Կոտրել երկչոտությունը

!" #$% &%%$$!!''""##""(())**""((++,,

! !" # $%&'(!"#$#%#&'()#&*+,(-./'(012'%#3

!"#$%&'(#)&*$+*,'+%-./%-((#)"#0*/+(%-"1

!"#$%&'()*+,)"-'.)/#$)0'123#'4#5')6'+62"+%)/27)

8"92/"'2%-

:%'+";+<'2/+=3+>+/3'26'.)/#$8&'?2*'123'+6#5%"+"+7#5'+/3#@

"#5A,+"'1+6+/-'B"#/1+9+7#5A,#5"'?2*'+,"'C+62/)'1+6+/D'#/'4#5'"E)/2@

0)/'+,%'F)/?8'=6 +F/27#5"-'

:%'%)/#5G6'26'?2*D'A+"9+F)H"%-

I2/';#/%'#/4)"2/)"&

J4)%#")"D'2%'2/+=3+>+/3'26'?#'"#5/ '%/3)'1+6+/-'K#5'+>/#56'2%

1+6+L+,"'?#'+"E+"D'#/8'"M+"+9#56'N'

OE%3+1#5A,+"'+/C+")P-

Q%A)")"D'2%'2/+=3+>+/3'26'?#'+"L"E2/'%)/#'R'

"/ +*F+0#5A,+"'1+6+/-

S72?%+"4/)"D'4#5'7#5%+E#/#56'2%'+,"'32T2/8D'#/32T'7)"#56'2%-':%

%)/#56'26'?2*-

S/42")"D'4#5'62*'+">+3627)'#5/+=#5A,#5"'>+/FR20)/-

U#"'R'V2,'W)E2/"2/)"D'4#5?'2T27'2?'+%3E+X+>+M3'X"#T"2/-':%'+,"@

?+"'#5/+='26D'#/'S%3E+X'A#5,7'N'3E27')"L'7)"27'L2/'#/4)"D'2%'L2*&

2/9#5%)4'N7'%)/#56'26-

B"#/1+9+7'26'OU#"'W)E2/)'X+Y+,#5A,#5""2/P@)'+M=+3+9+*6)"-

B"#/1+9+7#5A,#5"'L2/'+$+90#5A,+"'R'

1+E+3+/6#5A,+"'1+6+/-'

Z#5/+1+3#59'M"#/1+9+7#5A,#5"'U#"'I2,%#")"&'6)'+"92TX' +/29+6)D

#/"')/+>2%'#5/+=+"#56'N'#5/)M"2/)'1+$#T#5A,+6 D'#T$'OV/)2,M"'[+@

#5%P@)'+M=+3+9+*6)"D'#/'+M=+320'62*'123'R'+$+9020'62/'X+Y+,#5@

A,+"8-'K#5?' #7#/4',#5/+1+3#59'F#/X8"92/"2/'2?'X+Y+,#5A,+"'62$-'

:E'+62"+9+/R#/' +"8D'2%'+"92TX#/2"'F#1+"#56'26'62/'2/9"+,)"'[#@

/)0&'\/'+"%>+Y'%)/#'1+6+/D'62/'.2/'[)%#5%)"&'\/'M"#/1?)D']M6+/3#5@

A,+"'#5'%)/#'1+6+/D'^#5/ '[#F#5"&'+,%'X/+F/)'8"A+0?#56'\/

1+E+3+/)6'+Y+$"#/4#5A,+"'1+6+/-

!

"#$%&'((%))*+,- .....................................

:/ 'F/#56'N)'+,%'F)/?8D'S%3E+X'6+/F+/2+9+"'=#%?'3E20

)"L'+%27#E_'

O!+"'M+3'6+/4)9D'#E?2/')/2"0'+"E+"#56'2"'E2/$)"'

`/2/)'\6'1*#/' +"+9)'1+E+3+0,+7"2/D' +,0'9+>E+X'2"

E+=#E-'a/+"?'S%3X#'R'6+/49+"0'+Y+$'6+?#5/'%)/3'#5"2"D

+,0'R'+,">2%'b242#")'"6+"'F2/E+X'2"'6+/49+,)"'E+=)0

cK+3_'d@ef-'g+/FR"2/8D'#/#"?':%'4/27'26'"/+"0'

62$D'1+"F+X'2"-

:%'9`X26'+,%'F/?)'#5T2/L8D'#/>2%*)'"/+"0)0'M+32/8

+*+3+F/E2"-'S,4'6+/4)9'E2/'992"+"'R'+Y+"0'E+=)'91"+@

*+"4E2"'\"L-'a/+"?'97)"2"'?+$'>+32/+*6#T"2/'R')/2"0

S%3X#'*#/#5A,+6 'X"#5"4'93+"'62X'1+TA+"+9"2/)P-

/

.............................................))))0'&((

SY+$+ +"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ d

a2/+X#5A,#5"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ e

2*3#4#

5*3+*+6'&#7%#0%,8%&#9'&7'#"):

h'V+,7)/'?2*'3/E+X')M=+"#5A,+6 '@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hi

j'[#FR#/'4)/?'R')M=+"#5A,#5"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ jk

i':/9#5'X+,/+12T#5A,#5"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ il

m'./E+X'>+/FR"2/'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ mn

2*3#44#

;*<*0*/+)=#)&>?%+%-./%-(@

k'[+"F+X'>+/FR"2/'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ dk

d':/9;#3#5A,#5")0'9+AE+X+1+/'2T+X'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ eh

l':/9;#3#5A,+"'1#F)"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ nk

2*3#444#

A%+&)=#)&>?%+%-./%-(@

e'W#/ #?)/'>+/FR8'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hhh

n':/9;#3#5A,+"'+/6+38'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hjl

ho'p+"9#5A,#5"8' +E+9+"';N'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hmi

hh'S%3X#'2/9,#q5TD'A2q'6+/4#5'E+=@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hdi

hj'b#/X2q7D'A2q'+/L+F+"?27'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hek

hi'rF+%3#5A,+"'1#F)"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ hnn

hm'sF3)/'+Y+$'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ jhl

t2/$+ +"'@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@@ jik

1

23'4' '&))))........................................

S

/42"'M+3'3+/)"2/'ND'#/']+"+;#56'26'U#"'W)E2/)"&'#/@

>2%' 2/)3+%+/4' X+Y+,#T' R' A+"9+F)"' 8"92/-' K+' )"L

1+6+/'62X'>+3)E'N-':%')6'#T$'%/3#E'1+E+3#56'26D'#/

S%3E+X'"/+"' +/L/+0/27'N'1+TA+"+9)D'1+E+3?)'R'1#5,%)'#5@

T2/L' 2/27#5'+,%'%2/"4)"-

U#"'W)E2/8'O!#3/27'2/9;#3#5A,#5"8P'F/?#E'V/)%3#%)'6+/6@

")"' 2/#56'N'6)'#5T2/LD'#/"'+/4)+9+"'N'R'#/)'9+/)?8'M+3'N-

I2"?'9+/)?'#5"2"?'`F3+F#/X27#5'+,"'>+/FR"2/8D'#/#"?'S%3@

E+X'3E27'N'62*&'+M=+/1)"'1+%"27#5'1+6+/-'W+,0'4/+'<#=+@

/2"'62*+")0'M+32/8'"+1+"$#56'2"'V/)%3#%)'62$'#5"20+X'62/

)M=+"#5A,+"'E/+'+""9+3'R'"9+327)'1+/L+9#56"2/)0-'

^+3+"+"'0+"9+0+X'LR#E'>+,6+""2/'9%32TX)'R'9`F3+@

F#/X)'6+/49+"0&'1+"F0"27#5'S%3X#'62$'#5"20+X'?#'>+/FR8-

S%3X#'u#%?#56'9+"'M+3'1+E+3+0,+7"2/)'`/)"+9"2/D'#/#"?

E+=)'62$'2"'2T27D' +,0D'9#3/27#E'+,"D'1+%27'2"'1+TA+"+9)-

aM2"?' 6)' ?+")%)"_' [2%#5D' b242#"D' a226)+' R' K+E)A-' S%3E+@

X+M#5";"'+%#56'N_'OW#7#/'?2*'426'M)"+X'F#/X)?"2/8'>)3)';1+@

$#TE2"P'c:%+,)'km_hlf-

5

S,%'F/?)'R'^#5/ '[#F#5'*#/#5A,+"'6)$#0#E',#5/+?+";,#5/'1+@

E+3+0,+7' 9+/#T' N' ]2T?27' E+=8'R' 1+TA27-'v#T' S%3E+X'+,%

%2/"4)'62$' +/L/+0")'>+32/+*6#T"2/)'+,">)%)'6)' +"+9D

#/8'2/ 2?';)'"+1+"$)-

6+&))7#8,+&O^#E#/+9+"'AM"+6)PD'O[2Y+0/#5'+,"'+62"8D')";8'<#/L#56'N

?2*'9+"F"20"27P'R'Ou#%3#56)'=#%?2/P F/?2/)'12T)"+9-

2 3 ' 4 ' ' &

9

:#;'<+=>8+=&)).....................................

B

+3'?/)%3#",+"2/'2"'>+32/+*6#56'E+=)'426D'M+32/"

N7'+E27)'M+3'9YE#56'2"'E+=)'123R+"?"2/)'426D'6)";42Y

>23?' N' >+,?+/2"' 4/+' +9#5"?)' 426-' g+392/+0/2?

A+"9+/C2?'9+1+E#/+"?#E'6)'M?2T'3#5"D'#/8'%+9+,"'3+")?

;#5")-'[#/4+Y+3'+"L/R'N'F+7)%'R'#T#T#56'N'+6 #T$'3#5"8-'b/2@

A2'+62"')";'+E2/E#56'N-':/9+/'C+6+"+9'9>+1+"$E)'92T3#3

#5'#;'>)3+")'4+/L+X'9+1#5,?)0'+*+3E27#5D'1+F#5%3"2/8'R

1+3+98' 6+?/27#5' 1+6+/-' [23#' 3+"32/8' $+"+%)/+ +/

>23?'N'+M=+3)D'#/>2%*)'"#/)0'L2Y?' 2/)'+,"'+62"8D')";'<;+@

027'N-

I)' F#/X8' 42Y' ;+E+/3+XD' <#A#/)98' +E2/#56' N' "#/#F+X8-

[#5%+=+ E+X'"+'"#/)0'%9%#56' N'E2/+9+"F"6+"'L+"L/+7)'R

E1+320"#T' +M=+3+"?8-' !+/]+3R' 4+4+/)0' 123#' +"L/R8

9/9)"'9#/X+"#56'N'+62"' +"D'R'12/A+9+"'+"L/R)'123R+"?"2@

/8'E2/+9+"F"27#50'1#F"+X'6+/48'%>+Y#56'N')/'#5C"'#5'9+/#@

T#5A,#5"8-'[#5%+7?E+X'"+'4+4+/#56'N'>+,?+/27'R'1+6+92/>@

E#56'N')/+E)]+9)"&'1+E+3+7#E')/']+9+3+F/)"-

\1+/92D' %+' +"12A2A#5A,#5"' N-' [+E+"+ +/' 4#5' 963+X2%_

O\";#q5'"+';N/'+6/+0"#56'3+")?8_'4/+"#E'"+'#;)";';N/'9#/0")-

?

\G";'1)6+/'6+/4'NP-'W+,0'R'+,">2%D'+,%'32%+/+"8' "#/#M#56'N

M+3'M+32/)"D'#/#"?'>+,?+/#56'2"'E+=)'426-'a/+"?'E+=)'*#@

/#5A,#5"8'9#3/27#5'<#=+/2"'$+"#56'2"'M3927'4/+'123R+"?"2@

/8&'1)+%A+<#5A,#5"8D'M<#AE+X#5A,#5"8D'1#5%+1+3#5A,#5"8w

x6+"?' N7'>+,?+/#56' 2"' E+=)' 426&' 4)627#E' 1#F2 +""2/)"D

#/>2%*)' %#E#/2"D' A2' )";>2%'E+/E2"' )/2"0' E+=)'123-'I,#5%@

"2/"' )/2"0' 9,+"?8' 1+"L"#56' 2"' 2/9;#3#5A,+"' %3/9#5A,+"8&

E+=2"+7#E'+*+3#5A,+"'1#5,%'#5"2"+7-'S,%'2/9#5%"'N7'"6+"'2"

+Y+"0' 3+")?)' A/$E+X' 9+1#5,?#E' "+9+/+"#56' +>/27#5"-

x6+"?'N7'629#5%+"#56'2"-'[#5%+1+3E+X'"/+"?'8"41+"/+>2%

7?#56'2"')/2"0'12T2TE+X'3#5"8-'

S,%'F/?)'#5T2/L8'L2*';)'%#E#/20"27#5'>+,?+/27D'+,7'+,"'9 +@

0+1+,3)' #7#/'E+=2/)0'R'2/9;#3#5A,#5")0'+*+3E27#5'S%3X#

]+"+>+/18D' #/)0' 123#' 4#5?' 9+/#T' 2?' )/+9+"+0"27' S%3X#

9#;#568'L2/'9,+"?#56-

:%' M+3'C+62/'26'+"09+0/27' 1+6+9+/F;)'+Y+$'+,%'F/?)

E/+'+M=+327)%'R'="4/27'26'.)/#$'+Y+$"#/4#5A,#5"8-'I)'+Y+@

E#3D' 2/ '+M=+3#56' N)' F/?)' E/+D' )6' %2",+9#56' *F+0)'.)/#$

"2/9+,#5A,#5"8-

t2/' 9+0+' 1+6+9+/F;)' 6#3)0' R' %9%20)' ?+,727' #5' +T#A27-

:/ '+T#A#56'N)D'.)/#$'6+/F+/2+9+"'[#F)"')$+E')"L'E/+D'R

+,%'=#%?2/8'4#5/%'29+"_'Ox/4)H%D'9+"'M+32/8D'#/#"?')/2"0'+"@

E+"#56'2"'E2/$)"'`/2/)'\6'1*#/' +"+9)'1+E+3+0,+7"2/D' +,0

9+>E+X'2"' E+=#E-'a/+"?'S%3X#'R' 6+/49+"0'+Y+$' 6+?#5/

%)/3' #5"2"D' +,0' R' +,">2%' b242#")' "6+"' F2/E+X' 2"

6+/49+,)"' E+=)0' cK+3_' d@ef-' g+/FR"2/8D' #/#"?' :%' 4/27' 26

"/+"0' 62$D' 1+"F+X' 2"-' :%' 9`X26'+,%' F/?)' #5T2/L8D' #/>2%*)

"/+"0)0' M+32/8' +*+3+F/E2"-' S,4' 6+/4)9' E2/' 992"+"' R

+Y+"0'E+=)'91"+*+"4E2"'\"L-'a/+"?'97)"2"'?+$'>+32/+*@

6#T"2/'R')/2"0'S%3X#'*#/#5A,+6 'X"#5"4'93+"'62X'1+TA+"+9@

"2/)P-

: # ; ' < + = > 8 + = &

@

^+'8"4+62"8'+%3E+X+ +"+9+"'#5%#50#56';N-'.+/)"2/'M+@

/#5"+9' 2%' Y"E+X' N)' E+=#E-' S62"+62X' =#;8"4#38D' #/)"' 2%

1+"4)>#56'N)D'+,"'N/D'#/';F)32)')6'>/# 726"2/)'+9#5"?8-'S%3@

E+X' +0+1+,320'+,4';+/'AM"+6#5"-'K/+")0'123#'S%3E+X'`F@

3+F#/X27'N'+,%'#5T2/L8&'#T$'+M=+/1#56'?/)%3#",+"2/)"'+*+@

3+F/27#5'1+6+/-

I)'+E+F'+,%>2%'+/3+1+,3E20&' +0+9+";27#E_'OS,%'#5T2/@

L8'S62/)9+,#56'>23?'N'7)")',#5/+?+";,#5/'1#EE)'L2Y?#56P-'S,%

>+3F+68'6)+,"'1#E)E"2/)'1+6+/';ND'+,7'292T20#5',#5/+?+";@

,#5/' +"4+6)-' :%' ;26' 1+E+3#56D' A2' >+3+1+9+"#5A,#5"' ND' #/

+,%'F)/?8'?#'L2Y?2/#56' N-':/ '4#5'+*+3+F/E2%D'="4/#56'26D

<#=+"0)/'+,%' #5T2/L8' "/+"0D' #E?2/' #5"2"' 4/+' 9+/)?8-' :/

4#5'<#=+"02%'+,"D'#5T2/L8'?#'62$'+E27)'9*#/+"+-

:%'?+$+72/#56'26'?2*D'#/'+T#A?)'62$'6)+"+%')"LD'2/ '%9%2%

9+/4+7'+,%'F)/?8-'u"4/#56'26D' +0)H/'?#'%)/38'R'=#%)H/'+,%

+Y2/8'S%3X#'"2/9+,#5A,+"'62$_

!"#$%&'()*(+,&(")-./-(0&)-1.-)(#2./2.3(,-(425&./*(,*(6./&

".7./2'(.&(8#%12)(0.(4.-9:()2;'(,& (<#&5#*(#%-(7)&9:=(>25?

&./*(,*'( #@#8#%1)&(,/(8,A#@&./()*(<%#29)@(#*,2(1,-#<)

#23-1#8./B%./2'(.&C,-D)(3#4)(#&*#1:(E.&#2#=(F.G(,-(#3,H)

*.1,2#*(0,D(,/(8#*#&;#<(3<#%,*()*(+,&(

")-./-(0&)-1.-)2I=

AB

......................................))))7',))C

!"#$"$%&' ( ) *+ *,- . * ' (/ & ' ) & ( 0 - 1

0#%H)$&(J-1K./@(9,D(1&3#K()L4#2./B%#* '(#%H#C,-()2E.&(*,<:(<3,&@2)(#%2(,/

<M71#7.&K)(9.(5,*=

...........................................))))DE+=*))A

2" 3 4 & 5 ' ( ) -6 ( $'%"7& 89":* .; 3"0

y

+Y+,27#E'.)/#$8&'2%'+E27)'#5'+E27)'26'1+%9+"#56D'#/

S%3E+X' )/+E)]+9"2/8' R' 6+/49+"0' `F3+F#/X#56' N

62*' "+=+>+3/+%327#5' 1+6+/D' #/>2%*)' 62/' 9,+"@

?#56')/+9+"+"+'\/'9#;#568-

hnei'A@)"'2%'A#T20)')6'9+/)2/+"&')"C2"2/)'>+M3#"8D'#/@

>2%*)' 6)' M+3' 62X' 292T20#56' 63"2)' `F"#5A,+"' X+Y+,#5A,+"

62$-'\6'4)/?#56'2%'X+Y+,#56'N)'1#EE)"D'"/+'9"#$8D' #7#/'1,#5/@

X+Y+,#T"2/)"-'QF"#56'N)'2/9/#/4+9+"'="4)/"2/'7#5X27#5'F#/@

X#56D'#/>2%*)'"/+"?'+"2)"'+,"'F#/X2/8D'#/#"0'1+6+/'S%3E+X

9+";27'N'"/+"0-'z#/%'3+/)'123#'S%3E+X')"L'1+"20'+,4'X+Y+@

,#5A,#5")0D'#/>2%*)'7)"2)'629'+,7'62X'292T20#5'2/)3+%+/4"2@

/)'1#E)E-

:/ '29+E'629"27#5'>+18D'6)'6+/4D'#/8')"L'123'"#5,"'X+Y+@

,#5A,+"'62$'N/D'9"#$%'+%+0D'A2'S%3E+X')/2"'=#%?'N'3E27')"L

1+6+/-'K/+")0'123#'6)";R'`/%'+,4'=#%?8'#/>2%'*F#5M+0#56

+"8"41+3' 1";#56' N' )6' +9+"$"2/#56&' >+M3>+"27#E' )"L' )/

)6+%3#5A,+6 'R'*#/#5A,+6 -'\";>2%'S%3X#'0+"9+0+X']M6+@

/)3'=#%?D'+,"'R%'4+/L+E'6)'T29')6'%/3)'1+6+/'R'+"#/#M#5@

A,#5")0')"L'>+127#5'1)6?-

S,4' 6+/48' *F#5M+0/27' N/' 9"#$%&' +%27#E_' O:A2' U#"8' ;?+,7)

A!

S%3X#&' )/2"' 3/E+X' )M=+"#5A,+6 D' )";@#/' 629"' +,"' 9E2/0")

"/+")0'R'9`F3+F#/X)')/'426P-'S,%'=#%?"'#5"20+E'+"6)$+9+"

+*420#5A,#5"-' :%' 8"4#5"20)' +,"' #/>2%' S%3X#' )6+%3#5A,#5"D

+,0'7)+/C2?'>+392/+0#56';#5"2)D'A2')";>2%'>23?'N'9)/+Y2@

)'+,"-'S,4'F)3#5A,#5"8'F+7#5'N/'1+$#/4'6)'?+")'3+/)"2/)'8"@

A+0?#56-

A/*(7#B%$%C#B%&D*E%-./%-(

hnno'A@)'%9* )"'.2/8'1+%3+320D'#/'\/'9#;#56"')6'9,+"?#56

+,4' C+6+"+9']+"+>+/1#/427"' #5' X+Y+,27"' N/-' :/ ' 2%' 9+/]

C+6+"+9#E']+"+>+/1'8"9+D'4/+")0'123#'#5"20+'9,+"?8'<#@

=#T'<#/L+Y#5A,#5"D'#/)'6)$#0#E'2%'E2/$+>2%'1+%9+0+'S%3@

X#'1+%3+3+X'=#%?2/8D'#/#"?')"L'+%E27'N)"'3+/)"2/'+Y+$-

I2"?'%9%27' N)"?'X+Y+,#5A,#5""2/'+"09+0"27' 6)' 292T20#56-

y+Y+,#5A,#5""2/8'X/+F/27' N)"?'%9%27' ;#/2?M+ A)'2/29#,+"'R

+E+/327'9)/+9)'`/8-'S%3X#'[#F)"'M+/CE#56'N/'M+3'*#/+E#/

LR#ED'R'7)"#56'N)"'1*#/'+*+3+F/#56"2/D' CM9#5A,#5""2/'#5'</@

9#5A,#5""2/-' S62"' 2/29#' X+Y+,#5A,#5""2/)' C+6+"+9' S%3X#

"2/9+,#5A,#5""'+E27)'#5'+E27)'0+,3#5"'N/'4+Y"#56-

SY+$)"' M+ +AE+' 8"A+0?#56' 6)' 9)"D' #/8' "2/F/+EE+X' N/

Oa,#5' J,$P' M+/C6+"'62$D'<+Y+E#/'LR#E'+*+3+F/E20-':E'%+

<#<#=#5A,+"'=A+"'4+/L+ED'#/8'%9)* '4/20'62X'+/A"#5A,+"-

I)'M+ +AE+'8"A+0?#56'62*'6)+0+"'+,4'E+,/)0')""%#5"'6T#"

12Y+E#/#5A,+"'E/+'+>/#T'6+/4)9-

[#E)E"'+%+0_'OI2"?';2"?'9+/#T'4+4+/20"27'+,%'X+Y+,#5@

A,#5""2/8-'S%3E+X'+E27)"'#5")'62*'1+6+/'>+1+XP-':%'1+6+@

L+,"E20)D' R' 62"?' #5"20+"?'R%' ?%+"629' X+Y+,#5A,#5"-' S%3X#

u#%?8'1#%#56'N/'+/+F+E+*'E3+9)'"6+"D'R'[#F#5'>+/FR"2/8

4/%R#/E#56'N)"',#5/+?"+;,#5/'X+Y+,#5A,+"'C+6+"+9-'

A/

FGHIJK)JIFLGHGMNOGM:P

y+Y+,#5A,#5""2/)' 2/9/#/4' M+ +AE+' 8"A+0?#56D' 6)' 2/29#D

2/ '2%'?+/#*#56'N)D'M/$E20)'#5'"+,20)'2/+C)M3"2/)"'R'2/F);@

"2/)"'c 26)'E/+'6#3'?%+"1)"F'6+/4'9+/f-'S,"#5123R'2%'1+,@

3+/+/20)_'OS,%' 26)'E/+'62T?'9+-':A2'4#5';+>+M=+/2%D'S%3@

E+X'9 +0+1+,3)'+,"P-'

:/ ' +9+"$)%' 1+%+"' )6' +,4' =#%?2/8D' 63+X20)_' OSG,' ?2*

+"D'#/32T)q0'29+"'4/+"?P-'x/#M'C+6+"+9'?+/#*27#50'123#

"#/'1+%9+0+D'#/'7)"#56'N'C+6+"+9D'2/ 'S%3X#'`X#5A,#5"8'?2*

E/+'+,">)%)'#5C#E'N')$"#56D'#/'4#5'9+/#T'2%'1Y;+927'=#%?2/D

#/#"?' ?#' {)*)9+9+"' +9+"$"2/8' 7%#56' 2"' +%27#50' 123#-' ^+

6+/F+/2+9+"' ?+/#*' ND' 2/ ' 62"?' =#%#56' 2"?' +%3E+X+,)"

"2/M";+"?#E-

I)3?%' %9%20' 1+/02/' 3+7' )6' +%+X)' E2/+ 2/,+7D' +,0' 2%

+/+F'12Y+0/)'+,4'63?2/8D'#/#E123R'F)32)&'+,"D')";'+%+0)D

S%3X#50'N/-':%'"+=`/#?';N)'>7+"+E#/27'4+-'V+/#*27#5'`X#5@

A,#5"8'X+"/+"#56'N/')"L'E/+-

y+Y+,#5A,#5""2/)' C+6+"+9' F"+7#E' +]#56' N/' 6+/49+"0

+*6#5A,#5"8-' ://#/4' M+ +AE+' 8"A+0?#56' "#/)0D' 2/ ' ?+/#@

*#56' N)D' M/$E20)' #5' 6+3%'#5TT20)' 26)' E/+'9+"F"+X"2/)"'R

^#5/ ' [#F#5' "2/M";6+6 ' 1+6+/L+9' 1+,3+/+/20)_' OS,%' 26)

E/+'62T?'9+-':A2'4#5';+>+M=+/2%D'S%3E+X'9 +0+1+,3)'4+D

R'4#5'912Y+0E2%P-':%'*F+0)')M=+"#5A,+"'R'E%3+1#5A,+"'+]-

S,%' +"F+6' )6' 62$' 1+/02/' ;+Y+$+0+"D' #/#E123R' F)32)D' #/

S%3E+X'\/'3+")0'62T?8'%/ 27#5'F#/X8"A+0)'62$'N-

F*+'&#7)GH#%&#?9*+6)3

:A2'62T?8'F+T3+F#T)'63"#56'N'62/'9,+"?)'62$D'^#5/ '[#F)"

1+"4)6+"#56'R'#5%#50+"#56'N'62*D' +,0'2A2';7%2"?D'+%3)]+"+@

+/' 94+Y"+"?' %+Y"' #5'+"3+/ 2/-' ^+' 9M+/#5"+9E)'+,"?+"

Q' 8 E % ; ) - # R ) S ; T ' < ) % U * ' & + = > 8 ' V

A1

C+6+"+9D'6)";R'62/'%/32/#56'*F+,#5"' ;4+Y"+"?'a/+'"9+3@

6+6 -

I2*'9+6'62/'M#5/$'F3"E#T"2/)"'1+%"27#5'R'>+M3>+"27#5

<#=+/2"D' S%3E+X' #5T+/9#56' N' )";' #/' 629)"&' +0+1+,327#5

%=+78-'S%3E+X'%+';)'+"#56'62*'M<#A20"27#5'">+3+9#ED'+,7

*F#5M+0"27#5'R'>+M3>+"27#5-

:A2' 62"?' M+/#5"+92"?' 62/C27' 7%278D' 4+3+%3+"8' 9F+_

Ox/#E123R' 2A2' 62/' +"L2/8' 4+32)"?D' ;N)"?' 4+3+>+/3E)-

W+,0'4+3E27#E'.)/#$)0D'=/+3E#56'2"?D'#/'+M=+/1)'123';4+@

3+>+/3E2"?P'cS'!#/"A_'hh_ihDijf-

S%3E+X' 62T?8' 1+"4#5/C#56' N' #/#M+9)' C+6+"+9D' #/>2%*)

+,4'62T?)0'+>+M=+/27#5'C+6+"+9'3+&'>+M3>+"27#E'62*'\/

>+3C)0-' a#5,")%9' \/'=/+327)'>+3C)' 62$D' S%3E+X' 0+"9+@

"#56'ND'#/'62"?';4+3+>+/3E2"?'+M=+/1)'123-'S"+Y+9'#/4)"

%A+<E20D'2/ '=#*+"#0#56'N/-'SE27)'7+E'N')"?4'%A+<E2%'O=#@

*+"#0#56PD'?+"'M+/#5"+92%'6"+7'62T?)4'62$'#5'6)'`/'7%2%'.)@

/#$' L+,"8D' #/8' 9+%)_' Ow\"L+")0' 42H"' F"+02?D' #E' +"`/2"#5@

A,#5"'F#/X#T"2/P'cI+A_'l_jif-

:A2'62"?';2"?'+>+M=+/#56D'3+Y+>#56'2"?D';"+,+X'#/'4+

;N'S%3X#'0+"9#5A,#5"8' 62*' 1+6+/-'t9+,+9#;27#E' %/+'6+%)"&

g#T#%"'+%#56'N_'Oa/+'1+6+/'N7'L2/'62$'M+3'1)E+"4"2/'R'0+@

E+F+/"2/' 9+"D' R' M+32/"' N7' ""$+X' 2"' c62Y+X' 2"fP' cS' !#/"A_

hh_iof-'I2T?8D'E2/$')'E2/$#D'1+"F20"#56'N'1#FR#/'R'{)*)9+9+"

6+1E+"-':%'*F#56'N)D'#/'.2/8'=/+3#56'N' 26#56'F3"E#T')";'#/

629)"&'<#/L27#E'+,4'6+/4#5"' 2/27'+>+M=+/#5A,+"D' +,0'2%

;F)32)D'A2'#56'N/'1+"4)6+"#56'62T?)'1+6+/-

A5


I((>*+#0*&D*>%-"#6*$'#>%C"'<

[+$#/4'2/29#D'2/ '1#EE)'123'"/+'F/+%2",+9#56'>+3/+%3@

E#56'N)"?'X+Y+,#5A,+"8D'+E+F"2/)0'6298'"2/%'63+E'R'32T2@

9+0/20D'#/'<+Y+ +"#5A,+"'X+Y+,#T"2/8'6Y+,7'2"'#5' +0+%+@

9+"'3/+6+4/E+X#5A,#5"'#5"2"-'[#E)E8'63+X20D'#/'"/+"?'F#5@

02' >+/*+>2%' 1#F"+X' 2"' +62"`/,+' X+Y+,#5A,#5""2/)0' R

+%+0_'Ox5TT+9)'+%+'"/+"0D'#/'4#5/%'F+"'#5'<+Y+ +"2"'S%3@

X#5"'R'6)'9#T6'4"2"')/2"0'*F+06#5"?"2/8P-

:%'"+,20)'+E+F)"'R'+%+0)_'OI)'/#>2D')";@#/' +"'+,">2%

;NqP-

SE+F8'>+3+%=+"20_'O(+ED'"/+"?'9+/X#56'2"D'#/'4#5?';+@

<+*+"0'=)%3'2?D'R'2A2' +"'#5"2?'+%27#5D'>23?'N'+Y+"L)"'4)@

62?'"/+"0'R'#;'1/+>+/+9+,"#/2"P-

z"+,+X'#/'2%'+,4'C+6+"+9'#;)";';F)32)D' +,0'>+18'E]Y#@

/#M' N/-'S%3X#50')"L'3/E+X'X+Y+,27#5'R'>+M3>+"27#5')6')M@

=+"#5A,+"8'6+/3+1/+E2/'N/'"23E27-'vM"+6#5"'4#5/';N/'F+7)%

+,"D')";'32T)'N/'#5"2"#56'+,4'1+E+?#5,A"2/)"D'R'0+"9+"#56'N/

9+"F"20"27'+,"-

:%'6)'8"3/#5A,#5"'#5"2)D';"+,+X'#/'+,4'C+6+"+9'4+';N)'F)@

3+90#56-':%'9+/#T'N)'2"A+/9E27'E+=)"'#5'23'?+ME27'+,"'+62@

")0D')";'+%27'N)'<+Y+ +"#5A,+"'X+Y+,#T"2/)"&'9#/0"27#E')M@

=+"#5A,+"')6'4)/?8D'9+6'N7'9+/#T'N)'6"+7')6')M=+"#5A,+"'62$D

9#3/27' "/+"0' E+=)' *#/#5A,#5"8&' 6"+7#E' 1+%3+3#5"' S%3X#

+%+X)'62$-

S"6)$+>2%'63+X20)_'OU#H"D')";#5'M<#A20/)/'+,4'6+/49+"0-

\";#q5';?+/#*20)/'?#'>+3F+68'+Y+"0'M/$E27#5'R'6+3"+0#5,0

+"27#5-'[)6+'292T20#5'C#T#E#5/48'* +TE+X' N'>+/*+ +"#56@

"2/#ED'A2' 26#56'F3"E#T"2/)0'#qE'N'62T?)'62$-'\%9'2A2'#;'629"

N7';7)")q-'!+6'2A2'"#5,")%9'62T?'9+D')q";'97)")D'2A2'; +0+1+,3@

Q' 8 E % ; ) - # R ) S ; T ' < ) % U * ' & + = > 8 ' V

A9

E)-' |#T#E#5/48' 94+Y"+' 9+%9+X+6)3D' )%9' 6+?#5/"2/8' 93#5@

C2"-':92T20)"'4CE+/#5A,#5""2/'9#5"2"+-'S/4,#q?'2%';26'?+"427

+,%'292T20#56'LR+E#/E+X' +/)'+E+"4#5,A"2/8-':A2&'+,#D'+,"

)"L'E+3'1+6 +E'9 2/)D')%9'2%'12"0'"#/'26'%9%27']+"+>+/1#/@

427P-

S"8"41+3'+,%' 63?2/)' F/#1)' 62$' N)-' \6' E+=2/8' %9%27' N)"

92"3/#"+"+7'629'63?)'E/+_'O\q";'9>+3+1)')"L'123P-'

S1+'A2'2/9;#3#5A,#5""')";>2%'N'<#=27#5'?#'92"3/#"+0#568-

g+3]+Y"'+,"' ND' #/'2/9;#3#5A,+"'+/6+38'E+="' ND'R'E+="' N

>+3]+Y' 4+Y"#56D' #/' 6+/4)9' 92"3/#"+"+"' )/2"0' E/+-' !+@

3+/,+7'%2/8'4#5/%'N'"23#56'E+=8D'#/#E123R'%2/8'92"3/#"+0@

"#56'N'S%3X#'R'#5/)M"2/)'E/+'#5'62/C#56'N')"?"')/2"'cS'[#E1_

m_hef-

[#E)E8'#;)";';+%+0-':/2?#E'L2Y?'L2Y?)'3E20)"?'R'+T#A2@

0)"?D'#/'S%3X#'9+6?8'9+3+/+E)'+,4'1+E+?#5,A)'C+6+"+9-

y+Y+,#5A,#5"8'%9%E20'+,">2%D')";>2%'#/'+"0+X'2/2?'M+ +A@

"2/)'8"A+0?#56-'}+Y+ +"#5A,+"'R'2/9/>+F#5A,+"'8"A+0?#56

2%'"9+320)D'#/'.)/#$'u#%?8';)'70E#56'%/3)%'62$-'x;'6)'+Y+$@

"#/4#5A,#5"';N)'*F#56D' +,0'63+X#56'N)D'#/'S%3E+X'1+E+3+@

/)6'N-':%'F)32)D'A2')";'>)3)'+%2)D'R'4+'97)"2/')/'C+6+"+9)"D

2/ ' +/L/+"+,)' 26-

}+Y+ +"#5A,#5""'#5'2/9/>+F#5A,#5"8'+E+/3E20D'R'2/ '1#@

E)E8'1+,3+/+/#5A,#5""2/"'N/'+%#56D')6'%/3#56'#;)";';N)'7%#56-

I3+X20)&' 9 +/L/+"+6' 26D'R'S%3E+X'9+Y+$"#/4)' )"LD' 2/

9+"F"26'+,"32T-

:%'6)+98';26D'#E'"M#56"2/'N'+"#56'?+/#*)"'>+3/+%3E27)%-

^#E#/+ +/'2%'#5%#56"+%)/#56'26D'+T#A#56'R'123#'=#%#56'26

)6' %/3)0&' "2/M";E27#E' S%3X#50-' S"1+"F%3#5A,#5"%' F"+7#E

62X+"#56' N/D' ?+")' #/' C+6+"+9"'+"0"#56' N/D' R' 2%' F)32)D' #/

#;)";';26'#5"2"+'+%27#5D'2A2'S%3E+X')"L';+Y+$"#/4)-

A?


[23#'1#E)E8'"2/9+,+0/20')"L-'SY+$'29+D'R'?+")'#/'+Y+$@

"#/4#5A,#5"';#5"2)D'+%+0)_'O:92?'+T#A2"?P-':/ '+T#A#56'N)"?D

*F#56'N)D'#/'+Y+$"#/4#5A,#5"';9+-':%'+T#A20)'6)'?+")'/#>2-

\/+E)]+9"'+E27)'N/'E+3+"#56D'?+")'#/')6'+T#A?"2/8')/2"0

62$'9,+"?';#5"2)"-'W+Y2/"'8"4+62"8'4#5/%'N)"'F+7)%' 2/+")0%

R'8"9"#56'#3?2/)%'3+9-'I3+X#56'N)_'O\q";'26'+"27#5P-'x/#M20)

6)'#5T2/L'3+7'^+T6#%"2/)0D'#/8'"+=9)"#56'?+/#*27'N)-

:/ ' %9%20)' ?+/#*27D' #;' 6)' 9,+"?' ;*F+0)_' #;' 6)' `X#5A,#5"

;9+/'#5T2/L)'62$-':%'$+"#56' N)'92"3/#"+0"27'63?2/%-'vE#56

N/D'A2'S%3E+X'"2/9+';N/-'I3+X#56'N)_'O\";#q5'4+'+%+0)D'#/32@

T)0'26'E2/0/27'%+P-'\"L'+Y+$"#/4#56'N/'M<#AE+X#5A,#5"8'R'#;

A2'^#5/ '[#F)"-':%'M+/#5"+9#56'N)')"?%')"L'%<#<27D'#/'S%3@

E+X' 9+Y+$"#/4)' R' 9</9)' )"L' =+Y"+M<#A#5A,#5")0-' W+,0' R

+,">2%')/+E)]+9"'+E27)'N/'E+3+"#56-'t2/$+>2%'+E+/320)

?+/#*8'R'X+Y+,#5A,#5"8-'K+'3R20'2/2%#5"1)"F'/#>2-

B<#AE+X'23'E2/+4+/L+'+,"'32T8D'#/32T'9+"F"+X'N)-'K)@

620)'S%3X#5"_'OS%3E+GX')6D'K#5')";#q5';+Y+$"#/420)/-'I)";R

+,%`/'+"09+0/+X' #7#/'X+Y+,#5A,#5""2/8'1)+"+7)'R'*#/+E#/

N)"D'6)";42Y'+,%'X+Y+,#5A,#5""')/'62$'9,+"?';#5"2/-':A2'2%'7)@

"2)' +,%' 6+/49+"0' 32T8D' +,7R%' X+Y+,#5A,+"' ;N)' F+-' ~)M3"

+%+X&'2%';26'#5*#56'"+1+"$27P-'S,4'F)M2/D'2/ '+"9#T)"'63+D

AE#56'N/D'A2'6)'>+/9'+E+*'26'9#57'3E27-

[+$#/4' +Y+E#3,+"' +/A"+0+' R' *F+0)D' #/' +,4' 6)' >+/9

+E+*8' E2/+XE27' N' 02=)' M+T+=)_' +,"?+"' X+"/+0+X' N)' )"L

*F#56D'#/';N)'#5*#56'E2/'92"+7'+"9#T"#50-'x5/+=#5A,#5"8'12Y+@

027'N/')"L+")0-':%'4#5/%'29+'+T#A27#5-'a#/)0'1+/0/)'S%3X#5"_

O\";#q5'K#5';2%'+Y+$"#/4#56P-

x;'6)'+/L+F+"?-

@':%'62T+";2q7'26-'tM3+0/2q7'26'V2*w

K+/L,+7'7Y#5A,#5"-'I29'C+6'+T#A20)-'S62"'6)'/#>2"'>+,?+/

N/-'

Q' 8 E % ; ) - # R ) S ; T ' < ) % U * ' & + = > 8 ' V

A@

}+Y+ +"#5A,+"'6)'L+,"2/)*'6)+0/)'R'%9%920)'2/F27_'63+@

X#56'N)D'#/'S%3E+X'X+"/#5A,+"'1#F#5'426'3+7#5'N'<+Y+ +"#5@

A,+"' 1+"42/L8-' !2%' C+6' 2/F20)' )/' 62$' 9,+"?' ;#5"20#T' 2/F8-

SE27)'1#5%+1+3E20)D'O:%')q";'26'+/27-'\";#q5'K#5')"L';2%'>+@

3+%=+"#56P-'

~+M)0'123#'F"+0)'6#3+9+'4+M38-'I3+X#56'N)D'#/'99+>26

%+3+"+,)"-'W+E+9+H"'N-'

W+,0'6)+,"'2%'N)')"L'9+>E+X'*F#56-':/2?'C+6'4/%#56'+T#@

A#56' N)D' L+,"%' 9#/0"27#5'+%3)]+"' F#Y#56' N)' %+3+"+,)' E/+-

S/42"'3#5"'F"+7#5'C+6+"+9'N/_'>23?'N'>+3/+%3E2)'1+$#/4

X+Y+,#5A,+"8-':%'%<#<20)')"?%')"L_'OS,%>)%)'4)6+4/#5A,#5@

")0'123#'+,%'2/29#'S%3E+X'*#/+E#/'LR#E'9F#/X)-'U#H"D'>+/@

*+>2%'?+,7)/'1+E+3?#EP-

S,4'2/29#'62"?'<+Y+ +"20)"?D'2/9/>+F20)"?D'1+,3+/+@

/#5A,#5""2/'#5'*#1+ 2/#5A,#5"'2T+"D')%9')6'62$'"#5,"'E+3'"+@

=+*F+0#56"'N/D'#/'#5"2027'N)'"+=#/4'X+Y+,#5A,+"'C+6+"+9-

!/9)"'63+X20)D' #/'S%3E+X'9F#/X)')6'6)$#0#ED' 2/ ' +/L/+@

"+6' 26-'\"L'"2/9+,+0/)"'R'"#/)0w#;)";-':%'+T#A20)'+Y+$@

"#/4#5A,+"'1+6+/D' +,0'7Y#5A,#5"'N/___

^9%20)'?+/#*27'629'+,7'?+/#*D'#/'"+=9)"#56'?+/#*27'N)D'R

8"9+'M<#AE+X#5A,+"'62$_'#H;'6)'9,+"?D'#H;'6)'+Y+$"#/4#5A,#5"

R'#;'N7'`X#5A,#5"-'S,%'M<#AE+X#5A,#5")0'1)"F'/#>2'123#'+%+0)_

O|#T#E#H5/4D'62"?'9+/)?'#5"2"?'+T#A27#5-'\";@#/' +"'])M3';NP-

W#7#/8'#3?)'9+"F"20)"D'R'62"?'%9%20)"?'2Y+"4#5"'+T#A27-

;*<*0*/+6*J#)&>?%+%-./%-(

SE27)'?+"'?%+";#/%'C+6'123#'1+"9+/X+9)D'2%'+Y+$)"'+"@

F+6'7%20)'S%3X#'L+,"8-'a+'+%+0_'OU#H"D'4#5'E+=20+X'2%'+,"

6+/49+"0)0D'#/#"?' 26)'E/+'2"&'?#'23R#56-'K#5'4#5/%'2%'2927

WB


)M=+"#5A,+"'?#'4)/?)0D'R'?#'62$'2T+X'S%3X#'>+/FR8'1+"F+X

NP-'

S,%'>+/*'1+"4)6+"#5A,#5")0' 6)' 7#5,%' E+YE20'R' #T#T20' )6

1#F)"-' I)";' 6+/4)9'+T#A#56' N)"D' 1+$#/4' 1)"F' /#>2)' 8"A+0@

?#56'S%3X#'[#F)"')"L'3+/+E'S%3E+X+M";)'6)$#E&'0#5,0'3+@

7#E' +*6+A)E'42>?2/D'2/ '3T+6+/4)9'#5'9+"+,?'E+=20+X'2"

2T27D' R' A2' )";>2%' N' 4+' >+3]+Y' 4+/L27' "/+"0' 62$' S%3X#

>+/FR)'6+/27#5"-':%'32%+D'A2')";>2%'N)"'"/+"?'*)$#56')/2"0

)M=+"#5A,#5"8' R' 9#/0"#56' )/2"0' +/4,#5"+E23#5A,#5"8' [#F#5

62$-'S,"#5123R'a+'3+/+E')"L'+"0+X'6)'?+")'3+/)"2/)'6)$#E

R'0#5,0'3E20D'A2')";>2%'26'2%'N7'"#5,""'+/27-

S"6)$+>2%'+T#A?)'6)$#0#E'%9%20)'9#3/27'E+=)'*#/#5A,#5@

"8')6'6)$)0-'S,%>)%)'+T#A?)'6)'`/)"+9'9+'F/?)'E2/$+ +"#56-

[+$#/4' ,#A+"+%#5"1)"F' /#>2"2/)' 8"A+0?#56' 9/+9)' 62$

F3"E#T'6+/4#5'>2%'2%'?+/#*20)'S%3E+X+M";)'+,"'=#%?2/8D

#/#"?'S%3E+X' N/')"L'3+7)%-':/ '+E+/320)D'C#T#E/4)'2/9#5

2//#/4"' +Y+$' 29+E&' E+=)0'+*+3+F/E27#5-' K+'+/A"#5A,+"

+62"+62X'X+Y+,#5A,#5""'N/-

I29' M+ +A' ;+"0+X' S%3E+X' %9%20' +0+1+,327' 26)' E/+

2T#T'62T?8-'g+/*E20D'#/' +%9)A+Y+1+/8'X+Y+,#5A,#5""2/)0

123#'6)M3'F"#56'N/'1+/ 27#5-'SE27+0"26'"+RD'#/'<+Y+ +"#T@

"2/)0'6298' M"+"#56' N/' 292T20#50' 6)' 2/)3+%+/4'+T$9+'123-

S,4'2/9#5%"'N7'12Y+0E20)"'X+Y+,#5A,#5""2/)0-'W+%9)A+Y+1+@

/8' 7?20' 292T20)"D' +,0' <+Y+ +"#T"' +>+M=+/20' R' E2/+@

9+"F"20'.)/#$'123')/'8"A+0?8-

!+/]' C+6+"+9' 123#' <+Y+ +"#5A,+"' R' 2/9/>+F#5A,+"

+E+F"'#5'R%'6)'?+")%8'292T20#5'"2/%#56'>+Y+93#56'+Y+$+0@

/)"-':92T20#5'629';#//#/48'12Y+0+E'"/+"0'123-'\";>2%'>+/*@

E20D'<+Y+ +"#5A,+"'R'2/9/>+F#5A,+"'+E+F8'M"#5A,+"'62$'N/D

RD';+"0+X'6)'3+/)D'"+' +C+"E20'+6#5%"#50-'t2/$2/%')6+0+D

Q' 8 E % ; ) - # R ) S ; T ' < ) % U * ' & + = > 8 ' V

WA

#/'1)6+' N7' 629'#5/)M'3T+6+/4#5'123' N'+>/#56-'g+Y+936+"

>+3]+Y'4+/L+X'8"3+")?"2/)0'6)+,"'6)'*#5,F"' ND' #/'42Y' ;)

+C+"E27-

^/+"?'+,"'6+/4)9'N)"D'#/#"?'4CF#1#56'N)"D'A2'2%';+<+*+"0

=)%3'N)')/2"0'"9+36+6 -'S%3E+X'"/+"0'"+=+*F#5M+0"#56

N/-'x/?+G"'7+E'97)"2/D'2A2'"/+"?'+,4'"+=+*F#5M+0#56"'8"4#5@

"2)"')/2"0'%/32/#56-

:%'2/9#5'+"F+6'E2/+4+/L27'26'+,4'292T20)'R'+E27)' M+3

6)+ +"#5A,#5"'#5'*#/#5A,#5"'26'32%27'+,"32TD'?+"'"+=9)"#56-

[#E)E8' +0+3/#56'N/_'OS%3E+X'N/'%/ #56'62/'292T20)"D'R'4+

62*'+E27)' #5C2T' 4+/L/20-' I2/'<+Y+ +"#5A,#5""' #5' 2/9/>+@

F#5A,#5"8' 2/ 2?' +,%?+"' +*+3' ;2"' 2T27P-' a+' "+R' +%+0D' #/

+Y+$+0+X' 3+/+L+,"#5A,#5""2/"' #5' 4CF#1#5A,#5""2/8' 2/9+/

;2"'3R27'R'+/+F'7#5XE27'2"-'}+GY?'S%3X#5"-

S,"')";'S%3E+X'+%+0'+,4'9+/]&'1)"F/#>2+"#0'+T#A?)'62$D

X+Y+,#5A,+"'8"A+0?#56'+]20&'E2/+XE27#E'6)'?+/#*)D'#/)'6+@

%)"'4#5'9+/4+0)/-'a+'3E27'N')"L'+,%'#5T2/L8D'#/'?+/#*26'#T$

+M=+/1#56-' x/>2%' 123R+"?&' 2%' 32%27' 26' +"A)E' 3T+6+/4@

9+"0'#5'9+"+"0D'#/#"?'+*+3E27'2"'E+=)'F2/#5A,#5")0-

K-C)&D# %=%&'#0*"*&

z"+,+X'+,%'#5T2/L8'3/E20')"L'X+Y+,#5A,+"'62$'+Y+$+0+X

9#"{7)93)'C+6+"+9D'6)'9+/X)/D'A2'+,"'4+%'N'6)+,"'"/+"0'1+@

6+/D'#E?2/'9+"F"#56'2"'+6 )#")'6#3-'S"A)E'?/)%3#",+"2/'2"

>+,?+/#56'E+=)'426-'[+]+='"/+"?D'#E?2/'E+=20+X'2"D';2"

>+392/+0"#56D'A2')";)'426'2"'9YE#56-'\";>2%'%+3+"+,)'M+3

1"+/?"2/D'E+=8'R%'?#T+/9E+X'#5'+""9+3'N-'I2"?'*F#56'2"?

4/+'123R+"?"2/8&'8"9]E+X#5A,#5"D'M<#AE+X#5A,#5"D'1+E+3?)

>+9+%&'+Y+"0')6+"+7#5'4/+'+/6+38-':A2'2%'1+%9+"+,)D'#/

WW


E+=20+X'26D'+,4?+"';N)'>+,?+/)'+,4'292T20#56-'W+,0'M"#/1+@

9+7'26'S%3X#5"'+,"'4+%)D'>+3F+6)'1+6+/D'#/'3E20')"L-'

[#5%+=+ #5A,+"'62$'62*+")0'M+32/8'9YE#56'2"'E+=)'A#@

T+X'123R+"?"2/)'9+6'>3#5T"2/)'123'+E27)'M+3D'?+"'12"0

)/&'E+=)'9+6'4/+'+/6+3)'123-'[23R+>2%'62"?'9+/#T'2"?'#5@

"2"+7'C+6+"+9+E#/'%<#<+"?D' +,0'62/'>+,?+/8';)'E2/$+"+

4/+"#E-'K#5'9+/#T'2%'X+Y)' #7#/'>3#5T"2/8'>#927D' +,0'?+")

42Y' "/+'+/6+3"2/8' +Y#T$' 2"D' >3#5T"2/8' "#/)0' 9+]2"-' S,%

>3#5,38'9+/#T'N'1#5%+1+320"27D'?+")'#/'*F#56'2"?D'#/';2"?

9+/#T'62*'+*+327'+,4'=#;8"4#3"2/)0-'I2"?'99#/0"2"?'1#5,%8

R' "+9#5A,#5"'91+%3+32"?'6)'32T#56D'#/8'M+3'12Y#5'N'+,"'32@

T)0D'#/#56'62*'S%3E+X'9+";27'N-

S,%' F/?)' ]M6+/3#5A,#5""2/8' 9`F"2"' ?2*' #;' 6)+,"' ]+"+;27

E+=8D'+,7R'9*)"2"'?2*'+"1/+C2M3'F)3#5A,+6 D'#/#E'99#3/2%

E+=)' 7#5X8' ?#' 9,+"?#56-' \6'+T#A?"' ND' #/' 6)";' 4#5' 9+/4#56'R

?+,7#56'2%'+,%']M6+/3#5A,#5""2/#ED'+*+3+F/E2%&')/+9+"+0@

"27#5'1+6+/'?#'9#;#568'#/>2%'.2/'[)%#5%'V/)%3#%)'X+Y+-

["+/+E#/'ND'1)6+'4#5'+62"')";'+"#56'2%D'#/>2%*)'8"44)6+@

"+%'?#'9,+"?8'F7+=+E#/#T'E+=)"-'[+]+=D'2/ '62/'9,+"?#56

62*' ]"M#T' )";@#/' +"' 2"?' 32%"#56D' M#53+<#5,A' 7#5X#56' 2"?

<"3/#56D' +,0'%#E#/+ +/'+,4'M#53+<#5,A'7#5X#568'A+"9'N'+/@

C2"#56_'+,"'6"+,#5"';N-':%'0+"9+"#56'26D'#/'62X'#5M+4/#5A,#5"

4+/L"2%'R'+,%'#5T2/L8'1+%9+"+%'+,">2%D')";>2%'+,"' +0E27

N')"L-'[+$#/4'2/2?'F7#5="2/#56'2%'9=#%26'+,"'E]Y#/#M'1)6?2/)

6+%)"D'#/#"0'E/+'+6/+>"4E27#E'9%9%2"?'F)3+9027'62/'#5"2@

0+X'1#FR#/'4)/?"'#5')M=+"#5A,#5"8-

Q' 8 E % ; ) - # R ) S ; T ' < ) % U * ' & + = > 8 ' V

W!

6#1#2#2(N#29(O(#2./*((7@,H(*,D(*,&(5)&9)@'(.&?C,-D)(5&#2.3(3,&-1#2#(#%2()L4#2./B%./2:'(.&(")?

-./-2()&,2)@(3,&@&,H(O=

...........................................DE+=))*))W))

!*,- . * ' ( / & ' ) ( - .& 89":* .; 3 * . :

:

9'?""2"?'+,"'=#%?8D'#/'3/E20')"L_'O:A2'4#5';?+,72%'S%3@

X#50'?2*'3/E+X')M=+"#5A,+6 D')";@#/'629"'+,"'9E2/0")

?2*+")0'R'9`F3+F#/X)'?#'426P-

a+='R'+Y+$D'M+3'9+/R#/'N'1+%9+"+7D'#/'1#F#5'62$'9+' "+@

9+32T'9+6'4)/?D'#/#56'62"?'F3"E#56'2"?'#/>2%'V/)%3#%)'62$

2T#T' 1+E+3+0,+7"2/-' S,%' 4)/?)0' N' F+7)%' )M=+"#5A,#5"8' R

12"0'+,%')M=+"#5A,#5""'N'0+"9+"#56'AM"+6)"-':A2'"+'9+/#T+@

"+'+,">2%'+"27D'#/'62"?'*)$2"?'S%3X#50'3/E+X')M=+"#5A,#5@

"8D'"+'9E2/0")'+,"'R'9`F3+F#/X)'62/'426-'^+'6)+,"'62*'E/+

;)'+*4#56D'+,7'"+R'"/+"0D'#/#"0'6+%)"'62"?'1#F'2"?'3+"#56-'

!+"' +*6+A)E' %#5/ F/+,)"'=#%?2/D' #/#"?' E2/+ 2/#56' 2"

1#F#5'62$'#5"20+X'62/')M=+"#5A,+"'4)/?)"-'v#5,7'3#5/'6)'?+@

")'`/)"+9"2/' 2/27_

OW+/L/,+7)' X+X9#0)' 3+9' "+9E#T8' S62"+9+/#T)

M#5?)'3+9'N'1+"F%3+"#56P'c^+T6_'nh_hf-

O:E')"L'1+"20'7+,"+/L+9'32T'R')"L'</920D'#/#E123R

1+E+"20')"LP'c^+T6_'he_hnf-

O\6'#3?8'9+"F"+X'N'#5TT#5A,#5"#ED'R'9`/1"26'.)/#$8

C#T#E#5/4"2/)'62$P'c^+T6_'jd_hjf-

W1

[+E+3+0,+7"2/8' >+/*+>2%' 1#F#5' 62$' 32T' 2"' F/+E#56-

V2*D' #/>2%' 1+E+3+0,+7)D' 9+/F+4/E+X' N' #;' 6)+,"' ]+"+;27

+,4'32T8D'+,7'"+R'F#/X27'4/+'62$-':A2'4#5';F)32%'?#'4)/?8D';2%

9+/#T'>+3M+]'LR#E'F#/X27'V/)%3#%)'6+/6")'62$-

S,%'4)/?8'R'4)/?)')M=+"#5A,#5"8'9+/#T'2%'9#/0"27'9+6'9+@

/#T' 2"' F#T+"+7-' S%3E+X+M";,+"' E+Y'`/)"+9' N' [#54+'\%9+@

/)#E3+0)"-'[)%#5%)'2/9)"?'1+6 +/LE27#50'123#'+M+92/3"2@

/8'1+E+?E20)"'+T#A27#5-'S,4'C+6+"+9'g23/#%8' +0+3/20D

A2')";'N/'>+3+127'[#54+,)'123_

Ox/#E123R'^+T6#%"2/)'F/?#56'F/E+X'ND'A2'"/+' "+@

9#5A,#5"8'+E2/+9'>)3)'7)")'R'"/+"#56' "+9E#T';7)")

R'"/+'>+M3#"8'#5/)M"'+Y")P'cb#/X?'h_jof-

S"`/2"#5A,+"' >+3]+Y#E' [#54+"' 8"46)M3' 9#/0/20' 1#F#5

62$')/'32T8'cb#/X?'h_hdDhlf-'^+'+,"'1)6"+9+"'LR"'ND'#/#E'AM@

"+6)"'6+/49+"0'4#5/%'N'1+"#56')/2"0'1#FR#/')M=+"#5A,#5")0-

S1+'A2')";>2%'+,"'>+3]+Y'4+/L+ED'#/'S4+6"'#5':E+"'8"9"2"

)/2"0'4)/?)0D' 123R+ +/'%+3+"+"'X#5T+98'F020'"/+"0&')/

3)/+9+7#5A,+"'3+9'+Y"27#E'S4+6)"'R':E+,)"D'R'+,"'+62"8D

)";)'E/+'"/+"?')M=#56'N)"-

S4+6"'#5':E+"'#5"2)"')M=+"#5A,+"'+62"+ +/L/'4)/?8'2/9@

/)'E/+-'S62"'6)'92"4+")'+/+/+X'R' "#5A,+"'62$'2T#T'+62"')";

"/+"0')M=+"#5A,+"'3+9'N/-'S%3E+X'+%27'N/_'Owx/')M=2"'X#@

E)'L9"2/)'R'2/9"?)'AY;#5""2/)D'R'+"+%#5""2/)D'R' #7#/'2/9/)

E/+D' R' 2/9/)' E/+' %#T+0#T' #7#/' %#T#5""2/)' E/+P' cy""4#0

h_jdf-':/9/)'E/+&'1#FR#/'R'{)*)9+9+"'#7#/3"2/#56D'6+/4#5"

3/E+X')M=+"#5A,#5")0' +/L/'#;)";';9+/D'6)+,"'S%3E+X'\"?"

N/' +/L/-

:/ 'S4+6"')/')M=+"#5A,+"'4)/?#56'N/D'#;'6)'1)E+4#5A,#5"D

2/9/+M+/CD'%#E'9+6'+T?+3#5A,#5"';9+/-'S,%'2/9/)'E/+'2/9"@

W5


?)'3)/+9+7#5A,#5""'N/D'?+")'#/'S4+6"'8"A+"#56'N/'S%3X#'123

632/)6' <#=1+/+ 2/#5A,+"' 62$' R' 9+Y+E+/#56' N/' S%3X#50

7)+*#/E+X' )M=+"#5A,+6 ' #5' *#/#5A,+6 -' W+,0' S4+6)' 62T?)

>+3]+Y#E' "/+' )M=+"#5A,+"' 3+9' F3"E#T' +62"' )";)' E/+

+Y+$'29+E'6+1E+"'+"2X?8-'I2T?)'6)$#0#E'"+'1#F#5'62$'2T#T

)/'32T8'*)$20'S%3X#'AM"+6#5"-

S%3E+X+M#5";8'E9+,#56'N'%/+'6+%)"D'2/ '%+3+"+"'>+/X2@

"#56'N/'+"+>+3#56&'[)%#5%)'<#/L#5A,+"'C+6+"+9-'^+3+"+"

[)%#5%)"'3+/+E'6)' +/L/' 72Y+"'E/+D'#/>2%*)'0#5,0'3+'+M@

=+/1)' #7#/'A+F+E#/#5A,#5""2/8D'R'+%+0_

OS,%' #7#/')M=+"#5A,#5"8'R'%/+"0'<+Y?8'V2*'93+6D

#/')"L'N'3/E+XD'R'#56'#/'9+62"#56'26D'3+7)%'26'%/+"P

c�#59_'m_df-

S%3E+X')M=+"#5A,#5"8'S4+6)"'N/'E%3+127D')%9'S4+6"'+,"D

)/'+/+/?)' 123R+"?#ED' 3E20' %+3+"+,)"-' S4+6"' )/' 4)/?)0

+0)'M+3' +"'9#/0/20-'S62"8D')";'S%3E+X'4/27'N/'S4+6)'="+@

6+3+/#5A,+"' "2/?#D' +>+9+"E20-' S,"'+62"8D' )";' "2/4+M"+@

9#5A,+"'62$'N/D'+%3)]+"+ +/'+"9#56'+>/20-'

W2/26' 92"4+")"2/)' `/)"+98_' S%3X#' R' S4+6)'3)/+9+7#5@

A,+"'3+9'F3"E#T'+,F#5'+Y,#5X"2/8';N)"'#53#56'6,#5%'92"4+")@

"2/)"'c:%+,)'dk_jkf-'QL2/8'A#5"+E#/'=+,A#0"2/';#5"2)"'c:%+@

,)' dk_jkf-' b+Y"2/8' ;N)"' E+=2"#56' F+,72/)0D' 6,#5%"2/"' N7' ;N)"

E+=2"#56D' #/' #/%' 94+Y"+"' c:%+,)' dk_jkf-' I)";42YD' +"9#56)0

+"6)$+>2%'123#'62"?'32%"#56'2"?D'#/'+"62T'92"4+")'N'*#1+@

2/E#56&' X+X927#5' 1+6+/' 6+/4#5' 62/9#5A,#5"8' cy""4#0' i_jhf-

SE27)'#5M'62"?'32%"#56'2"?D'#/'AM"+6+"?"'#5'E+="'N'32T'F/+@

E#56'6+/4#5'R'92"4+")"2/)'1+/+ 2/#5A,+"'6)$RD'#/#"0'"+'6)

C+6+"+9'9+Y+E+/#56'N/'cy""4#0'n_jf-

[+$#/4' #7#/38D' #/)' E/+'+"9#568' A#T20' )/'+*420#5A,#5"8D

" + X # = + ; ) Y % ; - ) # = ) % U * ' & + = > 8 + = &

W9

2/9)/"'N/-'[#T"'+")XE+X'4+/L+E-'I+/4#5"'X+Y+,27#5'<#=+@

/2"D'+,"' F#/X20' 6+/4#5' 426D' ?+")' #/' 6+/48'3?"+$+"'>)3)

+M=+32/&'>3#5T"2/'%3+"+7#5'1+6+/D'#/#E'C+6+"+9)"'+"@

1#F' +>+1#EE+X' N/' cy""4#0' i_hl@hnf-' [Y#62+0)"2/)' e_jo@"

+%#56'N'62*_'Oa/+'1+6+/D'#/'%32TXE+X"2/8'1"+*+"4E20)"'#5@

"+,"#5A,+"D' #;' A2' 9+6?#ED'+,7' "/+'1+6+/D' #/' 1"+*+"420/20

+,"'1#5,%#EP-

:/9/)'E/+'#;'6)' +"&'7)")'4+'{)*)9+9+"D'A2'1#FR#/D';9+@

/#T+0+E'=#5%+<27'+"1"+*+"4#5A,+"'123R+"?"2/)0-'x])/8D

6+18D' 1)E+"4#5A,#5""2/8D' 4CE+/#5A,#5""2/8D' 2/9/+M+/C2/8D

%#E8D'L+"L/#5,A8'R'M+3' +"2/'6#53?'F#/X20)"'2/9)/-'S%3E+@

X+,)"' 9+/F#59+"#")' R' )M=+"#5A,+"' 9#/#5%3' 32T)' #5"20+E-

S4+6)'+Y+$"298'%#E#/20'+327D'"+=+"L27'R'%>+"27-'vM"+6)"

E2/0/20' S%3X#50' 3/E+X' >+M3>+"#5A,+"' #5' +>+1#E#5A,+"

)M=+"#5A,#5"8' R' +,"' #5TT20' #T$' +/+/;+F#/X#5A,+"' 426&' `F@

3+F#/X27#E'+,"'9#/X+"6+"'#5'6+1E+"'1+6+/-'

L)&*>*(,(6*J#'M$*(%-./%-(

I+/4"'N/'*)$27')/'4)/?"'#5')M=+"#5A,#5"8D'123R+>2%'6)+,"

6+/48'9+/#T'N/'+,"'E2/+9+"F"27-'[+*+/+E#/'3+/)"2/'123#

[)%#5%8' X"E20-' a/+' 6+,/8' S%3X#' C#T#E/4)0' 4#5/%' 29+X' 6)

4#5%3/'N/-'[)%#5%)'[+,/8'S%3X#'^#5/ '[#F)"'N/-'a+'92%'6+/4'R

92%'S%3E+X';N/-'a+'J66+"#5N7"'N/&'OS%3E+X&'1+,3"E+X'6+/4#5

62$P'cI+A_'h_jif-'}+%38D'#/'a+'6+/4'N/D'a/+"'`/)"+9+"')/+@

E#5"?'3E20'23'%3+"+7#5'+,"'+62"8D')";'9#/%E+X'N/-'V+")'#/

[)%#5%"'S%3X#'x/4)"'N/D'a+'+*+3'N/'6+/4#5'E/+'L2Y?' 2/+X

AM"+6#5' 3)/+9+7#5A,#5")0-' [)%#5%8' 1+,3"20' S%3X#' 9+6?8

+62"')";)'62$D')";'#/'+%+0'#5'+/20-'I2T?2/8'"2/E#56'N)"D'?+@

")'#/'a/+'"2/9+,#5A,+"'62$'62T?8'#;'6)')M=+"#5A,#5"';#5"2/-

W?


.9+/#5A,#5""2/"'#5'1)E+"4#5A,#5""2/8'=#"+/1E#56'N)"'a/+')M@

=+"#5A,+"'R'*#/#5A,+"'+Y+$'c�#59_'k_jo@jmf-'W"#5A,#5""')"?"'N7

2"A+/9E#56'N/'a/+'1/+6+")"-'[)%#5%8'?+,7#56'N/'+,"')M=+"#5@

A,+6 D'#/)0'S4+68'1/+C+/E27'N/-'[)%#5%8'1"+*+"4#5A,+"'R'*#@

1+ 2/#5A,+"'6)$#0#E'E2/+9+"F"20'S%3X#50'3/E+X')M=+"#5@

A,#5"8D'#/8'9#/0/27'N/'S4+68D'123R+>2%'"+R'62/'<#=1+/+ 2@

/#5A,#5"8'S%3X#'123-

I)";R' [#/' 6#3' E2/+4+Y"+78&' [)%#5%8' 1+,3+/+/20_

OwS62"')M=+"#5A,#5"'\"L'3/E20'2/9"?#56' #5' 2/9/#56-'x5/26"

F"+02?' #7#/'+*F2/8'+M+92/32?&'"/+"0'69/327#E'[#/'R'x/@

4#5'R'^#5/ '[#F#5'+"#5"#E&'"/+"0'%#E#/20"27#ED'#/'+62"')";D

#/' L2*' >+3E)/20)&' >+12"D' R' +1+' :%' L2*' 123' 26' +62"' `/

6)";R'+M=+/1?)'E2/$8P'cI+A_'je_he@jof-

[+%9+"+7)'ND'#/'[)%#5%8'"#/)0'L2Y?' 2/20'RH'+,"D')";'S4+68

9#/0/20'RH'42Y'+E27)"-'^+3+"+"'R'S4+68')M=+"#5A,#5"'#5"2@

)"'6)+,"'2/9/)'E/+D' +,0'[)%#5%)'3)/+9+7#5A,#5"8'"2/+Y#56'N

#;'6)+,"'2/9)/8D'+,7'"+R'2/9)"?8-'[)%#5%8' +/L/+0+E'%+3+@

"+,)')M=+"#5A,#5")0'N7'E2/-'\/'4)/?"'#5')M=+"#5A,#5"8'1+,3"2@

7#50'123#'[)%#5%8'62*'+%+0_'Ox5/26"&'F"+02H?P-

\";#q5'N/'[)%#5%"'\/')M=+"#5A,#5"8'9+>#56'62/'9#;6+"'123-

g+3+%=+"8'62"?'F3"#56'2"?'g#T#%'+Y+?,+7)'F/E+X?"2/#56-'

!M$*(%-./*(#9'&7)&@

g#T#%"'+T#A#56' N/D' #/>2%*)'62"?')6+"+"?_' Ow)q";' N'a/+

*#/#5A,+"'F2/+*+"0'62X#5A,#5"8'a/+"#56D'#/'1+E+3+0)"?w

#/'V/)%3#%#56'F#/X+4/20&'a/+"'62Y27"2/)'6)$)0'1+/#50+"2@

7#E'R'\/'+$'9#T68'"%320/20'2/9"+E#/"2/#56P'c:<2%_'h_hnDjof

c+"F72/2"#56&'2/9"+E#/'32T2/#56f-'x5M+4)/'2T)/D'#/'O2/9"+@

E#/'32T2/8P'2*+9)#E';N-'g#T#%8'>+/*'+%#56'N&'O32T2/P-'^/+

" + X # = + ; ) Y % ; - ) # = ) % U * ' & + = > 8 + = &

W@

1)6?8'F3"#56' 2"?' 6)'?+")'=#%?' 123#D' 2/ ' 9+/4#56' 2"?_' O:E

4#5?D'#/'62Y+X'N)?'1+"0+"?"2/#56'R'62T?2/#56_'\"?8'L2*'92"@

4+"+0/20wa/+'123'62*'1+/#5A,#5"'3E20'R'a/+'123'2/9"+@

E#/"2/#56'"%320/20&'V/)%3#%'[)%#5%#56P'c:<2%_'j_jDdf'c+"F72@

/2"#56&' O2/9"+E#/'32T2/#56Pf-' ^/+"?'+,"'32T2/"' 2"D' #/32T

a/+'</9+F"E+X'*+E+9"2/"'2"' "+9E#56-'

[)6+&'6)'1+/0_'Ox/32qT'2"'+,%' "+9#5A,+"'32T2/8D'R')q";

4)/?' 2"' F/+E#56' 4/+"?P-'g+3+%+=+"8' :<2%+0)"2/)' h_jh@

#56' N_'OS62"')M=+"#5A,#5")0'R'>23#5A,#5")0'R'*#/#5A,#5")0'R

32/#5A,#5")0'E2/D'R'+62"'+"#5")0'E2/D'#/'+"E+"E#56'ND'#;'6)@

+,"'+,%'+M=+/1#56D'+,7R'+,"'1+"42/L,+7#56P-

}/9+F"E+X'6+/4#5"D'#/8'X+X9E+X'N'V/)%3#%)'62$D'+,C6'[#@

F#5'62$'6)'4)/?'N'3/E+XD'#/8'M+3' +/L/'N'%+3+"+,)'4)/?)0-

[)%#5%8' 1%3+9' LR#E' 1+,3+/+/20_' OS1+' )M=+"#5A,#5"8' 3E)

L2*&'9#=27'`L2/)'R'9+/)]"2/)'E/+'R'AM"+6#5' #7#/'*#/#5A,+"

E/+D'R'L2*'#;)";';)'E"+%)P'c�#59_'ho_hnf-

S,C6'62*'1+6+/'1+%9+"+7)'N'>+3E)/+"8D'#/"'+%#56'N'Ox5@

/26"&'F"+02H?P-'[)%#5%8'F)3+90#56'N/D'A2')";')M=+"#5A,#5"'N/

E%3+1#56' 1+E+3+0#T"2/)"-' I2/' E2/%3)"' X"E278' 62*' )/+@

E#5"?'N'3+7)%'4)/?'#5"2"+7'+,%'2/9"+E#/'32T2/#56&'AM"+6#5

)M=+"#5A,#5")0'R'*#/#5A,#5")0'M+3'+E27)' +/L/-

S,">2%D' )";>2%' #/' %+3+"+"' E+/E20' S4+6)' 123' :426)

>+/32*#56D'+,%`/'N7'$+"?';)'="+,#56'62*'4#5/%' 2/27#5'1#F#5

62$' #5"20+X' 4)/?)0D' #/>2%*)' "#/)0' L2Y?' 2/)'+,"' )M=+"#5@

A,#5"8D'#/'[)%#5%8'23'N/'E2/0/27'"/+")0-':/ '%+3+"+"'9+/#@

T+"#56'N'F#T+"+7')M=+"#5A,#5"8'9+6'+,">2%'+"27D'#/'+"1+3@

"2/8'1+"L"2"')/2"0')M=+"#5A,+"'4)/?8D'"#/)0'%3+"#56'N'F#/@

X27#5')M=+"#5A,#5"-'g#T#%8'M+3'1+%9+"+7)'LR#E'+%#56'N_'O:E

32T)';3+?'%+3+"+,)"P'c:<2%_'m_jlf-'I2"?&'1+E3+0,+7"2/%D

;>23?'N'*)$2"?'1#F#5'62$'62/'#5"20+X'4)/?8-

!B


N*E*/%C*>*(#9'&7#*&7*/%-./*(#"):

I2"?'>23?'N'1+%9+"+"?D'#/'S%3X#'+/?+,#5A,#5"8'12"0'A+@

F+E#/#5A,#5" N-' v+F+E#/#5A,#5""2/8' 1)6"E#56' 2"' X+Y+,#T+@

9+"' 4)/?2/)' R' )M=+"#5A,+"' E/+-' :/9"?)' 3)/+>23#5A,#5"8

+0+Y#5A,#5"';N-'!+'+E27)' +/L/D'+E27)'+*420)9'4)/?'R')M=+@

"#5A,#5"-

g+/32*#56'%+3+"+"'8"9+X';N/'<T)'9+6'"#5,")%9'+Y,#5X)

23R)0-'a+'1+%9+"#56' N/D' A2' )";' N' )M=+"#5A,#5"8'R' 8"9+X' N/

S%3X#'6+/4#5'23R)0-'a+'F)32/D'#/'2A2'1+%")'6+/4#5"D'4/+@

"#E'3)/+9+7'94+Y"+'+,"'+62")'E/+D')";8'6+/48'9+Y+E+/#56

9+6'>+1>+"#56'N/-

K/+'1+6+/'N7D'2/ '%+3+"+"'8"9"#56'N'292T20#5'23R)0D'"/+

1)6"+9+"'A)/+=8'+E+F"2/"'2"-'

t2/$2/%' 6)' 62X' 292T20#5' 1#E)E' #/#M20' +C+"E27' 9"#$)0-

K/+'1+6+/'+%3E+X+M";,+"'#;'6)'1)6?';9+/D'R'4+'9#/X+"+@

/+/'2T+E'"/+'9"#$'#5'2/2=+"2/)'1+6+/-':/ '+E+F"2/8'"/+"

1+/0/)"'M+/C+Y)A8D'1#E)E8'>+3+%=+"20D'#/'2A2'4+'"/+"0

4#5/';)'F+7)%D'9+/#T'2"'12Y+"+7-

a+'?6+1+]#/2"'62T+";#56'N/&'=+=327#E'S%3X#'>+3E)/+@

"8D'R'+62"#5/2?')/'1+6+,"?#56'+/L+9#56'+6#5%"+7#5X#5A,+"'R

=+ E+X#5A,+"'c1)+%A+<#5A,+"f'#F)"-'^/+")0'123#'+,4'292@

T20#56' M+3+0+"' +6#5%"+7#5X#5A,+"' 42>?2/8D' +6#5%"+7#5X@

E#56' N)"' "#5,")%9' +E+F"2/8-' B+32/"' N7' %9%20)"' E1+3E27-

B<#AE+X'"/+"?'F"#56'N)"'292T20#50'292T20)&'123+?/?/E27#ED

A2'#56'9+/#T'2"'E%3+127-':/ '%+3+"+"'1+/E+X#56'N'3+"'>+@

1+>+")" R'4#5/%'N'F0#56'"/+"')/'4)/?)0D'>+1+>+")'="+6?)

3+9'F3"E#T"2/8'R%'4+Y"#56'2"'=#027)-':%'32%27'26D'A2')";>2%

2"'X"#T"2/8')/2"0'?6+1+]#5,?#E'=+=3#56'S%3X#'>+3E)/+"@

"2/8-'x/#M'C+6+"+9'123#'"/+"0'2/2=+"2/8'123R#56'2"'X"#T@

" + X # = + ; ) Y % ; - ) # = ) % U * ' & + = > 8 + = &

!A

"2/)'`/)"+9)"-'K#5'6)F#502'4+'+"2X?'+"E+"2%D' +,0')";#q5'N

4+'>+3+1#56-'I2T?)'6)$#0#E'X"#T"2/8'*)$#56'2"'1#F#5'62$'#5@

"20+X' )M=+"#5A,+"' )/2"0' 4)/?8&' 2/2=+"2/)"' 4+/L"27#E' AM@

"+6#50'12M3'=#027)-

O*=%6#0(*&*6%&%-./%-(#O'&%:#.M(*"'()&'(

S,%' %9* #5"?8' 7#5%+ +"E#56' N' K+EA)' 9,+"?)' `/)"+9#E' cW

v+F_'e@hef-'v+F+E#/#5A,#5"8'#5C2T'R'+>+1#E'N/'K+EA)'+Y+$@

"#/4#5A,+"'3+9-'S%3E+X'`/1"27'N/'"/+"'6)'?+")'#/4)"2/#E'#5

4#5%3/2/#E-'[23#'K+E)A"')"?"+9+6'E2/0/20'+,"D')";'S%3E+X

;N/'3E27'"/+"_'K+E)A8'M"+0+E'W2/%+ 2)'123-'W2/%+ 2"'1T)+@

0+E-'\/+E)]+9"'N7'+E27)' +/4+0+ED'?+")'#/'+,4'9"#$'+6#5@

%)"8'12Y#5'N/&'>+32/+*6)'4+M3#56'9YE#56'N/'K+EA)'A+F+E#@

/#5A,+"'1+6+/-'

K+E)A8' 6+/4)9' #5T+/920' "/+' +6#5%"#5&' x5/)+,)' 23R)0D

1#5,%'#5"2"+7#E'1+6#*27'"/+"D'#/'F+'9"#$'6#3-'K/+"#E'1+6#@

*);'94+Y"+/D'#/'x5/)+"'N/'2/2=+,)'1+,/8-'x5/)+"D'1+E+3+@

/)6'7)"27#E'K+EA)"'R'"/+'A+F+E#/#5A,+"8D'#/#M20'1/+C+/E27

)/'9"#$'123'+"9#T"#56'?"27#50'+,"'C+6+"+9D'2/ ')/'123'9YE#T

*)"E#/"2/8'6+/3)'4+M3#56'N)"-'K+EA)&')/'62T?8'X+X927#5'+,4

X/+F)/8' ;F#/X20-' a+'F)32/D' #/' #/#M' C+6+"+9' 123#'x5/)+"

9)6+"+/D'#/'9)"8'1T)'N-'W#7#/8'9)6+"+,)"D'#/'2/2=+,)'1+,/8

K+E)A"'N/-

K/+'1+6+/'N7'K+E)A8'X/+F/20'x5/)+,)'%>+"#5A,#5"8&'"/+"

"#/)0'23'#5T+/927#E'6+/3)'4+M3-'x5/)+,)"'4/20)"'9YE)'A2C

F#3#56-':/ 'AM"+6)"'M/$+>+320'"/+"D'x5/)+,)'123'9YE#T"2@

/8'A#T20)"'"/+"_'+,4>)%)'1/+6+"'#5"2)"-'x5/)+"'8"9+E'AM"+@

6#5' L2Y?#E-' K+EA)' M"#5A,#5"8' 4/420' "/+"' =#/+6+"9#5A,+"D

%3+=#%#5A,+"'R'6+/4+%>+"#5A,+"-

!W


B#53#E'a+A+"'6+/F+/2"'29+E'K+EA)'6#3' +0+1+,327#5

+,%'62T?8-'K+E)A8'=#%3#E+"20_'OI2T+";27'26'.)/#$'426P-'[2@

3#'a+A+""'+%+0'K+EA)"_'O.2/"'N7'"2/20'?#'62T?8D';2%'62Y")P

cW'v+F_'hj_hif-'

K+E)A8'+>+M=+/20'R' "2/#56' %3+0+E-' S%3E+X'+*+320

"/+"' )/' +"`/)"#5A,#5")0' c:%+,)' mi_jkDjdf-' W+,0' a+A+"8

*F#5M+0/20' K+EA)"_' Ox/#E123R' .)/#$' AM"+6)"2/)"' +Y)A

3E)/wP'cW'v+F_'hj_hmf-

K+E)A8'"2/#56'%3+0+ED' +,0')/'9,+"?"'#5'8"3+")?8'S%3@

X#'AM"+6)"2/)'1+6+/'12M3'=#027)'4+/L/20D'=#027)'#;'6)+,"

{)*)9+9+"'AM"+6)"2/)D'+,7R'1#FR#/"2/)'1+6+/-'a/+'8"3+@

")?"'#5'\%/+,27'C#T#E#5/48'62X'3+Y+>+"?"2/'9/20)"-

K+EA)' +Y+$"298&' W2/%+ 2)0' X"E+X' 2/2=+"D' 6+1+0+E-

K+EA)'+E+F'#/4)"&'S6"#"8D'#/8'F+1)'C+Y+"F#/4'N/D' Y"+ +@

/20')/'?/#$8&'v+6+/)"-'K+EA)'#/4)'R'v+6+/)'2T +,/'S )%#@

T#68' E/2C#E' 70E20' #5' %>+"20' )/' 2T +,/' S6"#")"-' S )%#T#68

\%/+,27)'6+/49+"0)0'M+32/)'%/32/8'#5TT20'K+EA)'426'R'3)@

/+0+E' "/+' F+1)"-' a+' >TX20' )/' 1#/' 1+/]2/)"' #5' \%/+,27)

6+/49+"0' 4#5/%' #5T+/920' #/#"27#5' R' %>+"27#5' K+EA)"-' K+@

E+4/#5A,#5"8'L+=#TE20D')%9'S )%#T#68'%>+"E20-

K+EA)' #/4)"2/)0' 2/2?8' 6+1+0+"D' #/#E123R' )/' 62T?)

>+3]+Y#E'"+' +027'N/')/'8"3+")?)'>+M3>+"#5A,+"'4Y"2/8

S%3X#'AM"+6)"2/)'+Y+$-

:%'32%27'26'X+Y+,#T"2/)'2/2=+"2/)D'#/#"?'A6/+6#7#5A,+"

62$'2"D'AM"+6+ +/'2"'3/+6+4/E+X'292T20#5'"9+36+6 D' Y"@

E+X' 2"' 9/?)' R' 1+6+%2Y+6#7#5A,+"' #F#ED' #/#E123R' "/+"0

X"#T"2/8'+"`/)"#5A,+"'6)$#0#E'*)$27'2"'1#F#5'62$')/2"0'4)/@

?2/8-'I2"?'9+/)?'#5"2"?'7/$#/2"'E2/+ 2/E27#5'S%3E+X+M";)"D

2/ '"+'+%#56'N_'OB+3'E+/4+>23"2/'6)H'2T2?D'2T +,/"2H/_'F)@

32"+7#ED' #/' 62X' 4+3+%3+"' >)3)' 8"4#5"2?P' c[+9# _' i_hf-

" + X # = + ; ) Y % ; - ) # = ) % U * ' & + = > 8 + = &

!!

t+/4+>23"2/)'c1#E)E"2/)f'+E27)'=)%3'LR#E'4+3E27#5'>+3@

]+Y"'+,"'ND'#/'"/+"0'+"1"+*+"4#5A,#5""'+E27)'62X'+*420#5@

A,#5"'N'A#T"27#5-'a/+"?'#;'6)+,"')/2"0'2"'E"+%#56D'+,7R' #7#/

"/+"0D'#E?2/'"/+"0'="+6+9+7#5A,+"'3+9'2"-'S%3E+X'"2/#56

N'"/+"0D')";>2%'#/'"2/20'K+EA)"-'W+,0'R'+,">2%'"/+"?'91"L2"

+,"D')";'0+"27'2"_'AM"+6#5"'32T N'3/E+X-'

:%'1+%9+"#56'26D'#/'%/+"?'X+"/'=#%?2/'2"-'K)6#56'26'L2*

+62"+,"'=#"+/1#5A,+6 'R'+,%'=#%?2/8'F/#56'26'2/9,#5T#E'#5

4#T#E-'I2"?' M+3@M+3'#T 2/F#5A,#5""2/'2"?'32%27D' 6+%"+E#@

/+>2%&'X+Y+,#5A,#5""2/)'62$-'I2"?';>23?'N'4+3+>+/32"?-

I2"?'9+/)?'#5"2"?'"2/27#5'R'1+%"27#5'"/+"0D'#E?2/'L+=#TE27

2"-' :A2' "/+"?' +>+M=+/2"D' S%3E+X' 9"2/)' "/+"0-' W+,0' 2%

F/#56' 26' +,%' =#%?2/8' #/>2%' #5%#50#56' R' "+=+*F#5M+0#56

"/+"0D' #/#"0' AM"+6)"' A)/+=' 94+/L")-' I2"?' #7#/%' >23?' N

?+,72"?'=#"+/1#5A,+"'R'E2/+9+"F"6+"'62$-'

x5"26';#/%'#/4)'R'2927'26'+,"'1+%9+0#T#5A,+"8D'#/'62X'+1#E

>+3+%=+"+3E#5A,#5"' #5' >+/3+E#/#5A,#5"' #5"26' "/+"0

9,+"?2/)'1+6+/-'a/+"?'S%3X#5""'2"D')%9'2%'#5TT+9)'3"32%@

E+/' 26' 4/E+X' "/+"0' E/+-' :%' 2/ 2?' ;26' 0+"9+"#56' 32%"27

"/+"0'9,+"?"'+6+,+0+XD'?+")'#/')"?%'%+3+"+,)"'32T' ;26

3E27-

:/ ' 2%' `F"#5A,+"' X+Y+,#5A,+"' 62$' N)D' 123R#56' N)' #/#M

9+/R#/' +"2/)D'#/>2%*)'"/+"0D'#56'X+Y+,#56'N)D'9+/#T+"+"

)/2"0' 9,+"?#56' +6 #T$#5A,+6 ' )/+9+"+0"27' S%3X#' 9#;#568-

:%'123R#56'N)'6+?/#5A,+"8D'"/+"0'2/2=+"2/)"' 2/#56'N)'4>@

/#0)0D'7E+"#56'N)'"/+"0'+E3#62?2"+"2/8'R'+,7"-'I29'`/'S%3@

E+X')";'#/' +"'=#%20')"LD'R'4+'`F"20D'#/'2%'7#5/$'E2/+ 2/E26

X+Y+,#5A,+"8_'Ox/4)H%D'2A2'4#5'+"9+/F#5A,#5"'+"2%'+,%'4)/?)4

62$D'12M3'97)")'#5TTE278D'?+")'#/'F#/X'#5"2%'{)*)9+9+"' +"2@

/)'123-'W+,0'2/ ':%'4"26'?2*'X+Y+,#5A,+"'4)/?)'62$D'4#5'F#/X

!/


9#5"2"+%' 6+/49+"0' 123D' )%9' 9,+"?2/)' 123' F#/X' #5"2"+78

+=3+=+T';NP-

5*(D(*J#'M$*(%-./%-(

S,%'F7=)'">+3+9"'ND'#/'>+392/+0#56'9+*62%'1#FR#/'4)/@

?)'R')M=+"#5A,+"'6+%)"-'I2"?'6)'?+")'6+/49+"0'`/)"+9"2/

32%+"?D'#/#"?')/2"0')M=+"#5A,#5"8'9#/0/27'N)"'9+6'1+"L"27

S%3X#'AM"+6#5"-'^+3+"+"'M+3'+9"1+,3#/2"'9<#/L)'F#T+@

"+7' ?#' )M=+"#5A,#5"8&' 62T?8' ?#' 9,+"?)' 62$' 2/27#5' 6)$#0#E-

:A2'4#5'E]Y+9+"#/2"'#/#M27'2%'X+Y+,27'S%3X#5"'?#'#T$'%/3#ED

"+'"+R'9<#/L)'?2*'1+/E+X27#E'4#5/%'F027'V/)%3#%)'62$'#5"2@

0+X'?#'4)/?)0&'E+=)'6)$#0#E-

:/9;#3#5A,#5"8'9#3/27#5'+Y+$)"'?+,7"'+,"' ND' #/'?#'%2<+@

9+"'%/3)'62$'4#H5' $+=$+=2%'=+"F+/#T' +"2/8-'[+$#/4'F7@

=#56'2%'9"9+/+F/26&')";>2%'4+'+"27-'

" + X # = + ; ) Y % ; - ) # = ) % U * ' & + = > 8 + = &

!1

"#%12./B%./22(#&P,9(E./2)(#A#2@()*#-1./B%#2(,/5&#2.3(#C&.G( 2#3.&./B%#2=

............................................DE+=))*))!!))

<'=* .7" 3 '"+->* .; 3 * . :

S

%3X#'[#F)"'6)'?+")'+9"A+/A#56'9+/#T'N'1+,3"#5A,+"

62X' +C)"'70"27'1#F#54'62$D' +,0'+,4'1+,3"#5A,#5""'+/@

C2?';#5")'+Y+"0')6+%3#5A,+"'R'4/+"#E'+>/#T' "+E#@

/#5A,+"-'

:/ '^#5/ '[#F)"'+Y+$"#/420')"L'S%3E+X+M";)'=#%?2/)'6)@

$#ED'#/#"?'E+=)'426'>+,?+/27#5'6+%)"'N)"D'a+'0#5,0'3E20'2/@

9#5'X+,/+12T#5A,#5"D'#/#"?'1+E+3+0,+7)'9,+"?8'4#5/%'2"' 2@

/#56'1+E+%+/+9MY#5A,#5")0-'SY+$)"'X+,/+12T#5A,#5"8'*#/#5@

A,+"'23R)0'F"+7"'ND'2/9/#/48&'92TX'=#"+/1#5A,#5"8-'S6 #T$+@

9+"' 1+E+%+/+9MY#5A,#5"8' F3"#56' 2"?' .)6#A2#%)' 9,+"?#56D

#/"'+E27)'M+3'6M+9#56'N/'+%3E+X+>+M3' "+E#/#5A,#5"D'?+"

92TX' =#"+/1#5A,#5"D' R' +E27)' M+3' #/ #?#56' N/' )/' 62$' 2T#T

>+/FR8D'?+"'A2'F"#56'N/'*#/#5A,+"'23R)0-'

2*7%-&#3'&+

g#T#%' +Y+?,+7"' +Y+$)"' +"F+6' .)6#A2#%)"' 1+"4)>20

(,#5%3/)+,#56-' a+' 6)' 2/)3+%+/4' N/D' #/)' 6+,/8' ?/)%3#",+

1/2+'N/D')%9'1+,/8&'1#5,"-'

g#T#%8'0+"9+"#56'N/D'#/'.)6#A2#%"'#5T290)')/2"'R'B)T+@

!9

,)"&' #/>2%' )/2"0' ]+"+>+/1#/4#5A,+"' `F"+9+"-' .)6#A2#%8

>23?'N'1#F+/'g#T#%)'9+/)?"2/8'cb#/X?'hn_jhf-

x/#M'C+6+"+9'123#'.)6#A2#%)'1+E+3+/6#5A,#5"8D'#/>2%

X+Y+,#T)D')'1+,3'29+E-'.)6#A2#%8' +/L/+0E20'R'"/+"'E%3+@

120)"'#/>2%'SE23+/+")'X+Y+,#TD'+,"#5123R'"+'1#EE20':<2@

%#%)'292T20)"-'g#T#%8'.)6#A2#%)"'F/+X')/'2/9/#/4'"+6+9#56

+%#56'N_

OI)3?%' 2/27#E'+,"'+"92TX'1+E+3?8D'#/'?2*+"#56'N_

+Y+$'?#'(#)4+'3+3#56'R'?#':E")92'6#/#56' "+9E20D

1+6#*E+X'26D' #/'?2*+"#56' N7-' S,4'>+3]+Y#E'6)3?4

26' 2/#56D'#/'+/X+/X2%'S%3X#'+,"'M"#/1?8D'#/'?2*+@

"#56'N')6'L2Y?2/8'?2*'E/+'4"27#EP'cW'.)6#A_h_kDdf-

x5M+4/#5A,#5"'4+/L/#5D'#/'g#T#%8'1)M+3+9#56'N'+,"'<+%@

38D'#/'.)6#A2#%)'1+E+3?"'+"92TX'N/-'S,%'2/)3+%+/4)'%)/38

6+?#5/'N/-'a+'92TX+E#/';N/-'I29'+,7'"+6+9#56'g#T#%8'F#E2%@

3)'=#%?2/'N'+%#56_'OW+,0'1#5,%'#5"26'.2/'[)%#5%#56D'#/'.)6#A2@

#%)"'M#53#E'#5T+/926'L2*'6#3w't+%"*)'6298';#5"26'6)+%)/3D

#/' 632/6+ +/' 1#F%'+")' L2*' 1+6+/-' t+%"*)'+62"?"' )/+"0

+"2/"'2"'#/#"#56'R'#;'A2'[)%#5%'V/)%3#%)"8-'W+,0'4#5?'F)32?

"/+'8"3)/'7)"278D'#/')";>2%'6)'#/4)')/'1#/8&'+,">2%')"L'123

X+Y+,20'SE23+/+")"P'c})7)>_'j_hn@jjf-

[+%9+"+7)' ND' #/' .)6#A2#%)' "+E#/#5A,+"' 1+/08' ;N/' ?"@

"+/9E#56-' x/>2%' ?/)%3#",+"2/&' "+E#/#5A,#5"8' >23?' N' 62/

+Y+$"+12/A#5A,#5""' #5' LF3#568' 7)")-' S,"' )";' <"3/#56' N' 62/

[+,/8D' *#/#5A,#5"8' ;ND' +,7' "+E#/#5A,#5"8-' .=#5/' <+%3' ND' #/

292T20#56'M+32/"'8"927'2"'[#F#5'*#/#5A,+"'R'`X#5A,+"'23R)0D

6)";42Y'=#5%+<#56'2"'#/#"27'+%3E+X+>+M3' "+E#/#5A,#5"8-

!#/"A+0)"2/)'+Y+$)"'ATA)'hm_h@8'62*'%#E#/20"#56' N_' O^2/)"

123R2?'R'1#FR#/'>+/FR"2/)"'"+=+"L+E#/'2T2?wP-'^+9+,"

!?


62"?' +T+E+T27' 2"?' +,4' >+3E)/+"8-' I2"?' <"3/#56' 2"?

>+/FR"2/8'R'`X#5A,#5"8D')%9'%)/#'>3#5T8'#5TT+9)'0+"9+"#56

2"?'62/'9,+"?#56-'S%3E+X'%2/' ND'R' 6)";R'62"?' ;?+,72"?'%)/#

62$D'L2Y?';2"?' 2/)'S%3X#' "#5,A8-

N*/&*0)C%-./%-(()&'<#")>(#*/(#PH#)& #G%&%-./*(@*6)='#)3#D,+%-"H#7*(# (*6%&%-./*(@

x/#M' ?/)#%3#",+"2/' 93/#56@+"0"#56' 2"' 62X' 12Y+E#/#5@

A,#5""2/&'1+/,#5/+E#/'6T#""2/D'#/>2%*)'F"+"'1/+M?)D'6+/F+@

/2+9+"' 9+6' `XE+X' X+Y+,#5A,+"D' +,0' "/+"?' ;2"' 9+62"#56

)/2"0'%/32/)0'A#T"27' +/9#5A,#5"8D';"2/278'9+6'4+Y"#5A,#5"8-

^+'E9+,#56' ND' #/' "/+"0' M2M3+4/#56"'+E27)'*#/#5A,+"'E/+' ND

?+"' "+E#/#5A,+"-

S,%' X+Y+,#5A,#5""2/#56' 2T#T' 1#FR#/' 4/%R#/#56"2/8' 9+/#T

2"'S%3X#50'7)"27D' +,0'62"?'>+/3+E#/'2"?'F#/X'#5"2"+7'"+R

62/'"2/%)'6+/4#5'123-'a2/%)'123'F#/X'#5"2"+7#5'+"1#C+/#5@

A,#5"8'4#5Y' N' +027-'z"+,+X'#/'292T20)"'+,%'C+6+"+9"2/#56

E2/%3)"'E2/27?'N'+>/#56D'62T?8'>23?'N'12Y+0"27-'[/+M+7)'ND

#/'6+/4)9'X+/+E'2"'S%3X#'*#/#5A,+"8D' +,0'292H?';+"32%2"?

%/3)'6+?/#5A,#5"8-

I2"?'M+3@M+3'X+Y+,#T"2/)'2"?'32%27D'#/#"?'8"927'2"-'W+,0

"/+"?';2"'8"927D'2/ '+/27'2"'+" +/#,+9+"#5A,+"'+Y+$)"'?+,@

72/8-' xH;D' "/+"?'%9%27' 2"'+E27)' M#53'8"9"27-' S"9#568' %9%E27' N

+,"'`/E+")0D'2/ 'X+Y+,#5A,+"'62$'1+$#T#5A,#5"8'1+6+/27'2"

+E27)'9+/R#/D'?+"'S%3X#'123'632/)6'<#=1+/+ 2/#5A,#5"8-

I2"?'%+'6)+,"'X+Y+,#T"2/)'62$';2"?'32%27D'+,7'"+R'"/+"0'1+@

6+,"?"2/)'"2/%#56-

[)%#5%"'+%+0_'O:/+")'"/+"0D'#/'%/3#E'6+?#5/'2"D'#/'"/+"?

932%"2"'S%3X#5"P'cI+A_'k_ef-'a+';+%+0_'O:/+")'"/+"0D'#E?2/

J ; ( + = ) < ' 8 ; ' Z # $ + = > 8 + = &

!@

1+$#T+9'X+Y+,#5A,#5"'9#5"2"+"P-'a+'+%+0D'#/'+Y+"0'6+?#5/

%/3)'4#5?';2?'32%")'S%3X#5"-'\1+/92D'[)%#5%"'N'6)+,"'+,"'I)@

+98D' xE' 9+/#T' N' 62*' 6+?#5/' %)/3'3+7-' K+')";@#/' +"' ;ND' #/

62"?'9+/#T'2"?'E+%3+927-'S,"'RH'+"F)"'ND'RH'L/)-'S"F)"'ND'?+@

")'#/'>+1+"$20'S%3X#'x/4#5'6+18D'R'L/)' ND'?+")'#/'+Y+"0

E]+/)'3/E#56'N' #7#/'"/+"0D'#E?2/'9<"3/2"'[)%#5%)"-

^#E#/+ +/' 2%'+T#A#56' N)_' OS%3E+HX' )6D' `F3+F#/X)/' )"L

9#/+X"2/)"'1+%"27#5D' +*6#5A,#5""2/)"' CM927#5'R'6+/49+,)"

1#X'*+"FE+X"2/)"'+*+3+F/27#5'1+6+/P-':%'+,%>2%'+T#A#56

N)'M+/#5"+9D'R'4+'N/'S%3X#5"'<"3/27#5')6';+<8-'\6' +/L/+@

F#5,"'">+3+98'1+$#T+9'X+Y+,#T'7)"27"'N/-'

I)'`/'N7'[)%#5%8'0#5,0'3E20')"LD'#/'+,"D')";)'E/+'2%'M2M38

4"#56'26D'%=+7'N-'a/+'+%+X8'0"020')"L_'OU#H"D'[#54+"'4R2/'N/

1+"#56D' CM9#56'N/'1)E+"4"2/)"'R'?+/#*#56'N/'SE23+/+"8-'a+

A#T20')/'F#/X8&'\6'+M+92/38'4+Y"+7#5'1+6+/D' +,0'#/32qT'N

"+'+,%`/P-'^+'629'3#""+'+T,#5%)'>2%'+%2%'8"9+E'F7=)%-'a+

M+/#5"+920_'OV/)%3#"2#5A,+"' +/L/+F#5,"'9#;6+"'">+3+98

S%3X#'*#/#5A,#5"8'9+6'X+Y+,#5A,#5"8' ;ND'+,7'\"L']+"+;27"' NP

c32H%' })7)>_' i_ho_hkf-' SE27)' #5MD' 2/ ' )6' 9)""' N/' +T#A#56D' #/@

>2%*)'S%3E+X'`F3+F#/X)'"/+"'+,4'"#5,"'0#50+9)'1+6+L+,"D

[)%#5%8'1+/0"#56'N'"/+"_'O()*+HD'4#5'2/ R)02'`F3+F#/XE2q7'2%

8"92/#$4'9#T6)0P-'

@'S,#H@D'>+3+%=+"#56'N'"+-

@\";>2q%'N)/'?2*'*F#56-

a+'>+3+%=+"#56'N_'O:%'=+ E+X'N)'*F#56P-

[)%#5%8' M+/#5"+9#56' N_' O()*+HD' :%' ;26'`F3+F#/X#56' 6+/4@

9+"0-':%'`X#56'26D' CM9#56D' LR+<#=#56'26D' 1+6+>+3+%=+@

"20"#56' 26' "/+"0' \6' >+392/)"D' +,0' :%' ;26' `F3+F#/X#56

"/+"0P-

\";>2q%'9 "#/#M2%'+,"'9"#$8D'#/)'6)+9'LF3#568')/'+6#5%"#5

/B


1+6+/'2/2=+"2/'#5"2"+7"'N-'a+'+6#5%"#5"'96#32"+'6)+,"'+,"

C+6+"+9D'2/ '#/#M)'C+Y+"F'#5"2"+7-'S,4>)%)'9)"8'#;'6)'12@

3+?/?/#5A,#5"' ;)' #5"2"+' )/'+6#5%"#5"'+"L"+>2%' ]+"+;27#5

1+6+/-'

:%'F)326D'#/'4+'1)6+/#5A,#5"'N-'I)";42Y'#/?+G"'N'3+/ 2/@

E#56'%+'S%3X#5"'#5TTE+X'62/'+,"'+T+T+9)0D'A2'`F3+F#/X)/

62*&'6+/49+"0'</927#5'1+6+/D'2/ '62"?')"?"2/%';2"?'E+,27#56

a/+'123'<#=1+/+ 2/#5A,#5""'#5'8"92/#5A,#5"8-':/ '62"?'M<@

E#56'2"?'S%3X#'123D')/+9+"+"#56'N'a/+'+,%'63+4/#5A,#5"8_

OW+,0')/2"0'S%3X#5"']+"+;#T"2/)'C#T#E#5/48'>)3)'*#/+"+

R'F#/X)P'cK+")27'hh_ijf-'g#T#%)'6)+9'LF3#568'a/+"']+"+;27"

N/' c})7)>_'i_e@hof-'I#E%2%"'+%#56' N/_' O\"L')6+0/#5'V#']+"+@

>+/1"2/8D'#/']+"+;26'V2*P'c:7)0'ii_hif-'K+E)A"'+T+T+9#56

N/_'OI29' +"'26'="4/#56'.2/)08_'R'+,"'M+3'9<+<+F2)D'#/'.)@

/#$'3+"8' "+9E26' )6' 9,+"?)' #7#/' `/2/8D' #/'.)/#$' F2T20)9

<+Y?8' 32%"26' R' a/+' 3+]+/)"' *""27#E' 63)9' 3+6P' c^+T6_

jl_mf-':E'"#/)0_'Ow1#F)%'X+/+E'N'V2*'1+6+/_'6+/6)"%'V2*'N

0+"9+"#56P'c^+T6_'di_hf-

S%3E+X+M";)'+,"'3T+6+/4)9'R'9+"+,?D'#E?2/'+62"')";)0

+Y+E27' 0+"9+"#56' N)"' S%3X#5"' ]+"+;27D' ?+"' #/RN' +,7' +"D

1+E+3+/)6'6"+0)"'a/+"&'+E+/327#E'+,"'8"A+0?8D'#/'S%3@

E+X'N/'4/27'"/+"0'+Y+$)"-'a/+"?'%#E#/20)"'+6 #T$+9+"'*#@

/#5A,+"'F+T3")?8-' (/$#/2"'<"3/27#E'a/+"&'+,4'6+/4)9']+@

"+;20)"'S%3X#'%/3)'=#/#5A,#5"8-

x/#M'6+/4)9')/2"0'1#FR#/'1+%#5"#5A,+"';+<8'F"+1+3#56

2"'6+/F+/2+"+7#5'9+6'N7'>+/FR"2/)'62$'1#%27#5')/2"0'9+/#@

T#5A,+6 -'W+,0'1)M)H/D'>+/FR"2/8'3/E#56'2"D'4/+"?';2"'E+%@

3+9#56-'I)' NM'=#%20'R'32%+E&'63"27#E'1#F#5' "+F+E+Y-'I)

+?+T+T' 9+";20' 2/2?' +"F+6' R' 1+"4)6+"20' g23/#%)"-

S/4,#q?'+,%'+62"8'+,4'92"4+")"2/)"'1#FR#/'4+/L/20-

J ; ( + = ) < ' 8 ; ' Z # $ + = > 8 + = &

/A

[)%#5%"'+%+0D'#/'M+32/8'a/+"'.2/'99#;2"'R'9+9"9+72"'63@

"27'S%3X#'+/?+,#5A,#5"8D' +,0'962/CE2"-'a/+"?'1/+M?"2/'9+@

"2"D'4R2/'9?M2"'#5'96+/F+/2+"+"'\/'+"#5"#E-'W+,0'a+'9>+@

3+%=+")_' O\"L+")0' 42H"' F"+02?D' #E' +"`/2"#5A,#5"' F#/X#T@

"2/P'cI+A_'l_jif-

QXE+X'7)"278';)'"M+"+9#56'1+E+"#5A,#5"'%3+"+7'a/+")0-

^+E#5T8'6+/F+/2+0+E'+,"' +")0'123#D' 2/ 'S%3E+X'+/42"

62/C27' N/' "/+"' cS' v+F_' hn_jiDjmf-' !+,)+<+"' 6+/F+/2+0+E

+,"'C+6+"+9D'2/ ')/'6)+9'">+3+98'S%3X#'x/4#5"'%>+"27"

N/'c[#E1_'hh_mn@khf-'I2"?'>23?'N'#5"2"+"?'S%3X#'%)/38D'#/>2%@

*)' 9+/#T+"+"?' 1"+*+"4E27' a/+' 9+6?)"-' SY+"0' 4/+' 62"?

>+/*+>2%' 9?+,72"?' a/+' `X#5A,+"' M#5?)' "2/?#&'3+Y+>27#E

`/)"+>+1#5A,#5")0' 9+6' 0+"9+%)/#5A,#5")0-' W+T++68' 6+/@

F+/2+0+ED' R' "/+' 6+/F+/2#5A,#5""2/8' ])M3' N)"D' +,4#51+"@

42/LD'"+'6+1+0+E'F#5M+9)'6+1#E'c%/#E'%>+"E20D'2/ '\%/+,2@

78'"E+]#56'N/'=#%3+0E+X'2/9)/8f-'

g#T#%8'.)6#A2#%)'+/C+")?"2/8';+<#56'N/'"/+'%/3)'6+?@

/#5A,+6 'R'1+E+3+/)6'X+Y+,#5A,+6 -'I2"?'R%'>23?'N'+,%';+@

<+")M8'4"2"?'62/'+Y+$'R'A#5,7'3+"?'^#5/ '[#F#5"D'#/']MF/3#@

/2"' 9MY)' 62*-' S,%' ;+<+*+"0' 9+/R#/' "+=+4/,+78' ;)' 9+/#T

M+3'M2M3+4/E27D'2/ '62"?'63"#56'2"?'2/9;#3#5A,+"'1#F#5'123

>+,?+/)'62$-'SY+"0'+,%' +"8'"M27#5D'+,%'#5T2/L)'62$'2T+X']M@

6+/3#5A,#5"8' ?2*' ;)'+*+3)'RD' 1"+/+E#/' ND' ?2*'+E27)' E"+%

>+3]+Y)D'?+"' +/)?_'6)+,"'=#%?2/8';2"D'#/'9/#56'2"'+*+32@

7#5'*#/#5A,#5"8D'+,7'"/+"0'23R#56'2T#T'1#F)"'R'N#5A,#5"8-

^+' +0+3/27#5'1+6+/'E2/1)M2"?'+,"D')";'*F#5M+0/20'g23@

/#%8_'O\";>2%'62/'%)/27)'2T +,/'g#T#%"'N7'S%3X#50')/2"'3/@

E+X')6+%3#5A,+"'>2%'F/20'L2*-'\";>2%'+62"'ATA2/#56'N7'=#@

%#56'N'+,%' +"2/)'1+6+/D'#/#"0#56'6)'?+")'4CE+/)6+0' +"2/

9+"D'#/'+"#5%#56"2/8'R'+"1+%3+3"2/8'"/+"0'XY#56'2"D')";@

>2%'6,#5%'F/?2/"'N7&')/+"0'+"L2/)'9#/%3,+"'1+6+/P'cW'g23/_

i_hkDhdf-

/W


B+3'9+/R#/'ND'#/'62"?'LF32"?'S%3X#'123'])M3'<#=1+/+@

2/#5A,#5"' #5"2"+7#5"D' ?+"' a/+' *#/#5A,+6 ' M+/CE27#5' +@

"+LR)"-'^+'7#5%+ +"27#5'1+6+/'?""2"?'g#T#%)&'.)6#A2#%)"

#5TT+X'2/9/#/4'ATA)'"+=+ +"8-'.)6#A2#%)'%/3)'6+?/#5A,#5@

"8'1+%3+327#50'123#'g#T#%8'F/27'N_'OS,4'>+3]+Y#E'6)3?4

26' 2/#56D'#/'+/X+/X2%'c+"F72/2"#56&'O #/ #?2%Pf'S%3X#'+,"

M"#/1?8___P'cW'.)6#A_'h_df-'S,%>2%'g#T#%"'#5%#50+"#56'N'.)6#A2@

#%)"D'#/'"/+'9,+"?#56'S%3X#'>+/FR"'+/L+9278'+"E+E2/'91+@

6+/E2/D'2A2'.)6#A2#%)'1+E+3?8'+"92TX' ;7)"2/-'S,C6'2H9' M+@

/#5"+92"?-

2/%-3#J*/&*0)C%-./%-(@#>)CJ#$%(*&0%-./%-((#P

OI)3?%' 2/27#E'+,"'+"92TX'1+E+3?8D'#/'?2*+"#56'ND

#/'+Y+$'?#'(#)4+'3+3#56'R'?#':E")92'6#/'62$' "+9@

E20D' 1+6#*E+X' 26D' #/' ?2*+"#56' N7-' S,4' >+3]+Y#E

6)3?4'26' 2/#56D'#/'+/X+/X2%'S%3X#'+,"'M"#/1?8D'#/

?2*+"#56' N' )6' L2Y?2/8' ?2*' E/+' 4"27#EP' cW' .)6#A_

h_kDdf-

OS,4'>+3]+Y#E' 6)3?4' 26' 2/#56P-' .)6#A2#%)"' #5TT+X' )/

+Y+$)"'"+6+9#56'g#T#%8'9#;'N'+"#56_'OS"1#F'6)H'7)")/'?2*+@

"#56' 2T+X'+,"' M"#/1?)' 1+6+/D' #/'?2*'3/E20' 6+/F+/2#5A,#5@

"#E&'2/)0#5A,+"'L2Y"+4/#5A,+6 P'cS'.)6#A_'m_hmf-'g#T#%8'.)@

6#A2#%)"'M2M3#56'N'S%3X#'>+/FR8';+/1+6+/127#5'9+/R#/#5@

A,#5"8&' F/27#E' 4/+' 6+%)"' 2/9/#/4' +"F+6D' R' 4+/L"#56' N' +,"

+Y+$"+,)"' +"2/)0'6298D'#/'1)M+3+9E#56'N'"+6+9#56-'

x/>2%*)'>+/*#/#M'F)3+902"?D'A2')";'N'"M+"+9#56';+/1+@

6+/127'O>+/FR8PD'29'"+,2"?'6)'?+")'1+9+")M"2/)-'S/1+6+/@

127#5'1+9+Y+9"'N&

9+3+/278D' )/+F#/X278D' 1+$#T#5A,+"' 1+%"278D' #5M+@

4)/'7)"278D'1#F'3+"278D'+6 #T$+0"278D'#/#M#56'9+,+0@

J ; ( + = ) < ' 8 ; ' Z # $ + = > 8 + = &

/!

"278D' #5M+4/#5A,+"' +/C+")' 1+6+/278D' +E+/3)"

1+%0"278-

W#7#/'+,%' +Y2/8' )M=+"#5A,+"' R' F#/X#T#5A,+"' +Y2/' 2"-

S,%' +Y2/)0'M+32/8'RH' +,+9+"D'RH'F#,+9+"+9+"'F#/X+X#5@

A,#5"'#5"2"-'K/+"?'4/+9+"'R'E]Y+9+"' +Y2/'2"-'[23+F+,#56

S%3X#' =#%?8' +E27)' 7+E' 1+%9+"+7#5' 1+6+/' 2H9' #5%#56"+%)@

/2"?D'A2')";'N'"M+"+9#56'O+/1+6+/127P-'S/1+6+/127'"M+"+@

9#56'N&

=+=327D'12Y+0"27D'+"32%27D'#5M+4/#5A,#5"';4+/L"27D

A2/+F"+1+327D'E2/R)0'"+,27D'+/C2*/927D'6+3"2/)

+/+"?#E'"+,27-

S,%' #7#/8' +0+%+9+"' +Y2/'2"D'#/#"?'0#5,0'2"'3+7)%'F#/@

X27#5' E]Y+9+"#5A,+"' R' )M=+"#5A,+"' >+9+%-' t3+"F+E#/' R

X+"/' +"'N'+/1+6+/127'+,"'+62"8D')";'E%3+1E27'N'?2*-'I2"?

E"+%'2"?'9/#56D'2/ '+/1+6+/1#56'2"?-

r#/#5A,#5"8'123+>"427#5'X+,/+12T#5A,+"'1+9+Y+9'9#T68

E2/#1)M,+7' 92TX' =#"+/1#5A,+"' E)]+9#56' +>/27"' N-' I+/4)9D

#/#"?'+>/#56'2"'+,%>)%)'E)]+9#ED'8"4#5"#56'2"'S%3X#' "+E#@

/#5A,+"8'"6+"E27#5'9+/R#/#5A,#5"8D' +,0'6)+,"'+,4?+"8_'+,4@

32T' 9+"F' 2"'+Y"#56-' a/+"?' 2/ 2?' ;2"' 1+6+/L+9E#56' )/2"0

9,+"?#56'+/L+927'S%3X#'>+/FR"2/8D'#/#E123R'E+=2"#56'2"-

a/+"?'=#5%+<#56'2"'0+"9+0+X'>+,?+/)0&'1+6+/27#ED'#/'4+

%)/#'9+6'?/)%3#",+,)' "+E#/#5A,+"'>+9+%'N-'

:%'+,%'6+/49+"0'+"E+"#56'26'O=+T+T+>+1"2/P-'SY+$)"

1+,+0?)0'=+T+T+>+1'7)"278'F/+E);'N'AE#56D' +,0'[)%#5%8'2/@

2?' ;+%+0_' O:/+")' =+T+T+>+1"2/)"P-' Ä"41+9+Y+98D' a+

+%+0_'O:/+")G'=+T+T#5A,#5"'+"#T"2/)"D'#/'"/+"?'S%3X#'#/@

4)"2/'99#;E2"P'cI+A_'k_nf-'u+T+T+>+18'=#5%+<#56'N'1+9+@

6+/3#5A,#5")0D')";'+/C2?'N7'+,"'#5"2"+-'a+'9F"+'0+"9+0+X

//


#5T#ED'6)+,"'A2'>+1>+")'+"E3+"F#5A,+"'92TX'*F+0#568D'#/8

%=+76+6 '1+6+/#56'N'=+T+T#5A,#5"-'

u+T+T#5A,#5"'+"#T8'1+6+Y#/2"'94)6+9+,)'+"9+='"/+@

")0D'A2'4+')";'9+/C2"+')/'1+6+/D'#/#E123R'"+';)'+"1+"F%@

3+"#56')/'+"L)'1+6+/-'}#=+/2"8'"/+'F#/X27#5' M+/C+Y)A8

S%3X#'R' ]M6+/3#5A,+"' 1+6+/'#5"20+X')/' %2/"' N-' I)+,"'+,%

1+"F+6+"?"2/)'62$'9+/#T'N' +/F+E+]27']M6+/)3'=+T+T#5@

A,#5"8-

S%3X#' +/?+,#5A,+"' 62$' =+T+T#5A,#5"' 9+' c[Y#6_' hm_hlf-

W+,0'R'+,">2%'+,%'=+T+T#5A,#5"8';)'F+7)%'1+9+6+/3#5A,+"

+0+9+,#5A,#5")0-' V+")' #/' [)%#5%8' 6+3"+"M20_' Ow2/9"?)

+/?+,#5A,#5""' #5C#E' N' +Y"E#56D' R' #5C#E"2/8' 1+<M3+9#56' 2"

"/+"P' cI+A_' hh_hjf-' S%3X#' A+F+E#/#5A,+"' +Y+$8"A+0"' #5@

T290E#56'N'#5C2T'1+9+6+/3#5A,+6 -'

[+]+='62"?'63+X#56'2"?_'O:%'932%"26'>/# 7268'R'+,"'912@

Y+"+P-'W+,0'62"?'9+/)?'#5"2"?'+/A"+"+7#5'R'1+%9+"+7#5D'#/

+,"D')";)'426'62"?';2"?'>+,?+/#56D';)'<#=E)-'S1+'A2')";#5'[#5@

4+"'1+6#*#56'N'%/ 2/)"_

O^)/27)"2H/D' #/#E123R' +62"' $+"?' +/)D' #/' F/26' L2*

62/'1+%+/+9+0'</9#5A,+"'1+6+/D'1+/9'2T+E')"LD'#/

F/26' L2*' R' 1#/4#/26D' #/' 6/02?' %/ 2/)"' 6)+"F+6

+E+"4E+X' 1+E+3?#EP' c+"F72/2"#56&' O7/$#/2"' >+,@

?+/2?'1+E+3?)'1+6+/Pf'c[#54+'if-'

x5M+4)H/'2T)/D'#/'"+'+%#56'N/'O>+,?+/27'7/$#/2"PD'+,7'#;'A2

1#5%+7' 7+E+F#5,")' 1+6+/-' Og+,?+/27P' "M+"+9#56' N' O9YE27P

9+6'O]+9+3+6+/3'E+/27P-'V/)%3#"2#5A,#5"8'12M3'+>/27+@

#]';N-'

V+")'#/'62"?'F"#56'2"?'S%3X#'23R)0D'F#,#5A,#5"'#5")'1+9+@

6+/3#5A,#5"'R'4)6+4/#5A,#5"'A2H'{)*)9+9+"D'A2H'1#FR#/'#7#/3@

"2/#56-

J ; ( + = ) < ' 8 ; ' Z # $ + = > 8 + = &

/1

g#T#%8' *#/+0"#56' N/'.)6#A2#%)"&'+%27#E_' O\%9' 4#5' "2T#5@

A,#5""2/8' 9/)/' )";>2%' V/)%3#%' [)%#5%)' +/)' *)"E#/-' x;' 6)

*)"E#/#5A,#5"'+"#T'+,%'+M=+/1?)'F#/X2/#E';)'* +TE#56wP'cW

.)6#A_'j_iDmf-'

S,%'>+32/+*6#56'62"?'* +TE+X'2"?'*)"E#/#5A,+6 D'#5%3)

>+/3+E#/' 2"?' #5"2"+7' *)"E#/)' 920E+X?-' I2"?' ;2"?'>+/3@

E#56' ;+/)0D' +,0' 62"?' 4/+"' 1+TA#56' 2"?' +/#5' `F"#5A,+6 &

S%3X#'M"#/1?#E'c[Y#6_'hj_jhf-

g#T#%)' "+6+9"2/8' .)6#A2#%)' *)"E#/+9+"' 8"A+0?)' 1/+@

1+"F"2/"' N)"D' 2/ ' "+' 1#E)E' N/' :<2%#%#56-' .)6#A2#%)"' 6+/@

3+1/+E2/"2/'N)"'"23E+X-'!+/'6)'92TX'#5%6#5"?D'#/8'>23?'N

+0+1+,3E2/D'9+,)"'E)]+ +"#5A,#5""2/'R'3+/+9+/X#5A,#5"@

"2/D'#/#"?'>23?'N'4+4+/+0E2)"D'>23?'N' +/L/+0E2)"'+E+F@

"2/D'#/>2%*)'4/+"#E'9+/#T+"+/'LR+E#/E27'#5C2T'#5'1+%#5"

292T20)-':E'%/+"?'8"4+62"8'"E+*+F#5,""'N)"'+9"1+,3'>+/@

3+E#/#5A,#5""2/)0D'#/#"0'123'"+'>23?'N'F#/X'#5"2"+/-'

:%'1+6#*E+X'26D'#/'M+3'+Y)A"2/'9+,)"'1+9+6+/3#5A,+"

1+6+/-'[+6#*E+X'26D'#/'62T+4/+"?'#5'*/>+/3#5A,#5""2/'N)"

M>/3E#56' .)6#A2#%)' 426' "/+"0' 9#T6)0D' #E?2/' 292T20#5' "2/@

%#56' N)"D'#E?2/'31+%'R'+6 +/)M3'N)"-'W+0)'+,%'+62")0D'"+

>23?' N' 1+TA+1+/2/' 629' +,7' =#;8"4#3&' 3+/)?8-' .)6#A2#%8

2/)3+%+/4'3T+6+/4'N/'6)'292T20#56D'#/32T'M+32/8'62X+1+@

%+9'N)"-'^+'+/42"' +E+9+"'N/D'#/'2/9;#3#5A,+"'4#5Y' +0E2/-

W+,0'+,%'+62")'62$'g#T#%8'#5%#50+"#56'N/'.)6#A2#%)"D'#/

#5C2T'6"+&';6#Y+"+7#ED'A2')";'N'<#=+"0E27')/2"-'g#T#%8'6M@

3+>2%'1)M20"#56'N/'.)6#A2#%)"'9+"F"27'S%3X#50')/2"'3/E+X

)M=+"#5A,+"'62$-' [+E+"+ +/'.)6#A2#%8' 629'+"F+6' +0A#@

T#56'N/'+/27D'4/+'1+6+/'N7'g#T#%8'%#E#/20"#56'N/_

OS,%' +"2/8'>+3E)/)/'R'%#E#/20/#5P'cS'.)6#A_'m_hhf-

O:E' +,%' +"2/8' >+3E)/)/D' #/' +"+/+3' 7)"2"P' cS

/5


.)6#A_'k_lf-' OS/4'4#5&' )6'#/4,+9D'*#/+0)/'+,"' M"#/1@

?#ED'#/'V/)%3#%'[)%#5%#56'NP'cW'.)6#A_'j_hf-'

I)F#502'.)6#A2#%8'"6+"'N/'+,%`/E+'6+/49+"0)0'M+32/)"D

#/#"?'%)/#56'2"'S%3X#5"D' +,0'=#5%+<#56'2"'1+9+6+/3#5A,#5@

")0-'[+9+6+/3#5A,#5")0'E+=2"+78'?2*'12M3#5A,+6 '94+/L")

2/9;#3#5A,+"'*#1-'

:A2'4#5']+"+;20)/'+,%'E+=)')"?"#5A,#5"8D'#5/26"'+,%'>+3@

F+68'#5T+/9E+X'N'?2*'?+$#5A,#5"'R'+*+3#5A,#5"' 2/27#5-'S%3@

E+X'0+"9+"#56'N'?2*'+*+3+F/27D'#/>2%*)'+"2%'R'7)"2%'+,"

+62"8D')";'a+'>+1+"$#56'N'?2*+")0-':/ '4#5'2/9;#3'2%D';9+'#;

6)'#5/+=#5A,#5"D')%9'+Y+"0'#5/+=#5A,+"';9+'*#/#5A,#5"-'S,"@

32TD'#/32T'E+='9+D';9+'=+T+T#5A,#5"-'W+,0'2/ '9#3/2%'+,"D

)";8' ?2*' Y"27' ND' #/>2%*)' 23'3+")D' 9F3"2%' #5/+=#5A,#5"' R

=+T+T#5A,#5"&'+Y+3#5A,+6 -'

J ; ( + = ) < ' 8 ; ' Z # $ + = > 8 + = &

/9

Q2EC,R-(O(-#(<)&#A,H)(5#A2./*()2;(8#*#&=

...........................................DE+=*))/))

?'%"7 (@"',- . : - '

a

+=#/4' F7=#56' =#%20)"?' 2/9;#3#5A,+"' R' 292T20#56

+E+F"2/)'E/+'4/+'+*420#5A,+"'6+%)"-'W+,0'M+3'1"+@

/+E#/'ND'#/'L2*+")0'M+32/8'+,%'F)/?8'9+/4+7#5'C+6+@

"+9'+6 #T$#5A,+6 'X+Y+,#5A,+"'62$';2"-'K#5'6)F#502'1+/0"2%&

)";>2q%'N'%+'9)/+Y27)'4+Y"#56')"L'1+6+/-

S%3E+X'1#F#5'62$'32T'9+6'4)/?'N'3+7)%',#5/+?+";,#5/'1+@

E+3+0#T)-'[)M2H?D'g#T#%8' +0+3/#56'N/D'#/'S%3E+X_'Ow62*

1+/#5A,#5"'3E20D'R'a/+'123'2/9"+E#/"2/#56'"%320/20&'V/)%@

3#%'[)%#5%#56P'c:<2%_'j_df-'^+'N'+,"'32T8D'#/32T' "+9E#56'2"

S%3X#'</9+"FE+X'*+E+9"2/8-'S,4'4)/?8_'OS62"')M=+"#5A,#5@

")0'R'>23#5A,#5")0'R'*#/#5A,#5")0'R'32/#5A,#5")0'E2/'N'R'+62"

+"#5")0'E2/D'#/'+"E+"E#56'ND'#;'6)+,"'+,%'+M=+/1#56D'+,7R'+,"

1+"42L,+7#56-':E'+62"' +"'1"+*+"420/20'a/+'#3"2/)'3+9'R

a/+"'F7#5='4/20'292T20#5"&' #7#/' +"2/)'E/+-'x/'N'a/+'6+/@

6)"8D'+,"'7/#568D'#/'+62""'+62")'62$'7/+0"#56'NP'c:<2%_'h_jh@

jif-'

:92T20)"'V/)%3#%)' 6+/6)""' N-' \";>2%' #/' 62/'{)*)9+9+"

6+/6)""2/"' 2"' +T9+0+X' M+3' 6+%2/)0D' #/#"?' 3+/ 2/' 2"

)/2"0' {#5"90)+"2/#E' R' 9+/#T#5A,+6 D' +,">2%' N7' V/)%3#%)

6+/6")' +"4+6"2/"' 2"' F#/X#56' 3+/ 2/' 9#;#56"2/#E' #5

>+/FR"2/#E-'S%3E+X'N'#/#M#56'"/+"0'">+3+9"'#5'F#/X27+@

92/>8-'S62"'629"'N7'9+/R#/'ND'R'#;'629"'N7'+"9+=';N'6,#5%"2/)0-'

/@

g#T#%8' 1+,3+/+/20D' #/' #7#/' 4)E+,)"' #F)"2/8' 4/E+X' 2"

V/)%3#%)'#3?2/)'3+9-'^+'1+%9+"+7)#/2"'7#5%+ +"#56'ND'#/

#;'6)'4R';)'9+/#T')M=+"#5A,#5"'F#/X+4/27'1+E+3+0,+7)'E/+-

:A2'4#5'V/)%3#%)'6+/6")'#3?"'2%D'4R2/8'6)";R'1)6+'?#'#3?2@

/)'3+9'2"-'[)%#5%"'+%+0_'OS1+')M=+"#5A,#5"8'3E)'L2*D'9#=27

`L2/)'R'9+/)]"2/)'E/+'R'AM"+6#5' #7#/'*#/#5A,+"'E/+D'R'L2*

#;)";' ;)' E"+%)P' c�#59_' ho_hnf-' S,"#5+62"+,")ED' 2A2' 62"?' ;2"?

F#/X#56'9+6'?+,7#56'S%3X#50'62*'3/E+X')M=+"#5A,+6 D')";@#/

6298'9E2/0")'+,"'62*+")0'R'9`F3+F#/X)'62/'426-'vM"+6)"'8"@

9+X'N'1#F#5'62$'62/'#5"20+X'4)/?)'23R)0-'

Q%&J)=#+&6*J#R*&,8()&%6

:9' M+/#5"+92"?' .)6#A2#%)"' #5TT+X' g#T#%)' "+6+9)' 62/

#5%#56"+%)/#5A,#5"8-

OS,4'>+3]+Y#E'6)3?4'26' 2/#56D'#/'+/X+/X2%'c+"F@

72/2"#56&' O #/ #/?2%Pf'S%3X#'+,"' M"#/1?8D' #/'?2*+@

"#56'N')6'L2Y?2/8'?2*'E/+'4"27#EP'cW'.)6#A_'h_df-'

[#5"+/2"#56' O>+/FRP' +Y8' O=+/)*6+P +Y"' N-' ^A/#"F)

1+6+ +/ +Y8'+,%' +Y8'%+16+"#56'N'#/>2%'O1#FR#/'"E)/+3@

E#5A,#5"P-'I29'+,7'%+16+"#56D'#/'E2/+6M+9E+X'N't+,")' +Y+@

/+")0D'+,%>)%)"'N_'OB"#/1?)'>+/FRD'#/8'"E)/E+X'N'1+E+3+0@

,+7"2/)"&'^#5/ '[#F#5'F#/X#5"2#5A,+6 P-'S,%>)%#E'O=+/)*6+P

+Y8' "9+/+F/#56' N' +,"' 1#FR#/' 9+/#T#5A,#5""2/8D' #/#"0#E

S%3E+X'1+"42/L+E#/#56'N'1+E+3+0,+7"2/)"-

[#F#5'A+F+E#/#5A,+"'62$'#;'6)' +"';)')/+F#/XE#56'+Y+"0

+,%' =+/)*6+,) 9+6' S%3X#' F2/ "+9+"' 9+/#T#5A,+"-' I2"?

;>23?'N'?+/#*2"?D'2/F2"?D'6+/F+/2+"+"?D'+Y+$"#/42"?'9+6

"#5,")%9'X+Y+,2"?'+Y+"0'4/+-'z9+'9,+"?'+Y+"0'+,%'M"#/1?)-

1B


!,+"?)0'*#5/9'9/#"8'X"E27'ND'2/ '6+/48'<#/L27'N')/'%2<+9+"

]+"+>+/1#ED' )/' %2<+9+"' 9+/#T#5A,+6 ' X+Y+,27' S%3X#5"-

:/ '62"?'X+Y+,#56'2"?'#5/)M"2/)"'+Y+"0'S%3X#'>+/FR"2/)D

)*#5/'2"?'+M=+3#56-'x5M+4/#5A,#5"'4+/L/#5D' #/'+,%'>+/FR"

+/42"' "+9E27' N/' .)6#A2#%)' "2/%#56-' :/ ' .2/8' 3"9#56' N' \/

>+/FR8D'+,"';)'F+7)%'#5'F"#56D'+,7'6"#56'N'"2/%#56D'O#/#E123R

S%3X#'M"#/1?8'c=+/)*6+f R'9#;#568'*T$+7';#5")P'c[Y#6_'hh_jnf-

S,%'>+/FR8'9+6'*#/#5A,#5"8'+"1/+C2M3'9+/#T#5A,#5""2/'2"&

)/+F#/X27#5'1+6+/'+,"'9#;#568D'#/'S%3E+X'"+=+32%27'N',#5@

/+?+";,#5/)%' 1+6+/-' S,%' >+/FR"2/#E' F#/X278' >23?' N' 7)")

"+9+"'R'1+/6+/+E23'62*'1+6+/-'\";>2%'#/'62/'6+/6")'+"@

4+6"2/)' {#5"90)+"2/"' #5' F#/X#T#5A,#5""2/8' ;2"' <#<#=E#56

9+6'F+7)%'#5'F"#56D'+,">2%'N7'S%3X#50'3/E+X'>+/FR"2/8-'

g#T#%8'F/20'1Y#62+0)'1+E+3+0,+7"2/)"_'Ox/#E123R'M+3

26'0+"9+"#56'L2*'32%"27D'#/'6)'1#FR#/'M"#/1? c=+/)*6+f 1+@

T#/426'L2*&'L2/'1+%3+3E27#5'1+6+/P' c[Y#6_'h_hhf-':92T20)"

;)' 1+%3+3E)' +Y+"0' +,%' >+/FR"2/)_' 1#FR#/' %>+Y+*)"#5@

A,#5"8' 1"+/+E#/#5A,#5"' N' 3+7)%' S%3X#' *+E+9"2/)"' )/+9+@

"+0"27#5'a/+'9+6?8-'x5M+4/#5A,+6 '9+/4+'123R,+7'=#%?8_

OS62"' 6294' )";>2%' #/' M"#/1?' c=+/)*6+f' N' 8"4#5"27D

+,"' )/+/' 6+3+9+/+/2?_' )";>2%' S%3X#' 92/>@92/>

M"#/1+0'7+E'3"32%"2/P'cS'g23/_'m_hof-

S,%'=#%?#56'62"?'9?""+/92"?'2/2?'A26+

h_'Z#5/+?+";,#5/'#?'%3+"#56'N'>+/FR_

j_'g+/FR8'62/8';ND'62"?'>+/*+>2%'4/+'3"32%"2/"'2"?_'

i_'g+/FR8'S%3X#' +*6+32%+9'M"#/1?)'6)'6+%"'N-

ST#U%-&*7*(?/%-&#%7#3+*(%-"#P#R*&,8

x5M+4/#5A,#5"' 4+/L/#H5D' #/'=#%?"'+%#56' N_' OS62"' 6294' )";@

H ; T ' < ) [ ' ; X # = & # ;

1A

>2%'#/'M"#/1?'N'8"4#5"27'+,"')/+/'6+3+9+/+/2?P'c+"F72/2@

"#56&'OV+")'#/',#5/+?+";,#5/'#?'%3+027'N'>+/FRD')/+/'X+Y+@

,2?'4/+"#EPf-'g23/#%8';+%+0&'O?+")'#/'6)'?+")'8"3/,+7"2/

%3+027'2"'>+/FR"2/P-'xH;D'2A2'4#5'E2/%3)"'X"E+X'2%'R'[#F#E

70E+XD'4#5'%3+027'2%'S%3X#'>+/FR8&'a/+'6+/6")'62$'F#/X2@

7#5'1+6+/-'S,%'6+/6")'62$';9+'#;'6)'1+M6+"4+6'9+6'+"`F3+@

9+/'+"4+6-'

g#T#%8':<2%+0)"2/)'m_l@#56'+%#56'N_'OW+,0'62/'+62"'629)%

3/E+X' N' M"#/1?8' V/)%3#%)' >+/FR)' ;+<)' >2%P-' :E' "#/)0&

!#/"A+0)"2/)'+Y+$)"'ATA)'l_l@#56'+%#56'N_'Ox/#E123R'9+62@

"#56'26D'#/'+62"'6+/4')"L'>2%'7)")D' +,0'+62"'6+/4')/'1+3#59

M"#/1?"' c>+/FR8f' #5")' S%3X#50_' 629"' +,%>2%D' R' 6,#5%"' +,"@

>2%P-'

:A2'62"?';F)32"?'%/+'6+%)"D'62"?'+"9+/#T'9+6'+">23?

96"+"?'0+"9+0+X'X+Y+,#5A,+"'1+6+/-'S,4>)%#E'62/'9#;#568

4+Y"#56'N';)/+F#/XE+X-'\";>2%'#/'2/2=+"2/"'2"'%#E#/#56'`F@

3+F#/X27' )/2"0' 6+/6")' +"4+6"2/8D' +,">2%' N7' 62"?' >23?' N

*+/F+0"2"?' R' E+/C20"2"?' +,%' >+/FR"2/8D' #/#"?' S%3X#

6+/6")"'X+Y+,27#5'1+6+/'2"-'

a/+'6+/6")'#;'6)'+"4+6';)'F#/X)'+,%'F2/ "+9+"'9+/#T#5@

A,#5")0'4#5/%-'

VT#W*&,8@#")&@#?PH#")(7#R*&G*R)3#9&*#+(+)3()&(#)(7

x5/26"' ?+")' #/' 62"?' %2<+9+"+32/' ;2"?D'+,%'>+/FR8' ;)

9+/#T' +/1+6+/1E+X' 7)"27' 9+6' N7' `F3+F#/XE27' +"L"+9+"

">+3+9#E-' K+' 62/8' ;ND' #/>2%*)' +"2"?' +,"D' )";' 0+"9+"#56

2"?-' K+'3/E+X' ND' #/' 62"?' 9+/#T+"+"?' X+Y+,27' #5/)M"2/)"-

I2"?'>+3+%=+"+3#5'2"?'4/+'6+%)"'1#F'3+"27#5'1+6+/-'

t2/1)M2"?' ?+"?+/"2/)' +Y+98-' .2/8' )/' X+Y+"2/)"' ?+"@

?+/"2/' +C+"20_'629)"'1)"F'?+"?+/'3E20D'6,#5%)"&'2/9#5D'R

1W


2//#/4)"&' 629-' Z#5/+?+";,#5/)"' )/' 9+/#T#5A,+"' ;+<' cI+A_

jk_hkf-'[23#'"+'F"+0']+"+>+/1#/4#5A,+"-'SY+$)"'2/9#5'6+/@

4)9' )/2"0' ?+"?+/"2/8' )6+%3#5A,+6 ' `F3+F#/X20)"&' +*@

6+0/)"D'6)";42Y'2//#/4'6+/48')/'?+"?+/8'A+T20-'

:/ '32/8'E2/+4+/L+ED'+Y+$)"'2/9#5%8'1+M)E'3E20)"D'A2

)";'N)"'+/27'+,"'?+"?+/"2/)'123D'#/#"?'E%3+1E27'N)"'"/+"0-

.2/8'F#E20'"/+"0)0',#5/+?+";,#5/)"_'OS>/2H%D' +/)'R'1+E+@

3+/)6'X+Y+P-

[23#'29+E'2//#/48'1+M)E'3+7#5-'.)/#$'E+=)0'"+'A+?0/27

N/')/'?+"?+/8D'#/#E123R'1+%9+027'N/D'#/')/'32/8';+<+*+"0

>+1+"$9#3'N-'S,%>)%#ED'+,%'X+Y+"')/'+/1+6+/1+"?)D'2%+@

%)/#5A,+"'R'+"<#5A#5A,+"'62$')/2"'+/4+/+0+X'N/'*F#56-'a+

+%+0')/'3)/#$8_'O.2H%D'+1+'?2*'+,"D')";'#/'?#""'NP-'

:/ '32/8'32%+ED'A2')";>2%'N/'X+Y+"'+/1+6+/127'+,"D')";

1+"L"+/+/E27' N/' )/2"D' #/>2%*)' 1#F' 3+")D' "/+"' +"E+"20

O;+/'R'X#5,7P-

a/+'629'?+"?+/8'E2/0E20'R'3/E20'+,"'6+/4#5"D'#E'9/9"+@

>+3927'N/')/2"'E%3+1E+X8-'[23#'+,4'+">)3+"'X+Y+"'4#5/%

"23E20-'

I2"?'1+M)E'93+"?'62*'E%3+1E+X'>+/FR"2/)'1+6+/D')";@

>2%'#/' #7#/'3"32%"2/"'2"'1+M)E'3+7)%')/2"0'3"32%E+/#5@

A,+"'1+6+/-'Og+/FRP' +Y)'1+6+/'629'+,7' +Y'N7'9+&'O9+/#@

T#5A,#5"P' +Y8-' S,"' %+16+"E#56' N' #/>2%' O8"4#5"+9#5A,#5"D

1"+/+E#/#5A,#5"D'L)/?'9+6'*#/#5A,#5"P-'S,7'92/>'+%+X&'O3+@

T+"4P-'S,%'+Y+98'S%3X#50'62*'E%3+1E+X'9+/#T#5A,#5"8'9+6

3+T+"48' +]20"27#5' R' *+/F+0"27#5' 9+/R#/#5A,+"' E+Y' `/)@

"+9'N-'

g#T#%)"'E%3+1E27' N/' %#E#/20"27#5'R'+Y+?,+7' 7)"27#5' X+@

Y+,#5A,#5"8-'a+'+%+0_'Ox/)"'2%'%>+%+E#/'2T+&'S%3X#'M"#/1@

?)' >+/FR)' >2%D' #/' 3/E20' )"L&' a/+' *#/#5A,+"' "2/F#/X27#5

H ; T ' < ) [ ' ; X # = & # ;

1!

>2%P-' x5M+4/#5A,#5"' 4+/L/#5' +,"' 9+/R#/#5A,+"8D' #/' g#T#%8

3+7)%'N'>+/FR)"'1+E+3+/)6'7)"27#5"_

Ox/#E123RD' 2A2' SE23+/+"8' ?+/#*26D' 4+' )"L' >+/@

X+"?';ND'#/#E123R'4+'1+/9'N'4/E+X')"L'E/+D'R'E+,'N

)"LD'2A2'SE23+/+"8';?+/#*26-'x/#E123RD'2A2'1#C+/

9+6?#E'+"26'+,%D'E+/L?'#5"26D')%9'2A2'+9+6+&'3"@

32%#5A,#5"8'1+"L"E+X'N')"LP'cS'!#/"A_'n_hdDhlf-

g#T#%"'+%#56'N&'E+,'N')"L-'Ot+,P@8'M+3'=)%3' +Y'N-'[)%#5%"

+,%' +Y8'`F3+F#/X#56'N/D'2/ '*F#5M+0"#56'N/'#/#M'6+/49+"0

R'?+T+?"2/)"'%>+%E#T'4+3+%3+")'6+%)"-'a+'OE+,P'+%+0

V#/+*)")"' R' W2A%+,)4+,)"D' ?+T+?"2/D' #/#"?' E+T#50' F#,#5@

A,#5"';#5"2"'cI+A_'hh_jhDjjf-'a+'OE+,P'+%+0'4>)/"2/)"'R'<+@

/)%20)"2/)"'cI+A_'jif'#5'[#54+,)"'cI+A_'jd_jmf-'

Ot+,P' +Y"' `F3+F#/X#56' N' [#54+"&' "9+/+F/27#5' 1+6+/

292T20#5';+/'6+/49+"0'4+3+%3+"8-'[+,3"#5A,+"'F/?#56'+,"

`F3+F#/XE#56'N'1)M+3+927#5'1+6+/'S%3X#'4+3+%3+")'3+9

F3"E#T' 2/9/)' "+9);"2/)"' c[+,3"_' e_hif-' QF3+F#/X27#E

OE+,P' +Y8&'g#T#%8'0#5,0'N'3+7)%'S%3X#'>+/FR)'"9+36+6

1+E+3+/)6'>+3+%=+"+3E#5A,+"'+9"+X+"?8-'

:/ '?/)%3#",+"';)'F#/X#56')/'>+/FR)'R'9#;6+"'1+6+L+,"D

E2/+4+Y"#56' N' )/' 1)"' 9,+"?)"D' )";>2%' #/' 69+""' N' A#57+"#56

;+M=+327#50-'S"F#/X'1+E+3+0,+78'629#5%+0"#56'N')"?"')/2"&

4+Y"+7#E'12M3'=#027)'AM"+6#5'1+6+/-'

:/ ' #5%#56"+%)/#56' N)' S%3X#' 1*#/' 3T+6+/49+"0' #5' 9+@

"+"0'9,+"?2/8D')"L'1+6+/'>+/*20)D'#/'8"927'2"'"/+"?D'#E?2/

4+/L27'2"'X#5,7'9+6'+"3+/ 2/')/2"0'9#;6+"'62$-'[+E+"+ +/

"/+"?' M+/#5"+9#56' N)"' X+Y+,27D' +,0' "+9+"' ]+"+>+/1#E

N)"'+Y+$'F"#56&'1)6"E27#E'X+Y+,#5A,+"'62$'F3"E27#5'3+/)"2@

/)'E/+-'a/+"?'%9%27'N)"'S%3X#'>+/FR8'`F3+F#/X27')/2"0'%2@

1/


<+9+"'M+1)D'+,7'#;'A2'#5/)M"2/)"'>+M3>+"27#5'R'X+Y+,27#5

1+6+/-'

K+E)A'A+F+E#/"'8"9+E'62T?)'62$'+,"'C+6+"+9D'2/ '>+/@

3+E#/'N/'6+/3)'4+M3#56'7)"27-

O:E' 2T+E' 123R,+7' 3+/)"D' #/' A+F+E#/"2/8' >+32@

/+*6)' 4#5/%' F+7#5' C+6+"+9)"D' K+E)A8' [#E+ )"' R

"/+'123')/'X+Y+"2/)"'R' #7#/'\%/+,27)"'#5T+/920D

#/#"?'S6#"+0)"2/)"'9#3#/20)"D'R'Å+ +"'>+M+/2@

0)"D' +,0' K+E)A8' 6"+027' N/' :/#5%+T26#56P' cW' v+F_

hh_hf-

K+E)A8'A+F+E#/'N/-'S%3E+X'N/'"/+"'4+/L/27'A+F+E#/D'#/@

>2%*)'1#EE2/'#5'>+M3>+"2/')%/+,27'C#T#E/4)"-'a/+'1+6+/

>+32/+*68'9YE27#5'C+6+"+9' N/D'+,7' #;'A2'3+"8&':/#5%+T2@

6#56'"%327#5'R'6)+,"'+"0,+7)'1+TA+"+9"2/)'>+/FR"2/#E' +@

E+/+/E27#5'C+6+"+9-'K+E)A8'1+"F%3+"#56'N/_'+>/#56'N/')/

E+T26)'+M=+3+"?"2/)0'?+T+X'`F#53"2/#E-'s+"L/#5,A)0'"+

>+3MF+6 )0'*6+,7E#56'N/')/'9+7E+X?#E'R'+,4'C+6+"+9'32@

%+E' W2/%+ 2)"' 7#T+"+7#50-' B+/#5"+9#5A,#5"8' >+36#5A,+"

62$'N-'

g23?'N'"M27D'#/'62"?'+,%32T'+/L+9#5/4)'62$'7)"27#5'1+6+/

;2"?-'a#5,")%9'62/'9,+"?8'62/'%2<+9+"#5A,#5"8';ND'?+")'#/'+,"

F"E+X'R'23'N'3/E+X'62*'3"32%E+/#5A,+"'1+6+/-'I2"?'>+"@

4#5=3"2/'2"?'R'#;'A2'6M3+9+"' "+9);"2/-'x/?+G"'M+3'6+/@

4)9'2"'F#/X#56'+,">2%D'9+/X2%'+,%'9,+"?8')/2"0'E2/$"+9+"

">+3+9+923"'N-'

[)%#5%"'+%+0_'O\6'92/+9#5/"'+,"'ND'#/'\"L'#5T+/9#T)'9+6?"

+"26'R'a/+'F#/X8'9+3+/26P'c[#E1_'m_imf-'^+'"+R'>23?'N'7)")

62/' 92/+9#5/8-' [)%#5%8'F)32/D' A2' )";' N/'+"1/+C2M3'\/' #5C8

>+1>+"27#5'1+6+/-'I2/'#5C8'+]#56'N'RH'{)*)9+9+"D'RH'1#FR#/

%""4)' 1+ME)"-' :A2' 62"?' 4+4+/#56' 2"?' 9+3+/27' a/+' 9+6?8

H ; T ' < ) [ ' ; X # = & # ;

11

62/'+"L"+9+"'M+1)'1+6+/D'4+Y"#56'2"?'1#F"20#50);'R'9#/0@

"#56'2"?'#5C8-'K+'"6+"'N'+,"' +")"D'#/'62"?'1/+C+/E27'2"?'{)@

*)9+9+"' 92/+9#5/)0-' !#/0"27#E' #5C8&' 62"?' 12M3#5A,+6 ' 1#@

%#56'2"?'+,%'+M=+/1)'123'R'#;'A2'"/+'426_'4+Y"#56'2"?')"?@

"+9+6D'2%+92"3/#"D')"?"+F23'R')"?"2/%'62*'X+Y+,#T-

I2"?'M+3'62X'>+3+%=+"+3E#5A,#5"'#5"2"?-'I2"?';>23?'N

7)"2"?'6)+,"'292T20)'F"+0#TD'62/'9,+"?#56'#;)";';9)/+Y#T'R

S%3X#' u#%?#E' OF)/+0+XP' 6+/4)9-' S%3E+X' *F#5M+0"#56' N

:*29)27' im_jo@#56_' OK/+' 1+6+/' +,%>2%' N' +%#56' .2/' :1#E+"

"/+"0_'OS1+':%'\"?%'>)3)'4+326'>+/+/3'#;=+/)'R'")1+/

#;=+/)'62$PP-'

xE?2q/'2"'>+/+/3'cF2/f'#;=+/"2/8-'K/+"?'+,"'1+E+3+0@

,+7"2/"'2"D'#E?2/'S%3X#' +/)' +"2/#E')/2"?')/2"0'2"'X+Y+@

,#56&'+/1+6+/127#E'#5/)M"2/)"-'.2H%D'A2')";>2%'N'S%3E+X'"9+@

/+F/#56'F2/'#;=+/"2/)"_

O^+'?)q;'N'L2*'1+6+/D'#/'4#5?'7+E'+/#3#56'2?'+/+@

X#56D'L2/'+/#3)'6"+0#/48'L2/'#3?2/#E'9#q='2?'3+@

7)%' R' 6+?#5/' $#5/8'=6#56' 2?D' 6"+0+X8' L2/' #3"2/#E

>T3#/#q56'2?-

x/#E123R'4#5?'L2/'9#T?#E'1/#56'2?'R'L2/'2T$,#5/"2/#E

1+/#56'2?'+62"'39+/"2/)"D'6)";R'#/'"/+"0'0)/#50+"

+/)?'4/%#56-'W+,0':%'>)3)'</926'\6'#;=+/"2/)"D'R

"/+"?'+,7R%'>)3)';1+<M3+9E2"D'R'>)3)'4+326'#;@

=+/)'R'#;=+/)'62$P'c:*29)27'im_heD'jhDjjf-

S%3X#'>+/FR"2/8'62/'+E270#59)'1+6+/' ;2"-'S%3E+X'62*

%3#5F27#5' N' \/' +/#5A,+6 -' I2"?' >23?' N' `F3+F#/X2"?' 62/

9,+"?#56' F#,#5A,#5"' #5"20#T' S%3X#' 9+/#T#5A,#5"8' X+Y+,27#5

1+6+/'"/+"0D'#E?2/'A#5,7'2"D'2/)3+%+/4D'+"9+/#TD'#/>2%*)

4/+"#E'6+/6)"8'+6 #T$+9+"'7)")-'

^=+7'6)H'1+%9+02?-'(+E'N'62/'+M=+3+"?)'>3#5T#E'#5/+@

15


=+"+78-'S%3E+X'62*'3+7)%'N'RH'1+"F)%3D'RH'A+/6#5A,#5"-'W+,0

2/ '62/' #7#/'63?2/8'>33E#56'2"'6)+,"'62/'+"L)'M#5/$D'62"?

4+Y"#56'2"?'F2/'R'+"1#F-'I)+,"'62*'X+Y+,#T'>+/FR"2/"'#5

3+T+"4"2/8';2"' +*6+"#56-'

V#' 6+/6")' ,#5/+?+";,#5/' +"4+6' >+3+%=+"+3#5' N' 6,#5%

+"4+6"2/)'1+6+/-':A2'#3?2/4'1/+C+/E2"'M+/CE27D'+>+'?#

+6 #T$' 6+/6)"8' 93+Y+>)-' :A2' ?#' A#?2/"' #5' %)/38' #/#M2"

9+"F'+Y"27D' ?#' 6,#5%'+"4+6"2/8' 99#/X+"E2"-' :A2' %+3+"+"

9+/#T+"+'+,">2%'+"27D'#/'62"?'92"3/#"+"+"?'62*'E/+&'#5@

/)M"2/)"'X+Y+,27#5'<#=+/2"D'4/+")0'93#5C)'+6 #T$'6+/6)@

"8-'

XT#W*&,8@#I3+J%# *G"*+)3*>#M(%&07'#"'#"*3(#P

W+"+7)"' O +*6+32%+9P' 9+6' OM+3' X+7?2/' #5"20#TP' +@

Y2/"'2"-'g23/#%8'>+/FR"2/8' +C+"#56'N'2/9#5'F7=+E#/'6+%2@

/)-'SY+$)"8'#5T2/L)'9+6'=#%27#5'>+/FR"'ND'2/9/#/48&'X+Y+,2@

7#5'>+/FR8_'O:A2'6298'=#%#56'ND'A#T')";>2%'S%3X#'1/+6+""2/

=#%)D'2A2'6298'6+3+9+/+/#56' ND'A#T' 7)")')";>2%'+,"'*#/#5@

A,#5")0D'#/'S%3E+X'N'M"#/1#56D'#/'+62"' +")'62$'S%3E+X'<+@

Y+E#/E)'[)%#5%'V/)%3#%)'L2Y#EwP'cS'g23/_'m_hhf-'

g#T#%8'123+F+,#56' +C+"#56'N'+,%'2/9#5'4+%2/8-'[Y#62+@

0)"2/)'F/?#56'g#T#%"'+%#56'N_

Ox/#E123R')";>2%'629'6+/6")'62$'M+3'+"4+6"2/'#5@

"2"?D' R'+,"'+62"'+"4+6"2/8' 6)R"#5,"' F#/X8' ;#5"2"-

S,">2%' N7' M+32/%' 629' 6+/6)"' 2"?' V/)%3#%#56D' +,0

+62"' 6298' 6)6,+"0' +"4+6' 2"?-' I)+,"' A2' *+"+*+"

>+/FR"2/'#5"2"?'+,"'M"#/1?)'>2%D'#/'62*'3/E+X'ND'A2

6+/F+/2#5A,#5"&'1+E+3?)';+<#E'6+/F+/2+"+"?D'A2

>+M3#"&' >+M3#"#56' 7)"2"?D' A2' 6298' %#E#/20"#T' N&

E+/4+>23#5A,+"'62$'7)")-'v2'6=)A+/#T'N&'6=)A+/#5@

A,+"'62$D' +M=#T8&'*E+/A#5A,#5"#ED'E2/+9+0#5'4/E+@

X8'$+"?#ED'#T#/6#T8&'1#C+/#5A,#5"#EP'c[Y#6_'hj_m@ef-

H ; T ' < ) [ ' ; X # = & # ;

19

u#%27#5'4+%)'62$'62"?'F3"#56'2"?'6+/F+/2#5A,#5"8D'#5%#5@

0#568D'1#/4#/278'R'+Y+$"#/4278D'X+Y+,#5A,+"'4+%)'62$&'X+Y+@

,278D'3+78'R'#T#/6#5A,#5"8-

v#5,7'3#5/')"L' +0+3/27'+,%'9238-'K#5';2%'9+/#T'7)"27'=#@

%#T)'9+6'+E+F)'4)/?#56D'6)";R';0#50+ 2/2%'?#'1+E+3+/6#5@

A,#5"8'#/RN'X+Y+,#5A,+"'62$-'!+"'M+32/8D'#/#"?'0+"9+"#56'2"

+Y+$"#/427'R'?+/#*27D'6)";42Y';2"'=#"+/120"#56')/2"0'9,+"@

?8'X+Y+,27#5'1+6+/-'aM+"+9#5A,#5"' ;#5")D'A2'#/?+"'3+T+"@

4+E#/'2"'"/+"?D'X+Y+,#5A,#5"8'L+=#TE+X'97)")'RH'"/+"0D'RH

"/+"0'="+6+9+7#5A,+"'3+9'F3"E#T"2/)'1+6+/-':A2'"/+"0

"+E#/#5A,#5"8';)'*+/F+"#56'X+Y+,27#5'6)$#0#ED')/2"0'+E+@

F#5A,+"'4)/?8'9`F3+F#/X2"'6+/49+"0')M=27#5'1+6+/-

:%'2/9#5'X+,/+12T#5A,#5"'26'32%27D'#/#"?'1+%9+0#T#5A,+"

>+9+%)' 123R+"?' 2"-' SY+$)"8' 9+>E+X' N' "/+"0' 123D' #E?2/

+E27)' 62X' 9+/X)?' #5"2"' )/2"0' 6+%)"D' ?+"' )/+9+"#56' 9+"-

!+/X27#ED'#/'=#%27#5'>+/FR8'6)+9"'ND'"/+"?'9+/X#56'2"D'#/

4+' X+Y+,#5A,+"' F+F+A"+923"' N' R' ;2"' 1+E+3#56D' #/' F#,#5@

A,#5"'#5")'S%3X#5"'X+Y+,27#5'+,7']+"+>+/1-'

^+' ])M3' ;N_' Ow#/#E123R' 6+/6)""' N7' 629' +"4+6' ;ND' +,7

M+3w':A2' #7#/'6+/6)""'+;?'7)"2/D'#/32qT'N/'7%27)?8D'R'2A2

#7#/' 6+/6)"8' 7%27)?' 7)"2/D' #/32T' N/' 1#3#327)?8P' cS'!#/"A_

hj_hmDhlf-'a/+"?' #7#/8'0+"9+"#56'2"' 2/+"'7)"27-'Z#5/+?+";@

,#5/'+"4+6'9+/R#/'N-'SY+"0'`F"#5A,+"'X+Y+,#5A,+"D'=#%27#5

X+Y+,#5A,#5"8'%+16+"+<+9'N-'I+/4)9'+E27)'M+3'<#/L#56'2"

M+/CE27' +,"' >+/FR#ED' #/' )/2"?' 2"' #5*#56D' ?+"' "/+"#ED' #/

)/2"?'#5"2"-'

I,#5%'X+,/+12T#5A,+"'62$'"/+"?'2"D'#E?2/'1+E+3#56'2"D'#/

X+Y+,#5A,#5"8'%+16+"+<+9E#56'N'?+/#*);"2/#E'R'X+Y+,#T+@

9+"'+M=+3+9+*6#E-'S,%' 63+X27+92/>8'V/)%3#%)' 6+/6")"

+"+9+/#T' N' 4+/L"#56' 7)+/C2?' F#/X27#5' 1+6+/-' g#T#%8' +@

1?


0+3/#56'N_'OS,7'6+"+E+"4'6+/6")'+,"'+"4+6"2/8D'#/'2/R#56

2"D'A2'39+/+F#5,"'2"D'"/+"?'1+/9+E#/'2"-':E'"/+"?D'#/'9+/@

X#56'2"?D'A2'6+/6"#E'M+3'+"+/FE+X'2"D'"/+"0'+Y+E27'R%'>+@

3)E'2"?'+"#56D'R' 62/'+"E+,27#5;'+"4+6"2/"'+E27)' E+,27;#5@

A,#5"'#5"2"P'cS'!#/"A_'hj_jjDjif-'

^+' +/L/+0"#56' N' +""9+3' +"4+6"2/)' 9+/R#/#5A,#5"8-

S%3E+X'"#5,")%9'+E27)'E]Y+9+"'N'4+/L"#56'X+X9E+X'+"4+6@

"2/)'9+/R#/#5A,#5"8D'?+"'A2'2/R+0#T"2/)"8-'K#5'+Y+"0'L+,@

")'9+/#T'2%'+>/27D' +,0'#;'+Y+"0' 7,+/4)'9+6'%/3)_'+Y+"0

4/+"0'1"+/+E#/';N'?+,727'9+6'*/#5027-

b#/X?'+Y+?27#0'F)/?8'0#5,0'N'3+7)%'>+/FR"2/)'"9+36+6

+,"'E2/+ 2/6#5"?8D'#/'9+/'E+T'292T20#56-'SY+$)"'?/)%3#",+@

"2/8'1+%9+027'N)"D'#/'X+Y+,#5A,+"'62$'+E27)'M+3' +"2/'9+"D

?+"'?+/#*8D' CM9#5A,#5"8D'+*+3+F/#568'R'6+/F+/2#5A,#5"8-

a#5,"'F/?)'d@/4'F7#5=8'1)M+3+9#56'ND'#/'#/#M'#/ R+,/)"2/'+/@

1+6+/1E+X' N)"':/#5%+T26)'292T20#56-'a/+"?'92/+9/E27#5'R

+62"`/,+'+,7'9+/)?"2/)'1+/0#56'`F"#5A,+"'9+/)?'#5"2)"-'

:/ '%+'+/C+"+0+E'+E+F"2/)'#5M+4/#5A,+"8D'"/+"?'>+@

3+%=+"20)"_' O[)6+D' 2T +,/"2H/D' L2*+")0' ,#A' E9+,E+X' 6+/@

4)9'8"3/2?D'^#5/ '[#F#E'R')6+%3#5A,#5"#E' 70E+XD' #/#"0'+,%

>)3#5,?)'E/+'4"2"?P'cb#/X?'d_if-'

a/+"?'F3+"'6+/49+"0D'#/#"?'#5"2)"'+,%'1+39#5A,#5""2/8

R' 2/20)"'+Y+?,+7"2/)'+Y+$-'Oa/+"0'9+"F"20/)"'+Y+?,+7@

"2/)'+Y+$)"'R'+T#A?'+"27#E'L2Y?'4/)"'"/+"0'E/+-':E'S%3X#

=#%?8'+]#56'N/D'R'+M+92/3"2/)'A)E8'=)%3'M+3+"#56'N/':/#5@

%+T26#56P'cb#/X?'d_dDlf-

\q";'32T)'#5"20+ED'2/ '+Y+?,+7"2/"')/2"0'L2Y?2/8'4/20)"

"/+"0'E/+-'y+Y+,#5A,+"'>+/FR8'3/E20D'R' 123R+"?8' 2T+E

+,"D'#/'S%3X#'u#%?8'3+/+XE20D')%9'+M+92/3"2/8'M+3+"#56

N)"-'S,%'6+/4)9'F#/X#56'N)"'+,"'>+/FR#ED'#/'3/E+X'N/')/2"0-

H ; T ' < ) [ ' ; X # = & # ;

1@

\";>)%)G'+>M20#50);'<+%3-'S,"'6+/4)9D'#E?2/'X+Y+,#56' N)"

+,/)"2/)"D'>+3]+Y'4+/L+"D'#/>2%*)'S%3X#'u#%?8'3+/+XE)

R'+M+92/3"2/8'F2/ "+9+"'LR#E'M+3+"+"-

:%' 1+E+3+0+X' 26D' #/' 1)6"+9+"' >+3]+Y"2/)0' 6298D' A2

)";#5'62/'292T20)"2/8';2"'+]#56'#5'M+3+"#56D'+,"'ND'#/'#;' #@

7#/' 6+/4)9' c1+6+,"?"2/8' R' +E+F"2/8f' 2"' M+/CE#56' )/2"0

>+/FR"2/#E-'b#/X?'+Y+?27#0'F)/?8'"#5,")%9'0#5,0'N'3+7)%D'#/

2/ ' +E+F"' N' F#/X#56' >+/FR"2/#ED' 4+' %+16+"+<+9' AE#E

6+/49+"0' N' 2/#56' </9#5A,+"D' +,0' 2/ ' +6 #T$' 292T20)"' N

"2/F/+EE+X'>+/FR"2/)' 62$D' 123R+"?"2/8' M+3'+E27)' 1*#/

2"'7)"#56-'

g2"329#%32)'`/E+")0'#5T)T'629'`/'+"0D'2/ 'g23/#%8'?+@

/#*20D' O+,"' `/8' 2/2?' 1+*+/)' ;+<' 1#F)' +E27+0+"P' cb#/X?

j_mhD'32H%'"+R'=#%?'mlf-'a#5,")%9'2/ 'g23/#%8'?+,7#56'N/':/#5@

%+T26)'<#T#0"2/#E' CM9#5A,+"'`X#5A,+"'3+9D'O+Y+E27'R%'M+@

3+"#56' N)"' .)/#$' 1+E+3+0,+7"2/8D' R' 2T+E' 6)' +*6#5A,#5"

6+/49+"0'R'9+"+"0P'cb#/X?'k_hmf-

\%9'2/ '1+E+3+0,+7"2/8'%9%0)"'%#E#/20"27'+62"'`/&' ,#5@

/+?+";,#5/'3+"8' cb#/X?' k_mjfD' 4/+")0' 123#' 292T20)"' %9%20

OM+3+"+7P'cb#/X?'d_hf-'[+$#/4'+%3)]+"8'1+E+3+0,+7"2/)

1+6+/' X+Y+,27"' N/D' #/8' %9%E20' +,/)"2/)' X+Y+,#5A,+6 -' S,4

?+,7)0'123#'292T20)"'O=)%3'M+3+0+EP'cb#/X?'d_lf-

}+%3#/2"'+,%`/' 1#E)E"2/8'="4/#56' 2"' 9+6+E#/"2/)' 1+@

6+/-'x/?+G"'3=#5/'N-'b#/X?'+Y+?27#0'F/?#56'4#5';2%'32%")D'#/

+Y+$"#/4"2/8' 9+6+E#/"2/' <"3/2"-' a/+"?' +,"?+"' 7/$#/2"

N)"' 6#32"#56'+,%' X+Y+,#5A,+"'>+M3#""2/)"D' #/' %2T+""2/)"

X+Y+,27#5'1+6+/'<"3/#56'N)"'+,">)%)'6+/49+"0D'#/#"0'#/+@

98'1)6"E+X'N/' "+E#/#5A,+"D'+,7'#;'3+T+"4)'E/+-'K/+")0'12@

3#'"#/'"/+"?'"M+"+9E#56'N)"-'S,"D')";)"'#/'"/+"?'9+/R#/#5@

A,#5"'N)"'3+7)%D'+,%`/'62"?'+""M+"'2"?'1+6+/#56-'

5B


5*6*+*&'"#='()=%-#R*+*3$*(*+6%-./%-(

\q";' 32T)' 9#5"2"+/D' 2A2' #7#/' 1+E+3+0,+7"2/8' F#/X2)"

)/2"0'4)/?2/#56-'\";>)%)G'1*#/' +"2/'932%"2)"?'+,4'C+6+@

"+9-'S/A"#5A,#5"8'?+/#*);"2/)'1+6+/';ND'+,7'+6 #T$'6+/6")D

2/ '+62"'6)'+"L'* +T20"#56'N')/'4)/?8-

[)M)H/D'>+/FR8'9+/#T#5A,#5"'ND'#/'S%3E+X'N'3E27'62*-'I2"?

>+3+%=+"+3#5';2"?'+,"' +")'1+6+/D'#/'62*'E%3+1E+X';N-

x3?8'>+3+%=+"+3#5';N'32%#T#5A,+"'1+6+/-'a#5,")%9'S%3@

X#'9+6?8'9+/#T'N')/+F#/XE27'6)+,"'[#F#5'A#5,73E#5A,+6 -'Ox;

A2'62"?'62*+")0' +E+9+"'2"?'6)' +"'6)3?'+"27#5')";>2%'62@

*+")0D'+,7'62/' +E+9+"'7)"27"'S%3X#50'NP'cW'!#/"A_'i_kf-

S,%'>+/FR"2/)'12"0'6)+ +"'F#/X#5"2#5A,#5""'N'0+"9+"#56

9+"F"20"27' %+3+"+"-' a/+"' 91+$#TE)' 4+D' 2A2' 9+/#T+"+

=+"F+/27'62/'+])"-'^+3+"+"'F)3)D'#/';)'9+/#T'9+"F"20"27

S%3X#5"D'#/>2%*)'a+';3+'+,%'>+/FR"2/8-'K/+'1+6+/'N7'AM@

"+6)"' 8"9+X' N' 62/'+*+3#5A,+"' 23R)0D' #/>2%*)' ;`F3+F#/@

X2"?'>+/FR"2/8-':/9;#3#5A,#5"8'1)6"+9+"'6)$#0"'ND'#/#E'"+

=+"F+/#56'N'1+E+3+0,+7"2/)'+])"-'

H ; T ' < ) [ ' ; X # = & # ;

5A

......................................))7',))CC

A"B"+" 3$- 4- ' = C *$* .; 3 * . : D

Q2E.R/(,2(*,D#2)@(L#1,&2(#%59#2(#2#&5%./2#3,1=

..........................................DE+=))*))1

!":,"7 (@"',- . : - ' (

I

2"?'1+%3+320)"?D'#/',#5/+?+";,#5/'1+E+3+0,+7'#5")

)M=+"#5A,+"' 4)/?D' #/8' F+7)%' N' S%3X#50' 3/E+X' 3+@

T+"4"2/)' 9+6'>+/FR"2/)' 123D'R' "+'F3"E#56' N' V/)%@

3#%' [)%#5%)' 62$&' #7#/' 4)E+9+"' )M=+"#5A,#5""2/)0' E2/-' S,4

42>?#56' )";#q5' 2"' 62*+")0' M+32/"'+,4?+"'+"+/4,#5"+E23-

K/+"'>+3+%=+"27#5'1+6+/'2H9'"#/)0'9+/4+"?D'A2')";'N'1)M@

20"#56'g#T#%8'.)6#A2#%)"_

OS,4'>+3]+Y#E'6)3?4'26' 2/#56D'#/'+/X+/X2%'S%3X#

+,"'M"#/1?8D'#/'?2*+"#56'N&')6'L2Y?2/8'?2*'E/+'4"2@

7#EP'cW'.)6#A_'h_df-'

[#5"+/2"#56' O+/X+/X27D' #/ #?27P' +Y8' O+"+*#>#5Y2#P

+Y"'ND'#/8'"M+"+9#56'N'O #0+E+Y27'"#/)0'9+6'>+1>+"27'+6@

#T$'9/+98P'ct+,")' +Y+/+"f-':A2'g#T#%8'?+$+72/#56'N'+,%

2/)3+%+/4)"' #/ #?27'9+6' #0+E+Y27'>+/FR8'c=+/)*6+"fD

"M+9+"#56' N'+,"' 9+/#T' N' 1+"F27-'g+/FR8' )"?"+ 2/+ +/' ;)

F#/X#56-'!/+9)'"6+"'+,"'>23?'N' #0+E+Y27D' #/ #?27'R'>+1@

>+"27-'

!+"'6+?#5/'%)/3'R'])M3'LF3#56"2/'#5"20#T'6+/4)9D'#E?2/

1+E+3#56'2"D'#/'2A2'S%3E+X'#5*#56'ND'#/')";'#/' +"'32T)'#5@

"2"+D' +,"' #5TT+9)' 32T)' 9#5"2"+-' W+,0' %+' ])M3' ;N-' J46#5"4

W#5/?8' hlnk' A@)"' F/27' N_' OI)+9' +"8D' #/' +"1/+C2M3' N' ;+/)

51

1+TA+"+9)'1+6+/D'+,"'ND'2/ ' +/)'6+/4)9'#;)";';2"'+"#56P-

.)6#A2#%8'%/3#E'6+?#5/'N/-'[)M#q56'2%D'A2'#/?+"'N/'g#T#%8'F#@

E#56'"/+' "+E#/#5A,#5"8-'OW+,0'1#5,%'#5"26'.2/'[)%#5%#56D'#/

.)6#A2#%)"'M#53#E'#5T+/926'L2*'6#3D'#/'%)/3%'N7'1+"F%3+@

"+D'2/ '#/'L2/'E)]+9"')6+"+6-'t+%"*)'6298';#5"26'6)+%)/3D

#/'632/6+ +/'1#F%'3+")'L2*'1+6+/-'t+%"*)'+62"?"')/2"0

+"2/"'2"'#/#"#56'R'#;'A2'[)%#5%'V/)%3#%)"8-'W+,0'4#5?'F)32?

