Промтов Н.А. - Пульсационные аппараты роторного типа (1094490), страница 2

Просмтор этого файла доступен только зарегистрированным пользователям. Но у нас супер быстрая регистрация: достаточно только электронной почты!

Текст из файла (страница 2)

bg^_dkdZ\blZpbbd dhwnnbpb_gl/ \_ebqbgZi_j_f_s_gbyqZklbpufO ^ebgZf0 fhf_glG ˜ fP fZkkZ1 fhsghklv<lQ qZklhlZ\jZs_gbyjhlhjZh[kdhebq_kl\himaujvdh\dhebq_kl\h]jZg_c3 ^Z\e_gb_IZ4 jZkoh^fk5 jZ^bmkfU jZkklhygb_f6 iehsZ^vfW7 \j_fykkbeZlj_gbyGW l_fi_jZlmjZD8 gZijy`_gb_<9 kdhjhklvfk: [_ajZaf_jgZykdhjhklv[ dhhj^bgZlZf\ dhhj^bgZlZf] qbkehdZgZeh\D h[t_fgh_]Zahkh^_j`Zgb_m]heE dhwnnbpb_gldhebq_kl\Z^\b`_gbydhwnnbpb_glfZkkhhl^Zqbfkm]heF dhwnnbpb_glG aZahjf_`^mjhlhjhfb klZlhjhffH dhwnnbpb_glm^_evgZywg_j]by>`d]J dhwnnbpb_glihdZaZl_evihebljhiuK dhwnnbpb_gllmj[me_glghc\yadhklbIZ˜ kM dhwnnbpb_glO dhwnnbpb_glkhijhlb\e_gbylj_gbxP dhwnnbpb_gl^bgZfbq_kdhc\yadhklbIZ˜ kU iehlghklv\_s_kl\Zd]fV ih\_joghklgh_gZly`_gb_Gfij_^_eijhqghklbIZd\Z^jZlbqgh_hldehg_gb_W [_ajZaf_jgh_\j_fygZijy`_gb_GfX h[t_fZ m]eh\Zykdhjhklvk[ dhwnnbpb_glf_klgh]h]b^jZ\ebq_kdh]hkhijhlb\e_gby\ nmgdpbyZfieblm^gZyBG>?DKUS jhlhjF klZlhjd dZf_jZw wd\b\Ze_glguch gZqZevgucg gZkus_gguciZjdZ\ dZ\blZpbhggucPLQ fbgbfZevgucPD[ fZdkbfZevgucPQS ghf_jfh^udhe_[Zgbcl l\_j^h_P Zfieblm^Zd\ d\Z^jZlbqguc/ `b^dhklv] ]Zag gZkhk _^bgbqgucDJBL?JBB+R 9W O 5H6K5R3U&Q.R]hfhojhgghklb9GU P J_cghev^kZO 9W KljmoZeyDF O Ó jhlZpbhggucP U' IjZg^ley +R g_klZpbhgZjghklbDS 5S DhjbhebkZ0D 9 Ç FZoZ<_[_jZ 5S G Z U P L_cehjZ:H V 5 7D5H RF5H Â9RF GU P J_cghev^kZhk_\hcZ5S GU P J_cghev^kZfh^_jgbah\ZggucKHDJ:S?GBYI:JL imevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZJBD: jhlhjgucbfimevkghdZ\blZpbhggucZiiZjZlJI: jhlhjghimevkZpbhggucZiiZjZlJ:FI jhlhjgucZiiZjZlk fh^meypb_cihlhdZOL: obfbdhl_ogheh]bq_kdZyZiiZjZlmjZOLI obfbdhl_ogheh]bq_kdbcijhp_kkOLK obfbdhl_ogheh]bq_kdZykbkl_fZNOW nbabdhobfbq_kdbcwnn_dlH;HKGH<:GB?WNN?DLB<GHKLBIMEVK:PBHGGUO:II:J:LH<JHLHJGH=HLBI:>EYBGL?GKBNBD:PBBOBFBDHL?OGHEH=BQ?KDBOIJHP?KKH<:G:EBA F?LH>H<BGL?GKBNBD:PBBOBFBDHL?OGHEH=BQ?KDBOIJHP?KKH<< gZklhys__ \j_fy h^gbf ba i_jki_dlb\guo f_lh^h\ bgl_gkbnbdZpbb obfbdhl_ogheh]bq_kdbo ijhp_kkh\ OLI b ih\ur_gby wnn_dlb\ghklb obfbdhl_ogheh]bq_kdhcZiiZjZlmju OL: ijbagZxlky f_lh^u hkgh\Zggu_ gZ ijbf_g_gbb jZaebqguo nbabdhobfbq_kdbownn_dlh\bkihevamxsbo\gmlj_ggb_b \g_rgb_bklhqgbdbwg_j]bb> @Ih^bgl_gkbnbdZpb_cobfbdhl_ogheh]bq_kdboijhp_kkh\\ rbjhdhfkfuke_ihgbfZxlihemq_gb_ ijyfh]h beb dhk\_ggh]h wdhghfbq_kdh]h wnn_dlZ aZ kq_l m\_ebq_gbyijhba\h^bl_evghklb DI> mf_gvr_gby wg_j]h b fZl_jbZeh_fdhklb ^ebl_evghklbebfblbjmxsbo klZ^bc ih\ur_gby dZq_kl\Z ijh^mdlZ wj]hghfbq_kdbo b khpbZevguoihdZaZl_e_c<k_ i_j_qbke_ggu_ iZjZf_lju y\eyxlky p_e_\ufb nmgdpbyfb bgl_gkbnbdZpbb Ijbbgl_gkbnbdZpbb OLI ij_^ijbgbfZxl p_e_gZijZ\e_ggh_ baf_g_gb_ dZdhceb[h ]jmiiunZdlhjh\ dhlhju_ hdZau\Zxl \ebygb_ gZ p_e_\u_ nmgdpbb JZaebqZxl ^\Z \b^Z aZ^Zqbgl_gkbnbdZpbbkh\_jr_gkl\h\Zgb_kms_kl\mxsboobfbdhl_ogheh]bq_kdbokbkl_fOLKjZajZ[hldZijbgpbibZevghgh\uoOLK> @Ih^OLKihgbfZxlOLIj_Zebam_fuc\ OL:>ey dhebq_kl\_gghc oZjZdl_jbklbdb bgl_gkb\ghklb OLI bkihevamxl \ujZ`_gb_L 0 6W dhlhjh_ ihdZau\Z_l dhebq_kl\h i_j_g_k_ggh]h \_s_kl\Z wg_j]bb F d] >`q_j_a_^bgbpmiehsZ^bh[t_fZ 6f faZ_^bgbpm\j_f_gb Wk > @<uy\eyy aZ\bkbfhklv L hl hkgh\guo ]_hf_ljbq_kdbo b j_`bfguo iZjZf_ljh\ OLKnbabq_kdboiZjZf_ljh\h[jZ[Zlu\Z_fhckj_^uhij_^_eyxlg_h[oh^bfhklvm\_ebq_gbybebmf_gvr_gby mdZaZgguo iZjZf_ljh\ ^ey m\_ebq_gby L >@ Djbl_jbc L ihemq_g gZ hkgh\_ebg_cguo dbg_lbq_kdbo mjZ\g_gbc dhlhju_ \ jy^_ kemqZ_\ g_ ho\Zlu\Zxl \k_]hfgh]hh[jZabyb keh`ghklby\e_gbcl_ieh b fZkkhi_j_ghkZ> @Ebg_cgu_ aZdhgu i_j_ghkZ lbiZ G0 GW N6) ]^_ ) ^\b`msZy kbeZ ijhp_kkZ N dhwnnbpb_gl kdhjhklb l_ogheh]bq_kdh]h ijhp_kkZ fh]ml [ulv h[hkgh\Zgu lhevdh \ij_^iheh`_gbb h g_agZqbl_evghklb hldehg_gby jZkkfZljb\Z_fh]h ijhp_kkZ hl khklhygbyl_jfh^bgZfbq_kdh]h jZ\gh\_kby b fZehklb ]jZ^b_glh\ ihl_gpbZeh\ i_j_ghkZ >ey ZgZebaZg_ebg_cguo khhlghr_gbc f_`^m ihlhdhf i_j_ghkZ b ]jZ^b_glhf ihl_gpbZeZ bkihevamxlijbgpbiu l_jfh^bgZfbdb g_h[jZlbfuo ijhp_kkh\ > @ Djbl_jbc L ZgZeh]bq_g ihlhdmG- G0 G6GW \ l_jfh^bgZfbd_g_h[jZlbfuoijhp_kkh\>ey [hevrbgkl\Z l_iehfZkkhh[f_gguo jy^Z ]b^jhf_oZgbq_kdbo ijhp_kkh\ ijbbg`_g_jguo j_r_gbyo ih \u[hjm nZdlhjh\ gZ dhlhju_ g_h[oh^bfh \ha^_ckl\h\Zlv ^eym\_ebq_gbyLfh`ghbkihevah\ZlvijhihjpbhgZevghklvF iZjZf_ljZf6) b NH[uqgh^eybgl_gkbnbdZpbb l_iehfZkkhh[f_gguo ijhp_kkh\ ijbf_gyxl i_j_f_rb\Zgb_ ^bkdj_lghbfimevkguc \\h^ wg_j]bb ki_pbZevgu_ nbabq_kdb_ wnn_dlu b hj]ZgbaZpbx ihlhdh\ >eybgl_gkbnbdZpbb f_oZgbq_kdbo b ]b^jhf_oZgbq_kdbo ijhp_kkh\ g_h[oh^bfh Zdlb\gh_\ebygb_gZ^\b`_gb_hl^_evguowe_f_glh\`b^dhklb]ZaZb l\_j^uol_e> @F_lh^ubgl_gkbnbdZpbbOLIjbkjZa^_eyxlgZdhfie_dkgu_ijbdhlhjuoOLKjZkkfZljb\Zxl dZd _^bgh_ p_eh_ b ^_dhfihabpbhggu_ f_lh^u \uy\eyxsb_ bdeZkkbnbpbjmxsb_ hl^_evgu_ klZ^bb OLI beb we_f_glu OL: >@ >_dhfihabpbhggu_f_lh^u fh`gh jZa^_eblv gZ ^\_ l_kgh k\yaZggu_ f_`^m kh[hc ]jmiiu j_`bfghl_ogheh]bq_kdb_ b ZiiZjZlmjghdhgkljmdlb\gu_ >@ <u^_eyxl lZd`_ f_lh^u iZkkb\gu_dhlhju_ g_ lj_[mxl ijyfuo aZljZl \g_rg_c wg_j]bb b Zdlb\gu_ dhlhju_ lj_[mxl aZljZl\g_rg_c wg_j]bb >@ F_`^m j_`bfgufb b dhgkljmdlb\gufb Zdlb\gufb b iZkkb\gufbf_lh^Zfb g_evay ijh\_klb q_ldmx ]jZgbpm IZkkb\gu_ f_lh^u lZd`_ lj_[mxl aZljZlwg_j]bbghwg_j]byjZkoh^m_lkyg_\ y\ghf\b^_Bkihevah\Zgb_gh\h]h^eyOLIj_`bfgh]hf_lh^Z dZd ijZ\beh khijy`_gh k hij_^_e_ggufb baf_g_gbyfb OL: k bkihevah\Zgb_fdhgkljmdlb\guo f_lh^h\ < wlhf kemqZ_ fh`gh ijh\_klb ZgZeh]bx f_`^m j_`bfgufb bdhgkljmdlb\gufb f_lh^Zfb dhgkljmdlb\gufbb iZkkb\gufb f_lh^Zfb Fgh]b_j_`bfgu_b dhgkljmdlb\gu_ f_lh^u k\yaZgu f_`^m kh[hc b a^_kv p_e_khh[jZagh ijbf_gylvdhfie_dkgucih^oh^\ j_r_gbbaZ^Zqbgl_gkbnbdZpbbOLI> @DeZkkbnbdZpby f_lh^h\ OLI ^ZgZ \ lZ[e b ihdZaZgZ gZ jbk DZ`^uc baf_lh^h\ bgl_gkbnbdZpbb hkgh\u\Z_lky gZ hij_^_e_gguo nbabdhobfbq_kdbo wnn_dlZoNOW< lZ[emdZaZggughf_jZgZb[he__bkihevam_fuoNOWkibkhddhlhjuoijb\_^_ggb`_F_lh^ubgl_gkbnbdZpbbJ_`bfgu_Dhgkljmdlb\gu_Kh\f_s_gb_Kh\f_s_gb_ZiiZjZlh\NOWl_ogheh]bq_kdboijhp_kkh\ ‹‹ NOW ‹‹Bkihevah\Zgb_\gmlj_ggbo Bkihevah\Zgb_\g_rgbobklhqgbdh\ wg_j]bb NOW bklhqgbdh\ wg_j]bb NOW‹‹ ‹‹ HilbfbaZpbyj_`bfguo HilbfbaZpbyiZjZf_ljh\NOW‹‹ dhgkljmdlb\guoiZjZf_ljh\NOW‹‹ <\_^_gb_^hihegbl_evgh]h <\_^_gb_ki_pbZevguo\_s_kl\Z \ jZ[hqmx ahgm we_f_glh\ \ ZiiZjZl NOWNOW‹‹ ‹‹ >bkdj_lghbfimevkguc\\h^wg_j]bbNOW‹‹ Kha^Zgb_ g_klZpbhgZjghkl_c l_fi_jZlmju ^Z\e_gbydhgp_gljZpbbiehlghklbb liNOW‹‹ GZeh`_gb_ihe_cfZ]gblgh]hwe_dljbq_kdh]hZdmklbq_kdh]hwe_dljhfZ]gblgh]hNOW‹‹ Nbabdhobfbq_kdb_wnn_dlu Lmj[me_glghklv bgl_gkb\gh_ i_j_f_rb\Zgb_ `b^dhklb imevkZpbb kdhjhklb b^Z\e_gby\ `b^dhklbijb__ l_q_gbb DZ\blZpby jZaju\ kiehrghklb `b^dhklb ih^ ^_ckl\b_f jZkly]b\ZxsbogZijy`_gbcijb\h^ysbod h[jZah\Zgbximaujvdh\gZiheg_gguo]Zahfb iZjhf Dmfmeylb\guc wnn_dl mkbe_ggh_ \ hij_^_e_gghf gZijZ\e_gbb ^_ckl\b_ j_adh]hbaf_g_gby^Z\e_gby\aju\ koehiu\Zgb_imaujvdh\b li =b^jhm^Zj j_amevlZl j_adh]h baf_g_gby ^Z\e_gby \ `b^dhklb \ua\Zggucf]gh\_ggufbaf_g_gb_fkdhjhklb__ l_q_gby\ ljm[hijh\h^_Bg\_jkbynZa i_j_oh^\_s_kl\Zbah^gh]hZ]j_]Zlgh]hkhklhygby\ ^jm]h_ Wnn_dl DZjfZgZ \boj_h[jZah\Zgb_ i_jbh^bq_kdbc kju\ \boj_c ijb h[l_dZgbbl_eZihlhdhf]ZaZbeb`b^dhklb Wnn_dl J_[bg^_jZ kgb`_gb_ ih\_joghklgh]h gZly`_gby `b^dhklb ih^ ^_ckl\b_fih\_joghklghZdlb\guo\_s_kl\Wnn_dlKhj_l_jfbq_kdZy^bnnmaby i_j_ghk\_s_kl\ZaZkq_ll_iehijh\h^ghklbWnn_dl>xnmjZ^bnnmabhggZyl_iehijh\h^ghklv i_j_ghkl_ieZaZkq_l^bnnmabb\_s_kl\Z Wnn_dl >`hmey LhfkhgZ baf_g_gb_ l_fi_jZlmju ]ZaZ ijb ijhl_dZgbb _]h ih^^_ckl\b_f ihklhyggh]h i_j_iZ^Z ^Z\e_gby kd\hav ^jhkk_ev f_klgh_ ij_iylkl\b_ ihlhdm ]ZaZdZibeeyj\_glbevihjbklZyi_j_]hjh^dZb li DZibeeyjguc wnn_dl ijhgbdgh\_gb_ `b^dhklb \ madb_ dZgZeu dZibeeyjuh[mkeh\e_ggh_y\e_gbyfbkfZqb\Zgbybebg_kfZqb\Zgbyih\_joghklbdZibeeyjZ Ljb[hwnn_dl ij_h[jZah\Zgb_ f_oZgbq_kdhc wg_j]bb \ l_ieh\mx ijbhlghkbl_evghf^\b`_gbbl_eb nZa Wnn_dl DjZmkhev^Z aZ\bkbfhklv dhwnnbpb_glZ l_iehhl^Zqb fZkkhhl^Zqb hllhesbguie_gdb`b^dhklb Wnn_dl J_cghev^kZ m\_ebq_gb_ l_iehhl^Zqb fZkkhhl^Zqb aZ kq_l m\_ebq_gbykdhjhklbihlhdZWnn_dlJb]bE_^xdZ m\_ebq_gb_l_iehijh\h^ghklbfZl_jbZeh\\ fZ]gblghfihe_ We_dljh b fZ]gblhk_iZjZpby jZa^_e_gb_ ]_l_jh]_gghc kj_^u aZ kq_l jZaghklbwe_dljh b fZ]gblhijh\h^ghklbnZa We_dljhnhj_a i_j_ghk qZklbp \ we_dljbq_kdhf ihe_ \ke_^kl\b_ gZebqbyjZaghbf_gguoaZjy^h\m l\_j^hcb `b^dhcnZa We_dljhhkfhk i_j_f_s_gb_ `b^dhklb \^hev kl_ghd dZibeeyjZ ih^ ^_ckl\b_fijbeh`_gghcW>KWnn_dlXldbgZwe_dljh]b^jZ\ebq_kdbcm^Zj ]_g_jZpbym^Zjguo\heg\ `b^dhklbijb __we_dljbq_kdhfijh[h_ Nhlh eZa_jh jZ^bZpbhggh a\mdh we_dljh ieZafhobfbq_kdb_ wnn_dlu obfbq_kdb_ ij_\jZs_gby \_s_kl\Z ih^ ^_ckl\b_f khhl\_lkl\mxs_]h h[emq_gby Z lZd`_ieZafuih^^_ckl\b_fwe_dljbq_kdh]hlhdZwe_dljheba Iv_ahwe_dljbq_kdbc b iv_ahfZ]gblguc wnn_dlu \hagbdgh\_gb_ iheyjbaZpbb^bwe_dljbdZbebgZfZ]gbq_gghklb\_s_kl\Zih^^_ckl\b_f\g_rg_]h^Z\e_gbyb gZh[hjhlFZ]gblh b we_dljhkljbdpby baf_g_gb_jZaf_jh\l_eZ\ua\Zggu_baf_g_gb_f_]hgZfZ]gbq_gghklbbeb^_nhjfZpby^bwe_dljbdh\\ we_dljbq_kdhfihe_:\lhdhe_[Zgby \hagbdgh\_gb_dhe_[Zgbc\ kbkl_f_aZkq_lij_h[jZah\Zgbywg_j]bbihklhyggh]h^\b`_gby\ dhe_[Zl_evgmxJ_ahgZgk \hajZklZgb_Zfieblm^u\ugm`^_gguodhe_[Zgbcijbkh\iZ^_gbbqZklhlu\ugm`^_gguodhe_[Zgbck kh[kl\_gghcqZklhlhcdhe_[Zl_evghckbkl_fu;he__ ih^jh[gh k nbabq_kdhc kmsghklvx b ijZdlbq_kdbfbijbf_g_gbyfbNOWfh`ghhagZdhfblky\ ebl_jZlmj_> @:gZebabjmylZ[eg_h[oh^bfhhlf_lblvqlhihke_^gb_ljbf_lh^Zbgl_gkbnbdZpbbij_^iheZ]Zxl dZdb_eb[h i_jbh^bq_kdb_ ijhp_kku ijhl_dZxsb_ \ OLK GZeh`_gb_dhe_[Zgbc \hafh`gh dZd gZ we_f_glu OL: lZd b gZ h[jZ[Zlu\Z_fmx kj_^m Dhe_[Zgbywe_f_glh\ OL: qZklh gZau\Zxl \b[jZpbyfb >@ dhe_[Zgby \ h[jZ[Zlu\Z_fhc kj_^_ Zdmklbq_kdbfbdhe_[Zgbyfbbeb\hegZfbF_lh^ubgl_gkbnbdZpbbhkgh\gu_gZ]_g_jZpbbdhe_[Zgbc\ h[jZ[Zlu\Z_fhckj_^_y\eyxlkygZb[he__i_jki_dlb\gufb> @BadeZkkZZdmklbq_kdhcl_ogheh]bq_kdhcZiiZjZlmju^ey`b^dbokj_^gZb[he__wnn_dlb\gufb^ey ijhfure_ggh]h ijbf_g_gby kqblZxl ]b^jh^bgZfbq_kdb_ baemqZl_eb b \ qZklghklbimevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZ:dmklbq_kdb_ dhe_[Zgby jZaebqZxl gZ bgnjZa\mdh\u_ qZklhlZ I  =p a\mdh\u_ I ˜ =pmevljZa\mdh\u_ I ˜ =p]bi_ja\mdh\u_ I ! =p>eyijbf_g_gby\ ijhfure_gghklb gZb[he__ qZklh bkihevamxlky dhe_[Zgby k qZklhlZfb a\mdh\h]h bmevljZa\mdh\h]h ^bZiZahgh\ Ijb \ha^_ckl\bb gZ OLI Zdmklbq_kdb_ dhe_[Zgby fh]ml [ulvbkihevah\Zgu\ ke_^mxsbokemqZyo >@ klbfmeypbyijhp_kkhkms_kl\ey_lkyk ijbf_g_gb_fdhe_[Zgbc bgl_gkbnbdZpbyZdmklbq_kdb_dhe_[Zgbym\_ebqb\Zxlkdhjhklvijhp_kkZ hilbfbaZpbyZdmklbq_kdb_dhe_[Zgby\uau\Zxlmihjy^hq_gb_ijhp_kkZGZb[he__ qZklh Zdmklbq_kdb_ dhe_[Zgby bkihevamxl ^ey bgl_gkbnbdZpbb OLI <]b^jhf_oZgbq_kdbo ijhp_kkZo Zdmklbq_kdb_ dhe_[Zgby bgl_gkbnbpbjmxl lZdb_ ijhp_kkudZd hlklZb\Zgb_ nehlZpby hkZ`^_gb_ ^bki_j]bjh\Zgb_ wfmev]bjh\Zgb_ i_j_f_rb\Zgb_i_gh]Zr_gb_ ^_]ZaZpby < l_ieh\uo ijhp_kkZo gZ]j_\Zgb_ hoeZ`^_gb_ \uiZjb\Zgb_bkiZj_gb_ ]hj_gb_ < fZkkhh[f_gguo ijhp_kkZo djbklZeebaZpbx kmrdm jZkl\hj_gb_gZ[moZgb_Z[khj[pbxZ^khj[pbxwdkljZdpbx\us_eZqb\Zgb_< f_oZgbq_kdboijhp_kkZo wdkljm^bjh\Zgb_eblv_nhjfh\Zgb_^bki_j]bjh\Zgb_>@Bgl_gkbnbpbjmxs__^_ckl\b_Zdmklbq_kdbodhe_[Zgbch[mkeh\e_gh\ i_j\mxhq_j_^vwnn_dlZfb \lhjh]h ihjy^dZ g_ebg_cgufb wnn_dlZfb > @ dZ\blZpby imevkZpbb]Zah\uoimaujvdh\Zdmklbq_kdb_l_q_gbyih\_joghklgu_wnn_dlujZ^bZpbhggh_^Z\e_gb_ihg^_jhfhlhjgu_ kbeu ;v_jdg_kkZ KlhdkZ Hkk__gZ Zdmklbq_kdh]h ^Z\e_gby Ih kl_i_gbbgl_gkbnbdZpbb f_oZgbq_kdbo ijhp_kkh\ Zdmklbq_kdb_ kihkh[u \ g_kdhevdh jZaij_\hkoh^ylwe_dljhfZ]gblgu_>@< Zdmklbd_jZaebqZxliehkdb_pbebg^jbq_kdb_b kn_jbq_kdb_\hegu\ aZ\bkbfhklbhl\b^ZbaemqZxs_cih\_joghklbIh\_ebqbg_Zfieblm^udhe_[Zgbcmkeh\gh^_eylgZ\hegu[_kdhg_qgh fZehc Zfieblm^u b \hegu dhg_qghc Zfieblm^u DjZcgbf kemqZ_f \hegdhg_qghcZfieblm^uy\eyxlkym^Zjgu_\hegu=Zjfhgbq_kdZy \hegZ y\ey_lky l_hj_lbq_kdhc Z[kljZdpb_c GZ ijZdlbd_ j_Zebah\Zlvbaemq_gb_ h^ghc qZklhlu g_\hafh`gh b ihwlhfm ki_dlj dhe_[Zgbc y\ey_lkyg_fhghojhfZlbq_kdbfb e_`bl\ madhfbebrbjhdhf^bZiZahg_qZklhl< aZ\bkbfhklb hl aZeh`_ggh]h \ ijbgpbi jZ[hlu nbabq_kdh]h wnn_dlZ jZaebqZxlke_^mxsb_ \b^u Zdmklbq_kdbo baemqZl_e_c iv_ahwe_dljbq_kdb_ fZ]gblhkljbdpbhggu_we_dljh^bgZfbq_kdb_ ]b^jh^bgZfbq_kdb_ HibkZgbx lZdbo ijhfure_gguo baemqZl_e_cl_hjbb jZkq_lm b bo wdkiemZlZpbb ihk\ys_gh [hevrh_ dhebq_kl\h