Ďć! (-!+ēŊ -3.Ŋ .,(-%.
Äž ĹŠ } Ä?
ŊćĉŊ ĹŠ ĹŠ ĹŠÄ‰Ä‡ÄˆÄˆ
4 -ĹŠ +.ĹŠ ĹŠ8 ĹŠ#2ĹŠ # 3. ;%(- ĹŠ Ä?
8 31 !Ŋ2(%4#Ŋ 1#!.%(#-".ŊŊŊ Ŋ : ēŊ ĉ
}
Ĺ—ĹŠ _"(! ĹŠĹŠ ;%2Ä“ ÄˆÄą ÄŠ Ĺ—ĹŠ + 2(ÄƒĹŠ! ".2ĹŠ ;%2ēŊ ÄŒÄą Ä?
1!' 2ĹŠ2#ĹŠ/.+(3(9 1.-
#!3.1#2ĹŠ ĹŠ$ 5.1ĹŠ8ĹŠ #-ĹŠ!.-31 ĹŠ"#+ĹŠ /1.!#2.ĹŠ#+#!3.1 + (-3#-2(ÄƒĹŠ! -ĹŠ242ĹŠ ! ,/  2Ä“
;d IWdje :ec_d]e" Wb _]kWb gk[ [d Gk_je" =kWoWgk_b o ejhWi Y_k# ZWZ[i" bW Yedc[cehWY_Œd Z[b :‡W Kd_l[hiWb Z[b JhWXW`e [ijkle YWhWYj[h_pWZW feh bW feb‡j_YW$ ;d Gk_je i[ bb[lWhed W YWXe ( cWhY^Wi" kdW W \Wleh Z[b I‡ o ejhW W \Wleh Z[b De [d bW fhŒn_cW
YedikbjW$ BW jhWZ_Y_edWb \ehcW [d gk[ bei eXh[hei Y[b[XhWd bW \[Y^W [i# jkle [ijW l[p Yecfb[jWc[dj[ fe# b_j_pWZW o Z_l_Z_ZW [d Zei ]hWd# Z[i ]hkfei$ ;d bW Y_kZWZ fWiÂŒ Wb]e i_c_bWh$ BW cWhY^W YedleYWZW feh bWi jhW# Z_Y_edWb[i eh]Wd_pWY_ed[i eXh[hWi i[ Z_l_Z_ÂŒ Wb Ă’ dWb [d Zei0 kdW gk[ fheceY_edÂŒ [b I‡ [d bW 9edikbjW FefkbWh" b_Z[hWZW feh Wkjeh_ZWZ[i i[YY_edWb[i o Z[ =eX_[hde" o ejhW feh bei ]hkfei i_dZ_YWb[i o Yec[h# Y_Wdj[i" WYecfW‹WZei feh Z_h_# ][dj[i Z[ fWhj_Zei feb‡j_Yei Yece CF:" gk[ bbWcWhed W lejWh De$ ;%(- 2ĹŠ Ä?Äą ÄˆĹŠ
#)(".2ĹŠ04#ĹŠ4-#-
ÂĄ ēŊ 43.1(" "#2ĹŠ"#ĹŠ+ ĹŠ/1.5(-!( ĹŠ8ĹŠ$4-!(.- 1(.2ĹŠ/ĂŒ +(!.2ĹŠ+("#1 1.-ĹŠ+ ĹŠ , 1!' ĹŠ.ÄƒĹŠ!( +(23 Ä“
&), -Ĺ‹ , I[ WY[hYW [b :‡W Z[ bW CWZh[ o bei fh[Y_ei Z[ bWi Ă“ eh[i [cf[pWhed W ikX_h$ ;d bei c[hYWZei i[ dejW [b _dYh[c[dje$ Bei Whh[]bei i[ Yec[hY_Wb_# pWXWd Wo[h [djh[ bei Y_dYe ZÂŒ# bWh[i ^WijW (+ ZÂŒbWh[i" [b c|i ieĂ’ ij_YWZe$ I[]‘d bei Yec[hY_Wdj[i" Yed [b fWiWh Z[ bei Z‡Wi [ijei fh[Y_ei Wkc[djWh|d" fk[i de [i iebe [b \[ij[`e i_de ejhei \WYjeh[i gk[ ^Wd _dĂ“ k_Ze" Yece bW YW‡ZW Z[ Y[d_pW [d Jkd]khW^kW o bei Z[i# bWl[i fheZkY_Zei [d bW l‡W 7bÂŒ# W]#IWdje :ec_d]e$ :[iZ[ oW Z[Y[dWi Z[ f[hie# dWi XkiYWd Z[`Wh i[fWhWZWi bWi Ă“ eh[i fWhW h[]WbWh W bW cWZh[$ KdW \[Y^W gk[ _dYh[c[djW [b Ye# c[hY_e [d bW Y_kZWZ o [d lWh_ei fW‡i[i$ ;%(- ĹŠ ÄŽ
.8Ŋ "8ĔŊ, #231.Ŋ3#)#".1Ŋ - 5 ).Ŋ"#Ŋ+.2Ŋ 23 ".2Ŋ -(".2ĔŊ !.,/ 13(¢Ŋ24Ŋ' (+(" "Ŋ8Ŋ242Ŋ 31 "(!(.-#2Ŋ!.-Ŋ+ Ŋ!.,4-(" "Ŋ 2;!'(+ ēŊ "8Ŋ!.-2("#1 Ŋ04#Ŋ ! " Ŋ3 /(9Ŋ- 11 Ŋ4- Ŋ'(23.1( Ŋ 04#Ŋ#7/1#2 Ŋ2#-3(,(#-3.2Ŋ#Ŋ (-2/(1 !(.-#2ē
;%(- Ä‘
#1! ĹŠ"#+ĹŠ+~"#1ĹŠ+( (.
&Ĺ‹*),. 0)4Ĺ‹ &Ĺ‹ $Z, #.)Ĺ‹ , & Ĺ‹ &Ĺ‹ -. Ĺ‹ Ĺ‹ # # Ä…Ĺ‹ "' Ĺ‹ ' ,Ĺ‹ (3Ä…Ĺ‹ - !/,šŋ +/ Ĺ‹& Ĺ‹ Ĺ‹" Ĺ‹ ' # )Ĺ‹ -/Ĺ‹ -., . !# Ĺ‹ (Ĺ‹ # # Ĺ‹3Ĺ‹ *,)()-.# šŋ+/ Ĺ‹ (Ĺ‹/( -Ĺ‹ )-ŋŋ - ' ( -Ĺ‹Ä?0 , ')-Ĺ‹ ' #)-Ĺ‹ '/3Ĺ‹ / ()-đĄŋŋŋŋŋŋ ;%(- ĹŠ Ä‘
4,/+# Â .2ĹŠ$#+(9
1!#+.- ĹŠ!#+# 1¢Ŋ!.-ĹŠ4-ĹŠ31(4-$.ĹŠ -3#ĹŠ 2/.+(ĹŠ242ĹŠÄ‘Ä?ĹŠ  .2ĹŠ"#ĹŠ5(" ĹŠ(-23(34!(.- +ēŊ +ĹŠ!4 "1.ĹŠÄĽ3.1#1.ÄŚĹŠ"#11.3¢Ŋ"#ĹŠ 5(2(3 -3#ĹŠ#-ĹŠ -3.ĹŠ .,(-%.ĹŠÄŠĹŠ ŊĉŊ ĹŠ 2/.+(ĔŊ#-ĹŠ4-ĹŠ#23 "(.ĹŠ +~,/(!.ĹŠ04#ĹŠ2#ĹŠ5(23(¢Ŋ"#ĹŠ , 1(++.ēŊŊ 5;-ĹŠÄĽ #,.ÄŚĹŠ .1%'#++.ĹŠ -.3¢Ŋ4-.ĹŠ"#ĹŠ+.2ĹŠ%.+#2Ä“ ;%(- ÄˆÄ‰ĹŠÄąĹŠ ĈÄ?
ēŊ -Ŋ#23 2Ŋ$#!' 2Ŋ+ 2ŊĄŊ.1#2Ŋ 3(#-#-Ŋ, 8.1Ŋ"#, -" ē
666Ä“+ '.1 Ä“!.,Ä“#!
Ĺ? Ĺ?
Ĺ?
Ä‚ 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
ĹŠ ĹŠ ĹŠ ĹŠ ĹŠ :
Z, # Ĺ‹ Ĺ‹*/(.)-
'*/',- CP
4#-3#ĖŊ (1#!!(¢-Ŋ !(.- +Ŋ"#Ŋ .-31.+Ŋ"#Ŋ 1;-2(3.
Ĺ?
)& #š(Ĺ‹-#!/ Ĺ‹ )(Ĺ‹ 3 ., ŋŋŋŋ ;b i[hl_Y_e Z[ h[Yeb[YY_ÂŒd Z[ XWikhW" gk[ i[]‘d ^WX‡W _d\eh# cWZe bW Ckd_Y_fWb_ZWZ Z[X‡W Wikc_hbe Z[iZ[ [b fh_c[he Z[ cWoe [b fh[ 9ediehY_e ;Ye 7c# X_[djWb" i[]k_h| [d cWdei Z[ bW [cfh[iW DoWjhWY ^WijW [b (( Z[ [ij[ c[i$ ;b fh[ YediehY_e ]WdÂŒ bW b_Y_jWY_ÂŒd Yed# leYWZW feh [b ĹŠ =eX_[hde Ck# d_Y_fWb W jhW# (#-3 +ĹŠ lƒi Z[b FehjWb !.ĹŠ , .$#13Â˘ĹŠĹŒĹŠ Z[ 9ecfhWi ĉÄ?ēććĉēĉĎđĔÄ?ÄŽĹŠ /.1ĹŠ#+ĹŠ2#15(!(.ēŊ +ĹŠ F‘Xb_YWi$ /1#!(.ĹŠ1#$#1#-Äą :[ WYk[hZe !( +ĹŠ$() ".ĹŠ/.1ĹŠ#+ĹŠ . (#1-.ĹŠ [b YWb[dZWh_e" 4-(!(/ +ĹŠ#1 ĹŠ"#ĹŠ Z[X‡W Ykcfb_h# ĹŒĹŠÄ‰Ä?ēćÄ?ČēĈćĊĔĊČē i[ [b YedjhWje Z[iZ[ [b fh_c[# he Z[ cWoe$ F[he" i[]‘d [nfb_# YÂŒ @kWd 9Whbei CWh_‹e" FheYk# hWZeh I‡dZ_Ye Z[b Ckd_Y_f_e" [ij[ jhWXW`e i[ lW W jWhZWh kdWi i[cWdWi c|i" oW gk[ bei YedYkhiWdj[i Z[X[d Ykcfb_h Y_[hjei h[gk_i_jei fWhW bb[lWh W YWXe bW ikiYh_fY_ÂŒd Z[b h[if[Y# j_le YedjhWje$ ;b (( Z[ cWoe jWcX_ƒd i[ Ykcfb_h| Yed [b fbWpe fWhW [b Z[fÂŒi_je Z[ bei Z[if[hZ_Y_ei gk[ i[ h[Ye][d [d bW Y_kZWZ" [d [b a_bÂŒc[jhe '/ Z[ bW l‡W W Gk_# d_dZƒ" bk[]e Z[ bW Wf[bWY_ÂŒd W \Wleh Z[b Ckd_Y_f_e$ >WijW jWdje" bW [cfh[iW DoWjhWY Yedj_dkWh| Yed bW h[# Yeb[YY_ÂŒd Z[ Z[i[Y^ei gk[ i[ ][d[hWd [d bW Y_kZWZ$
ēŊ 8Ŋ+ Ŋ/.2( (+(" "Ŋ"#Ŋ/#"(1Ŋ/1¢11.% Ŋ/ 1 Ŋ2#%4(1Ŋ .3 -".Ŋ+ Ŋ 241 Ŋ#-Ŋ+ Ŋ5~ Ŋ Ŋ 4(-(-"_ē
#3 ++#2 ;b YediehY_e YedjhWjWZe feh bW Ckd_Y_fWb_ZWZ bWXehWh| feh - W‹ei o c[Z_e [d bei i[hl_Y_ei Z[ h[Yeb[YY_Œd" jhWdifehj[ o Z[iYWh]W$ ;d bei fh_c[hei i[_i c[i[i" bWXehWh| Yed l[^‡Ykbei WX_[h#
jei$ F[he" ZkhWdj[ [i[ f[h‡e# Ze ieb_Y_jWh|d bei h[Yeb[Yjeh[i YecfWYjWZeh[i$ JWcX_ƒd i[ [dYWh]Wh| Z[ [gk_fWh Wb f[hiedWb Z[ h[Yeb[Y# Y_Œd o Z[ YedjhWjWh Wb f[hiedWb$ 7Z[c|i" feZh| ik][h_h YWcX_ei fWhW [b dk[le fbWd Z[ i[hl_Y_ei$
;2Ŋ3(#,/. ŗŊŊ +Ŋ,.,#-3.Ŋ#+Ŋ 4-(!(/(.Ŋ#2/#1 Ŋ+ Ŋ 43.1(9 !(¢-Ŋ"#+Ŋ (-(23#1(.Ŋ"#Ŋ , (Ĺ #-3#Ŋ/ 1 Ŋ+ Ŋ!.-2314!!(¢-Ŋ"#Ŋ4- Ŋ!#+" Ŋ#,#1%#-3#ĔŊ#-Ŋ#+Ŋ*(+¢,#31.ŊĊĉŊ"#Ŋ+ Ŋ5~ Ŋ
ĹŠ 4#5#".ĔŊ' 23 ĹŠ/."#1ĹŠ. 3#-#1ĹŠ+ ĹŠ+(!#-!( ĹŠ , (#-3 +ĹŠ/ 1 ĹŠ#+ĹŠ!.,/+#).ĹŠ04#ĹŠ #23;ĹŠ/1#5(23.ĹŠ!.-2314(12#ĹŠ#-ĹŠ#23#ĹŠ,(2,.ĹŠ+4% 1Ä“ +ĹŠ$4-!(.- 1(.ĹŠ(-"(!¢Ŋ "#,;2ĹŠ04#ĹŠ#-ĹŠ! 2.ĹŠ"#ĹŠ-.ĹŠ. 3#-#1ĹŠ+ ĹŠ 43.1(9 !(¢-ĹŠ#-ĹŠ #23#ĹŠ/+ 9.ĔŊĸĉĉŊ"#ĹŠ, 8.ĚĔŊ/4#"#ĹŠ2.+(!(3 1ĹŠ4- ĹŠ/1¢11.% ĹŠ/ 1 ĹŠ4-.2ĹŠ,#2#2ĹŠ,;2ĹŠ 8ĹŠ!.-3(-4 1ĹŠ#+ĹŠ"#/¢2(3.ĹŠ#-ĹŠ#+ĹŠ*(+¢,#31.ĹŠÄˆÄ’ĹŠ"#ĹŠ+ ĹŠ5~ ĹŠ ĹŠ 4(-(-"_ĔŊ +%.ĹŠ ĹŠ+.ĹŠ04#ĹŠ ' (3 -3#2ĹŠ"#+ĹŠ2#!3.1ĹŠ2#ĹŠ./.-#-Ä“
)& - (. -Ĺ‹ *) ,v (Ĺ‹ #(. !, ,Ĺ‹$/(. -
ĹŠ
;b 9edi[`e DWY_edWb ;b[YjehWb 9D; _d_Y_W ^eo kdW _dj[diW i[cWdW Z[ jhWXW`e fWhW Wi[]k# hWh bW W]_b_ZWZ o b[]Wb_ZWZ Z[ bW 9edikbjW FefkbWh W h[Wb_pWhi[ [ij[ i|XWZe - Z[ cWoe$ KdW Z[ bWi WYj_l_ZWZ[i [i bW YWfWY_jWY_ÂŒd gk[ i[ h[Wb_pW W `ÂŒ# l[d[i Z[ ', W '- W‹ei" gk[ j_[d[d Z[h[Y^e Wb leje \WYkbjWj_le" fWhW _dj[]hWh bWi `kdjWi h[# Y [ f j e h W i ĹŠ Z[ leje" [d #23;-ĹŠ' (+(3 " 2ĹŠ/ 1 ĹŠ 5.3 1ĹŠ#-ĹŠ -3.ĹŠ .,(-%.ĹŠ YWie Z[ gk[ "#ĹŠ+.2ĹŠ 2;!'(+ 2Ä“ kde Z[ bei c_[cXhei Z[ bW `kdjW \Wbj[$ Bk_i H[o[i" Z_h[Yjeh fhe# l_dY_Wb Z[b 9D;" c[dY_edÂŒ gk[ ƒijW iebe [i kdW c[Z_ZW Z[ Yedj_d][dY_W gk[ i[ jecWh‡W [d ‘bj_cW _dijWdY_W YkWdZe Wb]‘d c_[cXhe de i[ fh[i[dj[ [d bW c[iW [b[YjehWb$ I[]‘d H[o[i" i[ jhWjW Z[ kdW efY_ÂŒd gk[ i[ [`[YkjW fWhW [l_jWh bW ceb[ij_W W bWi f[hie# dWi gk[ lWd W ik\hW]Wh o gk[ ieb‡Wd i[h [iYe]_ZWi fWhW _d# j[]hWh bWi `kdjWi" o ieXh[ jeZe Wi[]khWh gk[ W bWi i_[j[ Z[ bW cW‹WdW bWi c[iWi oW [ijƒd b_i# jWi fWhW Wj[dZ[h$
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
ă
ĉđĉēćććŊ
-#()-ŋ3ŋ$/ !)-ŋ ŋ 4 ,ąŋ (ŋ& ŋ'#, ¥ ēŊ .2Ŋ2(3(.2Ŋ"#"(! ".2Ŋ Ŋ+.2Ŋ)4#%.2Ŋ"#Ŋ 9 1Ŋ3#-"1~ -Ŋ04#Ŋ!#11 1Ŋ242Ŋ/4#13 2ē
Ä #ĹŠ"# #ĹŠ/1.'( (1ĹŠ ĹŠ+ 2ĹŠ/#12.- 2ĹŠ#23 ĹŠ 1#%4-3 ĹŠÄ? !3(5(" "ĹŠ.ĹŠ1#2/#3 1ĹŠ#+ĹŠ"#1#!'.ĹŠ"#ĹŠ Ĺ—ĹŠĹŠÄ 23;ĹŠ423#"ĹŠ"#ĹŠ !4#1".ĹŠ04#ĹŠ#-ĹŠ#+ĹŠ ! " ĹŠ4-.ĹŠ ĹŠ#2!.%#1ĹŠ2(ĹŠ)4#% ĹŠ.ĹŠ-.Ä&#x; / ~2ĹŠ2#ĹŠ/1.'~ -ĹŠ+.2ĹŠ-#%.!(.2ĹŠ"#"(Äą 9edj_dkWdZe Yed [b Wd|b_i_i Z[ bWi Z_[p fh[]kdjWi Z[ bW 9ed# ikbjW FefkbWh" [d [ijW [Z_Y_ÂŒd fh[i[djWcei leY[i W \Wleh o [d YedjhW Z[b fbWdj[Wc_[dje gk[ i[ fh[j[dZ[ h[Wb_pWh W bei YWi_dei o iWbWi Z[ `k[]e$ BW _dj[dY_ÂŒd Z[b ;`[Ykj_le [i fhe^_X_h [ij[ j_fe Z[ d[]eY_ei o WYj_l_ZWZ[i gk[" i[]‘d ik Yh_j[# h_e" j_[d[ h[f[hYki_ed[i d[]Wj_# lWi [d bW ieY_[ZWZ$ ;d bW WYjkWb_ZWZ oW [n_ij[ kdW b[o gk[ h[]kbW [ijW WYj_# l_ZWZ$ ;d [b Whj‡Ykbe )') Z[b 9ÂŒZ_]e F[dWb i[ Z_ifed[ gk[ Wgk[bbei gk[ [ijWXb[pYWd YWiWi e c[iWi Z[ `k[]e fhe^_X_Zei" i_d YedjWh Yed kd f[hc_ie h[i# f[Yj_le" i[h|d h[fh_c_Zei Yed fh_i_ÂŒd Z[ jh[i W i[_i c[i[i o ckbjW Z[ ', W ,( ZÂŒbWh[i$ Feh ik fWhj[" [d bW B[o Eh]|# d_YW Z[ Jkh_ice h[pW gk[ [ij|d
Yedi_Z[hWZWi Yece WYj_l_ZW# Z[i jkh‡ij_YWi bWi Z[iWhhebbWZWi feh f[hiedWi gk[ i[ Z[Z_gk[d W bW fh[ijWY_ÂŒd h[ckd[hWZW Z[ ceZe ^WX_jkWb W kdW Z[ [ijWi WYj_l_ZWZ[i0 YWi_dei" iWbWi Z[ `k[]e" ^_fÂŒZhecei" fWhgk[i Z[ WjhWYY_ed[i [ijWXb[i$ I_ ]WdW [b I‡ [d bW 9edikbjW bW 7iWcXb[W DWY_edWb Z[X[h| _d_Y_Wh [b jh|c_j[ b[]_ibWj_le fWhW h[\ehcWh [b 9ÂŒZ_]e F[dWb o bW B[o Eh]|d_YW fWhW [ijW# Xb[Y[h gk[ gk[ZWd fhe^_X_Zei Z[Ă’d_j_lWc[dj[ bei `k[]ei Z[ WpWh [d [b fW‡i$
2ĹŠ .2(!(.-#2 CWh‡W 8[d‡j[p" cWZh[ Z[ \Wc_# b_W" c[dY_edW gk[ [ijW [i kdW [nY[b[dj[ _d_Y_Wj_lW fehgk[ [ij[ j_fe Z[ bk]Wh[i iebe fhe# f_Y_W gk[ bei `ÂŒl[d[i YW_]Wd [d [b l_Y_e Z[b `k[]e$ ;ijW [i kdW
! ".2ĹŠ ĹŠ)4#%.2ĹŠ"#ĹŠ 9 1ĔŊ3 +#2ĹŠ!.,.ĹŠ ! 2(-.2ĹŠ8ĹŠ2 + 2ĹŠ"#ĹŠ)4#%.Ä&#x;
WYj_lWZ gk[ de WfehjW [d dWZW o gk[ i_cfb[c[dj[ [dh_gk[Y[ W bei Xebi_bbei Z[ bei Zk[‹ei Z[ bei YWi_dei Wi[l[hÂŒ 8[d‡j[p$ ;i feh [ijW hWpÂŒd gk[ [bbW lejWh| I‡ [d [ijW fh[]kdjW$ Feh ik fWhj[" CWdk[b E`[ZW" Yec[hY_Wdj[" c[dY_edÂŒ gk[ ƒijW [i kdW fh[j[di_ÂŒd Z[b =eX_[hde Z[ YeWhjWh W bWi f[hiedWi Z[ ik b_X[hjWZ$ 7i[]khW gk[ YWZW i[h ^k# cWde j_[d[ Z[h[Y^e W [b[]_h [b bk]Wh o bW cWd[hW Yece h[Yh[Whi[$ ÆI_ [n_ij[d f[hie# dWi gk[ ]kijWd Z[b `k[]e Z[ WpWh ^Wo gk[ h[if[jWh [ie" oW gk[ [i ik Z_d[he o ik j_[cfe [b gk[ [ij|d _dl_hj_[dZe$ Feh be jWdje" oe lejWhƒ De [d [ijW fh[]kdjWÇ" Z_`e$
Ä’ Ĺ‹ )(-/&. Ĺ‹- Ĺ‹$/-.#ð Ä“ + ĹŠ 4-!(¢-ĹŠ 4"(!( +Ä&#x;ĹŠĹŠ Fh_c[he" de \k[ kdW eYkhh[dY_W Z[b YecfW‹[he Fh[i_Z[dj[" i_de \k[ [b h[ifedZ[h W kd YbWceh ][d[hWb_pWZe Z[ gk[ bW `kij_Y_W Z[`[ Z[ i[h kdW c[hYWdY‡W o i[ Yedl_[hjW [d kd Z[h[Y^e \kdZW# Ä 1##ĹŠ423#"ĹŠ04#ĹŠ#2ĹŠ)423(ă! " ĹŠ+ ĹŠ c[djWb fWhW bei Y_kZWZWdei$ .-24+3 ĹŠ ./4+ 1Ä&#x; ;i[ jhWĂ’YWh Yed bW b_X[hjWZ I‡" [ij| fb[dWc[dj[ `kij_\_YW# Z[ bei i[h[i ^kcWdei [i Yedi[# ZW fehgk[ i_ bWi _dij_jkY_ed[i Yk[dY_W Z_h[YjW Z[ bW [ijhkYjk# ēŊ +ĹŠ%. #1- ".1ĹŠ .1%#ĹŠ Z[b ;ijWZe de \kdY_edWd Yed hWY_ÂŒd Z[ bWi Yehj[i gk[ i_[cfh[ 14)(++.ĹŠ 2#%41 ĹŠ04#ĹŠ+ ĹŠ .-24+3 ĹŠ ./4Äą bW fh[ij[pW gk[ h[gk_[h[ bW Y_k# ^Wd [ijWZe [d cWdei Z[ bei fWh# + 1ĹŠ2.+4!(.- 1;ĹŠ/1. +#, 2ĹŠ2.!( +#2Ä“ ZWZWd‡W [i b[]‡j_ce gk[ i[ j[d# j_Zei feb‡j_Yei jhWZ_Y_edWb[i$ YedY[hjWY_ÂŒd Z[ jeZei bei i[Yje# ]W gk[ kj_b_pWh [b h[Ykhie Z[ bW 9edikbjW fWhW gk[ i[ fk[ZWd Ä +ĹŠ . (#1-.ĹŠ /1.5#!'¢Ŋ+.2ĹŠ1#Äą h[i Z[ efei_Y_ÂŒd gk[ ^Wd ebl_# [`[hY[h bei YWcX_ei$ !412.2ĹŠ"#+ĹŠ 23 ".ĹŠ/ 1 ĹŠ/1.,.Äą ZWZe iki ikfk[ijWi Z_\[h[dY_Wi _Z[ebÂŒ]_YWi o W^ehW [ij|d kd_# 5#1ĹŠ#+ĹŠ ~Ä&#x;ĹŠ Ä 4;+ĹŠ$4#ĹŠ+ ĹŠ(-3#-!(¢-ĹŠ"#+ĹŠ 1#2(Äą Oe Yh[e gk[ i‡ ^Wo kd YWcfW‹W Zei jeZei [d kdW iebW WlWbWdY^W "#-3#ĹŠ +ĹŠ/1#3#-"#1ĹŠ1##2314!341 ĹŠ Z[i_]kWb f[he fehgk[ ^Wo kdW [d YedjhW Z[b Fh[i_Z[dj[$ĹŠ Gk[ [b =eX_[hde DWY_edWb Wj[d# Z_ÂŒ Yed [b bbWcWZe W 9edikbjW FefkbWh [b YbWceh Z[ bei Y_kZW# ZWdei feh j[d[h cWoeh i[]kh_# ZWZ" Wi[]khW @eh][ Jhk`_bbe" ]e# X[hdWZeh Z[ bW fhel_dY_W$
.3.ĹŠ$ !4+3 3(5.ĹŠ JWcX_ƒd [nfb_YÂŒ gk[ feb_Y‡Wi o c_b_jWh[i h[Y_X_[hed Yh[Z[dY_W# b[i [c_j_ZWi feh [b 9D; fWhW [`[hY[h ik Z[h[Y^e Wb leje$ ;bbei feZh|d WY[hYWhi[ W YkWbgk_[h c[iW [b[YjehWb" fh[i[djWh ik
ÂĄ ēŊ #ĹŠ +(23 -ĹŠĂŒ+3(,.2ĹŠ "#3 ++#2ĹŠ/ 1 ĹŠ+ ĹŠ .-24+3 ĹŠ ./4+ 1ēŊ
(,4+ !1. ŊŊ +Ŋ/ 2 ".Ŋ2; ".Ŋ2#Ŋ++#5¢Ŋ Ŋ! .Ŋ ŗ#+Ŋ2(,4+ !1.Ŋ- !(.- +Ŋ/ 1 Ŋ. 2#15 1Ŋ
+.2ĹŠ/.2( +#2ĹŠ#11.1#2ĹŠ04#ĹŠ/4#" -ĹŠ 242!(3 12#ĹŠ#-ĹŠ#+ĹŠ/1.!#2.ĹŠ#+#!3.1 +ēŊ #ĹŠ /1. 1.-ĹŠ3.".2ĹŠ+.2ĹŠ!(1!4(3.2ĹŠ"#2"#ĹŠ + ĹŠ,.5(+(9 !(¢-ĹŠ"#ĹŠ+.2ĹŠ!..1"(- ".1#2ĹŠ ĹŠ+.2ĹŠ1#!(-3.2ĔŊ#+ĹŠ31 2+ ".ĹŠ"#ĹŠ+.2ĹŠ/.Äą +(!~ 2ĔŊ+ ĹŠ,.5(+(9 !(¢-ĹŠ"#ĹŠ+.2ĹŠ2. 1#2ĔŊ 3 -3.ĹŠ ĹŠ+ ĹŠ 4-3 ĹŠ -3#1,#"( ĹŠ!.,.ĹŠ ĹŠ+ ĹŠ 4-3 ĹŠ 1.5(-!( +ĹŠ8ĹŠ+ ĹŠ /#1341 ĹŠ8ĹŠ #2! -#.ĹŠ"#ĹŠ !3 2ēŊ 23.ĹŠ2#ĹŠ1# +(9¢Ŋ!.-ĹŠ4-ĹŠÄŒÄ‡Ĺ˜ĹŠ"#ĹŠ ,4#231 ēŊ
YƒZkbW Z[ _Z[dj_ZWZ o bW Yh[# Z[dY_Wb o ik\hW]Wh i_d d_d]‘d fheXb[cW$ BW @kdjW H[Y[fjehW Z[X[h| h[j[d[h bW Yh[Z[dY_Wb o bb[dWh kd fWZhŒd [b[YjehWb Yed bei ZWjei Z[ [ijei lejWdj[i$
ŏ ŏ
ŏ
ŏ
($ -ŋ3ŋ " (ŋ v)ŋ ,
ą
ĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
;d bW YeckdW IWd @ei Z[ H e L[hZ[ ^Wo \WYjeh[i gk[ fed[d [d h_[i]e bW cel_b_ZWZ Z[ l[^ # Ykbei o f[hiedWi gk[ jhWdi_jWd Z[ fWie" Wi Yece W gk_[d[i l_# l[d feh [b i[Yjeh$ ;b fk[dj[" gk[ j_[d[ YWfW# Y_ZWZ Z[ fWie fWhW kd iebe l[^ Ykbe" de Yk[djW Yed kd [ijWZe WZ[YkWZe fWhW [lW# YkWh W bei Wkjecejeh[i gk[ [if[hWd ik jkhde fWhW YhkpWh Z[ kd bWZe W ejhe$ 9Whbei Ehj[]W" ^WX_jWdj[ Z[b i[Yjeh" Yec[djW gk[ ^Wo jhWcei [d bei gk[ bW j_[hhW i[ [ij| Z[ib_pWdZe" fed_[dZe [d h_[i]e W ik \Wc_b_W o W bW Ye# ckd_ZWZ$ IWd @ei Z[ H e L[hZ[ [i kdW Yeckd_ZWZ cko jhWdi_#
Ġ # #1~ ũ (-!1#,#-3 12#ũ#+ũ !.-31.+ũ ũ+.2ũ3 7(2ũ /(1 3 2ğ 2ũ 4#ı -.ũ04#ũ 2#ũ' % ũ 4-ũ!.-31.+ũ /.104#ũ#2ũ(,ı /.13 -3#ũ04#ũ#23_-ũ-.1ı , ".2ũ/ 1 ũ04#ũ31 )#-ũ 8ũ3 , (_-ũ/.1ũ2#%41(" "ũ "#ũ+ 2ũ/#12.- 2Ģē ũ : Ĕ ē
jWZW" oW gk[ f[hc_j[ gk[ bei l[^ Ykbei Z[ bW Y_kZWZ jec[d [b Xo#fWii Gk_je#Gk[l[Ze" o l_Y[l[hiW$ @edWjWd 9[Z[ e" YedZkYjeh" f_Z_ gk[ i[ h[Wb_Y[d bei jhWXW# `ei d[Y[iWh_ei fWhW c[`ehWh [b [ijWZe Z[ bW l W" oW gk[ j_[d[ gk[ [igk_lWh YedijWdj[c[d# j[ W YWhhei o XWY^[i" f[h`kZ_# YWdZe [b [ijWZe Z[ ik YWhhe o fed_[dZe [d h_[i]e W f[hiedWi gk[ Y_hYkbWd feh bW pedW$ BWi f[hiedWi gk[ l_l[d Y[hYW Z[b bk]Wh f_Z[d gk[ i[ Z iebkY_ d Wb fheXb[cW" fk[i bW j[cfehWZW _dl[hdWb Yedj_d W W\[YjWdZe [b [ijWZe WYjkWb Z[ bW l W" be gk[ fk[Z[ eYWi_edWh WYY_Z[dj[i ]hWl[i gk[ i[ feZh Wd [l_jWh$
~ũ /.104#ũ -.ũ' 8ũ 2#%41(" "ũ8ũ +ũ #23 1ũ1#%4+ ı ".2ũ2#ũ%#-#1 ũ4-ũ/.!.ũ ,;2ũ"#ũ!.-ăũ -9 ũ/ 1 ũ 04(#-#2ũ43(+(9 ,.2ũ+.2ũ 3 7(2ũ/ 1 ũ 31 -2/.13 1-.2Ģē ũ Ĕ ē
(#-2.ũ 04#ũ/.1ũ ,#).1 1ũ + ũ2#%41(" "ũ / 1 ũ+ ũ!(4" ı " -~ ũ2~ũ"# #1~ ũ" 12#ũ ,;2ũ!.-31.+ũ#-ũ#23#ũ2#1ı 5(!(.ũ"#ũ31 -2/.13 !(¢-Ģē ũ Ĕ ũ Ë ē
# #ũ " 12#ũ4-ũ 5#1" ı "#1.ũ!.-31.+ũ /.104#ũ-.ũ ' 8Ĕũ8ũ#2ũ5#1" "ũ04#ũ#+ũ 31 ).ũ#2ũ4-ũ"#1#!'.ũ / 1 ũ3.".2Ĕũ/#1.ũ 2~ũ ,(2,.ũ"# #ũ2#1ũ+#% +Ģē : ũ Ĕ ũ Ë ē
ũ .-2ı 3(34!(¢-ũ % 1 -3(ı 9 ũ+ ũ+( #13 "ũ "#ũ31 ).ũ8ũ /.1ũ#++.ũ ũ#23 2ũ/#12.- 2ũ 2#ũ+#2ũ"# #ũ" 1ũ /.8.ũ / 1 ũ04#ũ/4#" -ũ31 ı ) 1ũ.1% -(9 " ,#-3#Ģē : ũ Ĕ ē
~Ĕũ"# #ũ " 12#ũ4-ũ !.-31.+ũ 8 ũ04#ũ+.2ũ 3 7(2ũ+#% +(9 ı ".2ũ/ % -ũ242ũ!4.3 2ũ8ũ "#,;2ũ!.2 2ũ/ 1 ũ31 ı ) 1Ĕũ8ũ+.2ũ(+#% +#2ũ#5 "#-ũ / %.2Ģē ũ Ĕ ē
.ũ' 8ũ/.+(!~ ũ-(ũ.1"#-ũ
-ũ+ 2ũ! ++#2ũ .3 ! '(ũ8ũ 8 , #ũ+.2ũ!.-"4!3.1#2ũ-.ũ1#2/#3 -ũ ũ- " ũ-(ũ ũ- "(#ēũ "#,;2ũ"#ũ04#ũ#23 !(.- -ũ+.2ũ! ,(.-#2ũ#-ũ!.-31 ũ5~ Ĕũ!(#11 -ũ + ũ! ++#ũ8ũ-.ũ/#1,(3#-ũ#+ũ/ 2.ũ"#ũ.31.2ũ5#'~!4+.2ēũ
ũ ũ ũ ũ ũ ũ (-ēũĉćŖũ ;7ēũĉđ ũ ũ ũũ ũ ũ ũ
4 -ũ .-3 +5.ũ8ũ ēũ 231 " ũĸ 1#-3#ũ 2!4#+ ũ Ĺ ēũ ũ .ēũĈ 4(3.ũ8ũ 2;!'(+ ũ2#!3.1ũĎũ#204(- 2 ũ ~ ũ 4#5#".ũďĈđũ8ũ 5ēũ + 9 !. ũ .ēũĈ Ċũ"#ũ 4+(.ũĎĊĐũ8ũ .) ĈććĈ )_1!(3.ũ !4 3.1( -.ũ8ũ -3(2 - ũ 1 ēũ .2ũ .2 +#2ũ! ++#ũ + #13.ũ .+., ũ ũ ũĉ 5ēũ 4(3.ũ8ũ ~.ũ #+( 2;!'(+ ũ8ũ ,.1 ũ
../ēũ .2ũ -(ăũ! ".2 ũĈďđ 2 ăũ04(ũ8ũ # 23ēũ"#ũ #- +!;9 1ũ
ũ ,ēũĊũũĈĵĉũ5~ ũ 4#5#".
ũ ^ũ ũ
;b IWdjehWb h[Yk[hZW W IWd 7jWdWi_e" IWdjW Pe[" IWdjei ;nkf[h_e" J[ Zkbe o 9_h_WYe$
ũ ^ũ ũ ũũ ũ ũ ũ #ũ$#-ũ2.ũ1~ ũ"#+ũ 4#ũ +.ũ ĉĐďćıĉďć .1/.1 !(¢-ũ !(.- +ũ"#ũ #+#!.,4-(! !(.-#2ũĸ Ĺũ ĉĐĎćıĈĈĉ .1/.1 !(¢-ũ !(.- +ũ "#ũ +#!31(!(" "ũĸ Ĺũ ĉĐČČıĈćČ ũ ĉĐĎćıćđČ 4ũ-(ũ!(ũ/(.ũ ũũũũũũũũũũũũĉĐĎćıĎćĈ .ũ+(ũ!~ ũ ũ"(.ı/ ũ314ũ++ ũ ĉĐĎĒıćďď
#ũ$ ũ34ũ1 ũ .ũ+~ũ3(ũ! ũ ũũũũũũũũũĉĐČćıćČć #1ũ,(ũ- +ũ #ũ11#2ũ31#ũ ĉĐďĊĉđĐ .,ũ #ũ1.2ũ ĉĐĎćıĉĎĊ .2ũ/(ũ3 +ũĸ#,#1ũ%#-ũ!( 2Ĺũ ĉĐĎćıĊĊďũ 149ũ .ũ) ũ ĉĐĎćıďđĉ #ũ,#-ũ3#ũ1(.ũĸ,.1ũ%4#Ĺũ ĉĐďćıďĈĉ #ũ1.ũ/4#1ũ3.ũ"#ũ -ũ3.ũ .ũ,(-ũ%.ũ ĊĐĎĈıĎĎĊ (2ũ/#-ũ2 ũ1(.ũ"#ũũ ũ+4"ũ "#+ũ ũũ ĉĐČĈũĐďć #%(231.ũ (5(+ũ ũũũũũũũũũĉĐČĊũćČĉ -3#-"#-!( ũ ũũũũũũũũũĉĐČďıďĈć . #1- !(¢-ũũ ũũũũũũũũũĉĐČĊıđĊČ 1#$#!341 ũ ũũũũũũũũũĉĐČĉıČĊČ .+(!~ ũ 4-(!(/ +ũũ ĉĐĎćũĎČĈ #!1#3 1~ ũ !(.- +ũ "#ũ #23(¢-ũ"#ũ (#2%.2ũ ĉĐĎđũđďď #$#-2 ũ (5(+ũĸ ,#1%#-!( ĹũĉĐĎĐũććĐ
¡ "4! !(¢-
BW [ZkYWY_ d ^W be]hWZe gk[ bWi f[hiedWi Wfh[dZWd W b[[h" f[he [i _dYWfWp Z[ i[ W# bWh be gk[ lWb[ bW f[dW b[[h$ =[eh][ JhWl[boWd
ēũ -) ũ/.-#ũ#-ũ1(#2ı %.ũ+ ũ5(" ũ"#ũ,4!' 2ũ/#12.- 2ē
ũũũũũũũũũũũũ ũ
&), -Ĺ‹'6-Ĺ‹ , -
Ŋ,#-.2Ŋ"#Ŋ4- Ŋ 2#, - Ŋ"#+Ŋ ~ Ŋ "#Ŋ+ Ŋ "1#ĔŊ#+Ŋ /1#!(.Ŋ2#ŊŊ (-!1#,#-3¢ē
<WYjeh[i Yece bW YW‡ZW Z[ Y[d_pW [d bW fhel_dY_W Z[ Jkd]khW^kW o bei Z[ibWl[i [d bW l‡W 7bÂŒW]# IWdje :ec_d]e ^Wd _dY_Z_Ze [d [b _dYh[c[dje Z[ fh[Y_e [d bWi Ă“eh[i" [d bei Z‡Wi fh[l_ei W bW Y[# b[XhWY_ÂŒd Z[ bW :‡W Z[ bW CWZh[$ ;b Yec[hY_Wdj[ 9Whbei Hec[# he _dZ_YÂŒ gk[ Yed bei Z[ibWl[i bei fhel[[Zeh[i ^Wd j[d_Ze gk[ jecWh hkjWi Wbj[hdWi Yece bW l‡W Bei 8WdYei" o Wdj[ [ije WZkY[d c|i ]Wijei [d jhWdifehj[$ 7i‡ `kij_Ă’YWd [b _dYh[c[dje$ ;d j[cfehWZW dehcWb" kd XedY^[ Z[ heiWi bb[]W W YeijWh Yece c|n_ce ( ZÂŒbWh[i Yed +& Y[djWlei" f[he W^ehW [b c_ice j_[d[ [b fh[Y_e Z[ + ZÂŒbWh[i o bei Yec[hY_Wdj[i fh[lƒd gk[ Z[iZ[ [ij[ `k[l[i ikXW W .$ ;d YkWdje W Whh[]bei Ă“ehWb[i" bei fh[Y_ei lWh‡Wd$ 7YjkWbc[d# j[ lWd Z[iZ[ bei + ZÂŒbWh[i ^WijW _dYbkie (+ ZÂŒbWh[i" Z[f[dZ_[dZe Z[b jWcW‹e o j_fe Z[ Whh[]be$ HeiW 9^_bW" Yec[hY_Wdj[" [n# fh[iÂŒ gk[ fWhW [ijei jhWXW`ei
#-"(!(¢-Ŋ"#Ŋ!4#-3 2Ŋ
ŋ #, #š(ŋ ,)0#( # &ŋ ŋ , (-*),. ŋ3ŋ , -ŋ Ä &# -ŋŋ ,  ,6ŋ")3ŋ &ŋ .)ŋ ŋ, ( #Ě #š(ŋ ŋ / (. -ąŋ ŋ& -ŋÝĀĆúúąŋ (ŋ -/ŋ & ŋ ŋ * #. #š(Ą
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
Ć
¥ ēŊ #2"#Ŋ8 Ŋ+ 2ŊĄ.1#2Ŋ2.-Ŋ,48Ŋ2.+(!(3 " 2Ŋ#-Ŋ+.2Ŋ,#1! ".2Ŋ8Ŋ Ą.1(23#1~ 2Ŋ"#Ŋ+ Ŋ!(4" "ē
kj_b_pWd Yh_iWdj[cei" f[jkd_Wi" heiWi" XWXo" b_h_ei" Wdjkh_ei" YbW# l[b[i" ]_hWieb[i o ejhei$ Æ;i cko Xed_je [djh[]Wh Ă“eh[i Yece kd Z[jWbb[" feh [ie YWZW W‹e b[ h[]Wbe W c_ cWZh[ kd hWce Z[ Ă“eh[i dWjkhWb[iÇ" [nfh[iÂŒ @kb_W 9edjh[hWi$
ĹŠ"#, -" ;ij[ \[ij[`e gk[ i[ h[Wb_pW W bWi cWZh[i YWZW W‹e Wkc[d# jW bW Z[cWdZW Z[ Ă“eh[i o feh [dZ[ bei Yec[hY_Wdj[i XkiYWd WXWij[Y[hi[ Z[ bW cWoeh YWd# j_ZWZ fei_Xb[$ Hec[he cWd_\[ijÂŒ gk[ de ^Wd be]hWZe [ijW c[jW" fk[i [d [b YWie Z[ bWi heiWi XbWdYWi [ij|d
+.1#2
;2Ŋ" 3.2 ŊŊ -Ŋ 11#%+.Ŋ"#ŊĄ.1#2Ŋ,#"( -.Ŋ3(#-#Ŋ#+Ŋ ŗ!.23.Ŋ"#ŊĎŊ"¢+ 1#2ē Ŋ -Ŋ+.2Ŋ,#1! ".2Ŋ -(¢-Ŋ8Ŋ 1.%1#2.Ŋ8Ŋ#+Ŋ ŗ 4-(!(/ +Ŋ#7(23#Ŋ4- Ŋ2#!!(¢-Ŋ"#ŊĄ.1#2Ŋ ".-"#Ŋ' 8Ŋ%1 -Ŋ5 1(#" "Ŋ8Ŋ Ŋ/1#!(.2Ŋ ,¢"(!.2ē
[iYWiWi o de bWi ^Wd feZ_Ze Yed# i[]k_h$ ÆGk_[d[i dei l[dZ[d i[ bWi ]kWhZWd o \WbjWdZe kd Z‡W bWi iWYWd Wb c[hYWZe" Yed kd fh[# Y_e cko [b[lWZeÇ" Wi[]khÂŒ [b Yec[hY_Wdj[$
/ 0 Ĺ‹ - Ĺ‹ Ĺ‹ ( )Ĺ‹ 2#
ēŊ -Ŋ+ Ŋ/1(,#1 Ŋ$ 2#Ŋ 345.Ŋ 4#- Ŋ !.%(" ē
'*.+** :J
ĹŠ
9ed bW _dWk]khWY_ÂŒd Z[ bW i[]kdZW \Wi[ Z[b fhe]hWcW ?d\e JWn_" fh[l_ijW fWhW ^eo" bW :_h[YY_ÂŒd Fhel_dY_Wb Z[ Jkh_ice Ykbc_dW bW YWfWY_# jWY_ÂŒd Wb i[Yjeh Z[b jWn_ice [d [b jhWje Wb jkh_ijW$ 9ed [ije" i[]‘d _dZ_YÂŒ bW Z_h[YjehW fhel_dY_Wb Z[ Jkh_i# ce" IWbecƒ <hWdYe" i[ be]hWh| [b c[`ehWc_[dje o feij[h_eh Y[hj_\_YWY_ÂŒd Z[ YWb_ZWZ Z[b i[hl_Y_e Z[ jWn_i [d ;YkWZeh" Yed ƒd\Wi_i [d bei gk[ Y_hYk# bWd [d pedWi jkh‡ij_YWi$ ;b WYje i[ Z[iWhhebbWh| [d [b >ej[b PWhWYWo" W bWi '/0)&" o [d ƒb i[ fh[i[djWh| kd h[ikc[d Z[ _cfb[c[djW# Y_ÂŒd Z[ bW i[]kdZW \Wi[ Z[b fhe]hWcW ?d\e JWn_ IWdje :ec_d]e" gk[ \k[ Z_i[‹WZe [d h[ifk[ijW W bW d[Y[i_ZWZ Z[ Yh[Wh fhefk[ijWi [if[Y‡# Ă’YWi W bWi Z[cWdZWi Z[ bei l_i_jWdj[i Z[iZ[ Z_l[hiei i[Yjeh[i$
Ĺ?
Ĺ? Ĺ?
Ĺ?
§ ć 0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. Ĺ? Ĺ?