"/+'8"3)/'7)"278D'#/')";>2%'6)'#/4)')/'1#/8&'+,">2%')"L'123

X+Y+,20'SE23+/+")"P'c})7)>_'j_hn@jjf-'I)";42Y'g#T#%8'2/9#5

+"F+6'"/+"'*F#5M+0"#56' N' ;+/1+6+/127'S%3X#'>+/FR8D'#/@

>2%*)'+,"'1+"F+X';6"+-'S,%>)%#ED'9+'2/9#5'1+/0D'#/#"0'62"?

9+/)?'#5"2"?'>+3+%=+"27#5_'2q/ 'N'>+/FR8'1+"F#56D'R')";@

>2q%'2"?'62"?'+,"' #/ #?#56-':/9/#/4'1+/0)"'2%'9>+3+%=+@

"26'1+$#/4'F7#5="2/)0'629#56D' +,0'1)6+'29'+"4/+4+Y"+"?

+Y+$)")"-

\q";"'N'>+3]+Y'4+Y"#56D'#/'S%3X#'>+/FR8'F3"E)'1+"F+X

E)]+9#56-

g+3+%=+"8'123R,+7'=#%?#56'N_'

OS,4'>+3]+Y#E'6)3?4'26' 2/#56D'#/'+/X+/X2%'S%3X#

+,"'M"#/1?8D'#/'?2*+"#56'N&')6'L2Y?2/8'?2*'E/+'4"2@

7#E-'x/#E123R'S%3E+X';3E20'62*'2/9;#3#5A,+"'1#F)D

+,7'*#/#5A,+"'R'%)/#'R'*F+%3#5A,+"P'cW'.)6#A_'h_dDlf-'

S,7'92/>'+%+X&'g#T#%8'.)6#A2#%)"'+%#56'N_'OS%3X#50'?2*

3/E+X'>+/FR8' 1+"F+X' N' 2/9;#3#5A,+"'>+3]+Y#EP-' SY+"0

)6+%38'<#=27#5'2%'9+/#T'26'+%27_'O.)6#A2#H%D'S%3X#50'?#'62$

4/E+X'>+/FR8' E+=9#3#5A,+"' >+3]+Y#E' 1+"F+X' N' 6"#56P-

:/9;#3'1+E+3+0,+7"2/8'9#/0"#56'2"'1#F#5'62$'#5"20+X')/2"0

)M=+"#5A,#5"8D' 123R+ +/' "/+"0' >+/FR8&' )/2"0' 62$' 2T+X

S%3X#'9+/#T#5A,#5"8D'4+Y"#56'N'#;'+93)E'R'1+"F#56'N-'z"+,+X

55


#/'+,"'"E2/'ND'%+9+,"'F#/X#5T#5A,+"'62$';N-

:/ 'I);)F+")'+,"'+E+F"')"L'+%+0D'#/'<+Y+ +"#5A,+"'R

2/9/>+F#5A,+"'+E+F"2/8'9+/X#56'N)"D'#/'2%';+<+*+"0'M+3

26' ]"M#56' )/2"0D' 2%' %9%20)' E+=2"+7-' S"%>+%27)#/2"' S%3X#

>+/FR8'%9%20';F#/X27D'R'`X#5A,+"'3+9'2%';?+/#*20)'+,">2%D

)";>2%'+"0+X'3+%"#5A'X+Y+,#5A,#5""2/)"-

S9"1+,3' N/D' #/' S%3X#' 9,+"?8' F"+027' N/-' ^9%E27' N/' =+Y@

"+M<#A#5A,#5"8D'2%'9#/0/27'N)')6'E]Y+9+"#5A,#5"8_';N)'0+"9+@

"#56'1+9+Y+9E27'6+/49+"0-'\";#q5-'x/#E123R'2%'E+=20+X'N)

RD'123R+>2%D'+/F27+<+9#56'N)'S%3X#50')"L'3/E+X')M=+"#5@

A,+"8-

Y&>?%+%-./*(# *<*+&%-./%-(@

S,C6' 2H9' "+,2"?' O2/9;#3#5A,#5"P +Y)' +0+3/#5A,#5"8-

OQ?%{#/4)'+"F72/2"' +Y+/+"P@8 O2/9;#3#5A,#5"P@8' +0+3@

/#56'N'#/>2%&'

h_'4+Y"+7'+6+;9#3D

j_'"2/M";E27'E+=#ED

i_'%+/%+<27D'+1+ 29E27-

OI2//)+6@t2 %A2/)' S9+426)+9+"' +Y+/+"P@8 cho@/4

1/+3_f O2/9;#3#5A,#5"P +Y8' +0+3/#56'N'#/>2%&'%>+Y"+7)?)

6)$#0#E'E1+320"27D'%3)>27'9+6']"M27-'

OQ?%{#/4)' +"F72/2"' +Y+/+"P@8 O2/9;#3#5A,#5"P +Y8

+0+3/#56'N'#/>2%&'

h_'E+=20"27#5'9+6'%+/%+<20"27#5'F#/X#T#5A,#5"D

j_'2/9;#3'7)"27#5'<+%3'9+6')/+E)]+9D'

i_' Y"#5A,+"'R'%>+Y"+7)?)'6)$#0#E'*%>27'R'%3)>27' #/RN

F#/X#T#5A,#5"';+"27-

" ' & X ' < ) [ ' ; X # = & # ;

59

:/9;#3#5A,+"'="4)/"'N'%3)>27'?2*'#/>2%*)';F#/X2%'R'E1+@

320"27#E' 9+6' %>+Y"+7)?#E' 6T27' ?2*' 1>+3+9#5A,+"-' :/9;#@

3#5A,#5"8'#5*#56'N'8"9]27'?2*'E+=)'R'%3#/+0E+X'7)"27#5'*F+@

0#56#E-':A2')";@#/'C+6+"+9'?2*'1"+*+"420/27'2"D'F)3+90+@

+/'9+6';F)3+90E+XD'4#5'4+/L27'2%'E+=20"#T)'X+Y+"-'

K#5'2/9+/'C+6+"+9'+*+3';2%'2T27'S%3X#'9+6?8'9+3+/2@

7#5' 1+6+/D'+,7' 4+3+>+/3E+X'2%' 2T27' 9+3+/27' ?2*'E+=#E

%3/9+0"#T)'0+"9#5A,#5""2/8-

[23R+ +/'S%3X#'>+/FR8&'?#'62$'a/+'1#FR#/'9+/#T#5A,#5@

"8D'4+/L27'N';F#/X#T-'K/+"#E'?#')M=+"#5A,#5"8'E2/0E27'N'?2*+@

")0'R'`F3+F#/XE#56' N'RH'?#D'RH'?#'+*420#5A,+"'#7#/3#56'F3@

"E#T"2/)'426-

:/9;#3#5A,+"'+9#5"?8'E+="'ND'#/)'+/6+3"'N7'62/'1+9+Y+@

9#/4)&' %+3+"+,)' 62$' N-' a+' N' #7#/' E+=2/)' R' 2/9;#3#5A,+"

X"#5"4'3E#T8-' cy""4#0' i_h@hoD' 1+39+>2%&' ho'=#%?8f' ^+3+@

"+"'91+/L+9E)'62*'E/+'63?2/)D'2/R+9+,#5A,#5""2/)'9+6'32@

%)7?"2/)' 6)$#0#ED' 9+6' N7' 1+6F+6+"?"2/"' #5' )/'+*420#5A,+"

3+9'F3"E#T"2/)"'9`F3+F#/X)'62*'%+/%+<20"27#5'1+6+/-'I)

=#%?#E&'%+3+"+"'#5")'629'">+3+9&'E2/+1%927'R'%+16+"+@

<+927'62*-

YC'*(#6*$)<*Z6

:T)+'6+/F+/2"'F#/X#56'N/'0"0#T'*#/#5A,+6 -'a+'1+6+Y#@

/2"'9+"F"20';+/'A+F+E#/)'+Y+$D'#/8'S%3X#'2/9,#5T8';#5"2/D

R'1+,3+/+/20_'OS,%'3+/)"2/)"'0#T'R'+"L/R'>)3)';7)")D' +,0

2A2')6'=#%?#EP'cb'v+F_'hl_hf-

a+';N/'E+=2"#56'+,4'+"+%3E+X'A+F+E#/)0-

:T)+"'123+F+'6)'?+")'3+/)"2/"'+"09+0/20'1/+M?"2/)

62$'+>/27#E-' ^9* #56' "/+"' 92/+9/#56' N)"'+FY+E"2/8D' 123#

5?


"/+"'>+120'6)'#/ R+,/)D'#/)'#5327)?"'#5',#5T8'2/ 2?';E2/$+@

0+"D';"+,+X'#/'M#5/$ #7#/8'2/+M3'#5'%#E'N/-'S,%'#/ R+,/#5'#/@

4)"' 1+"9+/X+9)' 6+1+0+ED' R' S%3E+X' 7%20' :T)+,)' +T#A?8&

1+/#5A,#5"'3+7#E'3T+,)"'62Y27"2/)0-':T)+"'*#/+E#/'X+Y+@

,#5A,+6 '6)'6+/4'N/-

:/9+/'C+6+"+9'+"0'"+'"#/)0'9+"F"20'A+F+E#/)'+Y+$-

v+F+E#/8'62T+4/20':T)+,)"'2/+M3)'>+3]+Y+X'3+Y+>+"@

?)' #5' */9+"?"2/)' 1+6+/' R' "/+"' 4)6+E#/20' +,%' =#%?2/#E_

O^+'4#q5'2%D'#E'\%/+,27)'=+"F+/#TP'cb'v+F_'he_hlf-'

:T)+"'1+6+/L+9'>+3+%=+"20_'O:%';26'=+"F+/27'\%/+@

,27)"D'+,7'4#5'R'?#'1#/'3#5"8D'#/D'A#T27#E'.)/#$'>+3E2/"2/8D

F"#56'2%'W+1+T"2/)'23R)0P'cb'v+F_'he_hef-'[23#'"+'1/+6+@

,20'A+F+E#/)"'1+E+?27'W+1+T)'R'S%3+/#EA)'eko'6+/F+/2@

"2/)"'R'3+"27'"/+"0'!+/62T#%'72Y+"'E/+&'\%/+,27)'+6 #T$

+*F)'123'62932T-'

[+9+6+/3#5A,+"'+,4' `/8' #T$'\%/+,278' 1+E+?E20'32%"2@

7#5D'A2'#E'N/']M6+/)3'S%3E+X8-':T)+"'1+6+/L+9'9#;'+/20'W+@

1+T)'R'S%3+/#EA)'6+/F+/2"2/)"'*#1'6+3#5027')/2"0'+%3@

E+X"2/)"D'6)R"#5,"'C+6+"+9'"+'N7'>)3)'.)/#$8'*#1'6+3#5@

02/-'Ow:E'97)")&'+,"'S%3E+X8D'#/'9/+9#E'>+3+%=+"'93+D

a+'N'S%3E+X8P'cb'v+F_'he_jmfD'1+,3+/+/20':T)+"-

.2/'S%3E+X'>+3+%=+"20'9/+9#ED'R'\%/+,27)'C#T#E#5/48

2/2%)'E/+'8"9+E'R'4+/L+E'S%3X#5"-'S,"#5123R':T)+,)'1/+@

6+"#E'"/+"?'%>+"20)"' #7#/'eko'92TX'6+/F+/2"2/)"-

S,"#5123R':T)+"'1Y;+920D'#/'+"L/R'97)")&'$2/62Y+"4'+T#@

A27#E'R'9+";27#E'S%3X#5"D'2/ '+"L/R)'#;'6)'"M+"';9+/-'Ç#>2@

"2/' 123#' 2/9)"?8' %R+0+ED' R' 1#/4+Y+3'+"L/R'32T+0-' :/

S?++ 8'<+=+E')/'>+7+38D'S%3X#'L2Y?8'29+E':T)+,)'E/+D'R

"+'+Y+$'+"0+E'S?++ )'9+Y?)0-

K+':T)+,)'9,+"?)0'8"4+62"8'629'`/'N/-'|#T#E#5/48'4+/L)

" ' & X ' < ) [ ' ; X # = & # ;

5@

29+ED';+/'6+/4)9'%>+"E20)"D'2/9+/+3R'2/+M38'+E+/3E20-

:T)+"'9+/#T+"#56'N/'1%3+9'7%27'S%3X#'L+,"8D'F#/X27'4/+'1+@

6+L+,"'R'32%"27'62X'1/+M?"2/-

5*=*J6*J#.*,*6%&'#>(%:#>%C"'<

W+,0'12"0'+,4'"#5,"'`/8'S?++ )'9)"8&'[2*+ 278D'7%20D'A2')";

N/'>+3+127')/'6+/F+/2"2/)"D'R':T)+,)"'>+3F+6'#5T+/920_

OS%3E+X"2/8'+,%>2%'+"2"'R'%/+")0' N7'+E27)"'+"2"D'2A2'#/

NF#50'+,%'C+6+"+9)"'?#'+"L8'"/+"0)0'629)'+"L)'32T';4"26P

cb'v+F_'hn_jf-'[2*+ 278'M+3'*+,/+0+X'N/':T)+,)'E/+D'?+")'#/

"/+"?')/'6+/F+/2"2/"'N)"D'#/#"?'?+/#*#56'N)"')/'>+3F+68-

[)6+'"+,)/':T)+,)'+/L+F+"?)"_

O:E' +,%' +"8' 32%"27#E&' E2/' 9+0+E' F"+0' )/' +"L8

+*+327#5' 1+6+/'R'1+%+E'[#54+,)'W2/%+ 22"'#5' )/

>+3+"#5"'A#T20'+,"32T-'W+,0')"?8'629'`/E+']+"+@

>+/1'F"+0'+"+>+3#56'R'29+E'6)'F)1))'3+9)"'"%@

320'R'%/3+"0'#5*20D'#/'62Y")'R'+%+0_'OS/42"' +E+@

9+"'ND'#E'.2H/D'+Y')6'1#F)"D'#/#E123R'2%')6'1+,/2/)0

7+E8';26PP'cb'v+F_'hn_iDmf-'

S,4'"#5,"'`/8':T)+"'62X'>+,?+/)'62$'N/_'"+'<+=;#56'N/')/

9,+"?)0-':T)+"'+,"?+"'N/'%+/%+<+X'R'1#5%+1+3E+X'[2*+@

27)0D'#/'0+"9+"#56'N/'62Y"27-'[2*+ 27)'">+3+9"'N/'E+=20@

"27#E'=+"F+/27':T)+,)"')/+9+"+0"27'S%3X#'">+3+98-'[2@

*+ 278'0+"9+"#56'N/'+*F)'E/+,)0'12Y+0"27':T)+,)'+*420#5@

A,#5"8-' a+' 0+"9+"#56' N/' 9#/X+"27' R' ]+"+>+/1)0' 12Y+0"27

:T)+,)"-' z"+,+X' #/' [2*+ 278' ;N/' 9+/#T+"#56' %>+"27' "/+"D

M+/#5"+9#56'N/'">+3+9)"'1+%"27':T)+,)"'E+=20"27#5'6)$#@

0#ED'#/>2%*)'"+'<+=;2/'#5'0+"9+"+/'62Y"27-'\/'3F)3#5A,+"

>+3]+Y#E':T)+"'1+6+F#/X+90#56' N/'"/+'X/+F/)'123-':A2

:T)+"'9+/#T+"+/'+E27)'>+/*'32%"27'4+D'2/ 2?';N/'<+=;)-

9B


Y&>?%+%-./*(#*$+*('M()&@

B<#AE+X#5A,#5"8D' 1#5%+7?E+X#5A,#5"8'R' 1#5%+=+ #5A,#5"8

9+>E+X'2"'2/9;#3#5A,+"'1#F#5'123-'K/+'">+3+9"'N'%3)>27

?2*D'#/'9#/0"2%'12Y+"9+/4-'S,4'42>?#56'+62"')";'+"1+TA+@

1+/27)D' 4CE+/' 9+6' "#5,")%9'+"1"+/' 9AE+-' SE27)' 9#5C2T+"+

2/9;#3#5A,#5"8D'+E27)'962X+"+'E1+3#5A,#5""'#5'1#5%+1+3#5@

A,#5"8-' :A2' +"6)$+>2%' ;7#5X2%' 2/9;#3#5A,+"' 1+/02/8D' +,"

>+3]+Y'94+Y"+D'#/>2%*)'4#5'+"2%' +"2/D'#/#"?'2/ 2?';N)/

+")D'2A2';7)"2)/'E+=)'+*420#5A,+"'3+9-'[2"0'%+'N'2/9;#3#5@

A,+"'">+3+98-

:/ ' 2%' ?""#56' 26' 2/9;#3#5A,+"' 1#F#5&' )"L' E/+' 1+/L+9#56

9+3+/27#5'42>?2/8D'*F#56'26'+,"D')";':T)+"'N/'*F#56-'[+%9+@

"+7#5'<#=+/2"D' A2' )";>2%' N/' F#/X#56' 2/9;#3#5A,#5"8D' 2%' "%@

3#56'N)'1,#5/+"#0)')6'%2",+9#56'#5'>+,?+/#56'N)'E1+3E+X#5@

A,+"'R'1#5%+1+3#5A,+"'426-'\"L'1+6+/'123+?/?)/'N/D'+/+X@

"2/)%'62$')q";' +/)' +"'9+/D'#qE'26'2%P-'S,%'63?2/8'2%'2/ 26"

#5"2"#56'N)'"#5,")%9'+Y+E#3,+"'1*#/'X+Y+,#5A,#5")0'123#-

!+/'6)'C+6+"+9D'2/ '2%'#T$'`/E+'8"A+0?#56' +0+/L+9+@

>2%'#;)";' ;N)'9+/#T'+"27-'zN)'9+/#T+"#56'+*+3E27'X+"/#5@

A,#5")0-':%'+T#A#56'N)D'R')"L'AE#56'N/D'#/'S%3X#'"2/9+,#5A,#5"8

;9+/-'~)M3':T)+,)'"6+"'92"3/#"+027'N)')"L'E/+D'6)+,"'#5'6)@

+,"')"L'E/+-'

:%')"L'+"+/4,#5"+E23'N)'*F#56_'9+/X#56'N)D'#/')6'X+Y+,#5@

A,#5"8'+/C2?';#5")-'S1+'A2')";#5'N/':T)+"'+%#56_'OS/42"' +E+@

9+"'ND'#E'.2H/D')6'1#F)"'+YD'#/#E123R'2%')6'1+,/2/)0'7+E8';26P

cb'v+F_'hn_mf-'

S,4'1#5%+1+320"#T'`/E+'E2/$#56'S%3E+X'0#5,0'3E20')"LD

A2')";>2%'N/':T)+"'%+/%+<+X'[2*+ 27)0-'t2/$+>2%'1+%9+@

0+D'#/')6'E+/?+F)X8'])M3'+,">)%)"'N/D')";>)%)"'0+"9+"#56

" ' & X ' < ) [ ' ; X # = & # ;

9A

N/' 2/9;#3#5A,+"D' E1+3#5A,+"' 1#F)"-' S,4' 1#F)"' 0+"9+"#56' N/

)"L'23'>+127'+,"' +")0D'#/'S%3E+X'N/'#5T+/927')"L'+"27#5-

S,4' 292T20#56' 9+,)"' 6+/4)9D' #/#"0' %/3#E' ;N)"' +>+M=+/#5@

A,+"'R'%/ #5A,+"'+,"'#5T2/L"2/8D'#/#"?'S%3X#50' 2/27'N)-'

S"6)$+>2%' %9%20)' <"3/27' +,4' +=3+")M"2/)' +/6+38D

#/#"0'426'>+,?+/#56'N)'#T$'`/8-'K+'2/9;#3#5A,+"'1#F)"'N/-':%

=)*+=#/2"' ]2T?20)' ]"ME+X#5A,+"' 4)6+4/#5A,#5"8' R' *F+0)D

#/' +*+3' 26' M<#AE+X#5A,#5")0' R' E1+3#5A,#5")0-' S,4' 2/29#

62"?'*#/+E#/'1+E+?#5,A'#5"20+"?-'[23+F+,#56'2%'9 +0+3@

/26&')";>2%'1+9+Y+9E27'E+=9#3#5A,+"'1#F#5"-'W+,0'1)6+'2H9

"#/)0'"+,2"?':T)+,)'9,+"?)"&'32%"27#5'1+6+/D'A2')";>2%'9+@

/27)'N']+"+;27'+,4'1#F#5"-'

!Z(?#)3#*(%-"#*/3+)C

:T)+"'4#5/%'N/'2927')/'#5"20+X')M=+"#5A,#5")0'+,"'C+6+@

"+9D' 2/ ' ;N/' 1+6+/L+9E27' 1+9+Y+9E27' [2*+ 27)0' 29#T' E+@

=)"-'x/>2%'123R+"?&'+*F)'1+6+/'"/+'X+Y+,#5A,+"'>+/FR8

]"ME20D'R':T)+"'F"#56' N/'6)'#5TT#5A,+6 D' #/"'S%3X#'0+"9#5@

A,#5"8' ;N/-' a+'9+/X2%' #7#/#E)"' #5/)M' 6+/4' 7)"2/D' #/#E123R

<+=;#56' N/' 1+9+6+/3#5A,#5")0D' 6)";42Y' "+=9)"#56' 1+9+@

6+/3#T'N/-'a+'F"#56'N/'1+9+Y+9'#5TT#5A,+6 D'A#T27'N/')/'X+@

Y+,)"'R'?+Y+%#5"'`/'#5'F)M2/'629#5%+027'N/'V#/2 '72Y+"'E/+-

SY+$)"' +"8D'#/'"+'7%20'S%3X#50D'2/ '63+E'?+/+,/D'123R,+7"

N/_'O\q";'#5"2%'+,%32TD':T)+HP'cb'v+F_'hn_nf-'

!+/#qT'2%'>+392/+0"27-':T)+"'1#5%+7?E+X'N/'6+1E+"'+%@

3)]+"D'1,#5XE27' N/'?+Y+%#5"'`/'<+=;27#50'R'8"9]E+X'E)]+@

9#56'N/-'\%9'S%3E+X'1+/0"#56'N_'O\q";'#5"2%'+,%32TP-'S%3E+X

%/+"#E'+%#56'N/_'O\";#q5'2%'<+=27'?#'4)/?)0'R'A+?"E27'+,%@

32TP-'

9W


I)F#502'4#5'63+X2%_'O(+HED';Nq'#/'S%3E+X'#5T+/920')/'1/2M@

3+9)"D'#/':T)+,)"'2/9#5'"9+"+9'3+/D'#/>2%*)'"+'9+/#T+@

"+/'E+*27'?+Y+%#5"'`/'#5'F)M2/-'S,4'42>?#56')";#q5'N/'S%3E+X

1+/0"#56_'O\q";'2%'+"#56'+,%32TPP-

S%3E+X'F)32/D'#/':T)+"'#/#M27' N/'<+=;27-':/ '6+/4"')/

%/3#56'#/#M#56'N')";@#/' +"'+"27D'1+]+='S%3E+X'A#5,7'N'3+@

7)%'"/+"'+"27'4+D'"#5,")%9'2A2'4+'\/'9+3+/,+7'9+6?8';N-

S%3E+X'"#5,"'LR#E'E+/E20'W+T++6)'123D'2/ 'I#E+ )'A+@

F+E#/'W+T+98'="4/27'N/'"/+"'F+7'R'+")X27'\%/+,27)"-'.2/8

W+T++6)"'+%+0D'#/';F"+-'W+,0'W+T++68'23'29+E'#5'2/9/#/4

+"F+6' 1+/0/20' S%3X#5"D' R' AE#56' ND' A2' S%3E+X' <#<#=E#T

%)/3'#5"2/-'a+'W+T++6)"'+%+0D'#/'F"+-

[+$#/4'+Y+E#3,+"'W+T++68'A+6 20')/'NM8D'#/>2%*)'F"+D

R'S%3E+X+M#5";"'+%#56' N_' O:E'F"+7#5' 1+6+/'S%3X#' +/9#5@

A,#5"8' #/ #?E20P' cvE#0' jj_jjf-' S%3X#' 6)' 1/2M3+9' 2927' N/

"/+"'%>+"27#5-

\";#q5' S%3E+X' "/+"'+%+0D' #/' F"+D' )%9' 123#' +/9+0+ED

2/ 'W++T+68'F"+0-'S%3E+X'A#5,7'3E20'W+T++6)"'F"+7D'#/#E@

123R'F)32/' "/+'%)/38-'S%3E+X'F)32/D' #/'W+T++68'+E27)

M+3'0+"9+"#56'N/'W+T+9)'+Y+$+/9+X'>+3)E"'#5'<#T8D'?+"

A2'S%3X#5"'1"+*+"4E278-':/ '6+/4"')/'%/3#56'1%3+9'#/#M#56

N')";@#/' +"'+"27D'S%3E+X';)'9+"F"20")'"/+"D'2A2'"#5,")%9'4+

S%3X#'9+3+/,+7'9+6?8';N-

a#5,"8':T)+,)'123'N/'9+3+/E#56-'S%3E+X'0+"9+"#56'N/D'#/

"+'E2/+4+Y"+'#5'>+,?+/)'[2*+ 27)'426D')";>2%'#/'>+,?+@

/20' W+1+T)' 6+/F+/2"2/)' 123-' K+' 9+6 #T$+0"2/' +,"D' )";

%9%E27' N/'!+/62T#%'%+/)'E/+-'W+,0':T)+"';N/'#5*#56'426'+Y

426'1+"4)>27'[2*+ 27)"-'a+'#5*#56'N/'4#5/%'F+7'+,"']"M#56)0D

#/)'3+9'F3"E#56'N/-'K/+'1+6+/'N7'S%3E+X'6)'1/2M3+9'#5T+/@

920D'#/>2%*)'"/+"'+"1/+C2M3'92/+9#5/'3+')/']+"+>+/1#/@

" ' & X ' < ) [ ' ; X # = & # ;

9!

4#5A,+"'1+6+/-'S%3E+X'%>+%#56'N/'R'97#5X2/':T)+,)'62$'2T+X

2/9;#3#5A,+"'1+/02/8D'12"0'#/'"+'1+%"2/'V#/2 '72Y8-

[*H#%6#*/9#*")('#)+8%-"#P

S,"' F#/X8D' #/' S%3E+X' %9%27' N/' :T)+,)' 6)$#0#ED'+6 #T$#5@

A,+6 ';N/'9+3+/E)'6)";R'#/'"+';1+9+Y+9E2/'[2*+ 27)"-'[2@

*+ 278' \%/+,27)' ="4)/"2/)' 1)6"+9+"' +/6+3"' N/-' S%3E+@

X+M#5";"'+%#56'N_'OW"+E';)'2T27'S?++ )'>2%8D'#/')/+"'X+=+X

7)"2/'.)/#$'+;?)'+Y+$)"' ;+/#5A,#5"'+"27#5' 1+6+/D' #/' "/+"

6#7#/20/20')/'[2*+ 27'9)"8P'cb'v+F_'jh_jkf-

.2/8'7)"27#5'N/':T)+,)'123D')";>2%'#/'"/+'123'N/'!+/62T#%

72Y+"'E/+D'#5%3)'"+';>23?'N'<+=;2/-'W+,0':T)+"'E+=20+X

N/'[2*+ 27)0'R'4#5/%'N/'2927')/'#5"20+X')M=+"#5A,#5")0-'SY+@

$+4/+"?"'+E+/327#5'>+/FR8'1+"F27'N/-

[)6+'32%D'A2'S%3E+X')";'N'+%#56':T)+,)"'+,"' +")0'123#D

2/ '2/9#5'+"F+6'1+/0/27'N/D'A2')";#5'N/'"+'+,432T-

O:E'32/"'+%+0'"/+"_'O:3'4+/L)/'F"+'?#']+"+>+/@

1#E' +"+>+3#E' K+6+%9#%D' R' 2/ #/' F+%D' S*+,27)"

+%#/)"2/)'E/+'A+F+E#/'`X)/-':E'a+62%%))'#/4)'[2@

#5)"' N7'A+F+E#/'`X)/'\%/+,27)'E/+D'R'S 276+#57+0)

^+<+3)'#/4)':T)%2)"'N7'6+/F+/2'`X)/'?#'32T8-':E

97)")D' #/'S*+,27)' %/)0'+*+3E#T)"'[2#5"'962Y0")D'R

[2#5)' %/)0' +*+3E#T)"' :T)%2"' 962Y0")PP' cb' v+F_

hn_hk@hlf-'

x5M+4/#5A,#5"' 4+/L/#5D' S%3E+X':T)+,)"'+%+0D' #/':T)%2"

)/'32T8'6+/F+/2'`X)D')%9'[2#5)"'A+F+E#/'`X)'\%/+,27)'E/+-

S%3E+X'#5"2/'2/9#5'#5/)M'6+/4)9D'#/#"?';N)"'<+=;#56'[2*+ 2@

7)0-'a/+"?'99+3+/2)"':T)+,)'>+/3+9+"#5A,#5""2/8-

:T)+,)'F#/X8'%9%27'N/'M2TE27')/'">+3+9)0'+,"'>+1)0D'2/

"+'<+=+E'[2*+ 27)'E+=)0-'[)M)H/D'#/'[2*+ 278'\%/+,27)'62$

9/


3+/+XE+X' ;+/)?)' +*420#5A,+"' 4/4+>+3]+Y"' N/-' :A2' 6)

+Y+$"#/4)'%=+7'+*420#5A,+"8';2"'4)6+4/#56'R';2"'9+"F"20@

"#56D'+>+'#/#M'C+6+"+9'+"0'"/+'+*420#5A,+"'3+9'F3"E#T

6+/4)9'"#5,">2%'970E2"';+/#5A,+6 -

[)%#5%8'%#E#/20/20'+,%'%9* #5"?8_'Ox;'#?';)'9+/#T'6)'*#/+@

E#/)'3#5"8'63"27#E'"/+'9+/+%)?8'1+<M3+927D'2A2'+Y+$'+,"

*#/+E#/)"';9+>)'R'+>+'"/+'3#5"8'1+<M3+9)P'cI+/9_'i_jlf-

r#/+E#/'6+/4"'+E+F"'ND'3#5"8'"/+'#7#/3"'N'9+6'+*420#5A,+"

3+/+X?8D'"/+'#5"20+X8D'"/+'+*420#5A,+"'>3#5T8'9+6'+/4@

,#5"?8-' S,C6D' 12"E27#E' +,%' +0+3/#5A,+"' E/+D' "#/)0' 9+/4+

+,"D')";'+%+0'[)%#5%8_

Ox;'#?';)'9+/#T'63"27'6)'+E+F)'3+/+X?'R'9#T#>327

"/+'+*420#5A,+"'+/4,#5"?"2/8D'6)";R'#/'"+=&';9+"F@

"20")' +E+F)"-' K/+")0' 123#' "+' 99#T#>3)' +E+F)

3+/+X?8P'cI+/9_'i_jl'c12T)"+9)'629"+ +"#5A,#5"8ff-

I)F#502' 4#5' +%2%&' +,0' ;N' #/' +Y+$"#/48' S?++ "' N/D' )%9

:T)+"' "/+")0' ;N/' E+=2"#56-' :HE'+,#D' RH' #;-' S?++ 8' X"E27' N/

+E+F)'9#;#56#ED' +,0'"+')/')M=+"#5A,#5"8'*)$27'N/')/'9"#$8-

[23R+>2%'1#F#5' "+F+E+Y#56'[2*+ 278'O*#/+E#/'6+/4P'N/'R

\%/+,27'C#T#E/4)"'>+1#56'N/'9Y+>+M3#5A,+"'62$-'a+'W+1+@

T)'>+M3+6#5"?)'1/+1/#T"'N/-'[2*+ 27)'+*420#5A,+"'>+3]+@

Y#E'N/D'#/'\%/+,27'C#T#E#5/48D' +0+Y#5A,+6 'S%3X#',#A'1+*+/

1+E+3+/)6"2/)0D' 12Y+0+E' 6)+9' ]M6+/)3' S%3X#' >+M3+@

6#5"?)0-' [2*+ 27)'+*420#5A,#5"8' 6"+0D' ?+")' #/' #5TT+9)' 4)@

6+4/#5A,+"';1+"4)>20-

:%'+,%'2/R#5,A)"'M+3'26'1+"4)>27-'!+"'6+/4)9D'#E?2/'1#E@

E)'9+6'+E+F)'9#;#56'#5"2"D'6)";42Y'2"A+/9E#56'2"'#5/)M"2/)

6+")>#57,+0)+,)"'R'E+=)"D'1+39+>2%'+,"'6+/49+"0D'#E?2/

"/+"0'+E27)'6#3'2"&')/2"0'9+"+"0D'F#/X8"92/"2/)D'=#/1/4)

" ' & X ' < ) [ ' ; X # = & # ;

91

+"4+6"2/)D' %+/9+E+F"2/)D' `F"+9+""2/)' R' +,%>2%' M+/#5@

"+9-'S,4'6+/4)9'N7'+"32%+"27)'2"'F#/X#56&' 26)'23R)0'9+Y+@

E+/27#E'+E+F)"-

^+' "+R'>+3+1#56' N' 8"3+")?"2/#56-'y"#T"2/8' E+=20+X

2"')/2"0'2/2=+"2/)0D'+6#5%)""2/8'E+=20+X'2"')/2"0'9+"+"@

0)0-' S,4>)%)' +6#5%)""2/"' )/2"0' 8"3+")?"2/#56' F7#5=' ;2"-

SE+F)'1+6+/'9+/R#/'N')/2"'M/$+>+3#T"2/)'123'=#/1/4+9@

0278&' A2' )/' 8"3+")?#56' R' A2' X+Y+,#5A,+"' 62$-' W+,0' +E27)

9+/R#/'ND'#/'+E+F8'6"+')/'#5"20+X')M=+"#5A,+"'62$_'4/+"#E

"+'99+/#T+"+'X+Y+,27'#5'>+1>+"27'R'8"3+")?8D'R'X+Y+,#5@

A,#5"8&'`F3+F#/X27#E'S%3X#50')/2"'3/E+X'>+/FR8-

:A2'4#5'M+/#5"+92%'9+/4+7':T)+,)'>+36#5A,#5"8D'932%"2%

A2')";'>+3+120'+,"' +")0'123#D'2/ ':T)+"'<+=+E')/'9,+"@

?8' </927#5' 1+6+/-' :T)+,)' %9%+X' F#/X8' +%3)]+"+ +/' +/@

C2*/9E#56'N/-'S?++ 8'M+/#5"+9#56'N/')/';+/#5A,+6 ']"M27'C#@

T#E/4)"-' [2*+ 27)'+*420#5A,#5"8' 62X+"#56' N/' )/'+6#5%"#5' R

A+F+E#/#5A,+"' E/+-' W+1+T)' >+M3+6#5"?8' E2/+9+"F"E20D

;"+,+X'#/':T)+"'>+,?+/20'W+1+T)'6+/F+/2"2/)'426'R'#T$

+*F)"'E9+,20'S%3X#'*#/#5A,#5"8-

:/ ':T)+"'<+=+E'[2*+ 27)0D'4/+"#E')/'123'3+/+E'"+R

\%/+,27)' C#T#E/4)' =)*+=#5A,#5"8-' S?++ 8' 6+1+0+ED' +,0

"/+'2/9#5'#/4)"2/8D'#/#"?'A+F+E#/20)"'"/+")0'123#D'M+/#5@

"+920)"' +*F)"' +Y+$"#/427' 6#7#/#5A,+"' R' +E27)' =#/8' 9Y+@

>+M3#5A,+"'62$'cb'v+F_'jj_khD'K'v+F_'nf-

95


Y&>%-#"*&9H#%&%(7#?0*(D()<'(#'&)(<#%-()<*J#'M$*(%-./%-(@

:T)+"'<+=;#56'N/'+,7+%2/E+X#5A,+"'R'9Y+>+M3#5A,+"' #@

7#/'+9#5"?"2/)0-'S,4'>+3]+Y#E'N7'.2/8'>+3E)/20'"/+"'`X27

2/9#5'6+/4#5D'#/#"?'F#/X'9#5"2"+,)"'+,4';+/'9"#$'123-'a/+"@

0)0'6298'[2#5"'N/D'#/'%>+"20'[2*+ 27)"'cK'v+F_'n_io@ilf-':/

[2*+ 278'<#/L20')/'1%9#T#5A,+"'3+9'>+127'[2#5)"D'E2/$)"%

1/+C+/E20' 63"27' "/+' E+=)' +*420#5A,+"' 3+9-' [2*+ 278

6)+"F+6)0'4)6+4/#5A,+"'+/C+"+0+E'R'9#/X+"E20D'"/+'+*@

420#5A,#5"8'"#5,">2%'8"9+E'cK'v+F_'hof-

[2#5"'R'"/+'6+/4)9'4/+")0'123#'%>+"20)"'S?++ )' #7#/

,#A+"+%#5"'#/4)"2/)"-'a+'9+";20'#5'62932T'1+E+?20'W+1+@

T)' #7#/'2/9/>+F#T"2/)"'R'9#3#/20'"/+"0-'[2#5"'63+E'W+@

1+T)'3+]+/'R'+,/20'O%#5/ P'+Y+/9+"2/8-'a/+'6+/4)9'9#3@

/20)"' W+1+T)'+/L+"8' R' ?+"420)"'3+]+/8&' E2/+X27#E'+,"

+T +32T)-'[)6+'32%D'A2'S%3E+X+M#5";"')";'N'+%#56'[2#5)'6+@

%)"_' O:E' [2#5"' W+1+T)"' "+$)"$' +/20' \%/+,27)0P' cK' v+F_

ho_jef-

S%3E+X'>+/*'+%+0':T)+,)"_'O[2#5)'%/)0'+*+3E#T)"':T)@

%2"'962Y0")P'cb'v+F_'hn_hlf-'[)6+'2/9#5%)0'N7'>+1+"$E#56'N/

+6 #T$+0"27'+,"D')";)'1+6+/'%9* #56':T)+"'N/'#5T+/9E27-':/

S%3E+X':T)+,)"'+%+0D'#/':T)%2)"'`X)'O6+/F+/2'?#'32T8PD

>+3]+Y"'+,"'N/D'#/':T)+"'2/9;#3#5A,+"'>+3]+Y#E'1+"L"27

N/')M=+"#5A,+"')/'4)/?8D')%9'[2#5"'R':T)%2"'S%3X#50')/2"0

3/E+X' )M=+"#5A,#5"8' ;*)$20)"' S?++ )' 3")0' #/RN' 629)"D

123R+>2%'S%3X#'>+/FR8'1+"F+X';N/D'R'+*F8'+*+3+F/E20

W+1+T)'>+M3+6#5"?)0-

:/ '62"?'E+=2"#56'2"?D'4/+"#E'1+"L"#56'2"?')M=+"#5A,+"

62/'4)/?8-'[23R+ +/'S%3X#&'X+Y+,27#5'R'>+M3>+"27#5'1+@

" ' & X ' < ) [ ' ; X # = & # ;

99

6+/'62*'3/E+X'>+/FR8'%9%#56'N'1+"F27D'R'62"?'+"F)3+90+@

+/'9+"F"#56'2"?&'>+3]+Y'4+Y"+7#ED'#/'123+F+,#56'N7'E+@

=)'62$'>+12"'62*-

[)"'93+9+/+"#56'M+3'>+36#5A,#5""2/'9+"D'A2')";>2%'2"

S%3X#' 6+/4)9' "+1+"$27D' 2/ ' *)$27' 2"' ]"M#56"2/)' C+6+"+9-

\";>2%' g#T#%"' N/' F/#56_' O:E' +,"' +62""' `/)"+9)' 1+6+/' N/

"/+"0'1+"4)>#56D' +,0'62*'=/+3)'1+6+/'F/E20D'#/#"0'4+/2@

/)' E2/$8' 1+%+EP' cS' !#/"A_' ho_hhf-' :E' "#/)0&' 1Y#62+0)"2/)"

#5TT+X'"+6+9#56_'Oa/+'1+6+/')";'#/'F/E20D'62/'%#E#/27#5'1+@

6+/'F/E20P'c[Y#6_'hk_mf-':%'[)"'R'a#/'93+9+/+")'M+3'>+3@

6#5A,#5""2/'26'62$ 2/#56'+,%'F/?#56D'?+")'#/'62"?';2"?'9+/#T

+6 #T$#E)"'1+%9+"+7'a#/'93+9+/+")0'+/E+X'62$ 2/#56"2@

/8'+Y+"0'[)"'93+9+/+")'`/)"+9"2/)-'[+$#/4'F7=#56'932%@

"2"?D'A2')";>2%'N'2/9;#3#5A,#5"8'=#;8"4#3#56'S%3X#'F#/X)"'#;

6)+,"'+E+F)'9,+"?#56D'+,7R'+,"'6+/49+"0D'#/#"0'"+'X+Y+,#56

N-

9?


Q2E)@(.&(3#4,2./*(O(*#&5:'(5&#2(OH(#3,H)(OC#13./*'(9#2(J-1K./2=

.......................................DE+=))*))5))

<'= C *$* .; 3 * . : & B=";%"7"+"' ( - >"7

:

/9;#3#5A,#5"8'62*'+"4+6+7#5,X'N'4+/L"#56'1#F#5' "+F+@

E+Y#56-' S,"' >+3]+Y' N' 4+Y"#56D' #/' 62"?' <#=*)$6+"

F"+"?'62/')6+0+X'])M3' +")'1+/0#56D'>+3]+Y'N'4+Y@

"#56D' #/' 62"?' +,7' 1+"F+6+"?"2/)' +*420#5A,+"' 3+9' A#5,7

3+"?' 9+6' 1+"4#5/C2"?'+,"D' )";8' 62*' 1+%3+3+9+6' ;)' >+@

1#56-'

S,%'2/R#5,A)'6)'`/)"+9'N'[2T))'R'"/+'#/4)"2/)'>+36#5A,#5@

"8-' I)";R' \%/+,278' 94+Y"+/' 6)+>23#5A,#5"D' +,"' 9+Y+E+/@

E#56'N/'4+3+E#/"2/)'9#T6)0D'#/#"0'S%3E+X'N/' +/L/+0"#56

+*F)'>+36#5A,+"']F"+C+6+,)"'C+6+"+9"2/#56-

[+6+L+,"'S%3E+X+M";)'K2,?)'3+/ 2/+9)&'[2T)"'\%/+,27)

3+%"1)"F2/#/4'4+3+E#/"'N/-'a+'#;'6)+,"'4+3+E#/'N/D'+,7R

,#A2/#/4'?+1+"+,+>238-'[2T)"'\%/+,27#56'4+3+E+/#5A,#5"

+/20'?+Y+%#5"'3+/)-'a/+'2/9#5'#/4)"2/8&'x<")"'R'}2"212%8

R%'?+1+"+"2/'N)"-'[)6+'2H9'32%"2"?D'A2')";>)%)"'N/'\%/+,27)

1#FR#/'6A"#7#/38'[2T))'+Y+$"#/4#5A,+"'3+/)"2/)"_

O:E'+,"' `/2/8' .)/#$' =#%?8' 1+*E+F,#53' N/&' 1+,3")

32%)7?';9+/P'cS'v+F_'i_hf-

S,%32T'1)M+3+9E+X'O.)/#$'=#%?8P'F/E+X'^#5/ 'F)/?8';N/D

?A

?+")' #/' )%/+,270)"2/"' #5"2)"' v#/+"-' S,%' =#%?#56' "9+3)' N

+Y"E#56'S%3X#50'"2/M";E+X'1+,3"#5A,#5"8D'#/8'S%3X#']+"+@

>+/1"2/)'R'X/+F/2/)'62$'N-':E'6"#56'N/'6)+,"'6)'12Y+E#/'1)M#@

T#5A,#5"D'A2'S%3E+X')";>2%'N/' +0+1+,3'=#%#56'\/'C#T#E/4)

123-'b/?)'12T)"+98'+,4'>+1)"'7Y+9,+0'N/-'S%3X#'L+,"8'1+*@

E+42>'N/'7%E#56-

x5/26"D')";#q5' N/'S%3E+X'+,4?+"'7Y#56-'g+3+%=+"8'62"?

F3"#56'2"?'v+F+E#/+0'+Y+$)"'F/?)'j@/4'F7=#56_

O:E'[2T)"'M+3'X2/+027'N/'R'7%#56'N/'+,"'+62""D')";'#/

"/+' #/4)"2/"' +"#56' N)"' #7#/' \%/+,27)"' R' )";>2%

"/+"?' C#T#E?)' =#/+")' +Y+$)"' =6 2/#E' C#T#EE+X

9+"+"0'123'?"#56'N)"P'cS'v+F_'j_jjf-

[2T))'#/4)"2/'x<")"'R'}2"212%8'+,7+%2/E+X'N)"-'a/+"?'#;

6)+,"'>#Y"9#5A,#5"'N)"'+"#56'\%/+,27)'9+"+"0'123D'+,7R'+,"@

?+"'1+6+/L+9'N)"D'#/'>#Y"9#5A,#5"'N)"'+"#56'"+R'+,"'9+"+"0

123D'#E?2/'F+7)%'N)"'=#/+"#56'X+Y+,27#5D'#/32T'S%3X#'"2/@

9+,#5A,#5""' N/' "+9E#56-' x/32qT' N/' S%3X#' "9+36+6 ' "/+"0

2/9,#5T8-' a/+"0' +" +/#,+9+"#5A,#5"8' ;N/' %+16+"+<+9E#56

6)+,"' %2Y+9+"' Y"#5A,+6 -' [2T))' #/4)"2/8' "+R' %3)>27#E

6+/49+"0'E2/0"#56'N)"'*#1)'1+6+/' 2/+X'6)%8-'S,%'F#/X#T#5@

A,#5"8'1+9+Y+9'N/'`/2"?)"D'R'+,"'9#T#>3#56'N/'2/9/>+F#T"2@

/)"'#5'.)/#$8D'?+")'#/'6)%8'>+39+"#56'N/'"/+"0-'K+'>+3@

]+Y'4+/L+ED'#/'\%/+,27)'C#T#E#5/48'+/1+6+/1)'.)/#$"'+/@

E#T'*#1+ 2/#5A,#5"8-'x<")"'R'}2"212%8'F+,A+9T#5A,+"'?+/2/

N)"' \%/+,27)' C#T#E/4)' 1+6+/-' a/+"0' E+/?+F)X8' >+3]+Y

4+/L+ED'#/'C#T#E#5/48'*+,/+"+'S%3X#' +"2/)'E/+-

[2T)"'F)32/D'A2')";'N)"'+"#56')/'#/4)"2/8D'%+9+,"';N/'12@

Y+0"#56'"/+"0D'+,7'#5TT#56'N/'A#5,7'1+"4)6+"#5A,+6 _'O\";#q5

1+6+/'2?'+"#56'+,%>)%)' +"2/8D'#/#E123R'2%'+,%' #7#/'C#@

?W


T#E/4)' 2/+")0'L2*'1+6+/';+/'=#%?2/'26' 7%#56-'zND'#/4)H?%D

#/#E123R'7+E';N'+,"'7#5/8D'#/'2%'7%#56'26'L2/'6+%)"_'4#5?'.)/#$

C#T#E/4)"' 6#7#/20"#56' 2?P' cS' v+F_' j_jiDjmf-' a/+' #/4)"2/"

+E27))"'N)"'+/C+")D'?+"'+,%'>+/*'#5TT#568-'x<")"'R'}2"212@

%8'>23?'N'12Y+0E2)"')/2"0'?+1+"+,+9+"'4)/?)0D')%9'=#/+@

")0&'8"41+"/+>2%D'?+")'#/'"/+"?';#5"2)"'+>+M=+/#T'%)/3-

S%3X#' 6)' 6+/F+/2' 29+E' [2T))' 6#3' R' +%+0_' O\";#q5' 2?

+"+/F#56' \6' *#12/8'R' 8"X+"2/8D' #/' :%'>+3E)/20)' \6'3+"

1+6+/D' R' ?#' #/4)"2/)"' \"L+")0' +E27)' 2%' >+3E#56w' #/#E@

123R':%')"L'<+Y+E#/#T"2/)"'9<+Y+E#/26D'R'\"L'+/1+6+/@

1#T"2/8'9+"+/FE2"P'cS'v+F_'j_jnDiof-

O}+Y+E#/27PD' O>+3E27P' "M+"+9#56' N' O1+/F27D' 62X+/27D

+9"+X+"?'#5"2"+7P-' :/ '[2T)"' 1/+C+/E20'4)6+9+,27'R'=%@

3#5A,+6 '=/+327')/'#/4)"2/)"D'4/+"#E'0#5,0'3E20D'#/'#/4)"2@

/)"'+E27)'N/'1+/F#56D'?+"'S%3X#5"-'[+%9+"+7#E'9+6'+Y+"0

1+%9+"+7#5'+,%'+62"8D'"+'1>+3+9E#56'N')/2"'E+=20"#T"2@

/)"-':A2'[2T)"'E+=20+X';7)"2/D'"+')/'#/4)"2/)'123'+,7'92/>

9E+/E2/-

SE27)'#5M'S%3E+X'=#%#56'N'[2T))'6+%)"'^+6#527)'123_'O:E

)/+"')6+0/27'26D'#/'"/+'3#5"8'>)3)'4+326'1+E)3,+"D'#/'F)@

326'+,"'+"`/2"#5A,#5"8D'#/'"/+'#/4)"2/8')/+"0'E/+'+"2X?'2"

2/#56D'R'"+';1+"4)6+"20'"/+"0P'cS'v+F_'i_hif-

.)/#$' =#%?8' 1+*E+42>' N/D' R' ;+/#5A,#5"8' A+F+E#/#56' N/

+"6"+0#/4D' #/#E123R' 4+3+E#/"' #5' ?+1+"+,+>238' E+=2@

"#56' N)"' )/2"0' #/4)"2/)0-' [2T)"' 9#/0/27' N/' )M=+"#5A,+"' )/

4)/?8D' #5'+/4+/#5A,+6 '4+327#5'R'\%/+,27)"' X+Y+,27#5' "/+

9+/#T#5A,#5"8'12Y+027'N/-'S%3X#'">+3+98'L+=#TE+X'N/-'\%@

/+,27)' AM"+6)"2/8' #5C2T+"#56' N)"' #7#/' 9#T62/)0' 6)+C+6+@

"+9D'"2/%#56'A+F+E#/#56'N/'9+M+Y+92/#5A,#5"8-':/ '+E+F"2@

/8' A#T"#56' 2"' )/2"0' )M=+"#5A,#5"8D' "/+"0' ="+6+9+7#5A,+"

3+9'F3"E#T"2/8'3+Y+>#56'2"-

J ; ( \ + S + = > 8 + = & % ] ) ( ' > T ' < ' Z ' ; ) # $ ' <

?!

N*(%Z.#P#*/3#'&*6'\*>@

KC +=3#5A,#5"' ND' +,0'M+3'1+,/2/'E+=20+X'2"')/2"0'%2@

<+9+"' 2/2=+"2/)0-' :/ ' 2/)3+%+/4"2/)' 1#E)E' N)D' )"L' 6#3

F+7)%'N)"'?/)%3#",+'8"3+")?"2/D'#/#"?'1#5%+1+3'`F"#5A,#5"

N)"'="4/#56-':%'32%"#56'N)'>+3+")"2/)D'#/#"?'+/1+6+/1#56

N)"')/2"0'X"#T"2/)"D'"/+"0'123'=#%#56'N)"'+Y+"0'1+/F+"?)-

vE#56'N/D'A2'X"#T"2/8'*+,/+0"#56'N)"'"/+"0-':%'M39#56'N)'2/)@

3+%+/4"2/)"'12"0')/2"0'X"#T"2/)'+;?)'+Y+$D'#/#E123R'E2/@

$)""2/%'M<#AE+X'N)"'R'E+=2"#56'N)"'"/+"0'M3927-'a/+"0'3"2@

/#56'?+#%'N/D'A+F+E#/#56' N/'+"+/=)+"-'y"#T"2/"')/2"0')M@

=+"#5A,#5"8'*)$27'N)"')/2"0'2/2=+"2/)"-'a/+"0'8"3+")?"2@

/#56' 9+/F#59+"#"' 1+%3+327#5'R'+%3E+X+>+M3'2/2=+"2/

62X+0"27#5'S%3X#'>+/FR8'R'*#/#5A,#5"8'1+"F27'N/-

S,%'="4)/8'6)+,"'62/'8"3+")?"2/#56';ND'+,"'+9"1+,3'N'"+R

62/' 292T20)"2/#56-' :T27' 26' 1+/,#5/+E#/' 292T20)"2/#56-' :%

3+F"+>+X'26'R'>23?'N'=#%3#E+"26D'#/'M+3'+E+F"2/'E+=2@

0+X'2"')/2"0'%2<+9+"'C#T#E/4)0-'a/+"0'292T20)"2/#56'6A"#@

7#/38';)'3+/ 2/E#56'[2T))')M=+"#5A,+"'3+9'F3"E#T'\%/+,2@

7)'6A"#7#/3)0_'S%3X#'L+,"8'1+*E+42>'N-

S,%'+E+F"2/8'1+"L"27'2"')M=+"#5A,+"')/2"0'4)/?8D'R'S%3@

X#'*#/#5A,#5"8'1+"F27'N-'[#E)E"2/8'?+/#*#56'2"'X+Y+,#5A,#5"@

"2/)' C+6+"+9D' 9+'<+Y+ +"#5A,#5"' R' 2/9/>+F#5A,#5"D' +,0

S%3X#'"2/9+,#5A,#5"8'?);'ND'9+6'N7';9+-

y+Y+,#T8' *F#5M#/2"' >+3/+%3#56' N' )/' #5T2/L8D' #/>2%*)

;E)/+E#/)'R';1+9+Y+9E)'"/+"0D'#E?2/'+"1"+*+"4#5A,+"'62$

2"D'9+6'N7'"+'F#YF#Y#56'R'*+,/+0+X'=#%#56'N'1#5%+=+ #5A,#5@

")0D'=<#56' N' #;=+/"2/)"D' #/>2%*)' X+X9)' )/' 2/9;#3#5A,#5"8-

W+,0'+,%'+62")'62$'#;'6)'1#FR#/'9,+"?';9+D'9+6'N7'M+3'+""@

9+3'N-

?/


S,4>)%)')/+E)]+9"2/#56'1+*E+42>'N'S%3X#'"2/9+,#5A,+"

+%3E+X+M";,+"' "9+/+F/#5A,#5"8-' !,+"?)' Y"9#56"2/' 7)"#56

2"D' +,0'S%3X#' "2/9+,#5A,#5"8' 7)+9+3+/' ;ND' )%9'a/+'=#%?"

+*+3';N&'92"4+")'$/2/)'+T ,#5/)'>2%'1#%27#5'1+6+/-

Y>)C)<'H#%&@#>)(9*('#9'*>#P&

hnno' A@)"' 2%' X+Y+,#56' N)' 6)' OS6 #T$'+E23+/+")P' 292T2@

0#56-'S,432T'6+/4)9'9+/X#56'N)"D'#/')/2"?'92"4+")'2"'R'M+/C@

E#56'2"'S%3X#'123-'!)/+9)'+Y+E#3,+"D'2/ '2%'?+/#*#56' N)D

*F+0)D'#/')6'=#%?2/8'9+/X2%'23'N)"'M>/3E#56'426?)%-'S%2%

4)6+0%'+T,#5%2'>+3'7)"2/-'IA"#7#/38'+>%3+6 #5A,+6 '7)'N/-

:%' #;)");' ;N)' 1+%9+"#56-' [#E)E"' #5' "/+' 9)"8' M+3' 1+]27)

6+/4)9'N)"-'a/+"0'#/4)"'+Y+$"#/4#56'N/'<+Y+ +"#5A,#5""'#5

2/9/>+F#5A,#5"8'R'%)/E+X'N/-':%'M<#AE+X'N)-'y+Y+,#5A,#5")0

123#'F"+0)'"/+"0'123']+M27#5-

[#E)E"'+%+0_'OU#H"D'2%'6)'1+/0'#5"26-'\6'292T20#56'6)'*#5,F

9+D'#/8'>+3/+%3E#56'N'+6#5%"+7#5XE27-'a/+"?'2/9#5%"'N7'M+@

/#5"+9#56'2"'F+7'X+Y+,#5A,#5""2/)"'R'"%3#56'2"')/+/)0'M+3

12Y#5-'S6#5%)"8D'#/8'62/'9+/F#59+"#")'+E+F"'ND')6'292T20#56

1+"4)>27'N'6)'2/)3+%+/4'9"#$'R'%)/+123#56'N'"/+"-'S,4'9)"8

32T+<#=E27'N'"/+'6#3'R'1)6+'"/+"?'6)+%)"'2"'+>/#56-':%

)q";'+"26P-

:%' ;N)' 1+E+3#56' +9+"$"2/)%_' 6)qA2' +,4' 1+/0#56' "+' )6

=#/1/4)'9+/)?"'#5"2/-'r+/6+0+X'1+/0/)_'OK#5'"9+3)'#5"2%D

#/'"/+"'42Y';2q%'12Y+0/27'292T20#50P-'

OxH;D@'>+3+%=+"20'"+D@' +,0'="4/27'26D'#/'9+/F#59+"#")

+E+F';7)")P-

I#3' 629' C+6'=#%#56' N)' 1#EE)' #5' "/+' 9"#$' 123-' :%' "/+"0

>+3620)D' A2' )";>2%' N/' g#T#%8' F#/X#56' !#/"A#%)' 292T20#5

J ; ( \ + S + = > 8 + = & % ] ) ( ' > T ' < ' Z ' ; ) # $ ' <

?1

+E+F"2/)' 123-' S,"32T' 6)' 6+/4' +>/#56' N/' +" +/#,+9+"#5@

A,+"' 62$-'g#T#%8' 1+"4)6+"#56' N/' "/+"0_' O:E' 4#5?' 1>+/3+@

0+X'2?'R'+E27)'%#5F';2q?'63"#56D'#/'L2/'6)$)0'E2/'+Y"E)'"+D

#/'+,"' +"8'F#/X20P'cS'!#/"A_'k_'jf-'g#T#%"'+%#56'N/D'#/'+,4

6+/48' >)3)' 12Y+0E)' 292T20#50D' R' +0+3/#56' N/D' A2' )";#5_

Os2/'>+/X+"?8'7+E';N_';F)32q?D'#/'6)'<#?/'=6#/8' #7#/'*+"F@

E+X8'=6#/20"#56' NP' cS'!#/"A_'k_df-'vA=6#/8'F#/X#56' N'=6#/)

62$&'>+3]+Y'4+Y"+7#ED' #/'#T$'1+08' +/L/+"+7#5' 9+/#T#5@

A,#5"'L2Y?' 2/)-'I2/'292T20)"2/#56'g#T#%8'+"*#5%>D'+"+6#AD

?6+1+]'62T?8'1+626+3#56'N'1+0)'AA=6#/)'123-

:%'*F#5M+0/)'1#EE)"_'OK#5'A#5,7'2%'3E27D'#/'62T?8'+"*#5%>

LR#E'3+/+XE)'#T$'292T20#56-'S%3E+X'?2*+")0'1+M)E'N'>+@

1+"$27#5'+,"' 123R+"?)'1+6+/D' #/' 7)"27#5' N' 6,#5%' #;=+/"2/)

123-'[#E)E8'#;'6)+,"'92/+9/#56'N'#;=+/"2/)"D'+,7R'>+M3>+@

"#56'N'"/+"0-'K#5'6)+,"'92/+9#56'2%'"/+"0D' +,0'E+=2"#56'2%

>+M3>+"27D' ?+")' #/' 4#5' ;2%' %)/#56' 1+9+Y+9E27-' :/9#5%"' N7

9+/R#/'2"-'K#5'>23?'N'E]Y+9+"#/2"'R'%)/#']+"+>+/1#E'4)@

6+9+,2%'+,4'6+/4#5"D')%9'2A2'"+'+"6)$+>2%';+>+M=+/)D'12@

Y+0/#5'292T20#50P-':A2'62"?' ;92/+9/2"?'#;=+/"2/)"D'"/+"?

%#E+6+1'97)"2"D' +,0'2A2';>+M3>+"2"?'"/+"0D'99#/X+"E2"-

[#E)E"'#5'"/+'9)"8'F#5"+3E20)"-'!)""'+%+0_'O:%';F)326D

+,7R%' 0+"9+"#56' 26' 7)"27' X+Y+,#5A,+"' 62$D' A2' #;D' +,0D' +,"

+62"8D')";'0+"9+"#56'26'+"27D'6+/49+"0'%)/27"'NP-

:%' >+3+%=+"20)_' O:A2' 4#5' ;2%' >+M3>+"#56' +,4' 6+/4@

9+"0D'4+']M6+/)3'%2/';ND'+,7'1+/6+/E#T'%2/'NP-

a/+"?'=#%3#E+"20)"D'#/'E+=20+X'N)"')/2"0'292T20#5'#/#M

+"4+6"2/)0-' S6#5%)""2/"'+"92TX+0+"'R' )"L'>+3620)"'+,7

>/# 726"2/)'6+%)"-'}+Y+ +"#5A,+"'R'2/9/>+F#5A,+"'=6 #56

2/+C)M3"2/)0'#6+"?'+"1+/F+7)0'E2/+ 2/6#5"?'N)"'0#50+ 2@

/#56-':%'N7'=#%3#E+"20)D'#/'X+Y+,#5A,+"'8"A+0?#56')"L')";@#/

?5


+"'=+"F+/#56'N/D'R'1)6+'2%'F)32)'A2')";#5-

:/29#,+"'?+/#*)'C+6+"+9'6)'6+/4'=+"F+/#56'N/')"L'?+@

/#*27D'#/>2%*)'72*#5"2/#E'#5T2/L'3+/-':%'="4/20)'"/+"'9+"F

+Y"27&' +0+3/27#ED'#/'S%3E+X'\"?"'\/2"';)'=+"F+/#56-'S,4

6+/48'1+%9+0+E'R'4+4+/20'=#%27D' +,0'2/ '"+'9+"F'+Y+ED

9)A+Y+1+/8'0+3920'32T)0D'F#Y+0')"L'E/+'R'+%+0_'O:%'#;'6)

42>?#56' ;26' E+=2"+' 426' 9+"F"27' )";@#/' 629)' ?+/#*)"D' #/8

^#5/ '[#F#5"'A#5,7';)'3+7)%'M+/CE27-':%'4#5/%'26'F+7)%'+,%32@

T)0P-' a+' E2/0/20' )/' 9"#$8' R' F#Y+0' +%9)A+Y+1+/)' E/+&

1/+6+,27#E'123R27')/2"-'W+%9)A+Y+1+/8D'"/+'9)"8'R'629'#5@

/)M8' 9+3+T20)"-' IA"#7#/38' 70E+X' N/' 3+F"+>#E_' 6+/4)9

M<#AE+X'N)"-

:%'+"6)$+>2%'="4/20)'^#5/ '[#F#5'`F"#5A,#5"8-'a+'+%+0_

O^#E#/20/#H5' "/+"0' )M=+"#5A,+"' 6+%)"P-' :/ ' 2%' ?+/#*20)D

S%3X#' =+T+T#5A,#5""' )$+E' 6+/49+"0' E/+' R' +%3E+X+,)"

9+/F#59+"#"'1+%3+3E20-

:/ '+E+/320)D'.2/8'>+3E)/20')"L_'OS%+H'+,"'6+/4#5"D'#/8

9+"F'+Y+ED'#/'3+'72*#5"2/#E'#5T2/L8'#5'629"+ +")P-

I)'<#?/'E+/+"27#E'2%'4)620)'+,4'6+/4#5"_

@'g+/#H"D'2A2'K#5?')'E)]+9)'2?D'2%'1+E+3#56'26D'S%3E+X'#5@

*#56'ND'#/'K#5?'+,4'#5T2/L8'1)6+'3+?P-

a+'3E20'72*#5"2/#E'#5T2/L8')";>2%'"+R'629"+ +"20'+,"-

S,4'6+/48'%9%20'=#%27_'OS,%>2%'N'+%#56'.2/8D':%'32%27'26

62T?)' +*6#5A,#5"8'+,%'292T20#56-':%')6'X+Y+,)"'4/+'6)+,"'6)

6+%"'26'0#5,0'3E27-'x5M+4/#5A,#5"'4+/L/2?'"/+'=#%?2/)"D'?+@

")'#/'4/+"?'\6'=#%?2/"'2"P-

:%'%9%20)'+/3+%E27'+,4'292T20#5'A#5,7'3E+X'62T?)'R'+>%@

3+6 #5A,+"' 1+6+/-' I2T?8' +/+F' 3+/+XE#56' N/D' ?+")' #/

+E+F"2/8'E+=20+X'N)"'6)'?+")%)0D'#/#"0'1+6+/'S%3E+X'#5@

*#56'N/D'#/'1#F'3+"2)"-

J ; ( \ + S + = > 8 + = & % ] ) ( ' > T ' < ' Z ' ; ) # $ ' <

?9

B+3'#5/+=+0+D'2/ '123#' 7%20)D'#/'1#E)E8'426' N'9+"F"27

+,"'3T+6+/4#5"'R'2/)3+%+/4'9"#$8D'#/#"?'6)+%)"' N)"'+>@

/#56-'a/+"?'2/9#5%"'N7'+>+M=+/27'N)"'R'+"6)$+>2%')/+/)0

+C+"E27#5'#/#M#56'9+,+0/27-

2'#0%6'6#6*$)<*J#P&#'&#*M$*+*>*G"'<

I)'+"F+6'2%'X+Y+,#56'N)'629'+,7'292T20#56D'#/32T'1+E+@

?#5,A"2/8' %9%E27' N)"' 9)/+9)' +Y+E#3,+"' R' "+=+32%E+X' N/

M+/#5"+927'6)";R';#/2?M+ A)'2/29#-'I2"?'#5"20+"?'1)+"+7)

1+E+?#5,A"2/D' +>+M=+/#5A,+"D' CM9#5A,+"' R'+*+3+F/6+"

42>?2/-':92T20)"'{)"+"%+9+"']2T?#56'#5"20+E-':92T20)'1+@

]+=#T"2/8' M+3+"#56' N)"-' W+,0' 2/2?M+ A)' 2/29#,+"D' 6)";R

X+Y+,#5A,#5"'%9%278D'1#E)E8'%9%20'+/3+%E27-

@'\q";'N'>+3+127D@'1+/0/)'2%-

@'U#H"D'2%'?2*';26'"+=+"L#56-':%'#5TT+9)';26'1+%9+"#56D'A2

)";#5'2%'2/ 2?'S%3X#'M+/C8';26'32%27-':%'70E+X'26'^#5/ '[#@

F#ED' +,0'42Y'[#F#5'>+/FR"2/)0'#;'6298';)'F#/X27')6'X+Y+,#5@

A,#5""2/#56-'x;'6298';)' CM9E27'9+6'+*+3+F/E27D'R'+62"' +"

+,"?+"'4CE+/'N'AE#56-

:%' %9%20)' 1+/02/'3+7-'g+/*E20D' #/' 1#EE)'+M=+3+9+*@

6#56'9+'2/9#5'*#5,FD'#/#"?'^#5/ '[#F#E'+E27)'M#53'N)"'69/3E27D

?+"'"+D'R'"/+"?'N)"'1#EE)"'+%#56&')";'+"2/'R')";>2%'+Y+$@

"#/42/'292T20)"-':%' +0+3/20)_'OK#5'>23?'N'23'4+Y"+%'S%3@

X#50'?2*'3/E+X')M=+"#5A,+"8'R'+%2%'"/+"0D'#/'4#5'2%'1#E)E8

R'#;'A2'"/+"?P-'[+$#/4'`/8'"+'=#%20'+,4'*#5,F2/)'123-'a/+"?

E/4#EE20)"'R'E2/$"+9+"+>2%'7?20)"'292T20)"-'[+E+?#5,A"2@

/8'2/9+/+LFE20)"D'R'E2/$)"'X+Y+,#5A,+"'C+6+"+9'6)'=#56

6+/4)9'+Y+$'29+"'+T#A27#5D' +,0'.2/"'+%+0')"L_'OK#5';>23?

N'+T#A2%'+,%'6+/49+"0'1+6+/_'1#E)E8'>23?'N'4+'+")P-

??


:%'"+,20)'1#EE)"'R'"/+'E/+'32%+'S%3X#'*#/#5A,#5"8-'O[#@

E)HED@'+%+0)'2%D'S%3E+X'+%#56' ND' #/' 4#5'>23?' N'+T#A2%'+,%

6+/49+"0'1+6+/P-

a+' %9%20' E+*27' +,4' 6+/49+"0' 6)$#E-' [#E)E8' >+/*+>2%

4)>;#56' N/' "/+"0D'R' 6+/4)9' 8"9"#56' N)"'S%3X#'*#/#5A,#5")0-

x6+"?' 8"9"#56' N)"' 6)";R' 1#EE)' 4)>;278-' S%3X#' *#/#5A,#5""

+,"?+G"'#5C2T'N/-

I)'+T$)9D'#/8'4)E+1+/'N/D'<+Y+E#/'LR#E'+*+3+F/E20-'I)

?+")'/#>2)'8"A+0?#56'+,4'=6 )' #7#/'6+/4)9'8"9+X'N)"'F23@

")"_'^#5/ '[#F)"'X+Y+,#56'N/'"/+"0-'[#E)E8'M/$E20D'6)'1+,+0?

"2320')"L'R'62$?)'E/+'8"9+E'1+3+9)"-'^3)>E+X'X+Y+,#5@

A,#5"8'<+920'"/+'9)"8-'!2%'C+6'123#'2/9#5'6+/4'`F"20)"'1#E@

E)"' +/L/+"+7-'S,4'292T20)"'"6+"' +"'42Y';N/'32%27-'

S%3X#' *#/#5A,#5"8' 1#EE)' 62$' ;N/' F#/X#56' 2/9;#3#5A,+"

>+3]+Y#E-' K/+' 123R+"?"' +,"' N/D' #/' S%3X#' *#/#5A,#5""' #5

"2/9+,#5A,#5"8'1+*E+42>'N/'"/+'292T20#56-':/9;#3#5A,+"'+,%

*#/#5A,#5"8'9#3/27#50'123#'S%3X#'>+/FR8'+*+3'+/L+9E20-

[%-/(#R*+"%-./%-(@H# */<#*/=#3<)(*&%6

:%' 1+6#*E27' 26D' #/' 6)' ?+")' 292T20)"2/#56'+,%' %9* #5"?8

])M3'N'+,"?+"D'#/?+"'+"1+3"2/)'9,+"?#56-'

:%'X+Y+,#56'N)'+/3+%+16+",+"'6)'292T20#56D'#/32T'"#5,"@

>2%' 1#E)E"2/"' #5' +E+F"2/8' F#/X#56' N)"' 2/9;#3#5A,+"' 426

>+,?+/27#E-'xT$' M+ +AE+'8"A+0?#56'2%'?+/#*20)&'?+$+72@

/27#E'"/+"0'#5C2T'6"+7'1#F#5'62$'R'F#/X+4/27'S%3X#'62$'#5"2@

0+X')/2"0' +/L/'9#;#568-'\6'629"27#50';#/%'+6)%'123#'292T2@

0#5' +"4+6"2/)' A)E8' 2Y+>+39E20-' a/+"?' 32T+<#=E20)"

)/2"0';#/%'1+/,#5/'32T+"#0'M2"?)0'R'F"+0)"'6)'7%+/+"D'#/"

#5"2/'2/9#5'1+*+/'"%327+32T-':/ '2%'+E27)'#5M'E2/+4+/L+

J ; ( \ + S + = > 8 + = & % ] ) ( ' > T ' < ' Z ' ; ) # $ ' <

?@

+,4'2/9)/D'1#E)E"')"L'+%+0D'#/')"?"'#5')/'292T20)"'<#=E27'2"

+,"'>+1)0D'2/ '9#3/27'2"'2/9;#3#5A,#5"8-'

:%'2/2?'`/#E'1/+E)/E+X'N)'X+Y+,27#5'S37+"3+,#56-'t2/$)"

`/8'?+/#*#56'N)'2/9;#3#5A,+"'*#/#5A,#5"8'9#3/27#5'6+%)"-'[#@

E)E8'<+Y+E#/'LR#E'+*+3+F/E20')/'C#T#E/4)0'#5"20+X'2/9@

;#3#5A,#5")0-'a+'+%+0_'OK#5?'>23?'N'"#/)0'F+?'R'629'M+ +A

6"+?P-'

:/2?'M+ +A'+"0'2%'E2/+4+/L+D'R'62"?'#5"20+"?')"8'X+@

Y+,#5A,#5"-'S%3X#'*#/#5A,#5""'#5'"2/9+,#5A,#5"8'+,"?+"'#5C2T

N/D'#/'#6+"?'6"#56'N)"'6)";R'92%F)M2/-'b)M2/E+'92%)"'6+/4)9

*+"F#56' N)"' 1#EE)'3#5"' R' 1+/0"#56D' A2' )";'+"2"D' #/#E123R

#6+"?'42Y'*F#56'N)"'S%3X#'*#/#5A,+"'R'"2/9+,#5A,+"'1>#568-

a/+"?'2/ 2?';N)"'32%27'S%3X#'M+/C8'+,4?+"'*#/+E#/'LR#E-'

K/+")0'123#')"8'+6)%'M+/#5"+9D' ,#5/+?+";,#5/'M+ +AE+

E2/$#56' 292T20)"' #5"2"#56' N/'+/A"#5A,+"' 1*#/' X+Y+,#5A,#5"@

"2/-'[#E)E8'*+"F#56'N/')"L'#5'>+36#56D'A2'#/?+"'*#/+E#/'N)"

X+Y+,#5A,#5""2/"' )/' 292T20#56'R' A2' )";>)%)' 1*#/' +"2/' N)"

32T)'#5"2"#56'292T20#5'+"4+6"2/)'9,+"?#56-'a+'+%#56'N/D'#/

1+E+?#5,A"2/)0'#;'6298'6,#5%)'"6+"';N/-'a/+"0'292T20)"'+]27

N/';#/%'1+/,#5/)0'R'1+%27'N/',#A'1+/,#5/)-'a+')"L'>+3620D'#/

+,"'2/29#"D'2/ '2%'?+/#*#56'N)'2/9;#3#5A,#5"8'9#3/27#5'6+%)"D

M/$+4+/L+,)"'N/')/'9,+"?)'R'X+Y+,#5A,+"'1+6+/-

:%' 629' #5/)M' O92"4+")'1+E+3?)P'292T20#56' N)-'}+Y+ +@

"#5A,#5")0' #5' 2/9/>+F#5A,#5")0' ?#5"4'3+"#56' N/-' [#E)E8' E2/

9+0+ED'1+,3+/+/#5A,#5""2/'+/20D'*#1+ 2/#5A,#5"'O%#E#/20@

/20P-'B+3'L+"L/+7)'N/'+,4'8"A+0?8-':/ '62"?']+M#56'N)"?'X+@

Y+,#5A,#5")0'123#D'"+'=#%#56'N/'6)+,"'{#53 #7)0-'K+'L+"L/+@

7)']+M92/#5,A'N/-'

[+$#/4' 2/29#' S%3E+X' 6T20' )"L' ?+/#*27' 2/9;#3#5A,#5"8

9#3/27#5'6+%)"-'V+/#*)'92%)"'1#E)E"'8"9+E'1+3+9)"&'+>+M@

@B


=+/27#E'+,"'A#57#5A,#5")0D'#/'1+"4#5/C27'N/')/'9,+"?#56'R'X+@

Y+,#5A,+"'62$-':%'F)32)D'#/'S%3E+X'F#/X'N/'+"#56'"/+'9,+"@

?#56D' +,0'2%';N)'1+%9+"#56D'A2'4+')";?+"'93R2/-

[+$#/4'`/8'"+'*+"F20_'OU#H"D')6'9)"8'629'C+6'N'?"27D')%9'2%&

8"41+"/+>2%';26'?"27-'I2"?'#T$'F)M2/'+/A#5"'2"?'2T27D'+>+M@

=+/27'2"?D'7+027D'123#'X)X+T27'2"?-'[23#'+,4'+62"8'"#/)0'N/

9/9"E#56&'+>+M=+/#5A,#5"D'7+0'R'X)X+TP-'S,4'`/8'"+'F"+027

N/')/'`F"+9+""2/)'6#3'R'+>+M=+/27'N/'"/+"0'+Y+$&'"2/#@

T#5A,#5"'="4/27#ED'#/';)'2T27'S%3X#'+,"'+Y+$"#/48D'#/'9+";@

E+X'N/'7)"27#5-'

QF"+9+""2/)0'6)'?+")%8'7?20)"'292T20)"D'2/ '1+%9+0+"D

#/'+,7R%';2"'9+/#T'T29+E+/27'1#EE)"-'I,#5%"2/8'6)+0+"'"/+"

R'+$+9020)"'"/+'+])"-'

:92T20)"'R'+,%'6+/48'2/ 2?'+,%>)%)"';N)"'2T27-'S,C6&';#/%

3+/)'123#D'<+Y+ +"#5A,#5""'#5'2/9/>+F#5A,#5"8'92"4+")'2"-

a/+"?' E2/$)"' 2/9#5'3+/E+' 8"A+0?#56'+62"' M+ +A'+/A"#5@

A,+"'1+E+?#5,A"2/'N)"'#5"2"#56-':/ '1#E)E8'*+"F+1+/20')"LD

>+3620D' A2' )";>2%' N' S%3E+X' =#%#56' )/' 123' R' )";>)%)

1/+M?"2/'2"'9+3+/E#56'292T20#56-'I)'?+")'+"F+6'E2/+4+/@

L27'26'+,4'292T20)D'R'+62"'+"F+6'E)]+98'+E27)'N'7+E+"#56-

a+'"+R')"L'6)'?+")'+"F+6'+%27'ND'#/'2/9;#3#5A,#5")0'+*+3@

E27#5'#5T2/L8'<#=27'N')/'9,+"?"'#5'X+Y+,#5A,#5"8-'

S,%'+*+3+F/#568'#;'6)+,"'1#E)E"2/)'R'+E+F"2/)D'+,7R' #@

7#/'1+E+3+0,+7"2/)'1+6+/'N-'I2"?'%3+027'2"?'M+3'E9+,#5@

A,#5""2/D' #/'6+/4)9'+*+3+F/E27' 2"'9,+"?)'3+/ 2/' "+F+@

E+Y"2/#56D'2/ '9#3/27'2"'2/9;#3#5A,+"'9+>+"?"2/8-'

y+Y+,#5A,#5""2/)0'629)'C+6+"+9D'2/ '2%'?+/#*#56'N)'2/9@

;#3#5A,#5"8'9#3/27#5'6+%)"D'1+E+?#5,A)'+E+/3)"'6)'9)"'E9+@

,20D'#/'E+=)']"M#56'N'*F+027'R'2/9;#3#5A,#5"8'4#5/%'N'2927'"/+

9,+"?)0-'

J ; ( \ + S + = > 8 + = & % ] ) ( ' > T ' < ' Z ' ; ) # $ ' <

@A

I)' ?+")' `/' 123#' +,4' 9"#$"' #5' "/+' 4%32/8' ]+"+>+/1)"

9+"F"20"#56' N'9/+9#08-'[+/L+9E#T"2/8'1+<M3+9#56'2"'9+@

"+"0' 4/+6+>+"+9"2/8D' R' 2/2?' 2/)3+%+/4'3T+6+/4)9' M/@

$+>+3#56'2"'"/+"0-'

I2X'1+6+/L+9#5A,#5"'N' +/L/+"#56'9"#$'"2/%#56D'R'"+'%9@

%#56'N'#/?+"'1"+/+E#/'N' +/L/+L+,"'=#%27'72*#5"2/#E-'S3/@

]+"+9#E' 2/)3+%+/48' 1/+6+,#56' N' 4+4+/20"27'+,"-' !)"8' ;)

4+4+/#56-' :/)3+%+/4' 3T+6+/4)9' +,"?+"' 2"' M<#AE#56D' #/

+,4'9"#$'+T$)98'9+/#T+"#56'N'E+*27'3#5"'R'*+"F+1+/27'nhh-

.T+6+/4)9'<+=;#56'2"&'3+"27#E'6)+,"'9"#$'4/+6+>+"+98-'

[+$#/4'`/8'6)'?/)%3#",+'#/#M#56'N'#3?#E'F"+7')/'6#/'3#5"

R'F"#56' N'#;'%#E#/+9+"'4+/L+X']+"+>+/1#E-'S"3+Y#56'"+

F3"#56' N' +,%' 9"#$' 4/+6+>+"+98' R' *+"F+1+/#56' N' "/+"-

a/+"?'2/9#5%#E'#5/+=+"#56'2"-'K/+6+>+"+9)0'M+3'?);'F#5@

6+/'N/'>+9+%27D')%9'9"#$'#T$'<+%3+ATA2/8'6"+027'N)"'4/+@

6+>+"+9#56-'

a+'9"#$%'+%27' N/D'#/'+,4'?+/#*"')/2"'3E27' N/'?+$#5A,#5"D

#/8'</927'N/')/'9,+"?8-':A2'"+=9)"#56'"6+"')/+E)]+9"2/#56

)"?8'E+=)0'98"9]E2/D'+>+'1)6+';#5")'E+=)'*F+0#568-

:%'S%3X#5"'26'3+7)%'#T$'<+Y?8' #7#/'+,%'E9+,#5A,#5""2/)

1+6+/-' :%' N7' N)' 9+>E+X' E+=)0D' +,0' S%3X#' M"#/1?#E' 1)6+

+*+3'26-'S*+3+F/6+"'+,%')6+%3#5A,#5""'#5'*#/#5A,#5"8D'#/"

+*+3#56'N'F2/E+X"2/)"D'F+7)%'N'a/+")0-'

I2"?' +0+1+,320)"?'E+="'#5'2/9;#3#5A,#5"8'R'A2')";>2%

4/+"?' 9+/#T' 2"' =+"F+/27D' )%9' M+3' 1+]+=' N7' 9+"F"20"27

S%3X#'>+/FR"'#5'*#/#5A,#5"8-'S,"#5+62"+,")E'62/'">+3+9"'N

#;'A2'>+/*+>2%' +0+1+,327D'+,7'+E27)"&'9#3/27'"/+'6+1+@

0#5'9+>+"?8-'

@W


".7,/.&(5)*#5&./B%./2:(C#8#2N./*(O(8.7,/.&(#N#<@./B%./2=

............................................DE+=))*))9

<'= C *$* .; 3": ( + *,&:

:

/9;#3#5A,#5"8' 1+%9+"+7#5' R' "/+' 123' F#/X' #5"2"+7#5

1+6+/'62"?'>23?'N'?""+/92"?'2/9#5'",#5A-'SY+$)""'+,"

ND'#/'E+=8'9+6'2/9;#3#5A,#5"8'1#F)'ND')%9'2/9/#/48D'#/

4+'S%3X#50';N-'

Ox/#E123R'S%3E+X';3E20'62*'2/9;#3#5A,+"'1#F)P'

cW'.)6#A_'h_lf-'

S,%'#5T2/L)'62$ O1#F)P' +Y8'1#5"+/2"#56'O>"2#56+P +Y"'ND

#/8'`F3+F#/XE#56'N'^#5/ '[#F#5'1+6+/D'6+/4#5'1#F#5'1+6+/D

2/ '=#%E#56'N'4R)"'?M27#5'6+%)"'c8%3'^A/#"F)'1+6+ +/ +Y)f-

:/9;#3#5A,#5"8'4)/?'9+6'E2/+ 2/6#5"?';N_'+,"'1#F) N-

V+")' #/' 2/9;#3#5A,#5"8' 1#F)' ND' "M+"+9#56' N' "/+'426' ;2"?

