Ďć! (-!+ēŊ , 41 ĔŊ 1!'(
Äž ĹŠ } Ä?
#ĹŠ ! ¢Ŋ+ ĹŠÄƒĹŠ#23 ĹŠ
: ŊćĊŊ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‰ Ĺ?
~!3(, 2ĹŠ"#ĹŠ (-!#-"(.ĹŠ/("#-ĹŠ 84" ĹŠ Ĉđ
ƒ
(2! +~ ĹŠ(-! 43 ĹŠ !.,/43 ".1#2ĹŠ "#ĹŠ+ ĹŠ -!(++#1~ ĹŠ Ĉ
ĹŠ
+ĹŠ"#2ÄƒĹŠ+#ĹŠ!~5(!.ĹŠ8ĹŠ+ ĹŠ2#2(¢-ĹŠ2.+#,-#ĹŠ ) 1.-ĹŠ#+ĹŠ3#+¢-ĹŠ"#ĹŠ+ ĹŠ!#+# 1 !(¢-ĹŠ"#ĹŠ+.2ĹŠÄ?ÄŒĹŠ  .2ĹŠ ! -3.-(9 !(¢-ĹŠ"#ĹŠ -3.-(.ĹŠ -3#Ä“ĹŠ +ĹŠ! -3¢-ĹŠ1#!( (¢Ŋ 4#- 2ĹŠ-.3(!( 2ĔŊ2. 1#ĹŠ3.".ĹŠ#-ĹŠ#+ĹŠ !.,/1.,#3(,(#-3.ĹŠ"#ĹŠ/1.8#!3.2ĹŠ8ĹŠ1#!412.2Ä“ĹŠĹŠ : ĹŠ Ä?
ÿÝĀŋ'#&ŋ š& , * , ŋ 2*,)*# , ŊěŊ>WY[ lWh_ei Z‡Wi" [b 9ed#
Y[`e Ckd_Y_fWb" Z[YbWhÂŒ [d kj_b_# ZWZ f‘Xb_YW W bWi YWbb[i 9Wc_be FedY[ o =Wbe FbWpW" l‡Wi fWhWb[# bWi Wb [nW[hefk[hje Z[ ?XWhhW$ ;b eX`[j_le [i Wcfb_Wh [ _dj[hl[d_h [d [ijWi hkjWi fWhW \ehcWh [b dk[le Wd_bbe l_Wb gk[ [`[YkjW [b Ckd_Y_f_e Z[ ?XWhhW$ ;b fheo[Yje i[ Yecfb[c[djW Yed bW YedijhkYY_ÂŒd Z[b dk[le fWhgk[ 9ƒdjh_YW 8kb[lWh$ Ied ). fh[Z_ei gk[ i[h|d [nfhef_WZei feh [b 9WX_bZe o i[h|d Z[ h|f_ZW _dj[hl[dY_ÂŒd$ Bei fhef_[jWh_ei oW Ă’ hcWhed [b WYjW Z[ fW]e [d bW 7i[ieh‡W @kh‡Z_YW" Wi‡ be _d\ehcÂŒ EcWh BÂŒf[p" Z_h[Yjeh Z[ 7lWb‘ei o 9W# jWijhei Z[b Ckd_Y_f_e$ 9ed [ijei jhWXW`ei i[ fh[j[dZ[ h[ZkY_h c|i Z[b +& Z[ bW Yed][ij_ÂŒd o [b jh|# Ă’ Ye gk[ i[ ][d[hWb Wb _d]h[ie ikh Z[ bW khX[$ ;%(- ĹŠ ÄŠ
1.3#23 -ĹŠ/.1ĹŠ! , (.ĹŠ"#ĹŠ".!#-3#2 (3 -3#2ĹŠ"#ĹŠ+ ĹŠ / 11.04( ĹŠ 1(2! +ĹŠ 4!1#ĔŊ/("#-ĹŠ. 1 2ĹŠ !.-2("#1 " 2ĹŠ"#ĹŠ /1(.1(" "Ä“ : ŊěŊ 7o[h" lWh_ei fWZh[i Z[ \Wc_b_W Z[ bWi [iYk[bWi L_Y[dj[ HeYW\k[hj[ o 9h_ijÂŒXWb 9ebÂŒd Yed YWhj[b[i [d cWde" Z_[hed W YedeY[h ik _dYed\ehc_ZWZ feh [b YWcX_e Z[ ZeY[dj[i [d bei [ijW# Xb[Y_c_[djei$ BWi fhej[ijWi i[ ^_Y_[hed i[d# j_h W bWi W\k[hWi Z[ bWi _dijWbWY_e# d[i Z[ bW [iYk[bW L_Y[dj[ HeYW# \k[hj[" WZ[c|i [dY[hhWhed W bei cW[ijhei [d bW WkbW Z[ h[kd_ed[i Yed bW Ă’ dWb_ZWZ Z[ fh[i_edWh W bW :_h[YjehW Z[ ;ZkYWY_ÂŒd h[l[W bW Z[Y_i_ÂŒd$ I[]‘d bW j_jkbWh Z[ bW :_h[Y# Y_ÂŒd Z[ ;ZkYWY_ÂŒd" bWi cW[ijhWi
Ä? Ĺ‹! (. Ĺ‹ +/ Ĺ‹0 Ĺ‹ Ĺ‹. Äš ( ,Ĺ‹& Ĺ‹*)-#Äš #&# Ĺ‹ Ĺ‹ #( ),' ,- Ĺ‹ 3Ĺ‹)*#( ,Ĺ‹ )(Ĺ‹ &# ,. Ĺ‹ /Äš , (. Ĺ‹ &Ĺ‹*,)Äš -)Ĺ‹ & .)Äš , &Ä‘ ĹŠ Â&#x; ĹŠ ĹŠ ĹŠ
;%(- Ŋ ĉ
Ä“ĹŠ #!#- 2ĹŠ"#ĹŠ/#12.- 2ĹŠ"(#1.-ĹŠ ĹŠ!.-.!#1ĹŠ24ĹŠ, +#23 1ĹŠ/.1ĹŠ! ,Äą (.ĹŠ"#ĹŠ".!#-3#2Ä“
[ij|d Z[ cWd[hW _b[]Wb [d bei [ijWXb[Y_c_[djei oW gk[ de Yk[djWd Yed [b WlWb Z[b C_d_i# j[h_e Z[ ;ZkYWY_Œd gk_[d j[d‡W gk[ ZWh [b l_ije Xk[de fWhW
[bbe$ Bei cWd_\[ijWdj[i Wc[# dWpWhed [d jecWhi[ bWi _dijW# bWY_ed[i [ij[ bkd[i Z[ de j[d[h kdW h[ifk[ijW fei_j_lW$ ;%(- ĹŠ ĈÄ?
666Ä“+ '.1 Ä“!.,Ä“#!
Ĺ? Ĺ?
Ĺ?
Ä‚ ) %Ä…Ĺ‹ /&./, Ĺ‹3Ĺ‹ -)&# ,# Ĺ‹
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
7 Ĺ?ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
+Ŋ$#23(5 +Ŋ 34-3 04(Ŋ .!*Ŋ2.- 1;Ŋ'.8Ŋ #-Ŋ -"1 "#Ŋ 1~-ēŊ 2Ŋ+ Ŋ2#73 Ŋ#"(!(¢-ēŊ ŊěŊ BW [nfbWdWZW `kd#
je W bW [n<|Xh_YW ?cXWXkhW" [d 7dZhWZ[ CWh‡d" i[h| [b [iY[dW# h_e gk[ WYe][h| W dk[l[ XWdZWi$ I[ jhWjW Z[b \[ij_lWb 7jkdjWgk_ HeYa (&'(" gk[ i[ Z[iWhhebbW ^eo Z[iZ[ bWi ''0&&$ ;i [b i[nje W‹e gk[ [ijW be# YWb_ZWZ kX_YWZW [d [b YWdjŒd 7djed_e 7dj[" [i i[Z[ Z[ kd YedY_[hje gk[ h[‘d[ W be c|i ieXh[iWb_[dj[ Z[ bW c‘i_YW heYa" [d iki Z_l[hiei [ij_bei$ @eiƒ Bk_i ?cXWgk_d]e" c[d# jWb_pWZeh Z[b [l[dje" ieij_[d[ gk[ \k[ Zkhe _dij_jkY_edWb_pWh#
be" f[he gk[ [d bW WYjkWb_ZWZ" bW eh]Wd_pWY_ÂŒd [i c|i \WYj_Xb[ Z[X_Ze Wb Wfeoe Z[ Wkjeh_ZWZ[i o [cfh[iWh_ei$ #3 ĹŠ2.!( +ĹŠ
;b YedY_[hje dWY_ÂŒ Yece kdW Wbj[hdWj_lW Z[ WokZW W bei i[Y# jeh[i lkbd[hWXb[i$ :[ W^‡ gk[ [b Yeije Z[ _d]h[ie" de [i [YedÂŒ# c_Ye" i_de [d l‡l[h[i$ JeZe be h[YWkZWZe i[h| [d# jh[]WZe W bei eh\WdWjei o YWiWi gk[ WYe][d W f[hiedWi Z[ bW j[hY[hW [ZWZ$ Æ9WZW W‹e bei he# Ya[hei [if[hWcei [ij[ \[ij_lWb"
Ä“ĹŠ 43(+ 3#"ĹŠ '1(23ĔŊ#2ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ -" 2ĹŠ04#ĹŠ2#ĹŠ/1#2#-3 ĹŠ'.8ĹŠ#-ĹŠ -"1 "#ĹŠ 1~-ĔŊ#-ĹŠ4-ĹŠ!.-!(#13.ĹŠ!.-ĹŠÄƒ-#2ĹŠ #-_ÄƒÄą !.2Ä“ĹŠ
fehgk[ jWcX_ƒd WokZWcei W bei gk[ d[Y[i_jWd$ ;ijWcei Z[cei# jhWdZe gk[ iecei ieb_ZWh_ei [d bW WZl[hi_ZWZÇ" Yec[djW <WX_|d J[h|d" gk_[d YedĂ’[iW gk[ de i[ ^W f[hZ_Ze [b [l[dje Z[iZ[ iki _d_Y_ei$ FWhW [ijW [Z_Y_ÂŒd" [b Ckd_Y_# f_e Z[ 7djed_e 7dj[ o bW h[_dW Z[b YWdjÂŒd" 9WhbW CehWb[i" Wfe# oWd ik h[Wb_pWY_ÂŒd$ ?cXWgk_d]e f_[diW gk[ [i[ h[ifWbZe f[hc_# j[ c[`ehWh [b cedjW`[ Z[ [ij[ [l[dje$ BWi ZedWY_ed[i i[h|d h[Y[f# jWZWi [d bW fk[hjW Z[ _d]h[ie$ ;d [b YedY_[hje Z[b (&''" Wbh[# Z[Zeh Z[ Zei c_b +&& f[hiedWi Wi_ij_[hed Wb YedY_[hje" gk[ [d
Ä“ĹŠ ĹŠ2.+(" 1(" "ĹŠ"#ĹŠ+.2ĹŠ1.!*#1.2ĹŠ2#ĹŠ"#,.231 1;ĹŠ'.8ĹŠ"41 -3#ĹŠ#+ĹŠ$#23(5 +ĹŠ 34-3 04(ĹŠ .!*ĹŠÄ‰Ä‡ÄˆÄ‰Ä“ĹŠ
[iW efehjkd_ZWZ" i[ Z[iWhhebbÂŒ [d [b Yeb_i[e Z[ bW fWhhegk_W$ .".ĹŠ+(23.
I[]kh_ZWZ o ied_Ze" ied Zei Wif[Yjei gk[ de i[ Z[iYk_ZWd$ JeZe [ij| W fkdje fWhW [b \[ij_# lWb gk[ [d [ijW eYWi_Œd i[ l_l_h| Wb W_h[ b_Xh[$ I[ j_[d[ fh[l_ije gk[ bW ‘bj_cW XWdZW [cf_[Y[ W jeYWh W bWi (&0*&$ FWhW [ij[ W‹e" [b fbWje \k[hj[ [i Ckj_bWj[Z 9^h_ij$ ;ijW W]hk# fWY_Œd dWY_Œ [d '//* [d 7cXW# je$ Bei c‘i_Yei i[ YWhWYj[h_pWd feh iki _cfed[dj[i fh[i[d# jWY_ed[i" l[ij_Zei Yed hefW Z[ Yk[he o c[jWb$ ;b cWgk_bbW`["
.1 1(.Ŋ "#Ŋ/1#2#-3 !(¢-Ŋ 13#+#1 Ŋ
ÄˆÄˆÄ–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄˆÄ–ÄŒÄŽĹŠ ÄˆÄ‰Ä–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄ‰Ä–ÄŒÄŽĹŠ ÄˆÄŠÄ–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄŠÄ–ÄŒÄŽĹŠ ÄˆÄŒÄ–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄŒÄ–ÄŒÄŽĹŠ ÄˆÄŽÄ–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄŽÄ–ÄŒÄŽĹŠ ĈÄ?Ä–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄ?Ä–ÄŒÄŽĹŠ ĈÄ?Ä–Ä‡Ä‡ĹŠÄ˛ĹŠÄˆÄ‘Ä–Ä‡Ä‡ĹŠ ÄˆÄ‘Ä–ÄˆÄŽĹŠÄ˛ĹŠÄˆÄ‘Ä–ÄˆÄŽĹŠ ÄˆÄ’Ä–ÄŠÄ‡ĹŠÄ˛ĹŠÄ‰Ä‡Ä–ÄŠÄ‡ĹŠ Ä‰Ä‡Ä–ÄŒÄŽĹŠÄ˛ĹŠÄ‰Ä‰Ä–Ä‡Ä‡ĹŠ
-" Ŋ(-5(3 " 2/#!31.ŊĹŊ 11 #'#- ŊIJŊ 11 #42Ŋ+#Ŋ .+3ŊIJŊ 3 5 +. .13#7ŊIJŊ -3 '#1-. 8+ŊĹŊ , 3. 18ŊIJŊ , 3. 5 3' 1ŊĹŊ 4(3. ".-Ĺ 4(3. 43(+ 3#"Ŋ '1(23ŊĹŊ 4(3.Ŋ
ck[ijhW kd f[hĂ’b f|b_Ze Z[ bei _dj[]hWdj[i Z[ kdW Z[ bWi XWd# ZWi c|i \k[hj[i Z[b c[jWb [njh[# ce$
7 Ĺ? ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ă
¥ ēŊ .2ŊĊđŊ/1./(#3 1(.2Ŋ"#Ŋ+ 2Ŋ;1# 2Ŋ $#!3 " 2Ŋ1# +(9 -Ŋ+ 2Ŋ%#23(.-#2Ŋ#-Ŋ#+Ŋ 4-(!(/(.Ŋ"#Ŋ 11 ĔŊ/ 1 Ŋ+ 2Ŋ(-"#,-(9 !(.-#2ēŊ
ýĂŋ*, #)-Ĺ‹- ,6(Ĺ‹ 2*,)*# )-Ĺ‹ *),Ĺ‹ &Ĺ‹ /(# #*#)Ĺ‹ Ĺ‹ ,, Ĺ‹ +ĹŠ .-!#).ĹŠ 4-(!(/ +ĔŊ"#!+ 1¢Ŋ"#ĹŠ43(+(Äą " "ĹŠ/ĂŒ +(! ĹŠ".2ĹŠ5~ 2ĹŠ04#ĹŠ$.1, -ĹŠ/ 13#ĹŠ "#+ĹŠ-4#5.ĹŠ -(++.ĹŠ5( +ĹŠ"#ĹŠ+ ĹŠ!(4" "Ä“ĹŠ ĹŠ ěŊ KdW
Z[ bWi _dj[hl[d# ;`_Ze Z[ 9WhWdgk_$ EcWh BÂŒf[p" Z_h[Yjeh Z[ Y_ed[i Yecfb[c[djWh_Wi W bW YedijhkYY_ÂŒd Z[b dk[le fWhgk[ 7lWb‘ei o 9WjWijhei Z[b Ckd_Y_# 9ƒdjh_YW 8kb[lWh" [i bW f_e Z[ ?XWhhW" Z_`e gk[ [b Wcfb_WY_ÂŒd o WZ[YkWY_ÂŒd ĹŠĹŠ jhWXW`e i[ YeehZ_dW Yed [b Z[ dk[lWi l‡Wi Z[ Z[iYed# :[fWhjWc[dje Z[ FbWd_Ă’# ][ij_ÂŒd gk[ i[ [dYk[djhWd YWY_ÂŒd o [b [gk_fe Z[ 9ƒd# Wbh[Z[Zeh[i Z[b [nW[he# +ĹŠ!.23.ĹŠ/.1ĹŠ ,#31.ĹŠ!4 "1 ".ĹŠ jh_YW" fWhW Z[Ă’d_h Z_h[Yjh_# fk[hje Z[ bW khX[$ :khWd# #-ĹŠ+ ĹŠ9.- ĹŠ'.,.Äą Y[i l_Wb[i o Z[j[hc_dWhed bWi |h[Wi W\[YjWZWi$ ;d bW j[ bW Wdj[h_eh I[i_ÂŒd Z[ %_-# ĔŊ!.-ĹŠ#+ĹŠ -4#5.ĹŠ 5 +ĂŒ.ĹŠ 9edY[`e Ckd_Y_fWb" i[ Z[# ! 3 231 +ĹŠ#2ĹŠ"#ĹŠ Wl[d_ZW 9Wc_be FedY[" i[ 2#(2ĹŠ"¢+ 1#2ĹŠ/.1ĹŠ YbWhÂŒ Z[ kj_b_ZWZ f‘Xb_YW W ,#31.ĹŠ!4 "1 ".Ä“ĹŠ _dZ[cd_pWh| W (* fhef_[# bWi YWbb[i 9Wc_be FedY[ o jWh_ei$ C_[djhWi gk[ [d =Wbe FbWpW$ Ied Zei l‡Wi bW =Wbe FbWpW ied '* fhe# fWhWb[bWi W bW [nf_ijW Z[ Wj[hh_# f_[jWh_ei$ BÂŒf[p _dZ_YÂŒ gk[ [b pW`[ gk[ i[ kd_h|d W bW 9Wf_j|d cedje jejWb W fW]Wh [i Z[ +', c_b ;if_deiW Z[ bei Cedj[hei o Wb ZÂŒbWh[i$
ÂĄ Ä“ĹŠ .2ĹŠ5.+4-3 1(.2ĹŠ2.-ĹŠ #-#ă!( 1(.2ĹŠ"#ĹŠ! / !(3 !(.-#2ĹŠ"#-Äą 31.ĹŠ8ĹŠ$4#1 ĹŠ"#ĹŠ+ ĹŠ/1.5(-!( ĔŊ2 +(" 2ĹŠ"#ĹŠ ! ,/.ĹŠ8ĹŠ"#2!4#-3.2ĹŠ#-ĹŠ+.2ĹŠ2#15(!(.2ĹŠ 04#ĹŠ3(#-#ĹŠ+ ĹŠ(-23(34!(¢-Ä“
BW 9hkp He`W Z[ ?cXWXk# hW" _dl_jW W bW Y_kZWZWd‡W W kd_hi[ Wb lebkdjWh_WZe$ Bei h[gk_i_jei ied0 i[h cWoeh Z[ ', W‹ei" ^e`W Z[ l_ZW WYjkWb_# pWZW" Y[hj_Ă’YWZe Z[ [ijkZ_ei e Z[ jhWXW`e" Yef_W Z[ bW YƒZkbW Z[ _Z[dj_ZWZ" Zei Y[hj_Ă’YWZei f[hiedWb[i" f[hc_ie h[fh[# i[djWdj[ b[]Wb c[deh[i Z[ '. W‹ei " Y[hj_Ă’YWZe Z[ j_fe Z[ iWd]h[ o Wi_ij_h Wb jWbb[h Z[ _dZkYY_ÂŒd$
Ĺ—ĹŠ ĹŠĹŠBW Kd_l[hi_ZWZ JƒYd_YW Z[b Dehj[" i[ [dYk[djhW b_ijW
fWhW YWfWY_jWh W bei \kjk# hei Y^e\[h[i fhe\[i_edWb[i$ Bk[]e Z[ h[Y_X_h [b WlWb Z[ bW 7][dY_W DWY_edWb Z[ Jh|di_je" [ij|d W bW [if[hW Z[ h[Y_X_h bW Wkjeh_pWY_Œd fWhW _d_Y_Wh Yed [b fheY[ie Z[ cWjh‡YkbWi$ BWi WkbWi Z[ YW# fWY_jWY_Œd [ij|d b_ijWi fWhW _d_Y_Wh Yed bW j[cfehWZW Z[ YbWi[i$
!.+ 2ĹŠ8ĹŠ-.ĹŠ3(#-#-ĹŠ2(23#, 2ĹŠ"#ĹŠ %4 ĹŠ/.3 +#ĔŊ +! -3 1(++ ".ĹŠ8ĹŠ+49ĹŠ#+_!31(! Ä“ĹŠ +%4-.2ĹŠ /1./(#3 1(.2ĹŠ8 ĹŠÄƒ1, 1.-ĹŠ#+ĹŠ!.-31 3.ĹŠ"#ĹŠ/ %.ĹŠ#-ĹŠ#+ĹŠ;1# ĹŠ"#ĹŠ 2#2.1~ ĹŠ 41~"(! ĹŠ"#+ĹŠ 4-(!(/(.ĹŠ"#ĹŠ 11 Ä“ĹŠ
-3#15#-!(.-#2ĹŠ5( +#2
=k_bb[hce =Wl_bWd[i" Z_h[Yjeh Z[ EXhW F‘Xb_YWi Z[b Ckd_Y_f_e" i[‹WbŒ gk[ [b fheo[Yje i[h| _dj[# ]hWb o Yed`kdje Yed [b C_d_ij[h_e Z[ EXhWi F‘Xb_YWi CJEF $ BW eXhW Yedj[cfbW bW fhebed]WY_Œd Z[ bWi Zei l‡Wi 9Wc_be FedY[ o =Wbe FbWpW $ ;nfb_YŒ gk[ Wb cec[dje i[ h[Wb_pWd bWi ][ij_ed[i Yed [b CJEF" fWhW _d_Y_W Yed bW _d# j[hl[dY_Œd Z[ bWi l‡W gk[ cko
fhedje i[h|d b_X[hWZWi$ ;b Wd_bbe l_Wb Yecfh[dZ[ bW Wf[hjkhW o YedijhkYY_ÂŒd Z[ dk[# lWi l‡Wi fWhW h[ZkY_h bW Yed][i# j_ÂŒd [d kd +& W bW [djhWZW Z[ bW Y_kZWZ$ BW Wf[hjkhW Z[ bW YWbb[i Yed bW cWgk_dWh_W ckd_Y_fWb i[ h[Wb_pWh| [d Wfhen_cWZWc[dj[ '+ Z‡Wi" bk[]e Z[ [djh[]Wh jeZW bW ZeYkc[djWY_ÂŒd Wb CJEF$ Bei [ijkZ_ei Yecfh[dZ[d" [b Wd|b_# i_i Z[ ik[be" Ă’Y^Wi WcX_[djWb[i o eXhWi X|i_YWi$
' /, Ĺ‹, -.,/ ./, Ĺ‹ -/Ĺ‹ )(- $)Ĺ‹ #/ ()
* #. #š(Ĺ‹ Ĺ‹*,)').), -Ĺ‹ (Ĺ‹6, Ĺ‹ Ĺ‹- &/ Ĺ‹ >eo o cW‹WdW" [d bWi _dijWbW# Y_ed[i Z[ bW 9hkp He`W ;YkW# jeh_WdW" @kdjW Fhel_dY_Wb Z[ ?cXWXkhW" i[ h[Wb_pWh| [b jW# bb[h Z[ _dZkYY_ÂŒd Wb Fhe]hWcW Z[ IWbkZ o :[iWhhebbe 9eck# d_jWh_e Z[iZ[ bWi &.0&& ^WijW bWi '(0&&$ ;b jWbb[h [i ]hWjk_je o i[ jhW# jWh|d j[cWi Yece fh_c[hei Wkn_b_ei Yeckd_jWh_ei" fh[l[d# Y_ÂŒd Z[ [d\[hc[ZWZ[i" W]kW i[]khW" Wfeoe fi_YeieY_Wb" [d# jh[ ejhei$ BW WYj_l_ZWZ j_[d[ Yece eX`[j_le \ehjWb[Y[h [b jhWXW# `e Yeb[Yj_le fWhW Yedijhk_h Yeckd_ZWZ[i iWbkZWXb[i o i[]khWi W jhWlƒi Z[ bW \ehcW# Y_ÂŒd Z[ dk[lei lebkdjWh_ei fWhW \ec[djWh o fhecel[h [ij_bei Z[ l_ZW iWdW o i[]khW [d pedWi khXWdWi o hkhWb[i Z[ dk[ijhW fhel_dY_W$
1#"(.2ĹŠ#7/1./( ".2 Ĺ—ĹŠĹŠ #%ĂŒ-ĹŠ#+ĹŠ #/ 13 ,#-3.ĹŠ"#ĹŠ 5 +ĂŒ.2ĹŠ8ĹŠ 3 231.2ĔŊ#+ĹŠ3.3 +ĹŠ"#+ĹŠ;1# ĹŠ $#!3 " ĹŠ#2ĹŠ "#ĹŠÄ?ÄˆĹŠ,(+ĹŠÄ‰ÄŠÄˆĹŠ,#31.2ĹŠ!4 "1 ".2ĹŠ#-ĹŠ+ 2ĹŠ".2ĹŠ5~ 2Ä“ĹŠ .2ĹŠ3#11#-.2ĹŠ2.-ĹŠ-#3 ,#-3#ĹŠ %1~Äą
2/#1 -Ŋ 43.1(9 !(¢-
9ed bW fh[i[dY_W Z[ (( h[fh[i[d# jWdj[i Z[ eh]Wd_pWY_ed[i ieY_W# b[i o Y_kZWZWd‡W" i[ Yed\ehcÂŒ [b 9edi[`e 9_kZWZWde I[Yjeh_Wb Z[ bW I[Yh[jWh‡W DWY_edWb Z[ FbWd_Ă’# YWY_ÂŒd o :[iWhhebbe I[dfbWZ[i PedW '# Dehj[$ ;b dk[le 9edi[`e i[ Yecfhec[j_ÂŒ W fWhj_Y_fWh [d bei [ifWY_ei Z[ Z_|be]e gk[ f[h# c_j_h|d Z[iWhhebbWh WYj_l_ZWZ[i o \kdY_ed[i [d [b cWhYe Z[ bW 9edij_jkY_ÂŒd o bW B[o Eh]|d_YW Z[ FWhj_Y_fWY_ÂŒd 9_kZWZWdW$ EiYWh 9^Wb|" ikXi[Yh[jW# h_e Z[ bW I[dfbWZ[i" W]hWZ[Y_ÂŒ bW WYe]_ZW W bW YedleYWjeh_W o h[iWbjÂŒ gk[ bW YedijhkYY_ÂŒd Z[ kd ;ijWZe Fbkh_dWY_edWb i[h| fei_Xb[ h[YedeY_ƒdZedei [djh[ Z_l[hiei o \ehjWb[Y_[dZe bW fWh# j_Y_fWY_ÂŒd Y_kZWZWdW Z[ cWd[hW _d\ehcWZW" efehjkdW o Yh‡j_YW$ ;b 9edi[`e 9_kZWZWde I[Yjeh_Wb" Yedjh_Xk_h| W bW ][ij_ÂŒd o i[]k_# c_[dje Z[ bWi feb‡j_YWi f‘Xb_YWi
-31#% 1;-ĹŠ , 4+ -!(
ŗŊ ŊŊ;b C_d_ij[h_e Z[ IWbkZ F‘Xb_YW" [djh[]Wh| Z[ \ehcW
eĂ’Y_Wb kdW dk[lW WcXkbWd# Y_W Wb ^eif_jWb IWd L_Y[dj[ Z[ FW‘b$ ;b Wkjecejeh Yecfb[jWc[dj[ [gk_fWZe" i[hl_h| fWhW [b i[hl_Y_e Z[ jhWdifehj[ Z[ fWY_[dj[i [d YWiei Z[ [c[h][dY_W$ ;b [l[dje i[ h[Wb_pWh| bW [djh[]W o X[dZ_Y_ÂŒd Z[b l[^‡Ykbe" [b bkd[i + Z[ cWhpe W bWi '&0&&$
.ĹŠ5.3 1;ĹŠ/.1ĹŠ+ ĹŠ
#8Ŋ"#Ŋ .,4-(! !(¢-Ŋ ¥ ēŊ Ŋ!.-$.1, !(¢-Ŋ3#-"1;Ŋ 4- Ŋ"41 !(¢-Ŋ"#Ŋ4-Ŋ  .Ŋ8Ŋ2#1;Ŋ/ 13#Ŋ "#+Ŋ .-2#).Ŋ (4" " -.Ŋ !(.- +Ŋ"#Ŋ+ Ŋ (-23(34!(¢-ēŊ
[d [b |cX_je j[hh_jeh_Wb$ 7Z[c|i YeehZ_dWh| Yed bWi fhel_dY_Wi Z[ ;ic[hWbZWi" 9WhY^_ o Ik# YkcX‡ei" bWi Z_ij_djWi jWh[Wi$ ;b fhŒn_ce [dYk[djhe i[ h[Wb_pWh| [b () Z[ cWhpe$ Bei 9edi[`[hei Z[b_d[Wh|d ik ^e`W Z[ jhWXW`e$
ŗŊ ŊŊHWc_he J[h|d" WiWcXb[‡i# jW Z[b Cel_c_[dje FefkbWh
:[ceYh|j_Ye Z[ ?cXWXkhW" _d\ehcÂŒ gk[ [b Xbegk[ fWh# bWc[djWh_e de lejWh| feh kdW b[o gk[ Wj[djW YedjhW bWi b_X[hjWZ[i Z[ceYh|j_YWi Z[b fk[Xbe [YkWjeh_Wde Z[ _d\eh# cWh o [ijWh X_[d _d\ehcWZei$ Æ@Wc|i feZh[cei [ijWh Z[ WYk[hZe Yed kdW fhefk[ijW Z[ B[o i[ lW [d YedjhW Z[ [ijei cWdZWjei Yedij_jkY_e# dWb[iÇ" Z_`e$
Ä…
7 Ĺ? ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ĹŠ ă!(- 2ĹŠ"#ĹŠ+.2ĹŠ !.-!#) +#2ĹŠ ĂŒ-ĹŠ-.ĹŠ #23;-ĹŠ+(23 2
Ĺ—ĹŠĹŠ
Bei ''YedY[`Wb[i Z[ ?XWhhW" i[]‘d bW 9eejWZ Z[X[d bWXe# hWh bWi eY^e ^ehWi Z_Wh_Wi" f[he feh bW \WbjW Z[ _d\hW# [ijhkYjkhW de Yk[djWd Yed eĂ’Y_dWi$ BW YedijhkYY_ÂŒd Z[ bWi eĂ’Y_dWi i[ _d_Y_ÂŒ [d [b (&'' o Z[X‡Wd [djhWh [d \kdY_edWc_[dje [b c_ice W‹e f[he ^WijW [b cec[dje de ied YedYbk_ZWi$ BWi eXhWi Z[ _d\hW[ijhkYjkhW j[dZh‡Wd kd Yeije Z[ '+ c_b ZÂŒbWh[i$ I[h‡Wd i_[j[ Z[ifWY^ei Z_l_Z_Zei fWhW '' YedY[`Wb[i" gk_[d[i Z[X[h|d fed[hi[ Z[ WYk[hZe [d ik kj_b_pWY_ÂŒd$
04(/.2Ŋ"#Ŋ !.,/43 !(¢-Ŋ-.Ŋ 2.-Ŋ"#Ŋ+ Ŋ
Ĺ—ĹŠĹŠ
;d kd Yeckd_YWZe Z[ fh[diW [b ][h[dj[ Z[ bW 9ehfehWY_Œd DWY_edWb Z[ J[b[Yeckd_YWY_ed[i 9DJ " CWkh_Y_e 8W^WcedZ[ [nfb_YŒ gk[ lWh_ei Yecfk# jWZeh[i _cfh[iehWi o c|i eX`[jei gk[ \k[hed [dYed# jhWZei [b fWiWZe c_ƒhYeb[i [d OW^kWhYeY^W" de f[hj[# d[Y[d W bW _dij_jkY_Œd Yece i[ ^WXh‡W _d\ehcWZe$ BW _dij_jkY_Œd Yk_ZW [b c[Z_e WcX_[dj[ o bei Z[i[Y^ei j[YdebŒ]_Yei ied jhWjWZei i[]‘d be [ijWXb[Y_Ze [d bW b[o" c|i de ied Z[i[Y^WZei [d bk]Wh[i WX_[hjei$
Ä“ĹŠ 2ĹŠ".2ĹŠ!../#1 3(5 2ĹŠ 42! -ĹŠ+ ĹŠ4-(ă! !(¢-ĹŠ#-ĹŠ #-#ă!(.ĹŠ"#ĹŠ+ ĹŠ9.- ĹŠ141 +Ä“ĹŠ
))* , .#0 -Ĺ‹ Ĺ‹., (-*),. Ĺ‹- Ĺ‹ /(#Ă° (Ĺ‹* , Ĺ‹' $), ,Ĺ‹ &Ĺ‹- ,0# #)
2Ŋ!../#1 3(5 2Ŋ -Ŋ (%4#+Ŋ"#Ŋ 11 Ŋ 8Ŋ Ŋ 2/#1 -9 ĔŊ!1# -Ŋ143 2Ŋ#-Ŋ9.- 2Ŋ 141 +#2Ŋ"#+Ŋ! -3¢-ēŊ ŊěŊBei h[fh[i[djWdj[i Z[ bWi
Zei Yeef[hWj_lWi Z[ jhWdifehj[i" cWdj_[d[d Yedl[hiWY_ed[i o h[# kd_ed[i Yed bei ^WX_jWdj[i Z[ bWi fWhhegk_Wi Z[ BW ;if[hWdpW o 7d]eY^W]kW$ ;b eX`[j_le [i fh[# i[djWhb[i [b fheo[Yje Z[ i[hl_Y_e f[hcWd[dj[ Z[ jhWdifehj[ [d bWi Z_\[h[dj[i Yeckd_ZWZ[i$ ;Zm_d BWdZ[jW" fh[i_Z[dj[ Z[ bW Yeef[hWj_lW IWd C_]k[b Z[ ?XWhhW [nfb_YÂŒ gk[ bW Ă’dWb_ZWZ Z[ bW kd_Ă’YWY_ÂŒd" [i fWhW cWdj[d[h
hkjWi f[hcWd[dj[i [d [b i[Yjeh hkhWb Wb c_ice Yeije Z[b fWiW`[ khXWde$ :_`e gk[ Z[ifkƒi Z[ h[W# b_pWh bei [ijkZ_ei o ieY_Wb_pWh [b fheo[Yje Yed bW Y_kZWZWd‡W fh[# j[dZ[d fh[i[djWhbe W bWi Wkjeh_# ZWZ[i Z[ i[h fei_Xb[ [d bW fhŒn_# cW I[i_Œd Z[ 9edY[`e$ BW Yeef[hWj_lW IWd C_]k[b Yk[djW Yed '(- kd_ZWZ[i o bW Yee# f[hWj_lW BW ;if[hWdpW Yed (,$ ;i Z[Y_h gk[ bWi '+) kd_ZWZ[i h[Wb_pWh‡Wd bei jkhdei Yed kd [i#
Ĺ—ĹŠĹŠ
/.1ĹŠ -%.!' %4 Ä“ĹŠ 4(2ĹŠ 1+.2 , ĹŠ' (3 -3#ĹŠ"#ĹŠ ĹŠ 2/#1 -9 ĹŠ"().ĹŠ04#ĹŠ2#1~ ĹŠ 4#-.ĹŠ 04#ĹŠ+ 2ĹŠ 43.1(" "#2ĹŠ/#1,(3 -ĹŠ#+ĹŠ(-%1#2.ĹŠ"#+ĹŠ31 -2/.13#ĹŠ/ĂŒ +(!.ĹŠ8 ĹŠ04#ĹŠ#+ĹŠ !!#2.ĹŠ ĹŠ + 2ĹŠ!.,4-(" "#2ĹŠ#2ĹŠ,48ĹŠ"($~!(+ĹŠ/.1ĹŠ+ ĹŠ$ +3 ĹŠ"#ĹŠ31 -2/.13#Ä“
fWY_e Z[ (& c_dkjei o [b lWbeh Z[b fWiW`[ i[h‡W &"(+ Y[djWlei WZkbjei o &"'( Y[djWlei [ijkZ_Wd# j[i" f[hiedWi Z[ bW j[hY[hW [ZWZ o Z_iYWfWY_jWZei$ H_YWhZe Oƒf[p" fh[i_Z[dj[ Z[ bW Yeef[hWj_lW BW ;if[hWdpW cWd_\[ijŒ gk[ [if[hWd gk[ [b 9edY[`e Ckd_Y_fWb" ejeh]k[ kdW
\[Y^W fWhW gk[ [bbei fk[ZWd [n# fed[h ik fhefk[ijW o Xh_dZWh kd c[`eh i[hl_Y_e Z[ jhWdifehj[ W bWi Yeckd_ZWZ[i hkhWb[i$ 7Z[c|i h[iWbjŒ gk[ [d [b YWie Z[ gk[ bWi Wkjeh_ZWZ[i Wfhk[# X[d [ij[ fheo[Yje" bW j[hc_dWb Z[ jhWdi\[h[dY_W i[h‡W kX_YWZW [d bW Yeckd_ZWZ Z[ Hkc_fWcXW$
-)Ĺ‹ -* $)Ĺ‹. ' #Z(Ĺ‹0 Ĺ‹/(Ĺ‹ /4$ )Ĺ‹ Ĺ‹&)Ĺ‹ #0#&
.-31.+#2ĹŠ"#ĹŠ 2#%41(" "ĹŠ#-ĹŠ 1#2ĹŠ8ĹŠ "(2!.3#! 2
:khWdj[ [b Ă’d Z[ i[cWdW bW Feb_Y‡W h[Wb_pWh| Yedjhe# b[i Z[ i[]kh_ZWZ [d XWh[i o Z_iYej[YWi" fWhW ]WhWdj_pWh bW i[]kh_ZWZ Y_kZWZWdW$ Bei kd_\ehcWZei ]WhWdj_pWh|d gk[ i[ YkcfbWd bei ^ehWh_ei Z[ \kdY_edWc_[dje [d bei Y[djhei Z[ Z_l[hi_ÂŒd o gk[ bei fhef_[jWh_ei Z[ Z_Y^ei be# YWb[i de f[hc_jWd [b _d]h[ie Z[ c[deh[i Z[ [ZWZ$
24 1(.Ŋ/("#-Ŋ2#15(!(.Ŋ ŗŊŊ 1~ Ŋ 4 ,;-ĔŊ424 1( Ŋ"#+Ŋ31 -2/.13#Ŋ Ŋ 2/#1 -9 ŊŊ"().Ŋ04#Ŋ/ 1 Ŋ5(2(3 1Ŋ Ŋ4- Ŋ "#Ŋ242Ŋ'() 2Ŋ3(#-#-Ŋ04#Ŋ .1" 1Ŋ+ 2Ŋ! ,(.-#3 2Ŋ04#Ŋ!(1!4+ -Ŋ,48Ŋ1#/#-3(- ,#-3#Ŋ
Ä?ÄŒĹŠ  .2ĹŠ"#ĹŠ5#+ 1ĹŠ/.1ĹŠ+ ĹŠ2#%41(" "
ĹŠ ĹŠ Ä–ĹŠ ĹŠ 11 Ä–ĹŠ ĹŠ ., -" -!( ĹŠ 1.5(-!( +ĹŠ "#ĹŠ .+(!~ ĹŠ "#ĹŠ , 41 ĔŊ 1# +(9¢Ŋ+ ĹŠ-.!'#ĹŠ"#ĹŠ 8#1ĹŠ+ ĹŠ2#2(¢-ĹŠ2.+#,-#ĹŠ/.1ĹŠ,.3(5.ĹŠ"#ĹŠ!#+#Äą 1 1ĹŠÄ?ÄŒĹŠ  .2ĹŠ"#ĹŠ5(" ĹŠ(-23(34!(.- +Ä“ĹŠ +ĹŠ#5#-3.ĹŠ2#ĹŠ"#2 11.++¢Ŋ#-ĹŠ#+ĹŠ 4"(3.1(.ĹŠ"#+ĹŠ 4-(!(/(.ĹŠ"#ĹŠ 11 Ä“ĹŠ 25 1ĹŠ (,_-#9ĔŊ!., -" -3#ĹŠ /1.5(-!( +ĔŊ "().ĹŠ 04#ĹŠ ' 8ĹŠ 2 3(2$ !!(¢-ĹŠ /.1ĹŠ #+ĹŠ 31 ).ĹŠ /.+(!( +Ä“ĹŠ ÄĄ 23 ,.2ĹŠ.1%4++.2.2ĹŠ"#ĹŠ/#13#-#!#1ĹŠ ĹŠ+ ĹŠ(-23(34!(¢-ĔŊ04#ĹŠ5(5 ĹŠ + ĹŠ .+(!~ ĹŠ !(.- +Ģē
CWhYei CWhj‡d[p" [nWiWcXb[‡i# jW feh ?cXWXkhW" ieb_Y_jŒ feh c[Z_e Z[ kdW WYY_Œd Z[ fhej[Y# Y_Œd" Yed c[Z_ZWi YWkj[bWh[i" bW ikif[di_Œd Z[ bW ef[hWY_Œd Z[ i[hl_Y_e Z[ jhWdifehj[ f‘# Xb_Ye Z[ bW Yeef[hWj_lW ;if[`e$ 9WkiWdj[ Z[b WYY_Z[dj[ Z[b Zec_d]e '/ Z[ \[Xh[he" ^WijW gk[ bei Y^e\[h[i gk[ YedZkY[d bWi kd_ZWZ[i Z[ bW Yeef[hWj_lW de i[Wd iec[j_Zei W kdW [lW# bkWY_Œd fi_gk_|jh_YW" fi_YebŒ]_# YW" o fi_YejƒYd_YW$ ;b @k[p Z[X[ Z_ifed[h W bWi Wkjeh_ZWZ[i Yecf[j[dj[i gk[ jWb[i [lWbkWY_ed[i i[ h[Wb_Y[d$ JWcX_ƒd f_Z[d gk[ bW ikif[d# i_Œd Yedj_d‘[ l_][dj[ ^WijW gk[ jeZei bei l[^‡Ykbei Z[ bW Yeef[#
hWj_lW de i[Wd iec[j_Zei W kdW h[l_i_ÂŒd jƒYd_YW gk[ ]WhWdj_Y[ bWi YedZ_Y_ed[i c‡d_cWi Z[ i[# ]kh_ZWZ$ 9ecfheXWdZe gk[ Ykcfb[d Yed jeZWi bWi Z_ifei_Y_ed[i Z[ i[]kh_ZWZ [nf[Z_ZWi feh [b ?di# j_jkje ;YkWjeh_Wde Z[ DehcW# b_pWY_ÂŒd" [d [if[Y_Wb bW dehcWi h[\[h[dj[ W bei h[gk_i_jei gk[ Z[X[d Ykcfb_h bWi YWhheY[h‡Wi Z[ Xki[i o bWi gk[ i[ h[Ă’[h[d W l_Zh_ei Z[ i[]kh_ZWZ$ 7o[h [b ZeYkc[dje \k[ _d# ]h[iWZe W jhWlƒi Z[ bW iWbW Z[ iehj[ei Z[ bei `kp]WZei Z[ ?c# XWXkhW o [b fheY[ie i[ be l[d# j_bWh| [d [b @kp]WZe J[hY[he Z[ bW D_‹[p o bW 7Zeb[iY[dY_W Z[ ?cXWXkhW$
(/2Ŋ/ 1 Ŋ ,#).1 1Ŋ+ Ŋ 5#-3(+ !(¢-Ŋ "#+Ŋ'.% 1
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? Ĺ? ÄĄ
Ć
ēŊ -Ŋ2(23#, Ŋ"#Ŋ5#-3(+ !(¢-Ŋ- 341 +Ŋ"# #Ŋ /1.5#!' 1Ŋ+ 2Ŋ$4#19 2Ŋ"#+Ŋ5(#-3.ē
Ŋ4 (! !(¢-Ŋ"#Ŋ+ 2Ŋ5#-3 - 2Ŋ/4#"#Ŋ, 1! 1Ŋ+ Ŋ "($#1#-!( Ŋ#-Ŋ#+Ŋ , (#-3#ē
eZe fheo[Yje iWd [d\[hc[ZWZ[i W c[Z_Wde o Whgk_j[YjÂŒd_Ye bWh]e fbWpe$ 7]h[]W gk[ YkWdZe Z[X[ Wi[]khWh YkWdZe ^Wo l_hki Yece [b Z[ bW kdW Xk[dW _bk# ]h_f[" [b Y_Ybe Z[ YedjW]_e fk[Z[ c_dWY_ÂŒd dWjk# i[h c|i fhebed]WZe$ hWb o [b WZ[YkW# Ze _d]h[ie Z[ .2ĹŠ/ 1;,#31.2 W_h[ fWhW bei [ifWY_ei ^WX_jWZei$ BW Whgk_j[YjW FWc[bW Jehh[i [n# BW l[dj_bWY_ÂŒd" i_d [cXWh]e" fb_YW gk[ fWhW kX_YWh bWi l[djW# [i kd Wif[Yje gk[ ik[b[ Z[iYk_# dWi [d kdW l_l_[dZW i[ Z[X[ Ye# ZWhi[" feh [ie [d bW fbWd_Ă’ YWY_ÂŒd deY[h [b Yb_cW Z[b bk]Wh$ 7]h[]W gk[ [d kd [Z_Ă’ Y_e" be ^Wo gk[ jecWh [d Yk[djW W bk# c|i h[Yec[dZWXb[ [i Wi[# ]Wh[i e ^WX_jWY_ed[i gk[ iehWhi[ Yed kd _d][d_[he h[gk_[h[d cWoeh l[dj_bW# ĹŠĹŠ c[Y|d_Ye" gk[ h[Wb_Y[ bei Y_ÂŒd$ ;i[ [i [b YWie Z[ bWi Y|bYkbei Z[ fehY[djW`[ Z[ YeY_dWi o bei XW‹ei$ I_ [d bW fbWd_\_YWY_ÂŒd .2ĹŠ/ 3(.2ĹŠ#73#1(Äą .1#2ĹŠ%#-#1 -ĹŠ4-ĹŠ [djhWZW o iWb_ZW Z[ W_h[ [d kd [ifWY_e$ de i[ jecW [d Yk[djW bW ,.5(,(#-3.ĹŠ ÆKd fWh|c[jhe gk[ bWi Y_hYkbWY_ÂŒd Z[b W_h[" bei 2!#-"#-3#ĹŠ"#+ĹŠ (1#ĹŠ! +(#-3#Ä“ f[hiedWi i‡ fk[Z[d jecWh kikWh_ei j[dZh|d gk[ h[# [d Yk[djW fWhW l[h_Ă’ YWh Ykhh_h W fWhY^[i Yece bW l[dj_bWY_ÂŒd Whj_Ă’ Y_Wb feh c[Z_e gk[ ^WoW kdW Xk[dW l[dj_bWY_ÂŒd [i h[l_iWh gk[ [b Z_i[‹e YkcfbW Z[ ZkYjei$ ;b ZeYjeh =edpWbe :kh|d [n# Yed bei fWh|c[jhei Z[ bW l[dj_# fb_YW gk[ bW cWbW l[dj_bWY_ÂŒd fk[# bWY_ÂŒd YhkpWZW gk[ [i kd Yed# Z[ ][d[hWh fheXb[cWi Z[ iWbkZ" Y[fje Whgk_j[YjÂŒd_Ye gk[ jecW oW gk[ fk[Z[d WfWh[Y[h W][dj[i [d Yk[djW [b Ă“ k`e Z[b W_h[ \h‡e o fWjÂŒ][dei gk[" Wb i[h Wif_hWZei YWb_[dj[ fWhW iWX[h YÂŒce i[h| [b feh [b i_ij[cW h[if_hWjeh_e YWk# Ă“ k`e Z[djhe Z[ kdW l_l_[dZWÇ"
ēŊ -Ŋ+ 2Ŋ!.!(- 2Ŋ2#ŊŊ42 -Ŋ#731 !3.1#2Ŋ/ 1 Ŋ#5(3 1Ŋ+ Ŋ !4,4+ !(¢-Ŋ "#Ŋ5 /.1ē
1. +#, 2
+ Ŋ5#-3(+ !(¢Ŋ 1. +#, 2Ŋ1#2/(1 3.1(.2Ŋ#-Ŋ+.2Ŋ' ŗ3 -3#2ē Ŋ #-.1Ŋ"41 ŗ3 /(!#2ē
(Äą
(+(" "ĹŠ"#ĹŠ/(-341 2ĹŠ8ĹŠ/ /#+#2ĹŠ
Ĺ—ĹŠ / 1(!(¢-ĹŠ"#ĹŠ,.'. Ĺ—ĹŠ #2% 23#ĹŠ"#ĹŠ, 3#1( +#2ĹŠ!.-2314!3(5.2Ä“ i[‹WbW Jehh[i$ :[f[dZ_[dZe Z[ YWZW i_j_e o Z[ bW ^ehW Z[b Z‡W ^Wo l_[djei YW# hWYj[h‡ij_Yei gk[ ][d[hWd pedWi Z[ WbjW o XW`W fh[i_ÂŒd$ I[]‘d [n# fb_YW bW Whgk_j[YjW fWhW h[Wb_pWh kd Z_i[‹e Z[ l[dj_bWY_ÂŒd YhkpWZW ^Wo gk[ kX_YWh bWi l[djWdWi W kdW WbjkhW c[Z_W o [d YedjhWfei_Y_ÂŒd W bW fk[hjW fWhW f[hc_j_h gk[ [b W_h[ Y_hYkb[ Z[ kdW \ehcW ^ece# ]ƒd[W$ I_ YWZW WX[hjkhW fk[hjWi" l[djWdWi o fWj_ei _dj[hdei [ij| [ijhWjƒ]_YWc[dj[ kX_YWZW i[ \WY_# b_jW [b _d]h[ie o iWb_ZW Z[b W_h[$
.13(- 2 ŗŊŊ (Ŋ (#-Ŋ+ 2Ŋ5#-3 - 2Ŋ2.-Ŋ#+#,#-3.2Ŋ$4-!(.- +#2Ŋ"#+Ŋ'.% 1Ŋ04#Ŋ/#1,(3#-Ŋ04#Ŋ 5#-3(+ 1Ŋ4-Ŋ , (#-3#ĔŊ3 , (_-Ŋ/4#"#-Ŋ2#1Ŋ4-Ŋ$ !3.1Ŋ"#!.1 3(5.Ŋ2(Ŋ2#Ŋ3., Ŋ#-Ŋ
!4#-3 Ŋ#+Ŋ3(/.Ŋ"#Ŋ!.13(- 2Ŋ04#Ŋ2#Ŋ43(+(!#ēŊ 2Ŋ,;2Ŋ42 " 2Ŋ !34 +,#-3#Ŋ!.-Ŋ+ 2Ŋ /#12( - 2Ŋ1., - 2Ŋ8 Ŋ04#Ŋ" -Ŋ4-Ŋ#23(+.Ŋ!+;2(!.Ŋ +Ŋ'.% 1Ŋ8Ŋ,#).1 -Ŋ+.2Ŋ$ !3.1#2Ŋ"#Ŋ !+(, 3(9 !(¢-Ŋ3 +#2Ŋ!.,.Ŋ#+Ŋ(-%1#2.Ŋ"#Ŋ+49Ŋ2.+ 1ē
2ĹŠ5#-3 - 2 @kWdW @_cƒd[p" gk_[d jhWXW`W [d bW L_Zh_[hW Ik_pW" [nfb_YW gk[ [b j_fe Z[ l_Zh_e gk[ i[ kj_b_Y[ [d kdW l[djWdW XWj_[dj[ e Yehh[Z_# pW jWcX_ƒd `k[]W kd fWf[b _c# fehjWdj[$ Be c|i kiWZei ied bei l_Zh_ei Z[ , b‡d[Wi" Ykoe ]heieh ]WhWdj_pW h[i_ij[dY_W o ZkhWX_b_# ZWZ$ FWhW fWj_ei Z[ l[dj_bWY_ÂŒd i[ fk[Z[d kiWh [ijhkYjhWi Yehh[# Z_pWi Z[ Wbkc_d_e o l_Zh_e$ ;d bW dehcW jƒYd_YW [YkWje# h_WdW ieXh[ l_Zh_ei Z[ i[]kh_ZWZ fWhW [Z_Ă’ YWY_ed[i i[ [if[Y_Ă’ YW gk[ bWi Z_c[di_ed[i c|n_cWi h[Yec[dZWZWi fWhW l_Zh_ei Z[
kdW f_[pW [ij|d [d \kdY_ÂŒd Z[b [if[ieh o Z[b i_ij[cW Z[ _dijWbW# Y_ÂŒd gk[ i[ [cfb[[$
2ĹŠ-.1, 3(5 2 ;d bWi dehcWi Z[ Whgk_j[Yjk# hW Z[b :_ijh_je i[ [ijWXb[Y[ bW eXb_]Wjeh_[ZWZ Z[ gk[ jeZei bei [ifWY_ei Yedijhk_Zei j[d]Wd _bk# c_dWY_ÂŒd o l[dj_bWY_ÂŒd dWjkhWb feh c[Z_e Z[ lWdei e l[djWdWi gk[ f[hc_jWd h[Y_X_h W_h[ o bkp Z_h[YjWc[dj[ Z[iZ[ [b [nj[h_eh$ IÂŒbe bWi XWj[h‡Wi iWd_jWh_Wi" [i# YWb[hWi" fWi_bbei" fWhgk[WZ[hei o XeZ[]Wi fk[Z[d YedjWh Yed l[d# j_bWY_ÂŒd _dZ_h[YjW$
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
7 Ĺ?ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ŋ,.1%4#Ŋ"#+Ŋ '.2/(3 +Ŋ2¢+.Ŋ #2Ŋ4-Ŋ2(3(.Ŋ"#Ŋ 31 -2$#1#-!( Ŋ"#Ŋ / !(#-3#2Ŋ04#Ŋ#23;-Ŋ 2(+ ".2Ŋ#-Ŋ+ Ŋ! 2 Ŋ "#Ŋ2 +4"Ģ
4 -3.Ŋ,;2Ŋ /#04# .Ŋ#2Ŋ#+Ŋ !.1 9¢-ĔŊ,;2Ŋ ."(.Ŋ + #1% ĢēŊ } Ŋ
ĹŠ ĹŠ
ĹŠ ĹŠ ĹŠ ĹŠ
..1ĹŠ ĹŠ -3.-(.ĹŠ -3#
7dj[i Z[ ik YWdjed_pWY_ÂŒd Wbb| feh bei W‹ei Z[ '$/(* dWY[ bW ]hWd <|Xh_YW ?cXWXkhW" YkdW Z[b Z[iWhhebbe o fhe]h[ie Z[b YWdjÂŒd o bW fhel_dY_W$ :edZ[ Y[hYW Z[ c_b (&& eXh[hei" [d# jh[ ^ecXh[i o ck`[h[i" bWXe# hWXWd [d jh[i jkhdei j[bWi Z[ YWb_ZWZ gk[ i[ l[dZ‡W [d bWi Y_kZWZ[i Gk_je" =kWoWgk_b" 9k[dYW [djh[ ejhWi$ JWcX_ƒd i[ [nfehjWXW W fW‡i[i Yece0 L[d[pk[bW" 9ebecX_W" ƒfeYW gk[ bW Z[dec_dWh‡Wcei Yece ÆxfeYW Z[ eheÇ" Z[ bW \|Xh_YW j[nj_b ?cXWXkhW" ^WijW bei W‹ei Z[ '/,+" [d ZedZ[ _d_Y_W ik Z[XWYb[" feh kd WYedj[Y_# c_[dje YedeY_Ze feh jeZei$ I_d [cXWh]e" Wgk[bbei [njhW# XW`WZeh[i" YkWdZe i[ i_dj_[# hed iebei" jh_ij[i o Z[ilWb_Zei" i_d [i[ ikij[dje [YedÂŒc_Ye Z_Wh_e" dWY[ kdW bkp Wb Ă’dWb Z[b j‘d[b o [i [b _d_Y_e Z[ ejhW WYj_l_ZWZ j[nj_b Yed iki c|# gk_dWi cWdkWb[i Z[ iWYei Z[ bWdW" Wbb| feh bei W‹ei '$/-&$ >eo [d Z‡W" Y_[djei Z[ jWbb[h[i" \|Xh_YWi o [cfh[iWi Z[Z_# YWZWi W bW fheZkYY_ÂŒd j[nj_b ^Wd Z[iWhhebbWZe [d \ehcW l[hj_]_deiW" ^WijW ^eo" Yed c|gk_dWi c[Y|d_YWi" [bƒYjh_# YWi o YecfkjWh_pWZWi gk[ ^Wd Z_l[hi_Ă’YWZe bW fheZkYY_ÂŒd$ C|i jWhZ[" feh bW bkY^W o ][ij_ÂŒd Z[ kd ]hkfe Z[ Yec# fWjh_ejWi Wdj[‹ei" Wb cWdZe Z[ Zed @kb_e C_]k[b 7]k_dW# ]W" kd '( Z[ \[Xh[he Z[ '$/)." i[ be]hW c[Z_Wdj[ Z[Yh[je [`[Ykj_le [c_j_Ze feh [b =hWb$ 7bX[hje ;dh‡gk[p =Wbbe" bW 9Wdjed_pWY_ÂŒd Z[ 7djed_e 7dj[$ 7b Ykcfb_h ik i[fjkW# ]ƒi_ce YkWhje Wd_l[hiWh_e" 7djed_e 7dj[" fWh[Y[h‡W gk[ lW feh [b hkcXe Yehh[Yje$ ;b Z[iWhhebbe iÂŒbe Z[ bei ‘bj_cei '& W‹ei" i[ Z[X[ W bW ]hWd <[h_W 7hj[iWdWb" ?dZkijh_Wb" =WdWZ[hW o =WijhedÂŒc_YW1 ik Whj[" YkbjkhW" ik _Z_ei_dYhW# i_W" ik \[ o [if[hWdpW Z[ iki ^_`ei gk[ jhWXW`Wd Z‡W W Z‡W [d \ehcW YWbbWZW o i_b[dY_eiW XkiYWdZe dk[lei Z[hhej[hei fWhW i[h c[`eh[i$ Beeh W 7d# jed_e 7dj[$ 26 +".ĹŠ 4(1 -9 ĹŠ Ä“ .26 +0 Äž'.3, (+Ä“!., ĹŠ ĹŠ ĹŠ Ä– ! 13 2 +"(1#!3.1Äž+ '.1 Ä“!.,Ä“#! 2(++ ĹŠÄˆÄ?ĈÄ?Ä‰ÄŒÄŠĹŠ ĹŠ.ĹŠ!4 +04(#1 ĹŠ "#ĹŠ-4#231 2ĹŠ %#-!( 2Ä“ #04(2(3.2Ä–ĹŠ ., 1#2ĹŠ8ĹŠ /#++(".2ĹŠ!.,/+#3.2Ä—ĹŠ-ĂŒ,#Äą 1.ĹŠ"#ĹŠ _"4+ Ä—ĹŠ3#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ".,(!(+( 1( ĹŠ .ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
™ ŋ ŋ
;b Yehed[b 9ƒiWh 9Whh_ÂŒd" [nZ_h[Yjeh Z[b >eif_jWb Z[ bW Feb_Y‡W" [djh[]ÂŒ ik WhcW Z[ ZejWY_ÂŒd o Yed [ij[ WYje b[ eXb_]Whed W Y[hhWh kdW YWhh[hW Z[ )& W‹ei [d bWi \_bWi feb_Y_Wb[i [d bWi gk[ eXi[hlÂŒ kdW YedZkYjW _djWY^WXb[ Z[iZ[ jeZe fkdje Z[ l_ijW$ :[ de i[h Wi‡" [b Yehh[‡ice dei be ^kX_[hW h[YehZWZe WXki_lWc[dj[ [d iki YWZ[dWi dWY_e# dWb[i o iWXWj_dWi ieXh[ bei ikY[iei Z[b )& Z[ i[fj_[cXh[ Z[ (&'&$ 7 f[iWh Z[ gk[ \k[hW Z[YbWhWZe _deY[d# j[ feh bW `kij_Y_W [YkWjeh_WdW" [b 9edi[`e Z[ =[d[hWb[i Z[ bW Feb_Y‡W be i[fWhÂŒ Z[\_d_j_lW# c[dj[ Z[ iki \_bWi" i[ Z_Y[ gk[ feh _dZ_iY_fb_# dW$ 9Whh_ÂŒd ik\h_ÂŒ" WZ[c|i Z[ kd l[hZWZ[he Æ\ki_bWc_[dje c[Z_|j_YeÇ W cWdei Z[b WfWhWje fhefW]WdZ‡ij_Ye Z[b Hƒ]_c[d" i_[j[ c[i[i Z[ Y|hY[b [d bWi f[eh[i YedZ_Y_ed[i" Wi‡ Yece l[`|c[d[i Z[ jeZe j_fe$
ĹŠ
Ä? -. Ĺ‹ Ĺ‹ &/'(# -ÄŒ ;d ik Z[ic[ikhWZe W\|d Z[ WbW# XWh W 7b\Whe" iki fWd[]_h_ijWi ^Wd jecWZe [b YWc_de Z[ bW YWbkcd_W YedjhW gk_[d[i b[ fh[Y[Z_[hed e b[ YecXWj_[hed$ Fhk[XWi Wb YWdje0 ;d kd \ebb[je fkXb_YWZe o h[fWhj_Ze feh Wb]‘d eh]Wd_ice f‘Xb_Ye i[ Wi_[djWd jWdjWi \Wbi[ZWZ[i gk[ [i _cfei_Xb[ h[\kjWh [d Y_[d Whj‡Ykbei f[h_eZ‡ij_Yei$ JeZWi [bbWi j_[dZ[d W Z[ceijhWh gk[ Wdj[i Z[ 7b\Whe [ij[ c_i[hWXb[ fW‡i de fWiWXW Z[ i[h kdW Y|Ă’bW Z[ ^ej[djej[i _]de# hWdj[i o \Wd|j_Yei$ De ^WX‡Wd Xh_bbWZe d_ bW Feb_jƒY# d_YW" d_ bei dehcWb[i [if[Y_Wb[i fWhW
ÆFeh Z[Y_h bW l[hZWZ cWdY_bbWhed c_ ^edehÇ" Z[Y‡W kd Yeckd_YWZe gk[ fehjWXW [b 9ehed[b$ ÂľGk_ƒd h[fWhWh| [b ZW‹e ^[Y^e W [ij[ e\_Y_Wb Z_]de o W ik \Wc_b_W5 ÂľIk [ifeiW [ ^_`ei WYWie de c[h[Y[d bWi Yedi_Z[hWY_ed[i ZWZWi ][d[he# iWc[dj[ W ejhei5 BW 9edij_jkY_ÂŒd [ijWXb[Y[ bW _]kWbZWZ Z[ Z[h[Y^ei Z[ jeZei bei [YkWjeh_Wdei" Wkdgk[ i[]‘d h[l[bWd bei ^[Y^ei h[Y_[dj[i ^Wo gk_[d [ij| feh [dY_cW Z[ [ij[ fh_dY_f_e$ ÆGk_[he ebl_ZWh be gk[ c[ ^W jeYWZe l_l_h o Z[i[e Yed jeZe c_ YehWpÂŒd gk[ de b[ ikY[ZW W d_d]‘d [YkWjeh_WdeÇ" Z_`e 9Whh_ÂŒd o gk[ i[ i[dj‡W Æeh]kbbeie Z[ i[h [YkWjeh_Wde" Z[ ^WX[h bb[lWZe c_ kd_\ehc[ Wb i[hl_Y_e Z[ bW Yeckd_# ZWZ o Z[ ^WX[h Z[\[dZ_Ze bW l[hZWZ" i_[cfh[ h[if[jkeie Z[ bW 9edij_jkY_ÂŒdÇ$ JWcX_ƒd _dijÂŒ W bei [YkWjeh_Wdei ÆW bW h[YedY_b_WY_ÂŒd feh [dY_cW Z[b |d_ce Z[ l[d]WdpW o bW Z[ikd_ÂŒdÇ$
cW[ijhWi _dZ‡][dWi" d_ bW [ZkYWY_ÂŒd fh_cWh_W ]hWjk_jW o eXb_]Wjeh_W" d_ [b cWoeh d‘c[he Z[ d_‹ei [iYebWh_# pWZei [d h[bWY_ÂŒd W bW feXbWY_ÂŒd Z[ dk[ijhW 7cƒh_YW" d_ bWi ;iYk[bWi Z[ 9WZ[j[i" Z[ 8[bbWi 7hj[i" d_ [b 9ed# i[hlWjeh_e Z[ C‘i_YW" d_ [b EXi[hlW# jeh_e 7ijhedÂŒc_Ye" d_ dWZW$ ;d [i[ c_ice \ebb[je i[ b[ ^WY[ Z[Y_h W kd YkhW0 ƾ9ÂŒce gk_[h[d gk[ bWi ck`[h[i o bei _dZ_ei i[Wd _]kWb[i W bei ^ecXh[i Z[ X_[d5Ç ?dZ_]dWY_ÂŒd o d|ki[W ied bW ‘d_YW h[ifk[ijW$ OW [i ^ehW Z[ bW Z[Y[d# Y_W [d [b jhWjWc_[dje Z[b fWiWZe dWY_edWb$ :[Y[dY_W o ^edhWZ[p0 dWZW c|i$ JWcX_ƒd i[ YWbkcd_W Wb fk[# Xbe [YkWjeh_Wde" i[ b[ Yedl_[hj[ [d kd h[XW‹e i[hl_b _dZ_\[h[dj[ W Yh‡c[d[i" f[hi[YkY_ed[i" jehjkhWi o cehZWpWi$ I[ be fh[i[djW Yece bW l‡Yj_cW ^kc_bbWZW gk[ X[iW bW cWde Z[ ik l[hZk]e Yed ikc_i_ÂŒd o ^WijW Wb[]h‡W$ JeZei bei i[h[i ^k# cWdei j[d[cei ^edeh" jWcX_ƒd bei
ck[hjei" jeZei [bbei$ 9_je fehgk[ de j_[d[ Z[if[hZ_Y_e W <[Z[h_Ye @_# cƒd[p BeiWdjei0 Æ>Wo kdW b[o de [iYh_jW [d jeZWi bWi Y_l_b_pWY_ed[i ^kcWdWi feh bW gk[ bei ck[hjei W cWde W_hWZW" bei Wi[i_dWZei W bei gk[ de i[ ^_pe `kij_Y_W" f[hi_]k[d W bei gk[ kbjhW`Whed ik c[ceh_W [ _cf_Z[d ik [j[hde Z[iYWdieÇ$ OW [i ^ehW Z[ gk[ bei ^_ijeh_W# Zeh[i ik`[jei W fh[`k_Y_ei _dl[j[# hWZei h[YedepYWd bW YWdj_ZWZ Z[ l‡Yj_cWi Z[b Wb\Wh_ice" Ykoe h[# Yk[hZe i[ fhe\WdW o eYkbjW Yece kdW bWYhW dWY_edWb" YkWdZe [d h[W# b_ZWZ ik\h_[hed feh i[h j[ij_]ei Z[ bW l[hZWZ o Z[ bW ^ecXh‡W Z[ X_[d \h[dj[ W bW l_eb[dY_W Z[iW\ehWZW o Z_[hed ik l_ZW feh Ă’Z[b_ZWZ W iki _Z[Wb[i [d cWdei Z[ kdei YkWdjei j_hWdk[bei Yed bWi XWbWi Yece Wh# ]kc[dje$ !$1#(+#Äž+ '.1 Ä“!.,Ä“#!