(ĹŠ2.,.2ĹŠ +_) 3#ĹŠ"#ĹŠ+.2ĹŠ +( 1#2ĹŠ#-ĹŠ#+ĹŠ 04#ĹŠ5(5#-ĹŠ"#+ĹŠ !.1 9¢-ĔŊ-.ĹŠ / 31(.3(2,.ĹŠ ' 1;ĹŠ! "#- 2ĹŠ "#ĹŠ+.2ĹŠ"#,;2Ģē ĹŠ ēŊ ĔŊ '#!' 2ĹŠ/.1ĹŠ#+ĹŠ '., 1#ĹŠ!.-ĹŠ$4#19 ĹŠ 24ă!(#-3#ĹŠ / 1 ĹŠ24)#3 1-.2Ģē ĹŠ ĹŠ ĹŠ ēŊ
ĹŠ
1! ".2
:[Ă’d_j_lWc[dj[ EcWh I_ced" fh[i_Z[dj[ Z[b 9edi[`e DWY_e# dWb ;b[YjehWb 9D; " dWY_ÂŒ o l_l_h| fWhW eX[Z[Y[h o ^WY[h be gk[ b[ cWdZ[d" fehgk[ Z[X[ YeijWhb[ ckY^e" Z[iZ[ ik i[h c|i fhe\kdZe" ceijhWh Wb]‘d Wj_iXe Z[ _dZ[f[dZ[dY_W feb‡# j_YW e h[X[bZ‡W" fhef_Wi Z[ kd Xk[d ^ecXh[$ De be Ykbf[cei W ƒb Z[b jeZe feh iki Z[ceijhW# Y_ed[i o WYjkWY_ed[i f‘Xb_YWi Z[ _djhWdi_][dY_W o WZkbWY_ÂŒd$ 7Xiehjei ^[cei [iYkY^WZe" l_ije o b[‡Ze [d [ijei Z‡Wi iki ck[ijhWi Z[ _djeb[hWdY_W Yed bei f[h_eZ_ijWi gk[ fed[d [d [l_Z[dY_W ik ikc_i_ÂŒd" feYW _cfWhY_Wb_ZWZ o YecfbWY[dY_W ZÂŒY_b Wdj[ [b feZ[h$ CkY^ei [YkWjeh_Wdei i[dj_cei l[h# ]”[dpW W`[dW \h[dj[ W iki h[i# fk[ijWi o WYj_jkZ[i gk[ hWoWd [d [b Y_d_ice c|i Z[iYWhWZe$ ;b ejhe bWZe Z[ bW c[ZWbbW [i" [d YWcX_e" bW Z_]d_Ă’YWdj[ ^kc_bZWZ o ^edehWXb[ WYj_jkZ Z[ kdW ck`[h _hh[l[h[dj[ Wdj[ bW _d`kij_Y_W" bW Z[ bW leYWb Z[b 9D;" CWhY_W 9W_Y[Ze$ :_Y[ be gk[ j_[d[d gk[ Z[Y_h i_d gk[ b[ j_[cXb[ e gk_[Xh[ bW lep o" i[]‘d i[ l[" de h[ifedZ[ i_de W ik YedY_[dY_W$ 9ece Z_`e =WhY‡W C|hgk[p0 ÆBei i[h[i ^kcWdei de dWY[d fWhW i_[cfh[ [b Z‡W [d gk[ iki cW# Zh[i bei WbkcXhWd" i_de gk[ bW l_ZW bei eXb_]W W fWh_hi[ W i‡ c_icei kdW o ejhW l[pÇ$ ĹŠ 1ēŊ +.ĹŠ 904(#1".ĹŠ (-.2 Ä“ ēŊćĊććÄ?ČĉÄ?Ä?ĹĎ
-_"(3 ĹŠ2.!(#" "
Dei ^WY[ \WbjW Ykbj_lWh kdW YkbjkhW Z[ h[[dYk[djhe" Z[ h[lWbeh_pWY_ÂŒd Z[b i[h ^kcW# de$ I[ fh[Y_iW Z[ Wb]k_[d gk[ i_[djW fWi_ÂŒd feh [b h[if[je W jeZW f[hiedW$ ;ijei ied bei [\[Yj_lei h[\[h[dj[i gk[ h[# gk[h_cei$ ;b Z‡W gk[ jeZe i[h ^kcWde i_[djW bW f[hj[d[dY_W Wb ckdZe Yece i[c[`Wdj[" Yed bei c_icei Z[h[Y^ei o Z[X[h[i gk[ ejhe" ^WXh| dWY_Ze kdW _dƒZ_jW ieY_[ZWZ" kdW _dcWYkbWZW Y_l_b_pWY_ÂŒd" kd fbWd[jW Z[ b[WbjWZ fWhW Yed ik [if[Y_[" kd _d\Wb_Xb[ fhe]h[ie ^kcWde gk[ [i be c|i ikXb_c[$ ~!3.1ĹŠ .1!. ĹŠ #11#1. !.1!. Äž3#+#$.-(! Ä“-#3 ĹŠ ĹŠ ĹŠ Ä– ! 13 2 +"(1#!3.1Äž+ '.1 Ä“!.,Ä“#! 2(++ ĹŠÄˆÄ?ĈÄ?Ä‰ÄŒÄŠĹŠ ĹŠ.ĹŠ!4 +04(#1 ĹŠ "#ĹŠ-4#231 2ĹŠ %#-!( 2Ä“ #04(2(3.2Ä–ĹŠ ., 1#2ĹŠ8ĹŠ /#++(".2ĹŠ!.,/+#3.2Ä—ĹŠ -ĂŒ,#1.ĹŠ"#ĹŠ _"4+ Ä—ĹŠ3#+_$.-.ĹŠÄ¸Äƒ).ĚėŊ"(1#!!(¢-ĹŠ ".,(!(+( 1( ĹŠ.ĹŠ"#ĹŠ31 ).ĹŠ8ĹŠ!.11#.ĹŠ#+#!31¢-(!.Ä“
Ĺ‹ Ĺ‹ 7 Wb]kdei c[Z_ei _dZ[f[dZ_[dj[i i[ dei WYkiW Z[ c[dj_h e Z[ eYkbjWh bW l[hZWZ Z[ bei ^[Y^ei gk[ WXhkcWd Wb fW‡i [d [ijei W‹ei$ I_d [cXWh# ]e" ik[b[d i[h ejhei bei gk[ fheYbWcWd Yece l[hZWZ[hei Yh_j[h_ei o WYkiWY_ed[i i_d kd iki# j[dje fheXWjeh_e iÂŒb_Ze [ _dYbkie i_d c[Z_Wh kdW i[dj[dY_W \_hc[ Z[ Wb]‘d jh_XkdWb$ O [d [bbe" feh Z[i]hWY_W" ^Wo kdW Z[]hWZWdj[" feh ieif[Y^eiW" i[b[Yj_l_ZWZ$ 9ece i[ iWX[" Wb]e [i l[hZWZ[he YkWd# Ze Ye_dY_Z[ Yed be h[Wb$ >Wo l[hZWZ YkWdZe i[ Yehh[ifedZ[d [b YedeY_c_[dje h[Wb Z[ bei ^[Y^ei o ik [nfh[i_ÂŒd" [i Z[Y_h" YkWdZe [n_ij[ Yehh[ifedZ[dY_W [djh[ dk[ijhe f[diWc_[dje o dk[ijhWi fWbWXhWi$ FWhW [bbe i[ [n_][ i_dY[h_ZWZ e l[hWY_ZWZ [d [b b[d]kW`[ o Âľfk[Z[d Wb]kdei Z[ bei c_[cXhei Z[ bW YbWi[ feb‡j_YW Z[ ^eo ceijhWh [ijW YkWb_ZWZ5 } ĹŠ ĹŠ
( Ĺ‹ * ,* ./ ;b ;YkWZeh l_l[ bW _di[]kh_ZWZ c|i Wjhep Z[ jeZei bei j_[cfei1 [b feZ[h [ijWjWb ^W gk[ZWZe Yehje \h[dj[ W dk[lWi \ehcWi Z[ Z[b_d# gk_h1 Xk[de" i[ ^W ^[Y^e Z[ jeZe1 dk[ijhei b[]_ibWZeh[i Yec[dpWhed h[\ehcWdZe [b 9ÂŒZ_]e Z[ FheY[Z_# c_[dje F[dWb gk[ dei h[]‡W Z[iZ[ '/.) feh kde dk[le Z[ (&&' gk[ Yedij_jkoÂŒ kdW Z[i]hWY_W fWhW bei [YkWjeh_Wdei$ :[iZ[ [iW \[Y^W ^WijW [ijei Z‡Wi ^[cei l[d_Ze i_[dZe l‡Yj_cWi Z[ jWdjWi h[\ehcWi gk[ be ‘d_Ye gk[
7 l[Y[i" Yed [b fhefÂŒi_je Z[ Yedl[dY[h W bWi cWiWi Z[ iki i[]k_Zeh[i o i_cfWj_pWdj[i" [ijei feb‡j_Yei" bW cWoeh‡W Z[ bei YkWb[i i[ Wkjefhe# YbWcW h[lebkY_edWh_ei" fWiWd feh Wbje bW Yehh[i# fedZ[dY_W d[Y[iWh_W gk[ Z[X[ [n_ij_h [djh[ bW YedY_[dY_W o bW WYY_ÂŒd" [djh[ ik YecfehjWc_[d# je o [b ikfk[ije `k_Y_e cehWb gk[ Z_Y[d ikij[d# jWh$ ;djedY[i ^Wo Z[h[Y^e W Z[Y_h gk[ ied [bbei bei gk[ c_[dj[d i_d fkZeh Wb]kde$ ÂľGkƒ ^Wo Z[ l[hZWZ [d bWi WYY_ed[i Z[ dk[i# jhei ]eX[hdWdj[i5 ÂľGkƒ i[ iWX[ Z[ WYedj[Y_# c_[djei h[Y_[dj[i o iWd]h_[djei gk[" f[i[ W kdW Z[diW o YeijeiW fkXb_Y_ZWZ"W‘d de i[ [iYbWh[# Y[d5 >Wo kd hWi]e Z_ij_dj_le Z[ bW l[hZWZ gk[ bW lk[bl[ _cfbWYWXb[0 ik Wb_WdpW Yed [b j_[cfe o Yed bW >_ijeh_W$ ;b j_[cfe o bW >_ijeh_W i[ [dYWh]Wd Z[ [iYbWh[Y[hbe jeZe o `kp]Wh Yedl[# d_[dj[c[dj[ W gk_[d[i ^eo c_[dj[d$
i[ ^W Yedi[]k_Ze [i Yedgk_ijWi fWhW bei Z[b_dYk[dj[i" ^WijW jWb fkdje Z[ gk[ bW fh_i_Œd [i [djh[ ') bW ‘bj_cW Z[ bWi c[Z_ZWi1 [djedY[i Z_h[cei gk[ gk_[d[i l_l[d WfWh# jWZei Z[ bW b[o j_[d[d kd Wcfb_e YWc_de Z[ c[Z_ZWi fWhW [iYe][h Yec[dpWdZe Z[iZ[ bW ' W bW '(" fehgk[ bW fh_i_Œd iŒbe i[ ehZ[dW [d YWiei [nY[fY_edWb[i$ ;ije ^W ce# j_lWZe gk[ bei fh[iei feh Z[b_jei ikcWc[dj[ ]hWl[i ^WoWd iWb_Ze feh YWdj_ZWZ[i fWhW i[]k_h Yed ik jhWXW`e ^WX_jkWb$ FWhW [b Yebce" i[ Z[iWhcŒ W bW ieY_[ZWZ Y_l_b$ DWZ_[ fk[Z[ WdZWh WhcWZe" [b Z[b_dYk[d# j[ i‡" fehgk[ ƒb de d[Y[i_jW f[hc_ie Wb]kde" f[he [b Yec[hY_Wdj[ j_[d[ fhe^_X_Y_Œd Z[ fehjWh WhcWi$ ;djedY[i" ^[cei Z[ Yedl[d_h Yed kij[Z" Wc_]e b[Yjeh" gk[ dk[i# jhei WiWcXb[‡ijWi c|i i[ fh[eYk# fWd feh bei Z[h[Y^ei ^kcWdei Z[ [iei feXh[i ckY^WY^ei gk[ ^_[# h[d" cWjWd" l_ebWd" heXWd$ De Yh[[ gk[ [b i_YWh_Wje" bW l_ebW#
Y_Œd Yed ck[hj[" heXe Yed ck[hj[ Z[X[d i[h iWdY_edWZei Yed bW YW# Z[dW f[hf[jkW" W [\[Yje Z[ WfWhjWh Z[ bW ieY_[ZWZ W ik`[jei f[b_]heiei" YWfWp Z[ gk[ kdW cWdpWdW feZh_# ZW de ZW‹[ W Y_[d$ ;ije" feh ik# fk[ije" fehgk[ de ^Wo [d dk[ijhe fW‡i bW h[^WX_b_jWY_Œd Z[ bei h[ei1 Yedij_jko[dZe bW Y|hY[b bW [iYk[bW Z[b Z[b_je" bW c_icW gk[ i[ fed[ [d fh|Yj_YW [d bWi YWbb[i$ OW [i ^ehW Z[ gk[ dk[ijhei b[# ]_ibWZeh[i ^W]Wd kdW h[\ehcW _d# j[]hWb Z[ dk[ijhe i_ij[cW f[dWb" fehgk[ bei [diWoei o WZ_l_dWdpWi h[Wb_pWZei ^WijW Wgk‡ de ^Wd fW# iWZe Z[ i[h fW‹ei Z[ W]kW j_X_W" o X_[d YWl[ ik][h_h gk[ de i[ ^W]Wd b[o[i fWhW f[hi[]k_h W jWb e YkWb f[hiedW" i_de gk[ i_hlWd fWhW fhej[][h Wb ]hWd Yed]bec[hWZe1 [djedY[i" lWoW f[diWdZe i_ bW YW# Z[dW f[hf[jkW i[h| bW iebkY_Œd fWhW WfWhjWhbei Z[ bW ieY_[ZWZ W Wgk[bbei gk[ WZ[YkWd ik YedZkYjW W Z[b_jei [n[YhWXb[i$
ĹŠ ĹŠ
ÂĄ
' -Ĺ‹ & Ĺ‹&# ,. Bk[]e Z[ h[Y_X_h i[l[hWi ]ebf_pWi" YkWdZe feb_Y‡Wi o jkhXWi ]kX[h# dWc[djWb[i Z[ijhepWhed [b bk]Wh ZedZ[ l_l[d" ^Wd i_Ze [dYWhY[bW# Zei IWhW CWhjW <edi[YW Gk[l[Ze" ik [ifeie o ik ^_`e cWoeh$ BW lWb_[dj[ WYj_l_ijW Z[ bei Z[# h[Y^ei ^kcWdei [d 9kXW" leY[hW Z[b <h[dj[ Z[ H[i_ij[dY_W 9‡l_YW o :[ieX[Z_[dY_W 9_l_b ĂˆEhbWdZe PWfWjW JWcWoeÇÉ [i ejhW Z[ bWi _d# YedjWXb[i l‡Yj_cWi Z[ [i[ hƒ]_c[d gk[" Z[iZ[ ^WY[ c|i Z[ c[Z_e i_# ]be _cfkie kd \ƒhh[e ok]e o c_i[# h_W W bW _ibW YWh_X[‹W$ KdW Z[ bWi YWkiWi fWhW [ij[ dk[le Wjhef[bbe W ik Z_]d_ZWZ [ _dj[]h_ZWZ f[hiedWb o \Wc_b_Wh [i bW YebWXehWY_ÂŒd gk[ l_[d[ Xh_d# ZWdZe W bWi :WcWi Z[ 8bWdYe$ ;ijWi ZWcWi" cWZh[i o [ifeiWi Z[ bei fh[iei feb‡j_Yei" Z[iW\‡Wd W bW j_hWd‡W _cf[hWdj[" i[ [nfed[d W bei l[`|c[d[i gk[ f[hf[jhWd bei [iX_hhei Z[ bei i|jhWfWi$ :[iZ[ ^WY[ i_[j[ W‹ei" l_i# j_[dZe hefWi XbWdYWi o Yed ]bW# Z_ebei [d bWi cWdei" h[Wb_pWd ik bkY^W fWY‡\_YW gk[ ^W ][d[hW# Ze i_cfWj‡W [d jeZe [b ckdZe" [\[Yj‘Wd l_]_b_Wi Yed [`[cfbWh lWb[dj‡W o Wbj_l[p" [d XkiYW Z[ bW [nYWhY[bWY_ÂŒd Z[ bei fh_i_ed[hei Z[ YedY_[dY_W iec[j_Zei W jhWjei _d\WcWdj[i [d bWi cWpcehhWi YWijh_ijWi$ 7fbWkZe W bWi ZWcWi Z[ bW b_X[hjWZ o c[ ieb_ZWh_pe Yed [b fh[c_e gk[ WYWXW Z[ YedY[Z[h# b[i [b :[fWhjWc[dje Z[ ;ijWZe Z[ bei ;ijWZei Kd_Zei" Yece be ^_Y[" jWcX_ƒd" YkWdZe c[h[Y_[# hed ejhei ^edheiei ]WbWhZed[i0 [b IW`|hel#(&&+" Z[b FWhbWc[dje ;khef[e e [b Z[b 9edi[`e 7jb|d# j_Ye" MheYbWm" Febed_W" [d bei WYjei Yedc[cehWj_lei Z[b )& Wd_l[hiWh_e Z[b cel_c_[dje i_d# Z_YWb Ieb_ZWh_ZWZ" gk[ Z[hhejÂŒ Wb jejWb_jWh_ice [d [i[ fW‡i$ I_d b_X[hjWZ" i_d Z[h[Y^ei ^kcWdei" i_d fh[diW _dZ[f[d# Z_[dj[ o fbkhWb_ijW" bei fk[Xbei i[ ikc[h][d [d bWi cWoeh[i Z[i# l[djkhWi" Z[ bWi gk[ [i Z_\‡Y_b iW# b_h feh bW eXi[i_ÂŒd Z[ feZ[h o bW h[fh[i_ÂŒd Z[ bei ZƒifejWi$ $ 11(% Äž+ '.1 Ä“!.,Ä“#!
1#2("#-3#ĹŠ !(.- + ĹŠ ĹŠ } (1#!3.1 ĹŠ Â&#x; "(3.1 ĹŠ #-#1 +
ĹŠ ÂĄ ĹŠ "(3.1 ĹŠ #%(.- + ĹŠ Â&#x; ĹŠ "(!#-31 +ĹŠ Ä“ Ä“ (1#!!(¢-Ä–ĹŠ ++ 3 -% ĹŠ Äľ ĹŠ#-31#ĹŠ 5ēŊ 4(3.ĹŠ8ĹŠ 4 8 04(+Ä“ #+_$.-.2ĖŊĉÄ?Ä?ÄąÄˆÄ‡Ä‡ÄŽÄľÄ‰Ä?Ä?ĹĊÄ?ÄŽÄ’ #+#$ 7ĖŊĉÄ?Ä?ÄąÄˆÄ‡Ä‡ÄŒ , (+Ä–ĹŠ2 -3."Äž+ '.1 Ä“!.,Ä“#!  .Ä–ĹŠ ĹŠĹŠ .ēŊÄ?ēĎÄ?ÄŽ
666ē+ '.1 ē!.,ē#! Ŋ 23 Ŋ2#!!(¢-Ŋ1#/1#2#-3 Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#Ŋ+.2Ŋ#"(3.1#2ēŊ .2Ŋ#2!1(3.2Ŋ "#Ŋ+.2Ŋ!.+ .1 ".1#2Ŋ2.+.Ŋ!.,/1.,#3#-Ŋ Ŋ242Ŋ 43.1#2Ŋ8Ŋ-.Ŋ1#Ą#) -Ŋ -#!#2 1( ,#-3#Ŋ#+Ŋ/#-2 ,(#-3.Ŋ"#+Ŋ/#1(¢"(!.ē
.+ ĹŠ 5 11.ĹŠĹŠ "().ĹŠ04#ĹŠ#+ĹŠ . (#1-.ĹŠ /1#3#-"(¢Ŋ /1.5.! 1+.2Ä“ BW cWhY^W feh [b :‡W Z[b JhWXW# `e" fhejW]ed_pWZW feh Z_l[hiWi eh]Wd_pWY_ed[i bWXehWb[i" [ijk# le cWhYWZW feh bW Z_l_i_ÂŒd o bW febƒc_YW$ 7 bWi dk[l[ Z[ bW cW‹WdW" [d [b i[Yjeh Z[b 9‡hYkbe Z[ bei 9edj_d[dj[i" Zei ]hkfei Z[ jhW# XW`WZeh[i i[ YedY[djhWhed fWhW Yedc[cehWh [ij[ Z‡W$ Kde Z[ [bbei i[ _Z[dj_Ă’ YÂŒ YbW# hWc[dj[ Yed [b I‡ Z[ bW 9edikbjW FefkbWh iki _dj[]hWdj[i bkY‡Wd kdW YWc_i[jW l[hZ[ Yed [iW Yed# i_]dW " o [ijkle [dYWX[pWZW feh Wkjeh_ZWZ[i Z[ bW =eX[hdWY_ÂŒd o bW Fh[\[YjkhW$ BW ejhW \k[ Z_h_]_ZW feh bW <[Z[hWY_ÂŒd Kd_jWh_W Z[ Eh]W# d_pWY_ed[i I_dZ_YWb[i <KEI " <[Z[hWY_ÂŒd Kd_jWh_W Z[ JhWXW# `WZeh[i <KJ o bW <[Z[hWY_ÂŒd Z[ 9ec[hY_Wdj[i (. Z[ EYjk# Xh[" gk_[d[i cWhY^Whed Æ[d decXh[ Z[ kd Fh_c[he Z[ CWoe YecXWj_le [ _dZ[f[dZ_[dj[ Z[b =eX_[hdeÇ$ BW cWhY^W Z[b <KJ o iki eh# ]Wd_pWY_ed[i Wb_WZWi de h[Wb_pÂŒ [b h[Yehh_Ze fbWd_Ă’ YWZe" oW gk[ i[]‘d FWebW DWlWhhe" Z_h_][d#
¥ ēŊ (#-3.2Ŋ"#Ŋ31 ) ".1#2Ŋ2#Ŋ5.+! 1.-Ŋ Ŋ+ 2Ŋ! ++#2Ŋ/ 1 Ŋ !#+# 1 1Ŋ24Ŋ"~ ēŊ .Ŋ3.".2Ŋ#2345(#1.-Ŋ#-Ŋ#+Ŋ,(2,.Ŋ -".ē
j[ fhel_dY_Wb Z[ bW <[Z[hWY_ÂŒd Kd_jWh_W" bW cWhY^W Z[b =eX_[h# de fh[j[dZ_ÂŒ gk[XhWdjWh o fhe# leYWh W bei jhWXW`WZeh[i Z[ [ijW eh]Wd_pWY_ÂŒd fWhW [l_jWh gk[ bW cel_b_pWY_ÂŒd i[ h[Wb_Y[$ ;i feh [ijW hWpÂŒd gk[ i[ kj_# b_pÂŒ kdW hkjW Wbj[hdW W bW oW fbW# d_Ă’ YWZW$ DWlWhhe WĂ’ hcÂŒ gk[ Wbh[Z[Zeh Z[ '+& jhWXW`WZeh[i" jWdje Z[ bW Fh[\[YjkhW Yece Z[ bW =eX[hdWY_ÂŒd o Z[b C?;I C_d_ij[h_e Z[ ?dYbki_ÂŒd ;Ye# dÂŒc_YW o IeY_Wb ^WXh‡Wd i_Ze ÆeXb_]WZei W fWhj_Y_fWh Z[ bW cWhY^W eĂ’ Y_Wb_ijW fehgk[ Z[ be YedjhWh_e de [n_ij_h‡W bW h[delW# Y_ÂŒd Z[ YedjhWjei feh fWhj[ Z[ [ijWi _dij_jkY_ed[iÇ$ IeXh[ [b c_ice j[cW" [ijW Z_# h_][dj[ i[‹WbÂŒ gk[ bei jh_Y_Yb[hei gk[ WYecfW‹WXWd bW cWhY^W ]eX_[hd_ijW \k[hed" Z‡Wi Wjh|i" YedjhWjWZei fWhW gk[ YebeYWhWd [d iki jh_Y_Ybei bWi XWdZ[hWi feh [b I‡ Z[ bW YedikbjW$ 7 YWcX_e"
i[h‡Wd Yecf[diWZei Yed bbWdjWi dk[lWi fWhW iki l[^‡Ykbei$ +ĹŠ.ÄƒĹŠ!( +(2,. ;d bW cWhY^W eĂ’ Y_Wb_ijW [ijkl_[# hed bW 7ieY_WY_ÂŒd Z[ JhWXW`W# Zeh[i Z[b =eX_[hde Fhel_dY_Wb" 7ieY_WY_ÂŒd Z[ @kX_bWZei Z[ bW Fhel_dY_W Ji|Y^_bW o [b I_dZ_# YWje Kd_jWh_e Z[ JhWXW`WZeh[i Ckd_Y_fWb[i$ ;dh_gk[ 9[Z[‹e" i[Yh[jWh_e ][d[hWb Z[b I_dZ_YWje Ckd_Y_# fWb" Wi[]khÂŒ gk[ [bbei de j[d‡Wd d_d]‘d _dlebkYhWc_[dje Yed [b fh_c[h ]hkfe Z[ bW cWhY^W Z[ bWi _dij_jkY_ed[i f‘Xb_YWi _XWd Z[djhe Z[ ƒb $ HebWdZe 9Whh_ÂŒd" fh[i_Z[d# j[ Z[ bW eh]Wd_pWY_ÂŒd gk[ WYe][ W bei jhWXW`WZeh[i Z[b =eX_[h# de Fhel_dY_Wb" Wi[]khÂŒ gk[ [b ‘d_Ye fhefÂŒi_je Z[ [ijW cWh# Y^W [hW h[YehZWh [ij[ Z‡W c[# cehWXb[ o WfeoWh bW fh[]kdjW '& Z[ bW YedikbjW$
Bei d_‹ei Z[ Z_l[hiWi [iYk[bWi Z[ bW fhel_dY_W Ji|Y^_bW h[Y_# X_h|d b[dj[i Z[ \ehcW ]hWjk_jW c[Z_Wdj[ kdW YWcfW‹W Z[iWhhe# bbWZW feh [b C_d_ij[h_e Z[ IWbkZ F‘Xb_YW$ 9Whc[d =k# Wdk‹W" jhWXW`W# ĹŠ ZehW Z[b ^eif_jWb Ăˆ7k]kije ;]WiÉ" [nfh[iÂŒ gk[ bW ĹŠ-4#5 ĹŠ! ,/ Äą  Ŋ"#ĹŠ#-31#% ĹŠ"#ĹŠ YWcfW‹W i[ l_[# +#-3#2ĹŠ 11 -! 1;ĹŠ d[ h[Wb_pWdZe #-ĹŠ)4-(.ĹŠ"#+ĹŠ/1#Äą 2#-3#ĹŠ  .Ä“ Z[iZ[ `kb_e Z[b W‹e fWiWZe$ CWh‡W Hec[he" Z[ bW [iYk[bW ;\hW‡d Ceigk[hW" i[ ck[ijhW Wj[djW W bWi c[Z_Y_ed[i eYkbWh[i h[Wb_pWZWi W iki YecfW‹[hei$ ;bbW [if[hW ik jkhde fWhW gk[ [b efjÂŒc[jhe b[ h[Wb_Y[ iki c[Z_Y_e# d[i o feZ[h j[d[h iki b[dj[i$ ;b (- Z[ WXh_b" W (,& d_‹ei o d_‹Wi b[i jecWhed bWi h[if[Yj_lWi c[Z_ZWi eYkbWh[i$ ;bbei [iYe]_[# hed bei ceZ[bei gk[ Z[i[Whed o h[Y_X_h|d iki b[dj[i [d (& Z‡Wi$ FWhW h[j_hWhbei" i[ YedleYWh| W \Wc_b_Wh[i dej_\_YWdZe gk[ i[
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
Ĉ
ēŊ /3¢,#31.Ŋ1# +(9 -".Ŋ4-Ŋ #7 ,#-Ŋ#-Ŋ#+Ŋ'.2/(3 +Ŋ 4%423.Ŋ % 2ē
WY[hgk[d Wb ^eif_jWb Ăˆ7k]kije ;]WiÉ$ 7 bW YWcfW‹W e\jWbcebÂŒ]_YW Wi_ij_[hed d_‹ei Z[ bWi [iYk[bWi0 CWdk[bW 9W‹_pWh[i" JWhgk_de F|[p" ;\hW‡d Ceigk[hW" :kY^_# Y[bW NN?" 8eb_lWh_WdW" @kWd I_n# je 8[hdWb" 9_kZWZ Z[b 9ebehWZe" >ƒhe[i Z[ fWgk_i^W" M[dY[ibWe fWh[`W" JknW" H[_dW Z[ ?d]bWj[# hhW" 9Whbei JWf_W" FWXbe ;dh_gk[ 7bXehdep" E;7" [djh[ ejhWi$
'*/,+. I>
ðŋ # &#-')ŋ #0# #šŋ ŋ., $ ), -
(., ! ,6(Ĺ‹ & (. -Ĺ‹ Ĺ‹ -./ # (. -
4#, -ĹŠ ,.-(%.3# DR. CHRISTIAN IZURIETA GUZMAN CLINICA SANTA MONICA
COMUNICA A sus distinguidos pacientes que NO ATENDERĂ DESDE EL LUNES 2 DE MAYO HASTA EL LUNES 9 DE MAYO, ya que fue invitado a un Congreso Mundial de GinecologĂa en Washington para adquirir nuevos conocimientos. '*//.* I>
'*/+&/ =<
Ĺ—ĹŠĹŠ
, 2ĹŠ,.5(+(9 !(.-#2ĹŠ !4+,(- 1.-ĹŠ24ĹŠ1#!.11(".ĹŠ#-ĹŠ#+ĹŠ 104#ĹŠ 1 ! 8ēŊ ĹŠ, 1!' ĹŠ "#+ĹŠ ĹŠ"(.ĹŠ!(#11#ĹŠ ĹŠ#23 ĹŠ ).1- " ĹŠ!.-ĹŠ, 1( !'(2ĹŠ8ĹŠ+ ĹŠ 04#, ĹŠ"#ĹŠ4-ĹŠ,.-(%.3#ĹŠ"#+ĹŠ /1#2("#-3#ĹŠ .11# ēŊ .1ĹŠ24ĹŠ/ 13#ĔŊ+ ĹŠ, 1!' ĹŠ"#+ĹŠ .ÄƒĹŠ!( +(2,.ĹŠ3#1,(-¢Ŋ!.-ĹŠ+ ĹŠ(-Äą 3#15#-!(¢-ĹŠ"#ĹŠ242ĹŠ"(1(%#-3#2ēŊ
'*/)/- :J
§
ĉ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
Â&#x; ēŊ +#7 -"1 ĹŠ + 9 !¢-ĹŠ3#)(#-".ĹŠ!.-ĹŠ 84" ĹŠ"#ĹŠ .8ĹŠ "8Ä“
Ĺ‹ "8ĹŠ!.-2("#1 ĹŠ04#ĹŠ! " ĹŠ3 /(9ĹŠ- 11 ĹŠ4- ĹŠ'(23.1( ĹŠ04#ĹŠ #7/1#2 ĹŠ2#-3(,(#-3.2ĹŠ#ĹŠ(-2/(1 !(.-#2Ä“ ĹŠ ĹŠ Äľ ĹŠ
+ĹŠ5(2(3 -3#2 !3(5(" "#2
ŊŊ .8Ŋ "8Ŋ/ 13(!(/¢Ŋ#-Ŋ+ Ŋ (#- +Ŋ -3#1Ĺ ŗ!.-3(-#-3 +Ŋ"#Ŋ 13#Ŋ -"~%#- Ŋ -!#231 +Ŋ
.ĹŠ (+#- 1( ĹŠ#-ĹŠ 4(3.ĹŠ#-ĹŠÄ‰Ä‡ÄˆÄ‡Ä”ĹŠ#7'( (¢Ŋ8ĹŠ "(!3¢Ŋ3 ++#1#2ĹŠ#-ĹŠ+ ĹŠ2#"#ĹŠ"#ĹŠ+ ĹŠ (#- +Ä“
-Ŋ24Ŋ5(2(3 Ŋ.$1#!(¢Ŋ4-Ŋ3 ++#1Ŋ#2/#!( +Ŋ/ 1 Ŋ ŗ+ 2Ŋ, "1#2Ŋ"#Ŋ-( .2Ŋ!.-Ŋ#-$#1,#" "#2Ŋ"#Ŋ + 1% Ŋ"41 !(¢-Ŋ04#Ŋ/ 2 -Ŋ,4!' 2Ŋ'.1 2Ŋ #-Ŋ#+Ŋ .2/(3 +Ŋ"#Ŋ ( .2Ŋ ! Ŋ 13(9ē
.8ĹŠ(-3#1! , ( 1;ĹŠ24ĹŠ 13#ĹŠ8ĹŠ31 "(!(.-#2ĹŠ Ĺ—!.-ĹŠ 4"(#-!( 2ĹŠ#-ĹŠ#+ĹŠ #-31.ĹŠ 4+341 +ĹŠ #Äą
31./.+(3 -.Ŋ#-Ŋ 4(3.Ŋ8Ŋ5(2(3 1;ĖŊ #%4!'#ĔŊ 3 5 +.ĔŊ -3.Ŋ .,(-%.Ŋ"#Ŋ+.2Ŋ 2;!'(+ 2ĔŊ 1 %41.ĔŊ (. , ĔŊ + 2 ! ĔŊ  1Ŋ8Ŋ 94 8ē
;d bW Y[h[ced_W Z[b l_[hd[i fWiWZe [d 9^_]”_bf[ ĹŠ YeckdW kX_YWZW [d [b ac - Z[ bW l‡W W Gk[l[Ze " bei c_[cXhei Z[ bW Yeckd_ZWZ jkl_[hed bW efehjkd_ZWZ Z[ YedeY[h o fWbfWh [b cWj[h_Wb gk[ i[ kj_b_pW fWhW j[`[h0 +ĹŠ/4# +.ĹŠ 5 ).ĹŠ jWf_Y[i o Xebiei gk[ Æ[di[‹[d bW X[bb[pW Z[b kd_l[hie o 2#ĹŠ#-!4#-31 ĹŠ#-ĹŠ +.2ĹŠ#23 ".2ĹŠ"#ĹŠ 3 'ĔŊ 1(9.- ĹŠ8ĹŠ ik Yeicebe]‡WÇ$ 4#5.ĹŠ _7(!.ĹŠ AWZo Wfh[dZ_ÂŒ W j[`[h W bei / W‹ei o bk[]e be ^W ^[# ĸ 23 ".2ĹŠ b[nWdZhW 9WbWpWYÂŒd" Z[ bW YeckdW ji|Y^_bW 9^_]”_b# Y^e ZkhWdj[ jeZW ik l_ZW$ Bei Z_i[‹ei jhWZ_Y_edWb[i -(".2ĚĔŊ#-ĹŠ4- ĹŠ #73#-2(¢-ĹŠ"#ĹŠ f[" h‡[ c_[djhWi iki cWdei jhWXW`Wd [d [b j[`_Ze gk[ ied cko _cfehjWdj[i fWhW ƒb" oW gk[ Yedi_Z[hW gk[ Ä?ĒēĒĊćŊ*,ĉē Heo AWZo" cW[ijhe j[`[Zeh dWlW`e Z[ bei ;ijWZei YWZW jWf_p dWhhW kdW ^_ijeh_W gk[ [nfh[iW i[dj_c_[d# Kd_Zei" h[Wb_pW Z[iZ[ eYjkXh[ Z[b W‹e fWiWZe$ jei [ _dif_hWY_ed[i$ AWZo ikf[hl_iW be gk[ [ij| h[Wb_pWdZe 7b[nWdZhW$ B_iW Im[dWhia_ Z[ >[hh[hW \k[ bW [dYWh]WZW Z[ jhW# ;bbW WlWdpW h|f_ZWc[dj[ oW gk[ iki ^WX_b_ZWZ[i i[ ZkY_h" [b fWiWZe l_[hd[i" o [nfb_YWh bWi fWbWXhWi gk[ [nfh[iW AWZo$ Ik be f[hc_j[d$ C_[djhWi jWdje" lWh_ei c_[cXhei Z[ bW Yecfb[c[djWh_[ZWZ f[hc_j_ÂŒ [dj[dZ[h bW i_cXebe]‡W Z[ j[`_Zei" Yebe# Yeckd_ZWZ i[ WY[hYWd" c_hWd o Yec[djWd ieXh[ [b h[i" Z_i[‹ei" fh|Yj_YWi" eX`[jei" jWf_p [d YedijhkYY_ÂŒd$ Yh[[dY_Wi" WYj_jkZ[i o WYY[ie# 7b[nWdZhW" bk[]e Z[ Y[Z[h ik fk[ije W ejhW h_ei Z[b fk[Xbe DWlW`e$ _dj[]hWdj[ Z[ bW Yeckd_ZWZ" Z_Y[ gk[ dkdYW Bei c_[cXhei Z[ bW DWY_e# ^WX‡W j[`_Ze Z[ [iW cWd[hW" oW gk[ jhWZ_Y_edWb# dWb_ZWZ Ji|Y^_bW fkZ_[hed Ye# c[dj[ be ^WY‡W ^eh_pedjWbc[dj[" f[he W^ehW i[ deY[h gk[ fWhW [i[ fk[Xbe ^Wo ck[ijhW \[b_p Z[ feZ[h YedeY[h bWi jhWZ_Y_ed[i Zei YbWi[i Z[ i[hf_[dj[i gk[ i[ Z[ ejhei fk[Xbei$ jecWd Yece h[\[h[dY_W fWhW [b Jh[i _Z_ecWi i[ [dbWpWd [d [b [dYk[djhe Ykb# Z_i[‹e Z[ iki j[`_Zei$ Ik fk[# jkhWb0 [b _d]bƒi" ^WXbWZe feh AWZo1 [b [ifW‹eb" Xbe Yh[[ gk[ kdW i[hf_[dj[ [ij| ^WXbWZe feh ik jhWZkYjehW o Wi_ij[dj[i Wb [l[d# [d [b Y_[be o h[bWcfW]k[W Yedi# je1 o [b ji|Ă’ a_" b[d]kW dWj_lW Z[ bW DWY_edWb_ZWZ jWdj[c[dj[" o gk[ bW ejhW [ij| Ji|Y^_bW$ [d bW cWZh[ j_[hhW$ AWZo gk_[h[ gk[ ik fk[# .1, 2ĹŠ31 "(!(.- +#2 Xbe :_dƒ cWdj[d]W iki jhWZ_# Heo AWZo [i kd j[`[Zeh Z[ j[nj_b[i dWj_lei Y_ed[i o [b [gk_b_Xh_e Yed bWi [ijWZekd_Z[di[i" DWlW`e#9^khhe" [d YkoWi _dĂ“ k[dY_Wi ceZ[hdWi" o gk[ eXhWi kj_b_pW bWdW Z[ el[`Wi iW]hWZWi fWhW jWcX_ƒd YedepYW bWi ^_ijeh_Wi jhWdic_j_h W jhWlƒi Z[ ik Whj[ bWi \ehcWi jhW# Z[ bW Yh[WY_ÂŒd o YWdj[ bWi YWd# ēŊ (#, 1.2ĹŠ"#ĹŠ+ ĹŠ !(.- +(" "ĹŠ 2;!'(+ ĹŠ/ +/ 1.-ĹŠ3#)(".2ĹŠ8ĹŠ Z_Y_edWb[i Z[ bW YkbjkhW DWlW`e Y_ed[i iW]hWZWi dk[lWc[dj[$ ;b fh_c[h [dYk[djhe Z[ _dj[hYWcX_e YkbjkhWb# "(2# .2ēŊ Æ;b ckdZe fWh[Y[ ckY^e c[# ^_ijÂŒh_Ye [djh[ bW 9kbjkhW DWlW`e Z[ bei ;ijWZei dei Wc[dWpWdj[ YkWdZe j‘ iWX[i Kd_Zei o Ji|Y^_bWi Z[b ;YkWZeh cWj[h_Wb_pÂŒ Z_l[hiWi WYj_l_ZWZ[i [if_h_# gk_ƒd [h[iÇ" Z_`e [b ^ecXh[" gk[ feh kdWi ^ehWi YecfWhj_ÂŒ YedeY_c_[d# jkWb[i o i_cXÂŒb_YWi gk[ ied \kdZWc[djWb[i fWhW [dj[dZ[h bWi YeijkcXh[i jei o iWX_Zkh‡W Yed ^ecXh[i o ck`[h[i ji|Y^_bWi$ o fh|Yj_YWi Z[ bei fk[Xbei Wbh[Z[Zeh Z[b ckdZe$
7
ŏĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
Ċ
ŏ ŏ
ŏ
āĀ
ĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
ŏ
2!1~ #-.2ũ 2 -3."ľ+ '.1 ē!.,ē#! (1#ũ242ũ$.3.2ũ#666ē+ '.1 ē!.,ē#!
2/#1 -".ũ24ũ (-%1#2.ũ ũ! -!' (ŋ& ŋ#( /!/, # (ŋ &ŋ ŋ '* )( .)ŋ (. , * ,. ' (. &ŋ /(# #* &ŋ ŋ Ä. )&ŋ & ŋ - /&#()ŋ3ŋ ' (#()ąŋ&)-ŋ *),.#-. -ŋ- ŋ')-., ,)(ŋ/(# )-Ą
1(!#+ ũ .- 1Ĕũ # --#33#ũ ! 2Ĕũ 13' ũ .+(- Ĕũ .' - ũ 13(9ũ8ũ +(9 #3'ũ 3 ē 1 !#+(ũ .-9;+#9Ĕũ ,/ 1.ũ ! Ĕũ ~ ũ #13(*Ĕũ 42 - ũ #5(++ ũ8ũ 81 ũ 15;#9ē
-%1("ũ #5 ++.2Ĕũ 4!~ ũ 4941( % Ĕũ (+5( ũ .+¢19 -.Ĕũ "1( - ũ .) 2ũ8ũ .+ -" ũ 4 .9ē
42 - ũ .11# Ĕũ 2 #+ũ ;-!'#9Ĕũ (,#- ũ 4(1.9Ĕũ 49,(+ ũ 4#5 Ĕũ .2 1(.ũ 13#% ũ8ũ #22#-( ũ 4(1.9ēũ
'*/.'* :J
31(!( ũ #- +!;9 1Ĕũ - ũ /( ũ8ũ ¢-(! ũ 9,( .ē
.1(2ũ _1#9Ĕũ 1~ ũ 8 ũ8ũ ("( ũ -3 - ē
ƒ Ä
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
v Ĺ‹ &Ĺ‹ , $)Ĺ‹ ' , )Ĺ‹*),Ĺ‹ '* ˜ -ĹŠ 4(3.ĹŠ2#ĹŠ++#5 1.-ĹŠ ĹŠ! .ĹŠ".2ĹŠ, 1Äą !' 2ĔŊ4- ĹŠ ĹŠ$ 5.1ĹŠ"#+ĹŠ ~ĹŠ8ĹŠ.31 ĹŠ ĹŠ$ 5.1ĹŠ "#+ĹŠ .ĹŠ#-ĹŠ+ ĹŠ/1¢7(, ĹŠ!.-24+3 Ä“
}ēŊ .2Ŋ/ 13(" 1(.2Ŋ"#+Ŋ . (#1-.Ŋ/ 13(!(/ 1.-Ŋ!.-Ŋ24Ŋ31 "(!(.- +Ŋ!.+.1Ŋ5#1"#Ĺ+(,¢-ē
ēŊ .2ĹŠ 2 , +#~23 2ĹŠ8ĹŠ24ĹŠ31 ).ĹŠ$4#1.-ĹŠ#2!#-(ă! ".2ĹŠ/.1ĹŠ-4,#1.2.2ĹŠ/ 8 2.2Ä“
;d bW YWf_jWb" [b :‡W Kd_l[hiWb Z[b FbWpW =hWdZ[" ZedZ[ bei h[Y_X_ÂŒ JhWXW`e \k[ eX`[je Z[ ]hWdZ[i [b l_Y[fh[i_Z[dj[ Z[ bW H[f‘Xb_# cWhY^Wi Z[ bWi \k[hpWi ieY_Wb[i W YW" B[d‡d Ceh[de$ \Wleh Z[b I‡ o [b De [d bW fhÂŒn_cW HeZh_]e 9ebbW^kWpe" Z[b I[# YedikbjW fefkbWh$ ]khe IeY_Wb 9Wcf[i_de" _d\ehcÂŒ BW jhWZ_Y_edWb cWhY^W Z[ bei Wb fh_dY_f_e Z[ bW cWhY^W gk[ i[ eXh[hei [ijkle Yecfb[jWc[d# [if[hWXW bW fh[i[dY_W Z[ Wbh[Z[# j[ feb_j_pWZW o Z_l_Z_ZW [d Zei Zeh *& c_b f[hiedWi" [djh[ [bbei ]hWdZ[i ]hkfei" f[he bW cWi_lW ]hkfei i_dZ_YWb[i Yece bW 9J; WĂ“k[dY_W Z[ ][dj[ [d Wc# o bW 9[ZeY" Wi‡ Yece jWc# XWi cWd_\[ijWY_ed[i i[ l_e X_ƒd jWn_ijWi [`[Ykj_lei Z_ic_dk_ZW W bW ^ehW Z[ bei ĹŠ o jhWdifehj_ijWi" ]hkfei Z_iYkhiei [d bWi h[if[Yj_# Y_kZWZWdei" Yec[hY_Wd# lWi fbWpWi" oW gk[ d_d]kdW ÄŒÄ‡Ä‡ĹŠ/.+(!~ 2ĹŠ2#ĹŠ j[i" f[gk[‹ei fheZkYje# "(5("(#1.-ĹŠ#-31#ĹŠ i[ bb[dÂŒ [d ik jejWb_ZWZ$ + 2ĹŠ".2ĹŠ, 1!' 2ĹŠ h[i o Yeb[Yj_lei ieY_Wb[i" F[j[h MWbZeh\\" i[# / 1 ĹŠ/1#! 43#+ 1ĹŠ [djh[ ejhei$ #+ĹŠ.1"#-Ä“ ;ijW cWhY^W YedjÂŒ Yed Yh[jWh_e ][d[hWb Z[ bW ?d# bW fh[i[dY_W fWhY_Wb Z[b j[hdWY_edWb Z[ I[hl_Y_ei fWhj_Ze IeY_Wb_ijW <h[dj[ F‘Xb_Yei ?IF " Yh_j_YÂŒ bW Æ\WbjW Z[ h[if[je W bei Z[h[Y^ei 7cfb_e" gk[ i[ Z_l_Z_ÂŒ [djh[ bWi bWXehWb[i X|i_YeiÇ o bW Z_l_i_ÂŒd feijkhWi Z[b I‡ o [b De" Wb _]kWb gk[ i[ ^W Yh[WZe [djh[ i[Yjeh[i gk[ bW 9[eib o [b FWhj_Ze 9eck# Z[ jhWXW`WZeh[i gk[ ÆZ[X[h‡Wd d_ijW Z[ ;YkWZeh" gk[ Yed]h[]ÂŒ j[d[h bei c_icei Z[h[Y^eiÇ$ feh fh_c[hW l[p W bW <[Z[hWY_ÂŒd ;YkWjeh_WdW Z[ ?dZ_ei <;? $ KdW l[p oW [d bW jWh_cW de 1!' ĹŠ"#+ĹŠ ~ ;b i[Yjeh gk[ WfeoW Wb =eX_[hde \WbjWhed bei Z_iYkhiei" [djh[ [bbei i[ h[kd_ÂŒ [d [b fWhgk[ ;b 7hXe# Z[ Z_h_][dj[i Yece Ceh[de" 9e# b_je" o ik h[Yehh_Ze bb[]ÂŒ ^WijW bW bbW^kWpe" IWdj_W]e OW]kWb" Z[ bW
ēŊ (+#2Ŋ"#Ŋ. 1#1.2Ŋ, 1!' 1.-Ŋ#-Ŋ24Ŋ"~ ĔŊ/#1.Ŋ#-Ŋ4-Ŋ!.-3#73.Ŋ/.+~3(!.ēŊ 04~Ŋ+.2Ŋ ./4#23.2Ŋ Ŋ+ Ŋ!.-24+3 Ŋ/./4+ 1ē
9J;" o CWhY[be IebÂŒhpWde" Z[ bei jhWXW`WZeh[i [bƒYjh_Yei" Yed bW fh[i[dY_W Z[ bei b[]_ibWZeh[i 9ƒiWh HeZh‡]k[p o L_h]_b_e >[h# d|dZ[p" Wi‡ Yece ejhei h[fh[# i[djWdj[i Z[b =eX_[hde Yece =kijWle @Wba^" i[Yh[jWh_e fWhj_# YkbWh Z[b Fh[i_Z[dj[" o :eh_i Ie# b_p" c_d_ijhW 9eehZ_dWZehW Z[ bW Feb‡j_YW" [djh[ ejhei$ 1!' ĹŠ"#+ĹŠ .