9+/#T' >+,?+/27' +"+9+"#5A,+"' 9+6' 9+6?)' 6+9+/4+9#E-

I3+E#/' 4/+9+"' 4)/?' #5"2"+7#E' ;2%' 1+TA)' 2/9;#3#5A,+"8-

[#FR#/'4)6+4/#5A,#5"8'>+1+"$#56'N'1#FR#/'+$+90#5A,#5"_'+,"

1+%02+F/E+X'N'1#F#5' "+F+E+Y)"-'

[+/0' N' +Y+$+"#56&' )";#q5' =27+6)3' R' {)*)9+>2%' #5C2T

6+/4)9D'>+,?+/27#E' 2/9;#3#5A,+"' 426D' 1+]+='E+=2"#56' 2"

)";@#/'629)0'9+6')";@#/' +")0D'#/'+E27)'A#5,7' N'6+/6"#E'9+6

63?#E-'b#502'+62"')";'1)+"+7)'ND' +,0'"/+"?'+>/#56'2"'+"@

<#<#='%#%9#56)'62$D'#/')/2"0'9,+"?#56'1+"F+6+"?"2/8'<#=@

@1

E27#5'2"'+E27)'E+3)-'a/+"?')/2"0'#T$'C+6+"+9"'#5'N"2/F)+"

`F3+F#/X#56' 2"' +"1+"F%3#5A,+"' 62$' R' <#/L#56' 2"' )/2"0

+>+1#E+F/27'#/#M' +"2/)0D'#/#"?D'6)F#502D'2/ 2?'N7'32T)';2"

#5"2"+-' a/+"?' ;2"' 9+/#T+"#56' #5/+=+"+7' "2/9+,#ED' #/#E@

123R'M+3'E+=20+X'2"')/2"0'+>+F+,)0-'aM+"+9#5A,#5"';#5")D

A2' )";' 9+/X)?' #5"2%' "/+"0' 6+%)"D' 6)R"#5,"' ND' "/+"0' E+=8

6"#56'N-'S,4>)%)?'#5"2"'E+=)'9+6'2/9;#3#5A,+"'1#F)'R'>+,?+@

/)'62$'2"'#;'A2'{)*)9+9+"'A#57#5A,+"D'+,7'1#FR#/'A#57#5A,+"

123-'

S,C6' +"4/+4+Y"+"?' +,"' 6+/49+"0D' #/#"?D' AE#56' ND' 6)M3

1+%"#56'2"')/2"0'#5*+X)"-'g+3]+Y8'"/+"0'1+%+98'9+6'9/@

A#5A,#5"8';N-'a/+"?'9+/#T'2"'#;'6)'4)/?'9+6')M=+"#5A,#5"';#5@

"2"+7D'6)";42Y'M/$+>+3#T'6+/4)9'=#"+/1E#56'#5'2"A+/9E#56

2"'"/+"0-'\";#q5-'K+'M+3'>+/*'N-'a/+"?'#5/)M"2/)"'T29+E+@

/#56'2"'2/9;#3#5A,+"'1#F#5'6)$#0#E_'"/+"?'%#E#/27'2"'2/9;#@

3#5A,#5""'`F3+F#/X27')/2"0'`F#53)'1+6+/-'

:%'"+=+]+M#56'N)'6)'6+/4#5'123D'#/8' +/F+E+]#T' )*"2%

#5"2/-' a+'>+36#56' N/' )"LD' A2' )";>2%' N/'+>/#56' #5' )">2%' N/

F#/X#56')/' )*"2%8'6)";R'</9E278-

@:%')6' )*"2%#56'0+"9+0+X' +")'1+%"#56'N)'6+/49+"0'E+@

=)'62$'>+127#E-':%'#5TT+9)'*F#56'N)'+,4'E+=)'*#/#5A,#5""')"L

E/+D'2/ '?+,7#56'N)'?+T+?#56-'\"L'4#5/'N/'F+7)%'+,"'<+%38D'#/

6+/4)9'%+/%+<#56'N)"')"L+")0D'R'1+%"#56'N)')6'#5*+X)"'"#5,@

")%9' +,"' 42>?#56D' 2A2' #5*+X%' ?+T+?+,)"' =#/1/4)' #/#M6+"

123'N/'9+>E+X-'a/+'62$'9+/'E+=20"#T'1#F)-'V+T+?)'T29+@

E+/"2/8D';"+,+X')/2"0'#5"20+X'4)/?)"'R')M=+"#5A,+"8D';N)"

1+6+/L+9E#56'426'9+"F"27'"/+"-'

@5


L)&*03>%C#0%,'

:T)+"' ;N/'E+=2"#56'\%/+,27)'C#T#E/4)0D'2/ '"/+"?'"E)/@

E+X' N)"' W+1+T)'>+M3+6#5"?)"-' \";>)%)G' 62X' 1+6+/L+9#5@

A,#5"&'629'6+/48'426'N/'9+"F"27'#T$'+*F)"-'a+';E+=20+ED'2/

>+,?+/#56' N/' eko' %#53' 6+/F+/2"2/)' 426-' \";>)%)G' #/#M#56_

629' 6+/F+/2"' 426' N/' 9+"F"27' 6#3' 1+*+/' 9/#"+9+"' +Y+$@

"#/4"2/)"-':T)+"'1#F%' ;N/'+"#56'"#5,")%9'+,"'C+6+"+9D'2/

\%/+,27)'A+F+E#/8' +/9+0+X'N/')/'E/+-'S,%'+62""'+E27)"'N/D

?+"'M+32/8'99+/#T+"+,)"'+"27-'W+,0'R'+,">2%':T)+"'A#5,7

3E20'6)'9"#$'E+=20"27')/2"'+,"'+%3)]+"D'#/'8"3/)'<+=#5%@

3)']+6<+"'R'0+"9+"+'62Y"27-

[#F2 +""2/8'9+/#T'2"'+%27D'#/'"+'E+=2"#56'N/'9+"+"0)0D

+,0'%+'M+3'A#5,7'<+%3+/9' ND' #/#E123R'\%/+,27)'C#T#E/4)

62$'6)+,"'3T+6+/4)9';N)"-'xH;D'%+'62X'9+/R#/#5A,#5"'#5"20#T

1#FR#/'1+9+6+/3#5A,#5"'N/D'#/#56'=+Y"E+X'N)"'+*F8D'A+F+@

E#/8' R' 92TX' 6+/F+/2"2/8-' :T)+"' [2*+ 27)' 62$' 1+"4)>20

%+/%+<)' #5C2TD' E2/+1%9#T' 1#F#5"D' #/8' ;#5"2)"' A+F+E#/8' R

92TX'6+/F+/2"2/8-

:H9'32%"2"?D'A2'S%3E+X+M#5";8')";'N'+%#56'+,%'1#F#5' "#5,@

A)'6+%)"-'x5M+4)/'2T)/'[2#5)'R'[2*+ 27)'#/4)'[#E/+6)'*/#5,@

0)"_'

O:E'2T+ED'2/ '#/'[#E/+68'[2#5)"'32%+ED'+%+0&'=+@

T+T#5A,#q5"'ND'[2#H5D'R'"+'+%+0&')G";'N'=+T+T#5A,#5"8D

6)";R' #/' 9+"' ?#' 6#/&' [2*+ 27)' >#Y"9#5A,#5""2/8' R

"/+'M+3'9+=+/4#5A,#5""2/8P'cK'v+F_'n_jjf-

I)H' F+,A+9TE)/' O9+=+/4#5A,#5"P +Y)0-' I)H' %=+7E)/&

>+392/+0"27#E'92Y'?A#E'6)'9"#$D'#/8'AY;#56'N'+E27#ED'9+=+/@

4+"?"2/'N'+"#56D'A#5,"2/'N'`F3+F#/X#56-'S"L8'9+=+/4#5A,+6

J ; ( \ + S + = > 8 ' & ) ^ + X % &

@9

N'* +TE#56D'2/ '"+D'7)")'9)"D'A2'3T+6+/4D'E2/+1%927#5'$+"?'N

+"#56-'S,#HD'9+'9+=+/4#5A,+"'9+6')M=27#5'LRD'#/'9+";#56'N'4)@

E+9+"'#F)"2/)"-'W+,0'R'+,">2%'9+=+/4#5A,#5"8';)'%+16+"+@

<+9E#56'6)+,"'%/+"#E-'g#T#%8'1+"4)6+"#56'N'F+T+3+0)"2@

/)'292T20#5"_'OxE'+"6)3'F+T+3+0)"2H/D'#qE'9+=+/420'L2*D

#/']M6+/3#5A,+"8';1"+*+"4E2?P'cb+T+3_'i_hf-'S,%'9+=+/42@

78'A#5,"2/'`F3+F#/X27#5'9+=+/4+"?';N/-'g#T#%8'"9+3)'#5"2/

+,"'#5%#50);"2/)"D'#/#"?'1+6#*27'N)"'"/+"0';1"+*+"4E27'+,"

+62")"D')";"'S%3E+X'1+%9+"+7)'LR#E'1+,3"27' N/-'S,%'#5%#5@

0);"2/8' `9#573)*6)' E+/>23"2/' ;N)"D' +,7' #5"2)"' E2/+1%9#T

1#F)D'R'4+'+*427'N/'#T$'292T20#5'E/+-'

[2*+ 278'E2/+1%927#5'R'E+=20"27#5'+,"?+"'#5C2T'1#F)'#5@

"2/D'#/'A+F+E#/8D'+Y+$"#/4"2/"'#5'\%/+,27)'#T$'C#T#E#5/48

]+"+>+/18'*)$27'N)"'"/+"-':T)+"'N7'N/'2"A+/9E27'+,4'1#F#5"

R'<+=;#56'N/')/'9,+"?8'</927#5'1+6+/-':/ '4#5'A#5,7'2%'3+7)%D

#/'E+=8'63")'?#'%)/38D'4#5'99#/0"2%'=+T+T#5A,#5"8D'E%3+@

1#5A,#5"8D'?+$#5A,#5"8D'1+6 2/#5A,#5"8D'12/#%#5A,#5"8D'E]Y+9+@

"#5A,#5"8'R'+"E3+"F#5A,#5"8-'S,%'0#50+98'9+/27)' N' M+/#5"+@

927-

:%'"9+327'26D'A2')";>2%'2"'6+/4)9'<#/L#56'4/+9+"'63?2@

/)' 6)$#0#E'+*+3E27' E+=)' ;+/;+/+"?)0-' a/+"?' ;2"'+*+3@

E#56D'?+")'#/'F#/X'#5"2"'#;'A2'E+=)'123R+"?"2/)D'+,7'+/6+@

3)'123-'K#5'9+/#T'2%'>#927'X+Y)'>3#5T8'R')";@#/'6)'C+6+"+9

+,"'+">3#5T'94+Y"+D' +,0'E2/$)"'1+ME#E'>3#5T8'"#/)0'+]2@

7#5' N-' y+Y8' 9M+/#5"+9)'>3#5T'3+7'+,"?+"' C+6+"+9D' ?+")

42Y'+/6+3"2/8'+6#5/' 2"-' :A2'<#/L2%'+,%>2%' 9#3/27' 2/9;#@

3#5A,+"'*#/#5A,#5"8D'%3)>E+X'97)"2%'8"9"27'4/+'23R#56'2T#T

1#FR#/'#5C)'23R)0-'

@?


L)&*03>)=%-#8#6*$)<()=%-#0%,'()&@#)>)C)<%-"

I2/'292T20)"2/#56'9+"'6+/4)9D'#/#"0'%)/3"'#5T)T';N'S%3X#

+Y+$-' a/+"?' E+=20"#56' 2"' +E+F"2/)"D' #/>2%*)' 1+%"2"

)/2"0' #5*+X)"-' a/+"?' 1"+*+"4' 2"' +,"?+"' C+6+"+9D' ?+")

42Y'+62"' +"')/2"0'#5*+X#E'N-'S,4>)%)'6+/4)9'E+*#56'2"'+,"@

>)%)'292T20)"2/D'#/32T'+E+F"2/8'A#5,7'2"-

.+/ 2/' 292T20)"2/#56' 1+]+=' 2%' 1+"4)>#56' N)' 2/9;#3#5@

A,+"8'R';F)32)D'A2')";#5'26'>+,?+/#56'4/+'426D'9+6'#/32T)0

N'F+7)%'+,"-'g+3]+Y8'123R,+7"'N_'O:/9;#3#5A,#5"8'6)'1#F)'ND

#/"')/2"'4/%R#/#56'N'0+"9+0+X'+"L)'6)$#0#ED'#E'92"A+/9E)

)/2"D'"#5,")%9'1+E+3+0,+7)'6)$#0#E-'S%3E+X+M#5";8'1+E+@

3+0,+7"2/)"'*F#5M+0"#56'N'32T';3+7'%+3+"+,)"'c:<2%_'m_jlf-

x5*#56'26'L2*'123'9)%E27'#/#M'<#/L+Y#5A,#5""2/#E-':%'1+@

6+/L+9E#56'26'%+'+"27&'M+3'7+E'1+%9+"+7#ED'#/')"L'9+/#T

2"'9>0"27'OF2/1#FR#/)P'9+6'O4R'#/%+0#T)P'>)3+9-'[+%9+@

027'26D'#/'#/#M'6+/4)9')/2"0'1+"4)>+X'+62"'6)'="4/)'62$'4R

2"'<"3/#56-':A2'4#5'9+/#T'2%'+62"')";#56'62T+4/27'%+3+"+@

,)"D' #5/26"' ?#' +/+X"2/)' 1+6+/' >+3+%=+"+3E#5A,#5"' ;2%

9/)-'S,4>)%#E'4#5'+E27)'M+3'92"3/#"+"#56'2%'4R2/)D'?+"'A2

[)%#5%)'E/+-'S%3E+X+M#5";8'%#E#/20"#56'N'62/'+;?2/8'1+Y27

[)%#5%)'E/+D'+,7'#;'A2'4R2/)-'a+'N'62/'1+E+3?)'12T)"+9"'#5

+E+/38'c: /_'hj_jf-

:%'1+%9+"#56'26'+,"D'#/'62"?'>+/3+E#/'2"?'+>/27'62/'#5M@

+4/#5A,#5"8'92"3/#"+0"27#E'[)%#5%)'E/+D'R'2A2'6)'1#F)'4#5/%

F+' 62/' ]+"+>+/1)"D' 62"?' >23?' N' #;";+0"2"?' "/+"' S%3X#

u#%?#E'#5'M+/#5"+92"?'123R27'[)%#5%)"-'S727#5)+G-'S,"#5+62@

"+,")ED' #/>2%*)'+/4,#5"+E23'LR#E'9#3/2"?'2/9;#3#5A,#5"8D

>23?'N')6+"+"?D'#/'+,"'6)'1#F)'ND'#/8';)'12Y+"+'>+/*+>2%

+"32%E+X'7)"27#50-

J ; ( \ + S + = > 8 ' & ) ^ + X % &

@@

5*&D*>%-"

:%'9>+3626'+,"' +*6+A)E'42>?2/)0'6298D'#/8'1+%3+3#56

ND'#/'2/9;#3#5A,#5"8'1#F)'N-':%'?+/*#56'N)'[+/+E)'6)'292T20#5

12/A+9+"'1+E+?#5,A"2/)0'629)'C+6+"+9-'SY+$)"'1+E+?#5,@

A8'9)/+9)'+Y+E#3,+"'N/D'R'+,"'M+3'*#/+E#/'N/-'cz#/%'3+/)

M+/#5"+9'62"?'`F3+F#/X#56' 2"?'+,4' X+Y+,#5A,+"'32%+2/)@

*8f-'y+Y+,#5A,#5")0'123#'#;'6298'E+=20+X'9+6' +0+%+9+"

#/RN' +"';+%+0-'}+%3#/2"')6'M#5/$'F3"E#T'6+/4)9'M+3'4/+@

9+"'N)"'3/+6+4/E+X-'W+,0'92%`/)0'123#'2%'1+,3"+ 2/20)D

#/'>+,?+/#56'26'1)+%A+<#5A,+"'R'M<#AE+X#5A,+"'426-'[+%@

9+"#56'N)D'#/')";@#/' +"'])M3';ND' +,0';F)32)D'A2'4+'#/32T)0

N/' F+7)%-' :%' ]+"+;20)'+,%'+=3+")M"2/8_' 4/+"?' "#5,""' N)"D

2/ ' 2%'>+,?+/#56' N)' 2/9;#3#5A,+"' 426-' S,4' F)M2/' .2/8' 9+/@

F+4/20')"LD'#/'292T20#56'?+/#*26')M=+"#5A,+6 -'S,4>2%'X+@

Y+,20)'M+32/)"-'

y+Y+,#5A,#5")0'123#'1#E)E"')"L'3+/+E')/'F/+%2",+9-'a+

+%+0_'OK#5' ;F)32%D'A2')";'"M+"' N)/' Y"27'+,%'2/29#&'?+/#*)

C+6+"+9P-'a+'M+/#5"+920'>+3627')"LD'#/'292T20#50'6)'9)"

92%`/)"'9+";27'N/')/2"'R'+%27_'O[#E)HED'2%'F)326D'#/'4#5'1+6+@

L+,"';2%'+,%'6+/4#5'?+/#*)'123-'a+'M+3'N']"M#56'C#T#E/4)"-

:%'F)326D'#/'4#5'94+4+/20"2%'1+E+?#5,A"2/8'+,%'2/29#,)0'12@

3#D'#/#E123R'4#5'"/+'"6+"';2%-':%';26'>+3/+%3E#56'+,%'2/2@

9#' F+7' X+Y+,#5A,+"D' 2%' 96"+6'3+"8' R' 9+T#A26' +,4' 6+/4#5

426P-

\"L'1+6+/'>+/*'4+/L+ED'A2'#/32T)0'N/'F+7)%'E1+3#5A,#5@

"8-' :%' 1+/0/)' 1#EE)"D' A2' "+' #5TT2q0'+,4' 9"#$8-' [#E)E8' M+3

#T#/6+X'6+/4'N/'R'+%+0D'#/'+,4>2%';N/'+/27D'>+/*+>2%'+%27

N/D' #/' 4+' 1+"L")' .)/#$' L2Y?2/)' 62$-' :A2'+,%' 1#E)E8' #5TT2/

9"#$8'R'6"+/')/')M=+"#5A,+"'4)/?#56D'2%'E%3+1'26D'#/'92%`@

ABB


/)0'123#'>+392/"'+,7'97)"2/-'S,"')";)'426'62"?';2"?'9+"F"#56D

2/ 2?';)'<#=E)-':/ ';+/8'+"32%E#56'ND'4/+"#E'+,"'+E27)'#5@

C2T'N'4+Y"#56-'I2"?'2/9#5%#E'4+%'+Y+"?'+,%'42>?)0-'.2/"'`F@

3+F#/X20'+,%'<#/L+Y#5A,#5"8D'#/>2%*)'0#5,0'3+')"LD'A2')";@

>2%'6"+6')6'1#FR#/')M=+"#5A,+"'62$'R'X"9)';F+6'2/9;#3#5@

A,+"'1#F#5'+Y+$-'

B"#/1+9+7#5A,#5"'S%3X#5"'^#5/ '[#F#5'1+6+/D'x/8'F)32/D

A2')";'N/'32T)'#5"2"#56'R'`F"20')"L' 26)'E/+,)0'1+9+Y+9E27

+,4'1#F#5"D'1+9+Y+9E27'+"9+='+,"'1+"F+6+"?)0D'#/'2%';F)@

32)D'A2')";'N/'32T)'#5"2"#56-'[#E)E8'1+%9+0+ED'R'4+' +020

"/+'+;?2/8-'S,4'1+E+?#5,A"2/8'4+/L+"'+6 #T$'3+/E+'+62@

"+*#/+E#/'1+E+?#5,A"2/8-':%'N7)'26'2T27'+,4'292T20#56D'R'1#@

E)E"'#5'2%'1)6+'7+E'8"92/"2/'2"?-'

2)>#%-&'M#@(90*&%-"#6*$)<(%C#8#6)&*03>%C#0%,%-#0)+

I)'+"F+6')"L'="4/27'N)"'?+/#*27'+/3+%+16+")'6)'1+"F%@

3+E+,/#56D'#/32T'F/2A2'1+*+/'6+/4'N/'1+"F%3+"#56-'Z#5/+@

?+";,#5/'`/'>23?'N'2/2?'1+E+?#5,A'7)"2/D'2/9#5%8&'+Y+E#3,+"

R'6298&'2/29#,+"-'SY+$)"'2/9#5'X+Y+,#5A,#5""2/8'M+3'*#/+@

E#/'N)"-'I)";42Y'2%'+"8"41+3'4)6+4/#5A,#5"'N)'*F#56'6A"#7#/@

3#56-':/9/#/4'X+Y+,#5A,#5")0'123#'#T$'92%`/8'+"09+0/)')6

%2",+9#56&'9YE27#E'X+"/#5A,+"'R'1#5%+7?E+X#5A,+"'426-':%'F)@

32)D'#/'4+'6)'E+=20"#TD'E2/+1%9#T'1#F)'N/D'%+9+,"'+,%'+"@

F+6'#;'6298')"L'1+9+Y+9'#/RN' +"';N/'+%27-'W+,0'2%'+/42"'%#@

E#/27'N)D'#/'9YE#56'26'#;'A2'6+/6")'R'+/,+"D'+,7';+/'1#F)"2/)

426-'

[+E+3+0,+7"2/8'9+/)?'#5"2"'%#E#/27#5D'A2')";>2%'+>/2"

[#F#5' 62$-' S%3X#' [#F)"' ?2*' 91+,3")D' A2' )";)"' 426' 7)"2%-

J ; ( \ + S + = > 8 ' & ) ^ + X % &

ABA

SY+"0'AM"+6#5"'*)"+A+<27#5'62"?'62/'#5M+4/#5A,#5"8'992"3@

/#"+0"2"?'9#T6"+9)'+*420#5A,#5""2/)'E/+-':/ '2%';N)'1+%9+@

"#56D'A2')";)'123'F#/X'#5"26D')"L'1+6+/'123+?/?)/'N/')6+"+7D

A2')";#q5'26'9YE#56'8"9]E+X#5A,+"'426D'+/4,#?'98"4#5"2q"')"LD

)";#q5'26'12Y#5')6'9"#$)0'#5'2/2=+"2/)0D'E/)>2q7'26')6'9#;6+"

62$D'C+6+"+98';Nq'+/4,#?'E2/$'3+7#5']+"+>+/1#/4#5A,#5""2@

/)"w':A2'2%'M+/#5"+92)'63?2/)'+,%'M+/+"8D'>)3+")';N)'7)@

")' X+Y+,#5A,+"' 1+6+/D' )%9' E+=20"#TD' E2/+1%9#T' 1#F)"' N7

12"0'4+'N/'#5*#56-':%'92"3/#"+027'N)')"L'E/+'R'#;'A2'+,"' +@

")'E/+D'#/'S%3E+X'#5"2/'+,4'6+/49+"0'1+6+/-

!2%`/"' +"0+E' >+,?+/)' 62$-' :/ ' )"L' 9+";20)"' 2/29#,+"

X+Y+,#5A,+"D')6'A+/F6+";)"'+%+0)D'#/'#T$'92%`/)"'>+,?+/)

62$'26'2T27'2/9;#3#5A,+"'123-'a+'+T+T+920_'O:H%'"#5,">2%P-

I2"?'1+,3"+ 2/20)"?D'#/'>+,?+/27'2"?'6)R"#5,"'+=3+")M)

426-'S,4'2/29#'2%'?+/#*20)'2/9;#3#5A,+"'1#F#5'426D'R'M+32/"

+*+3+F/E20)"-

[+$#/4'+Y+E#3D'2/ '2%'6#320+'+6 )#")"D'*F+0)D'#/'`X#5@

A,#5"';9+/-'vE#56'N/D'A2'S%3E+X'7#5Y'N/-'I)'?+")'/#>2'9+"F"27

N)' 26+1+/A+9)"D'%>+%#56'N)'.)/#$'=#%?)"-':%'+T#A20)'R'C#@

T#E/4)"' N7' 6T20)' +T#A27#5D' +,0' 42Y' #;' 6)' +Y+$"#/4#5A,#5"D

`X#5A,#5"'9+6'+%27)?';9+/D'#/>2%*)'#/RN' +"'+"2)-'\6'%/3)

=#/?#56'2%'F)32)D'#/'>+,?+/)'62$'26-':%'1+%9+"#56'N)D'#/'+,%

1+/L+9#56"')6'426'N/'#5TTE+X-'b)32)D'#/'>23?'N'?+"426'+,"

=#%?2/8D'#/#"?'=#%E27'N)"')6'426-'S%3X#'u#%?"'+%#56'N_'

OW#7#/'?2*'426'M)"+X'F#/X)?8'>)3)';1+$#TE)D'R'+62"

72*#5D'#/'E2/'92"+'?2*'426'4+3+%3+")D'>)3)'4+3+@

>+/3E)_' %+' N' .)/#$' X+Y+"2/)' C+Y+"F#5A,#5"8D' R

"/+"0'+/4+/#5A,#5"8'\"L+")0'ND'+%#56'N'.2/8P'c:%+@

,)'km_hlf-

ABW


:%'%9%20)'9#3/27'E+=8-'[/+6+,20)D'#/')6'426'+%E+X'+62"

=#%?'4+3+>+/3E)-'\"L';N/'123+?/?/#56D'A2'6+/4)9')";'96@

3+X2)"-':%'%#E#/27'N)'7%27')6'%/3)"D'#/32T'[#F)"'N/'=#%#56-'

.)/#$'=#%?8'1/+*2")'9/+9#0)'"6+"'29+E')"L-'S%3E+X')"L

]MF/3#/2"'+%+0D'A2'C#T#E#5/48')";'>23?'N'+"2/-'S%3X#'*#@

/#5A,#5""')$+E'2/9#5'9+6'2/2?'/#>2)'8"?+0?#56-'I+/4)9'+,"@

?+"'70E20)"'^#5/ '[#F#ED'#/'%9%20)"'+"*#5%>'LR#E'X)X+T27-

S%3X#'[#F#5'M+/C"'+,"?+"'#5C2T'N/D'#/'2%'"#5,")%9';N)'9+/#T+@

"#56'?+/#*27-'I+/49+"0'L+,"2/8';N)"'4+4+/#56'6)";R'92%`/@

E+'C+68'2/2?8-'[*#/']2T?#56'N/'32T)'#5"2"#56D'R')6'%)/38'#5@

/+=+"#56'N/-':A2'2%';1+9+Y+9E2)'+,4'1#F#5"D'+,%'+62"8'32@

T)';N/'#5"2"+-'

[23#' A+/F6+";)0' )6+0+D' #/' 1+E+?#5,A"2/)' C+6+"+9' 6)

X+Y+,#T'9)"D'#/8'4#5/%'N/'2927'X+Y+,#5A,#5")0D'6#32027'N/'X+@

Y+,#5A,+"'+E+F)"'R'+%27_'OI+/4)9')";#q5'>23?'N' 7%2"'6)+,"

U#"'W)E2/)"D'#/8'?+/#*#56'N'+,%32T'+"09+0E#T' #7#/'X+Y+@

,#5A,#5""2/)"-'I2"?'#5"2"?'"+R'#5/)M'X+Y+,#T"2/)'?+/#*)'9+@

/)?8P-'S,4'9)""')"?"'N/'0+"9+"#56'X+Y+,27-

x5/)M'+"%#E#/'E9+,#5A,#5""2/'N7'7%20)'+,%'9"#$'6+%)"-'y+@

Y+,#5A,#5""2/)' C+6+"+9' "+' #;' +%3E+X+M";,+"' %9* #5"?"2@

/#E'O+*+3+F/6+"P'<#/L'N/'+/27-'Q/)"+9&'`F3+F#/X27'N/'+;@

?)'9+A)7"2/'R'1)E+"4'6+/4#5'6+M98'M<27'N/'F)")#E-'a/+"'2/@

2?' ;N)"' 9+"F"20/27-' }+%3#/2"' +E+F8D' #/#M+9)' %+16+"+@

<+9#56"2/#ED'+,4'9"#$8'A#5,7'N/'3E27'X+Y+,27-'

p+E+7)'N'+%27D' +,0'+E+F"2/8'1+]+='+E27)'M+3'"+=8"3@

/#56'2"'<#=*)$6+"'F"+78D'?+"'1+9+Y+9E278D'#/#E123R'9+/@

X#56'2"D'A2'<#=*)$6+"'F"+7"'+E27)'12M3'N-'W+,0'<#=*)$6+"

F"+78'2/ 2?'N7'12M3';ND'1+]+='+,"'A+"9'+/C2-'

[+E+?#5,A"2/)0'123#'2%'=#%20)'+,4'+E+F)'123'R'1+/0/)D

A2'+/4,#q?'])M3'2"'+,4'9"#$'6+%)"'E9+,#5A,#5""2/8-'a+'+%+0D

J ; ( \ + S + = > 8 ' & ) ^ + X % &

AB!

#/'])M3'2"-'SE+F)'123'9)%E20)')"L'63+1#F#T'+,"'1+/0)'6+@

%)"D'#/'+,4'9)"8'"/+")0' +0+3/#5A,#5"'N/'>+1+"$27')6'?+/#@

*27#5'E2/+ 2/,+7D'2/ '+/42"'9+/'+E+F)&'S%3X#'=#%?8'?+/#@

*27#5'#/#M#568-'

:%'+%+0)'+E+F)"D' #/' 1+E+"+ +/'+,4' 9)"8' #5*#56' N/' E2@

/+1%927')/2"'c9)"8'#;'+E+F'N/'R'#;'N7'292T20#5'+"4+6f-

@\";#q5'2%'A#5,7'3E27'+,4'9"#$8D'#/'X+Y+,)-'

@U#H"D'2%'+%27'26'"/+"D'#/';9)/+Y)')/'<#/L2/8-

@K#5'9+/#T'2%'9+"F"20"27'"/+"D'#/>2%*)'#;'+%3E+X+M";@

,+"'62A#4"2/';9)/+Y)D' +,0'4/+"0'23R#56'2T#T'1#F)"'42Y'292@

T20#56'N-'!"#$'%/3)'4)/?8';)'<#=E27-'x/>2%'+E+F&'4#5'#5*#56

N)/' >+1>+"27' =+T+T#5A,#5"' RD' 123R+ +/D' 4#5' E2/+1%9#TD

E+=20"#T'1#F)'#5"20#T'6)'+"L"+E#/#5A,+"'4/27'N)/'X+Y+,#5@

A,+"'#5')M=+"#5A,+"'4)/?)'E/+-'K+'2/9;#3#5A,+"'1#F#5"'`/)@

"+9+"')/+E#5"?'3E20')6'426'9YE27#5'#5'"+R'0+"9+0+X'629)D

#E'1+6+L+,"';N/'7)")'"/+'#5*+X)'123-

x/>2%*)' `F"26' +E+F)"' 32%"27D' A2' )";' N/' 32T)' #5"2"#56D

"/+'123'9)%E20)')6'9,+"?)0'6)'42>?)'6+%)"-'

:%'#/>2%'1#E)E'X+Y+,#56' N)'?#72$#56-'I2"?'6)'F)M2/'#5"2@

0+"?' <+Y+ +"#5A,+"' R' 2/9/>+F#5A,+"' *#/+E#/' X+Y+,#5@

A,#5"-' S/0#5"?"2/8' 1#%#56' N)"' M+3' 2/)3+%+/4"2/)'+;?2/)0-

S%3X#'=+T+T#5A,#5""'#5'"2/9+,#5A,#5"8'70/27'N/'%2",+98-'I2"?

2/9/>+F#5A,+"'62$'N)"?'F/2A2'?+Y+%#5"'/#>2-'S,4'>+1)"' #@

7#/8'7#5Y'N)"D' +0)'6)'?+")%)0D'#E?2/'9+6+0'7+0'N)"'7)"#56-'

[+"9+/X' 6)' 2/)3+%+/4' 6+/4D' #/)"' "+=9)"#56' 2/ 2?' ;N)

32%27D'=#%20'6)'+"X+"#A'72*E#E-'K/+")0'123#'6)'=+"F+/#TD

+/3+%#E#/' *F+0#T#5A,#5"#E' 70E20' %2",+9)' 6A"#7#/38-' [23#

"/+'9#T?)'2/)3+%+/4'9)"8D'#/)"'2%'"#5,">2%'2/ 2?';N)'32%27D

+Y+$'29+E'6)'3+/`/)"+9'629"+ +"#5A,+6 -

:%' *F+%3+0+' R' #;)";' ;+%+0)D' ?+")' #/' E+,2727' N)' .)/#$

AB/


"2/9+,#5A,#5"8' 62/'<+Y+ +"#5A,+"'R' 2/9/>+F#5A,+"'C+6+@

"+9-

:/ '9)"8'E2/$+0/20D'6A"#7#/3"'+/42"'<#=E+X'N/-'z9+/'.)@

/#$'"2/9+,#5A,#5"8-':%'"9+320)D'#/'+/42"'#5M'N/'#/RN' +"'+%2@

7#5'1+6+/_'E"+%"'+/42"'1+%0E27'N/-'[23#'2%' #7#/)"'="4/20)

"%327D'9+/]'1+,3+/+/#5A,#5""2/'+/20)'R'1+E+?20)'*#1+ 2@

/#5A,#5"8-'K/+")0'123#'%9%20)'?+/#*27-'

:/ ' ?+/#*#56' N)D' 63+X#56' N)_' Ox/32qT' N' 9,+"?8-' x5q/' 26

F"#56-'\";#q5'4+'+%+0)P-'x;'6)'`X#5A,#5"' ;9+/'?+/#*27#5'1+@

6+/D'R'2%'*F#56'N)D'#/')";@#/' +"'9YE#56'N')"L'123-'zN)'1+%9+@

"#56D'A2')";#5'N/'S%3X#'>+/FR8'1+"F27D'4/+'1+6+/'N7' #7#/)"

="4/20)'+T#A27-'.2/8'=#%20_'O:%'#5*#56'26D'#/'4#5'426'9+"F@

"2%'+,4'3T+6+/4#5"'#5'9"#$8P-'

:%'63+X20)D'#/'+/42"'+"027'N'?%+"'/#>2D'2%';26'9+/#T'4+

+"27-'S,4>)%#E'2%'6)'9#T6'4/20)'+,"D')";'S%3E+X' N/'+%27D'R

63+X20)D'#/'6)'?);'2/9+/'9+T#A26-'I2"?'M+/#5"+920)"?'+T#@

A27'R'"#/)0'1#FR#/'4)6+4/#5A,+"'1+"4)>20)"?-

S"0+E'R%' 6)'?+")' /#>2-' [#5%+1+3E+X'+%+0)_' OS%3E+HX

)6D')";'N'9+3+/E#56P-

\6'1#F#56'"#/)0'7%20)'S%3X#'L+,"8_'O:%'#5*#56'26D'#/'4#5'426

9+"F"2%'"/+"0P-'

[)6+'4+'+E27)'2/9+/'3R20-'\6'"2/%#56'2%'+%#56'N)&'#H;'6)

42>?#56-'I+/4)9'%9%20)"'63+X27D'#/'2%'3+/`/)"+9'26-'I2"?

R%'3+%8'/#>2'+T#A20)"?D'R'#;'6)'<#<#=#5A,#5"';2T+E-':%'1#5@

%+1+3E+X'+E+/320)'X+Y+,#5A,#5"8-

S,4'F)M2/'3#5"'F"+0)']"ME+X'%/3#E-':%'"#5,")%9';N)'#5*#56

S%3X#50' 1+/0"27' 32T)' #5"20+X)' 6+%)"-' x5TT+9)' +"9#T)"

63+-' [+$#/4' +Y+E#3' +/A"+0+' +E27)' X+"/+0+X' 1#F#E-

K#5/%'29+'+T#A27#5-

:%'1+/0/)_'OS%3E+HX')6D')q";'32T)'#5"20+E'+"0+X'2/29#P-

J ; ( \ + S + = > 8 ' & ) Z + X % &

AB1

a+'>+3+%=+"20_'OU#H"D':%'?2*'+%+0)D'#/'426'9+"F"2%'+,4

6+/4#5"'R'9"#$8P-'a+'M+/#5"+920_'O:A2':%'?2*'4/27'26'+E+@

F#5A,+"'4)/?)'62$D' 4#5'>+3+%=+"+3#5'2%'X+Y+,#5A,+"'62$

9+/F#59+"#""' #5' )M=+"#5A,#5"8' >+1>+"27#5' 1+6+/-' :%' 4+

;26'+")D'#/#E123R'4+'?2*'26'E%3+127-':/ ':%'S4+6)"'4/20)

>+/32*)'62$D'+%+0)'"/+"D'#/'>+1>+"2/'+,"-':/ '%+3+"+"

29+E'9#/X+"27#5D' ;"+,+X'#/':%'F)32)'+,"'4+C+"'123R+"?)

6+%)"D' #/8' 97)"2/' #;' 6)+,"' S4+6)D'+,7R' #T$' 6+/49+,)"' 02T)

1+6+/D':%';)$+'R'"/+'L2Y?)"';=<20)&'>3#5T8'E2/0"27#5'1+@

6+/-':%';26'E2/0"#56'+,"D')";'3+7)%'26_':%'"/+"'N)'3E27'+,4

>+3+%=+"+3E#5A,#5"8-'S,4'9)""'#5'3T+6+/48D'#/#"0'1+6+/

+%+0)D' #/' 426' 9+"F"2%D' #5"2)"'+>%3+6 ' 1#F)-' :/ ' 4#5' 426

;9+"F"20)/'"/+"0D'+,4'1#F)"'X+Y+,#5A,#5"8'T29+E+/27#5')/+@

E#5"?' %3+0+E-' :/ ' 4+' 32T)' #5"20+ED' \6' [#F)"' 12Y+0+ED

#/#E123R'4#5'1+"L"20)/'?#')M=+"#5A,#5"8P-

:%'+"6)$+>2%'+>+M=+/20)&' #/#M27#ED' #/' 2/ 2?' A#5,7' ;26

3+D'#/'4+'"#/)0'32T)'#5"2"+-

S,"' +")0'123#D'2/ '+,%'>+36#5A,#5"8'>+3620)'1#EE)"D'"+

1+%9+0+ED' A2' )";#5'>23?' N' 426' 9+"F"2/'+>%3+6 'X+Y+,#@

T)"-'a/+'426?8'>+,X+Y+0+ED'2/ 'S%3X#')6+%3#5A,+"'7#5,%8

63+E'"/+'%/3)'62$-':%'?+$+72/20)'"/+"_'Ox/>2%'+,%'C#T#E/@

4)'1#E)E&'4#5'#;'6)+,"'9+";E+X'2%'"/+"0'92/+9/27#5D'+,7'"+R

"/+"0'>+M3>+"27#5-'g+M3>+"27'"M+"+9#56'N'4)6+4/27P-

:%' 1+/0/)' "/+"_' OK#5' 2T2q7' 2%' +,">)%)' )/+E)]+9"2/#56D

2/ '6+/4)9'?2*+")0')";@#/' +"'2"'="4/27D'R'?#'%/3#56')6+027

2%D'#/'>23?'N'O#;P'+%2%D' +,0'=+T+T#5A,#5"8'>+1>+"27#5'1+@

6+/'+%27'2%&'+,#P-'

a+'>+3+%=+"20_'OS,#HD'U#H"D'2%'+,4>2%'+/27'26P-'[23#'"+

6)'>+1'=#/120'R'63+X9#3'1+,+0?#E'"+,20')"L_'OK+'92TX+@

E#/#5A,#5"'ND'+,">2%';NqP-

:%'1+6+L+,"20)_'OK#5'])M3'+%+0)/D')%9'92TX+E#/#5A,#5""

AB5


#5'<#=*)$#568'X"E#56'2"'2/9;#3#5A,#5")0P-

a+'+>+M=+/20'2/9;#3#5A,+"'1#F)'#5"2"+7#5'1+6+/'R'+"@

6)$+>2%'12Y+0+ED'#/>2%*)'7#5X2/'="4)/"2/8'"/+"0'123D'#E@

?2/'E+=20/27'2"')/2"-'[+$#/4'+"F+6D'2/ '32%+'"/+"D'426?)"

C>)3' 9+/-' a+' )/' #5/+=#5A,#5"8' +0+3/20&' +%27#E_' O:%

+*+G3'26P-

[+%9+0)H/D'#/'#;'7)+/C2?'>+,?+/)'+,%'`/)"+9"2/8'"2/9+@

,+0"#56' 2"' 6)' ?+")' X+,/+12T' )/+E)]+9"2/-' :%' ?+/#*27' 26

F/2A2'1+/,#5/+E#/'X+Y+,#5A,#5""2/)'C+6+"+9D'#/#"0'C+6+@

"+9'#;'6)'4)6+4/#5A,#5"';)'2T27D'2T27'N'1*#/'+*+3#5A,#5"-'S*+@

3#5A,#5"8' "+9+"' ND' 4)6+4/#5A,#5"8&' +0+Y#5A,#5"-' W+,0' 2%

*F#56'26D'#/'+,%'6)'?+")'`/)"+9"2/8'6+"/+9/9)3'"2/9+,+0@

"278'L2/'`F3)'1+6+/'N-'

z"+,+X' #/' +,%' `/)"+9"2/8' 9+>' #5"2"' X+Y+,#5A,+"' 123D

+,0'%9* #5"?"2/8'9)/+Y27)'2"'9,+"?)'0+"9+0+X' "+F+E+@

Y#56-':/9;#3#5A,#5"8'1#F)'N'R'F#/X27#5'N'8%3')/+E)]+9)-':A2

<#/L2"?' 1#FR#/' >+32/+*6#56' 9YE27' 6+/6"+E#/' *2"?2/#ED

E2/?2/'9%3+"+"?'#5'93+>+7E2"?-'

Ox/#E123R'A2R'6+/6"#E'2"?'E+/E#56D' +,0'6+/6"+@

E#/+>2%' ;2"?' *)"E#/#5A,#5"' +"#56-' x/#E123R' 62/

*)"E#/#5A,+"'*2"?2/8'6+/6"+E#/';2"D'+,7'S%3X#E'*#@

/+E#/&' 2/42/'?+"427#5D'=#/1#5/4"2/'2"?'?+"4#56D'R

+62"' +/L/#5A,#5"D'#/'F#Y#*+"#56'N'S%3X#'F)3#5A,+"

426D' R' F2/)' 2"?' Y"#56'+62"' 6)3?&' V/)%3#%)"' 1"+@

*+"420"27#5'1+6+/P'cW'!#/"A_'ho_i@kf-

t+=)'6)$#0#E'AM"+6)"'1+/L+9E#56' N' 62/' M";)'E/+-'S,"' ;)

12Y+"#56'1#F2 +"#5A,+"'R'4/+9+"'63?2/)'6)$#0#E-':/9;#3#5@

A,+"'426'62/'*2"?8'[#F#5'%#5/"'N&'S%3X#'u#%?)'E/+'1+%3+3

9+"F"278'c:<2%_'d_hlf-'[+$#/4'F7=#56'62"?'9=#%2"?'+,"'6+%)"D

#/' 2/ ' 1+9+Y+9E2"?' 2/9;#3#5A,+"8D' 62/' "2/%#56' 9+/A"+0@

"2"?'S%3X#'>+/FR8-'

J ; ( \ + S + = > 8 ' & ) ^ + X % &

AB9

.......................................))))7',))CCC

E*$'- 4- ' = C *$* .; 3 * . : D

!+,&2(O()*(M72#<#2:'(,-(E,*(3#4,2#')R2E(<#&.G(O(#2,H()2;(*#&5:I=(

..........................................))))DE+=))*))?

A*' *)&' ( @"',- . D

:

/9;#3#5A,+"' ">+3+9"' N' 62*' 4+/L"27' +,">)%)"D' #/

1+"L"2"?' )M=+"#5A,#5"8&' 62/' >+/FR"2/8' 4+/L"27#E

;F#/X#T-'K/+")0'123#'62"?'F#/X#56'2"?'62/'%+16+"+@

<+9'#5C#E'R'9+/#T#5A,+6 -'^+'%#E#/+ +/'1+/L+9E#T)0'62/

4)/?8'<#=#56'N'>+M3>+"E#T)-'S,"#5123R'F)3+9027#ED'#/'+"@

>+M3>+"' 2"?D' 62"?' +>+%3+"' 2"?' F3"#56' +,"32TD' #/32T

1+/6+/+E23'N'R'+>+1#E-

I&.(*<&%]-#R*&,8@

S,%>)%#ED'2A2'2/9;#3#5A,#5"8'?"20"#56'N'>+/FR8D'+>+')q"@

;8'9+/A"+0")'+,"-

5*"*&D*>%-./%-(@-':/9;#3#5A,#5"8'>+3]+Y'N'4+Y"#56D'#/

+"L8'"+1+"$)D'6)";42Y'1+6+/L+9#5A,#5"8'6)M3'6T#56'N'+Y+$D

"#5,")%9' 4)6+4/#5A,+"' C+6+"+9-' \";>2q%' 9+/#T' N' 2/9;#3

6+/4"'86 Y"27'1+6+/L+9#5A,#5"8-

Ox/#E123R'S%3E+X';3E20'62*'2/9;#3#5A,+"'1#F)D'+,7

*#/#5A,+"D'%)/#'R'*F+%3#5A,+"P'cW'.)6#A_'h_lf-

[+6+/L+9#5A,#5"8' F+7)%' N'+Y#T$' 63?)D' %)/#' R' *#/#5A,+"

M"#/1)E-'[+6+/L+9#5A,#5"8')"?"')/2"#E'+/C+")?';N-'I2"?' #@

7#/%'N7']+"+;#56'2"?'6+/49+"0D'#/#"?'+">+39+Y'#5'1+6+/@

AAA

L+9' 2"' 2T27-' ~M6+/)3' 1+6+/L+9#5A,#5"8' F+7)%' N' S%3X#50' R

F#/X#56' N' +%3E+X+,)"' +Y+?)"#5A,+6 -' [+6+/L+9#5A,#5"8D

#/8'F#/X#56'N'S%3X#' "+E#/#5A,+6 D'62/'9,+"?#56'+/A"+0"#56

N'>+/FR"2/8-'

x/#M'6+/4)9')/2"0'1+6+/L+9#5A,+"'23R#56';#5"2"'+Y+?)@

"#5A,#5"-' a/+"?'F)32"' ])M3' +"2/'=#%27'R'F#/X27' E%3+1#5@

A,+6 D'2/ ';2"'1+"4)>#56'4)6+4/#5A,+"'9+6'N7'2/ '4)6+4/#5@

A,#5"'8"41+"/+>2%';9+-'W+,0'"/+"0'1+6+/L+9#5A,#5"8'2/9+/

;)' 6"#56_' +,"' 6+92/2%+,)"' N-' S,4>)%)' 6+/49+"0' 1+6+/L+9

426?)"'F#Y#*#5A,+"'9+6'3F)3#5A,+"'4)6+9'N-'a/+"0'+/6+3@

"2/8' =#/8' ;2"D' RD' E2/$)E2/$#D' 6)' #5C2T' <#A#/)9' 93+>+7)

"/+"0-':/ '2T+"+98'>+/*'ND'4#5';2%'9+/#T'"9+327D'A2'#/?+"

=#/"'N'X+Y)'+/6+38D' +,0'L+=#/4#5A,+"'?+6)"2/)'42>?#56

X+Y8'9+H6'+/6+3+=)7'N'7)"#56D'9+H6'N7'+>+0#50#56'N')/'9+"@

F#5"'7)"278-'

KZ6#P#*6)='#%-^)C

K+E)A"'+%#56' N/_' O.2/"' N')6'9,+"?)'*#/#5A,#5"8D'2%'#q56)0

>)3)'%+/%+<26P'c^+T6_'jl_hf-'a+'1Y;+920'.)/#$8')/'#5C)'R

*#/#5A,+"'+T ,#5/-'\6+"+7#ED'#/'F#,#5A,#5"';#5")'S%3X#50'1*#/

6298D'K+E)A"'+Y+"0'E+=)'9+/#T+"#56'N/'1+,3+/+/27&'2%'#;

629)0';26'E+=2"#56-'

a+' #;' 6)+,"' 1+6+/L+9#/2"' 1+,3+/+/#56' N/' )/' E%3+1#5@

A,+"'6+%)"D'+,7R'+>/#56'N/'+,4'E%3+1#5A,+6 -'K+E)A8'F)32/

S%3X#'*#/#5A,#5"8D'#/#E123R'"+']+"+;#56'N/'S%3X#5"-'[+6+/@

L+9#5A,#5"8'K+EA)"'9+/#T#5A,#5"'N/'3+7)%'3"`/)"27#5')/']+@

9+3+F)/8'R'9+Y+E+/27#5'+/4+/'LR#E-':H9'"+,2"?'K+EA)'2/)@

3+%+/4'3+/)"2/)"-

K+E)A8'[2%%2)'#5A2/#/4'#/4)"'N/-'a/+'2/2?'+E+F'2T +,/@

AAW


"2/8'X+Y+,#56'N)"'^+E#5T'A+F+E#/)' +"+9#56-'}TM3+0)"2/8

1+E+?27'N)"')/2"0' +"+98'\%/+,27)'426-'S62"'`/'"/+"0'12/#%

b#T)+A8' 6+/3+1/+E2/' N/' "23#56' )%/+,270)' *)"E#/"2/)"_

Os2/'6)$)0'6)'6+/4'8"3/2?D'#/')$")')"L'6#3-':A2'"+'9+/#T+@

"+')"L'123'62"+6+/327'R')"L'62Y0"27D'+,"'C+6+"+9'62"?'L2/

X+Y+"2/8'7)"2"?D' +,0'2A2'2%'1+TA26'R'"/+"'62Y0"26D'+,"'C+@

6+"+9' 4#5?' 62/' X+Y+"2/8' 7)"2?' R' 62*' X+Y+,2?P' cS' v+F_

hl_eDnf-'

Ä%3'9+/F)&')%/+,270)"2/8'>23?'N'>+32/+*6)'8"3/#5A,#5"

+"2)"D' +,0' b#T)+A8' %#E#/+9+"' *)"E#/' ;N/-' Ä%3' #/#M' 1+M@

E+/9"2/)&'"+'#5"2/'3+%"629'#5'92%'#3"+;+<'1+%+9'c6#3'iDk

623/f-'g+392/+0"27#5'1+6+/'E2/0"2"?' +%923 #7)'*+6 ,#5@

T8-' b#T)+A)' F7#5=8' 6#3' 1)%#5"' %+"3)623/#E' +/L/' N/' +,4

*+6 ,#5T)0-'a+'#;'6)+,"'1%9+'N/D'+,7R'<#/L+Y#5'>+32/+*6#T-

b#T)+A)'")*+9)'6)+,"'32F8'9MY#56'N/'6#3',#A'9)7#F/+6-'a/+

%+T+E+/38' /#"*)0' N/D' */+1+>+3E+X'R'9MY#56' N/' 6#3'1)@

%#5",#A'9)7#F/+6-'b#T)+A)'*/+18D'")*+98'R'E+1+"8'6)+%)"

6#3' 1+/,#5/' 9)7#F/+6' N/' c1+E+"+ +/' K+EA)' 6+/6")' ?+M)0

M+3' +E27)"f-' S"9+%9+X' "+' M+3' %+/%+<+*4#5' N/-' S%3E+@

X+M#5";"'+%#56'N_'O:E'2/ '#/'^+E#5T"'#5' #7#/'\%/+,278'7%20)"

<TM3+0#5'+,%'=#%?2/8D'*+/1#5/20)"'R'M+3'E+=20+"P'

cS'v+F_'hl_hhf-'

K+EA)"D' #/8' #;=+/"2/' N/' +/+X20"#56D' 1+,/"' #5T+/927' N/

2/2?'+E+F'2T +,/"2/)'1+6+/'%"#5"4'3+"27#5'R'32%"27#5D'A2

)";>2%'2"'"/+"?-'^"#5"48'>+1+>+")"'3+7#50'123#'K+E)A8

E+*20'1+"4)>27#5'2T +,/"2/)"-'B#53#E&'?+Y+%#5"2/#/4'`/8D

12/#%'b#T)+A8'4#5/%'29+E')%/+,270)"2/)"'X+T/27#5-

K+E)A8'+>M+X'N/'32%+X)0'a+'*+/6+027'N/'#;'A2'b#T)+A)

+/+X)0D'+,7')/'2T +,/"2/)'R'1+6+2/9/+0)"2/)'>+1E+X?)0_

O:E'\%/+,27)' #7#/'6+/4)9D'2/ '#/'+,"'6+/4)"'32%+"D'"/+'2/2@

_ + ; + - % ; ) [ ' ; X # = `

AA!

%)0' <+=+"' R' M+3' E+=20+"P' cS' v+F_' hl_jmf-' K+EA)"' 12@

3+?/?/#56'N/_'Oa/+"?'6#Y+02q7'2"D'A2'xE'N'62/'9#T6)0-'a+'62*

;N' 6+/3+1/+E2/' "23#56-' a+' S%3X#5"' N' 6+/3+1/+E2/' "2@

3#56P-

S,">2%'#/'K+E)A8'1+6+/L+9#/2"'1+/0/20_'OS,%'+"A7>+3

<TM3+0)"' #qE' ND' #/' 92"4+")' S%3X#' *#/?2/)"' "+=+3)P' cS

v+F_'hl_jdf-'Q48' 70E+X'N/'1+9+6+/3#5A,+6 -'a/+'+E+F'2T@

+,/"2/"')/2"0'62/9'*F+0)"D'2/ 'K+E)A8' +0+1+,320'"/+"0

2/9;#3#5A,#5"8-'a/+"?';N)"'0+"9+"#56'7%27')/2"0'<#?/'2T #/

1+,3+/+/#5A,#5"8_'4+' +0+1+,3#56'N/'2T +,/"2/)'A#57#5A,#5@

"8D'#/)"'+,4'C+6+"+9'"/+"?';N)"'#5*#56'426'+Y'426'1+"4)>27-'

:T +,/"2/8' +/9+0+"'K+EA)'E/+&'63+X27#ED'#/'2A2'1#5%+@

1+320"2"'"/+"D'4/+"#E'9X+X92"')/2"0'+6#A8-'SE+F'2T +,/8D

#/8'%+/%+<+X'N/'b#T)+A)0D'<#/L20'E+=20"27'<#?/'2T #/8_'

O:E'"/+'62X'2T +,/':T)+ 8D'2/ '#/' 7%20'"/+'=#%27"

+,"' 6+/49+"0' 123D' K+EA)' E/+' #/ #?E20' R' +%+0_

OK#5' )";#q5' )$+/' +,%32T' R' +,"' 6)' ?+")' #;=+/"2/8

+"+>+3#56'#/)q'1+"L"20)/-':%'?#'1>+/3#5A,#5"8'R

?#'%/3)';+/#5A,#5"8'F)326-'S"3+/+9#5,%'4#5')$27'2%

>+32/+*68'32%"27#5PP'cS'v+F_'hl_jef-

S,4'>+1)"':T)+ 8'=)*+=' N/D'=)*+=' N/' +/9#5A,+6 -'a+

1+/L+9E20'K+EA)' "+E#/#5A,+"'E/+D'+,7'#;'A2'\%/+,27)"'1+"@

4)>+X' >/# 726)' E/+-' :/ ' +"L8' E+=20+X' ND' "+' <+=#5%3' N

<"3/#56D'<"3/#56'N'+*+3E27']"M#56)0-'

:A2'+"L8'A#5,7'ND'"+'"2/#56"2/'9M"#/1)D')%9'2A2'#5C2T'ND'1+@

]+='91+/L+9E)'"/+"0'E/+D' #E?2/' 1+9+Y+9E27' 2"' )/2"&' 62@

T+4/27#E'"/+"0-

x5M+4)/'2T)/D'#/':T)+ 8'K+EA)"'62T+4/#56' N/'62X+63#5@

A,+"'R';+/#5A,+"'62$-'V+")'#/':T)+ 8'6)+,"')/'6+%)"'N/'63+@

X#56D'"+'2"A+4/#56'N/D'#/'K+E)A"'N7'N/'+,4>)%)"-'W+,0'K+E)A"

AA/


+,4>)%)"';N/-'a+'S%3X#'%/3)'1+626+3'6+/4'N/-'a+'1>+/3

;N/D'+,7'=#"+/1'N/'.)/#$'+Y+$-'

S,"'6+/4)9D'#E?2/'#5C2T'+"1+3+9+"#5A,#5""2/'2"D'9`F3+@

F#/X2"'E+=8'%#538']M6+/3#5A,+"'"6+"'4+/L"27#5'1+6+/-'K#5

>23?'N'6"+%'[#F#5'62$D'#/>2%*)'1+TA2%'+,4>)%)'1+/L+9#56@

"2/)'C+6+"+9-'

I)F#502':T)+ 8'"+=+"L' N/-' ^+6E278'K+EA)"' N/' A+F+E#/

`X27D';"+,+X'#/':T)+ "'N/'+E+F8-'vE#56'N/D'A2'"+'#5"2/'1*#/

+Y+$"#/4)' R' >+32/+*6#T)' +Y+"L"+1+39#5A,#5""2/-' a#5,@

")%9'^+6E278D'2/ '32%+E':T)+ )"D'63+X20_'O\%9+>2%'.)/#$

`X,+7"' N' )6' +Y$RP-' W+,0' S%3E+X' `F3+F#/X20' %+' ^+6E27)"

4+%'3+7#5'1+6+/_'OW+,0'.2/8'^+6E27)"'+%+0_'Oa/+'2/R#5,A)"

R'1+%+9)'2/9+,"#5A,+"8'6)'"+,)/D'#/#E123R'"/+"'+"+/F20)

+,"'>+3]+Y#ED'#/'+,"';N' +"8D'#/'32%"#56'N'6+/48D'#/#E123R

6+/48'32%"#56'N'+;?)'+Y+$)"8D' +,0'.2/8'%/3)"'N'"+,#56PP'cS

v+F_'hd_lf-

S,%>)%#ED' #q56' %)/3"' N/' 1>+/3-'S%3E+X'1+,3"20'^+6E2@

7)"D'#/'\"?8';)'8"3/)':T)+ )"'"/+'1+%+9)"'#5'2/R#5,A)"'"+@

,27#ED' #;' N7' "/+"' 62/C#56' N' +,%' F#/X#""2/)' 1+6+/-' S%3E+X

%)/3"' N' ?""#56-' :/ 'S%3E+X' %/3#56' 1>+/3#5A,#5"' N' F3"#56D

1+9+Y+9E#56'N'+,4'+"L)"'c[+9# _'m_df-

S%3E+X' 62/C20' :T)+ )"D' #/#E123R' "+' 1>+/3' N/' )/' %/@

3#56-'S,">2%'#/':T)+ )'62$'9+/'+,"D')";#56'"+'62T+4/#56'N/

K+EA)"&'1>+/3#5A,#5"8-

^#E#/+ +/'2/9;#3#5A,#5"8'62T+4/#56'N'?2*'+"F+6'+62"+@

A#5,7' +"2/)'62$D'#/#"0'23R#56')"?"'N'$+"#56'A+?"E27-'a/+"?D

#E?2/' +/3+?)")0' 6+?#5/' 2"' F#/X#56D' +,0' #5"2"' +"6+?#5/

%)/3D'6)M3'91+/L+9E2"'%/3#E'6+?#5/"2/)'E/+-'[)M)H/D'#/'6+@

?#5/' %)/3' #5"20#T' .)6#A2#%8' E+=20+X' N/-' :%' E%3+1' 26D' #/

:<2%#%)'292T20#56'9+,)"'3T+6+/4)9'R'9+"+,?D'#/#"0'%/32/8

_ + ; + - % ; ) [ ' ; X # = `

AA1

:T)+ )'"6+"'+,7+%2/E+X'N)"-'

[)%#5%8' 1+]+=' N/' 426' +Y' 426' 1+"4)>#56' 2/9;#3#5A,+"8-

S"6+?#5/' <+/)%20)"2/8' R' 4>)/"2/8' <#/L#56' N)"' 1#5%+1+@

320"27'a/+"'9+6' Y"27'[)%#5%)"'\/'=#%?2/#E-':A2'"/+"?'9+@

/#T+"+,)"' E+=20"27' [)%#5%)"D' 9+/#T' N)"' "+R' E2/+1%927

a/+"-'S,%>2%D'"/+"?'+%#56'N)"D'#/'[)%#5%8'4+E+]+"'N/D'#/9@

/+6#7D' 1+/ 20#T' R' )/' 62$' 4R' #5"20#T' 62T+E#/-' ^/+"?' +,"

+Y+"L"+1+39#5A,#5""2/"' N)"D' #/' "/+"0)0' M+32/"' #5"2)"-

I2/C27#E' "/+"0'E2/+1%9#T#5A,#5"8&' [)%#5%8' +0+1+,3#56' N/

"/+"0'%/32/8-

\";#q5'2"'+"6+?#5/'%)/3'#5"20#T"2/8'$+"#56'E+=20"27'6+@

?#5/'%)/3'#5"20#T"2/)"-'K/+"#E'"/+"?'#5*#56'2"')/2"0'+*+@

327' 4+3+>+/3#56)0' R' >+1>+"27' E2/+1%9#568-' :A2' 4+

"/+"0'1+$#TE#56'ND'+>+')/2"0'%/32/8'"/+"?';2"'?""#56'#5';2"

+>+M=+/#56-':T)+ 8'F)32/D'#/')/'1#5%+1+320"#T'R'E+=20@

"#T'1+/L+9#568')/'2T +,/'K+EA)"'9%3)>)'1>+3+9E27')/2"'R

9+*+3E)')/']"M#56"2/)0-'

K+E)A"'+,"'6)+9"'N/D'#/)"'426'9+"F"20)"-'a+'1+/L+96+"

3+9'N/D'R'"/+'62X'2T +,/8'M+3'+E27)'=#M#/+6+/6)"'N/D'?+"

)"?8-' [)M)H/D' 62X' 2T +,/"2/8' 9+/#T' 2"' +"+=#/C#5A,#5""2/

%32TX27'<#?/2/)'1+6+/-':A2'K+E)A8' ;+"2/':T)+ )'#5*+X8D

123#'M+3'4CE+/#5A,#5""2/'9#5"2"+/'3+"8-'a/+")0'M+3'C+@

6+"+9' 9>+1+"$E2/' ]M6+/3#5A,#5"8' >+M3>+"27#5' 1+6+/-

S/C2q/'+/4,#?-'

K+' 6)+9' ]"M#568' ;N/' K+EA)' E/+-' I,#5%"2/"' +$+90#56' N)"

:T)+ )"-'a/+"?'2/ 2?';N)"'0+"9+"#56D'#/'6)'9+/6/+A#5M'2/2@

=+,)'6)$#0#E' +0+1+,3E2/')/2"0'E+=8-'K+EA)'1+6+/'+E27)

12M3'97)"2/'"+1+"$27'R'+,7R%';123+>"427-'^+'12"0'+,"'N/D')";

0+"9+"#56'N)"':T)+ 8'R'6,#5%"2/8-'

K+E)A"' 8"3/20' S%3X#' 9#T6"' +"0"278&' 9#3/27#E' )/' 426

AA5


#5TTE+X'2/9;#3#5A,#5"8-'a+'1+/0/20':T)+ )"_'O[)6+'2%')q";

26'+/27_'+,%' +"';NqP'cS'v+F_'hl_jnf-'\/+9+"#56'"+'+%#56'N/_

OI)qA2'+,"D')";'2%'+%+0)D'])M3';N-'x/32T'N'L2/'=)*+=#5A,#5"8-

:%';26'E+=2"#56-'S9"1+,3'ND'#/'+,"'>+1)0D'2/ ' #7#/4'E+=2@

027' 2?' ?+Y+%#5"' `/' M+/#5"+9D' S%3E+X'>23?' N' )";@#/' 629)"

F3"2/D' #E' ;N/' E+=2"+'R' #E' 99YE2/'+,%'+"A7>+3'<TM3+0#5

426-'S1+'%/+'>+3]+Y#E'ND'#/'2%'+,%32T'26P-'

[23#'K+EA)"'3+/+"'A+F+E#/)'+Y+$-'^+E#5T8D'#/8'"#5,"@

>2%'E+=20+X'N/'b#T)+A)0D'1+6#*#56'N/'K+EA)"&'+%27#E_'OK#5

;2%'9+/#T'+,"'<TM3+0#5'E/+'F"+7'R'"/+'123'6+/3";27D'#/#E@

123R'4#5'2/)3+%+/4'2%D' +,0'"+')/'6+"9#5A,#5")0')'E2/'>+@

32/+*6)'6+/4'NP'cS'v+F_'hl_iif-'^/+"?'62T+4/+"?)'=#%?2/

;N)"'62X'2T #/'1+,3+/+/#5A,+"'1+626+3D'+,7'E+=20+X'A+@

F+E#/)'9#T6)0'+/E+X'#;'9+/R#/'4)3#T#5A,#5"-'

K+E)A8'A+F+E#/)"'+,%>2%'>+3+%=+"20_'

Oy+Y+4')/'1#/'#;=+/"2/8'+/+X20"#56'N/D'R'+Y,#5X8

9+6'+/$8' F+7)%' N/' R' 1#32/)0' #;=+/' N/'3+"#56-' :%

"/+' 23R)0' F"#56' N)D' "/+"' *+/9#56' R' "/+' 2/+")0

+*+3#56'N)-':E'2/ '"+'E2/'N/'92"#56')"L'E/+D'6#/#5@

?)0' Y"#56'N)D'*+/9#56'R'62Y0"#56-'y+Y+4'+Y,#5X'N7'N

62Y0/27&' +/$' N7D' R' +,%' +"A7>+3' <TM3+0#5"' N7' A#T

"/+"0'629)'>2%'7)")D'#/#E123R'92"4+")'S%3X#'*#/@

?2/)"'"+=+320-':E'K+E)A"'+%+0_'O:1#E+"D'#/'+Y,#5@

X)'R'+/$)'L2Y?)0')"L'+*+320D'+,%'<TM3+0#5'L2Y?)0

N7'9+*+3)PP'cS'v+F_'hl_im@ilf-

\/'2T +,/"2/)'R'*)"E#/"2/)'123'=#%27)%'K+E)A8'M+3'1+@

6+/L+9'N/'R'4)6+4/#T-'S,"#5+62"+,")ED'2/ '"+'=#%#56'N/'A+@

F+E#/)'123D'F)32/D'#/'4)6#56'N'629)"D'#E')M=+"#5A,#5"'#5"2/

)/'E/+-'

a+'+T2/%#56'N/'A+F+E#/)"'+,">2%D')";>2%'#/4)"'1#/8-'a+

_ + ; + - % ; ) [ ' ; X # = `

AA9

"2/9+,+0/20' )/' <#/L+Y#5A,#5"8' R' E9+,#56' N/D' #/' .2/"' N/' )/

S*+3#T8&'1+E+3+7#ED'#/'A+F+E#/8'])M3'#/#M#56'99+,+0")-'

S,%'#/#M6+"'>+/3+E#/#5A,#5""'#5'>+3+%=+"+3E#5A,#5"8

8"9+X' N/' A+F+E#/)' E/+-' :A2' ]+9+3+6+/3#56' >+/3E2)"D

+*F8' 9F"+/' %3/9#5A,+"-' K+E)A8' F)32/D' #/' 2A2' )"?8' #/#M2/

9YE27D' S%3E+X' 9<#=2/' A+F+E#/)' %)/38-' B+3' 9+/R#/' ND' #/

F#/X27#5'+,%'9+/F)'62$'62"?'F#/X2"?'"/+"0'123D'#E?2/')M=+@

"#5A,#5"'#5"2"'62*'E/+-'K+EA)'=#%?)0'123#'^+E#5T8'1+6+L+,@

"20'A#5,7'3+7'"/+"'9YE27-'a+'+%+0_'Ob"+HD'R'.2/8'?2*'123'7)@

")P-

K+E)A8'62/C20'^+E#5T)'3E+X'1+"42/L"2/8&'*2"?"'#5'*/+@

18D'#/#E123R'%#E#/';N/'4/+"?'9/27D'E2/0/20')/'0#5>"'#5'>+/@

%+3)98'R'F"+0'42>)'E3+98&'1)"F'#T#/9'?+/2/'E2/0"27#5-':/

<TM3+0)"'6#320+ED'K+E)A8'426'+Y'426'1+"4)>20'"/+'1+T@

A+9+"'E+=)'+62"+62X'6+/3+1/+E2/)"-':A2'K+E)A8'E+=2@

"+/D'4+'#;'6)+,"'>+3]+Y'94+Y"+/D'#/'S%3X#'>+/FR8'1+"@

F2/D'+,7R'"+'99#/0"2/')/'9,+"?8'R'2/9)/8'93+"2/'%3/9#5A,+"-

O:E'2/ '<TM3+0)"'"+,20'R'K+EA)"'32%+ED'+/1+6+/@

120'"/+"D'#/#E123R'"+'9+/6)/'F#5,"#E'R'F2T209+426

>+3+")' N/-' :E'<TM3+0)"'+%+0'K+EA)"_' OI)qA2' 2%

M#5"'26D'#/')"L'E/+'0#5>#E'2%'F+7)%P-':E'<TM3+0)"

"*#E20'K+EA)"')/'+%3E+X"2/#E-':E'<TM3+0)"'+%+0

K+EA)"_'O:9')"L'6#3D'R'2%'?#'6+6)"8'2/9"?)'AY;#5""2@

/)"'R'4+M3)'F+*+""2/)"'3+6PP'cS'v+F_'hl_mj@mmf-

b#T)+A8'<#/L#56'N/'K+EA)"'E+=20"27'#;'6)+,"')/';+<2/#ED

+,7R')/'=#%?2/#E-'K+EA)"'+")X27#50'123#'+,%'1%9+"'"9+/+F@

/20'6)'+*420)9'>+392/D'A2')";'N/'63+4/E27'+"27'K+EA)'123-'

B+3'7+E'1+%9+"+7#E'%+D'K+E)A8'2/ 2?';9+%9+X20')/'#5C)

R'*#/#5A,+"'ST ,#5/)'E/+-'

AA?


O:E'K+E)A"'+%+0'}TM3+0#5"_'OK#5'%/#ED'")*+9#E'R

F2T+/4#E'2%'F+7)%')"L'E/+D' +,0'2%'F+7)%'26'?2*'E/+

r#/+0'.)/#$&'\%/+,27)'*#/?2/)'S%3X#'+"#5"#ED'x/)"

4#5'"+=+320)/-'S,%`/'.2/8'?2*')6'L2Y?8'96+3")D'#5

2%'?2*'962Y0"26'R'?#'E/+,)0'F7#5=4'9+Y"26'R'<TM3+@

0)"2/)' +"+9)'4)+9"2/"'+,%`/'2/9"?)'AY;#5""2/)"'R

2/9/)'F+*+""2/)"'93+6D'#/>2%*)' #7#/'2/9)/8')6+@

"+D' #/' \%/+,278'S%3E+X' #5")-' :E'+,%' #7#/' C#T#E?8

)6+"+"D' #/'.2/8'%/#E'R'")*+9#E' ;N'+*+3#56D' #/#E@

123R' >+32/+*68' .)/#$"' ND' R' a+' L2*' 62/' L2Y?8

96+3")PP'cS'v+F_'hl_mk@mlf-

K+E)A8'1+6+/L+9#/2"'1Y;+920'S%3X#'1+E+3+/6#5A,#5"8-

\%/+,27)'6+/4)9'6)+,"'32%27'N)"D'A2'#/?+"'62X'N/'+,4'1%9+"D

+,0' K+E)A8' 32%"#56' N/D' A2' #/?+"' 62X' N' S%3E+X-' \%/+,27)

6+/4)9'32%+"D'2/ 'K+E)A8'E+*20'S%3X#'AM"+6#5'E/+D'#;'6)@

+,"'"/+'1+6+/L+9'=#%278'32%+"D'+,7R'1+6+/L+9'F#/X278-'

O:E'K+E)A"')/'L2Y?8')/'6+=+T)'62$'9#=20'R'+,"32T)0'6)

?+/'+Y+ED'>+/%#E'M>/320'R'<TM3+0#5']+9+3)"'*+/920D'R

?+/8' "/+' ]+9+3)' 62$'<#/E20D' R' "+' 2/2%)' E/+' F23)""' 8"@

9+EP'cS'v+F_'hl_mnf-

K+EA)'1+6+/L+9#5A,#5"8'E+/+9);'N/D'R'\%/+,27)'1#5,%8'E2@

/+9+"FE20-'S%3E+X'"/+"0'9#T6)0'N/D'6)";42Y'<TM3+0)"2/"

#5"2)"'6)+,"'629'62Y+X'12/#%-'\%/+,270)"2/8'1+/L+9E20)"'R

123+>"420)"'<TM3+0)"2/)"&'1+TA27#E'"/+"0-'

S,%' >+,?+/)' 8"A+0?#56' K+E)A8' 2/2?' +"F+6' 426' +Y' 426

1+"4)>20'2/9;#3#5A,+"8-'SY+$)"8'+,"'C+6+"+9'N/D'2/ '"/+

2T +,/"2/"' #5' *)"E#/' 8"92/"2/8' <#/L#56' N)"' +62"' )";' +"27

K+EA)"'%3#/+0"27#5D'*/>+/327#5'R'1#5%+1+320"27#5'1+6+/-

:A2' "+' 63"2/' "/+"0' E+=)' )M=+"#5A,+"' 3+9D' 4/+"#E' 23

99+"F"2/'S%3X#50')/'%/3)'62$'4/E+X8')/+9+"+0"27#50-'K+@

E)A8' 9M/$E2/' #5' 9F"+/' 3#5"D' )%9' S%3X#' >+/FR8' 91+"F2/-

_ + ; + - % ; ) [ ' ; X # = `

AA@

[23R+"?"2/"'+,7' 97)"2)"-' [%9+"' ;N/' %>+"E)' K+EA)' 9#T6)0-

b#T)+A8' 9M+/#5"+92/' ]"M27'+*F)"D' )%9' S%3E+X' N7' 9<"3/2/

629'#5/)M)"&'\/'F#/X"'+"27#5'1+6+/-'

:/9/#/4'+"F+6D'K+E)A8'E+=20+ED'2/ '426'+Y'426'1+"4)@

>20' A+F+E#/)' 1#5%+1+320"#T' R' "%26+0"#T' 1+,3+/+/#5@

A,#5""2/)"-':A2'K+E)A8'"+1+"$2/D'+>+'S%3X#'>+/FR8'?"+X

96"+/D' +,0'"+'62/C20'"#5,")%9'A+F+E#/)0'E+=2"+78-'K+E)@

A8'>+120')/'1+/F+"?8'+*F)'+Y+$"#/4)'"9+36+6 D' +,0'9+@

/#T+0+E'1+6#*27'A+F+E#/)"D'#/'A#5,7'3+')/2"'9YE27-'

://#/4'+"F+6D'2/ 'K+E)A8'426'+Y'426'1+"4)>20'<TM3+0)

1%9+,)"D'"/+'62$'9/9)"'E+='+Y+$+0+E-'x;'6)+,"'"/+'1+%+9"

N/'+"1+TA+1+/27)D'+,7R'+,%'6+/48'M+3'1+6+/L+9'N/-'b#T)+@

A8'<#/L#56'N/'+,">2%'+"27D'#/'K+E)A8')/2"'*F+/'6)'<#?/)9

92"4+"#50'N7'A#5,7'#5'+""M+"-':A2'K+E)A8'6"+/'"/+'E+=)'+*@

420#5A,+"'3+9D'S%3X#'>+FR8'4+/L,+7'?"+X'96"+/D'R'K+E)A8

99#/0"2/'9,+"?8-

K+E)A"'+,"?+"'1+6+/L+9'N/'S%3X#'*#/#5A,+6 D'#/'8"4#5@

"+9'2T+E')/'9,+"?8'E3+"F)'2"A+/927-'a/+'62$'+,%'1+6+/L+@

9#5A,#5""'+/A"+0/20'S%3X#'>+/FR8D'R'K+E)A8'1+TA20'1%9+@

,)"D'#/8'?+Y+%#5"'`/'M+/#5"+9'E+=20"#56'#5']"M#56'N/'#T$' +@

"+9)"-'

[%&#%-$+'#G%&%-./%-(@

g#T#%8'!#/"A#%)' 292T20#5"' #5TT+X' )/' "+6+9#56' 1+626+@

3#5A,#5"'N/'+"#56'6+1E+"'X+Y+,#5A,+"'<+Y?)'c[)"'#5=3)f'R

[#F#5' X+Y+,#5A,+"' <+Y?)' ca#/' #5=3)D' W' !#/"A_' i_lDef' 6)$R-

g#T#%"'+%#56'N/D'#/'2A2'[)"'#5=3"'+,"?+"'<+Y+E#/'N/D'#/'\%@

/+,27)' #/4)"2/8' ;N)"' 9+/#T' 6M3+>2%' "+,27' I#E%2%)' 426?)"D

#5/26"'#/?+G"'+E27)'*#/+E#/'N'a#/'R'9,+"?'3E#T'#5=3)'X+Y+@

,#5A,#5"8-

AWB


g#T#%"'+,%'O"#/8P'"9+/+F/#56'N/'+,%>2%_'OW+,0'+,%'+"L"

#5"2"?'1#T)'+"#A"2/#56D'#/'*#/#5A,+"'F2/+*+"0#5A,#5"8'S%3@

X#5"8'7)")'R'#;'A2'62*+")0P'cW'!#/"A_'m_lf-'S1+'6)'6+/4D'#E'F)@

3)')/'S%3X#5"'R'F)3+90#56'ND'#/'+,4'#5C"'#5'*#/#5A,#5"8')/2@

")0';N-

g#T#%8'M+/#5"+9#56'N_

Ox/#E123RD' 2A2'+,"'=+<+"E#T8'<+Y?#E' N/D' #/?+q"

+E27)'<+Y?#E'N'1+%3+3'6"+0#T8-'S/4D'+,%>)%)'1#5,%

#5"2"+7#ED' M+3' 1+6+/L+9#5A,+6 ' 2"?' E+/E#56P' cW

!#/"A_'i_hhDhjf-

r#/#5A,#5"8' X"#56' N' 1+6+/L+9#5A,#5"-' K#5' 9F3"2%' 62X' 1+@

6+/L+9#5A,#5"'+,"'1+E+3+0,+7"2/)'62$D'#/#"?';2"'E%3+1#56

)/2"0' %2<+9+"' #5C)"-' a/+"?' ;2"' E+=2"#56' 1+"F+6+"?)0D

6+/4#50' 9+6' %+3+"+,)0D' ?+")' #/' S%3E+X' N' )/2"0' 123-' ^+

62/'=#%3#56"'N': /+,20)"2/)'hi_kDd@#56_

Ox/#E123R'\"?"'+%+0D'A2';26'A#T")'?2*'R'2/2%)0';26

F0)-'S,">2%'#/'1+6+/L+9'2"?'+%27#5&'.2/"'N')6'`F"+@

9+"8D'R'2%';26'E+=2"+D')q";'9+")')"L'6+/48P-'

I2"?'9+/)?'#5"2"?'1+6+/L+9#/2"'1+,3+/+/27#5&')q";'9+@

/#T'N'+"27')"L'6+/48-'

S,%'"#5,"'1+6+/L+9#5A,#5"8'9+',#5/+?+";,#5/'1+E+3+0,+@

7)'62$-'\";#q5'2"?'62"?'9#;E#56'1+E+3+0,+7"2/D'2A2';2"?'1+@

E+3#56-'\%9')";)q"'1+E+3+7-'[+E+3+H'S%3X#5"-'xH;'6+/48D'#;

N7'%+3+"+"')/+E#5"?';#5"2"'E+=20"27#5']M6+/)3'1+E+3+0@

,+7)"-'\";#q5-'[)%#5%)'>+3]+Y#E-'xH;'6)'+"#5"' +/L/';ND'#;'6)

*#/#5A,#5"'62X';N-'\/'123R,+7'=#%?2/#56'[)%#5%"'+%#56'N_'OS1+H

)M=+"#5A,#5"8'3E)'L2*&'9#=27'`L2/)'R'9+/)]"2/)'E/+D'R'AM"+@

_ + ; + - % ; ) [ ' ; X # = `

AWA

6#5' #7#/'*#/#5A,+"'E/+D'R'L2*'#;)";';)'E"+%)P'c�#59_'ho_hnf-

I)qA2' +E27)' >+/*' ;N-' [)%#5%"' \/' C#T#E/4)"' *#/#5A,#5"' N

3E27' #7#/'+,"' +"2/)'E/+D'#/'AM"+6)"'#5")-':/9;#3#5A,#5""'N7

N' AM"+6)-'S,"'=+ #56' N'?2*'R'+%#56_' O:%'+E27)')M=+"#5A,#5"

9+6'*#/#5A,#5"'#5"26D'?+"'4#5-'SE27)'7+E'ND'#/'4#5'"+1+"$2%'R

+"2%'+,"D')";'2%'26'+%#56D')%9'2A2'#;&'123R+"?"2/8'E+3'97)@

"2"P-'

:A2'62"?'1+E+3+"?'+,%'E+=20"#T'%32/)"D'S%3X#'>+/FR8

91+"F)D'R'62"?'9+>/2"?']"ME+X'E)]+9#56-'W+,0'2/ '62"?']+@

"+;#56'2"?'+,"'I29)"D'xE'=#%3+027'N'1+E+3+/)6'7)"27D'912"@

E2"?'+,"'*#/#5A,+"'E/+D'#/' +/L/' N' #7#/'*#/#5A,#5""2/)0D'R

K+EA)'"6+"'62X'1+6+/L+9#5A,+6 '4#5/%'9F+"?'62/'E+=)'1%@

9+,)'426-'

2'Z.)#7%#0*6*+7(#*/(7*(# *&9#PH#%&#?)3>*&%C#0*6*+*=

S,%' ]M6+/3#5A,#5""2/8' 1+%9+"+78' 4CE+/' ;N-' }+%3#/2"

4/+"?'>+/*'2"-'~M6+/)3'SE23+/+"8' +/4'R'=]]E+X';N-'I+/@

4)9' )/2"0' ">+3+9)"' ;2"' 1+%"#56'+"1+E+3#5A,+"'>+3]+@

Y#E-'

S,%' 1+/08' 3#5/' )"?4' ?2*' R' >+3+%=+")/' +"92TX#/2"_

OS/4,#q?'?#'E%3+1#5A,#5"8'1)6"E+X'N'S%3X#'+%+X)'E/+D'A2'?#

32%+X)'R'<#/L+Y#5A,+"'E/+P-':A2'4#5'+62"')";';+<#56'2%'?#

+"0,+7#56'9+3+/E+X#ED'+>+'4/+")0'+E27'4#5'2/ 2?';2%'+])-'

K#5'1)6"#q56'2%'?#'1+E+3?"'+,"' +"2/)'E/+D')";'32%27'2%

#5/)M"2/)' 9,+"?#56' 9+3+/E+X-' S/4,#q?' ?#' E%3+1#5A,+"' 6+@

9+/4+98';+<E#56'N'#5/)M"2/)'1+E+3+/6#5A,+6 -'

:A2'4#5'O+,#P'2%'>+3+%=+"#56'+,%'1+/02/)"D'#5/26"'+E2@

7)'=#/8'?"")/'%)/34-'W+/4+0/2q7'2%'+62"')";&'<#/L27#E' +@

AWW


0+3/27' ?#' 9+6' #5/)M"2/)' +"0,+7)' L+=#T#56"2/8-' W+/4' 1+@

E+3?8';)'%>+"#56'1%9+"2/)"-'S,"'62*' +"3+/9#56'N'O1/+M?@

"2/)P'2/9/)'62$D'#/32T'62"?'<#/L#56'2"?'1+%9+"+7D'A2')";8

;2"?'9+/#T'<#=27'R'3+3+"E#56'2"?'?+,7'+"27#5'1+/0#56-'

\";#q5'62"?&'1+E+3+0,+7"2/%D' ;2"?'9+/#T'#5TT+9)'1+E+@

3+7-' \";#q5' 2"?' A#5,7' 3+7)%D' #/' 62/' 9+%9+X"2/8' +/4+0"2"

SE23+/+"8-'

x5*#56'26'?2*'6)'42>?'>+3627D'#/8'2/ 2?';26'6#Y+"+-'hneo@

+9+"'AE+9+""'N/-':%'#5%+"#T'N)'#5'+>/#56'N)'[,#5%)%+,)"'!+@

/#7)"+,#56-'I)'`/'2%'+/A"+0+'+Y+E#3,+"'C+68';#/%)"')6'%2@

<+9+"'L+,")0_')6'L+,"8' T+E#56'N/_'O:%'#5TT+9)'<"3/#56'26

)";@#/'629)"D'#E'91+E+3+P-'

K+'0"020')"L-'S"9#T)"%'?/3)"?)0'A/$E27'N/-':%'1+%9+0+D

#/'S%3E+X'N/'=#%27')"L'123'6)'+"%#E#/'R'F2/ "+9+"'LR#E-

S,4'>+1)"'63+X#56'N)_'Ox/?+G"'>+/*#/#M'N/'7%E#56'S%3X#'L+,@

"8-'\";#q5'a+')"L')";@#/'=#/)6+%3' +"';+%+0-'\1+/92'2%'F)@

326D'#/'a+'9+/)?'#5")'1+E+3+0#T'6+/49+"0P-'

[+$#/4'+Y+E#3'+,4' +Y2/8'>33E#56'N)"')6'F7=#56-'|+6+@

"+9'+Y'C+6+"+9'+9+"$)%'1+%"#56'N/'"#5,"'MM#598_'O:%'#5TT+@

9)'<"3/#56' 26' 629)"D' #E' 91+E+3+-' :%' #5TT+9)'<"3/#56' 26

)";@#/'629)"D'#E'91+E+3+P-':/ '2%'"#/)0'#5'"#/)0'7%20)D'1+%@

9+0+D'#/'a+')";@#/'+""M+"' +"';N/'0#5,0'3E27')"LD'+,7'S%3X#

123'?+,727#5'6)+9' +"+7)"-'

x5M+4/#5A,+6 '#5%#56"+%)/20)'SE23+/+""2/8-'[)%#5%8'6)@

+,"' EM3+"#56' #5' E1+3E#56' N/' 6+/49+"0'+"1+E+3#5A,#5")0-

:/ '+M+92/3"2/8';9+/#T+0+"'4#5/%'?M27'4R)"'6)'2/)3+%+/@

4)'6)$)0D'[)%#5%8'=%3#/2"'1+"4)6+"20'"/+"0-

O[)%#5%"' N7'>+3+%=+"20'R'+%+0_'OxHE'+"1+E+3'R

=#3#/,+7'+*FD'6)";R'2q/ '>)3)'L2*'1+6 2/26D'"/+"

\"L'6#3' 2/2?PP'cI+A_'hl_hdf-'

_ + ; + - % ; ) [ ' ; X # = `

AW!

a+=+3)"?)')";>)%)G'=#%?2/'%2<+9+"'+M+92/3"2/)'1+%@

02)"-'[)%#5%8'A#57#5A,#5"';#5"2/'+,%`/E+'M+3'+E+F"2/)'>2%-

a+' +M+92/3"2/)"' 1+%9+0/20D' #/' S%3X#' >+/FR8' 1+"F+X

96"+'"/+"0'62$D'2A2'"/+"?';9+/#T+"+"'1+E+3+7-'[)%#5%"'#5@

*#56'N/D'#/'+M+92/3"2/8')6+"+,)"D'#/'\"?8'EM3+0+X'N/-'

:%'"+R'#5M+4/#5A,#5"'26'4+/L/27D'A2')";"'N/'1)+0"#56'[)%#5@

%)"-'a/+"?'#E?2/'1+E+3#56'N)"'+Y+"0'1+/02/'3+7#5D'1)+0@

"#56' N)"' [)%#5%)"-' I)' 12A+"#%' 1Y#62+0)' *)"E#/+9+"' +E27)

M+3'#5M+4/#5A,+"'+/C+"+0+E')/'1+E+3?)'1+6+/D'?+"'629

#5/)M8' \%/+,27#56-' S,%' 1Y#62+0)"' +%+0' [)%#5%)"D' #/' 9+/)?