} ĹŠ ^ : ĹŠ ÄŠĹŠ
/# )Ĺ‹3Ĺ‹()-Ĺ‹ )&0# ')-Ĺ‹* , Ĺ‹ +/ZĹ‹ / Ĺ‹ & !# ) Ied Zei W‹ei gk[ [b 7bYWbZ[ Z[ ?XWhhW" @eh][ CWhj‡d[p" [ij| l[bWd# Ze feh bW c[`ehW Z[ ik Y_kZWZ" jhW# XW`WdZe [d fheo[Yjei jWb[i Yece0 bW h[Z Z[ c[hYWZei" [b i_ij[cW l_Wb Z[b YWdjÂŒd" [b fbWd Z[ ehZ[dWc_[d# je o Z[iWhhebbe j[hh_jeh_Wb" 9ƒdjh_YW FWhgk[ 8kb[lWh" jeZei [bbei" fhe# o[Yjei _cfehjWdj[i" ]hWdZ[i o X[d[\_Y_eiei fWhW bW Yk_ZWZ" [d bei YkWb[i ^W _dl[hj_Ze cko X_[d iki Zei W‹ei Z[ jhWXW`e" jecWdZe [d Yk[djW gk[ [b fh_c[h W‹e i[ [dYk[djhW Yed kd Ckd_Y_f_e [d [b gk[ de ^W [n_ij_Ze dkdYW kdW feb‡# j_YW gk[ b[i f[hc_jW i[]k_h kd b_d[W# c_[dje W bWh]e fbWpe$ ;djedY[i" i[ j_[d[ gk[ lebl[h W [cf[pWh Yed kdW dk[lW \_beie\‡W Z[ jhWXW`e" gk[ oW dei ^W Z[ceijhWZe [d bW [cfh[iW [bƒYjh_YW Z[ Gk_je o [d ;c[bdehj[ be ^W feZ_Ze ^WY[h$ 7kd de i[ fk[Z[d l_ikWb_pWh [ijei fheo[Yjei" f[he i[ [ij| jhW# XW`WdZe [d [bbei o feYe W feYe i[ l[h|d h[\b[`WZei [d X[d[\_Y_e Z[ jeZei" fk[i de ied fheo[Yjei gk[ i[ [cf_[pWd o i[ j[hc_dWd [d , e / c[i[i" Yece Whh[]bei Z[ fWhgk[i o YeiWi ikf[h\_Y_Wb[i" gk[ de h[ik[b# l[d bW d[Y[i_ZWZ Z[ \edZe Z[ bW Y_k# ZWZWd‡W" f[he gk[ jWcX_ƒd [ij|d Z[djhe Z[ bei fbWd[i W h[Wb_pWh$ Kde Z[ bei ‘bj_cei ikY[iei" cko _cfehjWdj[ o iWj_i\WYjeh_e" [i gk[ dk[ijhe 7bYWbZ[" ^W i_Ze [b[]_# Ze fWhW i[h Fh[i_Z[dj[ Z[ bW 7C; 7ieY_WY_ÂŒd Z[ Ckd_Y_fWb_ZWZ[i Z[b ;YkWZeh gk[ [d]beXW ('/ ckd_Y_f_ei" Z[iZ[ bei c|i ]hWdZ[i Yece ied bei Z[ Gk_je o =kWoWgk_b" ^WijW bei c|i f[gk[‹ei" bei YkW# b[i ^Wd [iYe]_Ze W @eh][ CWhj‡d[p" fWhW gk[ b[i ]k‡[ ZkhWdj[ Zei W‹ei Yedi[Ykj_lei" [ije gk_[h[ Z[Y_h gk[ Z[X[ j[d[h YedZ_Y_ed[i Z[ [ijWZ_i# jW o Z[ feb‡j_Ye gk[ ^Wd Wfh[Y_WZe bWi ejhWi Yeckd_ZWZ[i Z[b fW‡i$ BW fh[eYkfWY_ÂŒd Z[ bei _XWhh[# ‹ei feZh‡W [ijWh [d gk[ [b [gk_fe Z[ jhWXW`e gk[ i[ [dYk[djh[ XW`e h[ifediWX_b_ZWZ Z[ 7bYWbZ[" de [ijƒ b_ije fWhW Wikc_h [b Yecfhe# c_ie gk[ [d [bbei j[dZh| gk[ Z[`Wh YkWdZe j[d]W gk[ \kd]_h o jhWXW`Wh [d bW 7C;$
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 ĹŠ ")4-3
ĹŠ ÂĄ ĹŠ (1#!3.1
ĹŠ ĹŠ "(3.1ĹŠ #%(.- + ĹŠ "(3.1( +ĹŠ (-.3 41.ĹŠ Ä“ Ä“ 11 Ä–ĹŠ #)~ ŊĊĎćŊ#-31#ĹŠ 4!1#ĹŠ8ĹŠ .! $4#13#Ä“ #+_$.-.ĖŊĉĒĎĹÄ?ĎćĉŊ , (+Ä–ĹŠ( 11 Äž+ '.1 Ä“!.,Ä“#! 3 5 +.Ä–ĹŠ 4!1#ĹŠ#-31#ĹŠ +(- 2ĹŠ8ĹŠ .1 +#2Ä“ ĹŠ #+_$.-.Ä–ĹŠÄ‰Ä’Ä‰ÄąÄŽÄŒÄ?Ä?ĹŠ , (+Ä–ĹŠ.3 5 +.Äž+ '.1 Ä“!.,Ä“#! 4+!;-Ä–ĹŠ 4!1#ĹŠÄ?ĉĉŊ#-31#ĹŠ 8 !4!'.ĹŠ8ĹŠ 4-~-ĔŊĉ".ĹŠ/(2. #+_$.-.Ä–ĹŠÄ‰Ä’Ä‘ÄąÄŒÄ?ÄŒÄ?ĹŠ , (+Ä–ĹŠ34+! -Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠ .Ä“ĹŠÄ?ćĎĈ
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
(.)(#)Ĺ‹ (. Ĺ‹ $šŋ &Ĺ‹. &š(Ĺ‹ Ĺ‹ &)-Ĺ‹Ä ĂžĹ‹ ˜)-Ĺ‹ Ĺ‹ (.)(#4 #š( #!.-.!(,(#-3.2Ä”ĹŠÄƒĹŠ1, ĹŠ"#ĹŠ !3 2ĹŠ 8ĹŠ!.-5#-(.2ĔŊ, 1! 1.-ĹŠ+ ĹŠ /1#3 " ĹŠ %#-" ĹŠ#-ĹŠ#+ĹŠ! -3¢-Ä“ĹŠĹŠ Ä› 7o[h Yed [b :[iĂ’ b[
9‡l_Ye o bW I[i_ÂŒd Ieb[cd[ i[ Z_[hed feh j[hc_dWZWi bWi Ă’ [i# jWi Z[ YWdjed_pWY_ÂŒd gk[ _d_Y_W# hed [b fWiWZe '. Z[ \[Xh[he$ 7 f[iWh Z[b \h‡e o bW bbkl_W" c|i Z[ +& Z[b[]WY_ed[i Z[ _di# j_jkY_ed[i [ZkYWj_lWi Yed iki c[`eh[i ]WbWi Z[iĂ’ bWhed feh bWi fh_dY_fWb[i YWbb[i Z[ bW Y_kZWZ$ 9ed bW fh[i[dY_W Z[ Wkjeh_# ZWZ[i beYWb[i" fhel_dY_Wb[i o dWY_edWb[i" Z_e _d_Y_e W bW I[i_ÂŒd Ieb[cd[$ ;d [b Z_iYkhie Z[ eh# Z[d [b YedY[`Wb 9Whbei ;if_deiW" h[Yehh_ÂŒ bW ^_ijeh_W Z[ bei Wdj[# ‹ei Yece bW fWkjW Z[ [djh[]W Z[i_dj[h[iWZW feh be]hWh c[`e# h[i YedZ_Y_ed[i Z[ l_ZW [d bei ^WX_jWdj[i$ Æ;i kdW j_[hhW Z[ de# Xb[i Whh_[hei Z[ _dY[iWdj[i W]h_# Ykbjeh[i" WfWi_edWZe Whj[iWdei" bkY^WZeh[i eXh[hei" Yh[Wj_lei f[diWZeh[i o [d X[bbWi o [djh[# ]WZWi ck`[h[i" [ij| bW Ă’ beie\‡W Z[ bWi f[hiedWi gk[ be]hWhed bW YWdjed_pWY_ÂŒdÇ" Z_`e$ .-"#!.1 !(.-#2ĹŠ ;d [b WYje i[ [djh[]Whed YedZ[# YehWY_ed[i o fbWYWi$ BW c[ZWbbW :ei Z[ CWhpe Feij Cehj[c fWhW <WX_e Jhk`_bbe" [n YedY[`Wb Z[b Ckd_Y_f_e Z[ 7djed_e 7dj[" \k[ [djh[]WZW feh fWhj[ Z[ bW Yed# Y[`WbW 9[Y_b_W Oƒf[p W ik [ifeiW CWh‡W <[hdWdZW Jehh[i1 :ei Z[ CWhpe W @kWd H[c_]_e L_bb[]Wi1 @kb_e C_]k[b 7]k_dW]W W C_]k[b Feiie1 =[d[hWb 7bX[hje ;dh‡gk[p W 9Whbei 7b\h[Ze 9WbZ[hÂŒd$ BWi fbWYWi Z[ h[YedeY_c_[dje \k[hed fWhW [b =eX_[hde DWY_edWb Z[b ;YkWZeh" =eX_[hde Fhel_dY_Wb Z[ ?cXWXkhW o Wb C_d_ij[h_e Z[ ?dZkijh_Wi o FheZkYj_l_ZWZ$ :[djhe Z[b c_ice [l[dje bW Ckd_Y_fWb_ZWZ Z[ 7djed_e 7dj[" h[Wb_pÂŒ bW Ă’ hcW Z[ lWh_ei Yedl[# d_ei o WYk[hZei$ 9ed [b C_d_ij[# h_e Z[ ?dZkijh_Wi o FheZkYj_l_# ZWZ C?FHE " fWhW h[fej[dY_Wh" [gk_fWh" Yedijhk_h kdW fbWdjW Z[ jhWjWc_[dje Z[ W]kWi h[i_ZkWb[i o c[`ehWh bW _d\hW[ijhkYjkhW Z[b 9[djhe Z[ <W[dWc_[dje Z[ 7d# jed_e 7dj[" feh kd cedje Z[ (.( c_b (', ZÂŒbWh[i$ BW Ă’ hcW \k[ iki# Yh_jW feh @kWd <hWdY_iYe 8Wbbƒd" l_Y[c_d_ijhe Z[b C?FHE$ ;b C_d_ij[h_e Z[ 9eehZ_dW# Y_ÂŒd Z[ FWjh_ced_e" C_d_ij[h_e Z[ 9kbjkhW o bW I[Yh[jWh‡W DW# Y_edWb Z[ ;ZkYWY_ÂŒd Ikf[h_eh" 9_[dY_W" J[Ydebe]‡W [ ?ddelWY_ÂŒd I[d[iYoj " fWhW bW h[Ykf[hWY_ÂŒd Z[b cki[e [d bW <|Xh_YW ?cXW#
XkhW" bW Ă’ hcW bW ikiYh_X_ÂŒ :Wd_[b Ik|h[p" Z[b[]WZe Z[b I[Yh[jWh_e DWY_edWb Z[ bW I[d[iYoj$ 9ed [b ?dij_jkje Z[ bW D_‹[p o bW <Wc_b_W C?;I#?D<7" fWhW bW [`[YkY_ÂŒd Z[ fheo[Yjei Z[ _d# j[hl[dY_ÂŒd ieY_Wb [d Z[iWhhebbe _d\Wdj_b _dj[]hWb feh kd cedje jejWb Z[ -+& c_b '*) ZÂŒbWh[i" bW Ă’ hcW \k[ ikiYh_jW feh [b :_h[Y# jeh Fhel_dY_Wb Z[b ?D<7" 9ƒiWh Fƒh[p$ BW I[Yh[jWh‡W JƒYd_YW Z[ 9e# ef[hWY_ÂŒd ?dj[hdWY_edWb I[# j[Y_ " fWhW bW h[Wb_pWY_ÂŒd Z[ bei [ijkZ_ei fWhW [b fheo[Yje Z[ W]kW fejWXb[ F_‹|d# 7jkdjWgk_ feh kd cedje Z[ -/ c_b ZÂŒbWh[i$ BW Ă’ hcW bW ikiYh_X_ÂŒ =WXh_[bW Hei[he" i[Yh[jWh_W jƒYd_YW Z[ bW I[j[Y_$ FWhW [b [ijkZ_e cWfW Z[ W]kW Z[b YWdjÂŒd" _dijhkc[dje gk[ f[h# c_j_h| efj_c_pWh bW jecW Z[ Z[Y_# i_ed[i [d YkWdZe W bW ][ij_ÂŒd Z[b b‡gk_Ze l_jWb Yed bei =eX_[hdei 7kjÂŒdecei :[iY[djhWb_pWZei Z[ bWi FWhhegk_Wi HkhWb[i Z[b YWd# jÂŒd o bW I[j[Y_" feh kd cedje Z[ -/ c_b ZÂŒbWh[i$ 9ed bW <[Z[hWY_ÂŒd Z[ Eh]Wd_pWY_ed[i 9eckd_jW# h_Wi Z[ ?cXWXkhW <E9? " bWi 7ieY_WY_ed[i BkY[h_jei Z[ ;if[hWdpW" H[dWY[h" IWd Bk_i Z[ ?cXWoW o Kd_Zei feh Dk[ijhei >_`ei" fWhW c[`ehWh bW YWb_ZWZ Z[ l_ZW Z[ bei _d# \Wdj[i" WZeb[iY[dj[i" `ÂŒl[d[i o iki \Wc_b_Wi c[Z_Wdj[ bW [`[YkY_ÂŒd Z[ fheo[Yjei" iki# Yh_X_[hed bWi \_hcWi @eh][ 7YeijW" h[fh[i[djWdj[ Z[ bWi WieY_WY_ed[i o HeY‡e Eb_le" ][h[dj[ Z[ 9^_bZ<kdZ ?cXW# XkhW$ !4#1".2ĹŠ8ĹŠ !3 2ĹŠ ;b WYjW Z[ Yecfhec_ie Yed bW :_h[YY_ÂŒd Fhel_dY_Wb Z[b C_# d_ij[h_e Z[ ?dYbki_ÂŒd ;YedÂŒ# c_YW o IeY_Wb" Yed [b eX`[j_le Z[ [`[YkjWh [b fheo[Yje Æ7c# fb_WY_ÂŒd Z[ YWfWY_ZWZ[i Z[ bWi f[hiedWi Yed Z_iYWfWY_# ZWZ o iki \Wc_b_Wi fWhW [n_]_h iki Z[h[Y^eiÇ" feh kd cedje Z[ (' c_b ZÂŒbWh[i$ 7YjW Z[ [djh[]W h[Y[fY_ÂŒd \ehcWb Z[ bWi _dijWbWY_ed[i Z[ bW fbWdjW ^_Zhe[bƒYjh_YW Z[b ?;II$ BW Ă’ hcW Z[b YedjhWje Z[ YhƒZ_# je o Ă’ Z[Yec_ie feh fWhj[ Z[b 8WdYe 9[djhWb fWhW bW h[ce# Z[bWY_ÂŒd Z[b C[hYWZe 9[d# jhWb feh kd cedje Z[ /&& c_b ZÂŒbWh[i$ BW Ă’ hcW Z[ [iYh_jk#
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĉ
} ēŊ 2Ŋ(-23(34!(.-#2Ŋ#"4! 3(5 2Ŋ2 +4" 1.-Ŋ +Ŋ! -3¢-Ŋ!.-Ŋ242Ŋ31 )#2Ŋ(,/#! +#2ēŊŊ
hWi Z[ jhWdi\[h[dY_W Z[b Zec_d_e Z[ kd _dck[Xb[ Z[ fhef_[ZWZ Z[b Ckd_Y_f_e Z[ 7djed_e 7dj[ W \Wleh Z[b C_d_ij[h_e Z[ IWbkZ fWhW bW YedijhkYY_ÂŒd Z[b dk[le ^eif_jWb$ I[ h[iWbjÂŒ gk[ [b fWiWZe () Z[ \[Xh[he i[ ikiYh_X_ÂŒ kd Yedl[d_e Z[ Yeef[hWY_ÂŒd _dj[hdWY_edWb Yed bW :[b[]WY_ÂŒd h[]_edWb Z[ 7hW]ÂŒd#;ifW‹W Z[ =[ÂŒbe]ei Z[b CkdZe" feh kd cedje Z[ *+ c_b -). ZÂŒbWh[i fWhW bW f[h\ehWY_ÂŒd Z[ kd fepe o be]hWh bW YWfjWY_ÂŒd Z[ W]kW ikXj[hh|d[W o [b Yehh[i# fedZ_[dj[ [gk_fWc_[dje [d [b i[Yjeh Z[ IWdjW 8[hj^W Z[ bW fW# hhegk_W Z[ IWd Hegk[$ .,/1.,#3(#1.-ĹŠ /.8.ĹŠ%4 #1- ,#-3 +ĹŠ @kWd <hWdY_iYe 8Wbbƒd" l_Y[c_# d_ijhe Z[b C_d_ij[h_e Z[ ?dZki# jh_Wi o FheZkYj_l_ZWZ" YedeY_ÂŒ [b [i\k[hpe fheZkYj_le Z[b YWdjÂŒd j[nj_b$ H[_j[hÂŒ [b Wfeoe fWhW [b Z[iWhhebbe [ _dj[hl[dY_ÂŒd [d [b Y[djhe Z[ YWfWY_jWY_ÂŒd f[hcW# d[dj[ fWhW bei [cfh[iWh_ei j[n# j_b[i$ 7dkdY_ÂŒ gk[ ikiYh_X_h|d
ēŊ 1+.2Ŋ +$1#".Ŋ +"#1¢-ĔŊ1#!( (¢Ŋ+ Ŋ,#" ++ Ŋ #-#1 +Ŋ + #13.Ŋ -1~04#9ēŊ .1Ŋ#+Ŋ31 ).Ŋ!.-Ĺ 23 -3#Ŋ#-Ŋ+ Ŋ!.,4-(! !(¢-Ŋ8Ŋ#+Ŋ2#15(!(.Ŋ 2.!( +ēŊ
Ä“ĹŠĹŠ 4 -ĹŠ 1 -!(2!.ĹŠ ++_-ĔŊ 5(!#,(-(231.ĹŠ"#+ĹŠ ĹŠ8ĹŠ (!' 1"ĹŠ +"#1¢-ĔŊ +! +"#ĹŠ"#ĹŠ -3.-(.ĹŠ -3#ĹŠ ÄƒĹŠ1, 1.-ĹŠ#+ĹŠ!.-5#-(.ĹŠ/ 1 ĹŠ1#/.3#-!( 1ĹŠ #+ĹŠ #-31.ĹŠ"#ĹŠ #- ,(#-3.Ä“ĹŠĹŠĹŠ
kd dk[le Yedl[d_e fWhW [ijWXb[# Y[h \ec[djei fheZkYj_lei Yed bW Ckd_Y_fWb_ZWZ o bW 9|cWhW Z[ 9ec[hY_e Z[ 7djed_e 7dj[$ @kWd 9Whbei 9k[bbWh" l_Y[c_# d_ijhe YeehZ_dWZeh Z[ FWjh_ce# d_e" _dZ_YŒ [ijWi WYj_l_ZWZ[i ied efehjkd_ZWZ[i fWhW h[jecWh bW _Z[dj_ZWZ Yece Y_kZWZWdei$ :_`e gk[ [n_ij[ kdW W][dZW fW# jh_ced_Wb W d_l[b dWY_edWb gk[ i[ eh_[djW W h[YedeY[h bWi \kdY_Œd
Z[ bei X_[d[i Yece ikij[dje Z[ be gk[ [i [b Z[iWhhebbe ieY_Wb o [Ye# dÂŒc_Ye$ #-"(!(¢-ĹŠ"#ĹŠ!4#-3 2ĹŠ ;b 7bYWbZ[ H_Y^WhZ 9WbZ[hÂŒd" h[Wb_pÂŒ bW h[dZ_Y_ÂŒd Z[ Yk[djWi Z[ ik ][ij_ÂŒd$ ?dZ_YÂŒ gk[ ied i_[# j[ W‹ei Z[ h[ifediWX_b_ZWZ [d bW YedijhkYY_ÂŒd Z[ kd YWdjÂŒd Yec# f[j_j_le" iWbkZWXb[" Yed _d\hW[i# jhkYjkhWi X|i_YWi o ehZ[dWZWi
81,9(56,'$' 7e&1,&$ '(/ 1257( &2192&$725,$ /D 8QLYHUVLGDG 7pFQLFD GHO 1RUWH UHTXLHUH FRQWUDWDU SURIHVLRQDOHV SDUD HMHUFHU OD GRFHQFLD HQ ODV VLJXLHQWHV iUHDV 6DOXG PHGLFLQD HQIHUPHUtD 7HOHFRPXQLFDFLRQHV (GXFDFLyQ 0DWHPiWLFDV /HJLVODFLyQ 5HFXUVRV 1DWXUDOHV 5REyWLFD %LRWHFQRORJtD 0HFDWUyQLFD $GPLQLVWUDFLyQ 6LVWHPDV 0DUNHWLQJ 5HGHV $XGLWRUtD ,QWHUHVDGRV IDYRU HQYLDU KDVWD HO OXQHV FLQFR GH PDU]R GH DO FRUUHR HOHFWUyQLFR YLFHDFDGHPLFR#XWQ HGX HF OD VLJXLHQWH LQIRUPDFLyQ HQ DUFKLYR GLJLWDO
'DWRV SHUVRQDOHV DGMXQWDU IRWRJUDItD UHFLHQWH 7tWXOR GH WHUFHU \ FXDUWR QLYHO 0DHVWUtD \ R 3K' $FUHGLWDU H[SHULHQFLD GH SUHIHUHQFLD HQ GRFHQFLD &XUVRV GH DFWXDOL]DFLyQ GHWDOODU DTXHOORV UHDOL]DGRV D SDUWLU GH KDVWD OD DFWXDO IHFKD ³&,(1&,$ < 7e&1,&$ $/ 6(59,&,2 '(/ 38(%/2´ $' $,
Ĺ? Ĺ?
Ĺ?
ĉ
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
2!4#+ 2Ŋ"#Ŋ! ,/.Ŋ %1.#!.+¢%(! 2
Ĺ—ĹŠĹŠ
;d bW fWhhegk_W Z[ FbWpW =kj_ƒhh[p i[ Yed\ehcW# hed bWi [iYk[bWi Z[ YWcfe W]he[YebŒ]_YWi$ Kd jƒYd_Ye YedjhWjWZe feh bW @kdjW FWhhegk_Wb YWfWY_jWh| W bWi (+ f[hiedWi [djh[ d_‹ei" ck`[h[i o WZkbjei [d bW Yh[W# Y_Œd Z[ fWhY[bWi o i[c_bb[# hei fWhW Ykbj_le Z[ fbWdjWi Z[ Y_Ybe Yehje$ Feh kd c[i h[Y_X_h|d bei jWbb[h[i bei fWhj_Y_fWdj[i Z[ bWi YkWjhe Yeckd_ZWZ[i$ I_d [cXWh]e feh bW b[`Wd‡W Z[ 7pWX‡ kd jƒYd_Ye Z[b C_d_ij[h_e Z[ 7]h_YkbjkhW o =WdWZ[h‡W _cfWhj_h| bWi YWfWY_jWY_ed[i [d [ij[ i[Yjeh$
4#5 ,#-3#ĹŠ(-2/#!Äą !(.- 1;-ĹŠ5#-3 ĹŠ"#ĹŠ % 2.+(-
Ĺ—ĹŠ ĹŠĹŠ F[hiedWb Z[b 9k[hfe Z[ 8ecX[hei [ijWh| [d bW pedW
Z[ ÞdjW] bW i[cWdW i_]k_[dj[ fWhW h[l_iWh bei beYWb[i gk[ Yec[hY_Wb_pWd YecXkij_Xb[$ ;i gk[ W bei fhef_[jWh_ei Z[ bei i_j_ei Z[ bWi fWhhegk_Wi Z[ =WhY‡W Ceh[de o 7fk[bW b[i Z_[hed kd j_[cfe fhk# Z[dY_Wb fWhW d[]eY_Wh [d kd i_j_e i[]khe bW ]Wieb_dW gk[ [i kd fheZkYje _dÓ WcWXb[ o bei l[dZ[Zeh[i Yehh[d i[h_e h_[i]e Wb [nf[dZ[h i_d bWi Z[X_ZWi ]WhWdj‡Wi" fehgk[ WbcWY[dWi bW ]Wieb_dW [d jWdgk[i Z[ fb|ij_Ye$
($4-"(1;-ĹŠ2(3(.2ĹŠ341~23(!.2
-Ŋ+ Ŋ/ 11.04( Ŋ"#Ŋ 4#++ )#Ŋ' 8Ŋ,4!'.2Ŋ2(3(.2Ŋ341~23(!.2Ŋ04#Ŋ2#1;-Ŋ"($4-"(".2Ŋ/.1Ŋ+.2Ŋ,#"(.2Ŋ"#Ŋ!.,4-(! !(¢-ēŊ 2.Ŋ/ 1 Ŋ04#Ŋ+ 2Ŋ/#12.- 2Ŋ04#Ŋ%423 -Ŋ 5(2(3 1Ŋ+4% 1#2Ŋ04#Ŋ-.Ŋ2.-Ŋ!.,4-#2Ŋ8Ŋ3(#-#-Ŋ2(3(.2Ŋ'(23¢1(!.2Ŋ8Ŋ (."(5#12(" "Ŋ(-(%4 + +#Ŋ %#-"#-Ŋ Ŋ 4#++ )#Ŋ"#-31.Ŋ"#Ŋ+ Ŋ+(23 Ŋ"#Ŋ2(3(.2Ŋ04#Ŋ/4#"#-Ŋ!.-.!#1ēŊ "#,;2Ŋ/ 1 Ŋ04#Ŋ+ 2Ŋ 43.1(" "#2Ŋ1#%(231#-Ŋ#-Ŋ+ 2Ŋ/1.,.!(.-#2Ŋ"#Ŋ+.2Ŋ$#1( ".2Ŋ3 , (_-Ŋ#23#Ŋ2(3(.Ŋ04#Ŋ+#Ŋ /4#23 Ŋ +Ŋ341(2,.Ŋ!.,4-(3 1(.ēŊ +Ŋ31 ).Ŋ8 Ŋ #,/#9¢Ŋ!.-Ŋ#+Ŋ(-5#-3 1(.Ŋ"#Ŋ2#!3.1#2Ŋ Ŋ".-"#Ŋ/4#"#-Ŋ++#% 1Ŋ+ 2Ŋ5(2(3 2Ŋ- !(.- +#2Ŋ8Ŋ#731 -)#1 2ĔŊ#2/#1 -Ŋ!.-23 1Ŋ#-Ŋ#+Ŋ/1¢7(,.Ŋ$#1( ".ē
2*) ,# ŋ ). "#ŋ ßúÝßŋ (ŋ*& ( ŋ ),! (#4 #š( #+ŊĎŊ +ŊđŊ"#Ŋ 1(+Ŋ#23;Ŋ/1.%1 , ".Ŋ Ŋ #5#-3.Ŋ/.1Ŋ#+Ŋ$#1( ".Ŋ"#Ŋ #, - Ŋ -3 ēŊ -Ŋ54#+!.Ŋ3.3 +Ŋ"(#1.-Ŋ Ŋ+ Ŋ31 "(!(¢-ē ěŊ7 c|i Z[ kd c[i Z[
_d_Y_Wh bW ;nfe\[h_W 9ejWYWY^_ (&'(" bW fbWd_Ă’ YWY_ÂŒd fWhW [ij[ cW]de [l[dje gk[ i[ Z[iWhhe# bbWh| Z[b + Wb . Z[ WXh_b [ij| YWi_ b_ijW$ ;b `k[l[i + Z[ WXh_b i[ _dWk# ]khWh| bW ;nfe\[h_W W bWi '-0&&$ ;b l_[hd[i iWdje" i[ h[Wb_pWh| [b YedYkhie dWY_edWb Z[ YWij_bbei [d [b [ijWZ_e Hkc_‹W^k_$ ;d# jh[]Wh|d fh[c_ei [YedÂŒc_Yei fWhW [b fh_c[he" i[]kdZe o j[h# Y[h fk[ije" Z[ Zei c_b" c_b o +&& ZÂŒbWh[i h[if[Yj_lWc[dj[$ 7gk‡ jWcX_ƒd [ijWh| bW ck[ijhW W]he# f[YkWh_W$ BWi f[hiedWi gk[ i[h|d fWhj[ Z[ [ij[ YedYkhie fh[i[djWh|d [d kd Z[iĂ’ b[ [b Whj[ Z[ bei jhWXW`ei gk[ [bWXehWd [d YWZW h_dYÂŒd Z[b ;YkWZeh" Z_`e 7bXW J[h|d" ][h[d# j[ Z[ bW [cfh[iW f‘Xb_YW Z[ Jk#
7/.$#1( ;2ĹŠ" 3.2
ĹŠ #ĹŠ#23(, ĹŠ04#ĹŠ+ ĹŠ$#1( ĹŠ!.23 1~ ĹŠÄˆÄ‡Ä‡ĹŠ,(+ĹŠ Ĺ—"¢+ 1#2Ä“ ĹŠÄˆÄŽÄ‡ĹŠ23 -"2ĹŠ#23;-ĹŠ"(2/.-( +#2ĹŠ/ 1 ĹŠ Ĺ—+ 2ĹŠ/#12.- 2ĹŠ04#ĹŠ"#2##-ĹŠ#7'( (1ĹŠ242ĹŠ /1."4!3.2Ä“
ŊĉććŊ"¢+ 1#2Ŋ#2Ŋ#+Ŋ5 +.1Ŋ/ 1 Ŋ+.2Ŋ#7/.2(Ĺ ŗ3.1#2ē
Ĺ—ĹŠÄˆÄˆÄ‡ĹŠ"¢+ 1#2ĹŠ/ 1 ĹŠ 13#2 -.2ĹŠ! +(ÄƒĹŠ! ".2Ä“ Ĺ—ĹŠ 1;ĹŠ#7/.2(3.1#2ĹŠ+.! +#2ĹŠ8ĹŠ- !(.- +#2Ä“ h_ice Z[ 9ejWYWY^_" [dj_ZWZ gk[ [ij| W YWh]e Z[ bW eh]Wd_pWY_ÂŒd$ FWhW bei Whj[iWdei Z[b YWdjÂŒd ^Wo kd fh[Y_e fh[\[h[dY_Wb Z[ bei ijWdZi" feh [ie l_i_jWd W bei f[gk[‹ei Whj[iWdei Z[b YWdjÂŒd
ÂĄ Ä“ĹŠ .2ĹŠ !3.2ĹŠ1#+(%(.2.2ĹŠ2#1;-ĹŠ/ 13#ĹŠ(,/.13 -3#ĹŠ"#+ĹŠ$#1( ".ĹŠ/.1ĹŠ #Äą , - ĹŠ -3 Ä“
fWhW gk[ iWgk[d bei fheZkYjei o [ijƒd l_i_Xb[i [d bW ;nfe\[h_W$ ;b Ă’ d [i gk[ i[ [djWXb[d d[]eY_ei o bW [Yedec‡W i[ Z_dWc_Y[" Z_`e Ied_W <hWdYe" YedY[`WbW Z[ 9e# jWYWY^_$ BW ]Wijhedec‡W j[dZh| jh[i fWj_ei0 fWhW bW j‡f_YW" _dj[h# dWY_edWb" h|f_ZW$ BW 9edY[`WbW IWc_W <hWdYe" WĂ’ hcÂŒ gk[ 9ejWYWY^_ [i [b i[# ]kdZe bk]Wh c|i l_i_jWZe [d I[# cWdW IWdjW" Z[ifkƒi Z[ Gk_je$ Be h[b_]_eie jWcX_ƒd WjhW[ W bei jkh_ijWi$ Bei Yeckd[hei fh[fW# hWd W bei iWdjei o jeZe be WdY[i# jhWb Z[ bei Z‡Wi iWdjei$ 7Ă’ hcÂŒ gk[ i[ YeehZ_dW Yed Wb [cXW`WZW Z[ L[d[pk[bW fWhW gk[ kd ijWdZ Z[ [ij[ fW‡i [nfed]W ik
fheZkYY_ÂŒd$ 1% -(9 !(¢-ĹŠ ;hd[ije =k[lWhW" [i [b [cfh[# iWh_e YedjhWjWZe fWhW fbWd_Ă’ YWh bW eh]Wd_pWY_ÂŒd Z[ bW \[h_W$ 9ed kdW \eje]hW\‡W Wƒh[W _d\ehcW bei i_j_ei gk[ i[h|d kj_b_pWZei [d bei Z‡Wi Z[ bW ;nfe\[h_W $ ;d jeZe [b YWiYe khXWde ^W# Xh| cel_c_[dje o bW fhe]hWcW# Y_ÂŒd i[h| fWhW jeZe ]kije$ ;d [b [ijWZ_e Z[ bW B_]W Z[ 9ejWYWY^_" jWcX_ƒd i[ fh[i[djWh|d Whj_ijWi dWY_edWb[i o [njhWd`[hei$ ;ij_cWd gk[ bb[]Wh|d kdWi '(& c_b f[hiedWi$ BW fheceY_ÂŒd Z[ bW ;nfe\[h_W [i [b fkdjWb fWhW gk[ bei jkh_ijWi bb[]k[d$
&), ,6Ĺ‹ &Ĺ‹' -Ĺ‹ /&./, &
ÂĄ Ä“ĹŠ .2ĹŠ-(Â .2ĹŠ /1#-"#-ĹŠ ĹŠ5 +.1 1ĹŠ ĹŠ .3 ! !'(ĹŠ8ĹŠ#+ĹŠ !4 ".1Ä“
CWhpe [d 9ejWYWY^_ i[h| Yedi_# Z[hWZe [b c[i Z[b Æ<beh[Y_c_[dje 9kbjkhWbÇ$ BW Z_h[YY_ÂŒd Z[ 9kb# jkhW o H[Yh[WY_ÂŒd Z[b Ckd_Y_f_e jhWpÂŒ kdW fhe]hWcWY_ÂŒd fWhW Ye# fWh jeZe [ij[ c[i [d WYj_l_ZWZ[i gk[ YedĂ“ koWd bW Yeicel_i_ÂŒd WdZ_dW" gk[ Yedi_Z[hW W cWhpe Yece [b c[i Z[b Ă“ eh[Y_c_[dje o [b ckdZe Z[ ejhWi YkbjkhWi gk[
l_l[d [d [b YWdjŒd$ Bei [ijkZ_Wdj[i Z[ bei Y[d# jhei [ZkYWj_lei i[h|d fWhj[ Z[b _dj[h[iYebWh Z[ Z_Xk`e o ehWje# h_W$ FWhW _dY[dj_lWh ik fWhj_Y_# fWY_Œd i[ _cfWhj_Œ jWbb[h[i Z[ Z_Xk`e" ^_ijeh_W Z[ 9ejWYWY^_" f[hiedW`[i Z[ bW Y_kZWZ o Z[b fW‡i" bk]Wh[i jkh‡ij_Yei [djh[ ejhei j[cWi$
ÄľÄ‰ÄŒÄ?Ä‘ÄˆÄľ
# ( (Ĺ‹*,#-#š(Ĺ‹*, 0 (.#0 Bei Zei fh[ikdjei Z[b_dYk[d# j[i" gk[ \k[hed Z[j[d_Ze [b fW# iWZe `k[l[i W bW c[Z_W deY^[" [b kde [d [b i[Yjeh ;b 8Wj|d" [d [b YWdjÂŒd 9ejWYWY^_ o [b ejhe [d bW fWhhegk_W Z[ IWd FWXbe" [d EjWlWbe" h[Y_X_[hed bW iWdY_ÂŒd Z[ /& Z‡Wi Z[ fh_i_ÂŒd fh[l[dj_# lW feh [ijW YWkiW$ Bei Zei _cfb_YWZei [ij|i WYkiWZei Z[ ^WX[h heXWZe [d kd WbcWYƒd Z[ bW Y_kZWZ ;b Ă›d# ][b Z[ bW fhel_dY_W Z[b 9WhY^_$ FWhj[ Z[ bWi [l_Z[dY_Wi \k[hed h[Ykf[hWZWi o h[YedeY_ZWi feh [b Zk[‹e Z[b beYWb$
ēŊ 1( 2Ŋ/1#-" 2Ŋ"#Ŋ5#23(1Ŋ 8Ŋ/#1$4,#2Ŋ"#Ŋ,#"(.Ŋ42.Ŋ8Ŋ,;2Ŋ 13~!4+.2Ŋ1#!4/#1¢Ŋ+ Ŋ .+(!~ Ŋ 4"(!( +ē
7 Ĺ? ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
ÄŠ
Ä“ĹŠ 8#1ĹŠ2#ĹŠ1#4-(#1.-ĹŠ+.2ĹŠ +3.2ĹŠ"(1(%#-3#2ĹŠ"#ĹŠ+ ĹŠ !4 14- 1(ĹŠ#-ĹŠ 3 5 +.Ä“ĹŠ ĹŠ.1% -(9 !(¢-ĹŠ"#ĹŠ+ ĹŠ, 1!' ĹŠ!.-3(-ĂŒ Ä“ĹŠ
,' (ŋ' , " ŋ* , ŋ &ŋĂŋ ŋ' ,4) +Ŋ+4-#2Ŋ2#Ŋ1#4-(1;-Ŋ+.2Ŋ/4# +.2Ŋ"#Ŋ+ Ŋ (#11 Ŋ .13#Ŋ/ 1 Ŋ"#+(-# 1Ŋ#231 3#%( 2Ŋ -3#Ŋ#23 Ŋ,#"(" ēŊ Ŋ ěŊ :[iZ[ oW i[ fkb[d bWi [ijhWj[]_Wi fWhW bW cWhY^W YedleYWZW feh [b cel_c_[dje _dZ‡][dW o bWi eh]Wd_pWY_ed[i ieY_Wb[i" gk[ WhhWdYWh| [b . o i[ [nj[dZ[h| ^WijW [b (( Z[ cWhpe [d jeZe [b fW‡i$ JeZei bb[]Wh|d ^WijW bW YWf_jWb Z[ bei [YkWjeh_W# dei$
KdW iŒb_ZW Z[b[]WY_Œd Z[ h[# fh[i[djWdj[i _dZ‡][dWi Z[ bWi fhel_dY_Wi Z[ ?cXWXkhW" F_Y^_d# Y^W o 9WhY^_" `kdje Wb fh[i_Z[dj[ Z[ bW 9ed\[Z[hWY_Œd A_Y^mW Z[b ;YkWZeh#;YkWhkdWh_ i[ h[kd_[# hed Wo[h [d EjWlWbe$ ;nfb_YWhed bW W][dZW gk[ i[]k_h|d ZkhWdj[ bei '+ Z‡Wi fh[l_ei W bW ]hWd Yed#
Y[djhWY_ÂŒd$ :[b\‡d J[d[iWYW" fh[i_Z[dj[ Z[ bW ;YkWhkdWh_" i[‹WbÂŒ gk[ Z[# Y_Z_[hed cel_b_pWhi[ [b . Z[ cWh# pe Yece kd ^ec[dW`[ W bW ck`[h gk[ W ik Yh_j[h_e jWcX_ƒd ^W i_Ze W]h[Z_ZW feh [b WYjkWb =eX_[hde$ 7YbWhÂŒ gk[ de i[ jhWjW Z[ c[Z_h \k[hpWi fk[i [b Hƒ]_c[d jWcX_ƒd YedleYÂŒ W kdW cWhY^W$ :_`e gk[ feh d_d]‘d bWZe _dj[djWd [d\h[d# jWh Wb fk[Xbe YedjhW [b fk[Xbe$ ÆDeiejhei i_ gk[h[cei Z[`Wh YbW# he gk[ [b eX`[j_le [i cWd_\[ijWh W bei [YkWjeh_Wdei bW Z[\[diW Z[ bW
cWZh[ dWjkhWb[pW$ ;d [b fW‡i [b =eX_[hde Wkjeh_jWh_e Z[ 9ehh[W ^W c[j_Ze c_[Ze [d bW ][dj[ o lW# cei W Z[ceijhWh gk[ ikf[hWcei [b c_[ZeÇ" h[YWbYÂŒ$ De gk_i_[hed ZWh Y_\hWi f[he [if[hWd YedleYWh W c_b[i Z[ f[hiedWi o i[djWh kd fh[Y[Z[dj[$ 1(,#1.2ĹŠ/ 2.2ĹŠ#-ĹŠ , 41
Feh ik fWhj[" CWhYe =kWj[cWb" fh[i_Z[dj[ Z[ bW <[Z[hWY_Œd Z[ Fk[Xbei A_Y^mWi Z[ bW I_[hhW Dehj[#<?9?" i[‹WbŒ gk[ Z[djhe Z[ bW fhel_dY_W jWcX_ƒd Ykcfb[d
kd cWdZWje Z[ bWi Yeckd_ZWZ[i Z[ XWi[ o jecWd WYY_ed[i \h[dj[ W bW Yh_c_dWb_pWY_ÂŒd Z[ bW bkY^W ieY_Wb o [b Wbje Yeije Z[ bW l_ZW$ H[YehZÂŒ gk[ [b bkd[i i[ h[kd_h|d [d bW <?9? fWhW Ă’`Wh [ijhWj[]_Wi YedY_iWi feh fWhj[ Z[ bei fk[Xbei EjWlWbe" 9WhWdgk_" 9WoWcX_ o DWjWXk[bW$ Æ;b [nW][hWZe Wkje# h_jWh_ice Z[b Hƒ]_c[d o [b W\|d Z[ Z[il_dYkbWh [b fheY[ie Z[ bei fk[Xbei _dZ‡][dWi ^W ^[Y^e gk[ jec[cei WYY_ed[i _dc[Z_WjWi$ ;b =eX_[hde Z[X[ [cf[pWh W c_hWh [b YbWceh Z[ bW ][dj[Ç" WYejÂŒ$
ýŋ . (# )-Ĺ‹*),Ĺ‹Ä?* +/ . 4)Ä‘Ĺ‹ ;d bWi W\k[hWi Z[b XWdYe Z[b F_# Y^_dY^W" [d fb[de Y[djhe Z[ bW Y_kZWZ" Zed Bk_i IWdj_bb|d Z[ .' W‹ei Z[ [ZWZ \k[ _dj[hY[f# jWZe feh jh[i ik`[jei gk[ bk[]e Z[ [dh[ZWhbe i[ bb[lWhed *+& ZÂŒbWh[i gk[ [b WdY_Wde WYWXW# XW Z[ h[j_hWh Z[ bW [dj_ZWZ$ Bei ikfk[ijei [ijW\WZeh[i ^ko[hed W XehZ[ Z[ kd Wkje# cÂŒl_b YehiW Wpkb f[he feh \eh# jkdW bW l‡Yj_cW bei _Z[dj_Ă’YÂŒ o [cfh[dZ_ÂŒ bW f[hi[YkY_ÂŒd [d kd jWn_$ ;d bW fWdWc[h_YWdW" jecÂŒ YedjWYje Yed kd Feb_Y‡W feh be gk[ be]hWhed _dj[hY[f# jWh W bei f_bbei W bW WbjkhW Z[ bW [ijWY_ÂŒd Z[ i[hl_Y_ei Z[ ;k][#
d_e ;if[`e$ Bk[]e Z[ h[l_iWh [b WkjecÂŒ# l_b _Z[dj_Ă’YWhed [b Z_d[he gk[ ^WX‡W i_Ze ikijhW‡Ze [d kdW XebiW Z[ Yk[h_dW$ De Z_[hed kdW [nfb_YWY_ÂŒd Y[hj[hW Z[ bW j[d[dY_W Z[ bei *+& ZÂŒbWh[i o Z[ _dc[Z_Wje bei jhWibWZWhed ^WijW [b 9[djhe Z[ Fh_i_ÂŒd Fh[# l[dj_lW$ 7o[h i[ Ykcfb_ÂŒ bW WkZ_[d# Y_W [d [b @kp]WZe Z[ =WhWdj‡Wi F[dWb[i o Z[j[hc_dWhed fh_# i_ÂŒd fh[l[dj_lW fWhW bei ik`[# jei CWhYe PWcXhWde$" M_bc[h 9^$ o M_bb_Wc 9$" _cfb_YWZe i[d [b YWie o gk[ \k[hed _Z[d# j_Ă’YWZei feh bW l‡Yj_cW$
81,9(56,'$' 7e&1,&$ '(/ 1257( ,167,7872 '( 3267*5$'2 ,19,7$1 $ 352)(6,21$/(6 *5$'8$'26 (1 5$0$6 '( /$6 &,(1&,$6 1$785$/(6 2 785,602 3$5$ ,16&5,%,56( (1 (/ 352*5$0$ '( 0$(675Ă‹$ (1 Âł(&2785,602 < Ăˆ5($6 3527(*,'$6´ < $ 352)(6,21$/(6 (1 72'$6 /$6 5$0$6 '( /$ ('8&$&,Ă?1 3$5$ ,16&5,%,56( (1 /$ (63(&,$/,=$&,Ă?1 (1 Âł('8&$&,Ă?1 3$5$ (/ '(6$552//2 6867(17$%/(´ 3HULRGR GH LQVFULSFLyQ 3HULRGR GH PDWUtFXODV )HFKD GH LQLFLR GH ORV SURJUDPDV 9DORU GH OD LQVFULSFLyQ 9DORU GH OD PDWUtFXOD
KDVWD HO ViEDGR GH PDU]R GH UHTXLVLWRV VH UHFHSWDUiQ HO OXQHV GH PDU]R
GHO OXQHV GH PDU]R DO ViEDGR GH DEULO GH UHTXLVLWRV VH UHFHSWDUiQ HO OXQHV GH DEULO
YLHUQHV GH DEULO GH LQDXJXUDFLyQ D ODV K H LQLFLR GH FODVHV D ODV K
86' FLQFXHQWD GyODUHV DPHULFDQRV
86' FLHQ GyODUHV DPHULFDQRV
/D LQVFULSFLyQ \ PDWUtFXOD GHEHQ UHDOL]DUVH SRU OD SiJLQD ZHE LQVWLWXFLRQDO KWWS SRVWJUDGR XWQ HGX HF GRQGH HQFRQWUDUiQ HQ GHWDOOH ORV UHTXLVLWRV \ HO SURFHVR D VHJXLU
ēŊ 8#1ĔŊ#-Ŋ#+Ŋ 49% ".Ŋ2#Ŋ!4,/+(¢Ŋ+ Ŋ 4"(#-!( Ŋ8Ŋ"(!3 1.-Ŋ/1(2(¢-Ŋ /1#5#-3(5 Ŋ/ 1 Ŋ+.2Ŋ31#2Ŋ(,/+(! ".2Ŋ#-Ŋ#+Ŋ! 2.Ŋ"#Ŋ#23 $ Ŋ!.-.!(".Ŋ!.,.Ŋ / 04#3 9.ēŊ
3DUD PD\RU LQIRUPDFLyQ FRPXQLFDUVH FRQ HO WHOpIRQR H[WHQVLRQHV R DO FRUUHR HOHFWUyQLFR WDJDUFLD#XWQ HGX HF WDPELpQ SXHGHQ GLULJLUVH D OD 6HFUHWDUtD *HQHUDO GHO ,QVWLWXWR GH 3RVWJUDGR WHUFHUD SODQWD DOWD GHO HGLILFLR GH 3RVWJUDGR 871 FLXGDGHOD XQLYHUVLWDULD $YHQLGD ³ GH -XOLR´ %DUULR ³(O 2OLYR´ ,EDUUD
$' $,
Ĺ? Ĺ?
Ĺ?
Ä Ä€
7 Ĺ? ĀăĹ?Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
)-Ĺ‹ /- )-Ĺ‹ Ĺ‹ 0#)& #š(Ĺ‹ ŊěŊKdW d_‹W Z[ '( W‹ei Z[ [ZWZ Wl_iÂŒ W ik cWZh[ gk[ \k[ l‡Yj_cW Z[ WXkie i[nkWb feh fWhj[ Z[ ik fWZh[ o j‡e$ ;bbW Z_`e gk[ [ijei ik`[jei b[ WYWh_Y_WXWd bWi fWhj[i ‡dj_# cWi Z[iZ[ ^WY[ kd c[i$ BW c[deh gk[ l_l‡W Yed ik fhe][d_jeh [d bW fWhhegk_W Z[ ;k][d_e ;if[`e i[ ceijhWXW W]h[i_lW o [iW WYj_jkZ bbWcÂŒ bW Wj[dY_ÂŒd Z[ ik cWZh[$ :[ _d_Y_e de b[ Yh[‡Wd be gk[ bW d_‹W dWhhWXW f[he bk[]e Z[ _Z[dj_Ă’ YWh bei YWcX_ei [d bW _d\WdjW" bW cWZh[ fkie bW Z[# dkdY_W [d bW Feb_Y‡W ;if[Y_W# b_pWZW [d D_‹ei o 7Zeb[iY[d# j[i#:_dWf[d$ =k_Ze B$ o L‡Yjeh ;" ik# fk[ijei W]h[ieh[i" \k[hed Z[j[d_Zei [d [b Y[djhe Z[ bW Y_kZWZ o jhWi bW WkZ_[dY_W [b @k[p Z_YjWc_dÂŒ /& Z‡Wi Z[ fh_i_ÂŒd fh[l[dj_lW" c_[djhWi i_]k[d bWi _dl[ij_]WY_ed[i Z[b YWie$ BW cWZh[ Z[ bW d_‹W f_Z[ [b cWoeh YWij_]e fWhW bei ikfk[ijei W]h[ieh[i
¥ ēŊ ,(+( 1#2Ŋ"#Ŋ+ Ŋ ,#-.1ĔŊ 2~Ŋ!.,.Ŋ"#Ŋ+.2Ŋ !42 ".2Ŋ ++#% 1.-Ŋ 8#1Ŋ +Ŋ 49% ".Ŋ"#Ŋ Ĺ 1 -3~ 2Ŋ #- +#2ē
. -ĹŠ8ĹŠ1#!4/#1 -ĹŠ! ,(.-#3 ĹŠ#-ĹŠ4- ĹŠ'.1
- ĹŠ! ,(.-#3 ĹŠ + -! ĹŠ"#ĹŠ+ ĹŠ!../#1 3(5 ĹŠ"#ĹŠ31 -2/.13#ĹŠ .) -" ĹŠ 11( ĹŠ$4#ĹŠ(-3#1!#/3 " ĹŠ/.1ĹŠ".2ĹŠ'., 1#2ĹŠ8ĹŠ4- ĹŠ,4)#1ĹŠ#+ĹŠ)4#5#2ĹŠ ĹŠ+ 2ĹŠÄˆÄ’Ä–ÄŠÄ‡Ä“ĹŠ 3 +.ĹŠ ēĔŊ)4-3.ĹŠ ĹŠ 24ĹŠ-.5( ĹŠ1#%1#2 -ĹŠ ĹŠ .1".ĹŠ"#+ĹŠ5#'~!4+.ĹŠ+4#%.ĹŠ"#ĹŠ"#) 1ĹŠ4-ĹŠÄ„ĹŠ#3#ĹŠ"#ĹŠ#2 ĹŠ!.,4-(" "ĹŠ!4 -".ĹŠ"#ĹŠ1#/#-3#ĹŠ#23.2ĹŠ24)#3.2ĹŠ+.2ĹŠ %1#"(#1.-ĹŠ8ĹŠ ,#- 9 1.-ĹŠ!.-ĹŠ 1, 2ĹŠ "#ĹŠ$4#%.Ä“ĹŠ +ĹŠ!.-"4!3.1ĹŠ$4#ĹŠ++#5 ".ĹŠ' !( ĹŠ4-ĹŠ+4% 1ĹŠ"#2!.-.!(".ĹŠ,(#-31 2ĹŠ04#ĹŠ ĹŠ+ ĹŠ,4)#1ĹŠ+ ĹŠ5#-" 1.-ĹŠ+.2ĹŠ.).2ĹŠ8ĹŠ+ ĹŠ++#5 1.-ĹŠ' 23 ĹŠĹŠ4- ĹŠ5~ ĹŠ"#ĹŠ2#%4-".ĹŠ.1"#-Ä“ĹŠ .2ĹŠ !.,4-#1.2ĹŠ"#+ĹŠ2#!3.1ĹŠ"#ĹŠ !4/ 3 ĹŠ("#-3(ÄƒĹŠ! 1.-ĹŠ04#ĹŠ +%.ĹŠ#731  .ĹŠ24!#"~ ĔŊ +ĹŠ/#1! 3 12#ĹŠ"#ĹŠ#23.ĹŠ+.2ĹŠ -3(2.!( +#2ĹŠ'48#1.-ĔŊ -".- ".ĹŠ#+ĹŠ5#'~!4+.Ä“
-./ # (. -ŋ*# (ŋ &ŋ ) ,)ŋ ŋ' #)ŋ* - $ -Ŋ!#-3#- 1Ŋ"#Ŋ#234"( -3#2Ŋ, 1!' 1.-Ŋ /.1Ŋ+ Ŋ!(4" "ēŊ #Ŋ04#) 1.-Ŋ"#+Ŋ2#15(!(.Ŋ "#Ŋ31 -2/.13 !(¢-Ŋ#-Ŋ+ Ŋ !34 +(" "ēŊ ŊěŊ Æ7fbWkZWd WfbWkZWd
de Z[`[d Z[ WfbWkZ_h" gk[ [b c[Z_e fWiW`[ i[ j_[d[ gk[ Ykc# fb_hÇ" ]h_jWXWd bei Y[hYW Z[ '&& [ijkZ_Wdj[i gk[ cWhY^Whed feh bWi YWbb[i Z[b LWbb[ Z[b 7cWd[# Y[h" Wo[h [d bW cW‹WdW$ ;hWd bei h[fh[i[djWdj[i Z[ i[_i Yeb[# ]_ei Z[ bW Y_kZWZ gk[ YWdiWZei Z[ bW i_jkWY_ÂŒd Z[b jhWdifehj[ bb[]Whed ^WijW [b Ckd_Y_f_e [d XkiYW kdW iWb_ZW$ Bei [ijkZ_Wd# j[i i[ gk[`Wd gk[ [d l_ijW Z[ bW fhe^_X_Y_ÂŒd Z[ bb[lWh fWiW`[hei Z[ f_[ W^ehW b[i YeXhWd [b lWbeh Z[b fWiW`[ Yecfb[je$ BW bbkl_W de \k[ _cf[Z_c[d# je fWhW gk[ bei Yeb[]_Wb[i b_Z[# h[d [ijW c[Z_ZW o fh[i[dj[d YkWjhe h[gk[h_c_[djei fkd# jkWb[i Wdj[ bWi Wkjeh_ZWZ[i Z[b 9WX_bZe$ F_Z_[hed gk[ i[ Ykc# fbW [b Z[h[Y^e Z[ fW]Wh c[Z_e fWiW`[" jWcX_ƒd gk[ i[ _cfb[# c[dj[ \h[Yk[dY_Wi Yedj_dkWi Z[ jhWdifehj[ ^WY_W [b YWdjÂŒd Z[ &,0)& W /0&& o Z[ '(0&& W '*0)&" fWhW gk[ bei Wbkcdei fk[ZWd jhWibWZWhi[ Z[iZ[ iki Zec_Y_b_ei W iki Y[djhei [ZkYW# j_lei o l_Y[l[hiW$
7i_c_ice" Yece c[Z_ZW Z[ j[cfehWb ^WijW gk[ i[ h[]kb[ bW Yedj_dk_ZWZ Z[b jhWdifehj[ gk_[h[d gk[ i[ Ă’ `[ W bWi &-0)& Yece ^ehW Z[ _d]h[ie W bei [i# jWXb[Y_c_[djei o feh ‘bj_ce YedleYWhed W bW cWhY^W feh bW kd_ZWZ o Z[h[Y^ei Z[ bei [ijk# Z_Wdj[i i[YkdZWh_Wi 8hWoWd ;hWpe" fh[i_Z[dj[ Z[ bW <[Z[hWY_ÂŒd Z[ ;ijkZ_Wd#
j[i I[YkdZWh_ei#<;I; Z[ ?c# XWXkhW" h[fheY^ÂŒ jeZWi bWi i_# jkWY_ed[i gk[ ]_hWd [d jehde Wb jhWdifehj[$ ÆDe l[d_cei W f[# Z_h i_de W [n_]_h gk[ i[ YkcfbWd dk[ijhei fbWdj[Wc_[djei" YWie YedjhWh_e jecWh[cei ejhWi c[# Z_ZWiÇ" W]h[]ÂŒ$ ;b cWb[ijWh feh bW jhWdifeh# jWY_ÂŒd [i ][d[hWb fWhW jeZei bei [ijkZ_Wdj[i" ieXh[jeZe [d EjWlWbe Z[X_Ze W gk[ kdW Xk[# dW fWhj[ Z[ Yeb[]_Wb[i bb[]Wd Z[ fWhhegk_Wi hkhWb[i$ (-ĹŠ2.+4!(¢-ĹŠ
;d [b Ckd_Y_f_e Z[ EjWlWbe b[i
h[Y_X_ÂŒ [b L_Y[WbYWbZ[ o i[ Yec# fhec[j_ÂŒ" ‘d_YWc[dj[ W jhWc_# jWh [b j[cW Z[ bWi \h[Yk[dY_Wi" gk[ [i Yecf[j[dY_W Z[b 9WX_b# Ze$ ;d YkWdje Wb h[ije Z[ f[Z_# Zei [nfb_YWhed gk[ de [ijWXW Z[djhe Z[ ik WYY_edWh$ 7d‡XWb 8ed_bbW" l_Y[WbYWbZ[ Z[b YWdjÂŒd" h[Yec[dZÂŒ gk[ i[ \ehc[ kdW Yec_i_ÂŒd Z[ [ijk# Z_Wdj[i fWhW gk[ l_WX_b_Y[d bei f[Z_Zei o i[ WXhWd Wb Z_|be]e$ ;b eX`[j_le [i XkiYWh kdW iebkY_ÂŒd _dc[Z_WjW Wb YedĂ“ _Y# je gk[ j_[d[ _djhWdgk_bei W bei Wbkcdei$ Bei [ijkZ_Wdj[i i_# ]k[d _dYed\ehc[i$
ēŊ .2Ŋ#234"( -3#2Ŋ/+ -3# 1.-Ŋ!4 31.Ŋ/#"(".2Ŋ Ŋ+ 2Ŋ 43.1(" "#2ĔŊ ,#- 9 -Ŋ!.-Ŋ,#"(" 2Ŋ"#Ŋ'#!'.ēŊ
,1)250$
&223(5$7,9$ '( 75$163257(6 &85,f$1 127,),&$&,Ă?1
# ! ' " % # # & !" !#! ! $ ! '& ! " " ! ' # ) " " ! ( '& ! "# ( # ! ! * ! " " !
* 432* *2 (323(.1.*283 )* 037 -*6*)*637 (&97&28*7 7*F36*7 A " ! # ! $ "@ % ! A ! " A ! B 59* 436 6*7309(.G2 )* (327*/3 )* )1.2.786&(.G2 *2 7*7.G2 6*&0.=&)& *0 )* +*'6*63 )* < 7*,H2 03 59* *78&'0*(* *0 !B!" 68E(9037 < )* 0& *< )* 334*6&8.:&7 68 )*0 G).,3 .:.0 68 0.8*6&0 >*? 68E(9037 < )* 037 78&89837 6*+361&)37 )* 0& 334*6&8.:& 59* 7* :& & 463(*)*6 & 0& 0.59.)&(.G2 )* 037 -&'*6*7 *;.78*28*7 )* 037 *68.I(&)37 4368&(.G2 )* 037 73(.37 +&00*(.)37 (313 03 *78&'0*(*2 037 &68E(9037 .2:3(&)37 * *;.78.6 6*(0&13 436 0& 4&68* )* 037 -*6*)*637 )* 037 73(.37 +&00*(.)37 0& 334*6&8.:& )* ! ! " C 46*:.3 0& 46*7*28&(.G2 )* 037 6*59.7.837 0*,&0*7 463(*)*6D & 6*&0.=&6 0& 0.59.)&(.G2 (366*7432).*28* (&73 (3286&6.3 *2 *0 40&=3 )* )E&7 (328&)37 )*7)* *78& 49'0.(&(.G2 463(*)*6D & *;(09.6 & 037 1*2(.32&)37 73(.37 4&6& 09*,3 )* 7*6 &463'&)& *2 7&1'0*& *2*6&0 7* 6*&0.=&6D 79 6*,.7863 *2 *0
7 ŏ Āăŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
āā
-ũ+ 2ũ! 1/ 2ũ (-$.1, 3(5 2
-ũ! " ũ! 1/ ũ2#ũ(-23 +¢ũ4- ũ4-(ı 5#12(" "Ĕũ".-"#ũ#7/.-~ ũ3.".2ũ+.2ũ /1.!#2.2ũ!.,.ėũ! 11#1 2Ĕũ(-2!1(/ı !(.-#2Ĕũ2#15(!(.2ũ/ 1 ũ#+ũ#234"( -3#ũ 8ũ$ !(+(" "#2ũ"#ũ/ %.ē
ũ ũ ũ -ũ-4#231 ũ/;%(- ũ6# 666ē+ '.1 ē!.,ē#!
#1( ũ"#ũ -(5#12(" "#2 +#'ũ (9'#+2*8(Ĕũ *28,ũ (9'#+2*8(Ĕũ 4%#+-(8ũ 1 ,28 *ũ2.-ũ/ 13#ũ"#+ũ/1.%1 , ũ4-(5#12(3 1(.ũ#41./#.ē
(ŋ& -ŋ#(-. & #)( -ŋ &ŋ )& !#)ŋ .& '#. -ąŋŋ- ŋ,  ŋ& ŋ ,# ŋ ŋ (#0 ,-# -ąŋ+/ ŋ#(0#. ŋ ŋ .) )-ŋ&)-ŋ )& !#)-ŋ ŋ& ŋ*,)0#( # ŋ ŋ ' /, ąŋ* , ŋ+/ ŋ-/-ŋ -./ # (. -ŋ- * (ŋ ŋ+/Zŋ#(-.#Ě ./ # (ŋ / #,ŋ &ŋ')' (.)ŋ ŋ!, / ,- Ą
.2#/3'ũ 231 " ũ8ũ 8 - ũ 1( 2ē
.+ ũ -"#3 Ĕũ .1#- ũ 4(, (4+!.Ĕũ 8 - 1 ũ .-9;+#2ũ8ũ -(#+ ũ +"#1¢-ē
1+ ũ . " Ĕũ .+ ũ . " ũ8ũ 31(!(.ũ . " ē
4+ 8ũ (, (!.Ĕũ -(#+ ũ + 1!¢-Ĕũ 3 +8ũ '(1( .% ũ8ũ 1(%(33#ũ .1 +#2ē
#$#12.-ũ -9.+ Ĕũ #22(! ũ 4!#1.ũ8ũ 1+.2ũ 4 -#9ē
āĂ
7 ŏ Āăŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
11 2ũ "#ũ$(-ũ "#ũ2#, - 4,/+# .2
-ũ4-.2ũ"#ũ+.2ũ 1#2ũ#-!.-31 ,.2ũ !4,/+# .2Ĕũ!#+# 1 !(.-#2Ĕũũ -(ı 5#12 1(.2ũ8ũ,.,#-3.2ũ!.-ũ!.,ı / #1.2Ĕũũ242ũ ,(%.2ũ+#ũ"#"(! -ũũ ! -!(.-#2ũ"#ũ$#+(!(" "#2ũ8ũ ,(23 "ũ /.1ũ#2#ũ"~ ũ3 -ũ#2/#!( +ē
ŋ() " ŋ &ŋ0# ,( -ŋ3ŋ &ŋ-6 )ŋ (ŋ&)-ŋ # , (. -ŋ , -ąŋ & ŋ! (. ŋ #- ,/. ŋ &ŋ ' # (. ŋ+/ ŋ., -'#. ŋ ŋ ,ŋ)ŋ #-Ě ). ąŋ ŋ ŋ()-ŋ) , # ŋ/( ŋ 2. (- ŋ0 ,# ŋ ŋ'Ä-# ŋ &. ,( .#0 ŋ &ŋ!/-.)ŋ ŋ.) )-Ąŋ
¢-(! ũ .,#1.ũ8ũ 5#+8-ũ 104#1 ē
1.+8-#ũ ¢/#9ũ8ũ (, #1+8ũ 1#"#2ũ !#+# 1 -".ũ24ũ!4,/+# .2
1 'ũ .23.-Ĕũ 38ũ ;204#9Ĕũ 23# -ũ (9 ũ8ũ , -3' ũ %4(11#ē (1#ũ242ũ$.3.2ũ#-Ė 666ē+ '.1 ē!.,ē#!
(#%.ũ 1!(-(#% 2ũ8ũ Ì+ũ ē
'.2#+8-ũ +,#(" Ĕũ #--8ũ #1;-ũ8ũ 1.+(-ũ + , ē
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
7 Ĺ?ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?
