O‘d[p" fh[i_# )$.&& W *$&&& XWhh_b[i Z_Wh_ei [d Z[dj[ Z[b ]h[c_e" Yk[ij_edÂŒ bW [b (&&&$ FWhW YedĂ’hcWh i_ bei Zei fe# i[b[YY_ÂŒd Z[ bW `k[pW 8bWY_e o Z_`e gk[ Æ[b d[ne Z[ Wc_ijWZ gk[ pei [ijWXWd Yed[YjWZei e f[hj[# cWdj_[d[ Yed =Wbe 9^_h_Xe]W [i d[Y‡Wd W kd c_ice oWY_c_[dje" i[ f[h\ehÂŒ kd fepe _dj[hc[Z_e$ c|i gk[ [l_Z[dj[Ç$ I[]‘d kd _d\ehc[ Z[ bW 9edjhW# beh‡W =[d[hWb Z[b ;ijWZe 9=; -$.1,# <[hdWdZe L_bbWl_Y[dY_e" WdW# Z[ (&&," bW YecfW‹‡W 9W_c|d b_ijW f[jheb[he" [nfb_YÂŒ gk[ bW f[h\ehÂŒ kd fepe _dj[hc[Z_e" Yec_i_ÂŒd Yed\ehcWZW feh 7b# YkoW fheZkYY_ÂŒd \k[ Z[ /- Z[ X[hje 7YeijW \k[ bW fhk[XW gk[ W]kW" feh be gk[ \k[ Y[hhWZe$
ŊŊ +Ŋ ! -!(++#1ĔŊ (! 1".Ŋ 3( .ĔŊ 8Ŋ ŗ.31 2Ŋ /#12.- 2Ŋ $4#1.-Ŋ "#-4-!( Ĺ
".2Ŋ#-Ŋ+ Ŋ (2! +~ Ŋ/.1Ŋ+.2Ŋ'#!'.2Ŋ 5(.+#-3.2Ŋ 04#Ŋ 2#Ŋ 1#%(231 1.-Ŋ #-Ŋ + Ŋ -!(++#1~ Ŋ #+Ŋ / 2 ".Ŋ ĉćŊ "#Ŋ 1(+Ŋ #-Ŋ !.-31 Ŋ "#+Ŋ 2 , +#~23 Ŋ "#Ŋ .!(#" "Ŋ 31(¢3(! ĔŊ #1- -".Ŋ %4(11#Ŋ .1"#1.ĔŊ!4 -".Ŋ !4"(¢Ŋ Ŋ + Ŋ"(+(%#-!( Ŋ)4"(!( +Ŋ/.1Ŋ+ 2Ŋ(-5#23(Ĺ % !(.-#2Ŋ04#Ŋ2#Ŋ "#+ -3 -Ŋ/.1Ŋ#+Ŋ 3#, Ŋ"#Ŋ+ Ŋļ- 1!.Ĺ5 +() Čē +Ŋ 2 , +#~23 Ŋ"(!#Ŋ#-Ŋ24Ŋ"#-4-Ĺ !( Ŋ ' #1Ŋ 2(".Ŋ %1#"(".Ŋ 5#1 +Ĺ ,#-3#Ŋ/.1Ŋ4- Ŋ341 Ŋ"#Ŋ2(,/ Ĺ 3(9 -3#2Ŋ"#Ŋ +( -9 Ŋ Ŋĸ ĚŊ8Ŋ 04#Ŋ "#,;2Ŋ2#Ŋ/42.Ŋ#-Ŋ/#+(%1.Ŋ 24Ŋ(-3#%1(" "Ŋ$~2(! ē 1 Ŋ %4(11#ĔŊ-.Ŋ#7(23#Ŋ"4" Ŋ +%4Ĺ - Ŋ04#Ŋ#23.2Ŋ'#!'.2Ŋ 3#-3 3.1(.2Ŋ !.-31 Ŋ24Ŋ(-3#%1(" "Ŋ$~2(! Ŋ$4#1.-Ŋ "(1#!!(.- ".2Ŋ /.1Ŋ #+Ŋ /1./(.Ŋ ! -Ĺ !(++#1Ŋ 3( .ĔŊ 4(2Ŋ 1#"#2Ŋ :5(+ Ŋ ĸ 2 , +#~23 Ŋ +3#1-.ĚĔŊ +#7(2Ŋ .-Ĺ !#Ŋ 423(++.2ĔŊ#-Ŋ#+Ŋ $;-Ŋ"#Ŋ ! ++ 1+#Ŋ #-Ŋ24Ŋ3 1# Ŋ$(2! +(9 ".1 Ŋ"#Ŋ+.2Ŋ !Ĺ 3.2Ŋ"#Ŋ#23#Ŋ%. (#1-.ē
[djh[ Gk_je o =kWoWgk_b" e [djh[ =kWoWgk_b o ;khefW$ ;d XWi[ W [ije" [b '+ Z[ \[Xh[he i[ l[h_Ă’YÂŒ [b fheY[Z_c_[dje WZc_d_ijhWj_le o [b fhejeYebe Z[ cWd[`e Z[ bW lWb_`W Z_fbe# c|j_YW o [b (/ Z[ [i[ c[i i[ ieb_Y_jÂŒ W ?jWb_W Wi_ij[dY_W f[# dWb _dj[hdWY_edWb$ 7Z[c|i" i[ WdWb_pW i_ i[ kj_b_pÂŒ fWhWĂ’dW [d bWi `WhhWi" gk[ ^WXh‡W WYjkWZe Yece _d^_X_Zeh Z[ bW Zhe]W o i[ l[h_Ă’YW i_ ZkhWdj[ [b fheY[# Z_c_[dje Z[ [dl‡e i[ eXi[h# lÂŒ Wb]kdW j_fe Z[ YWZ[dW Z[ YkijeZ_W Z[ bW lWb_`W$
Ä“ĹŠ ĂŒ+ĹŠ .-!#Ä”ĹŠÄƒ2! +ĹŠ"#+ĹŠ 4 8 2ĔŊ#-! 1% ".Ä“ĹŠ#+ĹŠ,(_1!.+#2ĹŠ/ 2 ".ĹŠ1#Äą !#/3¢Ŋ+ ĹŠ5#12(¢-ĹŠ"#ĹŠ+ ĹŠ#7)4#9 ĹŠ ¢-(! ĹŠ -! + " ĹŠ8ĹŠ 8#1ĹŠ+ ĹŠ"#!+ 1 !(¢-ĹŠ"#+ĹŠ/#1(3.Ä“
,#.)ŋ,#( #šŋ-/ŋ0 ,-#š(ŋ (ŋ -)ŋ &ŋ (#0 ,-)ŋŋ
<[hhkpebW \k[ bbWcWZe W Z[# Ä“ĹŠ;b c_d_ijhe Ă’iYWb Z_i# jh_jWb [dYWh]WZe" FW‘b FedY[" h[# YbWhWh feh [b Ă’iYWb 7djed_e =W# ]b_WhZe" f[he Z[X_ÂŒ h[dZ_h Y[fjÂŒ Wo[h bW l[hi_ÂŒd Z[b ik l[hi_ÂŒd [b fWiWZe (& Z[ f[h_je _d\ehc|j_Ye ;dh_# cWhpe" Wkdgk[ bW Z_b_][d# gk[ <[hhkpebW" gk_[d h[l_# ĹŠ Y_W de i[ Ykcfb_ÂŒ fehgk[ iÂŒ [b 9FK Z[b YecfkjWZeh gk[ kj_b_pÂŒ [b `k[p j[cfe# +ĹŠ/ 2 ".ĹŠ,(_1Äą \k[ ikif[dZ_ZW kd Z‡W Wd# j[i feh [b Ă’iYWb [dYWh]WZe hWb @kWd FWh[Z[i fWhW [bW# !.+#2ĹŠ1(-"(¢Ŋ24ĹŠ 5#12(¢-ĹŠ+ ĹŠ#7ĹŠ FW‘b FedY[$ XehWh bW i[dj[dY_W Z[ fh_# )4#9 ĹŠ ¢-(! ĹŠ FWhW bW fhÂŒn_cW [ij| c[hW _dijWdY_W YedjhW ;b -! + " ĔŊ04(#-ĹŠ 1 3($(!¢Ŋ242ĹŠ Kd_l[hie o iki Z_h[Yj_lei$ "#-4-!( 2ĹŠ -3#ĹŠ YedleYWZe [b WiWcXb[‡ijW 9ƒiWh Cedj‘\Wh" gk_[d oW :ei ^ehWi b[ jecÂŒ Wb #+ĹŠ$(2! +ĹŠ#-! 1% Äą ".ĹŠ"#+ĹŠ 4 8 2Ä“ ieb_Y_jÂŒ bW l_dYkbWY_ÂŒd Z[b f[h_je Z[b 9edi[`e Z[ bW WXe]WZe Z[\[dieh Z[b fh[# @kZ_YWjkhW Z[YbWhWh Z[d# jhe Z[ bW _dZW]WY_ÂŒd fh[l_W gk[ i_Z[dj[ HW\W[b 9ehh[W" =kj[c# bW <_iYWb‡W i_]k[ YedjhW [b `k[p X[h] L[hW F|[p" feh i[h gk_[d FWh[Z[i" feh \Wbi[ZWZ _Z[ebÂŒ]_YW h[ZWYjÂŒ bW i[dj[dY_W gk[ Ă’hcÂŒ [b `k[p @kWd FWh[Z[i$ o fh[lWh_YWje$
ć
ÄˆÄŽÄŠÄ“ÄŒÄŒÄ‘ĹŠ
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
ĹŠ "#ĹŠ"¢+ 1#2ĹŠ#2ĹŠ+ ĹŠ ĹŠ3.3 +ĹŠ #-ĹŠ ,_1(! ĹŠ 3(- ĹŠ8ĹŠ#+ĹŠ 1( #ĹŠ#-ĹŠÄ‰Ä‡ÄˆÄˆÄ“
ēŊ +Ŋ . (#1-.Ŋ!.-3 (+(9 Ŋ+ Ŋ(-5#12(¢-Ŋ!'(- Ŋ#-Ŋ#+Ŋ/ ~2ĔŊ2(-Ŋ#, 1%.ĔŊ+ Ŋ, 8.1~ Ŋ2#Ŋ#)#!43 Ŋ!.-Ŋ!1_"(3.2ē
/ ),Ĺ‹ *.šŋ úąßÿĿŋ Ĺ‹#(0 ,-#š(Ĺ‹ 2., ($ , Ĺ‹, !#)( & -ĹŠÄ‰Ä‡ÄˆÄˆĹŠ#+ĹŠ/ ~2ĹŠ1#!( (Â˘ĹŠÄˆÄŒÄŽĹ˜ĹŠ,;2ĹŠ04#ĹŠ #-ĹŠÄ‰Ä‡ÄˆÄ‡Ä”ĹŠ/#1.ĹŠ+.2ĹŠ1#!412.2ĹŠ3." 5~ ĹŠ 2(%4#-ĹŠ2(#-".ĹŠ(-$#1(.1#2Ä“ĹŠ ;YkWZeh YWfjÂŒ ((/ c_bbed[i Z[ ZÂŒbWh[i c|i Z[ ?dl[hi_ÂŒd ;n# jhWd`[hW :_h[YjW ?;: [d [b ‘bj_# ce W‹e$ FWiÂŒ Z[ kd jejWb Z[ '+- c_bbed[i [d (&'& W )., c_bbed[i Z[ ZÂŒbWh[i [d (&''$ F[i[ Wb Yh[Y_# c_[dje" gk[ \k[ Z[b '*+ " bW Y_\hW de i[ YecfWZ[Y[ Yed [b hƒYehZ WbYWdpWZe [d (&&. '$&&, c_bbe# d[i Z[ ZÂŒbWh[i $ 7Z[c|i Wf[dWi h[fh[i[djW [b &"(+ Z[b jejWb Z[ ?;: W d_l[b Z[ bW h[]_ÂŒd" gk[ \k[ '+)$**. c_bbed[i Z[ ZÂŒbWh[i$ BWi Y_\hWi Yehh[ifedZ[d Wb ‘bj_ce _d\ehc[ Z[ bW 9ec_i_ÂŒd ;YedÂŒc_YW fWhW 7cƒh_YW BWj_# dW o ;b 9Wh_X[ 9[fWb $ I[]‘d [b ZeYkc[dje" Z[b jejWb Z[ h[Ykhiei gk[ WjhW`e ;YkWZeh" [b -) " [i Z[Y_h" Wbh[Z[Zeh Z[ (.'"- c_bbe# d[i Z[ ZÂŒbWh[i" i[ Z[ij_dWhed W h[Ykhiei dWjkhWb[i$ ;b _d\ehc[ i[‹WbW gk[ [b Ăˆ[i# jWdYWc_[djeÉ Z[ bW ?;: [d [b fW‡i eX[Z[Y[ W bW iWb_ZW Z[ lWh_Wi YecfW‹‡Wi f[jheb[hWi" bWi gk[ de h[d[]eY_Whed bei YedjhWjei Zk# hWdj[ (&'&$ ;ije" bk[]e Z[ gk[ [b =eX_[hde Z[j[hc_dÂŒ gk[ jeZei bei YedjhWjei Z[X‡Wd c_]hWh Wb ceZ[be Z[ fh[ijWY_ÂŒd Z[ i[hl_# Y_ei o Wi‡ WXWdZedWh [b ceZ[be Z[ fWhj_Y_fWY_ÂŒd o Z[ cWh]_dWb[i gk[ [n_ij‡Wd Wdj[i$
BWi Y_\hWi _dZ_YWd" i_d [cXWh# ]e" gk[ [b fW‡i ^_ijÂŒh_YWc[dj[ de ^W i_Ze WjhWYj_le fWhW bei _dl[h# i_ed_ijWi$ :[ ^[Y^e" [d (&&, i[ YWfjÂŒ (-' c_bbed[i Z[ ZÂŒbWh[i$ Bei W‹ei i_]k_[dj[i bW j[dZ[dY_W \k[ W bW XW`W" [nY[fje [d (&&." W‹e Z[ XedWdpW f[jheb[hW fWhW ;YkWZeh$ F[he (&&/ o (&'&" bW ?;: lebl_ÂŒ W XW`Wh Z[ cWd[hW Zh|ij_YW$ ;d (&'' [b fW‡i jWcX_ƒd ]epÂŒ Z[ fh[Y_ei Wbjei Z[ f[jhÂŒb[e" ie# Xh[ bei '&& ZÂŒbWh[i$ 7 f[iWh Z[ [ie" bei )., c_bbed[i Z[ ZÂŒbWh[i YWfjWZei [d (&'' Wf[dWi h[fh[# i[djWd [b ). Z[ be gk[ i[ h[Y_# X_ÂŒ [d (&&.$ HeX[hje 7if_Wpk" Z_h[Yjeh [`[Ykj_le Z[b 9ec_jƒ ;cfh[iW# h_Wb ;YkWjeh_Wde 9;; " i[‹WbÂŒ gk[ Æ[i kdW Y_\hW cko XW`W" ieXh[ jeZe i_ i[ be YecfWhW Yed fW‡i[i l[Y_dei Yece 9ebecX_W o F[h‘Ç$ :[ ^[Y^e" i[]‘d [b _d\ehc[" [ijei fW‡i[i YWfjWhed ')$()* c_bbed[i Z[ ZÂŒbWh[i o -$,+/ c_bbed[i Z[ ZÂŒbWh[i" h[if[Yj_lWc[dj[$ :[ bei '( fW‡i[i Z[ 7cƒh_YW Z[b Ikh" ;YkWZeh [i [b i[]kdZe fW‡i gk[ c[dei h[Ykhiei YWfjÂŒ$ ;b gk[ c|i YWfjÂŒ" [d YWcX_e" [i 8hWi_b Yed ,,$,,& c_bbed[i Z[ ZÂŒbWh[i$
5.+4!(¢  .ĹŠ ĉććÄ?ĹŠ ĉććÄ?ĹŠ ĉććđŊ ĉććĒŊ Ä‰Ä‡ÄˆÄ‡ĹŠ Ä‰Ä‡ÄˆÄˆĹŠ 4#-3#Ä–ĹŠ
.-3.ĹŠ#-ĹŠ,(++.-#2ĹŠ "#ĹŠ"¢+ 1#2 ĉÄ?Ĉ ĈĒČ ĈēććÄ? ĊĉĈ ĈĎÄ? ÄŠÄ‘Ä?
(-#š(ŋ.,# /. ,# ŋ )(ŋ ( '6ŋ
ĹŠ ĹŠ ĹŠ š ;b =eX_[hde fW# dWc[‹e Yed\‡W [d gk[ bWi h[# bWY_ed[i Yed ;YkWZeh i[ cWd# j[d]Wd W f[iWh Z[ bW c[Z_ZW Z[ h[jehi_ÂŒd gk[ i[ Wfb_YWh| W [cfh[iWi [YkWjeh_WdWi" Z_`e [b YWdY_bb[h fWdWc[‹e" HeX[h# je >[dh‡gk[p$ ÆLW W Z[f[dZ[h eXl_Wc[dj[ Z[ bW h[WYY_ÂŒd Z[ ;YkWZehÇ" Z_`e$ BW h[WYY_ÂŒd l_de Z[b I[hl_# Y_e Z[ H[djWi ?dj[hdWi IH? $ ;b Z_h[Yjeh Z[ bW [dj_ZWZ" 9Wh# bei CWhn 9WhhWiYe" [nfb_YÂŒ gk[ ÆfWh[Y[ kdW c[Z_ZW Z_iYh_c_# dWjeh_W" f[he de Yh[e gk[ [ijƒ [d f[b_]he dWZW fWhW [b fW‡iÇ$ BW c[Z_ZW Z[b ]eX_[hde Z[ H_# YWhZe CWhj_d[bb_ fhe^‡X[ gk[ [cfh[iWi [YkWjeh_WdWi fWhj_# Y_f[d [d b_Y_jWY_ed[i f‘Xb_YWi" i_c_bWh W bW gk[ oW Wfb_YÂŒ ;YkW# Zeh" Wb Yedi_Z[hWh W FWdWc| kdW [Yedec‡W Z[ jh_XkjWY_ÂŒd feYe YbWhW$ 9WhhWiYe [nfb_YÂŒ gk[ Æ[b =eX_[hde" W jhWlƒi Z[ bW B[o Z[ ;gk_ZWZ Jh_XkjWh_W" Z[Ă’d_ÂŒ [b b_ijWZe Z[ [Yedec‡Wi e fW‡# i[i gk[ ied fWhW‡iei Ă’iYWb[i$ >Wo /&" [djh[ [bbei FWdWc|Ç$ 7fkdjÂŒ gk[ bW c[Z_ZW de ^W i_Ze Æj[b[Z_h_]_ZWÇ$ FWdWc| _]kWbÂŒ bWi iWdY_e# d[i o Æ[b jhWje Z_iYh_c_dWjeh_e gk[ [b ]eX_[hde Z[ ;YkWZeh dei Wfb_YW Æ" W‹WZ_ÂŒ [b YWdY_bb[h Z[b fW‡i Y[djheWc[h_YWde$ ;YkWZeh WdkdY_ÂŒ [b (' Z[ WXh_b gk[ h[j_hWh‡W W FWdWc| Z[ ik b_ijW Z[ fWhW‡iei Ă’iYWb[i i_ iki Wkjeh_ZWZ[i i[ Yecfhec[# j_[hWd W _dj[hYWcX_Wh _d\ehcW# Y_ÂŒd fWhW [l_jWh bW [lWi_ÂŒd Z[ _cfk[ijei$ >[dh‡gk[p Wi[]khÂŒ gk[ Z[i# Z[ ^WY[ '. c[i[i ^Wd ieij[d_Ze Yedl[hiWY_ed[i _d\hkYjkeiWi Yed ;YkWZeh$ Æ9ece [bbei de WY[fjWhed d_ [dj[dZ_[hed bWi
ĹŠ++#%¢Ŋ #+ĹŠ,.Äą ,#-3.ĹŠ "#ĹŠ04#ĹŠ2#ĹŠ 1#2/#3#ĹŠ+.ĹŠ04#ĹŠ 1# +,#-3#ĹŠ#2ĹŠ - ,;ĹŠ#-ĹŠ #+ĹŠ,4-".ĔŊ04#ĹŠ"#ă-(3(5 Äą ,#-3#ĹŠ-.ĹŠ#2ĹŠ4-ĹŠ/ 1 ~2.ĹŠ ă2! +Ģē
ĹŠ }
ĹŠ Â&#x;
hWped[i" W FWdWc| de b[ gk[ZÂŒ c|i h[c[Z_e gk[ h[Y_fheYWh Yed bW c[Z_ZW gk[ ^[cei je# cWZeÇ" [nfb_YÂŒ$ 9WhhWiYe Z_`e gk[ ieb_Y_jÂŒ _d\ehcWY_ÂŒd W FWdWc| Z[ Zei YWiei fkdjkWb[i Z[ Yedjh_Xk# o[dj[i [if[Y‡ÒYei Z[ [cfh[iWi [YkWjeh_WdWi" f[he" Z_Y[" i[ ^Wd d[]WZe$ 7Z[bWdjÂŒ gk[ i[ ^W ÆZ[j[YjWZe bW [n_ij[dY_W Z[ Wb# ]kdei c[Z_ei Z[ Yeckd_YWY_ÂŒd l_dYkbWZei W fWhW‡iei Ă’iYWb[iÇ$ I[ d[]ÂŒ W ZWh decXh[i$ .-2#!4#-!( 2ĹŠ
<[b_f[ H_XWZ[d[_hW" fh[i_Z[d# j[ [`[Ykj_le Z[ bW <[Z[hWY_ÂŒd ;YkWjeh_WdW Z[ ;nfehjWZeh[i" Wi[]khW gk[ Æ[n_ij[ [b h_[i]e Z[ kdW h[l_i_ÂŒd Z[ bWi jWh_\Wi Z[b YWdWb Z[ FWdWc|" be gk[ W\[Y# jWh‡W Z_h[YjWc[dj[ W dk[ijhWi [nfehjWY_ed[iÇ$ ;d (&''" (+ Z[ bWi [nfehjWY_ed[i Z[ ;YkW# Zeh fWiWhed feh [i[ YWdWb" Wb _]kWb gk[ [b +& Z[ bWi _cfeh# jWY_ed[i$ 9WhhWiYe WZl_hj_ÂŒ gk[ FWdWc|" [d Z[h[Y^e _dj[hdW# Y_edWb" de fk[Z[ h[l_iWh Yeijei Z[b YWdWb$ >[dho Ahed\b[" fh[i_Z[dj[ Z[ bW 9|cWhW Z[ ?dZkijh_Wi Z[ =kWoWgk_b" Wi[]khÂŒ gk[ [d [ij[ cec[dje kdW e Zei [cfh[iWi [i# j|d [d fheY[ie Z[ b_Y_jWY_ÂŒd" f[he ÆYeWhjW bW fei_X_b_ZWZ Z[ Z[iWhhe# bbWh W \kjkhe [i[ c[hYWZeÇ$
1. +#, ĹŠ"#ĹŠ$.-".ĹŠ
BW XW`W ?;: gk[ bb[]W Wb fW‡i ÆZ[ck[ijhW gk[ de [i WjhWYj_le fWhW bei YWf_jWb[i [njhWd`[hei" gk[ [b Z_iYkhie Z[ bW H[lebk# Y_ÂŒd 9_kZWZWdW de WokZW W gk[ [b ;YkWZeh i[ Yedl_[hjW [d kd Z[ij_deÇ$ ;ije Z[X_Ze" fh_d# Y_fWbc[dj[" W Æbei Yedj_dkei YWcX_ei [d bWi h[]bWi Z[ `k[]eÇ" WdejÂŒ" h[Ă’h_ƒdZei[ Wb j[cW jh_# XkjWh_e i[ ^Wd h[Wb_pWZe dk[l[ h[\ehcWi [d [ij[ =eX_[hde o b[]Wb de [ij|d Z[Ă’d_ZWi b[o[i Yece Z[ j_[hhWi" W]kW" [djh[ ejhWi $ BWi Yedi[Yk[dY_Wi Z[ [ije [i gk[ ÆlW W i[h Z_\‡Y_b gk[ [b fW‡i fk[ZW YWcX_Wh ik cWjh_p fhe# ZkYj_lW o [b i[Yjeh f‘Xb_Ye i[]k_# h| ]WdWdZe fWhj_Y_fWY_ÂŒdÇ$ (1#ĹŠ#+ĹŠ#234"(.ĹŠ!.,/+#3.ĹŠ #-666Ä“+ '.1 Ä“!.,Ä“#!
ēŊ 1+.2Ŋ 17Ŋ 11 2!.ĔŊ"41 -3#Ŋ24Ŋ(-3#15#-!(¢-Ŋ 8#1Ŋ#-Ŋ 4 8 04(+ē
'*, - ,#)-Ĺ‹*# (Ĺ‹, (/ ,Ĺ‹ ( !) # #)( -Ĺ‹ )(Ĺ‹& Ĺ‹ š ;b fh[i_Z[dj[ Z[ bW 9|# cWhW Z[ 9ec[hY_e Z[ Gk_je" 8bWiYe F[‹W^[hh[hW" f_Z_ÂŒ gk[ Wb =eX_[hde gk[ h[WdkZ[ bWi d[]eY_WY_ed[i Yec[hY_Wb[i Yed bW Kd_ÂŒd ;khef[W o WY[fj[ ÆbWi h[]bWi _dj[hdWY_edWb[iÇ fWhW Z_# Y^Wi Yedl[hiWY_ed[i" c_[djhWi [d 8hki[bWi kdW Z[b[]WY_ÂŒd [i# jkZ_W h[jecWh bei Z_|be]ei$ F[‹W^[hh[hW WĂ’hcÂŒ [d kdW hk[ZW Z[ fh[diW gk[ ZkhWdj[ bei Y_dYe W‹ei Z[b WYjkWb =eX_[hde"
fh[i_Z_Ze feh HW\W[b 9ehh[W" ^W ^WX_Ze kd ÆW_ibWc_[djeÇ Z[ bei c[hYWZei _dj[hdWY_edWb[i$ 7 ik `k_Y_e" [ije [i bW f[eh Z[Y_i_ÂŒd fWhW ÆiebkY_edWh bei fheXb[cWi ieY_Wb[i o Yh[Wh bWi YedZ_Y_ed[i d[Y[iWh_Wi fWhW Yh[Wh [b Z[iWhhebbe [YedÂŒc_YeÇ fWhW [b fW‡i$ ÆDe feZ[cei i[d# jWhdei [d bW c[iW i_ de WY[fjW# cei bWi h[]bWi Z[b `k[]e" Yece eYkhh_ÂŒ bW l[p Wdj[h_ehÇ" Z[ijW# YÂŒ F[‹W^[hh[hW$
(Ĺ‹* ,#) #-. Ĺ‹ (Ĺ‹ &Ĺ‹#(Ă° ,()
Ŋ1#%(¢-Ŋ,;2Ŋ!.-Ĺ Ą(!3(5 Ŋ"#Ŋ .+.,Ĺ ( Ŋ 31 /¢Ŋ +Ŋ!.Ĺ 11#2/.-2 +Ŋ$1 -!_2Ŋ .,_.Ŋ -%+.(2ēŊ :ĔŊ ě ;djh[ bW YehZ_bb[hW
eh_[djWb Z[ bei 7dZ[i o bW i[blW WcWpÂŒd_YW" [d [ij[ bk]Wh gk[ bbW# cWd bW ĂˆpedW he`WÉ o gk[ [i Yedi_# Z[hWZe kd \ehj‡d Z[ bW ]k[hh_bbW [d [b ikh Z[ 9ebecX_W" [b f[h_e# Z_ijW \hWdYƒi Hecƒe BWd]be_i gk[ZÂŒ WjhWfWZe [d [b YedĂ“_Yje WhcWZe YebecX_Wde$ DWZ_[ [d [b ckd_Y_f_e Z[ BW CedjW‹_jW" ZedZ[ i[ kX_YW [b feXbWZe Kd_ÂŒd F[d[oW" Z[iYedeY[ bW ik[hj[ Z[ BWd]be_i" YWfjkhWZe feh bW ]k[# hh_bbW Yeckd_ijW <7H9 [b (. Z[ WXh_b [d c[Z_e Z[b \k[]e YhkpWZe Z[ kd YecXWj[ YkWdZe i[ Z[i# fbWpWXW Yed bWi \k[hpWi c_b_jWh[i fWhW h[Wb_pWh kd h[fehjW`[$ Æ7Y| bWi WfWh_[dY_Wi [d]W‹Wd$ FWh[Y[ kd fWhW‡ie o Z[ ]ebf[ i[ Yedl_[hj[ [d kd _dĂ’[hde$ BW ]k[# hh_bbW de Z[`W Z[ Wc[dWpWh$ BW# c[djWXb[c[dj[ be YecfheXÂŒ [i[ f[h_eZ_ijW Ç " Yec[djW W bW 7<F HeeiX[bj <_]k[heW" kd YWcf[i_de Z[ )/ W‹ei" [d kd YWc_de Z[ j_[hhW [d\Wd]WZe feh bW bbkl_W$ 1 -!#2#2ĹŠ2(-ĹŠ24#13#
>WY[ Z_[p W‹ei" bWi <k[hpWi 7hcWZWi H[lebkY_edWh_Wi Z[ 9ebecX_W <7H9 eXb_]Whed W [iYWfWh W /& \Wc_b_Wi Z[b feXbW# Ze Z[ Jh_kd\e" l[Y_de W Kd_ÂŒd F[d[oW" ZedZ[ i[ fheZk`e [b [d# \h[djWc_[dje [d [b gk[ BWd]be_i \k[ h[fehjWZe Yece Z[iWfWh[# Y_Ze$ >eo iebe l_l[d Wbb‡ Y_dYe \Wc_b_Wi$ ÆKij[Z[i bei \hWdY[i[i
ĂŒ204#" ĹŠ(-ĂŒ3(+ ĂŒ204#" ĹŠ"#+ĹŠ/#1(."(23 ĹŠ$1 -Äą Ĺ—!_2ĹŠĹŠĹŠ ĹŠ .,_.ĹŠ
-%+.(2ĹŠ /1.2(%4#ĹŠ #-ĹŠ .+., ( ĹŠ2(-ĹŠ1#24+3 ".2ĔŊ,(#-31 2ĹŠ#+ĹŠ . (#1-.ĹŠ8ĹŠ+ ĹŠ 149ĹŠ .) ĹŠ -3#1- !(.- +ĹŠ 24 1 8 1.-ĹŠ 8#1ĹŠ 04#ĹŠ -.ĹŠ #2ĹŠ 4-ĹŠ ÄĄ/1(Äą 2(.-#1.ĹŠ"#ĹŠ%4#11 ĢĔŊ/.1ĹŠ+.ĹŠ04#ĹŠ"# #ĹŠ 2#1ĹŠ+( #1 ".ĹŠ2(ĹŠ#23;ĹŠ#-ĹŠ, -.2ĹŠ"#ĹŠ+ 2ĹŠ ĹŠ4ĹŠ.31.ĹŠ%14/.ĹŠ 1, ".Ä“ 4-!(.- 1(.2ĹŠ"#+ĹŠ .,(3_ĹŠ -3#1- !(.Äą - +ĹŠ"#ĹŠ+ ĹŠ 149ĹŠ .) Ŋĸ ĚŊ2#ĹŠ24, Äą 1.-ĹŠ ĹŠ #2 ĹŠ ĂŒ204#" ĹŠ #-ĹŠ #+ĹŠ 2#+5;3(!.ĹŠ "#/ 13 ,#-3.ĹŠ "#ĹŠ 04#3;ĔŊ ".-"#ĹŠ
-%+.(2ĹŠ "#2 / 1#!(¢Ŋ #+ĹŠ 2; ".ĹŠ #-ĹŠ ,#"(.ĹŠ "#ĹŠ !., 3#2ĹŠ #-31#ĹŠ %4#11(Äą ++#1.2ĹŠ8ĹŠ4-ĹŠ!., (- ".ĹŠ"#ĹŠ/.+(!~ 2ĹŠ8ĹŠ ,(+(3 1#2ĹŠ!4 -".ĹŠ2#ĹŠ"(2/.-~ ĹŠ ĹŠÄƒ+, 1ĹŠ 4- ĹŠ./#1 !(¢-ĹŠ -3("1.% 2Ŋĸ Ěē
de j_[d[d ik[hj[ Ç " Z_Y[ kde Z[ iki ^WX_jWdj[i" Wb [leYWh gk[ W feYei a_bÂŒc[jhei Z[ [ij[ bk]Wh gk[ WbX[h]W bei fh_dY_fWb[i bW# XehWjeh_ei fWhW bW [bWXehWY_ÂŒd Z[ bW YeYW‡dW" \k[ i[Yk[ijhWZW [d (&&( bW [n YWdZ_ZWjW fh[i_Z[d# Y_Wb ?d]h_Z 8[jWdYekhj" h[^ƒd Z[ bWi ]k[hh_bbWi Z[ bWi <7H9 feh c|i Z[ i[_i W‹ei$ -ĹŠ/+#- ĹŠ,(2(¢-
;b \h[dj[ '+ Z[ bWi <7H9" kdW kd_ZWZ h[]_edWb Z[ bW ]k[hh_bbW _dj[]hWZW feh )&& YecXWj_[d# j[i WfeoWZei feh kdei ($&&& c_b_Y_Wdei" i[]‘d [b ;`ƒhY_je" i[ Wjh_XkoÂŒ bW YWfjkhW Z[ BWd]be_i$ ;b h[fehj[he Z[ )+ W‹ei Z[ [ZWZ fh[fWhWXW kd h[fehjW`[ fWhW bW j[b[l_iehW <hWdY[ (* o oW Wdj[i ^WX‡W h[Wb_pWZe dkc[heiei jhW# XW`ei f[h_eZ‡ij_Yei ieXh[ [b Yed# Ă“_Yje WhcWZe Z[ 9ebecX_W$ Æ;i kd ckY^WY^e _cf[jkeie gk[ gk_ie ceijhWh [b l[hZWZ[he heijhe Z[ bWi <7H9" gk[ de j_[# d[d oW dWZW gk[ l[h Yed [b Ye#
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
Ĉ
ckd_ice Ç " Z[iYh_X[ [b ][d[hWb @Wl_[h H[o" YecWdZWdj[ Z[ bW Wl_WY_ÂŒd Z[b ;`ƒhY_je o gk_[d Wk# jeh_pÂŒ bW _di[hY_ÂŒd Z[ BWd]be_i [d bW fWjhkbbW c_b_jWh feij[h_eh# c[dj[ WjWYWZW$ Æ;ie [i be gk[ [ij| fW]WdZe Ç " W]h[]W [b eĂ’Y_Wb$ .,.ĹŠ#-ĹŠ4- ĹŠ/#+~!4+
Ik h[bWje Z[ bW e\[di_lW ]k[hh_# bb[hW fWh[Y[ kdW f[b‡YkbW Z[ ]k[# hhW$ JhWi ^WX[h Z[icWdj[bWZe kd fh_c[h Z[fÂŒi_je Z[ Zhe]W" jh[i ^[b_YÂŒfj[hei Z[`Whed Wb WcWd[# Y[h W kdW jh[_dj[dW Z[ c_b_jWh[i o Wb f[h_eZ_ijW Y[hYW Z[ kd ]hWd Y[djhe Z[ WYef_e" ZedZ[ Wbh[Z[# Zeh Z[ (&& ]k[hh_bb[hei" Wb l[hi[ iehfh[dZ_Zei" WXh_[hed \k[]e$ ÆBei Zei c_b_jWh[i gk[ [ijW# XWd Wb bWZe Z[ Hecƒe fWhW ]W# hWdj_pWh ik i[]kh_ZWZ \k[hed Wi[i_dWZei$ JhWi i[_i ^ehWi Z[ j_# hej[e" W Z_[p c[jhei Z[ Z_ijWdY_W" ƒb i[ b[lWdjÂŒ o i[ [djh[]ÂŒĂ‡" dWhhW [b ][d[hWb H[o" Wb Z[ijWYWh gk[ [b cWb j_[cfe h[_dWdj[ [d bW pedW _cf_Z_ÂŒ W bei h[\k[hpei h[f[b[h c|i fhedje W bei WjWYWdj[i$ F[he _dYbkie fWhW kdW Z_# l_i_ÂŒd cko X_[d [gk_fWZW Z[ -$&&& iebZWZei" bW [ijWY_ÂŒd Z[ bWi bbkl_Wi Yecfb_YW bWi ef[hW# Y_ed[i Wƒh[Wi [d [ijW h[]_ÂŒd Z[ lWbb[i" [d bW gk[ WZ[c|i bei YW# c_dei WYY_Z[djWZei Z_Ă’YkbjWd [b jh|di_je j[hh[ijh[ o h[Yehh[h Z_[p a_bÂŒc[jhei fk[Z[ jecWh c|i Z[ kdW ^ehW$ (-ĹŠ./#1 3(5.2
FWhW _cfkbiWh W bW ]k[hh_bbW W [d# jh[]Wh Wb f[h_eZ_ijW" [b ;`ƒhY_je ikif[dZ_ÂŒ bWi WYY_ed[i c_b_jW# h[i [d [b |h[W" be gk[ ^W ceb[i# jWZe W Wb]kdei c_b_jWh[i$ Æ H[ikbjW c|i Yecfb_YWZe fWhW deiejhei o i[ [ij|d Wfhe# l[Y^WdZe Ç " bWdpW kd iebZWZe
ēŊ .,_.Ŋ -%+.(2Ŋ#-Ŋ/+#-.Ŋ31 ).Ŋ#-Ŋ+ Ŋ1#%(¢-Ŋ(-"~%#- Ŋ!.+.,Ĺ ( - Ŋ"#Ŋ -3 -"#1Ŋ"#Ŋ 4(+(!' .ēŊ
$ '*,2& $ - **"$$ & $ +-* '$'% " & $ )- $ ( *"' "+, * & 1+ '% ' & $'"+ )- 4 ,* ( ' " '&' $ +- *, $ * ('*, *' (,-* ' $ *"$ ( + '
&,'
'%"& '
$+"$$ +
- % . +
/
" ,' " '
& " &, $ -0&
$ '& $$' $1& '+ $ -#"$ & )-2 + *, & '&, 3", $ ! "*0 & '+1 $ * - $ &" "$0& $( * "+' ,- ! -*"$$'
( *, % &,' )- ,0 %-&" "("' '&, 3", '& + - " $ (' $ ' &"4& & .
$ '* "4&
[d kdW WbYWXWbW Z[ YWhh[j[hW$ F[he bW cWoeh‡W Z[ bei ^WX_# jWdj[i Z[ bW h[]_Œd ck[ijhWd ik f[dW feh [b f[h_eZ_ijW \hWd# Yƒi$ Kde Z[ [bbei [i @eh][ 7d#
jed_e LWbb[`e" ]WdWZ[he Z[ )+ W‹ei$ Æ7Y| cWdZWd bWi WhcWi o cWdZWd cWb$ F[he Hec[e de j[d‡W WhcWi o de c[h[Y[ f[hZ[h ik b_X[hjWZÇ" Z_Y[$
/ ),Ĺ‹*,)*)( Ĺ‹Ĺ‹ , ,Ĺ‹ ),. Ĺ‹, !#)( &Ĺ‹ Ĺ‹ Ä„ Ä„
ĔŊ Ä› ;b c_d_ijhe Z[ Z[\[diW Z[ ;YkWZeh" C_]k[b 9WhlW`Wb" i[‹WbÂŒ Wo[h [d 9Wh# jW][dW" ZkhWdj[ bW h[kd_ÂŒd Z[ KdWikh" gk[ ik =eX_[hde Xki# YW _cfkbiWh bW Yh[WY_ÂŒd Z[ kdW Yehj[ ikhWc[h_YWdW Z[ Z[h[Y^ei ^kcWdei gk[ f[hc_jW kd_Ă’YWh YedY[fjei o i[ ]WhWdj_Y[ [b h[i# f[je feh bei Z[h[Y^ei$
.,/1.,(2.