;9+D'#/'a+')/'3#5"'F+_'a/+'6)'=#%?"'N7' +E+9+"'ND'#/')/'X+@

Y+"' CM9E)_'O:E'2/ '[)%#5%8' 7%20D'*+/6+0+E'R'+%+0'23R)0

29#T"2/)"_' O~M6+/)3'+%#56' 26' L2*D' \%/+,27)' 62$' N7'+,%>)%)

1+E+3?';F3+PP'cI+A_'e_hof-

I2"?'#5*#56'2"?D'#/'[)%#5%8'F+'62/'3#5"D' +,0'>23?'N'1+/0@

"2"?'a/+"D'A2'2/ '9+")'4+-'I2"?'1+E+3?8'4CE+/'1+%9+"+7)

2"?'4+/L"#56-'S,%>)%#ED')q";'N'1+E+3?8-'S%3X#5"'1+E+3+78

9+")'+,"D')";'a+'N'+%27D'#/'9+")-'

[)%#5%"'+%+0D'#/'a+'62*'*#/#5A,#5"'R')M=+"#5A,#5"'N'3E27

AM"+6#5'#T$'*#/#5A,+"'E/+-'S62"8D')";'>23?'N'+"2"?D'a/+"'1+@

E+3+7"' N' R' 123#'+,4' *#/#5A,+"'R' )M=+"#5A,+"' 62$' ?+,7278-

I2"?'9+/)?';#5"2"?'62/'8"A+0?8' +/4+0"27'E+=)D'9+%9+X)

9+6'62/'+"0,+7)'A2/#5A,#5""2/)'#5'L+=#T#56"2/)'1)M#T#5A,#5"@

"2/#E-':A2'+,4>2%'E+/E2"?D'9*/9E2"?'62/'1+6+/L+9#5A,#5")0

#5' +"8"4#5"+9' 94+Y"+"?' S%3X#' 9+/#T#5A,+6 ' ?+,727#5' 1+@

6+/-'S%3X#'>+/FR8'91+"F)'62/'62$-'

a+=?+"'62/'"+E+9)0'42>)'9,+"?)'+729#XE+X'$/2/'1+6+/@

L+9#/2"'?+,7'+"278D'>23?'N')6+"+"?'62/'%/3)'M+/C+Y)A"2/8D

#/>2%*)' ;%#5*E2"?-'[+$#/4'F7=#56'9=#%2"?'+,"' +")'6+%)"D

#/' 3+/ 2/#5A,#5"' 9+' ?2*' 9+"F"20"27#5' 1+6+/' `F"#T' R' ?2*

%#5*#T'M+/C+Y)A"2/)'6)$R-'

AW/


",L1(O(8#*#&;#<(H)2,H(#%2(P#*#2#<'(,& (J-13#K

#2./*(O(#%2'()2E(*,29(#<2<#H./*(,29=

............................................))DE+=*))@

<'= C *$* .; 3":"'0"$D

!

2"%#5/+=D' M<E#T' 7)"278' ;)' +>+0#50#56D' #/' +>/#56' 2%

2/9;#3#5A,#5")0'+*+3-':%']+"+;27'26'M+3'92"%#5/+=

6+/49+"0D'#E?2/'>+,?+/#56'N)"'2/9;#3#5A,+"'426-'\/+@

9+"#56D' 2/ 26"' "/+"0' 92"%#5/+=#5A,#5"8' >+/*+>2%' 2/9;#@

3#5A,#5"8'A+?0"27#5'X+X9#0'ND'#/)'426'"/+"?'9YE#56'2"')/2"0

"2/%#56-' (Y+9,+0#5A,#5"8' 2/9;#3#5A,+"' 6)+9' +=3+")M8' ;N-

x/#/M'6+/4)9D'#/#"?'M<#AE+X'E)]+9#56'2"D'+E27)'M+3'2"'=#@

%#56-

aM+"+9#5A,#5"';#5")D'A2')";?+"'`XE+X'2%'4#5-'K#5'N7'9+/#T

2%'2/9;#3'7)"27-':%']+"+;27'26'6+/49+"0D'#/#"?'*#/+E#/'2"

2T27'X+Y+,#5A,+"'62$D'6)";42Y'>+,?+/)'62$'2"'2T27'2/9;#3#5@

A,+"'123-':/ '"/+"0'E/+'`X#5A,#5"'N/')$"#56D'"/+"?'4+Y"#56

N)"' +"E+=_' "/+"0' A#57#5A,#5"8' X+X9E#56' N/' S%3X#' `X#5A,+"

62$-'W+,0'2/ '`X#5A,+"'X+X9#08'12Y+"#56'N/D'4+Y"#56'N)"'E+@

=)'R'+"+>+1#E#5A,+"'123'>+,?+/#T'6+/4)9-'I+/49+"0'123

M<E27)%'"/+"0'+6+;9#3#5A,#5"8'+"A+?#5,0'N-'\";)q0'F)326D'#/

+,%'+62"8'])M3'N-'x/#E123R'2%')"?%'+,4>)%)"'N)-

K#5'9+/#T'2%'92"%#5/+=D'#5C2TD'1+6+/L+9D'"#5,")%9'`XE+X

7)"27' RD' 6)R"#5,"' C+6+"+9D' M+/#5"+927' >+,?+/27' 2/9;#3#5@

A,+"' 426-' :/ ' ]"M#568' +E+9+")"' #5C2T+"#56' ND' +0+1+,3@

AW9

E#56'N'?#')/+9+"'N#5A,#5"8-':/9;#3#5A,+"'1#F)'#5"2"+78'9+>

;#5")'+"1+3+9+"#5A,+"D'{)*)9+9+"'#5C)'9+6'`X#5A,+"'>+@

9+%)'123-'S,%>)%#ED')q";"'N'6+/49+"0'4+/L"#56'2/9;#3#5A,+"

F2/)-

I&+*7'(#)&8%-/.@#0*>*E*>#P#\M"*&+%-./*(@

g+3+%=+")'1+6+/'"+,)/'^)6#"@g23/#%)"-'a+'92"%#5/+=

N/D'2/ 2?';N/'+6+;#56' +/L/+L+,"'+%27')/'9+/X)?8-'g23/#%8

1+6+/L+9' N/-' S/3+?#5%3'"+'#5C2T' 9+6?' #5"20#T' #5'+"E+=

6+/4' N/-' vE#56' N/D' A2' #;)";' ;N/' 9+/#T' E+=20"27' g23/#%)"D

+,0D' +,"#5+62"+,")ED' )";' #/' +"' E+=20/20' "/+"-' I2Y"27#5

E+=8'>+3]+Y'4+/L+ED'#/'g23/#%8'2/2?'+"F+6'#5/+"+/'[)@

%#5%)"-'S,">2%'#/'2/9;#3#5A,#5")0'+*+3'7)"27#5'9+/#T#5A,#5""

#5C2T'+"1+3+9+"#5A,#5"'#5"2"+7#5'62$';N-'SE27)'?);'1+E+"+@

9+"'N/'g23/#%)&'[)%#5%)"'#5/+"+78D'?+")'#/'"+'[)%#5%)"'M+3

1+E+3+/)6'N/-

x6+"?' 62T+4/#56' 2"' ^)6#"@g23/#%)"&' >+3]+Y+ +"27#ED

#/'2/ '29+E'F#/X27#5'C+6+"+98D'+,4'>+1)"'g23/#%8')%9+@

9+"'O1+EP'N/-'^/+"'2%'>+3+%=+"#56'26'1+/0#E_'O\%9'#/?+q"

O1+E2/P'1+6+/L+9#5A,#5"'9#5"2"+,)"'9+"F"27'*)"E+X'+6 #@

=)'426'R'1+/L+96+"'+"0"27P-'g23/#%8'1+6+/L+9#/2"'+/20

4+-'[#E1+""2%)'he_iDho@#56'F/E+X'N_'

O:E'[#54+"D'*)"E#/"2/)'F#5"48'R'?+1+"+,+>232/)0

R'<+/)%20)"2/)0' %>+%+E#/"2/'+Y"27#ED' 29+E'+,"@

32T'$+12/#E'R' 7+>32/"2/#E'R'*2"?2/#E___'W+,0'^)@

6#"@g23/#%8D'#/'%#5/'#5"2/D'?+M20'"/+"'R'?+1+"+,+@

>23)' X+Y+,)"' *+/920' R' "/+' +$' +9+"$8' 93/20

F020P-

^+')"L'1+6+/'1+E)'+/+/?';N-'S,%>)%#ED')";#q5'^)6#"@g23@

AW?


/#%8'+/1+6+/120'*)"E#/"2/)"'R'E+=20+E'6)'+T+=")0-'S,#HD

4+' ])M3' ND' "+' E+=20+E-' I)' +T+=)"' E+=20/20' "/+"-' O:E

g23/#%8'4#5/%8'"%3+X'N/'%/+1#56D'R'629'+T+=)"'29+E'"/+

6#3'R'+%+0_'OK#5'N7'b+7)72+0)'[)%#5%)'123'N)/P-'a+'N7' #7#/)

+Y+$)"' #5/+0+E' R' +%+0_' O:%' ;26' )6+"#56D' A2' 4#5' )";' 2%

+%#56PP'cI+A_'jd_dnDlof-

\";#q5'<#=E20'"+-

_%-<*9&*>*(#0*"*&D*>%-./%-(

g+3+%=+"27#5' 1+6+/' 2H9' E2/+4+Y"+"?' +,4' 2/29#' 9+@

3+/E+X)"-' W#7#/'+M+92/3"2/8' 6)+%)"'3#"#56' N)"' r+3)98-

[)%#5%8'*F#5M+0/20'"/+"0_'OK#5?'+62"?4'+,%'F)M2/'9F+,A+9T@

E2?'\"L+")0P'cI+A_'jd_ihf-'W+,0'g23/#%8')/2"' +0+Y20'R'1+@

6+/L+9#/2"' 1+,3+/+/20_' Ov2R' +62"?8' F+,A+9TE2"' V2*+@

")0D'2%'2/ 2?';26'F+,A+9TE)P'cI+A_'jd_iif-'V+$+72/+"?)')";@

>)%)G'1+6+/L+9'0#50+ 2/#56-'vE#56'ND'A2'[)%#5%8'%=+7E27'N/D

2/ 'g23/#%)"'N7'N/'"2/+Y27'+,4'6+/49+"0'62$-

W+,0' [)%#5%8' #5T)T' "+,20' g23/#%)' 1#F#5' 62$' RD' #5TT27#E

"/+"D'+%+0_'O~M6+/)3'+%#56'26'?2*D'+,%'F)M2/&'42Y'1+E8';=#@

%+XD'2/2?'+"F+6'9#5/+"+%'\"LP'cI+A_'jd_imf-'\";>)%)G'1+/@

E+X'g23/#%)'E%3+1#5A,+"8-' [)%#5%8'g23/#%)"'+%+0D' #/' #;

6)+,"'9F+,A+9TE)D'+,7R'9#5/+"+'\/2"-

v#5,7' 6+/48' %/+' >+3]+Y#E' 9+/#T' N' "+1+"$27-' I)F#502

t+/4+>238' %=+7E#q56' N/-' W+,0' g23/#%8' 6)";R' E2/$' >+M3@

>+"20')/'4)/?8_' O:A2'V2*'123'62Y"27#5' N7' 7)"26D' ;26'#5/+"+

V2*P'cik'=#%?f-'}+%3#/2"'+,%'1+6+/L+9'1+,3+/+/#5A,#5"8

6,#5%"2/)"' N7'#F2M";20'1+6+L+,"E27_'Ow+,">2%' N7' #7#/'+M+@

92/3"2/"'N)"'+%#56P'cik'=#%?f-

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

AW@

`*&^*E'.()&@#>*&%C#)(#+*& )&#='()=#*&+*7'(#)&8%-/.()&'<

vE#56' N/D' #/'+,%' 6+/4)9' #5"2)"' 62X'=)*+=#5A,#5"'R' ])M3

M+/C+Y)A"2/-'SE27)'=#/8'?""27#E'62"?'1+,3"+ 2/#56'2"?'#;

A2'4/4+>+3]+Y'1+"4)%+0#T'S%3X#'%2/8D'+,7'629'#5/)M' +"-

I)";R' +M+92/3"2/)"' *F#5M+0"278&' [)%#5%8' 9)%E20' "/+"0

123_'O^+9+,"'+1+'\6'6+3"#T)'L2Y?"'\"L'123'%2T+")'E/+'NP

c�#59_'jj_jhf-'x/?+"'%+/%+<27)'N/D'#/?+"'+1+E#/D'#/'"/+"0)0

6298'9+/#T' N/'6+3"27'[)%#5%)"-'I298D'#/8'+>/27'R'?+,727' N/

a/+'123D'6298D'#/)'1+6+/'a+'1#F'N/'3+/27D'1)6+'>23?'N')/

L2Y?8' +/L/+0"2/'a/+&'I2%)+,)'E/+-

z"+,+X'#/'[)%#5%8'F)32/'R'12"0'%9* )0'N7')6+027'N/D'A2'#E

N/'"+'R')";' N/'+"27#5D'a/+'+M+92/3"2/8'+Y+$)"'+"F+6' N)"

7%#56'%/+'6+%)"-'!+/#qT'2%'>+392/+0"27'+,"'%#%9#56"'#5'9+%@

9+X8D'#/'3+/+XE20'%2",+9#56'+,%'1+,3+/+/#5A,#5")0'123#_

O:E'"/+"?'%9%20)"'1+/0#5<#/L'+"27')/2"0'62$D'A2')/2"0)0'#qE

N'+/4,#?'"+D'#/'+,"' +"8'F#/X27#5'NP'c�#59_'jj_jif-'SM+92/3"2@

/8'M<#AE+X'N)"'R';N)"'1+E+3#56D'#/')/2"0)0'#/RN'6298'8"4#5@

"+9' 97)")' +"1+E+"+9+"' ;+/#5A,#5"' +"27#5-' x5/26"' )q";"' N/

"/+"0'?""+/96+"'M+/C+Y)A8-'S"9+%9+X'+,"'>23?'N'7)"2/'[)@

%#5%)'1+6+/'+"1+"F%3+"+78-'W+,0'+/4,#q?'4+'+,4>2%'N/-'SM@

+92/3"2/)'*/#5,08'6+3"20'"/+"0-'a+,2"?'1+$#/4'=#%?8_'

Oa/+"0'6)$#56'6)'E2]' N7'2T+ED'A2')/+"0)0'#qE'>)3)

62X'1+6+/E)P'c�#59_'jj_jmf-

\";>2%' >+/*' 32%"#56' 2"?D' "/+"0' >+/*+ +"6+"' 1)6?8

2%+%)/#5A,#5""' #5' 1>+/3#5A,#5""' N/-' [)%#5%"' +M+92/3"2/)"

+%+0D'#/'\"?8'6+3"E27#5'N/'?+1+"+,+>232/)"&'6+1E+"'4+@

3+>+/3E27#5'1+6+/D')%9'+M+92/3"2/8'%9%20)"'LF327')M=+@

A!B


"#5A,+"'#5'4)/?)-'\";>)%)G'2%+%)/#5A,#5"-

I2"?'9+/#T'2"?'9Y+127D'A2'#E'N/'+Y+$"#/4#56'E2]8-'SE27)

1+E+"+9+"'ND'#/'4+'^)6#"@g23/%"'N/D'#/"'+"0,+7#56'#5"2027

N/'+E+F'7)"27#5'LF3#56'R')M=#T'+"1+3+9+"#5A,#5"'N/D')%9'1)@

6+'F#/X#56'N/'+,4'1)6?)0'4/4E+X-

[+E+"+ +/' "+' M3+>#56' N/' 6,#5%"2/)"' 1)M20"27D' #/' \"?"

+,"'6)+9"'N/D'#/' +E+9+")"'=)*+='N/'$/)'E/+'?+,727#5'1+6+/

cI+A_' hm_je@ihf-' I)F#502' g23/#%8' A+/6+0"#56' N/' 8"92/"2/)

1)M#T#5A,#5"8D'#/')"?8'6+3"+"M20D'A2')/+9+"#56'xE'N/'[)%#5@

%8'cI+A_'hd_hkDhdfD'9+6'N7'A2')";>2%'"+'#5"20+E')/'<#/L+Y#5@

A,#5"8'+,7+92/>#5A,+"' %+/)' E/+' [)%#5%)D' I#E%2%)'R' :T)+,)

123'cI+A_'hl_h@ef-

g23/#%8' +E+9+"' 1+6+/L+9' N/' +>+0#5027#5' 1+6+/D' #/

)"?8'+62"+62X"'N/'3+%"2/9#5%)'62$-'W+,0'+/4,#q?'+,%'1+6+/@

L+9#5A,#5""' +/6+3+E#/E+X' N/' %)/#' E/+-' :%' E%3+1' 26D' #/

g23/#%8'63++X#56'N/D'A2'+/42"')/'9+/R#/#5A,#5"8'1)M20"27#5

C+6+"+9"'N/-'I)";42Y'123#'>+/*E27#5'N/D'#/')/+9+"#5A,#5""

+,7' N/' 7)"27#5-' a/+' 1+6+/L+9#5A,#5"8' 1)6"E+X' N/' 1>+/3#5@

A,+"'R'2%+%)/#5A,+"'E/+-

I3+>+127#E'+,%'+62"8&'M+/CE2"?'+Y+$-

a'.0*(

OS,"'C+6+"+9'[)%#5%8'"/+"0'123'6)'32T'29+E&'+"#5"8'b2A@

%26+")D'R'+%+0'+M+92/3"2/)"_'OS,432T'"%32?D'6)";R'#/':%

F"+6'+T#A?'+"26'+,"32TPP'cI+A_'jd_idf-

Ob2A%26+")P' +Y8' +Y+0)'"M+"+9#56'N'OL)A1+"P'cL2A'1+@

"#Tf-' s)A1+"8' L)A+>3T)0' L2A' N' ?+6#56-' s)A+>3#5T"' )"?"

)/2")0'L2A';)'+/3+*+3#56-'I)+,"'2/ '62X']"M#56'N'F#/X+4/@

E#56D'L2A8'4#5/%' N'F+7)%'L)A+>3T)'"2/%)0-'b2A%26+")"'+,4@

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A!A

>)%)']"M6+"'E+,/'ND'#;'A2'L)A+>3#5T"2/)D'+,7R'%/32/)-'x5C@

F)"']"M6+"'3+9'62/'"2/%#56'2T+X8'4#5/%'9F+&'1+]+='+"+9"@

9+7)' 2/27#E' 62*-' S,7' 92/>' +%+X&' ?#' %/3)' M+/C+Y)A"2/8

<#/LE#56'R' +0+1+,3E#56'2"D' 2/ 'F+7)%'2"'<#/L#5A,#5""2/8

c]"M#56"2/8f-

:/ ' [)%#5%8'g23/#%)D' [+9# #%)' R' [#E1+""2%)' 123' F"+0

b2A%26+")D'%9%20'3/3627'R'EM3+"+7'cI+A_'jd_ilf-'[)%#5%)'+"@

L8'O;+<+*+"0'EM3+0+XP'N/D'#/#E123R'a+'L)A1+")'62$'N/-'a+

\/'+62"+62X']+9+3+6+/3)&'[#/'9+6?8'+,7'LR#E')/+F#/X2@

7#5'<#/L#5A,+"'62$'N/D'#/#E'a+'9</92/'\"?"'\/2"-

x/#M'6+/4)9';2"'1+E+3#56D'#/'[)%#5%8'1"+/+E#/#5A,#5"'#5@

"2/' 62T?' F#/X27#5-' I2"?'>23?' N' 1)M2"?D' #/' [)%#5%8'<#/LE20

O+62"' +"#E___' 62/' "6+"#5A,+6 D' +,0' +Y+"0' 62T?)P' c: /_

m_hkf-'}#/LE+X' 7)"27'"M+"+9#56' N'>+,?+/27')";@#/' +")'426-

[)%#5%"'\/2"';N/'>+M3>+"#56'>+,?+/"2/)0'R'6)M3'1+TA+"+@

9+X' 4#5/%' F+7#5' +>+1#E#5A,+"' 6+%)"' ;N/' 63+X#56-' \";#q5-

x/#E123R'\/'%2<+9+"'9+6?8';N/'9+3+/#56-':A2'[)%#5%)'1+@

6+/' +"1"+/' 7)"2/' 62T?' F#/X278D' +>+' "+R' +"1"+/' 97)"2/

<#/LE278-' ^+' ;)' >+9+%20"#56' [)%#5%)' <+Y?8D' +,7' +E27)"D

8"4FX#56' ND' A2'#/?+"'+/C+"+E#/' N'a+D'#/#E123R'62T?' ;F#/@

X20-'S727#5)+G-

[)%#5%8'>+/32*#56'="4/#56'N/_'O\6'[+H,/D'2A2'9+/27)'ND'A#T

+,%' +C+9"'\"L+")0'+"0")D'%+9+,"'#;'A2')";>2%':%'26'9+62@

"#56D'+,7')";>2%'K#5P'cI+A_'jd_inf-

S,%'>+,?+/)']"M#568'6#72F"#56'N/'[)%#5%)'[#F#5'62$-':/R#56

N/D'#/'6)+,"'629' +"'9+/#T'N/'a/+"'23'6T27_'a+'9+/#T'N'8"3@

/27'[#/'9+6?"')/+F#/X27#5'629'+,7'3+/ 2/+9'R'4/+"#E'9</@

92/'\"?"'\/2"-'SE27)'E+T'[)%#5%"'+%27'N/'<+/)%20)"2/)"D'#/

\"?8')M=+"#5A,#5"'#5")'\/'9,+"?8'4"27#5'c[#E1_'ho_hlDhef-'S%3@

E+X';%3)>20'a/+"'+"27'4+D'4/+'1+6+/'N7'a+'62"+9'N/'>+,@

?+/#56-

A!W


[)%#5%8' F)32/D' #/'+,%'>+,?+/8' 9+/' \/2")0'+Y+$&' 6)";R

b2A%26+")'>+/32*#56'\/'X"9)'F+78-'^/+'6+%)"'[)%#5%8'9)%@

E20'\/'+M+92/3"2/)'123'2/2?'+"F+6&'6)";R'"/+"0':/#5%+T26

F+78-'[)%#5%8'"/+"0'+%+0D'#/'\/'[#/'9+6?"'N/D'#/'\"?8';+/@

;+/E2/D'6+1+"+/'R'62Y27"2/)0'1+/#5A,#5"'+Y"2/-

u+;27#5A,#5")0'6)'?+")'`/'+Y+$'[)%#5%8'F+T3")?8'E%3+@

120'\/'+M+92/3"2/)"&'+%27#E_'O[)6+'\6'+"L8'=Y#E+X'ND'R')q";

+%26&'[+H,/D'+*+3)q/'\"L'+,%'C+6)0D'%+9+,"'%/+'1+6+/'29+

+,%'C+6)'62$-'[+H,/D'<+Y+E#/)/'V#'+"#5"8P'c[#E1_'hj_jlDjef-

[)%#5%8'>23?'N'\/'9,+"?8'*#12/D'#/>2%*)'4/+"#E'[#/'+"#5@

"8'<+Y+E#/E2/-'a+'+,%'%9* #5"?)'6+%)"'12"0'"#/'N/'9)%E27'\/

+M+92/3"2/)'123-'O\/'+"L8'%)/#T8&'99#/0")'"/+"D'R')/'+"L"

+3#T8' +,%' +M=+/1#56' 1+E)32"+9+"' 9,+"?)' 62$' 9>+1)

"/+"P'c[#E1_'hj_jkf-

S,%'=#%?8'3+7)%'N'2/9#5'1+/0)'>+3+=+"-'SY+$)""'+,"'ND

A2' )";#5'g23/#%8' ;9+/#T+0+E' 123R27' )/'3E+X' 2/4#56)"D' R

2/9/#/48&'A2')";#5'[)%#5%8'9+/#T+0+E-'[)%#5%8'[#/"'\/'%2<+@

9+"'9,+"?)0'+E27)'N/'%)/#56D'4/+'1+6+/'N7'a+'9+/#T+0+E'*#@

127'\/'9,+"?8-'g23/#%8'9+/X#56'N/D'#/')"?8'[)%#5%)"')/'%2<+@

9+"'9,+"?)0'+E27)'N/'%)/#56D' +,0'b2A%26+"))'OL)A1+"8P' +@

0+1+,320'"/+'M+/C+Y)A"2/8-

g+/32*#56' +E+9+"';N/'6)+,"'+,"D'#/'[)%#5%8'F)32/'[#/

9+6?8-'[)6+'a+'>23?'N'9+3+/2/'+,4'9+6?8-'^+'+,"?+"'4C@

E+/'N/D'#/'a+'="4/#56'N/'[#/8D'A2'+/4,#?'1"+/+E#/';Nq/'629'+,7

LR#E')/+9+"+0"27'9+6?8-'ST#A?)'62$'[)%#5%8'>+,?+/#56' N/

)"?"+>+1>+"6+"'+,%'<#/L#5A,+"'426'R'4)6+4/#56'N/'+/,+"

?/3)"?'A+<27#5'+%3)]+"'c�#59_'jj_mmf-

}#/L#5A,#5"8'1+TA27#5'[)%#5%)'*#/#5A,#5"8'+/6+3+E#/E+X

N/'[#/'"9+36+6 '%)/#'R'\/'+"L8';%)/27#5'E/+-'[)%#5%"'\/'+"@

L8' 9#/0/20' \/' [#/' 1+"42>' #5"20+X' %)/#50' 27"27#E' c[#E1_

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A!!

hm_ihf-'S,%'%2/8'1+TA#56'N'"/+"D')";)"'#;'6)'6+/4'"+=9)"#56';N/

1+TA27&' +"L)' "9+36+6 ' #5"20+X' %)/#5"-' s2A8' 4#5/%' 29+E&

+>+0#5027#E'[#/'1+"42>'[)%#5%)'%2/8'#;'6)+,"'=#%?#ED'+,7R

*#1+ 2/#5A,+6 'R'1"+*+"4#5A,+6 -

[)6+'32H%D'A2')";'+*420#5A,#5"'#5"20+E'+,4'OL)A1+"8P'9+6

]"M#568'g23/#%)'R'6,#5%'+M+92/3"2/)'E/+-

5%^*&#0%,'H#+>*&#"*&"'(

I#3'629'C+6'\/'9+6?)'123'>+,?+/27#50'123#'[)%#5%8'E2/

9+0+ED'F"+0'\/'+M+92/3"2/)'6#3'R'O"/+"0'F3+E'3/36#5@

A,#5")0'?"+XP'c�#59_'jj_mkf-'SM+92/3"2/8'2/9+/';?""+/920)"D

A2'#E'N/'+62"+62X8-'a/+"?'X+"/+0+"'EM3)0'R'3=/#5A,#5")0-

[)%#5%8' 6)+98' ;N/D' #/' ]"M6+"'3+9' N/-' a/+'+M+92/3"2/8' R%

OL)A1+")P'62$'N)"-

SM+92/3"2/8'426'+Y'426'1+"4)>27'N)"')/2"0'+"L2/8'</92@

7#5' <#/L#5A,+"8-' a/+"?' +,7R%' #5C' ;#5"2)"' 4)6+"+7#5D' #/#E@

123R'92"3/#"+0+X'N)"')/2"0'%2<+9+"'9+6?)D'+,7'#;'A2'[#/

9+6?)' E/+-' \'3+/ 2/#5A,#5"' [)%#5%)&' "/+"?' ;N)"' 0+"9+"#56

)/2"0'9+6?8'1"+*+"420"27'S%3X#'9+6?)"-':A2'62"?'63+X2"?D

#/'62/'%2<+9+"'9,+"?8'A+"9'ND'62"?';2"?'>+,?+/)'+,"'4"27#5

9+/#T#5A,+"'1+6+/-

I3+X)H/'%/+'E/+-'S,"'C+6+"+9D'2/ '[)%#5%8'>+,?+/)'62$

N/'\/'9,+"?8'9#/0"27#5'63?)'123D'+M+92/3"2/8'?"27#E'=#5%+@

<20)"' >+,?+/)0-' [)%#5%8' 1+39+>2%' g23/#%)' 123' =#%20_

OS,4>2%D'629'C+6'Nq7';9+/#T+0+?'\"L'123'+/A#5"'6"+7-'S/A#5"

9+02H?'R'+T#A?'+/2H?D'#/'<#/L#5A,+"'62$';63"2?_'1#F)"'1#C+/

ND' +,0'6+/6)"8'39+/P'cI+A_'jd_moDmhf-

S1+'g23/#%8D'#/8'1+6+/L+9'=#%3#56"2/#E'6+/4'N/D'+T#@

A27#5'<#=+/2"'?"27'N/-'a+'42Y';N/'%#E#/27'12"E27'6)'#5C)'E/+D

A!/


#/"')/'%2<+9+"8';N/-'V"27#E'"+'>+M3>+"20')/'9+/X20,+7'#5@

C8-

I2/'1#F)"2/8'9+6'%/32/8'9+/#T'2"'1#C+/' 7)"27D' +,0'62/

6+/6)"8' 6)M3' 9<"3/)' )"?"' )/2"' >+M3>+"278-' [23R+ +/D

2A2'62/'6+/6)"8'=+;E+X';ND'62"?'"/+"'93+"?'+,"D')";'"+'0+"@

9+"#56'N-'g23/#%"'#5*#56'N/'1+E+3+/)6'7)"27'[)%#5%)"D' +,0

;9+/#T+0+ED'#/#E123R'6+/6)"8')M=+"#5A,#5"'#5"2/'"/+'E/+-

g23/#%"'+E27)' M+3' %)/#56' N/' )/' 9,+"?8D' ?+"' 0+"9+"#56' N/

S%3X#'9+6?8-'a+';]+"+;20')/'%/3)')/+9+"'E)]+98-'g23/#%8

7#5/$'N/'E2/+ 2/#56')/'+%+X)"'R']M6+/3+>2%'1+E+3#56'N/D

#/')/'9,+"?8'9*#1)'[)%#5%)'1+6+/-'S,"#5+62"+,")E'+,%'O]"M#5@

6)0P'123#' +0+1+,3E20'+,"D')";8'"+=`/#?'4/%R#/E27'N/'t2/@

$)"'Ä"A/)?)'C+6+"+9D'+,%)"?"&'2%+%)/#5A,#5""'#5'1>+/3#5@

A,#5"8-

Y&>%-#+*& )&#*&9/%-(7()&

S,"' +")0' 123#D' 2/ ' [)%#5%8' +M+92/3"2/)"' ?"+X' F3+ED

F"+0' 2/9/#/4' +"F+6' +T#A27#5-' :/ ' a+' E2/+4+YL+ED' +M+@

92/3"2/)"'"#/)0'?"+X'F3+ED'?+")'#/'O"/+"0'+;?2/8'X+"/+@

027'N)"P'cI+A_'jd_mif-'a#5,")%9'2/ '[)%#5%8'*F#5M+0/20'"/+"0D

4/+")0'123#'N7'+M+92/3"2/"'+/A#5"';6"+0)"-

Oa/+"0'A#T20&'4+/L,+7'F"+0D'R'2//#/4'+"F+6'+T#A?'+/20

R'6)R"#5,"'=#%?"'+%+0-'S,"'C+6+"+9'F+7)%'N'\/'+M+92/3"2@

/)' 6#3' R' "/+"0'+%#56_' OS,%#5123R' ?"2?' R' 1+"F%3+02?D' #/

+1+'1+%27'N'C+68PP'cI+A_'jd_mmDmkf-

[)%#5%8'2/2?'C+6'+,"?+"'+T#A20D'6)";R')6+0+ED'#/'1+TA27

N'>+,?+/)'62$-'a/+'9+6?"'+6 #T$+>2%'629'N/'[#/'9+6?)'123-

S,C6' [)%#5%8' >+3/+%3' N/' 426' +Y' 426' 9+"F"27' 1/2+'+Y+$@

"#/4"2/)'R'1Y#62+0)'*)"E#/"2/)0'29+X'AM"+6#5'E+=)"-

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A!1

[)%#5%)'+6#5/'9+"F"27#5'9+/#T#5A,#5"8'"#5,")%9'1+7+X+"@

?)'+,4'1"#0)'62$'+>M20/20'1Y#62+0)'9+Y+E+/;)"-'O:E'2/ '#/

?+1+"+,+>232/)0'R' X2/2/)0'+6 +%3+"E#56' N/D' #;)";' ;>+@

3+%=+"20-'S,"'C+6+"+9'g)T+3#%8'+%+0'a/+"_'Oz2q%'7%#56&

#/;+q<' +"2/'2"'E9+,#56'V2*'1+9+Y+9P-':E'a+'"/+"'#;'629

+"'N7';>+3+%=+"20D'6)";'#/'9#5%+9+7"'N7'M+3'*+/6+0+EP

cI+A_'jl_hj@hmf-

[+6+/L+9#5A,#5""'+,"';ND'A2'#/?+"' +/L/'9+6'#/?+"'M+3

2"?'62"?'=#%#56-'S,"'F3"#56'2"?'"+R'7Y#5A,+"'62$-'K#5'7Y#56'2%

+,"?+"'C+6+"+9D'?+")'42Y'%#53'62T+4/+"?"2/'2"'M>/3#56

2/2%)4-'[)%#5%8'6"#56'N/'\/')M=+"#5A,+"'62$&';+/L+F+"?27#E

62T+4/+"?"2/)"-'a+'F)32/D'#/'"/+"?'#;'6)')M=+"#5A,#5"';#5@

"2)"'\/'E/+-'S/L+F+"?278'0#5,0'93+/D'#/'"/+"?'#5"2"'+,4')M@

=+"#5A,#5"8-' V+1+"+,+>232/8' #5' X2/2/8' <#/L#56' N)"' E2@

/+1%927'[)%#5%)"')/2"0'62T+4/+"?"2/#ED'%>+Y"+7)?"2/#E'R

*#/+E#/' >+M3#""2/#E-' a/+"0' >+3+%=+"278' 1)6+/#5A,#5"

97)"2/D'?+")'#/'?+1+"+,+>232/"'#5'X2/2/8'+"1+"F%3+0+X

;N)"']M6+/3#5A,+"'1+6+/-'[)%#5%8'F)32/D'#/'"/+"?';N)"'9+@

/#T'\/'9,+"?8'E2/0"27D'#/#E123R'a+'+/42"'+,"'3E27'N/'[#/8-

:/ ' [)%#5%8' 1+"4)>20' \/2"' 62T+4/#T"2/)"D' g23/#%"' )/

1+6+/'4/%#56&'9/+9)'6#3'3+?+"#56'N/-'t+=2"+7#E'+,4'+Y+$@

"#/4"2/)'X+Y+"2/)0&'g23/#%"'#5/+0+ED'A2'"#5,")%9';)']+"+@

;#56'[)%#5%)"'cI+A_'jd_'dn@lkf-'z"+,+X'#/'g23/#%"'+%#56'N/D'A2

962Y")D' +,0';)'#5/+"+'[)%#5%)"D'+,"#5+62"+,")E'E+=20+E'R

+/20'+,"D')";'+%27'N/D'#/';)'+")-'g+3]+Y"'+,"'N/D'#/'g23/#%8

%)/20')/'%2<+9+"'9,+"?8-

[)%#5%)"'#5TTE+X'"/+'=#%?2/8'0#5,0'N)"'3+7)%D'#/'g23/#@

%8' 62X' %2/' N/'3+X#56'[)%#5%)' 1+"42>D' +,0'+,%'F#/X2/8'+,7

+"'N)"'E9+,#56-'\/'+"L)'1+"42>'%2/"'N/'g23/#%)'E+=)'+/@

6+38-'S,"'7+E'A+?"E+X'N/'E+T'C+6+"+9'+/E+X'=)*+='1+,@

A!5


3+/+/#5A,#5""2/)'R'F#/X#T#5A,#5""2/)'23R#56D' +,0'OL)A1+@

")P'M"#/1)E' +0+1+,3E20'g23/#%)'2/9;#3'1#F)"-

t+=)'R'2/9;#3#5A,+"'+/6+38'2%+%)/#5A,#5""'N-'!+3+/,+7

%2/8'?M#56'N'E+=8'R'62*'3+7)%'N'1+6+/L+9#5A,#5"-'^)/#50'X"@

E+X'1+6+/L+9#5A,#5"8'9#3/#56'N'2/9;#3#5A,+"']"M#568-'S"9+@

3+/'%2/8'9+6'2%+%)/#5A,#5"8'4#5Y'N' +0#56'2/9;#3#5A,+"'1+@

6+/-

O^/+"#56'N'%2/8'9+3+/,+7'62*'123D'#/'1+6+/L+9#5@

A,#5"'#5"2"?'4+3+%3+")'`/#56___'t+=';9+'%)/#'62$D

+,7'9+3+/,+7'%2/8'12Y+0"#56'N'E+=8D'#/#E123R'E+@

=8'3+"$+"?'#5")D' +,0'"+D'#/'E+=2"#56'ND'9+3+/,+7

;N'%2/)'62$P'cS'[#E1_'m_hlDhef-

t+=8'R'2/9;#3#5A,#5"8'1*#/+"#56'2"D'2/ '62"?'92"3/#"+@

"#56'2"?'62*'E/+&'+%27#E_'O\%9'2q%D')q";'9>+3+1)')"L'123P-

^/+"?'3+"$+"?)']);2/'2"-

[)%#5%"'+%+0_'Ox;'#E'a/+")0'+E27)'62X'%2/';#5")D'#/'629"')/

+"L8'4")')/' +/29+6"2/)'1+6+/P'c[#E1_'hk_hif-':/ '62"?']M@

6+/3+>2%' 62/' 9,+"?8' 4"#56' 2"?'[)%#5%)' %)/#' 1+6+/D'+,7R%

;2"?'63+1#FE)D'A2')";'9>+3+1)'62*'123D'#/#E123R'F)32"?D

#/'a+'N'1#F'3+"#56'62*'1+6+/-'K/+")0'123#'62"?'6+1+0+X'R

X+X9E+X'2"?'a/+'62$-'I2"?'9+/)?';#5"2"?'+"1+"F%3+"+7#5

62/'9,+"?2/)'1+6+/')";'N7'#/'>+3+1)'62*'123_'4/+'6+%)"'[)@

%#5%"'N'1#F#56-'I2"?'#5TT+9)'>23?'N'%)/2"?'R'1"+*+"4E2"?-

t+="'+,7R%';)'3+"$)'62*D'?+")'#/'62Y+X'6+/48';)'9+/#T

3+"$E27-'K#5'9+/#T'2%'1/+*2"#E'"M+"' Y"27'4+F+T)'62$'>+Y@

9+X'6+/4#5'E/+'R'%>+Y"+7'"/+"D' +,0'"+'"#5,")%9'+;?"'N7';)

A+/A)-

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A!9

!Z(?#R*+*0)<#"/%-3()&'#0)+

\q";'>+3+120'6,#5%'+M+92/3"2/)'123-'a+=?+"'[)%#5%)"

#5/+"+78D'"/+"?'6)+027'N)"'g23/#%)"'R'>"4#56'N)"D'#/'962Y@

"2"D' +,0';2"'#5/+"+-'\";>2q%'E+/E20)"'"/+"?'OL)A1+")P']"M@

6+"' 62$-' a/+"?' <+=+"' "#5,")%9' 6)";R' g23/#%)' #5/+"+78-

S%3E+X+M#5";8'>+36#56' ND' #/' 2/ ' "/+"?'32%+"D' A2' )";>2%

*)"E#/"2/8' Y"20)"'[)%#5%)"D' O #7#/'+M+92/3"2/8'a/+"'A#@

T20)"@<+=+"P'cI+A_'jd_kdf-

SM+92/3"2/8' #7#/"'N7'E+=2"#56'N)"')/2"0'+"L2/)'1+6+/-

a/+"?'+E27)'M+3'?"27'N)"'#5*#56D'?+"'+T#A27-'[)%#5%)'123'#5@

"20+X'E2/$)"']+M92/#5,A)'C+6+"+9'+M+92/3"2/8'9YE#56'N)"

)/2"0'62$D'A2'#E'N'+62"+62X8-'a/+"?'9+/X2%'A2';N)"'7%#56'9+6

N7';N)"'9+/#T'7%27-'a/+"0'6)+,"'6)' +"'N/'123+?/?/#56_'O\q";

9>+3+1)')"L'123P-'SM+92/3"2/)'2%+%)/#5A,#5"8' +0+1+,3@

E20'OL)A1+")P']"M6+"'62$-

a/+"0'M+/C+Y)A"2/8';N)"'3+/ 2/E#56'g23/#%)'M+/C+Y)A@

"2/)0-' g+/*+>2%' g23/#%"' +E27)' 4CE+/' )/+E)]+9#56' N/D

#/#E123R'"+'123R20'*)"E#/"2/)"'6)";R'+,"'32T8D'#5/'[)%#5@

%)"'3+/+"-

I")(#0*"*&D*>%-./%-(#?PH#%&#3'&%-<#P#9&96*J

I)F#502'?2*'6)";R'1)6+'123+?/?/#56'ND'A2')";'3E20'g23/#@

%)"'+,"'1+6+/L+9#5A,#5"8D'#/#E'"+'%#5/8'L2Y?)"'9+"F"20'6)

<#?/' +"+9)'+Y$R-':%'1+E+3#56'26D'#/'g23/#%)'1+6+/L+@

9#5A,#5"8'F+7)%'N/'6,#5%"2/)'1+E+"#5A,+""'+/C+"+"+7#5'0+"@

9#5A,#5")0-'a+'F"+0'+,4'?+,7)"&' #5/)M"2/)'E/+'+*420#5A,#5"

A#T"27#5' 1+6+/-'I3+X)H/' %/+'6+%)"-'SM+92/3"2/8'12"0'"#/

E2]'N)"'#5"2027D'A2'#E'N/'+62"+62X8-'cS,%'A26+"'+Y+$)"'+"F+6

A!?

FGHIJK)JIFLGHGMNOGM:PFGHIJK)JIFLGHGMNOGM:P

;ND'#/'M#M+<E#56'N/-'SM+92/3"2/8'6M3+>2%'6/0+90#5A,+"'62$

N)"f-'^/+'6+%)"'g23/#%8'42Y';N/'6#Y+027D'R'1)6+'"/+"'1"+/+@

E#/#5A,#5"'N/'8"L2YE27'+>+0#5027#5')/'62X'1+E+3+/6#5A,#5"8-

W+,0'2/ '"+'?+1+"+,+>232/)'X+Y+"2/)'123'"%320'9/+@

9)' 6#3D' +,7R%' M/$+>+3E+X' ;N/' )/' 1+E+3+9)0"2/#E-' a/+

)/+9+"'+>+1#E#5A,#5"8'6+92/2%+,)"'N/-'t+=8D'#/8'A+?"E+X

N/'"/+'+/3+?)"'1+"F%3#5A,+"'62$D' +0+1+,3E20-

a+=#/4'42>?2/8'R%' +0+1+,3#56'N)"'g23/#%)'3+3+"E#T

1+6+/L+9#5A,#5"8-' I298'+,"' C+6+"+9' N/D' 2/ 'g23/#%8' ?+,@

7#56'N/'$/)'E/+,#E-':/ '6,#5%'+M+92/3"2/8'M<#AE+X'N)"D'g23@

/#%8'+T+T+920_'O.2H/D'2A2'K#5'2%D'1/+6+,)H/')"LD'#/'$/2/)'E/+@

,#E'V2*'6#3'F+6P'cI+A_'hm_jef-'g23/#%8'4#5/%'29+E'"+E+9)0

R' ?+,720' X#E)' E/+,#E-' [+E+"+ +/' "+' 1+6+/L+9#5A,#5"' N/

%3+027' +M+92/3"2/)' E/+' 3>+E#/#5A,#5"' A#T"27#5' 0+"9#5@

A,#5")0-'W+,0'R'+,">2%D'2/ 'g23/#%8'62"+9'1+,3"E20'6#72F@

"+X'X#E)'62$D'+T+T+920'[)%#5%)"D'#/'</9)')/2"-':/ '"+'?+,@

7#56' N/' +7)?"2/)' E/+,#ED' 1+%9+0+ED' #/' )/' 6/0+9)0"2/)0' #;

629"'N7')/'123';N/-'t+=)']"M6+"'3+9'"+'9+";20'[)%#5%)"D'#/@

>2%*)'</92/')/2"-

B+3'1"+/+E#/'ND'#/'g23/#%8'63+X#56'N/D'A2'[)%#5%8'9+*+@

32/' )/2"'>+/32*#56' 9+3+/E+X'42>?)0D' )";>2%' #/'+/27' N/

M+3' +"F+6"2/-' :E' "+' ])M3' N/-' g23/#%"' #5' 6,#5%"2/8' ;N)"

>+392/+0"#56D' #/' [)%#5%)"' L2/ +9+7E+X' 932%"2"-' z"+,+X

#/'[)%#5%8' +*6+A)E'+"F+6'+%27'N/'"/+"0D'#/'4+'32T)'9#5"2@

"+D' "/+"?' M+/#5"+9#56' N)"' 1+E+3+7D' #/' a+' 91+%3+3)' \/

A+F+E#/#5A,#5"8'2/9/)'E/+'12"0'+,4'C+6+"+9'cb#/X?'hd_jhf-

[2M3'N'M+/#5"+9'E%3+1'7)"27'"/+"#56D')";'62"?'2"?'+9"9+@

7#56D'#/'S%3E+X'9+")-'W+,0'2/ 'a+'+"+9"9+7)'N' 2/#56D'62"?

9+/#T' 2"?' 3+3+"E27-' :/ ' )";@#/' +"' N' 32T)' #5"2"#56' 62/

9,+"?#56'9+6'X+Y+,#5A,#5""2/)'62$&'#/%+7#E'62*'62/'3F)3#5@

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A!@

A,+"' >+3]+Y#ED' 62"?' 9#/0"#56' 2"?' 62/' 1+6+/L+9#5A,#5"8-

[+]+='62"?'"+=+>+3/+%3E+X';2"?'7)"#56';+/;+/+"?D'1+@

7+X+"?' 9+6' <#/L#5A,#5""2/' 9/27#5' 1+6+/-' :/2=+"2/)' "6+"

62*'1+/6+/+E23'N'62/'+Y`/,+'9,+"?8'R'62/'%2<+9+"']+"+@

>+/18-':/ '62"?';2"?'1+%"#56'62/'0+"9+0+X)"'R'62/'#5*+X

]+"+>+/1)"D' 62/'%/32/8'%3#5FE#56'2"-':A2'62"?'1+TA+"+@

9#56'2"?'<#/L#5A,#5""2/)'62$D' 62/'%/32/8'*#/+"#56'2"-'I2"?

9+/#T'2"?'1+6+/L+9'2/R+7D'2/ 'S%3E+X'62*']MF/3#/2"'3+@

7)%'N'+,"D')";'62"?'#5*#56'2"?D'9+6'N7'2/ '9,+"?8'9+"=+32%27)

ND' +,0'2/ '+62"')";'+,7'LR#E'N'8"A+"#56D'1+,3")'2"'4+Y"#56

62/')/+9+"'M+/C+Y)A"2/8-'[)%#5%8'"9+/+F/#56'N'+,%')/+E)@

]+98_

Oa#5,">2%'N7'?+/?+/#3'32T8'%2/6E+X"2/8'"/+"?'2"D

#/#"?D'2/ '#/'=#%?8'7%#56'2"D'M#53#E'#5/+=#5A,#5"#E

8"4#5"#56'2"'"/+"-':E')/2"0'62$'+/6+3';#5"2"D'+,7'+Y@

C+6+"+9,+'2"-'[23#'2/ '#/'+,"'=#%?)'1+6+/'"2T#5@

A,#5"'9+6'1+7+X+"?'N'7)"#56D'M#53#E'F+,A+9TE#56'2"P

cI+/9_'m_hdDhlf-'

x5M+4/#5A,#5"' 4+/L/#5D' #/' +M+92/3"2/8' 4)6+09#5"' ;N)"D

#/#E123R'+/6+3"2/';#5"2)"-'\";>2q%'*+/F+0"2"?'+/6+3"2@

/8D'#/>2%*)'62*'1+%3+3#5"'>+12"-'I2"?')";)q'62$'>23?'N'+/@

6+3+E#/E+X' 7)"2"?-' :<2%+0)"2/)' i_hl@"' +%#56' ND' #/' 62"?

>23?' N' +/6+3' F02"?' R' 1+%3+3E2"?' V/)%3#%)' 1+6+/' 62/

#5"20+X'%)/#'62$-'~M6+/)3'%2/"')/2"8' ;)'<"3/#56-'S,"'6+/@

4)9D'#/#"0'%2/8'+/6+3"2/';#5")D'91+6 2/2"'+,"?+"D'#/?+"'#/

)/2"0'1+6+/'12M3'97)")-'a/+"?';2"'=+;E27'V/)%3#%)'123D'+,7

2927'2"'[)%#5%)'6#3')";@#/' +"'%3+"+7#5'1+6+/'R'#;'A2'+,"

+")'1+6+/D'A2'#E'N'a+-

a/+"?D'#E?2/']M6+/3+>2%'2"'%)/#56D'#;)";';2"'<"3/)D' +@

A/B


0)')/2"0'^)/27))0'R'+,"D')";8'1+]20"#56'N'a/+"-'S,4>)%)'%2/"

)/'62$'%>+%#56"2/';#5")-'Ä"41+9+Y+98D'+,"'3E#T'N-'a6+"'M+/@

C+Y)A8'#;'6)'+*420#5A,+"';)'2"A+9E)D'2/ '+62"' +"')/'%>+@

%+X)'>2%' ;)' 7)"#56-' ^2/8' ;)' 1#5%+1+3E#56D' 4/+' 1+6+/' N7' ;)

E+=2"#56-

[+6+/L+9#5A,#5"8D' #/#E' 9#3/#56' 2"?' 2/9;#3#5A,+"' *#/#5@

A,#5"8D'>23?'N' #0+E+YE)'S%3X#'1+"42>'62/'#5"20+X'%)/#50-

Ox/#E123R'S%3E+X';3E20'62*'2/9;#3#5A,+"'1#F)D'+,7'*#/#5@

A,+"'R'%)/#'R'*F+%3#5A,+"P'cW'.)6#A_'h_lf-'r#/#5A,#5"8'2/9;#@

3#5A,#5"8'9#3/27#5'6)'6+%"'ND' +,0'4+'42Y' +E+/+/';N-'\";>2%

+/42"'+%27'26D'2%'32%27'26'`XE+X'6+/49+"0D'#/#"?'9X9E27'2"

2/9;#3#5A,#5")0D'2/ ']"M#56"2/'2"'2T27-

rF+%3#5A,#5"8'R%' +E+/+/';N-'^#5/ '[#F)"'12"0'g23/#%)"

1+,3"20D'#/'[)%#5%8'I2%)+"'N' cI+A_'hd_hi@hef-'I)+,"'+,"'C+@

6+"+9D'2/ 'g23/#%8'70E20'S%3X#'%)/#ED')/+>2%'4/20')/'9,+"@

?8-'I2"?'%+'94)3+/92"?'1+$#/4'F7=#56-

J ; ( \ + S + = > 8 ' & ) ' ; V 'S `

A/A

S&<E.1./B%./2:(8#GB#8#&,H./(*)#<(T#2#C#&8:(#2;5(<.&@2,H2(O=

...........................................))DE+=*))AB

F":=* .; 3 * . : D"%"=": ( C G

W

+/)'63+4/#5A,#5""2/8' +E+9+"' ;2"-'g23/#%8'0+"9+@

0+E'0#5,0'3+7D'#/')"?8'9+/#T'N/'1+E+3+/)6'7)"27D'"#5,@

")%9' 2A2' 4/+' 1+6+/' >23?' N' *#12/' 9,+"?8-' W+,0' +,%

0+"9#5A,+"'#5C8' +E+9+"';N/'+,"'>+1>+"27#5'1+6+/-'g23@

/#%)'%/3#56'2T+X'E+=8'1+TA20't+/4+>23)'"9+36+6 '#5"2@

0+X' )/' %)/#5"-' [)%#5%"'+"4/+4+/L+E' %/+"'\/' 1+/#5A,#5")0

123#-

[#E1+""2%)'SE23+/+")'jh@/4'F7#5=8'>+36#56'N'62*D'#/'[)@

%#5%8'1+,3"E20'\/'+M+92/3"2/)"'R'"/+"0'"+=+]+M)'1+6+/

L#59'R'1+0'N/'>+3/+%3#56-'[23#'a+'g23/#%)"'2/2?'+"F+6

1+/0/20_' OK#5' %)/#q56' 2%' \"LP-' SY+$)"' 2/9#5'+"F+6"2/8' [)@

%#5%"'`F3+F#/X20'O+F+>+#P' +Y8D' #/8'"M+"+9#56' N' %)/#50

4/4E+X'F#/X#T#5A,#5"-'W+,0'g23/#%"'+62"'+"F+6'>+3+%=+@

"#56'N/'1#5"+/2"'O{)72#P +Y#E-'S,%' +Y8'%+16+"+<+9E#56'N

*F+06#5"?+,)"'%)/#E&'+Y+"0'F#/X#T#5A,+"-

g23/#%8'EM3+0+ED'2/ '[)%#5%8'"/+"'2//#/4'+"F+6'1+/0

3E20-'://#/4'+"F+6'[)%#5%"'`F3+F#/X20'O{)72#P' +Y8-'[)@

%#5%8' 1+/0)' 62$' %2/8' F#/X#T#5A,+"' 6+9+/4+9)0' )$20/20

*F+06#5"?+,)"' 6+9+/4+9)-' t1+3#5A,+"' 62$' g23/#%8' >+@

3+%=+"20'_'O.2H/D'K#5'+62"' +"'F)32%D'K#5'F)32%D'#/'2%'%)@

A/!

/#56'26'V2*P'c[#E1_'jh_hlfD')";8'"M+"+9#56'N_'OK#5'F)32%D'#/'2%

$2/6'*F+06#5"?"2/'#5"26'V#'"9+36+6 P-

[)%#5%"' +E27)' 9#"9/23+0/20' 1+/08_' OK#5' %)/#q56' 2%' \"L

+,"?+"D'#/'9,+"?4'4"2%'\"L'1+6+/P-'^+'=#%#56'N'+,"'%)/#'6+@

%)"D'#/8'"9+/+F/E+X'N'O+F+>+#P +Y#E-'g23/#%8']M6+/3#5@

A,+6 'R'=#"+/1+ +/'>+3+%=+"20D'#/')/'%2/8'*F+06#5"?+@

,)"'9+6'?"?#5M'%2/'N/-'[)M)H/D'#/'"+'12"0'"#/'N/'#5/+027'[)%#5@

%)"-'g23/#%"'8"4#5"#56' N/')/'%2<+9+"'A#57#5A,#5"8-'a/+'?"@

?#5MD'632/)6'%2/"'+,"?+"'#5C2T';N/D'#/'A#5,7'3+/'4"27'%2<+@

9+"'9,+"?8-

t2/$#56' [)%#5%8' 1+/0/20' g23/#%)"_' OK#5' %)/#q56' 2%' \"L

$2/6' *F+06#5"?"2/#EP-' [)%#5%8' F)32/D' #/' 1)6+' g23/#%8

9#3/E+X'6+/4'N/'R'42Y'8"4#5"+9';N/'O+F+>+#P %)/#5"-

[)%#5%8D' 0+"9+"+7#E' +0+3/27'g23/#%)"D' A2' )";' "9+3)

#5"2/' \"?8D' 2/ ' 1+/0/20' "/+"' +Y+$)"' 2/9#5' +"F+6"2/8D

+%+0_'O~M6+/)3D']M6+/)3'+%#56'26'?2*D'2/ '#/'>+3+")'N)/D

)"?4'N)/'F#3)4'9+>#56'R'6+"'F+7)%'#/32T'#/'#5*#56'N)/D' +,0

2/ ' #/' 9X2/+"+%D' L2Y?2/4' 9629"2%D' R' #5/)M8' F#3)' 99+>)' R

93+")&'#/32T'#/';2%'#5*)-'^+'+%+0'0#5,0'3+7#ED'A2'"+')";'6+@

1#E'9<+Y+E#/)'S%3X#5"D'R'%+'+%27#50'123#'"/+"'+%+0&'\6

23R)0'29P'c[#E1_'jh_heDhnf-

:%' 9+/X#56' 26D' #/' [)%#5%8'g23/#%)"'+,%'=#%?2/"'+%27#E

"9+3)'#5"2/'123R,+78_'Oa+=9)"#56'4#5'L+=#TE20)/&'+>/27#E

*F+06#5"?+,)"'%)/#'#5C#ED' +,0'`/2/'9F+"D'2/ '4#5'426'+Y'426

91+"4)>2%'?#'+62"+62X'E+=)"D'R'4#5'91+TA2%'9+3+/,+7'%)@

/#'*#/#5A,+6 P-'I)";R'+,4'>+18'g23/#%8'%)/27'N/'6+/49+,)"

7+E+F#5,"'9+/#T#5A,+6 D' +,0'4+'L+=#T27'N/'"/+"-':A2'g23@

/#%8' 123R2/' [)%#5%)"D' %>+Y+*)"E+X' 97)"2/' O+F+>+#P %)@

/#E-'^)/#'+,4'32%+98';)'X"E#56'6+/49+,)"'0+"9#5A,#5")0D'+,7

[#/)0'N'X"E#56'62/'%/32/)'62$'c[Y#6_'k_kf-'S%3X#'%2/8'c+F+>2

A//

9+6'+F+>+#f';)'E+=2"#56'62Y"27'#5/)M)'1+6+/-'[)%#5%8'?+@

$+72/20'g23/#%)"&'+%27#E'"/+"D'#/'2/ 'g23/#%8'9/9)"'1+"@

4)>)' O]"M6+"PD' 1+TA+"+9+X'4#5/%' 9F+-'a+'8"4#5"+9' 97)")

)/+9+"+0"27#5' +,"D' )";)' 1+6+/' "+=9)"#56' 2/4E27' N/' )"?@

"+E%3+1#5A,+6 -'a+'9+/#T'N/'62Y"27'6)";R'[)%#5%)"'#5/+"+@

78D')%9'2A2'+*+3E2/'E+=)'R'2/9;#3#5A,+"']"M#56)0D'94+Y"+/

<#=E+X'6+/4-

S%3E+X'%+'+"#56' N' 62/'`F#53)'1+6+/-'a+'#5C2T+0"#56' N

62*D'2/ 'E+=20+X'2"?-'a+'A#5,7'93+D'#/'62"?'+,"?+"'C+6+@

"+9'426'+Y'426'1+"4)>2"?'+,"'+62")"D')";)0'E+=2"#56'2"?D

6)";R' #/' 1+TA#T' 7)"2"?-' :/ ' %>+Y#56' 2"?' 62/' 1"+/+E#/#5@

A,#5""2/8D'>23?' N'+T+T+92"?'a/+"-' S,4' *#/#5A,+"' 62$' 62"?

;2"?'9+/#T'L+=#TE27D'#/#E123R'%2/8'2/ 2?';)'L+=#TE#56'

cS'!#/"A_'hi_ef-

S%3E+X';)'0+"9+"#56D'#/'62"?'<+=;2"?'62/'A#5,7'#7#/3"2@

/)0-' a+'0+"9+"#56' ND' #/' 62"?'426'+Y'426' 1+"4)>2"?'4/+"0

+Y+"0'E+=2"+7#5-

bc(9&%-"#)"H#0)E*<&%]-#3*d

g#T#%"' +,%' +62"8' 7+E' F)32/_' O:E' #/' 1+,3"#5A,#5""2/)

+Y+E27#5A,+6 ' ;1>+/3+"+6D' 6+/6")%' 1+6+/' =+,A' 3/E20

)"L&'%+3+"+,)'1/2M3+9D'#/')"L' Y#5"0?#E'X2X)D'#/';F#Y#*+@

"+6P'cW'!#/"A_'hj_lf-

:%'9+/X#56'26D'#/'+,%'=#%?#56'E9+,E+X'N'6)';+/'1/2M3+9)

6+%)"D' #/)"' %+3+"+"' #5T+/927' N/'g#T#%)"' 1+/E+X27#5-' S,%

1/2M3+98'g#T#%)'1+6+/'="4)/"2/' N/'%32TX#56'+62"#5/D'#/@

32T' #/' "+' F"#56' N/-' !#/"A+0)"2/)' 2/9/#/4' ATA)' hh_jm@jl@8

>+36#56'N'#/#M'="4)/"2/)'6+%)"D'#/#"0'1+"4)>27'N/'g#T#%8_'

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A/1

O[/2+"2/)0' 1)"F' +"F+6&' ?+Y+%#5")0' 6298' >+9+%

X2X'8"4#5"20)-':/2?'+"F+6'L+T9#E'X2XE20)D'629'+"@

F+6'?+/9#XE20)D'2/2?'+"F+6'"+E+9#X'2T+D'6)'02/29

#5'F)M2/'+"4#5"4#56'6"+0)-'B+3'+"F+6']+"+>+/1@

"2/#56D'F232/)0'E3+"F"2/D'12A+"#%"2/)0'E3+"F"2/D

?+T+?)'62$'E3+"F"2/D'+"+>+3)'62$'E3+"F"2/D'X#@

E)'62$'E3+"F"2/D'%#53'2T +,/"2/)0'E3+"F"2/-'U+"@

?)'R'+M=+3+"?)'62$&' M+3'+"F+6D'+/A"#5A,#5""2/)

62$D'%#E)'R'X+/+E)'62$D'M+3'+"F+6'X#E)'62$D'0/3)'R

62/9#5A,+"'62$P-

S62"'32TD'#/32T'g#T#%8'?+/#*#56' N/D'SE23+/+")'1+6+/

8"9"#56'N/'#5C2T'1+7+X+"?)'62$-'BTA+"2/'#5'<#/L+"?"2/'N)"

%>+%E#56' "/+"' ,#5/+?+";,#5/' ?+T+?#56-' g#T#%8' 63/+9E#56

N/D' ])>#3#E' X2XE#56D' ?+/9#XE#56' N/D' "+E+ 29#5A,+"' N/' 2"@

A+/9E#56'R'M+3'+,7' +"2/-'S,%>)%#ED'"+'F"+0'S%3X#'6#3'%/+

1+6+/-

O^/+' 1+6+/' 2/2?'+"F+6'+T+;20)' .)/#$8D' #/' "/+"

12Y+0")')"L+")0P'cW'!#/"A_'hj_ef-

[+%9+"+7)'ND'#/'g#T#%"'#5*#56'N/'+*+3'7)"27'+,%'4)6+4/#5@

A,#5")0'R'1+7+X+"?)0-'S%3E+X'>+3+%=+"20_'

OW+E+9+"'N'?2*'\6'M"#/1?8D'#/#E123R'\6'*#/#5A,#5"8

39+/#5A,+"'62$'N'9+3+/E#56P'cW'!#/"A_'hj_n+f-

.2/8'4/+"#E'+%#56'N/_'Og#T#H%D'6)H'="4/)/'\"LD'#/'12Y+0"26

+,%'+62"8D' +,0'+E27)'="4/)/D' #/' \6' M"#/1?"' #5' *#/#5A,#5"8

?2*' +/L/+0"2"'+,"' +"2/)0'E2/D'#/#"0')"?4';2%'9+/#T'1+T@

A27-'g#T#H%D'#/32T'#/';9+"'=#;8"4#3"2/D'+,"32T';9+'R'*#/#5@

A,+"'9+/)?-'[+TA+"+98'32T)'N'#5"2"#56'+,"'C+6+"+9D'2/ '9+

>+,?+/-'x/?+"'62X'N'>+,?+/8D'+,"?+"'62X'N'1+TA+"+98-'~M@

6+/)3'*)"E#/8';)'<+=;#56'1+9+6+/3#5A,#5")0D'+,7'E+*#56'N

A/5


4/+"'8"4+Y+$P-'g+,?+/)'A2C'>+1)"'>23?';N'="4/27'S%3X#5"D

#/'62*'4#5/%' 2/)'>+32/+*6)0-'K+'12"0'+,"'>+1"'ND'2/ '>23?

N'+T#A2"?'S%3X#'M"#/1?)'1+6+/D'#/>2%*)'9+/#T+"+"?'1+T@

A27-' S%3E+X'<+Y+E#/E#56' N'+,"' C+6+"+9D' 2/ ' 62"?' 426'+Y

426' 1+"4)>#56' 2"?' )";@#/' +")D' #/8' 62/' 6+/49+,)"' #5C2/#E

+"1"+/'N'1+TA+1+/27-'K/+")0'123#'ND'#/'a/+'*#/#5A,#5"8'F+@

7)%' N' 62*' E/+D'R' #7#/8' 9+/#T' 2"'32%"27' 4+-'S%3X#' M"#/1?8

1+TA#56'N'+62"'32%+9)'E+=)'R'=#;8"4#3)D'#/)"'1+"4)>#56

2"?-'\"?4'?2*'?+$+72/)H/'S%3X#'+,%'6)'?+")'1#/4#/"2/#E_'

OW+,0' M"#/1+9+7#5A,#5"' S%3X#5"D' #/'+62"' C+6+"+9

62*'1+TA#T'N'+"#56'V/)%3#%#56P'cW'!#/"A_'j_hmf-

OW+,0'M"#/1+9+7#5A,#5"'S%3X#5"D'#/'3E20'62*'1+TA#5@

A,#5"' 62/' .2/' [)%#5%' V/)%3#%)' L2Y#EP' cS' !#/"A_

hk_klf-

OS>+' #qE' 9 +C+")' 62*' V/)%3#%)' %)/#50_' 3+Y+@

>+q"?D'A2'"2T#5A,#q5"D'A2'1+7+X+q"?D'A2'%#qED'A2'62/@

9#5A,#q5"D'A2'E3+q"FD'A2'%#q5/-'\";>2%'F/E+X'ND'A2'V2*

1+6+/' 62Y0E#56' 2"?' #7#/' `/8' R' 6#/AE27#5' #;=+/)

>2%' 1+6+/E20)"?-' W+,0'+,%'+62"' +"2/#56'+Y+E27

R%' 1+TA#56' 2"?' a/+' 6)$#0#ED' #/' 62*' %)/20P' c[Y#6_

e_ik@ilf-

[+TA#T8'1+9+Y+9E#56'N'4)6+4/#5A,+"8D'1+TA#56'N'R'1+T@

A+"+9+X'4#5/%'N'F+7)%'>+,?+/)'6)$)0-'g#T#%"'+6#5/' Y"E20

%/+")0D'R'"/+'+"1+"F%3#5A,#5"8'E2/+XE20'1#5,%)-'a+'F/20_'

OS/4'+E27)'1#C+/#5A,+6 ')6'39+/#5A,#5""2/#E'9>+/@

X2"+6D' #/' V/)%3#%)' *#/#5A,#5"8' "+9E)' )"L+"#56-

x/#E123R'1+E+"27'26'39+/#5A,#5""2/)D'AM"+6+"?"2@

/)D'E)M32/)D'1+7+X+"?"2/)'R'"2T#5A,#5""2/)'V/)%3#@

%)'1+6+/D'#/'2/ '39+/+"#56'26D'+,"'C+6+"+9'*#/+@

"#56'26P'cW'!#/"A_'nDhof-

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A/9

x5M+4/#5A,#5"' 4+/L/#5D' #/' "+' +%#56' N&' O1+E+"27' 26P-' x/@

?+q"'1+]+='2"?'62"?'32%"#56'6+/49+"0D'#/#"0'4#5/'N'F+7)%

1+"4)6+"#5A,#5""2/)D' 9+/)?"2/)D' 1+7+X+"?"2/)' R' EM32/)

62$' 7)"278-' K+' 6)+,"' +,"' +"L"+E#/#5A,#5""' ND' #E' X+X9E+X' N

V/)%3#%)'62$'cb+T+3_'j_jofD'6)+,"'"+'9+/#T'N'1+]#5,?'%3+@

"+7' +,%>)%)' +"2/)0-' S,4>)%)' 629"' +>/#56' N' V/)%3#%)"

+/L/+0"27#5'1+6+/-'g#T#%8'F)32/D'#/'9+/#T'N'E%3+127'S%3@

X#'M"#/1?)"D'#/"')/2"'9>+12/'+,"?+"D'6)";R'V/)%3#%8'62X+/@

E2/-

g#T#%8' [)%#5%)"' +E27)' M+3' N/' %)/#56D' ?+"' )/' %2<+9+"

9,+"?8-'a+'>+3/+%3'N/'62Y"27D' +,0'+E27)'0+"9+"#56'N/'+>@

/27' a/+' 1+6+/-' SE27)' #5M+4)/' "+,)/'<)7)>20)"2/)"' #5TT+X

"+6+9)"_

O\6' +9"9+7#5A,+"' R' 1#5,%)' 1+626+3' #;' 6)' +"#E

+6#A' ;26' 7)")D'+,7' #7#/' 1+6+/L+9#5A,#5"#ED' )";>2%

+62"' C+6+"+9D' 1)6+' N7' V/)%3#%8' <+Y+E#/E)' )6

6+/6"#56D'A2H'9,+"?#ED'R'A2H'6+1#EP'c})7)>_'h_jof-

g#T#%)'1+6+/'"M+"+9#5A,#5"';#5"2/'9,+"?#E'9<+Y+E#/2/

V/)%3#%)"D'A2'6+1#E-'a/+'1+6+/'9+/R#/"'+,"'N/D'#/'6)+,"'A2

V/)%3#%8'<+Y+E#/E+X'7)"2/-'g#T#%8'"9+3)';#5"2/'+,"'6+18D

#/8' 7)"#56' N' 39+/#5A,+"' 9+6' 1)E+"4#5A,+"' >+3]+Y#E-' [)@

%#5%"'+,4'6+18'9/27'N'62*'1+6+/&'=+;)'E/+-'.9+/#5A,#5"8D'1)@

E+"4#5A,#5"8'a/+"'<+Y?';2"' 2/#56-'[+E+3+7D'A2'62"?'<+Y+@

E#/#56'2"?'V/)%3#%)"'1)E+"4#5A,#5")0'62Y"27#ED'+,"?+"'%=+7

ND'#/?+"'1+E+3+78D'A2'[)%#5%8'<+Y+E#/E#56'ND'2A2'62"?'62Y@

"2)"?'62T?)'%3/9#5A,+"'62$-'[)%#5%8'2/9#5%"'N7'9/20'=+;)'E/+

c:%+,)'ki_mDkf-'^+T6#%'hoi_jDi@"'+%#56'N_'OQ/1")/'.)/#$8D'#HE')6

+"LD'R'6)'6#Y+0)/'a/+' #7#/' +/)?"2/8D'#/'"2/#56'N'?#' #7#/

62T?2/8D' CM9#56'N'?#'+62"'0+E2/8P-'\";>2%'32%"#56'2"?D'g#@

A/?


T#%8';N/'=#%#56'39+/#5A,+"'9+6'1)E+"4#5A,+"'6+%)"-'I2/'E2@

/+ 2/6#5"?8'>23?'N'7)")'+,%>)%)"_'O.2H/D'9+/R#/8'K#5'<+Y+@

E#/E+X'7)"2%D'#/'V#'9+6?8'9+3+/E)D'R'%+3+"+"' +C)"';#5@

"2"+P-' g#T#%)&' 2%+%)/#5A,#5")0' *#5/9' %2/8' X"#5"4' 3E20' 6)

1+6+/L+9#5A,+"D' #/)'42>?#56' #;' 6)' 2/9;#3#5A,#5"' ;N/' 9+/#T

"2/%'A+<+"027'c9/9)"&'})7)>_'h_jof-'\6+"+7#ED'#/',#5/+?+";@

,#5/'?+T+?#56'91+"4)>)'1+7+X+"?)'R'%>+Y"+7)?)D'"+']2T@

?27#E'+Y+$'N/'F"#56-'g#T#%8'#;'6)'6+/4#50';N/'E+=2"#56-'a+

9)%E#56'N/':<2%#%)'2/20"2/)'123&'+%27#E_'

O:E'1)6+'+1+'2%'[#F#E'9+>E+X'F"#56'26':/#5%+T26

R';F)326D'A2'+,"32T')";'>)3)'>+3+1)')"L-'I)+,"'A2

^#5/ ' [#F)"' ?+T+?)0' ?+T+?' E9+,#56' N' R' +%#56D' A2

9+>+"?"2/'R'"2T#5A,#5""2/'2"'%>+%#56')"LP' cb#/X?

jo_jjDjif-

QGD')";>)%)G'6+/F+/2+9+"'=#%?-'\"L'1+6+/'123+?/?)/'ND

A2'?+")q%8'+,%`/'9E+*2"'42%#542"'+,%>)%)'=#%?)'1+6+/-'xH;D

"/+"?' ;2"' N7'0+"9+"+'+,%>)%)' +"' 7%27-'I2"?' #7#/%'%)/#56

2"?'7+E' +"2/'7%27D' +,0'S%3E+X'"+R'*F#5M+0"#56'N'*/9+"?)

1+6+/D'4/+'123'62932T' 2/#56'N'R'1#5,%D'R'?+$#5A,#5"-'g#T#%8

?+$+72/#56'N/'"#/+4+/L"2/)"&'+%27#E_'OB+3'"2T#5A,#5""2/#E

>23?'N'62*'63"27'S%3X#'+/?+,#5A,#5"8P'cb#/X?'hm_jjf-

[23+?/?)/'ND'A2')";>2%'62"?'9+/L+F+"?2"?D'2A2'%3+"+"?

6)'6+/F+/2+9+"'=#%?D'#/'+62"'+"F+6'62*'%>+%E#56'2"'1+@

7+X+"?"2/'R'4)6+4/#5A,#5"-'\1+/92D'2%';26'+%#56D'#/'S%3X#50

%3+0+X'+62"'6)'=#%?'>23?'N'7)")'+,%' "#5,A)-

u"4)/"'+,"'ND'#/'62*'3/E+X'M+3'=#%?2/'6+/49+"0'4/4#56

2"'%=+7' +"2/'<"3/27-'K/+"?'F2T20)9D'1+]27)'=#%?2/'2"'+,"

6+%)"D'#/'6+/4)9'>23?'N' +/F+E+]2"' )*"2%)'9+6'X+Y+,#5@

A,+"'62$D'#/'+62"' +"'7+E'N'7)"27#5'"/+"0'1+6+/-'[+]+='6+/@

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A/@

4)9'S%3X#5"'<"3/#56'#5'X+Y+,#56'2"'6)+,"'+,"' +")'1+6+/D

A2')";'9+/#T'N'a+'+"27')/2"0'9,+"?#56-'a/+"0'%2/8'42YR%'12@

3+?/?/E+X';N'S%3X#5"'9,+"?#E'9+6'6+1#E'62X+/27#E-'a+,2"?D

A2')";>2%'N'g#T#%"'+/L+F+"?#56'9+>+"?"2/)'R'<#/L+"?"2@

/)'6+%)"'6+/F+/2+9+"'+,%'=#%?)"_

OW+,0'2%'6)' +")'32T';26'4"#56'R')6'+"L"'N7'>+3E+@

9+"';26'1+6+/#56D'#/'#5/+=#5A,+6 '9+3+/26')6'8"@

A+0?8D'R'+,"'>+M3#"8D'#/'.2/'[)%#5%)0'+Y+D'#/'S%3@

X#'M"#/1+0'SE23+/+")"'E9+,26P'cb#/X?'jo_jmf-

g#T#%)'1+6+/L+9#5A,+"' +"+7)"'+,"'N/D'#/'"+')/'9,+"?8

A+"9' +"';N/'1+6+/#56-'a+'"+R'1+%9+027'N/D'#/'S%3X#'X/+@

F)/"' )/' 9,+"?)' 1+6+/' "2/+Y#56' N/' "+R' 1+"4)>#T' <#/L#5@

A,#5""2/"'#5'1+7+X+"?"2/8-'[)%#5%)'1+"42>'g#T#%)'%2/"'+E2@

7)'62X'N/')/'9,+"?)'"9+36+6 '#5"20+X'%)/#50-'g#T#%)'9,+"?8

0#5,0' N'3+7)%'6/0+E+*?"'+E+/327#5'F+T3")?8-'p+X'4)/'?#

9,+"?8'R'E2/0/#5'V/)%3#%)'9,+"?8-'[+]+='%+'"M+"+9#56'ND'#/

62"?'>23?'N'0+X'4"2"?'+,"D')";8'1+/6+/+E23'ND'R'E2/0"2"?'#;

1+/6+/+E238&'=+;8-

F%-#0*"%G6*J#)3H#%&#*/3#I6)+*&*(@#*")&'>/*Z(#P

:%'F)326D'#/'%+'1#F21+/+*+3';N'C+6+"+9+9)0&'+/R63@

,+"'?/)%3#"2#5A,+"8-'S,"' +E+9+"'3+/ 2/'N'hneo@+9+""2/)"

R'hnno@+9+""2/)"'62/'+>/+X)0'R'?+/#*+X)0-':%'+Y+$)""2@

/)0'26D'#/'=#%3#E+"#56'26D'A2')"?%'N7'26'%=+7E27-'S"0+X'3+@

%8'3+/)"2/)'8"A+0?#56'2%'1+"4)>27'26'OL)A1+")P')/+E)]+9@

"2/)&'%/3#56%'2T+X8' +0+1+,327#5'1+6+/-'g23/#%)'"6+"'EM@

3+"#56' N)D'2/ '32%"#56' N)')6'4+3+/9'=#%3#56"2/8'R'%/3)%

)/+9+"' E)]+98-' B+3' 42>?2/#56' 2%' +T+T+9#56' N)' .)/#$8&

A1B


="4/27#E'a/+"'<#=27')6'%)/38-':%'%#E#/27'N)'2/+=3+>+/3

7)"27')"L'#5C2T+0"#T'<#/L#5A,#5""2/)'1+6+/'cS'g23/_'h_dDlf-

:%'M+3'7+E'1+%9+027'26'S%3E+X+M";)'123R,+7'=#%?2/8_

OS/4' V/)%3#%8D' #/' 6+/6"#E' 62*' 1+6+/' ;+/;+/E20D

4#5?'N7'"#5,"'63?#E'*)"E#/E2?D'#/'6+/6"#E';+/;+/E#@

T8'62T?)0'4+4+/20-'x/'+,7R%'#;'A2'6+/49+"0'0+"9#5@

A,#5""2/)'>2%D'+,7'S%3X#'9+6?)'>2%'+>/2?'6+/6"#56

6"+0+X'C+6+"+9P'cS'g23/'m_hDjf-

z+/;+/+"?"2/)'62$'62"?'1+%#5"+"#56'2"?-':%' ;26'=#%#56

;+/;+/+"?)'9/#"+9+"'1+%9+0#T#5A,+"'6+%)"D'8%3'#/)'>23?