. ,# &Ĺ‹ Z&# )Ĺ‹ )&)' # ()Ĺ‹ 3šŋ (Ĺ‹ / /' v)-Ĺ‹ 7bh[Z[Zeh Z[ (&& f[hiedWi \k[# hed [lWYkWZWi [b c_ƒhYeb[i Z[b h[# Y_dje Fk[hje Gk_je Z[ bW fWhhegk_W FWYWoWYk" Z[b YWdjÂŒd BW]e 7]h_e" [d IkYkcX‡ei" jhWi ^WX[h i_Ze W\[YjWZei feh kd [d\h[djWc_[dje [djh[ bWi <k[hpWi 7hcWZWi Ye# becX_WdWi o bWi <k[hpWi 7hcW# ZWi H[lebkY_edWh_Wi Z[ 9ebecX_W <7H9 " eYkhh_Ze [d [i[ fW‡i$ ;b _dY_Z[dj[ i[ Z_e [djh[ bW de# Y^[ Z[b cWhj[i o bW cWZhk]WZW Z[b c_ƒhYeb[i" [d bW pedW \hedj[h_pW$ 7 Fk[hje Gk_je bb[]Whed cehj[hei" ]hWdWZWi o [igk_hbWi Z[ cWj[h_Wb Xƒb_Ye$ 7kdgk[ de i[ h[fehjWhed fƒhZ_ZWi ^kcWdWi e ^[h_Zei" i‡ i[ h[]_ijhWhed Z[ijhepei [d bWi l_#
l_[dZWi o ejhWi fhef_[ZWZ[i$ ;b WiWcXb[‡ijW =k_Ze LWh]Wi Z[dkdY_ÂŒ [b ikY[ie [ ^_pe kd bbWcWZe Wb C_d_ijhe Z[ :[\[diW fWhW ^WY[h kd [ijkZ_e gk[ [ijW# Xb[pYW bk]Wh[i [ijhWjƒ]_Yei fWhW bW YebeYWY_ÂŒd Z[ dk[lei Z[ijW# YWc[djei$ ÆDe fk[Z[ i[h gk[ deiejhei ^WoWcei bb[]WZe Wdj[i gk[ bei c_b_jWh[iÇ" [d\Wj_pÂŒ$ ÆBWi \Wc_b_Wi [ij|d Yed ZW‹ei i_YebÂŒ]_Yei" bWi YWiWi \k[hed Z[i# jhk_ZWi o bei cehWZeh[i [ij|d Wc[Zh[djWZeiÇ" _dZ_YÂŒ [b WiWc# Xb[‡ijW" gk_[d i[‹WbÂŒ gk[ bei [d# \h[djWc_[djei [d 9ebecX_W de Z[X[h‡Wd W\[YjWh W bei fk[Xbei \hedj[h_pei$
Ä“ĹŠ +ĹŠ 1, ,#-3.ĹŠ#2ĹŠ +3 ,#-3#ĹŠ!.3(9 ".ĹŠ/.1ĹŠ%14/.2ĹŠ%4#11(++#1.2ĔŊ2#%ĂŒ-ĹŠ + ĹŠ .+(!~ Ä“
( /. (Ĺ‹ ,' -Ĺ‹+/ Ĺ‹ " ,v (Ĺ‹# )Ĺ‹ Ĺ‹& -Ĺ‹
Bei W][dj[i Z[ bW Kd_ZWZ Z[ ?dj[b_][dY_W 7dj_Z[b_dYk[dY_Wb
.2ĹŠ"#3#-(".2 Z[ bW Feb_Y‡W DWY_edWb K?7: -ĹŠ#23#ĹŠ./#1 3(5. Z[iWhj_YkbWhed be gk[ i[h‡W kdW \k[hj[ eh]Wd_pWY_ÂŒd Z[b_Yj_lW gk[ ef[hWXW [d jeZe [b fW‡i$ Ĺ—ĹŠ .'-ĹŠ 1#""8ĹŠ .-". .ĹŠ 231(++¢-ĹŠ #13ĹŠ 5(+;-ĹŠ 231(++¢-ĹŠ Ĺ—ĹŠ 4(2ĹŠ + ;d kdW ef[hWY_ÂŒd Z[dec_dW# ĹŠ -4#+ĹŠ 1! "(.ĹŠ .1;-ĹŠ ;#-9ĹŠ +( 2ĹŠ Ĺ—ÄĽ #23  2ÄŚĹŠ ZW Ăˆ<7BÉ" bei kd_\ehcWZei Z[Ye# #3'ĹŠ #1% 1 ĹŠ -%4+.ĹŠĹŠ Ĺ—ĹŠ #18ĹŠ +(9 c_iWhed WhcWc[dje Z[ kie c_# Ĺ—ĹŠ 4%.ĹŠ 5("ĹŠ (9 +4(2 ĹŠ 2(, ĹŠ b_jWh Z[ bWh]e WbYWdY[" Yece Zei \ki_b[i <Wb gk[ j[d‡Wd bei be]e# j_fei Z[b ;`ƒhY_je f[hkWde$ BWi ]hWY_Wi W kdW Z[dkdY_W W bW b‡d[W WhcWi [ijWXWd [gk_fWZWi Yed '.&& :[b_je" gk[ Z_e f_ijWi gk[ Wb_c[djWZehWi o i_[j[ YWhjkY^ei [dYWc_dWhed W bei W][dj[i$ YWb_Xh[ -",( c_b‡c[jhei$ Bei kd_\ehcWZei i[ [dj[hWhed Z[ gk[ kd Kd W][dj[ gk[ fWhj_Y_# ĹŠ [cfh[iWh_e _XW W i[h i[# fÂŒ [d [b ef[hWj_le o fh[# Ă’h_ÂŒ [b Wded_cWje [nfb_# Yk[ijhWZe o Yec[dpÂŒ [b .".2ĹŠ+.2ĹŠ /1#Äą ef[hWj_le$ YÂŒ gk[ [ij[ j_fe Z[ WhcWi 2 ".2ĹŠ3(#-#-ĹŠ ied kj_b_pWZWi [d bW i[blW" -3#!#"#-3#2ĹŠ BW Feb_Y‡W kX_YÂŒ kd l[# o de i[ Z[iYWhjW gk[ [b /#- +#2Ä“ ^‡Ykbe gk[ Y_hYkbWXW feh Z[ij_de \k[hWd bWi <k[h# bW l‡W W 7cW]kW‹W" [d [b ikheh_[dj[ Z[ Gk_je$ 7^‡ pWi 7hcWZWi H[lebkY_e# \k[hed Z[j[d_Zei Zei Y_kZWZW# dWh_Wi Z[ 9ebecX_W <7H9 $ dei Z[ dWY_edWb_ZWZ YebecX_W# -3#+(%#-!( dW" gk_[d[i jhWdifehjWXWd [b BWi _dl[ij_]WY_ed[i Yec[dpWhed WhcWc[dje$
#- &v Ĺ‹#( /. Ĺ‹Ä Ĺ‹ )'*/. ), -Ĺ‹*),Ĺ‹ & Ĺ‹Ä’( , )0 &#$ Ä“Ĺ‹ ("(¢Ŋ 43.1(9 Äą !(¢-ĹŠ/ 1 ĹŠ#-5( 1ĹŠ 4-ĹŠ %#-3#ĹŠ ĹŠ 3 Äą +( Ä“ĹŠ ĹŠ"#!(2(¢-ĹŠ $4#ĹŠ!1(3(! " Ä“ĹŠ BW <_iYWb‡W =[d[hWb _dYWkjÂŒ bW jWhZ[ Z[ [ij[ `k[l[i bWi Yec# fkjWZehWi kj_b_pWZWi feh i_[j[ \kdY_edWh_ei Z[ bW 9WdY_bb[h‡W fWhW _d_Y_Wh f[h_Y_Wi jƒYd_YWi o h[YWXWh _d\ehcWY_ÂŒd Z[djhe Z[ bW _dZW]WY_ÂŒd fh[l_W Z[b [i# Y|dZWbe Z[ bW ÆdWhYelWb_`WÇ$ BW Z_b_][dY_W i[ h[Wb_pÂŒ jhWi bW Wkjeh_pWY_ÂŒd gk[ f_Z_ÂŒ <[h# dWdZe =k[hh[he" W][dj[ Ă’iYWb" Wb YWdY_bb[h" H_YWhZe FWj_‹e$ Bei [gk_fei Z[ _d\ehc|j_YW \k[hed kj_b_pWZei" i[]‘d bW <_iYWb‡W" feh f[hiedWi gk[ cWdjkl_[hed Wb]‘d j_fe Z[ Yeckd_YWY_ÂŒd" l‡W Yehh[e [b[Y# jhÂŒd_Ye" ZkhWdj[ [b fheY[ie Z[ ieb_Y_jkZ Z[b [dl‡e Z[ bW lWb_`W Z_fbec|j_YW gk[ feij[h_eh# c[dj[ \k[ Z[j[d_ZW [d C_b|d" bb[dW Z[ Zhe]W$ 9ed [bbe" bei f[h_jei _d\eh# c|j_Yei Z[j[hc_dWh|d i_ [n_ij[ Wb]‘d _dZ_Y_e gk[ fk[ZW WokZWh [d bW _dl[ij_]WY_ÂŒd Z[djhe Z[ bW Yehh[ifedZ[dY_W l_hjkWb [djh[ bei i[hl_Zeh[i Z[b C_d_ij[h_e Yed 9h_ij_Wd Beeh" _cfb_YWZe [d [ij[ YWie o Z[j[d_Ze [d ?jWb_W$ ;2ĹŠ !!(.-#2ĹŠ!1(3(! " 2
9ece fWhj[ Z[ bWi Z_b_][dY_Wi" Wo[h" bW <_iYWb‡W jWcX_ƒd jecÂŒ bW l[hi_ÂŒd Æb_Xh[ o lebkdjWh_WÇ Z[ bei \kdY_edWh_ei Z[ [ijW I[# Yh[jWh‡W$ ;b (/ Z[ \[Xh[he" bW <_iYWb‡W f_Z_ÂŒ" WZ[c|i" W ?jWb_W" bW Wk# jeh_pWY_ÂŒd fWhW gk[ [b W][dj[ Ă’iYWb o [b feb_Y‡W W YWh]e Z[ bW _dl[ij_]WY_ÂŒd l_W`[d W [i[ fW‡i fWhW h[YWXWh [b[c[djei gk[ i_hlWd [d bW _dZW]WY_ÂŒd fh[l_W WX_[hjW feh [b fh[ikdje Z[b_je Z[ Jh|Ă’Ye Z[ ;ijkf[\WY_[dj[i$ F[he [b [nf[hje _dj[hdW# Y_edWb CWkh_Y_e =|dZWhW i[ ceijhÂŒ ÆZ[iYedĂ’WZeÇ Z[b jhW# XW`e gk[ h[Wb_Y[d bei W][dj[i" fehgk[ [b Ă’iYWb ][d[hWb" =Wbe 9^_h_Xe]W" Æj_[d[ kdW h[bWY_ÂŒd eXi[Yk[dj[ o kdW Z[f[dZ[d# Y_W Z[b ;`[Ykj_le gk[ b[ _cf_Z[ Ykcfb_h Yed ik \kdY_ÂŒdÇ$ Feh [bbe" fhefkie bW Yed\ehcWY_ÂŒd Z[ kdW Yec_i_ÂŒd _dZ[f[dZ_[d# j[" _dj[]hWZW feh [nYWdY_bb[h[i Z[ YWhh[hW o YecWdZWdj[i Z[b ;`ƒhY_je if gk[ i[ Z_ij_d]k_[# hed [d bW =k[hhW Z[b 9[d[fW o Z[\[dZ_[hed bW ieX[hWd‡W dW# Y_edWb Æfk[i [ije [i c|i ]hWl[ gk[ bW l[djW Z[ bW XWdZ[hW [d
ĹŠ #2"#ĹŠ#+ĹŠ
#%(2+ 3(5.ĹŠ8 ĹŠ ' 8ĹŠ".2ĹŠ"#, -Äą " 2ĹŠ8ĹŠ"#!#- 2ĹŠ/#ĹŠ 1#04#1(,(#-3.ĹŠ ĹŠ 1(Â .Ä“ĹŠĹŠ
¥ ēŊ "#,;2Ŋ"#Ŋ+ 2Ŋ(-5#23(% !(.-#2Ŋ"#Ŋ+ Ŋ (2! +~ ĔŊ+ Ŋ 2 , +# Ŋ - +(9 Ŋ (-!+42.Ŋ4-Ŋ)4(!(.Ŋ/.+~3(!.Ŋ!.-31 Ŋ#+Ŋ -!(++#1ēŊēŊ
3( .ĹŠ! +(ă! ĹŠ "#ĹŠÄĄ,#-3(1.2.ĢŊ ĹŠ/#1(."(23 ĹŠ ĹŠ +ĹŠ! -!(++#1ĔŊ (! 1".ĹŠ 3( .ĔŊ Ĺ—8ĹŠ#+ĹŠ/#1(."(23 ĹŠ .-9 +.ĹŠ .2#1.ĹŠ
/1.3 %.-(9 1.-Ŋ 8#1Ŋ4- Ŋ"(2!42(¢-Ŋ 04#Ŋ!.-!+48¢Ŋ!4 -".Ŋ#+Ŋ (-(231.Ŋ -".-¢Ŋ+ Ŋ! (- Ŋ"#Ŋ "(.Ŋ 7 ĔŊ,(#-31 2Ŋ2#Ŋ"#2 11.++ Ŋ+ Ŋ #-31#5(23 ēŊ +Ŋ(-!("#-3#Ŋ2#Ŋ(-(!(¢Ŋ!4 -".Ŋ 3( .Ŋ ++ ,¢Ŋĥ,#-3(1.2.ĢŊ Ŋ .2#1.Ŋ/.1Ŋ 4- 2Ŋ"#!+ 1 !(.-#2Ŋ"#Ŋ+ Ŋ 2 ,Ĺ +#~23 Ŋ 1~ Ŋ 4%423 Ŋ ++#Ŋ Ŋ4-Ŋ ! - +Ŋ"#Ŋ Ŋ".-"#Ŋ"#)¢Ŋ#-31#5#1Ŋ 04#Ŋ+ Ŋ .+(!~ Ŋ/4".Ŋ' #1Ŋ3#-(".Ŋ +%4- Ŋ/ 13(!(/ !(¢-Ŋ#-Ŋ#+Ŋ! 2.ēŊ +Ŋ (1#ĔŊ 3( .Ŋ#7/1#2¢ĖŊĥ # .1ēēēŊ42Ĺ 3#"ŊŊ,(#-3#ėŊ .-9 +.Ŋ .2#1.Ŋ#2Ŋ4-Ŋ ,#-3(1.2.ŊĸēēēĚēŊ .Ŋ-.Ŋ2_Ŋ+.Ŋ04#Ŋ' Ŋ "(!'.Ŋ+ Ŋ 2 , +#~23 ĢĔŊ"().Ŋ#+Ŋ$4-Ĺ !(.- 1(.ŊŊ8Ŋ1#(3#1¢Ŋ04#Ŋ+ Ŋ -!(++#1~ Ŋ -.Ŋ3(#-#Ŋ-(-%4- Ŋ/ 13(!(/ !(¢-ēŊ
'./*Ç" WĂ’hcÂŒ$ # !!(.-#2
;b c_d_ijhe Z[b ?dj[h_eh" @eiƒ I[# hhWde" Yh_j_YÂŒ W bei Z[jhWYjeh[i Z[ FWj_‹e o WdkdY_ÂŒ gk[ [d bei fhÂŒn_cei Z‡Wi [djh[]Wh| ZeYk# c[djWY_ÂŒd Yece" feh [`[cfbe" bW Y[hj_\_YWY_ÂŒd Z[ bW Feb_Y‡W Z[djhe Z[ bWi _dijWbWY_ed[i Z[ bW 9WdY_bb[h‡W" gk[ Z[iYWhjW YkWb# gk_[h fei_X_b_ZWZ Z[ ik fWhj_Y_# fWY_ÂŒd [d [b YWie$ HW\W[b Gk_d# j[he" ikXi[Yh[jWh_e fWhW 7i_W o Ă›\h_YW" WĂ’hcÂŒ gk[ bW 9WdY_bb[# h‡W o [b C_d_ijhe ied eX`[je Z[
1~3(! 2Ŋ#-Ŋ .3./ 7(Ŋ/.1Ŋ+ Ŋ ļ- 1!.5 +() Č Ŋ ŊěŊŊ Ŋ+ 2ŊćĊĖććŊ"#Ŋ 8#1ĔŊ ŗ#-Ŋ 4)(+~ĔŊ+4% 1Ŋ".-"#Ŋ2#Ŋ"#2 11.++¢Ŋ#+Ŋ
% (-#3#ĹŠ(3(-#1 -3#ĹŠ"#+ĹŠ/1#2("#-3#ĔŊ $ #+ĹŠ .11# ĔŊ#-ĹŠ+ 2ĹŠ/ 1#"#2ĹŠ"#ĹŠ+ ĹŠ 5#-(" ĹŠ #+ 2!.ĹŠ 11 ĹŠ2#ĹŠ5(#1.-ĹŠ ÄƒÄą !'#2ĹŠ"#ĹŠ4- ĹŠ! 1(! 341 ĹŠ!1~3(! ĹŠ!.-31 ĹŠ #+ĹŠ 1#2("#-3#Ä“ "#,;2ĔŊ2#ĹŠ!.+.! 1.-ĹŠ! ) 2ĹŠ"#ĹŠ! 1Äą 3¢-ĹŠ!.-ĹŠ+#8#-" 2ĹŠ!.,.Ä–ĹŠÄĽ 1!.5 +() ĹŠ .11# ÄŚĹŠ8ĹŠÄĽ 1!.ĹŠ 3( .ÄŚÄ“ĹŠ 23.2ĹŠ2~, .+.2ĹŠ/#1, -#!(#1.-ĹŠ/.! 2ĹŠ '.1 2ĹŠ8 ĹŠ04#ĹŠ ĹŠ+ 2ĹŠÄ?ĖććŊ+ 2ĹŠ/ 1#"#2ĹŠ -4#5 ,#-3#ĹŠ / 1#!(#1.-ĹŠ/(-3 " 2Ä“
kd WjWgk[ c[Z_|j_Ye o Wi[]khÂŒ gk[ de [i [b Wkjeh Z[b febƒc_Ye h[]bWc[dje fWhW kie Æ[njhWehZ_# dWh_eÇ Z[ bW lWb_`W" Wkdgk[ h[Ye# deY_ÂŒ gk[ \k[ gk_[d be ikiYh_X_ÂŒ c_[djhWi [ijkle [dYWh]WZe Z[b C_d_ij[h_e$
ƒ Ă
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
.-3ĂŒ$ 1ĹŠ/("#ĹŠ ĹŠ -!(++#1ĹŠ04#ĹŠ$.1, +(!#ĹŠ24ĹŠ(-5(3 !(¢-ĹŠ ĹŠ 1#2("#-3 ĹŠ"#ĹŠ+ ĹŠ
Ĺ‹., 0Z-Ĺ‹ Ĺ‹/( Ĺ‹ ,. Ĺ‹ (0# Ĺ‹ &Ĺ‹ ( #&& ,Ä…Ĺ‹ # , )Ĺ‹ .#˜)Ä…Ĺ‹ &Ĺ‹ - ' & v-. Ĺ‹ Z- ,Ĺ‹ )(.Ă„ ,ŋĢ ÄŁĹ‹*# Ĺ‹+/ Ĺ‹ &Ĺ‹ /( #)( ,#)Ĺ‹ /'*& Ĺ‹ )(Ĺ‹& Ĺ‹ *,)' - Ĺ‹ Ĺ‹#(0#. ,Ĺ‹ ),' &' (. Ĺ‹ Ĺ‹& Ĺ‹*, -# (. Ĺ‹ Ĺ‹& Ĺ‹ )'#-#š(Ĺ‹ (. , ' ,# ( Ĺ‹ Ĺ‹ , ")-Ĺ‹ /' ()-ŋĢ ÄŁÄ…Ĺ‹ #( Ĺ‹ " &.)(Ĺ‹3Ĺ‹ Ĺ‹).,)-Ĺ‹ '# ' ,)-Ĺ‹ Ĺ‹& Ĺ‹ (.# Ĺ‹* , Ĺ‹+/ Ĺ‹ )(-. . (Ĺ‹& Ĺ‹-#./ #š(Ĺ‹ Ĺ‹& Ĺ‹&# ,. Ĺ‹ Ĺ‹ 2*, -#š(Ĺ‹ (Ĺ‹ &Ĺ‹* v-Ä„Ĺ‹ &Ĺ‹ - ' & v-. Ĺ‹3 Ĺ‹" v Ĺ‹" ")Ĺ‹/( Ĺ‹* .# #š(Ĺ‹ &Ĺ‹),! (#-')Ĺ‹* , Ĺ‹+/ Ĺ‹, &# Ĺ‹/( Ĺ‹) - ,0 #š(Ĺ‹#(Ĺ‹&) )Ĺ‹-) , Ĺ‹ &Ĺ‹ /'*&#'# (.)Ĺ‹ Ĺ‹ -. Ĺ‹ , ")Ä…Ĺ‹ - )Ĺ‹ (Ĺ‹ &Ĺ‹ ,.v /&)ŋÝĂŋ &Ĺ‹ -. ./.)Ĺ‹ Ĺ‹& Ĺ‹ Ä„
),. Ĺ‹ )(-.#./ #)( &Ĺ‹ Ĺ‹' # -Ĺ‹ /. & , -Ĺ‹ *),Ĺ‹& Ĺ‹& 3Ĺ‹ & .), &Ĺ‹
ĹŠ-.3(! !(¢-ĹŠ.ă!( +ĹŠ++#% 1;ĹŠ#+ĹŠ+4-#2Ä“ĹŠ 23.ĹŠ"#3(#-#ĹŠ+ ĹŠ.1% -(9 !(¢-ĹŠ"#ĹŠ+ 2ĹŠ #+#!!(.-#2Ä“ĹŠĹŠ
JhWi YedeY[h bW Z[Y_i_ÂŒd Z[ bW KDF" Yed [b fh[i_Z[dj[ Z[ bW 99" 9ehj[ 9edij_jkY_edWb 99 " Z[ FWjh_Y_e FWpc_‹e" _d\ehcÂŒ gk[ YedY[Z[h bWi c[Z_ZWi Z[ifkƒi Z[ bW dej_Ă’YWY_ÂŒd YWkj[bWh[i Wb 9ÂŒZ_]e Z[ ĹŠ i[ j[dZh‡W gk[ [if[hWh *+ bW :[ceYhWY_W" L_Y[dj[ Z‡Wi fWhW gk[ [b fb[de Z[b EhZŒ‹[p" fh[i_Z[dj[ Z[ eh]Wd_ice [c_jW ik Z[Y_# bW Kd_ÂŒd DWY_edWb Z[ F[# ĹŠ ĹŠ2.+(!(3¢Ŋ #+ĹŠ/ 2 ".ĹŠÄˆÄ?ĹŠ"#ĹŠ i_ÂŒd Ă’dWb$ h_eZ_ijWi KDF " cWd_\[i# #-#1.ĹŠ04#ĹŠ2#ĹŠ"(!Äą jÂŒ gk[ Æ[ij[ [i kd jh_kd\e 3#-ĹŠ+ 2ĹŠ,#"(" 2ĹŠ 1.!#2. ! 43#+ 1#2Ä“ĹŠ fWhW bW Z[ceYhWY_W o bei I[]‘d Z_`e EhZÂŒd[p" bW i[# Y_kZWZWdeiÇ$ Yh[jWh_W Z[ bW IWbW Z[ 7Z# ;ijWi c[Z_ZWi" Wkdgk[ ĹŠ c_i_ÂŒd" CWhY_W HWcei" de ied Z[\_d_j_lWi" eXb_# _d\ehcÂŒ gk[ [b bkd[i [ijW# ]Wd W ikif[dZ[h YkWbgk_[h h‡W dej_Ă’YWZW bW Z[Y_i_ÂŒd$ _dj[dje Z[ eh]Wd_pWh bWi +ĹŠ ĹŠ3(#-#ĹŠ :[ ik fWhj[" IWdj_W]e ÄĄ$ !4+3 "ĹŠ#2/#Äą fhÂŒn_cWi [b[YY_ed[i" [d !( +ĢŊ#-ĹŠ! 2.ĹŠ"#ĹŠ =kWhZ[hWi" WXe]WZe fW# Wfb_YWY_ÂŒd Z[ [ij[ 9ÂŒZ_]e" "#!+ 1 3.1( 2ĹŠ"#ĹŠ (-!.-23(34!(.- Äą jheY_dWZeh Z[ bW KDF" i[# gk[ _d]h[iÂŒ feh [b C_d_i# +(" "ĹŠ"41 -3#ĹŠ ‹WbÂŒ gk[ bW ieb_Y_jkZ Z[b ]h[c_e \k[ fWhW gk[ i[ j[h_e Z[ bW B[o" i_d WfheXW# /1.!#2.2ĹŠ #+#!3.1 +#2Ä“ ikif[dZWd bei [\[Yjei Z[ Y_ÂŒd Z[ bW 7iWcXb[W$ ÆC|i Wbb| Z[ bW jWh[W bei _dY_iei ) o * Z[b Whj‡Yk# gk[ Z[X[cei Ykcfb_h o bW gk[ be (&)" h[\ehcWZe feh [b Whj‡Ykbe Z[\[dZ[cei" [i bW ][dj[ gk[ lW W eh]|d_Ye Z[ bW b[o h[\ehcWjeh_W$ j[d[h bW fei_X_b_ZWZ Z[ _d\ehcWh# ;ijei _dY_iei i[ h[Ă’[h[d W bW i[ o ef_dWh Yed b_X[hjWZ ZkhWdj[ b_c_jWY_ÂŒd W bei c[Z_ei Z[ Yeck# [b fheY[ie [b[YjehWbÇ" Z_`e$ d_YWY_ÂŒd [d ƒfeYW Z[ [b[YY_ed[i JhWi kdW h[kd_ÂŒd gk[ cWd# o W bW \WYkbjWZ Z[b 9edi[`e DWY_e# jkle Wo[h" [b h[fh[i[djWdj[ Z[ bW dWb ;b[YjehWb 9D; Z[ iWdY_edWh
) # ,()Ĺ‹ Ĺ‹ ' Ĺ‹ *, ) /* )Ĺ‹*),Ĺ‹Ä’ .)-Ä“Ĺ‹ )(., Ĺ‹& Ĺ‹&# , Ĺ‹ 2*, -#š( ;b YWie ÆikXhWoW bW d[Y[i_ZWZ ;;$KK$ Wb[hjÂŒ Wo[h Z[ fei_Xb[i Z[ c[Z_ZWi YbWhWi feh fWhj[ Z[b Æ[\[Yjei Z_ikWieh_eiÇ [d bW b_X[h# =eX_[hde Z[ ;YkWZeh fWhW [d# jWZ Z[ [nfh[i_ÂŒd Z[ ;YkW# \h[djWh bei [\[Yjei fej[d# Zeh gk[ fk[Z[ j[d[h [b YWie ĹŠ Y_Wbc[dj[ Z_ikWieh_ei Z[b Z[ Z_Wh_e ;b Kd_l[hie" f[i[ YWie feh YWbkcd_Wi o Z[ bW Wb f[hZÂŒd ejeh]WZe feh [b i[dj[dY_WÇ" W‹WZ_ÂŒ$ fh[i_Z[dj[" HW\W[b 9ehh[W$ 41 -3#ĹŠ#+ĹŠ! 2.ĹŠ +ĹŠ -(5#12.ĔŊ BW fehjWlep Z[b :[fWh# Ä“ Ä“ĹŠ2#ĹŠ' ĹŠ 1(3#1(.2 jWc[dje Z[ ;ijWZe" L_Yje# /1.-4-!( ".ĹŠ ;;$KK$ Yedi_Z[hW gk[ bW 5 1( 2ĹŠ5#!#2ĹŠ h_W DkbWdZ" Z_`e [d ik Yed# !4#23(.- -".ĹŠ+ 2ĹŠ b_X[hjWZ Z[ [nfh[i_ÂŒd Æ[i /.+~3(! 2ĹŠ"#+ĹŠ1_%(Äą \[h[dY_W Z[ fh[diW Z_Wh_W ,#-ĹŠ2. 1#ĹŠ+( #1Äą kd Yecfed[dj[ [i[dY_Wb gk[ ;;$KK$ ÆjecW dejWÇ 3 "ĹŠ"#ĹŠ#7/1#2(¢-Ä“ĹŠ Z[ bW Z[ceYhWY_W [d jeZe Z[ bW Z[Y_i_ÂŒd WdkdY_WZW [b ckdZeÇ" f[he [ij| ÆfWh# [b bkd[i feh 9ehh[W$ ÆI_d j_YkbWhc[dj[ YediW]hWZW [cXWh]e" bWi Y_hYkdijWdY_Wi gk[ [d bW 9WhjW :[ceYh|j_YW ?dj[hW# heZ[Wd [ijei YWiei `kdje Wb Z[ c[h_YWdWÇ" h[YehZÂŒ DkbWdZ$ Ăˆ;b =hWd >[hcWdeÉ i_]k[d fbWd# ÆFeh [ie" [if[hWcei gk[ bei j[WdZe fh[]kdjWi fh[eYkfWdj[i b‡Z[h[i [b[Yjei Z[ceYh|j_YW# ieXh[ [b [ijWZe Z[ bW b_X[hjWZ Z[ c[dj[ [d bWi 7cƒh_YWi j[d]Wd [nfh[i_ÂŒd [d ;YkWZehÇ" WĂ’hcÂŒ kdW h[ifediWX_b_ZWZ [if[Y_Wb [d bW fehjWlep$ [ij[ i[dj_Ze" fWhW Wi[]khWh gk[ ĔŊ ŊěŊ ;b =eX_[hde Z[
W bei c[Z_ei Z[ Yeckd_YWY_ÂŒd$ =kWhZ[hWi Z_`e gk[ bW iki# f[di_ÂŒd fhel_i_edWb ÆZ[j[hc_dW gk[ W fWhj_h Z[ bW dej_Ă’YWY_ÂŒd" bei [\[Yjei Z[ [iWi Z_ifei_Y_e# d[i gk[ZWd ikif[dZ_ZWi o oW de fk[Z[d i[h Wfb_YWZeiÇ$ Æ;b 9D; de feZh| ^WY[h d_d# ]kdW h[]bWc[djWY_ÂŒd Z[ kdW dehcW ikif[dZ_ZW$ Be YkWb [i kd ƒn_je Z[ bW KDF o Z[ jeZei bei Yk_ZWZWdeiÇ" [nfh[iÂŒ$ ",(2(¢-ĹŠ
Bei leYWb[i 7b\edie Bkp O‘d[p o D_dW FWYWh_ L[hW Z[Y_Z_[hed iki# f[dZ[h bW Wfb_YWY_ÂŒd Z[b Whj‡Ykbe (&) Z[b 9ÂŒZ_]e Z[ bW :[ceYhWY_W$ ;b leYWb FWjh_Y_e >[hh[hW i[‹WbÂŒ gk[ ƒb jWcX_ƒd Ă’hcÂŒ fWhW WY[f# jWh [b f[Z_Ze$ -;+(2(2
Kd ÆlWY‡e b[]WbÇ [d bW h[\ehcW Wb 9ÂŒZ_]e Z[ bW :[ceYhWY_W [i be c|i i[]khe gk[ i[ fheZkpYW i_ [b Fb[de Z[ bW 9ehj[ 9edij_jkY_edWb 99 hWj_Ă’YW bW h[iebkY_ÂŒd" i[‹W# bWhed Wo[h [nf[hjei [b[YjehWb[i$ ;b [nfh[i_Z[dj[ Z[b Z[iWfW# h[Y_Ze Jh_XkdWb Ikfh[ce ;b[Y# jehWb JI; " 9Whbei 7]k_dW]W o [b [ncW]_ijhWZe Z[b [n Jh_XkdWb 9edij_jkY_edWb J9 " >[hd|d
1#/ 1 -ĹŠ+ ĹŠ 4"(#-!( Ĺ—ĹŠĹŠ
+Ŋ2#!1#3 1(.Ŋ/1(5 ".Ŋ"#+Ŋ/1#Ĺ 2("#-3#ĔŊ $ #+Ŋ .11# ĔŊ 423 5.Ŋ
+*'ĔŊ8ĹŠ#+ĹŠ2#!1#3 1(.ĹŠ"#ĹŠ .,4Äą -(! !(¢-ĔŊ #1- -".ĹŠ +5 1 ".ĔŊ #2345(#1.-ĹŠ 8#1ĹŠ#-ĹŠ 2'(-%3.-ĹŠ #-ĹŠ4- ĹŠ5(2(3 ĹŠ!#-31 " ĹŠ#-ĹŠ/1#Äą / 1 1ĹŠ+ ĹŠ"#$#-2 ĹŠ"#+ĹŠ -" 3 1(.ĹŠ -3#ĹŠ+ ĹŠ .,(2(¢-ĹŠ -3#1 ,#1(! - ĹŠ "#ĹŠ #1#!'.2ĹŠ 4, -.2Ŋĸ ĚŊ /.1ĹŠ#23#ĹŠ! 2.Ä“ĹŠ , .2ĹŠ2#ĹŠ1#4-(#1.-ĹŠ#-ĹŠ #+ĹŠ #/ 13 ,#-3.ĹŠ"#ĹŠ 23 ".ĹŠ !.-ĹŠ+ ĹŠ2#!1#3 1( ĹŠ"#ĹŠ 23 ".ĹŠ ")4-3 ĹŠ/ 1 ĹŠ 3(-. ,_1(! ĹŠ#-ĹŠ $4-!(.-#2ĔŊ . #13 ĹŠ !. 2.-ĔŊ8ĹŠ !.-ĹŠ#+ĹŠ2#!1#3 1(.ĹŠ"#ĹŠ 23 ".ĹŠ "Äą )4-3.ĹŠ/ 1 ĹŠ 1!¢3(!.2ĔŊ (++( ,ĹŠ 1.6-ă#+"Ä“
[b [ifWY_e feb‡j_Ye o b[]Wb [ij| Z[if[`WZe fWhW bW b_X[hjWZ Z[ [nfh[i_ÂŒd o jWcX_ƒd fWhW Z[i[dlebl[hi[ Yed Yedi_Z[hW# Y_ÂŒd o jeb[hWdY_WÇ" YedYbkoÂŒ bW fehjWlep$
ēŊ 1"¢-#9Ŋ8Ŋ5 1(.2Ŋ2#!3.1#2Ŋ2.!( +#2Ŋ/42(#1.-Ŋ+ 2Ŋ"#, -" 2ēŊ
H_XWZ[d[_hW" WĂ’hcWhed gk[" Wb ^WX[h gk[ZWZe _dikXi_ij[dj[ [b Whj‡Ykbe '&) Z[ bW Wdj[h_eh b[o" gk[ \k[ h[\ehcWZW" o ZedZ[ iÂŒbe i[ b_c_jWXW W bei ik`[jei feb‡j_Yei W YedjhWjWh fkXb_Y_ZWZ" o i_ bW 99 jWcX_ƒd h[ik[bl[ Z[`Wh _dikXi_i# j[dj[ [b Whj‡Ykbe (&)" fheleYWh| kdW _dYedi_ij[dY_W `kh‡Z_YW$ Æ7b [n_ij_h kdW h[\ehcW b[]Wb" bW dehcW Wdj[h_eh gk[ZÂŒ Z[he# ]WZWÇ" h[YWbYÂŒ 7]k_dW]W" gk_[d ef_dÂŒ gk[ \h[dj[ W kd ÆlWY‡e b[# ]WbÇ b[ Yehh[ifedZ[h| Wb 9edi[`e DWY_edWb ;b[YjehWb 9D; Wfb_YWh kdW dehcW ÆjhWdi_jeh_WÇ" i[]‘d i[ [ijWXb[Y[ [d [b 9ÂŒZ_]e ;b[Y# jehWb" [if[Y_Wbc[dj[ YkWdZe i[
,&)-Ĺ‹ Z, 4Ĺ‹*# Ĺ‹ ! , (.v -Ĺ‹ * , Ĺ‹0)&0 ,Ĺ‹ &Ĺ‹* v;d kdW [djh[l_ijW YedY[Z_ZW W J[b[WcWpedWi" Z[iZ[ FWdWc|" [b Z_h[Yjeh Z[ Z_Wh_e ;b Kd_l[h# ie" 9Whbei Fƒh[p" Z_`e gk[ de h[# ]h[iWh| Wb fW‡i ^WijW gk[ [b =e# X_[hde ]WhWdj_Y[ bWi YedZ_Y_ed[i d[Y[iWh_Wi fWhW [bbe$ 7Z[c|i" Wi[]khÂŒ gk[ [b YWdY_bb[h" H_YWhZe FWj_‹e" i[ Æce\ÂŒĂ‡ Z[b Wi_be gk[ b[ ejeh]ÂŒ [b fW‡i Y[djheWc[h_YWde" c_[djhWi [ijkle [d ik ;cXW`WZW [d Gk_je$ :[dkdY_ÂŒ jWcX_ƒd WYj_jkZ[i Æ[njhW‹WiÇ [d bei c_[cXhei Z[ bW Feb_Y‡W Z[ c_]hWY_ÂŒd Yed gk_[# d[i i[ [dYedjhÂŒ [d [b 7[hefk[h# je CWh_iYWb IkYh[ W ik iWb_ZW Z[b fW‡i$ ÆBW Feb_Y‡W i[ WY[hYW o
fheZkY[d Z[cWdZWi Z[ _dYedi# j_jkY_edWb_ZWZ$ F[he" fWhW H_lWZ[d[_hW" bW ÆbWXehÇ Z[ b[]_ibWh kd dk[le Wh# j_YkbWZe e h[[cfbWpWh bW dehcW b[ Yehh[ifedZ[ W bW 7iWcXb[W$ De eXijWdj[" WZl_hj_ÂŒ gk[ [b fhe# dkdY_Wc_[dje Z[ bW 99 de Yed# j[cfbW fbWpei$ Æ;ije feZh‡W ZWh# i[ [d kdW i[cWdW" Zei" YkWjhei c[i[i e [d kd W‹eÇ" [nfh[iÂŒ$ C_[djhWi gk[ fWhW [b [nleYWb Z[b 9D; <Wkije 9WcWY^e Wb 9D; b[ Yehh[ifedZ[h| [cfb[Wh [b '&)" ZedZ[ de i[ Z_ifed[ d_d]kdW b_# c_jWY_ÂŒd W bei c[Z_ei W h[Wb_pWh h[fehjW`[i ZkhWdj[ bW YWcfW‹W [b[YjehWb Z[b fhÂŒn_ce W‹e$
¥ ēŊ +Ŋ"(1#!3(5.Ŋ"#+Ŋ1.3 3(5.Ŋ ++#%¢Ŋ Ŋ - ,;Ŋ#+Ŋ)4#5#2ĔŊ31 2Ŋ#23 1Ŋ 2(+ ".Ŋ#-Ŋ+ Ŋ , ) " Ŋ"#Ŋ#2#Ŋ/ ~2ēŊ
c[ Z_Y[0 Ăˆi[‹eh" h[]h[i[É$ H[]h[# ie$ J[d‡Wd c_ fWiWfehj[ [d kdW c|gk_dW cko [njhW‹W" de iƒ gkƒ ^_Y_[hed$ C[ Z[lk[bl[d [b fW# iWfehj[ o b[ fh[]kdje Wb feb_Y‡W0 ĂˆÂľGkƒ [i be gk[ [ij|d ^WY_[dZe5" [nfb‡gk[c[É$ ;djedY[i c[ Z_`e0 ĂˆDe" [i gk[ j[d[cei kdW ehZ[d ikf[h_eh Z[ gk[ YkWdZe kij[Z iWb]W j[d[cei gk[ Wl_iWhÉÇ" dW# hhÂŒ Fƒh[p$ 7dj[ bW YedikbjW Z[ i_ lebl[# h| Wb fW‡i" h[ifedZ_ÂŒ0 Æ;ie ^Wo gk[ l[h$ E`Wb| [b Fh[i_Z[dj[ o jeZe ik =eX_[hde i[ Yecfehj[d X_[d o j[d]Wd kdW WYj_jkZ i[h_W fWhW Yed deiejhei o fWhW Yed ;YkWZehÇ$
Ä’ &Ĺ‹- ,0# #)Ĺ‹ Ĺ‹ ., (-*),. Ĺ‹() $/-.#Ă° Ĺ‹ &Ĺ‹ &4 Ä“ (4" " -.2ĹŠ8ĹŠ#7Äą /#13.2ĹŠ 2#%41 -ĹŠ 04#ĹŠ#+ĹŠÄ‰ÄŽĹ˜ĹŠ,;2ĹŠ#-ĹŠ +.2ĹŠ/ 2 )#2ĹŠ#2ĹŠ"#2Äą /1./.1!(.- ".Ä“ĹŠĹŠ
ƒ 7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
ă
1#!(.2Ŋ#-Ŋ"¢+ 1#2 .2( +#2Ŋ(-!1#,#-3.2
43 2ĹŠĹŠ
4(3.Ĺ 4 8 04(+ŊŊ 2,#1 +" 2ŊIJ 4(3.Ŋ
.) ŊIJ 4 8 04(+Ŋ .13.5(#).Ĺ 4(3.Ŋ !' + Ĺ 4(3.ŊŊŊŊŊŊ
%.ĹŠ %1(.Äą 4 8 04(+ĹŠĹŠ
.23.ĹŠ5(%#-3#ĹŠ Ä‘Ä”ÄˆÄŽĹŠ Ä?Ä”ÄˆÄŽĹŠ đĔđćŊ Ä?ĔĒćŊ ÄˆÄ‡Ä”ÄŽÄ‡ĹŠ ÄˆÄŠÄ”Ä‰Ä‡ĹŠ
;b WdkdY_e gk[ ^_pe [b Z_h[Y# jeh Z[ bW 7][dY_W DWY_edWb Z[ Jh|di_je 7DJ " CWkh_Y_e F[‹W" ieXh[ [b _dYh[c[dje Z[ ^WijW [b bei ‘bj_cei W‹ei$ 7dj[i" kdW (+ [d bW jhWdifehjWY_ÂŒd _dj[h# bbWdjW YeijWXW )*& ZÂŒbWh[i" fhel_dY_Wb YWkiÂŒ _dZ_]dWY_ÂŒd W^ehW Yk[ijW -&&Ç$ I_d [cXWh]e" h[YedeY_ÂŒ [djh[ bei fWiW`[hei o iWj_i\WYY_ÂŒd [d bei Y^e\[h[i" gk_[d[i Wi[]k# gk[" feh bW _cfhkZ[dY_W Z[ hWhed gk[ ÆoW [hW j_[cfe Z[ kd ckY^ei Y^e\[h[i" ^W ikX_Ze [b d‘c[he Z[ WYY_Z[dj[i$ ÆI_ h[W`kij[ Z[ jWh_\WiÇ$ I[]‘d =k_bb[hce 7XWZ" Z_h[Y# lW bb[de" Z[X[h‡W _h Z[ifWY_e" jeh Z[ @kij_Y_W L_Wb" [b WbpW de [ij| f[he ^Wo Y^e\[h[i gk[ h[Y_ƒd `kij_Ă’YWZW fehgk[ bWi Yeef[hWj_# i[ ]hWZ‘Wd" YedZkY[d bei l[# lWi de [djh[]Wd kd i[hl_Y_e Z[ ^‡Ykbei o de jecWd bWi fh[# YWb_ZWZ$ Æ;b [nY[ie Z[ l[beY_ZWZ YWkY_ed[iÇ Z_`e$ feh fWhj[ Z[ bWi kd_ZWZ[i W‘d f[hi_ij[" o jWcX_ƒd bW ieXh[YWh]W #!' 9. Z[ fWiW`[hei o bWi fWhWZWi \k[hW ÆDe i[ fk[Z[ ikX_h [b fWiW`[ Z[ cWd[hW jWd Z[ifhefehY_e# Z[ bei j[hc_dWb[iÇ" i[‹WbÂŒ$ dWZW$ ÂľGkƒ i[]kh_ZWZ 7XWZ h[YWbYÂŒ gk[" fWhW j[d[cei bei fWiW`[hei" `kij_Ă’YWh [ijW [b[lWY_ÂŒd" bW ĹŠ i_ bei YedZkYjeh[i [d 7DJ Z[X[h‡W WkZ_jWh W bWi bWi deY^[i lWd W c|i YecfW‹‡Wi o Y[hY_ehWhi[ Z[ gk[ [b _dYh[c[dje i[ -ĹŠ#+ĹŠĂŒ+3(,.ĹŠ$#1( Äą ".ĹŠ2#ĹŠ/1."4)#1.-ĹŠ Z[ '&& a_bÂŒc[jhei feh _dl_[hjW [d h[delWY_ÂŒd Z[ 31#2ĹŠ !!("#-3#2ĹŠ ^ehW" ^WY[d fWhWZWi Ă“ejW o bW YWfWY_jWY_ÂŒd Z[ "#ĹŠ31 -2/.13#ĹŠ (-3#1/1.5(-!( +Ä“ĹŠ +ĹŠ ZedZ[ b[i ZW bW ]WdW" bei YedZkYjeh[i$ Æ;d eYW# 2 +".ĹŠ$4#ĹŠ"#ĹŠÄŒÄˆĹŠ hecf[d bei i[bbei gk[ ,4#13.2Ä“ b[i YebeYWd [d bei j[h# i_ed[i" [b _dYh[c[dje de i[ c_dWb[i o" WZ[c|i Z[ Z_h[YY_edW W c[`ehWh bW YW# b_ZWZ i_de gk[ X[d[Ă’Y_W W gk_[# jeZe [ie" fh[j[dZ[d _dYh[# d[i cWd[`Wd bW jhWdifehjWY_ÂŒd c[djWh bW jWh_\W5 De [i `kije Yed [b kikWh_eÇ" ef_dÂŒ Abƒl[h f‘Xb_YWÇ" i[‹WbÂŒ$ I_d [cXWh]e" Bk_i 9eXW" Yed# 9^_YW" gk_[d YecfhWXW kd ZkYjeh Z[ kd Xki _dj[hfhel_d# fWiW`[ fWhW _h W CWY^WbW Z[i# Y_Wb Z[ bW 9eef[hWj_lW F[b_b[e Z[ [b j[hc_dWb Z[ Gk_jkcX[" [ij| Yed\ehc[ Yed [b WdkdY_e Z[ [d Gk_je$ CWh‡W 9$" gk_[d bb[]ÂŒ W bW F[‹W$ Æ;i Yedl[d_[dj[ gk[ i[ _d# Yh[c[dj[ [b lWbeh fehgk[ [b Yei# YWf_jWb Z[iZ[ CWdWX‡" _dZ_YÂŒ je Z[ bei h[fk[ijei ^W ikX_Ze [d gk[ de i[ i_[dj[ i[]khW [d bW
4,#-3.ĹŠ' 23 ĹŠÄ‰ÄŽĹ˜ ĉĔćĊŊ ĸ!.23 1~ ĹŠÄˆÄ‡Ä”ÄˆÄ‘Äš ÄˆÄ”ÄŽÄŠĹŠ ĸ!.23 1~ ĹŠÄ?Ä”Ä?Ä‘Äš ĸ!.23 1~ ĹŠÄˆÄˆÄš ĉĔĉŊ ĈĔÄ?ĉŊ ĸ!.23 1~ ĹŠÄ‘Ä”Ä?ĉĚ ĉĔÄ?ĉŊ ĸ!.23 1~ ĹŠÄˆÄŠÄ”ÄˆÄ‰Äš ĊĔĊćŊ ĸ!.23 1~ ĹŠÄˆÄ?ĔĎćĚ
+9 ĹŠ"#ĹŠ/ 2 )#2ĹŠ #23 ĹŠ/1#5(23 Ĺ—ĹŠĹŠ
.2ĹŠ31 -2/.13(23 2ĹŠ(-3#1/1.5(-Äą !( +#2ĹŠ3#-~ -ĹŠ/1#5(23.ĹŠ1# +(9 1ĹŠ4-ĹŠ / 1.ĹŠ#+ĹŠÄŠÄˆĹŠ"#ĹŠ %.23.ĹŠ/ 2 ".ĔŊ/#1.ĹŠ "#2/4_2ĹŠ"#ĹŠ31#2ĹŠ'.1 2ĹŠ"#ĹŠ!.-5#12 Äą !(¢-ĹŠ!.-ĹŠ 43.1(" "#2ĹŠ"#+ĹŠ . (#1-.ĔŊ $4#ĹŠ242/#-"(".Ä“ĹŠ -31#ĹŠ+ 2ĹŠ/#3(!(.-#2ĹŠ 04#ĹŠ' !~ ĹŠ#+ĹŠ%1#,(.ĹŠ!.-23 -Ä–ĹŠ , 8.1ĹŠ!.-31.+ĹŠ"#ĹŠ31 -2/.13(23 2ĹŠ (-$.1, +#2ĔŊ,#).1 1ĹŠ+ ĹŠ2#%41(" "ĹŠ#-ĹŠ + 2ĹŠ! 11#3#1 2ĹŠ8ĹŠ+ ĹŠ1#5(2(¢-ĹŠ"#ĹŠ+ ĹŠ3 1($ ĹŠ "#ĹŠ31 -2/.13#Ä“ĹŠ
jhWdifehjWY_ÂŒd _dj[hfhel_dY_Wb$ Æ:[ifkƒi Z[ be gk[ ikY[Z_ÂŒ [d [b \[h_WZe Z[ 9WhdWlWb" W^ehW ZW j[hheh$ 9bWhe gk[ de jeZei bei YedZkYjeh[i ied _hh[ifediWXb[i f[he i‡ [d ik ]hWd cWoeh‡W" de h[if[jWd YkhlWi" i[‹Wb[i Z[ jh|d# i_je d_ gk[ bW YWbpWZW [ijƒ ce`W# ZWÇ" Yec[djÂŒ bW ck`[h$ E\_Y_Wbc[dj[" bW <[Z[hWY_ÂŒd DWY_edWb Z[ 9eef[hWj_lWi Z[ JhWdifehj[ F‘Xb_Ye Z[ FWiW`[he <[dWYej_f i[ cWdj_[d[ [d gk[ de [i kd _dYh[c[dje Z[ fWiW`[i i_de kd Æh[W`kij[ Z[ jWh_\WiÇ" Z[ WYk[hZe Yed kdW jWXbW gk[ oW [ijkle WfheXWZW ^WY[ ckY^ei W‹ei f[he de jeZWi bWi Yeef[hW# j_lWi bW ^_Y_[hed [\[Yj_lW$
¥ ēŊ .2Ŋ!.-"4!3.1#2Ŋ"#Ŋ31 -2/.13 !(¢-Ŋ(-3#1/1.5(-!( +Ŋ#23;-Ŋ2 3(2$#!'.2Ŋ!.-Ŋ+ Ŋ,#"(" ēŊ
¥ ēŊ .2Ŋ#234"( -3#2Ŋ"#Ŋ#23.2Ŋ!#-31.2Ŋ2#Ŋ'(!(#1.-Ŋ(-!+42.Ŋ!412.2Ŋ"#Ŋ/1#Ĺ / 1 !(¢-Ŋ/ 1 Ŋ#23 Ŋ/14# ēŊ
&/'()-Ĺ‹ Ĺ‹/(#0 ,-# -Ĺ‹ Ä’ Ä“Ä…Ĺ‹ (Ĺ‹ 2 ' (Ĺ‹' ˜ ( ;d jejWb" /$'(. [ijkZ_Wdj[i Z[ Y_ÂŒd de W\[YjWh|d [d ik ^_ijeh_Wb bWi kd_l[hi_ZWZ[i Z[ YWj[]eh‡W ; WYWZƒc_Ye fehgk[ bWi dejWi de i[h|d [djh[]WZWi W bWi h[dZ_h|d cW‹WdW bW fhk[# kd_l[hi_ZWZ[i$ XW Z[ [lWbkWY_ÂŒd Z[ h[# ĹŠ :[ jeZWi \ehcWi" gk_[# ikbjWZei Z[b Wfh[dZ_pW`[" Z[iZ[ bWi &/0&& ^WijW bWi #ĹŠ1#!.,(#-" ĹŠ d[i eXj[d]Wd h[ikbjWZei ')0&&" [d (, i[Z[i W d_l[b 04#ĹŠ+.2ĹŠ#234"( -Äą ieXh[iWb_[dj[i i‡ i[h|d h[YedeY_Zei Yed kd Z_# dWY_edWb" kX_YWZWi [d '- 3#2ĹŠ 2(23 -ĹŠ "#2"#ĹŠ+ 2ŊđĖĊćŊ /.104#ĹŠ ĹŠ/ 13(1ĹŠ fbecW$ Bed] jWcX_ƒd Y_kZWZ[i$ "#ĹŠ+ 2ŊĒĖććŊ8 ĹŠ-.ĹŠ Bei [ijkZ_Wdj[i de fe# /."1;-ĹŠ(-%1#2 1Ä“ Wi[]khÂŒ gk[ [ij[ de [i kd _dijhkc[dje fWhW [lWbkWh Zh|d _d]h[iWh Yed d_d]‘d W bei [ijkZ_Wdj[i i_de W bWi eX`[je f[hiedWb" Yece ce# Y^_bWi" b|f_Y[i e Y[bkbWh[i" ĹŠ kd_l[hi_ZWZ[i" Wkdgk[ jeZWl‡W de i[ ^WY[ f‘Xb_# oW gk[ i[ b[i fhefehY_edW# Ye Yk|b i[h| [b fehY[djW`[ h| jeZe be d[Y[iWh_e fWhW Z[ _dY_Z[dY_W Z[ [ij[ ‡j[c h[dZ_h iki [n|c[d[i$ IÂŒbe +ĹŠ+(23 ".ĹŠ"#ĹŠ+.2ĹŠ +4,-.2ĹŠ04#ĹŠ feZh|d bb[lWh kdW YWbYkbW# "# #-ĹŠ1#-"(1ĹŠ+ ĹŠ Z[djhe Z[ bW [lWbkWY_ÂŒd$ ;b fheY[ie jWcX_ƒd ZehW de fhe]hWcWXb[ fWhW #5 +4 !(¢-ĹŠ2#ĹŠ #-!4#-31 ĹŠ"(2/.Äą -( +#ĹŠ/.1ĹŠ4-(5#1Äą YedjWh| Yed l[[Zeh[i Z[b Y|bYkbei cWj[c|j_Yei$ 2(" "#2ĹŠ#-ĹŠ+ ĹŠ ?dij_jkje ?dj[hdWY_edWb BW [lWbkWY_ÂŒd j[dZh| /;%(- ĹŠ6# Ä–ĹŠ Äľ!# !#2Ä“ fWhW bW ;ZkYWY_ÂŒd Ikf[# Zei fWhj[i" kdW Z[ Z[i# '33/Ä–Äľ %. Ä“#!Ä“ h_eh [d 7cƒh_YW BWj_dW o jh[pWi ][d[hWb[i o kdW Z[ [b 9Wh_X[ ?[iWbY " gk[ [i Z[ijh[pWi [if[Y‡ÒYWi Z[ ik kd eh]Wd_ice Z[ bW Kd[iYe" gk[ YWhh[hW$ =k_bbWkc[ Bed]" fh[i_Z[d# i[ Z[Z_YW W bW fheceY_ÂŒd Z[ bW j[ Z[b 9edi[`e Z[ ;lWbkWY_ÂŒd" [ZkYWY_ÂŒd ikf[h_eh$ 7Yh[Z_jWY_ÂŒd o 7i[]khWc_[dje Z[ bW 9Wb_ZWZ Z[ bW ;ZkYWY_ÂŒd # ĹŠ+ ĹŠ+(23 ĹŠ"#ĹŠ+ 2 ĉÄ?ĹŠ2#"#2ĹŠ#-Ä–ĹŠ Ikf[h_eh 9[WWY[i " [nfb_YÂŒ gk[ 666Ä“+ '.1 Ä“!.,Ä“#! bei h[ikbjWZei Z[ [ijW [lWbkW#
, -# (. Ĺ‹3Ĺ‹ - ' & v-. +/ (Ĺ‹ / , Ĺ‹ Ĺ‹& 3Ĺ‹ Ĺ‹, * .# #š(Ĺ‹ BW fhÂŒn_cW i[cWdW i[ lejWh‡W _]kWb fWhW jeZeiÇ" Wkdgk[ [ij| [b fheo[Yje Z[ b[o Z[ h[f[j_Y_ÂŒd" Z[ WYk[hZe Z[ de _dYbk_h Wb Fh[# i[]‘d [b fh[i_Z[dj[ Z[ bW 7iWc# i_Z[dj[" Z[X_Ze ÆW gk[ Ykcfb[ Xb[W" <[hdWdZe 9ehZ[he$ ;ijW ejhWi \kdY_ed[iÇ$ Feh ik fWhj[" 9ƒiWh HeZh‡# dehcWj_lW h[]kbW bei c[YWd_i# cei gk[ f[hc_j[d gk[ [b ;ijWZe ]k[p [n F7?I i[‹WbÂŒ gk[ [ije h[Ykf[h[ bei lWbeh[i gk[ ^WoWd i[ XWiW [d bW \kdY_ÂŒd Z[ b[]_ibWh o Yeb[]_ibWh gk[ j_[d[d bei i_Ze fW]WZei Yece _dZ[c# \kdY_edWh_ei$ Æ;i kdW h[i# d_pWY_ÂŒd e h[fWhWY_ÂŒd" feh ĹŠ fediWX_b_ZWZ feh [b X_[d Z[cWdZWi [d YedjhW Z[ Yec‘dÇ" i[‹WbÂŒ" ^WY_[dZe \kdY_edWh_ei f‘Xb_Yei$ I_d [cXWh]e" [d bW fWhj[ +ĹŠ/.-#-3#ĹŠ"#ĹŠ #23#ĹŠ/1.8#!3.ĹŠ"#ĹŠ h[\[h[dY_W W gk[ feZh‡W Ă’dWb Z[b Whj‡Ykbe jh[i" i[‹W# +#8ĹŠ#2ĹŠ#+ĹŠ 2 ,Äą W\[YjWh [iW bWXeh$ +#~23 ĹŠ 41.ĹŠ I_d [cXWh]e" cWd_\[i# bW gk[ de i[ feZh| [`[hY[h -"(-.Ŋĸ ĚēŊ jÂŒ gk[ [d [b YWie Z[ gk[ bW WYY_ÂŒd Z[ h[f[j_Y_ÂŒd [d Yed# 9ec_i_ÂŒd ?dj[hWc[h_YWdW jhW Z[ bei WiWcXb[‡ijWi e [b Z[ :[h[Y^ei >kcWdei 9?:> Fh[i_Z[dj[ Z[ bW H[f‘Xb_YW$ fki_[hW kdW _dZ[cd_pWY_ÂŒd Wb ;ijWZe feh bW Z[cWdZW YebeYWZW /(-(.-#2 FWhW 8[jjo 9Whh_bbe F7?I " de feh Z_Wh_e ;b Kd_l[hie" ÆZ[`Wh‡W i[ Z[X[h‡W _dYbk_h W bei WiWc# Wb Fh[i_Z[dj[ i_d d_d]kdW h[i# Xb[‡ijWi fehgk[ Æ[b jhWje Z[X[ i[h fediWX_b_ZWZÇ$
ƒ ą
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
(Ĺ‹.,6#& ,Ĺ‹- Ĺ‹ #( ( # Ĺ‹ (Ĺ‹ &Ĺ‹ * -)Ĺ‹& . , &Ĺ‹ Ĺ‹ ' .)