ebl_jZlmju > @DZ`^uc\b^baemqZl_e_cbf__lk\hbij_bfms_kl\Zb g_^hklZldbJZkkfhljbf[he__ih^jh[gh]b^jh^bgZfbq_kdb_baemqZl_ebHgbkjZ\gbl_evgh^_r_\u_b ijhba\h^bl_evgu_ihhlghr_gbxd ^jm]bf\b^ZfbaemqZl_e_c>@< ]b^jh^bgZfbq_kdbobaemqZl_eyo h[jZah\Zgb_ Zdmklbq_kdbo dhe_[Zgbc ijhbkoh^bl aZ kq_l wg_j]bb ihlhdZ`b^dhklbqlhg_lj_[m_lki_pbZevguokeh`guob wg_j]h_fdboi_j_^Zlhqguokbkl_fKms_kl\m_l fgh`_kl\h ]b^jh^bgZfbq_kdbo ij_h[jZah\Zl_e_c hl ijhkl_crboahehlgbdh\uo ^h ki_pbZevguo ijbgpbi jZ[hlu dhlhjuo hkgh\Zg gZ hij_^_e_gghfnbabq_kdhf wnn_dl_ GZb[he__ ijhklufb b mgb\_jkZevgufb y\eyxlky ahehlgbdh\u_deZiZggu_ b f_f[jZggu_ ij_ju\Zl_eb ihlhdZ Ki_dlj dhe_[Zgbc lZdbo baemqZl_e_cy\ey_lky gbadhqZklhlguf Hgb wnn_dlb\gu \ djmigh]Z[Zjblghc dhehgghc ZiiZjZlmj_ bljm[hijh\h^Zo> @< ]b^jh^bgZfbq_kdhf ieZklbgqZlhf baemqZl_e_ kljmy `b^dhklb \ul_dZy ba khieZ k[hevrhc kdhjhklvx m^Zjy_lky \ hkljmx djhfdm f_lZeebq_kdhc ieZklbgu dhlhjZy\ha[m`^Z_lky b dhe_[e_lky gZ h^ghc ba kh[kl\_gguo qZklhl > @ AZ\boj_gby gZ h[_boklhjhgZo ieZklbgu \uau\Zxl i_jbh^bq_kdb_ bfimevku ^Z\e_gby jZkijhkljZgyxsb_ky khkdhjhklvxa\mdZIjbkh[ex^_gbbhilbfZevguokhhlghr_gbc\ `b^dhklbkha^Z_lkyfhsgh_Zdmklbq_kdh_ ihe_ Wlb baemqZl_eb wnn_dlb\gh jZ[hlZxl ijb kdhjhklb bkl_q_gby [he__ fkD qbkem i_jki_dlb\guo ]b^jh^bgZfbq_kdbo baemqZl_e_c ke_^m_l hlg_klb baemqZl_eblbiZ khieh emgdZ b k lhjhb^Zevguf ihlhdhf jZajZ[Zlu\Z_fu_ GZaZj_gdh : N HgbohjhrhaZj_dhf_g^h\Zebk_[yijbh[jZ[hld_kbkl_flbiZ`b^dhklv `b^dhklv> @<boj_\u_ ij_h[jZah\Zl_eb jZ[hlZxl ih ijbgpbim h[jZah\Zgby \boj_c ijb\jZsZl_evghf ^\b`_gbb `b^dhklb \ pbebg^j_ dm^Z hgZ \\h^blky lZg]_gpbZevgh=_g_jbjh\Zgb_ dhe_[Zgbc ijhbkoh^bl aZ kq_l bfimevkh\ ^Z\e_gby \hagbdZxsbo ijbh[jZah\Zgbb\boj_c< ]_g_jZlhj_ dZ\blZpbb >@ dhgmkhh[jZaguc jhlhj \jZsZ_lky \ klZlhj_ lZdhc `_nhjfu JZ[hqb_ ih\_joghklb jhlhjZ b klZlhjZ \uiheg_gu r_jhoh\Zlufb Ijb \jZs_gbbjhlhjZ\ aZahj_f_`^mjhlhjhfb klZlhjhf\hagbdZxlfbdjh\bojbb dZ\blZpby<ukhdhwnn_dlb\gufb mkljhckl\Zfb ^ey h[jZ[hldb `b^dbo kj_^ ihdZaZeb k_[ykmi_jdZ\blbjmxsb_ ZiiZjZlu Bgl_gkb\gZy dZ\blZpby \hagbdZ_l ijb ijhoh`^_gbb q_j_adZgZeuki_pbZevghcnhjfub h[l_dZgbbki_pbZevguodZ\blZlhjh\>@H^gbf ba i_jki_dlb\guo lbih\ ]b^jh^bgZfbq_kdbo baemqZl_e_c y\eyxlkyimevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZdhlhju_kh^_j`Zljhlhjb klZlhj kdZgZeZfbIjb\jZs_gbb jhlhjZ _]h dZgZeu i_jbh^bq_kdb kh\iZ^Zxl k dZgZeZfb klZlhjZ < j_amevlZl_wlh]h \ h[jZ[Zlu\Z_fhc `b^dhklb ]_g_jbjmxlky bfimevku ^Z\e_gby b jZaj_`_gby\hagbdZ_l dZ\blZpby f_edhfZkrlZ[gu_ imevkZpbb ]b^jZ\ebq_kdb_ m^Zju jZa\blZylmj[me_glghklv< ebl_jZlmj_lZdbfZiiZjZlZf^Zxlkyg_kdhevdhgZa\ZgbcGZb[he__qZklh\klj_qZxlky lZdb_ dZd jhlhjghimevkZpbhgguc ZiiZjZl JI: b jhlhjguc ZiiZjZl kfh^meypb_c ihlhdZ J:FI < ]eZ\_ [m^_l k^_eZgZ ^_lZevgZy deZkkbnbdZpby ih^h[guoZiiZjZlh\;he__h[sbfgZa\Zgb_ffh`_l[ulvI:JL imevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZIjbkkued_gZdhgdj_lgu_ijbf_juijbf_g_gbyI:JL\ ijhfure_gghklbfu[m^_fgZau\ZlvbolZddZdhgbgZa\Zgu\ ebl_jZlmjguobklhqgbdZoBGL?GKBNBD:PBY OBFBDHL?OGHEH=BQ?KDBOIJHP?KKH<< IMEVK:PBHGGUO:II:J:L:OJHLHJGH=HLBI:ImevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZbkihevamxlky^eyh[jZ[hldblZdbokbkl_fdZd`b^dhklv `b^dhklv `b^dhklv l\_j^h_ l_eh b ]Za `b^dhklv >ey dZ`^h]hdhgdj_lgh]h l_ogheh]bq_kdh]h ijhp_kkZ kms_kl\mxl hij_^_e_ggu_ ij_^ihql_gby \ lbi_dhgkljmdlb\gh]hb l_ogheh]bq_kdh]hhnhjfe_gbyI:JLImevkZpbhggu_ ZiiZjZlu jhlhjgh]h lbiZ jZaebqguo \b^h\ b fh^bnbdZpbc gZrebijbf_g_gb_ \ ]b^jhf_oZgbq_kdbo b l_iehfZkkhh[f_gguo ijhp_kkZo aZ kq_l rbjhdh]hki_dljZnZdlhjh\\ha^_ckl\by f_oZgbq_kdh_\ha^_ckl\b_gZqZklbpu]_l_jh]_gghckj_^uaZdexqZxs__ky\ m^Zjguokj_au\Zxsbo b bklbjZxsbogZ]jmadZob dhglZdlZok jZ[hqbfbqZklyfbI:JL ]b^jh^bgZfbq_kdh_\ha^_ckl\b_\ujZ`Zxs__ky\ [hevrbok^\b]h\uogZijy`_gbyo\`b^dhklbjZa\blhclmj[me_glghklbimevkZpbyo^Z\e_gbyb kdhjhklbihlhdZ`b^dhklb ]b^jhZdmklbq_kdh_\ha^_ckl\b_gZ`b^dhklvhkms_kl\ey_lkyaZkq_lf_edhfZkrlZ[guoimevkZpbc ^Z\e_gby bgl_gkb\ghc dZ\blZpbb m^Zjguo \heg b \lhjbqguo g_ebg_cguoZdmklbq_kdbownn_dlh\DjZldbc h[ahj dhlhjuc [m^_l k^_eZg gb`_ ihdZ`_l hkgh\gu_ h[eZklb ijbf_g_gbyI:JLb boihl_gpbZevgu_\hafh`ghklbBGL?GKBNBD:PBYIJHP?KKH<>BKI?J=BJH<:GBYB =HFH=?GBA:PBBKMKI?GABCI:JL lbiZ JI: ohjhrh aZj_dhf_g^h\Ze k_[y \ ijhp_kk_ ihemq_gby ^bki_jkbcZglbhdkb^Zglh\ ijbf_gy_fuo ^ey klZ[bebaZpbb kbgl_lbq_kdbo dZmqmdh\ jZaebqgh]hgZagZq_gby b ^bki_jkbc gZihegbl_e_c dZmqmdh\ >@ Ih jZajZ[hlZgghc l_ogheh]bbihemqZxl ^bki_jkbb Zglbhdkb^Zglh\ g_hahgZ > >NN> bhgheZ k jZaebqgufb[bhjZaeZ]Z_fufbwfmev]ZlhjZfbIjbwlhfijhba\h^bl_evghklvijhp_kkZ\hajZklZ_lihqlb\ jZaZ \ jZa m\_ebqb\Z_lky \j_fy jZkkeZb\Zgby ^bki_jkbb ih kjZ\g_gbx k jZg__ijbf_gy_fhc l_ogheh]b_c Ijhqghklv ihemqZ_fuo dZmqmdh\ \hajZkl_l gZ JI:ijbf_gy_lky ^ey aZ\_jr_gby jhkimkdZ \hehdgbkluo fZl_jbZeh\ b ^ey jZks_ie_gby imqdh\\hehdhg ijb i_j_jZ[hld_ ]jm[uo \hehdgbkluo fZl_jbZeh\ >@ Ijbf_gy_fZy l_ogheh]byiha\hey_lm\_ebqblvijhp_glbkihevah\ZgbyfZdmeZlmju\ ihemq_gbbdZjlhgZih\ukblv_]hdZq_kl\h b kgbablv jZkoh^ we_dljhwg_j]bb gZ jZafhe k d<lq gZ lhggm ^ey dhgbq_kdhcf_evgbpu^hd<lq gZlhggm^ey JI:>bki_j]bjh\Zgb_ b ]hfh]_gbaZpby bkoh^ghc kmki_gabb iblZl_evghc kj_^u JI: \ijhba\h^kl\_ hdkbl_ljZpbdebgZ iha\hey_l m\_ebqblv \uoh^ p_e_\h]h ijh^mdlZ b ihemqblv^bki_jkghklvqZklbp fdf>@Ijbf_g_gb_ JI: iha\hebeh khihklZ\blv ^ebl_evghklv ijhba\h^kl\_ggh]h pbdeZ bih\ukblv dZq_kl\h \uimkdZ_fuo fy]dbo e_dZjkl\_gguo nhjf kmki_gabhggh]h lbiZ H[sb_aZljZlu\j_f_gbkgbabebkv\ jZah[sb_aZljZluwg_j]bb \ jZa>@P_f_glgh\h^gZy kmki_gaby ih^\_j]gmlZy dZ\blZpbhgghc h[jZ[hld_ \ J:FI b^h[Z\e_ggZy \ [_lhggmx kf_kv ih\urZ_l ijhqghklv gZ k`Zlb_ b jZkly`_gb_ ba^_ebc ba[_lhgZ>@GZ djmiguo dhg^bl_jkdbo nZ[jbdZo k[b\Zgb_ fZkku ^ey iZklbeu ijhba\h^blky gZZ]j_]Zl_ RA> khklhys_f ba ^\modhjimkgh]h kf_kbl_ey jhlhjghc k[b\Zl_evghc fZrbgulbiZ JI: >@ GZkus_ggZy \ha^mohf fZkkZ ihke_ h[jZ[hldb \ JI: hdZaZ\rbkv ijbZlfhkn_jghf ^Z\e_gbb agZqbl_evgh m\_ebqb\Z_lky \ h[t_f_ aZ kq_l jZkrbjb\rbokyimaujvdh\\ha^moZ\gmljbfZkkuMklZgh\dZijhba\h^bld]qihlj_[ey_fZyfhsghklvd<lIjhba\h^kl\h ^_l_j]_glh\ bkihevam_fuo ^ey khklZ\e_gby dhfihabpbc kbgl_lbq_kdbofhxsbokj_^kl\lj_[m_llhgdh]hihfheZb \ukhdhckl_i_gb]hfh]_gbaZpbbBkihevah\Zgb_I:JL lbiZ J:FI h[_ki_qb\Z_l kms_kl\_ggh_ m\_ebq_gb_ kjhdZ kem`[u nbevljZ lhgdhchqbkldbb mf_gvrZ_l\yadhklv^_l_j]_glh\>@I_jki_dlb\guf gZijZ\e_gb_f \ wg_j]_lbd_ y\ey_lky bkihevah\Zgb_ ^bki_jkghlhieb\uo kbkl_f Bkihevah\Zgb_ dZq_kl\_gguo m]e_fZamlguo kmki_gabc iha\hey_lmf_gvrblv jZkoh^ fZamlZ gZ J:FI kem`Zl wnn_dlb\guf mkljhckl\hf ^eyihemq_gbym]hevghfZkeygguoiZkl>@>bki_j]bjh\Zgb_ k_ju \ J:FI ijbf_gy_lky ^ey ihemq_gby hk_jg_ggh]h fZkeZoZjZdl_jbam_fh]h[hevrhcfZkeygbklhklvxijhajZqghklvxb hlkmlkl\b_faZiZoZk_ju>@Bkihevah\Zgb_ J:FI \ ihemq_gbb `_e_ahhdkb^gh]h ib]f_glZ iha\hey_l h[hclbkv [_ah[`b]Z reZfZ Z jZafhe aZf_gblv ^bki_j]bjh\Zgb_f \ J:FI > @ Ba\_kl_giheh`bl_evguchiulijbf_g_gbyJI:\ eZdhdjZkhqghcijhfure_gghklb>@BGL?GKBNBD:PBYIJHP?KK:WFMEV=BJH<:GBYJI: bgl_gkbnbpbjm_l ijhp_kk \u^_e_gby kbgl_lbq_kdbo ihebf_jh\ ba jZkl\hjh\ aZkq_lwfmev]bjh\ZgbyjZkl\hjZihebf_jZ>@Ijbf_g_gb_ JI: ^ey ijb]hlh\e_gby ^bki_jkbc fZkeZ \ ijhba\h^kl\_fZkehgZiheg_gguo dZmqmdh\ iha\hey_l ihemqblv \ukhdhmklhcqb\mx wfmevkbx k qZklbpZfbjZaf_jhff_g__fdfLZ`_wfmevkbyihemqZ_fZyihba\_klghcl_ogheh]bbbf__lqZklbpujZaf_jhffdf>@Ijbf_g_gb_ JI: \ ijhba\h^kl\_ e_dZjkl\_gguo fZa_c bolbheh\hc kdbib^Zjghcebgbf_glZ ZffbZqgh]h b li iha\hebeh kms_kl\_ggh khdjZlblv aZljZlu jmqgh]h ljm^Zih\ukblv dZq_kl\h ]hlh\h]h ijh^mdlZ kj_^gbc jZaf_j ^bki_jkghc nZau fdf bkhdjZlblv\j_fyijb]hlh\e_gbyfZa_c\ jZaZ> @Obfbq_kdb_ ^h[Z\db ihebnmgdpbhgZevgh]h ^_ckl\by iha\heyxl ihemqblv [_lhgu k\ukhdbfb l_ogheh]bq_kdbfb b wdkiemlZpbhggufb k\hckl\Zfb Bkihevah\Zgb_ JI: ^eyihemq_gbymklhcqb\uob \ukhdh^bki_jkguowfmevkbcb iZkl\\h^bfuo\ [_lhgiha\hebehm\_ebqblvijhqghklv[_lhgZgZ >@< \ukhdh\yadbo fZamlZo bf__l f_klh ih\ur_ggh_ kh^_j`Zgb_ \h^u \ \b^_ hl^_evguof_klguokdhie_gbch[mkeh\e_ggh_ijhp_kkZfbi_j_\hadbi_j_dZqdbojZg_gbyb ih^h]j_\Zlhieb\Z Bkihevah\Zgb_ \ dZq_kl\_ lhieb\Z ki_pbZevgh ijb]hlh\e_gguo \h^hfZamlguowfmevkbcy\ey_lkyh^gbfbawnn_dlb\guof_lh^h\iha\heyxsboj_rblvwlmijh[e_fm>@H^ghc ba ijbf_gy_fuo l_ogheh]bc ^ey bkihevah\Zgby \ dhleZo fZehc b kj_^g_cfhsghklb y\ey_lky l_ogheh]by k bkihevah\Zgb_f JI: > @ >ey hlhibl_evguo dhleh\fZehc fhsghklb ijb k`b]Zgbb \h^hfZamlghc wfmevkbb ihemqZxl kms_kl\_ggucwdhghfbq_kdbcwnn_dlih\ur_gb_DI>gZ b kgb`_gbywfbkkbbaZ]jyagyxsbo\_s_kl\ KH kZ`b hdbkeh\ ZahlZ \ Zlfhkn_jm >@ H[jZ[hldZ \h^hfZamlghc wfmevkbb k^h[Z\e_gb_f dZevpby b __ ihke_^mxs__ k`b]Zgb_ \ ijhfure_gguo dhl_evguo iha\hebehmf_gvrblv \ ^ufh\uo ]ZaZo dhgp_gljZpbx hdbkeh\ ZahlZ \ jZa Z dhgp_gljZpbxk_jgbklh]hZg]b^jb^Z\ jZaZ> @>eybgl_gkbnbdZpbbijhp_kkZihemq_gbyjZkl\hjZihebZdjbeZfb^Zbkihevam_fh]h^eyih\ur_gby ijhqghklb [mfZ]b b m^_j`Zgby gZihegbl_e_c gZr_e ijbf_g_gb_ JI:ba]hlh\e_ggucgZ[Za_k_jbcgh]hp_gljh[_`gh]hgZkhkZ>@<j_fyijb]hlh\e_gbyjZkl\hjZihij_^eZ]Z_fhcl_ogheh]bbkhdjZsZ_lkyihqlb\ jZaZM\_ebqb\Z_lkygZihdZaZl_evm^_j`Zgby dhZebgZ Ijb]hlh\e_gb_ wfmevkbc bahZfbgh\h]h kibjlZ dhg^_gkZlhjgh]h fZkeZb lhemheZ\ \h^_k ihfhsvxgZkhkZ^bki_j]ZlhjZlZd`_^Zehohjhrb_j_amevlZlu>@H^gbfb ba \Z`guo a\_gv_\ l_ogheh]bb ih^a_fghc ^h[uqb m]ey y\eyxlky]b^jhnbpbjh\Zggu_f_oZgbabjh\Zggu_dhfie_dku^eywdkiemZlZpbb dhlhjuoijbf_gyxlky\h^hfZkeygu_ wfmevkbb k `_kldbfb oZjZdl_jbklbdZfb \ukhdhc ^bki_jkghklvxklZ[bevghklvx hlkmlkl\b_f k_^_f_glZpbb b dhZ]meypbb Ijb bkihevah\Zgbb J:FI ^eyijb]hlh\e_gby jZ[hqbo `b^dhkl_c gZ rZolZo Jhkkbb b ;_ehjmkkbb khdjZlbeky \uoh^ bakljhy fgh]bo maeh\ ]b^jhh[hjm^h\Zgby AgZqbl_evgh khdjZlbebkv Z\Zjbcgu_ ijhklhb > @JI: bkihevam_lky ^ey ]hfh]_gbaZpbb b iZkl_jbaZpbb fhehdZ DZ\blZpbhggh_\ha^_ckl\b_ g_ lhevdh kihkh[kl\m_l ih\ur_gbx ^bki_jkghklb wfmevkbb gh b mgbqlh`Z_l\j_^gu_fbdjhhj]ZgbafuIjb]hfh]_gbaZpbbfhehdZ`bjh\uorZjbdh\bf_ebjZaf_j^hfdf>@>bki_jkghklvfZchg_aZihemqZ_fh]hijbihfhsbJI:\ ^\ZjZaZgb`_q_fijbihfhsbdeZiZggh]h]hfh]_gbaZlhjZ>@H^ghc ba h[eZkl_c ijbf_g_gby wfmevkbc y\ey_lky bo bkihevah\Zgb_ \ dZq_kl\_kfZahqghhoeZ`^Zxsbo `b^dhkl_c KH@ Ihemq_gb_ \ukhdhdZq_kl\_gguo KH@ lj_[m_ljZajZ[hldb b ijbf_g_gby gh\h]h \ukhdhwnn_dlb\gh]h h[hjm^h\Zgby Ijbf_g_gb_ J:FI^eyihemq_gbyKH@kihkh[kl\m_lih\ur_gbxbodZq_kl\ZZ lZd`_kgb`Z_lwg_j]haZljZlu\ijhp_kk_ bo ijhba\h^kl\Z >bki_jkghklv KH@ ^hklb]Z_l fdf qlh m\_ebqb\Z_lklhcdhklv j_`ms_]h bgkljmf_glZ \ kj_^g_f gZ b ih\urZ_l qbklhlm h[jZ[hldbih\_joghklb>@BGL?GKBNBD:PBYF:KKHH;F?GGUOIJHP?KKH<I_jki_dlb\gufgZijZ\e_gb_fbkihevah\ZgbyJI:y\ey_lkywdkljZ]bjh\Zgb_ijh^mdlh\fbdjh[bheh]bq_kdh]h kbgl_aZ gZijbf_j dZjhlbgZ ba [bhfZkku Ijb pbjdmeypbhgghch[jZ[hld_kj_^uijhoh^ys_cihaZfdgmlhfmdhglmjmbaJI:\ _fdhklvb h[jZlghm^Zehkv^hklbqv\uoh^ZdZjhlbgZihke_q_luj_opbdeh\h[jZ[hldb>@Fgh]b_ e_dZjkl\_ggu_ \_s_kl\Z ihemqZxl f_lh^Zfb wdkljZ]bjh\Zgby kujvyjZklbl_evgh]h b `b\hlgh]h ijhbkoh`^_gby Ijbf_g_gb_ JI: \ ijhp_kk_ wdkljZ]bjh\ZgbybgkmebgZ ih^dbke_gguf kibjlhf ba ij_^\Zjbl_evgh baf_evq_gghc ^h ffih^`_em^hqghc`_e_au`b\hlguoiha\hey_lihemqblvwdkljZdluk \ukhdhcZdlb\ghklvx \jZaZ[uklj__>@Ijbf_g_gb_ JI: bgl_gkbnbpbjm_l ijhp_kk wdkljZ]bjh\Zgby lZgbgZ ]Zeeh^m[bevghcdbkehluba]Zeeh\uohj_rdh\iZlheh]bq_kdb_gh\hh[jZah\ZgbygZebklvyofZehZabZlkdh]h^m[ZKl_i_gvba\e_q_gby\hajZklZ_lk ^hZ \j_fywdkljZ]bjh\Zgbymf_gvrZ_lkyk ^hq >@WdkljZ]bjh\Zgb_p_e_\uodhfihg_glh\badhjudjmrbgu\ JI:m\_ebqb\Z_lbo\uoh^gZ b kgb`Z_l ljm^h_fdhklv hi_jZpbc aZ kq_l kh\f_s_gby ijhp_kkh\ baf_evq_gby bwdkljZdpbb>@:gZeh]bqguc wnn_dl ^hklb]Z_lky ijb bkihevah\Zgbb JI: \ wdkljZ]bjh\Zgbb fZkeZ baieh^h\ rbih\gbdZ h[e_iboh\h]h fZkeZ ba ieh^h\ h[e_ibob dZjhlbghkh^_j`Zs_]hdhfie_dkZ ba hloh^h\ ijhba\h^kl\Z ij_iZjZlh\ OhehkZk kibjlh\hf wdkljZ]bjh\ZgbbdZe_g^meu \Ze_jbZgu \h^gh]h wdkljZ]bjh\Zgby lZgbgZ ba ebklv_\ kmfdb wdkljZ]bjh\Zgbyfbp_[ZevguoZglb[bhlbdh\>@<us_eZqb\Zgb_ ljbhdkb^Z \hevnjZfZ ba s__eblh\h]h dhgp_gljZlZ \ JI:bgl_gkbnbpbjm_lijhp_kkb iha\hey_lmf_gvrblv\j_fy^hklb`_gbyaZ^Zgghcdhgp_gljZpbb\ jZaZ>@Bgl_gkbnbdZpbyijhp_kkZjZkl\hj_gbyw\dZebfbgZ\ wlbeh\hfkibjl_ihdZaZeZ\ukhdmxwnn_dlb\ghklv J:FI \j_fy ijb]hlh\e_gby jZkl\hjZ mf_gvrZ_lky [he__ q_f gZ ^\Zihjy^dZ mf_gvrZxlky ihl_jb kibjlZ kgb`Zxlky wg_j]_lbq_kdb_ aZljZlu kgb`Z_lkyk_[_klhbfhklvijhba\h^kl\Zp_ggh]he_dZjkl\_ggh]hij_iZjZlZ>@Wdki_jbf_glZevgu_ bkke_^h\Zgby > @ ihdZaZeb \ukhdmx wnn_dlb\ghklvijbf_g_gby J:FI ^ey ijh\_^_gby ijhp_kkh\ Z[khj[pbb ^bhdkb^Z m]e_jh^Z \ \h^_ b^bki_j]bjh\ZgbyZahlZ\ \h^_AZ kq_l jZa\blhc dZ\blZpbb ]_g_jbjm_fhc \ J:FI \hafh`gh ijh\_^_gb_ ijhp_kkZjZa^_e_gby\h^ghkibjlh\hckf_kbgZdhfihg_gluijbghjfZevghcl_fi_jZlmj_b ^Z\e_gbb> @ < ijhp_kk_ jZa^_e_gby \h^u b kibjlZ baf_gy_lky bo dhgp_gljZpby \ `b^dhc b]Zah\hc nZaZo aZ kq_l fhe_dmeyjghc b dhg\_dlb\ghc ^bnnmabb q_j_a f_`nZagmxih\_joghklv f_`^m ]hfh]_gghc \h^ghkibjlh\hc kf_kvx b iZjh]Zah\uf imaujvdhfBkihevah\Zgb_ dZ\blZpbb ijb\h^bl d j_adhfm m\_ebq_gbx f_`nZaghc ih\_joghklb aZ kq_lihy\e_gbyimevkbjmxsboimaujvdh\gZiheg_gguo\ hkgh\ghfiZjZfbkibjlZ=b^jhZdmklbq_kdh_\ha^_ckl\b_\ J:FIgZh[jZ[Zlu\Z_fmx`b^dmxkj_^magZqbl_evghkihkh[kl\m_l m\_ebq_gbx kdhjhklb j_Zdpbb ^_]b^jhoehjbjh\Zgby ih kjZ\g_gbx kf_oZgbq_kdbf i_j_f_rb\Zgb_f b mevljZa\mdh\hc h[jZ[hldhc Z lZd`_ iha\hey_lbgl_gkbnbpbjh\Zlv j_Zdpbx kbgl_aZ 6ijhibe1i_glZf_lbe_glbhdZj[ZgZlZ aZ kq_l [he__wnn_dlb\gh]h ij_h[jZah\Zgby ]b^jhZdmklbq_kdhc wg_j]bb \ dZ\blZpbhggh_ \ha^_ckl\b_ >@:G:EBAN:DLHJH<<HA>?CKL<BYG:@B>DMX=?L?JH=?GGMXKJ?