N'8"4#5"27'1)E+"4#5A,#5""'#5'+T?+3#5A,#5"8D'?+")'#/'4/+"0#E

+/C+"+"#56' 2%' S%3X#' F"+1+3+"?)"-' :E' #;' N7' "9+3)' #5"26

+,"';+/;+/+"?8D'#/8'7)"#56'N'3F)3#5A,+"'R'%=+7D'+"+%3E+X

E+/?+FX)'>+3]+Y#E-'S%3E+X';)'<+Y+E#/E#56'4/+"#E-'z+/@

;+/+"?"2/8D'#/#"0'62"?'>23?'N'1+"4)>2"?D'+,"';+/;+/+"?@

"2/"'2"D'#/#"0'<#/L+Y#5A,#5"8'#5"2027'N'V/)%3#%8_'<#/LE27'N

+62"'LR#ED'6)";42Y'+Y+"0'62T?)'c: /_'m_hkf-'z+/;+/+"?8D'#/

"9+/+F/#56' N' g23/#%8D' 6+/4#5"' 1+"4)>+X' +,"' 4)6+4/#5@

A,#5""'ND'2/ '%2<+9+"'6+/6)""'#5'M/$+>+3)'6+/4)9'%3)>#56

2"'"/+"'F"+7'#;'A2'S%3X#'9+6?#ED'+,7'+,"']+"+>+/1#ED'#/#E

)/2"?'2"'#5*#56-'S,%'42>?#56'2/9;#3#5A,#5"8'F7#5='9 +/L/+0@

")D'2A2'62"?'+/6+3+E#/E+X';7)"2"?'[)%#5%)'"9+36+6 '#5"2@

0+X'%)/#'62$-

g23/#%)' "6+"' 2%' 0+"9+"#56' 26' 123R27' [)%#5%)"' #;' A2

6)";R' +,"32TD' #/32T' 2%' >+/*+>2%' 9+%26D' A2' a/+' 1+6+/

94"26')6'9,+"?8D'+,7'+,"32TD'#/32T'2%'98"4#5"26')6'%2<+9+"

9,+"?)'R'0+"9#5A,#5""2/)'6+18-'v#5,7'3#5/D'#/'6)+,"'a+'<+@

Y+E#/E)-'^+')/+F#/XE#56'N'a/+'M"#/1?#E-'a+'\/'M"#/1?8'3+@

7)%'N'=#"+/1"2/)"'c[+9# _'m_df-'S1+'A2')";#5'1+7+X+"?)"'1+"@

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A1A

4)>27)%'g#T#%8'9+/#T'N/'+%27_'O:%'1+E+"27'26P-'.2H%D'A2')";

N/'+%#56'[#E1+""2%'+Y+?,+78'"/+"0'6+%)"D'#E?2/'1+TA20)"

%+3+"+,)"_

O:E' "/+"?' 1+TA20)"' "/+"&' b+Y)' +/,#5"#E' R' )/2"0

E9+,#5A,+"'=#%?#ED' R' ;%)/20)"' )/2"0' 1#F)"' 6)";R' )

6+1P'c[+,3"_'hj_hhf-

:%' M+3'M+3'+"F+6' N)' 7%27'+,%'=#%?8D' +,0'6)+,"'4/+'6)

6+%8-'B+32/8'M+3'M#53'2"'9+"F'+Y"#56_'"/+"?' +0'2"'A#T@

"#56' =#%?)' E2/$)"' 6+%8-' ^+' N7' 12"0' +,"' +C)""' ND' #/8' 62/&

+/R63,+"'6M+9#5,A)'62$'1+"/+]+"+;';N-'I2"?';2"?'1+TA)'2/9@

;#3#5A,+"'426'6TE#T'>+,?+/#56'+,"?+"'C+6+"+9D'6)";R';62/@

C2"?'%)/27'62/'9,+"?8'6)";R'6+1-':A2'62"?'%)/2"?'62/'9,+"?8D

+>+']+"+>+/1"2/'9<"3/2"?'+,"'</927#5'1+6+/-

S%3X#'3T+6+/4)H9'R'9+"+H,?D'1)6+'4#5?'F)32?']M6+/3#5@

A,#5"8_' O:/9;#3#5A,#5"8' 1+TA27#5' 6)+9' ]+"+>+/18' 9,+"?4

9#/0"27"' NP-'ST+T+9)H/'S%3X#5"D' 2/ ' 9+/4#56' 2%-'I)H' "+1+"@

$)/D'+,7'1+6+/L+9E)/'1+E+3+7-'u"4/)H/'a/+"D'#/'70")'%)/34

\/'%)/#ED'#/8'2/ 2?';)'"+1+"$#56-'u"4/)H/'a/+")0'\/'M"#/1?8D

#/#E' 91+TA2%' ?2*' 1+"4)>#T' )/+E)]+9"2/)"-'u"4/)H/' a/+"D

#/'?2*'+/3#"#5A,#5"'3+'4CE+/'32T2/#E'F"+7#5'1+6+/-'ST#@

A)H/D'#/'7)"2%'+,"'F#/X2/)'92"3/#"#56D'#/#"?'a+'+"#56'N'2/9/)

62$-'I)H'="4/)/'12M3'9,+"?-'K/+'<#=+/2"'="4/)/'9,+"?D'#/8

<+Y+E#/#56'N'a/+"-

b;*/<#'Z(?#>*3)3#*/3#"*&9%-#"*3'(d

:H9'E2/+4+Y"+"?'+,"'>+1)"D'2/ '[)%#5%"'\/'1+/#5A,#5")0

123#' "+=+]+M' N/' >+3/+%3#56' +M+92/3"2/)' 1+6+/-

a+=+]+M)0' 123#' [)%#5%8' g23/#%)"' ;3E20' 6)' O`/1"E+XP

A1W


6+/F+/2#5A,#5"-' I)";42Y' [)%#5%)' =#%?2/8' 9/#56' N)"' +,"

=#%3#568D'#/'g23/#%8'>)3)'1+TA2/')/'+62"+62X'E+=)"'R')/

%2<+9+"' 0+"9#5A,#5""2/8' ;)/+9+"+0"2/' 6+/49+,)"' #5C#E-

[)%#5%"' +%+0' g23/#%)"D' #/' \/' 1+"42>' #5"20+X

1+E+3+/6#5A,+"' >+3]+Y#E' 9"+1+3+9E)-' g23/#%8

91+TA2/' 6)' +")D' )";)"' "+=9)"#56' ;N/' 9+/#T' 1+"4)>27-' a+

32%"#56' N/' "#/' g23/#%)"-' [)%#5%8' 32%+E' E2/$"+9+"

+M=+3+"?8-

g23/#%8'42Y'>+3/+%3';N/-'(%27#ED'A2')";'N'32T)'#5"2"+7#5D

g23/#%8' M/$E20' R' 32%+E' [#E1+""2%' +Y+?,+7)"' R' 1+/0/20

[)%#5%)"_'OW+,0'.2H/D')q";'9+%2%'+,%'6+/4#5'6+%)"P'c +Y+0)

A+/F6+"#5A,#5"'+"F72/2")0f' c[#E1_'jh_jhf-'g23/#%"')/2"'42Y

1+626+3#56'N/'#5/)M"2/)'123-'Ä%3'N#5A,+"'"+'+%#56'N/_'O:A2

2%'>23?'N'F"+6'%/+'6)$#ED')%9'"+')q";'>)3)'+")P-

[)%#5%8'>+3+%=+"20_' O:A2':%'9+62"#56'26D' #/'4+'92"+D

6)";R':%'F+6D'?2*')q";D'4#5'\6'23R)0'29P'c[#E1_'jh_jjf-

S,7'92/>'+%+X&'4+'9+/R#/';N_'6)H'1+626+3)/'?2*'#5/)M"2/)

123D'#5TT+9)'123R)/'\"L-'B+32/"'2"';+<#56')/2"0'9,+"?"'#5

X+Y+,#5A,#5""2/8' #5/)M"2/)' +/+X)' R' +%+X)' 123-' K#5' ;2%

0+"9+"#56' ?2*' ;+<27' %=+7' ;+<+")M#E-' b#,#5A,#5"' #5")' 62X

3+/ 2/#5A,#5"' %+"3)623/)' R' 9)7#623/)' 6)$R-' I2/

292T20)"2/#56' 6+/49+"0' 62X' 6+%"' )/2"0' 9,+"?"' +>/#56' 2"

)";>2%' 9+62"#56' 2"&' 1+/6+/+E23#5A,+"' 62$-' :/ ' 62"?' 62*

1+626+3#56'2"?'6,#5%"2/)'123D'AE#56'ND'A2'62/'6#3'+62"')";

7+E' N' cR' M+3'F#7f-'!2TX'6=)A+/#5A,#5"' N'+%278D' A2'2%' 7+E'26

+,"?+"D' #/?+"' 6,#5%"2/8-' ^+' )"?"+=+ 2#5A,#5"' N_' 6+/4)9

1+E+3#56'2"D'#/'2A2'4)6+0)")'9,+"?#56'+62"')";'7+E'ND'+>+

)/2"0'6#3'N7' N'+62"')";' 7+E-'W+,0'R'+,">2%D'62"?'#5"2"?'629

;+<+")MD' ;+<6+"' 629' 8"41+"#5/' 6)+E#/-' I2"?' #;' 6,#5%

?+/#*);"2/)"' 9+6' 292T20)"2/)"D' #;' N7' 62/' ?#5,/2/)"' #5

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A1!

2T +,/"2/)"' 62*' 1+6+/' ;+<+")M' ;2"?' 1+6+/#56-' I2/

;+<+")M8' [)%#5%"' N-' [)%#5%8' g23/#%)"' ;+%+0D' #/' 123R)

[#E1+""2%)"-'a+'+%+0_'O[23R)H/'\"LP-

[)%#5%)'+"0+X'#5T)"'+"L"#5/+0#5A,+"'#5T)'N/-'W+E+/+/';N

[)%#5%)"'>+/*+>2%'123R27'0+"9+"+78'9+6'<+<+F278-'I2"?

>23?'N'123R2"?-'!+/4+'123R,+78_

O:E' a+' C#T#E#5/4"' \/' +M+92/3"2/)' 123' )/2"' 6#3

9+";20'R'''"/+"0'+%+0_

OxE'#/'#5*#56'N'\6'23R)0'F+D'A#T')/'+"L"'#5/+"+'R')/

=+;8'E2/0")'R'\6'23R)0'F+-'x/#E123RD'#E'#/'9+62"+

)/'+"L"'+>/20"27&'99#/0")'"/+"PP'cI+/9_'e_imDik+f-

x5M+4/#5A,#5"' 4+/L/#5D' #/' [)%#5%"' +%+0&' 2A2' ?#' 0+"9#5@

A,#5""'N'+62"')";'+"27'9,+"?4'</927#5'1+6+/D'+>+'4#5'99#/0@

"2%'+,"-' SG,' ?2*' +"-' :A2' 0+"9+"+%'+,"' +"2/8D' #/'+,%'+M@

=+/1"'N'0+"9+"#56D'c"#5,")%9'2A2'2/ 2?';2%'#5"2"+fD'99#/0"2%

?#' 9,+"?8-' W+,0' R' +,">2%' #5M+4)/' "+,)/D' A2' [)%#5%"' )";' N

+%#56'M+/#5"+9#5A,+6'62$-

OW+,0'#E'#/')/'+"L"'\"L'1+6+/'R'SE23+/+")'1+6+/

99#/0")D'"+'9+>/20")'"/+"P'cI+/9_'e_ik f-

x5M+4/#5A,#5"'4+/L/#5D'#/'[)%#5%8';+%+0D'A2'#E'#/'0+"9+@

"+'9#/0"27' )/' 9,+"?8'\"L' 1+6+/-'p+"9#5A,#5"8' +E+/+/' ;N-

g23/#%"'N7'0+"9+0+E'123R27'[)%#5%)"'R'12"0'+,4'F)M2/'#5/+@

0+E'a/+"-'W+,0'"/+'M+/C+Y)A)'23R#56';9+/'#;'S%3X#'%2/8D'#;

a/+'*#/#5A,#5"8-'K+'>+3]+Y'4+/L+ED'#/'"+'>+/3E)-

A1/


e+%-,'&#7%#3'&+@

I)";'9+/4#56'2%'+,%'F)/?8D'%3#5F)/'?#'M+/C+Y)A"2/8-'S/4@

,#q?' 4#5' [)%#5%' V/)%3#%)' ]M6+/)3'+M+92/3"' 2%D' A2' 0+"9+@

"#56'2%'123R27'a/+"'6)+,"'?#'>+,6+""2/#E-'S/4,#q?'4#5'6"#56

2%'?#'%+16+""2/)'62$&'12Y#5'7)"27#E'+"L"+*#1#5A,#5")0-

["+/+E#q/' ND' #/' +,4' %+16+""2/8' >+1>+"2"' ?2*' [)%#5%)

+"0+X'#5T)"2/)0'R'E2/$)E2/$#'#/+9+*/92"'?2*'c32H%'W'!#/"A_

hi_kf-' [)%#5%)"' 123R27#5' #/#M#56' 9+,+0"27#50' +Y+$D' 62"?

"+=R+Y+$'>23?'N')6+"+"?'4/+'F)"8-'S,#HD'4+'])M3'N-'K+'+/@

C2?'#5")-'S,"'>+1+"$#56'N'#;'>+9+%D'?+"'?#'+6 #T$'9,+"?8-

(%)H/D'A2')";>2%'[)%#5%8' +0+3/20'%+'\/2"'123R27'0+"9+0#T

+*6#5A,+"8-

O:E'M+3'C#T#E#5/4"2/'F"#56'N)"'a/+'123D'R'4+/L+E

"/+"0'+%+0_'O:A2'629"'\"L'6#3'F+D'R';+3)')/'1#/8'R

6#/8D'9"#$8'R'#/4)"2/)"D'R'2T +,/"2/)"'R'?#5,/2/)"'R

12"0')/'+"L"'N7D'"+';)'9+/#T'\6'+M+92/38'7)"27-':E'#E

#/')/'=+;8'E2/';+Y")'R'\6'23R)0'F+D'"+';)'9+/#T'\6

+M+92/38'7)"27-'x/#E123R'L2*+")0'#E'ND'#/'9+62"+

+M3+/+9' M)"27' R' +Y+$' ;"%3)' R' X+=%8' 1+ME)D' A2

+E+/327#5' 1+6+/' +E+9+"' +"' #5")q-' x/' 6)F#502D

2/ '#/'1)6?8'4")'R';9+/#T+"+'+E+/327D'+62"'32%@

"#T"2/8'%9%2"'X+T/'+"27'"/+"-':E'+%27D'A2'+,%'6+/48

%9%20'M)"27'R';9+/#T+0+E'+E+/327___'S/4'+,4>2%'N7

L2*+")0'+62"'6298D'#/')/' #7#/')";?)0';1/+C+/E)D';)

9+/#T'\"L'+M+92/3'7)"27P'c�#59_'hm_jk@ioDiif-

S1+'A2')";'+/C2'6)";R'E2/$'1+6 2/278-'I2"?'6)'?);'+Y+$

[+,3"#5A,+"' F/?#56' 9+/4+0)"?D' #/' "/+"?D' #E?2/' 1+TA20)"D

;%)/20)"')/2"0'9,+"?8'6)";')'6+1-'KC +=3+ +/'%+';)'9+/#T

7)"27'+,%`/E+'S62/)9+,)'292T20#5']MF/)3'"9+/+F/#5A,#5"8-

:%' 9+/#T' 26' M+3' `/)"+9"2/' 2/27' ?/)%3#",+' 3T+6+/4@

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A11

9+"0'R'9+"+"0'9,+"?)0D'#/#"?'M+/#5"+9#56'2"')/2"0'9,+"?)

%2<+9+"+32/2/8' 7)"27-':/ '2%'1#E)E' N)D' 6)'2/)3+%+/4'9)"

6#320+E')"L'R'4CF#127#E'+%+0_'O[#E)E'U#H"D'2%'+,"?+"'%+/@

%+<27)'9+/X)?'#5"26')6'6+%)"-'u"4/#56'26D'+T#A)/D'#/>2%*)

9+/X)?%'<#=E)P-':%'"+,20)'"/+"'R'+%+0)_'OK+'?#'="4)/"'NP-

!)"8'M<#AE20-'a+'+9"9+7#56'N/'2/9+/+C+6'=/+3"2/'7%27

R'E2/$#56'N7&'+T#A?-'!)"8'%>+%#56'N/D'#/'2%' +/21+]'9F3"E26

R'?+T0/'=#%?2/'9+%26D' #/>2%*)'"+')/2"' 7+E'*F+/-'\6'>+@

3+%=+"8' 0"020' "/+"-' W+,0' ]M6+/3#5A,#5""' N' 62*'+*+3#56D

+,7'#;'A2'62/'="4)/"2/)'6+%)"'=#%278&'+Y+"0'4/+"0'+/6+3@

"2/)'1+/02/8'7#5X27#5-

:%' 1+/0/)' 9"#$8_' OS%3E+X+M";#56' 4#5' #/32qT' 2%' F3"#56

E9+,#5A,#5""2/')"?"+62X+/6+"'9+6')"?4'?#'6+%)"' 7+E'9+/@

X)?'#5"2"+7#5'6+%)"-'[)%#5%"'+%+0D'#/'\/2"'123R27#5'1+6+/

4#5'>23?'N'62Y"2%-':/ RN'4#5'32%27'2%'6)'62Y+X'6+/4#5D'#/8'"%@

3+X' N' 4+F+T)' 62$' R' +%#56' N&' 12G,D' )";#q5' 2?' )"L' +,%>2%

1+F0/27D' 4+' )"L' 4#5/' ;)' F+7)%D' )";#q5' 2?' )6' 6+*2/"' +,%>2%

1+/4+/27D')q";'963+X2"'6+/4)9P-'

:%' #5*#56' N)' 0#5,0'3+7' 9"#$8D' #/'S%3E+X+M";)"' 1+6+>+@

3+%=+"';2"')"?"+62X+/#56"'#5'?#'6+%)"'7+E'9+/X)?'#5"2"+@

78-'[)%#5%)"'123R27#5'R'%)/27#5'1+6+/')"?4'?#'6+%)"'7+E'9+/@

X)?'#5"2"+78'>+/3+4)/';N-'S,4'9)"8'92"3/#"+0+X'N/'C+6+@

"+9+E#/)'R'#;'A2'1+E)32"+9+")'E/+-

I2"?';2"?'9+/#T'S%3X#5"'X+Y+,27D'2/ '6)+,"'7+E'9+/X)?'#5@

"2"?'62/'6+%)"D'2/ '62"?'#FR#/E+X'2"?D'9+6'N7'2/ '+62"')";

8"A+"#56'N'62/'#5*+X'LR#E-'I+/49+"0D'#E?2/'+,%>2%'2"'E+/@

E#56D'62"?'+"E+"#56'N)"?'O7+E'`/2/)'8"92/"2/P-'()"#56'2"'"+R

O7+E'`/2/)'?/)%3#",+"2/P-'a/+"?')6+%3#5"';2"-'t2/$)E2/$#

"/+"?' 91+"4)>2"' )";@#/' +")D' #/8' ;)' 1+6+>+3+%=+")

)/2"0' >+392/+0#56"2/)"-' S,"' 9+/#T' N' >+3+127' "/+"0' 8"@

A15


A+0?)'0+"9+0+X'<#57#56-':A2'"/+"?'>+3/+%3E+X';2"D'+>+

91+"L"E2"-' ["+/+E#/' ND' #/' "/+"?' F"+"' 292T20)D'3+%+"#/4

E]+/2"' R' *#1+ 2/#5A,#5""2/'3+"D' =#%2"' 72*#5"2/#E' R'+%2"

])M3' +"2/D' +,0')/2"0'%/32/#56'1/+C+/E2"'#/#"27'S%3X#5"-

S%3X#'%2/8'#;'6)'%+16+"+<+9#56';#5")-':A2'62"?')/#?'0+"@

9+"#56'2"?'?+,727'a/+'123D'62"?'>23?'N'12Y+0"2"?'62/'%+1@

6+"+<+9#56"2/8-

f%$6*J#"*&9

:/ '62"?'"+,#56'2"?'g23/#%)"'b#/X?'+Y+?27#0'F/?#56D'4C@

E+/'N'1+E+3+7D'#/'"+'+,"'"#5,"'6+/4"'ND'#E'E+=20+E'R'#5/+@

0+E'V/)%3#%)"'X+Y+"2/)'+Y+$-

^#5/ '[#F#E'70E27#50'123#'"+'1+6+/L+9#/2"D'+Y+"0'E+=)

#T$':/#5%+T26#HE'629'1Y;+9#56'N/D'#/'[)%#5%8'.2/"'N'#5'I2%)+"-

g23/#%8'L2/ +9+7E20'R' 2/E20'+Y+$"#/4"2/)'+Y+$D'+,"'?+@

1+"+"2/)D'#E?2/'=+;27'N)"'[)%#5%)"-'S,C6'g23/#%8'9+"F"+X

N/'#;'A2'X+Y+"2/)D'+,7'12"0'"#5,"'=#/1/4)'+Y+$D'#/8'4+3+@

>+/320'[)%#5%)"-'g23/#%8'"+,20'"/+"0'R'62X'1+6+/L+9#5@

A,+6 '1+,3+/+/20_'OK#H5?'N)?D'#/'=+;20)?'[)%#5%'V/)%3#%)"&

I2%)+,)"D' R' #5/)M' #;' 629#E' N7'</9#5A,#5"' ;9+D' +0)' a/+")0P

c32H%'b#/X?'m_e@hjf-

g23/#%)' R' [#E1+""2%)' 1+6+/L+9#5A,#5"8' +>M20/20

=#/1/4)"D'R'"/+"?';9+/#T+0+"'#/RN' +"'+%27'+,"'F#/X)'426D

#/'S%3E+X'N/'+"#56-'S,4'6+/4)9'E2/+1%927#5'E+/>23"2/'N)"

R' 4)620)"' E+=20"27#5' 6)$#0)"-' a/+"?'+%+0)"' 6)6,+"0_' OS,7

#/>2%*)'+E27)' ;3+/+XE)' C#T#E/4)' 62$D' %+%3)9' %>+Y"+"?

"/+"0D'#/'+,7R%'+,"'+"#5"#E' ;=#%2"'6+/49+"0'#;'629)'123P

cb#/X?'m_hlf-

[)M)H/D'#/'+,%'+Y+$"#/4"2/8'12"0'"#/' N)"'=+;27'[)%#5%)"-

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A19

\%9'[)%#5%8'g23/#%)"'+/42"'+%27'N/D'#/'"+'96+1+"+'+,">2%D

)";>2%' \"?8' 6+1+0+E-' ^/+"?' 4+3+/9' %>+Y"+7)?"2/' ;N)"-

I)";42YD'"#5,")%9'1"+/+E#/'6+1E+"'+Y+$'9+"F"+XD'g23/#%"

#5' [#E1+""2%8' 1+6+/L+9#/2"' 1+%3+320)"_' O:A2' +/C+"' N

S%3X#'+Y+$)"D' #/'L2*'+E27)'+9+"$'4"2"?D'?+"'A2'S%3X#5"D

4#5?'4+32?-'x/#E123R'62"?';2"?'9+/#T'+,"D'#/'32%+"?'R'7%2@

0)"?D';=#%27P'cb#/X?'m_hnDjof-

:/ 'g23/#%8'9+"F"+X'N/'=#/1/4)'+Y+$D'6)+,"'[#E1+""2%"

N/'"/+'123-'z9+/'6298D'#/)'E/+'3>+E#/#5A,#5"'A#T"27#5'9+6

+*427#5'9+/)?'7)"2/-'[)6+'g23/#%8'+,7'1+6+/L+9#5A,#5"'#5@

"2/-'S,4'1+6+/L+9#5A,#5"8' #0+E+YE27'N/'[)%#5%)'"9+36+6

#5"20+X'%)/#50-'a+'R'[#E1+""2%8'+*+3'+/L+9E20)"'#5'"#/)0

6)+0+"'+M+92/3"2/)"&'>+3627#ED'A2')";' N/'32T)'#5"2027'R

+,"'%>+Y"+7)?"2/)'6+%)"D'#/'+/E20)"-'[)6+'32H%D'A2'+,%'6+/@

4)9')";'2"'="4/#56'S%3X#5"'+"27_'

O:E'1)6+D'.2H/D'"+,)/'"/+"0'%>+Y"+7)?)"'R'3#5/'V#

X+Y+"2/)"D' #7#/' 1+6+/L+9#5A,#5"#E' V#' =#%?8' =#@

%27D'#/'V#'L2Y?8'629"2%D'#/' CM9#5A,#5"D'R'"M+""2/D'R

1/+M?"2/' 7)"2"D' V#' %#5/ ' x/4)' [)%#5%)' +"#5"#EP

cb#/X?'m_jnDiof-

S,%'6+/4)9'S%3X#50'+E27)"'N)"'="4/#56D'?+"'>/# 726"2/)

62$';8"9"278-'a/+"?'F)32)"D'#/'SE23+/+"8'?+/#*27#E')/2"0

9,+"?2/8'E3+"F)'3+9'2"'4"#56-'W+,0'M+/#5"+9#56'N)"'?+/#@

*27D')%9'S%3E+X'1+E+3+/)6'N/'1*#/'1/+M?"2/'9+3+/27#5'1+@

6+/-'SM+92/3"2/8'A#5,7';3E20)"D'#/'2/9;#3#5A,+"'>+3]+Y#E

S%3X#' >+/FR8' 1+"F;)' )/2"0' 62$-' }+%3#/2"D' S%3X#' *#/#5@

A,#5""'+,"?+"'#5C2T'N/D'#/'1)E+"4"2/)"'4#5/%'N)"' 2/#56':/#5@

%+T26)'<#T#0"2/)'E/+D'R'6+/4)9' CM9E#56'N)"D'2/ 'g23/#%)

M#5?"'8"9"#56'N/'"/+"0'E/+'cb#/X?'k_hkf-

A1?


V+1+"+,+>238' R' =#/1#5/48' )/+9+"+0/)"' )/2"0' %>+Y@

"+7)?"2/8-' a/+"?' +M+92/3"2/)"' L2/ +9+720)"' R' "2320)"

+"3-'V+1+"+,+>23"'+%+0_'OzNq'#/'>+3E)/27#E'>+3E)/2@

0)"?'L2*D'#/';%#E#/20"2?'+,4'+"#5"#ED'R'+1+':/#5%+T268'70@

/)?'L2/'#5%6#5"?#E'R'9+62"#56'2?'+,"'6+/4)'+/,#5"8'62*'E/+

2/27P'cb#/X?'k_jef-

g23/#%8'"#/)0'1+6+/L+9#/2"'>+3+%=+"20_

OS%3X#5"' >23?' N' +E27)' 1"+*+"427D' ?+"' A2' 6+/4@

9+"0-'I2/' 1+,/2/)'S%3E+X8' 1+/#5A,#5"'3E20'[)%#5@

%)"&' x/)"' 4#5?' <+,3)0' 9+=+X' %>+"20)?-' S%3E+X

a/+"'SY+$"#/4'R'}/9);' +/L/+0/20'\/'+$#ED'#/'\%@

/+,27)"'+>+M=+/#5A,#5"'R'62T?2/)'A#T#5A,#5"'3+-':E

62"?'a/+'E9+"2/"'2"?'+,%' +"2/)'1+6+/D'R'^#5/ '[#@

F)"' N7D' #/' S%3E+X' \/2"' 1"+*+"4E#T"2/)"' 3E20P

cb#/X?'k_jn@ijf-

\";>)%)G'=)*+=#5A,#5"' R' 1+6+/L+9#5A,#5"-' SM+92/3"2/8

E+=20+X';N)"-'g23/#%8'+/42"'2/9+/'C+6+"+9'N/D'#/';N/'LF@

3#56'>+1>+"27')/'9,+"?8-'a+'+*+3'N/'2%+%)/#5A,#5")0'R'70@

E+X'N/'S%3X#'^#5/ '[#F#E-'S%3X#'%2/8'+Y+3#5A,+6 '70E+X'N/

"/+' %/3#56-' \";>2%' [Y#62+0)"2/)' k_k@"'+%#56' N_' Ox/#E123R

S%3X#'%2/8'<YE+X'N'62/'%/32/)'62$'^#5/ '[#F#5'L2Y#ED'#/'3/@

E20'62*P-

[+%9+"+7)'ND'#/'^#5/ '[#F)"' 2/#56'N'S%3X#'%2/8'62/'9,+"@

?2/)'62$-'W+,0'g23/#%)'`/)"+9)0'"+R'1+%9+"+7)'ND'#/'^#5/

[#F)"' 3/E#56' N' "/+"0D' #E?2/' 1"+*+"4E#56' 2"-' B+G3@M+G3

?/)%3#",+"2/'#5*#56'2"'%2/"'#5"2"+7'+Y+"0'1"+*+"4#5A,+"-

(2*#5"2/#E'=#%278'2/+M=)?';ND'#/'S%3X#'%2/8'96"+'?#'%/@

3#56-'^#5/ '[#F#E'70E+X'7)"278'629'+"F+6,+'<#/L+Y#5A,#5"';N-

aM+"+9#5A,#5"';#5")D'A2'#/?+"'7+E'F)32%'^#5/ 'F)/?8'R'A2'#/@

?+"'7+E'2%'=#%#56'72*#5"2/#E-':A2'4#5'S%3X#'+Y+$'1"+*+"4

0' & ( + = > 8 + = & ` ) ' T ' ( ' & ) \ a

A1@

9,+"?#E' ;2%' +>/#56D' ?#' %2/8' %9%#56' N' %+Y27-' Z#5/+?+";,#5/

+"1"+*+"4#5A,#5"'9+/#T'N'>+9+%20"27'+,4'%2/8-

[)%#5%"' +%+0D' #/' E2/$)"' `/2/)' "M+""2/)0' 629"' +,"' ND' #/

?/%3#",+"2/)' %/32/#56' S%3X#' %2/8' 9%9%)' %+Y27' +"`/2"#5@

A,+"'9+6'+"1"+*+"4#5A,+"'>+3]+Y#E'cI+A_'jm_hjf-'[)%#5%)

+%+X'%2/8'+F+>2 %2/"' N-'xE?2/'8"4#5"27'2"'[)%#5%)"D'6)+,"

"/+"?'2"'9/#56'+,%'%2/8-'["+/+E#/' ND' #/' 70E+X' 7)"2%'[#F#ED

+,0'[#F#5')%9+9+"'%2/8' +0+9+,)-

g23/#%)'#5'[#E1+""2%)'1"+*+"4#5A,#5"8'"/+"0'1+6+/L+@

9#5A,#5"' 2/20'R'%/32/8'70/20'%)/#E-

O:E' +Y+?,+7"2/)"' 9+";20)"&' X2X20)"D' #5' >+3E2/

3E)"D' #/' ;=#%2"' [)%#5%)' +"#5"#ED' R' +/L+920)"

"/+"0-'\%9'"/+"?'#5/+=+"+7#E'F"+0)"'+3,+")'2/2@

%)0D' #/#E123R' +/C+")' 2T+"' a/+' +"#5")' 1+6+/

+"+/FE27P'cb#/X?'k_moDmhf-

g23/#%"' #5' [#E1+""2%8' E+=20+X' ;N)"' +Y+$"#/4"2/)0_

"/+"?' 70E+X' N)"' #5/+=#5A,+6 -' ^/+"?' M+3' N)"'3+/ 2/E#56

+,"'+M+92/3"2/)0D' #/#"?' ?"27' N)"'>+/32*#56-' a/+"?' #5/+@

=+"#56'N)"D'#/'1+7+XE20)"'#5'+Y)A'#5"20+"'0#5,0'3+7#5')/2"0

%2/"'#5'1+E+3+/6#5A,#5"8-'g23/#%8'1)6+'#;'6)+,"'*F+06#5"@

?+,)"'LR#E'N/'%)/#56D'+,7R')/'#T$'N#5A,+6 -

É##5?%)' OSM=+/1)' ?/)%3#",+' "+1+3+9"2/8P F/?#56

>+36E#56' ND' #/' g23/#%8' "+1+3+9E20' +,">2%D' )";>2%' [)@

%#5%"' N/' +%27-' :/ ' g23/#%)"' >+3/+%3E#56' N)"' =+;27D' "+

+%+0_'O:%'+/C+")';26'62Y"27#5'+,">2%D')";>2%')6'.2/8'6+1+@

0+EP-'K/+'1+6+/'N7'"/+"'=+;20)"'F7=)E+,/-'g23/#%8'12Y+@

0+E'+,%'+M=+/1)0'#/>2%'1+TA#T-'S727#5)+G-

A5B


U/*)@(.&(3#4,2./*(,-'(2&#2(OH(<K#A#%,-=

..........................................))DE+=*))AA

H#$7* ( - ' = 3 * I . > J ( ; - I0"'/* . ( %"9

S

,"' +62"8D' )";' 62"?' 9+/4+0)"?' R' #5%#56"+%)/20)"?

6)";R'1)6+D'9+Y+$"#/4)'62*'2/9;#3#5A,+"'426'>+,?+@

/)'+62"+E]Y+9+"'>+1)"-'^+'9+/R#/'N'#;'6)+,"'+,"'C+@

6+"+9D' 2/ ' 426' +Y' 426' 1+"4)>#56' 2"?' 2/9;#3#5A,+"8D' +,7R

9,+"?)',#5/+?+";,#5/'#7#/3)'1+6+/-':%'=#%27#5'26'.)/#$'2/9@

,#5T)'6+%)"-

:92T20)"';)'1+%9+"#56'.)/#$'2/9,#5T8-'^+'4C +=3#5A,#5"

ND' #/#E123R' 4+' 1+TA+9+"' ?/)%3#"2+9+"' 9,+"?)' 1+6+/

9+/R#/'"+=+>+,6+"'N-':%+,)"'6+/F+/2+0+E'[)%#5%)'6+%)"_

O:E'a/+'+=#/C+"?8'.)/#$'2/9,#5T"'NP'c:%+,)'hh_if-'a/+'"#5,"

1+]#5A,#5"8'c+=#/C+"?8f'>23?'N'"+R'62"?'#5"2"+"?-

S,"'6+/48D'#E'2/9,#5T'#5")'.)/#$)0D'9+Y+$"#/4E)'S%3X#']+@

"+>+/1"2/#E'c^+T6_'jk_hjf-'S,4>)%)'6+/4#5'O+"L8' +/#5A,+"

62$'9 "+9E)D'R'"/+'%2/#5"48'2/9)/8'9C+Y+"F)P'c^+T6_'jk_hif-

I2*'+%E27'ND'#/'.)/#$'2/9,#5T8')6+%3#5A,+"'R'a/+"']+"+@

;27#5'%9)* "'N'cSY+9_'n_hoDh_lDj_kf-'.)/#$'2/9,#5T8'92/9+/+0")

62/'`/2/8' cSY+9_' ho_jlf-' I2*'*F#5M+0E+X' ND' #/'+Y+"0' %/ #5@

A,+"'#;'#?' ;)'32%")'.)/#$8D'?+")'#/'%/ #5A,#5"8'9+3+/27+@

F#/XE#56'N'.)/#$'2/9,#5T#E'c: /_'hj_hmD'W'!#/"A_'l_hf-':E'%/+"?

A5!

`/)"+9"2/)0'6)'?+")%"'2"D')";'S%3E+X+M#5";"'+%#56'N'.)/#$

2/9,#5T)'6+%)"-

:/9;#3#5A,#5")0'+6 #T$+>2%'+*+3'+>/27#5' 6)+9' ]+"+@

>+/18'.)/#$'2/9,#5T)'62$'?+,727"' N-'S%3E+X+M#5";"'+%#56' N_

O.)/#$'E+=#56'*#/2T'E%3+1#5A,#5"'9+D'R'a/+'#/49+"0'1+6+/

+>+E2"'>)3)'7)")P'cSY+9_'hm_jdf-'x5C2T'E%3+1#5A,#5"8'+Y+$

N' 2/#56'1+6+/L+9#5A,#5"D'#/8'62*'+"1/+C2M3'ND'#/>2%*)'9+@

/#T+"+"?'?+,727'S%3X#']+"+>+/1"2/#ED'+,7'#;'A2'6+/49+,)"-

:9'?""2"?'S%3X#'2/9,#5T)'R'6+/4#5'E+=)'6)$R'2T+X'3+/@

2/#5A,#5""2/8-

I3+J%#)&>/%-C'#8#"*&9%-#6*$'#+*& )&%-./%-(()&@

a+='?""2"?D'A2'#q/"'N'S%3X#'2/9,#5T8-'S,"'"2/+Y#56'N'a/+

"9+36+6 '1+/F+"?8D' +,0'+E27)"'N'?+"'4+-'S%3X#50'2/9,#5T

#5"2"+78'"M+"+9#56'N'a/+"'3+7'+,"'>+3)E8D'<+Y?8D'1+/F+"@

?8D'F#1#5A,#5"8D'<+Y+ +"#5A,#5"8'R'7+E+F#5,"8D'#/)"'a+'+/@

C+")'N-'cx5M+4)/'2T)/D'#/'4+'+,"'ND')";)"'a+'+/C+")'ND'+,7'#;

A2D'#/'62"?'2"?'9+/X#56D'A2'a+'+/C+")'Nf-'S%3E+X'+,%'4)/?"

#5"2"#56'N'62/'9,+"?#56D'2/ '62"?'1+/F#56'2"?'a/+"'R'a/+'0+"@

9#5A,#5""2/8'E2/'2"?'4+%#56'62/'%2<+9+")0-'S,4'42>?#56'62"?

9+32"?'+,"D')";'S%3E+X'N'+3#56'R'9%)/2"?'+,"D')";'a+'N'%)@

/#56D' +9"+X+"?' 9#5"2"+"?' a/+' "2/9+,#5A,+"' R' =#%?)' 1+"@

42>-

:/9/#/4&'29'?""2"?'6+/4#5'E+=8-':/ 'E+=2"#56'2%'6+/4#50D

6)M3'7)"#56'2%'=#5]+>)D'+"1+"F%3#5A,+"D'%#%9#56)'R'9+%9+@

X)'62$&'E+=2"+7#E'6+19+"+0#5'6+/4#50-

:/ ' 8"9"#56' 2"?' E+=)' +,%' X#5T+9)' 62$D' +>/#56' 2"?' <+@

=#5%3)'62$D'A+?"E#56'2"?'E"+%)0'#5'62T+4/+"?)0D'6M3+>2%

A5/


=#5%+<#56'2"?'62/CE+X#5A,#5")0'R'1+9+6+/3#5A,#5")0-'I2"?

* +TE+X'2"?' 7)"#56'62*'>+M3>+"27#E'R'6+/49+"0'X+Y+,2@

7#ED'S%3X#5"'X+Y+,27#5'62$'4+Y"#56'2"?'+"+/4,#5"+E23-'t+@

=2"+7#E'+,"' +")0D'A2')";'9+/#T'N'+"27'62*'6+/48D'62"?';2"?

3+'S%3X#5"'+,"D')";)"'a+'+/C+")'N-

S%3E+X+M#5";"' +%#56' N' 62*_' OI+/4)' E+=8' #/#F+,A)' 62$

9F0)P'cSY+9_'jn_jkf-'x/#F+,A8'X#5T+9'N-'I+/4#5'"9+36+6 'E+@

=8'F#T+"#56'N'?2*'3/E+X'S%3X#')M=+"#5A,#5"8-'S,"#5123R'?#

62$' 1+"F#56' N' S%3X#'>+/FR8-' K#5'+"*#/' 2%' ?2*' *F#56' ])M3

F#/X27#5' 1+6+/D' #/#E123R' S%3X#' *#/#5A,#5"8' ;)' F#/X#56' ?#

62$-' :%+,)' kh_l@hi@8'=/+3#56' N_' O(%2H?' \"LD' #E'+/4+/#5A,#5"

]+"+;#T"2H/D'#E'+H*FD'#/'\6'`/2"?"'#5"2%'%/3#564D'6)H'E+=202?

6+/49+"0' "+=+3)"?)0' R' "/+"0' +6 +%+"?)0' 6)' *+/1#5@

/2?___'4#5'#qE'2%D'#/'E+=2"#56'2%'6+19+"+0#5'6+/4)0'R'6+/4#5

#/4#50D'#/'=#3)'"6+"'N'M)"E+XD'R'6#Y+"#56'2%'?2*'%32TX#T'.)@

/#$8P-

:/ '62"?'1+]20"#56'2"?'6+/49+"0&'=#5%+<27#E'"/+"0'1+@

9+Y+9E27#50D'4/+"#E'6#Y+"#56'2"?'.)/#$8-'I2"?'12Y+"#56'2"?

a/+' X+Y+,#5A,#5")0-' O:A2' 3+9+E)"' 6+/49+"0' 1+]#' 7)"2)D

V/)%3#%)'X+Y+';N)'7)")P'cb+T+3_'h_hof-

K#5'9X+Y+,2%'R'91"+*+"4E2%'"/+"D'#56)0'E+=2"#56'2%-':A2

4#5'E+=2"+%'6+/4#50D'4#5'9X+Y+,2%'"/+"-':A2'4#5'E+=2"+%

S%3X#50D'4#5'9X+Y+,2%'a/+"-'K#5';2%'9+/#T'S%3X#'2/9,#5T"'#5@

"2"+7D'2A2'E+=2"#56'2%'6+/4#50D'#/#E123R'4#5';2%'9+/#T'X+@

Y+,27'2/9#5'32/2/)'cI+A_'d_jmf-'I,#5%'9#T6)0&'4#5';2%'E+=2"+

6+/4#50D'2A2'#5"2%'S%3X#'2/9,#5T8-

A51

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

I&9/%Z7#R)+7#PH#%&#[%&#>+*>*&*('#0*6*+*</*=g()&@#I3+J%-<#6*$)(*(1#[&*#)&>/%-C(#%-()(*(

S%3X#'2/9,#5T8'62Y+XD'[)"'93+9+/+")'#5%6#5"?';N-'S,"'+>@

/27+LR'N-':A2'4#5'%)/#56'2%'S%3X#5"D'4#5'9E+=2"+%'6)+,"'a/+@

")0-'S%3X#'"9+36+6 '2T+X'?#'2/9,#5T8'O9#57'93+P' #7#/'6+"/

E+=2/)"-

:%'EM3+"#56'26D'2/ '7%#56'26'6+/49+"0D'#/#"?'S%3X#'6+%)"

=#%#56' 2"' +,">2%D' 9+/X2%' a+'+,4' 6+/49+"0' 1+"L"+/+/#5@

A,#5"8' 9+3+/#T' 6)'>+3+")' N-' :A2' 6)'+"L"+E#/#5A,#5"' a/+

6+%)"'+,%'9+/X)?"'#5")D'"M+"+9#56'N'"+']M6+/3+>2%';)']+@

"+;#56'.)/#$8-'a#5,")%9'[)%#5%)'+62"+632/)6'+M+92/3"2/8

a/+"'.2/'R't+/4+>23'N)"'+"E+"#56'c[#E1_'jo_jef-':A2'62"?

.)/#$' 123' %#E#/+9+")'>2%' 2"?' E+/E#56D' 9#/0"#56' 2"?' a/+

)/+9+"'4)/?)'"9+36+6 '#T$+=#1#5A,#5"8-

S,%>)%)'E2/+ 2/6#5"?8'>+3]+Y'97)")D'#/'62"?'+"1+/F+@

7)0'E+/E2"?-'S,%'2/R#5,A8'32%"#56'2"?'RH'292T20#56D'RH'O1+E+@

3+0,+7"2/)P' +"L"+9+"' 9,+"?2/#56-' a/+"?' )/2"0' +"E+"#56

2"' O1+E+3+0,+7"2/PD' +,0' +/4,#q?' "/+"0' +>/27+#]8' 4+' N

0#5,0'3+7)%-'[+]+='2%'EM3+"#56'26D'2/ '32%"#56'26D'A2'6+/@

4)9')";>2%'2"'F#/X#56'292T20#56-'I)";R'X+Y+,#5A,#5"8'"/+"?D

6298'6,#5%)0'+Y+$'8"9"27#ED'32T'2"'F/+E#56'R'E/4#EE#56'2"D

2A2')";@#/'6298'"%3+X'N'7)"#56')/2"0'32T#56-'a/+"?'+"4+4+/

*/#50#56'2"'X+Y+,#5A,+"'8"A+0?#56-'[23#'E2/'2"'92"#56'#5'12@

Y+"#56' 2"D' 2A2' 63+X#56' 2"D' #/' X+Y+,#5A,#5"8' M+3' 2/9+/20D

9+6'N7D'2A2'"/+"0'4#5/';)'F+7)%'7%+X8-

.+F"+>20"#T' N' )/2"0' 1#E)E"2/)' "9+36+6 ' "/+"0' 1+/@

F+"?)' +0+1+,3'>+9+%8'32%"278-'a/+"?'S%3X#'X+Y+,#T"2@

/)'6+%)"'=#%#56'2"'+,">2%D')";>2%'7/+3E+6)$#0"2/8&'?+T+@

?+9+"'F#/X);"2/)'6+%)"-'[+E+"+ +/'M+3'X+Y+,#T"2/'+E2@

A55


7)' ?+T+?+9+"' F#/X);"2/)'>2%' 2"' F#/X27D' ?+"' S%3X#' 6+/4@

9+"0-'W+,0D'6)R"#5,"'ND'"/+"?'S%3X#'X+Y+"2/"'2"D'R'a/+""'N

4+3+%3+"8-':/ '62"?'E+=2"#56'2"?'S%3X#50D'1+/F+"?'9#5@

"2"+"?'"+R'a/+'3+"D')";>2%'"+R'a/+'"M+"+9+X'X+Y+"2/)

"9+36+6 -'K+E)A8'L2Y?'; +/L/+0/20'S%3X#'`XE+X'A+F+E#@

/)&'^+E#5T)'E/+'"#5,")%9'+,"' +")0'123#D'2/ '^+E#5T8'%>+@

"27'N/'.)/#$'#5A%#5"1)"F'?+1+"+"2/)"'cS'v+F_'jj_hh@jif-'K+@

E)A"'#5"2/'S%3X#'2/9,#5T8-

:%'EM3+0+X'26'M+3' +"2/)0D')";'1+E+3+0,+7"2/8' 7%#56D

4)3#56'R' 9+/4#56' 2"-' x6+"0'3"2/"'+,02727)%' )"L' 1+6+/'12@

3+?/?)/'N'2T27D'A2'+/4,#q?'9+'#/RN'3+/ 2/#5A,#5"'"/+"0'+>@

/27+LR)'R'+M=+/1)9' 6+/4#5'+>/+X' 9,+"?)' 6)$R-' [+E+%+@

/+9MYE+XD' "#/6+7' R' ]+"+;E+X' 7)"27#5' )/2"0' #/#"6+"' 62$

"/+"?'6#Y+027'2"D'#/'S%3E+X'O"#/6+7P';)'+"E+"#56'+,"D')";

+M=+/1"'N'O"#/6+7P'1+6+/#56-':/ '4#5']M6+/3+>2%'%)/#56'2%

S%3X#5"'#5'6)+,"'a/+")0'2%'2/9,#5T#56D'9+>/2%'%#5/ 'R'#;'+M@

=+/1)9'9,+"?#E-

g23/#%8'1#/4#/#56'N/_'

Os2*'9+";#T'^#5/ )'>2%'4#5?'N7'%#5/ '2T2?'L2/' #7#/

E+/?2/#56D'#/#E123R'F/E+X'N&'%#5/ '2T2?D'#/':%'%#5/

26-':E'2A2'[+,/'2?'9+";#56'a/+"D'#/'+Y+"0'+;+Y#5@

A,+"'4+3+%3+"'N'+"#56'+62"'629)'F#/X)'>2%D'+>+

L2/'>+"4=3#5A,+"'C+6+"+98'E+=#E'E+/E2?P'

cS'g23/_'h_hk@hlf-

S%3X#' 2/9,#5T8' 62X' 4/4+>+3]+Y' N' 62*'+"+%3E+X#5A,#5@

")0'>+1>+"27#5'1+6+/-

A59

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

Y>)C)<'(#6*$)(%Z-"#P

b#/X?' +Y+?27#0' j@/4' F7=#56' +M+92/3"2/8' 70E20)"' ^#5/

[#F#E'R'=#%#56'N)"' 72*#5"2/#E'#5'6+/F+/2+"#56-'a/+"?'+,"@

?+"'70E+X'N)"D'#/'9+/X2%'1+/ +X'7)"2)"-'y)X+T"'#5'#5/+=#5@

A,#5"8'1#/4#56'N/'+,%'"#/'1+E+3+0,+7"2/)0-'S%3E+X'*#/+0@

"#56'#5'A+/6+0"#56'N/'"/+"0-'^+'S%3X#5"'1+]#5,?'N/'>+3]+@

Y#56-'a+'E/2C="4)/'S%3E+X';ND'#/'1+]#5,?'%3+"+'E1+3#5A,#5@

")0_' a+' 1+]#5,?' N' %3+"#56' %)/#D' #T#/6#5A,+"D'+/4+/#5A,+"D

=+T+T#5A,+"'R'#5/+=#5A,+"'62$-

SM+92/3"2/8'32%+"' M+3'6+/49+"0D' #/#"?'</9E20)"'1+@

$#/4' 6)' ?+")'`/2/#56-' W+,0'+,%' "#/+4+/L"2/)0' #6+"?'S%3@

X#5"' 2927' N)"'+E27)' M+3'`/1"#5A,#5""2/' %3+"+7#5D' ?+"' 12"0

a/+'1+6+/-'S,4'>+3]+Y#E'N7'"/+"?'S%3X#5"';3E20)"'+/C+@

")' 1+/F+"?8-' S%3)]+"+ +/' "/+"?' %9%20)"' M+3' O%#E#/+@

9+"P'E+/E27'.)/#$'123-'^+'N7'>+3]+Y'4+/L+ED'#/'S%3X#5"

E2/+ 2/#T' +"2/8'4+/L+"'%#E#/+9+"-'a/+"?'+9"+X+"?';#5@

"2)"'.)/#$'"2/9+,#5A,+"'R'=#%?)'"9+36+6 -'I2"?'%/+'E9+@

,#5A,#5"8'32%"#56'2"?'b#/X?'+Y+?27#0'k@/4'F7=#56-

I)'6+/4'#5'9)"')/2"0'E+]+Y+X'1#T+6+%)0'*#1+ 2/#5A,#5"

2/20)"-' K+' E+]+Y?)0' %3+0+X' +6 #T$' F#56+/8' ;N/-' W+,0

4/+"#E'+6#5%)""2/"'#5*#56'N)"'7+E'2/R+7'6,#5%'1+E+3+0,+7@

"2/)'+;?)"-' a/+"?'+E27)'>+3E20)"'+;?)' 2/R#5,A8D' ?+"' ]M@

6+/3#5A,#5"8D'R'+E27)'E+=20+"'6+/4#50D'?+"'A2'S%3X#50-

S6#5%)""2/8' 2/20)"' *#1+ 2/#5A,#5"8D' =+ 20)"' cM+32/8

%+'91+6+/2)"'+/4+/+0E+X'%#53f'R'8"9+"'6+1+0+X-

a/+"?' 6+1+0+"D' #/#E123R' %#53' =#%20)"' S%3X#' <+Y?)

"2/9+,#5A,+"'62$-':%'63+X#56'N)'+,%>2%'cE%3+1'26D'#/'4#5'N7

2%'63+X27f_'OB+32/"'2"'+,%'`/2/)"'"#5,"8'+/27'?+/#*);"2/)

"2/9+,#5A,+6 'R';2"'6+1+027-'\";#q5P-

A5?


:%'9+/X#56'26D'#/'4/+'>+3]+Y"'+,"'ND'#/'b#/X?'+Y+?27#0

F/?)' C+6+"+9+M/$+"#56' S%3X#' "2/9+,#5A,#5""'+E27)' *#/+@

E#/'N/D'?+"'+,%`/-'Q/)"+9D'b#/X?'+Y+?27#0'F)/?8'>+36#56'ND

#/' 1)E+"4"2/8' CM9E#56' N)"D' 2/ ' g23/#%)' M#5?8' 8"9"#56' N/

"/+"0'E/+'cb#/X?'k_hkf-'S,%`/'62"?'+,%'9+/F)'1/+M?"2/';2"?

32%"#56-

:%'9+/X#56'26D'#/'2/ '.)/#$'"2/9+,#5A,#5""'#5'<+Y?8'M+3+@

"+D'97)"2"'+,"'"#5,"'1/+M?"2/8D'#/#"0)0'629"'N7'"9+/+F/E#56'N

b#/X?'+Y+?27#0'F/?)'k@/4'F7=#56-'x5M+4/#5A,#5"'4+/L/#5D'A2

)";'32T)'#5"20+E'"/+"0'6+1)0'123#_'

O:E'62X'+1'2T+E' #7#/'292T20#5'E/+'R'+62"?)'E/+D'#/

+,%'7%20)"P'cb#/X?'k_hhf-

t2/+9+"F"E20'.)/#$'"9+36+6 '+9"+X+"?"'#5'1+/F+"?8-

a/+"?'1+%9+0+"D'#/'9+/)?'#5"2)"'E2/+"+,27#5'S%3X#'"2/9+@

,#5A,+"'R'`X#5A,+"'"9+36+6 ')/2"0'E2/+ 2/6#5"?8-'[)M)/D'A2

S%3E+X')";'N'+%27_'

O\"L' 6#320#T"2/#E' >)3)' %/ E26D' R' #7#/' C#T#E/4)

+Y+$)"'>)3)'<+Y+E#/E26P'c�R3+0)"2/)'ho_if-

Y& #I3+6*J#=%-E#PH# *<*0*/+6%-"#)(#")&#3&+)&@

S%3E+X'>+127' N'\/'<+Y?8'62*'<#/L27#5'R'>+3/+%327#5

1+6+/-'S/4,#q?'62"?'1+/F+7)0'97)"2"?'"#5,")%9'+,"'C+6+"+9D

2/ 'a/+'"2/9+,#5A,#5"8';)'4/%R#/E#56-'[+]+='M+3'1+/02/#56

C+6+"+9+9)0' 292T20)"' E+/E#56' N' \%/+,27)' #/4)"2/)' "6+"-

}+%3#/2"'g#T#%"'+%+0D'#/'"/+"0'<#/L+Y#5A,#5""2/8'F/E2@

0)"'#/>2%'`/)"+9"2/'62*'1+6+/'cS'!#/"A_'ho_df-

\%/+,270)"2/8'#FR#/E#56'N)"D'2/ 'S%3E+X'`/1"#56'N/'"/+"0

R'1/+M?"2/' N/'+"#56-':/ 'S%3E+X' +020'!+/6)/'X#E8D'+"0@

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A5@

9+0/20'"/+"0';#/'F23")'E/+,#E'R'123#'=#/3+920')%/+,270)@

"2/)"'123+>"4#T'AM"+6)"2/)"D'"/+"?'2/F#56D'>+/#56'R'+T+@

T+9#56'N)"'1+TA+"+9)'1+6+/'c:7)0'hk_h@jhf-'S,"#5+62"+,")ED

6)' ?+")' `/'+"0D' 2/ ' S%3X#'+62"+9+/#T' *#/#5A,#5"8' +0+@

1+,3';N/D')%9'%""4)'>+M+/"2/8'E2/$+"#56'N)"D'"/+"?'3/3"$+@

0)"'S%3X#'426'c:7)0'hk_jjf-

SE27)'#5M'I#E%2%8'C#T#E/4)"' 2/20'^)"+'72Y+"'6#3D'#/>2%@

*)' %/ +0"2/' "/+"0&' S%3X#5"' "2/9+,+"+7#5' 1+6+/-' S%3E+X

\/' #7#/'C#T#E/4)'+;?)'+Y+$')$+E'72Y+"'E/+-'K+' +E+9+")"

%+/%Y20"#T' N/_'+6>/#>'#5'9+,X+9D' 72Y+"'E/+'+6>)'6)'=)3

M2/3-'[23#'I#E%2%8'C#T#E/4)"'4#5/%' 2/20']+6 +/)0'S%3X#5"

1+"4)>27#5'1+6+/D' +,0'OC#T#E#5/48'32%+E'R'23'?+ME20'#5

12Y#5'9+"F"20P'c:7)0'jo_ho@hef-'a/+"?'+1+ 29E+X'23'?+ME2@

0)"'#;'A2'S%3X#50'E+=2"+7#ED'+,7')/2"0'9,+"?)'1+6+/'2T+X

E+=)'>+3]+Y#E-':/ 'S%3E+X')$+ED' +0+1+,3E20D'#/'"/+"?

)/2"0'9,+"?2/"'+E27)'M+3'N)"'%)/#56D'?+"'S%3X#5"-

|#T#E#5/4"' +%+0' I#E%2%)"_' OK#5' =#%)/' 62*' 123D' R' 62"?

97%2"?D' +,0'S%3E+X'A#T';=#%)'62*'123D'#/';62Y"2"?-':E'I#E@

%2%"'+%+0'C#T#E/4)"_' OI)H' E+=202?D' #/#E123R'S%3E+X'L2*

<#/L27#5'1+6+/'N'2927D'+,">2%'#/'a/+'E+=8'L2/'+Y+$)"'7)")D

#/';62T+";2?P'c:7)0'jo_hnDjof-

x5M+4/#5A,#5"'4+/L/#5D'#/'S%3X#'2/9,#5T8'?2*'*#/#5A,#5"' N

3+7)%'62T?)'62$';8"9"27#5'1+6+/-'SY+9+0'hd_d@"'+%#56'N_'O.)@

/#$'E+=#E'6+/4'912Y+"+';+/)0P-

:7)0' jo_jh@8' M+/#5"+9#56' N'>+36#5A,#5"8_' O:E' C#T#E#5/48

12Y#5'9+"F"20D'R'I#E%2%8'6#320+E'+,"'A+"L/'=+E+/)"D'#5/

#/'S%3E+X'N-'I#E%2%"'+%+0'S%3X#5"D'A2')";'N)"'"/+"?'+%27'R

A2')";>2%'N)"'E+=2027-'S%3E+X'>+3+%=+"20_'OS,%'C#T#E/@

4)&'V2*'+%+X'=#%?2/)'L+,"8'7%20)-'a/+"0'+62"'+%+X8'7+E'N-

:/+")'A2'"/+"0'%)/3"'N7'+,">2%'7)"2/D'#/'\"L")0'E+=2"+7#E

A9B


\6' #7#/' >+3E)/+""2/8' >+12)"' +62"' C+6+"+9D' #/>2%*)

)/2"0' 1+6+/' +/)' 7)"2/' R' )/2"0' #/49+"0"' N7&' 1+E)3,+"PP

c:/9/_'`/_'k_jeDjnf-

x5M+4/#5A,#5"' 4+/L/#5D' #/' C#T#E#5/48' 23'?+ME20D' 6)";42Y

I#E%2%"' +E27)' 6#320+E-' ^+' 0#5,0' N' 3+7)%' 3+/ 2/#5A,#5"8

I#E%2%)'R'\%/+,27)'6)$R-'I#E%2%8'2/9,#5T'#5"2/'S%3X#50D'+,4

>+3]+Y#E'N7'"+'+"E+='N/-'I+/4)9'2/9,#5T';#5"2)"'S%3X#50D

4/+'1+6+/'N7'"/+"?'E+=20+"-'S%3X#'2/9,#5T8'?2*'#;'A2'12@

Y+0"#56D'+,7'LF#56D'3+"#56'N'S%3X#'"2/9+,#5A,+"'62$-'S,"#5+@

62"+,")ED'6+/4#5'"9+36+6 '2T#T'E+=8'>+3]+Y'N'4+Y"#56D'#/

4#5'23'?+ME2%'S%3X#50'R'a/+'<+Y?)0-

:/ '62"?'9+>E+X'2"?'6+/4#5'E+=#ED'+E27)'1+/6+/+E23

9*F+"?'6+/49+"0'"2/9+,#5A,+"'62$D'?+"'A2'S%3X#' c"#5,")%9

292T20#56f-'g+3]+Y"'+,"'ND'#/'S%3X#'"2/9+,#5A,#5"8' +0#56'N

62/'%/32/8'R' 2/#56'N'1+"4)6+"#5A,#5"-

K?#.)#e'(*(H#*/=1#e'%(@

x/>2%*)'+>+0#502"?D'#/'S%3X#'2/9,#5T8'a#/'93+9+/+")

)/+9+"#5A,#5"'ND'4+Y"+"?': /+,20)"2/)'F/?)'+,%'#5T2/L)"_'

Ox/#E123R'4#5?';2?'6#32027'M#M+<27)'%+/)"D'#/'9/+@

9#E'E+YE+X'N/D'R'+,"'62F)"D'R'=+E+/)"D'R'6//)9)"D'R

<#T)'1";#56)"D'R'=#%?2/)'L+,")"D'#/)0'1/+C+/E20)"

7%#T"2/8D'#/'=#%?8';M+/#5"+9E)'"/+"0D'#/#E123R';N@

)"'4)6+"#56'+,"'1/+6+")"&'2A2'6)'+"+%#5"'N7'6#32"+

%+/)"D'?+/9#XE)'9+6'"23#E'%>+"E)-':E'+,">2%'+1+@

E#/'N/'32%)7?8D'#/'I#E%2%"'+%#56'N/D'A2'*+/1#5/#56'26

R' 4#T#56-' S,7' 6#32027' 2?' ^)#"' %+/)"wP' c: /_' hj_he@

jjf-

SY+$)"8'62*'1)M20"#56'ND'A2')";'32T)'#5"+0+E'^)"+'72Y+"

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A9A

6#3-'S,"#5123R'62*'+%E#56'N'^)#"'72Y+"'6+%)"D'#/)"'62"?'6#@

32027' 2"?-' :/9/)' E/+'S%3E+X'=#%20'^)"+' 72Y)' 6+%)"-' S,C6

"#5,"'S%3E+X'=#%#56'N'2/9"?)0'"#/'72Y+"&'^)#")'6+%)"-

OrF#5,M' 2T2?D' #/' ;62/C2?' a/+"D' #/' =#%20D' #/#E123R

2A2';9+/#T+0+"'>/X"27'2/9/)'E/+'>+3F+6'.E#T)"

62/C#T"2/8D'+>+'#/?+G"'+E27)'62"?D'2A2'2/9"?)0'=#@

%#T)"'62/C2"?P'c: /_'hj_jkf-

x5M+4/#5A,#5"' 4+/L/#5' O#/?+G"' +E27)P' +Y2/)"-' I2/' 4+@

3+%3+"8' M+3'+E27)' 4+C+"' N' 7)"#56D' 2/ ' 62"?' ;2"?' 7%#56' R

;2"?'1"+*+"4E#56'S%3X#'L+,")"-'S,"'M"#/1?8D'#/'62*'3/E+X'N

a#/'#5=3)'M"#/1)ED'"/+'1+6+/';ND'#/'+,"'`F3+F#/X2"?'62/'#5@

*+X'LR#E'+>/27#5'1+6+/-'\";#q5')%/+,270)"2/"'#5M+4/#5A,#5"

;4+/L/)"'a/+'L+,")"_'"/+"?'S%3X#50'2/9,#5T';#5"2)"-'I)";'M+@

/#5"+9#56'2%'9+/4+7D'%+'>+1)H/'?#'63?#56'R'1%3+9'932%"2%D

#/'a#/'93+9+/+"#56'6+/4)9';N)"'7%#56'+,%'"#5,"'>+3]+Y#E-

Ox5%3)' +"M+/C' A+F+E#/#5A,#5"' 8"4#5"+X' 7)"27#E&

>)"4' Y"2"?'+,"' M"#/1?8D' #/#E'>+M3#56' 2"?' 1+]#5@

A,+6 ' S%3X#5"D'+1#E' R' 2/9,#5T+X#5A,+6 D' #/#E123R

62/'S%3E+X'<;+0"#T'9/+9'NP'c: /_'hj_jef-

x5M+4/#5A,#5"' 4+/L/#5D' #/' +%E#56' N' O+1#E' R' 2/9,#5T+X#5@

A,+6 P'c+"F72/2"#56&'O1+/F+"?#E'R'+%3E+X+,)"'2/9,#5T#EPf-

:A2' S%3X#' 2/9,#5T8' %+16+"+<+9E2/' 6)+,"' 1+/F+"?#E

c+1#EfD'12T)"+98';N/'+Y+"L"+0")'+%3E+X+,)"'2/9,#5T8'c2/9@

,#5T+X#5A,#5"8f-' x5M+4/#5A,#5"' 4+/L/#5' "+RD' #/' 12T)"+98' ;N/

2*/+9+0"#56D'A2'OS%3E+X'%)/#T'S%3E+X'NPD'+,7'+E27)"&'OS%3@

E+X' <;+0"#T' 9/+9' NP-' S%3X#' 6+%)"' +,%' 1+,3+/+/#5A,#5"8

+0+3/#56' ND' A2' )";#5' \%/+,27)' #/4)"2/8' 23' ?+ME20)"' a/+

"2/9+,#5A,#5")0-'OS,%'62X'9/+98'62*'%>+Y27#5'ND'2A2'62"?'62/

A9W


:1#E+'S%3X#'L+,"8'9/9)"' 7%27#5' 7)"2"?D'962Y"2"?P' c:/9/_'`/_

k_jkf-

S,#HD'S%3E+X'%2/'ND' +,0'a+'"+R'6+M20"#T'9/+9'N-'I2/'292@

T20)"2/#56' 62"?' M2M327' 2"?' S%3X#' %2/8' R' M+3' ?);' 2"?' 7%27

S%3X#' 2/9,#5T)' 6+%)"_' 62*' ;)' ?+/#*E27' S%3X#' +6 #T$+9+"

=#/1#5/48D'62/'>+392/+0#568'%)/#'6+%)"'+T+E+TE+X'N-

I2/'?+/#*+X'%2/8'A#5,7'%2/'N-'S,"';)'9+/#T'62*'+Y+$"#/427

%#5/ '9,+"?)-'S,"'$#5/'N'70"#56'62/'9/+9)'E/+'R'62*'F#7'N'4+/L@

"#56-'I2"?'4+/L27'2"?'2/2%'+Y+X'2/2=+"2/)'"6+"D'#/#"?'1+/@

F+"?';#5"2"')/2"0'1#/'"9+36+6 -':A2'62"?';2"?'+]#56'S%3X#

2/9,#5T)'62$D'E3+"F'9+D'#/'S%3E+X'R'+,"' +"2/8D'#/#"?'a+

%#5/ 'N'1+6+/#56D'%#E#/+9+"'94+Y"+"'62*'1+6+/-'

x5M+4/#5A,#5"'4+/L/#5'"+R'+,%'=#%?)"_'Og)"4' Y"2"?'+,"

M"#/1?8D'#/#E'1+]#5A,+6 '>+M3#56'2"?'S%3X#5"D'+1#E'R'2/9@

,#5T+X#5A,+6 P'c: /_hj_jef-'B"#/1?8'62*'3/E+X';)'>+/*+>2%

S%3X#'"9+36+6 '62/'+"+/F+"?"'#5'62T?8'X+X927#5'1+6+/-

S,"'62*'9+/#T#5A,#5"'N'3+7)%'S%3X#5"'+/C+")'LR#E'X+Y+,27#5

1+6+/-'S/C+")'LR#E'X+Y+,27'"M+"+9#56'N'X+Y+,27'%)/#ED'1+/@

F+"?#E'R'2/9,#5T#E-'

g#T#%8'"+R'+E27+0"#56'N_'OS1#E'R'4#T+7#E'F#/X2H?'L2/'+"@

L2/)' </9#5A,#5"8P' c})7)>_' j_hjf-' x/32qT' N' 62/' +1"' #5' 4#T8-

I2"?'6#Y+027'2"?D'#/'a+'+/4+/'K+3+E#/'N-'I2"?'6#Y+02q7'2"?

a/+'4+3+%3+"8-'x5M+4/#5A,+6 '9+/4+'123R,+7'1#/4#/8_'

OI)H' +6 +/3+E+"+D' +,7' E+=20)/-' x/#E123R' 2A2

S%3E+X' "+9+"' ],#5T2/)"' ;="+,20D' 6)F#502' ?2*' N7

;="+,)-'S/4'32%'S%3X#'?+T0/#5A,#5"8'R'%+%39#5A,#5@

"8D' 9#/X+"E+X"2/)' E/+' %+%39#5A,#5"8' R' ?2*' E/+

?+T0/#5A,#5"8D' 2A2' +,"' ?+T0/#5A,#5"#E' 92"+%D' +>+

A2'#;D'4#5'N7'993/E2%P'c[Y#6_'hh_jo @jjf-

I2"?'7+E'F)32"?'S%3X#' +/#5A,+"'6+%)"D'+,"#5+62"+,")E

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A9!

62"?' ;>23?' N' 1+ME)' +Y"2"?' 6)+,"' a/+' +/#5A,#5"8-' I2"?

>23?'N'1+%9+"+"?'"+R'S%3X#'=%3#5A,#5"8-'S%3X#' +/#5A,#5@

"8'6#320"#56'N'62*'a/+'%/3)"D')%9'a/+'=%3#5A,#5"8'62*'>+1@

>+"#56'N'1>+/3#5A,#5")0'R' #7#/'32%+9)'62T?2/)0-':A2'6+/@

48'1+ME)'N'+Y"#56'6)+,"' +/#5A,#5"8D'4/+"#E'62/C#56'N'2/9,#5@

T8D' #/8' >+1>+"#56' N' 1>+/3#5A,#5")0' R'+M=+/1)9' 7)"27#50-

a6+"+>2%D'2A2'6+/48'6)+,"'1+ME)'N'+Y"#56'S%3X#'=%3#5A,#5@

"8D'12M3#5A,+6 '98"9")'`/)"+>+1#5A,+"'X#5T+9)'62$-':/9#5%"

N7&'RH'S%3X#'%2/8D'RH'S%3X#'2/9,#5T8'>+1#56'2"'62*'+,%'9,+"?)

"2T'+/+123#56-

[#5%#E'26D'#/'1+%9+"#56'2%D'#/'2%'63+XE+X'M2M3#56'26'S%3@

X#'2/9,#5T8D'#/"'+,"?+"'+"32%E+X'N'62/'C+6+"+9+9)0'292T2@

0#56-':%'+"%+16+"'%)/#E'%)/#56'26'S%3X#5"'R'#5/+='26'a/+

*+E+98'7)"27#5'#5'a/+"'X+Y+,27#5'+/3#"#5A,+"'1+6+/-':%'F)@

326D'#/'12"0'S%3X#' +/#5A,#5""'N'62*'3+"#56'+>+M=+/#5A,+"

c[Y#6_'j_mf-':%'F)326'"+RD'#/'12"0'S%3X#'2/9,#5T"'#5'a/+'4+@

3+%3+""'N'62*'>+1#56'F)3+90E+X'62T?'F#/X27#50-

Ox/#E123R'2A2'62"?']M6+/3#5A,+"'F)3#5A,#5""'8"4#5@

"27#50'123#'1#C+/'9+6?#E'62T?'F#/X2"?D'+,7R%'"/+@

")0'123#'62T?2/)'1+6+/'*#1';)'6"#56D'+,7'4+3+%3+@

")'+1+E#/'%>+%278'R'9/+9)'*+,/#5,A8D' #/'1+9+Y+@

9#T"2/)"'97+<)-'I298D'#/'I#E%2%)'`/2"?"'+"+/F#56

N/'+Y+"0'#T#/6#5A,+"D'2/9#5'9+6'2/2?'E9+,)'=#%?#ED

62Y"#56' N/-' J7' #/?+q"' +E27)D' 9+/X#56' 2?D' %+%3)9

>+3C)'9+/C+"+"+'"+D'#/'S%3X#'x/4#5"'#3?)'3+9

9#=20D'R'#5=3)'+/,#5"8'>)TX'1+6+/20D'#/#E'"+'%/ @

E20D' R' M"#/1?)' [#F#5"' "+=+320-' x/#E123R' F)32"?

a/+"D'#/'+%+0&'\6"'N'E/2C="4/#5A,#5"8D':%'1+3#50#5@

68'93+6D@'+%#56'N'.2/8D'R'4+/L,+7D'A2'.2/8'94+3)'\/

C#T#E/4)"-' ^+/%+<27)' +"' N' 92"4+")' S%3X#' L2Y?"

8"9"278P'c: /_'ho_jd@ihf-

A9/


I+/48'62T?)'62$'N'8"9"#56D'2/ '"+'1+%+/+9'9+6'%#E#/+@

9+"'N'1+6+/#56'+,"D')";'S%3E+X'1+6+/#56'N'%#5/ -'B+3'1+@

]+='A2AR+6)3'2"?'E+/E#56'+,"' +"2/)'123D'#/#"0'S%3E+X

7/$#/2"'N'E2/+ 2/E#56D'RD'1+9+Y+98D'7/$#/2"'2"?'E2/+ 2/E#56

+,"' +"2/)"D'#/#"0'S%3E+X' "+E'9+/R#/#5A,#5"';)'3+7)%-'I2*

1+6+/' 9+/R#/"' +,"' ND' #/' 6+/49+"0' 1+"42>' 1+/F+7)0

2/R+"?D' 6)";42Y'4+'+,4?+"'9+/R#/' ;N'S%3X#'1+6+/D' #/?+"

62/'%/3)'M+/C+Y)A"2/8-

:%']+"+;27'26'6+/49+"0D'#E?2/'F3"E#56'N)"'62T?)'X#5T+9)

62$'R'+62"'1+/6+/'+Y)A)'+%#56' N)"D' A2' %)/#56' 2"'[)%#5%)"-

a/+"?' )/2"0' 1#FR#/' E)]+98' ;+<#56' N)"' "/+"#ED' A2' )";' N)"

*F#56' [)%#5%)' 1+"42>-' W+,0' +/4,#q?' "/+"?' [)%#5%)"' %)/#56

N)"'+,"'+%3)]+"D'#/'>+3/+%3'N)"'62Y"27')/2"0'F2/#T'62T?)

1+6+/-'xH;D'"/+"?';#5"2)"'S%3X#'2/9,#5T8-

I)'+"F+6'F"+0)' +"3'6)'X+Y+,#T)'+,02727#5D'#/"'8"927'N/

9+M+Y+92/#5A,+"D' %2Y+9+"' +" +/#,+9+"#5A,+"' 62$-' a+

+%+0')"L_'OU#H"D'2%'6)M3'%)/#56'N)'[)%#5%)"D'"#5,")%9'+,"'C+@

6+"+9D'2/ '=+ E+X'N)-'[)%#5%"')6'}/9);"'N/D' +,0'#;')6'.2/8P-

a+'#/#M#56"2/'N/'9+,+0/27'6+/4#5'E+=)0'4/4E+X-'a+'0+"9+@

027'N/'1+]20"27'6+/49+"0-'S,4'X+Y+,#T8'0+"9+027'N/'<+Y+@

E#/E27'6+/49+"0)0-'^+' 2/27'N/'"/+"';+/+M+1#56"2/)-'W+"@

3#56'S%3E+X'0#5,0'3E20'"/+"'\/'%2/"'#5'#T#/6#5A,#5"8'R'%#E#@

/20/20'.)/#$'2/9,#5T8-'[)6+'"+'#5")'.)/#$'2/9,#5T8'R'E2/+@

9+"F"E27'N-

2)&^)=%6#I3+J%#0&*6)&@

t2/+4+Y"+7#E' ^)"+' 72Y+"' `/)"+9)"&' 2%' #5*#56' 26' 0#5,0

3+7'6)' +"D'#/8'M+3'6+/4)9';2"'"9+3#56-'S%3E+X'RH'I#E%2@

%)"D'RH'S1+/#")"'+%+0' +/L/+"+7'72Y8'c:7)0'hn_jmf-'I#E%2%8

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A91

+/L/+0+ED' +,0' #/#M' >+3]+Y"2/#E' 62"?' S1+/#")"' 9/9)"

32%"#56'2"?'"2/?R#56'c:7)0'ij_hf-':%'9+/X#56'26D'#/'S1+/#"8

E2/+4+/L+E'C#T#E/4)'6#3D'#/#E123R'"+')/2"'+E27)'1+/6+@

/+E23'N/'*F#56'6,#5%'O1+E+3+0,+7"2/)P'123D'?+"'S%3X#'"2/@

9+,#5A,+"'62$-'I)qA2'62"?'+,%`/'+,%>)%)"';2"?'62/'292T20)"2@

/#56-'I2*'1+6+/'292T20)'1+]+=278D'#5/)M'?/)%3#",+"2/)'123

8"92/#5A,#5"8D' X+Y+,#T+9+"' >+/3+9+"#5A,#5""2/#56' * +T@

E+X'7)"27"'+E27)'1+/6+/+E23'2"D'?+"'.)/#$'123'7)"278-'I2"?

=#5%+<#56'2"?'.)/#$'123'62"+9'7)"27#50D'<#=+/2"8'62*'M/@

$+>+3#56' 2"?' 6+/49+"0#E' R' F#/X2/#E&' 1#5,%' #5"2"+7#ED' #/

%+'9X+X9)'62/'4+3+/9#5A,#5"8-

I,#5%'9#T6)0D'[2%#5"'S%3X#'#5*+X'%)/3"'#5"2/-'a+'#5*#56'N/

#/?+"' 1"+/+E#/' N' M+3' 7)"27' S%3X#' "2/9+,#5A,+"' 62$-' I)";

I#E%2%"'S%3X#'123'N/D'[2%#5"'?+Y+%#5"'`/'6"+0'72Y+"'%3#/#@

3#56'c:7)0'ij_hlf-'a+'6#320+E'S%3X#5"'+,"?+"D'#/?+"'9+/#T

N/D' +,0' ;F"+0'+,"32TD'#/32T'6)+,"'I#E%2%"'#5'S1+/#""' N)"

1/+E)/E+X-' [2%#5"' )/' 62$'+,"?+"' 2/9,#5T' #5"2/' S%3X#50D' #/

62X+6)3';N/'9+/#T'7)"27-

I)";'[2%#5"'%>+%#56'N/'72Y+"'%3#/#3#56D'C#T#E#5/48'F"+@

7#E' +"1+"F)%3' N/' 4+Y"#56-' a/+"?' +/3+%#E#/' E+,/#56' N)"_

"/+"0' +Y+$"#/48' 629' +6%)0' +E27' N' F"+027' N/D' )%9' S%3E+X

6)";R'1)6+'\/2"';N/'1+,3"27-'I+/4)9'%9%20)"'9+%9+X27'S%3@

X#5"'R'I#E%2%)"_'

O:E'C#T#E#5/48'32%+ED' #/'I#E%2%8'#5M+0+E'%+/)0"

)$"27#5D' R' S1+/#")' 6#3' C#T#EE20)"' C#T#E#5/48' R

+%+0)"'"/+"_' Ot2/'9+0D' 62*'1+6+/'+%3E+X"2/' M)@

")/D'#/'62/'+Y+$)"'F"+"D'#/#E123R'+,4'I#E%2%'6+/@

48D' #/'62*':F)>3#%)'2/9/)0'1+"20D' ;F)32"?D'A2')";

2T+E'"/+"PP'c:7)0'ij_hf-

a/+"?'0#5,0'N)"'3+7)%D'A2'1+/F#56'2"'S%3X#5"'R'E+=2"#56

A95


a/+")0-'I+/4)9'4CF#1#56'N)"_'OQGD'I#E%2%-'a+'M+3'+12T'N-'K#5

a/+'123'=#%)/'R'1+,3")/'62*D'A2'a+')";'+%+0-'I2"?'97%2"?'#5

91"+*+"4E2"?P-'a/+"?'12"0'"#/'N)"'32%27D'A2'#/?+"'*#/+E#/

N/'S%3E+XD'6)";42Y'2/9,#5T';#5"2)"'a/+")0D'?+")'#/')/2"0'1+@

6+/'9#5Y?2/'N)"'M)"27-'S,C6D'2/ 'S%3E+X'7Y20D'"/+"0')/+9+"

"#5,A8'1+,3")'4+/L+E-

:/ 'S%3E+X'1/+M?"2/'N/'+"#56'R'0#5,0'N/'3+7)%'\/'*#/#5@

A,#5"8D'+,4'C+6+"+9'12M3'N/'E+=2"+7'S%3X#50-'W+,0'S%3E+X

<"3/#56'N'"/+"0D'#E?2/'91+/F2"'R'9E+=2"+"'\/2")0'"+R'+,"

42>?#56D' 2/ ' ;2"' *F+' a/+' "2/9+,#5A,#5"8' 9+6' *#/#5A,#5"8_

<"3/#56'N'"/+"0D'#E?2/'"6+"'2"'+,"'2/2=+"2/)"D'#E?2/'1"+@

*+"4'2"'"#5,")%9'+,"'C+6+"+9D'2/ '1+,/8';)'123R#56'"/+"0-

~M6+/)3'1"+*+"4#5A,#5"8'0#50+4/27#5'1+6+/';N-

S%3E+X'+%+0'\%/+,27)"_'OzNq'#/':%'7Y27'26'R'+,"'N7'E+T#50

)'E2/D'R'4#5'\"L+")0';2%'E+=2"#56P'c:%+,)'kl_hhf-'a/+'1+6+/

9+/R#/'N/'+,%'1+/08_'O\";#q5'\6'C#T#E#5/48';)'E+=2"#56'\"L+@

")0P-'[23#'a+'>+3+%=+"20'\/'3E+X'1+/0)"&' +0+3/27#ED

#/'C#T#E#5/48';N/'E+=2"#56'\/2")0D'#/#E123R'a+'#/#M'C+6+@

"+9' ;N/' 1+,3"27' \/2"' +12T' *#/#5A,+6 -' S,7' 92/>'+%+X&' 2/

6+/4)9';N)"'32%"#56'a/+'1*#/'F#/X2/8D')/2"0'>+1#56'N)"'+,"@

>2%D'9+/X2%'a+'+,432T';N/-'S%3X#'7Y#5A,#5"8' +0+1+,3#56'N

6+/49+"0'%/32/)')/+9+"'M+/C+Y)A"2/8-

~M6+/)3'1+E+3+0,+78'2/R#56'N'+"+>+3#56&'<#/L#5A,#5"@

"2/)'C+6+"+9D'+,7'#;'A2'`XE+X'*#/+E#/'X+Y+,#5A,#5""2/)'C+@

6+"+9-'\";>2%'#/'6+/48'4/%R#/#56'N')/2"'O]"M6+"P'C+6+"+9D

+,4>)%)"'N7'"+'9+')/+9+"#56-'.2H%D'A2')";'+/20'S1+/#"8']"M@

6+"'3+9_

O:E'S1+/#""'+%+0'"/+"0_'Os2/'9+"+"0D'L2/'#/4)"2@

/)'R'L2/'+T$92/+"0'+9+"$"2/)"'2T+X'#%9)'`T2/8'1+@

"2?' R' )"L' 6#3' 2/2?P-' :E' #7#/' C#T#E#5/4"' )/2"0

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A99

+9+"$"2/)'2T+X'#%9)'`T2/8'1+"20)"'R'S1+/#")'6#3

2/)"-':E'"+'+Y+E'"/+"0'L2Y?)0'R'?+"4+9+F#/X27#E

LR+92/>20'"/+"'R'M)"20'6)'L#57+X#'1#/A-':E'+%+0)"_

O^/+"?'2"'?#'+%3E+X"2/8D'#E'\%/+,2H7D'#/'?2*':F)>@

3#%)'2/9/)0'1+"20)"PP'c:7)0'ij_j@mf-

a/+"?'S%3X#'`/1"#5A,#5")0&':F)>3#%)'+E+/)0'6)'9#5Y?'M)@

"20)"-' W+,0' +E27)' M+3' +1+E#/"' +,"' N/D' #/' S1+/#"8D' #/8

;>23?'N' +/L/+"+/'72Y8D'9#5Y?'M)"20-'a+'2T27'N/'I#E%2%)'=#%@

"+98-' S1+/#"8' 9+"F"27' N/' "/+' 9#T?)"' R' 32%27' #7#/' 62X

1/+M?"2/8'R'+T23"2/8-'W+,0'1)6+'"+'E+=20+E'6+/49+"0)0

R'3E20'"/+"0'+,"D')";'#5*#56'N)"-'S1+/#"8'6+/4#50'+E27)'M+3

N/'E+=2"#56D'?+"'S%3X#50D'4/+'1+6+/'N7'"+'12M3#5A,+6 'E+@

=20+E'6+/49+"0)0-'S1+/#")'62$'#;'6)'1+6+/L+9#5A,#5"';9+/_

S%3X#'>+/FR8'1+"F27'N/-'^+'N7'"/+"'4+/L/20'A#5,7'+Y+$"#/4-

:/ ' I#E%2%8' 1+"4)6+"20' S1+/#")"D' E2/$)"%' 62T+4/20' C#@

T#E/4)"D'#/)0'E+=20+X'N/-

O:E'S1+/#""'+%+0_'Ov#T')6'3)/#$' +/9#5A,#5"8'; #/@

#?E)D'4#5'F)32%'+,%'C#T#E/4)"D'#/';+/+6)3'N-':E')"L

+%+0)"D'A2'62*'1+6+/'+%3E+X"2/'M)")/D'#/'62/'+Y+@

$)"'F"+"D'#/#E123R'+,%'I#E%2%'6+/48&'62*':F)>3#@

%)'2/9/)0'1+"#T8D';F)32"?D'A2'"/+"')";'2T+E-':E'2%

+%+0)'"/+"0_'OxE'#/'#%9)'#5")D'A#T'1+"2"'R' 2/2"')"L

6#3D'R'2%'9/+98'F020)'+,"'R'4#5/%'29+E'+,%'1#/A8PP

c:7)0'ij_jj@jmf-

S1+/#"8' >+3+%=+"+3E#5A,#5"' ;E2/0/20' )/' +/+X)' 1+@

6+/-' S,#HD' "/+' F"+1+3+9+"8' C#T#E/4)' 1+6+/' ])M3' N/-' K+

"/+"0'F+T+<+/"'N/'R'#;'A2'S1+/#")-'W+,0'?+")'#/'S1+/#"8

E+=2"#56'N/'"/+"0)0D'"+'+,"?+"'#5C2T';N/D'#/'9#3/2/'+6 #@

=)0'29#T'E+=8'R'])M3'LR#E'+Y+$"#/42/'"/+"0-'S1+/#"8'F+,@

A+9TE20'6+/49+"0'E+=)0-

A9?