C_[djhWi jWdje" W bWi /0)&" _d_Y_ÂŒ bW cWhY^W Z[ bei i[Yjeh[i Z[ bei jhWXW`WZeh[i W \Wleh Z[b De" gk[ \k[ Z[iZ[ [b fWhgk[ Z[ bW 7bW# c[ZW" W cko feYW Z_ijWdY_W Z[ bW ejhW" ^WijW IWd <hWdY_iYe" [d [b Y[djhe" bb[dWdZe bWi YWbb[i Z[ he`e o XbWdYe" [d ik cWoeh‡W$ KdW c[pYbW Z[ i[Yjeh[i i[ Z_e Y_jW W [ij[ [l[dje" [djh[ [bbei WYjeh[i feb‡j_Yei Yece 7bX[hje 7YeijW CL " 9_he =kpc|d o Bk_i L_bbWY‡i" Z[b CF:" >kcX[h# je 9^ebWd]e o F[f[ 7YWY^e Z[ bW 9edW_[" bWi WiWcXb[‡ijWi Bekh# Z[i J_X|d o :_WdW 7jWcW_dj Z[ FWY^Wakj_a" C[i‡Wi JWjWck[p Z_h_][dj[ Z[ bW 9;EIB" [djh[ ejhei$ BW cel_b_pWY_ÂŒd" de jWd fe# fkbeiW Yece bW Z[b I‡" YedjÂŒ Yed bW fh[i[dY_W Z[ bW K=J;" jhWXW# `WZeh[i Z[b Ckd_Y_f_e Z[ Gk_je" [ijkZ_Wdj[i Z[ bW <;K;" bW KD;" <;I;" o c_b_jWdj[i Z[b CF: Wi‡ Yece Wb]kdei Z_h_][dj[i Z[b FWhj_Ze IeY_Wb_ijW$ JWcX_ƒd fWhj_Y_fWhed i[Yje# h[i Y_kZWZWdei" jhWXW`WZeh[i Z[ bW fbWpW Z[ jehei o Z[ bei YWi_dei" Yec[hY_Wdj[i c_deh_ijWi WkjÂŒ# decei" eh]Wd_pWY_ed[i XWhh_W# b[i" o kdW YecfWhiW Z[ ĂˆfWoWieiÉ i_ckbWdZe W bei WiWcXb[‡ijWi$
, $ ), -ŋ -ð& ,)(ŋ , #)( )-ŋ (ŋ / 3 ŊěŊ;b jhWZ_Y_edWb Z[iÒb[
[d ^edeh Wb :‡W Z[b JhWXW`WZeh" ceijhŒ Wo[h [b \hWYY_edWc_[dje Z[ bWi eh]Wd_pWY_ed[i eXh[hWi o i_dZ_YWb[i$ BW cWhY^W gk[ i[ YedY[djhŒ [d [b FWhgk[ 9^_b[" Z[ bW YWbb[ De]kY^_" [n^_X_Œ bW kd_Œd Z[ bW KD;" CF:" 9eehZ_dWZeh FW# Y^Wa_jka" H[Z o [cfb[WZei Z[ bWi WieY_WY_ed[i Z[ X_d]ei o YWi_# dei" gk[ h[Y^WpWhed jejWbc[dj[ bW fh[]kdjW h[if[Yj_lW Z[ bW Yed# ikbjW fefkbWh$
=kijWle BWhh[W" @eh][ ;iYWbW" CWkh_Y_e BWhh[W" 7hWY[bo Ceh[# de" 7bedie BŒf[p" [dYWX[pWhed bW cWhY^W `kdje W kdW ]hWd fWd# YWhjW ik]_h_[dZe Wb leje feh [b De [d bW YedikbjW$ ;b <h[dj[ FefkbWh" 9[ZeYkj" `kX_bWZei" [njhWXW`WZeh[i Z[b ?;II" <[Z[hWY_Œd Z[ JhWXW`W# Zeh[i Z[b =kWoWi" Yec[hY_Wdj[i c_deh_ijWi" YWc_dWhed W be bWh]e Z[ bW Wl[d_ZW / Z[ EYjkXh[" h[# Y^WpWdZe bei Z[if_Zei cWi_lei Z[ XkheYh|jWi Z[b i[Yjeh f‘Xb_Ye$
;d c[Z_e Z[ bW ckbj_jkZ" Bk_i I[hhWde <_]k[heW" `kdje W kd YWc[bbe" [nfh[iŒ ik Z[\[diW Wb jhWXW`e o bbWcŒ W bW feXbWY_Œd W lejWh De$ ;b ]hkfe bb[]Œ ^WijW bW FbWpW Z[b 9[dj[dWh_e" ZedZ[ i[ _dijWbŒ kdW jWh_cW fWhW [b Z_iYkhie Z[ bei c_b_jWdj[i [c[f[Z_ijWi$ <k[ [l_Z[dj[ bW Z[i[hY_Œd Z[ ]hkfei Z[ eXh[hei [d bW _dj[hi[Y# Y_Œd Z[ bWi YWbb[i =WhY‡W 7l_b[i o / Z[ EYjkXh[$ =kijWle BWhh[W i[‹WbŒ gk[
Æde feZ[cei WdWb_pWh Z[ kdW [d kdW bWi fh[]kdjWi fehgk[ bW Yed# ikbjW Z[ feh i‡ [i _dYedij_jkY_e# dWb o jeZei bei iWX[dÇ$ ;d [b jhWo[Yje" kd ]hkfe Z[ d_‹ei jhWXW`WZeh[i l[ij_Zei Yed hefW \ebYbeh_YW" f_Z_[hed cWoe# hh[if[je W bei fk[ijei Z[ jhWXW`e Z[ iki fWZh[i$ ;ije" c_[djhWi kd ]hkfe Z[ [ijkZ_Wdj[i Z[ bW <;K;" gk[cW# XW kd ced_]ej[ h[fh[i[djWdZe Wb fh[i_Z[dj[ HW\W[b 9ehh[W o ejhei c_[cXhei Z[b =eX_[hde$
ēŊ ĹŠ$4#19 ĹŠ. 1#1 ĹŠ"#ĹŠ 4 8 2ĔŊ"#2ă+¢Ŋ#-ĹŠ1#!' 9.ĹŠ ĹŠ+ ĹŠ!.-Äą 24+3 ĹŠ/./4+ 1Ä“
ƒ Ă
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
Ĺ‹ , Ĺ‹ &ŋð(Ĺ‹ Ĺ‹/( Ĺ‹ '* ˜ Ĺ‹-#(Ĺ‹ )(.,)&
1!( ĹŠ (!#".ĔŊ!.-2#)#1 ĹŠ"#+ĹŠ ĔŊ !.-2("#1 ĹŠ04#ĹŠ#+ĹŠ.1% -(2,.ĹŠ3(#-#ĹŠ4- ĹŠ "#4" ĹŠ!.-ĹŠ+ ĹŠ!(4" " -~ Ä“ <WbjWd jh[i Z‡Wi fWhW [b Ă’d Z[ bW YWcfW‹W [b[YjehWb o [b Yedjheb Z[ bW cicW ^W i_Ze Yh_j_YWZe [d c|i Z[ kd eYWi_ÂŒd$ Kd ‘bj_ce YWie i[ Z_e [d 9W‹Wh" ZedZ[ bW @kdjW Fhel_d# Y_Wb ;b[YjehWb _dYWkjÂŒ cWj[h_Wb fheceY_edWb W \Wleh Z[ I‡ [d Wfhen_cWZWc[dj[ eY^e j[d[d# Y_Wi feb‡j_YWi" Ægk[ ^WX‡Wd i_Ze Yedl[hj_ZWi [d Y[djhWb[i Z[ YWcfW‹WÇ" _d\ehcÂŒ [b Yedi[`[he Z[b 9edi[`e DWY_edWb ;b[YjehWb 9D; <Wkije 9WcWY^e$ ;b \kd# Y_edWh_e Z_`e gk[ W^ehW Z[X[h| h[iebl[hi[ i_ i[ h[Wb_pW kd [nf[# Z_[dj[ fWhW [dl_Wh Wb Jh_XkdWb 9edj[dY_eie ;b[YjehWb J9; fWhW gk[ Ă’`[ fei_Xb[i iWdY_ed[i" Z[X_Ze W gk[ i[ ^W kiWZe bW _d# \hW[ijhkYjkhW Z[b ;ijWZe ZkhWd# j[ bW YWcfW‹W$ ÄĽ 4#%.ĹŠ"#2+# +ÄŚ
FWhW [b WiWcXb[‡ijW 7dZhƒi F|[p ?: [ij[ ^[Y^e [l_Z[dY_W [b kie Z[ X_[d[i Z[b ;ijWZe ZkhWdj[ bW YWcfW‹W fWhW fhecel[h bW j[i_i eĂ’Y_Wb_ijW$ Æ;if[he gk[ Wdj[ kd WYje jWd Z[b[pdWXb[" jec[ c[Z_ZWi [b 9D; o i[ Z[ij_jkoW W bei \kdY_e# dWh_ei gk[ be f[hc_j_[hedÇ$ F|[p Z[dkdY_ÂŒ [b `k[]e Z[i# b[Wb$ Æ7 bW efei_Y_ÂŒd i[ b[ ^WY[
-ĹŠ! ,/  Ŋ#+#!3.1 +ĹŠ + ĹŠ 1#2("#-!( ĹŠ' ĹŠ% 2Äą 3 ".ĹŠ,;2ĹŠ"#ĹŠ4-ĹŠ,(++¢-ĹŠ "#ĹŠ"¢+ 1#2ĹŠ#-ĹŠ/4 +(!(" "ĔŊ 424 +,#-3#ĹŠ+.2ĹŠ,.-3.2ĹŠ 2!#-"~ -ĹŠ ĹŠÄ?ććŊ4ŊđććŊ,(+ĹŠ "¢+ 1#2Ģē ĹŠ
ĹŠ ĹŠ ÂĄ ĹŠ
jeZe j_fe Z[ Yedjheb[i" c_[djhWi gk[ W 9ehh[W de" Wb fkdje gk[ d_ i_gk_[hW i[ b[ [n_]_ÂŒ gk[ decXh[ kd j[ieh[heÇ$ BW Yedi[`[hW Z[b 9D;" CWhY_W 9W_Y[Ze" cWd_\[ijÂŒ gk[ [b eh]W# d_ice j_[d[ kdW Z[kZW Yed bW Y_kZWZWd‡W [d be gk[ i[ h[Ă’[h[ Wb Yedjheb Z[ YWcfW‹W$ ÆDe ^[cei Ykcfb_Ze Yed [ije" jWb l[p feh bW fh[eYkfWY_ÂŒd e fehgk[ de ie# cei [b ÂŒh]Wde Yecf[j[dj[ fWhW YedjhebWh [b kie Z[ bei h[Ykhiei f‘Xb_YeiÇ$ I_d [cXWh]e" Wjh_XkoÂŒ gk[ jeZe [ije [i Yedi[Yk[dY_W Z[ bW YWb_Ă’YWY_ÂŒd _dƒZ_jW Z[b fh[i_Z[d# j[ HW\W[b 9ehh[W Yece ik`[je fe# b‡j_Ye$ Æ;ije Z[iXehZÂŒ [b fheY[ie o fheZk`e kdW YWcfW‹W _dYed# jhebWXb[ gk[ ][d[hÂŒ Z[i_]kWbZWZ [djh[ bei fWhj_Y_fWdj[iÇ$ ĹŠ .-31.+
Hkj^ >_ZWb]e" Z_h[YjehW Z[ FWh#
ēŊ Ŋ/4 +(!(" "Ŋ!.-Ŋ#+Ŋ1.231.Ŋ"#+Ŋ 1#2("#-3#Ŋ2(%4#Ŋ#-Ŋ +%4-.2Ŋ+4% 1#2Ŋ Ŋ/#2 1Ŋ"#Ŋ#23 1Ŋ/1.'( (" Ŋ#-Ŋ#23 Ŋ_/.! Ĕ
j_Y_fWY_ÂŒd 9_kZWZWdW F9 Z_`e gk[ [d XWi[ W bW WYj_l_ZWZ Z[ ced_jeh[e gk[ ^WY[ ik eh]Wd_pWY_ÂŒd i[ ^W Z[# j[hc_dWZe gk[ bW l[ZW fkXb_Y_jWh_W Æde ^W \kdY_edWZeÇ" Z[X_Ze W gk[ ZkhWdj[ [ij[ f[h_eZe ^W ^WX_Ze Wb# jWi Y_\hWi Z[ ieb_Y_jkZ[i fWhW fWkjWh Z[ bWi [dj_ZWZ[i f‘Xb_YWi" be gk[ ^W ][d[hWZe _d[gk_ZWZ [djh[ bei fWhj_# Y_fWdj[i$ FWhW >_ZWb]e" Wb 9D; b[ ^W \WbjWZe \k[hpW fWhW YedjhebWh Z[ c[`eh cWd[# hW bW YWcfW‹W [b[YjehWb" ieXh[ jeZe [d be gk[ i[ h[Ă’[h[ W bW fkXb_Y_ZWZ Z[b
=eX_[hde" Æ9ed bW YWb_Ă’YWY_ÂŒd Z[b fh[i_Z[dj[ HW\W[b 9ehh[W Yece ik`[je feb‡j_Ye [hW eXl_e gk[ _XWd ZWhi[ [ijei [nY[ieiÇ" [d\Wj_pÂŒ$ Feh ik fWhj[" bW Yedi[`[hW Z[b 9D; CWhY_W 9W_Y[Ze _dZ_YÂŒ gk[ f[i[ W bW WbjW Z[cWdZW Z[ [dj_# ZWZ[i Z[b ;ijWZe gk[ f_Z_[hed Wkjeh_pWY_ÂŒd fWhW ^WY[h fhefW# ]WdZW [d [ij[ f[h_eZe" [ijWi de Ykcfb[d Yed be gk[ [ijWXb[Y[ [b 9ÂŒZ_]e Z[ bW :[ceYhWY_W" _d\ehcWh ieXh[ kd fbWd [d [`[# YkY_ÂŒd" i_de cWi X_[d kiWhed [b [ifWY_e fWhW fheceY_edWh iki i[hl_Y_ei e fhe]hWcWi$
bWi \hWi[i Wbki_lWi Wb I‡" feh Yedi_Z[hWhi[ gk[ [ijWi feZh‡Wd _dZkY_h W bei [b[Yjeh[i$ 9W_Y[Ze i[‹WbŒ gk[ Wbh[Z[Zeh Z[ kdW Z[Y[dW Z[ lWbbWi W‘d de ^Wd i_Ze h[j_hWZWi" fk[i de \k[hed YebeYWZWi feh ?dZklWbbWi" [cfh[# iW dej_\_YWZW feh [b 9D;$ 7i‡" 9W# cWY^e ZkhWdj[ kd h[Yehh_Ze feh bW I_[hhW 9[djhWb" Z_`e gk[ [dYed# jhŒ [ij[ j_fe Z[ c[diW`[i [d Jkd# ]khW^kW" 7pe]k[i" 9^_cXehWpe" YkWdZe [b fbWpe fWhW h[cel[hbWi ^WX‡W l[dY_Ze" feh be gk[ WZl_hj_Œ gk[ [b eh]Wd_ice Z[X[h‡W ^WY[h kd [nf[Z_[dj[ fWhW iWdY_edWh W gk_[# d[i de WYWjWhed bW h[iebkY_Œd$ EcWh I_ced" j_jkbWh Z[b 9D;" feh ik fWhj[" cWd_\[i# ++ 2 ;b eh]Wd_ice [b[YjehWb Z_ifkie jŒ gk[ i[ Z_ifedZh| [b h[j_he [b (& Z[ WXh_b h[j_hWh bWi lWbbWi Z[ bWi lWbbWi W bei =eX_[hdei Yed [b heijhe Z[b Fh[i_Z[dj[ o beYWb[i$
& ! )-Ĺ‹ Ĺ‹ 'Z,# Ĺ‹ ) - ,0 ,6(Ĺ‹& Ĺ‹ )(-/&. C|i Z[ c[Z_e Y[dj[dWh Z[ h[fh[i[djWdj[i Z[ 7cƒh_YW fWhj_Y_fWh|d [d YWb_ZWZ Z[ eXi[hlWZeh[i Z[ bW Yedikb# jW fefkbWh o h[\[h[dZe Z[b fhÂŒn_ce i|XWZe" _d\ehcÂŒ Wo[h [b fh[i_Z[dj[ Z[b 9edi[# `e DWY_edWb ;b[YjehWb 9D; " EcWh I_ced$ I_ced Z_`e gk[ bW Eh]Wd_# pWY_ÂŒd Z[ ;ijWZei 7c[h_YW# dei E;7 i[ ^Wh| fh[i[dj[ Yed kdW c_i_ÂŒd Z[ '+ f[hie# dWi" [d jWdje gk[ i[ ^W Wdkd# Y_WZe bW fh[i[dY_W Z[ kdei *& h[fh[i[djWdj[i Z[ eh]Wd_i# cei [b[YjehWb[i Z[ 7cƒh_YW$ 7‹WZ_ÂŒ gk[ i[ ^Wd WYh[Z_# jWZe jWcX_ƒd Yece eXi[hlW# ZehWi Zei eh]Wd_pWY_ed[i be# YWb[i Z[ :[h[Y^ei >kcWdei$ ;b fh[i_Z[dj[ Z[b 9D; _d# Z_YÂŒ gk[ [if[hWd j[d[h bei
¥ ēŊ +Ŋ3(34+ 1Ŋ"#+Ŋ Ŋ(-2(23#Ŋ#-Ŋ 04#Ŋ+ Ŋ!.-24+3 Ŋ2#1;Ŋ31 -2/ 1#-3#ē
fh_c[hei h[ikbjWZei e\_Y_Wb[i fWhY_Wb[i kdWi Zei ^ehWi Z[i# fkƒi Z[b Y_[hh[ Z[ bWi khdWi o gk[ W bW c[Z_WdeY^[ Z[b i|XWZe l[d_Z[he feZh‡Wd j[d[h [djh[ [b )& o *& [iYhkjWZe$
ƒ
Ŋĉ
Ä 23;ĹŠ 423#"ĹŠ "#ĹŠ !4#1".ĹŠ 04#ĹŠ #-ĹŠ #+ĹŠ/ ~2ĹŠ2#ĹŠ/1.'~ -ĹŠ+.2ĹŠ-#%.!(.2ĹŠ "#"(! ".2ĹŠ ĹŠ)4#%.2ĹŠ"#ĹŠ 9 1ĔŊ3 +#2ĹŠ !.,.ĹŠ! 2(-.2ĹŠ8ĹŠ2 + 2ĹŠ"#ĹŠ)4#%.Ä&#x;
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
ă
Ē /#ŋ # .)ŋ & -ŋ' +/#(#. -ēŋ
ēŊ 1~ Ŋ 4%423 Ŋ ~ 9ĔŊ/1#2("#-3 Ŋ"#Ŋ+ Ŋ 2.!( !(¢-Ŋ !(.- +Ŋ"#Ŋ 1./(#3 1(.2Ŋ8Ŋ ",(-(231 ".1#2Ŋ"#Ŋ + 2Ŋ"#Ŋ 4#%.Ŋĸ -/ 2)4Ěē
7b[`WdZhe CWdY[he" Z[ '- W‹ei" [ijkZ_Wdj[ Z[ Yeb[]_e" WZc_j[ ^W# X[h ik\h_Ze Y_[hjW WZ_YY_ÂŒd W bWi ÆcWgk_d_jWiÇ" Yece ƒb bWi Z[de# c_dW o W bei Yeicei$ 9k[djW gk[ [cf[pÂŒ W \h[Yk[djWh [ijWi iWbWi Z[ `k[]e W Ă’dWb[i Z[ fh_c[h Ykh# ie o gk[ fWhW YkWdZe [ijWXW [d j[hY[he oW [cfb[WXW lWh_Wi ^ehWi Wb Z‡W [d Wgk[bbei Y[djhei$ Æ7 l[Y[i c[ \k]WXW o de [djhWXW W YbWi[iÇ" Yec[djÂŒ o [nfb_YÂŒ gk[ c|i gk[ kdW d[Y[# i_ZWZ Z[ `k]Wh [hW [b Z[i[e Z[ Yecf[j_h YedjhW bei ejhei `k]W# Zeh[i be gk[ bbWcWXW ik Wj[d# Y_ÂŒd" o gk[ ][d[hWbc[dj[ Z[i# fkƒi Z[ YbWi[i [cfb[WXW [djh[
jh[i o YkWjhe ^ehWi YWZW Z‡W" Z[ bkd[i W l_[hd[i" [d Wgk[bbei bk# ]Wh[i" o W]h[]ÂŒ gk[ bei Ă’d[i Z[ i[cWdW de be ^WY‡W fehgk[ ik cWZh[ de i[ be f[hc_j‡W$ LWh_ei bk]Wh[i gk[ ^Wo Wbh[# Z[Zeh Z[b Yeb[]_e ^Wd i_Ze Y[# hhWZei" Wi[]khÂŒ CWdY[he" Wh]k# c[djWdZe gk[ eYkhh_ÂŒ fehgk[ Z[`WXWd [djhWh W c[deh[i Z[ [ZWZ" d_‹ei Z[ '' o '( W‹ei" f[he W‹WZ_ÂŒ gk[ [d ÆbW Yk[lWÇ" kdW Z[ bWi iWbWi gk[ Yedj_d‘W ef[hWdZe" i‡ f_Z[d bW YƒZkbW o Z[`Wd [djhWh iebWc[dj[ W cWoeh[i Z[ '+ W‹ei o gk[ feh [iW hWpÂŒd ^W f[hcW# d[Y_Ze WX_[hjW oW gk[ jWcfeYe [nf[dZ[d WbYe^eb$
ŋ )' (. ,6ŋ & ( -.#(# ŋ- & -ŋ ŋ$/ !) -Ŋ.31.2Ŋ/ ~2#2Ŋ' 8Ŋ-.1, 2Ŋ/ 1 1#%4+ 1+.2ĔŊ/#1.Ŋ#-ŊŊ !4 ".1Ŋ2# 42! Ŋ/1.'( (1Ŋ+.2Ŋ)4#%.2Ŋ"#Ŋ 9 1ēŊ
I_ i[ Wfhk[XW bW YedikbjW fe# B[o fWhW h[]kbWhbe$ ;d fW‡i[i fkbWh gk[ fhe^‡X[ bei `k[]ei Yece Cƒn_Ye" [d ZedZ[ bW WYj_# Z[ WpWh" ;YkWZeh feZh‡W Yed# l_ZWZ [ij| [d Wk][ jWcX_ƒd i[ l[hj_hi[ [d [b ‘d_Ye fW‡i W d_# h[]kbWh_pÂŒ" Wi‡ Yece [d F[h‘$ l[b Z[ BWj_deWcƒh_YW i_d YW# F[he [d [b fW‡i Æi[ lW W h[# i_dei" iWbWi Z[ `k[]e" X_d]ei" jheY[Z[hÇ" W‹WZ_ÂŒ :‡Wp" fehgk[ [djh[ ejhei$ I[]‘d [b ]h[c_e i[ lW W ÆYedl[hj_h Wb ;YkWZeh W\[YjWZe [ije \ec[djWh| bW [d kd fW‡i Z[ `k[]ei YbWdZ[i# YbWdZ[ij_d_ZWZ o feh [dZ[ bW j_deiÇ YkWdZe [ije Æi[ Z[X[h‡W ][d[hWY_ÂŒd Z[ cWĂ’Wi [d jeh# h[]kbWhÇ$ FWhW Z[ceijhWh ik j[i_i" bW de W [i[ c[hYWZe$ BW j[i_i fh_dY_fWb Z[b =e# h[fh[i[djWdj[ Z[b i[Yjeh _dZ_# X_[hde [i gk[ bei `k[]ei Z[ WpWh YÂŒ gk[ Z[X_Ze W bW fhe^_X_Y_ÂŒd eYWi_edWd kd fheXb[cW ieY_Wb0 [d 8hWi_b Æ[n_ij[d c|i Z[ '&& bW bkZefWj‡W e WZ_YY_ÂŒd c_b c|gk_dWi jhW]W# Wb `k[]e$ ced[ZWi _b[]Wb[i o feh BW fh[i_Z[djW Z[ bW [ie [i [b i[]kdZe fW‡i
7ieY_WY_ÂŒd DWY_edWb Z[ /+ 9 2ĹŠ"#ĹŠ#,/+#.ĹŠ c|i ]hWdZ[ Yed `k[]ei "(1#!3.2ĹŠ%#-#1 -ĹŠ YbWdZ[ij_deiÇ$ I_d [c# Fhef_[jWh_ei o 7Zc_# + 2ĹŠ2 + 2ĹŠ"#ĹŠ)4#%.ĹŠ d_ijhWZeh[i Z[ IWbWi Z[ XWh]e" [nfb_YÂŒ gk[ fWhW #-ĹŠ#+ĹŠ/ ~2 @k[]e 7dfWi`k " CWh‡W [l_jWh bWi Ædej_Y_Wi Z[ 7k]kijW :‡Wp" i_d [c# YÂŒce bei c_b_jWh[i [d# XWh]e" i[‹WbÂŒ gk[ bW fh[]kd# jhWd W bWi \WX[bWi fWhW iWYWh Wb jW de YecXWj[ [ij[ fheXb[cW dWhYejh|Ă’Ye feh bW YbWdZ[i# Æi_de iebe W bei d[]eY_eiÇ$ ;ije" j_d_ZWZ " oW ^Wo kdW B[o gk[ i[]‘d [bbW" fheleYWh| Æ[b Y_[hh[ [ij| [d [b 9ed]h[ieÇ$ Z[ bWi [cfh[iWi \ehcWb[i o Wi‡ i[ Yh[Wh| YbWdZ[ij_d_ZWZÇ$ 31 2ĹŠ!.-2#!4#-!( 2ĹŠ 7 d_l[b Z[ BWj_deWcƒh_YW I[]‘d 7dfWi`k" [d [b ;YkWZeh iÂŒbe [d 8hWi_b i[ fhe^‡X[ [b `k[# [n_ij[d '(& iWbWi Z[ `k[]e o ]e" f[he i[ [ij| jhWc_jWdZe kdW )( YWi_dei$ ;d [b fh_c[h YWie"
ĉĎ
2(-.2
24 1(.2Ŋ/.1Ŋ#" "#2Ŋ8Ŋ-(5#+Ŋ"#Ŋ / 13(!(/ !(¢-Ė
Ĺ—ĹŠ -31#ĹŠÄŒÄ‡ĹŠ8ŊĎćŊ  .2Ä–ĹŠĹŠ Ĺ—ĹŠ ;2ĹŠ"#ŊĎćŊ  .2Ä–ĹŠ ĹŠ Ĺ—ĹŠ -31#ĹŠÄˆÄ‘ĹŠ8ŊĉĎŊ  .2Ä–ĹŠ ĹŠ
ÄŽÄ‡Ĺ˜ĹŠ ÄŒÄŽĹ˜ ÄŽĹ˜
ƒijei ][d[hWd (+ c_b fbWpWi Z[ [cfb[e Z_h[Yjei o Wbh[Z[Zeh Z[ '+ c_b _dZ_h[Yjei$ ;d YWcX_e bei YWi_dei ][d[hWd . c_b fbWpWi Z[ [cfb[e Z_h[YjWi$ :[ W^‡ gk[ ejhe Z[ bei _c# fWYjei i[h| gk[" [d [b YWie Z[b Y_[hh[ Z[ bWi iWbWi Z[ `k[]e Æ[b Z[i[cfb[e Wkc[djWh| [d + Ç" W‹WZ_ÂŒ :‡Wp$ 7Z[c|i [b j[cW jWcX_ƒd fWiW feh bW b_X[hjWZ Z[ bWi f[h# iedWi fWhW [b[]_h ik cWd[hW Z[ Z_l[hj_hi[$ ÆDe i[ fk[Z[ YeWhjWh bW b_X[hjWZ$$$ [i Yk[ij_ÂŒd Z[ [Zk# YWY_ÂŒd o Z[ Yedjheb Z[ bWi Wkjeh_# ZWZ[iÇ" WfkdjÂŒ :‡Wp$ Bei _d]h[iei Ă’iYWb[i jWc# X_ƒd i[ l[h‡Wd c[hcWZei" fk[i bWi iWbWi Z[ `k[]e \ehcWb[i WfehjWhed [d (&'& Yed (& c_# bbed[i Z[ ZÂŒbWh[i [d _cfk[ijei$ ;d [b YWie Z[ WfehjWY_ed[i fWhW i[]kh_ZWZ ieY_Wb Z[ iki jhWXW# `WZeh[i ][d[hWhed )( c_bbed[i Z[ ZÂŒbWh[i$
ēŊ .2Ŋ)¢5#-#2Ŋ2.-Ŋ,48Ŋ "(!3.2Ŋ Ŋ+.2Ŋ)4#%.2Ŋ"#Ŋ5~"#.ē
-ĹŠ)4#%.ĹŠ+#% +ĹŠ Bei YWi_dei ied kdW WYj_l_ZWZ jkh‡ij_YW Z[ [djh[j[d_c_[dje" gk[ Yecfb[c[djWd W kd ^ej[b + [i# jh[bbWi" fWhW bW Z_ijhWYY_ÂŒd Z[ bei ^kƒif[Z[i" ^Wo lWh_ei Z[ [bbei [d Y_kZWZ[i Yece =kWoWgk_b" Gk_# je" IWb_dWi o 9k[dYW$ BW 7ieY_WY_ÂŒd Z[ 9Wi_dei o 8_d]ei Z[b ;YkWZeh 7iYWX_ h[fh[i[djW W )( Y[djhei Z[ [d# jh[j[d_c_[dje gk[ \kdY_edWd WcfWhWZei [d bWi b[o[i Z[b fW‡i Z[ Jkh_ice" 9edjheb o Fh[l[d# Y_ÂŒd Z[ BWlWZe Z[ 7Yj_lei" [d# jh[ ejhWi$ @eh][ 9Wijhe" h[fh[i[djWdj[ Z[ bW 7iYWX_" [nfkie gk[ bW fh[# eYkfWY_ÂŒd Z[b i[Yjeh [i bW i[]kh_# ZWZ `kh‡Z_YW Z[ bWi WieY_WY_ed[i dWY_edWb[i [njhWd`[hWi" oW gk[ bei YWi_dei ied WYj_l_ZWZ[i b[# ]Wbc[dj[ Yedij_jk_ZWi W be bWh]e Z[ bei W‹ei" XW`e bWi dehcWi dW# Y_edWb[i [ _dj[hdWY_edWb[i$
Feh ƒijW hWpÂŒd 9Wijhe [nfb_YÂŒ gk[ Yece bWi Wkjeh_ZWZ[i ^Wd \WbbWZe [d YedjhebWh W bei bk]W# h[i Z[ ĂˆcWgk_d_jWiÉ W^ehW [bbei Z[X[d fW]Wh bei fbWjei hejei" o W]h[]ÂŒ gk[ [ij|d \ec[djWdZe bW YbWdZ[ij_d_ZWZ" [b `k[]e _b[]Wb o feh ?dj[hd[j$ Feh ik fWhj[ CWhbb[bo L|pYe# d[p F7?I [d\Wj_pÂŒ [d [b Wif[Y# je ZW‹_de Z[ bei `k[]ei Z[ WpWh o YWi_dei" o ieijkle gk[ Wgk[# bbWi WjhWYY_ed[i ied bW hWpÂŒd Z[b ]hWd fehY[djW`[ Z[ \Wc_b_Wi Z[i_dj[]hWZWi fehgk[ i[ lk[b# l[d kd l_Y_e$ ÆBei l_Y_ei cWdj_[d[i fh[ie W kd _dZ_l_ZkeÇ" i[dj[dY_ÂŒ o WYbWhÂŒ gk[ [b fk[Xbe [YkWjeh_Wde [i [b gk[ lW W Z[Y_Z_h i_ gk_[h[ e de i[# ]k_h j[d_[dZe YWi_dei [d [b fW‡i" o gk[ Yece W bW ][dj[ b[ fh[eYk# fW bW i_jkWY_ÂŒd Z[ bei bkZÂŒfWjWi [b I‡ ]WdWh| [d bWi khdWi$
ŋ !& -# ŋ .š&# ŋ & , ŋ .#ð #š(ŋ
ƒ ą
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
#- Ĺ‹*), &Ĺ‹ * )(Ĺ‹' -#0 )( /,, ( # Ŋš 7bh[Z[Zeh Z[ +& c_b f[hiedWi WYkZ_[hed Wo[h Wb eĂ’# Y_e h[b_]_eie Z[ 7YY_ÂŒd Z[ =hW# Y_Wi feh bW X[Wj_Ă’YWY_ÂŒd Z[b FWfW @kWd FWXbe ??$ JeZei bei Wi_ij[dj[i" fhel[# d_[dj[i Z[ jeZWi bWi fWhhegk_Wi Z[ =kWoWgk_b i[ WY[hYWhed W Y[# b[XhWh" [d kdW [kYWh_ij‡W cWi_lW" bW c_iW eĂ’Y_WZW feh cedi[‹eh 7djed_e 7hh[]k_" [d [b [ijWZ_e Cedkc[djWb Z[ 8WhY[bedW$ :[iZ[ bWi '&0&&" bW \[ YWjÂŒb_YW ]kWoWgk_b[‹W i[ ^_pe fh[i[dj[ fWhW h[dZ_hb[ jh_Xkje Wb fedj‡ÒY[ X[Wj_Ă’YWZe$ 7i_ij_ÂŒ [b WbYWbZ[ @W_c[ D[Xej" [d YecfW‹‡W Z[ ejhei c_[cXhei ckd_Y_fWb[i$ ;b f‘Xb_Ye" WZ[c|i" ^_pe l_#
+Ŋ !4 ".1Ŋ2#Ŋ 24,¢Ŋ Ŋ+ Ŋ'(23¢1(! Ŋ $#!' ĔŊ!.-Ŋ,(2 2Ŋ #-Ŋ"(23(-3.2Ŋ/4-Ĺ 3.2Ŋ"#+Ŋ/ ~2ē
ēŊ Ŋ,(2 Ŋ!#+# 1 " Ŋ/.1Ŋ ,.-2# .1Ŋ 11#%4(ĔŊ!.-%1#%¢Ŋ Ŋ,(+#2Ŋ +Ŋ .-4,#-3 +ē
]_b_W Z[iZ[ bWi (&0&& Z[b i|XW# Ze" [d bW YWj[ZhWb Z[ =kWoWgk_b" c_[djhWi i[ ZWXW _d_Y_e W bei WY# jei Z[ X[Wj_Ă’YWY_ÂŒd [d bW 9_kZWZ Z[b LWj_YWde$ ;d bW c_iW i[ f_Z_ÂŒ feh [b fW‡i o i[ Yedc_dÂŒ W bei Ă’[b[i W hWpe# dWh ik Z[Y_i_ÂŒd [d bW YedikbjW Z[ [ij[ - Z[ cWoe$ BW eh]Wd_pWY_ÂŒd Z_e kd jhWje [if[Y_Wb W Z_iYWfWY_jWZei o Wd# Y_Wdei" ZkhWdj[ [b WYje h[b_]_eie$ ;d bei [nj[h_eh[i Z[b [ijWZ_e" bW Feb_Y‡W o bei c_[cXhei Z[ bW 9J;" YedjhebWXWd [b jh|Ă’Ye Z[ f[hiedWi o Z[ l[^‡Ykbei$
Z[b i|XWZe" [b cedjW`[ Z[ jh[i [iY[dWh_ei j[d‡W gk[ [ijWh b_ije fWhW ^ehWi Z[ bW cW‹W# dW Z[ Wo[h$ :[iZ[ bWi '&0&& ]hkfei Z[ c‘i_YW YWjŒb_YW [cf[pWhed W [djedWh YWdjei fWhW Wd_cWh W bW ][dj[ gk[ i[ fh[fWhWXW fWhW [iYkY^Wh bW c_iW [d ^edeh Wb dk[le X[Wje Z[ bW ?]b[i_W 9WjŒb_YW$
C_b[i Z[ \[b_]h[i[i i[ Yed]h[]W# hed fWhW Y[b[XhWh bW c_iW YWcfWb ĹŠ!#1#,.-( gk[ i[ h[Wb_pÂŒ [d [b fWhgk[ BW 9W# ;d kdW fheY[i_ÂŒd bb[]ÂŒ bW heb_dW" [d [b i[Yjeh Z[ bW Æ9hkp Z[b l_h][d Z[b Gk_dY^[ ^WijW [b FWfWÇ" Wb dehj[ Z[ bW YWf_jWb" [d [b bk]Wh" [d [b c_ice WkjecÂŒl_b c_ice bk]Wh ZedZ[ @kWd FWXbe ?? gk[ kj_b_pÂŒ @kWd FWXbe ?? [d i[ Z_h_]_ÂŒ W bei [YkWjeh_W# ik l_i_jW Wb ;YkWZeh$ BW _cW][d \k[ YebeYWZW [d dei [d '/.+$ ĹŠ [b fWhj[ ikf[h_eh Z[h[# ;d [ijW eYWi_ÂŒd bW Y‘fk# bW Z[ bW ?]b[i_W 9WjÂŒb_YW i[ Y^W [d kdW jWh_cW [i# h[kd_ÂŒ fWhW \[ij[`Wh bW X[W# +ŊĉĒŊ"#ĹŠ#-#1.ĹŠ"#ĹŠ ÄˆÄ’Ä‘ÄŽĹŠ 4 -ĹŠ +.ĹŠ f[Y_Wb gk[ fh[fWhWhed$ BW ^ec_b‡W \k[ fh[# j_Ă’YWY_ÂŒd Z[b Fedj‡ÒY[ [d ĔŊ++#%¢Ŋ +ĹŠ #1.Äą kdW c_iW" W bW gk[ Wi_ij_ÂŒ /4#13.ĹŠ"#ĹŠ+ ĹŠ!(4Äą i_Z_ZW feh [b WhpeX_ife " "ĹŠ"#ĹŠ 4(3.ēŊ ][dj[ Z[ jeZWi bWi [ZWZ[i" #1, -#!(¢Ŋ#-ĹŠ Z[ Gk_je Cedi[‹eh !4 ".1ĹŠ/.1ĹŠ!4 Äą WZ[c|i Z[ Wbkcdei Z[ [i# 31.ĹŠ"~ 2ĹŠ8ĹŠ5(2(3¢Ŋ <Wkije Jh|l[p o lWh_ei eX_ifei Wkn_b_Wh[i$ 7d# Yk[bWi o Yeb[]_ei h[b_]_eiei + 2ĹŠ!(4" "#2ĹŠ"#ĹŠ 4(3.ĔŊ Z[ bW h[]_ÂŒd$ j[i Z[ _d_Y_Wh bW Y[b[XhW# 4 8 04(+ĔŊ Bei fh[fWhWj_lei fWhW [b 3 !4-% ĹŠ8ĹŠ Y_ÂŒd h[b_]_eiW" Jh|l[p 4#-! Ä“ [l[dje [cf[pWhed bW jWhZ[ X[dZ_`e bW [ijWjkW Z[ @kWd FWXbe ?? gk[ \k[ Yedijhk_ZW fWhW [ijW eYWi_ÂŒd o gk[ c_Z[ Wfhen_cWZWc[d# j[ * c[jhei Z[ WbjkhW$ #%41(" "ĹŠ
C_[cXhei Z[ bWi <k[hpWi 7h# cWZWi o Z[ bW Feb_Y‡W DWY_e# dWb" Wb _]kWb gk[ YWZ[j[i Z[ bW ;iYk[bW Ikf[h_eh C_b_jWh ;beo o Feb_Y‡Wi C[jhefeb_jWdei fh[ijWXWd i[]kh_ZWZ fWhW bei Wi_ij[dj[i$ JWcX_ƒd [ijWXWd h[fh[i[djWdj[i Z[b 9k[hfe Z[ 8ecX[hei Z[ Gk_je o 9hkp He`W ;YkWjeh_WdW$ #-3 2
BWi l[djWi WcXkbWdj[i de \Wb# jWhed" gk_[d[i [if[hWXWd feh bW Y[b[XhWY_Œd" feZ‡Wd Z[]ki#
ēŊ -ĹŠ%(% -3#2!.ĹŠ .-3~ă!#ĹŠ #2345.ĹŠ/1#2#-3#ĹŠ#-ĹŠ+ ĹŠ,(2 ĹŠ! ,/ +Ä“
jWh Z[ kdW ]hWd lWh_[ZWZ Z[ Wf[# h_j_lei$ Bei h[Yk[hZei jWcX_ƒd \k[hed fWhj[ Z[ bWi l[djWi" Z[iZ[ \eje]hW\‡Wi" [iYWfkbWh_ei o ^WijW YWc_i[jWi Z[ @kWd FWXbe ??$ 31 2ĹŠ!(4" "#2
7b _]kWb gk[ [d Gk_je" Y_kZW# Z[i Yece 9k[dYW" =kWoWgk_b" CWY^WbW" ?XWhhW" 7cXWje" Feh# jel_[`e" =kWhWdZW" H_eXWcXW" ;ic[hWbZWi" CWdjW o PWcehW Y[b[XhWhed c_iWi [d bWi h[if[Y# j_lWi YWj[ZhWb[i$
SOCIEDAD ECUATORIANA DE ANESTESIOLOGIA (SEA) CONVOCATORIA A CERTIFICACIĂ“N De acuerdo al ArtĂculo 10°, CapĂtulo V, TĂtulo I, de los Reglamentos de CertificaciĂłn y RecertificaciĂłn en AnestesiologĂa “SEAâ€? convoca a los AnestesiĂłlogos del paĂs a la CertificaciĂłn correspondiente al aĂąo 2011 Fecha mĂĄxima de inscripciĂłn y entrega de carpetas: 11 de mayo del 2011 Examen: sĂĄbado 28 de mayo del 2011 Costo de la inscripciĂłn: $ 50 para socios y 100 para no socios InformaciĂłn e inscripciones: 1.- Sociedad de AnestesiologĂa de Pichincha: Calle Luis Cordero E9102 y Av. 6 de Diciembre. Ed. Canopus Plaza PB. Of. # 3 Telefax: (02) 2232036. www.sap.com.ec sapichinchacp@gmail.com sapichincha.2011@andinanet.net 2.- Sociedad de AnestesiologĂa del Guayas: Presidencia: cel. 091442917 / 09-8805699. Urdesa Central: DĂĄtiles 136 y VĂctor Emilio Estrada. P. Baja e-mail: sociedadanestesiologiaguayas@hotmail.com Dra. Dalia CedeĂąo PRESIDENTA SEA
ComisiĂłn Nacional CertificaciĂłn
Dra. MarĂa LogroĂąo SECRETARIA SEA AR/82752/cc
'#()Ĺ‹ &Ĺ‹ /.),#. ,#-')
ƒ
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
Ć
+ĹŠ 1#2("#-3#ĹŠ/4#"#ĹŠ% - 1ĹŠ+ ĹŠ!.-24+3 ĔŊ /#1.ĹŠ#2ĹŠ+ ĹŠ!.-2.+(" !(¢-ĹŠ"#ĹŠ24ĹŠ/."#1ĹŠ ! 4"(++(23 ĔŊ"(!#ĹŠ ēŊ 731 !3.2Ä“ Feh i[njW l[p [d Y_dYe W‹ei" [b fhÂŒn_ce - Z[ cWoe" ;YkWZeh lk[bl[ W bWi khdWi$ O kdW l[p c|i" Z[iZ[ gk[ bb[]ÂŒ Wb feZ[h" [d (&&," [b fh[i_Z[dj[ HW\W[b 9ehh[W j_[d[ jeZWi bWi Z[ ]WdWh$ F[he [d [ijW eYWi_ÂŒd" W ik _pgk_[hZW o W ik Z[# h[Y^W" [d bei c[Z_ei" [d bW hWcW `kZ_Y_Wb o [djh[ bei _dZ‡][dWi" [ij| fbWdjWdZe bW i[c_bbW Z[ kdW efe# i_Y_ÂŒd gk[ fk[Z[ Z[i[ijWX_b_pWh ik cWdZWje WhhebbWZeh$ ;ijW i[cWdW" Y[hYW Z[ '& c_bbed[i Z[ [YkWjeh_Wdei lWd W Yedj[ijWh '& fh[]kdjWi Z[ kd h[\[h[dZe _cfkbiWZe feh [b FW# bWY_e Z[ 9WhedZ[b[j$ BW c_jWZ Z[ bei fkdjei ied YedikbjWi ieXh[ bW fhe^_X_Y_ÂŒd Z[ bei jehei o bWi f[b[Wi Z[ ]Wbbei" Z[ bei `k[]ei Z[ WpWh" YedjhW bW YehhkfY_ÂŒd e fWhW h[\ehpWh bW fhej[YY_ÂŒd bWXe# hWb$ I_d [cXWh]e" bei j[ceh[i Z[ ckY^ei dWY[d Z[ bWi fh[]kdjWi gk[ fbWdj[Wd fhe\kdZWi h[\eh# cWi Yedij_jkY_edWb[i W Zei fe# Z[h[i YbWl[i fWhW bW Z[ceYhWY_W0 bW fh[diW o bW `kij_Y_W$ Æ;b Z[i[e Z[b =eX_[hde [i gk[ [b ;`[Ykj_le Yedjheb[ bW `kij_Y_W o jWcX_ƒd bei c[Z_ei$ O be f[eh [i gk[ [d [ij[ cec[dje bei [YkWje# h_Wdei de i[ fk[Z[d W\[hhWh fh|Y# j_YWc[dj[ W d_d]kdW ]WhWdj‡W$ ;b h[\[h[dZe [ij| [d cWhY^W o de be fWhW dWZ_[Ç" Z_`e I_cÂŒd FWY^Wde" WdWb_ijW Z[ bW <WYkbjWZ BWj_deW# c[h_YWdW Z[ 9_[dY_Wi IeY_Wb[i o Yebkcd_ijW Z[b Z_Wh_e ;b Kd_l[hie Z[ =kWoWgk_b$ >WijW W^ehW" ^|X_bc[dj[" 9ehh[W be]hÂŒ gk[ [b Z[XWj[ de i[ Y[djh[ [d [b Yedj[d_Ze Z[ bW YedikbjW" i_de [d h[\h[dZWh ik cWdZWje$ :[ [i[ ceZe" i[]‘d kdW [dYk[ijW Z[ =Wbbkf" .* Z[ bei lejWdj[i de YedeY[d bWi fh[]kdjWi feh bWi gk[ lWd W lejWh" f[he Zei j[hY[hWi fWh# j[i Z_Y[d gk[ lWd W cWhYWh I‡ [d YWZW kde Z[ bei fkdjei gk[ fbWdj[W [b h[\[h[dZe" be gk[ i[
.-Ŋ+.2Ŋ,#"(.2 ŗŊŊ +Ŋ.31.Ŋ 1 9.Ŋ1#$.1, ".1Ŋ"#Ŋ .11# ĔŊ#+Ŋ04#Ŋ/1.,#3#Ŋ,#3#1+#2Ŋ
, -.ĹŠ ĹŠ+.2ĹŠ,#"(.2ĔŊ-.ĹŠ/1."4!#ĹŠ ,#-.2ĹŠ,(#".ēŊ 1./.-#ĔŊ/.1ĹŠ4-ĹŠ+ ".ĔŊ /1.'( (1ĹŠ04#ĹŠ+.2ĹŠ"4# .2ĔŊ"(1#!3.1#2ĹŠ 8ĹŠ !!(.-(23 2ĹŠ"#ĹŠ#23.2ĹŠ3#-% -ĹŠ-#%.Äą !(.2ĹŠ#-ĹŠ.31.2ĹŠ2#!3.1#2ĹŠ#!.-¢,(!.2ēŊ , (_-ĹŠ/+ -3# ĹŠ!1# 1ĹŠ4-ĹŠ .-2#).ĹŠ "#ĹŠ #%4+ !(¢-ĔŊ04#ĹŠ!.-31.+#ĹŠ+.2ĹŠ !.-3#-(".2ĹŠÄĄ5(.+#-3.2ĔŊ2#74 +#2ĹŠ.ĹŠ "(2!1(,(- 3.1(.2ĢŊ#-ĹŠ+ ĹŠ/1#-2 ĔŊ+ ĹŠ 3#+#5(2(¢-ĹŠ8ĹŠ+ ĹŠ1 "(.Ä“ +ĹŠ + -!#ĹŠ"#ĹŠ+ ĹŠ1#+ !(¢-ĹŠ"#ĹŠ .11# ĹŠ8ĹŠ +.2ĹŠ,#"(.2ĹŠ-.ĹŠ#2ĹŠ#+ĹŠ,#).1ēŊ .2ĹŠ !42¢Ŋ "#ĹŠ2#1ĹŠÄĄ242ĹŠ, 8.1#2ĹŠ#-#,(%.2ĢĔŊ "#, -"¢Ŋ/.1ĹŠÄˆÄ‡ĹŠ,(++.-#2ĹŠ"#ĹŠ"¢+ 1#2ĹŠ ĹŠ".2ĹŠ/#1(."(23 2ĹŠ04#ĹŠ#2!1( (#1.-ĹŠÄĽ +ĹŠ %1 -ĹŠ'#1, -.ČĔŊ#-ĹŠ#+ĹŠ04#ĹŠ"#-4-!( -ĹŠ +.2ĹŠ!.-31 3.2ĹŠ"#ĹŠ24ĹŠ'#1, -.ĹŠ 1(!(.ĹŠ !.-ĹŠ#+ĹŠ . (#1-.ĔŊ- !(.- +(9¢Ŋ#+ĹŠ!.-Äą %+.,#1 ".ĹŠ"#ĹŠ,#"(.2ĹŠ"#+ĹŠ%14/.ĹŠ 2 ~ 2ĹŠ ĸ31#2ĹŠ! - +#2ĹŠ"#ĹŠ3#+#5(2(¢-ĔŊ#"(3.1( +#2ĔŊ ! "#- 2ĹŠ"#ĹŠ1 "(.ĹŠ8ĹŠ1#5(23 2ĚĔŊ2 -!(.-¢Ŋ +ĹŠ! - +ĹŠ #+# , 9.- 2ĹŠ/.1ĹŠ/4 +(! 1ĹŠ 4-ĹŠ 4"(.ĹŠ"#ĹŠ4- ĹŠ%1 !(¢-ĹŠ(+#% +ĹŠ#-ĹŠ 24ĹŠ"#2/ !'.ĹŠ8ĔŊ#-ĹŠ+ ĹŠ,#"(" ĹŠ,;2ĹŠ/(-Äą 3.1#2! ĔŊ. +(%¢Ŋ ĹŠ04#ĹŠ .2ĹŠ (,/2.-ĹŠ-.ĹŠ 2#ĹŠ/4#" -ĹŠ31 -2,(3(1ĹŠ#-31#ĹŠ2#(2ĹŠ"#ĹŠ+ ĹŠ ,  - ĹŠ8ĹŠ-4#5#ĹŠ"#ĹŠ+ ĹŠ-.!'#ēŊĥ 4 -".ĹŠ ÄĽ .2ĹŠ (,/.-ÄŚĹŠ2#ĹŠ54#+5#-ĹŠ24 5#12(5.2ĹŠ #2ĹŠ04#ĹŠ +%.ĹŠ -" ĹŠ, +ĹŠ#-ĹŠ#+ĹŠ$.-".ēŊ -ĹŠ !.-2#).ĹŠ"#ĹŠ1#%4+ !(¢-ĹŠ04#ĹŠ3#-"1~ ĹŠ , 8.1~ ĹŠ"#+ĹŠ )#!43(5.ĹŠ /4-3 1;ĹŠ2. 1#ĹŠ 3.".ĹŠ ĹŠ!.-31.+ 1ĹŠ+ ĹŠ./(-(¢-ĢĔŊ/(#-2 ĹŠĹŠ#+ĹŠ - +(23 ĹŠ (,¢-ĹŠ !' -.Ä“
[dj_[dZ[ Yece gk[ [ij|d Z_i# fk[ijei W [djh[]Whb[ kd Y^[gk[ [d XbWdYe Wb CWdZWjWh_e$ 4_ĹŠ2#ĹŠ)4#%
9WZW l[p gk[ j_[d[ bW efehjkd_ZWZ" Wb l_i_jWh eXhWi f‘Xb_YWi [d YkWb# gk_[h bk]Wh" 9ehh[W b[i h[Yk[hZW W bei [YkWjeh_Wdei gk[ bWi h[\ehcWi ied [i[dY_Wb[i fWhW WYWXWh Yed bei cWb[i [dZƒc_Yei Z[b fW‡i0 Yehhkf# Y_Œd" _di[]kh_ZWZ" _d`kij_Y_W$ Feh [ie fbWdj[W h[\ehcWh fhe#
ēŊ -ĹŠ242ĹŠ / 1(!(.-#2ĹŠ/ĂŒ +(! 2ĹŠ!.,.ĹŠ/1#2("#-3#ĔŊ $ #+ĹŠ .11# ĹŠ' ĹŠ'#!'.ĹŠ! ,/  Ŋ ĹŠ$ 5.1ĹŠ"#+ĹŠ ~
\kdZWc[dj[ bW `kij_Y_W" gk[" i[# ]‘d ƒb" [i Ækd Z[iWijh[Ç o W bW gk[ [i d[Y[iWh_e Æc[j[hb[ bW cWdeÇ$ FWhW be]hWhbe" gk_[h[ Yh[Wh kdW Yec_i_ÂŒd jƒYd_YW" gk[ lW W h[[c# fbWpWh feh '. c[i[i Wb 9edi[`e Z[ bW @kZ_YWjkhW" [b ÂŒh]Wde gk[ WZc_d_ijhW bW hWcW `kZ_Y_Wb o gk[ decXhW W bei cW]_ijhWZei Z[ bWi c|i WbjWi Yehj[i$ ;b ]hWd fheXb[cW [i bW Yecfei_# Y_ÂŒd Z[ [ij[ ikf[hYec_jƒ h[\ehcW# Zeh0 j_[d[ kd Z[b[]WZe Z[b FWbWY_e Z[ 9WhedZ[b[j" ejhe Z[ bW 7iWcXb[W DWY_edWb #Zec_dWZW feh 9ehh[W# o ejhe Z[ bW <kdY_ÂŒd Z[ JhWdifWh[d# Y_W o 9edjheb IeY_Wb" kdW c[]WYed# jhWbeh‡W Y_l_b" gk[ jWcX_ƒd [ij| XW`e bW XejW Z[b Fh[i_Z[dj[$ De [i gk[ bWi h[\ehcWi de i[Wd d[Y[iWh_Wi$ LWh_ei WdWb_ijWi Yed# ikbjWZei WĂ’hcWhed gk[ bW `kij_Y_W d[Y[i_jW YWcX_ei$ BWi ]hWdZ[i Y_kZWZ[i Z[ ;YkWZeh i[ [d\h[d# jWd W \[dÂŒc[dei dk[lei" Yece i_YWh_ei" i[Yk[ijhei" fWdZ_bb[hei o [iY|dZWbei Z[ ieXehdei W `k[Y[i" gk[ ^Wd iWbf_YWZe bei j_jkbWh[i$ I_d [cXWh]e" i[Yjeh[i Z[ bW YbW# i[ feb‡j_YW" Z[ bei `kh_ijWi o Z[ bei
, (+/#&)ŋ-#'/& ,)ŋ & .), &ŋ (ŋ / 3 Ŋ ěŊ ;b 9edi[`e DWY_e#
dWb ;b[YjehWb 9D; " Z[b[]WY_ÂŒd =kWoWi" Ykcfb_ÂŒ kd i_ckbWYhe Yecfb[je Z[b fheY[ie Z[ jhWdi# c_i_ÂŒd Z[ ZWjei gk[ i[ [cfb[W# h| fWhW bW YedikbjW fefkbWh Z[b fhÂŒn_ce - Z[ cWoe$ :khWdj[ bW jWhZ[ o deY^[ Z[b i|XWZe" de ^kXe fheXb[cWi Yed bW jhWdic_i_ÂŒd [ _d]h[ie Z[ bei ZWjei o i[ YecfheXÂŒ [b j_[cfe fWhW bW jhWdifehjWY_ÂŒd Z[ bWi WYjWi Z[ bWi `kdjWi h[Y[fjehWi Z[b leje ^WijW bWi `kdjWi _dj[hc[Z_Wi$ Æ9edĂ’Wcei [d gk[ [b fheY[ie de j[dZh| fheXb[cWi$ De ^[cei
