Конспект лекций (литье) - 2002 (Лекции PDF)
Описание файла
Файл "Конспект лекций (литье) - 2002" внутри архива находится в папке "Лекции ПДФ". PDF-файл из архива "Лекции PDF", который расположен в категории "". Всё это находится в предмете "технология конструкционных материалов (ткм)" из , которые можно найти в файловом архиве МГТУ им. Н.Э.Баумана. Не смотря на прямую связь этого архива с МГТУ им. Н.Э.Баумана, его также можно найти и в других разделах. Архив можно найти в разделе "лекции и семинары", в предмете "технология конструкционных материалов (ткм)" в общих файлах.
Просмотр PDF-файла онлайн
Текст из PDF
F<LMdZn_^jZJEJH>BHGH<?FDhgki_dle_dpbcihdmjkm©L?OGHEH=BQ?KDB? HKGH<UDHGKLJMBJH<:GBY>?L:E?CHILBQ?KDBOIJB;HJH<ªJZa^_e ±©L_ogheh]bq_kdb_hkgh\udhgkljmbjh\Zgby^_lZe_cba]hlZ\eb\Z_fuoeblv_fªJ_^Zdpby ]h^ZH=E:<E?GB?=eZ\ZH[sb_k\_^_gby Kmsghklvb aZ^ZqZebl_cgh]hijhba\h^kl\Z Eblu_^_lZebHWI =eZ\ZHkgh\gu_wlZiuijhp_kkZba]hlh\e_gbyhleb\db Ko_fZijhp_kkZba]hlh\e_gbyhleb\db\ i_kqZghcnhjf_ Hkgh\gu_\b^u[jZdZhleb\hd =eZ\ZK\hckl\Zebl_cguokieZ\h\b bo\ebygb_gZdZq_kl\hhleb\db DZq_kl\hhleb\dbnZdlhju\ebyxsb_gZdZq_kl\h K\hckl\Zebl_cguokieZ\h\ @b^dhl_dmq_klv DjbklZeebaZpby Y\e_gbykhijh\h`^Zxsb_aZl\_j^_\Zgb_hleb\db =Zau G_f_lZeebq_kdb_\dexq_gby Ebd\Zpby GZijy`_gby\ hleb\dZob boihke_^kl\by =eZ\ZEbl_cgu_kieZ\ub booZjZdl_jbklbdb Qm]mgu KlZeb :exfbgb_\u_kieZ\u FZ]gb_\u_kieZ\u KieZ\ugZf_^ghchkgh\_ LblZgb _]hkieZ\u =eZ\Z OZjZdl_jbklbdZ hkgh\guo kihkh[h\ eblvy ijbf_gy_fuo \ijb[hjhkljh_gbb Eblv_ih@KK Eblv_\ h[hehqdh\u_nhjfu Eblv_ih\uieZ\ey_fuffh^_eyf Eblv_\ dhdbev Eblv_ih^^Z\e_gb_f P_gljh[_`gh_eblv_ =eZ\ZJ_dhf_g^Zpbbihdhgkljmbjh\Zgbxhleb\hd Dhgkljmdlb\gu_oZjZdl_jbklbdbeblhc^_lZeb Hkgh\gu_djbl_jbb\u[hjZfZl_jbZeZ Hij_^_e_gb_b gZg_k_gb_jZaf_jh\ Ebl_cgu_[Zau;Zauf_oZgbq_kdhch[jZ[hldb Dhe_[ZgbyjZaf_jh\hleb\dbb bo\ebygb_gZdhgkljmdpbx GZg_k_gb_jZaf_jh\ LhqghklvjZaf_jh\hleb\hd =eZ\Z H[sb_k\_^_gby Kmsghklvb aZ^ZqZebl_cgh]hijhba\h^kl\ZEbl_cguf ijhba\h^kl\hf gZau\Zxl \b^ ijhba\h^kl\Z aZgbfZxsbckyba]hlh\e_gb_fnZkhgguo^_lZe_cbebaZ]hlh\hdiml_faZeb\dbjZkieZ\e_ggh]hf_lZeeZ\ aZjZg__ijb]hlh\e_ggmxnhjfmebl_cgZynhjfZ ±ijbkihkh[e_gb_h[jZamxs__ jZ[hqmx ihehklv ijb aZeb\d_ dhlhjhc jZkieZ\e_gguc f_lZeenhjfbjm_l hleb\dm ihehklv dhlhjhc bf__l dhgnb]mjZpbx ^_lZeb Ihke_aZl\_j^_\Zgby f_lZeeZ \ nhjf_ ihemqZ_lky hleb\dZ eblZy ^_lZev bebaZ]hlh\dZAZ^Zq_c ebl_cgh]h ijhba\h^kl\Z y\ey_lky ba]hlh\e_gb_ ba ebl_cguokieZ\h\ hleb\hd bf_xsbo jZaghh[jZagu_ hq_jlZgby k fZdkbfZevgufijb[eb`_gb_fbonhjfub jZaf_jh\d nhjf_b jZaf_jZf]hlh\hc^_lZebDZdm`_mdZau\Zehkvhleb\dbihemqZxl\ ki_pbZevguonhjfZoNhjfufh`ghihemqZlvjZaebqgufbkihkh[Zfbb bajZaebqguofZl_jbZeh\Ihkl_i_gbbkihevah\Zgbynhjfu^_eylkygZjZah\u_ihemihklhyggu_b ihklhyggu_JZah\u_ nhjfu kem`Zl h^bg jZa b jZajmrZxlky ijb m^Ze_gbb hleb\dbJZah\u_ nhjfu ^_eZxlky ba d\Zjp_\h]h i_kdZ hl^_evgu_ a_jgZ dhlhjh]hkh_^bgyxlkyk ihfhsvxk\yamxsbofZl_jbZeh\< g_dhlhjuo nhjfZo ba]hlh\e_gguo ba d_jZfbq_kdbo fZl_jbZeh\m^Z_lkyihemqblvg_kdhevdhhleb\hdlZdb_nhjfugZau\ZxlihemihklhyggufbNhjfu \u^_j`b\Zxsb_ hl g_kdhevdbo ^_kyldh\ ^h khl_g lukyqhleb\hd gZau\Zxl ihklhyggufb GZb[hevr__ jZkijhkljZg_gb_ ihemqbebqm]mggu_b klZevgu_ihklhyggu_nhjfuBa]hlh\e_gb_ hleb\hd ihklhyggh]h jZaf_jZ jZaebqghc nhjfukeh`ghklbbakieZ\h\hlebqZxsbokyihfgh]bfk\hckl\Zg_evayhkms_kl\blvh^gbfb b l_fb `_ ijhba\h^kl\_ggufb kihkh[Zfb Ihwlhfm ihemqbebjZkijhkljZg_gb_ fgh]b_ l_ogheh]bq_kdb_ ijhp_kku dZ`^uc ba dhlhjuokhojZgyy \ hkgh\_ kmsghklv eblvy hlebqZ_lky ki_pbnbq_kdbfbijhba\h^kl\_ggufbijb_fZfb< gZklhys__ \j_fy \ ijhfure_gghklb ijbf_gy_lky hdheh kihkh[h\eblvy Ijbq_f dZ`^hfm kihkh[m khhl\_lkl\m_l k\hy nhjfZ ba]hlh\e_ggZy balh]h beb bgh]h fZl_jbZeZ < ijb[hjhkljh_gbb ijbf_gyxlky ke_^mxsb_ \b^ueblvy eblv_ \ i_kqZgu_ nhjfu eblv_ ih @KK `b^db_ kZfhl\_j^_xsb_kf_kb eblv_ \ h[hehqdh\u_ nhjfu eblv_ \ dhdbev f_lZeebq_kdb_ nhjfueblv_ih\uieZ\ey_fuffh^_eyfeblv_ih^^Z\e_gb_fp_gljh[_`gh_eblv_ Eblu_^_lZebHWIHleb\dbkhklZ\eyxlihqlbiheh\bgm^_lZe_c\k_oijb[hjh\b ZiiZjZlh\\uimkdZ_fuojZagufbhljZkeyfbijb[hjhkljh_gbyHgbrbjhdhbkihevamxlkylZf ]^_ g_h[oh^bfh h[_ki_qblv \ukhdb_ lj_[h\Zgby \ hlghr_gbb ijhqghklbl\_j^hklb iehlghklb mijm]hklb ieZklbqghklb khijhlb\e_gby bklbjZ_fhklbfZehc ojmidhklb \ukhdhc \yadhklb `_kldhklb l_iehijh\h^ghklb`Zjhklhcdhklb we_dljhijh\h^ghklb fZ]gblguo k\hckl\ khijhlb\e_gbydhjjhabbb l^FZkkZ hleb\hd dhe_[e_lky \ hq_gv rbjhdbo ij_^_eZo hl g_kdhevdbo]jZffh\^hg_kdhevdbo^_kyldh\dbeh]jZffDhgnb]mjZpby hleb\hd fh`_l [ulv ex[hc hgZ hij_^_ey_lky\hafh`ghklvxba]hlh\e_gbyl_ogheh]bq_kdhchkgZkldbb nhjfufbgbfZevghclhesbghc ihehklb dhlhjmx kihkh[_g aZihegblv f_lZee b wdhghfbq_kdbfbjZkq_lZf iha\heyxsbfb kjZ\gblv klhbfhklv ba]hlh\e_gby hleb\db bZgZeh]bqgh]hba^_ebyihemq_gguf^jm]bfkihkh[hf< hilbq_kdhf ijhba\h^kl\_ eblv_f ihemqZxl dhjimkZ nhlhZiiZjZlh\dbghdZf_j[bghde_cb ^jm]bohilbq_kdboijb[hjh\jZaf_judhlhjuohl^h ff Djhf_ lh]h eblv_f ba]hlZ\eb\Zxl jZaebqgu_ djhgrl_cgu klhcdbhihju klZgbgu baf_jbl_evguo ijb[hjh\ aZ]hlh\db am[qZluo dhe_k pZinu b^jm]b_^_lZebjZaebqgh]h\_kZb dhgnb]mjZpbb=eZ\Z Hkgh\gu_wlZiuijhp_kkZba]hlh\e_gbyhleb\db Ko_fZijhp_kkZba]hlh\e_gbyhleb\db\ i_kqZghcnhjf_Hleb\db ba]hlh\eyxl \ ebl_cghf p_o_ Ihke_^h\Zl_evghklvl_ogheh]bq_kdh]h ijhp_kkZ bo ba]hlh\e_gby jbk jZkkfhljbf gZ ijbf_j_eblvy \ i_kqZgu_ nhjfu lZd dZd wlhl kihkh[ eblvy \dexqZ_l \k_ wlZiukhklZ\eyxsb_ kmsghklv ebl_cgh]h ijhba\h^kl\Z Z ^jm]b_ kihkh[u eblvyy\eyxlky_]hfh^bnbdZpbyfbBa]hlh\e_gb_ fh^_e_c b kl_j`g_\uoysbdh\Ba]hlh\e_gb_nhjfuIeZ\dZkieZ\ZAZeb\dZnhjfukieZ\hfJbkWlZiuijhp_kkZeblvyHleb\dZ k eblgbdh\hckbkl_fhcJZajZ[hldZ q_jl_`Z hleb\db Bkoh^guf ^hdmf_glhf ^ey jZajZ[hldb q_jl_`Zhleb\db y\ey_lky q_jl_` ^_lZeb jbk GZ dhlhjuc gZghkyl ke_^mxsb_mdZaZgby ih ba]hlh\e_gbx fh^_eb b hleb\db iheh`_gb_ hleb\db \ nhjf_hij_^_ey_lky mdZaZgb_f iehkdhklb jZat_fZ \_joZ b gbaZ ih jZkiheh`_gbxhleb\db \ nhjf_ ijbimkd gZ f_oZgbq_kdmx h[jZ[hldm l_ogheh]bq_kdb_ijbimkdbmdehgub ^jhihagZ\Zl_evgu_^Zggu_b ^jm]b_lj_[h\Zgbydjhf_lh]h hij_^_eyxl \hafh`ghklv ba]hlh\e_gby ^Zgguf f_lh^hf eblvyih^gmlj_gbchl\_jklbcb liZ^_lZev[hleb\dZJbk<b^gZneZg_pih:JZkiheh`_gb_iehkdhklbjZat_fZ mklZgZ\eb\Zxlbkoh^ybake_^mxs_]h H[jZ[Zlu\Z_fu_ih\_joghklbhleb\db^he`gugZoh^blvky\gbam ;he__\ukhdmxqZklvhleb\dbke_^m_ljZkiheZ]Zlv\ gb`g_cihemnhjf_ Ba[_]Zlvdjb\hebg_cguojZat_fh\ H[_ki_q_gby[he__e_]dh]hm^Ze_gbyfh^_ebbanhjfuIehkdhklvjZat_fZh[hagZqZxlagZdhf ]^_<\_joZ GgbanhjfuIjbimkdgZf_oZgbq_kdmxh[jZ[hldm wlh^hihegbl_evguckehcf_lZeeZjbk dhlhjuc m^Zeyxl \ ijhp_kk_ f_oZgbq_kdhc h[jZ[hldb hleb\db qlh[uh[_ki_qblvlhqghklvb r_jhoh\Zlhklvih\_joghklbdhlhju_g_\hafh`gh[ueh\uihegblv \u[jZgguf kihkh[hf eblvy <_ebqbgZ ijbimkdZ aZ\bkbl hljZkiheh`_gbyhleb\db\ nhjf_H[uqgh\_jogbcijbimkd[hevr_gb`g_]hGZq_jl_`_hleb\dbijbimkdh[hagZqZxlrljboh\dhcbebdjZkgufdZjZg^ZrhfEbl_cgu_ mdehgu kem`Zl ^ey m^h[kl\Z ba\e_q_gby fh^_e_c beb hleb\hd ijbeblv_ih^^Z\e_gb_fb \dhdbevbanhjfuMdehgugZagZqZxlgZih\_joghklbhleb\dbjZkiheh`_ggu_i_ji_g^bdmeyjghiehkdhklbjZat_fZJZaf_jumdehgh\h[hagZqZxl[md\hc©Zª\ fbeebf_ljZobeb]jZ^mkZo< aZ\bkbfhklbhl\ukhluK fh^_ebbebhleb\dbmdehgj_]eZf_glbjm_fuc=HKLhfkhklZ\ey_lff bebqHihagZ\Zl_evgu_ ^Zggu_ g_h[oh^bfu_ jZaf_ju fZjdZ kieZ\Z fZkkZ kieZ\Zhleb\dbb ^jgZghkylgZq_jl_`hleb\dbBa]hlh\e_gb_ fh^_eb b kl_j`g_\h]h ysbdZ H[uqgh nhjfZ ba]hlh\ey_lky banhjfh\hqghc kf_kb nhjfh\hqgZy kf_kv ± fgh]hdhfihg_glgZy kf_kvnhjfh\hqguo fZl_jbZeh\ nhjfh\hqgu_ fZl_jbZeu ± ijbjh^gu_ bbkdmkkl\_ggu_ fZl_jbZeu i_khd ]ebgZ \h^Z b ^jm]b_ bkihevam_fu_ ^eyijb]hlh\e_gbynhjfh\hqguokf_k_cihfh^_ebFh^_ev±wlhijbkihkh[e_gb_^eyihemq_gby\ nhjf_hli_qZldZkhhl\_lkl\mxs_cdhgnb]mjZpbbb jZaf_jZfhleb\db >ey mijhs_gby ijhp_kkZ ba]hlh\e_gby nhjfu qZs_ \k_]h fh^_ev^_eylgZ^\_qZklbihdhlhjufhl^_evgh\uihegyxlihemnhjfuwkdbafh^_ebkf jbk >ey kh_^bg_gby qZkl_c fh^_eb ij_^mkfZljb\Zxl p_gljbjmxsb_rlujb Ih\_joghklv fh^_eb ^he`gZ [ulv ]eZ^dhc qbklhc qlh[u ijbba\e_q_gbb __banhjfuhgZe_]dhhl^_eyeZkvhlnhjfh\hqghckf_kbJZajZ[hldZq_jl_`Zhleb\dbBa]hlh\e_gb_fh^_ebbkl_j`g_\h]hysbdZIjb]hlh\e_gb_kl_j`g_\hckf_kbBa]hlh\e_gb_nhjfunhjfh\dZBa]hlh\e_gb_kl_j`gyK[hjdZnhjfuIeZ\dZf_lZeeZAZeb\dZnhjfuIjb]hlh\e_gb_nhjfh\hqghckf_kbHoeZ`^_gb_nhjfukhleb\dhcBa\e_q_gb_hleb\dbbanhjfuHlj_adZeblgbdh\bijb[ue_cHqbkldZb dhgljhevhleb\hdJbkIhke_^h\Zl_evghklvba]hlh\e_gbyhleb\dbJbkWkdbafh^_ebHl\_jklbybeb\gmlj_ggb_ihehklbhleb\dbhnhjfeyxlkyhl^_evgufbqZklyfbnhjfu ± kl_j`gyfb ebl_cguc kl_j`_gv we_f_gl ebl_cghc nhjfu ^eyh[jZah\Zgbyhl\_jklbyihehklbbebbgh]hkeh`gh]hdhglmjZhleb\dbdhlhju_ba]hlZ\eb\Zxlky \ kl_j`g_\uo ysbdZo kl_j`g_\hc ysbd ijbkihkh[e_gb_bf_xs__ jZ[hqmx ihehklv ^ey ihemq_gby \ g_c kl_j`gy gm`guo jZaf_jh\ bhq_jlZgbc ba kl_j`g_\hc kf_kb Kl_j`gb mklZgZ\eb\Zxlky \ nhjf_ \ki_pbZevguo m]em[e_gbyo dhlhju_ hnhjfeyxlky agZdZfb fh^_e_c Fh^_eb bkl_j`g_\u_ ysbdb ^_eZxl ba ^j_\_kbgu f_lZeeZ ieZklfZkku b ]hjZa^h j_`_ba ^jm]bo fZl_jbZeh\ <u[hj fZl_jbZeZ aZ\bkbl \ hkgh\ghf hl lbiZijhba\h^kl\Z qbkeZ ba]hlh\ey_fuo hleb\hd b lj_[h\Zgbc dhlhju_ij_^ty\eyxlky d hleb\d_ \ hlghr_gbb lhqghklb jZaf_jh\ b r_jhoh\Zlhklbih\_joghklbwkdbakl_j`g_\h]hysbdZkfjbkJbkZ ±kl_j`g_\hcysbd[ kl_j`_gvIjb dhgkljmbjh\Zgbb fh^_e_c b kl_j`g_\uo ysbdh\ mqblu\Zxl\_ebqbgm mkZ^db f_lZeeZ hleb\db ihwlhfm jZaf_ju fh^_eb [hevr_ jZaf_jh\hleb\db/fh^ /hle/hlexD]^_ D ebg_cgZy hkZ^dZ f_lZeeZ \ujZ`Z_lky \ ijhp_glZo b dhe_[e_lky \agZqbl_evguo ij_^_eZo ^ey jZaguo kieZ\h\ qm]mgZ m]e_jh^bklhcklZebZexfbgb_\uokieZ\h\Nhjfh\hqgu_b kl_j`g_\u_kf_kbb boijb]hlh\e_gb_ NhjfZba]hlZ\eb\Z_lkyba nhjfh\hqghc kf_kb Nhjfh\hqgZy kf_kv ^ey eblvy Zexfbgb_\uo kieZ\h\khklhblbad\Zjp_\h]hi_kdZ±]ebgu±dj_ibl_eykmevnblgZy[Zj^Z±ijhlb\hijb]ZjgZy^h[Z\dZ[_glhgbl±\h^Z±LZddZdkl_j`gbbkiulu\Zxl [he__ \ukhdb_ gZ]jmadb ijb k[hjd_ b aZeb\d_ nhjfu lhbkihevamxl kf_kv iha\heyxsb_ ihemqblv bo [he__ ih\ur_ggmx ijhqghklv>eyZexfbgb_\uohleb\hdijbf_gy_lkykl_j`g_\Zykf_kvke_^mxs_]hkhklZ\Zi_khdd\Zjp_\uc±]ebgZ±dj_ibl_ev±Nhjfh\hqgu_ b kl_j`g_\u_ kf_kb ^he`gu bf_lv ohjhrmxieZklbqghklvl_dmq_klv]ZahijhgbpZ_fhklv ^hklZlhqgh \ukhdmx ijhqghklv bijhlb\hijb]Zjghklv L_dmq_klv ± kihkh[ghklv kf_kb ih^ ^_ckl\b_f \g_rgbokbe aZihegylv ihehklv kl_j`g_\h]h ysbdZ beb h[l_dZlv fh^_ev=ZahijhgbpZ_fhklv ± kihkh[ghklv nhjfu b kl_j`gy ijhimkdZlv ]Zau\u^_eyxsb_kybanhjfh\hqguob kl_j`g_\uokf_k_cijbaZeb\d_kieZ\Z?keb]ZahijhgbpZ_fhklv kf_kb g_^hklZlhqgZ lh ]Zau fh]ml ihiZklv \ kieZ\ qlh\uah\_l [jZd hleb\hd ih ]Zah\uf jZdh\bgZf Ijhlb\hijb]Zjghklv ±kihkh[ghklvkf_k_cg_ki_dZlvkyb g_kieZ\eylvkyk jZkieZ\e_gguff_lZeehfNhjfh\hqgZy kf_kv ijb]hlh\ey_lky ijb i_j_f_rb\Zgbb khklZ\eyxsbodhfihg_glh\\ ki_pbZevguokf_rb\Zxsbo[_]mgZoBa]hlh\e_gb_ nhjfu b kl_j`g_c Ijb eblv_ \ a_fex nhjfu ba]hlZ\eb\ZxljZat_fgu_ l_ khklhysb_ h[uqgh ba ^\mo ihemnhjf Ihke_^h\Zl_evghklv^_ckl\bc ijb ba]hlh\e_gbb ihemnhjf jmqghc nhjfh\dhc ke_^mxsZy ko_fZnhjfh\db b k[hjdb nhjfu ihdZaZgZ gZ jbk GZ fh^_evgmx ieblm mklZgZ\eb\Zxl gb`gxx iheh\bgm ^_lZeb GIF fh^_ev iblZl_ey bgb`gxx hihdm Ebl_cgZy hihdZ ± jZfdZ k i_jnhjbjh\Zggufb kl_gdZfb ^eym^_j`Zgby nhjfh\hqghc kf_kb ijb ba]hlh\e_gbb ebl_cghc nhjfu < hihdmgZkuiZxl nhjfh\hqgmx kf_kv b miehlgyxl __ jZaebqgufb kihkh[Zfb\jmqgmxk ihfhsvxljZf[h\dbbebfZrbgZfbij_kkh\Zgb_f\kljyob\Zgb_fb^jm]bfbkihkh[ZfbIhke_miehlg_gbybaebrdbnhjfh\hqghckf_kbm^Zeyxlkyebg_cdhc b kh klhjhgu miehlg_gby f_lZeebq_kdhc b]ehc ^_eZxlky\_glbeypbhggu_gZdheu^eym^Ze_gbybanhjfu\ha^moZb ]Zah\ijbaZeb\d___ f_lZeehf AZl_f gb`gxx hihdm \f_kl_ k a_fe_c b fh^_evxi_j_\hjZqb\Zxl gZ q b mklZgZ\eb\Zxl gZ ih^fh^_evghc iebl_ lZd qlhfh^_ev gZoh^blky k\_jom K ihfhsvx p_gljbjmxsbo rluj_c mklZgZ\eb\Zxl\lhjmx iheh\bgm fh^_eb Z ih rlujyf klZ\yl \_jogxx hihdm < \_jog_cihemnhjf_djhf_jZ[hq_cihehklb^_eZxldZgZeueblgbdh\hckbkl_fuEKihdhlhjuf \ ihehklv ihklmiZ_l `b^dbc f_lZee Eblgbdh\Zy kbkl_fZ khklhysZyba klhydZ dhee_dlhjZ b iblZl_e_c wlh kbkl_fZ dZgZeh\ b we_f_glh\nhjfu ^ey ih^\h^Z \ __ ihehklv jZkieZ\e_ggh]h f_lZeeZ h[_ki_qb\ZxsZyaZiheg_gb_ b iblZgb_ hleb\db ijb aZl\_j^_\Zgbb >ey m^Ze_gby \ha^moZ baihehklb nhjfu ^_eZxl ki_pbZevgu_ dZgZeu dhlhju_ gZau\Zxl \uihjuQZklh \ nhjf_ ^_eZxl ^hihegbl_evgmx ihehklv IJB;UEV ,, ;he__ih^jh[ghgZagZq_gb_ijb[ueb[m^_ljZkkfhlj_ghgb`_Ihke_lh]hdZdkf_kv\\_jog_c hihd_ miehlg_gZ ihemnhjfu jZagbfZxlky b ba gbo ba\e_dZxlkyiheh\bgdbfh^_e_cb we_f_gluhnhjfeyxsb_eblgbdh\mxkbkl_fmBa]hlh\e_gb_gb`g_cihemnhjfuMklZgh\dZ\_jog_ciheh\bgufh^_ebb