S,"' +Y+$"#/4"2/8D' #/#"?' 6+/49+"0)0' E+=2"#56' 2"D' 9"+@

1+"$2"'R'6+/49+"0'93+"'#;'A2'+,"D')";)'9+/)?8'"/+"?'#5"2"D

+,7'+,"D' )";'"/+"?'2"'#5*#56-'a/+"?'12M3#5A,+6 '4+Y"#56'2"

2/9;#3#5A,+"'*#18-'aM+"+9#5A,#5"';#5")D'A2'+Y+$"#/4)'=#%?2@

/#E'#/?+"'N')"?8'%)/#56'S%3X#5"'R'a/+'C#T#E/4)"-'V+")'42Y

+Y+$"#/48'E+=2"#56'N'6+/4#50D'"+';)'32%")')/+9+"'+Y+$8"@

A+0'#H;')/'R'#H;'N7')/'+Y+$"#/4+X'C#T#E/4)'62$-

S,"'6+/48D'#/8'2/9,#5T'#5")'S%3X#50D'"/+"'63+1#F#56'N'6)@

+,"'+,"D'A2')";'N'S%3E+X'+%#56'\/'6+%)"-'S,"'6+/48D'#/8'E+@

=2"#56'N'6+/49+"0)0D'+E27)'63+1#FE+X'ND'A2')";'9+/X)?'#5@

"2"'6+/4)9')/'6+%)"D'?+"'A2'S%3E+X-'I+/49+"0';+"+/F27#5

1+6+/D'"+'+"+/F#56'N'S%3X#5"-

:%'32%27'26'+Y+$"#/4"2/)D'#E?2/'#/#M27'2"'6+/49+"0'3+7

+,"D' )";' "/+"?' 2"' #5*#56-' a/+"0' M+/C+Y)A8' 6+/49+"0' 62$

1+"/+1+,3' 6"+7"' N-' \1+/92D' "/+"?' 2/ 2?' ;2"' 8"4#5")' %+-

a/+"?'+/4+/+0"#56' N)"' )/2"0' #/#M#56"2/8' 2/27#E' 123R,+7

>+3]+Y+ +"#5A,#5""2/8_'OI2"?';2"?'#5*#56'E)/+E#/27'6+/4@

9+"0PD' O^+' 7+E+F#5,"' 6)$#0"' ND' #/' +E+/+/#56' N' #7#/)"PD

OS,%>2%'E+/E27#E'M+3'6+/49+"0'9+/#T'2"?'X+Y+,27P-'S%3X#

+/?+,#5A,#5"8'C#T#E/4+E+/#5A,#5"' c426#9/+3)+f' ;N_'+,"'A+@

F+E#/#5A,#5"'N-'[+"/+1+,3'7)"278'9+/R#/';N-'a/+"?';N)"'>+3@

92/+0"#56D'#/')/2"?'E+=)0'R'2/9;#3#5A,#5")0'4/4E+X'N)"'F#/@

X#56-'a/+"0'F#/X#T#5A,#5""2/8'+/6+3+E#/E+X'N)"'#;'A2'6+/4@

9+"0'1+"42>'#5"20+X'%)/#'62$D'+,7')/2"0'+"L"+%)/#5A,+"-

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A9@

!Z(?#P#+)C'#%-()(%-"H#)& #")(7#?)(7#6*$)(%-"#I3+J%-<

S%3E+X'+%+0'I#E%2%)"_'O:/+")'A2'"/+"0'%)/3"'N7'+,">2%

7)"2/D'#/'\"L+")0'E+=2"+7#E'\6' #7#/'>+3E)/+""2/8'>+12@

)"P' c:/9/_'`/_'k_jnf-'W+,0'6+/4)9';E+=20+"D'R'32%2?D'A2')";

32T)'#5"20+E-'.2/"'+%+0'I#E%2%)"_'OI+/4)9'#5T+/9)/D'#/'7/@

32%2"' V+"+")' 2/9)/8D' #/' :%' \%/+,27)' #/49+"0'>)3)'3+6P

cvE#0' hi_if-' x5M+4)/' 2T)H/D' #/' S%3E+X' +%+0_' O:%___' >)3)

3+6P-'a+';+%+0&'7/32%2"'2/9)/8'R'32%"2"D'A2'9+/#qT'2"'+,"

E2/0"27-

S,%>)%#ED'I#E%2%8'#5T+/920'"/+"0-'V+Y+%#5"'`/'"/+"?'12@

3+=#5*20)"' 2/9)/8' R' 1+,3"+ 2/20)"D' #/' "+9);"2/8' 1+%@

3+3E+X'N)"'+,%'2/9/#56D')%9'?+T+?"2/8'M+3'62X'N)"'R'7+E

>+M3>+"E+X-

W#7#/' 3+%"2/9#5' 7/32%"2/8' 32%+"' "#5,"' 6+/49+"0D

6)R"#5,"' +"+9"2/8D'"#5,"'+6#5/'?+T+?"2/8'R'"#5,"'1%9+"2@

/)"-'[2%#5"'R'V+T2 8'>+3/+%3'N)"'6)+"F+6)0'F"+7'R'E2/0@

"27'+,"D')";'S%3E+X'=#%3+027'N/-'^+9+,"'6,#5%'3+%8'7/32%"2@

/8'E+=20+X'N)"')/2"0'32%+X)0-'a/+"?'32%+"'6)+,"'62X' +@

"+9"2/8'R'1%9+"2/)"D'6)";42Y'[2%#5"'#5'V+T2 8'32%+"D'A2'#/@

?+"' +/)'R'1+E+3+/)6'N/'S%3E+X-

.+%8'7/32%"2/8'>+3620)"'C#T#E/4)"D'#/'+"1"+/'N'E2/0"27

+,4' 2/9)/8-' a/+"?'+E27)' ?+"' ;#/%' 1+*+/'3+/)' %3/#59' N)"

2T27'R'>+32/+*6)'62$' 16#53' ;N)"'+,4' 2/9/#56' )/2"0'32%+X

+"+9"2/)' "6+"-' |#T#E#5/4"'+"6)$+>2%' E+=20+E' R' %9%20

4CF#127_

O:E' )";#q5' 1+6+/' :1#E+"' 62*' +,%' 2/9)/8' 2/20D' #/

%/#E' 8"9"2q"?' R' 62/' 9+"+,?' #5' 62/' #/4)"2/8' 1+<M@

3+9E2q"D' 7+E' ;Nq' 62*' 1+6+/' :F)>3#%' 4+Y"+"?P

cvE#0hm_if-

A?B


S,%' =#%?#56' 62"?' 32%"#56' 2"?' 6+/49+"0' E+=)' +/6+38_

O\q";'ND'+,4'2/9/#56'+E27)'7+E';)'7)"27#q5'62*'1+6+/P-'S,%'6+/@

4)9'E+=20+X'N)"D'#/#E123R'63+X#56'N)"'6)+,"')/2"0'6+%)"-

a/+"?';+%+0)"&'S%3X#'+%+X"'+62"+7+E"'N-'}#=+/2"8'"/+"?

1+/0"#56'N)"_'O\q";"'N'62*'1+6+/'7+E+F#5,"8P-

\";>2q%' %+' 1+%9+"+7-' I+/4#5' E+=)' +/6+38' 2%+%)/#5@

A,#5""'N-':/ '4#5'%)/#56'2%'?#'9,+"?8D'$+"#56'2%'</927'+,"-'K#5

9E+=2"+%'+,"'+62")0D')";8'%>+Y"#56'N'9,+"?)4-'S%3E+X'+,%

6+/49+"0' 2/20'6)'32TD'#/32T'"/+"?'#;'6)'8"3/#5A,#5"';#5"2@

)"D'+,7'>23?'N'E%3+12)"'\/2"-'I+/49+"0'AE#56'N/D'A2'+,%'"#/

2/9/)' "+9);"2/8'99#3#/2"')/2"0-'S%3X#5"'E%3+127#5'<#=+@

/2"'"/+"?'+,">2%' N)"')/2"0'>+1#56D' 9+/X2%'S%3E+X'"/+"0

2F)>3+0)"2/)0'</927'N/'6)+,"'+,"' +")'1+6+/D'#/'?+"+"+@

0)"2/)0'%>+"E2)"-'\1+/92'%+'+"12A2A'N'1";#56D' +,0'2/ 26"

62*+")0'>+1+"$E#56'N'123R27#E'.)/#$8'63"27'+,">)%)')/+@

E)]+9"2/)'62$D'#/#"?'62/'9,+"?)'1+6+/'E3+"F+E#/'R'E"+%+@

9+/'2"'AE#56-

S,4>)%)'>+,6+""2/#56'62"?'.)/#$8'9+/#T'2"?'123R27'6)@

+,"'+,"'42>?#56D'2/ '62/'%/32/#56'1+6#*E+X'2"?D'#/'S%3E+X

+/)'N-'a/+'62$'+62"' +"' +/)'N-'a+'2/ 2?'#/RN' +"';)'+")'6)@

+,"'\/'`F#53)'1+6+/D'#/8'9E"+%)'62*-'I2"?'>23?'N'1)M2"?D'#/

S%3E+X'+62"' )";' 4+3#56' N' 1+E)32"+9+"#5A,+"'32%+"9,#5@

")0D')%9'6+/48&',#A+"+%#5"'9+6'#5A%#5"'3+/)"2/)-

I3+J%#")&^%Z-"@H#.)Z#"*&9%-

V+T2 "'#5'[2%#5"'8"3/20)"'4CE+/)"'#5T)"-'S%3E+X'+%+0D

#/'"/+"?')/2"0'62$'#5/)M'1#F)'#5"2)"'R'\/2"'+6 #T$#5A,+6

N)"'123R#56-'I"+0+X' #7#/8';N)"'#5*#56')/2"0' +/2920#5A,#5"8

E3+"F)'2"A+/927'S%3X#5"'1"+*+"4E27#E-'S%3E+X'1+E+3+@

2 , S < + ) # ; ( 8 + b = $ c ) > # b ) V ' ; Y + = ) T ' *

A?A

/)6'N/'V+T2 )"'#5'[2%#5)"-'a/+"?'+,4'%2/"4)'6)+9'6+/4)9'N)"D

#E?2/'63+"'=#%3+0E+X'2/9)/8'c32H%'vE#0'hm_jm_iof-

a/+"?D' #E?2/' LF320)"' </927' )/2"0' 9,+"?8D' 9#/0/)"' +,"-

S%3E+X' =#%20' "/+"0' +>+F+,)' 6+%)"&' +%27#E_' OW+,0' L2/

4)+9"2/"'+,%'+"+>+3#56'98"9"2"___'R'9]+"+;2?'\6'62/C#568P

cvE#0'hm_ijDimf-':/ '1+%9+"#56'2%D'#/'M+32/8'962/CE2"'S%3@

X#50D'#/#E123R'"/+"?'E+=2"#56'2"'62/CE27'6+/4#50D'%A+<20@

"#56'N'?2*-

:%'+T#A#56'26D'#/'62"?' #7#/%'%#E#/2"?'1+]#5,?'%3+"+7'.)@

/#$'2/9,#5T)0D'?+")'#/'O.)/#$'2/9,#5T8'92"+0'+T ,#5/'N'6+1@

E+"'#/#F+,A"2/)0'=#5,%'3+7#5'1+6+/P'cSY+9_'hm_jlf-

[+$#/4'F7=#56'4#5'932%"2%D'A2')";>2%'.)/#$'2/9,#5T8'9`F")

?2*'2/9;#3#5A,+"'C+6+"+9'8"A+"+7'S%3X#'9+6?)'62$-

A?W


+)&.N(,&<%./G:( ,&./*(O(3-1#8./B%./2(,/(8#*#&;#<./B%./2=

..........................................))DE+=*))AW

K*'7- I 4 J ( ; I - ("'L",":)- 4

:

/9;#3#5A,#5"8'9+/#T'N'F+7'1+"F+6+"?"2/)D'63?2/)'9+6

6+/49+"0'6)$#0#E-'B+3'6+/4)9'>+,?+/#56'2"'+,"'2/9@

;#3#5A,+"' 426D' #/8' F+7)%' N' #5/)M' 6+/49+"0' 6)$#0#E-

I+/4#5'E+=8'+,%'32%+9)']"M6+"']MF/)3'"9+/+F/#5A,#5"'N-

I+/4#5' "9+36+6 ' E+=8' %3)>#56' ND' #/' 62"?' =#5%+<2"?

6+/4#50'62/CE+XD'E)/+E#/E+X'R'1+"4)6+"E+X'7)"27#50&'1+M@

E)';+Y"27#ED'#/'4/+"#E')%9'62/C#56'2"?'S%3X#5"-':A2'6)'+"L@

"+E#/#5A,#5"' E+=2"#56' N' 6+/4#50D' "+' 4/+"#E' E)/+E#/#56

c+"+/F#56f'N'+,"'I29)"D'x56';)'9+/#T'32%"27D'#/>2%*)';E)/+@

E#/)'"/+"D'#56'9+/#T'N'32%"27-

[)%#5%8'1#/4#/#56'N'62*_'OW+,0'+%#56'26'L2*&'\6' +/29+6"2@

/)"D'6)'E+=202?'"/+"0)0D'#/'6+/6)"8'%>+"#56'2"D'R'"/+"0)0

123#'+E27)' +"';#5"2"D'#/'+"2"-'W+,0'0#5,0'3+6'L2*D'A2'x56)0

>23?'N'E+=2"+?D'#/'%>+"27#50'123#')M=+"#5A,#5"'#5")'F212@

")' 62$' F027#5_' +,#HD' +%#56' 26' L2*D' a/+")0' E+=202H?P' c�#59_

hj_mDkf-

:A2'4#5'E+=2"#56'2%'6+/49+"0)0D'2/ 'S%3E+X'?2*'+Y+$@

"#/4#56'N'4CE+/#5A,+"'9+6'"2T#5A,+"'62$D'4#5'9<#/L2%'>+M3@

>+"27'#5'>+1>+"27')"?4'?2*D'S%3X#'9+6?8'<"3/27#5'<#=+@

/2"D'4#5'9<#/L2%'+"27'?#"8-'^+9+,"'2A2'4#5'2/9,#5T'#5"2%'S%3@

A?1

X#50D'9+/#T'2%'+"0"27'0+"9+0+X'4CE+/#5A,+"'6)$#E'R'4/+"#E

>+3E27'S%3X#5"-

S,4'42>?#56'4#5'1+%9+"#56'2%D'#/'6)+,"'a+'9+/#T'N'>+1>+@

"27'?2*-'K#5'E%3+1'97)"2%D'#/'S%3E+X'F)3)D'A2')";"'N' 7+E+@

F#5,"8'1+E)32"+9+"'+/C2?"2/)'1+6+9+/F#56-

.)/#$'2/9,#5T)'6+%)"'6)'*#/+E#/'=#%3#56'9+'SY+9+0'F/@

?#56_'

O.)/#$' E+=#56' *#/2T' E%3+1#5A,#5"' 9+D' R' a/+' #/4@

9+"0' 1+6+/'+>+E2"'>)3)' 7)")-'.)/#$' 2/9,#5T8' 92@

"+0'+T ,#5/'N'6+1E+"'#/#F+,A"2/)0'=#5,%'3+7#5'1+@

6+/P'cSY+9_'hm_'jdDjlf-

I,#5%'9#T6)0&'^#5/ 'F)/?8'>+/*'+%#56'N_

OI+/4#5'E+=8'#/#F+,A)'62$'9F0)P'cSY+9_'jn_jkf-

:/9;#3#5A,#5"8'#/#F+,A'N'9+6'X#5T+9D' +,0'.)/#$'2/9,#5T8

2/#56'N'E%3+1#5A,#5"'R'1+6+/L+9#5A,#5"-'^/+"?'12"0'+,"'6)@

$#0"2/"'2"D'#/#"0#E'+*+3E#56'2"?'2/9;#3#5A,+"'X#5T+9)0-

h(M%-"@# *<*0*/+%-"#P

:%'#5*#56'26'1+626+327'2/9#5'A+F+E#/"2/)-'a/+"?'2/9#5%"

N7'9+Y+E+/#56'N)"'"#5,"'A+F+E#/#5A,#5"8D'2/9#5%"'N7'>+M3#56

N)"'"#5,"'S%3X#5"-'a/+"0)0'6298'62/CE20'S%3X#50D')%9'6,#5%)"

S%3E+X'1+/F#56'N/'#/>2%'\/'%/3)'1+626+3'6+/4#5-'[+626+@

327#E'+,%'6+/49+"0'9,+"?2/8&'62*'1+6+/'>+/*'R'1+%9+"+@

7)'N'4+Y"#56'S%3X#'2/9,#5T)'#5'6+/4#5'E+=)'6)$R'3+/ 2/#5@

A,#5"8-':9'"+,2"?'^+E#5T)'9,+"?)'+62"+4/+6+3)9'R'+62"+@

?);'#5%#56"+%)/E+X'42>?2/)0'6298-'g+36#5A,#5"8'%+'N-

^+E#5T"' +/42"' A+F+E#/#56' N/' 2/9#5' 3+/)-' \";>2%' M+3

A?5


42>?2/#56'N'7)"#56D'+,%'O62T/+6%)P'8"A+0?#56'; +0+1+,3E20

"/+')/+9+"' "+E#/#5A,#5"8-'x/#M'C+6+"+9'+"0'"/+'M+/C+@

Y)A"2/"')'1+,3'29+"-

I)";' ^+E#5T"' )/' +62"+7+E' 6+/3)9"2/)' 123' F3"E#56' N/

I+?6+%#56D'<TM3+0)"2/8'6)+%)"'1+E+?E20)"'"/+'426'>+@

32/+*627#5'cS'v+F_'hi_'k@hkf-'^+'+62"+#5C2T' +"+9"'N/D'#/)"

1+"4)>20'^+E#5T8-'vM"+6)"'#5"2/'2/2%#5"'1+*+/'9+Y?'R'E20

1+*+/'L)+E#/D')%9'*)"E#/"2/)' +*6#5A,#5"8'1+626+3E#56'N/

X#E2*/)'+E+*)'123-'S"9+%9+X'%+'6)'E)A=+/)' +"+9'N/-':/2@

%#5"'1+*+/'9+Y?)'426'9+"F"278'"#5,""' ND' )";'2/2%#5"'1+*+/

3+"9)'426'9+"F"278-'K/+'123'62932T' +"+9"'+,"?+"'62X'N/D

#/'1"+/+E#/';N/'1+ME27-'\%/+,27)' +"+9)'1+6+/'%+'M+3'%+/@

%+<20"#T'32%+/+"'N/-

^+E#5T)'+1+ 29E+X'*)"E#/"2/8'A+?"E20)"'A<2/)D'<#%2@

/)D'?+/+"L+E"2/)'62$'R'C+,Y2/)'23R#56-'a/+"?'8"9]E+X'N)"-

x6+"?'<+=+"'#3?#ED'+"0+"'[#/4+"+"8D'63+"'b+4)'R'b+@

T++4)' 2/9)/D' 6)";42Y' 6,#5%"2/8D' #E?2/' M+/#5"+9#56' N)"

123R27'^+E#5T)"D'4#T#56'N)"'E+=)0-

~+9+3+6+/3)0'+Y+$'\%/+,278'>23?'N'#T$+92*'+"2/'.)@

/#$'+Y+$-'^+6E278'.)/#$'9#T6)0'>+3E)/27'N/'^+E#5T)"&'+%2@

7#ED'#/'#/#ME+X'C+6+"+9)"')"?8'9"2/9+,+"+&'.)/#$8'#T$+@

92*'6+3#5027#5'1+6+/-'^+E#5T8'O^+6E27)'#/#M+X'C+6+"+9)

;+<' ,#A' `/' %>+%20D' +,0' ^+6E278' b+TF+T+' ;29+ED' R' C#T#@

E#5/48'"/+'6#3)0'0/E20P'cS'v+F_'hi_ef-

~"M6+"'3+9'^+E#5T"'+%+0_'OxT$+92*8'R'=+T+T#5A,+"'*#@

18')"L'6#3' 2/2?P-'a+'#T$+92*'+/20'R'12"0'"#/'N/'E2/$+0/27

+,"D'2/ '^+6E278'29+E-

^+6E278'1+/0/20'^+E#5T)"D'A2')";'N'"+'+/27-'x5M+4/#5A,#5"

4+/L/#5'^+E#5T)'>+3+%=+")"_'

A?9

D + ; < # b E c ) > # b ' ; d ' X ' & - # E

O.2%+D'#/'C#T#E#5/4"')6'6#3)0'0/E#56'ND'R'4#5'?#'#/#M@

+X'`/2/)4';29+/D'R'<TM3+0)"2/8'C#T#EE+X'2"'I+?@

6+%)'62$-'S,"'C+6+"+9'+%+0)_'O}TM3+0)"2/8'1)6+

)"L'E/+'9)$"2"'b+TF+T+D'R'2%'3+9+E)"'.)/#$'+Y+@

$)"'+T#A?';26'+/27D'R'2%')"L'%3)>27#E'#T$+92*'6+@

3#5020)PP'cS'v+F_'hi_hhDhjf-

^+6E278'1+"4)6+"20'^+E#5T)"&'+%27#ED'#/'"+'1)6+/#5A,#5"

N'+/27&';>+127#E'.)/#$'>+3E)/+"8-

S,%>)%#ED' ?+")' #/' 62"?' 32%+"?D' A2' )";' 32T)' #5"20+ED

>+392/+0/#5'?2*'^+E#5T)'<#=+/2"-'K#5'+Y+$"#/4'2%-'K#5'R

?#'6+/4)9' ,#A'`/'ND'#/'1+"4)>27'2?'6)'62X' +"+9)-'vM"+6)"

AE#E' F2/+*+"0#56' ND' R' `/8%3`/2' AM"+6#5' M+/?2/"'+E27)' 2"

62X+"#56D')%9'?#' +"+98'"E+*#56' N-'V#'6+/4)9'E+=2"#56'2"

AM"+6#50'R')"?"+9+6'7?#56'2"' +"+98-':E'6)'?+")%8D'#/'6"+@

027'2"D'+1+ 29E+X'2"-'K#5'M+/#5"+9#56'2%'%>+%27'S%3X#'6+/@

F+/2)"D')%9'"+'C+6+"+9)"';)'1+,3"E#56'#T$+92*'+"27#5'1+@

6+/-

t)A=+/)']"M#56'9+'?2*'E/+-'^+'6)'OL)A1+")P')/+E)]+9'N-

V#'M#5/$'F3"E#T"2/8'M3+>20"#56'2"'?2*_'OI)' +"'+/+HD'A2';N

#7#/%'962Y"2"?P-'K#5'9%>+%2q%D')";>2%'.2/"'N'>+3E)/27D'A2q

?+,7'9+"2%'?2*'</927#5'1+6+/-

S1+'%+'N/'+,"')/+E)]+98D'#/)"'1+"4)>27'N/'^+E#5T'A+F+@

E#/8'c32H%'S'v+F_'hi_h@ef-'KC +=3+ +/'"+']"M6+"'3+9'9#3/@

E20-'z"1"+*+"4E27#E'"+')"?8'*#1+ 2/#5A,#5"'+/20-'.2H%'^+@

E#5T)'+/4+/+0#568_'O}TM3+0)"2/8'1)6+')"L'E/+'9)$"2"w'2%

)"L' %3)>27#E' c+"F72/2"#56&' %3)>E+Xf' #T$+92*' 6+3#5020)P

cS'v+F_'hi_hjf-'a+'*#1+ 2/#5A,#5"'+/20'6+/49+"0'+;?)"'7+E

2/R+7#5'1+6+/D')%9'123#'<#/L20'1#FR#/'2/R+7'^+6E27)'+;@

?)"&'+%27#E_' O:%' )"L' %3)>20)P-' \/+9+"#56' "+'8"9+E'6+/4@

9+"0' +*420#5A,+"' 3+9' R' 1+,3"E20' 2/9;#3#5A,+"' X#5T+9)

62$-

A??


!(?g%&# *(#*&*#

B+32/8' 1+]+=' 2"' 1+"4)>#56' +,%>)%)' )/+E)]+9)-' K#5

2/ RN'63+X27'2%'+,%>2%_'O:%'F)326D'#/'S%3E+X')"L'+%#56'ND'#/

%>+%26D' +,0'2%'%3)>E+X'?+,7'>)3)'+"26&'<#=27#5' 1+6+/

+,"')/+E)]+98D'#/)'62$'9+6P-

:%' 2T27' 26' +,">)%)' )/+E)]+9"2/#56D' 2/ ' 8"92/"2/%' 9+6

"/+"?D'#E?2/')6')M=+"#5A,+"'3+9'2"'2T27D'="4/27'2"')"L&'1+@

6#*27#E_'OU#H"D'4#5'>23?'N')";@#/' +"'+"2%P-'I)";42Y')6'%/3#56

2%')6+027'26D'#/'S%3E+X'"#5,"8';)'+%#56-'a+'7#5Y'N'2T27-

S62"+X+"/' +"2/)0'6298D'#/'>23?'N'+"2%D'S%3X#5"'%>+@

%27"'ND'1+39+>2%'+,"'C+6+"+9D'2/ 'a+'#;)";';)'+%#56-'S,4>2%

>23?'N'+"27'"+R'+,%`/-'S62/)9+,#56'62/'1%9+,+9+"'6)$#0"2@

/)'R'<#T)'123'62932TD'62"?'%#E#/+ +/'9+/#T'2"?')";@#/' +"

+"27' "#5,")%9' +,"' 42>?2/#56D' 2/ ' S%3E+X' ;)' M+/CE#56-' I2/

L)/?2/#E'R'9+/#T#5A,+6 D' +,0'+Y+"0'S%3X#D'62"?'9+/#T'2"?

)";@#/' +"'%32TX27&'0#5,0'3+7#ED'A2'4+'S%3X#50'N-

:/ 'F+7)%'N'#/#M#56"2/'9+,+0"27#5'>+18D'62"?'1+]+=';2"?

9+/#T+"#56'F3"27'S%3E+X+M";)0'6)'F7#5='9+6'=#%?D'#/8'62*

#5T#/4)')";'+"27-'I2"?'>+/3+E#/'2"?')6+"+7D'A2'S%3E+X')";

N'+%#56'62*',#5/+?+";,#5/'E+,/9,+"-'W+,0'2/ 'AE#56'ND'A2'S%3@

E+X';)'=#%#56D'a+')/+9+"#56'=#%#56'N-'a+'+%#56'N_'O~MF/3#@

/2"'M+/#5"+9)/'+"27'+,"D')";'?2*'+%27'26D'#/'+"2%-'x;)";' ;)H

<#=E27P-' ^+' 1+39+>2%' +E27)' 4CE+/' N' 4+Y"#56D' 2/ ' 62"?

F3"E#56'2"?'2/9;#3#5A,+"'+*420#5A,+"'3+9-

:%'#5*#56'26'9)%E27'6)'=#%?#ED'#/'.2/8'3E20')"L'a#/'3+/@

E+'`/2/)"-':%'+/3+%+16+"#56'N)-'u#/8'?"+X'N)_'#5C+%>+Y'N)

2T27' ?+Y+%#5"E20' C+6' 3R+X' ]+"+>+/1#/4#5A,#5")0' R' `/8

2/9#5'+"F+6'+"09+0/+X'X+Y+,#5A,#5""2/)0-

b)M2/E+'C+68'2/9#5%)"'1+"9+/X'+/A"+0+'=#/8'?")0-':%

D + ; < # b E c ) > # b ) ' ; d ' X ' & - # E

A?@

F)32)D'#/'6)+,"'.2/8'9+/#T'N/')"L'+/A"+0"27'+,%'LR#ED'#/#E@

123R'8"4+62"8'2/2?'C+6'?"27#50'123#' +E+9+")"'+Y#5,F'N)-

.2/"' )"L' 6)' =#%?'3E20D' #/)' 6+%)"' %#E#/+ +/' 2%' ;N)' =#%)D

#/#E123R'+,"' +"L"+9+"' N/-' W+,0' 2%' 1+E+3#56' 26D' #/' .2/8

A#5,7' N'3+7)%')"L'=#%27'4/+'6+%)"D'#/>2%*)' 7#5%+ +"26'+,%

9238-' :%' 1+E+3#56' 26D' #/' L2*+")0' M+32/)"D' #E?2/' "6+"+@

3)>')/+E)]+9"2/#56'2"D'+,"'9*#/+0")-'S1+'6)'1+3E+X'+,4

=#%?)0_'

OK#5'2T27'2%'+"#/#M'E)]+9#56&'+Y+"0'92"3/#"+06+"D

R'4/+"#E'4#5'%3#5FE27'2%-':%'?2*'A#5,7';26'3E27'92"3@

/#"+"+7D'#/>2%*)'%3#5F26'?2*D'A2'+/4,#q?'4#5'?+,72/

9L2Y"+/92%' +Y+"0' \6' +Y+$"#/4#5A,+"-' \"L' M+3' N

1+]20/27'+,"D'#/'4#5'#;)";';2%'L2Y"+/927'\6'7Y#5A,+"

8"A+0?#56-'V+")'#/'4#5'#;)";';2%'+/27D'#/#E123R':%

;26' +%27D' R' ?+")' #/' 4#5' ;2%' 9+3+/27' ?#' %2<+9+"

X/+F/2/8&'1#5%+7#ED'#/'4/+"?'\6"'2"D'1)6+'4#5'9#5"2@

"+%'62X'92"3/#"+0#56-':%'?2*'R'?#'9"#$8'93+6'62X'R

,#5/+1+3#59' X/+F/2/D' #/#"?' 2/9#5%)4' N7' 9 2/2"' 62X

#5/+=#5A,#5"P-

.2/8'=#%20')"L'123'+,"'C+6+"+9D'2/ '2%'#5'9)"%'62/'9,+"@

?#56'7]+0#56'N)"?'*F#56-'I2"?'0+"9#5A,#5""2/'R'+"L"+9+"'9+@

/)?"2/' #5"2)"?D' #/#"?' ;N)"' )/+9+"+"#56-' I2"?' 2/9#5%%' N7' 6)

?+")'3+/)'+>/#56' N)"?' X+,/+12T' ]"M6+"'3+9-' I2*' 1+6+/

+"92TX#/2"'1#F'3+"#T'62/'8"92/"2/8'=#/1#5/4'N)"'3+7)%'62*

#/#M'?+,72/'+"27D' +,0'62"?';N)"?'*F#56D'#/'4+'.)/#$'=#%?"'N-

a/+"?'%=+7';N)"D'2/ '62*'+,%' +"2/"'+%#56'N)"-'a/+"?'8"4+@

62"8'+/L+F+"?#56'N)"'+,"')/+E)]+9)"D'#/)'62$'62*'32%"#56

N)"-'S%3E+X'%3#5F#56'N/'62*-

!+,)"' <#<#=#5A,#5""2/D' #/#"?' 62"?' 9+/#T' N)"?' +"27&

A2AR+0"27#5'1+6+/'+,"']"M#568D'#/)'3+9'F3"E#56'N)"?-'I2"?

A@B


9+/#T' N)"?' 9YE27' 62/' 9+%9+X"2/)' 426D' +,0' 123+?/?)/' N/&

+/4,#q?' 62"?' ;N)"?'+"32%)' S%3X#5"-' I)";42Y' 62/' %/3)'=#/@

?#56' 62"?' 2/9#5%%' N7' F)32)"?D' #/' S%3E+X' ;N/' +%27' 62*' #/RN

?+,7'+"27-

a+=?+"'+,4'a#/'3+/E+'+Y+$)"'+6%E+'+E+/38D'62"?'32@

%+"?D'#/'S%3E+X'62/' #7#/'%>+%#56"2/)0'E2/' +"2/'N'+"#56-

:%';F)326D'A2'2/ RN'N7'932%"26'+,4?+"'M+3' +"D'#/'2T+"'+,4

629'+6%E+'8"A+0?#56-':/R#56'N/D'#/'S%3E+X'+,4'+6%#56'+E2@

7)'M+3' +"'+/20D'?+"'+"0+X'1)"F'3+/)"2/)'8"A+0?#56-

!+/R#/"'+,"'ND'#/'62"?'+*420#5A,+"'3+9';8"9"2"?']"M#56@

"2/)'C+6+"+9-'I2"?'>+/3+E#/'2"?'F#/X27'.)/#$'u#%?)'1+@

6+L+,"-

I3+J%#3&+'#0*")"*+#"*&9

^+E#5T8'E+=20+X'N/-'a/+'1+6 +E8D'9,+"?8'R'A+F+E#/#5@

A,#5"8'E3+"FE+X'N)"D'4/+'1+6+/'N7'"+'M+/CE20D'2/ 'S%3E+X

>+3E)/27' N/'%>+%27-'^+6E278'1+"4)6+"20'^+E#5T)"'R'1/+@

>+/+920'"/+'4+3+E])Y8_

OW+,0'1)6+'?#'A+F+E#/#5A,#5"8' 1+%3+3' ;)' 7)"27#5-

.2/"'\/' 1+6+/'\/'%/3)'1+626+3'6)'6+/4' N' #5*#56D

#/)"' )M=+"' "M+"+9)' .2/8' \/' C#T#E/4)' E/+D' #/#E@

123R'4#5';>+120)/')";'#/'.2/8'?2*'>+3E)/27'N/P'cS

v+F_'hi_hmf-

^+E#5T8'6)+,"'629'+"F+6';N'#/'32T'N/'3E27'2/9;#3#5A,+"8-

a/+'9,+"?#56'6)'M+/?'+,7'42>?2/'N)"'32T)'#5"2027D'2/ '#5C2T

]"M#56"2/)'+*420#5A,+"'3+9'+"1"+*+"4' N/' 2T27'.)/#$8-'I)

+"F+6' "+' 2"A+/9E27' N/' 6+/49+"0' 0+"9#5A,+"8&' E2/0"27#E

+E+/8'+,"'?+T+?)0D'#/'S%3E+X'+%27' N/'+6 #T$#E)"'9#/X+@

"27-' a+' ;N/' #5*#56' 9#/0"27' 6+/49+"0' +/21+]#5A,#5"8-' :/

D + ; < # b E c ) > # b ) ' ; d ' X ' & - # E

A@A

1+"4)6+"E20' ^+6E27)' 9#T6)0D' ^+E#5T8' =#%3#E+"20_' OI2T?

F#/X20)D' #/' .)/#$' 1/+6+""2/8' R' ?#' =#%?2/8' *+"0' +/20)D

#/#E123R' C#T#E/4)0' E+=20+' R' "/+"0' =#%?2/8' 7%20)P' cS

v+F_'hk_jmf-

^+E#5T)' 1+$#/4' 1+,3+/+/#5A,#5"8' 0#5,0' N' 3+7)%D' #/' "+

+E27)'+"1+"F%3+0+X'N/')/'1+6 +E)D'?+"')/'1"+*+"4#5A,+"

1+6+/-'^+6E27)"'+%+X'=#%?2/8' +0+1+,320)"' "/+'%/3#56

2T+X8_' OI2T?' F#/X20)-' ST+;#56' 26D' 1)6+' C#T#E/4)' X2/2/)

+Y+$)"'#5'\%/+,27)'+Y+$)"')"L'>+3E)/P'cS'v+F_'hk_iof-

^+E#5T8' M+/#5"+9' 62T+";#56' N/D' #/#E123R' E+=2"#56' N/

6+/4#50-'x/?+"'M+3'N/'"+'E+=2"#56D'+,"?+"'4+C+"'N/'4+Y@

"#56-' ^+' 1+]+='>+3+1#56' N'+,"'+Y+$"#/4"2/)' 123D' #E?2/

)/2"0'+"E%3+1'2"'*F#56-'a/+"?'4+C+"'2"'E+/E#56'C#T#E/4)

123D'#/>2%*)'4/+"#E'0#5,0'3+"D'#/')/2"?'1%9#56'2"')/+E)]+@

98D'6)";42Y')/+9+"#56'4/+"#E'<#/L#56'2"'X+X927')/2"0'%2<+@

9+"'2/9;#3#5A,#5""'#5'E+=8-

^+6E278'^+E#5T)"'+%+0D'#/'S%3E+X'A+F+E#/#5A,#5"8'3+@

7#5' N'6)'6+/4#5D'#E'9>+1)'\/'>+3E)/+""2/8' cS'v+F_'hi_hmf-

S,4'6+/48'K+E)A"'N/-':%'7%27'26D'A2')";>2%'#/#M'6+/4)9'+%#56

2"D'#/')/2"?'S%3X#'%/3)'1+626+3'6+/4'2"D' +,0'2%'#5*#56'26

7%27'S%3X#5"D'x/8'9+%)'+,"D')";'+%+0'K+EA)"_'OK#5'\6'%/3)

1+626+3'6+/4'2%P-':%'F)326D'#/'%+'S%3X#5"'%)/#T',#5/+?+";@

,#5/'1+E+3+0,+7)'0+"9#5A,#5""'N-':%'#5M+4/#5A,+6 '#5%#56"+@

%)/27'26'K+EA)'9,+"?8&'0+"9+"+7#E')6+"+7D'A2')";"'N/'>+3@

]+Y8D'#/'.2/"'\/2"'K+EA)'123'1+E+%+/'N/'4+%27-

:%'"9+320)D'#/'K+E)A8'#5M+4)/'N/'123R,+7)'62$_'"+'#;'6)

42>?#56'#;)";';N/'+"#56D'6)";R';7%2/'S%3X#5"-'B+3'1+]+=D'62X

]"M#56"2/)' 62$' K+E)A8' 4)6#56' N/' S%3X#' =#/1/4)"' cS' v+F_

jo_ihf-':H9'"+,2"?'6)';+<+*+"0'4+C+"')/+E)]+9)-

A@W


A*&%ZC#P#*6)='#6*+#='()=

^+E#5T)'A+F+E#/27#5'E2/$)"'3+/E+'8"A+0?#56'K+E)A"'#5

)/'6+/4)9'+>+%3+"'N)"'F327'<TM3+0)"2/)'2/9/#56-'[+"F+@

6+"?"2/)' 2/#56#E' K+E)A"' #5' )/' 6+/4)9' F"+0)"' 6)+"+7#5

<TM3+0)"2/)"D'2/ '"/+"0' +"+98'1+E+?E#56'N/')%/+,270)"2@

/)' 426-' S,"#5+62"+,")ED' <TM3+0)' *#/+>232/8' +/9+0+"D

2/ '32%+"D'#/'1/2+'3T+6+/4)9'>+3/+%3E#56'2"'>+32/+*@

627')/2"0'123-'K/+'1+6+/'N7'*#/+>232/"'N7'62/C20)"'K+EA)"

#5'"/+'6+/49+"0'R'A#5,7';3E20)"D'#/'9YE2"')/2"0'123-

[+$#/4' +Y+E#3' K+EA)' *#/?8' 12Y+0+E&' E2/+4+Y"+7#E

)/2"0'9+"+"0'#5'2/2=+"2/)'6#3D'#/#"?'F3"E#56'N)"'^)927+9

?+T+?#56-'!+/]+3R']+6<#/4#5A,#5"8'42>)'6+/3+4+M3'L+@

=#TE27'N/D'R'K+E)A"'#5'"/+'6+/4)9')/2"0'#;'>)3+")'N)"'*F#56-

a/+"?' 62/CE+X' N)"' #;' 6)+,"' )/2"0' %2<+9+"' A+F+E#/)0' #5

2/9/)0D'+,7'"+R'+,"'+*F)0D'#/)'62$'+>+%3+"'N)"'F327-'K+E)@

A8'9+/#T'N/')/2"'M+3'6)+,"+9'*F+7-'W+,0'%+'#;)";'N/'1+626+@

3+X'+,"' +")'123D')";)"'#/'"+'1+"4)>20-'x5M+4)/'9+/4+HD'A2

)";'N/'32T)'#5"2027D'2/ '"+'E2/+4+/L+E')/'8"3+")?)'6#3D'R

>+392/+0/#5D'A2')";>2%'N/'"+'*F#56')/2"_

O:E'2/ '#/'K+E)A8'R')/'6+/4)9'2//#/4'`/8'63+"'^)@

927+9D'+1+'+6+T29+0)"2/8'1+/L+9E27'N)"'1+/+E+@

,)"'2/9/)'R'^)927+9)'E/+'R'^)927+98'*+/927#E&'"/+"

9/+9#E'+,/27'N)"-':E'+,"32T)'9+"+,?'F2/)'N)"'+Y27&

<#?/)0'6)";R'62X8D'629'6+/4';N)"'62Y0/27D'+,7')/2"0

123'3+"27#E&'F"+027' N)"')/2"0']+"+>+/18-':E'2/

#/'K+E)A8'R')/'6+/4)9'?+T+?'1+%+"D'+1+'9/+9#E

+,/E+X' N/' "+D' R' )/2"0' 9+"+,?D'3T2/?8' R'+T$92/?8

F2/)' N)"' 3+/E+X-' :E' K+E)A8' R' )/' 123' 2T#T' C#T#@

E#5/4"')/2"0'L+,"2/8' +/L/+0/)"'R'7+0'2T+"D'6)";R

#/'"/+"0'E/+'#5C';6"+0'7+027#5-':E'K+EA)'2/9#5'9+@

"+,?&' 12*+ 27+0)'S?)"#68'R'!+/627+,)'a+ +T)'9)@

"8&'S )F2+"'N7'N/'F2/)'3+/E+XP'cS'v+F_'io_h@kf-'

D + ; < # b E c ) > # b ) ' ; d ' X ' & - # E

A@!

!+/#qT'2%'>+392/+0"27'+,"'0+E8D'#/'*F#56'N/'K+E)A8-'a/+

8"3+")?8'F2/#5A,+"'62$'N/D'1+<M3+927'N)"'A+"9+/C2?'+62"

+"D')%9'6"+0+X"'+,/E+X'N/-'a+'#;'6)+,"'+"1+"F%3+0+X'N/

)/'8"3+")?)D'+,7R')/'6+/49+"0'8"3+")?"2/)'1+6+/-'a/+"?

6"+027'N)"'+Y+"0'2/9/)D'123#'N7'E2/+4+/L+"'R')/2"0'3"2/8

F3+"'X=)'62$D')%9' #7#/'%)/27)"2/8';9+,)"-'^+'42Y'+62"8';N/_'

O:E'K+E)A8'62X'3+F"+>)'62$'N/D'#/#E123R'C#T#E#5/@

48'"/+"'#5*#56'N/'?+/9#X27'"/+'1+6+/D'#/' #7#/'C#@

T#E/4)0'+62"' 629)' %)/38' 9%9X#56' N/' )/'3T2/+"0' #5

+T$9+"0'1+6+/P'cS'v+F_'io_df-

S,C6'+,"'6+/4)9D'#E?2/'F"+027'N)"'"/+'123'>+32/+*627#5D

>+3/+%3'N)"'?+/9#X27'K+EA)"&')/2"0'9+"+"0'#5'2/2=+"2@

/)"'+">+M3>+"'A#T"27#5'1+6+/-'^/+")0'E+3';N/'9+/#T'7)@

"27-'^+'"#5,")%9'+E27)'4CE+/'ND'?+"'+,"D')";)"'1+"4)>27'N/'^+@

E#5T8-'^+E#5T8'F#"2'#5"2/'E+=9#3' +"+9'R'8"3+")?D'R'"/+

6+/4)9';%>+Y"+0)"'?+/9#X27-

B+3'1+E+3+0,+7"2/')/2"0'9,+"?#56'#5"2"#56'2"'+,">)%)

>+12/D'2/ ')/2"0' #7#/#E)"'6)+,"+9'2"'*F#56-':%'9+/X#56'26D

#/'S%3E+X'A#5,7'N'3+7)%D'#/'4+'>+3+1)-'S%3E+X';N'4/+'>+3@

]+Y8D'?+")'#/'a+';N' ;+/)'12T)"+98-'W+,0'S%3E+X';)'6)$+6@

3#56D' #/#E123R'+,4' 1#5%+1+3E+X'C+6+"+9"2/)' 1+6+/'a+

#5")'\/'">+3+98-'K+E)A8'9+/#T' N/'1+"L"E27D'2A2'%9%2/'12@

3+>"427' AM"+6#5"' 9+6' 629' +,7' #5T)' <"3/2/' )/' 6+/49+"0

1+"F%3+0"27#5'1+6+/-'W+,0'32H%D'A2'<#=+/2"8')";'+/20'"+_'

OW+,0' K+E)A8' *#/+0+E' )/' .2/' S%3X#E-' :E' K+E)A8

S?)6272?)' #/4)' S )+A+/' ?+1+"+,)"' +%+0_' O:<#54

6#320/#5')"LP-':E'S )+A+/8'2<#548'K+EA)"'6#320@

/20-':E'K+E)A8'.)/#$8'1+/0/20'R'+%+0_'OS,%'F#5"4)

23R)0'1+7+X2q6D'"/+"0'91+%"2q6P-':E'a+'+%+0_'O[+@

7+X)H/D'#/#E123R'+">+3]+Y'91+%"2%'R' #7#/)"'9+@

*+32%PP'cS'v+F_'io_d@ef-

A@/


a#5,")%9'E)A=+/)']"M6+"'3+9'K+E)A8'?+,7';+/20D'6)";R'#/

%3+0+E' .)/#$' =#/1#5/48-' a+' *#/+0+ED' 2/ ' 4)620' .)/#$8-

K+E)A"')"?"')/2"'1)M20/20'S%3X#'1+E+3+/6#5A,#5""'#5'#5=@

38-' K/+")0' 123#' "+' )6+0+ED' A2' )";'>23?' N'+"2/-' S%3E+X

+%+0_'O[+7+X)H/P-

K+E)A8'123+>"420'AM"+6#5"-'O:E'K+E)A"'+6+T29+0)"2/)

+Y+X' #7#/' +"2/8'+*+320' R' K+E)A"' )/' 2/9#5' 9+"+"0"' N7

+*+320-':E')/2"0'629' +"8'>+9+%';N/&'<#?/)0'6)";R'62X8D'A2H

3T+D'A2H'+T$)9'R'A2H'+E+/D')";'#/'"/+"?'+Y27@3+/27'N)"D'K+@

E)A"'+62""'N7'23' 2/20P'cS'v+F_'io_heDhnf-

\";8'#/'+"1#5,%' N/'AE#56D'E2/+XE20'62X'1+TA+"+9)-'x;'6)

+"'4CE+/';N'62/'S%3X#'1+6+/-'K+E)A"'+E27)'M+3'E+=2"#56

N/'S%3X#50D'?+"'6+/49+"0)0-':E'6)+,"'%+'N/D'#/'"/+"'E%3+@

1#5A,#5"'3E20'+Y+$)"8'4)627#5'S%3X#5"-'^+'M+3'N/'3+/ 2/@

E#56']"M6+"'C+6+"+9'^+E#5T)'+/L+F+"?)0-

K+E)A8'F#/X20D'6)";42Y'^+E#5T8'6)+,"'+/L+F+"?20 )/+@

E)]+9)'>+1+"$"2/)"-'K+E)A8'9+/#T+0+E'F#/X27'R'#;'A2'+/@

L+F+"?27' )/+E)]+9)' A27+4/+"?)"D' #/#E123R' )6+0+ED' A2

S%3E+X')";' N'+%#56-':/ '62"?'#5"2"#56'2"?'V/)%3#%)'6)3?8D

1+6+/L+9E#56'2"?'F#/X27D'+,7'#;'A2'+/L+F+"?27-

i,*3+%-./%-(

a+=#/4'F7#5="2/)0'629#56'62"?'1+,3"+ 2/20)"?D'#/'2/9;#@

3#5A,#5"8'9#3/27#5'1+6+/'1+6+/L+9#5A,#5"'N'>23?-'^+' "+@

9+"' 1+6+/L+9#5A,#5"' ;ND' +,7' +,">)%)' 1+6+/L+9#5A,#5"D' #/8

F+7)%'N'+%3E+X+,)"'*#/#5A,+"D'%)/#'R'+Y#T$' +"+9+"#5A,+"

M"#/1)E-'^+'N'62/' +"+7)'=#%?8_

OS,4'>+3]+Y#E'6)3?4'26' 2/#56D'#/'+/X+/X2%'S%3X#

+,"'M"#/1?8D'#/'?2*+"#56'N')6'L2Y?2/8'?2*'E/+'4"27#E-

D + ; < # b E c ) > # b ) ' ; d ' X ' & - # E

A@1

x/#E123R'S%3E+X';3E20'62*'2/9;#3#5A,+"'1#F)D'+,7

*#/#5A,+"'R'%)/#'R'*F+%3#5A,+"ÑP'cW'.)6#A_'h_dDlf-

.2%"2"?D'A2')";>2%'+,%'2/2?' +"2/8'K+EA)'62$'1+6+/L+@

9#5A,#5"'+Y+$+0/)"D'#/#E'"+'1+9+Y+9E20'2/9;#3#5A,+"8-

h_'r#/#5A,#5"-'K+E)A8']+"+;#56'N/'S%3X#5"'R'"+'F)32/D'#/

S%3E+X'+E27)' 62X' R'+E27)' *#/+E#/' ND' ?+"' )/2"' 1+"4)>+X

#/RN' +"-

j_'^2/-'K+E)A"'S%3X#5"'+E27)'N/'%)/#56D'?+"')/2"-

i_' rF+%3#5A,#5"-' K+E)A8' ?+,7' ;+/20D' 6)";R' .)/#$' =#%?8

9+6'6)3?8';#5"20+E-'!+/R#/#5A,#5"';3E20D'A2'#/?+"'62X'N/']"@

M#568-

:/ '62/'1#F)"2/8'70E+X'2"'.)/#$'*#/#5A,+6 D'%)/#E'R'u#%@

?#ED'62"?';2"?'4+Y"#56'2/9;#3#5A,+"'*#1-'x;'A2'+,%'2/2?'+Y+@

?)"#5A,#5""2/)0' 6298D' +,7' +,%' 2/2?)' 1+6+90#5A,#5""' N' >23?

62*-':A2'+,4'+6 #T$8'>23?';7)"2/D'g#T#%8'91)M+3+92/'6)+,"

6298-'S%3E+X+,)"'1+6+/L+9#5A+"'62$'?+,727#5'1+6+/'2/2?"

N7'+"1/+C2M3'2"-

I2"?' +/42"' 6+"/+6+%"#5A,+6 ' #5%#56"+%)/20)"?' *#/#5@

A,#5""'#5'%2/8-':H9'M+/#5"+92"?'+Y+$'F"+7'R'1+%9+"+"?'.)@

/#$'6)3?8-

A@5


Ñ'[#5"+/2"' "+F/#56'*F+%3#5A,#5"' +Y)'<#=+/2"'`F3+F#/XE#56'N'ÖÜáàÜâäÖãÜÖ

+Y8D' #/"' #5")' 123R,+7' )6+%3"2/8_' *F+%3#5A,#5"D' *F#"#5A,#5"D' +Y#T$' 6)3?D

)"?"+9+Y+E+/#56D')"?"+1%9#T#5A,#5"'å1+,2/2"'1/+3+/+9;)'9#T6)0ç-

V7#-1./B%./22(#%2(O'(.&()*#2#-'(B,(8,2@(8)*#J-13#K()2E(O(#-./*(,/(#2./*=

..........................................))DE+=))*))A!!

M,"#$* .; 3": ( + *,&:

x

;'6)' +"'+,"?+"'M+3'E+=20"#T';ND'#/?+"'3F)3#5A,#5"8-

.F)3#5A,#5"8' F)3#5A,+"'>+9+%"' N-' b)3#5A,+"'+/C2?)

6+%)"' 1+]+=' N'=#%E#56' S%3E+X+M";#56-' SY+9+0' jm_k

+%#56'N_'O\6+%3#5"'6+/48'*#/+E#/'97)")D'R'F)3#5"'6+/48')/

#5C8'9+E27+0")P-'\%9'SY+9+0'hh_n@8'62*'1)M20"#56'ND'#/'O+/@

4+/"2/8'9+*+3E2"'F)3#5A,#5"#EP-'b)3#5A,#5"8'?2*'#5C'N'3+@

7)%'2/9;#3#5A,+"'A+9+/4)0'=#5%+<27#5'1+6+/-

[+%9+0)H/D'#/'9+' "+9+"'F)3#5A,#5"'R'1#FR#/'F)3#5A,#5"-

[#FR#/'F)3#5A,#5""'#5')6+%3#5A,#5""'+E27)' +/L/'2"' "+9+"

F)3#5A,#5")0'R')6+%3#5A,#5")0-'S1+'A2')";#5'2"?'62"?'+,"'9#@

;#56'OF2/ "+9+"P_'+,"'F2/+4+%'N' "+9+")0-

.)6#A2#%)'2/9/#/4'ATA)'h_dDl@#56'g#T#%8'.)6#A2#%)"'1)M20@

"#56'N'+,"'2/2?'9+/R#/'1)6#5"?"2/8D'#/#"?'+"1/+C2M3'2"'E+@

=)"'c2/9;#3#5A,+"8f'1+TA27#5'1+6+/-'K/+"?'2"&'%2/8D'*#/#5@

A,#5"8'R'*F+%3#5A,#5"8-'S,%'F7=#56'9=#%2"?'E2/$)"'1)6#5"?)&

*F+%3#5A,+"'1#F#5'6+%)"-

\q";'N'*F+%3#5A,#5"8-'S/4,#q?'+,"'^#5/ 'F/?)')6+0#5A,#5""'N-

SM+92/3"2/8'1+6+/E#56'N)"'3F23'L9"#/%"2/D'6)";42Y'\%/+,2@

7)'+62"+9)/A'6+/49+"0'=#56 8&'^)"24/)#"8'c1/2+"2/)' +/L@

/+F#5,"'C#T#E8fD'M<#AE+X'N/'"/+"0')6+%3#5A,#5")0'R'1+6+/@

L+9#5A,#5")0-

O:E'g23/#%)' R' [#E1+""2%)' 1+6+/L+9#5A,#5"8'32%@

A@@

"27#E'R'F)32"+7#ED'#/'+Y+"0'#5%6#5"?)'R'3F23'6+/@

4)9'2"D'*+/6+"#56'N)"D'6)+,"']+"+;#56'N)"'"/+"0D'#/

[)%#5%)'123'N)"P'cb#/X?'m_hif-

^32<+""#%' +"#5"#E' 6)' 6+/4D' #/8' #/ R+,/)"2/)' %2T+")

%>+%+E#/'N/D'<+920'C#T#E+/+")'9/AE+X'+Y+$"#/4"2/)' 2@

/+"8-' S%3E+X+M#5";8' >+36#56' N_' O:E' ;N)"' 9+/#T+"#56' 426

9+"F"27'+,"')6+%3#5A,+"8'R'+,"'1#F#5"D'#/#E'"+'=#%#56'N/P

cb#/X?'d_hof-

S"6)$+>2%'32%"#56' 2"?D' #/' *F+%3#5A,+"' 1#F)"' ;)' X"E#56

"+9+"')6+%3#5A,#5")0'9+6'^#5/ 'F/?)'1+3#59'4+%8"A+0"2@

/)0-'S,%>)%#ED'#/32T)q0'N'F+7)%'*F+%3#5A,+"'1#F)"-

K-()(*=#0*/+(%-./%-(

rF+%3#5A,#5"8'F+7)%'N'V/)%3#%)'6)3?8')6+"+7#50-'I)+,"

b/E+X?"')6+"+78';)'"M+"+9#56')6+"+7'V/)%3#%)'6)3?8-'I2*

+%E+X'ND'#/'OF)/8'%>+"#56'ND'[#F)"'92"4+"+0"#56P'cW'!#/"A_

i_df-

}+/)%20)"2/8' b/?2/)' )6+0#5A,+"' 1+/0#56' 3F23' ;N)"D

"/+"?';F)32)"'4/+"0'1#F)"D'+,4'>+3]+Y#E'N7'"/+"0'X+Y+@

,#5A,#5"8'6+1'N/' 2/#56-'S,"'+E27)'12Y+0"#56'N/'6+/49+"0'S%3@

X#'%/3)0D'?+"'6#320"#56'N/'a/+"-'a/+"?'6+/49+"0' +C+"#56

N)"' S%3X#50' )/2"0' `/)"+>+1'F)3#5A,+6 D' "2/9+,+0"#56' N)"

S%3X#5"'+,">2%D')";>2%')/2"?'N)"'1+%9+"#56&'F7=#E'R'#;'A2

%/3#E-' [)%#5%8' 1+,3+/+/20_' Ox;' 6)+,"' 1+0#E' 9+>/)' 6+/4D

+,7'+62"'=#%?#ED'#/'4#5/%'N'F+7)%'S%3X#' 2/+")0P'cI+A_'m_mf-

x5M+4/#5A,#5"'4+/L/#5D'#/'[)%#5%8';+%+0&'4#5/%'29+E-'K+'97)@

"2/'#;'A2'+"0,+7'C+6+"+9#ED'+,7'6)+,"'F/E+X'=#%?#E-'I)+,"

S%3E+X+M#5";"' ND' #/' 4#5/%' N' 2927' S%3X#' 2/+")0-' [)%#5%"

+%+0_'O4#5/%'N'F+7)%PD'#/8'"2/9+'C+6+"+9#E'N-'I2"?'>23?'N

WBB


]+"+;2"?'b/E+X?)'.)/#$8D'#/>2%*)')6+"+"?D'A2'+,%`/')";'N

4#5/%'F+7)%'a/+' 2/+")0-

[)%#5%8' [#E1+""2%)' hd_hiDhm@#56' +%+0_' OW+,0' 2/ ' #/' a+&

~M6+/3#5A,+"' [#F)"' 9F+D' a+' 9+Y+$"#/4)' L2*' +62"' ]M6+/@

3#5A,+"'62$D'#/#E123R'\/'+"L)0';)'=#%)D'+,7')";'#/'97%)&'9=#@

%)D' R' F+7#5' +"2/8' 9>+36)' L2*-' a+' \"L' 9<+Y+E#/)D' #/#E@

123R'\6)0'9+Y")'R'9>+36)'L2*P-'x5M+4/#5A,#5"'4+/L/#5D'#/

[)%#5%"'+%+0&')";'#/'7%)D'+,7'#;'A2&')";'#/'7%20-'^#5/ '[#F#5'`F@

"#5A,+6 '62"?'9+/#T'2"?')6+"+7D'A2')";'N'+%#56'[)%#5%8'1)6+-

S,4' 42>?#56' 4#5' 9+/#T' 2%' 1+/0"27_' O\q";' `F#53' ^#5/ ' F/@

?)0P-'K+'62*'`F"27#5'R'+Y+$"#/427#5'#5T20#5,0'N-'K+'S%3X#50

N' "2/M";E+X-' :/ ' ^#5/ ' [#F)"' 92"4+"+0"#56' N' +,"D' =#%?2/8

92"4+")'2"'4+Y"#56'62/'%/32/#56'R'#;'A2'6)+,"'62/'F7#5="2@

/#56-' S%3E+X+M#5";"'+,"' ;+<+")M"' ND' #/' 62"?' `F3+F#/X#56

2"?'1+%3+327#5'1+6+/'+,"D')";8'7%27'2"?'S%3X#'[#F#50-'^#5/

[#F)"'2/ 2?'S%3E+X+M";)"'1+9+Y+9';)'=#%#56-'W+,0'62"?'9+@

/#T'2"?')"?"2/%'62*'=+"F+/27-'I2"?'9+/2T'2"?'62/'1+%9+0#@

T#5A,+6 '%+16+"+<+927'+,"D')";'9+/#T'N'+%27'9+6'+"27'^#5/

[#F)"-'^+'N/'<+/)%20)"2/)'%=+78-

I3+6*J*M(?'#,=%-$()&'#8#$%37)&'#+)C(#'"*(*=@# *6*&*&#?P

}+/)%20)"2/8' M+3' F)327)?"2/' #5"2)"-' }+%3#/2"' "/+"?

+"F)/' F)32)"' [)"' 93+9+/+")'+Y+$)"' 1)"F' F/?2/8-' a/+"?

123+*#3#56'N)"'b/E+X?8'R'+"1+6 2/'%>+%#56'N)"'I2%)+,)"-

I)";42Y' <+/)%20)"2/8' a/+"' %>+%#56' N)"' b/E+X?)' 6+%)"

2T+X')/2"0'1+%9+0#T#5A,+6 -'a/+"?'F)32)"D'#/':%+,)"'+,%@

>2%'6+/F+/2+0+E_

Ox/#E123R'62*'1+6+/'6)'I+"#59'X"E20D'62*'6)'x/4)

WBA

e X ' , S + = > 8 ' & ) Z + X % &

3/E20D' R' )M=+"#5A,#5"8' 97)")' a/+' #5%)' E/+D' R' a/+

+"#5"8'99#;E)'^?+";27)D'u#/1/4+9+"D'[*#/'S%3E+XD

[+E)32"+9+"#5A,+"'[+,/D'u+T+T#5A,+"'\M=+"-'\M@

=+"#5A,#5"8'M+3+0"27#5"'R'=+T+T#5A,+"8'E2/$';9+

K+EA)' +A#Y)' E/+' R' a/+' A+F+E#/#5A,+"' E/+D' #/

a/+"'1+%3+3)'R'>"4+0")'a/+"')/+E#5"?#E'R'+/@

4+/#5A,#5"#E'1)6)9E+")0'6)";R'1+E)3,+"-'r#/+0'.)@

/#$'"+=+"L8'>)3)'+")'+,%P'c:%+,)'n_dDlf-

Ä%3' <+/)%20)"2/)&' I2%)+"' 1+%3+327#5' N/' \/' 2/9/+,)"

A+F+E#/#5A,#5"8D'+*+3+F/27#5'N/'"/+"0'[Y#6)'7X)0'R'"%327#5

N/'K+EA)'F+1)' E/+-'K/+'1+6+/' N7D' 2/ ' [)%#5%8' 29+E' #/>2%

1,#5%"&'b+7)72+,)'a+*+/2A'?+T+?)0D')%9'a/+"'#5T290#T'+M+@

92/3"2/"'+"9)/A'L9"#/%"2/'R'6+?%+E#/"2/'N)"D'<+/)%20)"2@

/8'F+,A+9TE20)"-

S,%' <+/)%20)"2/8' 6M3+>2%' 1+9+Y+9E#56' N)"' [)%#5%)"

+,">)%)'A26+"2/#ED'#/#"?')/2"?'N)"'1"+/27&'27"27#E'^#5/ 'F/@

?)')/2"0'1+%9+0#T#5A,#5")0-'a/+"?'N)"'#/#M27D'#/'I2%)+"'7)@

"27#5'N'1*#/'+*F+,)"'+Y+$"#/4-'K/+'1+6+/'N7'1+9+Y+9E27#E

[)%#5%)"'"/+"?'+,%>)%)'1+/02/'N)"'3+7)%_'O:A2'K#5'2%'I2%)@

+"D'#q5/'N'V#'A+F+E#/#5A,#5"8D'#/'2"A+4/#56'2%'1+%3+327-'\"@

;#q5';2%'"%3#56'K+EA)'F+1)"P-

[)%#5%8'>+3+%=+"#56'N/_'OS%3X#'+/?+,#5A,#5"8'4/%)'"M+@

"#E';)'F+-'x;'N7'9+%2"D'A2'+1+'+,%32T'ND'9+6'+1+'+,"32T'ND

#/#E123R'+1+'S%3X#'+/?+,#5A,#5"8'12"0'L2/'"2/%#56'NP'c�#59_

hl_joDjhf-'S,%`/'62"?'9+/#T'2"?'%+'1+%9+"+7D'#/#E123R'+/@

3#"#5A,#5"'#5"2"?')6+"+7#5D'#/'[)%#5%8'6+1+0+E'R'1+/#5A,#5"

+Y+ED' +,0'+,4'6+/4)9'E%3+1'N)"D'#/')/2"?'])M3'2"-'S,"#5+62@

"+,")ED' <+/)%20)"2/)' E%3+1#5A,#5"8' F+7)%' N/' ^#5/ ' F/?)

)/2"0' 1+%9+0#T#5A,#5")0-' a/+"?' ;#5"2)"' [#F#5' 1+%9+0#T#5@

A,#5"8-

WBW


5%,%-<#3+*<*J#0*/+(%-./%-(

^)62#"'+"#5"#E'6)'6+/4'"#5,">2%'%>+%#56'N/'I2%)+,)"-'a+

+,"?+"'F)327)?"2/';#5"2/D'#/?+"'<+/)%20)"2/8-'W+,0'32%D'A2

S%3E+X+M#5";"')";'N'+%#56'"/+'6+%)"_

O:E'+,%'6+/48'+/4+/'R'+%3E+X+E+='N/'R'%>+%#56

N/' \%/+,27)' 6=)A+/#5A,+"8D' R' ^#5/ ' [#F)' 9+/' "/+

E/+-':E'"/+"'>+3F+6'N/'2T+X'^#5/ '[#F#50D'#/'6+1

;)'32%")D'6)";R'#/'.)/#$8&'V/)%3#%)"'932%")-':E'[#@

F#E'29+E'3+]+/D'R'2/ '#/'X"#T"2/8'[)%#5%'2/2=+,)"

2/)"D'#/'`/2"?)'%#E#/#5A,+"'>2%'a/+'E/+'+"2"D'"+

N7'+Y+E'a/+"D'8"4#5"20')/'F)/98'R'S%3X#5"'`/1"20'R

+%+0_'[)6+'+/L+9#56'2%'V#'X+Y+,)"D'#E'.2H/D'V#'=#%@

?)'>2%'=+T+T#5A,#5"#E-'x/#E123R')6'+;?2/8'32%+"

V#'</9#5A,#5"8w':E'[#E%2<8'R'a/+'6+,/8'*+/6+027

N)"' +,"' +"2/)' E/+D' #/' a/+' 1+6+/' =#%E#56' N)"P

c�#59_'j_jk@ioD'iif-

:/ ' [)%#5%)"' 2/20)"' .)/#$8' "E)/27#5D' a+' 6#3+E#/+>2%

E20'+6%+9+")0'6)";R'2/9#5'3+/29+"'1+%+9#56' N/-'.+]+/8

1%9+,+9+"' N/D' "/+'3+/+X?)' 62$' 63"#56' N)"' 6)' ?+")' M)"#5@

A,#5""2/-'S,"32T'%#E#/+ +/'7)"#56'N)"'1+/,#5/+E#/D'"#5,")%9

1+*+/+E#/'6+/4)9-

}#/L2"?'63#E)'32%"27'+,4'32%+/+"8-'b+7)72+,)0'F+7)%'N

6)'1,#5%"')/'9"#$'123D'#/)'F/9)"'6#3'E20'+6%+9+"'6)'2/2=+'N-

a/+"?'3+]+/#56'+6 #=)'62$'2"D'2/ '+,%'6+/48&'^)62#"8D'E+@

*#56'N'E2/0"27#5'6+"9+"8'R'6+/F+/2+"#56'N_'OS1+HD'I2%)+"P-

[)6+'9+/#qT'2?'1+%9+"+7D'A2')";#5'N)"'[#E%2<"'#5'I+/)+68

*+/6+0+X-

x5M+4/#5A,#5"' 4+/L/#H5D' #/' ^)62#"8' ; +0+1+,320'I2%)+,)

F+78&'9+/4+7#E'6)'F)/?D'+%2"?&'Ohoh'>+3]+Y"2/D'A2')";#5'I2@

%)+"'>)3)'F+'V_'+_'mA@)"P E2/"+F/#E-'a+'+,%'32T29#5A,#5"8

e X ' , S + = > 8 ' & ) Z + X % &

WB!

;%3+0+E'^#5/ 'F/?2/"'#5%#56"+%)/27#E-'^#5/ '[#F#5'1+,3"#5@

A,+6 '^)62#""')6+0+ED'#/'I2%)+"'F+7)%'N/-'a+'3+]+/'29+E

^#5/ '[#F#5'0#50#56#E'R'+Y+$"#/4#5A,+6 -

S1+'6)'+>M20#50);'<+%3D'#/8'63+X27'N'3+7)%-'S,%'6+/48D

#/8'`/2"?)'<#/L+F23';N/D'8"4#5"20'[)%#5%)"'#/>2%'I2%)+,)D

2/ 'a+'6#3'E20'+6%+9+"'N/D'6)";42Y'2/2%#5"'3+/)'+"0'<+/)@

%20)"2/8' ;]+"+;20)"'I2%)+,)"D' 2/ 'a+'4R2/' N/' 1+"#56D' CM@

9#56'N/'1)E+"4"2/)"D' +0#56'N/'9#5,/)'+;?2/8'R'1+/#5A,#5"'N/

3+7)%'62Y27"2/)"-'S1+'3+/ 2/#5A,#5"8'.)/#$'6)3?"'#5"2"+7#5

R'b/E+X?8'63?#E'1+%9+"+7#5'6)$R-

!+/#qT'N'>+3+127D'#/'62"?'a#/'93+9+/+")'123'E+/E2"?

+,">2%D' )";>2%'<+/)%20)"2/"' N)"' E+/E#56' [)"' 93+9+/+")

123-'S/4,#q?'%+16+"+<+927'2"?'S%3X#'6+%)"'62/'F)3#5A,#5@

"8'62/'E+/4+>23#5A,+6 'R'b/?2/)'62/')6+0#5A,+6 -'t+/4+@

>23#5A,#5"8';)'%32TX#56'<#=1+/+ 2/#5A,#5"'S%3X#'123D'+,"

6)+,"' +0+3/#56' N' 4+-' :/ ' 2%'+%+0)&'+,#H' )6'+6#5%"#5A,+"

C+6+"+9D' 4/+"#E'+6#5%"#5A,+"' 6+%)"' L2Y"+/9' ;%3+0+-' :%

%9%20)' +"L"+9+"' <#=1+/+ 2/#5A,#5""2/' LR+E#/27' )6' 9"#$

123-'

x5/26"'>23?'ND'#/'62"?'4+4+/2q"?'9+/4+7'62/'S%3E+X+M@

#5";8-'\1+/92&'#H;-'I2"?'>23?'N'+,"'9+/4+"?'+,7'92/>-':/ '2%

E2/0"#56'26'L2Y?%')6'S%3E+X+M#5";8D'6)M3'+T#A#56'26&'="4/2@

7#E'^#5/ '[#F#5"D'#/'1+,3")')"L'.)/#$'=#%?8-':/ '2%'9+/4#56

26D']M6+/3#5A,#5""2/8'>#YA9#56'2"')6'%/3#56-'S,4']M6+/3#5@

A,#5""2/"'+,"'=#%?2/"'2"D'#/#"0#E'2%'>23?'N'+>/26-

rF+%3#5A,#5""'+,"'ND'#/')6+"+%D'A2'12"0'1)6+'S%3E+X')";

N'+%#56'R'+"#56-'I)+,"'S%3X#'[#F)"'9+/#T'N' +0+1+,327'%+-

a+'9+/#T' N'1+T#/4+90E27'S%3E+X+M";)'6)$#0#ED'9+6'=#%27

)6'%/3)'123'\/'62T6D'1+"F)%3'L+,"#E-

:/ '62"?'F)32"?D'A2'S%3E+X')";' N'+%#56D'62"?'1+%3+3@

E#56'2"?'+"%+%+"'C+,Y)'E/+-

WB/


5'3%-3@#'M$*(%-./*" #P#$%3%-"

SE23+/+""2/8'M+/#5"+9'>+36#56'2"D'A2')";>2%'N/'[)%#5@

%8')M=+"#5A,+6 '=#%#56-'a+,)/'+,4>)%)'6)'42>?)-

O:E'2T+ED'2/ '#/'[)%#5%8'+,%'=#%?2/8'E2/$+0/20D'C#@

T#E#5/4"2/8' *+/6+"#56' N)"' a/+' E+/4+>23#5A,+"

E/+D' #/#E123R' )M=+"#5A,#5"' #5"20#T)' >2%' N/' %#E#@

/20"#56'"/+"0'R'#;'A2'4>)/"2/)'>2%P'cI+A_'l_jeDjnf-

a+' #;' 6)+,"' =#%#56' N/' )M=+"#5A,+6 D' +,7R' M+/CE#56' N/

)M=+"#5A,+6 -'.2H%'629'+,7'42>?_

O:E'*+/6+"?'2T+E'+62"?)'E/+D'R')/+/'123'=#%#56

N)"'R'+%#56_'O^+')"q;' +"'ND'#/')M=+"#5A,#5"#E'R'*#@

/#5A,#5"#E'>)TX'#F)"2/)"'%+%3#56'ND'R'"/+"?'4#5/%'2"

F+7)%PP'c�#59_'m_idf-

[)%#5%"'+>/#56'R'M+/CE#56'N/'+,">)%)')M=+"#5A,+6 D'#/8

]+"+;20' 1Y#62+0)' 6)' 1+/,#5/+>23-' a+' [)%#5%)"' +%+0D' #/

2A2'a+'6)'=#%?'+%)D')/'X+Y+"'9 CM9E)'cI+A_'e_k@hof-'S,%'1Y#@

62+0)"' 1+%9+027' N/' [)%#5%)' )M=+"#5A,+"'+T ,#5/8-' [)%#5%)

)M=+"#5A,#5"8';N/'%+16+"+<+9E#56'\/2"#ED'+,7'4+'S%3E+X'N/

6+3+9+/+/#56-' K+'+,4>2%' N/D' #/#E123R'[)%#5%"'+6 #T$#5@

A,+6 '1"+*+"4E#56'N/'^#5/ '[#F#5"D'x/8'1+,3"#56'N/'[#/'9+6@

?8'\/2"-

[+/,#5/+>23"'+%+0_'OV+")'#/'2%'"#5,">2%'6)'6+/4'26D'#/

)M=+"#5A,+"'3+9' ND' R' )6' )M=+"#5A,+"'3+9' N7' *)"E#/"2/' #5@

"26P-'[)%#5%8'*+/6+0+ED'2/ '7%20'%+-'S,%'1/+6+"+3+/8'1+%@

9+027'N/D'#/')M=+"#5A,#5"'#5"2"+7#5'6)+9']+"+>+/18')M=+@

"#5A,+"'3+9'7)"27"'N-'[)%#5%8'F#/X#56'N/')M=+"#5A,+6 D'#/#E@

123R'a+')M=+"#5A,+"'3+9' N/-'a+'+6 #T$#5A,+H6 '1"+*+"4@

e X ' , S + = > 8 ' & ) Z + X % &

WB1

E#56'N/'^#5/ '[#F#5"D'x/8'1+,3"#56'N/'[#/'9+6?8-'a+'+%+0_'

Ox/#E123R':%'\6'+"L)0';=#%20)D' +,0'\"L'#5T+/9#T

[+,/8D'a+'>+3E2/'3E20'\"LD'A2')";'>)3)'+%26'R')";

>)3)'=#%26P'c[#E1_'hj_mnf-

:E'"#/)0_

O:%' \"L+")0' ;26' 9+/#T' #;)";'+"27_' )";>2%' 7%#56' 26D

+,">2%'26'4+3#56D'R'\6'4+3+%3+""'+/4+/'ND'#/#E@

123R' \6' 9+6?8' ;26' #/#"#56D' +,7' \"L' #5T+/9#T' [#/

9+6?8P'c[#E1_'k_iof-

[)%#5%8' 1%3+9' +0+3/20D' #/' \/' )M=+"#5A,#5"8' [#/)0' N

F+7)%_'

Oz2q%'1+E+3#56D'#/':%'[#/'62$'26D'R'[+,/"'\"L+"#56

N_'+,"' +"8D'#/':%'=#%#56'26'L2*'123D'\6'+"L)0';26'=#@

%#56D' +,0'[+,/8D'#/'\"L+"#56' "+9E+X'ND'a+'N'F#/X#56

+,4'F#/X2/8P'c[#E1_'hm_hof-

O~M6+/)3D']M6+/)3'+%#56'26'L2*D'A2'x/4)"'\/2")0';)

9+/#T' #;)";' +"27D' A2' #/' ;32%")' [#/"' +"27)%D' #/#E@

123R')";'#/'a+'+"#56'ND'12"0'x/4)"'N7'+,"' +"8'a/+

"6+"'N'+"#56P'c[#E1_'k_hnf-

[)M)H/D'"#5,")%9';"+,+X'#/'a+'S%3X#'x/4)"'ND'a+'+>/20'#/@

>2%'^#5/ '[#F#E'70E+X'6)'6+/4-'a+'\/2"'+*+320'+%3E+X+@

,)"' #7#/'+/3#"#5A,#5""2/)0D'6)";42Y'1/+6+,#56'N/'+,">)%)')M@

=+"#5A,+6 D'#/8'+>M20"#56'N/'6+/49+"0-'K+'"/+")0'N/D'#/'a+

=#%#56' R' F#/X#56' N/' 6)+,"' +,">2%D' )";>2%' S%3X#' [#F)"' N/

+Y+$"#/4#56-'[)%#5%8'2/ 2?';E+=20+ED'#/#E123R'S%3E+X'2/@

2?';)'E+=2"#56'9+6'%+/%+<#56-'S%3X#50' +0)';9+'6298'+E2@

7)'*#/+E#/D'+62"+9+/#T'R')6+%3#5A,+6 '7)-

WB5


[)%#5%8'6"#56'N/'\/')M=+"#5A,+"'62$'"#5,")%9'+,"'C+6+"+9D

2/ '<+/)%20)"2/8'<#/L#56'N)"'E+=20"27'a/+"')/2"0'9/#"+@

9+"' R'=#/+6+"9' 1+/02/#E-' a/+"?' $+"#56' N)"' [)%#5%)"' A+@

9+/48' F027' \/' )%9' =#%?2/#E&' <#/L27#E' E+/9+ 2927' a/+"-

W+,0'"M+"+9#5A,#5"';#5"2/D'A2'#/?+"'163#/2"'N/'7+/+X'"/+"0

X#5T+98_'[)%#5%8'6)M3'>+3+%=+"#56'N/'^#5/ '[#F#E&'9#3/2@

7#E'"/+"0)0'29#T'2/9;#3#5A,#5"8-'a+'M<#A20"#56'N/'<+/)%20)@

"2/)"' )6+%3#5A,+6 D' 6)";R' #/' E2/$)""2/%' 1#5%+=+ E+X

1/+C+/E#56'N)"'[)%#5%)"'E+=20"27#5')/2"0'<#/L)0_

O:E' #;' #?' ;N/' 9+/#T+"#56' 6)' +"' >+3+%=+"' 3+7

a/+"D'R'+,"'`/)0'123#'N7'6298';N/'1+6+/L+9E#56'a/+@

")0'6)' +"'1+/0"27P'cI+A_'jj_mdf-

!(?R)3#%&#5*/&@#%-C*&>)<#!(DTTT

S,C6'1)+%?+";'7#5/8_'O\";>2%'\6'[+,/"'\"L'#5T+/920D':%'N7

L2*'26'#5T+/9#56P'c[#E1_'jo_jhf-'I2"?'>23?'N'+>/2"?D'=#%2"?

R' M+/CE2"?'+,">2%D' )";>2%'a+' N/'+"#56-' S1+' A2' )";#5' N' a+

?+$+72/#56'62*_'

OS/4'L2/'%/3)'62$'4/2?D'#/'+Y+$#50'1#F%';+"2?'>+@

3+%=+"27#5'1+6+/-'x/#E123R':%' 2/+"'R')6+%3#5@

A,#5"'93+6'L2*D'#/)"';2"'9+/#T+"+'1+9+Y+9'=#%27'R

#;' 8"44)6+"+7' L2/' #7#/' 1+9+Y+9#/4"2/8P' c�#59_

jh_hmDhkf-

g+3]+Y8D'A2')";#5'2"'#6+"?'=#%#56D'%#E#/20"#56'9+6'?+@

/#*#56'+Y+"0')M=+"#5A,+"D'+,"'ND'#/'"/+"?'S%3E+X+M";)0'6)

#5T2/L' 2"' #5%#56"+%)/#56D' 123#' +,4' %#5/ F/+,)"' =#%?2/)"

=+Y"#56'2"')/2"0'1+%9+0#T#5A,#5"8-'a/+"?'=#%#56'2"'+,"'6+@

%)"D' A2' S%3E+X' )";'+%+0'R'+/20'+"0,+7#56D'+,7' #;' A2' )";' N

e X ' , S + = > 8 ' & ) Z + X % &

WB9

+%#56'#5'+"#56'1)6+-'I)+,"'S%3X#'[#F#E'=#%27#5'42>?#56'62"?

9=#%2"?')M=+"#5A,+6 -

Ox/#E123R'\"?"'+%+0D'A2';26'A#T)'?2*'R'2/2%)0';26

F0)-'S,">2%'#/'1+6+/L+9'2"?'+%27#5&'.2/"'N')6'`F"+@

9+"8D'R' 2%' ;26' E+=2"+D' )q";' 9+")' )"L' 6+/48P' c: /_

hi_kDdf-

x5M+4/#5A,+6 '629'+"F+6'R%'"+,)/'+,%'=#%?2/)"-'I2"?'9+@

/#T'2"?'=#%27'1+6+/L+9#5A,+6 'R')M=+"#5A,+6 D'2/ 'F)32"?D

A2')";'N'a+'+%#56-'S%3X#'u#%?)'"9+36+6 '2T+X'1+6#*E+X#5@

A,#5"8'3+7)%'N'62*'1+6+/L+9#5A,#5"-'S%3E+X'1+E+%3)+0"#56

N'62*D'#/'2/ '62"?'F)32"?D'A2')";'N'a+'+%#56D'R'2/ '62"?'1+E+@

3#56'2"?D'#/'a+'6)M3'62*'123'ND'9+/#T'2"?'1+6+/L+9#/2"'1+,@

3+/+/27&')q";'9+/#T'N'+"27')"L'6+/48-':/ '62"?'+>/#56'2"?

+,%'E%3+1#5A,+6 D'62*';2"'9+/#T'E+=20"27-

j*"*(*>*>'<#B*&'3)<'()&@

:%'+Y)A'26'#5"2027'1+"4)>27#5'6+/49+"0D'#/#"0'2%'+"E+@

"#56' 26' C+6+"+9+9)0' <+/)%20)"2/D' #/#"?' ;#5"2"' [#F)"

c"/+"?'9+/#T'2"'>"427D'#/' 72*#5"2/#E'2"'=#%#56D' +,0'42YR%

;#5"2"' S%3X#' [#F)"f-' a/+"?' +E27)' +/+F' 2"' 62$ 2/#56"2/

+"#56'S%3E+X+M";)'#/RN'F7=)0'9+6'=#%?)0D'?+"'M+32/8-

S,%'6+/4)9'1+9+Y+9E#56'N)"')"L'1+/02/#ED'#/#"?'E2/+ 2@

/#56' N)"' )6' ?+/#*+X)"' 9+6' N7D' 1+E+"+ +/D' )";@#/' +")D' #/

F/27'N)-

:%' "9+3)' ;#5"26D' #/' 6+/4)9' 1+/02/' N)"' 3+7)%' %#E#/27#5

1+6+/'9+6'#/#E123R';N)"'1+%9+"#56-'xH;D'2%'=#%#56'26'"/+"0

6+%)"D'#E?2/'+62"')";'+"09+0"#56'2"')/2"0'9/#"+9+"';+<+@

")M"2/)'6)$#E&'62/C27#E'0+"9+0+X'629)"'9+6'0+"9+0+X' +"D

WB?


#/8' ;)' 1+6+>+3+%=+"#56' )/2"0' E+/4+>23+9+"' O+/9T)P

>+/#5"+9#5A,+"8-

:%'#5M+4/#5A,#5"'26'4+/L/27D'#/'*/#5,08'9+/#T'N'F"+7'2/9#5

#5TT#5A,+6 -'SY+$)""'+,"'ND'#/'2%'9+/#T'26'63"27'"/+"0'123

^#5/ 'F/?)"'E2/+ 2/#T' +"+E2])'62$'R'4#5/%'F+7'>+/3E+X

1+39+>2%'+,"'42>?#56D'2/ '"/+"?'M+3'7+E'F)32"'+,4'A26+@

,)'E2/+ 2/,+7'+%3E+X+M";,+"'1+6+/"2/8D'#/)'1+/0#56'<#/@

L#56' 2"' 1+6#*27-'a/+"?'91+TA2"D' )%9' 2%' M<#AE+X'96"+6-':%

%#E#/27'26';8"9"27'%/+'62$-

I,#5%']+"+>+/1"'+,"'ND'#/'"+,26'^#5/ '[#F#5"'R'=#%26'+,"D

)";'2%'7%#56'26')6'%/3#56-'S,4'C+6+"+9'9F+'S%3X#')6+%3#5@

A,#5"8' R' "/+"0' <+%3+/9"2/)0' 123?' +"F+6' ;)' 6"+-' S%3X#

)6+%3#5A,#5"8'6)M3'F+7)%'N'S%3E+X+M";)0D' +,0'^#5/ '[#F)"

N'3+7)%'92"4+"#5A,+"'M#5";-

.+/)"2/'+Y+$'2%'6)'X+Y+,#T)'123'`4+"+E)'62$'N)-'I2"?

X+"#A+0+"?'6)'1/2+'9"#$'123D'#/8'M+3'=27+0)'N/'R'M<E#T-

a/+'123'A2C'*/#5,0'#5"20+"?'.2/'[)%#5%)'6+%)"-'I2"?' #/ #?@

E+XD'629%'6,#5%)"'12/A';3+7#E'<#/L#56'N)"?'+>+0#5027D'#/'[)@

%#5%"'N'I2%)+"-'xT$'*/#5,0)'8"A+0?#56'9)"8'<#/L20'+>+0#5@

027D'#/'[)%#5%)'+%+X"2/8'%#53'2"-

[23#'1+"9+/X'2%'1+%9+0+D'A2')";'N)'+"#56-':%'F)32)D'#/

+,%' +"+E2]8'#;'6)' +")';)' 2/)-'S,">2%'#/'2%'+,4'8"A+0?#56

<"3/20)'^#5/ '[#F#5'+Y+$"#/4#5A,#5"8D'R'a+'1+,3"20D'A2')";

>)3)'=#%2)-':%'"+,20)'9"#$8'R'9)%E20)'+,"'=#%?2/#ED'#/#"?

^#5/ '[#F)"'3E27'N/')"L-'K/+")0'123#')6'L+,"8'<#=E20D'R'2%

=#%20)')M=+"#5A,+6 -':/ '9)"8'7%20'+,4'=#%?2/8D'"/+' ) 2/8

7+,"+0+"D'R'"+' 7Y20-'I2/'#T$'E)]+ +"#5A,#5"8' ;`F"20'"/+"-

W+,0'2/ '.)/#$'=#%?8'29+ED'+,"'+"6)$+>2%'+*420'+,4'9"#$

E/+-'

Q4+"+E)0'4#5/%'F+7#50'123#'X+Y+,#T8D'#/)'123']+6<#/@

e X ' , S + = > 8 ' & ) Z + X % &

WB@

4#56' N)D'+%+0_' OU#H"D' 2%'*F+0)'.)/#$'"2/9+,#5A,#5"8D' 2/ '4#5

=#%#56'N)/'+,4'=#%?2/8-'K#5'"9+320)q/D'#/'"+'+,7R%'#;)";';9+@

/#T+0+E' +%27P-' I)H' 3/E)/' +">3#5T' +"+E2]2/)"D' #/#"?

1)6"E+X'2"'S%3E+X+M";)'63+,)"'1+%9+0#T#5A,+"'E/+-'K/+

<#=+/2"'A#5,7'3#5/'^#5/ '[#F#5"D' #/'+Y+$"#/4)'?2*'1#FR#/

)6+%3#5A,+"'62$-

Ox/"'N7'=#%#56'2"?'#;'A2'6+/49+,)"')6+%3#5A,+"'%#@

E#/+X'=#%?2/#ED'+,7' ^#5/ ' [#F#5' %#E#/+0/+X"2/#E&

1#FR#/"2/8' 1#FR#/"2/)' 123' 1+626+327#Ew' W+,0

1#FR#/'6+/48'+62"' +"'?""#56'N'R')"?8'#;'#?)0';)'?""@

E#56-'x/#E123R'#qE'F)3)'.)/#$'6)3?8D'#/' +"'%#E#@

/20")'a/+"D' +,0'62"?'V/)%3#%)'6)3?"'#5"2"?P'

cS'!#/"A_'j_hiDhkDhdf-

x;'#?';)'9+/#T'?""27'c+"F72/2"#56&'4+3+>+/327f'9+6'E+@

=20"27' "/+"D' #E'#5")'V/)%3#%)'6)3?8-':%'9+/#T'26'>+3627

+*6+A)E'42>?2/D'#/#"0'C+6+"+9'E+=20+X'97)"2)D'2A2';4)@

62)'S%3X#'[#F#5"-

I2*' =#/1#5/4' N' 3/E#56' +>/27' +,">2%D' )";>2%' [)%#5%"' N/

+>/#56'cS'[#E1_'j_df-'[)%#5%"'+"#56'N/'6)+,"'+,"D')";'32%"#56

N/' ^#5/ ' [#F#5"'+"27#50-' :A2' 62"?'+,4>2%'+"2"?D' 9#5"2"+"?

