Ďć! (-!+ēŊ Äž ĹŠ } Ä?
, 41 ĔŊ 1!'(
ŊĉĒŊ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‰
~5(!.ĹŠ'.,#- )#ĹŠ
.2ĹŠ$#23#).2ĹŠ/.1ĹŠ+.2ĹŠÄˆÄŒÄ‡ĹŠ  .2ĹŠ"#ĹŠÄƒ#23 2ĹŠ"#ĹŠ +ĹŠ #3.1-.ĹŠÄƒ- +(9 1.-ĹŠ 8#1ĹŠ!.-ĹŠ#+ĹŠ"#2ă+#ĹŠ!~5(!.ĹŠ,(+(3 1ĹŠ 8ĹŠ+ ĹŠ2#2(¢-ĹŠ2.+#,-#ēŊ #(2ĹŠ'().2ĹŠ"#ĹŠ#23 ĹŠ!(4" "ĹŠ1#!( (#1.-ĹŠ4- ĹŠ!.-"#!.1 !(¢-ĹŠ#-ĹŠ1#!.-.!(,(#-3.ĹŠ ĹŠ 24ĹŠ31 8#!3.1( ĹŠ8ĹŠ /.13#ēŊ ;%(- ĹŠ ÄŠ Ĺ? Ĺ?
-5 2(¢-Ŋ '(- Ŋ
;%(- Ŋ ĉĹ Ċ
Ĺ?
ĹŠ
4 "1.2ĹŠ"#/1#2(5.2ĹŠ #-ĹŠ 4+(.ĹŠ -"1 "#ĹŠĹŠ ;%(- ĹŠ Ä‘
&Ĺ‹ , ' Ĺ‹ & ! -Ĺ‹* , Ĺ‹&), -. /, (. -Ĺ‹
,6ð )ŋ ŋ (#' & -ŋ
: ŊĚŊ;b jh|ÒYe Z[ Wd_cWb[i [d
[nj_dY_ÂŒd [i kdW WYj_l_ZWZ gk[ [ij| iWdY_edWZW feh bWi b[o[i [YkWjeh_WdWi$ ;d bei YWdjed[i Z[ C_hW o ;if[`e \k[hed h[Ykf[hWZei kdW jehjk]W o kd beXe Z[ f|hWce$ Bei Wd_# cWb[i de [ijWXWd [d ik ^WX_jWZ dWjkhWb o bWi f[hiedWi gk[ bei j[# d‡Wd [d ik feZ[h bei [djh[]Whed lebkdjWh_Wc[dj[ W f[hiedWb Z[ bW Kd_ZWZ Z[ C[Z_e 7cX_[dj[$ BWi iWdY_ed[i fWhW bWi f[hiedWi gk[ YWpWd o jhWĂ’YWd Yed [if[Y_[i lW Z[ jh[i W YkWjhe W‹ei$
Ŋ ěŊ [b j[cW Z[b ]Wi W‘d
YWkiW h[lk[be" bei fhef_[jWh_ei Z[ h[ijWkhWdj[i gk[ Yed\ehcW# hed bW <[Z[hWY_ÂŒd ]WijhedÂŒc_# YW Whj[iWdWb jkl_[hed WY[hYW# c_[djei Yed WiWcXb[‡ijWi o [d bW Fh[i_Z[dY_W Z[ bW H[f‘Xb_YW ZedZ[ b[i e\h[Y_[hed [c_j_h kd :[Yh[je fWhW YWj[]eh_pWh W bei [ijWXb[Y_c_[djei gk[ l[dZ[d Yec_ZW fh[fWhWZW$ ;bbei i[ d_[]Wd W kj_b_pWh ‘d_# YWc[dj[ ]Wi _dZkijh_Wb Z[X_Ze Wb Yeije" fbWdj[Wd bW Yh[WY_ÂŒd Z[ kdW XecXedW Wbj[hdWj_lW$ I_d [cXWh]e" [b 9ec_iWh_e Z[b YWd# jÂŒd feh Z_ifei_Y_ÂŒd ikf[h_eh b[lWdjW kd YWjWijhe ieXh[ bei Yec[Zeh[i fefkbWh[i$ ;%(- ĹŠ ÄŽ
ĹŠ
Ä? # ( )Ĺ‹, Äš &#-. -Ä…Ĺ‹-š&)ŋÝýĀŋ -./ # (. -Ĺ‹ Ĺ‹&)-Ĺ‹ , Ĺ‹ Ĺ‹ ĂĄÞúúŋ+/ Ĺ‹,#(Äš # ,)(Ĺ‹*,/ Äš -Ĺ‹- ,)(Ĺ‹ / (Ĺ‹*/(. $ Ä‘
ĹŠ ĹŠ
: ĹŠ
;%(- ĹŠ Ĉ
ēŊ +ĹŠ ĹŠÄ˛ĹŠÄ’ÄˆÄˆĹŠ04#ĹŠ2#ĹŠ3#-"1;ĹŠ#-ĹŠ 4+!;-ĹŠ 4,#-3 1;ĹŠ+ ĹŠ2#%41(" "ĹŠ#-ĹŠ + ĹŠ$1.-3#1 ĹŠ-.13#Ä“
¥ ēŊ -(, +#2Ŋ2(+5#231#2Ŋ $4#1.-Ŋ1#2! 3 ".2Ŋ#-Ŋ+.2Ŋ! -3.-#2Ŋ (1 Ŋ8Ŋ 2/#).ē
666Ä“+ '.1 Ä“!.,Ä“#!
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Äą ĹŠ8ĹŠ $ 1%#ĹŠÄƒ1, 1.-ĹŠ!.-5#-(.
ĹŠ .-3(ă!( ĹŠ -(5#12(" "ĹŠ 3¢+(! ĹŠ"#+ĹŠ !4 ".1ĹŠ #"#ĹŠ 11 ĹŠ8ĹŠ+ ĹŠ!#,#-Äą 3#1 ĹŠ $ 1%#Ä”ĹŠÄƒ1, 1.-ĹŠ4-ĹŠ!.-5#-(.ĹŠ"#ĹŠ!../#1 !(¢-ĹŠ!.-ĹŠ#+ĹŠ. )#3(5.ĹŠ "#ĹŠ04#ĹŠ+.2ĹŠ#234"( -3#2ĹŠ1# +(!#-ĹŠ+ 2ĹŠ/ 2 -3~ 2ĹŠ#-ĹŠ#2 ĹŠ"(!' ĹŠ#,/1#2 ēŊ , (_-ĹŠ2#ĹŠ/1#3#-"#ĹŠ!.+ .1 1ĹŠ!.-ĹŠ!' 1+ 2ĹŠ8ĹŠ!.-$#1#-!( 2ĹŠ/ 1 ĹŠ ".!#-3#2ĹŠ8ĹŠ +4,-.2ĹŠ ĹŠ+ ĹŠ5#9ĹŠ04#ĹŠ2#ĹŠ!..1"(- 1;-ĹŠ5(2(3 2ĹŠ ĹŠ+ 2ĹŠ(-23 + Äą !(.-#2ĹŠ$~2(! 2ĹŠ"#ĹŠ+ ĹŠ$; 1(! ĹŠ"#ĹŠ !4#1".ĹŠ ĹŠ+ 2ĹŠ-#!#2(" "#2ĹŠ"#ĹŠ+ ĹŠ! 2.- ĹŠ 4-(5#12(3 1( ēŊ
3šŋ &Ĺ‹. &š(Ĺ‹ Ĺ‹& -Ĺ‹ ð -. -Ĺ‹ Ĺ‹ &Ĺ‹ .),()Ĺ‹ +ĹŠ"#2ă+#ĹŠ!~5(!.ĹŠ,(+(3 1ĹŠ8ĹŠ+ ĹŠ2#2(¢-ĹŠ2.Äą +#,-#ĹŠ/42(#1.-ĹŠ/4-3.ĹŠÄƒ- +ĹŠ ĹŠ+ ĹŠ!#+#Äą 1 !(¢-ēŊ ŊěŊ 9[hYW Z[ bWi ')0&&" bWi
ēŊ 234"( -3#2Ŋ"#Ŋ"($#1#-3#2Ŋ/+ -3#+#2Ŋ#"4! 3(5.2Ŋ1(-"(#1.-Ŋ'.,#- )#Ŋ Ŋ + Ŋ (4" "Ŋ + -! ēŊ
Wkjeh_ZWZ[i Y_l_b[i" [ZkYWj_lWi o c_b_jWh[i _d]h[iWhed Wb iWbÂŒd Z[b Ckd_Y_f_e Z[ ?XWhhW$ 9ed bWi dejWi Z[b >_cde DWY_edWb Z[b ;YkWZeh i[ Z_e _d_Y_e Wb fhe]hW# cW Z[ bW i[i_ÂŒd ieb[cd[ feh bei '*& W‹ei Z[ ;b H[jehde$ ;d [b [l[dje i[ h[YedeY_ÂŒ bW bWXeh Z[ gk_[d[i Z[ kdW k ejhW \ehcW ^Wd WfehjWZe Wb Z[iWhhebbe Z[ bW Y_kZWZ o fhel_dY_W$ ;i Wi‡ gk[ i[ [djh[]ÂŒ h[YedeY_c_[djei W Ă›blWhe 9Wc_be FedY[ Jehh[i" f[h_eZ_ijW" Yed [b ]WbWhZÂŒd Ăˆ7X[# bWhZe Ceh|d Ck‹epÉ$ FedY[ [i [b WYjkWb fh[i_Z[dj[ Z[b 9eb[]_e Z[ F[h_eZ_ijWi Z[ ?cXWXkhW" Yk[djW Yed kd bWh]e h[Yehh_Ze [d Z_\[# h[dj[i c[Z_ei Z[ Yeckd_YWY_ÂŒd beYWb[i o dWY_edWb[i$ 7Z[c|i" ^W
fh[ijWZe ik Yedj_d][dj[ [d _dij_# jkY_ed[i" i_[dZe bW ‘bj_cW [b Ck# d_Y_f_e Z[ KhYkgk‡" Wb YkWb be]hÂŒ fheceY_edWh Yed ƒn_je$ 31.2ĹŠ1#!.-.!(,(#-3.2ĹŠ
JWcX_ƒd i[ ejeh]ÂŒ bW YedZ[YehW# Y_ÂŒd ĂˆF[Zhe CedYWoe o ;ifWhpWÉ W 7c‡bYWh LWh[bW @WhW" f[hiedW`[ _XWhh[‹e" ZeY[dj[ [d Z_ij_djWi _dij_jkY_ed[i [ZkYWj_lWi" gk_[d ^W Z[Z_YWZe ik j_[cfe o [nf[# h_[dY_W W bW YkbjkhW$ BW YedZ[YehWY_ÂŒd Ăˆ@eiƒ JeXWh JeXWhÉ i[ [djh[]ÂŒ W bei c[`eh[i Z[fehj_ijWi1 BkYo @WhWc_bbe" Z[ bW Z_iY_fb_dW Z[ Wjb[j_ice" H_YWhZe <beh[i" Z[ ^Wbj[heĂ’b_W o LWd[iiW 9^Wb| Z[ bW Z_iY_fb_dW Z[ `kZe$ b h[YedeY_c_[dje ĂˆJ[eZehe =ÂŒc[p Z[ bW Jehh[É \k[ h[Y_X_ZW
ēŊ Ŋ2#2(¢-Ŋ2.+#,-#Ŋ2#Ŋ "#2 11.++¢Ŋ#-Ŋ#+Ŋ 4"(3.1(.Ŋ .-2# .1Ŋ
#.-(" 2Ŋ 1.  .ēŊ
feh 8[hdWhZe @Wl_[h FheW‹e" h[# fh[i[djWdj[ Z[ FheZ_ifhe" Yece [cfh[dZ[Zeh [d [b |cX_je [c# fh[iWh_Wb$ :[ [ijW cWd[hW Ă’dWb_pWd bWi Ă’[ijWi feh bWi Ă’[ijWi Wb h[YehZWh bW h[\kdZWY_ÂŒd Z[ bW Y_kZWZ" jhWi [b j[hh[ceje Z[b ', Z[ W]eije Z[ '.,." gk[ Z[`ÂŒ W bW L_bbW IWd C_]k[b Z[ ?XWhhW" ikc_ZW [d bei [iYecXhei$
/- (Ĺ‹ Ĺ‹& Ĺ‹ '#&# Ĺ‹ Ĺ‹(#˜ Ĺ‹
ÄľÄ‰ÄŽÄˆÄ?ÄˆÄľ
;b ZhWcW Z[ kdW c[deh Z[ Wf[dWi Zei W‹ei Z[ [ZWZ [c# f[pÂŒ bW cW‹WdW Z[b ' Z[ WXh_b Z[ [ij[ W‹e$ ;i[ Z‡W" 7dZh[W \k[ l_ijW feh bei Yec[hY_Wdj[i Z[b c[hYWZe 7cWpedWi `kdje W kdW ck`[h" f[he Z[ kd ce# c[dje W ejhe bW f[gk[‹W i[ gk[ZÂŒ iebW$ ;ijWXW Z[iYWbpW" Yed l[ij_c[djW l_[`W o [l_Z[d# Y_WXW i‡djecWi Z[ Z[idkjh_# Y_ÂŒd$ Kd ]kWhZ_W Z_e Wl_ie W bW Feb_Y‡W ;if[Y_Wb_pWZW [d D_# ‹ei" D_‹Wi o 7Zeb[iY[dj[i :_dWf[d $ Bei W][dj[i [cf[# pWhed W XkiYWh W bW ck`[h Yed bW gk[ \k[ l_ijW 7dZh[W" f[he bei [i\k[hpei \k[hed [d lWde" [bbW de WfWh[Y_ÂŒ$ I[ [c_j_ÂŒ kdW c[Z_ZW Z[ fhej[YY_ÂŒd Z_ifk[ijW feh [b @k[p Z[ bW D_‹[p o 7Zeb[iY[d# Y_W o bW c[deh fWiÂŒ W WYe]_# c_[dje [d bW 9WiW <Wc_b_W" h[][djWZW feh [b C?;I# ?D<7" ēŊ ĹŠ,#-.1ĹŠ/#1, -#!#ĹŠ ).ĹŠ#+ĹŠ fWhW Yedj_dkWh bWi _dl[ij_]W# !4(" ".ĹŠ"#ĹŠ/#12.- +ĹŠ"#+ĹŠ Äą ĔŊ Y_ed[i o XkiYWh W bW cWZh[$ ,(#-31 2ĹŠ#-!4#-31 -ĹŠ ĹŠ+ ĹŠ, "1#ēŊŊ ;d [ij[ bk]Wh 7dZh[W [ij| W YWh]e Z[ f[hiedWb jƒYd_Ye ZWZ _cXWXkh[‹W gk[ i_ h[Ye# f[hiedWb_pWZe$ H[Y_X[ Wb_# deY[ W bW f[gk[‹W 7dZh[W o c[djWY_ÂŒd" iWbkZ" fhej[YY_ÂŒd" iWX[ Z[ ik cWZh[ e Z[ Wb]‘d h[Yh[WY_ÂŒd o i[ h[Wb_pWd bWi \Wc_b_Wh" Z[ Wl_ie W bWi Wkje# ][ij_ed[i gk[ bW d_‹W _d]h[i[ h_ZWZ[i feb_Y_Wb[i e Wb C?;I# W kd 9[djhe ?d\Wdj_b$ ?D<7 W bei j[bƒ\edei (+*,#(/+% I[ f_Z[ Wfeoe W bW Yeckd_# (+*-#')- e Wb (,''#.(&$
/* , #š(ŋ &ŋ .,)ŋ , (ŋ )&)' # ŋ3ŋ (.#!/)ŋ / ,. &ŋ -Ŋ#+Ŋ! 2.Ŋ"#+Ŋ/1(,#1.Ŋ#23;-Ŋ/ 1 +(9 Ĺ ".2Ŋ+.2Ŋ31 ).2ĔŊ,(#-31 2Ŋ#-Ŋ#+Ŋ2#%4-Ĺ ".Ŋ-(Ŋ2(04(#1 Ŋ#,/(#9 -ē Ŋ ěŊ BW WYjkWb WZc_d_ijhW#
Y_ÂŒd ckd_Y_fWb fh[i_Z_ZW feh [b WbYWbZ[ @eh][ CWhj‡d[p" fhece# Y_edW bW h[Ykf[hWY_ÂŒd Z[ bei X_[# d[i fWjh_ced_Wb[i [ ^_ijÂŒh_Yei$ I_d [cXWh]e" feYe [i be gk[ i[ ^W ^[Y^e ^WijW [b cec[dje Yed h[if[Yje W Zei Z[ [ijWi [Z_Ă’YW# Y_ed[i$ I[ jhWjW Z[b j[Wjhe =hWd 9e# becX_W o [b Wdj_]ke 9kWhj[b C_# b_jWh" WcXei kX_YWZei [d fb[de Y[djhe Z[ bW Y_kZWZ$ Ejhe fWh[# Y_Ze gk[ ]kWhZWd [i gk[ bWi Zei YedijhkYY_ed[i [ij|d [d feZ[h Z[ bW Ckd_Y_fWb_ZWZ$ -9 - ĹŠ/ 31(,.-( +ĹŠ =[eYedZW 8[dWl_Z[i" Z_h[Yje# hW Z[ FbWd_Ă’YWY_ÂŒd Z[b 9WX_bZe" _d\ehcÂŒ oW [ij| YedjhWjWZW kdW Yedikbjeh‡W fWhW [bWXehWh bei [i# jkZ_ei Z[ bei [Z_Ă’Y_ei fWjh_ce#
ĹŠĹŠ
ÄˆÄ–ĹŠÄŒĹŠ,(++.-#2ŊĎććŊ ,(+ĹŠ"¢+ 1#2ĹŠ !.23 1~ ĹŠ+ ĹŠ1#' Äą (+(3 !(¢-ĹŠ"#ĹŠ+ ĹŠ . #1- !(¢-ĔŊ -3(%4.ĹŠ 4-(!(/(.ĹŠ8ĹŠ 4 13#+ĹŠ (+(3 1Ä“
d_Wb[i Z[ bW cWdpWdW gk[ ied0 bW =eX[hdWY_ÂŒd" [b Wdj_]ke Ckd_# Y_f_e o [b Wdj_]ke 9kWhj[b$ ÆBei h[ikbjWZei i[h|d [djh[]WZei ^WijW [b , Z[ `kb_e Z[b fh[i[dj[ W‹e$ 7fhen_cWZWc[dj[ [ijW Yedikbjeh‡W [ijW Yk[ijW .& c_b ZÂŒbWh[i" _dYbk_Zei bei [ijkZ_ei Z[ _d][d_[h‡W Z[Ă’d_j_lW Z[ jeZei bei [ifWY_ei$ OW dei h[kd_cei o dei [djh[]Whed [b Z_W]dÂŒij_Ye Z[ bW fh_c[hW [jWfWÇ" c[dY_edÂŒ$ ;b fh[ikfk[ije jejWb j_[d[ gk[ i[h YWdWb_pWZe W jhWlƒi Z[b fhe# ]hWcW L_l[ FWjh_ced_e" =eX_[h# de DWY_edWb o 8WdYe Z[b ;ijWZe$ C_[djhWi jWdje" ieXh[ [b j[W# jhe" bei fb_[]ei fWhW bW YedjhW# jWY_ÂŒd Z[ bW i[]kdZW \Wi[ [ij|d b_ijei" f[he de i[ iWX[ Z[iZ[ Yk|dZe _d_Y_Wh|d bei jhWXW`ei$ ;ijW eXhW fWjh_ced_Wb i[ [\[Y# jkWh| Yed \edZei ckd_Y_fWb[i$
ÄˆÄ‘ÄŽĹŠ,(+ĹŠ"¢+ 1#2ĹŠ !.23 1~ ĹŠ+ ĹŠ !.-31 3 !(¢-ĹŠ"#ĹŠ + ĹŠ2#%4-" ĹŠ$ 2#ĹŠ "#+ĹŠ # 31.ĹŠ 1 -ĹŠ .+., ( Ä“
( # #š(Ĺ‹ Ĺ‹ / (. -Ĺ‹ (Ĺ‹& Ĺ‹ Ĺ‹ ;b H[Yjeh Z[ bW Kd_l[hi_ZWZ JƒY# d_YW Z[b Dehj[" Ykcfb_[dZe Yed be Z_ifk[ije [d bWi b[o[i Yehh[i# fedZ_[dj[i" [\[YjkÂŒ `ehdWZWi Z[ h[dZ_Y_ÂŒd Z[ Yk[djWi Z[b f[h_eZe (&&-#(&'(" Wdj[ bei [ijkZ_Wd# j[i Z[ bWi Z_\[h[dj[i \WYkbjWZ[i Z[ bW _dij_jkY_ÂŒd$ ;b _d\ehc[ Z[ ][ij_ÂŒd i[ h[Wb_pÂŒ [d [b dk[le YWcfki kd_l[hi_jWh_e" kX_YWZe [d bW fWhhegk_W ?bkc|d YWdjÂŒd EjWlWbe" fhel_dY_W Z[ ?cXWXk# hW $ Feiie Z_e W YedeY[h W bei kd_l[hi_jWh_ei bW Yhedebe]‡W Z[ bWi WYj_l_ZWZ[i h[b[lWdj[i Zk# hWdj[ bW WYjkWb WZc_d_ijhWY_ÂŒd$ Bei j[cWi [d\eYWZei \k[hed0 [b Yh[Y_c_[dje [d _d\hW[ijhkYjkhW" bW _cfb[c[djWY_ÂŒd Z[ dk[lei bWXehWjeh_ei f[ZW]ÂŒ]_Yei" bW YedijhkYY_ÂŒd Z[ Yecfb[`ei Z[# fehj_lei" [b h[\k[hpe Z[ bW ][i# j_ÂŒd WYWZƒc_YW" [djh[ ejhWi WYj_# l_ZWZ[i$ JWcX_ƒd i[ fh[i[djÂŒ" bW fhe# fk[ijW _d_Y_Wb Z[ bWi _dijWbWY_ed[i W Yedijhk_hi[ [d [b dk[le YWc# fki kd_l[hi_jWh_e" bei WlWdY[i [d
[b dk[le [Z_Ă’Y_e Z[ feij]hWZe o bei dk[lei cÂŒZkbei [d bW =hWd# `W ÆBW FhWZ[hWÇ" ZedZ[ h[Wb_pWd jhWXW`ei Z[ [nf[h_c[djWY_ÂŒd Z[ YWcfe bei Wbkcdei Z[ bW <WYkb# jWZ Z[ ?d][d_[h‡W [d 9_[dY_Wi 7]hef[YkWh_Wi o 7cX_[djWb[i$ I[ ieY_Wb_pWhed bei h[ikbjWZei Z[ bWi [lWbkWY_ed[i dWY_edWb[i [ _dj[hdWY_edWb[i" gk[ Z[j[hc_dW# hed bW WYh[Z_jWY_ÂŒd dWY_edWb Z[ bW KJD o bW \kjkhW YWb_Ă’YWY_ÂŒd _dj[hdWY_edWb feh fWhj[ Z[b 9?D# :7 Z[ 9^_b[ $ 7b Ă’dWb Z[ bW [nfei_Y_ÂŒd" [b H[Yjeh Z_e fWie fWhW gk[ bei h[# fh[i[djWdj[i [ijkZ_Wdj_b[i _dj[h# l[d]Wd fWhW ^WY[h fhefk[ijWi ieXh[ be gk[ Z[X[ Yedij_jk_h bei [`[i fh_dY_fWb[i [d [b WYY_edWh Z[ bW WZc_d_ijhWY_ÂŒd Z[ [ijW YWiW Z[ [ijkZ_ei ikf[h_eh[i$
Ĺ? ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ă
(%1 -3#2ĹŠ #,/1#-"#".1#2ĹŠÄ‰Ä‡ÄˆÄ‰
Ĺ—ĹŠ ĹŠBW I[Yh[jWh_W DWY_edWb Z[b C_]hWdj[" WfeoW fWhW gk[
_d_Y_[d ik f[gk[‹e e c[Z_W# de d[]eY_e o Wi‡ Z[iWhhebbWh kdW i[h_[ Z[ _dY[dj_lei fWhW bW h[_di[hY_ÂŒd bWXehWb Z[ bei c_]hWdj[i$ >WijW [b cec[dje ^Wo +& c_]hWdj[i [nfed_[dZe iki d[]eY_ei$ BW \[h_W [cf[pÂŒ [d ?XWhhW" i[ [if[hW [nj[dZ[hbW Wb b_jehWb o bk[]e Wb 7kijhe$ ÆJeZei bei c_]hWdj[i gk[ ^Wd h[jehdW# Ze Wb fW‡i fk[Z[d fWhj_Y_fWh" bW _d\ehcWY_ÂŒd [ij| [d bW f|]_dW m[X0 mmm$i[dWc_$ ]eX$[Y$ 9ed bW WokZW Z[b Ckd_Y_f_e" oW j[d[cei kdW eĂ’Y_dW [d bW KhXWd_pWY_ÂŒd F_bWdgk‡0 YWbb[ Bk_i @WhWc_# bbe (#** [djh[ :Wh‡e ;]Wi o ;ijkWhZe 7bc[_ZWÇ i[‹WbÂŒ"
Ĺ—ĹŠ ĹŠIEB97 ?cXWXkhW i[ Yh[ÂŒ [d [b W‹e (&&($ ;b eX`[j_le"
ēŊ +ĹŠ # 31.ĹŠ 1 -ĹŠ .+., ( ĹŠ8ĹŠ -3(%4.ĹŠ 4 13#+ĹŠ (+(3 1ĔŊ2.-ĹŠ#"(ă!(.2ĹŠ / 31(,.-( +#2ĹŠ"#ĹŠ+ ĹŠ!(4" "ĔŊ04#ĹŠ2#1;-ĹŠ1#' (+(3 " 2Ä“
( , -.,/ ./, Ĺ‹- (#. ,# Ĺ‹ - Ĺ‹#( /!/, Ĺ‹ (Ĺ‹ "/ , ) " Ĺ‹ ÂĄ ēŊ -3.-(.ĹŠ .22.ĔŊ1#!3.1ĹŠ"#ĹŠ + ĹŠ ĔŊ#7/42.ĹŠ ĹŠ+.2ĹŠ#234"( -3#2ĹŠ4-(Äą 5#12(3 1(.2ĔŊ+.2ĹŠ/1.8#!3.2ĹŠ8ĹŠ !3(5(" "#2ĹŠ 1# +(9 " 2ĹŠ#-ĹŠ#+ĹŠ/#1(.".ŊĉććÄ?ÄąÄ‰Ä‡ÄˆÄ‰Ä“
ÄˆÄ‡ĹŠ  .2ĹŠ!4,/+(¢Ŋ
2/#!3.ĹŠ!.+.-( + Ĺ—ĹŠĹŠ 1~ ĹŠ + 4) ĔŊ,.1 ".1 ĹŠ"#+ĹŠ2#!3.1ĔŊ!.,#-3¢Ŋ2. 1#ĹŠ#23 2ĹŠ".2ĹŠ#"(ă! !(.-#2ĹŠ !_-31(! 2ĹŠ"#ĹŠ+ ĹŠ!(4" "ēŊĥ #ĹŠ/ 1#!#ĹŠ 4#-.ĹŠ04#ĹŠ+#2ĹŠ"#-ĹŠ, -3#-(,(#-3.ĔŊ/#1.ĹŠ04#ĹŠ
-.ĹŠ2#ĹŠ+#2ĹŠ04(3#ĹŠ#2#ĹŠ3.04#ĹŠ!.+.-( +ĹŠ04#ĹŠ3(#-#-ĔŊ/.104#ĹŠ#2ĹŠ+ ĹŠ'(23.1( ĹŠ"#ĹŠ 11 ĹŠ8ĹŠ#+ĹŠ #-! -3.ĹŠ/ 1 ĹŠ+.2ĹŠ341(23 2ēŊ 2#15 1ĹŠ#+ĹŠ!4 13#+ĔŊ#2ĹŠ5( ) 1ĹŠ/.1ĹŠ+ ĹŠ'(23.1( ĔŊ24ĹŠ$ !' " ĔŊ 242ĹŠ/ 2(++.2ĔŊ#2#ĹŠ#23(+.ĹŠ 104(3#!3¢-(!.ĹŠ#2ĹŠĂŒ-(!.ēŊ -ĹŠ#+ĹŠ! 2.ĹŠ"#+ĹŠ3# 31.ĹŠ#2ĹŠ 4#-.ĹŠ " 1+#ĹŠ5(" ĔŊ/#1.ĹŠ04#ĹŠ2# ĹŠ/ 1 ĹŠ+ ĹŠ!4+341 ĹŠ( 11# ĔŊ#-ĹŠ".-"#ĹŠ2#ĹŠ' % ĹŠ/1.8#!!(.-#2ĹŠ "#ĹŠ/#+~!4+ 2ĔŊ"#ĹŠ3# 31.ĔŊ" -9 ĹŠ8ĹŠ,ĂŒ2(! ĢēŊŊŊ
;b dk[le i_ij[cW Z[ W]kW fejW# Xb[ gk[ WXWij[Y[h| W bW feXbWY_ÂŒd Ă’`W Z[ OW^kWhYeY^W" bW fbWdjW Z[ jhWjWc_[dje Z[ W]kWi h[i_ZkWb[i o [b i_ij[cW Z[ WbYWdjWh_bbWZe i[h|d _dWk]khWZei ^eo$ BW eXhW \k[ Yedijhk_ZW feh bW ;cfh[iW F‘Xb_YW Ckd_Y_fWb Z[ 7]kW Fe# jWXb[ o 7bYWdjWh_bbWZe Z[ ?XWhhW$ ;b fheo[Yje YedijW Z[ kdW fbWd# jW Z[ jhWjWc_[dje Z[ W]kW fejW# Xb[ gk[ j_[d[ YWfWY_ZWZ Z[ )$+ b_# jhei feh i[]kdZe o kd jWdgk[ Z[ h[i[hlW Z[ (&& c) kX_YWZe [d [b i[Yjeh Z[b Eb_le 7bje" Yed kd cedje Z[ _dl[hi_ÂŒd gk[ ikf[hW
bei ()& c_b ZÂŒbWh[i Ă’dWdY_WZei$ 1.8#!3.ĹŠ(-3#%1 +ĹŠ
7Z[c|i i[ YedijhkoÂŒ [b dk[le i_ij[cW Z[ WbYWdjWh_bbWZe o bW fbWdjW Z[ jhWjWc_[dje Z[ W]kWi h[i_ZkWb[i Yed bW gk[ i[ Z[i# YedjWc_dWh| bW bW]kdW$ ;d [ijW eXhW i[ _dl_hj_ÂŒ kd fh[ikfk[ije Z[ ++& c_b ZÂŒbWh[i Ă’dWdY_WZei W jhWlƒi Z[b C_d_ij[h_e Z[b 7c# X_[dj[$ ;b [gk_fWc_[dje Z[b bW# XehWjeh_e fWhW ced_jeh[e Z[ bW YWb_ZWZ Z[b W]kW Z[ bW bW]kdW" h[fh[i[djW kd lWbeh gk[ ikf[hW bei '() c_b ZÂŒbWh[i$
ēŊ 1 ĹŠ+ ĹŠ(- 4%41 !(¢-ĹŠ"#ĹŠ#23 ĹŠ. 1 ĹŠ2#ĹŠ' ĹŠ/1#/ 1 ".ĹŠ4-ĹŠ#5#-3.ĹŠ 13~23(!.ĹŠ '.8ĹŠ"#2"#ĹŠ+ 2ĹŠÄˆÄŒÄ–Ä‡Ä‡Ä“ĹŠ
^W i_Ze YkXh_h bWi d[Y[i_# ZWZ[i Z[ [ij[ j_fe Z[ [d\[h# c[ZWZ[i o fWjebe]‡Wi [d bWi f[hiedWi jWdje Z[ ?cXWXkhW Yece Z[ bWi fhel_dY_Wi Y[hYWdWi$ I[ j_[d[ kd _dYh[# c[dje fhe]h[i_le" fehgk[ Z[ dk[l[ W '( c_b fWY_[dj[i ied Wj[dZ_Zei WdkWbc[dj[ [d [ijW YWiW Z[ iWbkZ$ 7bh[Z[Zeh Z[ )( f[hiedWi jhWXW`Wd [d bW _dij_jkY_Œd o i[ j_[d[ kdW Z_# l[hi_ZWZ Z[ Z[fWhjWc[djei$
,)3 .)Ĺ‹ &* " Ĺ‹ #!#. & ;b Fheo[Yje 7bfWY^WYW :_]_jWb _cfkbiWZe feh [b Ckd_Y_f_e Z[ ?XWhhW" [i kdW h[Wb_ZWZ$ ;b [gk_# fWc_[dje oW \k[ [djh[]WZe$ Ik WZgk_i_Y_ÂŒd \k[ fei_Xb[ ]hWY_Wi Wb fh[ikfk[ije fWhj_Y_fWj_le gk[ XehZ[W bei ') c_b ZÂŒbWh[i$ C[Z_Wdj[ [b kie Z[ dk[lWi j[Ydebe]‡Wi Z[ bW _d\ehcWY_ÂŒd o Yeckd_YWY_ÂŒd" i[ XkiYW c[`e# hWh [b WYY[ie Z[ bW Yeckd_ZWZ W bWi dk[lWi j[Ydebe]‡Wi$ ;ije f[hc_j_h| _cfkbiWh [b Z[iW# hhebbe j[YdebÂŒ]_Ye" [YedÂŒc_Ye" ieY_Wb o [b X_[d[ijWh Z[ bei ^WX_# jWdj[i Z[ [ijW beYWb_ZWZ$ Bei i[Yjeh[i X[d[\_Y_Wh_ei ied0 BW @kdjW FWhhegk_Wb" BW 9WiW 7hj[iWdWb" 9[djhe Z[ IW# bkZ o 9[djhe Z[ 7bfWY^WYW$ Bei [gk_fei Yk[djWd Yed j[YbWZei o ceki[ [if[Y_Wb[i" fWhW gk[ kj_# b_Y[d f[hiedWi Yed YWfWY_ZWZ[i [if[Y_Wb[i$
Ä…
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ĹŠ'4#++ ĹŠ "#+ĹŠ$4341.
ĹŠ'4#++ ĹŠ"#+ĹŠ$4341.ĹŠ.ĹŠ#+ĹŠ3 ,(Äą 9 )#ĹŠ-#.- 3 +ĹŠ#2ĹŠ4-ĹŠ#7 ,#-ĹŠ 04#ĹŠ2#ĹŠ1# +(9 ĹŠ ĹŠ+.2ĹŠ1#!(_-ĹŠ- Äą !(".2Ä“
ĹŠ ĹŠ ÂĄ ĹŠ ĹŠ ĹŠĹŠ ĹŠ
b [nWc[d Yed# i_ij[ [d jecWh i[_i ]ejWi Z[ iWd]h[ [d bW jWh`[jW =kj^h_[ fWf[b \_bjhe Z[b YehZŒd kcX_b_YWb e Z[b jWbŒd Z[h[Y^e Z[b d[edWje" ck[ijhW i[ [dl‡W W kd bWXehWjeh_e [if[Y_Wb_pWZe fWhW ik
Wd|b_i_i$
Bei h[ikbjWZei Z[b [nWc[d i[ eXj_[d[d [d kd fbWpe Z[ (* W -( ^ehWi o f[hc_j[ bW Z[j[YY_ÂŒd j[cfhWdW Z[ YkWjhe [d\[hc[ZW# Z[i1 [b ^_fej_he_Z_ice Yed]ƒd_# je" bW \[d_bY[jedkh_W" bW ]WbWYje# i[c_W [ ^_f[hfbWi_W ikfhWhh[dWb Yed]ƒd_jW$ ÆFWhW gk[ bW [\[Yj_l_ZWZ Z[b
jWc_p d[edWjWb i[W c|n_cW [d bW fh[l[dY_ÂŒd Z[ [d\[hc[ZWZ[i" Z[X[ i[h h[Wb_pWZe ZkhWdj[ bWi fh_c[hWi Zei i[cWdWi Z[ l_ZW Z[b d[edWje fh[\[h[dj[c[dj[ [djh[ YkWjhe o i_[j[ Z‡Wi Z[ l_ZW [njhWkj[h_dW 1 f[he i_ [ije de [i fei_Xb[" [i jeZWl‡W ‘j_b ^WijW bei Zei e jh[i c[i[i Z[ [ZWZÇ Yec[djÂŒ JWcWhW <_]k[heW" f[# Z_WjhW Z[b 9[djhe Z[ IWbkZ Z[ ?XWhhW$ I_ bWi [d\[hc[ZWZ[i ied Z_W]deij_YWZWi o jhWjWZWi Zk# hWdj[ [b fh_c[h c[i Z[ l_ZW i[ [l_jWd b[i_ed[i d[khebÂŒ]_YWi _hh[l[hi_Xb[i1 WZ[c|i" feh i[h [d\[hc[ZWZ[i ][dƒj_YWi" j_[d[d Wbje h_[i]e Z[ h[f[j_Y_ÂŒd [d bW \Wc_b_W o kd Z_W]dÂŒij_Ye efeh# jkde f[hc_j[ [b Wi[iehWc_[dje ][dƒj_Ye \Wc_b_Wh$
&2081,&$'2 ‡ …‘Â?—Â?‹Â?…ƒ ƒ Ž‘• •‡Ó‘”‡• •–—†‹ƒÂ?–‡• “—‡ •‡ ‡Â?…—‡Â?–”ƒÂ? Â?ƒ–”‹…—Žƒ†‘• ‡Â? ‡Ž ’”‡•‡Â?–‡ ’‡”‹×†‘ ÂƒÂ…ÂƒÂ†ÂąÂ?‹…‘ǥ “—‡ V •‡ ”‡ƒŽ‹œƒ”ž ‡Ž Â†Ă€Âƒ Â?‹‡”…‘އ• Í– †‡ Â?ƒ›‘ †‡Ž ’”‡•‡Â?–‡ ÂƒĂ“Â‘ÇĄ V ͔͜ ͔͔ ƒÂ? › V ͕͜ ͔͔ Â’Â?ÇĄ ‡Â? Žƒ• ‹Â?•–ƒŽƒ…‹‘Â?‡• †‡ Žƒ Â?•–‹–—…‹×Â?Ǥ ! GK DL
;b ^_fej_he_Z_ice Yed]ƒd_je [i bW Z_ic_dkY_ÂŒd Z[ bW fheZkY# Y_ÂŒd Z[ bW ^ehcedW j_he_Z[W [d kd h[Y_ƒd dWY_Ze1 [i Z[Y_h" bW Z[Ă’Y_[dY_W [d bW fheZkYY_ÂŒd Z[ bW ^ehcedW j_he_Z[W JI>" _d# Z_if[diWXb[ fWhW [b Z[iWhhebbe Z[b Y[h[Xhe o fWhW [b Yh[Y_c_[d# je$ ;ij| [d\[hc[ZWZ j_[d[ kdW \h[Yk[dY_W Z[ ' [d )&&& h[Y_ƒd dWY_Zei o W\[YjW Zei l[Y[i c|i W bWi d_‹Wi gk[ W bei d_‹ei o [i \|Y_b Z[ jhWjWh i_ i[ Z_W]deij_YW fh[Yepc[dj[$ BW i[]kdZW [d\[hc[ZWZ gk[ i[ Z[j[YjW [i bW \[d_bY[jedkh_W" [i kdW \WbbW Z[b c[jWXeb_ice Z[b Wc_de|Y_Ze \[d_bWbWd_dW" gk[ Wb de i[h kj_b_pWZe" _djen_YW W bWi d[khedWi Z[b d_‹e" YWkiWdZe Yedlkbi_ed[i o h[jWhZe c[djWb$ JWcX_ƒd i[ fk[Z[ fh[l[d_h bW ]WbWYjei[c_W" gk[ [i bW _dYWfWY_ZWZ Z[b eh]Wd_ice fWhW kj_b_pWh [b Wp‘YWh Z[ bW b[Y^[$ BW ]WbWYjeiW" feh [dZ[ de bW fk[Z[ Yedl[hj_h [d ]bk# YeiW$ ;b Z[fÂŒi_je Z[ ]WbWYjeiW [d Z_l[hiei ÂŒh]Wdei" bb[lW W h[jWhZe" YWjWhWjWi [ _dik\_# Y_[dY_W Z[b ^‡]WZe$ Feh ‘bj_ce" i[ fk[Z[ Z[# j[YjWh bW ^_f[hfbWi_W ikfhW# hh[dWb Yed]ƒd_jW" e [hheh [d bW fheZkYY_ÂŒd Z[ Yehj_iedW" be gk[ [d bW ck`[h YedZ_Y_edW kd YkWZhe Z[ ][d_jWb[i Wc# X_]ke e cWiYkb_d_pWY_ÂŒd$ ;d WcXei i[nei fk[Z[ fh[i[d# jWh fƒhZ_ZW [nW][hWZW Z[ iWb o Z[i^_ZhWjWY_ÂŒd" gk[ fk[Z[ i[h \WjWb$ Æ;b Yedjheb Z[ [ijWi [d\[h# c[ZWZ[i i[ be]hW c[Z_Wdj[ YWcX_ei [d bW Wb_c[djWY_ÂŒd e Yed bW WZc_d_ijhWY_ÂŒd Z[ c[Z_YWc[djei" i_[cfh[ o YkWdZe i[Wd Z[iYkX_[hjWi W j_[cfeÇ" WĂ’hcW [b :h$ DEC# 8H; LWYW" F[Z_WjhW Z[b 9[# cefbW\$ ;b ;ijkZ_e 8_efi_YeieY_Wb Z[ :_iYWfWY_ZWZ" h[Wb_pWZe feh bW C_i_ÂŒd Ieb_ZWh_W CW# dk[bW ;if[`e" [djh[ `kb_e Z[b (&&/ o Z_Y_[cXh[ Z[b (&'&" Z[j[hc_dÂŒ gk[ Z[b jejWb Z[ f[hiedWi Yed Z_iYWfWY_ZWZ _dj[b[YjkWb -'$*'- f[hiedWi " [b *. fh[i[djÂŒ Z_iYWfWY_# ZWZ Z[ eh_][d fh[dWjWb$ :[ [iW Z_iYWfWY_ZWZ fh[#
dWjWb" [b (."*+ ied Z[ eh_][d fh[dWjWb ][dƒj_Ye" [i Z[Y_h" W\[Y# jWY_ed[i Z[ Z_\[h[dj[i ]hWZei [d [b ][decW o Z[b (."*+ Z[ Z_i# YWfWY_ZWZ fh[dWjWb ][dƒj_YW" [b *("'' Z[ bei YWiei [l_Z[dY_ÂŒ [b >_fej_he_Z_ice 9ed]ƒd_je" gk[ i[ cWd_\[ijÂŒ [d jeZWi bWi h[]_e# d[i Z[ bW H[f‘Xb_YW Z[b ;YkWZeh" i[]‘d ZWjei eĂ’Y_Wb[i [njhW‡Zei Z[ bW f|]_dW m[X Z[ bW L_Y[fh[# i_Z[dY_W Z[ bW H[f‘Xb_YW$ Feh [ij| hWpÂŒd" [b c_d_ij[h_e Z[ IWbkZ F‘Xb_YW o bW L_Y[fh[# i_Z[dY_W Z[ bW H[f‘Xb_YW Z[b ;YkWZeh [cfh[dZ_[hed bW YWc# fW‹W ÆF_[ Z[h[Y^e" bW ^k[bbW Z[b \kjkheÇ" gk[ Yedi_ij[ [d h[Wb_# pWh W bei h[Y_ƒd dWY_Zei [b [nW# c[d Z[b jWc_pW`[ d[edWjWb" Yed YeX[hjkhW dWY_edWb1 ZedZ[ '**& kd_ZWZ[i Z[ bW H[Z Z[ IWbkZ F‘# Xb_YW ^eif_jWb[i" ikXY[djhWb o Y[djhei Z[ iWbkZ [ij|d YWfWY_jW# Zei fWhW h[Ye][h bW ck[ijhW gk[ i[h| [dl_WZW feij[h_ehc[dj[ Wb bWXehWjeh_e [if[Y_Wb_pWZe Z[ JWc_pW`[ D[edWjWb" kX_YWZe [d [b ?dij_jkje DWY_edWb Z[ >_]_[d[ ?pgk_[jW Fƒh[p ?D> [d Gk_je$ ;b Yeije Z[b jWc_pW`[ d[edWjWb [ijW lWbehWZe Z[ '& W '( ZÂŒbWh[i" lWbeh gk[ [i Wikc_Ze feh [b ]e# X_[hde [YkWjeh_Wde W jhWlƒi Z[ [ijW YWcfW‹W" h[fh[i[djWdZe kdW _dl[hi_ÂŒd Z[ '-$**+$-&*" Yed fheo[YY_ÂŒd ^WijW [b (&'*$ 7Z[c|i" [b fheo[Yje Wi[]khW [b jhWjWc_[dje ]hWjk_je Z[ bei fW# Y_[dj[i Z_W]deij_YWZei fei_j_lei fWhW YkWbgk_[hW Z[ bWi YkWjhe fWjebe]‡Wi$ ;d ;YkWZeh i[ h[]_ijhW kd fhec[Z_e Z[ )'+ /.+ fWhjei Wb W‹e o [b fhe]hWcW j_[d[ Yece c[jW Wj[dZ[h W c|i Z[ '&& c_b d_‹ei gk[ dWY[d [d bW H[Z Z[b C_d_ij[h_e Z[ IWbkZ F‘Xb_YW o fh[l[d_h (+' YWiei Wb W‹e$ ;d bW WYjkWb_ZWZ" [b jWc_p d[edWjWb de fk[Z[ i[h Yedi_# Z[hWZe iÂŒbe kdW fhk[XW W_ibW# ZW Z[b bWXehWjeh_e" [i d[Y[iWh_e [d\eYWhbe Yece kd fhe]hWcW gk[ _dYbko[ bW Z[j[YY_ÂŒd Z[ bW [d\[hc[ZWZ" bW beYWb_pWY_ÂŒd _d# c[Z_WjW Z[b h[Y_ƒd dWY_Ze" bW YedĂ’hcWY_ÂŒd Z[b h[ikbjWZe" [b Yedjheb Z[b jhWjWc_[dje o [b i[# ]k_c_[dje Z[ bW [lebkY_ÂŒd Z[ bei d_‹ei [d ik Z[iWhhebbe \‡i_Ye o fi_Yecejeh$
Ĺ? ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ć
1.,4#5#-ĹŠ #7/1#2(.-#2ĹŠ 13~23(! 2
ŗŊ Ŋ $ CW‹WdW W fWhj_h Z[ bWi '&0&& [d bW Kd_l[h#
¥ ēŊ Ŋ+.2Ŋ"4# .2Ŋ"#Ŋ1#23 41 -3#2Ŋ8Ŋ!.,#".1#2Ŋ+#2Ŋ.$1#!(#1.-Ŋ4- Ŋ1#! 3#%.1(9 !(¢-Ŋ"#Ŋ+.2Ŋ+.! +#2ĔŊ,(#-31 2Ŋ04#Ŋ#+Ŋ .,(2 1(.Ŋ !(.- +Ŋ#,/#9¢Ŋ Ŋ1# +(9 1Ŋ4-Ŋ ! 3 231.Ŋ/.1Ŋ+ 2Ŋ5#-3 2Ŋ"#Ŋ!.,(" Ŋ"#Ŋ+ Ŋ + 9 Ŋ"#Ŋ .-!'.2Ŋ8Ŋ+ Ŋ #1,(- +ēŊ
(ŋ, -. /, (. -ŋ /- (ŋ - &# ŋ ŋ0 (. ŋ ŋ! .2Ŋ/1./(#3 1(.2Ŋ"#Ŋ#23.2Ŋ+.! +#2Ŋ#23;-Ŋ Ŋ+ Ŋ#2/#1 Ŋ"#Ŋ4-Ŋ #!1#3.Ŋ04#Ŋ+.2Ŋ ,/ Ĺ 1#ēŊ (#-31 2ĔŊ#+Ŋ .,(2 1(.Ŋ+#5 -3 Ŋ.31.Ŋ Ŋ ěŊ Bei fheXb[cWi [d bW
Z_ijh_XkY_Œd Z[b ]Wi de j[hc_dWd [d [b LWbb[ Z[b 7cWd[Y[h$ JeZW# l‡W [i kd Zebeh Z[ YWX[pW fWhW bWi WcWi Z[ YWiW [dYedjhWh kdW XecXedW" Wkdgk[ gk_[d[i c|i fWZ[Y[d fWhW YecfhWh [b YWhXk# hWdj[ Zecƒij_Ye ied bei fhef_[# jWh_ei Z[ h[ijWkhWdj[i o Yec[Ze# h[i fefkbWh[i$ ;d bei ‘bj_cei c[i[i de i[ h[W# b_pWhed ef[hWj_lei [d h[ijWkhWdj[i fWhW YedjhebWh o [n_]_h [b kie Z[ ]Wi _dZkijh_Wb" i_d [cXWh]e" bei Z_ijh_Xk_Zeh[i j_[d[d fhe^_X_Y_Œd
Z[ l[dZ[h Y_b_dZhei Zecƒij_Yei [d [ij[ j_fe Z[ beYWb[i$ 7b cec[dje" gk_[d[i i[ Z[# Z_YWd W bW l[djW Z[ Wb_c[djei fh[fWhWZei i[ bWi _d][d_Wd fWhW WZgk_h_h kdW XecXedW Z[ =Wi B_YkWZe Z[ F[jhŒb[e =BF $ Ck# Y^ei i[ cWd[`Wd Yed bW YecfhW Z[ jh[i Y_b_dZhei Zecƒij_Yei o kd _dZkijh_Wb$ ;d l_ijW Z[ [ijW i_jkWY_Œd" bW fh[#WieY_WY_Œd Z[ h[ijWkhWd# j[i Z[ ?cXWXkhW WYkZ_Œ Wdj[ bW 7iWcXb[W DWY_edWb o bW Fh[i_# Z[dY_W Yed kdW fhefk[ijW$ FbWd#
j[Wd bW Yh[WY_ÂŒd Z[ kdW XecXedW Wbj[hdWj_lW ]WijhedÂŒc_YW Whj[# iWdWb$ 7Z[c|i" ieb_Y_jWhed kdW YWj[]eh_pWY_ÂŒd Z[ bei [ijWXb[Y_# c_[djei gk[ [nf[dZ[d Yec_ZW$ ;Zm_d LWYW" h[fh[i[djWdj[ Z[ bW Fh[#WieY_WY_ÂŒd Z[ h[ijWk# hWdj[i Z[ EjWlWbe" Z_`e gk[ [b Yecfhec_ie Z[ bWi Wkjeh_ZWZ[i \k[ [nf[Z_h kd :[Yh[je o h[Wb_# pWh ceZ_Ă’YWY_ed[i W bW B[o fWhW Z_\[h[dY_Wh Wb i[Yjeh fefkbWh$ I[ Yedij_jko[hed WZ[c|i Yece kdW <[Z[hWY_ÂŒd =WijhedÂŒc_YW 7hj[# iWdWb$ ÆF[Z_cei gk[ bW h[#YWj[# ]eh_pWY_ÂŒd i[ ^W]W Z[ \ehcW eX# `[j_lW j[d[cei bW i[]kh_ZWZ gk[ Yedi[]k_h[cei gk[ [b :[Yh[je dei X[d[\_Y_[" [ijWcei kd_Zei fWhW [ieÇ" h[YWbYÂŒ$ 7Z[c|i" [ij[ ]h[c_e j_[d[
i_ZWZ Z[ EjWlWbe ZWh|d W YedeY[h Z[jWbb[i Z[ bWi `ehdWZWi Z[ bW ZWdpW gk[ i[ h[Wb_pWh|d Z[iZ[ [b c_ƒhYeb[i ( ^WijW [b l_[hd[i * Z[ cWoe Yed bW fh[i[dY_W Z[ YeddejW# Zei ]hkfei beYWb[i" fhel_d# Y_Wb[i o dWY_edWb[i$
kdW [djh[l_ijW Yed h[fh[i[djWd# j[i Z[b C_d_ij[h_e Z[ Jkh_ice o [b Z[ H[Ykhiei DWjkhWb[i de H[# delWXb[i$
#5 -3 -ĹŠ.31.ĹŠ! 3 231.