d[kjhWb_pÂŒ jeZe o c[ \k_ YedjhW kd feij[ Z[ bkp$ Bk[]e" Z_e bW lk[bjW [b jh|_b[h o c[ gk[Zƒ WjhW# fWZe YkWdZe [cf[pÂŒ [b _dY[d# Z_eÇ WĂ’hcÂŒ Z[iZ[ kdW YWc_bbW Z[b |h[W Z[ eXi[hlWY_ÂŒd Z[b >ei# f_jWb :eY[dj[ 7cXWje" bk[]e Z[ gk[ \k[hW h[iYWjWZe feh bei ce# hWZeh[i Z[b i[Yjeh$ <Wkije HWc‡h[p" j[ij_]e Z[b f[hYWdY[" \k[ kde Z[ bei fh_c[# hei bb[]Wh fWhW iWYWhbe Z[ bWi bW# jWi h[jehY_ZWi$ Æ9ed c_ ^[hcWde o ejhei cehWZeh[i" WokZWcei W h[iYWjWh Wb ^ecXh[" gk[ ]h_jWXW feh Wkn_b_e" ^WijW gk[ bW WcXk# bWdY_W bb[]k[Ç$
ěŊ ĹŠ Cec[djei Z[ f|d_Ye l_l_[hed Wo[h bei ^WX_jWdj[i Z[b 4!' 1.-ĹŠ!.-31 ĹŠ#+ĹŠ$4#%. i[Yjeh Z[ BWi L_‹Wi" [d [b C|i Z[ Zei ^ehWi bei ĂˆYWiW# fWie bWj[hWb Z[ 7cXWje" YWi he`WiÉ Whhe`WXWd W]kW o bk[]e Z[ gk[ kd jh|_b[h ĹŠ [ifkcW Wb jWdgk[he gk[ lebYWhW" jkcXWhW Zei fei# [ijWXW [d bbWcWi$ CWhYe
4+(.ĹŠ 5(+ -#2ĔŊ I|dY^[p" `[\[ ef[hWj_le Z[ j[i o i[ _dY[dZ_WhW$ "4# .ĹŠ"#ĹŠ4- ĹŠ EYkhh_ÂŒ W bWi &-0(& Z[ #,/1#2 ĹŠ1#/ 13(Äą bei XecX[hei" _d\ehcÂŒ gk[ W]ejWhed jeZei bei ]Wbed[i Wo[h" Z[ WYk[hZe Yed bW ".1 ĹŠ"#ĹŠ %4 ĔŊ ".-¢ŊĉćēćććŊ l[hi_ÂŒd Z[ Bk_i Fƒh[p" Yed# +(31.2ĹŠ/ 1 ĹŠ3#1,(Äą Z[ [ifkcW fWhW ie\eYWh [b _dĂ“WcWXb[ b‡gk_Ze$ ZkYjeh Z[ bW kd_ZWZ" gk_[d - 1ĹŠ"#ĹŠ2.$.! 1ĹŠ + 2ĹŠ++ , 2Ä“ Bk[]e Z[ [ie" kdW ]h‘W ieXh[l_l_ÂŒ$ DWhhÂŒ gk[ l_W# fh_lWZW \k[ bW [dYWh]WZW `WXW Z[iZ[ BW JhedYWb ^W# Z[ h[cebYWh bW kd_ZWZ Wb fWj_e Y_W Gk_je fWhW [djh[]Wh WbYe^eb$ ÆI[ c[ \k[hed bei \h[dei" i[ Z[ h[j[dY_ÂŒd Z[ JejehWi$
¥ ēŊ -Ŋ"#2+ 5#Ŋ ! ¢Ŋ!.-Ŋ4- Ŋ'4,(+"#Ŋ5(5(#-" ĔŊ#-Ŋ#+Ŋ2#!3.1Ŋ Ŋ #1!#"ĔŊ"#Ŋ ( 2ē
(.)( -Ĺ‹ Ĺ‹ &Ĺ‹ ,)Ĺ‹ -/ , (Ĺ‹*),Ĺ‹ &Ĺ‹#(0# ,()
.2ĹŠ"#2+ 5#2ĹŠ3(#-#-ĹŠ#-ĹŠ9.9. 1 ĹŠ ĹŠ 3." ĹŠ+ ĹŠ/. + !(¢-Ä“ĹŠ 8#1ĹŠÄˆÄ‰Ä‡ĹŠ$ ,(+( 2ĹŠ $4#1.-ĹŠ"#!+ 1 " 2ĹŠ#-ĹŠ1(#2%.ĹŠ+ 3#-3#Ä“ĹŠ
Â&#x; ěŊ BW YWiW Z[ CWh_dW 9W#
Â&#x; Ä“ĹŠ -ĹŠ#+ĹŠ+4% 1ĹŠ"#+ĹŠ/#1! -!#ĹŠ+ ĹŠ(, %#-ĹŠ#1 ĹŠ /.! +~/3(! Ä“
")3)Ĺ‹ (Ĺ‹,# -!)Ĺ‹ Ĺ‹ +/ ,Ĺ‹ #-& )Ĺ‹*),Ĺ‹&&/0# -Ĺ‹ ěŊ IeXh[ bW Wkjef_ijW 8W# ZWZ$ 7X[b_de Ck‹ep" YedZkYjeh Z[ XW^eoe#@k`Wd" [d f[b_]he Z[ gk[# kdW YWc_ed[jW ZeXb[ YWX_dW" i[‹WbÂŒ ZWh W_ibWZei" Z[iZ[ Wo[h bei l[^‡# gk[ ik l[^‡Ykbe i[ WfW]ÂŒ fehgk[ [d# Ykbei b_l_Wdei de be]hWhed jhÂŒ W]kW [d [b [iYWf[$ fWiWh feh bW YWdj_ZWZ Z[ W]kW kX_YWZW [d [b i[Yjeh ĹŠ #"(" 2 Z[b YWdY^ÂŒd Z[ Jh|di_je$ >k]e LWbb[" Z_h[Yjeh Z[b ;b C_d_ij[h_e Z[ JhWdi# ĹŠ(-23 + !(¢-ĹŠ"#ĹŠ CJEF" Wi[]khÂŒ gk[ kdW l[p gk[ XW`[d bWi W]kWi fehj[i o EXhWi F‘Xb_YWi /+45(¢,#31.2ĹŠ 43.,;3(!.2ĹŠ8ĹŠ CJEF jecÂŒ c[Z_ZWi #23 !(.-#2ĹŠ'("1.Äą fheY[Z[h|d W ^WY[h ck# YebeYWdZe i[‹Wb[i Z[ WZ# +¢%(! 2ĹŠ2.-ĹŠ,#"(Äą hei fWhW gk[ [b W]kW de " 2ĹŠ/ +( 3(5 2Ä“ ikf[h[ bW l‡W$ l[hj[dY_W$ 7 kd YedZkYjeh" @kWd HeiWb[i" i[ b[ WfW]ÂŒ Bei eh]Wd_icei Z[ ie# [d c[Z_W ĂˆbW]kdWÉ ik \kh]ed[jW o Yehhe o bei ]eX_[hdei fhel_dY_W# jkle gk[ i[h h[cebYWZe feh f[h# b[i o ckd_Y_fWb[i i[ ^Wd l_dYk# iedWi gk[ [ijWXWd [d [b i_j_e$ bWZe fWhW _cfb[c[djWh i_ij[cWi Kd feb_Y‡W gk[ [ijWXW [d [b bk]Wh Z[ Wb[hjW j[cfhWdW fWhW c_j_]Wh h[Yec[dZÂŒ W bei YedZkYjeh[i Z[ l[# bei _cfWYjei d[]Wj_lei [d pedWi ^‡Ykbei ]hWdZ[i gk[ XW`[d bW l[beY_# feXbWZWi$
Xh[hW BWlWdZW" [d Ykoe _dj[# h_eh l_l‡Wd YkWjhe \Wc_# b_Wi Z[ [iYWiei h[Ykhiei ĹŠ [YedÂŒc_Yei \k[ WhhWiWZW !!(.-#2 bW cW‹WdW Z[ Wo[h feh [b :[ _dc[Z_Wje" c_[cXhei
2ĹŠ$ ,(+( 2ĹŠ#5 Äą Z[b 9E; WYkZ_[hed W bW beZe gk[ XW`ÂŒ Z[b Y[hhe !4 " 2ĹŠ#23;-ĹŠ FWjW =hWdZ[É e ĂˆY[hhe Z[ + #1% " 2ĹŠ#-ĹŠ+ ĹŠ pedW Z[b Z[iWijh[ fWhW 2!4#+ ĹŠ".!3.1ĹŠ 9h_ijeÉ$ b[lWdjWh kd _d\ehc[ o #"#1(!.ĹŠ ;ijW [i bW i[]kdZW .-9;+#9ĹŠ XkiYWh bei c[YWd_icei 4;1#9Ä“ l_l_[dZW Z[ijhepWZW fWhW h[kX_YWh W Y[hYW Z[ feh bei Z[ib_pWc_[djei +& \Wc_b_Wi Z[ bW Y_kZWZ[# Z[ [ijW c_icW [b[lWY_ÂŒd Yece bW BW C[hY[Z gk[ W‘d [ij|d Wbe# Yedi[Yk[dY_W Z[ bW \k[hj[ [i# `WZWi [d iki l_l_[dZWi o [l_jWh Z[i]hWY_Wi feij[h_eh[i$ jWY_ÂŒd _dl[hdWb gk[ ^W ]ebf[WZe ZkhWc[dj[ ĹŠ BW Zh|cWj_YW i_jkWY_ÂŒd cWdj_[d[ fh[eYkfWZW de Wb YWdjÂŒd F_‹Wi o W iki fWhhegk_Wi$ iÂŒbe W bW feXbWY_ÂŒd" i_de ;2ĹŠ! 2 2ĹŠ"#+ĹŠ De i[ h[]_ijhWhed 2#!3.1ĹŠ!.11#-ĹŠ jWcX_ƒd W iki Wkjeh_ZWZ[i /#+(%1.ĹŠ"#ĹŠ2#1ĹŠ gk[ [YedÂŒc_YWc[dj[ i[ l‡Yj_cWi gk[ bWc[djWh" 2#/4+3 " 2Ä“ fehgk[ bei c_[cXhei i_[dj[d Æ_cfej[dj[iÇ fWhW fh[l[d_h o i[]k_h iefeh# Z[ bWi YkWjhei \Wc_b_Wi \k[hed [lWYkWZei [d Z‡Wi Wdj[# jWdZe bei [ijhW]ei Z[b _dl_[hde$ h_eh[i" jhWi [b _dc_d[dj[ f[b_]he gk[ Yehh‡Wd" jhWi bei fh_c[hei ;2ĹŠ"#2314!!(¢-ĹŠ Z[hhkcX[i [d [ijW pedW$ ;d F_‹Wi jWcX_ƒd i[ ^Wd Z[i# ;b WbYWbZ[" @ei[f^ 9k[lW jhepWZe YWc_dei l[Y_dWb[i o =edp|b[p" fh[i_Z[dj[ Z[b 9ec_jƒ YWhh[j[hWi" i[ ^Wd jWfedWZe Z[ Ef[hWY_ed[i Z[ [c[h][dY_W WbYWdjWh_bbWi" ^Wd YW‡Ze l_l_[d# 9E; Z[ F_‹Wi" [ijkle Z[iZ[ bWi ZWi [d bWi fWhhegk_Wi hkhWb[i o fh_c[hWi ^ehWi Z[ bW cW‹WdW [d [ij|d [d f[b_]he jWcX_ƒd YWiWi [b i[Yjeh Z[ bW 9_kZWZ[bW BW C[h# [d [b 8Whh_e IWd @eiƒ" [d bW 9_k#
/ 3 -ŋ()ŋ (., ,6ŋ (ŋ ' ,! ( # ěŊŊ =kWoWi de i[h|
ÂĄ Ä“ĹŠ ĹŠ%#-3#ĹŠ3(#-#ĹŠ04#ĹŠ! ,(- 1ĹŠ#-ĹŠ4-ĹŠÄĽ1~.ĹŠ#-ĹŠ/+#- ĹŠ!(4" "ÄŚÄ“ĹŠ
Y[Z o eXi[hlΠ`kije YkWdZe [b Y[hhe i[ Z[ifbecΠo YWoΠieXh[ bW l[jkijW YWiW$
Z[YbWhWZW [d [c[h][dY_W Yece be ^WX‡W ieb_Y_jWZe [b fh[\[Yje" @_cco @W_hWbW" fehgk[ bW I[Yh[jWh‡W DWY_e# dWb Z[ =[ij_Œd Z[ H_[i]e ID=H Z[Y_Z_Œ Z[i[Y^Wh [b f[Z_Ze$ CWh‡W Z[b F_bWh 9ehd[`e" j_jkbWh Z[ bW [dj_ZWZ" Z_`e gk[
bW B[o Z[ ;c[h][dY_W ?dj[hYWd# jedWb Z[Yh[jW gk[ YWZW Ckd_Y_# f_e fk[Z[ ceZ_Ă’YWh ik fbWd Z[ [c[h][dY_W o kj_b_pWh ik fh[ik# fk[ije Yece c[`eh be Yh[W Yed# l[d_[dj[$ 7]h[]ÂŒ gk[ [d YWie Z[ ikf[# hWhi[ [b lWbeh fh[ikfk[ijWZe o Z[ij_dWZe feh bW `kh_iZ_YY_ÂŒd" bW I[Yh[jWh‡W WYkZ_h| Z_h[YjWc[dj[ W kd cƒjeZe Z[ ieYehhe$ ÆBWi [c[h][dY_Wi i[ Wj_[dZ[d W c[Z_ZW [d gk[ lWd ikY[Z_[d# Ze$ Feh [`[cfbe" [d [b YWie Z[ bW l‡W =kWoWgk_b#CWY^WbW" [b C_# d_ij[h_e Z[ JhWdifehj[ o EXhWi F‘Xb_YWi CJEF ^W YebeYWZe
4 - 9;-Ŋ2#Ŋ 2(#-3#Ŋ#-Ŋ#+Ŋ.+5(". ŊŊŊ (#-31 2Ŋ#-Ŋ 4 - 9;-ĔŊ! -3¢-Ŋ ŗ 14, ĔŊ2#Ŋ2(#-3#-Ŋĥ#-Ŋ#+Ŋ!.,/+#3.Ŋ
-".-.ĹŠ8 ĹŠ04#ĹŠ-(-%4- ĹŠ 43.1(" "ĔŊ / 13#ĹŠ"#ĹŠ+ ĹŠ 1#$#!341 ĔŊ2#ĹŠ' !#ĹŠ/1#Äą 2#-3#ĹŠ / 1 ĹŠ /1#23 1+#2ĹŠ 84" ĢŊ /#2#ĹŠ ĹŠ 04#ĹŠ #23;-ĹŠ #-ĹŠ ÄĄ(-,(-#-3#ĹŠ 1(#2%.ĢĔŊ 2#%ĂŒ-ĹŠ"().ĹŠ 4+3.-ĹŠ #11 -.ĔŊ/1#2("#-3#ĹŠ "#ĹŠ+ ĹŠ)4-3 ĹŠ/ 11.04( +Ä“ ÄĄ -ĹŠ #23#ĹŠ 2#!3.1ĹŠ ĸ .!' %41.ĚĔŊ #23;-ĹŠ $#!3 " 2ĹŠ4- 2ŊĉćŊ! 2 2Ŋĸ"#ĹŠ ". #ĚŊ 04#ĹŠ#23;-ĹŠ ĹŠ/4-3.ĹŠ"#ĹŠ! #12#ĹŠ/.1ĹŠ#+ĹŠ (-5(#1-.ŊĸēēēĚēŊ .ĹŠ3#-#,.2ĹŠ2 +(" ĔŊ-.ĹŠ /4#"#-ĹŠ#-31 1ĹŠ+.2ĹŠ5#'~!4+.2ĔŊ2¢+.ĹŠ#2Äą 3 ,.2ĹŠ!149 -".ĹŠ ĹŠ/(#ĹŠ8ĹŠ#-ĹŠ! ++.2ĢĔŊ !.3¢Ŋ#+ĹŠ"(1(%#-3#Ä“
ĹŠ(-!+#,#-!( ĹŠ"#+ĹŠ!+(, ĹŠ-.ĹŠ2¢+.ĹŠ' ĹŠ $#!3 ".ĹŠ+ 2ĹŠ5~ ĹŠ"#ĹŠ !!#2.Ä“ĹŠ .2ĹŠ!4+3(Äą 5.2ĹŠ"#ĹŠ$1_).+ĔŊ, ~9ĹŠ8ĹŠ/ / ĹŠ#23;-ĹŠ!.,Äą /+#3 ,#-3#ĹŠ/#1"(".2Ä“ 8ĹŠ Ä?ćŊ $ ,(+( 2ĹŠ $#!3 " 2ĹŠ 8ĹŠ /.1ĹŠ #+ĹŠ ,.,#-3.ĹŠ2#ĹŠ#-!4#-31 -ĹŠ +.) " 2ĹŠ#-ĹŠ ! 2 2ĹŠ"#ĹŠ$ ,(+( 1#2ĹŠ8ĹŠ5#!(-.2Ä“ĹŠ 23.2ĹŠ' Äą (3 -3#2ĹŠ/("#-ĹŠ04#ĹŠ#+ĹŠ 4-(!(/(.ĹŠ' % ĹŠ 4- ĹŠ(-2/#!!(¢-ĹŠ#-ĹŠ#+ĹŠ+4% 1Ä“ĹŠÄĄ 4#ĹŠ#+ĹŠ2#Äą  .1ĹŠ +! +"#Ŋĸ -(+.ĹŠ .1 ĚŊ2#ĹŠ !4#1"#ĹŠ "#ĹŠ04#ĹŠ 4 - 9;-ĹŠ3 , (_-ĹŠ#7(23#Ģē ÄĄ #1.ĹŠ+ ĹŠ(-2/#!!(¢-ĹŠ+ ĹŠ04#1#,.2ĹŠ8 ĔŊ /.104#ĹŠ+ ĹŠ2(34 !(¢-ĹŠ! " ĹŠ5#9ĹŠ2#ĹŠ#23;ĹŠ %1 5 -".ĢĔŊ 2#5#1¢Ŋ #11 -.Ä“
ZWZ[bW '( Z[ EYjkXh[" [d F_‹Wi =hWdZ[ o [d bW Y_kZWZ[bW IWd <hWdY_iYe$ kd fk[dj[ gk[ [ij| [d YWfWY_# ZWZ feh [b j[cW Z[ bWi bbkl_Wi$ I_ j[d[cei [c[h][dY_Wi" [d ;b Ehe [ijWcei jhWXW`WdZe Yed eXhWiÇ" Z_`e$ -4-" !(.-#2
C_[djhWi jWdje" bei fheXb[cWi gk[ iefehjW bW fhel_dY_W feh bW Yh[Y_ZW Z[ lWh_ei h‡ei" cWdj_[d[ _dYeckd_YWZWi W Wb]kdWi Ye# ckd_ZWZ[i YWcf[i_dWi Z[ bei i[Yjeh[i Z[ JWkhW o @k`Wd$ ;b kie Z[ YWdeWi i[ ^W Yedl[hj_Ze [d [b c[Z_e Z[ jhWdifehj[ Z[ [ijei i_# j_ei$ ;b W]kW ikf[hW bei ) c[jhei Z[ WbjkhW$
/- (Ĺ‹ &Ĺ‹Ĺ‹ ' ,!)Ĺ‹ Ĺ‹ &)-Ĺ‹ # ( -Ĺ‹ Ĺ‹ " 0,)(Ĺ‹ (Ĺ‹ &Ĺ‹ 2., ($ ,) b_j_]_e _d_Y_WZe ^WY[ '. W‹ei YedjhW bW f[jheb[hW 9^[lhed feh YedjWc_dWY_ÂŒd [d bW 7cWped‡W [YkWjeh_WdW [djhÂŒ Wo[h [d kdW dk[lW \Wi[ Yed [b WdkdY_e Z[ gk[ bei Z[cWdZWd# j[i fbWdj[WhWd WYY_ed[i b[]Wb[i [d FWdWc| o L[d[pk[bW fWhW [b [cXWh]e Z[ iki WYj_lei [ _dYbkie Z[ bei Xkgk[i gk[ fWiWd feh [b YWdWb$ Ik c[jW [i be]hWh gk[ bWi Yeh# j[i [d [iei fW‡i[i h[YedepYWd [b \Wbbe Z[ Zei jh_XkdWb[i [YkWje# h_Wdei gk[ YedZ[dWd W bW ckbj_# dWY_edWb [ijWZekd_Z[di[ W fW]Wh c|i Z[ '.$&&& c_bbed[i Z[ ZÂŒbW# h[i feh bei ZW‹ei W bW 7cWped‡W YWkiWZei [djh[ '/,* o '//& feh J[nWYe" kdW YecfW‹‡W gk[ 9^[# lhed WZgk_h_ÂŒ [d (&&'$
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ć
ĔŊ Ŋ ěŊ ;b
ÂĄ Ä“ĹŠ 4#5.2ĹŠ, %(231 ".2ĹŠĹŠ.!4/ 1.-ĹŠ 8#1ĹŠ242ĹŠ! 1%.2Ä“
ŋ*)- -#)( ,)(ŋßÝŋŋŋ )($/ -ŋ ŋ& ŋ
#ĹŠ#234"( ĹŠ+ ĹŠ/.2( (+(" "ĹŠ"#ĹŠ 4,#-3 1ĹŠ 242ĹŠ 31( 4!(.-#2ĹŠ+#% +#2ĹŠ/ 1 ĹŠ#+ĹŠ"#2Äą / !'.ĹŠ"#ĹŠ! 42 2Ä“ ;d kdW i[dY_bbW f[he [cej_lW Y[h[ced_W" '/ Z[ (' Yed`k[Y[i Z[ bW 9ehj[ DWY_edWb Z[ @kij_# Y_W 9D@ \k[hed fei[i_edWZei [d iki YWh]ei o fWhW bW fhÂŒn_# cW i[cWdW i[ Wl_pehW fei_Xb[i YWcX_ei h[if[Yje Z[ iki Yec# f[j[dY_Wi o Wjh_XkY_ed[i$ 7o[h" WYkZ_[hed Zei Z[ bei jh[i leYWb[i Z[b 9edi[`e Z[ bW @kZ_YWjkhW Z[ JhWdi_Y_ÂŒd 9@J " FWkbe HeZh‡]k[p o JWd_W 7h_Wi" [b j_jkbWh Z[ bW 9D@" 9Whbei HW# c‡h[p" o kde gk[ ejhe `k[p j_# jkbWh$ Be gk[ i‡ \k[ dejeh_W bW dkjh_ZW fh[i[dY_W Z[ \Wc_b_Wh[i o Wc_]ei Z[ bei Ă“WcWdj[i ef[# hWZeh[i Z[ `kij_Y_W$
2ĹŠ!.,/#3#-!( 2
#$.1, Ŋ+#% +Ŋ .Ŋ1#2.+4!(¢ŊŊ +Ŋ/1#2("#-3#Ŋ"#+Ŋ ĔŊ 4+.Ŋ .Ĺ ŗ"1~%4#9ĔŊ"#)¢Ŋ (#13 Ŋ+ Ŋ/.2( (+(" "Ŋ
"#Ŋ1#$.1, 1Ŋ#+Ŋ ¢"(%.Ŋ 1%;-(!.Ŋ "#Ŋ+ Ŋ 4-!(¢-Ŋ 4"(!( +Ŋĸ ĚĔŊ#-Ŋ#+Ŋ $;-Ŋ"#Ŋ 4,#-3 1Ŋ+ 2Ŋ 31( 4!(.-#2Ŋ +#% +#2Ŋ04#Ŋ3(#-#-Ŋ !34 +,#-3#Ŋ +.2Ŋ!.-)4#!#2Ŋ8Ŋ!.-)4#9 2Ŋ8Ŋ04#Ŋ /4#" -Ŋ!.-31( 4(1Ŋ +Ŋ"#2/ !'.Ŋ"#Ŋ + 2Ŋ! 42 2Ŋ1#/1#2 " 2ē +Ŋ$4-!(.- 1(.Ŋ3 , (_-Ŋ"().Ŋ 04#Ŋ2#Ŋ 1 ) Ŋ+ Ŋ/.2( (+(" "Ŋ"#Ŋ !1# 1Ŋ2 + 2Ŋ3#,/.1 +#2Ŋ#-Ŋ+ Ŋ ēŊ +Ŋ! ,(-.ĔŊ %1#%¢ĔŊ/."1~ Ŋ2#1Ŋ4- Ŋ 1#$.1, Ŋ +Ŋ Ŋ.Ŋ4- Ŋ1#2.+4!(¢-Ŋ "#+Ŋ/+#-.Ŋ"#Ŋ+ Ŋ ĔŊ/#1.Ŋ04#Ŋ#2.Ŋ #-Ŋ24Ŋ,.,#-3.Ŋ2#Ŋ1#2.+5#1;ē
;b fh[i_Z[dj[ Z[ bW 9D@" 9Whbei HWc‡h[p" Z_`e gk[ ^WijW ^WY[ feYe" bW Wjh_XkY_ÂŒd o Yecf[# fWhW YWb_\_YWh ^Wo gk[ Z[j[h# j[dY_W Z[ bei Yed`k[Y[i [hW iki# c_dWh" WdWb_pWh o YedYbk_h bW fheY[Z_X_b_ZWZ$ I[‹WbÂŒ j_jk_h e h[[cfbWpWh Wb `k[p j_jkbWh" f[he Yed bW l_][d# ĹŠ jWcX_ƒd gk[ ejhe fkdje Z[ _cfehjWdY_W [i eh]W# Y_W Z[b 9ÂŒZ_]e Eh]|d_Ye Z[ bW <kdY_ÂŒd @kZ_Y_Wb" [iWi #ĹŠ+.2ĹŠÄŒÄ‰ĹŠ(-3#Äą d_pWh bei \Wbbei" Z[j[h# Yecf[j[dY_Wi Yh[Y_[hed" %1 -3#2ĹŠ"#ĹŠ+ ĹŠ c_dWh bei Wdj[Y[Z[dj[i jWb [i [b YWie Z[ gk[ W^e# Ä”ĹŠÄˆÄ?ĹŠ2.-ĹŠ ,4)#1#2ĔŊ+.ĹŠ04#ĹŠ `kh_ifhkZ[dY_Wb[i fWhW fhefehY_edWhbei W bei hW j_[d[d gk[ YWb_Ă’YWh bei 1#/1#2#-3 ĹŠ#+ĹŠ ÄŒÄ‡Ä“ÄŒÄ‘Ĺ˜Ä“ `k[Y[i" o [ijW [i kdW h[Ykhiei Z[ YWiWY_ÂŒd" Yed WYj_l_ZWZ jWcX_ƒd Z[ [nY[fY_ÂŒd Z[b |h[W f[dWb" fWhW gk[ i[ WZc_jW e _dWZ# jhWiY[dZ[dY_W" fehgk[ ^Wh|d kd Wd|b_i_i `kh‡Z_Ye Z[b c_jW [b h[Ykhie$ ;ijW Wjh_XkY_ÂŒd" W]h[]ÂŒ" lW j[cW" Yed bei fh[Y[Z[dj[i `k# c|i Wbb| Z[ be \ehcWb fehgk[ h_ifhkZ[dY_Wb[i$
ĹŠ+(23
.2ĹŠ!.-)4#!#2ĹŠ
ŗŊ ~" Ŋ $#+( Ŋ + !(.2Ŋ .1.-#+Ŋ #1(.Ŋ .11#2Ŋ #% + ".Ŋ ŗŊ -1(04#Ŋ ( ŗŊ "% 1Ŋ 4(++#1,.Ŋ 15;#9Ŋ 2.2Ŋ ŗŊ "% 1Ŋ (+$1(".Ŋ +.1#2Ŋ (#1Ŋ ŗŊ 4 -Ŋ .-9 +.Ŋ .-3#1.Ŋ ';5#9Ŋ #9 2Ŋ ŗŊ (!' 1"Ŋ}3 +.Ŋ (++ %¢,#9Ŋ ŗŊ +#) -"1.Ŋ %-.Ŋ 13# % Ŋ 1!~ Ŋ #13.Ŋ 404#Ŋ 4(9Ŋ ŗŊ $1 ~-Ŋ 4, ŗŊ _!3.1Ŋ 1!#+(.Ŋ .204#1 Ŋ 9,( .Ŋ ŗŊ (2#1Ŋ +,#".Ŋ 1_5 +.Ŋ 19 ++.Ŋ ŗŊ 423 5.Ŋ 41 -%.Ŋ #+ Ŋ ;-Ŋ ŗŊ 1 -!(2!.Ŋ 3411 +"#Ŋ + ŗŊ 2! 1Ŋ #-_Ŋ -1~04#9Ŋ (++ 1# +Ŋ ŗŊ 4+(#3 Ŋ % +8Ŋ .+#"(2/ Ŋ .1.Ŋ ŗŊ 1~ Ŋ .-24#+.Ŋ #1#"( Ŋ #1.5(Ŋ ŗŊ -(#++ Ŋ (2#33#Ŋ , !'.Ŋ #1.+"Ŋ ŗŊ -#3'Ŋ #!(+( Ŋ -3 , 1~ Ŋ !41(.Ŋ ŗŊ .2 Ŋ # 31(9Ŋ 4;1#9Ŋ 1,().2Ŋ ŗŊ .2 Ŋ 4+#, Ŋ !' ! , Ŋ (#3.Ŋ ŗŊ .2_Ŋ 4(2Ŋ #1;-Ŋ 4;1#9Ŋ ŗŊ .2 Ŋ !04#+(-#Ŋ:+5 1#9Ŋ ++. Ŋ #1#!'.2Ŋ"#Ŋ+ 2Ŋ,4)#1#2
@Wd[j^ IWdjWcWh‡W" Yed`k[# pW _Z[dj_\_YWZW Yed bei ce# l_c_[djei Z[ Z[\[diW Z[ bei Z[h[Y^ei Z[ bWi ck`[h[i" Wb ^WXbWh [d decXh[ Z[ bei Yed# `k[Y[i o Yed`k[pWi fei[i_edW# Zei" Z_`e gk[ jeZei Z[X[d [i# jWh Yecfhec[j_Zei Wb i[hl_Y_e Z[ bW dWY_Œd o de fWhW d_d]‘d hƒ]_c[d feb‡j_Ye d_ fWhW iWj_i# \WY[h _dj[h[i[i c[Z_|j_Yei Z[b feZ[h" i_de fWhW bei Y_kZWZW# dei Z[ YWhd[ o ^k[ie" fWhW bWi l‡Yj_cWi o bei e\[dZ_Zei$ BWi Yed`k[pWi HeiW Ik|h[p 7hc_`ei o 7‡ZW FWbWY_ei 9e# hed[b de WYkZ_[hed W bW Y[h[# ced_W Z[ fei[i_Œd" i[]‘d i[ _d\ehcŒ" feh YWbWc_ZWZ Ze# cƒij_YW$
.2ĹŠ !3(5.2
BW F[jheb[hW YWh[Y[ Z[ WYj_lei [d ;YkWZeh" feh be gk[ bei Z[# cWdZWdj[i WYkZ_h|d W j[hY[hei fW‡i[i ZedZ[ 9^[lhed i‡ bei j_[# d[" i[]‘d WdkdY_ÂŒ Wo[h [d kdW hk[ZW Z[ fh[diW FWXbe <W`WhZe" kde Z[ iki WXe]WZei Z[ bei Z[# cWdZWdj[i" gk_[d Z_`e gk[ b[ eXb_]Wh|d W fW]Wh Æ^WijW [b ‘bj_# ce Y[djWleÇ$ ÆFWdWc| dei fWh[Y[ kd i_j_e cko _cfehjWdj[" feh W^‡ fWiWd jeZei bei Xkgk[i bb[dei Z[ f[# jhÂŒb[e Z[ bW [cfh[iW 9^[lhed o ied [nYbki_lWc[dj[ Z[ [bbei$ L[d[pk[bW jWcX_ƒd [i kd fW‡i _cfehjWdj[" ^Wo ckY^ei WYj_lei Z[ 9^[lhed jWcX_ƒd Wbb‡$ De ied bei ‘d_Yei$ >[cei Z_Y^e gk[ lWcei W _h W lWh_ei Yedj_d[dj[iÇ" Wi[l[hÂŒ$
Ä“ĹŠ .2ĹŠ .% ".2ĹŠ +.ĹŠ ) 1Äą ".ĹŠ8ĹŠ 4 -ĹŠ #-2ĹŠ -4-!( 1.-ĹŠ 8#1ĹŠ04#ĹŠ /1#2#-3 1;-ĹŠ !!(.-#2ĹŠ+#% +#2ĹŠ!.-31 ĹŠ '#51.-Ä“
#-3#-!( !!(.-#2
ĹŠ ĹŠ .13#ĹŠ"#ĹŠ+ ĹŠ/1.5(-!( ĹŠ"#ĹŠ 4!4, ~.2ĹŠ Ĺ—1 3(ă!¢Ŋ+ ĹŠ.1"#-ĹŠ"#ĹŠ#)#!4!(¢-ĹŠ"#ĹŠ+ ĹŠ!.-Äą "#- ĹŠ!.-31 ĹŠ '#51.-Ä“
ĹŠ +ĹŠ 1( 4- +ĹŠ3 , (_-ĹŠ2#ĹŠ' ĹŠ-#% ".ĹŠ ĹŠ Ĺ— ! 3 1ĹŠ4-ĹŠ"(!3 ,#-ĹŠ#,(3(".ĹŠ#-ĹŠ$# 1#1.ĹŠ/.1ĹŠ 4-ĹŠ31( 4- +ĹŠ 1 (31 +ĹŠ(-3#1- !(.- +Ä“
.2ĹŠ/1.8#!3.2
9^[lhed fWhj_Y_fW [d i[_i fhe# o[Yjei Z[ ^_ZheYWhXkhei [d L[# d[pk[bW `kdje Yed bW [cfh[iW [ijWjWb FZliW o [d (&'& Xec# X[ÂŒ c|i Z[ '&&$&&& XWhh_b[i Z[ YhkZe Wb Z‡W [d [i[ fW‡i" i[]‘d iki ‘bj_cei ZWjei Z_lkb]WZei" c_[djhWi gk[ FWdWc| [i bk]Wh Z[ jh|di_je Z[ iki [dl‡ei$ @Wc[i 9hW_]" fehjWlep Z[ bW YecfW‹‡W" Z_`e gk[ bWi \kjkhWi Z[cWdZWi de Z[X[h‡Wd f[h`k# Z_YWh iki ef[hWY_ed[i [d WcXei fW‡i[i fehgk[ [d ik ef_d_ÂŒd bWi h[Y^WpWh| YkWbgk_[h 9ehj[ Ægk[ Z[Ă’[dZW [b [ijWZe Z[ Z[h[Y^eÇ$
/ 0 Ĺ‹*& . ),' * , Ĺ‹ )() ,Ĺ‹& -Ĺ‹ /- Kd i_ij[cW _dj[]hWZe fWhW bW WZc_d_ijhWY_ÂŒd Z[ [nf[Z_[d# j[i `kZ_Y_Wb[i" gk[ f[hc_j_h| W bei WZc_d_ijhWZeh[i Z[ `kij_Y_W j[d[h kd i_ij[cW Yed jeZW bW _d\ehcWY_ÂŒd ieXh[ bWi YWkiWi" i[ _cfb[c[djWh| [d [b fW‡i" i[# ]‘d _d\ehcÂŒ JWd_W 7h_Wi" leYWb Z[b 9edi[`e Z[ bW @kZ_YWjkhW Z[ JhWdi_Y_ÂŒd 9@J $ ;b WdkdY_e be ^_pe [d bW YbWk# ikhW Z[ bW j[hY[hW hedZW fh[# fWhWjeh_W fWhW bW NL? 9kcXh[ @kZ_Y_Wb ?X[heWc[h_YWdW gk[ h[Wb_pÂŒ [d Gk_je$ Æ;b i_ij[cW W bW l[p f[hc_j_h| W bei Y_kZWZWdei ^WY[h YedikbjWi [d b‡d[W" [d YWZW kdW Z[ bWi \Wi[i gk[ i[ [dYk[djh[dÇ" Z_`e 7h_Wi$ BW leYWb Z[b 9@J cWd_\[ijÂŒ gk[ [b i_ij[cW Z[ `kij_Y_W ($& Yedj[dZh| ZWjei [ijWZ‡ij_Yei" Z[ bWi YWkiWi o cWj[h_Wi gk[ [n_ij[d [d [b fW‡i$ Æ;ij[ i_ij[cW dei lW W f[hc_j_h
ĹŠ!(3
-!4#-31. ŊĉćŊ/ ~2#2Ŋ,(#, 1.2Ŋ"#Ŋ+ Ŋ!4, 1#Ŋ ŗ)4"(!( +Ŋ #1. ,#1(! - Ŋ31 3 1.-Ŋ3#, 2Ŋ
"#Ŋ)423(!( Ŋ,#"(. , (#-3 +ĔŊ3#!-.+¢%(! ĔŊ 31 -2/ 1#-!( ĔŊ1#-"(!(¢-Ŋ"#Ŋ!4#-3 2Ŋ8Ŋ ! / !(3 !(¢-Ŋ Ŋ+.2Ŋ$4-!(.- 1(.2ē
Ŋ 1+.2Ŋ ,~1#9ĔŊ/1#2("#-3#Ŋ"#Ŋ+ Ŋ .13#Ŋ ŗ !(.- +Ŋ"#Ŋ 423(!( ĔŊ, -($#23¢Ŋ04#Ŋ#+Ŋ
#-!4#-31.ĹŠ!.-++#5 ĹŠ +ĹŠ,#).1 ,(#-3.ĹŠ"#ĹŠ+ ĹŠ )423(!( ĹŠ"#ĹŠ+.2ĹŠ/ ~2#2ĹŠ #1. ,#1(! -.2Ä“ĹŠ
YedeY[h ZÂŒdZ[ [ij|d bWi YWkiWi" bei bk]Wh[i" bWi cWj[h_Wi o gkƒ `k[p [ij| YedeY_[dZeÇ" i[‹WbÂŒ$ #+(3.2ĹŠ , (#-3 +#2
:[djhe Z[b cWhYe Z[ bW h[[ijhkY# jkhWY_Œd Z[ bW `kij_Y_W [d [b fW‡i" i[ [ij| WdWb_pWdZe bW Yh[WY_Œd Z[ `kp]WZei WcX_[djWb[i _j_d[hWdj[i [d bW 7cWped‡W o =Wb|fW]ei$
ć
ĹŠ"#23 ! ĹŠ31 ).ĹŠ"#+ĹŠ (!'(-!' ĹŠ#-ĹŠ 2/ Â
+Ŋ/1#23(%(.2.Ŋ"( 1(.Ŋ #6Ŋ .1*Ŋ (,#2Ŋ"#23 !¢Ŋ#23 Ŋ2#, - Ŋ+ Ŋ !3(5(" "Ŋ04#Ŋ1# +(9 Ŋ -!.Ŋ (!'(-!' Ŋ 2/  ēŊ -Ŋ4-Ŋ 13~!4+.Ŋ3(34+ ".Ŋļ -!.Ŋ !4 3.1( -.Ŋ#-!4#-Ĺ 31 Ŋ4-Ŋ-(!'.Ŋ!.-Ŋ,(%1 -3#2Ŋ#-Ŋ 2/  ČĔŊ#+Ŋ (,#2Ŋ/4-34 +(9 Ŋ04#Ŋ24Ŋ/ 13(!(/ !(¢-Ŋ2#Ŋ" Ŋ#-Ŋ,.,#-3.2Ŋ#-Ŋ04#Ŋ+.2Ŋ -!.2Ŋ#2/  .+#2ĔŊ04#Ŋ/1#5( ,#-3#Ŋ' ~ -Ŋ31 Ĺ 3 ".Ŋ"#Ŋ 31 #1Ŋ Ŋ+.2Ŋ,(%1 -3#2Ŋ"#Ŋ ,_1(! Ŋ 3(- ĔŊ#,/#9 1.-Ŋ Ŋ1#3(1 12#Ŋ"#Ŋ#23 Ŋ+~-# Ŋ"#Ŋ-#%.!(.2Ŋ/.1Ŋ+ Ŋ!1(2(2ēŊĥ 4#231 Ŋ!.,/#3#-!( Ŋ"#2.!4/¢Ŋ#+Ŋ#2/ !(.Ŋ04#Ŋ #1 Ŋ-4#231.Ŋ. 5(.Ŋ. )#3(5.ĢĔŊ"().Ŋ .1%#Ŋ 1!';-Ŋ (#1 ĔŊ%#1#-3#Ŋ"#Ŋ (!'(-!' Ŋ#-Ŋ 2/  Ŋ +Ŋ #6Ŋ .1*Ŋ (,#2ē
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ĺ‹ * ,./, Ĺ‹Ĺ‹ )' , # &Ĺ‹ Ĺ‹ /'# " Ĺ‹ )(Ĺ‹Ĺ‹, !& -Ĺ‹Ĺ‹ 41 -3#ĹŠ+ ĹŠ-.!'#ĹŠ2.+.ĹŠ/4#"#ĹŠ/ 2 1ĹŠ ,#1! -!~ ĹŠ04#ĹŠ-.ĹŠ24/#1#ĹŠ+.2ŊĉēćććŊ "¢+ 1#2ĹŠ.ĹŠ#2/#1 1ĹŠ +ĹŠ2(%4(#-3#ĹŠ"~ Ä“ĹŠ BW Wf[hjkhW jejWb Z[b fk[dj[ X_b_jWZe Z[iZ[ bWi &,0&& ^WijW Hkc_Y^WYW 9WhY^_ " gk[ bWi ((0&&" W fWhj_h Z[ [iW ^ehW [hW Y[hhWZe c[# kd[ W ;YkWZeh Yed 9e# becX_W" iebe Wfb_YW fWhW Z_Wdj[ kdW YWZ[dW Yed l[^‡Ykbei fWhj_YkbWh[i" kd YWdZWZe$ :[iZ[ bWi jhWdifehj[ f‘Xb_Ye o Z[ &&0&& Z[b `k[l[i gk[ZÂŒ ĹŠ YWh]W" YkoW c[hYWdY‡W de jejWbc[dj[ WX_[hje" i_d "#ĹŠ% 2ĹŠ2#ĹŠ(-! 4Äą ikf[h[ bei ($&&& ZÂŒbWh[i$ [cXWh]e" fWhW [b j[cW 3 1.-ĹŠ2.+.ĹŠ#-ĹŠ $# 1#1.ĹŠ#-ĹŠ+ ĹŠ ;i Z[Y_h" bei YWh]Wc[djei $1.-3#1 ĹŠ/.1ĹŠ!.-Äą Yec[hY_Wb i[ cWdj_[d[ bW Yec[hY_Wb[i gk[ ikf[h[d h[ijh_YY_ÂŒd fWhW [b fW]e 31 -".Ä“ [i Y_\hW de feZh|d fW# Z[ jh_Xkjei$ ;d [b YWie Z[ gk[ iWh fehgk[ [b ^ehWh_e Z[
kd l[^‡Ykbe fWhj_YkbWh Wj[dY_ÂŒd fWhW b[]Wb_pWh 5#'~!4+.2ĹŠ!(1!4Äą _cfehjWY_ed[i o [nfeh# + -ĹŠ +ĹŠ"~ ĹŠ/.1ĹŠ#+ĹŠ jhWdifehj[ h[fk[ijei Z[ /4#-3#Ä“ĹŠ Wkje" feh [`[cfbe" ieXh[ jWY_ed[i i[ cWdj_[d[ Z[ bei ($&&& ZÂŒbWh[i" de &.0&& W '-0&&$ Feh '& W‹ei [b fk[dj[ [hW ^W# feZh| fWiWh$ :[X[h| [if[hWh Wb
ÄˆÄ‘Ä‡ĹŠ ÄˆÄŠĹŠ
Ä“ĹŠ +ĹŠ31;ă!.ĹŠ/#2 ".ĹŠ-.ĹŠ/4#"#ĹŠ!149 1ĹŠ"41 -3#ĹŠ+ 2ĹŠ-.!'#2Ä“ĹŠ
i_]k_[dj[ Z‡W gk[ WXhWd bWi eĂ’Y_# dWi Z[ 7ZkWdW" fWhW bei jh|c_j[i h[if[Yj_lei$ F[he" i_ kd l[^‡Ykbe jhWdifehjW kdW j[b[l_i_ÂŒd k ejhei [b[YjheZecƒij_Yei" Ykoe lWbeh de ikf[h[ [b cedje" iÂŒbe Z[X[d bb[# dWh kdW Z[YbWhWY_ÂŒd WZkWd[hW o fk[Z[ fWiWh$ F[]]o 9Whjmh_]^j" Z_h[YjehW [`[Ykj_lW Z[ bW 9|cWhW Z[ 9e# c[hY_e [ ?dZkijh_Wi ;YkWjeh_Wde 9ebecX_Wde" WfkdjÂŒ gk[ bW c[# Z_ZW [i X[d[Ă’Y_eiW" ieXh[ jeZe fehgk[ Æfhecel[h| [b Ă“k`e Z[ f[hiedWi [d bWi \hedj[hWi [ _c# fb_YW cWoeh cel_c_[dje ^ej[b[# he" feh [`[cfbeÇ$ I_d [cXWh]e" i[‹WbÂŒ gk[ i[h‡W ckY^e c[`eh i_ i[ Wcfb_WhWd bei ^ehWh_ei Z[ Wj[dY_ÂŒd fWhW [b fWie Yec[hY_Wb" [d l_ijW gk[ [d [b ‘bj_ce W‹e" bWi
[nfehjWY_ed[i [YkWjeh_WdWi W 9ebecX_W Yh[Y_[hed [d kd (/ $ .-31.+ĹŠ8ĹŠ#7/#!3 3(5 2
9ed bW Wf[hjkhW" bei Yec[hY_Wd# j[i" Z[ jeZWi cWd[hWi" de [ij|d i[]khei i_ efjWh|d feh fWiWh bW \hedj[hW [d bW deY^[ i_ j_[# d[d cedjei _d\[h_eh[i W ($&&& ZÂŒbWh[i$ Feh [`[cfbe" EcWh 7dZhWZ[" ][h[dj[ Z[ [nfehjW# Y_ed[i Z[ 9edj_d[djWb J_h[" i[# ‹WbÂŒ gk[ feh j[cW Z[ be]‡ij_YW fk[Z[ WokZWh" f[he gk[ feh i[# ]kh_ZWZ Z[X[h|d [ijkZ_Wh i_ b[i Yedl_[d[$ 9Wheb 9^[^Wl" jƒYd_YW Z[b EX# i[hlWjeh_e Z[ 9ec[hY_e ;nj[h_eh" feh ik fWhj[" [nfb_YÂŒ gk[ Æ_dZk# ZWXb[c[dj[ i[ Z[X[ _dj[di_Ă’YWh bei Yedjheb[i fehgk[ YkWbgk_[h
7/.13 !(.-#2 !4 ".1ĹŠ ĹŠ .+., (
ĹŠ Ä‰Ä‡ÄˆÄˆĹŠ Ä‰Ä‡ÄˆÄ‡ĹŠ ĉććĒ (++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ ÄˆÄ“Ä‡Ä‰Ä‰ĹŠ Ä?Ä’ÄŠĹŠ Ä?Ä?đĔĊ 1( !(¢-ĹŠ/.1!#-3 )#ĹŠÄ‰Ä’Ĺ˜ĹŠ ĈÄ?Ĺ˜ĹŠ ÄąÄˆÄ?Ĺ˜
YeiW fk[Z[ fWiWh" ieXh[ jeZe _cfb[c[djWh c[YWd_icei fWhW [l_jWh [b YedjhWXWdZeÇ$ ;d [b j[cW Z[ YecXkij_Xb[i" feh [`[cfbe" @eiƒ <hWdYe" Z_h[Y# jeh Z[ >_ZheYWhXkhei Z[ 9Wh# Y^_" _dZ_YÂŒ gk[ Æh[\ehpWh|d bei ef[hWj_lei Yed`kdjei Yed lWh_Wi [dj_ZWZ[i fWhW [l_jWh gk[ [b Ye# c[hY_e _b[]Wb Z[ YecXkij_Xb[i Wkc[dj[Ç$ ;ije ieXh[ jeZe feh# gk[ [i kd fheXb[cW \h[Yk[dj[ [d bW \hedj[hW$
& )Ĺ‹ &Ĺ‹*& (Ĺ‹ &/& ,Ĺ‹-vĹ‹ / Ä… &)-Ĺ‹-'-Ĺ‹3Ĺ‹ &Ĺ‹* +/ . Ĺ‹ Ĺ‹ .)-Ĺ‹()Ĺ‹ Bei fWgk[j[i Z[ c[diW`[i o Z[ ZWjei oW de YWZkYWd Z[i# Z[ Wo[h$ ;i Z[Y_h" i[ cWdj_[# d[d kd d‘c[he Z[ c[diW# `[i feh kd cedje Z[ Z_d[he" f[he oW de ^WXh| kd j_[cfe b_c_jWZe Z[ l_][dY_W$ :[ _]kWb cWd[hW \kdY_edWh| fWhW [b i[hl_Y_e Z[ ZWjei ?dj[hd[j $ Feh [`[cfbe" i_ i[ YedjhWjW ( c[]Wi feh Z[j[h# c_dWZe lWbeh" [ijei ZkhWh|d [b j_[cfe gk[ [b kikWh_e i[ Z[ceh[ [d Yedikc_hbei$ BW Z_ifei_Y_ÂŒd i[ ikcW W ēŊĉĔĎŊ,(++.-#2ĹŠ"#ĹŠ+~-# 2ĹŠ3(#-#-ĹŠ/+ -#2ĹŠ/.2/ % ".2Ä“ bW h[Wb_pWZW [d [d[he fWiWZe" YkWdZe i[ Z[j[hc_dÂŒ j_[cfe Xh[he o W fWhj_h Z[ [ij[ c[i" [d i[ ikif[dZ[d Wb j[hc_dWhi[ [b _b_c_jWZe fWhW bWi h[YWh]Wi YWcX_e" jWcX_ƒd Wfb_YW fWhW c[i i_ de ^Wd i_Ze kiWZeiÇ" [n# cÂŒl_b[i$ I[]‘d [nfb_YÂŒ [b =e# bei c[diW`[i o fWgk[j[ Z[ ZW# fb_YÂŒ kd ef[hWZeh$ BWi [cfh[iWi" feh ik fWhj[" X_[hde [d [iW eYWi_ÂŒd" jei$ H[if[Yje W bei fbWd[i bW c[Z_ZW Wfb_YWXW jWh_\WZei" [ijei i‡ YWZk# fh[Ă’[h[d de fhedkdY_Whi[ feh [b jWdje fWhW kikW# YWd" [i Z[Y_h" de Wfb_YWh| cec[dje Z[X_Ze W gk[ Yedi_Z[# bW WYkckbWY_ÂŒd Z[ iWbZei hWd gk[ [bbWi i_[cfh[ ^Wd Ykc# h_ei fh[fW]e" Yece
fWhW feifW]e o Z[ ĹŠ"#ĹŠ+~-# 2ĹŠ !3(5 2ĹŠ Yece be Z_e W [dj[dZ[h [b fb_Ze Yed bW l_][dY_W _b_c_jWZW Z[ "#ĹŠ3#+#$.-~ ĹŠ!#+4Äą fbWd[i YedjhebWZei + 1ĹŠ' 8ĹŠ#-ĹŠ#+ĹŠ/ ~2ĔŊ =eX_[hde" fehgk[" ÆWb ^W# bei iWbZei Yehh[ifedZ_[dj[i W bWi gk[ kiWd h[YWh]Wi ÄˆÄŠÄ”ÄŠĹŠ,(++.-#2ĹŠ2.-ĹŠ XbWh Z[ feifW]e i[ h[Ă’[h[ W h[YWh]Wi Z[ bWi jWh`[jWi $ FWhW "#ĹŠ/1#/ %.Ä“ o jWcX_ƒd j_[d[d gk[ i_ kd kikWh_e Yed fbWd bWi YecfW‹‡Wi" [b ‘d_Ye YWcX_e fbWd[i $ ^WY[ kdW h[YWh]W [njhW" [i[ h[Wb Z_ifk[ije feh [b =eX_[hde ;ijW c[Z_ZW lWbeh i[h| [b gk[ de YWZkYW" [i be h[\[h[dj[ W c[diW`[i o fW# [djhÂŒ [d l_][dY_W Z[iZ[ \[# de bei c_dkjei Z[b fbWd" [iei i‡ gk[j[ Z[ ZWjei$
ÄˆÄŽÄ”Ä‘ĹŠ
1#!#ĹŠ,4#13.2ĹŠ#-ĹŠ4-ĹŠ(-!#-"(.ĹŠ#-ĹŠ '(-
} ĔŊ ŊěŊ 1#!#Ŋ/#12.- 2Ŋ,41(#1.-Ŋ8Ŋ4- Ŋ1#24+3¢Ŋ'#1(" Ŋ 8#1Ŋ#-Ŋ4-Ŋ(-!#-"(.Ŋ1#%(231 ".Ŋ#-Ŋ4- Ŋ5(5(#-" Ŋ"#Ŋ+ Ŋ/1.5(-!( Ŋ2#/3#-31(.- +Ŋ!'(- Ŋ"#Ŋ ' -7(Ŋ
04#ĹŠ2#%ĂŒ-ĹŠ+ 2ĹŠ 43.1(" "#2ĹŠ$4#ĹŠ(-3#-!(.- ".ĔŊ(-$.1,¢Ŋ+ ĹŠ %#-!( ĹŠ (-'4 Ä“ĹŠ +ĹŠ24!#2.ĹŠ2#ĹŠ/1."4).ĹŠ#-ĹŠ4- ĹŠ! 2 ĹŠ"#ĹŠ4- ĹŠ/+ -3 ĹŠ"#+ĹŠ"(231(3.ĹŠ"#ĹŠ (-%'4 +(-%ĹŠ"#ĹŠ+ ĹŠ !(4" "ĹŠ"#ĹŠ (84 -ĔŊ! /(3 +ĹŠ/1.5(-!( +ĔŊ2# +¢Ŋ#+ĹŠ 41¢Ŋ"#ĹŠ2#%41(" "ĹŠ/ĂŒ +(! ĹŠ+.! +Ä“ĹŠ .2ĹŠ3#23(%.2ĹŠ"#+ĹŠ24!#2.ĹŠ 2#%41 1.-ĹŠ ĹŠ (-'4 ĹŠ04#ĹŠ.8#1.-ĹŠ4- ĹŠ#7/+.2(¢-ĹŠ #-ĹŠ#+ĹŠ(-,4# +#Ä“ĹŠ ĹŠ .+(!~ ĹŠ(-5#23(% ĹŠ+ 2ĹŠ! 42 2ĹŠ"#+ĹŠ(-!#-"(.ĔŊ 4-04#ĹŠ#-ĹŠ -3#1(.1#2ĹŠ.! 2(.-#2ĹŠ(-!("#-3#2ĹŠ"#+ĹŠ,(2,.ĹŠ3(/.ĹŠ2#ĹŠ' -ĹŠ"# (".ĹŠ +ĹŠ +, !#- ,(#-3.ĹŠ (+#% +ĹŠ"#ĹŠ#7/+.2(5.2ĹŠ42 ".2ĹŠ!.,ĂŒ-,#-3#ĹŠ#-ĹŠ,(-#1~ Ä“
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ĉ
4-3.ĹŠ"#ĹŠ5(23
23;Ŋ,#).1 -".ĖŊ,(-(231.2 Ŋ (#, 1.2Ŋ"#+Ŋ . (#1-.Ŋ5#-#9.+ -.Ŋ ŗ 2#%41 1.-Ŋ 8#1Ŋ04#Ŋ#+Ŋ/1#2("#-3#ĔŊ 4%.Ŋ
';5#9ĔŊ#23;Ŋĥ,#).1 -".ĢŊ"#Ŋ+ Ŋ./#1 !(¢-Ŋ Ŋ+ Ŋ04#Ŋ2#Ŋ2.,#3(¢Ŋ#+Ŋ+4-#2Ŋ#-Ŋ 4 Ŋ8Ŋ04#Ŋ 5 Ŋ Ŋ1#%1#2 1Ŋĥ/1.-3.ĢŊ +Ŋ/ ~2ĔŊ"#+Ŋ04#Ŋ2 +(¢Ŋ ' !#Ŋ4- Ŋ2#, - ē
Ŋĥ +Ŋ/1#2("#-3#Ŋ ';5#9Ŋ#23;Ŋ !3(5.ĔŊ,#).Ĺ ŗ1 -".Ŋ24Ŋ2 +4"Ŋ8Ŋ/1.-3.Ŋ2#Ŋ#-!.-31 1;Ŋ#-Ĺ 31#Ŋ-.2.31.2ĢĔŊ"().Ŋ#+Ŋ,(-(231.Ŋ"#Ŋ (- -9 2ĔŊ
.1%#Ŋ (.1" -(ĔŊ2(-Ŋ" 1Ŋ,;2Ŋ/1#!(2(.-#2ē
Ŋ Ŋ24Ŋ5#9ĔŊŊ#+Ŋ,(-(231.Ŋ"#Ŋ -#1%~ Ŋ8Ŋ/1#2(Ĺ ŗ"#-3#Ŋ"#Ŋ+ Ŋ#23 3 +Ŋ #31¢+#.2Ŋ"#Ŋ #-#94#+ Ŋ ĸ "52 ĚĔŊ $ #+Ŋ ,~1#9ĔŊ3 , (_-Ŋ2# +¢Ŋ 04#Ŋ#+Ŋ%. #1- -3#Ŋĥ#23;Ŋ (#-ĔŊ2#Ŋ#23;Ŋ 1#!4/#1 -".Ģē
+Ŋ5#1" "#1.Ŋ !4 "1. ŊŊ +Ŋ,_"(!.Ŋ .2_Ŋ $ #+Ŋ 104(- Ŋ ŗ2# +¢Ŋ04#Ŋ,48Ŋ/1. +#,#-3#Ŋ#+Ŋ
ēŊ (#-3.2Ŋ"#Ŋ,4)#1#2Ŋ2#Ŋ!.-!#-31 -Ŋ#-Ŋ4- Ŋ/+ 9 Ŋ"#Ŋ 1 ! 2Ŋ/ 1 Ŋ" 1Ŋ24Ŋ /.8.Ŋ +Ŋ 1#2("#-3#Ŋ5#-#9.+ -.Ŋ8Ŋ"#2# 1+#Ŋ+ Ŋ1#!4/#1 !(¢-ēēŊ
6( ,Ĺ‹ Ĺ‹ /!)Ĺ‹ "60 4Ĺ‹ -Ĺ‹ #( /, & Ćŋ'Z # )Ĺ‹0 ( 4)& () +ĹŠ#2/#!( +(23 ĹŠ 2#%41¢Ŋ04#ĹŠ345. !!#2.ĹŠ ĹŠ+ ĹŠ(-$.1, !(¢-ĹŠ"#ĹŠ+ ĹŠ!+~-(! ĹŠ ".-"#ĹŠ2#ĹŠ./#1¢Ŋ#+ĹŠ -" 3 1(.Ä“ ÂĄ ĹŠ ŊŊěŊ;b cƒ# Z_Ye l[d[pebWde @eiƒ HW\W[b CWh# gk_dW" gk_[d Wi[]khW j[d[h WYY[# ie W bei _d\ehc[i YedĂ’Z[dY_Wb[i gk[ [bWXehW [b [gk_fe Z[ ]Wb[dei gk[ Wj_[dZ[ W >k]e 9^|l[p [d 9kXW" h[l[bÂŒ gk[ [b jkceh Z[b CWdZWjWh_e [i cWb_]de$ ;b ZeYjeh YedY[Z_ÂŒ kdW [d# jh[l_ijW Wb f[h_ÂŒZ_Ye ;b Dk[le >[hWbZ [d bW gk[ Wi[]khW gk[ [b Fh[i_Z[dj[ j_[d[ kd Y|dY[h Æik# cWc[dj[ WlWdpWZeÇ" _dYbkie be ik\_Y_[dj[ fWhW h[Yec[dZWhb[ fWiWh bei ‘bj_cei Z‡Wi Z[ l_ZW Wb bWZe Z[ ik \Wc_b_W$ ÆBWc[djWXb[c[dj[" [b jkceh Z[ 9^|l[p [ij| [d [i[ fkdje$ Bei W][dj[i gk_c_ej[hWfƒkj_Yei gk[ b[ feZh‡Wd ZWh ied [nf[h_c[djW# b[i o iÂŒbe b[ fkZ_[hWd Wkc[djWh bW [nf[YjWj_lW Z[ l_ZW" f[he [b Y|dY[h de i[ b[ lW W YkhWh Q$$$S$ 9^|l[p j[dZh‡W kdW [nf[YjWj_lW Z[ l_ZW Z[ [djh[ i[_i o eY^e c[# i[i" o ^WijW Z[ kd W‹e" Yed jhW# jWc_[dje WZ[YkWZeÇ" Z_Y[ [d bW fkXb_YWY_ÂŒd$
2~ĹŠ5 ĹŠ#+ĹŠ, +
;d Z_Y^e Whj‡Ykbe i[ Wi[]k#
hW jWcX_ƒd gk[ [b Y|dY[h Z[ 9^|l[p i[h‡W kd b[_ec_eiWh# YecW" jkceh Z[ j[`_Ze ckiYk# bWh b_ie" gk[ fheXWXb[c[dj[ i[ eh_]_dŒ [d bW l[`_]W o gk[ bk[]e jkle kdW _dlWi_Œd Z[b h[jhef[# h_jed[e$ ;i kdW [d\[hc[ZWZ Z[ YWhWYj[h‡ij_YWi cko fWh[Y_ZWi Wb hWXZec_eiWhYecW" f[he [b i[]kdZe WfWh[Y[ [d j[`_Ze cki#
YkbWh [ijh_WZe" [nfb_YŒ CWhgk_# dW Wb j_[cfe gk[ WYbWhŒ gk[ WcXei jkceh[i ied Z_\‡Y_b[i Z[ jhWjWh$ 7^ehW gk[ [b Y|dY[h ^_pe c[j|ijWi_i [d lWh_Wi fWhj[i Z[b Yk[hfe" _dYbko[dZe [b ^‡]WZe" ik YedZ_Y_Œd [i ikcWc[dj[ Yecfb[`W o Z_\‡Y_bc[dj[ feZh| i[h jhWjWZe WZ[YkWZWc[dj[ feh cƒZ_Yei YkXWdei" Yec[djŒ CWhgk_dW" gk_[d Wi[]khW ^WX[h h[Y_X_Ze _d\ehcWY_Œd Z[jWbbWZW Z[ bW YedZ_Y_Œd Z[b CWdZWjWh_e feh f[hiedWi cko Y[hYWdWi W bW i_jkWY_Œd$
ēŊ Ŋ/#2 1Ŋ"#Ŋ3.".ĔŊ#+Ŋ -" 3 1(.Ŋ 2#%41 Ŋ04#Ŋ2#Ŋ2(#-3#Ŋ (#-ēŊ 1!'(5.
+ĹŠ 3#-"(".
?dYbkie CWhgk_dW i[ Wjh[l_ÂŒ Wi[# ]khWh gk[ 9^|l[p ^W i_Ze cWb Wj[dZ_Ze Z[iZ[ gk[ i[ b[ Z[j[YjÂŒ [b Y|dY[h$ Æ;b jhWjWc_[dje ^W i_Ze kd Z[iehZ[d jejWb$ ?d_Y_Wbc[dj[ [c# f[pWhed W jhWjWh fWhW kd Y|dY[h Z[ YebÂŒd Q$$$S o Z[ifkƒi i[ Z_[hed Yk[djW Z[ gk[ de [hW Z[ YebÂŒd" i_de gk[ fWh[Y‡W kd Y|dY[h Z[ bW l[`_]WÇ" h[bWjÂŒ$ ;b jhWjWc_[dje gk[ b[ [cf[# pWhed W ZWh [d [i[ [djedY[i [hW Z[ kdW Wbj‡i_cW jen_Y_ZWZ fWhW bW cƒZkbW o fheleYWXW iWd]h[ [d bW eh_dW$ ;iei jhWjWc_[djei" Z_`e" ied Yedl[dY_edWb[i fWhW Y_[hje j_fe Z[ Y|dY[h" f[he de \k[hed WZ[YkWZei fWhW [b CWdZWjWh_e o bk[]e \k[ iec[j_Ze W Wbj‡i_cWi Zei_i Z[ gk_c_ej[hWf_W" Yece c[Z_ZW fh[l[dj_lW$ ÆDWZ_[" WXiebkjWc[dj[ dWZ_[" h[Y_X[ Wbj‡i_cWi Zei_i Z[ gk_c_e# j[hWf_W feh fheĂ’bWn_i$ ;iWi i[ bWi ZWd fehgk[ j_[d[ kd jkceh jejWb# c[dj[ Z_i[c_dWZe$ ;b fheXb[cW [i gk[ b[ Z_[hed bW gk_c_ej[hWf_W [gk_leYWZWÇ" Yec[djÂŒ$ Æ7b ZWhb[ bW gk_c_ej[hWf_W [gk_leYWZW [b jkceh ckjW$ I[ ^WY[ h[i_ij[dj[ W bW gk_c_ej[hW# f_W" be gk[ eXb_]W W fWiWh W W][d# j[i Z[ i[]kdZW b‡d[W" gk[ ied ckY^e c[dei [\[Yj_lei o [nf[# h_c[djWb[iÇ" [nfb_YÂŒ$
1#2("#-3#ĹŠ5#-#9.+ -.ĹŠ' 1;ĹŠ42.ĹŠ"#ĹŠ #2 ĹŠ5(3 +(" "ĹŠ/ 1 ĹŠ1#~12#ĹŠ/ĂŒ +(! Äą ,#-3#ĹŠ"#ĹŠ+ 2ĹŠ "5#13#-!( 2ĹŠ04#ĹŠ+.2ĹŠ ,_"(!.2ĹŠ' -ĹŠ#23 ".ĹŠ' !(_-".+#ĹŠ 2. 1#ĹŠ#+ĹŠ"#+(! ".ĹŠ!4 "1.ĹŠ!+~-(!.ĹŠ 04#ĹŠ#-$1#-3 Ä“ĹŠ #1.ĹŠ#2 ĹŠ#-#1%~ ĔŊ2(-ĹŠ #, 1%.ĔŊ-.ĹŠ3#-"1~ ĹŠ1#+ !(¢-ĹŠ!.-ĹŠ#+ĹŠ 5#1" "#1.ĹŠ!4 "1.Ä“ ÄĄ +ĹŠ!;-!#1ĹŠ-.1, +,#-3#ĹŠ#2ĹŠ 2(-3.Äą ,;3(!.ĹŠ' 23 ĹŠ#+ĹŠÄƒ- +ĹŠ"#ĹŠ+ ĹŠ#-$#1,#" "Ä“ĹŠ ';5#9ĹŠ5 ĹŠ++#5 1ĹŠ,48ĹŠ (#-ĹŠ+ ĹŠ#-$#1,#Äą " "Ä“ĹŠ ĹŠ#2 ĹŠ#2ĹŠ4- ĹŠ!.2 ĹŠ04#ĹŠ(-!+42.ĹŠ+#ĹŠ ' !#ĹŠ"4" 1ĹŠ04#ĹŠ+ ĹŠ3(#-#ĢĔŊ#7/+(!¢ē ';5#9ĔŊ#-31#ĹŠ3 -3.ĔŊ 2#%41¢Ŋ04#ĹŠ 2#ĹŠ1#!4/#1 ĹŠÄĄ !#+#1 " ,#-3#ĢŊ8ĹŠ04#ĹŠ (-!+42.ĹŠ8 ĹŠ! ,(- ĹŠ31 2ĹŠ+ ĹŠ(-3#15#-!(¢-ĹŠ 04(1ĂŒ1%(! ĹŠ ĹŠ+ ĹŠ04#ĹŠ$4#ĹŠ2.,#3(".ĹŠ#+ĹŠ +4-#2ĹŠ/ 2 ".ĹŠ#-ĹŠ ĹŠ - Ä“
2/#1 -".ĹŠ#+ĹŠ,(+ %1.
F[he [iei jhWjWc_[djei [nf[# h_c[djWb[i" bei c[`eh[i Z[ bei YkWb[i ied Xh_dZWZei [d Y[djhei [if[Y_Wb_pWZei [d ;khefW o ;i# jWZei Kd_Zei" [d [b c[`eh Z[ bei YWiei iÂŒbe feZh‡Wd WbWh]Wh iki [nf[YjWj_lWi Z[ l_ZW feh kdei c[i[i c|i$ ;d [b d_l[b [d gk[ WYjkWbc[dj[ i[ [dYk[djhW" bW [d# \[hc[ZWZ oW i[h‡W _dYkhWXb[" [n# Y[fjkWdZe bW fei_X_b_ZWZ Z[ kd c_bW]he" Z_`e$ CWhgk_dW _dZ_YÂŒ gk[ bW ef[# hWY_ÂŒd i[ ^_pe W _di_ij[dY_W Z[ 9^|l[p f[i[ W gk[ iki cƒZ_Yei l[d[pebWdei i[ ceijhWXWd [d Z[iWYk[hZe$ I[]‘d CWhgk_dW" bW Y_hk]‡W gk[ b[ ^_Y_[hed \k[ Z[ Xh[l[ Zk# hWY_ÂŒd fehgk[ \k[ ikf[hĂ’Y_Wb o Yedi_ij_ÂŒ [d h[i[YWhb[ bei XehZ[i d[YhÂŒj_Yei Z[b jkceh$ Æ8|i_YWc[dj[ b[ ^_Y_[hed kdW b_cf_[pW gk_h‘h]_YW Wb jkcehÇ" Z_`e$ O [i cko fheXWXb[ gk[ YkWd# Ze h[]h[i[" 9^|l[p ck[ijh[ Wb]e Z[ l_jWb_ZWZ" fheZkYje Z[b ikc_# d_ijhe Z[ \|hcWYei [cfb[WZei fWhW ikc_d_ijhWhb[ [d[h]‡W W bei fWY_[dj[i$ ;iW [d[h]‡W [i kdW Z[ bWi hW# ped[i feh bWi gk[ ckY^ei Z[ bei l[d[pebWdei ZkZWd Z[ gk[ [b CWdZWjWh_e [ijƒ h[Wbc[dj[ [d\[hce$