*F+%3#5A,#5"'R'L2Y?'9 2/2"?'1+6+/L+9#5A,#5"'2/9;#3#5A,#5""

#5'E2/+1%9#T#5A,#5"8'1+TA27#5'1+6+/-

O)]&H#)3#'Z(?#R)+7#P#*()"#

[+]+=' 62"?' 426' +Y' 426' 1+"4)>#56' 2"?' )/+E)]+9"2/)D

#/#"?'9+/#T'2"'+"4+6+7#5,X'+"27'62*-'K/+'>+3]+Y#E' ;2"?

9+/#T+"#56'+6 #T$#5A,+6 '+"27'+,"D' )";' S%3E+X'4/27' N' 62/

+Y+$-'K+'7)"#56'N'+,"'42>?#56D'2/ ';#5"2"?'V/)%3#%)'6)3?8-

:%'+,%>)%)'6)'="4/)'+Y+$'9+"F"20)'I2?%)9+,#56-'

WAB


I2X' +E23+/+";+9+"' X+Y+,#5A,+"' 1+6+/' 1/+E)/E+X' N)

I2?%)9+,)'I#"A2/2)'?+T+?8-':%'1/+E)/E+X'N)'6)+,"'629'X+@

Y+,#5A,#5"'+"09+0"27#5'1+6+/'R')"?%'N)'1#F+027')6'X+=%2/8-

Q/E+'+Y+$)"'92%8'+"09+0/)'+T#A?)'62$-':/ '+T#A#56'N)D'32@

%+' 6)' %R' +6>D' #/8' 9+=E+X' N/' +,"' M2"?)' E/+D' #/32T' 62"?

>23?'N'1+E+?E2)"?-':%'1+/0/)'.)/#$8D'A2'4+')q";'N/-'a+' +@

0+3/20_'OU#H"D'4+'+,"'=+E+/"'ND'#/'9YE#56'N'+,%'X+Y+,#5A,+"

426-'B+/#5"+9)H/'+T#A27P-

B+3' #5C2T' `X#5A,#5"' 29+E&' *#/+0"27#E' )"L' +T#A?)' 62$-

:/2%#5"'/#>2)'8"A+0?#56'2%'N7)')";'#/' +"'32%+-'(#5,%)'6)']+@

Y+F+,A'2/9"?)0'#5T)T')$"#56'N/'M2"?)'3+")?)'E/+-'!/9)"'2%

1+/0/)'.)/#$8D'A2'4+')q";'N/-'a+'+%+0')6'1#F#5"_'OK+'\6'+"@

=#;8"4#3'<+Y?"' ND' #/'+,%'2/29#'F+7#5' N'X+Y+,#5A,+"'C+6+@

"+9P-':%'+,"?+"'1#5*E+X'N)-

y+Y+,#5A,#5"8'>23?'N'%9%E2/'C+68'heoo

@)"-'I2"?'6)'<#?/

M#53'29+"?-'I2*'+%+0)"D'#/'6)'>+M3#",+'#5*#56'N'32%"27'X+@

Y+,#5A,#5"8'9+*6+92/>#T'1#EE)"-'S,4'>+M3#",+,)"'#5T290#56

N)"'1+6+*F2%3'1+F+X'2/9#5'%>+"2/-

[#E)E"'#5'2%'F"+0)"?'1+"4)>27#5'"/+"-'g+M3#",+"'1#EE)

123'=#%20')%>+"2/2"#ED'123#'M/$E20'R'1+/0/20')"L'+"F72/2@

"#E_'OK#5?'=#%#q56'2?')%>+"2/2"P-'OxH;D'>+/#H"PD@'>+3+%=+@

"20)'2%-

[23#' "+' 9+/F+4/20' )"L&' +%27#E_' OS,%' 2/29#' 4#5?' #;)";

;>23?' N' =#%2?' C#T#E/4)' 123D' +0)' 3#5/)*6)' 123' 9+>E+X

1+/02/)0P-

[23#'"+'M/$E20'42>)'1#E)E8'R'=#%20'"/+'123-':%'"+,#56'N)

1#EE)"-' a+' #5/+=' ;N/-'}+%3#/2"' 1#E)E8' +E+9+")"' E+=2@

0+X'N/-

:/ '>+M3#",+"'E2/$+0/20D'"+'R'2/9#5'*)"E#/+9+""2/8'12@

Y+0+"-' [#E)E"' )"L' 6)' 9#T6'?+M20'R'+%+0_' OU#H"D'+,%' 6+/48

e X ' , S + = > 8 ' & ) Z + X % &

WAA

9+Y+E+/+9+"'>+M3#",+'ND'R'"+'+%#56'ND'#/'4#5';2%'9+/#T'?+@

/#*27-'I2?%)9+,#56'9+'6)'`/2"?D'8%3'#/)'4#5';2%'9+/#T'?+/#@

*27' +Y+"0' A#5,73E#5A,+"D' 2A2' ?+T+?+0)' ;2%P-' a+' M+/#5"+@

920&' +%27#E_' OK+' 6)' `/2"?' ND' #/8' %#E#/+ +/' 1+/9+4/#T' ;ND

+,0'+9"1+,3'ND'#/'+,%'6+/48';)'#5*#56'?2*'32%"27'+,%32TD'R

"+'#5*#56'N'9)/+Y27'+,4'`/2"?8-'a+'"+R'+%+0D'#/'#5*#56'N'32%@

"27' ?2*' )/' F/+%2",+9#56D' 2/9#5M+ A)' `/8&'+Y+E#3,+"' C+68

)"")"P-

:%';N)'9+/#T'1+E+3+7')6'7%+X)"-'S"6)$+>2%'+%+0)'1#E@

E)"_'O(%)H/D'2%'+6 #T$']+"+>+/18';93/20)@+"0+D'#/'+,%32T

;?+/#*26-':A2'4#5'6)+,"')"L'1+6+/'2%'+"1+"F%3+0+XD'+>+

A#5,7'3#5/')"L'?+/#*27P-

[#E)E"'+%+_'OU#H"D'4+'9+/#T'N'"+R')6'292T20#5'E/+'+*42@

0#5A,#5"' A#T"27_' "+' 9+/#T' N' M+3' ="4)/"2/' +Y+$+0"27-' a+

+/L/'4)/?'#5"20#T'>+M3#",+'N-'(+E'97)")D'#/';?+/#*2%P-'S,%

1#E)E8'E+=20+X' N/D'R'2%'#;)";' ;N)'9+/#T'+"27D' +0)'+T#A2@

7#50D'#/#E123R'"+'#5"2/')M=+"#5A,#5"'+,4'X+Y+,#5A,+"'E/+-

:%'4#5/%'29+' M2"?)0-'K+'I#"A2/2)'92"3/#"#56'F3"E#T'6)

6+/*+4+17)]'N/-'K+17)])'4)6+0'9+/'6)'4/#M)'L#TD'R'2%'%9%2@

0)' ?+,727' 4/+' M#5/$-' :%' F)32)D' #/'S%3E+X'0#5,0' N/'3E27' )"L

+T#A?)'62$D'#/'\/'<+Y?8'1+,3"E27#5'N'+,%'X+Y+,#5A,+"'C+6+@

"+9D' +,0';F)32)D'A2')";'>23?'N'+"2)'+,4'>+1)"-'I)3?%'+"@

1+"F)%3'N/_'OI)qA2'+,%'E+=20"#T'>+M3#",+"'>)3)'23'>+1)

)"L'+,"' +")0D'#/'S%3E+X'N'#5T+/927'+"27#5P-'[23#'2%'29+'+,"

2*/+9+0#5A,+"D' #/'+,%' 6+/48' ;)' 9+/#T' 9+"F"20"27'+,"D' )";

S%3E+X' N'0#5,0'3E27')"L'+T#A?)'62$-':3'#5'+Y+$'F"+7#E'2%

>+,?+/#56'N)_'O\q";'+"26P-'[23#'+%+0)_'O[+H,/D'2%';F)326')";

+"27D' +,0'K#5'+"+9"9+7)';29+/'%/+")0-'K#5'+/42"'F)32)/D

#/'%+'>+3+127#5'N-'S,">2%'#/D'+,%')/+E)]+9)'1+6+/'2%'9+@

/)?'#5"26'V#')6+%3#5A,+""'#5'=#/1/4)"P-'^9%20)'[#F#E'+T#@

A27-':%'=#%?'%3+0+_

WAW


Ou#/'$/2/'N'6+/4)'%/3)'=#/1#5/48D' +,0'=27#?'6+/48

"/+"'91+")P'cSY+9_'jo_kf-

[)%#5%"' +%+0D' #/' \/2"' 1+E+3+0#T"2/)' <#/)0' 92"4+")

$/2/)'F232/'9 =2"'c[#E1_'l_ief-':%'S%3X#'=#/1/4)'F23)'9+@

/)?"'#5"2)-':%'V/)%3#%)'63?)'9+/)?"'#5"2)-'(2*#5"2/#E'+T#@

A278'9`F")'+,4'1+/0#56-

ST#A?)0'123#D'6)3?%' +E+9+")"'1+"4+/3E20'+E27)"'7%2@

7#5'1+6+/-':E'1+"9+/X'%/3#56%'+,%'6)3?8'X+F20_'OI+/49+"0

>+36)/' 2/ R)02'I2?%)9+' 29+X'+62"+62X' * #%+M/$)9)' 6+@

%)"P-':%' +/L/+L+,"'F#Y+0)_'Ob3+G-'S,4'6+/4"'+%+0D'#/'2%

9+/#T' 26' =#%27' 3#5/)*6)' 6+%)"-' :%' N7' 9>+3626' I2?%)9+

2/ R)02' +,027+X' +62"+62X' * #%+M/$)9)&' [)%#5%' V/)%3#%)

6+%)"P-'x5/+=#5A,#5"8'>+,A20')6'"2/%#56D'R'2%'%9%20)'X)X+@

T27-

t+*?#E'E2/+4+/L+'M2"?-':%'*+/6+0+_'S%3E+X'+/42"'+M@

=+3+"?'N/'3+/27'1#EE)'123-'a+'+%+0_'OS%3E+X'=#%20')"L

123'R'+%+0D'#/>2%*)'+%26'?2*D'#/'+"2%'+,"D')";'a+'+%#56'NP-

:%'%9%20)'X+Y+,#5A,#5"8&'+%27#E_'O\"L'+%27'2"D'#/'L2*'123

=#%26'6)+,"'* #%+M/$#5A,+"'123'9+>E+X'A26+"2/#E-'S,">2%

#/D'+,%'2/29#'2%'L2*'9>+3626'+62"+62X'* #%+M/$)9)'6+%)"D

#/8'2/R)02'2927'N'I2?%)9+P-

I29'C+6'?+/#*20)'[)%#5%)'6+%)"&'#/>2%'.2/'R'}/9);-'B+@

32/"'+/L+F+"?20)"'[)%#5%'V/)%3#%)"'#/>2%'.2/'8"4#5"27#5

9#;)"-'S,%'=6 )'62$'6)'1+M6+"4+6'6+/4'9+/-'S,"' +")0'123#D

2/ '2%'+T#A20)'6+/49+"0'1+6+/D'#/'8"4#5"2"'[)%#5%)"D'.2/8

=#%20')"L'123_'O:%'#5*#56'26' CM927'+,4'6+/4#5"P-

:%' "+,20)' +,4' 6+/4#5"' R' +%+0)_' Og+/#H"D' S%3X#' [#F)"

+%+0D' #/' #5*#56' N's2*' CM927P-' :%' L2Y?2/%' 4/20)' "/+'E/+'R

+T#A20)-'[23#' Y"20)'"/+'L2Y?)0D'R'62"?'%9%20)"?'?+,727-'a+

e X ' , S + = > 8 ' & ) Z + X % &

WA!

%9* )0'M+3'*F#5,M'N/'?+,7#56-'[23#'"+'M+/CE20'+E27)'#5'+E2@

7)'+/+F-'B#53#E'+,4'6+/4"'+*+3'?+,7#56' N/D')%9'123#'62"?

6)+%)"'E+*20)"?-'t2/$#56'2%' +0'A#T20)'"/+'L2Y?8D'R'"+')"?@

"#5/#5,"'E+*20-

W+*6#5A,#5"8' Y"9E20-' W#7#/' 32%+9)' 39+/#5A,#5""2/#E' R

1)E+"4#5A,#5""2/#E'6+/4)9'E+*20)"'+Y+$-'

u+Y"+M<#A)'62$'2%'9#/0/)'A+/F6+";)%-'I#3'2/9#5'1+/@

,#5/' 6+/4' <#A#/9)' >2%' 6#320+"' 26)"-' B+32/8' CM9E20)"D

#/#"0'62$'9+/'6)'9)"D'#/)'629'+9+"$8'X"E+X'`/)0'+6 #T$#E)"

=#57'N/D')%9'6,#5%'+9+"$#E'1+*)E'N/'7%#56-'S,4'9)""'+,"?+"'N/

+/3+%E27D'#/'E2/"+M+>)9"'+/0#5"?"2/)0'+6 #T$#E)"'A/$E27

N/-'K+'1/+M+7)G'N/-

:%'32T,+9';N)D'#/'+,4'9+Y+E+/+9+"'>+M3#",+"')/'2/9#5

6+/49+"0' #5T+/927' N/' X+Y+,#5A,+"D' #/>2%*)' L2/ +9+72)"

)"LD'2A2'?+/#*26-'a/+"?'1+%27'N)"'+,"'C+6+"+9D'2/ '2%'+T#@

A#56'N)'1+M6+"4+6'6+/4#5'1+6+/-'!+/F#59+"#")'X+Y+,#T"2@

/)0'6298'"9+327'N/'"/+"0'R'7%27'N/D'A2')";'N)"'+%27_'Oa+=?+"

"/+"'L2/ +9+7278&'29'32%"2"?D'A2')";'N'"+'+"#56P-

:/ '"/+"?'32%27'N)"D'#/'1+M6+"4+6'6+/48' CM9E27'ND'6298

1+/0/27'N/'6,#5%)"_'OK#5'9+/X#56'2%D'#/'%+')/+9+q"'NP-'a/+"?

+E27)' N)"' 6#32027' 26)"'R' M+/#5"+927' N)"' 123R27D' A2' )";' N/

S%3E+X'+"#56-

:/ '"/+"?'32%+"D'A2')";>2%' CM9E20'=#57'9)"8'R')";>2%'N/

7+0'7)"#56D'"/+"0)0'629"'+%20_'O:%'9+/X#56'26D'#/'%+')/+9+"

NP-'[23#'S%3X#'*#/#5A,#5")0'6)'1)"F'3+/29+"'3T+' N/'8"927

1+3+9)"-'.2%"27#E'+,%'+62"8&'"/+"?'1+6#*E#56'2"_'O^+')/+@

9+G"'NP-':E'+,%'2/9#5'6+/4)9D'#/#"?'#5T+/9E27'N)"')"L'L2/ +@

9+727#5D'29+"'+Y+$'+T#A?)'1+6+/-'S727#5)+G-

[+$#/4' `/8' 2%' 7?20)' I2?%)9+"-' zN)' +"1+"F%3+"#56D' #/

>+M3#",+,)'123';1+"4)>20)-'[+$#/4'M+ +A'I2?%)9+,)'1#E)@

WA/


E8' 29+E' I)+0,+7' a+1+"F"2/&' )/' 123' 2/27#E' I#"A2/2)' +6@

%+F/)'6)'`/)"+9-'a+'+Y+$)"'N$)0'9+/4+0'6)'1#4E+X'62/'X+@

Y+,#5A,+"'6+%)"-'

S6%+F)/8'32T29+0"#56' N/D' #/' 9+Y+E+/+9+"'>+M3#",+"

+%27'ND'A2'2%'=+ 2 +'26D'#5'+,"'+62"8D')";'#5*#56'N)D'<#T"'N/-

:%'+Y+$"#/4E27' N)D'#/'#;'6)'<2"")' N7' ;E2/0"26'+,4'2/9/)0D'R

)"?%'N)'1#F+027')6'X+=%2/8-'^+'7%27#50'123#'2%'1+%9+0+D'A2

)";#5-'W+,0'R'+,">2%'+6%+F)/8'M+/#5"+9#56'N/&'1+%3+327#ED

#/')/2"0'7/+F/#T"2/8'32%27'N)"D'#/'6+/4)9')%9+>2%' CM9E#56

N)"-'}+GY?'S%3X#5"-

!+Y+E+/+9+"' >+M3#",+"' <#/L20' 9+"F"20"27' )"L' )/

%>+Y"+7)?"2/#E-':A2'1#E)E8'R'2%'8"9"2)"?'+,4'%>+Y"+7)?"2@

/)' +*420#5A,+"' 3+9D' S%3X#' >+/FR8' 62/' 9,+"?#56' 1+"F+X

97)"2/-'x;'#?';N/'</9E)D'#5'#;'629)'1+6+/'N7'X+Y+,#5A,#5"';N/'7)@

")'+,4'2/29#-'S,"'=#%?8D'#/'a+'=#%20')"L'\/'[#F#ED')"L'1+6+/@

L+9#5A,#5"'N/'3E27&'9#3/27#5'2/9;#3#5A,#5"8D'#/8'+/L+9E+X'N/

)6'426-'S1+'4+'N'*F+%3#5A,+"'*#/#5A,#5"8-'

e X ' , S + = > 8 ' & ) Z + X % &

WA1

J%2'()2E(*#&5:(#22L#2(O(8#*#&./*'(J-13#KM71#7.&K./*(O(#282#&)22(#2,H./(8#*#&=

...........................................))DE+=*))A/

N,$&' ( "O"1

a

226)+"'6)'1/2+'N/D'#/"'+>/#56'N/'+,"'C+6+"+9D'2/ '\%@

/+,278'F2/#5A,+"'62$'N/-'I)'?+")'3+/)'+Y+$' + 27#"+@

0)"2/8'2927'R'+6 #T$#5A,+6 '9#/X+"27'N)"':/#5%+T268-

a/+"?'%>+"27'9+6'F2/)'N)"'E2/0/27'?+T+?)' "+9);"2/)0'M+@

32/)"-'g+/)%>"2/"'+,/E+X'R'<7E+X' N)"D' ?+T+?8' A#T27' N)"

+E2/+9"2/)'62$-

S%3E+X'a226)+,)'%/3)'62$'4/27'N/'E2/+4+Y"+7':/#5%+T26

R'E2/+9+Y#5027'>+/)%>"2/"'#5'?+T+?8-'a226)+"'`3+/'A+@

F+E#/)"'X+Y+,27'N/'1+E+3+/6#/2"'R'+/C+"+027'N/'"/+' +@

/21+]#5A,+"8-'v+F+E#/8'"/+"'A#5,7'3E20'F"+7'R')/+9+"+0@

"27'+,"'+62"8D')";'S%3E+X'4/27'N/'"/+'%/3#56-'a226)+"'+"6)@

$+>2%'F"+0':/#5%+T26'R'1+E+?20'#T$'6"+0+X"2/)"&'?+$+@

72/27#E'"/+"0'E2/+9+"F"27'+,"'+62"8D')";'AM"+6)"'9#/X+"27

N/-'a/+"?'1+"4)>20)"'E)A=+/)'4)6+4/#5A,+"-'.2T+0)'2/2?

>+M3#",+"2/&'^+"+ +T+38D'.#5 )+"'R'b2%+68';N)"'0+"9+@

"#56D'#/'>+/)%>"2/8'E2/+9+Y#50E2"-'a/+"?'426'N)"'\%/+,27)

+/F+E+]6+"8' R' E]Y27' N)"' 9+"F"20"27' a226)+,)"' #5' S%3X#

C#T#E/4)'6"+0#/4)"'R'+62"'32%+9)'4+E2/'N)"'",#5A#56'"/+"0

E+=20"27#5'1+6+/-

:/ '+,%'+Y+$"#/4"2/"')6+0+"'a226)+,)'X/+F/2/)'6+%)"D

)";>2%'a226)+"'N'>+36#56D'X+T/'+/)"'R'+/1+6+/120)"'ca2@

26)+'j_hnf-'a/+"?'#;' 6)+,"'<#/L#56' N)"'1#5%+1+320"27'a22@

WA9

6)+,)"'R'"/+'6+/49+"0D'+,7R'<#/L#56'N)"'1)6+/+0"27'"/+"0

C#T#E/4)' +;?2/#56D' X+T/#56' N)"' %3#/+0"#T' =#%?2/#E_' O:A2

"/+"0'M)"+X)'E/+'6)'+TE2%'N7'E2/'27")D'"/+"0'?+/)'>+/)%>8

9?+"4)P'ca226)+'m_if-

[+]+=' 6+/4)9'<#/L#56' 2"' E+=20"27' ?2*&' X)X+T27#E' ?2*

E/+'9+6'N7'6+3"+0#5,0'+"27#E'+,"D')";'+"#56'2%-'a/+"?'9+/#T

2"'X+T/27'?2*'9+6'9+%9+X27'?#'9+/#T#5A,+"'E/+D'#/#E'9+3+@

/#56'2%'+,"'+62"8D')";'S%3E+X'4/27'N'?#'%/3#56-'S,%'+62"8'9+@

/#T'2"'+"27'+Y2/2%'9+6'N7'9+%9+X"2/'R'X+T/+"?'%2/6+"27#E

#5/)M"2/)'62$-'["+/+E#/'N'"+RD'#/'6+/4)9';2"'1+9+Y+9E#56

?2*D'+,7'4#5'9YE#56'2%'?#'%2<+9+"'63?)'123D'?+")'#/'+,"'Y6@

+9#XE#56' N' +,">)%)' 63?2/#ED' )";>)%)?' 2"&' )q";' 963+X2"

6+/4)9D'"/+"?'9X)X+T2"')"L'E/+D')%9'2A2'L+=#TE2q6-

S,%>)%)' )/+E)]+9"2/#56' 9+/R#/' ND' #/' 62"?' )6+"+"?D' A2

S%3E+X')";'N'>+3E)/#56'62*'+"27-'[)M2"?D'#/'a+'O+M=+/1)

39+/"2/)"' 8"3/20D' #/' +6+;20")' *#/+E#/"2/)"P' cS' !#/"A_

h_jlf-' S,"D' )";' 6+/4"'+""M+"' N' 1+6+/#56D' S%3E+X'`F3+F#/@

X#56' N'+"1"+/)""'+"27#5' 1+6+/-' K/+")0' 123#'a+' N'+Y"27#5

#T$'<+Y?8-

a226)+"'X#6'>+120'R'+T#A20'+,"?+"D'6)";R'#/'#5"20+E'.)@

/#$'6)3?8-'K/+")0'123#'"+'9+/#T+0+E'1+6+/L+9#/2"'1+@

9+Y+9E27')/'AM"+6)"2/)"-

O:/9"?)'S%3E+X"'\"?8' 62*' 1+$#T#5A,#5"' N'3+7#5D'R' 62"?&

"/+' X+Y+"2/%D' E2/' 2"?' 92"+7#5D' #/' M)"2"?D' )%9' 4#5?' +C)"D

)/+E#5"?'R'1)M+3+9';#5"2?':/#5%+T26#56P'ca226)+'j_jof-

:/ '"/+"?'1+%9+0+"D'#/';N)"'9+/#T'9+"F"20"27'a226)+,)"D

)%9' )%/+,270)"2/8' +Y+$8"A+0' #5"2)"' )/2"0' F#/X)' 62$D' M+3

+/9+0+"-'S,7R%';N)"'X)X+T#56D'?+")'#/')/+E)]+98'X)X+T27)

;N/-'a/+"?'4+E'",#5A20)"'R'9+/X#56'N)"D'#/'?+T+?)'E/+'1+/@

L+9E27#E'9+/#T'N)"'=+Y"+M<#A#5A,+"'62$'F027'+6 #T$'X/+@

F)/8'ca226)+'m_lDef-

WA?


W+/9#5A,#5"8'2/9;#3#5A,+"'629'+,7'*2"?'N-'S,"'9`F3+F#/XE)

?#'426D'#/>2%*)'?2*'9+"F"20")'9+6'1#5%+1+320")-'W+/9#5@

A,#5")0'9+/#T'2"'F+7'A2H'+9"1+,3D'A2H'+""9+3'%>+Y"+7)?"2/-

S,%'1+/L+9#568'+/4,#5"+E23'6)$#0'N'?2*'E+=20"27#5'1+6+/-

:%'1+]+='26'32%27D'A2')";>2%'2"'6+/4)9'#5/)M"2/)'*+,/#5,A)0

=#5%+<27#5'1+6+/'1/+C+/E27'+"27'+,"D')";8'F)32"D'#/'])M3

N-'a/+"?'1+3#59'*)$#56"2/'2"'+"#56&'92TX'=+T+T#5A,#5"'>+1@

>+"27#5'1+6+/-

h(M%-"#9&3'<#8#()&3'<

a226)+"' #;' 6)+,"' 1+/L+96+"' 1+"4)>20' +"+%3E+X"2/)

9#T6)0D' +,7R' ="4)/"2/' #5"2/' )/' 6+/49+"0' 123D' #/#"?' +"@

1+"F%3+0+X' N)"' %32TXE+X' )/+E)]+9)0-' [+]+=D' 2/ ' S%3@

E+X'62*')";@#/' +"'N'1+"L"+/+/#56D'62"?'4)6+4/#5A,+"'#5'1+@

9+Y+9#5A,+"'2"?'1+"4)>#56'RH'4/%)0D'RH'"2/%)0-

a226)+,)' 6+/4)9' L+"L/+027' N)"-' ST "'+,"?+"' M+3' N/D' #/

F#/X8'+Y+$' ;N/'F"#56' ca226)+'m_hof-'I29'#5/)M'="4)/' N7' 9+/-

a/+'1+/#5%3'+M=+3#T"2/8'{)"+"%+9+"']"M#56'N)"'F#/X+4@

/#56'+,"'8"3+")?"2/)'E/+D' #/#"?'>+/3?)'62$' N)"_' "/+"0)0

62X'29+63+1+/9'N)"'>+1+"$#56'6M+9+X'4+M32/)'1+6+/'ca2@

26)+'k_h@ef-'^+'1#5%+1+320"#56' N/'+,"'6+/49+"0D'#/#"0'8"@

3+")?"2/8'"2T#5A,+"'62$'N)"-'S,%'"2/?)"'="4)/"2/"'+E27)'N)"

4CE+/+0"#56'AM"+6#5'9#T6)0'29#T']"M6+""'#5'1#5%+1+3#5A,+@

"8'4)6+4/278-

WA@

f X S % ; ) ' 3 ' 4

L*$#*")(#>%C"'<

:%' 2T27' 26' +,%>)%)' )/+E)]+9"2/#56-' :/ ' +Y+$)"' +"F+6

%9%20)']+"+>+/1#/427D')"L'="4/27'N)"'`F"27'6)'292T20#5D'#/8

9#/0/27' N/')/'1#EE)"-':92T20)"'6)'<#?/'?+T+?#56' N/D' #/32T

+>/#56'N/'#5A'1+/,#5/'6+/4-':/9#5'X+Y+,#5A,#5")0'123#'292T2@

0#5' #7#/'>+3+")"2/"'#5'62X2/8'+>+M=+/120)"'R'E2/+>/2@

0)"'S%3X#'*#/#5A,#5"8-'S%3X#'M+/C)'123R+"?#E'292T20#5'+"@

4+6"2/)'A)E8'1+%+E'1+/,#5/)-'\6'9)"8'R'2%'+,"?+"'M+3'9+@

/290+"?'#5"2)"?'+,4'6+/49+"0'1+"42>D'#/'123+LF20)"?'1+@

$#/4' E20' M+ +A"2/)' 62/' X+Y+,#5A,#5""2/8-' I2"?' #/M20)"?

6"+7D'#/>2%*)'#5C2T'1)6?'4"2"?'+,%'292T20#56'R'>+3/+%32"?

+,"'"#/'1#EE)'1+6+/-

SE+F"2/)0'M+32/)"'4#5/';N/'F+7)%'+,"D')";'2%'?+/#*#56'N)-

I)'6+/4'E/4#EE20D'#/#E123RD'2/ '63+E'2//#/4'X+Y+,#5A,+"8D

#7#/'>+3+")"2/8'292T20#56'"%3+X'N)"'+Y+$)"'2/9#5'M+/?2@

/#56D'#/32T'%#E#/+ +/')"?"'#5')/'9)""'N)"'"%3#56'cS,%'292T2@

0#56' 3T+"2/"' #5' +T$)9"2/8' 6)M3' E2/$)"' M+/?2/#56' N)"' "%@

3#56f-

x5/)M"2/"' N7'+%#56' N)"D' #/' 2%' ;+<"'+"0"#56' 26-'g+3]+Y"

+,"' N/D' #/' "/+"?' #5*#56' N)"' E2/+1%927' )"L'R' 292T20)"'+Y+$

3+"27')/2"0'#5*+X'LR#E-'a/+"0'123'6)'?+")'1+E+?#5,A'+"0@

9+0"27#50' 123#' E2/$+>2%'+%+0)_' O:%'+,%32T' )M=+"#5A,#5"

#5"26'E20'M+ +AD'4/+")0'123#'L2/'"#/'1#E)E8'9X+Y+,)-'I)+,"

+,%>2%'N'7)"27#5-'K#5?'#/#M2?P-

S,"'`/8D'2/ '"/+"?'>23?'N'32T29+0"2)"')"L')/2"0'#/#M6+"

6+%)"D' *+"F+1+/20' 32T+0)' 6)' A6/+6#7D' #/)' 9)"8' F+7)%' N/

X+Y+,#5A,#5""2/)"-' !)""' +6#5%"#5"' =#%3#E+"27' N/D' #/' M"#5@

A,#5"'N/'+/27'"/+'7+E+F#5,"'8"92/#$'123-'S,4'6+/48'#/#M27'N/

)/' +/9#5A,#5"8' A+<27' )6'R' 292T20#5' E/+-'a+'+%+0D' #/'+,4

2/29#'2%'="4)/"2/'9#5"2"+6-'

WWB


:%' #5M+4/#5A,#5"' ;4+/L/)' "/+' %>+Y"+7)?)' E/+-' I)' ?+")

C+6' 123#' +E+F"2/)0' 6298D' #/"' `F"#56' N/' 62*D' 32T29+0/20

)"LD'#/'+,4'6+/48'*+"F+1+/27'N/')/2"'R'%>+Y"+027D'#/'9>+,@

A20")'4+17)]8-

:%' 1+"L"+/+/20)' "/+"' *+"F+1+/27' #%3)9+"#5A,#5"' R

="4/27D'#/'123R2"'+,4'3T+6+/4#5"-

I)' ?+")' C+6' +"0' 2%' *+"F' %3+0+' #%3)9+"#5A,#5")0-' I)

%>+'+%+0_' Og+/#H"' W)E2/D' ="4/#56' 26' 292?' #%3)9+"#5A,+"

+C)"' R' %3#/+F/2?' 6)' <+%3+A#5TAD' #/' 1+6+L+,"' 2?' +,%

6+/4#5'L2/ +9+7#5A,+"'123P-

@g+/#H"'%>+D'2%';26'0+"9+"#56'+,4'6+/4#5"'L2/ +9+7E+X

32%"27-'a+'9#3/E+X'N-'I)+9' +"8D'#/'="4/#56'26D'+,"'ND'#/'+,%

2/29#'+>+1#E2?'M2"?)'>+M3>+"#5A,#5"8-

@\6'12/A+>+1#5A,#5""'+E+/3E#56'N';#/%'C+6)0D')%9'#%3)@

9+"#5A,+"'6#3+9+' +C)"8'2/2%#5"1)"F'6T#")'E/+'N'c6#3'1)@

%#5",#A'9)7#623/f-

S,%'2/29#'"/+"?';2"'1+%0")'#/RN'629)"'#5T+/927D@'+%+0'"+-

@:%';26'0+"9+"#56'+,4'6+/4#5'L2/ +9+7#568D@'>+3+%=+@

"20)'2%-

@g+/#H"'W)E2/D'#/?+q"'C+6+"+9'2?'+>/#56'+,%32T-

:%'+%+0)'"/+"D'#/'+,4'?+T+?)0';26-

@g+/#H"'W)E2/D'2%']+"+;#56'26'+,4'6+/4#5"-'a+'+,%32T'O12@

T)"+9#5A,#5"P'N-'a+'A6/+6#7'N-':A2'"+'6)'?);'N7'F+/2$#5/'=6)D

2%'N7'#;)";';26'9+/#T'+"27-

:%' ;N)' 1+E+3#56' 7%+X)%-' x%3)9+""' +%+0D' #/' +,4' 6+/48

E3+"F+E#/' N/D'+,">2%'#/'1+6#*E20)D'#/')/+9+"#56'"+'+,4@

>)%)"'N/-'W+,0'42Y'*F#56'N)D'#/';>23?'N'%3#/+F/26'<+%3+@

A#5TA8-':%'"/+"'62/C20)'R'M"#/1+9+7#5A,#5"'1+,3"20)-

:%' #;' 6)+,"' F#/X' #5"2)' +,4' 6+/4#5' %>+Y"+7)?"2/)' 123D

+,7R'="4)/"2/'#5"2)'+E+F"2/)'123-'I3+X20)_'O^+'+"12A2A'N-

f X S % ; ) ' 3 ' 4

WWA

SE+F"2/"')"L'1+6+/'4CE+/#5A,#5""2/'2"'%32TX#56_';2"'#5*#56D

#/'2%'+,%32T'7)"26-'[)6+'N7')"L'R')6'8"3+")?)"'%>+Y"#56'N'6)

6#7+F+/P-

\6'"2/%#56'6)'L+,"'+%#56'N/D'#/'2%'A+<'3+6'#3?2/)%'<#M)"

R'6)";R'6+,/+6#53'8"3+")?%'4#5/%' 2/26'+,4'?+T+?)0-':A2

2%';)6+"+,)D'#/'S%3E+X'N/'#5T+/927')"LD'912Y+"+,)'1+"#5"')6

8"3+")?)-'S,"#5+62"+,")E')6'%)/38'A#5,7';N/'3+7)%')"L'F"+7

2/2?'>+3]+Y#E-'SY+$)""'+,"'N/D'#/'S%3E+X'N/'#5T+/927')"LD

R'2%'a/+")0';N)'7%27D'#/'9+/#T'26'12Y+"+7-':/9/#/48&'2%';N)'#5@

*#56'1/+C+/E27'+,"'6+/49+"0)0D'#/#"?'.)/#$'1>#56"'N)"'*F+@

027D'R'2//#/48&'2A2'4#5'6)'+"F+6'<+=;2%'E+=)'>+3]+Y#ED

+E27)'12M3'97)")'<+=;27'1+$#/4'+"F+6-

:%' #5"2)' .)/#$' 6)3?8'R' #/#M20)' 6"+7D' 2A2' 4+' 91+6+>+@

3+%=+"2/'+E+F"2/)'9+,+0/+X'#/#M6+"8-'I)'?+")'C+6'+"0@

9+0/)' +T#A?)' 62$-' K+' +T#A?)' +62"+#5C2T' C+6+"+9"2/)0

629"'N/D'#/'2%'2/ R)02'#5"2027'N)-'S%3X#'>+/FR"')6'62$'*#/+@

0+E-':%'>+3/+%3'N)'2/29#,+"'X+Y+,#5A,+"8-'

:/ '1+%+'292T20)D')6+0+D'#/';>23?'N'6"+,)_'+E+F"2/8'X+@

Y+,#5A,#5")0' +Y+$' 1+E+?E27' N)"-' :/20"2/)0' 6298' 32T29+0@

/20D'#/'?E2+/927'2"'R'#/#M27D'#/'2%'>23?'N'12Y+"+6-'S,4'2/29#

)6'E2/$)"'X+Y+,#5A,#5""'N/-

:%'EM3+0+D' +,0'#/#M20)'>+/*+>2%'92"3/#"+"+7'+,"' +@

")'E/+D'A2'+,4'2/29#'S%3E+X')";'N/'#5*#56'+"27'C#T#E/4)'1+@

6+/-':%'6)'*#/+E#/'#5T2/L'?+/#*20)D'R'S%3X#'*#/#5A,#5""'+,"@

?+"'#5C2T'N/D'#/' #7#/'6+/4)9'1+3+9)"'N)"'8"927-

B+32/8D'#/#"?'12Y+027'N)"'S%3X#50D')/2"0'9,+"?2/8'1+"L@

"20)"' .)/#$8-' S,"' 6+/48D' #/8' %>+Y"#56' N/D' "#5,")%9' ;2/R+0-

y+Y+,#5A,+"'E2/$#56'2%'%3)>E+X'N)'1+,3+/+/27D'#/'+E+F"2@

/8' ;2"' 0+"9+"#56D' #/' 2%' 6"+6-' |#T#E#5/48' 4CF#1#5A,+"' L+,"

+/L/+0/20-' V+")' #/' 2%' ;N)' 2927' +C+"#5A,#5"' 2/27#5D' 4/+

WWW


1+6+/'N7'12Y+"#56'N)'=+T+T-

S"0+E'629'M+ +A-'S,4'"#5,"'+E+F"2/"'8"3/20)"'6)'1#EE)D

#/8D' )";>2%' 123#' +0+1+,3E20D' 1+6+%2Y+6#7' N/-' [+$#/4

3+/E+'8"A+0?#56'"/+"?';#/%'1#E)E'<#=20)"-

:/9;#3#5A,+"'1#F)"D'#/'F#/X#56'N/'+,4'292T20#5'+E+F"2/)

62$D'7#5/$'E"+%'1+%0/20'+,4'1+6+,"?)"-

2(*]#%-^)C#8#>)(+&%(*<*J

[2"0'"#/'N/'a226)+"'7#5X27')/'R')/'6+/49+"0'6)$R'X+F+X

"2/?)"'="4)/"2/8D'2/ 'E+=20"27#5'6)'#5/)M'+7)?'29+E-

OS,"'C+6+"+9'^+"+ +T+38'R'b2%+68'6+/4'#5T+/@

920)"')"L'6#3'R'+%+0)"&'29'6)+%)"'32%+90E2"?'xE@

"#E)'4+M3#56&'F,#5T2/#56D' +,0'"/+"?'63+X#56'N)"D'#/

)"L';+/#5A,#5"'+"2"-':E'2%'"/+"0'6#3'>+3F+6+E#/@

"2/'#5T+/920)&'+%27#E_'O:%'62X'F#/X#E'* +TE+X'26'R

;26' 9+/#T' )$"27-' \";#q5' F#/X8' 4+4+/)D' 2/ #/' 2%

A#T"26'"/+"'R')$"26'L2*'6#3P-'W+,0'"/+"?'+,%' +"#E

;#/%' +"F+6' )"L' 6#3' #5T+/920)"D' R' 2%' "/+"0' "#5,"

=#%?8'>+3+%=+"20)P'ca226)+'d_j@mf-

^+"+ +T+38'R'b2%+68'1+6+Y#56'N)"&'<#/L27#E'M2T27'a22@

6)+,)'#5M+4/#5A,#5"8-'W+,0'a226)+"'#5C2T'6"+0&'92"3/#"+"+@

7#E'+,"' +")'E/+D'#/'S%3E+X'N/'>+3E)/27'"/+"'+"27-'a226)@

+"';N/'0+"9+"#56D'#/')/2"'=+"F+/2"'9+3+/27'1+"L"+/+/#5@

A,#5"8-

vM"+6)"'6)M3'0+"9+"#56'N'M2T27'62/'#5M+4/#5A,#5"8D'#/>2%@

*)'62*'+"+/4,#5"+E23'4+/L")'62/'F#/X)'62$-'^+3+"+"'6)+,"

629' +"F+6' ;ND' #/' 9<#/L)' +,4>2%' +"27_' %+3+"+"' 1+6+Y' N-

I2"?'+E27)'#5C2T'>23?'N'7)"2"?'62/'#/#M6+"'62$D'?+"'"+-'S1+

A2')";#5' N'S%3E+X+M#5";"'+%#56_' Ox/)"' 1+9+Y+9'9+02?'1+@

f X S % ; ) ' 3 ' 4

WW!

E+3?#E'1+%3+3E+XwP' cS'g23/_' k_nf-' O[+%3+3E+XP' +Y8

"M+"+9#56' N' O#5C2TD' 1+%3+3+9+6'R'+"M+/CP-'B+3'6+/4)9

1+"L"E#56'2"'AM"+6#5'6)'?+")'1+/E+X)0'123#D'+,")";'>23?'N

+E27)'+"M+/C' 6"+"'+,"?+"D' 6)";R' #/' 1+TA+"+9"'+6 #T$+@

9+"'7)")-

^+"+ +T+3"')/'X+Y+,)"'1)"F2/#/4'+"F+6'#5T+/920'a22@

6)+,)'6#3D'+,%'+"F+6&'6)'"+6+9#ED'#/#56'62T+4/#56'N/'"/+"

+>%3+6 ' 7)"27#5'R')"?"')/2"'[#54+,#56'A+F+E#/'4"27#5' 62$

ca226)+'d_k@lf-'^#53'62T+4/+"?-

a226)+"'M+/#5"+9#56'N/'+M=+3+"?8-'a+'M+3'92"3/#"+@

0+X'N/'R'#5M+4/#5A,#5"8';N/'M2T#56'*/>+/3#5A,+"'>+3]+Y#E-

B+3'1+]+='62"?'62/'8"A+0?)0'8"9"#56'2"?&'<#/L27#E'7#5X27

AM"+6#5'123'9+>E+X'1+/02/8D'AM"+6#5D'#/8'<#/L#56'N'E+=20@

"27'62*-

:%'"+,27'26'M+32/)'+;?2/)"'#5'+%27_'O\";#q5'2?'A#5,7'3+7)%D

#/'6+/49+"0'%32/8'+*42"'+,"' +")'E/+D')";)'1+6+/'S%3E+X

9+";27'N'L2*-'[2"0'+,"D'#/')";@#/'6298'62T+4/#56'N'L2*D'4+';)

"M+"+9#56D'#/'"+'])M3'N'9+6'N7']M6+/3#5A,#5""'N'0+"9+"#56-

K#5?'>23?'N')6+"+?'+,"D')";'S%3E+X'+%#56'N'L2/'6+%)"'R'#/"

N'a/+'X/+F)/8'L2*'1+6+/-

\";#q5'2?'#5M+4/#5A,#5"'4+/L"#56'1)6+/#5A,+"'E/+-'S%3E+@

X+M#5";"'+%#56'N_'OI)H'>+3+%=+")/'1)6+/)"'"/+'3=6+/#5@

A,+"'1+626+3D'6)F#502'4#5'N7'"/+"'"6+"E2%P'cSY+9_'jd_mf-

t2/$)"'6+/48D'#/'<#/L#56'N/'9+"F"20"27'a226)+,)"D'29+E'#5

6+/F+/2+0+ED'A2'a226)+"'>23?'N'A+?"E)'3+]+/#56D'#/#E@

123R'AM"+6)"'F+7)%'ND'#/'%>+")'"/+"'ca226)+'d_ho'f-'W+,0'2A2

a226)+"' F#/X8' A#T"2/D' 4+' 9A#57+0"2/' 6+/49+"0D' R' F#/X8

+E+/3)"';N/'1+%")-

a226)+"'+/L+F+"?20_' OI)qA2' )"L' "6+"' 6+/48' 9<+=;)'R

)"L'"6+"'#q/8'9F"+'3+]+/8D'#/'#T$'6"+_'2%';26'F"+P'ca226)+

WW/


d_hhf-'a226)+"'123#'1+%9+0+ED'#/' #7#/#E)"'N7'S%3E+X';N/'#5@

T+/927' +,4' 6+/4#5"-' a+' 6+/F+/2+0+E' a226)+,)' 426D' #/#E@

123R'.#5 )+"'R'^+"+ +T+38'E+/L27'N)"'"/+"-'S,C6'32H%D'A2

a226)+"')";'+%+0'%/+")0'123#_

Oa/+' 1+6+/' N/' "+' E+/L27D' #/>2%*)' 2%' E+=2"+6' R

+,">2%'+"26'#5'1+"0+E#/' 7)"26'R'%+'"/+"0'1+6+/

+Y)A'7)")')6'+"#5"8'E+3+ +"27#5D'#/')"L'"+=+32"P

ca226)+'d_hif-

vM"+6)"'9E+3+ +")'?#'+"#5"8D'#/'E+=2"+%'#5'>+M3>+@

"2%')"?4'?2*-'a226)+"'#5"2/'.)/#$'6)3?8D'4/+'1+6+/' N7' "+

9+/#T'N/'*+"+*+"27'6+?#5/"'#5'])M38';+/#5A,#5")0'R'=+ 2#5@

A,#5")0-

^+"+ +T+3)D' b2%26)' R' .#5 )+,)' >+3/+%3+X' =+/4+@

E+"?"2/8'a226)+"'F"+1+320'+,%>2%_

Ox/#E123R'"/+"?'+62"?8'62*'E+=20"#56'N)"'+%27#E&

"/+"0' L2Y?2/8' 9A#57+"+'+,4'F#/X)0'R' ;)' 9+3+/E)-

W+,0'K#H5D'#E'S%3E+HXD'*#/+0/#5')6'L2Y?2/8P'ca226)+

d_nf-

a#/)0' 62"?' 32%"#56' 2"?' E+=20"27#5' ">+3+98D' +,%)"?"&

A#57+0"27' 62*D' #/' ;9+/#T+"+"?' )/+F#/X27' S%3X#' 9+6?8' R

+,7R%' ;4)6+4/27'62*'E+=20"#T)"-':A2'62"?'%/+'426'1+%3+@

3+9+6';9+"F"2"?D'9>+/3E2"?-

I2/'AM"+6)"&'%+3+"+"D'L2Y"+/9#56'N'E+=20"27#5'M+3'#5@

T)"2/D'2/ '62"?'63"#56'2"?'"/+'3+/+X?-'^+3+"+"'6)'+"F+6

;ND'#/'<#/L#56'N'#5'123#'23'N'?+ME#56-':A2'"+'9+/#T+"+'%3)@

>27D' #/' 1+>+T2"?D' 9+"F"2"?D' 9+6' A#57+"+"?D' 4/+")0' 123#

9=+"F+/)'S%3X#'+/?+,#5A,+"'+Y+$8"A+0)"-

a226)+"'R')/'6+/4)9'+E+/320)"'>+/%>)'E2/+9+"F"#568-

f X S % ; ) ' 3 ' 4

WW1

S,C6'>+M3>+"E+X'?+T+?8'9+/#T'N/'E2/+9+"F"E27-'K+'12M3

;N/-'S62"'?+,7+<#=)'"/+"?'E)A=+/)'4)6+4/#5A,+"'#5'1+9+@

Y+9#5A,+"'N)"'1+"4)>#56-'W+,0'6+/4)9'F)32)"D'#/'S%3E+X'N/

=#%27D'R'"/+"?'62/C#56'N)"'"+1+"$278-

A%+&)=#6*$@1#\)C7)=%6#9'"*9&%-./%-(@

a226)+,)' E]Y+9+"#5A,#5"8' 6)' 4+%+9+"' `/)"+9' N' 1+E+@

3+0,+7"2/)'1+6+/_

Ox;') /'+/42"' Y"+X'7)"26D'9+6'A2'+/42"'9+3+/,+7

2T+X'7)"26D' +,0'123R#56'26'cLF3#56'26fD'#/'F#502'A2

1+%"26' a/+"D' )";>2%' #/' N7' 12"0' V/)%3#%' [)%#5%)0

Y"E+X'26P'c'})7)>_'i_hjf-

S,%32T' +"+7)"'OLF327P' +Y"'N-'g#T#%8'^#5/ '[#F#E'+%+0&

2%'LF3#56'26-'a226)+"'"#5,">2%'LF3#56' N/&'1+]+='+"0"27#E

4)6+4/#5A,+"'6)$#E-'I2"?';2"?'9+/#T'#5TT+9)'M/$+"027-'I2"?

>23?'N'E]Y+9+"#/2"'F#/X2"?'R']2T?27#E'+"0"2"?'4/+'6)$#E-

g#T#%8'M+/#5"+9#56'N/&'+%27#E_

O[23R#56' 26' cLF3#56' 26f' 42>)' ">+3+98&' S%3X#

E2/)"'9#;#56)'6/0+"+9)"'V/)%3#%'[)%#5%#56P'c})7)>_

i_hmf-

b#,#5A,#5"' #5")' E2/)"' c +/L/f' 9#;#56' R' 0+X/' 9#;#56-' t2/)"

9#;#568'6)'9,+"?'ND'#/#E'+>/#56'2"'2/9/)'E/+&'2/9"?)';+<+@

")M"2/#E-'S,4'9,+"?)'62$'S%3X#'A+F+E#/#5A,#5"8'4/%R#/E#56'N

+"1+3)'9,+"?#E-'I+/4)9D'#E?2/'+>/#56'2"'E2/)"'9#;6+"'62$D

+*4#56' 2"' )2"0' M/$+>+3)' E/+-' I"+7#E' )/2"0' )M=+"#5A,+"

62$&'"/+"?'<#=#56'2"'1#FR#/'6A"#7#/38'R'+*+3#5A,#5"'2"' 2@

/#56']"M#56"2/)0-

u+E+/8' ;)' 9+/#T' 1+TA27' 7#5,%)"_' 7#5,%8' ?M#56' N'=+E+/8-

WW5


x/?+"'>+,X+Y'N'7#5,%8D'+,"?+"'M+3'=+E+/'N'0/E#56-'S1+'A2

)";>2%'2"?'62"?'?+,7#56'S%3X#'+/?+,#5A,+"')M=+"#5A,+"'62$-

S,4>2%'62/'M/$+>+3)'6+/49+"0' 2/#56'2"?'S%3X#'+/?+,#5@

A,+"'T29+E+/6+"'3+9-

[)%#5%8'9+/#T'N/'1+0'9)%27'62T+E#/"2/)'123D'?+")'#/'9+@

/#T'N/'E2/+1%927'6A"#7#/38-':A2'4#5'S%3X#'62$'+E27)'#5C2T'2%D

?+"'+"1+E+38'%+3+"+,)'62$D'4#5'9+/#T'2%'E2/+1%927'6A"#@

7#/38-':A2'62T+E#/8' ;+/)'62$'+E27)'F2/)M=#T' ND'?+"'1+E+@

3+0,+7"' +/4+/#5A,+"' 62$D' +>+' +"1+E+38' 9E2/+1%9)

1#FR#/'6A"#7#/38-

:A2'4#5'#/#M27'2%'+>/27'E2/)"'9#;6+"'62$D'91+"4)>2%'4)@

6+4/#5A,+"' R' 1+9+Y+9#5A,+"-' O:E' +62"8D' #/' 9+62"#56' 2"

+%3E+X+>+M3#5A,+6 '+>/27'V/)%3#%'[)%#5%#56D'1+7+X+"?

>)3)'9/2"P'cW'.)6#A_'i_hjf-'a#/)0'62*'+%E#56'N_'OB+3'"2T#5@

A,#5""2/#E' >23?' N' L2*' 63"27' S%3X#' +/?+,#5A,#5"8P' cb#/X?

hm_jhf-

I)";42Y'M+3'?/)%3#",+"2/'#/#M#56'R'+>/#56'2"'0+X/'9#;@

6+"'62$-'\";#q5-'a/+"?';2"'0+"9+"#56'1+"4)>27'+,"'4)6+4/#5@

A,+"8D'#/#E'E]Y+9+"#/2"'9F#/X2"'42>)'E2/)"'9#;#568-'a/+"?

F2/+4+%#56' 2"' 1+/6+/E27' )/2"0' M/$+>+3)' 6+/49+"0D' ?+"

A2'+%3E+X+,)"'4)6+4/#5A,+6 '<#=27'"/+"0-'SE27)'12M3'N'1+@

6+92/>E27D'?+"'426'9+"F"27-'x6+"?D'2/ '1+"4)>#56'2"'1+9+@

Y+9#5A,+"D'#/#M#56'2"'<#=*)$6+"'F"+7'R'<"3/#56'2"'+62"+@

62T6'4)6+4/#5A,+"'#5T)"-

:%'9+/X#56'26D'#/'2/ 26"'12M3'#5'1+/6+/+E23'9,+"?'9+Y#5@

027#5'62/'0+"9#5A,#5""'N'7)"#56'>+3]+Y8D'#/'62"?';2"?'0+"9+@

"#56'1+9+Y+9E27-'I2"?'*F#5M#/2"'9+Y#50#56'2"?'62/'9,+"?8&

=#5%+<27#E' 0+"9+0+X' 4CE+/#5A,#5")0-' :%' #;' A2' +/4+/+0@

"#56' 26' 9,+"?)' 4CE+/#5A,#5""2/8D' +,7D' )/#?D' 9+/X#56' 26D' #/

62"?'+E27)'M+3'E%3+1#56'2"?'62/'"+=+FX2/)"'#5'X/+F/2/)"D

?+"'S%3X#5"-

f X S % ; ) ' 3 ' 4

WW9

SIa@#56'62"?'#5"2"?' CM9+9+"'+>+1#E+F/#5A,#5"-':A2'1)@

E+"4+"#56'2"?D'+"6)$+>2%'E+*#56'2"?' CM9)'6#3D' +,0';2"?

63+X#56'"+=&'+T#A27#5'6+%)"D'#/#E123R'F)32"?D'#/'62/'#5"2@

0+X'+>+1#E+F/#5A,#5"8'X+X9#56'N'X+=%2/8-'I2/'+M=+3+"?)

4)6+0' ,#5/+?+";,#5/' 629' 9+6' 2/9#5' M+ +A8' 629' +"F+6' 62*

3/+6+4/#56'2"'+M=+3+E+/L)'93/#"-':A2'9#/0"#56'2"?'62/

+M=+3+"?8D'%3+"#56'2"?'F#/X+*#5/9)'9+/F+E)]+9D'#/8'{)@

"+"%+9+"' #/#M+9)' +$+90#5A,#5"' N' +>+1#E#56-' :A2' 4+' N7' N

%>+YE#56D'F#,#5A,#5"'#5")'">+%3-':A2'">+%3"'N7';3/E)D'62"?

9+/#T'2"?'F3"27'629'+,7' X/+F)/D' #/8'1#F'93+")'62/'6+%)"-

["+/+E#/'ND'#/'"#5,")%9'X#57#5A,+"'1+6+/'62*'E]+/2"-

[2Y#5%3+32%#5A,#5"8' "#5,">2%' ?+$+72/#56' N' 62*' +>/27

>+%%)E' 9,+"?#E-' ^#E#/+9+"' +62/)9+0)"' M+ +AE+' 8"A+0@

?#56'6#3'?%+";#/%'C+6'+"09+0"#56' N' 12Y#5%3+0#5,0)'+Y+$-

I2"?'A#5,7' 2"?'3+7)%D'#/')"32/"23+,)"'9+,?2/8'R'[#7)E#548

63+X2"'62/'<#=+/2"-'I2/'%9* #5"?"2/8'LR+E#/E#56'2"'"/+"0

X/+F/2/)0-

I)9/#+7)?+,)"'E+Y+/+""2/8'R'+/+F'>+3/+%3E#T'%""4)

E+,/2/8' +Y+$+/9#56' 2"' 62*' >+3/+%3)' 92/+9#5/&' +Y+"0

$+"?' F#/X+4/27#5-' x6+"?' N7' "#5,")%9' 2/+M=+E#/#56' 2"

+"E]+/']+MD'2A2'>+3E)/+X'#5327)?8';1+%0"2"'>+3/+%327

3+%"1)"F'/#>2)'8"A+0?#56-'I2"?'#5"2"?'+/+F'<#%3D'1+F#5%@

3)' 629C+6,+' ;#/' ?)6)+9+"' 6+?/#56D' 7#5%+"9+/"2/)' +/+F

2/R+9#56D' 62?2"+"2/)' ,#5T)'+/+F'<#=#56D' M#5/$`/,+'6)$+*@

F+,)"'7#5/2/)'%3+0#56D'R'%/+"?'62*'6+3;27)'1+/6+/#5A,#5"@

"2/)0'8"4+62"8'6)'?+")%"'2"-

^/+"0)0' M+32/8' 1)+"+7)' 2"-' ^/+"0#E' 62"?' ="+,#56' 2"?

62/'C+6+"+9"'+E27)'9+/R#/' +"2/)'1+6+/-'W+,0'R'+,">2%D

1+]+='62"?';2"?'9+/#T+"#56'8"3/27'9+/R#/8-'B+3'6+/4)9

+,%`/' F#/X2/' ;2"' L2Y"+/9#56D' 2A2' 4/+' 1+6+/' M+3' >23?' N

+M=+32"-

WW?


KC +=3+ +/D' +,%' 63+X27+92/>8' "2/A+<+"027' N

+/R6#53?)'292T20)-'V);' ?/)%3#",+"2/'#5"2"' 9+,#5"'R'E]Y+@

9+"' "+E#/#5A,#5"D' #/"' +"1/+C2M3' N' S%3X#' E2/)"' 9#;6+"8

1+%"27#5' 1+6+/-' :/ ' "/+"?' 1+"4)>#56' 2"' 4)6+4/#5A,+"D

)/2"0'?+,72/8'<#=#56'2"'42>)'"E+*+F#5,"'4)6+4/#5A,+"'#5@

T)"-'^9* #56'<+=#5%3)'+,%'#5T)"'AE#56'ND'A2'7+E'8"3/#5A,#5"

ND'#/8'=#%3+"#56'N'12M3'L2Y?' 2/E+X'1+$#T#5A,#5"-'W+,0'+,%

]+"+>+/1)"' "#/#M' 2"' F#7' E)]+9)' 1+39+")M"2/8&' <#=*)@

$#56D'+"3+/ 2/#5A,#5"'R')"?"+>+1>+"#56-'[)%#5%8'%#E#/20@

/20' 62*' 426' 9+"F"27' AM"+6+9+"' 72Y"2/)"D' #/)0' 123#'4/+"?

32T+1+"' 97)"2"-' S,7' =#%?2/#E&' #;";+0/#H5' 72Y8D' "#5,")%9' 2A2

4#5'%3)>E+X'2%'?+/'+Y'?+/'#;";+0"27-'a226)+,)'"6+"'V/)%@

3#%)']M6+/)3'>+32/+*6#T"2/8'E]Y+9+"#/2"']2T?27#E'+"0@

"#56'2"'72Y"2/)'6)$#E&'E%3+1'7)"27#ED'#/'+"1"+/)"'#;)";';9+

"/+"0'1+6+/D'#E?2/'1+E+3#56'2"' cI+A_'hl_jof-'^/+"'1+9+@

Y+9D'"/+"?D'#E?2/'F"#56'2"'12M3#5A,+"']+"+>+/1#ED'M/$+"@

0#56'2"')/20'72Y"2/8&'=#5%+<27#E'1+9+Y+9#5A,#5")0-

S,%' +M=+/1)' 1+6+9+/F8' 1)6"E+X' N' `4)' )M=+")' 9#T6)0

c:<2%_'j_jf-':/9)"?8' +0+1+,3'1+9+Y+9#5A,+"'62$'N'+,%'1+@

6+9+/F)'123-'b"+7'2/9"?)']+"+>+/1#E'"M+"+9#56' N'6M3+@

>2%' 1+"4)>27' 4)6+4/#5A,+"' +,%' +M=+/1)' 1+6+9+/F)' 9#T@

6)0-'KC +=3+ +/'+,%'+M=+/1)'1+6+9+/F8'F2/)M=#T'N'"+R

292T20)"2/)0'M+32/#56-

:%'+,%'4)6+4/#5A,#5"8'"6+"20"#56'26'6)'"+E+9)D'#/8'7#T#56

N'+/+F+1#%'F23)'1#%+"?)"'1+9+Y+9-'K#5' M+/#5"+9+ +/'R

E]Y+9+"#/2"'>23?' N' A)+E+/2%' $/)' 1#%+"?)"' 1+9+Y+9-' V#

A)+9"2/8'>23?'N'6)M3'$/)'62$'7)"2"D'R'4#5'>23?'N'+"4+4+/

A)+E+/2%-'K#5';2%'9+/#T'"#5,")%9'6)'E+/9,+"'4+4+/20"27'A)@

+E+/278-' :A2' 4+4+/20"2%D' F#502' #/#M' C+6+"+9' )"2/0)+,#E

F"+%D' +,0'4+'2/9+/';)'3R)D'R'1#%+"?8'?2*'93+")')/'#5TT#5@

f X S % ; ) ' 3 ' 4

WW@

A,+6 -'I)F#502'"+E+9)4'?)A8'42>)'E2/'N'>+/*+XD'%+9+,"'4#5

F"#56' 2%' 42>)' "2/?R-' S,%>2%' N' 7)"#56' +,"' 1+E+3+0,+7"2/)

123D'#E?2/'1+6+Y#/2"';2"'LF3#56'+Y+$'F"+7-'a/+"?'M+/#5"+@

9#56' 2"' 0#5,0' 3+7D' #/' ?/)%3#"2#5A,+"' #5TT#5A,+6 ' 2"' F"#56D

+,0'1)6+'"/+"?'+M=+/1)'123'23'2"'F"#56-

S,4>)%)?'4+Y"#56'2"'9/#"+E#/-'a/+"?'9#/0/27'2"')/2"0'*#@

/#5A,#5"8' R' +"+/4,#5"+E23' 2"-' [)%#5%)' =#%?2/8' 62$ 2/27#E

9+/#T'2"?'+%27D'#/'"/+"?'O+,7R%'#;";)'>23?';2"P'cI+A_'k_hif-'

i%&*<']&

S,"' +")0'123#D'2/ 'g#T#%8'1#/4#/20'.)6#A2#%)"' #/ #?27

S%3X#'>+/FR8D'"+'M3+>20'+E27+0"27_'OS/4'4#H5D')6'#/4,+H9D

*#/+0)H/'+,"'M"#/1?#ED'#/'V/)%3#%'[)%#5%#56'NP'cW'.)6#A_'j_hf-

t]Y+9+"#/2"' +Y+$' F"+7#5' R' 2/9;#3#5A,#5"8' 1+TA+1+/27#5

1+6+/'62"?'>23?'N'*#/+"+"?-

g#T#%8' +,%>2%' N' =/+3#56' !#/"A#%)' 292T20#5"_' OS/A#5"

2T2H?D'1+%3+3'9+02H?'1+E+3?#56D'+/)+02H?'R'#5C#E+02H?P'

cS'!#/"A_'hd_hif-'

u)*+='1+E+3+0,+78'426'+Y'426'9+"F"#56'N'4CE+/')/+E)@

]+9"2/)"&'+Y+"0'4/+")0'23'?+ME27#5-'

S%3E+X' [2%#5)"' #;' A2' 629D' +,7' ,#A' +"F+6' ?+$+72/20D' #/

*#/+"+'R'M+3'?+$#5A,#5"'#5"2"+-

OI)+,"'A2'*#/+0)/'R'M+3'?+$'2T)/D'#/'>+12%'R'+"2%

+,"'`/2"?)'>2%D'#/'\6'X+Y+'I#E%2%8'?2*'>+3E)/27'N-

a/+")0';=#3#/E2%'+$'9+6'L+=D'#/'+62"#56"'N7'=27+@

6#53'7)"2%D'#5/'#/'F"#56'2%P'c[2%#5'h_lf-'

x5M+4/#5A,#5"' 4+/L/#5D' S%3E+X'+%+0D' #/' *#/+"+' R' M+3

?+$' 7)")-' xq/"' N/' ">+3+98&'>+32/+*6"2/#56' 1+TA27#5' 1+@

6+q/D'A2q'62X'+Y+$"#/4'7)"27#5-'xH;D'.)/#$'u#%?8'>+127#5'1+@

6+/-'[2"0'%/+"#E'[2%#5"'97)"2/'62X'+Y+$"#/4'R'91+TA2/'0+"@

W!B


9+0+X'>+32/+*6#56-':/9;3#5A,#5"8'<#/L#56'N'*/927'?2*'+,"

+*+3#5A,#5")0D'#/#E'1"+*+"4E#56'2%'S%3X#'u#%?)"'9+6'9+6@

?)"-'K/+'1+6+/'N7'62"?'>23?'N'+62"'+"F+6'#5C2T'R'?+$'7)@

"2"?D'+,7'#;'A2'<+=;2"?'"/+")0D')";8'F)32"?D'#/'])M3'N-'

:92?'%+16+"2"?'O?+$#5A,#5"P +Y)'"M+"+9#5A,#5"8_'

?+$#5A,#5"8'62*'1+6+/'4CE+/#5A,#5"D'E3+"F'"2/9+@

,+0"#T' 9+6' 0+E#3' 1+"4)%+0#T' +62"' )";)"' 426' +Y

426' 9+"F"27#5' R' 4/+"?' 7#5X27#5' >+3/+%3+9+6#5@

A,#5""' ND' 4CE+/#5A,#5""2/)0' ;=#5%+<27#5' E2/+ 2/@

6#5"?8'9+6'+/L+F+"?8-'

\%9'#q/"'N'?+$#5A,+"'1+9+Y+98-'K#5'9+/#T'2%'3/+6+ +"#@

/2"'2"A+4/27D'#/'1+9+Y+98'E+="'N'9+6'N7'A#57#5A,#5"8-':E'%+

)";@#/';+<#E'])M3'N-'W+,0'R'+,">2%D'2H9'E2/0"2"?'E1+3#5A,#5"

+Y8' c+"F72/2"#56&' éÜèàêëí@=)*+=#5A,#5"' R' ìäÖéÜèàêëí@E1+@

3#5A,#5"' +Y2/8'1+9+")M"2/'2"f-'S,">2%'#/D'S%3E+X'>+3E)@

/#56'N/'[2%#5)"'R'62*'*#/+"+7D'?+$'7)"27&'A#5,7';3+7#ED'#/'E1+@

3#5A,#5"8' 63")' 62/' %/3)' 62$-' t1+3#5A,#5"8' 62*' 23' 9>+1)

S%3X#'9+6?8')/+F#/X27#50-'

:92H?'%+16+"2"?'OE1+3E27P' +Y)'"M+"+9#5A,#5"8_'

E1+3E27' "M+"+9#56' N' */9E27' ?+$#5A,#5")0D' 4+Y"+7

?);' E%3+1#T' 9+6' 1#5%+1+3D' #5"2"+7' E%3+1#5A,+"

9+6'1#5,%)'>+9+%D'7)"27'1#5%+7?E+X-

[)M)H/D'A2')";>2%'N/':T)+"'8"9]E+X'[2*+ 27)'E+=)'>+3@

]+Y#E' 29+X' 1#5%+1+3#5A,#5")0-' a+' =#5,%' 3E20' R' <+=+E-

:T)+"'+,"?+"'1#5%+1+3E+X' N/D'#/'4#5/%' N/'2927')/'#5"20+X

)M=+"#5A,#5")0-' I2"?'>23?' N' E1+3#5A,+"8' E2/+ 2/E2"?' #/@

>2%'AM"+6#5-'I2"?'>23?'N';A2/+F"+1+32"?'4/+'*#/#5A,#5"8D

4+'=+"F+/#56' N' 62*' 1+%"27' S%3X#' E2/)"' 9#;6+"8-' t1+3#5@

f X S % ; ) ' 3 ' 4

W!A

A,#5"8' %>+"#56' N-' :A2' 4/+"' ;1+9+Y+9E2"?D'+,"' 9%3)>)' 62*

"+1+"$27-'

OW+,0'+/4+/8'1+E+3?)0'9+>/)D'R'2A2'6298'23'?+M@

E)D'\6'+"L8'"/+"';)'1+E+")P'c: /_'ho_ief-'

B+3'9+/R#/'N'1+%9+"+7D'#/'S%3E+X';)'1+E+"#56'E+=9#3@

"2/)"-'I2*'+%E+X'N_'OxE'#/'1+TA)D'+62"8'9C+Y+"F)D'R':%'97)@

"26'"/+"'S%3E+XD'R'"+'97)")'\"L'#/4)-'\%9'E+=9#3"2/)" R

+"1+E+3"2/)"D'R'>)TX2/)"D'R'6+/4+%>+""2/)"D'R'>#Y")9@

"2/)"D'R'9+=+/4"2/)"D'R'9Y+>+M3"2/)"'R'+62"'32%+9'%3+@

=#%"2/)' +C)"8'+,%'7]#56'97)")D'#/'9/+9#E'R'XX6 #E'E+YE+X

N-'^+'N'2/9/#/4'6+18P'c[+,3"_'jh_lDef-'

Ot+=9#3P' +Y8' "#/#M#56' N'629)"D'#/8'E3+"F)'9+6'0+E)

1+"4)>27)%'4/%R#/#56'N'+6#A+7)'E+=P-'S/4,#q?'%A+<20"#T';ND

#/'S%3E+X'E+=9#3"2/)"'6+/4+%>+""2/)'R'+" +/#,+9+""2@

/)'M+/?#56'N'4+%27D')%9'62"?'+/4+/+0"#56'2"?'62*&'>"427#ED

A2'E+=9#3#5A,#5"8'A#57#5A,#5"'N-'

xH;D'E+=9#3#5A,#5"8'F+7)%'N'+"1+E+3#5A,#5")0D')%9'+"1+@

E+3#5A,+"'1+6+/'\%/+,27)'*+E+9"2/8'E]+/20)"')/2"0'9,+"@

?#E-'a/+"?'2/ 2?';63+"'=#%3+0E+X'2/9)/8-'O:E'32%"#56'2"?D

#/' ;9+/#T+0+"' 63"27' +"1+E+3#5A,+"' >+3]+Y#EP' c: /_

i_hnf-'

K+'])M3'N'"+R'+,%`/_'E+=9#38';)'1+TA#56-'a+';)'%3+"+

+,"D')";'=#%3+0E+X'N')/2"-'g#T#%'+Y+?,+7)'6)$#0#E'.2/8'*#@

/+E#/'LR#E'1#/4#/#56'N'62*_'

OI)+,"' A2' V/)%3#%)' SE23+/+")"' E+,27#T' 92/>#E

F"+02?D'#/'A2'F+6'R'32%"26'L2*D'R'A2'12Y#5'7)"26'R

7%26'L2/'6+%)"D' #/'1+%3+3'2?w':E'#;' 6)' +"#E'6)

*+/1#5/2?'1+9+Y+9#/4"2/)0P'c})7)>_'h_jlDjef-

W!W


[+%3+3#5"'9+"F")/'R'A#5,7'6)'3#5/'?#'1+9+Y+9#/4"2/)"

E+=20"27'?2*-':T)H/'?+$D'#5C2T'#5'=)*+=D'>+3/+%3'1+"4)@

>27#5'R'F#/X'#5"2"+7#5'0+"9+0+X'1+9+Y+9#5A,+"'123&';=#5@

%+<27#E'4/+")0-'[+$#/4'=#%?#56'g#T#%8'M+/#5"+9#56'N_'

O:E'L2*'S%3X#50'+,4'M"#/1?'2T+ED'#;'6)+,"'1+E+3+7

a/+"D'+,7'a/+'1+6+/';+/;+/E27'N7P'c})7)>_'h_jnf-

\q";' ;+/;+/+"?' N' %+D' #/' 62"?'>23?' N' #5"2"+"?-'g23/#%8

>+3+%=+"#56'N_

OS/4' V/)%3#%D' #/' 6+/6"#E' 62*' 1+6+/' ;+/;+/E20D

4#5?'N7'"#5,"'63?#E'*)"E#/E2?D'#/'6+/6"#E';+/;+/E#@

T8'62T?)0'4+4+/20-'x/'+,7R%'#;'A2'6+/49+"0'0+"9#5@

A,#5""2/)'>2%D'+,7'S%3X#'9+6?)'>2%'+>/2?'6+/6"#56

6"+0+X'C+6+"+98P'cS'g23/_'m_hDjf-'

z+/;+/+"?"'+,"'ND')";)"'62"?'1+"4)>#56'9+6')";8'1+6 2@

/#56'2"?D' 2/ '62/'%2<+9+"'6+/6)"8'9+6'#5/)M"2/)'+*420#5@

A,#5""'N']"M#56'62*D'#/>2%*)'F"+"?'6)'#5TT#5A,+6 D'+,")";'S%3@

X#'9+6?8'62*'1+6+/'1+9+Y+9'#5TT#5A,+6 'F"+7"'N-'I2*'1/+@

6+,E+X' N'*#/+"+7'R'?+$' 7)"27D' #/>2%*)'9+/#T+"+"?'>+127

.)/#$'=#%?8-'

g23/#%"'+%#56' ND'#/'62"?'>23?'N'62*'*)"2"?'%/+'1+6+/-

:A2'?/)%3#",+"' ;)'*)"E#56'9+6' ;)'"+=+>+3/+%3E#56' ;+/@

;+/E27#5'1+6+/D'"6+"'N'6)'*)"E#/)D'#E'F"#56'N'6+/3)'+Y+"0

%>+Y+*)"#5A,+"-'S,%'*)"E#/8'9+H6'F2/)'98"9")'9+H6'9%>+"E)-

S,"'?/)%3#",+"2/8D'#/#"?'*)"E+X';2"';+/;+/E27#5'1+6+/D'12M@

3#5A,+6 '2"'F2/)'8"9"#56D' +"3+/9E#56'2"'6+/49+"0)0'E+@

=2"+7#5'>+3]+Y#E-'

I2"?'>23?'N'>+3/+%3'7)"2"?'+"%>+%27)'4)6+4/#5A,+"8D

#/8'#5T29027#5'N'62*'E2/)"'9#;6+"8'LF327#5'8"A+0?#56-'W+,0'R

f X S % ; ) ' 3 ' 4

W!!

+,">2%D' g#T#%8' M3+>#56' N/' E%3+1#5A,+6 ' +%27_' O:E' 9</9)

)"L'.2/"'+62"';+/' +")0'R'9+*+3)D'91+%0")'\/'2/9"+,)"'+/@

?+,#5A,+"8D'x/)"'7)")'<+Y?'1+E)3,+"%'1+E)32")0P'cW'.)6#A_

m_hef-'S%3E+X'6)M3'N7'62*'9+*+3+F/)D'#/'1+%"2"?'\/'<+Y@

?)"-'S727#5)+G-

x5M+4/#5A,+6 '9+/4+'S%3X#'=#%?)0'123R,+7'1#/4#/"2/8-

!+/4+'+,">2%D'9+/X2%'4#5'+,"'2/ R)02';2%'9+/4+027-'!+H"F

+Y'R'C+6+"+9'1+39+0/#5',#5/+?+";,#5/'u#%?)'E/+'=#/127#5

1+6+/&'A#5,7'3+7#ED'#/'^#5/ '[#F)"'7#5%+E#/)'4/+"?-

O:A2'S%3E+X'62/' c)6f'9#T6"' ND' #qE' N'62*' c)"Lf'1+9+@

Y+9P'c[Y#6_'e_ihf-

OS>+'#qE'9 +C+")'62*'V/)%3#%)'%)/#50&'3+Y+>+"?D

A2q' "2T#5A,#5"D' A2q' 1+7+X+"?D' A2q' %#ED' A2q' 62/9/#5@

A,#5"D'A2q'E3+"FD'A2q'%#5/w'W+,0'+,%'+62"' +"2/#56

+Y+E27'R%'1+TA#56'2"?'a/+'6)$#0#ED' #/'62*'%)/20P

c[Y#6_'e_ikDilf-'

OK#5?'S%3X#50'2?D'#/4,+9"2H/D'R'1+TA20)?'"/+"D'#/#E@

123R'+E27)'62X'N'a+D'#/'L2*+"#56'ND'?+"'A2'"+D'#/'+M@

=+/1#56'NP'cS'[#E1_'m_mf-'

g+1>+")H/' ?#' %/3)' 6+?/#5A,#5"8' R' 6"+' )M=+"#5A,+"' ?#

4)/?#56'#/>2%'S%3X#'*+E+9'R'X+Y+-'I)+,"'+,4'42>?#56'4#5

9+/#T'2%'1+6+/L+9#/2"'1+,3+/+/27_

W!/


g#;4' '&)))))).....................................

S

E+/327#E'F)/?8&'2%'1#/4#/#56'26'L2*'2/ 2?'A#5,7' ;3+7D

#/' "+=9)"' L+=#T#56"2/)0' #/RN' 6298' L2*' 23'?+M)-'I)H

F"+1+3)/' ?#' +>+F+"' ?#' +"0,+7#E-' :A2' 4#5' +,4>2%

+"2%D'2/ 2?'?#'+"0,+7)0'+Y+$';2%'F"+-'!+/R#/';ND'A2'#/?+"

1+]+='2%'8"927D'6)R"#5,"'ND'9+'6)'1+%3+3#5"'1#5,%_'S%3E+X

E+=9#3"2/)"'1+TA#T'4+/L"27#5'6+%"+F23'N-'S727#5)+G-'a/+

*#/#5A,#5"8'F#/X#56'N'39+/#5A,+"'62$-'

x/>2%'?+$+72/+"?)'6)'`/)"+9&'?""2"?'^)6#"'g23/#%)'2T@

#/&'S"4/2+%)'9,+"?8-'S,"'F)M2/D'2/ '[)%#5%)"'L2/ +9+720)"D

#7#/'+M+92/3"2/8'a/+"'A#T20)"@<+=+"'cI+A_'jd_kdf-'g23@

/#%8'6)+98';N/D'#/'E+=20+E_'S"4/2+%8'R%')/'9,+"?8'</927#5

1+6+/'<+=+E-' I)";42Y' E+=9#3#5A,+"'+,%' ?+,78' ;)' "M+"+@

9#56D'#/'S"4/2+%8'96"+/'E+=9#3-

[)%#5%)' 1+/#5A,#5")0' 123#' S"4/2+%8' ?+/#*20' :A#E>)+@

,#56D'#/8'F3"E#56'N/'[Y#6)'3)/+>23#5A,+"'3+9-'S1+'6)'>+3@

6+9+"' F/+Y#56D' A2' )";>2%' S"4/2+%8' <+Y+E#/20' [)%#5%)"

cÉ#?%)'OSM=+/1)'?/)%3#",+'"+1+3+9"2/8P'F/?)0f-'

:/ 'S"4/2+%"')/'$+"+%2/'?+/#*;#5A,+"'6)$#0#E'M+@

32/)"' 2/20'V/)%3#%)'1+E+3?)"D'9+Y+E+/);'JF2+@

%8'A#5,73E#5A,#5"'="4/20'[Y#6)'%2"+3)0' #7#/'?/)%@

3#",+"2/)"' Y")'#5C#E'*#1+ 2/27')'>+3)E'1Y#62+@

W!1

9+"' 9#5Y?2/)-' S"4/2+%8' 63+X20D' #/' "+'>23?' N' 4)@

6+4/)'JF2+%)"D'F"+'R'+%)'"/+"D'#/'6+/49+"0'4+3+@

E#/8' "+='>23?' N' ]+"+;)' R' 2/9/>+F)' )/' 2/9"+,)"

K+3+E#/)"-'S"4/2+%8'+%+0D'#/'2/9/>+F27#E']M6+@

/)3' S%3X#5"D' JF2+%8' >23?' N' 12Y+0")' #7#/' 92TX

+%3E+X"2/)"'R'E2/+0")'9#5Y?2/)"')/'63?)0-

JF2+%8D'S"4/2+%)'E/+'9+3+T+XD'>+1+"$#56'N/')6+@

"+7D' A2' +/4,#?' "+q' N/' +,"' 6+/48D' #E' E2/$2/%' =+Y@

"+M<#A' N/' %32TX27'+%3E+X"2/)'3+]+/#56'R' 6+/4@

9+"0'1+6#*#56'N/'?/)%3#",+'4+Y"+7D')%9'?/)%3#"2@

#5A,#5"8'O%"+1+E+3'+T+"4P'N/D'#/8'[Y#6#56']+"+;@

E27'N/'+"`/)"+9+"-'

S"4/2+%8' >+3+%=+"20D' #/' [Y#6)' 9+Y+E+/);"2/8

;N)"' 1+%9+"#56' ]M6+/3#5A,#5"8-' S%3X#' x/4)"D' x/8

29+E'+M=+/1)'6+/49+"0'1+6+/D'%#E#/20/20D'#/'1Y#@

62+9+"'+%3E+X"2/8' 4R2/' 2"D' 6+/49#5A,+"' AM"+6)@

"2/D'#/#"?'%#E#/20"#56'2"'6+/49+"0'E)/+E#/27'S%3@

X#5"' R' 4/+"0'>+3]+Y#E' S%3E+X' 12Y+"#56' N' 6+/4@

9+"0)0-'y+Y+,27#E'4R)"&'6+/4)9'8"9"#56'2"'+62"'32@

%+9)' ;+/#5A,+"'62$D'+%#56' N/'S"4/2%+8D'R'6+1+"+@

7#50'123#' +0)';+/'+/+/?"2/)0'#5/)M'N7'#;)";';)'1)M@

E#56-'

!#5%+9+78'1/+6+,20'S"4/2+%)"'2/ 2?' ;?+/#*27'+,%

+"2/8D'1+9+Y+9'42>?#56'"+'+"6)$+>2%'9=+;E2/-

^/+")0'123#'S"4/2%+8'>+3+%=+"20_'O:%';N)'?+/#@

*)D'#/'=+;8'>+3)E'R'<+Y?'ND'2A2'E+=2"+,)'=+;)'6+@

1)0P-' a+' 4+3+>+/3E20' =+;27#5A,+"&' "#/' +T+"4)

#5%#506+"'R'1Y#62+9+"'+%3E+X"2/)'9/#"8'62/C27#5

1+6+/-

S"4/2+%8'F"+0'6+1+>+3C)'E+,/8'R'32%"27#E')/2"

%>+%#T'=+;8&';<#=20')/'426?)'+/3+1+,3#5A,#5"8'R

#;'N7'1/+C+/E20')/'+%+X"2/)0-'I+1+>+3C)'F"+7)%

S"4/2+%8' ;9#/0/20' F)3+90#5A,#5"8D' )";>2%' 4+'>+@

3+1#56' N'6+1E+"'F"+0#T'6+/49+"0'123-'a+'+%+0_

OQGD' 2/9+/' %>+%E+X' R' 0+"9+7)' =+;-' I3?#E' >+3@

W!5


/+%3D'#5/+=#5A,+6 '70E+X'R'62X'0+"9#5A,+6 '2%'F+@

7)%' 26' ?2*' 6#3-' :%' a/+' +M+923"' 26D' x56' F+620)"

=+;)' E/+-' :%' 6)M3' %)/27' 26' ?2*' R' <+<+F27' 26

<+/E27'?2*P-'

^+' +,"' "#5,"' 6+/48' ;N/D' #E' )/' 9,+"?8' </927#5' 1+6+/

<+=+ED'2/ '[)%#5%)"'L2/ +9+720)"-'a+'<#=E27'N/-'

}+%3#/2"D' #7#/'+M+92/3"2/"' N7D' #E?2/'<+=+"D' E2/$#56

%>+"E20)"' [)%#5%' V/)%3#%)' E9+,#5A,+"' 1+6+/-' S%3E+X

"/+"0'+/3#"#5A,#5"'M"#/120'1+"4)>27'12"0'+,"' +")"D')";)0

<+=+"-'t3+"F27#E')/2"0'9,+"?2/8&'+M+92/3"2/8'9#3/20)"

2/9;#3#5A,+"'*#/#5A,#5"8-'

I2"?' 6=)A+/E#56' 2"?'+,"' +")' F)3+90#56)0D' #/' Oa+D' #/

L2*+"#56' %9%20' +,%' +/)' F#/X8D' 99+3+/)' N7' 6)";R' [)%#5%

V/)%3#%)'`/8P'c})7)>_'h_df-'

SM+92/3"2/)'9,+"?8'62*'E9+,#56'N'+,"'6+%)"D'A2')";>2%'N

S%3E+X' 62/' L+=#T#56"2/8' E2/+X#56' 1+TA+"+9"2/)-' I)H

"+1+"$)/D'+,7'=)*+=)/'1+E+3+7'+,"'I29)"D'xE'%)/20'?2*'R

3E20'\/'+"L8'?2*'1+6+/-'

:H9'6)+%)"'+T#A2"?_

O[+H,/D'[)%#5%)'+"#5"#E'2%'="4/#56'26'V2*D'*#/+0/#5

)"L'V#'%)/#'R')6+%3#5A,+"'6)$#0#E-'a2/)H/')"LD'#/'"+@

1+"$27' 26' 4CE+/#5A,+"'>+12/)"&' )6' %2<+9+"' 1+/@

6+/+E23#5A,#5"8'R'+>+1#E#5A,#5"8'>+1>+"27#5'1+@

6+/-'.2/'[)%#H5%D'+,%`/'2%'8"3/#56'26'62/C27')6'+"L8D

E2/0"27')6'=+;8'R'123R27'V2*-':%'V#'X+Y+"'26D'2%'8"@

4#5"#56'26'V#'M"#/1?8D'#/8'9*#/+0")')"LD'#/>2%*)'2%

9+/#T+"+6' =#%27' V#' =#%?8' R' 9+3+/27' V#' 9+6?8

+62"+,"'1+6+/L+9#5A,+6 '#5'%)/#EP-

S,C6'+%+H'E+=)'R'E2/+1%9#T#5A,+"'1#F#5"_

W!9

g # ; 4 ' ' &

Կոտրել երկչոտությունը

Documents

Transcript of Կոտրել երկչոտությունը