:[ ik bWZe" [b Yec_iWh_e DWY_e# dWb" 7dZhƒi He`Wi" _d\ehcÂŒ gk[ h[Y_X_ÂŒ kdW Z_ifei_Y_ÂŒd Z[ b[# lWdjWh kd YWjWijhe Z[ c[hYWZei o l[djWi fefkbWh[i$ ;ij[ jhWXW`e oW be Ykcfb_ÂŒ [d bW FbWpW Z[ Fed# Y^ei o bW J[hc_dWb$ B[i ^WY[ \WbjW h[YWXWh _d\ehcWY_ÂŒd [d [b c[hYW# Ze 9efWYWXWdW o [b (* Z[ CWoe$ Æ;ijWcei l_[dZe gk[ [d h[Wb_ZWZ i[Wd Yec[Zeh[i fefkbWh[i gk[ de ikf[h[d Yeijei Z[ kde o Zei ZÂŒbWh[i" WZ[c|i de j_[d[d _d\hW# [ijhkYjkhW Z[ h[ijWkhWdj[iÇ" Z_`e bW Wkjeh_ZWZ$
- 4%41 -ĹŠ 2ĹŠ
% 13() 2ĹŠ
Ĺ—ĹŠĹŠ
Ä“ >eo Z[iZ[ bWi &/0&& i[ Z[iWhhebbWh| bW `eh# dWZW Z[ XW_bej[hWf_W [d bWi f_iY_dWi BWi BW]Whj_`Wi Yece fh[|cXkbe W bW _dWk]khW# Y_ÂŒd Z[b Y[djhe h[Yh[Wj_le fWjh_ced_Wb" Yece be ^Wd Z[# dec_dWZe$ BW _dl[hi_ÂŒd Z[ XehZ[W bei ''. c_b ZÂŒbWh[i$ ;ij[ XWbd[Wh_e oW [ij| \kd# Y_edWdZe Z[ Z[iZ[ [b \[h_WZe Z[ I[cWdW IWdjW$
& (Ĺ‹ Ĺ‹- !/,# Ĺ‹.)' Ĺ‹ ),' Ĺ‹ (Ĺ‹ (Ĺ‹ &)
ēŊ 4(#1#-Ŋ#5(3 1Ŋ Ŋ3." Ŋ!.23 Ŋ1. .2Ŋ8Ŋ! 2.2Ŋ"#Ŋ (%# 3.Ŋ#-Ŋ+ 2Ŋ !.,4-(" "#2Ŋ"#Ŋ -Ŋ +.ēŊ !#Ŋ4-Ŋ  .Ŋ4-Ŋ! 2.Ŋ"#Ŋ1. .Ŋ"#Ŋ -(, +#2Ŋ! 42¢Ŋ 1#54#+.Ŋ#-Ŋ +Ŋ ./.ēŊ
BWi eY^e Xh_]WZWi Yeckd_jWh_Wi o XWhh_Wb[i Z[ IWd FWXbe [cf[# pWh|d [b fheY[ie Z[ YWfWY_jWY_Œd fWhW ZWh ef[hWj_l_ZWZ Wb fbWd Z[ i[]kh_ZWZ fWhhegk_Wb gk[ l_[# d[ jhWXW`WdZe ^WY[ jh[i c[i[i" ZedZ[ _dYbkie i[ Yed\ehcŒ kd Yec_jƒ$ 9k[djWd Yed [b l_ije Xk[de fWhW bW WZgk_i_Y_Œd Z[ WbWhcWi Yeckd_jWh_Wi o kd i_ij[cW Z[ Yeckd_YWY_Œd gk[ [ijWh| b_ije fei_Xb[c[dj[ [ijW i[cWdW$ 7dj[ [b heXe Z[ ]WdWZe [d bWi YeckdWi WbjWi Z[ bW beYWb_ZWZ" bWi Wkjeh_ZWZ[i Z[ Yedjheb c[d# Y_edWhed gk[ i[ ieif[Y^W gk[ bei c_icei l[Y_dei ied YŒcfb_#
Y[i Z[ bei YkWjh[hei o fWhW [ie cWdj_[d[d YeehZ_dWY_ÂŒd Yed bW Feb_Y‡W$ CWkh_Y_e CWhj‡d[p" j[d_[dj[ Feb‡j_Ye Z[ IWd FWXbe" _d\ehcÂŒ gk[ Z[iZ[ cWoe Wif_hWd W gk[ [if[Y_Wb_ijWi YebWXehWh|d Yed bW \ehcWY_ÂŒd Z[ Xh_]WZ_ijWi [d i[# ]kh_ZWZ Yeckd_jWh_W o XWhh_Wb$ ÆL[djW`eiWc[dj[ [d bWi ‘bj_cWi i[cWdWi de i[ ^Wd h[]_ijhWZe YWiei Z[ WX_][Wje f[he bW YWfW# Y_jWY_ÂŒd WfkdjW W bW fh[l[dY_ÂŒd fWhW Z_ic_dk_h bei h_[i]ei Z[ fe# i_Xb[i heXeiÇ" i[‹WbÂŒ$ ;d IWd FWXbe [n_ij[d '( Ye# ckd_ZWZ[i o Yk[djWd Yed kd [i# j_cWZe Z[ '( c_b ^WX_jWdj[i$
".04(- ".ĹŠ / 1 ĹŠ 1 04#
Ĺ—ĹŠĹŠ
$ 8W`e kd Yedl[# d_e Yed`kdje [djh[ bW @kdjW FWhhegk_Wb Z[ IWd FWXbe" bW Yeckd_ZWZ Z[ 7hWgk[ o [b =eX_[hde Fhel_dY_Wb Z[ ?cXWXkhW YebeYWh|d kd i_i# j[cW Z[ WZegk_dWZe [d [ij[ fefkbeie XWhh_e$ ;b Wfeoe Z[ bW Yeckd_ZWZ ^W i_Ze \kdZWc[djWb fk[i [d XWi[ W c_d]Wi oW i[ YedijhkoŒ WY[hWi o XehZ_bbei$
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.2ĹŠÄƒ2! +#2ĹŠ-.ĹŠ +#5 -3 -ĹŠ !3 2ĹŠ / 1 ĹŠ2 #1ĹŠ+.ĹŠ04#ĹŠ 2#ĹŠ' ĹŠ++#5 ".ĹŠ+ ĹŠ .+(!~ ĔŊ 2#ĹŠ!.11#ĹŠ#+ĹŠ1(#2%.ĔŊ"#ĹŠ 04#ĹŠ/4#" -ĹŠ(-!.1/.1 1ĹŠ +%ĂŒ-ĹŠ#+#,#-3.ĹŠ!.,Äą /1.,#3#".1Ģ
.1, +,#-3#Ŋ + Ŋ(-2/(1 !(¢-Ŋ "(5(- Ŋ++#% Ŋ !4 -".Ŋ#+Ŋ'.1(9.-3#Ŋ #2Ŋ,;2Ŋ-#%1.ĢēŊ Ŋ
ĹŠ ĹŠ
ĹŠ ĹŠ ĹŠ
ĹŠ
42.ĹŠ2#74 +
;d ;YkWZeh [b WXkie i[nkWb ^W YWkiWZe ckY^W febƒc_# YW$ I[]‘d [b :D?" [d [b fW‡i jh[i Z[ YWZW Z_[p d_‹ei ^Wd ik\h_Ze Wb]‘d j_fe Z[ WXkie i[nkWb Z[djhe e \k[hW Z[b i[de \Wc_b_Wh$ 7kdgk[ [d cWoeh fehY[djW`[ ied ck`[h[i bWi gk[ ik\h[d Z[ [ij[ cWbjhWje" dWZ_[ [ij| W iWble$ ;b c_[Ze W Z[dkdY_Wh W bei WXkiWZeh[i [i be gk[ _cf_Z[ ^WY[h Wb]e Wb h[i# f[Yje o i[]k_h Yh[WdZe c_[Ze o jhWkcWi [d bWi f[hiedWi$ ;i _dYedY[X_Xb[ gk[ ckY^ei Z[ bei gk[ ik\h[d Z[ WXkie i[nkWb f_[diWd gk[ [i f[eh Z[dkdY_Wh Wb WXkiWZeh "feh c_[Ze$ ;b i[ne i_d Yedi[dj_c_[dje [i kdW l_eb[dY_W Z[ bWi c|i j[dWY[i o Yhk[b[i" oW gk[ fk[Z[d YWkiWh i[Yk[bWi Z[ feh l_ZW" Yed kdW ]hWd fheXWX_b_ZWZ Z[ gk[ bWi c_icWi l‡Yj_cWi i[ Yedl_[h# jWd [d bei WXkiWZeh[i$ ;ije jWcX_ƒd fk[Z[ _h b_]WZe Yed ejhei Z[b_jei Yece feh [`[cfbe bW l_ebWY_ÂŒd" [b [ijkfhe" [jY$" feh be gk[ de ^Wo gk[ [if[hWh i[h cWbjhWjWZe \‡i_YWc[dj[ fWhW Z[dkdY_Wh$ ,(+ ĹŠ 4 .9ĹŠ ēŊ ! ,(+ Ä´,4-.9,Äž'.3, (+Ä“!.,
(/¢3#2(2Ŋ
@kWd FWh[Z[i e\h[Y_ÂŒ W decXh[ Z[ =kj[cX[h] L[hW W CÂŒd_YW ;dYWbWZW Zei YeiWi0 [b fW]e Z[ (+ c_b ZÂŒbWh[i feh bbWcWh W fb[dWh_e o jh[i c_b c[dikWb[i feh h[ZWYjWh kdW i[dj[dY_W o bW f[hcWd[dY_W [d ik YWh]e$ BW `k[pW bbWcÂŒ Wb fb[dWh_e" f[he de h[Y_X_ÂŒ [b Z_d[he o jkle gk[ h[dkdY_Wh W ik YWh]e$ :[ bW ]hWXWY_ÂŒd Z[ bW Yedl[hiWY_ÂŒd" h[ikbjW [l_Z[dj[ gk[ [b `k[p FW# h[Z[i fh[i[djÂŒ kdW i[dj[dY_W [bWXehWZW feh L[hW$ FWhW Yed# Ybk_h Yed [ijW del[bW i[ d[Y[i_jW kdW Z[YbWhWY_ÂŒd `khWc[djWZW" o Yed kie Z[b feb‡]hW\e" Z[ FW# h[Z[i o kd f[h_jW`[ W bei Z_iYei Zkhei Z[ bei YecfkjWZeh[i Z[ L[hW" fWhW l[h_Ă’YWh gk[ bW i[d# j[dY_W \k[ [iYh_jW o [bWXehWZW feh ƒb$ EXl_Wc[dj[" [b Y_kZWZW# de fWjheY_dWZe feh [b WXe]WZe WcehWb"de fk[Z[ Z[ib_dZWh ik h[ifediWX_b_ZWZ$ 234 1".ĹŠ #+. Ä–ĹŠÄˆÄ?ććĈĉČćĉĎ 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#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
Ĺ‹
Ĺ‹ Ĺ‹
;d bW fh_c[hW lk[bjW Z[ bWi [b[YY_ed[i \hWdY[# iWi" ikY[Z_Œ be gk[ lWj_Y_dWXWd bWi [dYk[ijWi0 [b ieY_Wb_ijW <hWdYe_i >ebbWdZ[ Z[hhejŒ Wb fh[# i_Z[dj[ D_Yeb|i IWhaepo" Wkdgk[ de b[ WbYWdpŒ fWhW [l_jWh [b XWbejW`[$ F[he Wb]e c|i _dj[h[iWdj[ [i gk[ [b dWY_edW# b_ice kbjhWZ[h[Y^_ijW Z[ bW YWdZ_ZWjW CWh_Wdd[ B[ F[d" Z[ Yehj[ hWY_ijW Yed efei_Y_Œd W bW [c_]hWY_Œd" eXjkle kdW lejWY_Œd _cfehjWd# j[$ ;d YkWhje bk]Wh \_]khŒ [b hWZ_YWb <h[dj[ Z[ ?pgk_[hZW Z[b YWdZ_ZWje @[Wd BkY Cƒb[dY^ed" Z[ Yehj[ Yeckd_ije_Z[$ ;b h[ikbjWZe h[ifedZ[ W bWi Wd]kij_Wi Z[ bei \hWdY[i[i" gk[ i_[dj[d YŒce bW Yh_i_i [ij| jeYWd# Ze W iki fk[hjWi" o W bW ][ij_Œd Z[ IWhaepo" gk_[d de be]hW h[Wl_lWh bW [Yedec‡W d_ Z_ic_dk_h [b Z[i[cfb[e o [i l_ije Yece kd c[]WbŒcWde" W gk_[d b[ ]kijW [ijWh heZ[WZe Z[ bei feZ[heiei"
ĹŠ ĹŠ
:
-Ĺ‹ ' ,#( -Ĺ‹3Ĺ‹ ") , -Ĺ‹ Kd Yeckd_YWZe Z[ fh[diW Ă’hcWZe feh [b b_Y[dY_WZe CWhY[be C[h_de" j_[d[ Yece j‡jkbe0 Ăˆ8ki[i WYY_Z[d# jWZei de j[d‡Wd h[l_i_ÂŒd jƒYd_YW l[^_YkbWhÉ o c|i WZ[bWdj[" _dZ_YW gk[ ĂˆBW I[Yh[jWh‡W Z[ Cel_b_ZWZ" Yed`kdjWc[dj[ Yed bW Feb_Y‡W DW# Y_edWb o bW Feb_Y‡W C[jhefeb_jWdW" [`[YkjWd ef[hWj_lei Z[ Yedjheb Z_Wh_Wc[dj[ [d bW l‡W f‘Xb_YW Yed Xh_]WZWi gk[ i[ kX_YWd [d i_j_ei Wb[Wjeh_ei Z[ bW khX[É$ BWi \ejei gk[ WZ`kdjW ied _cfh[i_edWdj[i o [b d‘c[he Z[ ck[hjei o ^[h_Zei dei Yedce#
c_[djhWi feYe ^WY[ fWhW Wb_l_Wh bW i_jkWY_ÂŒd Z[ bei c|i d[Y[i_jWZei$ 7i‡" bW i[]kdZW lk[bjW Z[b fhÂŒn_ce Zec_d]e [d\h[djWh| W kd Z_ic_dk_Ze IWhaepo Yed kd hWZ_Wdj[ >ebbWdZ[ gk_[d _di_ij[ [d gk[ bW Wki# j[h_ZWZ Yec_[dpW feh [b ]eX_[hde" WbkZ_[dZe Wb WYjkWb [ij_be Z[hheY^WZeh" h[_j[hWdZe kdW _Z[W gk[ ^WijW W^ehW b[ ^W ZWZe Z_l_Z[dZei0 bei feXh[i de j_[d[d feh gkƒ fW]Wh [b [ijhef_Y_e Z[ bei h_Yei$ ;b i[cWdWh_e Xh_j|d_Ye J^[ ;Yedec_ij" gk[ iWX[ feh gkƒ be Z_Y[" ieij_[d[ gk[ bW [b[YY_ÂŒd Z[ >ebbWdZ[ #W gk_[d j_bZW Z[ Ăˆf[b_]heieÉ# i[h‡W d[]Wj_lW fWhW [b fW‡i$ ;i fei_Xb[$ :[ jeZei ceZei" i[h| kdW ZkhW XWjWbbW [d bW c[Z_ZW [d gk[ bei lejei Z[ B[ F[d o Cƒb[dY^ed i[ _dYb_d[d feh Wb]kde Z[ bei YWdZ_ZWjei$ Ik h[ikbjWZe fk[Z[ Z[\_d_h [b \kjkhe Z[ ;khefW$
Y_edWd W‘d c|i$ I_d [cXWh]e" d_ [d [ij[ Yeckd_YWZe d_ [d d_d]‘d ejhe" gk[ oe h[Yk[hZ[" i[ c[dY_edW [b decXh[ Z[b Zk[‹e Z[b l[^‡Ykbe WYY_Z[djWZe o jWcfeYe [b Z[b Yed# ZkYjeh" W c[dei gk[ [ij[ ^kX_[i[ ck[hje [d [b WYY_Z[dj[$ ÂľDe i[ h[]_ijhW [b decXh[ Z[ bei YedZkYjeh[i [d bWi j[hc_dWb[i j[# hh[ijh[i5 ÂľBW cWjh‡YkbW gk[ Z[X[ ceijhWhi[ de j_[d[ kd d‘c[he" kd _dZ_Y_e gk[ dei YedZkpYW W Wl[# h_]kWh gk_ƒd [i [b Zk[‹e Z[ [iWi c|gk_dWi gk[ Wb]kdei WkZWY[i bbWcWd Ækd_ZWZ[i Z[ jhWdifehj[Ç5 ÂľO gkƒ Z[ bW eXb_]Wjeh_W h[l_i_ÂŒd5 ÂľGk_ƒd WbpW bW XWhh[hW Z[ iWb_ZW5 Ck[h[d f[hiedWi" gk[ZWd fei# jhWZWi Z[ feh l_ZW o dkdYW i[ YWf# jkhW e i[ bb[]W W iWX[h gk_ƒd Yed# ZkY‡W [b l[^‡Ykbe$ Be ‘d_Ye gk[ i[ _d\ehcW" o [ie feh bW WYkY_ei_ZWZ Z[ Wb]‘d f[h_eZ_ijW" [i [b decXh[ Z[ bei Z_\kdjei o ^[h_Zei ÂľDe [i _dWkZ_je5 Âľ7YWie bei Xki[i j_[d[d kd YecfWhj_c[dje i[Yh[je feh [b gk[ [iYWfWd bei Y^e\[h[i5
;b Yeckd_YWZe Z[ fh[diW Wi[# ]khW gk[ [b Xki Z[ bW 9eef[hWj_lW 7cWpedWi gk[ i[ WYY_Z[djÂŒ [b (* Z[ WXh_b [d bW l‡W W FWfWbbWYjW de j[d‡W [b i[bbe Z[ WfheXWY_ÂŒd Z[ bW h[l_i_ÂŒd jƒYd_YW l[^_YkbWh$ Ejhe YWie i_c_bWh [i [b Z[b Xki Z[ JhWdi# fehj[i ;ic[hWbZWi gk[ i[ WYY_Z[d# jÂŒ bW cWZhk]WZW Z[b () Z[ WXh_b [d [b i[Yjeh Z[ =kWobbWXWcXW$ Âľ;ijei l[^‡Ykbei iWb_[hed Z[ bW dWZW5 Âľ:ÂŒdZ[ jecWhed iki fW# iW`[hei5 ÂľDe [i eXb_]Wjeh_e fWhW bWi 9eef[hWj_lWi Z[ JhWdifehj[ fh[i[djWh kdW ]k‡W Z[ fWiW`[hei5 ÂľGk_ƒd b[i f[hc_j_ÂŒ _d_Y_Wh ik l_W`[ ^WY_W bW ck[hj[5 BW YedYbki_ÂŒd [i i_cfb[0 ÂśKdW ^WZW cWZh_dW XW`W Z[ bWi dkX[i" h[iYWjW Wb YedZkYjeh o be Z[iWfWh[Y[ fWhW i_[cfh[ Z[ bW c[ceh_W Z[ bei ieXh[l_l_[dj[i ' + 1"#04(3.Äž -"(- -#3Ä“-#3
^
ĹŠ ĹŠ ÄŠĹŠ ĹŠ
Ĺ‹& #š(Ĺ‹ &Ĺ‹, .),() Dk[ijhW ^_ZWb]W o i[‹eh_Wb 9_k# ZWZ 8bWdYW Z[ ?XWhhW" bW Y_kZWZ Z[b WXeb[d]e _bkijh[" bW Y_kZWZ Z[b [dik[‹e o Z[ bW [if[hWdpW" Yedc[cehÂŒ '*& W‹ei Z[b ]be# h_eie h[jehde Z[ iki cehWZeh[i" bk[]e Z[b Z[iWj[ Z[ bWi \k[hpWi j[b‘h_YWi gk[ bW h[Zk`e W [iYec# Xhei Wgk[b WY_W]e ', Z[ W]eije Z[ '$.,.$ ;b _XWhh[‹e Z[ '$.-( Z[X_ÂŒ [nf[h_c[djWh [d ik _dj[# h_eh [b [cfk`[ Z[ Wgk[bbW \k[hpW gk[ [b c_je ]h_[]e Wjh_XkoÂŒ Wb 7l[ <ƒd_n" Wgk[bbW Wl[ \WXkbeiW gk[ Y‡Yb_YWc[dj[ ceh‡W ieXh[ kdW f_hW o h[dWY‡W bk[]e Z[ iki fhef_Wi Y[d_pWi" fk[i fhedje" [d c[Z_e Z[ bW Z[lWijWY_ÂŒd o bW hk_# dW" [djh[ bei [iYecXhei de h[# cel_Zei jejWbc[dj[" Z[Y_Z_[hed h[jehdWh W iki bWh[i iebWh_[]ei fWhW h[Yedijhk_h bW Y_kZWZ$ FWhW bei Y_kZWZWdei Z[ bW ?XWhhW Z[ [ij[ i_]be NN?" bW Y[b[# XhWY_ÂŒd Z[ ;b H[jehde" de fk[Z[ i[h kdW i_cfb[ Yedc[cehWY_ÂŒd c|i" i_de gk[ j_[d[ gk[ i[h \kd# ZWc[djWbc[dj[ [b h[\[h[dj[ fWhW [cfh[dZ[h [b h[jehde ^W# Y_W be gk[ Yedijhko[ o [Z_Ă’YW" ^WY_W be gk[ j_[d[ Z[ f[hZkhWXb[ o Z[ [j[hde" fWhW ^WY[h Z[ dk[i# jhW FWjh_W Y^_YW [iW ÆXbWdYW jhW# Z_Y_ÂŒdÇ" bW l[hZWZ[hW Æ9_kZWZ XbWdYWÇ gk[ b[ Wf[bb_ZWhed bei kdei" bW Æ9_kZWZ `WhZ‡dÇ" gk[ bW bbWcWhed bei ejhei$ BW b[YY_ÂŒd Z[b H[jehde Z[X[ cej_lWhdei W bei _XWhh[‹ei Z[ ^eo Wb [i\k[hpe Yeb[Yj_le gk[ XkiYW b_cf_Wh bei [iYecXhei Z[b fWiWZe fWhW [cf[pWh Z[ dk[le$ ;i ^ehW Z[ gk[ jeZei h[jehd[cei W bei ]hWdZ[i _Z[W# b[i" W bei ]hWdZ[i eX`[j_lei gk[ i[Wd [i[ \Whe gk[ _bkc_dW o gk[ ]k‡W$ EXl_Wc[dj[ gk[ [n_]_h|d kd [i\k[hpe YedijWdj[ [ _dĂ’d_je" f[he [c_d[dj[c[dj[ d[Y[iWh_e" ie f[dW Z[ \hWYWiWh" Z[ Yedj[d# jWhi[ Yed bW c[Z_eYh_ZWZ" Yed be lkb]Wh gk[ [cfeXh[Y[ o [d# l_b[Y[$ 9[b[Xh[cei ;b H[jehde Z[ceijhWdZe W bei Z[c|i gk[ be gk[ Z[Y_cei Yed bWi fWbWXhWi" feZ[cei Yed bei ^[Y^ei o Yed bWi WYj_jkZ[i" fk[i [bbei fei[[d bW [beYk[dY_W c|i f[hZkhWXb[$
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 ĹŠ ")4-3
ĹŠ ÂĄ ĹŠ (1#!3.1
ĹŠ ĹŠ "(3.1ĹŠ #%(.- + ĹŠ "(3.1( +ĹŠ (-.3 41.ĹŠ Ä“ Ä“ 11 Ä–ĹŠ #)~ ŊĊĎćŊ#-31#ĹŠ 4!1#ĹŠ8ĹŠ .! $4#13#Ä“ #+_$.-.ĖŊĉĒĎĹÄ?ĎćĉŊ , (+Ä–ĹŠ( 11 Äž+ '.1 Ä“!.,Ä“#! 3 5 +.Ä–ĹŠ 4!1#ĹŠ#-31#ĹŠ +(- 2ĹŠ8ĹŠ .1 +#2Ä“ ĹŠ #+_$.-.Ä–ĹŠÄ‰Ä’Ä‰ÄąÄŽÄŒÄ?Ä?ĹŠ , (+Ä–ĹŠ.3 5 +.Äž+ '.1 Ä“!.,Ä“#! 4+!;-Ä–ĹŠ 4!1#ĹŠÄ?ĉĉŊ#-31#ĹŠ 8 !4!'.ĹŠ8ĹŠ 4-~-ĔŊĉ".ĹŠ/(2. #+_$.-.Ä–ĹŠÄ‰Ä’Ä‘ÄąÄŒÄ?ÄŒÄ?ĹŠ , (+Ä–ĹŠ34+! -Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠ .ēŊÄ?Ĉćđ
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
, $ (ŋ* , ŋ )(- !/#,ŋ * . (. ŋ ŋ' ( $)ŋ ŋ0# ŋ
ĹŠ,(!1.#,/1#2 ĹŠĹŠ 4, *ĹŠ (*48ĹŠ3#!Äą -(ă! 1;ĹŠ#+ĹŠ!4+3(5.ĹŠ"#ĹŠ45(++ ĹŠ8ĹŠ 42! 1;ĹŠ ,#1! ".ĹŠ/ 1 ĹŠ#+ĹŠ,.13( .ĹŠ"#2'("1 3 ".Ä“ ŊěŊ Bei Ykbj_lei WdZ_#
dei jecWd \k[hpW [d 9ejWYWY^_$ ;b lWbeh W]h[]WZe Z[ bW kl_bbW gk[ bW c_Yhe[cfh[iW IkcWa C_ako fheY[iW j_[d[ WY[fjW# Y_ÂŒd [d [b c[hYWZe [njhWd`[he$ Bei [dl‡ei i[ bei ^WY[ [d [dlW# i[i WbjWc[dj[ YWb_Ă’YWZei" Zed# Z[ bei fheZkYjei Yece bW kl_bbW Z[i^_ZhWjWZW i[ cWdj_[d[d [d YedZ_Y_ed[i WY[fjWXb[i fWhW [b Yedikce ^kcWde$ ;ijW [nf[h_[dY_W ZW fWie W ejhe fheo[Yje0 [b Ykbj_le o fheY[iWc_[dje Z[b cehj_‹e i_bl[ijh[" [i kdW \hkjW gk[ i[ fheZkY[ [d [b f|hWce o gk[ bei Yeckd[hei be kj_b_pWd fWhW bW [bWXehWY_ÂŒd Z[ YebWZWi" `k]ei e bei Yec[d i_d d_d]‘d fhe# Y[ie" Z_`e bW YejWYWY^[‹W 7dW Ceh|d$ ;d j_[cfe Z[ \_dWZei [i kd fheZkYje Yed WbjW Z[cWd# ZW" fehgk[ i[ be kj_b_pW fWhW bW [bWXehWY_ÂŒd Z[ bW j‡f_YW YebWZW cehWZW$ I_d [cXWh]e" W^ehW bW c_# Yhe[cfh[iW IkcWa C_ako" gk[ [i fWhj[ Z[ bW Kd_ÂŒd Z[ Eh]Wd_# pWY_ed[i ?dZ‡][dWi o 9Wcf[# i_dWi Z[ 9ejWYWY^_ Yed Wfeoe
Ĺ? ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĉ
Ŋ4-Ŋ/ 2.Ŋ"#Ŋ!#11 1Ŋ ! / !(3 !(¢-Ŋ ., #1(+
Ĺ—ĹŠ ĹŠ $ ;ij| fh[l_ije gk[ bW fhÂŒn_cW i[cWdW i[
YkcfbW [b YWcfWc[dje Yed bei (& Yeb[]_Wb[i gk[ fWhj_Y_# fWd [d bW Xh_]WZW XecX[h_b$ ;ijW WYj_l_ZWZ i[ Z[iWhhe# bbW Yece kdW [if[Y_[ Z[ [lWbkWY_ÂŒd ZedZ[ bei Y^_Yei fWhj_Y_fWdj[i ck[ijhWd be Wfh[dZ_Ze$ Bei [ijkZ_Wdj[i Ykcfb_[hed '(& ^ehWi Z[ YWfWY_jWY_ÂŒd o [ij[ [i kd h[gk_i_je fWhW eXj[d[h ik XWY^_bb[hWje$
Z[ bW 7][dY_W Z[ 9eef[hWY_ÂŒd 7b[cWdW o [b 8_eYec[hY_e =;<#97< Z[ bW 9EHF;?" Z[i# ^_ZhWjWh|d [ij[ \hkje i_bl[ijh[$ BW _dj[dY_ÂŒd fWhW bei jƒYd_# Yei Z[ [ijW c_Yhe[cfh[iW [i XkiYWh c[hYWZe _dj[hdWY_edWb Z[ kd fheZkYje de jhWZ_Y_edWb Z[ [nfehjWY_ÂŒd$ FWhW kX_YWh [d d_Y^ei Z[ c[hYWZe [njhWd`[hei" Z[b ceh# j_‹e Z[i^_ZhWjWZe i[ WdWb_pWh| [b lWbeh dkjh_Y_edWb$ .-5#-(.ĹŠ/ 1 ĹŠ!4+3(5.
L[hŒd_YW 7YeijW" ][h[djW Z[ bW c_Yhe[cfh[iW" Z_`e gk[ bWi \Wc_b_Wi gk[ l_l[d [d bWi Yeckd_ZWZ[i Z[ CeheY^ei" IWd D_Yeb|i o =kWdWd‡" o [i# j|d Wi[djWZWi [d bW \hWd`W Z[ Wcehj_]kWc_[dje Z[ bW H[i[h# lW ;YebŒ]_YW 9ejWYWY^_#9WoW# fWi h[Yeb[YjWh|d [b cehj_‹e$ =kWdWd‡" [b W‹e Wdj[h_eh oW h[Yeb[YjŒ jh[i jed[bWZWi Z[ cehj_‹e gk[ \k[ fheY[iWZW feh IkcWa C_ako o \k[ [djh[]WZW W kd Yb_[dj[ gk[ _dYehfehW W bWi XWhhWi Z[ Y^eYebWj[$ FWhW gk[ [ijW WYj_l_ZWZ [ijƒ Z[djhe Z[ bei [ij|dZWh[i f[h#
#ĹŠ04#) -ĹŠ"#ĹŠ + ĹŠ$ +3 ĹŠ"#ĹŠ% 2
Ĺ—ĹŠĹŠ
ÂĄ ēŊ ĹŠ45(++ ĹŠ8ĹŠ,.13( .ĹŠ2.-ĹŠ$143 2ĹŠ-.ĹŠ31 "(!(.- +#2ĹŠ"#ĹŠ#7/.13 !(¢-ēŊ #ĹŠ 42! ĹŠ. 3#-#1ĹŠ+ ĹŠ!#13(ă! !(¢-ĹŠ (."(-;,(! ēŊ +ĹŠ,.13( .ĹŠ)4-3.ĹŠ ĹŠ.31 2ĹŠ$143 2ĹŠ !34 +,#-3#ĹŠ2#ĹŠ!.,#1!( +(9 ĹŠ2(-ĹŠ-(-%ĂŒ-ĹŠ5 +.1ĹŠ %1#% ".Ä“
c_j_Zei o XW`e kdW l_]_bWdY_W jƒYd_YW i[ Ă’hcÂŒ kd Yedl[d_e
Yed [b C_d_ij[h_e Z[b 7cX_[d# j[" bW KdehYWY o IkcWa C_ako$
$ BW Feb_Y‡W DW# Y_edWb ^W h[Y_X_Ze h[fehj[i o gk[`Wi Z[ bei Yeckd[hei Z[ bWi pedWi c|i Z_ijWdj[i gk[ Gk_he]W gk[ i_[dj[d bW [iYWi[p Z[ ]Wi fk[i WZkY[d gk[ bb[lWd i[cWdWi Xki# YWdZe kdW XecXedW Z[b YWhXkhWdj[$ F_Z[d Wfeoe W bWi Wkjeh_ZWZ[i fWhW Yedjhe# bWh bW Z_ijh_XkY_Œd$
,19,7$&,Ă?1 ‡ ‹Â?˜‹–ƒ ƒ Ž‘• …‘Â?Â’ÂƒĂ“Â‡Â”Â‘Â• •‘…‹ƒ• › •‘…‹‘• ƒ…–‹˜‘• › ’ƒ•‹˜‘• †‡ Â?—‡•–”ƒ Â?•–‹–—…‹×Â?ÇĄ ‡Ž Â†Ă€Âƒ Â?ƒ”–‡• Í• †‡ ƒ›‘ †‡Ž ͖͔͕͖ǥ ƒ Žƒ• ͕͙Š͔͔ Â’Â?ÇĄ ƒ Žƒ ‡•‹×Â? ‘އÂ?Â?‡ †‡ —Â? ÂƒĂ“Â‘ Â?ž• †‡ ƒÂ?‹˜‡”•ƒ”‹‘ †‡ Â?—‡•–”ƒ Â?•–‹–—…‹×Â? › ƒ Žƒ Â…Â‡ÂŽÂ‡Â„Â”ÂƒÂ…Â‹Ă—Â? †‡Ž Â†Ă€Âƒ †‡Ž –”ƒ„ƒŒƒ†‘”Ǥ
¥ ēŊ 1(.2Ŋ3#, 2Ŋ31 3 1.-Ŋ#-Ŋ#+Ŋ .-2#).Ŋ"#Ŋ #%41(" "ēŊ 2Ŋ !.-2#!4#-!( 2Ŋ"#Ŋ+ 2Ŋ++45( 2Ŋ$4#1.-Ŋ4-.Ŋ"#Ŋ#++.2ē
/,-)-Ĺ‹* , Ĺ‹ #-'#(/#,Ĺ‹ .)-Ĺ‹#(0 ,( & leYWhed _dkdZWY_ed[i [if[# Y_Wbc[dj[ [d bW fWhhegk_W Z[ Gk_he]W$ 7bX[hje 7dhWd]e" WbYWbZ[ Z[ 9ejWYWY^_" Wi[]khÂŒ gk[ [b Ckd_Y_f_e _dl[hj_h| ,& c_b ZÂŒ# bWh[i [d bW YecfhW Z[ [gk_fei ieĂ’ij_YWZei gk[ i[hl_h|d fWhW [b ced_jeh[e _dj[]hWb Z[ bW bW# ]kdW Z[ 9k_YeY^W$ 7Z[c|i" fWhW i[]kh_ZWZ Y_kZWZWdW YebeYWh| [b Ckd_Y_f_e +* c_b ZÂŒbWh[i$
ÄľÄ‰ÄŽÄˆÄ?ĉľ
;b 9edi[`e Z[ I[]kh_ZWZ Z[ 9ejWYWY^_ i[ h[kd_Œ fWhW WdWb_# pWh bW fei_X_b_ZWZ Z[ Yh[Wh kdW Kd_ZWZ Z[ =[ij_Œd Z[ H_[i]ei Z[b Ckd_Y_f_e" [ijW [dj_ZWZ i[ [dYWh]Wh| Z[ fbWd_\_YWh WY# Y_ed[i Z[ fh[l[dY_Œd Yed bWi [dj_ZWZ[i f‘Xb_YWi o fh_lWZWi Z[b YWdjŒd" [djh[ ejhWi WYj_l_# ZWZ[i$ JWcX_ƒd _d\ehcWhed ieXh[ bei [\[Yjei gk[ YWkiWhed bWi ‘bj_cWi bbkl_Wi" bWi gk[ fhe#
!