ĉ
# !
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
# $ '% & #( # % # #( () ! %& " & " # '(&$ ! !, & ! &( $ $")# '( )' # & #( ! &( $ & ! "$ &+( $
" $ !, & ! '$ ! "- & ( )' )'(
ēŊ + "(,(1Ŋ 43(-Ŋ8Ŋ#+Ŋ+~"#1Ŋ!.,4-(23 Ŋ 4#-- "(Ŋ (4%;-.5ĔŊ/1(,#1.2Ŋ #-Ŋ+.2Ŋ2.-"#.2ēŊ
("#-ĹŠ ĹŠ .1 +#2 /#- ĹŠ"#ĹŠ,4#13#ĹŠ
Ĺ—ĹŠĹŠĹŠ ĹŠ ĔŊ ĹŠÄ› C_b[i Z[ f[hiedWi f_Z_[hed Wo[h Wb fh[i_Z[dj[ Xeb_l_Wde" ;le CehWb[i" gk[ _dij_jkoW bW f[dW Z[ ck[hj[ fWhW Wi[i_dei o l_ebWZeh[i" Z[ifkƒi Z[ gk[ [b Ă’d Z[ i[cWdW fWiWZe \k[hWd [ijhWd]kbWZei Zei f[h_eZ_ijWi ^[hcWdei$ Bei cWd_\[ijWdj[i XW`Whed W BW FWp Z[iZ[ bW Y_kZWZ Wb[ZW‹W Z[ ;b 7bje" W *$&&& c[jhei ieXh[ [b d_l[b Z[b cWh" Xbegk[Whed bW fh_dY_fWb Wl[d_# ZW fWY[‹W [ ^_Y_[hed c‡j_d[i \h[dj[ Wb C_d_ij[h_e Z[ @kij_# Y_W" YkijeZ_WZe feh bW Feb_Y‡W" fWhW fhej[ijWh feh bW \WbjW Z[ WYY_ÂŒd Z[b =eX_[hde Wdj[ bW _di[]kh_ZWZ Y_kZWZWdW$
#-4-!( ĹŠÄƒ2! +ĹŠ %#-#1 +ĹŠ"#ĹŠ .+., ( ĹŠ
Ĺ—ĹŠ ĹŠĹŠ :ĔŊ Ä› BW Ă’iYWb ][d[hWb Z[ 9ebecX_W" L_l_Wd[ CehWb[i" WdkdY_ÂŒ Wo[h ik h[dkdY_W _hh[leYWXb[ Wb YWh]e jhWi bW Z[Y_i_ÂŒd Z[b 9edi[`e Z[ ;ijWZe Z[ Z[YbWhWh dkbW ik [b[YY_ÂŒd$ Æ7b iWb_h Z[ [ij[ WYje c[ Z_h_]_hƒ W bW 9ehj[ Ikfh[cW Z[ @kij_Y_W fWhW fh[i[djWh h[dkdY_W _hh[leYWXb[ Wb YWh]e Z[ Ă’iYWb ][d[hWb Z[ bW DWY_ÂŒdÇ" Z_`e CehWb[i Wb Z[if[Z_hi[ Z[ iki ikXWbj[hdei [d bW i[Z[ Y[djhWb Z[b [dj[ WYkiWZeh$ Æ;d c_ ][ij_ÂŒd de ^kXe _dje# YWXb[iÇ" ieijkle bW `kh_ijW$
#24-(".2Ŋ!.-31 + Ŋ!.114/!(¢-
Ĺ—ĹŠ ĹŠĹŠ :ĔŊ ĹŠÄ› Bei fW‡i[i Z[ 7cƒh_YW BWj_dW bkY^Wd i_d kd_ZWZ YedjhW bW YehhkfY_ÂŒd Z[h_lWZW Z[b dWhYejh|Ă’Ye" bW c|n_cW [nfh[i_ÂŒd Z[b Yh_c[d jhWidWY_edWb gk[ fWZ[Y[ bW h[]_ÂŒd" WĂ’hcÂŒ bW fh[i_Z[djW Z[ bW eh]Wd_pWY_ÂŒd Y_l_b JhWdi# fWh[dY_W ?dj[hdWY_edWb J? " >k]k[jj[ BWX[bb[$ BW WYj_l_ijW YWdWZ_[di[ [nfh[iÂŒ Wi‡ ik fh[eYkfWY_ÂŒd feh [ij[ Ă“W][be ZkhWdj[ [b Ăˆ;dYk[djhe BWj_deWc[h_YWde0 bkY^W YedjhW bW YehhkfY_ÂŒd jhWdidWY_edWbÉ" gk[ Ykbc_dÂŒ Wo[h [d 8e]ej| jhWi Zei Z‡Wi Z[ Z[XWj[i$
ËĔŊ Ŋě ;b fh_c[h c_d_ijhe
hkie" LbWZ‡c_h Fkj_d" fWhj[ W feYWi ^ehWi fWhW [b Y_[hh[ Z[ bW YWcfW‹W [b[YjehWb Yece [b ]hWd \Wleh_je W bW l_Yjeh_W [d bW fh_c[# hW lk[bjW Z[ bWi fh[i_Z[dY_Wb[i Z[ cW‹WdW$ Æ;d bWi [b[YY_ed[i fh[i_Z[d# Y_Wb[i Z[b * Z[ cWhpe kij[Z[i Z[Y_Z_h|d [d gkƒ cWdei fed[h
[b Z[ij_de Z[ Hki_W" [b \kjkhe Z[ dk[ijhei ^_`ei$ Kij[Z[i j_[d[d bW fWbWXhWÇ" WĂ’hcÂŒ Wo[h Fkj_d [d kdW WbeYkY_ÂŒd j[b[l_i_lW$ .,.ĹŠ 3 +(-
/.#(Ĺ‹- Ĺ‹*, * , Ĺ‹* , , .),( ,Ĺ‹ &Ĺ‹ , '&#( 2ĹŠ#+ĹŠ%1 -ĹŠ$ 5.1(3.ĹŠ ĹŠ+ ĹŠ5(!3.1( ĹŠ#-ĹŠ + 2ĹŠ#+#!!(.-#2ĹŠ /1#2("#-!( +#2ĹŠ"#ĹŠ , Â - Ä“
0DU GH %HULQJ
2FpDQR ĂˆUWLFR
iki ZeY[ W‹ei [d [b feZ[h$ 7kdgk[ Wi[]khŒ gk[ W‘d de ^W Z[Y_Z_Ze i_" [d YWie Z[ l_Yjeh_W" i[ fh[i[djWh| W bW h[[b[YY_Œd [d (&'." Yed be gk[ feZh‡W f[hf[jkWhi[ [d [b feZ[h ZkhWdj[ bei c_icei (+ W‹ei gk[ [b fhef_e Z_YjWZeh iel_ƒj_Ye" ?ei_\ IjWb_d$
;b YWdZ_ZWje eĂ’Y_Wb_ijW" gk[ oW [`[hY_ÂŒ [b YWh]e Z[ fh[i_# Z[dj[ [djh[ (&&& o (&&." i[ ceijhÂŒ Yedl[dY_Ze Z[ 1.3#23 2
ĹŠ gk[ Yk[djW Yed [b h[ifWbZe "#ĹŠ#+#!3.1#2ĹŠ Bei Yeckd_ijWi oW ^Wd Z[ bW cWoeh‡W Z[ bei hkiei" #23;-ĹŠ++ , ".2ĹŠ WZ[bWdjWZe gk[ i[ fhefe# ĹŠ+ 2ĹŠ41- 2ĹŠ#f[i[ W gk[ [b fW‡i ^W i_Ze d[d cWd_\[ijWhi[ [b bkd[i 42( Ä“ [iY[dWh_e Z[ bW cWoeh ebW \h[dj[ Wb Ah[cb_d" c_[d# Z[ fhej[ijWi Wdj_]kX[h# jhWi bW efei_Y_ÂŒd de fWh# dWc[djWb[i Z[iZ[ bW YW‡ZW Z[ bW bWc[djWh_W ^W h[Y_X_Ze Wkjeh_# Kd_ÂŒd Iel_ƒj_YW$ pWY_ÂŒd fWhW h[kd_h W Z[Y[dWi Fkj_d de ZkZÂŒ [d YWb_Ă’YWh Z[ Z[ c_b[i Z[ iki fWhj_ZWh_ei Wb ÆXk[dW [nf[h_[dY_WÇ fWhW Hki_W Z‡W i_]k_[dj[ Z[ bWi [b[YY_ed[i
ÄˆÄˆÄ‡ĹŠ
0DU GH 2NKRWRWVN
$' . )'$ %. ! & ! "$ &+( "
#'$ ) !$ ( ,'"$ ! ' & '( # &($* )')!" # '
2ĹŠ#-!4#23 2 Ĺ—ĹŠĹŠ 43(-ĹŠ% - 1;ĹŠ+.2ĹŠ!.,(!(.2ĹŠ#-ĹŠ+ ĹŠ /1(,#1 ĹŠ54#+3 ĹŠ!.-ĹŠ#+ĹŠÄ?Ä?ĹŠĹ˜ĹŠ"#ĹŠ+.2ĹŠ
5.3.2ĔŊ2#%ĂŒ-ĹŠ#+ĹŠ #-31.ĹŠ #5 " ĔŊ.ĹŠ!.-ĹŠ#+ĹŠ ÄŽÄ‘Ä”Ä?ĹŠĹ˜Ä”ĹŠ"#ĹŠ !4#1".ĹŠ ĹŠ+ ĹŠ 4-" !(¢-ĹŠ"#ĹŠ /(-(¢-ĹŠ ĂŒ +(! Ä“ (#-31 2ĔŊ#+ĹŠ+~"#1ĹŠ!.,4-(23 ĔŊ 4#-- "(ĹŠ (4%;-.5Ä”ĹŠÄƒ%41 ĹŠ#-ĹŠ2#%4-" ĹŠ /.2(!(¢-ĹŠ!.-ĹŠ#-31#ĹŠ#+ĹŠÄˆÄŽĹŠĹ˜ĹŠ8ĹŠ#+ĹŠÄ‰Ä‡ĹŠĹ˜ĹŠ "#ĹŠ(-3#-!(¢-ĹŠ"#ĹŠ5.3.Ä“ .ĹŠ++#% -ĹŠ +ĹŠ"(#9ĹŠ/.1ĹŠ!(#-3.ĹŠ#-ĹŠ (-3#-!(¢-ĹŠ"#ĹŠ5.3.2ĹŠ+.2ĹŠ.31.2ĹŠ31#2ĹŠ ! -"(" 3.2Ä–ĹŠ#+ĹŠ4+31 - !(.- +(23 ĹŠ + Äą "~,(1ĹŠ (1(-.52*(ĔŊ#+ĹŠ,4+3(,(++.- 1(.ĹŠ () ~+ĹŠ 1¢).1.5ĹŠ8ĹŠ#+ĹŠ2.!( +"#,¢!1 3 ĹŠ #1%4_(ĹŠ (1¢-.5Ä“
[d bW ^_ijÂŒh_YW fbWpW Fki^a_d$ Æ9h[[cei gk[ [b d‘c[he Z[ fWhj_Y_fWdj[i [d bWi cWd_\[ijW# Y_ed[i jWhZ[ e j[cfhWde j[hc_# dWh| h[igk[XhW`WdZe Wb feZ[h$ BWi fhej[ijWi i[]k_h|d ^WijW gk[ bWi Wkjeh_ZWZ[i WY[fj[d dk[ijhWi Z[cWdZWiÇ" Wi[l[hÂŒ =Who AWif|hel" Z_h_][dj[ efe# i_jeh o [nYWcf[ÂŒd ckdZ_Wb Z[ W`[Zh[p$
&ŋ , -# (. ŋ -#,#)ŋ.# ( ŋ&)-ŋ v -ŋ )(. )-ąŋ ð,' ŋ ' Ĕ Ŋ š
Bei Z‡Wi [d [b feZ[h Z[b ]eX[hdWdj[ i_h_e" 8Wi^Wh Wb 7iWZ" [ij|d YedjWZei" i[]‘d Z_`e [b fh[i_Z[dj[ 8WhWYa EXWcW [d kdW [djh[l_ijW fk# Xb_YWZW Wo[h" ZedZ[ W‹WZ_ÂŒ gk[ ;ijWZei Kd_Zei [ij| jhWXW`WdZe fWhW WY[b[hWh bW jhWdi_Y_ÂŒd W bW Z[ceYhWY_W [d [i[ fW‡i$ ;d bW h[l_ijW c[dikWb J^[ 7jbWdj_Y" EXWcW WĂ’hcÂŒ gk[ Æbei Z‡Wi Z[ 7iWZ [ij|d YedjWZei$ De [i kd Wikdje Z[ i_ ikY[Z[h| e de i_de Z[ YkWdZeÇ$ Æ;djedY[i" ÂľfeZ[cei WY[# b[hWh [ije5 ;ijWcei jhWXW`Wd# Ze Yed bW Yeckd_ZWZ _dj[hdW# Y_edWb fWhW ^WY[hbeÇ" W]h[]ÂŒ$ EXWcW h[YedeY_ÂŒ jWcX_ƒd gk[ I_h_W [i kd fW‡i c|i Yecfb[`e gk[ B_X_W o gk[ dWY_ed[i Yece Hki_W [ij|d Xbegk[WdZe kdW WYY_ÂŒd Z[ bW EDK$ !( ĹŠ+ ĹŠ31 -2(!(¢-
I_d [cXWh]e" WfkdjÂŒ W bei [i# \k[hpei Z[ ;ijWZei Kd_Zei c[# Z_Wdj[ [b ]hkfe Z[ ÆWc_]ei Z[
Ä“ĹŠ (1(.2ĹŠ1#2("#-3#2ĹŠ#-ĹŠ 4104~ ĹŠ2#ĹŠ, -(ă#23 -ĹŠ#-ĹŠ 23 , 4+ĹŠ!.-31 ĹŠ#+ĹŠ/1#2("#-3#ĹŠ 2' 1ĹŠ +Äą 22 "ĔŊ+4#%.ĹŠ"#ĹŠ+ ĹŠ .1 !(¢-ĹŠ"#+ĹŠ5(#1-#2Ä“ĹŠ
I_h_WÇ fWhW fhecel[h _d_Y_Wj_# lWi Z[ WokZW ^kcWd_jWh_W fWhW Wb_l_Wh W bWi Y_kZWZ[i WjWYWZWi feh bWi \k[hpWi c_b_jWh[i gk[ h[ifedZ[d W 7iWZ$ ÆF[he W^ehW [bbei jWcX_ƒd fk[Z[d WY[b[hWh kdW jhWdi_Y_ÂŒd
^WY_W kd ]eX_[hde i_h_e fWY‡ÒYe" [ijWXb[ o h[fh[i[djWj_leÇ" WĂ’hcÂŒ$ ÆI_ ikY[Z[" [ie i[h‡W kdW fhe\kd# ZW fƒhZ_ZW fWhW ?h|dÇ" W]h[]ÂŒ$
Ŋ2(34 !(¢-
C_[djhWi jWdje" i[ YedeY_Πgk[ Wb
c[dei ,' f[hiedWi" [djh[ [bbWi lW# h_ei c[deh[i Z[ [ZWZ o Zei ck`[# h[i" ckh_[hed Wo[h [d I_h_W W cW# dei Z[ bWi \k[hpWi b[Wb[i Wb hƒ]_c[d Z[ 8WY^Wh Wb 7iWZ #bW c_jWZ Z[ [bbWi [d bW fhel_dY_W Y[djhWb Z[ >eci#" i[]‘d ]hkfei efei_jeh[i$
ĹŠ ÂĄ
(2,(-48 ĹŠ#+ĹŠ"#2/#1"(!(.ĹŠ"#ĹŠ#-#1%~ Ä“ĹŠ .ĹŠ 3#-% ĹŠ#-!#-"(".2ĹŠ+.2ĹŠ / 1 3.2ĹŠ04#ĹŠ-.ĹŠ #23_ĹŠ42 -".Ä“
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
ÄŠ
-./ #)-Ĺ‹ (Ĺ‹& Ĺ‹ (.6,.# Ĺ‹ . )-Ĺ‹*),Ĺ‹#( ( #) ĔŊ ĹŠÄ› ;b _dY[dZ_e gk[ WhhW# iÂŒ bW XWi[ Wdj|hj_YW Z[ 8hWi_b ikfed[ kd h[lƒi fWhW bWi _dl[i# j_]WY_ed[i Z[b fW‡i ieXh[ [b _c# fWYje Z[ bW WYY_ÂŒd ^kcWdW [d [b c[Z_eWcX_[dj[ o bW Yecfh[d# i_ÂŒd Z[ bWi h[bWY_ed[i [djh[ [b Yedj_d[dj[ XbWdYe o [b h[ije Z[b fbWd[jW$ ;b =eX_[hde i[ ^W Yecfhec[# j_Ze W h[Yedijhk_h bW XWi[ ZedZ[ jhWXW`WXWd Y[hYW Z[ ,& f[hiedWi" [djh[ Y_[dj‡ÒYei o c_b_jWh[i" f[he [iW jWh[W fk[Z[ jWhZWh kdei Zei W‹ei" i[]‘d [b c_d_ijhe XhWi_b[# ‹e Z[ :[\[diW" 9[bie 7ceh_c" c_[djhWi bei Y_[dj‡ÒYei ^Wd i[# ‹WbWZe gk[ bei [gk_fWc_[djei o fWhj[ Z[ bei ZWjei Yeb[YjWZei [d
bei ‘bj_cei c[i[i i[ f[hZ_[hed$ 1 ).Ŋ
;b Z_h[Yjeh Z[b Y[djhe febWh o Yb_cWjebÂŒ]_Ye Z[ bW Kd_l[hi_ZWZ <[Z[hWb Z[ H_e =hWdZ[ Ze Ikb" @[Ăľ[hied I_ce[i" [nfb_YÂŒ gk[ [b fhe]hWcW Wdj|hj_Ye XhWi_b[‹e j_[d[ Yece eX`[j_le Æ[dj[dZ[h bWi h[bWY_ed[i WcX_[djWb[iÇ Z[b Yedj_d[dj[ XbWdYe Yed [b fW‡i$ FWhW I_ce[i" [b fhe]hWcW Wdj|hj_Ye j_[d[ jWcX_ƒd kj_b_ZWZ fWhW hecf[h Wb]kdei c_jei _di# jWbWZei [d bW c[djWb_ZWZ XhW# i_b[‹W Yece bWi YWhWYj[h‡ij_YWi jhef_YWb[i Z[ kd fW‡i W_ibWZe Z[ bWi YWj|ijhe\[i dWjkhWb[i gk[ ik# Y[Z[d [d [b fbWd[jW$
Ä“ĹŠ +ĹŠ2#1ĹŠ!.,/ 1 " ĹŠ!.-ĹŠ.31.2ĹŠ/1."4!3.2ĹŠ"#3#1,(- 1.-ĹŠ04#ĹŠ24ĹŠ1#-"(,(#-3.ĹŠ#2ĹŠ,#).1Ä“
Ĺ‹3/ Ĺ‹ -Ĺ‹, -#-. (. Ĺ‹ (. Ĺ‹ &Ĺ‹ ' #)Ĺ‹ &#'6.# )
2ĹŠ(-5#23(% !(.-#2ĹŠ"#,4#231 -ĹŠ04#ĹŠ#2ĹŠ + ĹŠĂŒ-(! ĹŠ#2/#!(#ĹŠ04#ĹŠ1#2(23#ĹŠ ĹŠ +3 ĹŠ3#,Äą /#1 341 ĹŠ8ĹŠ3(#-#ĹŠ4-ĹŠ/#1(.".ĹŠ"#ĹŠ1#2#15 Ä“ Ŋš BW fbWdjW Z[ okYW" jWcX_ƒd
I_d [cXWh]e" [b _d\ehc[ jWc# X_ƒd ^WY[ ^_dYWf_ƒ [d bW d[Y[i_ZWZ Z[ _dl[ij_]Wh c|i fWhW gk[ bW okYW de iebe i[W c|i h[i_ij[dj[ W fbW]Wi o [d\[hc[ZWZ[i" i_de gk[ i[ Yed# l_[hjW [d kd fei_Xb[ h[cfbWpe Z[ bei Ykbj_lei gk[ i[ l[d W\[YjWZei feh [b YWcX_e Yb_c|j_Ye$ ;d del_[cXh[ fWiWZe" Y_[dj‡# Ă’Yei Z[ bW EDK WZl_hj_[hed Z[ kd l_hki gk[" [d Ă›\h_YW" [ijWXW WbYWd# pWdZe d_l[b[i Z[ [f_Z[c_W$ BWi _d\[YY_ed[i l_hWb[i ^Wd WjWYWZe f[h_ÂŒZ_YWc[dj[ W bWi Yei[Y^Wi [d Wb]kdWi h[]_ed[i" be YkWb ^W ][d[hWZe ^WcXh[$
YedeY_ZW Yece cWdZ_eYW" fe# Zh‡W WokZWh W bei W]h_Ykbjeh[i W\h_YWdei W [d\h[djWhi[ Wb YWc# X_e Yb_c|j_Ye" i[]‘d kd h[Y_[dj[ [ijkZ_e Y_[dj‡ÒYe$ Æ;i Yece [b ĂˆHWcXeÉ Z[ bW Yei[Y^WÇ" [nfb_YW 7dZo @Whl_i" Z[b 9[djhe ?dj[hdWY_edWb fWhW bW 7]h_YkbjkhW Jhef_YWb Yed i[Z[ [d 9ebecX_W$ ÆC_[djhWi ejhei fheZkYjei fk[Z[d ik\h_h feh [b YWbeh o c|i fheXb[cWi Z[b YWcX_e Yb_c|j_Ye" bW okYW Yh[Y[Ç" [nfb_YW$ ;ijW hW‡p [i" Z[iZ[ j_[cfei fh[YebecX_dei" kde Z[ bei fhe# ZkYjei Wb_c[dj_Y_ei c|i Yedik# #/+(#%4#ĹŠ"#ĹŠ!4+3(5.2 c_Zei Z[b Yedj_d[dj[ Wc[h_YWde$ Eh_]_dWh_W Z[ 7cƒh_YW Z[b Ikh"
bW okYW \k[ _djheZkY_ZW [d [b Ă›\h_YW ikXiW^Wh_WdW feh bei Ye# c[hY_Wdj[i fehjk]k[i[i [d [b i_]be NL??$ :[ WYk[hZe Yed bei _dl[ij_]W# Zeh[i Z[b _d\ehc[ ĂˆÂľ;i bW okYW bW h[ifk[ijW W bW WZWfjWY_ÂŒd Wb YWcX_e Yb_c|j_Ye [d Ă›\h_YW5É" i[ jhWjW Z[ bW \k[dj[ Z[ YWhXe^_ZhW# jei c|i _cfehjWdj[ [d kd Yed# j_d[dj[ ZedZ[ c|i Z[ +&& c_# bbed[i Z[ f[hiedWi bW Yedikc[d YWZW Z‡W$ ;b Yedikce Z[ [ijW lWh_[ZWZ ikf[hW W i[_i fheZkYjei X|i_Yei Z[ bW Z_[jW Z[b Ă›\h_YW ikXiW^W# h_WdW Ă„fWfW" cW‡p" \h_`eb" fb|jW# de" [b c_`e o [ieh]eĂ„ [d (* ce# Z[bei Z[ fh[Z_YY_ÂŒd Z[b Yb_cW" Z_Y[ [b [ijkZ_e$ BW fbWdjW Yh[Y[ X_[d Yed WbjWi j[cf[hWjkhWi o" YkWdZe bb[]Wd bWi i[gk‡Wi" bW Yei[Y^W i[ ĂˆY_[hhWÉ ^WijW gk[ lk[blWd bWi bbkl_Wi" Z_`[hed bei Y_[dj‡ÒYei$
;2ĹŠ"#3 ++#2 ĹŠÄĄ #-#,.2ĹŠ,48ĹŠ/.! 2ĹŠ 4#- 2ĹŠ Ĺ—'(23.1( 2ĹŠ".-"#ĹŠ5#,.2ĹŠ!4+3(5.2ĹŠ04#ĹŠ
Ä“ĹŠ #ĹŠ!.-5(#13#ĹŠ#-ĹŠ4- ĹŠ +3#1- 3(5 ĹŠ/ 1 ĹŠ#-$1#-3 1ĹŠ#+ĹŠ' , 1#Ä“
1(-"#-ĹŠ(%4 +ĹŠ.ĹŠ,#).1ĹŠ!.-ĹŠ#+ĹŠ! , (.ĹŠ !+(,;3(!.ĹŠ8ĹŠÄƒ- +,#-3#ĔŊ!.-ĹŠ+ ĹŠ84! ĔŊ '#,.2ĹŠ#-!.-31 ".ĹŠ4-.ĢĔŊ"().ĹŠ#+ĹŠ #7/#13.ĹŠ -"8ĹŠ 15(2Ä“ #%ĂŒ-ĹŠ#+ĹŠ(-5#23(% ".1ĔŊ#23 2ĹŠ 2.-ĹŠ 4#- 2ĹŠ-.3(!( 2ĹŠ/ 1 ĹŠ (%#1( ĔŊ #+ĹŠ, 8.1ĹŠ/1."4!3.1ĹŠ"#ĹŠ:$1(! ĔŊ!.-ĹŠ ÄĄÄŠÄ?ĹŠ.ĹŠÄŠÄ?ĹŠ3.-#+ " 2ĹŠ/1."4!(" 2ĹŠ +ĹŠ  .ĢĔŊ 2~ĹŠ!.,.ĹŠ/ 1 ĹŠ+ ĹŠ #/ĂŒ +(! ĹŠ #,.!1;3(! ĹŠ"#+ĹŠ .-%.ĔŊ#+ĹŠ2#%4-".ĹŠ / ~2ĹŠ#-ĹŠ/1."4!!(¢-ĹŠ"#ĹŠ84! ĹŠ"#ĹŠ#2#ĹŠ !.-3(-#-3#Ä“
ĹŠ84! ĹŠ/4#"#ĹŠ2#1ĹŠ '.1 ĹŠ#+ĹŠ ÄĄĂŒ+3(,.ĹŠ1#!412.ĹŠ2(ĹŠ.31.2ĹŠ!4+3(5.2ĹŠ $ ++ -ĢĔŊ"().Ä“
Â&#x; Ä“ĹŠ -ĹŠ+ ĹŠ 2#ĹŠ".-"#ĹŠ1# +(9 -ĹŠ(-5#23(% !(.-#2ĹŠ2#ĹŠ/#1"(¢Ŋ(-$.1, !(¢-ĹŠ5 +(.2 Ä“
# (Ĺ‹ , ,Ĺ‹, Ĺ‹ Ĺ‹ , - ,0 -Ĺ‹ (Ĺ‹& Ĺ‹ (.6,.# Ĺ‹ } ĔŊ ĹŠÄ› KdW YeWb_Y_ÂŒd _dj[h# dWY_edWb Z[ eh]Wd_pWY_ed[i [Ye# be]_ijWi f_Z_ÂŒ [d Dk[lW P[bWdZW bW Yh[WY_ÂŒd Z[ kdW h[Z Z[ h[i[h# lWi cWh_dWi gk[ fhej[`Wd [b h_Ye [Yei_ij[cW Z[ bWi W]kWi YWi_ l‡h# ][d[i Z[ bW 7dj|hj_ZW$ BW 7b_WdpW EYƒWde 7dj|hj_Ye 7E7 ^_pe f‘Xb_Ye [d [b FWhbW# c[dje Z[ M[bb_d]jed" bW YWf_jWb d[ep[bWdZ[iW" kd _d\ehc[ [d [b gk[" Yece fh_c[h fWie" [n_][ bW Yh[WY_ÂŒd Z[ kdW h[i[hlW Z[ )", c_bbed[i Z[ a_bÂŒc[jhei YkWZhW# Zei [d [b CWh Z[ Heii$
4(" 1ĹŠ24ĹŠ1(04#9
BW 7E7 fh[j[dZ[ gk[ [ijW |h[W [d [b CWh Heii" gk[ WXWhYW ]hWd fWhj[ Z[ bWi W]kWi d[ep[bWdZ[iWi o [i YecfWhWXb[ W bW [nj[di_ÂŒd Z[ 7kijhWb_W" i[ Yedl_[hjW [d [b fh_# c[h [ibWXÂŒd Z[ kdW h[Z Z[ '/ h[# i[hlWi cWh_dWi Wbh[Z[Zeh Z[ bWi W]kWi gk[ heZ[Wd bW 7dj|hj_ZW$ Æ;b CWh Heii [i kde Z[ bei WcX_[dj[i cWh_dei c|i cWhWl_# bbeiei [ _dcWYkbWZei Z[b fbWd[# jWÇ" Z_`e 9^kYa <en" h[fh[i[djWd# j[ Z[ 7E7" i[]‘d [b Yeckd_YWZe Z[ fh[diW Z[ bW Wb_WdpW$
Ä“ĹŠ 23 ĹŠ;1# ĹŠ, 1(- ĹŠ/.2##ĹŠ%1 -ĹŠ5 1(#" "ĹŠ"#ĹŠ#2/#!(#2Ä“
Ä Ä€
Ŋ).5#-Ŋ !31(9Ŋ 8 Ŋ/ 2¢Ŋ +Ŋ%14/.Ŋ "#Ŋ+.2Ŋ2#1(.2Ŋ8Ŋ#+Ŋ $.134- ".Ŋ#2Ŋ#+Ŋ $1 -!_2Ŋ #-) ,(-Ŋ (++#/(#"ēŊ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ŋ : ĔŊ Ŋ ě 7 fh_dY_#
7 Ĺ?ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ?Ĺ?
42/#-"#ĹŠ2'.62ĹŠ/.1ĹŠ /1. +#, 2ĹŠ5.! +#2ĹŠ
ĹŠ: ĔŊ ĹŠÄš BW YWdjWdj[ YW# Z[Y_Z_ÂŒ l_W`Wh W Bei Ă›d][b[i dWZ_[di[ 9[b_d[ :_ed ikif[d# fWhW fed[hi[ [d cWdei Z[ kd Z[h| iki YedY_[hjei [d BWi L[# [if[Y_Wb_ijW$ BW _djƒhfh[j[ Z[ ĂˆCo ^[Whj ]Wi ;;$KK$ ZkhWdj[ Wb c[dei i[_i i[cWdWi feh fheXb[cWi [d m_bb ]e edÉ YedĂ’ÂŒ ik h[^WX_b_# kdW Z[ iki Yk[hZWi leYWb[i$ jWY_ÂŒd Wb ZeYjeh =[hWhbZ 8[h# BW Whj_ijW Z[ *) W‹ei Ye# a[" Z[b Y[djhe cƒZ_Ye K9B7 o Yedi_Z[hWZe kd h[\[# ckd_YÂŒ iki fheXb[cWi \‡i_Yei W jhWlƒi Z[ ik ĹŠ h[dj[ [d [b YWcfe Z[ bW f|]_dW m[X [b cWhj[i" bWh_d]ebe]‡W$ dej_Y_W gk[ jhWiY[dZ_ÂŒ BW YWdjWdj[ \k[ Wo[h [d bei c[Z_ei [ijW# (.-ĹŠ1#%1#2¢Ŋ ĹŠ Z_W]deij_YWZW Yed ÆZ[#
2ĹŠ #% 2ĹŠ#-ĹŠ Ä‰Ä‡ÄˆÄˆĹŠ!.-ĹŠ4-ĹŠ Zekd_Z[di[i$ X_b_ZWZ [d ik Yk[hZW ÆJhWjƒ Z[ YWdjWh [d -4#5.ĹŠ#2/#!3;Äą !4+.ĹŠ/#1, -#-3#ĹŠ leYWb Z[h[Y^W Z[h_lW# c_ fhk[XW Z[ ied_Ze 31 2ĹŠ4- ĹŠ/1(,#1 ĹŠ ZW Z[ kdW [d\[hc[ZWZ #23 -!( ĹŠ#-31#ĹŠ bW i[cWdW fWiWZW o de ĉććĊŊ8ŊĉććÄ?Ä“ĹŠ l‡h_YWÇ o jkle gk[ YWd# j[d‡W Yedjheb ieXh[ c_ Y[bWh bW WYjkWY_ÂŒd gk[ lep Z[ d_d]kdW cWd[# j[d‡W fh[l_ijW fWhW [b hW$ F[diWcei gk[ Z[ifkƒi Z[ '. Z[ cWhpe$ kdei feYei Z‡Wi Z[ Z[iYWd# ;ij| fh[l_ije gk[ :_ed h[# ie c[`ehWh‡W f[he de \k[ Wi‡$ jec[ iki YedY_[hjei Z[ YWhW Wb ?cW]_de gk[ [i f[eh Z[ be gk[ l[hWde Yed WYjkWY_ed[i [djh[ f[diWXWÇ" [nfb_YÂŒ :_ed" gk_[d [b / Z[ `kd_e o [b '/ Z[ W]eije$
Ä“ĹŠ (.-ĹŠ/.Äą 2##ĹŠ4- ĹŠ"#ĹŠ+ 2ĹŠ,#).1#2ĹŠ 5.!#2ĹŠ$#,#-(- 2ĹŠ#-ĹŠ+ ĹŠ !34 +(" "ĹŠ8ĹŠ"#2"#ĹŠÄ‰Ä‡ÄˆÄˆĹŠ !3ĂŒ ĹŠ#-ĹŠ 2ĹŠ #% 2Ä“ĹŠ
.-$(1, -ĹŠ ." ĹŠ ĹŠ ĹŠ
(#-ĔŊ/#1.Ŋ! -2 ".Ŋ
Ĺ—ĹŠ ĹŠĹŠ;b Yec[Z_Wdj[ c[n_YWde HeX[hje =ÂŒc[p 8ebW‹ei Ăˆ9^[if_h_jeÉ i[ [dYk[djhW Æcko X_[dÇ Z[ iWbkZ o [ceY_e# dWZe jhWi ik ^ec[# dW`[ [d [b 7kZ_jeh_e DWY_edWb" i[]‘d YedjÂŒ [b fhef_e Whj_ijW W jhWlƒi Z[ Jm_jj[h$ Æ=hW# Y_Wi W jeZei bei gk[ [ij|d fh[]kdjWdZe feh c_ iWbkZ" c[ [dYk[djhe YWdiWZe" f[he CKO X_[dÇ" [iYh_X_ÂŒ [b Whj_ijW Z[ .) W‹ei$ ĹŠ
-Ŋ!(2-#Ŋ+#2Ŋ! , (¢Ŋ+ Ŋ5("
ĹŠ
DWjWb_[ o 8[`Wc_d i[ YedeY_[hed [d [b heZW`[ Z[ bW bWkh[WZW f[b‡Yk# bW Ăˆ9_id[ d[]heÉ" Ă’bc[ gk[ b[ Z_e kd âiYWh W C[`eh WYjh_p W Fehj# cWd$ ;d Wgk[bbW Y_djW C_bb[f_[Z ^_pe Z[ Yeh[ÂŒ]hW\e ik fhe\[i_ÂŒd o jkle kd heb i[YkdZWh_e$ BW fWh[`W j_[d[ kd ^_`e" 7b[f^" dWY_Ze [d `kd_e fWiWZe$
3 +(#Ŋ .13, -Ŋ #2Ŋ!.-2("#1 " Ŋ 4- Ŋ"#Ŋ+ 2Ŋ !31(Ĺ !#2Ŋ,#).1Ŋ5#23(Ĺ " 2Ŋ"#+Ŋ,4-".Ŋ8Ŋ Ŋ242ŊĊćŊ  .2Ŋ' Ŋ !.2#!' ".Ŋ (,/.13 -3#2Ŋ/1#Ĺ ,(.2ĔŊ!.,.Ŋ#+Ŋ ¥2! 1Ŋ8Ŋ#+Ŋ +. .Ŋ "#Ŋ 1.ē
2ĹŠ/1#$(#1#ĹŠ"(2!1#3 2ĹŠ ^ ĔŊ ŊěŊ>WY[ YWi_ eY^e c[i[i gk[ [b YWdjWdj[ [ifW‹eb :Wl_Z 8_iXWb WdkdY_ÂŒ bW i[fWhWY_ÂŒd Z[ ik fWh[`W o cWZh[ Z[ ik ^_`W" ;b[# dW JWXbWZW" o Wkdgk[ jeZWl‡W de [ij| fh[fWhWZe fWhW XkiYWh ejhW ck`[h" j_[d[ YbWhe gk[ i_ fkZ_[# hW [b[]_h" Z[i[Wh‡W gk[ \k[hW kdW
f_ei Z[ bW i[cWdW i[ [if[YkbÂŒ gk[ DWjWb_[ FehjcWd i[ ^WX‡W YWiWZe [d i[Yh[je" bk[]e Z[ gk[ [d bW Wb\ecXhW he`W Z[ bei âiYWh bkY_[hW kdW X[bbW Wh]ebbW" be gk[ Z_e \k[hpW Wb hkceh \k[ gk[ ik W^ehW [ifeie ceijhWhW kdW `eoW _Zƒdj_YW W bW Z[ ik WcWZW$ 7^ehW [b `eo[he Z[ bWi Wb_Wd# pWi YedĂ’hcW bW l[hi_ÂŒd0 Fehj# cWd i[ YWiÂŒ [d i[Yh[je Yed 8[d# `Wc_d C_bb[f_[Z" Wi‡ be Z_`e [d kd Yeckd_YWZe ZedZ[ [nfb_YÂŒ gk[ bei Wd_bbei \k[hed Yh[WZei Yed fbWj_de h[Y_YbWZe o Z_WcWd# j[i" i[]‘d _d\ehcÂŒ [b fehjWb Z[ [khefWfh[ii$[i$ 7Z[c|i" @Wc_[ Meb\ h[l[bÂŒ gk[ [b XW_bWh‡d \k[ [b h[ifediW# Xb[ Z[b Z_i[‹e Z[ bWi `eoWi fk[i [ijkle f[dZ_[dj[ Z[ gk[ [b WY# Y[ieh_e YedjWhW Yed Z[jWbb[i gk[ jkl_[hWd \[b_p W ik ck`[h oW gk[ YedeY[ W bW f[h\[YY_ÂŒd iki ]kijei$
ÄˆÄ‘ĹŠ!.-ĹŠ4-ĹŠ 43.
Ĺ—ĹŠ ĹŠĹŠ;b YWdjWdj[ YWdWZ_[di[ @ki# j_d 8_[X[h Ykcfb_ÂŒ [b `k[l[i
f[hiedW Z_iYh[jW$ ÆFh_c[he" Z[`Wh [b j_[cfe fW# iWh" f[he i_ jkl_[i[ bW efehjkd_# ZWZ Z[ [b[]_h" Z_iYh[Y_ÂŒd Wb c|n_# ce" [ie [i be gk[ W c‡ c[ ]kijWÇ" Wi[]khÂŒ [b Whj_ijW [d kd [dYk[d# jhe Yed c[Z_ei Z[ Yeckd_YWY_ÂŒd [d 9_kZWZ Z[ Cƒn_Ye$
ĹŠ ĹŠ
4ĹŠ2#!4#+ 3(#-#ĹŠ%4(.-(23 ĹŠ
'. W‹ei o fWhW Y[b[XhWh ik cWoeh‡W Z[ [ZWZ [b W][dj[ Z[b Whj_ijW b[ h[]WbÂŒ kd WkjecÂŒl_b Z[fehj_le [bƒYjh_Ye Z[ bk`e [b AWhcW Z[b \WXh_YWdj[ <_ia[h ZkhWdj[ kd fhe]hWcW Z[ j[b[# l_i_ÂŒd o kd hƒYehZ =k_dd[ii Z[ c[diW`[i h[Y_X_Zei W jhWlƒi Z[ bWi h[Z[i ieY_Wb[i$ ĹŠ
#1(#ĹŠ"#+ĹŠÄĽ (3 -(!ÄŚ
Ĺ—ĹŠ ĹŠĹŠ9_[d W‹ei Z[ifkƒi Z[ ik ^kdZ_c_[dje o jhWi c‘bj_fb[i f[b‡YkbWi o b_Xhei ieXh[ ik jh|]_Ye Z[ij_de" bW YWZ[dW Xh_j|d_YW ?JL' h[bWjWh| ÆbW ^_ijeh_W Yecfb[jWÇ Z[b J_jWd_Y [d kdW c_d_i[h_[ Z[ YkWjhe YWf‡jkbei gk[ i[ [ijh[dWh| [b (* Z[ cWhpe$ ĹŠ
ĹŠ: ĹŠÄ› F[j[h 9hW_]" b_Xh[j_ijW Z[ ĂˆJ^[ jemdÉ (&'& i[h| [b [dYWh]WZe Z[ h[ZWYjWh [b ]k_ed fWhW bW i[]kdZW fWhj[ Z[ ĂˆJef =kdÉ '/., " [b Ă’bc[ gk[ YedĂ’hcÂŒ [b [ijh[bbWje [d >ebbome# eZ Z[ Jec 9hk_i[" _d\ehcÂŒ bW [Z_Y_ÂŒd Z_# ]_jWb Z[ bW h[l_ijW J^[ >ebbomeeZ H[fehj[h$ ĹŠ
Ä“ĹŠ ++ ĹŠ#2ĹŠ#+ĹŠ-., 1#ĹŠ"#ĹŠ+ ĹŠ'() ĹŠ "#ĹŠ (2 +Ä“ĹŠĹŠ
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ä Ä
ĹŠ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄ‰
- ĹŠ"_! " ĹŠ2. 1#ĹŠ +.2ĹŠ#2!#- 1(.2
Ä“ĹŠ 4" * 8 ĹŠ2(%-(ă! Ä–ĹŠÄĄ+.2ĹŠ241 ,#1(! -.2ĹŠ"#+ĹŠ,  - Ģē
ĹŠ -" ĹŠ#!4 3.Äą 1( - ĹŠ!#+# 1 1;ĹŠ242ĹŠ ÄˆÄ‡ĹŠ  .2ĹŠ!.-ĹŠ4- ĹŠ %(1 ĹŠ/.1ĹŠ 23 ".2ĹŠ -(".2Ä“ĹŠ ĹŠ ĔŊ ĹŠÄ› BW XWdZW [YkWje#
h_WdW IkZWaWoW" gk[ \ki_edW h[# ]]W[ o ejhWi l[hj_[dj[i" Y[b[XhW ik ZƒY_ce Wd_l[hiWh_e Yed ik fh_c[# hW ]_hW Z[ YedY_[hjei [d ;;$KK$" gk[ h[Yehh[h| '& Y_kZWZ[i Z[ fe# XbWY_ÂŒd bWj_dW o YedYbk_h| [d 7ki# j_d" J[nWi" [d bW \WceiW \[h_W Z[ bW c‘i_YW ĂˆJ^[ Iekj^ 8o Iekj^m[ij Cki_YÉ ĂˆINIMÉ $
ĹŠ%(1
Æ;ijWcei cko Yedj[djei Z[ [i# jWh Wgk‡" [ij[ [i kd be]he Z[ bei '& W‹ei Z[ bW XWdZWÇ" i[‹WbÂŒ 7hjkhe D_YebWbZ[" XWj[h_ijW Z[ bW XWdZW" [d Yed\[h[dY_W Z[ fh[diW [d [b 9edikbWZe Z[ ;YkWZeh [d Dk[lW Oeha$ Ik YecfW‹[he" [b leYWb_ijW @kWd CWdk[b I[l_bbW" Z[ijWYÂŒ gk[ ^WY[ ( W‹ei i[ jhWpWhed bW c[jW Z[ bb[]Wh W ;;$KK$" ZedZ[ oW i[ fh[i[djWhed Wo[h [d ;b_# pWX[j^ Dk[lW @[hi[o o cW‹W# dW [d [b YedZWZe Z[ Gk[[di [d Dk[lW Oeha" [b ^e]Wh Z[ bW cW# oeh Yeckd_ZWZ [YkWjeh_WdW [d [ijW Y_kZWZ$ BW ]_hW Z[ (& Z‡Wi b[i bb[#
lWh| WZ[c|i W 9^_YW]e ?bb_# de_i " MWi^_d]jed" Wi‡ Yece W C_Wc_" JWbbW^Wii[ o EhbWdZe <beh_ZW " Dk[lW Ehb[Wdi Bk_# i_WdW " jWcX_ƒd W >ekijed o 7kij_d [d J[nWi" ZedZ[ i[h|d fWhj[ Z[ -&& XWdZWi [b[]_ZWi fWhW jeYWh Wdj[ Z_iYe]h|Ă’YWi o fheZkYjeh[i gk[ Wi_ij[d Wb _c# fehjWdj[ [l[dje$ Kd jejWb Z[ ($-&& ]hkfei ieb_# Y_jWhed fWhj_Y_fWh [d J^[ Iekj^ 8o Iekj^m[ij Cki_Y INIM " gk[ i[ h[Wb_pW Z[iZ[ '/.-" f[he iÂŒbe -&& \k[hed WY[fjWZWi" [d# jh[ [bbWi [b ]hkfe [YkWjeh_Wde gk[ WYkZ[ Wb [l[dje" Z[b ') Wb '. Z[ cWhpe" Yed [b Wfeoe Z[b C_# d_ij[h_e Z[ 9kbjkhW [YkWjeh_Wde$
.2ĹŠ3#+.-#1.2
8WdZWi beYWb[i Z[ c‘i_YW Wbj[h# dWj_lW WYjkWh|d Z[ j[bed[hei Zk# hWdj[ bW ]_hW" [djh[ [bbei KdW l‡W" ;Ybƒaj_Ye" 9^Wd]WbW o DWjkhWb IekdZ" Z[ c‘i_Yei bWj_deWc[h_# YWdei hWZ_YWZei [d Dk[lW Oeha o Dk[lW @[hi[o" gk[ cWd_\[ijW# hed i[h| Ækd ^edehÇ YecfWhj_h [b [iY[dWh_e Yed kdW XWdZW W bW gk[ WZc_hWd$ IkZWaWoW i[ fhefed[ WZ[# c|i bWdpWh ik j[hY[h Z_iYe" gk[ [if[hWd j[d[h [d [b c[hYWZe [d `kd_e" [d [b gk[ Yedj_dkWh|d [n# f[h_c[dje Yed bW \ki_ÂŒd o gk[ h[Ă“[`Wh| bW cWZkh[p gk[ ^Wd WZ# gk_h_Ze ZkhWdj[ bW ZƒYWZW gk[ ^Wd fWiWZe [d bei [iY[dWh_ei$
( -#++ ĹŠ ++ 1".ĹŠ #11#1
;d (&&, \k[ Z[i_]dWZW H[_dW Z[ CWY^WbW" [d [ij[ f[h‡e# Ze" i[ _dlebkYhŒ [d [b |h[W ieY_Wb o feh [bbe Z[i[W i[]k_h YWdWb_pWdZe ik Wfeoe W jhWlƒi Z[ bW <kdZWY_Œd C_ii ;YkW# Zeh$ =_Wd[bbW =WbbWhZe" Z[ (( W‹ei o Yed kdWi c[Z_ZWi /&#,(#/(" [i bW ‘d_YW eh[di[ Z[b YedYkhie$ ;ijkZ_W [d bW Kd_l[hi_ZWZ Z[ ;if[Y_Wb_ZW# Z[i ;if‡h_jk IWdje o [djh[ iki fWiWj_[cfei b[ ]kijW fh[fW# hWh iki feijh[i \Wleh_jei$
ŏ ŏ ŏ ŏ ŏ
āĂ
(+*2' *#ũ"#ũ$143(++ ũ
7 Āăŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. ŏ Čŏ
Ĉũ3 9 ũ"#ũ %4 ē Ĉũ3 9 ũ"#ũ+#!'#ē ĈĎćũ%1 ,.2ũ"#ũ$143(++ 2ē ĈĵČũ3 9 ũ"#ũ 9Ì! 1ē Ĉćũ!4 .2ũ"#ũ'(#+.ē Ĉũ!4!' 1 "(3 ũ"#ũ#2#-!( ũ"#ũ5 (-(++ ē Ďũ!4!' 1 " 2ũ"#ũ'#+ ".ũ"#ũ5 (-(++ ē ďũ$143(++ 2ũ#-ũ1." ) 2ē
¡ Ė
%1#%4#ũ#+ũ %4 ũ#-ũ+ ũ+(!4 ".1 ēũ
4#%.ũ " ũ+ ũ+#!'#Ĕũ+.2ũĈĎćũ%1 ı ,.2ũ"#ũ$1#2 2ũ8ũ#+ũ 9Ì! 1ēũ #9!+#ũ "41 -3#ũ4-ũ,(-43.ēũ " ũ+.2ũ!4 (ı 3.2ũ"#ũ'(#+.Ĕũ+ ũ#2#-!( ũ"#ũ5 (-(++ Ĕũ#+ũ '#+ ".ũ8ũ+ 2ũ$1#2 2ēũ ;3 + 2ũ"41 -3#ũ 4-ũ,(-43.Ĕũũ2(15 ũũ8ũ2 .1_#+ 2ē
1-#ũ 2 " ũ#-ũ 4-ũ".2ũ/.1ũ31#2
ŗũ ũũ;ij[ [i kd i_ij[cW i_cfb[ gk[ i_hl[ fWhW YWi_ jeZWi bWi YWhd[i o j_[d[ bei c|i [nY[b[d# j[i h[ikbjWZei$ 9e`W bW YWhd[ gk[ gk_[hW WiWh o Yeb gk[bW [b Z W Wdj[h_eh jWfWZW Yed W]kW o iWb [i Z[Y_h [d iWbck[hW $ BW Z[di_ZWZ Z[ bW iWb Z[f[dZ[ Z[b jWcW e Z[ bW YWhd[ o Z[b j_[cfe gk[ [ijWh| [d h[ce`e$ 7b Z W i_]k_[dj[ Yeb gk[bW [d [b ^ehde eXj[d_[dZe kdW Yehj[pW Yhk`_[dj[ o kdW YWhd[ iWXheiW$
(+*2' *#Ĕũ # (" ũ-431(3(5 ũ 8ũ"#+(!(.2 ũ
ēũ .2ũ,(+*2' *#2ũ2.-ũ/#1$#!3.2ũũ/ 1 ũ4- ũ2. 1#,#2 ũ/.104#ũ/."1~ ũ!.-2("#1 12#ũ! 2(ũ4-ũ/.231#ũ"#ũ2 .1ũ"4+!#ũ 8ũ,48ũ24 5#ē
;2ũ)4%.ũ"#ũ- 1 -)
ŗũ ũũI_ Z[i[W fh[fWhWh kdW Z[b_# Y_eiW X[X_ZW h[\h[iYWdj[ W XWi[ Z[ dWhWd`Wi" be _Z[Wb [i eXj[d[h bW c|n_cW YWdj_ZWZ Z[ `k]e Z[ bWi c_icWi$ 9ed bW WokZW Z[ kd YkY^_bbe h[j_h[ bW Y|iYWhW Z[ bWi dWhWd`Wi o gk_j[ bW cWoeh fWhj[ Z[ bW YWfW XbWdYW gk[ i_]k[$$ FWhjW bW \hkjW f[bWZW [d jhepei ]hWdZ[i o h[j_h[ bW cWoeh W Z[ bWi i[c_bbWi$ B_Yk[ Yed kd feYe Z[ W]kW o Y_[hdW$ :[f[dZ_[dZe Z[ gk jWdjW YWdj_ZWZ Z[ W]kW Z[ dWhWd`W Z[i[[ fh[fWhWh" W]h[]k[ W]kW [njhW o [dZkbY[ W ik ]kije$ :[ [ijW cWd[hW i[ Wfhel[Y^W Wb c|n_ce [b `k]e Z[ [ij[ Z[b_Y_eie Y jh_Ye o bW YWdj_ZWZ gk[ i[ eXj_[# d[ [i cWoeh$
ũ .ũ' 8ũ/#12.- ũ04#ũ2#ũ1#2(23 ũ ũ#23 ũ ,#9!+ ũ"#ũ2 .1#2ũ04#ũ "#,;2ũ"#ũ1#ı $1#2! 1ũ#-! -3 ũ +ũ/ + " 1ē 7 ]hWdZ[i o Y^_Yei b[i [dYWdjW iWXeh_pWdj[i Yece [b `WhWX[ i[hl_hi[ bei c_bai^Wa[i" jWc# Z[ \hkjWi" iWbiW Z[ Y^eYebWj[ e X_ d YedeY_Zei Yece XWj_Zei e [i[dY_Wi" bei YkWb[i b[ ZWd kd cWbj[WZWi" [d YkWbgk_[h feYW jegk[ [if[Y_Wb$ Kd c_bai^Wa[ gk[ZW Z[b W e$ O [i gk[ [ijW X[# f[h\[Yje fWhW kdW jWhZ[ X_ZW ZkbY[ o \h W gk[ j_[d[ ũ Y|b_ZW" ieXh[ jeZe fWhW Z_# c_b[i Z[ lWh_WY_ed[i" [i [ngk_i_jW$ l[hj_h W bei c|i f[gk[ _# 4#-ũ !.,ı jei Z[ bW YWiW$ Ik \ehcW Z[ Iki fh_dY_fWb[i _d# -ũ / -3#ũ"#ũ ]h[Z_[dj[i ied bW b[Y^[" ,(+*2' *#ũ#2ũ4-ũ fh[fWhWhbe [i ikcWc[dj[ [b ^[bWZe e b[Y^[ ^[bWZW$ 2;-"4!'#ũ"#ũ 04#2.ũ! +(#-3#ēũ \|Y_b o h|f_ZW$ 7 Yedj_dkWY_ d Wb]k# 7Z[c|i i[ b[ W]h[]Wd
-ũ/.!.ũ "#ũ'(23.1( ũũ ũ/1(,#1 ũ1#$#1#-!( ũ +ũ3_1,(-.ũ ŗ 3(".ũ / 1#!(¢ũ(,/1#2 ũ#-ũĈđđĎũ8ũ
!.-3#-~ ũ4-ũ/.!.ũ"#ũ6'(2*8ēũ +ũ ı 3(".ũ, +3# ".ũ04#ũ(-!+48#ũ/.+5.ũ"#ũ +#!'#ũ, +3# " ũĸ04#ũ!.-3(#-#ũ+#!'#ũ #-ũ/.+5.Ĕũ!# " ũ, +3# " ũ8ũ' 1(- ũ "#ũ31(%.Ĺũ$4#ũ(-5#-3 ".ũ#-ũĈđĒĐũ/.1ũ 4(++#1,.ũ .1+(!*ēũ ũ # (" ũ$4#ũ /#-2 " ũ!.,.ũ1#!.-23(348#-3#ũ/ 1 ũ + 2ũ/#12.- 2ũ(-5;+(" 2ũ8ũ+.2ũ-( .2ē
dWi h[Y[jWi Yed Z_\[h[dj[i iWXe# h[i" fWhW gk[ fh[fWh[ [d YkWb# gk_[h eYWi_ d$
(+*2' *#ũ"#ũ - - ũ !.-ũ!'.!.+ 3#
Ĉũ - - ē Ĉũ!4!' 1 " ũ"#ũ2 +2 ũ"#ũ! 1 ,#+.ē Ĉćũ!4 .2ũ"#ũ'(#+.ē ĉũ3 9 2ũ"#ũ+#!'#ē Ċũ!4!' 1 " 2ũ"#ũ'#+ ".ũ"#ũ5 (-(++ ē ĉũ 11 2ũ"#ũ!'.!.+ 3#ũ1 ++ ".ē ¡ Ė
% ũ4-ũ/41_ũ!.-ũ+ ũ - - ēũ #2/4_2ũ,#9!+#ũ#+ũ/41_ũ!.-ũ+ ũ 2 +2 ũ"#ũ! 1 ,#+.Ĕũ+ ũ+#!'#Ĕũ#+ũ '#+ ".ũ8ũ#+ũ'(#+.Ĕũ#-ũ4- ũ+(!4 ".1 ēũ _9!+#+.2ũ"41 -3#ũĈũ,(-43.ũ ũ 5#+.!(" "ũ,;7(, ēũ #3(1#ũ"#ũ+ ũ +(!4 ".1 ũ8ũ2~15 +.2ũ#-ũ4-ũ5 2.ũ +3.ēũ 2/.+5.1##ũ!'.!.+ 3#ũ1 ++ ".ũ8ũĞ ũ "(2$143 1ĝ
(+*2' *#ũ"#ũ5 (-(++
ĉũ3 9 2ũ"#ũ'#+ ".ũ"#ũ5 (-(++ ē Ĉũ3 9 ũ"#ũ+#!'#ũ$1~ ē ĈĵČũ3 9 ũ"#ũ!1#, ũ"#ũ+#!'#ũ.ũ- 3 ē Ċũ!4!' 1 "(3 2ũ"#ũ 9Ì! 1ē ¡
.-% ũ3.".2ũ+.2ũ(-%1#"(#-3#2ũ#-ũ+ ũ +(!4 ".1 ũ8ũ,_9!+#+.2ũ' 23 ũ04#ũ #2/#2#-ēũ #2/4_2ũ++#-#ũ".2ũ!./ 2ũ +3 2ũ!.-ũ#+ũ!.-3#-(".ũ04#ũ/4#" ũ "#!.1 1Ĕũ8ũũ"#!¢1#+.2ũ!.-ũ!' -3(++8ũ8ũ !'.!.+ 3#ũ#-ũ/.+5.ē
(+*2' *#ũ"#ũ % ++#3 2ũ¢1#.ũ
Ĉĉũ% ++#3 2ũ 1#.ē Ĉũ3 9 ũ8ũ,#"(.ũ"#ũ+#!'#ē ĉũ3 9 2ũ"#ũ'#+ ".ũ"#ũ5 (-(++ ũ24 ı 5(9 ".ē ĉũ!4!' 1 " 2ũ"#ũ2 +2 ũ"#ũ!'.!.ı + 3#ē
11#%+#ũ#+ũ%4(2.ũ2 + ".
ŗũ ũũ9kWdZe kd ]k_ie [ij[ YWi_ b_i# je" i_[cfh[ Z[X[ fheXWhbe fWhW
h[Yj_ÒYWh bW iWb o bWi [if[Y_[i$ ;d YWie Z[ gk[ [ij [njh[cWZW# c[dj[ iWbWZe" fk[Z[ Whh[]bWhbe Z[ kdW \ehcW cko \|Y_b$ 7 WZW kdei jhepei Z[ fWfWi YehjWZWi Z[ \ehcW h ij_YW$ I_ gk_[h[ fk[Z[ cWdj[d[h bWi fWfWi e jWcX_ d fk[Z[ h[j_hWhbWi$ BW \kdY_ d Z[ bW fWfW [i gk[ WXiehX[ cko X_[d bW iWb$
¡
#ũ/ 13#-ũ+ 2ũ% ++#3 2ũ#-ũ31.9.2ũ /#04# .2ēũ 4#%.ũ2#ũ+ 2ũ!.+.! ũ#-ũ+ ũ +(!4 ".1 Ĕũ2#ũ "#ũ+ ũ+#!'#Ĕũ#+ũ'#+ ı ".ũ"#ũ5 (-(++ ũ8ũ+ ũ2 +2 ũ"#ũ!'.!.+ ı 3#ēũ #%4(" ,#-3#ũ2#ũ31(341 ũ' 23 ũ !.-2#%4(1ũ4-ũ 3(".ũ!1#,.2.Ĕũ!.-ũ ,4!' 2ũ! +.1~ 2Ĕũ/#1.ũ31#,#-" ı ,#-3#ũ"#+(!(.2.ē ēũ 2ũ4- ũ#7!#+#-3#ũ./!(¢-ũ/ 1 ũ+.2ũ"~ 2ũ"#ũ! +.1ē
+(,#-3.2ĹŠ04#ĹŠ-.ĹŠ 2#ĹŠ"# #-ĹŠ!.-%#+ 1
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
Ä Äƒ
.ĹŠ3.".2ĹŠ+.2ĹŠ/1."4!3.2ĹŠ2#ĹŠ/1#2#15 -ĹŠ ,#).1ĹŠ#-ĹŠ+ ĹŠ1#$1(%#1 ".1 Ä“ĹŠ 4!'.2ĹŠ"#Äą #-ĹŠ#23 1ĹŠ+#).2ĹŠ"#+ĹŠ$1~.Ä“
BW j[dZ[dY_W Z[ bW ieY_[ZWZ[i ceZ[hdWi ikfed[ YecfhWh [d [dehc[i YWdj_ZWZ[i jeZe be gk[ i[ fk[ZW" _dYbk_ZW feh ik# fk[ije bW Yec_ZW$ FWhW Yedi[h# lWhbW i[ h[gk_[h[ [djedY[i Z[ kdW ]hWd h[\h_][hWZehW ZedZ[ [djh[ jeZe$ F[he de jeZei bei Wb_c[djei i[ Z[X[d c[j[h [d [b \h‡e fWhW cWdj[d[hi[ [d Xk[d [ijWZe$ 7b]kdei i[ Yedi[hlWd [d j[c# f[hWjkhW WcX_[dj[ o W YWcX_e be gk[ ^WY[ [b h[\h_][hWZeh [i gk_jWhb[i iki fhef_[ZWZ[i eh_# ]_dWb[i" ZW‹Wh ik iWXeh o ik j[njkhW$ C_a[b BÂŒf[p ?jkhh_W]W" [iYh_# jeh Z[b Xbe] Ăˆ;b Yec_Z_ijWÉ Z[b Z_Wh_e ;b FW‡i Z[ ;ifW‹W" i[‹WbW gk[ ^Wo WYjei Z[ Æd[l[h_iceÇ gk[ feZh‡Wd Yedi_Z[hWhi[ ĂˆYh_# c_dWb[iÉ Z[iZ[ kd fkdje Z[ l_i# jW ]WijhedÂŒc_Ye$ #1)4"(!( +
I[]‘d BÂŒf[p" [b [`[cfbe c|i YbWhe [i [b Z[b jecWj[$ Æ;b \h‡e ZW‹W bWi c[cXhWdWi _dj[h_eh[i Z[b \hkje o Yedl_[hj[ ik fkbfW [d kdW fWijW _di‡f_ZW o fWije# iWÇ" Z_Y[ o i[‹WbW gk[ be c[# `eh [i j[d[hbei W j[cf[hWjkhW WcX_[dj[$ ;d YWie Z[ ^WX[h Yec[j_Ze [b [hheh Z[ c[j[hbei [d bW h[\h_][hWZehW" be c[`eh [i Z[`Whbei kd Z‡W \k[hW Wdj[i Z[ Yec[hbei oW gk[ Z[ [ijW \ehcW h[Ykf[hWd Wb]e Z[ iWXeh$ ;b ]WijhÂŒdece cWd_\_[ijW gk[ ejhe YWie [i [b Z[ bei \hk# jei l[hWd_[]ei c[beYejed[i" c[bed[i" d[YjWh_dWi" X[h[d`[# dWi" YWbWXWY_d[i" f_c_[djei$$$ $ ÆDe bb[lWd Z[cWi_WZe X_[d be Z[ l_l_h kd i‘X_je _dl_[hde [d [b h[\h_][hWZeh" o fWbcWd [d iW# Xeh o [d j[njkhW W c[dei Z[ '& ]hWZeiÇ" [nfb_YW BÂŒf[p 7i_c_ice" [ij|d bWi \hk# jWi Z[ eh_][d jhef_YWb Yece [b W]kWYWj[$ ÆBW c[`eh \ehcW fWhW WYWXWh Yec_[dZe kdW Ăˆf_[ZhWÉ Z[ Yebeh l[hZ[ [i c[# j_ƒdZebe [d bW d[l[hW YkWdZe W‘d [ij| Zkhe$ C[`eh [i Z[`Wh# be [d kd bk]Wh eiYkhe o \h[i# YeÇ" Wi[]khW [b jWcX_ƒd f[h_e# Z_ijW o Ă’bÂŒie\e [ifW‹eb$ Be c_ice eYkhh[ Yed bW f_‹W o [b fb|jWde$ ÆBWi XW`Wi j[cf[#
!411#-!( 2Ŋ ŗŊŊ #3#1Ŋ!#1# +#2ĔŊ+#%4, 1#2ĔŊ $143.2Ŋ2#!.2ĔŊ!.-2#15 2Ŋĸ2 +5.Ŋ+ 2Ŋ
2#,(!.-2#15 2ĹŠ"#ĹŠ -!'. 2ĔŊ04#ĹŠ 2~ĹŠ1#04(#1#-ĹŠ$1~.ĚĔŊ/ 23 ĔŊ' 1(- ĹŠ.ĹŠ 9ĂŒ! 1ĹŠ#-ĹŠ+ ĹŠ1#$1(%#1 ".1 ĹŠ#2ĹŠ4-ĹŠ "(2/ 1 3#ĔŊ"#ĹŠ !4#1".ĹŠ2#%ĂŒ-ĹŠ (*#+ĹŠ
¢/#9ĔŊ04(#-Ŋ!.-2("#1 Ŋ04#Ŋ-.Ŋ' 8Ŋ -(-%4- Ŋ-#!#2(" "Ŋ"#Ŋ' !#1+.ē
hWjkhWi WdkbWd bWi [dp_cWi gk[ b[i f[hc_j[d cWZkhWh" [djed# Y[i ejhWi [dp_cWi Yec_[dpWd W WYjkWh Yed c|i \k[hpW$ KdWi YWkiWd ZW‹ei Y[bkbWh[i [h]e j[njkhW fWijeiW c_[djhWi gk[ [d [b YWie Z[ bW XWdWdW" [dd[# ]h[Y[d bW f_[bÇ$ >Wo ^ehjWb_pWi gk[ i[ fk[# Z[d o i[ Z[X[d WbcWY[dWh \k[# hW Z[ bW d[l[hW Yece ied bWi fW# fWi" bWi Y[XebbWi e bei W`ei$ ;d bW h[\h_][hWZehW" bei Wbc_Zed[i Z[ bW fWfW i[ Yedl_[hj[d [d Wp‘YWh feh [b \h‡e" feh be gk[ ik iWXeh YWcX_W$ (Ŋ/#-2 1+.
BÂŒf[p ieij_[d[ gk[ kd [hheh cko \h[Yk[dj[ [i [b Z[ c[j[h [b fWd e bW fWij[b[h‡W [d bW h[\h_][# hWZehW fehgk[" Wb YedjhWh_e Z[ be gk[ fWh[Y[" [dl[`[Y[d c|i h|f_Ze gk[ [d kdW fWd[hW ieXh[ bW [dY_c[hW Z[ bW YeY_dW$ ÆI_ i[ gk_[h[d Yedi[hlWh c|i Z[ kd fWh Z[ Z‡Wi" be c[`eh [i Yed][bWh [d h[XWdWZWi e jhepei f[gk[‹ei [ _h Z[iYed][bWdZe [d [b jeijWZeh e W j[cf[hWjkhW WcX_[dj[Ç" WĂ’hcW BÂŒf[p$ Bei gk[iei i[Yei jWcfeYe ^Wo feh gkƒ c[j[hbei [d bW d[# l[hW i_ i[ Yedikc[d Yed Y_[hjW hWf_Z[p o i[ Z_ifed[ Z[ kd bk# ]Wh \h[iYe [d bW YWiW ZedZ[ i[ fk[ZWd ]kWhZWh [dlk[bjei [d fWf[b$ :[ ^[Y^e" [b [if[Y_Wb_ijW Wi[l[hW gk[ Yec[hi[ kd gk[ie Z[ [ij[ j_fe h[Y_ƒd iWb_Ze Z[b \h‡e [i kd Wi[i_dWje ]WijhedÂŒ# c_Ye i_c_bWh Wb Z[b jecWj[$ 1 -ĹŠ#04(5.! !(¢-
;b Y^eYebWj[ [i ejhW l‡Yj_cW ^W# X_jkWb Z[b Æd[l[h_iceÇ$ ;nY[fje gk[ Yedj[d]W kd h[bb[de b|Yj[e e ^W]W ckY^e YWbeh" [b [nf[hje i[‹WbW gk[ de ^Wo d_d]kdW d[# Y[i_ZWZ Z[ c[j[hbe [d [b \h_]e# h‡ÒYe$ ÆI_ i[ YebeYW Wbb‡ kdei Xec# Xed[i e kdW jWXb[jW Z[ Y^eYebW# j[ WX_[hje" l[h| gk[ b[ iWb[ kdW [if[Y_[ Z[ YWfW XbWdgk[Y_dW0 kdW ck[ijhW Z[ gk[ ik j[njkhW o iWXeh ^Wd h[ikbjWZe Wbj[hWZei$ 7b]e fWh[Y_Ze b[ eYkhh[ Wb YW\ƒ" fWhW [b gk[ Wb]kdei [if[Y_Wb_i# jWi Z[iWYedi[`Wd feh Yecfb[je [b fWie feh bW d[l[hW$
Ä“ĹŠ ĹŠ, 8.1~ ĹŠ"#ĹŠ+ 2ĹŠ/#12.- 2ĹŠ!1##ĹŠ04#ĹŠ+.ĹŠ,;2ĹŠ "#!4 ".ĹŠ#2ĹŠ,#3#1ĹŠ 3.".2ĹŠ+.2ĹŠ +(,#-3.2ĹŠ#-ĹŠ+ ĹŠ1#$1(%#1 ".1 Ä“
¡
Ċŋ
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
āą
520$126
7 Āăŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. Čŏ
526752
6(3$5$'$ 0(17(
*5$9( 6(9(5$
5(< '( (*,1$ +,-2 '( =(86
ũũ
)$//$5
*8(55,//$
&219,&72
48('$5
$)/2-$5
9$6&$
62/7$5
)$//$5
(67$'2 '( $6,$ /$1=$5
&,8'$' '( -$3Ð1 25,//$ 9(5('$
',63(56$ 6(*81'$ 127$ 086,&$/
&$3,7$/ '( 3(5Ô
3$/3$5 7$17($5 6Ì0%2/2 '( 62',2
0$0É 7Ì78/2 '( '(8'$ 3Ô%/,&$
120%5(
62*12 =2',$&$/
%8/72
(;,67,5
3(/Ì&8/$
68&&,21$5
3$57( '(/
7$3,5
+8(92
*$72 (1
/,=$
$
(
.
5
/
5
2
(
$
5(/$7,92 $ /26 68(f26
1
&2/$0'2
/2&202725$
*58(6$
& 683(5 02'(/2 < $&5,= %5,7É1,&$
$
5
&
$
$
6
$/7$5 +(1&+,'2
',63(562
2
0
2
6
6
$
7
$
(
5
2
$7$9Ì2
5 3,e/$*2 ,*8$/
/
352120%5(
1
(
/
7
,
$
5 ,
&$03e21
&
7
(
1
/
(
$
$
5
$
5 48( 12 (6 /$ )$/7$
5
8
5Ì2 '( 586,$ < .$=$.,67É1
'$5 3$672 $ /26 *$1$'26 6Ì0%2/2 '(
5 $55(1'$5 &,8'$' '( &2/20%,$
/
0,60$
2 6,*12 =2',$&$/ $&&,Ð1 '( &5,$5
$ 3 $
&$16$'2
/ $ 6 2 6 5 &(/(%5,'$'(6 $ 7 N@CC@8D GIFLK 5 $ (./, $ (/,' HLàD@:F P Dy;@:F 9I@$ , 5 KÝE@:F% JLGLJF HL< KF;FJ 6 CFJ <C<D<EKFJ HLàD@:FJ ' 5 <JK898E :FEJK@KLà;FJ GFI ÝKFDFJ ;< ?@;Iä><EF 2 ' (&2 (67e5,/
(3$5$5
(3(5&86,Ð1
$50$ $552-$',=$ 3(5621$/
3523,1$
* 1
(0%52//2
,*/(6,$ &$7('5$/
/
,167580(172 086,&$/
&
$
&
1
1 $
$ 7 6 $
,
5
$
$7$5
/(&+(
7
$
2
5
/
5Ì2 '( $0e5,&$ '(/ 1
&$16$'2
$ 1 5 ,
2 * (
$*8-(5($5
$ 75$03$ (6&5,725 0(;,&$12
)Ð6)252 12%(/,2
1 2 7(&1(&,2 48Ì0,&2 '( 6Ì0%2/2 1(
1 2
,1*/e6
5
'( $7(1$6
6
$
7
$
$
/
2 7
/ $
,
48Ì0,&2 '( 6Ì0%2/2 8
0
5
8
$
6
&257$5 &8(5'$ '(
5
5
$
5
$
/
(
1
2
,
1
$
&$/&,2
$ +(1'('85$
&$//( '( 81
%$75$&,2
6Ì0%2/2 '(
0$(6752
2
1
2
5Ì2 '( (63$f$
(
38(%/2
1,f2 '( 3(&+2
/$*2 */$&,$5 3,5,1(2
6
,
(
%
/
2
1(&,2 %2%2
(
&
2
1
$
5
6Ì0%2/2 '( 1,75Ð*(12
92= '( $558//2 &$552 (1 ,1*/e6
1 $&725 '( /$ 3(/Ì&8/$ 81 *2/3(
48Ì0,&2 '( 6Ì0%2/2 1 (67$'2 '( 9(1(=8(/$
(63$572
6(*816$ 127$
$
3(6&$
5(%$f26
3
9$6&$
/(&+(
',26 '( /26
$326(172
$ 5
*5,72 7$85,12
*8(55,//$
*
$
$ )$0,/,$ $,5( (1
1$7$ '( /$
$ $57( '(
+2*$5
6
6Ì0%2/2 '( 6Ì0%2/2 '(
5
(0%867(
&$55$63(2
3(5)25$5 &217$5 5(/$7$5
(
92/9(5 $ &5(0$ '( /$
,
*5$6$
(67$'2 '( $)5,&$
52(17*(1
3
086,&$/
&,8'$' '( 580$1,$
5
0$0Ì)(52
0867e/,'2 6Ì0%2/2 '( &(5,2
&$5*2 '( 81
3,e/$*2
7(50,1$&,Ð1
',26$ *5,(*$ '(/ 0$/
0,1,6752 9(5%$/
7(17$&,Ð1
&,(/2 6Ì0%2/2 '(
&$51$'$
7$%(51$
&5202
3$72 '(675(=$ (;75$f$
2
,167580(172 0Ô6,&2 *8$5$1Ì
1
%
}
ŗũũ
#.1%#ũ #,(
;ijW i[h_[ Wd_cWZW i[ YWhWY# j[h_pW feh iWj_h_pWh Yed ^kceh d[]he bW ieY_[ZWZ" WYjkWb_ZWZ o YkbjkhW [ijWZekd_Z[di[i W jhWl i Z[ bWi ^_ijeh_Wi o i_# jkWY_ed[i ikhh[Wb_ijWi gk[ b[i ikY[Z[d W iki fhejW]ed_ijWi" YkWjhe d_ ei IjWd" Aob[" 9Wh# jcWd o A[ddo h[i_Z[dj[i [d kd fk[Xbe ÒYj_Y_e Z[ 9ebehWZe gk[ i[ bbWcW Iekj^ FWha$
ĸĈĒćĐıĈĒđĊĹ
ũ:_Xk`Wdj[ X[b]W" YedeY_Ze ŗũ ckdZ_Wbc[dj[ Yed [b i[kZ d_ce Z[ È>[h] É" [b Yh[WZeh Z[ ÈBWi Wl[djkhWi Z[ J_dj dÉ" ck[h[ kd Z W Yece ^eo$ Ik eXhW" WZ[# c|i Z[ ik fefkbWh_ZWZ" i_]k[ [`[hY_[dZe kdW _cfehjWdj[ _dÓk[dY_W [d [b ckdZe Z[ bWi ^_ijeh_[jWi" fWhj_YkbWhc[dj[ [d ;khefW$ I_ X_[d Wb]kdWi Z[ bWi ^_ijeh_Wi fkXb_YWZWi Wdj[i Z[ bW ]k[hhW [hWd Yh j_YWi Yed [b [nfWd# i_ed_ice j[hh_jeh_Wb Z[b \WiY_ice" be]h ikf[hWh bWi WYkiWY_ed[i gk[ be WÒb_WXWd Wb dWp_ice feh [l_Z[dj[i hWi]ei hWY_ijWi [d iki eXhWi Yece ÈJ_dj d [d [b 9ed]eÉ o ÈBW [ijh[bbW c_ij[h_eiWÉ$
: ũ }
+ !( 1ũ 1%#-3(-.ũ(-(!(¢ũ24ũ!~!+(! ũ14/341 ũ
;b Z_gk[ Z[ ^_[be gk[ i[fWhW [b XhWpe H_Ye o [b 9WdWb Z[ bei J cfWdei Z[b BW]e 7h][dj_de" [b cWoeh o c|i WkijhWb Z[ bei ]hWd# Z[i bW]ei fWjW] d_Yei Z[ [i[ fW i" [cf[p W h[]_ijhWh ÒbjhWY_ed[i [b
fWiWZe c_ hYeb[i o i[ fh[l gk[ [d bei fh n_cei Z Wi i[ fheZkpYW ik [ijhk[dZeiW hkfjkhW$ C[Z_ei Z[ fh[diW o ejhei l_i_jWd# j[i Yec[dpWhed W _dijWbWhi[ [d bWi fWiWh[bWi Z[b FWhgk[ DWY_edWb Bei =bWY_Wh[i" [d bW ikh[ W fhe# l_dY_W Z[ IWdjW 9hkp" Z[iZ[ Zed# Z[ fk[Z[ eXi[hlWhi[ [b ]bWY_Wh$ ;b \[d c[de [i fheleYWZe feh bW fh[i_ d Z[ bWi W]kWi ieXh[ [b Z_gk[ Z[ ^_[be" gk[ Yec_[dpW W W]h_[jWhi[ ^WijW \ehcWh kd ^k[Ye [d \ehcW Z[ WhYe gk[ be Z[X_b_jW o j[hc_dW feh Z[hhkcXWhi[$ BW
ĸ, 8.ũĉĈũıũ)4-(.ũĉĈĹ 4ũ/#12.- +(" "ũ2#1;ũ,;2ũ %1 " +#ũ8ũ 2.!( +#ēũ 1 3#ũ"#ũ,.231 12#ũ3 +ũ!4 +ũ#2ũ8 ũ 04#ũ+ ũ.1(%(- +(" "ũ#2ũ(,/1#2(.- -3#ũ#-ũ !4 +04(#1ũ/#12.- ēũ #!4#1"#Ėũ ũ/ !(#-!( ũ #2ũ4-ũ;1 .+ũ"#ũ1 ~9ũ , 1% ũ/#1.ũ"#ũ$143.2ũ ,48ũ"4+!#2ē
: ũũ
ĸ)4-(.ũĉĉũıũ)4+(.ũĉĉĹ
.2ũ 24-3.2ũ1#+ !(.- ".2ũ!.-ũ+.2ũ -#%.!(.2ũ8ũ#234"(.2ũ/4#"#-ũ2#1ũ$4#-3#ũ"#ũ /1#.!4/ !(¢-ũ/ 1 ũ "ēũ/.1ũ+.ũ04#ũ"# #1;ũ #23 1ũ/1#/ 1 ".ēũ #!4#1"#Ėũ 4 -".ũ' +#ũ /1.!41#ũ04#ũ242ũ/ + 1 2ũ2# -ũ,#).1#2ũ 04#ũ#+ũ2(+#-!(.ē
ũũ
Ċŋ
ĔũĈĒĖćć
]bWY_Wh F[h_je Ceh[de \eje " ie# Xh[ bW YehZ_bb[hW Z[ Bei 7dZ[i [d [b ikh Z[ 7h][dj_dW" ^W Yec[d# pWZe [b fheY[ie ^WY_W ik Y Yb_YW hkfjkhW" kd [if[Yj|Ykbe gk[ WjhW[ W c_b[i Z[ jkh_ijWi o gk[ fk[Z[ Yecfb[jWhi[ [djh[ ^eo o cW WdW$
^ ũ
,1*/e6
',63(56$
6ROXFLyQ DQWHULRU
7
ũ Ĕũ ũě ;b _cfed[dj[
ĸ 1(+ũĉćũıũ, 8.ũĉćĹ .,#ũ!.-ũ! +, ũ+ ũ2(34 !(¢-¢-ũ#!.-¢ı ,(! ũ8 ũ04#ũ+ ũĄ4!34 !(¢-ũ#2ũ/ 2 )#1 ũ8ũ +#ũ 84" 1;ũ ũ2#1ũ,;2ũ/14"#-3#ũ!.-ũ242ũ % 23.2ēũ #!4#1"#Ėũ "(#ũ/14# ũ+ ũ/1.$4-ı "(" "ũ"#+ũ1~.ũ!.-ũ , .2ũ/(#2ē
+,-2 '( 'e'$/2 0$0$5
12 58/(6
7
ĸ$# 1#1.ũĉćũıũ, 19.ũĉćĹũ
ũ!.-23 -!( Ĕũ'.-#23(" "ũ8ũ#-31#% ũ 2#1;-ũ(-"(2/#-2 +#2ũ#-ũ#+ũ,.,#-3.ũ "#ũ1#2.+5#1ũ+.2ũ/1. +#, 2ũ$ ,(+( 1#2ēũ #!4#1"#Ėũ 4(#-ũ-.ũ!.,/1#-"#ũ4- ũ ,(1 " ũ3 ,/.!.ũ!.,/1#-"#1;ũ4- ũ+ 1% ũ #7/+(! !(¢-ēũ
ũũ
$&75,= '( /$
5
ũũ
ĸ, 19.ũĉĈũıũ 1(+ũĈĒĹ
ũ1#+ !(¢-ũ!.-ũ242ũ'#1, -.2ũ2#1;ũ,;2ũ !#1! - ēũ 4ũ,#,.1( ũ2#1;ũ,;2ũ !3(5 ũ+.ũ 04#ũ+#ũ 84" 1;ũ#-ũ#+ũ;1# ũ"#ũ+.2ũ#234"(.2ēũ #!4#1"#Ėũ -3#2ũ"#ũ(-(!( 1ũ+ ũ+ .1ũ"#ũ ! , ( 1ũ#+ũ,4-".Ĕũ"#ũ31#2ũ54#+3 2ũ/.1ũ24ũ /1./( ũ! 2 ēũ
%$f$'2 '( /8= 129(12
62%5(120%5(
ĸ#-#1.ũĉćũıũ$# 1#1.ũĈĒĹ - ũ/#12.- ũ(-3#+#!34 +ũ8ũ!.,4-(! 3(5 ũ 2#1;ũ31#,#-" ,#-3#ũ 31 !3(5 ũ/ 1 ũ "ēũ 8 ũ04#ũ 42! ũ ă-(" "ũ,#-3 +ũ,;2ũ04#ũ $~2(! ēũ #!4#1"#Ėũ ũ!14#+" "ũ#2ũ+ ũ$4#19 ũ "#ũ+.2ũ!. 1"#2ē
ũũ
$&725 '( /$ 3(/Ì&8/$ 68 0$-(67$' 0,125
$
.43'ũ 1*
*,7$12 '( 5$=$ '(6(2
$3Ð&23( '(
)(0(1,12 6(53,(17( 9(1(126$
ũ ¡ ĔũĉĉĖćć
YWh]WZe Z[ ^kceh Yed Xhe# cWi f_YWh[iYWi gk[ h[iYWjW [iei Yb|i_Yei gk[ dei ^Wd Z_# l[hj_Ze ZkhWdj[ [ijei )) W ei0 ÈC_bbed[WdZeÉ" È7]WhhW be gk[ fk[ZWiÉ o È9WdjW Yedc_]eÉ$ 7 [ije i[ ikcWd bei XW_b[i o XhecWi Z[b È[j[hde f[hZ[ZehÉ Febe 8Wgk[h_pe `kdje W bWi eYkhh[dY_Wi Z[ ik XWdZW o bW X[bb[pW Z[ iki ceZ[bei$
(;75$(5
$57Ì&8/2
ũKd fhe]hWcW Z[ [djh[j[d_# ŗũ c_[dje \Wc_b_Wh" jhWZ_Y_edWb"
5(%$f26
)Ð6)252
$),50$&,Ð1
% ũ-#%.!(.ũ !.-,(%.