Æ;b =eX_[hde Z[ ;YkWZeh ^W fbWdj[WZe bW d[Y[i_ZWZ Z[ gk[ bei j[cWi Z[ Z[h[Y^ei ^kcWdei jWcX_ƒd i[Wcei YWfWY[i Z[ Z[# iWhhebbWh _dijWdY_Wi [if[Y_Ă’YWi [d KdWikh gk[ [ijƒd [d YedZ_# Y_ed[i Z[ h[ifedZ[h W dk[ijhWi YedZ_Y_ed[i [if[Y‡\_YWi Yece fW‡i[i" Yece h[]_ÂŒd" WZ[c|i Yed bW Yedl_YY_ÂŒd o Yecfhec_ie Z[ fhej[][h o fhe\kdZ_pWh bei Z[# h[Y^ei ieY_Wb[i" feb‡j_Yei o [Ye# dÂŒc_Yei Z[ kdW Z[ceYhWY_W gk[ XkiYW [gk_ZWZÇ" Z_`e 9WhlW`Wb$ ;b Wbje \kdY_edWh_e Z[b =eX_[h#
de [YkWjeh_Wde [nfb_YŒ gk[ fWhW bW Yed\ehcWY_Œd Z[ [iW Yehj[ [i d[Y[iWh_e gk[ jeZei bei fW‡i[i c_[cXhei Z[ KdWikh WdWb_Y[d bWi fei_X_b_ZWZ[i Z[ bW Yed\ehcW# Y_Œd Z[ [ij[ c[YWd_ice$
(2(¢-Ŋ1#%(.- +
ÆI_[cfh[ lWcei W fhecel[h [d jeZei bei eh]Wd_icei gk[ feZW# cei bW WYjkWY_ÂŒd fWhW bW fhej[Y# Y_ÂŒd o bW fhe\kdZ_pWY_ÂŒd Z[ bei Z[h[Y^ei ^kcWdei$ F[he i_[c# fh[" lWcei W i[h Yh‡j_Yei Yed bW j[h]_l[hiWY_ÂŒd [d [b kie Z[ [i[ j_fe Z[ i_jkWY_ed[iÇ" Z_`e 9WhlW# `Wb Wb Z[iYWhjWh gk[ h[dkdY_Wh W bW 9?:> i[W kdW \ehcW Z[ Wikc_h _dZ[f[dZ[dY_W Yece be Wi[]khW [b YWdY_bb[h D_Yeb|i CWZkhe$ 7 ik jkhde" >ec[he 7h[bbWde" c_d_ijhe Z[ i[]kh_ZWZ Z[ ;YkW# Zeh" cWd_\[ijÂŒ h[if[jWh bei fbWd# j[Wc_[djei gk[ ^W]Wd bei Z[c|i fW‡i[i" f[he h[_j[hÂŒ bW _cfehjWd# Y_W Z[ j[d[h kdW l_i_ÂŒd h[]_edWb$ Z[ i[]kh_ZWZ Z[ YWZW fW‡i$
ēŊ #2"#Ŋ+ Ŋ(904(#1" ĔŊ+.2Ŋ,(-(231.2Ŋ 4 -Ŋ 1+.2Ŋ (-9¢-ĔŊ .+., ( ėŊ .1%#Ŋ 1 ĔŊ 1 %4 8ėŊ8Ŋ+.2Ŋ .+(5( -.2Ŋ 5("Ŋ '.Ĺ 04#'4 -! ĔŊ 4 _-Ŋ 5#"1 Ŋ8Ŋ #!(+( Ŋ 8+.-ĔŊ3., -".Ŋ/.2(!(¢-Ŋ#-Ŋ 13 %#- Ŋ/ 1 Ŋ+ Ŋ31 "(!(.- +Ŋ$.3.Ŋ"#Ŋ$ ,(+( ēŊ
ĉ
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
ĹŠ, 1!' ĹŠ-.ĹŠ 2#ĹŠ"#3(#-# ĹŠ (#-3.2ĹŠ"#ĹŠ(-"~%#- 2ĹŠ .+(5( -.2ĹŠ Ĺ—04#ĹŠ, 1!' -ĹŠ"#ĹŠ+ ĹŠ , 9.-~ ĹŠ ĹŠ
ĹŠ 9ĹŠ/ 1 ĹŠ"#$#-"#1ĹŠ+ ĹŠ1#2#15 ĹŠ - 341 +ĹŠ"#+ĹŠ (/-(2ĔŊ24/#1 1.-ĹŠ 8#1ĹŠ+.2ĹŠ /1(,#1.2ŊĎćŊ"#ĹŠ+.2ŊĎĎćŊ*(+¢,#Äą 31.2ĹŠ04#ĹŠ"# #-ĹŠ -" 1ĹŠ/.1ĹŠ! ,(-.2ĹŠ "#231.9 ".2ĔŊ!.-31 ĹŠ#+ĹŠ/1.8#!3.ĹŠ"#+ĹŠ /1#2("#-3#ĹŠ 5.ĹŠ .1 +#2ĹŠ"#ĹŠ!.-2314(1ĹŠ 4- ĹŠ! 11#3#1 ĹŠ#-ĹŠ24ĹŠ3#11(3.1(.Ä“ +ĹŠ/1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ .-$#"#Äą 1 !(¢-ĹŠ"#ĹŠ 4# +.2ĹŠ -"~%#- 2ĹŠ"#+ĹŠ 1(#-3#ĹŠ"#ĹŠ .+(5( Ŋĸ (". ĚĔŊ ".+$.ĹŠ ';5#9ĔŊ"().ĹŠ/.1ĹŠ3#+_$.-.ĹŠ"#2"#ĹŠ+ ĹŠ , 9.-~ ĔŊ04#ĹŠ+ ĹŠ, 8.1ĹŠ"(ă!4+3 "ĹŠ "#ĹŠ+ ĹŠ!.+4,- ĹŠ"#ĹŠ,;2ŊĊććŊ/#12.- 2ĹŠ #2ĹŠ! ,(- 1ĹŠ/.1ĹŠ+." 9 +#2ĹŠ8ĹŠ9.- 2ĹŠ (-4-" " 2Ä“
ÂĄ Ä“ĹŠ _"(!.2ĹŠ8ĹŠ31 ) ".1#2ĹŠ'.2/(3 + 1(.2ĹŠ(-2(23#-ĹŠ#-ĹŠ24ĹŠ/1.3#23 Ä“ĹŠ +ĹŠ ă!'#ĹŠ,4#231 ĹŠ#+ĹŠ1#!' 9.ĹŠ ĹŠ 5.ĹŠ .1 +#2ĹŠ8ĹŠ +ĹŠ#7/1#2("#-3#ĹŠ ;-!'#9ĹŠ"#ĹŠ .9 " Ä“ĹŠ
#)& (.)-Ĺ‹ ")+/ -Ĺ‹ (Ĺ‹ )�#
Ŋ .+(!~ Ŋ2#Ŋ#-$1#-3 Ŋ Ŋ+.2Ŋ,_"(!.2Ŋ 04#Ŋ!.13 -Ŋ! 11#3#1 2ĔŊ,(#-31 2 /1.2(%4#Ŋ+ Ŋ, 1!' Ŋ(-"~%#- ē
Ŋ ĔŊ Ĺ Ŋ Ŋ ěŊ L_eb[djei Y^e#
gk[i [djh[ feb_Y‡Wi o cƒZ_Yei Z[ iWbkZ f‘Xb_YW [d ^k[b]W" gk[ Wo[h" YehjWXWd hkjWi feh i[]kd# Ze Z‡W" Whhe`Whed kd iWbZe Z[ Zei ^[h_Zei b[l[i" c_[djhWi bWi Wkje# h_ZWZ[i _dl[ij_]Wd [b YWie Z[ kd d_‹e \Wbb[Y_Ze ikfk[ijWc[dj[
feh \WbjW Z[ Wj[dY_ÂŒd cƒZ_YW$ BWi ^[h_ZWi \k[hed fhele# YWZWi feh [igk_hbWi Z[ ]Wi[i bW# Yh_cÂŒ][dei [d kdW Æh[fh[i_ÂŒd feb_Y_Wb [d bW Wkjef_ijWÇ gk[ YedZkY[ Wb W[hefk[hje Z[ BW FWp o gk[ \k[ eYkfWZW [ifeh|Z_YW# c[dj[ feh cƒZ_Yei efk[ijei W bW
6DOXG GH OD 0XMHU
} ĔŊ ŊěBW jWh[W i[ WdkdY_W Z_#
\‡Y_b fWhW [b fh[i_Z[dj[ \hWdYƒi" D_YebWi IWhaepo" gk[ de be]hÂŒ Z[i[ijWX_b_pWh W ik WZl[hiWh_e ieY_Wb_ijW" <hWd‚e_i >ebbWdZ[" [b c_ƒhYeb[i feh bW deY^[ [d [b ‘d_# Ye Z[XWj[ j[b[l_iWZe Z[ bei Zei YWdZ_ZWjei Wdj[i Z[ bW i[]kdZW lk[bjW Z[ bW [b[YY_ÂŒd fh[i_Z[d# Y_Wb" [b Zec_d]e$ Cko l_eb[dje f[he i_d AE" [b Z[XWj[ Z[ YWi_ jh[i ^ehWi h[YWb# YÂŒ bWi Z_\[h[dY_Wi [djh[ bei Zei feb‡j_Yei" gk[ i[ h[ifedZ_[hed i_d c_hWc_[djei ieXh[ jeZei bei j[cWi" Z[iZ[ bW Z[kZW ^WijW bW _dc_]hWY_ÂŒd" fWiWdZe feh [b [i# j_be Z[ bW fh[i_Z[dY_W$ ;b fh[i_Z[dj[ o YWdZ_ZWje Yedi[hlWZeh D_YebWi IWhaepo" gk[ jhWjÂŒ [d [b Z[XWj[ W ik WZ# l[hiWh_e Z[ Æf[gk[‹e YWbkcd_W# ZehÇ" YWb_Ă’YÂŒ ik _dj[hYWcX_e Z[ ÆXWijWdj[ h[fkXb_YWdeÇ$
5HVHUYH VX HVSDFLR 7HOI
&XLGDGR GLHWD DGHFXDGD HMHUFLFLR GHQWDGXUD VDQD HQFXHQWUD HVWRV \ RWURV WHPDV HQ QXHVWUR HVSHFLDO
&LHUUH 0LpUFROHV GH 0D\R GH &LUFXOD JUDWLV FRQ /D +RUD D QLYHO 1DFLRQDO
ÄŒÄ‡ĹŠ
WfWh[dj[c[dj[ feh \WbjW Z[ Wj[d# Y_ÂŒd cƒZ_YW efehjkdW [d Zei feb_Yb‡d_YWi o kd ^eif_jWb Z[ ;b 7bje" i[]‘d Z[dkdY_ÂŒ ik cWZh[" L_Yjeh_W HWcei$ ;d c[Z_e Z[ bbWcWZei Wb Z_|# be]e" feh fWhj[ Z[b l_Y[c_d_ijhe Z[ IWbkZ CWhj‡d CWjkhWde" [b fh[i_Z[dj[ Z[b 9eb[]_e CƒZ_Ye" 7b\edie 8Whh_ei" i[‹WbÂŒ0 ÆlWcei W Yedj_dkWh hWZ_YWb_pWdZe dk[i# jhWi c[Z_ZWi [d l_ijW Z[ bW _dYW# fWY_ZWZ Z[b =eX_[hde Z[ iebkY_e# dWh dk[ijhei f[Z_ZeiÇ$
Ĺ‹ ,%)43Ĺ‹ (Ĺ‹ *,) & ' -
6p SDUWH GH QXHVWURV DQXQFLDQWHV
Wcfb_WY_ÂŒd Z[ ik `ehdWZW bWXehWb 1(,#1 ĹŠ5~!3(, Z[ , W . ^ehWi" Z_`e [b fh[i_Z[dj[ ;b Xbegk[e Z[ cWoeh YedjkdZ[d# Z[b 9eb[]_e CƒZ_Ye Z[ 8eb_l_W" Y_W i[ h[]_ijhÂŒ [d 9eY^WXWcXW 7b\edie 8Whh_ei$ Y[djhe " ZedZ[ fWhj_Y_fWhed" Ejhei [d\h[djWc_[djei WZ[c|i Z[ cƒZ_Yei o fW# [ifeh|Z_Yei i[ h[]_ijhW# hWcƒZ_Yei" kdei ($&&& [i# hed [d Zei fkdjei Z[ bW jkZ_Wdj[i Z[ c[Z_Y_dW Z[ bW } ĹŠ YWhh[j[hW [djh[ IWdjW 9hkp kd_l[hi_ZWZ f‘Xb_YW Z[ [iW #-ĹŠ'4#+% ĹŠ ++#5 -ĹŠ+.2ĹŠ [ij[ o 8[d_ deh[ij[ gk[ h[]_ÂŒd" gk[ b[lWdjWhed XW# ,_"(!.2Ä“ ^WXh‡Wd Whhe`WZe jWcX_ƒd hh_YWZWi Yed j_[hhW" f_[ZhWi jh[i ^[h_Zei b[l[i" i[]‘d o [iYecXhei [d" Wb c[dei" c[Z_ei beYWb[i" l[hi_ÂŒd de Yed# jh[i fWiei Wb _dj[h_eh Z[b fW‡i$ Ă’hcWZW d_ feh bW Feb_Y‡W d_ feh bW C_[djhWi" kd d_‹e Z[ kd W‹e Z_h_][dY_W cƒZ_YW$ o eY^e c[i[i ckh_ÂŒ [ij[ `k[l[i
Ä“ĹŠ +ĹŠ/1#2("#-3#ĹŠ$1 -!_2ĹŠ#-ĹŠ4- ĹŠ1#4-(¢-ĹŠ!.-ĹŠ#+ĹŠ+~"#1ĹŠ+( (.ĹŠ 4 , 1ĹŠ#+ĹŠ " ÄƒĹŠ#-ŊĉććÄ?Ä“ĹŠ 1!'(5.
c[dj[ ik YWcfW‹W [d [b ifh_dj Ă’dWb Wdj[i Z[ bei Yec_Y_ei Z[b Zec_d]e$ BW cWoeh‡W Z[ bei [Z_jeh_Wb_i# jWi Z[ bW fh[diW Yedi_Z[hWXWd Wo[h gk[ [b Z[XWj[ Æde fheleYW# h| d_d]‘d i_ice [b[YjehWbÇ$ ;b \Wleh_je" <hWd‚e_i >ebbWdZ[" gk[ bei iedZ[ei ZWd Yece l[dY[Zeh Yed [djh[ +) o +* Z[ bei lejei" ÆcWhYÂŒ fkdjeiÇ [d cWj[h_W Z[ (-ĹŠ2.1/1#2 2 ÆF[diWXW gk[ i[h‡W |if[he o be [ijWjkhW Z[ [ijWZ_ijW$ \k[ $$$ " f[he [b Z[XWj[ ]_hÂŒ Wbh[# Z[Zeh Z[ c_i fhefk[ijWiÇ" i[‹W# .-ĹŠ " ă bÂŒ W ik l[p [b ieY_Wb_ijW <hWd‚e_i Feh ik fWhj[" [b [n fh_c[h c_d_i# >ebbWdZ[ Wb YWdWb <hWdY[ ($ jhe b_X_e 8W]ZWZ_ 7b_ Wb#CW^ckZ_ 7cXei Yedj_dkWhed _dc[Z_WjW# WĂ’hcÂŒ gk[ [b hƒ]_c[d Z[ CkW#
cWh [b =WZWĂ’ Ă’dWdY_ÂŒ bW YWcfW# ‹W fh[i_Z[dY_Wb Z[ D_YebWi IWh# aepo [d (&&-" i[]‘d Wi[]khWhed iki WXe]WZei W bW m[X Z[ _dl[ij_# ]WY_ÂŒd ÆC[Z_WfWhj$\hÇ$ ;b [n `[\[ Z[ =eX_[hde YedĂ’h# cÂŒ WZ[c|i bW Wkj[dj_Y_ZWZ Z[b ZeYkc[dje fkXb_YWZe [b fWiWZe i|XWZe feh [iW c_icW f|]_dW Z[ ?dj[hd[j [d [b gk[ [b hƒ]_c[d b_X_e Wkjeh_pWXW [b fW]e Z[ +& c_bbed[i Z[ [khei W bW YWcfW‹W Z[ IWhaepo$ ;b fh[i_Z[dj[ \hWdYƒi ef_dÂŒ gk[ i[ jhWjW Z[ kdW Ăˆ_d\Wc_WÉ o Z_`e gk[ Z[cWdZWh| W bW c[d# Y_edWZW m[X$
&* -Ĺ‹-)(Ĺ‹/( Ĺ‹)* #š(Ĺ‹ * , Ĺ‹ &Ĺ‹ #) )' , #) .-ĹŠ -(, +#2ĹŠ ".,_23(!.2ĹŠ04#ĹŠ /4#"#-ĹŠ2#1ĹŠ /1.5#Äą !' ".2ĹŠ/ 1 ĹŠ#+ĹŠ"#2 Äą 11.++.ĹŠ2423#-3 +#Ä“ FWiWZei bei )$.&& c[jhei ie# Xh[ [b d_l[b Z[b cWh [d bWi pedWi Wbje WdZ_dWi Z[ ;YkWZeh i[ fk[# Z[ [dYedjhWh W kd Wd_cWb Ykoe Yk[hfe [ij| YkX_[hje feh Ă’XhW$ I[ jhWjW Z[ bW WbfWYW" kd cWc‡\[# he gk[ f[hj[d[Y[ W bei YWcƒb_Zei Zecƒij_Yei Wi‡ Yece bWi bbWcWi$ ;ijW [if[Y_[ ^W i_Ze h[_d# jheZkY_ZW [d lWh_Wi Yeckd_ZW# Z[i Z[ ?cXWXkhW" F_Y^_dY^W" 9ejefWn_" 9^_cXehWpe" 9W‹Wh o 7pkWo" oW gk[ feh bW _dY_Z[dY_W Z[ bW Yedgk_ijW [ifW‹ebW bb[]W# hed bei Xel_dei o [gk_dei gk[ Z[ifbWpWhed W bei YWcƒb_Zei$ Æ;d [b fW‡i de ied jWd WXkd# ZWdj[i Yece [d F[h‘ o 8eb_l_W" f[he Yed bWi .$&&& gk[ j[d[cei i[ [ij|d XkiYWdZe Wbj[hdWj_lWi Z[ c[hYWZeÇ" [nfb_YW <[b_f[ I[# ]el_W" [nf[hje Z[ bW Kd_ZWZ Z[ H[Ykhiei DWjkhWb[i Z[ bW <kd# ZWY_ÂŒd ;YeY_[dY_W$ /!(¢-ĹŠ2.23#-( +#
Æ8kiYWcei _Z[dj_Ă’YWh kd fhe# ZkYje ĂˆXWdZ[hWÉ [d ;YkWZeh Z[i# Z[ be Whj[iWdWb o lWbeh_pWh W bWi Yeckd_ZWZ[iÇ" [d\Wj_pW I[]el_W Wb h[\[h_hi[ Wb Wfhel[Y^Wc_[dje Z[ bW Ă’XhW Z[ bWi WbfWYWi$ 9ed [ijW cWj[h_W fh_cW i[ fk[Z[d eXj[d[h fheZkYjei j[n# j_b[i Yece hefW" `eoWi" Wb\ec#
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
ÄŠ
1 !3#1~23(! 2 ($#1#-!( ".1 2
Ĺ—ĹŠ (#-#-ĹŠ!.,/.13 ,(#-3.ĹŠ%1#% 1(.Ä“  .2Ä“ Ĺ—ĹŠ #ĹŠ!1~ -ĹŠ#-ĹŠ1# Ĺ—ĹŠ -(!( -ĹŠ24ĹŠ1#/1."4!!(¢-ĹŠ ĹŠ+.2ĹŠ".2ĹŠ  .2Ä“ Ĺ—ĹŠ ĹŠ%#23 !(¢-ĹŠ"41 ĹŠÄˆÄˆĹŠ,#2#2ĹŠ8ĹŠ,#"(.Ä“ Ĺ—ĹŠ (#-#-ĹŠ4- ĹŠ!1~ ĹŠ! " ĹŠ  .Ä“ Ĺ—ĹŠ 8ĹŠ".2ĹŠ1 9 2Ä–ĹŠ'4 ! 8 ĹŠ8ĹŠ241(Ä“ ĹŠ ĹŠÄƒ 1 ĹŠ"#ĹŠ+ ĹŠ'4 ! 8 ĹŠ#2ĹŠ./ ! ĔŊ1(9 " ĹŠ8ĹŠ Ĺ—ĹŠĹŠĹŠĹŠ#2/.-).2 Ä“ ĹŠ ĹŠÄƒ 1 ĹŠ"#ĹŠ+ ĹŠ241(ĹŠ#2ĹŠ+ !( ĔŊ2#".2 ĔŊ+4231. Ĺ—ĹŠĹŠĹŠĹŠ2 ĹŠ8ĹŠ 1(++ -3#Ä“
4ĹŠ /.13#ĹŠ ĹŠ+ ĹŠ - 341 +#9
ĹŠ +ĹŠĂŒ+3(,.ĹŠ!#-2.ĹŠ #-ŊĉććĎŊ"#ĹŠ ! ,_+(".2ĹŠ"#3#1Äą ,(-¢ŊĎēÄ?ććŊ +/ ! 2Ä“ĹŠ 23;-ĹŠ /1#5(23 2ĹŠ-4#5 2ĹŠ #23 "~23(! 2ĹŠ/ 1 ĹŠ )4+(.ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄ‰Ä“
Ĺ—ĹŠĹŠ
2Ŋ +/ ! 2Ŋ2.-Ŋ!.-2("#1 " 2Ŋ ,(% +#2Ŋ!.-Ŋ#+Ŋ,#"(. , (#-3#ĔŊ 8 Ŋ04#Ŋ+ 2Ŋ +,.' "(++ 2Ŋ"#Ŋ242Ŋ / 3 2Ŋ8Ŋ24Ŋ ).Ŋ/#2.Ŋ-.Ŋ.! 2(.- -Ŋ (,/ !3.Ŋ#-Ŋ#+Ŋ24#+.Ŋ!.,.Ŋ+.Ŋ' !#-Ŋ + 2Ŋ5 ! 2Ŋ.Ŋ+.2Ŋ! ++.2ēŊ "#Ĺ ,;2ĔŊ/.1Ŋ24Ŋ#2314!341 Ŋ"#-3 1( Ŋ -.Ŋ 11 -! -Ŋ#-Ŋ$.11 )#Ŋ!.,.Ŋ+ 2Ŋ .5#) 2Ŋ.Ŋ! 1 2Ŋ8Ŋ#23.Ŋ$ 5.1#!#Ŋ24Ŋ 1;/(" Ŋ1#%#-#1 !(¢-ē 42Ŋ#7!1#,#-3.2Ŋ!.-3 ,(- -Ŋ ,#-.2Ŋ/.104#Ŋ2.-Ŋ -(, +#2Ŋ04#Ŋ "#+(,(3 -Ŋ4-Ŋ;1# Ŋ/ 1 Ŋ1# +(9 1Ŋ#23#Ŋ /1.!#2.Ŋ8Ŋ 2~Ŋ-.Ŋ++#% -Ŋ Ŋ+ 2Ŋ$4#-3#2Ŋ "#Ŋ %4 ē
XhWi o c|i$ 7Z_Y_edWbc[dj[" [ijei Wd_cWb[i WfehjWd W bW ie# X[hWd‡W Wb_c[djWh_W" fehgk[ ik YWhd[ fk[Z[ i[h Yedikc_ZW feh bWi f[hiedWi gk[ bei Yh‡Wd$ Ejhe \WYjeh [i[dY_Wb [i [b [ij_ƒhYeb gk[ fk[Z[ i[h kiWZe Yece WXede$ I_d [cXWh]e" [b [nf[hje W]h[# ]Œ gk[ fWhW eXj[d[h WbfWYWi gk[ Z[d cWj[h_W fh_cW Z[ Xk[dW
ēŊ .-Ŋ -(, +#2Ŋ"#Ŋ/;1 ,.2Ŋ04#Ŋ#5(3 -Ŋ+ Ŋ#1.2(¢-Ŋ"#Ŋ+.2Ŋ24#+.2Ŋ"#Ŋ#23.2Ŋ#!.2(23#, 2ē
YWb_ZWZ i[ Z[X[ h[Wb_pWh kd WZ[# YkWZe cWd[`e$ Bei fh_c[he gk[ fh[Y_iW [i gk[ de Z[X[d Yh_Whi[ [d f|hWcei ^‘c[Zei fehgk[ b[i eYWi_edW [d\[hc[ZWZ[i [ _dYbk# i_l[ bW ck[hj[$ Feh ejhe bWZe" Z[ijWYW gk[ bWi ^[cXhWi o bei cWY^ei Z[# X[d i[h i[fWhWZei fWhW gk[ de i[ Z[][d[h[ bW YWb_ZWZ ][dƒj_YW" o de Z[X[d i[h jhWjWZei Yece W bWi el[`Wi$ De i[ fk[Z[d c[pYbWh W bWi WbfWYWi Yed bWi bbWcWi fWhW de Wb# j[hWh YWhWYj[h‡ij_YWi dWjkhWb[i Z[ [ijWi Zei [if[Y_[i Z[ YWcƒb_Zei$ ÆBW WbjkhW Z[ bWi WbfWYWi [i Z[ ^WijW .+ Y[dj‡c[jhei o ik Ă’XhW j_[d[ [djh[ '- o '. c_YhWi [d [b
bece" gk[ [i bW c[`eh pedW$ 7Z[# c|i" de j_[d[d eh[`Wi d_ jhecfW bWh]WiÇ" c[dY_edW$ 1."4!!(¢-Ŋ 13#2 - +
;d kd h[Y_[dj[ [ijkZ_e Z[ c[hYW# Ze ^Wd be]hWZe Z[j[hc_dWh gk[ [d ;khefW [n_ij[ kdW ]hWd Z[cWdZW Z[ bei fheZkYjei [YkWjeh_Wdei [bWXehWZei Whj[iWdWbc[dj[ Yed bW Ă’XhW Z[ WbfWYW$ ÆFeh [`[cfbe" bW WbfWYW f[hkWdW [d ik cWoeh‡W [i fheY[iWZW _dZkijh_Wbc[dj[$ 7Y| be feZ[cei Wfb_YWh Whj[iWdWbc[dj[ Yed dehcWi jƒYd_YWi Z[ YWb_ZWZÇ" WYejW I[]el_W$ :[iZ[ (&'' i[ ^Wd [\[YjkWZe jh[i jWbb[h[i ieXh[ cWd[`e iW# d_jWh_e" dkjh_Y_edWb" WieY_Wj_l_#
ZWZ" fheZkYj_le Z[ [ij[ j_fe Z[ YWcƒb_Zei$ Æ>[cei be]hWZe kd YWcX_e Yed h[bWY_ÂŒd W bW f[hY[f# Y_ÂŒd Z[ bW ][dj[ ieXh[ bW WbfWYW$ 7b _d_Y_Wh [d Yeckd_ZWZ[i Z[ 9^_cXehWpe dei [dYedjhWcei Yed bW Ă’XhW WYef_WZW o de iWX‡Wd gk[ ^WY[h$ 7^ehW bW cWd[`Wd" bW YbWi_Ă’YWd o [d ckY^ei YWiei Wfh[dZ_[hed W ^_bWhbW o j[`[hbW W cWdeÇ" Yk[djW$
(/Ŋ#!.+¢%(!. #!(!+#Ŋ+ Ŋ, 8.1Ŋ! -3(" "Ŋ"#Ŋ/1."4!3.2Ŋ 04#Ŋ42#ĔŊ"#2"#Ŋ/+;23(!.2Ŋ' 23 Ŋ24Ŋ1./ ē
( / (., (Ĺ‹- (!, Ĺ‹ (Ĺ‹ / ,*) +/ Ĺ‹.# ( Ĺ‹'6-Ĺ‹ ŋÿĄúúúŋ ˜)-
/&! -Ĺ‹ !#! (. -Ĺ‹+/ Ĺ‹ . ,)(Ĺ‹ Ĺ‹&)-Ĺ‹ #()- /,#) ŊěŊŊIebe _di[Yjei Yed cWdZ‡Xk# bWi cko feZ[heiWi feZh‡Wd ^W# X[hi[ Wb_c[djWZe Z[ bW iWd]h[ Z[ bei Z_deiWkh_ei" f[he jeZe _dZ_YW gk[ Wb]kdei be be]hWhed" i[]‘d kd dk[le [ijkZ_e$ 9_[dj‡ÒYei [d 9^_dW ^WbbWhed \ÂŒi_b[i Z[ Wd_cWb[i Z[ ',+ c_bbe# d[i Z[ W‹ei Yed kdW ceh\ebe]‡W i_c_bWh W bWi fkb]Wi ceZ[hdWi" Wkdgk[ ik jWcW‹e [hW Wfhen_# cWZWc[dj[ Z_[p l[Y[i ikf[h_eh$ Æ;ijei [hWd _di[Yjei ckY^e c|i ]hWdZ[i gk[ bWi fkb]Wi ce# Z[hdWi o feh [b jWcW‹e Z[ ik fhe# XeiY_i" [b WfƒdZ_Y[ jkXkbWh WbWh]W# Ze Yed [b gk[ [njhW‡Wd bW iWd]h[" feZ[cei Z[Y_h gk[ ik cehZ[ZkhW ^WXh‡W i_Ze XWijWdj[ ZebeheiWÇ" Z_`e =[eh][ Fe_dWh @h" fhe\[ieh [cƒh_je Z[ peebe]‡W [d bW Kd_l[h# i_ZWZ ;ijWjWb Z[ Eh[]ÂŒd o [nf[hje [d Wd_cWb[i [nj_djei$
ŊěŊŊKd ]hkfe Z[ Y_[dj‡ÒYei
Ä“ĹŠ 23#ĹŠ(-2#!3.ĹŠ2(,(+ 1ĹŠ ĹŠ4- ĹŠ /4+% ĹŠ5(5(¢Ŋ' !#ĹŠÄˆÄ?ÄŽĹŠ,(++.-#2ĹŠ"#ĹŠ  .2ĹŠ 8ĹŠ2#ĹŠ +(,#-3 ĹŠ"#ĹŠ+ ĹŠ2 -%1#ĹŠ"#ĹŠ+.2ĹŠ "(-.2 41(.2Ä“
# #".1#2ĹŠ"#ĹŠ2 -%1#
Æ;i fheXWXb[ gk[ bei _di[Yjei `kh|i_Yei Ykoei \ÂŒi_b[i \k[hed ^WbbWZei [d Ced]eb_W i[Wd bei WdY[ijhei Z[ bWi fkb]Wi WYjkWb[i" Wkdgk[ c|i fheXWXb[c[dj[ f[h# j[d[Y_[hed W kd b_dW`[ i[fWhWZe o W^ehW [nj_djeÇ" i[‹WbÂŒ Fe_dWh$ Bei \ÂŒi_b[i ied Z[ bWi [if[Y_[i Fi[kZefkb[n `khWii_Yki o Fi[k# Zefkb[n cW]dki" o j[d‡Wd Yk[h# fei Y^Wjei" i_c_bWh[i W bei Z[ kdW Y^_dY^[ e ]WhhWfWjW" WZ[c|i Z[ ]WhhWi Yed bWi gk[ feZ‡Wd [iYWbWh bW f_[b hk]eiW Z[ bei Z_deiWkh_ei o ik`[jWhi[ c_[djhWi [njhW‡Wd ik iWd]h[$
jkle [b fh_l_b[]_e Z[ eXi[hlWh bWi YƒbkbWi Z[ iWd]h[ c|i Wd# j_]kWi `Wc|i WdWb_pWZWi$ KdW ^[h_ZW Z[ Ă“[Y^W Z[ ^WY[ +$)&& W‹ei ]kWhZWXW [ij[ ^WbbWp]e$ ;b Wdj_]ke ^[h_Ze de [i ejhe gk[ E[jp_" [b YWZ|l[h gk[ i[ [dYedjhÂŒ Yed][bWZe [d bei 7b# f[i ?jWb_Wdei [d '//'$ F[he bb[]Wh W [ijWi ck[i# jhWi de \k[ \|Y_b$ BWi Yƒ# bkbWi Z[ iWd]h[ j_[dZ[d W Z[]hWZWhi[ h|f_ZWc[dj[$ BW Z_Ă’YkbjWZ Z[ [dYedjhWh [ije ^_pe gk[ Wdj[h_eh[i eX# i[hlWY_ed[i ieXh[ E[jp_ de Z_[hWd h[ikbjWZe$ 7^ehW" kd dk[le [ijkZ_e Z[b @ekhdWb e\ j^[ HeoWb Ie# Y_[jo ck[ijhW gk[ bW [nY[b[dj[ fh[i[hlWY_ÂŒd Z[ E[jp_ bb[]W _d# Ybkie ^WijW bW iWd]h[ gk[ Z[# hhWcÂŒ feYe Wdj[i Z[ ceh_h$ ;b Z[iYkXh_c_[dje h[fh[# i[djW" feh b[`ei" bWi YƒbkbWi Z[
Ä“ĹŠ .2ĹŠ(-5#23(% ".1#2ĹŠ!1##-ĹŠ04#ĹŠ+ 2ĹŠ3_!-(! 2ĹŠ43(+(9 " 2ĹŠ/ 1 ĹŠ"#3#!3 1ĹŠ !_+4+ 2ĹŠ"#ĹŠ2 -%1#ĹŠ#-ĹŠ #39(ĔŊ3 , (_-ĹŠ2#1;-ĹŠĂŒ3(+#2ĹŠ#-ĹŠ#234"(.2ĹŠ$.1#-2#2ĹŠ !34 +#2Ä“
iWd]h[ c|i Wdj_]kWi `Wc|i eX# i[hlWZWi$ I[ jhWjW Z[b ‘bj_ce YWf‡jkbe [d be gk[ feZh‡W i[h Z[iYh_je Yece [b c_ij[h_e Z[b Yh_c[d c|i Wdj_]ke$ :[iZ[ gk[ E[jp_ \k[ [dYed#
jhWZe feh [nYkhi_ed_ijWi Yed kdW Ă“[Y^W YbWlWZW [d ik [ifWb# ZW" bei [nf[hjei Z[j[hc_dWhed gk[ ckh_ÂŒ Z[ iki ^[h_ZWi o ^Wi# jW fkZ_[hed YedeY[h gkƒ \k[ be ‘bj_ce gk[ ^WX‡W Yec_Ze$
Ä Ä€
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?Ĺ?