>M<IMEVK:PBHGGUO:II:J:L:OJHLHJGH=HLBI:=B>JHF?O:GBQ?KDBOB =B>JH:DMKLBQ?KDBOWNN?DLH<DZdm`_hlf_qZehkv\ ij_^u^msboiZjZ]jZnZo\ imevkZpbhgguoZiiZjZlZojhlhjgh]hlbiZ h[jZ[Zlu\Z_fZy `b^dZy ]_l_jh]_ggZy kj_^Z ih^\_j]Z_lky fgh]hnZdlhjghfm\ha^_ckl\bx ;eZ]h^Zjy lZdhfm fgh]hh[jZabx \b^h\ h[jZ[hldb ijhbkoh^blbgl_gkbnbdZpbyOLIFgh]b_bkke_^h\Zl_ebbamqZeb\ wdki_jbf_glZevghfb l_hj_lbq_kdhfieZg_ nZdlhju \ha^_ckl\by bf_xsb_ f_klh \ I:JL > @Bkke_^h\Zgb_ dZ`^h]hbanZdlhjh\ \ha^_ckl\by \ hl^_evghklb g_ ij_^klZ\ey_l kh[hc keh`gmx aZ^Zqm Keh`ghklvijh[e_fuaZdexqZ_lky\ lhfqlh\k_nZdlhju\ha^_ckl\by\aZbfhk\yaZgu^jm]k ^jm]hfb bo\aZbfh^_ckl\b_ kha^Z_l gh\uc dZq_kl\_gguc wnn_dl <u^_eblv ba h[s_c kh\hdmighklbf_oZgbq_kdbo ]b^jhf_oZgbq_kdbo b Zdmklbq_kdbo y\e_gbc b \aZbfh^_ckl\bc hl^_evgucnZdlhjijbgpbibZevgh\hafh`ghghwlhlimlvg_y\ey_lkyf_lh^bq_kdbijZ\bevgufb qZklhijb\h^bl d hrb[hqguf j_amevlZlZf Ijb bamq_gbb dZ`^h]h nZdlhjZ \ha^_ckl\by \hl^_evghklbh[yaZl_evghgZ^hbf_lv\ \b^mqlh^Z`_ijbbkihevah\Zgbbf_lh^Zkbkl_fgh]hZgZebaZ g_h[oh^bfh mqblu\Zlv \aZbfhk\yav \k_o nZdlhjh\ bf_xsbo f_klh \ I:JL Gb`_fu ihiulZ_fky k^_eZlv ZgZeba j_amevlZlh\ ih bkke_^h\Zgbx b hibkZgbx nZdlhjh\\ha^_ckl\by\ I:JLihemq_gguoaZg_kdhevdh^_kyldh\e_lbobamq_gbyb ijbf_g_gbyIj_`^_ q_f i_j_clb d ZgZebam bkke_^h\Zgby nZdlhjh\ \ha^_ckl\by ihdZ`_f ijbgpbijZ[hlu I:JL gZ gZb[he__ jZkijhkljZg_gghf dhgkljmdlb\ghf lbi_ jZ^bZevghf jhlhjghfZiiZjZl_ KlZg^ZjlgZy ko_fZ I:JL ihdZaZgZ gZ jbk Ijbgpbi jZ[hlu ZiiZjZlZaZdexqZ_lky \ ke_^mxs_f H[jZ[Zlu\Z_fZy `b^dhklv ih^Z_lky ih^ ^Z\e_gb_f bebkZfhl_dhf q_j_a \oh^ghc iZljm[hd \ ihehklv jhlhjZ ijhoh^bl q_j_a dZgZeu jhlhjZ dZgZeu klZlhjZjZ[hqmxdZf_jm b \uoh^blbaZiiZjZlZq_j_a\uoh^ghciZljm[hdIjb\jZs_gbbjhlhjZ_]hdZgZeui_jbh^bq_kdbkh\iZ^Zxlk dZgZeZfbklZlhjZ<uoh^ybadZgZeZklZlhjZ `b^dhklv kh[bjZ_lky \ jZ[hq_c dZf_j_ b ijh^\b]Z_lky d \uoh^ghfm iZljm[dm <i_jbh^\j_f_gbdh]^ZdZgZeujhlhjZi_j_djulukl_gdhcklZlhjZ\ ihehklbjhlhjZ^Z\e_gb_\hajZklZ_l Z ijb kh\f_s_gbb dZgZeZ jhlhjZ k dZgZehf klZlhjZ ^Z\e_gb_ aZ dhjhldbcijhf_`mlhd \j_f_gb k[jZku\Z_lky b \ j_amevlZl_ wlh]h \ dZgZe klZlhjZ jZkijhkljZgy_lkybfimevk ^Z\e_gby Kdhjhklv `b^dhklb \ dZgZe_ klZlhjZ y\ey_lky i_j_f_gghc \_ebqbghcIjb jZkijhkljZg_gbb \ dZgZe_ klZlhjZ bfimevkZ ba[ulhqgh]h ^Z\e_gby \ke_^ aZ gbf\hagbdZ_l djZldh\j_f_gguc bfimevk ihgb`_ggh]h hljbpZl_evgh]h ^Z\e_gby lZd dZdkh\f_s_gb_ dZgZeh\ jhlhjZ b klZlhjZ aZ\_jrbehkv b ih^ZqZ `b^dhklb \ dZgZe klZlhjZijhbkoh^bl lhevdh aZ kq_l ljZgablgh]h l_q_gby ba jZ^bZevgh]h aZahjZ f_`^m jhlhjhf bklZlhjhf H[t_f `b^dhklb \hr_^rbc \ dZgZe klZlhjZ klj_fblky d \uoh^m ba dZgZeZ bbg_jpbhggu_ kbeu kha^Zxl jZkly]b\Zxsb_ gZijy`_gby \ `b^dhklb qlh \uau\Z_ldZ\blZpbx DZ\blZpbhggu_ imaujvdb jZklml ijb \ha^_ckl\bb bfimevkZ ihgb`_ggh]h^Z\e_gbyb koehiu\Zxlkybebimevkbjmxlijbm\_ebq_gbb^Z\e_gby\ dZgZe_klZlhjZQZklvdZ\blZpbhgguoimaujvdh\\ughkblky\ jZ[hqmxdZf_jm:K:KdOFOS::5d5j5kZJbkKo_fZimevkZpbhggh]hZiiZjZlZjhlhjgh]hlbiZ< k\yab k l_f qlh kdhjhklv ihlhdZ `b^dhklb \ dZgZe_ klZlhjZ \_ebdZ b bf__lnemdlmZpbbihlhdy\ey_lkylmj[me_glgufIjb\jZs_gbbjhlhjZ\ aZahj_f_`^m jhlhjhfbklZlhjhf\hagbdZxl[hevrb_k^\b]h\u_gZijy`_gbyJZ[hqb_ih\_joghklbjhlhjZb klZlhjZ\ha^_ckl\mxl gZ `b^dmx ]_l_jh]_ggmx kj_^m aZ kq_l f_oZgbq_kdh]h dhglZdlZ kha^Z\Zy\ukhdb_kj_au\Zxsb_b k^\b]h\u_mkbebyImevkZpbb ^Z\e_gby b kdhjhklb ihlhdZ `b^dhklb bgl_gkb\gZy dZ\blZpby jZa\blZylmj[me_glghklv m^Zjgu_ \hegu b dmfmeylb\gu_ kljmcdb hl koehiu\Zgby dZ\blZpbhgguoimaujvdh\ \ukhdb_ k^\b]h\u_ b kj_au\Zxsb_ gZijy`_gby wlh nZdlhju \ha^_ckl\by gZ`b^dmx ]_l_jh]_ggmx kj_^m ih^e_`Zsb_ bamq_gbx fh^_ebjh\Zgbx hilbfbaZpbb bbkihevah\Zgbx^eyih\ur_gbywnn_dlb\ghklbjZ[hluI:JLb bgl_gkbnbdZpbbOLIH^gbf ba i_j\uo bkke_^h\Zl_e_c ijhp_kkh\ b y\e_gbc ijhl_dZxsbo \ I:JL [ue I<bee_fk Ih _]h fg_gbx hkgh\guf nZdlhjhf h[_ki_qb\Zxsbf bgl_gkbnbdZpbx OLIy\ey_lky \hagbdgh\_gb_ \ h[jZ[Zlu\Z_fhc `b^dhklb \ukhdhqZklhlguo dhe_[Zgbc]_g_jbjm_fuo dhgkhevghaZdj_ie_ggufb lhgdhkl_ggufb am[vyfb jhlhjZ b klZlhjZ >@Wlhc`_]bihl_auijb^_j`b\ZxlkyZ\lhjujZ[hl>@WlZfh^_evmqblu\Z_llhevdh \hagbdZxsb_ \ ZiiZjZlZo bfimevku ^bgZfbq_kdh]h ^Z\e_gby =jZ^b_glu ^Z\e_gbyih<bee_fkm^hklb]Zxl IZ:gZebabjmy \_ebqbgm ijhoh^gh]h k_q_gby i_j_dju\Z_fhc ijhj_ab Iwc >@ ihemqbenhjfmem ^ey jZkq_lZ qZklhlu imevkZpbc \ h[s_f kemqZ_ dh]^Z qbkeh dZgZeh\ klZlhjZ g_jZ\ghqbkemdZgZeh\jhlhjZIQ]F ] S ]F ] S ]^_ ]F ]S gZb[hevrbc h[sbc ^_ebl_ev qbk_e ]F b ] S ]S ]F qbkeh dZgZeh\ \ jhlhj_ bklZlhj_khhl\_lkl\_ggh Q qZklhlZ\jZs_gbyjhlhjZh[kWlZnhjfmeZkh]eZkm_lkyk ^ZggufbF:;ZeZ[m^dbgZ>@Hkgh\gmx qZklhlm imevkZpbc ^bgZfbq_kdh]h ^Z\e_gby baemqZ_fuo \ dZgZe klZlhjZke_^m_ljZkkqblu\Zlvihnhjfme_> @IQ]S < g_dhlhjuo kemqZyo hlf_qZ_lky fZdkbfmf a\mdh\h]h ^Z\e_gby gZ qZklhl_ \^\h_f_gvr_ch^gZdh\ [hevrbgkl\_baf_j_gbcgZ^hexhkgh\ghcqZklhluijboh^blkyhl^ha\mdh\hcwg_j]bbH^gbf ba \Z`guo nZdlhjh\ \ha^_ckl\by hl\_lkl\_gguf aZ hkgh\gu_ nbabdhobfbq_kdb_ ijhp_kku \ I:JL y\eyxlky imevkZpbb ^Z\e_gby \ dZgZe_ klZlhjZ b jZ[hq_cdZf_j_ Wlhfm Zki_dlm ihk\ys_gh h]jhfgh_ dhebq_kl\h jZ[hl qlh ^hdZau\Z_l \Z`ghklv bg_h^ghagZqghklvaZ^Zqb< jZ[hl_>@\_ebqbgm^Z\e_gby \dZgZe_klZlhjZhij_^_eyxlbkoh^ybalZg]_gpbZevghc9 b jZ^bZevghc 9 khklZ\eyxsbokdhjhklbihlhdZ3U 9 9 LZg]_gpbZevgZykhklZ\eyxsZykdhjhklbkqblZ_lkyihklhygghclZddZdm]eh\ZykdhjhklvjhlhjZ ihklhyggZy \_ebqbgZ JZ^bZevgZy khklZ\eyxsZy kdhjhklb aZ\bkbl hl jZkoh^Z bij_^klZ\e_gZ \ \b^_ kbgmkhb^u Kbgmkhb^ZevgZy aZ\bkbfhklv jZkoh^Z iha\hebeZ ihemqblvij_^klZ\e_gb_aZ\bkbfhklbiehsZ^bijhoh^gh]hk_q_gby\ ibehh[jZaghcnhjf_NhjfmeZ ebrv dZq_kl\_ggh hljZ`Z_l ^_ckl\bl_evgu_ ijhp_kku ih nemdlmZpbyf^Z\e_gby\ I:JLDjhf_lh]hZ\lhju>@ij_g_[j_]Zeb\ebygb_f\yadhklbb k`bfZ_fhklb`b^dhklb Z jZaf_ju ijhj_a_c b ijhf_`mldh\ f_`^m gbfb gZ jhlhj_ [ueb jZ\gu f_`^mkh[hc:gZeh]bqguc ih^oh^ [ue k^_eZg \ jZ[hl_ >@ ]^_ ij_g_[j_]Zy k`bfZ_fhklvx`b^dhklb b ihl_jyfb gZ lj_gb_ ^ey fZdkbfZevghc Zfieblm^u i_j_f_ggh]h ^Z\e_gbyihemq_gZnhjfmeZ3PN G4 W GW g_dhlhjZy ihklhyggZy]^_ 4W i_j_f_gguc jZkoh^ q_j_a h^gh hl\_jklb_ f k NaZ\bkysZyhliehlghklb`b^dhklbb jZaf_jh\hl\_jklbyAZ\bkbfhklvZfieblm^uimevkZpbc^Z\e_gbyhljZkoh^Z`b^dhklbaZeh`_gZ\ nhjfme_3PU 5S Z4 47 K]F D 5SOJ]S5Å]^_ U iehlghklv`b^dhklb À¹Â 5S jZ^bmk\g_rg_cih\_joghklbjhlhjZf Z m]eh\Zykdhjhklv jhlhjZ F 4 b 47 iheguc jZkoh^ b ljZgablgucjZkoh^ Â Ç D K rbjbgZb\ukhlZ dZgZeh\ f ]S ]F dhebq_kl\h dZgZeh\ \ jhlhj_ b klZlhj_ 5Å jZ^bmkpbebg^jbq_kdhcihehklb\hagbdZxs_caZkq_l\jZs_gbyjhlhjZf>@G_ hq_gv ihgylgh dZdbf h[jZahf \ ihehklb jhlhjZ \ dhlhjmx `b^dhklv ihklhygghgZ]g_lZ_lky ih^ ^Z\e_gb_f eb[h ihklmiZ_l aZ kq_l p_gljh[_`gh]h wnn_dlZ \hagbdZ_lihehklv Wlh ml\_j`^_gb_ gZjmrZ_l iheh`_gb_ h g_jZaju\ghklb kiehrghklb ihlhdZIh^h[gh_ y\e_gb_ gZ[ex^Zehkv Z\lhjZfb jZ[hl > @ h^gZdh \ hlkmlkl\bb ih^\h^Z bhl\h^Z `b^dhklb ba ZiiZjZlZ Djhf_ lh]h ijb iheghklvx aZiheg_gghf `b^dhklvx jhlhj_ 5Å Zfieblm^Z^Z\e_gby\hajZklZ_l^h[_kdhg_qghklbqlhnbabq_kdbg_\hafh`ghJZkoh^ `b^dhklb q_j_a ZiiZjZl beb q_j_a h^gh hl\_jklb_ klZlhjZ< N X^Z_\ij_^klZ\ey_l\ \b^_>@4 W 4PLQ­°4PD[°Z5 °®4PD[D °°°¯ 4PLQ W d W dDZ5DD§ D· 4PLQ ¨W dWdZ5© Z5 ¹̧ Z ˜ 5 D EDdWdZ5Z5A^_kv 4PD[ b 4PLQ agZq_gby jZkoh^Z khhl\_lkl\_ggh ijb kh\iZ^Zxsbo b i_j_djuluodZgZeZoIha^g__nhjfmeZ\b^hbaf_gbeZkvghkfuke__ g_f_gyeky>@M ;ZeZ[m^dbgZF:>@aZ\bkbfhklvjZkoh^Zbf__l\b^S ·§4W 4P ¨ N FRVW 7 ¹̧©]^_ N 4 4P 4 kj_^g__agZq_gb_jZkoh^Z Â Ç 4P Zfieblm^Z baf_g_gbcjZkoh^Z Â Ç t i_jbh^dhe_[Zgby\ I:JLk<i_j\u_[uehhlf_q_gh>@qlhnmgdpby 4W hij_^_ey_lky lZd`_lbihfgZkhkZbg_k_l\ k_[_^bkdj_lgmxkhklZ\eyxsmxijb\oh^_\ ZiiZjZl<_ebqbgm Zfieblm^u imevkZpbhggh]h ^Z\e_gby b jZkoh^ `b^dhklb q_j_a dZgZe klZlhjZhij_^_ey_l kdhjhklv ihlhdZ `b^dhklb \ dZgZe_ b aZdhgu baf_g_gby iehsZ^b ijhoh^gh]hk_q_gbydZgZeZklZlhjZ b]b^jZ\ebq_kdh]hkhijhlb\e_gbygZ\oh^_\ dZgZeklZlhjZKdhjhklv l_q_gby `b^dhklb q_j_a ij_ju\Zl_ev dZgZe jhlhjZ aZahj dZgZe klZlhjZ \jZ[hl_>@hij_^_ey_lkygZhkgh\_aZdhgZkhojZg_gbyh[h[s_ggh]hbgl_]jZeZ;_jgmeeb3 U 9 ¦ [L U 9 U 9 3 ]^_ 3 ^Z\e_gb_ gZ \oh^_ b \uoh^_ fh^meylhjZ IZ 9 kdhjhklv `b^dhklb gZ \oh^_ b\uoh^_fh^meylhjZfk U iehlghklv`b^dhklbgZ\oh^_b \uoh^_fh^meylhjZd]f 9 ebg_cgZy kdhjhklv ihlhdZ `b^dhklb gZ \uoh^_ dZgZeZ jhlhjZ ijb jZ\ghf_jghf \jZs_gbbjhlhjZfk ¦ [L kmffZdhwnnbpb_glh\f_klguokhijhlb\e_gbcfh^meylhjZ< wlhf mjZ\g_gbb g_ mql_gZ \j_f_ggZy aZ\bkbfhklv ]b^jZ\ebq_kdh]h khijhlb\e_gbyfh^meylhjZDhwnnbpb_gluf_klguokhijhlb\e_gbcijhklhkmffbjmxlky\ ij_^iheh`_gbbqlh hgb ihklhyggu \ ex[hc fhf_gl \j_f_gb ijb oZjZdl_jguo iheh`_gbyo dZgZeZ jhlhjZhlghkbl_evghdZgZeZklZlhjZ;he__ lhqgh q_f mjZ\g_gb_ l_q_gb_ j_Zevghc g_k`bfZ_fhc `b^dhklb \fh^meylhj_hibku\Z_lg_klZpbhgZjgh_mjZ\g_gb_;_jgmeeb>@UO]^_ OO S G OF G9U9 [W GW'3^ebgZfh^meylhjZfAZ\bkbfhklvdhwnnbpb_glZ]b^jZ\ebq_kdh]hkhijhlb\e_gbyhlkdhjhklbij_^klZ\ey_lky\ \b^_>@]^_ [ À¸ W dhwnnbpb_gl ]b^jZ\ebq_kdh]h khijhlb\e_gby \ d\Z^jZlbqghc h[eZklbaZ\bkbfhklb ]b^jZ\ebq_kdbo ihl_jv hl kdhjhklb ihlhdZ 5H 9 G ÓU P djbl_jbc J_cghev^kZ[ W [ À¸ W %W 5H%W dhwnnbpb_gl ]b^jZ\ebq_kdbo ihl_jv 9 '3 U kdhjhklv mklZgh\b\r_]hky l_q_gbyijb [ G Ó wd\b\Ze_glguc]b^jZ\ebq_kdbc^bZf_ljfMjZ\g_gb_^eym^h[kl\Zl_hj_lbq_kdh]hbkke_^h\Zgbyb j_r_gbyij_^klZ\e_gh\[_ajZaf_jghf\b^_G N: GW+Ä [W : ]^_ N dhwnnbpb_gl mkj_^g_gby bfimevkZ ih k_q_gbx ihlhdZ +Ä 9W O djbl_jbc]hfhojhgghklb W DS Z5 : 9 9 W W W MjZ\g_gb_hlghkblkyd ^bnn_j_gpbZevgufmjZ\g_gbyflbiZJbddZlbb \h[s_f\b^_\ d\Z^jZlmjZog_j_rZ_lkyJy^jZ[hlihk\ys_gf_lh^Zfj_r_gbywlh]hmjZ\g_gby> @ :gZeba wlbo jZ[hl ihdZau\Z_l qlh f_lh^u ebg_ZjbaZpbb ZgZeblbq_kdboijb[eb`_gbcd\Zabebg_ZjbaZpbbijZdlbq_kdb^Zxlh^bgb lhl`_j_amevlZlb g_iha\heyxllhqghhij_^_eblv]b^jh^bgZfbq_kdb_iZjZf_lju\ lhqghfZ[khexlghf\ujZ`_gbbMjZ\g_gb_\_kvfZi_jki_dlb\gh^eyhibkZgbyl_q_gby\yadhc`b^dhklb\ dZgZe_klZlhjZ Wdki_jbf_glZevgu_ hkpbeeh]jZffu bfimevkh\ ^Z\e_gby \ dZgZe_ klZlhjZih^l\_j`^Zxl ijZ\bevghklv \u[jZggh]h imlb ih fZl_fZlbq_kdhfm fh^_ebjh\Zgbxbkl_q_gby `b^dhklb q_j_a ij_ju\Zl_ev ZiiZjZlZ >Zevg_cr__ mkh\_jr_gkl\h\Zgb_fZl_fZlbq_kdhc fh^_eb l_q_gby ihlhdZ j_Zevghc `b^dhklb \ I:JL [ueh \uiheg_ghAbfbguf:B> @MjZ\g_gb_ij_h[jZah\Zghd \b^mOÓG9 §% W 9 P ·¸ ¨ [ W 9 GW ¨©G U ¸¹'3 Z 5S U]^_ O Ó O e 6 PD[ S wnn_dlb\gZy ^ebgZ fh^meylhjZ mqblu\ZxsZy \ebygb_]_g_jbjm_fh]h i_j_f_ggh]h ^Z\e_gby gZ g_klZpbhgZjgu_ ]b^jhf_oZgbq_kdb_ ijhp_kku \fh^meylhj_ ZiiZjZlZ f e 6¸ÑË 6 ¸Ë 6 PD[ D K 6 ¸ÑË iehsZ^v \uoh^gh]h hl\_jklbyfh^meylhjZ \uoh^gh]h hl\_jklby dZgZeZ klZlhjZ f 6 ¸Ë iehsZ^v \oh^gh]h hl\_jklbyfh^meylhjZ\oh^gh]hhl\_jklbydZgZeZjhlhjZf<lhjhc qe_g ijZ\hc qZklb mjZ\g_gby hljZ`Z_l \ebygb_ p_gljh[_`guo kbe^Z\e_gbyG_h[oh^bfhaZf_lblvqlh\_ebqbgmp_gljh[_`gh]h^Z\e_gbyihnhjfme_Wce_jZhij_^_ey_l g_ jZ^bmk \g_rg_c ih\_joghklb 5S Z kj_^gbc jZ^bmk dZgZeZ jhlhjZ5ÇÆ 5S O S JZ^bmkjhlhjZ 5S fh`_l[ulvaZ^_ckl\h\Zg\ mjZ\g_gbblhevdh_keb\ihehklbjhlhjZbf_xlkyehiZldbOhlyi_j_iZ^^Z\e_gby\oh^bl\ mjZ\g_gb_dZdihklhyggZy\_ebqbgZ \ j_Zevghklb hg lZd `_ bf__l i_j_f_ggmx khklZ\eyxsmx oZjZdl_j dhlhjhc \gZklhys__\j_fyihdZg_hij_^_e_g< [_ajZaf_jghf\b^_mjZ\g_gb_aZibku\Z_lkydZdG:+Ä : +Ä [ W : %W GW5H5Ä+Ä]^_ +Ä 9 W O Ó 5H 9 G Ó U P 5Ä DF O Ó 9 '3W UO Ó < wlhf mjZ\g_gbb 9 khklZ\e_gZ ba iZjZf_ljh\ ^Zxsbo jZaf_jghklv kdhjhklb ghnbabq_kdh_ h[hkgh\Zgb_ wlhc ^jh[b ijh[e_fZlbqgh Eh]bqg__ bkihevah\Zlv \ dZq_kl\_ 9agZq_gb_ kj_^g_c kdhjhklb `b^dhklb aZ i_jbh^ L Klhev `_ ijh[e_fZlbq_gnbabq_kdbc kfuke jhlZpbhggh]h dhwnnbpb_glZ 5R Ih aZfukem Z\lhjZ jhlZpbhggucdhwnnbpb_gl ^he`_g hljZ`Zlv \ebygb_ p_gljh[_`guo kbe gh hg khklZ\e_g ba ebg_cguoiZjZf_ljh\gbdZdg_k\yaZgguok p_gljh[_`guf^Z\e_gb_f>Zevg_crZy fh^_jgbaZpby mjZ\g_gby [ueZ ijhba\_^_gZDZj_iZgh\ufd \b^m> @'3UOG9 § G9 ·¨GW © GW ¹̧Z 9 U O K DU9 [W \ dhlhjhfmql_gug_lhevdhp_gljh[_`gu_kbeughb kbeZDhjbebkZ^_ckl\mxsZygZihlhd`b^dhklb\ dZgZe_jhlhjZ< [_ajZaf_jghf\b^_mjZ\g_gb_aZibku\Z_lkyk mq_lhfgh\uodjbl_jb_\>@]^_.