/252
',26 '( /26 6Ì0%2/2 '(
&219,&7$
5(/$7,92 $ /26 $67526 32/Ì7,&2 &+,12
+(0%5$ '(/
$552-$5
'(3Ð6,726 '( 25,*(1 */$&,$5 0,6,9$
52('25
Ġ !(¢ũ4-ũ"~ ũ!.,.ũ'.8ğ
ũ423#"ũ+#ũ! 1 !3#1(9 ũ24ũ ,.1ũ(-!.-"(ı !(.- +ũ/.1ũ+.ũ04#ũ' !#ũ8ũ/.1ũ04(#-#2ũ+#ũ 1."# -ēũ 4 +04(#1ũ/ 1#) ũ"# #1;ũ#23 1ũ 2#%41 ũ ũ24ũ+ ".ũ8 ũ04#ũ24ũ'.-#23(" "ũ-.ũ +#ũ/#1,(3#ũ)4% 1ũ!.-ũ+.2ũ2#-3(,(#-3.2ēũ
&,1&8(17$ (1
ĸ)4+(.ũĉĊũıũ %.23.ũĉĉĹũ 42ũ ,(%.2ũ2#1;-ũ,4!'.ũ,;2ũ!.,4-(! ı 3(5.2ũ8ũ (#13.2ũ+.ũ04#ũ' !#ũ04#ũ+ ũ1#+ !(¢-ũ !.-ũ#++.2ũ2# ũ,;2ũ!#1! - ēũ #!4#1"#Ėũ - ũ 5#9ũ3#1,(- ".ũ#+ũ)4#%.Ĕũ#+ũ1#8ũ8ũ#+ũ/#¢-ũ 54#+5#-ũ ũ+ ũ,(2, ũ! ) ē
ũũ
ĸ %.23.ũĉĊũıũ2#/3(#, 1#ũĉĉĹ 4#231#ũ24ũ , (!(¢-ũ8ũ! / !(" "ũ#-ũ#+ũ ;1# ũ/1.$#2(.- +ũ8 ũ04#ũ242ũ24/#1(.1#2ũ "#, -" 1;-ũ"#ũ "ēũ#-31#% ũ8ũ$4#19 ēũ #!4#1"#Ėũ .ũ/4#"#ũ(,/#"(12#ũ#+ũ5(#-3.Ĕũũ /#1.ũ/4#"#-ũ!.-2314(12#ũ,.+(-.2ēũ
ũũ
ĸ2#/3(#, 1#ũĉĊũıũ.!34 1#ũĉĉĹ 4ũ(-3#1_2ũ2#ũ#-$.! 1;ũ#-ũ+.2ũ-#%.!(.2ũ8ũ 5( )#2Ĕũ#23#ũ#2ũ4-ũ 4#-ũ,.,#-3.ũ/ 1 ũ 3., 1ũ#-ũ!4#-3 ũ+ 2ũ/.2( (+(" "#2Ĕũ1(#2%.2ũ 8ũ #-#ă!(.2ũ#-ũ#23 2ũ;1# 2ēũ #!4#1"#Ėũ +ũ04#ũ 42! ũ4-ũ ,(%.ũ2(-ũ"#$#!3.2ũ2#ũ 04#" ũ2(-ũ ,(%.2ē
ũũ
ĸ.!34 1#ũĉĊũıũ-.5(#, 1#ũĉĈĹũ
.2ũ! , (.2ũ#-ũ#+ũ;1# ũ"#ũ+.2ũ#234"(.2ũ8ũ -#%.!(.2ũ2#1;ũ, 8.1#2ũ#-ũ#23#ũ/#1~.".ēũ #!4#1"#Ėũ 23(%4#ũ ũ+.2ũ04#ũ3(#-#-ũ #-5("( ũ' !(_-".+#2ũ (#-ē
ũũ
ĸ-.5(#, 1#ũĉĉũıũ"(!(#, 1#ũĉĈĹũ
.ũ(-3#+#!34 +ũ8ũ,#-3 +ũ2#1;ũ+ ũ, -#1 ũ ,;2ũ !#13 " ũ/ 1 ũ !#1! 12#ũ ũ24ũ/ 1#) ēũ #!4#1"#Ėũ ũ,(3 "ũ"#ũ+ ũ +#%1~ ũ1#2("#ũ#-ũ ' + 1ũ"#ũ#++ ē
bj_cW hkfjkhW i[ Z_e [d (&&.$ ;b \h[dj[ Z[b ]bWY_Wh c_Z[ kdei (". a_b c[jhei Z[ bWh]e o j_[d[ kdW WbjkhW Z[ kdei -& c[jhei ieXh[ [b d_l[b Z[ bWi W]kWi Z[b bW]e" Wkdgk[ bW fWh[Z Z[ ^_[be bb[]W W ik b[Y^e$
ũũ
ĸ"(!(#, 1#ũĉĉũıũ#-#1.ũĈĒĹ 4ũ %(+(" "ũ(-3#+#!34 +ũ2#1;ũ+.ũ04#ũ #-#ă!(#ũ24ũ;1# ũ"#ũ31 ).ēũ 1.!41#ũ , -#) 1ũ242ũ/#-2 ,(#-3.2ũ8 ũ04#ũ#23.2ũ 1#/#1!43(1;-ũ-#% 3(5 ,#-3#ũ2. 1#ũ24ũ 2 +4"ēũũ #!4#1"#Ėũ #+ũ#2!4!' 1ũ/1.!#"#ũ+ ũ 2 ("41~ ũ8ũ"#+ũ' + 1ũ#+ũ 11#/#-3(,(#-3.ē
āĆ 4#- ũ !., (- !(¢0%!),+ (! 01. āĆŏ)%*ċ
7 ŏĀăŏ ŏ ŏ ŏĂĀāĂŏ
ŏ +. ŏ
ũ
ũ!(!+(23 ũ 94 8 ũ!., (- ũ + ũ,.-3 ũ!.-ũ+ ũ143 ēũ 8#1ũ % -¢ũ+ ũ/1(,#1 ũ#3 / ũ"#ũ+ ũ 4#+3 ũ ũ+ ũ .23 ē BW i[cWdW fWiWZW ]Wd kdW Yecf[j[dY_W Z[ cedjW W [d Gk_je" o Z[iZ[ Wo[h i[ fkie [b cW_bbej Z[ hkj[hW fWhW Yecf[j_h [d bW Lk[bjW W bW 9eijW$ Iki YedZ_Y_ed[i de b[ W\[YjWd o Wo[h Zec_d Z[ fh_dY_f_e W Òd bW [jWfW [djh[ =kWoWgk_b o IWb_# dWi$ 7b[nWdZhW I[hhWde Yk[djW iki f[hif[Yj_lWi [d be gk[ h[ijW Z[b W e$ Ġ ¢,.ũ ' !#ũ / 1 ũ ) 12#ũ "#ũ 4- ũ (!(!+#3 ũ ,.-3 #1 ũ 8ũ 24 (12#ũ ũ 4- ũ"#ũ143 ũ!.-ũ+.2ũ,(2,.2ũ1#24+ı 3 ".2ğ
De [i Z_\ Y_b oW gk[ [b Y_Yb_ice Z[ hkjW [i fWhj[ Z[b [djh[dWc_[dje Z[ bW cedjW W0 [i kd Yecfb[# c[dje oW gk[ bW fWhj[ \ i_YW i[ ]WdW [d bW hkjW$
3.2
#/.13(23 ũ ., 1#Ėũ +#7 -"1 ũ 1(#+ ũ #11 -.ũ ŗ ."1~%4#9 ŗũ ē !ĖũĊũ"#ũ)4-(.ũ"#ũĈĒđĐ ũ 4% 1Ėũ 4#-! ŗũ (2!(/+(- Ėũ!(!+(2,.ũ"#ũ,.-3 ũ8ũ"#ũ143 ē ŗ
Ġ 4;+ũ#2ũ+ ũ!+ 5#ũ#-3.-!#2ũ/ 1 ũ% - 1ũ #-ũ,.-3 ũ8ũ1#/#3(1+.ũ#-ũ+ ũ143 ğ
Bb[le '' W ei [djh[dWdZe o fWh# j_Y_fWdZe [d Yecf[j[dY_Wi$ ;iW [nf[h_[dY_W c[ ^W X[d[ÒY_WZe W c " Wkdgk[ W d_l[b dWY_edWb de ^Wo ckY^W Yecf[j[dY_W fWhW bWi ZWcWi$ De i fehgk ^Wo ck# Y^Wi Y^_YWi Z[ Xk[d d_l[b o de [ij|d fWhj_Y_fWdZe0 de i Yk|b[i i[h|d iki j[ceh[i$
-ũ" -_2ũ, 1! ũ#+ũ,#).1ũ 3(#,/.ũ#-ũ+ ũ/1(,#1 ũ#3 / Ieb" bbkl_W o kdW [nj[dkWdj[ ^kc[ZWZ cWhYWhed bW fh_# c[hW [jWfW Z[ bW Lk[bjW W bW 9eijW gk[ i[ Yehh_ Wo[h [djh[ =kWoWgk_b o IWb_dWi$ Kd Yb_cW gk[ de W\[Yj [d dWZW Wb ZWd i @edWi Cehj^[d H[_dZ[b" gk_[d cWhY [b c[`eh j_[cfe" _dYbkie ũ c[`eh gk[ [b Z[ kd Z[fehj_ijW .8Ĕ"#2"#ũ+ 2ũ ĈĊĖććĔũ2#ũ!.11#ũ+ ũ c|ij[h 7$ 2#%4-" ũ#3 / ũ @edWi" Z[ */ #-31#ũ +(- 2ũ8ũ W ei" ^_pe kd Yhe# 4#13.ũ ¢/#9ē de Z[ (0+,0(' o ik# f[h Wb ]WdWZeh Z[ bW C|ij[h 7" [b YWhY^[di[ @e^ddo =kWh|d" gk_[d Yhkp bW c[jW [d (0+,0(-$ Æ;ijeo [d kd Xk[d d_l[b fheZkYje Z[b [djh[dWc_[dje
ēũ +#7 -"1 ũ!149 ũ+ ũ,#3 ũ#-ũ -3 ũ +#- ē
Ġ 2 ũ $ +3 ũ "#ũ !3(5(" "ũ +#ũ ++#5¢ũ ũ !.,/#3(1ũ #-ũ 4(3.ũ 8ũ #23 1ũ #-ũ + ũ 4#+3 ũ ũ+ ũ .23 ğ
Fehgk[ c[ WXkhh W Z[ kde o ejhe Z[fehj[ [ _XW YWcX_WdZe ^WijW 9ecf[j [d Gk_je fehgk[ [ijW# gk[ YedeY ckY^Wi [nf[h_[dY_Wi cei fh n_cei W kd jehd[e fW# b_]WZWi W [ij[ Z[fehj[$ dWc[h_YWde [d Fk[XbW C n_Ye$ ;b Z[id_l[b Z[ Yecf[j[dY_W gk[ Ġ 4_ũ. )#3(5.ũ3(#-#ũ#-ũ#23#ũ .ğ jkl[ [d Gk_je i[ fWh[Y[ W be Z[ C[`ehWh [b d_l[b fehgk[ [i kd C n_Ye$ 7Z[c|i WYWXe bW Lk[bjW W e eb cf_Ye$ F[he bW _Z[W [i W bW 9eijW o [ijWh l_W`WdZe W 7h# fbWd_ÒYWh kdW XWi[ Z[ [djh[# ][dj_dW fWhW h[fh[i[djWh Wb fW i dWc_[djei fWhW (&',$ FWhW [ie [d bW hkjW$ d[Y[i_jWcei Yecf[j_h" W d_l[b dWY_edWb [ _dj[hdWY_edWb$ I be Ġ .1ũ04_ũ+#ũ%423¢ũ#+ũ!(!+(2,.ğũĠ .1ũ [ie dei ZWh| kdW h[bWY_ d Z[b 04_ũ#23;ũ1#+ !(.- ".ũ!.-ũ3.".ũ3(/.ũ d_l[b gk[ [ijWcei$
I[ h[Zk`[hed XWijWdj[ Z[X_Ze W bW \WbjW Z[ Wfeoe j[cfhW# de$ D[Y[i_j|XWcei WYkckbWh fkdjei K9? fWhW YbWi_\_YWh$ 7b i[h bW d_YW [d h[fh[i[djWh Wb fW i i[ lk[bl[ c|i Yecfb_YWZe oW gk[ [d ejhei fW i[i bb[lWd [gk_fei Yecfb[jei$ 7Z[c|i" h[Y_X [b Wfeoe Z[b C_d_ij[h_e h[Y_ d [d W]eije" YkWdZe oW ^WX Wd fWiWZe jeZWi bWi Yec# f[j[dY_Wi e\_Y_Wb[i ZedZ[ fe# Z W ikcWh fkdjei$
#24+3 ".2
3#%.1( ũũ +(3#2
3#%.1( ũũ 1#)45#-(+#2
ũũũũĈũ ĸĊćĐĹũ ũũũũĉũ ĸĈĎĹũ ũũũũĊũĸĊćĒĹũ
+ #13.ũ .-9;+#9ũ 1.5ũ 9ũũ 1(23( -ũ 1!~ ũ 4 8 2ũũ 1#%.1(.ũ ., +;ũũ
ĊĖććĖĎĈēĎũ ĊĖććĖĎĉēćũ ĊĖćĈĖĊĐēĒũũũũũ
ũũũũĈũ ĸďćČĹũ ũũũũĉũ ĸďćĈĹũ ũũũũĊũ ĸďĈćĹũ
ũũũũĈũ ĸĈćĒĹũ ũũũũĉũ ĸĈĈđĹũ ũũũũĊũ ĸĈććĹũ
.'--8ũ 4 1;-ũ ı ../ũũ 31(!(.ũ #1% 1 ũ (*+ ũũ #"1.ũ 404#2ũ3Ċ2/.132ũũ
ĉĖĎďĖĉĊēĐũ ĉĖĎĒĖČďēĉũ ĊĖććĖĈĈēĉũũũũũũũũũ
ũũũũĈũ ĸĎćĈĹũ 4 -ũ +,#(" ũũ ũũũũĉũũũũũĸĎćĒĹũ 4 -ũ +"(5(#2.ũ #!-.!8!ũ ũũũũĊũĸĎćĐĹũ 23# -ũ 11(¢-ũ #!-.!8!ũũ
ĈĖĎďĖĊĒēĉũ ũĈĖĎďĖĎĐēĉũ ĈĖĎďĖĎĐēĐũ
ũũũũĈũ ĸĉćČĹũ ũũũũĉũũĸĉćĊĹũ ũũũũĊũĸĉććĹũ
.- 2ũ #(-"#+ũ (*+ ũũ #1-;-ũ % +"#ũ 4--(-%ũũ (+2.-ũ "1.5.ũũ
ĉĖĎďĖĉĈēĒũ ĊĖĈĊĖČĈēďũ ĊĖĈČĖĈďēđũ
ũũũũĈũ ĸĐĈĉĹũ ũũũũĉũĸĐćďĹũ ũũũũĊũ ĸĐĈĈĹũ
ĉĖćĐĖĊČēđũ ĉĖćĐĖĊđēĎũ ĉĖćĐĖČďēČũ
ũũũũĈũ ĸĊććĹũ
#1-;-ũ (++ 11# +ũũ
ĉĖĈđĖĎČēđũ
ũũũũĈũũũũ +#7 -"1 ũ #11 -.ũ 1.5ēũ 9ũũ
ũũũũĈũ ĸČĈĈĹũ ũũũũĉũĸČćČĹũ ũũũũĊũ ĸČćĈĹũ
+#7 -"1 ũ #11 -.ũ 1#*ũ 8ũũ - #+#-ũ ũĸ +;/ %.2Ĺũ ( - ũ ' %4(ũũ
ĉĖćĊĖĊćēĎũ ĉĖĈďĖĉćēĈũ ĉĖĉĈĖĎĎēđũ
3#%.1( ũũ 23#1ũ
3#%.1( ũũ 23#1ũ 3#%.1( ũũ , 2
gk[ h[Wb_pe [d 9kXWÇ" Z[ijWY H[_dZ[b" gk_[d [cf[p W f[ZW# b[Wh [d (&&+$
Ġ #ũ +! -9 1;ũ#+ũ3(#,/.ũ/ 1 ũ++#% 1ũ ũ .-"1#2ğ
Ĉ1 ũ#3 /
3#%.1( ũũ 23#1ũ
ēũ .- 2ũ .13'#-ũ #(-"#+ũ / 13(!(/ ũ#-ũ+ ũ! 3#%.1~ ũ ;23#1ũ ē
"#ũ"#/.13#2ğũĠ .1ũ04_ũ+ ũ,.-3 ğũ
1(23( -ũ 1#++ -.ũũ 2! 1ũ "1.5.ũũ 1+.2ũ . 1ũĸ 4 8 2Ĺũũ
ũ 3#%.1( ũũ )#!43(5.
3#%.1( ũũ 41(2,.
(,,8ũ 2/(-.9 ũũ 5("ũ #(- ũ ,/.13 "ũũ 1 -!(2!.ũ 2/(-.9 ũũ
3#%.1( ũũ , 2
ĉĖćĎĖĊĎēĉũ ĉĖćĎĖĊďēĈũ ĉĖćĎĖĊĐēć
ĉĖćđĖũČđ
Ňĸ Ì,#1.ũ"#+ũ!.,/#3(".1Ĺ
=kWh|d" feh ik fWhj[" ^_pe Z[h WbYWdpWh0 [b Yehh[Zeh Z[b Wbh[Z[Zeh Z[ jh[i c_dkjei gk[ kdW [iYWfWZW Z[ /& ac [d ik =?H cWd_\[ij gk[ ^eo jhWjWh| j_[d[ ieXh[ ik [iYebjW" FWjh_Y_e YWj[]eh W gk[ \k[ Z_\ Y_b Z[ fe# Z[ cWdj[d[h bW Z_\[h[dY_W Z[ L[h]WhW$
Ä Ä‡
7 ĀăĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚Ĺ?
Ĺ? +. ÄŒĹ?
+ĹŠÄĽ}".+.ÄŚĹŠ-.ĹŠ !.-!#-31 1;ĹŠ / 1 ĹŠ24ĹŠ / 13(". ŊěŊ8WhY[bedW de YedY[d# jhWh| fWhW [b [dYk[djhe Z[ cW‹W# dW Wdj[ [b ?dZ[f[dZ_[dj[ ',0&& [d [b [ijWZ_e Cedkc[djWb feh bW gk_djW \[Y^W Z[b jehd[e dWY_edWb$ ÆBW fbWdj_bbW de YedY[djhWh|" dei fh[i[djWh[cei cW‹WdW" Wbceh# pWh[cei o Z[ifkƒi W `k]WhÇ" _d# Z_YÂŒ [b jƒYd_Ye Bk_i PkX[bZ‡W I[ Yh[[ gk[ bW c[Z_ZW i[ Z[X[ W gk[ [b ĂˆĂžZebeÉ j_[d[ f[dZ_[dj[ ^WX[h[i Yed [b [ijhWj[]W Wkdgk[ ƒb de be YedĂ’hcÂŒ$ Bei ĂˆYWdWh_eiÉ gk[ i[ [dYk[djhWd [d [b gk_dje bk]Wh Z[ bW jWXbW Z[ fei_Y_ed[i" Z[X[h|d Wfhel[Y^Wh gk[ `k]Wh|d Yece beYWb[i fWhW feZ[h ikcWh o fh[j[dZ[h bei fh_c[hei bk]Wh[i$ ;b [gk_fe WcWh_bbe Wo[h h[Wb_# pÂŒ ik [djh[dWc_[dje o be ^_pe [d Zei ]hkfei$ ;b YkWZhe fh_dY_fWb ^_pe fh|Yj_YW e\[di_lW o [b ]hkfe Z[ bWi h[i[hlWi jhej[ [d bW YWdY^W o ]_cdWi_W$ DWhY_ie C_dW" Z[bWdj[he Z[b Ăˆ9WdWh_eÉ" Wi[]khW gk[ bW h[_l_d# Z_YWY_ÂŒd bb[]Wh| Wdj[ bei iWd]eb# gk_b[‹ei$ ÆJ[d[cei gk[ ]WdWh e ]WdWh Wb ?dZ[f[dZ_[dj[ [i dk[i# jhW efehjkd_ZWZ Z[ ikcWh fkd# jei o [iYWbWh [d [b jWXb[heÇ$ CWj‡Wi EoebW" gk_[d ^WY[ feYe
42ĹŠ%.+#2ĹŠ2#ĹŠ !.,#-3 -ĹŠ #-ĹŠ !4 ".1 : ĹŠ
Ä“ĹŠ 3~ 2ĹŠ 8.+ ĹŠ)4% 1~ ĹŠ 24ĹŠ/1(,#1ĹŠ/ 13(".ĹŠ.ă!( +ĹŠ!.,.ĹŠ!.,/ Äą 31(.3 Ä“
.2( +#Ŋ +(-# !(¢-Ŋ .1-#.Ŋ- !(.- +
Ĺ—ĹŠ ;7(,.ĹŠ -%4#1 Ĺ—ĹŠ 1+.2ĹŠ 14#2. Ĺ—ĹŠ (1.ĹŠ ,/.2 Ĺ—ĹŠ 1(!*2.-ĹŠ 1 9. Ĺ—ĹŠ 1(23( -ĹŠ 149 Ĺ—ĹŠ .2_ĹŠ , 8 Ĺ—ĹŠ 3~ 2ĹŠ 8.+ Ĺ—ĹŠ .2_ĹŠ 8.5~ Ĺ—ĹŠ ĹŠ ,(;-ĹŠ ~ 9 +.ĹŠ 4%Ă•#1!(. Ĺ— ĹŠ 1!(2.ĹŠ (- Ĺ— i[ dWjkhWb_pÂŒ [YkWjeh_Wde feZh‡W i[h Yedi_Z[hWZe feh [b [ijhWj[]W Bk_i PkX[bZ‡W$ Æ;ijeo c|i jhWd# gk_be o YedĂ’WZe$ Iƒ gk[ Yed Eoe# bW gk[ [i [b YWf_j|d Z[b [gk_fe bWi YeiWi dei i[h|d ckY^e cWi \|Y_# b[i o ikcWh[cei fkdjei gk[ [i be gk[ b[ ^WY[ \WbjW W 8WhY[bedWÇ" Wi[]khÂŒ [b WZ_[ijhWZeh$
ĹŠ1 9 ĹŠ%.+# ".1 ĹŠ"#+ĹŠÄĽ (1 3 ÄŚĹŠ-.ĹŠ2#ĹŠ/#1"(¢Ŋ #-ĹŠ 1 2(+Ä“ĹŠ 4!'.2ĹŠ+.ĹŠ04(#1#-ĹŠ#-ĹŠ+ ĹŠĹŠ 2#+#!!(¢-Ä“ CWhYWh" [d i[_i fWhj_Zei `k]W# Zei" Y_dYe ]eb[i ^WXbW X_[d Z[ 8WhYei$ ;b YehZeXƒi bb[]ÂŒ W 8hW# i_b i[Z_[dje Z[ ]eb$ BW [b|ij_YW Z[ FWbc[_hWi [ijkle W ik WbjkhW$ ;b [n B_]W Z[ Gk_je i_]k[ jhWc_# jWdZe ik dWjkhWb_pWY_ÂŒd [YkWje# h_WdW$ >Wo gk_[d[i gk_[h[d l[h Wb ĂˆF_hWjWÉ l[ij_hi[ Z[ ĂˆJh_YebehÉ$ B_d[di[ \k[ [b ‘bj_ce [gk_fe [d fWZ[Y[h [b i[bbe Z[b hecf[# h[Z[i$ :ei jWdjei Z[ >[hd|d 8WhYei Yedjh_Xko[hed [d bW l_Y# jeh_W Z[ FWbc[_hWi )#' ieXh[ [b YkWZhe Z[ B_d[di[$ ;b Yej[`e \k[ l|b_Ze feh bW kdZƒY_cW \[Y^W Z[b jehd[e FWkb_ijW Z[ \‘jXeb" Y[hjWc[d [ijWjWb c|i _cfeh# jWdj[ Z[ 8hWi_b$ Æ;ijeo cko \[b_p" FWbc[_hWi [i kd ]hWd [gk_fe o [b ]hkfe [i cko Xk[de o c[ WokZW W ^W# Y[h bWi YeiWi X_[dÇ" Z_`e 8WhYei" gk_[d jWcX_ƒd fWi[ÂŒ ik \‘jXeb feh [b HWY_d] 9bkX o >khWY|d Z[ ik fW‡i$ 7dj[i Z[ ik fWhj_ZW W j_[hhW YWh_eYW" [d ;YkWZeh" i[ ^WXbWXW ckY^e Z[ ik fheY[ie Z[ dWjk# hWb_pWY_ÂŒd$ ;b fhef_e H[_dWbZe Hk[ZW" [ijhWj[]W Z[ bW i[b[YY_ÂŒd"
} Ä“ĹŠ #1-;-ĹŠ 1!.2ĹŠ!#+# 1 ĹŠ4-.ĹŠ"#ĹŠ242ĹŠ3 -3.2ĹŠ, 1! ".2ĹŠ!.-ĹŠ+ ĹŠ#+;23(! ĹŠ "#ĹŠ +,#(1 2Ä“
Wi[]khŒ gk[ i_ ƒb cWdj[d‡W ik Xk[d d_l[b feZh‡W i[h bbWcWZe W Yed\ehcWh [b [gk_fe Z[ jeZei$ BW dWjkhWb_pWY_Œd Z[ 8WhYei ^W [djhWZe [d kd Yecf|i Z[ [i# f[hW$ Ik de fh[i[dY_W [d [b fW‡i
[i bW fh_dY_fWb YWkiW$ BWi kh# ][dY_Wi [d bW e\[di_lW ĂˆJh_YebehÉ ^Wd Z_ic_dk_Ze$ BW [\[Yj_l_ZWZ gk[ l_[d[d ceijhWdZe 9h_ij_Wd 8[d‡j[p o @W_c[ 7oel‡ ejeh]W jhWdgk_b_ZWZ Wb fW‡i$
4#5.ĹŠ1./ )#ĹŠ#-ĹŠ#+ĹŠÄĽ ., (++.ÄŚĹŠ
(2(3 ĹŠ,4-"( +(23
.2ĹŠ#7$43 .+(23 2ĹŠ8ĹŠ! ,/#.-#2ĹŠ,4-"( +#2ĹŠ .- +".Ŋĸ(ĚŊ8ĹŠ # #3.ĹŠ$4#1.-ĹŠ + ĹŠ/1(-!(/ +ĹŠ 31 !!(¢-ĹŠ"#ĹŠ4-ĹŠ !3.ĹŠ2. 1#ĹŠ/1#5#-!(¢-ĹŠ"#ĹŠ !!("#-3#2ĹŠ#-ĹŠ+ ĹŠ !.-2314!!(¢-ĹŠ!(5(+ĹŠ.1% -(9 ".ĹŠ 8#1ĹŠ#-ĹŠ#+ĹŠ 1 ! -;ĹŠ8ĹŠ +ĹŠ04#ĹŠ !4"(#1.-ĹŠ 4-.2ĹŠÄŒÄ“Ä‡Ä‡Ä‡ĹŠ. 1#1.2ĔŊ#-31#ĹŠ#++.2ĹŠ+.2ĹŠ1#2/.-2 +#2ĹŠ"#ĹŠ1#$.1, ĹŠ"#+ĹŠ#, +#Äą ,;3(!.ĹŠ#23 "(.ĹŠ! 1(.! Ä“ĹŠ
;b fh[i_Z[dj[ Z[ ;c[b[Y DWii_X D[cc[ Z_`e gk[ j_[d[ kd [gk_# fe dkjh_Ze o cko Xk[de Yece fWhW [d\h[djWh Zei jehd[hei0 YWcf[edWje dWY_edWb o B_X[hjW# Zeh[i$ ;ije be ieijkle ZkhWdj[ bW fh[i[djWY_ÂŒd eĂ’Y_Wb Z[ bW YW# c_i[jW gk[ bkY_h|d bei `k]WZe# h[i [d bW j[cfehWZW (&'($ Æ;c[b[Y ^W c[`ehWZe ck# Y^e$ J[d[cei kd [gk_fe dkjh_# Ze" l[d_cei `k]WdZe X_[d Z[iZ[ bW i[]kdZW [jWfW Z[b YWcf[e# dWje Z[b fWiWZe W‹e$ 7^ehW i[ cWdj_[d[ kd fh_c[h bk]Wh [d bW jWXbW Z[ fei_Y_ed[i f[b[WdZe [b ÂĄ Ä“ĹŠ ĹŠ! ,(2#3 ĹŠ"#ĹŠ ,#+#!ĹŠ$4#ĹŠ/1#2#-3 " ĹŠ#-ĹŠ#+ĹŠ #-31.ĹŠ"#ĹŠ _dl_Yje Yed B_]WÇ" cWd_\[ijÂŒ$ IeXh[ [b YWdWb Z[ \‘jXeb D[# .-5#-!(.-#2ĹŠ"#ĹŠ 4 8 04(+Ä“ cc[ Z_`e0 Æ;i kd j[cW gk[ W‘d YeiWi gk[ b[ ^Wd fWiWZe Wb YbkX$ [ij| [d Z_iYki_ÂŒd" f[he Wf[bWh[# lWcei W Ă’d_gk_jWhÇ" ieijkle$ :[ bW dWjkhWb_pWY_ÂŒd Z[b feh# Æ;ijWcei Yedj[djei$ ;i kdW Z[ cei ^WijW bWi ‘bj_cWi _dijWd# Y_Wi oW gk[ dk[ijhe YedjhWje j[he ;ij[XWd :h[[h _dZ_YÂŒ gk[ bWi c[`eh[i YeiWi gk[ b[ ^W fW# Yed ;YkWl_iW Yedj_d‘W o de be i_d ZkZW [i kdW Z[ bWi c[`eh[i iWZe Wb [gk_feÇ" ef_dÂŒ$
( 2ĹŠ8ĹŠ'#1(".2ĹŠ#-ĹŠ+ ĹŠ ÄƒĹŠ- +ĹŠ"#ĹŠ +.-!#23.ĹŠ
Ä“ĹŠ +ĹŠ#04(/.ĹŠ -3# .ĹŠ8 ĹŠ!4#-3 ĹŠ!.-ĹŠ4-ĹŠ#04(/.ĹŠ ",(-(231 3(5.ĹŠ "#ÄƒĹŠ-(".Ä“
Ä“ĹŠ 1.2ĔŊ 4#- 2ĹŠ)4% " 2ĹŠ8ĹŠ31(4-$.2ĹŠ#-ĹŠ+ ĹŠÄƒĹŠ- +ĹŠ"#+ĹŠ(-3#1!.+#%( +Ä“
$6 / $ 0 /$6 1 ( < <$ÂŤ 6 2 $ 3 1 $ ( 8 $ 6 % ,1&+ + 2 (1 /$ 5 '$'( 5 ( 9 (/
! "
ÄľÄ‰ÄŒÄ?Ä?ÄˆÄľ
Ä Äƒ
?XWhhW [d i[]kdZe bk]Wh o bWi 8[jb[c_jWi [b j[hY[he$ BW c[# `eh WdejWZehW Z[ [ijW YWj[]eh‡W \k[ AWh_dW 7bZ[Wd" gk_[d \k[ bW c[`eh [dY[ijWZehW Z[ Zei o jh[i fkdjei" h[fh[i[djWdj[ Z[b 9eb[# ]_e H[f‘Xb_YW Z[b ;YkWZeh$ :Wje (0 7dZh[W C|hceb" Z[b 9eb[]_e El_[Ze \k[ bW c[`eh `k# ]WZehW Z[ [ijWi YWj[]eh‡Wi$
ěŊŊ;b Xk[d `k[]e Z[ ZWcWi
#24+3 ".2 ;d bW YWj[]eh‡W @kd_eh ZWcWi" [b YWcf[Œd WXiebkje \k[ [b 9eb[]_e El_[Ze" [d i[]kdZe bk]Wh i[ be bb[lŒ [b H[f‘Xb_YW Z[b ;YkWZeh o j[hY[he [b 7bX[hje ;dh‡gk[p$ BW c[`eh [dY[ijWZehW Z[ [ijW YWj[# ]eh‡W \k[ ;l[bod Ceh[jW" `k]WZe# hW Z[b 9eb[]_e 7bX[hje ;dh‡gk[p$ Bei h[ikbjWZei YWcX_Whed je# jWbc[dj[ [d bW YWj[]eh‡W ?d\[h_eh" [d ZedZ[ [b 9eb[]_e H[f‘Xb_YW Z[b ;YkWZeh i[ bb[lŒ [b j‡jkbe$ ;b
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ä“ĹŠ .2ĹŠ 11 2ĹŠ2#ĹŠ#-$1#-3 1.-ĹŠ "41 -3#ĹŠ+ ĹŠĂŒ+3(, ĹŠ).1- " ĹŠ"#ĹŠ+ ĹŠ 2#, - Ä“
Äą
b[jW <hWdY_iYe 9WbZ[hŒd" ZedZ[ bWi f[b[Wi [ _dikbjei Yedj_dkWhed [djh[ bei [ijkZ_Wdj[i$ ;b d‘c[he Z[ `Œl[d[i [hW YWi_ _dYedjhebWXb[ o bW Wkjeh_ZWZ [cf[‹WXW [d Z[i# Wbe`Whbei Z[b bk]Wh$ :Wje '0 7b[`WdZhe 9$" fh[i[djŒ kdW ^[h_ZW Z[ i[_i Y[dj‡c[jhei [d ik YWX[pW$
ěĹŊ:[ifkƒi Z[ i_[j[ W‹ei Z[ Wki[dY_W [d bWi YWdY^Wi Z[# fehj_lWi" [b [gk_fe Wdj[‹e h[# ]h[iW Wb XWbecf_ƒ [YkWjeh_Wde" h[delWZe" Yed dk[lW Z_h[Yj_lW o kdW [nY[b[dj[ fbWdj_bbW Z[ `k# ]WZeh[i$ BW B_]W 9WdjedWb Z[ 7dje# d_e 7dj[" i[h| bW i[Z[ ZedZ[ [b [gk_fe j[nj_b[he `k]Wh| o h[Y_# X_h| W iki h_lWb[i Yece beYWb$ ;b [ijWZ_e [i h[WZ[YkWZe" bei jh[i YWc[h_dei o XW‹ei [ij|d YWi_ j[hc_dWZei" bei l_Zh_ei Z[ bWi _dijWbWY_ed[i ied YebeYWZei" o fWhW [b _d_Y_e Z[b YWcf[edWje i[h|d f_djWZei bei ]hWZ[h‡ei$ FWhW HeX[hje 7hj_[ZW" jƒY# d_Ye Z[b ( Z[ CWhpe" Z_`e gk[ [b [gk_fe i[ [dYk[djhW [d [nY[b[d# j[i YedZ_Y_ed[i" [i kd [gk_fe Yecf[j_j_le gk[ Wif_hW bb[]Wh W fh_c[hW Z_l_i_ÂŒd" ^WXh| fWh# j_Zei Z[ fh[fWhWY_ÂŒd Yed ejhei [gk_fei Z[ bW fhel_dY_W$ ÆDk[i# jhe fh_c[h fWhj_Ze Wc_ijeie i[h| Wdj[ [b YbkX Cki^kY HkdW Z[ 7cXWje [d YedZ_Y_ÂŒd Z[ be# YWb [d [b [ijWZ_e @W_c[ J[h|d" cW‹WdW W bWi '(0&&Ç" Yec[djÂŒ$ C[ZWhZe 7]k_hh[" YeehZ_# dWZeh ][d[hWb Z[b YbkX" [nfh[# iÂŒ ik [ceY_ÂŒd Wb [ijWh Wb \h[dj[
(2/43 2Ŋ #-31#Ŋ+.2Ŋ!.Ĺ +#%(.2ĔŊ #.Ĺ ".1.Ŋ ¢,#9Ŋ 8Ŋ ;-!'#9Ŋ8Ŋ
o bei j‡jkbei ZkhWdj[ [ij[ YWc# f[edWje" i[ l_[hed ZW‹WZei feh bW Z_ifkjW [djh[ bei j[eZeh_ijWi o iWb[i_Wdei$ Bei Wbkcdei fhejW# ]ed_pWhed kdW XWjWbbW YWcfWb [d [b _dj[h_eh o [nj[h_eh Z[b Yeb_i[e Bk_i B[ehe <hWdYe$ BW Feb_Y‡W DWY_edWb i[ l_e eXb_]WZW W _d]h[iWh [ _dj[hl[d_h [d bW f[b[W$ 9_[djei Z[ [ijkZ_Wd# j[i i[ [d\h[djWXWd feh [b Z[iYed# j[dje Z[b h[ikbjWZe" [d ZedZ[ [b I|dY^[p o 9_\k[dj[i \k[ [b jh_kd# \WZeh [d bW YWj[]eh‡W @kd_eh$ :ei ^[h_Zei \k[ [b iWbZe Z[b [d\h[djWc_[dje" WcXei f[hj[# d[Y‡Wd W bW XWhhW IWb[i_WdW o \k[hed Wj[dZ_Zei feh [b 9k[hfe Z[ 8ecX[hei" bk[]e Z[b Z[iWbe`e Z[ bei [ijkZ_Wdj[i J[eZeh_ijWi$ C_[djhWi gk[ bei Wbkcdei Z[b I|dY^[p o 9_\k[dj[i o IWd :_[# ]e" f[hcWd[Y_[hed [d [b bk]Wh fWhW fh[i[dY_Wh bW fh[c_WY_Œd Z[b YWcf[edWje$ 7 f[iWh Z[ bW Z[X_ZW WYY_Œd feb_Y_Wb" bei [ijk# Z_Wdj[i WXWdZedWhed [b [iY[dW# h_e Z[fehj_le" o i[ jhWibWZWhed Wb fWhgk[ F[Zhe CedYWoe o fbWpe#
+ŊĉŊ"#ĹŠ, 19.ĹŠ 1#3.1- ĹŠ +ĹŠ ĂŒ3 .+ĹŠ 1.$#2(.- +
Z[b [gk_fe _cXWXkh[‹e" Æ:[# Y_Z‡ [ijWh [d [ij[ [gk_fe feh WĂ’ d_ZWZ Yed c_ YWdjÂŒd" i[ c[ WXh_[hed bWi fk[hjWi Wgk‡ o feh i[h bW j_[hhW ZedZ[ dWY‡ Z[Y_Z‡ gk[ZWhc[ o fh[ijWh c_i i[hl_# Y_ei Wb ( Z[ cWhpeÇ" Z_`e$ :Wd_[b C[Z_dW" `k]WZeh Z[b [gk_fe" j[d]e [nf[h_[dY_W Yed ejhei [gk_fei _cXWXkh[‹ei$ Æ7]hWZ[pYe bW efehjkd_ZWZ gk[ [b YbkX c[ ^W Xh_dZWZe" ieo Wd# j[‹e Z[ YehWpÂŒd o gk_[he `kdje W c_i YecfW‹[hei \ehcWh kd ]hWd [gk_feÇ" i[‹WbÂŒ$ ;b eX`[j_le Z[b 9bkX [i leb# l[h W i[h fhejW]ed_ijW o h[# fh[i[djWh W bW fhel_dY_W [d [b YWcf[edWje dWY_edWb" [b fh[# ikfk[ije c[dikWb Z[b [gk_fe [i Z[ '&&&& ZÂŒbWh[i" oW gk[ W‘d de Yk[djW Yed bei Wkif_# Y_Wdj[i o [b Wfeoe ikĂ’ Y_[dj[" feh [b cec[dje eY^e [cfh[# iWh_ei fh[ijWd ik YebWXehWY_ÂŒd fWhW [b [gk_fe Wdj[‹e$ :Wje0 9_dYe [gk_fei _cXW# Xkh[‹ei [ijWh|d h[fh[i[dj|d# Zedei [d [ij[ jehd[e" EjWlWbe I$9" J[eZehe =ÂŒc[p" )' Z[ eYjkXh[" F_bW^k‡d J‡e o ( Z[ cWhpe$
*HQHUDO 3UHIHUHQFLD 7ULEXQD 3DOFR
Ä Ä…
1 2ĹŠ+ ĹŠ!./ ĹŠ 204#3#1 ;b ?dj[hYbkX[i Z[ X|igk[j [d# jhÂŒ W ik h[YjW Ă’ dWb$ ;d jejWb '& Yej[`ei i[ [ijWXb[Y_[hed fWhW [ij[ Ă’ d Z[ i[cWdW$ 7o[h i[ Z[# iWhhebbWhed Y_dYe Yej[`ei o ^eo i[ Ykcfb_h| Yed bW ejhW c_jWZ$ :[iW\ehjkdWZWc[dj[ fWhW Wb# ]kdei [gk_fei i[h| ik ‘bj_ce fWhj_Ze" oW gk[ de Yedi_]k_[# hed ikcWh bei fkdjei h[if[Yj_# lei fWhW fWiWh W bW \Wi[ Ă’ dWb$
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
BW `ehdWZW XWigk[j[hW i[h| Z[iZ[ bWi ',0&&" [b gk_dj[je Z[ <ekhj^o KF c_Z[ W ik i_c_bWh FkhW L_jWc_dW [d bW YWj[]eh‡W C|ij[h$ ;d [ijW YWj[]eh‡W gk[ZW# hed [b_c_dWZei 9^kjW 7]kWdjW o 7djed_e 7dj[" feh de fh[i[d# jWhi[$ FWhj_Zei [ceY_edWdj[i gk[ [b f‘Xb_Ye WÒ Y_edWZe Z[b XWigk[jXeb fWbf_jWh| _]kWb e ik# f[h_eh gk[ [ij[ l_[hd[i$
+#-" 1(.
13(".2ĹŠ/ 1 ĹŠ'.8
Ĺ—ĹŠÄˆÄ?ĖććŊ .13'8ĹŠ ĹŠ 1(#+ĹŠ Ĺ—ĹŠÄˆÄ?ĖććŊ -ĹŠ Ĺ—ĹŠÄˆÄ‘Ä–Ä‡Ä‡ĹŠ ,#+#!ĹŠ 1(#+ĹŠ Ĺ—ĹŠÄˆÄ’Ä–Ä‡Ä‡ĹŠ -ĹŠ ŗŊĉćĖććŊ ĹŠ 2'(.-ĹŠ
41 ĹŠ (3 ,(- ĹŠ ,#+#!ĹŠ ĹŠ (5#13.-ĹŠĹŠ +4 ŊĉÄ?ĹŠ
ĸ ;23#1ĚŊ ĸ 2.+43 Ŋ, 2!4+(-.Ě ĸ 2.+43 Ŋ$#,#-(-.Ě ĸ 2.+43 Ŋ$#,#-(-.ĚŊ ĸ ;23#1ĚŊ
ŊŊ -Ŋ%1(++ Ŋ"#Ŋ/ 13(Ĺ " Ŋ#23 1;-Ŋ/(+.Ĺ 3.2Ŋ/ 1 Ŋ+ 2Ŋ ,." +(" "#2Ŋ 1.3.3(/.2Ŋ8Ŋ 41(2,.Ŋ 2/#!( +ĔŊ+ 2Ŋ /1;!3(! 2Ŋ!.-31.Ĺ + " 2Ŋ2#Ŋ(-(!( -Ŋ "#2"#Ŋ#+Ŋ2; ".Ŋ 5#-("#1.Ŋ Ŋ/ 13(1Ŋ "#Ŋ+ 2ŊćđĖĊćŊ#-Ŋ + Ŋ/(23 Ŋ"#+Ŋ 43¢"1.,.Ŋ -3#1- !(.- +Ŋ"#Ŋ '4 1!.!' ē
Ä“ĹŠ #ĹŠ +(23 -ĹŠ/ 1 ĹŠ+ ĹŠ+("ĹŠ"#ĹŠ+ ĹŠ5(!3.1( ĹŠ#-ĹŠ +.-!#23.ĹŠ#-ĹŠ 3 5 +.
Ä“ĹŠ +ĹŠ/1¢7(,.ĹŠÄƒĹŠ-ĹŠ"#ĹŠ2#, - ĹŠ14%(1;-ĹŠ+.2ĹŠ,.3.1#2ĹŠ#-ĹŠ#+ĹŠ 43¢"1.,.ĹŠ"#ĹŠ '4 1!.!' Ä“
#ĹŠ#-!(#-"#-ĹŠ +.2ĹŠ,.3.1#2ĹŠ#-ĹŠ '4 1!.!' +ĹŠ/1¢7(,.ĹŠÄƒĹŠ-ĹŠ"#ĹŠ2#, - ĔŊ/(Äą +.3.2ĹŠ"#ĹŠ5 1( 2ĹŠ!(4" "#2ĹŠ"#+ĹŠ / ~2ĹŠ!.11#1;-ĹŠ#-ĹŠ#+ĹŠ 2$ +3.Ä“ ěŊ9[hYW Z[ *& f_bejei [i# jWh|d [d [iY[dW bW fhÂŒn_cW i[# cWdW" i|XWZe '& o Zec_d]e '( Z[ cWhpe W fWhj_h Z[ bWi '&^&&" YkWdZe i[ [dY_[dZW [b YWcf[e# dWje Z[ bW 9efW 97J?$ ;b fh_c[# he Z[ [ij[ W‹e$ BW WĂ’ Y_ÂŒd Z[ bW h[]_ÂŒd dehj[ YecfWhj_h| bWi [ceY_ed[i Z[b Wkjecel_b_ice Wb eXi[hlWh [d WYY_ÂŒd dk[lWi c|gk_dWi o f_# bejei$ >[dho JWb[X" f_bej[Wh| [b \ÂŒhckbW ?dZo Yed [b gk[ [ijWXW Yehh_[dZe [d bei ;ijWZei Kd_# Zei$ <_]khWi Yece [ijWi ZWh|d cWoeh Yecf[j[dY_W [d bW l|b_ZW dWY_edWb$
7hh_XWh|d jWcX_ƒd [d \k[hpW b_Xh[ ( ^WijW *$+&& 99" [b f_beje CWhY[be Hed" [d kd fhejej_fe 9^[lheb[j ?dZo B_]^j" Yed [b YkWb i[ [if[hW ZWh kdW ZkhW bkY^W [d bW f_ijW W bei Zei fhejej_fei HWZ_YWb Z[ bei ^[hcWdei L_bbW# ]ÂŒc[p1 NWl_[h o C_]k[b" Yece jWcX_ƒd W M[ijĂ’ [bZ Z[ <[b_f[ =WhYƒi$ I_d ZkZW [ij[ [if[YjWYk# bWh Zk[be ^Wh| l_XhWh bW [ceY_ÂŒd Z[b f‘Xb_Ye Wi_ij[dj[ o i[h| kdW Z[ bWi fh_dY_fWb[i WjhWYY_ed[i Z[b _d_Y_e Z[b Z[fehj[ jk[hYW [d ?cXWXkhW$ ;d \k[hpW b_Xh[ i[ [if[hW bW WYjkWY_ÂŒd Z[b ]WdWZeh Z[b W‹e
Wdj[h_eh Z[ bei +&& a_bŒc[jhei OW^kWhYeY^W" Okh_ 9kX_Z[i" fhe# f_[jWh_e Z[ kd HWZ_YWb ?d]b[i" [b YedZkYjeh" i[]‘d i[ _d\ehcŒ [i# jWh| fWhj_Y_fWdZe [d bW j[cfehW# ZW Yecfb[jW Z[ [ij[ W‹e" be gk[ Wfb_YWh| c|i WZh[dWb_dW jeZWl‡W W kdW YWj[]eh‡W gk[ i[ fh[i[djW [if[YjWYkbWh$ BW _dYehfehWY_Œd Z[ bei _cXW# Xkh[‹ei :_[]e Ceh|d gk_[d Z[# X[h| Z[\[dZ[h ik j‡jkbe Z[ YWc# f[Œd dWY_edWb [d bW YWj[]eh‡W Z[ ^WijW ($&&&99 o <[hdWdZe CW# Z[hW @h$ Z[ '* W‹ei [d bW YWj[]eh‡W Fh[fWhWZei" ƒij[ Yecf[j_h| [d bW YbWi[ Z[ & W '$(+& 99$ Ied i[_i \[Y^Wi Z[ Yecf[j[d# Y_W gk[ i[ j_[d[ fh[l_ije Z[iWhhe# bbWh fWhW [ij[ W‹e$ BWi _diYh_f# Y_ed[i i[ h[Wb_pWd Z_h[YjWc[dj[ [d Gk_je [d bW [cfh[iW Z[ @kWd ;if_deiW gk[ jWcX_ƒd Yecf[j_# h| [d <k[hpW B_Xh[ '$
-31#- ,(#-3.ĹŠ 8ĹŠ!.-!#-31 !(¢7o[h [d [b ]hWcWZe Z[b [ijWZ_e Z[b B_Y[e 7ZkWd[he W fWhj_h Z[ bWi &/0&& [b fbWdj[b Ăˆ=WhZ_[# d_eÉ [djh[dÂŒ feh ‘bj_cW l[p Yed c_hWi W [d\h[djWh Wb 9bkX Feb_# Y_Wb ƒij[ i|XWZe W bWi ',^&& [d [b [ijWZ_e Eb‡cf_Ye 9_kZWZ Z[ ?XWhhW$ BW YedY[djhWY_ÂŒd Z[b [gk_fe i[ bW Ă’ `ÂŒ [d ^eij[h‡W [b FhWZe Wfhen_cWZWc[dj[ W bWi '.0&&$ Feh ejhW fWhj[" Wdj[i o bk[]e Z[ bei fh_c[hei *+ c_dkjei Z[b [dYk[djhe \kjXeb[he" bei Z_h[Yj_lei Z[b ?cXWXkhW Ifeh# j_d] 9bkX ^Wd fbWd_Ă’ YWZe kd [l[dje Whj‡ij_Ye cki_YWb" Yed bW h[fh[i[djWY_ÂŒd Z[ ceZ[bei o bW [djh[]W Z[ h[]Wbei fWhW jeZei bei WĂ’ Y_edWZei gk[ bb[]k[d W fh[i[dY_Wh [b Yej[`e Z[ bW fh_# c[hW Ăˆ8É$ BW l[djW Z[ [djhWZWi i[ bW [\[YjkWh| [d bWi jWgk_bbWi Z[b [ijWZ_e W fWhj_h Z[ bWi ''0&&$ ;b f‘Xb_Ye gk[ h[ifWbZWh| Wb [gk_# fe beYWb Yece l_i_jWdj[ feZh| _d]h[iWh Wb [iY[dWh_e Z[fehj_le Z[iZ[ bWi ')0)&" ^ehW [d gk[ bWi fk[hjWi i[ WXh_h|d$
Ä“ĹŠ #ĹŠ#-!4#-31 -ĹŠ+.2ĹŠ "#/.13(23 2ĹŠ"#+ĹŠ!+4 ĹŠ .13#Â .ĹŠ/ 1 ĹŠ#+ĹŠ !.3#).ĹŠ"#ĹŠ'.8Ä“
+(-# !(¢-Ŋ , 41 Ŋ ē
ŗŊ .13#1~ ēŊ -(#+Ŋ (5#1.2 ŗŊ 13#Ŋ"#$#-2(5 ēŊŊ 1 -!(2!.Ŋ #1 ĔŊ ";-Ŋ 8 + ĔŊ 16(-Ŋ 4(+4, Ŋ8Ŋ 4-(.1Ŋ 8.5~
ŗŊ #"(.Ŋ! ,/.ēŊ 1!.Ŋ -"1 "#ĔŊ 4(2Ŋ
4- ĔŊ +.Ŋ ;204#9Ŋ8Ŋ #-18Ŋ +"#1¢-ē Ŋ $#-2(5 Ŋ"#Ŋ 3 04#ēŊ "1( -.Ŋ (++ 1# +Ŋ ŗ)4-3.Ŋ Ŋ 1(23( -Ŋ 4#1.ē
13(".2ĹŠ ĹŠ)4% 12# +#-" 1(. 3#%.1~ ĹŠ
#!' ĹŠ
.1 ĹŠ
23 "(.
Ĺ—ĹŠ ĹŠÄˆÄ?ĹŠ Ĺ—ĹŠ ĹŠÄˆÄ‘ĹŠ Ĺ—ĹŠ ĹŠ
ćĊŊ"#Ŋ 19.Ŋ ćĊŊ"#Ŋ 19.Ŋ ćĊŊ"#Ŋ 19.Ŋ
Ĉĉ ććŊ ĈĊ ÄŒÄ‡ĹŠ ĈÄ? ććŊ
23 "(.ĹŠ"#ĹŠ 34-3 04( +~,/(!.ĹŠ (4" "ĹŠ"#ĹŠ 11 +~,/(!.ĹŠ (4" "ĹŠ"#ĹŠ 11
Ä Ä†
7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
.-ĄŊ(!3.Ŋ/.1Ŋ (-3#1!.+#%( +#2 ēŊ -Ŋ+ Ŋ"(1(%#-!( Ŋ"#Ŋ+ Ŋ #"#1 !(¢-Ŋ #/.13(5 Ŋ 234"( -3(+Ŋ8Ŋ"#Ŋ+.2Ŋ!#-31.2Ŋ#234"( -3(+#2Ŋ'4 .Ŋ, +#23 1Ŋ/.1Ŋ+ Ŋ#2/#1 Ŋ#-Ŋ+ Ŋ (1#!!(¢-Ŋ"#Ŋ "4! !(¢-ē
.-31.5#12( ĹŠ/.1ĹŠ#+ĹŠ'.1 1(.ĹŠ"#ĹŠ !.,/#3#-!( 2ĹŠ 3+_3(! 2Ä“ĹŠ 234Äą "( -3#2ĹŠ/1.3#23 1;-ĹŠ#+ĹŠ+4-#2Ä“ : ĹŠÄ› CWb[ijWh \k[ [b WcX_[dj[
gk[ i[ f[hY_X_Œ Wo[h [d bW :_h[Y# Y_Œd Z[ ;ZkYWY_Œd feh bW WYj_jkZ Z[ bW Z_h[YjehW" CWh‡W =k[hh[he" gk_[d ^_pe [if[hWh feh c|i Z[ Zei ^ehWi W bei Z_h[Yj_lei Z[ bW <[Z[hWY_Œd :[fehj_lW ;ijkZ_Wd# j_b Z[b 9WhY^_ o Z[ Z_\[h[dj[i Y[d# jhei [ijkZ_Wdj_b[i$ ;bbei bb[]Whed W bW _dij_jk# Y_Œd Wdj[i Z[ bWi '+0&& W ^WXbWh Z[b YWb[dZWh_e Z[ Yecf[j[dY_Wi Z[b 9Wcf[edWje ?dj[hYeb[]_Wb Z[ 7jb[j_ice W h[Wb_pWhi[ Z[iZ[ [b cWhj[i fhŒn_ce [d [b [ijWZ_e Eb‡cf_Ye$ 7 bWi '-0&+ kdW \kdY_edWh_W cWd_\[ijŒ gk[ bW Wkjeh_ZWZ de bei Wj[dZ‡W fehgk[ [ijWXW fh[fWhWd# Ze [b [dl‡e Z[ kdW _d\ehcWY_Œd W Gk_je o feh be jWdje gk[ bW Z_iYkb# f[d$
;iWi [nfh[i_ed[i [de`Whed W bei Z_h[Yj_lei Z[ bei Y[djhei [i# jkZ_Wdj_b[i o Wb fh[i_Z[dj[ Z[ bW <[Z[hWY_Œd :[fehj_lW ;ijkZ_Wdj_b Z[b 9WhY^_" CWhY[b 9[lWbbei" gk_[d Z_`e gk[ [hW kdW \WbjW Z[ h[if[je de W ƒb i_de W bei [ijkZ_Wdj[i$ 7dj[ [ie" eY^e fh[i_Z[dj[i Z[ bei Y[djhei [ijkZ_Wdj_b[i Z[ bei _dij_jkjei 8eb‡lWh" L_Y[dj[ <_[hhe" JkbY|d o IW]hWZe 9ehWpŒd" _d]h[# iWhed W bW \k[hpW ^WijW [b Z[ifW# Y^e Z[ bW Z_h[YjehW$ 9[lWbbei i[ gk[ZŒ W\k[hW$ ;b ikf[hl_ieh CWhYe 9^Wce# hhe Z_`e [d jede ceb[ije gk[ de _XWd W f[hc_j_h d_d]‘d c_j_d$ 7Z[djhe bW Z_h[YjehW [iYkY^Œ W bei fh[i_Z[dj[i Z[ bei Y[djhei [i# jkZ_Wdj_b[i$ @[Wd F_[hh[ <k[dj[i" Z[b ?dij_jkje 8eb‡lWh" f_Z_Œ gk[ bWi Yecf[j[dY_Wi i[Wd [d bWi cW‹W#
1!' Ŋ"#Ŋ/1.3#23 ŊŊ +Ŋ/1#2("#-3#Ŋ"#+Ŋ #-31.Ŋ 234"( -3(+Ŋ"#+Ŋ -23(343.Ŋ .+~5 1ĔŊ # -Ŋ (#11#Ŋ 4#-3#2ĔŊ ŗ -4-!(¢Ŋ/ 1 Ŋ#+Ŋ/1¢7(,.Ŋ+4-#2Ŋ4- Ŋ, 1!' Ŋ#-Ŋ/1.3#23 Ŋ Ŋ+ Ŋ !3(34"Ŋ"#Ŋ+ Ŋ"(1#!3.1 Ŋ
"#Ŋ "4! !(¢-ēŊ +Ŋ"(1(%#-3#Ŋ !+ 1¢Ŋ04#Ŋ+ Ŋ"#!(2(¢-Ŋ#2Ŋ"#Ŋ+.2Ŋ#234"( -3#2ē
ĹŠ/1.3#23 ĹŠ#,/#9 1;ĹŠ ĹŠ+ 2ĹŠÄˆÄ‡Ä–Ä‡Ä‡Ä“ĹŠÄĄ .,.2ĹŠ)¢5#-#2ĹŠ8ĹŠ3#-#,.2ĹŠ"#1#!'.ĹŠ ĹŠ1#!+ Äą , 1ĹŠ8ĹŠ- "(#ĹŠ-.2ĹŠ/4#"#ĹŠ#7(%(1ĹŠ04#ĹŠ-.2ĹŠ04#"#,.2ĹŠ! ++ ".2ĢĔŊ#7/1#2¢Ŋ 4#-3#2Ä“ĹŠ
dWi" _dYbk_ZW bW Z[b l_[hd[i" o de [d bW jWhZ[$ @[Wd 9WhbW F_bWYk|d" Z[b ?dij_# jkje JkbY|d" [nfh[iÂŒ gk[ Æbei [i# jkZ_Wdj[i XkiYWcei Wfhel[Y^Wh [b j_[cfe [d bW fh|Yj_YW Z[fehj_lW o de [d l_Y_eiÇ$ :Wd_[b Hece" Z[b IW]hWZe 9e# hWpÂŒd Z[ @[i‘i" cWd_\[ijÂŒ gk[ [b Z[fehj[ [i fWhj[ Z[ bW WYj_l_ZWZ WYWZƒc_YW$ BW Z_h[YjehW Z[ ;ZkYWY_ÂŒd fkdjkWb_pÂŒ gk[ b[ ^WXh‡W ]kijWZe h[Y_X_h bWi f[j_Y_ed[i feh [iYh_je$ ÆDeiejhei de lWcei W h[l[h bWi Z_ifei_Y_ed[i [c_j_ZWi Z[iZ[ [b C_d_ij[h_e Z[ ;ZkYWY_ÂŒd$ Dk[ijhe W\|d de [i f[h`kZ_YWh i_de eh]Wd_# pWh o [d [ijei jh[i Z‡Wi Z[ Yec# f[j[dY_Wi YedjhebWh[cei gk[ bei
[ijkZ_Wdj[i o ^WijW bei fhe\[ieh[i de [ijƒd [d bWi YWbb[iÇ$ ;b fh[i_Z[dj[ Z[ bW <[Z[hWY_ÂŒd :[fehj_lW ;ijkZ_Wdj_b Z[b 9WhY^_" CWhY[b 9[lWbbei" h[Y^WpÂŒ gk[ [b Z[fehj[ i[W jecWZe Yece kdW fƒhZ_ZW Z[ j_[cfe$ Æ;b Z[fehj[ bb[dW Z[ lWbeh[i o cej_lWY_ÂŒd [ _dYbkie [di[‹W W Z[\[dZ[hi[ [d bW l_ZWÇ$ ;b Z_h[Yj_le jWcX_ƒd Z[ic_d# j_ÂŒ gk[ bei [ijkZ_Wdj[i ^WoWd i_Ze fh[i_edWZei e kj_b_pWZei feh bei Z_h_][dj[i$ ÆOe `Wc|i ^WXbƒ Yed [bbeiÇ" i[dj[dY_ÂŒ$ 9[lWbbei h[Y^WpÂŒ bWi Wc[dWpWi Z[ iWdY_ed[i$ :_`e gk[ Wikc_h| bWi h[ifediWX_b_ZWZ[i Z[ Yecf[j_h o fh[c_Wh [b l_[hd[i Yed [ijWZ_e lWY‡e$
-$1 #2314!341 ĹŠ"#/.13(5 ĹŠ/ 1 ĹŠ 1!'(
: ĹŠÄ› BW fhel_dY_W Z[b 9WhY^_
h[Y_X_h| +,& c_b ZŒbWh[i fWhW _d\hW[ijhkYjkhW o cWj[h_Wb Z[# fehj_le [d BW 9edY[fY_Œd" Fki_h =hWdZ[ o 9WbZ[hW$ JWcX_ƒd j[dZh|d h[Ykhiei ;ic[hWbZWi o IkYkcX‡ei$ ;b cedje jejWb i[h| Z[ YkWjhe c_bbe# d[i +(& c_b ZŒbWh[i$ BW _d_Y_Wj_lW [i Z[b C_d_ij[h_e Z[b :[fehj[ [d Yedl[d_e Yed [b FbWd ;YkWZeh$ ?]dWY_e 9Wcfel[hZ[" Yeeh# Z_dWZeh pedWb Z[ bW I[Yh[jWh‡W JƒYd_YW Z[b FbWd ;YkWZeh" Yed# `kdjWc[dj[ Yed [b fh_c[h l_#
Y[fh[i_Z[dj[ Z[ bW <[Z[hWY_ÂŒd :[fehj_lW Z[b 9WhY^_" =[hc|d CedjWble1 o 9Whbei C[`‡W" Z[b :[fWhjWc[dje JƒYd_Ye C[# jeZebÂŒ]_Ye" l_i_jWhed bWi Ye# ckd_ZWZ[i Z[ 9WbZ[hW" Fki_h =hWdZ[ o BW 9edY[fY_ÂŒd" Yed bW Ă’ dWb_ZWZ Z[ l[h_Ă’ YWh bei bk# ]Wh[i ZedZ[ i[ b[lWdjWh‡Wd bWi _d\hW[ijhkYjkhWi$ ÆDk[ijhe eX`[j_le [i Wfeh# jWh Yed bei d_‹ei" d_‹Wi o WZe# b[iY[dj[i Z[ bWi Yeckd_ZWZ[i ZedZ[ [n_ij[ kd ]hWd fej[dY_Wb Z[fehj_le fWhW gk[ i[ _dc_iYk#
oWd Z_h[YjWc[dj[ [d bWi Z_ij_djWi Z_iY_fb_dWi gk[ Wbb‡ i[ fhWYj_YWdÇ" [d\Wj_pÂŒ 9Wcfel[hZ[$ I[]‘d [b \kdY_edWh_e" bWi eXhWi [cf[pWh|d Z[ WYk[hZe W kdW fbWd_Ă’ YWY_ÂŒd o i[ Ă’ d_gk_jW# h|d [d kd fbWpe Z[ Zei W‹ei$ Æ;b jhWXW`e i[h| YeehZ_dWZe Yed bW <[Z[hWY_ÂŒd :[fehj_lW Z[b 9WhY^_ o ejhWi [dj_ZWZ[i" Yece [b 9;# D;IOJ o [b C?;I$ ;d Fki_h =hWdZ[ i[ fh[lƒ bW YedijhkYY_ÂŒd Z[ kd feb_Z[fehj_# le fWhW bW fh|Yj_YW Z[b jW[amed# Ze o [b b[lWdjWc_[dje Z[ f[iWi"
Yece jWcX_ƒd bW j[hc_dWY_ÂŒd Z[ bW f_ijW Wjbƒj_YW$ ;d BW 9edY[fY_ÂŒd [ij| jWc# X_ƒd bW [`[YkY_ÂŒd Z[b feb_Z[feh# j_le fWhW ZWh Yedj_dk_ZWZ W bW fh|Yj_YW Z[b `kZe o Xen[e" Wi‡ Yece bW YedYbki_ÂŒd Z[ bW f_ijW Wjbƒj_YW$ ;d 9WbZ[hW [ij| bW YedijhkY# Y_ÂŒd Z[b feb_Z[fehj_le Yed [b Ă’ d Z[ h[WYj_lWh bWi [iYk[bWi Z[ \eh# cWY_ÂŒd Z[fehj_lW [d bW Z_iY_fb_dW Z[b Xen[e Yed bW W]bkj_dWY_ÂŒd Z[ i[Yjeh[i Wb[ZW‹ei" Yece F_gk_k# Y^e o IWd HW\W[b$
ĂŒ3 .+ĹŠ 11( +
Ĺ—ĹŠĹŠĹŠ
: ŊěŊ;d bei Z_\[h[dj[i [ijWZ_ei Z[ bWi b_]Wi XWhh_Wb[i o fWhhegk_Wb[i Yedj_dkWh|d ^eo o cW‹WdW bei YWcf[e# dWjei Z[ \‘jXeb i[d_eh [d bWi i[h_[i 7 o 8$ Bei [gk_fei XkiYWd bei fh_c[hei bk]Wh[i Yed [b Ă’ d Z[ WYY[Z[h Wb ?dj[hb_]Wi gk[ YbWi_Ă’ YWh| Wb YWcf[ÂŒd o ikXYWcf[ÂŒd Wb pedWb gk[ [ij[ W‹e `k]Wh|d Yed bei [gk_fei Z[ F_Y^_dY^W$ ;d bW [Z_Y_ÂŒd Wdj[h_eh bei h[fh[i[djWdj[i YWhY^[di[i \k[hed FWbc[_hWi o Dk[lW @kl[djkZ" WcXei Z[ bW B_]W Dehj[$
+#!!(¢-Ŋ"#Ŋ1#(-
Ĺ—ĹŠ ĹŠĹŠ : ŊěŊ>eo W bWi '/0&& i[ h[Wb_pWh| bW [b[YY_ÂŒd o YehedW# Y_ÂŒd Z[ bW H[_dW Z[b :[fehj[ 8Whh_Wb [d [b iWbÂŒd ieY_Wb Z[b 9eb[]_e Z[ 7hgk_j[Yjei Z[b 9WhY^_$ BW ieX[hWdW i[h| dec_dWZW fWhW Zei W‹ei$ ;b WYje ]WbWdj[ [i eh]Wd_pWZe feh bW <[Z[hWY_ÂŒd Fhel_dY_Wb Z[ B_]Wi :[fehj_lWi 8Whh_Wb[i o FWhhegk_Wb[i Z[b 9WhY^_$ BW _dij_jkY_ÂŒd [i fh[i_Z_ZW feh HeX[hje ;dh‡gk[p" gk_[d _dl_jÂŒ Wb f‘Xb_Ye jkbYWd[‹e W ZWhi[ Y_jW W bW Y[h[ced_W$
./ ĹŠ"#ĹŠ ;204#3
Ĺ—ĹŠĹŠĹŠ
: ŊěŊBW YWf_jWb YWhY^[d# i[ i[h| i[Z[ Z[ bW ??? 9efW Z[ 8WbedY[ije <kdZWY_ÂŒd @kb_e 9ƒiWh HeXb[i W Z[iWhhebbWhi[ [d WXh_b$ ;b fh[ikfk[ije [ijWXb[Y_Ze [i Z[ ) c_b '(& ZÂŒbWh[i$ Bei jhe\[ei o ]Wijei jƒYd_Yei i[h|d YkX_[hjei feh bW ;iYk[bW Ck# d_Y_fWb Z[ 8WbedY[ije feh kd cedje Z[ c_b ZÂŒbWh[i$ ;b h[ije i[h| Ă’ dWdY_WZe$ ;b Y[hjWc[d Z[fehj_le i[ be h[Wb_pWh| [d ^ec[dW`[ W bei ',' W‹ei Z[ YWdjed_pWY_ÂŒd Z[ JkbY|d$
Ĺ? Ĺ?