' +~ ĔŊ+ Ŋ+ 3(- Ŋ,;2Ŋ #++ Ŋ ĔŊ Ŋ š BW WYjh_p o
YWdjWdj[ c[n_YWdW ^W i_Ze [b[]_ZW Yece bW ck`[h bWj_dW c|i b_dZW" i[]‘d bW h[l_ijW F[efb[ [d [ifW‹eb" gk[ W‹e W W‹e ck[ijhW bW b_ijW Z[ ĂˆBei +& c|i X[bbeiÉ$ BW [nh[_dW Z[ bWi j[b[del[bWi eij[djW" WZ[c|i" [b hƒYehZ Z[ bW Y[b[Xh_ZWZ gk[ h[]_ijhW cWoeh d‘c[he Z[ l[# Y[i ik decXh[ [d [ij[ \Wceie h|da_d]$ ;d bW [Z_Y_ÂŒd [if[Y_Wb Z[ bW fkXb_YWY_ÂŒd i[ Z[ijWYWd ejhei l_[`ei YedeY_Zei" Yece [b fk[h# jehh_gk[‹e H_Yao CWhj_d" bW [i#
jWZekd_Z[di[ @[dd_\[h BÂŒf[p e bW l[d[pebWdW 7b_Y_W CWY^WZe$ ;d [b b_ijWZe jWcX_ƒd [ij|d fh[i[dj[i WYjh_Y[i Z[ ceZW Yece bW YebecX_WdW Ie\‡W L[h# ]WhW" _dj[]hWdj[ Z[b [b[dYe Z[ bW [n_jeiW i[h_[ ĂˆCeZ[hd <Wc_boÉ" Wi‡ Yece bW l[d[pebWdW =ƒd[i_i HeZh‡]k[p" bW ^_`W Z[b YWdjWdj[ @eiƒ Bk_i Ăˆ;b FkcWÉ$ ;djh[ bei ^ecXh[i gk[ WfW# h[Y[d [d bW b_ijW i[ Yk[djWd [b h[]k[jed[he :WZZo OWda[[ o bei WYjeh[i M_bb_Wc B[lo" :W# l_Z P[f[ZW o [b YWdjWdj[ FWXbe 7bXeh|d" [djh[ ejhei$
#ĹŠ"#25(23#ĹŠ/ 1 ĹŠ ÄĽ -"#1Ä“,#ÄŚĹŠ
ĹŠ#74 #1 -3#ĹŠ,."#+.ĹŠ(21 #+~ĹŠ +4!#ĹŠ#2/#!3 !4+ 1ĹŠ#-ĹŠ+ ĹŠ-4#5 ĹŠ ! ,/ Â ĹŠ/4 +(!(3 1( Ä“ĹŠ
ĹŠ
\W[b_ Z_e W YedeY[h bW fhefk[ijW Z[ KdZ[h$c[ fWhW [bbei" gk[ 8Wh H[\W[b_ [ij| fWiWd# o b[`ei Z[ l[h kd ck# Ze feh ik c[`eh cec[dje ĹŠ Y^WY^e Yehfk# o YWZW l[p c|i i[]k_Ze i[ b[dje feiWd# ^WXbW Z[ [bbW [d jeZei bei fkdjei Z[b fbWd[jW$ De iebe !#ĹŠ".2ĹŠ,#2#2ĹŠ ,.231¢Ŋ24ĹŠ, 1! ĹŠ Ze Yed bWi jh_kd\W [d bWi fWiWh[bWi Z[b "#ĹŠ1./ ĹŠ -"#1Ä“ fh[dZWi" bW ckdZe o [ij| [djh[ bWi +& ,#ĹŠ#-ĹŠ4-ĹŠ2#-Äą 24 +ĹŠ2/.3ĹŠ)4-3.ĹŠ +ĹŠ c_ic‡i_cW ck`[h[i c|i i[noi i[]‘d 3#-(23 ĹŠ#2/  .+ĹŠ ceZ[be [i $ #+ĹŠ " +Ä“ĹŠ gk_[d i[ bW h[l_ijW :J" i_de gk[ WZ[# l_ij[ Yed c|i i[ Z_e [b ]kije Z[ ^WX[h j[d_Ze kdW bWh]W h[bWY_ÂŒd Yed [b ik b‡d[W o Xh_bbW [d YeZ_Y_WZe B[edWhZe :_ 9Wfh_e$ O [b ifej gk[ oW [ij| Yece i_ jeZe [ije \k[hW feYe" Z[# ZWdZe lk[bjWi Wb Z_YW j_[cfe W ik b‡d[W Z[ hefW _d# ckdZe$ j[h_eh KdZ[h$c[" W bW gk[ WZ[c|i b[ fed[ [b Yk[hfe$ >WY[ kdWi i[cWdWi i[ bW l_e f[bej[WdZe [d kdW YWdY^W Z[ j[d_i [d [b ifej j[b[l_i_le gk[ h[Wb_pÂŒ fWhW [b bWdpWc_[dje Z[ bW b‡d[W \[c[d_dW Z[ ik cWhYW" ZedZ[ i[ Z[`W l[h Yed kd Yed`kdje Z[ hefW _dj[h_eh XbWdYe Z[ Wkjeh‡W fhef_W$ ;d [ijW efehjkd_ZWZ" H[#
^ ĔŊ Õ ;i _dZ_iYkj_Xb[
Ŋ+ Ŋ5#-3 Ŋ"(2!.Ŋ/¢234,.Ŋ"#Ŋ ,.-#Ŋ
Ä“ĹŠ ĹŠ242ĹŠÄŒÄ‡ĹŠ  .2ĔŊ ' +~ ĹŠ!.-2#15 ĹŠ#2 ĹŠ)45#-34"ĹŠ"#ĹŠ4- ĹŠ!'(! ĹŠ"#ĹŠ ĉćŊ  .2ĔŊ2#%ĂŒ-ĹŠ"#23 !¢Ŋ+ ĹŠ1#5(23 Ä“ĹŠ
,#- 9 ĹŠ!.-ĹŠ"#, -"
ĹŠ 9^Whb_[ Ĺ—ĹŠĹŠ I^[[d Wc[#
dWpÂŒ W kd YbkX deYjkh# de Z[ Dk[# lW Oeha Yed Z[cWdZWhbe feh kiWh ik decXh[ fWhW ik iWbÂŒd L?F" oW gk[ fk[# Z[ ZW‹Wh ik h[fkjWY_ÂŒd$ I[]‘d bei Zk[‹ei Z[b beYWb" [b i[Yjeh [d c[dY_ÂŒd Z[b 9^[[jW^i 9bkX \k[ decXhWZe [d ^edeh Wb febƒc_Ye WYjeh o i[ [dYk[djhW WZehdWZe Yed \ejei Z[ gk_[d \k[hW [ijh[bbW Z[ ĂˆJme WdZ W ^Wb\ c[dÉ$ ĹŠ
ĔŊ Ă• ;b i[]kdZe Z_iYe fÂŒijkce Z[ @e[o HWced[" Ăˆ$$$ oW adem5É" iWbZh| W bW l[djW [d jeZe [b ckdZe [b fhÂŒn_ce (( Z[ cWoe" Yed j[cWi [njhW‡Zei Z[ kdW i[h_[ Z[ Z[cei o Z[ ]hWXWY_ed[i _dƒ# Z_jWi [d bWi gk[ [b YWdjWdj[ Z[ Bei HWced[i ^WX‡W jhWXW`WZe ZkhWdj[ bW ‘bj_cW ZƒYWZW o c[# Z_W Z[ ik l_ZW$ EdY[ W‹ei Z[ifkƒi Z[ ik
41(.2.ĹŠ
Ĺ—ĹŠ ĹŠĹŠDe[b =WbbW]^[h f[hZ_ÂŒ bei [ijh_Xei ZkhWdj[ kdW [djh[# l_ijW [d Cƒn_Ye$ ;b c‘i_Ye _d]bƒi de fkZe eYkbjWh ik [de`e YkWdZe kd f[h_eZ_ijW b[ fh[]kdjÂŒ ieXh[ kd fei_Xb[ h[[dYk[djhe Z[ EWi_i$ ÆDe [i f[hiedWb" f[he c[ ceb[ijW gk[ c[ ^W]Wd [iW fh[]kdjW YWZW l[p gk[ Zeo kdW [djh[# l_ijW fehgk[" iWX[i" i[ WYWXÂŒĂ‡" Z_`e [b YWdjWdj[$
ck[hj[" WfWh[Y[ [ij[ dk[le cW# j[h_Wb" [d [b gk[ [`[hY[ Z[ fhe# ZkYjeh [`[Ykj_le ik ^[hcWde" [b c‘i_Ye C_Ya[o B[_]^$ ;b |bXkc i[ Yecfed[ Z[ j[# cWi dkdYW Wdj[i [iYkY^WZei" [iYh_jei e YWdjWZei feh @e[o" gk_[d \k[hW YWdjWdj[ Z[ bW XWdZW d[eoehgk_dW Bei HWced[i" fh[# Ykhieh[i Z[b cel_c_[dje fkda [d bei W‹ei -&$
: Ä“ĹŠÄĽÄ“Ä“Ä“ĹŠ8 ĹŠ*-.6Ä&#x;ÄŚĹŠ#2ĹŠ+ ĹŠ!.-3(-4 Äą !(¢-ĹŠ"#+ĹŠ/1(,#1ĹŠ"(2!.ĹŠ#-ĹŠ2.+(3 1(.ĹŠ"#ĹŠ
.#8ĔŊļ .-Č3Ŋ6.118Ŋ .43Ŋ,#Čē
ĹŠ ĹŠ
# -4" 1#+ !(¢-Ŋ+_2 (! Ŋ ^
2 ĹŠ#-ĹŠ .-"1#2ĹŠ
Ĺ—ĹŠ ĹŠĹŠ 8hWZ F_jj o 7d][b_dW @eb_[ ^Wd Z[Y_Z_Ze Ă’dWbc[dj[ WZgk_h_h bW fhef_[ZWZ gk[ l[d‡Wd Wbgk_bWdZe Z[iZ[ [b fWiWZe l[hWde o fWhW [bbe ^Wd Z[i[cXebiWZe c|i Z[ '( c_bbed[i Z[ [khei Y[hYW Z[ ', c_bbed[i Z[ ZÂŒbWh[i $ ;b _dck[Xb[ i[ [dYk[djhW [d bW bk`eiW pedW h[i_Z[dY_Wb Z[ H_Y^cedZ$
š BW Yedjhel[hj_ZW WYjh_p o bW :`$ IWcWdj^W Hedied i[ [dYedjhWXWd [d bW Z_iYej[YW d[eoehgk_dW B[ 8Whed W fh_dY_f_ei Z[ [ijW i[cWdW o" i[]‘d j[ij_]ei" de ÆfeZ‡Wd Z[if[]Whi[ bW kdW Z[ bW ejhWÇ ZkhWdj[ jeZW bW deY^[$ :[ WYk[hZe Wb feh# jWb N'- Edb_d[" kdW f[hiedW gk[ [ijkle [d [b beYWb Z_`e gk[ bWi Zei Y^_YWi iWb_[hed jecWZWi Z[ bW cWde Yece YkWbgk_[h fWh[`W$ Ŋ
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
Ä Ä
'.1 ĹŠ!.-ĹŠ1#,(7ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;b YWdjWkjeh ]kWoWgk_b[‹e :Wd_[b 8[jWdYekhj^" YedeY_Ze feh iki ƒn_jei Yece ĂˆI[ZkY# jehWÉ o Ăˆ9WhWc[b_jeÉ dei jhW[ [b h[c_n Z[ ik YWdY_ÂŒd ĂˆIeXhWd bWi fWbWXhWiÉ$ ;ij[ j[cW \k[ fWhj[ Z[ ik fh_c[h cWj[h_Wb Z_iYe]h|Ă’Ye" Z[b c_ice dec# Xh[" bWdpWZe [d (&'' o gk[ Yedj_[d[ '- j[cWi Z[ XWbWZWi fef o j[cWi XW_bWXb[i$
-3#1!.+#%( +ĹŠ ĹŠ!.-31 ĹŠ+ 2ĹŠ"1.% 2ĹŠ
1#,(.Ŋ Ŋ+ Ŋ!1# !(¢-
ēŊ -Ŋ+ Ŋ14#" Ŋ"#Ŋ/1#-2 ĔŊ.$1#!(" Ŋ/ 1 Ŋ -4-!( 1Ŋ#+Ŋ#5#-3.ĔŊ/ 13(!(/ 1.-ĖŊ 1.(Ŋ +5 1 ".Ŋĸ/1#2("#-3#Ŋ"#Ŋ 8!#ĚĔŊ #- 3.Ŋ ,.1 Ŋĸ/1."4!3.1ĚŊ8Ŋ -(#+Ŋ ;#9Ŋĸ! -3 43.1Ěē
+ĹŠÄ’ĹŠ"#ĹŠ, 8.ĹŠ+ ĹŠ 8!#ĹŠ' 1;ĹŠ+ ĹŠÄĽ 1(,#1 ĹŠ -31#% ĹŠ"#ĹŠ 1#,(.2ĹŠ ĹŠ+.2ĹŠ 43.1#2ĹŠ8ĹŠ .,/.2(3.1#2ÄŚÄ“
9ed [b eX`[j_le Z[ h[YedeY[h [b h_Ye$ 7Z[c|i i[ h[YedeY[h| W jhWXW`e Z[ bei Wkjeh[i o Yec# bWi YWdY_ed[i gk[ feh Z[h[Y^ei fei_jeh[i [YkWjeh_Wdei" bW Ie# ^Wd ][d[hWZe ]WdWdY_Wi [d hW# Z_e" j[b[l_i_ÂŒd e [`[Yk# Y_[ZWZ Z[ 7kjeh[i Z[b Y_ÂŒd [d l_le" Wi‡ Yece ;YkWZeh IWoY[ ^W eh# ĹŠ bWi c[beZ‡Wi Yed c|i ]Wd_pWZe kdW [djh[]W Z[ fh[c_ei fWhW _dij_jkY_e# ĹŠ+(23 ĹŠ"#ĹŠ-.,(Äą Z[h[Y^ei h[Y_X_Zei [d [b dWb_pWh kd h[YedeY_c_[d# - ".2ĹŠ2#ĹŠ#+ .1¢Ŋ [njhWd`[he o kd h[Yede# je gk[ i[W Z[ ]hWd _cfeh# ,#"( -3#ĹŠ4-ĹŠ2(2Äą 3#, ĹŠ"#ĹŠ,.-(3.Äą Y_c_[dje W bW jhWo[Yjeh_W jWdY_W fWhW bW c‘i_YW Z[ 1#.ĹŠ04#ĹŠ+ ĹŠ 8!#ĹŠ cki_YWb$ 1# +(9 ĹŠ+.2ĹŠÄŠÄ?ÄŽĹŠ Ejhe eX`[j_le Z[ [ijei dk[ijhe fW‡i$ "~ 2ĹŠ"#+ĹŠ  .ĹŠ 1#ĹŠ+ ĹŠ1#! 4Äą fh[c_ei i[h| Æh[WĂ’hcWh LWh_Wi i[h|d bWi YWj[# 2. " !(¢-ĹŠ8ĹŠ1#/1.Äą bW dk[lW _cW][d Z[ IWo# ]eh‡Wi fh[c_WZWi" [djh[ "4!!(¢-ĹŠ"#ĹŠ+ 2ĹŠ bWi gk[ i[ [dYk[djhWd0 . 1 2ĹŠ,42(! +#2Ä“ Y[ Yece h[\[h[dj[" de iebe Z[ jhWdifWh[dY_W" C[`eh YWdY_ÂŒd jhWZ_Y_e# dWb [YkWjeh_WdW" heYa" jhef_YWb" i_de jWcX_ƒd Z[ fhefk[ijW Ykb# khXWdW" fef hec|dj_Ye o \ebYbÂŒ# jkhWb o Z[\[diW Z[ bei Z[h[Y^ei
Z[ WkjehÇ" Wi[]khWhed bei eh]W# d_pWZeh[i ZkhWdj[ kdW hk[ZW Z[ fh[diW$ #/#1!42(¢-
Jhe_ 7blWhWZe" Fh[i_Z[dj[ Z[ bW IWoY[" WĂ’hcÂŒ gk[ ÆYWZW W‹e i[ kd[d c|i c‘i_Yei fWhW i[h ieY_ei o gk[ Wb c[dei kd /+ Z[ jeZei bei Yecfei_jeh[i [YkWjeh_Wdei oW f[hj[d[Y[d W bW c_icWÇ$ 7blWhWZe" jWcX_ƒd h[YWbYÂŒ gk[ ÆbW IeY_[ZWZ Z[i[W ZWh W YedeY[h YÂŒce i[ h[YWkZWd bei Z[h[Y^ei Z[ bWi eXhWi Z[ bei Wkjeh[i [YkWjeh_Wdei o gk[ i[ l_i_X_b_Y[ [b jhWXW`e gk[ bW IWoY[ [ij| ^WY_[dZe feh [b Yh[Y_c_[d# je Z[ bW fheZkYY_ÂŒd cki_YWb [d [b ;YkWZehÇ$ :khWdj[ bW deY^[ Z[b [l[dje [ij|d fh[l_ijWi jWcX_ƒd fh[#
(#3.ĹŠ"#ĹŠ
4 -ĹŠ 1(#+ĹŠ #2ĹŠ 2#2(- ".
ĹŠ: ĔŊ š 7][dj[i Z[ bW eĂ’Y_dW Z[b Wb]kWY_b Z[ ;b FWie ;;$KK$ " _dl[ij_]Wd bW ck[hj[ Z[ kd `el[d gk[" i[]‘d iki \W# c_b_Wh[i" [i d_[je Z[b YWdjWdj[ c[n_YWde @kWd =WXh_[b o gk[ i[ [dYedjhWXW h[Ybk_Ze Z[iZ[ ^WY‡W Zei Z‡Wi [d bW Y|hY[b Z[b YedZWZe$ >ƒYjeh 7bX[hje 7]k_b[hW" Z[ () W‹ei" ^_`e Z[ kde Z[ bei ^_`ei WZefj_lei Z[ bW [ijh[bbW c[n_YWdW" ckh_ÂŒ [ij[ cWhj[i [d [b >eif_jWb I_[hhW [d ;b FWie" ZedZ[ \k[ _dj[hdWZe Z[ifkƒi Z[ ^WX[h i_Ze [dYedjhWZe _dYedi# Y_[dj[ [d kdW Y[bZW Z[ bW Y|hY[b Z[b YedZWZe$ 7kdgk[ jeZWl‡W de i[ j_[d[d bei h[ikbjWZei Z[ bW Wkjefi_W" [b Wb]kWY_b Z[b YedZWZe Z[ ;b FWie"
Ĺ—ĹŠĹŠĹŠ
Feh cej_le Z[b :‡W _dj[h# dWY_edWb Z[ bW bkY^W YedjhW [b kie _dZ[X_Ze Z[ Zhe]Wi" ĂˆIWblW jk l_ZW _dj[hdWY_edWbÉ" Yed [b Wfeoe Z[b Ckd_Y_f_e Z[ =kWoWgk_b" h[Wb_pWh| [b Fh_c[h \[ij_lWb _dj[hYeb[]_Wb Wdj_Zhe]Wi (&'(" [b i|XWZe () Z[ `kd_e [d bWi _dijWbW# Y_ed[i Z[b CWYY CWb[YÂŒd (&&& "Z[ =kWoWgk_b" W fWhj_h Z[ bWi '*0&&$ BWi [djhWZWi [ _diYh_fY_ed[i ied jejWbc[dj[ ]hWjk_jWi$
i[djWY_ed[i Whj‡ij_YWi Z[ c‘i_Yei [YkWjeh_Wdei Yece :Wd_[b F|[p [ ?i# hW[b 8h_je o [ijWh|d [d bW Wd_cWY_ÂŒd HeX[hje HeZh‡]k[p H[o[i" HeX[hje Ă›blWh[p MWdZ[cX[h] o HeX[hje 7d][b[bb_$
*2%,(512 $87Ă?1202 '(6&(175$/,=$'2 081,&,3$/ '(/ &$17Ă?1 $7$&$0(6 ĹŠ ĹŠ ÂĄ 3 ! ,#2Ä”ĹŠÄˆÄ?ĹŠ"#ĹŠ 1(+ĹŠ"#+ĹŠÄ‰Ä‡ÄˆÄ‰Ä”ĹŠ
Ŋ Ŋ Ŋ Ė ĖŊ #-_Ŋ +$.-2.ĔŊ - Ŋ 4!~ ĔŊ .1%#Ŋ 4%423.ĔŊ 423.Ŋ ."1(%.ĔŊ (,#Ŋ 423 5.ĔŊ #1- -".Ŋ 23# -ĔŊ (%4#+Ŋ "4 1".ĔŊ 1~ Ŋ .2 ĔŊ .-( Ŋ 31(!( ĔŊ 42 - Ŋ #1!#"#2ĔŊ8Ŋ +$1#".Ŋ 4%#-(.Ŋ ¢/#9Ŋ .1#-.Ŋ8Ŋ (%4#+Ŋ
¢/#9ĹŠ ;204#9Ä“ # '#11#1 ĹŠ 3 -(ĹŠ (;-ĹŠ (! 1". ēĹŊ .1ĹŠ"#2!.-.!#1ĹŠ+ 2ĹŠĹŠ"(1#!!(.-#2ĹŠ".,(!(+( 1( 2ĹŠ"#ĹŠ+.2ĹŠĹŠ2# .Äą 1#2ĹŠ /1./(#3 1(.2ĹŠ "#ĹŠ +.2ĹŠ +.3#2ĹŠ "#ĹŠ 3#11#-.2ĹŠ #7/1./( ".2ĹŠ ĹŠ ,#"( -3#ĹŠ ÂĄ ĹŠ ĹŠ ććÄ?Äą Äą ÄąÄ‰Ä‡ÄˆÄ‰ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ Ă‹ ĹŠ ĹŠ ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ÂĄ ĹŠ ĔŊ ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠ } ĹŠ ÂĄ ĔŊ ĹŠ ĹŠ ĹŠ ĹŠ ÄĄ Â&#x;ÂĄ ĹŠ ĹŠ ĢĔŊ ĹŠ #,(3(" ĹŠ /.1ĹŠ #+ĹŠ 2# .1ĹŠ 1#"8ĹŠ .-9 +.ĹŠ +" 11( % ĹŠ .11 +ĔŊ +! +"#ĹŠ"#+ĹŠ -3¢-ĹŠ 3 ! ,#2Ä—ĹŠ8ĹŠ"#ĹŠ !4#1".ĹŠ ĹŠ+.ĹŠ04#ĹŠ#23 +#!#ĹŠ#+ĹŠ 13Ä“ĹŠ 13Ä“ĹŠÄŒÄŒÄ‘ĹŠ"#+ĹŠ ĔŊ2#ĹŠ/1.!#"#ĹŠ ĹŠ ĹŠ ĹŠ+.2ĹŠ(-3#1#2 ".2Ä“
ēŊ .2Ŋ#7/#"(#-3#2Ŋ1#5#+ -Ŋ04#Ŋ %4(+#1 Ŋ3#-~ Ŋ4-Ŋ'(23.1( +Ŋ"#Ŋ 11#23.2Ŋ1#+ !(.- ".2ĔŊ#-31#Ŋ.31.2ĔŊ!.-Ŋ"1.% 2ē
H_Y^WhZ M_b[i" _dZ_YÂŒ [d kd Ye# ckd_YWZe gk[ bW _d\ehcWY_ÂŒd fh[b_c_dWh ik]_[h[ gk[ i[ jhWjÂŒ Z[ kdW ieXh[Zei_i WYY_Z[djWb Z[ Zhe]W$ ÆDe ^Wo [l_Z[dY_W Z[ gk[ ^WoW i_Ze WiWbjWZe o ik Yk[hfe de fh[i[djW ]ebf[iÇ" [nfkie [b
Wb]kWY_b" gk_[d Z_`e gk[ 7]k_b[# hW \k[ [dYedjhWZe _dYediY_[dj[ [d bW cWZhk]WZW Z[b Zec_d]e$ I[]‘d [b Wb]kWY_b" 7]k_b[hW \k[ Whh[ijWZe [b i|XWZe [d bW jWhZ[ feh [dYedjhWhi[ [d fei[# i_Œd Z[ Zhe]Wi c_[djhWi l_ebWXW ik b_X[hjWZ fhel_i_edWb$
#!3.1Ä–ĹŠ Â&#x;ÂĄ ĹŠ ĹŠ Ŋĸ Äš Ä–ĹŠÄŠÄˆÄ?đĉ !+ 5#ĹŠ! 3 231 +ĹŠ1ĂŒ23(! Ä–ĹŠ ćđććÄ?ĎĉććĎĈćĈćĈćĎĊć ;1# Ä–ĹŠÄŽÄ“Ä?ćŊ' 2Ä“
#!3.1Ä–ĹŠ Â&#x;ÂĄ ĹŠ ĹŠ Ŋĸ ' %1 ĹŠ ,.2Äš Ä–ĹŠÄˆÄ‰ÄŠÄ?Ä‘ !+ 5#ĹŠ! 3 231 +ĹŠ1ĂŒ23(! Ä–ĹŠ ćđććÄ?ĎĉććĎĈćĈćĈćĈćĉ ;1# Ä–ĹŠÄ‡Ä“ÄŒÄŽĹŠ' 2Ä“
#!3.1Ä–ĹŠ Â&#x;ÂĄ ĹŠ ĹŠ ĹŠ Ä–ĹŠÄˆÄ‘ÄŽÄŽÄˆ + 5#ĹŠ! 3 231 +ĹŠ1ĂŒ23(! Ä–ĹŠ ćđććÄ?ĎĉććĎĈćĈćĉćĊđć ;1# ĖŊđēĎćŊ' 2Ä“
3#-3 ,#-3#Ä” -%Ä“ĹŠ (!' 1"ĹŠ 4#11¢-ĹŠ 1 ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ Ä?ĎČđÄ?
Ĺ? Ĺ? Ĺ? Ĺ? Ĺ?
Ä Ä‚
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
42/#-2(¢-Ŋ#-Ŋ#+Ŋ31#-
Ĺ—ĹŠ ĹŠĹŠ<[hheYWhh_b[i Z[b ;YkWZeh _d\ehcÂŒ ieXh[ bW ikif[di_ÂŒd j[cfehWb Z[b i[hl_Y_e jkh‡i# j_Ye \[hhel_Wh_e [d bW hkjW Gk_je#BWjWYkd]W" Z[X_Ze W bW h[Wb_pWY_ÂŒd Z[ eXhWi Z[ WbYWd# jWh_bbWZe [d [b ikh Z[ Gk_je o CWY^WY^_$ BWi hkjWi ikif[dZ_ZWi ied0 CWY^WY^_ <[ij_le Gk_je#CW# Y^WY^_#Gk_je " 9Wc_de Wb 8e# b_Y^[ Gk_je#;b 8eb_Y^[#Gk_je o 7l[d_ZW Z[ bei LebYWd[i Gk_je#BWjWYkd]W#Gk_je $ ;b jh[d ef[hWh| dk[lWc[dj[ [d [ijei jhWcei W fWhj_h Z[b l_[h# d[i '' Z[ cWoe Z[ (&'($ BW [cfh[iW YWcX_Wh| bW \[Y^W Z[ l_W`[ e h[[cXebiWh| [b Z_d[# he W gk_[d[i ^WoWd h[Wb_pWZe iki h[i[hlWi e YecfhW Z[ Xeb[jei [djh[ [b '( Z[ WXh_b o [b '& Z[ cWoe$
"_-31#2#ĹŠ#-ĹŠ+.2ĹŠ , -%+ 1#2ĹŠ"#+ĹŠ 4 8 2 -ĹŠ#23 ĹŠ9.- ĹŠ#-Äą !.-31 1;ĹŠ%1 -"#2ĹŠ 5#-341 2ĹŠ8ĹŠ/."1;ĹŠ "(2$143 1ĹŠ"#ĹŠ4-ĹŠ '#1,.2.ĹŠ/ (2 )#Ä“ KX_YWZW [d bW fhel_dY_W Z[ =kWoWi" bW H[i[hlW ;YebÂŒ]_YW CWd]bWh[i 9^khkj[ Yedij_jko[ kde Z[ bei WjhWYj_lei c|i _c# fehjWdj[i Z[ bW pedW" Z[X_Ze W ik _dYh[‡Xb[ [dYWdje" be gk[ bW ^W bb[lWZe W Yedl[hj_hi[ [d FWjh_ced_e DWjkhWb Z[ bW fhe# l_dY_W$ I[ YWhWYj[h_pW feh i[h kd ^[hceie WjhWYj_le ZedZ[ W‘d i[ Yedi[hlWd cWd]bWh[i bb[# dei Z[ \WdjWi‡Wi" ^_ijeh_Wi o b[o[dZWi gk[ ^WXbWd ieXh[ kdW cedjW‹W [dYWdjWZW [dlk[bjW [d [b ied_Ze Z[ bei jh_dei Z[ bei f|`Whei o [b hk_Ze Z[ bei cedei WkbbWZeh[i$ 74 #1 -3#ĹŠ #++#9 ĹŠ
;d bei Wbh[Z[Zeh[i Z[b bW]e" i[ fk[Z[d eXi[hlWh jehjk]Wi o Wl[i WYk|j_YWi$ ;d [b |h[W _d\[h_eh ^Wo fWjei" f|`Whei YWhf_dj[# hei o ]WhpWi$ O [d [b |h[W Z[ bei cWd]bWh[i ^WX_jWd
Ă‹ Ä“ĹŠ .2ĹŠ5(2(3 -3#2ĹŠ/4#"#-ĹŠ/ 2# 1ĹŠ/.1ĹŠ#+ĹŠ, -%+ 1Ä“
ÄˆÄ‡ĹŠ ÂĄ
Ŋ!4#23 Ŋ+ Ŋ#-31 Ĺ " Ŋ Ŋ+ Ŋ #2#15 Ŋ !.+¢%(! Ŋ -%+ 1#2Ŋ '4143#ē
YWd]h[`ei" YWcWhed[i o kdW ]hWd YWdj_ZWZ Z[ cebkiYei$ ;d bei Y[hhei" bW \Wk# dW [i Z_\[h[dj[$ 7bb‡ ^W# X_jWd j_]h_bbei" ]kWdjWi" l[dWZei" `W]kWh[i" eiei Ŋ
!'(-%4~ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;ij[ [i [b decXh[ Z[ kdW fWhhegk_W Y[hYWdW W 9WoWc# X[" bbWcWZW Wi‡ Z[iZ[ ƒfeYWi Z[ bW Yebed_W o gk[ i_]d_Ă’YW j_[hhW WcWh_bbW e [ijƒh_b$ I[ iWX[ gk[ feh CWY^_d# ]k‡ fWiWXW [b Yehh[e Z[ bei _dYWi Z[iZ[ 9WhWdgk_ ^WY_W Gk_je feh bW YWhh[j[hW =WhY‡W Ceh[de Wdj[i bbWcWZW bW 8eZegk[hW" o gk[ i[]‘d kdW [iYh_jkhW Z[ '/', [ijW l‡W jWcX_ƒd i[ YedeY‡W Yece 9Whh[j[hW DWY_edWb" feh i[h bW l‡W Z[ WYY[ie _dc[Z_Wje Wb dehj[ o ikh Z[b fW‡i$
+Ŋ!+(, Ŋ#-Ŋ+ Ŋ #2#15 Ŋ -%+ 1#2Ŋ '4143#Ŋ#2Ŋ!;+(Ĺ ".ēŊ Ŋ3#,/#1 Ĺ 341 Ŋ/1.,#"(.Ŋ#2Ŋ "#ŊĉđŊ%1 ".2Ŋ !#-3~%1 ".2ēŊ
1( 2ĹŠ#7!412(.-#2
!(#-" ĹŠ ĹŠ 2+
Ĺ—ĹŠ ĹŠĹŠKX_YWZW [d Bei H‡ei" fei[[ kd b[]WZe ^_ijÂŒh_Ye gk[ ZWjW Z[ ^WY[ c|i Z[ (&& W‹ei o \k[ cko \WceiW ZkhWdj[ [b Xeec YWYWej[he gk[ l_l_ÂŒ [b fW‡i$ JeZW bW [ijhkYjkhW Z[ bW YWiW [i Z[ f_de gk[ \k[ _cfehjWZe Z[iZ[ ;khefW o WhcWZe kdW l[p gk[ Whh_XÂŒ W ik Z[ij_de$ BWi fk[hjWi f[iWd c|i Z[ (&& b_XhWi YWZW kdW o bei Wfb_gk[i Z[ bWi Y^WfWi ied Z[ fehY[bWdW" be gk[ [l_Z[dY_W ik ^_ijeh_W o YWj[]eh‡W$
^ehc_]k[hei o Z_\[h[dj[i [if[# Y_[i Z[ cedei$ BW l[][jWY_ÂŒd c|i _cfehjWd# j[ [ij| Yed\ehcWZW feh bei cWd# ]bWh[i" [djh[ bei gk[ i[ Z[ijWYWd0 CWd]b[ YebehWZe" CWd]b[ ][bk o CWd]b[ _]kWd[he$ JWcX_ƒd [n_ij[ kdW ]hWd Z_# l[hi_ZWZ Z[ ehgk‡Z[Wi o Xhec[# b_Wi gk[ Yedl_l[d Yed |hXeb[i dWj_lei Yece [b heXb[" [b bWkh[b o [b |hXeb Z[ i[ZW$ BW pedW Z[b cWd]bWh [i kd ^kc[ZWb Z[ ikcW _cfehjWdY_W fWhW Wbh[Z[Zeh Z[ +& [if[Y_[i Z[ Wl[i c_]hWjeh_Wi o fWhW ejhWi h[i_Z[dj[i" [djh[ bWi gk[ i[ Z[i# jWYWd \hW]WjWi" Ă“Wc_d]ei" ]WhpWi o f[b‡YWdei$
Ä“ĹŠ ĹŠ9.- ĹŠ!4#-3 ĹŠ!.-ĹŠ"(5#12.2ĹŠ3(/.2ĹŠ"#ĹŠ .204#2ĹŠ04#ĹŠ2#ĹŠ/4#"#-ĹŠ #7/+.1 1Ä“ĹŠ
#-% ĹŠ#-ĹŠ!4#-3
,/+#,#-3.2ĹŠ-#!#2 1(.2
ŗŊ / 3.2Ŋ"#Ŋ#7!412(¢-ē ŗŊ ,(2#3 2Ŋ"#Ŋ, -% Ŋ+ 1% ē ŗŊ -3 +.-#2Ŋ+ 1%.2ē ŗŊ #/#+#-3#Ŋ!.-31 Ŋ(-2#!3.2ē ŗŊ .11 ē ŗŊ 1.3#!3.1Ŋ2.+ 1ē ŗŊ 4!'(++.Ŋ/#04# .ē ŗŊ (-.!4+ 1#2ē ŗŊ -3(,/+.1 ēŊ
¢,.Ŋ++#% 1Ŋ ŗŊŊ Ŋ #2#15 Ŋ !.+¢%(! Ŋ -%+ 1#2Ŋ '4143#Ŋ#23;Ŋ4 (! " Ŋ#-Ŋ#+Ŋ 4 8 2ĔŊ
,;2ĹŠ#2/#!~ă! ,#-3#ĹŠ#-ĹŠ#+ĹŠ .+$.ĹŠ"#ĹŠ 4 8 04(+ĔŊ ĹŠÄŒÄ?ĹŠ*(+¢,#31.2ĹŠ +ĹŠ241ĹŠ"#ĹŠ + ĹŠ! /(3 +ĹŠ"#ĹŠ+ ĹŠ/1.5(-!( Ä“ĹŠ #!4#1"#ĹŠ04#ĹŠ#+ĹŠ !!#2.ĹŠ/1(-!(/ +ĹŠ2#ĹŠ #-!4#-31 ĹŠ#-ĹŠ#+ĹŠ*(+¢,#31.ŊĎćĔŊ#-ĹŠ+ ĹŠ 5~ ĹŠ 4 8 04(+ŊIJŊ !' + Ä“
FWhW YedeY[h bW h[i[hlW i[ fk[Z[ efjWh feh kde Z[ bei YkWjhe i[d# Z[hei" feh ZedZ[ i[ fk[Z[ YWc_# dWh [d YecfW‹‡W Z[ kd ]k‡W$ ;b CWj[ [i [b decXh[ Z[b h[# Yehh_Ze gk[ jecW [djh[ jh[i o Yehh_Ze gk[ bb[]W ^WijW kdei -& YkWjhe ^ehWi o i[ YWhWYj[h_pW k .& c[jhei ieXh[ [b d_l[b Z[b feh i[h Z[ \|Y_b WiY[die$ 7bb‡" bW cWh" Z[iZ[ ZedZ[ i[ fk[Z[ l[h cWoeh WjhWYY_ÂŒd [i [b Xeigk[ o kd fWdehWcW Z[ [ifbƒdZ_Zei YedjhWij[i$ bW ]hWd lWh_[ZWZ Z[ Wd_# <_dWbc[dj[" [b YWc_de cWb[i gk[ WYe][ Yece0 BW]kdW Z[ ;b 9WdYbÂŒd" [i Wl[i" cedei o WhZ_bbWi$ ĹŠ Z[ Z_\‡Y_b WYY[ie Z[X_Ze W KX_YWZe [d [b Y[hhe ik j[hh[de fWdjWdeie" FWdY^e :_WXbe ^Wo kd YW# [if[Y_Wbc[dj[ [djh[ bei c_de gk[ bb[lW [b c_ice ĹŠ+.ĹŠ+ 1%.ĹŠ"#ĹŠ+ ĹŠ #2#15 ĹŠ5(5#-ĹŠ decXh[$ ;b WYY[ie [i Z[i# ĉÄ?ÄŒĹŠ#2/#!(#2ĹŠ"#ĹŠ c[i[i Z[ Z_Y_[cXh[ o 5#2ĔŊ"#ĹŠ+ 2ĹŠ!4 Äą cWoe$ Z[ bW YWhh[j[hW" W jhWlƒi +#2ŊĎćŊ2.-ĹŠ/;) Äą !4;3(Äą ;b bW]e [ij| heZ[WZe Z[ kdW l‡W i[YkdZWh_W$ 1.2ĹŠ24 !.2Ä“ feh bei Y[hhei Z[b CWj[" ;ij[ i[dZ[he j_[d[ c|i 9_cWbÂŒd" F[h[gk[j[ 9^_# l[][jWY_ÂŒd gk[ ;b CWj[ o i[ fk[Z[d eXi[hlWh fWbcWi h[W# Ye" F[h[gk[j[ =hWdZ[" gk[ ied b[i" cWZ[hWi Ă’dWi o lWh_ei ce# bei gk[ Wb_c[djWd bW bW]kdW Yed f[gk[‹Wi l[hj_[dj[i Z[ W]kW$ dei WkbbWZeh[i$ ;b i[dZ[he ;b C_hWZeh i[ YW# JeZe [b h[Yehh_Ze i[ ^WY[ W fWie hWYj[h_pW feh ik Yehje o \|Y_b h[# b[dje [d . ^ehWi$
-ĹŠ2 -34 1(.ĹŠ- 341 +ĹŠ2#ĹŠ #2!.-"#ĹŠ#-ĹŠ+ ĹŠ , 9.-~ 48 #-.ĹŠ#2ĹŠ !.-2("#1 ".ĹŠ !.,.ĹŠ4-ĹŠ #++.ĹŠ 3#2.1.ĹŠ"(%-.ĹŠ"#ĹŠ 2#1ĹŠ!.-.!(".Ä“
. 1#ĹŠ+.2ĹŠ3.412
De jhWj[ Z[ iWb_h W YedeY[h je# ZWi bWi cWhWl_bbWi Z[ 9koWX[# de feh ik Yk[djW" fk[i [i cko Yecfb_YWZe$ ;d h[Wb_ZWZ" bW h[Yec[dZWY_ÂŒd [i eh]Wd_pWh kdW [ijWZ‡W Z[iZ[ Wdj[i Z[ fWhj_h o Y[hY_ehWhi[ Z[ gk[ [b fWgk[j[ jkh‡ij_Ye gk[ b[ [ij|d e\h[Y_[dZe Yk[dj[ Yed i[hl_# Y_e Z[ ]k‡W$ Feh be ][d[hWb" bW cWoeh‡W Z[ bei jekhi _dYbko[d fWi[ei [d YWdeW ^WY_W o W jhWlƒi Z[ i_j_ei _cfehjWdj[i [d bei YkWb[i i[ fk[Z[ l[h Z[ Y[hYW bW h_gk[pW dWjkhWb o YedeY[h W bWi Yeckd_ZWZ[i beYWb[i$ 7Z[c|i" [n_ij[ bW fei_X_# b_ZWZ Z[ dWZWh [d bei bW]ei" XW‹Whi[ [d bWi YWiYWZWi" ^WY[h i[dZ[h_ice" f[iYWh" fhWYj_YWh aWoWa o WYWcfWh [d Y_[hjWi pedWi$ ~.ĹŠ 48 #-.