ekBa]hlh\e_gb_\_jog_cihemnhjfuBa\e_q_gb_fh^_ebbagb`g_cihemnhjfuMklZgh\dZkl_j`gyNhjfZ\ k[hjd_JbkKo_fZnhjfh\dbIjb ba]hlh\e_gbb kl_j`gy kf_kv aZkuiZ_lky hl^_evgh \ dZ`^mxiheh\bgm ysbdZ miehlgy_lky aZqbsZ_lky b ih iehkdhklb jZat_fZijhfZau\Z_lkyde__fAZl_f iheh\bgdb ysbdZ kh_^bgyxlky ih p_gljbjmxsbfrlujyf iheh\bgdb kl_j`g_c kde_b\Zxlky b p_ebdh\uc kl_j`_gv ba\e_dZ_lkybaysbdZihke_q_]hhghlijZ\ey_lkygZkmrdmlZddZdg_\ukmr_ggu_kl_j`gbbf_xl g_[hevrmx ijhqghklv Ihke_ ijhkmrb\Zgby ijb l_fi_jZlmj_ qkl_j`_gvklZgh\blky^hklZlhqghijhqgufb _]hfh`ghmklZgZ\eb\Zlv\ nhjfmK[hjdZnhjfu LsZl_evghklvk[hjdb\ agZqbl_evghcf_j_hij_^_ey_llhqghklvjZaf_jh\ hleb\db h[jZah\Zgb_ aZeb\h\ b ljm^h_fdhklv bo aZqbkldb K[hjdmgZqbgZxlk ijh^m\dbgb`g_cihemnhjfuk`Zluf\ha^mohf^eym^Ze_gbykhjZbiueb ihiZ\rbo ijb ba\e_q_gbb fh^_eb b j_fhgl_ ihemnhjfu < qbklmxihehklv ihemnhjfu mklZgZ\eb\Zxl kl_j`gb Ihke_ wlh]h gb`gxx ihemnhjfmgZdju\Zxl\_jog_cHi_jZpbxhkms_kl\eyxlieZ\ghlsZl_evgh[_ai_j_dhkh\\_jog_c ihemnhjfu hlghkbl_evgh gb`g_c Lhqghklv kh\f_s_gby gb`g_c b\_jog_c ihemnhjf h[_ki_qb\Z_lky p_gljbjmxsbfb rlujyfb >eyij_^hl\jZs_gby ih^t_fZ \_jog_c ihemnhjfu klZlbq_kdbf ^Z\e_gb_f f_lZeeZ__ kdj_ieyxlk gb`g_cihemnhjfhckdh[ZfbbebklZ\yl]jmauAZeb\dZ nhjf kieZ\hf jbk KieZ\ aZeb\Zxl \ nhjfm k ihfhsvx dh\r_cjmqguobebdjZgh\uo\ aZ\bkbfhklbhl\_kZhleb\dbIjbgbfZxlke_^mxsmxl_fi_jZlmjmaZeb\Z_fh]hkieZ\ZklZebqZexfbgb_\uokieZ\h\qfZ]gb_\uokieZ\h\qHoeZ`^_gb_ nhjfu >ebl_evghklv hoeZ`^_gby hleb\hd \ nhjf_ hij_^_ey_lkyl_iehkh^_j`Zgb_f f_lZeeZ lhesbghc kl_ghd hleb\db l_iehnbabq_kdbfbk\hckl\ZfbnhjfukdehgghklvxkieZ\Zd h[jZah\Zgbxlj_sbg>eyg_[hevrboijhkluohleb\hdkhkl_gdZfbfZehclhesbguijh^he`bl_evghklvhoeZ`^_gby\nhjf_bkqbkey_lkyfbgmlZfb<u[b\dZhleb\hdbanhjfu Ihke_hoeZ`^_gbyf_lZeeZ\ nhjf_hleb\dmbag__m^Zeyxl\u[b\ZxlijbwlhfnhjfZjZajmrZ_lky<u[b\dmhleb\hdbanhjfufh`gh\uihegylvdh]^Zl_fi_jZlmjZf_edboklZevguohleb\hd^hklb]Z_l qK kj_^gbo qK :exfbgb_\u_ hleb\db ba\e_dZxlky ijbl_fi_jZlmj_qK<u[b\dZebl_cguonhjf\ p_oZok_jbcgh]hb fZkkh\h]hijhba\h^kl\Z hkms_kl\ey_lky ki_pbZevgufb f_oZgbafZfb ± \u[b\gufbj_r_ldZfbGZjbk ihdZaZgZhleb\dZk eblgbdh\hc kbkl_fhc ihke_ \u[b\db__ banhjfuHlj_adZeblgbdh\ijb[ue_cb \uihjh\ Eblgbdbqm]mgguohleb\hd\u[b\ZxlEblgbdb hleb\hd ba \yadbo f_lZeeh\ m^Zeyxl ^bkdh\ufb beb e_glhqgufbibeZfb i_j\ufb qZs_ eblgbdb klZevguo hleb\hd \lhjufb eblgbdb hleb\hdba p\_lguo f_lZeeh\ Ijb[ueb klZevguo hleb\hd m^Zeyxlky ]Zahj_adhc Zijb[uebbap\_lguof_lZeeh\hlj_aZxlibeZfbHqbkldZhleb\hdIhke_\u[b\dbhleb\hdbanhjfugZboih\_joghklbhklZ_lkyijb]hj_\rZy nhjfh\hqgZy kf_kv aZeb\u dhlhju_ hqbsZxlky \ h[jm[ghfhl^_e_gbb p_oZ Ijbf_gyxlky ke_^mxsb_ kihkh[u hqbkldb hleb\hd>jh[hf_lgZy beb ^jh[hkljmcgZy h[jZ[hldZ kljm_c qm]mgghc beb klZevghc^jh[bgZijZ\ey_fhcgZih\_joghklvhleb\dbk [hevrhckdhjhklvxH[jZ[hldZm^Zjguf ^_ckl\b_f ]b^jZ\ebq_kdhc beb i_kdh]b^jZ\ebq_kdhc kljmb GZih\_joghklvhleb\dbgZijZ\eyxlkljmx\h^uk i_kdhfih^^Z\e_gb_fZlfbhqbsZxl__ ijb]hj_\r_cd g_cnhjfh\hqghckf_kb Hkgh\gu_\b^u[jZdZhleb\hd;jZd fh`_l [ulv \ua\Zg g_kh[ex^_gb_f l_ogheh]bb hrb[dZfb ijbdhgkljmbjh\Zgbb ^_lZe_c b ijb ijh_dlbjh\Zgbb l_ogheh]bq_kdh]h ijhp_kkZba]hlh\e_gbyhleb\dbDhjh[e_gb_f gZau\Z_lkybaf_g_gb_jZaf_jh\b dhglmjh\hleb\dbih^\ebygb_fmkZ^hqguo gZijy`_gbc IjbqbgZfb wlh]h \b^Z [jZdZ fh]ml [ulvg_jZpbhgZevghklv dhgkljmdpbb hleb\db gZijbf_j jZaghkl_gghklv qlhijb\h^bl d h[jZah\Zgbx \gmlj_ggbo gZijy`_gbc g_ijZ\bevguc ih^\h^f_lZeeZmom^rZxsbcjZ\ghf_jghklv_]hhklu\Zgbyg_ijZ\bevguckhklZ\bebl_fi_jZlmjZ aZeb\Z_fh]h f_lZeeZ \uau\Zxsb_ qj_af_jgmx mkZ^dmg_ijZ\bevguc j_`bf hoeZ`^_gby hleb\db b g_^hklZlhqgZy ih^Zleb\hklvnhjfub kl_j`g_c=Zah\ufbjZdh\bgZfb gZau\ZxlkyihehklbjZkiheh`_ggu_gZih\_joghklbbeb\gmljb hleb\db NhjfZ jZdh\bgu kn_jbq_kdZy beb hdjm]e_ggZy ih\_joghklv]eZ^dZy [e_klysZy JZdh\bgu fh]ml [ulv h^bghqgufb beb jZkiheh`_ggufb]g_a^Zfb jZaebqgh]h h[t_fZ ]Zah\Zy ihjbklhklv < [hevrbgkl\_ kemqZ_\jZdh\bguh[gZjm`b\Zxlkyijbf_oZgbq_kdhch[jZ[hld_=Zah\u_ jZdh\bgu ihy\eyxlky \ lhf kemqZ_ dh]^Z \ f_lZee_ [hevrh_kh^_j`Zgb_ ]Zah\ \ke_^kl\b_ iehoh]h dZq_kl\Z bkoh^guo fZl_jbZeh\g_ijZ\bevgh]hj_`bfZieZ\dbI_kqZgufb jZdh\bgZfb gZau\Zxlky aZdjulu_ beb hldjulu_ jZdh\bguIheghklvx beb qZklbqgh aZiheg_ggu_ nhjfh\hqguf fZl_jbZehf IjbqbgulZdh]h[jZdZke_^mxsb_f_klgh_jZajmr_gb_bebaZkhj_gb_nhjfijbk[hjd_g_^hklZlhqgZy ijhqghklv nhjfh\hqghc b kl_j`g_\hc kf_k_c Z lZd`_hlkmlkl\b_ beb g_^hklZlhqghklv ebl_cgh]h mdehgZ \ hleb\d_ beb djZkhdijbf_g_gb_ g_bkijZ\guo fh^_e_c qlh ijb\h^bl d hkuiZgbx nhjfh\hqghckf_kbg_ijZ\bevgh_dhgkljmbjh\Zgb_hlt_fguoqZkl_cfh^_ebg_^hklZlhqgh_dj_ie_gb_ \uklmiZxsbo qZkl_c nhjfu keZ[Zy beb g_jZ\ghf_jgZy gZ[b\dZnhjf b kl_j`g_c g_khhl\_lkl\b_ jZaf_jh\ agZdZ kl_j`g_c b nhjfu qlhijb\h^bl d h[`bfm nhjfu b aZkhj_gbx __ ijb k[hjd_ g_ijZ\bevguc ih^\h^eblgbdh\hc kbkl_fu qlh ijb\h^bl d jZafu\m nhjfu beb kl_j`gy h[\Zenhjfu ijb mklZgh\d_ ]jmaZ g_l_ogheh]bqghklv dhgkljmdpbb hleb\db l_gZebqb_ \ g_c m]em[e_gbc dhlhju_ h[jZamxl g_ijhqgu_ lhgdb_ \uklmiu bhklju_m]eu\ nhjf_MkZ^hqgufb jZdh\bgZfb gZau\Zxlky hldjulu_ beb aZdjulu_ imklhlu \ l_e_hleb\db bf_xsb_ r_jhoh\Zlmx ih\_joghklv k ]jm[hdjbklZeebq_kdbfkljh_gb_fJuoehlZfbbebihjbklhklvxgZau\Z_lkydjmigha_jgbklh_b g_iehlgh_kljh_gb_kieZ\Z k gZebqb_f f_`djbklZeebq_kdbo imklhl [hevr_c beb f_gvr_c\_ebqbgumkZ^hqgZyihjbklhklvIjbqbgZfb [jZdZ ih mkZ^hqguf jZdh\bgZf b juoehlZf fh]ml [ulvg_ijZ\bevgZy dhgkljmdpby hleb\db g_ h[_ki_qb\ZxsZy jZ\ghf_jgh]h __hoeZ`^_gby bf_xlky f_klgu_ kdhie_gby f_lZeeZ g_^hklZlhqgh_ iblZgb_hleb\db `b^dbf f_lZeehf \ ijhp_kk_ aZl\_j^_\Zgby baaZ g_ijZ\bevgh]hjZkiheh`_gby ijb[ue_c \uihjh\ b eblgbdh\ g_ijZ\bevgu_ jZaf_ju bmklZgh\dZ oheh^bevgbdh\ f_lZeebq_kdbo \deZ^ur_c ih\ur_ggh_kh^_j`Zgb_we_f_glh\m\_ebqb\ZxsbomkZ^dmqj_af_jgh\ukhdZyl_fi_jZlmjZaZeb\dbLj_sbgZfb]hjyqbfbb oheh^gufb gZau\Zxl kd\hagu_ b g_kd\hagu_ jZaju\ubeb gZ^ju\u \ kl_gdZo hleb\hd Ih\_joghklb baehfZ \ ]hjyqbo lj_sbgZoihkdhevdm hgb ihy\eyxlky ijb \ukhdbo l_fi_jZlmjZo \k_]^Z hdbke_gu \oheh^guo lj_sbgZo ih\_joghklv baehfZ kh\_jr_ggh qbklZy beb ihdjulZe_]dbf p\_lhf ih[_`Zehklb Lj_sbgu h[gZjm`b\Zxlky ihklmdb\Zgb_f]b^jhijh[hcb kihkh[hffZ]gblghc^_n_dlhkdhibbIjbqbgZfb ihy\e_gby ]hjyqbo b oheh^guo lj_sbg fh]ml [ulvg_ijZ\bevgZy dhgkljmdpby hleb\db k j_adbf i_j_oh^hf hl lhekluo d lhgdbfk_q_gbyfhklju_\gmlj_ggb_m]eu\ hleb\dZokhijhlb\e_gb_nhjfb kl_j`g_cghjfZevghcmkZ^d_f_lZeeZbaaZqj_af_jghciehlghklbgZ[b\db g_ijZ\bevghih^]hlh\e_gguc khklZ\ nhjfh\hqghc b kl_j`g_\hc kf_k_c b fZeZy boih^Zleb\hklvg_ijZ\bevgh_jZkiheh`_gb_j_[_jhihjbebdZjdZkh\\ kl_j`gyoqlh ij_iylkl\m_l mkZ^d_ hleb\db g_ijZ\bevguc obfbq_kdbc khklZ\ l_ih\ur_ggh_kh^_j`Zgb_we_f_glh\m\_ebqb\ZxsbomkZ^dmbebmf_gvrZxsboij_^_e ijhqghklb ijb \ukhdbo l_fi_jZlmjZo g_ijZ\bevguc j_`bf aZeb\db bl_jfbq_kdhc h[jZ[hldb aZeb\dZ kebrdhf ]hjyqbf f_lZeehf b g_ijZ\bevgucih^\h^ f_lZeeZ qlh mf_gvrZ_l jZ\ghf_jgh_ hklu\Zgb_ hl^_evguo qZkl_chleb\db m^Zju ijb hl[b\d_ eblgbdh\ beb ijb ljZgkihjlbjh\d_ hleb\hdbf_xsbo[hevrb_\gmlj_ggb_gZijy`_gbyG_^heb\b kiZc G_^heb\oZjZdl_jbam_lkyl_fqlhijbaZeb\d_g_dhlhju_qZklbhleb\db hklZxlky g_aZiheg_ggufb KiZc ± kd\hagu_ beb ih\_joghklgu_ kaZdjm]e_ggufb djZyfb ihlhdb ij_`^_\j_f_ggh aZklu\r_]h f_lZeeZIjbqbgZfblZdh]h[jZdZy\eyxlkyg_^hklZlhqgh_dhebq_kl\hf_lZeeZ\ dh\r_gbadZy l_fi_jZlmjZ kieZ\Z ijb aZeb\d_ b g_^hklZlhqgZy _]h `b^dhl_dmq_klvml_qdZ f_lZeeZ ba nhjfu \ke_^kl\b_ g_iehlghc k[hjdb g_^hklZlhqgZy\_glbeypby nhjfu b kl_j`gy \uau\Zxs__ ih\ur_ggh_ ^Z\e_gb_ ]Zah\ \nhjf_ g_^hklZlhqgh_ k_q_gb_ eblgbdh\hc kbkl_fu g_jZpbhgZevgZydhgkljmdpbyhleb\dbbaaZgZebqbykebrdhflhgdbokl_ghd=eZ\Z K\hckl\Z ebl_cguo kieZ\h\ b bo \ebygb_ gZdZq_kl\hhleb\db DZq_kl\hhleb\dbnZdlhju\ebyxsb_gZdZq_kl\hIh^ dZq_kl\hf hleb\db ihgbfZ_lky lhqghklv jZaf_jh\ r_jhoh\Zlhklvih\_joghklb nbabdhobfbq_kdb_ k\hckl\Z ]_jf_lbqghklv b ihjbklhklvHi_jZpbb aZeb\db b hoeZ`^_gby nhjfu hdZau\Zxl hkgh\gh_ \ebygb_ gZnhjfbjh\Zgb_ dZq_kl\Z hleb\hd g_aZ\bkbfh hl lh]h dZdbf hgb kihkh[hfba]hlZ\eb\Zxlky <hafh`ghklv ihemq_gby ^h[jhdZq_kl\_gguo lhgdhkl_gguohleb\hd keh`guo ih nhjf_ beb [hevrbo ih jZaf_jZf [_a jZdh\bg lj_sbgijb]ZjZb ^jm]boebl_cguownn_dlh\ij_^hij_^_ey_lkydZq_kl\hfb k\hckl\Zfbnhjfu l_iehijh\h^ghklvx b ebl_cgufb k\hckl\Zfb kieZ\h\ <ebygb_ wlbonZdlhjh\ b ijhy\ey_lky bf_ggh ijb aZeb\d_ `b^dh]h f_lZeeZ \ nhjfm b \ijhp_kk___ hoeZ`^_gby K\hckl\Zebl_cguokieZ\h\DZq_kl\h f_lZeeh\ b kieZ\h\ hp_gb\Zxl ih bo k\hckl\Zf K\hckl\ZkieZ\h\ [u\Zxl nbabq_kdb_ l_iehijh\h^ghklv obfbq_kdb_ dhjjhabhggZyklhcdhklvf_oZgbq_kdb_ijhqghklvl\_j^hklvb ^jm]b_b l_ogheh]bq_kdb_Dl_ogheh]bq_kdbfk\hckl\Zfhlghkylh[jZ[Zlu\Z_fhklvk\Zjb\Z_fhklvdh\dhklv]_jf_lbqghklvb ebl_cgu_k\hckl\ZH[jZ[Zlu\Z_fhklv ± kihkh[ghklv fZl_jbZeh\ h[jZ[Zlu\Zlvky j_`msbfbZ[jZab\gufbbebbgufbbgkljmf_glZfbK\Zjb\Z_fhklv ± kihkh[ghklv fZl_jbZeh\ h[jZah\u\Zlv k\Zjgh_ kh_^bg_gb_k\hckl\Zdhlhjh]h[ebadbd k\hckl\Zfhkgh\gh]hfZl_jbZeZDh\dhklv ± kihkh[ghklv f_lZeeh\ b kieZ\h\ ih^\_j]Zlvky jZaebqguf \b^Zfh[jZ[hldb ^Z\e_gb_f Dh\dhklv oZjZdl_jbam_lky ieZklbqghklvx bkhijhlb\e_gb_f^_nhjfZpbb=_jf_lbqghklv ± kihkh[ghklv fZl_jbZeZ g_ ijhimkdZlv `b^dhklv beb ]Za ijbba[ulhqghfbebihgb`_gghf^Z\e_gbbD hkgh\gufebl_cgufk\hckl\ZfkieZ\Zhlghkylke_^mxs__ @b^dhl_dmq_klv ± kihkh[ghklv kieZ\h\ \ `b^dhf khklhygbb aZihegylvnhjfub lhqgh\hkijhba\h^blvbohq_jlZgby\ hleb\d_ Kdehgghklv d h[jZah\Zgbx \ j_amevlZl_ djbklZeebaZpbb kljmdlmju kieZ\ZdjbklZeebaZpby MkZ^dZb kdehgghklvd h[jZah\ZgbxmkZ^hqguojZdh\bgb ihj Kdehgghklvd ih]ehs_gbx]Zah\b h[jZah\Zgbxihwlhcijbqbg_^_n_dlh\\hleb\dZo]Zau Kdehgghklvd h[jZah\Zgbxg_f_lZeebq_kdbo\dexq_gbc Kdehgghklvd ebd\Zpbb Kdehgghklvd h[jZah\Zgbxebl_cguogZijy`_gbcb lj_sbgAgZq_gb_ ebl_cguo k\hckl\ hq_gv \_ebdh b ^he`gh [ulv mql_gh \ke_^mxsbokemqZyo < ijhp_kk_ kha^Zgby b ijh_dlbjh\Zgby hleb\db gZ^_`ghklv b^he]h\_qghklv ba^_ebc \ agZqbl_evghc kl_i_gb ij_^hij_^_ey_lkyebl_cgufbk\hckl\Zfbbkihevam_fh]h^eyboba]hlh\e_gbykieZ\Z IjbjZajZ[hld_l_ogheh]bq_kdh]hijhp_kkZba]hlh\e_gbyhleb\hdJZkkfhljbf [he__ ih^jh[gh ebl_cgu_ k\hckl\Z kieZ\h\ b bo \ebygb_ gZnhjfbjh\Zgb_dZq_kl\Zhleb\hd @b^dhl_dmq_klvIjZ\bevgh_ij_^klZ\e_gb_h `b^dhl_dmq_klbjZaebqguokieZ\h\fh`ghihemqblv lhevdh ijb kh[ex^_gbb ihklhygkl\Z lZdbo nZdlhjh\ dZddhgnb]mjZpby b jZaf_ju ihehkl_c q_j_a dhlhju_ l_q_l jZkieZ\ b k\hckl\Znhjfu Ihwlhfm `b^dhl_dmq_klv kieZ\h\ hij_^_eyxl ih klZg^Zjlghc ijh[_hleblhc \ i_kqZgmx nhjfm ijb ihklhygghc l_fi_jZlmj_ aZeb\db GZb[he__ijhklZy ijh[Z bf__l \b^ ijmldZ b ihemqZ_lky \ nhjf_ bf_xs_c aZeb\hqgmxqZrmklZg^Zjlghc\_ebqbguG^eylh]hqlh[uh[_ki_qblvihklhygkl\hgZihjZb dZgZe > dZeb[jh\Zggh]h ^bZf_ljZ @b^dhl_dmq_klv lh]h beb bgh]h kieZ\Zhij_^_ey_lky ih ^ebg_ imlb O ijmldZ Q_f ^ebgg__ ijmlhd l_f [hevr_`b^dhl_dmq_klv kieZ\Z kf jbk @b^dhl_dmq_klv h^gh]h b lh]h `_ kieZ\ZjZaebqgZ ijb jZaebqguo l_fi_jZlmjZo aZeb\db WaZe Wlh ohjhrhbeexkljbjm_lky^bZ]jZffhckhklhygby kieZ\Z jbk Ijb hoeZ`^_gbb kieZ\kihkh[_g l_qv ^h hij_^_e_gghc l_fi_jZlmjhc gb`_ ebd\b^mkZ ebgby WlZl_fi_jZlmjZ gZau\Z_lky l_fi_jZlmjhc gme_\hc l_dmq_klb ebgby M kieZ\h\^Zgghckbkl_fu:<l_fi_jZlmjZgme_\hcl_dmq_klbh[tykgy_lkyke_^mxsbfIhke_lh]hdZdl_fi_jZlmjZhimklbeZkvgb`_ebd\b^mkZf_gvr_Wijhbahreh\u^_e_gb_ l\_j^hc nZau ba jZkieZ\Z ijb wlhf ihemqb\rZyky dhfihabpbyij_^klZ\ey_l kh[hc kmki_gabx l\_j^hc nZau \ `b^dhc Ihy\b\rZyky l\_j^ZynZaZhdZau\Z_lkhijhlb\e_gb_ijh^\b`_gbxkieZ\Zb ijbm\_ebq_gbb__ ^h qlh ijhbkoh^bl ijb l_fi_jZlmj_ W hl \k_c dhfihabpbb ^\b`_gb_jZkieZ\Zij_djZsZ_lky\h\k_ohly`b^dZynZaZ\ kieZ\_ijbkmlkl\m_llZddZd_]h l_fi_jZlmjZ \ur_ l_fi_jZlmju ihegh]h aZl\_j^_\Zgby beb \ur_ ebgbbkheb^mkZ Ba ^bZ]jZffu \b^gh qlh kieZ\u w\l_dlbq_kdh]h khklZ\Z bf_xl[hevrmx`b^dhl_dmq_klvq_faZl\_j^_\Zxsb_\ bgl_j\Ze_l_fi_jZlmjWWl_`b^dhl_dmq_klv aZ\bkbl hl khklZ\Z kieZ\Z qlh beexkljbjm_lky ^bZ]jZffhckhklZ\l_dmq_klv jbk @b^dhl_dmq_klv kieZ\Z djhf_ bgl_j\ZeZaZl\_j^_\Zgbyb i_j_]j_\ZkieZ\ZaZ\bkblhl_]hnbabq_kdbok\hckl\\yadhklbb ih\_joghklgh]hgZly`_gby+JbkBaf_j_gb_`b^dhl_dmq_klbJbkAZ\bkbfhklv`b^dhl_dmq_klbhlkhklZ\ZkieZ\Z<yadhklv kieZ\h\ ± k\hckl\h ^bgZfbq_kdh_ b ihwlhfm ijhy\ey_lky dh]^ZjZkieZ\ gZoh^blky \ ^\b`_gbb Wlh kbeZ dhlhjZy \hagbdZ_l hl \aZbfgh]hlj_gbyqZklbpjZkieZ\Z^\b`msboky\gmljbihlhdZk g_h^bgZdh\hckdhjhklvxGZau\Z_lky hgZ ^bgZfbq_kdhc \yadhklvx b baf_jy_lky \ imZaZo Q_f \ur_\yadhklvl_ff_gvr_`b^dhl_dmq_klvIh\_joghklgh_gZly`_gb_ g_evayjZkkfZljb\ZlvlhevdhdZdk\hckl\ZkieZ\Z[_amq_lZ kj_^u k dhlhjhc jZkieZ\ khijbdZkZ_lky Zlfhkn_jZ beb nhjfZ Wlhk\hckl\h ijhy\ey_lky ebrv gZ ih\_joghklb dhglZdlZ DZ`^uc Zlhf gZih\_joghklb jZkieZ\Z k jZaghc kbehc k\yaZg k khk_^gbf Zlhfhf kj_^u LZdbfh[jZahfkbeuk\yabgZih\_joghklbkieZ\Zg_mjZ\gh\_r_gu?kebkbeuk\yabZlhfZ gZ ih\_joghklb jZkieZ\Z k khk_^gbfb ZlhfZfb ihke_^g_]h ij_h[eZ^ZxlgZ^ kbeZfb k\yab k khk_^gbfb ZlhfZfb kj_^u Zlhf l_f kbevg_c [m^_lm^_j`b\Zlvky gZ ih\_joghklb jZkieZ\Z q_f [hevr_ jZ\gh^_ckl\mxsZy wlbokbe l_ q_f [hevr_ ih\_joghklgh_ gZly`_gb_ jZkieZ\Z Ijb [hevrhfih\_joghklghfgZly`_gbbjZkieZ\g_kfZqb\Z_lih\_joghklvkhk_^g_ckj_^ubg_ ijhgbdZ_l \ g__ ?keb `_ gZh[hjhl ij_h[eZ^Zxl kbeu k\yab Zlhfh\gZoh^ysbokygZih\_joghklbjZkieZ\Zk ZlhfZfbkhk_^g_ckj_^uZlhfukieZ\Z[m^ml ijhgbdZlv \ khk_^gxx kj_^m < wlhf kemqZ_ ih\_joghklgh_ gZly`_gb_h[mkeh\bl kfZqb\Z_fhklv kj_^u jZkieZ\hf KfZqb\Z_fhklv nhjfu ijhoh^blih^ ^_ckl\b_f dZibeeyjguo kbe dhlhju_ dZd [u \ly]b\Zxl jZkieZ\ f_`^ma_jgZfbi_kdZgZjZ[hq_cih\_joghklbnhjfu\ j_amevlZl_hleb\dZihemqZ_lkyk f_oZgbq_kdbf ijb]Zjhf KfZqb\Z_fhklv b g_kfZqb\Z_fhklv bf_xl biheh`bl_evgu_ b hljbpZl_evgu_ klhjhgu >ey hq_gv lhgdhkl_gguo hleb\hd`_eZl_evgh qlh[u jZkieZ\ kfZqb\Ze nhjfm ^ey emqr_]h aZiheg_gby nhjfuLheklhkl_gguf hleb\dZf g_ m]jh`Z_l g_^heb\ gh hgb fh]ml ihemqblvky kijb]Zjhfihwlhfmij_^ihqlbl_evgZg_kfZqb\Z_fhklvnhjfu DjbklZeebaZpbyDh]^Z l_fi_jZlmjZ jZkieZ\Z kgb`Z_lky ijb ^Zgghf ^Z\e_gbb gb`_l_fi_jZlmju gZqZeZ aZl\_j^_\Zgby kieZ\ baf_gyxl Z]j_]Zlgh_ khklhygb_LZdh_baf_g_gb_Z]j_]Zlgh]hkhklhygby gZau\Zxli_j\bqghcdjbklZeebaZpb_cbeb aZl\_j^_\Zgb_f Ohly h[Z l_jfbgZ bf_xl ^h\hevgh koh^gh_ kh^_j`Zgb_hgbhljZ`ZxljZaebqb_\ oZjZdl_j_ijhp_kkZih^i_j\bqghcdjbklZeebaZpb_cihgbfZ_lkyh[jZah\Zgb_bajZkieZ\Zhl^_evguodjbklZeeh\b djbklZeebq_kdboahg \ hleb\d_ bf_xsbo hij_^_e_ggh_ kljh_gb_ dhlhjh_ \eby_l gZ k\hckl\Zebluo ba^_ebc AZl\_j^_\Zgb_ `_ ih^jZamf_\Z_l m\_ebq_gb_ dhebq_kl\Zl\_j^hc b mf_gvr_gb_ `b^dhc nZau \ jZaguo qZklyo hleb\db g_aZ\bkbfh hloZjZdl_jZ h[jZamxsboky i_j\bqguo djbklZeeh\ I_j\bqgZy djbklZeebaZpbybf__l ^ey hleb\hd ]hjZa^h [hevr__ agZq_gb_ lZd dZd hl g__ aZ\bkbl b\lhjbqgZy ihwlhfm i_j\bqgmx djbklZeebaZpbx fh`gh kqblZlv b j_rZxsbfnZdlhjhf hij_^_eyxsbf f_oZgbq_kdb_ k\hckl\Z hleb\hd >_n_dlu\hagbdZxsb_ ijb i_j\bqghc djbklZeebaZpbb g_evay bkijZ\blvl_jfhh[jZ[hldhc b hgb ijhy\eyxlky \ f_klguo mom^r_gbyo lZdbo k\hckl\hleb\db dZd ijhqghklv m^ebg_gb_ km`_gb_ m^ZjgZy \yadhklvbaghmklhcqb\hklv < k\yab k wlbf \hagbdZ_l g_h[oh^bfhklv \ mijZ\e_gbbijhp_kkhf i_j\bqghc djbklZeebaZpbb >ey wlh]h gZ^h mf_lv mijZ\eylvkljh_gb_f hl^_evguo djbklZeeh\ b djbklZeebq_kdbo ahg G_kfhljy gZ fgh]b_ihiuldb wlZ ijh[e_fZ hdhgqZl_evgh g_ j_r_gZ <_^v ^_ckl\bl_evgZyijhqghklv f_lZeebq_kdbo fZl_jbZeh\ khklZ\ey_l lhevdh ^hex l_hj_lbq_kdhcijhqghklb dhlhjZy hij_^_ey_lky f_`Zlhfgufb kbeZfb LZdh_ jZaebqb_\uau\Z_lky km[fbdjhkibq_kdbfb b bgufb ^_n_dlZfb dZd \gmljb djbklZeeh\lZd b gZ bo ]jZgbpZo < eZ[hjZlhjbyo \ujZs_gu [_a^_n_dlgu_ djbklZeeu`_e_aZ k ij_^_ehf ijhqghklb ijb jZkly`_gbb [he__ d]kff ijhqghklvm]e_jh^bklhc klZeb d]kff Ihiuldb ih\ukblv f_oZgbq_kdb_ k\hckl\Ziml_f kha^Zgby hleb\db fhghdjbklZeeZ g_ hijZ\^Zgu Ijboh^blky b^lbh[jZlguf iml_f lZd \ebylv gZ i_j\bqgmx djbklZeebaZpbx qlh[u ihemqblvfgh`_kl\h f_edbo djbklZeeh\ qlh lZd`_ iha\hey_l ^hklb]gmlv \ukhdbof_oZgbq_kdbok\hckl\Qlh[ubf_lv\hafh`ghklv\ebylvgZijhp_kki_j\bqghcdjbklZeebaZpbb gZ^h agZlv hkgh\gu_ aZdhghf_jghklb djbklZeebaZpbb GZijhp_kkdjbklZeebaZpbbhdZau\Z_l\ebygb_g_lhevdhl_ogheh]±ebl_csbdghb\ agZqbl_evghc f_j_ dhgkljmdlhj kha^Zxsbc ^_lZev >ey h[jZah\ZgbydjbklZeeZ ba jZkieZ\Z lj_[m_lky aZjh^ur beb p_glj djbklZeebaZpbbAZjh^urb djbklZeebaZpbb fh]ml bf_lv jZaebqgh_ ijhbkoh`^_gb_ H^gbaZjh^urb h[jZamxlky kZfhijhba\hevgh \ i_j_hoeZ`^_gghf jZkieZ\_ ijb[ukljhf hoeZ`^_gbb ^jm]b_ g_kZfhijhba\hevgu_ aZjh^urb fh]ml [ulvijh^mdlZfbj_Zdpbcf_lZeemj]bq_kdh]hijhp_kkZbebihiZklv\ jZkieZ\ba\g_gZijbf_jbanml_jh\dbh[deZ^dbieZ\bevghcie_qbbebdh\rZBaaZjh^urZdjbklZeebaZpbb ijb [eZ]hijbylguo mkeh\byo Z bf_ggh _keb hoeZ`^_gb_aZjh^urZ ijh^he`Z_lky fh`_l \ujZklb i_j\bqguc djbklZee hij_^_e_gguonhjfb jZaf_jZNhjfZb \gmlj_gg_kljh_gb_i_j\bqgh]hdjbklZeeZaZ\bkylhllh]hk dZdhckdhjhklvxb^_lhoeZ`^_gb_dZdh\hih\_joghklgh_gZly`_gb_gZ]jZgbp_ f_`^m l\_j^hc b `b^dbfb nZaZfb kieZ\Z b gZdhg_p hl qbkeZZdlb\guo aZjh^ur_c \ _^bgbp_ h[t_fZ jZkieZ\Z q_f bo [hevr_ l_f f_evq_[m^ml djbklZeeu b gZh[hjhl <gmlj_gg_ kljh_gb_ b nhjfZ i_j\bqgh]hdjbklZeeZ h[mkeZ\eb\Z_lky khhlghr_gb_f bgl_gkb\ghklb l_ieh\h]h ihlhdZ b\_ebqbghcih\_joghklgh]hgZly`_gbyf_`^ml\_j^hcb `b^dbfbnZaZfb?kebih\_joghklgh_gZly`_gb_\_ebdhZ l_ieh\hcihlhdkeZ[h[jZamxlkydjbklZeeuk ]jm[uf\gmlj_ggbfkljh_gb_f ]eh[mebluk g_agZqbl_evgufjZa\_l\e_gb_fhk_c LZdb_ djbklZeeu jZklml h^bgZdh\h [ukljh hl ]jZg_c j_[_j b \_jrbgaZjh^urZ jbk Ijb f_gvr_f ih\_joghklghf gZly`_gbb b m\_ebq_gbbl_ieh\h]h ihlhdZ ba aZjh^urZ ihemqZ_lky ^j_\h\b^gh_ h[jZah\Zgb_ lZdgZau\Z_fuc ^_g^jbl gZ dhlhjhf \ ^Zevg_cr_f aZl\_j^_\Z_l jZkieZ\ IhdZhlghr_gb_ f_`^m ih\_joghklguf gZly`_gb_f b kdhjhklvx hoeZ`^_gby g_^hklb]g_lgm`gh]hagZq_gby^_g^jbljZkl_lijb[ebabl_evghh^bgZdh\h\h\k_ogZijZ\e_gbyoH[jZam_lkylZdgZau\Z_fucjZ\ghhkguci_j\bqguc^_g^jblbebi_j\bqguc djbklZee ?]h \gmlj_gg__ kljh_gb_ f_evq_ b keh`g_c q_f m]eh[meblZkfjbkQ_f[he__bgl_gkb\_gl_ieh\hcihlhd[hevr_kdhjhklvhoeZ`^_gbyijblhf`_bebf_gvr_fih\_joghklghfgZly`_gbbl_ff_evq_bkeh`g__ih\_joghklgh_gZly`_gb_djbklZeeZ< wlhfkemqZ_ijbagZqbl_evghfm\_ebq_gbb kdhjhklb hoeZ`^_gby ijb gZijZ\e_gghklb l_ieh\h]h ihlhdZ m`_[m^ml ihemqZlvky djbklZeeu g_ jZ\ghhkgu_ Z \ulygmlu_ \ gZijZ\e_gbbgZb[hevr_]hl_ieh\h]hihlhdZLZdb_djbklZeeubf_xl\b^klhe[bdh\ihq_fmb gZau\Zxlkyklhe[qZlufbBo\gmlj_gg__^_g^jblgh_kljh_gb__s_f_evq_bkeh`g_cq_fm jZ\ghhkguodjbklZeeh\jbkIjb^Zevg_cr_fm\_ebq_gbbkdhjhklb hoeZ`^_gby ihemqZ_lky kljmdlmjZ gZau\Z_fZy ebl_cghc dhjdhckhklhysZybafgh]hqbke_gguof_edbodjbklZeebdh\k ^bki_jkguf\gmlj_ggbfkljh_gb_f Obfbq_kdbc khklZ\ dhjdb \ jZaguo f_klZo ihqlb h^bgZdh\<ke_^kl\b_ mdZaZgguo h[klhyl_evkl\ ebl_cgZy dhjdZ bf__l ij_\hkoh^gu_f_oZgbq_kdb_ b ^jm]b_ k\hckl\Z B^_Zehf [ueh [u ^hklb]gmlv ih \k_fmk_q_gbxhleb\dblZdhckljmdlmjudZdmxbf__lebl_cgZydhjdZl_khklhys_cbaf_edbodjbklZeeh\k \_kvfZlhgdbf\gmlj_ggbfkljh_gb_fQlh[uihemqblvdjbklZeebdb k lhgdbf kljh_gb_f b ijb lhf f_edb_ gZ^h jZkieZ\ gZjy^m k[ukljuf hoeZ`^_gb_f eb[h fh^bnbpbjh\Zlv fh^bnbpbjh\Zgb_ \\_^_gb_ \jZkieZ\ \_s_kl\ h[uqgh \ fZeuo dhebq_kl\Zo dhlhju_ kihkh[kl\mxldjbklZeebaZpbb kljmdlmjguo khklZ\eyxsbo \ baf_evq_gghc nhjf_ qlh[um\_ebqblv qbkeh aZjh^ur_c eb[h ih^\_j]gmlv \g_rg_fm kbeh\hfm\ha^_ckl\bx \ ijhp_kk_ djbklZeebaZpbb qlh[u jZajmrblv h[jZah\Z\rb_kydjbklZeebq_kdb_ kd_e_lu b ihemqblv f_edb_ h[ehfdb LZd dZd kbeh\h_\ha^_ckl\b_ gZ i_kqZgmx nhjfm g_ \hafh`gh lh gZ jZkieZ\ \ha^_ckl\mxl \ijhp_kk_ aZiheg_gby nhjfu hkms_kl\eyy aZeblb_ q_j_a \b[jbjmxsmx\hjhgdm Ijb eblv_ ih^ ^Z\e_gb_f kbeh\h_ \ha^_ckl\b_ gZ kieZ\ hdZau\Z_lkyg_ihkj_^kl\_ggh \ nhjf_ Ih hdhgqZgbb aZeb\db jZkieZ\ \ nhjf_ klZgh\blkyhlghkbl_evgh kihdhcguf DjbklZeebaZpby hleb\hd ijhbkoh^bl \ jZaguomkeh\byoaZ\bkysbohljZaebqguonZdlhjh\JZkkfhljbfg_dhlhju_bagboJbkKo_fZh[jZah\ZgbykljmdlmjukieZ\Z<ebygb_ nhjfu GZ jbk khihklZ\e_gu hleb\db ihemq_ggu_ \ i_kqZghcke_\Z b f_lZeebq_kdhc kijZ\Z nhjfZo ijb ijhqbo jZ\guo mkeh\byo Mhleb\db\ i_kqZghcnhjf_lhgdZyebl_cgZydhjdZb keZ[hjZa\blZyklhe[qZlZyahgZ qlh h[mkeh\e_gh [he__ keZ[uf l_ieh\uf ihlhdhf Klhe[qZlu_djbklZeeubf_xl[he__djmigh_\gmlj_gg_kljh_gb_i_kqZgZy<ebygb_nhjfu<ebygb_kieZ\Zf_lZeebq_kdZyW¶aZe!W¶¶aZe<ebygb_l_fi_jZlmjuaZeb\db<ebygb_dhgnb]mjZpbbhleb\dbJbk <ebygb_ jZaebqguo nZdlhjh\ gZ h[jZah\Zgb_ djbklZeebq_kdhckljmdlmjudhjdZklhe[qZlZyahgZdjmigZykljmdlmjZnhjfZ<ebygb_ l_fi_jZlmju aZeb\db Ijb [he__ gbadhc l_fi_jZlmj_ aZeb\db jbkkijZ\Z klhe[qZlZy ahgZ hdZau\Z_lky f_g__ \ujZ`_gghc lZd dZd \ wlhfkemqZ_jZ\ghhkgu_djbklZeeu jZgvr_ ij_djZsZxl jhkl q_f klhe[qZlu_ baaZhlghkbl_evghf_g__bgl_gkb\gh]hl_ieh\h]hihlhdZ<ebygb_ kieZ\Z GZ jbk khihklZ\eyxlky kieZ\ k [hevr_c kdehgghklvx dh[jZah\Zgbxahguklhe[qZluodjbklZeeh\ke_\ZkhkieZ\hfk g_agZqbl_evghckdehgghklvx d h[jZah\Zgbx klhe[qZlhc ahgu Hleb\db ba i_j\h]h kieZ\Zbf_xl gZkd\hav klhe[qZlmx ahgm ;hevrhc kdehgghklvx d h[jZah\Zgbxklhe[qZlhc ahgu hlebqZxlky kieZ\u aZl\_j^_\Zxsb_ \ madhf bgl_j\Ze_ bh[eZ^Zxsb_gbadhcl_iehijh\h^ghklvx<ebygb_ dhgnb]mjZpbb hleb\db Dhgnb]mjZpby hleb\db lZd`_ bf__lhij_^_e_ggh_ agZq_gb_ gZ djbklZeebaZpbx ihlhfm qlh hl g__ aZ\bkblbgl_gkb\ghklvl_ieh\h]hihlhdZ\ jZaguoqZklyohleb\db< jZ\ghkl_i_gghc hleb\d_ klhe[qZlu_ djbklZeeu h[jZamxlky ih ko_f_jbkke_\ZijbjZ\ghf_jghfl_ieh\hfihlhd_ihdZaZgklj_edZfb< hleb\d_`_ k \uklmiZfb l_ieh\hc ihlhd g_jZ\ghf_j_g GZ \iZ^bgZo nhjfu l_ieh\hcihlhdjZkk_b\Z_lkyb h[jZamxlky©oheh^gu_ªf_klZnhjfuGZ\uklmiZonhjfuihlhddZd[unhdmkbjm_lkyh[jZamy©]hjyqb_f_klZnhjfujbkkijZ\Z<oheh^guo f_klZo h[jZamxlky [he__ djmigu_ klhe[bdb k f_edbf \gmlj_ggbfkljh_gb_f Z \ m]em[e_gbyo ]^_ keZ[__ l_ieh\hc ihlhd f_gvrb_ klhe[bdbKlhe[qZlu_ djbklZeeu dZd ijZ\beh h[jZamxlky \_a^_ \ gZijZ\e_gbbgZb[hevr_]h l_ieh\h]h ihlhdZ Ihwlhfm \ hkljuo gZjm`guo djhfdZo b m]eZohleb\db hkh[_ggh \ kemqZ_ jZkieZ\h\ kh kdehgghklvx d klhe[qZlhcdjbklZeebaZpbb qZklh h[jZamxlky g_ijhqgu_ kh_^bg_gby \ f_klZo \klj_qbdhgph\ klhe[bdh\ jbk ke_\Z Wlhl g_^hklZlhd fh`gh mkljZgblv iml_fkhhl\_lkl\mxs_]haZdjm]e_gbydjhfhdb m]eh\jbkkijZ\Z Y\e_gbykhijh\h`^Zxsb_aZl\_j^_\Zgb_hleb\dbOZjZdl_j aZl\_j^_\Zgby hleb\hd Ih f_j_ ijhl_dZgby ijhp_kkZ aZl\_j^_\Zgbym\_ebqb\Z_lky dhebq_kl\h l\_j^hc b mf_gvrZ_lky dhebq_kl\h `b^dhc nZaIh\_joghklv dhglZdlZ l\_j^hc nZau k `b^dhc fh`_l [ulv jh\ghc jbkZWlh oZjZdl_jguc ijbagZd ihke_^h\Zl_evgh]h ihkehcgh]h beb ihkl_i_ggh]haZl\_j^_\Zgby Iehkdhklv dhglZdlZ l\_j^hc b `b^dhc nZa gZau\Z_lkyiehkdhklvx djbklZeebaZpbb beb iehkdhklvx aZl\_j^_\Zgby ?keb ih\_joghklvdhglZdlZ jZkieZ\Z b l\_j^hc nZau bf__l \_kvfZ keh`gmx dhgnb]mjZpbx h[_nZaugZoh^ylky\ khijbdhkgh\_gbb^jm] k ^jm]hf hij_^_e_gghc rbjbgu jbk [ Wlhl bgl_j\Ze gZau\Z_lky ^\monZaghc ahghc ?keb rbjbgZ ^\monZaghcahgu lZd \_ebdZ qlh hgZ kms_kl\m_l hij_^_e_ggh_ \j_fy ih \k_c rbjbg_hleb\dbihdZgZqg_lkyaZl\_j^_\Zgb_hlih\_joghklblhwlhy\e_gb_gZau\Zxlh[t_fguf aZl\_j^_\Zgb_f jbk \ < aZl\_j^_\Zxs_c hleb\d_ jZaebqZxllZdbfh[jZahfljbnZau aZl\_j^_\rbckieZ\ aZl\_j^_\ZxsbckieZ\ `b^dbc jZkieZ\ <h \j_fy aZl\_j^_\Zgby \gmljb hleb\db ijhbkoh^bl jy^g_`_eZl_evguo ijhp_kkh\ dhlhju_ fh]ml \ua\Zlv h[jZah\Zgb_ mkZ^hqguoihehkl_clZdgZau\Z_fuomkZ^hqguojZdh\bgwlhlijhp_kkgZau\ZxlmkZ^dhc \u^_e_gb_ ]Zah\ ba aZl\_j^_\Zxs_c hleb\db h[mkeZ\eb\Zxs__\hagbdgh\_gb_]Zah\uojZdh\bgh[jZah\Zgb_ebd\Zlh\\ ^\monZaghcahg_JbkOZjZdl_jaZl\_j^_\ZgbykieZ\Z Z ihke_^h\Zl_evgh_ [^\monZagh_ \h[t_fgh_MkZ^dZ y\ey_lky\Z`g_crbfebl_cgufk\hckl\hff_lZeeh\DZdba\_klghijbgZ]j_\Zgbbl_eZjZkrbjyxlkyZ ijbhoeZ`^_gbbk`bfZxlky^ZxlmkZ^dmIjbhoeZ`^_gbb hleb\db gZqZevgh]h h[t_fZ 9 beb gZqZevghc ^ebgu O kl_fi_jZlmjuW^hWbaf_g_gb_h[t_fZb ^ebgul_eZhij_^_ey_lkyihnhjfmeZfV9 DYWWV/ DOWWDhwnnbpb_glZfb DY b DO ijb hoeZ`^_gbb y\eyxlky bklbggufbdhwnnbpb_glZfbh[t_fgh]hDY b ebg_cgh]hk`ZlbyDO lh_klvdhwnnbpb_glZfbkhhl\_lkl\mxs_cmkZ^dbijbihgb`_gbbl_fi_jZlmjugZq \ bgl_j\Ze_WW <ijZdlbd_ ih^ \_ebqbghc mkZ^db D ijbgbfZxlky hlghkbl_evgu_ \_ebqbgu\ujZ`Zxsb_kybaf_g_gb_h[t_fZbeb^ebguijbhoeZ`^_gbb\ ijhp_glZoD //// b / ^ebgu hleb\db ijb l_fi_jZlmjZo W b W khhl\_lkl\_ggh G_h[oh^bfhjZaebqZlv ljb \b^Z mkZ^db MkZ^dZ `b^dh]h f_lZeeZ ijhbkoh^ysZy ijbhoeZ`^_gbbhll_fi_jZlmjuaZeb\db^hl_fi_jZlmjuebd\b^mkZmkZ^dZ`b^dhcnZauMkZ^dZijbaZl\_j^_\Zgbbdh]^Zhleb\dZhoeZ`^Z_lkyhlebd\b^mkZ^hkheb^mkZ mkZ^dZ ijb baf_g_gbb Z]j_]Zlgh]h khklhygby MkZ^dZ l\_j^h]hf_lZeeZ h[jZamxsZy ijb hoeZ`^_gbb l\_j^h]h f_lZeeZ hl kheb^mkZ ijbdhfgZlghc l_fi_jZlmju mkZ^dZ aZl\_j^_\Zxs_]h kieZ\Z DZ`^uc ba wlbo\b^h\ mkZ^db y\ey_lky hij_^_eyxsbf \ h[jZah\Zgbb l_o beb bguo ihjhdh\ \hleb\d_H[jZah\Zgb_mkZ^hqghcjZdh\bgu\ hleb\d_MkZ^hqgu_jZdh\bgu\ hleb\dZo±wlh ihehklb \hagbdZxsb_ \ke_^kl\b_ mkZ^db ijb aZl\_j^_\Zgbb Ko_fZh[jZah\Zgby jZdh\bg ihdZaZgZ gZ jbk ]^_ ij_^klZ\e_gu q_luj_ klZ^bbaZl\_j^_\Zgby \ jZaebqgu_ fhf_glu \j_f_gb GZ klZ^bb Z ihehklv nhjfuaZiheg_gZ jZkieZ\hf bf_xsbf l_fi_jZlmjm ebd\b^mkZ ihwlhfm \ ke_^mxs__f]gh\_gb_gZqg_lkyaZl\_j^_\Zgb_kieZ\ZgZih\_joghklbnhjfuGZklZ^bb[m`_h[jZah\ZeZkvaZl\_j^_\rZydhjdZihemqZ_lkyk\h_]hjh^ZaZdjuluckhkm^\gmljb dhlhjh]h jZkiheh`_g jZkieZ\ Ih f_j_ hoeZ`^_gby ijhbkoh^bl mkZ^dZjZkieZ\Zc \b^mkZ^dbb aZl\_j^_\r_cdhjdbc \b^mkZ^dbZ lZd`_bf__lf_klh mf_gvr_gb_ h[t_fZ ijb baf_g_gbb Z]j_]Zlgh]h khklhygby c \b^mkZ^db MkZ^dZ jZkieZ\Z b mf_gvr_gb_ h[t_fZ ijb i_j_oh^_ ba `b^dh]hkhklhygby\ l\_j^h_ij_\urZxlmkZ^dmdhjdbIhwlhfm\ hij_^_e_ggucfhf_gl\j_f_gbkieZ\ih^^_ckl\b_fkbely`_klbhimkdZ_lkyklZ^by\GZ^jZkieZ\hfhklZ_lky ihehklv ± aZdjulZy mkZ^hqgZy jZdh\bgZ klZ^by ] < h[jZah\Z\r_ckyjZdh\bg_ \ hleb\dZo ba ^_]Zabjh\Zgguo kieZ\h\ kha^Z_lky jZajy`_gb_\ke_^kl\b_ q_]h \_jogyy lhgdZy dhjdZ fh`_l ijh]gmlvky \gmljv jZdh\bgu dZdwlh ihdZaZgh gZ jbk ] b ^ Qlh[u g_ ^himklblv \ hleb\d_ h[jZah\ZgbymkZ^hqghcjZdh\bgugZ^hd hleb\d_ijbkh_^bgblvj_a_j\mZjijb[uevklZ^by^ ba dhlhjhc ih^ ^_ckl\b_f kbeu ly`_klb jZkieZ\ i_j_f_klblky \aZl\_j^_\Zxsmxhleb\dmMkZ^hqgZyjZdh\bgZ\ wlhfkemqZ_h[jZam_lkylhevdh\ ijb[uebdhlhjmxhl^_eyxlhlhleb\dbihke_aZl\_j^_\ZgbyIjb[uevJbk H[jZah\Zgb_ mkZ^hqghc jZdh\bgu \ hleb\d_ Z^ klZ^bb ijhp_kkZaZl\_j^_\ZgbyH[jZah\Zgb_ jZkk_ygguo mkZ^hqguo jZdh\bg mkZ^hqghc ihjbklhklb Ijb^\monZaghf aZl\_j^_\Zgbb \gmljb ^\monZaghc ahgu h[jZamxlky \gmljb^_g^jblgu_ b f_`^_g^jblgu_ ihju IblZgby gZjZklZxs_]h l\_j^h]h kehyijhbkoh^bl[_ahkh[h]hlhjfh`_gby^hl_oihjihdZaZjh`^Zxsb_ky\ h[t_f_`b^dh]h jZkieZ\Z l\_j^u_ djbklZeeu khklZ\yl kiehrghc kd_e_l L_i_jv m`_`b^dbc jZkieZ\ ihklmiZxsbc k\_jom ^ey iblZgby gb`_ e_`Zsbo keh_\ \klj_qZ_l khijhlb\e_gb_ kd_e_lZ ba l\_j^uo djbklZeeh\ Wlh khijhlb\e_gb_[m^_l m\_ebqb\Zlvky ih f_j_ mf_gvr_gby yq__d mdZaZggh]h kd_e_lZ?kl_kl\_gghijbij_djZs_gbbiblZgbylhcbebbghcyq_cdbkd_e_lZh[jZam_lkyf_`djbklZeebq_kdZymkZ^hqgZyjZdh\bgZWlZjZdh\bgZ[m^_ll_ff_gvr_q_fiha`_ ij_djZsZ_lky k\yav aZl\_j^_\Zxs_]h `b^dh]h jZkieZ\Z yq_cdb kbklhqgbdhf iblZgby LZd h[jZamxlky mkZ^hqgu_ jZdh\bgu \ yq_cdZo ba^_g^jblh\h[jZamxsb_fbdjhkdhibq_kdmxjZkk_yggmxihjbklhklvJZkk_yggu_ihju gZjmrZxl kiehrghklv k_q_gby hleb\db Z lZd`_ fh]ml ^_ckl\h\Zlv dZdgZ^j_aumom^rZy__ f_oZgbq_kdb_k\hckl\ZIhgylb_ h[ h^gh\j_f_gghf b gZijZ\e_gghf aZl\_j^b\Zgbyo MkZ^hqgu_jZdh\bgu b ihjbklhklv wlh jZkijhkljZg_gguc b ljm^ghbkijZ\bfuc [jZdhleb\hd Lhevdh kh\f_klgufb mkbebyfb dhgkljmdlhjZ ^_lZeb b l_ogheh]Zebl_csbdZfh`ghmf_gvrblvbebkh\k_fmkljZgblvwlhl^_n_dlD kh`Ze_gbxjZkk_yggmx ihjbklhklv mkljZgblv [_a hklZldZ g_ m^Z_lky __ fh`gh ebrvmf_gvrblvjZaebqgufbkihkh[Zfbihfgyqlh JZkk_yggZy ihjbklhklv [u\Z_l l_f [hevr_ q_f rbj_ ^\monZagZy ahgZ maZl\_j^_\Zxs_]h kieZ\Z Ihwlhfm \k_ kj_^kl\Z mf_gvr_gby ^\monZaghcahguh^gh\j_f_gghijb\h^yld h]jZgbq_gbxjZkk_ygghcihjbklhklb Q_f\ur_^Z\e_gb_ih^dhlhjufjZkieZ\ i_j_f_sZ_lky q_j_a ^\monZagmxahgmd aZl\_j^_\Zxsbff_klZfl_ff_gvr_jZkk_yggZyihjbklhklv>ey ihemq_gby hleb\db [_a kdhgp_gljbjh\Zgguo \ h^ghf f_kl_mkZ^hqguo jZdh\bg g_h[oh^bfh qlh[u hgZ aZl\_j^_\ZeZ ih h^ghfm baijbgpbih\h^gh\j_f_ggh]haZl\_j^_\ZgbygZijZ\e_ggh]haZl\_j^_\ZgbyH^gh\j_f_ggh_aZl\_j^_\Zgb_ ±h^gh\j_f_ggZyb jZ\ghf_jgZydjbklZeebaZpbyjZkieZ\Z\h\k_oqZklyohleb\dbH^gh\j_f_ggh_aZl\_j^_\Zgb_h[_ki_qb\Z_lkyhij_^_e_ggufb mkeh\byfb Mkeh\by wlb fh`gh kqblZlv ijb[ebabl_evgh\uiheg_ggufbdh]^ZlhesbgZkl_ghd\h\k_oqZklyohleb\dbijb[ebabl_evghh^bgZdh\Z l_fi_jZlmjZ b l_iehijh\h^ghklv nhjfu \h \k_o __ lhqdZo g_baf_gyxlky beb baf_gyxlky jZ\ghf_jgh b h^gh\j_f_ggh Ke_^m_l aZf_lblvqlh h^gh\j_f_ggh_ aZl\_j^_\Zgb_ f_lZeeZ ih \k_c hleb\d_ g_ fh`_l [ulviheghklvx hkms_kl\e_gh \ ^_ckl\bl_evghklb djbklZeebaZpby ijhl_dZ_lihkl_i_ggh hl ih\_joghklb d hkb kl_gdb hleb\db Ihwlhfm q_f f_gvr_lhesbgZ kl_gdb hleb\db l_f emqr_ j_Zebam_lky ijbgpbi h^gh\j_f_ggh]haZl\_j^_\Zgby B g_ kemqZcgh qlh h^gh\j_f_ggh_ aZl\_j^_\Zgb_ gZoh^blijbf_g_gb_ ^ey lhgdhkl_gguo hleb\hd lZdbo dZd dhjimkZ nhlhZiiZjZlh\dbghdZf_j [bghde_c ljm[ b ^jm]bo ^_lZe_c H^gZdh mkZ^dZ kms_kl\m_l b \lhgdhkl_gguo hleb\dZo ?_ ^_ckl\b_ ijhy\ey_lky \ lhf qlh \[ebab]_hf_ljbq_kdhc hkb kl_gdb hleb\db jZkiheZ]Z_lky mkZ^hqgZy ihjbklhklvHiuluihdZaZebqlhmkZ^hqgZyihjbklhklv_kebhgZgZoh^blky\[ebabkl_gdbhleb\db hiZkgZ lhevdh lh]^Z dh]^Z hleb\dZ ih^\_j]Z_lky \ha^_ckl\bxgZjm`gh]h beb \gmlj_gg_]h ^Z\e_gby i_j_f_gguf gZ]jmadZf \ha^_ckl\bx\ukhdbo l_fi_jZlmj< k_q_gbyo`_ih^\_j]Zxsbokyba]b[mbaaZg_[hevrbogZijy`_gbc \ \hehdgZo gZoh^ysboky hdheh g_cljZevghc hkb \gmlj_ggyyihjbklhklv\uau\Z_lebrvg_agZqbl_evgu_hkeZ[e_gbyk_q_gbyIjb gZijZ\e_gghf aZl\_j^_\Zgbb djbklZeebaZpby hleb\db ijhbkoh^blihke_^h\Zl_evgh \ gZijZ\e_gbb hl gZb[he__ m^Ze_gguo __ qZkl_c d bklhqgbdmiblZgby `b^dbf kieZ\hf gZijbf_j d ijb[ueb Kmsghklv gZijZ\e_ggh]haZl\_j^_\Zgby jZkkfhljbf gZ ijbf_j_ nhjfbjh\Zgby iehkdhc \_jlbdZevghjZkiheh`_gghc \ nhjf_ ieblu k ijb[uevx F_lZee \ nhjfm ih^\h^blky ih^ijb[uev Ijb wlhf \ fhf_gl hdhgqZgby aZeb\db gZb[he__ oheh^guc f_lZee[m^_l\ gb`g_cqZklbnhjfuZ gZb[he__]hjyqbc\ ijb[uebWlhijhbkoh^blihlhfm qlh ijb ih^\h^_ kieZ\Z ih^ ijb[uev i_j\u_ _]h ihjpbb ihiZ^Zxl \gb`gxx qZklv hleb\db ]^_ kjZam `_ gZqbgZxl hoeZ`^Zlvky khijbdZkZykv koheh^ghcnhjfhcIjb[uev`_[m^_laZiheg_gZihke_^gbfbihjpbyfbkieZ\Zl_fi_jZlmjZ dhlhjh]h ijb[ebabl_evgZ jZ\gZ l_fi_jZlmj_ aZeb\dbJZkij_^_e_gb_ l_fi_jZlmj ih hkb hleb\db ih \k_c __ ^ebg_ d fhf_glmhdhgqZgby aZiheg_gby oZjZdl_jbam_l djb\Zy < khhl\_lkl\bb k wlbfjZkij_^_e_gb_f aZl\_j^_\Zgb_ hleb\db hl [hdh\uo kl_ghd gZqg_lky jZgvr_ \gb`g_cb iha`_\ \_jog_cqZklbDjb\u_b khhl\_lkl\mxl,,m ,,,m b ,9mwlZiZf aZl\_j^_\Zgby dhlhjh_ b^_l \\_jo lh _klv \ gZijZ\e_gbb d ijb[uebjbk LZdh_ aZl\_j^_\Zgb_ b gZau\Zxl gZijZ\e_gguf Ijb gZijZ\e_gghfaZl\_j^_\Zgbb hleb\dZ ihemqZ_lky iehlghc [_a dhgp_gljbjh\Zgguo jZdh\bgdhlhju_\\h^ylky\ ijb[uevJbkKo_fZgZijZ\e_ggh]haZl\_j^_\Zgbyhleb\dblbiZieblu,,9±wlZiuaZl\_j^_\Zgbykhhl\_lkl\mxsb_bfdjb\u_jZkij_^_e_gbyl_fi_jZlmjuih^ebg_hleb\dbWnn_dlb\guc jZ^bmk ^_ckl\by ijb[ueb aZ\bkbl hl __ jZkiheh`_gby bdhgnb]mjZpbbhleb\dbGZijbf_jjZ^bmk^_ckl\byijb[uebmklZgh\e_gghcgZ]hjbahglZevghciehsZ^d_f_gvr_q_fgZ\_jlbdZevghcIhwlhfmhkh[_ggh^eykieZ\h\ kdehgguo d mkZ^d_ g_h[oh^bfh h[_ki_qblv \u]h^gh_ khq_lZgb_l_fi_jZlmjgh]h b kbeh\uo ihe_c >ey wlh]h hleb\dm aZeb\Zxl \ gZdehgghfiheh`_gbbijbq_fqZklvhleb\dbgZdhlhjhcjZkiheh`_gZijb[uevgZoh^blky\gbam Wlbf kha^Z_lky agZqbl_evgZy jZagbpZ l_fi_jZlmj \ m^Ze_gguo bijbe_]Zxsbo d ijb[ueb qZklyo lh _klv kha^Z_lky \u]h^gh_ l_fi_jZlmjgh_ihe_ Ihke_ aZeb\db nhjfm ih\hjZqb\Zxl lZd qlh[u ijbe_]ZxsZy ijb[uev[ueZ gZ kZfhf \_jom q_f ^hklb]Z_lky ^hihegbl_evgh_ ^Z\e_gb_ lh _klv\u]h^gh_kbeh\h_ihe_KfjbkJbkKo_fZlbq_kdh_bah[jZ`_gb_ih\hjhlh\nhjfu^hb ihke_aZeb\dbIh dhgnb]mjZpbb hleb\db [u\Zxl k ieZ\gh baf_gyxs_cky lhesbghckl_gdb b k j_adh baf_gyxs_cky lhesbghc kl_gdb Ijbf_ju i_j\uo hleb\hdijb\_^_gugZjbk< gZb[he__rbjhdh_f_klhdZ`^hcbagbofh`gh\ibkZlvlhevdh h^bg rZj gZb[hevr_]h ^bZf_ljZ Wlb mqZkldb gZau\Zxl l_jfbq_kdbfbmaeZfb hgb ^hevr_ hklZxlky ]hjyqbfb b ^hevr_ aZl\_j^_\Zxl Kl_gdb kl_jfbq_kdbfb maeZfb oZjZdl_jbamxlky ijb\_^_gghc lhesbghc ± hlghr_gb_f'PD[ 'PLQ L_jfbq_kdb_ maeu \ ]hjbahglZevghc b \_jlbdZevghc [ hleb\dZofh]ml iblZlvky ihf_s_ggufb gZ gbo ijb[ueyfb L_jfbq_kdbc ma_e jbk m^Ze_g hl ijb[ueb Hleb\dZ f_`^m ijb[uevx b m^Ze_gguf hl g__ maehfaZl\_j^_\Z_l jZgvr_ q_f ma_e AZl\_j^_\Zgb_ [m^_l hljbpZl_evghgZijZ\e_ggufihwlhfm\ lZdbohleb\dZoh[jZamxlkymkZ^hqgu_jZdh\bguJbkHleb\dbk ieZ\ghbaf_gyxs_ckylhesbghckl_gdbHleb\db k j_adh baf_gyxs_cky lhesbghc kl_gdb oZjZdl_jbamxlky l_f`_ hlghr_gb_f 'PD[ 'PLQ IblZgb_ hl ijb[ueb lheklhc qZklb aZ\bkbl hlih^\h^Z `b^dh]h f_lZeeZ b jZkiheh`_gby ijb[ueb GZ jbk Z \ ijb[uevijbe_]ZxsZyb ihwlhfmgZb[he__wnn_dlb\gZgZjbk[ ±ihemijbe_]ZxsZyGZ jbk ] ma_e gZoh^blky \ lZdhf iheh`_gbb qlh _]h g_evay iblZlv baijb[uebb \g_fkha^Z_lkyf_klgh_hljbpZl_evghgZijZ\e_ggh_aZl\_j^_\Zgb_JbkHleb\dbk j_adhbaf_gyxs_ckylhesbghckl_gdbIjb ba]hlh\e_gbb keh`guo hleb\hd k g_kdhevdbfb l_ieh\ufb maeZfbh^gZ ijb[uev jbk g_ mkljZgy_l mkZ^hqgmx jZdh\bgm Z ^\_ m\_ebqb\ZxljZkoh^f_lZeeZ?kebl_jfbq_kdbcma_eg_ijhlhqghclh_klvijbaZeb\d_kieZ\ijZdlbq_kdb q_j_a g_]h g_ ijhl_dZ_l b _keb hg \ lh `_ \j_fy m^Ze_g hlijb[ueblh_klvg_iblZ_lkylh_]hfh`ghh[_a\j_^blvaZoheZ`b\Zyhleb\dmkgZjm`b oheh^bevgbdhf ba ohjhrh ijh\h^ys_]h l_ieh fZl_jbZeZ < wlhfkemqZ_ ma_e aZl\_j^_\Z_l jZgvr_ q_f iblZxsZy kl_gdZ b hg gZau\Z_lkyi_j_hoeZ`^_gguf maehf Ijb wlhf g_ bf__l kfukeZ m\_ebqb\Zlv lhesbgmoheh^bevgbdZ k\ur_ lhesbgu hoeZ`^Z_fh]h maeZ LhesbgZaZl\_j^_\Zxs_]h kehy \h \j_f_gb m\_ebqb\Z_lky ih iZjZ[he_ \ k\yab k q_f b^_ckl\b_ oheh^bevgbdZ ih gZijZ\e_gbx \gmljv hkeZ[_\Z_l l_f [he__ q_f[hevr_ aZoheZ`b\Z_fuc ma_e Ijb h^bgZdh\hc ijb\_^_gghc lhesbg_ fZeucma_e fh`gh i_j_hoeZ^blv ba\g_ lh]^Z dZd [hevrhc g_\hafh`gh ^Z`_ ijbfZkkb\ghfoheh^bevgbd_JbkIblZgb_hleb\dbk bahebjh\Zggufl_jfbq_kdbfmaehf;hevrhc g_ijhlhqguc ma_e g_ bf_xsbc ih^ kh[hc ijb[ueb g_evayi_j_hoeZ^blv ba\g_ H^gZdh _]h fh`gh h[_a\j_^blv mklZgh\dhc \gmlj_gg_]hoheh^bevgbdZjbkba]hlZ\eb\Z_fh]hbafZl_jbZeZhleb\dbbebba^jm]h]hfZl_jbZeZJbkAZoheZ`b\Zgb_l_jfbq_kdh]hmaeZ\gmlj_ggbfoheh^bevgbdhf?keb ijb[uev g_ iblZ_l ma_e b \ lh `_ \j_fy hg ijhlhqghc _]h g_m^Z_lky h[_a\j_^blv gb gZjm`guf gb \gmlj_ggbf aZoheZ`b\Zgb_f HklZ_lkylhevdhbaf_gblvl_ogheh]bq_kdbcijhp_kkbebdhgkljmdpbxhleb\db^_e_gb_f__ gZqZklbihebgbb :: jbkbebl_ogheh]bq_kdbfijbimkdhfJbkF_klgucijhlhqgucl_jfbq_kdbcma_eKeh`gZy hleb\dZ kh^_j`bl g_kdhevdh maeh\ LZd gZijbf_j hleb\dZ gZjbk bf__l ljb dhevp_\uo maeZ 0 1 2 IblZgb_ ih^\_^_gh \ ma_e H gZdhlhjhf _s_ _klv jy^ m]eh\uo maeh\ \ f_klZo khijy`_gby j_[_j Ma_e Fijbe_]Z_l d ijb[ueb b m^Ze_g hl ih^\h^Z iblZgby JZkkfhljbf maeu ih\hafh`ghklb bo h[_a\j_`b\Zgby Ma_e H g_ iblZ_lky ijb[uevx b lZd dZd hgijhlhqghc_]hg_evayaZoheh^blvMa_eh^gh\j_f_gghb ijhlhqghcb kd\haghc_]hg_evaygZ^_`gh h[_a\j_^blv aZoheZ`b\Zgb_f Ma_e F iblZ_lky ijb[uevxLZddZdmaeu H b1 hklZxlky[_aiblZgbylhg_h[oh^bfhijb^Zgghfih^\h^_iblZgby kdhjj_dlbjh\Zlv k_q_gb_ hleb\db <ibku\Zxl \ ma_e H gZb[hevrbcrZjb dZlyl_]hih\gmlj_gg_fmdhglmjmhleb\db^hmaeZ1Ijbwlhfijb^_lkyg_kdhevdh jZkrbjblv k_q_gb_ mdZaZgh rljboh\dhc GZb[hevrbc rZj\ibkZgguc l_i_jv \ ma_e 1 gm`gh l_i_jv dZlblv ^h maeZ F Kl_gdZ f_`^mmaeZfb 1 b F m\_ebqb\Z_lky ihdZaZgh rljboh\dhc Wlh j_r_gb_ lj_[m_l[hevrboebl_cguoijbimkdh\Qlh[ug_m\_ebqb\Zlvqj_af_jghjZkoh^kieZ\Z^hklZlhqghmkbeblvkl_gdblhevdh\ f_klZojZkiheh`_gbyj_[_jJbkH[_a\j_`b\Zgb_l_jfbq_kdbomaeh\m keh`ghchleb\db =Zau< f_lZeeZo b kieZ\Zo ]Zahh[jZagu_ we_f_glu fh]ml ijbkmlkl\h\Zlv \ke_^mxsbo\b^Zo ]Zah\uo\dexq_gbcjZdh\bgb kn_jbq_kdboimauj_c l\_j^uoobfbq_kdbokh_^bg_gbck we_f_glZfb\oh^ysbfb\ khklZ\kieZ\Zhdbkeh\]b[jblh\b l^ @b^dbob l\_j^uojZkl\hjh\\ wlhfkemqZ_Zlhfu]Zahh[jZaguowe_f_glh\fh]mljZkiheZ]Zlvkyf_`^mZlhfZfbhkgh\gh]hf_lZeeZbeb\g_^jblvky\ _]hdjbklZeebq_kdmxj_r_ldm lhgdbo keh_\ Z^khj[bjh\Zgguo gZ ih\_joghklb f_lZeeZ beb kieZ\ZgZijbf_j Z^khj[pby fh`_l ijhbkoh^blv gZ ih\_joghklb ]jZnblh\uo\dexq_gbcjZkiheh`_gguo\ lhes_f_lZeebq_kdhcfZljbpuJZkl\hjbfhklv ]Zah\ \ f_lZeeZo b kieZ\Zo \ agZqbl_evghc kl_i_gb g_aZ\bkbl hl \b^Z b k\hckl\Z ]ZaZ ijbjh^u jZkl\hjbl_ey l_fi_jZlmju b^Z\e_gby Ba k\hckl\ ]Zah\ gZ _]h jZkl\hjbfhklv [hevrh_ \ebygb_ hdZau\Z_lfhe_dmeyjgh_ b Zlhfgh_ kljh_gb_ < h[uqguo `b^dhklyo ih\ur_gb_l_fi_jZlmju mf_gvrZ_l jZkl\hjbfhklv ]Zah\ < `b^dbo f_lZeeZo b kieZ\ZojZkl\hjbfhklv]Zah\k ih\ur_gb_fl_fi_jZlmjufh`_lm\_ebqb\ZlvkyIjhp_kkjZkl\hj_gby]Zah\\ f_lZeeZob kieZ\ZogZqbgZ_lkyk Z^khj[pbbdhlhjZy h[uqgh \uau\Z_l ihgb`_gb_ ih\_joghklgh]h gZly`_gby gZ ]jZgbp_jZa^_eZ`b^dhklv]ZaIh\_joghklgZy nbabq_kdZy Z^khj[pby y\ey_lky i_j\hgZqZevghc klZ^b_ckhj[pbhgguo ijhp_kkh\ ^ey [hevrbgkl\Z kemqZ_\ \aZbfh^_ckl\by `b^dhklv]ZaK ih\ur_gb_f l_fi_jZlmju kieZ\Z ihemqZ_l jZa\blb_ ijhp_kkZdlb\babjh\ZgghcZ^khj[pbby\eyxs_ckyij_^\Zjbl_evghcklZ^b_c^bnnmabb]Zah\ \ f_lZee Wlhl \b^ Z^khj[pbb oZjZdl_jguc ^ey [hevrbgkl\Z kbkl_ff_lZee]Za hlebqZ_lky hl h[uqghc m\_ebq_gb_f dhebq_kl\Z Z^khj[bjh\Zggh]h]ZaZgZih\_joghklbZ^khj[_glZk ih\ur_gb_fl_fi_jZlmjuL_iehlZ Zdlb\babjh\Zgghc Z^khj[pbb agZqbl_evgh ij_\urZ_lkhhl\_lkl\mxsb_ \_ebqbgu nbabq_kdhc Z^khj[pbb b ijb[eb`Z_lky d\_ebqbgZf l_iehlu obfbq_kdbo j_Zdpbc < ijhp_kk_ Zdlb\bjh\ZgghcZ^khj[pbb fhe_dmeu Z^khj[bjm_fh]h ]ZaZ gZ ih\_joghklb Z^khj[_glZ^bkkhpbbjmxl b fh]ml \klmiZlv k gbf \ obfbq_kdh_ \aZbfh^_ckl\b_ ;hevrh_jZa\blb_ ihemqZxl ijhp_kku Zdlb\bjh\Zgghc Z^khj[pbb \ kbkl_fZo f_lZee\h^hjh^=Zau Z^khj[bjm_fu_ ih\_joghklvx f_lZeeZ \ ZlhfZjghf khklhygbb ±^bnnmg^bjmxl \ f_lZee Ijhp_kk ^bnnmabb j_]mebjm_lky l_fi_jZlmjhc^Z\e_gb_f b Z^khj[pb_c \_ebqbgZ dhlhjhc \ k\hx hq_j_^v aZ\bkbl hlkhklhygbyih\_joghklbb