Ĺ?
7 7 Ä Ä‡ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
7 Ĺ?ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ 7 Ĺ?ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
(2(3 ĹŠ ĹŠ 4+!;-
ĹŠĹŠ : ŊěŊ 7dZhƒi IejecW# Ĺ—ĹŠ oeh" IkXi[Yh[jWh_e Z[ ?dYbk# i_ÂŒd ;YedÂŒc_YW FefkbWh o Ieb_ZWh_W Z[b C_d_ij[h_e Z[ ?dYbki_ÂŒd ;YedÂŒc_YW o IeY_Wb [ijkle [d bW Y_kZWZ Z[ JkbY|d fWhW fWhj_Y_fWh Z[ bW h[kd_ÂŒd Z[b 9ec_jƒ ;ijhWjƒ]_Ye :[b Fhe]hWcW :[ :[iWhhebbe HkhWb :[b Dehj[# F:HD$ BW Wkjeh_ZWZ Z_`e gk[ ik l_i_jW \k[ cej_lWZW feh [b Yec_jƒ" fWhW WfeoWh bW [bWXehWY_ÂŒd Z[b FE7 Z[b c_ice o l_i_jWh fhe# o[Yjei fheZkYj_lei _cfkbiW# Zei feh [b F:HD gk[ i[ [ijƒd h[Wb_pWdZe [d [b j[hh_jeh_e Yed [b fhefÂŒi_je Z[ _Z[dj_Ă’YWh bW fheXb[c|j_YW Z[ bei c_icei$
#23(5 +ĹŠ 13~23(!.ĹŠ
ĹŠĹŠ : ŊěŊ BW 9WiW Z[ bW 9kb# Ĺ—ĹŠ jkhW ;YkWjeh_WdW Æ8[d`Wc‡d 9Whh_ÂŒdÇ d‘Yb[e Z[b 9WhY^_" [d YeehZ_dWY_ÂŒd Yed [b ?dij_jk# je J[YdebÂŒ]_Ye JkbY|d o bW [iYk[bW 7d]ƒb_YW CWhj‡d[p" Y[b[XhWh|d [b :‡W ?dj[hdW# Y_edWb Z[ bW Ck`[h$ ;d [ij[ [l[dje i[ h[dZ_h| ^ec[dW`[ W bW fhe\[iehW o fe[jW YWhY^[di[ 7d]ƒb_YW CWhj‡d[p$ ;b WYje i[ be h[Wb_pWh| [b fhÂŒn_ce `k[l[i . Z[ cWhpe W fWhj_h Z[ bWi &,0&& [d [b j[Wjhe Æ<ƒb_n <h[_h[ Z[b 9Wij_bbeÇ$ I[ _dl_jW W bW Y_kZWZWd‡W fWhW gk[ Wi_ijW Wb [l[dje$
ēŊ 8#1ĔŊ5 1(.2Ŋ/ "1#2Ŋ"#Ŋ$ ,(+( Ŋ"#Ŋ+ 2Ŋ#2!4#+ 2Ŋ (!#-3#Ŋ .! $4#13#Ŋ8Ŋ 1(23¢ +Ŋ .+¢-Ŋ!.-Ŋ! 13#+#2Ŋ#-Ŋ, -.ĔŊ/1.3#23 1.-Ŋ/ 1 Ŋ#5(3 1Ŋ04#Ŋ2#Ŋ"#Ŋ#+Ŋ31 2+ ".Ŋ "#Ŋ".!#-3#2ē
& -. ,Ĺ‹ (Ĺ‹ )-Ĺ‹ - / & -Ĺ‹ *),Ĺ‹ ' #)Ĺ‹ Ĺ‹ ) (. -Ĺ‹Ĺ‹ "1#2ĹŠ"#ĹŠ$ ,(+( ĹŠ"#ĹŠ+ 2ĹŠ#2!4#+ 2ĹŠ (!#-3#ĹŠ .! $4#13#ĹŠ2#ĹŠ(-3#-3 1.-ĹŠ 3., 1ĹŠ#+ĹŠ#23 +#!(,(#-3.Ä“ : ĹŠÄ› 7o[h" lWh_ei fWZh[i Z[
\Wc_b_W Z[ bWi [iYk[bWi L_Y[dj[ HeYW\k[hj[ o 9h_ijÂŒXWb 9ebÂŒd Z_[hed W YedeY[h ik _dYed\ehc_# ZWZ feh [b YWcX_e Z[ ZeY[dj[i [d bei [ijWXb[Y_c_[djei$ 9[hYW Z[ Y_dYk[djW f[hiedWi Z[ WcXei [ijWXb[Y_c_[djei [iYe# bWh[i" i[ WfeijWhed [d bW fk[hjW Z[ bW [iYk[bW L_Y[dj[ HeYW\k[hj[ bk[]e Z[ j[hc_dWh YbWi[i$ C_dk# jei Z[ifkƒi \k[hed Z[iWbe`WZei Z[ bW l‡W feh bW \k[hpW f‘Xb_YW oW gk[ _dj[djWhed Z[j[d[h bW Y_hYk# bWY_ÂŒd l[^_YkbWh$ ÆDe [i `kije gk[ dei gk_j[d W dk[ijhWi cW[ijhWi" WZ[c|i i[ dei _dZ_YÂŒ gk[ bb[]Wh| iÂŒbe kdW
fhe\[iehW [d h[[cfbWpe Z[ [bbWi" Z[ de j[d[h kdW h[ifk[ijW Yed# Yh[jW [b bkd[i" dei jecWh[cei bWi _dijWbWY_ed[i Z[b fbWdj[b o bb[]Wh[cei ^WijW bWi ‘bj_cWi Yedi[Yk[dY_WiÇ" WĂ’hcÂŒ O^W`W_hW @WhWc_bbe" gk_[d j_[d[ W iki Zei ^_`ei [d bW [iYk[bW L_Y[dj[ HeYW# \k[hj[$ Bei YWcX_ei gk[ i[ ZWh|d i[h|d Z[ bei ZeY[dj[i 9Whc[d C[Z_ZW" I_bl_W L_bbWhh[Wb" gk[ i[ [dYk[djhWd [d bW [iYk[bW HeYW\k[hj[" c_icWi gk[ i[h|d jhWibWZWZWi Wb fbWdj[b 8[d`Wc‡d 9Whh_ÂŒd Z[ J[j[i o bW fhe\[iehW ;b_WdW DWhl|[p 9|hZ[dWi gk[ i[ [dYk[djhW [d bW [iYk[bW 9ebÂŒd
h[]h[iW W bW HeYW\k[hj[$ CWhj^W L_bbWhh[Wb" ejhW cWZh[ Z[ \Wc_b_W i[‹WbÂŒ" Æi[h| Z_\‡Y_b fWhW c_ ^_`e YWcX_Wh Z[ fhe\[# iehW" WZ[c|i WlWdpÂŒ ckY^e feh [bbe de i[h| fei_j_le [ij[ YWc# X_eÇ$ #1#!(,(#-3. CWh‡W =k[hh[he" j_jkbWh Z[ bW :_# h[YY_ÂŒd Z[ ;ZkYWY_ÂŒd _dZ_YÂŒ gk[ bWc[djW [ijW i_jkWY_ÂŒd f[he i[ [ij| h[]kbWdZe bW i_jkWY_ÂŒd Z[ bei ZeY[dj[i" ÆlWh_ei ZeY[dj[i [ij|d Z[ cWd[hW _b[]Wb [d bei [ijWXb[Y_# c_[djei oW gk[ de Yk[djWd Yed [b WlWb Z[b C_d_ij[h_e Z[ ;ZkYW# Y_ÂŒd gk_[d j[d‡W gk[ ZWh [b l_ije Xk[de fWhW [bbeÇ$ ;nfb_YÂŒ gk[ [b / Z[ Z_Y_[cXh[ bb[]ÂŒ kd ZeYkc[dje Z[ bW 9eeh# Z_dWZehW PedWb [d ?XWhhW" Wb Z_# h[Yjeh Z[ ;ZkYWY_ÂŒd Z[ [i[ [d# jedY[i" 9Wc_be De]k[hW ZedZ[
i[ ZWXW W YedeY[h gk[ bWi cW[i# jhWi gk[ [ij[ cec[dje i[ b[i [ij| h[kX_YWdZe" de i[ b[i YedY[Z[ [b f[Z_Ze Z[ i[h jhWibWZWZWi ^WY_W bWi _dij_jkY_ed[i ZedZ[ i[ [dYed# jhWXWd ZWdZe YbWi[i$ Æ8W`e eĂ’Y_e i[ ZW [b jhWibW# Ze feh [b [n :_h[Yjeh Z[ ;Zk# YWY_ÂŒd" YkWdZe YbWhWc[dj[ i[ _dZ_YW gk[ bW ZeYkc[djWY_ÂŒd gk[ [djh[]Whed fWhW Wfb_YWh Wb YWcX_e feh X_[d[ijWh ieY_Wb de \k[ WY[fjWZe oW gk[ de j[d‡Wd bWi XWi[i ikĂ’Y_[dj[iÇ" cWd_\[i# jÂŒ bW j_jkbWh$ ÆBei fWZh[i Z[ \Wc_b_W fk[# Z[d [ijWh jhWdgk_bei" bb[]Wh|d bW c_icW YWdj_ZWZ Z[ cW[ijhei gk[ i[h|d h[kX_YWZei" WZ[c|i [b bkd[i bb[]Whƒ W bei [ijWXb[Y_# c_[djei fWhW ZWhb[i kdW [nfb_# YWY_ÂŒd$ Be gk[ i[ XkiYW [i kd jhWje `kije o [gk_jWj_leÇ" Wi[]k# hÂŒ =k[hh[he$
,#' , -Ĺ‹ -*#, (. -Ĺ‹ Ĺ‹ #( Ĺ‹ Ĺ‹ /& 6( : ĹŠÄ› BW <[Z[hWY_ÂŒd Z[ 7hj[#
iWdei Z[b 9WhY^_ o 9edZkYWhY^_ h[]_ijhWhed W iki YWdZ_ZWjWi$ BWi _diYh_fY_ed[i i[ h[Y[fjWh|d ^WijW [b - Z[ cWhpe$ BW IeX[hWdW h[Y_X_h| kd Wkje &ac$ O fh[c_ei Z[ bei Wkif_Y_Wdj[i$ Feh fh_c[hW l[p" bW <[Z[hW# Y_ÂŒd Fhel_dY_Wb Z[ 7hj[iWdei Fhe\[i_edWb[i Z[b 9WhY^_ o 9edZkYWhY^_ fWhj_Y_fWh|d Yed kdW YWdZ_ZWjW [d [b fh_dY_fWb [l[dje Z[ X[bb[pW Z[b YWdjÂŒd0 i[ jhWjW Z[ H[_dW Z[ JkbY|d (&'(#(&'*" WYje gk[ i[ Ykc#
fb_h| [b fhÂŒn_ce (* Z[ cWhpe" Z[iZ[ bWi '/0&& [d [b Yeb_i[e '/ Z[ Del_[cXh[$ I[ jhWjW Z[ =hWY[ FWc[bW B_cW =ÂŒc[p o 9_djoW ;ij[\Wdo Fepe :|l_bW$ BW fh_c[hW YWdZ_# ZWjW bb[]ÂŒ [d ^ehWi Z[ bW cW‹WdW Yed 7djed_e 9WXh[hW" Fh[i_Z[d# j[ Z[ bW <[Z[hWY_ÂŒd Fhel_dY_Wb Z[ 7hj[iWdei Fhe\[i_edWb[i Z[b 9Wh# Y^_$ Æ9ed eh]kbbe" gk[h[cei i[h fWhj[ Z[ bWi <_[ijWiÇ" Z_`e cko [ceY_edWZe [b Z_h_][dj[$ JhWi bW [djh[]W Z[b h[]bWc[d# je" FWc[bW o YecfW‹‡W iWb_[hed
W bW Yecfb[c[djWY_ÂŒd Z[ bei Ze# Ykc[djei$ Feh bW jWhZ[" i[ [\[Yj_# l_pÂŒ bW _diYh_fY_ÂŒd$ ÆC_ c[diW`[ [i gk[" [d [ijWi Ă’[ijWi" bW fWp o [b jhWXW`e i[Wd i‡cXebei gk[ dei f[hc_jWd Wb_c[djWh dk[ijhe [i# f‡h_jk fWhW WbYWdpWh jeZWi bWi c[jWi fbWdj[WZWiÇ" Z[jWbbÂŒ$ 9_djoW" [d YWcX_e" bb[]ÂŒ W bW I[Yh[jWh‡W Z[b 9WX_bZe Yed [b 9W# f_j|d IF :_[]e =ÂŒc[p @khWZe 7ijkZ_bbe" h[fh[i[djWdj[ Z[ 9ed# ZkYWhY^_$ Æ;ijWi Ă’[ijWi j[d[cei gk[ Z_i\hkjWhbWi [d fWpÇ" cWd_# \[ijÂŒ bW YWdZ_ZWjW$
ēŊ 1 !#Ŋ ,#+ Ŋ (, Ŋ ¢,#9Ŋ8Ŋ (-38 Ŋ 23#$ -8Ŋ .9.Ŋ ;5(+ ĔŊ2.-Ŋ+ 2Ŋ /1(,#1 2Ŋ(-2!1(3 2ē
,,#)ŋ )(ŋ 'Ä&.#*& -ŋ ( -# +Ŋ/ 104#ĔŊ+ Ŋ(%+#2( Ŋ 8Ŋ#+Ŋ/4#-3#Ŋ2#Ŋ #-!4#-31 -Ŋ#-Ŋ#+Ŋ .+5(".ēŊ 1#2#-3 %1 -"#2Ŋ"  .2ē
: ĹŠ Ä› ;b XWhh_e BWi @kdjWi
Yed -& \Wc_b_Wi" kX_YWZe Wb ikh Z[ JkbY|d ik\h[ Z[ c‘bj_fb[i d[Y[i_ZWZ[i$ Kde Z[ bei _dYed# l[d_[dj[i [i bW \WbjW Z[ YWdWb[i Z[ Z[iW]”[ [d [b fk[dj[ Z[ _d# ]h[ie$ 7gk[bbe" eYWi_edW gk[ YkWdZe bbk[l[" [b fk[dj[ i[ bb[d[ Z[ W]kW$ ;ije" fheleYW gk[ bWi f[hiedWi j[d]Wd gk[ YWc_dWh feh ejhe YWc_de gk[ bb[lW c|i j_[cfe fWhW bb[]Wh W iki Zec_Y_# b_ei$ 7b]kdei `Œl[d[i efjWd feh ikX_hi[ Wb fk[dj[ Yed [b f[b_]he Z[ YW[h Wb h‡e$ KdW Z[ bWi YWkiWi i[h‡W bW \WbjW Z[ YWdWb[i Z[ Z[iW]”[" oW gk[ [d bW WYjkWb_ZWZ ^Wo f[gk[‹ei jkXei Z[ FL9 gk[ de WXWij[Y[d$ 7i‡ c_ice" bWi YWbb[i gk[ YedZkY[d W ejhei YWi[h‡ei de [ij|d Whh[]bWZei" Wgk[bbe ][d[hW gk[ YkWdZe bbk[l[ WhhWijh[ j_[hhW be gk[ jWfedW W bei ikc_Z[hei o bb[#
:
Ä Äˆ
7 7 Ä Ä€Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +.
Ĺ? +. Ĺ? ÄĄ Ĺ? ÄĄ
4#1#,.2ĹŠ 04#ĹŠ+ 2ĹŠ 43.1(" Äą "#2ĹŠ2#ĹŠ !4#1"#-ĹŠ "#ĹŠ-.2.31.2Ä“ĹŠ #-#,.2ĹŠ,ĂŒ+3(/+#2ĹŠ-#!#2(Äą " "#2Ģ ĹŠ } Ä”
ēŊ -Ŋ#+Ŋ 11(.Ŋ 2Ŋ 4-3 2ĔŊ#+Ŋ/4#-3#Ŋ2#Ŋ++#- Ŋ"#Ŋ %4 Ŋ#Ŋ(,/("#Ŋ#+Ŋ/ 2.Ŋ-.1, +Ŋ"#Ŋ/# 3.-#2Ŋ!.,.Ŋ5#'~!4+.2ēŊ 2~Ŋ
#"(,.2Ŋ ,(2,.ĔŊ#+Ŋ/ 104#Ŋ8Ŋ+ Ŋ(%+#2( Ŋ#23;-Ŋ"#3#1(.1 ".2ēŊ 04#Ŋ+ 2Ŋ ! ++#2Ŋ2# -Ŋ
.2Ŋ24,(Ĺ 1# "#!4 " 2Ŋ8Ŋ "#1.2Ŋ#23;-Ŋ 1(,#1 2Ŋ !!(.-#2Ŋ 2#Ŋ!.-23148 -Ŋ 3 /.- ".2Ŋ ,41.2Ŋ)4-3.Ŋ Ŋ+ 2Ŋ! 2 2Ŋ04#Ŋ 8Ŋ#2.Ŋ' !#Ŋ04#Ŋ ŗŊŊ 41(!(.Ŋ 2 !;2ĔŊ"(1#!3.1Ŋ#-! 1% ".Ŋ"#Ŋ+ Ŋ"(1#!!(¢-Ŋ"#Ŋ #23(¢-Ŋ , (#-3 +Ŋ"#+Ŋ 2#Ŋ4 (! -Ŋ!#1! Ŋ Ŋ+ Ŋ5~ Ŋ"#Ŋ #+Ŋ %4 Ŋ++45( Ŋ2#Ŋ ,4-(!(/(.Ŋ"#Ŋ 4+!;-ĔŊ, -($#23¢Ŋ04#Ŋ2#Ŋ' 1;Ŋ+ Ŋ+(,/(#9 Ŋ"#Ŋ+ Ŋ 241 ēŊ 2~Ŋ,(2,.ĔŊ 3(#11 Ģ !4,4+#Ŋ#-Ŋ#+Ŋ/4#-3#Ģ 2#Ŋ!.+.! 1;Ŋ+#31#1.2Ŋ04#Ŋ(-"(04#-Ŋ+ Ŋ/1.'( (!(¢-Ŋ"#Ŋ .3 1Ŋ"#2/#1"(!(.2Ŋ8ŊŊ#-Ŋ! 2.Ŋ
ĹŠ } ĹŠÄ”
ĹŠ Ä”
]W [b beZe ^WY_W [b fk[dj[ leb# l_ƒdZebe _djhWdi_jWXb[$ 7 [ije i[ ikcW bW ]hWd YWdj_ZWZ Z[ XWikhW gk[ bWdpWd Wb h‡e" be gk[ YedjWc_dW bW pedW$ BWd# pWd _dYbkie Wd_cWb[i ck[h# jei$ >Wo fh[i[dY_W Z[ hWjWi gk[ _d]h[iWd W bWi YWiWi$ J[h[iW 8ebW‹ei" cehWZehW Z[b i[Yjeh" cWd_\[ijŒ gk[ bei fhef_[jWh_ei Z[ bei Xki[i bb[]Wd W bWlWh bei YWhhei o YWkiWd WYk# ckbWY_Œd Z[ W]kW [d [b fk[dj[$
31.2ĹŠ(-!.-5#-(#-3#2ĹŠ
ĹŠ
BW _]b[i_W Z[b F[hf[jke IeYe# hhe" i[ [dYk[djhW Yed ]h_[jWi fhe\kdZWi Z[X_Ze W gk[ ^Wo ckY^W ^kc[ZWZ feh bW fh[# i[dY_W Z[ l[hj_[dj[i Z[ W]kW$ ;ij[ j[cfbe de i[ ^W ZWZe [b jhWjWc_[dje WZ[YkWZe$ ;d [b iWbÂŒd Z[ bW _]b[i_W ^Wo fWh[Z[i YkWhj[WZWi$ ;b fWhgk[ jWcX_ƒd [ij| Z[j[# h_ehWZe$ Fh[i[djW Ă’ ikhWi [d bWi ]hWZWi$ De ^Wo ehdWc[djWY_ÂŒd o bWi b|cfWhWi i[ [dYk[djhWd ZW#
"#ĹŠ#-!.-31 1ĹŠ +%ĂŒ-ĹŠ!4+/ +#ĹŠ/1.!#"#1ĹŠ ĹŠ+ ĹŠ2 -!(¢-ĹŠ#!.-¢,(! ĹŠ!.11#2/.-"(#-3#Ä“ĹŠ #ĹŠ(-3#-3¢Ŋ!.-5#12 1ĹŠ!.-ĹŠ#+ĹŠ"(1#!3.1ĹŠ"#ĹŠ 1 2ĹŠ ĂŒ +(! 2ĹŠ/#1.ĹŠ$4#ĹŠ(,/.2( +#ĹŠ+.! +Äą (9 1+.Ä“ĹŠ
‹WZWi$ Bei Wi_[djei i[ [dYk[d# jhWd Z[j[h_ehWZei$ ;b cedkc[dje Wb Fkfe" i‡cXebe Z[b fk[Xbe YWhY^[d# i[ [ij| [d Z[j[h_ehe$ ;ij[ i[Yjeh [i l_i_jWZe feh jkh_i# jWi dWY_edWb[i o [njhWd`[hei f[he i[ l[d ceb[ijei feh [b Z[iYk_Ze$ :[ _]kWb cWd[hW" bei cehWZeh[i o Z_h[Yj_lei Yedi_Z[hWd gk[ de ^Wo kd fWhgk[ h[Yh[Wj_le fWhW bei d_‹ei o `Œl[d[i$ ;b fWhgk[
\k[ Yedijhk_Ze feh @kb_e He# Xb[i 9Wij_bbe gk_[d WZ[c|i _dj[djÂŒ Yedijhk_h kd h[bb[de fWhW [djkXWh [b h‡e o ^WY[h YWdY^Wi Z[fehj_lWi f[he bW# c[djWXb[c[dj[ \Wbb[Y_ÂŒ o Z[iZ[ W^‡ i[ gk[ZÂŒ [d [b eb# l_Ze$ C_h_Wc ;dh‡gk[p" fh[i_Z[djW Z[b XWhh_e WĂ’ hcÂŒ gk[ i[ ^W ^[# Y^e bWi ][ij_ed[i [d bW WbYWbZ‡W o [if[hWd gk[ ^WoW kdW h[ifk[ijW YedYh[jW$
v -ŋ-)(ŋ' $), -ŋ (ŋ ŋ ,#- &ŋ Ŋ ŊěŊ;d bW fWhhegk_W
CWh_iYWb IkYh[ Z[b YWdjÂŒd >kW# YW" i[ WZ[djhÂŒ Wb cWdj[d_c_[d# je l_Wb" fWhW Wgk[bbe" i[ ^_pe WY[hYWc_[dje Yed [b =eX_[hde Fhel_dY_Wb Z[b 9WhY^_ fWhW bW Ă’ hcW Z[ kd Yedl[d_e _dj[h_di#
j_jkY_edWb$ FWhW Wgk[bbe" i[ ^Wh| [b Whh[# ]be Z[ bW fWdWc[h_YWdW# BW 9W# b[hW# CWh_iYWb IkYh[$ 7i‡ Yece ;b JWcXe# BecW ;b 9[djhe# ;b Fehl[d_h# Ieb\[h_de$ 7i‡ c_ice" i[ _dYh[c[djW bei
Y_dYe [`[i l_Wb[i feh kd cedje Z[ ', .,( ZÂŒbWh[i ZedZ[ bW fh[\[Yjk# hW WfehjW Yed '' .&) ZÂŒbWh[i o bW fWhhegk_W Yed + &+.$ 9ed bei [`[i l_Wb[i" i[ fh[j[dZ[h| ZWh jhWXW`e W bW ][dj[ feXh[ Z[ be gk_dj_b[i ' o ($
ĹŠ ĹŠ ĹŠ ĹŠ
ĹŠ ĹŠ ĹŠ
1, !( 2ĹŠ "#ĹŠ341-.
ĹŠ Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÄŹ Ĺ´ Ĺ´ ÄÄ&#x;Ĺ´ ÂŹ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ˆ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´
Ĺ´ Ĺ´ Ĺ´ ÄĄ ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i ŢŴ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺƒ Ĺ´ Ĺ´ Ĺ„Ĺ´ ÄĄĹ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ă– Ĺ´
Ĺ´Ĺƒ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ„Äž Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ă– Ĺ´ Ĺ´Ĺƒ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i Ĺ„Äž Ţ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴŴ Ĺ´ Ĺ´ Ĺ´
Äž ŢŴ ÂŹ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´
Ä&#x;Ĺ´ Ä&#x;Ĺ´ Ä&#x;Ĺ´ ÂŹ Ä&#x;Ĺ´ Äž ŢŴ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ä&#x;Ĺ´
ēŊ #Ŋ1# +(9 -Ŋ31 ).2Ŋ5( +#2Ŋ#-Ŋ+ Ŋ/ 11.04( Ŋ 1(2! +Ŋ 4!1#Ŋ"#+Ŋ! -3¢-Ŋ 4 ! ēŊ
Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ´ Äž ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i Ĺ´ Ĺ´ ˆ Ĺ´ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ i Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ä&#x;Ĺ´ Ĺ´ Ĺ´Ĺƒ Ä&#x;Ĺ´ Ĺ´ Ĺ´ Ĺ´ ÂŹ Ĺ´ Ĺ„Äž ŢŴ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Ĺ´ Äž ŢŴ $84/Ĺ´4/- #/Ĺ´Ĺ´#$Ĺ´ /,$4‰.Ĺ´Ĺ´ )#2/" 2!52/3Äž
Ĺ‹Ĺ‹ Ä… u Ĺ‹Ĺ‹ Ĺ‹Ĺ‹ Ĺ‹Ä…Ĺ‹ ĂźÄƒÄ‚Ä‚ÄšÄ ĂźĂżÄ… Ĺ‹Ĺ‹ Ľŋßą Ĺ‹Ĺ‹Ĺ‹ Ĺ‹ Ĺ‹ Ä…Ĺ‹ Ĺ‹ĂźÄƒÄ‚ĂžÄšÄ ĂżÄƒÄ„ Ĺ‹ Ä… Ĺ‹Ĺ‹Ĺ‹ Ĺ‹Ĺ‹ Ä… ĂźÄƒÄ‚ĂžÄšÄ€ÄƒÄƒÄ„
^ ĹŠ ĹŠ ĹŠ Ă‹
.+(!~ ĹŠ Ä’Ä‘Ä‡ÄąÄŠÄŒÄŽ ., #1.2ĹŠ ĒđćĹĉĉĒ 149ĹŠ .) ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠÄ’Ä‘Ä‡ÄąÄˆÄ‡Ä‡ -!.ĹŠ"#ĹŠ -%1#ŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊĒđćĹÄ?Ä?Ä? .2/(3 +ĹŠ Ä’Ä‘Ä‡ÄąÄŠÄˆÄ? . #1- !(¢-ĹŠ ĹŠÄ’Ä‘Ä‡ÄąÄŠÄ‡Äˆ -3#-"#-!( ĹŠ ĒđćĹÄ?ĒĈ .+(!~ ĹŠ 4"(!( +ĹŠ ŊŊŊĒđćĹÄ?ČĊ 1;-2(3.ĹŠ ŊĒđćĹĊćĊ (%1 !(¢-ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠÄ’Ä‘ÄŽÄąÄ‘ÄˆÄ’ -3(- 1!¢3(!.2ĹŠ ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠÄ’Ä?Ä‡ÄąÄˆÄ?ĉ
-!.ĹŠ ŊŊŊŊŊŊŊŊŊŊŊŊŊĉĒÄ?Ä‰ÄąÄŒÄˆÄˆ -!.ĹŠ"#+ĹŠ 4231.ĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠĹŠÄ‰Ä’Ä‘ÄŒÄąÄ‰Ä’Ä’ -!.ĹŠ (!'(-!' ŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊĉĒđćĹĎĉĒ -!.ĹŠ"#ĹŠ 4 8 04(+ŊŊŊŊŊŊŊŊŊĉĒÄ?Ä‰ÄąÄŒÄ‡Ä‡ -!.ĹŠ (-! ŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊŊĉĒđđĹĒđđ
Ĺ? Ĺ?
Ĺ?
Ä Ä‰
7 Ĺ? 7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚ ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
Ĺ? +. Ĺ? ÄĄ
,) / .)-Ĺ‹ -/ (Ĺ‹ Ĺ‹ *, #)Ĺ‹ ĹŠ ĹŠÄ› >Wo WbpW Z[ fh[#
Y_ei Z[ bei fheZkYjei [d [b c[hYWZe cWoeh_ijW Z[ IWd =WXh_[b$ ;b fh_dY_fWb \WYjeh [i [b Yb_cW h[_dWdj[$ ;b Xkbje Z[ Whl[`W Wb ce# c[dje h[ZedZ[W Z[ bei ,+ W -+ ZŒbWh[i$ BW b_XhW Yk[ijW kd ZŒbWh o c[Z_e$ BW ‘d_YW Whl[`W gk[ ikXi_ij[ [i bW Z[ WcWhh[ Wkdgk[ feh bW bbkl_W [ij| iWb_[dZe cWbW" i[]‘d Ye# c[djŒ HeiW 9WbZ[hŒd gk_[d i[ Z[Z_YW W bW l[djW$ :[ _]kWb cWd[hW" [b Xkbje Z[ ^WXW [ij| Z[ '( W ') ZŒbW# h[i o bW Y[XebbW fW_j[‹W W / o '& ZŒbWh[i$ Bei W]h_Ykbjeh[i ^Wd ik\h_Ze fƒhZ_ZWi feh [ij[ _dYedl[d_[dj[ o Wi‡ c_ice" feh [b YhkZe _dl_[hde" bei jhW# XW`WZeh[i i[ ^Wd gk[ZWZe i_d jhWXW`e$
'#&# ŋ . ŋ ŋ#( ( #)ŋ *# ŋ 3/ ŋ ŋ& -ŋ /.),# .-Ŋ"#Ŋ ).2Ŋ 1#!412.2ēŊ .-Ŋ+ Ŋ /_1"(" Ŋ"#Ŋ242Ŋ /#13#-#-!( 2Ŋ2#Ŋ 5.+5(¢Ŋ4-Ŋ! +5 1(.ē Ŋ Ŋě ;Z_bcW ;if[hWdpW
9^WkY|dƒp o Bk_i @Wl_[h J[gk‡d o iki jh[i ^_`ei c[deh[i Z[ '." '+ o '* W‹ei i[ [dYk[djhWd WbX[h]W# Zei [d bW 9WiW Z[ bW Ck`[h bk[]e gk[ kd _dY[dZ_e Z[lehÂŒ Yed jeZe be gk[ [dYedjhÂŒ W ik fWie [d [b XWhh_e Bei 7hhWoWd[i Z[ IWd =WXh_[b$ 9ece i[ h[YehZWh| [ij[ ik# Y[ie eYkhh_ÂŒ [b Zec_d]e (, Z[ \[Xh[he W bWi '*0&&$ Gk_p| [b eh_# ][d i[ Z[X_ÂŒ W kd Yehje Y_hYk_je$ 7gk[bbe" fheleYÂŒ gk[ [nfbej[ [b Y_b_dZhe Z[ ]Wi$ KdW ^ehW Z[i# fkƒi" bei fhef_[jWh_ei h[]h[iW# hed W bW l_l_[dZW o [dYedjhWhed Yed iehfh[iW gk[ bW l_l_[dZW [d ZedZ[ Whh[dZWXWd [ijWXW h[Zk# Y_ZW W [iYecXhei o bei XecX[hei _dj[djWXWd WfW]Wh [b \k[]e$ #ĹŠ04#" 1.-ĹŠ2(-ĹŠ- " ĹŠ
Ä“ĹŠ .2ĹŠ/1."4!3.2ĹŠ!.,.ĹŠ+ ĹŠ 15#) ĹŠ2#ĹŠ#-!4#-31 -ĹŠ/.1ĹŠ+ 2ĹŠ-4 #2Ä“ĹŠ
;Z_bcW ;if[hWdpW 9^WkYWdƒp gk_[d [i eh_kdZW Z[ J‘gk[hh[i# 9ebecX_W gk_[d bb[]Œ ^WY[ kd W‹e [d XkiYW Z[ Z‡Wi c[`eh[i Yec[djŒ W [ij[ hejWj_le" gk[ f[h# Z_Œ jeZe$ ;djh[ bWi f[hj[d[dY_Wi gk[ \k[hed Yedikc_ZWi feh bWi
ēŊ "(+, Ŋ 2/#1 -9 Ŋ ' 4! -_9Ŋ"#Ŋ- !(.- +(" "Ŋ!.+., ( - Ŋ)4-3.Ŋ!.-Ŋ24Ŋ$ ,(+( Ŋ2#Ŋ#-!4#-31 -Ŋ#-Ŋ4- Ŋ2(34 !(¢-Ŋ "#2#2/#1 -3#ēŊ #1"(#1.-Ŋ3.".Ŋ#-Ŋ#+Ŋ(-!#-"(.Ŋ8Ŋ2.+(!(3 -Ŋ 84" ēŊ #Ŋ242Ŋ/#13#-#-!( 2Ŋ2.+.Ŋ04#" 1.-Ŋ!#-(9 2ēŊ
b[d]kWi Z[ \k[]e ied0 YeX_`Wi" YWcWi" [gk_fei Z[ ied_Ze" j[# b[l_ieh" YeY_dW" hefW o c|i$ BW fƒhZ_ZW WiY_[dZ[ W kdei Zei c_b ZÂŒbWh[i" Wfhen_cWZWc[dj[$ 9ec[djÂŒ gk[ `kdje Yed ik [i# feie jhWXW`Wd Yece `ehdWb[hei o ik [iYWie ik[bZe de b[i WbYWdpW fWhW dWZW$ ;nfb_YÂŒ gk[ ik ^_`e Z[ '* W‹ei [ijkZ_W W Z_ijWdY_W [d bW [iYk[bW ÆH_YWhZe @WhWc_bbeÇ [d [b i[Yjeh Z[ ;b 9Wfkb‡ c_[djhWi gk[ ik ejhe ^_`e jWcX_ƒd jhWXW`W o WokZW [d Wb]e W iebl[djWh bWi c‘bj_fb[i d[Y[i_ZWZ[i$ KdW Z[ iki ^_`Wi de [ijkZ_W$ 7]hWZ[Y_ÂŒ Wb C_d_ij[h_e Z[ ?dYbki_ÂŒd ;YedÂŒc_YW o IeY_Wb
4-(!(/(.ĹŠ /.13 ĹŠ Ĺ—ĹŠĹŠ ĹŠ"#!(1ĹŠ"#ĹŠ4-.ĹŠ"#ĹŠ+.2ĹŠ$4-!(.- 1(.2ĹŠ"#ĹŠ+ ĹŠ,4-(!(/ +(" "ĹŠ"#ĹŠ .-3ĂŒ$ 1ĔŊ(-"(!¢Ŋ04#ĹŠ + ĹŠ#-3(" "ĹŠ".-¢Ŋ, "#1 ĹŠ8ĹŠ3#) 2ĹŠ/ 1 ĹŠ04#ĹŠ2#ĹŠ' % ĹŠ+ ĹŠ1#!.-2314!!(¢-ĹŠ"#ĹŠ+ ĹŠ5(5(#-" ĹŠ
.ĹŠ2#ĹŠ!.-23148 ĹŠ#-ĹŠ.31.ĹŠ+4% 1ĹŠ"#ĹŠ !4#1".ĹŠ +ĹŠ#234"(.ĹŠ04#ĹŠ2#ĹŠ1# +(!#Ä“ĹŠ .2ĹŠ31 ) ".1#2ĹŠ "#ĹŠ+ ĹŠ,4-(!(/ +(" "ĹŠ/1.!#"(#1.-ĹŠ ĹŠ2 ! 1ĹŠ+ ĹŠ3#) ĹŠ -3#1(.1Ä“ĹŠ
Ŋ #!1#3 1~ Ŋ"#Ŋ (#2%.2Ŋ!.-2("#1¢Ŋ04#Ŋ-.Ŋ#1 Ŋ/#13(-#-3#Ŋ04#Ŋ+ Ŋ$ ,(+( Ŋ5(5 Ŋ#-Ŋ + Ŋ9.- Ŋ/.104#Ŋ!.11~ -Ŋ4-Ŋ%1 -Ŋ/#+(%1.ēŊ
C?;I gk_[d ZedŒ0 lW`_bbWi" Yeb# Y^ed[jWi o YeX_`Wi$ 7i‡ c_ice" i[ WY[hYŒ W >?7I gk_[d b[i [djh[]Œ kdW hWY_Œd Wb_c[djWY_Œd$ BW fhe# f_[jWh_W Z[ bW YWiW ZedŒ YeX_`Wi$ ;bbW ieb_Y_jW gk[ b[i YebWXeh[ Yed hefW o kd Y_b_dZhe Z[ ]Wi" oW gk[ Wb cec[dje" [b jWdgk[ b[i
fh[ijŒ kdW l[Y_dW$ 9ed Wd]kij_W f_Z[ jWcX_ƒd gk[ i[ ][ij_ed[ [d bW X‘igk[ZW Z[ Wb]kdW l_l_[dZW ZedZ[ fk[# ZW Whh[dZWh W XW`e fh[Y_e" oW gk[ [d bW 9WiW Z[ bW Ck`[h b[i Z_[hed iebe kd j_[cfe Z[ eY^e Z‡Wi fWhW ik f[hcWd[dY_W$
&203$fĂŒ$ '( 75$163257( (1 7$;,6 &2192&$725,$ 7XOFiQ GH 0DU]R GHO
'H DFXHUGR DO $UW GH OD /H\ GH &RPSDxtD \ DO $UW 'pFLPR VH[WR GHO (VWDWXWR GH OD FRPSDxtD PH SHUPLWR HQ &2192&$5 D WRGRV D \ FDGD XQR GH ORV DFFLRQLVWDV TXH FRQIRUPDQ OD FRPSDxtD GH 7D[LV ³/26 38326 6 $ ´ D -XQWD *HQHUDO ([WUD ¹2UGLQDULD D UHDOL]DUVH HO GtD 0DUWHV GH 0DU]R GHO D ODV FLQFR GH OD WDUGH HQ ODV RILFLQDV GH OD ,QVWLWXFLyQ XELFDGDV HQ ODV FDOOHV &DUDERER \ /DV /DJXQDV SDUD WUDWDU HO VLJXLHQWH RUGHQ GHO GtD &RQVWDWDFLyQ GH TXyUXP 5HVROXFLyQ VREUH HO $XPHQWR DO &DSLWDO \ 5HIRUPDV DO (VWDWXWR GH OD &RPSDxtD $VXQWRV ,QWHUQRV &ODXVXUD 1RWD 6H FRQYRFD GH PDQHUD HVSHFLDO DO 6U $UWXUR ,VDFD] &20,6$5,2 SULQFLSDO GH OD &RPSDxtD SDUD GLFKD MXQWD
$WHQWDPHQWH
6U ,YiQ +HUQiQGH] 35(6,'(17(
/S $W
ēŊ +Ŋ5#'~!4+.Ŋ04#"¢Ŋ#-Ŋ+ Ŋ5~ Ŋ!.-Ŋ%1 5#2Ŋ"  .2Ŋ, 3#1( +#2ēŊ
# (. Ĺ‹ (Ĺ‹& Ĺ‹0v Ĺ‹
ĹŠ ĹŠÄ› 7 bWi &.0'+" [d bW FWdW# c[h_YWdW dehj[" [d [b i[Yjeh Z[ Gk[XhWZW >edZW Z[ bW fWhhe# gk_W BW FWp Z[b YWdjÂŒd Cedj‘# \Wh" i[ h[]_ijhÂŒ kd WYY_Z[dj[ Z[ jh|di_je$ Kd jheef[h Z[ Yebeh XbWdYe Z[ fbWYWi F>7 ,)& YedZkY_# Ze feh BWkhW BÂŒf[p Yed Z_# h[YY_ÂŒd dehj[# ikh" ik\h_ÂŒ kd lebYWc_[dje$ 7 Z[Y_h Z[ bei XecX[hei gk[ i[ [dYedjhW# XWd [d bW pedW" WĂ’ hcWhed gk[ bW YWkiW feZh‡W ^WX[h i_Ze
[b [nY[ie Z[ l[beY_ZWZ o bWi bbWdjWi b_iWi be gk[ fheZk`e [b f[hYWdY[$ 7 Z[Y_h Z[ kde Z[ bei eYkfWdj[i" [b YWhhe f[hZ_Œ bei \h[dei$ ;d [b _dj[h_eh Z[b Wkje" [ijk# l_[hed jh[i f[hiedWi c|i gk_[# d[i ik\h_[hed ]ebf[i b[l[i$ ;b l[^‡Ykbe \k[ jhWibWZWZe ^WijW bei fWj_ei Z[ bW IkX`[\WjkhW Z[ Jh|di_je$ Bei XecX[hei ^_Y_[hed bW b_cf_[pW Z[ WY[_j[ o l_Zh_ei gk[ i[ [dYedjhWXWd [d bW l‡W$
ƒ
* , .#0)-ŋ ŋ )(.,)&ŋ (ŋ (.,)-ŋ() ./,() : ŊěŊFWhW l[h_ÒYWh gk[ [d bei
Y[djhei deYjkhdei Z[ bW Y_kZWZ o fhel_dY_W i[ YkcfbWd bWi deh# cWi o bei ^ehWh_ei Z[ Wj[dY_Œd" WZ[c|i gk[ de i[ [dYk[djh[d c[deh[i Z[ [ZWZ i[ fbWd[Œ ef[# hWj_lei Z[ Yedjheb 7o[h i[ fhe]hWcŒ kd ef[hW# j_le [d bei Y[djhei deYjkhdei Z[b YWdjŒd Cedj‘\Wh gk[ i[ fh[lƒ i[ h[fb_gk[d [d ejhei YWdjed[i Z[ bW fhel_dY_W" [b ef[hWj_le [ijW# XW fh[l_ije fWhW bW &'0&& ^ehWi ^WijW bWi &*0&& Z[ bW cW‹WdW$ I[ [if[hW h[ikbjWZei Z[b Yedjheb$
Ä ÄŠ
7 Ĺ? 7 ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
7kjeh_ZWZ[i Z[ Yedjheb[i l_]_# bWh|d gk[ [d bei Y[djhei deYjkh# dei fhef_[jWh_ei" jhWXW`WZeh[i o Wi_ij[dj[i j[d]Wd iki ZeYkc[d# jei [d h[]bW$ Bei Yedjheb[i ied fWhW ]WhWd# j_pWh bW i[]kh_ZWZ [d bW feXbWY_ÂŒd Z[ bW pedW Z[ \hedj[hW" bW Z[j[d# Y_ÂŒd W bWi f[hiedWi gk[ i[ [d# Yk[djhWd Yedikc_[dZe WbYe^eb [d bWi l‡Wi f‘Xb_YWi i[ [`[YkjW [d jeZe [b fW‡i$ L[h_Ă’YWh gk[ de i[ [nf[dZW b_Yeh bei Z‡Wi Zec_d]ei jWcX_ƒd [ij| W YWh]e Z[ bWi Wkje# h_ZWZ[i feb_Y_Wb[i$
Ä“ĹŠ 1 ĹŠ 8#1ĹŠ2#ĹŠ"(2/42.ĹŠ4-ĹŠ./#1 3(5.ĹŠ#-ĹŠ+.2ĹŠ!#-31.2ĹŠ-.!341-.2ĹŠ"#+ĹŠ ! -3¢-ĹŠ .-3ĂŒ$ 1Ä“
)'#-)Ĺ‹ Ĺ‹ & &)# : ĹŠÄ›;b `k[l[i [d ^ehWi Z[ bW
deY^[ [d [b i[Yjeh Z[b H_Œ 9WhY^_ c_b_jWh[i gk[ h[Wb_pWd ef[hWj_lei Z[ fWjhkbbW`[ Z[Yec_iWhed ') a_# bei Z[ fWijW XWi[ Z[ YeYW‡dW$ ;b WbYWbe_Z[ [hW jhWdifehjWZe [d kdW cejeY_Yb[jW [d bW gk[ i[ cel_b_pWXWd Zei f[hiedWi gk[ ^ko[hed Yed Z_h[YY_Œd W 9ebec# X_W YkWdZe dejWhed bW fh[i[dY_W feb_Y_Wb$ BW Zhe]W _dYWkjWZW [ijWXW Z_ijh_Xk_ZW [d ') fWgk[j[i [d# lk[bjei Yed fb|ij_Ye d[]he gk[ [d [b _dj[h_eh ]kWhZWXW kdW ikijWdY_W Yh[cW" Z[ifkƒi Z[ bei Wd|b_i_i i[ Z[j[hc_dŒ gk[ i[ jhWjWXW Z[ fWijW XWi[ Z[ Ye# YW‡dW Yed kd f[ie Xhkje Z[ ')
Ä“ĹŠ -ĹŠ#+ĹŠ2#!3.1ĹŠ"#+ĹŠ ~.ĹŠ 1!'(ĹŠ #+ĹŠ)4#5#2ĹŠ#-ĹŠ'.1 2ĹŠ"#ĹŠ+ ĹŠ-.!'#ĹŠ2#ĹŠ (-! 43Â˘ĹŠÄˆÄŠĹŠ,(+ĹŠ%1 ,.2ĹŠ"#ĹŠ/ 23 ĹŠ 2#ĹŠ "#ĹŠ!.! ~- Ä“
c_b ]hWcei$ BW cejeY_Yb[jW cWhYW Ikpka_" i_d fbWYWi \k[ h[j[d_ZWi fWhW i[h [djh[]WZWi W bei W][dj[i Z[ Wdj_# dWhYÂŒj_Yei$
ēŊŊ -Ŋ$1 2!.2Ŋ"#Ŋ!.2,_3(!.2Ŋ2#Ŋ! ,4Ą¢ŊĊĉŊ*(+.2Ŋ"#Ŋ!.! ~- Ŋ+~04(" ĔŊ-.Ŋ' 8Ŋ"#3#-(".2Ŋ/.1Ŋ#+Ŋ'#!'.ē
,)! Ĺ‹&v+/# Ĺ‹ , Ĺ‹., (-*),. Ĺ‹ )')Ĺ‹ ( )'# (
ĹŠ"1.% ĹŠ+~04(" ĹŠ -.ĹŠ#2ĹŠ242!#/Äą 3( +#ĹŠ +ĹŠ.+$ 3.ĹŠ "#ĹŠ+.2ĹŠ! -#2ĹŠ , #231 ".2Ä“
: ŊěŊ 9eYW‡dW b‡gk_ZW gk[
.-31.+#2ĹŠ#-ĹŠ+ ĹŠ9.- ĹŠ"#ĹŠ$1.-3#1 ĹŠ ĹŠ ĹŠ Ä–ĹŠ ĹŠ ĹŠ ĹŠ Ä“
4,(!' ! ĖŊ .,.Ŋ/ 13#Ŋ"#Ŋ+ Ŋ2#%41(" "Ŋ#-Ŋ+ Ŋ$1.-3#1 Ŋ,(+(3 1#2ĔŊ/.+(!~ 2ĔŊ 8Ŋ %#-3#2Ŋ"#Ŋ+ Ŋ -(" "Ŋ"#Ŋ (%(+ -!( Ŋ "4 -#1 Ŋĸ ĚŊ5(%(+ -Ŋ8Ŋ24/#1Ĺ 5(2 -Ŋ04#Ŋ+.2Ŋ5#'~!4+.2Ŋ04#Ŋ2#Ŋ,.5(+(9 -Ŋ/.1Ŋ#+Ŋ 4#-3#Ŋ -3#1- !(.- +Ŋ 4,(!' ! Ŋ-.Ŋ31 -2/.13#-Ŋ,#1! "#1~ 2Ŋ"#Ŋ, -#1 Ŋ(+#% +ĔŊ-(Ŋ 1, 2ĔŊ-(Ŋ #234/#$ !(#-3#2ē
.2ĹŠ!.-31.+#2ĹŠ4-(ă! ".2ĹŠ2.-ĹŠ(,/1.5(2 ".2ĹŠ/ 1 ĹŠ-.ĹŠ +#13 1ĹŠ ĹŠ+ 2ĹŠ/#12.Äą - 2ĹŠ04#ĹŠ2#ĹŠ"#"(! -ĹŠ ĹŠ !3(5(" "#2ĹŠ"#+(!3(5 2Ä“
11.04( 2Ŋ54+-#1 +#2Ŋ Ŋ -Ŋ+ 2Ŋ/ 11.04( 2Ŋ141 +#2Ŋ"#Ŋ '(! +Ŋ8Ŋ +".- ".Ŋ %#-3#2Ŋ"#Ŋ(-3#+(%#-!( Ŋ ŗ/.+(!( +Ŋ31 ) -Ŋ/ 1 Ŋ#5(3 1Ŋ#+Ŋ/ 2.Ŋ"#Ŋ"1.% Ŋ"#2"#Ŋ .+., ( ĔŊ2#Ŋ!.-.!#Ŋ04#Ŋ#2#Ŋ
/4-3.Ŋ"#Ŋ+ Ŋ$1.-3#1 Ŋ#2Ŋ4-Ŋ1#$#1#-3#Ŋ/ 1 Ŋ+ 2Ŋ.1% -(9 !(.-#2Ŋ"#+(!3(5 2Ŋ04#Ŋ-#%.Ĺ !( -Ŋ!.-Ŋ +! +.("#2ē -Ŋ+ Ŋ/1.5(-!( Ŋ"#Ŋ 2,#1 +" 2Ŋ#+Ŋ/4-3.Ŋ1#$#1#-!( +Ŋ#2Ŋ -Ŋ .1#-9.ĔŊ2#Ŋ1#$4#19 Ŋ +.2Ŋ./#1 3(5.2Ŋ/ 1 Ŋ#5(3 1Ŋ04#Ŋ.1% -(9 !(.-#2Ŋ- 1!."#+(!3(5 2Ŋ42#-Ŋ Ŋ+ Ŋ$1.-3#1 Ŋ / 1 Ŋ!.,#3#1Ŋ(+~!(3.2ē
Z[b WbYWbe_Z[ Z[iZ[ JkbY|d Wb [hWd jhWdifehjWZWi [d fhe# \h[dWh [b _b‡Y_je$ ZkYjei Z[ X[bb[pW i[ Z[Yec_iÂŒ ;b YWh]Wc[dje Z[ YeYW‡dW Y[djhe Z[b fW‡i" i[ fh[ikc[ gk[ [d [b Yedjheb ikh Z[ JkbY|d$ b_gk_ZW gk[ [hW jhWdifehjWZe bW Zhe]W j[d‡W Yece Z[ij_de [b ;ijW [i bW fh_c[hW l[p [d Yece [dYec_[dZW [d kd Xki Z[ c[hYWZe _dj[hdWY_edWb ZedZ[ [b [ij[ W‹e gk[ feh [ijW \hedj[hW i[hl_Y_e f‘Xb_Ye gk[ j[d‡W fh[Y_e feh YWZW a_be Z[ bW _d]h[iWd [b WbYWbe_Z[ Z[ cW# Yece Z[ij_de Gk_je [ij| ĹŠ ikijWdY_W i[ Yej_pW [d *( c_b ZÂŒbWh[i Wfhen_cWZW# lWbehWZe [d c|i Z[ d[hW b‡gk_ZW$ kd c_bbÂŒd Z[ ZÂŒbW# I[ YedeY[ feh Z[# c[dj[$ Ä?ÄˆĹŠ$1 2!.2ĹŠ/+;23(Äą ;b kd_\ehcWZe _dZ_YÂŒ YbWhWY_ed[i Z[ W][d# ÄˆĹŠ,(++¢-ĹŠ h[i$ !.2ĹŠ!.-ĹŠ#+ĹŠ+.%.3(Äą De ^Wo Z[j[d_Zei /.ĹŠÄĄ ~-# ĹŠ WZ[c|i gk[ i[ h[\ehpWh|d j[i Z[ bW kd_ZWZ Z[ ĉććŊ,(+ [b YehZÂŒd \hedj[h_pe Yed Wdj_dWhYÂŒj_Yei W d_l[b ÂĄ feh [b ^[Y^e fehgk[ ! .ĢŊŊ#1 -ĹŠ 31 -2/.13 ".2ĹŠ ĹŠ5 +.1ĹŠ"#ĹŠ+ ĹŠ dWY_edWb gk[ bW Zhe]W !.! ~- ĹŠ+~04(" bWi YW`Wi \k[hed Z[# !.,.ĹŠ#-!.,(#-Äą f[hiedWb feb_Y_Wb fWhW [l_# " ĹŠ#-ĹŠ4-ĹŠ 42ĹŠ"#ĹŠ b‡gk_ZW [i c[dei f[h# `WZWi [d bWi eĂ’Y_dWi 2#15(!(.ĹŠ(-3#1/1.Äą jWh i[ Yec[jW [ij[ j_fe Z[ 5(-!( +ĹŠ!.-ĹŠ"#23(Äą _b‡Y_jei$ Z[ bW [cfh[iW Z[ -.ĹŠ ĹŠ 4(3.Ä“ĹŠ .2ĹŠ Y[fj_Xb[ Wb eb\Wje Z[ bei YWd[i o W bei Yedjheb[i feb_# jhWdifehj[ fWhW gk[ i[Wd %#-3#2ĹŠ"(!#-ĹŠ ;nfb_YÂŒ WZ[c|i gk[ jhWibWZWZWi W Gk_je" bW 04#ĹŠ+ ĹŠ"1.% ĹŠ YWckĂ“Wh YeYW‡dW b‡gk_ZW Y_Wb[i$ (-%1#2¢Ŋ"#ĹŠ [i kdW \ehcW fWhW jhWdi# 9Whbei 9Wijhe YecWdZWd# Zhe]W [ijWXW [iYedZ_ZW .+., ( Ä“ĹŠ j[ Z[ Feb_Y‡W Z[b 9WhY^_ Yed# [d -' \hWiYei Z[ fheZkY# fehjWh Zhe]W o [lWZ_h bei Yedjheb[i fehgk[ [i Ă’hcÂŒ gk[ ]hWd YWdj_ZWZ Z[ jei Yeicƒj_Yei$ Zhe]W _d]h[iW feh bWi fWhhe# BWi _dl[ij_]WY_ed[i feb_Y_Wb[i c[dei ikiY[fj_Xb[ W i[h Z[iYk# gk_Wi Z[ 9^_YWb o CWbZedWZe _dZ_YWd gk[ eh]Wd_pWY_ed[i Z[ X_[hjW o gk[ ckY^Wi l[Y[i bei Wb _dj[h_eh Z[b fW‡i" o gk[ [d dWhYejhWĂ’YWdj[i" de i[ [if[Y_Ă’# YWd[i WcW[ijhWZei de bW fk[# bW pedW oW i[ h[Wb_pWd bWXeh[i YW YkWb" kj_b_pWd W bWi [cfh[iWi Z[d Z[j[YjWh o i[ [lWZ[ Wi‡ bei Z[ _dj[b_][dY_W fWhW jhWjWh Z[ _dj[hfhel_dY_Wb[i fWhW [b [dl‡e Yedjheb[i$
ŏ ŏ
ŏ ŏ ŏ
ŏ
ĂĀ
Ė Ė
ũ }
.,/1 ĵ5#-3 ĵ1#-3 ũ"#ũ3#11#-.2Ĕũ 2 2ĵă ũ-! ĵ!.,/1 ĵ5#-3 ĵ"#ı ! 2 2Ĕũ"#/ 13 ,#-3.2ũ8ũ.ăũ!(- 2ē / 13 ,#-3.2ĵ 11(#-".2ē
.,/1 ĵ5#-3 ũ"#ũ3.".ũ3(/.ũ"#ũ .,/1 ĵ5#-3 ũ"#ũ3.".ũ3(/.ũ"#ũ 5#'~!4+.2 5#'~!4+.2
4#23.2Ĕũ./.134-(" "#2ũ"#ũ .,/1 ĵ5#-3 ĵ! , (.ē 31 ).ē ũũ 4#23.2Ĕũ./.134-(" "#2ũ"#ũ #15(!(.2ũ!412.2Ĕũ!.-2314!!(¢-Ĕũ 31 ).ũē !.-24+3.1~ ē
0%!),+ 0%!),+ 0%!),+ (! 01. (! 01. (! 01. āĆŏ)%*ċ āĆŏ)%*ċ āĆŏ)%*ċ
: : :
āĉŏ ŏ ŏĂĀāĂ Āăŏ ŏ ŏĂĀāĂ Āăŏ ŏ ŏĂĀāĂ
ŏ +. ŏ
ŏ +. ŏ
ŏ +. ŏ
ġ ġ ġ
.,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!31.ı .,/1 ĵ5#-3 ũ"#ũ. )#3.2Ĕũ#+#!ı ".,_23(!.2Ĕũ,4# +#2Ĕũ.ă ũ!(- ēũ#3!ē
ı
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ .! $4#1#ēũ #+ĖũĉĒĎďĎćĉĔũĉďćĐďĉĎũ 7Ėũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĉďĈĉďďĈ %#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ 4+!;-Ėũ 4!1#ũ#-31#ũ 8 !4!'.ũ8ũ 4-~-ı (#"1 '(3 ēũ 7ĖũĎďćĐĊČ #+ĖũĉĒđČĎĎĈē ũ 7ĖũĉĒđČďČď %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćĔũĎĎĎČĊĈĔũ ĎĎĈĎĎĉē + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ %#-!( ĈĖ ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ČĐĎĐĉďĔũČĐĎĐĉđē ĉĉĉČćďũ 7ĖũĉĉđĒĈđ
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ .+~5 1ũ8ũ .! $4#13#ēũ #+ĖũĊũĉũČĉĈũĐĊć ĉĉĉČćďũ 7ĖũĉĉđĒĈđ 7ĖũĊũĉũČĉĈũĐĊĈ
04#" -.ũ #+ĖũĎćĊĉďďĔũ -3 ēũ #+ĖĎũĉĒĊĈćĒĈē %#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ %#-!( ũ -3 Ėũ 5ēũ 4 13 Ĕũ#-31#ũ! ++#ũ (#"1 '(3 ēũ 7ĖũĎďćĐĊČ đũ8ũĒēũ #+$ĖũĎũĉũďĉĉĎđĈĔũĎũĉďĉČĎđĎē + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ %#-!( ũ '.-#Ėũ ++#ũ .+~5 1ũ#-31#ũ (ı ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ !'(-!' ũ8ũ .+¢-Ĕũ "ēũ _+#9ũĊ#1ũ (2.ēũ #+Ėũ ČĐĎĐĉďĔũČĐĎĐĉđē ĎũĉďĒďũćĈĈē
%#-!( ĈĖũ ++#ũ 4(3.ũ ũćĉıČĎũ#-31#ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ
ũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖ 11 Ėũ ++#ũ #)~ ũĊĎćũ#-31#ũ 4!1#ũ8ũ
%#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ + -3 ũ "(3.1 Ėũ , 41 ũĈĎđČũ8ũĈđũ
(#"1 '(3 ēũ 7ĖũĎďćĐĊČ "#ũ .5(#, 1#Ĕũ "(ăũ!(.ũ .5(2 ēũũ #+$ĖũĐũ %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ ĉĎĐĐćĒĒĔũĐũĉĎđĎũđćĎē ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćē 7ĖũĐũĉĎĐđđČđ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ
ı (#"1 '(3 ēũ 7ĖũĎďćĐĊČ %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĊĖũ 1#- 2ũĉĉćũ8ũĈćũ"#ũ %.23.ũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĎŖũ (2.ũ #+ĖũĎććĉČĎĔũĎĎĎČĊćĔũĎĎĎČĊĈĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĎĎĈĎĎĉē %#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ + -3 ũ "(3.1 Ėũ - ,#1(! - ũ .13#ũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ũĊēĎũ #+ĖũČĐĎĐĉĊĔũČĐĎĐĉČĔũČĐĎĐĉĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ČĐĎĐĉďĔũČĐĎĐĉđē
%#-!( ĈĖũ ~!3.1ũ 1 ,(+.ũ 231 " ũđĈũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ
%#-!( ĉĖũ +#,#-3#ũ .-!#ũĉĈĒũ8ũ
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ + -3 ũ "(3.1 Ėũ .13.5(#).ũ ,ũČĔĎũ5~ ũ ũ
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ
ũ
#(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ %#-!( ĈĖũ 4(2ũ ;104#9ũ8ũ , 9.- 2Ĕũ
04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ #-31.ũ .,#1!( +ũ #(- "#+ũ (2-#Ĕũ ũŒĈĒũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ #+ĖũũĐũĉũďćďũĐĎćē
04#" -.ũ #+ĖũĎćĊĉďďĔũ Č ũ#ũ (%4#1 2ũıũ 1"#2 ũ #-31 +ē #+ĖũČũĉĊđĎĒđĈĔũČũĉĊđĎĒĐĊē
%#-!( ĈĖũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ 04#" -.ũ #+ĖũĎćĊĉďďĔũ %#-!( ĈĖũ .+~5 1ũ2ĵ-ũ8ũ .! $4#13#ũ ĸ 20ēĹũ "(ă %#-!( ĈĖũũ!(.ũ (+#-(4,ēũ #+$Ėũďũĉũ #(- ũ (!3.1( ũđĉĊũ8ũ 1 +ēũ ĐĉđďćĉĔũďũĉũĐĉđďććĔũďũĉũĐĉĉĉĒČē 04#" -.ũ #+ĖũĎćĊĉďďĔũĉĉĉČćĎĔũ ĉĉĉČćďũ 7ĖũĉĉđĒĈđ 04#" -.ũ #+Ėũ ĎćĊĉďďē
ĉ ĒđČĎĎĈũıũĉďĈĉďďĈũıũĉĒĉĎĒĐĊ ĉĒđČĎĎĈũıũĉďĈĉďďĈũıũ ĉĒĉĎČĐĐ ĉĎĎĈıĎĎĉ 1($ 2
2325781,'$' (1 48,72 9HQGR GRV GHSDUWDPHQWRV HQ SURSLHGDG KRUL]RQWDO FHUFDQRV D XQLYHUVLGDGHV \ WRGRV ORV VHUYLFLRV S~EOLFRV (Q GR SLVR P \ HU SLVR P FRQ JDUDMH HQ HGLILFDFLyQ GH WUHV SLVRV &DOOH /XJR /D )ORUHVWD &RQRFHU SUHYLD FLWD 7HOIV QRFKH DG DL
6( 9(1'( +HUPRVD FDVD HQ HO VHFWRU GH &DQDQYDOOH FHUFD GHO FROHJLR $WD KXDOSD $PSOLR WHUUHQR \ DFDED GRV GH OXMR ,QIRUPHV DO WHOpIRQR DG DL
9(1'2 &$6$ (Q OD =RLOD *DOiUUDJD -DUGtQ GH 3D] FRQ P GH FRQV WUXFFLyQ \ iUHD WRWDO P 3UHFLR FyPRGR ,QIRUPHV DO DG DL
(1 /26 &(,%26 9HQGR KHUPRVD FDVD HVTXLQHUD VDOD FRPHGRU FRFLQD GRUPL WRULRV VXLW FRPSOHWD JDUDMHV ,QIRUPHV H PDLO ZLORDUW#KRWPDLO FRP DG DL
9(1'2 $SURYHFKH XQD )LQFD HQ 0DVFDULOOD WRGR HQ SURGXF FLyQ ,QIRUPHV
&$6$ (1 9(17$ 6H YHQGH FDVD FXDWUR GRU PLWRULRV GRV ORFDOHV FRPHU FLDOHV IUHQWH 8 &DWyOLFD ,ED UUD ,QIRUPHV
/27(6 '( 2325781,'$'
,QGHSHQGLHQWH HQ FLXGDGHOD 0XQL FLSDO GRV SODQWDV \ WHUUD]D GRU PLWRULRV SDUTXHDGHUR WHOpIRQR 86' ,QIRUPHV DG DL
7255(6 '( /$ &2/Ð1
9HQGR KHUPRVR GHSDU WDPHQWR \ ORWH HVTXLQH UR HQ HO 0D\RULVWD ,QIRU PHV HPDLO ZLORDUW#KRWPDLO FRP DG DL
(Q OD )(&20, P \ HQ HO 0D\R ULVWD P ,QIRUPHV H PDLO ZLORDUW#KRWPDLO FRP DG DL
'( 2325781,'$' 6H YHQGH 5HQDXOW &/,2 NP $xR ,QIRUPHV DO
(1 $0%848Ë 9HQGR KHUPRVR ORWH OLVWR SDUD FRQVWUXLU &HUFD D OD 3DQDPHUL FDQD XUEDQL]DGR HVTXLQHUR \ FRQ WRGRV ORV VHUYLFLRV EiVLFRV
DW PU
9(1'2 &+(952/(7 (J[P]V :LKHU Ha\S VJtHUV TVKLSV RT HYVZ ` SSHU[HZ U\L]VZ ØUPJV K\L|V 0UMVYTLZ!