ÄD S 5S &Q oÄ djbl_jbc DhjbhebkZ &Q 5Ä &Q5ÄG: § G: · &Q¨: .R [ W : GW © GW ¹̧&QD S §¨G ¨¨ O © 5S ·¸¸¸¹ jhlZpbhgguc dhwnnbpb_gl dhwnnbpb_glg_klZpbhgZjghklbG_khfg_ggh iheh`bl_evguf \deZ^hf \ fZl_fZlbq_kdmx fh^_ev y\ey_lky mq_lgh\uo qe_gh\ ohly b g_ bf_xsbo kms_kl\_ggh]h \ebygby gZ j_amevlZlu j_r_gby G_kh\k_fihgylgh\\_^_gb_dhwnnbpb_glZg_klZpbhgZjghklb sQ \b^hbaf_gyxs_]hmjZ\g_gb_ghg_^Zxs_]hdZq_kl\_ggh]hbebdhebq_kl\_ggh]h\deZ^Z<h \k_o mjZ\g_gbyo hibku\Zxsbo l_q_gb_ j_Zevghc `b^dhklb q_j_a fh^meylhjijbkmlkl\m_liZjZf_lj [W i_j_f_ggh_]b^jZ\ebq_kdh_khijhlb\e_gb_dhlhjh_aZ\bkblhliehsZ^bijhoh^gh]hk_q_gbyfh^meylhjZ>@[ W § 6PD[·¨¨ ¸¸© H6 W ¹]^_ 6 PD[ gZb[hevrZyiehsZ^vijhoh^gh]hk_q_gbyij_ju\Zl_eyf H dhwnnbpb_glhij_^_ey_fucbalZ[ebpG?@mdh\kdh]h>@Ebg_cgucf_lh^ZgZebaZg_klZpbhgZjguo]b^jhf_oZgbq_kdboijhp_kkh\iha\hebe:BAbfbgm>@mq_klv\ebygb_dbg_fZlbq_kdbooZjZdl_jbklbdl_q_gby`b^dhklb\ fh^meylhj_gZdhwnnbpb_gl]b^jZ\ebq_kdh]hkhijhlb\e_gby[ È W +Ä G: GW +R : G_h[oh^bfhhlf_lblvqlhdjhf_kdhjhklbihlhdZ`b^dhklbkdhjhklb\jZs_gbyjhlhjZb ]_hf_ljbq_kdbo iZjZf_ljh\ ZiiZjZlZ gZ ]b^jZ\ebq_kdh_ khijhlb\e_gb_ hdZau\Z_l\yadhklv `b^dhklb lhesbgZ ijbkl_ghqgh]h eZfbgZjgh]h kehy b ^jm]b_ nbabq_kdb_oZjZdl_jbklbdb`b^dhklbAZ\bkbfhklv baf_g_gby iehsZ^b ijhoh^gh]h k_q_gby hl^_evgh]h dZgZeZ klZlhjZ bZiiZjZlZ \ p_ehf y\ey_lky hkgh\hiheZ]Zxs_c b ihwlhfm fgh]b_ bkke_^h\Zl_eb gZqbgZebbamqZlv ]b^jhf_oZgbq_kdb_ aZdhghf_jghklb jZ[hlu I:JL k j_r_gby wlhc aZ^Zqb >eyhibkZgby khklhygby wlh]h \hijhkZ fh`gh m^_eblv fgh]h f_klZ b \j_f_gb gh \ ^Zggucfhf_gl wlZ ijh[e_fZ jZajZ[hlZgZ ^hklZlhqgh ohjhrh k g_fgh]h ]jhfha^dhc ghhkgh\Zl_evghc l_hj_lbq_kdhc [Zahc Hkgh\ghc\deZ^\ j_r_gb_wlhcaZ^Zqb[uek^_eZgF:;ZeZ[m^dbguf<NX^Z_\uf:BAbfbgufb ^j>@H^gbfbahkgh\guonZdlhjh\\ha^_ckl\bygZ]_l_jh]_ggmx`b^dmxkj_^m\ebyxsbogZbgl_gkb\ghklv OLI y\ey_lky dZ\blZpby Bkke_^h\Zgbx dZ\blZpbb \ I:JL ihk\ys_ghfgh]h jZ[hl gh g_kfhljy gZ wlh fh`gh ]h\hjblv h lhf qlh k^_eZg lhevdh dZq_kl\_ggucZgZeba ijhp_kkZ \hagbdgh\_gby b jZa\blby dZ\blZpbb dZd \ l_hj_lbq_kdhf lZd b \wdki_jbf_glZevghfieZg_Bkke_^h\Zgby bfimevkghc Zdmklbq_kdhc dZ\blZpbb ijh\h^bebkv \ hkgh\ghfwdki_jbf_glZevgufb f_lh^Zfb Wlh k\yaZggh k l_f qlh \ gZklhysbc fhf_gl ^hklZlhqghm^h\e_l\hjbl_evgh jZajZ[hlZgZ l_hjby ih\_^_gby lhevdh h^bghqgh]h dZ\blZpbhggh]himaujvdZ \ klZpbhgZjghf Zdmklbq_kdhf ihe_ :gZeblbq_kdh_ hibkZgb_ ^bgZfbdbdZ\blZpbhgghc h[eZklb knhjfbjh\Zgh ebrv \ i_j\hf ijb[eb`_gbb Keh`ghklv hibkZgbydZ\blZpbb aZdexqZ_lky \ lhf qlh dZ\blZpby \hagbdZ_l \ ^\b`ms_fky ihlhd_ `b^dhklb bijbwlhf`b^dhklvih^\_j]Z_lkyl_jfh^bgZfbq_kdhfmk`Zlbxb jZaj_`_gbx< kbemwlh]h\I:JL ]_g_jbjm_lky dZ\blZpby hkh[h]h lbiZ gZa\ZggZy < N X^Z_\uf dZd bfimevkgZyZdmklbq_kdZydZ\blZpbyIhiuldb ZgZeblbq_kdh]h hibkZgby ^bgZfbdb h^bghqgh]h dZ\blZpbhggh]h imaujvdZ \I:JL \ i_j\u_ [ueb ij_^ijbgylu < N X^Z_\uf > @ MjZ\g_gb_ ^bgZfbdbdZ\blZpbhggh]h imaujvdZ [ueh ^Zgh \ ZiijhdkbfZpbb O_jjbg]Z Wlh mjZ\g_gb_aZibku\Zehkvk mq_lhfbaf_g_gbyf_klgh]h^Z\e_gby3[ W\^hevebgbblhdZ`b^dhklbihdhlhjhc^\b`_lkyimauj_d\ \b^_ªG 5 § · § G5 · º» 3 3Å U « 0D 5 ¨ 0D ¨© GW ¹̧ »«GW¹̧©¬¼ãV §V · § 5 ·¸¨ ¨¨ 3 5 ©5 ¸¹ © 5 ¹̧G3 0¶ 0¶ 5G5 3PD[ I W 3 [ ]^_ 0D G5 GW F 3 5J§5 ·=D ¨ © 5 ¹̧WVG5 3Å PW5GW 5 k kdhjhklv a\mdZ \`b^dhklbfk D rÅ = gZqZevgh_]Zahkh^_j`Zgb_ = 3 3Å V 5 3PD[ I W \hafmsZxs__i_j_f_ggh_ ^Z\e_gb_ \ `b^dhklb IZ 3Å h^ghjh^gh_ ^Z\e_gb_ iZjZ \ imaujvd_ ijbl_fi_jZlmj_WIZ U iehlghklvg_\hafms_gghc`b^dhklbd]f J ihdZaZl_evihebljhiuV ih\_joghklgh_ gZly`_gb_ Gf 5 gZqZevguc jZ^bmk imaujvdZ f 5 jZ^bmkimaujvdZ W l_fi_jZlmjZg_\hafms_gghc`b^dhklbD< dZq_kl\_ fZkrlZ[Z \j_f_gb ijbgbfZeb i_jbh^ kh[kl\_gguo jZ^bZevguo ebg_cguodhe_[ZgbcjZkkqblZggucihnhjfme_Fbgg_jlZW S5 U =< [_ajZaf_jguoi_j_f_gguomjZ\g_gb_ijbgbfZ_l\b^5c 0D G 5cGWc§ · § G5c ·¨ 0D ¨© ¹̧ © GWc ¹̧> 0D 0D @ D 5cJ 'W 3Å - 'W ª 0DG 5c GWc§ G5c · º «:H ¨ 0D » > 0D 0D@ 5HGWc G5c© GWc ¹̧ 5H 5c ¼¬]^_5 [¹ XWc [D I Wc 5c5 WW cW WÅ W'W W 5H= >UW U Å W @OW U Å W UW 5 U P = U UÅ W [¹:»V5 = = U9PD[ [D=3Åc 9 c W 9PD[9 Wc 'W= 3 PD[ WÅ W ]^_ 9 kdhjhklv fk D gZqZevgh_ ]Zahkh^_j`Zgb_ ]ZaZ \ iZjh\hf imaujvd_ O m^_evgZyl_iehlZ iZjhh[jZah\Zgby >`d] U Å iehlghklv iZjZ \ imaujvd_ d]f 9 Wc o hlghkbl_evgZykdhjhklv^\b`_gbyimaujvdZ\^hevebgbblhdZ`b^dhklbFh^_evlZd`_mqblu\Z_li_j_f_ggh_h[t_fgh_]Zahkh^_j`Zgb_.'X X ]^_ 'X i_j_f_gguc kmffZjguc h[t_f \k_o dZ\blZpbhgguo imauj_c f X \u^_e_ggucjZkq_lguch[t_f\ dZ\blZpbhgghch[eZklbfI_j_f_ggh_h[t_fgh_]Zahkh^_j`Zgb_ZgZeh]bqghbg^_dkmdZ\blZpbb\\_^_gghfmE>Jha_g[_j]hf >@ K ihfhsvx bg^_dkZ l Z\lhj fh^_eb ihdZau\Z_l qlh bfimevk^Z\e_gby]_g_jbjm_fucI:JLjZkijhkljZgy_lky\ jZaj_`_gghc]Zah`b^dhklghckj_^_: B Abfbg >@ jZkkfZljb\Ze ih\_^_gb_ dZ\blZpbhggh]h imaujvdZ k mq_lhfl_iehfZkkhh[f_gZgZhkgh\_mjZ\g_gbyO_jjbg]ZLjZcebg]Zih^\ha^_ckl\b_fi_j_f_ggh]h^Z\e_gby 3W 0D 5G9 § · ¨ 0D 9 GW © ¹̧ªV«3 3Å 3 W U «¬5G5 3 UGW U953Å V5§ U¹ ·9º¨ ¸ P » ¨ U ¸5 »¼¹©]^_ - ihlhdfZkkuq_j_af_`nZagmxih\_joghklvd]fkP dhwnnbpb_gl^bgZfbq_kdhc\yadhklb q¶ ˜ Ç U ¹ iehlghklviZjh]Zah\hckf_kb\ imaujvd_d]f-O- ŧ wW ·À ¨¨ ¸© wU ¹̧ U55ª F W¹««¬ O§ U¹¨ ¨ U©·º G3¹¸»¸ GW¹»¼w §·¨ S 5 U ÅwW © ¹̧ S 5 mjZ\g_gb_[ZeZgkZl_ieZBkoh^gZykbkl_fZmjZ\g_gbck\_^_gZd kbkl_f_mjZ\g_gbc\ [_ajZaf_jguoi_j_f_gguodhlhjZy j_rZeZkv qbke_ggufb f_lh^Zfb ;ue k^_eZg \u\h^ qlh ijb \ha^_ckl\bb gZ`b^dhklv hljbpZl_evgh]h bfimevkZ ^Z\e_gby ijb dheeZik_ dZ\blZpbhggh]h iZjh\h]himaujvdZ ]_g_jbjmxlky mf_gvrZxsb_ky ijb ihke_^mxsbo aZoehiu\Zgbyo dZ\blZpbhggu_bfimevku ^Z\e_gby Z kj_^gbc jZ^bmk imaujvdZ \_ebqbgZ \hae_ dhlhjhc ijhbkoh^yldhe_[ZgbyjZ^bmkZjZkl_l\h\j_f_gbBamq_gb_ \ebygby ^Z\e_gby b l_fi_jZlmju gZ jZa\blb_ dZ\blZpbb ihdZaZeh qlhkms_kl\m_l hij_^_e_gguc hilbfmf Zfieblm^u dZ\blZpbhgguo bfimevkh\ ih \_ebqbg_^Z\e_gby\ jZ[hq_cdZf_j_b l_fi_jZlmj_h[jZ[Zlu\Z_fhc`b^dhklb>@Ijb \bamZevguo gZ[ex^_gbyo >@ ijhp_kkZ jZa\blby dZ\blZpbb \ dZgZe_ klZlhjZmklZgh\e_ghqlhdZ\blZpbhggu_imaujvdb^hklb]Zxl\b^bfh]hjZaf_jZq_j_afdkihke_fhf_glZ ihegh]h kh\f_s_gby dZgZeh\ jhlhjZ b klZlhjZ Kh\hdmighklv imaujvdh\ h[jZam_lk\h_h[jZagmx ljm[dm \ulygmlmx iZjZee_evgh dZgZem klZlhjZ AZj_]bkljbjh\ZgZ^\modjZlgZyimevkZpbydZ\blZpbhgguoimaujvdh\aZ\j_fyi_jbh^Zdhe_[Zgbc\ ZiiZjZl_Wdki_jbf_glZevgu_ bkke_^h\Zgby bfimevkghc Zdmklbq_kdhc dZ\blZpbb \ hkgh\ghfijh\h^bebkv ijb ihfhsb j_]bkljZpbb bfimevkh\ ^Z\e_gby gZ ]b^jhZdmklbq_kdbo]b^jhnhgZoijbkoehiu\ZgbbdZ\blZpbhgguoimaujvdh\< jZ[hlZo > @ mklZgh\e_gh qlh ijb g_\ukhdhc kdhjhklb ihlhdZ `b^dhklbdZ\blZpbhggu_ imaujvdb h[jZamxlky b koehiu\Zxlky \ dZgZe_ klZlhjZ Z ijb [hevrhfjZkoh^_ `b^dhklb dZ\blZpbhggu_ imaujvdb \ughkylky ihlhdhf \ jZ[hqmx dZf_jm baZoehiu\ZxlkylZfjZgvr_q_faZdhgqblkyi_j\bqgucbfimevk^Z\e_gbyJZaebqgufb bkke_^h\Zl_eyfb h[gZjm`_gh qlh \ i_jbh^ k\h_]h kms_kl\h\ZgbydZ\blZpbhggu_ imaujvdb kbgnZagh kh\_jrZxl g_kdhevdh imevkZpbc b aZl_f koehiu\Zxlky> @ H^gZdh \ jZ[hlZo > @ hlf_q_gh qlh Zfieblm^Z dZ\blZpbhgguobfimevkh\ mf_gvrZ_lky ijb m\_ebq_gbb kdhjhklb i_j_dju\Zgby dZgZeh\ klZlhjZ >Zggu_j_amevlZlu h[tykgblv hq_gv ljm^gh lZd dZd mf_gvr_gb_ Zfieblm^u gZqbgZ_lky m`_ ijbkdhjhklb fk < ^Zevg_cr_f >@ iZ^_gb_ Zfieblm^u dZ\blZpbhgguo bfimevkh\h[tykgy_lky l_f qlh dZ\blZpby g_ mki_\Z_l jZa\blvky ijb fZehc ^ebl_evghklb bfimevkZ^Z\e_gby \ha[m`^Zxs_]h dZ\blZpbx Ih^h[gh_ h[tykg_gb_ kijZ\_^eb\h ^ey \ukhdbokdhjhkl_c\jZs_gbyb mdZau\Z_lgZij_^_e^eykdhjhklb\jZs_gbyjhlhjZijb^hklb`_gbbdhlhjh]hbgl_gkb\ghklvdZ\blZpbbg_m\_ebqb\Z_lkyZ ^Z`_kgb`Z_lkyI:JL y\ey_lky ]_g_jZlhjhf dhe_[Zgbc \ `b^dhklb ijbq_f h[t_dlhf ha\mqb\Zgby bghkbl_e_f dhe_[Zgbc kem`bl h[jZ[Zlu\Z_fZy `b^dhklv < kbem wlh]h \ I:JL\hagbdZxlZdmklbq_kdb_iheykeh`ghckljmdlmjug_ebg_cgu_Zdmklbq_kdb_ wnn_dlu< jZ[hl_ >@ bkke_^h\Zgh y\e_gb_ kbgojhgbaZpbb qZklhl \boj_h[jZah\Zgby bimevkZpbc ^bgZfbq_kdh]h ^Z\e_gby H[jZah\Zgb_ \boj_c h[mkeh\e_gh j_adbf baf_g_gb_fkdhjhklbb ^Z\e_gbyijb\uoh^_`b^dhklbbaaZahjZf_`^mjhlhjhfb klZlhjhf\ dZgZeIjbwlhf ijhbkoh^bl hlju\ ih]jZgbqgh]h kehy k h^gh\j_f_gguf h[jZah\Zgb_f \boj_c qlhihjh`^Z_l bfimevku ^Z\e_gby Ijb kh\iZ^_gbb qZklhl \boj_h[jZah\Zgby b ^bgZfbq_kdh]h^Z\e_gby gZ[ex^Zehkv mf_gvr_gb_ ihlj_[ey_fhc fhsghklb gZ G_h[oh^bfhhlf_lblvqlh^Zggu_y\e_gbyijhl_dZxlijbhlghkbl_evgh[hevrboaZahjZo G ffb gZ]g_lZgbb`b^dhklbaZkq_lp_gljh[_`guokbeijb\jZs_gbbjhlhjZIh gZr_fm fg_gbx y\e_gb_ mf_gvr_gby ihlj_[ey_fhc fhsghklb k\yaZggh lZd`_ kp_gljh[_`gufb kbeZfb dhlhjuf \ ^Zgghf kemqZ_ ihfh]Zxl ljZgkihjlbjh\Zlv `b^dhklvkbgojhgbabjh\Zggu_kju\u\boj_cH^bgba\ZjbZglh\Z\lhdhe_[Zl_evguownn_dlh\wdki_jbf_glZevghmklZgh\e_gZ\lhjZfbjZ[hlu >@ Bkke_^my aZ\bkbfhklv Zfieblm^u dZ\blZpbhgguo bfimevkh\ hl klZlbq_kdh]h^Z\e_gby \ jZ[hq_c dZf_j_ ijb ihklhygghf jZkoh^_ `b^dhklb b jZaebqguo l_fi_jZlmjZo\uy\beb fZdkbfmf Zfieblm^u bfimevkh\ ^Z\e_gby ]_g_jbjm_fuo dheeZikbjmxsbfZgkZf[e_f dZ\blZpbhgguo imaujvdh\ qlh h[tykgy_lky jZaf_jZfb h[jZamxs_ckydZ\blZpbhgghc h[eZklb JZaf_j wlhc h[eZklb \_ebd ijb fZeuo klZlbq_kdbo ^Z\e_gbyoIhiZ^Zy \ h[eZklv ih\ur_ggh]h ^Z\e_gby hgZ koehiu\Z_lky g_ kjZam Z gZqbgZ_limevkbjh\ZlvImaujvdbk[jZku\Zxlwg_j]bxb mf_gvrZxlky\ jZaf_jZoklmi_gqZlhD Z\lhdhe_[Zl_evghfmj_`bfmjZ[hluI:JLfh`ghhlg_klbh[jZ[hldm]Zah`b^dhklghckj_^u ijb [hevrbo agZq_gbyo ]Zahkh^_j`Zgby >@ =Zah`b^dhklgZy kf_kv ihiZ^Zy \ihehklv jhlhjZ qZklbqgh k_iZjbjm_lky b `b^dhklv ijhl_dZ_l q_j_a dZgZeu ZiiZjZlZihjpbyfb imevkbjmy k i_jbh^hf ihjy^dZ g_kdhevdbo k_dmg^ ih^h[gh y\e_gbxaZoe_[u\Zgby\ jZkiuebl_evguodhehggZo< im[ebdZpbb >@ \u^\bgmlZ ]bihl_aZ qlh ki_dlj imevkZpbc ^Z\e_gby hij_^_ey_lkyy\e_gb_f]b^jZ\ebq_kdh]hm^ZjZIjbhij_^_e_gguokhhlghr_gbyo 5À 5S DF Z b k \hagbdZ_lijyfhc ]b^jZ\ebq_kdbc m^Zj b gZ[ex^Zxlky j_ahgZgkgu_ dhe_[Zgby \ ijb[eb`_gbbiehkdbo \heg dZd \ jZ[hq_c dZf_j_ lZd b \ihehklbjhlhjZ:gZeh]bqgucih^oh^k^_eZg\jZ[hl_ >@ ]^_ j_ahgZgkgu_ dhe_[Zgby ihlhdZ `b^dhklb \hagbdZxl ijb hij_^_e_gghfkhhlghr_gbb \j_f_gb ijh[_]Z \^hev dZgZeZ klZlhjZ bfimevkZ ^Z\e_gby b \j_f_gbi_j_djulbydZgZeZklZlhjZJ_rZy kh\f_klgh ^\Z mjZ\g_gby hij_^_eyxsbo iZjZf_lju kh[kl\_gguo dhe_[Zgbc^Z\e_gby \ ihehklb jhlhjZ b jZ[hq_c dZf_j_ ihemqbeb khhlghr_gb_ ]_hf_ljbq_kdbo bdbg_fZlbq_kdbo iZjZf_ljh\ I:JL ijb dhlhjuo [m^ml \uihegylvky mkeh\by jZ[hluZiiZjZlZ \ j_ahgZgkghf j_`bf_ > @ Ijb \u\h^_ mkeh\bc j_ahgZgkgh]h j_`bfZjZ[hlu ijbgbfZeb qlh \ukhlZ ihehklb jhlhjZ jZ\gZ \ukhl_ jZ[hq_c dZf_j_ Z ihey^Z\e_gbc \ wlbo h[t_fZo y\eyxlky pbebg^jbq_kdb kbff_ljbqgufb Wlh y\ey_lky qZklgufkemqZ_f h[h[s_ggh]h ih^oh^Z ijb dhlhjhf mqblu\Zxlky iZjZf_lju lj_of_jgh]hZdmklbq_kdh]hihey \l_ogheh]bq_kdboh[t_fZoZiiZjZlZoF_oZgbq_kdh_ b ]b^jhf_oZgbq_kdh_ \aZbfh^_ckl\b_ jZ[hqbo hj]Zgh\ I:JL k ihlhdhf`b^dhklb b k qZklbpZfb \dexq_ggufb \ wlhl ihlhd jZkkfhlj_gh \ jZ[hlZo > @>_lZevghbamq_gijhp_kk^jh[e_gbyqZklbpkn_jbq_kdhcnhjfuhij_^_e_gumkeh\byijb dhlhjuo ijhbkoh^bl ^jh[e_gb_ b ihemq_gZ aZ\bkbfhklv ^ey jZkq_lZ \_jhylghklbjZajmr_gbyqZklbpBkke_^h\Zgby \aZbfh^_ckl\by `b^dhklb k jZ[hqbfb hj]ZgZfb I:JL ijh\_^_gh ^eyahguaZahjZf_`^mjhlhjhfb klZlhjhfIhemq_guihemwfibjbq_kdb_mjZ\g_gby^eyjZkq_lZfhsghklb^bkkbibjm_fhc \aZahj_> @Wlbfh^_ebijbf_gbfu\ hkgh\ghfd JI: ^ey dhlhjuo oZjZdl_jgZ hlghkbl_evgh [hevrZy \_ebqbgZ aZahjZ b [he__ qZklh_jZkiheh`_gb_ hl\_jklbc \ jhlhj_ b klZlhj_ Ihemq_g [hevrhc wdki_jbf_glZevgucfZl_jbZeih^l\_j`^Zxsbchkgh\gu_l_hj_lbq_kdb_iheh`_gbyKIBKHDEBL?J:LMJU D =E:<? Gh\bdh\ < K Bfimevkgu_ ijhp_kku i_j_ghkZ \ ]_l_jh]_gguo kbkl_fZo H[ahj Ijhfl_iehl_ogbdZL‹ K Dhgh\Zeh\ < B =ZlZih\Z G P Lm]hemdh\ ? G H \hafh`ghklyo bkihevah\Zgbypbdebq_kdbo l_ieh\uo b \aZbfhk\yaZgguo l_ieh^bnnmabhgguo ijhp_kkh\ \ obfbq_kdbo b^jm]boijhba\h^kl\Zo<_klgbdL=LML‹ K DZj^Zr_\ = : Nbabq_kdb_ f_lh^u bgl_gkbnbdZpbb ijhp_kkh\ obfbq_kdhcl_ogheh]bbFObfbyk Nbabq_kdb_ wnn_dlu \ fZrbghkljh_gbb KijZ\hqgbd Ih^ j_^ < : EmdtygpZ FFZrbghkljh_gb_k N_^hldbgBF@Zjbd;GIh]hj`_evkdbc;BBgl_gkbnbdZpbyl_ogheh]bq_kdboijhp_kkh\ibs_\uoijhba\h^kl\DL_ogbdZk >hebgkdbc : : Bkihevah\Zgb_ ijbgpbiZ ^bkdj_lghbfimevkgh]h \\h^Z wg_j]bb ^eykha^Zgby wnn_dlb\guo wg_j]hk[_j_]Zxsbo l_ogheh]bc Bg`_g_jghnbabq_kdbc `mjgZeL‹ K >hebgkdbc : : GZdhjq_\kdbc : B Ijbgpbiu hilbfbaZpbb fZkkhh[f_gguol_ogheh]bc gZ hkgh\_ f_lh^Z ^bkdj_lghbfimevkgh]h \\h^Z wg_j]bb Ijhfl_iehl_ogbdZL‹ K Jh]h\ B : =hj[Zlh\ : < Nbabq_kdb_ f_lh^u h[jZ[hldb ibs_\uoijh^mdlh\FIbs_\Zyijhfure_gghklvkAZ^hjkdbc < F Bgl_gkbnbdZpby obfbdhl_ogheh]bq_kdbo ijhp_kkh\ gZhkgh\_kbkl_fgh]hih^oh^ZDL_ogbdZk>bkdj_lghbfimevkguc \\h^ wg_j]bb \ l_iehl_ogheh]byo : :>hebgkdbc;B;ZkhdKB=meucb ^jDBLLNG:GMk;_eh]eZah\ B G FmjZ\v_\ : B Bgl_gkbnbdZpby b ih\ur_gb_bgl_gkb\ghklbobfbdhl_ogheh]bq_kdboijhp_kkh\EObfbykDhgh\Zeh\<B;Zah\u_dbg_lbq_kdb_oZjZdl_jbklbdbfZkkhh[f_gguoijhp_kkh\@mjgZeijbdeZ^ghcobfbbL‹ K LZ]Zgh\ B G Fh^_ebjh\Zgb_ ijhp_kkh\ fZkkh b wg_j]hi_j_ghkZG_ebg_cgu_kbkl_fuEObfbyk:^bmlhjb ? N Gh\u_ f_lh^u \ l_iehi_j_^Zq_ I_j k Zg]e ih^ j_^:BE_hglv_\ZFFbjk=e_gk^hjn I Ijb]h`bg B L_jfh^bgZfbq_kdZy l_hjby kljmdlmjumklhcqb\hklbb nemdlmZpbcFFbjk<_cgbd : < L_jfh^bgZfbdZ j_Zevguo ijhp_kkh\ Fbgkd GZmdZ bl_ogbdZkDbjibdh\ < : H deZkkbnbdZpbb kh\j_f_gguo f_lh^h\bgl_gkbnbdZpbb dhg\_dlb\gh]h l_iehh[f_gZ ijb \ugm`^_gghf ^\b`_gbb [_a nZah\uoi_j_oh^h\L_hj_lhkgh\uobfl_ogheL‹ K Kfbjgh\ G G ;_eh]eZah\ B G Bgl_gkbnbdZpby g_dZlZebq_kdboijhp_kkh\\ kbkl_f_l\_j^h_l_eh `b^dhklvObfijhf ‹ K N_^hldbg B F EbikfZg < K Bgl_gkbnbdZpby l_iehh[f_gZ \ZiiZjZlZoibs_\uoijhba\h^kl\FIbs_\ZyijhfklvkDZnZjh\<<>hjhoh\BGKbkl_fgucZgZebaijhp_kkh\obfbq_kdhcl_ogheh]bbHkgh\ukljZl_]bbFGZmdZk<b[jZpbhggu_ fZkkhh[f_ggu_ ZiiZjZlu B Y =hjh^_pdbc : :<Zkbg<FHe_\kdbcI:EmiZgh\Ih^j_^<FHe_\kdh]hFObfbykN_^hldbg B F G_fqbg : N Bkihevah\Zgb_ dZ\blZpbb \l_ogheh]bq_kdboijhp_kkZoD<bsZrdkL_ieh b fZkkhh[f_g\ a\mdh\hfihe_<?GZdhjydh\:I;mj^Zgh\GF;he^uj_\IGL_je__\Gh\hkb[bjkdBgl l_iehnbabdbKH:G KKKJk=bgklebg]:F;ZjZf::MevljZa\md\ ijhp_kkZoobfbq_kdhcl_ogheh]bbE=hkobfba^ZlkNjb^fZg<FMevljZa\mdFAgZgb_k;_j]fZgEMevljZa\mdb _]hijbf_g_gb_\ gZmd_b l_ogbd_I_jk Zg]eFBghkljeblkDZjiZq_\Z K F Jy[qbdh\ ; ? ImevkZpbhggZy ZiiZjZlmjZ \obfbq_kdhcl_ogheh]bbFObfbyk=_jr]Ze > : Njb^fZg < F MevljZa\mdh\Zy ZiiZjZlmjZijhfure_ggh]hgZagZq_gbyFWg_j]byk=_jr]Ze > : Njb^fZg < F MevljZa\mdh\Zy l_ogheh]bq_kdZyZiiZjZlmjZFWg_j]bykHkgh\u nbabdb b l_ogbdb mevljZa\mdZ Mq_[g ihkh[ ^ey \mah\ ; ::]jZgZlFF>m[jh\bgGGOZ\kdbcb ^jF<ukrrdkGh\bpdbc ; = Ijbf_g_gb_ Zdmklbq_kdbo dhe_[Zgbc \ obfbdhl_ogheh]bq_kdboijhp_kkZoFObfbyk=Zebp_ckdbc ; F Ju`h\ X : Ydmr ? : L_ieh\u_ b]b^jh^bgZfbq_kdb_ijhp_kku\ dhe_[exsbokyihlhdZoFFZrbghkljh_gb_kBkihevah\Zgb_ \hegh\uo wnn_dlh\ ^ey bgl_gkbnbdZpbb obfbq_kdbo bnZah\uo ij_\jZs_gbc \ fgh]hnZaguo kbkl_fZo K : Ex[Zjlh\bq H ; Lj_lvydh\ J N=Zgb_\b ^jL_hj_lhkgh\uobfl_ogheh]bbL‹ K Dhe_[Zl_evgu_ y\e_gby \ fgh]hnZaguo kj_^Zo b bo bkihevah\Zgb_ \obfbq_kdhcl_ogheh]bbJN=Zgb_\GBDh[Zkdh<<Dmebgb ^jDL_ogbdZkGh\bdh\ < K =hfh]_gbaZpby b ^bki_j]bjh\Zgb_ \ kh\j_f_gghcl_ogheh]bbH[ahjIjhfl_iehl_ogbdZL‹ KNjb^fZg < F MevljZa\mdh\Zy obfbq_kdZy ZiiZjZlmjZ FFZrbghkljh_gb_k<hjhgh\ : = Bkihevah\Zgb_ a\mdh\uo dhe_[Zgbc ^ey mkdhj_gbyijhp_kkZ jZkl\hj_gby dZf_gghc kheb MevljZa\mdh\u_ f_lh^u bgl_gkbnbdZpbb l_ogheh]ijhp_kkh\K[gZmqljFK Bkke_^h\Zgb_ ijhp_kkZ Z\lhdeZ\ghkh^h\h]h\us_eZqb\Zgbys__eblZ\ihe_ mijm]bo dhe_[Zgbc : : ;_jrblkdbc b ^j MevljZa\mdh\u_ f_lh^u bgl_gkbnbdZpbbl_ogheh]bq_kdboijhp_kkh\K[gZmqljFF_lZeemj]byK ;_jsbpdbc::Bgl_gkbnbdZpbyijhp_kkZ ZffbZqgh]h\us_eZqb\Zgbyfheb[^_gh\hcdbkehluijb\ha^_ckl\bbZdmklbq_kdbodhe_[ZgbcIjbf_g_gb_mevljZa\mdZ\ f_lZeemj]ijhp_kkZoK[gZmqljFKNjb^fZg < F Bkke_^h\Zgb_ bgl_gkbnbdZpbb nbabdhobfbq_kdboijhp_kkh\ kbkl_f @@ b @L ijb \ha^_ckl\bb Zdmklbq_kdbo dhe_[Zgbc b jZajZ[hldZZdmklbq_kdhc obfbdhl_ogheh]bq_kdhc ZiiZjZlmju :\lhj_n ^bk « ^hdl l_og gZmd FkDZj^Zr_\ = : FboZceh\ I ? L_iehfZkkhh[f_ggu_ Zdmklbq_kdb_ijhp_kkub ZiiZjZluFFZrbghkljh_gb_k?jfZdh\II <ebygb_\ha^_ckl\byZdmklbq_kdbodhe_[ZgbcgZijhp_kkfZkkhi_j_^ZqbL_hj_lhkgh\uobfl_ogheh]bbL‹ K Rbrh\ ? < <_qdZgh\ K ; AZoZjh\ : H Bgl_gkbnbdZpbyl_iehh[f_gZ\ j_pbjdmeypbhgghch[eZklbl_q_gbyaZh[jZlgufmklmihfaZkq_lhj]ZgbaZpbbdh]_j_glguo \boj_\uo kljmdlmj ih^ ^_ckl\b_f Zdmklbq_kdh]h ihey , Jhk gZp dhgn ihl_iehh[f_gmLBgl_gkbnbdZpbyl_iehh[f_gZFBa^\hFWBK Kdjbigbd X G Q_oh\ H K A_e_gph\ < E Bgl_gkbnbdZpbyl_iehfZkkhh[f_gguo ijhp_kkh\ gZ ijhlb\hlhqguo lZj_evqZluo dhglZdlguo mkljhckl\Zo L_hj_lhkgh\uobfl_ogheL‹ K Y\e_gby ZghfZevgh]h ijhl_dZgby l_iehfZkkhh[f_gguo ijhp_kkh\ \fgh]hnZaguokj_^ZoJN=Zgb_\::>hebgkdbcGBDh[ZkdhD<Njheh\>hdeZ^u:G KKKJL‹ K Hkljh\kdbc = F :dk_gh\Z ? = Ik_\^hh`b`_gb_ ihjhrdhh[jZaguofZl_jbZeh\ijbdhe_[Zl_evghfbaf_g_gbb^Z\e_gby]ZaZL_hj_lhkgh\uobfl_ogheL‹ K ?\eZgh\ K N AZcp_\ K B <ebygb_ pbdebq_kdhc imevkZpbb ^Z\e_gby]Zah\hckj_^ugZfZkkhh[f_gkehyihjbkluo]jZgmeObfijhflv‹ K GZlZemoZB:FZl_fZlbq_kdh_fh^_ebjh\Zgb_^bgZfbq_kdboj_`bfh\fZkkh\hcdjbklZeebaZpbbL_hj_lhkgh\uobfl_ogheL‹ K GZaZj_gdh : N H[ h^ghf f_oZgbaf_ ]b^jh^bgZfbq_kdh]ha\mdhh[jZah\Zgby:dmkl`mjgZeL‹ K >m^abgkdbc X F GZaZj_gdh : N Wnn_dlb\ghklv jZ[hluhk_kbff_ljbqguo ]b^jh^bgZfbq_kdbo baemqZl_e_c \ mkeh\byo ba[ulhqgh]h klZlbq_kdh]h^Z\e_gby:dmkl`mjgZeL‹ K GZaZj_gdh W N WjhabhggZy Zdlb\ghklv hk_kbff_ljbqguo]b^jZ^bgZfbq_kdbo baemqZl_e_c k ehdZebah\Zgghc h[eZklvx dZ\blZpbhgghc ijbjh^u :dmkl`mjgZeL‹ K Jyiheh\;K:gpbn_jh\:: Ijbf_g_gb_dZ\blZpbb\ ]b^jhkljmcghcl_ogheh]bbBa\\mah\FZrbghkljh_gb_‹ K AZihjh`_p ? I :e_dkZg^jh\ B : Bgl_gkbnbdZpby ijhp_kkh\obfbq_kdhc l_ogheh]bb w`_dpbhggufb kljmcgufb l_q_gbyfb `b^dhklb b ]Zah\ Obfijhflv‹ K ;_eh\ H : =ZfZxgh\ I I Memqr_gb_ wdhghfbqghklb bwdheh]bqghklbZ\lhljZdlhjguo^\b]Zl_e_ciml_fijbf_g_gby\h^hlhieb\gh]hwfmev]ZlhjZ\kbkl_f_ iblZgby ^\b]Zl_ey Ijh[e_fu wdhghfbqghklb b wdkiemZlZpbb ^\b]Zl_e_c\gmlj_gg_]hk]hjZgby\ :IDKG=FZleu<k_khxaggZmqgl_ogk_fBa^\hKZjZlmglZ<uiK ;_eh\ H : =ZfZxgh\ I I IjbgpbibZevgZy ko_fZ b dhgkljmdpbymevljZa\mdh\h]h wfmev]ZlhjZ Ijh[e_fuwdhghfbqghklb ^\b]Zl_e_c \gmlj_gg_]h k]hjZgby\ :ID KG=FZleu<k_khxaggZmqgl_ogk_fBa^\hKZjZlmglZ<uiKH[hjm^h\Zgb_^eyihemq_gbyb h[jZ[hldb\ukhdh\yadbo^bki_jkguokj_^;B;Zkhd:I=Zjl\b]:JDh[Zb ^jIjhfl_iehl_ogbdZL‹ K >hebgkdbc : : R_lZggh\ H D Bkihevah\Zgb_ ^bkdj_lghbfimevkgh]h \\h^Z wg_j]bb ^ey bgl_gkbnbdZpbb ijhp_kkh\ Z[khj[pbb Ijhfl_iehl_ogbdZL‹ K ;LRQJZHL 1L &ROLQ & 6WHYHQVRQ 2Q WKH HIIHFW RI JDS VL]H EHWZHHQ EDIIOHRXWHUGLDPHWHUWXEHLQQHUGLDPHWHURQWKHPL[LQJFKDUDFWHULVWLFVLQDQ RVFLOODWRU\EDIIOHGFROXPQ-RXUQDORI&KHPLFDO7HFKQRORJ\DQG%LRWHFKQRORJ\‹ 3 Rmjqdh\Z X : Gh\uc deZkk ZiiZjZlh\ ^ey ^bki_j]bjh\Zgby`b^dhkl_c iml_f^bkdj_lghbfimevkgh]h\\h^Zwg_j]bbIjhfl_iehl_ogbdZL‹ K G_fqbg:NGh\u_l_ogheh]bq_kdb_wnn_dlul_iehfZkkhi_j_ghkZijbbkihevah\ZgbbdZ\blZpbbIjhfl_iehl_ogbdZL‹ K ;h]^Zgh\ < < Ojbklhnhjh\ ; B Dehpmg] ; : Wnn_dlb\gu_fZehh[t_fgu_kf_kbl_ebEObfbyk;m]Zc : K MevljZa\md \ p_eexehagh[mfZ`ghc ijhfure_gghklbI_jfba^\hk=b^jhbaemqZl_ebjhlhjghimevkZpbhggh]h lbiZ \ijhp_kkZo[bhl_ogheh]bb Kdb[Z < < ;ZeZ[m^dbg F : S_[Zlbg < = >bgZfbq_kdb_ wnn_dlufhsgh]hmevljZa\mdZK[gZmqljB`_\kd<uiK ;ZeZ[m^dbg F : JhlhjghimevkZpbhggu_ ZiiZjZlu \ obfbdhnZjfZp_\lbq_kdhcijhfure_gghklbFF_^bpbgZkWnn_dl ij_^\Zjbl_evgh]h Zdlb\bjh\Zgby ^h[Z\hd \ ljZgkihjlghfkljhbl_evkl\_;:Mkh\::>hihd__\?:Mkh\::DZevqbg;_lhgb `_e_ah[_lhg‹ K ;ZeZ[urdh : F Abfbg : B Jm`bpdbc < I =b^jhf_oZgbq_kdh_^bki_j]bjh\Zgb_FGZmdZkFZjrZedbg=: L_ogheh]bq_kdh_h[hjm^h\Zgb_dhg^bl_jkdbonZ[jbdFE_]dZyb ibs_\Zyijhfure_gghklvkAbfbg : B H[hkgh\Zgb_ iZjZf_ljh\ b jZajZ[hldZ h[hjm^h\Zgby ^eyl_ogheh]bq_kdhcebgbbijhba\h^kl\Z^_l_j]_glh\Ihebf_jgu_fZl_jbZeuijhba\h^kl\hbwdheh]byL_a^hde<k_jhkgZmql_ogdhgnYjhkeZ\evK Abfbg:BBgl_gkbnbdZpbyb hilbfbaZpbyl_ogheh]bq_kdh]hijhp_kkZijhba\h^kl\Z ^_l_j]_glh\ Ihebf_jgu_ fZl_jbZeu ijhba\h^kl\h b wdheh]by L_a ^hde<k_jhkgZmqgl_og dhgnYjhkeZ\evK ;ZeZ[urdh:FX^Z_\<N Jhlhjgu_ZiiZjZluk fh^meypb_cihlhdZb boijbf_g_gb_\ ijhfure_gghklbFG_^jZkAbfbg : B L_ogheh]by i_j_jZ[hldb g_cljZebah\Zgguo k_jghdbkeuoreZfh\ \ `_e_ahhdkb^guc ib]f_gl Imlb b kj_^kl\Z ih\ur_gby wdheh]bq_kdhc[_ahiZkghklb ]Zev\Zgbq_kdbo ijhba\h^kl\ L_a ^hde ]h <k_jhk gZmql_og k_fbgZjZYjhkeZ\evK ;h^gy F > G_ij_ju\guc ijhp_kk ^bki_j]bjh\Zgby ib]f_glh\ ijbijhba\h^kl\_ wfZe_c iml_f ha\mqb\Zgby baemqZl_eyfb kbj_ggh]h lbiZ EZdhdjZkhqgfZl_jbZeub boijbf_g_gb_‹ K Abfbg : B Bgl_gkbnbdZpby ijb]hlh\e_gby ^bki_jkguo kj_^ \jhlhjghbfimevkguoZiiZjZlZo\ obfbdhnZjfZp_\lbq_kdhcijhfure_gghklbObfnZjf`mjg‹ K E_^h\Z L F ;ZeZ[m^dbg F : Iexrdbg K : AZdhghf_jghklbijb]hlh\e_gby wfmevkbhgguo kbkl_f \ jhlhjghimevkZpbhgghf ZiiZjZl_ ObfnZjf`mjgZeL‹ K =b^jhZdmklbq_kdZy h[jZ[hldZfZab <bijhkZe\ jhlhjghimevkZpbhgghfZiiZjZl_;<:g^j__\b ^j>bgZfbq_kdb_wnn_dlufhsgh]hmevljZa\mdZK[gZmqgljB`_\kd<uiK <hedh\ : G K`b]Zgb_ ]Zah\ b `b^dh]h lhieb\Z \ dhleZo fZehcfhsghklbEG_^jZkIZ\eh\ ; I ;Zlm_\ K B S_\_e_\ D < Ih^]hlh\dZ \h^hfZamlguowfmevkbc ^ey k`b]Zgby \ lhihqguo mkljhckl\Zo < dg Ih\ur_gb_ wnn_dlb\ghklbbkihevah\Zgby]Zahh[jZagh]hb `b^dh]hlhieb\Z\ i_qZob hlhibl_evguodhleZoEG_^jZkK_eb\_jklh\ < F ;jZkeZ\kdbc F B Wdhghfby lhieb\Z gZ j_qghfnehl_FLjZgkihjlkAm[jbeh\ K I K_eb\_jklh\ < F ;jZkeZ\kdbc F B MevljZa\mdh\ZydZ\blZpbhggZyh[jZ[hldZlhieb\gZkm^ZoEKm^hkljh_gb_kAbfbg : B <ebygb_ khklZ\Z lhieb\guo wfmevkbc gZ dhgp_gljZpbxhdkb^h\ ZahlZ b k_ju \ \u[jhkZo ijhfure_gguo dhl_evguo Wdheh]bq_kdZy aZsblZ]hjh^h\L_a^hdegZmqghl_ogdhgnFK Abfbg : B X^Z_\ < N Ijbf_g_gb_ ZiiZjZlh\ k ij_ju\bklufj_`bfhf l_q_gby \ ijhp_kk_ ijhba\h^kl\Z lhieb\guo wfmevkbc Wdheh]bq_kdZy aZsblZ]hjh^h\L_a^hdegZmqghl_ogdhgnFKAbfbg : B KlZjp_\ < G ;ZeZ[urdh : F H \ebygbbkl_o_hf_ljbq_kdh]hkhhlghr_gby KZ6 \ lhieb\ghc^bki_jkbbgZkl_i_gvhqbkldb^ufh\uo]Zah\ Ih\ur_gb_ wnn_dlb\ghklb l_iehnhabq_kdbo bkke_^h\Zgbc l_ogheh]bq_kdboijhp_kkh\ ijhfure_ggh]h ijhba\h^kl\Z b bo f_ljheh]bq_kdh]h h[_ki_q_gby L_a ^hde<lhjhcF_`mghjh^gl_iehnbardheuLZf[h\KAbfbg:BKlZjp_\<GIhemq_gb_lhieb\guo^bki_jkbcgZhkgh\_`b^dh]h lhieb\Z bg]b[blhjZ b ih]ehlbl_ey hdkb^h\ Ih\ur_gb_ wnn_dlb\ghklbl_iehnbabq_kdbobkke_^h\Zgbcl_ogheh]bq_kdboijhp_kkh\ijhfure_ggh]hijhba\h^kl\Zbbo f_ljheh]bq_kdh]h h[_ki_q_gby L_a ^hde <lhjhc F_`mghjh^g l_iehnba rdheuLZf[h\KAbfbg : B KlZjp_\ < G ;ZeZ[urdh : F <ebygb_kl_obhf_ljbq_khd]h khhlghr_gby KZ6 \ lhieb\ghcwfmevkbbgZkl_i_gvhqbkldb^ufh\uo]Zah\ hl hdkb^h\ k_ju b ZahlZ Ijh[e_fu [_ahiZkghklb ljm^Z gZ ij_^ijbylbyo kh\aju\hih`ZjhhiZkguf ijhba\h^kl\hf L_a ^hde F_`^mgZjh^g gZmql_og k_fbgZjZFbgkdK Wdki_jbf_glZevgZy b ijhfure_ggZy ijZdlbdZ ijbf_g_gby jhlhjguoZiiZjZlh\ k ij_ju\Zgb_f ihlhdZ \ ijhp_kkZo ijb]hlh\e_gby lhieb\gh^bki_jkguo kf_k_c^eyijhfure_gguodhl_evguo<B;b]e_j:BAbfbg:BKhibg<NX^Z_\:dlmZevgu_ijh[e_ful_hjbbijZdlbdbb kha^ZgbyjhlhjguoZiiZjZlh\FZleuF_`j_kigZmqghijZdlkh\_sZgbyFhkd\ZKI[BLBP_gljKBkihevah\Zgb_ gZkhkZ^bki_j]ZlhjZ ^ey ihemq_gby jZkl\hjZihebZdjbeZfb^Z:HGbdbnhjh\:<DhjrZdh\XB:\_jo[mo?XK_j]__\Obfb g_nl_obffZrbghkljh_gb_‹ KJZkq_l ^bki_jkghklb wfmevkbb h[jZamxsboky \ jhlhjghklZlhjghfZiiZjZl_XB:\_j[mo:HGbdbnhjh\GFDhklbg:<DhjrZdh\@mjgijbdeobfbb‹ K;ZeZ[urdh : F Wnn_dlb\gh_ ijbf_g_gb_ jhlhjguo ZiiZjZlh\ ^eyihemq_gbyjZ[hqbo`b^dhkl_c]b^jhkbkl_fijhoh^q_kdhcl_ogbdbRZolgh_kljhbl_evkl\h‹ K ;ZeZ[urdh : F L_ogheh]by ijhba\h^kl\Z jZ[hqbo `b^dhkl_c ^ey]b^jhkbkl_f]hjghcl_ogbdb=hjg`mjg‹ K ;ZeZ[urdh : F MklZgh\dZ ^ey ihemq_gby b j_]_g_jZpbb jZ[hqbo`b^dhkl_cM]hev‹ K ;ZeZ[urdh : F Ih\ur_gb_ gZ^_`ghklb jZ[hlu ]b^jhijb\h^Zf_oZgbabjh\Zgguodj_i_chqbklguodhfihg_glh\FPGBBLWBly`fZrk;ZeZ[urdh:FMklZgh\dZ^eyijb]hlh\e_gby b j_]_g_jZpbbjZ[hq_c`b^dhklbgZ^h[uqghfmqZkld_M]hev‹ K ;ZeZ[urdh : F JZ[hqb_ `b^dhklb ]b^jhkbkl_f b hiul boijhba\h^kl\Z\ m]hevghcijhfure_gghklbH[ahjFPGBBLWBly`fZrk;ZeZ[urdh : F Kh\_jr_gkl\h\Zgb_ mklZgh\db ^ey ijb]hlh\e_gby bih^Zqb jZ[hq_c `b^dhklb \ ]b^jhkbkl_fu f_oZgbabjh\Zgguo dhfie_dkh\ k ijbf_g_gb_fjhlhjguoZiiZjZlh\k fh^meypb_cihlhdZM]hev‹ K Abfbg : B Ijb]hlh\e_gb_ b j_]_g_jZpby jZ[hqbo `b^dhkl_c ^ey]b^jhh[hjm^h\Zgby f_oZgbabjh\Zgguo dj_i_c ]b^jhf_oZgbq_kdbc Zki_dl ijh[e_fu =hjg`mjg‹ K Abfbg : B >bki_j]bjh\Zgb_ jZ[hqbo `b^dhkl_c ^ey]b^jhh[hjm^h\Zgbyk mq_lhfp_gljh[_`gh]hwnn_dlZM]hev‹ K Abfbg : B ;ZeZ[urdh : F KlZjp_\ < G Ijb]hlh\e_gb_ jZ[hq_c`b^dhklb^ey]b^jhkbkl_ff_oZgbabjh\Zgguodj_i_c\ ]b^jhf_oZgbq_kdbo^bki_j]ZlhjZoIjbf_g_gb_ jhlhjguo ]b^jhf_oZgbq_kdbo ^bki_j]Zlhjh\ \ ]hjgh^h[u\Zxs_cijhfure_gghklbL_a ^hdeF_`^mgZjh^ggZmqghijZdlbqk_fKheb]hjkdK Abfbg : B L_hj_lbq_kdh_ hibkZgb_ ]b^jhf_oZgbq_kdh]h^bki_j]bjh\Zgby rZolguo wfmevkbc g_klZpbhgZjguc ]b^jZ\ebq_kdbc ih^oh^ =hjgZyl_ogbdZgZihjh]_;; \_dZL_a^hdeF_`^k_fFF==MK>hebgkdbc : : ;Zkhd ; B Rmjqdh\Z X : L_iehnbabq_kdb_bkke_^h\Zgby l_ogheh]bq_kdh]h ijhp_kkZ kl_jbebaZpbb b ]hfh]_gbaZpbb `b^dbo^bki_jkguo kbkl_f Ih\ur_gb_ wnn_dlb\ghklb l_iehnbabq_kdbo bkke_^h\Zgbcl_ogheh]bq_kdbo ijhp_kkh\ ijhfure_ggh]h ijhba\h^kl\Z L_a ^hde ,, F_`^mgZjh^gl_iehnbabqrdheuLZf[h\K>hebgkdbc : : ;Zkhd ; B Jhlhjghbfimevkguc ZiiZjZl >jh[e_gb_\dexq_gbc^bki_jkghcnZauIjhfl_iehl_ogbdZL‹ K >hebgkdbc : : ;Zkhd ; B Jhlhjghbfimevkguc ZiiZjZl EhdZevgucbfimevkgucgZ]j_\`b^dhklbIjhfl_iehl_ogbdZL‹ K ;ZeZ[urdh:FIjh]j_kkb\gh_h[hjm^h\Zgb_^eyihemq_gby\ukhdhdZq_kl\_gguokfZahqghhoeZ`^Zxsbo`b^dhkl_cF<GBBLWFJk ;ZeZ[urdh : F Abfbg : B Jhlhjguc ZiiZjZl k fh^meypb_c ihlhdZ ^eyihemq_gby\ukhdh\yadboKH@<_klgfZrbghkljh_gby‹ K Abfbg : B Ijb]hlh\e_gb_ jZkl\hjZ w\dZebfbgZ \ wlbeh\hf kibjl_ \ jhlhjghfZiiZjZl_ijbbfimevkghf\ha[m`^_gbbdZ\blZpbbObfnZjf`mjg‹ K Abfbg : B L_ogheh]by ihemq_gby jZkl\hjZ w\dZebfbgZ \ j_`bf_ bfimevkgh]h\ha[m`^_gby dZ\blZpbb GZmdh_fdb_ obfbq_kdb_ l_ogheh]bb L_a ^hde F_`^mgZjh^gdhgnL\_jvKAbfbg : B X^Z_\ < N :[khj[pby ^bhdkb^Z m]e_jh^Z \h^hc \ jhlhjghfZiiZjZl_k fh^meypb_cihlhdZL_hj_lhkgh\uobfl_ogheh]bbL‹ K FZj]mebk F : =Z\jbeh\ < : RZyof_lh\ N = Kbgl_a hdbkeh\ ZahlZ \dZ\blZpbhgghf ihe_ ]b^jh^bgZfbq_kdh]h baemqZl_ey @mjgZe nba obfbb<ui K ;ZaZ^a_ E = Abfbg : B X^Z_\ < N <ha^_ckl\b_ dZ\blZpbb gZ ijhp_kkjZa^_e_gby\h^ghkibjlh\hckf_kb@mjgijbdeobfbb‹ K Abfbg : B DZ\blZpbhggZy j_dlbnbdZpby ^\modhfihg_glguo kf_k_c L_hj_lhkgh\uobfl_ogheh]bbL‹ K Obfbq_kdb_ b nbabdhobfbq_kdb_ ijhp_kku \ iheyo kha^Z\Z_fuo]b^jhZdmklbq_kdbfbbaemqZl_eyfbJ;<Zeblh\b ^j@mjgZenbaobfbb‹ K Obfbq_kdb_ b nbabdhobfbq_kdb_ ijhp_kku \ iheyo kha^Z\Z_fuo]b^jhZdmklbq_kdbfbbaemqZl_eyfbJ;<Zeblh\b ^j@mjgZenbaobfbb‹ K ;ZeZ[urdh : F JZajZ[hldZ jhlhjgh]h ZiiZjZlZ ^ey ihemq_gby klZ[bevguowfmevkbc:\lhj_n^bk«dZg^l_oggZmdFk ;ZeZ[urdh : F H[hkgh\Zgb_ jZajZ[hldZ b kha^Zgb_ h[hjm^h\Zgby ihijb]hlh\e_gbxb j_]_g_jZpbb jZ[hqbo `b^dhkl_c^eyf_oZgbabjh\Zgguodj_i_chqbklguodhfie_dkh\:\lhj_n^bk^hdll_oggZmdFk ;ZeZ[m^dbgF: Bkke_^h\Zgb_^bki_j]bjh\Zgbyb ]b^jhf_oZgbq_kdboy\e_gbc\jhlhjghimevkZpbhgguoZiiZjZlZo:\lhj_n^bkdZg^l_oggZmdEk ;ZjZf : : Bkke_^h\Zgb_ ijhp_kkZ ba\e_q_gby \_s_kl\ ba ihjbkluo l_e \fgh]hnZaguo kbkl_fZo \ ihe_ f_oZgbq_kdbo dhe_[Zgbc :\lhj_n ^bk « dZg^ l_og gZmdEk ;b]e_j < B Bkke_^h\Zgb_ l_q_gbc \ ZiiZjZl_ lbiZ ^bgZfbq_kdhc kbj_gu b _]hijbf_g_gb_^eyijhp_kkZjZkl\hj_gby>bk«dZg^l_oggZmdFk ;mldh = X Bkke_^h\Zgb_ ijhp_kkh\ wfmev]bjh\Zgby \ jhlhjghimevkZpbhgghfZiiZjZl_ ijbf_gbl_evgh b p_eexehagh[mfZ`ghfm ijhba\h^kl\m :\lhj_n ^bk « dZg^l_oggZmdEk A\_a^bg : D Bkihevah\Zgb_ ZiiZjZlh\ lbiZ J:FI ^ey ihemq_gby\ukhdh^bki_jkguowfmevkbc\ j_`bf_Zdmklbq_kdhcdZ\blZpbb:\lhj_n^bk«dZg^l_oggZmdFk Abfbg : B Bgl_gkbnbdZpby ijhp_kkh\ ^bki_j]bjh\Zgby b jZkl\hj_gby \jhlhjguo ZiiZjZlZo ijb bfimevkghf\ha[m`^_gbbdZ\blZpbb:\lhj_n^bk«dZg^l_oggZmdFk Abfbg : B G_klZpbhgZjgu_ ]b^jhf_oZgbq_kdb_ ijhp_kku \ bfimevkghdZ\blZpbhgguo ZiiZjZlZo k ij_ju\Zgb_f ihlhdZ :\lhj_n ^bk « ^hdl l_og gZmd Fk DZj_iZgh\ K D H[hkgh\Zgb_ iZjZf_ljh\ fh^meylhjZ ]b^jhf_oZgbq_kdh]h^bki_j]ZlhjZ ^ey ijb]hlh\e_gby jZ[hq_c `b^dhklb f_oZgbabjh\Zgguo dj_i_c :\lhj_n^bk«dZg^l_oggZmdFk DbeZ^a_ = = Bkke_^h\Zgb_ ]b^jhf_oZgbq_kdbo oZjZdl_jbklbd b iZjZf_ljh\ijhp_kkZ ]hfh]_gbaZpbb ibs_\uo ^bki_jkguo kbkl_f \ ]b^jhf_oZgbq_kdbo jhlhjghimevkZpbhgguoZiiZjZlZo:\lhj_n^bk«dZg^l_oggZmdEk Dhe_kgbdh\ = ? JZkq_l jhlhjghimevkZpbhgguo ZiiZjZlh\ ^ey ijhp_kkh\wfmev]bjh\Zgby>bk«dZg^l_oggZmdFk EhrZdh\Z H : Bkke_^h\Zgb_ ]b^jhf_oZgbq_kdbo aZdhghf_jghkl_c jZ[hluZiiZjZlh\jhlhjghimevkZpbhggh]hlbiZ>bk«dZg^l_oggZmdEkFZg^judZ?:Wdki_jbf_glZevgh_bkke_^h\Zgb_dbg_lbdbijhp_kkZjZkl\hj_gby\ jhlhjghfZiiZjZl_k fh^meypb_cihlhdZ>bk«dZg^l_oggZmdFkIehlgbdh\<: Bkke_^h\Zgb_b jZkq_ljhlhjghimevkZpbhggh]hZiiZjZlZ>bk«dZg^ l_oggZmdFk Khibg : B Bkke_^h\Zgb_ iZjZf_ljh\ ]b^jh^bgZfbq_kdhc kbj_gu k p_evxihemq_gby \ukhdh^bki_jkguo ]_l_jh]_gguo kbkl_f :\lhj_n ^bk « dZg^ l_og gZmd Fk Q_j\ydh\ < F JZkl\hj_gb_l\_j^h]h\ `b^dhklbb ^bki_j]bjh\Zgb_`b^dhkl_c\^ebghdZgZevghfjhlhjghfZiiZjZl_k fh^meypb_cihlhdZ:\lhj_n^bk«dZg^l_oggZmdFk X^Z_\ < N Bkke_^h\Zgb_ ]b^jh^bgZfbq_kdh]h ZiiZjZlZ kbj_ggh]h lbiZ b _]hbkihevah\Zgb_ ^ey bgl_gkbnbdZpbb l_ogheh]bq_kdbo ijhp_kkh\ \ ]_l_jh]_gguo kbkl_fZo:\lhj_n^bk«dZg^l_oggZmdFkX^Z_\<N Jhlhjgu_ZiiZjZluk fh^meypb_cihlhdZb bfimevkguf\ha[m`^_gb_fdZ\blZpbb ^ey bgl_gkbnbdZpbb ijhp_kkh\ obfbq_kdhc l_ogheh]bb :\lhj_n ^bk « ^hdll_oggZmdFk :LOOHPV 3 .LQHPDWLN +LJK ± )UHTXHQF\ DQG 8OWUDVRQLF 7UHDWPHQW RI 3DOS 3DOS DQG3DSHU0DJD]LQHRI&DQDGD9‹ 3 :LOOHPV3$SSOLFDWLRQRI8OWUDVRQLF7HFKQLTXHVWR3XOSLQJDQG5HILULQJ7KH:RUOGV3DSHU 7UDGH5HYLHZ‹ 3 )XFK28EHUKRFKIUHTXHQWH6WRIIEHKDQGOXQJ&KHPLNHU=HLWXQJ‹ 6 -D\PH-*URQHUW+1HXKDXV:9RQ]HOOVWRII)DVHUQGXUFKKRFKIUHTXHQWH%HKDQGOXQJ'DV3DSLHU+6 3D\-.RQVWUXFKLRQQHXHUJHURWH=HOOVWRIXQG3DSLHU‹ 6 ;ZeZ[m^dbg F : H aZdhghf_jghklyo ]b^jhf_oZgbq_kdbo y\e_gbc \ jhlhjghimevkZpbhgguoZiiZjZlZoL_hj_lhkgh\uobfl_ogheh]bbL‹ K ;ZeZ[m^dbgF:;hjbkh\=GH imlyoih\ur_gbywnn_dlb\ghklbZdmklbq_kdbob]b^jh^bgZfbq_kdbo y\e_gbc \ jhlhjghimevkZpbhgguo ZiiZjZlZo Gh\u_ nba f_lh^ubgl_gkbnbdZpbbl_ogheijhp_kkh\K[gZmqljFK ;ZjZf::DhdmrdbgH:H oZjZdl_jbklbdZoh^gh]hlbiZZdmklbq_kdhckbj_gu:dmkl`mjgZeL‹ KH ]b^jhf_oZgbq_kdboaZdhghf_jghklyojZ[hlu jhlhjghimevkZpbhggh]hZiiZjZlZII>_jdh::;ZjZf<;Dh]Zgb ^jL_hj_lhkgh\uobfl_ogheh]bbL‹ K<heqbgkdbc<:Bkke_^h\Zgb_i_j_f_ggh]hihey^Z\e_gbc\ ahg_jZ[hqbohj]Zgh\p_gljh[_`ghimevkZpbhgguofZrbg:\lhj_n^bk«dZg^l_oggZmdEk MevljZa\md FZe_gvdZy wgpbdehi_^by Ih^ j_^ B I =heyfbghc F Kh\wgpbdehi_^byk ;ZeZ[m^dbg F : ;ZjZf : : Bkke_^h\Zgb_ qZklhlghZfieblm^gh]h ki_dljZ^bgZfbq_kdh]h ^Z\e_gby \ jhlhjghimevkZpbhgguo ZiiZjZlZo L_hj_l hkgh\u obfl_ogheh]bbL‹ K ;ZeZ[m^dbg F : ;ZjZf : : Bkke_^h\Zgb_ ijhp_kkZ fhdjh]h ^bki_j]bjh\Zgbyl\_j^uofZl_jbZeh\\ jhlhjghimevkZpbhgghfZiiZjZl_L_hj_lhkgh\uobfl_ogheh]bbL‹ K DZjgh\kdbcFBL_hjbyb jZkq_lkbj_g@mjgl_ognbabdbL‹K ;ZeZ[m^dbg F : EhrZdh\Z H : ;ZjZf : : AZ\bkbfhklv qZklhlguooZjZdl_jbklbd jhlhjghimevkZpbhggh]h ZiiZjZlZ hl qbkeZ ijhj_a_c K[ gZmqg ljE_gbg]jl_oghebgl p_eexeha[mfijhflb<uiK ;b]e_j<BEZ\j_gqbd<GX^Z_\<N<ha[m`^_gb_dZ\blZpbc\ ZiiZjZlZolbiZ]b^jh^bgZfbq_kdhckbj_gu:dmkl`mjgZeL‹ K X^Z_\<NDhdhj_\>LBkke_^h\Zgb_]b^jh^bgZfbq_kdhckbj_guBa\\mah\FZrbghkljh_gb_‹ K Ljhrdbg H : Iehlgbdh\ < : Bkke_^h\Zgb_mklhcqb\hklb\jZsZxs_]hkyihlhdZ`b^dhklb L_hj_lhkgh\uobfl_ogheh]bbL‹ K Ljhrdbg H : H ijhkdZevau\Zgbb `b^dhklb \ jhlhj_ jZkiuebl_ey L_hj_lhkgh\uobfl_ogheh]bbL‹ K >hebgkdbc::;Zkhd;BJhlhjghbfimevkgucZiiZjZlBfimevkgu_wnn_dluehdZevgh]h Z^bZ[Zlbq_kdh]h \kdbiZgby b dZ\blZpbb `b^dhklbIjhfl_iehl_ogbdZL‹ K ;b]e_j < B X^Z_\ < N G_klZpbhgZjgh_ bkl_q_gb_ j_Zevghc `b^dhklb q_j_ahl\_jklby]b^jh^bgZfbq_kdhckbj_gu:dmkl`mjgZeL‹ K X^Z_\ < N Bkl_q_gb_ ]Zah`b^dhklghc kf_kb q_j_a hl\_jklby jhlhjZ b klZlhjZkbj_guBa\\mah\FZrbghkljh_gb_‹ K :evlrmev:>=b^jZ\ebq_kdb_khijhlb\e_gbyFG_^jZk X^Z_\ < N Abfbg : B ;ZaZ^a_ E = F_lh^u jZkq_lZ ]b^jh\ebq_kdbo b^bgZfbq_kdbo oZjZdl_jbklbd fh^meylhjZ jhlhjgh]h ZiiZjZlZ Ba\ \mah\FZrbghkljh_gb_‹ K X^Z_\ < N Abfbg : B ;ZaZ^a_ E = D f_lh^Zf jZkq_lZ ]b^jZ\ebq_kdbo b^bgZfbq_kdbo oZjZdl_jbklbd fh^meylhjZ jhlhjgh]h ZiiZjZlZ Ba\ \mah\FZrbghkljh_gb_‹ K Abfbg : B Hij_^_e_gb_ hilbfZevgh]h dhwnnbpb_glZ aZiheg_gby jhlhjgh]hZiiZjZlZ k fh^meypb_c ihlhdZ JZajZ[hldZ bkke_^h\Zgb_ b jZkq_l fZrbg b ZiiZjZlh\obfbq_kdboijhba\h^kl\F_`\mak[gZmqljFFBOFK Jm`bpdbc < I H \ebygbb kl_i_gb g_klZpbhgZjghklb ihlhdZ h[jZ[Zlu\Z_fhckj_^ugZbgl_gkb\ghklv]b^jhf_oZgbq_kdboijhp_kkh\\ ]b^jhf_oZgbq_kdhf^bki_j]Zlhj_ G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_gl ijZdlbq_kdb_ ijbeh`_gby K[ gZmqljFK<KL_ogheh]byK Jm`bpdbc < I H[ h^ghf ijb[eb`_gghf kihkh[_ j_r_gby g_klZpbhgZjgh]hmjZ\g_gby ;_jgmeeb G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_gl ijZdlbq_kdb_ijbeh`_gbyK[gZmqljFK<KL_ogheh]byK DZj_iZgh\KDX^Z_\<N H g_klZpbhgZjguo]b^jhf_oZgbq_kdboijhp_kkZo\ZiiZjZlZo obfbq_kdhc l_ogheh]bb G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_glijZdlbq_kdb_ijbeh`_gbyK[gZmqljFK<KL_ogheh]byK X^Z_\ < N =b^jhf_oZgbq_kdbc ZgZeba kljmdlmju g_klZpbhgZjguo i_j_oh^guoijhp_kkh\ l_q_gby h[jZ[Zlu\Z_fhc kj_^u \ ZiiZjZlZo obfbq_kdhc l_ogheh]bb G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_gl ijZdlbq_kdb_ ijbeh`_gby K[ gZmqljFK<KL_ogheh]byK DZj_iZgh\KDX^Z_\<NAbfbg:B =b^jh^bgZfbq_kdbcZgZebakljmdlmjul_q_gby \ ZiiZjZlZo k ij_ju\Zgb_f Kha^Zgb_ b \g_^j_gb_ kh\j_f_gguo ZiiZjZlh\ kZdlb\gufb ]b^jh^bgZfbq_kdbfb j_`bfZfb ^ey l_dklbevghc ijhfure_gghklb bijhba\h^kl\Zobfbq_kdbo\hehdhgL_a^hde<k_khxaggZmqghl_ogkh\_sFKAbfbg:BIjbdeZ^gZyf_oZgbdZij_ju\bkluol_q_gbcFNhebZglk Abfbg : B =b^jZ\ebq_kdbc ]bkl_j_abk l_hjby b wdki_jbf_gl F K<KL_ogheh]byk Abfbg : B BfblZpbhggh_ fh^_ebjh\Zgb_ g_klZpbhgZjguo ]b^jhf_oZgbq_kdboijhp_kkh\FK<KL_ogheh]byk Abfbg : B Dhfivxl_jgh_ fh^_ebjh\Zgb_ g_klZpbhgZjguo ]b^jhf_oZgbq_kdboijhp_kkh\FK<KL_ogheh]bykAbfbg:BG_klZpbhgZjgu_]b^jhf_oZgbq_kdb_ijhp_kku\ jhlhjghfZiiZjZl_kfh^meypb_cihlhdZjZ[hq_ckj_^u hkgh\gu_k\hckl\Zl_ogheh]bq_kdh_bkihevah\Zgb_FkIj_ijF<HDM Abfbg : B H iZjZ^hdkZo l_hjbb g_klZpbhgZjguo ]b^jhf_oZgbq_kdbo ijhp_kkh\FkIj_ijF<HDM Abfbg:BEbg_cgucZgZebaimevkbjmxs_]hl_q_gbyq_j_adZgZek dhe_[exs_ckyaZ^\b`dhcFkIj_ijF<HDM Abfbg : B H ]b^jZ\ebq_kdhf ]bkl_j_abk_ F k Ij_ij F<HDM Abfbg : B FZl_fZlbq_kdZy fh^_ev g_klZpbhgZjgh]h l_q_gby `b^dhklb q_j_a\jZsZxsbckyb g_ih^\b`gucdZgZeFkIj_ijF<HDM Abfbg : B H [bnmjdZpbhgguo y\e_gbyo \ g_klZpbhgZjguo ]b^jhf_oZgbq_kdboijhp_kkZo L_hj_lhkgh\uobfl_ogheh]bbL‹ K Abfbg : B ;bnmjdZpbb b ZghfZebb \ l_hjbb b ijZdlbd_ ]b^jhf_oZgbq_kdh]h^bki_j]ZlhjZM]hev‹ K Abfbg : B ;ZeZ[Zrdh : F KlZjp_\ < G :gZeblbq_kdbc b dhfivxl_jgucjZkq_lj_`bfh\jZ[hlu]b^jhf_oZgbq_kdh]h^bki_j]ZlhjZM]hev‹ K Abfbg : B ;ZeZ[urdh : F Jm`bpdbc < I :gZeba ]b^jhf_oZgbq_kdboijhp_kkh\ b jZkq_l dZ\blZpbhggh]h j_`bfZ ^bki_j]bjh\Zgby \ ]b^jhf_oZgbq_kdhf^bki_j]Zlhj_M]hev‹ KAbfbg:BDZq_kl\_ggucZgZebag_klZpbhgZjguo]b^jhf_oZgbq_kdboijhp_kkh\\jhlhjghbfimevkghf ZiiZjZl_ G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_glijZdlbq_kdb_ijbeh`_gbyFK<KL_ogheh]byK Abfbg : B W\jbklbq_kdb_ f_lh^u \ j_r_gbyo ^bnn_j_gpbZevguo mjZ\g_gbcg_klZpbhgZjghc ]b^jhf_oZgbdb G_klZpbhgZjgZy ]b^jhf_oZgbdZ l_hjby wdki_jbf_glijZdlbq_kdb_ijbeh`_gbyFK<KL_ogheh]byK Abfbg : B Ihemq_gb_ \ukhdhwg_j]_lbq_kdbo bfimevkh\ ijb ihfhsbi_jbh^bq_kdh]h ij_ju\Zgby ihlhdZ jZ[hq_c kj_^u <h_gghgZmqg k[ ‹ F F<HDMK Abfbg:BKha^Zgb_gZijZ\e_gguowg_j]_lbq_kdboihlhdh\ijbihfhsbbklhqgbdh\\aju\gh]hlbiZ<h_gghgZmqgk[‹ FF<HDMK Abfbg : B G_klZpbhgZjgu_ ]b^jhf_oZgbq_kdb_ ijhp_kku hkgh\gu_ k\hckl\Zl_ogheh]bq_kdh_ ijbf_g_gb_ RdheZ ih fh^_ebjh\Zgbx Z\lhfZlbabjh\Zgguol_ogheh]bq_kdboijhp_kkh\FZl_fZlbq_kdb_f_lh^u\ obfbbb obfl_ogheh]bbL_a>hdeF_`^mgZjh^gdhgnGh\hfhkdh\kdK Abfbg:B Dhfivxl_jgucZgZebag_klZpbhgZjguo]b^jhf_oZgbq_kdboijhp_kkh\\ jhlhjghbfimevkghf ZiiZjZl_ RdheZ ih fh^_ebjh\Zgbx Z\lhfZlbabjh\Zgguol_ogheh]bq_kdboijhp_kkh\FZl_fZlbq_kdb_f_lh^u\ obfbbb obfl_ogheh]bbL_a^hdef_`^mgZjh^gdhgnGh\hfhkdh\kdK Abfbg : B KlZjp_\ < G D jZkq_lm oZjZdl_jbklbd g_klZpbhgZjgh]h ^\b`_gby]_l_jh]_gguo kj_^ q_j_a i_j_f_ggh_ khijhlb\e_gb_ mq_l djbl_jby J_cghev^kZ Nbabdhobfbq_kdb_ b f_oZgbq_kdb_ ijhp_kku \ dhfihabpbhgguo fZl_jbZeZo b dhgkljmdpbyo L_a^hdegZmqghl_ogdhgnFK Abfbg : B KlZjp_\ < G :gZeblbq_kdh_ j_r_gb_ mjZ\g_gby ^\b`_gby]_l_jh]_gghckj_^uq_j_ai_j_f_ggh_khijhlb\e_gb_Nbabdhobfbq_kdb_b f_oZgbq_kdb_ijhp_kku\ dhfihabpbhgguofZl_jbZeZob dhgkljmdpbyoL_a^hdegZmqghl_ogdhgnFK Abfbg : B Gh\Zy fZl_fZlbq_kdZy fh^_ev g_klZpbhgZjgh]h ]b^jhf_oZgbq_kdh]hijhp_kkZ \ jhlhjghf ZiiZjZl_ k i_jbh^bq_kdhc fh^meypb_c iehsZ^b ijhoh^gh]h k_q_gbydZgZeh\Ijh[e_fuobfbbb obfbq_kdhcl_ogheh]bbL_a^hde<k_jhkgZmqgl_ogdhgnDmjkdK Abfbg : B >\_ l_hj_fu l_hjbb ij_ju\bkluo jZa]hghlhjfhaguo l_q_gbc Ijbf_g_gb_ jhlhjguo ]b^jhf_oZgbq_kdbo ^bki_j]Zlhjh\ \]hjghh[u\Zxs_cijhfure_gghklbl_hjbyijZdlbdZK[^hdeF_`^gZmqghijZdlk_fbgZjZFbgkdK