h[Y_X_Ze Z[dkdY_W Z[ _hh[]kbWh_# ZWZ[i fehgk[ bW ][dj[ de bWi ^W fh[i[djWZe \ehcWbc[dj[$ ;ij[ ie\jmWh[ gk[ [cfb[Wcei [i dk[# le1 [b Wdj[h_eh j[d‡W '& W‹ei o oW [ijWXW j[hc_dWdZe ik l_ZW ‘j_bÇ" i[‹WbÂŒ EcWh I_ced" fh[i_Z[dj[ Z[b 9D;$ ;b fheY[ie i[ h[Wb_pÂŒ [d [b 9kWhj[b Z[ <ehcWY_ÂŒd Z[ EĂ’# Y_Wb[i Z[ bW 9J=" [d =kWoWgk_b" WZ[c|i [d bW :_h[YY_ÂŒd Fhel_d# Y_Wb Z[b 9D;$ :khWdj[ [b fheY[# ie \kdY_edWh|d [d =kWoWi - `kd# jWi _dj[hc[Z_Wi" + [d =kWoWgk_b" kdW [d 8WbpWh o ejhW [d C_bW]he$
23 ĹŠ5#9ĹŠ-. Ĺ—ĹŠĹŠ ĹŠ! ,/  Ŋ/.1ĹŠ#+ĹŠ .ĔŊ04#ĹŠ#,/(#9 ĹŠ3 1"#ĹŠ8ĹŠ2(-ĹŠ4-ĹŠ+("#1 9%.ĹŠ!+ 1.ĔŊ ĂŒ-ĹŠ#23;ĹŠ ĹŠ3(#,/.ĹŠ"#ĹŠ% - 1ĹŠ+ ĹŠ 3 ++ ēŊ 2ĹŠĂŒ+3(, 2ĹŠ#-!4#23 2ĹŠ(-"(! -ĹŠ04#ĹŠ! " ĹŠ5#9ĹŠ,;2ĹŠ
#!4 3.1( -.2ĹŠ1#!' 9 -ĹŠ#+ĹŠ1#$#1#-".Ä“ + #13.ĹŠ !.23 ĔŊ#7/1#2("#-3#ĹŠ"#ĹŠ+ ĹŠ 2 , +# ĹŠ .-23(348#-3#ĹŠ"#ŊĉććđŊ8ĹŠ4-.ĹŠ"#ĹŠ +.2ĹŠ/.+~3(!.2ĹŠ"#ĹŠ(904(#1" ĹŠ,;2ĹŠ/./4+ 1#2ĹŠ"#ĹŠ !4 ".1ĔŊ+#ĹŠ"(.ĹŠ+ ĹŠ#2/ +" ĹŠ ĹŠ24ĹŠ -3(%4.ĹŠ +( ".ēŊĥ .11# ĹŠ ă1,¢Ŋ04#ĹŠ+ ĹŠ .-23(34!(¢-ĹŠ"#ŊĉććđŊ#1 ĹŠ4-ĹŠ! -3.ĹŠ ĹŠ+ ĹŠ5(" ĔŊ04#ĹŠ( ĹŠ ĹŠ"41 1ŊĊććŊ  .2ĔŊ/#1.ĹŠ '.1 ĹŠ+#ĹŠ04(#1#ĹŠ,#3#1ĹŠ, -.ĹŠ ĹŠ+ ĹŠ)423(!( ĹŠ2(-ĹŠ1#2/#3 1ĹŠ+.ĹŠ04#ĹŠ 2#ĹŠ5.3¢Ŋ '~ĢĔŊ"().ēŊ 1##ĹŠ04#ĹŠ#+ĹŠ/1#2("#-3#ĹŠ2#ĹŠ04(#1#ĹŠ/1.3#%#1ĹŠ"#ĹŠ5 1(.2ĹŠ#2!;-" +.2ĹŠ "#ĹŠ!.114/!(¢-ĹŠ04#ĹŠ' -ĹŠ#23 ++ ".ĹŠ#-ĹŠ24ĹŠ!~1!4+.ĹŠ!#1! -.ĹŠ#-ĹŠ+.2ĹŠĂŒ+3(,.2ĹŠ,#2#2Ä“
.ĹŠ !.,/  Ŋ 423 5.ĹŠ 11# ĔŊ,(-(231.ĹŠ"#ĹŠ . (#1-.ĹŠ8ĹŠ"#ĹŠ #%41(" "ĹŠ' 23 ŊĉććĒŊ 8ĹŠ04(#-ĹŠ$4#ĹŠ4-.ĹŠ"#ĹŠ+.2ĹŠ +4 13#2ĹŠ"#ĹŠ+ ĹŠ/.+~3(! ĹŠ"#ĹŠ .11# ēŊ ĹŠ '.1 ĹŠ+ ĹŠ/."#1.2 ĹŠ .-$#"#1 !(¢-ĹŠ"#ĹŠ !(.- +(" "#2ĹŠ -"~%#- 2ĹŠ"#+ĹŠ !4 ".1Ŋĸ .- (#ĚĔŊ04#ĹŠ#-ĹŠ+.2ĹŠ ĂŒ+3(,.2ĹŠÄˆÄŽĹŠ  .2ĹŠ 84"¢Ŋ ĹŠ34, 1ĹŠ2#(2ĹŠ/1#2("#-3#2ĹŠ8ĹŠ#2ĹŠ4-ĹŠ !3.1ĹŠ"#3#1,(- -3#ĹŠ/ 1 ĹŠ + ĹŠ#23 (+(" "ĹŠ"#+ĹŠ/."#1ĔŊ#2ĹŠ!1~3(! ĹŠ"#ĹŠ .11# Ä“ -!+42.ĹŠ 1(!(.ĹŠ .11# ĔŊ#+ĹŠ'#1, -.ĹŠ, 8.1ĹŠ"#+ĹŠ 1#2("#-3#ĔŊ"(!#ĹŠ04#ĹŠ-.ĹŠ+.ĹŠ5 ĹŠ ĹŠ /.8 1ēŊ ă1,¢Ŋ04#ĹŠÄĄ+ ĹŠ!.-24+3 ĹŠ#2ĹŠ4-ĹŠ#11.1ĹŠ/.+~3(!.ēŊ +ĹŠ3.3 +(3 1(2,.ĹŠ 2.+43.ĹŠ-.ĹŠ #2ĹŠ 4#-.ĹŠ/ 1 ĹŠ-(-%ĂŒ-ĹŠ/ ~2ĔŊ,#-.2ĹŠ !4 ".1ēŊ +ĹŠĹŠ .ÄŚ04#ĹŠ/1.,.!(.-.ĹŠ#2ĹŠ4-ĹŠ .ĹŠ"#ĹŠ ! 1( .ĔŊ/ 1 ĹŠ04#ĹŠ,(ĹŠ'#1, -.ĹŠ1# !!(.-#ēŊ .1ĹŠ#2.ĹŠ+#ĹŠ"(%.Ä–ĹŠÄĽÂ&#x;  .ĔŊ#23 ĹŠ5#9ĹŠ-.ČĢē .1ĹŠ+.ĹŠ/1.-3.ĔŊ- " ĹŠ(-"(! ĹŠ04#ĹŠ#2 2ĹŠ5.!#2ĹŠ./.2(3.1 2ĹŠ3#-% -ĹŠ_7(3.ĹŠ#-ĹŠ#5(3 1ĹŠ04#ĹŠ .11# ĹŠ24,#1) ĹŠ ĂŒ-ĹŠ,;2ĹŠ ĹŠ24ĹŠ/ ~2ĹŠ#-ĹŠ#+ĹŠ/#+(%1.2.ĹŠ (2,.ĹŠ"#+ĹŠ 43.1(3 1(2,.ēŊ
WdWb_ijWi j[c[d gk[ bW [nY[i_lW YedY[djhWY_ÂŒd Z[ bei feZ[h[i b[ WXhW bW fk[hjW W 9ehh[W fWhW Z_i[# ‹Wh kdW `kij_Y_W W ik c[Z_ZW$ FW# Y^Wde f_[diW gk[ ÆbW feb_j_pWY_ÂŒd Z[ bW `kij_Y_W o bW `kZ_Y_Wb_pWY_ÂŒd
Z[ bW feb‡j_YW ied YWhWYj[h‡ij_YWi fhef_Wi Z[b ;YkWZeh$ ;b Fh[i_Z[d# j[ feZh| YedjhebWh [b 9edi[`e Z[ bW @kZ_YWjkhW fhel_i_edWb" gk[ j[d# Zh| feZ[h WXiebkje [d bW \kdY_ÂŒd `kZ_Y_Wb$ >Wo f[b_]heÇ$
.# ( (ŋ ŋ'#&#. ,ŋ*),ŋ .,6ð )ŋ ŋ'/(# #)( -
ēŊ 4 .Ŋ-.1, +(" "Ŋ3.3 +Ŋ 8#1Ŋ#-Ŋ 4 8 04(+Ŋ8Ŋ.31 2Ŋ!(4" "#2ē
Kd c_b_jWh [YkWjeh_Wde \k[ Z[j[d_Ze feh fh[ikdje jh|Ă’Ye Z[ ckd_Y_ed[i [d kdW ef[hW# Y_ÂŒd [d bW gk[ \k[hed _dYWk# jWZei )$',& YWhjkY^ei fWhW \ki_b" _d\ehcÂŒ [b ;`ƒhY_je$ ;b iWh][dje HW\W[b JpWcW# h[dZW \k[ Whh[ijWZe feh [\[Y# j_lei Z[ bW Feb_Y‡W @kZ_Y_Wb" bk[]e Z[ gk[ Zei ^ecXh[i W gk_[d[i b[i \k[ YedĂ’iYWZe [b YWh]Wc[dje be i[‹WbWhWd Yece ik fhel[[Zeh" i[]‘d kd Yeckd_YWZe$ BW ef[hWY_ÂŒd i[ Z[iWhhebbÂŒ [d kdW YWhh[j[hW Z[ bW fhel_d# Y_W WcWpÂŒd_YW Z[ Eh[bbWdW"
YkWdZe JpWcWh[dZW i[ Z[ifbW# pWXW [d kd l[^‡Ykbe fWhj_YkbWh [d [b gk[ \k[hed [dYedjhWZei kd WhcW Z[ \k[]e" i[_i fheo[Yj_b[i o fh[dZWi c_b_jWh[i$ ;b ;`ƒhY_je _dZ_YÂŒ gk[ bei )$',& YWhjkY^ei ied Z[ YWb_Xh[ +"+, cc o gk[ kd `k[p Z[ ]WhWd# j‡Wi Z_ifkie [b _d]h[ie W fh_i_ÂŒd Z[ bei jh[i Z[j[d_Zei$ 7i_c_ice" i[‹WbÂŒ gk[ _dl[i# j_]W i_ [b cWj[h_Wb f[hj[d[Y[ W bW 9kWhjW :_l_i_ÂŒd 7cWpedWi o i_ f[hiedWb Z[ [iW kd_ZWZ [ij| _d# lebkYhWZe [d bW l[djW e jh|Ă’Ye Z[ WhcWi o [gk_fe W bei ]hkfei Z[b_dYk[dY_Wb[i$
ć
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. ÄŒĹ?
1(2(2ĹŠ"#ĹŠ"#4" ĹŠ8ĹŠ'.+.! 423.
4#5.Ŋ !4#1".Ŋ"#Ŋ 5( !(¢-Ŋ!(5(+
&ŋ(/ 0)ŋ / , )ŋ-) , ŋ 0# #š(ŋ #0#&ŋ (., ŋ& ŋ (#š(ŋ /,)* ŋ3ŋ -. )-ŋ (# )-ąŋ+/ ŋ* ,'#.#,6ŋ-#'*&#ð ,ŋ&)-ŋ, )() #'# (.)-ŋ ŋ ,.#ð )-ŋ (., ŋ '*, - -ŋ ŋ/()ŋ3ŋ).,)ŋ& )ŋ &ŋ .&6(.# )ąŋ (.,šŋ (ŋ0#!),ŋ 3 ,Ąŋ
ĈĈÄ?ĹŠĹŠ
^ ĹŠ "#23(-¢Ŋ#+ĹŠ -!.ĹŠ !(.- +ĹŠ"#ĹŠ .,#-3.ĹŠ +ĹŠ2#!Äą 3.1ĹŠ - -#1.ĹŠ "41 -3#ĹŠ#+ĹŠ 2#%4-".ĹŠ2#,#2Äą 31#ĹŠ"#+ĹŠÄ‰Ä‡ÄˆÄ‡
ĹŠ!.-%1#2(23 ĹŠ1#/4 +(! - ĹŠ (!'#+#ĹŠ !', --ĔŊ4- ĹŠ"#ĹŠ+ 2ĹŠ+~"#1#2ĹŠ"#+ĹŠ,.5(Äą ,(#-3.ĹŠÄĄ # ĹŠ 138ĢĔŊ1#!411(¢Ŋ 8#1ĹŠĹŠ +ĹŠ .+.! 423.ĹŠ/ 1 ĹŠ"#2!1( (1ĹŠ+ ĹŠ! 1% ĹŠ04#ĹŠ !1##ĹŠ04#ĹŠ/#2 1;ĹŠ2. 1#ĹŠ+ ĹŠ)45#-34"ĹŠ"#ĹŠ Ä“ ēŊ2(ĹŠ-.ĹŠ2#ĹŠ !3ĂŒ ĹŠ/ 1 ĹŠ1#"4!(1ĹŠ+ ĹŠ "#4" ĹŠ/ĂŒ +(! Ä“
ŋ, /* , ŋ& *,) / #š(ŋ ŋ ( ()ŋ
.1ĹŠ#+ĹŠ,.,#-3.ĹŠ+ 2ĹŠ!.-"(!(.-#2ĹŠ !+(,;3(! 2ĹŠ#-ĹŠ+ 2ĹŠ9.- 2ĹŠ"#ĹŠ!4+3(5.ĹŠ2.-ĹŠ Ä?Ä‰Ä“ÄŽĹ˜ĹŠ ,48ĹŠ$ 5.1 +#2ēŊ ĹŠ ĹŠ+.2ĹŠÄ?ĉŊ/1_23 Äą ,.2ĹŠ#-31#% ".2ĹŠ #-ĹŠ#+ĹŠ,(2,.ĹŠ /#1~.".ĹŠ"#ĹŠ ĉććĒēŊŊ
ēŊ +Ŋ/1.,#"(.Ŋ"#Ŋ/1."4!!(¢-Ŋ,#-24 +Ŋ#-Ŋ#23#Ŋ  .Ŋ .1"# Ŋ+.2ŊĉĎĔĉŊ ,(++.-#2Ŋ"#Ŋ! ) 2ēŊ
Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& - d^
C8K8:LE>8
<JD<I8C;8J HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% (*0 [\ cX :kX% :k\% Ef% *+//0,'-'+ g\ik\e\Z`\ek\ X ?<IE8E;<Q J8E:?<Q# 9PIFE$CL@J [\c 9XeZf G`$ Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% ))( Xc ),' [\ cX :kX% :k\% Ef% **,,*)'-'+ g\ik\e\$ Z`\ek\ X M<C8J:F FIK@Q# AF==I<$>89I@<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ) d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% )(/( Xc ))/' [\ cX :kX% :k\% Ef% *)-+/*(,'+ g\ik\e\Z`\ek\ X >8I:@8 D8I:@CCF#CL@J$<;L8I;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& * d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% /)/ [\ cX :kX% :k\% Ef% *+-()'-''+ g\ik\$ e\Z`\ek\ X K8J@E:?8E8 D<E;FQ8#G8LCF$:<J8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& + d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% //' [\ cX :kX% :k\% Ef% *+-()'-''+ g\ik\$ e\Z`\ek\ X K8J@E:?8E8 D<E;FQ8#G8LCF$:<J8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& , d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ),( mXcfi ('' [\ cX :kX% :k\% Ef% *+-'0+/.'+ g\ik\e\Z`\ek\ X :8A8D8I$ :8 K8G@8#N@CC@8D$<;L8I$ ;F [\c 9XeZf G`Z_`eZ_X%
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ).-( [\ cX :kX% :k\% Ef% *).-(0+.'+ g\ik\e\Z`\ek\ X 8C98E >8I:@8# <CJ8$AL$ ;@K? [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& . d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ((), mXcfi ,**/#++ [\ cX :kX% :k\% Ef% *(+')+0*'+ g\ik\e\Z`\ek\ X :FFG<I8$ K@M8 8?%P :I<;%;<C ?FJG% ><E<I8C [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& / d^
CFJ I@FJ
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ('( Xc (*' [\ cX :kX% :k\% Ef% *+0'*-*('+ g\i$ k\e\Z`\ek\ X M<C8JHL<Q DFI8C<J#AFJL<$>89I@<C [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& 0 d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% 0..+ Xc 0.0' [\ cX :kX% :k\% Ef% *(/*/0*('+ g\ik\e\$ Z`\ek\ X Q<M8CCFJ G@EKF# :8ICFJ$8C9<IKF [\c 9Xe$ Zf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfj$ k\i`fi\j X cX ’ck`dX glYc`ZX$ Z`�e% 8:& (' d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% ('*, Xc ('*- [\ cX :kX% :k\% Ef% **-/-/,''+ g\ik\e\Z`\ek\ X :FIK<Q =I<@I<#D8I@8$8E><C@:8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& (( d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% *(* [\ cX :kX% :k\% Ef% *+/*'00*'+ g\ik\e\Z`\ek\ X KF8C8 K8I@I8#ALC@F$:<$ J8I [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i}
i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& () d^ D8E89@ HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% -(*. mXcfi +,- [\ cX :kX% :k\% Ef% **++),0+'+ g\ik\e\Z`\ek\ X D<A@8 M@$ M8J# ;8IN@E$<EI@HL< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& (* d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% /+' Xc /-0 [\ cX :kX% :k\% Ef% *),.'/()'+ g\ik\e\$ Z`\ek\ X 8CM8I<Q G@FE:<# D8IC<E<$AF?8EE8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& (+ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef% ).* [\ cX :kX% :k\% Ef% *+/0(+*-'+ g\i$ k\e\Z`\ek\ X @EKI@8>F G F E : < # A F E 8K ? 8 E $8 E $ ;I<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (, d^ G@:?@E:?8 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% -*- Xc -*. [\ cX :kX% :k\% Ef% **.,))*.'+ g\ik\$ e\Z`\ek\ X ALD9F D8:8J# C@C@8$D8I@8 [\c 9XeZf G`$ Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% (+' mXcfi )+,#-, [\ cX :kX% :k\% Ef% *+/-.)+.'+ g\ik\e\Z`\ek\ X G8;@CC8 :8DL<E;F#CL@J$8C=I<;F [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& (. d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% *') mXcfi ),' [\ cX :kX% :k\% Ef% *+**-,/0'+ g\i$ k\e\Z`\ek\ X KILA@CCF A@$ D<E<Q# ?<EIP$ [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif
BW fheZkYY_Œd Z[ XWdWde i[ h[Yk# f[hŒ [d Wbh[Z[Zeh Z[b ) [d be gk[ lW Z[b W‹e$ ;ije bk[]e Z[ gk[ [d [b (&'& h[]_ijhWhW kdW YW‡ZW [d Wbh[# Z[Zeh Z[b ( o ) [d h[bWY_Œd Wb (&&/$ BW fheZkYY_Œd c[dikWb WY#
[\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (/ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% *.)/ mXcfi ,'' [\ cX :kX% :k\% Ef% *((*'./,'+ g\ik\$ e\Z`\ek\ X :FFG% ;< KI8JG% ;< G8JA <E 9LJ<J I<@E8 ; [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& (0 d^
J8EKF ;FD@E>F
HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% *(** mXcfi ,+' [\ cX :kX% :k\% Ef% *(-('.0.'+ g\ik\e\Z`\ek\ X CFFI Q8D9I8EF#<;@CJFE$<J$ KL8I;F [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )' d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% .+++ mXcfi ()/ [\ cX :kX% :k\% Ef% *(,)',,0'+ g\ik\$ e\Z`\ek\ X KFIF # CL@J$8C$ 9<IKF [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )( d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% ()+( Xc ().' [\ cX :kX% :k\% Ef% *(,))*0('+ g\ik\e\Z`\e$ k\ X M<C<Q :8JKIF#D8I@8$ M@:<EK8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )) d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% ().( Xc (*'' [\ cX :kX% :k\% Ef% *(,))*0('+ g\ik\e\Z`\e$ k\ X M<C<Q :8JKIF#D8I@8$ M@:<EK8 [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )* d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% )() mXcfi (', [\ cX :kX% :k\% Ef% *+.+0+'('+ g\ik\e\Z`\ek\ X :?@:8@Q8 P8 E ; L E # C @ ; @ 8$ D 8 I @ E 8 [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e%
8:& )+ d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% (,.- mXcfi ),' [\ cX :kX% :k\% Ef% *)-').00'+ g\i$ k\e\Z`\ek\ X J8DG<;IF KF8G8EK8#D@C;I<$A<8E$ E<KK< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ), d^ KLE>LI8?L8 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\$ hl\ Ef% (.( [\ cX :kX% :k\% Ef% *+---//.'+ g\i$ k\e\Z`\ek\ X C8II8>8 M@K<I@#D8I>8I@K8$@E<J [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& )- d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% .,/ [\ cX :kX% :k\% Ef% *+--.)0/'+ g\ik\e\Z`\ek\ X G8C8K< KL9FE#>LJK8MF$ <D@C@8EF [\c 9XeZf G`Z_`e$ Z_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& ). d^ 444444 HL<;8 8ELC8;F Gfi IF9F [\c :_\hl\ Ef% ('. Xc ()0 [\ cX :kX% :k\% Ef% *+-.)-+-'+ g\ik\e\Z`\ek\ X =I<@I< M@CC<E8#;@8E8$ :8IFC@E8 [\c 9XeZf G`$ Z_`eZ_X% Hl`\e k\e^X [\i\$ Z_f [\Y\i} i\ZcXdXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX glYc`ZXZ`�e% 8:& )/ d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% *+*, Xc *+*- [\ cX :kX% :k\% Ef% *(+/-),,'+ g\ik\$ e\Z`\ek\ X J@E:?@>L8EF ;<=8Q#:<J8I$8;I@8E [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& )0 d^ 444444 HL<;8 8ELC8;F Gfi G<I;@;8 [\c :_\hl\ Ef% )*00 Xc )+'' [\ cX :kX% :k\% Ef% *(,(),'''+ g\ik\$ e\Z`\ek\ X :FEJK8EK< M@$ CC8CM8# <;@EJFE$AF==I< [\c 9XeZf G`Z_`eZ_X% Hl`\e k\e^X [\i\Z_f [\Y\i} i\ZcX$ dXi [\ekif [\ cfj -' [ˆXj gfjk\i`fi\j X cX ’ck`dX gl$ Yc`ZXZ`�e% 8:& *' d^
ZW \k[ bW feYW Z[cWdZW Z[b fheZkYje [d [b c[hYWZe [k# hef[e Z[X_Ze W bW Yh_i_i $ ;d [b _d\ehc[ 9[Y_b_e @Wb_b" fh[i_Z[dj[ Z[ bW 7ieY_WY_ÂŒd Z[ ;nfehjWZeh[i Z[ 8WdWde jkWb XehZ[W bei (+"( c_bbed[i Z[ 7i_iXWd[ " _dZ_YÂŒ gk[ WZ[c|i YW`Wi o [b W‹e fWiWZe bb[]ÂŒ W bei f[h`kZ_YÂŒ bW YW‡ZW Z[ bW Y[d_pW Z[b lebY|d Jkd]khW^kW$ (( c_bbed[i$$ BW ‘bj_cW [dYk[ijW Z[b i[Yjeh W]hef[YkWh_e Z[b 8WdYe 9[djhWb #!4/#1 !(¢Z[b ;YkWZeh 89; WfkdjW gk[ B[Z[icW [nfb_YÂŒ gk[ [d be gk[ bW i[gk_W [ _dkdZWY_ed[i gk[ lW Z[ [ij[ W‹e bW i_jkWY_ÂŒd c[# WpejWhed W bWi pedWi fheZkY# `ehÂŒ$ ÆBW fheZkYY_ÂŒd Yh[Y_ÂŒ Z[ jehWi [d (&'& f[h`kZ_YWhed bei kd fhec[Z_e Z[ (( c_bbed[i Z[ d_l[b[i Z[ Ykbj_lei$ ;d jejWb i[ YW`Wi Wb c[i W (+ c_bbed[iÇ$ BW i[gk‡W [ _dkdZWY_ed[i fheZk`[hed Wbh[Z[Zeh Z[ (,+ c_bbed[i Z[ YW`Wi Z[ bW \hkjW i[# WYjkWb[i de ^Wd W\[YjWZe W bei ]‘d ;ZkWhZe B[Z[icW" Z_h[Yjeh Ykbj_lei Z[ bW \hkjW feh [b ce# [`[Ykj_le Z[ bW 7ieY_WY_ÂŒd Z[ c[dje$ :[ W^‡ gk[ B[Z[icW WfkdjÂŒ gk[ ÆZ[ Yedj_dkWh bWi ;nfehjWZeh[i Z[ 8WdWde$ ;d YecfWhWY_ÂŒd Yed bW fhe# YedZ_Y_ed[i Yb_c|j_YWi \Wle# ZkYY_ÂŒd Z[b (&&/ (-& c_bbed[i hWXb[i [d bWi pedWi Z[ i[c# Z[ YW`Wi " [d (&'& ^kXe kdW YW‡# Xh‡e" [ij_cWcei gk[ [b (&'' ZW [d Wbh[Z[Zeh Z[ '+ c_bbed[i Z[ j[hc_d[ Yed kdW fheZkYY_ÂŒd YW`Wi$ I[]‘d [b h[fehj[ Z[b 89;" i_c_bWh Wb (&&/Ç$ :[ fheZkY_hi[ YWcX_ei bW fheZkYY_ÂŒd fhec[Z_e Z[ bW \hkjW bb[]ÂŒ W *"* c_bbed[i Z[ YW`Wi XhkiYei Z[b Yb_cW [d bWi |h[Wi i[cWdWb[i$ Kd c_bbÂŒd c[dei Z[ Z[ Ykbj_le" ieXh[ jeZe [d bei be gk[ i[ fheZkY[ [d j[cfehWZW c[i[i Z[ i[fj_[cXh[ o eY# XW`W +$+ c_bbed[i Z[ YW`Wi $ jkXh[" bWi fh[l_i_ed[i ied ;b _d\ehc[ Z[b 89; WZ[c|i Z[iWb[djWZehWi$ EjhW l[p [b WfkdjÂŒ gk[ ejhW YWkiW Z[ bW YW‡# i[Yjeh i[ l[h‡W W\[YjWZe feh i[]kdZe W‹e Yedi[Ykj_le$ ~" ĹŠÄ‰Ä‡ÄˆÄ‡ĹŠĹŠ
I[]‘d bei ZWjei" Z[ bei (/ c_# bbed[i Z[ hWY_cei Z[ ]k_d[e gk[ i[ fheZk`[hed" Wbh[Z[Zeh Z[ 'É*(.$).& jed[bWZWi cƒ# jh_YWi JC " i[ Z[ij_dWhed Wb c[hYWZe [khef[e$ ;ije i_]# d_\_YÂŒ +,-É.))$.&& ZÂŒbWh[i$ I_ i[ YecfWhW Yed [b (&&/ i[ eXi[hlW kdW YW‡ZW Z[b ('$)) " fehgk[ [d [i[ W‹e i[ l[dZ_[# hed 'É.,'$ .'+ JC$ I_d [cXWh]e" bWi [nfehjW# Y_ed[i [d [ijei c[hYWZei Z[ _]kWb cWd[hW Z[YWo[hed$
Ă CIDO REDUCTOR & 1/0"! -1" )1 %+/ .+!1 0+/ -1" /&.2"* , . ."!1 &. !" ,"/+ +)+ ( &* 5 (+/ 07 !" &".0 / ,( *0 / (+ ;*& + -1" % "* "/ ) *! .(+/ ( 9+ 1/6*!+("/ !+(+.+/ / ")+..+&!"/ ."/" *!+ /1 ,&"( /1/ ( &+/ &*#( ) *!+ /1/ .&9+*"/ &..&0 *!+ /1 "/0:) $+ 4 ( #&* ( *+ % ' !+ * ! +. "/0 4 )6/ . 5+*"/ 4 "/06 -18 4 (("$: ( 1 !+. "( 30. 0+ !" .+/"(( "( ;*& + &!+ "!1 0+. -1" "(&)&* ( $. / !" /1 ..&$ -1" *+ (" !"' (1 &. &"* &"*0. / 1/0"! )&* +.." .." /1 / 0. '&* " &* (1/+ % /0 1 *!+ !1".)"
/0. 0+ !" .+/"((
PĂdalo Ya!
* *0+ +)&*$+ "(#
"* +'
"* /)". (! 01.&/0 "* ". "* *6 01.&/0 01. ( %+, "* 1"2"!+ .) & .15 51( ."*0" ( .-1" "!&!+/ , . "( ."/0+ !"( , 8/
" (+ "*2& )+/ +)& &(&+
/ (Ĺ‹ &)Ĺ‹ Ä…Ĺ‹ '#()Ĺ‹ Ĺ‹&)-Ĺ‹ &. , -
+Ŋ / Ŋ/1.!+ ,¢Ŋ # 3.Ŋ Ŋ24Ŋ/1#"#!#Ĺ 2.1Ŋ#-Ŋ4- Ŋ,4+3(34"(- 1( Ŋ!#1#,.-( ēŊ -.-(9 !(¢-Ŋ5#-"1;Ŋ/1.-3.ē
i[ b[ h[YedepYW kd c_bW]he [d [b 8[d[Z_Yje NL? fheYbWcÂŒ Wo[h [d cWhYe Z[ kd fheY[ie Z[ YWde# bW fbWpW Z[ IWd F[Zhe ÆX[WjeÇ W ik d_pWY_ÂŒd" be gk[ feZh‡W ^WY[hi[ fh[Z[Y[ieh @kWd FWXbe ?? '/-.# ÆZ[djhe Z[ kdei W‹eiÇ" [nfb_YÂŒ (&&+ ZkhWdj[ kdW _cfed[dj[ c|i jWhZ[ [b d‘c[he Zei Z[b LW# o ckbj_jkZ_dWh_W Y[h[ced_W gk[ j_YWde" [b YWhZ[dWb JWhY_i_e 8[h# Yed]h[]ÂŒ W Y_kZWZWdei fhe# jed[$ BW [ceY_ÂŒd h[_dÂŒ [djh[ l[d_[dj[i Z[ jeZe [b ckdZe ĹŠ [d bW YWf_jWb _jWb_WdW$ bei h[fh[i[djWdj[i Z[ .,
;b FWfW" gk[ bb[lWXW bW "#ĹŠ 23 ".ĹŠ8ĹŠ"#ĹŠ Z[b[]WY_ed[i Z[ fW‡i[i [n# (#1-.ĹŠ 2(23(#Äą jhWd`[hei$ ÆF[hY_X‡Wcei [b YWikbbW o bW c_jhW Z[ @kWd .1.-ĹŠ +ĹŠ#5#-3.Ä“ FWXbe ??" fhedkdY_ÂŒ bW ie# f[h\kc[ Z[ ik iWdj_ZWZÇ" h[YedeY_ÂŒ ZkhWdj[ ik ^e# b[cd[ \ÂŒhckbW [d bWj‡d Yed bW YkWb [b[lÂŒ W bW ]beh_W Z[ c_b‡W 8[d[Z_Yje NL?" gk_[d [be# bei WbjWh[i W ik fh[Z[Y[ieh" Yed ]_ÂŒ ÆbW \k[hpW Z[ kd ]_]Wdj[Ç gk[ gk_[d YebWXehÂŒ ZkhWdj[ () W‹ei$ be]hÂŒ Æ_dl[hj_hÇ bW j[dZ[dY_W Z[ Æ9edY[Z[cei gk[ [b l[d[hW# ÆbW ieY_[ZWZ" bW YkbjkhW o bei i_i# Ze I_[hle Z[ :_ei @kWd FWXbe ??" j[cWi feb‡j_Yei o [YedÂŒc_YeiÇ W FWfW" i[W Z[ W^ehW [d WZ[bWdj[ WXWdZedWh [b Yh_ij_Wd_ice$ bbWcWZe X[WjeÇ" fheYbWcÂŒ$ KdW _dc[diW \eje]hW\‡W Z[ Kd bWh]e WfbWkie o ]h_jei Z[ '//+ Z[ kd iedh_[dj[ o iWbkZWXb[ ÆIWdje IkX_jeÇ iWdje Z[ _dc[# AWheb Me`jobW" Z[ifb[]WZW [d [b Z_Wje [ijWbbWhed [d bW fbWpW" XWbYÂŒd Y[djhWb Z[ bW XWi‡b_YW" \k[ bb[dW Z[ ][dj[ gk[ [dWhXebWXW Z[il[bWZW [d [b cec[dje Z[ bW XWdZ[hWi Z[ dkc[heiWi dWY_e# fheYbWcWY_ÂŒd$ dWb_ZWZ[i" [djh[ [bbWi febWYWi" [ifW‹ebWi o XhWi_b[‹Wi$ ĹŠ3.".ĹŠ#+ĹŠ,4-". FWhW gk[ @kWd FWXbe ?? i[ Yed# 8W`e kd ieb j[cfbWZe" bW Y[h[# l_[hjW [d iWdje [i d[Y[iWh_e gk[ ced_W" [d bW gk[ [b FWfW kiÂŒ ĹŠ ĹŠ ĔŊ ŊěŊ;b fWfW
ĉĉ
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
Ĉ
1.!#2(¢-
-3#ĹŠ#+ĹŠ$_1#31. ĹŠ 2(ĹŠ3.".2ĹŠ+.2ĹŠ/ ~2#2ĹŠ+ 3(-. ,#1(! -.2ĹŠ Ĺ—#-5( 1.-ĹŠ(,/.13 -3#2ĹŠ"#+#% !(.-#2ĹŠ/ 1 ĹŠ 1#-"(1ĹŠ'.,#- )#ĹŠ +ĹŠ/.-3~ă!#ĹŠ04#ĹŠ1#!.11(¢Ŋ + ĹŠ1#%(¢-ĹŠ"#ĹŠ/4-3 ĹŠ ĹŠ/4-3 Ä“
ĹŠ -3#ĹŠ#+ĹŠ$_1#31.ĹŠ"#ĹŠ 4 -ĹŠ +.ĹŠ ĹŠ8ĹŠ4- ĹŠ Ĺ—/1#!(.2 ĹŠ1#+(04( ĹŠ!.-ĹŠ24ĹŠ2 -%1#ĔŊ#7/4#23.2ĹŠ "#-31.ĹŠ"#ĹŠ+ ĹŠ 2~+(! ĹŠ/ 1 ĹŠ+ ĹŠ5#-#1 !(¢-ĔŊ "#2ă+ 1.-ĹŠ"41 -3#ĹŠ'.1 2ĹŠ!(#-3.2ĹŠ"#ĹŠÄƒ#+#2Ä“
Ŋ #-#"(!3.Ŋ Ŋ 1(¢Ŋ+ Ŋ/1.!#2(¢-Ŋ8Ŋ2#Ŋ ŗ1#!.%(¢Ŋ/ 1 Ŋ.1 1Ŋ#-Ŋ2(+#-!(.Ŋ -3#Ŋ#+Ŋ$_1#31.Ŋ "#Ŋ24Ŋ/1#"#!#2.1ē
ĹŠ 2ĹŠ/4#13 2ĹŠ"#ĹŠ+ ĹŠ 2~+(! ĹŠ/#1, -#!#Äą Ĺ—1;-ĹŠ (#13 2ĹŠ' 23 ĹŠÄĄ#+ĹŠĂŒ+3(,.ĹŠ/#1#%1(-.ĢĔŊ
(-"(!¢Ŋ+ Ŋ -3 Ŋ #"#ĔŊ+.Ŋ04#Ŋ"# ~ Ŋ.!411(1Ŋ +Ŋ , -#!#1ē
jWcX_ƒd [b Y|b_p gk[ @kWd FWXbe ?? [cfb[ÂŒ [d bei ‘bj_cei W‹ei" \k[ jhWdic_j_ZW [d Z_h[Yje W dkc[heiei fW‡i[i" [d fWhj_# YkbWh Febed_W" ZedZ[ c_b[i Z[ febWYei iWb_[hed cWi_lWc[dj[ W bWi YWbb[i fWhW i[]k_h bW X[Wj_# Ă’YWY_ÂŒd [d Z_h[Yje [d fWdjWbbWi ]_]Wdj[i$ ;d bW 8Wi‡b_YW Z[ =kWZWbkf[ Z[ bW Y_kZWZ Z[ Cƒn_Ye" Y_[djei Z[ `ÂŒl[d[i ^WX‡Wd WYWcfWZe Z[iZ[ bW deY^[ Z[b i|XWZe fWhW fh[i[dY_Wh [d Z_h[Yje bW Y[h[ce# d_W$ O [d 9[djheWcƒh_YW" c_b[i
ēŊ ;2Ŋ"#Ŋ4-Ŋ,(++¢-Ŋ"#Ŋ/#12.- 2Ŋ2#Ŋ!.-%1#% 1.-Ŋ 8#1Ŋ#-Ŋ +Ŋ 3(! -.ēŊ
Z[ YWjÂŒb_Yei Y[b[XhWhed [b [l[dje Yed l_]_b_Wi" cWhY^Wi o eĂ’Y_ei h[b_]_eiei$ ;b Ykbje b_j‘h]_Ye Z[b dk[le X[Wje i[h| Y[b[XhWZe [b (( Z[ eY# jkXh[ Z[ YWZW W‹e" [d [b Wd_l[hiW# h_e Z[b Yec_[dpe Z[b fedj_Ă’YWZe Z[ @kWd FWXbe ?? [d '/-.$
BW X[Wj_\_YWY_Œd Z[b fh_c[h FWfW febWYe Z[ bW ^_ijeh_W" gk_[d \Wbb[Y_Œ [b ( Z[ WXh_b Z[ (&&+ W bei .* W‹ei jhWi kdW bWh]W [d\[hc[# ZWZ" [i [b fWie fh[l_e W bW YWde# d_pWY_Œd o i[ bb[lŒ W YWXe [d kd j_[cfe hƒYehZ$ DWZW hWhe YedjWh fhedje Yed ejhe iWdje$
ĉ
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
ĹŠ ĹŠ/.2/.-#ĹŠ "#ĹŠ-4#5.ĹŠ+ -9 ,(#-3.ĹŠ
Ĺ—ĹŠĹŠĹŠ
ĔŊ ŊěŊ ;b jhWdi# XehZWZeh [ifWY_Wb ;dZ[Wlekh de fWhj_h| ^eo Yece [if[# hWXW bW D7I7" gk[ feifkie Z[ dk[le [b bWdpWc_[dje i_d WdkdY_Wh kdW \[Y^W YedYh[jW" Wkdgk[ Yed bW i[]kh_ZWZ Z[ gk[ de eYkhh_h| ÆWdj[i Z[b Ă’dWb Z[ bW i[cWdWÇ$ ÆBei WZc_d_ijhWZeh[i Z[ bW D7I7 ^Wd Z[Y_Z_Ze gk[ de [i fei_Xb[ bWdpWh [b jhWdiXeh# ZWZeh [ifWY_Wb [b bkd[i" gk[ ^WX‡W i_Ze bW \[Y^W Z[ Z[if[# ]k[ c|i j[cfhWdW fei_Xb[ Z[ifkƒi Z[ feifed[hi[ [b bWdpWc_[dje [b l_[hd[iÇ" Z_`e bW _dij_jkY_ÂŒd [ifWY_Wb [d ik Yk[djW eĂ’Y_Wb Z[ Jm_jj[h [d kd Æjh_deÇ fh[b_c_dWh$
ē ēŊ $1.-3 Ŋ+ Ŋ 1#2 ! Ŋ"#+Ŋ3#,/.1 +Ŋ
ŗŊ ŊŊ ĔŊ Ŋě BWi Z[lWijWZehWi jehc[djWi Z[ [ijW i[cWdW i[^Wd YeXhWZe oW )*- l_ZWi [d ;ijWZei Kd_# Zei" gk[ W\hedjW bW h[iWYW Z[b i[]kdZe j[cfehWb c|i b[jWb Z[ ik ^_ijeh_W" Wdj[ kd fWde# hWcW gk[ h[Yk[hZW Wb Z[`WZe feh [b ^khWY|d ÆAWjh_dWÇ [d (&&+$ Bei (.. jehdWZei gk[" i[]‘d [b I[hl_Y_e DWY_edWb Z[ C[# j[ehebe]‡W" iWYkZ_[hed [b ikh o [b [ij[ Z[b fW‡i Z[`Whed jhWi Z[ i‡ kdW [ij[bW Z[ _dkdZW# Y_ed[i" [Z_ÒY_ei Z[hhk_Zei o Y_[djei Z[ Z[iWfWh[Y_Zei" XkiYWZei Z[iZ[ [djedY[i i_d Z[iYWdie feh iki \Wc_b_Wh[i o bei [gk_fei Z[ [c[h][dY_W$
ēŊ -ĹŠ ĹŠ - ĔŊ!(#-3.2ĹŠ"#ĹŠ,(+#2ĹŠ"#ĹŠ/#12.- 2ĔŊ#-31#ĹŠ#++.2ĹŠ-4#5.2ĹŠ31 ) ".1#2ĹŠ/1(5 ".2ĔŊ, 1!' 1.-ĹŠ#-ĹŠ /.8.ĹŠ ĹŠ+ 2ĹŠ1#$.1, 2ĹŠ#!.-¢,(! 2ĹŠ"#+ĹŠ/1#2("#-3#ĹŠ ĂŒ+ĹŠ 231.ĹŠ04#ĹŠ 42! -ĹŠ,."#1-(9 1ĹŠ#+ĹŠ %.3 ".ĹŠ,."#+.ĹŠ2.!( +(23 ēŊ
-ŋ )( # #)( -ŋ- & ,# & -ąŋ *,#( #* &ŋ. ' ŋ (ŋ -ð& -ŋ -Ŋ3.".Ŋ#+Ŋ,4-".Ŋ+.2Ŋ31 ) ".1#2Ŋ1#Ĺ !+ , 1.-Ŋ4- Ŋ,#).1 Ŋ#-Ŋ+ 2Ŋ!.-"(!(.Ĺ -#2Ŋ"#Ŋ#,/+#.Ŋ8Ŋ24#+".2ē Ŋ } ĔŊ Ŋ ě
Bei jhWZ_Y_edWb[i Z[iĂ’b[i Z[b ' Z[ cWoe h[kd_[# hed Wo[h W Y[dj[dWh[i Z[ c_b[i Z[ f[hiedWi [d [b ckdZe" gk[ i[ cWd_\[ijWhed Z[iZ[ >ed] Aed] W 8[hb‡d" fWiWdZe feh BW >WXWdW fWhW f[Z_h" fh_dY_fWbc[dj[" Wk# c[djei iWbWh_Wb[i$ ;d Febed_W" bW eh]Wd_pWY_ÂŒd i_dZ_YWb c|i ]hWdZ[ EFPP Wdk# bÂŒ" i_d [cXWh]e" bW cWhY^W fWhW de _dj[h\[h_h [d bWi Y[h[ced_Wi h[bWY_edWZWi Yed bW X[Wj_Ă’YWY_ÂŒd Z[b fWfW @kWd FWXbe ??$ BW Ă’[ijW Z[b JhWXW`e jecÂŒ kd WY[dje c|i feb‡j_Ye [d Hki_W" ZedZ[ bei fWhj_Zei fhe#Ah[cb_d Wfhel[Y^Whed bW eYWi_ÂŒd fWhW
_dj[djW iWb_h Z[ bW Yh_i_i o Zed# Z[ [b fWhe WbYWdpW W kde Z[ YWZW Y_dYe WYj_lei" bei i_dZ_YWjei fh[# l[‡Wd c|i Z[ .& h[kd_ed[i o cW# d_\[ijWY_ed[i" bW c|i _cfehjWdj[ Y[b[XhWZW [d LWb[dY_W [ij[ $ ;d =h[Y_W" ZedZ[ bW feXbWY_ÂŒd [ij| eXb_]WZW W ^WY[h iWYh_Ă’Y_ei i_d fh[Y[Z[dj[i Z[iZ[ ^WY[ kd W‹e fWhW h[iYWjWh bW [Yedec‡W Z[b fW‡i" c_b[i Z[ f[hiedWi iW# b_[hed W bWi YWbb[i Z[ 7j[dWi fWhW fhej[ijWh YedjhW kd dk[le [dZk# h[Y_c_[dje Z[ bW Wkij[h_ZWZ$ ;d <hWdY_W" c_b[i Z[ f[hiedWi _d_Y_Whed kd Z[iĂ’b[ feh bW cW‹W# dW fWhW Y[b[XhWh [b Z‡W _dj[hdW# Y_edWb Z[ bei jhWXW`WZeh[i
Y_Wb i[ ikcW W bW Yh_i_i feb‡j_YW i_d fh[Y[Z[dj[i$ ;d 8[hb‡d" c_b[i Z[ f[hiedWi i[ cWd_\[ijWhed i_d _dY_Z[dj[i$ ;b fh[i_Z[dj[ Z[b :=8" C_Y^W[b Iecc[h" WZl_hj_ÂŒ Z[b Z[iY[die ^WY[h kdW Z[ceijhWY_ÂŒd Z[ \k[h# Z[ bei iWbWh_ei o Z[dkdY_ÂŒ gk[ bei fhef_[jWh_ei Z[ [cfh[iWi pW Wdj[ bWi fhÂŒn_cWi [b[YY_ed[i" YedjhWjWd [cfb[WZei W ÆXk[d Yed b[cWi Yece ƜC[Zl[Z[l fh[Y_eÇ" fheY[Z[dj[i Z[ ;khe# ÂśFkj_d ÂśLWcei Hki_W Ç$ FWhW bWi Wkjeh_ZWZ[i hkiWi" fW Z[b ;ij[" YkWdZe 7b[cWd_W o Yh_j_YWZWi feh bW l_eb[djW Z_if[h# 7kijh_W [ij|d W fkdje Z[ WXh_h ik c[hYWZe bWXehWb W [ijei Y_k# i_ÂŒd Z[ lWh_Wi cWd_\[ijWY_ed[i Z[ bW efei_Y_ÂŒd [d bei ‘bj_cei ZWZWdei$ c[i[i" [ijWi h[kd_ed[i h[fh[# ;d Ă›\h_YW" bW Ă’[ijW Z[b JhWXW`e i[djWXWd kdW efehjkd_ZWZ fWhW f[hc_j_ÂŒ W bei i_dZ_YWjei [djh[# Z[ceijhWh h[if[je feh bW b_X[h# ]Wh W bWi Wkjeh_ZWZ[i ÆYkWZ[hdei Yed h[YbWcWY_ed[iÇ" jWb o Yece jWZ Z[ [nfh[i_ÂŒd$ I_d [cXWh]e" i[ fhe^_X_ÂŒ W bei ^ecei[nkWb[i eYkhh_ÂŒ [d 8[d‡d e Je]e$ ;d 7i_W" kd c[i o c[Z_e Z[i# cWd_\[ijWhi[ feh [b Y[djhe Z[ .-31 ĹŠ ).2ĹŠ2 + 1(.2 IWd F[j[iXkh]e$ BWi YedZ_Y_ed[i iWbWh_Wb[i \k[# fkƒi Z[b WYY_Z[dj[ Z[ bW Y[djhWb hed [b fh_dY_fWb j[cW Z[ bWi cW# Z[ <kaki^_cW" [b ' Z[ cWoe ^W 31.2ĹŠ/ ~2#2 d_\[ijWY_ed[i gk[ l_l_ÂŒ 8ƒb]_YW" ZWZe bk]Wh W Zei cWd_\[ijWY_e# ;d ;ifW‹W" ZedZ[ bW [Yedec‡W ZedZ[ bW Yh_i_i [YedÂŒc_YW o ie# d[i Wdj_#dkYb[Wh[i [d Jea_e$
ŋ , ŋ &ŋð( &ŋ ŋ ðŋ ĔŊ Ŋě ;b fehjWlep eÒY_Wb
Z[b ;`ƒhY_je h[X[bZ[ Z[b [ij[ Z[ B_X_W" 7^c[Z EcWh 8Wdo" Wi[# ]khÂŒ Wo[h gk[ bW EJ7D ^W YWc# X_WZe ik [ijhWj[]_W [d B_X_W o fhedeij_YÂŒ gk[ [d kdWi Zei i[# cWdWi Æl[h[cei YWcX_ei cko Xk[deiÇ ieXh[ [b j[hh[de$ 8Wdo i[ ceijhÂŒ cko iWj_i# \[Y^e Yed bW WYjkWY_ÂŒd Z[ bW EJ7D [d bei ‘bj_cei Z‡Wi o Z_`e gk[ ƒijW cWhYWh| W fWhj_h Z[ W^ehW bW Z_\[h[dY_W [d [b Yed# Ă“_Yje" [if[Y_Wbc[dj[ [d Jh‡feb_" bW YWf_jWb Z[b fW‡i$ 7bb‡ \k[hed WjWYWZWi [d bW jWhZ[ Z[ Wo[h bWi b[]WY_ed[i Z_# fbec|j_YWi Z[ ?jWb_W o [b H[_de Kd_Ze" fW‡i[i gk[ fWhj_Y_fWd [d bW c_i_ÂŒd Z[ bW EJ7D [d B_X_W" ikfk[ijWc[dj[ [d h[fh[iWb_W feh kd XecXWhZ[e Wb_WZe Yed# jhW kdW Z[ bWi h[i_Z[dY_Wi Z[ bW \Wc_b_W Z[ =WZWĂ’ WdeY^[$
i|XWZe gk[ [b ^_`e c[deh Z[b Yehed[b" IW_\ [b 7hWX" Wi‡ Yece jh[i Z[ iki d_[jei ^WX‡Wd \Wbb[# Y_Ze [d [b XecXWhZ[e" Z[b gk[ i[ iWblWhed [b fhef_e =WZWĂ’ o ik ck`[h gk[ i[ [dYedjhWXWd [d bW l_l_[dZW XbWdYe Z[b WjW# gk[ i[b[Yj_le" i[]‘d bW l[hi_ÂŒd eĂ’Y_Wb Z_\kdZ_ZW feh bW j[b[l_# i_ÂŒd f‘Xb_YW$ ;b l_YWh_e WfeijÂŒb_Ye Z[ Jh‡# feb_" [b eX_ife =_elWdd_ ?dde# Y[dpe CWhj_d[bb_" Wi[]khÂŒ gk[ feZ‡W YedĂ’hcWh bW ck[hj[ Z[ IW_\ Wb 7hWX" Wdj[ Ykoe Yk[hfe b[ YedZk`[hed bWi Wkjeh_ZWZ[i Z[b hƒ]_c[d o `kdje Wb YkWb i[ [dYedjhWXWd bei YWZ|l[h[i Z[ jh[i d_‹ei o ejhe WZkbje$ 3 04#2ĹŠ
Feh ejhW fWhj[" bWi jhefWi Z[ CkWcWh Wb =WZWĂ’ ^Wd bWdpWZe kd dk[le o cko l_eb[dje WjW# gk[ YedjhW bW Y_kZWZ Z[ C_ihW# ";5#1#2 jW" YedY[djhWZe [if[Y_Wbc[dj[ ;b =eX_[hde b_X_e WdkdY_ÂŒ [b [d bW pedW Z[b fk[hje$
(  (Ĺ‹ $ .#0)-Ĺ‹ &Ĺ‹ #& (#)Ĺ‹ (Ĺ‹ ' 4)(#
-Ŋ3_1,(-.2Ŋ%#-#1 +#2ĔŊ 2(Ŋ - +(9 ,.2Ŋ3.".2Ŋ+.2Ŋ . )#3(5.2Ŋ#2Ŋ,48Ŋ"($~!(+Ŋ 04#Ŋ2#Ŋ/4#" -Ŋ!4,/+(1ĔŊ/#1.Ŋ ' 8Ŋ#7!#/!(.-#2ĢēŊ Ŋ
ĹŠ ĹŠ Ä“
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. ÄŒĹ?