ĉ
ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
%4 2ĹŠ2#15(" 2ĹŠ%#-#1 -ĹŠ/1. +#, 2ĹŠ
-ĹŠ 1(#+ēŊ .+ #13.ĹŠ #! +"#ĔŊ .,(2 1(.ĹŠ 4-(!(/ +ĹŠ"#+ĹŠ! -3¢-ĹŠ .-3ĂŒ$ 1ĔŊ,#"( -3#ĹŠ(-2/#!!(¢-ĹŠ1# +(9 " ĹŠ/.1ĹŠ+ ĹŠ/.+(!~ ĹŠ,4-(!(/ +ĔŊ, -($#23¢Ŋ04#ĹŠ#-ĹŠ!(#13 2ĹŠ 5(5(#-" 2ĔŊ#7(23#ĹŠ$4% ĹŠ"#ĹŠ %4 2ĹŠ2#15(" 2ēŊŊ 2ĹŠ %4 2ĹŠ"#2#, .! -ĹŠ ĹŠ+ ĹŠ! ++#ĔŊ ĹŠ+.3#2ĹŠ!.+(-" -3#2ĹŠ.ĹŠ5(5(#-" 2ĹŠ!.-3(%4 2ēŊ ĹŠ 43.1(" "ĹŠ, -($#23¢Ŋ04#ĹŠ+ ĹŠ34 #1~ ĹŠĹŠ "#ĹŠ!(#13 2ĹŠ! 2 2ĹŠ' ĹŠ!4,/+(".ĹŠ!.-ĹŠ24ĹŠ5(" ĹŠĂŒ3(+ēŊ 1 ĹŠ 04#++.ĔŊ+ ĹŠ#-3(" "ĹŠ,4-(!(/ +ĹŠ/("#ĹŠ +ĹŠ/1./(#3 1(.ĹŠ1# +(9 1ĹŠ+ 2ĹŠ1# "#!4 !(.-#2ĹŠ"#ĹŠ !4#1".ĹŠ ĹŠ+ ĹŠ.1"#- -9 ĹŠ04#ĹŠ 1#%+ ,#-3 ĹŠ+ ĹŠ!.-2#15 !(¢-ĹŠ8ĹŠ, -3#-(,(#-3.ĹŠ"#ĹŠ (#-#2ĹŠ#ĹŠ(-,4# +#2ēŊŊ
ŋ 4ŋ-)&# #. ŋ+/ ŋ- ŋ )( , . ŋ0 ,# -ŋ) , Ŋ Ŋě ;ij[ Òd Z[ i[cWdW" [d
[b iWbÂŒd Z[ kiei c‘bj_fb[i Z[ bW fWhhegk_W BW FWp Z[b YWdjÂŒd Cedj‘\Wh" i[ h[kd_[hed c|i Z[ '(& ^WX_jWdj[i Z[b XWhh_e dehj[ Yed bW Ă’dWb_ZWZ Z[ ZWh W Yede# Y[h iki d[Y[i_ZWZ[i gk[ de ^Wd i_Ze Wj[dZ_ZWi feh c|i Z[ Y_d# Ye W‹ei W bW \[Y^W o h[iebl_[hed ieb_Y_jWh W bWi Wkjeh_ZWZ[i bW Wj[dY_ÂŒd kh][dj[$ BWi fh_dY_fWb[i d[Y[i_ZWZ[i gk[ Z[X[d i[h Wj[dZ_ZWi Z[ cW# d[hW kh][dj[ ied0 ZejWY_ÂŒd Z[ i[‹Wbƒj_YW ^eh_pedjWb o l[hj_YWb [d [b i[Yjeh dehj[ o h[ZkYjeh[i Z[ l[beY_ZWZ$ 7bYWdjWh_bbWZe iWd_jWh_e [d [b i[Yjeh eh_[djWb$ 9WcX_e Z[ h[Z[i Z[ WbjW j[d# i_ÂŒd i[Yjeh Bei BWkh[b[i o KF9 Z[b XWhh_e$ :[ _]kWb cWd[hW f_Z_[hed W bW feb_Y‡W dWY_edWb _dYh[c[djWh bei fWjhkbbW`[i [d
^ehWi Z[ bW deY^[ Z[X_Ze Wb Wbje ]hWZe Z[ _di[]kh_ZWZ o heXe W Zec_Y_b_ei$ 9Whbei :‡Wp" fh[i_Z[dj[ Z[b XWhh_e dehj[" cWd_\[ijŒ gk[ [i fh[eYkfWdj[ bW \WbjW Z[ Wj[d# Y_Œd feh fWhj[ Z[ bWi Wkjeh_ZW# Z[i YWdjedWb[i o fhel_dY_Wb[i [d [b Wif[Yje Z[0 i[]kh_ZWZ Y_k# ZWZWdW" l_Wb_ZWZ" _d\hW[ijhkY# jkhW Z[fehj_lW" WbYWdjWh_bbWZe o WbkcXhWZe f‘Xb_Ye$ ;d [ijei ‘bj_cei Y_dYe W‹ei de ^Wd fh[i[djWZe c[`ehWi [d bW YWb_ZWZ Z[ l_ZW Z[ iki ^WX_# jWdj[i$ Ejhe Z[ bei fheXb[cWi [i bW Z_ijh_XkY_Œd Z[b ]Wi [d bW fWhhegk_W o Yeckd_ZWZ[i$ ;d bW fh_c[hW i[cWdW Z[ cWoe" i[ ^W fhe]hWcWZe cWd# j[d[h kdW WiWcXb[W ][d[hWb Yed CWh‡W >[b[dW L_bbWhh[Wb" ]eX[hdWZehW Z[ bW fhel_dY_W$
ēŊ -Ŋ! 2.Ŋ"#Ŋ"#/1#2(¢-Ŋ2#Ŋ"# #Ŋ !4"(1Ŋ"#Ŋ(-,#"( 3.Ŋ Ŋ4-Ŋ/1.$#2(.- +ēŊ -Ŋ#+Ŋ24 !#-31.Ŋ"#Ŋ2 +4"Ŋ2#Ŋ 1(-" Ŋ#23#Ŋ3(/.Ŋ "#Ŋ 3#-!(¢-ēŊ
) & ), -ŋ, !#-., (ŋ / ,)-ŋ *, -#0)-ŋ 23.2Ŋ2~-3., 2Ŋ /4#"#-Ŋ!.-++#5 1Ŋ Ŋ(-3#-3.2Ŋ"#Ŋ24(Ĺ !("(.ēŊ #Ŋ+.Ŋ"# #Ŋ 31 3 1Ŋ Ŋ3(#,/.ēŊ
ĹŠ ĹŠÄ› KdW ck`[h Yed#
ēŊ .1 ".1#2Ŋ"#Ŋ4-Ŋ 11(.Ŋ"#Ŋ/ 11.04( Ŋ Ŋ 9Ŋ2.+(!(3 -Ŋ 3#-!(¢-Ŋ Ŋ 242Ŋ-#!#2(" "#2ēŊ
Ykhh_Œ W i[_i i[i_ed[i fi_YebŒ# ]_YWi feh ik\h_h YkWZhei Z[fh[# i_lei$ BW j[hWf_W bW h[Y_X_Œ [d [b ikXY[djhe Z[ iWbkZ Z[ @kb_e 7dZhWZ[$ >eo" bW fWY_[dj[ ikf[hŒ [b fheXb[cW$ Ik c[jW W^ehW [i YedYbk_h Yed bei [ijkZ_ei [d [b Yeb[]_e$ OW j_[d[ kd fheo[Yje Z[ l_ZW Yece [i bW Z[ j[hc_dWh kdW YWhh[hW fhe\[i_edWb$ 7i‡ Yece [ij[ YWie ^Wo Wb]kdei YWiei [d fheY[ie Z[ h[^WX_b_jWY_Œd$ Bei ]Wb[dei h[Yec_[dZWd W bWi f[hiedWi gk[ ik\h[d Z[ Z[fh[i_Œd de Y[hhWhi[ [d ik ckdZe i_de WYkZ_h W bW Wj[dY_Œd fi_YebŒ]_YW gk[ Xh_dZW [b C_d_i# j[h_e Z[ IWbkZ fWhW Yedbb[lWh kd
ĹŠ 3#-!(¢ŊŊ ĹŠ 2(23#-!( ĹŠ/2(!.+¢%(! ĹŠ2#ĹŠ1# +(9 ĹŠĹŠ4-ĹŠ2.+.ĹŠ"~ ēŊ -ĹŠ+ ĹŠ.ă!(- ĹŠ/2(!.+¢%(! ĹŠ#7(23#ĹŠ Ĺ—%1 -ĹŠ !.%(" ĹŠ"#ĹŠ/#12.- 2ĹŠ04#ĹŠ1#04(#1#-ĹŠ +%ĂŒ-ĹŠ31 3 ,(#-3.ēŊēŊ
23#Ŋ#2/ !(.Ŋ3(#-#Ŋ%1 -Ŋ !#/3 !(¢-Ŋ8Ŋ#2Ŋ4- Ŋ./.134-(" "Ŋ/ 1 Ŋ+ 2Ŋ/#12.- 2Ŋ 04#Ŋ+.Ŋ1#04(#1 -ēŊ +Ŋ/ !(#-3#Ŋ2#Ŋ+.Ŋ 1(-" Ŋ 3#-!(¢-Ŋ"#Ŋ! +(" "Ŋ8Ŋ! +("#9ēŊ 4#%.Ŋ2#Ŋ /1 !3(! Ŋ4- Ŋ1#!.1" !(¢-Ŋ"#Ŋ24Ŋ5(" Ŋ)4-3.Ŋ!.-Ŋ24Ŋ$ ,(+( Ŋ/ 1 Ŋ, 2Ŋ3 1"#Ŋ1# +(9 1Ŋ 3#1 /( 2Ŋ"#/#-"(#-".Ŋ"#Ŋ+.2Ŋ! 2.2ē
.2ĹŠ2~-3., 2ĹŠ2.-Ä–ĹŠ#23 ".ĹŠ"#ĹŠ;-(,.ĹŠ ).ĔŊ(-2.,-(.ĔŊ$ 3(% ĔŊ -2(#" "ĔŊ,(#".ĔŊ 2.+#" "ĔŊ++ -3.ĹŠ$;!(+ĔŊ#-31#ĹŠ.31 2ēŊŊŊŊ (ĹŠ#-ĹŠ+ 2ĹŠ2#2(.-#2ĹŠ-.ĹŠ !4"#ĹŠ#+ĹŠ/ !(#-3#ĹŠ.ĹŠ-.ĹŠ' 8ĹŠ#+ĹŠ /.8.ĹŠ$ ,(+( 1ĹŠ8ĹŠ2(ĹŠ#+ĹŠ!4 "1.ĹŠ ' ĹŠ2 +(".ĹŠ"#ĹŠ4- ĹŠ2#2(¢-ĹŠ/2(!.3#1 /#ĂŒ3(! ĹŠ2#ĹŠ !4"#ĹŠ ĹŠ+ ĹŠ/2(04( 31~ ĹŠ.ĹŠ 3#-!(¢-ĹŠ -#41.+¢%(! ēŊ
^e]Wh \[b_p o b_Xh[ Z[ _dj[djei Z[ c[djWd bei YWiei [d WZeb[iY[dj[i o WZkbjei$ ik_Y_Z_e$ Æ;d bei `ÂŒl[d[i o WZkbjei" bW cWoeh‡W i[ ZWd fehgk[ j_[d[d $#!3 ".2ĹŠ ĹŠ!4 +04(#1ĹŠ#" " BW fi_YÂŒbe]W CWh‡W ;k][d_W He# cWbei h[Yk[hZei Z[ be gk[ fWiÂŒ i[he" _dZ_YÂŒ gk[ bW cWoeh‡W Z[ [d W‹ei Wdj[h_eh[iÇ" [nfb_YÂŒ bW f[hiedWi gk[ Wi_ij[d W [ijW YWiW fhe\[i_edWb Z[ bW iWbkZ$ :_`e gk[ kdW Z[ bWi fh_c[hWi Z[ iWbkZ fh[i[djWd YkWZhei Z[ j[di_ÂŒd [ceY_edWb o Z[ [f_ieZ_ei YWkiWi fWhW gk[ bWi f[hiedWi fh[# Z[fh[i_lei gk[ fk[Z[d Yedbb[lWh i[dj[d [ijei fheXb[cWi fhel_[d[ W _dj[djei Z[ ik_Y_Z_e$ Z[ ^e]Wh[i Z_i\kdY_edWb[i Yed Wbje 9edi_Z[hÂŒ gk[ bei i‡djecWi Yedikce Z[ WbYe^eb_ice$ i[ ZWd W YkWbgk_[h [ZWZ [ _dYbk# Hei[he WYbWhÂŒ gk[ kd *& Z[ ie YecfheXÂŒ gk[ bei d_‹ei i[ f[hiedWi gk[ WYkZ[d Wb IkXY[d# [dYk[djhWd Yed Z[fh[i_ÂŒd o Wk# jhe ik\h[d Z[ [ij[ fheXb[cW$
+/#* '# (.)Ĺ‹* , Ĺ‹ &Ĺ‹- .),Ĺ‹ / .#0) ĹŠ Ä› BWi [iYk[bWi <WYkdZe
(5#12(¢-Ŋ#-Ŋ#+Ŋ/ 104#Ŋ
ĹŠ ĹŠ Ä–ĹŠ ĹŠ
ĹŠ ĹŠ
+Ŋ:-%#+ĖŊ -Ŋ4-.Ŋ"#Ŋ+.2Ŋ/ 104#2Ŋ(,/.13 -3#2Ŋ04#Ŋ3(#-#Ŋ+ Ŋ!(4" "Ŋ "#Ŋ +Ŋ:-%#+ĔŊ4- 2Ŋ-( 2Ŋ"#Ŋ4- Ŋ"#Ŋ+ 2Ŋ#2!4#+ 2Ŋ"#+Ŋ+4% 1ĔŊ)4#% -Ŋ !3(5 ,#-3#Ŋ#-Ŋ+ 2Ŋ#2!4+341 2ēŊ 23#Ŋ#2Ŋ4-.Ŋ"#Ŋ+.2Ŋ/ 104#2Ŋ 5(2(3 ".2Ŋ/.1Ŋ341(23 2Ŋ- !(.- +#2Ŋ8Ŋ#731 -)#1.2ēŊ 04~Ŋ2#Ŋ!.-2314Ĺ 8#1.-Ŋ#2!4+341 2Ŋ"#Ŋ!#,#-3.Ŋ!.,.Ŋ4-Ŋ1#Ą#).Ŋ"#Ŋ+ 2Ŋ, 1 5(++ 2Ŋ - 341 +#2Ŋ04#Ŋ3(#-#Ŋ#+Ŋ! -3¢-ēŊ 04~Ŋ2#Ŋ/4#"#Ŋ#-!.-31 1ĖŊ1 - 2ĔŊ .2.2ĔŊ5#- ".2ĔŊ$1 (+#).-#2Ŋ8Ŋ,;2ēŊ
:_[]e 7YeijW" CeZ[ije =h_`WblW" @kWd Z[ L[bWiYe [ ?i_Zhe 7oehW" Z[ bWi fWhhegk_Wi @WY_dje @_`ÂŒd o 9WWcW‹e o BW 9edY[fY_ÂŒd" [d ik ehZ[d" \k[hed X[d[Ă’Y_WZWi Yed fkf_jh[i o ceX_b_Wh_e$ ;b ckd_Y_f_e Z[b YWdjÂŒd C_hW o [b FbWd ;YkWZeh W jhWlƒi Z[b Yedl[d_e Z[ Yeef[hWY_ÂŒd _dj[# h_dij_jkY_edWb WfehjWhed fWhW Wj[dZ[h bWi d[Y[i_ZWZ[i Z[ bei [ijWXb[Y_c_[djei [ZkYWj_lei$
;b [gk_fe jƒYd_Ye Z[ bW ck# d_Y_fWb_ZWZ Z[b YWdjŒd C_hW fh[fWhŒ bW fhefk[ijW fWhW ZWh iebkY_Œd W bW fheXb[c|j_YW gk[ WjhWl[iWXWd bei d_‹ei Z[ bWi YkW# jhe [iYk[bWi$ ;b WbYWbZ[ Z[ [ijW `kh_iZ_YY_Œd <Wkije Hk_p ][ij_edŒ bei h[Ykh# iei [YedŒc_Yei [d FbWd ;YkWZeh" _dij_jkY_Œd Z[b =eX_[hde DWY_e# dWb gk[ Wj[dZ_Œ [b f[Z_Ze$ BWi Zei [dj_ZWZ[i f‘Xb_YWi WfehjWhed Yed [b [gk_fe jƒYd_#
Ye o h[Ykhiei [YedŒc_Yei fWhW ^WY[h h[Wb_ZWZ [b [gk_fWc_[dje [ZkYWj_le$ I[]‘d [b WbYWbZ[ Z[b YWdjŒd C_hW <Wkije Hk_p" bW ckd_Y_# fWb_ZWZ Z[ WYk[hZe Wb 9ŒZ_]e Eh]|d_Ye Z[ EhZ[dWc_[dje J[hh_jeh_Wb j_[d[ Yecf[j[dY_W [nYbki_lW Yece [i bW Z[ fbW# d_\_YWh" Yedijhk_h" cWdj[d[h bW _d\hW[ijhkYjkhW \‡i_YW o [b [gk_fWc_[dje [d bWi |h[Wi Z[ iWbkZ o [ZkYWY_Œd$
,6ð )ŋ ŋ (#' & -ŋ (ŋ * &#!,)ŋ ŋ 2.#( #š( 4#1.-Ŋ1#!4/#1 Ĺ ".2Ŋ".2Ŋ -(, +#2Ŋ 04#Ŋ/#1, -#!~ -Ŋ !.,.Ŋ, 2!.3 2Ŋ#-Ŋ (1 Ŋ8Ŋ 2/#).ē : Ŋ ě ;b jh|#
ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄŠ
ŗŊ ŊŊ : ŊěŊBW b_cf_[pW" Whh[# ]be Z[ bei [ifWY_ei l[hZ[i
ēŊ -(, +#2Ŋ2(+5#231#2Ŋ04#Ŋ5(5~ -Ŋ#-Ŋ! 43(5#1(.Ŋ$4#1.-Ŋ1#!4/#1 ".2Ŋ/.1Ŋ/#12.- 2Ŋ"#Ŋ,#"(.Ŋ , (#-3#
bei Wd_cWb[i gk[ bk[]e ied jhWibWZWZei W Y[djhei Z[ h[iYWj[$ ;b beXe Z[ f|hWce \k[ h[iYWjWZe feh kdW f[hiedW gk[ be Zec[ij_YŒ o bei fkie W Yedl_l_h Yed f[hhei" [b Wd_# cWb i[h| jhWibWZWZe W Gk_je fWhW gk[ bk[]e Z[ lWh_ei [i# jkZ_ei i[ Z[j[hc_d[ i_ fk[Z[ h[]h[iWh W ik ^WX_jWZ dWjk# hWb _dZ_YŒ :_[]e FedY[ Z[ bW Kd_ZWZ Z[ H[iYWj[ 7d_cWb Z[ bW :_h[YY_Œd Z[ C[Z_e 7cX_[dj[ Z[b 9WhY^_$ BW jehjk]W i[h| jhWibW# ZWZW Wb peebŒ]_Ye Z[ =kW# oWX_bbWi$
* #. #)( -ŋ ŋ* ,-)( &ŋ ŋ!) # ,()-ŋ /.š()')-ŋ
¥ ēŊ +1#"#".1Ŋ"#ŊŊ ĊćŊ$4-!(.- 1(.2Ŋ"#Ŋ"($#1#-3#2Ŋ #-3(" "#2Ŋ$4#1.-Ŋ/ 13#Ŋ"#Ŋ+ Ŋ ! / !(3 !(¢-
:_h[YY_ed[i Fhel_dY_Wb[i Z[b C?;I" C7=7F" C?:KL?" IWbkZ" ;ZkYWY_Œd" C[Z_e 7cX_[dj[ [ >_ZheYWhXkhei1 `kdje W bei \kdY_edWh_ei Z[ ejhWi Z[f[dZ[dY_Wi Z[ bW fhel_dY_W fWhj_Y_fWhed Z[b [l[dje gk[ i[ Z[iWhhebbŒ [d bW ‘bj_cW i[cWdW Z[ [ij[ c[i$
'+ $,
: ĹŠÄ› ;d JkbY|d i[ h[Wb_pÂŒ bW j[hY[hW `ehdWZW Z[b ÆFbWd Z[ 9W# fWY_jWY_ÂŒd (&'(Ç fWhW fhecel[h [b \ehjWb[Y_c_[dje Z[ bei =eX_[h# dei 7kjÂŒdecei :[iY[djhWb_pW# Zei =7:i o Z[ bei eh]Wd_icei pedWb[i gk[ Z[f[dZ[d Z[ [ij[ i_ij[cW$ ;d [b jWbb[h gk[ \k[ Z_YjWZe feh f[hiedWi Z[ bW I[Yh[jWh‡W Z[ FbWd_\_YWY_ÂŒd o :[iWhhebbe I;DFB7:;I PedW ' Dehj[" i[ jhWjÂŒ j[cWi Yece _d\ehcWY_ÂŒd ][e]h|Ă’YW" ieY_e Z[ce]h|Ă’Ye o [ijWZ‡ij_Yei" [b eX`[j_le YecfWh# j_h [b WYY[ie W bW _d\ehcWY_ÂŒd f‘# Xb_YW fWhW c[`ehWh [b cWd[`e Z[ bW fbWd_Ă’YWY_ÂŒd j[hh_jeh_Wb$ F[hiedWi WZc_d_ijhWj_le o jƒYd_Ye Z[ ') _dij_jkY_ed[i" Yece =eX_[hde Fhel_dY_Wb Z[b 9WhY^_" =eX_[hdei 7kjÂŒdecei :[iY[d# jhWb_pWZei Z[ JkbY|d" >kWYW" o 8eb‡lWh$ 7Z[c|i [b f[hiedWb Z[ bWi
11#%+.ĹŠ"#ĹŠ #2/ !(.2ĹŠ5#1"#2
ĹŠ
\_Ye Z[ Wd_cWb[i [i kdW WYj_l_ZWZ gk[ [ij| iWdY_e# 2ĹŠ2 -!(.-#2ĹŠ /.1ĹŠ+ ĹŠ! 9 ĔŊ31;$(Äą dWZW feh bWi b[o[i !.ĹŠ8ĹŠ!.,#1!( +Äą [YkWjeh_WdWi" bW (9 !(¢-ĹŠĹŠ"#ĹŠ -(Äą , +#2ĹŠ2(+5#231#2ĹŠ fhej[YY_ÂŒd W [i# /4#"#-ĹŠ2#1ĹŠ"#ĹŠ f[Y_[i [d f[b_]he ' 23 ĹŠ!4 31.ĹŠ,(+ĹŠ "¢+ 1#2ĔŊ3 , (_-ĹŠ 2#ĹŠ2 -!(.- ĹŠ!.-ĹŠ Z[ [nj_dY_ÂŒd$ ;d bei YWd# /1(2(¢-ēŊ jed[i Z[ C_hW o ;if[`e \k[hed h[Ykf[hWZei kdW jehjk]W o kd beXe Z[ f|hWce" bei Wd_cWb[i de [ijWXWd [d ik ^WX_# jWZ dWjkhWb o bWi f[hiedWi gk[ bei j[d‡Wd [d ik feZ[h bei [d# jh[]Whed i_d fheXb[cWi [nfb_YÂŒ ?ihW[b =kpc|d kd_\ehcWZe Z[ bW Kd_ZWZ Z[ C[Z_e 7cX_[dj[$ ;d jeZe [b fW‡i i[ h[Wb_pW Yed# jhebW [b jh|Ă’Ye o l[djW Z[ [if[# Y_[i [nfb_YÂŒ [b kd_\ehcWZe ÆbWi iWdY_ed[i fWhW bWi f[hie# dWi gk[ YWpWd o jhWĂ’YWd Yed [i# f[Y_[i lW Z[ jh[i W YkWjhe W‹eiÇ WYejÂŒ$ ;d be gk[ lW Z[ [ij[ W‹e jWc# X_ƒd i[ h[Ykf[hWhed kdW b[Y^kpW gk[ jWcX_ƒd l_l‡W [d YWkj_l[h_e$ ;b h[iYWj[ Z[ bei Wd_cWb[i i[ h[Wb_pW Yed YebWXehWY_ÂŒd Z[ \kdY_edWh_ei Z[ bW :_h[YY_ÂŒd Z[b 7cX_[dj[ Z[ JkbY|d gk_[d[i Wikc[d bW h[ifediWX_b_ZWZ Z[
7
Z[ bW Y_kZWZ i[ h[Wb_pWd Z[ cWd[hW f[h_ŒZ_YW fWhW [l_jWh gk[ [ij|i i[ bb[d[d Z[ XWikhW o [iYecXhei$ BW feZW Z[ bWi ^e`Wi Z[ bei |hXeb[i i[ h[Wb_pW fWhW gk[ de j[d]Wd YedjWYje Yed [b YWXb[WZe [bƒYjh_Ye$ ;b cWdj[d_c_[dje W bei [ifWY_ei l[hZ[i _dYbko[ [b Yk_ZWZe Z[ bei fWhgk[i" o bWi `WhZ_d[hWi kX_YWZei W be bWh]e Z[ bWi fh_dY_fWb[i l‡Wi Z[ Y_kZWZ$
!, - )-ŋ (ŋ & ŋ Ě
āĀ
ŏŏ ĂĊŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
(1#ũ242ũ$.3.2ũ#-Ė 666ē+ '.1 ē!.,ē#!
.1, ũ .+ .2Ĕũ +$1#".ũ 2!. 1ũ )4-3.ũ ũ .2 +~ ũ 2!. 1ũ#%1#2 " ũ"#ũ -%ēũ .,#1!( +
ŋ() " ŋ &ŋ0# ,( -ŋ&)-ŋ -./ # (. -ŋ ŋ& ŋ (#0 ,-# ŋ . &# ŋ &ŋ / ),ŋ- ŋ ,, ŋ./0# ,)(ŋ/(ŋ .)ŋ#(-.#Ě ./ #)( &ŋ (ŋ &ŋ+/ ŋ !, - (ŋ -./ # (. -ŋ ŋ& -ŋ # , (Ě . -ŋ ,, , -ŋŋ+/ ŋ- ŋ*/ ŋ ( )(., ,ŋ (ŋ -. ŋ (#0 ,-# Ą
(%4#+ũ .+;Ĕũ ( - ũ (5 "#-#(1 Ĕũ $ #+ũ _$ 9Ĕũ 23'#1ũ 15;#9Ĕũ ēũ #1ũ 23(" 2Ĕũ .2_ũ 4(2ũ % 2Ĕũ+ 2ũ#%1#2 " 2ũ)4-3.ũ ũ242ũ#2/.2.2ē
%(23#1ũ #1- -".ũ (#11.Ĕũ 4"(3'ũ"#ũ (#11.
ĵĉĎĈĐĐĵ
+#) -"1 ũ 413 ".Ĕũ 1(#+ ũ + 2Ĕũ 31(!( ũ 1!_2
, 41 ĹŠ , 3( +#
ĹŠ/1.5(-!( ĹŠ"#ĹŠ , 41 ĹŠ!.-ĹŠ24ĹŠ1#/1#2#-3 -3#ĹŠ"#ĹŠ 3 5 +.ĹŠ#-ĹŠ#+ĹŠ! ,/#.- 3.ĹŠ- !(.- +ĹŠ$#,#-(-.ĔŊ2#ĹŠ#-!4#-31 ĹŠ/ 13(!(/ -".ĹŠ#-ĹŠ+ ĹŠ!(4" "ĹŠ"#ĹŠ 4+!;-ĹŠ#-ĹŠ+ ĹŠ"(2!(Äą /+(- ĹŠ"#ĹŠ 2*#3 ++ĹŠ! 3#%.1~ ĹŠ #-(.1ĔŊ#-ĹŠ+ ĹŠ2#1(#ĹŠÄĽ ČēŊ -ĹŠ24ĹŠ"# 43ĔŊ#+ĹŠ#04(/.ĹŠ(, 41# .ĹŠ. 345.ĹŠ4-ĹŠ1#24+3 ".ĹŠ$ 5.1 +#ĹŠ"#ĹŠĹŠÄŒÄ?ÄąÄŠÄŒĹŠ -3#ĹŠ#+ĹŠ04(-3#3.ĹŠ"#+ĹŠ /.Ä—ĹŠ8ĹŠ#+ĹŠ !.3#).ĹŠ -3#ĹŠ 4 8 2ĹŠĹŠ$4#1.-ĹŠ(%4 +,#-3#ĹŠ(, 3( +#2ĔŊ +ĹŠ3#1,(- 1ĹŠ#+ĹŠ/ 13(".ĹŠÄ?ÄˆÄąÄ‰Ä’Ä“ĹŠ + 2(ă! -".ĹŠ ĹŠ.!3 5.2ĹŠ"#ĹŠÄƒ- +Ä“
7 Ĺ? Ĺ? ÄƒÄ Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä Ä
(-Ŋ/.-Ŋ#-Ŋ 24Ŋ,;7(, Ŋ #7/1#2(¢
04#3 2Ŋ"#Ŋ#+(3#Ŋ ēŊ # 23( -Ŋ 13(9Ŋĸ #1"#ĚŊ2#Ŋ#-$1#-3¢Ŋ Ŋ 1+.2Ŋ 4- Ŋĸ , 1(++.ĚŊ#-Ŋ+ Ŋ,  - Ŋ"#Ŋ 8#1ē
5;-Ŋ -" 1 Ŋ+("#1 Ŋ#+Ŋ%14/.Ŋĥ ĢŊ"#-31.Ŋ"#+Ŋ 3.1-#.Ŋ"#Ŋ3#-(2Ŋ"#Ŋ! ,/.Ŋ#-Ŋ !4! ++#ē ŊěŊ '. j[d_ijWi Z[ Z_\[h[dj[i
ÄľÄ‰ÄŽÄˆÄ?ÄŽÄľ
YbkX[i jWdje dWY_edWb Yece _d# j[hdWY_edWb" bb[]Whed W OWYkYWbb[ fWhW [b i[nje jehd[e Z[ j[d_i Z[ YWcfe$ ;b [l[dje i[ Z[iWhhebbW [d bW ceZWb_ZWZ Z[ i_d]b[i [d bW YbW# i[ cWiYkb_dW$ Bei c[`eh[i j[d_ijWi Z[ [b_j[ i[ fh[i[djWhed [d ?XWhhW [d [b L? jehd[e Z[ j[d_i Z[ YWcfe$ ;b
Y[hjWc[d i[ [nj[dZ[h| ^WijW ^eo$ ?l|d ;dZWhW b_Z[hW [d ik ]hkfe$ BWi YWdY^Wi Z[ j[d_i Z[ OWYk# YWbb[ \k[hed [b [iY[dWh_e fWhW [b [l[dje j[d‡ij_Ye [d bW Y_kZWZ Z[ ?XWhhW feh bWi Ă’[ijWi Z[ ;b H[jeh# de" Wo[h i[ h[Wb_pWhed '. fWhj_Zei ZkhWdj[ bW cW‹WdW o jWhZ[$ 7 bW Y_jW Yed [b ĂˆZ[fehj[ XbWdYeÉ WYkZ_ÂŒ feYe f‘Xb_Ye" bei fh_c[hei
[dYk[djhei i[ Z_ifkjWhed [d bW fh_c[hW YWdY^W [djh[ I[XWij_|d Ehj_p Z[ JkbY|d o 9Whbei BkdW Z[ F_Y^_dY^W" bb[l|dZei[ [ij[ ‘bj_# ce" [b c[`eh fkdjW`[$ ;d bW YWd# Y^W Zei" 9Whbei @WhWc_bbe ]WdÂŒ Wdj[ :Wc_|d DWhl|[p Z[ ?f_Wb[i$ >eo dk[lWc[dj[ bei hWgk[# j_ijWi bb[]Wh|d fWhW Z_ifkjWh bWi Ă’dWb[i [d [iW Z_iY_fb_dW$
(! !(.-#2 #3 ++#
14/.ĹŠ 5;-ĹŠ -" 1 1(23( -ĹŠ 15;#9
14/.ĹŠ -"1_2ĹŠ 1 1+.2ĹŠ 1 ,(++.
14/.ĹŠ +#7ĹŠ _1#9 -4#+ĹŠ "(++.
14/.ĹŠ -3( %.ĹŠ ;5 +.2 #5(-ĹŠ .-!#
14/.ĹŠ 1+.2ĹŠ 4- # 23(;-ĹŠ 13(9
14/.ĹŠ
4+(.Ŋ #! +"# (! 1".Ŋ #"¢-
Jh[i YWdjed[i _cXWXkh[‹ei" EjWlWbe" ?XWhhW o 7djed_e 7dj[" [ijkl_[hed Wo[h fh[i[d# j[i [d bW Yecf[j_Y_Œd$ 9[hYW Z[ +& c_Yhej[d_ijWi Yedj[d# Z_[hed [d [b fh_c[h YWcf[e# dWje Z[ j[d_i Z[ c[iW$ 7 bWi &/0&& WhhWdYŒ [b jehd[e" bei [ijhWj[]Wi Z[ bW Z_iY_fb_dW eXi[hlWhed W YWZW kde Z[ bei `k]WZeh[i" gk_[d[i Z[ceijhWhed ik ^WX_b_ZWZ o Z[ijh[pW fWhW [b f_d fed$ ;b i[b[Yj_le [i fWhW _h Yed# \ehcWdZe bWi i[b[YY_ed[i fhe# l_dY_Wb[i fWhW bei @k[]ei DW# Y_edWb[i Ckbj_Z_iY_fb_dWh_ei Z[ [ij[ W‹e$ BWi YWj[]eh‡Wi gk[ fWhj_Y_fWd ^WijW ^eo ied0 ?d\Wdj_b" c[deh[i" `kl[d_b o WXiebkjW$ 7b cec[dje i[ [dYk[d# jhWd jh[i `Œl[d[i fh[i[b[Y# Y_edWZWi fWhW fWhj_Y_fWh [d bei @k[]ei 7Xiebkjei [d CW# Y^WbW [b (+ Z[ cWoe$ ;djh[ bW b_ijW YedijWd0 FWebW J_jkW‹W" C_i^[bb JkbYWdWpe o B_b_X[j^ F_bYe$
Ä Ä‚
Ĺ?Ĺ? ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
, 41 Ŋ#,/ 3¢Ŋ"#Ŋ5(2(3 Ŋ
+ĹŠ , 41 ĹŠ /.13(-%ĹŠ +4 ĹŠ2 !¢Ŋ4-ĹŠ#,/ 3#ĹŠ#-ĹŠ! +(" "ĹŠ"#ĹŠ5(2(3 -3#ĹŠ -3#ĹŠ ĹŠ 1#!( ĹŠ"#ĹŠ '.-#ēŊ -ĹŠ4-ĹŠ/ 13(".ĹŠ#,.Äą !(.- -3#ĹŠ)4% ".ĹŠ 8#1ĹŠ ĹŠ+ 2ĹŠÄˆÄ?ĖććĔŊ 1(23( -ĹŠ 4#1.ĹŠ"#+ĹŠ#04(/.ĹŠÄĽ 1"#-(.ÄŚĹŠ/.1ĹŠ".2ĹŠ.! 2(.-#2ĹŠ$4#ĹŠ#+ĹŠ#-! 1% ".ĹŠ"#ĹŠ !.-04(23 1ĹŠ+.2ĹŠ%.+#2ēŊ +ĹŠ, 1! ".1ĹŠÄƒ- +ĹŠ$4#ŊĉĹĉēŊŊ
.1Ŋ+ Ŋ,~-(, Ŋ"($#1#-!( Ŋ 31(4-$¢Ŋ#+Ŋ 34-3 04(Ŋ ē ē 9ed ^ehW c[h_Z_Wde" [b |hX_jhe Z_e [b f_jWpe _d_Y_Wb [d bW i[# ]kdZW \[Y^W Z[b YWcf[edWje fhel_dY_Wb Z[ I[]kdZW 9Wj[# ]eh‡W" [djh[ bWi [iYkWZhWi Z[b 7jkdjWgk_ <‘jXeb 9bkX o [b )' Z[ EYjkXh[ Z[ EjWlWbe$ BW Wi_ij[dY_W Z[ WÒY_edWZei Wb [ijWZ_e @W_c[ J[h|d @WhWc_# bbe Z[ 7djed_e 7dj[ \k[ WY[f# jWXb[" fWhW eXi[hlWh [b [dYk[d# jhe [djh[ [ijWi Zei [iYkWZhWi$ BW fh_c[hW [jWfW WcXei [gk_# fei iWb_[hed W XkiYWh ]eb[i" i_d eXi[hlWh gk[ iki b‡d[Wi Z[\[d#
i_lWi [ijWXWd Z[iYk_ZWZWi" kd YedjhW]ebf[ Z[ iki Z[bWdj[hei i[h‡W bW Yedgk_ijW \|Y_b fWhW cel[h [b jWdj[WZeh W \Wleh Z[b YkWZhe beYWb$ I_d [cXWh]e" [b ‘d_Ye jWdje i[ Yedgk_ijŒ [d bW i[]kdZW [jW# fW W bei +& c_dkjei feh fWhj[ Z[b `k]WZeh <[b_f[ BWdZ[jW Z[b 7jkdjWgk_ <$9$ >eo Yedj_dkW bW \[Y^W Zei Yed [b fWhj_Ze [djh[ [b ( Z[ CWhpe o [b 7\heY^ejW F_cWc# f_he" [d [b c_ice [iY[dWh_e Z[fehj_le$
Ă‹
'.3# .2Ŋ"#) 1.(1Ŋ31#2Ŋ/4-3.2 ēŊ +Ŋ2#+#!!(.- ".Ŋ .).Ŋ8Ŋ 94+Ŋĸ 4#5#".ĚŊ2#Ŋ++#5¢Ŋ#+Ŋ31(4-$.Ŋ -3#Ŋ#+Ŋ ++#Ŋ"#+Ŋ '.3 Ŋ04#Ŋ5(23(#1.-Ŋ"#Ŋ + -!.ē
+ĹŠ #/.13(5.ĹŠ 4#5#".ĹŠ5#-!(¢Ŋ 8#1ĹŠÄˆÄąÄ‡ĹŠ +ĹŠ ++#ĹŠ"#+ĹŠ '.3 ĹŠ#-ĹŠ !.-"(!(¢-ĹŠ"#ĹŠ5(2(3 -3#ēŊ ŊěŊ 7o[h i[ Ykcfb_ÂŒ bW `eh#
ēŊ .2Ŋ -3# .2ŊŊ2#Ŋ++#5 1.-Ŋ31#2Ŋ/4-3.2Ŋ"#Ŋ+.! +ē
dWZW '& Z[b YWcf[edWje dWY_e# dWb [YkWjeh_Wde Z[ bW i[h_[ Ăˆ8É$ ;b LWbb[ Z[b 9^ejW h[Y_X_ÂŒ [d ik [ijWZ_e Wb :[fehj_le Gk[l[Ze" Yed kd h[ikbjWZe d[]Wj_le fWhW bei Z[b @kdYWb" '#& \k[ [b cWhYW# Zeh Ă’dWb$ 9ed feYW Wi_ij[dY_W Z[
f‘Xb_Ye" [b fWhj_Ze [djh[ bWi Zei [iYkWZhWi i[ Ykcfb_Œ$ :khWdj[ bW fh_c[hW [jWfW bei beYWb[i Z[# Zk`[hed gk[ Z[X‡Wd cWd[`Wh bWi WYY_ed[i Z[djhe Z[b YWcfe Z[ `k[]e$ 9_hYkdijWdY_W gk[ bW bb[# lWhed Wb f_[ Z[ bW b[jhW ^WijW bei )& c_dkjei" YkWdZe bb[]Œ [b ]eb
Z[ bei l_i_jWdj[i feh c[Z_e Z[b YWf_j|d @e^d =WhY‡W" YWc_i[jW d‘c[he (&" gk_[d kX_YÂŒ [b [i\ƒ# h_Ye Z[iZ[ kd j_he b_Xh[ Wb \edZe Z[b WhYe gk[ Z[\[dZ‡W <hWdY_iYe :[b]WZe" Whgk[he Y^ej[‹e$ :[iZ[ [i[ j_[cfe bei Ă“kc_# d[di[i \k[hed bei [dYWh]WZei Z[ Yh[Wh `k]WZWi Z[ f[b_]he Yed bb[]WZWi YedijWdj[i ieXh[ [b YWdY[hX[he :[b]WZe$ ;iW jÂŒd_YW \kjXeb‡ij_YW i[ l_l_ÂŒ jWcX_ƒd [d bW [jWfW Yecfb[c[djWh_W$ 9ed bW c‡d_cW Z_\[h[dY_W be]hÂŒ jh_kd# \Wh [b [gk_fe l_i_jWdj[$
4 ĹŠÄˆÄ‰ĹŠ2#ĹŠ(-(!(¢ ;b [ijWZ_e I_cÂŒd 8eb‡lWh \k[ [b [iY[dWh_e fhef_Y_e fWhW _dWk# ]khWh [b del[de YWcf[edWje Z[ \kjXeb IkX '( _dj[hb_]Wi$ 7b# h[Z[Zeh Z[ '& [gk_fei \k[hed fWhj‡Y_f[i Z[b [l[dje Z[fehj_# le$ ;d kdW cW‹WdW Yed kd ieb hWZ_Wdj[ [cf[pÂŒ [b fhe]hWcW Z[fehj_le$ 9WZW kdW Z[ bWi [iYkWZhWi ^_pe [b _d]h[ie Wb ]hWcWZe Z[b [ijWZ_e Z[ bW <[# Z[hWY_ÂŒd Fhel_dY_Wb Z[ B_]Wi :[fehj_lWi 8Whh_Wb[i o FWhhe# gk_Wb[i Z[ ?cXWXkhW <[Z[b_#
]Wi WYecfW‹WZWi Yed iki h[i# f[Yj_lWi cWZh_dWi$ 7kjeh_ZWZ[i Z[fehj_lWi fheY[Z_[hed W [b[]_h W bW d_‹W Z[fehj[i (&'(" Z_]d_ZWZ gk[ h[YWoÂŒ [d CWh‡W BepWZW Z[ B_]W BW ;if[hWdpW$ Bk[]e Z[b WYje fhejeYebWh_e" i[ fheY[Z_ÂŒ W h[Wb_pWh bei fh_c[hei fWhj_# Zei Z[ bW \[Y^W [djh[ bei [gk_# fei B_]W Z[ 7bfWY^WYW \h[dj[ W CWh_Wde 7YeijW" bW fh_c[hW [i# YkWZhW \k[ Zec_dWdj[ jejWb [d [b Yej[`e" be YkWb i[ h[Ă“[`ÂŒ [d [b WXhkcWZeh cWhYWZeh Z[ '(#&$
ÄľÄ‰ÄŽÄˆÄ‡Ä‘Äľ
ēŊ +Ŋ#04(/.Ŋ"#Ŋ +/ !' ! Ŋ#-Ŋ24ŊŊ#231#-.Ŋ#,/#9¢Ŋ%.+# -".ē
ƒ Ä
1#2("#-3 ĹŠ"#ĹŠ 1 2(+ĹŠ5(2(3 1~ ĹŠ !4 ".1ĹŠ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
- Ĺ‹ Ĺ‹+/ Ĺ‹()Ĺ‹" 3Ĺ‹ Ă„(Ĺ‹ " Ĺ‹ ð(# Ä…Ĺ‹ &Ĺ‹ ( #Äš && ,Ä…Ĺ‹ # , )Ĺ‹ .#˜)Ä…Ĺ‹ )(ð,'šŋ& Ĺ‹0#-#. Ĺ‹)ð # &Ĺ‹ Ĺ‹& Ĺ‹*, -# (. Ĺ‹ Ĺ‹ , -#&Ä…Ĺ‹ #&' Ĺ‹ )/-- ÎĄŋ .#˜)Ĺ‹0# $ Ĺ‹ &Ĺ‹&/( -Ĺ‹ Ĺ‹ , -#&Ĺ‹ Ĺ‹., . ,Ĺ‹. ' -Ĺ‹ #& . , & -Ĺ‹3Ĺ‹ -* , Ĺ‹ -. & ,Ĺ‹ &&6Ĺ‹& Ĺ‹0#-#. Ĺ‹ Ĺ‹ & Ĺ‹' ( . ,# Ąŋ , -#&Ĺ‹ -Ĺ‹& Ĺ‹*,#' ,Ĺ‹ )()'v Ĺ‹ & .#( ' ,# ( Ä…Ĺ‹- !/# Ĺ‹ Ĺ‹ Z2# )Ä…Ĺ‹ ,! (.#( ŋŋ 3Ĺ‹ )&)' # Ąŋ (ŋßúÝÝŋ ,,šŋ )')Ĺ‹& Ĺ‹- 2. Ĺ‹ &Ĺ‹ '/( )Ä…Ĺ‹ -*& 4 ( )Ĺ‹ Ĺ‹& Ĺ‹ Ĺ‹ #()Ĺ‹ (# )Ąŋ Ĺ‹ *) & #š(Ĺ‹ , -#& ˜ ŋąŋ ŋßúúŋ'#&&)( -Ĺ‹ Ĺ‹* ,Äš -)( -Ä…Ĺ‹ -Ĺ‹ +/#0 & (. Ĺ‹ Ĺ‹/( -Ĺ‹., -Ĺ‹0 -Ĺ‹& Ĺ‹ Ĺ‹ , (Ĺ‹ , . ˜ Ä„
-./ # (. -ŋ /- (ŋ ),, ,ŋ -/ŋĒ* - )ŋ -./ # (.#&ēŋ
.2ĹŠ)¢5#-#2ĹŠ"(!#-ĹŠ04#ĹŠ24ĹŠ-4#5.ĹŠ3~34+.ĹŠ#-ĹŠ 4-(5#12(" "#2ĹŠ"#ĹŠ! 3#%.1~ ĹŠ ĹŠ+#2ĹŠ/#1,(Äą 3(1;ĹŠ.+5(" 1ĹŠ24ĹŠ/ 2.ĹŠ/.1ĹŠ+ 2ĹŠ!#11 " 2ēŊ >Wd jhWdiYkhh_Ze '- Z‡Wi Z[iZ[ hWb[i" gk[ \ehcWhed fWhj[ Z[ bW gk[ [b 9edi[`e Z[ 7i[]khWc_[d# [lWbkWY_ÂŒd Z[b 9[WWY[i" de \k[# je ;lWbkWY_ÂŒd o 7Yh[Z_jWY_ÂŒd Z[ hed iWj_i\WYjeh_ei$ Æ;d Yecfh[di_ÂŒd b[Y# ;ZkYWY_ÂŒd Ikf[h_eh 9[W# jehW [b fhec[Z_e ][d[hWb WY[i [c_j_ÂŒ [b _d\ehc[ fWhW ĹŠ \k[ Z[ *&+$.' fkdjei ie# [b Y_[hh[ Z[Ă’d_j_le Z[ '* kd_# l[hi_ZWZ[i W d_l[b dWY_edWb$ ÄˆÄ‡Ä“Ä‡ÄˆÄŽĹŠ#234"( -Äą Xh[ .&&$ C_ fkdjW`[ \k[ I_d [cXWh]e" bei [ijkZ_Wdj[i 3#2ĹŠ#23;-ĹŠ#-ĹŠĂŒ+3(Äą *+&" de [ijeo iWj_i\[Y^e o Z[ bei fh_c[hei W‹ei de j_[# ,.ĹŠ-(5#+ēŊ +%4-.2ĹŠ/(#-2 -ĹŠ j[d]e c_[Ze Z[ gk[ YkWd# Ze h_dZW bei [n|c[d[i d[d YbWhe ik \kjkhe$ 7 f[iWh 2#%4(1ĹŠ/.2%1 Äą ".2ĹŠ#-ĹŠ4-(5#12(Äą Z[ gk[ i[ ^Wd _diYh_je [d [b " "#2ĹŠ"#ĹŠ! 3#Äą fWhW _d]h[iWh Wb fei]hWZe de i[W [b[]_Ze" [djedY[i fbWd Z[ Yedj_d][dY_W" de iW# %.1~ ĹŠ ēŊ c[ gk[ZWhƒ Yed [b c_ice X[d i_ i[h|d h[kX_YWZei [d bWi YWhh[hWi gk[ [bbei [b_`Wd e [d bWi '. j‡jkbe Z[ kdW kd_l[hi_ZWZ gk[ de YWhh[hWi Z[ j_jkbWY_ÂŒd [if[Y_Wb gk[ j[dZh| Yh[Z_X_b_ZWZÇ" i[‹WbÂŒ <[h# [b 9edi[`e Z[ ;ZkYWY_ÂŒd Ikf[h_eh dWdZe DeXeW" [ijkZ_Wdj[ Z[ kdW Z[ bWi kd_l[hi_ZWZ[i Y[hhWZWi$ 9;I j[dZh| b_ijWi [d cWoe$ Feh ik fWhj[" =WXh_[bW =Wh# C_[djhWi jWdje" bei [ijkZ_Wd# j[i Z[ eYjWle" del[de e ZƒY_ce pÂŒd" [ijkZ_Wdj[ Z[ bW Kd_l[hi_# d_l[b gk_[h[d j_jkbWhi[ be c|i ZWZ 9h_ij_WdW BWj_deWc[h_YWdW" fhedje [d ik fhef_W kd_l[hi_ZWZ i[‹WbÂŒ i[dj_hi[ Z_iYh_c_dWZW fWhW ÆXehhWh ik fWiWZe [ijk# YkWdZe \k[ W Wl[h_]kWh feh kd Z_Wdj_bÇ o WYY[Z[h W kd fei]hW# fei]hWZe$ Æ<k_ W XkiYWh kd fei# Ze [d kdW Z[ bWi kd_l[hi_ZWZ[i ]hWZe o c[ fh[]kdjWhed Z[ gkƒ YWj[]eh‡W 7 e [d [b [njhWd`[he$ kd_l[hi_ZWZ fhel[d‡W$ 9kWdZe F[he de d_[]Wd [b j[ceh Z[ i[h b[i c[dY_edƒ c[ _dZ_YWhed gk[ h[Y^WpWZei fehgk[ Z_Y[d gk[ Z[X‡W [if[hWh kd feYe fWhW l[h bei h[ikbjWZei Z[ bWi fhk[XWi Z[ gk[ h[iebkY_ed[i i[ WZefjWh|d Wb Yecf[j[dY_Wi [if[Y‡ÒYWi o ][d[# _dj[h_eh Z[ Z_Y^Wi _dij_jkY_ed[i$
ēŊ .2Ŋ#234"( -3#2Ŋ"#Ŋ+ 2Ŋ4-(5#12(" "#2Ŋ! 3#%.1~ Ŋ Ŋ2#Ŋ !.%(#1.-Ŋ +Ŋ/+ -Ŋ"#Ŋ!.-3(%#-!( ēŊ
j[]eh‡W ; _d]h[i[d W [ijkZ_Wh kd fei]hWZe [i Yedl[d_[dj[ h[Y_X_h kd Ykhie Z[ d_l[bWY_ÂŒd" [d hWpe# dWc_[dje bÂŒ]_Ye" Yecfh[di_ÂŒd b[YjehW o [nfh[i_ÂŒd$ ÆI_[dZe h[W# b_ijWi" jWd iebe '), [ijkZ_Wdj[i Z[ bei Y[hYW Z[ .$*&& gk[ h_dZ_[hed fhk[XWi iWYWhed kd Xk[d fkd# jW`[$ BW _Z[W [i gk[ [d ik dk[lW YWhh[hW de \hWYWi[d o fk[ZWd (5#+ !(¢@^eddo =kWhZ[hWi" YWj[Zh|j_Ye Ykbc_dWhbW Yed ƒn_jeÇ" ieijkle$ kd_l[hi_jWh_e" h[Yec[dZÂŒ gk[ Wdj[i Z[ gk[ bei `ÂŒl[d[i gk[ i[ ( 1#ĹŠ !!#2. [ZkYWhed [d kd_l[hi_ZWZ[i YW# =[hc|d He`Wi" \kdY_edWh_e Z[b
De dei fk[Z[d j_bZWh Z[ c[Z_e# Yh[i" [ijeo [d bW YWfWY_ZWZ Z[ h[dZ_h Yece bei ejhei [ijkZ_Wd# j[i gk[ i[ [ZkYWhed [d kd_l[hi_# ZWZ[i YWj[]eh‡W 7$ BW [ZkYWY_ÂŒd [i fWhW jeZei i_d Z_ij_dY_ÂŒd jWb Yece be [ij_fkbW bW 9edij_jk# Y_ÂŒdÇ" [nfb_YÂŒ =WhpÂŒd$
9edi[`e Z[ ;ZkYWY_ÂŒd Ikf[# h_eh 9;I " _dZ_YÂŒ gk[ bWi kd_# l[hi_ZWZ[i de fk[Z[d d[]Wh [b _d]h[ie W bei `ÂŒl[d[i gk[ i[ [ZkYWhed [d kd_l[hi_ZWZ[i Z[ YWj[]eh‡W ; o W^ehW gk_[h[d [i# jkZ_Wh [d kdW Yed c[`eh YWb_Ă’# YWY_ÂŒd$ ÆJeZei bei [ijkZ_Wdj[i j_[d[d Z[h[Y^e W bW [ZkYWY_ÂŒd o [d [b YWie Z[ gk[ bWi kd_l[h# i_ZWZ[i de b[i WY[fj[d feZh‡Wd fh[i[djWh ik h[YbWce Wdj[ bW :[\[dieh‡W Z[b Fk[Xbe e Wdj[ [b 9edi[`eÇ" i[‹WbÂŒ$
)'/(# ŋ # (.vð ŋ-/ , ŋ*Z, # ŋ ŋ &/. , )ŋ , ($)ŋ
ēŊ +ĹŠ!(#-3~ă!.ĔŊ"41 -3#ĹŠ4- ĹŠ "#ĹŠ242ĹŠ(-3#15#-!(.-#2ĹŠ#-ĹŠ+ ĹŠ 2 , +# ĹŠ !(.- +ēŊ
7 bei /' W‹ei Z[ [ZWZ" \Wbb[Y_ÂŒ kde Z[ bei Y_[dj‡ÒYei [ _dl[ij_]WZeh[i c|i _di_]d[i Z[ ;YkWZeh" FbkjWhYe DWhWd`e LWh]Wi$ >eo i[ b[ h[dZ_h| kd ^ec[dW`[ fÂŒijkce" [d [b FW# hWd_d\e Z[ bW Kd_l[hi_ZWZ 7dZ_dW I_cÂŒd 8eb‡lWh" W bWi ',0&&$ ;b Y_[dj‡ÒYe WcXWj[‹e ckh_ÂŒ bW deY^[ Z[b l_[hd[i$ Iki h[ijei i[ [ij|d l[bWdZe [d bW Kd_l[hi_ZWZ 7dZ_dW" ZedZ[ \k[hW fhe\[ieh \kdZWZeh o Z_h[Yjeh feh ckY^ei W‹ei Z[b |h[W Z[ IWbkZ$ JWcX_ƒd
i[ Z[i[cf[‹Œ Yece YWj[Zh|j_Ye [d bW Kd_l[hi_ZWZ 7b\h[Ze Fƒh[p =k[hh[he$ BW ck[hj[ Z[b ZeYjeh DWhWd`e Yedij_jko[ kdW _cfehjWdj[ fƒhZ_# ZW fWhW bW Yeckd_ZWZ kd_l[hi_# jWh_W o Y_[dj‡ÒYW Z[b fW‡i fehgk[ WZ[c|i Z[ ^WX[h i_Ze cƒZ_Ye [if[Y_Wb_ijW" jWcX_ƒd i[ Z[Z_# YÂŒ W bW fkXb_YWY_ÂŒd Z[ eXhWi$ :[ WYk[hZe W kd Yeckd_YWZe Z[ bW i[Z[ Z[ bW 7dZ_dW" [iYh_X_ÂŒ c|i Z[ *& b_Xhei Z[ Wkjeh‡W fhef_W
o +/ Yece YeWkjeh [d b_Xhei [d lWh_ei _Z_ecWi$ 7Z[c|i [iYh_X_Œ c|i Z[ )&& [ijkZ_ei" ef‘iYkbei o Whj‡Ykbei [d h[l_ijWi bWj_deW# c[h_YWdWi" dehj[Wc[h_YWdWi o [khef[Wi" o ^W i_Ze Yebkcd_ijW [d f[h_ŒZ_Yei dWY_edWb[i feh c|i Z[ ,& W‹ei$ DWY_Œ [d '/(' o eXjkle kdW [ZkYWY_Œd gk[ be bb[lŒ W i[h c[# h[Y[Zeh Z[ bW 9edZ[YehWY_Œd Wb Cƒh_je [d [b =hWZe Z[ =hWd 9hkp" Z[b 9edl[d_e 7dZ_de >_fŒb_je
KdWdk[ '//) " o bW 9edZ[YehW# Y_Œd >ƒhe[ Z[ bW IWbkZ F‘Xb_YW Z[ bW EFI%ECI (&&' $ JWcX_ƒd i[ Z[i[cf[‹Œ Yece c_d_ijhe Z[ IWbkZ F‘Xb_YW" Z_h[Y# jeh ][d[hWb Z[ bei I[hl_Y_ei Cƒ# Z_Yei Z[b ?dij_jkje ;YkWjeh_Wde Z[ I[]kh_ZWZ IeY_Wb" fh[i_Z[dj[ Z[b 9ec_jƒ ;`[Ykj_le Z[ bW Eh# ]Wd_pWY_Œd FWdWc[h_YWdW Z[ bW IWbkZ o fh[i_Z[dj[ Z[ bW NB??? 7iWcXb[W CkdZ_Wb Z[ bW IWbkZ" [djh[ ejhei$ FWp [d ik jkcXW$
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
Ä‚
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
ŋ ™ ŋ ēŊ +Ŋ"#Ŋ .! Ŋ .".Ŋ (-!+ (1Ŋ#2Ŋ4-.Ŋ"#Ŋ+.2Ŋ,;2Ŋ(,/.13 -3#2Ŋ/ 1 Ŋ '(- Ŋ#-Ŋ !4 ".1ēŊ 1!'(5.