;ij[ WĂ“k[dj[ b[ ZW ik dec# Xh[ W bW h[i[hlW o [i kde Z[ bei fh_dY_fWb[i WjhWYj_lei Z[ bW pedW$ CkY^ei l_i_jWdj[i dWl[]Wd [d iki W]kWi" oW gk[ Z[iZ[ Wbb‡ i[ fk[Z[ Z_# l_iWh kdW ]hWd YWdj_ZWZ Z[ fWdjWdei" bW]kdWi o pedWi Z[ _dkdZWY_ÂŒd j[cfehWb gk[ Yk[djWd Yed ]hWd X[bb[pW$ 7Z[c|i" ^Wo Wb]kdei i[Y# jeh[i [d bei gk[" Yed bW Yec# fW‹‡W Z[ kd ]k‡W [nf[hje" bei jkh_ijWi fk[Z[d _dj[hdWhi[ [d f[gk[‹ei h‡ei Z[ W]kWi d[]hWi [d bWi gk[ i[ fk[Z[d eXi[hlWh YW_cWd[i o jehjk]Wi" ieXh[ jeZe feh bWi deY^[i$ .,4-(" "#2ĹŠ(-"~%#- 2
;d bW H[i[hlW Z[ 9koWX[# de ^Wo lWh_Wi Yeckd_ZWZ[i gk[ i[ fk[Z[d YedeY[h$ Feh [`[cfbe" bei I[YeoW ied kdW
Ä Äƒ
.-24+3#ĹŠ!.-ĹŠ#+ĹŠ#2/#!( +(23 ;ij[ [i kd i[]c[dje Wb YkWb kij[Z fk[Z[ [dl_Whdei iki fh[]kdjWi WY[hYW Z[ YkWbgk_[h [d\[hc[ZWZ" i‡djecW e ceb[ij_W$ Iki _dj[hhe# ]Wdj[i i[h|d Yedj[ijWZWi feh fhe\[i_edWb[i Z[ bW iWbkZ o iWbZh|d fkXb_YWZWi bei c_ƒhYeb[i o l_[hd[i$ ;iYh‡XWdei W0 iWbkZ6bW^ehW$Yec$[Y Ä–ĹŠÄ 2ĹŠ, +.ĹŠ04#ĹŠ,(ĹŠ#2Äą /.2 ĹŠ3.,#ĹŠ/ 23(++ 2ĹŠ2(ĹŠ#23;ĹŠ" -".ĹŠ "#ĹŠ+ !3 1Ä&#x;Ŋĸ #"1.ĹŠ 1#(+#Äš
ēŊ .1Ŋ+.Ŋ%#-#1 +ĔŊ+.2Ŋ/ 2#.2Ŋ,;2Ŋ(,/.13 -3#2Ŋ(-!+48#-Ŋ1#!.11(".2Ŋ/.1Ŋ +.2Ŋ1~.2Ŋ"#Ŋ+ Ŋ9.- ē
Ä Â˘,.ĹŠ++#% 1Ä&#x; Ĺ—ĹŠĹŠ 1 ĹŠ5( ) 1ĹŠ ĹŠ+ ĹŠ #2#15 ĹŠ 48 #Äą -.ĔŊ+.ĹŠ,#).1ĹŠ#2ĹŠ++#% 1ĹŠ/1(,#1.ĹŠ' 23 ĹŠ
.ĹŠ.+5("#
,/+#,#-3.2ĹŠ-#!#2 1(.2
%.ĹŠ %1(.ĹŠ8ĹŠ+ ĹŠ./!(¢-ĹŠ,;2ĹŠ!.-5#Äą -(#-3#ĹŠ#2ĹŠ#-ĹŠ 5(¢-Ä“ĹŠ +ĹŠ/ 2 )#ĹŠ!4#23 ĹŠ +1#"#".1ĹŠ"#ĹŠÄ?ćŊ"¢+ 1#2Ä“ (-ĹŠ#, 1%.ĔŊ 04#++.2ĹŠ04#ĹŠ/1#ă#1 -ĹŠ /4#"#-ĹŠ,.5(+(9 12#ĹŠ#-ĹŠ 42Ä“ĹŠ +ĹŠ5( )#ĹŠ "#2"#ĹŠ 4(3.ĹŠ"41 ĹŠÄ‘ĹŠ'.1 2ĹŠ8ĹŠ!4#23 ĹŠ +1#"#".1ĹŠ"#ĹŠ.!'.ĹŠ"¢+ 1#2Ä“
[jd_W gk[ ^WX_jW [d bWi h_l[hWi Z[ bei h‡ei DWfe 7]kWh_Ye o 9k# oWX[de$ Ik ikij[dje fh_dY_fWb [i bW W]h_YkbjkhW o bW [njhWYY_ÂŒd Z[ cWZ[hW" f[he jWcX_ƒd \WXh_YWd Xed_jWi Whj[iWd‡Wi Yece YebbW# h[i o fkbi[hWi ^[Y^Wi W XWi[ Z[ Yebeh_ZWi i[c_bbWi o Z[YehWZWi Yed WbWi Z[ [iYWhWXW`ei Z[ Yebeh l[hZ[ \ei\eh[iY[dj[ o f[gk[‹Wi f_[ZhWi$ JWcX_ƒd [bWXehWd Y[h# XWjWdWi gk[ l[dZ[d Yece h[# Yk[hZe" j[`_Zei o Xebiei$ BW Yeckd_ZWZ Fk[hje 8eb‡lWh" f[hj[d[Y_[dj[ Wb =hkfe I_edW" [i bW c|i YWfWY_jWZW [d YkWdje W be gk[ e\[hjW jkh‡ij_YW i[ h[Ă’[h[" fk[i Yk[djW Yed lWh_ei i[hl_Y_ei o Z_ifed[ Z[ _d\hW[ijhkYjkhW X|i_YW fWhW gk[ bei l_i_jWdj[i i[
Ŋ ,(2#3 2Ŋ+(%#1 2Ŋ"#Ŋ, -% Ŋ+ 1% Ŋ8Ŋ ŗŊŊŊŊ!.13 ē ŗŊ '.132ē ŗŊ -3 +.-#2Ŋ+(5( -.2Ŋĸ-.Ŋ)# -2Ěē ŗŊ / 3.2Ŋ!¢,.".2ē  .ē ŗŊ 1 )#Ŋ"#Ŋ 1#1.Ŋ!.-Ŋ + ē ŗŊ ., ŗŊ $ 2Ŋ"#Ŋ2.+ē ŗŊ (-3#1- ē ŗŊ #/#+#-3#Ŋ/ 1 Ŋ(-2#!3.2ē ŗŊ +.04# ".1Ŋ2.+ 1ē ŗŊ .+2 2Ŋ"#Ŋ/+;23(!.ē ŗŊ (-.!4+ 1#2ē ŗŊ _"4+ Ŋ"#Ŋ("#-3(" "ē ŗŊ ;, 1 Ŋ"#Ŋ$.3.2ē ŗŊ .!'(+ ē
i_[djWd W ]kije$ Bei 9e\Wd[i i[ l_ij[d Yed YWc_ied[i Z[ cWd]W WbjW o i[ WZehdWd bW fWhj[ Z[ bei ^ecXhei Yed fbkcWi Z[ Wl[i$ Ik Wjk[dZe i[ Yecfb[c[djW Yed YebbWh[i" fkbi[hWi o kdW [if[Y_[ Z[ Z_WZ[# cW [d ik YWX[pW$ ;b i^WcWd_ice [i kde Z[ bei Wif[Yjei c|i YWhWYj[h‡ij_Yei Z[ [ijW Yeckd_ZWZ$ 9WZW [jd_W [ij| b_Z[hWZW feh kd i^Wc|d" gk_[d [i [b ]k‡W [d jeZWi bWi WYj_l_ZW# Z[i ieY_Wb[i o h[fh[i[djW bW YW# X[pW [d bei [l[djei h_jkWb[i$
ĹŠ
Ŋ3#,/#1 341 Ŋ /1.,#"(.Ŋ#-Ŋ #23 Ŋ9.- Ŋ#2Ŋ"#Ŋ ĉĎŊ%1 ".2Ŋ!#-3~Ĺ %1 ".2ēŊ
Ä“ĹŠ +ĹŠ!.-3 !3.ĹŠ!.-ĹŠ+.2ĹŠ -(, +#2ĹŠ#2ĹŠ4-.ĹŠ"#ĹŠ+.2ĹŠ/1(-!(/ +#2ĹŠ 31 !3(5.2ĹŠ#-ĹŠ 48 #-.Ä“
¢78 &25$=Ă?1 (67$ $6ĂŒ" $5,(/ (/ *858 '(/ $025 7( $<8'$ 6R\ SRVHHGRU GHO DPDUUH PiV HFRQyPLFR HĂ€FD] \ UiSLGR GHO PXQGR 5HVXOWDGRV HQ VROR KRUDV 9$/25 7HOI 7UDEDMRV D GLVWDQFLD
SR
;d [b eh_[dj[ [YkWjeh_Wde" [d bWi fhel_dY_Wi Z[ IkYkcX_ei o Eh[bbWdW" i[ [nj_[dZ[ kdW c|# ]_YW j_[hhW ZedZ[ bW dWjkhWb[pW [i bW fhejW]ed_ijW o [b Y[djhe Z[ Wj[dY_Œd Z[X_Ze W bW ]hWd YWdj_ZWZ Z[ Wd_cWb[i" fbWdjWi" h‡ei o Wl[djkhWi gk[ e\h[Y[$ I[ jhWjW Z[ bW H[i[hlW Z[ FheZkYY_Œd Z[ <WkdW 9koW# X[de" ZedZ[ bei WcX_[dj[i lWh‡Wd [djh[ j_[hhW \_hc[" Xeigk[i _dkdZWZei" fWdjW# dei" h‡ei o bW]kdWi$ JWcX_ƒd [i [b i_j_e ZedZ[ ^WX_jWd Y[h# YW Z[ '& [if[Y_[i Z[ cedei o c|i Z[ +&& \Wc_b_Wi Z[ Wl[i o ZedZ[ bei l_i_jWdj[i fk[# Z[d WiecXhWhi[ WZc_hWdZe W bei Z[b\_d[i heiWZei" bei YW_cWd[i o bei cWdWj‡[i$
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
H;IFK;IJ70 ;d [b f[h_eZe Z[ bWYjWdY_W [i c[`eh de jecWh c[Z_YWY_Œd W c[dei gk[ i[W jejWbc[dj[ d[Y[iWh_e$ :[ jeZWi cWd[hWi" be c|i h[Yec[dZWXb[ [i gk[ i_[cfh[ i[W kdW WYY_Œd WlWbWZW feh [b cƒZ_Ye jhWjWdj[$
 " 2ĹŠ "#ĹŠ , +#23 1ĹŠ #23., ! +Ä“ĹŠ #ĹŠ,#ĹŠ/ 2 ĹŠ"#2/4_2ĹŠ"#ĹŠ ) 1,#ĹŠ "#+ĹŠ5#'~!4+.Ä“ĹŠÄ .1ĹŠ04_ĹŠ/ 2 ĹŠ#23.Ä&#x;ĹŠ ĸ .2_ĹŠ .,.Äš
H;IFK;IJ70 ;ijW [nfb_YWY_Œd [i cko ][dƒh_YW Yece fWhW ZWh kd Z_W]dŒij_Ye Y[hj[he o iWX[h gkƒ [i be gk[ [d h[Wb_ZWZ [ij| eYkhh_ƒdZeb[$ I_d [cXWh]e" fk[# Z[ jhWjWhi[ Z[ kd j‡f_Ye cWh[e$
Ä–ĹŠ 4(2(#1 ĹŠ2 #1ĹŠÄ 04_ĹŠ Ä–ĹŠ #-%.ĹŠ4-ĹŠ24# .ĹŠ(-Äą 3(/.ĹŠ"#ĹŠ#7;,#-#2ĹŠ,_"(Äą 2./.13 +#Ä“ĹŠ #ĹŠ !4#23.ĹŠ ĹŠ !.2ĹŠ -#!#2(3.ĹŠ 1# +(9 1,#ĹŠ ".1,(1ĹŠ ĹŠ#2.ĹŠ"#ĹŠ+ 2ĹŠÄ‰ÄˆÄ–Ä‡Ä‡ĹŠ ĹŠ / 1 ĹŠ !.-.!#1ĹŠ !4;+ĹŠ #2ĹŠ ,(ĹŠ .ĹŠ ĉĉĖććŊ 8ĹŠ ,#ĹŠ +#5 -3.ĹŠ ĹŠ #23 ".ĹŠ"#ĹŠ2 +4"ĹŠ%#-#1 +Ä&#x;ĹŠ + 2ĹŠ đĖććŊ .ĹŠ ĒĖĊćŊ 8ĹŠ "#2Äą .-3 !3.2 .ĹŠ#2ĹŠ04#ĹŠ,#ĹŠ2(#-3 ĹŠ, +ĔŊ .-9 +.ĹŠ 41;-ĔŊ /4_2ĹŠ"#ĹŠ!.,#1ĹŠ3.,.ĹŠ4- ĹŠ 2.+ ,#-3#ĹŠ ,#ĹŠ %423 1~ ĹŠ ,_"(!.ĹŠ%#-#1 +Ä“ 2(#23 ĹŠ 04#ĹŠ /4#"#ĹŠ "41 1ĹŠ ćĒĹĒĒĉĹĊÄ?Ĺĉĉ ' !#1,#ĹŠ4-ĹŠ!'#04#.ĹŠ%#Äą ' 23 ĹŠ!4 31.ĹŠ'.1 2Ä“ĹŠÄ .1ĹŠ -#1 +ēŊĸ "1(;-ĹŠ 149Äš 04_ĹŠ2(%.ĹŠ!.-ĹŠ24# .Ä&#x;Ŋĸ 2 Äą H;IFK;IJ70 Bei [n|c[d[i #+ĹŠ 1#"#2Äš
gk[ i[ ^WY[d [d kd Y^[gk[e ][d[hWb ied Z[ X_ec[jh‡W o ^[cWjebÂŒ]_Yei fWhW Z[iYWhjWh Wd[c_W e _d\[YY_ed[i$ JeZWi bWi fhk[XWi feij[h_e# h[i Z[f[dZ[d Z[ be gk[ i[ gk_[# hW iWX[h e i_ i[ Z[i[W YedeY[h [b YecfehjWc_[dje Z[ YWZW ÂŒh]Wde Z[b Yk[hfe" fk[i [ije h[gk_[h[ kd fheY[ie Z_\[h[dj[$ 7Z[c|i" i[ fk[Z[d ^WY[h [n|c[d[i fWhW YedeY[h bei d_# l[b[i Z[ ]bkYeiW fWhW Z[iYWhjWh Z_WX[j[i" Z[ Yeb[ij[heb jejWb" Z[ Yeb[ij[heb Xk[de" Z[ Yeb[ij[heb cWbe o Z[ b‡f_Zei$ Ä–ĹŠ 4 -".ĹŠ 24 .ĹŠ ĹŠ 4-ĹŠ 42ĹŠ.ĹŠ ĹŠ4-ĹŠ! 11.ĹŠ,#ĹŠ" ĹŠ, 1#.ĹŠ8ĹŠ 4- 2ĹŠ $4#13#2ĹŠ - 42# 2ĹŠ !.,/ Äą
H;IFK;IJ70 ;b [cXWhWpe fk[Z[ i[h kdW YWkiW" feh be gk[ i[h‡W Xk[de gk[ i[ ^W]W kdW fhk[XW fWhW YedĂ’hcWh e Z[i# YWhjWh [ijW fei_X_b_ZWZ$ JWc# X_ƒd fk[Z[ i[h feh fhe# kd fhe Xb[cW Z[ Wd[# c_W$
Ä Ä…
ÂĄ
ÄŠĹ‹
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
4ĹŠ /#%.ĹŠ ĹŠ+.ĹŠ, 3#1( +ĹŠ#2ĹŠ"#ă-(3(5.ĹŠ/.1ĹŠ+.ĹŠ 04#ĹŠ2(#,/1#ĹŠ#23 1;ĹŠ#-ĹŠ+ ĹŠ ĂŒ204#" ĹŠ"#ĹŠ4-ĹŠ 4#-ĹŠ31 ).ĔŊ/1#23(%(.ĹŠ8ĹŠ"#2 11.++.ĹŠ#!.Äą -¢,(!.Ä“ĹŠ (#-#ĹŠ+.2ĹŠ/(#2ĹŠ,48ĹŠ (#-ĹŠ/4#23.2ĹŠ 2. 1#ĹŠ+ ĹŠ3(#11 ĹŠ8ĹŠ#2ĹŠ4- ĹŠ/#12.- ĹŠ"#ĹŠ$_11# ĹŠ "(2!(/+(- ĹŠ8ĹŠ31 ) ".1 Ä“
6ĂŒ0%2/2 '(
$&725 '( /$ 3(/ĂŒ&8/$ 0É6 $//É '( /$ '8'$
,5,',2
%$f$'2 '( /8=
92= '( $558//2 $17(6 '( &5,672
3$72
6ĂŒ0%2/2 '(
$1725&+$
3/$17ĂŒ*5$'2
260,2
,167580(172 '( $7$48( *8$5,'$ '(/ 262
0$ĂŒ= '(675(=$
',26 '(/ $025 +,/(5$ '(
',63(562
(;7(16,Ă?1 (67$'2 '(
&$(5 '$1'2
1257($0e5,&$
98(/7$6
&2&+(6
',*1,'$'
+2*$5
'(9$67$5
*5$1'(
7,(55$ 52'($ '$ '( $*8$ +(&+,&(5$
.2ĹŠ'., 1#2ĹŠ 8ĹŠ,#"(.
(&/(6,É67,&26
$5$5
$-('5(=
$57( '( 3(6&$
6,12 '(67,12
gk[ l_l[ kdW l_ZW Z[ bk`e [d CWb_X‘$ Ik l_ZW YWcX_W YkWd# Ze ik ^[hcWde c[deh 7bWd i[ Z_lehY_W o i[ lW W l_l_h Yed ƒb" h[Y_X_[dZe bWi l_i_jWi Z[ ik ^_`e @Wa[ YWZW Ă’d Z[ i[cWdW$ KdW i[h_[ fhejW]ed_pWZW feh 9^Whb_[ I^[[d$
&/25852 6Ă?',&2
&2192&$5
5(32//2
&,7$5
*5,72 7$85,12
6$%526$
02/86&2
*$72 (1
ĹŠĹŠ
ĸ 1(+ŊĉćŊĹŊ, 8.ŊĉćĚ #-31.Ŋ"#Ŋ24Ŋ;1# Ŋ/1.$#2(.- +Ŋ2#Ŋ/4#"#Ŋ "#23 ! 1Ŋ%1 !( 2Ŋ Ŋ24Ŋ2(,/ 3~ Ŋ8Ŋ! / !(Ĺ " "Ŋ"#Ŋ2#15(!(.ēŊ #!4#1"#ĖŊ #% .2Ŋ Ŋ+ Ŋ 5#-341 Ŋ#-Ŋ+ Ŋ04#Ŋ!4#-3 Ŋ,;2Ŋ#+Ŋ.1%4++.Ŋ 04#Ŋ#+Ŋ2#15(!(.ē Ŋ
,1*/e6
&()$/Ă?32'2
$/785$ '(/
6ĂŒ0%2/2 '( /,752
&20326,&,Ă?1
/ĂŒ5,&$ ,167580(172 0Ă”6,&2 *8$5$1ĂŒ
621,'2 &,(592 '( *5$1 7$0$f2
'(/7$
6ĂŒ0%2/2 '( 20(*$
&
'(3$57$0(172 '( &2/20%,$ 0(7$/
+8(/*$ 085&,e/$*2 (1 ,1*/e6
9(=
(67$'2 '(/ 6 '( (( 88 6ĂŒ0%2/2 '(
35(&,262
62',2
$ & (
$
1
2
$
6 &21)86,Ă?1
-
)$/'$
,1'ĂŒ*(1$
3(/ĂŒ&8/$ 129,2
7 $ &
$'25$5
2 (5$ 6,16 5 9,*,/$5 325 /$ 12&+(
5
5 $ 526752 $,5( (1 ,1*/e6
)
2
1
$
5
2
5 2 )$52/$ )$1$/ 3,(=$ &Ă”%,&$
5
2
/
$
1
(
3 &20326,&,Ă?1
2
'
$
&
$
/
5
/(*$/ ),(/ 5$7$ (1
3$5(-$ /ĂŒ5,&$
$ 1 $
6ĂŒ0%2/2 '( 62',2
68&(6,Ă?1
5
,1*/e6
( 7
$ 6
, $
&(/(%5,'$'(6 & / A?FE 9FP; $ ;LECFG (/+' $ (0)( 5 M<K<I@E8I@F <J:F:<J% $ @EM<EKä C8 :�D8I8 ;< 8@I<% 5
217,1(17(
$%5$5
/,(%5( '( /$ 3$7$*21,$ É7202
)(0(1,12 352%$5 *867$5
ÄŠĹ‹
Ŋ - 3.,~ "#Ŋ 1#8 ĔŊĉćĖćć
ĹŠKdW i[h_[ gk[ dWhhW bW ^_i# Ĺ—ĹŠ jeh_W Z[ kdei `ÂŒl[d[i h[i_Z[d# j[i b_Z[hWZei feh Y_hk`Wdei h[decXhWZei" gk[ bkY^Wd feh Ykcfb_h [b fhe]hWcW Z[ YWfW# Y_jWY_ÂŒd \h[dj[ W kdW [ijh[iWd# j[ hkj_dW" Wc[d_pWZW iebe feh bWi h[bWY_ed[i Z[ Wc_ijWZ gk[ _dj[djWd dkjh_h [d [b Z‡W W Z‡W$
: ĹŠ }
124/( +#2ĹŠ%(% -3#2ĹŠ5(5~ -ĹŠ2. 1#ĹŠ;1 .+#2ĹŠ ĔŊ ĹŠÄ› Bei d_cXWZed" kdei cWhikf_Wb[i [nj_djei gk[ j[d‡Wd [b jWcW‹e Z[ kdW el[`W o Wdj[Y[# ieh[i Z[ bei mecXWj \eje " fe# XbWhed bWi YefWi Z[ bei |hXeb[i WkijhWb_Wdei ^WY[ kdei '+ c_# bbed[i Z[ W‹ei" _d\ehcWhed Wo[h \k[dj[i WYWZƒc_YWi$ ;b d_cXWZed" gk[ f[iWXW c|i Z[ -& a_be]hWcei Z[ f[ie o j[d‡W ]WhhWi feZ[heiWi" [hW kd ÆWd_cWb cko ^|X_b gk[ ^WXh‡W WZefjWZe kd cƒjeZe fWhW jh[fWh bei jhed# Yei Z[ bei |hXeb[i i_c_bWh Wb Z[ bei aeWbWi WYjkWb[iÇ" Z_`e bW `[\[
Z[ bW _dl[ij_]WY_Œd AWh[d 8bWYa Z[ bW Kd_l[hi_ZWZ Z[ Dk[lW =W# b[i Z[b Ikh DIM" feh iki i_]bWi [d _d]bƒi $ Iki Z[iY[dZ_[dj[i b[`Wdei ied bei WYjkWb[i mecXWj" kdei cWh# ikf_Wb[i j[hh[ijh[i Z[ kd c[jhe Z[ bWh]e" Yed fWjWi YehjWi o cko W]h[i_lei YkWdZe i[ i_[dj[d Wc[# dWpWZei$ ;b d_cXWZed" gk[ ieb‡W ce# l_b_pWhi[ [d cWdWZW Yece [b YWd]khe Yedj[cfeh|d[e" i[ Wb_# c[djWXW Z[ \hkjei beYWb_pWZei [d bW YefW Z[ bei |hXeb[i Z[ bei
' &267262 3$75,$5&$ '(/ ',/89,2
$ 1 3(5)80(
2
0
$
6ĂŒ0%2/2 '(
&,8'$' '( 9(1(=8(/$ $'0,7,5
$
&
(
5(&,%,5
2
'
$
,
$
$'9(5%,2 '( /8*$5 (67$'2 '( 9(1(=8(/$
5
(55$17( 0,*5$725,2 '(9$67$5 $558,1$5
38(572 '( 0$1$%ĂŒ (;75$f2
2
$&75,= '( /$ /$ 0$'5( '(/
0$48(
$57ĂŒ&8/2
^ ĹŠ
6ROXFLyQ DQWHULRU
7$17$/,2
$&75,= '( /$ 3(/ĂŒ&8/$ 0, 6(*81'$
ĸ$# 1#1.ŊĉćŊĹŊ, 19.ŊĉćĚŊ -ĹŠ#23#ĹŠ,.,#-3.ĹŠ+ ĹŠ2.+#" "ĹŠ8ĹŠ#+ĹŠ (2+ Äą ,(#-3.ĹŠ/4#"#-ĹŠ2#1ĹŠ"#ĹŠ,4!'.ĹŠ/1.5#!'.ĹŠ / 1 ĹŠ "Ä“ĹŠ 4ĹŠ2.+(" 1(" "ĹŠ#ĹŠ(-3#1_2ĹŠ/.1ĹŠ+.2ĹŠ "#,;2ĹŠ2#ĹŠ1#$4#19 Ä“ĹŠ #!4#1"#Ä–ĹŠ #)#ĹŠ#-31 1ĹŠ + ĹŠ +#%1~ ĹŠ ĹŠ24ĹŠ +, Ä“ ĸ, 19.ĹŠÄ‰ÄˆĹŠÄąĹŠ 1(+ĹŠÄˆÄ’Äš 42ĹŠ ,(%.2ĹŠ2.-ĹŠ/#12.- 2ĹŠ2#-2( +#2ĹŠ8ĹŠ"#ĹŠ 4-ĹŠ! 1;!3#1ĹŠ %1 " +#ĹŠ/#1.ĹŠ"# #ĹŠ31 3 1ĹŠ "#ĹŠ-.ĹŠ"#) 12#ĹŠ++#5 1ĹŠ/.1ĹŠ+.ĹŠ04#ĹŠ#23.2ĹŠ ./(-#-ĹŠ#-ĹŠ#731#,.Ä“ĹŠĹŠ #!4#1"#Ä–ĹŠ 4+3(5#ĹŠ24ĹŠ ! / !(" "ĹŠ"#ĹŠ,(1 1ĹŠ!.-ĹŠ2(,/ 3~ ĹŠ ĹŠ242ĹŠ 2#,#) -3#2Ä“
),&+$ '(
7,(032
ĸ#-#1.ŊĉćŊĹŊ$# 1#1.ĹŠÄˆÄ’Äš 4ĹŠ/#12.- +(" "ĹŠ2#ĹŠ3.1- ĹŠ,;2ĹŠ, %-_3(! ĹŠ 8ĹŠ 31 8#-3#Ä“ĹŠ 1 3#ĹŠ"#ĹŠ1#$.19 1ĹŠ24ĹŠ! 1;!3#1ĹŠ / 1 ĹŠ 2~ĹŠ-.ĹŠ"#) 12#ĹŠ(-Ä„4(1ĹŠ!.-ĹŠ$ !(+(" "Ä“ĹŠ #!4#1"#Ä–ĹŠ .ĹŠ2#ĹŠ"#)#ĹŠ".,(- 1ĹŠ/.1ĹŠ+ ĹŠ -%423( Ä“
ĹŠĹŠ
$&&,Ă?1 '(
7267$5
ĹŠ9^Whb_[ >Whf[h [i kd ieb# Ĺ—ĹŠ j[he" WbYe^ÂŒb_Ye o ck`[h_[]e
21'$ 9(67,'85$ '(
'8(f$
&5(&,'$
ĹŠ Ä”ĹŠÄˆÄ‘Ä–ÄŠÄ‡
21'$ 35,0(5$ 92&$/
0$*$
(67$'2 '( 9(1(=8(/$
ĹŠĹŠ
ĹŠĹŠ
6$/,5 '(/ 9,(1 75( 0$7(512 &$3,7$/' ( ,7$/,$
3$3$/
(638(57$
Ä !(¢Ŋ4-ĹŠ"~ ĹŠ!.,.ĹŠ'.8Ä&#x;
5 $
5
1,48(/
'
6ĂŒ0%2/2 '( 52(17*(1
%21'$'262
5
2
(
,
1
3 $6,'(52 0$1*2
3,&$
7
$
5
$
6
$
0
$
2
6
0
$
1
7
$
,
5
7
$
3257$/
$
2
3(5)25$5 $*8-(5($5 (175(*$5
5
(
/
&217$5 &20(17$5
5 $/48,/$5 $6752 5(<
$ 1 $57( '( 3(6&$
/,(%5( '( /$ 3$7$*21,$
-
2
( $ 1
&
,175,*$
$
,
9
&$0,12 &$/=$'$
3(552
3(/ĂŒ&8/$
7$&$f2
5 $
=$5&,//2 '( /$ 9,'
$&725 0$5 5248, '( /$ (/ ,10257$/
3Ă?57,&2
(;75$(5
1
$
5
5
6
&,8'$' '( &$1$'É $57ĂŒ&8/2
0
$
5
$*5(',5
$
1
7
2
)(0(1,12
0,6,9$
$326(172
$ 3,e/$*2
5 (
//$1$
6
$
/
$
9(*(7$&,Ă?1 (1 (/ '(6,(572
2
3
,
&
$
5
2
&,8'$' '( <(0(1
/
*
$
32/ĂŒ7,&2
7
$
6
$
$
1
5
2
6
$
&
1
$
,
1
$
5
$
5
6
$
5
$
3/$17$
0(','$ '(
0$5,1$ &+,12
$&(57$5
$
2
0
/21*,78'
(1*$/$1$5 &21 $'25126 *$%$1
7 (6326$ '( $%5$+$0 +$%,7$5
3,//2
$&&,Ă?1 '( 7$6$5
$5*2//$
2
}
4 -ĹŠ #¢-ĹŠ #1 Ä¸ÄˆÄ‘ÄŠÄ‰ÄąÄˆÄ‘Ä’ÄŒÄš
ĹŠ;diWo_ijW" del[b_ijW" feb‡j_Ye Ĺ—ĹŠ o f_djeh [YkWjeh_Wde gk[ kd Z‡W Yece ^eo Z[ '.-* fWhj_Y_fÂŒ [d bW \kdZWY_ÂŒd Z[ bW 7YWZ[# c_W ;YkWjeh_WdW Z[ bW B[d]kW ZedZ[ fhedkdY_ÂŒ [b Z_iYkhie Z[ iWbkjWY_ÂŒd W bei WYWZƒc_Yei decXhWZei$ ;djh[ iki eXhWi c|i Z[ijWYWZWi i[ [dYk[djhWd bW b[jhW Z[b >_cde DWY_edWb Z[b ;YkWZeh o bW del[bW Ăˆ9kcWdZ|É gk[ Yk[djW Yed jh[i l[hi_ed[i ef[h‡ij_YWi$ 7kjeh Z[ ĂˆBei ‘bj_cei cec[djei Z[ 8eb‡lWhÉ" Ăˆ;djh[ Zei j‡Wi o kd j‡eÉ o Ăˆ=Wh# Y‡W Ceh[deÉ" [djh[ ejhWi$ <k[ c_[cXhe Z[ bW H[Wb 7YWZ[c_W ;ifW‹ebW Z[ bW B[d]kW$
ĸ, 8.ĹŠÄ‰ÄˆĹŠÄąĹŠ)4-(.ĹŠÄ‰ÄˆÄš "Ä“ĹŠ/4#"#ĹŠ#7/#1(,#-3 1ĹŠ%1 -"#2ĹŠ"#2#.2ĹŠ "#ĹŠ!1#!#1ĹŠ8ĹŠ, "41 1ĹŠ(-3#1- ,#-3#Ä“ĹŠ /1.5#!'#ĹŠ#23#ĹŠ,.,#-3.ĹŠ/ 1 ĹŠ#-31 1ĹŠ #-ĹŠ!.-3 !3.ĹŠ!.-ĹŠ+ ĹŠ1(04#9 ĹŠ04#ĹŠ++#5 ĹŠ#-ĹŠ 24ĹŠ(-3#1(.1Ä“ĹŠĹŠ #!4#1"#Ä–ĹŠ .-5(_13 2#ĹŠ#-ĹŠ#+ĹŠ /1.,.3.1ĹŠ-ĂŒ,#1.ĹŠ4-.ĹŠ"#+ĹŠ/#1"¢-Ä“
: ĹŠĹŠ
ĸ)4-(.ŊĉĉŊĹŊ)4+(.ŊĉĉĚ
.2ĹŠ! , (.2ĹŠ04#ĹŠ2#ĹŠ+#ĹŠ/1#2#-3 -ĹŠ2.-ĹŠ24Äą 3(+#2ĹŠ/#1.ĹŠ' !#-ĹŠ04#ĹŠ "Ä“ĹŠ!1#9! ĹŠ8ĹŠ, "41#ĹŠ "#ĹŠ, -#1 ĹŠ2.1/1#-"#-3#Ä“ĹŠ #!4#1"#Ä–ĹŠ +ĹŠ 04#ĹŠ2#ĹŠÄƒ) ĹŠ ĹŠ4- ĹŠ#231#++ ĹŠ-.ĹŠ+.ĹŠ3.! ĹŠ#+ĹŠ+.".Ä“
ĹŠĹŠ
ĸ)4+(.ŊĉĊŊĹŊ %.23.ŊĉĉĚŊ 7(23#ĹŠ4- ĹŠ ă-(" "ĹŠ#,.!(.- +ĹŠ,48ĹŠ $4#13#ĹŠ!.-ĹŠ24ĹŠ/ 1#) Ä“ĹŠ 23 ĹŠ2#ĹŠ,4#231 ĹŠ,;2ĹŠ $#!34.2 ĹŠ8ĹŠ!.,4-(! 3(5 Ä—ĹŠ#-! ,(-#ĹŠ #-3.-!#2ĹŠ+ ĹŠ24/#1 !(¢-ĹŠ"#ĹŠ242ĹŠ"($#1#-!( 2Ä“ #!4#1"#Ä–ĹŠ #!~" 2#ĹŠ8 ĹŠ ĹŠ#,/1#-"#1ĹŠ24ĹŠ !.,#3(".Ä“
ĹŠĹŠ
ĸ %.23.ŊĉĊŊĹŊ2#/3(#, 1#ŊĉĉĚ 1.!41#Ŋ/.-#1Ŋ3." Ŋ24Ŋ$4#19 Ŋ8Ŋ#-#1%~ Ŋ "#-31.Ŋ"#Ŋ24Ŋ;1# Ŋ+ .1 +ēŊ 4Ŋ2(,/ 3~ Ŋ 84" 1;Ŋ!.-Ŋ+ Ŋ1#+ !(¢-Ŋ+ .1 +ēŊŊ #!4#1"#ĖŊ
Ŋ!1~3(! Ŋ#2Ŋ+ Ŋ+49Ŋ04#Ŋ"#) Ŋ5#1ĔŊ +Ŋ,(2,.Ŋ 3(#,/.ĔŊ+.Ŋ/#1$#!3.Ŋ8Ŋ+.Ŋ(,/#1$#!3.ē
ĹŠĹŠ
ĸ2#/3(#, 1#ŊĉĊŊĹŊ.!34 1#ŊĉĉĚ "Ä“ĹŠ2#ĹŠ2#-3(1;ĹŠ,48ĹŠ 31 ~".ĹŠ/.1ĹŠ4- ĹŠ /#12.- ĹŠ! 43(5 ".1 ĹŠ8ĹŠ,(23#1(.2 Ä“ĹŠ ĹŠ 2#-2( (+(" "ĹŠ"#ĹŠ242ĹŠ'().2ĹŠ2#ĹŠ !1#!(#-3 Ä“ĹŠ #!4#1"#Ä–ĹŠ 4#ĹŠ-(-%ĂŒ-ĹŠ/#-2 ,(#-3.ĹŠ -#% 3(5.ĹŠ!.-3 ,(-#ĹŠ24ĹŠ,#-3#Ä“
ĹŠĹŠ
ĸ.!34 1#ŊĉĊŊĹŊ-.5(#, 1#ĹŠÄ‰ÄˆÄšĹŠ 2ĹŠ(,/.13 -3#ĹŠ04#ĹŠ "Ä“ĹŠ+#ĹŠ /.13#ĹŠ /+.,.ĹŠ 8ĹŠ$4#19 ĹŠ ĹŠ24ĹŠ, "1#ĹŠ/ 1 ĹŠ 2~ĹŠ 84" 1+ ĹŠ ĹŠ 1#$.19 1ĹŠ24ĹŠ! 1;!3#1Ä“ĹŠ #!4#1"#Ä–ĹŠ "Ä“ĹŠ#2ĹŠ 4-ĹŠ/."#1ĹŠ/.2(3(5.ĹŠ! / 9ĹŠ"#ĹŠ$.,#-3 1ĹŠ+ ĹŠ $1 3#1-(" "ĹŠ8ĹŠ+ ĹŠ2.+(" 1(" "Ä“
ĹŠĹŠ
Xeigk[i jhef_YWb[i WkijhWb_Wdei$ Ik ^WX_b_ZWZ fWhW jh[fWh |hXeb[i b[ f[hc_j_Œ Wb ]_]Wdj[iYe cWhik# f_Wb h[ZkY_h bW Yecf[j[dY_W feh bWi \k[dj[i Z[ Yec_ZW Yed ejhei ^[hX‡lehei" [djh[ [bbei [b YWd]k# he" o [iYWfWh Z[ iki Z[fh[ZWZeh[i Yece bei b[ed[i cWhikf_Wb[i$
ĸ-.5(#, 1#ŊĉĉŊĹŊ"(!(#, 1#ĹŠÄ‰ÄˆÄšĹŠ 4ĹŠ,.".ĹŠ"#ĹŠ' + 1ĹŠ2#1;ĹŠ! 43(5 ".1ĹŠ8 ĹŠ04#ĹŠ #2ĹŠ,;2ĹŠ#7/1#2(5.ĹŠ8ĹŠ $#!34.2.Ä“ĹŠ % ĹŠ42.ĹŠ "#ĹŠ#23#ĹŠ#-! -3.ĹŠ"#-31.ĹŠ"#ĹŠ242ĹŠ-#%.!(.2Ä“ĹŠĹŠ #!4#1"#Ä–ĹŠ .-5(#13 ĹŠ24ĹŠ .-" "ĹŠ#-ĹŠ #7!#+#-3#ĹŠ .-" "Ä“
ĹŠĹŠ
ĸ"(!(#, 1#ŊĉĉŊĹŊ#-#1.ĹŠÄˆÄ’Äš 4ĹŠ!1#!(,(#-3.ĹŠ8ĹŠ242ĹŠ1#!412.2ĹŠ(-3#1-.2ĹŠ 3#-"1;-ĹŠ, 8.1ĹŠ(,/.13 -!( ĹŠ/ 1 ĹŠ "Ä“ĹŠ #-Äą 3(1;ĹŠ+ ĹŠ-#!#2(" "ĹŠ"#ĹŠ 84" 1ĹŠ#!.-¢,(! Äą ,#-3#ĹŠ ĹŠ04(#-ĹŠ+.ĹŠ-#!#2(3#Ä“ĹŠ #!4#1"#Ä–ĹŠ (ĹŠ+#ĹŠ $ +3 ĹŠ+ ĹŠ"#231#9 ĔŊ2ĂŒ/+ + ĹŠ!.-ĹŠ24ĹŠ"(+(%#-!( Ä“
Ä Ä†
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. Ĺ?
Ä“ĹŠ .2ĹŠ!(!+(23 2ĹŠ,;23#1ĹŠÄĽ ÄŚĹŠ!.11#-ĹŠ#-ĹŠ 4#-ĹŠ-(5#+Ä“ĹŠ
4 ,;ĹŠ -(, 1;ĹŠ + ĹŠ 4#+3 ĹŠ ĹŠ+ ĹŠ (#11 ;b Jekh Wb ;YkWZeh Yedj_d‘W Yed bW Lk[bjW W bW I_[hhW gk[ _d_Y_W [ij[ Z‡W [d H_eXWcXW$ I[h|d '.,$, a_bÂŒc[jhei gk[ h[Yehh[h|d bei Y_# Yb_ijWi feh 9^_cXehWpe" Jkd]k# hW^kW" 9ejefWn_ o F_Y^_dY^W$ 8ohed =kWc|" YbWi_\_YWZe W BedZh[i (&'( o ]WdWZeh Z[ jh[i lk[bjWi Wb ;YkWZeh" YedĂ’hcÂŒ ik fWhj_Y_fWY_ÂŒd [d bW Yecf[j[dY_W$ Æ;ij[ Ă’d Z[ i[cWdW fWhj_Y_# fWhƒ [d bW Lk[bjW W bW I_[hhW [d c[ceh_W Z[ kdW ]hWd ck`[h o Y_Yb_ijW0 lW feh j_ IWbecƒ H[o[iÇ" fkXb_YÂŒ =kWc| [d ik Yk[djW Z[ <WY[XeeYa$ BW fh_c[hW [jWfW i[ Yehh[h| [ij[ Z‡W [djh[ H_eXWcXW o 7c# XWje$ ;d [b i[]kdZe Z‡W Z[ Yec# f[j[dY_Wi" bei Y_Yb_ijWi YkXh_h|d kd h[Yehh_Ze Z[ ''($+ a_bÂŒc[jhei [djh[ 7cXWje o Gk_je" c_[djhWi gk[ [b Zec_d]e j[hc_dWh| bW Yecf[j[dY_W Yed kdW YedjhW h[# be` _dZ_l_ZkWb 9H? [d kdW Z_i# jWdY_W Z[ / ac [d bW Wkjef_ijW =[d[hWb Hkc_‹W^k_$
.,/#3#-!( 3#%.1~ 2
Ĺ—ĹŠ 1#)45#-(+ĹŠÄ¸ÄˆÄŽÄąÄˆÄ?ĹŠ  .2Äš Ĺ—ĹŠ ĂŒ-(.1ĹŠ_+(3#Ŋĸ"#2"#ĹŠ+.2ĹŠÄˆÄ?ĹŠ  .2Äš Ĺ—ĹŠ ;23#1ĹŠ ŊĸĊćŊ ĹŠÄŒÄŒĹŠ  .2Äš Ĺ—ĹŠ ;23#1ĹŠ ĹŠÄ¸ÄŒÄŽĹŠ ĹŠÄŽÄŒĹŠ  .2Äš Ĺ—ĹŠ ;23#1ĹŠ ŊĸĎĎŊ  .2ĹŠ#-ĹŠ "#+ -3#Äš Ĺ—ĹŠ , 2ĹŠ4-(ă! " 2 Ĺ—ĹŠ )#!43(5.2 Ĺ—ĹŠ 41(2,.