ÄŠ
-ĹŠ+ ĹŠ/ 13#ĹŠ , (#-3 +ĹŠ ĂŒ-ĹŠ' 8ĹŠ,4!'.ĹŠ 31 ).ĹŠ/.1ĹŠ' !#1ĹŠ/ 1 ĹŠ!4,/+(1ĹŠ+ 2ĹŠ ,#3 2ĹŠ' 23 ĹŠÄ‰Ä‡ÄˆÄŽÄ”ĹŠ2#%ĂŒ-ĹŠ4-ĹŠ#7/#13.Ä“ ;d (&&&" bW Eh]Wd_pWY_ÂŒd Z[ bWi DWY_ed[i Kd_ZWi fbWdj[ÂŒ bei EX`[j_lei Z[b C_b[d_e fWhW '/( fW‡i[i" bei YkWb[i _dYbko[d Wif[Yjei ieY_Wb[i" c[Z_eWc# X_[djWb[i o [YedÂŒc_Yei gk[ Z[# X[d Ykcfb_hi[ ^WijW (&'+$ ;YkWZeh [i fWhj[ Z[ [ij[ Yecfhec_ie feh be YkWb bW H[Z 7H7 7hj_YkbWY_ÂŒd H[]_edWb 7cWpÂŒd_YW ^W Yedi_Z[hWZe d[Y[iWh_e gk[ YWZW dWY_ÂŒd gk[ \ehcW fWhj[ Z[ bW Yk[dYW WcW# pÂŒd_YW [bWXeh[ kd _d\ehc[ Z[ bW i_jkWY_ÂŒd Z[ bei eX`[j_lei [d [ijW h[]_ÂŒd X_eZ_l[hiW Z[b ckdZe$ ;i Wi‡ gk[ bW \kdZWY_ÂŒd ;Ye9_[dY_W" Yece fWhj[ Z[ [ijW h[Z" [ij| h[Yef_bWdZe bW _d\eh# cWY_ÂŒd gk[ i[h| fh[i[djWZW ^WijW c[Z_WZei Z[ [ij[ W‹e$ +ĹŠ + -!#
Bei ZWjei h[Yef_bWZei Yehh[i# fedZ[d W YWZW fhel_dY_W Z[b Eh_[dj[ [YkWjeh_Wde$ 7i‡" [d [b fh_c[h eX`[j_le" feh [`[c# fbe" i[ fk[Z[ YedYbk_h gk[ [d [ijW h[]_Œd [b ‡dZ_Y[ Z[ feXh[# pW [njh[cW [i YWZW l[p cWoeh" i[]‘d [nfb_YŒ <[hdWdZe HeZh‡# ]k[p" YeehZ_dWZeh Z[b fheo[Y# je o fh[i_Z[dj[ Z[ ;Ye9_[dY_W$ 7Z[c|i" Z[ijWYŒ gk[ bW Z[idk# jh_Y_Œd YhŒd_YW i[ fh[i[djW [d
c[deh[i Z[ Y_dYe W‹ei o gk[ bW Z[i_]kWbZWZ Z[ _d]h[iei j_[d[ kdW jWiW c|i WbjW gk[ [b fhe# c[Z_e dWY_edWb$ ;d YkWdje Wb iƒfj_ce eX`[# j_le" gk[ i[ h[Ă’[h[ W bW Yedi[h# lWY_ÂŒd Z[b c[Z_e WcX_[dj[" bei ZWjei [d bW pedW de ied cko Wb[djWZeh[i$ Æ;d be gk[ i[ h[# Ă’[h[ W Z[\eh[ijWY_ÂŒd o [if[Y_[i Wc[dWpWZWi de [ijWcei X_[d o de i[ lW W feZ[h Ykcfb_hÇ" Z_`e [b [nf[hje" f[he W]h[]ÂŒ gk[ ieXh[ YeX[hjkhW XeiYeiW ÆbW 7cWped_W [i kdW Z[ bWi pedWi gk[ c|i bW Yedi[hlWÇ$ 1. +#, 2ĹŠ , (#-3 +#2
ÆBW Z[\eh[ijWY_ÂŒd i_[cfh[ ^W i_Ze bW Ăˆf_[ZhW [d [b pWfWjeÉ Z[b ;YkWZehÇ" cWd_\[ijÂŒ HeZh‡# ]k[p" o W f[iWh Z[ [ije" [d bW 7cWped_W W‘d i[ Yedi[hlW [b -& Z[ YeX[hjkhW l[][jWb$ BW [ijhWj[]_W Z[b =eX_[hde [YkWjeh_Wde" Z[iZ[ ^WY[ lW# h_ei W‹ei" Æ^W i_Ze Z[YbWhWh |h[Wi fhej[]_ZWiÇ" [nfb_YÂŒ$ ;i feh [ije gk[ [b '. Z[ bW fWhj[ Yedj_d[djWb Z[b fW‡i [ij| XW`e [ijWi YWj[]eh‡Wi o [b -) Z[b Eh_[dj[$ ;b fheXb[cW gk[ [b _d\ehc[ h[l[bW [i bW \WbjW Z[ fbWd[i Z[ cWd[`e WZ[YkWZei$
Ä Ä€
(# #1ĹŠ3(#-#ĹŠ!#/(++.ĹŠ"#-3 +
# (. ' (. Ĺ‹- Ĺ‹" (Ĺ‹& (4 )Ĺ‹/()-Ĺ‹ *#&&)-Ĺ‹ Ĺ‹ # (. -Ĺ‹ (Ĺ‹&)-Ĺ‹+/ Ĺ‹ - Ĺ‹*/ (Ĺ‹ - / " ,ŋßŋ'#(/.)-Ĺ‹ Ĺ‹& -Ĺ‹ ( #)( -Ĺ‹ Ĺ‹ /-.#(Ĺ‹ # ,Ąŋ -. Ĺ‹*,) / .)Ĺ‹ -Ĺ‹ &Ĺ‹+/ Ĺ‹'6-Ĺ‹" Ĺ‹&& ' )Ĺ‹& Ĺ‹ . ( #š(Ĺ‹" -. Ĺ‹ "), Ä…Ĺ‹ (., Ĺ‹&)-Ĺ‹$/ !)-Ĺ‹ Ĺ‹-6 ( -Ä…Ĺ‹ , )( -Ä…Ĺ‹.) && -Ä…Ĺ‹ -' &. -Ĺ‹* , Ĺ‹ /˜ -Ä…Ĺ‹ )&& , -Ĺ‹* , Ĺ‹* ,,)-Ä…Ĺ‹&# ,)-Ä…Ĺ‹ ð " -Ä…Ĺ‹-.# % ,-Ĺ‹3Ĺ‹'6-Ĺ‹*,) / .)-Ĺ‹ , )-Ĺ‹ (Ĺ‹.),()Ĺ‹ Ĺ‹& ŋð!/, Ĺ‹ &Ĺ‹ -.,)Ĺ‹ -. )/(# (- Ąŋ )-Ĺ‹ *#&&)-Ĺ‹ / (. (Ĺ‹ )(Ĺ‹'Ă„-# Ĺ‹#(. !, Ĺ‹ )(Ĺ‹. ' -Ĺ‹ )')ĆŋĒ Ĺ‹-'#& ēąŋĒ 3ēąŋ Ä’ )0 Ĺ‹' ēŋ3ŋĒ )' ) 3Ĺ‹.)Ĺ‹&)0 ēĄ
0%!),+ (! 01. Ä Ä†Ĺ?)%*Ä‹
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?Ĺ?
ĹŠ :
#!.-.!# !(14%~ ĹŠĹŠ/+;23(!
^ ŊěŊŊBW Whj_ijW [ijkle Yece
_dl_jWZW [d [b fhe]hWcW j[# b[l_i_le Ăˆ>eoÉ" ZedZ[ bW fh[# i[djWZehW 7dZh[W B[]Whh[jW b[ fh[]kdjÂŒ i_ [hW Y_[hje e de be Z[ ik ef[hWY_ÂŒd" W be gk[ bW `el[d h[ifedZ_ÂŒ gk[ [hW eXl_e [b YWcX_e [d ik heijhe o gk[ de ^WX‡W cej_le Wb]kde fWhW d[]Whbe e [iYedZ[hbe o WYbWhÂŒ gk[ de kiWh‡W fh[j[njei Z[ iWbkZ fWhW `kij_Ă’YWh bW _dj[hl[dY_ÂŒd$ ĹŠ ĹŠ Â&#x; ēŊ
4!#ĹŠ!4#1/ 9.ĹŠ #-ĹŠ 6(33#1
ĹŠ
^ ŊěŊŊ Ŋ! -3 -3#Ŋ8Ŋ !31(9Ŋ
ēŊ .-Ŋ24Ŋ#2/.2.Ŋ#+Ŋ3 , (_-Ŋ! -3 -3#Ŋ (!*Ŋ --.-ē
,#7(! - Ŋ!.,/ 13(¢Ŋ!.-Ŋ242Ŋ 2#%4(".1#2Ŋ".2Ŋ$.3.%1 $~ 2Ŋ#-Ŋ+ Ŋ 04#Ŋ#7'( #Ŋ24Ŋ3.1-# ".Ŋ!4#1/.ēŊ
Ŋ 13(23 ŊŊ#2!1( (¢Ŋ#-Ŋ+ Ŋ1#"Ŋ2.!( +ĖŊ ĥ .3.Ŋ#2/#!( +Ŋ/ 1 Ŋ,(2Ŋ ".1 Ĺ ".2ēŊ Ŋ2 #-Ŋ+.Ŋ04#Ŋ ,.Ŋ#+Ŋ2.+ĢēŊ "#,;2Ŋ,.231¢Ŋ4- Ŋ$.3.Ŋ#-Ŋ+ Ŋ !4 +Ŋ/1#24,#Ŋ242Ŋ/(#1- 9 2Ŋ31 2Ŋ #2!1( (1ĖŊĥ +%4(#-Ŋ"().Ŋ/(#1- 2ĢēŊ
42ĹŠ # _2ĹŠ - !(#1.-ĹŠ !.-ĹŠ,ĂŒ2(!
ĹŠ ĹŠ Â&#x; Ä“
ĹŠ
Ŋ,(22Ŋ 04(#1#Ŋ' !#1Ŋ 3#+#5(2(¢-
ŊĚŊBW C_ii Kd_l[hie
c[n_YWdW jeZWl‡W de iWX[ W gkƒ i[ Z[Z_YWh| YkWdZe YedYbkoW ik h[_dWZe f[he Wb fWh[Y[h j_[d[ ]WdWi Z[ _dYkhi_edWh [d bW j[b[l_i_ÂŒd$ ÆJWb l[p ^W]W Wb]e [d j[b[l_i_ÂŒd" jeZWl‡W de iÂƒĂ‡" cWd_\[ijÂŒ DWlWhh[j[" Wb fh[# ]kdjWhb[ ieXh[ be gk[ ^Wh| kdW l[p gk[ [djh[]k[ bW YehedW [b fhÂŒn_ce '( Z[ i[fj_[cXh[$ ĹŠ ĹŠ Â&#x; Ä“
ĹŠ! -3 -3#ĹŠ"#ĹŠÄŒÄˆĹŠ  .2ĹŠ"().ĹŠ8 ĹŠ-.ĹŠ3#-#1ĹŠ /#-2 ".ĹŠ31 #1ĹŠ,;2ĹŠ-( .2ĹŠ +ĹŠ,4-".Ä“ #Äą ).1ĹŠ#2ĹŠ1#-.5 1ĹŠ+.2ĹŠ5.3.2ĹŠ, 31(,.-( +#2Ä“ ĔŊ ŊěŊŊ BW YWdjWdj[
+ĹŠ/1(,#1ĹŠ!.,4-(! ".ĹŠ"#ĹŠ/1#-2
BW h[fh[i[djWdj[ Z[ 9Wh[o" 9_d# [ijWZekd_Z[di[ CWh_W^ 9Wh[o Z_e W bkp W kd d_‹e o kdW Z_ 8[h][h" YedĂ’hcÂŒ [d kd d_‹W" o be ^_pe Wb ied Z[ ik ĹŠ Yeckd_YWZe gk[ bei X[# ƒn_je Z[ (&&, ĂˆM[ X[bed] Xƒi dWY_[hed W bWi &/0&-" je][j^[hÉ" _d\ehcWhed Wo[h ^ehW Z[ Bei Ă›d][b[i" o
ĹŠ-( ĔŊ04#ĹŠ c[Z_ei beYWb[i$ /#2¢ŊĉĔÄ?Ä?ĹŠ %ēŊ8ĹŠ WcXei f[iWhed Wbh[Z[Zeh Bei X[Xƒi" Z[ bei gk[ ,("(Â˘ĹŠÄŒÄŽÄ”Ä?ĉŊ!,ĔŊ Z[ ("+ a_be]hWcei$ I[]‘d W‘d i[ Z[iYedeY[ [b dec# $4#ĹŠ+ ĹŠ/1(,#1 ĹŠ#-ĹŠ - !#1ēŊ (#-31 2ĹŠ 8[h][h" bW YWdjWdj[" gk[ Xh[" bb[]Whed WZ[c|i [d 04#ĹŠ24ĹŠ'#1, -(Äą [b fWiWZe (- Z[ WXh_b ^_pe 3.ĹŠ/#2¢ŊĉĔÄ?đŊ %ēŊ kd l_W`[ [d lWde Wb ^eif_# [b YkWhje Wd_l[hiWh_e Z[ 8ĹŠ,("(Â˘ĹŠÄŒÄ‘Ä”Ä‰Ä?ĹŠ XeZW Z[ 9Wh[o o [b WYjeh !,Ä“ jWb feh kdW \WbiW WbWhcW W^ehW i[ [dYedjhWXW cko o YWdjWdj[ D_Ya 9Wdded$ ÆC_ ck`[h WYWXW Z[ ZWh# jhWdgk_bW c_[djhWi ik cWh_Ze bW bb[lWXW Wb ^eif_jWb$ c[ [b h[]Wbe Z[ Wd_l[hiWh_e Feh ik fWhj[" 9Wdded [ijWXW c|i _dYh[‡Xb[ Z[ c_ l_ZW$ jWd d[hl_eie gk[ i[ Yed\kdZ_ÂŒ DkdYW feZhƒ ikf[hWh [ijeÇ" Z[ Z[fWhjWc[dje Wb bb[]Wh Wb ^ei# [iYh_X_ÂŒ 9Wdded [d ik Yk[djW Z[ Jm_jj[h$ f_jWb" W‹WZ_ÂŒ bW h[fh[i[djWdj[$
~ 2ĹŠ -3#2ĹŠ"#ĹŠ " 1ĹŠ ĹŠ+49 ĹŠĹŠ -ĹŠ+ ĹŠ#3 / ĹŠÄƒ- +ĹŠ"#ĹŠ24ĹŠ#,Äą Ĺ— 1 9.ĹŠ 1( 'ĹŠ 1#8ĹŠ!#+# 1¢Ŋ+ ĹŠ
/ 2!4 Ŋ!.-Ŋ242Ŋ # _2Ŋ"#!.1 -".Ŋ 24Ŋ#23¢, %.ēŊ Ŋ 13(23 Ŋ#2!1( (¢Ŋ #-Ŋ24Ŋ!4#-3 Ŋ"#Ŋ 6(33#1ĖŊĥ #+(!#2Ŋ 2!4 2ĔŊ,,,ĔŊ3.".Ŋ#23;Ŋ+(23.ĢĔŊ !.,/  ".Ŋ"#Ŋ4- Ŋ$.3.Ŋ"#Ŋ24Ŋ Ĺ 11(% Ŋ04#Ŋ3#-~ Ŋ4-Ŋ"( 4).Ŋ"#!.1 3(Ĺ 5.Ŋ#-Ŋ$.1, Ŋ"#Ŋ'4#5.Ŋ"#Ŋ/ 2!4 ēŊ +Ŋ"(2# .Ŋ/.2#~ Ŋ4-Ŋ!.1 9¢-Ŋ 94+ĔŊ +Ŋ+ ".Ŋ(904(#1".ĔŊ8Ŋ4-.Ŋ1.2 ".Ŋ#-Ŋ #+Ŋ+ ".Ŋ"#1#!'.ĔŊ2(, .+(9 -".Ŋ Ŋ24Ŋ $4341.Ŋ'().Ŋ#Ŋ'() ēŊ
9Wh[o" Z[ *' W‹ei" j[d‡W fh[# l_ije h[delWh WdeY^[ iki lejei cWjh_ced_Wb[i Yed 9Wdded" Wkdgk[ ^W Z[YbWhWZe gk[" kdW l[p dWY_Zei bei d_‹ei" de j_[d[ _dj[dY_Œd Z[ j[d[h c|i ^_`ei$
¡ Ġ !(¢ũ4-ũ"~ ũ!.,.ũ'.8ğ
Ċŋ
?% D8I:<CF D<A@8 I% _d\a`X7cX_fiX%Zfd%\Z
VASIJA DONDE SE
4ũ#2/(1(34 +(" "ũ8ũ,(23(!(2,.ũ2.-ũ,48ũ $4#13#2ēũ 4ũ Ì204#" ũ(-3#1- ũ#2ũ4- ũ!.-2ı 3 -3#ũ#-ũ24ũ5(" ũ"( 1( ēũ 4ũ2#-2( (+(" "ũ ' !#ũ"#ũ "ēũ4- ũ/#12.- ũ2.+(" 1( ũ8ũ,48ũ /1#.!4/ " ũ/.1ũ+.2ũ04#ũ24$1#-ēũ 2ũ,48ũ '.2/(3 + 1(.ũ+.ũ!4 +ũ' !#ũ04#ũ"#-31.ũ"#ũ24ũ '.% 1ũ2(#,/1#ũ' 8 ũ5(2(3 2ē
PONE LA GRASA TONTO EN KICHWA
CALCULAR EL PRECIO DE ALGO
ĸ#-#1.ũĉćũıũ$# 1#1.ũĈĒĹ - -!( 2ũ.ũ/_1"(" 2ũ(-#2/#1 " 2ēũ '.1 ũ -.ũ#2ũ 4#-ũ"~ ũ/ 1 ũ2 +(1ũ"#ũ!.,/1 2ēũ 4204#ũ+.2ũ5#1" "#1.2ũ5 +.1#2ũ(-3#1-.2ũ 8ũ"(2$143#ũ"#ũ+ ũ2#-2( (+(" "ēũ Ėũ
ũ/ 9ũ,#-3 +ũ!.-"4!#ũ ũ+ ũ2#1#-(" "ũ "#+ũ +, ē
ĸ)4-(.ũĉĉũıũ)4+(.ũĉĉĹ .,/ 13(1ũ!.-ũ+.2ũ ,(%.2Ĕũ'.8Ĕũ#2ũ(,ı /.13 -3#ēũ 4#-ũ,.,#-3.ũ/ 1 ũ#+ũ 13(23 Ĕũ #+ũ#2!1(3.1Ĕũ#+ũ/.+~3(!.ũ8ũ#+ũ#234"( -3#ēũ .,(#-!#ũ/1.8#!3.2ēũ Ėũ .ũ2#ũ ! -2#ũ) ,;2ũ"#ũ' !#1ũ#+ũ (#-ē
ũũ
ĸ)4+(.ũĉĊũıũ %.23.ũĉĉĹũ 4#"#ũ3., 1ũ"#!(2(.-#2ũ!.-ũ1#2/#!3.ũ ũ 31 ).Ĕũ#234"(.2ũ.ũ/1.$#2(¢-ēũ ũ!.,4ı -(! !(¢-ũ!.-ũ24ũ/ "1#ũ#2ũ2 3(2$ !3.1( ēũ #).1#ũ24ũ 43.#23(, ēũ Ėũ # ũ#+ũ ,(2,.ũũ"#-31.ũ8ũ$4#1 ũ"#ũ! 2 ē
ũũ
ĸ %.23.ũĉĊũıũ2#/3(#, 1#ũĉĉĹ /1.5#!'#ũ#23#ũ,.,#-3.ũ/ 1 ũ+##1ũ8ũ#2ı 34"( 1ũ3#, 2ũ/1.$4-".2ēũ 4204#ũ+ ũ5#1" "ũ #-ũ24ũ(-3#1(.1ēũ 5(3#ũ+ ũ!1~3(! ũ8ũ#+ũ"#3 ++(2,.ũ #-ũ#7!#2.ēũũ Ėũ +#5#ũ24ũ!.1 9¢-ũ #-ũ+ ũ.1 !(¢-ē
ũũ
ĸ2#/3(#, 1#ũĉĊũıũ.!34 1#ũĉĉĹ 1 -2$.1, !(.-#2ũ/1.$4-" 2ũ#-ũ242ũ /#-2 ,(#-3.2ēũ #1;ũ$ 5.1#!(".ũ +ũ/#"(1ũ4-ũ /1_23 ,.ũ.ũ 84" ũă- -!(#1 Ĕũ(-3_-3#+.ēũ 5(3#ũ% 23.2ũ(--#!#2 1(.2ēũ Ėũ #ũ 84" ũ3 , (_-ũ!.-ũ+ ũ!.-5#12 !(¢-ē
ũũ
ĸ.!34 1#ũĉĊũıũ-.5(#, 1#ũĉĈĹũ -ũ 4#-ũ"~ ũ/ 1 ũ(-(!( 1ũ!4#23(.-#2ũ+#% ı +#2ēũ 23;ũ!.-2!(#-3#ũ"#ũ+ 2ũ-#!#2(" "#2ũ "#ũ24ũ/ 1#) ēũ 2ũ2.!(#" "#2ũ!.,#1!( +#2ũ 3(#-#-ũ$4341.ēũ Ėũ 1 3#ũ"#ũ5(5(1ũ ,#).1ũ24ũ5(" ē
ũũ
ĸ-.5(#, 1#ũĉĉũıũ"(!(#, 1#ũĉĈĹũ 8ũ4-ũ"#2#.ũ"#ũ' !#1ũ,#).1ũ+ 2ũ!.2 2ũ #-ũ24ũ31 ).ēũ ũ' (+(" "ũ, -4 +ũ"# #ũ 2#1ũ /1.5#!' " ēũ 1#.!4/ !(¢-ũ/.1ũ4- ũ "(#3 ũ2 +4" +#ēũ Ėũ /1#-" ũ ũ !.,#-9 1ũ8ũ ũ1#!.,#-9 1ē
ũũ
ĸ"(!(#, 1#ũĉĉũıũ#-#1.ũĈĒĹ -ũ"~ ũ"#ũ !3(5(" "ũ2.!( +Ĕũ!.,/;13 + ũ!.-ũ 242ũ'().2ũ8ũ'#1, -.2ēũ Ėũ #-#1ũ $#ũ#-ũ2~ũ,(2,.ũ#2ũ3#-#1ũ$#ũ#-ũ (.2ē
ESPARTO
DIOS DE LOS
TIRA, BANDA
DÉBIL, LÁNGUIDO
TAMBOR DE
REBAÑOS
UN PARCHE
CONTINENTE
EXTENSIÓN
NOMBRE MASCULINO
CIUDAD DE COLOMBIA
ENCUENTRO SARTAL
ALZAR,
HUELLA, PISTA
MURCIÉLAGO
LEVANTAR
EN INGLÉS REFREGAR, RESTREGAR
TERMINACIÓN
DE LA GALIA
VERBAL
APÓCOPE DE
TABERNA
GRANDE
PEDAZO DE PIEDRA POMEZ (MÉX.)
ANUBLAR
FEMENINO SÍMBOLO DE YODO
AUSTRALIANO
DISPERSA
ASENTAR UNA TEJA SOBRE OTRA SÍMBOLO DE TANTALIO
APOSENTO
ACTOR DE EE. UU. LA PELÍCULA
A TODO GAS
FILÓSOFO Y
ESTADISTA ING. NOVENA LETRA
MUSICAL
FALTA
GRIEGA
DIOS DE LA INDIA RÍO DE COLOMBIA
ACTOR DE LA PELÍCULA CASINO ROYALE
D A
B
ACTRIZ DE LA
S
PELÍCULA
REPRESSIONS
H
A
S
A
R
A
R
A
N
IGUALDAD EN LA SUPERFICIE CREMA DE LA LECHE
G
A
T
A
L
CIUDAD DE BRASIL ENFERMEDAD,
T A
ENVASE, TACHA EXTRAÑA PAREJA
SURGIR, NACER SÍMBOLO DE LITIO
P
L
A
I
R
R
T
CALCULAR EL PRECIO DE ALGO ESPECIE DE BÚFALO PIGMEO
A
R
BRUÑIR SÍMBOLO DE GRAMO
PADECIMIENTO
B
O
N
N
O
A
E
D
NEGACIÓN SÍMBOLO DE BROMO
A
L
M
A
L
QUÍMICO DE SÍMBOLO NE. HERMANO DE ABEL
N
I
PERFUME DELICADO FLOTA, ESCUADRA
R
A
S
O BAÑADO DE
D A
SODIO
HENCHIR
T O
A I
G
ATREVIDO
FURIA
A ONDA
PLANA LUZ
CANSADA FURIA
A R
SÍMBOLO DE COBALTO
I
C
SÍMBOLO DE
A
SÍMBOLO DE YODO ESTADO NOR-
L
E
N
A
RAMAJE CARBONO
TEAFRICANO
D O M
N
POLÍTICO CHINO
O
L
E PATRIARCA DEL DILUVIO
SÍMBOLO DE TANTALIO
T
A
ALISAR, LIJAR
I M A
R
L
A
I B
M
A
A
R
R COGER, ASIR
A R
HERMANA
DE MAMÁ TERMINACIÓN VERBAL
A
A
C
CIUDAD DE EE. UU.
P
DÉSPOTA
ALTAR
A R A SÍMBOLO DE FÓSFORO
PACTO, AJUSTE
A
R
O A R
R I
A L T A
A
O
DOMINAR, DOMESTICAR RELATIVO A LA BOCA
MOTIVO
DISPERSA
A
SOLITARIA
S
E
M
PEQUEÑA PORTERÍA ESCRITOR MEXICANO
S
O
L
A
CELEBRIDADES
T
RÍO DE ALEMANIA UNO EN
R
I A
N S
:8ICF =FEK8E8 (-*+$ (.(+ 8IHL@K<:KF @K8C@E8EF% I<GI<J<EK8EK< ;<C 98IIF:F IFD8EF% J<E@C@;8;%
O FILTRAR, PASAR
BEBER
CARCAJEAR
TREINTA DÍAS
INGLÉS
RELIGIOSA
R
E
O
L
I
A
N
O
E
T
CIELO RASGÓN, DESGARRÓN
CAMPÉON
DE ITALIA APASIGUAR, APLACAR
A
E
R
LICOR
CAPITAL DE NORUEGA EMBARCACIÓN
ASUNTO,
T
VOZ DE ARRULLO
DE HUESO
S E
O
ARGOLLA
PIÉLAGO
C
E
R
M
M DIEZ CENTENAS
SABER
CACIQUE,
ANTORCHA
PROBAR,
A
G
TRAMPA TAREA, TRABAJO
CONVICTO
R
R
EMBUSTE,
A ESTADO DE NORTEAMÉRICA RÍO DEL ECUADOR
CIELO
\Wc_b_W CWdh_gk[" _cfehjWdj[ [d [b ikXckdZe Z[ 8e]ej|" ZkhWdj[ Y_dYe ][d[hWY_ed[i$ ;ijW \Wc_b_W fheY[Z[dj[ Z[ fhel_dY_W" \k[ W fheXWh ik[hj[ [d bW ]hWd Y_kZWZ ZedZ[ Yh[Whed kdW eh]Wd_pWY_ d Yh_# c_dWb gk[ h[_dWXW kd ckdZe _b[]Wb$ BW jhWcW Z[ bW del[bW [ij| cWhYWZW feh bW ck[hj[" [b ik\h_c_[dje o [b Z[b_je$
ADIVINAR
N
A
COLMAR,
R
UNO EN INGLÉS
BARAJA PARA
O
SOSA
A
R A M
N
CURAR
A
R
SÍMBOLO DE
C
ÁRBOL DE LA FAMILIA MILIÁCEAS
INGLÉS
O
I
L
CADERA HIJA DE LA HIJA
Solución anterior
N E
HUESO DE LA
ESTADO DE VENEZUELA AIRE EN
R
ŗũ ũKdW j[b[del[bW YebecX_WdW gk[ dWhhW bW ^_ijeh_W Z[ bW
CEREMONIA
AZUFRE
INSTRUMENTO
CROMO SÍMBOLO DE RADIO
ĔũĉĈĖćć
SANTO EN PORTUGUÉS
BACALAO SÍMBOLO DE
SÍMBOLO DE
ũ %
OSCURECER, EXTRAÑA
ARTÍCULO
MARSUPIAL
ũũ
: ũũ
SOGA DE
SANTO
āā
MUSICAL
ũũ
ĸ, 8.ũĉĈũıũ)4-(.ũĉĈĹ #!#2(3 ũ/ 9Ĕũ2#1#-(" "ũ8ũ31 -04(+(" "ėũ 4204#ũ#-ũ24ũ(-3#1(.1ēũ 23(,4+#ũ24ũ(, %(ı - !(¢-ũ(-34(3(5 ũ ũ31 5_2ũ"#ũ+ ũ,#"(3 !(¢-ēũũũ Ėũ +ũ!4#1/.ũ#2ũ#+ũ1#Ą#).ũ"#ũ+ ũ ,#-3#ē
APÓCOPE DE
ESTADO DE EE. UU.
ĸ$# 1#1.ũĉćũıũ, 19.ũĉćĹũ 4#- 2ũ-.3(!( 2ũ ũ31 5_2ũ"#ũ+.2ũ'().2ēũ #ı 2 11.++ 1ũ24ũ!1# 3(5(" "ũ+#ũ #-#ă!( ėũ#+ũ 13#ũ #-ũ.1.ũ+#ũ$ 5.1#!#ēũ Ėũ ũ +#%1~ ũ "#ũ5#1ũ8ũ#-3#-"#1ũ#2ũ#+ũ,;2ũ/#1$#!3.ũ".-ũ "#ũ+ ũ- 341 +#9 ē
^ ũ
LA PELÍCULA
ŏ ĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. Čŏ
EVEN MONEY
TERCERA NOTA
ũũ
ĸ 1(+ũĉćũıũ, 8.ũĉćĹ -ũ#23#ũ"~ ũ3(#-#ũ,4!' ũ$4#19 ũ"#ũ 5.+4-3 "ũ8ũ!.-ă -9 ũ#-ũ2~ũ,(2,.ēũ ũ !.,4-(! !(¢-ũ!.-ũ+ 2ũ/#12.- 2ũ04#ũ+#ũ 1."# -ũ2#1;ũ 1,.-(.2 ũ8ũ2 3(2$ !3.1( ēũ Ėũ _ũă-#2ũ#+#5 ".2ũ ũ242ũ !!(.-#2ēũ
ACTRIZ DE
TOSTAR
ũũ
ĸ, 19.ũĉĈũıũ 1(+ũĈĒĹ 2ũ 4#-ũ,.,#-3.ũ/ 1 ũ1# +(9 1ũ-#%.!(.2ũ .ũ31 -2 !!(.-#2ēũ 42ũ("# 2ũ2#1;-ũ 4#- 2ũ / 1 ũ1# +(9 1ũ/1.8#!3.2ēũ 2ũ2.!(#" "#2ũ +#ũ /.8 -ũ '.1 ēũ Ėũ 84"#ũ ũ+ ũ - 341 +#9 ēũ
R
}
DEL DILUVIO
ENGAÑO SÍMBOLO DE TANTALIO
SÍMBOLO DE NOBELIO
ACEITE
34 13ũ (33+#ũĉũ
Ċŋ
ũ ĔũĈĉĖćć
ŗũ ũBW i[Yk[bW Z[ bW f[b YkbW Z[ '/// ZedZ[ i[ _dYbko[d c|i
+#22 -"1.ũ ! 1+ 33(
f[hiedW`[i Z[b b_Xhe _d\Wdj_b ^ec d_ce Z[ ;$8$ M^_j[$ ;b lWb_[dj[ o f[gk[ e ^ he[" IjkWhj B_jjb[ h[]h[iW fWhW Z[# b[_jWh Wb f Xb_Ye Yed kdW dk[# lW Wl[djkhW bb[dW Z[ WYY_ d$ ;ijW l[p" ^Wo Zei f[hiedW`[i dk[lei [d bW \Wc_b_W B_jjb[1 kdW ^[hcWdW Z[ dk[l[ c[i[i bbWcWZW CWhj^W o kd f|`Whe bb[de Z[ l_ZW bbWcWZe CWh]W# be" gk_[d Yedgk_ijW W IjkWhj$
ĸĈďďćıĈĐĉĎĹ
ŗũ ũJ[ be]e bkj[hWde o Wijh de# ce Wb[c|d gk[ kd Z W Yece ^eo Z[ ','' eXi[hlW o fkXb_YW feh fh_c[hW l[p bWi cWdY^Wi [d [b Ieb Wb eXi[hlWh [b Y_[be Yed kd j[b[iYef_e$ ;b [ijkZ_e Z[ bWi cWdY^Wi iebWh[i Wi Yece Z[ bW fh_c[hW [ijh[bbW Z[ Xh_bbe lWh_WXb[ Z[ bW gk[ [b ckdZe eY# Y_Z[djWb ceZ[hde jec h[]_ijhe [d '+/, Äbk[]e bbWcWZW ÈC_hWÉ o ^eo i[]k_ZW feh c_bbed[i Z[ WÒY_edWZeiÄ ied iki Zei fh_dY_fWb[i Z[iYkXh_c_[djei Wijhed c_Yei$ 7feo bW j[i_i Z[ =_ehZWde 8hkde o @e^Wdd[i A[fb[h Z[ gk[ [b Z_iYe iebWh hejWXW ieXh[ ik fhef_e [`[$
: ũ }
+ũÌ+3(,.ũ,.-.ũ"#ũ 41./ ũ -3#2ũ"#ũ24ũ#73(-!(¢ ěũ B[p[jn_a_ [i YedeY_ZW _dj[h#
dWY_edWbc[dj[ feh i[h kdW Z[ bWi feYWi ]hkjWi [d bWi gk[ i[ ^Wd beYWb_pWZe h[ijei ^kcWdei \ i_b[i" [d YedYh[je Zei Z_[dj[i d[WdZ[hjWb[i" o kd ^ c[he Z[ kdW ck`[h Wjh_Xk_Ze W kdW [if[# Y_[ Wdj[h_eh" Z[dec_dWZW È^ece ^[_Z[bX[h][di_iÉ$ I_d [cXWh]e" kde Z[ bei bj_# cei ck[ijh[ei h[i[hlWXW kdW iehfh[iW W bei _dl[ij_]WZeh[i" gk[ Yedj[cfbWhed f[hfb[`ei Y ce [b ikXik[be Z[ bW ]hkjW Z[# `WXW Wb Z[iYkX_[hje kd f_[pW [n#
jhWehZ_dWh_W$ Kd ^k[ie gk[" [d kd fh_c[h cec[dje" b[i Yeij _Z[dj_ÒYWh$ JhWi ^ehWi Z[ Z_igk_i_Y_ed[i" bei Whgk[ be]ei Yed\_hcWhed iki fh_c[hWi ieif[Y^Wi0 [b \ i_b f[hj[d[Y W W kd ÈcWYWYe Z[ X[h# X[h WÉ" c|i YedeY_Ze [d ;ifW W Yece Ècede Z[ =_XhWbjWhÉ$ I[] d ^W [nfb_YWZe [b Z_h[Yjeh Z[ bWi [nYWlWY_ed[i" ÛblWhe 7hh_# pWXWbW]W" Wdj[i Z[b ^WbbWp]e Z[ B[# p[jn_a_ i[ Yh[ W gk[ [d [iW feYW oW de l_l Wd cWYWYei jWd Wb dehj[" feh be gk[ ij[ i_c_e Z[X_ Z[ i[h Ækde
Z[ bei bj_cei cedei gk[ ^WX_jW# hed [d ;khefW o [b c|i ceZ[hde h[Ykf[hWZe ^WijW [b cec[dje [d bW f[d dikbWÇ$
āĂ
ŏĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
Ĺ?ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ?
Ä Äƒ
RepĂşblica del Ecuador Superintendencia de Bancos y Seguros Intendencia Nacional de Instituciones Financieras
ENTIDAD: COOPERATIVA “23 DE JULIO� LTDA.
CODIGO OFICINA: 1121
OFICINA EN: CAYAMBE
AÑO: 2010 MES: 12 DIA: 31
RESUMEN DE LA CALIFICACION DE CARTERA DE CREDITOS Y CONTINGENTES Y CONSTITUCION DE PROVISIONES
BALANCE CONSOLIDADO Y CONDENSADO (En unidades de dĂłlar) CODIGO
DESCRIPCION
TOTAL
CODIGO
11 1101 1102 1103 1104 1105 12 13 1301 1302 1303
FONDOS DISPONIBLES Caja DepĂłsitos para encaje Bancos y otras instituciones financieras Efectos de cobro inmediato Remesas en trĂĄnsito OPERACIONES INTERBANCARIAS INVERSIONES Para negociar de entidades del sector privado Para negociar del estado o de entidades del sector pĂşblico Disponibles para la venta de entidades del sector privado
1304 1305 1306 1307 1399 14 1401 140105,10,15 140120 140125 1402 140205,10,15 140220 140225 1403 140305,10,15 140320 140325 1404 140405,10,15 140420 140425 1405 1406 1407 1408 1411 1412 1413 1414 1415 1416 1417 1418 1421 1422 1423 1424 1425 1426 1427 1428 1499 15 16 17 18 19 1901 1902..1990 1999
Disponibles para la venta del estado o de entidades del sector pĂşblico Mantenidas hasta el vencimiento de entidades del sector privado Mantenidas hasta el vencimiento del estado o de entidades del sector pĂşblico De disponibilidad restringida (ProvisiĂłn para inversiones) CARTERA DE CREDITOS Cartera de crĂŠditos comercial por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de consumo por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos de vivienda por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos para la microempresa por vencer De 1 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 360 dĂas Cartera de crĂŠditos comercial reestructurada por vencer Cartera de crĂŠditos de consumo reestructurada por vencer Cartera de crĂŠditos de vivienda reestructurada por vencer Cartera de crĂŠditos para la microempresa reestructurada por vencer Cartera de crĂŠditos comercial que no devenga intereses Cartera de crĂŠditos de consumo que no devenga intereses Cartera de crĂŠditos de vivienda que no devenga intereses Cartera de crĂŠditos para la microempresa que no devenga intereses Cartera de crĂŠditos comercial reestructurada que no devenga intereses Cartera de crĂŠditos de consumo reestructurada que no devenga intereses Cartera de crĂŠditos de vivienda reestructurada que no devenga intereses Cartera de crĂŠditos para la microempresa reestructurada que no devenga intereses Cartera de crĂŠditos comercial vencida Cartera de crĂŠditos de consumo vencida Cartera de crĂŠditos de vivienda vencida Cartera de crĂŠditos para la microempresa vencida Cartera de crĂŠditos comercial reestructurada vencida Cartera de crĂŠditos de consumo reestructurada vencida Cartera de crĂŠditos de vivienda reestructurada vencida Cartera de crĂŠditos para la microempresa reestructurada vencida (Provisiones para crĂŠditos incobrables) DEUDORES POR ACEPTACIONES CUENTAS POR COBRAR B. REAL. ADJ. PAGO, ARREN. MERC. Y NO UTILIZADOS ENTIDAD PROPIEDADES Y EQUIPO OTROS ACTIVOS Inversiones en acciones y participaciones Otras cuentas de “otros activosâ€? (ProvisiĂłn para otros activos irrecuperables)
0.00 0.00 0.00 0.00 0.00 50,263,741.08 1,244,215.78 238,168.82 216,459.56 789,587.40 20,045,234.55 4,337,643.83 3,985,760.85 11,721,829.87 7,133,969.68 715,720.12 704,972.45 5,713,277.11 22,592,634.06 6,054,261.64 4,675,950.31 11,862,422.11 0.00 0.00 0.00 0.00 22,933.24 350,004.20 82,205.68 787,106.21 0.00 0.00 0.00 0.00 1,861.88 240,266.26 25,856.34 597,618.09 0.00 0.00 0.00 0.00 -2,860,164.89 0.00 525,458.09 0.00 1,877,328.17 396,678.12 176,289.48 222,295.54 -1,906.90
1
TOTAL DEL ACTIVO
65,721,695.72
TOTAL GENERAL DEL ACTIVO Y GASTOS
65,721,695.72
7,722,958.57 862,325.89 0.00 6,581,589.06 279,040.62 3.00 0.00 4,935,531.69 0.00 0.00 4,935,531.69
64 6401 6402 6403 6404 6405 6406 6407 6408 6409 6410 6411 6490
ACREEDORAS Avales Fianzas y garantĂas Cartas de crĂŠdito CrĂŠditos aprobados no desembolsados Compromisos futuros TĂtulos y documentos emimitos por mercaderĂas recibidas Compras a futuro en moneda nacional Ventas a futuro en moneda extranjera Obligaciones en opciones Obligaciones por operaciones swap Otras operaciones a futuro Otras cuentas contingentes acreedoras
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
6
TOTAL CUENTAS CONTINGENTES
0.00
7
TOTAL CUENTAS DE ORDEN
177,508,288.07
DESCRIPCION
PARCIAL
Intereses y descuentos ganados Comisiones ganadas Utilidades financieras Ingresos por servicios
23
OBLIGACIONES INMEDIATAS
24
ACEPTACIONES EN CIRCULACION
25
CUENTAS POR PAGAR
1,743,036.92
26
OBLIGACIONES FINANCIERAS
6,656,543.93
27
VALORES EN CIRCULACION
Intereses causados Comisiones causadas PĂŠrdidas financieras
55
Otros ingresos operacionales
44 4505 4506
Gastos de operaciĂłn Otras pĂŠrdidas operacionales
Impuesto a la renta
231 A.3
0.00 0.00
CREDITOS PARA LA VIVIENDA A B C D E
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
a) MOROSIDAD BRUTA TOTAL b) MOROSIDAD CARTERA COMERCIAL c) MOROSIDAD CARTERA CONSUMO d) MOROSIDAD CARTERA VIVIENDA e) MOROSIDAD CARTERA MICROEMPRESA f) PROVISIONES/(CARTERA CRED.IMPROD.) g) COBERTURA DE LA CARTERA COMERCIAL h) COBERTURA DE LA CARTERA DE CONSUMO I) COBERTURA DE LA CARTERA DE VIVIENDA J) COBERTURA DE LA CARTERA DE MICROEMPRESA
PROVISIONES EXCES. O DEF.