'(- Ŋ5 Ŋ ,/+( -".Ŋ24Ŋ(-Ą4#-!( Ŋ#-Ŋ ,_1(! Ŋ
3(- ēŊ -5#12(.-#2Ŋ"(1#!3 2ĔŊ/1_23 ,.2Ŋ8Ŋ!.,Ĺ /1 Ŋ"#Ŋ !3(5.2Ŋ$.1, -Ŋ/ 13#Ŋ"#Ŋ+ Ŋ#231 3#%( Ŋ/ 1 Ŋ 3., 1Ŋ+ Ŋ1#%(¢-ēŊ !4 ".1Ŋ#23;Ŋ#-Ŋ/1(,#1Ŋ+4% 1ē
K
ÂĄ ĹŠ ĹŠ
dW Z[ bWi f[h# .,#1!(.ĹŠ"#2(%4 + Y [ f Y _ e d [ i ;b Yh[Y_c_[dje Z[b Yec[hY_e Yed Z[ifkƒi Z[ 7cƒh_YW BWj_dW Zkfb_YW [b h_jce bW 9kcXh[ Z[ Z[ bWi _cfehjWY_ed[i o [nfehjW# bWi 7cƒh_YWi Y_ed[i jejWb[i Z[ 9^_dW$ ;i Z[Y_h" [d 9WhjW][dW bW h[bWY_ÂŒd j_[d[ Zei l[Y[i c|i [i gk[ ;ijW# Z_dWc_ice gk[ [b Yec[hY_e Z[b Zei Kd_Zei ^W f[hZ_Ze _dĂ“k[dY_W ]_]Wdj[ Wi_|j_Ye Yed [b h[ije Z[b [d bW h[]_ÂŒd$ I_ X_[d i_]k[ i_[dZe ckdZe$ I_d [cXWh]e" bW h[bWY_ÂŒd [Ye# [b fh_dY_fWb ieY_e Yec[hY_Wb Z[ ckY^ei Z[ bei fW‡i[i" [d [b Yed# dÂŒc_YW Yedj_d‘W i_[dZe d[]Wj_lW fWhW jeZW BWj_deWcƒh_YW j_d[dj[ i[ i_[dj[d" Z[iZ[ fk[i [b ZÂƒĂ’Y_j Yed [b ]_# ^WY[ Wb]kdei W‹ei" fWiei ĹŠ ]Wdj[ Wi_|j_Ye [i ]hWdZ[$ Z[ Wd_cWb ]hWdZ[0 9^_dW$ FWhj[ Z[b Yh[Y_c_[dje ;b fW‡i Wi_|j_Ye Y[b[XhW bWj_de [d (&'' i[ Z_e ]hW# oW kdW ZƒYWZW Z[ h[bWY_e# ŊĉēćććŊ,(++.Äą -#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ Y_Wi Wb _dj[hYWcX_e Yec[h# d[i Yed 7cƒh_YW BWj_dW 2!(#-"#ĹŠ+ ĹŠ + -9 ĹŠ!.,#1Äą Y_Wb Yed F[a‡d$ fk[i iki Yece bW c|i \hkYj‡\[hW [d !( +ĹŠ#-31#ĹŠ '(- ĹŠ Zei ieY_ei jhWZ_Y_edWb[i # jƒhc_dei Yec[hY_Wb[i$ ;b 8ĹŠ !4 ".1ēŊ #ĹŠ #23#ĹŠ3.3 +ĔŊ-4#2Äą lebkc[d Z[ _dj[hYWcX_e 31.ĹŠ/ ~2ĹŠ5#-"#ĹŠ ;ijWZei Kd_Zei o bW Kd_ÂŒd ;khef[W K; # [ij|d [d [djh[ (&&' o (&'' fWiÂŒ Z[ /#- 2ŊĎććŊ ,(++.-#2ĹŠ"#ĹŠ fb[dW Yh_i_i$ >eo [i [b fh_# '+$&&& c_bbed[i Z[ ZÂŒbW# "¢+ 1#2ēŊ c[h ieY_e Z[ 8hWi_b" 9^_# h[i W '.($'&& c_bbed[i Z[ b[" F[h‘ o 7h][dj_dW o [b ZÂŒbWh[i" [i Z[Y_h kd Yh[Y_# c_[dje WdkWb Z[b (."* feh Y_[dje" i[]kdZe Z[ 9eijW H_YW" Cƒn_Ye" i[]‘d [ijWZ‡ij_YWi Z[b C_d_ij[h_e Khk]kWo$ ;d (&'* feZh‡W Yed# l[hj_hi[ [d [b i[]kdZe Z[ij_de Z[ Z[ 9ec[hY_e Y^_de$ ;ijW [lebkY_ÂŒd fei_Y_edW Wb jeZWi bWi [nfehjWY_ed[i bWj_deW# Yedj_d[dj[ Yece kde Z[ bei fh_d# c[h_YWdWi" Z[ifbWpWdZe W bW K;$ Y_fWb[i ieY_ei Z[ F[a‡d$ I[ YWbYk# bW gk[ fWhW (&'+ 7cƒh_YW BWj_dW .!.2ĹŠ/1."4!3.2 Z[ifbWpWh| W 9eh[W Z[b Ikh" ik De eXijWdj[" bWi [nfehjWY_ed[i bWj_deWc[h_YWdWi Z[f[dZ[d [d YkWhje ieY_e Yec[hY_Wb$
ik cWoeh‡W Z[ kd iebe fheZkYje$ 7i‡" ++ Z[ bWi l[djWi Y^_b[dWi W 9^_dW ied YeXh[" +) Z[ bWi l[d# jWi Wh][dj_dWi ied Z[ ieoW" -. Z[ bWi l[d[pebWdWi ied f[jhÂŒb[e o )/ Z[ bWi f[hkWdWi ied YedY[d# jhWZe Z[ YeXh[$ 9ed 9ebecX_W" [b ,& Z[ bWi l[djWi j_[d[d gk[ l[h Yed f[jhÂŒb[e o iki Z[h_lWZei$ ;d [b YWie [YkWjeh_Wde" [djh[ bei fh_dY_fWb[i fheZkYjei #WfWhj[ Z[b f[jhÂŒb[e# [ij|d ^Wh_dW Z[ f[iYW# Ze" XWbiW" YWcWhed[i o Z[i[Y^ei Z[ YeXh[$ I[ [ij| jhWXW`WdZe [d [b h[_d]h[ie Z[b XWdWde W 9^_dW o Z[ ejhei fheZkYjei W]h‡YebWi$ Æ9^_dW j_[d[ gk[ Z_l[hi_Ă’YWh bei fheZkYjei Z[ _cfehjWY_ÂŒd" Wi‡ Yece 7cƒh_YW BWj_dW j_[d[ gk[ ^WY[h kd [i\k[hpe feh [nfehjWh ejhei fheZkYjeiÇ" Z_`e [b fhe\[ieh Mk =kef_d]" Z[ bW 7YWZ[c_W Z[ 9_[dY_Wi IeY_Wb[i Z[ F[a‡d$ +%4-.2ĹŠ#)#,/+.2
9^_b[ [i kde Z[ bei feYei fW‡i[i gk[ ^W Z_l[hi_Ă’YWZe iki [nfeh# jWY_ed[i$ :[iZ[ bW [djhWZW [d l_][dY_W Z[ ik JB9 Yed 9^_dW [d (&&," ^W _cfkbiWZe ik l_de" Y[bkbeiW" iWbcÂŒd o \hkjWi$ 7h][d# j_dW o 8hWi_b lWd feh kd YWc_de i_c_bWh" [nfehjWdZe YWhd[" febbe"
!4 ".1ĔŊ 4#-ĹŠ2.!(. Ĺ—ĹŠĹŠ -ĹŠ ,_1(! ĹŠ 3(- ĔŊ !4 ".1ĹŠ' ĹŠ2(".ĹŠ4-.ĹŠ"#ĹŠ+.2ĹŠ04#ĹŠ,;2ĹŠ' ĹŠ /1.5#!' ".ĹŠ#23#ĹŠ ,#! -(2,.ĔŊ +ĹŠ-.ĹŠ/."#1ĹŠ !4"(1ĹŠ ĹŠ+.2ĹŠ,#1! ".2ĹŠÄƒ- -!(#1.2ĹŠ(-3#1- !(.- +#2ēŊ
.2ĹŠ/1_23 ,.2ĹŠ2#ĹŠ !#1! -ĹŠ ĹŠ+.2ĹŠÄ?ēćććŊ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ"(#9ĹŠ  .2ēŊ 13#ĹŠ"#ĹŠ#23#ĹŠ"(-#1.ĹŠ2#1;ĹŠ42 ".ĹŠ/ 1 ĹŠ!.-2314(1ĹŠ2#(2ĹŠ'("1.#+_!31(! 2ĹŠ ĹŠ+.ĹŠ+ 1%.ĹŠ "#+ĹŠ/ ~2ĹŠ8ĹŠ2#1;ĹŠ/ % ".ĹŠ ĹŠ31 5_2ĹŠ"#ĹŠ!.,/1 2ĹŠ "#+ -3 " 2ĹŠ"#ĹŠ!14".ĹŠ8ĹŠ!.-2314!!(¢-ĹŠ "#ĹŠ5 1(.2ĹŠ/1.8#!3.2ĹŠ"#ĹŠ(-$1 #2314!341 Ä“
cW‡p" fheZkYjei _dZkijh_Wb_pWZei Z[ ieoW o Z[h_lWZei b|Yj[ei$ F[h‘ jWcX_ƒd ^W Wfhel[Y^WZe ik JB9 fWhW _cfkbiWh bW ^Wh_dW Z[ f[iYW# Ze o WXh_hi[ YWcfe Yed bW l[djW Z[ W]kWYWj[ o [if|hhW]ei$ +(,#-3.2ĔŊ+ ĹŠ./.134-(" "
;b i[Yjeh Wb_c[djWh_e fh[i[djW kdW Z[ bWi fh_dY_fWb[i efehjkd_# ZWZ[i fWhW bW h[]_ÂŒd$ Iebe [b / Z[ bW j_[hhW Y^_dW [i Ykbj_lWXb[ o Yece WbX[h]W [b (& Z[ bW feXbW# Y_ÂŒd ckdZ_Wb" j[c[ kdW [iYWi[p Z[ Wb_c[djei$ ;ije i[ h[Ă“[`W [d YecfhWi cWi_lWi Z[ j_[hhWi feh fWhj[ Z[ [cfh[iWi Y^_dWi [d bW h[]_ÂŒd" [d bk]Wh Z[ fheo[Yjei Z[ Z[iWhhebbe W]he_dZkijh_Wb$ BW fh|Yj_YW ^W i_Ze Z[dkdY_W# ZW [d lWh_ei fW‡i[i bWj_dei o kde Z[ bei YWiei c|i fkXb_Y_jWZei \k[ bW l[djW Z[ ))&$&&& ^[Yj|h[Wi [d bW fhel_dY_W Z[ H‡e D[]he" [d bW FWjW]ed_W Wh][dj_dW" W bW Yec# fW‹‡W Y^_dW >[_bed]`_Wd] 8[_# ZW^kWd] IjWj[ <Whci 8ki_d[ii JhWZ[ =hekf$ BW l[djW i[ ^_pe WjWZW W kdW _dl[hi_ÂŒd Z[ '$+&& c_bbed[i Z[ ZÂŒbWh[i [d j[Ydebe]‡W W]heWb_# c[djWh_W o Yedj[cfbW" WZ[c|i" kdW [nYbki_l_ZWZ [d bWi YecfhWi Z[ ieoW feh (& W‹ei$
#%.!(.2ĹŠ2#!1#3.2
7i_c_ice" 7h][dj_dW fh[i[djW kdW dk[lW fWhWZe`W$ BW h[Y_[dj[ dWY_edWb_pWY_ÂŒd Z[ bW f[jheb[hW OF< ^W i_Ze l_dYkbWZW [ijh[Y^W# c[dj[ W kdW fei_Xb[ Wf[hjkhW W YecfW‹‡Wi Y^_dWi$ I[]‘d [b feh# jWb Y^_de 9W_n_d" Wdj[i Z[ gk[ bW Z[Y_i_ÂŒd i[ ^_Y_[hW f‘Xb_YW" H[f# ieb l[d‡W ^WY_[dZe d[]eY_WY_e# d[i ikfk[ijWc[dj[ i[Yh[jWi Yed bW f[jheb[hW Y^_dW I_def[Y fWhW l[dZ[hb[ fWhj[ Z[ ik ef[hWY_ÂŒd [d [ij[ fW‡i$ >eo" jWcX_ƒd i[ ^WXbW Z[ bW fe# i_Xb[ l_dYkbWY_ÂŒd Z[ 9^_dW DW# j_edWb EĂľi^eh[ E_b 9ehfehWj_ed 9deeY fWhW _dl[hj_h bei (+$&&& c_bbed[i Z[ ZÂŒbWh[i d[Y[iWh_ei fWhW [nfbehWh bW pedW ^_ZheYWh# Xkh‡\[hW #Yedi_Z[hWZW feh [nf[h# jei Yece bW c|i ]hWdZ[ h[i[hlW Z[ ]Wi Z[ [igk_ije e ]Wi F_pWhhW Z[b fbWd[jW#$
2ĹŠ(-5#12(.-#2
7 f[iWh Z[ gk[ [b fW‡i Wi_|j_Ye [i ^eo [b j[hY[h _dl[hieh [d 7cƒ# h_YW BWj_dW" bWi _dl[hi_ed[i ied W‘d h[bWj_lWc[dj[ XW`Wi Yec# fWhWZWi Yed Ă›\h_YW e bei l[Y_# dei Wi_|j_Yei$ I[ YedY[djhWd [d fWhW‡iei Ă’iYWb[i Yece bWi ?ibWi 9W_c|d" Yed (-$,.( c_bbed[i
Ä Ä„ĂşĂşĂşĹ‹ '#&&)( -Ĺ‹ (Ĺ‹ ,Z #.)-Ĺ‹
Z[ ZÂŒbWh[i" o bWi ?ibWi L‡h][d[i 8h_j|d_YWi" Yed ''$.&- c_bbed[i Z[ ZÂŒbWh[i$ 8hWi_b" F[h‘ o Cƒn_# Ye b[i i_]k[d [d _dl[hi_ed[i [d fheo[Yjei [d[h]ƒj_Yei o c_d[# hei$ ;b =eX_[hde f[hkWde" feh [`[cfbe" WĂ’hcW gk[ [ijWi _d# l[hi_ed[i WbYWdpWh|d bei +$&&& c_bbed[i Z[ ZÂŒbWh[i [djh[ (&'( o (&')$ 7Z[c|i" bei Y^_dei ^Wd Z_# l[hi_Ă’YWZe ik fh[i[dY_W W jhWlƒi Z[ fhƒijWcei gk[ ^Wd Z[iWĂ’W# Ze bWi fh|Yj_YWi Z[ eh]Wd_icei _dj[hdWY_edWb[i" Yece [b <edZe Ced[jWh_e ?dj[hdWY_edWb e [b 8WdYe CkdZ_Wb 8C $ ;ij[ j_fe Z[ ef[hWY_ed[i" ejeh]WZWi feh [b ;nfehj#?cfehj 8Wda e\ 9^_dW ;n_cXWda o [b 9^_dW :[l[bef# c[dj 8Wda 9:8 W fW‡i[i Yece 7d]ebW e =^WdW" ^Wd ikf[hWZe" feh [`[cfbe" bei ''$*&& c_bbed[i Z[ ZÂŒbWh[i gk[ fh[ijÂŒ [b 8C W je# Zei bei fW‡i[i W\h_YWdei$
.2ĹŠ/1_23 ,.2
Bei fhƒijWcei Z[ L[d[pk[bW Yed [b 9:8 Z[iZ[ (&&- oW ikf[hWd bei *&$&&& c_bbed[i Z[ ZÂŒbWh[i" [d ik cWoeh‡W fWhW Z[iWhhebbe Z[ _d\hW[ijhkYjkhW f[jheb[hW" o ied fW]WZei Yed YhkZe0 *&&$&&& XWhh_b[i Z[ f[jhÂŒb[e Z_Wh_ei" gk[ h[fh[i[djWd [b '+ Z[ bW fhe# ZkYY_ÂŒd Z[ bW f[jheb[hW [ijWjWb FZliW$ 8eb_l_W" [d c[deh c[Z_ZW" ^W efjWZe feh fhƒijWcei fWhW j[# b[Yeckd_YWY_ed[i$ ;ij[ W‹e i[ bWdpWh| [b iWjƒb_j[ JkfWY AWjWh_" Yedijhk_Ze [d 9^_dW Yed (+& c_bbed[i Z[ ZÂŒbWh[i Z[b 9:8$ F[a‡d de iebe ^W XkiYWZe \e# c[djWh fhƒijWcei W bei ]eX_[h# dei" i_de gk[ i[ ^W Wb_WZe Yed eh# ]Wd_icei _dj[hdWY_edWb[i Yece [b 8WdYe ?dj[hWc[h_YWde Z[ :[# iWhhebbe Yed [b gk[ YedYh[jWhed bW Yh[WY_ÂŒd Z[ kdW fbWjW\ehcW Z[ _dl[hi_ed[i fWhW 7cƒh_YW BWj_# dW o [b 9Wh_X[ Yed fh[ikfk[ije Z[ '$&&& c_bbed[i Z[ ZÂŒbWh[i fWhW fheo[Yjei ieij[d_Xb[i$ BW cel_ZW" c|i gk[ \ehjWb[Y[h bW _dl[hi_ÂŒd Y^_dW" WfkdjWh‡W W fhecel[h bW YedĂ’WdpW$ 4#- 2ĹŠ!.-"(!(.-#2
7 d_l[b _dZ_l_ZkWb" d_d]kde Z[ bei bWj_deWc[h_YWdei j_[d[ kdW fei_Y_ÂŒd Z[j[hc_dWdj[ fWhW d[# ]eY_Wh fh[\[h[dY_Wbc[dj[$ F[he W d_l[b h[]_edWb" bWi YedZ_Y_ed[i YWcX_Wd$ Æ7dj[ [b Yh[Y_[dj[ _d# j[hƒi Y^_de feh WYY[Z[h W j_[hhWi o cWj[h_Wi fh_cWi" i[h‡W Yedl[# d_[dj[ i[djWhi[ o [ijWXb[Y[h kd cWhYe Yec‘d Z[ d[]eY_WY_ÂŒdÇ" WĂ’hcÂŒ CWjj <[hY^[d" [if[Y_W# b_ijW [d 7cƒh_YW BWj_dW Z[ bW Kd_l[hi_ZWZ Ji_d]^kW$ ;ije [i Z[ [if[Y_Wb _cfehjWdY_W i_ bW h[]_ÂŒd [dj_[dZ[ [ijW l[djW`W Wb d[]eY_Wh$ EjhW efY_ÂŒd [i Wfhel[Y^Wh bW fei_Y_ÂŒd ][e]h|Ă’YW o bei YWcX_ei [d jƒhc_dei _dZkijh_Wb[i$ Æ9^_dW j_[d[ gk[ YWcX_Wh ik [ijhkYjkhW Z[ [nfehjWY_ÂŒd$ De fk[Z[ i[]k_h [nfehjWdZe fheZkYjei cWdk\WY# jkhWZei Z[ XW`e lWbeh W]h[]WZeÇ #Z[YbWhÂŒ Mk =kef_d]#" o W]h[]ÂŒ0 ÆBW h[]_ÂŒd feZh‡W Yec[dpWh W WXh_h \|Xh_YWi Z[ fheZkYY_ÂŒd [d Ăˆ`e_dj l[djkh[iÉ Yed 9^_dW" [i# f[Y_Wbc[dj[ [d Wgk[bbei fW‡i[i gk[ j_[d[d jhWjWZei Z[ b_Xh[ Ye# c[hY_e Yed ;ijWZei Kd_Zei e bW Kd_ÂŒd ;khef[WÇ$
¥ ēŊ +Ŋ#, ) ".1Ŋ 4 -Ŋ2.23(#-#Ŋ04#Ŋ+.2Ŋ-#%.!(.2Ŋ#-31#Ŋ24Ŋ/ ~2Ŋ8Ŋ !4 ".1Ŋ, 1!' -Ŋ Ŋ+ Ŋ/#1$#!!(¢-ēŊ 1!'(5.
Ŋ, 8.1Ŋ(-5#12(¢-Ŋ"#Ŋ '(- Ŋ#-Ŋ ,_1(! Ŋ 3(- Ŋ #23;Ŋ#-Ŋ !4 ".1Ģē Ŋ ĔŊŊ
Ĺ‹'#( ,v Feh W^ehW" bW fh_dY_fWb fh[eYk# fWY_ÂŒd [d ;YkWZeh j_[d[ gk[ l[h Yed bei [\[Yjei WcX_[djW# b[i gk[ fheZkY_h‡W bW [njhWY# Y_ÂŒd Z[ YeXh[ [d kdW c_dW W Y_[be WX_[hje feh fWhj[ Z[ bW [cfh[iW Y^_dW ;YkWYehh_[dj[ [d bW fhel_dY_W WcWpÂŒd_YW Z[ PWcehW 9^_dY^_f[$ ;b [cXW`WZeh OkWd ieij_[# d[ gk[ ik =eX_[hde ^W Ækh]_# ZeÇ W jeZWi iki [cfh[iWi gk[ ef[hWd [d [b [nj[h_eh W Æfh[i#
jWh cko WbjW _cfehjWdY_W W bW fhej[YY_ÂŒd Z[b WcX_[dj[ [d bWi Yeckd_ZWZ[i beYWb[iÇ o gk[ [d [bbe i[ _diYh_X[ bW _dl[hi_ÂŒd Y^_dW [d c_d[h‡W [d j[hh_jeh_e [YkWjeh_Wde$ F[he fWhW bW 9ed\[Z[hWY_ÂŒd Z[ DWY_edWb_ZWZ[i ?dZ‡][dWi Z[ ;YkWZeh 9edW_[ " f[hi_ij[ [b j[ceh Z[ gk[ bWi WYj_l_ZWZ[i c_d[hWi YedjWc_d[d h‡ei o Z[ifbWY[d Yeckd_ZWZ[i$ ;ije Z_e eh_][d W bW cWhY^W Z[ '+ Z‡Wi gk[ ]hkfei ieY_Wb[i h[Wb_# pWhed [d cWhpe Z[iZ[ PWcehW 9^_dY^_f[ ^WijW Gk_je$
9ed YhƒZ_jei gk[ hedZWd bei -$&&& c_bbed[i Z[ ZÂŒbWh[i" 9^_# dW i[ ^W Yedl[hj_Ze [d [b cWoeh fh[ijWc_ijW Z[ ;YkWZeh" h[Ye# deY_ÂŒ [b [cXW`WZeh Z[ bW dWY_ÂŒd Wi_|j_YW [d Gk_je" OkWd =k_i[d$ ;b Z_fbec|j_Ye h[l[bÂŒ gk[ ik ]eX_[hde [ij| Ă’dWdY_WdZe _c# fehjWdj[i fheo[Yjei Z[ _d\hW[i# jhkYjkhW [d [b fW‡i h[bWY_edWZei Yed ^_Zhe[b[Yjh_Y_ZWZ" c_d[h‡W" YedijhkYY_ÂŒd Z[ kdW h[Ă’d[h‡W" jhWdifehj[" YWhh[j[hWi" j[b[Ye# ckd_YWY_ed[i o Yeef[hWY_ÂŒd W]h‡YebW o c_b_jWh" Wi‡ Yece Z_# l[hiWi _dl[hi_ed[i$ Bei fbWd[i [ij|d ]WhWdj_pW# Zei" Wdj[ jeZe" feh [b ikc_d_ijhe Z[ f[jhÂŒb[e o W kdW jWiW Z[ _dj[# hƒi de ikf[h_eh Wb - $ :[ ^[Y^e" 9^_dW [i [d [ij[ cec[dje [b fh_dY_fWb c[hYWZe fWhW [b YhkZe [YkWjeh_Wde$ Æ>Wo d[]eY_WY_ed[i de iebe
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. Ĺ?
ă
fWhW \_dWdY_Wh i_de jWcX_ƒd fWhW _dl[hj_h [d bW H[Ă’d[h‡W Z[b FWY‡ÒYe" feh [`[cfbe" o [ij|d [d cWhY^W Yedl[hiWY_ed[i Yed jh[i [cfh[iWi ]hWdZ[i Z[ 9^_dW Yece I_def[Y" 9DF9 o 9deeY" j[dZ_[d# j[i W YedYh[jWh Wb]‘d WYk[hZe Z[ fWhj_Y_fWY_ÂŒdÇ" i[‹WbÂŒ$ ;ijW YedijhkYY_ÂŒd" gk[ Wi# Y_[dZ[ W ')$&&& c_bbed[i Z[ ZÂŒbWh[i o [ij| [d cWdei Z[ bWi f[jheb[hWi [ijWjWb[i" F[jhe[YkW# Zeh o bW l[d[pebWdW FZliW" [i Yedi_Z[hWZW bW eXhW c|i ]hWdZ[ Z[b fW‡i$ BW fbWdjW i[h| _dijWbW# ZW [d [b i[Yjeh Z[ ;b 7hece" [d bW fhel_dY_W Z[ CWdWX‡" o [ijWh| j[hc_dWZW [d (&',$ Feh W^ehW" bW eXhW Yed c|i _dl[hi_ÂŒd gk[ j_[d[ ;YkWZeh [i bW ^_Zhe[bƒYjh_YW 9eYW 9eZe I_d# YbW_h" Yed ($&&& c_bbed[i Z[ ZÂŒ# bWh[i" bW cWoeh fWhj[ Z[ YWf_jWb Y^_de$
ßúúŋ "#()-Ĺ‹0# ( (Ĺ‹ Ĺ‹ -./ # ,Ĺ‹ -* ˜)& Kd jejWb Z[ (&& [ijkZ_Wdj[i Y^_# dei bb[]Wh|d [d `kb_e Wb fW‡i" Yed kd eX`[j_le0 Wfh[dZ[h [ifW‹eb$ Bei Wbkcdei h[Y_X_h|d bWi YbWi[i [d bW Kd_l[hi_ZWZ ?dj[h# dWY_edWb" [d Gk_je" bk[]e Z[ kd Yedl[d_e ikiYh_je Yed Y[djhei ikf[h_eh[i Z[ 9^_dW$ Bei kd_l[hi_jWh_ei Z[i[Wd Ye# deY[h [b _Z_ecW YWij[bbWde o jeZe be YedY[hd_[dj[ Wb ;YkWZeh" fWhW feij[h_ehc[dj[ _d_Y_Wh d[]eY_ei [djh[ [cfh[iWi Z[ bW dWY_ÂŒd Wi_|j_YW o bW h[]_ÂŒd WdZ_dW$
ēŊ (#-".Ŋ#2/  .+Ŋ2#Ŋ /4#"#-Ŋ' !#1Ŋ,#).1#2Ŋ-#%.!(.2ē
/ &)-Ĺ‹ #, .)-
Kd lk[be _dWk]khWb [djh[ 9^_dW o ;YkWZeh i[ h[Wb_pW# h| fhedje o j_[d[ Yece fh_dY_fWb[i eX`[j_lei fhece# Y_edWh jWdje [b jkh_ice Yece _dY[dj_lWh [b Yec[hY_e X_bWj[hWb$ ;i fheXWXb[ gk[ [b Wl_ÂŒd fWhjW Z[ I^Wd]^W_ Yed Z_h[Y# Y_ÂŒd W CWdjW [d be gk[ i[ [cfb[Wh‡Wd Wf[dWi / e '& ^ehWi" [d YecfWhWY_ÂŒd Yed bWi (- WYjkWb[i Z[iZ[ Gk_je ^WijW F[a‡d" Yed [iYWbWi [d ;ijWZei Kd_Zei o @WfÂŒd$ ;b Wl_ÂŒd lebWh‡W Z_h[Yje ieXh[ [b EYƒWde FWY‡ÒYe" Yed be gk[ i[ W^ehhWh‡W j_[cfe o Z_d[he$
ƒ ą
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
(+#2ĹŠ"#ĹŠ5(2(3 -3#2ĹŠ ++#% -ĹŠ ĹŠ 1.-"#+#3ĹŠ / 1 ĹŠ!.-.!#1ĹŠ+.2ĹŠ #2/ !(.2ĹŠ".-"#ĹŠ2#ĹŠ !.-"4!#ĹŠ+ ĹŠ 31( ēŊ 7 bei ]k‡Wi jkh‡ij_Yei bei _Z[d# j_Ă’YW kd Z[dec_dWZeh Yec‘d$ Iki YWc_iWi XehZWZWi Yed ce# j_lei _dZ_][d_ijWi #Yece bWi gk[ kiW [b fh[i_Z[dj[ HW\W[b 9ehh[W# bbWcWd bW Wj[dY_ÂŒd Z[ jkh_ijWi dWY_edWb[i o [njhWd# `[hei gk[ l_i_jWd [b FWbWY_e Z[ =eX_[hde" WX_[hje Wb f‘Xb_Ye Z[iZ[ (&&-$ ;i gk[" jhWi bW Z[Y_i_ÂŒd fh[# i_Z[dY_Wb Z[ WXh_h bWi fk[hjWi" YkWjhe `ÂŒl[d[i ]k‡Wi YedZkY[d W bei l_i_jWdj[i feh bei Yehh[Zeh[i Z[b WbW dehj[ Z[b FWbWY_e" ZedZ[ i[ [dYk[djhWd jh[i iWbed[i$ NWl_[h 7]k_bWh" Z[ )* W‹ei" \ehcW fWhj[ Z[b [gk_fe o Z[ bk# d[i W l_[hd[i ]k‡W W Wbh[Z[Zeh Z[ (& f[hiedWi gk[" fh[l_Wc[dj[
&)( -Ĺ‹ &Ĺ‹*) ,Ĺ‹ )! (Ĺ‹ &Ĺ‹./,#-. Ĺ‹ ^WY[d Ă’bW [d bW YWbb[ ;if[`e o =Wh# Whgk_j[YjkhW Z[ bW Kd_l[hi_ZWZ Y‡W Ceh[de" o gk_[d[i Z[X[d [d# 9[djhWb" gk_[d feh fh_c[hW l[p jh[]Wh kd ZeYkc[dje Z[ _Z[dj_ZWZ _d]h[iWXW W bW YWiW Z[ =eX_[hde$ ÆC[ i_[dje fh_l_b[]_WZW Wb [ijWh [d bW fh[l[dY_ÂŒd$ [d kd bk]Wh Wb gk[ iebe j_[# ?dijhkYY_ed[i Yece de kj_b_pWh [b Y[bkbWh e ^WY[h d[d WYY[ie bei c_d_ijhei o \ejei Yed Ă“Wi^ ied _cfh[i# bei f[h_eZ_ijWiÇ" WĂ’hcW bW ĹŠ `el[d$ Y_dZ_Xb[i W bW ^ehW Z[ _d_Y_Wh /1.7(, " ,#-Äą ;b h[Yehh_Ze Yedj_d‘W feh bW l_i_jW gk[ ZkhW kdei *+ 3#ĹŠ2#ĹŠ/1."4!#-ĹŠ +ĹŠ ,#2ĔŊ2#%ĂŒ-ĹŠ+ ĹŠ [b IWbÂŒd Z[ 8Wdgk[j[i WZeh# c_dkjei$ 1#2("#-!( ēŊ dWZe Yed Yebeh_Zei jWf_Y[i [YkWjeh_Wdei" Wkdgk[ be gk[ #!.11(". c|i bbWcW bW Wj[dY_ÂŒd [i kd ;d bW fWh[Z Z[b Z[iYWdie Z[ ĹŠ f[gk[‹e ehWjeh_e Yedijhk_# bW [iYWb_dWjW fh_dY_fWb" kd ckhWb Z[b f_djeh EimWbZe Ze [d bW WZc_d_ijhWY_ÂŒd Z[b [nfh[i_Z[dj[ I_nje :kh|d =kWoWiWc‡d gk[ h[fh[i[d# ĹŠ#-31 " ĹŠ#2ĹŠ %1 34(3 ĹŠ8ĹŠ2#ĹŠ jW [b Z[iYkXh_c_[dje Z[b /4#"#ĹŠ5(2(3 1ĹŠ"#ĹŠ 8Wbbƒd '//(#'//, $ Kdei fWiei c|i WZ[bWd# h‡e 7cWpedWi o kdW khdW ÄˆÄ‡Ä–ÄŠÄ‡ĹŠ ĹŠÄˆÄ?Ėććē ZedZ[ h[feiW [b Jh_Yebeh j[" [d [b IWbÂŒd 7cWh_bbe" Ye# DWY_edWb b[i ZWd bW X_[dl[d_ZW$ deY_Ze Wi‡ feh iki fWh[Z[i YkX_[h# Kde W kde" bei l_i_jWdj[i _dYb_# jWi Z[ i[ZW \hWdY[iW Z[ [i[ Yebeh" dWd ik YWX[pW [d i[‹Wb Z[ h[if[je bei jkh_ijWi be]hWd h[YedeY[h W lW# Wb i‡cXebe fWjh_e" c_[djhWi ied h_ei Z[ bei *' h[jhWjei Z[ [ncWdjW# YedZkY_Zei Wb iWbÂŒd Z[ i[i_ed[i h_ei0 @W_c[ HebZÂŒi" EimWbZe >kh# Z[b =WX_d[j[ Z[ C_d_ijhei ZedZ[ jWZe" HeZh_]e 8eh`W" I_nje :kh|d kdW bWh]W c[iW Z[ cWZ[hW" [b ;i# 8Wbbƒd" =kijWle DeXeW" Wkdgk[ YkZe h[fh[i[djWZe [d [b [ifWbZWh Wbb‡ de YedijWd bWi f_djkhWi Z[ _d# Z[b i_bbÂŒd fh[i_Z[dY_Wb o [b[]Wdj[i j[h_dei o Z_YjWZeh[i$ C_[djhWi ZkhW [b h[Yehh_Ze feh i_bbed[i fWhW bei c_d_ijhei fed[d [b jegk[ ieb[cd[ Wb h[Yehh_Ze$ Z[b FWbWY_e" ejhe ]hkfe Z[ jkh_i# ÆBW f_[b i[ c[ fed[ Z[ ]Wbb_dWÇ" jWi W]kWhZWd ik jkhde gk[ i[ ZW Z_`e =WXh_[bW Fepe" [ijkZ_Wdj[ Z[ [d _dj[hlWbei Z[ '+ c_dkjei o [b_#
Ĉćēććć
ēŊ +Ŋ +¢-Ŋ , 1(++.Ŋ#2Ŋ4-.Ŋ"#Ŋ+.2Ŋ/4-3.2Ŋ,;2Ŋ31 !3(5.2Ŋ/ 1 Ŋ+.2Ŋ 5(2(3 -3#2ēŊ
ēŊ "#,;2ĔŊ2#Ŋ#7'( #-Ŋ+.2Ŋ1#% +.2Ŋ04#Ŋ 43.1(" "#2Ŋ1#!( #-Ŋ#-Ŋ#+Ŋ #731 -)#1.ēŊ
][d ejhW efY_Œd _dj[h[iWdj[0 i[ jecWd \eje]hW\‡Wi `kdje W bei =hWdWZ[hei Z[ JWhgk_ e ;iYeb# jWi Fh[i_Z[dY_Wb[i [dYWh]WZei
Z[ YkijeZ_Wh bW i[]kh_ZWZ Z[ 9WhedZ[b[j o bW _dj[]h_ZWZ Z[b CWdZWjWh_e" [d [ij[ f[h‡eZe" HW\W[b 9ehh[W$
+ĹŠ + !(.
3.2Ŋ'(23¢1(!.2Ŋ Ŋ Ŋ2#"#Ŋ"#Ŋ+ Ŋ .1.- Ŋ$4-!(.-¢Ŋ!#1! Ŋ ŗ"#+Ŋ!.-5#-3.Ŋ#Ŋ(%+#2( Ŋ"#Ŋ Ŋ #1!#"Ŋ
ĸ !34 +#2ĹŠ! ++#2ĹŠ 4#-! ĹŠ8ĹŠ '(+#ĚŊŊ' 23 ĹŠ ĈÄ?ÄˆÄˆÄ”ĹŠ!4 -".ĹŠ,41(¢Ŋ".-ĹŠĹŠ (#%.ĹŠ 4;1#9ĹŠ "#ĹŠ (%4#1. ĔŊ2#!1#3 1(.ĹŠ"#ĹŠ+ ĹŠ 4"(#-!( ĔŊ 04(#-ĹŠ#1 ĹŠ"4# .ĹŠ"#+ĹŠ/ + !(.ĹŠ#"(ă! ".ĹŠ#-ĹŠ + ĹŠ/+ 9 ĹŠ!#-31 +ēŊ .-ĹŠ 4 -ĹŠ #1-;-"#9ĹŠ"#ĹŠ #! +"#ĔŊ/1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ 4"(#-!( ĔŊ#-ĹŠ #2#ĹŠ#-3.-!#2ĔŊ(-$.1,¢Ŋ +ĹŠ1#8ĹŠ04#ĹŠ"(!'.ĹŠ (-,4# +#ĹŠ2#ĹŠ#-!.-31 ĹŠ#-ĹŠ1#, 3#ĹŠ8ĹŠ+ ĹŠ .1.- ĹŠ+.ĹŠ "04(1(¢ē
Ŋ (#,/.Ŋ"#2/4_2ĔŊ#+Ŋ24!#2.1Ŋ"#+Ŋ/1#2(Ĺ ŗ"#-3#Ŋ #! +"#ĔŊ".-Ŋ -3.-(.Ŋ"#Ŋ .1% ĔŊ
(-$.1,¢Ŋ +ĹŠ1#8ĹŠ04#ĹŠ+ 2ĹŠ 2 2ĹŠ # +#2ĹŠ#1 -ĹŠ (-"(%- 2ĹŠ"#ĹŠ++#5 1ĹŠ#2#ĹŠ /#+ 3(5.ĔŊ/4#2ĹŠ #1 -ĹŠ#231#!' 2ĹŠ8ĹŠ,48ĹŠ5(#) 2ĔŊ/.1ĹŠ+.ĹŠ04#ĹŠ /1./42.ĹŠ!.,/1 1ĹŠ+ 2ĹŠ! 2 2ĹŠ "8 !#-3#2ēŊ +ĹŠ3#11#,.3.ĹŠ"#ĹŠÄˆÄ?ĉÄ?ĹŠ$.19¢Ŋ ĹŠ!.,/1 1ĹŠ +.2ĹŠ#"(ă!(.2ĹŠ5#!(-.2ĔŊ04#ĹŠ/.1ĹŠ24ĹŠ5#3423#9ĹŠ
$4#1.-ĹŠ1##"(ă! ".2ĹŠ"#ĹŠ! -3#1~ ĹŠ8ĹŠ+ "1(++.ēŊ #ĹŠ ++~ĹŠ#-ĹŠ "#+ -3#ĹŠ#+ĹŠ/."#1ĹŠ"#ĹŠ+ ĹŠ 4"(Äą #-!( ĹŠ2#ĹŠ1 "(! ĹŠ$1#-3#ĹŠ ĹŠ+ ĹŠ + 9 ĹŠ 8.1Ä“ ĹŠ -ĹŠ#+ĹŠ  .ĹŠÄˆÄ?Ä’Ä’ĹŠ#+ĹŠ 1¢-ĹŠ 4(2ĹŠ _!3.1ĹŠ Ĺ—"#ĹŠ 1.-"#+#3ĹŠ#2ĹŠ"#2(%- ".ĹŠ/1#2("#-3#ĹŠ
"#ĹŠ+ ĹŠ 4"(#-!( ĹŠ8ĹŠ#-ĹŠ#+ĹŠ  .ĹŠ"#ĹŠÄˆÄ‘Ä‡ÄˆĹŠ !.-31 3 ĹŠ ĹŠ -3.-(.ĹŠ 1!~ ĔŊ"#ĹŠ.1(%#-ĹŠ #2/  .+ĔŊ04(#-ĹŠ ).ĹŠ24ĹŠ"(1#!!(¢-ĹŠ1# +(9 ĹŠ +.2ĹŠ31 ).2ĹŠ"#ĹŠ1# "#!4 !(¢-ĹŠ8ĹŠ,#).1 2ĹŠĹŠ #-ĹŠ#+ĹŠ + !(.ĹŠ"#ĹŠ+ ĹŠ 4"(#-!( ĹŠ8ĹŠ#-ĹŠ+ ĹŠ 3#"1 +Ä“
ĹŠ 41 -3#ĹŠ+ ĹŠ_/.! ĹŠ1#/4 +(! - ĹŠ+.2ĹŠ Ĺ—/1#2("#-3#2ĹŠ!.-23(34!(.- +#2ĔŊ(-3#1(-.2ĹŠ8ĹŠ "(!3 ".1#2ĹŠ' -ĹŠ"#2/ !' ".ĹŠ"#2"#ĹŠ#23#ĹŠ #"(ă!(.ĔŊ04#ĹŠ#2ĹŠ+ ĹŠ2#"#ĹŠ"#+ĹŠ . (#1-.ĹŠ"#ĹŠ + ĹŠ #/ĂŒ +(! ĹŠ"#+ĹŠ !4 ".1ēŊ 4#-3#Ä–ĹŠ 1#2("#-!( ĹŠ #ĹŠ ĹŠ 1#/ĂŒ +(! ĹŠ
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
Ć
ēŊ +Ŋ)4#9Ŋ (+2.-Ŋ #1(-.Ŋ#2Ŋ#+Ŋ,(2,.Ŋ04#Ŋ$ ++¢Ŋ Ŋ$ 5.1Ŋ"#+Ŋ 1#2(Ĺ "#-3#Ŋ#-Ŋ#+Ŋ! 2.Ŋ +Ŋ -(5#12.ē
&ŋ -)ŋ #& ( ( )ŋ -* , ŋŋ*,)(/( # '# (.)ŋ ŋ/( ŋ )($/ 4 ēŊ 23.2Ŋ/1.!#2.2Ŋ +(%#1 1~ -Ŋ#+Ŋ31 ).Ŋ#-Ŋ+.2Ŋ)49% ".2ēŊ
&# -Ĺ‹ &. ,( .#0 -Ĺ‹ ()Ĺ‹- Ĺ‹ *&# (Ĺ‹ -ĹŠ#+ĹŠÄ?Ä‡Ĺ˜ĹŠ"#ĹŠ+.2ĹŠ! 2.2ĹŠ04#ĹŠ(-%1#2 -ĹŠ +ĹŠ2(23#, ĹŠ/1.!#2 +ĹŠ/#- +ĹŠ2#ĹŠ/."1~ -ĹŠ /+(! 1ĹŠ+ 2ĹŠ2 +(" 2ĹŠ +3#1- 3(5 2ēŊ
BW Wfb_YWY_ÂŒd Z[ bWi iWb_ZWi le 9ÂŒZ_]e Z[ FheY[Z_c_[dje Wbj[hdWj_lWi [ij| fh[l_ijW [d F[dWb" f[he de [i X_[d Wfhe# [b 9ÂŒZ_]e Z[ FheY[Z_c_[dje l[Y^WZW$ Æ;d [b -& Z[ bei F[dWb 9FF Z[iZ[ cWhpe Z[ YWiei gk[ _d]h[iWd Wb i_ij[# (&&/$ ;ije" fWhW be]hWh kdW cW fheY[iWb f[dWb W d_l[b dW# h[fWhWY_ÂŒd efehjkdW [ _d# Y_edWb i[ feZh‡Wd Wfb_YWh bWi c[Z_WjW W bWi l‡Yj_cWi o fWhW iWb_ZWi Wbj[hdWj_lWi e fheY[# Z[iYed][ij_edWh o W]_b_pWh [b Z_c_[djei [if[Y_Wb[iÇ$ ;i# jh|c_j[ Z[ YWiei Z[ Z[b_# gk[j_d_ Z_`e gk[ Yed [ijWi c[Z_ZWi XW`W bW jei c[deh[i$ I_d [cXWh]e" i[]‘d ĹŠ _cfkd_ZWZ" ^Wo h[fW#
kd [ijkZ_e h[Wb_pWZe hWY_ÂŒd _dc[Z_WjW W bW ! 42 2ĹŠ feh [b Fhe]hWcW <ehjW# l‡Yj_cW o Z[iYed][i# 1#/1#2 " 2ĹŠ b[Y_c_[dje Z[ @kij_Y_W" #7(23#-ĹŠ#-ĹŠ+ ĹŠ j_edW [b i_ij[cW$ Æ;d )423(!( ēŊ [d (&'&" [d Gk_je Z[ bWi bei j_fei Z[ Z[b_jei )'$(+. Z[dkdY_Wi gk[ _d# gk[ j[d[cei [d [b fW‡i ]h[iWhed Wb i_ij[cW" iebe +&) [d [b cec[dje gk[ i[ kj_b_pW i[ Wfb_YWhed iWb_ZWi Wj[hdWj_# [ijWi iWb_ZWi i[ [ij| ZWdZe bW lWi$ FWhW (&'' iebe [d WYk[h# efehjkd_ZWZ W gk[ [b i_ij[cW Ze h[fWhWjeh_ei o ikif[di_ÂŒd jhWXW`[ [d bei j_fei Z[ Z[b_jei YedZ_Y_edWb i[ ^WXh‡W _dYh[# c|i ]hWl[iÇ" WYejÂŒ$ I[]‘d kd Z_W]dÂŒij_Ye h[W# c[djWZe [d kd )( $ b_pWZe feh [b Fhe]hWcW Z[ <ehjWb[Y_c_[dje Z[ bW @kij_# /+(! !(¢-ĹŠ ;b 9edi[`e 9edikbj_le [ijW# Y_W" [djh[ [d[he o del_[cXh[ Xb[Y_ÂŒ Yece feb‡j_YW bW Wfb_YW# Z[ (&'&" [d Gk_je _d]h[iWhed Y_ÂŒd fh_eh_jWh_W Z[ bWi iWb_ZWi )'$(+. Z[dkdY_Wi" Z[ bWi YkW# Wbj[hdWj_lWi o fheY[Z_c_[djei b[i iebe [d +&) i[ Wfb_YWhed [if[Y_Wb[i [ijWXb[Y_Zei [d [b bWi iWb_ZWi Wbj[hdWj_lWi$ 9FF" [b '( Z[ \[Xh[he Z[b (&''" i_d [cXWh]e [ijW fh|Yj_YW .11#!3 ĹŠ /+(! !(¢^WijW [b cec[dje j_[d[ cWoeh ;b [n`k[p Bk_i <[hd|dZ[p F_[# _dY_Z[dY_W iee [d F_Y^_dY^W o ZhW Ye_dY_Z_ÂŒ [d gk[ kde Z[ bei =kWoWi$ \WYjeh[i gk[ [l_jWh‡W [b h[fh[# BW Z_h[YjehW Z[ bW ED= iWc_[dje Z[ YWkiWi [i bW Wfb_# <ehjWb[Y_c_[dje Z[ bW @kij_# YWY_ÂŒd Z[ bWi iWb_ZWi Wbj[hdW# Y_W" FWjh_Y_W ;igk[j_d_" cW# j_lWi Wb fheY[ie f[dWb$ Æ;ije d_\[ijÂŒ gk[ bW Wfb_YWY_ÂŒd Z[ be]hWh‡W h[ZkY_h kd +& Z[ bei fheY[Z_c_[djei [if[Y_W# YWkiWi" i_ i[ ^WY[ be gk[ [ij| b[i o iWb_ZWi Wbj[hdWj_lWi [i fh[l_ije [d bW b[oÇ" Z_`e$ <[hd|dZ[p i[‹WbÂŒ gk[ kdW l[djW`W gk[ j_[d[ [b dk[#
Ä?Ďć
iWbZh‡Wd X[d[Ă’Y_WZWi bWi l‡Yj_cWi" bW WZc_d_ijhWY_ÂŒd Z[ `kij_Y_W o bW ieY_[ZWZ$ Æ;d [b YWie Z[b i_ij[cW Z[ `kij_Y_W i[ [l_jWh‡W kd ]Wije h[# Ykhie" [d YWiei Z[ bWi l‡Yj_cWi bW h[fWhWY_ÂŒd i[h‡W _dc[Z_WjWÇ" fkd# jkWb_pÂŒ$
BW Yed`k[pW 7‡ZW FWbWY_ei 9e# hed[b [i bW [dYWh]WZW Z[ YWb_Ă’# YWh bW fheY[Z[dY_W Z[ bW h[Yk# iWY_ÂŒd gk[ fh[i[djÂŒ bW Z[\[diW Z[ bei ^[hcWdei M_bb_Wc o He# X[hje ?iW‡Wi [d YedjhW Z[b `k[p M_bied C[h_de" fWhW gk[ i[ i[fWh[ Z[Ă’d_j_lWc[dj[ Z[b jh|# c_j[ Z[b `k_Y_e Z[ <_bWdXWdYe" [d [b gk[ oW i[ Z_YjÂŒ i[dj[dY_W YedZ[dWjeh_W feh [b ikfk[ije Z[b_je Z[ f[YkbWZe$ ;b jh|c_j[ Z[ [ijW h[YkiW# Y_ÂŒd \k[ iehj[WZe [b fWiWZe (' Z[ WXh_b o ^WijW Wo[h Wb c[Z_e# Z‡W" de ^WX‡W d_d]kdW h[ifk[i# jW Z[ FWbWY_ei$ BW h[YkiWY_ÂŒd fh[i[djWZW feh NWl_[h 9Wijhe" WXe]WZe Z[ bei ^[hcWdei ?iW‡Wi" [ij| \kdZWc[djWZW [d bW ikfk[ijW _dYecf[j[dY_W Z[b `k[p M_bied C[h_de" fehgk[ ik decXhW# c_[dje Yece `k[p Z[ bW 9ehj[
DWY_edWb Z[ @kij_Y_W ^WXh‡W i_Ze _b[]Wb" fehgk[" Z_Y[" i[ b[ YedY[Z_ÂŒ" [d [b YedYkhie Z[ cƒh_jei o efei_Y_ÂŒd" '& fkdjei i_d `kij_Ă’YWY_ÂŒd Wb]kdW" i[]‘d bW WYkiWY_ÂŒd fh[i[djWZW feh [b WiWcXb[‡ijW 7dZhƒi F|[p$ :[ i[h WY[fjWZW W jh|c_j[ bW h[YkiWY_ÂŒd" [b [nf[Z_[dj[ j[d# Zh| gk[ iehj[Whi[ [djh[ bei `k[# Y[i j_jkbWh[i Z[ bW IWbW F[dWb Z[ bW 9ehj[ DWY_edWb Z[ @kij_Y_W" [nY[fje C[h_de" fWhW gk[ jh[i i[Wd bei gk[ h[ik[blWd be gk[ [d Z[h[Y^e Yehh[ifedZW$ :[ de WY[fjWhi[ W jh|c_j[" [b [nf[Z_[dj[ Z[ bW h[YkiWY_ÂŒd j[dZh| gk[ i[h WhY^_lWZe o [b `k_Y_e Z[X[h| i[]k_h ik Ykhie" Wj[dZ_ƒdZei[ bei f[Z_Zei Z[ WYbWhWY_ÂŒd o Wcfb_WY_ÂŒd" o kde Z[ Wf[bWY_ÂŒd" gk[ fh[i[djWhed bei fheY[iWZei gk[ \k[hed i[d# j[dY_WZei feh [b `k[p C[h_de$
ć
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. Ĺ?