.,#- )#ĹŠ ĹŠ +.,_ĹŠ #8#2ĹŠ ĹŠĹŠ ĹŠ3#1!#1 ĹŠ#3 / ĹŠ"#ĹŠ+ ĹŠ 4#+3 ĹŠ ĹŠ+ ĹŠ Ĺ— (#11 ĹŠ2#1;ĹŠ#-ĹŠ'.,#- )#ĹŠ ĹŠ +.,_ĹŠ
#8#2ŊĸśĚĔŊ"#/.13(23 Ŋ$ ++#!(" Ŋ"#Ŋ $.1, Ŋ31;%(! Ŋ' !#Ŋ +%4-.2Ŋ"~ 2ēŊ .".2Ŋ +.2Ŋ/ 13(!(/ -3#2Ŋ#-Ŋ+ Ŋ!.-31 Ŋ1#+.)Ŋ (-"(5("4 +ĔŊ Ŋ"#2 11.++ 12#Ŋ#-Ŋ+ Ŋ 43.Ĺ /(23 Ŋ #-#1 +Ŋ 4,( '4(ĔŊ5#23(1;-Ŋ4- Ŋ ! ,(2#3 Ŋ"#Ŋ!.+.1Ŋ-#%1.Ŋ#-Ŋ2# +Ŋ"#Ŋ 04#Ŋ#+Ŋ!(!+(2,.Ŋ- !(.- +Ŋ#23;Ŋ"#Ŋ+43.ē
+.-2.ĔŊļ ĂŒ-ĹŠ#23.8ĹŠ5(5.ÄŚ
+ĹŠ/(+.3.ĹŠ#2/  .+ĹŠ"#ĹŠ+ ĹŠ#2!4"#1~ ĹŠ #11 1(ĹŠ #1- -".ĹŠ +.-2.ĹŠ!.,#-3¢Ŋ 8#1ĹŠ"#ĹŠ,.".ĹŠ(1¢-(!.ĔŊ!.-ĹŠ4-ĹŠÄĄ ĂŒ-ĹŠ#23.8ĹŠ5(5.ĢĔŊ"#2/4_2ĹŠ"#+ĹŠ/#04# .ĹŠ !!("#-3#ĹŠ04#ĹŠ345.ĹŠ#-ĹŠ+ ĹŠ3#1!#1 ĹŠ8ĹŠĂŒ+3(, ĹŠ).1- " ĹŠ"#ĹŠ#-31#- ,(#-3.2ĹŠ "#ĹŠ+.2ĹŠ#04(/.2ĹŠ"#+ĹŠ 4-"( +ĹŠ"#ĹŠ ¢1,4+ ĹŠ -.ĹŠ#-ĹŠ#+ĹŠ!(1!4(3.ĹŠ(3 +( -.ĹŠ"#ĹŠ 4%#++.Ä“ĹŠÄĄ 1 2ĹŠ' #1ĹŠ!'.! ".ĹŠ!4 -".ĹŠ!.11~ ĹŠ ĹŠÄ?ĹŠ*(+¢,#31.2ĹŠ/.1ĹŠ'.1 ĔŊ 5(#-".ĹŠ+ 2ĹŠ-.3(!( 2ĹŠ8ĹŠ+ ĹŠ3#+#5(2(¢-ĔŊ,#ĹŠ' -ĹŠ++#% ".ĹŠ,#-2 )#2ĹŠ"#ĹŠ/#12.- 2ĹŠ ,48ĹŠ/1#.!4/ " 2ĔŊ/#1.ĹŠ $.134- " ,#-3#ĹŠ3.".ĹŠ#23;ĹŠ (#-ĢĔŊ(-"(!¢ē
-31#- ĹŠ!.-ĹŠ /.8.ĹŠ"#ĹŠ242ĹŠ / "1#2 : ĹŠ ĹŠ
+ĹŠ- " Äą ".1ĹŠ!.11#ĹŠ #+ĹŠ1(#2%.ĹŠ "#ĹŠ-.ĹŠ#23 1ĹŠ #-ĹŠ .-"1#2ĹŠ /.1ĹŠ!.-%#Äą + ,(#-3.ĹŠ"#ĹŠ $.-".2ĹŠ ĹŠ+ ĹŠ Ä“
ŊěŊ ;b c[ZWbb_ijW Z[
ehe [d W]kWi WX_[hjWi ?l|d ;dZ[h_YW eXi[hlÂŒ Yed fh[# eYkfWY_ÂŒd ik fWhj_Y_fWY_ÂŒd [d bei @k[]ei Eb‡cf_Yei Z[ BedZh[i [ij[ W‹e$ ;ije" fehgk[ de Yk[djW Yed bei \edZei d[Y[iWh_ei fWhW Wi_ij_h W bWi Yecf[j[d# Y_Wi _dj[hdWY_edWb[i YbWi_Ă’YW# jeh_Wi" fk[i [b C_d_ij[h_e Z[b :[fehj[ Yed][bÂŒ bei \edZei Z[ bW <[Z[hWY_ÂŒd ;YkWjeh_W# dW Z[ DWjWY_ÂŒd <;D7 o Z[ ejhWi *+ [dj_ZWZ[i Z[fehj_lWi dWY_edWb[i" Ykoei Z[fehj_ijWi [ijWh‡Wd [d bW c_icW i_jkW# Y_ÂŒd gk[ ;dZ[h_YW$ Æ;ijeo cko fh[eYkfW# Ze" [b \kjkhe Z[ deiejhei" bei Z[fehj_ijWi" [i _dY_[hje$ De iWX[cei gk[ fk[ZW fWiWh YkWdZe oW [ijWcei W kd fWie Z[ bWi Eb_cf_WZWi o [b C_d_i# j[h_e Z[X[ i[h kd Wfeoe fWhW [b Z[fehj_ijW o de f[b[Whi[ Yed [b 9E;Ç" bWc[djÂŒ$ O [i gk[ [b dWZWZeh Yk[d# YWde YedjÂŒ Yed jh_ij[pW gk[ ^WY[ Zei i[cWdWi f[hZ_ÂŒ bW efehjkd_ZWZ Z[ fWhj_Y_fWh [d kd jehd[e Z[ W]kWi WX_[hjWi [d Cƒn_Ye" feh de YedjWh Yed bei \edZei gk[ i[ h[gk[h‡W fWhW ik l_W`[$ Æ>Wo fh[eYkfWY_ÂŒd feh# gk[ de iWX[cei YkWdZe dei [djh[]Wh| [b C_d_ij[h_e Z[b :[# fehj[ [b WlWb$ <k[ kd ]ebf[ cko Zkhe fWhW c‡ [iYkY^Wh gk[ oe de _XW W Yecf[j_h fehgk[ de ^WX‡W \edZei [d [i[ cec[dje$ De j[d‡W Z_d[he i_de be ^kX_[i[ ^[Y^e feh c_ Yk[djWÇ" [nfb_YÂŒ$ F[i[ W [ijei _dYedl[d_[d# j[i" [b Wjb[jW Z[ (& W‹ei Z[ [ZWZ cWdj_[d[ l_lW bW [if[hWdpW o bW YedĂ’WdpW fWhW gk[ [b fheXb[# cW Z_h_][dY_Wb i[ iebkY_ed[ o feZ[h [ijWh Yed iki YecfW‹[# hei [d BedZh[i$ IeXh[ bW fei_X_b_ZWZ Z[ fWhj_Y_fWh [d bW `kijW Eb‡cf_# YW h[fh[i[djWdZe Wb 9ec_jƒ
ĹŠ
ĹŠ(-2!1(/!(¢-ĹŠĹŠ / 1 ĹŠ/ 13(!(/ 1ĹŠ #-ĹŠ#+ĹŠ 1#.+~,/(!.ĹŠ "#ĹŠ .134% +ĹŠ2#ĹŠ !#11 1;ĹŠ#+ĹŠÄˆÄˆĹŠ"#ĹŠ #23#ĹŠ,#2ĔŊ2(ĹŠ ' 23 ĹŠ$#!' ĹŠ-.ĹŠĹŠ ' -ĹŠ+.%1 ".ĹŠ4-ĹŠ !4#1".ĔŊ -"#1(! ĹŠ/."1~ ĹŠ 04#" 12#ĹŠĹŠ$4#1 ĹŠ "#ĹŠ!.,/#3#-!( Ä“
Ä“ĹŠ -"#1(! ĹŠ#7'( #ĹŠ242ĹŠ,#" ++ 2ĹŠ +! -9 " 2ĹŠ#-ĹŠ 1 2(+Ä“
Eb‡cf_Ye ?dj[hdWY_edWb 9E? i[‹WbÂŒ gk[0 Æ[i Wb]e gk[ de Yed# Y_Xe" fehgk[ jeZe Z[fehj_ijW be gk[ Wd^[bW [i fWhj_Y_fWh h[fh[# i[djWdZe W ik fW‡i o de Yed bW XWdZ[hW Z[ ejhe0 [i i[dj_h gk[ de [ij|i ^WY_[dZe dWZWÇ$ ;dZ[h_YW" c_[djhWi jWdje" h[Y_# X[ [b Wfeoe [YedÂŒc_Ye Z[ iki fW# Zh[i fWhW ik fh[fWhWY_ÂŒd$ ÆDe c[ [ijWdYe o i_]e [djh[dWdZe" YbWhe gk[ bWc[dje ckY^e gk[ i[Wd c_i fWZh[i gk_[d[i c[ Z[d [b Z_d[he fWhW ^WY[hbe" f[he [bbei iWX[d gk[ [ij[ [i c_ ik[‹e o be YecfWhj[d Yedc_]e" feh [ie ^WY[d kd ]hWd [i\k[hpe feh Yedi[]k_h Z_d[he fWhW c_ fh[fWhWY_ÂŒdÇ" h[YWbYÂŒ$ BWc[djÂŒ de ^WX[h Æh[Y_X_Ze Wfehj[ [YedÂŒc_Ye Z[b C_d_ij[h_e Z[b :[fehj[" d_ fWhW ikfb[c[d# jei e c[Z_YWc[djei$ ;i c|i W‘d de c[ YWdY[bWd bei h[Ykhiei feh bW X[YW gk[ eXjkl[ [b W‹e fWiW# ZeÇ" _dZ_YÂŒ$ ;dZ[h_YW f[Z_h| Wfeoe Z[ bWi \[Z[hWY_ed[i fhel_dY_Wb[i fWhW fe# Z[h Wi_ij_h W bW ‘bj_cW Yecf[j[dY_W YbWi_Ă’YWjeh_W gk[ i[ h[Wb_pWh| [d `kd_e [d Fehjk]Wb$ BWi _diYh_f# Y_ed[i W [ij[ [l[dje i[ Y[hhWh|d [b '' Z[ [ij[ c[i" feh be gk[ Yehh[ [b h_[i]e Z[ gk[ZWh Wb cWh][d Z[ bei `k[]ei Z[ BedZh[i$ ÆDe c[ gk[ZWhƒ Z[ XhWpei YhkpWZei$ I_ ^WijW Ă’d[i Z[ [ij[ c[i de i[ iebkY_edWd bei fheXb[# cWi" f[Z_hƒ WokZW W bWi \[Z[hW#
#"(! ".Ŋ Ŋ+ Ŋ- 3 !(¢ŗŊŊ
5;-ĹŠ +#) -"1.ĹŠ -"#1(! ĹŠ !'. ĹŠ - !(¢Ŋ#-ĹŠ 4#-! ĹŠ#+ŊĉđŊ"#ĹŠ.!34 1#ĹŠ"#ĹŠ ÄˆÄ’Ä’ÄˆÄ“ĹŠ ĹŠ+.2ĹŠÄˆÄŽĹŠ  .2ĹŠ% -¢Ŋ24ĹŠ/1(,#1 ĹŠ /1#2# ĹŠ"#ĹŠ.1.ĹŠ(-3#1- !(.- +ĹŠ8ĹŠ$4#ĹŠ#-ĹŠ + ĹŠ ./ ĹŠ"#+ĹŠ !~ă!.Ä“ĹŠ -ĹŠ2#/3(#, 1#ĹŠ "#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ% -¢Ŋ/.1ĹŠ04(-3 ĹŠ.! 2(¢-ĹŠ#+ĹŠ !14!#ĹŠ +ĹŠ+ %.ĹŠ -ĹŠ +.Ä“ĹŠ -ĹŠ.!34 1#ĹŠ "#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ04#"¢Ŋ#-ĹŠ!4 13.ĹŠ+4% 1ĹŠ#-ĹŠ+ ĹŠ /14# ĹŠ"#ĹŠÄˆÄ‡ĹŠ*(+¢,#31.2ĹŠ"#ĹŠ %4 2ĹŠ (#13 2ĹŠ04#ĹŠ2#ĹŠ!4,/+(¢Ŋ#-ĹŠ/4#13.ĹŠ ++ 13 ĔŊ _7(!.Ä“ĹŠ -ĹŠ"(!(#, 1#ĹŠ"#ĹŠ Ä‰Ä‡ÄˆÄˆĹŠ% -¢Ŋ".2ĹŠ,#" ++ 2ĹŠ"#ĹŠ.1.ĹŠ#-ĹŠ +.2ĹŠ 4#%.2ĹŠ 4" ,#1(! -.2ĹŠ"#ĹŠ + 8 2ĹŠ 8ĹŠ#-ĹŠ, 19.ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄ‰Ä”ĹŠ!.-ĹŠ+ 2ĹŠ".2ĹŠ ,#" ++ 2ĹŠ"#ĹŠ.1.ĹŠ. 3#-(" 2ĹŠ#-ĹŠ #+#,ĔŊ 1 2(+ĔŊ -"#1(! ĹŠ24,¢Ŋ2(#3#ĹŠ3~34+.2ĹŠ 24" ,#1(! -.2Ä“ĹŠ
Y_ed[i fhel_dY_Wb[i fWhW Wi_ij_h W [ij[ jehd[e e Z[ be YedjhWh_e jeYWh| XkiYWh h[Ykhiei fWhW ^W# Y[hbe feh c_ Yk[djWÇ" Z_`e$ <_dWbc[dj[ f_Z_ÂŒ gk[ Æ[b C_# d_ij[h_e Z[b :[fehj[ o [b 9E; j[hc_d[d Yed [ij[ fheXb[cW fehgk[ Wgk‡ bei f[h`kZ_YWZei iecei deiejhei$ KdW Yecf[# j[dY_W bW Yed\ehcWd iebe Z[feh# j_ijWi o i_d Z[fehj_ijWi de ^Wo Yecf[j[dY_W$ ;b Wfeoe fWhW bei Wjb[jWi Z[X[ i[h _dYedZ_Y_edWb o fh_cehZ_Wb c|i gk[ YkWbgk_[h ejhW YeiWÇ" Ă’dWb_pÂŒ$
Ä Ä‡
ĀąĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
ĹŠ
(-" ĹŠ#2/#1 ĹŠ 5.+5#1ĹŠ ĹŠ+ ĹŠÄĽ 1(ÄŚ
Ĺ—ĹŠ ĹŠĹŠEimWbZe C_dZW" `k]WZeh Z[b 9^_lWi KI7 Z[ bW CBI" ^WXbÂŒ Z[ bWi fei_X_b_ZWZ Z[ i[h Yed# leYWZe W bW i[b[YY_ÂŒd dWY_edWb fWhW bei `k[]ei [b_c_dWjeh_Wi Z[ `kd_e" Wdj[ 7h][dj_dW o 9ebec# X_W$ C_dZW Z[ijWYÂŒ gk[ ^W i_Ze fWhj[ Z[b fheY[ie Z[ H[_dWbZe Hk[ZW o gk[ [if[hW j[d[h kdW dk[lW efehjkd_ZWZ$
-3(#-#ĹŠ #2/#1 -9 2
ēŊ #"1.Ŋ 4( .-#2Ŋĸ(ĚŊ8Ŋ #1- -".Ŋ ( .1Ŋĸ"ĚŊ"(2/43 -Ŋ#+Ŋ +¢-Ŋ!.-Ŋ#+Ŋ)4% ".1Ŋ"#+Ŋ .1(-3'( -2Ŋ 4+(-'.Ŋĸ(ĚēŊ
+ĹŠ#)#,/+.ĹŠ"#ĹŠ 24-!(¢-ĹŠ,.Äą 3(5 ĹŠ ĹŠ+.2ĹŠ)4% ".1#2ĹŠ/ 1 ĹŠ(1ĹŠ ĹŠ 1 2(+ĹŠ/.1ĹŠ+ ĹŠ!+ 2(ă! !(¢-Ä“ ÄĽ:%4(+ 2ÄŚĹŠ54#+ -ĹŠ ĹŠ+ 2ĹŠ2#,(2ĹŠ
Ĺ—ĹŠ ĹŠĹŠ;b 7cƒh_YW Z[ 9^h_ij_Wd 8[d‡j[p WhhebbÂŒ bW deY^[ Z[b c_ƒhYeb[i Wb FWY^kYW [d ik fhef_e [ijWZ_e o be l[dY_ÂŒ feh '#) [d [b fWhj_Ze Z[ _ZW Z[ bei YkWhjei Z[ Ă’dWb Z[ bW b_]k_bbW o jecW l[djW`W [d [b YWc_de W bWi i[c_Ă’dWb[i Z[b jehd[e 9bWkik# hW (&'( Z[b \‘jXeb c[n_YWde$ ;b Ăˆ9^kY^eÉ de cWhYÂŒ o [ijkle ^WijW [b c_dkje -. [d bWi Ăˆ|]k_# bWiÉ" c_[djhWi gk[ [d FWY^kYW <ƒb_n 8eh`W \k[ j_jkbWh o @W_c[ 7oel‡ \eje WYjkÂŒ ^WijW [b c_dkje +)$ I[]kdZe 9Wij_bbe de WYjkÂŒ feh b[i_ÂŒd$
ĹŠ š ;b l_Y[YWcf[ÂŒd [YkWjeh_Wde" ;c[b[Y" Wikc_ÂŒ Yed jhWdgk_b_ZWZ [b [cfWj[ &#& Wb# YWdpWZe [b c_ƒhYeb[i Wdj[ 9eh_d# j^_Wdi Z[ 8hWi_b" [d [b cWhYe Z[ bei eYjWlei Z[ Ă’dWb Z[ bW 9efW B_X[hjWZeh[i Z[ 7cƒh_YW" [d [b ;ijWZ_e =[eh][ 9Wfm[bb$ <[hdWdZe =W_Xeh" lebWdj[ Ăˆ[bƒYjh_YeÉ" ieijkle gk[ Æ9eh_d# j^_Wdi i[ [dY[hhÂŒ [d [b \edZe o de dei f[hc_j_ÂŒ bb[]Wh Yed cW# oeh YbWh_ZWZ$ Ik Whgk[he W^e]ÂŒ lWh_ei ]h_jei Z[ ]eb" f[he [ie [i be Xed_je Z[b \‘jXeb" YkWdZe bWi
.-3(-ĂŒ -ĹŠ+ 2ĹŠ "#4" 2ĹŠ#-ĹŠ 1!#+.- Ŋš Bei fheXb[cWi \kjXe#
11.8.ĹŠ"#2!.-.!#ĹŠ (-3#1_2ĹŠÄĽ! - 1(.ÄŚ
Ĺ—ĹŠ ĹŠĹŠC_Y^W[b 7hheoe Z[b 7jbWdj[ Z[ Cƒn_Ye Z_`e gk[ de iWX[ dWZW Z[b ikfk[ije _dj[hƒi Z[ 8WhY[bedW fWhW bW i[]kdZW [jWfW$ ÆDe i[ dWZW Z[ 8WhY[# bedW" de ^[ [iYkY^WZe dWZW o c_ h[fh[i[djWdj[ jWcfeYe iWX[ dWZWÇ" Z[YbWhÂŒ [b `k]WZeh [d hWZ_e 9WhWlWdW$ F[i[ W [bbe de Z[iYWhjÂŒ gk[ b[ ]kijWh‡W h[]h[iWh Wb fW‡i" i_d [if[Y_Ă’# YWh W gk[ YbkX" Wkdgk[ WYbWhÂŒ gk[ bei Z_h[Yj_lei Z[b 7jbWdj[ Yk[djWd Yed ƒb fWhW [b jehd[e gk[ i[ l_[d[$
[ceY_ed[i _bki_edWd W ckY^eiÇ$ Bei Ăˆc_bbedWh_eiÉ" gk_[d[i leb# l_[hed W bei [djh[dWc_[djei Wo[h [d [b Yecfb[`e Z[ Bei IWcWd[i" [l_Z[dY_Whed efj_c_ice f[i[ Wb [cfWj[ Yef[he$ 7^ehW iebe [if[# hWd [b `k[]e Z[ l_i_jW fWhW jhWjWh Z[ h[f[j_h bW ^_ijeh_W Z[ 7ikd# Y_ÂŒd" ZedZ[ YbWi_Ă’YWhed Wb [b_c_# dWh Wb Eb_cf_W$ CWhY[be <b[_jWi" jƒYd_Ye Z[ bei ĂˆWpkb[iÉ" _dZ_YÂŒ gk[ [b [cfWj[ \k[ _d`kije fWhW ik [gk_fe fehgk[ [ij[ bb[]ÂŒ Yed cWoeh f[b_]he$ Æ>_# Y_cei jeZe" [ijh[bbWcei kd XWbÂŒd
[d [b ^eh_pedjWb o [ie h[Ă“[`W gk[ cW de b[ Z_e h[ikbjWZe fehgk[ [b fbWdj[Wc_[dje Z[\[di_le Z[b YkW# \k_cei c|i gk[ [b h_lWbÇ" Z_`e$ 7fkdjÂŒ gk[ W^ehW Yec[dpWh| Zhe XhWi_b[‹e jWfÂŒ jeZei bei [ifW# W fh[fWhWh bW [ijhWj[]_W fWhW bW Y_ei feh ZedZ[ i[ cel‡Wd ;dd[h l_i_jW Z[b fhÂŒn_ce c_ƒhYeb[i [d LWb[dY_W" CWhYei CedZW_d_ o 8hWi_b" ZedZ[ [if[hW eXj[d[h [b <[hdWdZe =W_Xeh$ 7^‡ i[ f[hZ_ÂŒ bW ][d[hWY_ÂŒd Z[ \‘jXeb Z[ fWi[ W bei YkWhjei Z[ Ă’dWb e\[di_le o feh [dZ[ bWi fe# Z[ bW B_X[hjWZeh[i$ ĹŠĹŠ i_X_b_ZWZ[i Z[ Yedl[hj_h [d ;ije" c_[djhWi [b le# bW fk[hjW Z[b ]eb[he 9Wi_e$ bWdj[ fWhW]kWoe <[hdWdZe Bei _d]h[iei Z[ CWh# =_cƒd[p" [ij_cW gk[ jeZei .1(-3'( -2ĹŠ8ĹŠ ,#+#!ĹŠ2#ĹŠ bei fWhj_Zei j_[d[d ^_ijeh_Wi #-$1#-3 1;-ĹŠ#+ĹŠ bed :[ @[i‘i" ;\hƒd C[hW Z_ij_djWi" feh be gk[ ^Wo ef# /1¢7(,.ĹŠ,(_1!.Äą +#2ĹŠÄ’ĹŠ"#ĹŠ, 8.ĹŠ ĹŠ o Ă›d][b C[dW" e\h[Y_[hed feYe [d [b Z[i[e Z[ Wde# j_c_ice fei_j_le fWhW [b + 2ŊĉćĖććŊ#-ĹŠ 1 2(+Ä“ĹŠ jWh$ :[ bei jh[i" Z[ijWYÂŒ [b Y^egk[ Z[ lk[bjW [d 8hWi_b$ `k[]e Z[b cWdWX_jW gk[ Æ7^ehW j[d[cei kdW _Z[W c|i YbWhW Z[ YÂŒce `k[]W 9eh_d# [dĂ’bÂŒ Zei fWi[i Yed efY_ÂŒd W <_# j^_Wdi o [ie dei WokZWh| W jhWXW`Wh ]k[heW$ ;b WjWYWdj[ :[ @[i‘i fWiÂŒ Z[i# c[`eh [b fWhj_ZeÇ" i[‹WbÂŒ$ ;c[b[Y [dYWhÂŒ W ik h_lWb Z[b Wf[hY_X_Ze [d [b Y^egk[ o de \k[ c_ƒhYeb[i [d [b 9Wfm[bb Yed kd cej_le Z[ fh[eYkfWY_ÂŒd W bei Z[# Yb|i_Ye *#*#(" f[he [ij[ [igk[# \[diWi l_i_jWdj[i$
b‡ij_Yei" Z_h_][dY_Wb[i o WZc_d_i# jhWj_lei Yedj_d‘Wd [d 8WhY[bedW" W^ehW [i Yed [b ?dZ[f[dZ_[dj[ @eiƒ J[h|d" [n [gk_fe Z[b Z[bWd# j[he @eiƒ 7oel‡$ ;b ĂˆĂžZebeÉ Z[X[h| YWdY[bWh Wb YbkX Z[b LWbb[ [b cedje Z[ (&&$&&& feh [b fWi[ Z[b `k]WZeh" [d kd fbWpe Z[ )& Z‡Wi$ BW <[Z[hWY_ÂŒd ;YkWjeh_WdW Z[ <‘jXeb <;< " gk_[d Z[Y_Z_ÂŒ _dj[h# l[d_h [d [b fheXb[cW [YedÂŒc_Ye" _dZ_YÂŒ gk[ i_ [b YkWZhe Ăˆjeh[heÉ de YWdY[bW [ijW Z[kZW Wb YkWZhe Z[ IWd]ebgk‡ i[ [d\h[djWh| W kdW iWdY_ÂŒd h[]bWc[djWh_W$ Æ;if[hW gk[ 8WhY[bedW YWd# Y[b[ c_ fWi[ fehgk[ c[ ]kijW [b fheo[Yje Z[b fhe\[ieh 9eijWi o gk_[he Yedi[]k_h ckY^Wi YeiWi Yed [ij[ [gk_feÇ" Z_`e 7oel‡$ ;b `k]WZeh [ic[hWbZ[‹e Yed#
#!' ĹŠÄˆÄŒ .1 1(.2
: Ĺ—ĹŠ Ä“ĹŠ 4#-! ĹŠ52Ä“ĹŠĹŠ _!-(!.ĹŠ Ä“ĹŠĹŠ Ĺ—ĹŠ (% ĹŠ"#ĹŠ .) ĹŠ52Ä“ĹŠ ,#+#!ĹŠĹŠĹŠĹŠ
ĈÄ?Ėćć ĈđĖćć
ĈÄ?ĖĊć Ĺ—ĹŠ 1!#+.- ĹŠ52Ä“ĹŠ -3 ĹŠĹŠ ĈĈĖĊć Ĺ—ĹŠ ! 1;ĹŠ52Ä“ĹŠ +,#".ĹŠĹŠ ĈĉĖĈĎ Ĺ—ĹŠ -"#/#-"(#-3#ĹŠ52Ä“ĹŠ Ä“ĹŠ 4(3.ĹŠĹŠĹŠĹŠ Ĺ—ĹŠ +ĹŠ !(.- +ĹŠ52Ä“ĹŠ (% ĹŠ"#ĹŠ 4(3.ĹŠĹŠ ĈĉĖćć
i_Z[hW gk[ Yed bei ĂˆYWdWh_eiÉ j_[# d[ c|i efehjkd_ZWZ[i$ Æ7Y| c[ ]kijW fehgk[ [ijeo Yece j_jkbWh Yed [b [gk_fe" [if[he gk[ jeZe i[ iebkY_ed[Ç" h[_j[hÂŒ$ -31#- ,(#-3.2
;b YkWZhe Ăˆjeh[heÉ h[Wb_pÂŒ Wo[h iki [djh[dWc_[djei [d [b Ce# dkc[djWb" Z[ YWhW Wb [dYk[djhe
Ä“ĹŠ 8.5~ĹŠ#2/#1 ĹŠ2#%4(1ĹŠ!4,/+(#-".ĹŠ24ĹŠ24#Â .ĹŠ#-ĹŠ 1!#+.- Ä“
Z[ [ij[ Zec_d]e ',0)& Wdj[ [b CWdjW <9 [d bW ZƒY_ce YkWhjW \[Y^W Z[b YWcf[edWje [YkWje# h_Wde$ ;b jƒYd_Ye =kijWle 9eijWi _dZ_YÂŒ gk[ Wdj[ bei ĂˆWjkd[heiÉ de ^Wh| ckY^ei YWcX_ei [d ik fbWdj[Wc_[dje$ ÆDe Yh[e gk[ ^W]W kd YWcX_e Zh|ij_Ye0 feh W^‡ i[ ^Wh| kdei Zei e jh[i fehgk[ c[ ]kijW Yece ^[ fbWdj[WZe [b [gk_fe" Yh[e gk[ c[ ^W ZWZe Xk[dei h[ikbjWZeiÇ" [nfh[iÂŒ$ 9eijWi [ijWh‡W f[diWdZe [d _d# Ybk_h W 8hoWd Z[ BW Jehh[ o W @eiƒ
7cWoW fWhW [ij[ [dYk[djhe$ Æ7 8hoWd oe b[ ^[ Z_Y^e gk[ j[d]W fWY_[dY_W" gk[ de i[ Z[i# [if[h[ o Wi‡ \k[$ Be ^[ l_ije [d bei ‘bj_cei [djh[dWc_[djei" c[ ^W ]kijWZe ik `k[]e o feZh‡W i[h gk[ be Yedi_Z[h[ Wdj[ CWdjWÇ" WZ[bWdjÂŒ 9eijWi$ CWh_Wde C_dW" ZkhWdj[ bei [djh[dWc_[djei Z[ Wo[h" h[Wb_pÂŒ kd jhWXW`e Z_\[h[dY_WZe Wb h[ije Z[ iki YecfW‹[hei" [ije fehgk[ i_dj_ÂŒ ceb[ij_Wi [d ik YWX[pW" i_d [cXWh]e de [ij| Z[iYWhjWZe Wdj[ [b YkWZhe f[igk[he$
Ä Äƒ
ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
(!+(23 2ĹŠ ĹŠ '(! +
ŗŊ ŊŊ : ŊěŊCW‹WdW i[ h[W# b_pWh| [b Y_YbefWi[e JkbY|d#
42/#-"(".2ĹŠ3.1-#.2 ÂĄ Ä“ĹŠ ĹŠ #"ĹŠ "4! 3(5 ĹŠ '(! +ĹŠ2#ĹŠ++#5¢Ŋ#+ĹŠ3~34+.ĹŠ"#+ĹŠ3.1-#.ĹŠ(-3#1!.+#%( +ĹŠ"#ĹŠ#!4 5.+#8ĹŠ +ĹŠ"#11.3 1ĹŠ#-ĹŠ+ ĹŠÄƒ- +ĹŠ +ĹŠ (!#-3#ĹŠ (#11.Ŋĸ .3.ĹŠ 1!'(5.Ěē
+ĹŠ$ĂŒ3 .+ĹŠ8ĹŠ +.-!#23.ĹŠ04#" 1.-ĹŠ / 1 ĹŠ#+ĹŠ/1¢7(,.ĹŠ  .ĹŠ+#!3(5.Ä“ĹŠ '(! +ĔŊ! ,/#¢-ĹŠ"#ĹŠ#!4 5.+#8Ä“ : ŊěŊ 7 bei Yeb[]_ei [ _dij_jkjei
Z[b 9WhY^_ i[ b[i j[hc_dŒ bei YWc# f[edWjei _dj[hYeb[]_Wb[i$ BW <[Z[hWY_Œd :[fehj_lW ;ijk# Z_Wdj_b ikif[dZ_Œ bei jehd[ei Z[ \‘jXeb o X|igk[j fWhW [b fhŒn_ce W‹e b[Yj_le" _d\ehcŒ [b fh[i_Z[dj[" CWhY[b 9[lWbbei$ ;b fh_c[he Z[X‡W h[Wb_pWhi[ Z[iZ[ [b c_ƒhYeb[i ( Z[ cWoe [d [b [ijWZ_e IWdjW HeiW Z[ IWd =WXh_[b$
;b i[]kdZe de j[d‡W \[Y^W$ ;b Z_h[Yj_le Z_e hWped[i fWhW bW ikif[di_ÂŒd Z[ bei jehd[ei0 feh kdW bWZe bW dej_Ă’YWY_ÂŒd Z[ bW :_h[YY_ÂŒd Z[ ;ZkYWY_ÂŒd Z[b 9WhY^_ fWhW bW Wkje[lWbkWY_ÂŒd _dij_jkY_edWb o feh ejhe bW [iYWiW fWhj_Y_fWY_ÂŒd Z[ bei Yeb[]_ei$ ;b YWcf[edWje Z[ \‘jXeb i[ h[Wb_pWh| bW ‘bj_cW i[cWdW Z[ i[f# j_[cXh[ [d bWi YWj[]eh‡Wi c[Z_W
[ _d\[h_eh$ BW ikf[h_eh de ^WXh| fehgk[ bei Z[fehj_ijWi [ijWh|d fWiWZei Z[ [ZWZ" i[]‘d 9[lWbbei$ :[ifkƒi l[dZh| [b XWbedY[ije$ ;d [ij[ W‹e i[ h[Wb_pWhed bei YWcf[edWjei Z[ \‘jXeb iWbW$ Bei YWcf[ed[i \k[hed [b ?dij_jkje 8e# b‡lWh [d lWhed[i o [b Yeb[]_e @eiƒ @kb_|d 7dZhWZ[ o H[Z ;ZkYWj_lW 9^_YWb [d ZWcWi$ ;d Wjb[j_ice bei fh_c[hei bk]Wh[i \k[hed fWhW bei _dij_jkjei JkbY|d o 8eb‡lWh$ '(! +ĔŊ! ,/#¢-ĹŠ"#ĹŠ#!4 5.+#8 ;b ‘bj_ce YWcf[edWje `k]WZe \k[ [b Z[ [YkWleb[o$ ;b j‡jkbe \k[ fWhW bW H[Z ;ZkYWj_lW 9^_YWb gk[ [d [b fWhj_Ze Ă’dWb Z[hhejÂŒ Wb ?dij_jkje
1(!(.Ŋ 9Ŋ% -¢Ŋ#-Ŋ 23. : Ŋ ěŊ ;b YWhY^[di[" <WXh_Y_e
FWp" \[ij[`ÂŒ [b :‡W Z[b JhWXW`e cWhj[i ' Z[ cWoe Yed kd jh_kd\e [d FWije 9ebecX_W [d bW YWhh[hW Wjbƒj_YW Z[ '& a_bÂŒc[jhei eh]Wd_# pWZW feh bW Kd_l[hi_ZWZ I[icW]$ ;b [YkWjeh_Wde i[ _cfkie Wb dW# h_‹[di[ D_l[h @khWZe" gk_[d eYkfÂŒ [b fh_c[h bk]Wh [d [b 9_hYk_je Ăˆ9_k# ZWZ Z[ JkbY|dÉ Yehh_Ze [d WXh_b feh bWi Ă’[ijWi Z[b YWdjÂŒd$ BW Yecf[j[dY_W YedjÂŒ Yed bW fWhj_Y_fWY_ÂŒd Z[ c|i Z[ )&& \ed# Z_ijWi Z[ 9ebecX_W o ;YkWZeh$ ;b i_j_e Z[ fWhj_ZW o bb[]WZW [ijkle kX_YWZW [d [b Y[djhe Z[ [ZkYWY_ÂŒd ikf[h_eh$ FWp fWiW feh ik c[`eh cec[d# je Z[fehj_le$ ;b Zec_d]e Wdj[h_eh jh_kd\ÂŒ [d ?XWhhW [d bW YWhh[hW Wjbƒj_YW B_l_jW '&A$ I[ _cfkie W \edZ_ijWi Z[ bW jWbbW Z[ @eiƒ @Wc_" 9ƒiWh F_bWbk_iW o F[Zhe HWcei" [djh[ ejhei$ ÆC[ i_[dje Yedj[dje feh [i# jei jh_kd\ei$ Bei [djh[dWc_[djei h_]kheiei ^Wd ZWZe h[ikbjWZei o c[ [dYk[djhe [d kd cko Xk[d
L_Y[dj[ <_[hhe$ ;b fWhj_Ze i[ `k]Œ [b bkd[i [d bW jWhZ[ [d bW YWdY^W Z[ bW IeY_[ZWZ EXh[hW$ ;b j[hY[h o YkWhje bk]Wh[i i[ kX_YWhed [b 8eb‡lWh o 9edi[`e Fhe# l_dY_Wb$ ;b Y[hjWc[d WhhWdYŒ [b c_ƒhYeb[i (+ Z[ WXh_b [d [b Yeb_i[e Z[b ?dij_jkje L_Y[dj[ <_[hhe$ JWcX_ƒd i[ Z[iWhhebbWhed bei YWcf[edWjei _dj[h[iYebWh[i [d Ye# ehZ_dWY_Œd Yed [b 9ec_jƒ :[fehj_# le ;iYebWh Z[ JkbY|d$ ;d Wjb[j_ice i[ YehedWhed YWcf[edWi bW 9ebŒd o bW 7b[`WdZhe H$ C[hW$ ;d \‘jXeb d_‹ei o \‘jXeb iWbW d_‹Wi bei fh_c[hei \k[hed bW IkYh[ o bW IWd 7djed_e Z[ FWZkW" h[if[Yj_# lWc[dj[$
d_l[bÇ Z_`e FWp" gk_[d i[ fh[fWhW fWhW bW YWhh[hW Kbj_cWi Dej_Y_Wi
W Yehh[hi[ [d `kd_e [d bW YWf_jWb [YkWjeh_WdW$
1!'#-2#2ĹŠ #-ĹŠ .+., (
Ĺ—ĹŠ ĹŠĹŠ : ŊěŊ;d 9ebecX_W i[ Z[iWhhebbW Z[iZ[ [b c_ƒhYeb[i bW *+ Lk[bjW W bW @kl[djkZ$ Feh ;YkWZeh fWhj_Y_fW [b [gk_fe ikX () Z[b [gk_fe FWdWl_Wb# =eX_[hde Fhel_dY_Wb Z[b 9Wh# Y^_$ Bei Y_Yb_ijWi ied Abƒl[h 9kWigk[h" H_Y^WhZ 9WhWfWp" @kWd 9Whbei Fepe" CWhY[be FWifk[p|d" CWkh_Y_e Cedj[# d[]he o <WX_|d L[]W" i[]‘d [b b_ijWZe Z[ bW <[Z[hWY_ÂŒd 9ebecX_WdW Z[ 9_Yb_ice$ ;b [djh[dWZeh [i @kWd 9Whbei Hei[he$
-31#% -ĹŠ! -!' ĹŠ"#ĹŠ 42.ĹŠ,ĂŒ+3(/+#ĹŠ#-ĹŠ +ĹŠ 3. ěŊ ;b =eX_[hde 7kjÂŒdece
¥ ēŊ 1(!(.Ŋ 9ĔŊ"#+Ŋ 1!'(ĔŊ% -¢Ŋ+ Ŋ!.,/#3#-!( Ŋ 3+_3(! Ŋ#-Ŋ 23.Ŋ ĸ .+., ( Ěē
9^_YWb Yed kdW Z_ijWdY_W Z[ c|i Z[ '&& a_bÂŒc[jhei$ BW fWhj_ZW i[h| W bWi &.0&& [d bW YWbb[ Ebc[Ze" [d bei XW`ei Z[b Ckd_Y_f_e$ BW WYj_l_ZWZ [i eh]Wd_pWZW feh [b 9bkX Z[ 9_# Yb_ice o [b =eX_[hde Ckd_Y_# fWb [d ^ec[dW`[ W bei ',' W‹ei Z[ YWdjed_pWY_ÂŒd Z[ JkbY|d$ 7dZhƒi L[bWiYe" Z_h[Yjeh Z[ :[iWhhebbe Ieij[d_Xb[ _dl_jÂŒ W bei WĂ’Y_edWZei Wb Y_Yb_ice W fWhj_Y_fWh [d [b Y[hjWc[d h[Yh[Wj_le$
:[iY[djhWb_pWZe =7: Ckd_Y_# fWb Z[ C_hW ZejÂŒ Z[ _d\hW[ijhkYjk# hW Z[fehj_lW W bW Yeckd_ZWZ Z[ ;b >Wje" [d [b YWdjÂŒd C_hW$ ;b |h[W Z[ij_dWZW fWhW [ijW eXhW [i YeckdWb o fh[ijWh| iki i[hl_# Y_ei fWhW \WY_b_jWh bW h[Yh[WY_ÂŒd Z[ jeZW bW feXbWY_ÂŒd Z[b i[Yjeh$ 9ed bW Wi_ij[dY_W jƒYd_YW Z[b Fheo[Yje Z[ <ec[dje Z[ I[]kh_# ZWZ ?dj[]hWb [d <hedj[hW Dehj[ <EI?D " [b =7: Ckd_Y_fWb Z[ C_hW [bWXehÂŒ kdW 7][dZW 9Wdje# dWb Z[ I[]kh_ZWZ 9_kZWZWdW [d bW YkWb i[ _Z[dj_Ă’YWhed" [djh[ ejhei Wif[Yjei" bW \WbjW e feYW _d\hW[i# jhkYjkhW Z[fehj_lW o [ifWY_ei h[# Yh[Wj_lei [d bWi Yeckd_ZWZ[i Z[b YWdjÂŒd" be gk[ fed[ [d h_[i]e bW i[]kh_ZWZ _dj[]hWb$ 9ed [ijWi eXhWi i[ fhefed[ kdW [ijhWj[]_W fh[l[dj_lW Z[ i[# ]kh_ZWZ Y_kZWZWdW W fWhj_h Z[ bW ceZ_Ă’YWY_ÂŒd Z[b [ifWY_e f‘Xb_Ye Yece \WYjeh gk[ _dj[hl_[d[ [d bW h[]kbWY_ÂŒd Z[b YecfehjWc_[dje
Z[ bWi f[hiedWi$ ;b WbYWbZ[ Z[ C_hW" <Wkije Hk_p" [d YecfW‹‡W Z[ =Wbe D_dW" CWhY[# be FhWZe [ ?ledd[ Ck‹ep" h[fh[# i[djWdj[i Z[b <EI?D" fh[i_Z_Œ [b WYje Z[ _dWk]khWY_Œd o [djh[]W Z[ bW _d\hW[ijhkYjkhW Z[fehj_lW$ ;gk_fei \[c[d_dei Z[ _dZeh# \‘jXeb o Z[ bW [iYk[bW BkY_Wde 9e# hWb [ijh[dWhed bW YWdY^W Yed Zei [dYk[djhei$ ;d bW YWdY^W Z[ kie c‘bj_fb[ j[dZh|d bW efehjkd_ZWZ Z[ `k]Wh \‘jXeb" XWbedY[ije o [YkWleb[o$
Ä“ĹŠ (Â .2ĹŠ"#ĹŠ+ ĹŠ#2!4#+ ĹŠ
4!( -.ĹŠ .1 +ĹŠ"(2/43 -ĹŠ#+ĹŠ +¢-ĹŠ#-ĹŠ+ ĹŠ ! -!' ĹŠ"#ĹŠ42.ĹŠ,ĂŒ+3(/+#ĹŠ"#ĹŠ +ĹŠ 3.Ä“
Ä Ä… 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĺ‹ Ĺ‹
ēŊ 23#Ŋ! -Ŋ$4#Ŋ+ Ŋ5~!3(, ĔŊ#+Ŋ!4 +Ŋ/ 1#!#Ŋļ3(#-#Ŋ2#"Ŋ"#Ŋ5#-% -9 Č
Â&#x; Ä“ĹŠ 1 ĹŠ1# +(9 1ĹŠ+ ĹŠ, -(. 1 ĹŠ+.2ĹŠ"#+(-!4#-3#2ĹŠ$ !(+(3 1.-ĹŠ ĹŠ+ ĹŠ/.+(!~ ĹŠ ".!4,#-3 !(¢-ĹŠ$ +2 Ä“
. -ĹŠ4-ĹŠ/4#-3#ĹŠ/# 3.- +ĹŠ"#ĹŠ ÄˆÄ‡ĹŠ3.-#+ " 2ĹŠ$1#-3#ĹŠ ĹŠ+ ĹŠ/.+(!~ ;b ^khje eYkhh_ÂŒ [d bW Y_kZWZ Z[ IbWlael" [d [b ikh Z[ bW H[f‘# Xb_YW 9^[YW$ ;b fk[dj[ ZWjW Z[b W‹e '/&'$ Âľ9ece be ^_Y_[hed5 Bei cWb^[Y^eh[i _d\ehcWhed W bWi Wkjeh_ZWZ[i beYWb[i gk[ Z[icedjWh‡Wd [b fk[dj[ fWhW j[dZ[h [d ik bk]Wh kd dk[le hWcWb \[hhel_Wh_e o fhefeh# Y_edWhed ZeYkc[djWY_ÂŒd \WbiW fWhW [d]W‹Wh W bei W][dj[i" _d# \ehcW [b i_j_e HJ$Yec DWZW Z[ be gk[ ^_Y_[hed b[lWdjÂŒ ieif[Y^Wi" fk[i be ^_# Y_[hed Yece jeZei kdei fhe# \[i_edWb[i" kiWdZe kdW ]h‘W" YWc_ed[i o jeZe [b [gk_fe d[# Y[iWh_e$ 7Z[c|i bW c_icW fe# b_Y‡W i[ [dYWh]ÂŒ Z[ YkijeZ_Wh [b jhWXW`e o Z[il_Wh [b jh|Ă’Ye$ ÆIebe YkWdZe bei ef[hWh_ei i[ \k[hed o jeZWi bWi h[l_i_ed[i \k[hed ^[Y^Wi" Yecfh[dZ_cei
be gk[ ^WX‡W eYkhh_Ze$ ;b fh[# Y_e fWhW Yedijhk_h kd dk[le fk[dj[ i[ YWbYkbW [d c_bbed[i Z[ YehedWiÇ" Yec[djW FWl[b >WbbW" fehjWlep Z[b Z[fWhjW# c[dje Z[ Cel_b_ZWZ$ O de iÂŒbe heXWhed [b fk[d# j[" jWcX_ƒd heXWhed (&& c[# jhei Z[ l‡W \ƒhh[W o ^WijW bei jehd_bbei$ ;b ZW‹e i[ [ij_fkbW [d lWh_ei c_b[i Z[ ZÂŒbWh[i$ I[ Yh[[ gk[ [b c[jWb i[h| l[dZ_Ze Yece Y^WjWhhW$ De [i bW fh_c[hW l[p gk[ i[ ^WY[ kd heXe Z[ [i[ j_fe$ OW [d \[Xh[he Z[b (&&. kd fk[dj[ \k[ heXWZe Y[hYW Z[ bW \hedj[# hW Yed 7b[cWd_W" [d bW Y_kZWZ Z[ 9^[X$ ;d i[fj_[cXh[ Z[b c_ice W‹e ejhe fk[dj[ \[hhe# l_Wh_e \k[ ikijhW‡Ze [d [b [ij[ Z[b fW‡i$
Ĺ‹ Ĺ‹ Ĺ‹
Ĺ‹ Ĺ‹ Ĺ‹
+ĹŠ -(, +ĹŠ3#-~ ĹŠ, 1! 2ĹŠ"#ĹŠ31#2ĹŠ,.1"(2!.2ĹŠ#-ĹŠ24ĹŠ #2/ +" ĹŠ/#1$#!3 ,#-3#ĹŠ5(2( +#2ĹŠ#-ĹŠ24ĹŠ/#+ )#Ä“
dW Y^_YW [ijW# Z e k d _ Z [ d i [ Z[ '/ W‹ei gk[ cehZ_Œ W ik YWd XkbbZe] Zk# hWdj[ kdW f[b[W Yed ik cWZh[ \k[ fheY[iWZW feh Yhk[bZWZ YedjhW bei Wd_cWb[i o f[b[W Zecƒij_YW" WdkdY_Œ h[Y_[d# j[c[dj[ bW Feb_Y‡W$ Bei l[Y_dei bbWcWhed W bei ][dZWhc[i Z[ifkƒi Z[ [iYkY^Wh ]h_jei o hk_Zei Z[ ]ebf[i fhel[# d_[dj[i Z[ kdW YWiW Z[ BWa[ _d
j^[ >_bbi" [d ?bb_de_i$ I[]‘d bW Wkjeh_ZWZ" bW `el[d 7dWb_i[ =Whd[h" [d [ijWZe Z[ [Xh_[ZWZ" ]ebf[ÂŒ o WhW‹Œ bW YWhW Z[ ik cWZh[" WZ[c|i Z[ cehZ[h# b[ bW cWde Z[h[Y^W ZkhWdj[ [b Wbj[hYWZe$ ;b XkbbZe] Z[ bW \Wc_b_W" Z[ ), a_bei" j[d‡W cWhYWi Z[ jh[i ceh# Z_iYei [d ik [ifWbZW f[h\[YjW# c[dj[ l_i_Xb[i [d ik f[bW`[$ Æ;b f[hhe Wb Ă’dWb bW cehZ_ÂŒ [d bW [ifWbZW [d b[]‡j_cW Z[\[diWÇ" WĂ’hcÂŒ [b iWh][dje C_a[ Ic_j^$
ÆDe ^Wo YWh]ei YedjhW [b f[# hheÇ" W‹WZ_ÂŒ$ =Whd[h" gk[ \k[ bb[lWZW Wb ^ei# f_jWb fWhW jhWjWh bWi cehZ[ZkhWi Z[\[di_lWi Z[b YWd" jWcX_ƒd \k[ WYkiWZW feh [Xh_[ZWZ [d kdW c[deh Z[ [ZWZ$ <k[ b_X[hWZW jhWi fW]Wh kdW Ă’WdpW Z[ )$&&& ZÂŒbWh[i$ Ä“ ĹŠ ĹŠ 1 ĹŠ+ ĹŠ2#!!(¢!41(.2.Äž+ '.1 Ä“!.,Ä“#!