142,947.67 4,546.81 1,440.01 11,530.70 46,977.84 207,443.03
0 0 0 0 0 0
OTROS APORTES PATRIMONIALES
35
SUPERAVIT POR VALUACIONES
1,559,201.08
INVERSIONES
36 3601 3602 3603 3604
RESULTADOS Utilidades o excedentes acumulados (PĂŠrdidas acumuladas) Utilidad del ejercicio (PĂŠrdida del ejercicio)
1,897,139.61 0.00 0.00 1,897,139.61 0.00
PARA NEG. ENT. SECTOR PRIVADO PARA NEG. ESTADO O ENT. SECTOR PUBLICO DISP. PARA VENTA DEL SECTOR PRIVADO DISP. VENTA ESTADO O ENT. SECTOR PUBLICO
VALOR NOMINAL 0.00 0.00 4,935,531.69 0.0
TOTAL
4,935,531.69
4,935,531.69
0
3
TOTAL DEL PATRIMONIO
12,657,626.52
INVERSIONES
TOTAL GENERAL DE PASIVO, PATRIMONIO E INGRESOS
65,721,695.72
MANTENIDAS VENCIMIENTO SECTOR PRIVADO MANT. VENCIMIENTO EST. O ENT. SECTOR PUBLICO DE DISPONIBILIDAD RESTRINGIDA DERECHOS FIDUCIARIOS - INVERSIONES
VALOR EN LIBROS 0 0 0
PROVISIONES REQUERIDAS 0 0 0
PROVISIONES CONSTITUIDAS 0 0 0
TOTAL
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
22,591,293.48 380,735.86 207,486.83 154,619.91 643,222.28 23,977,358.36
1.0% 15.0% 49.0% 80.0% 100.0%
225,913.06 57,110.36 101,668.57 123,695.95 643,222.28 1,151,610.22
225,913.06 57,110.36 101,668.57 123,695.95 643,222.28 1,151,610.22
0 0 0 0 0 0
2,186,142.81
2,186,142.81
0
53,142,336.27
RESUMEN DE LA CALIFICACION DE OTROS ACTIVOS Y CONSTITUCION DE PROVISIONES 231 B.1
TOTAL
DEUDORAS Activos castigados Operaciones activas con empresas vinculadas Operaciones activas con entidades del grupo financiero Otras cuentas de orden deudores ACREEDORAS Operaciones pasivas con empresas vinculadas Operaciones pasivas con empresas subsidiarias y afiliadas DepĂłsitos y otras captaciones no cubiertas por la AGD Otras cuentas de orden acreedoras
74 7402 7403 7404
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
0.00
ANEXO CUENTAS DE ORDEN 71 7103 7105 7106
8,874,756.46 349,128.08 0.00 0.00 8,525,628.38 168,633,531.61 0.00 0.00 0.00 168,633,531.61
A B C D E
TOTAL
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA EVALUADO NO EVALUADO TOTAL
215,581.27 700.22 7,472.49 3,306.98 3,339.05 230,400.01 0.00 230,400.01
VALOR MERCADO 0.00 0.00 4,935,531.69 0.0
PROVISIONES GENERICA 0.00 0.00 0.00 0.0
PROVISIONES EXCES. O DEF. 0 0 0
0
0
0
0
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
1% 5% 20% 50% 100%
2,155.81 35.01 1,494.50 1,653.49 3,339.05 8,677.87
2,155.81 35.01 1,494.50 1,653.49 3,339.05 8,677.87
0 0 0 0 0 0
8,677.87
8,677.87
0
% RIESGO
PROVISIONES REQUERIDAS
PROVISIONES CONSTITUIDAS
PROVISIONES EXCES. O DEF.
0% 5% 20% 50% 100%
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
% DE OTROS ACTIVOS EVALUADO [(Evaluada / Total) 100 ] = % DE RIESGO OTROS ACTIVOS EVALUADO [(Prov. Requerida / Evaluado) 100 ] = PERDIDA ESTIMADA OTROS ACTIVOS [Totales x Riesgo Otros Activos Evaluada]=
La cartera comercial vencida se registra en la respectiva cuenta a los 30 dĂas que el documento se venciĂł y los intereses y comisiones ganados y no cobrados se reversan de las cuentas de resultados a los 30 dĂas y se registran para efectos de control en una cuenta de orden. Para el caso de cuotas o dividendos de la cartera comercial y de vivienda vencidas, con garantĂa hipotecaria, se transfieren a la cuenta correspondiente de vencido a los 60 dĂas posteriores a la fecha de vencimiento de la operaciĂłn, sin perjuicio del cobro de los intereses de mora correspondientes. La cartera de consumo se registrarĂĄn los saldos en cartera vencida a los quince de ser exigibles; y, las operaciones de microcrĂŠdito, a los cinco dĂas. Los intereses y comisiones se reversan por no haber sido cancelados dentro de los 30 dĂas posteriores a su exigibilidad de pago, se registrarĂĄn, para efectos de control, en la subcuenta de orden 710605 “Intereses en suspenso - Vencidos. Igual procedimiento se efectuarĂĄ para el reverso a los 60 dĂas, de las cuotas o dividendos de los crĂŠditos de amortizaciĂłn gradual de la cartera comercial y de vivienda; a los quince (15) dĂas la cartera de consumo; y, a los cinco (5) dĂas en las operaciones de microcrĂŠdito.
231 B.2
OTROS ACTIVOS
NOTAS TÉCNICAS
2,126,209.28 696,879.02 704,284.74 7,405.72 2,823,088.30 423,463.26
423,463.26 2,399,625.04
0.00
231 B.3 BIENES EN DACION A B C D E
TOTAL
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
0 0 0 0 0 0
RELACIÓN ENTRE EL PATRIMONIO TÉCNICO TOTAL Y LOS ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO (EN U.S. DÓLARES) CODIGO 31 3201 3301 3302 330310 34 3601 3602 2608 2802
DESCRIPCION Capital social Prima en colocación de acciones Reservas legales Reservas generales Reservas para futuras Capitalizaciones Otros aportes patrimoniales Utilidades o excedentes acumulados – saldos auditados PÊrdidas acumuladas – saldos auditados PrÊstamo subordinado Aportes para futura capitalización
190530 3202
PlusvalĂa mercantil Descuento en colocaciĂłn de acciones
A
TOTAL PATRIMONIO TECNICO PRIMARIO
VALOR 2,614,804.22 2,619,601.16 0 3,107,094.71 0 0 0 0 0
2,399,625.04 502,485.43
502,485.43
0 0 8,341,500.09
Cayambe - Ecuador, Febrero 7 de 2011 DICTAMEN DE LOS AUDITORES EXTERNOS INDEPENDIENTES A los Miembros de la Asamblea, y Consejo de AdministraciĂłn de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda. Informe sobre los estados financieros
DESCRIPCION Obligaciones convertibles en acciones deuda subordinada a plazo Reservas especiales Reservas por revalorizaciĂłn del patrimonio 45% reservas por resultados no operativos 45 % superĂĄvit por valuaciones Utilidades o excedentes acumulados PĂŠrdidas acumuladas Utilidad del ejercicio PĂŠrdida del ejercicio Ingresos menos gastos
VALOR
859,785.74 701,640.49 1,897,139.61 -
MAS 149930 (valor absoluto) 687,218.37
(ProvisiĂłn general para cartera de crĂŠditos)
1,897,139.61
676.57%
SECTOR 610.47%
22.70%
18.37%
49.70%
31.42% 3.08% 1.83% 2.48% 1.98% 4.18% 164.43% 205.49% 173.25% 146.47% 159.07%
1613 B
TOTAL PATRIMONIO TECNICO SECUNDARIO
C = A+B (**)
PATRIMONIO TECNICO TOTAL
0 0 0 0 4,145,784.21 12,487,284.30
123.00% 68.51%
117.90% 78.19%
3.69% 7.85%
2.87% 5.95%
El capital asignado a una sucursal o agencia en el exterior. Los requerimientos de patrimonio tĂŠcnico de las entidades que de acuerdo con las disposiciones vigentes asĂ lo requieran. El valor patrimonial proporcional de aquellas entidades que no requieren de la conformaciĂłn de un patrimonio tĂŠcnico. Inversiones en otras instituciones del sistema financiero, que las conviertan en subsidiaria o afiliada de dicha instituciĂłn. Los saldos registrados en la cuenta 1611 “Anticipo para adquisiciĂłn de accionesâ€?, cuando correspondan a inversiones en acciones, anticipos en la capitalizaciĂłn o constituciĂłn de compaĂąĂas subsidiarias o afiliadas. D
DEDUCCIONES AL PATRIMONIO TECNICO TOTAL
E=C-D
a) RENDIMIENTO OPERATIVO SOBRE ACTIVO - ROA: b) RENDIMIENTO SOBRE PATRIMONIO - ROE:
2.89% 17.63%
1.43% 10.21%
LIQUIDEZ:
a) FONDOS DISPONIBLES/TOTAL DEPOSITOS A CORTO PLAZO b) COBERTURA 25 MAYORES DEPOSITANTES (**) c) COBERTURA 100 MAYORES DEPOSITANTES ( **)
20.60%
21.93%
184.92% 119.83%
236.47% 168.08%
PATRIMONIO TECNICO CONSTITUIDO
Activos ponderados con 0.00 Activos ponderados con 0.10 Activos ponderados con 0.20 Activos ponderados con 0.40 Activos ponderados con 0.50 Activos ponderados con 1.00 F TOTAL ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO 55,017,024.31
3. Tal como se explica en la Nota 2, los estados financieros mencionados en el primer pĂĄrrafo han sido preparados sobre la base de normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador, las cuales difieren de las Normas Internacionales de InformaciĂłn Financiera. Estas bases de preparaciĂłn fueron adoptadas para atender las disposiciones emitidas por la Superintendencia de Bancos y Seguros del Ecuador, por esta razĂłn, los estados financieros no deben ser usados para otros propĂłsitos.
0
PATRIMONIO TECNICO REQUERIDO EXCEDENTE O DEFICIENCIA DE PATRIMONIO TECNICO REQUERIDO ACTIVOS TOTALES Y CONTINGENTES x 4%
LCDO. IVAN BENAVIDES AUDITOR INTERNO
4. Nuestra responsabilidad es expresar una opiniĂłn sobre estos estados financieros basados en nuestra auditorĂa. Nuestra auditorĂa fue efectuada de acuerdo con Normas Internacionales de AuditorĂa y Aseguramiento. Dichas normas requieren que cumplamos con requerimientos ĂŠticos y planifiquemos y realicemos la auditorĂa para obtener certeza razonable de que los estados financieros no estĂĄn afectados por distorsiones significativas. Una auditorĂa comprende la aplicaciĂłn de procedimientos destinados a la obtenciĂłn de evidencia de auditorĂa sobre los saldos y revelaciones presentadas en los estados financieros. Los procedimientos seleccionados dependen del juivio del auditor e incluyen la evaluaciĂłn del riesgo de distorsiones significativas en los estados financieros por fraude o error. Al efectuar esta evaluaciĂłn de riesgo, el auditor toma en consideraciĂłn los controles internos de la Cooperativa, relevantes para la preparaciĂłn y presentaciĂłn razonable de sus estados financieros, a fin de diseĂąar procedimientos de auditorĂa adecuados a las circunstancias, pero no con el propĂłsito de expresar una opiniĂłn sobre la efectividad del control interno de la Cooperativa. Una auditorĂa tambiĂŠn comprende la evaluaciĂłn de que los principios de contabilidad utilizados son apropiados y de que las estimaciones contables hechas por la AdministraciĂłn son razonables, asĂ como una evaluaciĂłn de la presentaciĂłn general de los estados financieros. Consideramos que la evidencia de auditorĂa que hemos obtenido es suficiente y apropiada para proporcionar una base para expresar nuestra opiniĂłn de auditorĂa.
12,487,284.30
OpiniĂłn 0.00 0.00 0.00 0.00 3,533,878.69 51,483,145.62
5. En nuestra opiniĂłn, los estados financieros arriba mensionados presentan razonablemente, en todos los aspectos importantes, la situaciĂłn financiera de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda., al 31 de diciembre de 2010 y los resultados de sus operaciones, las variaciones en su patrimonio y sus flujos de efectivo por el aĂąo terminado en esa fecha, de conformidad con las normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador. Willi Bamberger & Asociados CĂa. Ltda. A.E. No. 9122 de la Superintendencia de Bancos y Seguros
POSICION, REQUERIMIENTO Y RELACION DE PATRIMONIO TECNICO G = F x 9% H=E-G
2. La administraciĂłn de la Cooperativa es responsable por la preparaciĂłn y presentaciĂłn razonable de estos estados financieros de acuerdo con normas contables establecidas por la Superintendencia de Bancos y Seguros del Ecuador. Esta responsabilidad incluye el diseĂąo, la implementaciĂłn, y el mantenimiento de controles internos relevantes para la preparaciĂłn y presentaciĂłn razonable de estados financieros que no estĂŠn afectados por distorsiones significativas, sean ĂŠstas causadas por fraude o error, mediante la selecciĂłn y aplicaciĂłn de polĂticas contables apropiadas y la elaboraciĂłn de estimaciones contables razonables de acuerdo con las circunstancias.
Responsabilidad del Auditor Deficiencia de provisiones, amortizaciones y depreciaciones PĂŠrdidas activadas que fueren detectadas a travĂŠs de auditorĂas de la propia entidad, de la Superintendencia de Bancos o de las auditorĂas externas y el valor de los aumentos de capital realizados contraviniendo las disposiciones del artĂculo 125 de la CodificaciĂłn de la Ley General de Instituciones del Sistema Financiero. Dividendos pagados por anticipado
MENOS
3.97% 1.95% 2.86% 1.49% 5.78% 135.69% 200.54% 166.10% 258.55% 111.98%
1. Hemos auditado los estados financieros que se acompaĂąan de la Cooperativa de Ahorro y CrĂŠdito “23 de Julioâ€? Ltda., que comprenden el balance general al 31 de diciembre del 2010 y los correspondientes estados de resultados, de evoluciĂłn del patrimonio y de flujos de efectivo por el aĂąo terminado en esa fecha y un resumen de las polĂticas contables significativas y otras notas explicativas. Resposabilidad de la AdministraciĂłn de la Cooperativa por los estados financieros
PATRIMONIO TECNICO SECUNDARIO CODIGO 2801 2803 3303 3305 3310 35 3601 3602 3603 3604 5–4
0.00
RENTABILIDAD:
LCDO. EDUARDO AGUIRRE GERENTE GENERAL
PROVISIONES CONSTITUIDAS
142,947.67 4,546.81 1,440.01 11,530.70 46,977.84 207,443.03
231 A.4 CREDITOS PARA MICROEMPRESA
53,064,069.20
ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO
MANEJO ADMINISTRATIVO: a) ACTIVOS PRODUCTIVOS/PASIVOS CON COSTO b) GRADO DE ABSORCION = Gastos operacionales / margen financiero: c) Gastos de personal / Activo total promedio d) Gastos Operativos / Activo total promedio
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
34
1,031,370.45 215,456.77 28,518.91
INSTITUCION
CALIDAD DE ACTIVOS:
% RIESGO
7,147,389.60 30,312.08 2,938.80 14,413.38 46,977.84 7,242,031.70
TOTAL GENERAL
INDICADORES FINANCIEROS a) PATRIMONIO TECNICO CONSTITUIDO / ACTIVOS Y CONTINGENTES PONDERADOS POR RIESGO b) PATRIMONIO SECUNDARIO VS. PATRIMONIO PRIMARIO
TOTAL
58,139.76
MENOS:
SOLVENCIA
0 0 0 0 0 0
6,586,481.61 2,619,601.16 0.00 3,107,094.71 0.00 859,785.74 0.00
4,226,489.20 0.00
RESULTADOS DESPUES DE IMPUESTOS Y TRABAJADORES
a) COBERTURA PATRIMONIAL DE ACTIVOS
PROVISIONES EXCES. O DEF.
400,881.84 29,985.09 36,472.06 30,413.95 279,106.38 776,859.32
RESERVAS Legales Generales Especiales Reserva para readquisiciĂłn de acciones propias RevalorizaciĂłn del patrimonio Por resultados no operativos
4,226,489.20
BASE IMPONIBLE IMPUESTO A LA RENTA
CAPITAL:
PROVISIONES CONSTITUIDAS
400,881.84 29,985.09 36,472.06 30,413.95 279,106.38 776,859.32
0.00
MENOS
UTILIDAD ANTES DE IMPUESTOS Y PARTICIPACIONES
4815
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
71,411.65
UTILIDAD ANTES DE IMPUESTOS INNFA Impuesto INNFA
% RIESGO
20,044,048.14 199,900.23 74,432.82 38,017.44 279,106.38 20,635,505.01
33 3301 3302 3303 3304 3305 3310
71,411.65
INGRESOS Y GASTOS NO OPERACIONALES
4890
0.00
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
A B C D E
-4,155,077.55
MARGEN OPERCIONAL NETO
ParticipaciĂłn trabajadores
A B C D E
TOTAL
2,614,804.22 0.00 0.00 2,614,804.22 0.00
1,275,346.13
4810
231 A.2 CREDITOS DE CONSUMO
CAPITAL SOCIAL Capital pagado (Acciones en tesorerĂa) Aportes de socios PRIMA O DESCUENTO EN COLOCACION ACCIONES
3,401,555.41
Otros ingresos Otros gastos y pĂŠrdidas
0 0 0 0 0 0
31 3101 3102 3103 32
PROVISIONES, DEPRECIACIONES Y AMORTIZACIONES
56 47 + 4890
PROVISIONES EXCES. O DEF.
24,888.68 17.66 13,062.70 816.52 11,444.68 50,230.24
TOTAL DEL PASIVO
MARGEN OPERACIONAL ANTES PROVISIONES
Provisiones Depreciaciones Amortizaciones
PROVISIONES CONSTITUIDAS
24,888.68 17.66 13,062.70 816.52 11,444.68 50,230.24
2
7,556,632.96
EGRESOS OPERACIONALES 45 - 4505 - 4506 46
PROVISIONES REQUERIDAS
2.0% 15.0% 49.0% 80.0% 100.0%
OBLIG. CONV. ACCIONES Y AP. FUTURAS CAP.
1,860,226.72 0.00 0.00
INGRESOS OPERACIONALES
% RIESGO
1,244,649.74 353.18 29,360.57 1,633.03 11,444.68 1,287,441.20
OTROS PASIVOS
1,860,226.72
OTROS INGRESOS Y GASTOS OPERACIONALES
RIESGO NORMAL RIESGO POTENCIAL DEFICIENTE DUDOSO RECAUDO PERDIDA TOTAL
28
9,416,859.68
MARGEN BRUTO FINANCIERO
44,606,348.59 27,282,375.05 0.00 17,188,921.01 3,352,991.76 6,847,801.99 5,085,224.65 1,826,394.61 76,508.00 0.00 0.00 135,052.53 0.00
A B C D E
TOTAL
29
9,249,153.78 18,207.25 0.00 149,498.65
EGRESOS FINANCIEROS 41 42 43
TOTAL
OBLIGACIONES CON EL PUBLICO DepĂłsitos a la vista Operaciones de reporto DepĂłsitos a plazo De 1 a 30 dĂas De 31 a 90 dĂas De 91 a 180 dĂas De 181 a 360 dĂas De mĂĄs de 361 dĂas DepĂłsitos por confirmar DepĂłsitos de garantĂa depòsitos restringidos OPERACIONES INTERBANCARIAS
TOTAL
INGRESOS FINANCIEROS 51 52 53 54
DESCRIPCION
21 2101 2102 2103 210305 210310 210315 210320 210325 210330 2104 2105 22
ESTADO DE PERDIDAS Y GANANCIAS CONSOLIDADO Y CONDENSADO (En USD dĂłlares) CODIGO
231 A.1 CREDITOS COMERCIALES
4,951,532.19 7,535,752.11 2,628,867.83
Lcdo. Marco YĂŠpez C. PRESIDENTE REG. CPA 11.405
DRA. SAYRA PONCE CONTADORA GENERAL, REGISTRO 32221
AB/29138/cl
āą
ŏĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ
ŏĀĂŏ ŏ ŏ ŏĂĀāāŏ
ŏ +. ŏ
(% ũ"#ũ .) 2#1;ũ#+ũ#04(/. 04#ũ"(1()
+ũ#231 3#% ũ .1%#ũ 1+.2ũ #%%#1Ĕũ#2ũ#+ũ-4#5.ũ3_!-(ı !.(ũ"#ũ (% ũ"#ũ .) Ĕũ2#%Ì-ũ+.ũ"(.ũ ũ!.-.!#1ũ#+ũ5(!#/1#ı 2("#-3#ũ"#+ũ!+4 Ĕũ (,#ũ (++ 5(!#-!(.ēũ +ũ"(1(%#-3#ũ/4-ı 34 +(9¢ũ04#ũ#23 ũ"#!(2(¢-ũ2#ũ3.,¢ũ+4#%.ũ"#ũ4-ũ -;+(2(2ũ /.1,#-.1(9 ".ũ"#ũ3." 2ũ+ 2ũ! 1/#3 2ũ/1#2#-3 " 2ēũ +ũ#-31#- ".1ũ 1%#-3(-.Ĕũ"#ũďĎũ .2Ĕũ++#% 1;ũ ũ !4 ".1ũ#+ũ,(_1!.+#2ũ8ũ24ũ/1#2#-3 !(¢-ũ!.-ũ+ ũ/+ -ı 3(++ ũ+.) - ũ2#1~ ũ#+ũ)4#5#2ũ -3#2ũ"#+ũ/ 13(".ũ$1#-3#ũ ũ #/.13(5.ũ 4(3.Ĕũ04#ũ2#1;ũ"(1(%(".ũ4- ũ5#9ũ,;2ũ"#ũ $.1, ũ(-3#1(- ũ/.1ũ (#%.ũ #1- -".ũ !'. ē
āĆ
0%!),+ (! 01. āĆŏ)%*ċ
ũ ũ ũ
Ë-(!.ũ +~"#1
J Yd_Ye Kd_l[hi_jWh_e WYkckbW (- kd_ZWZ[i" ]hWY_Wi W bW l_Yjeh_W Yed# i[]k_ZW ieXh[ Kd_l[hi_ZWZ 9Wj b_YW" [b jWdje WcXWj[ e \k[ Yedi[]k_Ze feh MWbZ[cWh 7YeijW$
^ ũ ē
Ĉ ć ēũ ¡
Č ć
ũ ũ
ēũ
Ĉ ć :
ēũ ũ
ũ
ēũ
ć Č
Č ĉ
ēũ
ď ć
Ä Ä‡
Ĺ? ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä Ĺ?
Ĺ? +. Ĺ?
4#+5#ĹŠ ĹŠ + ĹŠ/#+# ĹŠ
Bk[]e Z[ Yehh[]_h [hheh[i" ieXh[ jeZe [d bW Z[Ă’d_Y_ÂŒd" gk[ ĹŠ ĹŠ fWZ[Y_ÂŒ [d [b [d\h[d# jWc_[dje Wdj[ ?dZ[# f[dZ_[dj[ Z[b LWbb[" ;b DWY_edWb ]eb[ÂŒ Wb CWdjW <9 o lebl_ÂŒ W c[# j[hi[ [d f[b[W feh bei fk[ijei W bW 9efW IkZWc[h_YWdW$ 9bWhe gk[ de b[ \k[ \|Y_b" feh# gk[ [d [b fh_c[h j_[cfe [b [gk_#
Č Ĉ
fe Z[ CWh_e IWhWb[]k_" de fkZe l[dY[h [b Y[hhe`e Z[\[di_le fbWd# j[WZe feh =WXh_[b F[hhed[" gk[ jkle Yece fh_dY_fWb \_]khW Wb fehj[he :Wc_|d BWdpW$ ;d bW i[]kdZW c_jWZ bb[]Whed bei ]eb[i" feh _dj[hc[Z_e Z[ @kWd Bk_i 7dWd]edÂŒ" [d bei c_dkjei +& o +)" [b fh_c[he Wb Wfhel[Y^Wh kdW f[dW c|n_cW$ IWhWb[]k_ fkie [d [b YWcfe W Johed[ CWY‡Wi o W <WXh_Y_e =k[lWhW" [bbei b[ YWcX_Whed bW _cW][d W bei ĂˆYh_ebbeiÉ" `kije [d [b cec[dje [d [b gk[ [b [b[dYe cWdWX_jW WYehjÂŒ Z_ijWdY_Wi" W jhWlƒi Z[ @[Ăľ[hied D|`[hW" Wb c_dkje ,&$ Bei Ăˆc_b_jWh[iÉ jkl_[hed gk[ [if[hWh ^WijW [b c_dkje .+ fWhW h[if_hWh Yed jhWdgk_b_ZWZ" YkWd# Ze ;ZckdZe PkhW cWhYÂŒ [b j[hY[he$ @Wl_[h 9^_bW i[dj[dY_ÂŒ bW l_Yjeh_W ĂˆHe`WÉ" ,& i[]kdZei Z[ifkƒi ., $
ēŊ (% Ŋ"#Ŋ .) Ŋ 42!¢Ŋ/.1Ŋ3.".2Ŋ+.2Ŋ,#"(.2Ŋ+ Ŋ5(!3.1( ē
ÄĽ 1 5#241 ÄŚĹŠ"#ĹŠ 1#"#2 KdW ĂˆjhWl[ikhWÉ Z[ 7hcWdZe FWh[Z[i \k[ ik\_Y_[dj[ fWhW gk[ B_]W Z[ Be`W ikc[ jh[i fkdjei Wo[h [d ik [d\h[djWc_[dje Wdj[ [b Ebc[Ze Z[ H_eXWcXW$ ;b Yej[`e i[ Ykcfb_ÂŒ [d [b [i# jWZ_e H[_dW Z[b 9_id[ o W YkWjhe c_dkjei Z[b Ă’dWb [b ĂˆjhWl_[ieÉ FW# h[Z[i i[ Z[ijWfÂŒ Yed kd ]ebWpe gk[ ^_pe b[lWdjWh Z[ iki Wi_[djei W bei YWi_ + c_b Wi_ij[dj[i$ >WijW Wdj[i Z[ [bbe" fWh[Y‡W gk[ [b YkWZhe be`Wde kdW l[p c|i _XW W Y[Z[h fkdjei Yece beYWb$ ;b ]eb Z[ FWh[Z[i YWcX_ÂŒ [b hkcXe o
ĹŠ ĹŠ
Ĉ ć
Z[lebl_ÂŒ bW \[ W bW ^_dY^WZW be`WdW gk[ ^WijW [i[ _dijWdj[" i[ i[dj‡W Z[Y[fY_edWZW$ 7gk[bbW Z[Y[fY_ÂŒd fhel_de feh bW \WbjW Z[ Z[Ă’d_Y_ÂŒd [d bei Z[bWdj[hei be`Wdei$ ;d bei Z‡Wi fh[l_ei" [b :J _dj[h_de Z[ B_]W Z[ Be`W" :_[]e EY^eW" Wb_d[ÂŒ [d bWi fh|Yj_YWi W bei lebWdj[i FWh[Z[i o ;Z[h LWYW Yece j_jkbWh[i$ F[he" Wdj[ [b Eb# c[Ze" WcXei `k]WZeh[i WfWh[# Y_[hed [d [b i[]kdZe j_[cfe$ 9ed [bbei [b `k[]e Z[ B_]W Z[ Be`W c[`ehÂŒ f[he de \k[ be ikĂ’# Y_[dj[ Yece fWhW WXh_h [b cWhYW# Zeh$ >WijW gk[ FWh[Z[i cWhYÂŒ bW Z_\[h[dY_W Yed ik jWdje$
!#Ŋļ %( ČŊ#-Ŋ#+Ŋ! ,/. ēŊ
<hWdab_d [b ĂˆCW]eÉ IWbWi i[ Yedl_[hj[ [d [b fehjW [ijWdZWhj[ Z[b ?cXWXkhW" gk[ de f_[hZ[ Z[iZ[ bW ZkeZƒY_cW \[Y^W Z[b YWcf[edW# je dWY_edWb" [ijW l[p [cfWjÂŒ '#' [d YedZ_Y_ÂŒd Z[ l_i_jWdj[" \h[dj[ Wb :[fehj_le 9k[dYW$ IWbWi \k[ [b Wkjeh Z[ bW _]kWb# ZWZ [d [b c_dkje *+" bk[]e Z[ gk[ [b Yed`kdje beYWb i[ fkie [d l[djW`W W bei *&" W jhWlƒi Z[b ]e# b[WZeh `kl[d_b @kWd @eiƒ =el[W" [b h[cWj[ Z[b Z[bWdj[he ĂˆCehbWYeÉ i[
Ĉ Ĉ
Z[il_ÂŒ [d M_bied <ebb[Ye$ F[i[ W Zec_dWh ZkhWdj[ YWi_ jeZe [b [dYk[djhe" bei Z_h_]_Zei feh Bk_i Ieb[h \WbbWhed [d bW fkd# j_bbWZW Ă’dWb" be gk[ de b[i f[hc_# j_ÂŒ i[]k_h ikcWdZe [d bW jWXbW Z[ fei_Y_ed[i$ IWbWi ikcW eY^e jWdjei [d Z_[p fWhj_Zei Z[b YWcf[edWje dWY_edWb o YecfWhj[" Yed DWh# Y_ie C_dW Z[ ?dZ[f[dZ_[dj[" [b i[]kdZe bk]Wh Z[ bW jWXbW Z[ ]eb[WZeh[i" gk[ [i b_Z[hWZW feh CWn_c_b_Wde 8[lWYgkW gk[ j_[# d[ ')$
,#+#!ĹŠ2#ĹŠ ă -9
ĹŠ
.2ĹŠÄĽ 94+#2ÄŚĹŠ 24, -ŊĊĉŊ /4-3.2ĹŠ8ĹŠ+#2ĹŠ 2 ! -ĹŠÄŒĹŠ ĹŠ242ĹŠ 2#%4(".1#2ēŊŊ Fh[i[djWdZe YWi_ [b c_ice [gk_fe gk[ YWoÂŒ &#) Wdj[ Lƒb[p feh bW 9efW B_X[hjWZe# h[i" B_]W Z[ Gk_je f[hZ_ÂŒ '#& Yed ;c[b[Y" [d ik l_i_jW Wb [i# jWZ_e 9Wfm[bb feh bW ZƒY_ce i[njW \[Y^W Z[b YWcf[edWje dWY_edWb$ :ei lWh_Wdj[i h[Wb_pÂŒ [b [djh[dWZeh ĂˆC[h[d]k[É ;Z]WhZe 8WkpW" Wb fed[h W =[elWddo bW Ăˆ9kY^WhWÉ 9W_Y[# Ze [d bk]Wh Z[ @eh][ =kW]kW o Wb `kl[d_b CWhbed =WdY^eie feh @eiƒ LWb[dY_W$ F[i[ W bei YWcX_ei" bW fhe# fk[ijW Z[b jƒYd_Ye Wh][dj_de de lWh_ÂŒ" fWh|dZei[ Yed ehZ[d Wjh|i o YedjhW]ebf[WdZe YkWd# Ze [b h_lWb i[ be f[hc_j‡W$ BW h[ifk[ijW Z[ ik Yeb[]W" EcWh 7iWZ" \k[ Z[`Wh bW ][# d[hWY_ÂŒd Z[ \‘jXeb W ;Z_ied CƒdZ[p o Wb fWhW]kWoe <[h# dWdZe =_cƒd[p$ ;iei i_ij[cWi f[hc_j_[hed" W bei ^_dY^Wi gk[ bb[]Whed Wb [iY[dWh_e ]kWoWgk_b[‹e" c_hWh kd fh_c[h j_[cfe Yed feYWi bb[]WZWi W bWi fehj[h‡Wi o c|i `k[]e Z[ c[Z_e YWcfe" [d [b gk[ F[Zhe Gk_‹Œd[p o <[h# dWdZe =W_Xeh Z[b bWZe beYWb o Kb_i[i Z[ bW 9hkp o ;dh_gk[ L[hW" Z[ijWYWhed feh bW Z[i# jhkYY_ÂŒd Z[b f[b_]he$ ;b i[]kdZe j_[cfe jkle bW c_icW jÂŒd_YW" Yed kd ;c[b[Y i_dj_[dZe [b f[ie Z[ bW beYWb‡W o fhefed_[dZe [b `k[]e [d YWcfe Z[ B_]W" c_[djhWi gk[ bei ĂˆWpkY[dWiÉ
Â&#x; ēŊ "(2.-ĹŠ _-"#9Ŋĸ(904(#1" ĚŊ8ĹŠ .1 #13.ĹŠ 1 4).ĹŠ"#$#-"(#1.-ĹŠ+ ĹŠ ! ,(2#3 ĹŠ"#ĹŠ (% ĹŠ"#ĹŠ 4(3.ĹŠ#+ĹŠ  .ĹŠ/ 2 ".Ä“
+ ĹŠ"#ĹŠ/.2(!(.-#2
1¢7(, Ŋ$#!'
#!' ĹŠÄˆÄ?
.1- " ĹŠÄˆÄ?
ŗŊ -"#/#-"(#-3#Ŋ 41 Ŋ ŗŊ , ŗŊ +,#".Ŋ ŗŊ ēŊ 4(3.Ŋ ŗŊ 1!#+.- Ŋ ŗŊ (% Ŋ"#Ŋ 4(3.Ŋ
52ēŊ 52ēŊ 52ēŊ 52ēŊ 52ēŊ 52ēŊ
-3 ĹŠ ,#+#!ĹŠ 2/.+(
(% Ŋ"#Ŋ .) ēŊ 4#-! +Ŋ !(.- +
Z[\[dZ_[dZe [b WhYe Z[ 7b[nWd# Z[h :ec‡d]k[p o iWb_[dZe [d h|f_Zei YedjhW]ebf[i$ F[he bW Z[\[diW Ăˆ7bXWÉ iefeh# jÂŒ feh (+ c_dkjei Z[ bW i[]kdZW fWhj[" [b Wi[Z_e Ăˆ;bƒYjh_YeÉ" YkWdZe W bei (-" =W_Xeh Z[`ÂŒ ik fei_Y_ÂŒd [d bW lebWdj[ fWhW fbWdjWhi[ [d [b |h[W o h[Y_X_h kd fWi[ Z[ =_cƒd[p o cWhYWh bW ‘d_YW Z[b fWhj_Ze$ ;c[b[Y i[ WĂ’WdpW [d bW jWXbW Z[ fei_Y_ed[i" c_[djhWi gk[ B_]W Z[ Gk_je lk[bl[ ik c_hWZW Wb jeh# d[e Yedj_d[djWb$
04(/.2ĹŠ
,#+#!ĹŠ
(% Ŋ"#Ŋ 4(3.Ŋ ēŊ 4(3.Ŋ +Ŋ !(.- +Ŋ 1!#+.- Ŋ ēŊ 4#-! Ŋ
(% ĹŠ"#ĹŠ .) ĹŠ +,#".ĹŠ , 41 ĹŠ -3 ĹŠ ĹŠ -"#/#-"(#-3#ĹŠ 2/.+(ĹŠ
ĹŠ
ÄˆÄŽĹŠ ÄˆÄŒĹŠ ÄˆÄŽĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ
ĹŠ ĊĉŊ ĉđŊ ĉđŊ ĉĎŊ ĉĉŊ ĉĉŊ ÄˆÄ’ĹŠ ÄˆÄ’ĹŠ ÄˆÄ‘ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ÄˆÄ‡ĹŠ
ĈĈ ĈČ Ĉĉ Ä’ Ĉ ÄąÄˆ Ĺĉ Ĺđ ÄąÄŒ ĹĒ ÄąÄˆÄˆ ÄąÄˆÄ‰
Ĉ ć
Äą
ļ (- ČŊ"#Ŋ%.+#2 ēŊ
9ece b[ ikY[Z_ÂŒ Wdj[ B_]W Z[ Be`W" ?cXWXkhW o Ebc[# Ze" [b :[fehj_le Gk_je lebl_ÂŒ W Y[Z[h fkdjei [d bei ‘bj_cei c_dkjei" [ijW l[p Wdj[ ?dZ[f[dZ_[dj[ Z[b LWbb[" gk[ be Z[hhejÂŒ )#( [d [b .*" Yed kd jWdje Z[ DWhY_ie C_dW" gk_[d \k[ [b Wkjeh Z[ bei jh[i ]eb[i Z[b YkWZhe Z_h_]_Ze feh 9Whbei I[l_bbW$ ;b Yecfhec_ie gk[ WXh_ÂŒ bW ZƒY_ce i[njW `ehdWZW Z[b YWc# f[edWje dWY_edWb" [cf[pÂŒ Z[ ]hWd \ehcW fWhW [b [b[dYe Ăˆ9^k#
ĉ Ċ
bbWÉ" fk[i Yed Zei WdejWY_ed[i Z[b ]eb[WZeh Z[b jehd[e CWn_# c_b_Wde 8[lWYgkW" c_dkjei / o '-" i[ fkie WZ[bWdj[ [d [b cWhYWZeh$ BW l[djW`W fWh[Y‡W _dikf[hW# Xb[" i_d [cXWh]e I[l_bbW" gk[ Z_# h_]_ÂŒ ik ‘bj_ce fWhj_Ze Z[iZ[ bW jh_XkdW feh kdW ikif[di_ÂŒd Z[b W‹e fWiWZe" cel_ÂŒ iki Ă’Y^Wi o [dl_ÂŒ W <[hdWdZe =k[hh[he o 7hcWdZe Ieb‡i W gk[ WYecfW# ‹[d W C_dW" gk_[d ^_pe [ijhW]ei [d bW Ă“e`W cWhYW fh[i[djWZW feh bei Z[ bW ĂˆFbWpW Z[b J[WjheÉ$ ;i Wi‡ gk[ Wb c_dkje () DWh#
ēŊ +Ŋ#+#-!.Ŋļ '4++ ČŊ5.+5(¢Ŋ Ŋ5#23(1Ŋ"#Ŋ + -!.Ŋ8Ŋ1.).Ŋ#-Ŋ#+Ŋ!.,Ĺ /1.,(2.Ŋ"#Ŋ 8#1ē
Y_ie _d_Y_ÂŒ ik Yk[djW f[hiedWb Yed [b fh_c[h jWdje" bei Zei h[i# jWdj[i bb[]Wh‡Wd [d bW i[]kdZW c_jWZ W bei +) o .*$ BW Z[hhejW ^_pe gk[ bei ^_d# Y^Wi Z[ bW Ăˆ7YWZ[c_WÉ f_ZWd bW iWb_ZW Z[ <WX_|d 8kijei$
ŏĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
āā
'*/(.' C?=
)+) C?=
Ĺ? Ĺ?
Ĺ?
Ĺ?
Ä Ä‚Ĺ?