kljmdlmjuf_lZeeZZ^khj[_glZQ_f[hevr_Zdlb\gZyih\_joghklv Z^khj[_glZ l_f [hevrbf [m^_l b dhebq_kl\h ^bnnmg^bjm_fh]h]ZaZIhemq_gb_hleb\hd[_a]Zah\uojZdh\bgb ihjbklhklby\ey_lkyh^ghcbakZfuo ljm^guo aZ^Zq ebl_cgh]h ijhba\h^kl\Z Ihwlhfm \Z`gh agZlvhkh[_gghklbg_lhevdhjZkl\hj_gby]Zah\\ f_lZee_ghb h[jZlghijhp_kkZbom^Ze_gbyF_ju h[_ki_qb\Zxsb_ fbgbfZevgh_ kh^_j`Zgb_ ]Zah\ bij_^mij_`^_gb_h[jZah\Zgby]Zah\uojZdh\bgb ihjbklhklb\ hleb\dZofh`ghjZa^_eblvgZljb]jmiiu ^_]ZaZpbybkoh^guorbolh\uofZl_jbZeh\ ^_]ZaZpby`b^dh]hf_lZeeZi_j_^aZeb\dhc\ nhjfm ij_^mij_`^_gb_ \u^_e_gby ]Zah\ ba jZkl\hjZ \ ijhp_kk_ djbklZeebaZpbbf_lZeeZ\ nhjf_LZd dZd i_j\u_ ^\Z f_lh^Z oZjZdl_jgu ^ey \k_o kihkh[h\ eblvy b g_aZ\bkyl hl dhgkljmdlhjZ ^_lZeb lh hklZgh\bfky lhevdh gZ ihke_^g_ff_jhijbylbb D gbf hlghkylky djbklZeebaZpby ih^ ^Z\e_gb_f b eblv_ ih^^Z\e_gb_fk ih^ij_kkh\dhcF_lh^ djbklZeebaZpbb ih^ ^Z\e_gb_f hkgh\Zg gZ lhf qlh ijbih\ur_gghf^Z\e_gbbZlfkha^Z\Z_fhfgZ^djbklZeebamxsbfky\ nhjf_kieZ\hf\ jZkl\hj_gghfkhklhygbb\ f_lZee_fh`_lhklZlvky[hevr_]Zah\q_fijb Zlfhkn_jghf ^Z\e_gbb Ihwlhfm gZ^ nhjfZfb ihke_ aZeb\db \ Z\lhdeZ\_kha^Zxlih\ur_ggh_^Z\e_gb_ih^^_j`b\Z_fh_^hhdhgqZgbyaZl\_j^_\Zgby:gZeh]bqgh ih \ha^_ckl\bx gZ aZl\_j^_\Zxsbc f_lZee b ^Z\e_gb_ih^ij_kkh\db ijb eblv_ ih^ ^Z\e_gb_f Ih^h[gh \ukhdhfm ^Z\e_gbx ijbdjbklZeebaZpbb^_ckl\m_lmkdhj_ggh_hoeZ`^_gb_AZ^_j`Zlv]Zah\u^_e_gb_bajZkl\hjZ^hi_j_oh^Z\ l\_j^h_khklhygb_b ij_^mij_^blvh[jZah\Zgb_]Zah\uojZdh\bg \ hleb\dZo fh`_l b ih\ur_ggZy kdhjhklv hoeZ`^_gby Djhf_ lh]hih\ur_ggZy kdhjhklv hoeZ`^_gby y\ey_lky [eZ]hijbylghc _s_ b ihlhfm qlhh[_ki_qb\Z_l [hevrhc l_fi_jZlmjguc ]jZ^b_gl ih k_q_gbx hleb\db \ i_jbh^djbklZeebaZpbb Wlh mf_gvrZ_l kehc \ dhlhjhf ijhl_dZ_l djbklZeebaZpby \^Zggucfhf_glIhwlhfm]Zaumki_\rb_\u^_eblvkybajZkl\hjZfh]mle_]q_b[uklj__m^Zeblvkyq_j_a_s_`b^dbckieZ\ G_f_lZeebq_kdb_\dexq_gby< aZl\_j^_\r_f kieZ\_ hdbkeu gbljb^u b ^j y\eyxlky l_eZfbgZjmrZxsbfb kiehrghklv b _^bghh[jZab_ _]h kljmdlmju L\_j^u_g_f_lZeebq_kdb_ \dexq_gby qZklh bf_xl hklju_ m]eu b djZy \ dhlhjuoh[jZamxlkyagZqbl_evgu_dhgp_gljZpbbgZijy`_gbcLm]hieZ\db_^ey^Zggh]hkieZ\Z \dexq_gby l_fi_jZlmjZ ieZ\e_gby dhlhjuo ij_\urZ_l l_fi_jZlmjmieZ\e_gby ^Zggh]h kieZ\Z h[uqgh jZkiheZ]Z_lky \gmljb djbklZeeh\E_]dhieZ\db_ \dexq_gby \oh^yl \ we_dljbq_kdb_ ©k_ldbª b jZkiheZ]Zxlky ih]jZgbpZf a_j_g qZklh \uau\Zy ojmidhklv beb djZkghehfdhklvG_f_lZeebq_kdb_ \dexq_gby fh]ml g_[eZ]hijbylgh kdZaZlvky b gZ ijhp_kkZo\lhjbqghcdjbklZeebaZpbbG_dhlhju_ \dexq_gby fh]ml ihgb`Zlv obfbq_kdmx klhcdhklv kieZ\h\lZd dZd hgb h[jZamxl k hkgh\guf f_lZeehf kieZ\Z dhjjhabhggu_]Zev\Zgbq_kdb_iZjukihkh[kl\mxsb_jZa\blbxwe_dljhobfbq_kdboijhp_kkh\dhjjhabb Ebd\Zpby< ijhp_kk_ aZl\_j^_\Zgby j_Zevghc hleb\db kh^_j`ZsZyky \gmljbhleb\db `b^dhklv gZoh^blky \ g_ij_ju\ghf ^\b`_gbb < p_gljZevghc ahg_hleb\db ijhbkoh^bl dhg\_dlb\gh_ i_j_f_s_gb_ kieZ\Z Djhf_ lh]h \gmljbi_j_oh^ghc ahgu `b^dhklv pbjdmebjm_l f_`^m jZklmsbfb djbklZeeZfbH^gZdh \ [hevrbgkl\_ hleb\hd gZ[ex^Z_lky obfbq_kdZy g_h^ghjh^ghklvkieZ\Z \ \b^_ ahgZevghc ebd\Zpbb hl^_evguo we_f_glh\ H[uqgh ebd\bjmxlwe_f_glu jZkl\hjbfhklv dhlhjuo \ i_j\hgZqZevgh h[jZamxsboky l\_j^uodjbklZeeZo hlghkbl_evgh fZeZ GZijbf_j f_^v g_jZ\ghf_jgh jZkij_^_ey_lkyih k_q_gbx hleb\db ba Zexfbgb_\hf_^gh]h kieZ\Z Ijb \u^_e_gbbdjbklZeeh\k ihgb`_ggufkh^_j`Zgb_febd\bjmxs_]hwe_f_glZwlhlwe_f_glkdZieb\Z_lky \ `b^dhklb hdjm`Zxsbc djbklZee <hagbdZ_l agZqbl_evgZyjZagbpZ \ dhgp_gljZpbb we_f_glZ \gmljb `b^dhklb i_j_oh^ghc b \ khklZ\_fZlhqgh]hjZkl\hjZ\ p_glj_hleb\dbIh^^_ckl\b_f]jZ^b_glZdhgp_gljZpbb\`b^dhfkieZ\_ijhbkoh^bl^bnnmabywe_f_glZd p_gljmhleb\dbqlh\uau\Z_ljZa\blb_ahgZevghcebd\ZpbbOZjZdl_jebd\ZpbbaZ\bkblhlkdhjhklbhoeZ`^_gbyhleb\dbHq_\b^ghqlh [hevrZy kdhjhklv hoeZ`^_gby ijb\h^bl d ihemq_gbx hleb\db k emqrbfbf_oZgbq_kdbfb k\hckl\Zfb Ihwlhfm dhgkljmdlhj ^he`_g ihfgblv qlh ijbbkihevah\Zgbb ^ey ba]hlh\e_gby ba^_eby kieZ\Z kdehggh]h d ebd\Zpbb ijb\u[hj_ kihkh[Z eblvy ke_^m_l hl^Z\Zlv ij_^ihql_gb_ ijhp_kkm k [ukljufhoeZ`^_gb_fGZijbf_jijbeblv_ih^^Z\e_gb_fykgh\ujZ`_ggZyahgZevgZyebd\Zpby g_ mki_\Z_l jZa\b\Zlvky >_g^jblgZy `_ ebd\Zpby g_ hdZau\Z_lkms_kl\_ggh]h\ebygbygZdZq_kl\hhleb\hd GZijy`_gby\ hleb\dZob boihke_^kl\byDZ`^hc l_fi_jZlmj_ khhl\_lkl\m_l \iheg_ hij_^_e_gguc m^_evguch[t_f ^Zggh]h kieZ\Z \h \k_o Z]j_]Zlguo khklhygbyo K baf_g_gb_fl_fi_jZlmju baf_gy_lky m^_evguc h[t_f kieZ\Z kieZ\ ij_l_ji_\Z_ljZkrbj_gb_ beb km`_gb_ K\h[h^gh_ jZkrbj_gb_ kieZ\Z \k_]^Z hlebqZ_lky hljZkrbj_gby wlh]h kieZ\Z \ hleb\d_ ihlhfm qlh ijb jZkrbj_gbb k`Zlbbhleb\db\k_]^Z\hagbdZ_llhjfh`_gb_ij_iylkl\mxs__jZkrbj_gbxk`Zlbx<klj_qZxlky ljb hkgh\guo f_oZgbafZ lhjfh`_gby f_oZgbq_kdh_lhjfh`_gb_ mkZ^db jbk Z l_ieh\h_ lhjfh`_gb_ mkZ^db jbk [ bdhf[bgbjh\Zggh_lhjfh`_gb_mkZ^dbjbk\ijbwlhf\ hleb\d_\hagbdZxlgZijy`_gby Dh]^Z qbke_ggu_ agZq_gby gZijy`_gbc ij_\ukyl ij_^_eijhqghklb fZl_jbZeZ hleb\db lh hgZ jZajmrZ_lky GZjmr_gb_ kiehrghklbfZl_jbZeZ hleb\db \hagbdZxs__ ijb \ukhdbo l_fi_jZlmjZo gZau\Zxlky]hjyqbfb lj_sbgZfb Z ijb dhfgZlghc beb g_kdhevdh [he__ \ukhdhcl_fi_jZlmjZo oheh^gufblj_sbgZfbQZklhhleb\dbg_jZajmrZxlkygh\ gbohklZxlky \gmlj_ggb_ gZijy`_gby dhlhju_ baf_gyxlky \ ijhp_kk_ ojZg_gbywdkiemZlZpbb qlh ijb\h^bl d dhjh[e_gbx hleb\hd b baf_g_gbx bo jZaf_jh\Hkh[_gghaZf_lghbaf_g_gb_jZaf_jh\ihke_f_oZgbq_kdhch[jZ[hldbhleb\hdJbkKo_fZlhjfh`_gbymkZ^dbZf_oZgbq_kdh_[l_ieh\h_\dhf[bgbjh\Zggh_hleb\dZnhjfZ=eZ\Z Ebl_cgu_kieZ\ub booZjZdl_jbklbdb Qm]mguQm]mg ± wlh fgh]hdhfihg_glguc kieZ\ `_e_aZ k m]e_jh^hf b^jm]bfbwe_f_glZfbKljmdlmjZ b k\hckl\Z qm]mgh\ jZaebqgu ?keb \_kv m]e_jh^ kieZ\ZdjbklZeebam_lky\ \b^_]jZnblZZ f_lZeebq_kdZyhkgh\Z\ \b^_n_jjblZlhwlhk_juc n_jjblh\uc qm]mg ?keb `_ \_kv m]e_jh^ djbklZeebam_lky \ khklZ\_p_f_glblZ)H&lhwlh[_eucqm]mg< iheh\bgqZlhfqm]mg_gZjy^mk ]jZnblhfgZoh^blkykljmdlmjghk\h[h^gucp_f_glblGZ oZjZdl_j djbklZeebaZpbb qm]mgZ \eby_l fgh]h nZdlhjh\ D gbfhlghkblky kh^_j`Zgb_ we_f_glh\ ihklhyggh ij_iylkl\mxsbo \ qm]mg_ K 6L0Q 6 3 e_]bjmxsbo we_f_glh\ ;hevrh_ \ebygb_ hdZau\Z_l kdhjhklvhoeZ`^_gby qm]mgZ baf_g_gb_ dhlhjhc \ kl_gdZo jZaghc lhesbgu \uau\Z_lh[jZah\Zgb_jZaebqguofbdjhkljmdlmj\ h^ghcb lhc`_hleb\d_Kljmdlmju ihemqZxsb_ky ijb djbklZeebaZpbb qm]mgZ \ nhjf_ fh`ghkms_kl\_gghbaf_gblvihke_^mxs_cl_jfbq_kdhch[jZ[hldhcIhkjZ\g_gbxkhklZevx\ qm]mgZok h^bgZdh\hcf_lZeebq_kdhchkgh\hcf_gvr_ Z ij_^_e ijhqghklb ijb jZkly`_gbb Z lZd`_ ij_^_eu mijm]hklb bijhihjpbhgZevghklb [ ieZklbqghklv hlghkbl_evgh_ m^ebg_gb_ b m^ZjgZy\yadhklv\fh^mevmijm]hklb< lh `_ \j_fy qm]mg \ hlebqbb hl klZeb h[eZ^Z_l gbadhcqm\kl\bl_evghklvx d gZ^j_aZf ;eZ]h^Zjy wlhfm \hagbdZxsb_ \ qm]mgghchleb\d_ gZ^j_au jZdh\bgu ihju g_f_lZeebq_kdb_ \dexq_gby jbkdb ihke_f_oZgbq_kdhc h[jZ[hldb b lZd ^Ze__ \ fZehc kl_i_gb kgb`Zxl __dhgkljmdlb\gmx ijhqghklv Ih^h[gu_ `_ gZ^j_au \ klZevghc hleb\d_ j_adhmom^rZxl__ k\hckl\Zhkh[_gghieZklbqghklvb mklZehklgmxijhqghklv;eZ]h^Zjy wlbf ij_bfms_kl\Zf qm]mg \ jy^_ kemqZ_\ hdZau\Z_lky [he__gZ^_`gufdhgkljmdpbhgguffZl_jbZehfq_fklZevRbjhdh_jZkijhkljZg_gb_qm]mg ihemqbe [eZ]h^Zjy ohjhrbf l_ogheh]bq_kdbf k\hckl\Zf ohjhrZy`b^dhl_dmq_klvb h[jZ[Zlu\Z_fhklvj_aZgb_fb hlghkbl_evghc^_r_\baghcihkjZ\g_gbx k ^jm]bfb ebl_cgufb kieZ\Zfb H[eZklv ijbf_g_gby qm]mgZ \k_[he__ jZkrbjy_lky \ke_^kl\b_ g_ij_ju\gh]h ih\ur_gby _]h ijhqghklguo bl_ogheh]bq_kdbo k\hckl\ Z lZd`_ jZajZ[hldb qm]mgh\ gh\uo fZjhd khki_pbZevgufbnbabq_kdbfbb obfbq_kdbfbk\hckl\Zfb KlZebKlZevxgZau\Zxlky`_e_ahm]e_jh^bklu_kieZ\u kh^_j`Zsb_ ^h KGZjy^m k m]e_jh^hf \ klZeyo ijbkmlkl\mxl 0Q 6L 6 3 1 + 2 b ^jm]b_we_f_glu ihiZ\rb_ \ gbo \ ijhp_kk_ ba]hlh\e_gby LZdb_ we_f_glu dZd &U1L 0R 9 : ^h[Z\eyxl ^ey ijb^Zgby klZeb hkh[uo nbabq_kdbo nbabdhobfbq_kdbo k\hckl\ beb ih\ur_gby __ ijhqghklb KlZeb k ^h[Z\dZfb wlbowe_f_glh\gZau\Zxlkye_]bjh\Zggufb< ijhfure_gghklb ijbf_gyxl ljb ]jmiiu ebl_cguo klZe_cdhgkljmdpbhggu_bgkljmf_glZevgu_b khki_pbZevgufbk\hckl\ZfbBadhgkljmdpbhgguoklZe_cba]hlh\eyxl^_lZebg_kmsb_ f_oZgbq_kdb_gZ]jmadb Ih obfbq_kdhfm khklZ\m bo ih^jZa^_eyxl gZ m]e_jh^bklu_ gbadh bkj_^g_m]e_jh^bklu_b e_]bjh\Zggu_Babgkljmf_glZevguo klZe_c ba]hlh\eyxl eblhc bgkljmf_gl j_`msbcf_jbl_evgucrlZfih\hqgucb lZd^Ze__Ba klZe_c kh ki_pbZevgufb k\hckl\Zfb dhjjhabhgghklhcdb_`Zjhijhqgu_ dbkehlhmihjgu_ baghkhklhcdb_ \uihegyxl eblu_ ba^_ebyih^\_j]Zxsb_ky\ha^_ckl\bxjZaebqguokj_^\ukhdbol_fi_jZlmjb gZ]jmahd< ijb[hjhkljh_gbbgZb[he__rbjhdh_ijbf_g_gb_gZrebm]e_jh^bklu_klZebM]e_jh^bklZy klZev < aZ\bkbfhklb hl kh^_j`Zgby m]e_jh^Z klZev ^_eyl gZgbadhm]e_jh^bklmx ^h K kj_^g_m]e_jh^bklmx hl ^h K\ukhdhm]e_jh^bklmx[he__KM]e_jh^ y\ey_lky hkgh\guf we_f_glhf hij_^_eyxsbf f_oZgbq_kdb_k\hckl\Z m]e_jh^bkluo klZe_c M\_ebq_gb_ kh^_j`Zgby m]e_jh^Z ih\urZ_lijhqghklv b kgb`Z_l ieZklbqghklv klZeb < aZ\bkbfhklb hl kh^_j`Zgbym]e_jh^Z hl ^h klZev ^_eyl gZ ^_\ylv fZjhd E E E EE E E E E FZjdb klZeb h[hagZqZxl pbnjZfbkhhl\_lkl\mxsbfb kj_^g_fm kh^_j`Zgbx m]e_jh^Z mdZau\Zxlky khlu_ ^hebijhp_glZ b [md\hc E eblZy GZijbf_j klZev kh^_j`Zsmx Kh[hagZqZxlEEbl_cgu_ k\hckl\Z m]e_jh^bkluo klZe_c gb`_ qm]mgh\ GZijbf_j`b^dhl_dmq_klv\ kj_^g_f\ ^\ZjZaZf_gvr_`b^dhl_dmq_klbqm]mgh\MkZ^dZ\^\ZjZaZ[hevr_mkZ^dbqm]mgh\MkZ^dZklZeb\ `b^dhfkhklhygbbb \i_jbh^djbklZeebaZpbb\uau\Z_lh[jZah\Zgb_mkZ^hqguojZdh\bgb ihjbklhklbIhemq_gb_ iehlguo hleb\hd h[_ki_qb\Z_lky ijZ\bevghc dhgkljmdpb_chleb\dbmklZgh\dhcijb[ue_cb kha^Zgb_fgZijZ\e_ggh]haZl\_j^_\ZgbyMkZ^dZklZeb\ l\_j^hfkhklhygbbfh`_l\ua\Zlvh[jZah\Zgb_]hjyqboboheh^guo lj_sbg dhjh[e_gb_ hleb\hd \ukhdb_ \gmlj_ggb_ gZijy`_gby bbaf_g_gb_ebg_cguojZaf_jh\KlZeb hkh[_ggh e_]bjh\Zggu_ h[eZ^Zxl iehobfb ebl_cgufbk\hckl\Zfb :exfbgb_\u_kieZ\u>ey ba]hlh\e_gby hleb\hd bkihevamxl iylv ]jmii Zexfbgb_\uokieZ\h\ gZ hkgh\_ kbkl_fu Zexfbgbcdj_fgbc Zexfbgbcf_^v ZexfbgbcfZ]gbckbkl_fuZexfbgbcdj_fgbcf_^vijhqb_kieZ\u:exfbgb_\u_ kieZ\u bf_xl \ukhdmx m^_evgmx ijhqghklv ijbghjfZevghc l_fi_jZlmj_ ohjhrh ijhlb\hklhyl dhjjhabb \ Zlfhkn_jguomkeh\byoh[eZ^Zxl\ukhdbfbebl_cgufbk\hckl\ZfbIh=HKLmZexfbgb_\u_kieZ\uh[hagZqZxl:E:E:EqbkeZ±ihjy^dh\ucghf_jGZb[hevr__ijbf_g_gb_\ ijhfure_gghklbihemqbebkieZ\ui_j\hcbq_l\_jlhc]jmiiKieZ\u kbkl_fu Zexfbgbcdj_fgbc lbibqguc ij_^klZ\bl_ev ± kieZ\:E rbjhd ijbf_gy_fuc \ ijhfure_gghklb Ih kh^_j`Zgbx dj_fgby hg[ebahd d w\l_dlbq_kdhfm b ihwlhfm h[eZ^Z_l emqrbfb q_f ^jm]b_ kieZ\uebl_cgufbk\hckl\Zfb>\hcgu_ ^hw\l_dlbq_kdb_ kieZ\u Zexfbgby b dj_fgby bf_xlg_\ukhdmx ijhqghklv Ihwlhfm \ khklZ\ bo \\h^yl fZ]gbc h[jZamxsbc kdj_fgb_f obfbq_kdh_ kh_^bg_gb_ 0J6L mijhqgyxs__ kieZ\ \ ijhp_kk_l_jfbq_kdhch[jZ[hldbgZijbf_jkieZ\:EGZb[he__ \j_^ghc ijbf_kvx ^ey kbemfbgh\ y\ey_lky `_e_ah H[jZamyojmidb_ljhcgu_$O)H6Lb [he__keh`gu_nZaudjbklZeebamxsb_ky\ \b^_ieZklbg `_e_ah kms_kl\_ggh kgb`Z_l ieZklbq_kdb_ k\hckl\Z kieZ\h\ >eyg_cljZebaZpbb\j_^gh]h\ebygby`_e_aZ\ kieZ\\\h^ylfZj]Zg_p>_kylu_^hebfZj]ZgpZ kihkh[kl\mxl i_j_\h^m \u^_e_gghc `_e_abklhc khklZ\eyxs_c \[he__ [eZ]hijbylgmx dhfiZdlgmx nhjfm gZijbf_j kieZ\ :E kh^_j`Zsbc$O0J0Q0JIjb eblv_ \ i_kqZgu_ nhjfu e_]bjh\Zgb_ kbemfbgh\ fZ]gb_f bfZj]Zgp_fg_h[_ki_qb\Z_l_s_ihemq_gb_g_h[oh^bfuof_oZgbq_kdbok\hckl\baaZ ]jm[h]h \u^_e_gby \ w\l_dlbd_ Ihwlhfm ijb eblv_ \ jZah\u_gbadhl_iehijh\h^gu_ nhjfu kieZ\u kbkl_fu Zexfbgbc dj_fgbckh^_j`Zsb_g_f_g__K 6Lih^\_j]Zxlfh^bnbpbjh\Zgbx>eywlhcp_eb\jZkieZ\ \\h^yl 1D < ijbkmlkl\bb gZljby w\l_dlbq_kdbc dj_fgbc\u^_ey_lky \ \b^_ lhgdbo lhgdh^bki_jkguo ieZklbg qlh [eZ]hijbylghhljZ`Z_lky ieZklbq_kdbo k\hckl\Zo :gZeh]bqgh_ \ebygb_ hdZau\Zxl gZkljmdlmjm kieZ\Z ijbkZ^db dZevpby b dZeby hdbkeh\ s_ehqguo f_lZeeh\kmjvfZ\bkfmleblbc[hjb lZd^Ze__KieZ\u gZ hkgh\_ kbkl_fu Zexfbgbcf_^v gZijbf_j kieZ\ :Eh[eZ^Zxlgbadhcdhjjhabhgghcklhcdhklvxb g_^hklZlhqghcieZklbqghklvx<hlebqbb hl kieZ\h\ i_j\hc ]jmiiu hgb ohjhrh h[jZ[Zlu\Zxlky j_aZgb_f <ke_^kl\bbrbjhdh]hbgl_j\ZeZdjbklZeebaZpbbkieZ\uwlhc]jmiiukdehggudh[jZah\Zgbx mkZ^hqguo lj_sbg b jZkk_ygghc mkZ^hqghc ihjbklhklbHlebqbl_evghc hkh[_gghklvx Zexfbgb_\hf_^guo kieZ\h\ y\ey_lky bol_iehijhqghklvF_oZgbq_kdb_b wdkiemlZpbhggu_k\hckl\ZkieZ\h\memqrZxlijbkZ^dZfb fZj]ZgpZ b lblZgZ kieZ\ :E b l_jfbq_kdhc h[jZ[hldhckh^_j`Zl$O&X0Q7L:exfbgb_\u_ kieZ\u k f_^vx b dj_fgb_f rbjhdh bkihevamxl ^eyba]hlh\e_gby ^_lZe_c h[eZ^Zxsbo ^hklZlhqghc l\_j^hklvx b ijhqghklvxkhojZgyxsboihklhygkl\h\ ijhp_kk_wdkiemZlZpbbb hl\_qZxsbolj_[h\Zgbyfih qbklhl_ h[jZ[hlZgghc ih\_joghklb dhjimku jZaebqguo ijb[hjh\ Kj_^bkieZ\h\wlhc]jmiiugZb[he__[eZ]hijbylgufbk\hckl\Zfbh[eZ^Z_l:EKieZ\u kbkl_fu ZexfbgbcfZ]gbc lbibqguc ij_^klZ\bl_ev kieZ\:E hlebqZxlky gbadhc iehlghklvx b \ukhdhc dhjjhabhgghc klhcdhklvx bijhqghklvx bo bkihevamxl ^ey ba]hlh\e_gby hleb\hd bkiulu\Zxsbo[hevrb_ \b[jZpbhggu_ gZ]jmadb beb ih^\_j]Zxsb_ky \ha^_ckl\bx fhjkdhc\h^u<\h^yl^h[Z\db0Qb 6L gZijbf_jkieZ\:Ekh^_j`bl $O0J0Q6L<ke_^kl\b_ ih\ur_gghc kdehgghklb d hdbke_gbx h[jZah\ZgbxmkZ^hqguo lj_sbg b juoehl \aZbfh^_ckl\bx k \eZ]hc nhjfu ihgb`_gghc`b^dhl_dmq_klb ba]hlh\e_gb_ hleb\hd fZ]gb_\uo kieZ\h\ \ khklZ\nhjfh\hqguo kf_k_c \\h^yl ki_pbZevgu_ ijbkZ^db [hjgmx dbkehlm k_jm bijij_^hojZgyxsb_kyjZkieZ\hlaZ]hjZgby\ nhjf_< aZ\bkbfhklbhlkhklZ\ZkieZ\Zhleb\dbijhoh^ylhij_^_e_ggucj_`bfl_jfbq_kdbc h[jZ[hldb OZjZdl_jguf y\ey_lky lZd`_ ijhibldZ ihjbkluohleb\hdjZaebqgufbeZdZfb< ihke_^g__ \j_fy jZajZ[hlZgu gh\u_ \ukhdhijhqgu_ ebl_cgu_Zexfbgb_\u_kieZ\ufZjhd:EF:E>:EFKieZ\u fZjhd :E> b :EF hlghkylky ih k\h_fm khklZ\m d kbkl_f_Zexfbgbcdj_fgbcf_^vfZ]gbc>hihegbl_evgh_ e_]bjh\Zgb_ kieZ\h\ lbiZ kbemfbg f_^vx b fZ]gb_fiha\hebeh ihemqblv kieZ\u k \ukhdhc ijhqghklvx b \ukhdhcl_ogheh]bqghklvxijbeblv_ih^^Z\e_gb_fb \dhdbevKieZ\fZjdb:E> jZajZ[hlZgijbf_gbl_evgh^eyeblvyih^^Z\e_gb_fihwlhfm^eyij_^hl\jZs_gby\hafh`ghklbijb\Zjb\Zgbyf_lZeeZd nhjf_\ _]hkhklZ\\\_^_gugZb[hevrb_^h[Z\dbfZj]ZgpZb ojhfZ>h[Z\dblblZgZ\ kieZ\baf_evqZxl kljmdlmjm F_oZgbq_kdb_ k\hckl\Z h[jZaph\ ba kieZ\Z :E>\uj_aZgguo ba ^_lZe_c hlebluo ih^ ^Z\e_gb_f k ijbf_g_gb_f \ZdmmfZke_^mxsb_ G\ d]kff G qlh khhl\_lkl\m_l ijhqghklbm]e_jh^bklhcklZebDhfie_dkgh_ e_]bjh\Zgb_ kieZ\Z :EF ^h[Z\dZfb j_^dbo we_f_glh\lblZghf [_jbeeb_f pbjdhgb_f [hjhf b ijbf_g_gb_ bkoh^guo fZl_jbZeh\\ukhdhc qbklhlu h[_ki_qb\Z_l \ukhdb_ f_oZgbq_kdb_ k\hckl\Z KieZ\ [uemki_rghhijh[h\Zgijbeblv_^_lZe_cf_lh^hfrlZfih\db`b^dh]hf_lZeeZbijbeblv_\ dhdbevF_oZgbq_kdb_k\hckl\ZgZ\uj_aZgguoh[jZapZoG\ d]kff G KieZ\u :E> b :EF y\eyxlky l_jfbq_kdb mijhqgy_fufb ihwlhfm\ukhdb_ f_oZgbq_kdb_ k\hckl\Z wlbo kieZ\h\ fh]ml [ulv ihemq_gu lhevdhihke_aZdZedbb bkdmkkl\_ggh]hklZj_gbyKieZ\:EF jZajZ[hlZggZhkgh\_klZg^Zjlgh]hkieZ\Z:Ekbkl_fuZexfbgbcpbgddj_fgbc Wlhl kieZ\ ^hihegbl_evgh e_]bjh\Zg lblZghfpbjdhgb_f[_jbeeb_ff_^vxfZ]gb_fb [hjhfKe_^m_lhlf_lblvqlh\ hilbq_kdhfijb[hjhkljh_gbbgZb[he__rbjhdh_ijbf_g_gb_ihemqbekieZ\:EBawlh]hkieZ\Zevxlky^_lZebba]hlh\ey_fu_dZdeblv_f\ a_fexlZdb eblv_fih^^Z\e_gb_fIjbf_g_gb_wlh]hkieZ\Z^eyeblvy ih^ ^Z\e_gb_f g_ bf__l m[_^bl_evguo hkgh\Zgbc lZd dZd hkgh\gh_ _]hij_bfms_kl\h ± \ukhdZy `b^dhl_dmq_klv l_jy_lky baaZ ki_pbnbdb eblvy ih^^Z\e_gb_f Hkgh\gu_ `_ g_^hklZldb ± iehoZy h[jZ[Zlu\Z_fhklv j_aZgb_fg_\ukhdb_ f_oZgbq_kdb_ k\hckl\Z Z hkh[_ggh hlghkbl_evgh_ m^ebg_gb_ G_kemqZcghihwlhfm\ [hevrbgkl\_kljZg\ dZq_kl\_lbih\uokieZ\h\^eyeblvyih^ ^Z\e_gb_f ijbgylu kieZ\u lbiZ Zexfbgbcdj_fgbcf_^v ZexfbgbcfZ]gbcF_^v ih\urZ_l ij_^_e ijhqghklb ijb jZkly`_gbb b qlh hkh[_ggh\Z`gh \ Zexfbgb_\uo kieZ\Zo ih\urZ_l bo l\_j^hklv `b^dhl_dmq_klvmf_gvrZ_l kdehgghklv d h[jZah\Zgbx p\_lh\ ih[_`Zehklb memqrZy \g_rgbc\b^hleb\dbb boh[jZ[Zlu\Z_fhklv FZ]gb_\u_kieZ\uHleb\db ba fZ]gb_\uo kieZ\h\ rbjhdh ijbf_gyxlky ]eZ\guf h[jZahflZf]^_hgbiha\heyxlkgbablvfZkkmba^_ebyFZ]gb_\u_kieZ\u\ jZaZe_]q_klZebboiehlghklvdhe_[e_lkyhl^hd]kfH[eZklvijbf_g_gbykieZ\h\g_ij_ju\ghjZkrbjy_lkyqlhh[mkeh\e_ghbohlghkbl_evgh\ukhdbfbf_oZgbq_kdbfb b wdkiemlZpbhggufb dZq_kl\Zfb Z lZd`_ kgb`_gb_fklhbfhklb Ihke_^g__ h[klhyl_evkl\h hij_^_ey_lky ihkl_i_gguf kgb`_gb_fklhbfhklb we_dljhwg_j]bb y\eyxs_cky hkgh\ghc klZlv_c jZkoh^_ ijbijhba\h^kl\_f_lZeebq_kdh]hfZ]gbyIh =HKLm fZ]gb_\u_ kieZ\u h[hagZqZxl Fe Fe Fe qbkeZihjy^dh\ucghf_jIh obfbq_kdhfm khklZ\mebl_cgu_ fZ]gb_\u_ kieZ\u ^_eyl gZke_^mxsb_ ]jmiiu kieZ\h\ ± kbkl_fu fZ]gbcfZj]Zg_p Fe ± fZ]gbcZexfbgbcpbgdFeFeFeFeFe± fZ]gbcpbgdpbjdhgbcFe<Fe±e_]bjh\Zggu_j_^dha_f_evgufbf_lZeeZfbFeFeFeb ±kh^_j`Zsb_lhjbcFe<Fe>ey ba]hlh\e_gby hleb\hd qZs_ ^jm]bo bkihevamxl kieZ\u \lhjhc]jmiiu Emqrbfb ebl_cgufb k\hckl\Zfb ba gbo h[eZ^Zxl Fe b Fe WlbkieZ\u ij_^gZagZq_gu ^ey ijhba\h^kl\Z \ukhdhgZ]jm`_gguo hleb\hdjZ[hlZxsbo\ ly`_euoZlfhkn_jguomkeh\byok \ukhdhc\eZ`ghklvxKieZ\ Fe bkihevamxl ijb ba]hlh\e_gbb hleb\hd ijhklhcdhgnb]mjZpbb k ih\ur_gghc ]_jf_lbqghklvx ^ey jZ[hlu ijb kj_^gboklZlbq_kdbo b ^bgZfbq_kdbo gZ]jmadZo < hlebqb_ hl Fe b Fe kieZ\ Feh[eZ^Zxsbf g_[hevrbf bgl_j\Zehf djbklZeebaZpbb b fZehc kdehgghklvx dh[jZah\Zgbxfbdjhihjbklhklbbf__lih\ur_ggmxkdehgghklv d h[jZah\Zgbxlj_sbgZ ijbaZljm^g_gghcmkZ^d_b gbadmx`b^dhl_dmq_klvKZfucrbjhdbcbgl_j\Ze djbklZeebaZpbb ba kieZ\h\ \lhjhc ]jmiiu bf__l Fe Ih wlhcijbqbg_ hleb\db ba wlh]h kieZ\Z ij_^jZkiheh`_gu d fbdjhihjbklhklb b]hjyq_ehfdhklb KieZ\ Fe h[eZ^Z_l \ukhdhc dhjjhabhgghc klhcdhklvx <k_kieZ\u\lhjhc]jmiiumijhqgyxlkyl_jfbq_kdhch[jZ[hldhc KieZ\ugZf_^ghchkgh\_JZaebqZxl^\_hkgh\gu_]jmiiuf_^guokieZ\h\eZlmgb ±kieZ\uf_^bk pbgdhfb [jhgau ±kieZ\uf_^bk ^jm]bfbwe_f_glZfbaZbkdexq_gb_fpbgdZH[hagZqZxlky kieZ\u gZqZevghc [md\hc E ± eZlmgv ;j ± [jhgaZ ihke_ q_]hke_^mxl [md\u hkgh\guo we_f_glh\ gZijbf_j H ± heh\h P ± pbgd Fp ±fZj]Zg_p@ ±`_e_ahN ±nhknhjb lZd^Ze__Pbnjuke_^mxsb_aZ[md\hcmdZau\Zxl dhebq_kl\h e_]bjmxsbo we_f_glh\ GZijbf_j E@Fp ±eZlmgvkh^_j`ZsZy&X)H 0Qb hklZevgh_pbgdbeb;jN±[jhgaZkh^_j`ZsZy6Q 3 b hklZevgh_f_^vF_^gu_ kieZ\u bf_xl kjZ\gbl_evgh \ukhdb_ f_oZgbq_kdb_ bZglbnjbdpbhggu_ k\hckl\Z ohjhrh ijhlb\hklhyl dhjjhabb \ kj_^_ fhjkdhc\h^u iZjZ b lZd ^Ze__ khojZgyxl \ukhdmx ieZklbqghklv ijb gbadbol_fi_jZlmjZoHgbg_fZ]gblgue_]dhihebjmxlkyb h[jZ[Zlu\Zxlkyj_aZgb_fbf_xlm^h\e_l\hjbl_evgu_ebl_cgu_k\hckl\Z LblZgb _]hkieZ\uLblZg ± f_lZee k_j_[jbklh[_eh]h p\_lZ h[eZ^Z_l gbadhcl_iehijh\h^ghklvx \ jZa f_gvr_ q_f m Zexfbgby gbadbf fh^me_fghjfZevghc mijm]hklb \ukhdbf we_dljhkhijhlb\e_gb_f b agZqbl_evghcZgbahljhib_cg_dhlhjuonbabq_kdbok\hckl\L_ogbq_kdbclblZg[eZ]h^Zjy\ukhdhfmkhijhlb\e_gbxdhjjhabbfZehciehlghklb]kf klZev±]kf\ukhdhcijhqghklbij_^_eijhqghklbijbjZkly`_gbb d]kff y\ey_lky ij_djZkguf fZl_jbZehf ^eyijb[hjhkljh_gby Ba^_eby ba lblZgh\uo kieZ\h\ ohjhrh jZ[hlZxl ijbagZqbl_evguo hljbpZl_evguo l_fi_jZlmjZo \iehlv ^h l_fi_jZlmju `b^dh]hZahlZLblZg e_]bjm_lky lZdbfb ^h[Z\dZfb dZd $O 9 0Q &U 1E 6Q )H =ULblZgh\u_kieZ\uh[hagZqZxlky[md\Zfb<L< gZklhys__\j_fy^eyeblvyijbf_gyxlkieZ\u<L<L<L<LEblv_lblZgh\uokieZ\h\\uau\Z_l[hevrb_l_ogheh]bq_kdb_ljm^ghklbh[mkeh\e_ggu_ Zdlb\guf \aZbfh^_ckl\b_f `b^dh]h jZkieZ\Z kh \k_fbbkihevam_fufb \ gZklhys__ \j_fy ^ey ba]hlh\e_gby ebl_cguo nhjffZl_jbZeZfb LblZg ijb \ukhdbo l_fi_jZlmjZo Zdlb\gh \aZbfh^_ckl\m_l kZahlhf b dbkehjh^hf J_Zdpby k Zahlhf ijhl_dZ_l lZd`_ Zdlb\gh dZd ]hj_gb_g_dhlhjuo \_s_kl\ \ kj_^_ dbkehjh^Z Ihwlhfm ieZ\dm lblZgh\uo kieZ\h\ijh\h^yllhevdh\ \Zdmmfguoi_qZo=eZ\Z OZjZdl_jbklbdZ hkgh\guoijbf_gy_fuo\ ijb[hjhkljh_gbbkihkh[h\eblvy Eblv_ih @KKBkihevah\Zgb_ ^ey aZeb\db kujuo nhjf g_ \k_]^Z iha\hey_l ihemqblvhleb\db k lj_[h\Zgbyfb khhl\_lkl\mxsbfb \ukhdhfm dZq_kl\m baaZ gbadhcqbklhlu ih\_joghklb ih\ur_gghc lhesbgu kl_ghd b ke_^h\Zl_evghaZ\ur_ggh]h \_kZ hleb\hd Ih wlhc ijbqbg_ ijboh^blky \\h^blv h[jZ[hldmhleb\hd ^Z`_ ih l_f ih\_joghklyf dhlhju_ fh`gh [ueh [u hklZ\eylv \^_lZeyo eblufb Ijbf_g_gb_ @KK iha\hey_l mf_gvrblv lhesbgm kl_ghdhleb\hd ih\ukblv lhqghklv b qbklhlm ih\_joghklb Gb`_ jZkkfhlj_guhkh[_gghklbijhp_kkZeblvyih@KKihkjZ\g_gbxk eblv_f\ a_fexBkoh^gu_ fZl_jbZeu ^ey ijb]hlh\e_gby @KK Nhjfh\hqgZy kf_kvkhklhbl ba gZihegbl_ey b `b^dhc dhfihabpbb < dZq_kl\_ gZihegbl_e_cijbf_gyxl f_edha_jgbklu_ d\Zjp_\u_ i_kdb k kh^_j`Zgb_f ]ebgu g_ [he__ b \eZ`ghklvx g_ [he__ b n_jjhojhfh\uc reZd ke_^mxs_]h khklZ\Z \&D26L2$O20J2&U2)H2< `b^dmx dhfihabpbx \oh^bl `b^dh_ kl_deh ih\_joghklgh Zdlb\gu_^h[Z\dbb \h^Z@b^dh_ kl_deh 0H2 Q 6L2 P +2 ]^_ 0H2 fh`_l [ulv 1D2 bebD2 h[uqghijbf_gyxlkl_deh©<ªk fh^me_f< dZq_kl\_ ih\_joghklgh]h Zdlb\gh]h \_s_kl\Z ijbf_gy_lky dhglZdlI_ljh\ZDIihemqZ_lkyd_jhkbgh\h]h^bklbeeZlZg_nlbk_jgufZg]b^jb^hfIjb]hlh\e_gb_ @KK >ey ba]hlh\e_gby `b^dhc kf_kb bkihevamxlki_pbZevgu_kf_kbl_evgu_mklZgh\dbKo_fZkf_kbl_evghcmklZgh\dbihdZaZgZgZ jbk >habjh\Zgb_ dhfihg_glh\ nhjfh\hqghc kf_kb hkms_kl\ey_lky gZ\_kZo\fhglbjh\Zgguo\ kf_kbl_evgmxmklZgh\dmKgZqZeZ\ jZkl\hjhf_rZedmihklmiZxl kmob_ dhfihg_glu i_khd b reZd i_j_f_rb\Zxlky \ l_q_gb_ fbg >ey ^hklb`_gby lj_[m_fhc kl_i_gb h^ghjh^ghklb Ihke_ wlh]h \kf_kbl_ev \\h^blky `b^dZy dhfihabpby b ijhba\h^blky i_j_f_rb\Zgb_ \l_q_gb_ fbgPbdeijb]hlh\e_gby kf_kb ^eblky fbg ijhbkoh^bli_ghh[jZah\Zgb_b kf_kvijbh[j_lZ_ll_dmq_klvb kihkh[ghklve_]dhijhgbdZlv\h\k_s_ebb m]em[e_gbynhjfukZfhl_dhfFh^_ebb kl_j`g_\u_ysbdb ba]hlZ\eb\Zxlkyba^_j_\Zb f_lZeeZIjbwlhf ih\_joghklb fh^_e_c b ysbdh\ h[jZ[Zlu\Zxl ki_pbZevguf ihdjulb_flZd dZd kf_kv @KK h[eZ^Z_l ih\ur_gghc ijbebiZ_fhklvx d fZl_jbZemfh^_e_c b kl_j`g_c KgZqZeZ ihdju\Zxl gbljhriZde_\dhc aZl_f aZqbsZxlgZ`^Zqghc [mfZ]hc b djZkyl gbljhdjZkdhc \ ^\Z kehy <u^_j`dZ ihke_ihdjZkdb±qZkZgZ\ha^mo_JbkKo_fZba]hlh\e_gbynhjfuba@KKBa]hlh\e_gb_ nhjf b kl_j`g_c Fh^_ev k hihdhc ih^Z_lky ih^ kf_kbl_evgh_mkljhckl\h Ij_^\Zjbl_evgh ih\_joghklv fh^_eb b ih^fh^_evghc iebluihdju\ZxljZa^_ebl_evgufihdjulb_fkf_kvfZamlZd_jhkbgZb k_j_[jbklh]h]jZnblZ beb obfbq_kdb klhcdbc eZd =hlh\Zy kf_kv \uimkdZ_lky bakf_kbl_ey gZ fh^_ev b kl_j`g_\hc ysbd jZkl_dZ_lky lhqgh \uihegyydhgnb]mjZpbx hleb\db Ba]hlh\e_gb_ nhjfu aZeb\dZ kf_kvx aZgbfZ_lg_kdhevdh k_dmg^ GZebqb_ \ khklZ\_ kf_kb `b^dh]h kl_deZ kihkh[kl\m_l[ukljhfm aZl\_j^_\Zgbx nhjfu gZ \ha^mo_ LZd dZd ba\e_q_gb_ fh^_ebijhba\h^blky ba l\_j^hc nZau lh jZaf_ju ihehklb g_ baf_gyxlky ijbba\e_q_gbbfh^_ebqlhiha\hey_lih\ukblvlhqghklvhleb\hd>Zevg_crb_hi_jZpbbk[hjdbb aZeb\dbnhjfu^_eZxlkylhqghlZd `_dZd b ijb h[uqghf eblv_ \ a_fe_ Mqblu\Zy qlh aZeb\dZ hkms_kl\ey_lky \kmomx l\_j^mx nhjfm l_iehijh\h^ghklv dhlhjhc f_gvr_ q_f kujhcihy\ey_lky\hafh`ghklvmf_gvrblvlhesbgmkl_ghdhleb\hdIjbf_g_gb_ kihkh[Z eblvy >ey ba]hlh\e_gby [hevrbo dhjimkh\ijb[hjh\ ba qm]mgZ b Zexfbgb_\uo kieZ\h\ k lhesbghc kl_gdb ffLhqghklv hleb\hd ± d\Zebl_l r_jhoh\Zlhklv ih\_joghklb E_]dhZ\lhfZlbabjm_lkyb f_oZgbabjm_lky Eblv_\ h[hehqdh\u_nhjfuH[hehqdh\u_nhjfulZd`_dZdb i_kqZgh]ebgbklu_b @KKy\eyxlkyjZah\ufb NhjfZ ij_^klZ\ey_l kh[hc ijhqgmx lhgdmx h[hehqdm ff k]eZ^dhcjZ[hq_cih\_joghklvxb lhqgufbjZaf_jZfbihehklbNhjfh\hqgmx kf_kv ijb]hlh\eyxl ba f_edha_jgbklh]h i_kdZ bkbgl_lbq_kdhc l_jfhj_Zdlb\ghc kf_kb dhlhjZy y\ey_lky k\yamxsbfWlb kf_kb y\eyxlky i_kqZghkfheygufb Kihkh[ ba]hlh\e_gby h[hehq_dh[hkgh\ZggZki_pbnbq_kdbok\hckl\Zol_jfhj_Zdlb\guokfheKfheuijbdhfgZlghcl_fi_jZlmj_gZoh^ylky\ l\_j^hfkhklhygbbijbgZ]j_\_ ^h qK jZafy]qZxlky klZgh\ylky ihem`b^dbfb \yadbfbde_cdbfb Ijb ^Zevg_cr_f gZ]j_\_ ^h qK l_jfhj_Zdlb\gu_ kfheug_h[jZlbfh l\_j^_xl ijhqghklv bo j_adh ih\urZ_lky b khojZgy_lky ihke_hoeZ`^_gby^hdhfgZlghcl_fi_jZlmjuBa]hlh\e_gb_ h[hehqdh\uo nhjf Fh^_evgmx ieblm gZ dhlhjhcaZdj_ie_gZ fh^_ev fh^_evgmx ieblm b fh^_ev ba]hlZ\eb\Zxl ba f_lZeeZjbk Z gZ]j_\Zxl ^h qK b gZ __ jZ[hqmx ih\_joghklvimev\_jbaZlhjhfbeb dbklvx gZghkyl lhgdmx ie_gdm jZa^_ebl_evgh]h khklZ\ZgZijbf_j kbebdhgh\hc `b^dhklb qlh[u ij_^hl\jZlblv ijbebiZgb_ kf_kb dfh^_eyfGZ ]hjeh\bgm ih\hjhlgh]h [mgd_jZ kh kf_kvx mklZgZ\eb\Zxl]hjyqmxfh^_evgmxieblmihke_mdj_ie_gbydhlhjhcih\hjZqb\Zxl[mgd_jgZq I_kqZghkfheygZy kf_kv iZ^Z_l gZ ih\_joghklv ieblu b fh^_eb Ih^^_ckl\b_fl_ieZkehckf_kbijbe_]Zxsbcd fh^_ebb iebl_ijh]j_\Z_lkyaZ k ^h l_fi_jZlmju jZkieZ\e_gby kfheu gZ ]em[bgm ff < wlhf keh_a_jgZ i_kdZ hdZau\Zxlky kde__ggufb jZkieZ\e_gghc kfhehc HklZevgmxkuimqmx qZklv kf_kb m^Zeyxl ih\hjhlhf [mgd_jZ gZ q \ bkoh^gh_iheh`_gb_HklZ\rmxky iheml\_j^mxh[hehqdm\f_kl_k ih^fh^_evghcieblhcihf_sZxl \ i_qv ]^_ hgZ g_h[jZlbfh aZl\_j^_\Z_l ijb l_fi_jZlmj_ ijbgZ]j_\Zgbb__ \l_q_gbb k ijbl_fi_jZlmj_qKIhke_ba\e_q_gbyba i_qb ijhqgmx h[hehqdh\mx ihemnhjfm kgbfZxl k fh^_evghc ieblu ijbihfhsb \ulZedb\Zl_e_c LZd`_ ba]hlZ\eb\Zxl \lhjmx h[hehqdh\mxihemnhjfmIjhp_kk ba]hlh\e_gby h[hehqdh\uo kl_j`g_c ZgZeh]bq_g ijhp_kkmba]hlh\e_gbyihemnhjf< ih^h]j_lucb kfZaZgguckl_j`g_\hcysbdjbk[ gZkuiZxl i_kqZghkfheygmx kf_kv q_j_a k ihke_ h[jZah\Zgbyh[hehqdb \ukuiZxl g_ijh]j_lmx hklZ\rmxky kuimqmx kf_kv H[hehqdZl\_j^__lijb^Zevg_cr_fgZ]j_\_ysbdZAZl_fysbdjZkdju\Zxlb ba\e_dZxlkl_j`_gvFh^_eb ieblu b kl_j`g_\u_ ysbdb \ hkgh\ghf ba]hlZ\eb\Zxlky baqm]mgZj_`_baklZebb Zexfbgb_\uokieZ\h\H[hehqdh\u_ ihemnhjfu kh[bjZxl kde_b\Zy [ukljhl\_j^_xsbfl_jfhj_Zdlb\guf de__f < hoeZ`^_ggmx ihemnhjfm mklZgZ\eb\Zxl kl_j`_gvgZ__ djZygZghkylde_clhesbghc ffgZdeZ^u\Zxl\lhjmx ]hjyqmx qK ihemnhjfm ijb`bfZxl __ d i_j\hc ki_pbZevguf ijbkihkh[e_gb_f b\u^_j`b\Zxlk ^eyhl\_j^_gbyde_y>eyp_gljbjh\Zgbyihemnhjf\ h^ghcbagbo^_eZxlm]em[e_gby\ ^jm]hc±\uklmiuJbkKo_fZeblvy\ h[hehqdh\mxnhjfm=hlh\u_kde__ggu_h[hehqdh\u_nhjfujbk\mklZgZ\eb\Zxl\f_lZeebq_kdb_ysbdbaZkuiZxli_kdhfbebqm]mgghc^jh[vxaZeb\Zxl`b^dbff_lZeehfb ihemqZxlhleb\dmihke_jZajmr_gbyh[hehqdbHkh[_gghklb kihkh[Z b h[eZklb _]h ijbf_g_gby Ijbf_g_gb_f_edha_jgbkluo i_kdh\ \ kf_kyo kihkh[kl\m_l ihemq_gbx ]eZ^dhc jZ[hq_cih\_joghklbh[hehqdh\uonhjfb kl_j`g_cL\_j^_gb_ kf_kb g_ihkj_^kl\_ggh gZ fh^_eb beb \ kl_j`g_\hf ysbd_iha\hey_lihemqZlvlhqgu_ihjZaf_jZfnhjfub kl_j`gbH[hehqdb h[eZ^Zxl ^hklZlhqghc ijhqghklvx `_kldhklvx b]ZaijhgbpZ_fhklvx\ i_jbh^aZeb\dbb aZl\_j^_\ZgbykieZ\Z<f_kl_k l_fihf_j_ijh]j_\Zhleb\dbl_iehfh[hehqdZjZajmrZ_lkyijhqghklv__ iZ^Z_lhgZij_\jZsZ_lky\ i_khdqlhkihkh[kl\m_lk\h[h^ghcmkZ^d_hleb\hdHlf_q_ggu_ \hafh`ghklb ^Zxl \hafh`ghklv ba]hlh\eylv keh`gu_lhgdhkl_ggu_ hleb\db ba q_jguo b Zexfbgb_\uo kieZ\h\ fZkkhc ^h d]Lhqghklv hleb\hd gZoh^blky \ ij_^_eZo d\Zebl_lh\ d\Zebl_l gZhl^_evgu_ jZaf_ju g_ k\yaZggu_ k iehkdhklvx jZat_fZ Z r_jhoh\Zlhklvih\_joghklbkhhl\_lkl\m_lfdf< hilbdhf_oZgbq_kdhc ijhfure_gghklb wlbf kihkh[hf ba]hlh\eyxldhjimkZZwjhnhlhZiiZjZlmjuijh_dlhjh\eZ[hjZlhjguoijb[hjh\H[hehqdh\u_kl_j`gbijbf_gyxlg_lhevdh\ h[hehqdh\uonhjfZoghb\ i_kqZguo Z lZd`_ \ dhdbeyo ^ey \uiheg_gby keh`guo ihehkl_c \Zexfbgb_\uob fZ]gb_\uohleb\dZoJZkoh^ nhjfh\hqghc kf_kb ijb eblv_ \ h[hehqdh\u_ nhjfu \ jZaf_gvr_q_fijbeblv_\ a_feygu_nhjfuIjhp_kkba]hlh\e_gbyh[hehq_dohjhrhih^^Z_lkyZ\lhfZlbaZpbb Eblv_ih \uieZ\ey_fuffh^_eyfEbl_cgZy nhjfZ ij_^klZ\ey_l kh[hc g_jZat_fgmx lhgdhkl_ggmxijhqgmx h[hehqdm g_]Zahl\hjgmx \ukhdhh]g_mihjgmx k ]eZ^dhc jZ[hq_cih\_joghklvx H[hehqdm ba]hlh\eyxl ba f_edha_jgbkluo nhjfh\hqguofZl_jbZeh\ ih jZah\uf \uieZ\ey_fuf beb jZkl\hjy_fuf fh^_eyf JZah\u_fh^_ebjbkZhleb\dbba]hlh\eyxl\ ij_kknhjfZoiml_faZeb\dbbebaZij_kkh\db rijbp_f [_aahevguo e_]dhieZ\dbo beb e_]dh jZkl\hjbfuofh^_evguo khklZ\h\ gZijbf_j IK iZjZnbgZ kl_ZjbgZIj_kknhjfu \uihegyxl h^ghf_klgufb beb fgh]hf_klgufb Fh^_ebihemq_ggu_ \ h^ghf_klguo nhjfZo ijbiZb\Zxl iZyevgbdhf d fh^_eb eblgbdh\hc kbkl_fu ba]hlh\ey_fh]h ba lh]h `_ fh^_evgh]h khklZ\Z \ij_kknhjf_< fgh]hf_klguo nhjfZo ihemqZxl a\_gvy fh^_e_c Ijb k[hjd_ a\_gvyfh^_e_c gZkZ`b\Zxl gZ f_lZeebq_kdbc dZjdZkklhyd ihke_^g__ a\_ghijb`bfZxl gZ\bgqb\Zgb_f dheiZqdZ ba lh]h `_ fh^_evgh]h khklZ\Z gZdZjdZkklhydKh_^bg_ggu_\ h^ghp_eh_fh^_ebhleb\hdb fh^_ebeblgbdh\hckbkl_fu gZau\Zxl [ehdZfb fh^_e_c AZl_f gZ ih\_joghklv [ehdZ fh^_e_cgZghkylnhjfbjmxlh[hehqdmkehch]g_mihjghckf_kbjbk[< hlebqb_hli_kqZgh]ebgbklhckf_kbkf_kv bkihevam_fZy ijb eblv_ ih \uieZ\ey_fuffh^_eyf ij_^klZ\ey_l kh[hc `b^dmx kmki_gabx khklhysmx ba iue_\b^gh]hh]g_mihjgh]h fZl_jbZeZ gZijbf_j iue_\b^gh]h d\ZjpZ pbjdhgZ dhjmg^Z bk\yamxs_]h dheehb^gh]h jZkl\hjZ ^\mhdbkb dj_fgby K\yamxsbc jZkl\hjba]hlh\eyxliml_f]b^jhebaZwlbekbebdZlZJbkKo_fZijhp_kkZeblvyih\uieZ\ey_fuffh^_eyfWlbekbebdZl ± wlh kf_kv wnbjh\ dj_fgb_\uo dbkehl WlbekbebdZloZjZdl_jbam_lky mkeh\gh ijhp_glguf kh^_j`Zgb_f ^\mhdbkb dj_fgby GZijZdlbd_rbjhdhjZkijhkljZg_gwlbekbebdZlkh^_j`Zsbc6L2=b^jheba ± wlh ijhp_kk aZf_s_gby \ wnbjZo wlhdkbZevguo ]jmii&+2+]b^jhdkbevgufb]jmiiZfbHGgZijbf_j&+26L2 +2 +26L2 &+2+dj_fgb_\ZykibjldbkehlZDj_fgb_\ZydbkehlZi_j_oh^bl\ dheehb^gh_khklhygb_ ± ahev^\mhdbkbdj_fgby Kh[kl\_ggh k\yamxsbf \ jZkl\hj_ y\ey_lky ^\mhdbkv dj_fgbykde_b\ZxsZy a_jgZ hkgh\u >ey ihemq_gby g_h[oh^bfhc ijhqghklb nhjfu^hklZlhqgh bf_lv ih fZkk_ 6L2 \ jZkl\hj_ LZd dZd wlbekbebdZlkh^_j`bl6L2lhijb]b^jheba_\\h^yljZkl\hjbl_eb± kibjlubebZp_lhgqlh[u^h\_klbkh^_j`Zgb_6L2 \ ]hlh\hfjZkl\hj_gZijbf_j^h>eymkdhj_gby]b^jhebaZ\\h^yldZlZebaZlhj ± kheygmxdbkehlm+&O gZd]wlbekbebdZlZ>ey ijb]hlh\e_gby kmki_gabb \ [Zd k [ukljhoh^ghc ijhi_ee_jghcf_rZedhc gZeb\Zxl jZkl\hjbl_ev \h^m b kheygmx dbkehlm aZl_f gZkuiZxliue_\b^guc fZl_jbZe GZ h^bg h[t_f kmffu `b^dbo khklZ\eyxsbo ^Zxl ^h^\moh[t_fh\iue_\b^gh]hfZl_jbZeZb i_j_f_rb\ZxlfbgIjhp_kknhjfbjh\Zgbyh[hehqdb khklhbl\ ke_^mxs_fGZih\_joghklvfh^_evgh]h [ehdZ hdmgZgb_f \ [Zd gZghkyl kmki_gabx dhlhjmx g_f_^e_gghaZdj_ieyxl kmobf a_jgbkluf h]g_mihjguf fZl_jbZehf jZaf_j a_jgZ jZ\_gffH[uqghh]g_mihjgucfZl_jbZegZghkblkyijbkimkdZgbb[ehdZ\ [Zdk ©dbiysbfªi_kdhfQ_j_akehci_kdZijh^m\Zxl\ha^mo i_kqbgdb gZoh^ylky\h \a\_r_gghf khklhygbb Z ih\_joghklv i_kdZ ihoh`Z gZ dbiysmx \h^m <©dbiysbcªi_khdl_eh \oh^bl lZd `_ e_]dh dZd \ \h^m AZl_f h[jZah\Z\rbckykehc h[hehqdb lhesbghc hdheh ff kmrZl ijb dhfgZlghc l_fi_jZlmj_ \l_q_gb_ qZkh\ Ijb kmrd_ bkiZjy_lky jZkl\hjbl_ev kehc h[hehqdb l\_j^__l\ke_^kl\b_ g_h[jZlbfh]h ijhp_kkZ i_j_oh^Z dheehb^gh]h jZkl\hjZ ^\mhdbkbdj_fgby ba g_mklhcqb\h]h khklhygby ± ahey \ mklhcqb\h_ ± ]_ev =_evp_f_glbjm_l a_jgZ hkgh\u b khh[sZ_l kehx h[hehqdb ijhqghklv >eyihemq_gbyh[hehqdbg_h[oh^bfhclhesbgugZ[ehdgZghkylihke_^h\Zl_evghkeh_\b [he__LZdbfh[jZahfpbdegZg_k_gbyh[hehqdb^eblky qZkh\Ba h[hehqdb fh^_e_c hleb\hd b eblgbdh\hc kbkl_fu m^Zeyxl \uieZ\e_gb_fiZjhf beb \ ]hjyq_c \h^_ ihf_sZy [ehd \ [Zd k \h^hc IhemqZxl ijhqgmxg_jZat_fgmxk ]eZ^dhcjZ[hq_cih\_joghklvxh[hehqdh\mxebl_cgmxnhjfmH[hehqdZ ihke_ \uieZ\e_gby ba g__ fh^_e_c ijhiblZgZ \h^hc b qZklbqghfh^_evguf khklZ\hf >ey m^Ze_gby \k_o \_s_kl\ dhlhju_ fh]ml [ulvbklhqgbdZfb ]Zah\ h[hehqdm ijhdZeb\Zxl ijb l_fi_jZlmj_ qK >eyijhdZeb\Zgby h[hehqdb aZkuiZxl kmobf i_kdhf \ ysbdZo ba `ZjhklhcdhcklZebjbk\Ihke_ijhdZeb\Zgby\ i_qbnhjfuaZeb\Zxl`b^dbfkieZ\hfHleb\dbk eblgbdh\hckbkl_fhcgZau\Zxl[ehdZfbhleb\hdEblgbdh\Zy kbkl_fZ \ hlebqb_ hl h[uqgh]h kihkh[Z eblvy gZau\Z_lkyeblgbdh\hiblZxs_c HgZ y\ey_lky g_kms_c dhgkljmdpb_c hl fhf_glZmdj_ie_gby gZ g_c fh^_e_c ^h fhf_glZ hlj_adb hleb\hd h[_ki_qb\Z_laZiheg_gb_ ihehkl_c nhjfu kieZ\hf b kem`bl ijb[uevx \ i_jbh^aZl\_j^_\Zgby hleb\hd Ihwlhfm f_lZee ih^\h^yl \ gZb[he__ fZkkb\gu_ qZklbhleb\hd Ihke_ hoeZ`^_gby [ehdZ h[hehqdZ e_]dh hlklZ_l hl gZjm`guoih\_joghkl_cghijhqghm^_j`b\Z_lky\ ihehklyob hl\_jklbyoBaihke_^gbo__ m^Zeyxl obfbq_kdbf kihkh[hf ± \us_eZqb\Zgb_f <us_eZqb\Zgb_ ±ba\e_q_gb_ hl^_evguo khklZ\eyxsbo l\_j^h]h fZl_jbZeZ k ihfhsvxjZkl\hjbl_ey Hleb\db hl^_evgu_ hl eblgbdh\ aZ]jm`Zxl \ i_j_ghkguci_jnhjbjh\Zgguc[ZjZ[Zg\f_kl_khklZevghc^jh[vx^bZf_ljhfff;ZjZ[Zgih]jm`Zxl\ c \h^gucjZkl\hj_^dh]hgZljZgZ]j_luc^hqK b\jZsZxlfbgkhkdhjhklvxh[fbg?^dbcgZlj\aZbfh^_ckl\m_lk ie_gdZfb]_ey \ h[hehqd_ h[jZamy jZkl\hj kbebdZlZ gZljby Ihke_ \us_eZqb\Zgbyhleb\db ijhfu\Z_l \ ih^h]j_lhc ^h qK \h^_ aZl_f iZkkb\bjm_liZkkb\Zpbyi_j_\h^ih\_joghklgh]hkehyf_lZeeZbaZdlb\gh]h\ obfbq_kdhfhlghr_gbb khklhygby \ iZkkb\gh_ k p_evx ijb^Zgby _fm dhjjhabhgghcmklhcqb\hklb\ \h^ghfjZkl\hj_kh^uk gZljb_\hck_ebljub kmrZlHqbs_ggu_ hleb\db ih^\_j]Zxl l_jfbq_kdhc h[jZ[hld_ \ i_qZo kaZsblghcZlfhkn_jhcb dhgljhebjmxlHkh[_gghklbkihkh[Zb _]hijbf_g_gb_@b^dZykmki_gabyiue_\b^gh]hh]g_mihjgh]hfZl_jbZeZijhqghijbebiZ_ld fh^_ebb lhqgh\hkijhba\h^bl__hq_jlZgby b ih\_joghklv Ihke_ \uieZ\e_gby fh^_e_c ba `_kldhc ijhqghch[hehqdb h[jZam_lky g_jZat_fgZy nhjfZ k ]eZ^dhc jZ[hq_c ih\_joghklvx blhqgufb jZaf_jZfb qlh kihkh[kl\m_l ihemq_gbx lhqguo ih jZaf_jZf ,,d\Zebl_l k qbklhc ih\_joghklvx 5Z fdf hleb\hd ba \k_o ba\_klguokieZ\h\ NhjfZ ihke_ ijhdZeb\Zgby g_ kh^_j`bl ]Zahl\hjguo khklZ\eyxsboWlh mf_gvrZ_l \_jhylghklv h[jZah\Zgby ]Zah\uo jZdh\bg \ hleb\dZo AZeb\dZ`_\ ]hjyqb_nhjfu^Z_l\hafh`ghklvba]hlh\eylvlhgdhkl_ggu_ keh`g_crb_hleb\db < ]hjyq_c nhjf_ hleb\dZ aZl\_j^_\Z_l f_^e_ggh qlh kihkh[kl\m_lnbevljZpbb `b^dh]h f_lZeeZ ba eblgbdh\hiblZxs_c kbkl_fu \ hleb\dm bihemq_gbxf_lZeeZ\ g_cHlf_q_ggu_ hkh[_gghklb eblvy ih \uieZ\ey_fuf fh^_eyf ^Zxl\hafh`ghklvihemqZlvhleb\dbkeh`gu_ihdhgnb]mjZpbbk lhesbghc kl_gdbff bfZkkhc^hd]Klhbfhklvlhgguhleb\hdihemqZ_fuoih\uieZ\ey_fuofh^_eyf\ jZa\ur_q_fba]hlh\ey_fuo^jm]bfbkihkh[Zfb< ijb[hjhkljh_gbb eblv_ ih \uieZ\ey_fuf fh^_eyf ijbf_gyxl ^eyba]hlh\e_gbyhleb\hd\ hkgh\ghfbaklZe_cH[uqghhleb\db[u\Zxlkeh`gu_g_[hevrbo jZaf_jh\ k lhgdhc kl_gdhc b qbklhc ih\_joghklvx Ba]hlh\blvkeh`gmx lhgdhkl_ggmx klZevgmx ^_lZev ^jm]bfb kihkh[Zfb eblvy g_ij_^klZ\ey_lky \hafh`guf Z ba]hlh\e_gb_ ba dmkdZ ^hjh`_ q_f eblv_ ih\uieZ\ey_fuffh^_eyf Eblv_\ dhdbevDhdbe_fgZau\Zxlf_lZeebq_kdmxebl_cgmxnhjfmbaqm]mgZbebklZebI_j_^ aZeb\dhc dhdbe_c jZ[hqmx ih\_joghklv bo hdjZrb\Zxl AZeb\ZxljZkieZ\ Dhdbev \ jZa [uklj__ i_kqZgh]ebgbklhc nhjfu hl\h^bl l_iehBgl_gkb\ghklvaZl\_j^_\Zgbyhleb\dbZ lZd`___ hl^_evguoqZkl_cj_]mebjmxl]eZ\gufh[jZahfl_fi_jZlmjhcgZ]j_\Zdhdbeyb lhesbghcl_iehbaheypbhgghcdjZkdbBadhdbeyhleb\dmm^Zeyxl]hjyq_cihke_q_]hdhdbevhoeZ`^Zxlbebih^h]j_\Zxl^hhilbfZevghcl_fi_jZlmjuqKPbdeih\lhjy_lkyHkh[_gghklb kihkh[Z b h[eZklv _]h ijbf_g_gby >ey h[_ki_q_gbygZijZ\e_ggh]h aZl\_j^_\Zgby jZ[hqmx ih\_joghklv ihdju\Zxl djZkdhcIjbq_feblgbdh\u_dZgZeub ijb[uebihdju\Zxl[he__lheklufkeh_fdjZkdbq_f jZ[hqb_ ih\_joghklb qlh[u m\_ebqblv \j_fy bo aZl\_j^_\ZgbyBgl_gkb\ghklvl_iehh[f_gZf_`^mhleb\dhcb dhdbe_f\ur_q_fijbeblv_\jZah\u_nhjfuIhwlhfmhleb\dbihemqZxlkyk [he__iehlghcf_edha_jgbklhckljmdlmjhc qlh agZqbl_evgh ih\urZ_l k\hckl\Z fZ]gb_\uo b Zexfbgb_\uokieZ\h\ LZd dZd ijb eblv_ \ dhdbev fh`gh bkihevah\Zlv a_feygu_ bebh[hehqdh\u_ kl_j`gb b \klZ\db lh wlh ^Z_l \hafh`ghklv ihemqZlv hleb\db kkms_kl\_gguff_klgufbaf_g_gb_fk\hckl\kieZ\ZGZijbf_jqZklvhleb\dbaZl\_j^_\ZxsZyijbdhglZdl_k dhdbe_fl\_j`_q_fijbdhglZdl_k a_feyghc\klZ\dhcLjm^h_fdhklvba]hlh\e_gby\ dhdbeyof_gvr_q_fijbeblv_\ jZah\u_nhjfu dZq_kl\h ih\_joghklb b lhqghklv jZaf_jh\ hleb\hd \ur_ f_gvr_ijbimkdbgZh[jZ[hldmemqr_mkeh\byljm^Z< dhdbeyoljm^ghba]hlh\eylvnZkhggu_klZevgu_hleb\dblZddZdbaaZbgl_gkb\gh]h l_iehh[f_gZ f_`^m hleb\dhc b dhdbe_f m\_ebqb\Z_lky\_jhylghklvh[jZah\Zgbylj_sbg\ klZebDhdbevijbf_gyxl^eyba]hlh\e_gbyhleb\hdd dhlhjufij_^ty\eyxlkyih\ur_ggu_ l_ogbq_kdb_ lj_[h\Zgby gZijbf_j iehlgu_ [_a mkZ^hqghcjuoehklb k ih\ur_ggufb f_oZgbq_kdbfb k\hckl\Zfb hleb\db baZexfbgb_\uo kieZ\h\ k rbjhdbf bgl_j\Zehf l_fi_jZlmj aZl\_j^_\Zgby Wlhlkihkh[ wdhghfbq_kdb p_e_khh[jZagh ijbf_gylv dh]^Z iZjlby khklZ\ey_l hleb\hd Eblv_ih^^Z\e_gb_fNbabq_kdZykmsghklveblvyih^^Z\e_gb_fIjhp_kk eblvy ih^ ^Z\e_gb_f aZdexqZ_lky \ lhf qlh jZkieZ\e_ggucf_lZee aZeb\Z_lky \ dZf_jm ij_kkh\Zgby fZrbgu kh_^bg_ggmx eblgbdh\ufbdZgZeZfb k aZfdgmlhc ihehklvx jZat_fghc f_lZeebq_kdhc nhjfu Ih^^_ckl\b_f ihjrgy f_lZee ijbgm^bl_evgh i_j_]hgy_lky \ ihehklv jZat_fghcf_lZeebq_kdhc nhjfu aZihegyy __ hg aZl\_j^_\Z_l b h[jZam_l hleb\dm IjbjZkdjulbbnhjfuhleb\dmm^ZeyxlBa kms_kl\mxsbo lbih\ fZrbg ^ey eblvy ih^ ^Z\e_gb_f \ gZklhys__\j_fy gZb[hevr__ jZkijhkljZg_gb_ ihemqbeZ fZrbgZ k ]hjbahglZevghjZkiheh`_gghc dZf_jhc ij_kkh\Zgby GZ ijbf_j_ wlhc fZrbgu b jZkkfhljbf[he__ih^jh[ghpbdeeblvyih^^Z\e_gb_fKh\j_f_ggu_ fZrbgu eblvy ih^ ^Z\e_gb_f jbk khklhyl bake_^mxsbo]eZ\guof_oZgbafh\f_oZgbafZ^eyaZiheg_gbynhjfumkljhckl\hi_j_]hgyxs__f_lZeebadZf_juij_kkh\Zgby\ nhjfmb kha^Zxs__^Z\e_gb_gZf_lZee \ nhjf_ f_oZgbafZ aZibjZgby mkljhckl\h aZdju\Zxs__ bhldju\Zxs__ nhjfm ZiiZjZlmjZ ^ey mijZ\e_gby fZrbghc b ]b^jZ\ebq_kdh]hijb\h^ZJbkKo_fZfZrbgueblvyih^^Z\e_gb_fk ]hjbahglZevghcdZf_jhcij_kkh\Zgby<k_ f_oZgbafu fZrbgu dj_iylky d k\Zjghc klZgbg_ dhjh[qZlh]hk_q_gby \gmlj_ggyy ihehklv dhlhjhc y\ey_lky fZkeyguf [Zdhf KlZgbgZmklZgZ\eb\Z_lkygZ[_lhggucnmg^Zf_glF_oZgbaf aZibjZgby hldju\Z_l b aZdju\Z_l nhjfm i_j_^\b]Zyih^\b`gmx__ iheh\bgmb m^_j`b\Zynhjfm\ aZdjulhfiheh`_gbb\h\j_fyaZiheg_gby__ f_lZeehfIh^\b`gZyihemnhjfZdj_iblkyd ih^\b`ghciebl_ fZrbgu dhlhjZy i_j_f_sZ_lky ih q_luj_f gZijZ\eyxsbf dhehggZf fZrbgu>\b`_gb_ih^\b`ghciebl_khh[sZ_lky]b^jZ\ebq_kdbfpbebg^jhfq_j_akbkl_fmjuqZ]h\Pbebg^jb ^\_hkbjuqZ]h\aZdj_ie_gugZiebl_dhlhjZyfh`_li_j_^\b]Zlvky\^hevhkbfZrbguijbihfhsbam[qZlh]hdhe_kZb j_cdb I_j_f_s_gb_ ieblu \^hev hkb fZrbgu h[_ki_qb\Z_l \hafh`ghklvmklZgh\db gZ fZrbgm nhjf jZaebqghc lhesbgu Ihke_ mklZgh\db ieblu \g_h[oh^bfh_iheh`_gb_hgZnbdkbjm_lkyijbihfhsb]Z_db G_ih^\b`gZy ihemnhjfZ dj_iblky d g_ih^\b`ghc iebl_ fZrbgu=b^jZ\ebq_kdbcpbebg^jk iemg`_jhf^bZf_ljZ Gkem`bl^eyaZiheg_gbynhjfu f_lZeehf b m^Ze_gby eblgbdh\h]h hklZldZ Pbebg^j aZdj_ie_g gZg_ih^\b`ghc iebl_ Z aZeb\hqgZy dZf_jZ gZ iebl_ =b^jZ\ebq_kdbcijb\h^ khklhbl ba fZkeygh]h gZkhkZ b ZddmfmeylhjZ b kem`bl ^ey ih^ZqbfZkeZ\ pbebg^jub ijbjZ[hl_fZrbgu>Z\e_gb_fZkeZJ \Zddmfmeylhj_khklZ\ey_ld]kkfIjbwlhfmkbeb_SgZiemg`_j[m^_lJ S'S'^bZf_ljihjrgy>ey\uqbke_gby^Z\e_gbyf_lZeeZ\ nhjf_ke_^m_lkbemJ jZa^_eblvgZiehsZ^viemg`_jZlh_klv3n S'SSG S'G>Z\e_gb_\ nhjf_m\_ebqb\Z_lkyijhihjpbhgZevghhlghr_gbxd\Z^jZlZ^bZf_ljh\ihjrgyb iemg`_jZKo_fmijhp_kkZb ihke_^h\Zl_evghklv^_ckl\bcbeexkljbjm_ljbkDZd [ueh m`_ kdZaZgh nhjfZ khklhbl ba g_ih^\b`ghc b ih^\b`ghcihemnhjf jbkZ F_lZeebq_kdb_ kl_j`gb kem`Zsb_ ^ey h[jZah\Zgbyihehkl_c b hl\_jklbc \ hleb\dZo gZoh^ylky dZd ijZ\beh \ ih^\b`ghcihemnhjf_>eyba\e_q_gbyhleb\dbbanhjfuij_^mkfhlj_gu\ulZedb\Zl_eb dhlhju_ `_kldh aZdj_ie_gu \ ieblZo b \ulZedb\Zl_e_c AZibjZxsbcf_oZgbaffZrbgugZ^_`ghijb`bfZ_lih^\b`gmxihemnhjfmd g_ih^\b`ghcihke_q_]h\ dZf_jmij_kkh\Zgbyq_j_ahl\_jklb_aZeb\ZxlihjpbxkieZ\Zb \dexqZxl f_oZgbaf aZiheg_gby Iemg`_j ijb k\h_f ^\b`_gbb \e_\hkha^Z_l ^Z\e_gb_ \ dZf_j_ KieZ\ jZkk_dZl_e_f gZijZ\ey_lky \ eblgbdh\mxs_ev aZihegy_l ihehklv nhjfu b aZl\_j^_\Z_l jbk[ Ihke_aZl\_j^_\Zgbyhl\h^ylih^\b`gmxqZklvnhjfu\f_kl_k hleb\dhcIjbhl\h^_ih^\b`ghc ihemnhjfu ^\b`_lky b iemg`_j dhlhjuc ba dZf_ju \ulZedb\Z_leblgbdh\uc hklZlhd jbk\ IeblZ lhedZl_e_c i_j_f_sZ_lky \f_kl_ knhjfhc b kl_j`g_f mibjZ_lky \ mihj jbk] Mihj hklZgZ\eb\Z_lieblmlhedZl_e_cZ nhjfZijh^he`Z_li_j_f_sZlvky<ulZedb\Zl_ebkgbfZxlhleb\dmkhkl_j`gyb hgZiZ^Z_lgZljZgkihjl_jbeb\ dhg\_c_jNhjfZ\h\j_fyjZ[hluhoeZ`^Z_lky\h^hcijhoh^ys_cihdZgZeZf<hafh`ghklb kihkh[Z Eblv_f ih^ ^Z\e_gb_f ihemqZxl keh`gu_lhgdhkl_ggu_ hleb\db ba p\_lguo f_lZeeh\ fZkkhc hl g_kdhevdbo ]jZff ^hg_kdhevdbodbeh]jZffh\DZq_kl\h ^_lZe_c hleb\Z_fuo ih^ ^Z\e_gb_f hp_gb\Z_lky lhqghklvxjZaf_jh\ deZkkhf r_jhoh\Zlhklb ih\_joghklb f_oZgbq_kdbfb k\hckl\Zfb bihjbklhklvxLhqghklv jZaf_jh\ aZ\bkbl hl lhqghklb ba]hlh\e_gb_ ij_kknhjfu hldhgnb]mjZpbbb iheh`_gbyjZaebqguowe_f_glh\hleb\hd\ nhjf_hlkl_i_gbbaghkZnhjfuhldhe_[ZgbymkZ^dbkieZ\Zb ^j<gmlj_ggb_ jZaf_ju ± hl\_jklby fh`gh \uihegylv ih d\Zebl_lmgZjm`gu_jZaf_ju±,, d\Zebl_lmR_jhoh\Zlhklv ih\_joghklb hleb\hd aZ\bkbl hl r_jhoh\Zlhklbhnhjfeyxsboih\_joghkl_cij_kknhjfub hlkl_i_gb__ baghkZb ^eyhleb\hdba pbgdh\uo kieZ\h\ fh`_l [ulv ^h deZkkZ ba Zexfbgb_\uo kieZ\h\ ^h deZkkZb f_^guokieZ\h\^hdeZkkZr_jhoh\ZlhklbLhesbgZ kl_ghd >ey ih\_joghkl_c dhlhju_ ih^\_j]Zxlkyf_oZgbq_kdhch[jZ[hld_gZagZqZxlijbimkdb^h^hffAgZq_gby fbgbfZevgh ^himklbfuo lhesbg kl_ghd hleb\db \aZ\bkbfhklbhljZaf_jh\boih\_joghklbijb\_^_gu\ lZ[ebp_LZ[ebpZ FbgbfZevgZy lhesbgZ kl_ghd hleb\hd ihemqZ_fuo eblv_f ih^^Z\e_gb_fIh\_joghFbgbfZevghFbgbfZevgh FbgbfZevghFbgbfZevghklb hleb\hd ^himklbfZy^himklbfZy^himklbfZy^himklbfZy\ kflhesbgZlhesbgZlhesbgZlhesbgZkl_ghd^ey kl_ghd ^ey kl_ghd^ey kl_ghd^eypbgdh\h]hfZ]gb_\h]hZexfbgb_\h]h f_^gh]hkieZ\ZkieZ\ZkieZ\ZkieZ\Zf_g__^h^hk\ur_F_oZgbq_kdb_ k\hckl\Z hleb\hd ihemq_gguo ih^ ^Z\e_gb_fagZqbl_evghhlebqZxlkyhlk\hckl\hleb\hdba]hlh\e_gguo^jm]bfbkihkh[ZfbeblvyIjb[ukljhfhoeZ`^_gbb mhleb\hdh[jZam_lkyebl_cgZydhjhqdZk hq_gvf_edha_jgbklhc kljmdlmjhc lhesbgZ dhlhjhc khklZ\ey_l hdheh ffIhwlhfm lhgdhkl_ggu_ hleb\db bf_xl f_edha_jgbklmx kljmdlmjmih\ur_ggmxijhqghklvb l\_j^hklvgZijbh^gh\j_f_gghfkgb`_gbbieZklbq_kdbok\hckl\gZihkjZ\g_gb_fk eblv_f\ a_fexIhjbklhklv \kdju\ZxsZyky ijb f_oZgbq_kdhc h[jZ[hld_ klZgh\blkyijbqbghc [jZdZ [hevrh]h qbkeZ hleb\hd BklhqgbdZfb ihjbklhklb y\eyxlkymkZ^dZ kieZ\Z \ha^mo dhlhjuc aZo\Zlu\Z_lky ihlhdhf `b^dh]h f_lZeeZ \ihehklb nhjfu b ]Zau \u^_eyxsb_ky ba `b^dh]h f_lZeeZ I_j_oh^ gZ eblv_ih^ ^Z\e_gb_f kgb`Z_l ljm^h_fdhklv ba]hlh\e_gby hleb\hd \ jZa \ebl_cguob jZa\ f_oZgbq_kdbop_oZoJZa\blb_fZkkh\h]hijhba\h^kl\Z\hilbdhf_oZgbq_kdhcijhfure_gghklb \ g_dhlhjhc kl_i_gb kihkh[kl\h\Zeh rbjhdhfm \g_^j_gbxeblvy ih^ ^Z\e_gb_f DhjimkZ nhlhZiiZjZlh\ b [bghde_c ^_lZeb [bghde_cfbdjhkdhih\ ]_h^_abq_kdbo ijb[hjh\ ki_p^_lZe_c ± \hl ^Ze_dh g_ iheguci_j_q_gvijbf_g_gbyeblvyih^^Z\e_gb_f\ wlhcijhfure_gghklbHleb\dbkhklZ\eyxlihqlbiheh\bgm\k_o^_lZe_chilbdhf_oZgbq_kdboijb[hjh\JbkKo_fZeblvyih^^Z\e_gb_fgZfZrbg_k ]hjbahglZevghcdZf_jhcij_kkh\ZgbyHkh[_gghklb kihkh[Z Ijhp_kk eblvy ih^ ^Z\e_gb_f hkms_kl\ey_lky \ljbnZau±f_^e_ggh_^\b`_gb_iemg`_jZ^hfhf_glZihklmie_gbykieZ\Z\eblgbdh\mx kbkl_fm \ha^mo ba dZf_ju q_j_a ihehklv nhjfu \u]hgy_lky \Zlfhkn_jm,,± aZiheg_gb_kieZ\hfk [hevrhckdhjhklvxihehklbnhjfu,,,±aZl\_j^_\Zgb_hleb\dbkfjbkJbkKhhl\_lkl\_gghk dZ`^hcnZahcbaf_gy_lky^Z\e_gb_\ jZ[hq_cihehklbpbebg^jZ ij_kkh\Zgby Z agZqbl b ^Z\e_gb_ gZ `b^dbc kieZ\ H[uqgh pbdeeblvy hibku\Z_lky ^bZ]jZffhc ^Z\e_gb_\j_fy dhlhjZy ij_^klZ\e_gZ gZjbkRljboh\hcebgb_cihdZaZgZ^bZ]jZffZb^_Zevgh]hpbdeZ< l_q_gb_nZau ^_ckl\m_l gbadh_ ^Z\e_gb_ j \k_]h g_kdhevdh Zlfhkn_j ohlywg_j]_lbq_kdZymklZgh\dZfZrbguh[uqghjZa\b\Z_l^Z\e_gb_^hd]kkfZ[Jbk<b^uaZiheg_gby<_ebqbgZ j aZ\bkbl hl khijhlb\e_gby kieZ\Z hdZau\Z_fh]h iemg`_jmijb_]h^\b`_gbb< fhf_gldh]^Ziemg`_j^hklb]g_llhqdbkieZ\\oh^bl\eblgbdh\mx kbkl_fm k_q_gb_ dhlhjhc agZqbl_evgh f_gvr_ k_q_gby dZf_ju <wlhl `_ fhf_gl agZqbl_evgh m\_ebqb\Z_lky kdhjhklv iemg`_jZ LZd dZd q_j_aeblgbdh\mxkbkl_fmkieZ\ijhoh^blk [hevrbfkhijhlb\e_gb_flhb ^Z\e_gb_\hajZklZ_l^h\_ebqbguj hdhehd]kFf b m^_j`b\Z_lkygZlZdhfmjh\g_^hlhqdbdh]^ZaZdhgqblkyaZiheg_gb_nhjfu< l_q_gb_\lhjhcnZaukieZ\aZihegy_lnhjfm\ ^hebk_dmg^u ijb kdhjhklb \imkdZ f_lZeeZ hl ^hfk < aZ\bkbfhklb hl kdhjhklb \imkdZ jZaebqZxl ljb \b^Z aZiheg_gbyeZfbgZjguf kiehrguf ihlhdhf jbkZ lmj[me_glguf ihlhdhf jbk[ b^bki_jkguf ihlhdhf BaaZ [hevrhc kdhjhklb \imkdZ lhevdh qZklv ]ZaZ m^Zey_lky ba ihehklb nhjfu dhlhjZy aZiheg_gZ \ha^mohf b iZjZfbkfZadb HklZ\rbcky ]Za kf_rb\Z_lky kh kieZ\hf h[jZam_lky \ha^mrghf_lZeebq_kdZy kf_kv dhlhjZy aZl_f b aZl\_j^_\Z_l Ihwlhfm hleb\dbihemq_ggu_ ih^ ^Z\e_gb_f bf_xl ki_pbnbq_kdbc ijbkmsbc lhevdh wlhfmkihkh[m ^_n_dl ± h[rbjgmx ]Zah\mx ihjbklhklv Hleb\db bf_xsb_ lZdmxihjbklhklv g_evay aZdZeb\Zlv ihlhfm qlh ijb gZ]j_\Zgbb ih^ aZdZedmijhqghklv f_lZeeZ iZ^Z_l ^Z\e_gb_ ]ZaZ \ ihjZo m\_ebqb\Z_lky ^h \_ebqbguijbdhlhjhcijhbkoh^blhkih\b^gh_\a^mlb_ih\_joghklbhleb\db< fhf_gl hdhgqZgby aZiheg_gby ihehklb nhjfu lhqdZ ^\b`msZykbkl_fZ ± `b^dbc kieZ\ ij_kkmxsbc iemg`_j f]gh\_ggh hklZgZ\eb\Z_lkyWg_j]by ^\b`_gby ij_h[jZam_lky \ wg_j]bx ^Z\e_gby ijhbkoh^bl]b^jZ\ebq_kdbc m^Zj \_ebqbgZ dhlhjh]h j]m h[uqgh \ ^\Z jZaZ [hevr_ q_f^Z\e_gb_\ Zddmfmeylhj_=b^jZ\ebq_kdbcm^Zjihe_a_gb \lh`_\j_fy\j_^_gIhe_agh_ _]h ^_ckl\b_ aZdexqZ_lky \ lhf qlh [ukljh ih\ur_ggh_^Z\e_gb_ ijb`bfZ_l `b^dbc kieZ\ d jZ[hq_c ih\_joghklb nhjfu bkihkh[kl\m_l q_ldhfm hnhjfe_gbx dhgnb]mjZpbb hleb\db dZd ]h\hjyl©q_dZgblª__ ih\_joghklb<j_^gh_^_ckl\b_]b^jhm^ZjZ aZdexqZ_lky\ lhfqlhijhp_kkdhe_[Zgby^Z\e_gby ijb ]b^jhm^Zj_ kihkh[kl\m_l dhZ]meypbb f_edbo ]Zah\uo jZdh\bg \djmigu_ qlh agZqbl_evgh kgb`Z_l dZq_kl\h hleb\hd Djhf_ lh]h ih^^_ckl\b_f ]b^jhm^ZjZ ih^\b`gZy ihemnhjfZ fh`_l hlhclb hl g_ih^\b`ghcF_`^m ihemnhjfZfb h[jZam_lky aZahj q_j_a dhlhjuc ijhbkoh^bljZa[jua]b\Zgb_ f_lZeeZ GZ hleb\dZo h[jZam_lky h[ehc ih jZat_fm nhjfu bkgb`Z_lkylhqghklvhleb\hd\ gZijZ\e_gbbi_ji_g^bdmeyjghfjZat_fmnhjfuH[uqgh ^ey ihemq_gby \ukhdbo kdhjhkl_c \imkdZ ijbf_gyxl lhgdb_ s_e_\u_iblZl_eb dhlhju_ aZl\_j^_\Zxl jZgvr_ q_f aZlmog_l ]b^jhm^Zj Hleb\dZhl^_ey_lky hl `b^dh]h ij_kkhklZldZ IblZgb_ ba ij_kkhklZldZ \ dZf_j_ij_kkh\Zgbydhlhjucfh][ukem`blvijb[uevxij_djZsZ_lkyAZl\_j^_\Zgb_ijhbkoh^bl[_adhfi_gkZpbbmkZ^db`b^dbfkieZ\hf\ kl_gdZodjhf_]Zah\uoihy\eyxlkymkZ^hqgu_ihjuLZdbf h[jZahf \ hleb\d_ ihemq_gghc eblv_f ih^ ^Z\e_gb_fgZ[ex^Z_lky dZd ]Zah\Zy lZd b mkZ^hqgZy ihjbklhklv Wlh ]eZ\gucg_^hklZlhdkihkh[Zeblvyih^^Z\e_gb_fKh\_jr_gkl\h\Zgb_wlh]hbkdexqbl_evghijh]j_kkb\gh]hihlhqghklbbijhba\h^bl_evghklb kihkh[Z eblvy gZijZ\e_gh gZ ij_^mij_`^_gb_ ]Zah\hc bmkZ^hqghc ihjbklhklb Ba\_klgu ke_^mxsb_ gZijZ\e_gby \Zdmmfbjh\Zgb_ihehklb nhjfu Z lZd`_ kieZ\Z ihkdhevdm \ha^mrgZy ihjbklhklv y\ey_lky]eZ\guf^_n_dlhfhleb\hdHkms_kl\e_gb_i_j_^ZqbklZlbq_kdh]h^Z\e_gbyq_j_a lheklu_ iblZl_eb ba dZf_ju ij_kkh\Zgby gZ kieZ\ \ nhjf_ ijhp_kki_j_^Zqb klZlbq_kdh]h ^Z\e_gby \ ihehklv nhjfu gZa\Zeb ih^ij_kkh\dhc<ukhdh_ ^Z\e_gb_ ^he`gh dhfi_gkbjh\Zlv mkZ^hqgmx ihjbklhklv lh _klvhleb\dZ nhjfbjm_lky ijb gZijZ\e_gghf aZl\_j^_\Zgbb b k`bfZlv ]Zah\mxihjbklhklv ^h fbdjhkdhibq_kdbo jZaf_jh\ Fbdjhihju ijb gZ]j_\_ hleb\dbih^ aZdZedm g_ \a^m\Zxlky Kh\f_klgh_ bkihevah\Zgb_ i_j\h]h b \lhjh]hgZijZ\e_gbc AZiheg_gb_ ihehklb nhjfu dbkehjh^hf i_j_^ gZqZehfaZeb\db Dbkehjh^ bkihevam_lky gZ hdbke_gb_ kieZ\Z k h[jZah\Zgb_f hq_gvfZeh]hdhebq_kl\Zhdbkeh\< gZklhys__\j_fyi_j\h_b q_l\_jlh_gZijZ\e_gbyg_gZrebrbjhdh]hijbf_g_gby ih ^\mf ijbqbgZf <hi_j\uo ba aZ l_ogbq_kdhc keh`ghklb boj_ZebaZpbb \ ijhba\h^kl\_gguo mkeh\byo \h \lhjuo gZa\Zggu_ kihkh[umkljZgyxl ]Zah\mx ihjbklhklv b g_ iha\heyxl dhfi_gkbjh\Zlv mkZ^hqgmxihjbklhklv< fbj_ ihemqbe jZa\blb_ \lhjhc kihkh[ ^ey j_ZebaZpbb dhlhjh]hkha^Z\Zehkv[hevrh_jZaghh[jZab_f_oZgbafh\ij_kkh\ZgbyIjbeblv_ih^^Z\e_gb_fgZfZrbg_k oheh^ghc\_jlbdZevghcdZf_jhcmkljhckl\hij_kknhjfuZgZeh]bqghmkljhckl\mnhjfuihdZaZgghcgZjbk< kfZaZggmx \_jlbdZevgmx dZf_jm ij_kkh\Zgby jbk Z aZeb\Zxl ^hamkieZ\Z Ijb ^\b`_gbb \gba iemg`_j ^Z\bl gZ kieZ\ i_j_f_sZ_l \gbaihjr_gvZ \j_amevlZl_q_]hhldju\Z_lkyhl\_jklb_kh_^bgyxs__dZf_jmkij_kknhjfhcihke_aZiheg_gbydhlhjhciemg`_jih^gbfZ_lkyZ ki_pbZevgucf_oZgbaf ih^gbfZ_l ihjr_gv ijb wlhf hlj_aZxlky eblgbd b ij_kkhklZlhdih^gbfZ_lkygZ\_joJbkKo_fZeblvyih^^Z\e_gb_fk \_jlbdZevghcdZf_jhcij_kkh\Zgby< gZklhys__ \j_fy ohly \ p_oZo b fgh]h _s_ fZrbg k \_jlbdZevghcdZf_jhc gh hgb \ul_kgyxlky fZrbgZfb k ]hjbahglZevghc dZf_jhc lZd dZdihke_^gb_ijhba\h^bl_evg__ijhs_\ h[kem`b\Zgbbb e_]q_f_oZgbabjmxlkyEblv_ ih^ ^Z\e_gb_f gZqbgZehkv k fZrbg k ]hjyq_c dZf_jhcij_kkh\Zgbydh]^Z\ ]h^mhgb[uebijbf_g_gu^eyba]hlh\e_gbyebl_jkbah[jZ`_gb_f[md\^ey]Za_lhi_qZlguofZrbgFZrbgZ k ]hjyq_c dZf_jhc jbk bf__l lb]_ev h[h]j_\Z_fucgZ]j_\Zl_eyfb \ dhlhjuc jZkieZ\ aZeb\Z_lky ba jZa^Zlhqghc i_qbIj_kkmxsbciemg`_jq_j_arlhdkh_^bgy_lkyk ihjrg_fig_\fhpbebg^jZijbjZ[hl_dhlhjh]hiemg`_jhimkdZ_lky\gba i_j_dju\Z_l hl\_jklby q_j_adhlhju_ jZkieZ\ ihklmiZ_l \ dZf_jm ij_kkh\Zgby Ih^ ^Z\e_gb_f iemg`_jZf_lZee ih^gbfZ_lky ih dZgZem b aZeb\Z_l ihehklv nhjfu khklhys_c bag_ih^\b`ghc qZklb b ih^\b`ghc Dhgkljmdpby nhjfu ZgZeh]bqgZjZkkfhlj_gghcgZjbkGZ fZrbgZo k ]hjyq_c dZf_jhc ba]hlh\eyxl hleb\db ba pbgdh\uokieZ\h\ l_fi_jZlmjZ dhlhjuo hdheh qK Ijbf_g_gb_ ]hjyq_dZf_jguofZrbg ^ey i_j_jZ[hldb Zexfbgb_\uo kieZ\h\ k^_j`b\Zehkv baaZ gbadhcklhcdhklb dZf_ju b iemg`_jZ lZd dZd Zexfbgb_\u_ kieZ\u bf_xl [hevrmxl_fi_jZlmjm hdheh qK b kdehggu d jZat_^Zgbx ih\_joghklb dZf_ju biemg`_jZJbkKo_fZeblvyih^^Z\e_gb_fk ]hjyq_dZf_jghcfZrbghcHkgh\gh_ ij_bfms_kl\h ]hjyq_dZf_jghc fZrbgu ± wlh ijhklhlZ ijhp_kkZ be_]dhklv Z\lhfZlbaZpbb Ihwlhfm \ ihke_^gb_ ]h^u \_ebkv ihbkdb fZl_jbZeZ^ey dZf_ju b iemg`_jZ dhlhjuc ijhlb\hklhye [u \ha^_ckl\bx ]hjyq_]hZexfbgb_\h]hkieZ\ZKha^Zghg_kdhevdhdhgkljmdpbcfZrbgjZ[hlZxsbogZZexfbgb_\uob fZ]gb_\uokieZ\Zo P_gljh[_`gh_eblv_Ijb p_gljh[_`ghf eblv_ hkms_kl\eyxl aZeb\dm kieZ\Z \h\jZsZxsmxky nhjfm NhjfZ fh`_l [ulv f_lZeebq_kdZy beb jZah\Zy Fh`ghba]hlZ\eb\Zlv ^_lZeb lbiZ ljm[ beb dhe_p Z lZd`_ b nZkhggu_ hleb\db <ijb[hjhkljh_gbb p_gljh[_`gh_ eblv_ ijbf_gyxl ^ey ba]hlh\e_gby nZkhgguohleb\hd \ nhjfZo ihemq_gguo ih \uieZ\ey_fuf fh^_eyf Ijb wlhfbkihevam_lky p_gljh[_`gZy mklZgh\dZ k \_jlbdZevghc hkvx \jZs_gby dZd wlhihdZaZgh gZ jbk Nhjfu mklZgZ\eb\Zxlky gZ klhe ihke_ q_]h hgijb\h^blky\h\jZs_gb_b jZkieZ\aZeb\Z_lky\ aZeb\hqgmxqZrmhldm^Zih^^_ckl\b_f p_gljh[_`ghc kbeu ihklmiZ_l \ ihehklv nhjfu <jZs_gb_ klheZijh^he`Z_lky^hihegh]haZl\_j^_\Zgbyhleb\hdJbkKo_fZp_gljh[_`gh]heblvyHkh[_gghklbp_gljh[_`gh]heblvyI_j\Zyhkh[_gghklv HoeZ`^_gb_ jZkieZ\ZgZqg_lky \ i_j\mx hq_j_^v \ eblgbdh\hc qZr_ baaZ l_iehhl^Zqb \ \ha^moHoeZ`^_ggu_ qZklbpu f_lZeeZ dZd [he__ ly`_eu_ bf_xsb_ [hevrmxiehlghklv ih^ \ha^_ckl\b_f p_gljh[_`guo kbe mklj_feyxlky \ jZ^bZevghfgZijZ\e_gbb \ nhjfm b i_j_f_sZxlky \ [he__ ]hjyq_f b e_]dhf f_lZee_=hjyqbc f_lZee \ul_kgy_lky \ [he__ oheh^gmx ahgm ba ]em[bgguo keh_\lhgmsbfb qZklbpZfb dhlhju_ fh]ml [ulv `b^dbfb gh [he__ oheh^gufbLZdbf h[jZahf ijb aZl\_j^_\Zgbb f_lZeeZ \h \jZsZxs_cky nhjf_ \jZ^bZevghf gZijZ\e_gbb g_ij_ju\gh ijhbkoh^bl dhg\_dpby F_lZee \ qZr_h[h]ZsZ_lky ]hjyqbf jZkieZ\hf ba ]em[bgguo keh_\ hleb\db qlhij_^hl\jZsZ_l _]h aZl\_j^_\Zgb_ AZl\_j^_\Zgb_ b^_l kljh]h gZijZ\e_gghF_lZee \ qZr_ ^h ihke_^g_]h fhf_glZ fh`_l hklZ\Zlvky `b^dbf b iblZlvhleb\dm<lhjZy hkh[_gghklv GZ ex[mx qZklbpm \jZsZxs_]hky jZkieZ\Z ^_ckl\mxlkbeu ]jZ\blZpbb J b p_gljh[_`gZy 4 Hlghr_gb_ 43 .