Ä“
11#23 -ĹŠ ĹŠ4- ĹŠ-( Ŋ"#ĹŠ2#(2ĹŠ  .2ĹŠ/.1ĹŠ #11(-!'#ĹŠ#-ĹŠ+ ĹŠ#2!4#+ ĹŠ +ĹŠ2(%4(#-3#ĹŠ24!#2.ĹŠ' ĹŠ%#-#1 ".ĹŠ%1 -ĹŠ!.-31.5#1Äą Ĺ—2( Ä–ĹŠ+ ĹŠ/.+(!~ ĹŠ"#ĹŠ #.1%( ĹŠ#2/.2¢Ŋ ĹŠ4- ĹŠ-( Ŋ"#ĹŠÄ?ĹŠ
23.8ĹŠ5(5.Ä?
Ä–ĹŠ Ä“
ĹŠ5(" ĹŠ#2ĹŠ'#1,.2 Ä?ĹŠ3.".ĹŠ2#1ĹŠ'4, -.ĹŠ"(2$143 ĹŠ"#ĹŠ#++ ĹŠ8ĹŠ+.2ĹŠ -(, +#2ĹŠ -.ĹŠ2.-ĹŠ+ ĹŠ#7!#/!(¢-Ä“ĹŠ 4("#,.2ĹŠ"#ĹŠ-4#231 2ĹŠ, 2!.3 2ĹŠ8ĹŠ"#,;2ĹŠ -(, +#2ĹŠ!.-ĹŠ+.2ĹŠ04#ĹŠ3#-% ,.2ĹŠ!.-3 !3.Ä“Ä“Ä“
 .2ĹŠ04#ĹŠ'(9.ĹŠ4-ĹŠ #11(-!'#ĹŠ#-ĹŠ+ ĹŠ#2!4#+ ĔŊ8ĹŠ#+ĹŠ)#$#ĹŠ"#ĹŠ + ĹŠ/.+(!~ ĹŠ"#$#-"(¢Ŋ+ ĹŠ,#"(" Ä“ -ĹŠ! , (.ĹŠ+ ĹŠ$ ,(+( ĹŠ"#ĹŠ+ ĹŠ-( Ŋ#7(%(¢Ŋ04#ĹŠ+ ĹŠ!(4" "ĹŠ ! , (#ĹŠ+ ĹŠ/.+~3(! ĔŊ/ 1 ĹŠ04#ĹŠ.31.2ĹŠ-( .2ĹŠ-.ĹŠ2# -ĹŠ31 Äą 3 ".2ĹŠ"#+ĹŠ,(2,.ĹŠ,.".Ä“ĹŠ ()#1.-ĹŠ04#ĹŠ+ ĹŠ-( Ŋ#23 ĹŠ !.-,.!(.- " ĹŠ +ĹŠ5#12#ĹŠ"#-31.ĹŠ"#ĹŠ4- ĹŠ!#+" ĹŠ#-ĹŠ4- ĹŠ #23 !(¢-ĹŠ"#ĹŠ/.+(!~ Ä“ #24+3 ĹŠ/4#2ĹŠ04#ĹŠ+ ĹŠ-( Ŋ +#!( ĹŠ .'-2.-ĹŠ$4#ĹŠ !42 " ĹŠ"#ĹŠ 11 -! 1ĹŠ. )#3.2ĹŠ04#ĹŠ#23 -ĹŠ#-ĹŠ+ 2ĹŠ / 1#"#2ĹŠ8ĹŠ"#ĹŠ"#11( 1ĹŠ,4# +#2ĹŠ#-ĹŠ4-ĹŠ 11# 3.ĹŠ#-ĹŠ + ĹŠ#2!4#+ ĹŠ/1(, 1( ĹŠ 1##*2("#ĹŠ#+ĹŠ/ 2 ".ĹŠ5(#1-#2ĔŊ 2#%ĂŒ-ĹŠ1#/.13¢Ŋ+ ĹŠ3#+#5(2.1 ĹŠ Äą Ä“ĹŠ "#,;2ĹŠ + ĹŠ/.+(!~ ĹŠ"().ĹŠ04#ĹŠ+ ĹŠ-( Ŋ'(9.ĹŠ! #1ĹŠ4-ĹŠ - 04#+ĹŠ04#ĹŠ +#2(.-¢Ŋ +ĹŠ"(1#!3.1Ä“ #%ĂŒ-ĹŠ#+ĹŠ)#$#ĹŠ"#ĹŠ+ ĹŠ/.+(!~ ĔŊ"().ĹŠ04#ĹŠ+ ĹŠ/.+~3(! ĹŠ"#+ĹŠ "#/ 13 ,#-3.ĹŠ#2ĹŠ#2/.2 1ĹŠ ĹŠ+ 2ĹŠ/#12.- 2ĹŠ#-ĹŠ"#3#1Äą ,(- " 2ĹŠ2(34 !(.-#2Ä“ ÄĄ 4#231 ĹŠ/.+~3(! ĹŠ#23(/4+ ĹŠ04#ĹŠ!4 +04(#1ĹŠ"#3#-(".ĹŠ 31 -2/.13 ".ĹŠ ĹŠ-4#231 ĹŠ#23 !(¢-ĹŠ#-ĹŠ4- ĹŠ/ 314++ ĹŠ "# #ĹŠ2#1ĹŠ#2/.2 ".ĔŊ8ĹŠ-.ĹŠ' 8ĹŠ4- ĹŠ"(23(-!(¢-ĹŠ/.1ĹŠ#" Äą "#2ĹŠ#-ĹŠ#2 ĹŠ1#%+ ĢĔŊ"().ĹŠ 6(!.1"ĹŠ ĹŠ ĔŊ1#/.13 ĹŠ
ē!., ĥ 4-! Ŋ$4#Ŋ 31 2+ " " Ŋ Ŋ4- Ŋ !#+" ĥĔŊ"#23 !¢Ŋ + Ŋ/.+(!~ ĔŊ04#Ŋ "#3 ++¢Ŋ04#Ŋ+ Ŋ-( Ŋ #2/#1¢Ŋ#-Ŋ4- Ŋ2 + Ŋ "#Ŋ1#4-(.-#2Ŋ8Ŋ2#Ŋ +#Ŋ"(.Ŋ +%.Ŋ/ 1 Ŋ # #1ĔŊ,(#-31 2Ŋ2#Ŋ (-3#-3 Ŋ!.-3 !Ĺ 3 1Ŋ!.-Ŋ+ Ŋ$ ,(+( Ŋ 8Ŋ-.Ŋ$4#Ŋ !42 " Ŋ /.1Ŋ24Ŋ!.13 Ŋ#" "ĔŊ %1#%¢Ŋ#+Ŋ/.13 5.9Ŋ/.+(!( +ĔŊ1#!.%#Ŋ +Ŋ 4-".ē
ĹŠ, "1#ĹŠ"#!+ 1¢Ŋ ĹŠ+ ĹŠ,(2, ĹŠ3#+#5(2(¢-ĹŠ+.! +ĹŠ04#ĹŠ 24ĹŠ'() ĹŠÄĄ3(#-#ĹŠ! , (.2ĹŠ"#ĹŠ'4,.1ĹŠ +%4-.2ĹŠ"~ 2ĢĔŊ !.,.ĹŠ3.".ĹŠ#+ĹŠ,4-".Ä“ĹŠ .2ĹŠ/ "1#2ĹŠ"#ĹŠ+ ĹŠ-( Ŋ!1##-ĹŠ 04#ĹŠ-.ĹŠ2#ĹŠ31 3 ĹŠ/.1ĹŠ(%4 +ĹŠ ĹŠ3.".2ĹŠ+.2ĹŠ,#-.1#2ĹŠ8ĹŠ 1#!.1" 1.-ĹŠ04#ĹŠ+ ĹŠ-( Ŋ' ĹŠ2(".ĹŠ#7/4+2 " ĹŠ"#ĹŠ+ 2ĹŠ !+ 2#2ĹŠ' 23 ĹŠ#+ĹŠ/1¢7(,.ĹŠ %.23.Ä“ĹŠÄĄ 1#.ĹŠ04#ĹŠ2¢+.ĹŠ#1 ĹŠ 4-.ĹŠ"#ĹŠ242ĹŠ"~ 2ĹŠ, +.2ĥĔŊ)423(ă!¢Ŋ+ ĹŠ, "1#Ä“ Ä“
Ė
ı
.! $4#1#ēũ #+ĖũĉĒĎďĎćĉĔũĉďćĐďĉĎũ 7Ėũ ĉďĈĉďďĈ 4+!;-Ėũ 4!1#ũ#-31#ũ 8 !4!'.ũ8ũ 4-~-ı #+ĖũĉĒđČĎĎĈē ũ 7ĖũĉĒđČďČď
.+~5 1ũ8ũ .! $4#13#ēũ #+ĖũĊũĉũČĉĈũĐĊć 7ĖũĊũĉũČĉĈũĐĊĈ
-3 ēũ #+ĖĎũĉĒĊĈćĒĈē %#-!( ũ -3 Ėũ 5ēũ 4 13 Ĕũ#-31#ũ! ++#ũ đũ8ũĒēũ #+$ĖũĎũĉũďĉĉĎđĈĔũĎũĉďĉČĎđĎē %#-!( ũ '.-#Ėũ ++#ũ .+~5 1ũ#-31#ũ (ı !'(-!' ũ8ũ .+¢-Ĕũ "ēũ _+#9ũĊ#1ũ (2.ēũ #+Ėũ ĎũĉďĒďũćĈĈē
11 Ėũ ++#ũ #)~ ũĊĎćũ#-31#ũ 4!1#ũ8ũ
2 2ĵă-! ĵ!.,/1 ĵ5#-3 ĵ"#ı / 13 ,#-3.2ĵ 11(#-".2ē
.,/1 ĵ5#-3 ũ"#ũ3.".ũ3(/.ũ"#ũ 5#'~!4+.2 .,/1 ĵ5#-3 ĵ! , (.ē ũũ 4#23.2Ĕũ./.134-(" "#2ũ"#ũ 31 ).ũē
.,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!31.ı ".,_23(!.2Ĕũ,4# +#2Ĕũ.ă!(- ēũ#3!ē
+ -3 ũ "(3.1 Ėũ , 41 ũĈĎđČũ8ũĈđũ
"#ũ .5(#, 1#Ĕũ "(ă!(.ũ .5(2 ēũũ #+$ĖũĐũ ĉĎĐĐćĒĒĔũĐũĉĎđĎũđćĎē 7ĖũĐũĉĎĐđđČđ
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ
%#-!( ĈĖũ ++#ũ 4(3.ũ ũćĉıČĎũ#-31#ũ
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ %#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ (#"1 '(3 ēũ 7ĖũĎďćĐĊČ %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćĔũĎĎĎČĊĈĔũ ĎĎĈĎĎĉē + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ ČĐĎĐĉďĔũČĐĎĐĉđē
+ -3 ũ "(3.1 Ėũ .13.5(#).ũ ,ũČĔĎũ5~ ũ ũ
%#-!( ĈĖũ ~!3.1ũ 1 ,(+.ũ 231 " ũđĈũ
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ
Č ũ#ũ (%4#1 2ũıũ 1"#2 ũ #-31 +ē #+ĖũČũĉĊđĎĒđĈĔũČũĉĊđĎĒĐĊē
āĆ
%#-!( ĈĖũ .+~5 1ũ2ĵ-ũ8ũ .! $4#13#ũ
ũ
%#-!( ĈĖũ 4(2ũ ;104#9ũ8ũ , 9.- 2Ĕũ
#-31.ũ .,#1!( +ũ #(- "#+ũ (2-#Ĕũ ũŒĈĒũ #+ĖũũĐũĉũďćďũĐĎćē
ĸ 20ēĹũ "(ă!(.ũ (+#-(4,ēũ #+$Ėũďũĉũ ĐĉđďćĉĔũďũĉũĐĉđďććĔũďũĉũĐĉĉĉĒČē
0%!),+ (! 01. āĆŏ)%*ċ
Āąŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
ġ
-Ì-!( 3#ũ +Ėũũũ
ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũĉĒĉĎČĐĐ
(1 78/&É1
9HQGR FDVD FRQVWD FRQ WRGRV ORV VHUYLFLRV EiVLFRV LQFOXLGR JDUDMH 8ELFDGD HQ OD FGOD 3DGUH &DUORV GH OD 9HJD 6ROR ,QWHUHVDGRV OODPDU D ORV WHOpIRQRV
0UMVYTHJP}U H SVZ [LStMVUVZ!
KO HP
PU DW
9(1'2 +(5026$ &$6$ (Q HO VHFWRU GH OD ,JOHVLD 'LYLQR 1LxR QHJRFLDEOHV GRUPLWRULRV ,QIRUPHV GK DL
9(1'2 /,1'$ &$6$ (Q OD 8UEDQL]DFLyQ &ROLQDV GH &DUDQTXL GRUPLWRULRV ,QIRUPHV GK DL
*LYYHKV T[Z \IPJHKV LU SH \YIHUPaHJP}U KLS :PUKPJH[V KL *OVMLYLZ *HSSL *OPSL ` )YHZPS SSHTHY HS [LStMVUV!
KO HP
'H RSRUWXQLGDG XQD FDVD 6HFWRU 2OLYR $OWR ,QIRUPHV D ORV WHOpIRQRV GK DL
(3;( 7<:=(3Ð( *64,9*0(3 ,U 0IHYYH ]LUKV [LYYLUV LZX\PULYV LU SH 6STLKV ` 6]PLKV 0UMVYTLZ! ,THPS! ^PSVHY['OV[THPS JVT
3LVRV FDVDV )LQFDV GH \ (1 3,0$03,52 KDV HQ HO &DUFKL JDQDGHUDV 9HQGR WHUUHQR HQ 6DQ -RVp GH \ KDFLHQGDV SDUD JUXSRV P 6LJVLSDPED KHF FRQ DJXD FDVDV D HQ DGH GH ULHJR \ UHVHUYRULR SODQWtR ODQWH 7HOI
9(1'2 &$6$ 'H SLVRV HQ OD &GOD 6LPyQ %ROLYDU &DOOH GH DEULO \ -RVp 0 +LGDOJR ([FH OHQWH SUHFLR ,QI GK DL
9(1'2 &$6$ 3RU HPHUJHQFLD HFRQyPLFD YHQ GR FDVD HQ OD 9LFWRULD SODQWDV P FRQ HVSDFLR SDUD KDFHU JDUDMH 3UHFLR QHJRFLD EOHV ,QI GK DL
GH GXUD]QR \ DJXDFDWH XQ LQ YHUQDGHUR GH P FDVD FRQ WRGRV ORV VHUYLFLRV EiVLFRV YHQ GR XQD FDVD XELFDGD HQ OD FDOOH -XDQ 0RQWDOYR \ 6XFUH GLDJRQDO D OD HPSUHVD HOpFWULFD ,QIRU PHV GK DL
8ELFDGR HQ $WXQWDTXL GH P VHFWRU &DSLOOD ([SLDWRULD HQ OD FDOOH SLFKLQFKD ,QIRUPHV
GK DL
9(1'2 /27( 9HQGR WHUUHQR GH RSRUWXQLGDG GH P HQ $WXQWDTXL SDVDQGR OD EDVH GH /RV 0LOL WDUHV ,QIRUPHV GK DL
7HQHPRV OR TXH EXVFDV (Q ,EDUUD FDVDV HFRQyPLFDV GH SDUWDPHQWRV ORWHV DGHPiV À QFDV 4XLQWDV \ +DFLHQGDV HQ OD SURYLQFLD \ WRGR HO SDtV ,QI GK DL
9HQGR WHUUHQR PWV GH OD SDQDPHULFDQD 6DQ $JXVWtQ P 9HQGR YD OOD SXEOLFLWDULD GH RSRUWXQLGDG PWV DOWXUD FXDGUR GH H[SRVLFLyQ GH [ PWV PHWiOLFD LQFOX\H ORQD SXEOLFLWDULD &RVWR 86' ,QIRUPHV DG DL
9(1'2 7(55(12 6HFWRU $Y (O 5HWRUQR P ,QIRUPHV D ORV WHOpIRQRV GK DL
*64796 -<9.Ô5 4,;Í30*6 7HYH JHTPVU /056 -* X\L ZL LUJ\LU[YH LU I\LUHZ JVUKPJPVULZ *64796 *(:,;( 4,;Í30*( 7HYH */,=963,; + 4(? JHIPUH ZLUJPSSH -656! KO HP
9(1'2 7(55(12 'H RSRUWXQLGDG GH /D )ORULGD FHUFD GH OD 3H ULPHWUDO ,QI GK DL
0DTXLQDULD SDUD FDUQLFHUtD LQFOXLGR XQ FRQJHODGRU SDQRUiPLFR GH GRV FXHUSRV HQ SHUIHFWR HVWDGR ,QIRUPHV
$SWD SDUD WUDEDMDU HQ VHUYLFLRV YD ULRV HQ HPSUHVD DXWRPRWUt] HQYLDU GRFXPHQWRV HQ UHJOD D VDORPH HF#KRWPDLO FRP 'H SUHIHUHQFLD WHQJD OLFHQFLD GH FRQGXFLU WLSR %
PU DW
9(1'2 $872 &KHYUROHW VXSHU FDUU\ PR GHOR EXHQ HVWDGR GH FDUJD R SDVDMHURV ,QIRUPHV GK DL
¢(67É6 (0%$5$=$'$"
(035(6$ /,'(5 1HFHVLWD LQFRUSRUDU KRPEUHV \ PXMHUHV FRQ HO VLJXLHQWH SHUÀ O PD\RUHV GH DxRV KDELOLGDG GH FRPXQLFDFLyQ RULHQWDFLyQ DO FXPSOLPLHQWR GH REMHWLYRV DFWL WXG SURDFWLYD \ WUDEDMR HQ HTXLSR 3UHVHQWDUVH HQ ODV PDxDQDV D ODV K \ HQ ODV WDUGHV D ODV K ,PSRUWDQWH SXQWXDOLGDG 'LUHFFLyQ +HUQiQ *RQ]iOHV GH 6DD \ 6XFUH %DUULR &XDWUR HVTXLQDV 7HOpIRQRV
1R WH SUHRFXSHV OOiPDQRV DEVROXWD GLVFUHVLyQ
9LVtWDPH R OOiPDPH HQ HVWH PRPHQWR TXH UHDOL]R WX DPDUUH
0RYL &ODUR
& $ 0
9(1'2 $6$'(52 'H UHPDWH VH YHQGH LQVWD ODGR FRQ HTXLSRV GH SULPH UD %XHQ SUHFLR ,QIRUPHV DO WHOpIRQR
1(&(6,7$ 3(5621$/ 3DUD WUDEDMDU D PHGLR WLHPSR FRQ FRQRFLPLHQWRV VXÀ FLHQWHV HQ FRPSXWDFLyQ \ DXWRFDG 3UHVHQWDU FDUSHWD &DOOH 3HGUR 0RQFD\R \ 5RFD IXHUWH 7HOI DG DL
GK DL
,19,(57$ 686 87,/,'$'(6
,03257$17( (035(6$ 0XOWLQDFLRQDO GH FREUDQ]D 5HTXLHUH FRQWUDWDU XQ (MHFXWLYR 'RPLFLOLDULR 5HTXLVLWRV FRQ PRYLOL]DFLyQ SURSLD EDFKLOOHUHV ,QWHUHVDGRV DFHUFDUVH FRQ GRFXPHQWDFLyQ (GLI 0XWXDOLVWD ,PEDEXUD HU 3LVR RI GK DL
3DUD WRGD OD YLGD ,QWHOLJHQWH PHQWH FRPSUDQGR XQ ORWH GH P HVTXLQHUR WRGRV ORV VHUYLFLRV OLVWR SDUD FRQVWUXLU , ( 6 6 HVFULWXUDV LQPHGLD WDV FHUUDPLHQWR ,QIRUPHV GK DL
$55,(1'2 2),&,1$
;LSM ! *LS !
+DJR UHJUHVDU DO VHU DPDGR HQ KRUDV DPRURVR FDULxRVR \ WLHUQR D \ SDUD WRGD OD YLGD &852 ,0327(1&,$ < 5(7,52 $0$17(6
/(&785$ '( &$57$6 2 7$527+
GK DL
,U LS ;LYJLY 7PZV KLS LKPMPJPV :\JYL (U[PN\V 9LNPZ[YV *P]PS 0UM ! :\JYL ` 6]PLKV
&5,6723+(5 52< (;3(572 (1 $0$55(6 '( $025
%ULQGDPRV VHUYLFLRV SURIHVLRQDOHV
'( 2325781,'$'
6$0$17+$ (;3(57$ (1 $0$55(6 '( $025
$55,(1'2 3,(=$ ,QGHSHQGLHQWH IUHQWH D OD ´6X SHU SDUULOODGDµ DUULHQGR $Y $WD KXDOSD 7HOI GK DL
6$/8' ',1(52
9(1'2 ),1&$6
GK DL
9(1'2 7(55(12
2325781,'$' 9(1'2 7(55(12
VENDO TERRENO
K= N=F<= =F LMD; F
6( 1(&(6,7$ 3(5621$
GK DL
¢&$16$'2 '( %86&$5"
KO HP
9(1'2 &$6$
VENDO TERRENO
PU D
<e Hl`kf i\j`[\eZ`X le`m\ij`kX$ i`X >`iXjfc# _XY`kXZ`fe\j Xdf$ YcX[Xj# [\j[\ ()' \jkl[`Xek\j \a\Zlk`mfj# '0&0*-(-,'# ')$ ),++)-/% nnn%i\j`[\eZ`Xle`m\ij`kXi`X^`$ iXjfc%Zfd 8I&/--)(&ah
5(48,(5( &2175$7$5 ,PSRUWDQWH HPSUHVD DXWRPRWUt] UH TXLHUH FRQWUDWDU 7pFQLFR $XWRPR WUt] FRQ H[SHULHQFLD ,QWHUHVDGRQ HQYLDU GRFXPHQWRV HQ UHJOD VDOR PH HF#KRWPDLO FRP GK DL
GJ
KO HP
3H 8\PU[H SV[LZ! T ` KL T 7PZHUX\P \U SV[L KL T 4PYH OLJ[mYLHZ )VSx]HY SV[LZ! OLJ[mYLHZ ` OLJ[mYLHZ /\LY[VZ -HTPSPHYLZ SV[L KL T :HU (U[VUPV SV[LZ KL T )LSSH]PZ[H KL :HU (U[VUPV SV[LZ KL T 5H[HI\LSH SV[LZ KL T ,S ;LUH SV[LZ KL T 7PTHWPYV SV[LZ KL T ! -PUJHZ ` /HJPLUKHZ
=F LMD; F <= GHGJLMFA<9< 3RU QR SRGHU DWHQGHU YHQGR SHTXHxR 5HVWDXUDQWH HTXLSDGR \ IXQFLRQDQ GR OLVWR SDUD VHJXLU WUDEDMDQGR FRQ FOLHQWHOD SURSLD ,QWHUHVDGRV DFHUFDU VH D OD *XD\DTXLO \ &XHQFD HVTXLQD R OODPDU D ORV WHOpIRQRV PU DW
$025
/( 5(*5(62 $/ 6(5 $0$'2
FRQ R VLQ IRWR FXUR KHFKL]RV PDOD VXHUWH LPSRWHQFLD VH[XDO
2EALIZO ,)-0)!3 $%, !52! EDxRV %LRHQHUJpWLFRV
OHFWXUD GH 7$527 &DPELH VX VXHUWH $0$55(6 *$5$17,=$'26
//$0(0( $/
$ $
0UMVYTLZ! UVJOL
VENDO LOTES DE TERRENO
DL
0UTVIPSPHYPH 0TIHI\YH *VTWYH ` ]LUKL WYVWPLKHKLZ! JHZHZ SV[LZ 8\PU[HZ -PUJHZ +W[VZ KLU[YV ` M\LYH KL SH JP\KHK LZ[HTVZ LU SH 6]PLKV ` 6STLKV ,KM 9VZHSPH VM
9(1'2 ),1&$ 6HFWRU HO ÉQJHO KHFWiUHDV DSWD SDUD DJULFXOWXUD JDQDGHUtD \ WXULVPR 6ROR ,QWHUHVDGRV ²
(;,72
&2035$ < 9(1'( 3523,('$'(6
KO HP
!#
$55,(1'2
9(1'2 1(*2&,2
3LH]D FRQ FRFLQD EDxR SUL YDGR \ JDUDMH $Y /RV 6DX FHV <DFXFDOOH 7HOI GK DL
'H MXHJR GH YLGHR Pi TXLQDV HOHFWUyQLFDV \ SOD\ VWDWLRQ ,QIRUPHV GK DL
2),&,1$ < '(3$57$0(172 'H DUULHQGR ,QIRUPHV )RWR 3URDxR IUHQWH DO 3DUTXH 3H GUR 0RQFD\R GK DL
9(1'2 /2&$/ /RFDO FRPHUFLDO HQ HO PHUFDGR 6WR 'RPLQJR FRQ HVFULWXUDV \ PiV GRFXPHQWRV DO GtD 7O IQV GK DL
9HQGR KHUPRVD VDOD GH &XHULQD ,QIRUPHV WHOpIRQRV
GK DL
5(172 +(5026$ /2&$/ 1XHYR SRU HVWUHQDU HQ OD HQWUDGD D 6DQ $QWRQLR FLXGDGHOD -RVp 7REDU \ ORV 6DXFHV SDUD FXDOTXLHU QHJRFLR ,QI GK DL
&'ҋ6 25,*,1$/(6 &ROHFFLRQHV HQ $XGLR FRQ JUDQGHV REUDV 5HOLJLRVDV &DWyOLFDV REUDV SRpWLFDV XQLYHUVDOHV /RV VDOPRV GH OD %LEOLD HO SHUGyQ \ RUDFLRQHV DO 'LYLQR 1LxR 'LUHFFLyQ 6XFUH GR SLVR \ *ULMDOYD 7HOI GK DL
9(1'2 0É48,1$6 'H FRVHU ,QGXVWULDOHV UHFWDV 2YHUORFN UHFXEULGRUDV HQODVWL FDGRUD \ PHVD GH FRUWH 0DUFD -XNL \ &LUXED ,QI GK DL
ŏ ŏ
ŏ
9B7I?<?97:EI B7 >EH7 ?87HH70 &, ( /+,+&( 78/&$1 27$9$/2
9(1'2 &$6$ &21 1(*2&,2 ,1&/8,'2
/D FDVD FRQVWD DOPDFpQ RILFLQDV VDOD FRPHGRU FRFLQD GRUPLWRULRV FXDUWR GH SODQFKD EDxRV PiV FRPSOHWR FDOHIyQ D JDV WDQTXH GH UHVHUYD \ WHUUD]DV (O QHJRFLR HV OD GLVWULEXLFLyQ H[FOXVLYD GH WHOD SDUD WDSLFHUtD \ FDO]DGR GH PDUFD 6H HQFXHQWUD XELFDGD HQ HO VHFWRU FRPHUFLDO GH OD FLXGDG HQ OD FDOOH 6XFUH \ &KLPERUD]R 3DUD PD\RU LQIRUPDFLyQ FRPXQLFDUVH D ORV WHOpIRQRV
&DPSDxD GH OLPSLH]D SRU OD &LXGDG GH 7XOFiQ
mr/12862/at
"/5&4
(ZLZVYxH KL [LZPZ LSHIVYHJP}U KL WYV`LJ[VZ WYVK\J[P]VZ LK\JH[P]VZ ` ZVJPHSLZ 7SHUPMPJHJP}U LZ[YH[tNPJH UVYTH 0:6 7YVW\LZ[HZ WLKHN}NPJHZ HKHW[HJPVULZ J\YYPJ\SHYLZ +PYLJJP}U! 6]PLKV LU[YL :HSPUHZ ` 4HSKVUHKV
$&/530 .²%*$0 %& &45²5*$"
%3 '"6450 '"+"3%0 3*0'3¶0
0UMVYTLZ! +/ (0
LP/12865/at
),/0$&,21(6 352)(6,21$/(6
'37+'4' %1064#6#4 .15 5'48+%+15 &' 70# 24'510# 2#4# 1%72#4 '. %#4)1 &' +5'Ö#&14 j#k #6410+56# %10 ':2'4+'0%+# '0 2#6410#,' ; '0 /#0',1 &' 7&#%'5 '567#4+15X .# '/24'5# 1(4'%' 70 57'.&1 /'057#. &' PHNNTNNX /É5 61&15 .15 $'0'(+%+15 &' ';X %#2#%+6#%+Ø0 %1056#06'X +05'06+815 ; #5%'0515T 06'4'5#&15 '08+#4 *1,# &' 8+&# #U #7:+.+#4.u5#06'T%1/T'% 1 ..#/#4# #. 6'.(TU FMNJLKL &*fFIEMHf#+
VH YHQGH FRPSXWDGRUHV GH
2UDFLyQ 0LODJURVD <hg _²h ^g M²% fb =bhl% IZ ]k^% Ab ch r >l i² kb mn LZg mh' Fb ¼gb \h LZe oZ ]hk% \hg mh ]Zl fbl _n^k sZl e^l ib ]h jn^ f^ \hg \^ ]Zg eZ `kZ \bZ jn^ mZg mh ]^ l^h' !Ib ]Z mk^l ]^ l^hl ngh ]^ g^ `h \bhl r ]hl bf ih lb [e^l"' K^ \^ gn^ o^ o^ \^l Ze :o^ fZ k²Z ]n kZg m^ 2 ]²Zl% Ze gh o^ gh ]²Z in [eb jn^ ^l m^ Zgng \bh r l^ \nf ieb k§ Zng jn^ gh eh \k^Z% h[ l^k o^ eh jn^ h\n kkb k§ Ze \nZk mh ]²Z ]^ ln in [eb \Z \b·g' =hr `kZ \bZl ihk ^e _Z ohk k^ \b [b ]h' MN => OH M: e'a'm :B(*+.))(:M
NAKAL= FM=KLJ9 H9?AF9 O=: Iki YbWi_\_YWZei [d
mmm$bW^ehW$Yec$[Y
62/2 325 81 62/2 3$*2 ',6)587(
DĄƐ ĚĞ ϮϬϬ ĐĂŶĂůĞƐ ds ^ĂƚĞůŝƚĂů͘ /ŶƐƚĂůĂĐŝſŶ Ăů /ŶƐƚĂŶƚĞ
'(6($ 9(1'(5 $55(1'$5 $/48,/$5 &2035$5
''' 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./.)+
$6(625$0,(172
$ " ! #! & " % ' ! !