ĀĂĹ?Ĺ? Ĺ?Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
-ĹŠ$#+(9ĹŠ !4,/+# Â .2
+ĹŠ#23 "(.ĹŠ$4#ĹŠ!./ ".ĹŠ/.1ĹŠ+ ĹŠ'(-!' " ĹŠ ÄĽ! - 1( ČĔŊ04#ĹŠ-.ĹŠ"#)¢Ŋ"#ĹŠ +#-3 1ĹŠ +ĹŠ!+4 ĹŠ04#ĹŠ )423.ĹŠ 8#1ĹŠ!4,/+~ ĹŠÄ‘Ä?ĹŠ  .2Ä“
ēŊ +#7Ŋ 1~.Ŋ %4(- % Ŋ$4#Ŋ.5 !(.- ".Ŋ!4 -".Ŋ2 +(¢Ŋ Ŋ+ Ŋ! -!' Ŋ"#+Ŋ#23 "(.Ŋ +~,/(!.ē
/(-(.-#2ĹŠ"#ĹŠ+.2ĹŠ3_!-(!.2 Ĺ—ĹŠĹŠ -ĹŠ+ ĹŠ14#" ĹŠ"#ĹŠ/1#-2 ĔŊ#+ĹŠ"(1#!3.1ĹŠ3_!-(!.ĹŠ"#ĹŠ 1!#+.- ĔŊ +#7ĹŠ 1~.ĹŠ %4(- % ĔŊ 2#ĹŠ,.231¢Ŋ!.-3#-3.ĹŠ!.-ĹŠ#+ĹŠ31(4-$.ĔŊ2. 1#ĹŠ3.".ĹŠ/.1ĹŠ+ ĹŠ +#%1~ ĹŠ04#ĹŠ#+ĹŠ#04(/.ĹŠ+#ĹŠ"(.ĹŠ ĹŠ + ĹŠ'(-!' " ĹŠ04#ĹŠ++#%¢Ŋ ĹŠ1#2/ +" 1+.Ä“ (-ĹŠ#, 1%.ĔŊ3 , (_-ĹŠ1#!.-.!(¢Ŋ04#ĹŠ+#ĹŠ/1#.!4/ 1.-ĹŠ+ 2ĹŠ"#ÄƒĹŠ!(#-!( 2ĹŠ"#$#-2(5 2ĹŠ 04#ĹŠ,.231¢Ŋ#+ĹŠ!4 "1.ĹŠ! - 1(.ĔŊ1#ĄŊ#) " 2ĹŠ"#ĹŠ, -#1 ĹŠ#2/#!( +ĹŠ#-ĹŠ#+ĹŠ2#%4-".ĹŠ%.+Ä“ .ĹŠ04(2.ĹŠ "#+ -3 1ĹŠ2(ĹŠ/ 1 ĹŠ+ ĹŠ2#%4-" ĹŠ#3 / ĹŠ"#+ĹŠ ,/#.- 3.ĹŠ !4 3.1( -.ĹŠ"#ĹŠ ĂŒ3 .+ĹŠ' 1;ĹŠ-4#5 2ĹŠ!.-31 3 !(.-#2ĹŠ/ 1 ĹŠ1#$.19 1ĹŠ +ĹŠ/+ -3#+Ä“ #ĹŠ24ĹŠ/ 13#ĔŊ#+ĹŠ3_!-(!.ĹŠ"#ĹŠ 2/.+(ĔŊ -3( %.ĹŠ 23.+ 9 ĔŊ1#!.-.!(¢Ŋ04#ĹŠ#+ĹŠ!4 "1.ĹŠ /.+(!( +ĹŠ!.,#3(¢Ŋ%1 -"#2ĹŠ#11.1#2ĹŠ"#$#-2(5.2ĹŠ04#ĹŠ3#1,(- 1.-ĹŠ/ % -".ĹŠ,48ĹŠ! 1.ĔŊ /4#2ĹŠ+#2ĹŠ!.23 1.-ĹŠ+.2ĹŠ31#2ĹŠ/4-3.2ēŊ
;ij[ Zec_d]e de \k[ kd Z‡W dehcWb [d bW Y_kZWZ$ Kd WhecW W \‘jXeb i[ h[if_hWXW [d YWZW YW# bb[ o be h[Ă“ [`WXWd Wi‡ bWi Y_[djei Z[ YWc_i[jWi" Y_dj_bbei" ]ehhWi" XWdZ[hWi WcWh_bbWi gk[ i[ eX# i[hlWXWd$ :[iZ[ j[cfhWdWi ^ehWi [cf[pÂŒ bW ĂˆfheY[i_ÂŒdÉ \kjXeb‡ij_YW" Wgk[bbW YWhWYj[# h‡ij_YW [d ejhWi Y_kZWZ[i" Yece =kWoWgk_b" ZedZ[ kd Zec_d]e i_d \‘jXeb de [i Zec_d]e$ O [d IWdje :ec_d]e Z[iZ[ ^WY[ kd W‹e [i[ WcX_[dj[ jWc# ÂĄ ēŊ ĹŠ +#%1~ ĹŠ"#ĹŠ+.2ĹŠ)4% ".1#2ĹŠ"#ĹŠ 2/.+(ĹŠ/.1ĹŠ#+ĹŠ#,/ 3#ĹŠ ĹŠÄˆĹŠ"41¢Ŋ X_ƒd i[ be l_l[" ieXh[ jeZe YkWd# /.!.Ä“ Ze l_[d[d W `k]Wh Yed ;ifeb_ YkWZhei Yece 8WhY[bedW" ;c[# b[Y" B_]W Z[ Gk_je" Yed ]hWd ^_d# Y^WZW [d bW fhel_dY_W Ji|Y^_bW$ Bei \Wd|j_Yei Ăˆjeh[heiÉ j[d‡Wd ]WdWi Z[ Y[b[XhWh$ O ieXhWXWd cej_lei0 :‡W Z[b JhWXW`e" Wd_# l[hiWh_e _dij_jkY_edWb Z[ 8WhY[# bedW Ykcfb_ÂŒ Wo[h ., W‹ei " bW fei_X_b_ZWZ Z[ j[d[h [d l_le Wb [gk_fe Z[ iki Wceh[i$ 7i‡" \k[hed bb[]WdZe Y_[djei Z[ [bbei" [djh[ bei YkWb[i i[ c[p# YbWXWd kdei feYei WĂ’ Y_edWZei ēŊ ĹŠ'(-!' " ĹŠ , 1(++ ĔŊ2. 1#ĹŠ3.".ĹŠ+ ĹŠ 11 ĹŠ 41ĹŠ 2!41 ĔŊ-.ĹŠ"#)¢Ŋ ĹŠ Yed YWc_i[jWi l[hZ[i" Wpkb[i +#-3 1ĹŠ ĹŠ24ĹŠ#04(/.Ä“ o XbWdYWi" [if[Y_Wbc[dj[" gk[ gk[h‡Wd ^WY[h i[dj_h gk[ _XWd W h[ifWbZWh W ;ifeb_$ 7 bWi '*0&& oW [b [ijWZ_e YWi_ [ijWXW bb[de" YWi_ [d ik jejWb_# ZWZ Z[ ^_dY^Wi XWhY[bed_ijWi$ ;b f‘Xb_Ye jhWjWXW Z[ h[\h[iYWh# i[ fWhW W\hedjWh [b YWd_YkbWh ieb gk[ ^_pe$ :_i\hkjÂŒ kdei c_dk# jei Wdj[i jWcX_ƒd Z[ bW fh[i[d# Y_W [d bW YWdY^W Z[b Ăˆ=”[heÉ 7b[n 7]k_dW]W" jƒYd_Ye YWdWh_e" gk[ h[Y_X_ÂŒ WfbWkiei$ <|j_cW Beeh" jhWjWXW Z[ Xki# } ēŊ +ĹŠ 104#1.ĹŠ 1!#+.-(23 ĔŊ ;7(,.ĹŠ -%4#1 ĔŊ$4#ĹŠ 2#"( ".ĹŠ/.1ĹŠ+.2ĹŠ YWh kd bk]Wh fWhW feZ[h eXi[h# '(-!' 2ĹŠÄĽ3.1#1.2ÄŚÄ“ lWh [b fWhj_Ze" `kdje W ik ^_`e o ieXh_de gk[ l[ij‡Wd bW YWc_i[jW f_jei" fWhW]kWi" d_‹ei [d XhW# M_bW o L_d_Y_e 7d]kbe b[ Z_[hed Z[b [gk_fe WcWh_bbe$ BW YWdj_ZWZ pei o [d ^ecXhei" iecXh[hei" [b jh_kd\e Z[b ‡Zebe Z[b 7ij_bb[# Z[ f[hiedWi Wi_ij[dj[i Wb fWhj_Ze Z[i[if[hWY_ÂŒd" Wb[]h‡W" Yed# he$ Bei ]eb[i Z[ ;ifeb_ \k[hed Z_Ă’ YkbjÂŒ bW l_i_X_b_ZWZ Z[ [bbW" Z[ l[hiWY_ed[i WY[hYW Z[ `k]WZWi" cWhYWZei feh <hWdY_iYe Fehje# ik \Wc_b_W o Z[ ckY^Wi f[hiedWi Z[Y_i_ed[i WhX_jhWb[i o efehjk# YWhh[he$ BW jWhZ[ feZ‡W h[ikc_h# d_ZWZ[i Z[ ]eb [hhWZWi" gk[ _d]h[iWhed jWhZ[ Wb cWhYWhed kdW jWhZ[ i[ [d jh_ij[pW l[hZ[ o Wb[]h‡W [iY[dWh_e Z[fehj_le$ ĹŠ bb[dW Z[ \‘jXeb o fWi_ÂŒd WcWh_bbW$ ;d kd Z[j[hc_dWZe <WbjWdZe Y_dYe c_dkjei Z[fehj_lW$ cec[dje jkle gk[ YWh# +ĹŠ/ 13(".ĹŠ 2(2Äą fWhW gk[ Ă’ dWb_Y[ [b [dYk[djhe" ]Wh W ik ^_`e feh jeZe 3(#1.-ĹŠ /1.7(, Äą i[ WXh_[hed bWi fk[hjWi fWhW +ĹŠ/ 13(". [b j_[cfe gk[ ZkhÂŒ [b " ,#-3#ŊĒēĎććŊ /#12.- 2Ä“ OW [d bW YWdY^W$ ;ifeb_ [b _d]h[ie Z[ f[hiedWi gk[ de fWhj_Ze" o iÂŒbe Z[iYWd# gk[h‡W ^WY[h fh[lWb[Y[h WbYWdpWhed W c_hWh jeZe [b Z[# iÂŒ [d bei '+ c_dkjei gk[ i[ Z_[hed fWhW h[_d_Y_Wh [b ik YedZ_Y_ÂŒd Z[ beYWb o jhWjWh iWhhebbe Z[b fWhj_Ze$ Kdei fh[# Z[ be]hWh kd h[if_he [d bW jWXbW ]kdjWXWd WY[hYW Z[b cWhYWZeh i[]kdZe j_[cfe$ ;djh[ bWi XWhhWi gk[ Wb[d# Z[ fei_Y_ed[i" [d bW gk[ cWh# o ejhei ieXh[ bei `k]WZeh[i gk[ cWhYWhed bei ]eb[i$ jWhed Wb [gk_fe ]kWoWgk_b[‹e Y^W ‘bj_ce$ Bei XWhY[bed_ijWi [djhWhed I_d [cXWh]e" bWi YeiWi de i[ i[ _Z[dj_Ă’ YWhed Wi_ij[dj[i Z[0 BW 9edYehZ_W" F_YeWp|" CW# Z_[hed fWhW [b YkWZhe feb_Y_Wb$ jWb Yece iWb_[hed" Wb[]h[i" YWd# dWX‡" IWdje :ec_d]e" 9WbY[jW 8WhY[bedW j[hc_dÂŒ jh_kd\WdZe jWdZe$ I_d ZkZW" jkl_[hed kd Xk[d Ykcfb[W‹ei Z[b [gk_fe ) W ( \h[dj[ Wb [gk_fe feb_Y_Wb$ o Gk[l[Ze$ ?l|d 8eh]^[bbe" 7hcWdZe Z[ iki Wceh[i$ BkY[i Z[ Yebeh[i" X[d]WbWi"
ĹŠ ĹŠĹŠĹŠĹŠ ĹŠĹŠĹŠ
., .+~ĹŠ #23;ĹŠ#-ĹŠ+ ĹŠ !(, BW Z[Y_cei[njW \[Y^W Z[ bW 9efW <[Z[jWn_i (&'' Z[ bWi L?? Eb_c# f_WZWi Z[b JhWdifehj[ i[ Ykc# fb_[hed Yed [ceY_edWdj[i [d# Yk[djhei" ieXh[ jeZe [b fh_c[he$ JWcX_ƒd Z[ijWYÂŒ bW ]eb[WZW Z[ >ƒYjeh ?XWhhW ieXh[ <hWdp 9ehe# dWZe feh ') W )$
ēŊ -Ŋ,#"(.Ŋ"#Ŋ4-Ŋ%1 -Ŋ , (#-3#Ŋ8Ŋ%#23.2Ŋ$1 3#1-.2Ŋ2#Ŋ 1(¢Ŋ#+Ŋ3#+¢-Ŋ"#Ŋ+.2Ŋ)4#%.2Ŋ"#Ŋ!.,#1!( -3#2ē
ĉĊŊ#04(/.2Ŋ !.,#1!( +#2
-3#%1 -3#2ĹŠ"#ĹŠ#,/1#2 2ĹŠ8ĹŠ -#%.!(.2ĹŠ!.,/#3(1;-ĹŠ+.2ĹŠ ÄƒĹŠ-#2ĹŠ"#ĹŠ2#, - ēŊ BWi ??? Eb_cf_WZWi Z[ bei 9e# c[hY_Wdj[i i[ _dWk]khWhed Wo[h [d kd WcX_[dj[ \[ij_le" bb[de Z[ Wb[]h‡W o Yed\hWj[hd_ZWZ [djh[ bei Z[fehj_ijWi fWhj_Y_fWdj[i$ Bei _dj[]hWdj[i Z[ bei [gk_fei Yecf[j_h|d [d \kbX_je WX_[hje fWhW ^ecXh[i o ck`[h[i" [YkWle# b[_ fWhW ^ecXh[i" [YkWleb[_ ikX *&" o \kbX_je ikX *& \[c[d_de o cWiYkb_de$ ;d [b jehd[e fWhj_Y_fWh|d ie# Y_ei" [cfb[WZei o jhWXW`WZeh[i Z[ bWi Z_\[h[dj[i [cfh[iWi o d[# ]eY_ei Z[ bW Y_kZWZ$ L_Y[dj[ 9k[dYW" fh[i_Z[dj[ Z[ bW 9|cWhW Z[ 9ec[hY_e" [dj[ eh]Wd_pWZeh Z[b jehd[e" _dWk]k#
/#1341
31.2Ŋ"#3 ++#2 Ŋ +Ŋ#5#-3.Ŋ2#Ŋ"#2 11.++¢Ŋ#-Ŋ#+Ŋ!#-31.Ŋ"#Ŋ ŗ +3.Ŋ1#-"(,(#-3.Ŋ"#/.13(5.ĔŊ / - 43.ĔŊ
4 (! ".ĹŠ#-ĹŠ#+ĹŠ*(+¢,#31.ŊĉŊ"#ĹŠ+ ĹŠ5~ ĹŠ .+.1 Äą ".ĹŠ"#+ĹŠ ĂŒ Ä“
+ĹŠ! ,/#.- 3.ĹŠ3#1,(- 1;ĹŠ#+ŊĉĉŊ"#ĹŠ, 8.ēŊ Ĺ— #ĹŠ)4% 1;ĹŠ"41 -3#ĹŠ+.2ĹŠÄƒ ĹŠ-#2ĹŠ"#ĹŠ2#, - Ä“
hŒ [b [l[dje f_Z_[dZe Wc_ijWZ o `k[]e b_cf_e W bei Z[fehj_ijWi fh[i[dj[i$ :[ ik fWhj[ <Wkije 9W_Y[Ze" Z[ bW Feb_Y‡W DWY_edWb" jecŒ [b `khW# c[dje" f_Z_[dZe W bei Z[fehj_ijWi
;ijW deY^[ [b XWbÂŒd heZWh| W fWhj_h Z[ bWi '-0*+" [d bW YWdY^W i_djƒj_YW Z[ C_ 9kY^_je$ BW `ehdWZW fWiWZW i[ _dWk]khÂŒ Yed [b [if[Yj|Ykbe fhejW]ed_pWZe feh 9_cWi Z[b 8ecXeb‡ o Kd_ZWZ DWY_edWb" gk[ h[]_ijhÂŒ '. ]eb[i" '& fWhW bei fh_c[hei o . fWhW bei ‘bj_cei$ ;ij[ h[ikbjWZe WĂ’ WdpÂŒ W 9_cWi Z[ 8ecXeb‡ W gk[ZWhi[ Yed bW fkdjW [d ik ]hkfe$ ;di[]k_ZW KdZW '& ikf[hÂŒ Yed ]eb[WZW W BW 8W^‡W feh / W *$ Bk[# ]e `k]Whed >ƒYjeh ?XWhhW o <hWdp 9ehedWZe Yed l_Yjeh_W fWhW bei fh_c[hei feh ') W )$ Ejhe Wcfb_e h[ikbjWZe \k[ [b gk[ fhejW]ed_pÂŒ 9ecjWY[n Wb ^k# c_bbWh W ik h_lWb H‡e JeWY^_ feh / W )$ '+ Z[ ;d[he o Kd_ZWZ Z[b 9ebe# hWZe h[]WbWhed kd [if[Yj|Ykbe$ ;b cWhYWZeh [ijkle Wfh[jWZe o j[hc_# dÂŒ W \Wleh Z[ '+ Z[ ;d[he feh . W -$
ĀĂĹ?Ĺ? Ĺ?Ĺ? Ĺ?Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
Ä Äƒ
.2(!(.-#2
.2ĹŠÄ?ĹŠ/1(,#1.2
ĹŠ ĹŠ 04(/.ĹŠ #15(3 7(ĹŠ ~.ĹŠ , 9.- 2ĹŠ -" ĹŠĹŠÄˆÄ‡ĹŠ ēŊ %4(%41#-ĹŠĹŠ #1,(- +ĹŠ #11#231#ĹŠĹŠ 1 -2/+ 8 2 ĹŠ
ĹŠ '~ ĹŠ
ĹŠ ÄˆÄ‘ĹŠ ÄˆÄ‘ĹŠ ÄˆÄ‘ĹŠ ĈÄ?ĹŠ ÄˆÄ‰ĹŠ ÄˆÄ‰ĹŠ ÄˆÄ‰ĹŠ
Ĺ›ÄŽÄˆ śĊĎ śĊć śĉÄ? śĉđ Ĺ›ÄˆÄ‘ Ĺ›Äˆ
ĹŠ 04(/.ĹŠ ēŊ ., .+~ĹŠ .23 ĹŠ .+.1 " ĹŠ ÄˆÄŒĹŠ"#ĹŠ # 1#1.ĹŠ ēŊ 11 ĹŠ ēŊ !(.- +ĹŠ -3.ĹŠ .,(-%.ĹŠ ēŊ"#ĹŠ '.$#1#2ĹŠ
ĹŠ Ä‰ÄˆĹŠ ÄˆÄ‘ĹŠ ĈÄ?ĹŠ ĈÄ?ĹŠ ÄˆÄŠĹŠ ÄˆÄˆĹŠ ÄˆÄ‡ĹŠ
śĊĊ Ĺ›ÄŠÄŒ śĊĉ Ĺ›ÄˆÄ‰ Ĺ›ÄˆÄ‰ śĎ ć
<_dWbc[dj[ `k]Whed '- Z[ :_Y_[cXh[ o JhWdifbWoWiW Yed cWhYWZeh Z[ + W ( W \Wleh Z[ bei fh_c[hei$ >eo i[ c[Z_h|d J_iWckh o I[h# l_jWn_" JWn_i Jekh YedjhW '* Z[ <[# Xh[he o J[hc_dWb J[hh[ijh[ \h[dj[ W 9ej_cWh$ 7Z[c|i" Fhe]h[ie li$ Lebgk[# j[hei" B_X[hjWZ Z[b JeWY^_ li$ HkjW 9ebehWZei o 9edjhWjWn li$ IWdje :ec_d]e$
04(/.2ĹŠ(-2!1(3.2 Ĺ—ĹŠĹŠĹŠ 1 ĹŠ#+ĹŠ! ,/#.- 3.ĹŠ2#ĹŠ
(-2!1( (#1.-ŊĉĊŊ#04(/.2Ä–ĹŠ ("#12#1Äą 5(!(.2ĔŊ , 4!#ĔŊ 1.- ! ĔŊ "#+! ĔŊ .+,.3.2ĔŊ (231( 4(".1 ĹŠ ĔŊ ĹŠ -% ĔŊ ../#1 3(5 ĹŠ"#ĹŠ '.11.ĹŠ 8ĹŠ 1_"(3.ĔŊ ĔŊ / -ĹŠ 43.ĔŊ 9,.3.12ĔŊ ! --#1ĔŊ ,/.13 ".1 ĹŠ #1¢-ĔŊ + !(.ĹŠ"#+ĹŠ !!#2.1(.ĔŊ 43.ĹŠ #/4#23.2ĹŠ _1#9ĔŊ 2 , ĔŊ , (+ĔŊ 2;!'(+ ĔŊ 2;ÄƒĹŠ04(ĔŊ 4 8 !;-ĔŊ ;Äą , 1 ĹŠ"#ĹŠ .,#1!(.ĔŊ 1341.ĹŠ ( ! ĹŠ 8ĹŠ )#!431 -2Ä“
gk[ i[ h[if[j[d bei Yebeh[i Z[ iki [gk_fei o gk[ i[Wd h[ifediWXb[i [d iki WYj_l_ZWZ[i Z[fehj_lWi$ 9Wheb_dW Oƒf[p \k[ [b[YjW I[# ‹eh_jW :[fehj[i Z[b 9Wcf[edWje" c_[djhWi gk[ @ƒii_YW PWcXhWde eXjkle bW Z_]d_ZWZ Z[ I[‹eh_jW 9ed\hWj[hd_ZWZ$
ēŊ 23 Ŋ-.!'#ĔŊ+.2Ŋ31 -2/.13(23 2Ŋ5.+5#1;-Ŋ Ŋ/(2 1Ŋ +$., 1 ēŊ
+4 ĹŠ #1 .ĹŠ!#+# 1¢Ŋ!.-ĹŠ4- ĹŠ! 11#1 :[fehj_ijWi Z[ =kWoWgk_b" 7cXW# je" IWdje :ec_d]e o Gk_je fWhj_Y_# fWhed [d bW YWhh[hW Wjbƒj_YW gk[ i[ Z[iWhhebbÂŒ bW jWhZ[ Z[b i|XWZe feh bei (+ W‹ei Z[b 9bkX @[hXe$ ;d [b [l[dje fWhj_Y_fÂŒ c[Z_e Y[dj[dWh Z[ Wjb[jWi$ Bei Z[fehj_i# jWi fWhj_[hed Z[iZ[ [b i[Yjeh Z[ bW Jh_XkdW ^WY_W [b h[ZedZ[b Z[ bW Fe# b_Y‡W" i_]k_[dZe bW Wl[d_ZW Z[ Bei 9ebedei fWhW _d]h[iWh feh bW fbWd# jW [bƒYjh_YW o iWb_h W bW l‡W W Gk_je" feh [b YWc_de l_[`e Wb JeWY^_$ BW YWj[]eh‡W _d\Wdj_b iWb_ÂŒ Z[iZ[
C_[djhWi jWdje" @ƒii_YW FW]kWo" ;h_aW C[dZepW o FWjh_Y_W ;hWpe i[ YehedWhed Yece bWi ]WdWZehWi Z[ bW YWj[]eh‡W ][d[hWb Z[ ck`[h[i$ ;d YkWdje W bei d_‹ei" :[c[jh_e Ebc[Ze" 9Whbei BWcWi o HeX[hje BWcWi" bb[]Whed fh_c[hei" [d lW# - ".1#2 HWc_he 9^_YW_pW" Bk_i ;hWpe o hed[i$ Feh ik fWhj[" bWi d_‹Wi ]W# Bk_i 7hc_`ei i[ Yedl_hj_[hed [d dWZehWi \k[hed Bk_iW J_f|d" ?h[d[ bei jh_kd\WZeh[i [d bW YWj[]eh‡W 9[Z[‹e o DWeco CWpe$ c|ij[h$ ;d YWcX_e" <WX_|d <h[_h[" C_[djhWi jWdje" Bk_i <h[_h[" <h[ZZo Ebc[Ze [ ?icW[b 8Whhe# @eh][ CWiegk_pW o =_bX[h Ebc[Ze gk[b i[ _cfki_[hed [d bW YWj[]eh‡W \k[hed bei jh_kd\WZeh[i [d bW YWj[# `kl[d_b$ ]eh‡W i[d_eh$ [b FWhgk[ Z[ bW @kl[djkZ o WlWdpW# hed ^WY_W bW Wl[d_ZW (/ Z[ CWoe fWhW" Ă’ dWbc[dj[" bb[]Wh W bW Wl[d_# ZW :[ bei Ji|Y^_bWi" [d [b c_ice fkdje Z[ fWhj_ZW$
ĹŠ! 11#1 31.2ĹŠ"#3 ++#2
ŊŊ .2Ŋ% - ".1#2Ŋ1#!( (#1.-Ŋ(-!#-3(5.2Ŋ ŗ#!.-¢,(!.2ĔŊ31.$#.2Ŋ8Ŋ,#" ++ 2Ŋ"#Ŋ !4#1Ĺ ".Ŋ Ŋ24Ŋ+4% 1Ŋ"#Ŋ++#% " ēŊ
ĹŠ (#, Ĺ— 3+#3 2Ä“
1.2ĹŠ"#ĹŠ+ ĹŠ .+(!~ ĹŠ#2!.+3 1.-ĹŠ ĹŠ+.2ĹŠ
ĹŠ .2ĹŠ"#/.13(23 2ĹŠ!.11(#1.-ĹŠ4- ĹŠ"(23 -!( ĹŠ Ĺ—"#ĹŠÄˆÄ‡ĹŠ*(+¢,#31.2Ä“
ēŊ .2Ŋ 3+#3 2Ŋ#-Ŋ#+Ŋ(-(!(.Ŋ"#+Ŋ 31 8#!3.ē
Ĺ? Ĺ?
Ĺ?
Ĺ?
Ä Ä…
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
4#%.2ĹŠ"#ĹŠ+ ĹŠ ĔŊ $(- +#2ĹŠ"#ĹŠ(-$ 13. BW Fedj_Ă’ Y_W Kd_l[hi_ZWZ 9WjÂŒ# b_YW Z[b ;YkWZeh I[Z[ IWdje :e# c_d]e FK9; I: Y[hhÂŒ bW jWhZ[ Z[b fWiWZe i|XWZe iki YWcf[e# dWjei Z[ X|igk[j o \kbX_je" jWdje [d ^ecXh[i Yece [d ck`[h[i" Yed [dYk[djhei [ceY_edWdj[i Z[ fh_dY_f_e W Ă’ d$ ;d \kbX_je ck`[h[i" feh [b j[hY[h bk]Wh" [b [gk_fe 9bkX Z[ 7c_]Wi Z[hhejÂŒ W bWi `k]WZe# hWi Z[ bW FK9; Yed kd Yedjkd# Z[dj[ * W ($ H_jW Ik|h[p" Yed ( ]eb[i" 7Zh_WdW 8Whh[ Yed ' ]eb o @[ii[d_W LWbZ[p Yed ' \k[hed bWi WdejWZehWi fWhW [b YkWZhe l[dY[Zeh$ Feh bWi YWjÂŒb_YWi YedYh[jWhed CWhb[d[ 8ed_bbW o @ƒii_YW L_j[h_$ ;d YWcX_e" [d bW Ă’ dWb \[c[# d_dW Z[ [ij[ Z[fehj[" bW Kd_l[h# i_ZWZ J[YdebÂŒ]_YW ;gk_deYY_Wb KJ; i[ [d\h[djÂŒ W 9WĂ“ ei|d$ ;b fWhj_Ze jkle WYY_ed[i cko fWh[`Wi" jWdje gk[ j[hc_dÂŒ [c# fWjWZe ZkhWdj[ [b j_[cfe h[]bW# c[djWh_e W Y[he ]eb[i$ ;ije eXb_# ]ÂŒ W gk[ jkl_[hW gk[ Z[Ă’ d_hi[ [b YkWZhe ]WdWZeh feh c[Z_e Z[
f[dWb[i$ ;d [iW _dijWdY_W bWi Y^_YWi kd_l[hi_jWh_Wi jkl_[hed c[`eh fkdj[h‡W Z[iZ[ bei '( fWiei o i[ _cfki_[hed + W )$ ;204#3 ;d XWbedY[ije" [d YWcX_e" bei fWh# j_Zei gk[ i[ `k]Whed [d [b 9eb_i[e Ji|Y^_bW [ijkl_[hed YWh]WZei Z[ [ceY_ed[i o ]h_jei feh fWhj[ Z[ bWi XWhhWi o bei `k]WZeh[i$ Feh [b j[hY[h fk[ije" [d ck`[# h[i" [gk_fe 7I7L l[dY_ÂŒ W KJ; feh /& W (*$ C_[djhWi jWdje" jWcX_ƒd feh bW j[hY[hW YWi_bbW" f[he [d ^ec# Xh[i" bW KJ; i[ _cfkie ,' W *, W BWi FWbcWi$ Bb[]ÂŒ [djedY[i bW Ă’ dWb [djh[ bWi Y^_YWi Z[ 789 o D[kcWd[$ <k[ jWb bW fWh_ZWZ Z[ bWi WY# Y_ed[i gk[ [b fWhj_Ze i[ [nj[dZ_ÂŒ W Zei f[h‡eZei WZ_Y_edWb[i Z[ + c_dkjei YWZW kde$ 7b YedYbk_h [iei j_[cfei" 789 i[ fheYbWcÂŒ l[dY[Zeh o YWcf[ÂŒd Z[b jehd[e" ]WdWdZe Yed +* fkdjei \h[dj[ W */ Z[b [gk_fe D[kcWd[$
: ēŊ Ŋ31(4-$¢Ŋ#-Ŋ4-Ŋ"1 ,;3(!.Ŋ#-!4#-31.Ŋ -3#Ŋ #4, -#Ŋē
;204#3ĹŠ5 1.-#2 Ĺ—ĹŠĹŠĹŠ (#-31 2ĹŠ3 -3.ĔŊ#-ĹŠ+ ĹŠÄƒĹŠ- +ĹŠ#2/#1 " ĹŠ"#ĹŠ ;204#3ĔŊ#-ĹŠ5 1.-#2ĔŊ #5(23 ĹŠ (2(¢-ĹŠ2#ĹŠ (,/42.ĹŠ ĹŠ ĹŠ/.1ĹŠ!(-!.ĹŠ/4-3.2ĔŊ8ĹŠ2#ĹŠ!.1.-¢Ŋ! ,/#¢-Ä“
ēŊ 2Ŋ,4)#1#2Ŋ"#Ŋ+ Ŋ Ŋ2#Ŋ(,/42(#1.-Ŋ#-Ŋ/#- +#2Ŋ Ŋ 2.ĄŊ;-ē
Ë ēŊ 04(/.2Ŋ8Ŋ, "1(- 2Ŋ / 13(!(/ -3#2Ŋ#-Ŋ#+Ŋ3.1-#.ē
-ĹŠ, 1!' ĹŠ (-5#1- +ĹŠ "#ĹŠ$ĂŒ3 .+ ĹŠ ĹŠ ěŊ ;b 9Wcf[edWje ?dl[hdWb Z[ <kjXeb" gk[ eh]W# d_pW jeZei bei W‹ei [b YbkX * Z[ :_Y_[cXh[" [cf[pÂŒ [b fW# iWZe i|XWZe [d [b [ijWZ_e Z[ [ijW eh]Wd_pWY_ÂŒd" kX_YWZe [d bW fWhhegk_W ^ecÂŒd_cW$ I[ `k]Wh| [d bWi YWj[]eh‡Wi ikX#'' ikX#'* o i[d_ehi$ BW _dWk]khWY_ÂŒd bW h[W# b_pÂŒ [b YedY[`Wb o f[h_eZ_ijW HW\W[b CWhgk_d[p" c_[djhWi gk[ [b `khWc[dje Z[fehj_le [ijkle W YWh]e Z[ H_Y^WhZ 9^kd]WdZhe" Z_h[Yjeh jƒYd_# Ye Z[ bW WYWZ[c_W Z[ \kjXeb 9^_Y^ei 9ebehWZei Z[ IWdje :ec_d]e$ ;b `khWZe be _dj[]hWhed @e# i[bod C[pW" h[_dW Z[ ;b 9Wh# c[d1 o Okh_ L[hW o HW\W[b CWhgk‡d[p YedY[`Wb[i$ I[b[YY_edWhed Yece cW# Zh_dWi Z[ Z[fehj[i [d bWi YWj[]eh‡Wi _d\Wdje#`kl[d_b[i W bW d_‹W =WXh_[bW PWcXhWde Z[ bW [iYk[bW Z[ \‘jXeb BWi :[b_Y_Wi" c_[djhWi gk[ [d bW YWj[]eh‡W i[d_ehi bW ]WdWZe# hW \k[ AWj^[h_d[ F_dYWo" Z[b YbkX * Z[ :_Y_[cXh[$ ;d YWcX_e" [b [gk_fe c[# `eh kd_\ehcWZe \k[ bW [iYk[bW Z[ \kjXeb BWi :[b_Y_Wi$ ;di[]k_ZW i[ Z[iW# hhebbWhed bei fh_c[hei [dYk[djhei$
.ĹŠ04#ĹŠ5#-"1; ĹŠĹŠĹŠĹŠ .2ĹŠÄˆÄ‡ĹŠ#04(/.2ĹŠ04#ĹŠ' 8ĹŠ#-ĹŠ Ĺ—+ ĹŠ! 3#%.1~ ĹŠ2#-(.12ĹŠ)4% 1;-ĹŠ+.2ĹŠ
2; ".2Ä—ĹŠ,(#-31 2ĹŠ3 -3.ĔŊ+.2ĹŠÄˆÄ‰ĹŠ !4 "1.2ĹŠ"#ĹŠ+ ĹŠ! 3#%.1~ ĹŠ24 ĹŠÄˆÄˆĹŠ8ĹŠ +.2ĹŠÄˆÄ‰ĹŠ"#ĹŠ+ ĹŠ24 ĹŠÄˆÄŒĹŠ !34 1;-ĹŠ+.2ĹŠ ".,(-%.2Ä“
(. Ĺ‹ ,v Ä…Ĺ‹-#(Ĺ‹ - ,0# #)Ĺ‹ Ĺ‹- &/ Ĺ‹
/ (Ĺ‹ +/ ,- Ĺ‹ -#(Ĺ‹) ,
ĹŠ ĹŠ ěŊ 7Y[hWi o XehZ_bbei Yedj_d‘Wd [d YedijhkYY_ÂŒd [d LWbb[ >[h# ceie$ BW eXhW oW ^W WlWd# pWZe [d kd .& $ F[i[ W [ije [n_ij[d Zei YWbb[i [d bWi gk[ de i[ fk[Z[ i[]k_h Yed bei jhWXW`ei0 9ejefWn_ o PkbWo =WoXeh" fehgk[ de ^Wo i[h# l_Y_e Z[ WbYWdjWh_bbWZe$ 9WZW _dl_[hde" bei fe# pei iƒfj_Yei i[ h[XeiWd Z[X_Ze W bW ]hWd YWdj_ZWZ Z[ W]kW gk[ de j_[d[ feh ZÂŒdZ[ Z[i\e]Wh$ Bei cehW# Zeh[i Z[b i[Yjeh f_Z[d gk[ i[ h[Wb_Y[ [b WbYWdjWh_bbWZe fbkl_Wb" oW gk[ [ie be ^Wd fhec[j_Ze ZkhWdj[ W‹ei o W‘d de be Ykcfb[d$ ÆBei cWbei ebeh[i ied _diefehjWXb[i" oW [i ^ehW Z[ gk[ i[ iebkY_ed[ [ij[ fheXb[cWÇ" W\_hcÂŒ J[h[iW 9Whh_ÂŒd" cehWZehW Z[ bW fWhhegk_W$ 7b]kdWi Z[ bWi YWbb[i [d gk[ oW [ij|d feh j[hc_dWh bW YedijhkYY_ÂŒd ied F_Y^_d# Y^W" Be`W" CWdWX‡" =kWoW# gk_b o bW FWp$ ;ij[ fheo[Yje \k[ [cfh[dZ_Ze feh bW @kdjW FWhhegk_Wb o Yed bei \edZei gk[ [djh[]ÂŒ [b =eX_[hde DW# Y_edWb i[ iebl[djÂŒ bW eXhW$ 9_dYe feij[i ^Wd i_Ze h[kX_YWZei o bWi YWiWi gk[ i[ [dYedjhWXWd Wb Ă’be Z[ bW YWbb[ ^Wd h[jheY[Z_Ze [d kd fhec[Z_e Z[ Zei c[jhei$ 7i_c_ice" ^Wd WokZWZe Yed cWj[h_Wb W bWi f[hie# dWi gk[ de j_[d[d" fWhW gk[ YedijhkoWd kd feYe c|i Wjh|i iki l_l_[dZWi$ 9kWdZe Ykbc_d[d bWi WY[hWi i[ fh[j[dZ[ _d_Y_Wh [b Wi\WbjWZe Z[ bWi YWbb[i" f[he fWhW [bbe j_[d[d gk[ YebeYWh [b WbYWdjWh_bbWZe$ 7Z[c|i" Yed [ijW eXhW jWcX_ƒd i[ X[d[\_Y_Wh|d bei h[Y_djei fehgk[ i[ [nj[dZ[h| W YWZW kde Z[ [bbei$ L_l_WdW Ieb‡i Z_`e gk[ [i kdW Xk[dW bWXeh fehgk[ [hW f[b_]heie gk[ ^WoW Wb]‘d WYY_Z[dj[ o gk[ bei YWhhei [djhWhWd ^WijW bW YWiW$
Ä Ä†
ĹŠ +ĹŠ 2$4#19.ĹŠ.ĹŠ -3.ĹŠ .,(-%. Ĺ—ĹŠĹŠ
#-18Ŋ ¢,#9ĔŊ3#-(#-3#Ŋ/.+~3(!.Ŋ #-! 1% ".ĔŊ!4#-3 Ŋ04#Ŋ!4 -".Ŋ' 8Ŋ 4- Ŋ#,#1%#-!( Ŋ+.2Ŋ/.+(!~ 2Ŋ 84" -Ŋ Ŋ31 2+ " 1Ŋ Ŋ+.2Ŋ#-$#1,.2Ŋ' 23 Ŋ +Ŋ 2$4#19.Ŋ.Ŋ' 23 Ŋ -3.Ŋ .,(-%.ĔŊ /#1.Ŋ '.1 Ŋ04#Ŋ#+Ŋ/ 314++#1.Ŋ#23;Ŋ "  ".Ŋ-.Ŋ/4#"#-Ŋ' !#1+.ēŊ
ZW‹ei Wb i[Yjeh Yed [b Ă’d Z[ i[h Wj[dZ_Zei feh bei ]Wb[dei" f[he [ijei de i[ WbYWdpWd fWhW ZWh [b i[hl_Y_e Wb ]hWd d‘c[he Z[ fWY_[dj[i$ EjhW cehWZehW" H[dWjW 9k[lW" Yec[djÂŒ gk[ l_l[ W^‡ feh c|i Z[ )& W‹ei o gk[ dkdYW b[i ^Wd Xh_dZWZe kdW Wj[dY_ÂŒd Z_]dW gk[ YWZW f[h# iedW c[h[Y[$ 9kWdZe bei d_‹ei i[ [d# \[hcWd bei j_[d[d gk[ bb[# lWh ^WijW ;b ;i\k[hpe" kdW fWhhegk_W l[Y_dW" gk[ [ij| W c|i Z[ )+ a_bÂŒc[jhei o [ije i[ Z_\_YkbjW cWi" oW gk[ [d [b i[Yjeh ^Wo feYW Y_hYkbWY_ÂŒd Z[ jhWdifehj[ f‘Xb_Ye o fh_# lWZe fWhW feZ[h jhWibWZWh W bei fWY_[dj[i$
ēŊ Ŋ!1# !(¢-Ŋ"#Ŋ4-Ŋ!#-31.Ŋ,_"(!.Ŋ Ŋ".-"#Ŋ/4#" -Ŋ !4"(1Ŋ+.2Ŋ' (3 -3#2Ŋ "#Ŋ+ Ŋ/ 11.04( Ŋ#2Ŋ5(3 +ē
'*//&. I>
ēŊ 2ĹŠ! ++#2ĹŠ04#ĹŠ ĂŒ-ĹŠ-.ĹŠ !4#-3 -ĹŠ!.-ĹŠ2#15(!(.ĹŠ"#ĹŠ +! -3 1(++ ".ĹŠ" -ĹŠ, + ĹŠ(, %#-ĹŠ ĹŠ + ĹŠ/ 11.04( ēŊ
ĹŠ } ĹŠ ĹŠ ĹŠ ěŊ BW fWhhegk_W IWdjW CWh‡W Z[b JeWY^_ de Yk[djW Yed kd ikXY[djhe Z[b C_d_ij[h_e Z[ IWbkZ F‘Xb_YW$ 7b]kdei ce# hWZeh[i Z[b bk]Wh i[ ^WY[d Wj[dZ[h Yed bei Zei cƒZ_Yei Z[b I[]khe IeY_Wb 9Wcf[i_de o ejhei Z[X[d l_W`Wh W feXbW# Y_ed[i l[Y_dWi$ 9[hYW Z[ /$+&& ^WX_jWd# j[i ^Wo [d [ijW Wb[`WZW fe# XbWY_ÂŒd hkhWb YWdjedWb" gk[ de Yk[djWd Yed kd Y[djhe cƒZ_Ye f[hcWd[dj[ ZedZ[ fk[ZWd i[h Wj[dZ_Zei Yed dehcWb_ZWZ$ :[iZ[ ^WY[ '' W‹ei gk[ i[ Yh[ÂŒ bW fWhhegk_W" [b d‘c[# he Z[ f[hiedWi gk[ d[Y[i_jW Wj[dY_ÂŒd [i c|i ]hWdZ[" [b i[]khe Yk[djW Yed kd cƒZ_Ye ][d[hWb o kd eZedjÂŒbe]e" bei YkWb[i de fk[Z[d Xh_dZWh kdW WZ[YkWZW Wj[dY_ÂŒd W jeZei gk_[d[i bW d[Y[i_jWd$ Æ;i _cfehjWdj[ gk[ [n_ijW kd ikXY[djhe" oW gk[ jeZei iecei lkbd[hWXb[i W ik\h_h [d# \[hc[ZWZ[i o ieXh[ jeZe fWhW feZ[h h[Wb_pWhb[i bei Yedjhe# b[i W dk[ijhei ^_`eiÇ" Yec[djÂŒ =[elWddo =k[hhW$ 7 bW fWhhegk_W WYkZ[d ^W# X_jWdj[i Z[ bei h[Y_djei Wb[#
ĀĂĹ? Ĺ?Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
'*//,- CP
'*/+(* C;
Ĺ? Ĺ?
Ĺ?
Ĺ?
Ä Ä‡
¥ ēŊ #-31.Ŋ"#Ŋ31#2Ŋ ,#2#2Ŋ!.-3 1;-Ŋ!.-Ŋ -3#1-#3Ŋ8Ŋ 3#+#$.-~ Ŋ!#+4+ 1ēŊ
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
#Ĺ‹ &Ĺ‹ ' (. ,#)Ĺ‹ -Ĺ‹- !/,)
Ŋ ěŊ ;d [b Y[c[d#
-$.!#-31.2 Ĺ—ĹŠĹŠ 23#ĹŠ#2ĹŠ4-ĹŠ/1.8#!3.ĹŠ ĹŠ-(5#+ĹŠ- !(.Äą - +ĹŠ04#ĹŠ!.-3#,/+ ĹŠ#+ĹŠ !!#2.ĹŠ ĹŠ -3#1Äą -#3ĔŊ! (- 2ĹŠ3#+#$¢-(! 2ĔŊ2#15(!(.ĹŠ"#ĹŠ !./( ".1 2ĹŠ#ĹŠ(,/1#2(.-#2ēŊ #15(1;-ĹŠ !.,.ĹŠ'#11 ,(#-3 2ĹŠ3#!-.+¢%(! 2ĔŊ !.-ĹŠ#+ĹŠÄƒ-ĹŠ"#ĹŠ #-#ă!( 1ĹŠ ĹŠ04(#-#2ĹŠ ,;2ĹŠ+.ĹŠ-#!#2(3#-Ä“
-* , (Ĺ‹& Ĺ‹. ()&)!v Ĺ‹
.2ĹŠ#04(/.2ĹŠ8 ĹŠ$4#1.-ĹŠ/1. ".2ĹŠ 8ĹŠ"(#1.-ĹŠ 4#-.2ĹŠ1#24+3 ".2Ä“ ĹŠ } ĹŠ ĹŠ ŊěŊBW fWhhe# gk_W IWdjW CWh‡W Z[b JeWY^_ de ^W j[d_Ze jWdjW ik[hj[ Yece bWi ejhWi Z[ IWdje :ec_d]e$ ;d [ij[ i[Yjeh de ^Wo WYY[ie Wb i[hl_Y_e Z[ ?dj[hd[j d_ YeX[hjkhW Z[ j[b[# \ed‡W Y[bkbWh$ ;b j[d_[dj[ feb‡j_Ye >[dho =ÂŒ# c[p Yk[djW gk[ Z[iZ[ ^WY[ jh[i c[i[i i[ [dYk[djhW [d YedijhkY# Y_ÂŒd [b ?d\eY[djhe" gk[ X[d[Ă’Y_W# h| W [ijW beYWb_ZWZ Xh_dZWdZe [b
jWd Wd^[bWZe i[hl_Y_e$ I[ fh[lƒ gk[ Z[djhe Z[ jh[i c[i[i c|i Ykbc_d[ bW eXhW gk[ [if[hW b[ Zƒ ejhe _cfkbie W bW fW# hhegk_W" ZedZ[ bei d_‹ei o WZkb# jei fk[ZWd j[d[h kd b_Xh[ WYY[ie W bW j[Ydebe]‡W i_d d_d]‘d Yeije$ ;ij[ ?d\eY[djhe YedjWh| Yed i[_i YecfkjWZehWi" Wfhen_cW# ZWc[dj[$ Bei [gk_fei oW \k[hed fheXWZei o Z_[hed Xk[dei h[ikb# jWZei$ 7^ehW iebe i[ [if[hW gk[
[cf_[Y[d W \kdY_edWh bWi _dijWbW# Y_ed[i [d bW \[Y^W WYehZWZW$ =ÂŒc[p Z_`e gk[ [ijW _d_Y_W# j_lW Z[b =eX_[hde DWY_edWb [i Xk[dW" oW gk[ i[ [ij| ZWdZe fh_eh_ZWZ W bei h_dYed[i c|i ebl_ZWZei Z[b fW‡i$ ÆIWdjW CWh‡W Z[b JeWY^_ [i fWhhegk_W Z[iZ[ ^WY[ '' W‹ei o de [i `kije gk[ ejhWi Yk[dj[d Yed [ijei i[hl_Y_ei o deiejhei W‘d f[hcWd[pYWcei [nYbk_Zei Z[ [bbeiÇ" cWd_\[ijÂŒ @eiƒ HeZh‡]k[p" cehWZeh Z[ [ijW beYWb_ZWZ$ EjhW ^WX_jWdj[" HeiW 7hj[# W]W" de l_l[ Yed ik \Wc_b_W o fWhW feZ[h Yeckd_YWhi[ Yed iki Wbb[]WZei Z[X[ iWb_h ^WijW ;b ;i\k[hpe fWhW h[Wb_pWh kdW
bbWcWZW j[b[\ÂŒd_YW$ Æ;i kd l[hZWZ[he YWei j[d[h gk[ cel_b_pWhi[ ^WijW IWdje :ec_d]e fWhW [djh[]Wh kd _d# \ehc[ fkZ_ƒdZebe [dl_Wh c[# Z_Wdj[ Yehh[e [b[YjhÂŒd_YeÇ" Ykb# c_dÂŒ =ÂŒc[p$ Feh ejhW fWhj[" bei [ijkZ_Wdj[i Z[ bWi Z_\[h[dj[i [iYk[bWi o Yeb[# ]_ei Z[ bW fWhhegk_W de fk[Z[d ^WY[h kie Z[ ?dj[hd[j" fWhW h[W# b_pWh bWi Z_\[h[dj[i jWh[Wi [dYe# c[dZWZWi feh iki fhe\[ieh[i$ <beh IWdZelWb Yec[djÂŒ gk[ [i Yh‡j_Ye gk[ [d [ijW ƒfeYW Z[ ce# Z[hd_ZWZ gk[ l_l[ [b ckdZe W‘d de i[ Yk[dj[ Yed [ijei i[hl_Y_ei gk[ W^ehW ied _cfh[iY_dZ_Xb[i fWhW bW Yeckd_ZWZ$
CONVOCATORIA Santo Domingo de los TsĂĄchilas 28 de abril del 2011 De conformidad con las normas de la ley de COMPAĂ‘IAS Y DEL ESTATUTO DE LA COMPAĂ‘Ă?A, se convoca a los seĂąores Accionistas de la empresa COLORADO EXPRESS S.A. a la JUNTA GENERAL EXTRAORDINARIA, que se celebrarĂĄ el dĂa sĂĄbado 14 de mayo del 2011, a las 18h00, en la oficina de la compaĂąĂa ubicada en la Av. Tsafiqui Nro. 205 y TulcĂĄn de la ciudad de Santo Domingo de los TsĂĄchilas, para tratar el siguiente orden del dĂa. 1.- ConstataciĂłn del quĂłrum 2.- Lectura y aprobaciĂłn informe del presidente del aĂąo 2010 3.- Lectura y aprobaciĂłn informe del Gerente del aĂąo 2010 4.- Lectura y aprobaciĂłn informe del comisario del aĂąo 2010 5.- Lectura aprobaciĂłn de estado financiero y balance general aĂąo 2010 6.- Lectura y aprobaciĂłn del presupuesto para gastos administrativos aĂąo 2011 7.- ElecciĂłn del comisario para el periodo 2011-2012 8.- ElecciĂłn miembros de la comisiĂłn de trabajo para el periodo 2011-2012 Nota.- Se convoca de manera individual al comisario de la CompaĂąĂa SeĂąor, VĂctor Hugo Ochoa Los documentos a ser conocidos por la Junta General y a los que se refiere el artĂculo 292 de la ley de CompaĂąĂas se encuentran a disposiciĂłn de los seĂąores accionistas en la oficina de la compaĂąĂa. En caso de existir el QuĂłrum establecido, se sesionarĂĄ con los socios presentes una hora despuĂŠs, y las resoluciones tomadas serĂĄn validas para todos.
“Os aseguro que si el grano de trigo no cae en tierra y muere, seguirĂĄ siendo un Ăşnico grano.. Pero, si muere, producirĂĄ fruto abundante.â€? (Juan 12: 24)
Consternados ante el sensible fallecimiento de quien en vida fue:
LUIS FELIPE BORJA QUISHPE Acaecido el dĂa viernes 29 de abril en la Ciudad de Santo Domingo
j[h_e Z[ LWbb[ >[hceie i[ fhe\WdWd jkcXWi" Yed [b Ă’d Z[ ikijhW[h YWZ|l[h[i" Wb fW# h[Y[h Yed [b fhefÂŒi_je Z[ i[h l[dZ_Zei W bei [ijkZ_Wdj[i Z[ c[Z_Y_dW" oW gk[ [bbei be kj_b_# pWd fWhW [ijkZ_Wh bei ^k[iei$ CehWZeh[i Z[ bW beYWb_ZWZ Yk[djWd gk[ gk_[d[i Yec[j[d [ijW fhe\WdWY_ÂŒd Z[`Wd XejW# ZW bW hefW Z[ bei YWZ|l[h[i o gk[ [bbei bk[]e fheY[Z[d W gk[cWhbWi$ ;d [b YWcfeiWdje de ^Wo Y[hhWc_[dje d_ ]kWhZ_W gk[ Yk_Z[ bWi jkcXWi$ 7Z[c|i" [b cedj[ ^W Yh[Y_Ze ckY^e o oW ^Wd gk[ZWZe jWfWZWi Wb]kdWi XÂŒl[ZWi$ Æ OW d _ ĹŠ bei ck[hjei fk[Z[d [ijWh [d fWpÇ" Z_`e +%4-.2ĹŠ!(4" Äą " -.2ĹŠ/1./.-#-ĹŠ CWh‡W 9W# 1# +(9 1ĹŠ,(-% 2ĹŠ hh[hW" gk_[d !.-ĹŠ+ ĹŠ!.,4-(Äą " "ĹŠ/ 1 ĹŠ31 3 1ĹŠ W‹WZ_ÂŒ gk[ "#ĹŠ+(,/( 1ĹŠ#+ĹŠ;1# ĹŠ 04#ĹŠ#23;ĹŠ3 -ĹŠ oW [i ^ehW Z[ "#2!4(" " ĹŠ8ĹŠ gk[ Whh[]b[d ,.-3.2 ēŊ [b bk]Wh$ 9Whbei >_# ZWb]e" leYWb Z[ bW @kdjW FW# hhegk_Wb" Z_`e gk[ fh[i[djÂŒ kd fheo[Yje fWhW bW h[Wb_pWY_ÂŒd Z[b Y[hhWc_[dje o f_Z_ÂŒ kdW YkWZh_bbW Z[ jhWXW`WZeh[i Wb Ckd_Y_f_e Z[ IWdje :ec_d# ]e" f[he ^WijW [b cec[dje de ^Wd h[ifedZ_Ze W bW f[j_Y_ÂŒd$ I[]‘d >_ZWb]e" [ij[ ^[Y^e ^W eYkhh_Ze lWh_Wi l[Y[i o i[ ^W Yeckd_YWZe W bWi Wkjeh_# ZWZ[i" f[he fWh[Y[ de _cfeh# jWhb[i" fehgk[ dWZ_[ ^W WYk# Z_Ze W e\h[Y[hb[i bW WokZW gk[ [bbei d[Y[i_jWd$ 7dj[i Z[b :‡W Z[ bei Ck[h# jei del_[cXh[ fWiWZe i[ ikijhW`[hed kd YWZ|l[h" o dW# Z_[ l_e d_ iWX[ dWZW ieXh[ [b Wikdje$ 7b fWh[Y[h" [ijei WY# jei lWdZ|b_Yei ikY[Z[d [d bW cWZhk]WZW$ >_ZWb]e Yec[djÂŒ gk[ YkWdZe i[ Z_[hed Yk[djW Z[ be ikY[Z_Ze i[ bb[lWhed kdW ]hWd iehfh[iW" oW gk[ dkd# YW _cW]_dWhed gk[ [dYed# jhWh‡Wd bW XÂŒl[ZW WX_[hjW" [b WjW‘Z o bW hefW Z[b Z_\kdje$ :[ifkƒi efjWhed feh gk[# cWh bW l[ij_c[djW Yed bW gk[ \k[ [dj[hhWZe$
Hacemos llegar nuestra mĂĄs sentida nota de pesar y solidaridad ante tan irreparable y dolorosa pĂŠrdida a toda su distinguida familia y de manera muy especial a sus seĂąores padres MARIO CESAR BORJA Y MARIA PIEDAD QUISHPE, hermano y demĂĄs familiares, apreciado amigo y compaĂąero de nuestra empresa.