#*). -ĆŋÄ? /6(.)Ĺ‹* ! ,ÄŽĹ‹ #+ !(¢-ĹŠ(-%1#2.Äą"#4"
:ƒYWZWi Z[ _d\ehcWY_ÂŒd Ă’dWdY_[# hW ^Wd Yh[WZe ceZ[bei YecfkjW# h_pWZei gk[ WokZWd W Z[j[hc_dWh Yk|dje kdW f[hiedW fk[Z[ ]WijWh [d l_l_[dZW o Z[kZW$ ;b fheY[ie [i Yecfb[`e" [nfb_YW Bk_i 9Wij[be" WdW# b_ijW Ă’dWdY_[he" o jecW [d Yk[djW kdW i[h_[ Z[ lWh_WXb[i$ ÆJhWZ_Y_e# dWbc[dj[ bei fh[ijWc_ijWi ^Wd kj_b_# pWZe bW h[bWY_ÂŒd _d]h[ie#Z[kZW fWhW =WXh_[bW =$ j[d‡W kd fhƒijWce ^_# [ij_cWh Yk|dje fk[Z[ f[Z_h fh[ijW# fej[YWh_e gk[ de feZ‡W fW]Wh$ ;b Ze bW f[hiedW gk[ YecfhW kdW l_# Yeije Z[ ik YWiW [hW Z[ '*&$&&& l_[dZW" fWhW gk[ bW fk[ZW fW]Wh Z[ ZÂŒbWh[i" feh bW YkWb Z_e kdW YkejW cWd[hW YÂŒceZWÇ$ BW h[bWY_ÂŒd i[ YWbYkbW YecfWhWd# _d_Y_Wb Z[ /&$&&&" kd feYe c[dei Z[ be gk[ eXjkle Wb l[dZ[h bW YWiW Ze bei ]Wijei Z[ kdW f[hiedW Yed iki _d]h[iei Xhkjei Wdj[i Z[ ik WXk[be$ ;b YhƒZ_je Yed Z[ fW]Wh _cfk[ijei $ Æ;djh[ [b gk[ fW]Wh‡W bW Z_\[h[dY_W c[deh [b d‘c[he" c[`ehÇ" c|i _cfk[ijei" i[]khei o ĹŠ W‹WZ[$ Feh [`[cfbe" i_ kdW jWiWi Z[ _dj[hƒi" b[ i_]d_Ă’# ĹŠ(-%1#2.2ĹŠ#2ĹŠ#+ĹŠ f[hiedW ]WdW '$+&& ZÂŒbWh[i YWXW kdW Yk[djW c[dikWb 5 +.1ĹŠ/1.,#"(.ĹŠ ĹŠ / % 1ĹŠ/.1ĹŠ4-ĹŠ Z[ /), ZÂŒbWh[i" Y[hYW Z[ /1_23 ,.ĹŠ'(/.Äą Wb c[i o fW]W '+& ZÂŒbWh[i [d 3#! 1(.ēŊ Z[kZWi" ik h[bWY_ÂŒd _d]h[ie# (&& ZÂŒbWh[i c[dei gk[ Z[kZW [i Z[ '& $ ik _d]h[ie c[dikWb Yece Bei XWdYei o bei Wi[ieh[i Wi_ij[dj[ [`[Ykj_lW$ =W# Xh_[bW j_[d[ jh[i ^_`ei o j[d‡W (&& Ă’dWdY_[hei [nWc_dWd Zei d‘c[hei0 ZÂŒbWh[i fWhW YkXh_h [b h[ije Z[ bei BW h[bWY_ÂŒd Z_h[YjW _d]h[ie#Z[kZW gk[ _dYbko[ [b jejWb Z[ bei ]Wijei Z[ ]Wijei [d ik l_ZW$ ;ijW h[Wb_ZWZ de [i W`[dW [d l_l_[dZW0 ^_fej[YW fh_dY_fWb" _dj[h[# [b fW‡i" f[he ÂľYÂŒce fk[Z[ [l_jWh i[i" _cfk[ijei" i[]khe1 o bW h[bWY_ÂŒd jejWb _d]h[ie#Z[kZW gk[ _dYbko[ gk[ W kij[Z b[ fWi[ be c_ice5
Ŋ5(5(#-" Ŋ#2Ŋ#+Ŋ % 23.Ŋ,;2Ŋ%1 -"#Ŋ #-Ŋ+ Ŋ, 8.1~ Ŋ"#Ŋ +.2Ŋ/1#24/4#23.2Ŋ $ ,(+( 1#2ēŊ
Ä‰ÄŽĹ˜ĹŠ
,19,7$&,21 'H FRQIRUPLGDG FRQ ORV DUWLFXORV GH OD /H\ 2UJiQLFD GHO 6LVWHPD 1DFLRQDO GH &RQWUDWDFLyQ 3~EOLFD GH VX 5HJODPHQWR *HQHUDO \ OD 5HVROXFLyQ ,1&23 1R (O &RQVHMR 1DFLRQDO GH (OHFWULFLGDG LQYLWD D ODV SHUVRQDV QDWXUDOHV \ MXUtGLFDV QDFLR QDOHV R H[WUDQMHUDV GRPLFLOLDGDV HQ HO SDLV TXH HVWpQ KDELOLWDGDV SDUD HMHUFHU DFWLYLGDGHV FRPHUFLDOHV HQ HO (FXDGRU SDUD TXH SUH VHQWHQ VXV RIHUWDV SDUD HO VHUYLFLR GH $UUHQGDPLHQWR GH XQ ELHQ LQPXHEOH TXH VHUi GHVWLQDGR D RILFLQDV GHO &21(/(& (/ ,108(%/( '(%( 7(1(5 0ĂŒ1,02 /$6 6,*8,(17(6 &$5$&$7(5ĂŒ67,&$6 ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡
,QPXHEOH GH P (VWDFLRQDPLHQWRV SDUD YHKtFXORV $FFHVR LQGHSHQGLHQWH $OWXUD PtQLPD GH HQWUHSLVR P &RQVWUXFFLyQ GH KRUPLJyQ DUPDGR R HVWUXFWXUD PHWiOLFD &RQVWUXFFLyQ PRGHUQD )DFLOLGDGHV GH DFFHVR ,OXPLQDFLyQ DGHFXDGD SDUD RILFLQDV 'LVSRQLELOLGDG LQPHGLDWD
(48,3$0,(172 ‡ ‡ ‡ ‡
%DWHUtDV VDQLWDULDV SDUD KRPEUHV \ PXMHUHV 6XPLQLVWUR GH DJXD SRWDEOH JDUDQWL]DGR 6HUYLFLR HOpFWULFR )DFLOLGDGHV SDUD LQVWDODFLRQHV WHOHIyQLFDV \ HVSHFLDOHV
8%,&$&,�1 ‡
(Q XQ UDGLR GH SUR[LPLGDG QR PD\RU D P GH ODV RILFLQDV SULQFLSDOHV GHO &21(/(& SHUtPHWUR FpQWULFR DGPLQLVWUDWLYR ² ILQDQFLHUR GH OD FLXGDG GH 4XLWR FDQWyQ GHO PLVPR QRPEUH SURYLQFLD GH 3LFKLQFKD
/DV RIHUWDV VH UHFHSWDUiQ HQ VREUH FHUUDGR KDVWD ODV + GHO PLpUFROHV GH PD\R GHO HQ OD $Y 1DFLRQHV 8QLGDV ( \ $Y GH ORV 6K\ULV (GLILFLR &25',(= RILFLQDV GHO &RQVHMR 1DFLRQDO GH (OHFWULFLGDG /RV UHTXLVLWRV FRQGLFLRQHV \ SOLHJRV GHO SURFHVR VH ORV SXHGH UHYLVDU HQ HO SRUWDO ZZZ FRPSUDVSXEOLFDV JRE HF EDMR HO FyGLJR GHO SURFHVR 5( &21(/(& 'U )UDQFLVFR 9HUJDUD 2 ',5(&725 (-(&87,92 ,17(5,12 $ 3 N P
jeZei bei Wdj[h_eh[i c|i [b fW]e Z[ ejhWi h[ifeidWX_b_# ZWZ[i0 fhƒijWcei Wkjecejh_# Y[i" fhƒijWcei [ijkZ_Wdj_b[i" jWh`[jWi Z[ YhƒZ_je$ Æ9kWdZe kd fej[dY_Wb Yb_[dj[ [djh[]W iki fWf[b[i" i[ _d]h[iWd iki ZWjei [d bW YecfkjWZehW o [ijW bei [lW# b‘W Wfb_YWdZe ceZ[bei [ijW# Z‡ij_Yei fWhW Wi[]khWhi[ gk[ [b cedje Z[ Z[kZW ieb_Y_jW# Ze [ijƒ Z[djhe Z[ bei hWd]ei WY[fjWXb[iÇ" [nfb_YW 9Wij[be$ :[ifkƒi Z[ [ij[ fheY[ie WkjecWj_pWZe" [b fhƒijWce fWiW feh kd Wd|b_i_i cWdkWb" ZedZ[ kd [if[Y_Wb_ijW WdWb_pW bW Wfb_YWY_ÂŒd o jecW bW ‘bj_cW Z[j[hc_dWY_ÂŒd ieXh[ i_ Wfhe# XWh e h[Y^WpWh [b fhƒijWce$
~,(3#2ĹŠ
Æ9kWdZe kde YecfhW kdW YWiW bW h[bWY_ÂŒd Z_h[YjW _d]h[# ie#Z[kZW Z[X[ i[h Z[b (. e c[dei$ ;ije i_]d_Ă’YW gk[ de Z[X[ fW]Wh c|i Z[b (. Z[ iki _d]h[iei c[dikWb[i [d ]Wijei Z[ bW l_l_[dZW$ BW h[bWY_ÂŒd jejWb _d]h[ie#Z[kZW Z[X[ i[h Z[ ), " be gk[ i_]# d_Ă’YW gk[ dk[ijhW Z[kZW Z[ bW l_l_[dZW c|i [b h[ije Z[ dk[ijhWi Z[kZWi de Z[X[ ie# Xh[fWiWh [b ), Z[ dk[ijhei _d]h[ieiÇ" Z_Y[ 9Wij[be$ Feh [`[cfbe" i_ [b _d]h[ie
ēŊ -3#2Ŋ"#Ŋ "04(1(1Ŋ4- Ŋ5(5(#-" Ŋ#2Ŋ(,/.13 -3#Ŋ' !#1Ŋ+.2Ŋ!;+!4+.2Ŋ -#!#2 1(.2ē
Xhkje Wdj[i Z[ fW]Wh _cfk[i# jei Z[ kdW \Wc_b_W [i Z[ ($+&& ZŒbWh[i Wb c[i" fWhW cWdj[d[hi[ Z[XW`e Z[b (. de fk[Z[ [dZ[k# ZWhi[ [d YkejWi Z[ c|i Z[ -&& ZŒbWh[i c[dikWb[i" _dYbk_Ze _c# fk[ijei o i[]khe$ ;ije" [d YWie Z[ gk[ de j[d]Wd ejhWi Z[kZWi" Z[ i[h Wi‡ i[ Z[X[ j[d[h [d Yk[d#
jW de ieXh[fWiWh bW h[bWY_ÂŒd jejWb _d]h[ie#Z[kZW$ I_d [cXWh]e" de jeZei Yed# Yk[hZWd [d kd lWbeh fWhW bW h[bW# Y_ÂŒd$ ÆBW Y_\hW Z[b (. [i l_[`WÇ" ef_dW :Wd_[b =WhY‡W" [Yedec_ijW ]hWZkWZe [d ;;$KK$" gk_[d W‹WZ[ gk[ ÆbW cWoeh‡W Z[ f[hiedWi fk[# Z[d [dZ[kZWhi[ ^WijW [d [b )) Ç$
&Ĺ‹* !)Ĺ‹ Ĺ‹#'*/ -.)-Ĺ‹ Ĺ‹&)*,) -#)( & -Ĺ‹ , #šŋ (ŋýúĿ BW h[YWkZWY_ÂŒd Z[b ?cfk[i# je W bW H[djW ?H YWkiWZe Z[ bei fhe\[i_edWb[i Yh[Y_ÂŒ [d )& [d [b ‘bj_ce W‹e$ FWiÂŒ Z[ ''(")) c_bbed[i Z[ ZÂŒbW# h[i [d (&'& W ')."&. c_bbe# d[i Z[ ZÂŒbWh[i [d (&''" gk[ [i be gk[ i[ YeXhÂŒ [d cWhpe fWiWZe$ ;i Z[Y_h" WfehjWhed Wb Ă’iYe Yed (+"-+ c_bbed[i Z[ ZÂŒbWh[i c|i$ ;ije i[ Z[X[ W gk[ Wkc[djÂŒ [b d‘c[he Z[ Yedjh_Xko[dj[i Z[djhe Z[ [ij[ ]hkfe o W gk[ h[]_ijhW# hed c|i _d]h[iei$ :[ WYk[hZe W bei ZWjei Z[b I[hl_Y_e Z[ H[djWi ?dj[hdWi ēŊ .-31( 48#-3#2ĹŠ !4"#-ĹŠ ĹŠ+ 2ĹŠ.ă!(- 2ĹŠ"#+ĹŠ ĹŠ ĹŠ"#!+ 1 1ĹŠ242ĹŠ(,/4#23.2ēŊ IH? " [d [b [`[hY_Y_e \_iYWb (&''" bei fhe\[i_edWb[i Z[YbW# j[ W bei _d]h[iei gk[ f[hY_X_[hed hWhed _d]h[iei feh ($,,/"&* [d (&''$ ,/4#23.ĹŠ ĹŠ+ ĹŠ #-3 Bei Yedjh_Xko[dj[i fhe\[# c_bbed[i Z[ ZÂŒbWh[i$ ;ije h[# -!1#,#-3.ĹŠ-ĂŒ,#1.ĹŠ"#ĹŠ fh[i[djÂŒ )'/")* c_bbed[i Z[ i_edWb[i Yehh[ifedZ_[dj[i W bei !.-31( 48#-3#2ĹŠ/1.$#2(.- +#2 ZÂŒbWh[i c|i gk[ (&'&" [d gk[ i[]c[djei Z[ WZc_d_ijhWY_ÂŒd" ĹŠ WXe]WZei" cƒZ_Yei o Yed# bei fhe\[i_edWb[i WbYWd# jWZeh[i ied bei gk[ c|i pWhed _d]h[iei feh .ēŊ 1.$#2(.- +#2 #%,#-3.ĹŠ Ä‰Ä‡ÄˆÄ‡ĹŠ ĉćĈĈ ĹŠ i[ ^Wd _dYh[c[djWZe$ ($)*/"-& c_bbed[i Z[ ĊēđĎćŊ ČēĉÄ?ÄŠ ĹŠ ",(-(231 !(¢-ĹŠ Ĺ— 9Whbei 9Wb[he" Wi[ieh ZÂŒbWh[i$
ĹŠ Ä?ēĎĒÄ?ĹŠ Ä?ēćĊÄ? .% ".2ĹŠ Ĺ—ĹŠ ;d d‘c[he Z[ "#ĹŠ"¢+ 1#2ĹŠ/ % Äą jh_XkjWh_e" i[‹WbÂŒ gk[ ÄˆÄŠÄ“ÄŠÄŒÄ‡ĹŠ ĈĉēĒÄ?ÄŒ Ĺ—ĹŠ _"(!.2ĹŠ 1.-ĹŠ/.1ĹŠ ĹŠ! 42 Äą ĈćēĉÄ?ÄŽĹŠ ĈĊēĈĊÄ? kdW Z[ bWi hWped[i Z[b Yedjh_Xko[dj[i" jWc# Ĺ—ĹŠ .-3 ".1ĹŠ ".ĹŠ!.11#2/.-Äą X_ƒd i[ eXi[hlW kd "(#-3#ĹŠ +ĹŠ/#1~.".ĹŠ _dYh[c[dje jWcX_ƒd i[ $(2! +ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ+.2ĹŠ Yh[Y_c_[dje$ ;d bWi /1.$#2(.- +#2ēŊ Z[X[h‡W W gk[ Æbei fhe\[# i_edWb[i [ij|d Ykcfb_[d# bWc[djWXb[c[dj[ de jeZei bei Z[YbWhWY_ed[i Yehh[i# Ze Yed iki eXb_]WY_ed[i Yedjh_Xko[dj[i YedeY[d Z[ bW Z[# fedZ_[dj[i W (&'&" [d jejWb i[ h[]_ijhWhed -&$.-/ jh_XkjWh_WiÇ" [i Z[Y_h" i[ ^WXh‡W ZkYY_ÂŒd Z[ _cfk[ijei W bei gk[ i[ fk[Z[d WYe][h" de iWX[d YÂŒce fhe\[i_edWb[i$ C_[djhWi gk[ h[ZkY_Ze bW [lWi_ÂŒd$ 9Wb[he" i_d [cXWh]e" i[‹WbÂŒ Wfb_YWhbei o i[ Z[`Wd ]k_Wh feh [b [d cWhpe Z[ [ij[ W‹e" Z[YbW# hWhed -+$/&+ Yehh[ifedZ_[d# gk[ ÆejhW hWpÂŒd fk[Z[ i[h gk[ IH?Ç" WdejÂŒ$
ÄˆÄŠÄ‘Ä”Ä‡Ä‘ĹŠ
'* ˜ Ĺ‹ Ĺ‹ ' Ĺ‹*# Ĺ‹ #( ,)Ĺ‹*),Ĺ‹ / Ĺ‹ Ĺ‹ #&& ,3Ĺ‹ Ä‰ÄŒÄŽĹŠ,(+ĹŠ"¢+ 1#2ĹŠ#2ĹŠ+ ĹŠ!($1 ĹŠ#-ĹŠ1.).ĹŠ04#ĹŠ "#)¢Ŋ (++ 18ĹŠ +(-3.-ĹŠ"41 -3#ĹŠ+ 2ĹŠ/1(, Äą 1( 2ĹŠ"#ŊĉććđĔŊ#-ĹŠÄƒ+ 2ĹŠ"#,¢!1 3 2Ä“ ĔŊ ĹŠÄ› BW YWcfW‹W fWhW
bW h[[b[YY_Œd Z[b fh[i_Z[dj[ Z[ ;;$KK$" 8WhWYa EXWcW" ieb_Y_jŒ W iki c|n_cei ZedWdj[i gk[ Yedjh_# XkoWd W iWbZWh bW Z[kZW" W‘d WXkb# jWZW" Z[b Yec_jƒ gk[ YeehZ_dŒ [d (&&. bWi Wif_hWY_ed[i fh[i_Z[d# Y_Wb[i Z[ >_bbWho 9b_djed" gk_[d \k[ h_lWb Z[b WYjkWb cWdZWjWh_e [d bWi fh_cWh_Wi Z[cŒYhWjWi$ BW gk[ \k[hW h_lWb Z[ EXWcW [d bWi fh_cWh_Wi Z[ (&&. Yk[d# jW W‘d Yed (*+$&&& ZŒbWh[i [d Z[kZW [d [b Yec_jƒ gk[ eh]Wd_pŒ ik \Wbb_ZW YWcfW‹W fh[i_Z[dY_Wb" i[]‘d bW 9ec_i_Œd <[Z[hWb Z[ ;b[YY_ed[i <;9 $ I_d [cXWh]e" [d YWb_ZWZ Z[ i[# Yh[jWh_W Z[ ;ijWZe" 9b_djed j_[d[ fhe^_X_Ze cWdj[d[h WYj_l_ZWZ[i feb‡j_YWi e h[YWkZWh \edZei fWhW i‡ c_icW" feh be gk[ bW YWcfW‹W Z[ EXWcW ^W Z[Y_Z_Ze j[dZ[hb[ kdW cWde$
fWhW Ă’dWdY_Wh Yed +& c_bbed[i Z[ [khei W bW YWcfW‹W Z[ IWhae# po" i[]‘d ĂˆC[Z_WfWhj$\hÉ$ ;b ZeYkc[dje ZWjW Z[b '& Z[ Z_Y_[cXh[ Z[ (&&, o [d [b c_i# ce [b h[ifediWXb[ Z[ bei i[hl_# Y_ei i[Yh[jei b_X_ei Z[b cec[d# je" CekiiW AekiiW" Wkjeh_pW Wb Z_h[Yjeh Z[b ]WX_d[j[ Z[ =WZWĂ’" 8WY^_h IWb[^" W [\[YjkWh [b fW]e$ ;d [b j[nje" AekiiW i[ h[Ă’[h[ W h[kd_ed[i fh[fWhWjeh_Wi Yed 8h_Y[ >ehj[\[kn" [djedY[i i[# Yh[jWh_e Z[ ;ijWZe Z[ 9eb[Yj_l_#
ēŊ +Ŋ -" 3 1(.Ŋ#23 ".4-("#-2#Ŋ2#Ŋ +(23 Ŋ/ 1 Ŋ+.2Ŋ!.,(!(.2Ŋ"#Ŋ-.5(#,Ĺ 1#ēŊ
4#-3 ĹŠ++#%¢Ŋ ĹŠ+.2ŊĉćŊ,(++.-#2ĹŠ ĹŠĹŠĹŠ 4 -".ĹŠ (++ 18ĹŠ +(-3.-ĹŠ"#!("(¢Ŋ/.-#1ĹŠÄƒ-ĹŠ ĹŠ242ĹŠ 2/(1 !(.-#2ĹŠ/1#2("#-!( +#2ĹŠ#-ĹŠ ŗĉććđŊ3#-~ ŊĉćŊ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ#-ĹŠ"#4" 2ĹŠ8ĹŠ/1_23 ,.2Ä“ -3.-!#2ĔŊ , ĹŠ/("(¢Ŋ#7/1#2 ,#-3#ĹŠ ĹŠ242ĹŠ,;7(,.2ĹŠ".- -3#2ĹŠ04#ĹŠ 84Äą " 1 -ĹŠ ĹŠ24$1 % 1+ ĔŊ/#1.ĹŠ,4!'.2ĹŠ"#ĹŠ#++.2ĔŊ04#, ".2ĹŠ ĂŒ-ĹŠ31 2ĹŠ+ ĹŠ+ 1% ĹŠ#ĹŠ(-3#-2 ĹŠ 3 ++ ĹŠ"#ĹŠ+ 2ĹŠ/1(, 1( 2ĔŊ2#ĹŠ-#% 1.-ĹŠ ĹŠ' !#1+.Ä“
Æ;ijWcei WokZWdZe W h[j_hWh bW Z[kZW h[ijWdj[ Z[ bW YWcfW‹W Z[ 9b_djed [d (&&.Ç" [iYh_X_ÂŒ 8Whpkd [d kd Yeckd_YWZe Y_jW#
Ze feh [b J_c[i$ ÆJeZei dk[ijhei Wb_WZei Z[cÂŒYhWjWi [ij|d jhWXW# `WdZe `kdjei fWhW h[[b[]_h Wb fh[# i_Z[dj[ EXWcWÇ" W‹WZ_ÂŒ$
ēŊ " ÄƒĹŠ8ĹŠ#+ĹŠ 1#2("#-3#ĹŠ"#ĹŠ 1 -!( ēŊĸ .3.ĹŠ 1!'(5.Äš
ZWZ[i J[hh_jeh_Wb[i" ^ecXh[ fhŒn_ce W IWhaepo o Z_h[Y# jeh Z[ bW YWcfW‹W gk[ b[ bb[# lŒ W bW Fh[i_Z[dY_W \hWdY[iW [d (&&-$
#
Ĉ
ŗŊ ŊŊŊ Ŋĸ ĚŊě ;b f[h_eZ_ijW cWhhegk‡ HWY^_Z D_d_o" \kd#
0 & (Ĺ‹ ) /' (.)Ĺ‹+/ Ĺ‹ )'*,)' . Ĺ‹ Ĺ‹ ,%)43 } ĔŊ ĹŠÄ› Kd ZeYkc[dje Z[ bei i[hl_Y_ei i[Yh[jei b_X_ei fhk[XW gk[ [b [nZ_YjWZeh b_X_e CkWcWh [b =WZWĂ’ Ă’dWdY_ÂŒ bW YWcfW‹W fh[i_Z[dY_Wb Z[ D_YebWi IWhae# po [d (&&-" i[]‘d h[l[bÂŒ Wo[h [b c[Z_e Z_]_jWb Z[ _dl[ij_]WY_ÂŒd ĂˆC[Z_WfWhj$\hÉ$ FheY[Z[dj[ Z[ bei WhY^_lei Z[ bei i[hl_Y_ei i[Yh[jei o h[l[bWZe feh [n Wbjei YWh]ei Z[b hƒ]_c[d b_X_e WYjkWbc[dj[ [d bW YbWdZ[i# j_d_ZWZ" [b ZeYkc[dje h[Ye][ bW bkp l[hZ[ Z[b =eX_[hde Z[ =WZWĂ’
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
( #1 ".ĹŠ/#1(."(23 ĹŠ 31 2ĹŠ4-ĹŠ Â .ĹŠ#-ĹŠ!;1!#+
'#04#2Ŋ"#ŊĉēĊććŊ"¢+ 1#2
I[]‘d [b Z_Wh_e D[m Oeha J_# c[i" gk[ Y_jW W \k[dj[i Y[hYWdWi W bW YWcfW‹W" [d bW Z[Y_i_ÂŒd ^W j[d_Ze Wb]e gk[ l[h [b cWh_# Ze Z[ bW j_jkbWh Z[ ;nj[h_eh[i" [b [nfh[i_Z[dj[ 8_bb 9b_djed" gk_[d ^WY[ i[cWdWi WYehZÂŒ Yed bW YWcfW‹W fhejW]ed_pWh kdW i[h_[ Z[ WYjei Z[ h[YWkZWY_ÂŒd Z[ \edZei [d \Wleh Z[ EXWcW fWhW bei Yec_Y_ei Z[ del_[cXh[ fhÂŒn_ce$ ;d bei ‘bj_cei Z‡Wi" [b Z_h[Y# jeh Ă’dWdY_[he Z[ bW YWcfW‹W Z[ EXWcW" CWjj^[m 8Whpkd" o bW Fh[i_Z[djW Z[ Ă’dWdpWi Z[b 9ec_# jƒ :[cÂŒYhWjW DWY_edWb :D9 " @Wd[ M$ Ij[jied" ^Wd f[Z_Ze W bei ZedWdj[i Z[b fh[i_Z[dj[ Y^[# gk[i feh ($)&& ZÂŒbWh[i" bW c|n_# cW Yedjh_XkY_ÂŒd f[hc_j_ZW [d (&&." fWhW WYWXWh Yed bW Z[kZW Z[ 9b_djed$
!
!
ZWZeh Z[b Z_Wh_e Ăˆ7b CWiiW[É" [b c|i b[‡Ze Z[b fW‡i" iWb_ÂŒ Wo[h Z[ bW Y|hY[b Z[ 9WiWXbWdYW" ZedZ[ ^W fWiWZe kd W‹e feh Æc[deifh[Y_e W bW `kij_Y_WÇ$ D_d_" Wkjeh WZ[c|i Z[b b_Xhe Ăˆ:_Wh_e Z[ kd [c_]hWdj[É ieXh[ ik [nf[h_[dY_W Yece _dZeYkc[djWZe [d ;ifW‹W" \k[ YedZ[dWZe [b fWiWZe (* Z[ eYjkXh[ W kd W‹e Z[ Y|hY[b Yed ckbjW Z[ '$&&& Z_h^Wci kdei ./ [khei feh ÆZ[iWYh[# Z_jWh [ _dj[djWh _dĂ“k_h [d bW @kij_Y_W o fkXb_YWh _d\ehcW# Y_ed[i i_d \kdZWc[djeiÇ$
1 ( ĹŠ 4"~ĹŠ !.%#ĹŠ ĹŠ$ ,(+( 1#2ĹŠĹŠĹŠĹŠĹŠĹŠ "#ĹŠ (-ĹŠ "#-
Ĺ—ĹŠĹŠĹŠ
ĔŊ ĹŠÄ› BWi Wkjeh_ZWZ[i Z[ 7hWX_W IWkZ‡ ^Wd WYe]_Ze W bWi jh[i l_kZWi" ^_`ei o d_[jei Z[b \Wbb[Y_Ze b‡Z[h Z[ bW h[Z j[hheh_i# jW 7b GW[ZW" EiWcW X_d BWZ[d" feh Æcej_lei ^kcWd_jWh_eiÇ" fkXb_YÂŒ Wo[h [b Z_Wh_e |hWX[ _dj[hdWY_edWb 7i^Whg Wb 7miWj$ KdW \k[dj[ Z[ Wbje hWd]e iWkZ‡ Z_`e Wb f[h_ÂŒZ_Ye gk[ ik fW‡i WY[fjÂŒ Æfeh c[hWi hWpe# d[i ^kcWd_jWh_Wi bW f[j_Y_ÂŒd Z[ bWi jh[i [ifeiWi [ ^_`ei Z[b Z_h_][dj[ [njh[c_ijW fWhW h[]h[iWh Z[iZ[ FWa_ij|d" Z[i# fkƒi Z[ gk[ i[ YecfheXWhW gk[ de ^Wd [ijWZe _cfb_YWZei [d bWi WYj_l_ZWZ[i gk[ bb[lWXW W YWXe 8_d BWZ[dÇ$
ĉ
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
'(+#-.2ĹŠ 31 2 1.-ĹŠ 8#1ĹŠ242ĹŠ1#+.)#2ĹŠ
Ĺ—ĹŠ ĹŠĹŠ ĹŠ ĹŠ ĔŊ ŊěŊ Bei Y^_b[dei WjhWiWh|d i[i[djW c_dkjei iki h[be`[i [ijW c[# Z_WdeY^[ Wb Yec[dpWh W h[]_h [b ^ehWh_e Z[ _dl_[hde WkijhWb" _d\ehcÂŒ Wo[h [b I[hl_Y_e >_Zhe]h|Ă’Ye o EY[Wde]h|Ă’Ye Z[ bW CWh_dW" [dj_ZWZ gk[ YedjhebW bW ^ehW eĂ’Y_Wb$ BW _d_Y_Wj_lW i_]d_Ă’YW gk[ jeZe [b j[hh_jeh_e Yedj_d[djWb Z[ [ijW dWY_ÂŒd WkijhWb o bW 7dj|hj_ZW gk[ZWh|d Yed kdW Z_\[h[dY_W Z[ YkWjhe ^ehWi h[if[Yje W bW ^ehW _dj[hdW# Y_edWb Z[ =h[[dm_Y^ =CJ " [d bk]Wh Z[ bWi jh[i gk[ h_][d ZkhWdj[ [b l[hWde$
.+., ( Ä–ĹŠ24 2("(.ĹŠ "#ĹŠÄ?ĊđŊ,(++.-#2ĹŠ/ 1 ĹŠ 5(5(#-" 2ĹŠ/./4+ 1#2 ĹŠ :ĔŊ ĹŠÄ› ;b fh[i_Z[dj[
Z[ 9ebecX_W" @kWd CWdk[b IWdjei" WdkdY_ÂŒ Wo[h kdW _dl[hi_ÂŒd Z[ kdei -)."') c_# bbed[i Z[ ZÂŒbWh[i [d WokZWi W l_l_[dZW ÆfWhW bei c[dei feXh[i Z[ bei feXh[iÇ" be gk[ i[ ikcW Wb fbWd Z[ [djh[]Wh '&&$&&& YWiWi ]hWj_i W bW feXbWY_ÂŒd c|i lkbd[hWXb[$ ;b cWdZWjWh_e [nfb_YÂŒ ik [ijhWj[]_W [d cWj[h_W Z[ l_# l_[dZW [d ?d‡h_ZW" YWf_jWb Z[b Z[fWhjWc[dje Z[b =kW_d‡W$
-.,)Ćŋ Ą Ąŋ*,)'/ 0 ŋ ,,) '# (.)ŋ ŋ "60 4 +Ŋ#7%. #1- -3#Ŋ !1##Ŋ04#Ŋ' 8Ŋ(-3#Ĺ 1#2#2Ŋ/ 1 Ŋ24!#Ĺ "#1Ŋ Ŋ ';5#9Ŋ/.1Ŋ #-$#1,#" "ē
Ŋ ĔŊ Ŋě ;b [nfh[i_Z[d#
j[ YkXWde <_Z[b 9Wijhe WYkiW W ;;$KK$ Z[ Æfhecel[h [b Z[hhe# YWc_[djeÇ Z[b =eX_[hde Z[ >k]e 9^|l[p [d ik ‘bj_ce Whj‡Ykbe Z[ H[Ă“[n_ed[i" [d [b gk[ jWcX_ƒd h[iWbjW bW WYj_jkZ Æ^[he_YW o Z_i# Y_fb_dWZWÇ Z[b cWdZWjWh_e l[d[# pebWde Wdj[ ik [d\[hc[ZWZ$ ;d [b j[nje fkXb_YWZe Wo[h [d bei c[Z_ei eĂ’Y_Wb[i YkXWdei" 9Wijhe Wi[l[hW gk[ W 9^|l[p Æb[ Z_l_[hj[d bW XW`[pW o bWi YWbkc# d_Wi Z[ bei leY[hei Z[ bW eb_]Wh# gk‡W o [b _cf[h_eÇ o Z_Y[ gk[ Æ[b [d[c_]eÇ ckbj_fb_YW [i\k[hpei fWhW ÆYWbkcd_Wh o ]ebf[WhÇ Wb Fh[i_Z[dj[ Z[ L[d[pk[bW$ ÆDe lWY_be [d WĂ’hcWh c_ ce# Z[ijW ef_d_ÂŒd $$$ Z[ gk[ bW eb_# ]Whgk‡W `Wc|i feZh‡W ]eX[hdWh Z[ dk[le [i[ fW‡i$ ;i feh [bbe fh[eYkfWdj[ gk[ [b =eX_[hde Z[ ;ijWZei Kd_Zei ^WoW Z[Y_Z_Ze [d jWb[i Y_hYkdijWdY_Wi fhecel[h [b Z[hheYWc_[dje Z[b =eX_[hde Xe# b_lWh_WdeÇ" WĂ’hcW 9Wijhe$
+4,-( 2
;b b‡Z[h Z[ bW h[lebkY_ÂŒd YkXWdW c[dY_edW ÆbW YWbkcd_eiW YWc#
ēŊ +Ŋ#7/1#2("#-3#Ŋ"#Ŋ 4 Ŋ8Ŋ#+Ŋ -" 3 1(.Ŋ5#-#9.+ -.Ŋ3(#-#-Ŋ4- Ŋ #231#!' Ŋ ,(23 "Ŋ8Ŋ!.(-!("#-!( 2Ŋ/.+~3(! 2ēŊĸ .3.Ŋ 1!'(5.ĚŊ
fW‹W Z[ gk[ [d bW WbjW Z_h[YY_ÂŒd Z[b =eX_[hde Xeb_lWh_Wde [n_ij[ kdW Z[i[if[hWZW bkY^W feh bW jecW Z[b cWdZe Z[b ]eX_[hde h[# lebkY_edWh_e i_ [b Fh[i_Z[dj[ de be]hW ikf[hWh ik [d\[hc[ZWZÇ$ ;d ik ef_d_ÂŒd" i[ jhWjW Z[ ÆkdW ]hei[hW c[dj_hWÇ o h[iWbjW gk[" Æfeh [b YedjhWh_eÇ" ^W eXi[hlWZe ÆbW c|i [ijh[Y^W kd_ZWZ Z[ bW Z_# h[YY_ÂŒd Z[ bW H[lebkY_ÂŒd 8eb_lW# h_WdWÇ$
FWhW 9Wijhe" Z[ .+ W‹ei o h[# j_hWZe Z[b feZ[h Z[iZ[ (&&," Ækd [hheh Z[ [b fh[i_Z[dj[ Z[ ;;$KK$ 8WhWYa EXWcW" [d jWb[i Y_hYkdijWdY_Wi" fk[Z[ eYWi_edWh kd h‡e Z[ iWd]h[ [d L[d[pk[bWÇ$ O W Yedj_dkWY_ÂŒd WZl_[hj[ Z[ gk[ ÆbW iWd]h[ l[d[pebWdW [i iWd# ]h[ [YkWjeh_WdW" XhWi_b[‹W" Wh][d# j_dW" Xeb_l_WdW" Y^_b[dW" khk]kWoW" Y[djheWc[h_YWdW" Zec_d_YWdW o YkXWdWÇ$
.+~3(!
1.!#2.Ŋ"#Ŋ 3(-. ,_1(! Ŋ +Ŋ#7, -" 3 1(.Ŋ!4 -.Ŋ!1##Ŋ 2(,(2,.Ŋ ŗ04#Ŋĥ#-Ŋ+.Ŋ(-,#"( 3.ĢŊ3.".2Ŋ+.2Ŋ+ 3(-. ,#Ĺ 1(! -.2Ŋ8Ŋĥ"#Ŋ,.".Ŋ#2/#!( +ĢŊ 4 Ŋĥ2#1;-Ŋ $#!3 ".2Ŋ/.1Ŋ#+Ŋ/1.!#2.Ŋ04#Ŋ3(#-#Ŋ+4% 1Ŋ #-Ŋ #-#94#+ Ģē Ŋ +Ŋ1#$#1(12#Ŋ Ŋ+ Ŋ2 +4"Ŋ"#+Ŋ/1#2("#-3#Ŋ ŗ 4%.Ŋ ';5#9ĔŊ 231.Ŋ2# +¢Ŋ04#Ŋĥ' Ŋ
!4,/+(".Ŋ#231(!3 ,#-3#Ŋ!.-Ŋ+ 2Ŋ,#"(" 2Ŋ /#13(-#-3#2Ŋ2(-Ŋ"#) 1Ŋ"#Ŋ 3#-"#1Ŋ242Ŋ"# #Ĺ 1#2Ŋ!.,.Ŋ)#$#Ŋ"#Ŋ 23 ".Ŋ8Ŋ+~"#1Ŋ"#+Ŋ/ ~2ĢŊ8Ŋ +.Ŋ' Ŋ'#!'.Ŋĥ!.-Ŋ#)#,/+ 1Ŋ!.-"4!3 Ģē
Ĺ‹ /- Ĺ‹ Ĺ‹ *-)&Ĺ‹*),Ĺ‹ #( /'*&#'# (.)Ĺ‹ Ĺ‹ )(., .) ĹŠ ĔŊ ĹŠ ĹŠ Ä› Bei ][ije# h[i Z[ OF< WYkiWhed Wo[h W bW [ifW‹ebW H[fieb Z[ _dYkcfb_h YedjhWjei Z[ fhel_i_ÂŒd Z[ ]Wi dWjkhWb b_YkWZe jhWi [b fheY[ie Z[ [nfhef_WY_ÂŒd Z[b ]hk[ie Z[ iki WYY_ed[i [d bW f[jheb[hW Wh# ][dj_dW$ Æ;b ikc_d_ijhe Z[ [i[ YecXkij_Xb[ [ij| Æ]WhWdj_pWZeÇ feh kdW cWoeh fheZkYY_ÂŒd be# YWb o Ædk[lei leb‘c[d[iÇ gk[ i[ YecfhWh|d W 8eb_l_W" _dZ_YÂŒ kd Yeckd_YWZe Z[b C_d_ij[h_e Z[ FbWd_Ă’YWY_ÂŒd" W YWh]e Z[ bW _dj[hl[dY_ÂŒd Z[ OF<$ ÆFh[l_[dZe YWi_ Yed Y[hj[pW gk[ H[fieb ikif[dZ[h‡W bei [dl‡ei Yecfhec[j_Zei fWhW
][d[hWh _dY[hj_ZkcXh[ [ _dj[d# jWh f[h`kZ_YWhÇ" bei ][ijeh[i Z[ OF< ^WX‡Wd _d_Y_WZe Yedl[h# iWY_ed[i Yed ejhWi YecfW‹‡Wi gk[ Æi[ ceijhWhed _dj[h[iW# ZWiÇ [d fhel[[h [b YecXkij_# Xb[" WfkdjÂŒ$ ÆH[fieb" W bW gk[ i[ _d_Y_ÂŒ kd fheY[ie Z[ [nfhe# f_WY_ÂŒd Z[b +' feh Y_[dje Z[ iki WYY_ed[i [d OF< o Z[ iki j[d[dY_Wi [d OF< =Wi" YWdY[# bÂŒ [b [dl‡e Z[ Z_[p XWhYei Yed YWh]W Z[ ]Wi dWjkhWb b_YkWZe Yed bW [nYkiW Z[ Z[cehWi [d bW Ă’hcW Z[ YWhjWi Z[ YhƒZ_je Yed bW [ijWjWb ;d[h]‡W 7h][dj_dW ;dWhiW " _d\ehcÂŒ bW fh[diW XedW[h[di[$
*),. Ĺ‹ &Ĺ‹, # & $ Ĺ‹ Ĺ‹*#& -
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
ÄŠ
23.2ĹŠ%#-#1 ".1#2ĹŠ"#ĹŠ!.11(#-3#ĹŠ2.-ĹŠ ,48ĹŠĂŒ3(+#2ĹŠ/#1.ĹŠ3 , (_-ĹŠ!.-3(#-#-ĹŠ 04~,(!.2ĹŠ/#+(%1.2.2ĹŠ/ 1 ĹŠ#+ĹŠ , (#-3#Ä“ ;d YWi_ jeZWi bWi WYj_l_ZWZ[i Z_Wh_Wi" [b i[h ^kcWde d[Y[i_jW -#).ĹŠ"#ĹŠ/(+ 2 Z[ f_bWi e XWj[h‡Wi fWhW ^WY[h #!.,#-" !(.-#2ĹŠ \kdY_edWh lWh_ei Whj[\WYjei gk[ b[ \WY_b_jWd bW l_ZW$ I_ kij[Z eX# i[hlW W ik Wbh[Z[Zeh [b h[be` Z[ Ĺ—ĹŠ .ĹŠ"# #ĹŠ 1(1ĔŊ/#1$.1 1ĹŠ.ĹŠ04#, 1+ 2Ä“ fWh[Z" [b Yedjheb h[ceje" [b Y[# ĹŠ #3~1#+ 2ĹŠ"#ĹŠ+.2ĹŠ / 1 3.2ĹŠ!4 -".ĹŠ-.ĹŠ+.2ĹŠ Ĺ—#23_ĹŠ42 -".Ä“ bkbWh" [b CF)" bW YWbYkbWZehW" [b YWb[\ÂŒd o c|i eX`[jei gk[ j_[d[ ĹŠ .ĹŠ!.,/1#ĹŠ+ 2ĹŠ04#ĹŠ2.-ĹŠ"#ĹŠ ).ĹŠ!.23.ĹŠ Ĺ—/.104#ĹŠ24ĹŠ! +(" "ĹŠ#2ĹŠ,#-.1Ä“ [d ik ^e]Wh \kdY_edWd Yed [ijei ][d[hWZeh[i Z[ Yehh_[dj[$ ĹŠ #/.2~3#+ 2ĹŠ#-ĹŠ#-5 2#2ĹŠ!#11 ".2ĹŠ/ 1 ĹŠ Ĺ—04#ĹŠ242ĹŠ2423 -!( 2ĹŠ04~,(! 2ĹŠ-.ĹŠ2#ĹŠ#7/.-Äą I_d [cXWh]e" Wi‡ Yece Wok# ZWd Wb Z[iWhhebbe Z[ iki WYj_l_# % -ĹŠ +ĹŠ , (#-3#ĹŠ"(1#!3 ,#-3#Ä“ ZWZ[i" jWcX_ƒd ied [b[c[djei WbjWc[dj[ YedjWc_dWdj[i fWhW [b WcX_[dj[$ hWZei o Wb gk[cWhi[ bWi ikijWd# Æ;ij|d Yecfk[ijWi feh iki# Y_Wi deY_lWi Z[ bWi f_bWi e XWj[# jWdY_Wi f[b_]heiWi Yece [b c[h# h‡Wi ][d[hWd [b[c[djei leb|j_b[i Ykh_e" [b YWZc_e" [b cW]d[i_e" [b jÂŒn_Yei gk[ febkY_edWd [b W_h[$ d‡gk[b o [b p_dYÇ" [nfb_YW bW _d][# d_[hW WcX_[djWb 8[hjW Hei[he$ Ä 4_ĹŠ' !#1Ä&#x; 9kWdZe lWd W i[h ;b Z[i[Y^WhbWi Z[X[ i[h kd Z[fei_jWZWi Z_h[YjW# fheY[ie cko Yk_ZWZeie c[dj[ W bei Yeb[Yjeh[i ĹŠ feh bei Yecfed[dj[i de# Z[ XWikhW" Yed [b fWie Y_lei gk[ Yedj_[d[d$ Æ;i Z[b j_[cfe" f_[hZ[d bW .2ĹŠ!.,/4#23.2ĹŠ cko _cfehjWdj[ gk[ de YeX[hjkhW o ik Yedj[# "#ĹŠ4- ĹŠ2.+ ĹŠ/(+ ĹŠ i[ bWi Xej[ Z_h[YjWc[dj[ W !.-3 ,(- -ĹŠÄŒÄ‡ĹŠ bW XWikhW" i_de gk[ i[ bWi d_Ze i[ l_[hj[ o YWkiW +(31.2ĹŠ"#ĹŠ %4 ĹŠ YedjWc_dWY_ÂŒd Z[ bei "41 -3#ŊĎćŊ  .2Ä“ i[fWh[ [d kd h[Y_f_[dj[ ik[bei o Z[ bWi W]kWi fb|ij_Ye Yed jWfW fWhW _h# ikXj[hh|d[Wi$ Æ:[ [ijW bWi WYkckbWdZe o Z[ifkƒi cWd[hW" W\[YjWd W bWi [if[Y_[i XkiYWh kd bk]Wh ZedZ[ bWi h[Y_# Z[ Ă“ehW o \WkdW gk[ i[ Yed[YjWd Yb[dÇ" h[Yec_[dZW Hei[he$ Yed [ijei h[Ykhiei" Wi‡ Yece W bW I_d [cXWh]e" bW [nf[hjW YWZ[dW Wb_c[dj_Y_W Z[ bWi f[hie# WfkdjW gk[ [d ;YkWZeh [i cko Z_\‡Y_b gk[ i[ Zƒ [ij[ j_fe Z[ h[# dWiÇ" WYejW bW [nf[hjW$ Feh ejhe bWZe" ^Wo bk]Wh[i Y_YbW`[ Z[ \ehcW ÂŒfj_cW oW gk[ ZedZ[ bei Z[i[Y^ei ied _dY_d[# Æiebe [d feYei bk]Wh[i [n_ij[
ēŊ # #-Ŋ2#1Ŋ"#/.2(3 " 2Ŋ#-Ŋ!.-3#-#".1#2Ŋ"#23(- ".2Ŋ2.+.Ŋ/ 1 Ŋ#23#Ŋ3(/.Ŋ"#Ŋ"#2#!'.2ē
kdW WZ[YkWZW i[fWhWY_ÂŒd o cWd[`e Z[ Z[i[Y^ei eh]|d_Yei [ _deh]|d_YeiÇ$ EjhW Wbj[hdWj_lW gk[ fhefed[ [i fh[\[h_h bWi f_bWi h[YWh]WXb[i" W f[iWh Z[ gk[ jWcX_ƒd YedjWc_# dWd fehgk[ ik j_[cfe Z[ l_ZW
ēŊ 1( 2Ŋ!.,4-(" "#2Ŋ141 +#2Ŋ%4 3#, +3#! 2Ŋ-.Ŋ!4#-3 -Ŋ!.-Ŋ2#15(Ĺ !(.2Ŋ"(%-.2Ŋ"#+Ŋ1#!412.Ŋ'~"1(!.ē
ĔŊ ĹŠÄ› ;ifW‹W WdkdY_ÂŒ
gk[ ZedWh| '&& c_bbed[i Z[ ZÂŒ# bWh[i fWhW Ă’dWdY_Wh kd fheo[Yje Z[ ZejWY_ÂŒd Z[ i[hl_Y_ei Z[ W]kW fejWXb[ gk[ X[d[Ă’Y_Wh| W Z[Y[dWi Z[ Yeckd_ZWZ[i feXh[i Z[ =kWj[# cWbW ZedZ[ W‘d de Yk[djWd Yed [b l_jWb b‡gk_Ze$ CWdk[b B[`Whh[jW" [cXW`WZeh Z[ ;ifW‹W [d =kWj[cWbW" `kdje W bW l_Y[fh[i_Z[djW Z[ [ij[ fW‡i" HenWdW 8WbZ[jj_" fWhj_Y_fWhed [d [b bWdpWc_[dje Z[b fhe]hWcW Ăˆ7]kW fWhW jeZeiÉ" [b YkWb j_[d[ Yece eX`[j_le c[`ehWh bWi YedZ_# Y_ed[i Z[ l_ZW Z[ c|i Z[ )+$&&& Yeckd_ZWZ[i hkhWb[i Z[ [ij[ fW‡i Y[djheWc[h_YWde$ ;b Yeije jejWb Z[b fheo[Yje" gk[
\Wleh[Y[h| W c|i Z[ Zei c_# bbed[i Z[ ]kWj[cWbj[Yei gk[ l_l[d [d YedZ_Y_ed[i Z[ fe# Xh[pW" i[h| Z[ ('& c_bbed[i Z[ ZÂŒbWh[i" Z[ bei YkWb[i ;ifW‹W WfehjWh| '&& c_bbed[i o =kW# j[cWbW ''& c_bbed[i" '& c_bbe# d[i Z[ h[Ykhiei fhef_ei o '&& c_bbed[i c|i gk[ eXj[dZh| feh c[Z_e Z[ kd fhƒijWce Z[b 8WdYe ?dj[hWc[h_YWde Z[ :[# iWhhebbe$ 8WbZ[jj_ [nfb_YÂŒ gk[ [b fhe# o[Yje i[ [`[YkjWh| ZkhWdj[ bei fhÂŒn_cei jh[i W‹ei o W]hWZ[# Y_ÂŒ [b Wfeoe Æ_dYedZ_Y_edWbÇ Z[ ;ifW‹W [d bW bkY^W YedjhW bW feXh[pW gk[ _cfkbiW [b =e# X_[hde ]kWj[cWbj[Ye$
7F%+(.)*
-* ˜ Ĺ‹ *)3 ,6Ĺ‹*,)3 .)Ĺ‹ Ĺ‹ !/ Ĺ‹ (Ĺ‹ / . ' &
‘j_b [i cWoeh W bWi Yedl[dY_edW# b[i o Wi‡ i[ Yedjh_Xko[ W h[ZkY_h bW XWikhW$ I[ [ij_cW gk[ Yed [b h[Y_YbW`[ Z[ kdW jed[bWZW Z[ f_bWi kiWZWi i[ eXj_[d[ ,&& a_be]hWcei Z[ c[jW# b[i f[iWZei gk[ feZh‡Wd YedjWc_#
dWh lWh_ei b_jhei Z[ W]kW$ ;d bWi fbWdjWi [if[Y_Wb_pWZWi" [b fheY[ie Z[ jhWjWc_[dje Yedi_i# j[ [d i[fWhWh [b c[hYkh_e o Wfhe# l[Y^Wh [b h[ije Z[ c[jWb[i" f[he Z[f[dZ_[dZe Z[b j_fe Z[ f_bW i[ h[Wb_pWd fheY[iei Z_\[h[dj[i$
Ä Ä€
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?Ĺ?