,QIRUPHV DG DL
'( 2325781,'$' 9(1'2 +(&7É5($6 3/$1$6 $ .0 '( &27$&$&+, &21 $*8$ &202 81 62/2 &8(532 2 ',9,','2 7(/) &(/
*VUZ\S[VYH /PKYVZVM[ *PH 3[KH 5LJLZP[H JVU[YH[HY SVZ ZLY]PJPVZ KL :Y[H (\_PSPHY KL *VU[HIPSPKHK ZVS[LYH JVU KPZWVUPIPSPKHK KL [PLTWV 4mZ PUMVYTHJP}U
HK HP
9(1'2 92/48(7$ 0DUFD ,QWHUQDFLRQDO ,Q IRUPHV D ORV WHOpIRQRV
5(67$85$17( ´(/ &$//(-Ð1µ
(+ (6
(U\UJPH H Z\ KPZ[PUN\PKH JSPLU[LSH X\L ZL LUJVU [YHYm HIPLY[V [VKVZ SVZ KVTPUNVZ 3LZ LZWLYHTVZ Q\U[V H 7VSSVZ .\Z ;LStMVUV!
8QD SHUVRQD SDUD WUDEDMDU HQ SL]]HUtD GH D KRUDV \ RWUD SHUVRQD SDUD DWHQGHU XQ EDU ,QIRUPHV DG DL
9(1'2
2325781,'$' (',),&,2 (1 0$17$
&KHYUROHW /XY \ &KHYUROHW &DUU\ ,QIRUPHV
&LXGDG GH PD\RU SOXVYDOtD &LQFR GHSDUWDPHQWRV H[FHOHQWH XELFDFLyQ D PLQXWRV GH iUHD FRPHUFLDO \ EDQFDULD ,QIRUPHV
'(3$57$0(172 < /2&$/ &20(5&,$/ +L HYYPLUKV T JVJPUH ZHSH JVTLKVY KVYTP[VYPVZ IH|VZ ZPU NHYHQL ` SVJHS NYHUKL KL T MYLU[L H SH IVSH HTHYPSSH 0UMVYTLZ!
DG DL
DG DL
,QGHSHQGLHQWH HVTXLQHUD GRU PLWRULRV HVWXGLR SDUTXHDGH URV WHOpIRQR WRGR VHUYLFLR 86' ,QIRUPHV DG DL
9(1'2 &$6$ 'H WUHV SODQWDV FRQ JDUD MHV HVTXLQHUD HQ OD 8UED QL]DFLyQ /D 4XLQWD ,QIRU PHV WHOpIRQR
DG DL
9(1'2
9(1'2 /27(
3RU PRWLYR GH YLDMH GH P HQ $WXQWDTXL D OD DOWXUD GH OD %DVH GH ORV 0LOLWDUHV ,QIRU PHV DG DL
9ROTXHWD &KHYUROHW ,VX]X &<= PRGHOR 7HOpIR QRV DG DL
/27(6 '(6'( & 0 6LQ LQWHUPHGLDULRV HVFULWXUDV LQ PHGLDWDV FRQ HO GH HQWUDGD SODQRV DSUREDGRV (QWUHYLVWDV )LQFD 'U 9DOHQFLD * &KRUODYt ,EDUUD DG DL
9(1'2 9RONVZDJHQ *RO SXHUWDV FRQIRUW DxR XQ VROR GXH xR FRORU URMR ,QIRUPHV WHOp IRQRV DG DL
78 '( 92 72 / + 7
LAVADO
1R WH SUHRFXSHV OOiPDQRV DEVROXWD GLVFUHVLyQ
%ULQGDPRV VHUYLFLRV SURIHVLRQDOHV
(SMVTIYHZ WLNHKHZ ` Z\LS[HZ T\LISLZ [HWPJLYxH H\[VZ ZLY]PJPV 0TIHI\YH ` *HYJOP 0UMVYTLZ! *SHYV
0RYL &ODUR & $ 0
9(1'2
$UULHQGR XQD FDVD DO QRUWH GH 4XLWR VHFWRU %HOODYLVWD GH &DUUHWDV &DOOH *RQ]DOR &RUUHD 1 7HOp IRQR
(SL]PULZ KL ;PSHWPH 9VQH HS WVY TH`VY ` TLUVY 0UMVYTLZ [LStMVUVZ!
$ 3 N P
(1 2%(/,6&2 $UULHQGR RÀ FLQDV HQ SHUIHF WDV FRQGLFLRQHV FRQ WHOpIR QR \ EDxR SULYDGR ,QIRUPHV DG DL
9(1'2 2 $55,(1'2 &DVD HQ $Y (O 5HWRU QR P ,QIRUPHV DG DL
<e Hl`kf i\j`[\eZ`X >`iXjfc _XY`kXZ`fe\j XdfYcX[Xj jfcf \jkl[`Xek\j Z\iZX X ]XZlckX[ [\ d\[`Z`eX [\j[\ (''% @e]%1 '00*-(-,' & ')),++)-/ nnn%i\j`[\eZ`Xle`m\ij`kXi`X$ ^`iXjfc%Zfd 8I&/,--(&ZZ
+2512 *,5$725,2
6$0$17+$ (;3(57$ (1 $0$55(6 '( $025
6$/8'
9(1'2 2 $55,(1'2 /RFDO FRPHUFLDO SODQWD EDMD P 9HODVFR \ 6iQ FKH] \ &LIXHQWHV ,QIRUPHV DG DL
6( $55,(1'$ 'HSDUWDPHQWRV HQ OD )ORULGD &DOOH /RV *LUDVROHV 1 FRQ WRGRV ORV VHUYLFLRV EiVLFRV 7HOpIRQRV FF DL
6H YHQGH D GLHVHO FiPDUD OHXGR DPD]DGRUD GLYLVRUD RWUR ODWDV 'DPRV JDUDQWtD GH IXQFLRQDPLHQWR ,QIRUPHV DG DL
/( 5(*5(62 $/ 6(5 $0$'2
FRQ R VLQ IRWR FXUR KHFKL]RV PDOD VXHUWH LPSRWHQFLD VH[XDO 2EALIZO ,)-0)!3 $%, !52! $025 EDxRV HQHUJpWLFRV OHFWXUD GH 7$527 &DPELH VX VXHUWH
$/(-( /$6 (19,',$6 12 3,(5'$ /$ )(
$0$55(6 *$5$17,=$'26
//$0(0( $/ 3UHYLD FLWD
!#
9(1'2 &$6$
'R\ JUD FLDV SRU HO ID YRU UH FL EL GR
HK HP
9(1'2
$5 FF
&RQ ItR HQ 7t PL 'LRV 3D GUH +L MR \ (V St UL WX 6DQ WR 0L ~QL FR 6DO YD GRU FRQ WR GDV PLV IXHU ]DV OHV SL GR TXH PH FRQ FH GDQ OD JUD FLD TXH WDQ WR GH VHR 3L GD WUHV GH VHRV XQR GH QH JR FLRV \ GRV LP SR VL EOHV 5H FH QXH YH YH FHV DO $YH PD UtD GX UDQ WH GtDV DO QR YH QR GtD SX EOL TXH HV WH DQXQ FLR \ VH FXP SOL Ui DXQ TXH QR OR FUHD RE VHU YH OR TXH RFX UUL Ui DO FXDU WR GtD GH VX SX EOL FD FLyQ
¢(67É6 (0%$5$=$'$"
DG DL
1LVVDQ $OPHUD PDWUtFXOD FRORU SODWD NP )XOO \ WDPELpQ 1LVVDQ 3DWURO [ PDWULFXODGR EXHQ HVWDGR ,Q IRUPHV
2UDFLyQ 0LODJURVD
HK HP
DG DL
$2
#+ĖũĉĎĎĈıĎĎĉũ 7ĖũĉĎĎĉıĈĊĎĔũ.ũ, 1! ũ ũ!4 +04(#1
$55,(1'2 '(3$57$0(172 3DUD IDPLOLD FRUWD &DOOH )ORUHV \ 3HGUR 5R GUtJXH] DG DL
6( 1(&(6,7$
75$%$-2 27$9$/2
.-3 !3.
',1(52
DG DL
9(1'2 &$6$
PU DW
0 # .14+&#X FFN/F &' %105647%%+Ø0X G &14/+61g 4+15X %10 6'44#<# ; '52#%+1 2#4# %105647+4X ,#4&Ó0X )#4#,' ; 2#6+1T 0(14/'5U NJF JGE JMJ f NMMKENFEL f NLKEEJMNJT fFHJIIf
/LQGR WHUUHQR HQ %HOODYLVWD P D OD HQWUDGD GH &KDO WXUD WRGRV ORV VHUYLFLRV Ei VLFRV ,QIRUPHV DG DL
( ; , 72
9(1'2
9HQGR FDVD QXHYD FRQ GRU PLWRULRV P WHUUHQR VHFWRU +XHUWRV )DPLOLDUHV 86' ,QIRUPHV DG DL
#ũ+4-#2ũ ũ5(#1-#2ũ"#ũđĖććũ ũ ũĊĖććũ
HK HP
2325781,'$'
.1 1(.
+ 2($(! ".2ũ,(-Ì2!4+ 2ũĸĈĎũ/ + 1 2ĹũũũũŌĊēćć + 2($(! ".2ũ, 8Ì2!4+ 2ũĸĈĎũ/ + 1 2ĹũũũŌĊēĎć ( /.ũ.ũ!+ 2($.3.ũĸ, 8Ì2!4+ ĹũũũŌČēĎć + 1 ũ "(!(.- +ũũũŌĉēćć % ũ".2ũ"~ 2ũ8ũ/4 +~! 3#ũ%1 3(2ũ#-ũ666ē+ '.1 ē!.,
$ $
-Ì-!( 3#ũ +Ėũũũ -Ì-!( 3#ũ +Ėũũũ
2325781,'$' 9HQGR QHJRFLR GH DFFHVR ULRV SDUD YHKtFXORV VHFWRU FRPHUFLDO PX\ EXHQD UHQWD ELOLGDG 86' ,QIRUPHV DG DL
325 12 32'(5 $7(1'(5 9HQGR R FDPELR SRU FDUUR XQ QHJRFLR GH ,QWHUQHW FRQ FOLHQWHOD HQ OD &LXGD GHOD ´-DUGLQHV GH 2GLODµ /D )ORULGD ,QIRUPHV DG DL
3e5','$ '( '2&80(1726 6H FRPXQLFD TXH VH KD H[WUDYLDGR ORV GRFXPHQWRV GHO VHxRU *HUDUGR 2OPHGR /HFKyQ )LHUUR \ 6HxRUD 0D UtD &OHPHQFLD &DL]D 'tD] OLEUHWD GH DKRUURV &RRS $WXQWDTXL FpGXODV SDSHOHWD GH YRWDFLyQ DG DL
ũũũũũũũũũ
COPRISEG CIA LTDA
6DOyQ )DPLOLDU
6L QR D\XGDV D OLPSLDU QR D\XGHV D HQVXFLDU
3RU pSRFD GH &XDUHVPD OH LQYLWD D GHJXVWDU ORV GtDV PDUWHV \ YLHUQHV GH OD GHOLFLRVD IDQHVFD
4650;69,6 4,5:<(3 4Í: 0=( ¸:0,479, 30:;6:¹ ,Z[HTVZ <IPJHKVZ ,U SH *HSSL 1VZt 4LQxH ` 7LKYV 9VKYxN\La -YLU[L H SH 7PZJPUH 6SxTWPJH V H U\LZ[YV JVYYLV! JVWYPZLN'HUKPUHUL[ UL[ ;,3,-! (+ (0
6XV SHGLGRV DO WHOpIRQR
"/5&4
'( 2325781,'$' 6( 9(1'( 5,.6*06 +, ()(:;6: @ *65-0;,9Ð( <)0*(+6 ,5 3( 6)0:76 46:8<,9( @ )(9;6364i .(9*Ð( :636 05;,9,:(+6: 33(4(9 ( 36: ;,3i-656:!
¢78 &25$=Ð1 (67$ $6Ì"
$5,(/ (/ *858 '(/ $025 7( $<8'$ 6R\ SRVHHGRU GHO DPDUUH PiV HFRQyPLFR HÀ FD] \ UiSLGR GHO PXQGR 5HVXOWDGRV HQ VROR KRUDV 9$/25 7HOI PLJ
.,26.2
´ /D &XHQFDQLWDµ 2)5(&(
#5(23 2Ĕũ/#1(¢"(!.2Ĕũ2.13#.2ũ"#ũ+.3#1~ Ĕũ+( 1.2ũ"#ũ !.!(- Ĕũ! -!(.-#1.2ũ8ũ+( 1.2ũ"#ũ,.3(5 !(¢-ēũ 104#ũ #-31 +ēũ #+_$.-.ĖũĉũĒđĈũćĊĒ
*/2%$/ 6,67(0 &20387$'25$6 5('(6 78725,$ 5()(5(17( $ &20387$&,Ð1
'RQDU WX VDQJUH QR LPSOLFD QLQJ~Q ULHVJR
2UDFLyQ 0LODJURVD <hg _²h ^g M²% fb =bhl% IZ ]k^% Ab ch r >l i² kb mn LZg mh' Fb ¼gb \h LZe oZ ]hk% \hg mh ]Zl fbl _n^k sZl e^l ib ]h jn^ f^ \hg \^ ]Zg eZ `kZ \bZ jn^ mZg mh ]^ l^h' !Ib ]Z mk^l ]^ l^hl ngh ]^ g^ `h \bhl r ]hl bf ih lb [e^l"' K^ \^ gn^ o^ o^ \^l Ze :o^ fZ k²Z ]n kZg m^ 2 ]²Zl% Ze gh o^ gh ]²Z in [eb jn^ ^l m^ Zgng \bh r l^ \nf ieb k§ Zng jn^ gh eh \k^Z% h[ l^k o^ eh jn^ h\n kkb k§ Ze \nZk mh ]²Z ]^ ln in [eb \Z \b·g' =hr `kZ \bZl ihk ^e _Z ohk k^ \b [b ]h' MN => OH M: E'A'M'
NAKAL= FM=KLJ9 H9?AF9 O=: Iki YbWi_\_YWZei [d
mmm$bW^ehW$Yec$[Y
/26 1,f26 '(%(1 6$%(5 '( 0(025,$ (/ 1Ó0(52 '( 68 7(/e)212
ũ ũ
$/ 325 0$<25 < 0(125 9HQWD GH SXQWDOHV 8/0$ VHPLQXHYRV UHIRU]DGR $/ &217$'2 < &5e',72 7HOIV &RUUHR GLVWULEXLGRUD DOYDUHVD#\DKRR HV 6$172 '20,1*2 (&8$'25
&XDQGR FUXFH OD FDOOH KDJDOR VLHPSUH SRU ODV HVTXLQDV \ SRU OD ]RQD GH VHJXULGDG WRPDQGR ODV SUHFDXFLRQHV GHO FDVR 9B7I?<?97:EI Z[ :?7H?E B7 >EH7
ln f^chk Zem^kgZmboZ iZkZ \hfikZk r o^g]^k
P]
6$/9$ 81$ 9,'$
7 ŏ Āăŏ ŏ ŏĂĀāĂ
ŏ +. ŏ 7 ġ Āąŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
Ăā Ăā
9B7I?<?97:EI B7 >EH7 ?87HH70 &, ( /+,+&( 78/&$1 27$9$/2
%&416²4
$&/530 .²%*$0 %& &45²5*$"
%3 '"6450 '"+"3%0 3*0'3¶0 3FNPEFMBDJØO EF OBSJ[ TJO DJSVHÓB FOHSPTBNJFOUP EF MBCJPT 5SBUBNJFOUP EF NBODIBT CBSSPT FTQJOJMMBT WFSSVHBT MVOBSFT IPOHPT EF QJFM Z V×BT 3FNPDJØO EF UBUVBKFT NBODIBT Z QFDBT EF MBT NBOPT DPO MBTFS "QMJDBDJØO EF DPMÈHFOP FO MÓOFBT EF FYQSFTJØO SFKVWFOFDJNJFOUP GBDJBM WJUJMJHP NFKPSF TV mHVSB DPO MJQPBTQJSBDJØO VMUSBTØOJDB QBSB FTPT NPMFTUPT SPMMJUPT FO FTQBMEB BCEPNFO Z DJOUVSB $)&26&0 4*/ $0450 %*3&$$*»/ + + 'MPSFT Z 3PDBGVFSUF FTRVJOB EP QJTP 0mDJOB 5FMG -6/&4 " 7*&3/&4 EF BN B QN Z EF QN B QN BE BJ 4«#"%04 EF BN B QN
2)5(&( 0$17(1,0,(172 '(
&(/ 'RQD WX VDQJUH
&DPSDxD GH OLPSLH]D SRU OD &LXGDG GH 7XOFiQ
mr/12108/at
(+ (0
769 :< :,.<90+(+ 765, ( :< :,9=0*06! :,.<90+(+ ,3,*;9Ô50*( *,9*(: ,3i*;90*(: :0:;,4( +, *Í4(9(: +, :,.<90+(+ =0.03(5*0( (94(+( +,;,*;0=,: 790=(+6:
$GHPiV OH RIUHFHPRV GHVD\XQRV DOPXHU]RV SODWRV D OD FDUWD \ ORV ~QLFRV TXLPEROLWRV FRQ UHJLVWUR VDQLWDULR (VWDPRV XELFDGRV HQ OD $\DFXFKR HQWUH %ROtYDU \ 5DIDHO $UHOODQR
$6(625$0,(172 '( 7(6,6 7(5&(52 < &8$572 1,9(/ ,1)250(6
$57(6 /8&$6
'( -8$1,7$ /8&$6 /H RIUHFH WUDEDMRV HQ IRPLV FRPR DGRU QRV UHFXHUGRV FDUWHOHV PDWHULDO GLGiFWL FR \ FXUVRV %ROtYDU HQWUH SLFKLQFKD \ 5RFDIXHUWH
ŏ ŏ
ŏ
ĂĂ
7 ŏŏ 7 Āăŏ ŏ ŏĂĀāĂŏ ĀĂŏ ŏ ŏĂĀāĀ Āăŏ ŏ ŏĂĀāĂ
ŏ +. ŏ ġ
5(3Ô%/,&$ '(/ (&8$'25 (;75$&72 '( &,7$&,Ð1 -8',&,$/ 1R -8=*$'2 $'-8172 '( /$ 1, f(= < $'2/(6&(1&,$ $&725 1$5$1-2 6$17$1 '(5 0$5,$ )/25$/%$ '(0$1'$'2 3$,//$&+2 (6 75$'$ 52%(57+ -$9,(5 &$86$ 'HPDQGD GH 3HQVLyQ $OLPHQWLFLD $/ '(0$1'$'2 6(f25 3$, //$&+2 (675$'$ 52%(57+ -$9,(5 6( /( +$&( 6$%(5 48( (1 (67( -8=*$'2 6( (67$ 75$0,7$1'2 /$ '(0$1 '$ '( 3(16,Ð1 $/,0(17,&,$ 1R 48( 6,*8( /$ 65$ 1$5$1-2 6$17$1'(5 0$5Ì$ )/25$/%$ &8<$ 352 9,'(1&,$ 6( 75$16&5,%( -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$17Ð1 78/&É1 7XOFiQ OX QHV WUHFH GH IHEUHUR GHO GRV PLO GRFH ODV K 3UHYLDPHQWH D FDOLÀFDU OD GHPDQGD GH $/,0(1 726 TXH DQWHFHGH SUHVHQWDGR SRU OD VHxRUD 0$5Ì$ )/25$/ %$ 1$5$1-2 6$17$1'(5 HQ FRQWUD GHO VHxRU 52%(57+ -$9,(5 3$,//$&+2 (675$'$ GHQWUR GHO -XLFLR VLJQDGR FRQ HO 1R GH FRQIRUPLGDG D ORV GLVSXHVWR HQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO YLJHQWH HO DFFLRQDQWH FRPSD UH]FD D HVWH -X]JDGR \ EDMR MX UDPHQWR PDQLÀHVWH GHVFRQRFHU OD LQGLYLGXDOLGDG \ UHVLGHQFLD GHO GHPDQGDGR VHxRU 52%(57+ -$9,(5 3$,//$&+2 (675$'$ 7yPHVH QRWD HO &DVLOOHUR -XGLFLDO 1R SHUWHQHFLHQWH DO 'U 5D~O 9HODVFR VHxDODGR SRU OD SDUWH DFWRUD 127,),48(6( -8= *$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$1 7Ð1 78/&É1 7XOFiQ MXHYHV YHLQWH \ WUHV GH IHEUHUR GHO GRV PLO GRFH ODV K 9,6726 $YRFR FRQRFLPLHQWR OD SUHVHQWH FDXVD GH SHQVLyQ DOLPHQWLFLD HQ PL FDOLGDG GH -XH] $GMXQWR SRU HQFRQWUDUVH YLJHQWH HO &yGLJR GH OD fLxH] \ $GROHVFHQFLD (Q OR SULQFLSDO XQD YH] TXH VH KD GDGR FXPSOLPLHQWR D OD SURYLGHQFLD GHO GH )HEUHUR GHO D ODV K OD GHPDQGD SUHVHQWDGD SRU OD VHxRUD 0$5Ì$ )/25$/ %$ 1$5$1-2 6$17$1'(5 HQ FRQWUD GHO 6HxRU 52%(57+ -$ 9,(5 3$,//$&+2 (675$'$ VH FDOLÀFD GH FODUD FRPSOHWD \ UH~QH ORV UHTXLVLWRV GH OH\ SRU OR TXH VH OD DFHSWD DO WUiPLWH &RQWHQFLRVR $GPLQLVWUDWLYR *HQHUDO HVWDEOH FLGR HQ HO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD VH WRPD HQ FXHQWD DO 'U 5D~O 9HODVFR FRQ &DVLOOHUR -XGLFLDO 1R SDUD TXH UHSUHVHQWH DO UHFODPDQWH HQ OD SUHVHQWH FDX VD 6H ÀMD FRPR 3(16,Ð1 352 9,6,21$/ DOLPHQWLFLD D IDYRU GHO DOLPHQWDULR $/(; )(51$1'2 3$,//$&+2 1$5$1-2 QDFLGR HO GH 'LFLHPEUH GHO OD VXPD GH 2&+(17$ '2/$5(6 '( /26 (67$'26 81,'26 '( $0e5,&$ SDUD HO PHQRU DQWHV LQGLFDGR SRU 12 KDEHU MXVWLÀFD GR OD FRQGLFLyQ HFRQyPLFD GHO DOLPHQWDQWH TXLHQ GHEHUi SDJDU GHVGH OD SUHVHQWDFLyQ FRQ OD GHPDQGD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ ORV $UWV ,QQXPH UDGRV \ GH OD /H\ UHIRUPDWRULD DO 7tWXOR 9 OLEUR ,, GHO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD GXUDQWH ORV FLQFR SULPHURV GtDV GH FDGD PHV GH FRQIRUPLGDG FRQ OD WD EOD GH SHQVLRQHV DOLPHQWLFLDV PtQLPDV TXH VH HQFXHQWUDQ ÀMD GDV SRU HO &RQVHMR 1DFLRQDO GH OD 1LxH] \ $GROHVFHQFLD &tWHVH DO GHPDQGDGR VHxRU 52%(57- -$9,(5 3$,//$&+2 (675$'$ PHGLDQWH WUHV SXEOLFDFLRQHV TXH VH UHDOL]DUiQ FDGD XQD GH HOODV HQ IHFKDV GLVWLQWDV HQ XQ SHULyGL FR GH DPSOLD FLUFXODFLyQ GHO OXJDU \ FRPR DVt OR GHWHUPLQD HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &L YLO \ HO $UW ,QQXPHUDGR GH OD /H\ 5HIRUPDWRULD DO &yGLJR GH OD 1LxH] \ $GROHVFHQFLD &LWDGR TXH VHD HO GHPDQGDGR HQ OHJDO IRUPD VH FRQYRFDUi D ODV SDUWHV D OD DXGLHQFLD ~QLFD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $UW ,QQX PHUDGR ,ELGHP D ÀQ GH TXH FRQWHVWH HQ HO WpUPLQR OHJDO FR UUHVSRQGLHQWH \ GH FRQIRUPLGDG FRQ ORV $UWV GHO &yGLJR GH 3URFHGLPLHQWR &LYLO VHxDOH GRPL FLOLR MXGLFLDO SDUD UHFLELU VXV SRVWH ULRUHV QRWLÀFDFLRQHV DQXQFLDQGR VXV PHGLRV SUREDWRULRV UHVSHFWL YRV FRQIRUPH OR GHWHUPLQD HO $UW ,QQXPHUDGR GH OD /H\ UHIRUPD WRULD SUHYLQLpQGROH HQ FDVR GH QR FRQWHVWDU QL VHxDODU GRPLFLOLR SDUD VXV QRWLÀFDFLRQHV VH VHJXLUi FRQ OD SUHVHQWH FDXVD HQ VX UHEHOGtD 7pQJDVH HQ FXHQWD OD SUXHED DQXQFLDGD SRU OD SDUWH DFWRUD \ HO GRPLFLOLR VHxDODGR SDUD VXV SRV
WHULRUHV QRWLÀFDFLRQHV DJUpJXHVH OD GRFXPHQWDFLyQ DGMXQWD D OD GHPDQGD 127,)Ì48(6( '5 %<521 -$9,(5 625,$ /$1'$=85, 6(&5(7$5,2 $' +2& '(/ -8=*$'2 $'-8172 '( /$ 1,f(= < $'2/(6&(1&,$ '(/ &$17Ð1 78/&É1 +D\ ÀUPD \ VHOOR OS DW '( /2 &,9,/ '( ,%$55$ (;75$&72 -8',&,$/ '(0$1'$17( *8,//(502 *(50É1 %(1$9,'(6 0$&+$ '2 '(0$1'$'2 -26e '$9,' -$5$0,//2 *8(55$ 0$7(5,$ &2%52 '( ',1(52 -8,&,2 (-(&87,92 1R &8$17Ì$ 86' '20,&,/,2 '(/ $&725 '5 6,;72 0$126$/9$6 &DVLOOHUR 1R -8(= 'U 3('52 /(,9$ *$ //(*26 -8(= 683/(17( '(/ -8=*$ '2 6(*81'2 '( /2 &,9,/ '( ,%$55$ -8=*$'2 6(*81'2 '( /2 &,9,/ '( ,0%$%85$ ,EDUUD MXHYHV GH IHEUHUR GHO ODV K 9,6726 /D GHPDQGD TXH DQWHFHGH HV FODUD SUHFLVD \ UH~QH ORV UHTXLVLWRV OHJDOHV SRU OR TXH VH OH DFHSWD DO WUiPLWH HMH FXWLYR TXH OH FRUUHVSRQGH &RQ OD GHFODUDFLyQ MXUDPHQWDGD KHFKD SRU OD DFWRUD FtWHVH DO GHPDQ GDGR -26e '$9,' -$5$0,//2 *8(55$ SRU OD SUHQVD HQ XQR GH ORV GLDULRV GH PD\RU FLUFXOD FLyQ UHJLRQDO TXH VH HGLWDQ HQ OD FLXGDG GH ,EDUUD GH FRQIRUPLGDG FRQ OR HVWDEOHFLGR HQ HO $UW GHO &yGLJR GH 3URFHGLPLHQWR &LYLO D ÀQ GH TXH HQ HO WpUPLQR GH WUHV GtDV FXPSOD FRQ OD REOLJDFLyQ R GHGX]FD H[FHSFLRQHV OHJDOHV EDMR SUHYHQFLyQ GH VHQWHQFLD $JUpJXHVH OD GRFXPHQWDFLyQ DFRPSDxDGD 7pQJDVH HQ FXHQ WD OD FXDQWtD \ HO FDVLOOHUR MXGLFLDO VHxDODGRV &Ì7(6( < 127,)Ì 48(6( /R TXH FLWR D XVWHG SDUD ORV ÀQHV OHJDOHV DGYLUWLpQGROH GH OD REOLJD FLyQ TXH WLHQH GH VHxDODU FDVLOOHUR MXGLFLDO HQ HVWD FLXGDG ,EDUUD D GH IHEUHUR GHO 'UD 1HOO\ 5XDQR ( 6(&5(7$5,$ +D\ ÀUPD \ VHOOR $' $,
¡
%$1&2 ,17(51$&,21$/
3RU KDEHUVH SHUGLGR OD /LEUHWD GH $KRUURV GH OD FXHQWD 1R GHO %DQFR ,QWHUQDFLRQDO 6 $ VH HVWi SURFHGLHQ GR D VX DQXODFLyQ 4XLHQ FUH\HUH WHQHU GHUHFKR VREUH HVWD OLEUHWD GHEH Ui SUHVHQWDU VX UHFODPR DO %DQFR GHQWUR GH ORV GtDV FRQWDGRV GHVGH OD ~OWLPD SXEOLFDFLyQ GH HVWH DYLVR IS DG DL
3RU KDEHUVH SHUGLGR OD /LEUHWD GH $KRUURV GH OD FXHQWD 1R GHO %DQFR ,QWHUQDFLRQDO 6 $ VH HVWi SURFHGLHQGR D VX DQXODFLyQ 4XLHQ FUH\HUH WHQHU GHUHFKR VREUH HVWD OLEUHWD GHEHUi SUHVHQWDU VX UHFODPR DO %DQFR GHQWUR GH ORV GtDV FRQWDGRV GHVGH OD ~OWL PD SXEOLFDFLyQ GH HVWH DYLVR IS DG DL
$18/$&,Ð1 6H SRQH HQ FRQRFLPLHQWR GHO S~EOLFR TXH VH KD H[WUD YLDGR OD FXHQWD GH $KRUURV SHUWHQHFLHQWH D OD FXHQWD 1R &HUWLILFD FLyQ GHO VRFLR 7$5$38e6 (63$f$ *21 =$/2 5,*2%(572 GH OD &RRSHUDWLYD ´ GH 2FWX EUHµ SRU OR TXH VH SURFHGH D VX DQXODFLyQ DW IS
ŋ#(. ,' # # (ŋŋ & ), &ŋ3ŋ& ŋ. , ,#4 # ( BW h[Y_[dj[ h[\ehcW Wb 9 Z_]e Z[b JhWXW`e" l_][dj[ [d [b fW i Z[iZ[ [b () Z[ `kd_e Z[b (&&," Yedj[cfbW kd dk[le ehZ[d `kh Z_Ye fWhW [\[Yjei Z[ bW ?dj[hc[Z_WY_ d BWXehWb o J[hY[h_pWY_ d$ 9WX[ c[dY_edWh gk[ [b :[# Yh[je ;`[Ykj_le (',, gk[ ^WijW [iW \[Y^W deh# cWXW Z_Y^ei i[hl_Y_ei" ZWXW [b YWh|Yj[h Z[ j hc_dei [gk_lWb[dj[i W bW ?dj[hc[Z_WY_ d BWXehWb o W bW J[hY[h_pWY_ d$ BW h[\ehcW WY# jkWb bei Z_ij_d]k[ YedY[fjkWbc[dj[" Z[Òd_ d# Zebei Z[ bW i_]k_[dj[ cWd[hW$ ÆI[ Z[dec_dW _dj[hc[Z_WY_ d bWXehWb W Wgk[bbW WYj_l_ZWZ Yedi_ij[dj[ [d [cfb[Wh jhWXW`WZeh[i Yed [b Òd Z[ fed[hbei W Z_ife# i_Y_ d Z[ kdW j[hY[hW f[hiedW" dWjkhWb e `k# h Z_YW" bbWcWZW kikWh_W" gk[ Z[j[hc_dW iki jWh[Wi o ikf[hl_iW ik [`[YkY_ d$Ç$ BW \WYkbjWZ Z_iY_fb_dWh_W \h[dj[ Wb jhWXW# `WZeh" Yehh[ifedZ[h| W bW [cfh[iW ?dj[hc[# Z_Wh_W" W f[Z_Ze fh[l_e o cej_lWZe Z[ bW kikWh_W$ ÆI[ Z[dec_dW j[hY[h_pWY_ d Z[ i[hl_Y_ei Yecfb[c[djWh_ei" Wgk[bbW gk[ h[Wb_pW kdW f[hiedW `kh Z_YW Yedij_jk_ZW Z[ Yed\ehc_ZWZ Yed bW B[o Z[ 9ecfW Wi" Yed ik fhef_e f[h# iedWb" fWhW bW [`[YkY_ d Z[ WYj_l_ZWZ[i Yec# fb[c[djWh_Wi Wb fheY[ie fheZkYj_le Z[ ejhW [cfh[iW$ BW h[bWY_ d bWXehWb ef[hWh| [nYbk# i_lWc[dj[ [djh[ bW [cfh[iW j[hY[h_pWZehW Z[ i[hl_Y_ei Yecfb[c[djWh_ei o [b f[hiedWb feh ijW YedjhWjWZe [d bei j hc_dei Z[ bW 9edij_# jkY_ d Feb j_YW Z[ bW H[f Xb_YW o bW b[o$Ç$ ÆBW YebeYWY_ d Z[ [cfb[e Yedi_ij[ [d bW WYj_l_ZWZ c[Z_Wdj[ bW YkWb kdW f[hiedW dWjkhWb e `kh Z_YW" W jhWl i Z[ kdW W][dY_W fh_lWZW Z[ YebeYWY_ d" e\h[Y[ i[hl_Y_ei Z[ij_# dWZei W l_dYkbWh e\[hjWi o Z[cWdZWi Z[ [c# fb[e o fed[h W Z_ifei_Y_ d Z[ f[hiedWi `kh # Z_YWi e dWjkhWb[i" f[hiedWi fWhW gk[ i[Wd [cfb[WZWi Yece jhWXW`WZeh[i Z_h[YjWc[dj[ feh Wgk[bbWi" i_d gk[ bW W][dY_W fh_lWZW Z[ YebeYWY_ed[i Z[ [cfb[e" fWi[ W i[h fWhj[ [d bWi h[bWY_ed[i bWXehWb[i gk[ fkZ_[hWd Z[h_# lWhi[¾ BW YebeYWY_ d de _cfb_YWh| d_ _dj[h# c[Z_WY_ d bWXehWb d_ j[hY[h_pWY_ d Z[ i[hl_# Y_ei Yecfb[c[djWh_ei$Ç$ 4-3.2ũ1#+#5 -3#2ũ"#ũ+ ũ1#$.1, ũ ;d YkWdje W bWi [cfh[iWi Z[ ?dj[hc[Z_WY_ d BWXehWb ?B o Z[ J[hY[h_pWY_ d Z[ I[hl_Y_ei 9ecfb[c[djWh_ei JI9 0 ;b C_d_ij[h_e Z[ JhWXW`e o ;cfb[e [i [b h]Wde [dYWh]WZe Z[ Wkjeh_pWh [b \kdY_e# dWc_[dje Z[ [ijWi [cfh[iWi1 :_Y^Wi [cfh[iWi Z[X[h|d j[d[h Yece eX`[je ieY_Wb d_Ye e [nYbki_le" bW _dj[hc[Z_W# Y_ d bWXehWb e bW j[hY[h_pWY_ d Z[ i[hl_Y_ei Yecfb[c[djWh_ei [d ik YWie" [ije gk_[h[ Z[Y_h gk[ kdW [cfh[iW Z[ _dj[hc[Z_WY_ d bWXehWb de feZh| j[d[h ejhe eX`[je ieY_Wb" d_ i_gk_[hW YebeYWY_ d c[dei W d j[hY[h_pWY_ d Z[ i[hl_Y_ei Yecfb[c[djWh_ei o l_Y[l[hiW1 JWdjei bWi [cfh[iWi Z[ _dj[hc[Z_W# Y_ d Wi Yece bWi Z[ j[hY[h_pWY_ d" Z[X[d i[h f[hiedWi `kh Z_YWi ik`[jWi Wb Yedjheb Z[ bW Ikf[h_dj[dZ[dY_W Z[ 9ecfW Wi$ ;b YWf_jWb c d_ce Z[ YkWbgk_[hW Z[ [ijWi [cfh[iWi i[# h| Z[ KI '&$&&&"ee fW]WZe [d dkc[hWh_e$ BWi [cfh[iWi Z[ _dj[hc[Z_WY_ d Z[X[h|d _dYh[c[djWh WdkWbc[dj[ [b lWbeh Z[ iki WYj_# lei [d feh be c[dei [b (& ^WijW Yecfb[jWh bW YWdj_ZWZ Z[ )&$&&&"ee [d WYj_lei [d [b fbWpe Z[ , W ei1 ;nY[fY_edWbc[dj[" bWi f[hiedWi dWjk# hWb[i feZh|d fh[ijWh i[hl_Y_ei Z[ _dj[hc[Z_W# Y_ d e Z[ j[hY[h_pWY_ d [nYbki_lWc[dj[ fWhW bei i[Yjeh[i Z[ bW YedijhkYY_ d o W]h YebW1 BW Wkjeh_pWY_ d fWhW bW fh[ijWY_ d Z[ Z_Y^ei i[hl_Y_ei gk[ YedY[ZW [b C_d_ij[h_e
Z[b JhWXW`e j[dZh| bW lWb_Z[p Z[ kd W e bW fh_c[hW l[p" Y_dYe W ei fWhW bW fh_c[hW h[# delWY_ d o feij[h_ehc[dj[ i[h| _dZ[Òd_Ze$ BW Wkjeh_pWY_ d j[dZh| kd WbYWdY[ fWhW jeZe [b j[hh_jeh_e Z[b ;YkWZeh$ .1, +(" "#2 FWhW bW fh[ijWY_ d Z[b i[hl_Y_e Z[ _dj[hc[Z_W# Y_ d bWXehWb i[ Z[X[h|d ÒhcWh Zei YedjhWjei o Ykcfb_h Yed Y_[hjWi \ehcWb_ZWZ[i$ B Kde c[hYWdj_b [djh[ bW [cfh[iW Z[ _dj[h# c[Z_WY_ d bWXehWb o bW kikWh_W" Ykoe eX`[je i[h| fed[h W Z_ifei_Y_ d jhWXW`WZeh[i fWhW fh[ijWh iki i[hl_Y_ei [d bW kikWh_W" W Ykoe fe# Z[h Z[ Z_h[YY_ d gk[ZWh|d iec[j_Zei Wgk[# bbei$ ;b fbWpe Z[ [ij[ YedjhWje i[h| b_Xh[c[d# j[ fWYjWZe [djh[ bWi fWhj[i$ 7 bW j[hc_dWY_ d Z[b YedjhWje c[hYWdj_b j[hc_dWh| jWcX_ d bW h[bWY_ d Z[ jhWXW`e gk[ l_dYkbW W bW [cfh[iW Z[ _dj[hc[Z_WY_ d Yed bei jhWXW`WZeh[i gk[ bWXeh[d [d bW kikWh_W" iWble gk[ bW [cfh[iW Z[ _dj[hc[Z_WY_ d j[d]W Y[b[XhWZe YedjhW# jei W fbWpe Ò`e E _dZ[Òd_Zei Yed Z_Y^ei jhWXW`WZeh[i" YW# ie [d [b YkWb bW h[bWY_ d bWXehWb Yedj_dkWh| Yed bW [cfh[iW Z[ _dj[hc[Z_WY_ d$ 7Z_Y_edWbc[dj[ i[ Z[X[h| h[Wb_pWh kdW Z[YbWhWY_ d `khWc[djWZW [djh[ bWi [cfh[iWi Z[ _dj[hc[ZW_Y_ d o bWi kikWh_Wi" [d [b i[dj_# Ze Z[ gk[ [djh[ [bbWi de [n_ij[d l dYkbei d_ h[bWY_ d Z[ d_d] d j_fe$ BW kikWh_W Z[X[h| jWcX_ d [djh[]Wh W bW [cfh[iW Z[ _dj[hc[# Z_WY_ d bei h[]bWc[djei _dj[hdei Z[ jhWXW`e o Z[ ^_]_[d[ o i[]kh_ZWZ WfheXWZei feh bWi :_h[YY_ed[i H[]_edWb[i Z[b JhWXW`e W bW Òh# cW Z[b YedjhWje c[hYWdj_b$ B Kd YedjhWje Z[ jhWXW`e [iYh_je [djh[ bW [cfh[iW Z[ _dj[hc[Z_WY_ d bWXehWb o YWZW kde Z[ bei jhWXW`WZeh[i _dj[hc[Z_WZei" Yed# l[d_e gk[ Z[X[h| h[]_ijhWhi[ Z[djhe Z[ bei )& Z Wi W fWhj_h Z[ ik ikiYh_fY_ d Wdj[ [b ?di# f[Yjeh Z[b JhWXW`e$ FWhW bW fh[ijWY_ d Z[ bW J[hY[h_pWY_ d Z[ I[hl_Y_ei 9ecfb[c[djWh_ei" i[ Z[X[h| Òh# cWh [d YWcX_e kd YedjhWje [djh[ bW [cfh[# iW Z[ JI9 o bW kikWh_W [d [b YkWb YedijWh| [nfh[iWc[dj[ bW WYj_l_ZWZ Yecfb[c[djWh_W Z[b fheY[ie fheZkYj_le W h[Wb_pWh feh fWhj[ Z[b jhWXW`WZeh$ BW b[o de c[dY_edW" f[he [i eXl_e gk[ W ik l[p bW [cfh[iW Z[ J[hY[h_pW# Y_ d Z[ I[hl_Y_ei Z[X[h| ÒhcWh Yed bei h[i# f[Yj_lei jhWXW`WZeh[i bei YedjhWjei Z[ jhWXW# `e h[if[Yj_lei o Z[ _]kWb ik[hj[ h[]_ijhWhbei [d bW ?dif[YY_ d Z[b JhWXW`e$ ;i _cfehjWdj[ c[dY_edWh" gk[ bW h[\ehcW de Yedj[cfbW Wb# ]kdW fhe^_X_Y_ d [djh[ [b ]hWZe Z[ h[bWY_ d e l_dYkbWY_ d gk[ fk[ZW j[d[h e de bW kikW# h_W o bW [cfh[iW Z[ j[hY[h_pWZehW$ !3(5(" "#2ũ04#ũũ/4#"#-ũ2#1ũ 3#-"(" 2 BW b[o Z_ifed[ gk[ jeZWi bWi WYj_l_ZWZ[i Z[ bW kikWh_W fk[Z[d i[h Wj[dZ_ZWi feh kdW e lWh_Wi [cfh[iWi Z[ ?dj[hc[Z_WY_ d BWXehWb" oW i[W XW`e bWi ceZWb_ZWZ[i Z[ YedjhWjWY_ d W fbWpe Ò`e" eYWi_edWb" [l[djkWb" feh ^ehWi k ejhei YedjhWjei fh[YWh_ei" Yed bW [nY[fY_ d Z[ Wgk[bbWi \kdY_ed[i Z[ YedÒWdpW e h[fh[# i[djWY_ d$ ;b fehY[djW`[ c|n_ce Z[ jhWXW`W# Zeh[i gk[ i[ fk[Z[d cWdj[d[h XW`e [b c[YW# d_ice Z[ _dj[hc[Z_WY_ d bWXehWb de Z[X[h| fWiWh Z[b +& $ ;d YWcX_e" jhWj|dZei[ Z[ [cfh[iWi Z[ J[hY[h_pWY_ d Z[ I[hl_Y_ei iebWc[dj[ fe# Zh|d i[h Wj[dZ_ZWi bWi kikWh_Wi fWhW [\[Yjei Z[ WYj_l_ZWZ[i Yecfb[c[djWh_Wi Z[ bW c_i# cW" [ije [i l_]_bWdY_W" i[]kh_ZWZ" Wb_c[djW# Y_ d" c[diW`[h W" cWdj[d_c_[dje" b_cf_[pW o ejhWi WYj_l_ZWZ[i Z[ Wfeoe gk[ j[d]Wd Wgk[b YWh|Yj[h$ :[ _]kWb cWd[hW bW b[o de Yedj[c#
fbW kd fehY[djW`[ c|n_ce Z[ jhWXW`WZeh[i XW`e [ijW ceZWb_ZWZ$ 7Z_Y_edWbc[dj[ bW b[o WYbWhW gk[ jhWj|dZei[ Z[ fhe\[i_edWb[i Yed j jkbe kd_l[hi_jWh_e" de bei feZh| bW kikWh_W YedjhWjWh XW`e [b i_ij[cW Z[ J[hY[h_pWY_ d Z[ I[hl_Y_ei" i_de oW i[W Yece i[hl_Y_ei fhe# \[i_edWb[i e XW`e h[bWY_ d bWXehWb Z_h[YjW" o Wkdgk[ de be Z_Y[ bW b[o Z_h[YjWc[dj[" i[ [d# j_[dZ[ feh ikfk[ije Yece _dj[hc[Z_WY_ d bWXehWb$ 1.'( (!(¢-ũ+#% +ũ"#ũ!.-31 3 1 BW b[o Yedj[cfbW bei i_]k_[dj[i YWiei0 B FWhW ikij_jk_h jhWXW`WZeh[i [d ^k[b]W [ _dYbkie [d [b YWie Z[ ^k[b]W ieb_ZWh_W1 C 9kWdZe bW kikWh_W de jkl_[h[ h[]bWc[d# je Z[ ^_]_[d[ o i[]kh_ZWZ WfheXWZe feh [b C_d_ij[h_e Z[ JhWXW`e" o bW h[Wb_pWY_ d Z[b jhWXW`e _cfb_gk[ f[b_]he fWhW bW iWbkZ o i[]k# h_ZWZ o feh [dZ[ i[ h[gk_[hW Z[ kdW Z[ijh[pW o YWfWY_ZWZ [if[Y_Wb Z[b jhWXW`WZeh1 D 9kWdZe i[ Z[il_dYkb[ W kd jhWXW`WZeh [ijWXb[ o f[hcWd[dj[" fWhW lebl[hbe W YedjhW# jWh XW`e [b c[YWd_ice Z[ _dj[hc[ZW_Y_ d1 E FWhW hejWh jhWXW`WZeh[i [djh[ YecfW# Wi _dj[hc[Z_Wh_Wi gk[ fh[ij[d iki i[hl_# Y_ei W kdW c_icW kikWh_W1 F FWhW [b Z[iWhhebbe Z[ WYj_l_ZWZ[i Z[ Yed# ÒWdpW Z[ bW kikWh_W" jWb[i Yece Z_h[Yjeh[i" ][h[dj[i" WZc_d_ijhWh[i" YWf_jWd[i Z[ XWhYe" [jY$" [i Z[Y_h fWhW Wgk[bbei \kdY_edWh_ei Z[ YedÒWdpW gk[ [d l_hjkZ Z[b Whj Ykbe ), Z[b 9 Z_]e Z[b JhWXW`e ied ieb_ZWh_Wc[dj[ h[i# fediWXb[i Yed`kdjWc[dj[ Yed [b [cfb[WZeh \h[dj[ W bei jhWXW`WZeh[i$ ;b jhWXW`WZeh j[dZh| jeZei bei Z[h[Y^ei gk[ Yedj[cfb[ bW 9edij_jkY_ d" bW b[o Z[ i[# ]kh_ZWZ ieY_Wb" [b Y Z_]e Z[b jhWXW`e o bei Yed# l[d_ei Z[ bW E?J$ 7Z_Y_edWbc[dj[ bei jhWXW`WZeh[i gk[ fh[ij[d iki i[hl_Y_ei XW`e bW ceZWb_ZWZ Z[ _dj[hc[Z_WY_ d bWXehWb" feZh|d fh[i[djWh W bW kikWh_W bWi h[YbWcWY_ed[i h[bWY_edWZWi Yed bWi YedZ_Y_ed[i Z[ [`[YkY_ d Z[ ik WYj_# l_ZWZ" Z[X_[dZe ^WY[hbe jWcX_ d W bW _dj[h# c[Z_Wh_W$ I[ WYbWhW WZ_Y_edWbc[dj[ gk[ bei jhWXW`WZeh[i XW`e [b i_ij[cW Z[ _dj[hc[Z_W# Y_ d bWXehWb" j[dZh|d Z[h[Y^e W kiWh [d bWi c_icWi YedZ_Y_ed[i gk[ bei jhWXW`WZeh[i Z_h[Yjei Z[ bW kikWh_W" bWi c_icWi _dijWbWY_e# d[i" i[hl_Y_ei" jhWdifehj[" Wj[dY_ d c Z_YW" [jY$" gk[ Z_ifed]W bW kikWh_W [d X[d[ÒY_e Z[ iki jhWXW`WZeh[i$
Ăă
7 Ĺ? ĀăĹ? Ĺ? Ĺ?Ä‚Ä€Ä Ä‚
Ĺ? +. Ĺ? ÄĄ
12#- +ĹŠ#-ĹŠ ĹŠ #1,(- +
Ĺ—ĹŠĹŠ
ŋ # ,)(ŋ )-ŋ š& , -ŋ* , ŋ &ŋ / ēŊ +Ŋ,#-.1Ŋ$4#Ŋ1 /3 ".Ŋ#-Ŋ/+#-.Ŋ!#-31.Ŋ"#Ŋ 11 ēŊ
ĹŠ5(!3(, ĹŠ"#ĹŠÄˆÄŒĹŠ  .2ĹŠ"#ĹŠ#" "ĹŠ$4#ĹŠ2.1Äą /1#-"(" ĹŠ!.-ĹŠ4-ĹŠ!4!'(++.ĹŠ!4 -".ĹŠ2 ! Äą ĹŠ"(-#1.ĹŠ"#+ĹŠ -!.Ä“ ĹŠ ěŊ D_
^WijW bei WZeb[i# Y[dj[i [ij|d W iWble Z[ bW Z[# b_dYk[dY_W Wb ^WY[h kdW i_cfb[ jhWdiWYY_Œd XWdYWh_W$ :[ifkƒi Z[ hWfjWh W Bk_i decXh[ fhe# j[]_Ze " Z[ '* W‹ei Z[ [ZWZ" Z[ kd YW`[he Wkjec|j_Ye [d fb[de Y[djhe Z[ ?XWhhW" iki YWfjeh[i be WXWdZedWhed [d OW^kWhYe# Y^W Yed Zei ced[ZWi Z[ kd ZŒ# bWh fWhW gk[ h[]h[i[ W ik YWiW$ JeZe [cf[pŒ Y[hYW Z[ bWi '&0&& Z[ Wo[h$ Bk_i h[Y_X_Œ kdW _dZ_YWY_Œd Z[ ik fWZh[" XW`Whi[ Z[ ik WkjecŒl_b" Z_h_]_hi[ Wb YW# `[he Z[b 8WdYe Z[b 7kijhe" kX_#
YWZe [d bW YWbb[ 9ebŒd o 8eb‡lWh o h[j_hWh '+& ZŒbWh[i Z[b YW`[he Wkjec|j_Ye$ ;b c[deh [if[hWXW i_d ie# Xh[iWbjei W gk[ bW hWdkhW Z[b i_ij[cW b[ [djh[]k[ [b [\[Yj_le" YkWdZe Bk_i jkle [djh[ iki cW# dei [b Z_d[he i[ b[ WY[hYŒ kd _d# Z_l_Zke W\he [YkWjeh_Wde gk_[d b[ [di[‹Œ kd YkY^_bbe$ Be eXb_]Œ W i[]k_hbe kdW YkW# ZhW c|i WZ[bWdj[ fWhW [cXWh# YWhi[ [d ejhe l[^‡Ykbe$ 7bb‡ be [if[hWXWd ejhei Zei ik`[jei$ L_W`WXWd W XehZe Z[ kd 9^[lheb[j 7l[e Yebeh fbece o
. (# )Ĺ‹*),Ĺ‹ #-* , ,Ĺ‹ (Ĺ‹ &Ĺ‹ ,,#) LWh_ei Z_ifWhei Wb W_h[ Yed WhcW Z[ \k[]e YWkiWhed [ifWdje [d bei cehWZeh[i Z[ bW YWbb[ L_hWYe# Y^W" i[Yjeh 9WhWdgk_" Wb ikh Z[ bW Y_kZWZ$ Bei l[Y_dei h|f_ZWc[dj[ _Z[dj_\_YWhed [b eh_][d Z[ bWi XWbWi fWhW ZWh Wl_ie W bW Feb_Y‡W$ ;b Zec_Y_b_e gk[ i[‹WbWhed [ij| kX_YWZe [d bW _dj[hi[YY_ÂŒd Z[ bWi YWbb[i H_e Gk_d_dZƒ o L_hW# YeY^W$ Kd ]hkfe Z[ Y[hYW Z[ eY^e W][dj[i bb[]Whed Wfhen_cWZW# c[dj[ W bWi '&0)& W Z_Y^e _dck[# Xb[$ ;d [b _dj[h_eh [dYedjhWhed W Zei ik`[jei gk[ [ijWXWd b_XWdZe o WfWh[dj[c[dj[ Yedikc_[dZe
i[ Z_h_]_[hed W OW^kWhYeY^W$ ;d [b jhWo[Yje [ijei jh[i _dZ_# l_Zkei WikijWhed o ]ebf[Whed Wb c[deh [d bW XWhh_]W$ B[ YedĂ’i# YWhed [b Z_d[he Z[b h[j_he XWd# YWh_e o ik j[bƒ\ede Y[bkbWh$ C_[djhWi jWdje ik fWZh[" _c# fWY_[dj[ [d [b l[^‡Ykbe" i[ Z_h_# ]_ÂŒ Wb YW`[he W XkiYWh W ik ^_`e$ :_e lWh_Wi lk[bjWi W bW cWdpWdW f[he de ^WX‡W hWijhe Z[b c[deh$ Bk_i i[ [i\kcÂŒ$ BW Wd]kij_W i[ WYh[Y[djÂŒ YkWdZe Bk_i de Yedj[ijÂŒ ik j[bƒ\ede Y[bkbWh$ Kd YbWhe fh[# iW]_e i[ WfeZ[hÂŒ Z[ ik c[dj[$ Æi[Yk[ijhWhed W c_ ^_`eÇ" [nYbW# cÂŒ fh[eYkfWZe Wb j_[cfe gk[ h[]h[iÂŒ W ik Zec_Y_b_e fWhW _d_# Y_Wh ik X‘igk[ZW$ Iki ieif[Y^Wi i[ YedĂ’hcW# hed YkWdZe WYY[Z_ÂŒ W ik Yk[djW
XWdYWh_W W jhWlƒi Z[ _dj[hd[j o YedĂ’hcÂŒ gk[ ^WX‡Wd h[j_hWZe '+& ZÂŒbWh[i$ <_dWbc[dj[ Bk_i \k[ WXWdZe# dWZe jhWi bW f_ijW Z[ OW^kWhYe# Y^W o iWb_ÂŒ YWc_dWdZe feh iki fhef_ei c[Z_ei ^WijW bW FWdW# c[h_YWdW Dehj[ ZedZ[ jecÂŒ kd jWn_ W ik ^e]Wh$ ;2ĹŠ" 3.2
7\ehjkdWZWc[dj[ Bk_i i[ h[[d# YedjhÂŒ Yed ik \Wc_b_W Wfhen_cW# ZWc[dj[ W bWi '(0*&$ ;b c[deh" bk[]e Z[ bW WcWh]W [nf[h_[dY_W" jhWjW Z[ ieXh[fe# d[hi[ Z[ be ikY[Z_Ze$ C_[djhWi gk[ bW Feb_Y‡W [ij| h[Wb_pWdZe bWi f[igk_iWi Yed bW _dij_jkY_ÂŒd XWdYWh_W W Ă’d Z[ _Z[dj_Ă’YWh W bei fbW]_WZeh[i o ZWh Yed ik fW# hWZ[he$
# (. Ĺ‹ (Ĺ‹
-Ĺ‹ &' Ä“ĹŠ -.ĹŠ"#ĹŠ+.2ĹŠ(,/+(! ".2ĹŠ#-ĹŠ #+ĹŠ ., -".ĹŠ"#ĹŠ .+(!~ ĹŠ"#ĹŠ , 41 Ä“
Wb]‘d j_fe Z[ WbYWbe_Z[i [d kdW f_fW Whj[iWdWb$ Bei Zei ik`[jei \k[hed bb[# lWZei ^WijW [b 9ecWdZe Z[ Fe# b_Y‡W Z[ ?cXWXkhW ZedZ[ i[ b[i fhWYj_YŒ kdW fhk[XW Z[ XWhh_Ze [bƒYjh_Ye gk[ i_hl[ fWhW beYWb_pWh hWijhei Z[ fŒblehW [d bW cWdei o k‹Wi Z[ bei ieif[Y^eiei$ BWi fhk[XWi \k[hed [dl_WZWi W Gk_je$ C_[djhWi gk[ bei Zei Z[# j[d_Zei fWiWhed W ŒhZ[d[i Z[ bW Wkjeh_ZWZ Yecf[j[dj[$
BW jWhZ[ Z[ Wo[h$ ;d bWi YWbb[i FWdWc| o @kWd CWhj‡d" [d bei [nj[h_eh[i Z[b ;ijWZ_e BWi FWb# cWi" i[ fheZk`e kd Y^egk[ [d# jh[ Zei cejeY_Yb[jWi$ ;b ^[Y^e i[ h[fehjÂŒ Wfhen_cWZWc[dj[ W bWi ')0'+$ ;b 9k[hfe Z[ 8ec# X[hei Z[ ?XWhhW fh[ijÂŒ Wkn_b_e W kde Z[ bei Y^e\[h[i gk[ fh[# i[djWXW kd ]ebf[ [d bW heZ_bbW o \k[ jhWibWZWZe W bW iWbW Z[ [c[h][dY_Wi Z[b ^eif_jWb IWd L_Y[dj[ Z[ FW‘b$ ;b ejhe YedZkYjeh h[ikbjÂŒ _b[ie$ J[ij_]ei Z[b bk]Wh WĂ’hcW# hed gk[ [b WYY_Z[dj[ i[ fheZk`e YkWdZe kdW cejeY_Yb[jW gk_ie h[XWiWh W bW ejhW o Y^eYe feh Z[jh|i$ 7cXWi cejeY_Yb[jWi \k[hed bb[lWZWi W bei fWj_ei Z[ bW Feb_Y‡W Z[ jh|di_je$ Bei l[#
$ =hWY_Wi W kdW Z[# dkdY_W WdŒd_cW" bW Feb_Y‡W [l_jŒ gk[ kd YWh]Wc[dje Z[ ckd_Y_ed[i bb[]k[ W cWdei Z[ bW Z[b_dYk[dY_W$ ;d jejWb ** c_b +&& XWbWi YWb_Xh[ (( c_b‡c[jhei o +&& YWhjkY^ei 9(. gk[ [ijWXWd [d [b _dj[h_eh Z[ i[_i YW`Wi Z[ YWhjŒd [d bW J[hc_dWb J[hh[ijh[ Z[ 9WhY[bƒd$ Bei ][dZWhc[i i[]k‡Wd bW f_ijW Z[ Zei ik`[jei WYjkWXWd Z[ cWd[hW _dkikWb" i[ ceijhW# XWd Wb]e W]_jWZei" ^WXbWXWd \h[Yk[dj[c[dj[ feh j[bƒ\ede o cWdj[d‡Wd Yedl[hiWY_e# d[i cec[dj|d[Wi [djh[ i‡$ <k[hed YWfjkhWZei YkWdZe fh[j[dZ‡Wd WXehZWh kd jWn_$
2 +3 -ĹŠ ĹŠ .+(!~
ŗŊ Ŋ Ŋ $ D_ bW Feb_Y‡W i[ iWblW Z[ bei Z[b_dYk[dj[i$
Kdei ik`[jei WjWYWhed Wb Feb_Y‡W F[Zhe IWblWj_[hhW" gk_[d WYkZ_Œ W bW J[hc_dWb J[hh[ijh[ WYecfW‹WdZe W kd \Wc_b_Wh" gk[ Z[X‡W _h W Gk_je$ Kd jWn_ be _dj[hY[fjŒ YkWdZe h[]h[iWXW W YWiW" Z[ [i[ l[^‡Ykbe XW`Whed YkWjhe ik`[jei" [djh[ [bbei kdW ck# `[h" gk_[d[i iWYWhed kd WhcW Z[ \k[]e o be [dYW‹edWhed" fWhW eXb_]Whbe W i[djWhi[ [d [b Wi_[dje feij[h_eh Yece fWiW`[he$ IWblWj_[hhW i[‹WbŒ gk[ bei Z[b_dYk[dj[i i[ bb[lW# hed ik l[^‡Ykbe gk[ be ^WX‡W WZgk_h_Ze ^WY[ feYei Z‡Wi$
2#2(- ".ĹŠ#-ĹŠ 1#23 41 -3
Ĺ—ĹŠ ĹŠ }$ :[ jh[i Z_ifWhei \k[ Wi[i_dWZe 9h_ij_Wd IebÂŒh#
ēŊ , 2Ŋ,.3.!(!+#Ĺ 3 2Ŋ$4#1.-Ŋ++#5 " 2Ŋ Ŋ+.2Ŋ/ 3(.2Ŋ"#Ŋ 1#3#-!(¢-Ŋ#-Ŋ+ Ŋ6(-!' Ŋ"#Ŋ+ Ŋ .+(!~ ē
^‡Ykbei h[j[d_Zei ied kdW ce# jeY_Yb[jW >edZW" Yebeh d[]he o kdW HWd][h I>" Yebeh d[]he Yed XbWdYe" fbWYW >> (++9$
pWde YkWdZe i[ [dYedjhWXW [d [b _dj[h_eh Z[ kd beYWb Z[ l[djW Z[ ^WcXkh]k[iWi$ J[ij_]ei _dZ_YWhed gk[ bb[]Whed Zei cejei Yed jh[i f[hiedWi$ Kde Z[ [bbei" gk[ l[ij‡W Y^Wb[Ye d[]he o Z[ Wfhen_cWZWc[dj[ )& W‹ei" iWb_Œ Z[b f[gk[‹e l[^‡Yk# be Yed f_ijebW [d cWde o Z_ifWhŒ feh jh[i eYWi_ed[i fWhW bk[]e ZWhi[ W bW \k]W Yed iki Yecf_dY^[i fWhW Z[iWfWh[Y[h Z[b bk]Wh$ Kde Z[ bei Wbb[]WZei Z_`e gk[ [b Wi[i_dWZe ^WXh‡W h[Y_X_Ze Wc[dWpW Z[ ck[hjei ^WY[ Wb]kdei Z‡Wi$
ŏ ŏ
ŏ
Ďć! , 41 Ĕũ 1!'(
: ũćĊũ ũ ũĉćĈĉ
(-!+ēũ
Čćũ :
ũ
ũ ũ ũĈĎćũ ¡ ũ ũ ũ ũ : ēũ }ũ ũ ũ ũũ ũ ũ ē
4#13#2ũ(-!("#-3#2ũ#-31#ũ#234"( -3#2ũ"#+ũ!.+#%(.ũ ;-!'#9ũ8ũ ($4#-3#2ũ8ũ#+ũ #.".1.ũ ¢,#9Ĕũ ! 1.-ũ!.-ũ+ ũăũ#23 ũ 204#3#1 ũ+ ũ3 1"#ũ"#ũ 8#1ēũ ũ!#-31 +ũ"#ũ#,#1ı %#-!( 2ũĒĈĈĔũ!.-ăũ1,¢ũ04#ũ 3#-"(¢ũ ũ".2ũ'#1(".2ũ"#ũ!.-2("#1 !(¢-ēũũ ;%(- ũ ĈĊ
#!4#231.ũ 7/1#22 ũ,#-.1ũ
.! ~- ũ +~04(" ũ
-ũ/1."4!3.2ũ!.2,_3(!.2ũ04#ũ/#12.ı - 2ũ-.ũ("#-3(ăũ! " 2ũ"#) 1.-ũ!.,.ũ #-!.,(#-" ũ/ 1 ũ04#ũ2# -ũ31 -2ı /.13 " 2ũ' !( ũ 4(3.ũ2#ũ#-!.-31¢ũĊĉũ ,(+ũ%1 ,.2ũ"#ũ!.! ~- ũ+~04(" ēũ #%Ì-ũ %#-3#2ũ"#ũ/.+(!~ ũ#23 ũ$.1, ũ"#ũ 31 -2/.13 1ũ#+ũ +! +.("#ũ#2ũ/ 1 ũ#5(3 1ũ 2#ũ"#3#!3#ũ#+ũ +! +.("#ē : ũ ĈĒ
4#ũ ũ1#3(1 1ũĈĎćũ "¢+ 1#2ũ#-ũ4-ũ! )#1.ũ 43.,;3(!.ēũ '~ũ+.ũ /+ %( 1.-ũ8ũũ -".-ı 1.-ũ#-ũ '4 1!.!' ēũ ;%(- ũ ĉĊ
.-Ąũ(!3.ũũũ 2 " ũ"#2"#ũ ' !#ũ1 3.ũ .-ăũ1, -ũ04#ũ 3 +(#ũ .13, -ũ2#ũ! 2¢ũ#-ũ 2#!1#3.ũ' !#ũ +%4- 2ũ 2#, - 2ēũ : ũ Ĉć
+ũ! +#-" 1(.ũ"#ũ!.,ı /#3#-!( 2ũ"#+ũ ,/#ı .- 3.ũ -3#1!.+#%( +ũ"#ũ 3+#3(2,.ũ#-$1#-3¢ũ ũ 1~ ũ 4#11#1.ũ8ũ 1ı !#+ũ #5 ++.2Ĕũ"(1#!3.1 ũ "#ũ "4! !(¢-ũ8ũ/1#2(ı "#-3#ũ"#ũ+ ũ #"#1 !(¢-ũ #/.13(5 ũ 234"( -3(+ũ "#+ũ 1!'(ēũ ;%(- ũ ĈĎ