:[ efehjkd_ZWZ
&M QPEFS EF MB SFHFOFSBDJØO DFMVMBS B USBWÏT EF MB BQMJDBDJØO EF QMBTNB SJDP FO QMBRVFUBT Z EFM NJTNP QBDJFOUF &T VO QSPDFEJNJFOUP RVF OPT BZVEB FO FM SFKVWFOFDJNJFOUP GBDJBM BSSVHBT NBODIBT RVFMPJEFT DBJEB EF DBCFMMP DFMVMJUJT Z FTUSÓBT 3FNPEFMBDJØO EF OBSÓ[ TJO DJSVKÓB FOHSPTBNJFOUP EF MBCJPT CBSSPT FTQJOJMMBT WFSSVHBT MVOBSFT IPOHPT EF QJFM Z V×BT 3FNPDJØO EF UBUVBKFT Z QFDBT EF NBOPT DPO MBTFS 3FDVFSEF RVF TV BUSBDUJWP EFQFOEF EF TV SPTUSP
$)&26&0 4*/ $0450 %*3&$$*»/ + + 'MPSFT Z 3PDBGVFSUF FTRVJOB EP QJTP 0mDJOB 5FMG -6/&4 " 7*&3/&4 EF BN B QN Z EF QN B QN BE BJ 4«#"%04 EF BN B QN
,03257$17( (035(6$ '( &21)(&&,21(6
%&416²4
āć
Āąŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
(1 78/&É1
6L QR D\XGDV D OLPSLDU QR D\XGHV D HQVXFLDU
$2
ŏ
',675,%8,'25 $8725,=$'2 &17 &+2)(5 352)(6,21$/ 78/&É1 %86&$
)( *$' $" & ! ' % & ') +& * #( '
!, $#$
'( 7(6,6 7(5&(52 < &8$572 1,9(/
85*(17( &2&,1(52
,1)250(6
' 0'%'5+6# %1%+0'41 j#k 1 #;7' &' %1%+0# 37' 5'2# &' 1(+%+1 2#4# 64#$#,#4 '0 70# #5# &' #037'6'5 ; '%'2%+10'5X 01 +/2146# 57 0#%+10#.+&#&T ' 1(4'%' 57.'&1 $É5+%1 /É5 $'0'(+%+15 &' .';T
06'4'5#&15U FMILKEF fNLMKLFFJM f NLJMHNEIJ 144'1U 4'%#.&'%,15'.u;#*11T'5
6(1$*8$ 6(& 5(3Ô%/,&$ '(/ (&8$'25 -8=*$'2 6(;72 '( /2 &,9,/ '( ,0%$%85$ &,7$&,Ð1 -8',&,$/ $ ORV KHUHGHURV SUHVXQWRV \ GHVFRQRFLGRV GH OD VHxRUD 0DUtD 2WDYDOR %XUJD FRQ HO -XLFLR 6XPDULR 1R GH ,QYHQWDULRV SURSXHVWR SRU HO VHxRU 0DQXHO 2WDYDOR %XUJD (;75$&72 '(0$1'$17( 6U 0DQXHO 2WDYDOR %XUJD '(0$1'$'26 +HUHGH URV SUHVXQWRV \ GHVFRQRFLGRV GH OD VHxRUD 0DUtD 2WDYDOR %XUJD 2%-(72 '( /$ '(0$1'$ ,QYHQWDULRV 75É0,7( 6XPDULR &8$17Ì$ ,QGHWHUPLQDGD $872 -8=*$'2 6(;72 '( /2 &,9,/ '( ,0%$%85$ 2WDYD OR D GH HQHUR GHO ODV + 9,6726 $WHQWR OD UD]yQ GHO VRUWHR UHVSHFWLYR DYRFR FRQRFLPLHQWR HQ OD SUHVHQWH FDXVD /D GHPDQ GD TXH DQWHFHGH HV FODUD SUHFLVD \ UH~QH ORV GHPiV UHTXLVLWRV OHJDOHV SDUD VX WUDPLWDFLyQ SRU OD YtD VXPDULD HVSHFLDO GH FRQIRUPLGDG FRQ OR GHWHUPLQDGR HQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO 3RU MXVWLÀFDGR HO IDOOHFL PLHQWR GH ORV VHxRUHV 0DQXHO 2WDYDOR &DFKLJXDQJR \ -RD TXLQD %XUJD 6DUDQVLJ SURFp GDVH DO LQYHQWDULR \ DYDO~R GH ORV ELHQHV VXFHVRULRV GHMDGRV SRU ODV FDXVDQWHV &tWHVH D ORV VHxRUHV 9LHUJLQLD %XUJD $QUDQJR ,ODULD %XUJD $QUUDQ JR /X] 0DUtD $QUUDQJR 0HU FHGHV 2WDYDOR %XUJD -RD TXLQD 2WDYDOR %XUJD 0DUtD $OLFLD 2WDYDOR *XDMiQ 0DQXHO 2WDYDOR *XDMiQ 0DUtD 2WDYD OR %XUJD HQ HO OXJDU TXH VH LQGLFD HQ OD GHPDQGD \ D ORV VHxRUHV 5RVD 2WDYDOR %XUJD 5RVD (OHQD %XUJD $QUUDQJR 5RVD %XUJD $QUUDQJR DO LJXDO TXH ORV KHUHGHURV SUH VXQWRV \ GHVFRQRFLGRV GH 0DQXHO 2WDYDOR &DFKLJXDQJR \ -RDTXLQD %XUJD 6DUDQVLJ SRU OD SUHQVD PHGLDQWH WUHV SXEOLFDFLRQHV TXH VH UHDO L]DUi SRU XQR GH ORV GLDULRV GH PD\RU FLUFXODFLyQ GH HVWD SURYLQFLD GH FRQIRUPLGDG FRQ OR TXH GLVSRQH HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO ODV SDUWHV SXHGHQ GHVLJ QDU VXV SHULWRV UHVHUYiQGRVH HO -X]JDGR OD )DFXOWDG GH QRPEUDU XQ SHULWR ~QLFR FRQ IRUPH OR HVWDEOHFH HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO LQVFUtEDVH OD SUHVHQWH GHPDQGD HQ HO 5HJLVWUR GH OD 3URSLHGDG GH HVWH FDQWyQ FRQ QRWLÀFDFLyQ DO IXQFLRQDULR FRUUHVSRQGLHQWH &XpQWHVH HQ HVWD FDXVD FRQ HO VHxRU 'LUHFWRU 5HJLRQDO 1RUWH GHO 6HUYLFLR GH 5HQWDV ,QWHUQDV D TXLHQ VH OH FLWDUi PHGLDQWH GHSUHFDWRULR OLEUDGR D XQR GH ORV VHxRUHV -XHFHV GH OR &LYLO GHO 'LVWULWR 0HWURSROLWDQR GH 4XLWR $JUpJXHVH D ORV DXWRV OD GRFXPHQWDFLyQ DFRPSD xDGD \ WpQJDVH HQ FXHQWD HO FDVLOOHUR -XGLFLDO GHVLJQDGR SRU HO DFWRU VHxRU 0DQXHO 2WDYDOR %XUJD &tWHVH \ QRWLItTXHVH -8=*$'2 6(;72 '( /2 &,9,/ '( ,0%$%85$ 2WDYDOR D GH DEULO GH ODV K DWHQWD OD UD]yQ TXH DQWHFHGH DYRFR FRQRFLPLHQWR GH OD SUHVHQWH FDXVD HQ FDOLGDG GH -XH]D HQFDUJDGD GH HVWD MXGLFD WXUD $WHQWR OR VROLFLWDGR SRU HO DFWRU VH RUGHQD FLWDUORV D ORV KHUHGHURV SUHVXQWRV \ GHVFRQRFLGRV GH OD VHxRUD 0DUtD 2WDYDOR %XUJD PHGL DQWH WUHV SXEOLFDFLRQHV TXH VH ODV KDUi HQ XQR GH ORV GLD ULRV GH PD\RU FLUFXODFLyQ TXH VH HGLWD HQ OD FLXGDG GH ,EDUUD FRQ VXMHFLyQ D OR GLVSXHVWR HQ HO $UW GHO & GH 3 &LYLO \D TXH HO GHPDQGDQWH EDMR MXUDPHQWR GH OH\ PDQLÀHVWD GHVFRQRFHU HO GRPLFLOLR UHVL GHQFLD R YHFLQGDG GH ORV GH PDQGDGRV 127(,)Ì48(6( I 'UD =RQLD 6XVDQD <DVHOJD -8(= (1&$5*$'$ /R TXH &,72 D ORV GHPDQ GDGR SDUD ORV ÀQHV GH OH\ SUHYLQLpQGROH GH OD REOLJDFLyQ GH VHxDODU GRPLFLOLR -XGLFLDO HQ HVWD FLXGDG SDUD VXV QRWL ÀFDFLRQHV 2WDYDOR D GH DEULO GH 'U : 3HGUR 3DUHGHV 9 6(&5(7$5,2 +D\ ÀUPD \ VHOOR 'K DL
5(3Ô%/,&$ '(/ (&8$'25 -8=*$'2 6(*81'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ '( ,0%$%85$ &,7$&,21 -8',&,$/ (;75$&72 $FWRU VHxRU -26( )(51(< *$/($12 &8$57$6 'HPDQGDGR D VHxRULWD /8, 6$ )(51$1'$ 5$0,5(= $*8'(/2 &8$17Ì$ 75É0,7( &217(1&,26$ *(1(5$/ 'HQWUR GHO -XLFLR GH $OLPHQ WRV 1R $ OD VHxRUL WD /8,6$ )(51$1'$ 5$0, 5(6 $*8'(/2 VH OHV KDFH VDEHU TXH HQ HVWH MX]JDGR VH HVWi WUDPLWDQGR OD GHPDQGD GH DOLPHQWRV SURSXHVWR SRU HO VHxRU -26( )(51(< *$ /($12 &8$57$6 FX\D SUR YLGHQFLD VH WUDQVFULEH -8=*$'2 6(*81'2 '( /$ 1,f(= < $'2/(&6(1 &,$ '( ,0%$%85$ ,EDUUD ViEDGR GH DEULO GHO ODV K 9,6726 $JUp JXHVH DO SURFHVR HO HVFULWR \ GRFXPHQWRV TXH DQWHFH GHQ (O IRUPXODULR ~QLFR GH GHPDQGD GH SHQVLyQ DOLPHQ WLFLD SUHVHQWDGR SRU HO VHxRU '-26( )(51(< *$/($12 &8$57$6 HV FODUR SUHFLVR FRPSOHWR \ UH~QH ORV GHPiV UHTXLVLWRV GH OH\ DFHSWiQ GROR DO WUiPLWH HVWDEOHFLGR HQ HO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD 3RU DÀUPDU EDMR MXUDPHQWR HO DFWRUD HQ VX GHPDQGD TXH OH KD VLGR LPSRVLEOH GHWHUPLQDU OD LQGL YLGXDOLGDG R UHVLGHQFLD GH OD VHxRUD /8,6$ )(51$1'$ 5$0,5(= $*8'(/2 FRQ FpGXOD GH LGHQWLGDG Q~PHUR GH OR FXDO VH OH YDQWy HO DFWD UHVSHFWLYD \ TXH FRQVWD GH DXWRV DVt FRPR VH KD GHPRVWUDGR KDEHU DJRWDGR ORV PHGLRV OHJDOHV FRQGXFHQ WHV D GHWHUPLQDU OD LQGLYLGXD OLGDG R UHVLGHQFLD GH OD GH PDQGDGD FtWHVH D OD VHxRULWD /8,6$ )(51$1'$ 5$0,5(= $*8'(/2 PHGLDQWH WUHV SX EOLFDFLRQHV TXH VH KDUiQ HQ HO 'LDULR /D +RUD TXH VH HGLWD HQ HVWD FLXGDG GH FRQIRUPL GDG SRU OR HVWDEOHFLGR HQ HO $UW GHO &yGLJR GH 3URFH GLPLHQWR &LYLO SDUD OR FXDO VH FRQIHULUi HO H[WUDFWR QHFHVD ULR EDMR SUHYHQFLRQHV TXH GH QR FRPSDUHFHU VH SURFHGHUi HQ UHEHOGtD DGYLUWLpQGROH GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU GRPLFLOLR MXGLFLDO HQ HVWD FLXGDG \ HOHFWUyQLFR SDUD VXV QRWLÀFDFLRQHV DGHPiV OD GHPDQGD WLHQH OD REOLJDFLyQ GH DQXQFLDU ORV PHGLRV SUR EDWRULRV GH FRQIRUPLGDG FRQ HO DUWtFXOR LQQXPHUDGR GH OD /H\ 5HIRUPDWRULD DO 7tWXOR 9 GHO OLEUR ,, GHO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD &RQ IRUPH D OR GHWHUPLQDGR SRU ORV DUWtFXORV LQQXPHUDGRV \ LEtGHP \ HQ EDVH D ODV 7DEOD GH 3HQVLRQHV $OLPHQ WLFLDV 0tQLPDV ÀMDGDV SRU HO &RQFHMR 1DFLRQDO GH OD 1LxH] \ $GROHVFHQFLD SRU QR KD EHUVH MXVWLÀFDGR OD FRQGLFLyQ HFRQyPLFD GH OD DOLPHQWDQWH VH ÀMD FRPR SHQVLyQ PHQVXDO SURYLVLRQDO DOLPHQWLFLD D IDYRU GH FDGD XQR GH ORV QLxRV $3$%/2 $1'5(6 < 6$1 7,$*2 $'2/)2 *$/($12 5$0,5(= GH \ DxRV GH HGDG UHVSHFWLYDPHQWH OD FDQWLGDG GH 6(7(17$ < 81 'Ð/$5(6 '( /26 (67$ '26 81,'26 '( 1257($ 0e5,&$ TXH GXUDQWH ORV FLQFR SULPHURV GtDV GH FDGD PHV VXEVLJXLHQWH SDJDUi OD VHxRULWD /8,6$ )(51$1'$ 5$0,5(= $*8'(/2 GHVGH OD SUHVHQWDFLyQ GH OD GHPDQ GD HVWR HV D SDUWLU GHO PDV GH HQHUR GHO 8QD YH] TXH VHD FLWDGR HQ OHJDO IRUPD OD GHPDQGDGD VH FRQYRFDUi D ODV SDUWHV GH OD DXGLHQ FLD ~QLFD GH FRQIRUPLGDG FRQ HO DUWtFXOR LQQXPHUDGR UHIRUPDWRULR $GM~QWHVH ODV SDUWLGDV GH QDFLPLHQWR \ PiV GRFXPHQWRV TXH FRPR SUXHED SUHVHQWD OD DFWRUD 7pQJDVH HQ FXHQWD HO DQXQ FLR GH OD SUXHED FRQVWDQWH HO QXPHUDO OLWHUDO D \ E GHO IRUPXODULR OD FXDQWtD VX DER JDGD SDWURFLQDGRUD \ FDVLOOHUR MXGLFLDO VHxDODGR GH FRQIRU PLGDG D OR GLVSXHVWR SRU HO DU WtFXOR LQQXPHUDGR GH OD OH\ 5HIRUPDWRULD DO 7tWXOR 9 GHO OLEUR ,, GHO &yGLJR 2UJiQLFR GH OD 1LxH] \ $GROHVFHQFLD VH 25'(1$ /$ 352+,%,&,Ð1 6( $86(17$56( '(/ 7( 55,725,2 1$&,21$/ GH OD VHxRULWD /8,6$ )(51$1'$ 5$0,5(= $*8'(/2 FRQ FpGXOD GH FLXGDGDQtD Q~PH UR SDUD OR FXDO VH FRPXQLFDUi GH LQPHGLDWR DO VHxRU 'LUHFWRU 1DFLRQDO GH 0LJUDFLyQ $FW~H HQ OD SUHVHQWH FDXVD HO 'U 0DU
FHOR +XDFD HQ FDOLGDG GH VHFUHWDULR DGMXQWR GH HVWH GHVSDFKR I 'U )UDQFLVFR $ODUFyQ -8(= &Ì7(6( < 127,)Ì48(6( /R TXH &,72 D XVWHG SDUD ORV ÀQHV GH OH\ DGYLUWLpQ GROH DO GHPDQGDGR GH OD REOLJDFLyQ GH VHxDODU FD VLOOHUR MXGLFLDO HQ HVWH -X] JDGR GHQWUR GHO WpUPLQR OHJDO FRUUHVSRQGLHQWH SDUD SRVWHULRUHV QRWLÀFDFLRQHV &HUWLÀFR ,EDUUD GH DEULO GHO 'U -XDQ 0DUFHOR +XDFD ( 6(&5(7$5,2 $'-8172 +D\ ÀUPD \ VHOOR 'K DL 5(3Ô%/,&$ '(/ (&8$'25 (;75$&72 '( &,7$&,Ð1 -8',&,$/ 1R -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1 &,$ $&725 &8$5$1 =2,/$ '(0$1'$'2 %85%$12 &$/3$ +(15< -$9,(5 &$86$ 'HPDQGD GH 3HQVLyQ $OLPHQWLFLD $/ '(0$1'$'2 6(f25 %85%$12 &$/3$ +(1 5< -$9,(5 6( /( +$&( 6$%(5 48( (1 (67( -8=*$'2 6( (67$ 75$ 0,7$1'2 /$ '(0$1'$ '( 3(16,21 '( $/,0(1 7,&,$ 1R 48( 6,*8( /$ 65$ &8$5$1 =2,/$ &8<$ 3529,'(1&,$ 6( 75$16&5,%( -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6 &(1&,$ '(/ &$17Ð1 78/&É1 7XOFiQ PLpUFR OHV GLHFLRFKR GH DEULO GHO GRV PLO GRFH ODV K 3UHYLDPHQWH D FDOLÀFDU OD GHPDQGD SUHVHQWDGD SRU OD VHxRUD =2,/$ &8$5$1 TXH KDFH UHODFLyQ DO -XLFLR GH DOLPHQWRV VLJQDGR FRQ HO 1R TXH VLJXH FRQWUD GHO 6HxRU +(15< -$9,(5 %85%$12 &$/3$ OD UHFXUUHQWH FRPSDUH]FD D HVWH -X]JDGR \ EDMR MXUD PHQWR GHFODUH GHVFRQRFHU HO GRPLFLOLR \ UHVLGHQFLD GHO GHPDQGDGR VHxRU +(15< -$9,(5 %85%$12 &$/ 3$ 7yPHVH HQ FXHQWD HO FDVLOOHUR -XGLFLDO 1R \ DO 'U -XDQ &DUORV 9LOODUHDO FRPR VX SDWURFLQDGRU 12 7,),48(6( -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$1 7Ð1 78/&É1 7XOFiQ PDU WHV YHLQWH \ FXDWUR GH DEULO GHO GRV PLO GRFH ODV K 9,6726 $YRFR FRQRFL PLHQWR OD SUHVHQWH FDXVD GH SHQVLyQ DOLPHQWLFLD HQ PL FDOLGDG GH -XH] $GMXQWR SRU HQFRQWUDUVH YLJHQWH HO &yGL JR GH OD 1LxH] \ $GROHVFHQ FLD (Q OR SULQFLSDO XQD YH] TXH VH KD GDGR FXPSOLPLHQ WR D OD SURYLGHQFLD GHO GH $EULO GHO D ODV K OD GHPDQGD SUHVHQWDGD SRU OD 6HxRUD =2,/$ &8$5$1 HQ FRQWUD GHO 6HxRU +(15< -$9,(5 %85%$12 &$/ 3$ VH OD FDOLÀFD GH FODUD FRPSOHWD \ UH~QH ORV UHTXL VLWRV GH OH\ SRU OR TXH VH OD DFHSWD DO WUiPLWH &RQWHQ FLRVR $GPLQLVWUDWLYR *HQHUDO HVWDEOHFLGR HQ HO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD VH WRPD HQ FXHQWD DO 'U -8$1 &$5/26 9,//$5($/ FRQ FDVLOOHUR MXGLFLDO 1R SDUD TXH UHSUHVHQWH D OD UH FODPDQWH HQ OD SUHVHQWH FDX VD 6H ÀMD FRPR 3(16,Ð1 3529,&,21$/ DOLPHQWLFLD D IDYRU GHO DOLPHQWDULR -21$ 7+$1 $/(;$1'(5 &8$ 5$1 &8$5$1 QDFLGR HO GH (QHUR GHO OD VXPD GH 2&+(17$ < &8$752 '2/$5(6 '( /26 (67$ '26 81,'26 '( $0( 5,&$ SDUD HO DOLPHQWDULR DQWHV LQGLFDGR SRU QR KD EHU MXVWLÀFDGR DO FRQGLFLyQ HFRQyPLFD GHO DOLPHQWDQWH TXLHQ GHEHUi SDJDU GHVGH OD SUHVHQWDFLyQ FRQ OD GH PDQGD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORV $UWV \ GH OD /H\ 5HIRUPDWRULD DO 7tWXOR 9 OLEUR ,, GHO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD GXUDQWH ORV FLQFR SULPHURV GtDV GH FDGD PHV GH FRQ IRUPLGDG FRQ OD WDEOD GH SHQVLRQHV DOLPHQWLFLDV PtQL PDV TXH VH HQFXHQWUDQ ÀMD GDV SRU HO &RQVHMR 1DFLRQDO GH OD 1LxH] \ $GROHVFHQFLD &tWHVH DO GHPDQGDGR VHxRU +(15< -$9,(5 %85%$12 &$/3$ PHGLDQWH WUHV SXEOL FDFLRQHV TXH VH UHDOL]DUiQ FDGD XQD GH HOODV HQ IHFKDV GLVWLQWDV HQ XQ SHULyGLFR GH DPSOLD FLUFXODFLyQ GHO OXJDU \ FRPR DVL OR GHWHUPLQD HO $UW GHO &yGLJR GH 3UR
FHGLPLHQWR &LYLO \ HO $UW ,QQXPHUDGR GH OD /H\ 5HIRUPDWRULD DO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD &LWDGR TXH VHD HO GHPDQGDGR HQ OHJDO IRUPD VH FRQYRFDUi D ODV SDUWHV D OD DXGLHQFLD ~QLFD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $UWV ,QQX PHUDGR ,ELGHP D ÀQ GH TXH FRQWHVWH HQ HO WpUPLQR OHJDO FRUUHVSRQGLHQWH \ GH FRQIRUPLGDG FRQ ORV $UW GHO &yGLJR GH 3URFHGLPLHQ WR &LYLO VHxDOH GRPLFLOLR MX GLFLDO SDUD VXV SRVWHULRUHV QRWLÀFDFLRQHV DQXQFLDQGR VXV PHGLRV SUREDWRULRV UHVSHFWLYRV FRQIRUPH OR GHWHUPLQD HO $UW ,QQXPHUD GR GH OD OH\ UHIRUPDWRULD SUHYLQLpQGROH TXH HQ FDVR GH QR FRQWHVWDU QL VHxDODU GRPLFLOLR SDUD VXV QRWLÀFD FLRQHV VH VHJXLUi FRQ OD SUH VHQWH FDXVD HQ VX UHEHOGtD 7pQJDVH HQ FXHQWD OD SUXH ED DQXQFLDGD SRU OD SDUWH DFWRUD \ HO GRPLFLOLR VHxD ODGR SDUD VXV SRVWHULRUHV QRWLÀFDFLRQHV DJUpJXHVH OD GRFXPHQWDFLyQ DGMXQWD D OD GHPDQGD 127,)Ì48(6( '5$ */25,$ $/(;$1'5$ <(3(= 6(&5(7$5,$ '(/ -8=*$ '2 '( /$ 1,f(= < $'2 /(6&(1&,$ '(/ &$17Ð1 78/&É1 +D\ )LUPD \ 6HOOR PU DW -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &,7$&,Ð1 -8',&,$/ $/ '(0$1'$'2 6(f25 /8,6 0,*8(/ &+$/$ &$1%(1$/&$=$5 6( /(6 +$&( 6$%(5 &21 /$ '(0$1'$ (63(&,$/ &217(1&,262 *(1(5$/ 1R 48( 325 &2%52 '( $/,0(1726 3$5$ 68 +,-$ 352321( /$ 6(f25$ 0$5/(1( $/(;$1'5$ *8$0$1 &+$6,*8$12 (;75$&72 $&725$ 6(f25$ 0$5 /(1( $/(;$1'5$ *8$ 0$1 &+$6,*8$12 '(0$1'$'2 /8,6 0, *8(/ &+$/$&$1 %(1$/ &$=$5 0$7(5,$ '(/ -8,&,2 &2%52 '( 3(16,Ð1 $/, 0(17,&,$ 3$5$ 68 +,-$ 75$0,7( (63(&,$/ &21 7(1&,262 *(1(5$/ 1R &8$17Ì$ $872 -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &RWDFDFKL GH DJRVWR GHO ODV K 9,6726 ,QFRUSyUHVH D ORV DXWRV HO HVFULWR TXH DQWHFHGH /D GHPDQGD TXH DQWHFHGH SUHVHQWDGD SRU 0DUOHQH $OH[DQGUD *XDPiQ &KDVL JXDQR SRU FREUR GH DOLPHQ WRV SUHQDWDOHV VH OH FDOLÀFD GH FODUD \ FRPSOHWD SRU UH XQLU ORV UHTXLVLWRV GH /H\ HQ FRQVHFXHQFLD VH OH DFHSWD DO WUiPLWH VHxDODGR HQ HO $UW \ VLJXLHQWHV GHO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD $JUpJXHVH D ORV DXWRV OD GRFXPHQWDFLyQ TXH DGMXQ WD &tWHVH DO GHPDQGDGR VHxRU /XLV 0LJXHO &JDODFiQ %HQDOFi]DU PHGLDQWH GHSUH FDWRULR GLULJLGR D XQR GH ORV VHxRUHV -XHFHV GH OD 1LxH] \ $GROHVFHQFLD GH OD FLX GDG GH ,EDUUD 7pQJDVH HQ FXHQWD OD FXDQWtD OD GHVLJ QDFLyQ GH DERJDGR 3DWURFL QDGRU \ HO GRPLFLOLR MXGLFLDO VHxDODGR 127,),48(6( < &Ì7(6( 'U (GJDU /ySH] 7REDU -8(= 2&7$92 '( /2 &, 9,/ '( ,0%$%85$ -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &R WDFDFKL GH DEULO GHO ODV K 3UHYLR DWHQGHU D OR VROLFLWDGR FRPSDUH]FD OD VHxRUD DFWRUD 0DUOHQH $OH[DQGUD *XDPiQ &KDVL JXDQR D HVWH GHVSDFKR HQ GtDV \ KRUDV KiELOHV D SDUWLU GH OD HMHFXWRULD GH HVWD SUR YLGHQFLD FRQ HO REMHWR GH TXH FXPSOLGDV ODV IRUPDOL GDGHV OHJDOHV DÀUPH EDMR MXUDPHQWR UHIHUHQWH D TXH HV LPSRVLEOH GHWHUPLQDU OD UHVLGHQFLD GHO GHPDQGD GR 6(f25 /8,6 0,*8(/ &+$/$&$1 %(1$/&$=$5 127,)Ì48(6( 'U $OEHUWR GH OD 7RUUH -8(= 7(0325$/ '(/ -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0$%$%8 5$ &RWDFDFKL GH DEULO GHO ODV K $JUp JXHVH D ORV DXWRV HO HVFULWR TXH DQWHFHGH \ XQD YH] TXH OD DFWRUD KD FXPSOLGR FRQ OR GLVSXHVWR HQ OD SURYLGHQ FLD GH IHFKD GH DEULO GHO
ODV K DWHQWR DO MX UDPHQWR UHQGLGR VH GLVSRQH TXH VH SURFHGD D OD FLWDFLyQ DO GHPDQGDGR 6(f25 /8,6 0,*8(/ &+$/$&$1 %( 1$/&$=$5 PHGLDQWH WUHV SXEOLFDFLRQHV UHDOL]DGDV HQ XQR GH ORV GLDULRV GH PD\RU FLUFXODFLyQ GH OD SURYLQFLD GH ,PEDEXUD GH FRQIRUPLGDG D OR TXH HVWDEOHFH HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &L YLO 1RWLItTXHVH \ &tWHVH 'U $OEHUWR GH OD 7RUUH $PD JXDxD -8(= 2&7$92 '( /2 &,9,/ '( ,0%$%85$ /2 48( &,72 $ 867('(6 3$5$ /26 ),1(6 /(*$/(6 35(9,1,1('2/(6 '( /$ 2%/,*$&,Ð1 48( 7,(1(1 '( 6(f$/$5 '20,&,/,2 -8',&,$/ $ /$ ',67$1&,$ /(*$/ '( (67( -8=*$ '2 3$5$ 48( 5(&,%$1 3267(5,25(6 127,),&$ &,21(6 &27$&$&+, '( 0$<2 '(/ $%* )5$1./,1 -,0(1(= 6(&5(7$5,2 '(/ -8=*$ '2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ +D\ ÀUPD \ VHOOR 'K DL -8=*$'2 &8$572 '( /2 &,9,/ '( ,0%$%85$ &,7$&,Ð1 -8',&,$/ &Ì7$6( $/ 6(f25 -$,0( 3$75,&,2 0217$f2 9( /(= &21 /$ '(0$1'$ 9(5%$/ 680$5,$ 152 $&725 '5 -8$1 &$5/26 $/$5&21 352&85$'25 -8',&,$/ '( /$ 65$ ,1(6 /$5$ 3,1('$ '(0$1'$'$ -$,0( 3$75, &,2 0217$f2 9(/(= 0$7(5,$ ',925&,2 325 &$86$/ -8,&,2 9(5%$/ 680$5,2 152 ,1,&,$'2 '( ',&,(0 %5( '(/ &8$17Ì$ ,1'(7(50,1$'$ -8(= '5 9,&(17( *8( 55$ &$55$1&2 -8=*$'2 &8$572 '( /2 &,9,/ '( ,%$55$ ,EDUUD PDUWHV GH HQHUR GHO ODV K 9,6726 $WHQ WD OD UD]yQ GHO VRUWHR DYRFR FRQRFLPLHQWR GH OD SUHVHQWH FDXVD /D GHPDQGD TXH DQ WHFHGH HV FODUD \ UH~QH ORV UHTXLVLWRV GH OH\ SRU OR TXH VH OD DFHSWD D WUiPLWH YHUEDO VXPDULR TXH OH FRUUHVSRQGH &tWHVH DO GHPDQGDGR VHxRU -DLPH 3DWULFLR 0RQWDxR 9p OH] SRU OD SUHQVD PHGLDQWH WUHV SXEOLFDFLRQHV TXH VH KD UiQ HQ XQR GH ORV GLDULRV GH PD\RU FLUFXODFLyQ GH OD SUR YLQFLD GH ,PEDEXUD DVt FRPR HQ XQRV GH ORV SHULyGLFRV GH PD\RU FLUFXODFLyQ GH OD SUR YLQFLD GH /RMD FRQ VXMHFLyQ D OR GLVSXHVWR HQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO HQ FRQFRUGDQFLD FRQ HO $UW GHO &yGLJR &LYLO VH OH SUHYLHQH DO DFFLRQDGR GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU &DVLOOHUR -XGLFLDO HQ HVWD FLXGDG GH ,EDUUD SDUD IXWXUDV QRWLÀFDFLRQHV &RQ OD LQVLQXDFLyQ TXH KDFH OD DFWR UD DFHUFD GHO QRPEUDPLHQWR GH &XUDGRUD (VSHFLDO SDUD ORV QLxRV %U\DQ -DLPH \ <HV VHQLD -RKDQQD 0RQWDxR /DUD HQ OD SHUVRQD GH OD VHxRUD 1DUFLVD (OL]DEHWK &HYDOORV 3LQHGD yLJDVH SUHYLDPHQWH D XQR GH ORV VHxRUHV MXHFHV GH OD 1LxH] \ $GROHVFHQFLD GH ,EDUUD FRQ QRWLÀFDFLyQ OHJDO $JUpJXHVH D ORV DXWRV OD GRFXPHQWDFLyQ DFRPSDxD GD 3UHVHQWHV OD FXDQWtD GH OD GHPDQGD \ HO FDVLOOHUR MXGLFLDO VHxDODGR SRU OD GHPDQGDQWH SDUD VXV QRWLÀFDFLRQHV &tWH VH \ QRWLItTXHVH I 'U 9LFHQWH *XHUUD &D UUDQFR -8(= &8$572 '( /2 &,9,/ '( ,0%$%85$ OR TXH FLWR D XVWHG SDUD ORV ÀQHV OHJDOHV DGYLUWLpQGROH GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU FDVLOOHUR MXGLFLDO SDUD VXV QRWLÀFDFLRQHV SRVWHULR UHV &(57,),&2 ,EDUUD D GH HQHUR GHO 'U *DOR <pSH] 0RUHQR 6(&5(7$5,2 +D\ ÀUPD \ VHOOR 'K DL -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0%$%85$ &,7$&,Ð1 -8',&,$/ $/ '(0$1'$'2 6(f25 -26( 5,&$5'2 3$1$0$ 3,6$/8,6$ 6( /( +$&( 6$%(5 '(/ -8,&,2 9(5 %$/ 680$5,2 48( 325
',925&,2 6,*8( /$ 6(f2 5$ 0$5,$ 526$ 2<$*$7$ )8(5(6 (;75$&72 $&725$ 0$5,$ 526$ 2<$*$7$ )8(5(6 '(0$1'$'2 -26( 5,&$5 '2 3$1$0$ 3,6$/8,6$ 0$7(5,$ '(/ -8,&,2 ', 925&,2 325 /$ &$86$/ 'e&,0$ 35,0(5$ '(/ $57 '(/ &Ð',*2 &,9,/ 75É0,7( -8,&,2 9(5%$/ 680$5,2 1R &8$17Ì$ ,1'(7(50,1$'$ $%2*$'2 '()(1625 '5 (':,1 %867,//26 -8=*$'2 2&7$92 '( /2 &,9,/ '( ,0$%$%85$ &R WDFDFKL GH 1RYLHPEUH GHO ODV K 9,6726 /D GHPDQGD TXH DQWHFHGH SUHVHQWDGD SRU OD VHxRUD 0DUtD 5RVD 2\DJDWD )XHUHV VH OH FDOLÀFD GH FODUD \ SUH FLVD SRU UHXQLU ORV UHTXLVLWRV GH OH\ HQ FRQVHFXHQFLD VH OR DFHSWD DO WUDPLWH YHUEDO VX PDULR $JUpJXHVH D ORV DXWRV OD GRFXPHQWDFLyQ TXH DGMXQWD D OD GHPDQGD 3RU FXDQWR OD DFWRUD EDMR MXUDPHQWR KD GH FODUDGR GHVFRQRFHU HO GRPLFL OLR GHO GHPDQGDGR VHxRU -RVp 5LFDUGR 3DQDPi 3LVDOXLVD VH OH FLWDUD PHGLDQWH WUHV SXEOL FDFLRQHV D UHDOL]DUVH HQ XQR GH ORV GLDULRV GH PD\RU FLUFX ODFLyQ GH OD FLXGDG GH ,EDUUD PHGLDQGR HO WpUPLQR GH RFKR GtDV GH XQD SXEOLFDFLyQ D RWUD SDUD TXH VHxDOH VX GRPLFLOLR MXGLFLDO HQ OD SUHVHQWD FDXVD FRQIRUPH D OR GLVSXHVWR HQ HO $UW GHO &yGLJR &LYLO HQ FRQRFLPLHQWR FRQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO 7pQJDVH HQ FXHQWD OD FXDQWtD GH OD SUHVHQWH DFFLyQ \ HO GRPLFLOLR MXGLFLDO SDUD DFHSWDU VXV QRWLÀFDFLRQHV \ OD GHO DERJDGR GHIHQVRU 1RWLIt TXHVH \ &tWHVH 'U 5D~O 9LOODFtV 9 -8(= 2&7$92 '( /2 &,9,/ '( ,0%$%85$ /R TXH FLWR D XVWHG SDUD ORV ÀQHV OHJDOHV SURYLQLpQGROH GH OD REOLJDFLyQ TXH WLHQH GH VHxDODU GRPLFLOLR MXGLFLDO D OD GLVWDQFLD OHJDO GH HVWH -X]JD GR SDUD TXH UHFLED SRVWHULR UHV QRWLÀFDFLRQHV &HUWLÀFR &RWDFDFKL GH DEULO GHO 'U )UDQNOLQ -LPpQH] * 6(&5(7$5,2 +D\ ÀUPD \ VHOOR 'K DL 5(3Ô%/,&$ '(/ (&8$'25 (;75$&72 '( &,7$&,Ð1 -8',&,$/ 1R -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ $&725 *8,'2 58%(1 78 7$&+$ '(/*$'2 '(0$1'$'$ &$50(1 0Ð1,&$ 3,/$&8$1 &+85 7$ &$86$ '(0$1'$ '( 5( %$-$ '( 3(16,Ð1 '( $/, 0(1726 $ /$ '(0$1'$'$ 6( f25$ &$50(1 0Ð1,&$ 3,/$&8$1 &+857$ 6( /( +$&( 6$%(5 48( (1 (67( -8=*$'2 6( (67$ 75$0,7$1'2 /$ '(0$1'$ '( ,1&,'(17( '( 5(%$-$ '( 3(16Ð1 '( $/,0(1 726 '(1752 '(/ -8,&,2 1R 48( 6,*8( /$ 65 *8,'2 787$&+$ '(/ *$'2 < &8<$6 3529,'(1 &,$ 6( 75$16&5,%( -8=*$'2 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$1 7Ð1 78/&É1 7XOFiQ YLHU QHV GH GLFLHPEUH GHO ODV K 9,6726 $YRFR FRQRFLPLHQWR OD SUHVHQWH FDXVD GH LQFLGHQWH GH UHEDMD GH SHQVLyQ DOLPHQWLFLD HQ PL FDOLGDG GH -XH] SRU HQ FRQWUDVH YLJHQWH HO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD (Q OR SULQFLSDO OD GHPDQ GD SUHVHQWDGD SRU HO VHxRU *8,'2 58%(1 787$&+$ '(/*$'2 HQ FRQWUD HO VH xRUD &$50(1 0Ð1,&$ 3, /$&8$1 &+857$ HV FODUD FRPSOHWD \ UH~QH ORV UHTXL VLWRV GH OH\ SRU OR TXH VH OD DFHSWD DO WUDPLWH DFHSWiQGROD DO WUiPLWH &RQWHQFLRVR $GPL QLVWUDWLYR *HQHUDO HVWDEOHFL GR HQ HO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD VH WRPD HQ FXHQWD DO VHxRU $E /HRQDUGR 5XDOHV FRQ FDVLOOHUR MXGLFLDO 1R SDUD TXH UHSUHVHQWH DO UHFODPDQWH HQ OD SUHVHQWH FDXVD KDVWD FXDQGR HO DFWRU FUH\HUH FRQYHQLHQWH &tWHVH D OD VHxRUD &$50(1 0Ð1, &$ 3,/$&8$1 &+857$ HQ OD $YHQLGD 5DIDHO \ 5REHUWR 6LHUUD GH HVWD FLXGDG GH 7XO FiQ &DQWyQ 7XOFiQ 3URYLQFLD GHO &DUFKL \ GH FRQIRUPL GDG FRQ OR HVWDEOHFLGR HQ HO $UW ,QQXPHUDGR GH OD /H\ 5HIRUPDWRULD DO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD TXH VHD
Āąŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
HQ OHJDO IRUPD VH FRQYRFDUi D ODV SDUWHV D OD DXGLHQFLD ~QLFD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $UW ,QQXPH UDGR GH OD /H\ 5HIRUPDWR ULD DO &yGLJR 2UJiQLFR GH OD 1LxH] \ $GROHVFHQFLD D ÀQ GH TXH FRQWHVWH HQ HO WpUPLQR OHJDO FRUUHVSRQGLHQWH \ GH FRQIRUPLGDG FRQ ORV $UWV GHO &yGLJR GH 3URFHGLPLHQWR &LYLO VHxDOH GRPLFLOLR MXGLFLDO SDUD UHFLELU VXV SRVWHULRUHV QRWLÀFDFLRQHV DQXQFLDQGR VXV PHGLRV SUREDWRULRV UHV SHFWLYRV FRQIRUPH OR GHWHU PLQD HO $UW ,QQXPHUDGR GH OD OH\ UHIRUPDWRULD SUHYL QLpQGROH TXH HQ FDVR GH QR FRQWHVWD QL VHxDODU GRPLFLOLR SDUD VXV SRVWHULRUHV QRWLÀFD FLRQHV VH VHJXLUi FRQ OD SUH VHQWH FDXVD HQ VX UHEHOGtD 7pQJDVH HQ FXHQWD OD SUXHED DQXQFLDGD SRU OD SDUWH DFWRUD \ HO GRPLFLOLR VHxDODGR SDUD VXV SRVWHULRUHV QRWLÀFDFLRQHV DJUpJXHVH OD GRFXPHQWDFLyQ DGMXQWD D OD GHPDQGD 12 7,),48(6( ) 'U )HUQDQGR 3ROR /XQD -XH] GH OD 1LxH] \ $GROHVFHQFLD GHO FDQWyQ 7XOFiQ &(57,),&2 -8=*$'2 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$5 &+, 7XOFiQ PLpUFROHV GH DEULO GHO ODV K 'H OD UD]yQ TXH DQWHFHGH SUH VHQWDGD SRU HO VHxRU 6HFUHWD ULR GH HVWD -XGLFDWXUD DYRFR FRQRFLPLHQWR HQ OD SUHVHQWD FDXVD $WHQWR OD SHWLFLyQ TXH DQWHFHGH SUHVHQWDGD SRU HO 5HFODPDQWH HO $FWRU GHQWUR GHO LQFLGHQWH GH 5HEDMD GH 3HQVLyQ GH DOLPHQWRV FRP SDUH]FD D HVWD -XGLFDWXUD \ EDMR MXUDPHQWR PDQLÀHVWH GHVFRQRFHU OD XELFDFLyQ \ GRPLFLOLR GH OD VHxRUD &$5 0(1 0Ð1,&$ 3,/$&8$1 OXHJR GH OR FXDO FtWHVH DO 'H PDQGDGR PHGLDQWH WUHV SX EOLFDFLRQHV HQ HO GLDULR Ŵ /$ +25$ Ŵ HQ IHFKDV GLIHUHQ WHV GH FRQIRUPLGDG D OR TXH HVWDEOHFH HO $UW GHO &y GLJR GH 3URFHGLPLHQWR &LYLO QRUPD VXSOHWRULD HQ OD PDWH ULD 7yPHVH QRWD GHO FDVLOOHUR MXGLFLDO 1R VHxDODGR SRU HO $FFLRQDQWH HQ SRVWH ULRUHV QRWLÀFDFLRQHV WpQJDVH FRPR VX 'HIHQVRU DO VHxRU $ERJDGR (UQHVWR 5RGUtJXH] *X]PiQ +iJDVH FRQRFHU DO VHxRU $EJ 0DXULFLR 5XDOHV TXH KD VLGR UHHPSOD]DGR HQ VX GHIHQVD 127,),48(6( ) $%* 7$1,$ (/,=$%(7+ *$5&,$ )/25(6 -8(=$ 7(0325$/ '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$17Ð1 78/&É1 &(57, ),&2 'U /XtV $OIRQVR 0RUHWD 6(&5(7$5,2 '(/ -8=*$ '2 '( /$ 1,f(= < $'2 /(6&(1&,$ '(/ &$17Ð1 78/&É1 +D\ )LUPD \ 6HOOR DU DW 6(1$*8$ 6(&5(7$5,$ 1$&,21$/ '(/ $*8$ '(0$5&$&,Ð1 +,'52 *5É),&$ 0,5$ &(1752 =21$/ 78/&É1 $ ORV XVXDULRV SUHVXQWRV \ GHVFRQRFLGRV GH ODV DJXDV TXH FRQGXFHQ SRU OD TXHEUD GDV 6DQ -RDTXtQ \ 0LFKXD TXHU XELFDGDV HQ OD FRPXQL GDG GH 6DQ 3HGUR SDUURTXLD -XOLR $QGUDGH FDQWyQ 7XOFiQ SURYLQFLD GHO &DUFKL $&725 35(-817$ '( $*8$ ´ /$ &2)5$'Ì$ %$-$µ 2%-(72 62/,&,7$5 /$ &21&(6,Ð1 '(/ '(5( &+2 '( 862 < $352 9(&+$0,(172 '( /$6 $*8$6 48( 6( &21'8&( 325 /$6 48(%5$'$6 6$1 -2$48Ì1 < 0,&+848(5 8%,&$'$6 (1 /$ &208 1,'$' '( 6$1 3('52 3$55248,$ -8/,2 $1'5$ '5( &$17Ð1 78/&É1 3529,1&,$ '(/ &$5&+, (1 81 &$8/'$/ '( V '(67,1$'26 3$5$ $%5(9$'(526 '( $1,0$ /(6 < $*5,&8/785$ &21&(6,Ð1 1R & &
6(&5(7$5,$ 1$&,21$/ '(/ $*8$ '(0$5&$&,Ð1 +,'52*5É),&$ 0,5$ &(1752 =21$/ 78/&É1 7XOFiQ GH $EULO GHO ODV K $JUpJXHVH DO SUR
āĈ
FHVR HO HVFULWR SUHVHQWDGR HQ OR SULQFLSDO OD SHWLFLyQ GH FRQFHVLyQ SUHVHQWDGD SRU HO VHxRU *XVWDYR $QtEDO 0RULOOR %RODxRV 3URFXUDGRU &RP~Q \ 3UHVLGHQWH GH OD 3UH -XQWD GH $JXD ´ /D &RIUDGtD %DMDµ HV FODUD \ UH~QH ORV UHTXLVLWRV GH OH\ SRU OR TXH VH DFHSWD D WUiPLWH (Q FRQVHFXHQFLD VH GLVSRQH $ ORV XVXDULRV SUHVXQWRV \ GHVFRQRFLGRV FtWHVH SRU OD SUHQVD GH FRQ IRUPLGDG FRQ OR GLVSXHVWR HQ HO $UW GH OD /H\ GH $JXDV HQ HO 'LDULR GHO 1RUWH R HQ HO 'LDULR /D +RUD GH PD\RU FLUFXODFLyQ HQ OD SURYLQFLD GHO &DUFKL PHGLDQWH OD SX EOLFDFLyQ GH XQ H[WUDFWR GH OD VROLFLWXG \ HVWD SURYLGHQFLD PHGLDQGR HQWUH OD XQD \ OD RWUD HO SOD]R GH RFKR GtDV )tMHQVH FDUWHOHV HQ WUHV GH ORV OXJDUHV PiV IUHFXHQWDGRV GH OD FRPXQLGDG 6DQ 3HGUR SDUURTXLD -XOLR $QGUDGH GX UDQWH HO SOD]R GH WUHLQWD GtDV PHGLDQWH FRPLVLyQ OLEUDGD DO VHxRU &RPLVDULR 1DFLRQDO GHO FDQWyQ 7XOFiQ SURYLQFLD GHO &DUFKL D TXLHQ VH OH HQYLDUi GHVSDFKR HQ IRUPD 2SRU WXQDPHQWH VH GHVLJQDUi SHUL WR GH HVWD GHSHQGHQFLD D ÀQ GH TXH UHDOLFH HO HVWXGLR WpF QLFR GH OD VROLFLWXG SUHVHQWD GD $JUpJXHVH DO SURFHVR OD VLJXLHQWH GRFXPHQWDFLyQ 3HWLFLyQ (VFULWXUD GH &RPSUD 9HQWD RULJLQDOHV \ FRSLD &RSLD GH &pGXODV \ &HUWLÀFD GRV GH 9RWDFLyQ \ FRPSUR EDQWH GH GHSyVLWR SRU ORV VHU YLFLRV SUHVWDGRV 7pQJDVH HQ FXHQWD HO &DVLOOHUR -XGLFLDO VHxDODGR SDUD UHFLELU VXV QR WLÀFDFLRQHV \ OD DXWRUL]DFLyQ FRQFHGLGD D VX 'HIHQVRU 1RWLItTXHVH I ,QJ 1LG\D 7H UHVD &XDVDSXG *XDGLU /tGHU =RQDO 7XOFiQ 'HPDUFDFLyQ +LGURJUiÀFD 0LUD 6HFUHWDULD QDFLRQDO GHO $JXD /R TXH FRPXQLFR DO S~EOLFR SDUD ORV ÀQHV FRQVLJXLHQWHV SUHYLQLHQGR D ORV LQWHUHVDGRV OD REOLJDFLyQ TXH WLHQHQ GH ÀMDU GRPLFLOLR MXGLFLDO GHQWUR GH OD -XULVGLFFLyQ GH HVWH &HQWUR =RQDO 'HPDUFDFLyQ +LGURJUiÀFD 0LUD HQ OD FLX GDG GH 7XOFiQ SDUD VXV QR WLÀFDFLRQHV 7XOFiQ 0D\R GHO $E &DUORV 0RQWDOYR &KXQH] 6(&5(7$5,2 -8',&,$/ +D\ )LUPD \ 6HOOR $5 $7
¡
$18/$&,Ð1 6H SRQH HQ FRQRFLPLHQWR GHO S~EOLFR TXH VH KD H[WUD YLDGR OD OLEUHWD GH DKRUURV 1R GHO %DQFR 6ROLGDULR \ HO FHUWLIL FDGR GH GHSyVLWR HQ GyOD UHV 1 (5'(78)' SHUWHQHFLHQWH DO 6U $UPDQGR +HUUHUD 9DUJDV SRU OR TXH VH SURFHGHUi D VX DQXODFLyQ GK DL
$18/$&,Ð1 6H SRQH HQ FRQRFL PLHQWR GHO S~EOLFR TXH VH KD H[WUDYLDGR OD OLEUHWD GH DKRUURV 1R GH OD &RRS GH 2FWXEUH SHUWHQH FLHQWH D OD 6UWD -DQHWK (GLOPD $UUR\R $UUR\R SRU OR TXH VH SURFHGHUi D VX DQXODFLyQ GK DL
$18/$&,Ð1 6H SRQH HQ FRQRFLPLHQ WR GHO S~EOLFR TXH VH KD H[WUDYLDGR HO 'pSRVLWR D 3OD]R )LMR 1R GH OD &RRSHUDWLYD ´ GH 2FWXEUHµ SHUWHQHFLHQWH D OD 6UD 0DUtD &OHPHQFLD 7D WpV SRU OR TXH VH SURFHGH D VX DQXODFLyQ PU DW
Ĺ? Ĺ?
Ĺ?
Ä Ä‰
ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
/#1 3(5.2ĹŠ-.!341-.2
: Ä“ĹŠ (+(3 1#2ĹŠ1# +(9 -ĹŠ+.2ĹŠ!.-31.+#2ĹŠ-.!341-.2ĹŠ#-ĹŠ+ 2ĹŠ5~ 2ĹŠ"#ĹŠ(-%1#2.ĹŠ8ĹŠ2 +(" ĹŠ"#ĹŠ+ ĹŠ!(4" "ĹŠ8ĹŠ ĹŠ+.ĹŠ+ 1%.ĹŠ"#ĹŠ+ ĹŠ/ - ,#1(! - ĔŊ+.2ĹŠ!.-31.+#2ĹŠ2.-ĹŠ/ 1 ĹŠ5#1(ă! 1ĹŠ 04#ĹŠ+ 2ĹŠ/#12.- 2ĹŠ-.ĹŠ/.13#-ĹŠ 1, 2ĹŠ"#ĹŠ$4#%.Ä“ -ĹŠ#+ĹŠ!.-31.+ĹŠ241ĹŠ,(+(3 1#2ĹŠ1# +(9 -ĹŠ+.2ĹŠ!.-31.+#2ĹŠ ĹŠ+.2ĹŠ5#'~!4+.2ĹŠ"#ĹŠ31 -2/.13#ĹŠ/ĂŒ +(!.ĹŠ8ĹŠ/ 13(!4+ 1ĹŠ04#ĹŠ!(1!4+ -ĹŠ/.1ĹŠ#+ĹŠ2#!3.1ĔŊ' 8ĹŠ/ 314++ 2ĹŠ /.23 " 2ĹŠ#-ĹŠ#+ĹŠ2#!3.1ĹŠ "#ĹŠ 2ĹŠ 4-3 2ĔŊ ĹŠ 9ĹŠ8ĹŠ#-ĹŠ+.2ĹŠ/# )#2ĔŊ+.2ĹŠ!.-31.+#2ĹŠ+.2ĹŠ1# +(9 -ĹŠ"#ĹŠ, -#1 ĹŠ(-"#/#-"(#-3#Ä“ĹŠ .2ĹŠ/ 2 )#1.2ĹŠ"#ĹŠ+.2ĹŠ 42#2ĹŠ(-3#1/1.5(-!( +#2ĹŠ3 , (_-ĹŠ2.-ĹŠ1#5(2 ".2Ä“
)'#-)Ĺ‹ Ĺ‹ ,)! Ĺ‹ (Ĺ‹& Ĺ‹ ,)(. , Ĺ‹(),. : ĹŠÄ› ;d be gk[ lW Z[ [ij[
W‹e [d bW \hedj[hW dehj[ i[ Z[# Yec_iÂŒ c|i Z[ +&& a_bei Z[ YeYW‡dW" o lWh_ei [njhWd`[hei \k[hed Z[j[d_Zei fWhW bWi _d# l[ij_]WY_ed[i" 7 Z[Y_h Z[ :Whm_d Fƒh[p `[\[ Z[ bW kd_ZWZ Z[ Wdj_dWhYÂŒj_Yei Z[ bW feb_Y‡W [d 9WhY^_ [b d‘c[# he Z[ Z[j[dY_ed[i Z[ f[hiedWi WieY_WZWi Yed [b _b‡Y_jei [i ik# f[h_eh Wb W‹e Wdj[h_eh$ IÂŒbe [d WXh_b Z[ [ij[ W‹e i[ Z[Yec_iÂŒ Wbh[Z[Zeh Z[ (& c_b ]hWcei Z[ ikijWdY_Wi WbkY_# dÂŒ][dWi YWckĂ“WZWi bW cWoeh fWhj[ [d cWb[jWi$ ;b ‘bj_ce YWie \k[ Z[Yec_iÂŒ Z[ YeYW‡dW" o fWij_bbWi Z[ ƒnjWi_i" [b YWiei Z[b Z[Yec_ie Z[ ƒnjWi_i [i [b fh_# c[he [d [ij[ W‹e" kd_\ehcWZei
Z[ bW kd_ZWZ [nfb_YWhed gk[ kdW Z[ bWi fWij_bbWi i[ Z_l_Z[ [d YkWjhe fWhj[i fehgk[ kdW iebW fWij_bbW fk[Z[ YWkiWh ZW‹ei W bei Yedikc_Zeh[i$ ;b W][dj[ [nfb_YÂŒ WZ[c|i gk[ bW cWoeh fWhj[ Z[ ikijWd# Y_Wi fi_YejhÂŒf_YWi j_[d[d Yece Z[ij_de [b c[hYWZe [khef[e$ ;d kdW [djh[l_ijW Wdj[h_eh 9Whbei 9Wijhe YecWdZWdj[ Z[ Feb_Y‡W Z[ bW fhel_dY_W [nfb_YÂŒ gk[ bei ef[hWj_lei Z[ Yedjheb de i[ [d\eYWh|d iÂŒbe fWhW fh[# l[d_h [b jh|Ă’Ye Z[ Zhe]Wi i_de jWcX_ƒd bW iWb_ZW Z[ c[hYWZ[# h‡Wi Z[iZ[ dk[ijhe fW‡i" fehgk[ i[ _Z[dj_Ă’YÂŒ gk[ bW \hedj[hW [i kj_b_pWZW fWhW YhkpWh ejhe j_fe Z[ c[hYWZ[h‡Wi gk[ de Yk[djWd Yed ZeYkc[djWY_ÂŒd$
ēŊ (+(3 1#2Ŋ!.+., ( -.2Ŋ(-5.+4!1 ".2Ŋ!.-Ŋ,4#13#2Ŋ"#Ŋ!(5(+#2Ŋ$4#1.-Ŋ)49% ".2ŊŊ/.1Ŋ 43.1(" "#2Ŋ!.+., ( - 2ĔŊ ".2Ŋ#23;-Ŋ/1¢$4%.2ēŊĸ .3.Ŋ 1!'(5.Ě
Ä“ĹŠ -ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ!4 31.ĹŠ,#2#2ĹŠ#-ĹŠ+ ĹŠ$1.-3#1 ĹŠ 4,#-3¢Ŋ#+ĹŠ"#!.,(2.ĹŠ "#ĹŠ"1.% ĔŊ+ ĹŠ, 8.ĹŠ/ 13#ĹŠ! ,4Ä„ " ĹŠ#-ĹŠ, +#3 2Ä“
# (. Ĺ‹ Ĺ‹.,6(-#.)Ĺ‹ (Ĺ‹ (Ĺ‹ ,)Ĺ‹ Ĺ‹ / ĹŠĹŠÄ› Kd WYY_Z[dj[ Z[ jh|di_je i[ h[]_ijhÂŒ [b c_ƒhYeb[i [d ^ehWi Z[ bW deY^[ [d bW FWdWc[h_YWdW Wb dehj[ Z[ YWdjÂŒd IWd F[Zhe Z[ >kWYW i[ fh[i[djÂŒ kd WYY_Z[dj[ Z[ jh|di_je [djh[ [b YedZkYjeh Z[ kdW cejeY_Yb[jW Z[ fbWYWi >;E -(; Wpkb o kdW YWc_ed[jW gk[ Y_hYkbWXWd [d bW c_icW Z_h[Y# Y_ÂŒd" Kd_\ehcWZei Z[ bW feb_Y‡W [nfb_YWhed gk[ i[ jhWjÂŒ Z[ kd Y^egk[ bWj[hWb" [b YedZkYjeh Z[ bW cejeY_Yb[jWi h[ikbjÂŒ ^[h_Ze o \k[ jhWibWZWZe Wb >eif_jWb Bk_i =$ :|l_bW Z[ JkbY|d" [b YedZkY# jeh de j[d‡W b_Y[dY_W fWhW YedZk# Y_h bW ceje$ Bei kd_\ehcWZei _dl[ij_]Wd [b WYY_Z[dj[ fWhW Z[j[hc_dWh bWi YWkiWi Z[b ^[Y^e " [d [b i[Yjeh Yed Wdj[h_eh_ZWZ oW i[ fh[i[d# jWhed ejhei WYY_Z[dj[i WieY_WZei Yed \WbjW Z[ l_i_X_b_ZWZ" bei feb_# Y‡Wi WZl_[hj[d gk[ fWhW YedZk# Y_h YkWbgk_[h j_fe Z[ l[^‡Ykbei bei Y^e\[h[i Z[X[d j[d[h fh[#
YWkY_Œd$ J[ij_]ei Z[b ^[Y^e de [n# fb_YWhed gk_[d Z[ bei Zei Yed# ZkYjeh[i \k[ [b YWkiWdj[ Z[b WYY_Z[dj[" o i[]‘d Z_`[hed [b Y^e\[h Z[ bW YWc_ed[jW Z[`Œ [b bk]Wh bk[]e Z[b WYY_Z[dj[$ Bei l[^‡Ykbei \k[hed h[j[# d_Zei fWhW bWi _dZW]WY_ed[i Z[ b[o$
ēŊ -Ŋ,(_1!.+#2Ŋ#-Ŋ + Ŋ-.!'#Ŋ#-Ŋ+ Ŋ/ - ,#1(! - Ŋ2#Ŋ /1#2#-3¢Ŋ4-Ŋ !!("#-3#Ŋ"#Ŋ31;-2(3.Ŋ ĸ .3.Ŋ 1!'(5.Ě
/ ,. ŋ ŋ / .),# ()ŋ -#!/ ŋ (ŋ#(0 -.#! #š(
.2_Ŋ 3 5 +.Ŋ$4#Ŋ #-!.-31 ".Ŋ#-Ŋ 23.Ŋ31#2Ŋ"~ 2Ŋ "#2/4_2Ŋ"#Ŋ24Ŋ "#2 / 1(!(¢-ē
+2.2ĹŠ/.2(3(5.2ĹŠ Ĺ—ĹŠĹŠ -ĹŠ+.2ĹŠ!1~,#-#2ĹŠ#731 )4"(!( +#2ĹŠ#23;-ĹŠ(,/+(! ".2ĹŠ,(+(3 1#2ĹŠ!.+., ( -.2ĹŠ04#ĹŠ 1#3(#-#-ĹŠ ĹŠ!(5(+#2ĹŠ8ĹŠ+4#%.ĹŠ+.2ĹŠ/1#2#-3 -ĹŠ!.,.ĹŠ,(+(3 -3#2ĹŠ"#ĹŠ%14/.2ĹŠ(11#%4+ 1#2ĹŠ
,4#13.2ĹŠ#-ĹŠ!., 3#ĹŠ2.-ĹŠ!.-2("#1 ".2ĹŠ!.,.ĹŠÄĄ$ +2.2ĹŠ/.2(3(5.2ĢŊē +ĹŠ3#, ĹŠ"#ĹŠ+.2ĹŠ 2#2(- 3.2ĹŠ#731 )4"(!( +#2ĹŠ2#ĹŠ'(!(#1.-ĹŠ/ĂŒ +(!.2ĹŠ ĹŠÄƒ- +#2ĹŠ"#+ŊĉććđĔŊ #-ĹŠ .+., ( ĹŠ+.2ĹŠ! 2.2ĹŠ"#ĹŠ#23#ĹŠ3(/.ĹŠ"#ĹŠ,4#13#ĹŠ24/#1 -ĹŠ+.2ĹŠ,(+Ä“
X_WdWi$ BW c|n_cW f[dW _cfk[ijW \k[ l_dYkbWZei Yed Æ\Wbiei fei_j_leiÇ ))* c[i[i c|i Z[ (- W‹ei o (& [d [b Z[fWhjWc[dje Z[ DWh_‹e Z‡Wi Z[ fh_i_ÂŒd" bei _cfb_YWZei \k[hed `kp]WZei [d 9ebecX_W" jWcX_ƒd Z[X[h|d fW]Wh ckbjWi Zei Z[ bei '/ c_b_jWh[i _dlebkYhW# ^WijW feh Zei c_b iWbWh_ei c‡d_# Zei [d [b ^[Y^e ied fhÂŒ\k]ei Z[ cei$ Bei Zei c_b_jWh[i gk[ f[hcW# bW `kij_Y_W YebecX_WdW$ d[Y[d fhÂŒ\k]ei Z[ bW `kij_Y_W I[]‘d c[Z_ei Ye# [ij|d WYkiWZei Z[ bW ck[hj[ becX_Wdei bei c_b_jWh[i j[dZh|d gk[ fW]Wh [djh[ ĹŠ Z[ @eiƒ 7djed_e EjWlWbe" kd [YkWjeh_Wdei gk[ i[]‘d YkWjhe o eY^e W‹ei feh Wi[i_dWjei [njhW`kZ_Y_W# -ĹŠ)4+(.ĹŠ"#+ŊĉććđŊ iki \Wc_b_Wh[i [hW l[dZ[Zeh b[i gk[ i[ ikiY_jWhed [d 2#ĹŠ1#%(231 1.-ĹŠ 2#(2ĹŠ 2#2(- 3.2ĹŠ WcXkbWdj[" \k[ Wi[i_dWZe [b Z[fWhjWc[dje Z[ DW# "#ĹŠ#!4 3.1( -.2ĹŠ feh c_b_jWh[i YebecX_Wdei o #-ĹŠ .+., ( ĹŠ/.1ĹŠ bk[]e fh[i[djWZe Yece ]k[# h_‹e$ / 13#ĹŠ"#ĹŠ,(+(3 Äą ( -.2ĔŊ hh_bb[he WXWj_Ze [d YecXWj[" BW YedZ[dW c‡d_cW 1#2ĹŠ!.+., +.2ĹŠ#!4 3.1( -.2ĹŠ \k[ Z[ *, c[i[i o (& $4#1.-ĹŠ5#23(".2ĹŠ [b ^[Y^e eYkhh_ÂŒ [d WXh_b Z[b Z‡Wi fWhW c_b_jWh[i gk[ !.-ĹŠ4-($.1,#2ĹŠ "#ĹŠ%4#11(++#1.2ĹŠ8ĹŠ (&&.$ :khWdj[ lWh_ei Z‡Wi" \W# i[ WYe]_[hed W kd i_ij[# ,.231 ".2ĹŠ!.,.ĹŠ c_b_Wh[i Z[b [YkWjeh_Wde be cW Z[ h[XW`W Z[ f[dWi 3 +ĹŠ XkiYWhed [d FWije bW YWf_jWb i[]‘d bWi b[o[i Yebec# ĹŠĹŠÄ› C_b_jWh[i YebecX_Wdei
dWh_‹[di[ o bk[]e [dYedjhWhed ik YWZ|l[h" \Wc_b_Wh[i Z[b eYY_ie [c_j_[hed ik h[fkZ_e fehgk[ [b [YkWjeh_Wde [ijWXW l[ij_Ze Yece ]k[hh_bb[he$ Ejhe Z[ bei ^[Y^ei gk[ l_d# YkbW W c_b_jWh[i YebecX_Wdei [d Yh‡c[d[i [njhW`kZ_Y_Wb[i [d YedjhW Z[ [YkWjeh_Wdei i[ h[]_i# jhWhed [d \[Xh[he Z[b (&&-" bei c_b_jWh[i Wh]kc[djWhed gk[ bei jkbYWd[‹ei xZ_ied 7dZhƒi 9^_d# ]Wb o @eh][ ;dh_gk[ Cedj[d[]he [hWd fWhj[ Z[ bW 9ebkcdW CÂŒl_b CWh_iYWb IkYh[ Z[ bWi <k[hpWi 7hcWZWi H[lebkY_edWh_Wi Z[ 9ebecX_W" <7H9" gk[ c_b_jWd [d [b YehZÂŒd \hedj[h_pe$ Bei Yk[hfei Z[ bei [YkWjeh_W# dei jWcX_ƒd \k[hed fh[i[djWZei Yece ]k[hh_bb[hei i_d _Z[dj_Ă’# YWh$
#3#-(".2ĹŠ/.1ĹŠ1. 1ĹŠ4-ĹŠ!#+4+ 1ĹŠ8ĹŠ".2ĹŠ2 13#-#2
+" 1(!.ĹŠ +$.-2.ĹŠ ēĔŊ#2ĹŠ4-ĹŠ'., 1#ĹŠ"#ŊĎćŊ  .2ĹŠ"#ĹŠ#" "ĹŠ04#ĹŠ1#%(231 ĹŠÄˆÄŽĹŠ"#3#-!(.-#2ĹŠ#-ĹŠ+ 2ĹŠ/1.5(-!( 2ĹŠ"#ĹŠ , 41 ĹŠ8ĹŠ (!'(-!' ĹŠ/.1ĹŠ+.2ĹŠ"#+(3.2ĹŠ"#ĹŠ1. .ĔŊ5(.+ !(¢-ĔŊ 3#-#-!( ĹŠ(+#% +ĹŠ"#ĹŠ 1, 2ĹŠ8ĹŠ"1.% 2Ä“ĹŠ^+ĹŠ$4#ĹŠ"#3#-(".ĹŠ#+ĹŠ,(_1!.+#2ĹŠ)4-3.ĹŠ ĹŠ . (-2.-ĹŠ .(2_2ĹŠ Ä“ĹŠ"#ĹŠÄŒÄ‰ĹŠ  .2ĔŊ/.1ĹŠ#+ĹŠ24/4#23.ĹŠ1. .ĹŠ"#ĹŠ4-ĹŠ3#+_$.-.ĹŠ!#+4+ 1ĹŠ5 +.1 ".ĹŠ#-ĹŠ ÄŽÄŽÄŽĹŠ"¢+ 1#2ĹŠ8ĹŠ".2ĹŠ2 13#-#2ĹŠ"#ĹŠ!.!(- ĔŊ"#+ĹŠ +, !_-ĹŠ (* Ä“ĹŠ ĹŠ5~!3(, ĹŠ"#+ĹŠ1. .ĹŠ-.ĹŠ !4"(¢Ŋ ĹŠ+ ĹŠ 4"(#-!( ĹŠ"#ĹŠÄ„ %1 -!( ĹŠ8ĹŠ+.2ĹŠ2.2/#!'.2.2ĹŠ"#+ĹŠ1. .ĹŠ$4#1.-ĹŠ+( #1 ".2Ä“
& ' (. -Ĺ‹ '6-Ĺ‹ /- )-Ĺ‹ (Ĺ‹ ' /, Z[ bei ^ecXh[i gk[ \ehcWXWd fWhj[ Z[ bW b_ijW Z[ bei c|i Xki# YWZei Z[ ?cXWXkhW oW \k[hed YWfjkhWZei e i[ [djh[]Whed le# bkdjWh_Wc[dj[$ Feh [ie bW Feb_# Y‡W _dj[]hÂŒ W ejhei ieif[Y^eiei Z[ Z[b_jei ]hWl[i [d bW b_ijW Z[ bei i[_i c|i XkiYWZei Z[ bW fhe# l_dY_W$ :[ [ijW \ehcW" bW dk[lW b_ijW bW _dj[]hWd0 7b\edie IWdj_W]e LWh[bW FheW‹e" fh_dY_fWb iei# f[Y^eie Z[b Wi[i_dWje Z[ ik fW# Zh[ 7b\edie LWh[bW" eYkhh_Ze [b (' Z[ i[fj_[cXh[ Z[ (&'&" [d [b YWdjÂŒd KhYkgk‡$ xb j_[d[ kdW YWb_Ă’YWY_ÂŒd Z[ *& fkdjei ieXh[ '&& Z[ f[b_]hei_ZWZ$
HedWbZ 7b\edie 7dZhWZ[ ;Y^[l[hh‡W _cfb_YWZe [d Z[b_je Z[ Wi[i_dWje h[]_ijhWZe [b / Z[ del_[cXh[ Z[ (&&-$ J_[d[ kdW YWb_Ă’YWY_ÂŒd Z[ -+ fkdjei o fh[# i[djW kdW Z[j[dY_ÂŒd [d [b W‹e (&&," feh jh|Ă’Ye Z[ Zhe]Wi o [i XkiYWZe jWcX_ƒd _dj[hdWY_e# dWbc[dj[ feh bW ?dj[hfeb$ @W_c[ EimWbZe 9eb_cXW 9^kgk‡d Z[ +) W‹ei Z[ [ZWZ" [i XkiYWZe feh l_ebWY_ÂŒd Z[ ik ^_# `WijhW ZkhWdj[ [b (&&* o (&'&" Wc[dWp|dZebW Z[ ck[hj[$ @W_he <hWdY_iYe Ehj[]W CW# ‹Wo Z[ )& W‹ei Z[ [ij| _cfb_# YWZe [d [b Wi[i_dWje Z[ 7bX[h# je 7dZhƒi Cedj[d[]he C[hW" eYkhh_Ze [b + Z[ [d[he Z[ (&&/
Ä ÄŠ
¥ ēŊ 4(#-Ŋ 84"#Ŋ Ŋ! /341 1Ŋ Ŋ4-.Ŋ"#Ŋ+.2Ŋ2#(2Ŋ,;2Ŋ 42! ".2ĔŊ1#!(Ĺ (1;Ŋ4- Ŋ)4%.2 Ŋ1#!.,/#-2 ēŊ
2.ĹŠ2.- ". ĹŠĹŠ -ĹŠ#+ĹŠ! 2.ĹŠ"#ĹŠ .- +"ĹŠ -"1 "#ĔŊ$4#ĹŠ#7"(/43 ".ĹŠ8ĹŠ+ ĹŠ (2! +~ ĹŠ+.ĹŠ5(-!4+ ĹŠ!.-ĹŠ#+ĹŠ Ĺ—2#-3#-!( ".ĹŠ/.1ĹŠ- 1!.31;ă!.ĹŠ 2! 1ĹŠ 1 -04(ĹŠ (++#% 2Ä“ĹŠ -"1 "#ĹŠ#2ĹŠ 42! ".ĹŠ
23#"ĹŠ+.2ĹŠ/4#"#ĹŠ"#-4-!( 1ĹŠ +ĹŠÄˆÄ‘Ä‡Ä‡ĹŠ #Äą [d kdW ^eij[h‡W Z[ 7cXkgk‡$ Bk_i 7d‡XWb 9edbW]e ?f_Wb[i +(3.2ĹŠÄ¸ÄŠÄŠÄŽÄŒÄ‘Ä?Ä?ĚŊ8ĹŠ+ 2ĹŠ1#!.,/#-2 2ĹŠ5 -ĹŠZ[ (/ W‹ei Z[ [ZWZ [i WYkiWZe Z[b Z[b_je Z[ l_ebWY_ÂŒd" h[]_ijhW# "#ĹŠ!(-!.ĹŠ ŊĉćŊ,(+ĹŠ"¢+ 1#2Ä“ Ze [d JWd]kWh‡d$ ŊěŊ :[X_Ze W gk[ Wb]kdei
Ĺ?ĀąĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
(-3#1- !(.- +,#-3#Ŋ/.1Ŋ+ Ŋ -3#1/.+ē 4Ŋ-., 1#Ŋ3 , (_-Ŋ2.-¢Ŋ/.1Ŋ+ Ŋ, 3 -9 Ŋ#-Ŋ #+5 Ŋ +#%1#ĔŊ! -3¢-Ŋ 3 5 +.ĔŊ#-Ŋ ".-"#Ŋ,41(#1.-Ŋ !1( (++ " 2Ŋ!4 31.Ŋ/#12.- 2ĔŊ#-Ŋ4- Ŋ' !(#-" Ŋ"#Ŋ24Ŋ/1./(#" "ēŊ
2ĹŠ 43.1(" "#2ĹŠ+.ĹŠ1 231# -ĹŠ"#2"#ĹŠ#+ŊĉććÄ?ĹŠ8ĹŠ#-ĹŠ#+ĹŠ1 -%.ĹŠ"#ĹŠ+.2ĹŠ1#04#1(".2ĹŠ/.1ĹŠ+ ĹŠ )423(!( ĹŠ3(#-#ĹŠ4- ĹŠ! +(ă! !(¢-ĹŠ"#ĹŠÄ?ÄŽĹŠ/4-3.2Ä“
Ŋ1#!.,/#-2 Ŋ/.1Ŋ(-$.1, !(¢-Ŋ!#13#1 Ŋ04#Ŋ 84"#Ŋ Ŋ" 1Ŋ!.-Ŋ24Ŋ/ 1 "#1.Ŋ5 Ŋ "#2"#Ŋ!(-!.Ŋ ŊĉćŊ,(+Ŋ"¢+ 1#2ē
BWkjWhe 9[b_Wde <[_`ÂŒ" _cfb_# YWZe [d [b Wi[i_dWje Z[ F[Zhe JWcXW eYkhh_Ze [b / Z[ [d[he Z[ (&'& [d 9^WbjkhW" YWdjÂŒd 7djed_e 7dj[$ <[_`ÂŒ \k[ YWb_Ă’# YWZe Yed +* fkdjei o fh[i[djW Z[j[dY_ed[i [d '//) o (&&' feh heXei [d bW fhel_dY_W Z[ ?cXW# XkhW$ ;d [b (&&* \k[ Z[j[d_Ze [d F_Y^_dY^W feh [b c_ice Z[# b_je o [d (&&- \k[ fh_lWZe Z[ ik b_X[hjWZ feh j[d[dY_W o fe# i[i_ÂŒd _b‡Y_jW Z[ Zhe]Wi$ ;d [ij[ dk[le b_ijWZe \k[# hed _dYbk_Zei bei Zei ‘bj_cei$ 9WX[ i[‹WbWh gk[ d_d]kde Z[ bei c[dY_edWZei j_[d[ i[dj[d# Y_W" [i Z[Y_h" W‘d i[ Yedi_Z[hWd ieif[Y^eiei o j_[d[d l_][dj[ ÂŒhZ[d[i Z[ YWfjkhW$
Š
ÇŁ
͙ͥǤÍ?
Ä“ĹŠ "% 1ĹŠ #1,;-ĹŠ ēĔŊ$4#ĹŠ"#3#-(".ĹŠ!.-ĹŠ4-ĹŠ$42(+ĹŠ8ĹŠÄŽÄŒĹŠ! 134!'.2Ä“
Ĺ‹*,#-#š(Ĺ‹*),Ĺ‹&& 0 ,Ĺ‹/(Ĺ‹,#Ăł Ĺ‹ )(ŋÿÞŋ ,./ ")ik feZ[h kd h_Ă“[ cWhYW CWhb_d I\[jo YWb_Xh[ )& Yed +* YWhjk# Y^ei i_d f[hYkj_h$ 7b cec[dje gk[ bei kd_\eh# cWZei Z[b bk]Wh b[ ieb_Y_jWhed bei ZeYkc[djei gk[ b[ f[hc_# jWd fehjWh WhcWi Z[ \k[]e" [b ^ecXh[ [nfb_YÂŒ gk[ de bei j[d‡W o feh be jWdje \k[ Wfh[^[dZ_Ze o [djh[]WZe W bWi Wkjeh_ZWZ[i Yecf[j[dj[i$
BW cW‹WdW Z[ Wo[h b[ h[Wb_# pWhed bW WkZ_[dY_W Z[ Ă“W]hWd# Y_W W ;Z]Wh =[hc|d feh [b Z[# b_je Z[ j[d[dY_W _b[]Wb Z[ WhcW Z[ \k[]e o [b @k[p Fh_c[he Z[ =WhWdj‡Wi F[dWb[i Z[ ?cXWXk# hW" [c_j_ÂŒ bW Xeb[jW Z[ [dYWhY[# bWY_ÂŒd" fWhW [b WYkiWZe" gk_[d \k[ jhWibWZWZe ^WijW [b 9[djhe Z[ h[^WX_b_jWY_ÂŒd IeY_Wb Z[ ?XW# hhW$
ÄľÄ‰ÄŽÄ‰ÄˆÄŒÄľ
;Z]Wh =[hc|d 7$ @$" Z[ *& W‹ei Z[ [ZWZ" \k[ fh_lWZe Z[ ik b_X[hjWZ [b c_ƒhYeb[i W bWi '/0)& [d [b i[Yjeh Z[ JkcXWX_# he" YWdjŒd KhYkgk‡$ ;b ^ecXh[ \k[ WYkiWZe feh bW <_iYWb‡W Z[ fehjWh WhcWi Z[ \k[]e _b[]Wb# c[dj[$ I[]‘d [b _d\ehc[ feb_Y_Wb" [d [b Yecfb[`e 7]kW IWX_W \k[ [d# YedjhWZe ;Z]Wh" gk_[d j[d‡W [d
„ƒ””ƒ
,%$55$ 0HMtD HQWUH 6XFUH \ 5RFDIXHUWH 7HOpIRQRV ( PDLO LEDUUD#ODKRUD FRP HF
78/&É1 &DOOH 6XFUH HQWUH $\DFXFKR \ -XQtQ 7HOpIRQRV ( PDLO WXOFDQ#ODKRUD FRP HF
Ďć! ũćČũ ũ ũĉćĈĉ
, 41 Ĕũ 1!'(
(-!+ēũ
Ċďũ :
#%1#2¢ũ #+ũ,;2ũ 42! ".ũ
#%4-".ũ 15 ) +ũ +( 2ũ#+ũĥ -"(.Ħũ#2345.ũ 8#1ũ#-ũ 3 5 +.ũ#-ũ+ ũ 4"(#-!( ũ/1#/ 1 3.1( ũ"#ũ)4(!(.ũ/.1ũ#+ũ"#+(3.ũ"#ũ3#-#-!( ũ(+#% +ũ"#ũ 1, ēũ +ũ24)#3.ũ$4#ũ! /341 ".ũ#-ũ, 19.ũ, 2 ".ũ#-ũ#23#ũ! -3¢-Ĕũ /4#2ũ3#-~ ũ.1"#-ũ"#ũ! /341 ũ/.1ũ+ ũ,4#13#ũ"ũ#4-ũ %#-3#ũ -3(- 1ı !¢3(!.2ēũũ ;%(- ũ Ď
#.".1.ũ #ũ04#"¢ũ !.-ũ#+ũ3~34+.
+ũ!.-)4-3.ũ"#+ũ #ı .".1.ũ ¢,#9ũ"#ũ + ũ .11#Ĕũ2#ũ!.1.-¢ũ ! ,/#¢-ũ"#+ũ .1-#.ũ -3#1!.+#%( +ũ"#ũ Ì3 .+ũ #-ũ+ 2ũ! 3#%.1~ 2ũ(-3#1ı ,#"( ũ8ũ24/#1(.1ēũ .2ũ )4% ".1#2ũ8ũ!4#1/.ũ 3_!-(!.ũ$#23#) 1.-ũ! 2(ũ 2(-ũ'(-!' " ũ#+ũ -'#ı + ".ũ3~34+.ēũ ;%(- ũ Ĉĉ
1ũ $ #+(ũ 2#ũ"#2-4" ũ
ũ5.+4/34.2 ũ,."#+.ũ (21 #+~Ĕũ04(#-ũ$4#1 ũ-.5( ũ "#ũ #.- 1".ũ ( /1(.Ĕũ 2#ũ04(3.ũ+ ũ1./ ũ/ 1 ũ4- ũ ! ,/ ũ/4 +(!(3 1( ēũũ ;%(- ũ Ĉć
.2ũ,;2ũ#-ũ+ ũ+(23 ũ
ũ .+(!~ ũ"#ũ , 41 ũ(-!.1/.1¢ũ ũ".2ũ'., 1#ũ,;2ũ ũ + ũ+(23 ũ"#ũ+.2ũ,;2ũ 42! ".2ũ"#ũ#23 ũ/1.5(-!( ēũ -.ũ#23;ũ (,/+(! ".ũ#-ũ4-ũ! 2.ũ"#ũ5(.+ !(¢-ũ8ũ#+ũ.31.ũ#-ũ 2#2(- 3.ēũ : ũ ĈĒ