+Ŋ1#%% #Ŋ 2#Ŋ3.,¢Ŋ #+Ŋ:%.1
ĊćŊ  .2ĹŠ)4-3.ĹŠ ĹŠ Čć Ĺ—ĹŠĹŠĹŠĹŠ +(ĹŠ ,/ #++ĹŠ2#ĹŠ!.-.!(¢Ŋ!.-ĹŠ+.2ĹŠ(-3#%1 -3#2ĹŠ"#ĹŠ24ĹŠ -3(%4 ĹŠ %14/ Äą !(¢-ĹŠ!4 -".ĹŠ#1 -ĹŠ-( .2ĹŠ8ĹŠ#-ĹŠÄˆÄ’Ä?đĔŊ#-ĹŠ+ ĹŠ!(4" "ĹŠ(-%+#2 ĹŠ"#ĹŠ (1,(-%' ,ĔŊ
"#!("(#1.-ĹŠ$.1, 1ĹŠ4- ĹŠ -" ĹŠ"#ĹŠ,ĂŒ2(! ĹŠÄĽ1#%% #ÄŚĹŠ8ĹŠÄĽ"4 ČĔŊ+4#%.ĹŠ"#ĹŠ!.,/1 1ĹŠ 242ĹŠ/1(,#1.2ĹŠ(-2314,#-3.2ĹŠ!.-ĹŠ#+ĹŠ"(-#1.ĹŠ04#ĹŠ ,/ #++ĹŠ' ~ ĹŠ1#!( (".ĹŠ/.1ĹŠ % - 1ĹŠ4- ĹŠ/#+# ĹŠ#-ĹŠ4-ĹŠ 1Ä“ 2~ĹŠ#,/#9¢Ŋ+ ĹŠ'(23.1( ĹŠ"#ĹŠ4-.ĹŠ"#ĹŠ+.2ĹŠ~!.-.2ĹŠ,4-"( +#2ĹŠ"#+ĹŠ1#%% #ĹŠ04#ĹŠ' 23 ĹŠ + ĹŠ !34 +(" "ĹŠ' ĹŠ5#-"(".ĹŠ,;2ĹŠ"#ĹŠÄ?ćŊ,(++.-#2ĹŠ"#ĹŠ"(2!.2ĹŠ +1#"#".1ĹŠ"#+ĹŠ,4-".ēŊ ,/ #++ĹŠ 2#%41¢Ŋ04#ĹŠÄĄ24ĹŠ/1(-!(/ +ĹŠ(-Ä„4#-!( ĹŠ#2ĹŠ . ĹŠ 1+#8ĢĔŊ,ĂŒ2(!.ĹŠ04#ĹŠ/42.ĹŠ ĹŠ #23#ĹŠ1(3,.ĹŠ! 1( # .ĹŠ#-ĹŠ .! ĹŠ"#ĹŠ3.".ĹŠ#+ĹŠ,4-".Ä“ ÄŒÄ‡ĹŠ1.,/(¢Ŋ#+ĹŠ/ 1 "(%, ĹŠ"#ĹŠ+ 2ĹŠ %14/ !(.-#2ĹŠ"#ĹŠ1#%% #ĹŠ04#ĹŠ"#2"#ĹŠ242ĹŠ (-(!(.2ĹŠ' ĹŠ2(".ĹŠ(-3#1/1#3 ".ĹŠ/.1ĹŠ,ĂŒ2(!.2ĹŠ $1.ĔēŊ ĹŠ -" ĹŠ(-%+#2 ĹŠ$4#ĹŠ+ ĹŠ/1(,#1 ĹŠ#-ĹŠ + ĹŠ04#ĹŠ4-ĹŠ(-%+_2ĹŠ)4-3.ĹŠ ĹŠ4- ĹŠ %14/ !(¢-ĹŠ,4+3(_3-(! ĔŊ2#ĹŠ'(!(#1 ĹŠ$ ,.2 ĹŠ +1#"#".1ĹŠ "#+ĹŠ,4-".ĹŠ(-3#1/1#3 -".ĹŠ#23#ĹŠ#23(+.ĹŠ,42(! +Ä“ 1#2ĹŠ"_! " 2ĹŠ"#2/4_2ĔŊ#-ŊĉććđĔŊ ,/ #++ĹŠ"#) 1~ ĹŠ#+ĹŠ%14/.ĹŠ/.1ĹŠ"#-4-!( 1ĹŠ04#ĹŠ ' ~ ĹŠ4-ĹŠ, +ĹŠ, -#).ĹŠ"#ĹŠ+.2ĹŠ$.-".2ĹŠ"#ĹŠ+ ĹŠ -" ĹŠ/.1ĹŠ/ 13#ĹŠ"#ĹŠ24ĹŠ, - %#1ēŊ .23#Äą 1(.1,#-3#ĔŊ#-ĹŠÄ‰Ä‡ÄˆÄˆÄ”ĹŠ+ ĹŠ %14/ !(¢-ĹŠ2#ĹŠ"#!+ 1 1~ ĹŠ#-ĹŠ -! 11.3 Ä“
+ĹŠ,ĂŒ2(!.ĹŠ(-%+_2ĹŠ"(.ĹŠ4-ĹŠ!.-!(#13.ĹŠ04#ĹŠ /42.ĹŠ ĹŠ (+ 1ĹŠ1#%% #ĹŠ +ĹŠ/ĂŒ +(!.ĹŠ04(3# .ĹŠ 04#ĹŠ+.ĹŠ5(.ēŊ F‘Xb_Ye lWh_WZe o lWh_Wi ][d[hW# Y_ed[i i[ `kdjWhed [b l_[hd[i [d [b Ă›]ehW Z[ bW 9WiW Z[ bW 9kbjkhW Z[ Gk_je fWhW h[Y_X_h W kdW Z[ bWi b[o[dZWi l_lWi Z[b h[]]W[" [b _d# ]bƒi 7b_ 9WcfX[bb" gk_[d \k[ lep fh_dY_fWb Z[ bW W]hkfWY_ÂŒd K8*& feh jh[i ZƒYWZWi$ C_[djhWi kd ]hkfe Z[ WZeb[i# Y[dj[i l[ij_Zei Yed bei Yb|i_Yei Yebeh[i he`e" WcWh_bbe o d[]he Z[b h[]]W[ [if[hWXWd Wdi_eiei [b _d_Y_e Z[b YedY_[hje" ejhe ]hk# fe Z[ f[hiedWi" gk[ feh ik [ZWZ feZh‡Wd ^WX[h i_Ze iki fWZh[i" ceijhWXWd bW c_icW [ceY_ÂŒd o Wdi_[ZWZ W bW [if[hW Z[ bei c‘# i_Yei$ O [i gk[ jeZei gk[h‡Wd o i[d# j‡Wd bW Ykh_ei_ZWZ Z[ l[h W 7b_" Wgk[b YWdjWdj[ gk[ [d bei /& i[
.ĹŠ-(#% ĹŠ
Ĺ—ĹŠĹŠ
C_bW Akd_i d_[]W gk[ j[d]W kd hecWdY[ Yed 7ijed Akj# Y^[h" Yed gk_[d fhejW]ed_pÂŒ bW i[h_[ ĂˆJ^Wj Ăˆ-&i i^emÉ$ Æ;i WXikhZe$ DkdYW ^[ ^WXbWZe Z[ c_ l_ZW f[hiedWb o de leo W [cf[pWh W ^WY[hbe W^ehW$ F[he ƒb [i iebe kd Wc_]eÇ" Z[YbWhÂŒ bW WYjh_p [d [b fhe]hWcW Z[ bW JL [ijWZekd_Z[di[ Ăˆ;njhWÉ$ĹŠ
ĹŠ
ēŊ ,/ #++ĹŠ2(#,/1#ĹŠ, -345.ĹŠ4- ĹŠ2.-1(2 ĹŠ8ĹŠ 4#- ĹŠ"(2/.2(!(¢-ĹŠ!.-ĹŠ#+ĹŠ/ĂŒ +(!.ĹŠ04#ĹŠ-.ĹŠ"#)¢Ŋ"#ĹŠ.5 !(.- 1+.Ä“
1 !( 2ĔŊ 4(3.ĔŊ/.1ĹŠ 5#-(1ĹŠ#23 ĹŠ-.!'#ĹŠ8ĹŠ #2!4!' 1ĹŠ4-ĹŠ/.!.ĹŠ"#ĹŠ KdW l[p b_ije [b [iY[dWh_e o bei _dijhkc[djei" [b YedY_[hje Z_e ,ĂŒ2(! ĹŠ1#%% #Ģē +ĹŠ2'.6ĹŠ"#ĹŠ +(ĹŠ ,/ #++ĹŠ
ĹŠ
_d_Y_e Yed bW [djhWZW Z[ ik WYjkWb W]hkfWY_ÂŒd Ăˆ:[f 8WdZÉ o [di[# ^_pe ckdZ_Wbc[dj[ fefkbWh feh ]k_ZW bW lep Z[ 7b_ i[ [iYkY^ÂŒ jhWifWiWh bW XWhh[hW Z[b h[]]W[ _dj[hfh[jWdZe ik Yb|i_Ye ƒn_je ^WY_W ejhe Yedj_d[dj[" gk[ ^WijW Ăˆ>[h[ ? WcÉ" gk[ fkie W jeZei [iW ƒfeYW iebe f[hj[d[Y‡W W [nfe# bei Wi_ij[dj[i _dc[Z_WjWc[dj[ W XW_bWh Wb h_jce Z[b h[]]W[ jWd [i# d[dj[i Yece 8eX CWhb[o$ f[hWZe$ ĂˆJ^[ mWo oek Ze j^[ 1#;, 4+.ĹŠ ĹŠ 7 bWi (&0)& i[ WfW]Whed bWi j^_d]i oek ZeÉ iedÂŒ _dc[# bkY[i fWhW h[Y_X_h W bW XWd# Z_WjWc[dj[" fWhW [cf[pWh #++ĹŠ kdW l[bWZW bb[dW Z[ h[# ZW [YkWjeh_WdW gk[ WXh_h‡W +(ĹŠ ,/ ++#5 ĹŠ)4-3.ĹŠ ĹŠ24ĹŠ [b YedY_[hje$ ;b ^edeh b[ Ye# -4#5 ĹŠ %14/ Äą Yk[hZei o Z[ kd WcX_[dj[ jhWdgk_be o h[bW`WZe$ hh[ifedZ_ÂŒ W ĂˆHeYa 9_hYkiÉ" !(¢-ĹŠÄĽ #/ĹŠ -"ČĔŊ "#2"#Ŋĉććđē ]hkfe gk_j[‹e gk[ Wd_cÂŒ L[ij_Ze Yed kdW Y^W# Wb f‘Xb_Ye _dj[hfh[jWdZe gk[jW ]h_i o kdei pWfWjei jeZW lWh_[ZWZ Z[ Yel[hi" Z[iZ[ ĂˆYedl[hi[É d[]hei" [b c‘i_Ye _d# YWdY_ed[i Z[ C_Y^W[b @WYaied" ]bƒi iWbkZÂŒ W bei Wi_ij[dj[i o bk[# fWiWdZe feh bei 8[Wjb[i" B[ddo ]e Z_e kd h[f[hjeh_e Z[ Wb]kdei AhWl_jp o J^[ :eehi$ BW ckbj_\W# j[cWi gk[ de f[hj[d[Y‡W W K8*& Yƒj_YW lep Z[b YWdjWdj[ Wd_cÂŒ Wb o gk[ ied fWhj[ Z[ ik dk[lW [jW# f‘Xb_Ye" gk[ i[ fh[fWhWXW fWhW [b fW Yece ieb_ijW$ 7 f[iWh Z[ gk[ bW cWoeh‡W Z[ fbWje \k[hj[$
YWdY_ed[i _dj[hfh[jWZWi YbWhW# c[dj[ de [hWd h[YedeY_ZWi feh bei Wi_ij[dj[i" bei c‘i_Yei i_[c# fh[ cWdjkl_[hed Wd_cWZei Wb f‘Xb_Ye Yed iki f[]W`eiWi o YWi_ ^_fdÂŒj_YWi c[beZ‡Wi ikWl[i o XW_bWXb[i Wb h_jce Z[b h[]]W[$ Kd Yel[h Z[ bW YWdY_ÂŒd ĂˆFW_dj _j XbWYaÉ" Wkjeh‡W Z[ bei Hebb_d] Ijed[i" bbWcÂŒ bW Wj[dY_ÂŒd o \k[ X_[d h[Y_X_Ze feh [b f‘Xb_Ye" gk[ fkZe Z_i\hkjWh Z[ kdW l[hi_ÂŒd Z_ij_djW Z[ [ij[ j[cW$ 7dj[i Z[ ik fh_c[hW iWb_ZW Z[b [iY[dWh_e _dj[hfh[jÂŒ kde Z[ bWi YWdY_ed[i c|i [if[hWZWi Z[ bW deY^[0 Ăˆ? YWdÉj ^[bf \Wbb_d] _d bel[ m_j^ oekÉ" gk[ jhWdi\ehcÂŒ [b [i# Y[dWh_e [d kd WcX_[dj[ hec|d# j_Ye o ZedZ[ ckY^Wi fWh[`Wi i[ WXhWpWhed Wb ied Z[ [ijW XWbWZW
42! ĹŠ / 13 ,#-3.ĹŠ
ĹŠ ĹŠ ĹŠ
Ĺ—ĹŠĹŠ
;b YWdjWkjeh [ijWZekd_# Z[di[ B_ed[b H_Y^_[" Wkjeh Z[ ƒn_jei Yece Ăˆ;dZb[ii bel[É e ĂˆIWo oek" iWo c[É" XkiYW WfWhjWc[dje [d bW YWf_jWb Wb[# cWdW" ZedZ[ Z[i[W cedjWh ik h[i_Z[dY_W [d ;khefW$ Æ;ijeo XkiYWdZe kd f[dj^eki[ [d 8[hb‡dÇ" YedĂ’[iW [b Whj_ijW [d Z[YbWhWY_ed[i W bW [c_iehW Z[ j[b[l_i_ÂŒd Wb[cWdW I7J#'$
ĹŠ ^ ĹŠ
#-4#5 242ĹŠ5.3.2ĹŠ
#ĹŠ -(5#12 1(.ĹŠ
ŗŊ Ŋ>eo i[ Ykcfb[ [b fh_c[h Wd_l[hiWh_e Z[ XeZWi [djh[ [b fh‡dY_f[ =k_bb[hce o AWj[ C_ZZb[jed" gk_[d[i Y[b[XhW# hed ^WY[ ),+ Z‡Wi [b [dbWY[ c|i c[Z_|j_Ye Z[ bW ^_ijeh_W$ BW fWh[`W" W bW gk[ i[ b[ YedeY[ Yece bei Zkgk[i Z[ 9WcXh_Z# ][" [ijWh‡W f[diWdZe _dYh[# c[djWh ik \Wc_b_W" Z[ WYk[hZe W [if[YkbWY_ed[i gk[ i[ cWd[# `Wd [d ?d]bWj[hhW$ Ŋ
} ĹŠÄ› CWh_W^ 9Wh[o o ik cWh_Ze" [b hWf[he D_Ya 9Wdded" h[delWhed iki lejei [d bW YWf_jWb \hWd# Y[iW" W YkWjhe W‹ei Z[ ik cWjh_ced_e gk[ YWikWb# c[dj[ Ye_dY_Z[ Yed bei Zkgk[i Z[ 9WcXh_Z][$ BW fWh[`W h[kd_ÂŒ W bW fh[diW [d kdW Ă’[ijW bb[dW Z[ ]bWcekh" [d kd ^ej[b Y[hYWde W bW Jehh[ ;_Ăľ[b" ZedZ[ feiWhed Yed bWi Yb|i_YWi l_ijWi Z[ bW jehh[ _bkc_dWZW" Yece [d kd Yk[dje Z[ ^WZWi$
gk[ [d '//) i[ ^_pe \WceiW feh i[h fWhj[ Z[ bW XWdZW iedehW Z[ bW f[b‡YkbW ĂˆIb_l[hÉ$ JhWi c|i Z[ kdW ^ehW Z[ i^em o bk[]e Z[ ik fh_c[hW fWkiW" bei c‘i_Yei `kdje W 9WcfX[bb h[je# cWhed [b [iY[dWh_e fWhW _dj[h# fh[jWh Zei Yb|i_Yei _d\WbjWXb[i [d [b h[f[hjeh_e Z[ K8*&" ĂˆA_d]ijed JemdÉ gk[ fkie W XW_bWh W bei Wi_ij[dj[i o" Yece Y_[hh[" bW jWd [if[hWZW ĂˆH[Z h[Z m_d[É" ZedZ[ bei \Wd|j_Yei ]h_jWhed o Yeh[Whed ZkhWdj[ jeZW bW YWdY_ÂŒd$ 7i‡ Ykbc_dÂŒ [b YedY_[hje" Wkdgk[ Z[`ÂŒ W ckY^ei Yed bW _dY[hj_ZkcXh[ Z[ kdW i[]kdZW lk[bjW Wb [iY[dWh_e$ BWi fWbWXhWi Z[ 9WcfX[bb Wb Z[if[Z_hi[ de \k[hed cko YbWhWi oW gk[ bWc[d# jWXb[c[dj[ bW [YkWb_pWY_ÂŒd Z[b ied_Ze Z[`WXW W hWjei ckY^e gk[ Z[i[Wh$ +#1~ ĹŠ"#ĹŠ$.3.2ĹŠ#-Ä– 666Ä“+ '.1 Ä“!.,Ä“#!
¡ Ġ !(¢ũ4-ũ"~ ũ!.,.ũ'.8ğ
#12.- ũ2 - Ĕũ1#2/.-2 +#ũ8ũ!.-ũ4- ũ %1 -ũ! / !(" "ũ,#-3 +ēũ #ũ8ũ%423 ũ"#ũ +.2ũ-#%.!(.2ēũ +ũ31 ).Ĕũ +ũ(%4 +ũ04#ũ+ 2ũ "(5#12(.-#2Ĕũ2.-ũ(,/1#2!(-"( +#2ũ#-ũ24ũ 5(" ēũ 423.ũ/.1ũ+ ũ+#!341 ũ8ũ+ 2ũ1#+ !(.-#2ũ 2.!( +#2ē
Ċŋ
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
$&75,= '( /$ 3(/Ì&8/$ $/,&,$ (1 (/ 3$Ì6 '( /$6 0$5$9,//$6
&8%,(57$
7$3$'(5$ 6Ì0%2/2 '( &$5%212
*,7$12 '( 5$=$
1$9(
&,(1 (1
$/)$
520$126
$-867( 3$&72
7,=$
&,17$ '( $/*2'Ð1
3,e/$*2
',26 '( /$ ,1',$ //(9$5
ũũ
&(7É&(2 0$5, 12 *,*$17(
*58(62
ĸ, 19.ũĉĈũıũ 1(+ũĈĒĹ % ũ42.ũ"#ũ24ũ(-%#-(.ũ#ũ(-3#+(%#-!( ũ/ 1 ũũ 2~ũ,#).1 1ũ242ũ(-%1#2.2ēũ .2ũ-#%.!(.2ũ ,#).1 -ũ8ũ!.-ũ#++.2ũ242ũă- -9 2ēũũ #!4#1"#Ėũ .ũ04#ũ5#1" "#1 ,#-3#ũ(,/.1ı 3 ũ#2ũũ04(_-#2ũ2.,.2ē
7,(032
086,&$/
%,/,6 ,5$
$6,'(52
ũũ
9(5%$/
,167580(172
',9,',5 (1 3$57(6 $/*2 0,1(5$/ 48( $75$( $/ $&(52
0$1*2
7(50,1$&,Ð1
3$5$),1$
75$6/$'$5
ĸ$# 1#1.ũĉćũıũ, 19.ũĉćĹũ
#ũ!.23 1;ũ4-ũ/.!.ũ 2(,(+ 1ũ+.2ũ!.-.!(ı ,(#-3.2ēũ 4ũ,#-3#ũ2#ũ3.1- ũ#2!_/3(! ũ/.1ũ '.1 ėũ2(34 !(¢-ũ1 1 ũ#-ũ "ēũ #!4#1"#Ėũ +ũ ,.1ũ"# #ũ2#1ũ24ũ-.1, ũ24/1#, ē
&219(1,5 &21&(57$5
5(< '( (*,1$ +,2 '( =(86
&$55$63(2
9(5'$'(52
6(f25$
+8(62 '( /$
$&267$56(
48( 7,(1(
$&&,Ð1 '(
$*5(',5
5(&/,1$56(
&$'(5$ /2$5
$/$6
(;75$f$
(0%$5&$&,Ð1 '(/ ',/89,2
$/7$5
*5,72 7$85,12
(0,7,5
(6&8&+e 6(*81'$
&5,7,&$5
ũũ
%2/62
92&$/
7$/(*2
ĸ 1(+ũĉćũıũ, 8.ũĉćĹ 23 1;ũ,48ũ#7/1#2(5.ũ8ũ!.,4-(! 3(5.Ĕũ 2(34 !(¢-ũ04#ũ /.8 1;ũ/ 1 ũ$.13(ă! 1ũ+ 9.2ũ !.-ũ+.2ũ"#,;2ēũ #!4#1"#Ėũ 4-! ũ2#ũ"#)#ũ 11 231 1ũ/.1ũ+ ũ 5 -(" "ē ũ
ĸ %.23.ũĉĊũıũ2#/3(#, 1#ũĉĉĹ
.2ũ5( )#2ũ8ũ-#%.!(.2ũ+#ũ" 1;-ũ 4#-.2ũ (-%1#2.2ēũ .2ũ5( )#2ũ04#ũ2# -ũ/.1ũ!.-.!(ı ,(#-3.2ũ-4#5.2ũ+#ũ 84" 1;-ēũ #!4#1"#Ėũ +ũ, 8.1ũ31(4-$.ũ#2ũ+ ũ!.-04(23 ũ "#ũ+ 2ũ5(134"#2ē
ũũ
ĸ2#/3(#, 1#ũĉĊũıũ.!34 1#ũĉĉĹ 4#"#ũ04#ũ1#!( ũ 3#-!(.-#2ũ"#ũ/ 13#ũ "#ũ4-ũ/ 1(#-3#Ĕũ'#1, -.ũ.ũ!.,/ #1.2ēũ
2ũ2.!(#" "#2ũ-4#5 2ũ$.13(ă! 1;-ũ242ũ % - -!( 2ēũ #!4#1"#Ėũ ũ, 8.1ũ/ 13#ũ"#ũ+.2ũ'., 1#2ũ 2.,.2ũ3 -ũ$#+(!#2ũ!.,.ũ"#!("(,.2ũ2#1+.ē
ũũ
ĸ.!34 1#ũĉĊũıũ-.5(#, 1#ũĉĈĹũ 4#-ũ,.,#-3.ũ/ 1 ũ#+ũ!.-3 !3.ũ 2#-3(,#-3 +ėũ2#-3(1;ũ/1.3#!!(¢-ũ8ũ /.8.ũũ /.1ũ/ 13#ũ"#ũ24ũ/ 1#) ėũ2(ũ#23;ũ2.+.ũ#2ũ 4#-ũ,.,#-3.ũ/ 1 ũ"#!("(1ũ4- ũ1#+ !(¢-ũ #23 +#ēũ #!4#1"#Ėũ +ũ,(#".ũ +ũ/#+(%1.ũ#-ũ,4!'~2(ı ,.ũ,;2ũ3#11( +#ũ04#ũ#+ũ/#+(%1.ũ,(2,.ēũ
ũũ
ĸ-.5(#, 1#ũĉĉũıũ"(!(#, 1#ũĉĈĹũ # #1;ũ!4(" 1ũ24ũ2(23#, ũ-#15(.2.ũ8ũ + 2ũ5~ 2ũ1#2/(1 3.1( 2ũ8 ũ04#ũ#23 1;-ũ "# (+(3 " 2ēũ #!4#1"#Ėũ (ũ' ++ ũ4-ũ! ,(-.ũ2(-ũ. 23;!4ı +.2ũ#2ũ/.104#Ĕũ -3#2Ĕũ.31.2ũ+.ũ1#,.5(#1.-ēũ
ũũ
ĸ"(!(#, 1#ũĉĉũıũ#-#1.ũĈĒĹ
ũ!.,4-(! !(¢-ũ!.-ũ242ũ'().2ũ2#1;ũ,48ũ Ą4(" ēũ 2ũ/1. +#ũ04#ũ"(2$143#ũ"#ũ+ ũ/1#ı 2#-!( ũ"#ũ4- ũ/#12.- ũ,48ũ(-3#+(%#-3#ē #!4#1"#Ėũ 2ũ3(-(# + 2ũ(-3#1- 2ũ"#2 / ı 1#!#-ũ -3#ũ#+ũ2.+ũ"#ũ4- ũ,#-3#ũ/.2(3(5 ē
21'$
$5%8672
)(0(1,12
(3.2ũ8ũ5#1" "#2
&+,12
5(3(5&86,Ð1
ĔũĈĒĖĊć
62&,('$' $1Ð1,0$
3(5)80( '(/,&$'2 92= '( $558//2
3,&$ )5$*$1&,$
6ROXFLyQ DQWHULRU 7
$ 7(50,$&,Ð1
$
5
0
,
0 (
$ 5
6
7
2
1
(
3
$
$3Ð&23( '( 3$3É (16(1$'$
5
$
'
$
1
'
$
5
6
$
5
$
$/$%$5
7
5
/
2
,6/$ '( *5(&,$
9(5%$/
2
&,8'$' '( &2/20%,$ *$67$5 )$7,*$5
&85$5
0
6(3$5$5
(6&2/$5
6(f25$6
1
5
2
'2&725 $%5(9,$'2
$5*2//$ &$/&8/$5 (/ 35(&,2 '( $/*2
1$9(
2
1
,
$
$
5
,
2
5
$
&
&$552 (1 ,1*/e6 75É),&2 '( 6(5(6 +80$126
(6&2*(5 &$/,),&$&,Ð1
$&75,= '( /$ 3(/Ì&8/$ &5,$'$ <
5 (6&8&+$5 7(6252 3Ô%/,&2
7
/
7
2
2
/$%5$5
)(0(1,12
5Ì2 '( $/(0$1,$
%Ð9,'2 6$/9$-( 7523(=$5 723(7$5
7
$
3
7
$
&e59,'2
2
(67$'2 '( $6,$
2
1
$
1
5
,
5
$
$5*2//$
(
9
$
(&+2
1 620%5(52
$
6
'
$
0
/
AFJy D8Ià8 8C>Ly & / (/,- $ (0*' D<K<FIäCF>F <JG8zFC% $ @EK<EKä <C E<=FJ:FG@F# <C 98IF:@:CFEäD<KIF P LE 2 D@:IFJ@JDä>I8=F% 6
$
6
$
5
*
5
$
5
/8*$5 )5Ì2 <
$
7
5
,175,*$
2
2
7
&$0,1$5
1
(48,92&$'2
$
3 5(/,*,26$ 6(f25$ $%5(9,$'2
$
5 Ð1,&(
/(&+(
$
5
0212 )5$*$1&,$
%8/72 &5(0$ '( /$
$
&
$
6
2
5
$
0
$
$
6$/8'2 ,1',2
$6,'(52 0$1*2
(6326$ '( $%5$+$0
8
5
2
&
&(5'2 $/)$
2 92= '( $558//2
$
+$%,7$&,Ð1 (1 ,1*/e6
&21-8172 '( )8(5=$6 1$9$/(6
(1)(50('$'
89$ 6(&$
5,%(7( )/(&2
6Ì0%2/2 '(
38/021$5 %$5,2
35(672 9(/2=
$/7$5
2
3$5(-$
$ $&725 ,1*/e6 '( /$ 3(/,&8/$ '($7+ $7 $ )81(5$/
7$6Ì1
5(*,Ð1 3,('5$ 6(0,35(&,26$
'( ,5$.
2
5
5$Ì= (1 ,1*/e6
'(62/$'2
$
& 02/86&2 &()$/Ð32'2 621,'2
$
7
5
$
,
5
7248( 0,/,7$5 $/ $0$1(&(5 )2552 (678&+(
2 7,(032
$
$ /
5 6,*12 0$7(0É7,&2 É0%$5
,
%
8
5
2
3 (
&,8'$' '( %5$6,/ *,7$12 '(
&
$
/
7
$
4
(67$'2 '(/ *2/)2 3e56,&2
5
8
2
,
'
5$=$
3,1725 )5$1&e6 &5(&,'$
1
$
$3Ð&23( '(
$
%
$
5
(
5
*
(19$6( 7$&+$
*5$1'(
0$0Ì)(52 &$51Ì9252
&25$=Ð1
/,%(57,1$-( 35217,78'
5
6Ì0%2/2 '(
7
}
02/,%'(12
7521$5 5$<26 0(','$ '(
&21680$'2 5(0$7$'2
$/)$
/21*,78'
Ċŋ
+$1#"ũ (3!'!.!* ĸĈđĒĒıĈĒđćĹũ
ŗũũ
9_d[WijW Xh_j|d_Ye" ][d_e _dZ_iYkj_Xb[ Z[b ] d[he Z[b iki# f[di[" ck[h[ kd Z W Yece ^eo [d Bei Ûd][b[i$ ?d_Y_ ik YWhh[# hW [d ik fW i" ZedZ[ i[ Yedl_h# j_ [d kd Z_h[Yjeh [cXb[c|j_Ye Yed ik c j_YW È)/ [iYWbed[iÉ gk[ b[ WXh_ [b YWc_de ^WY_W >ebbomeeZ$ Ik fh_c[h Òbc[ [d ;;$KK$" ÈH[X[YWÉ" h[Y_X_ '' dec_dWY_ed[i W bei âiYWh" [ijWjk_bbW gk[ dkdYW eXjkle W de i[h [b Fh[c_e [d c[ceh_W Z[ ?hl_d] J^WbX[h]" Z[ YWh|Yj[h ^edeh ÒYe$ ÈL hj_]eÉ" ÈBW l[djW# dW _dZ_iYh[jWÉ" È9ed bW ck[hj[ [d bei jWbed[iÉ" ÈFi_Yei_iÉ o ÈBei f|`WheiÉ Ò]khWd Z[djhe Z[ ik bWh]W b_ijW Z[ n_jei$
;b fhe]hWcW gk[ Z[ic_j_ÒYW jeZWi bWi ]hWdZ[i ZkZWi Z[ bW Y_[dY_W bb[]W [ij[ Zec_d]e Yed bei È=hWdZ[i fheo[Yjei Y_[dj ÒYei [d YkhieÉ0 heXeji gk[ jhWXW`Wd Yed ^kcWdei" [d[h] W W XWi[ Z[ W]kW" kd Y[h[Xhe Whj_# ÒY_Wb gk[ h[[cfbWY[ Wb ^kcWde o c|i$
$57(5,$ '(/
0$0Ì)(52
$67$'2 +2*$5
&,8'$' '( -$3Ð1
$
3 $ 5 $ 0 6ROXFLyQ DQWHULRU &(/(%5,'$'(6 $
ĸ)4+(.ũĉĊũıũ %.23.ũĉĉĹũ
ũ1#+ !(¢-ũ!.-ũ 43.1(" "#2ũ,#).1 Ĕũ+ ũ !.,4-(! !(¢-ũ8ũ24ũ(-3#+(%#-!( ũ+#ũ' 1;-ũ 1(++ 1ũ#-ũ24ũ/1.$#2(¢-ēũũ #!4#1"#Ėũ +ũ/#1"¢-ũ#2ũ+ ũ'(%(#-#ũ"#+ũ +, ē
ũũ
$57Ì&8/2
(),*,( (;3/25$'25 %5,7É1,&2
)/8(17(
ũũ
72&$5 3$/3$5 )(7,&+(
^ ũ
ĸ)4-(.ũĉĉũıũ)4+(.ũĉĉĹ 4ũ,#-3#ũ2#ũ!.-!#-31 1;ũ#-ũ/1. 1ũ -4#5.2ũ/1.8#!3.2ēũ ũ!.,4-(! !(¢-ũ!.-ũ 242ũ ,(%.2ũ2#1;ũ,48ũ(,/.13 -3#ēũ #!4#1"#Ėũ "ēũ"# #ũ2#1ũ1#2/.-2 +#ũ"#ũ+ ũ ! +(" "ũ'4, -(9 -3#ũ"#ũ242ũ/ + 1 2ē
āā
ĸ#-#1.ũĉćũıũ$# 1#1.ũĈĒĹ -.ũ"#ũ242ũ/ "1#2ũ-#!#2(3 ũ"#ũ24ũ!.,ı /1#-2(¢-ēũ ũ!.,4-(! !(¢-ũ2#1;ũ5(3 +ũ/ 1 ũ ,#).1 1ũ+ ũ1#+ !(¢-ũ#-ũ24ũ'.% 1ēũ #!4#1"#Ėũ ,#ũ/ 1 ũ04#ũ +#%1#ũ24ũ!.1 9¢-ē
: ũũ
ĂĊŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. ŏ
*$%É1
/(&+2
ũũ
ĸ, 8.ũĉĈũıũ)4-(.ũĉĈĹ 4ũ,#-3#ũ#23 1;ũ,48ũ /#% " ũ +ũ/ 2 ".ēũ #-2 1;ũ,4!'.ũ#-ũ+.2ũ#11.1#2ũ04#ũ' ũ !.,#3(".ũ#-ũ24ũ5(" ēũ #2#!'#ũ3.".ũ+.ũ 04#ũ+.ũ 3#ēũ #!4#1"#Ėũ .2ũ/1#)4(!(.2ũ2.-ũ1#"#2ũ $4#13#2ē
#7ũ -"ũ '#ũ (38 ĔũĉĉĖćć
BW [n_jeiW i[h_[ Z[ JL iWbjW W bW fWdjWbbW Z[b Y_d[ fWhW YedjWh gk ikY[Z_ Z[ifk i Z[b ÒdWb \[b_p Z[b bj_ce YWf jkbe$ BW f[h_eZ_ijW WfWi_edWZW feh bW ceZW 9Whh_[ 8hWZi^Wm bb[lW kdW l_ZW Z[ [dik[ e `kdje W ik WcWZe" Ch$ 8_]]" f[he YkWdZe 9Whh_[ Z[Y_Z[ YWiWhi[" bWi YeiWi i[ Yecfb_YWd$
: ũ }
ũ (#11 ũ5(5(¢ũ(-3#-2.ũ ., 1"#.ũ"#ũ 23#1.("#2ũ ũ ěũ
?dl[ij_]WY_ed[i h[Wb_pWZWi feh bW D7I7 o Y_[dj # ÒYei _dj[hdWY_edWb[i YedYbko[d gk[ Wij[he_Z[i ]_]Wdj[i" i_c_# bWh[i e c|i ]hWdZ[i gk[ [b gk[ i[ Yh[[ cWj W bei Z_deiWkh_ei" ]ebf[Whed bW J_[hhW Yed c|i \h[# Yk[dY_W Z[ be f[diWZe ^WY[ c_b[i Z[ c_bbed[i Z[ W ei$ FWhW fheleYWh bW [nj_dY_ d Z[ bei Z_deiWkh_ei" [b Wij[he_Z[ Wi[# i_de gk[ _cfWYj YedjhW bW J_[# hhW ^WY[ ,+ c_bbed[i Z[ W ei Z[# X_ j[d[h kdei '& a_b c[jhei Z[ Z_|c[jhe$ C[Z_Wdj[ [b [ijkZ_e Z[
Wdj_]kWi heYWi [d 7kijhWb_W o [b kie Z[ ceZ[bei _d\ehc|j_Yei" bei _dl[ij_]WZeh[i [ij_cWd gk[ kdei -& Wij[he_Z[i Z[b c_ice jWcW e e c|i ]hWdZ[i _cfWYjWhed Yed# jhW bW J_[hhW ^WY[ [djh[ '$.&& W )$.&& c_bbed[i Z[ W ei$ :khWdj[ [b c_ice f[h eZe" Wfhen_cWZW# c[dj[ YkWjhe eX`[jei Z[ jWcW e i_c_bWh \k[hed W fWhWh W bW BkdW$ Æ;ij[ jhWXW`e Z[ck[ijhW [b feZ[h Z[ bW YecX_dWY_ d Z[ ie# Òij_YWZei ceZ[bei _d\ehc|j_Yei Yed bW [l_Z[dY_W \ i_YW Z[b fWiW# Ze" kdW cWoeh Wf[hjkhW Z[ kdW
_cfehjWdj[ l[djWdW W bW ^_ijeh_W Z[ bW J_[hhWÇ" Z_`e Oledd[ F[d# Zb[jed" Z_h[Yjeh Z[b BkdWh IY_[d# Y[ ?dij_jkj[ Z[ bW D7I7$
āĂ
ŏĂĊŏ ŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
Äž 4(" ".ĹŠ!.-ĹŠ+.2ĹŠ!¢"(%.2ĹŠ, +(!(.2.2Ä? 8ĹŠ!(#13.2ĹŠ/1.%1 , 2ĹŠ04#ĹŠ!(1!4+ -ĹŠ#-ĹŠ -3#1-#3ĹŠ8ĹŠ04#ĹŠ/4#"#-ĹŠ! 42 1ĹŠ"  .2ĹŠ#-ĹŠ 242ĹŠ#04(/.2ēŊ
-3#1-#3
ŗŊ -$#!!(¢-Ŋ"#Ŋ, +6 1#ĖŊ ŗŊ 7/+.3 !(¢-Ŋ"#Ŋ54+-#1 ŗŊ !!#2.Ŋ(-"# (".ĖŊ ŗŊ . .Ŋ"#Ŋ(-$.1, !(¢-ĖŊ ŗŊ 1 4"#ĖŊ
ÄŒÄ?Ä“Ä?Ä’Ĺ˜ (+(" "Ä–ĹŠ ÄˆÄŒÄ“ÄŠÄˆĹ˜ ÄˆÄˆÄ“Ä‘ÄŠĹ˜ ĒēĊÄ?Ĺ˜ ĎēĎÄ?Ĺ˜
Ä Äƒ
cWd[hW" [b Yh[WZeh Z[b YŒZ_]e fk[Z[ eXj[d[h bW _d\ehcWY_Œd WbcWY[dWZW" de iebe [d bW c[# ceh_W" i_de jWcX_ƒd [d [b Yec# fkjWZeh$
jWh[Wi i_d gk[ bW f[hiedW i[ Zƒ Yk[djW$ Bei ĂˆXWYaZeehiÉ f[hc_j[d W ik Yh[WZeh j[# d[h WYY[ie W YecfkjWZehWi _d\[YjWZWi fWhW Z_ifed[h Z[ [ijWi b_Xh[c[dj[ o bei Ăˆ[i# f‡WiÉ h[Yef_bWd _d\ehcWY_ÂŒd ieXh[ kd _dZ_l_Zke k eh]W# d_pWY_ÂŒd i_d gk[ ^WoWd ZWZe ik WfheXWY_ÂŒd$
5(3 1ĹŠ, +.2ĹŠ1 3.2
48ĹŠ!.,4-#2
I[]‘d kdW [dYk[ijW h[Wb_pW# ZW feh ;I;J" bW cWoeh‡W Z[ bWi f[hiedWi j_[d[d c_[Ze W gk[ b[ heX[d _d\ehcWY_Œd [d b‡d[W" f[he Wb YedjhWijWh Yed [ijkZ_ei h[Wb_pWZei" [ijW de [i bW fh_dY_fWb YWkiW Z[ fhe# Xb[cWi oW gk[ [b *, Z[ bei _dY_Z[dj[i [d bW M[X fhel_[# d[d Z[ cWbmWh[$ 7Z[c|i" i[ YWbYkbW gk[ [d ;YkWZeh" kde Z[ YWZW Z_[p ehZ[dWZeh[i [i l‡Yj_cW Z[ WjWgk[i Z[ YŒZ_]ei cWb_# Y_eiei$
ēŊ 1 Ŋ, -3#-#12#Ŋ/1.3#%(".ĔŊ(-23 +#Ŋ4-Ŋ -3(5(142Ŋ#-Ŋ24Ŋ!.,/43 ".1ēŊ
i[]k_h fhefW]WdZe Yed \WY_b_ZWZ c[Z_Wdj[ bei YedjWYjei gk[ YWZW kde j_[d[$ Feh be ][d[hWb" bW \ehcW c|i i[dY_bbW Z[ YedjWc_dWh kd ehZ[# dWZeh [i c[Z_Wdj[ l_Z[ei e b_dai \Wbiei gk[ i[ fkXb_YWd [d [ijWi h[Z[i e gk[ bb[]Wd Wb XkpŒd Z[ Ye# hh[e" Yece i_ \k[hWd [dl_WZei feh kd Wc_]e$ 9ece" Wb fWh[Y[h" [b h[c_j[dj[ [i YedeY_Ze" bW cWoeh‡W Z[ _dZ_l_# Zkei bei WY[fjWd e i_]k[d YecfWh# j_[dZe$ ;d [i[ cec[dje i[ WYj_lW [b fhe]hWcW o [cf_[pW W [`[hY[h iki \kdY_ed[i$ CkY^Wi l[Y[i" i_d gk[ [b kikWh_e i[ Zƒ Yk[djW$
.!.2Ŋ"#Ŋ %1#2(¢-
1(-!(/ +#2ĹŠ(-!("#-3#2
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?ÄŒĹ?
BWi h[Z[i ieY_Wb[i o bei Ye# hh[ei [b[YjhŒd_Yei ik[b[d i[h fkdjei ikiY[fj_Xb[i W _d\[YY_ed[i _cfehjWdj[i fehgk[ Wbb‡ i[ ]kWhZWd ZWjei f[hiedWb[i gk[ fk[Z[d i[h [njhW‡Zei o fehgk[ bei YŒ# Z_]ei cWb_Y_eiei i[ fk[Z[d
1.3#!!(¢-Ŋ(-$ -3(+ ŗŊŊ 1 Ŋ04#Ŋ+.2Ŋ/ "1#2Ŋ2#Ŋ2(#-3 -Ŋ,;2Ŋ2#%41.2ĔŊ2. 1#Ŋ3.".Ŋ Ŋ+ Ŋ'.1 Ŋ#-Ŋ04#Ŋ 242Ŋ'().2Ŋ#23;-Ŋ43(+(9 -".Ŋ#+Ŋ.1"#- ".1ĔŊ+.Ŋ,#).1Ŋ#2Ŋ04#Ŋ(-23 +#-Ŋ4-Ŋ2(23#, Ŋ
¢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
32
#2/#!( +ĹŠ04#ĹŠ!.-2(23#ĹŠ#-ĹŠ4- ĹŠ2#1(#ĹŠ"#ĹŠÄƒ+31.2ĹŠ#2/#!( +#2ĹŠ/ 1 ĹŠ +.04# 1ĹŠ#+ĹŠ !!#2.ĹŠ ĹŠ!(#13 2ĹŠ/;%(- 2ĹŠ6# Ä“ (-ĹŠ#, 1%.ĔŊ#2ĹŠ-#!#2 1(.ĹŠ04#ĹŠ3 , (_-ĹŠ#"404#-ĹŠ ĹŠ+.2ĹŠ-( .2ĹŠ !#1! ĹŠ"#ĹŠ !4;+ĹŠ#2ĹŠ#+ĹŠ,#).1ĹŠ42.ĹŠ"#+ĹŠ -3#1-#3ĹŠ8ĹŠ!4;+#2ĹŠ2.-ĹŠ+.2ĹŠ1(#2%.2ĹŠ04#ĹŠ#7(23#-ēŊ
# " %
$$$ ! "
!2
7kdgk[ [d ?dj[hd[j fk[Z[d [dYedjhWhi[ ^[hhWc_[djWi cko ‘j_b[i o [djh[j[d_ZWi" ^Wo gk[ j[d[h Yk_ZWZe fk[i [ij[ [ifW# Y_e jWcX_ƒd [ij| bb[de Z[ l_hki o YÂŒZ_]ei cWb_Y_eiei" YedeY_Zei Yece cWbmWh[$ I[]‘d FWXbe HWcei" [if[# Y_Wb_ijW Z[ 7mWhd[ii H[iWhY^ Z[ ;I;J BWj_deWcƒh_YW" gk_[d [ijkle Z[ fWie feh [b fW‡i o Yedl[hiÂŒ Yed :_Wh_e BW >ehW" cWbmWh[ [i kd fhe]hWcW gk[ j_[d[ kd Ă’d ZW‹_de o iki Yedi[# Yk[dY_Wi Z[f[dZ[d Z[b j_fe Z[ YÂŒZ_]e gk[ i[ ki[$ Feh [`[cfbe" bei Ăˆ]kiWdeiÉ i[ ik[b[d h[fheZkY_h feh c[Z_e Z[ Yehh[ei [b[YjhÂŒd_Yei \Wbiei o ik eX`[j_le [i bb[]Wh W bW cWoeh YWdj_ZWZ Z[ kikWh_ei fei_Xb[ fWhW Z_ijh_Xk_h ejhei YÂŒZ_]ei cWb_Y_eiei$ Bei ĂˆjheoWdeiÉ ied fhe]hWcWi gk[ i[ WbcWY[dWd [d WhY^_lei dehcWb[i o gk[ fk[# Z[d h[Wb_pWh kd i_dd‘c[he Z[
Ĺ? Ĺ? Ĺ? Ĺ? Ĺ?