DZj_iZgh\ K D FZl_fZlbq_kdZy fh^_ev l_q_gby jZ[hq_c `b^dhklb \ dZgZeZojhlhjZ b klZlhjZ ]b^jhf_oZgbq_kdh]h ^bki_j]ZlhjZ Ijbf_g_gb_ jhlhjguo]b^jhf_oZgbq_kdbo^bki_j]Zlhjh\ \ ]hjgh^h[u\Zxs_cijhfure_gghklbl_hjbyijZdlbdZFbgkdK DZj_iZgh\ K D JZkq_l ^Z\e_gby \ aZahj_ jhlhjgh]h ]b^jhf_oZgbq_kdh]h^bki_j]ZlhjZ Ijbf_g_gb_ jhlhjguo ]b^jhf_oZgbq_kdbo ^bki_j]Zlhjh\\]hjgh^h[u\Zxs_cijhfure_gghklb l_hjbyijZdlbdZFbgkdK DZj_iZgh\ K D JZkq_l iehsZ^b ijhoh^gh]h k_q_gby ljZi_p_\b^guo dZgZeh\jhlhjZ b klZlhjZ ]b^jhf_oZgbq_kdh]h ^bki_j]ZlhjZ dZd nmgdpbb \j_f_gb Ijbf_g_gb_jhlhjguo]b^jhf_oZgbq_kdbo^bki_j]Zlhjh\\ ]hjgh^h[u\Zxs_cijhfure_gghklbl_hjbyijZdlbdZK[^hdeF_`^gZmqghijZdlk_fbgZjZFbgkdK DZj_iZgh\ K D Jm`bpdbc < I J_ZebaZpby fZl_fZlbq_kdhc fh^_eb l_q_gbyjZ[hq_c `b^dhklb \ dZgZeZo jhlhjZ b klZlhjZ ]b^jhf_oZgbq_kdh]h ^bki_j]ZlhjZ FZl_fZlbq_kdb_ f_lh^u \ f_oZgbd_ ij_ju\bkluo l_q_gbc F_`\ma k[ gZmq kl KI[L_oghiZghjZfZK Jm`bpdbc < I Mgb\_jkZevgZy fh^_ev i_j_f_ggh]h ]b^jZ\ebq_kdh]hkhijhlb\e_gby jhlhjgh]h ]b^jhf_oZgbq_kdh]h ^bki_j]ZlhjZ Ijbf_g_gb_ jhlhjguo]b^jhf_oZgbq_kdbo^bki_j]Zlhjh\\ ]hjgh^h[u\Zxs_cijhfure_gghklbl_hjbyijZdlbdZK[^hdeF_`^gZmqghijZdlk_fbgZjZFbgkdK X^Z_\ < N =b^jhf_oZgbq_kdb_ ijhp_kku \ jhlhjguo ZiiZjZlZo k fh^meypb_cijhoh^gh]h k_q_gby ihlhdZ h[jZ[Zlu\Z_fhc kj_^u L_hj_l hkgh\u obf l_oghe L‹ K X^Z_\<NF_lh^ujZkq_lZjhlhjguoZiiZjZlh\k fh^meypb_cihlhdZJZajZ[hldZbkke_^h\Zgb_b jZkq_lfZrbgb ZiiZjZlh\obfbq_kdboijhba\h^kl\F_`\mak[gZmqljFFBOFK Jha_g[_j]E> DZ\blZpbhggZyh[eZklv< dgFhsgu_mevljZa\mdh\u_iheyIh^j_^E>Jha_g[_j]ZFGZmdZQK A\_a^bg : D Abfbg : B <ha[m`^_gb_ bfimevkghc Zdmklbq_kdhc dZ\blZpbb =b^jh^bgZfbdZb ZdmklbdZh^gh b ^\monZaguoihlhdh\K[gZmqljGh\hkb[bjkdKH:GKKKJBgl l_iehnbabdbK Dmjhqdbg : D Kfhjh^h\ ? : Wdki_jbf_glZevgu_ bkke_^h\Zgby dZ\blZpbb \jhlhjguo ]b^jh^bgZfbq_kdbo baemqZl_eyo :dmkl `mjgZe L ‹ K ;b]e_j < B A\_a^bg : D X^Z_\ < N Bfimevkgh_ \ha[m`^_gb_ dZ\blZpbb \]b^jh^bgZfbq_kdbo kbj_gZo [_a iblZxs_]h gZkhkZ :dmklbdZ b mevljZa\mdh\Zy l_ogbdZJ_kif_`\_^gZmqghl_ogk[DL_ogbdZK ;b]e_j < B X^Z_\ < N BfimevkgZy Zdmklbq_kdZy dZ\blZpby \ ZiiZjZlZo lbiZ]b^jh^bgZfbq_kdhckbj_gu:dmkl`mjgZeL‹ K H ]b^jhf_oZgbq_kdbo Z\lhdhe_[Zl_evguoy\e_gbyo::;ZjZfH:EhrZdh\Z<;Dh]Zg;:Dehpmg]L_hj_lhkgh\uobfl_ogheL‹ K X^Z_\ < N Dhdhj_\ > L Khibg : B D \hijhkm h jZkq_lm ]_hf_ljbq_kdboiZjZf_ljh\ZiiZjZlh\lbiZ]b^jhf_oZgbq_kdhckbj_guBa\\mah\FZrbghkljh_gb_‹ K H f_oZgbaf_ ]_g_jbjh\Zgby imevkZpbc ^Z\e_gby \ jhlhjghimevkZpbhgguoZiiZjZlZo L B ?\klb]g__\Z < G Dhe_kgbd X K DjZ\q_gdh F F Oh^ud_j Ijhfl_iehl_ogbdZL‹ K Abfbg:BJm`bpdbc<IKlZjp_\<G:gZebaj_ahgZgkgh]hj_`bfZjZ[hlujhlhjgh]h ]b^jhf_oZgbq_kdh]h ^bki_j]ZlhjZ =hjgZy l_ogbdZ gZ ihjh]_ ;;, \_dZ L_a^hdeF_`^k_fFF=LMKAbfbg:BA\_a^bg:DX^Z_\<N HilbfZevgu_khhlghr_gby]_hf_ljbq_kdbob dbg_fZlbq_kdbo iZjZf_ljh\ ZiiZjZlZ lbiZ ]b^jh^bgZfbq_kdhc kbj_gu Kh\_jr_gkl\h\Zgb_dhgkljmdpbcfZrbgb ZiiZjZlh\obfbq_kdboijhba\h^kl\K[gZmqljFFBOFK Abfbg : B A\_a^bg : D HilbfbaZpby dhgkljmdlb\guo iZjZf_ljh\ b j_`bfh\jZ[hlu jhlhjghimevkZpbhgguo mkljhckl\ HilbfZevgh_ ijh_dlbjh\Zgb_ \ aZ^ZqZoobfbq_kdh]hfZrbghkljh_gbyK[gZmqljFFBOFK 5RVHQIHOG.0LFUOH\<6FKWLSSHQLQGHU0RGHUQHQ6WRIIDXIEHUHLWXQJ:RFKHQODWIXU3DSLHUIDEULNDWLRQ%‹ 6 ;ZeZ[m^dbgF:FZrlZ[bjh\Zgb_jhlhjghimevkZpbhgguoZiiZjZlh\ObfnZjf`mjg‹ K K\bgqZj E B HgZpdbc I : =Zj[mah\Z=E JhlhjghimevkZpbhggu_kf_kbl_eb^ey `b^dbo kj_^ Wdkij_kkbgnhjf PBGLBOBFG?NL?F:R F ‹ k K_jOF OZjZdl_jbklbdZ ^bki_jkghklb ^\monZaghc kbkl_fu = ? Dhe_kgbdh\ H :LjhrdbgXBFZdZjh\:<Hjeh\L_hj_l hkgh\obfl_ogheL‹ K ;ZeZ[m^dbg F : =heh[hjh^dbg K B RmeZ_\ G K H[ wnn_dlb\ghklb JI: ijbh[jZ[hld_wfmevkbhgguokbkl_fL_hj_lhkgh\uobfl_ogheL‹ K ;ZjZf : : >_jdh I I Dehpmg] ; : JZkq_l fhsghklb ZiiZjZlh\ jhlhjghimevkZpbhggh]hlbiZObfb g_nl_obffZrbghkljh_gb_‹ K DhdmrdbgH:;ZjZf::IZ\emr_gdhBKH jZkq_l_fhsghklbjhlZpbhgguoZiiZjZlh\@mjgijbdeobfbbL‹ K Bkke_^h\Zgb_ ]b^jh^bgZfbq_kdbo b Zdmklbq_kdbo oZjZdl_jbklbd ZiiZjZlh\ kjhlhjghimevkZpbhggufbmkljhckl\Zfb::;ZjZfII>_jdh<;Dh]Zgb^jObfb g_nl_obffZrbghkljh_gb_‹ K H jZkq_l_ fhsghklb gZ i_j_f_rb\Zgb_ `b^dhklb \ jhlhjguo ZiiZjZlZo B =IZ\eh\<IEbldbg<I=emoh\b ^j@mjgijbdeobfbbL‹ K:G:EBA=B>JH:DMKLBQ?KDBOWNN?DLH<<IMEVK:PBHGGUO:II:J:L:OJHLHJGH=HLBI:ImevkZpbhggu_ZiiZjZlujhlhjgh]hlbiZy\eyxlky]b^jh^bgZfbq_kdbfbbaemqZl_eyfb< gbo gZ[ex^Zxlky \k_ wnn_dlu ijbkmsb_ Zdmklbq_kdbf baemqZl_eyf dZ\blZpbyj_ahgZgkgu_b Z\lhdhe_[Zl_evgu_y\e_gbyb khimlkl\mxsb_bf\lhjbqgu_ijhy\e_gbywlbownn_dlh\ Bamq_gb_ hl^_evgh]h y\e_gby g_ ij_^klZ\ey_l hkh[uo ljm^ghkl_c Ljm^ghklbaZdexqZxlky \ lhf qlh Zdmklbq_kdb_ wnn_dlu \aZbfhk\yaZgu f_`^m kh[hc :gZebam bbkke_^h\Zgbxwlbownn_dlh\ihk\ys_gZ^ZggZy]eZ\ZBFIMEVKG:Y:DMKLBQ?KD:YD:<BL:PBY< IMEVK:PBHGGHF:II:J:L?JHLHJGH=HLBI:NBABQ?KDBC:G:EBAY<E?GBYD:<BL:PBBBgl_gkbnbdZpby obfbdhl_ogheh]bq_kdbo ijhp_kkh\ \ I:JL \h fgh]hf h[mkeh\e_gZdZ\blZpb_c\hagbdZxs_c\ h[jZ[Zlu\Z_fhc`b^dhklb>@ DZ\blZpby\ `b^dhklbijbjZ[hl_ZiiZjZlZ \uau\Z_lky g_kdhevdbfb nZdlhjZfb jZa\blZy lmj[me_glghklv ihlhdZ `b^dhklbg_klZpbhgZjghklvihlhdZ`b^dhklbhlju\gu_l_q_gbygZ\oh^ghfmqZkld_\ dZgZeklZlhjZDZ\blZpbx \ I:JL g_evay hlg_klb d Zdmklbq_kdhc \uau\Z_fhc i_jbh^bq_kdbf k`Zlb_f bjZkly`_gb_f `b^dhklb b g_evay hlg_klb d ]b^jh^bgZfbq_kdhc \uau\Z_fhc f_klgufihgb`_gb_f ^Z\e_gby ijb hlju\guo l_q_gbyo NZdlhju \uau\Zxsb_ dZ\blZpbx \ I:JL\aZbfhk\yaZgu b \aZbfgh ^hihegyxl ^jm] ^jm]Z GZb[he__ ih^oh^ysbf l_jfbghf ^eyh[hagZq_gby lZdh]h \b^Z dZ\blZpbb kem`bl hij_^_e_gb_ dZ\blZpbb < N X^Z_\uf dZdbfimevkghcZdmklbq_kdhcBfimevkgZy Zdmklbq_kdZy dZ\blZpby \uau\Z_lky aZ kq_l bg_jpbb h[t_fZ `b^dhklb\ju\Zxs_]hkyih^^Z\e_gb_fbadZgZeZjhlhjZ\ dZgZeklZlhjZ\ fhf_glkh\f_s_gbydZgZeZjhlhjZ k dZgZehf klZlhjZ Ijb aZdjulhf dZgZe_ klZlhjZ `b^dhklv ijh^\b]ZxsZyky \i_j_^\^hev dZgZeZ klZlhjZ aZ kq_l bg_jpbhgguo kbe kha^Z_l ehdZevgh_ jZaj_`_gb_ gZ \oh^ghfmqZkld_ dZgZeZ klZlhjZ DjZldh\j_f_gguc bfimevk jZkly]b\Zxs_]h hljbpZl_evgh]hhlghkbl_evghjZ\gh\_kgh]h^Z\e_gby\uau\Z_ljhkliZjh]Zah\uoaZjh^ur_cb bgbpbbjm_ldZ\blZpbx G_aZ\bkbfh hl gZqZevgh]h jZaf_jZ dZ\blZpbhggu_ imaujvdb ^hklb]Zxl k\h_]hfZdkbfZevgh]h jZaf_jZ ijZdlbq_kdb h^gh\j_f_ggh Ijb jhkl_ dZ\blZpbhgguc imauj_daZihegy_lky gZkus_gguf iZjhf ^Zgghc `b^dhklb b jZkl\hj_gguf \ `b^dhklb ]Zahf DZdlhevdh ^Z\e_gb_ \ `b^dhklb gZqbgZ_l \hajZklZlv dZ\blZpbhgguc imauj_d ih^ ^_ckl\b_fih\ur_ggh]h^Z\e_gbyb kbeih\_joghklgh]hgZly`_gbyaZoehiu\Z_lkyiZjdhg^_gkbjm_lkygZ ]jZgbp_ jZa^_eZ nZa Z ]Za ih^\_j]Z_lky kbevghfm Z^bZ[Zlbq_kdhfm k`Zlbx Ihke_koehiu\Zgby imaujvdZ \ hdjm`Zxs_c `b^dhklb jZkijhkljZgy_lky kn_jbq_kdZy m^ZjgZy\hegZ[ukljhaZlmoZxsZy\ ijhkljZgkl\_Ih^ dZ\blZpb_c \ `b^dhklb ihgbfZxl h[jZah\Zgb_ aZiheg_gguo iZjhf b ]Zahfihehkl_c beb imaujvdh\ ijb ehdZevghf ihgb`_gbb ^Z\e_gby \ `b^dhklb ^h ^Z\e_gbygZkus_gguoiZjh\Khhlghr_gb_kh^_j`Zgby]ZaZb iZjZ\ ihehklbfh`_l[ulvjZaebqgufl_hj_lbq_kdbhlgmey^h_^bgbpu< aZ\bkbfhklbhldhgp_gljZpbbiZjZbeb]ZaZ\ ihehklbbogZau\ZxliZjh\ufbbeb]Zah\ufbG_h[oh^bfh hlf_lblv qlh ihgb`_gb_ ^Z\e_gby \ `b^dhklb ^h ^Z\e_gby gZkus_gguoiZjh\ \hafh`gh lZd`_ ijb dbi_gbb beb \Zdmmfbjh\Zgbb `b^dhklb Gh wlb ijhp_kkujZkijhkljZgyxlky ih \k_fm h[t_fm `b^dhklb \ hlebqb_ hl dZ\blZpbb dhlhjZy bf__lh]jZgbq_ggmx h[eZklv JZaebqZxl ]b^jh^bgZfbq_kdmx dZ\blZpbx \hagbdZxsmx aZ kq_lf_klgh]h ihgb`_gby ^Z\e_gby \ ihlhd_ `b^dhklb ijb h[l_dZgbb l\_j^h]h l_eZ bZdmklbq_kdmx dZ\blZpbx \hagbdZxsmx ijb ijhoh`^_gbb q_j_a `b^dhklv Zdmklbq_kdbodhe_[Zgbc GZk [m^_l bgl_j_kh\Zlv Zdmklbq_kdZy dZ\blZpby dZd gZb[he__ [ebadZy ih k\h_cnbabq_kdhckmsghklbd bfimevkghcZdmklbq_kdhcdZ\blZpbb\hagbdZxs_c\ I:JLKkuedb[m^ml ^_eZlvky gZ hkgh\gu_ h[ahju b fhgh]jZnbb ihk\ys_ggu_ wlhc ijh[e_f_ qlh[uba[_`Zlv g_gm`gh]h gZ]jhfh`^_gby ebl_jZlmjguo bklhqgbdh\ =b^jh^bgZfbq_kdZydZ\blZpbyih^jh[ghhibkZgZ\ > @DZ\blZpbhggZydZ\_jgZaZiheg_ggZyiZjhfb ]Zahf\jZaebqguo bklhqgbdZo gZau\Z_lky ihehklvx imauj_f imaujvdhf kn_jhc b li ;m^_fmihlj_[eylv wlb l_jfbgu \ aZ\bkbfhklb hl jZkkfZljb\Z_fhc kblmZpbb lZd dZd hgb \iheg_ijbf_gbfu b Z^_d\Zlgu nbabq_kdhc kmsghklb dZ\blZpbb :dmklbq_kdZy dZ\blZpbyij_^klZ\ey_l kh[hc wnn_dlb\gh_ kj_^kl\h dhgp_gljZpbb wg_j]bb a\mdh\hc \hegu gbadhciehlghklb \ \ukhdmx iehlghklv wg_j]bb k\yaZggmx k imevkZpbyfb b aZoehiu\Zgb_fdZ\blZpbhgguoimaujvdh\> @Qlh[u\ `b^dhklbh[jZah\ZeZkvihehklvg_h[oh^bfhjZa^\bgmlv__ khk_^gb_fhe_dmeugZ jZkklhygb_ g_ f_g__ m^\h_gghc ^ebgu ijhf_`mldZ f_`^m gbfb @b^dhklv fh`_l\u^_j`b\ZlvfZdkbfZevgh_jZkly]b\Zxs__gZijy`_gb_jZkkqblu\Z_fh_ihnhjfme_3 V5]^_ 5 jZ^bmk imaujvdZ f 3 ^Z\e_gb_ g_h[oh^bfh_ ^ey jZaju\Z kiehrghklb `b^dhklbIZV ih\_joghklgh_gZly`_gb_Gf>ey \h^u ijb 5 ˜ kf J Zlf >@ DZ\blZpbhggZy ijhqghklvg_h[jZ[hlZgghc \h^u g_ ij_\urZ_l g_kdhevdbo khl Zlfhkn_j Kms_kl\m_l g_ebg_cgZyaZ\bkbfhklv \ \b^_ ij_^_evguo djb\uo Wr_ >@ f_`^m qZklhlhc Zdmklbq_kdhc \hegu bihjh]h\uf^Z\e_gb_fijbdhlhjhf\hagbdZ_ldZ\blZpbyIhjh]h\uf^Z\e_gb_fgZau\Z_lkyagZq_gb_ Zfieblm^u Zdmklbq_kdh]h ^Z\e_gby \uau\Zxs_]h jZkrbj_gb_ aZjh^urZ ^hdjblbq_kdh]h jZaf_jZ ihke_ dhlhjh]h hg gZqbgZ_l jZklb \aju\hh[jZagh >@ Q_f gb`_qZklhlZ Zdmklbq_kdhc \hegu l_f gb`_ ihjh]h\h_ ^Z\e_gb_ GZijbf_j ^ey qZklhlu d=pihjh]h\h_^Z\e_gb_g_ij_\urZ_lZlfijbghjfZevghfklZlbq_kdhf^Z\e_gbbb l_fi_jZlmj_J| ZlfL | qK>@JZkoh`^_gb_ f_`^m wdki_jbf_glZevghc b l_hj_lbq_kdhc ijhqghklvx h[tykgy_lkygZebqb_f \ j_Zevguo `b^dhklyo jZaebqguo ijbf_k_c b \dexq_gbc dhlhju_ y\eyxlkyaZjh^urZfb dZ\blZpbb b kbevgh ihgb`Zxl __ ijhqghklv Kh]eZkgh l_hj_lbq_kdbfij_^klZ\e_gbyf fZe_gvdb_ imaujvdb ^he`gu jZkl\hjylvky \ `b^dhklb Z [hevrb_ \kieu\ZlvL_fg_f_g__\ `b^dhklbihklhygghijbkmlkl\mxlimaujvdbjZaebqgh]hjZ^bmkZHq_gvfZe_gvdb_imaujvdbklZ[bebabjmxlkygZih\_joghklyob \lj_sbgZofZeuol\_j^uoqZklbp \a\_r_gguo \ `b^dhklb < ex[hc `b^dhklb aZjh^urb dZ\blZpbb fh]mlh[jZah\u\Zlvky lZd`_ aZ kq_l aZjy`_gguo qZklbp \ukhdbo wg_j]bc ijbkmlkl\mxsbo \dhkfbq_kdbo emqZo >@;he__qZklbpihjh`^_gguodhkfbq_kdbfbemqZfbkhklZ\eyxlPf_ahgu Z hklZevgu_ \ hkgh\ghf we_dljhgu We_dljhgu ohjhrh ih]ehsZxlky \`b^dhklyo Z Pf_ahgu ih]ehsZxlky keZ[h gh h[eZ^Zxl [hevrhc ijhgbdZxs_ckihkh[ghklvx Ijhoh^y q_j_a \_s_kl\Z we_dljhgu b Pf_ahgu \aZbfh^_ckl\mxl kwe_dljhgZfb Zlhfh\ \_s_kl\Z b \u[b\Zxl bo aZljZqb\Zy gZ bhgbaZpbx hij_^_e_ggmxwg_j]bx <ke_^kl\b_ ehdZevgh]h \u^_e_gby l_ieZ \ dhlhjh_ i_j_oh^bl l_jy_fZywe_dljhgZfbwg_j]by\ `b^dhklbh[jZamxlkyiZjh\u_imaujvdb< `b^dhklb \ke_^kl\b_ [jhmgh\kdh]h ^\b`_gby bf_xl f_klh nemdlmZpbb \gmlj_gg_ckljmdlmju h[eZklb ijhkljZgkl\Z k fhe_dmeZfb gbadhc wg_j]bb b fhe_dmeZfb \ukhdhcwg_j]bb < h[eZklyo k fhe_dmeZfb \ukhdhc wg_j]bb dhlhju_ gZau\Zxl fbdjhh[eZklyfbih\ur_gghc l_fi_jZlmju a\mdh\u_ \hegu fh]ml h[_ki_qblv agZq_gby gZijy`_gbc^hklZlhqguo^eyjZaju\Z`b^dhkl_c>@KlZ[bevgh_kms_kl\h\Zgb_iZjh]Zah\uoimaujvdh\h[tykgy_lkyl_fqlhgZih\_joghklbimaujvdZ bf_xlky jZ\ghf_jgh jZkij_^_e_ggu_ h^ghbf_ggu_ aZjy^u h[mkeh\e_ggu_gZoh^ysbfbky \ `b^dhklb bhgZfb HllZedb\Zgb_ wlbo aZjy^h\ ij_^hl\jZsZ_l kfudZgb_imaujvdZ>@G_ebg_cgh_ ^bnn_j_gpbZevgh_ mjZ\g_gb_ hibku\Zxs__ ijhklmx fh^_ev kn_jbq_kdbkbff_ljbqghc imevkZpbb ]Zah\hc ihehklb jZ^bmkhfU 5W \ ihe_ iehkdhc a\mdh\hc\hegubf__l\b^5G5GW § G5 ·>3f 3 5@ ¨ © GW ¹̧Uj_r_gb_dhlhjh]hhij_^_ey_lkyaZdhghfbaf_g_gby^Z\e_gby35gZih\_joghklbihehklb bJv gZ[_kdhg_qghklbA^_kvU iehlghklvg_\hafms_gghc`b^dhklbd]f:gZeblbq_kdh_j_r_gb_wlh]hmjZ\g_gbyihemq_ghJwe__fijbijhkl_crbomkeh\byoJJv35 < wlhfkemqZ_mjZ\g_gb_ i_j_oh^bl\ mjZ\g_gb_aZoehiu\Zgbyimklhcihehklbih^^_ckl\b_f]b^jhklZlbq_kdh]h^Z\e_gby 3f U9§ 5PD[·¨ ¸ ¨ 5¸©¹]^_ 5PD[ fZdkbfZevgucjZaf_jihehklbf<j_fyaZoehiu\Zgbyimklhcihehklbhij_^_ey_lky banhjfmeuJwe_yW½5PD[ U 3 MjZ\g_gb_ hibku\Zxs__ baf_g_gby jZ^bmkZ dZ\blZpbhgghc ihehklb \mevljZa\mdh\hc\heguba\_klghdZdmjZ\g_gb_Ghelbg]Z G_iiZcj_kZ5G5GWJ § G5 · ªV §V · § 5 · º¸ ¨¨ ¸ » «3f 3Å 3P VLQ ZW ¨¨ 3f ¨ © GW ¹̧ U «5 ©5 ¸¹ © 5 ¹̧ »¬¼ihe_MjZ\g_gb_ ^hklZlhqgh ohjhrh hibku\Z_l ih\_^_gb_ dZ\blZpbhggh]h imaujvdZ\ihe_ mevljZa\mdh\hc \hegu gh ^hims_gby h g_k`bfZ_fhklb `b^dhklb g_ iha\heyxlijZ\bevghhp_gblvdhg_qgmxklZ^bxaZoehiu\ZgbydZ\blZpbhggh]himaujvdZ>bgZfbdm dZ\blZpbhggh]h imaujvdZ k mq_lhf k`bfZ_fhklb hibku\Z_l mjZ\g_gb_O_jjbg]ZNebggZ§9 · G 5 ¸5 ¨¨ F ¸¹ GW ©§ 9 · § G5 ·¨ ¸¨ F ¸ ¨ GW ¹̧¹©©J ªV P9 §V · § 5 · º«3f 3Å 3P VLQ ZW »¸ ¨¨ ¨¨ 3f U «555 ¸¹ © 5 ¸¹̧ »©¬¼§·5 99 G3 5 ¨ ¸U F ¨© F ¸¹ G5]^_ P dhwnnbpb_gl ^bgZfbq_kdhc \yadhklb IZ˜k