Atentamente
†PAZ EN SU TUMBAâ€
Wilberto SantillĂĄn PRESIDENTE
Darwin SantillĂĄn GERENTE
ēŊ '.1 Ŋ-.Ŋ1#2/#3 -Ŋ -(Ŋ Ŋ+.2Ŋ,4#13.2ĔŊ#2/#1 -Ŋ04#Ŋ!.-Ŋ + Ŋ!.-2314!!(¢-Ŋ"#Ŋ4-Ŋ!#11 ,(#-3.Ŋ ! , (#Ŋ+ Ŋ2(34 !(¢-ēŊ
Santo Domingo, 2 de mayo de 2011 '*//.( I>
'+&&&+ CP
ũũ ^ ŗ .+ Ĕũ,#ũ++ ,.ũ #.- 1".ũ8ũ04(2(#1 ũ
3#-#1ũ ,(% 2ũ/ 1 ũ2 +(1ũ ũ (+ 1ēũ #-%.ũ ĉĈũ .2ēũ (ũ,¢5(+ũ#2ũćđĒũďďũďĐũĊĒē
/1.$#2(.- +#2ũ04#ũ2# -ũ#731 -)#1.2ũ 8ũ5(5 -ũ#-ũ -3.ũ .,(-%.ēũ (ũ,¢5(+ũ ćĒČũĐđũĒĐũĈĐēũ
ŗ .+ Ĕũ2.8ũ "1(;-ũ8ũ"#2#.ũ!.-.!#1ũ ũ
ŗ .+ Ĕũ2.8ũ 4 -ũ 1+.2Ĕũ04(#1.ũ!.-.!#1ũ
,(ũ,#"( ũ- 1 -) Ĕũ/ 1 ũ +%.ũ2#1(.ēũ (ũ + 1.ũ#2ũćĒćũĉďũĉĉũĈĒēũ + ,#-ũ.ũ#2!1(ı -Ĕũ%1 !( 2ē
ŗ #ũ++ ,.ũ (! 1".Ĕũ,#ũ%423 1~ ũ!.-.ı !#1ũ4- ũ!'(! ũ ũ3.".ũ" 1ũ.ũ,(ũ,#"( ũ - 1 -) ēũ 2!1( ũ +ũćđđũČĐũĎćũććē
ŗ .+ Ĕũ,(ũ-., 1#ũ#2ũ 43'ũ ..1ũ8ũ
3#-%.ũĉďũ .2ēũ #ũ%423 1~ ũ3#-#1ũ ,4!'.2ũ ,(%.2ũ8ũ ,(% 2ũ2.+.ũ/ 1 ũ ,(23 "ēũ -5~ ,#ũ,#-2 )#2Ĕũ2.8ũ +#%1#ēũ
ŗ .+ Ĕũ2.8ũ 3 +(-Ĕũ04(#1.ũ!.-.!#1ũ ,(ı % 2ũ'#1,.2 2ũ"#ũĈđũ ũĉćũ .2Ĕũ/ 1 ũ 3#-#1ũ4- ũ+(-" ũ ,(23 "ũ8ũ2 +(1ũ ũ"(5#1ı 3(1-.2ēũ (ũ-Ì,#1.ũ#2ũćđĈũĐđũđĈũďĊēũ
ŗ .+ ũ04(2(#1 ũ3#-#1ũ ,(% 2ũ.ũ3 +ũ5#9ũ !.-.!#1ũ ũ,(ũ,#"( ũ- 1 -) Ĕũ"#ũĉĎũ ũ Ċćũ .2ēũ #ũ++ ,¢ũ 49,;-Ĕũ#23#ũ#2ũ ,(ũ-Ì,#1.ũćĒĊũćďũĉĊũČđē
ŗ .+ Ĕũ,#ũ%423 1~ ũ!.-.!#1ũ ,(% 2ũ
04#ũ2# -ũ2.+3#1 2Ĕũ04#ũ-.ũ3#-% -ũ'().2ēũ #ũ++ ,.ũ (++( -Ĕũ3#-%.ũĊđũ .2ēũ 2!1( -Ĕũ,(ũ-Ì,#1.ũ#2ũ ćĒĒũĈĎũĉĎũććē
ŗ .+ Ĕũ,(ũ-., 1#ũ#2ũ ;7(,.ũ8ũ3#-%.ũ
Ĉďũ .2Ĕũ04(#1.ũ!.-.!#1ũ ,(% 2ũ"#ũĈĎũ ũ ĈĐũ .2ēũ (ũ-Ì,#1.ũ#2ũćĒĊũĎđũĎďũďĈē
ŗ .+ ũ"#2#.ũ3#-#1ũ ,(%.2ũ/.+(!~ 2ũ8ũ
,(+(3 1#2ũ8ũ.31.2ēũ #-%.ũĉĉũ (3.2Ĕũ,(2ũ 3#+_$.-.2ũ2.-ĖũćđćũĊĎũĉđũĈĎũ¢ũćđĐũďĎũ ĈđũďĈēũ .8ũ +#7 -"1 ē
ŗ .+ ũ ( 1(.ũ ũ .1 Ĕũ,(ũ-., 1#ũ#2ũ
1+.2ũ8ũ"#2#.ũ"#ũĈĊũ .2Ĕũ#-ũ "#+ -3#ēũ (ũ-Ì,#1.ũ#2ũćĒđũďĉũĈĈũĊĈē
ŗ .+ ũ ( 1(.ũ ũ .1 Ĕũ,(ũ-., 1#ũ
ŗ .+ Ĕũ4-ũ2 +4".ũ,48ũ#2/#!( +ũ/ 1 ũ .+ -".ēũ 1#2ũ#+ũ ,.1ũ"#ũ,(ũ5(" Ĕũ.) +;ũ 3#ũ"#2ũ!4#-3 ũ8ũ /1#!(#2ũ+.ũ04#ũ2(%-(ăũı ! 2ũ/ 1 ũ,(ēũ 4-04#ũ- "(#ũ#-3(#-" ũ+.ũ 04#ũ2(#-3.ũ/.1ũ3(Ĕũ2(ũ#2/#1.ũ04#ũ!.-2(ı % 2ũ#-3#-"#1ũ04#ũ#1#2ũ#+ũ2.+ũ"#ũ,(ũ5(" ēũ .1ũ2(#,/1#Ĕũ34ũ:-%#+ ē
! ++#1.ũ2(-ũ!.,/1.,(2.2Ĕũ 4#-.2ũ 2#-3(,(#-3.2Ĕũăũ-#2ũ2#1(.2ēũ (ũ + 1.ũ#2ũ ćđďũććũĐćũĉďēũ
#2ũ Ì+ũ8ũ04(#1.ũ!.-.!#1ũ!'(! 2ēũ (ũ -Ì,#1.ũ#2ũćĒđũďĉũĈĈũĊĈē
ŗ .+ Ĕũ2.8ũ #1.Ĕũ3#-%.ũĊĐũ .2ēũ 42!.ũ
ŗ .+ ũ .-_!3 3#Ĕũ4-ũ2 +4".ũ2Ì/#1ũ #2/#!( +ũ/ 1 ũ,(ũÌ-(!.ũ8ũ ".1 ".ũ ,.1ũ (! 1".ũ Ĕũ+.ũ ,.ũ"#, 2( ".ėũ"#ũ/ 13#ũ "#ũ 1(- ũ +5 1 ".ē
,(% 2ũ.ũ ũ,(ũ,#"( ũ- 1 -) ũ3#-%.ũĉĈũ .2ēũ #ũ++ ,.ũ ~!3.1Ĕũ-.ũ(,/.13 ũ+ ũ #" "ēũ 23#ũ#2ũ,(ũ,¢5(+ũćđĈũĒĉũĎĒũďđē
ŗ .+ Ĕũ,#ũ++ ,.ũ "1(;-Ĕũ04(#1.ũ!.-.ı
ŗ .+ Ĕũ,#ũ%423 1~ ũ!.-.!#1ũ ,(% 2ũ
ŗ .+ Ĕũ2.8ũ #"1.Ĕũ"#ũČďũ .2Ĕũ 42!.ũ
ŗ .+ ũ!'(!.2ũ"#ũ .-_!3 3#ēũ (ũ
ŗ #ũ%423 1~ ũ!.-.!#1ũ ,(%.2ũ"#ũĊćũ / 1 ũ ).ēũ .8ũ Ì+Ĕũ3#-%.ũĉćũ .2ēũ 2!1( -ũ +ũćđĈũĊĎũđĈũĊĊē
04#ũ2# -ũ2.+3#1 2ēũ #ũ++ ,.ũ (++( -Ĕũ 3#-%.ũĊđũ .2ēũ (ũ-Ì,#1.ũ#2ũ ćĒĒũĈĎũĉĎũććē -., 1#ũ#2ũ '.-ũ8ũ3#-%.ũĈđũ .2ēũ #ũ #-! -3 1~ ũ!.-.!#1ũ ,(% 2ũ+(-" 2ũ8ũ "(5#13(" 2ēũ (ũ-Ì,#1.ũ#2ũćĒČũĐďũĒĊũ ĐďēũĞ 2ũ#2/#1.ũ-( 2ĝ
ŗ .+ Ĕũ2.8ũ 3 +(-Ĕũ04(#1.ũ!.-.!#1ũ ,(ı % 2ũ'#1,.2 2ũ"#ũĈđũ ũĉćũ .2Ĕũ/ 1 ũ 3#-#1ũ4- ũ+(-" ũ ,(23 "ũ8ũ2 +(1ũ ũ"(5#1ı 3(1-.2ēũ (ũ-Ì,#1.ũ#2ũćđĈũĐđũđĈũďĊē
ŗ .+ ũ!'(! 2Ĕũ,(ũ-., 1#ũ#2ũ 3#5#-Ĕũ
3#-%.ũĉďũ .2Ĕũ"#2#.ũ!.-.!#1ũ ũ4- ũ ,4)#1ũ .-(3 ũ"#ũĈđũ ũĉĊũ .2ũ/ 1 ũ 3#-#1ũ4- ũ1#+ !(¢-ũ2#1( ēũĠ #2# 2ũ !.-.!#1,#ğũ + , ũ +ũćđĈũĎČũĈćũđĎĔũ 2.+.ũ,4)#1#2ē
ŗ .+ Ĕũ,#ũ++ ,.ũ 1+.2ũ 5(#1Ĕũ3#-%.ũ
ĊĊĔũ#23.8ũ(-3#1#2 ".ũ#-ũ!.-.!#1ũ ,(ı % 2Ĕũ2.+.ũ,4)#1#2ēũ ũ#" "ũ-.ũ(,/.13 ũ 2.+.ũ-. +#9 ēũ -3#1#2 " 2ũ++ , 1ũ +ũ ćĒćũďĊũđđũČČē
ŗ #2#.ũ!.-.!#1ũ ,(% 2ũ"#ũĉćũ#-ũ "#ı + -3#Ĕũ,#ũ++ ,.ũ 1!.ũ8ũ,(ũ!#+4+ 1ũ#2ũ ćđđũĉćũĎďũćĊē ŗ .+ Ĕũ"#2#.ũ!.-.!#1ũ!'(! 2ũ2(,/;ı
3(! 2ũ8ũ2(-!#1 2ũ"#ũĈĐũ ũĉďũ .2ēũ 4#ũ 2# -ũ"#ũ#23 ũ!(4" "ēũ #ũ++ ,.ũ 4 -ũ 1+.2Ĕũ3#-%.ũĉďũ .2ēũ (ũ-Ì,#1.ũ#2ũ ćĒČũĈďũČĉũĉđē ŗ .+ ĝũ #ũ%423 1~ ũ!.-.!#1ũ!'(!.2ũ
āĈ
,(% 2ũ04#ũ2# -ũ .-(3 2ũ"#ũĈđũ ũĉĎũ .2Ĕũ"#2!.,/+(! " 2ēũ .ũ1#!(_-ũ++#%4_ũ "#ũ "1("ēũ (ũ-Ì,#1.ũ#2ũ ćĒĊũđĒũĎĐũĊĒē
ŗ -ũ2 +4".ũ,48ũ#2/#!( +ũ/ 1 ũ+ ũ,4)#1ũ 04#ũ ,.ēũ #1¢-(! ũ .,#1.ũ8ũ04#ũ+ ũ , 1_ũ/.1ũ2(#,/1#ēũ 3#-3 ,#-3#Ĕũ 1, -".ē
ŗ .+ Ĕũ"#2# 1~ ũ!.-.!#1ũ,4!' 2ũ
ĀĂŏ ŏ ŏ ŏĂĀāā
ŏ +. ŏ ŏ
!#1ũ ,(% 2ũ.ũ04(9;2ũ,(ũ,#"( ũ- 1 -) Ĕũ 2#-!(++ ēũ (ũ .5(23 1ũ#2ũćĒĉũďĈũĊĐũđČē 4- ũ,4)#1ũ+( 1#Ĕũ-.ũ(-3#1#2 " ũ8ũ (#-ũ '.-1 " ũ/ 1 ũ ,(23 "ũ.ũ, 31(,.-(.ēũ ćđćũĒďũũďćũđďē
ŗ 42!.ũ ,(% 2ũ#-31#ũĉćũ8ũĊćũ .2ēũ
#ũ++ ,.ũ¡+%#1ũ #-#% 2ũ8ũ3#-%.ũĊĉĔũ ,(ũ-Ì,#1.ũ#2ũćđĎũĉćũĒćũđČēũ .+.ũ ,4)#1#2ē
ŗ 1, ũ +#7 -"1 Ĕũ2.+.ũ04(#1.ũ"#!(1ı
3#ũ04#ũ3#ũ ,.ũ"#, 2( ".ũ8ũ/.1ũ $ ũ/#1"¢- ,#Ĕũ2.-ũ31#2ũ .2ũ"#ũ 2.+#" "ēũ +;, ,#ũ +ũćđĈũČĒũČĊũĒĎēũ 3#-3 ,#-3#Ĕũ #1ēũ (#,/1#ũ3#ũ , 1_ē
ŗ .+ ũ ( 1(.ũ ũ .1 Ĕũ 42!.ũ-.5( ũ
04#ũ2# ũ'4,(+"#ũ8ũ"#ũ! 2 Ĕũ"#ũĈĒũ ũĉćũ .2Ĕũ8ũ04#ũ2# ũ+(%4(23 ēũ + , ũ.ũ,#-ı 2 )# ũ +ũćĒĈũĒĐũĈđũććēũ #ũ#2/#1.ũ/ 1 ũ !.-.!#1-.2ēũũ
ŗ .+ Ĕũ,#ũ#-! -3 1~ ũ!.-.!#1ũ'.,ı
1#2ũ/1.$#2(.- +#2ũ04#ũũ2# -ũ2(,/;3(ı !.2Ĕũ2(-!#1.2ũ8ũ"#ũ4-ũ 4#-ũ!.1 9¢-ēũ (ũ + 1.ũ#2ũćĒČũĐđũĒĐũĈĐē 2!1~ -.2ũ ũ+.2ũ-Ì,#1.2ũćĒĈũĐđũ ďĎũććũĸ + 1.Ĺũ¢ũćđČũČĐũĒČũďČũ ĸ .5(23 1Ĺēũ .ũ#2!1( ũ3#73.ũ!.-ũ ,;2ũ"#ũĈććũ! 1 !3#1#2ēũ % ũ!.-2ı 3 1ũ24ũ-., 1#Ĕũ#" "ũ8ũ /#++(".ēũ ¢+.ũ 2#ũ1#!#/3 1;-ũ,#-2 )#2ũ"#+ũ,(2,.ũ -Ì,#1.ũ!#+4+ 1ũ +ũ04#ũ"#2##ũ1#!( (1ũ ,#-2 )#2ē
ēũ .-ũ#+ũ/ 2.ũ"#+ũ3(#,/.ũ2#ũ " /3 -ũ +ũ-4#5.ũ1(3,.ũ"#ũ5(" ũ8ũ' 23 ũ+#2ũ%423 ũ#23#ũ! , (.ēũ
#ũ+ ũ#2!4#+ ũ +ũ !.+#Ĕũ04_ũ! , (.
.2ũ/ "1#2ũ3(#-#-ũ 04#ũ' + 1ũ!.-ũ242ũ '().2ũ"#ũ242ũ ! / !(" "#2Ĕũ (+42(.-#2ē BW cWoeh W Z[ [ijkZ_Wdj[i gk[ _d]h[iWd W eYjWle W e i_[dj[d j[ceh bW fh_c[hW i[cWdW Z[ YbW# i[i" oW gk[ [i kdW dk[lW [jWfW fWhW [bbei" f[he [d [b jhWdiYkh# ie Z[ bei Z Wi [b WcX_[dj[ i[ lW Wc[d_pWdZe$ 9kWdZe bei [ijkZ_Wdj[i fWiWd Z[ bW [iYk[bW Wb Yeb[]_e [i dehcWb gk[ j[d]Wd YWcX_e Z[ WYj_jkZ[i" oW gk[ [ije fheleYW deijWb]_W feh Z[`Wh bW [iYk[bW" ik cW[ijhe o YecfW [hei$ 7Z[c|i" bei d[h# l_ei WÓ ehWd ZkhWdj[ bWi fh_c[# hWi i[cWdWi$ JeZe Z[f[dZ[ Z[ bW WYj_jkZ Z[ bei fhe\[ieh[i o fWZh[i Z[ \W# c_b_W$ ;b WcX_[dj[ j_[d[ gk[ i[h WZ[YkWZe" fWhW gk[ [d Yk[ij_ d Z[ i[cWdWi i[ WYefb[d Wb dk[le WcX_[dj[ WYWZ c_Ye$ Bei cW[ijhei o fWZh[i Z[ \W# c_b_W j_[d[d gk[ jhWdic_j_hb[i i[]kh_ZWZ" o ceijhWh jeZei bei Wif[Yjei fei_j_lei Z[ be gk[ h[# fh[i[djW _h Wb Yeb[]_e$ 7b]kdei Z[ bei Yecfhec_# iei gk[ i[ [n_][ [d [ijW dk[# lW [jWfW ied bW Z_iY_fb_dW o [b Ykcfb_c_[dje Z[ ^ehWh_ei$ ;i kd [i\k[hpe gk[ i[ fk[Z[ Z[iW# hhebbWh Z[ c[`eh cWd[hW Yed bW eh_[djWY_ d WZ[YkWZW Z[ fWZh[i o ZeY[dj[i$ ;d [ijW [jWfW [i YkWdZe bei Y^_Yei [cf_[pWd W [d\h[djWhi[ W ejhei YWcX_ei0 Dk[lei fhe\[# ieh[i" dk[lWi cWj[h_Wi o dk[lei YecfW [hei$ ;d YkWbgk_[h YWie"
.ũ04#ũ"# #-ũ '.1 ũ 2(,(+ 1 ŗũũ (#1(- ũ 2!. 1Ĕũ#234"( -3#Ĕũ !4#-3 ũ04#ũ24ũ, "1#ũ+#ũ$4#ũ ũ"#) 1ũ8ũ
ũ1#3(1 1ũ"#+ũ!.+#%(.ũ"41 -3#ũ4- ũ2#ı , - Ĕũ/#1.ũ04#ũ +ũ5#1ũ04#ũ ũ-(-%4-.ũ "#ũ242ũ!.,/ #1.2ũ+.2ũ !.,/ ũ + ũ, ,;ũ#++ ũ./3¢ũ/.1ũ(12#ũ2.+ ũ +ũ !.+#%(.ēũ #2/4_2Ĕũ+.2ũ#234"( -3#2ũ2#ũ" -ũ !4#-3 ũ04#ũ3.".ũ2#ũ24/#1 Ĕũ2#ũ 11#%+ ũ8ũ2#ũ!.-31.+ Ĕũ!.-ũ +%4- ũ ".2(2ũ"#ũ/ !(#-!( ũ8ũ!.,/1#-2(¢-ēũ 23.2ũ! , (.2ũ+.2ũ#7/#1(,#-3 ũ3." ũ /#12.- ũ#-ũ +%Ì-ũ,.,#-3.Ĕũ/#1.ũ ' 8ũ04#ũ2 #1+.2ũ2. 1#++#5 1ēũ
[b |d_ce Z[ bei fWZh[i Z[X[ i[h fei_j_le fWhW iki ^_`ei$ BW fi_Y be]W =bWZoi 9WcWY^e [d\Wj_p gk[ [ijei YWcX_ei fhe# leYWd Wbj[hWY_ed[i [d [b [ijWZe Z[ |d_ce Z[ bei Wbkcdei" f[he Yed [b fWie Z[ bei Z Wi _h| Y[iWd# Ze o i[ WYeijkcXhWh|d Wb dk[le h_jce Z[ l_ZW$ Bei WZeb[iY[dj[i ik[b[d fh[# i[djWh kd YWcX_e Z[ YecfehjW# c_[dje cko lWh_WXb[$ @[ii[d_W L[hW" Fi_Y be]W" Wi[# ]khW gk[ bei Y^_Yei h[WYY_edWd Z[b c_ice ceZe gk[ bei WZkbjei$ Æ;i Yece YkWdZe lWcei W kd jhW# XW`e feh fh_c[hW l[pÇ" Z_`e L[hW$ BW fhe\[i_edWb [i cW[ijhW [d [b Yeb[]_e Z[ BWi FWbc[hWi o Yk[djW gk[ bei Y^_Yei [b fh_c[h Z W i[ bei dejW j c_Zei o d[hl_eiei$ ;i feh [ijW hWp d gk[ bei fWZh[i Z[X[d ^WXbWh ieXh[ [ij[ YWcX_e o Yed# jWhb[i gk[ jeZei fWiWd feh [ije$ 7 bei [ijkZ_Wdj[i [d bei Ye# b[]_ei i[ b[i Z[X[ jhWdic_j_h YedÒ WdpW o Xh_dZWhb[i jeZW bW
-ũ+ ũ#2!4#+ ũ+.2ũ, #2ı 31.2ũ"#ũ(-%+_2ũ' + -ũ ,;2ũ#-ũ#2/ .+Ĕũ,(#-ı 31 2ũ04#ũ#-ũ#+ũ!.+#%(.ũ24!#"#ũ +.ũ!.-31 1(.ēũ .ũ#-3#-"~ ũ - " ũ"#ũ+.ũ04#ũ' + ũ+ ũ ĥ3# !'#1Ģē ũ : Ĕũ
ũ ũ ũ ¡ ēũũũũ
.2ũ".!#-3#2ũ+#2ũ"#ı ,.231 ,.2ũ2#%41(" "ũ 8ũ31 3 ,.2ũ"#ũ (-3#%1 1+.2ũ#-31#ũ+.2ũ !.,/ #1.2ũ/ 1 ũ04#ũ 2.!( (+(!#-ũ#-31#ũ#++.2Ģē
ũ Ĕũ ¡ ēũ
Yecfh[i_ d$ ;d Z[Ò d_j_lW" bei fWZh[i j_[# d[d gk[ ^WXbWh Yed iki ^_`ei Z[ iki YWfWY_ZWZ[i" _bki_ed[i" ^WX_# b_ZWZ[i o [nf[YjWj_lWi ^WY_W [ijW dk[lW [jWfW$ ;ije Yedjh_Xk_h| W gk[ bei [ijkZ_Wdj[i i_]Wd WZ[bWd# j[" Wdj[ bWi Z_Ò YkbjWZ[i gk[ i[ b[i fk[ZW fh[i[djWh" \ec[djWdZe Wi ik Wkje[ij_cW$
.ũ04#ũ"(!#-ũ+.2ũ#234"( -3#2 8hoWd 9WiWdelW" [ijkZ_Wdj[ Z[b eYjWle W e" [d [b Yeb[]_e @kb_e Ceh[de ;if_deiW" Yk[d# jW gk[ b de gk[h W _h Wb Yeb[]_e fehgk[ de j[d W Wc_]ei [d [i[ [ijWXb[Y_c_[dje$ ÇBei fhe\[i dei jhWjWd Yece i[ eh_jWi" oW de Yece d_ WiÇ" WÒ hc 7ddo <hWdYe" [ijkZ_Wdj[ Z[b Yeb[]_e IWdje :ec_d]e$ >Wo ejhei YWcX_ei$ Feh [`[c# fbe" [b ^ehWh_e [i Z_\[h[dj[ o [d YWZW YWcX_e Z[ ^ehW _d]h[iW kd fhe\[ieh fWhW YWZW cWj[h_W$ 7b fh_dY_f_e bei WZeb[iY[dj[i de i[ WYeijkcXhWd W [ij[ YWcX_e$
Ĺ? Ĺ?
Ĺ?
Ĺ?
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
)-Ĺ‹ . (# )-Ĺ‹ *),Ĺ‹,) )Ĺ‹ (Ĺ‹$)3 ,v KdW WYY_ÂŒd h|f_ZW Z[b =hkfe Z[ Ef[hWY_ed[i Cejeh_pWZWi =EC f[hc_j_ÂŒ ZWh Yed [b fWhW# Z[he Z[ kdW ikfk[ijW XWdZW Z[ ĂˆiWYWf_djWiÉ$ Bei kd_\ehcWZei be]hWhed bW Z[j[dY_ÂŒd" [b fWiWZe i|XWZe" Z[ @[Ăľ[hied FWjh_Y_e L|pgk[p o @eiƒ HeX[hje 9ÂŒdZeh L_bbWbjW" WZ[c|i Z[ Zei ck`[h[i$ Bei Z[j[d_Zei i[h‡Wd Zei Z[ bei jh[i ik`[jei gk[ fWhj_Y_fWhed [d Wb WiWbje o heXe W bW @eo[h‡W =ÂŒc[p" kX_YWZW [d bWi YWbb[i 9e# jWYW^_ o 7dj_iWdW$ ;b WiWbje i[ h[fehjÂŒ W bWi '+0'+ Z[b )& Z[ WXh_b$ ;di[]k_ZW i[ Z_e bW lep Z[ Wb[hjW W jeZWi bWi kd_ZW# Z[i Z[ Feb_Y‡W$ BW X‘igk[ZW Z[ bei j_fei Yedj_dkÂŒ" Yed [b ZWje Z[ gk[ bei Z[b_dYk[dj[i i[ cel_b_pWXWd [d kdW cejeY_Yb[jW Yebeh he`e$ :ei ^ehWi Z[ifkƒi" W][dj[i Z[b =hkfe Z[ Ef[hWY_ed[i Ce# jeh_pWZWi =EC Z[jkl_[hed W bei Zei ik`[jei [d [b i[Yjeh Z[ J_m_dpW$ 7bb‡ bei _d\ehcWZei [d# YedjhWhed [d feZ[h Z[ L|pgk[p o 9ÂŒdZeh kd bej[ Z[ `eoWi o Zei h[lÂŒbl[h[i YWb_Xh[ )." c_[djhWi gk[ [b j[hY[h ik`[je be]hÂŒ ^k_h$
Ŋ +Ŋ!.-"4!3.1Ŋ"#Ŋ + Ŋ! ,(.-#3 Ŋ '48¢Ŋ"#+Ŋ+4% 1ēŊ
ēŊ 5("#-!( 2Ŋ#-!.-31 " 2Ŋ#-Ŋ /."#1Ŋ"#Ŋ+.2Ŋ"#3#-(".2ē
31.ĹŠ! 2.ĹŠ"#ĹŠ ÄĽ2 ! /(-3 2ÄŚ Ĺ—ĹŠĹŠ
, (_-ĔŊ#+ĹŠ/ 2 ".ŊĉÄ?ĹŠ"#ĹŠ 1(+ĔŊ#+ĹŠ 14/.ĹŠ"#ĹŠ /#1 !(.-#2ĹŠ .3.1(9 " 2ĹŠ ĸ ĹŠ"#345.ĹŠ ĹŠ ,#2ĹŠ . #13.ĹŠ . . ĔŊ (++( ,ĹŠ +"#1¢-ĹŠ 1 -" ĔŊ +.ĹŠ _2 1ĹŠ .-!#ĔŊ .1%#ĹŠ #.- 1".ĹŠ #"# .ĹŠ8ĹŠ '.--8ĹŠ 1(!(.ĹŠ 2/  ĔŊ /1#24-3.2ĹŠ2 ! /(-3 2Ä“
=ÂŒc[p WYkZ_ÂŒ Wb 9ecWdZe Z[ Feb_Y‡W o h[YedeY_ÂŒ W L|pgk[p o 9ÂŒdZeh Yece bei ik`[jei gk[ WiWbjWhed W ik beYWb$ Bk[]e eXi[hlÂŒ [b WhY^_le Z[ \eje]hW\‡Wi [ _Z[dj_Ă’YÂŒ Wb j[hY[h ik`[je" gk_[d i[h‡W :Wd_[b ;ZkWh# Ze 9^[c[ W J_h_i_W" gk_[d l_l[ [d [b c_ice i[Yjeh$ BW l‡Yj_cW Z[b WiWbje jWc# X_ƒd h[YedeY_ÂŒ W kdW Z[ bWi ck`[h[i Z[j[d_ZWi$ I[]‘d [bbW" [ijkle kdei c_dkjei Wdj[i [d [b beYWb$ 7‹WZ_ÂŒ" WZ[c|i" gk[ [iW ck`[h f_Z_ÂŒ gk[ b[ ceijhWhWd kd Wd_bbe Z[ ]hWZe o bk[]e Z[ YedeY[h [b fh[Y_e i[ \k[$ 7b feYe hWje bb[]Whed bei ik`[jei
.2Ŋ1#!.-.!#BW f[h`kZ_YWZW Z[ bW `eo[h‡W o Yec[j_[hed [b WiWbje$
,š(# Ĺ‹()Ĺ‹, !, -šŋ Ĺ‹ - L[hÂŒd_YW 7b[nWdZhW <beh[i" Z[ (- W‹ei" Z[iWfWh[Y_ÂŒ c_ij[h_e# iWc[dj[$ ;bbW fWZ[Y[ Z[ kdW Z[# Ă’Y_[dY_W WkZ_j_lW" f[he de j_[d[ ejhei fheXb[cWi Z[ iWbkZ$ C_]k[b <beh[i" fWZh[ Z[ bW `el[d" Z_`e gk[ [b cWhj[i Wdj[# h_eh ik ^_`W iWb_ÂŒ Z[iZ[ ik YWiW hkcXe Wb ?dij_jkje DWY_edWb Z[ 7kZ_Y_ÂŒd o B[d]kW`[ Z[ Gk_je" ZedZ[ [ijkZ_W$ I[]‘d ƒb" Wbb‡ f[hcWd[Y_ÂŒ jeZW bW `ehdWZW Z[ YbWi[i ^WijW bWi ')0&&$ Bk[]e" [d bk]Wh Z[ _hi[ ^WY_W ik Zec_Y_b_e" kX_YWZe [d bW fWhhegk_W 9^_bbe]Wbbe" i[ l_de W [ijW Y_kZWZ [d YecfW‹‡W Z[ kd Wc_]e$ ;b fWZh[ Z[ bW `el[d Z[iWfW# h[Y_ZW W‹WZ_ÂŒ gk[ ik ^_`W j[d‡W Yece [dWcehWZe W 9Whbei L_# Y[dj[" kd YecfW‹[he Z[ WkbW$ 7b fh[]kdjWhb[ ieXh[ L[hÂŒd_YW" ƒij[ b[ ^WXh‡W Z_Y^e gk[ [i[ Z‡W i[ l_d_[hed W IWdje :ec_d]e W l_i_jWh W kdW Wc_]W$ I[]‘d L_Y[dj[" [bbW [ijkle [d bW J[hc_dWb J[hh[ijh[ o bk[]e i[ \k[ Yed ik Wc_]W" gk[ l_l[ [d [ijW Y_kZWZ" c_[djhWi gk[ ƒb i[
#)& (.)Ĺ‹ ")+/ Ĺ‹ $ Ĺ‹., -Ĺ‹" ,# )-Ĺ‹ -ĹŠ"~ ĹŠ"#/.13(5.ĹŠ3#1,(-¢Ŋ#-ĹŠ "#2%1 !( ĹŠ/ 1 ĹŠ+.2ĹŠ,(#, 1.2ĹŠ"#+ĹŠ +4 ĹŠ #/.13(5.ĹŠ 04#/~Ä“ >[dho 8Whh[hWi" 7d]ƒb_YW 8[# jWdYekhj JehWb o OebWdZW 8eh`W ik\h_[hed kd WfWhWjeie WYY_Z[d# j[ Z[ jh|di_je" [d bW l‡W W @kb_e Ceh[de ;if_deiW" W kdei *&& c[jhei Z[b Z[il‡e Wb XWbd[Wh_e Z[ IWd =WXh_[b Z[b 8WXW$ Bei ^[h_Zei [hWd _dj[]hWdj[i Z[b [gk_fe Z[ <kjXeb Z[b Ăˆ9bkX :[fehj_le 7gk[f‡É" o ^WX‡Wd [ijWZe fh[i[dj[i [d bW _dWk# ]khWY_ÂŒd Z[ kd YWcf[edWje Z[fehj_le [d [b h[Y_dje Dk[lei >eh_pedj[i$ ;b WYY_Z[dj[ i[ h[# ]_ijhÂŒ W bWi ''0)&" Wfhen_cWZW# c[dj[" YkWdZe bei jh[i `ÂŒl[d[i Y_hYkbWXWd W XehZe Z[ kdW ce# jeY_Yb[jW Z[ h[]h[ie W YWiW$ Bei cejeY_Yb_ijWi" Wb bb[]Wh W kdW YkhlW" i[ [dYedjhWhed \h[dj[ W \h[dj[ Yed kdW YWc_e# d[jW D_iiWd Yebeh Wpkb" YW`ÂŒd Z[ cWZ[hW Z[ Wgk[bbWi gk[ jhWdi#
fehjWd b[Y^[ " Y^eYWdZe Z[ cW# d[hW l_eb[djW$ Kde Z[ bei j[ij_]ei i[‹WbÂŒ gk[ [b YedZkYjeh Z[ bW YWc_ed[# jW h[XWiWXW W ejhe l[^‡Ykbe" i_d f[hYWjWhi[ Z[ gk[ [d Z_h[YY_ÂŒd YedjhWh_W Y_hYkbWXW bW ceje Yed bW gk[ i[ _cfWYjÂŒ$ #%1#2 -ĹŠ ĹŠ! 2 M_bc[h @khWZe" kde Z[ bei Yec# fW‹[hei Z[b [gk_fe" [nfb_YÂŒ gk[ [bbei de iWb_[hed iehj[WZei fWhW `k]Wh [d bW `ehdWZW Z[ Wo[h" feh be gk[ Z[Y_Z_[hed h[]h[iWh fWhW `k]Wh [d bW Yeef[hWj_lW BW 9WhY^[di[" c_[djhWi gk[ ejhei f[diWXWd Z_h_]_hi[ W ik YWiW" [d 7gk[f‡" ZedZ[ l_l[d$ Bk[]e Z[b WYY_Z[dj[ bei ^[# h_Zei [hWd jhWibWZWZei [d kdW YWc_ed[jW fWhj_YkbWh ^WijW kdW YWiW Z[ iWbkZ$
!!("#-3#ĹŠ"#ĹŠ31;-2(3. 3.2
Ŋ ,(+( 1#2Ŋ"#Ŋ #-18Ŋ8Ŋ -%_+(! Ŋ(-"(! 1.-Ŋ ŗ04#Ŋ+.2Ŋ)¢5#-#2Ŋ2#Ŋ "#+ -3 1.-Ŋ"#+Ŋ1#23.Ŋ "#+Ŋ#04(/.ĔŊ04#Ŋ5#-~ Ŋ#-Ŋ.31.Ŋ5#'~!4+.ē
Ĺ—ĹŠ -ĹŠ#+ĹŠ! 2.ĹŠ"#ĹŠ .+ -" ĹŠ .1) ĔŊ242ĹŠ $ ,(+( 1#2ĹŠ ĂŒ-ĹŠ-.ĹŠ#23 -ĹŠ#-3#1 ".2ĹŠ"#+ĹŠ !!("#-3#ĹŠ!.,.ĹŠ3 ,/.!.ĹŠ"#ĹŠ#-ĹŠ04_ĹŠ+4% 1ĹŠ + ĹŠ#23 -ĹŠ 3#-"(#-".ēŊ I_d [cXWh]e" Wb]k_[d bbWcÂŒ W bWi kd_ZWZ[i Z[ ieYehhe o WYk# Z_[hed bei c_[cXhei Z[ bW 9hkp He`W o [b 9k[hfe Z[ 8ecX[hei$ OebWdZW 8eh`W \k[ jhWibWZWZW [d [b l[^‡Ykbe Z[ bWi YWiWYWi he`W ^WijW bW Yb‡d_YW IWdj_W]e" f[he de bW Wj[dZ_[hed [d l_ijW Z[ gk[ de YedjWXWd Yed kd Wd[ij[i_ÂŒ# be]e$ Bei XecX[hei jhWibWZWhed W bW `el[d ^WijW bW Yb‡d_YW 9kXW 9[dj[h" ZedZ[ gk[ZÂŒ Wi_bWZW Bei ^[hcWdei 8[hh[hW \k[# hed _d]h[iWZei W bW Yb‡d_YW 7hWk`e$ 7bb‡ f[hcWd[Y‡Wd Wo[h Yed fhedÂŒij_Ye h[i[hlWZe$
Ä ^ĹŠ ÂĄĹŠ Ä&#x;
ŋ$/-.# # ŋ& ŋ&& !šŋ ŋ #-- & ŋ
ēŊ .2ĹŠ$ ,(+( 1#2ĹŠ-.ĹŠ !.-.!#-ĹŠ#+ĹŠ/ 1 "#1.ĹŠ"#ĹŠ #1¢-(! ĹŠ +.1#2ĹŠ # ă#+Ä“
h[]h[iÂŒ W Gk_je$ C_]k[b <beh[i ieb_Y_jÂŒ W bW Y_kZWZWd‡W gk[ YedepYW Z[b fW# hWZ[he Z[ ik ^_`W bbWcWh Wb j[bƒ# \ede &.) '( ,) ') e Wb Yedl[d# Y_edWb (,) *, -," Z[ bW \Wc_b_W <beh[i F[‹WĂ’[b$
Bk[]e Z[ YWi_ * W‹ei Z[ [if[# hW" [b Wi[i_dWje Z[ =_ii[bW ;i# c[hWbZW 9^_YW bb[]W W ik Ă’d o j_[d[ kd h[ifediWXb[" gk[ [ij| [d fh_i_ÂŒd$ HkXƒd :Wh‡e =WdY^epe ?d# jh_W]e fWiWh| (+ W‹ei jhWi bWi h[`Wi" feh [b Wi[i_dWje Z[ ik [n Yedl_l_[dj[ =_ii[bW ;ic[hWbZW 9^_YW$ ;ij[ ^[Y^e Z[ iWd]h[ i[ h[]_ijhÂŒ [b (. Z[ W]eije Z[ (&&-" W bWi ((0&&$ BW i[dj[dY_W bW _cfkie [b Jh_XkdWb Fh_c[he Z[ =WhWd# j‡Wi f[dWb[i Z[ [ijW fhel_d# Y_W" bk[]e Z[ bW WkZ_[dY_W Z[ `kp]Wc_[dje$ C_]k[b M_b\h_Ze <hWdYe o 9Whc[d CeZ[ijW 9^_YW" fWZh[i Z[ bW \Wbb[Y_ZW" _dZ_YWhed gk[ f[i[ W gk[ [b ik`[je Wi[i_dÂŒ W ik i[h gk[h_Ze dWZ_[ b[i lW W Z[leb# l[h W ik ^_`W$
+ĹŠ'#!'.ĹŠ ;b (- Z[ W]eije Z[ (&&-" W bWi ('0)&" =_ii[bW AWj^[h_d[ ;ic[# hWbZW 9^_YW" Z[ ', W‹ei Z[ [ZWZ" h[]h[iWXW Z[ ik jhWXW`e Z[ bW :_ijh_Xk_ZehW C[dZepW$ 7 bWi ((0&&" Wfhen_cWZW# c[dj[" i[ XW`WXW Z[b Xki o kdei '& c[jhei Wdj[i Z[ [djhWh W ik Zec_Y_b_e" kX_YWZe [d [b FbWd Z[ L_l_[dZW Ckd_Y_fWb" \k[ _dj[h# Y[fjWZW feh ik [n Yedl_l_[dj[ HkXƒd :Wh‡e =WdY^epe$ 7bb‡ [b `el[d b[ f_Z_ÂŒ gk[ h[]h[iWhW Yed ƒb" f[he [bbW oW ^WX‡W jecWZe kdW Z[Y_i_ÂŒd Z[ i[fWhWhi[$ BW `el[d b[ [nfb_YÂŒ gk[ kdW Z[ bWi YWkiWi fWhW de h[]h[iWh [hW [b cWbjhWje gk[ b[ Z_e Zk# hWdj[ bei '' c[i[i gk[ l_l_[# hed `kdjei$ F[i[ W gk[ =_ii[bW ^WX‡W i_Ze
ĹŠ
Ä Ä‰
ēŊ .+ -" Ŋ .1) ĔŊ 31 2+ " " Ŋ Ŋ+ Ŋ!+~-(! Ŋ 4 Ŋ #-3#1ēŊ
ēŊ (22#+ Ŋ 3'#1(-#Ŋ 2,#1 +" ĔŊ!4 -".Ŋ#1 Ŋ5#+ " Ŋ#-Ŋ24Ŋ ".,(!(+(.ē
Wc[dWpWZW Z[ ck[hj[ feh [ij[ ik`[je" bW `el[d b[ [nfb_YŒ W =Wd# Y^epe Yk|b [hW ik Z[Y_i_Œd Bk[]e i[ _d_Y_Œ kdW Z_iYk# i_Œd ^WijW gk[ HkXƒd =WdY^e# pe iWYŒ kd YkY^_bbe o b[ fhef_dŒ Zei cehjWb[i fk‹WbWZWi" kdW [d [b f[Y^e o ejhW [d [b YeijWZe Z[# h[Y^e Z[b jŒhWn" YWo[dZe ceh# jWbc[dj[ ^[h_ZW$ BW `el[d \k[ jhWibWZWZW Wb >eif_jWb =[d[hWb" f[he Wbb‡ bei cƒZ_Yei iebe YecfheXWhed gk[ ^WX‡W \Wbb[Y_Ze$
,'#. -ŋ- ŋ )' (ŋ ßßÿĄúúúŋ š& , -ŋ
ĀĂĹ? Ĺ? Ĺ? Ĺ?Ä‚Ä€Ä Ä
Ĺ? +. Ĺ? Ĺ?
Ä ÄŠ
.2ĹŠ(-2#!3.2ĹŠ' -ĹŠ/4#23.ĹŠ#-ĹŠ /41.2ĹŠ ĹŠ %#-3#ĹŠ"#ĹŠ4-ĹŠ -!.ĹŠ#-ĹŠ+ ĹŠ -"( ĔŊ".-"#ĹŠ "#5.1 1.-ĹŠ#+ĹŠ"(-#1.ēŊ W bei X_bb[j[i feh bWi j[hc_jWiÇ" b[ Z_`e bW Z_h[YjehW ][d[hWb Z[b 8Wd# Ye ;ijWjWb Z[ ?dZ_W" 7X^Wo I_d]^" W bW W][dY_W Fh[ii Jhkij e\ ?dZ_W$ Æ9ece \k[ YkbfW Z[b XWdYe" i[ ^Wh| YWh]e Z[ bei f[h`k_Y_ei YWkiWZei feh bWi j[hc_jWi$ De ^WXh| fƒhZ_ZW fWhW [b f‘Xb_# YeÇ" Wi[]khÂŒ$ I_d]^ Yec[djÂŒ gk[ bei d‘c[# hei Z[ _Z[dj_ZWZ Z[ bW cWoeh‡W Z[ bei X_bb[j[i [ij|d _djWYjei" feh be gk[ feZh‡Wd i[h h[[cfbWpWZei$ <kdY_edWh_ei Z[b 8WdYe Z[i# YkXh_[hed gk[ bei X_bb[j[i" gk[ i[ cWdj[d‡Wd [d kdW Y|cWhW WYehW# pWZW" ^WX‡Wd i_Ze ZW‹WZei feh bWi j[hc_jWi W fh_dY_f_ei Z[ [ij[ c[i$ I_d]^ [nfh[iÂŒ gk[ i[ ^Wd [n# f[Z_Ze Z_h[Yj_lWi W jeZWi bWi ik# YkhiWb[i gk[ WbcWY[dWd Z_d[he [d Y|cWhWi WYehWpWZWi fWhW h[l_# iWh ik [ijWZe YWZW Zei c[i[i$ ÆOW bW Z_h[YY_ÂŒd ^WX‡W h[Y_X_Ze WZl[hj[dY_Wi Z[ gk[ bWi j[hc_jWi #"(" 2 ÆBW Z_h[YY_ÂŒd Z[ bW ikYkhiWb Z[ [ijWXWd ZW‹WdZe bei WhY^_lei o <Wj[^fkh" [d [b Z_ijh_je Z[ 8WhW# ck[Xb[i$ I[ [ij|d ^WY_[dZe [i# XWda_" \k[ Z[YbWhWZW YkbfWXb[ Z[ \k[hpei fWhW jhWibWZWh [b 8WdYe W d[]b_][dY_W feh [b ZW‹e YWkiWZe ejhe bk]WhÇ" i[‹WbÂŒ I_d]^$ 889 ;b f[hiedWb Z[ kd XWdYe Z[ bW ?d# Z_W ^W i_Ze WYkiWZe Z[ f[hc_j_h gk[ bWi j[hc_jWi i[ Yec_[hWd X_bb[# j[i feh kd lWbeh Z[ lWh_ei c_bbed[i Z[ hkf_Wi ((+ c_b ZÂŒbWh[i $ I[]‘d _d\ehc[i" bW ][dj[ gk[ jhWXW`W [d [b i_j_e" [d [b [i# jWZe dehj[‹e Z[ KjjWh FhWZ[i^" ^W i_Ze Z[YbWhWZW YkbfWXb[ Z[ Ăˆd[]b_][dY_WÉ$ I[ Yh[[ gk[ bei _di[Yjei Z[i# jhko[hed X_bb[j[i feh kd lWbeh Z[ Wfhen_cWZWc[dj[ kd YkWhje Z[ c_bbÂŒd Z[ ZÂŒbWh[i$ Kd _dY_Z[dj[ i_c_bWh eYkhh_ÂŒ [d (&&." YkWdZe j[hc_jWi [d [b l[Y_de [ijWZe Z[ 8_^Wh i[ Yec_[# hed bei W^ehhei gk[ kd Yec[h# Y_Wdj[ j[d‡W [d ik XWdYe$ ;b 8WdYe ;ijWjWb Z[ bW ?dZ_W _dZ_YW gk[ i[ ^W bb[lWZe W YWXe kdW _dl[ij_]WY_ÂŒd ieXh[ [b ‘bj_ce _dY_Z[dj[$
Kd YWdWb f‘Xb_Ye Z[ j[b[# l_i_ÂŒd" ZejWZe Z[ [ijkZ_ei" Wdj[dWi" Y|cWhWi" \kdY_e# dWh_ei o ^WijW [Z_Ă’ Y_e fhe# f_e" bb[lW '( W‹ei WX_[hje [d Khk]kWo i_d gk[ iki jhWXW`WZeh[i ^WoWd [c_j_# Ze kdW iebW _cW][d o i_d gk[ bWi Wkjeh_ZWZ[i ^WoWd ZWZe kdW [nfb_YWY_ÂŒd W [ijW i_jkWY_ÂŒd$ 9WZW Z‡W" Z[ i[_i Z[ bW cW‹WdW W kdW Z[ bW cW# Zhk]WZW" bei i_[j[ jhWXW# `WZeh[i Z[b 9WdWb . Z[ C[be" beYWb_ZWZ kX_YWZW W kdei ).- a_bÂŒc[jhei Z[ Cedj[l_Z[e" WYkZ[d W iki fk[ijei Z[ jhWXW`e i_d ejhW \kdY_ÂŒd WfWh[dj[ gk[ Yed# jhebWh bei [gk_fei o Wi[# ]khWhi[ Z[ gk[ ik Wdj[dW h[f_jW Yehh[YjWc[dj[ bW i[‹Wb Z[ bW J[b[l_i_ÂŒd DW# Y_edWb" W bW [if[hW Z[ gk[ Wb]k_[d ehZ[d[ [b h[_d_Y_e Z[ iki ef[hWY_ed[i YbWk# ikhWZWi [d '///$ ;<;
/ , Ĺ‹ &Ĺ‹#(0 (.),Ĺ‹ &Ĺ‹. & *,)'*. , ;b cWhj[i fWiWZe ckh_ÂŒ [d ;i# jWZei Kd_Zei >kX[hj IY^bWĂ“ o" [b ^ecXh[ W gk_[d i[ Wjh_Xko[ bW _d# l[dY_ÂŒd Z[b j[b[fhecfj[h" [b WfW# hWje fWhW b[[h ]k_ed[i \h[dj[ W bW fWdjWbbW Z[ Y_d[ e j[b[l_i_ÂŒd$ IY^bWĂ“ o jhWXW`WXW [d [b [ijk# Z_e Z[ Y_d[ Jm[dj_[j^ 9[djkho <en YkWdZe i[ b[ f_Z_ÂŒ Yedijhk_h
( &Ĺ‹ Ĺ‹ Ĺ‹&& 0 Ĺ‹ # ,.)ŋÝßŋ ˜)-Ĺ‹-#(Ĺ‹ '#.#,Ĺ‹(
ēŊ Ŋ5#!#2Ŋ+ 2Ŋ3#1,(3 2Ŋ3(#-#-Ŋ%423.2Ŋ! 1.2ē
kd Z_ifei_j_le fWhW WokZWh W iki [ijh[bbWi W h[YehZWh iki ]k_ed[i$ :[iZ[ [djedY[i" [ij[ WfWhWje #gk[ kj_b_pW kd cejeh Z[ Z[ifbW# pWc_[dje fWhW ceijhWh [b j[nje [d kdW fWdjWbbW Z[ l_ikWb_pW# Y_Œd# ^W WokZWZe W ][d[hWY_ed[i Z[ b[Yjeh[i Z[ dej_Y_Wi" feb‡j_Yei o WYjeh[i$ 889
ēŊ 4 #13Ŋ !'+ ĄŊ8Ŋ$4#Ŋ04(#-Ŋ"#2"#Ŋ' !#Ŋ2#(2Ŋ"_! " 2Ŋ#5(3 Ŋ,.,#-3.2Ŋ .!'.1-.2.2Ŋ Ŋ/.+~3(!.2ĔŊ+.!43.1#2ĔŊ !3.1#2Ŋ8Ŋ,;2ē
ŏ ŏ
ŏ
ŏ
Ďć! (-!+ēũ
ũćĉũũ ũ ũ ũĉćĈĈ
-3.ũ .,(-%.
ũ ũ ũ ũ ũ }
Ċďũ :
.2ũ 31 / 1. #Ăũ#12.-ũ 31(!(.ũ ;904#9ũ8ũ .2_ũ
. #13.ũ ¢-".1ũ (++ +3 ũ$4#1.-ũ"#3#-(".2ũ /.1ũ,(#, 1.2ũ"#+ũ 14/.ũ"#ũ /#1 !(.-#2ũ .3.1(9 " 2Ĕũ+4#%.ũ"#ũ' #1ũ 2 +3 ".ũ ũ4- ũ).8#1~ ēũ : ũ Ĉđ
1#2ũ)¢5#-#2ũ"#/.13(23 2ũ04#ũ5( ) -ũ#-ũ 4- ũ,.3.ũ2#ũ !!("#-3 1.-ēũ 23;-ũ 2(+ ".2ũ#-ũ4- ũ! 2 ũ"#ũ2 +4"ũ/ 13(!4+ 1ēũũ : ũ Ĉđ
.2ũ # _2ũ "#ũ 1#8 .2ũ-( .2ũ2 -.2ũ"(.ũ ũ +49ũ 1( 'ũ 1#8ũ!.-ũ #+ũ$.-".ũ,42(! +ũ"#ũ24ũ ! -!(¢-ũĥ #ũ #+.-%ũ 3.%#3'#1Ħē : ũ Ĉć
.,#1!( -3#2ũ 5(5#-ũ242ũ.+(,/( " 2
13(!(/ -ũ2.!(.2Ĕũ#,/+# ".2ũ8ũ31 ) ".1#2ũ"#ũ+ 2ũ "($#1#-3#2ũ#,/1#2 2ũ8ũ-#%.!(.2ũ"#ũ+ ũ!(4" "ēũ : ũ ĈĊ