-2314,#-3.2ĹŠ"#ĹŠÄĽ!.-3 %(.ÄŚ
BWi c[ceh_Wi fehj|j_b[i e KI8 ied Z_ifei_j_lei cko kj_b_pWZei fehgk[ f[hc_j[d WbcWY[dWh kdW ]hWd YWdj_ZWZ Z[ WhY^_lei o ied \|Y_b[i Z[ jhWdifehjWh Z[ kd bWZe W ejhe$ I_d [cXWh]e" Wb Yed[YjWhbWi W lWh_ei [gk_fei" fk[Z[d i[h \WYjeh Z[ fhefW]WY_Œd Z[ YŒZ_]ei cWb_# Y_eiei" i[‹WbW HWcei" gk_[d Wi[# ]khW gk[ [b *' Z[ bWi c[ceh_Wi j_[d[d [ij[ fheXb[cW$ ;b _dYedl[d_[dj[ i[ W]hWlW YkWdZe bW KI8 [cf_[pW W \kdY_e# dWh Wb cec[dje [d gk[ i[ YebeYW [d [b YecfkjWZeh fehgk[" Z[ [ijW
FWhW HWcei" bW c[`eh \ehcW Z[ Fh[l[d_h WjWgk[i fhel[d_[dj[i Z[ YÂŒZ_]ei cWb_Y_eiei [i bW [Zk# YWY_ÂŒd$ Æ>Wo gk[ iWX[h Yk|b[i ied bei fei_Xb[i f[b_]hei o YÂŒce \kdY_edWd" fWhW Wi‡ feZ[h [ijWh fhej[]_ZeÇ" Yec[djW$ ;ij[ fkdje jWcX_ƒd _dYbko[ i[h YediY_[dj[ Z[ gk[ i‡ [n_ij[d h_[i]ei o gk[ feh [ie de ^Wo gk[ YedĂ’Whi[$ 7 [ije Z[X[ W]h[]Whi[ bW _di# jWbWY_ÂŒd Z[ kd Wdj_l_hki" WdWb_# pWh YWZW c[ceh_W fehj|j_b gk[ i[ Yed[YjW Wdj[i Z[ [cf[pWh W kiWhbW" Yk_ZWh bWi YedjhWi[‹Wi" de WY[fjWh jeZei bei c[diW`[i gk[ fWh[pYWd ieif[Y^eiei e \k[# hW Z[ be Yec‘d o WYjkWb_pWh bei i_ij[cWi Z[ fhej[YY_ÂŒd Z[ \ehcW YedijWdj[$ H[Yk[hZ[ gk[ be c[`eh [i Æ[l_jWh h_[i]ei Wdj[i Z[ gk[ ikY[ZWdÇ" i[‹WbW [b [nf[hje" gk_[d W]h[]W gk[ [d YWie Z[ gk[ i[W l‡Yj_cW Z[ kd WjWgk[ Z[ cWbmWh[" be c[`eh [i gk[ YWcX_[ jeZWi iki YedjhWi[‹Wi o [b_c_d[ jeZei bei WhY^_lei _d\[YjWZei$
Ä Ä…
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
ļ (Ŋ,.3(5 !(¢-ČŊ #2Ŋ+ Ŋ2#+#!!(¢-
;b Z[bWdj[he [YkWjeh_Wde @W_c[ YedjhWZ_Yjeh_e$ CkY^ei feZh|d ?l|d AWl_[Z[i" Ă“WcWdj[ _dYeh# Z[Y_h gk[ [d kd [gk_fe Z[ Wi# fehWY_ÂŒd Z[ IeY_[ZWZ :[fehj_lW Y[die 7kYWi gk_[h[ `k]Wh [d bW 7kYWi" WYkZ_ÂŒ [b l_[hd[i feh bW i[b[YY_ÂŒd" de i[ ^W l_ije" i[ fk[# cW‹WdW W kd Y[djhe cƒZ_Ye [d Z[ ZWh o [iW [i c_ cej_lWY_ÂŒdÇ" [b dehj[ Z[ Gk_je fWhW iec[j[hi[ Z_`e [b Z[bWdj[he ckdZ_Wb_ijW Yed W kdW i[h_[ Z[ Y^[gk[ei cƒZ_Yei ;YkWZeh [d 7b[cWd_W (&&,$ Feh ejhe bWZe" AWl_[Z[i fWhW Z[j[hc_dWh Yed [nWYj_jkZ ik WYjkWb YedZ_Y_ÂŒd \‡i_YW$ ;b ĂˆD_d[É cWd_\[ijÂŒ gk[ ZkhWdj[ jeZW ik l_ZW Z[ \kjXeb_ijW fhe\[# i_d d_d]kdW Yecfb_YWY_ÂŒd WfheXÂŒ jeZei bei [n|c[# ĹŠ i_edWb de ^W fh[i[djWdZe d_d]kdW b[i_ÂŒd" f[he gk[ d[i$ 7^ehW" hedZW feh ik Z[iZ[ (&&- i[ _do[YjW kd YWX[pW l[ij_h bW YWc_i[jW Z[ bW I[b[YY_ÂŒd [YkWjeh_W# +ĹŠĂŒ+3(,.ĹŠ/ 13(".ĹŠ "#ĹŠ 5(#"#2ĹŠ!.-ĹŠ b‡gk_Ze [d ik heZ_bbW Z[h[# dW Z[ \‘jXeb fWhW [b fhe# + ĹŠ2#+#!!(¢-ĹŠ31(Äą Y^W$ ÆJ[d]e [b YWhj‡bW]e Y[ie [b_c_dWjeh_e Wb Ckd# !.+.1ĹŠ$4#ĹŠ4-ĹŠ !.3#).ĹŠ ,(23.2.ĔŊ #+ĹŠÄ?ĹŠ"#ĹŠ2#/3(#,Äą Z[i]WijWZe Z[ bW heZ_bbW Z_Wb Z[ 8hWi_b (&'*$ 1#ĹŠ"#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ!.-Äą Z[h[Y^W$ 9WZW W‹e gk[ Æ;ijeo [d\eYWZe [d 31 ĹŠ .23 ĹŠ (! `k[]e c[ fed]e kd b‡gk_# [b j[cW Z[ l[beY_ZWZ" h[# Ze" [b YkWb c[ \ehjWb[Y[Ç" i_ij[dY_W o WhhWdgk[ gk[ [nfh[iÂŒ [b Ăˆ<bWYeÉ$ bei h[Ykf[he cko h|f_Ze$ ĹŠ O WYejÂŒ gk[ Z[i# 9h[e gk[ [d '& c|n_ce e fkƒi Z[ ik iWb_ZW gk_dY[ Z‡Wi [ijWhƒ fWhW `k# ]Wh [d Xk[d d_l[bÇ" [nfh[# +ĹŠÄĽ + !.ÄŚĹŠ' ĹŠ)4% Äą ".ĹŠÄŽÄ?ĹŠ5#!#2ĹŠ!.-ĹŠ _d[if[hWZW Z[ :[# G k _ j e " fehj_le iÂŒ [b Wh_[j[ Z[ bW fhel_dY_W + ĹŠ! ,(2#3 ĹŠ Z[ Z[i_bki_ÂŒd bW i_dj_ÂŒ Ji|Y^_bW gk[ i[ iec[j_ÂŒ #!4 3.1( - ĹŠ8ĹŠ' ĹŠ , 1! ".ĹŠÄˆÄ?ĹŠ i[]k_h `k]WdZe o i[ Z[Z_YÂŒ W fhk[XWi Z[ bWXehWjeh_e" %.+#2Ä“ W j[cWi Z[ ‡dZeb[ ieY_Wb [d [b[YjheYWhZ_e]hWcWi o bWi fhel_dY_Wi Z[ CWdWX‡ o Feh# Wd|b_i_i W[hÂŒX_Yei$ 7i_c_ice [nfh[iÂŒ gk[" W jel_[`e" f[he l_e kd [dYk[djhe f[iWh Z[ f[hj[d[Y[h W kdW [i# [djh[ Æ7kYWi YedjhW KJ; o c_hÂŒ YkWZhW gk[ XkiYW h[jehdWh W bei Wb]e Z_\[h[dj[Ç$ ÆI[ c[ h[cel_ÂŒ jeZe Wb i_j_Wb[i [ij[bWh[i Z[b XWbecf_ƒ be# YWb" ik c[jW [i lebl[h Wb Ăˆ[gk_fe Z[ l[h gk[ kd [gk_fe Z[ WiY[die jeZeiÉ [d kd Yej[`e Z[ j_[d[ c|i ^_dY^WZW Z[ Wb]kdei [gk_fei Z[ bW I[h_[ 7$ ;b \‘jXeb ;b_c_dWjeh_Wi ckdZ_Wb_ijWi$ Æ<WbjW ckY^e fWhW bWi fWhW c‡ de [i kd `k[]e" [i kdW [b_c_dWjeh_Wi ckdZ_Wb_ijWi " [i fWi_ÂŒdÇ" WYejÂŒ$
ĹŠ 5;-ĹŠ 5(#"#2ĹŠ#-ĹŠ4-ĹŠ/14# ĹŠ$~2(! ĹŠ"#-31.ĹŠ"#ĹŠ 77(2Ä“
ĹŠ ĹŠ
ÄĽ '4++ 2ÄŚ !.-$~ -ĹŠ#-ĹŠ242ĹŠ ".2ĹŠ#04(/.2
1+.2ĹŠ 2!'( ĔŊ ĹŠ"#ĹŠ #/.13(5.ĹŠ 4(3.ĹŠ5.+5#1;ĹŠ ĹŠ !.-ă 1ĹŠ#-ĹŠ#+ĹŠ/+ -3#+ĹŠ)45#-(+ĹŠ8ĹŠ +3#1-.ĹŠ/ 1 ĹŠ24ĹŠ!.3#Äą ).ĹŠ"#ĹŠ'.8ĹŠÄ¸ÄˆÄ‰Ä–Ä‡Ä‡ÄšĹŠ -3#ĹŠ +,#".ĹŠ"#ĹŠ (. , Ä“ ÂĄ ēŊ ""#1ĹŠ ! Ŋĸ(90ĚŊ2#1;ĹŠ#+ĹŠ#-! 1% ".ĹŠ"#ĹŠ!1# 1ĹŠ+ 2ĹŠ)4% " 2ĹŠ"#ĹŠ/#+(%1.ĹŠ#-ĹŠ#+ĹŠ 1!.ĹŠÄĽ,.1+ !.ÄŚ
:[fehj_le Gk_je" WYjkWb YWc# f[ÂŒd Z[b \‘jXeb [YkWjeh_Wde" Wd^[bW h[Ykf[hWh ^eo '(0&& [d [b ;ijWZ_e Eb‡cf_Ye 7jW# ^kWbfW" bei fkdjei gk[ Y[Z_ÂŒ [d bW ĂˆIkbjWdW Z[ bei 7dZ[iÉ Wdj[ Ebc[Ze [b fWiWZe c_ƒh# Yeb[i" YkWdZe [cfWjWhed W YkWjhe ]eb[i feh XWdZe" [d kdW c[pYbW Z[ `kl[djkZ Yed [nf[h_[dY_W$ ;i feh [ije gk[ [b [djh[# dWZeh ĂˆY^kbbWÉ" 9Whbei ?iY^_W" ZkhWdj[ bWi fh|Yj_YWi [d bWi _dijWbWY_ed[i Z[ bW 9WiW Z[ bW I[b[YY_ÂŒd fh_eh_pÂŒ bei jhWXW`ei [d bW pedW Z[\[di_lW" fWhW [l_# jWh Yecfb_YWY_ed[i e Z_ijhWY# Y_ed[i gk[ fk[Z[d Yecfb_YWh iki h[ikbjWZei$ Æ>Wo gk[ j[d[h fWY_[dY_W fehgk[ ^Wo ckY^e Y^_Yei `ÂŒl[# d[i gk[ `k]Whed [i[ fWhj_Ze" [b YkWb \k[ l_XhWdj[ o kd fh[c_e `kije fWhW Ebc[Ze gk[ W bW Ă’dWb
Yedi_]k_ÂŒ kd fkdjeÇ" h[iWbjÂŒ [b XedW[h[di[$ ;i feh [ije gk[ [d\h[djWh| Wb Ăˆ9_YbÂŒd Z[ bei 7dZ[iÉ Yed kd fbWdj[b Z[ `k]WZeh[i `kl[d_b[i o Wbj[hdWdj[i" ZedZ[ ZWh| Z[i# YWdie W bei Yedi_Z[hWZei j_jk# bWh[i" Yece CWj‡Wi 7bkij_pW o <_Z[b CWhj‡d[p$ ;ije" Yed c_hWi Wb Yej[`e Z[ eYjWlei Z[ Ă’dWb Z[ 9efW B_X[hjWZeh[i Z[b fhÂŒn_ce `k[l[i \h[dj[ W Kd_l[hi_ZWZ Z[ 9^_b[$ Bk_i C_]k[b ;iYWbWZW o 9h_ij_Wd F[d_bbW eYkfWh‡Wd bei fk[ijei Z[b Ăˆ9^WleÉ o Z[ ĂˆFe`WÉ" c_[djhWi gk[ bW Z_ijh_XkY_ÂŒd Z[b `k[]e o bW Yh[WY_ÂŒd [ijWh| [d bei f_[i Z[ ;ZZ[h LWYW$ Feh ik fWhj[ @kWd 7cWZeh I|dY^[p" j_ced[b Wh][dj_de Z[ Ebc[Ze Z[ H_eXWcXW" Z[ijWYÂŒ [b `k[]e Z[ iki Z_h_]_Zei Wb Z[Y_h gk[ Æ[i _cfehjWdj[ Yedi[]k_h bW cWoeh YWdj_ZWZ Z[ fkdjei Z[ beYWbÇ" [i feh [ije gk[ h[f[j_h|
+(-# !(.-#2
_!(,.ĹŠ3#1!#1 ĹŠ$#!'
ēŊ
.-# .-3 Â . -%4+. .,#1. (- 11.8. #% ! .13_9 2! + " #-(++
.+(- (!#". ;,#9 1!#
#"#2, .".8 (-4#9 .1.9. 4#- Â . ."1~%4#9 1(#3.
: Ä–ĹŠ 1+.2ĹŠ +$1#".ĹŠ #1 Ä–ĹŠÄˆÄ‰Ä–Ä‡Ä‡ Ä–ĹŠ #+# , 9.- 2
bW c_icW Wb_d[WY_Œd gk[ [cfWjŒ [d bei ‘bj_cei c_dkjei W bW [i# YkWZhW Z[ bW FbWpW Z[b J[Wjhe$
ĹŠÄĽ 1./ ÄŚĹŠ04(#1#ĹŠ#+ĹŠ31(4-$. 9ed [b eX`[j_le Z[ lebl[h feh kd jh_kd\e gk[ b[i Z[lk[blW bW bW i[dZW Z[b jh_kd\e [d Yed# YedĂ’WdpW [d i‡ c_icei$ ÆDeiejhei" bei `k]WZeh[i Z_Y_ÂŒd Z[ l_i_jWdj[" [b YkWZhe Z[ ;b DWY_edWb i[ [d\h[djW W iecei bei ‘d_Yei h[ifediW# :[fehj_le 9k[dYW '(0&& [d Xb[i Z[ bWi YW‡ZWi$ :[X[cei [b ;ijWZ_e 7b[`WdZhe I[hhWde jh_kd\Wh fWhW lebl[h W jecWh 7]k_bWh$ Bei `k]WZeh[i ĂˆYh_e# YedĂ’WdpWÇ" i[‹WbÂŒ [b pW]k[he NWl_[h 9^_bW$ bbeiÉ gk_[h[d XehhWh bW C_[djhWi gk[ xZ_# cWbW WYjkWY_ÂŒd Z[b fW# ĹŠ ied Fh[Y_WZe" [d bei Zei iWZe c_ƒhYeb[i [d =kW# ‘bj_cei Yej[`ei Z[iZ[ oWgk_b YkWdZe YWo[hed +ĹŠ)4#9ĹŠ!#-31 +ĹŠ gk[ Wikc_ÂŒ [b ĂˆFh‡dY_# ]eb[WZei feh ;c[b[Y$ 04#ĹŠ"(1(%(1;ĹŠ#+ĹŠ f[ Z[ =kWojWYWcWÉ" ^W BWi fh_dY_fWb[i del[# !.3#).ĹŠ#-31#ĹŠ [ijWZe h[b[]WZe Wb XWd# ZWZ[i [d [b YkWZhe gk[ ÄĽ,.1+ !.2ÄŚĹŠ8ĹŠ ÄĽ,(+(3 1#2ÄŚĹŠ2#1;ĹŠ Ye Z[ ikfb[dj[i" W^ehW Z_h_][ I_nje L_pk[j[ [i bW (#%.ĹŠ 1 Z[i[W lebl[h W h[jecWh _dYbki_ÂŒd [d [b WhYe ĂˆYh_e# bbeÉ Z[ :Wddo 9WX[pWi" gk[ WY# ik heb [ij[bWh [d [b [b[dYe Ăˆc_# jkWh| [d bk]Wh Z[ 8edWhZ =Wh# b_jWhÉ$ Æ;ijeo [if[hWdZe c_ Y‡W" gk_[d iWb_ÂŒ [nfkbiWZe [d [b efehjkd_ZWZ" iƒ gk[ YkWbgk_[h Zk[be Wdj[ ;c[b[Y$ Feh ik fWhj[" bei \kjXeb_ijWi cec[dje i[ c[ ZWh|Ç" h[iWbjÂŒ$ ;b DWY_edWb i[ [dYk[djhW [d bW Z[ ;b DWY_edWb Wd^[bWd be]hWh
ēŊ 4 -Ŋ 4(2Ŋ - -%.-¢Ŋ!.Ĺ , -" 1;Ŋ#+Ŋ 3 04#Ŋļ,(+(3 1ČŊ#-Ŋ 4#-! ē
iƒfj_cW fei_Y_ÂŒd Z[b jehd[e beYWb Yed '+ kd_ZWZ[i$ Feh ik fWhj[ [b Ăˆ;nfh[ie 7kijhWbÉ [ij| [d bW i[njW kX_YWY_ÂŒd Yed '- fkdjei$
Ä Ä†
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
^
42! -ĹŠ4- ĹŠ2 +("
1#2("#-3#Ŋ"#+Ŋ .,(3_Ŋ +~,/(!.Ŋ 2/  .+Ŋ(-23¢Ŋ Ŋ+ 2Ŋ$#"#1 !(.-#2 Ŋ2#%4(1Ŋ#-Ŋ+ Ŋ+4!' ēŊ $ #+Ŋ .11# Ŋ /.8¢Ŋ Ŋ .2_Ŋ #5 ++.2ēŊ
¥ ēŊ #+#% ".2Ŋ"#+Ŋ Ŋ8Ŋ Ŋ#-Ĺ 3 + 1.-Ŋ"(;+.%.Ŋ#-Ŋ#+Ŋļ 4#13.Ŋ 1(-!(/ +Čē
ĹŠ š ;b 9ec_jƒ Eb‡cf_# Ye ?dj[hdWY_edWb WleYÂŒ Yede# Y_c_[djei Z[b _cfWii[ [djh[ [b 9ec_jƒ Eb‡cf_Ye ;YkWjeh_Wde o [b C_d_ij[h_e Z[b :[fehj[$ ;b [Yedec_ijW :Wd_be 9Whh[hW" fh[i_Z[dj[ Z[b 9E;" h[Y_X_ÂŒ Wo[h [d bW I[Z[ Eb‡cf_YW Z[ [ijW Y_kZWZ W 7b[`WdZhe 8bWd# Ye" Z[b[]WZe Z[b 9E?$ Fh[l_e W bW Y_jW" 8bWdYe i[‹WbÂŒ gk[ Æbe gk[ ^Wh[cei [i bb[lWh jeZWi bWi ik][h[d# Y_Wi h[Ye]_ZWi feh YWZW kdW Z[ bWi \[Z[hWY_ed[i o Z[ [iW cWd[hW feZ[h [djh[]Wh kd _d\ehc[ Wb 9ec_jƒ Eb‡cf_Ye ?dj[hdWY_edWbÇ$ <k[ [d\|j_Ye [d ieij[d[h gk[ Æ[d YWie Z[ [n_ij_h kdW iWdY_ÂŒd Z[ fWhj[ Z[b 9E?" [ie de ]WhWd# j_pW bW fWhj_Y_fWY_ÂŒd Z[ bei Z[# fehj_ijWi fk[i i[ Z[X[ [ijkZ_Wh [b YWieÇ$ 7b[`WdZhe" gk_[d [i W bW l[p fh[i_Z[dj[ Z[b 9ec_jƒ Eb‡cf_# Ye ;ifW‹eb" _dijÂŒ W bWi \[Z[hW# Y_ed[i W cWdj[d[h ik feijkhW$ ÆC_ Wfeoe fWhW :Wd_be [i _d# YedZ_Y_edWb" be c_ice W YWZW kdW Z[ bWi \[Z[hWY_ed[i b[i Z_]e" cWdjƒd]Wdi[ [d bW bkY^W" [i bW ‘d_YW l‡WÇ" fkdjkWb_pÂŒ$ ;d [b jhWdiYkhie Z[ bW h[# kd_ÂŒd" WcXei eh]Wd_icei i[ Z_[hed j_[cfe fWhW eXi[hlWh [b [dbWY[ Y_kZWZWde" [d [b YkWb [b c_d_ijhe 9[lWbbei [nfed‡W ik feijkhW Wdj[ [b fh[i_Z[dj[ Z[ bW H[f‘Xb_YW HW\W[b 9ehh[W$ Æ7kjedec‡W de [i WdWhgk‡W o de i[ fk[Z[ [ijWh feh [dY_cW Z[ bW b[oÇ" Z_`e 9[lWbbei$ 7 [ije" [b @[\[ Z[ ;ijWZe Z_`e0 ÆC_ Wfeoe _dYedZ_Y_edWb fWhW @eiƒ <hWdY_iYe 9[lWbbei" [i l[h# ZWZ be gk[ kij[Z ieij_[d[" de i[ fk[Z[ fWiWh feh [dY_cW Z[ bW b[oÇ$ 7 bW Y_jW jWcX_ƒd WYk# Z_[hed bei h[fh[i[djWdj[i Z[b 9ec_jƒ Eb‡cf_Ye YebecX_Wde o f[hkWde" gk_[d[i h[ifWbZWd W :Wd_be 9Whh[hW [d ik ][ij_ÂŒd$ 7bX[hje <[hh[h" i[Yh[jWh_e ][d[hWb Z[b Yec_jƒ eb‡cf_Ye Ye# becX_Wde _dZ_YÂŒ0 ÆDk[ijhe Wfe#
oe fWhW [b [Yedec_ijW 9Whh[hW o fWhW [b Z[fehj[ [YkWjeh_Wde [ij| _djWYje" gk[h[cei i[h c[# Z_WZeh[i fWhW gk[ i[ iebkY_ed[ [ij[ fheXb[cW gk[ f[h`kZ_YW W bei Z[fehj_ijWi Z[ [ij[ ik fW‡i" de [dj_[dZe YÂŒce [b C_d_ij[h_e Z[b :[fehj[ gk[ [i [b [dj[ gk[ Z[X[h‡W [ijWh [d YeehZ_dWY_ÂŒd Yed [b 9E;" de be ^WY[Ç$ 7i‡ c_ice" bWi \[Z[hWY_e# d[i [YkWjeh_WdWi feh Z[fehj[ eXi[hlWXWd Z[iZ[ bW iWbW Z[b eh]Wd_ice eb‡cf_Ye" bWi WYk# iWY_ed[i Z[ @eiƒ <hWdY_iYe 9[# lWbbei Wdj[ [b @[\[ Z[ ;ijWZe$" [d YkWdje W gk[ [b 9E; gk_[h[ cWd_fkbWh W bei Z[fehj_ijWi Z_Y_ƒdZeb[i gk[ i_ de WfeoWd W bWi \[Z[hWY_ed[i" de bei Z[`Wh|d [djh[dWh [d [b 9[djhe Z[ 7bje h[dZ_c_[dje [d :kh|d$ Ejjed Cedj[d[]he" fh[# i_Z[dj[ Z[ bW [YkWjeh_WdW Z[ J_he Yed 7hYe cWd_\[ijÂŒ0 Æ;i 9[lWbbei" gk_[d h[Wbc[dj[ [ij| _dYkcfb_[dZe bW b[o" fehgk[ de Z_Y[ f‘Xb_YWc[dj[ gk[ ƒb gk[# h‡W l_dYkbWh W YbkX[i Z[ fWf[b[i [d bWi \[Z[hWY_ed[i ^WY_ƒdZe# bei fWiWh Yece Z[ 7bje H[dZ_# c_[dje$ ;ije i[ be ceijhWh[cei Wb h[fh[i[djWdj[ Z[b 9E? Yed ZeYkc[djei [d cWde o de iebe Z[ fWbWXhWi$ Be gk[ ieij_[d[ [i fkhW c[dj_hW" Wb YedjhWh_e" ied [bbei bei gk[ gk_[h[d cWd_fk# bWh W bei Wjb[jWiÇ Feh ik fWhj[ 9ehd[b_e I[# hhWde" fh[i_Z[dj[ Z[ bW <[Z[hW# Y_ÂŒd ;YkWjeh_WdW Z[ Jh_WjbÂŒd" Z[iYedeY[ gkƒ c[Z_ZW jecW# h|d [d YWie Z[ gk[ [b eh]Wd_i# ce _dj[hdWY_edWb iWdY_ed[ W ;YkWZeh$ ÆBW l[hZWZ [ijWcei l_l_[dZe kdW _dY[hj_ZkcXh[" de iWX[cei gkƒ fk[ZW fWiWh" d_ jWcfeYe iWXh‡W gkƒ Z[Y_h e gkƒ ^WY[h [d [b YWie Z[ gk[ [b 9ec_jƒ Eb‡cf_Ye ?dj[hdWY_e# dWb dei iWdY_ed[" fh_c[he [i# f[h[cei bW h[iebkY_ÂŒdÇ #!.1" 1
;b _cfWii[ [djh[ [b 9ec_jƒ Eb‡cf_Ye ?dj[hdWY_edWb o [b
C_d_ij[h_e Z[b :[fehj[ i[ Z_e feh bW \WbjW Z[ WYk[hZei" [d h[bWY_ÂŒd W bW _dj[hl[dY_ÂŒd Z[b ;ijWZe [d *& \[Z[hWY_ed[i Z[fehj_lWi dWY_e# dWb[i" Wb[]WdZe gk[ de ^Wd [\[Y# jkWZe [b[YY_ed[i fWhW h[delWh iki Z_h[Yjeh_ei$ ÆBWi [b[YY_ed[i Z[ Z_h[Yj_# lWi [d YWZW kdW Z[ bWi \[Z[hW#
Y_ed[i i[ h[Wb_pWhed" iebe gk[ de \k[hed Z[b W]hWZe Z[b i[‹eh 9[lWbbei" fehgk[ Wb[]Œ gk[ de [ijWXWd b[]Wbc[dj[ Yedij_jk_# ZWi Wb de _dYbk_h YbkX[i" f[he b[ h[Yk[hZe gk[ deiejhei iecei h[YedeY_Zei feh [b 9ec_jƒ Eb‡c# f_Ye ?dj[hdWY_edWb" [i Z[Y_h" de [ijWcei eXb_]WZei W YedleYWh W
[b[YY_ed[i" i_d [cXWh]e Wi‡ be ^_# Y_ceiÇ" [nfb_YÂŒ :Wd_be 9Whh[hW$ ÆI[ b[i Z_e Yece fbWpe kd W‹e" Z_`[hed gk[ Wi‡ be ^Wh‡W o b[i Yh[‡# cei" ^kX_[hW fh[\[h_Ze jecWh [ijW c[Z_ZW YkWdZe i[ `k]WXWd bei ikZWc[h_YWdei" gk_p| de ^kX_[hW eYkhh_Ze [ije" o j[d‡Wd gk[ Y[Z[hÇ" Z_`e 9[lWbbei$
Ä Ä‡
ĂĊĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. ÄŒĹ?
ÂĄ ēŊ .2ĹŠ ă!(.- ".2ĹŠ"#ĹŠ (% ĹŠ"#ĹŠ 4(3.ĹŠ8ĹŠ 1!#+.- ĹŠ"# #1;-ĹŠ,.231 1ĹŠ4-ĹŠ 4#-ĹŠ!.,/.13 ,(#-3.ĹŠ3 -3.ĹŠ"#-31.ĹŠ!.,.ĹŠ$4#1 ĹŠ"#+ĹŠ#2!#- 1(.ĹŠ"#/.13(5.Ä“
.1ĹŠ, -3#-#1ĹŠ .ĹŠ1.,/#1ĹŠ+ ĹŠ '#%#,.-~
.2( +#2ĹŠ +(-# !(.-#2Ä–
_!(,.ĹŠ #1!#1 ĹŠ #!'
Äą
ĹŠ
(% ĹŠ"#ĹŠ 4(3.ĹŠ1#!( #ĹŠ'.8ĹŠ Ä¸ÄˆÄˆÄ–ÄŠÄ‡ÄšĹŠ ĹŠ 1!#+.- ĹŠ#-ĹŠ#+ĹŠ "4#+.ĹŠ,;2ĹŠ(-3#1#2 -3#ĹŠ"#ĹŠ+ ĹŠ "_!(,.ĹŠ3#1!#1 ĹŠ$#!' ĹŠ"#+ĹŠ3.1Äą -#.ĹŠ#!4 3.1( -.ĹŠ"#ĹŠ$ĂŒ3 .+Ä“
Bei WĂ’Y_edWZei Wb \‘jXeb" [b ef[# hWj_le Z[ Yedjheb o i[]kh_ZWZ o bei \kjXeb_ijWi [ij|d b_ijei fWhW [b Yej[`e c|i _dj[h[iWdj[ Z[ bW ZƒY_ce j[hY[hW \[Y^W Z[b XWbec# f_ƒ dWY_edWb" YkWdZe ^eo ''0)& [b Yed`kdje Z[ B_]W :[fehj_lW Kd_l[hi_jWh_W [nfed]W ik _dl_Y# je Wdj[ [b Yed`kdje fehj[‹e Z[ 8WhY[bedW" gk[ feh fh_c[hW l[p _dj[djWh| Yedi[]k_h kd jh_kd\e o ^WY[h ^_ijeh_W [d [b [iY[dWh_e Z[ bW 9WiW 8bWdYW$ FWhW [ij[ Yecfhec_ie" bW [i# YkWZhW ĂˆWbXWÉ h[Ykf[hW [d [b c[# Z_e i[Yjeh Wb ckdZ_Wb_ijW jh_Yebeh xZ_ied CƒdZ[p" Z[ifkƒi Z[ kdW ikif[di_ÂŒd Z[ jh[i \[Y^Wi" o i[h| [b [dYWh]WZe Z[ \WXh_YWh bWi `k]W# ZWi Z[ ]eb `kdje Yed [b Wh][dj_de :Wc_|d CWdie$ Æ8WhY[bedW [i kd [gk_fe gk[ [d [ijW j[cfehWZW Z[ceijhÂŒ gk[ iWX[ `k]Wh [d bW WbjkhW" f[he deiejhei [ijWcei h[Ykf[hWdZe dk[ijhe d_l[b Z[ `k[]eÇ" i[‹WbÂŒ [b ÆA_d_jeÇ$ 7i_c_ice [nfh[iÂŒ gk[ [ij|
WYeijkcXhWZe W `k]Wh [d jeZWi bWi fei_Y_ed[i Z[b c[Z_eYWcfe" i[]‘d bW Ă’beie\‡W Z[ `k[]e Z[ ;Z# ]WhZe 8WkpW [ijhWj[]W Z[ B_]W Z[ Gk_je o" i[]‘d CƒdZ[p" [ije X[d[Ă’Y_W Wb `k[]e Z[ bei ĂˆWpkY[# dWiÉ fehgk[ i_[cfh[ h[Y_X[ [b XWbÂŒd f[hĂ’bWZe o be WZc_d_ijhW Wb `k]WZeh c[`eh kX_YWZe$ Æ>Wh[cei dk[ijhe fhef_e `k[# ]e$ 9kWdZe i[W d[Y[iWh_e Wfh[# jWh[cei [b WY[b[hWZeh o jWcX_ƒd ^Wh[cei bW fWkiW$ @k]Wh[cei Z[ cWd[hW _dj[b_][dj[Ç" Z_`e [b [n`k# ]WZeh Z[ FIL Z[ >ebWdZW$ Feh ik fWhj[ [b ĂˆFWjÂŒdÉ 8WkpW" iWbjWh| Wb ]hWcWZe Z[b [iY[dWh_e Z[ FedY_Wde Yed kdW b‡d[W Z[ jh[i Z[Ă’d_ZW Yed DehX[hje 7hWk# `e feh [b Y[djhe" [d bW Z[h[Y^W ;p[gk_[b BkdW o feh bW [njh[cW pkhZW :_[]e 9WbZ[hÂŒd$ ÆBW ZkZW bW j[d[cei [d [b c[Z_eYWcfe feh _pgk_[hZW" fheXWcei Yed Ă›d][b 9^[c[ o jWcX_ƒd j[d[cei W Ăˆ9^kY^eÉ 8ebW‹ei" W‘d de be Z[Ă’de X_[dÇ" cWd_\[ijÂŒ 8WkpW$
C_[djhWi gk[ ik h_lWb Z[ jkh# de" [b 8WhY[bedW _dj[djWh| hec# f[h bW fWj[hd_ZWZ Ăˆc[h[d]k[É$ Ik [djh[dWZeh =kijWle 9eijWi `k]Wh| ÆYed ckY^W \[Ç o jhWjWh| Z[ c_d_c_pWh bWi \ehjWb[pWi Ăˆkd_# l[hi_jWh_WiÉ$ ÆJ[d[cei gk[ jhWjWh Z[ YbWk# ikhWh bWi XWdZWi$ J[d[cei gk[ [ijWh [dY_cW Z[ CWdie" gk[ [i kd `k]WZeh gk[ YebeYW cko Xk[# dei fWi[i Z[ ]eb o Z[ifkƒi [ijWh Wj[dje W iki h[Y[fjeh[i Yece 9bWkZ_e 8_[b[h Ç" [nfb_YÂŒ$ 7kd Yed bWi Wki[dY_Wi Z[ C|n_# ce 8Wd]k[hW o CWj‡Wi EoebW feh b[i_ÂŒd" [b [ijhWj[]W Wh][dj_de Z[b ĂˆĂžZebeÉ cWd[`W kd fei_Xb[ edY[ _d_Y_Wb Yed bW fh[i[dY_W Z[b `kl[d_b Heei[l[bj EoebW feh bW pedW Z[# \[di_lW _pgk_[hZW o FWXbe IWkY[# Ze feh Z[h[Y^W" c_[djhWi gk[ [d [b WjWgk[ [ijWh|d DWhY_ie C_dW o @W_c[ 7oel‡$ /#1 3(5.ĹŠ"#ĹŠ #%41(" "
Kd Wcfb_e ef[hWj_le Z[ i[]kh_# ZWZ" Yed +)- feb_Y‡Wi o YbWi[i" (/ ikXeĂ’Y_Wb[i Wbj[hdei o , eĂ’Y_Wb[i ikf[h_eh[i" Z[ifb[]Wh| bW Feb_Y‡W DWY_edWb Yed c_hWi Wb Ăˆ9b|i_YeÉ [djh[ ĂˆWbXeiÉ o ĂˆYWdWh_eiÉ$ I[]‘d WĂ’hcÂŒ IWdj_W]e Hei[he" YecWdZWdj[ Z[ bW Kd_ZWZ Z[ L_]_# bWdY_W Dehj[" Æde i[ f[hc_j_h| [b _d]h[ie Z[ bei WĂ’Y_edWZei bW [ijW# Z_e Yed ceY^_bWi" XebiWi k eX`[jei gk[ fk[ZWd YWkiWh ZW‹e W bW _dj[# ]h_ZWZ Z[ bWi f[hiedWiÇ" WYejÂŒ$
.,~-%4#9 1 4). +"#1¢-Ŋ
4- '#,# (" +%. 4(1.9 #5 ++.2 _-"#9 -2. (#+#1
-9 #1+ 9 ,/.2 1 9. 4!#". ēŊ 8.+ 14#9. (!#". ~ 9 8.5~ (-
1 (31.Ä–ĹŠ .2_ĹŠ 4(2ĹŠ 2/(-#+ .1 Ä–ĹŠÄˆÄˆÄ–ÄŠÄ‡ 1 -2,(3#Ä–ĹŠ #+# , 9.- 2
/#1 3(5.ĹŠ"#ĹŠ!.-31.+ .2 2ĹŠ04#ĹŠ-.ĹŠ"# #ĹŠ++#5 1Ä–
ŗŊ 1, 2Ŋ"#Ŋ$4#%.ē + -! 2Ŋ.Ŋ!.13./4-9 -3#2 ŗŊ 1, 2Ŋ Ŋ 1 %4 2 ŗŊ # (++ 2 ŗŊ .!'(+ 2Ŋ.Ŋ .+2.2 ŗŊ #-% + 2 ŗŊ .3#++ 2Ŋ"#Ŋ ("1(. ŗ ¥ ĖŊ^"(2.-Ŋ _-"#9Ŋĸ(90ĚŊ 54#+5#ĔŊŊ"#2/4_2Ŋ"#Ŋ31#2Ŋ$#!' 2Ŋ"#Ŋ 242/#-2(¢-Ŋ +Ŋ,#"(.! ,/.Ŋļ + .Č
7i_c_ice cWd_\[ijÂŒ gk[ de f[hc_j_h|d [b _d]h[ie W d_d]kdW f[hiedW Æ[d [ijWZe [j‡b_Ye e Yed bW _dĂ“k[dY_W Z[ ikijWdY_Wi gk[ [ij|d XW`e YedjhebÇ" WZ[c|i de f[hc_j_h|d [b _d]h[ie W WĂ’Y_edW# Zei gk[ fehj[d WhcWi Z[ \k[]e" WhcWi XbWdYWi e YehjefkdpWd# j[i" fWhW]kWi" ^[X_bbWi" Xej[bbWi Z[ l_Zh_e$ I[ h[Yec_[dZW _h Yed be d[Y[iWh_e$ FWhW [ije" bW ‘d_YW beYWb_ZWZ gk[ [ij| ^WX_b_jWZW fWhW bW ^_d# Y^WZW Z[ 8WhY[bedW i[h| bW ][d[# hWb ikh WbjW$ ÆDe i[ Z_YjWc_dWh| d_d]kdW ejhW beYWb_ZWZ fWhW bW ^_dY^WZW l_i_jWdj[ 8WhY[bedW Ç" h[\_h_ÂŒ :_[]e 9Wijhe" ][h[dj[ Z[ FbWd_# Ă’YWY_ÂŒd o Ef[hWY_ed[i$ FWhW [l_jWh bWi Yed\hedjWY_e#
d[i" bW Z_h_][dY_W ĂˆWpkY[dWÉ h[Wb_# pÂŒ Wb]kdWi ceZ_Ă’YWY_ed[i [d [b _d]h[ie Z[ bW ][d[hWb ikh Z[ 9WiW 8bWdYW$ ;i Z[Y_h" Zei fk[hjWi Z_ij_d# jWi i[hl_h|d Z[ _d]h[ie fWhW bei ^_dY^Wi Z[ 8WhY[bedW Ikh Ei# YkhW gk[ i[ kX_YW [d bW ][d[hWb ikh WbjW o B_]W Z[ Gk_je Ck[hj[ 8bWdYW [d bW ][d[hWb ikh XW`W " Yed [ije i[ fh[j[dZ[ [l_jWh bei YedĂ“_Yjei gk[ [d Yej[`ei Wdj[# h_eh[i Z[`Whed Wb]kdei ^[h_Zei o Z[ijhepei cWj[h_Wb[i$ BW fWhY_Wb_ZWZ Ăˆc[h[d]k[É fk[Z[ WZgk_h_h iki [djhWZWi ^eo W fWhj_h Z[ bWi '&0&& [d bW Xeb[j[h‡W Y[djhWb Z[b j[cfbe XbWdYe$ BW Z_# h_][dY_W Z[ B_]W Z[ Gk_je [ijWXb[# Y_ÂŒ kd fh[Y_e Z[ '( ZÂŒbWh[i fWhW bW ][d[hWb$ ;ije [i kd ]WdY^e fWhW [b i_]k_[dj[ Yej[`e Z[ beYWb Z[ bei ĂˆWbXeiÉ YedjhW B_]W Z[ Be`W$ ;b lW# beh Z[ bW jh_XkdW [i Z[ ', ZÂŒbWh[i o fWbYe *& ZÂŒbWh[i$
4+!;-ĹŠ1#!( (1;ĹŠ ĹŠ!(!+(23 2
4+!;-ēŊ .8ĹŠ /1.7(, " ,#-3#ĹŠ ĹŠ+ 2ĹŠÄˆÄ?ĖććŊ 11( 1;-ĹŠ +ĹŠ/ 104#ĹŠ!#-31 +ĹŠ"#ĹŠ 4+!;-ĹŠ+.2ĹŠ!(!+(23 2ĹŠ04#ĹŠ/ 13(!(/ -ĹŠ#-ĹŠ#+ĹŠ!(!+./ 2#.ĹŠ.1% -(9 ".ĹŠ/.1ĹŠ+ ĹŠ 2.!( !(¢-ĹŠ"#ĹŠ 4+! -# .2ĹŠ #2("#-3#2ĹŠ#-ĹŠ 4(3.Ŋĸ Ěē -ĹŠ+ ĹŠ/+ 3 $.1, ĹŠ!.+.! " ĹŠ#-ĹŠ+.2ĹŠ ).2ĹŠ"#+ĹŠ #%41.ĹŠ .!( +ĹŠ2#ĹŠ1# +(9 1;ĹŠ4-ĹŠ/1.%1 , ĹŠ#2/#!( +ĹŠ/ 1 ĹŠ/1#,( 1ĹŠ ĹŠ+.2ĹŠ"#/.13(23 2ĹŠ8ĹŠ%14/.2ĹŠ04#ĹŠ2#ĹŠ"#23 ! 1.-ĹŠ"41 -3#ĹŠ +.2ĹŠÄ‰ÄŒÄ‡ĹŠ*(+¢,#31.2ĹŠ"#ĹŠ1#!.11(".ēŊ +ĹŠ!(!+./ 2#.ĹŠ 11 -!¢Ŋ#+ĹŠ2; ".ĹŠ#-ĹŠ+ ĹŠ! /(3 +ĹŠ#!4 3.1( - Ä“
Ä Äƒ
ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
1!'#-2#2ĹŠ #-ĹŠ/14# 2
Ĺ—ĹŠĹŠĹŠ
.8Ŋ2#Ŋ!.-.!#1;Ŋ +Ŋ! ,/#¢-
: ŊěŊ@ÂƒĂľ[hied H[l[be o 9Wheb_dW =kWY^e" Z[ bW ;iYk[bW Z[ 7jb[j_ice >ec[he H[l[be" fWhj_Y_fWh|d ^eo [d ?XWhhW [d bW YWhh[hW Wjbƒj_YW B_l_jW '&A$ Be ^Wh|d [d bW YWj[]eh‡W `kl[d_b$ Ejhe ]hkfe Z[ Wfhen_cWZW# c[dj[ +& Z[fehj_ijWi Yehh[# h|d [d kdW fhk[XW W h[Wb_pWh# i[ [d 7bZWdW 9ebecX_W $ ;b Ă’d" Yece i_[cfh[" i[h| kX_YWhi[ [d bei fh_c[hei bk]Wh[i" Z_`e [b [djh[dWZeh" >ec[he H[l[be$
ēŊ .8ĹŠ2#ĹŠ)4% 1;-ĹŠ+ 2ĹŠÄƒ- +#2ĹŠ"#+ĹŠ ,/#.- 3.ĹŠ !(.- +ĹŠ 11( +ĹŠ"#ĹŠ ;204#3ĹŠ #,#-(-.ĹŠ#-ĹŠ#+ĹŠ!.+(2#.ĹŠ"#+ĹŠ -23(343.ĹŠ 4+!;-Ä“
: ŊěŊ ;d bW jWhZ[ o deY^[ Z[
Wo[h YbWi_ÒYWXWd bei i[c_ÒdW# b_ijWi Z[b 9Wcf[edWje DWY_edWb Z[ 8|igk[j 8Whh_Wb <[c[d_de gk[ i[ `k[]W Z[iZ[ [b l_[hd[i [d JkbY|d$ ;d [b ?dij_jkje JkbY|d `k]W# XWd W bWi '-0&& IkYkcX‡ei#Eh[# bbWdW o W bWi '.0'+ 9WhY^_#9^_c# XehWpe$ C_[djhWi [d [b Yeb_i[e '/ Z[ Del_[cXh[ i[ [d\h[djWXWd i_ckbj|d[Wc[dj[ ?cXWXkhW#9W# ‹Wh o F_Y^_dY^W#7pkWo$
9WhY^_ jkle Wo[h Wb c[Z_eZ‡W kd Zkhe fWhj_Ze \h[dj[ W ;ic[# hWbZWi gk[ ^WX‡W f[hZ_Ze [d bWi Zei fh_c[hWi \[Y^Wi" f[he gk[h‡W h[_l_dZ_YWhi[$ 7b Ă’dWb i[ _cfkie [b [gk_fe beYWb feh *-#)'$ CWhY[b 9[lWbbei" [djh[dWZeh YWhY^[di[" i[ ceijhÂŒ iWj_i\[Y^e feh [b h[ikbjWZe$ ÆIWX‡Wcei gk[ ;ic[hWbZWi j[d‡W Zei fWhj_Zei f[hZ_Zei" f[he [b [gk_fe i_[cfh[ gk_ie Z[if[Z_hi[ Yed kd jh_kd\e o gkƒ c[`eh Yed [b WdĂ’jh_ÂŒd" feh
[ie dei Yecfb_YWhed Z[ fh_dY_# f_e W Ă’dÇ" Z_`e$ Æ>eo Wo[h Z[ceijhWhed bWi Y^_YWi Z[b 9WhY^_ gk[ [ij|d fWhW bb[]Wh W bWi _dijWdY_Wi Ă’dWb[iÇ" [nfh[iÂŒ 9[lWbbei" gk_[d Z_`e gk[ fWiWXWd W bW \Wi[ c|i Z_\‡Y_b0 bei eYjWlei Z[ Ă’dWb$ BW `k]WZehW Beh[dW CƒdZ[p YWb_Ă’YÂŒ jWcX_ƒd Yece kd fWh# j_Ze Zkhe" f[he ÆYed bW kd_ÂŒd o [i\k[hpe ikf_cei iWb_h WZ[bWdj[ o [ijWh[cei Z_ifk[ijWi W be gk[ l[d]W fWhW Yedi[]k_h [b j‡jkbe fWhW dk[ijhW fhel_dY_WÇ$ Ik YecfW‹[hW AWhbW 9Wij_bbe jWcX_ƒd Z[ijWYÂŒ bW [djh[]W$ Æ=W# dWcei fehgk[ fki_cei ckY^e YehWpÂŒd$ BW fh_dY_fWb \ehjWb[pW \k[ [b ‹[gk[ gk[ dei YWhWYj[h_pW
W bWi YWhY^[di[i$ I[ l_[d[ be c|i Zkhe" f[he [ijWcei fh[fWhWZWi fWhW [d\h[djWh W YkWbgk_[h [gk_# fe gk[ i[ dei fh[i[dj[Ç$ BWi i[c_\_dWb[i i[ `k]Wh|d ^eo Z[iZ[ bWi &/0)& [d bei Ye# b_i[ei Z[b ?dij_jkje JkbY|d o '/ Z[ Del_[cXh[$ O bWi Ă’dWb[i W bWi ')0&& feh [b j[hY[h bk]Wh o W bWi '*0'+ feh [b j‡jkbe [d [b [iY[dWh_e Z[fehj_le Z[b [ijWXb[Y_c_[dje [ZkYWj_le$ BW Z_h_][dY_W Z[ bW <[Z[hW# Y_ÂŒd DWY_edWb Z[ B_]Wi :[feh# j_lWi 8Whh_Wb[i o FWhhegk_Wb[i Z[b ;YkWZeh" eh]Wd_pWZehW Z[b Y[hjWc[d" _dl_jÂŒ Wb W\_Y_edWZe Wb X|igk[j WYkZ_h W bW [jWfW Ă’dWb Z[b Y[hjWc[d fWhW [ij_ckbWh W bWi Z[fehj_ijWi$
./ ĹŠ"#ĹŠ ,/#.-#2
Ĺ—ĹŠ ĹŠĹŠ : ŊěŊ;d [b XWhh_e IWd <[b_f[" Z[ JkbY|d" i[ `k[]W bei Ă’d[i Z[ i[cWdW bW I[njW 9efW Z[ 9Wcf[ed[i ?ddelWY_ÂŒd (&'($ ;ij|d YbWi_Ă’YWZei fWhW bW i_]k_[dj[ \Wi[ ?ddelWY_ÂŒd" 9[bj_Y" @kl[djkZ H[lebkY_edW# h_W" 9[lWbbei <$9$" :kdWc_i" * Z[ EYjkXh[" B_XWhdW" <kdZ_# c[jWb[i" 7jbƒj_Ye DWY_edWb" 7b[c_ZW Cedj[d[]he" 7bcW# hei Ifehj o @kl[djki$ 7b cWh][d Z[b jehd[e gk[# ZWhed '( [gk_fei Z[ WcXWi i[h_[i$
/S $W
4 31.ĹŠ#04(/.2ĹŠ"(2/43 1;-ĹŠ#+ĹŠ 3~34+.ĹŠ"#+ĹŠ ,/#.- 3.ĹŠ !(.- +ĹŠ 11( +ĹŠ"#ĹŠ ;204#3ĹŠ #,#-(-.Ä“
āą
ŏĂĊŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
ĵĉĎĈĐďĵ
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
ĂĊŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
ġ
-Ì-!( 3#ũ +Ėũũũ
ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũ ĉĒĉĎČĐĐ ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũĉĒĉĎĒĐĊ KO HP
(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 PU DW
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 0UMVYTHJP}U H SVZ [LStMVUVZ!