F kdhjhklv a\mdZ \ g_\hafms_gghc`b^dhklbfkMjZ\g_gb_ [he__ lhqgh hibku\Z_l ^bgZfbdm dZ\blZpbhggh]h imaujvdZ k mq_lhfk`bfZ_fhklb gh g_Z^_d\Zlgh ijbkdhjhklyo^\b`_gbykjZ\gbfuokhkdhjhklvxa\mdZqlhoZjZdl_jgh^eydhg_qghcklZ^bbaZoehiu\ZgbyimaujvdZ< [hevrbgkl\_ bkke_^h\Zgbc dZ\blZpbb hkh[_ggh l_hj_lbq_kdbo jZkkfZljb\Zxlih\_^_gb_ h^bghqgh]h imaujvdZ < j_Zevguo mkeh\byo g_h[oh^bf p_euc dhfie_dk f_jqlh[u ^h[blvky kms_kl\h\Zgby h^bghqgh]h imaujvdZ >Z`_ ijb ^Z\e_gbb g_ gZfgh]hij_\urZxs_f ihjh] dZ\blZpbb kjZam ihy\ey_lky fgh`_kl\h dZ\blZpbhgguo imaujvdh\aZgbfZxsbohij_^_e_ggmxqZklvijhkljZgkl\ZdhlhjmxgZau\ZxldZ\blZpbhgghch[eZklvx>@< jZa\blhc dZ\blZpbhgghc h[eZklb dhebq_kl\h dZ\blZpbhgguo imaujvdh\ ij_\urZ_ldhebq_kl\haZjh^ur_cijbf_jgh\ jZaWlhh[tykgy_lkyl_fqlhijhp_kk\hagbdgh\_gbydZ\blZpbhgguo imaujvdh\ y\ey_lky p_ighc j_Zdpb_c >@ DZ\blZpby \hagbdrZy gZ_^bgbqghf aZjh^ur_ aZ \j_fy \ g_kdhevdh ^_kyldh\ i_jbh^h\ mevljZa\mdh\uo dhe_[ZgbcjZa\b\Z_lky \ klZ[bevgmx h[eZklv khklhysmx ba fgh`_kl\Z dZ\blZpbhgguo imaujvdh\Ijhp_kk jZa\blby dZ\blZpbhgghc h[eZklb ij_^klZ\ey_lky ke_^mxsbf h[jZahf IjbaZoehiu\ZgbbdZ\blZpbhggucimauj_dfh`_ll_jylvmklhcqb\hklvb jZkiZ^ZlvkygZqZklbZlZd dZd ^Z\e_gb_ b l_fi_jZlmjZ \ wlhl fhf_gl \ imaujvd_ fZdkbfZevgu lh ^Z\e_gb_ bl_fi_jZlmjZ iZjh]Zah\hc kf_kb \ h[jZah\Z\rboky hkdhedZo lh`_ ih\ur_gu < nZa_jZkly`_gby hgb e_]dh jZkrbjyxlky b klZgh\ylky gh\ufb aZjh^urZfb dZ\blZpbb f_g__ijhqgufb q_f ihklhyggh bf_xsb_ky \ `b^dhklb DZ\blZpbhggu_ ihehklb \hagbdrb_ gZwlbo aZjh^urZo ihjh`^Zxl gh\u_ <gmljb dZ\blZpbhgghc h[eZklb b^_l g_ij_ju\gucijhp_kk jZafgh`_gby b dhZ]meypbb dZ\blZpbhgguo imaujvdh\ ijbq_f dZ\blZpbhggucihjh] g_kdhevdh mf_gvrZ_lky lZd dZd \ mklZgh\b\r_fky j_`bf_ jhev dZ\blZpbhgguoaZjh^ur_cgZqbgZxl\uihegylvjZ\gh\_kgu_imaujvdbh[t_fb ]Zahkh^_j`Zgb_m dhlhjuo[hevr_q_fm aZjh^ur_c>@< dZq_kl\_ \_ebqbgu oZjZdl_jbamxs_ckl_i_gvjZa\blhklbdZ\blZpbbE>Jha_g[_j]ij_^eh`bebkihevah\Zlvbg^_dkdZ\blZpbb.'X X ]^_'X h[t_fdZ\blZpbhgguoimaujvdh\\ nZa_bogZb[hevr_]hjZkrbj_gbyfX h[t_f\u^_e_gguc \dZ\blZpbhgghch[eZklbf<u^_e_gguc h[t_f X ^he`_g m^h\e_l\hjylv ke_^mxsbf ^\mf lj_[h\Zgbyf ebg_cgu_jZaf_juwlh]hh[t_fZ^he`gu[ulv fZeuihkjZ\g_gbxk ^ebghc\heguqlh[ui_j\bqgh_\ha[m`^Zxs__ dZ\blZpbx a\mdh\h_ ^Z\e_gb_ fh`gh [ueh kqblZlv \gmljb wlh]h h[t_fZihklhyggufih\_ebqbg_b kbgnZagufgZfgh]h[hevr_jZaf_jh\dZ\blZpbhggh]himaujvdZ>@Bg^_dk dZ\blZpbb _klv f_jZ ijhkljZgkl\_gghc iehlghklb wg_j]bb Z \_ebqbgZ 'XijhihjpbhgZevgZ ihl_gpbZevghc wg_j]bb aZiZk_gghc \k_fb kh^_j`Zsbfbky \ h[t_f_ XimaujvdZfbJZ[hlZkh\_jrZ_fZyQ imaujvdZfbk h^bgZdh\ufbfZdkbfZevgufbjZaf_jZfbaZibku\Z_lky\ \b^_$N |S 5PD[3Q3'X< mklZgh\b\r_fky j_`bf_ ijb g_baf_gguo \g_rgbo mkeh\byo klZlbq_kdh_ ^Z\e_gb_l_fi_jZlmjZ ]Zahkh^_j`Zgb_ b li bg^_dk dZ\blZpbb _klv nmgdpby dhhj^bgZl iheyJZkkfZljb\Zy D \ ij_^_evghf kemqZ_ dZd nmgdpbx lhqdb fh`gh \\_klb ihgylb_ kj_^g_]hihh[t_fmdZ\blZpbhgghch[eZklbbg^_dkZdZ\blZpbbD!\ \b^_.X³ .GXX<_ebqbgZ D e_`bl \ ij_^_eZo d D d Gb`gbc ij_^_e khhl\_lkl\m_l hlkmlkl\bxdZ\blZpbb \_jogbc ij_^_e ^hklb`bf lhevdh \ ehdZevghf h[t_f_ Mkj_^gylv bg^_dkdZ\blZpbbfh`ghg_lhevdhihh[eZklbghb ihdZdhfmeb[hk_q_gbx< gZklhys__ \j_fy g_l m^h\e_l\hjbl_evghc fh^_eb dZ\blZpbhgghc h[eZklb Z^_d\Zlghhibku\Zxs_c__ ih\_^_gb_b ih\_^_gb_ijbgZ^e_`Zs_]hd g_chl^_evgh]hdZ\blZpbhggh]himaujvdZ Ih\_^_gb_ dZ\blZpbhgghc h[eZklb aZ\bkbl hl fgh]bo y\e_gbc b nZdlhjh\jZafgh`_gb_ b dhZ]meypby dhZe_kp_gpby imaujvdh\ bo \aZbfh^_ckl\b_ baf_g_gb_oZjZdl_jZ imevkZpbc imaujvdZ aZ kq_l m^Zjguo \heg b a\mdh\h]h baemq_gby khk_^gboimaujvdh\ baf_g_gb_ kj_^gbo Zdmklbq_kdbo k\hckl\ kj_^u fbdjhihlhdb \gmljbdZ\blZpbhgghc h[eZklb b gZ ]jZgbp_ imaujvdZ jZkij_^_e_gb_ aZjh^ur_c dZ\blZpbb]Zahkh^_j`Zgb_b l^LZdbf h[jZahf dZ\blZpbhggZy h[eZklv ij_^klZ\ey_l kh[hc k\h_h[jZagucljZgknhjfZlhj wg_j]bb \ dhlhjhf kjZ\gbl_evgh f_^e_ggh gZdZieb\Z_fZy wg_j]byhk\h[h`^Z_lky\ l_q_gb_hq_gvdhjhldh]h\j_f_gb\ j_amevlZl_q_]hf]gh\_ggZyfhsghklv\h fgh]h jZa ij_\hkoh^bl kj_^gxx \\h^bfmx baemqZl_e_f \ dZ\blZpbhggmx h[eZklv >@GZ jZa\blb_ b bgl_gkb\ghklv dZ\blZpbb [hevrh_ \ebygb_ hdZau\Zxl \g_rgb_ mkeh\by bk\hckl\Z`b^dhklbIjb dZ\blZpbb \ ^_]Zabjh\Zgghc `b^dhklb \ dZ\blZpbhggu_ imaujvdb ihklmiZ_lf_gvr_ dhebq_kl\Z \ha^moZ q_f \ hlklhy\r_cky qlh ijb\h^bl d mf_gvr_gbx^_finbjmxs_]h wnn_dlZ iZjh]Zah\hc kf_kb \ imaujvd_ ijb _]h kfudZgbb b \hajZklZgbb^Z\e_gby\ m^Zjghc\heg_>_]ZaZpby`b^dhklbijb\h^bld mf_gvr_gbxh[eZklbdZ\blZpbbk h^gh\j_f_ggufm\_ebq_gb_fbgl_gkb\ghklbm^Zjghc\hegukha^Z\Z_fhcdZ\blZpbhggufbimaujvdZfb>@Ijb ih\ur_gbbl_fi_jZlmju^Z\e_gb_\gmljbimaujvdZhij_^_e_ggh_^Z\e_gb_fiZjZb ]ZaZ m\_ebqb\Z_lky b m^ZjgZy \hegZ hkeZ[ey_lky gh wlh lZd`_ ijb\h^bl d jhklmdZ\blZpbhgghch[eZklbBa l_hj_lbq_kdbo ij_^ihkuehd ke_^m_l qlh m\_ebq_gb_ ]b^jhklZlbq_kdh]h ^Z\e_gbyijb\h^bl d mf_gvr_gbx \j_f_gb aZoehiu\Zgby imaujvdZ b m\_ebq_gbx bgl_gkb\ghklbm^Zjguo \heg Wdki_jbf_glu ijh\_^_ggu_ ih bkke_^h\Zgbx dZ\blZpbhgghc wjhabbkhghexfbg_kp_gpbbb baf_j_gbx Zfieblm^u ^Z\e_gby \ fhf_gl aZoehiu\ZgbydZ\blZpbhggh]h imaujvdZ ihdZau\Zxl qlh m\_ebq_gb_ ]b^jhklZlbq_kdh]h ^Z\e_gbyijb\h^bl d aZf_lghfm m\_ebq_gbx wlbo y\e_gbc Z aZl_f g_dhlhjhfm mf_gvr_gbx k\ujZ`_gguf hilbfmfhf <k_ wlb aZ\bkbfhklb ihemqbeb fgh]hqbke_ggh_wdki_jbf_glZevgh_ih^l\_j`^_gb_\ jZaebqguobkke_^h\Zgbyo> @:dmklbq_kdZy dZ\blZpby \ `b^dhklyo bgbpbbjm_l jZaebqgu_ nbabdhobfbq_kdb_y\e_gbykhghexfbg_kp_gpbxk\_q_gb_`b^dhkl_cobfbq_kdb_wnn_dlua\mdhobfbq_kdb_ j_Zdpbb wjhabx l\_j^h]h l_eZ jZajmr_gb_ ih\_joghklb^bki_j]bjh\Zgb_b wfmev]bjh\Zgb_Khghexfbg_kp_gpby b dZ\blZpbhggu_ obfbq_kdb_ j_Zdpbb y\eyxlky \aZbfghk\yaZggufb ijhp_kkZfb fh]ml hdZau\Zlv \aZbfgh_ \ebygb_ gh \ ijbgpbi_ hgb fh]mlhkms_kl\eylvkyg_aZ\bkbfhh^bghl^jm]h]h>@MevljZa\mdh\Zy exfbg_kp_gpby b k\_q_gb_ \hagbdZxs__ ijb ]b^jh^bgZfbq_kdhcdZ\blZpbb y\eyxlky [ebadbfb ih k\h_c ijbjh^_ ijhp_kkZfb Ijb wdki_jbf_glZevghfbkke_^h\Zgbb dZ\blZpbb \ gbadhqZklhlguo a\mdh\uo iheyo [ueZ \uy\e_gZ ZgZeh]by ihnbabdhobfbq_kdbfwnn_dlZff_`^mgbadhqZklhlghc b mevljZa\mdh\hcdZ\blZpb_c>@Fh^_ev nbabdhobfbq_kdbo ijhp_kkh\ ijhbkoh^ysbo \ dZ\blZpbhgghf imaujvd_ bijbe_]Zxs_f d g_fm h[t_f_ `b^dhklb ij_^klZ\eyxl \ ke_^mxs_f \b^_ >@ \dZ\blZpbhggmxihehklvfh]mlijhgbdZlviZju\h^ujZkl\hj_ggu_]ZauZ lZd`_\_s_kl\Zk\ukhdhcmijm]hklvxiZjZb g_fh]mlijhgbdZlvbhgubebfhe_dmeug_e_lmqbojZkl\hj_gguo\_s_kl\ <u^_eyxs_cky \ ijhp_kk_ koehiu\Zgby imaujvdZ wg_j]bb ^hklZlhqgh ^ey\ha[m`^_gby bhgbaZpbb b ^bkkhpbZpbb fhe_dme \h^u ]Zah\ b \_s_kl\ k \ukhdhcmijm]hklvxiZjZ\gmljbdZ\blZpbhgghcihehklbGZwlhcklZ^bbex[hcbaijbkmlkl\mxsbo]Zah\ y\ey_lky Zdlb\guf dhfihg_glhf mqZkl\my \ i_j_^Zq_ wg_j]bb \ha[m`^_gbyi_j_aZjy^d_ b ^jm]bo ijhp_kkZo >_ckl\b_ a\mdh\h]h ihey gZ \_s_kl\Z ijhgbdZxsb_ \ihehklv y\ey_lky g_ihkj_^kl\_gguf ijyfuf ijbq_f ^_ckl\b_ Zdlb\guo ]Zah\ lZdbo dZddbkehjh^\h^hjh^b Zahl\ dZ\blZpbhgghcihehklb^\hckl\_ggh_ \hi_j\uodbkehjh^b \h^hjh^ mqZkl\mxl\ j_ZdpbyoljZgknhjfbjh\ZgbyjZ^bdZeh\o $ p o op$ po $ o o o $ o pZ Zahl \ ]Zah\uo a\mdhobfbq_kdbo j_Zdpbyo dhg_qguf j_amevlZlhf dhlhjuo y\ey_lkynbdkZpbyZahlZ1 2 o 12 1 + o 1+ \h\lhjuo obfbq_kdb Zdlb\gu_ ]Zau ijhgbdZy \ dZ\blZpbhggmx ihehklvmqZkl\mxl lZd `_ dZd b [eZ]hjh^gu_ ]Zau \ i_j_^Zq_ wg_j]bb we_dljhggh]h \ha[m`^_gbyfhe_dmeZf\h^uZ lZd`_\ ijhp_kk_i_j_aZjy^dbA^_kvkbf\hehf h[hagZq_ghobfbq_kdh_^_ckl\b_a\mdZIjb koehiu\Zgbb dZ\blZpbhggh]h imaujvdZ \ jZkl\hj i_j_oh^yl jZ^bdZeu Gq HGqbhgu b we_dljhgu fZehc wg_j]bb h[jZah\Z\rb_ky \ ]Zah\hc nZa_ ijb jZks_ie_gbbfhe_dmeu GH b \_s_kl\ k \ukhdhc mijm]hklvx iZjZ ijh^mdlu bo \aZbfh^_ckl\by bqZklbqgu_j_dhf[bgZpbbZ lZd`_f_lZklZ[bevgu_\ha[m`^_ggu_fhe_dmeuGHKmffZjgmx ko_fm dZ\blZpbhggh]h jZks_ie_gby fhe_dme \h^u ij_^klZ\eyxl \ke_^mxs_f\b^_ + 2 o+$ 2+$ + + 2 Wlb\hagbdZxsb_\ kbkl_f_Zdlb\gu_qZklbpuihke_i_j_oh^Z\ jZkl\hjkhev\Zlbjmxlkyb j_Z]bjmxlk jZkl\hj_ggufb\_s_kl\ZfbGZwlhcklZ^bbdh]^Zhkms_kl\eyxlkydhk\_ggu_^_ckl\by Zdmklbq_kdbo dhe_[Zgbc gZ oh^ ijhp_kkZ fh]ml hdZau\Zlv \ebygb_ ijZdlbq_kdblhevdhobfbq_kdbZdlb\gu_]Zau Hb G< dhg_qghfkq_l_\ha^_ckl\b_dZ\blZpbbgZ\h^gu_jZkl\hjuk\h^blkyd _^bgkl\_gghfmijhp_kkm jZks_ie_gbxfhe_dme\h^u\ dZ\blZpbhgguoimaujvdZoG_aZ\bkbfhhlijbjh^ujZkl\hj_gguo\_s_kl\a\md^_ckl\m_lgZh^gh\_s_kl\h gZ\h^m>@Wjhaby l\_j^h]h l_eZ jZajmr_gb_ ih\_joghklb hqbkldZ ih\_joghkl_c m^Ze_gb_aZmk_gp_\ b fbdjhg_jh\ghkl_c ^bki_j]bjh\Zgb_ l\_j^uo qZklbp b wfmev]bjh\Zgb_hkms_kl\eyxlky \ hkgh\ghf ^\mfy oZjZdl_jgufb ijhy\e_gbyfb dZ\blZpbb m^Zjgufb\hegZfb b dmfmeylb\gufb kljmcdZfb h[jZamxsbfbky ijb koehiu\Zgbb dZ\blZpbhgguoimaujvdh\GZ ih\_joghklyo qZklbp b l\_j^uo l_e bf_xlky dhgp_gljZlhju gZijy`_gbc \ \b^_fbdjhlj_sbgg_jh\ghkl_cih\_joghklbb ligZdhlhjuoh[jZamxlkyaZjh^urbdZ\blZpbbIh^ ^_ckl\b_f a\mdhdZibeeyjgh]h wnn_dlZ b bgl_gkb\guo fbdjhihlhdh\ `b^dhklvijhgbdZ_l \ ihju b lj_sbgu ]^_ ijb aZoehiu\Zgbb dZ\blZpbhgguo imaujvdh\ \hagbdZ_lfhsgZy m^ZjgZy \hegZ kihkh[kl\mxsZy jZajmr_gbx fZl_jbZeh\ Dmfmeylb\gu_ kljmcdbjZajmrZxl ih\_joghklv l\_j^h]h l_eZ aZ kq_l dbg_lbq_kdhc wg_j]bb `b^dhklb F_edb_qZklbpul\_j^h]hl_eZjZaf_judhlhjuokhbaf_jbfuk ihi_j_qgufk_q_gb_fdmfmeylb\guokljmc m\e_dZxlky bfb b ^Zxl ^hihegbl_evguc \deZ^ \ ijhp_kk jZajmr_gby l\_j^h]h l_eZbeb l\_j^uo qZklbp gZoh^ysboky \ `b^dhklb ;he__ ih^jh[gh hagZdhfblvky k dbg_lbdhc^bki_j]bjh\Zgby hqbkldb wjhabb b wfmev]bjh\Zgby \ ihe_ mevljZa\mdh\hc dZ\blZpbbfh`gh\ jZ[hlZo> @>BG:FBD:D:<BL:PBHGGH=HIMAUJVD:>ey bfimevkZ ^Z\e_gby dhlhjuc ]_g_jbjm_lky \ I:JL fZdkbfZevgZy kdhjhklv kl_gdbimaujvdZ g_ ij_\urZ_l fk Qbke_ggu_ j_r_gby mjZ\g_gby O_jjbg]ZNebggZ mqblu\Zxs_]h k`bfZ_fhklv `b^dhklb b Ghelbg]ZG_iiZcjZkZ g_ mqblu\Zxs_]hk`bfZ_fhklv`b^dhklbhlebqZxlky^jm]hl^jm]Zf_g__q_fgZMjZ\g_gb_Ghelbg]ZG_iiZcjZkZ^eygZr_]hkemqZyaZibku\Z_lky\ ke_^mxs_f\b^_5JG 5 § G5 · §¨V P G5 §V · § 5 · ·¸¸ ¨¨ ¸¸ ¨3À 3Q 3P ¨¨ 3 ¸5 5 GW ©5 ¹ © 5 ¹ ¸GW © GW ¹̧ U ¨©¹]^_3d ^Z\e_gb_\ dZgZe_klZlhjZIZIjb jZa\blhc dZ\blZpbb \ dZgZe_ klZlhjZ I:JL h[jZam_lky dZ\blZpbhgguc deZkl_jh[eZdh h[t_fihqlbiheghklvxaZgylucdZ\blZpbhggufbimaujvdZfbIjbbfimevkguojZkly]b\Zxsbo gZijy`_gbyo \ `b^dhklb aZjh^urb dZ\blZpbb gZqbgZxl jZklb h[jZamydZ\blZpbhgguc deZkl_j nhjfZ b ^ebgZ dhlhjh]h hij_^_ey_lky gZqZevguf ki_dljhfjZaf_jh\ dZ\blZpbhgguo aZjh^ur_c oZjZdl_jhf ijbdeZ^u\Z_fh]h gZijy`_gby b]jZgbqgufb mkeh\byfb <k_ aZjh^urb ^hklb]Zxl fZdkbfZevgh]h jZaf_jZ h^gh\j_f_ggh bkj_^Zfh`_lkqblZlvkyfhgh^bki_jkghckh^_j`Zs_cimaujvdblhevdhh^gh]hjZaf_jZ>@Ijb fZeuo jZkklhygbyo f_`^m imaujvdZfb \ iehlghf dZ\blZpbhgghf deZkl_j_dZ\blZpbhggu_ imaujvdb \aZbfh^_ckl\mxl ^jm] k ^jm]hf \ ijhp_kk_ imevkZpbc < wlhfkemqZ_ \ mjZ\g_gbb g_h[oh^bfh \\_klb keZ]Z_fh_ \ujZ`Zxs__ ^Z\e_gb_]_g_jbjm_fh_ khk_^gbfb imaujvdZfb AZibr_f mjZ\g_gb_ mqblu\Zy ^Z\e_gb_]_g_jbjm_fh_\k_fbdZ\blZpbhggufbimaujvdZfb3dZ\5UG 5GW § G5 ·¨ © GW ¹̧J§V P G5 §V · § 5 · ·¸¨3¸ ¨¨ 3Q 3P 3À¶¸ ¨¨ 3 Çȶȸ¸¨55 GW ©5 ¹ © 5 ¹̧ ¸©¹JZkkfhljbfhl^_evgmxh[eZklvdZ\blZpbhgguoimaujvdh\jZ\ghf_jghjZkij_^_e_gguo\ ijhkljZgkl\_k ihklhygghciehlghklvxUi >@DZ`^h_koehiu\Zgb_imaujvdZijhba\h^bl\hegm^Z\e_gbyb \ghkblk\hc\deZ^\h\lhjbqgh_^Z\e_gb_3dZ\ \ mjZ\g_gbbLhqgh_j_r_gb_ mjZ\g_gby lj_[m_l j_r_gby hl^_evgh]h mjZ\g_gby ^ey dZ`^h]hdZ\blZpbhggh]himaujvdZIJHBA<?>?F G?DHLHJU? MIJHS?GBY IJBF?F QLH <K? IMAUJVDBBF?XL H>BG:DH<UC J:AF?J B <G?RGB? MKEH<BY H>BG:DH<U >EY <K?OIMAUJVDH< KE?>H<:L?EVGH D:@>UC BA IMAUJVDH< D:<BL:PBHGGH=HDE:KL?J: KOEHIU<:?LKY < FHF?GL <J?F?GB 7K B BAEMQ:?L <HEGM>:<E?GBY 3D:< H>BG:DH<MX >EY <K?O IMAUJVDH< H;S?? <LHJBQGH?>:<E?GB? 3D:< G:OH>BLKY D:D KMI?JIHABPBY <K?O <HEG >:<E?GBY<AYLUO < DHEBQ?KL<? H=J:GBQ?GGHF <J?F?G?F J:KIJHKLJ:G?GBY<HEGU <U>?EBF < D:<BL:PBHGGHF DE:KL?J? KN?JM J:>BMKHF 5<DEXQ:XSMXFGH@?KL<H D:<BL:PBHGGUOIMAUJVDH<< P?GLJ?KN?JUG:OH>BLKY J:KKF:LJB<:?FUC IMAUJ?D < IJ?>?E:O H=J:GBQ?GGH=HH;T?F: <DE:> <K?O IMAUJVDH< ;M>?L KHKL:<EYLVGXSU GU BGL?=JBJMYIH<K?FM H;T?FMIHEMQ:?F3À¶¸ W U Å 5PLQ³³³ 3Å W WÇ U Ç UGXU Å 3Å W WÇ U Ç 5PLQBEBGXUIJB3À¶¸ W SUÅ 5PLQ Ç=>? W W WÇ U FIJB W MJ:<G?GB?IJBGBF:?L<B>³ 3Å WGWW WÇ3À¶¸ W SÇ U Å 5PLQ W WÇ f³ 3Å W W WÇ WGWW WÇf SU Å Ç %5 W WÇ U3PD[ >EY7 !7&A>?KV 50,1 FBGBF:EVGUC J:>BMK IMAUJVD: IJB KOEHIU<:GBB F & KDHJHKLV A<MD: < @B>DHKLB FK 30$; >:<E?GB? =:A: < IMAUJVD? IJBKOEHIU<:GBBI:UI IEHLGHKLVIMAUJVDH<FQBKE?GG:YDHGKL:GL:% eeN eN >EY :>B:;:LBQ?KDHC WDKIHG?GLU .

Характеристики

Список файлов книги