KO HP
(1 78/&É1
9(1'2 &$6$ 'H RSRUWXQLGDG XQD FDVD 6HFWRU 2OLYR $OWR ,QIRUPHV D ORV WHOpIRQRV GK DL
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
9(1'2 ),1&$6 3LVRV FDVDV )LQFDV GH \ KDV HQ HO &DUFKL JDQDGHUDV \ KDFLHQGDV SDUD JUXSRV P FDVDV D HQ DGH ODQWH 7HOI GK DL
VENDO TERRENOS =LUKV KLWHY[HTLU[V LU 8\P[V ,S *VUKHKV T *HZH *VTLYJPHS ZLJ[VY TH`VYPZ[H 0IHYYH ;LYYLUV OLJ ` LU SVZ Ô]HSVZ MYLU[L H SH 7HUH ;LYYLUV T JLU[YV KL SH JP\KHK 0IHYYH 4PYH OLJ ZLJ[VY ,S 3(;6 ;LYYLUV T LU SVZ /\LY[VZ -HTPSPHYLZ *HZHZ KLWHY[HTLU[VZ LU JVUQ\U[VZ V PUKP]PK\HSLZ KLZKL -PUJHZ OHJPLUKHZ ` 8\PU[HZ LU LS *HYJOP 0TIHI\YH ` 7PJOPUJOH
+PY ! 6]PLKV ` 3\PZ *HILaHZ )VYQH ,ZX\PUH ;LSM
KO HP
/S $W
VENDO TERRENO (3;( 7<:=(3Ð( *64,9*0(3 ,U 0IHYYH ]LUKV [LYYLUV LZX\PULYV LU SH 6STLKV ` 6]PLKV 0UMVYTLZ! ,THPS! ^PSVHY['OV[THPS JVT
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
<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
(1 3,0$03,52 9HQGR WHUUHQR HQ 6DQ -RVp GH 6LJVLSDPED KHF FRQ DJXD GH ULHJR \ UHVHUYRULR SODQWtR 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
5(48,(5( &2175$7$5
¢78 &25$=Ð1 (67$ $6Ì" $5,(/ (/ *858 '(/ $025 7( $<8'$
,PSRUWDQWH HPSUHVD DXWRPRWUt] UH TXLHUH FRQWUDWDU 7pFQLFR $XWRPR WUt] FRQ H[SHULHQFLD ,QWHUHVDGRQ HQYLDU GRFXPHQWRV HQ UHJOD VDOR PH HF#KRWPDLO FRP GK DL
=F LMD; F <= GHGJLMFA<9<
6R\ SRVHHGRU GHO DPDUUH PiV HFRQyPLFR HILFD] \ UiSLGR GHO PXQGR 5HVXOWDGRV HQ VROR KRUDV 9$/25 7HOI 7UDEDMRV D GLVWDQFLD
6( 1(&(6,7$ 3(5621$ $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 %
9(1'2 7(55(12 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
2325781,'$' 9(1'2 7(55(12
(035(6$ /,'(5
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
6HFWRU $Y (O 5HWRUQR P ,QIRUPHV D ORV WHOpIRQRV GK DL
$55,(1'2 2),&,1$
*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
,U LS ;LYJLY 7PZV KLS LKPMPJPV :\JYL (U[PN\V 9LNPZ[YV *P]PS 0UM ! :\JYL ` 6]PLKV
;LSM ! *LS !
+L VWVY[\UPKHK ;V`V[H 790<: /PIYPKV MSHTHU[L RT 0UMVYTLZ! *LS\SHY HK HP
¢(67É6 (0%$5$=$'$" 1R WH SUHRFXSHV OOiPDQRV DEVROXWD GLVFUHVLyQ
%ULQGDPRV VHUYLFLRV SURIHVLRQDOHV
'(3$57$0(172 ,QIRUPHV DO WHOpIRQR GK DL 3LH]D FRQ FRFLQD EDxR SUL YDGR \ JDUDMH $Y /RV 6DX FHV <DFXFDOOH 7HOI GK DL
$55,(1'2 68,7( &RQ JDUDMH FRQIRUWDEOH SDUD GDPD R FDEDOOH UR FRPXQLFDUVH DO WHOI GK DL
'H UHPDWH VH YHQGH LQVWD ODGR FRQ HTXLSRV GH SULPH UD %XHQ SUHFLR ,QIRUPHV DO WHOpIRQR GK DL
,19,(57$ 686 87,/,'$'(6 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
7H VLHQWHV PDO 7LHQHV EDMR UHQ GLPLHQWR DFDGpPLFR \ ODERUDO FDQ VDQFLR VWUHVV VREUH SHVR PLHGR IRELDV H LQVHJXULGDG 1,59$1$ &HQWUR GH WHUDSLDV DOWHUQDWLYDV WH D\XGD D UHFXSHUDU WX VDOXG ItVLFD HPRFLRQDO \ PHQWDO 'LUHFFLyQ 'LUHFFLyQ +HUQiQ *RQ]iOHV GH 6DD \ 6XFUH %DUULR &XDWUR HVTXLQDV 7HOpIRQRV GK DL
'( 2325781,'$'
& $ 0
9HQGR KHUPRVD VDOD GH &XHULQD ,QIRUPHV WHOpIRQRV
VENDO LOCAL
5(172 +(5026$ /2&$/
0RYL
$55,(1'2
9(1'2 9(+Ì&8/2
MN => OH M: E'A'M'
&ODUR
$55,(1'2
0DTXLQDULD SDUD FDUQLFHUtD LQFOXLGR XQ FRQJHODGRU SDQRUiPLFR GH GRV FXHUSRV HQ SHUIHFWR HVWDGR ,QIRUPHV
&(1752'( 7(5$3,$6
=hr `kZ \bZl ihk ^e _Z ohk k^ \b [b ]h'
,03257$17( (035(6$
9(1'2 7(55(12
<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'
GK DL
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
K= N=F<= =F LMD; F
9(1'2 $6$'(52
2UDFLyQ 0LODJURVD
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
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
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
PU DW YI
GK DL
¢&$16$'2 '( %86&$5"
KO HP
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
PU D
$,
0UMVYTLZ! UVJOL
VENDO LOTES DE TERRENO
GK DL
=LUKV SVJHS KL *3(96 JHIPUHZ L PU[LYUL[ JVU HJJLZVYPVZ ` ZLY]PJPV ;tJUPJV +PY ! ;LVKVYV .}TLa @ )HY[VSVTt LZX\PUH ;LSM !
KO HP
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
DL
&2035$ < 9(1'( 3523,('$'(6
KO HP
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 %$=$5 3RU QR SRGHU DWHQGHU SHUVR QDOPHQWH %$=$5 3$3(/(5Ì$ XELFDGD HQ ODV HVTXLQDV ,QIRU PHV D ORV WHOpIRQRV 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
ล ล
ล
ล ฤ ฤ
6L QR D\XGDV D OLPSLDU QR D\XGHV D HQVXFLDU
ฤ ฤ ล ล ล ฤ ฤ ฤ ฤ
ล +. ล ฤก
&DPSDxD GH OLPSLH]D SRU OD &LXGDG GH 7XOFiQ
9B7I?<?97:EI B7 >EH7 ?87HH70 &, ( /+,+&( 78/&$1 27$9$/2
$0$55(6 325 $025 2 9(1*$1=$
(1 78/&ร 1
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
mr/12862/at
K=ยฃGJ=K ;DA=FL=K2
<hg ^lm^ IH=>KHLH kbmnZe eh m^g]kยงl \hg]^gZ]h Z l^k >L<E:OH => MN :FHK
(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
Ihkjn^ eZ fnc^k jn^ ZfZl m^ ]^lik^\bZ Gh jnb^k^ aZ\^k ^e Zfhk \hgmb`h' L^ _n^ \hg hmkh ahf[k^ r Z[Zg]hgยท Z mnl abchl' Ihk eZl ;N>G:L h ihk eZl F:E:L ^e ahf[k^ h fnc^k jn^ ZfZl \Z^kยง k^g]b]h Z mnl ib^l'
0UMVYTLZ!
y=>L>LI>K:=H
+/ (0
<HGLNEM: <HG >E ;KNCH F:RHK R I>KE: =>E KBH D][lmjY \]d LYjgl q ;a_Yjjg
:fZkk^l Lbfie^l /)nl] :fZkk^l >m^kghl 0.nl] Ebfib^sZ <hkihkZe +.nl]
;Zยถh ]^ Ln^km^ ,)nl] Ebfib^sZ ]^ >fik^lZl *1)nl] Ebfib^sZ ]^ G^`h\bhl 2)nl]
),/0$&,21(6 352)(6,21$/(6
85*(17( $1*(/,66,0$
KO HP
5\L]H SxULH ,\YVWLH KL *VZTt[PJH 5\[YPJPVUHS WHYH LS J\PKHKV <7* \|HZ WPLS ` JHILSSVZ 9,8<0,9, 7LYZVUHZ PU[LYLZHKHZ LU PTW\SZHY ` KHY H JVUVJLY Z\Z ILULMPJPVZ ]LU[HQHZ JVTV PTW\SZHKVYLZ .HUHUJPHZ KL \U H \U TmZ \U TLUZ\HS ZPU SxTP[LZ TmZ IVUVZ KL WYVK\JJP}U LU LMLJ[P]V WVY JVUZ[HUJPH LU Z\Z WYPTLYVZ TLZLZ ,U[YL]PZ[H OV` WT LU LS ;YPI\UHS ,SLJ[VYHS *HSSL :mUJOLa ` *PM\LU[LZ ` 1HPTL 9VSKVZ ,ZX ;LStMVUV! =PYNPUPH *VY[tZ HS
:[ efehjkd_ZWZ
VH YHQGH FRPSXWDGRUHV GH
2UDFLyQ 0LODJURVD <hg _ยฒh ^g Mยฒ% fb =bhl% IZ ]k^% Ab ch r >l iยฒ kb mn LZg mh' Fb ยผgb \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 kยฒZ ]n kZg m^ 2 ]ยฒZl% Ze gh o^ gh ]ยฒZ in [eb jn^ ^l m^ Zgng \bh r l^ \nf ieb kยง Zng jn^ gh eh \k^Z% h[ l^k o^ eh jn^ h\n kkb kยง Ze \nZk mh ]ยฒZ ]^ ln in [eb \Z \bยทg' =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
$ " ! #! & " % ' ! !
NAKAL= FM=KLJ9 H9?AF9 O=:
',675,%8,'25 $8725,=$'2 &17 &+2)(5 352)(6,21$/ 78/&ร 1 %86&$
AF>GJE=K2 (10)0,(.0 A:9JJ9 ;GFKMDL9 H=JKGF9DAR9<9
$WHQWDPHQWH 5RGULJR (QGDUD *DU]yQ *(5(17( *(1(5$/
$EVROXWD 5HVHUYD PU $7
3RU HVWH PHGLR SRQJR HQ VX FRQRFLPLHQWR TXH D SDUWLU GHO GH DEULO GHO OD VXFXUVDO GH OD FRPSDxtD &2%5$1=$6 '(/ (&8$'25 6 $ 5(&$8'$'25$ XELFDGD HQ OD FDOOH 6XFUH 1 HQWUH -XQtQ \ $\DFXFKR GH OD FLXGDG GH 78/&ร 1 FHUUDUi VXV RSHUDFLRQHV SRU OR TXH FXDOTXLHU UHTXHULPLHQWR GH VX SDUWH GHEH VHU FRPXQLFDGR D ORV VLJXLHQWHV Q~PHURV WHOHIyQLFRV R FRQ HO ยฟ Q GH FRRUGLQDU VX UHVROXFLyQ
)( *$' $" & ! ' % & ') +& * #( '
!, $#$
Iki YbWi_\_YWZei [d
mmm$bW^ehW$Yec$[Y
$57(6 /8&$6 '( -8$1,7$ /8&$6
'(6($ 9(1'(5 $55(1'$5 $/48,/$5 &2035$5
''' GH ;NLJN> F:L'''
/H RIUHFH WUDEDMRV HQ IRPLV FRPR DGRUQRV UH FXHUGRV FDUWHOHV PDWHULDO GLGiFWLFR \ FXUVRV %ROtYDU HQWUH SLFKLQFKD \ 5RFDIXHUWH
K^l^ko^ ln ^liZ\bh mZg lheh eeZfZg]h Mne\ยงg3 )/+ 21-..* ( )/ + 21-/-/ HmZoZeh3 )/+ 2+.2.0 B[ZkkZ3 )/+ /)0/+. ( )/ + 2./.)+
$6(625$0,(172
'RQD WX VDQJUH
6$/9$ 81$ 9,'$
'RQDU WX VDQJUH QR LPSOLFD QLQJ~Q ULHVJR
'( 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 $ร 5+%1 /ร 5 $'0'(+%+15 &' .';T
06'4'5#&15U FMILKEF fNLMKLFFJM f NLJMHNEIJ 144'1U 4'%#.&'%,15'.u;#*11T'5
Ĺ? Ĺ?
Ĺ?
ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä Äˆ
Ĺ‹ ') , # Ĺ‹ (Ĺ‹ 'Z,# Ĺ‹ .#(
9ed iki bkY[i o iki iecXhWi" [b iWbje YkWb_jWj_le [d cWj[h_W Z[ b_X[hjWZ[i X|i_# YWi ^W i_Ze [dehc[ o bW Wc[dWpW h[Yk# hh[dj[ Z[ ]ebf[i Z[ [ijWZe YWi_ ^W Z[iW# fWh[Y_Ze$ F[he bW Z_ijWdY_W [djh[ [if[hWd# pWi" iWYh_\_Y_ei o h[Wb_ZWZ[i Yej_Z_WdWi" ^WY[ [c[h][h kd dk[le h_[i]e0 [b Z[b bWd]k_Z[Y_c_[dje Z[ceYh|j_Ye" [b Z[ kdW Z[ceYhWY_W gk[ f_[hZ[ h[b[lWdY_W fWhW bei bWj_deWc[h_YWdei" [b Z[ kdW Z[ceYhW# Y_W gk[ i[ W]ej[ [d [b fbWde [b[YjehWb$ BWi h[_j[hWZWi i_jkWY_ed[i Z[ fh[i_Z[dj[i gk[ de be]hWd YedYbk_h ik cWdZWje [i" i_d bk]Wh W ZkZWi" kd i‡djecW ]hWl[$ 7‘d Yed [b[YY_ed[i b_Xh[i o b_cf_Wi" bW Z[ceYhWY_W de [ij| Wi[]khWZW
Bei h[]‡c[d[i Z[ceYh|j_Yei [ij|d Wcfb_Wc[dj[ [nj[dZ_Zei [d 7cƒh_YW BWj_dW$ >WY[ l[_dj_Y_dYe W‹ei" Z[ bei Z_[Y_eY^e fW‡i[i _dYbk_Zei [d [b FHE:# :7B" iÂŒbe 9ebecX_W" 9eijW H_YW o L[d[# pk[bW [hWd Z[ceYh|j_Yei$ Kd YkWhje Z[ i_]be Z[ifkƒi" jeZei dk[ijhei fW‡i[i Ykcfb[d Yed bei Yh_j[h_ei X|i_Yei Z[b hƒ]_c[d feb‡j_Ye Z[ceYh|j_Ye$ Iecei j[ij_]ei Z[b WlWdY[ c|i fhe\kdZe o Wcfb_e gk[ bW Z[ceYhWY_W ^W j[d_Ze Z[i# Z[ bW _dZ[f[dZ[dY_W Z[ dk[ijhWi dWY_e# d[i0 [d '/-- [b ĂždZ_Y[ Z[ :[ceYhWY_W ;b[YjehWb [hW Z[ &$(.) fWhW [b Yed`kdje Z[ bei '. fW‡i[i WdWb_pWZei o [d (&&( WbYWdpÂŒ &"/(+$ I_d [cXWh]e" be Yedgk_i# jWZe de [ij| Wi[]khWZe$ >eo ]epWcei Z[ kd Yed`kdje _d[i# j_cWXb[ Z[ Z[h[Y^ei feb‡j_Yei gk[ dei f[hc_j[d lejWh [d [b[YY_ed[i b_Xh[i o f[h_ÂŒZ_YWi$ F[he" fWhWb[bWc[dj[" dk[ijhW Y_kZWZWd‡W [ij| _dYecfb[jW feh [b bWZe Z[ bei Z[h[Y^ei Y_l_b[i o ieY_Wb[i0 bW Y_kZW# ZWd‡W Y_l_b [i b_c_jWZW [ _dj[hc_j[dj[ o bW Y_kZWZWd‡W ieY_Wb [ij| d[]WZW W c_bbed[i Z[ bWj_deWc[h_YWdei$ >eo j[d[cei kdW Z[ceYhWY_W [b[YjehWb f[he YWh[Y[cei Z[
kdW Z[ceYhWY_W Z[ Y_kZWZWd‡W$ ;ije fbWdj[W kd [iY[dWh_e [d [b YkWb [c[h][d dk[lei Z[iW \‡ei o dk[lei h_[i# ]ei fWhW dk[ijhWi Z[ceYhWY_Wi$ 7‘d Yed [gk_b_Xh_ei cWYhe[YedŒc_Yei" bW Z[ceYhWY_W de [ij| Wi[]khWZW$
;d bW ‘bj_cWi ZƒYWZWi bW h[]_Œd ^W WlWdpWZe dejWXb[c[dj[ [d cWj[h_W Z[ h[\ehcW [YedŒc_YW o Z[ceYhWY_W [b[Yje# hWb$ I_d [cXWh]e" fWhWb[bWc[dj[" [b Yh[# Y_c_[dje Z[b F8? h[Wb f[h Y|f_jW ^W i_Ze _hh[b[lWdj[" bW feXh[pW i[ ^W cWdj[d_Ze [d d_l[b[i cko [b[lWZei" bW Z[i_]kWbZWZ ^W Wkc[djWZe Wb _]kWb gk[ [b Z[i[cfb[e o bW _d\ehcWb_ZWZ bWXehWb$ Bei [gk_b_Xh_ei cWYhe de ^Wd c[`e# hWZe bW Y_kZWZWd‡W ieY_Wb Z[ bW cWd[hW [if[hWZW$ BW fh[]kdjW [i fehgkƒ$ ;ij[ ?d\ehc[ _dZW]W bW Yk[ij_Œd o fhefed[ gk[ [b YWc_de Yedi_ij[ [d [nfbehWh bW Z_l[hi_ZWZ Z[ eh]Wd_pWY_Œd Z[ bW [Yede# c‡W Z[ c[hYWZe gk[ fk[ZW be]hWh gk[ [gk_b_Xh_ei o Yh[Y_c_[dje i[ jhWZkpYWd [d cWoeh Y_kZWZWd‡W ieY_Wb$ 9_[hjWc[d# j[ [b ceZ[be ‘d_Ye Z_\kdZ_Ze o [`[YkjWZe ^WijW W^ehW de be ^W be]hWZe$ 9WX[ fh[# ]kdjWhi[" ;b +*"- Z[ bei bWj_deWc[h_YWdei [ijW# h‡Wd Z_ifk[ijei W WY[fjWh kd ]eX_[hde Wkjeh_jWh_e Yed jWb Z[ gk[ h[iebl_[hW bW i_jkWY_Œd [YedŒc_YW0 gk_p|i bWi hWped[i gk[ [nfb_YWd [ij[ ZWje fh[eYkfWdj[ Wd_# Z[d [d bei YedjhWij[i i[‹WbWZei 7‘d Yed YWb_ZWZ _dij_jkY_edWb" bW Z[ce# YhWY_W de [ij| Wi[]khWZW
BW _d[\_Y_[dY_W [ _d[\_YWY_W Z[ bWi _dij_# jkY_ed[i f‘Xb_YWi" bW YehhkfY_Œd o bW \WbjW Z[ Yedjheb[i _dij_jkY_edWb[i WZ[YkWZei ^W eYkfWZe" Wi_c_ice" Xk[dW fWhj[ Z[ bW W][dZW feb‡j_YW Z[ bei ‘bj_cei W‹ei$ ;bbe Yedij_jko[ kd WlWdY[ [d jƒhc_dei Z[ bW d[Y[iWh_W X‘igk[ZW Z[ YWb_ZWZ _dij_#
jkY_edWb gk[ jeZW Z[ceYhWY_W h[gk_[h[$ F[he" Wkdgk[ i[ be]hWhW WlWdpWh ikijWd# Y_Wbc[dj[ [d [b i[dj_Ze Z[ h[\ehcWh bWi _dij_jkY_ed[i jehd|dZebWi c|i [\_YWY[i o jhWdifWh[dj[i" gk[ZWh‡Wd f[dZ_[dj[i fkdjei Yh‡j_Yei Z[b Z[iWhhebbe Z[ kdW Z[ceYhWY_W Z[ Y_kZWZWd‡W0
FWhW Wi[]khWh bW Z[ceYhWY_W ^WY[ \WbjW gk[ ik ik`[je i[W [b Y_kZWZWde o de [b [b[Y# jeh
FWhW WfkdjWbWh bei [dehc[i WlWdY[i gk[ bW h[]_ÂŒd ^W j[d_Ze [d bWi ‘bj_cWi ZƒYWZWi [d cWj[h_W Z[ [b[YY_ed[i b_Xh[i o b_cf_Wi" [i fh[Y_ie [nfWdZ_h bW Z[ce# YhWY_W W bei fbWdei Y_l_b o ieY_Wb Z[ bW Y_kZWZWd‡W0 [i d[Y[iWh_e kj_b_pWh bei Z[h[# Y^ei feb‡j_Yei Yece fWbWdYWi fWhW fhe# cel[h [b Z[iWhhebbe Z[ kdW Y_kZWZWd‡W _dj[]hWb$ :[\_d_h Yece bb[lWh W YWXe [ijW jWh[W WjW‹[ W YWZW fW‡i [d fWhj_YkbWh0 bW [nfWdi_ÂŒd Z[ bW Y_kZWZWd‡W [i kd _cfkb# ie kd_l[hiWb Z[ jeZW Z[ceYhWY_W1 Yece [nfWdZ_hbW" [i kdW Yk[ij_ÂŒd feb‡j_YW fWh# j_YkbWh gk[ Yehh[ifedZ[ W YWZW fW‡i o YWZW ieY_[ZWZ [d\h[djWh o Z[\_d_h$ ;b Z[iWhhebbe Z[ bW Z[ceYhWY_W [ij| b_]WZe ikijWdj_lWc[dj[ Yed [b d_l[b Z[ l_][dY_W [\[Yj_lW Z[ bei Z[h[Y^ei Z[ bei Y_kZWZWdei$ ;ijW Yecfh[di_ÂŒd Z[ bW Z[ceYhWY_W _cfb_YW kdW Yecfh[d# i_ÂŒd Wbj[hdWj_lW Z[ iki Zƒ\_Y_j$ Iki Z[\_# Y_[dY_Wi i[ h[\_[h[d de iebWc[dj[ W bWi _cf[h\[YY_ed[i Z[ bei fheY[Z_c_[djei [b[YjehWb[i" i_de jWcX_ƒd Wb ]hWZe Z[ Z[iWhhebbe Z[ bW Y_kZWZWd‡W$ ;ije dei bb[lW W [lWbkWh W bW Z[ceYhWY_W [d Zei |cX_jei0 Yece ÆZ[ceYhWY_W [b[YjehWbÇ o Yece ÆZ[ceYhWY_W Z[ Y_kZWZWd‡WÇ$ I_ l_ƒ# hWcei iebWc[dj[ bW Z_c[di_ÂŒd feb‡j_YW Z[ bW Y_kZWZWd‡W" i_ [b ik`[je Z[ bW Z[ce# YhWY_W \k[hW [b lejWdj[" dk[ijhWi Z[ce# YhWY_Wi" YedjhW jeZW [l_Z[dY_W" fWh[Y[h‡W [ijWh [d kdW i_jkWY_ÂŒd i_c_bWh W bW Z[ bei
fW‡i[i Z[iWhhebbWZei$ :[ ^[Y^e dk[ijhei Zƒ\_Y_ji i[ YedY[djhWd Y[djhWbc[dj[ [d bei fbWdei Y_l_b o ieY_Wb Z[ bW Y_kZWZWd‡W [d bei YkWb[i bW YecfWhWY_Œd Yed Wgk[# bbei dei YebeYW [d kdW i_jkWY_Œd fh[eYk# fWdj[$ 9ebeYWh Wb Y_kZWZWde Yece ik`[je Z[ bW Z[ceYhWY_W dei WbkcXhW bei Zƒ\_Y_j" bei Z[iW\‡ei o bW cW]d_jkZ Z[ bW jWh[W Z[b Z[iWhhebbe Z[ceYh|j_Ye [d bW h[]_Œd$
FWhW Wi[]khWh bW Z[ceYhWY_W ^WY[ \WbjW kd Z[iWhhebbe [YedŒc_Ye gk[ fheck[lW bW Y_kZWZWd‡W ieY_Wb$
;i Y[djhWb W bW _Z[W Z[ Z[ceYhWY_W gk[ bei Y_kZWZWdei fk[Z[d Z[XWj_h Yed bei WYjeh[i [YedŒc_Yei bW h[ifk[ijW c|i WZ[# YkWZW W bWi Z[cWdZWi ieY_Wb[i$ FWhW Wi[]khWh bW Z[ceYhWY_W ^WY[ \Wb# jW kd [ijWZe Yed feZ[h o b[]_j_c_ZWZ fWhW Z[ceYhWj_pWh bWi _dij_jkY_ed[i o bW ieY_[ZWZ" gk[ ]WhWdj_Y[ bW Y_kZWZWd‡W Y_l_b o feb‡j_YW$ FWhW [d\h[djWh bei Zƒ\_Y_j Z[ dk[ijhWi Z[ceYhWY_Wi ^WY[ \WbjW feZ[h Z[ceYh|# j_Ye $ ;ije [i bW YWfWY_ZWZ Z[ WYjkWh Z[ ceZe [\[Yj_le \h[dj[ W bei fheXb[cWi fWhW [nfWdZ_h bW Y_kZWZWd‡W$ BWi fhe# fk[ijWi Z[ WYY_Œd Z[ bei fWhj_Zei o ejhei WYjeh[i Z[ bW ieY_[ZWZ j_[d[d [d [b ;ijWZe [b fh_dY_fWb _dijhkc[dje fWhW ik [`[Yk# Y_Œd$ ;b feZ[h Z[ceYh|j_Ye i[ Yedijhko[ \kdZWc[djWbc[dj[ [d bW [ijWjWb_ZWZ$ :[jh|i Z[ jeZe Z[h[Y^e ^Wo kd ;ijWZe gk[ be ]WhWdj_pW1 O Z[jh|i Z[ jeZe Z[h[# Y^e jhkdYe ^Wo kd ;ijWZe gk[ de bb[]W W jehdWhbe [\[Yj_le$ ;ijW Z[\[YY_Œd Z[b ;ijW# Ze j_[d[ gk[ l[h Yed bW YWb_ZWZ Z[ iki _dij_jkY_ed[i o" \kdZWc[djWbc[dj[" Yed [b feZ[h gk[ \bko[ W jhWlƒi Z[ [bbWi o bW Yedi[Yk[dj[ YWfWY_ZWZ #e _dYWfWY_ZWZ# Z[b ;ijWZe fWhW bb[lWh W YWXe iki \_d[i o Yedijhk_h Z[ceYhWY_W$
Ä Ä‰
ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.-31 -".ĹŠ "#ĹŠ! 1 41 -3#
ŗŊ ŊŊ : ěŊBei ef[hWj_lei Yed`kdjei [djh[ bW Feb_Y‡W
DWY_edWb" ;`ƒhY_je o 7ZkWdW [cf_[pWd W ZWh \hkjei$ ;d be gk[ lW Z[ bW i[cWdW i[ Z[Yec_iWhed Y[hYW Z[ *& Y_# b_dZhei Z[ ]Wi" lWh_ei YWXWbbei bei YkWb[i i[ bei kj_b_pWXW fWhW jhWdifehjWh Z[ ]Wi b_YkWZe Z[ f[jhŒb[e$ 7 [ijei i[ ikcW lWh_ei [d\h[djWc_[djei$ BW \k[hpW f‘Xb_YW kj_b_pW bW \k[hpW fhe]h[i_lW$ ;d ejhei i[Yjeh[i W eXi[hlWh bei ef[hWj_lei Z[# i_ij_[hed Z[ h[Wb_pWh [b _b‡Y_je$
#+(%1.ĹŠ+ 3#-3#ĹŠ
Ĺ—ĹŠ ĹŠĹŠ : ěŊ LWh_ei l[^‡Ykbei \k[hed h[j[d_Zei [d ef[hWj_lei Yed`kdjei [d fWiei _b[]Wb[i$ ;ijei YWhhei ied kdW XecXW Z[ j_[cfe oW gk[ i[ [dYedjhÂŒ [d iki _dj[h_eh lWh_Wi XecXe# dWi Z[ ]Wi$ ?dYbkie [d kde Z[ [bbei ^WX‡W (& Y_b_dZhei$ BWi Wkjeh_ZWZ[i ^WY[d kd bbWcWZe Z[ Wj[dY_ÂŒd W bWi f[hiedWi gk[ jhWXW`Wd Z[ cWd[hW _b‡Y_jW o gk[ c_h[d [b f[b_]he gk[ h[fh[i[djW jhWdifehjW bei Y_b_dZhei Z[ ]Wi Z[ kdW cWd[hW de WZ[YkWZW$
, ' ŋ*),ŋ*, -/(. ŋ 0#)& #š(ŋ ŋ/( ŋ' (),
,(+( 1#2Ŋ"#Ŋ+ Ŋ %1#"(" Ŋ8Ŋ"#Ŋ #2! 2.2Ŋ1#!412.2Ŋ #!.-¢,(!.2Ŋ#7(Ĺ %#-Ŋ)423(!( ē
ĹŠ ĹŠĹŠÄ› KdW c[deh Z[ '+ W‹ei Z[ [ZWZ \k[ fh[ikdjWc[dj[ l_ebWZW feh kd ^WY[dZWZe fWhW gk_[d jhWXW`WXW iki fWZh[i o ^[hcWdei$ ;b ^[Y^e eYkhh_ÂŒ [d bW cWZhk]WZW Z[b Zec_d]e fW# iWZe" [b YWie i[ [dYk[djhW [d _d# l[ij_]WY_ed[i$ ;b fWZh[ Z[ bW c[deh W]h[# Z_ZW h[bWjÂŒ [b ZhWcW feh [b YkWb [ij|d WjhWl[iWdZe o i[‹WbÂŒ gk[ ik ^_`e [ ^_`W iWb_[hed [b Zec_d]e fWiWZe feh bW cW‹WdW W YeXhWh [b Z_d[he feh [b YkWb ^WX‡Wd jhW# XW`WZe kdW i[cWdW$ ;nfb_YÂŒ gk[ iki ^_`ei Wb bb[]Wh ZedZ[ ik fWjhÂŒd W YeXhWh [b Z_# d[he" ƒij[ i[ [dYedjhWXW jecWd# Ze b_Yeh o b[i cWd_\[ijÂŒ gk[ i_ gk[h‡Wd gk[ b[i YWdY[b[ bW i[cW# dW Z[X‡Wd WYecfW‹Whbe o j[d‡Wd gk[ jecWh$ 7b WjWhZ[Y[h iki ^_`ei _dj[d# jWhed h[j_hWhi[ W ik ^e]Wh" [b
1.!#2.2 ŊŊ .2Ŋ $#!3 ".2Ŋ2.+(!(3 -Ŋ/1.3#!!(¢-Ŋ ŗ/.+(!( +Ŋ/.104#Ŋ3#,#-Ŋ/.1Ŋ242Ŋ5(" 2ēŊ +Ŋ! 2.Ŋ2#Ŋ#-!4#-31 -Ŋ#-Ŋ(-5#23(% Ĺ !(.-#2ēŊ Ŋ,#-.1Ŋ$4#Ŋ 3#-"(" Ŋ#-Ŋ #+Ŋ'.2/(3 +Ŋ 4(2Ŋ ēŊ ;5(+ Ŋ"#Ŋ 4+!;-Ŋ ".-"#Ŋ/#1, -#!(¢Ŋ/.1Ŋ5 1( 2Ŋ'.1 2ēŊ
Ŋ !42 !(¢-Ŋ8 Ŋ$4#Ŋ/1#2#-3 " Ŋ#-Ŋ + Ŋ (2! +~ ē
fWjhÂŒd b[i Z_`e gk[ i[ ikX_[hWd W bW YWc_ed[jW oW gk[ [ijWXW bbe# l_[dZe" bk[]e Z[ jhWdi_jWh lWh_ei c[jhei feh bW YWhh[j[hW [cfk`W W ik ^_`e o be iWYW Z[b Wkjecejeh o i[ \k]W Yed bW c[deh Yed hkcXe _dY_[hje$ Bk[]e Z[ kdei c_dkjei o Wb YedeY[h bW \WjWb dej_Y_W" WYkZ[d W bW feb_Y‡W Z[ >kWYW gk_[d[i _d_# Y_Wd bW X‘igk[ZW i_d h[ikbjWZe Wb]kde$ 7 bWi &,0&& Z[b bkd[i bW c[# deh WfWh[Y[ [d bW [djhWZW Z[ ik ^e]Wh o b[i _dZ_YW gk[ \k[ WXk# iWZW o gk[ ik W]h[ieh b[ ^WX‡W WXWdZedWZe W bWi &(0&& [d @kb_e 7dZhWZ[" Æbe gk[ dei _dZ_]dW [i gk[ b[ bWdpÂŒ Zei ZÂŒbWh[i o b[ Z_`e gk[ i[ lWoW i_d Wdj[i Wc[dWpWh# bW Z[ ck[hj[$ FWh[Y‡W gk[ ^WX‡W _d][h_Ze b_Yeh fehgk[ [ijWXW YWi_
¥ ēŊ "1#2Ŋ8Ŋ'#1, -.2Ŋ"#Ŋ4- Ŋ,#-.1Ŋ04#Ŋ$4#Ŋ/1#24-3 ,#-3#Ŋ 42 " Ŋ#7(%#-Ŋ)423(!( Ŋ8Ŋ04#Ŋ2#Ŋ"#3#-% Ŋ Ŋ24Ŋ %1#2.1ē
_dYediY_[dj[Ç" WĂ’hcÂŒ [b fWZh[ Z[ bW c[deh W]h[Z_ZW$ Ik cWZh[ Yedij[hdWZW o [djh[ bW]h_cWi f[Z‡W gk[ i[ ^W]W `kij_# Y_W" Æiecei feXh[i f[he jhWXW`W# Zeh[i" be gk[ f[Z_cei [i gk[ i[
^W]W `kij_Y_W o de gk[Z[ [b ^[Y^e [d bW _cfkd_ZWZ$ Dei e\h[Y_[hed Z_d[he fWhW gk[ de Z_]Wcei dWZW f[he bW fbWjW de YecfhW bW Z_]d_ZWZ Z[ bei ^ecXh[iÇ" i[dj[dY_ÂŒ$
$JUDGHFLPLHQWR H LQYLWDFLRQ UHOLJLRVD $/ 5(&25'$5 &21 352)81'2 '2/25 81 $f2 '( /$ 3$57,'$ '( 18(675$ (6326$ 0$'5( < $%8(/,7$
0(5&('(6 $/,&,$ 58$/(6 '( -,0e1(= 68 (63262 $%(/$5'2 *(50$1 -,0e1(= =8/(7$ 686 +,-26 $/(; *(50$1 /25(1$ 025$,0$ < -8$1 &$5/26 -,0(1(= 58$/(6 686 1,(726 6$17,$*2 &$52/,1$ -8$1 $1'5(6 -(66,&$ &$5/26 '$1,(/ < 0$7(2 686 %,61,(726 0216(55$7+ < '20,1,48( (;35(6$1 81 ,10(162 6(17,0,(172 '( $*5$'(&,0,(172 $ 72'$6 /$6 ,167,78&,21(6 25*$1,=$&,21(6 < $0,*26 48( 6( 62/,'$5,=$521 (1 $48(//26 020(1726 '( ,17(162 '2/25 &21 68 35(6(1&,$ $&8(5'26 2)5(1'$6 )/25$/(6 7$5-(7$6 //$0$'$6 7(/()Ă?1,&$6 &255(26 < 127$6 '( 3(6$5 '(02675$1'2 68 $35(&,2 < 62/,'$5,'$' ( ,19,7$1 $ /$ 0,6$ 48( 325 (/ (7(512 '(6&$162 '( 68 $/0$ 6( &(/(%5$5É (/ 'ĂŒ$ 6É%$'2 '( 0$<2 '(/ 35(6(17( $f2 $ /$6 +25$6 (1 /$ ,*/(6,$ '( /$ 0(5&(' '( /$ &,8'$' '( ,%$55$
325 (67( $&72 '( $0,67$' 62/,'$5,'$' < )e &5,67,$1$ 5(,7(5$026 18(6752 0É6 6,1&(52 $*5$'(&,0,(172 127$ 12 6( +$1 (19,$'2 ,19,7$&,21(6 3(5621$/(6
,#-#š(Ĺ‹*),Ĺ‹#(. (.)Ĺ‹ Ĺ‹0#)& #š( 7o[h" kd ^ecXh[ Z[ (- W‹ei Z[ [ZWZ" h[Y_X_ÂŒ bW ehZ[d Z[ fh_# i_ÂŒd fh[l[dj_lW feh j[djWj_lW Z[ l_ebWY_ÂŒd$ I[]‘d bW Z[dkdY_W" [b ^[Y^e eYkhh_ÂŒ bW jWhZ[ Z[b l_[h# d[i [d IWd 7djed_e Z[ ?XWhhW$ KdW ckY^WY^W Z[ '- W‹ei Z[ [ZWZ [ijWXW [d ik l_l_[dZW [d YecfW‹‡W Z[ iki Zei ^[hcWdWi c[deh[i o YkWdZe [bbWi iWb_[hed W bW j_[dZW" ikfk[ijWc[dj[ [b ik`[je ^WXh‡W Wfhel[Y^WZe fWhW _d]h[iWh Wb Zec_Y_b_e$ Feh \ehjk# dW bWi d_‹Wi de jWhZWhed ckY^e
ēŊ +Ŋ"~ Ŋ"#+Ŋ(-!("#-3#ĔŊ$ ,(+( 1#2Ŋ"#Ŋ+ Ŋ5~!3(, Ŋ !4"(#1.-Ŋ Ŋ+ Ŋ ,.1%4#Ŋ/ 1 Ŋ1#3(1 1Ŋ#+Ŋ! ";5#1Ŋ"#+Ŋ,#-.1Ŋ$ ++#!(".ēŊ
)& - (. Ĺ‹ +/ Ĺ‹ #-* ,šŋ Ĺ‹-/Ĺ‹ " ,' ()Ĺ‹, # #šŋ ' # -Ĺ‹ /. & , -ĹŠ,#-.1ĹŠ"#ĹŠÄˆÄŒĹŠ  .2ĹŠ"#ĹŠ#" "ĹŠ#2ĹŠ (-5#23(% ".ĹŠ/.1ĹŠ/1#24-3.ĹŠ'.,(!("(.ĹŠ (-(-3#-!(.- +ēŊ ĹŠ ěŊ ;d bW fWhhegk_W IWd
7djed_e Z[ ?XWhhW" kd d_‹e Z[ '& W‹ei \Wbb[Y_Œ [b i|XWZe (' Z[ WXh_b" Z[ifkƒi gk[ fh[# ikdjWc[dj[ ik ^[hcWde Z[ '* W‹ei Z[ [ZWZ" b[ Z_ifWhŒ feh WYY_Z[dj[ c_[djhWi `k]WXWd$ I[]‘d [b _d\ehc[ feb_Y_Wb" bei c[deh[i `k]WXWd [d kdW ^WX_# jWY_Œd Yed kdW YWhjkY^[hW YWb_# Xh[ ', Z[ \WXh_YWY_Œd Whj[iWdWb gk[ [ijWXW YWh]WZW YkWdZe i[ fheZk`e [b Z_ifWhe$ ;b Z‡W Z[b _dY_Z[dj[" kd ie# Yehh_ijW [nfb_YŒ gk[ bW XWbW i[ Wbe`Œ [d [b bWZe _pgk_[hZe Z[ bW c[`_bbW Z[b f[gk[‹e feh be gk[ ckh_Œ [d [b WYje$ I[]‘d bei j[i# j_ced_ei Z[ bei \Wc_b_Wh[i Z[ bei c[deh[i" [d [b _dijWdj[ gk[ eYkhh_Œ bW jhW][Z_W [bbei Y[b[# XhWXWd [b XWkj_pe Z[b d_‹e Z[ '& W‹ei o i[ gk[ZWhed WjŒd_jei feh be ikY[Z_Ze$ >WijW [b bk]Wh Z[ bei ^[Y^ei" WYkZ_[hed bW \_iYWb" OebWdZW Ck‹ep" o f[h_jei Z[ 9h_c_dW# b‡ij_YW" gk_[d[i _dif[YY_edWhed
bW YWiW o h[Ye]_[hed l[hi_ed[i Z[ bei ^WX_jWdj[i gk[ ^WXh‡Wd _dZ_YWZe gk[ [b WhcW b[ f[hj[# d[Y‡W Wb fWZhWijhe Z[ bei c[# deh[i$ Bei h[ijei cehjWb[i Z[b c[# deh \k[hed jhWibWZWZei ^WijW bW ceh]k[ Z[b ^eif_jWb IWd L_Y[dj[ Z[ FW‘b" ZedZ[ bei b[# ]_ijWi h[Wb_pWhed bW Wkjefi_W Z[ b[o$ ;b ^[hcWde cWoeh" gk_[d ^WXh‡W i_Ze [b YWkiWdj[ Z[b Z_i# fWhe" f[hcWd[Y_ÂŒ [d bW c_icW YWiW Z[ iWbkZ i[ZWZe" Yed h[i# ]kWhZe feb_Y_Wb" ZkhWdj[ Zei Z‡Wi$ ;b WZeb[iY[dj[ \k[ jhWibW# ZWZe ^WijW bW fh[i[dY_W Z[ bWi Wkjeh_ZWZ[i Yecf[j[dj[i" gk_[d[i Z_YjWhed c[Z_ZWi YWk# j[bWh[i oW gk[ [b YWie [i _dl[i# j_]WZe Yece Z[b_je Z[ ^ec_Y_# Z_e _d_dj[dY_edWb$ ;njhWeĂ’Y_Wbc[dj[ i[ Yede# Y[ gk[ [b c[deh [ij| XW`e jhWjW# c_[dje fi_YebÂŒ]_Ye Wb _]kWb gk[ ejhei c_[cXhei Z[ ik \Wc_b_W$
Kd `el[d [ijkZ_Wdj[ Z[ '. W‹ei Z[ [ZWZ" \k[ [dYedjhWZe ck[h# je Wo[h [d [b _dj[h_eh Z[ ik l_# l_[dZW" kX_YWZW [d [b XWhh_e 9kWjhe ;igk_dWi" [d ?XWhhW$ 7fWh[dj[c[dj[ WcWhhŒ kdW Yk[hZW W kdW l_]W Z[ cWZ[hW fWhW Yeb]Whi[$ <Wc_b_Wh[i Z[ bW l‡Yj_cW Z[# jWbbWhed bWi Y_hYkdijWdY_Wi Z[b ^WbbWp]e W bW Feb_Y‡W Y[hYW Z[ bWi '-0&&$ I[ YedeY_Œ gk[ [b ^[Y^e ^WXh‡W ikY[Z_Ze Wfhen_cWZW#
: ēŊ +Ŋ!4#1/.Ŋ2(-Ŋ5(" Ŋ$4#Ŋ ++#5 ".Ŋ Ŋ+ Ŋ,.1%4#ēŊ
c[dj[ Zei ^ehWi Wdj[i W ik h[# ]h[ie Z[ fWhj_Y_fWh [d [b Z[iĂ’b[
ÄľÄ‰ÄŽÄˆÄ?Ä?Äľ
)Ĺ‹ ( )(., ,)(Ĺ‹ )&! )Ĺ‹
j_[cfe o ieb_Y_jWhed WokZW fWhW ieYehh[h W ik ^[hcWdW$ ;b fWZh[ Z[ bWi d_‹Wi gk[ de i[ [dYedjhWXW cko b[`ei bb[]Œ o Yed WokZW Z[ bei l[Y_dei WjhW# fWhed Wb ik`[je" be W]h[Z_[hed o be [djh[]Whed W bW Feb_Y‡W$ ;b ^ecXh[ \k[ fk[ije W Œh# Z[d[i Z[ bWi Wkjeh_ZWZ[i Yec# f[j[dj[i" gk_[d[i ehZ[dWhed bW fh_i_Œd fh[l[dj_lW c_[djhWi h[Wb_pWd bWi h[if[Yj_lWi _dl[ij_# ]WY_ed[i$
Ĺ?ĂĊĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä ÄŠ
ēŊ 8#1ĔŊ#+Ŋ24)#3.Ŋ$4#Ŋ31 2+ " ".Ŋ Ŋ/1(2(¢-ēŊ
Ďć! ũĉĒũ ũ ũĉćĈĉ
, 41 Ĕũ 1!'(
(-!+ēũ
Ċďũ :
++#ũ! 8¢ũ"#ũ+.! +ũũ
+ũ #/.13(5.ũ 4#5#".ũ5#-!(¢ũ ũ".,(!(+(.ũ +ũ ++#ũ"#+ũ '.3 ũ/.1ũ#+ũ, 1! ".1ũ"#ũĈıćēũ +ũ/ 13(".ũ2#ũ)4%¢ũ 8#1ũ "#2"#ũ+ 2ũĈďĖććũ#-ũ,#"(.ũ"#ũ4- ũ$4#13#ũ++45( ēũũ : ũ Ĉĉ
4(3.ũ (+¢ũ#+ũ1#%% #ũ "#ũ +(ũ ,/ #++ũũũũũ
+ũ,Ì2(!.ũ(-%+_2Ĕũ04(#-ũ/.1ũĊćũ .2ũ$4#ũ + ũ5.9ũ"#ũ+ ũ -" ũ ČćĔũ"(.ũ4-ũ1#!(3 +ũ 04#ũ'(9.ũ (+ 1ũ1#%% #ũ +ũ/Ì +(!.ũ! /(ı 3 +(-.ēũũ : ũ Ĉć
ũ ũ ũ -ũ).5#-ũ"#ũĈđũ .2ũ$4#ũ#-!.-31 ".ũ 8#1ũ!.+% ".ũ "#ũ4- ũ5(% ũ"#ũ24ũ5(5(#-" ēũ +ũ'#!'.ũ.!411(¢ũ#-ũ#+ũ 11(.ũ 4 31.ũ#204(- 2ũ#-ũ 11 ēũ 4-04#ũ2#ũ/1#ı 24,#ũ04#ũ2#ũ31 3 ũ"#ũ4-ũ24(!("(.Ĕũ+ ũ .+(!~ ũ(-5#2ı 3(% ũ#+ũ! 2.ēũũ : ũ ĈĒ
.1ũ#+ũ3~34+.ũ
-.!'#ũ2#ũ"#ă-(#1.-ũ+.2ũ !4 31.ũ#04(/.2ũ2#,(ăı - +(23 2ũ"#+ũ ,/#.- 3.ũ !(.- +ũ"#ũ ;204#3ũ 11( +ũ #,#-(-.ũ04#ũ2#ũ)4#% ũ#-ũ 4+!;-ũ"#2"#ũ#+ũ5(#1-#2ēũ .8ũ 2#ũ"(2/43 1;-ũ+ 2ũ2#,(ă- +#2ũ 8ũă- +#2ēũ : ũ ĈĊ
7(%#-ũ)423(!(
- ũ,#-.1ũ"#ũĈĎũ .2ũ$4#ũ/1#24-3 ı ,#-3#ũ2#!4#231 " ũ8ũ5(.+ " ũ/.1ũ4-ũ ' !#-" ".ũ/ 1 ũ04(#-ũ31 ) ũ242ũ / "1#2ũ8ũ'#1, -.2ēũ +ũ! 2.ũ2#ũ#-!4#-ı 31 ũ#-ũ(-5#23(% !(.-#2ēũ ,(+( 1#2ũ"#ũ+ ũ $#!3 " ũ2.+(!(3 -ũ/1.3#!!(¢-ũ/.+(!( +Ĕũ /4#2ũ"(!#-ũ' #1ũ1#!( (".ũ ,#- 9 2ũ"#ũ ,4#13#ēũ : ũ Ĉđ